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BUS. A DM.

SEP 6

'

">"4RY

i933

financial
C0PY8IGHTED IN 1938 8 IT WILLIAM B.

OAN A COMPANY, NEW

YORK.

ENTERED AS SECONO-Ct ASS MATTER JUNE 23, 1879, AT THE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1879.

'"uedw%VL%TCo'y~NEW YORK, SEPTEMBER 3, 1938

VOL. 147.

ISSS

THE CHASE

BROOKLYN TRUST

BANK

COMPANY

NATIONAL BANK
CITY

OF

NEW

YORK

OF

George V. McLaughlin

The

President

BROOKLYN

NEW YORK

YHE

Of

Chartered 1866

NO. 3819.

NEW
YORK

Corporation

tra-

ditionally a bankers' bank,
For

Member Federal Deposit Insurance

chase is

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
United States

INVESTORS

Government

INC.

United States

Securities

Government
Prospectus

available from

Securities

local dealers

Tthc

Brown Harriman & Co.

FIRST BOSTON

•

Incorporated

63 Wall

CORPORATION

Street, New York

Telephone: BOwling Green 9-5000
NEW YORK

Hailgarten 8k Co.

BOSTON
CHICAGO

AND OTHER

San Francisco

SAN FRANCISCO

PHILADELPHIA

Established J850

Philadelphia

Boston

Chicago

Washington

Representatives in other leading Cities

PRINCIPAL CITIES

NEW YORK

London

Chicago

The

State and

NewTbrkTrust

Municipal Bonds

BEAR, STEARNS & CO.

Company

ONE WALL STREET
NEW YORK

$37,500,000

Capital Funds

Barr Brothers & Co.
INC.
New

IOO
40TH

MADISON

AVE.

&

57TH

AVE.

ST.

HOMER & CO., Inc.
NEW YORK
40

Exchange Place, New York

European Representative's Office:
8

KING WILLIAM STREET

Paris




Amsterdam

Berlin

1888

&

WEEKS
Established 1888

40 Wall Street

Member of the Federal Reserve System,

/
London

Banks and

HORNBLOWER

NEW YORK
Members

NEW YORK

to

Dealers since

*

BROADWAY

61

Service

LONDON, E. C. 4

CariM.Loeb,Rhoades&Co.

Chicago

BROADWAY

ST. &

FIFTH

York

the New York Clearing House Association
and of the

Federal Deposit Insurance Corporation

New

York, Boston, Chicago,

Cleveland, Philadelphia and
Detroit Stock Exchanges

Financial

n

Sept. 3,

Chronicle

193H

Leading Out-of-Town
Invesitnent Bankers & BroLrr
HARTFORD

WE

PLEASED TO ANNOUNCE THAT

ARE

Mr. Thomas W. Phelps

Specialists in Connecticut
//AND

Mr. Charles

Securities

Moran, jr.

PUTNAM & CO.
Members New York Stock Exchange

HAVE BEEN ADMITTED TO OUR FIRM AS

6

CENTRAL

ROW

HARTFORE

Tel. 5-0151. A. T. T. Teletype—Hartford f-61

GENERAL PARTNERS

FRANCIS I.

DU

PONT & CO.
ST.

MEMBERS

NEW

ONE WALL

123

YORK

STOCK

LOUIS

EXCHANGE

STREET, NEW YORK

SO. BROAD ST.

DU PONT BUILDING

PHILADELPHIA

WILMINGTON

Stik

September 1, 1938

ii

Co.

baint Laura
8O9OUVC st

Members St. Louis Stock

Dividends

Dividends

THE ATLANTIC REFINING CO.

AM Kit IC AN has

AND KLKCTHIC COMPANY

NUMBER

PREFERRED

Preferred Stork Dividend

THE regular quarterly dividend of One
I Dollar and Fifty Cents ($1.50) per

A

At

meeting of the Board of Directors
held August 29, 1938, a dividend of
a

one

dollar

on

the

($1)

share

per

Cumulative

was

share

Stock

the

payable November 1, 1938, to

Dye Corporation

I Thirty-five Cents (35c)

per

share

on

no

par

stock

record

of

on

the company at the
September 8,1938.

August 30, 1938

FRANK

.Dye Corporation

the

close

books

of

MILWAUKEE

of

business

WISCONSIN

B. BALL, Secretary.

CORPORATION

September 1,1938,

($1.50)

the Common Stock of the

EDGAR, RICKER& CO.

stockholders of record at the

close of business September 9,

SECURITIES

Teletype—Milwaukee 92

Company, payable September 20, 1938,
to common

AND

BONDS

company

such

quarterly dividend No. 70

of One Dollar and Fifty Cents

MUNICIPAL

CORPORATION

per share on
value Common capital stock of
issued and outstanding in the
hands of the public has been declared out
of the surplus net earnings of the company
for the quarter ending September 30,1938,
payable October 1, 1938, to holders of

Broadway, New York

&

SOUTHERN

the close of busi¬

at

company

THE regular quarterly dividend of

^

the

Allied Chemicai

BIRMINGHAM, ALABAMA

Common Stork Dividend

Secretary

has declared

MARX & CO.

value Preferred capital

October 7, 1938.

ness

the

61

par

company

books of the

business October 4, 1938. Checks will
be mailed.
w M q^ONNOR

Allied Chemical &

no

for the quarter ending Octo¬
ber 31,1938, payable November 1,1938,
to holders of such stock of record on the

stockholders of record at the close of

August 29,1938

the

ing in the hands of the public has been
declared out of the surplus net earnings of

Convertible 4%, Series A, of the Com¬
pany,

on

stock of the company issued and outstand¬

declared

Preferred

BIRMINGHAM

//

10

DIVIDEND

Exchange

1938.

IRVING

W. C. KING, Secretary

TRUST

750

COMPANY

North Water Street

Milwaukee, Wis.

September 1, 1938
The Board of Directors has this
day declared
quarterly dividend of fifteen cents per share on
the capital stock of this Company,
par $10.,

a

NEW

YORK TRANSIT
26

Af

..

..

.

AfKhvidend
been

declared

TnloeL0f tWs

of

COMPANY

payable October 1, 1938, to stockholders of record
at the close of business September
9, 1938.

Broadway,

New York, August 31, 1938.

F. J. GRIESMER

Ten

(10) Cents per share has
Capital Stock ($5.00 par
Company, payable October 15.

011

1938, to stockholders of record
business September 30,
1938.
J.

Ii.

at

FAST,

the

close

DETROIT

Assistant Secretary

the

of

Secretary.

PUBLIC

AMERICAN
CAN
PREFERRED

On July 26th,

Cotton Facts
Carry

your

these readers at
cost

through

our

message
a

and

1938

a

three-quarters

record

to

at

the

close

COMPANY

quarterly dividend of
per

of

cent




Charles A. Parcel Is & Co.

was

business

Members of Detroit Stock
PENOBSCOT

September

R. A. BURGER, Secretary.

moderate

advertising

Exchange

BUILDING, DETROIT, MICH.

16th, 1938. Transfer Books will remain open.
Checks will be mailed.

Notices
THE

CHESAPEAKE

AND

OHIO

RY.

CO.

A dividend for the third quarter of 1938 of one

columns.

BONDS

STOCK

declared
on the Preferred Stock of this Company,
pay¬
able October 1st, 1938, to Stockholders of
one

UTILITY

dollar

share on Preference Stock, Series A,
and of twenty-five cents per share on $25 par
common stock ($1.00 per share on $100 par com¬
mon stock) will be paid October 1, 1938, to stock¬
holders of record at close of business September 8,
1938.

per

Transfer books will not close.

H.

F.

LOHMEYER, Secretary.

The

First

National

Bank

of

Longview

located at
ton, is

Longview, in the State of Washing
closing its affairs. All note holders am

other creditors of the association

are

therefor

hereby notified to present the notes and othe
claims for payment.
LUKE L. GOODRICH, President.
Dated July 12. 1938

Volume

147

Financial

This advertisement appears as a matter
construed

as

an

solicitation of

an

offer to buy, any

or

of such securities.

This advertisement is published

undersigned who

in

of record only and is under

offering of these securities for sale,

the prospectus.
the

Chronicle

as

an

circumstances to be

no

offer to buy,

on

as

a

behalf of only those oi

registered dealers in securities in th

are

or

The offering is made only by

State.

\-,r
-

*

»

<•',

■

•

r

j

i

'

*

ADDITIONAL ISSUE

$10,000,000

Gulf States Utilities Company
First Mortgage

and Refunding Bonds

Series C 4%, Due October 1,1966

104%

Price
Plus accrued interest from

Copies of the prospectus

undersigned

as are

may

April 1, 1938, to date of delivery

be obtained only from such of the

registered dealers in securities in this State.

Stone & Webster and Blodget
Incorporated

The First Boston Corporation

Brown Harriman & Co.
Incorporated

Blyth & Co., Inc.

Bonbright & Company

Kidder, Peabody & Co.

Incorporated

Schroder Rockefeller & Co.

Hayden, Stone & Co.
H. M.

W. C. Langley & Co.

Byllesby and Company
Incorporated

August Slt 1988.




Coffin & Burr

Glore, Forgan & Co.

Incorporated

Incorporated

Bosworth, Chanute, Loughridge & Co.
White, Weld &, Co.

/p W

pj^financral

,

fcmtrrial|^ljrontdp
No. 3819.

SEPTEMBER 3, 1938

Vol. 147

CONTENTS

Editorials

page

,.1381

The Financial Situation
What Planned Economy in
The

Agriculture Has Come to..1394

—1395

Controversy with Mexico

Comment and Review
1398

The Business Man's Bookshelf....
Week

on

1386
1386
-.1391 & 1433

the European Stock Exchanges

Foreign Political and Economic Situation.
Foreign Exchange Rates and Comment
Course of the Bond Market

1397

-

Indications of Business Activity

1398

Week

on

the New York Stock Exchange

Week

on

the New York Curb Exchange

..1384

...1432

News
1412

Current Events and Discussions
Bank and Trust

General

Company Items

.1432
1476
1520
1521

-

Corporation and Investment News

Dry Goods Trade

...

State and Municipal Department

Stocks and Bonds

1433 & 1443
..1437

Foreign Stock Exchange Quotations
Bonds Called and Sinking

Fund Notices

1437

Dividends Declared

1437

Auction Sales
New York Stock Exchange—Stock
New York Stock

Quotations

1444

Exchange—Bond Quotations.. 1444 & 1454

New York Curb

Exchange—Stock Quotations

1460

New York Curb

Exchange—Bond Quotations

1464

and Bond Quotations—

Other Exchanges—Stock

Canadian Markets—Stock and Bond Quotations

1466
1470

Over-the-Counter Securities—Stock & Bond Quotations .1473

Reports
—1390
1433

Foreign Bank Statements
Course of Bank Clearings

—

Federal Reserve Bank Statements....

1441

General Corporation

1476

and Investment News
Commodities

The Commercial Markets and the

Crops.

...1511
.1513

Cotton

1517

Breadstuffs

Published Every Saturday
Morning by the William B. Dana

Company, 25 Spruce Street, New

York City.

Herbert D. Seibert, Chairman of the Board and
Editor; William Dana Seibert, President and Treasurw; WlUjMn
Manager.
Other offices; Chicago—In charge of Fred H. Gray, Western
Representative. 208 South La Salle Street
State 0613).
London—Edwards & Smith, 1 Drapers* Gardens, London, E. G.
Copyright 1938 by William B. Dana

(Telephone
J^omjfmny.
18/9. 8ul»mptlon
$9.75 fw 6 iuonths

Entered as second-class matter June
23,1879. at the post office at New York, N. Y., under the Act of March 3,
In United States and Possessions, $15.00
per year, $9.00 for 6 months; In Dominion of Canada. $16.50 per year,
South and Central America. Spain, Mexico and Cuba, $18.50
per year, $10.75 for 6 months; Great Britain, Continental Europe
(Except Spain), Asia, Australia and Africa, $20.00 per year, $11.50 for 6 months.
Transient display advertising matter, 45 cents
per agate line.
Contract and card rates on request:
NOTE: On account of the fluctuations In the rates of exchange, remittances

-for foreign subscriptions and advertisements must be made In New York funds.




~

The Financial Situation
generations

RECENT relatively small of bank credit rather
but apparently
persistent indications
sion

have, according to

press

dispatches, led Federal

Reserve officials to the conclusion that
is

at

length under

halt, will add

a

loan

which, before it

way

immediately ahead of

who

always find themselves in

by

this

no

means

with

ment

official

views

inclined

are

particular instance,

to

of

assuming

Total

loans

ments of

banks

and

now

increase

still

to

week

about

below

peak

the
to

came

"The

obligations

in the

in

what
a

of

year ago,

folio
is

of

meantime

are

they

cline

in

during the past
logically,
be

panied
the

downward

bank

are,

loans,
at

present,

and

expansion

in

this

time

ought to

the

growth

bank

age.

1

cannot

support

to

idea

an

Deal

as

the

a

pension

age

two

but

programs,

other

basically
as

the

New

it

is

one

as

in
so

their

tend

surplus
more

the

funds

and

in

more

to

rapid in relation to

time

of

such

not

general

nearly

business.
well

so

sup¬

resultant

and
order
cause

pressure

means

to

upon

of employing

meet

bankers,

expenses

or

at least

Further, recent changes in standards

banking assets,

are

which

distinctions




to

earning
to

consumma¬

practical

bank

find

means

of

living and thus

a

capital funds, may be

excused

for

certain

a

use

a

prevent steady inroads

upon

looking with

relief

upon

a

prospect of being able to

non¬

employ their funds
somewhat

may
be
different

at

higher rates of

return, and for that matter
of

making

suppose.

employed in auditing bank portfolios, as well as
the now long reiterated preachments of influential
public figures concerning the nature of acceptable
the

such

and

it

to

of

use

any

the less cautious of them, to relax their
vigilance in

making loans.

pro¬

strong desire to

extended

more

the funds

command.

Yet

at

we

their

cannot

escape

the conclusion that

it would be well for

to
an

time

tending to obliterate
careful

bankers

some

for

of

many

in

the

to be studied and

in

somewhat

a

public

an

press.

bank

aired from

It may be that
as

is

now

en¬

although the view commonly held that
is likely to occur in substantial
as a

result of business
expansion,

his possession is not

needed
argue

by business,

against

complaint is,

any
we

contention

seems

suppose,

in

a

an

passu

to

at

measure

No

least to

particular

be registered against
of bank credit

expansion

with business improvement

"logical."

But to dismiss the

face

already has the funds

willing to provide the cash

such conclusion.

that

taking place pari
is "natural" and

the

now

those

expansion

part in any event

the

fun¬

inflationary fillip to industry

and because the investor who
in

credit

are

all

were

appraised

more

damental way than is

of

expansion

visaged would give

us

if this whole situation

whose views

are

the

outstanding

usual j at least
among

more

ways

The
in

executives, long hard put

day awake to find that they have been
suffering from serious delusions about the
protection the national old age pension pro¬
gram
allegedly furnishes them.
The fact
that claimants throughout their productive
life are required to pay certain sums into the
Treasury to be turned over to the General
Fund against Treasury obligations in no
way
provides "insurance" against old age want.

volume

and

a

some

tion,

Deal managers

and trade,

find

can

describing this

such

to

see

program.
There
number of differences be¬

as they were two or three
years
and the burden of carrying $2,940,000,000 of
reserves

fessed

$30-every-Thursday
course,

to

old

these in

plied with cash

banks

increase

great satisfaction at Wash¬

apparently

now

ago,

excess

questions.

ington, which has long

the

Enterprises in general

the

this

as

some

bank credit is viewed with

cruel

a

contempla¬

raises

one

in

be

it

volume of

loans

the

in

of

rate, there is all too much reason
fear that "old and deserving people" will

to

accom¬

trend

years

of

portant

a

New

the

At

it is reasoned in most
quar¬
ters

of

from

activity

at least

or

50

doubted whether

A

reversal

a

more

come to pass,

very

expected

warrants

deserving people
undoubtedly is.

is

sensical

therefore, could

by

a

future.

near

undoubtedly determined the result

like the

seem

expected to be

do

highly interesting and im¬

in the primary
espoused
by the successful candidates

election.

such words

activity

revival in business

tion

ago

than

year.

into

passes

the

quoted

certainly on strong ground when some weeks
he
denounced
those
who
promised
Utopia promptly upon election to office.
Yet we confess difficulty in
understanding
how those who so ardently
support schemes

loans

abrupt de¬

business

is

issue

attention

tween

the

Democratic candidate

gaining support disquietingly in several sec¬
of the contry, which may well
pres¬
ently prove to be "a cruel delusion of old
and deserving people."
The President was

shrinkage in loans
to

Wash¬

another

or

actually

but

tions

attributable without

doubt

the

calls

were a year ago.

This
is

not

have

to

forthright statement issued,
doubtless, in perfect sincerity.
It moreover

were

less

efforts

$30-every-Thursday in State

Here

not far from

$1,750,000,000

his

California if adopted,
and that it will defeat the Democratic
Party
if it advocates it."

some¬

but

same

All of this
may or may

"1 know it will ruin

obligations

larger,

main

measure

while the port¬

other

also

European situation

delusion of old and

and

larger than they

of

the

as

to persons over

Government

aggregate

the

is

obligations guaranteed by
Federal

the

in

that

cases

sort

one

quiescent stage in the reasonably

himself, Senator McAdoo

advocated

"This

late

quite appre¬

form to interfere with the
movement,

a

and that the

sub¬

of

saying!

and

early 1937. Hold¬

ernment

succeed

as

is

which

end

sur¬

Much the

both

in

developments

not assume

activity.

himself chosen
to

reached

boom

an

1936 and

are

that,

Conceding failure

ings of United States Gov¬

the

ington

course

Deluding "Old and Deserving People"

from

late

making in

A Serious Situation

$2,000,000,000

the

during

of

of

the investments of the banks

to

course

of

larger loans.

invest¬

stand at about

some

week

in

and

more

applies of

a

habit

certainly would not be

reporting member

$20,713,000,000, which de¬
spite

of

—assuming

course,

stantial and sustained increase in business

form

Many

agree

the

in

degree during the next few months

agree¬

us.

they expect, the autumn months bring

as

ciable

portfolios and probably to their investments

within the months

It

sion of bank credit should bear fruit in

to

comes

substantially to existing bank

very

been

prising, therefore, if the efforts, conscious or other¬
wise, of public officials to induce a vast expan¬

movement

a

have

"extending credit.

expan¬

subject in this

way

is to avert,

conventionally and conveniently from

a.

Financial

1382

It may be "realistic"

deeply disquieting situation.
in

one

to skim off whatever

sense

able from the situation thus

shoulders

the

and credit in this

is

avail-

are

created and to shrug

is happening to

what

over

profits

banking

country, on the theory that what

happening is happening, and what will happen

will

happen, quite regardless of protest. The

ble'with such

life.
of

of

much

too

No

trou-

defeatist attitude is that it smacks

a

the

after-us-the-deluge philosophy of

single individual, probably

small

no

group

individuals, could, it is probably quite true, set
house in order

our

far

so

banking and credit

as

are

3> 1938

Chronicle

possess? Against aggregate deposits (ex$20,852,000,000
on Aug. 24, reporting member banks, in addition
to the usual working cash on hand, held claims on
the Reserve banks in the amount of $6,639,000,000,
loans amounting to $8,217,000,000, government obligations and obligations guaranteed by the governthey

now

eluding interbank deposits) of some

and other securities

totaling $9,377,000,000,

ment

aggregating $3,119,000,000. There are of course cer-

such

tain other assets, but they are neither of
ture or of sufficient amount to

a na-

be of great impor-

tance for present purposes.

t

..

concerned, but the people of the county could do

Now, let us suppose that, from any of a hundred

and they probably would do so if they understood

of present poll-

possible causes, the banks of the country are called
upon to make good in legal tender some substantial

acquiescence and despondent indiffer-

portion of these deposit claims. An outflow of gold

so,

cies

inevitable

the

what

If

are.

consequences

not likely to

might cause such a situation, or a sharp and pro-

such understanding short of the time when

longed weakness in the bond market, but there are,
of course, many other conditions that might arise,

to become the

ence

are

gain

any

rule, they

are

disaster has overtaken and all but overwhelmed us.
The truth of the matter is that whether or not we

embark upon

now

and

a

is in
In

obligations and obligations guaranteed by the government are now generally regarded as the first
line of defense—after, of course, cash or deposits at

on our

hands

a

us.

the Reserve banks. Next, in existing circumstances,
probably must be placed the general bond port-

combined statement of the

folio. A banking system in operation in accordance

The Federal

just isued

a

liabilities

assets

and

banks.

These

last of

Deposit Insurance Corpo-

of Governor

the words

ration has

Smith, let

commercial

insured

all

of

look at

us

with orthodox ideas would turn first to its port-

June 30

folio of short term paper. Within very narrow
limits the banks may be able to do so now, but it
is a fact of common knowledge that short term
claims as are really as well as technically short
ury obligations are not very large—certainly such
claims as are really as well as technically short
form do not bulk large.

figures show total deposits

on

$47,423,000,000, which is not greatly below

the

peak established

the

capital funds of these banks combined changed
almost

amount

"water"

in

the

squeezed out,

we

all time.

tistics,

Probably if the

imperceptibly.

capitalization

figures

all

were

should find that the ratio of de-

nearly at

was very

All this is true at the end of

of decline in

Meanwhile

a year or more ago.

posits to capital funds

earning assets.

although

not

long period

more

The

no

peak for

a

a

recent sta-

plainly

show

complete,

so

enough that there has been

really significant

iast.

change in the situation since June 30

On An-

gust 24 reporting member banks in 101 cities showed

deposit liabilities, exclusive of interbank balances,
of

$20,852,000,000, which is not greatly dif-

some

ferent from the
as

related

to

figure at the middle of this

the basic

■

.

Now to
is

not

ractlca

Questlon8

the least necessary

iy

tactics

monetary

our

now

managers

being

be

can

em-

used

successfuly to control virtually the whole economic
system

which is absurd

involved

m

and

troversial to say

an

its face, or to become

highly technical discussions of the

ture of credit

ness

on

its proper uses,

which

ing si ua ion

all

ignore

such

o

ay, wou

arguments

d be

at

grips with the
we

least

1 a vise

o

he

has

until

,

asked

certain

swers

to them that

such

na-

are con-

the least. Indeed, the average busi-

man, if lie wishes to come to

history

„

•,

upon

kes of the obligations

in the

Government

negse(1 by
much
calJ
to

the credit of the United States

The fact of the matter is that a decline

Treasury.

to waste time with

those

as

Very little study of the facts will, we are certain,
lead quickly to the conclusion that the bond market would be called upon to bear the brunt of any
pressure of consequence upon the banks, and that
if this pressure were to continue for any appreciable
length of time it would be quickly transferred from
the member banks to the Reserve banks. It will almost as quickly become apparent that pressure upon
the bond market would center largely, and in disconcerting degree, upon the government bond market. Indeed, the solvency of the banking system today rests in larger degree than at any other time in
our

.

get to the heart of this banking situation
in

the idea that such
p oyec

and,

two years ago.

a year or

_

ome

year

position of the banks, not

significantly below that of

it

times in the past, to bring-

banking situation

the record.

in

and have risen many

about such a demand upon the banks. Government

banking problem which challenge the best that

already have

we

further expansion of bank credit,

of

pr0p0rtions

gtm active business

question render
iusolvent

It is

of the United States

more

men

than once wit-

would without

good many banks techni-

a

customary in some quarters

speak of the Federal Deposit insurance Corpora-

tion

ag

a

tection

inst just sucb

a

the fact ig that the Co
m(Jch

co

direct and

ation
t

uence

emergencies,

owns no

assets

government obligations,

contingent; and in addition by its very

naGlre doeg not and cannot enter the
i.

1

•

,

picture
.

as ac-

,

tive savior until a bank is actually insolvent,

simple questions and found an¬

very

satisfying to him. The first

are

The Banks and Bonds

as-

Of course any pressure of real consequence upon

sets do the banks hold

against these large deposit

the banks, regardless of the circumstances out of

claims, and, again

practically,

which it arose, would of necessity depress bond
prices, and this in turn would tend to make conversion of claims into cash the more difficult. No very
advanced stage would be reached before the Reserve

question is

of such

a

a

severely practical

very

nature that

they

can

one:

are

What

these assets

be counted upon to

keep the banks solvent despite the extraordinarily
slim

margin of safety (in the form of capital funds)




Volume 147

,

Financial

Chronicle
y

banks would be
obliged to come to the

by the

rescue

purchase of

government bonds in large amounts,
quite possibly in addition rediscount member

and

bank

secured by bonds and other similarly

paper

illiquid assets. In
be

other

words, it would

very soon

necessary to meet any substantial banking crisis

with the

into

expedient of converting Treasury deficits

money—essentially

—and

should

the

fiat currency procedure

a

crisis

again
to

:

r.

1383
.

resume

stimulated

or

in

system.

to

vast

quantities

of

paper

by legal fiat
they

serves as a "reserve" against which
issue paper money in almost astronomical

may

amounts,
amounts

of this

but

foreigners

banking crisis arise in
reassuring qualities,
and

on

us

in

a very large part
Should anything in the nature of a

the country,

meanwhile conditions in

tion

claims

own

enabling them to demand

gold.

particularly if
Europe had assumed more

should without much

we

ques¬

be

obliged to choose between giving up gold
cutting the fictitious (but psychologically im¬

portant) foundations from under

structure,

or

our

whole

banking

of refusing to give up gold with the in¬

evitable consequences upon the dollar in the

foreign

exchange markets of the world.
Is

This

be.

Probably it is safe to
to

formula

to the

on

to

convert

taining (if everything

that

assume

vast

should

we

quantities of debt

of

against it, thus main¬

be made to conform to

can

*

o

before—again subject

un¬

highly unsatisfac¬

all those

regime, credit conditions
they

course

the

assumes

procedure. But such

urally

are once more

just

when the crisis developed.

were

success

technical
is

success

dependent nat¬

willingness to convert long term debt

upon

into currency at face

value,

or at

best arbitrarily

determined value, since 110 real market value
would

exist,

or if it existed would not be great
enough to
satisfy the claims against it. In fine, the whole pro¬

cedure would be of
of

necessity carried forward as part
highly fictitious scheme almost wholly unre¬

a

lated to the realities of life.
one

There is, of course,
only
in which real banking soundness and safety

way
be

can

restored.

That

is

by conducting economic

and financial affairs in such

ings of the future

are

a

way

that the

earn¬

employed in taking out of

the hands of the banks this

type of debt, either ex¬
the years go by or else placing it

as

in the hands of bona fide investors where
it

gold and proceed according

various forms into
currency

a

of the

We
choose to hold

_

When the situation returns to "normal" under

tinguishing it

Answer?

an

is

All this of

gold

vaults, and that this

,

None of the underlying load of indebted¬
extinguished by the process, and none could

about where

vaguely

;

really interested
degree of stability in the economic

reasonable

a

the moment the Reserve banks have

referring

as

;

artificially restricted conditions

tory state of affairs for

such

hoarded in government

operations

|

der which it must do business—a

converting many other types of
long term assets into money. It so happens that at
engraved paper

*

,

the

ness

further expedient of

■

same old hazards and
again subjecting the
community to the uncertainties and the abnormally

enduring, with the

prove

'

.

specifications) the technical solvency of the banking
Indeed it is just this ability, real or imag¬

cannot

task.

too

Whether

stances

there

soon

not in

or

is

belongs.
begin this long and arduous

any

existing political circum¬

opportunity for those whose

thinking has not become perverted by false prophets
to set themselves to this work that must
sooner

later

be

or

done, it is of importance that the fact

that it is

awaiting

us

be not overlooked.

system.

ined, to convert deposit claims into cash

of

sort

a

that is held up
their advisers

as

Federal Reserve Bank Statement

by New Deal banking authorities and

result of the

a

tion that has been

in

grow up

guarantee against trouble

permitted, not to

banks.

our

say

bility of deposit claims into

render

or

the

see

a

induced, to

But does technical converti¬
paper

issued at

theoretical ratio to gold impounded and
mitted to

as

strange and deeply disquieting situa¬

light of day in any

some

never per¬

manner

sanctify

economically justifiable the creation

of

WITH gold from foreign shores, monetary gold
country again flowing heavily toward this
stocks

moved up $56,000,000 in the

banking and
now

is

reported at $13,135,000,000, which constitutes

which is

deficits, and the obligations of borrowers

000.

into fixed
To

money

the

"

'

this

policy,

or

as

an

an

argue

fiat

a

almost universally admitted

men¬

expedient used to stimulate business

to "reflate"

ills inflicted

place, it is obvious that to

is equivalent to asserting that

way

ace even

approximately $300,000,-

accumulation of inactive

capital?

In the first

this

estimated at

gold is
generally understood, however, to relate rather to

question it is again wholly un¬
necessary to indulge in fine spun theoretical discus¬
in

now

The current

ago converted the proceeds of their issues

answer

sion.

however, little reflection

gain in the banking figures, for the Treasury
continues to add the gold to its latest "inactive
fund,"

ury

long

There is,

of the

such vast volume of bank deposits against Treas¬

have

on

The aggregate of such stocks

currency.

another record.

any

who

weekly period

ended Aug. 31, according to the official statements

credit,

by

a

can

similar

be employed to

cure

the

course pursued in the ex¬

large cash> balance of the Treasury already on
desire to insulate the credit system

hand than to any

from the effects of the additions.

the

banking statistics

are

little

Currency in circulation showed
of

$33,000,000.

over

Excess

a

reserves

In other respects

more

than routine.

month-end increase
of member banks

legal requirements fell $40,000,000 to $2,940,-

000,000, despite a gain of $22,814,000 in actual

deposits, the loss of

excess reserves

obviously

reserve

occur¬

traordinary and unconventional expansion of bank

ring because larger deposits with the member banks

credit.

themselves

cal

But to revert to first

principles and practi¬

considerations, what happens if and when

lapse of the banking system is prevented by
such

as

those

claims upon

described?

the banks

are

The

given

holders

of

confidence in the situation in

large

col¬

means

deposit

paper money

they presumably will hoard until such time

a

which

as

their

returns,

they presumably will reconvert their

paper

into deposit claims, and the




banks

increased

resources

are

the requirements.
Although
super-abundant, there is no indi¬

cation this week of business

modation.

The

requirements for

accom¬

statement

covering weekly report¬
ing member banks in New York City reflects a de¬
cline of $1,000,000 in business loans, in contrast with
the

measure

at which time

money

credit

$37,000,000 gain of the three preceding weeks.
loans moved up $54,000,000 but this is
plainly a matter of dealer preparation for the Sep¬
tember financing of the Treasury.
Brokers'

Financial

1384

The condition statement of the 12 Federal Reserve
banks combined indicates

of

increase

an

$2,000 in

gold certificates holdings to $10,632,413,000.

With

specie moving into circulation, "other.cash" fell, and
total

of the

reserves

regional banks dropped $12,-

Federal Reserve notes

907,000 to $11,025,509,000.
in actual circulation increased

$29,288,000
variations

decline of the

account

Treasury general account balance by
an

increase of foreign

deposits by $6,774,000 to $125,940,000, and

decline of other

The

000.

a

ratio fell to

Industrial

advances

up

$403,000
$47,000

were

higher at $15,899,000, but commitments to make such
advances fell

$141,000 to $13,543,000.

holdings of bankers' bills
and

were

Open market

motionless at $537,000,

holdings of United States Treasury securities

were

similarly unchanged at $2,564,015,000.
•

_

"

#

v

/

into

evidence

no

which

On the

months.

it

smallest

of the
are

the past

years

often

as

The

decline

As far

year.

concerned, it

can

July has shown

in

drastic than in

been

falling

for

some

as

seasonal

be said that in
increase

an

as

decrease.

a

therefore

been

June, and consequently the

current

expectations

six

of

has

contrary, both imports and exports

smaller than in

were

imports

of the year

on

been

much

more

proportions has

what is generally regarded

side, the balance for the

aggregating

compared with
of 1937 of

has

exports, and of longer standing, and

accumulating

the favorable

an

seven

months

less than $716,522,000

no

import balance in the

$143,890,000.

as

same

exports from last year is the result of lower prices,

July's exports aggregated $227,780,000 and imports $140,836,000, which left

an

export balance of

,944,000; in July, 1937, exports of $268,184,000
exceeded

of last year.

'

imports of $265,214,000 by $2,970,000.

June last exports aggregated

The New York

Stock Market

\Y7^ ^ars *n ^ur0Pe Proved the dominant factor
**
in the *^ew York stock market this week,
w*th prices sharply lower in all divisions when it apPeared that hostilities might be imminent, while
gains were the rule on more optimistic reports. The
general trend was upward, for business indices refleeted a modest seasonal advance. But the gains

In

$232,686,000 and im-

the

war

Net results of trading for the week
in the great bulk of

were most acute.
amount to

small losses

Railroad stocks were afflicted additionally

equities.

day, in the effort of the carrier executives to reduce
by 15% from the inflated levels to which they

wages

In view of the adversities, the

raised last year.

were

stock market gave a

Monday

good account of itself.

the most

was

severe

almost

Turnover

at

the

on

than

more

New

Stock

York

1,000,000 shares

of the week, but thereafter

the start

in

considerably

reduced

quantities and

more

than accounted for the aggre-

gate decrease

from

last

chiefly grains,

were

ties than last year.
and other

year.

Crude

foodstuffs,

It would appear

that the financial community is

awaiting further indications of business and political
trends.

things

There is
are

general expectation that better

a

in store for the motor industry, and stocks

0f the leading companies were in persistent

the

after

Monday

Shares of

debacle.

also

were

not lag in

buoyant at times, and steel stocks did

such upward movements.

a

heavy

sensible

progress

toward

and much needed readjustment

of rail

the prevailing uncertainty as to the European

political picture, derived from

pulp,

naval

stores,

lumber,

Also

unsettling

greater volume than

July had

the items most sharply

a

a year ago,

but did not

value; 216,570 bales exported in

value of $10,460,413

compared

148,675 bales worth $9,356,451 shipped last
June last

with

year.

In

191,256 bales, valued at $9,442,026, were

exported.

year ago,

fresh indications of political

Roosevelt's

sure

to hamper

The Presidential "purge" of primary

who

do

every

not

truckle

whim is

to

Mr.

foremost, in this

con-

cravenly

nection, but importance also attaches to democratic

party

approval

propose

in

California

of

candidates

gifts to the aged of the State

only result in profound

that

who
can

disturbance to the general

economy.

Listed bond tendencies reflected the main develop-

All classes of
a

were

differences in this country that are
candidates

were among

Unmanufactured cotton exports reached

more

reports that

with all of Europe rushing preparations for hostilities,

scrap

trial

much

numerous

Exports of iron and steel

trade revival.

have much

no

Overshadowing all such matters, however,

wages.
was

Railroad stocks

Thursday, after the disclosure that

on

the German-Czech negotiations were at an impasse,

wood

machinery

demand

companies

associated with motors, such as the tire manufacturers,

automobiles, electric apparatus and certain indusreduced.

the daily

exported in much larger quanti-

steel, advanced manufactures and semi-

manufactures,

was

figures hovered around the 500,000 share mark,

the mediation board could make

exported

Exchange

during the liquidation

$86,788,000.
were

The drop

in months, and the

upward movement that developed thereafter
restored the levels prevalent a week ago.

slow

were

factures

Wednes-

by the announced failure of mediation, late

ports $145,898,000, which left a favorable balance of
Semi-manufactured products and finished manu-

heavy losses that
apprehensions

not quite sufficient to wipe out

thus

period

The Department of Com-

reports that more than half the reduction in

merce

$63,880,000 in July brought the
$311,854,000 compared with
$1,204,951,000 in the first seven months of 1937.
Exports of the metal were, as in previous months,
of no account whatever, and the shipments for the
seven months total only $5,815,000.
Silver imports
reached $18,326,000 in July and $129,858,000 in the
seven
months, compared with only $4,476,000 in
July, 1937, and $39,001,000 in the first seven months
Gold imports of

total for the year to

last

balance of considerable

a

ductions.

occurred last Monday, when

THE country's trade with other nations in July
recovering from the
showed

In this group metals, lumshowed very substantial re-

berr and expressed oil

were

_

Foreign Trade in July

slump

which dropped to $29,607,000 from

manufactures,

82.4% from 82.5%.

by the regional banks moved

$7,144,000.

Sept. 3, 1938

$59,041,000 a year ago.

deposits by $8,340,000 to 8187 322,-

reserve

Discounts
to

the

increase of member bank

an

$50,536,000 to $720,248,000;
bank

with

$9,212,361,000,

to

consisting of

deposits by $22,814,000 to $8,178,851,000;

reserve
a

$24,502,000 to $4,169,-

Total deposits with the 12 banks receded

262,000.

Chronicle

imports

were

sharply reduced from

the heaviest declines occurring in semi-




ments

much in the

United States

manner

Treasury and

of the stock market,

best rated corporate

Volume

Financial

147

bonds drifted fractionally lower.

bonds

corporation

gains.
that

only by

attributed to

was

modity markets
material

no
a

lower than

outweighed the

closed
last

spurt of Czech issues, Tuesday,

a

sinking fund purchases. Com¬

national Harvester at

of domestic

at

The foreign

exchange

markets

securities

exchanges,

for

weak and

dropped

on

sterling

with the dollar of $4.8665.

of

unsettlement

the

to

persistently

was

gagements

Gold

London market for
On

the

touched

New

levels.

low

new

New
at

Exchange

touched
York

Exchange

Can

while 10 stocks
York Curb

New

half-day

session

remained

the

on

last

on

553,560 shares.
the sales last

24% against 25.

were

on

Wednesday,

shares;

74,120

39,905 shares;

motor

bid

Thursday,

one

after

weak

a

to

against

approximately

on

Friday of last week;

45% against 46%, and B.

against 24%.

The railroad shares

Pennsylvania RR closed
on

Friday of last

87% against 92; Southern Pacific at 18%
Southern Railway at 13% against

19%;

14%, and Northern Pacific at 11% against 12%.
Among the oil stocks, Standard Oil of N. J. closed

all

other

1,250,000 shares

previous full session.

and

news

the market's reaction.

con-

On the day

changed hands
on

as

Friday last, the

Tuesday the market found

itself, in fact all the world markets reflected
York stock

Goodyear Tire k Rubber closed

threatening another world

compared with 820,110 shares

appearance

74%

Growing political tension

powers

subordinated

upheaval

at

37%; New York Central at 18 against 19%; Union

sharply.

Pacific at

tributed largely to

Chrysler

week; Atchison Topeka k Santa Fe at 35% against

points with closing prices approaching if not recording

European

49%;

against

yesterday at 19% against 20%

points.

two

In the

Friday of last week; General

on

closed lower this week.

Prominent issues suffered losses of from two to five

day's low figures.

4%

48%

F. Goodrich at 24

Declines for

declined

opening

at

United States Rubber at

Saturday

on

Following London and other foreign markets, equities
home

against

In the rubber group,

94,595

fractional with losses here and

extending upward from

37% against 38%.

yesterday at 28% against 29

resulting in lower prices for the day.

the most part were

58% against 59%, and Youngs-

Tube at

against 75%, and Hupp Motors at 1% against 1%.

on

Friday, 70,110 shares.

Heaviness featured the stock market

United

stocks, Auburn Auto closed yesterday at 3%

Motors

Mon¬

Tuesday, 88,715 shares;
on

Sheet k

town

on

week.

yesterday at 59% against 60%

Friday of last week; Inland Steel at 73 against 76;

Friday,

on

Steel closed

Bethlehem Steel at

on

On the New York Curb Exchange

Saturday

on

on

461,160

Wednesday,

on

day, 146,990 shares;
shares, and

States

350,700

were

1,248,850 shares;

were

175

20% against 20%; Canada Dry at 18%

and National Distillers at

Exchange the sales at the

Thursday, 509,170 shares, and

among

42%; Eastman Kodak at

against

Westinghouse Electric k Mfg. at 103% against 104;

unchanged

shares;

the

Sulphur at 36 against 36%; Continental

41

against 18%; Schenley Distillers at 17% against 18%,

630,550 shares;

at

at

Call loans

Saturday

on

Monday they

on

13%

at

Lorillard at

Tuesday,

there

Products

Dairy

The steel shares sold off the present

On the New York Stock

last

National

against 174; Standard Brands at 7% against 7%;

1%.

shares;

28%;

against 13%; National Biscuit at 25 against 25%;

stocks

47

181%; E. I. du Pont de Nemours at

high levels and 9

new

low levels.

new

Stock

year

On the

Exchange 26 stocks touched
stocks

against

the

Texas Gulf

Stock

Western

Friday of

131% against 133%; National Cash Register at 27

en¬

on

on

week; Allied Chemical k Dye closed yesterday

178 against

at

hoarding.

York

high levels for the

new

touched

heavily in demand

was

47% against 47%; Woolworth at 45% against 46%,

last

reported for shipment from Europe

were

to New York.

61% against 60; Sears, Roebuck

72% against 72%; Montgomery Ward k Co.

against 30

French francs and other

European units likewise receded, and heavy gold

Friday of

and American Tel. & Tel. at 143
against 145.
Union closed yesterday at 29

Tuesday under its old parity

added

on

at 28% against 29%; J. I.
Threshing Machine at 88 against 90%; Inter¬

& Co. at

and taxpayers.

generally

were

General Electric

ago.

yesterday at 42% against 42%

portant products in the export market at the expense
consumers

week

a

week; Consolidated Edison Co. of N. Y. at 26%

Case

to dump im¬

moves

yesterday's close

Friday

on

7; Public Service of N. J.

variations, with uncertainty raised to

high pitch by Administration

1385

against 28%; Columbia Gas k Electric at 6% against

irregular at levels that showed

were

Chronicle
market and prices at

Among speculative

slightly

In the foreign dollar bond section the dullness

relieved

was

losses

i

of stability.

Sales volume

exchange, however,

was

half, although stocks helped by

a

greater

the New

on

practically cut in

#

yesterday at 53% against 54%
Atlantic

Refining

at

on

Friday of last

15% against 16%, and

week; Shell Union Oil at

22%

against

22%.

In the

Anaconda Copper closed yesterday at

copper group,

34% against 34%

Friday of last week; American

on

Smelting k Refining at 48% against 48, and Phelps

Dodge at 36 against 36%.
Trade

and

industrial

reports

were

moderately

encouraging this

week, although little more than

through for gains of

seasonal gains are

Traders

week

reflected. Steel operations for the
were estimated by the American

on

a

good start broke

one to two points on the day.
Wednesday settled back to await further

ending today

44.0% of capacity, against

developments and prices in turn drifted in aimless

Iron k Steel Institute at

fashion to close with

42.8% last week, 39.8% a month ago and 84.1% at

irregular changes. Little occurred

on

Thursday to alter the market's

in

cautious

greater inclination
rather than
on

buy.

the market's

inclined

to

on

threshold, buyers yesterday

make

the

as a consequence.

not

a

the week to
Electric

Institute

Carloadings of

handicap for the

at

was

power

in

reported by the Edison

2,134,057,000 kilowatt hours,

^gainst 2,138,517,000 in the preceding week and
2,294,713,000 in the corresponding week of last year.
in the week to

moderately and

Production of electric

Aug. 27

However,

The losses sustained earlier in

proved too much of

this time last year.

and

regard to the European

stocks managed to rise




were

extensive commitments

any

higher levels.

week

a

With the Labor Day holiday right

with the tension lessened with

close at

and stocks

the part of investors to sell

trading volume suffered
situation,

course

trading edged slightly lower due to

far

revenue

freight totaled 620,511

reached, this

year.

Railroads reports that

The Association of American
this represents

the preceding week, but a

cars

over

cars

from the

cars

Aug. 27, which is the highest level so

same

week of 1937.

a

gain of 22,593

drop of 162,965

Financial

1386

indicating the course of the commodity markets,

As

September option for wheat in Chicago closed

the

'

Chronicle

Sept. 3, ms

edged securities hardly changed in the session, and
domestic industrials were steady.
The tone im¬

yesterday at 62 %c. as against 62 %c., the close on

Continental

close

Friday of last week.

on

for cotton here in New York closed

The spot price

yesterday at 8.23c. as against 8.46c., the close on

The spot price for rubber

Friday of last week.

yesterday

16.27o. as against 16.57c., the close on

was

The trend was uncertain on Thursday, but
were
small.
Gilt-edged issues were

swing.

movements

fractionally lower, and British industrial

marked

securities

19/i

against 19 5-16 pence per

as

per ounce

pence

ounce

yesterday at 42%c., the close on Friday

York closed

the

the

of

matter

transfers

cable

exchanges,

foreign

London closed yesterday at

on

$4.85%

as

against $4.87 7-16, the close on Friday of last week,
cable transfers on Paris closed yesterday at

and

2.72%c.

Friday

against 2.73 7-16c., the close on

as

of last week,

cial centers reflected

the issue of

sessions

were

a

kets

but

peace

Quiet

in Europe.

this week at London,

Paris

Monday, when the diplo¬

on

atmosphere thickened to an unusual extent,

quotations

the German

On

after..

in

the

the

tone

apprehensions

war

were

Boerse

theregood,

was

less preva¬

presumed center of preparations than

elsewhere.
usual

generally maintained

were

indicating that
lent

or

the rule

unsettled

were

matic

war

The sensitive British and French mar¬

and Berlin.

The

did, however, have the

scare

war

of

consequence

increase

sudden

a

United

States.

the old

parity of $4.8665 in relation to the dollar,

Sterling dipped on Tuesday below

and showed little

to note,

than
of

on

fears

war

Europe.

strength thereafter.

States

a

year ago now

is making

economic indices in the

on

European countries, and

leading

surmise that American

a

will take place while Europe still is going

downhill

this

neces¬

active in the financial markets

were

from the United

to

It is

the other hand, that influences other

The depression that began to spread

serious inroads

recovery

tends

side

of

to

promote the capital movement

the

Atlantic.

It is

also

true

that

but there was again a liquidating movement

After

the

trade

Europe to America

balance.

strengthened

The London Stock

Exchange

was nervous

war

fears

that sent chills

brokers and investors.
and

small

stocks.

declines

tinental

tablished

securities.
on

the




along the spines of

securities

markets

regarding

Thursday,

Rentes moved
trial

foreign

such

in

financial

French

about

doubts

decline

the

and

stocks

Berlin

were

some

mixed in

Even the inter¬

in

buying.

in demand.

were

prevailed

week, but net changes for the day

were

the

on

of the

business session

first

the

Rentes and

quiet trading yester¬

conditions

uncertain

Boerse

weak

crisis.

German-Czech

the

equities joined the advance.

Highly

continued.

was

fairly optimistic,

were

day, but international issues

a

issues, however,

higher, and bank, utility and indus¬

national section attracted
French

situation still

The international

close.

previous

occasioned

After

small.

opening, prices recovered sharply, and gains

and losses

were

about

equally

numerous

at the end.

Mining stocks showed best results, while electrical
and rubber securities receded.

Tuesday,
Gains

leading

stocks

In

ranging to three points

ties

in

even

were

to three

on

slightly lower.

and

Another

reported Wednesday, with gains

was

points recorded in leading speculative favo¬

The advance
also

the

Thursday

liquidation

but

Movements

was

general, however, and

fixed-income group.

absorbed readily.

were

Gains of

one

to

noted at the end in speculative

obligations

fixed-interest
were

em¬

The opening

strong, and occasional spurts of

was

were

points

stocks,

registered in

few specialties

a

Fixed-interest securi¬

better demand.

neglected

good session

on

inquiry.

good

were

potash and machinery stocks, and
were

quiet dealings

reflected

small in

a

were

dull session at

dull.

Berlin,

yesterday.

Gilt-edged issues fell sharply,
issues

were

given circumstances

un¬

prices

Wednesday,

the Bourse, and sizable gains ap¬

on

Dismal Observance

appeared in British industrial

Commodity

trading favorites

and

week, owing to

which suffered heavily.

opening,

peared in rentes and French stocks, as against the

three

certain in the initial session of the

the

partly due to

are

uncertain

an

braced

from

Rentes

equities held generally* to former fig-

French

large quantities, while American takings of Euro¬
goods long have been restricted, and gold ship¬

inter¬

Tuesday, but the trend was more resistant.

rites.

ments

marked

were

occurred * in

Not much business was done

securities.

national

equities

declines

sharp

while

lower,

Europe continues to import American products in
pean

and the
diplomatic

European

in

Rentes and French

affairs.

of gold

hoarding in London, and of capital exports to the

sary

the Paris Bourse was on a small scale,

on

unsettlement

general

urges,

uncertainty that prevailed throughout the world
to

Trading

Monday, but prices drifted lower in all departments,

in the international group,

STOCK markets in the leading European degree
only to
modest finan¬
as

London market yesterday, on

improved political reports.

and

i

European Stock Markets

the

Small gains were recorded

former levels.

owing to the downward; drift at London

of last week.
In

hovered

stocks

international

while

in all sections of the

Friday of last week, and spot silver in New

on

Most commodity shares

irregular.

were

weak,

around

of bar silver yesterday was

session on

attracted support, as
did most industrial stocks. International securities
and commodity shares joined in the modest up¬

day at 10 %c., the close on Friday of last week.
London the price

securities again were soft.

gains were the rule in a quiet

Small

were

In

European

Wednesday. Gilt-edged stocks

Friday of last week., Domestic copper closed yester¬

-

and commodity shares, but

proved in transatlantic

September corn at Chicago
closed yesterday at 50%c. as against 52c., the close
on Friday of last week.
September oats at Chicago
closed yesterday at 23%c. as against 23%c., the
Friday of last week.

no

weak

and

Anglo-American

groups,

interest

was

while in the
taken in Con¬

Equilibrium quickly
London

market,

was re-es¬

Tuesday.

Gilt-

ALTHOUGH 63 nations are signatrioes of the
Kellogg-Briand treaty outlawing war as an
L

instrument of national
of that
where

pact
save

was

in

policy, the tenth anniversary

permitted to pass unobserved every¬
Washington.

Secretary of

State

Volume

147

Financial

Cordell Hull found it
expedient, last Saturday, to
issue one of his

excessively

peace,
Paris

on

with the tenth anniversary of the Pact of
furnishing the occasion. The declarations by

Mr. Hull
of

statements

numerous

quite appropriate, but have lost much

are

their

force

through

through the lack of
ment of last

repetition

and

really definite indication of

any

the trend of American

tedious

foreign policy.

In his state-

Saturday, Mr. Hull listed the countries

that

were

and

mentioned

original signatories of the
the

broad

terms

treaty

peace

which

on

they

pledged themselves to settle all disputes by pacific
"It is the great

means.

inent

tragedy of today," the state-

continued, "that although modern experience

has demonstrated that not
from war,

strife

even

victor

a

can

gain

nevertheless in certain parts of the world

and

Chronicle

1387

threatening attitudes

more

Europe.

On

all

sides

adopted all

were

the

question

over

asked

was

whether the German troops will march in if the
Sudeten Deutsch are not immediately granted that
autonomy which leader Konrad Henlein proclaims
as their aim.
In the event of any such attack it is
clear that France will come to the aid of her ally,
and Russia presumably would be bound to act similarly.

The British stand is less assured, although

definite

a

Anglo-French

ously exists.

defensive

alliance

obvi-

Nor is it known what the Italians will

do in the event of

general conflict springing from

a

Chancellor Hitler's ambitions.
Much of the European anxiety

was occasioned by
official British warning, last Saturday, against
warfare in Central Europe, but it is not yet clear

an

conflict are bringing untold
misery to
millions, and in other parts the idea of warfare is

whether that warning should be accepted at face

being actually glorified.

the Sudeten German negotiations.

be

cannot

unmindful

sponsibilities, for
of their solemn
the

Governments and peoples

of

their

obligations and

observance

on

pledges made 10

or

re-

non-observance

depends

years ago

preservation of all that is valuable and worth

while in the life of each and every nation."

the

particularly lugubrious
that

wars

of

and

the

have

losses

thus

war

between

have occurred

conquest

Italy

the recounting of

since

it

use

signed,

was

occasioned.

inerely brought into general
of

was

occurred

The

treaty

the undeclared type

nations, for four major conflicts

during its existence.

To the

wars

of

waged by Japan against China and by

against Ethiopia must be

added

drawn conflict between Bolivia and
the free-for-all in

Spain.

In

the

The actual costs

tary experts in Washington,

2,500,000

runs

up

ing the pledge
world

is

these

wars

who estimated that

to approximately $10,-

never

armaments,

Notwithstand-

to resort to war, moreover, the

spending tremendous

annually

sums

and taxpayers everywhere

on

strug-

are

gling under the burden of the extraordinary "defense" programs,
if

the

Pact

assurance

of

which would be entirely needless

Paris

against

games

in Germany on

military

on

maneuveres
as mere

lesser scales.

were

an

un-

summer games

The German

portrayed in many dis-

advance preparations for

war even-

tualities, although such open preparations plainly

would not accord with the Hitler tradition of

prise

while other governments

moves

under home discomfitures.

thing else to

deepen

the

Tending

are

than

more

sur-

laboring

apprehensions

any-

were

special British Cabinet meeting, Tuesday, and
order for the British fleet to repair to its

war

a

an

sta-

tion in the north of Scotland, where all would be in

matic

blockade of the Reich.

a

were

of

diplo-

of which

some

reasonablly accurate, while others

well have been

may

Added to

rumors

and discussions,

maneuvers

doubtless

numberless

were

gross

exaggerations.

the better substantiated reports was

Among

from Lon-

one

don to the New York "Herald Tribune," Wednes-

day, which asserted that the British

were

attempt-

ing to ascertain the degree to which they could rely
upon

American help in the event of
The

pean war.

war

fears eased

a

a

general Euro-

little

as

the week

progressed, but are far from being dispelled,

Negotiations for settlement of the issue presented
by the 3,500,000

Sudeten Germans in

Czechoslo-

genuine

vakia, and the desire of Chancellor Hitler to include

The Governments of France

them in his Nazi Reich, were continued steadily as

were

war.

and the United States

in other countries

readiness for

however, by mili-

000,000,000 in actual destruction.

were war

these factors

killed in the conflicts, while

persons were

the material sacrifice

important

to

Almost equally

precedented scale, and the usual late

long-

every case

summed up,

were

intended to influence the parties

was

Paraguay and

waged without the formality of a declaration,

were

or

patches

What made the tenth anniversary of the Pact of
Paris

value

were

regarded
the

prime

as

a

movers

for the

the

war

clouds scudded

Europe.

over

There

was

Kellogg-Briand treaty,- and it is noteworthy that

talk in Prague, last Saturday, of a deadlock, with

both countries

the

armaments

are

in the

additions.

of the movement for

van

These

circumstances

it clear that the Pact of Paris has

international

more

political reality than have

other declarations
sions

no

poured forth

so

glibly

basis in

many
on

make

of the

all

occa-

by the State Department.

Czechs

reputedly disinclined to make greater

concessions than

equal grants of language, citizen-

ship and other rights, and the Henlenist group insisting

upon

that virtual

autonomy which

the

Sudeten

area

from

Czechoslovakia

corporating it in the German Reich.
War Fears
A LL of

leader made

Europe writhed in apprehension this week,

lest another

start in Central

Chan-

cellor Hitler wants as a clear prelude to separating

some

preparations for

a

and

in¬

The Sudeten
barnstorming

tour, in which it was said he would issue a virtual

Europe and

call of the Sudeten Deutsch to arms, but a long con-

spread swiftly to embrace the entire continent and

versation between Lord Runciman and Herr Hen-

**

war

perliaps much of the rest of the world.
scare

worst

that

The

war

swept around the world was one of the

of the

long series that began five years ago,

and to all appearances

there

was

plenty of fire to

justify the smoke.

The problem concerned the Sude-

German

Czechoslovakia.

ten

Lord

as

on

Runciman

prevalent in

,

London

his difficult quest,

ever was con-

in accordance with
was

even

before

he

said early this

week to be urging a "cantonal" idea, whereunder
the minorities in Czechoslovakia would have quite

the "unofficial" British medi-

the same rights as the varying language and racial

ator, attempted to find a reasonable solution, ever




suggestions
started

Lord

While

minority in

Runciman,

lein nipped that plan in the bud, if it

templated.

groups

as

in

Switzerland.

There

were

vague

1388

Financial
of

rumors

lein

reetreat

proposals Thursday, and Herr Hen-

new

that

on

at

day journeyed to Chancellor Hitler's

Berchtesgaden, in the Bavarian high-

lands, to receive fresh instructions from his master,
The

diplomatic
The

ous.

address

most

game were numer-

important unquestionably

the

on

in this

moves

was

an

general subject of peace and war,

Chronicle

Sept. 3, 1938

dispatch from the German resort to call for a threemonths' delay in the

conversations, and Chancellor

Hitler was reported as insisting upon an immediate
Herr Henlein returned to Prague by air-

solution.

plane, carrying fresh proposals, but the nature of
suggestions

such

immediately

not

was

revealed,

fact that discussions were continuing

The mere

delivered last

Saturday by Sir John Simon, Chan-

seemed heartening in some European circles, while

cellor

British

in others gloomy impressions prevailed

of

the

Exchequer.

Sir John

virtual notice that Great Britain
to

stay out of

in

Central

is like the

can

"It

it

would

be

so

high wind," he

a

that

in

every

but

how much

This very case of Czecho-

assume a

conflict

a

might

involve,

country who considers the

arek, Scotland, the British
statement in London

Almost simul-

Government issued

a

expressing appreciation of the

"conciliatory attitude" of the Czech Government,
and

voicing the hope that there will be

tive

response."

The

press

"construe-

every-

even

though it

on

was

Tuesday
described

meeting of Ministers, rather than

as a

a

full-dress

session.

out of the

country failed to attend the meeting, and

the session

was

Only two Ministers who

augmented,

moreover,

were

by Sir Nevile

Henderson, British Ambassador to Berlin.

"The

Ministers expressed their entire agreement with the
action
in the

already taken, and the policy to be pursued

future," said

at the end of the

cryptic official announcement

a

long session.

Sir Nevile Hender-

hastened back to his post

son

at Berlin, prepared

of

all

this

British

of his statement of

made

was

were

July 12, that

last
the

week

a

peaceful and

problem is in sight,

aid of Czechoslovakia if that

attacked.
that

coun-

From Prague came reports late

German

ties

as

to their attitudes in

the event of hostili-

resulting from the Sudeten German issue, but

denials from Berlin leave this matter somewhat
certain.

In the German press

against Czechoslovakia

was

cellor Hitler spent some

specting

new

vicious campaign

Chan-

time early in the week in-

every

incident that might have

It

un-

German fortifications in the Rhine-

Military and naval

war

a

waged all week.

land.

on

maneuvers

a

continued, and

possible bearing

possibilities attracted great attention.

was

revealed at

to

Congress at Nuremburg, next week.

But the diplo-

rnatic realities remain obscure.
„

-

r

Refugee Conference
European diplomatic alarums of the
** week, little was heard of the Inter-Governmental Refugee Committee, which continued to
struggle with the many problems created by the flood
religi°us and political elements from Germany and
former Austria. Some mid-week reports from Paris
indicated, however, that the questions are being
tackled bravely by George Rublee, Director of the
Committee, and by Myron Taylor, head of the

American delegation to the several European conAmerican diplomatic representatives in the leading European countries also are
devoting much time and attention to this grave and
important humanitarian endeavor. It is the aim of
^he Committee to obtain a degree of cooperation from
German authorities, to the end that the refugees may
be Permitted to take their possessions along when
they seek homes in more congenial surroundings than
-^az* Eeich affords.
In contrast with early

that German officials were quite indifferent
P^a
reasonaWy human treatment of their
helpless victims, it was stated by Committee members
on Wednesday that the Reich will be willing to open

rumors

ever more

stringent controls by countries contiguous

Germany. So great is the flood of helpless refugees
into Switzerland, for instance, that the Swiss auth°rities found it necessary to place barbed wire
fences at Points alon3 the Austrian border to prevent
gal entries.
French Social Legislation

had questioned

diplomats

Russian, Yugoslavian and Rumanian Govern-

ments

anxious

to lay before the Nazi

an(*
autumn military games have ended. The
re^ugee problem is being intensified, meanwhile, by

activity, possibly because

plain in Paris, however, that France

would go to the

try

success

negotiations after the Nazi Congress at Nuremberg

durable solution of the Czech
It

desperately

was

sort of

nervousness

The

Premier Daladier remained convinced of the correctness

Hitler

some

The general

the general realization that

on

curiously calm in the

for discussions with the German authorities.

French Government remained
face

to the

ferences on the subject.

Europe.

publicized,

officially

a

thought little of

special British Cabinet meeting

well

was

The German

address, but it seemed acceptable

where else in

little

a

Chancellor
achieve

Iiibbentrop.

von

increased

and

conse-

as

At Berlin, Sir Nevile Hen-

derson conferred at length with Foreign Minister
Joachim

limit to the

taneously with the delivery of this speech at Lan-

the Simon

outcome of the conflict.

critical for the future of Europe

has to bear that in mind."

quences

or

and how many might

cause,

impossible to

disturbance

conflict

a

be limited at the start,

may

that it would be

everyone

fire in

a

be called to beat it out.

Slovakia may

local quarrel

as a

how far it would spread

say

destruction

might be unable

"The beginning of

beginning of

remarked.
who

that started

a, war

Europe.

gave

Berchtesgaden, late Thursday,

f^REMIER

p
1

Socialist

Daladier

Edouard
Cabinet

and

his

Radical-

colleagues encountered

culties in France this week, in their

diffi-

efforts to modify

slightly the social legislation of the preceding Left
Front regimes which is hampering

concerns
was

This working restriction

the 40-hour week.

declared

weeks

all industry in the

The modification proposed by the Premier

country.

ago,

insupportable

both

on

by

the

Premier

two

national grounds and because

French defense industries had to be speeded up to

comply with the demands of the current international
crisis.

It

appeared last Saturday that the Govern-

after the conference between Chancellor Hitler and

ment

his Sudeten German

socialist party in effecting a modification that affected

had
at

lieutenant, that the Nazi leader

rejected at least

one

of the plans put forward

Prague for a temporary solution of the difficul-

ties.

"Plan No. 3"




was

said in

an

Associated Press

would

have

chiefly the rate of
modification

was

the

aid

pay

issued

of

the

powerful French

for overtime.
Tuesday,

A decree of

accordingly,

to

which all members of the Council of Ministers affixed

Volume

their

147

Financial

signatures.

But

the

powerful General Con¬

Chronicle
fanwise

1389

over

the

area

and in

the

of

one

most im¬

federation of Labor intervened the next day, with a

portant strategic areas south of the Yangtze, near

statement that it would direct its

Juichang, foreign observers reported the Japanese as
badly beaten. To the north, on the other hand, the

5,000,000 members
disregard the decree where industries outside the

to

immediate circle of national defense groups are con¬

invaders claimed

cerned.

that the line of

Moreover, workers who refuse to remain

in factories

more

than the 40 hours

Left Front laws will be aided

French labor

thus

by their fellows, the
With French labor

declared.

group

stipulated by the

openly defying the Cabinet

the issue, it is

on

clear that domestic troubles will afflict the Daladier

regime in the

future, unless

near

skillful

some

promise solution quickly is found.

com¬

The Parliamen¬

tary session is suspended until the autumn, but there
were

that

rumors

an

meeting might be

emergency

called to deal with the situation.

be

are

on

small

a

between

Chinese.

scale

last

the
1

the

Japanese attack

week, which

was

WARFARE this Spain and in the few military
changes in week, produced
international
relegated to second place

owing to the threat of general hostilities resulting
the

made

German-Czech

small gains in

Loyalist forces

dispute.

the region

offensive

and

assumed

the

the Almaden

near

mines, where they folded

mercury

insurgent

an

up

initiative

Actual

gains of the government troops

they demonstrated the superiority of the forces
General Franco's minions.
the

over

On the Ebro River front

loyalists continued to hold admittedly precarious

positions, despite strenuous efforts by General Franco
to

this fashion.

tween

lone

a

badly damaged.
settle

the

There

withdrawals of

Spain.

as

it

problem

entertain

to

apparent attempt to

was no

international

refusal

Franco's

Saturday off Gibraltar, and

loyalist ship limped into the British base,
occasioned
British

the

by

facist

allies

results

the

of

to Central

war

but the ultimate

maneuver

gravity having shifted

doubt.

in

are

once

again

Europe, it is possible that intervention in

and

glossed

Franco,

diplomatic

The center of

Spain

General

of

its

over

many

for

some

attendant

time to

problems

will

be

public Thursday,

Far East

and

diplomatically

were

recorded this

fact is significant and heartening, since it

very

that the invaders of peaceful

little

progress

drive

of the

the

the

swampy

alleged
"acted
a

ground

that

the

started

last

The main
still upward

It

appears,
a

troops

new

from

During the late

Yangtze Valley is

prone

to

hampered greatly by sickness.

week-end,

toward

Hankow,

determined
both

via

drives

the

wrere

Yangtze

Valley and to the north, where flood waters from the
Yellow
recent

River

days.

held

up

the

mechanized units until

Huge Chinese defense armies




Japanese

the

suspiciously."

huge

This is, of

on

the

airplane

transport

anything

course,

continued to labor under the strain of the
war

added

Tokio

against China, and

Thursday, when

area

and

spread

death

Traffic and communications

fresh difficulty

a

typhoon struck the

a

destruction.

and

hampered by the

were

high winds and flood waters, while great property
destruction also

reported.

was

Mexico

PRESIDENT Lazaro Cardenas dwelt long on the
international aspects of the Mexican

expro¬

priation

of his country
his

when he addressed the Congress

program

Thursday, and he made it clear that

Administration

is

not

to

be

swayed from the

path of what Secretary Hull called "bald confisca¬
tion."

The second State

Department note, in which
shreds, has not

by Mexico City.

The next

diplomatic conflict already is plain,

owing to the Presidential address.
informed his countrymen

move

so

in

however,

Senor Cardenas

that land expropriation and

agricultural "reform" would continue, despite the

and uncensored reports indicate that
were

the

apology,

note that contained brief re¬

protests by the United States over agricultural land

encountered
of their

the

means

war.
was

even

satisfactory termination of the incident. Japan's

prolonged
was

The reply from Tokio,

and attempted to justify the attack

grets

but

a

en¬

able to make

disorders among people not hardened

causes,

Japanese

Over

aggressors

malaria and cholera.

occasion such

the

the

widespread illness

in

dysentery,

to

in their undeclared

Japanese militarists

that

however,

summer,

were

Yangtze, toward Hankow.

along the

enemy

China

made in the

In place of the expected

polite

Foreign Office sent

the

week in the Japanese invasion of China, but this

was

did not contain

Mexican arguments were torn to

come.

of importance

Much

Japanese "so sorry."

far been answered

"EW changes

sent to Tokio from

was

dangering of American lives.
made

foreign volunteers from both sides in

The attitude adopted by the Spanish in¬

planes,

note of the loss of non-combatant lives and the

plan for

surgent regime all too clearly reflects the aims of the

combat

being murdered in

emphatic note of protest

Washington, late last week.

economy

be¬

loyalist destroyer and four insurgent

craft occurred last
ended the

A small naval engagement

A formal and

against the Japanese attack

dislodge them and push them back to the northern

bank of the stream.

airplane, owned

Japanese

almost all the Chinese
passengers

last

the

over

relatively small, but they loomed large because

were

The

American pilot, was forced to land and then was

usual
wreek-end.

resulted

transport airplane,

a

on

carrying mail and passengers

machine-gunned by five

from

and the

aggressors

jointly by Americans and Chinese, and operated by
an

was

of undeclared

year

Japanese

from Canton toward Hankow.

Spain

sphere the conflict

will

compared to the

as

Another important international incident
from

mean

soon

All the movements and changes now

sweeping operations of the first
warfare

possibly

supply from Russia to China

endangered.

recorded

which may

successes

are

spread

confiscations, and by Great Britain
oil property

dent,

seizure.

President Cardenas declared that

pensation to be made hereafter will
recognizes

cover

subsoil holdings.
obligation to

property and not
ment

the

any

com¬

only surface

The Govern¬
for seized

pay

properties, whether held by Mexicans
ers,

the recent

over

With reference to the oil inci¬

or

by foreign¬

but "payment must be delayed, the President

declared.
cannot

be

Continuation of the program, moreover,

subordinated

mediate payment,

to

the

he added.

It

possibilities of im¬
was

deftly pointed

out that the United States Government itself is not

above criticism

Specifically,

on

the ground of general confiscation.

Senor

Cardenas

mentioned

devaluation and the requirement for all

currency

individuals

Financial

1390
to

change gold and gold certificates for depreciated

bank notes

With

bank notes that later

or

the

Mexican

due

rejoinder

depreciated.

were

follow

to

general line, little immediate advance
pected toward
the

a

this

be

can

ex¬

solution of the puzzle occasioned by

headlong Mexican

ings

There

last.

THERE have been noofchanges during the week in
the
of the foreign central
Present

any

the

at

rates

leading centers

are

shown in the table which follows:
Rate in

Pre¬

Rale in

Effect

Dale

Established

Effect

Rate

Dale

vious

Sept. 2

vious

Sept. 2

Country

Pre¬

Established

Rale

Country

Hungary...

4

4

July

lli

India

3

Aug. 24 1935
Nov. 29 1935

Belgium...

3

May 30 1938

4

Ireland....

3

June 30 1932

Bulgaria...
Canada

6

Aug. 15 1935

7

Italy

4H

May

2K

Mar. 11

Chile

4

Jan.

24 1935

4H

Java

Colombia..

4

July

18 1933

5

3H

Argentina..
Batavia

...

Mar.

1 1936

1 1935

1935

w

3.29

Japan

Apr.
Jan.

5

Feb.

off 62,000,000 francs.

fell

ties

gold to sight liabilities is slightly lower at 46.65%
compared with 47.19% a week before; last year it
52.35%. The various items in the statement are

was

shown below with comparisons

Changes

5

Francs

6H

3H

Morocco

6 Vi

4H

Credit bals. abroad,

Jan.

21937

5

Norway

3^

Jan.

51938

4

Denmark..

4

Oct.

19 1936

Poland....

4

Dec.

17 1937

5

England

2

June 30 1932

3H
2X

Estonia....

5

Sept. 25 1934

5X

Rumania

Finland

4

Dec.

4 1934

4H

South Africa

H

a

55,808,328,520 55,717,532.724 54,511.102,374

+2,000,000

24.899,339

14,220.599

7,520,346

discounted., + 1,740,000.000

bills

8,495,590.850

8.655.359,905

7.063.308.611

743,650.652

897.116,263

1,242,194,730

4

Aug. 11 1937

4H

Dec.

7 1934

6

Adv.

May

15 1933

4

Note circulartion...

July

10 1935

No change

b Bills bought

4H

..

abr'd
against secure.

3,763,005.216 3.453.753,966
—62,000.000 3,544,091,203
—275.000,000 99,064.965,327 88,254.890.900 84.323,914.210

2H

Holland

3

Spain

5

5H

Sweden....

2Yx

Dec.

1933

3

c

41937

7

Switzerland

1H

Nov. 25 1936

2

Dec.

2 1936

2Vi

1

Temp, ad vs. with¬

40,133,974,773 25,218,126.645

No change

out int. to State..

9,161,332,300

52.35%

58.69%

Propor'n of gold on

—0.54%

p hand to sight llab.
a

Foreign Money Rates

46.65%

b Includes bills discounted abroad,

Includes bills purchased in France,

thorized

convention of June

by

18,

1936, laws of June 23.

IN LONDON open market discount rates9-16%
Friday
9-16%,
against for short
on

were

as

on

Friday of last week, and 9-16% for three-months
bills,

Friday

on

call at London

on

Paris the open
from

9-16%

against

as

Money

Friday

on

market rate

was

of

raised

Yi%.

on

Aug. 27

at

Bank of

England Statement

further

year

a

with

As the bullion gain was

ago.

attended by an expansion of $1,734,000 in circula¬

rose

fell off $1,621,000.

reserves

The latter consists of bankers' accounts

which fell off

increased

£6,816,412 and other accounts which

£2,303,133.

clined to 29.7% from
was

Public deposits

£3,799,000 while other deposits decreased £4,-

513,279.

24.3%.

The

reserve

30.6%

a

proportion

week ago; last

de¬

year

it

Government securities increased £150,-

000 and other securities

£787,146.

Other securities

include discounts and advances which fell off $897,597
and

securities

rate

did not

THE statement for the 725,000,000 reichsmarks
shows
expansion of last quarter of August
an

115,541,000

raised the total to £327,760,578 which compares

£327,960,180

Bank of Germany Statement

which

rose

£1,684,743.

change from 2%.

Below

The
we

Bank

show the

different items with comparisons for previous years:

a

year

14,000 reichsmarks and
off

fell
coin

there

marks.

was

Bills

reduction

a

of

exchange

158,000 reichsmarks to
355,000

last

reichsmarks

7^354,000

reichsmarks

in

and

ratio

A week earlier it
Below

other

of

330,000

daily

off

fell

assets

maturing

was

The

respectively.

1.24% and

re¬

on

record.

a year ago,

1.48%.

show the different items with comparisons

we

previous

years:

REICHSBANK'S COMPARATIVE

Sept. 2,

Sept. 4,

Sept. 6,

1935

1934

for Week

STATEMENT

Changes

1936

Assets—

102 ,061.000 109,274,772

Other securities-....

27 ,696,231

DIsct. & advances.

5 ,369,680
22 ,326,551

Securities

and

Other

and

dropped to 1.11%, the lowest

1937

Other deposits
131 119,652 140,703,732
Bankers' accounts.
94 743,56' 104,172,489
Other accounts
36 ,376,083 30,531,243

Coin and bullion

858,-

increases

were

advances

reichsmarks

4,598,000

serve

Sept. 1,

480 433,000 490,309,532 445,783,915 401,622,167
27 758,000
14,111,338
18,053,141
5,860,025

Reserve notes & coin

rose

obligations and other liabilities increased 55,628,000

for

£

k

reichs¬

77,186,000

There

in

investments.

reichsmarks

2,716,000

of

and checks

total outstanding of 6,648,-

year.

1938

Govt, securities..

In silver and other

compared with 5,316,054,000

reichsmarks

reichsmarks

a

in foreign currency

reserve

451,000 reichsmarks.

Aug. 31,

Public deposits

Gold holdings show no

ago.

change but the amount deposited abroad decreased

BANK OF ENGLAND'S COMPARATIVE STATEMENT

Circulation

outstanding to

6,868,200,000 reichsmarks compared with only 5,-

THE statement for £113,001 in gold holdings shows
gain of the week ended Aug. 31 which
a

of 43 mg.

gold, 0.9 fine, per franc; previous to that time and subsequent to Sept. 20. 1930,
gold valuation was 49 mg. per franc; prior to Sept. 26, 1936, there were 65.5 mg.
of gold to the franc.

in circulation which raised the total

1%,

Au¬

which 18.050.000.000

Since the statement of June 29, 1937, gold valuation has been at rate

At

V/2% to 2%% while in Switzerland the rate

remains

allowance of 20.000.000,000 francs to 30,000,000,000 francs, of
francs hdV6 been t&k6n.

week.

last

was

c

1930. convention of

The last Increased the June 30. 1937,

June 30, 1937, and decree of June 29, 1938.

bills

8,559,943,332

Credit current accts. + 1,643,000,000 20,574,319,983 18.178.574,426

5

Jan.

2

...

12 1938

Sept. 30 1932

0

..

Greece

May

4

France

Germany

tion,

Francs

French commercial

3 H

Portugal

1936

28.

1937 Aug.

Francs

Francs

No change

Gold holdings

1 1936

July
1 1936
May 28 1935

6

Jan.

4

5

1938 Aug. 26.

Aug. 25,

for Week

4

3

vakia

for previous years:

FRANCE'S COMPARATIVE STATEMENT

OF

BANK

Danzig....

Czechoslo¬

Advances against securi¬
The proportion of

change from a week earlier.

3.65

1935

1

Credit balances abroad

2,000,000 francs but bills bought abroad did not

3H

14 1937

.

in¬

and creditor current ac¬

3X

6 1936

3

40,133,974,773

discounted

bills

commercial

French

francs.

4 H

18 1930

Jugoslavia
Lithuania..

m

either in temporary

change

no

was

advances to the State which remain at

rose

banks.

again reported unchanged at 55,808,328,520
figure they have been since July 7

were

francs at which

counts, 1,643,000,000 francs.

Foreign Central Banks

discount rates

Sept. 3, 1938

creased 1,740,000,000 francs

measures.

Discount Rates of

Chronicle

47 ,328,000
327 ,700,578

381,283,577

29,635,051
139,829,278 138,708,983 125,877,355
101,067,322 100.062,601
88,046,917
38,761,950 38,646.382 36,930,438
85,029,164
85,708,337 83,414,999

17,698,686
26,122,900 29,707,462 26,921,501
14,080,503
0,935.180
5,308,210 10,621,347
12,840,998 10,763,500
20,754,690
19,086,115
71,044.886
37,650,648 60,713,718 52,492,911
327,960,180 246,497,633 194,115,078 192,328.463

Gold and bullion

24.3%
2%

29.7%
2%

36.30%
2%

38.40%
2%

45.67%

2%

Aug. 31,1938 Aug. 31,1937 Aug. 31,1936
Reichsmarks

Reichsmarks

Reichsmarks

No change

Of which depos. abr'd

Res've in for'n currency
Bills of exch. & checks..
Silver and other coin
Advances
Investments

Other assets

69,420,000
69,886,000
$70,773,000
21.500,000
10,587,000
19,986,000
5,606,000
5.499,000
5,969,000
+858,158,000 6,648,355,000 5,316,054,000 4,767.163,000
119,247,000
129,929,000
138,426.000
—77,186,000
51.704,000
64,500,000
35,237,000
+ 7,354,000
528,808,000
+330,000
847,878,000
403,444,000
766,634.000
566,445,000
—2,716,000 1,137,673,000

—14,000
—451,000

Liabilities—

Notes in circulation
Other daily matur.obllg.

+ 725,000,000 6.868,200,000 5,115.541,000 4,539,528,000
736.016.000
728,509,000
+55,628,000 1,032,945.000

+4,598,000

Other liabilities

Proportion of reserve
to liabilities.....
Bank rate..

Reichsmarks

309,378,000

257,563,000

229.591,000

—.13%

1.11%

1.48%

1.65%

Propor'n of gold & for'n
curr.

to note circul'n.

New York Money

Bank of France Statement

Market

THE statement of thecontraction the week ended MONTH-END in the New York not so much
Bank for of 275,000,000
ripple requirements caused
market,
Aug. 25 shows
as

a

francs in notes in circulation

leaving the total out¬

standing at 99,064,000,000 francs

compared with

only 88,254,890,900 francs a year ago.




Gold hold-

this week
many

a

money

now

ending having been quite

recent predecessors.

mains full to

as

dull

as

The credit reservoir

its
re¬

overflowing, but there is little effective

Volume

147

Financial

demand for accommodation.

Bankers bill and

mercial paper rates were
motionless, with

business

91

with
week

The

of

days, and awards

computed
loans

were

at

an

average

of 0.047%,

annual bank discount basis.

an

the New York Stock

on

for all

on

hardly

Call

Exchange held to 1%

transactions, and time loans remained at 1%%

for maturities to 90

months

days, and lJ-^% f°r f°ur to six

datings.

1

New York

,

„

on the
the

was

ruling quotation all through the week for both
and

continues

renewals.

quiet,

this week.

The

market

no transactions

for

time

new

money

having been reported

Rates continued nominal at

1J4% up to
days and 13^2% for four to six months maturities.

90

The

market

very

quiet this week.

small

for

prime commercial

paper

has been

Paper has been coming out in

quantities and

even

Rates

quoted at M%@1%

are

///>/;■■;''/•

;

for all maturities.

dominating factor in foreign
exchange at the present time. There is no question
that the

due

in

ease

shown

bills

are scarce

There

has been

no

change in rates.

Dealers' rates

reported by the Federal Reserve Bank of New

as

York for bills up to
bid

and

7-16%

and including 90 days are3^%
asked; for bills running for our

months, 9-16% bid and 3^% asked; for five and
six months, %% bid and
9-16% asked.
The billbuying rate of the New York Reserve Bank is 3^%
for bills running from 1 to 90
days.
The Federal
Reserve
Bank's
holdings of acceptances remain
unchanged at $537,000.
Discount Rates of the Federal Reserve Banks
rediscount
THERE have been
The
for

no changes this week in the

of the Federal Reserve banks.

rates

following is the schedule of rates
the

various

classes

of

The

trade, but the chief factor

the

ket,

as a

rise in

a

fall in

the

The British

authorities it

still

a

alarming decline in the

more

for

shipment to New York from

exceeded

$100,000,000,

market has
or

in many

seen

tween

that

the

German-Czech

crisis would

and uneasy

European funds continue to flow to this

employment in the New York security market.
The

New York

"Times," commenting editorially

the characteristics of the market in the face of

on

present European difficulties, contrasts the current
action of

exchange with the sensational movements
the

on

"All the

traditional

BANKS

of the

New York

1

Aug. 27. 1937

IX

IX

Sept. 4, 1937
May 11. 1935
Aug. 27, 1937

2

IX

Minneapolis

IX

Kansas

IX

City.

Dallas...

IX

San Francisco

IX

Course of

2. 1937

2

to

rose

2

21, 1937

2

2, 1937

2

24, 1937

2

31. 1937
3, 1937

London went to 143s.
On

3%d.

years.

impossible

war

rose

to

had actually been

Gold in

ounce, a new

high.

Friday, Sept. 2, the gold price made another

new

high, at 143s. 4d.

home

to

or

when

we

were

meeting

our

gold—was wholly due to London's

its huge

on

America, with

Wednesday and Thurs¬
an

In the last week of July,

became inevitable, it

war

debit balance in

2

precipitous. In Tuesday's trad¬
ing cable transfers fell to $4.85 13-16 and experi¬
day, to the lowest level in three

on

reaching of this quite unprecedently high rate

drawing

on

received

2

Sterling Exchange

slump

was

$4.88% during the subsequent

August 1, when

on

—usually

the decline has been

further

was

2

3, 1937

The

ago.

a

sterling

declared, the cable rate for sterling went to $7.00.

2

21, 1937

European

$5.50, and

STERLING exchange continues the past fewwhich
began two months
In the decline days
enced

foreign exchanges being

gold basis,

Sarajevo assassination

It

efforts to maintain peace.

St. Louis

in

side, although there is not much evidence of their

when

Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.

probable

culminate

Nevertheless the dollar continues in demand

war.

2

IX

Gold shipments

July 26 and August 31 reached $70,700,000.

Rate

IX

have

quoted at $4.87%, or in favor of London, just before

Sept.

IX

months.

As the month ended it seemed much less

Previous

.......

centers

engagements for shipment from London alone be¬

Established

Chicago.

all

volume greater than the

a

Date

Atlanta

en¬

compared with the dollar. During August
the gold shipments and
engagements of the metal

then

IX

Richmond.

have

seem

as

June 28.

IX

would

couraged arbitrage operations in gold, as these oper¬
ations gave rise to a demand for
sterling, thereby

Effect on

.—

a

,

Sept. 2-

„

market

European

gold price, with its counterpart of

sterling.

different

Boston..

Cleveland

consequence of

greater part of the gold to the London open mar¬
seems to have made little or no effort to
prevent

news

Philadelphia

was

outweighs commercial and other factors af¬
fecting exchange ! quotations. Since July 26 the
British exchange
equalization fund, which supplies

the

Rate In

Federal Reserve Bank

of

unrest

in the 1914 crisis.

DISCOUNT RATES OF FEDERAL RESERVE

balance

extraordinary demand in the London

in effect

Reserve banks:

trade

balance of the United States,

now

at

paper

unfavorable

for gold and dollars

no

and the demand continues to fall off.

pound since early in July was

the

reflected world

preventing

TRANSACTIONSimprovement this week. Prime
in prime bankers' acceptances
have

in the

part to

Great Britain and the
strong trade balance in favor
of the United States.
Great Britain's import bal¬

pound

Bankers' Acceptances

a

a,./- >/•;.r

^1

Beyond doubt uneasiness concerning the German-

though the demand has

fallen off somewhat the
supply is still short of the

daily requirements.

ago.

$4.84 9/16 and $4.87% compared

of between $4.87 9-16 and $4.8S%

range

the export

DEALING in detail with call loan rates
Stock Exchange from
day to day, 1%
loans

a

Czech situation is the

ance

Money Rates

1391

has been between

any

Treasury sold last Monday a
$100,000,000 discount bills due in

done.

further issue

com¬

Chronicle

of invested capital in

reserve

view either to gold hoarding at
preparation for the expected war loans;
a

yet gold would not be exported by American bank¬
ers

while German

though

tually,
turned
of

ships cruised the Atlantic. Even¬

not

definitely in

European

war

ditions in the

for
our

several

months,

sterling

favor. But actual outbreak

in 1914 had certainly created

con¬

foreign exchanges altogether opposite

to those which have

lately been associated with

war

scares."
.

The range

for steling this week has been between

$4,843/2 and $4.87 7/16 for bankers' sight bills,
pared with a range of between $4.87 7-16
$4.88 7-16 last week.




com¬

and

The range for cable transfers

It should be borne in mind that the vast invested

capital which British nationals had in America be¬
fore the World War has
whatever

turn

events

never

may

been

take

replaced,
there

can

so

that

be

no

Financial

1392

might be expected to send sterling quotations soar¬

investments

In the earlier period British held

ing.
here

were

rate

MEAN LONDON

Aug. 29

on

this side

are now

in large volume

Aug. 30

Tuesday,

they are not of such magnitude as to assist

but

materially in the event that

Britain

should

again be withdrawn.

that the British

In fact it would seem

authorities would be pleased if the

British funds employed in this country

volume of

This is in some degree evidenced

still greater.

were

they

London bank¬
ing authorities were alleged to have advised Euro¬
pean banking authorities generally that much of
their gold reserve should be shifted to the Americas
for safety, and as far as well posted observers could
by the fact that a few months ago the

authorities themselves, acting

discover the British

conviction, shipped gold to the United States

this

on

and

a

considerable volume of metal to Ottawa.

Apart from the excitement of markets resulting
war scare and the resultant flight of funds

from the

gold and dollars, the underlying British

to

situation is unchanged

foreign

and

domestic

British

continues to

trade

The reduction in trade at home

decrease.

reflected in the marked

business

from the past few months.

is partly

decline in note circulation,

August 1 bank holiday amounted

which since the

£19,100,000 by August 24. Last year in the same

to

Currently the
bright spot in the British business outlook

period the decline was £15,090,000.
one

seems
can

to be the near

trade

conclusion of the Anglo-Ameri¬

agreement.

Monday,

Aug. 29

Tuesday,

Aug. 30

PRICE

in Lombard Street.

Sept.

1

Friday,

Sept.

2

PRICE

Wednesday, Aug. 31—143s. 3}4d.

Thursday,

Sept.

Sept.

2

^d.

l___143s.

Friday,

143s. 4d.

UNITED STATES (FEDERAL

RESERVE BANK)

Thursday,

Aug. 29

Tuesday,

Sept.

1

$35.00
35.00

Friday,

Sept.

2

35.00

Wednesday, Aug. 31

27—$35.00
35.00
Aug. 30
35.00

Saturday, Aug.
Monday,

sterling exchange
downward. Bankers' sight
was $4.87%@$4.87 7-16;
cable transfers $4.87 3-16
@$4.87%. On Monday sterling was under decided
Referring to day-to-day rates,
Saturday last moved

on

The range was $4.86%@$4.87% for
and $4.86 13-16@$4.87 3-16 for cable
On Tuesday in active trading sterling

pressure.

bankers' sight
transfers.

Bankers' sight was

dropped below dollar parity.

cable transfers $4.85 13-16@
On Wednesday the pound declined still
The
range
was
$4.85%@$4.86% for

$4.85%@$4.86 5-16;
$4.86%.
further.

bankers'

Thursday

On

$4.85 5-16@$4.85%;
On Friday

was

$4.85%@$4.85 13-16.

transfers

cable

sight

Bankers'

steady.

$4.85%@$4.86 3-16 for cable
sterling was relatively

and

sight

transfers.

still under

sterling again slipped down though
The range was

sure.

pres¬

$4.84%@$4.85 9-16 for bank-

ers'"sight and $4.94 9-16@$4.85% for cable transfers.
Closing quotations on Friday were $4.85 5-16 for
bankers'
mercial

sight and $4.85% f°r cable transfers.

Com¬

sight bills finished at $4.85, 60-day bills at

$4.84%, 90-day bills at

Money continues abundant

Thursday,

FOR GOLD BY THE

PAID

178.31
178.31
178.31

Wedn&sday, Aug. 31

142s. 8d.
142s. 8j^d.
142s. lid.

Saturday, Aug. 27

Great

the United States:

CHECK RATE ON PARIS

LONDON OPEN MARKET GOLD

increased considerably in the past year,

have

the mean London
market gold price,

open

178.34
178.34
178.31

Saturday, Aug. 27---

Monday,

British funds

the

Paris,

on

price paid for gold by

and the

practically commandeered by the London

Government.

and

check

show

tables

following

The

liquidation of British holdings such as

for

rush

Sept. 3, 1938

Chronicle

$4.83_15-16ijiocuments for
and seven-day grain

payment (60 days) at $4.84%,

Call money

against bills is in supply at %%. Two-,

bills

three-, and

four-months' bills are 9-16%, and six-

closed at $4.85.

months' bills
the

London market continues

known
to

destination, which is thoroughly understood
for hoarders and for arbitrage account. On

avail¬
able £970,000, on Monday £1,398,000, on Tuesday
£941,000, on Wednesday £946,000 on Thursday
Saturday last at time of price fixing there was

£1,376,000, and on Friday £1,198,000.
At the Port of New York the gold movement for
August 31, as reported by the Fed¬
York,

eral Reserve Bank of New
GOLD MOVEMENT AT NEW

was as

follows:

YORK—AUG. 24-AUG. 31, INCLUSIVE
Exports

Imports

THE FRENCH monetary and from that of the
shows
material change business situation
no

past few weeks.

The franc is decidedly weak and

under pressure, as

reflected in the increased demand

for

gold and dollars in the London market, where

French

nationals

is

in Gold Earmarked for Foreign Account
Decrease
$6,251,000

Note—We have been notified that approximately

low

the

to

$5,847,000 of gold was

received at San Francisco from Japan.

figures

are

for the week ended on

no imports
held earmarked for
foreign account decreased $2,128,000.
On Friday
$2,007,000 of gold was received from England. There
were no exports of the metal but gold held earmarked
for foreign account decreased $1,113,000.
It was
reported on Friday that $56,000 of gold was received

On Thursday there were

exports of the metal, but gold

at San Francisco

ness,

with

from China.

exchange

the

is

discount

inclided to

of

the

greater

firm¬

dollar
ranged dur¬
%% and a

Canadian

gradually diminishing. Montreal funds
ing the week between a discount of
discount of 7-32%.




the

chief

de facto sta¬

May 5 the franc should rule at approxi¬

2.71% cents.

as

fall

in

being exerted

kept in close relation to sterling,

from

the

ascribed in part

the

pound, but constant
the franc

on

and

uneasiness

above

Canadian

In view of the

decidedly weak.

bilization of

the weakness of the unit must be

Net Change

be

tively steady, but in terms of the dollar the unit

As the franc is

$39,887,000 Total

Wednesday.

to

None

2,073,000 from Belgium

or

understood

In terms of sterling the franc is rela¬

operators.

as

2,699,000 from Canada

The

are

mately 2.79 cents, but this week the franc moved

$35,115,000 from England

.

grain for payment

Continental and Other Foreign Exchange

to be taken for un¬

mean

the week ended

Cotton and

$4.84%.

All the gold on offer in

19-32%.

are

at

threats

of

a

as
war

pressure

is

result of political

in

Europe.

Apart

unsatisfactory business situation and the

withdrawal of French funds to foreign centers,
franc is weakened at this time
tion of tourist

requirements.

Forward francs continue at
reflect the

the

by the rapid diminu¬

a

discount but hardly

weakness in the spot

rate.

The French

equalization fund is understood to operate only to
maintain

the

spot rate

and to

concern

with the relation of the franc to the

day francs
the

basic

are

cable

90-day francs
changed from

at a discount of
rate

are
a

in

terms

itself only

pound.

Thirty-

two points below

of

the

dollar,

and

at 6% points under spot, barely

week

ago.

Volume

The

147

Financial

Belgian

is

currency

than last week,

the

on

firmer

whole

although the unit has

a

tendency

decline because of the weakness of
sterling and

to

because of the close

relationship between the belga

and the French franc.
tion continues

that Brussels is
The

The

Belgian banking situa¬

highly satisfactory and it is evident
still a refuge for
uneasy foreign funds.

Belgian bank statement for the week ended

Aug. 18 shows

increase in gold holdings of 20,-

an

Chronicle

1393

Bankers7 sight on Amsterdam finished
at

54.40, against 54.67

transfers

sight

at

bills

closed

at

on Friday
Friday of last week; cable

54.40, against

at

54.35,

22.80 for

transfers,

on

against

54.67; and commercial

against
checks

22.91

54.62.

and at

and

Swiss

22.80

22.91.

francs

for

cable

Copenhagen

checks finished at 21.66 and cable transfers at
21.66,

against

21.76% and 21.76%.

closed

at

Checks

25.01% and cable transfers

000,000 belgas, the total stock standing at 3,065,800,000 belgas, and the ratio of gold to total sight

finished

liabilities at 66.67%.

Sweden

on

at

25.01%,

against 24.50 and 24.50.

German
The

marks

continue

so-called free

40.06

cents,

to

compared

as

display

with

dollar

of

parity

While the German business
situation,
domestic and foreign, continues

both

factory,

time

40.33.

extreemly unsatis¬

the

weakness

must be ascribed

the

the

mark

this

at

entirely to the decline in sterling,

Reichsbank

alignment

of

control

with

keeps the

sterling

as

neighboring

ex¬

changes.
the

as

result

close

How¬

the

relation

of

leading European currencies to the United
New Dollar

Parity

or

free market close

was

25.50@25.60,

Brazilian milreis

(official), against 5.90.

are

quoted

Chilean exchange is

quoted at 5.19 (official), against 5.19.
nominally quoted at 21%, against 21.25.

Peru

is

the

Ranfje

Partly (a)

3.92

6.63

This

2.7m to

2.73 5-16

13.90
5.26

8.91

Switzerland (franc)

19.30

32.67

22.77

to

Holland (guilder)

40.20

68.06 '

54.43

to 54.65

16.95

16.87 to 16.90H

5.26K to

New dollar parity as before devaluation of the
between Sept. 30 and Oct. 3, 1936.
o

b Franc cut from

gold and allowed to "float"

On May 5,1938 the franc was devalued
to the pound, or 2.79 cents a franc.
c

The London check rate

178.32, against 178.33

New York

sight bills

bankers7

on

40.05

for

of the

by

or

means

are

easier tone

of

allied to

demoralized

As most of the

sterling either legally

of exchange controls, they reflect the

sterling in terms of the dollar.

The

Far Eastern currencies are, as

June 30, 1937.

or

during the past year
adversely affected by the Sino-Japanese

more,

conflict.

Paris closed

at

at

2.72%,

Antwerp belgas closed at 16.88%
and

at

16.88% for

cable

Final quotations

40.05 for bankers7

were

consequence

export busines of these countries.

de facto basis of 179 francs

transfers, against 16.89 and 16.89.
for Berlin marks

European currencies

cable transfers

sight bills

an

a

Far Eastern units

on
Friday
Friday of last week. In

on

to

largely

5.27

22.90^

the French center finished

on

against 2.73 7-16;

against 2.73 7-16.

on

on a

is

This Week

%

:

Belgium (belga)
Italy (lira)

and

The unofficial

tinues

(b)(c) France (franc)

for

for bankers7

EXCHANGE display Far undertone countries con¬
on the
Eastern of weakness.
Old Dollar

2.72,

closed on Friday at 32.36
sight bills, against 32.50 on Friday of
week; cable transfers at 32.36, against 32.50.
paper pesos

States

dollar:

at

sterling-dollar quotations.

Argentine

at 5.90

shows

24.38,

other South American
countries, rates tend to follow
the fluctuations in

Italy.

table

Norway

at

Where there is any freedom of

conditions

control holds the quotable lira in

following

on

transfers

in Argentina and the free markets in

as

against 25.65@25.70.

relationship to sterling.

The

exchange,

unsatisfactory

of

cable

is

accumulating

business

the Rome

ever,

the

of

international

undertone of weakness, partly

an

and

exchange controls.

last

Italian lire show

24.38

EXCHANGE on held steady American the rigid
the South through countries
generally

in close

currency

and the

at

weakness.

gold mark is ruling around

or

against 25.13% and 25.13%; while checks

Closing quotations for
28.31, against 28.0

checks yesterday

were

Hong¬

49.85; Singapore at 56%, against 56.90;
Bombay at 36.14, against 36.23; and Calcutta at

against

36.14, against 36.23.

sight bills

bankers7

yen

Friday of last week.

kong closed at 30.40@30%, against 30 9-16@30%;
Shanghai at 17%, against 17%; Manila at 49.85,

Gold Bullion in European Banks

cable

transfers, in comparison with
40.09% and 40.09%. Italian lire closed at 5.26 for

on

THE following table indicates the amounts of gold
bullion (converted into pounds sterling at
par

sight bills and at 5.26% for cable transfers,
against 5.26% and 5.26%.
Exchange on Czecho¬

of

slovakia finished at

respective dates of most recent statements, reported

rest at

against 18.87; and
Greek

3.45%, against 3.46;

0.74%, against 0.74%;

exchange

Bucha¬

on

Poland at 18.87,

on

Finland at 2.15, against 2.16.

on

closed

at

0.89%,

0.89%.

against

♦

to

exchange) in the principal European banks

shown for the

1938

of—

£

war

no

dinavian units

consequently

guilder

though
refuge

guilders
the

sympathy with sterling, and
showing an easier undertone in

are

lower

largely
dollars,

more

the

and in

for

easier

continues

decidedly

prevailing rates

to

Swissfranc and the

movement

part

as

for

the

a

funds.

easy,

of

same

be

to

reason,

of

point

Holland

sterling,
of

but
funds

more

into

commercial

'

settlements.




;

1936

1935

£

£

1934
£

327,760,578

327,960,180

246,497,633

194.115.078

192.328,463

France

293,728,209

293,250,172

436,088,819

573,933,293

656.294.260

3,008,600

2,464,000
87,323,000

2,244.800
88,092,000

3,257,500

2,896,700

90,773,000

90,582.000

42,575,000

64,694.000
49,272,000

68,812.000
71,950.000

Germany b_

c63.667.000

Spain
Italy..

a25,232,000
123,378,000

25,232,000
105,490.000

Nat. Belg..

87.594,000

102,544,000

65,246,000
77,912,000

99,832,000

75.657.000

Switzerland

113,788,000

83,250,000

49,900,000

46,370.000

63,675,000

29,292,000

25,937.000

24,081,000

19,884,000

6,539,000

6,549,000

6,533,000

7,394.000

15,427.000
7.397,000

7,442,000

6,602,000

6,604,000

6,602.000

6,577,000

Netherlands

Sweden

Norway

__

...

Total week. 1,081,429,387 1,066,631.352 1,035,794,252 1,146.126.871 1,251.496.423
Prev. week. 1,080.746.386 1,066.988,042 1,064,863.896 1,144.440.686 1.248.337.320
a Amount

due in part to

Holland
result

Hol¬

1937
£

,,

England

Denmark

the

Continental

uneasy

are

The

also

are

Switzerland
for,

The

new

in

of the dollar.

terms

land

move

corresponding dates in the previous

four years:
Banks

EXCHANGE on the countries neutral during the
presents
features.
Scan¬

of

by special cable yesterday (Friday); comparisons

us

are

as

held

Dec. 31,

1936. latest figures available,

b Gold

holdings of the

Bank of Germany are exclusive of gold held abroad, the amount of which Is now

£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

reported

at

within less

than a year, the previous revaluation took

place on Sept. 26.

1936,

when the gold was given a value of 49 milligrams to the franc as compared with
86.5 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.

Financial

1394

for

What Planned Economy

sale

Anyone who has affected to believe that the kind of
planning that Secretary Wallace, backed by

President Roosevelt and
in

substantial block of votes

propriated

American

upon

industry and prevent the

of

recurrence

disastrous^ fluctuations in production

and

prices,

ought to have been thoroughly disillusioned by the
announcement of the Wallace

the export

and in spite

of the elaborate legal machinery that has

been set up to
create

limit

acreage,

to

never

to make the

What, in other words,

sight.

no way can

be found, apparently,

country use more wheat than it wants,

and the wheat growers must not

be deprived of their

released from any of the legal

ministrative harness that the wisdom of

has

a

domestic

happen again under the Wallace plan,

happened, and since

or

no

unwieldy wheat surplus, has actually

an

subsidies

the country has

of wheat for which

crop

demand is clearly in
was

control production and

ever-normal granary,

an

large surplus

namely,

proposal to subsidize

Thanks to favorable weather,

of wheat.

or

ad¬

Washington

is

buy

substantial part of the surplus, sell it to

a

poration is to be
scheme

The

used

as a

appears

Canadian plan,

Board undertakes to
at fixed

sells the

grain at a

profit; if sales are at a loss, the Government assumes
The

it.

purpose,

explained by Prime Minister
sustain prices and reduce

as

Mackenzie King, is not to

exports but to encourage the use of Canadian wheat.

Early in August, however, before the Wallace plan
became known,
80c. per
ate

the Board fixed

likelihood

of

a

other grades. There appears little
profit from purchases at this high

figure.
Since the

subsidy scheme is designed, according to

Secretary Wallace, to hold the share of the United
world wheat trade, the international

guarded, and

some

appeared in

According to the Associated

Aug. 14.

Press, the details of the plan

objection

were

was

being carefully

perhaps to be

pected from the Department of State.
to

proposing to deal cannot
The extraordinary de¬

be left out of the account.

by launching at least 100,000,000

Secretary Wallace, there

whether the

United

States,

was

ex¬

According

"grave question"

which exported about

mand

wheat

for

during the World War brought,

large increase in wheat

naturally,

a

duction.

extraordinary demand ceased and
followed

few

a

were

with the result that

high,

pressed.

would be able to export

by keeping prices at

year more

than 50,000,000

prosperity,

no

scale of demand,

new

production remained relatively

accumulated

surpluses

the

made anywhere to readjust

and production to the

acreage

pro¬

of depression

years

artificial

of

years

systematic efforts

acreage

and
war,

When, with the ending of the

98,000,000 bushels during the last marketing year,

this

minimum price of

a

bushel for No. 1 Northern, with proportion¬

prices for

States in the

bushels of wheat into world markets first

growers,

If the Board
profit the farmers share in the

situation with which he is

meet the situation

the

upon

purchase from wheat

profit, and let the Government stand

the press on

be modeled

prices, grain of various grades.

price which will enable them to dump

planning to

loan of

under which the Canadian Wheat

a

was

a

revolving fund.

to

a

Reports that Secretary Wallace

Meantime

agricultural exports.

$30,000,000 from the Reconstruction Finance Cor¬

exporters at

„

Ad¬

agricultural imports which by law may be used to
encourage

it abroad at

the loss.

Adjustment

Agricultural

the

for

ministration, and a portion of the tariff receipts on

provided for them, the Department of Agriculture

will

prices and sales to exporters at a discount

domestic

forcing

agriculture would, if it were given a fair chance,
stabilize the

The

the Government through purchases at fair

to

expected to reach at least $25,000,000. To meet
this loss, there will be available some funds ap¬

a

been

has

Congress,

The foreign demand will

wheat to be exported.

determine the kinds of
loss

1938
3

exporters, but exporters' offers will be

to

handled at Washington.

Has Come to

economic

Sept.

Chronicle

and

prices

de¬

wpre

The agricultural policy of the New Deal,
an

artificial level by various

•

1 /

:
.

bushels "unless

designed to hold
wheat trade."

take

we

to

on

On

special types of action

some

our

fair share of the world

Aug. 16 the plan

with President Roosevelt,

was

Secretary Wallace stating

afterwards that there would be

no

unrestricted dump¬

ing and that the plan would not

run

Secretary Hull's reciprocal trade treaties.
was

withheld until

Canada, which has
mated at

more

counter to

The plan

subsidy while at the

of

wheat

lower costs of

producing countries which,

the United States in world markets.
what

done, under the

name

a

wheat surplus for export esti¬

of American wheat

a

joint

The effort

In other

wrorcls,

Secretary Wallace and the Administration have

make it

300,000,000 bushels, in

with

production, have been able to undersell

effort had been made to enlist

than

time planning to

same

keep production down, has played directly into the
hands

an

plan for the disposal of surplus stocks.

failed, and

discussed

kinds of

keeping

of planned economy, is

impossible to sell

up

consumers.

any

to

considerable quantity

abroad while at the

same

time

the price of wTheat and flour to American
The

wheat

foreign

Aug. 26 telegraphic invitations to grain

given

an

dealers to offer grain for sale to the Federal Surplus

payer

has

grower

been

has paid the bill.

on

Commodities Corporation were sent out from Wash¬

ington.
on

The movement

was

reported to have begun

Aug. 30 with the sale by the Corporation to

ex¬

added opportunity and the American tax¬

How will the Wallace
situation?

plan affect this international

The total world

present time is far in

porters of 451,000 bushels of wheat, 235,000 bushels

If 100,000,000 bushels

being at Pacific Coast ports and the remainder at

sold in foreign countries

Gulf ports.
As

explained in

.needed, it
an

official announcement by the

Department of Agriculture
is to be transacted

on

a

on

cash

Aug. 29, the business

basis, and the facilities

more

are

to be

wheat is not

policy of price-cutting

a

reported to have lost from 4c. to 7c.

have

market.




where

only be by

first sales at Pacific and Gulf

cooperatives will be utilized.

by agents of the Surplus Commodities Corporation

of the normal demand.

of American wheat

which, however restricted at first (the Government
is

of the wheat and flour trade and those of farmers'

Purchases will be made

can

supply of wheat at the

excess

a

demoralizing effect

neighbor"

The 'much

does not

upon

touted
seem

a

bushel

on

its

ports), must eventually

to

the world wheat

policy

of

the

"good

extend to economics

k

Volume

Financial

147

when there

is

Department of State has not been

long note, made public on August 25, which
Secretary Hull addressed to the Mexican Govern¬

have much confidence in the tariff

can

ment, through the Mexican Ambassador at Wash¬

concessions which the United

to

see

States,

reciprocal

on a

make if the subsidized export

to

agrees

of

American agricultural staples has also to be reckoned
with.
Among the trade barriers whose hindrance to
international

trade

place, but he has

have had

to witness

now

subsidy blossoming before his
no

convincing

an

culture
tion

a

American export

for expecting that the

A logical

of the

case

surplus in warehouses

The cotton situation is

storage of

they

or so

compensation

was

strongly
the

are

to

pressed. : The

land

seizures

subject of the American grievance

fall into two classes.

The first class

comprises

ex¬

as

people

was

instituted, until the end of Au¬

gust, 1927; the second class comprises expropria¬
tions

subsequent to the latter date. The claims aris¬

ing from the earlier seizures

were

payments have actually been made.

abroad below cost.

equally acute, with

the

ferred

the farms and

or on

1915, when the revolutionary policy of opening land
to

have

of wrheat by storing

10,000,000 bales

some

for

That

may

orders.

Government

to

selling 100,000,000 bushels
tive

obliga¬

an

the part of the Government to take off the

conforming

some

ac¬

system of controlled agri¬

obligation is being met in the

Government

propriations of moderate-sized properties between

hands of producers any surplus that
after

American

American nationals whose lands in Mexico had been
seized

the New Deal has established is

as

on

previous note of July 21, in which the claim of

a

prominent

a

subsidy policy will stop-with wheat.
companiment of such

of

the

which

eyes.

reason

ington, three days before is to be read in the light

repeatedly

Secretary Hull has

instanced, export subsidies

There is

The

how foreign

definitely indicated, but it is hard

basis,

1395

The Controversy with Mexico

surplus of^wheat, to^be dumped.

a

The attitude of the

governments

Chronicle

a prospec¬

security for

based

by agreement to

notes

between

ernment has

other has

the two

upheld its

questioned

Government loans, market prices low, large produc¬

cent

tion

the

are

In the exchange

governments, each Gov¬
grounds which the

course on

or

re¬

It is the claims

the later expropriations that

upon

immediate subject of controversy.
of

eventually

claims commission, but no

a

denied.

A review of the

re¬

ter stands.

abroad,

cotton and

staple.

small

There is
has

it

of

etition

the

Farm Board

market,

cotton

can

Government

well

as

American

as

in

Hoover

be sold
loans.

for
The

for wheat, is *a rep¬

Administration—exten¬

purchases intended to sustain the

for storage,

eventual sale at

accumulation

insurance

and

of

carrying

handling,

heavy loss for whatever the

a

In his note of

of the

use

disastrous experience of the Federal

progressive

a

charges

the

of the

Goverment

sive

American

cost

for cotton

prospect,

demand for

reasonable likelihood that the

no

present stock of
what

foreign

significant decline in the

some

and
com¬

diplomatic exchanges will show where the mat¬

July 21, Secretary Hull challenged
plea of the Mexican Government, put forth in

the

official correspondence and

public announcements,

that the land

were

expropriations

to be regarded

as

part of "a program for the social betterment of the
of

masses

ment

was

Without

people" which the Mexican Govern¬
forward."

carry

questioning the desirability of the

pro¬

Secretary Hull denied that it had anything

gram,
to

its

"earnestly endeavoring to

do with

the issue.

not whether

Mexico

"The issue," he
should

declared, "is

social and

pursue

modity will bring.

nomic

The only beneficiary of this
silly system is the
farmer, who receives, in benefit payments and loans

ing them the property of American nationals

of various

eco¬

taken

if he

kinds/ cash advances which he

chooses, to

articles.

use,

his debts and buy manufactured

pay

The cash

can

advances, however,

out of

come

the

living of its people. The issue is whether in

in accordance with the
of

The

deny.

content

to

higher taxes, and higher prices for
they buy, in order that farmers, and other

what

classes

as

pay

well,

may

be given subsidies.

The subsidy

idea is

spreading.
It is already entrenched in agri¬
culture, in the generation and distribution of electric

power,

and in the building and operation of

chant marine.
the

Works

It is the

sidies,

that

support

undertakings of

must

the

are

kind of

at

important decline, it is

no

relief

however,

result of the
its

of the

mer¬

Progress Administration, and since

employment shows
subsidies

core

a

rely.

planned

upon

Government sub¬

natural

Washington.

un¬

and

inescapable

economy

which finds

From

that

point

of

pursu¬
may

be

by the Mexican Government without making
prompt payment of just compensation to the owner

pockets of the consuming public, including the
farmer himself, in the shape of higher taxes and
high
costs of many of the
things that are consumed.
question is how long the American people will be

policies designed to improve the standard of

law
The

and

universally recognized rules

equity."

right of

government to take private prop¬

a

erty for public purposes
allude
the

Secretary Hull did not

On the contrary, he went out of his
to

considerable

a

number

Roosevelt Administration

of

had

way

to

things which

done

in

pursu¬

of its

"program of social betterment," included

in the list

being expropriations of certain property

ance

of

foreigners for slum clearance,

and he declared that in each

case

power

promptly been made in cash. Following
review

of

the

about

assurance

summed up

extended

an

history of the controversy and the

failure of the United States to
any

dams, etc.,

compensation had

secure

payment,

from Mexico

Secretary

the American side of the

ing that "the taking of property without
sation

is not

expropriation.

Hull

by declar¬

case

compen¬

It is confiscation.

It

view, accordingly, there is nothing surprising in the

is not less confiscation because there may

Wallace

pressed intent to pay at some time in the future."

The

plan for subsidizing the export of wheat.

plan is merely

demonstration that American

a

staple agriculture, however much it

may

be nursed

by the Wallace and Roosevelt methods, shows
signs of ever being able to stand
without the aid of

a

point of helplessness
been

its

Government crutch.
a

own

no

feet

To this

basic American industry has

brought by the New Deal.




on

He

concluded

ments

by proposing that the two

submit

to

ton arbitration

whether

the

be

an ex¬

govern¬

arbitration, under the Washing¬

treaty of Jan. 5, 1929, the question

rule

of

international

law

regarding

compensation had been complied with by Mexico,
and, if not, the amount and terms of the
tion to be made.

compensa¬

Financial Chronicle

1396

Secretary null, it will be observed, took his stand
what he affirmed

on

regarding compensation,

rule of international law

equitable right of claimants to a prompt-

the

and

universally recognized

a

was

adjustment and payment of their claims. The Mexi¬
Government, replying to the Hull note on Au¬

can

gust 3, denied both of these
"that

tained

contentions. It main¬

principle, universally accepted in

no

found in interna¬

theory or realized in practice, is
tional law which makes

immediate

obligatory the payment of

compensation,

nor even

deferred

compen¬

sation, for expropriations of a general and imper¬
sonal charcter such as those which Mexico has car¬

ried

effecting the redistribution of land."

in

out

Government "has been in

If the American

tion"
"this

posi¬

compensation payments forthwith,

make

to

a

merely indicates that its economic situation

The Mexican Government neverthe¬

permitted it."

admits, the note continued, that under its own

less

is "bound

it

laws

to

make adequate indemnifica¬

tion," but it is in accordance with those laws that
"the time and manner" of
mined.

is

payment should be deter¬

Further, since the American Government
of Mexico's

aware

inability to

pay

indemnity at

to all of its own citizens whose lands have been

once

expropriated, the demand for immediate payment of
American

nationals, the note asserted, implied a

demand for

be

preferential treatment which could not

Regarding Secretary Hull's proposal of arbitra¬
tion, the Mexican Government saw nothing to ar¬
bitrate.
had

The

never

obligation to

been

tions of

denied, for the reason that payment

payment could not be arbitrated but must

determined

by Mexico with due regard to its

economic situation.
each Government

the

two

should

value of the

proposed, however, that

representative and that

fix, "within

a

short period," the

requiring compensation, either im¬

impersonal character" was received by the
Government, Secretary Hull declared in

his note of

August 22, "not only with surprise but

It was, he said, "the first

profound regret."

occasion in the
that

a

deferred, for expropriations "of a gen¬

or

American

with

appoint

generally recognized principle of in¬

ternational law

eral and

was

by the Mexican Government of the ex¬

istence of any

mediate

It

properties and the manner of payment.

The denial

such

With the
in

the note repeated,

required by the Constitution, but the condi¬

was

be

pay,

a

history of the Western Hemisphere

theory has been seriously advanced."

exception of the Selwyn arbitration case,

1903, to which Great Britain and Venezuela were

parties, Secretary Hul did not cite any authority on
international law in support
rested his

of his contention, but

rejection of the Mexican assertion on the

ground that "the doctrine of just compensation for
property taken originated long in advance of inter¬
national law" and

"runs counter to the basic pre¬

pression of hope that Mexico would
decision and submit the controversy

Hull, in the diplomatic
ico

exerted

as

to every principle of

American

Mexican

republics

are

founded." Referring to the

proposal of two commissioners to ascer¬

tain the value of the seized
asked if the Mexican
take

no

more

lands, the American note

Government would agree to

land without compensation, whether

it could "hold out any

reasonable measures of cer¬

tainty" that an early decision would be reached, and
"set aside suffi¬

whether it would in the meantime




notice that Secretary

representations which have
by Mex¬

himself to obtain

He has

compensation for land,

expropriated since 1927, whose claimed value does
not exceed $11,000,000, while ignoring American and
British oil

properties of an estimated value of some

this
Mexico is that a
strong demand for compensation for the oil com¬
panies would be politically unpopular in certain

$400,000,000. The only apparent explanation of
singularly one-sided pressure upon

country upon whose support

circles in this

It will be recalled that the

dreads.

the Ad¬

and in others whose attacks it

ministration relies,

Panay incident

sharp and pointed criticism of the

called out some

Department of State for upholding the right of an
American oil company to continue operations in a
in China.

zone

war

formal

A

reply to Secretary Hull's latest note

will doubtless be

forthcoming shortly. In his speech

Con¬

Thursday at the opening of the Mexican

on

however, President Cardenas made it clear
the American demands and proposals would

gress,

not be

accepted.

In a passage in which, although

the United States was not

named, the allusion was

exchange of
which were forced
upon nationals and foreigners alike, as an illustra¬
tion that, with "some countries of the greatest im¬
portance," property may be taken for an alleged
public purpose without adequate compensation. He
obvious, he referred to the enforced

gold for depreciated banknotes,

also announced that "surface

properties, refineries,

pipe lines and the like" would be paid for out

of the

profits from the sales of oil, but that no further sub¬
soil concessions would be granted. Unless the mar¬
greatly widened, however, the

ket for Mexican oil is
owners

taken

foreign oil properties that have been

of the

over

will have

a

long time to wait.

The United States has been

maneuvered

also

Secretary Hull is

itself, into
on

maneuvered, and has
a

difficult position.

solid ground in insisting that

expropriated American property shall be paid
not

for,

paid for without unnecessary delay, but it was

and

good diplomacy to bear down hard on the

seizures and

000

or

that would be needed to

so

American

Mexican

land

ignore the seizures of oil properties.

Perhaps Mexico could, if it chose, find the
claimants

to

$11,000,-

compensate the

expropriated

lands.

The

Government, however, is contending for a

revolutionary principle under which foreign-owned
land may

be taken

and subsoil concessions ab¬

over

rogated in pursuance of the general welfare, and
tion

well

reconsider its
to arbitration.

cited, makes no mention of the seizure
of American and British oil properties.

been

also for the

as

have escaped

not

will

It

so

The note concluded with an earnest ex¬

reached."

American

republic,

the agreement

terms-of

the

with

accordance

cepts of international law and of the law of every
right and justice upon which the institutions of the

order to assure prompt payment in

cient cash in

that

granted.

Sept. 3, 1938

the

integrity of a provision of its Constitu¬

which, while requiring compensation, leaves
Government free to determine the amount of

compensation and the terms.
how Mexico

issue

without

right.
States
ment

of either

yielding something of its sovereign

It is equally difficult to see how the United
can abandon its demand for a proper settle¬
without

virtually

from Americans whose
may

It is difficult to see

could consent to arbitration

withdrawing its

support

properties in other countries

be similarly threatened.

The situation seems

Volume

Financial

147

clearly to call for
an

atmosphere

United States
of the

the

continuance of negotiations in

a

conciliatory

more

both sides. The

on

certainly does not want

repetition

a

high-handed methods of President Wilson in

Huerta

cannot

to

52%; Southern Pacific 4%s,

45%.

attitude in which its good

reactionary.
5%

own

cial resources,

laws, quite aside from its finan¬

wouljd be obviously

to serious

open

question.

Hudson & Manhattan Ry. 5s, 1957, have de¬
points to 47%; Western Union Telegraph 5s,

1960, have lost 2% at 70%; Cities Service 5s, 1958, at 62%
were

faith under its

down 1%; New England Gas & Electric 5s, 1950, have

declined

2% to 51%; Penn Central Light & Power 4%s,

1977, have fallen 1% to 87%.
been

firm, moving within

ments of any

significance

Industrial

United

financing, if

any,

will be undertaken by the

Department in September is now

States Treasury

Although

occupying the minds of the financial community.
additional funds
of the

are

absolutely needed at present because

not

unusually large cash balance and there will be no im¬

portant refunding necessary until December, many
that when the Treasury's plans are
some

new

likely to

penses

experienced

a

announced

on

believe
Sept. 8

will be asked for, in view of mounting

money

occur

ex¬

Bonds in general have

in the fall.

reactionary market this week, all classes suf¬

High-grade railroad bonds have shown numerous losses,
ranging from fractions to a point or more.

1995, at 105% were down

Atchison

gen.

%; Norfolk & Western 4s,

1996, lost % at H7%; Pennsylvania 4%s, 1960, closed at

off

115,

Second-grade

1%.

railroad

bonds

have

been

Delaware & Hudson 4s, 1943, have lost

generally heavy.

1% at 53%; New York Central 4%s, 2013, have declined 4
MOODY'S BOND PRICES

(Based,

U.

S.

All

120

1938

Govt.

Bonds

on

In the

issues.

have declined

lacking and

declined

have

(REVISED)

moderately

steel group, Jones &

national Paper 5s,

point loss to 81

1% to 88%.

1947,

were

more

Aaa

Among the oils, Con¬
% point at 103.

conv.

Baa

RR.

83.19

103.93

110.24

107.69

97.78

77.48

83.06

103.93

107.88

97.95

78.08

83.60

104.11

115.57

107.88

97.95

78.08

83.60

98.45

115.78

107.88

98.11

78.33

27- 112.40

98.80

116.00

108.08

98.28

26—

112.38

98.80

116.00

107.88

25-

112.39

98.62

115.78

24- 112.37

98.62

23- 112.37
•22-

98.11

115.57

98.45

115.78

30- 112.14

98.28

29— 112.31

A 3%-

6s, 1945, and

dropped 4% points to 68%.

have shown

uncertainty

re¬

Italian bonds

weakness, with the Government 7s, 1951,

some

losing 2% points at 70%.

South American bonds have been

slightly lower

Changes in Japanese bonds have

as a group.

been fractional except

for the Ujigawa 7s, 1945, which ad_

vanced 4 points to 75.

;

Moody's computed bond prices and bond yield

averages

given in the following tables:

are

YIELD

AVERAGES

(REVISED) t

(Based on Individual Closing Prices)

77.72

Aug. 31.. 112.12

Inter¬

off 4 points at 92.

garding the political future of that country.

MOODY'S BOND

97.61

Aa

107.69

week.

17-point advance in prices for Czechoslovakian

120 Domestic

115.57

this

speculative

The feature of the foreign bond market has been the spec¬
tacular 15 to

Corporate by Groups *

98.11

were

Laughlin 4%s, 1961,

for Studebaker

was seen

the Childs Co. 5s, 1943,

All

120

P.

U.

1938

Corp.

120 Domestic

by Ratings

Corporate by Groups

tic

Averages

Indus

120 Domestic Corporate

Domes

Daily

Corp.*

offerings

1% points to 95, while Republic Steel 4%s,

1961, have dropped

f

by Ratings

Sept. 2— 112.07
1__ 112.07

Develop¬

range.
new

noticeable in the

solidated Oil 3%s, 1951, have lost

tic

Averages

bonds

Losses have been most

Average Yields)

120 Domestic Corporate *

Domes¬

Daily

.

were

Higher grade utilities have

restricted

dollar bonds, occurring at a time of great

fering losses.

4s,

a very

limited to $10,000,000 Gulf States Utilities 4s, 1966.

The Course of the Bond Market
What type of

down 4% at

were

Defaulted railroad obligations have also declined.

episode, and the Mexican Government
assume an

1981,

Medium-grade and speculative utility issues have been

clined

safely

1397

Chronicle

Aaa

Aa

Baa

A

2

4.11

3.19

3.58

4.14

110.24

1

4.11

3.19

3.58

4.13

110.43

Aug. 31

4.09

3.18

3.57

4.12

104.11

110.24

30

4.10

3.19

3.57

4.12

87.73

104.11

110.63

29

4.09

3.18

3.57

78.58

84.01

104.48

110.83

27

4.07

3.17

98.28

78.70

84.01

104.30

110.83

26

4.07

107.88

98.28

78.58

84.01

104.48

110.63

25

115.78

107.88

98.28

78.33

83.73

104.48

110.43

98.45

115.78

107.88

98.11

78.08

83.46

104.30

112.41

98.28

115.78

107.69

97.95

77.84

83.06

20-

112.41

98.28

115.78

107.69

97.95

77.96

19.

112.39

98.28

115.57

107.69

97.95

18-

RR.

P.

U.

Indus.

5.10

3.78

3.45

5.55

5.11

3.78

3.45

5.50

5.07

3.77

3.44

5.50

5.07

3.77

3.45

4.11

5.48

5.06

3.77

3.43

3.56

4.10

5.46

5.04

3.75

3.42

3.17

3.57

4.10

5.45

5.04

3.76

3.42

4.08

3.18

3.57

4.10

5.46

5.04

3.75

3.43

24

4.08

3.18

3.57

4.10

5.48

5.06

3.75

3.44

110.63

23

4.09

3.18

3.57

4.11

5.50

5.08

3.76

104.30

110.43

22

4.10

3.18

3.58

4.12

5.52

5.11

3.76

3.44

83.19

104.30

110.43

20.

4.10

3.18

3.58

4.12

5.51

5.10

3.76

3.44

77.84

S3.06

104.30

110.43

19

4.10

3.19

3.58

4.12

5.52

5.11

3.7b

3.44

Sept.

5.53

3.43

112.39

98.11

115.78

107.69

97.78

77.72

83.06

104.30

110.43

18

4.11

3.18

3.58

4.13

5.53

5.11

3.76

3.44

17— 112.42

98.11

115.78

107.69

97.61

77.72

82.93

104.11

110.63

17

4.11

3.18

3.58

4.14

5.53

5.12

3.77

3.43

16—

112.39

98.11

116.00

107.69

97.45

77.72

82.79

104.30

110.63

16

4.11

3.17

3.58

4.15

5.53

5.13

3.76

3.43

15-

112.32

98.11

115.78

107.69

97.28

77.S4

82.79

104.30

110.43

15

4.11

3.18

3.58

4.16

5.52

5.13

3.76

3.44

13-

112.30

98.11

115.78

107.69

97.45

77.84S

82.79

104.30

110.43

13

4.11

3.18

3.58

4.15

5.52

5.13

3.76

3.44

12-

112.32

98.28

115.78

107.69

97.61

77.96

82.93

104.30

110.63

12

4.10

3.18

3.58

4.14

5.51

5.12

3.76

3.43

11-

112.37

98.28

115.78

107.69

97.61

78.33

83.19

104.30

110.63

11

4.10

3.18

3.58

4.14

5.48

5.10

3.76

3.43

10— 112.37

98.28

115.78

107.49

97.61

78.45

83.33

104.30

110.63

10

4.10

3.18

3.59

4.14

5.47

5,09

3.76

3.43

112.26

98.45

115.78

107.69

97.78

78.45

83.33

104.30

110.63

9

4.09

3.18

3.58

4.13

5.47

5X)9

3.76

3.43

8— 112.22

98.62

115.78

108.08

97.78

78.70

83.46

104.48

111.03

8

4.08

3.18

3.56

4.13

-5.45

5.08

3.75

3.41

6— 112.17

98.62

116.00

108.08

97.78

78.58

83.60

104.30

111.03

6

4.08

3.17

3.56

4.13

5.46

5.07

3.76

3.41

110.83

9

„

p

5-

112.16

98.45

115.78

108.08

97.61

78.58

83.46

104.30

5

4 09

3.18

4.14

5.46

5.08

3.76

4—

112.13

98.45

115.78

107.88

97.61

78.45

83.33

104.30

110.83

4.

4.09

3.18

3.57

4.14

5.47

5.09

3.76

3 42

3-

112.12

98.45

115.78

107.88

97.61

78.58

83.33

104.30

110.83

3

4.09

3.18

3.57

4.14

5.46

5.09

3.76

3.42

2-

112.16

98.45

115.78

107.88

97.61

78.58

83.33

104.30

110.83

2

4.09

3.18

3.57

4.14

5.46

5.09

3.76

3.42
3.42

1— 112.15

98.45

115.78

107.69

97.61

78.70

83.46

104.30

110.83

Weekly—
July 29— 112.17

98.45

115.57

107.88

97.45

78.82

83.46

104.30

110.83

22— 112.04

97.95

115.35

106.92

97.11

78.08

82.70

104.11

112.12

96.94

114.72

106.92

96.28

76.17

80.96

103.74

15-

3.56

3.42

4.09

3.18

3.58

4.14

5.45

5.08

3.76

29

4.09

3.19

3.57

4.15

5.44

5.08

3.76

3.42

109.84

22

4.12

3.20

3.62

4.17

5.50

5.13

3.77

3.47

109.44

15

4.18

3.23

3.62

4.22

5.66

5.27

3.79

3.49

8

4.22

1-

1

Weekly—
'

July

112.04

96.28

114.51

106.73

95.78

75.12

79.70

103.38

109.44

3.63

4.25

5.75

5.37

1—

111.96

95.29

114.09

105.98

94.97

73.76

78.20

103.02

109.05

4.28

3.26

3.67

4.30

5.87

5.49

3.83

4.51

June 24—

111.80

93.85

114.09

105.^2

93.21

71.36

75.82

102.12

108.46

June 24

4.37

3.26

3.71

4.41

6.09

5.69

3.88

3.54

17—

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

3.58

10-

112.05

93.69

114.72

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

3.54

3-

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

3.53

May 27—

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

20-

111.94

95.46

115.35

108.08

95 62

71.68

78.70

102.12

109.44

20---

4.27

3.20

3.56

4.26

6.06

5.45

3.88

3.49

13-

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

3.88

3.50

8-

111.54

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

3.52

Apr. 29—

4.38

8-

3.24

3.81

3.49

3.54

111.42

93.69

114.09

106.92

93.85

69.37

76.76

100.35

108.27

April 29

3.26

3.62

4.37

6.28

5.61

3.98

3.55

22

111.48

92.90

113.89

105.79

92.90

68.97

75.82

99.48

108.08

22

4.43

3:27

3.68

4.43

6.32

5.69

4.03

3.56

14-

110.08

91.20

112.66

104.30

91.05

66.99

74.21

97.78

106.17

14

4.54

3.33

3.76

4.55

6.52

5.83

4.13

3.66

8-

109.69

91.05

112.66

103.74

91.05

66.89

75.12

96.94

105.04

8

4.55

3.33

3.79

4.55

6.53

5.75

4.18

3.72

1-

109.58

88.80

112.45

102.66

89.10

63.28

71.15

96.11

104.30

1

4.70

3.34

3.85

4.68

6.92

6.11

4.23

3.76

110.34

91.97

113.89

106.92

92.43

66.03

75.01

98.45

106.73

Mar. 25

4.49

3.27

3.62

4.46

6.62

5.76

4.09

3.63

18—

109.97

93.21

114.72

107.11

93.37

68.17

76.76

99.14

107.88

18

4.41

3.23

3.61

4.40

6.40

5.61

4.05

3.57

11

—

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

3.54

4-.

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

5.01

4.00

3.54

Feb.25..

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

3.54

18—

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

3.56

11.

110.18

96.11

115.78

109.05

95.95

72.43

84.14

98.62

107.69

11

4.23

3.18

3.51

4.24

5.99

5.03

4.08

3.58
3.62

Mar.25—

4.

110.16

94.81

114.51

108.27

94.49

71.15

81.61

98.45

106.92

28—

110.07

94.33

114.72

107.49

94.81

69.89

79.70

98.62

107.69

21..

110.52

96.61

116.00

109.05

96.78

73.31

83.33

100.18

14-

110.15

97.95

116.64

109.84

97.61

75.47

86.07

100.53

7-

Jan.

109.97

97.28

Feb.

—

—

4.31

3.24

3.55

4.33

6.11

5.22

4.09

28..

4.34

3.23

3.59

4.31

6.23

5.37

4.08

3.58

109.05

21

4.20

3.17

3.51

4.19

5.91

5.09

3.99

3.51

109.24

14

4.12

3.14

3.47

4.14

5.72

4.89

3.97

3.50

3.46

4.02

3.54

4

Jan.

97.61

116.21

110.04

74.89

86.50

99.66

108.46

4.14

3.16

4.16

5.77

4.86

High 1938 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

1938 109.58

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

5.44

4.81

3.75

3.41

High 1937 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

3.76

Low

low
1

1937 107.01

94.81

109.84

107.30

94.49

71.46

83.60

96.28

104.30

Low

101.58

114.09

110.43

100.53

84.83

94.49

101.58

109.24

Sept. 2, 1937...

103.38

115.57

1111.03

100.70

89.10

97.45

102.84

100.24

Sept. 2. 1936.—

1

Yr. Ago

Sept. 2'37 108.04
2 Yrs.Ago
Sept. 2'36 111.06
*

7

2

These prices are

computed from average yields on the basis of

devel or the average movement of actual price quotations.

one

3.64

1937.

3.07

3.27

3.74

4.46

3.92

3.66

3.34

3.90

3.26

3.44

3.97

4.98

4.33

3.91

3.50

3.81

3.19

3.41

3.96

4.68

4.15

3.84

3.45

Year Ago—
Years Ago—

show either the average
comprehensive way the relative levels and the relative movement of

"typical" bond (4% coupon, maturing in 30 years), and do not purport to

They merely serve to illustrate in a more
yield averages. the latter being the truer picture of the bond market.
t The latest complete list of bonds used in computing these Indexes was published In the Issue of July 23.1938,




3.76

page

488.

Financial

1396

Secretary Hull, it will be observed, took his stand
on
what he affirmed was a universally recognized

regarding compensation,

rule of international law
and

equitable right of claimants to a prompt

the

adjustment and payment of their claims. The Mexi¬
gust 3, denied both of these
"that

tained

contentions. It main¬

principle, universally accepted in

no

cash in order to assure prompt payment in

cient

with

accordance

so

representations which have
seizure by Mex¬

cited, makes no mention of the

been

and British oil properties.

ico of American

compen¬

agreement

Mexico would reconsider its

Hull, in the diplomatic

exerted

compensation, nor even deferred

the

escaped notice that Secretary

will not have

It

of

the controversy to arbitration.

decision and submit

theory or realized in practice, is found in interna¬
immediate

terms

pression of hope that

tional law which makes

obligatory the payment of

the

The note concluded with an earnest ex¬

reached."

Government, replying to the Hull note on Au¬

can

Sept. 3, 1938

Chronicle

himself to obtain

He has

compensation for land,

expropriated since 1927, whose claimed value does

sation, for expropriations of a general and imper¬

not exceed

$11,900,000, while ignoring American and

sonal charcter such as those which Mexico has car¬

British oil

properties of an estimated value of some

ried

in

out

"this

make

to

compensation payments

forthwith,

merely indicates that its economic situation

The Mexican Government neverthe¬

permitted it."
less

of land."

American Government "has been in a posi¬

If the

tion"

effecting the redistribution

admits, the note continued, that under its own

laws

is "bound

it

to

make

adequate indemnifica¬

tion," but it is in accordance with those laws that
"the time and manner" of
mined.

is

payment should be deter¬

Further, since the American Government

nationals, the note asserted, implied

a

preferential treatment which could not

granted.

tion, the Mexican Government saw nothing to ar¬
bitrate.

The

never

tions of

by Mexico with due regard to its

each Government

It

was

appoint

a

proposed, however, that

representative and that
a

generally recognized principle of in¬

ternational law

requiring compensation, either im¬

mediate

or

eral and

impersonal character" was received by the

deferred, for expropriations "of

a gen¬

Government, Secretary Hull declared in
August 22, "not only with surprise but

It was, he said, "the first

profound regret."

occasion in the

With the

a

history of the Western Hemisphere

theory has been seriously advanced."

exception of the Selwyn arbitration case,

1903, to which Great Britain and Venezuela were

parties, Secretary Hul did not cite any authority on
international law in
rested his

however, President Cardenas made it

gress,

the American

not be

accepted.

clear

demands and proposals would

In a passage in which, although

the United States was not

named, the allusion was

nationals and foreigners alike, as an illustra¬

upon

that, with "some countries of the greatest im¬

tion

portance," property may be taken for an alleged
public purpose without adequate compensation. He
also announced that

"surface properties, refineries,

profits from the sales of oil, but that no further sub¬

fix, "within

by the Mexican Government of the ex¬

istence of any

such

forthcoming shortly. In his speech

Thursday at the opening of the Mexican Con¬

pipe lines and the like" would be paid for out of the

The denial

that

on

properties and the manner of payment.

value of the

with

will doubtless be

short period," the

should

his note of

reply to Secretary Hull's latest note

formal

gold for depreciated banknotes, which were forced

pay,

payment could not be arbitrated but must

American

in China.

zone

the note repeated,

economic situation.

in

Department of State for upholding the right of an
to continue operations in a

American oil company

denied, for the reason that payment

obligation to

been

determined

two

incident

sharp and pointed criticism of the

obvious, he referred to the enforced exchange of

required by the Constitution, but the condi¬

was

and in others whose attacks it

It will be recalled that the Panay

called out some

that

Regarding Secretary Hull's proposal of arbitra¬

the

ministration relies,
dreads.

to all of its own citizens whose lands have been

demand for

be

panies would be politically unpopular in certain
circles in this country upon whose support the Ad¬

A

American

Mexico is that a

for compensation for the oil com¬

strong demand

war

expropriated, the demand for immediate payment of

had

singularly one-sided pressure upon

of Mexico's inability to pay indemnity at

aware

once

be

§400,000,000. The only apparent explanation of this

support of his contention, but

rejection of the Mexican assertion on the

soil concessions would be

granted. Unless the mar¬

ket for Mexican oil is

greatly widened, however, the

of the foreign

oil properties that have been

owners

taken

over

will have

a

long time to wait.

The United States has been

maneuvered

also

Secretary Hull is

itself,
on

into

maneuvered, and has
a

difficult position.

solid ground in insisting that

expropriated American property shall be paid for,
and

paid for without unnecessary delay, but it was

not

good diplomacy to bear down hard on the land

seizures and

ignore the seizures of oil properties.

Perhaps Mexico could, if it chose, find the $11,000,QOO

that would be needed to

so

or

American
Mexican

claimants

to

compensate the

expropriated

lands.

The

Government, however, is contending for a

ground that "the doctrine of just compensation for

revolutionary principle under which foreign-owned

property taken originated long in advance of inter¬

land may

national law" and "runs counter to the

basic pre¬

be taken over and subsoil concessions ab¬

rogated in pursuance of the general welfare, and

cepts of international law and of the law of every

also for the

American

tion

republic,

right and justice
American
Mexican

as

upon

republics

well

as

to every principle of

which the institutions of the

are

founded." Referring to the

proposal of two commissioners to

tain the value of the seized lands,
asked if the Mexican
take

no

more

the American note

Government would

land without compensation,

it could "hold out any

ascer¬

agree

to

whether

reasonable measures of cer¬

tainty" that an early decision would be reached, and
whether it would in the meantime "set aside suffi¬




the

integrity of a provision of its Constitu¬

which, while requiring compensation,
Government

free to

compensation and the terms.
how

without

right.
States
ment

of either

yielding something of its sovereign

It is equally difficult to see how the United
can abandon its demand for a proper settle¬
without

virtually

from Americans whose
may

It is difficult to see

Mexico could consent to arbitration

issue

leaves

determine the amount of

withdrawing its

support

properties in other countries

be similarly threatened.

The situation seems

Volume

Financial

147

clearly to call for
an

atmosphere

the

conciliatory

more

United States
of the

continuance of negotiations in

a

both sides. The

on

certainly does not want

repetition

a

high-handed methods of President Wilson in

to

52%; Southern Pacific 4%s,

45%.

assume an

attitude in which its good

5%

own

cial resources,

laws, quite aside from its finan¬

would be obviously open to serious

Hudson & Manhattan Ry. 5s, 1957, have de¬
points to 47%; Western Union Telegraph 5s,

1960, have lost 2% at 70%; Cities Service 5s, 1958, at 62%
were

faith under its

down 1%; New

declined 2% to

1977, have fallen 1% to 87%.

Higher grade utilities have

restricted

firm, moving within

ments of any

significance

Industrial
What type

of financing, if

any,

will be undertaken by the

United States Treasury Department in

September is now
Although

occupying the minds of the financial community.
additional funds

are

absolutely needed at present because

not

unusually large cash balance and there will be no im¬

believe

portant refunding necessary until December, many
that when the Treasury's plans are
new

likely to

penses

experienced

a

announced

on

Sept. 8

will be asked for, in view of mounting

money

occur

ex¬

Bonds in general have

in the fall.

reactionary market this week, all classes suf¬

ranging from fractions to

a

point

4s, 1995, at 105% were down

numerous

losses,

Atchison

or more.

gen.

%; Norfolk & Western 4s,

1996, lost % at 117%; Pennsylvania 4%s, 1960, closed at

Second-grade

1%.

off

115,

railroad

bonds

have

been

Delaware & Hudson 4s, 1943, have lost

generally heavy.

1% at 53%; New York Central 4%s, 2013, have declined 4
MOODY'S BOND

PRICES

(REVISED)

bonds

issues.

U.

S.

All

120

1938

Govt.

1961, have dropped

point loss to 81

The feature of the

Baa

RR.

107.69

97.61

77.72

83.19

103.93

110.24

Aa

P.

U.

week.

speculative

Among the oils, Con¬
% point at 103.

Inter¬

conv.

A 3%-

6s, 1945, and

dropped 4% points to 68%.

foreign bond market has been the

bonds, occurring at

spec¬

time of great uncertainty

a

garding the political future of that country.
have shown

slightly lower

re¬

Italian bonds

weakness, with the Government 7s, 1951,

some

losing 2% points at 70%.

South American bonds have been

as a group.

been fractional except for

Changes in Japanese bonds have
the Ujigawa 7s, 1945, which

aj„

vanced 4 points to 75.

Moody's computed bond prices and bond yield
are

All

1938

Indus

averages

given in the following tables:

120 Domestic

115.57

this

more

tacular 15 to 17-point advance in prices for Czechoslovakian

2

on

(REVISED) f

AVERAGES

Individual Closing Prices)

120 Domestic Corporate

120 Domestic

by Ratings

Corporate by Groups

f4/*

vlC

Corp.

Averages

Sept.

120

YIELD

Domes

Tin 4 lu

Aaa

were

Laughlin 4%s, 1961,

for Studebaker

was seen

the Childs Co. 5s, 1943,

Corporate by Groups *

98.11

Corp.*

moderately

1% to 88%.

MOODY'S BOND

Sept. 2— 112.07

declined

national Paper 5s, 1947, were off 4 points at 92.

tic

Averages

offerings

points to 95, while Republic Steel 4%s,

{Based

by Ratings

Develop¬

range.
new

noticeable in the

solidated Oil 3%s, 1951, have lost

t

120 Domestic Corporate

Domes¬

Bonds

lacking and

In the steel group, Jones &

have declined 1%

{Based on Average Yields)

Daily

were

have

Losses have been most

dollar

fering losses.

High-grade railroad bonds have shown

a very

limited to $10,000,000 Gulf States Utilities 4s, 1966.

The Course of the Bond Market

some

England Gas & Electric 5s, 1950, have

51%; Penn Central Light & Power 4%s,

been

question.

of the

down 4% at

were

Medium-grade and speculative utility issues have been
reactionary.

episode, and the Mexican Government

safely

1981,

Defaulted railroad obligations have also declined.

clined

Huerta

cannot

1397

Chronicle

—

Aaa

Aa

A

4.11

3.19

3.58

4.14

Baa

RR.

P.

U.

Indus.

5.53

5.10

3.78

3.45
3.45

112.07

98.11

115.57

107.69

97.78

77.48

83.06

103.93

110.24

1

4.11

3.19

3.58

4.13

5.55

5.11

3.78

Aug. 31— 112.12
30- 112.14

98.45

115.78

107.88

97.95

78.08

83.60

104.11

110.43

Aug. 31

4.09

3.18

3.57

4.12

5.50

5.07

3.77

3.44

98.28

115.57

107.88

97.95

78.08

83.60

104.11

110.24

30

4.10

3.19

3.57

4.12

5.50

5.07

3.77

3.45

29- 112.31

98.45

115.78

107.88

98.11

78.33

87.73

104.11

110.63

29

4.09

3.18

3.57

4.11

5.48

5.06

3.77

3.43

112.40

98.80

116.00

108.08

98.28

78.58

84.01

104.48

110.83

27

4.07

3.17

3.56

4.10

5.46

5.04

3.75

3.42

26- 112.38

98.80

116.00

107.88

98.28

78.70

84.01

104.30

110.83

26

4.07

3.17

3.57

4.10

5.45

5.04

3.76

3.42

25— 112.39

98.62

115.78

107.88

98.28

78.58

84.01

104.48

110.63

25.

4.08

3.18

3.57

4.10

5.46

5.04

3.75

3.43

24— 112.37
23- 112.37

98.62

115.78

107.88

98.28

78.33

83.73

104.48

110.43

24

4.08

3.18

3.57

4.10

5.48

5.06

3.75

3.44

98.45

115.78

107.88

98.11

78.08

83.46

104.30

110.63

23.

4.09

3.18

3.57

4.11

5.50

5.08

3.76

22—

112.41

98.28

115.78

107.69

97.95

77.84

83.06

104.30

110.43

22

4.10

3.18

3.58

4.12

5.52

5.11

3.76

3.44

20-

112.41

98.28

115.78

107.69

97.95

77.96

83.19

104.30

110.43

20

4.10

3.18

3.58

4.12

5.51

5.10

3.76

3.44

110.43

27-

•

3.43

19- 112.39

98.28

115.57

107.69

97.95

77.84

32.06

104.30

19

4.10

3.19

3.58

4.12

5.52

5.11

3.7b

3.44

18.

112.39

98.11

115.78

107.69

97.78

77.72

83.06

104.30

110.43

18

4.11

3.18

3.58

4.13

5.53

5.11

3.76

3.44

17-

112.42

98.11

115.78

107.69

97.61

77.72

82.93

104.11

110.63

17

4.11

3.18

3.58

4.14

5.53

5.12

3.77

16-

112.39

98.11

116.00

107.69

97.45

77.72

82.79

104.30

110.63

16

4.11

3.17

3.58

4.15

5.53

5.13

3.76

15-

112.32

98.11

115.78

107.69

97.28

77.84

82.79

104.30

110.43

15

4.11

3.18

3.58

4.16

5.52

6.13

3.76

13-

112.30

98.11

115.78

107.69

97.45

77.84

82.79

104.30

110.43

13

4.11

3.18

3.58

4.15

5.52

5.13

3.76

12-

112.32

98.28

115.78

107.69

97.61

77.96

82.93

104.30

110.63

12———

4.10

3.18

3.58

4.14

5.51

5.12

3.76

3.43

11- 112.37

98.28

115.78

107.69

97.61

78.33

83.19

104.30

110.63

11

4.10

3.18

3.58

4.14

5.48

6.10

3.76

3.43

10-

112.37

98.28

115.78

107.49

97.61

78.45

83.33

104.30

110.63

10

4.10

3.18

3.59

4.14

5.47

5j09

3.76

3.43

3.43
3.43
'

3.44
3.44

9-

112.26

98.45

115.78

107.69

97.78

78.45

83.33

104.30

110.63

9

4.09

3.18

3.58

4.13

5.47

5J)9

3.76

3.43

8-

112.22

98.62

115.78

108.08

97.78

78.70

83.46

104.48

111.03

8.

4.08

3.18

3.56

4.13

5.45

5.08

3.75

3.41

6-

112.17

98.62

116.00

108.08

97.78

78.58

83.60

104.30

111.03

6

4.08

3.17

3.56

4.13

6.46

5.07

3.76

3.41

5—

112.16

98.45

115.78

108.08

97.61

78.58

83.46

104.30

110.83

5

4 09

3.18

3.56

4.14

5.46

5.08

3.76

4—

112.13

98.45

115.78

107.88

97.61

78.45

83.33

104.30

110.83

4

4.09

3.18

3.57

4.14

5.47

5.09

3.76

3 42

3-

112.12

98.45

115.78

107.88

97.61

78.58

83.33

104.30

110.83

3

4.09

3.18

3.57

4.14

5.46

5.09

3.76

3.42

2—

112.16

98.45

115.78

107.88

97.61

78.58

83.33

104.30

110.83

2

4.09

3.18

3.57

4.14

5.46

5.09

3.76

3.42

1— 112.15

3.42

98.45

115.78

107.69

97.61

78.70

83.46

104.30

110.83

1

4.09

3.18

3.58

4.14

5.45

5.08

3.76

3.42

July 29- 112.17

98.45

115.57

107.88

97.45

78.82

83.46

104.30

110.83

July 29

='• 4.09

3.19

3.57

4.15

5.44

5.08

3.76

3.42

22- 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

5.13

3.77

15-

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

6.66

5.27

3.79

3.49

8-

112.04

96.28

114.51

106.73

95.78

75.12

79.70

103.38

109.44

8

4.22

3.24

3.63

4.25

5.75

5.37

3.81

3.49

1— 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

6.49

3.83

4.61

June 24

Weekly—

Weekly—
3.47

111.80

93.85

114.0y

105.4.2

93.21

71.36

75.82

102.12

108.46

4.37

3.26

3.71

4.41

6 09

6.69

3.88

3.64

17-

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

3.58

10-

112.05

93.69

114.72

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

3.88

3.54

3-

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

3.53

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

3.54

20-

111.94

95.46

115.35

108.08

95.62

71.68

78.70

102.12

109.44

20

4.27

3.20

3.56

4.26

6.06

5.45

3.88

3.49

13-

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

3.88

3.50

6-

111.54

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

3.52

Apr. 29-

111.42

93.69

114.09

106.92

93.85

69.37

76.76

100.35

108.27

April 29

4.38

3.26

3.62

4.37

6.28

5.61

3.98

3.55

22

111.48

92.90

113.89

105.79

92.90

68.97

75.82

99.48

108.08

22

4.43

3.27

3.68

4.43

6.32

5.69

4.03

3.56

14-

110.08

91.20

112.66

104.30

91.05

66.99

74.21

97.78

106.17

14...

4.54

3.33

3.76

4.55

6.52

5.83

4.13

3.66

8-

109.69

91.05

112.66

103.74

91.05

66.89

75.12

96.94

105.04

8

4.55

3.33

3.79

4.55

6.53

5.75

4.18

3.72

1—

109.58

88.80

112.45

102.66

89.10

63.28

71.15

96.11

104.30

1

4.70

3.34

3.85

4.68

6.92

6.11

4.23

3.76

Mar. 25-

110.34

91.97

113.89

106.92

92.43

66.03

75.01

98.45

106.73

Mar. 25

4.49

3.27

3.62

4.46

6.62

5.76

4.09

3.63

109.97

93.21

114.72

107.11

93.37

68.17

76.76

99.14

107.88

18

4.41

3.23

3.61

4.40

6.40

5.61

4.05

3.57

11— 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

3.54

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

5.01

4.00

3.54

Feb. 25-

110.50

97.28

115.78

109.44

97.11

74.44

85.65

99.48

108.46

4.16

3.18

3.49

4.17

5.81

4.92

4.03

3.54

18-

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

3.56

11

110.18

96.11

115.78

109.05

95.95

72.43

84.14

98.62

107.69

11

4.23

3.18

3.51

4.24

5.99

5.03

4.08

3.58

110.16

94.81

114.51

108.27

94.49

71.15

81.61

98.45

106.92

4

4.31

3.24

3.55

4.33

6.11

5.22

4.09

28.

110.07

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

3.58

21-

110.52

96.61

116.00

109.05

96.78

73.31

83.33

100.18

109.05

21

4.20

3.17

3.51

4.19

5.91

5.09

3.99

3.51

14.

110.15

97.95

116.64

109.84

97.61

75.47

86.07

100.53

109.24

14

4.12

3.14

3.47

4.14

5.72

4.89

3.97

3.50

109.97

7

3.54

June 24-

May 27—

18.

4.

—

4„
Jan.

Feb.

Jan.

25

„

3.62

97.61

116.21

110.04

97.28

74.89

86.50

99.66

108.46

4.14

3.16

3.46

4.16

5.77

4.86

4.02

Hlgh 1938 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

1938 109.58

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

5.44

4.81

3.75

3.41

High 1937 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

3.76

7-

Low
Low

1937 107.01

1 Yr. Ago
Sept. 2'37 108.04
2 Yts.Aqo
Sept. 2'36 111.06
*

94.81

109.84

107.30

94.49

71.46

83.60

96.28

104.30

Low

101.58

114.09

110.43

100.53

84.83

94.49

101.58

109.24

Sept. 2, 1937...

100.70

89.10

97.45

102.84

100.24

Sept. 2,1936.—

1937—

—

3.64

3.07

3.27

3.74

4.46

3.92

3.66

3.90

3.26

3.44

3.97

4.98

4.33

3.91

3.81

3.19

3.41

3.96

4.68

4.15

3.84

3.76

3.34

1 Year A go—
2

103.38

115.57

111.03

These prices are computed from average

yields

on

the basis of

devel or the average movement of actual price quotations.

3.50

Years Ago—

3.45

"typical" bond (4% coupon, maturing in 30 years), and do not purport to show either the average
They merely serve to illustrate in a more comprehensive way the relative levels and the relative movement of
one

yield averages, the latter being the truer picture of the bond market.
t The latest complete list of bonds used in computing these Indexes was published In the Issue of July 23,1938, page 488.




.

Financial

1398

1,339

Obtainable

pages.

only

Department of the Interior, Bureau of

The United States

Mines, recently issued the 1938 edition of "Minerals Year
book."
The 1938 Yearbook presents a complete economic
and statistical summary of the mineral industry of
the
United States in 1937 and contains a larger amount of precise
and detailed data than any previous editions.
For the first
time in any Yearbook, final statistics on nonferrous metal
mining are given for all but one State, and final figures for
the year under review are presented for all the nonmetallic
mineral industries and anthracite.
Current trends in pro¬

EPITOME

TRADE—COMMERCIAL

OF

STATE

THE

deficiency problems.

additional lending institutions are now participating
new

expand, with reports from

many

quarters increasingly favorable, especially as concerns

However, the outlook is over¬

building and construction.
shadowed

more or

the extremely

less by ominous war threats as a result of

strike

here.

featured

the outlook is the threatened rail

yesterday

markets

reflected

and

*

the

For the seventh consecutive week the

"Journal of Commerce"

business index shows

a

gain, the

weekly figure being 80.4, the highest since late No¬

vember, and compares with

a

revised figure of 78.3 for the

previous week and 101.3 for the same period a year ago.
Steel

carloadings

production,

activity

automotive

and

operated at peak levels for 1938, and bituminous coal output
and lumber cut showed further gains.

only

small decline from

a very

runs

off

were

Electric

week

according to

fractionally

"frozen" at present rates,
between

various

undertaking to cut
its

districts, and

wages

about in the face of

"Not

possible

the

post

exception

method of quoting

Government
decisions

one

industry has faced in

since

of

been
steel

war

of

wages

will be

that steel companies

the

be debarred

"Iron Age" reported

"Improvement

mid-week$ summary.

tions the

the above trade

will automatically

business and in steel production
come

showed

preserving the differentials which

from bidding on government contracts,
in

use

and petroleum

ago,

Washington opinion is that steel

authority.
exist

a

in

the

steel

during July and August has

of the most perplexing
many

years," the

adjustments
elimination

situa¬

survey says.

of 1919, with the
of

Pittsburgh-plus

prices in 1924, has the hand of the Federal
so

plainly evident in matters affecting

company

The magazine

managements.

in the

'

program...

That the railroads

sorely in need of reducing their

are

expenses would
Their latest report follows:

operating

seem

to

be

beyond question.

Thel41 Class I roads showed an
aggregate net loss of $15,954,225 after taxes and charges for
June, compared with a net income of $18,359,775 in the same
month of 1937.
For the first half-year their net loss aggre¬
gated $181,253 ^596f compared with net income of $38,896,141
in the first half of the previous year.
3

bonds

stocks and

Heavy selling of railroad

security

bearish view of many.

latest

Another

cricital state of European affairs*

situation that beclouds

Italy and Japan to meet their mineral

efforts of Germany,

Friday Night, Sept. 2, 1938
Business activity continues to

consumption

progress,

from the
Washing¬

Superintendent of Documents,
ton, D. C.
Price $2.00

and prices as well as technologic
world conditions and foreign trade in nearly 100
metal and mineral commodities are reviewed,
A comprehen¬
sive survey of the bituminous coal industry is included,
through the courtesy of the National Bituminous Coal Com¬
mission.
The historical record of nonferrous metal produc¬
tion in the principal producing WesVrn States is shown in
graphic form.
The chapter on phosphate rock has been ex¬
panded in view of the current national interest in this subject.
Other important features of this year's volume are: Special
compilations of basic data pertinent to the lead and zinc
tariffs; a complete list of sulphuric acid plants in the United
States; statistics on secondary metals, and a summary of the
duction,

Minerals Yearbook 1938

1938
3,

Sept.

Chronicle

Consumer interest in retail trade veered this week from
to fall merchandise, and what Dun & Bradstreet,
Inc., called "the usual between-seasons lull," reduced total

summer

sales from those of last week in

"These declines

were

more

some sections of the country.
than offset by improved buying

areas where consumer incomes already had felt the ex¬
pansion in industrial activity and the marketing of 1938
crops" the agency states.

in

The

Association

of

American

Railroads reported

today

620,511 cars of revenue freight were loaded during the week
ending last Saturday.
This was an increase of 22,593 cars,

3.8%, compared with the preceding week; a decrease of
162,965, or 20.8%, compared with a year ago, and a decrease
of 320,047, or 34%, compared with 1930.
With three important manufacturers stepping up 1939
model production this week, the total output of automobiles
or

and trucks in the United States and Canada advanced

to

22,165 units, according to Ward's Automotive Reports, Inc.
This was a rise of 3,465 units from the 18,700 in the preceding
week, but showed a drop of 42,035 from the 64,200 units
produced in the like week of 1937. The output should con¬
tinue steadily upward through September
through October, the report said.
The weather continued

persistently

warm

and

probably

in the Southern

States and trans-Mississippi area up to near the close of the
week when lower temperatures obtained.
Also the Pacific

Northwest experienced unusually high temperatures, except
along the. immediate coast. Maximum readings during the
week were 100° or higher from the lower Mississippi Valley
eastward and also in a large trans-Mississippi area from the
northern portions of Louisiana and Texas northward to

reports that September starts with steel ingot production at

southern

44% of capacity, and that

highest temperature reported was 106° at North Platte,
Nebr., and Phoenix, Ariz.
On the other hand, moderate
temperatures were the rule quite generally in the Lake
region and from the Ohio Valley eastward where the week's
highest readings did not reach 90°, except locally. East of
the Mississippi River, while the topsoil is becoming, dry in

about

raw

steel output probably averaged

42% in August, against 33.42 in July,

a

gain of around

Reporting on the various production districts, "Iron
says that Chicago has attained 40%, the highest of
the year so far; Pittsburgh remains at 33%; small gains have
occurred at Youngstown, Cleveland and Detroit.
For the
first time since the second week in July, production of el¬
ectricity by the electric light and power industry in the week
ended Aug. 27, showed a loss, dropping to 2,134,057,000
kilowatt hours from the total of 2,133,517,000 the week
before, which was the second best week of the year. Highest
production for the year was in the first week of January, with
a
total of 2,139,582,000 kilowatt hours.
Output for the
current week, according to the Edison Electric Institute, was
4,460,000 kilowatt hours below the previous week's total and
160,656,000 or 7.0% under the total of 2,294,713,000 in the
corresponding week of 1937.
Engineering construction
awards for the week, $52,219,000, are 25% higher than the
corresponding 1937 week, but 10% below the volume for the
preceding
week,
"Engineering News-Record" reported
yesterday.
Construction awards for 1938 to date total
$1,766,754,000, an increase of 2.9% over the $1,717,122,000
reported for the 35-week period in 1937. Public construction
is 47% above the week a year ago, but
9% below last week.
Private awards are 26% lower than a
year ago and 12%
25%.
Age"

lower than

a

week ago.

Missouri and western Iowa and Nebraska.

considerable

The

and rain is needed for pastures

and late
favorable,
especially in the Lake region and Northeast; there has been
too much rain in northern
Maine, the Government report
states.
Showers during the week were timely and helpful in
truck

crops,

areas

conditions

southern Illinois and
York

City

area

on

some

the

east

whole continue

Gulf sections.

In the New

the weather has been cool and fine most of

the week.

Today it

was

fair and

warm

here with temperatures ranging

from 59 to 90

degrees. The forecast was for partly cloudy
to night and
Saturday; showers Saturday night or Sunday.
Continued cool
to-night, warmer Saturday and cooler
Sunday.
Overnight at Boston it was 56 to 82 degrees;
Baltimore, 64 to 84; Pittsburgh, 54 to 76; Portland, Me.,
50 to 80; Chicago, 64 to 70; Cincinnati, 56 to 80; Cleveland,
60 to 70; Detroit, 46 to 70; Charleston, 74 to 88; Milwaukee,
54 to 66; Savannah, 72 to 92; Dallas, 74 to 94; Kansas City,
68 to 88; Springfield, Mo., 72 to 94; Oklahoma City, 74 to
100; Salt Lake City, 60 to 84; Seattle, 56 to 74; Montreal,
46 to 66, and Winnipeg, 54 to 74.

Officials of the

lending institutions report that interest in
large scale rental housing projects to be financed under the
new Federal Housing Administration
program, has held up
well, even though the rush season is now over.
The com¬
petition for such loans is getting considerably keener, as




Moody's Commodity Index Slightly Lower

Moody's Commodity Index declined from 143.6 a week agoto 143.4 this Friday.
Wheat, hogs, steel scrap and sugar
prices were somewhat higher.
Silk, cocoa, rubber, corn,

Volume

Financial

147

cotton and coffee declined.

hides, silver,

143.6 Two weeks

Aug. 26
Aug. 27
Aug. 29
Aug. 30
Aug. 31

Wed..

net

changes for

ml 143.8

Aug. 19

ago,

146-7

Month ago, Aug. 2Year ago. Sept. 2

143.3
143.2
143.7
143.5
143.4

193.8

1937 High—April 5
Low—Nov. 24

*

Thurs., Sept. 1
Fri.,
Sept. 2_„_

'o • No Index.

no

were

.144.6

228.1

152.9

1938 High—Jan. 10
Low—June

\

(1926=100)

Bureau

of

Statistics

of

Items of Class I

a

71.8
a58.4

Fuels

85-8

85.8

90.6

Metals..

96.5

96.5

109.2

Interstate

the

Commerce

65.5

65.5

70.4

87.1

a87.1

89.5

71.8

71.6

79.4

80.1

79.6

Building materials..

a

93.7

V,-V.

'.00;

V-1 ./'Jyjk'yv. kkkiy^i'-.y;\;-\:

Revised.

prices during August, the "Annalist"
presented its monthly index as follows:
COMMODITY PRICES

"ANNALIST" MONTHLY INDEX OF WHOLESALE

(1926=100)

of June.

subject to revision and were compiled
from 136 reports representing 141 steam railways.
The
present statement excludes returns for class I switching and
terminal companies.
The report in full is as follows:

figures

♦Preliminary,

items of class I

railways in the United States for the month

These

73.4

As to the trend of

statement showing the aggregate

totals of selected income and balance sheet
steam

98.0
85.6

72.4

*58.7

Food products

Textile products

Miscellaneous.....................

Railways for June

Commission has issued

75.8

76.2

All commodities

Steam

1938 Aug. 24, 1937

Aug. 27, 1938 Aug. 20,
Farm products

Chemicals

130.1

k

-<-

Selected Income and Balance Sheet

The

COMMODITY PRICES

INDEX OF WHOLESALE

"ANNALIST" WEEKLY

copper,

The movement
Fri.,
Sat.,
Mon.,
Tues.,

There

lead and wool.
of the index during the week was as follows:

1399

Chronicle

July, 1938

August, 1938

August, 1937

are

FOR

THE UNITED

For the Six Months of

For the Month of June
income Items

1937

1938

1937

1938

100.4

71.7

73.2

85.9

58.7

58.8

Fuels

85.7

85.3

90.7

Metals

96.5

96.6

109.1

Building materials

STATES (ALL REGIONS)

79.3

65.5

65.1

70.4

Chemicals

TOTALS

76.1

87.2

87.4

89.7

Miscellaneous

71.6

70.9

79.4

79.9

81.2

94.3

Farm products

Food products
Textile products......

All commodities

68,250.370

71,571,398

Revenue
Total Income.............. $37,689,216 $74,940,224 $138,539,673 $371,037,698

Ine avail

12,283,925

1,449,766

2,021,744

10,308,905

charges.. $35,667,472 $73,490,458 $126,255,748 $360,728,793

tor fixed

Fixed charges:
Rent for leased roads & equip.

10,534,174

Interest deductions

39,865,674
209,275

Other deduotlona

75,019,655
62,543,175
14,026,827
39,861,260 ♦237,607,084 *239,284,436
1,394,420
1,280,944
234,855

$50,609,123 $54,122,942 $301,431,203 $315,698,511

Total fixed charges

19,367,516 dl75,175,455
6,078,141
1,007,741

45,030,282

d$15954225 $18,359,775 d.$181253596

$38,896,141

dl4,941,651

Income after fixed charges

1,012,574

Contingent charges..
Net Income...

6,134,141

Deprecation (way & structures
16,854,779

16,310,789

100,913,628

97,506,981

937,685

and equipment)

3,726,927

5,806,141

17,778,533

Federal income taxes.

Dividend appropriations:
On common stock......

580,688

12,301,370

30,155,813

54,667.525

On preferred stock

224,565

1,442,231

5,480,351

9,797.585

.....

Balance at End of June

1937

1938

Atstt

freight for the week ended Aug. 27,
of 22,593 cars or 3.8%
from the preceding week, a decrease of 162,965 cars or 20.8%
from the total for the like week a year ago, and a drop of
133,586 cars or 17.7% from the total loadings for the
corresponding week two years ago.
Loadings for the current
week made a new high mark for 1938.
For the week ended
Aug. 20, 1938, loadings were 23.1% below those for the like
week of 1937, and 18.7% below those for the corresponding
week of 1936.
Loadings for the week ended Aug. 13, 1938,
showed a loss of 23.8% when compared with 1937 and a
drop of 19.9% when comparison is made with the same
Loadings of

week of 1936.
The first 18 major railroads to report for the week ended
Aug. 27, 1938 loaded a total of 291,256 cars of revenue freight
on their own lines, compared with 282,983 cars in the pre¬
ceding week and 356,387 cars in the seven days ended Aug.
28, 1937.
A comparative table follows:

$655,345,827

Demand loans and deposits

$699,202,518

50,479,273

$451,135,417
8,299,530
39,519,222
321,257,519
9,531,146
60,896,468

41,200,001

53,278,997

7,796,776

.................

Time drafts and deposits

17,209,564

....

65,980,966
2,441,519

Special deposits...——........-..-..^—--...-..
Loans and bills receivable
car-service balances receivable..

Net balance receivable from agents and conductors-

Miscellaneous accounts receivable

130,074,183

145,781,010

Materials and supplies...............

355,258,007

371,342,681

22,565,534
1,555,473

25,570,837

Interest and dividends receivable
Rents receivable.

iy

Other current assets

1,937,006

7,372,136

4,989,961

Weeks Ended—

Aug. 27 Aug. 20 Aug.
1938

$93,184,491

$250,982,938
68,982,523

$211,912,833

221,009,316
72,526,018

258,295,528

.

........

755,070,550

616,774,612
11,220,265

;

Traffic and car-service balances payable
Audited accounts and wages payable.....
......

Interest matured unpaid——w

7,506,535

Dividends matured unpaid.............

526,494,816

Funded debt matured unpaid.

769,652

Unmatured dividends declared

83,784,233
23,537,560
24,878,525

Unmatured interest accrued...
Unmatured rents accrued...

1938

5,004

4,799

6,092

24,577

13,686

13,274

17,592

20,427

25,322

8,761

8,668

10,680

16,709

7,020

6,502

22,012

7,187

7,194

8,548

9,594

8,797

10,822

1,164

1,201

1,693

1,801

1,747

2,092

2,426

2,349

2,781
9,222

Fe Ry.

Baltlmore & Ohio RR

25,515

Chesapeake & Ohio Ry
•—
Chicago Burlington & Qulncy RR.
Chicago Mllw. St. Paul &Pac.Ry
Chicago & North Western Ry..

21,166

14,401

14,603

19,682

19,502

I5,099j

14,632

17,234

2,230

2,297

3,012

2,379

2,035

2,644

4,395

3,922

5,315

Atchison Topeka & Santa

Gulf Coast Lines

RR

Missouri-Kansas-Texas

1937

1938

23,083
33,179

8,355

12,982

12,457

16,012

6,767

6,887

30,931
4,899

30,882

41,631

31,529

30,535

4,885

5,560

8,115

7,894

Norfolk & Western Ry...

$220,337,495

months a.

Miscellaneous accounts payable

28 Aug. 27 Aug. 20 Aug. 28

1937

18,401

20,886

19,431

23,406

4,275

4,055

4,554

Pennsylvania RR

52,816

52,667

68,647

34,151

33,114

45,508

4,173

4,006

5,636

3,811

3,721

4,833

New York Central Lines

Loans and bills payable b

1938

19,814

Missouri Pacific RR

Items—

Funded debt maturing within 6

Received from Connections
Weeks Ended—

Loaded on Own Lines

International Great Northern RR

$1,014,358,594 $1,495,921,969

current assets.

Liability

RECEIVED FROM CONNECTIONS

(Number of Cars)

$314,807,337

Selected

FREIGHT LOADED AND

bonds, Ac., other than those

Of affiliated companies

Total

revenue

Items—

Gash

Traffic and

Freight Car Loadings in Week Ended Aug. 27
Reach New High for Year

1938, totaled 620,511 cars, an increase

REVENUE
Selected

Investments in stocks,

74.3

$70,289,303 $299,466,300

Net railway operating income.. $25,000,807 $59,354,316
15,585,908
12,688,409

Other income

Mis ceil, deductions from income

....

...

,

Other current liabilities.

83,616,555
144,967,749

509,169,868
10,333,391
90,609,631

Louis Ry—

N. Y. Chicago & St.

Pere

Marquette Ry
Pittsburgh & Lake Erie RR
Southern Pacific Lines

39,420
9,405

4,394

4,289

6,903

6,745

29,121

34,424

4,209
8,232

3,963

30,482

7,404

8,717

5,012

4,849

5,658

6,944

6,721

7,958

291,256 282.983 356,387 164,676 158,825

205,017

Wabash Ry..

Total
TOTAL LOADINGS

AND RECEIPTS FROM

CONNECTIONS

(Number of Cars)

24,349,168

30,371,253
Week Ended—

Total

;

,

$2,035,542,665 $1,991,620,853

current liabilities.

Aug. 27, 1938

Aug. 20, 1938

Aug. 28, 1937

23,610
27,769

22,748
27,119

32,864

11,715

11,394

14,619

63,094

61,261

72,429

Tax liability:
United States Government taxes

$57,601,790

$113,436,484

Other than United States Government taxes.

149,910,277

137,788,555

sland & Pacific Ry.

Chicago Rock

Illlnois Central System

—

St. Louis-San Francisco
*

Represents accruals, including the amount in
Includes payments

debt

-

which will become due on account of principal of long-term

(other than funded debt matured unpaid)

month of report,

within six months after close of

b Includes obligations which mature not more than two years
d Deficit or other reverse items.

Iter date of issue,

Loading of revenue

0.2

of

Index

of

Ended Aug.

The

Noted

Point

Wholesale

in

"Annalist**

Commodity

WeeklyPrices for Week

27—August Average Below July

"Annalist" announced

on

Aug. 29 that commodity

prices improved further last week, rising to the highest level
since the early part of August.
For the period ended Aug. 27,
the "Annalist" weekly index of wholesale commodity prices
(1926=100) was 80.1, a gain of 0.2 of a point as compared
with the preceding week but 13.6 points under a year ago.
The announcement went on to say:
products showed the largest gains.

More information
subsidy plan aided grain
prices.
Livestock quotations, however, were irregular with steers and
cows advancing but hogs and lambs losing ground.
Among the miscel¬
laneous commodities, rubber continued to surge forward, stimulated by
both trade and speculative buying.
Rubber prices are now at the highest
point since the middle of last October.
"
Farm

and food

concerning

the

Government's




wheat

export

of American Railroads, in

The Association

week ended Aug. 20,
This

cars.

Increase

24,946

default.
Total

a

Ry

was

same

week in

freight for the week ended Aug. 20 totaled 597,918
of 179,232 cars, or 23.1% below the corre¬

decrease

a

sponding week in
the

reviewing the

reported as follows:

1937, and a decrease of 324,905 cars, or 35.2%

below

1930.

Loading of revenue freight for the

week of Aug. 20 was an increase of

1.4% above the preceding week.
loading totaled 235,736 cars, an increase of 4,819
cars
above the preceding week but a decrease of 74,308 cars below the
corresponding week in 1937.
Loading of merchandise less than carload lot freight totaled 149,307
cars, an increase of 771 cars above the preceding week but a decrease of
17,660 cars below the corresponding week in 1937.
.
Coal loading amounted to 95,293 cars, an increase of 3,776 cars above the
preceding week but a decrease of 20,840 cars below the corresponding
8,357

cars,

or

Miscellaneous freight

week in
Grain

and

and

grain

products

loading

totaled

cars

decrease of

above
grain

grain products loading for the week of Aug. 20 totaled 33,138 cars, a
1,668 cars below the preceding week but an increase of 2,006

decrease of
cars

45,777 care, a

below the preceding week but an increase of 2,398 cars
corresponding week in 1937.
In the Western districts alone,

2,119
the

1937.

above

the corresponding week in

1937.

Financial

1400
stock

Live

above

the

sponding
stock

week

week

the

12,059

to

an

cars,

increase of 114 cars

decrease of 2,950 cars

a

preceding

the

above

the preceding

week

24,962 ears, an increase of 104 cars above
decrease of 49,956 cars below the corresponding

amounted

loading

week but

to

a

Coke loading amounted to

the corresponding week

1937.
All

in

and

with the corresponding weeks

reported decreases compared

districts

1937

Total Revenue

3,642,357

Five weeks in July

2,861,762

3,794,249
766.182

4,492,300
919,781
904,157

6

584,050

-

Ann Arbor.

4,504,284

589,561
597.918

773,782
777,150

922,823"

18,274.729

24,349,192

29,502,947

Week of Aug. 13
Week of Aug. 20

In

3,529,907

undertake to show also the loadings
Aug. 20,
increases
compared with the same week last year.

the

following

we

for separate roads and systems for the week ended
1938.
During this period only 13 roads showed

1936

1937

1938

Total Loads Received"

Total Revenue

from Connections

Freight Loaded

Railroads

1937

1937

1938

1936

1937

1938

Southern District—(Concl.)

601

M'.ine

_

547

534

590

.

Bangor & Aroostook...

1,066
8,488
1,728

730

220

295

8,163
1,727

7,819
1,612

9,151
2,193

39

96

6,621
1.643

...

Chicago Indianapolis A Louis..

906

1,197

21

22

26

Central Vermont

1,233

1,410

3,178
7,174

4,762
8,295

1,607
5,783
5,012

2,002

Delaware A Hudson..........

1,010
5,235
8,276

439

517

379

110

120

1,649

2,735

2,561

790

130

336

253

10,509
2.644

14,043
4,468

13,205
2,913

14,674
6,457

186

212

163

1,781
9,499
5,042
1,318

1,221
2,314

1,097
6,491
2,496
2,742
1,576

1,278
7,794
2,980
4,439
2,573
41,898
10,528

1,590
8,187
2,875
3,709
2,158
39,628
10,364

781

957

6,069
1,483

8,169
1,737

171

324

28

38

39,035
11,120
1,586
9,670
6,597
4,577
19

Central Indiana

Delaware Lackawanna & WestDetroit & Mackinac.

Detroit Toledo A Ironton....
Detroit & Toledo Shore Line.

Erie..

..

..

....

Grand Trunk Western

....

Lehlgb & Hudson River

...

Lehigh & New England.......
Lehigh Valley
Maine Central

...

Monongahela.
.......

......

New York Central Lines
N. Y. N, H. A Hartford

30,882
8,390
1,271
4,885
4,348
4,006

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
Rutland.............

964

1,698

5,522
6,998
5,434

5,222
7,175
5,175

334

215

6

7

6,029

1,769

30,535
8,439
1,422
7,894
3,904
3,721
26

174

...

280

285

366

146

271

696

1,075

1,267

1,176

1,893

539

599

642

704

886

4,849
3,702

5,718
4,675

5,818
4,639

6,721
3,375

8,141
3,804

115,052

151,723

145,903

118,133

153,039

449

543

580

649

692

24,577
2,629

33,857
6,637

33,505
6,053

13,274

16,786

1,459

3,362

Wabash.

Wheeling & Lake Erie
Total

Baltimore A Ohio...
Bessemer A Lake Erie
Buffalo Creek A Gauley

0

382

160

6

1,053
4,870

Cambria A Indiana
Central RR. of New Jersey....
Cornwall
_L........

1,170
6,112

1,425
6,062

10

16

8,686

10,072

7

610

461

736

32

52

209

245

276

45

34

71

89

103

28

23

585

726

795

1,957

1,249
52,667
10,347
5,099

1,566
69,741

2,031
1; 523
44,107
16,425
7,117

Cumberland A Pennsylvania.

Llgonier Valley...
Long Island....

Penn-Readlng Seashore Lines..
Pennsylvania System...
Reading Co....
...

(Pittsburgh)

.......

West Virginia Northern..
Western Maryland

1,520
67,599
13,316
13,355

13,832

16,451

1,239

33,114
12,541

2,368

18

29

44

1

0

2,581

3,630

3,386

4,380

6,494

107,014

Total.......

1,955
2,708

1,702
3,045

931

918

Piedmont Northern

391

353

413

855

984

Richmond Fred

274

440

356

2,554

2.747

3,413

Norfolk

Southern.

A Potomac...

155,471

148,915

79,789

108,741

2,195
1,119

7,759
18,973

Winston-Salem

8,471
21,420

7,551
20,916

12,518

13,891

467

430

553

735

179

188

178

P89

791

89,762

Tennessee Central

3.368

490

99,908

99,519

55,267

60,628

15,931
2,437
19,335
3,584
6,974

Seaboard Air Line
Southern System

21,668
2,856
21,444
4,206

19,855
2,895
22,578

8,797

4,744
15,038

3,840

10,737
2,662
8.595
4,539

.....

Southbound

Total

Northwestern District—

Chicago
Chicago
Chicago
Chicago

A North Western

Great Western.
Milw. St. P. A Pacific.
St. P. Minn. A Omaha.

Dulutb MIssabe A I. R..

22,139

2,412
7,194

346

174

927

328

476

4,693

1,118
8,892

7,316

3,734

7,179

452

467

437

158

177

18,709

30,022

22,157

2,866

3,297

593

638

558

568

575

717

3,606
2,196
7,925
11,828

2,404

58

94

1,986
7,491
11,330

1,685
1,982

1,816
2,800
4,234

561

Duluth South Shore A Atlantic.

Elgin Jollet A Eastern
Ft. Dodge Des Moines A South.

Great Northern
Green Bay A Western
Lake Superior A Ishpemlng

Minneapolis A St. Louis

2,047

Minn. St. Paul A S. S. M

5,908
9,988

Northern Pacific

3,227

318

425

333

382

435

2,039

1,752

1,790

1,664

1.596

94,286

141,182

122,570

39,069

49,558

18,401
3,024

23,385
3,317

21,173
2,961

4,799
1,675

5,873
2,099

387

570

337

84

133

14,603
1,699
11,695
2,351

16,824
1,958
13,470

6,502

8,171

617

831

817

847

Denver A Rio Grande Western.
Denver A Salt Lake

2,781

3,468

16,576
1,454
12,778
2,830
1,067
3,592

418

471

Fort Worth A Denver City
Illinois Terminal

1,066
1,832

2,007

Spokane International,...

Spokane Portland A Seattle...
Total
Central Western District—

—

....

1,795

2,123
2,097
1,097

1,805
2,511
1,026

Mobile A Ohio—

Nashville Chattanooga A St. L.

Atch. Top. A Santa Fe System.
Alton.

Alleghany District—
Canton A Youngstown..

Akron

Union

2,962,219

from Connections

Eastern District—

.

2,170,984

Total Loads Received

1938

Montour

3.733,385-

Four weeks in June

,

AND RECEIVED FROM CONVECTIONS (NUMBER OF CARS)—WEEK ENDED AUGUST 20

Freight Loaded

Railroads

A

3,098.632

Four weeks in March

when

1930.

REVENUE FREIGHT LOADED

Boston

2,185,822

Four weeks In February

4,759 cars, an increase of 531 cars above the

preceding week but a decrease of 4,760. cars below
in

3.506.236.

—

Total

1937.

in

2.763,457
2,986,166
3,712,906

Four weeks in January

Week of Aug.

sponding week in 1937.
Ore

3,347,717

Four weeks In May

loading

2,256,423
2,155,451
2,222,864
2,649,894

2.714,449

Five weeks in April

decrease of 3,151 cars below the corre¬

week and a

totaled 30,025 cars, an increase of 301 cars
preceding week but a* decrease of 11,150 cars below the corre¬

products

1930

corre¬

sponding week in 1937.
Forest

193S
3

1937

1938

below the

In the Western districts alone, loading of live
of Aug. 20 totaled 8,803 ears, a decrease of 92 cars

week

the

but

1937.

in

for

below

amounted

loading

preceding

Sept.

Chronicle

Bingham A Garfield

Chicago
Chicago
Chicago
Chicago

Burlington A Quincy..
A Illinois Midland..
Rock Island A Pacific.

A Eastern Illinois
Colorado A Southern.

...

2,660

285

29

27

185

874

1,227

1,014
1,628

323

i

,

380

710

1,930
1,122

94-

82

1,144

481

117

232

0

27,430

23,507

297

251

301

14,276

Southern Pacific (Pacific).....
Toledo Peoria A Western
Union Pacific System

~1~583

24,162

....

8,522
2,414
1,521
3,072"

535

616

1,142

1,289
1,009

Missouri-Illinois
Nevada Northern
North Western Pacific
Peoria A Pekin Union.

8,983
1,885
1,420
2,448

15,615

4,250
1,126
7,833

14,692

109

592
21

...

5,507
1,239
8,971

217

409

256

11

13

1,881

2,024

1,945

2,377

2,797

102,514

119,727

109,568

47,026

54,934

Utah

Western Pacific

..

Pocahontas District—

Chesapeake A Ohio
Norfolk A Western.....

20,427
19,431
4,128

23,539
23,194
4,707

24,066
22,726
3,584

8,668
4,055

10,756
4,677

945

813

43,986

...

Virginian

51,440

50,400

13,668

16,246

Total
Southwestern District—

126

International-Great Northern
229

259

224

149

216

Atl. AW.P.—W. RR.of Ala..
Atlanta Birmingham A Coast—

623

733

801

1,203

1,207

719

749

909

571

712

Atlantic Coast Line
Central of Georgia............

8,292
3,550

8,326
4,124

8,023
4,006

4,226
2,604

4,296
2,333

Charleston A Western Carolina
Cllncbf ield........
Columbus A Greenville

483

472

380

896

931

1,291

1,428

1,426

1,478

1,753

226

396

368

377

279

Missourl-Kansas-Texas Lines..

147

162

154

475

424

Missouri Pacific

429

424

Durham A Southern..
Florida East Coast.......

Georgia A Florida......

228

1,201
1,747

1,622

Kansas Oklahoma A Gulf
Kansas City Southern...

176

204

193

731

1,948
1,698

Louisiana A Arkansas
Louisiana Arkansas % Texas
Litchfield A Madison

2,114

2,179

1,712

1,450

1,503
1,149

157

172

497

538

230

109

260

728

984

625

766

745

254

380

137

Midland Valley
Missouri A Arkansas

154

286

186

298

282

3,922

5,313
16,224

4,867
16,974

2,349

2,973
8,900

12,476

489

474

Quanah Acme A Pacific

102

148

118

89

103

36

57

80

1,434

1,354

St. Louis-San Francisco
St. Louis Southwestern

6,390
2,227
6,462
3,914

8,390

926

3,708
1,858
2,575
3,070

4,288
2,503
2,990

4,789

8,379
2,417
7,042
4,493

200

263

307

86

56

20

54

31

34

33

45,304

57,699

55,010

29,166

36,893

545

668

736

471

523

1,870
21,349
20,602

1,904
21,618
21,632

995

8,925
4,544

1,103
11,553
4,808

117

184

211

234

250

256

285

351

2,700
8,560

356

110

Note—Previous year's figures revised.

New York Reserve Bank

Store Sales in July

Reports Loss of 9% in Chain
Compared with July, 1937

as

(New York)

Texas A New Orleans
Texas A Pacific

Wichita Falls A Southern...
Wetherford M. W. A N. W
Total

the

result

total

of

number

a

net

of

decrease

chain

stores

of

about

in

total

parison
daily
were

in

average

sales

showed

stantially
were

the

chains showed

daily

sales

ten-cent

decreases

than

and

than

a

for

variety,

in

June,

favorable year-to-year

more

number

a

and
but

shoe
sales

of

months.

chain
of

the

store

candy

com¬

Average

the

number of

number

ten-cent

of
and




units

year

in the

decrease

in

Percentage Change, July, 1938,

Compared with July, 1937
Number of
Stores

in

variety,

operation,

ago,

sales

per

store in

small

in

the

and shoe chain units have occurred.

As

increases

'

—12.2

Sales
—2.6

Sales per
Store

+ 10.9

Candy
All types

+0.8

—9.9

—10.6

+ 1.7

—13.2

—14.6

—8.5

Ten-cent and variety
Shoe

—21.4

—14.1

—4.9

—8.7.

—4.0

Slight Rise in Wholesale Commodity Price Level During
Week Ended Aug. 27, According to National Fer¬
tilizer Association Index

July

The candy chains have also

while

Grocery...

Total

chains

a year
ago than in the previous month.
July, 1937, and July, 1938, the reporting grocery chains sub¬
reduced the total number of stores operated, with the result

although total sales were below a year
about 11% higher than in July, 1937.

reduced

past

percentage

systems

somewhat further below

Between

that

of

smaller

grocery

the

Type of Store

less shopping day this year than last, the

decrease in average daily sales of about 5% was somewhat
smaller than the decline reported for June."
The Bank also
had the following to say in its "Review" :
the

during the

District were 9% lower than last

"Monthly Review" of Sept. 1, "but after allowing for the

of

5%

operation,

sales per store of all chains combined was smaller in July than for
sales.
v...-.
'.
..."''
v ■■ '-1
;.

average

year," states the Federal Reserve Bank of New York in its

Sales

3,736

* Previous figures.

"Total July sales of the reporting chain store systems in

one

6,887

430

40

Mississippi Central

influence of

2,429
1,179
2,248
1,135

939

1,403
18,658
18,556

Illinois Central System
Louisville A Nashville.
Macon Dublin A Savannah

Second

186

2,411
2,167

30

...

Gulf Mobile A Northern....

the

151

3,149
2,373

946

Gainsvllle Midland*..........

Georgia

201

2,297
2,035

Fort Smith A Western

Gulf Coast Lines

Southern District—
Alabama Tennessee A Northern

286

216

182

187

165

Burlington-Rock Island...
Total....

There

was

a

slight rise in the wholesale price level last

week, according to the commodity price index compiled by
the National Fertilizer Association.
This index in the week

Volume
ended

Aug. 27

72.9 in

with

Financial

147

73.1% of the 1926-28

was

compared

average,

the

preceding week, which marked the lowest
point reached in the current recession.
A month ago the
index

stood

74.7

at

and

tion's announcement,
The

a

year

dated Aug. 29, continued:

largest rise during the week, and
in

upturn

foodstuff

the

all-commodity index,

prices during

The Associa¬

at 86.7.

ago

the week

was

in

the

food

advancing, but substantial increases

in

meat

Although
declines

the

price
increases, 27 to 16; in the preceding week there
19 advances;
in the second preceding week there

all-commodity

outnumbered

registered

index

slight

a

advance,

the

of

merchandise

12.4%

were

hand

on

lower

in

the

at

the

end

July, 1937, and apparel store stocks
accounts

Total

stores,

July,

than

at the end

Collections

outstanding continued to be slower

the department and apparel
sales

of

the

1938,

than a

year

and

declines and

39

department

reporting

seasonal

rise from

the

July level.
% of Accounts

Year Ago

a

Outstanding
June 30

Collected in

Stock

Net Sales

Locality

on

Hand

End of

July

Month

1937

1938

—13.2

—8.9

—13.1

47.8

46.2

—19.8

New York and Brooklyn
Buffalo

47.1

42.5

—12.3

—8.5

—4.9

—3.5

—8.5

55.0

—13.9

—8.5

—7.3

40.7

36.4

Northern New Jersey

—15.8

—11.0

—14.1

41.0

38.4

—16.3

40.8

38.2

Month

Ago

30, Aug. 28;

Aug. 27, Aug. 20, July

Bear* to the

—13.0

—19.6

—10.7

—4.9

—3.6

Niagara Falls

72.0

71.1

74.1

85.1

Fats and oils...

58.4

59.3

62.8

75.1

77.5

83.1

m

m

mmmm

m

mm

'

mmmm

mmmm

mmmm

—14.3

—12.8
—15.6

—13.4

—9.1

—12.4

45.8

43.3

Apparel stores

—17.4

—13.4

—11.8

43.9

41.4

products
Cotton..

63.8

64.0

67.6

46.3

48.2

53.0

Grains

51.1

Livestock

and stocks in

the principal

84.0

46.3

sales

mmmm

mmmm

departments

73.5

Farm

23.0

mm

—16.4

69.9

Cottonseed oil

Foods

m

All department stores.

July
25.3

33.1

36.7
m^mm

mmmm

1937

1938

1938

1938

Total Index

—11.5

Elsewhere

Year

Ago

—3.7

Central New York State..

Week

—9.2

—9.7

—8.0

Hudson River Valley Dist.

Preced'o

—10.9

—12.1

—12.7

Bridgeport

'1026 1928=1001

Week

,

50.4

Syracuse

price index

Latest

Group

July

Feb. to

July

Southern New York State.

Per Cent

Each Group

during

this district

in

stores

appears

Northern New York State-

wholesale commodity

weekly

both in

ago,

about 12% lower than in the corre¬
that trade underwent considerably

were

Percentage Change from,

eight advances.

Compiled by the National Fertilizer Association

at

stores.

the first three weeks in August
sponding period of 1937, and it
lees than the usual

retail

department

about 12% lower.

of

were

Westchester and Stamford.

were

declines

36

were

last year

decrease from

same

June.

valuation,
of

daily sales showed about

average

in

Stocks

Rochester

weeks.

10

as

Changes in

group.

with about as many items

mixed,

were

quotations were
sufficient
to
raise
the group
average.
The farm product price index
again declined, following an upturn in the preceding week.
Lower grain
prices accounted for the drop in the group average.
Declining prices for
cotton textiles and wool resulted
in a slight
drop in the textile index.
Fractional declines were also registered during the week in the indexes
representing the prices of building materials and fertilizer materials.
An
unusual degree of stability has characterized the price movement of indus¬
trial commodities in recent weeks.
The index representing the prices of
all commodities except farm products and foods has remained unchanged
for three weeks, and it has only moved between 78.5 and 78.7 in the past
declining,

year;

of

primarily responsible for the

one

1401

Chronicle

those of

a

are

compared with

previous in the following table:

year

Net Sales

Stock on Hand

Percentage Change

Percentage Change

July, 1938

July 31, 1938

Classification

52.0

55.8

89.9

Compared icith

Compared tvith

71.3

71.3

75.6

90.0

July, 1937

July 31, 1937

17.3

Fuels

78.9

78.9

78.7

86.5

10.8

Miscellaneous commodities

77.1

77.1

78.0

85.9

Musical lastruments and radio
Silverware and Jewelry

«

—6.0

8.2

Textiles

58.7

58.8

59.2

73.4

7.1

Metals..

89.0

89.0

89.0

106.1

<5.1

Rulldtnv materials

79.0

79.1

79.5

87.5

1.3

95.6

Men's and boys' wear

__

—12.0

—8.0

Hosiery

+ 1.0

—6.3

Toilet articles and drugs-

_

—9.4

+ 1.4

—6.7

Chemicals and drugs

94.2

94.2

94.2

—8.3

—15.4

.3

Fertilizer materials

69.5

69.7

69.8

72.9

Cotton goods

—8.9

—15.4

.3

Fertilizers

78.0

78.0

77.1

79.9

Men's furnishings

—11.6

—8.5

.3

Farm machinery

97.6

97.6

97.9

96.4

Shoes

—13.1

Home furnishings

—13.4

—6.7

Furniture-

—15.4

—22.7

Books and stationery

—15.5

+ 12.3

ion o

All vrouns combined

73.1

72.9

86.7

74.7

—

—16.0

—22.0

Women's ready-to-wear accessories

—16.9

—10.7

Luggage and other leather goods.

—17.7

Women's and misses' ready-to-wear

Electric

Output for Week Ended Aug. 27, 1938, 7.0%
Below

Edison

The

a

Year Ago

Electric Institute,

—4.5

—23.0

—20.5

Toys and sporting goods

—25.6

—2.0

Woolen goods

—32.6

—5.5

—8.7

—0.5

handkerchiefs

and

Silks and velvets

gort, and power that production of electricity by the electric
ght estimated industry of the United States for the week

—5.9

—19.7

Linens

in its current weekly re-

—7.1

-

Miscellaneous-

ended

Aug. 27, 1938, was 2,134,057,000 kwh.
This is a
decrease of 7.0% from the output for the corresponding
week of 1937, when production totaled 2,294,713,000 kwh.
The output for the week ended Aug. 20, 1938, was estimated
to be 2,138,517,000 kwh., a decrease of 7.2% from the like
week

a

DECREASE

Week Ended

Regions

Aug. 27,

New England

PREVIOUS YEAR

FROM

Week Ended

Week Ended

1938 Aug. 20,

Week Ended

13, 1938

1938 Aug.

Aug. 6, 1938

7.6

7.7

3.1

1.0

1.6

xl.l

13.6

13.6

J 3.2

7,8

Central Industrial

5.3

4.9

West Central

4.3

6.0

4.3

Southern States.

1.7

4.0

4.6

19.2

19.8

17.2

14.4

3.9

5.2

4.9

7.2

7.3

6.4

Total United states.

7.0

three

and

(THOUSANDS

WEEKS

OF

KILOWATT-HOURS)

of

In

Dakota.

South

last

July

Texas,

date record for that State up to within two points
average size of new policy indicates that

increased
The
1936

1938

1932

1929

from

largest

York

These
4

1,878,851

2,131,092

—11.8

1,922.108

1,381.452

1.615,085

June

11

1,991,787

2,214,166

—10.0

1,945 018

1.435,471

1.689,925

and

for the month and the year
on
the contributions of

by sections

data

based

are

1,699,227
1.702,051

June

18

mm.

1,991,115

2,213,783

10.1

1.989,798

1,441,532

June

25

mm

2,019.036

2,238,332

—9.8

2.005,243

1.440,541

2

mm

2,238.268

—10.0

2,029,639

July

July

9

July

mm.

16-.--

July

mm

30

Aug.

mm

1,881,298

2,096,266

—10.3

1.956,230

1,592,075

Sales Vol.

2.084,457

2,298.005

—9.3

2,029,704

1,415.704

1,711625

in 81,000

2.084.763

2.258.776

—7.7

2.099,712

1,433,993

—7.2

2,088,284

1,440,386

1,723,031

Aug. 27.-..

3
Sept. 10
Sept.

—

.

to 1937

$31,795

2,079,137

1.426.98'

1,724.728

New

—7.3

2.079,149

1,415,122

1,729.667

Middle Atlantic

2,304,032

—7.2

2,093,928

1,733,110

East North

mm

2,134.057

2,294.713

—7.0

2,125.502

1,431,910
1,436.440

1.750,056

Central.
West North Central

2,135,598

1,464,700

1,761,594

75%

118,748

England---

—6.4

2,300.547

2.138,517

75

99,159

Sales Vol.

Ratios 1938

in $1,000

to 1937

2.098.924

2,154,276

mm

1,674.588

1,423,977

-

-

.

-'

Pacific

Reserve

Bank

of New

York

reports

in

its

78

72
94

13,990

—

86

17,586
41,694

Central

84

296,155
100,267

87

81

295,384

85

$457,224

United States total

The Research Bureau
insurance sales in

Federal

88

51,227

West South Central

August

74

40,165

East South

-

74

756,066
365,092

42,800

Mountain—

July Sales of Department Stores in New York Reserve
District 13.4% Below July, 1937—Decrease of 12%
Noted
in
Sales
During First
Three Weeks of

72%

$254,377
962,105

75

South Atlantic

2,320,982

-

The

1938

Sections:

2,115,847

Ratios

1.727,225

2.256,335
2,261,725

raised to

United States:
Year to Date

July, 1938

2,133.641

mm

Aug. 20

companies

1,723,428

1.456,961
1,341,730

mm

6

Aug. 13

54

sales of all companies operating in the

represent total

2,093.907

23

July

—

2,014,702

—

Columbia, with New
fourth, respectively.
to date are given below.

policy is sold in the District of
Maryland and Delaware third and

average

second,

Sales

1937

June

-

Dakota
1937,

July,

those of

exceeded

sales

the drop in aggregate sales the average amount purchased has
slightly following a trend which has been upward since 1934.

despite
Change
1937

ahead of last year—Nevada, North

A study of the

year.

Percent

1938

said:

also

Bureau

States only are sales

bringing the year to
RECENT

of the

An announcement bearing on the report

22%.

In

during the first seven

to figures released by the

Research

Increase

Week Ended

(exclusive of group) amount¬

months of the year,
Life Insurance Sales
Research Bureau, Hartford, Conn.
This amount represents
a decrease of 22% compared with sales for the first seven
months of 1937.
For the month of July sales were also
States

United

according

2.6

Pacific Coast

FOR

and

Canada Also Indicated

off

6.7

Rocky Mountain

x

1938

ing to over $3,509,000,000 lias been placed in force in the

12.9

Middle Atlantic

DATA

of

New ordinary life insurance

PERCENTAGE

During Seven

United States

in

During July Decreased 22%
from Same Period Last Year—Amount of Sales in
Months

year ago.

Major Geographic

Sales

Insurance

Life

78%

.

81

328,867
142,804

83
94

78%

83.501.117

also announced the figures for life

Canada

for'July and the

year

to date as

follows:

"Monthly Review" of Sept. 1 that "July sales of the report¬
ing department stores in
totaled

13.4%
in

differences
average
as

by

in

less

than

number

the Second

(New York)

daily sales from

a

year

ago

was

about the

same

June, although a smaller decline had been indicated

reports

for

the early

part of July."

The

Bank also

stated:
State,

Southern New York State, Westchester and Stamford, Hudson River

Niagara Falls recorded smaller declines in average
daily sales than in June, while sales in the remaining localities registered
larger declines from a year ago than in the previous month.
Total sales
of the leading apparel stores in this district were 17% lower than last
Valley

District,

''
-

Sales Vol.
in $1,000

Alberta

-

.

— * -

-—-

New Brunswick

and




Ontario

Ratios

1938

to 1937

105%

Sales Vol.

Ratios 1938

in $1,000

to 1937

$8,882

106%

2,592

97

17,743

101

1,863

104

71

12,316
5,474

109

709

British Columbia

Manitoba—

$1,290

—

92

1,215
—

92

8,726

106

13,219

Nova Scotia——

Reporting stores in Rochester, Syracuse, Bridgeport, Northern New York

Year to Date

July, 1938

District

last year; after adjustment for
of shopping days, the decline in

95

99,970

99

225

110

932

99

7,868

92

58,662

93

Saskatchewan

794

79

Newfoundland

351

109

5,084
2,386

121

Prince Edward Island—

Quebec

Canada total

—

-

$30,126

94%

$220,175

71

98%

Financial

1402
Trend

&

Horwath

and

sales

All

The

than

de¬

average

corresponding month of 1937,

is

as

New residential

Total

the

drop of five points from the preceding month, against an average
decline in the same months for the past 10 years of only two and one-half

than

higher

were

localities held

the

total

Compared with July, 1937, there was
of family-dwelling units provided.

the

as

where

plants

tourist

business

being

were

increased

slowing

rates

figures

the

others,"

64%.

where

lower

down,

rate

maintained

the

Horwath

&

also

chief

dropped

occupancy

:'

auto¬

'V'''

IN JULY,

JULY.

1938,

COMPARED WITH

Room

Percentage of Increase (+)
or Decrease (—)

Percentage

Rate

W.

age

Same

New York

This

Month

Rooms

—10

City——

Res¬
taurant

Total

—12

—9

r

56

62

—8

—12

62

—6

—12

34

36

—16

—1 v.

+2

—20

—13

36

46

—22

—24

—18

60

74

—25

—24

—27

51

64

v—4

Pacific Coast......

—14

—15

—12

62

69

—5

...

+1

Texas..

—13

—17

—6

57

65

—5

All others

—10

—9

—11

54

60

—11

—11

—12

55

62

school

Contracts

Department
Boston,

were

—7

62

68

for

one-

school building to cost $310,000; in

a

nearly

$400,000;

in

Albuquerque,

$300,000;

in

Pocatello,

cost

Mex.,

N.

Idaho,

for

a

to cost approximately $1,200,000.

awarded by the Bureau of Yards

cost

$615,000;

Philadelphia,

in

than

Brooklyn,

in

Pa.,

to

cost

nearly $800,000;

Va., to cost
more

and Docks of the Nevy

buildings and improvements to existing buildings in

to cost

Calif., to cost

$900,000,

A

contract

was

and

awarded by

Y.,

cost

to

approximately

in San

over

in

N.

Diego,

than

more

$1,100,000;

in

Calif., to cost over

$1,100,000; in Bremerton, Wash.,

Seattle,

Wash.,

to

cost

than

more

the Veterans' Administration for

a

hospital

:

building in Dayton, Ohio, to cost over $900,000.
VALUATION

I—PERMIT

+3

OF

BUILDING

CONSTRUCTION,

TO

GETHER WITH THE NUMBER OF FAMILIES PROVIDED FOR IN NEW

DWELLINGS. IN
——6

Pa.,

to cost nearly

to

for new

Mass.,

Norfolk,

TABLE

—6

for

$1,000,000.

0

Year to date...

Queens,

building to cost $300,000, and in Washington, D. C., for store and

mercantile buildings

to

+1

Total

the Borough of

in

building to cost $500,000; in Lubbock, Tex., for store and

building

$900,000; in Vallejo,

—6

Detroit..

building

in the Borough of Manhattan, for a public works and
cost $1,000,000;

buildings

hotel

a

$1,000,000;

+1

67

—9

Philadelphia
Washington....,
Cleveland....

of
(+)

or

Last Year Dec. (—)

—10

Chicago-.

Inc.

Month

1938, to $8,046,000,

the following important

for

Va.,.for apartment houses to cost $470,000; in Montgomery, Ala., for a

for

Percent¬

during July

in Pittsburgh,

State Memorial

Occupancy

For July, .1938, the value of these

report.

Springfield, 111., for a hospital building to cost $800,000; in Springfield,
Ohio, for a Y. M. C. A. building to cost over $350,000; in Charleston,

mercantile
Sales

the

family dwellings to cost over $2,700,000, and for apartment houses to cost
over
$51,000,000; in Philadelphia, Pa., for a school building to cost
$350,000;

1937

issued

were

building to

utility

.

the

report

in

to $6,842,000.

1937,

nearly $10,000,000;

60%

from

■■■•

•

presented in their

HOTELS

IN

July,

In-Buffalo, N. Y., for an apartment house to cost $600,000; in
Yonkers, N. Y., for apartment houses to cost over $1,200,000 ; in New
York City—in the Borough of Brooklyn, for apartment houses to cost

Evidence

cause.

following analysis by cities:
OF BUSINESS

for

projects:

the 1% increase for the

is in

average

which

occupancy,

the

was

'.■Y\vV "

Horwath

TREND

and

Permits

that

indicate

average

included

cities

the

in

public buildings amounted to $19,887,000; for June,

business.

generally well

were

"all

group

to

the

brings

by the Bureau of Labor Statistics show, in addition

data collected

private and municipal construction, the number and value of buildings
for which contracts were awarded by the Federal and State governments,

of business in July did not indicate any actual weakening
and while there were small average decreases in some of

localities,

matically

—15.2

to

up

rates,

room

CMO

1

—3.1

The

On the other hand, there were hotels which
sharply over last year because of special events

increased

reported

1MM
1

—17.3

Total

of improvements and policy changes.
Opening of new
bars, conventions, increased advertising and air-conditioning
the reasons given.
Not many hotels unaffected by special

of

Excl. New York

—5.2

,

Additions, alterations, repairs

shut down for various periods.
Hotels reported less
July, the bad weather in some sections undoubtedly

business

their

some

The

N«w non-residential

because

also

conditions

that

Change from First 7 Months in 1937
to First 7 Months in 1938

of Construction

+ 5.0

of the chief causes.

one

restaurants and
were

this

months of 1938 and the

All Cities

the automobile centers of the Middle West,

those in

conditions, such as

the

Class

Many

reason.

the

in

of 1937 are indicated below:

like period

most of them giving "general business con¬
hotels were affected adversely by special

sponding month of last year,
ditions"

76%

of

increase

an

changes occurring between the first seven

The

July, 1937, whereas for

in

as

+ 5.0

large majority of the hotels reported less business than in the corre¬

A

of

+48.6

date there is still an increase of 3%.

the year to

and

figure

same

—17.8

-

-

ago in New York City, Philadelphia,
but sharp decreases in some of the other

the

at

+ 1.0

—20.6

—

year

a

"all others,"

and

+2.5

repairs

number

Washington, Cleveland, Texas and "all others" had larger seasonal
declines than usual, and the other groups, except Philadelphia, had less
than their average drop from June to July.
points.

Rates

+21.5

+ 128.8

—

New non-residential

Additions, alterations,

seasonal

Washington

Excl. New York

All Cities

the lowest fcr any July since 1934, and the
last three and one-half years.
It was a

was

in

July, 1938

Class of Construction

in the

month

any

2,500 or over:

Change from July, 1937 to

comparison of the monthly and year-to-date
except Chicago and Detroit had larger
preceding month."
The firm added:

a

at 55%,

Occupancy,
for

larger

1937, by class of construction is

July,

having a population of

1,690 cities

for

in these

June.

over

change from

percentage
below

28%

house¬

the new

provided in

units

1938

permits were issued during July

for which

This is a gain of

shown

recorded a

of

survey

groups

decreases than

lowest

the

occupancy

evident from
totals.

monthly

their

in

family-dwelling

23,184

were

dwellings

keeping
cities.

hotels, note that "country-wide hotel

in

in July from the

crease

There

Horwath

to

July Sales Below Year Ago

Horwath,

of business

trend

According

Hotels

in

Business

of

& Horwath—Total

Sept. 3,

Chronicle

IDENTICAL CITIES IN NINE REGIONS

2,081

OF

THE UNITED STATES, JULY, 1938

New Residential Buildings

Building Operations in United States During JulySecretary of Labor Perkins Reports Increase of
41% in Permit Valuation of Total Building Con/y. ■. ■
struction
■:/* ■■.

No.

Geographic Division

Families Provided for
Permit Valuation

of

in New Dwellings

Cities

June, 1938

July, 1938

July, 1938

June, 1938

,

Decided

-

increases

construction

in

featured

permit

valuations

tary of Labor Frances Perkins announced
value

of

new

residential

for

July building permit reports,

residential

Secre¬

Aug. 27.

on

"The

buildings for which permits were

issued in

July, 1938, was 79% higher than in the preceding
129% higher than in July, 1937," she said.
"Comparing the current month with June, there was an

month

and

increase

of

ings, but

a

tions and
struction

8% in the value of new non-residential build-,
decrease of 5% in the value of additions, altera¬
repairs.
Permit valuation of total building con¬

increased 41%.

These data

are

based

on

All divisions

...

New England
Middle Atlantic

8126756532 $70,160,809

2,081
140

23,184

4,034,672

779

892

18.219.148

9,951

4,568

12,724,300

2,786

2,560
1,209
2,214

East North Central

468

West North Central

202

4,440,945

1,092

South Atlantic

272

8,050,873

8,920,892

2,252

89

1,232,674

1.231.681

455

444

130

4,383,092

5.058.682

1,478

1,704

89

1,821,574

1,522,340

481

506

207

13,294,148

14.008.149

3,910

4,069

484

East South Central.....
West South Central
Mountain

Pacific

Percentage change

+27.6

+ 79.1

(Incl.

Buildings

reports

Permit

Valuation

having

aggregate population

an

Alterations,

and

Repairs) Permit Valuation

There

was

an

ings, comparing July,
value

of

period.

additions,

However,

July, 1938
All divisions

increase of

3% in the value of

non-residential build¬

new

there

was

and
an

repairs

increase

by

decreased

49%

of

in

21%

the

first

seven

months

of

1938

permits

were

issued

permit

West No. Central..

1,404,998

South Atlantic.:

8,910,963
1,049,978
3,380,873

9,045,875
892,235

19,897,103

3,067,000

20,868,556
2,917,985

5,183,402
2,082,654

5,354,064

9,359,690

11,492,325

3,276,096

737,649

697,978
4,196,719

33.161,337

3,217,846
21,951,426

1,167,670
5,225,861

in

the

reporting to the Bureau for buildings valued at $978,183,000.
This
as compared with the corresponding period of 1937.
new residential
buildings, however, increased 5% comparing
these two periods.
There was a decrease of 5% in the value of new non¬
a

decrease of 3%

The value of

residential
and

buildings

and of

17%

in

the

value

of

additions,

repairs.

for

Pacific

—

Percentage change.

$1,514,202

10,740,071

13,085,603

6,376,680

5,729.840
2,256,475

9,351,867
+ 7.6

$10,356,623
93,448,093
25.742,887
7,081,704

26,083,751

$8,248,844

5,466,807

40,529,305 18,070,038

23,213,027 14,867,461
4,529,072
8,323,076

+40.8

Twelve Percent Decrease Noted in Bank Debits

making available the report the Department of Labor
also had the following to say:
the

Wast So. Central...
Mountain

84,056,990

alterations

In

The

lation

of 1930)

East No. Central..

cities
is

June, 1938

846,010,069 842,772,991 $198,198,188 $140,762,384 59,869,061

East So. Central

the

1938

The

valuation.

During

July,

this

over

total

June, 1938

New England
Middle Atlantic

1938, with the corresponding month of 1937.

alterations

Popu¬

(Census

Miss Per¬

of 59,870,000."

----

Total Construction

New Non-residential

received by the Bureau of Labor Statistics from 2,081 cities
kins also stated:

18,166

3,516,968
75,100,985
14,269,540
3,986,678

.

percentage change from

various

classes

of

2,081 cities having

June

construction
a

population

to

July in

is

indicated

of

1,000

or

the
in

permit valuation of
the

following

table

over:

Change from June, 1938 to July, 1938
Class of Construction
All Cities

New residential
New non-residential

Additions, alterations, repairs..............
Total......

Excl.New York

+79.1

——........ ..........




—1.1

+ 7.6

+ 14.8

—4.7

+2.7

+ 40.8

+4.4

Debits to individual accounts,

as reported by banks in
leading cities for the week ended Aug. 24, aggregated
$6,570,000,000, or 10% below the total reported for the
preceding week, and 12% below the total for the corre¬
sponding week of last year.
Aggregate debits for the 141 cities for which a separate
total has been maintained since January, 1919, amounted
to $6,047,000,000, compared with $6,713,000,000 the pre¬
ceding week and $6,844,000,000 the week ended Aug. 25

of last year.
These figures are as reported on Aug. 29
of Governors of the Federal Reserve System.
,

by the Board

36571——CRPBAhhotcliisalatmodgtneo.nlpdhia
Volume

Financial

147

SUMMARY

19—MDainl esapolis

BY

.

As

Week Ended—

of

Incl.

$399,497,000

$336,934,000
2,899,745,000
323,699,000

25

3,054,293.000
554,316,000

255,497,000

383,969,000

24

$399,353,000

3,165.934.000
368,896,000

18

232,388,000.

15

354,708,000

26

187,586,000

870,074,000

981.584,000

1,110,175,000

16

.

429,924.000
267,231,000
214,896.000

41

_

182,246,000

216.622,000

211,237.000

loss in the second quarter of this year, and the railroad

a

a

Aside from these deficits, the largest percentage declines in profits

quarter.
between

the

second

of 1937 and

quarters

1938

in the automobile,

were

building supply, household equipment, and machinery and tool groups.
The accompanying table also shows earnings in the

393

industrial

and

mercantile

available back to 1932.

companies whose

This list is

161,221,000

167,421,000

272,536.000

281,158.000
193,252,000

pilation, having in addition to those

187,524,000

29

577,171,000

643,942,000

668,663,000

The aggregate profits shown by this group for the first six months of 1938

$6,570,199,000

$7,309,807,000

$7,456,492,000

of corporations

were

which

make it

recorded

total

in the

by the group in the

of

somewhat similar level.

The

year, as against net
were

principally reflects the absence this year of

year

of the special dividends

which

were

1937 and smaller extra

paid in

dividends and reduced payments by other members of the group.

third

normally

Oil Co.

California,

Oil Co. of

Kentucky, South Penn Oil Co. and several of the pipe line

making

in

payments

Oil Co.

Standard

the

quarter.

Standard

of Indiana,

panies are distributing less than at this time last year.

Co., Bumble Oil &

the

profits

same

five groups of companies that showed

tising

publishing,

and

com¬

Socony-Vacuum

Refining, Atlantic Refining, Standard Oil Co. of

Ohio and Chesebrough Manufacturing Co. are among the companies which

declared similar amounts to date this year as in the corre¬

profits in the automobile, adver¬

chemical

supply,

building

companies, however, showed sizable increases in profits over the 1934 level,

and

amusements,

petroleum concerns.

Of the individual

14.7%

companies included in the table,

number for the second quarter, and 13.5%

increased their profits, converted last year's deficits into
reduced last

or

total for

the

year's deficits.

second

half yea;,

year,

or

Second

Third

Quarter

this year as against

increased the size of last year's losses.

$80,623,933

$25,427,903

25,437,708
19,872,088

last

year.

$75,000,000.

In the first quarter the deficit

had amounted to $106,000,000, so that the deficit for the half year reached

than in the first half of 1932 and $30,-

or

000,000

than for the full year 1932, which was the previous low year

more

$56,000,000

for railroad earnings.
cate that

only

seven

more

Latest available data for individual railroads indi¬

of the 47 companies which have annual operating reve¬

above $25,000,000 had any net income, after

nues

in the first five months of this year.

depreciation charges,

Net operating income of 91 large tele¬

phone companies and net income of 64 other public utilities were somewhat
smaller than last year, both for

the second quarter and the first six months.

First Six Months

94,996,530
74,817,051

31,984,248

$122,051,280

29,911,506

63,821,486

17,653.161

114,399,982
70,516,298

Corporation Group
1932

1934

24,312,981

58,908,391

32,406,332

34,527,547

19,546,576

67,289,092
42,457,920

1932

46,801,053

46,278,873

43,858,468

44,112,501

1931

63,101,797

57,843,467

51,263,688

48,530,230

1930

66,687,168

68,555,901

68,271,015

83,012,644

18,582,065

*

Does not include 1,399,345 shares of Mission Corporation distributed by Stand¬
ard Oil Co. of New Jersey.

Equivalent payments were made in the preceding two

quarters,

third

and

quarters

were

Standard

paid.

of Indiana and

Standard of Kentucky have paid only the regular dividend of 25c. per
in

each

quarter

this year.

Last

year,

Indiana

share each in the first and second quarters

share

paid extras

share

of 15c.

per

and an extra of 25c. per ihare

in the third quarter,

while Kentucky paid extras of 15c. per share each in

the second and third

quarters of 1937.

South

of 3714c.

share for the third

a

quarter compares

with total payments of

50c. per share each in the first and second quarters when extras of 12He.
each

were

77He.
Union

Last

paid.
share,

per

year,

respectively,

in

the

first,

second

third

and

quarters.

quarters compare with 40c. per share previously paid, while Buckeye Pipe
in

the

preceding

quarter,

75c.

per

share in

the

first

$1.00 per share in each of the first three quarters last year.

quarter and

share as compared with

per

1.9

4.8

4.5

6.8

3.3

23.1

1.6

71.0

149.4

26.9

9.6

19.5

—1.3 —12.1

21.2

53.7

—3.9

-2.0

—0.6

0.8

—2.7

—0.6

1.3

4.3

9.2

9.2

10.2

i-

previous

payments of

$1.00

per

2.4
5.8

14.1

-3.1

1.9

10.3

1.0

—4.3

4.7

22.2

11.6

25.5

48.7

19.3

32.5

53.3

91.6

41.5

Clothing and textiles—.

-3.5

0.3

0.2

—0.6 —15.5

2.8

9.7

—8.1

Coal and coke—.

-0.6

0,5

0.6

—0.7

—1.6

2.1

0.4

—1.7

0.1

8.1

25.8

9.1

2.6

12.4

48.5

19.2

18.3

19.4

22.3

21.0

45.6

46.8

47.5

45.9

0.2

8.7

Food

.

equipment

products

5.4

4.8

7.2

Chemicals and drugs

3.4

(excluding

bakery products)
Household equipment

-0.8

1.1

1.7

—3.2

15.5

29.2

Machinery and tools

—2.4

3.5

11.8

2.2 —10.4

4.7

29.1

8.2

0.8

10.1

24.3

9.8

—1.5

27.1

•65.6

31.2.

4.5

18.9

(ex
eluding coal and coke).
Motlon pictures & amuse¬
Metals

and

mining

1.7

6.0

—4.6

12.2

28.8

Office equipment-..-....

1.0

3.4

5.1

3.5

3.0

6.3

10.0

Paper and paper products

0

0.8

1.8

0.9

0.5

2.2

4.8

2.8

14.4

45.8

28.1

16.7

30.5

93.0

60.2

—0.9

—4.5

-1.0

-6.3

ments

Petroleum-..

15.5

....—

-1.4

1.3

8.3

-35.8

20.2

68.6

0.7

1.3

0.8

Miscellaneous.

2.0

3.4

Total (265 cos. 2d quarter.

2.2

175.8

Steel
Tobacco (cigars)

—

22.4

34.4

15.6

15.3

140.6

-15.1

0.8

1.3

1.8

1.3

1 3

5.4

1.8

0.6

4.4

13.4

3.3

406.0

122.0
-1.8

—.

Class I railroads,

368.8

909.4

282.5

-74.9' -125.3

-23.2

net

91

23.5

-70.5

income----....-.-

telephone cos., net op¬
49.4

erating income

—1.0

3.0

1393 cos. 1st half —
141

18.9

7.4

—9.9 —68.0

Retail trade........—.

Eureka Pipe

Line also reduced its dividend this quarter, having declared a payment

50c.

3.4
88.5

-1.5
—

Building supplies

Line Co.'s dividend of 25c. per share this quarter compares with 50c. per
share

1938

2.8

Bakery products..

share in the last two

a

1037

42.3

South Penn paid extras of 22Ho., 37Hc. and

Tank Car Co.'s quarterly payments of 30c.

1934

ac¬

cessories

Aviation

Railroad equipment

Penn Oil Co.'s declaration of only the regular quarterly dividend

1932

1.9

Automobile parts and

of 10c. per share in addition to the regular quarterly dividend of 25c. per

while last year extras of 5c. per share in the first and 20c. each per

1938

0.5

publishing—
Auto mobiles

Electrical

Standard of California declared for the current quarter an extra dividend

1937

1&34

printing and

Advertising,

1933

second

For the first

The combined net deficit after all charges of Class I railroads during the
second quarter amounted to

Quarter

*18,122,737

the

year,

of the

for the first six months, either

of the companies tabulated reported deficits, as compared

39%

with only 7%

Fourth

Quarter

$23,550,943

1935

profits this

The remaining companies, 85.3%

quarter and 86.5%

had smaller profits than a year ago, suffered deficits

profits last

of the total

for the first six months, either

Second Quarter
First

1936.

household

(Net profits in millions of dollars)

Quarter

1937

drug,

and

A number of groups of

notably, electrical equipment, machinery and tools, motion pictures and

The record of quarterly disbursements in recent years follows:

1938

com¬

due to deficits suffered by some groups

was

equipment, retail trade, and cigar company groups.

sponding period of last year.

.

The adverse

those reported for the second quarter.

same as

the half

and the other large declines in profits

a year ago,

$181,000,000,

companies

Standard

of

1934 when general business activity was at

this year and to substantial declines in

quarter and for the first nine months this year as compared with

last

reporting quarterly, a number

deficits for the second quarter of this year registered deficits for

parison with the 1934 period

of payments

concerns

practice to issue semi-annual reports.

a

69% below the total for the corresponding period of last year and 23%

under the first six months

the similar periods

in

first half year for

earnings statements are

inclusive than the quarterly com¬

more

274

decrease

share.

steel, continued

deficit in place of the net profit of the first

174,900,000

companies of the Standard
of 1938 are estimated at
$25,427,903, a decline of 20.5% from the total of $31,984,248
distributed by these companies during the third quarter of
1937, according to figures compiled by Carl H. Pforzheimer
& Co., members of the New York Stock Exchange.
Aggre¬
gate cash disbursements of the group for the first three
quarters of the current year will total approximately $129,602,779 compared with $152,418,486 in the first nine months
of last year, or a decline of 15%.
In noting the foregoing, an announcement in the matter,
made public Sept. 1, also said:

or

operate at

equipment group also sustained

158,138,000

Below Similar 1937 Period

paid

companies—automobile parts

of

243,349,000

Cash dividend payments by the
Oil group for the third quarter

have

the aviation companies and the bakery

groups

clothing and textiles, coal and coke, and

206,419,000

Estimated Dividend Payments by Companies of Stand¬
ard Oil Group for Third Quarter Declined 20.5%

Oil

Four

ago.

and accessories,

a

the

year

18

Total

Of

a

17

12—San Francisco

some

in the first quarter,

case

28

10—Kansas City

current

the

to

Aug. 25, 1937

Aug. 17, 1938

Aug. 24, 1938

17

8—St. Louis.

The

was

pared with

Centers

York

4—Cleveland

1403

Chronicle

DISTRICTS

products group showed gains in profits during the second quarter as com¬
No.

Federal Reserve District

2—New

FEDERAL RESERVE

58.6

69.3

57.4

96.(

118.9

102.8

118.8

142.3

122.0

52.8

55.2

38.9 -181.3

-.

of

share

other

64

public

utilities,

net income

—

65.5

142.3

quarterly.
*

Standard Oil Co. of New Jersey; Imperial Oil, Ltd.; International Petro¬
leum

Co.,

Ltd.,

and Creole

Petroleum are among the

companies

on

—Deficit.

Not available.

a

semi-annual dividend basis with payments in the second and fourth quarters
which

accounts

for

the substantially

lower totals for the first and third

of New Jersey, however, paid an extra dividend
to the

Secretary of Labor

With the exception of Standard Oil Co. of New Jersey, these

quarters.

companies made the same payments last June as the year before.
of 50c.

per

ment

Standard

Workers

share in addition

regular semi annual dividend of 50c. per share in June this

Weekly

year as

(Corporate)

Profits During Second Quarter
of 1938—Net Earnings of 265 Companies Reported

70% Below Same Period Last Year by New York
Federal

Reserve

Bank

"Monthly Review" of Sept. 1, the Federal Reserve

Bank of New York stated that

"combined second quarter

profits, less deficits, of 265 industrial and mercantile
companies whose earnings are available on a quarterly basis
back to 1932 showed a decline of 70% from the corresponding
net

period
were

a year ago.

somewhat larger than in the first quarter, but the rise

appears

this

Aggregate profits in the second quarter

to have been less than seasonal and consequently
seasonally adjusted index of business profits

with the seasonally
adjusted index of industrial production." Continuing, the
Bank also had the

following to




say:

Pay

Approximately 40,000 factory wage earners were returned
employment in July, and weekly factory payrolls in¬
creased by nearly $500,000, marking a definite improvement
in

the

employment situation,

Secretary of Labor Frances

reported on Aug. 23.

"Gains of 0.7% in factory

payrolls were reported, although
factory employment normally declines by about 1% and
payrolls by about 4% in July," she said, continuing:

employment and of 0.4% in

compared with last July, factory forces were

As

reduced by one-fourth

earners' payrolls were one-third smaller.
Railroads took on 14,000 more men in July and the seasonal curtail¬
ment in
retail stores was smaller than usual.
Reductions in working

and

wage

forces

bank's

declined slightly further in consonance

Factory

Situation—40,000 Factory
in July and
Rolls Increased by Nearly
Employment

to

Perkins

In its

Perkins Reports Definite Improve¬

Employment
Returned to

$500,000

compared with extra dividends of 75c. per share last year.

Business

in

in

mines

continued.

Non-agricultural employment usually declines by about

140,000 workers

practically no change.
principal increases in factory forces were in the non-durable goods
industries, in which employment expanded by more than 3%, principally

in

July.

The

This year it is estimated that there were

Financial

1404

goods industries, in
industries, such as
canning.
Many of the heavy manufacturing industries continued to reduce
employment, and in the durable goods group as a whole there was a
decrease of 2.4% in the number of wage earners.
The most pronounced
because
men's

of

losses

implement plants; automobile plants, which laid off 22,100
during model changes; railroad car-building shops; foundries and machine
shops; engine and tractor plants, and in the manufacture of hardware,
glass and electrical machinery.
A
small number of wage-rate reductions were reported in 34 manu¬

AND PAYROLLS

EMPLOYMENT

OF

NUMBERS

IN

MANUFACTURING INDUSTRIES
(Three-Year Average

1923-1925=100.0)
Payrolls

Employment

Manufacturing Industries

xJuly,

June,

July,

xJuly,

1938

1937

1938

July,

June,

1938

transportation equipment, in particular, in

machinery and

in

were

6hoes,

and

INDEX

in the woolen and cotton
and in the seasonal food

reemployment

clothing

Sept. 3, 1938

Chronicle

1938

■

facturing

whose

affecting

industries,

3,400,000
The

most

workers received

30,000

of a total of
Labor Statistics.
in which nearly
cuts, and in mills making paper and pulp,
43,800

wage

76.4

There

cite

and other important wholesale lines,

food, petroleum

20%,

off

laid

which

mines,

than seasonal reductions

greater

were

16,000,

or

resulting

wholesale trade as a group.

of 10,000 employees in

net reduction

a

not

Bituminous coal mines reduced
their forces seasonally
by 2%, affecting 7,000 workers.
The railroads
increased
employment for the second successive month, and brokerage
houses added employees for the first time since last November.
Private building contractors employed somewhat larger crews than in
June, and work on public road projects, both State and Federal, again
expanded.
There was a small decline in employment on those Public
Works Administration projects which are in process of completion.
Works
Progress Administration had 196,000 more persons engaged on its projects
in July than in June, and the Civilian Conservation Corps took on 22,000
metal

6,000 were laid off.

mines, where

young men.

steel works, and

Blast furnaces,

rolling mills

employment in private industry in
July.
The hiring of large numbers of workers by cotton and woolen mills
was
the chief factor in the gains reported by Massachusetts, North and
States

reported

more

Maine, and Rhode Island.

South Carolina,

States

reporting

Illinois, Ohio,

issued

announcement

by

United

the

States

Depart¬

(Office of the Secretary), from which Sec¬

retary Perkins's remarks are taken, also contained the fol¬

lowing regarding employment conditions in the manufactur¬
ing and non-manufacturing industries:
Manufacturing Industries

and

(not including silver
plated cutlery) and edge

Change—

—% Change—
June-July—

'

Durable (Hoods

Employ-

Tin

Non .durable Goods

Pay-

ment

rolls

Industries—

Employ-

Mlllwork...

plants

to

changes,

reducing

further

decline

seasonal.

of

Among

ployment

the

are

20%

inventories.

Steam

the

in

80.5

71.0

in

by

plants

steel

showing

82.9

work
Tin

this

Machinery,

not

1920
1921

water

wheels.

1923
1924
1925

..

1927
1928

;
--

..

__

..

--

75.2

121.0

64.8

67.3

124.1

104.4

151.6

85.4

95.0

155.0
114.8

75.7

112.5

63.9

65.8

108.8

152.7

81.9

86.1

159.3

92.2

196.8

77.3

75.1

166.1

56.1

86.2

46.0

46.8

112.3

152.3

78.3

80.2

145.6

62.3

119.9

51.9

57.7

117.5

698.5

89.5

790.7

631.8

655.7

682.7

61.6

130.4

47.7

53.7

123.6

28.6

71.6

27.0

31.1

22.2

30.5

62.5

13.5

19.6

50.5

91.2

92.9

100.2

103.9

108.9

111.7

40.4

Automobiles

715.2

56.1
26.0

Aircraft

39.9

63.8

40.7

41.0

63.5

—

Cars, electric & steam-railroad.
Locomotives...

Shipbuilding..

shops

83.4

59.3

59.8

63.3

64.2

66.2

39.0

38.4

63.8

39.1

39.2

63.3

Non-ferrous metals & their prods.
Aluminum manufacturers.

78.2

79.6

111.5

65.4

65.5

105.3

91.7

91.5

131.5

86.5

84.8

134.5

Brass, bronze & copper products

82.5

82.0

119.0

72.4

67.2

116.7

88.5

86.8

114.8

65.8

63.4

108.4

Electric railroad

!
....

Clocks

and

67.0

....

Steam railroad...

watches and

time-

77.2

75.8

90.8'

54.6

53.7

67.8

58.3

59.6

91.5

48.4

49.6

88.8

58.8

67.7

73.8

44.4

52 0

66.9

66.6

68.4

91.8

57.4

61.0

87.2

96.6

Silverware and plated ware

Smelting and refining—Copper,
lead, and zinc

151.0

79.2

84.8

146.2

54.2

54.2

72.9

45.7

48.1

67.3

64.9

64.5

87.9

48.1

49.7

73.9

Mill work...

45.9

45.1

57.3

43.6

42.4

54.8

Sawmills..

41.3

41.6

56.3

34.8

38.1

52.8

55.7

57.2

71.7

48.3

51.3

66.1

Brick, tile and terra cotta

40.3

39.8

53.8

32.2

32.5

Cement

65.0

63.5

69.7

65.9

65.9

72.4

74.2

79.5

107.9

68.5

77.1

108.6

37.6

37.5

44.4

32.3

32.7

38.4

64.8

68.3

72.8

47.1

54.0

59.0

82.5

Stamped and enameled ware..
Lumber and allied products
Furniture

90.5

Lumber:

Stone, clay, and glass products..

Glass

Marble, granite, slate & other

products
Pottery

46.2

Non-Durable Goods
89.6

83.3

80.4

102.0

71.2

64.0

96.7

+33.4

Cotton goods

+11.1

+3.1

Textiles and their products
Fabrics
......

•Cotton small

.....

wares.........

Dyeing & finishing textiles..

Agricultural
was

for model

11.3%.
was less

The

than

decreased

em¬

75.4

96.0

67.6

69.0

90.4

96.8

97.8

109.1

78.9

76.7

94.1

62.2

74.4

55.4

83.9

40.8

80.8

100.5

99.7

116-3

94.8

96.1

112.6

Silk and rayon goods

54.2

53.5

79.7

42.1

41.2

67.4

Woolen and worsted goods..

65.9

58.3

80.7

53.8

45.4

86.9

86.9

102.0

58.9

54.6

73.8

82.5

72.2

107.4

57.5

43.2

86.4

108.9

118.7

117.0

69.9

72.0

71.3

76.5

80.2

Knit goods

Wearing apparel

Clothing, men's
Clothing, women's

71.8

71.1
77.9

82.1

96.6

42.9

38.8

23.3

28.0

23.8

106.8

113.4

75.1

80.2

95.9

86.7

78.5

96.3

68.5

55.1

84.6

90.7

Boots and shoes

88.1
129.7

101.3

Millinery

85.5
112.4

35.6

Men's furnishings

82.0

109.8

Corsets and allied garments

Leather and Its manufactures

% Change

85.5

74.6

80.8

98.0

66.1

49.6

79.8

104.0

„

79.3

76.1

117.7

111.1

131.6

130.4

—11.7

10.1 Cigars & cigarettes..

—5.9

—4.6

Beaverages

219.0

212.7

234.4

259.0

245.0

—5.2

—6.3

Butter

—3.7

—7.5

j.

...

Pay¬

ment

rolls

Leather
Food and kindred products

128.3
134.9
i

284.8

90.5

90:2

97.3

75.4

75.1

78.1

172.4

110.6

209.8

163.6

107.1

245.0

65.0

67.5

69.2

62.1

67.2

64.3

—2.8

-3.7

Canning and preserving
Confectionery...

—2.1

-2.9

Flour

75.2

72.8

77.9

78.3

74.4

79.6

-2.1

Ice

85.8

83.2

93.2

80.7

77.6

85.6

Slaughtering & meat packing..
Sugar, beet

85.9

"84.8

89.9

98.3

95.6

46.0

42.1

52.9

50.5

49.8

56.0

Sugar refining, cane

73.5

75.9

81.0

71.3

72.1

80.9

Tobacco manufactures

57.1

60.3

60.6

52.7

55.2

55.8

54.5

55.1

55.4

65.8

68.2

66.0

57.3

—0.2

of

Confectionery _■

....

factory employment and payrolls are computed

base

used

taken

in

based

computing
100.

as

variation.
are

indexes of

The
upon

indexes is the threeBureau's
indexes are not

these

The

preliminary

figures

data

received

factory employment

years,

given for
23,486

from

July,
manu¬

and

payrolls from June

1919 to 1938:

.....

cream

In¬

Year

De¬

crease crease

In¬

and snuff

Boxes, paper

Year

crease crease

Year

De¬

0.5

1919..

crease crease

1929..

2.9

3 7

54.5

60.9

61.2

51.1

53.6

96.8

97.2

106.0

91.6

91.4

101.6

88.9

Cigar and cigarettes

Paper and printing

88.6

102.2

88.6

86.3

100.3

104.2

104.5

119.5

98.3

96.4

119.2

Book and Job

88.8

87.8

95.6

81.3

80.3

90.1

Newspaper and periodicals..
and allied
products,

99.8

102.2

103.2

97.2

99.8

99.8

104.1

103.9

124.3

114.2

114.8

136.8

Paper and pulp
Printing and publishing:

Chemicals

Druggists' preparations

Explosives

100.6

100.6

123.5

107.7

108.0

134.9

107.7

107.7

139.5

116.3

117.2

153.9

49.5

47.9

41.8

45.9

42.9

35.3

103.3

103.7

106.2

112.8

114.8

112.0

85.2

Other than petroleum refining
Chemicals

In¬

De¬

99.9

Chewing and smoking tobacco

and petroleum refining

Payrolls

84.9

95.3

92.4

89.3

103.8

57.1

62.3

69.8

63.0

66.3

77.1

Paints and varnishes

114.6

116.7

136.3

113.9

118.2

138.3

Rayon and allied products..

289.8

284.2

401.0

266.1

258.1

392.9

1930-.

3.6

1920..

3.9

1930..

8 6

1931..

1.4

1921..

5.0

1931..

4 9

1932..

3.4

1G22-.

2.8

1932..

7.6

1933..

1923..

4.0

1933..

1934..

1924..

74

1934..

7 1

Rubber boots and shoes

1925..

1.9

1935-.

1

3

Rubber goods, other than boots,

1926..

4.2

1936..

1

1

shoes, tires, and inner tubes.

1927..

3.9

1937..

1928..

2.6

1938..

_

_

6.7
2.9

.1

..

..

146.7

57.5

1935..

.4

1.0

1936..

1.2

1.1

1937..

.3

.1

1938..

.7

_

7 5

93.4

Soap
Petroleum refining
Rubber products

'

1926

115.8

112.8

Typewriters and parts...

3.2

__

118.3

56.3

Textile machinery and parts—

1.0

..

137.1

94.9

Machine tools

Radios and phonographs

1.9
..

172.5

121.9

74.2

2.3

—

..

141.0

103.7

1.5

—

105.8

94.7

1929..

1922

138.6

136.7

De¬

2.6

..

133.6

117.2

92.3

and supplies

Engines, turbines, tractors, and

Fertilizers
1919

76.9

Electrical machinery, apparatus

Cottonseed—Oil. cake & meal
In¬

73.3

124.9

Employment

crease crease

129.9

73.9

July in each of the 20

Year

171.6

86.0

122.6

Including trans¬

portation equipment
Agricultural Implements
Cash registers, adding machines
and calculating machines...

132.1

1923-25,

general

107.6

85.8

+18.4

establishments

Statistics

65.2

78.6

97.0

djniploying 3,430,084
workers,
whose weekly
earnings during the pay period ending nearest July 15 were $75,021,116.
The following table lists the
percentage changes in the Bureau of Labor
to

61.7

175.9

93.4

and saws)

107.3

indexes

report

102.0

73.1

machine tools, files

Wlrework

75.6

....

seasonal

122.0

46.7

from^ returns supplied by representative establishments in 89 manufactur¬
for

82.3

95.1

133.0

Foundries & mach. shops
Steel mills

in

50.4

115.8

11.1

facturing

53.2
100.2

Baking

11.3 3hirts

1938,

80.6

114.8

........

and other tinware

cans

Tools (not Including edge tools,

—2.9

—6.6

adjusted

82.2

—8.3

—8.9

average,

103.5

58.3

24.9 Women's clothing...

....

year

73.2

98.3

70.9

53.5

62.0

Employ-

Industries—

Glass

The

90.1

69.8

fittings.

Stoves

60.3

—June-July—
Non-durable Goods

Automobiles

industries.

56.2

94.9

71.9

56.2

—

rolls

ment

Agricultural implements.
Engines

ing

104.6

67.4
46.4

—20.3

Industries—

The Bureau's

74.5

55.5

46.7

67.2

down

—% Change—

Electrical mach inery

77.0

107.8

Structural & ornamental metal-

Shirts and collars

June-July
EmployPay¬

92.6

56.8

63.6

53.1

■*

65.3

following:

Durable Goods

80.4

58.8

78.0

28.4

heating

hot-water

and

58.0

48.9

99.8

production

as

shut

payrolls

industries

important

more

earners,

and

employment

28.7

93.3

98.0

+1.9

wage

8.9%

by

72.3

57.7

100.0

except for seasonal

employment,

Automobile plants

employment

0.2%

fewer

49.1

70.7
40.7

53.1

+3.7

+5.5 Cotton

reported

reduce

84.0

59.7

57.1

reductions, occurred in the durable goods group of industries.
implement

93.6
53.7

39.3

Hats, fur-felt

eurtailed

52.3
41.0

+12.4

-

+2.9 3hoeSi...

in

50.0

41.6

76.5

+13.0

+0.1 Wool

losses

87.8

69.2

80.2

+52.7
+33.1

the major

132.4

58.8

57.3

79.7

+14.3

Rayon

Again this month

113.5

59.0

67.3

+55.9

+2.9 Men's clothing

+1.6

;

57.4

57.7

Carpets and rugs

+5.4 Canning

+1.8

Structural iron

56.1

119.9

■ -

Plumbers' supplies..

rolls

+2.9
+2.3

107.6

78.8

............

Forglngs, iron and steel
Hardware

Pay-

ment

Industries—

+5.3

cans

Radios

Cement

73.1

57.1

tools

recording devices.,.

—June-July-—

%

100.0]

Lighting equipment

increased contra-seasonally

employment

78.8

Jewelry
,

by 0.7% and payrolls
by 0.4% between mid-June and mid-July.
An increase at this time of
year is unusual.
Employment normally declines by about 1% and payrolls
by about 4%, because of the July 4 holiday and mid-year inventory shut¬
downs.
As measured by the preliminary indexes of the Bureau of Labor
Statistics for July, the number of wage earners employed was 76.4% of
the
1923-25 average and
their payrolls 67.5%.
The principal employment increases in July were in the textile, clothing
and
leather industries, in food processing, and in the manufacture of
building materials.
Most of these gains were greater than seasonal or
contra-seasonal.
The more important increases are listed below:
Factory

82.6

Cutlery

Railroad repair

An

ment of Labor

104.1

55.4

Transportation equipment

declines in employment were Michigan,
Indiana and Alabama.
Curtailed operations
in coal mines, metal mines, automobile plants, and establishments manu¬
facturing machinery contributed largely to these reductions.
the

Among

Pennsylvania,

86.7

58.7

and rivets

Foundry & machine shop prods.

Twenty-six

100.7 i

72.3

and their products,

including machinery

apparatus and steam

in employment in anthra¬
of their workers, and in

100.4

58.1

Durable Goods
Iron and steel

employment declines were largely
seasonal.
The release of nearly 90,000 workers from retail stores, a
decline of 2.7%, was the smallest decrease in any July during the past
nine years.
Country buyers and wholesale firms dealing 4m farm products
reduced
their forces sufficiently to offset small
employment gains in
in

67.2

55.6

78.6

Non-durable goods

Bolts, nuts, washers,

groceries,

67.5

98.9

89.4

Durable goods

Cast-Iron pipe

In

101.4

65.8

—

woolen

goods, and carpets and rugs.
the non-manufacturing industries

75.9

64.2

All industries

out

earners

wage

employers reported to the Bureau of
reductions were in cotton mills,

widespread

j

1937J?

agricultural




--

2 4
.4

Rubber tires and

Inner tubes..

91.7

102.4

109.0

107.1

116.9

118.5

117.6

127.5

135.4

136.6

143.1

68.1

70.6

96.2

62.6

63.2

96.8

40.8

53.5

61.8

32.4

41.0

54.7

103 2

102.7

136.7

94.2

92.7

135.8

61.7

62.2

89.7

59.0

58.4

93.6

July, 1938 Indexes preliminary, subject to

revision.

Volume

Financial

147

16

non-manufacturing industries surveyed,

ment and
from

for

1929

for

the

is used

1937,

Information for earlier years is not

available from the Bureau's records:

INDUSTRIES

1938,

NON-MANU¬

IN

PAYROLL TOTALS

JULY,

COMPARISON WITH

AND

JUNE, 1938, AND JULY, 1937

For

the

Index

June,

1937

—0.7

86.6

Trade—Wholesale

June,

—1.3

1938

General

building materials

for the

the index

Lumber advanced 0.2% because of higher
declined.

Yeliow pine timbers

Lower prices for chinawood

materials subgroup to decline

for last week.

Fertilizer materials also averaged

0.1%

lower

73.7

—0.1

—6.3

—2.7

—7.2

68.2

—4.1

—8.1

80.6

—1.3

—7.7

79.5

—2.4

—6.9

65.6

—1.3

—6.1

Telephone and telegraph..
Electric light and
power

74.9

+0.2

—6.0

90.8

—0.1

92.6

+0.4

—5.0

98.3

—0.3

70.1

—0.4

—1.6

68.9

—1.1

44.6

—20.3

—17.8

20.2

—59.4

—47.2

Bituminous coal

78.6

—2.0

—16.1

57.3

+0.4

Metalliferous

—9.2

—38.2

38.8

—15.6

—50.1

Quarrying & non-metallic

44.2

+ 1.4

—20.3

37.2

—0.1

—26.7

72.9

+0.1

—7.1

67.8

+ 0.3

—3.9

(1926—100)

—26.3

50.7

weeks and for Aug. 28, 1937, Aug. 29, 1936

Aug. 31, 1935 and Sept. 1, 1934.

—2.8

Mining—Anthracite

modities for the past five

the main groups of com¬

—1.4

and manufactured gas..

stationary.

Wholesale prices of both furniture and furnishings were

The following table shows index numbers for

—4.2

—1.9

Other than general mer¬

chandising

drop

because of lower

remained unchanged at

The index for the housefurnishing goods group

87.8.

88.1

merchandising.

week

Average prices for brick and tiie, cement and structural steel were

same as

0.1%.

1937

x

81.3

Retail

consecutive

prices for tankage.

July,

1938

July,

July,

1938

fue1

unchanged at 77.6.
week.

was

Declining prices for vegetable oils caused the chemicals subgroup to

Index

x

fourth

and linseed oils caused the paint and paint

P. C. Change from

P. C. Change from

July,

It

whole.

a

as

and flooring, and red cedar shingles

0.4%.

1938

group

has been unchanged, 89.3.

group

the

Payrolls

Employment
Industry

materials

prices for yellow pine lath, oak and poplar lumber.

INDEXES OF EMPLOYMENT AND
FACTURING

lighting

Anthracite, bituminous coal and coke prices did not change from last

computing the index numbers

the index base, or 100, in

as

non-manufacturing industries.

Declining prices for Oklahoma gasoline did not affect the index for
and

The 12-month average

shown below.

are

remained unchanged at 65.3.

indexes of employ¬

with

payrolls for July, 1938, where available, and percentage changes

June, 1938, and July,

1.0% in raw silk and silk yarns with the result that the group index

of

Non-Manufacturing Industries
The

1405

Chronicle

-

Public Utilities;

Aug.

Aug.

Aug.

Aug.

20.
1938

1938

13,

1938

Aug.

July

Aug.

Aug.

Sept.

1.

30,

28,

29,

31,

1938

1937

1936

1936

1934

6,

27.
1938

Commodity Group

—3.8

Electric railroad & motorbus operation <fc maint..

Crude petroleum pioduclng
Services:

72.0

72.2

73.6

74.1

85.3

82.6

86.0

76.6

Hides and leather products..

92.4

92.5

92.6

92.2

92.6 108.7

94.3

90.4

84.5

Textile products

65.3

65.3

65.6

65.6

65.7

76.1

70.3

70.9

71.3

77.6

77.6

78.0

77.7

77.3

79.1

76.1

75.4

75.1

....

86.4

86.0

85.9

+0.9

89.3

89.3

89.3

96.6

86.1

85.3

86.3

—2.9

89.3

89.2

—7.3

Building materials

77.1

77.1

77.2

81.2

80.3

79.0

76.3

z

—21.7

77.0

+ 3.9

77.4

87.8

87.8

87.1

92.7

82.6

81.8

82.9

—3.0

87.9

+0.3
+ 0.9

87.8

z

72.3

72.1

72.3

72.3

72.6

77.0

71.6

67.1

70.3

71.2

70.3

71.1

72.0

71.7

83.6

81.0

*

*

74.1

74.3

74.4

74.4

86.5

75.7

*

#

74.1

88.3

82.4

*

*

+ 2.1

—15.8

z

+0.6

+ 2.2

+ 0.9

—32.0

z

77.2

—33.5

Chemicals and drugs

Housefurnishing goods.

Cash payment only; value of board,

and tips cannot be

room,

__

..

Miscellaneous
materials

Raw

Semi-manufactured articles..

81.fr

products
commodities other

All

commodities

United States Department of Labor Index of

Commodity Prices
Ended Aug. 27

0.5%

Increased

Wholesale
Week

During

Sharp increases in wholesale prices of farm products and
of 0.5% in the Bureau
week ended Aug. 27,
Commissioner Lubin announced on Sept. 1.
"The increase
marks the first upward movement recorded since mid-July
and it placed the combined index of over 800 price series at
77.8% of the 1926 average," Mr. Lubin said.
"Notwith¬
standing the advance the all-commodity index is 1.0% lower
than it was a month ago and 10.1% lower than it was a year
ago.''
The Commissioner added:

*

In addition to the farm products and foods groups, a minor increase was

for the miscellaneous

registered

and

products
textile

and

and

metals

commodities

metal

Hides and leather

group.

declined

products

fractionally and

the

products, fuel and lighting materials, building materials, chemicals

drugs, and housefurnishing goods groups remained unchanged at last

week's level.

Largely because of the pronounced advance in pricesfof farm products
and

higher prices for raw silk, jute and crude rubber, the raw materials

It is 0.7% and 14.8% lower than it was

group index rose 1.3%.
ago

and

year ago

a

a

of semi-manufactured
The index remained unchanged at the level of the preceding week,

articles.

below the index for the corresponding week of July and

It is 0.4%

14.3%

lower than it was for the week ended Aug. 28, 1937.

Wholesale prices of
are

of last month.

other than

farm

products,"

rose

The

0.3%.

group

ail

index,

80.2, is 0.7%, lower than it was a month ago and 7.6% lower than a year ago.
The index for "all
reflecting

the

commodities other than farm products and foods,"
in

movement

prices

of industrial

unchanged at 81.6, the levei of a month ago.
for the last

week of August, 1937.

The Department

of Labor in its announcement, quoting

Commissioner Lubin

as

The farm products group

pally because of increases

for grains.
steers,

commodities, remained

It is 4.9% lower than it was

index advanced 2.1% during the week princi¬

of 3.5% for livestock and

poultry and 2.3%

Quotations were higher for corn, rye, wheat,

hogs,

ewes,

lambs, live poultry

(New York),

eggs,

calves, cows,
fresh apples

(Chicago and Seattle), lemons, flaxseed, sweet potatoes and white potatoes
(Chicago and
fresh

Lower prices were reported for cotton,

Portland, Ore.).

apples (New York), oranges, dried beans and white potatoes (Boston).

The advance this week more than offset the decline of last week and
the group

index at 67.3.

It is 1.9% lower than it was

a

placed

month ago and

20.8% lower than it was a year ago.
Wholesale prices
for fruits and

of foods rose 1.4% largely because of increases of 3.5%

vegetables, 1.9% for meats, and 1.6% for cereal products.

Quotations were higher for wheat

flour, corn meal, most fresh fruits and

78.3

85.8

79.7

78.1

78.4

and Payrolls Decline
Tenth Consecutive Month

Employment

tabulation of the

payrolls in that State showed declines of 1.4% and 1.2%,
respectively, during the June-July period.
The current
June-July changes represent greater-than-seasonal declines
in employment but less-tlian-seasonal declines in payrolls,
the Department
the

For

Statistics

of

1923-37, inclusive, the records of the Division
that the average June-July changes are

Research show

1.1%

of

declines

declines

and

explained, adding:
period,

15-year

and

employment

in

3.6%

payrolls.

in

The current

employment and payrolls mark the tenth consecutive month in
reported in both series.
A comparison of month-

in

which decreases have been

to-month

changes

the preceding nine
the volume of
the amount of total wage payments in Illinois have

and

below seasonal

been
As

in

each

month

payrolls

since

1937,

the July, 1938, indexes show decreases

21.3% in employment and 25.8% in payrolls.

of

for

October,

levels.

with July, 1937,

compared

and

employment

in

that

shows

months

The index of employment

dropped from 90.1 in July, 1937, to 70.9 in
July, 1938, while the index of payrolls fell from 82.5 to 61.2 during the
reporting industries

all

period.

same

of wage decreases were received by the Division of
during the month of July.
Wage rate reductions

Research

and

Statistics

workers in manufacturing and non1% of the total number of workers
reported as employed.
The weighted average rate of decrease was 10.0%.
Eleven reports of wage rate increases, affecting 875 workers, or 0.2 of 1%
of the total number of workers, were reported in July.
The weighted
average rate of increase was 9.8%.
the

affected

pay

manufacturing

envelopes of

industries,

or

1,183

0.2 of

Changes in Employment and

Total Wages Paid, According to Sex

manufacturing and non-manufacturing enterprises
which designated the sex of their working forces showed decreases of 1.1%
and 1.0%, respectively, in the number of male and female workers employed
during July as compared wtih June.
Total wage payments to male workers
decreased
0.3
of 1%, while total
wages paid to female workers in¬
from

Reports

above, also stated:

80.7

81.6

reported to the Division of Statistics and Itesearcli of
the Illinois Department of Labor by 6,722 manufacturing
and
non-manufacturing establishments, employment and

Twenty-one reports

measured by the index for

Non-agricultural commodity prices, as
commodities

They are
^

80.7

81.7

According to a statistical analysis and

for

finished products advanced 0.2% during the week

down 1.1% from the corresponding week

7.2% lower than they were at this time last year.

86.8

81.8

data

prices

74.1.

and

Industrial

employment

recorded in

was

80.8

81.6

from June to July for

month

respectively.

fluctuation

Very little

80.6

81.6

computed.

Not

Illinois

foods largely accounted for an increase
of Labor Statistics' index during the

82.4

80.3

than

other

products and foods..

farm

82.0

80.0

than

farm products

All

81.7

82.8

80.2

Finished

Data not available for 1929 base.

z

73.0

95.6

z

computed,

73.5

Foods

95.4

Insurance.

y

77.5

79.2

95.6

Brokerage.

Preliminary,

80.5

83.3

95.6

—2.5

z

81.2

85.0

95.5

—2.3

x

86.6

68.6

95.4

108.2

Building construction

78.6

68.7

Metals and metal products..

+0.7

Dyeing and cleaning

78.4

67.0

—7.2

82.5

Laundries

77.1

65.1

—2.1

£77.7

—80

97.3

77.4

67.3

—2.4

—3.3

90.4

77.8

Farm products

Fuel and lighting materials..

—1.9

HotPls (year-round)

All commodities

creased

4,567

1.6%.

of industry, 2,318 establish¬
of 1% in the number of male
Total wage payments to men
declined 0.5 of 1%, while those to women increased 3.1%.
In the non-manufacturing classification of industrial enterprises, 2,249
establishments reported
an
increase of 2.1% in the number of male
workers and a decrease of 2.7% in the number of female workers.
Total
wages paid to male workers increased 0.4 of 1%, while total wages paid
to female workers declined 3.1% during July as compared with June.
the

Within

ments

and

manufacturing

classification

reported decreases of 1.8% and 0.5
workers employed, respectively.

female

vegetables, canned tomatoes, cured and fresh pork, dressed poultry, sal*1
mackerel,

lard,

pepper,

sugar

and cottonseed oil.

beans, corn oil, peanut oil and soy bean oil.

food index, 73.0, is down 1.5% from

14.4% below the index for the
Average

The current

the corresponding week of July and

corresponding week of last year.

wholesale prices of crude rubber rose 3.3%

and cattle feed advanced

0.5%.

and tube subgroups were

Average Weekly

Dairy products

Prices were lower for butter and cheese, also rye flour,

declined 0.3%.
mutton, cocoa

raw

during the week

The paper and pulp and automobile tire

steady.

A fractional
group

The decrease was the result of lower prices for hides and skins.
prices for leather, shoes and other leather manufactures were

Wholesale
firm.

Weakening prices for concrete reinforcing bars

were

and quicksilver caused

and metal products group index to fall 0.1%.

No changes

reported in prices of agricultural implements, motor

vehicles and

the metals

plumbing and heating fixtures.
In the textile

products group a decline of 0.3% in cotton goods, princi.

pally print cloth,

muslin and sheeting was counterbalanced by an advance




earnings

Changes in Man-Hours

decline, 0.1 %. was recorded in the hides and leather products

index.

Earnings—July

for both sexes combined in all reporting industries
averaged $25.24 ; $27.63 for men and $14.87 for women.
In the manu¬
facturing industries, average weekly earnings were $24.58 for men and
women
workers combined; $27.15 for men and $15.02 for women.
In
the non-manufacturing
industries, weekly earnings averaged $26.49 for
both sexes combined; $29.49 for male and $14.37 for female workers.
Weekly

During July in Comparison with June

industries, 4,283 enterprises reported man-hours for
male and female workers combined,
and in thpse enterprises the total
hours worked declined 0.9 of 1% during July in comparison with June.
Hours worked in 3,674 establishments, reporting man-hours for male and
female workers separately, decreased 1.1% for male and 0.1 of 1% for
In

female
In

all

reporting

workers.
the

manufacturing

reported a decline of 0.5
female workers combined.

classification of industries, 2,227 enterprises
of 1% in total man-hours worked by male and
Within this classification, 2,095 establishments

showed

1% in those worked by female workers.

of

0.6

the

non-manufacturing

group,

than

v

than

less

per

the only

reporting industries, were 36.7, or the same as in
In

the
35.8

were

In

the

week

during July averaged

appreciable change in July, but the cost of living fell off slightly.

no

f}9.1, or 2.5% less than in June.

field

of

below-average prospects.

to have

early in August but still retained the greater
Government bonds have remained
high levels. *' Total corporate financing for the first seven months of the
year amounted to $849,000,000, or 56% below that of the corresponding
period of 1937.
prices receded

at

National Industrial Conference Board—Total Esti¬

struction

10,939,000

144,000 workers in the

increase of

an

con¬

with

By adding

the

to

1,929,000,

to

industries

portation,

15,000;

and

services,

A

large

finance occurred

minerals

and

While total

the fields

in

of trade,

distribution

by

decreased

29,000

the marked gain

to

workers

fewer

1,000

fall.

which includes both cash income from marketings and Gov¬

farm, is estimated by the Bureau at $8,750,000,000 compared
with $10,003,000,000
in 1937, $9,317,000,000 in 1936, and

same

$8,400,000,000 in 1935, it

for

July,

estimated

were
as

These

Conference

total

the

in

table,

accompanying

well

as

comparative

as

figures

of

on

Government

of

AND

of

value

the

EMPLOYMENT

retained

goods

1924

from

the

the

of

1937

Average

March

July

May

June*

including

1938,

through

5,749
47,597
11,887

11,362

10,946

10,939

Cat.

47,885

wmm

35,940
9,961

10,539

42,521

42,990

43,051

11,123

11,591

Marketings

136

229

187

188

1924...

$9,785,000,000 $11,483,000,000

17,361

14,079

14,029

14,198

1925...

1934..

848

733

724

694

1926...

10,324,000.000
9,993,000,000

12,243,000.000

645

11,791,000,000

1935

6,980

11,239

8,994

8,832

1927...

10,016,000,000

11,753,000,000

1936

3,340

941

2,182

1,688

1,785

8,871
1,929

1928...

10,289,000,000

12,016,000.000

1,549

2,097

1,719

1,742

1,757

1929...

10,479,000.000

12.049,000,001

1,167

865

996

944

945

947

1930...

8,451.000,000
5,899.000,000
4.328.000.010

finance..

8,007

6,407

7,455

7,207

7,198

7,095

8.960

7,752

9,698

9,076

9,133

9,156

1,011

704

967

851

851

853

"The
which
7

Conference

Board

Reports

Con¬

the

activity continued to show improvement during
July and the first three weeks of August, according to the
regular monthly survey of business conditions issued by the

tinued,
and

Economic Research Division of the National Industrial Con¬

ing to
Gains,
dential

on

These

adjusted

seasonally

a

and

public

utility

bituminous

petroleum,
copper,

7

say:

basis,

building

coal,

electric

July

in

usual

seasonal

of

decline

miscellaneous

gains
this

in

about

of

in the iron and

during

capacity

the

consumers'

automotive

contra-seasonal

5%,

steel

third

goods

purchases

reduced

cars

Less

than

the

during

July,

awards

making

took

place

believed

public

usual

according
in

to

the
one-

be

housing

highest
New

F.

to

the

marked

August.

industries,

Increased

replenishment

structural

demand
of

orders

steel

from

factors

level

York

levels.

The

gain

houses.

since

■

and

March

.

:

■

..

miscellaneous

in

City contributed

to

the adjusted

the

in

Dodge Corp.

favorable, because relatively
projects have as yet been
total

total

building activity

residential

in

construction

The

near-term

few

large

included

residential

with

reports,

outlook

low-rental
in

the

is

and

contract

more

than

as

year's farm

freight
total

continued

car

for

advance

loadings,
bank
in

seasonally during June for the

in

Becond

consecutive

Supplies of

and

rice

important

many

about

are

the

same

prospects

factora,"
from

a

income

as

year

ago

the

-during the

likely to

as

the

likely to

are

be accom¬
progresses,

year

become

less

"'■

in cash farm income from crops is expected

the

in

than

moderate improve¬

a

consumers

said,- "are

he

out that

Black pointed
for

income

case

livestock- and

of

from- crops

livestock

products.

only about

in 1938 will total

1937, whereas the income from livestock and livestock

in

probably

total

90% of a year earlier.
Government
those of 1937, due largely to

about

expected

are

to exceed

price adjustment payments which are now being paid to producers of
and

cotton

The
year

ago

showing the

fruits

are

in

'■J. v-.,.

sugar.

crops

greatest

'

vegetables,

and

..

reduction in
wheat

"

*

'

:

income compared with

and

cotton.

The

a

marked

the large carryover of canned
goods from the record pack of the 1937 season, are the principal factors
contributing to the decline in income from fruits and vegetables.
The
second largest wheat crop on record in the United States, together with
liberal supplies expected in other wheat-producing countries, has reduced
wheat prices to farmers at the beginning of the crop marketing season to a
consumer

level

only slightly
income

the record

lower than,

a

-those

prices

been
of

of

a

together with

earlier, and it is expected
as large
The cotton crop of 1938 is now estimated to be about 63%
crop of 1937, and prices at the beginning of the season are

year

for

1938

will

a

year

be

only about two-thirds

ago.

most

livestock

and

livestock products

1937

and

are

larger than

feed,

than half that

wheat

year

Marketings of
have

income,

more

from

1937.

of

month, but

last

that

1938

the

activities

con¬

supply

total

and wheat, meat animals,

corn

:;p-

will

outside

and

debits
trade

consumers

Black

Dr.

the

from

income Dr.

the

account

"These

in

from

high

payments

.•

is

during

activity

1938,"

activity and in incomes of urban

sharp

more

in

Domestic retail saleB declined by less than the usual seasonal
major classification except rural retail sales, which showed
greater-than-seasonal loss.
Exports of merchandise declined




the

1938..

estimated

as

during July.

slightly

of

that

,

amount in every
a

for

declines

decline

decline

decline occurred

"...

both

in

is

80%

in

G.

year

products.

by

different

tobacco

potatoes,

as

taken into

had

products

inventories,

are

this

likely to be about offset by the smaller quantities

are

such

outlook

the

be

It

two-family

greatly

year

to

W.

be

to

Larger marketings of

industrial

in

The

improvement

showing.

and

statistics.
Gains

seasonal

best

expected

1937.

income

industrial

in

marketed

•pronounced.-"
a

smaller

the income of urban

of

farm

reflecting

low

products,

successive years in

previous year," A.

1937."

Bureau

the

unusually

decline

level

improvement in

advance.

to

marked

the

farm

of

not

in

remainder

non¬

Although automobile production continued to decline more than sea¬
sonally in July and early August, retail sales showed a substantial contraseasonal rise during the same
period, with field stocks of both new and
used

"The

income

of

and

"is

the

ment

industry, with operations rising to 41%

week

said.

the

over

and

output,

.

follows five

year

panied by a gradual

automobile

and public works building awards, and zinc production.
ingot production advanced 21% during July as compared with

in conditions

8,750.000,000

losses in

residential
Steel

the

resi¬

iron

10,003,000,000

7,500,000.000

in cotton and rayon consumption.

than counterbalanced

more

during

and steel, crude
newsprint, lumber, cement,

power,

boot and shoe output, and

and

gains

occurred

9,317,000,000

8 600,000,000

.

greatly reduced the demand for farm

products

In

contracts,

7.392,000,000

1937x_

increased

to the lower

dairy products

in

as

_

8,400,000,000

7,944,000,000

.

cotton, fruits and eggs produced this year.

farm

Aug. 26 also had the follow¬

has

Bureau,

to

and

supply

marketed

of

$6,142,000,000

7,090,000,000

1938x

this

income

income

the

of

largely

has

"The

farm

in

cash

past year,

which

Industrial

The Board on'

Chief

attributed

tinued Improvement in Industrial Activity During
July and First Three Weeks in August

ference Board.

decline

farmers'

Black,

Industrial

$5,117,000,000
6,348,000,000

1933..

Preliminary.

X

♦Preliminary.
'

Govt.

5.284.000.000

and

.77" .7

&

Payments

7,042,000,000

1932.

Income

9,847,000,000

1931...

-

Mlsol. industries & services

7;.'v

by

farmers

Payments

10,980

Service Industries

National

Income & Govt.

1,067

Public utilities.....

;;

con¬

basis

Gross Farm\

Cal.

11.562
187

Transportation
distribution

year

to

Year

Income

11,064
-

payments

Cash Farm

Gross

Farm

from Farm

Year

267

--

for

retained

calendar

the

on

Government

2,465

Construction.

will be

that

income

19,102

----

Manufacturing....

i

farm

gross

July*

14,706

469

Extraction of minerals..

Trade,

products

farm

and

Cash Income

Agriculture
Forestry and fishing..
Total industry.

takc-e

home consumption

for

Agricultural Adjustment Administration, are as follows:

1933

....

•

the farm

on

farm prices from 1937 to 1938 and the probable

various

cash

of

Estimates

1938

-

receipts from the sale of farm

months of this year, and the prospective
to farmers for the year.
The estimate

in the farm home.

sumption

Thousands)

1929

Unemployment
Employment total

probable sales and

payments

into account the change in

quantities
(In

to

as

during the first, seven

products
amount

unemployment:
UNEMPLOYMENT

indications

on

during the remainder of the calendar year,

represented by the

Administration and the Civilian Conservation Corps.
distribution of employed workers in the major fields of activity is

The

made annually at this period of the year,
prices of farm products

preliminary estimates,

based

are

be

to

Works Progress

indicatied

was pointed out in an announce¬
matter by the Department of Agricul¬

the

ture, which went on to say:
the

counted in

about

in

issued

ment

fishing.

in forestry and

payment and the value of goods consumed on the

ernment

and

in

Among the unemployed

States

United

$1,250,000,000 compared with $1,403,000,000 in 1937
$1,373,000,000 in 1936. The gross farm income in 1938,

and

Em¬

the

during

Economics,

about

trans¬

miscellaneous indus¬

in

3,500,000 workers
the Government emergency labor force,

to

in

employment continued to rise, unemployment figures showed

estimate

attached

July;

agricultural employment from
About 30,000 fewer workers were engaged in the extraction

corresponding

Board

and

2,000;

and

June

103,000 fewer workers than in June.

July, with

contrast

May to June.

a

em¬

largest

Employment in

workers.

between

23,000

utilities,

public

agriculture

in

in

by

employment

in

of

its

The second

2,000.

in

period,

8%.

about

July to 8,871,000

in

rose

in

drop

ployment

of

employment occurred in manufacturing, as 39,000 workers were

bring the total

service

tries

gain

a

Agricultural

of

Bureau

The

$8,600,000,000

at

Department of Agriculture, on Aug. 21 estimated that cash
income from farm products marketed in 1938 and from
Government payments probably will reach a total of $7,500,000,000.
This compares with $8,600,000,000 in 1937 and
$7,944,000,000 in 1936. The value of farm products retained
on the farm for consumption
in 1938 is expected to total

The Board's

workers the construction Industry brought

144,000

total

ployment

increase in

Below : 1937—Total

Be

to

$7,500,000,000 Against
1937 and $7,944,000,000 in 1936

in

dropped off for the second consecutive month,
of 10,939,000 unemployed in July indicated by

preliminary figures of the Conference Board.
announcement of Aug. 26 continued:

hired

Estimated

total

a

Marketings and^Government

Expected

Payments

employed rose by 61,OCX) during the same period,
according to the latest estimates of the Statistical Division,
National Industrial Conference Board.
Meanwhile, unem¬
persons

from

Income

Farm

1938

industry from June to July, the total number of

ployment

improvement since June 20.

part of the

Unemployed Workers Decreased for Second
Consecutive Month from June to July
Reports

by

crops

buckwheat

and

flaxseed

Number of

Featured

improved during July, with indications on Aug. 1 that a
would show higher yields than in 1937.
Cotton,
are the only principal
crops which now appear

Crop prospects
number

Security

mated at

August,

Foodstuffs fell sharply, while steel scrap, lead and hides were
commodities to remain at their 1938 peaks.
Retail prices shewed

products.

week in July by 422,505 workers, in
June.
manufacturing group the average actual hours worked per week
in July as compared with 35.4 in June, or an increase of 1.1%.
non-manufacturing classification the number of hours worked per

Average actual hours worked

advanced sharply in July, but receded during the
as
a result of weakness in prices of agricultural

prices

of

half

first

respectively.
all

for

1921.

1937.

corresponding period of

the

in

Commodity

1% and 2.9% in man-hours worked by men and women,

of

0.1

net

Imports

since

corresponding period

any

consumption in June showed the first gain, on an adjusted basis, in recent
months.
In the first half of 1938 the quantity of imports was 37% less

2,056 firms reported a decrease of
-1.8% In total hours worked by male and female workers combined,
Within this classification of industries, 1,579 concerns showed decreases of
In

States had the largest

1938 the United

of

months

for

balance

export

v

'

six

first

the

for

1.4% in man-hours worked by male workers but an

decrease of

a

Increase of

Sept. 3, 1938

Chronicle

Financial

1406

in

earlier

together

throughout
with

more

the

expected

to

thus far in
continue

to

1938
exceed

remainder of the year.
Lower
pasture conditions, have

favorable

Volume
resulted

in

record

a

more

normal

were

on

The

this

number

time

in

far

year.

been
this

usual

now

fall

the

in

belt

in

the

is

and

months,

also

of

sales

This

poultry

supply

larger

ably result in

livestock

of

October to
likely to be

Production was about 64%

corresponding week of 1929; shipments, about 64% of

week's

shipments;

about 62% of that
the National Lumber
regional associations cov¬

orders,

new

week's orders, according to reports to
Manufacturers

together with
months, will prob¬

livestock products,

and

68% of the 1929 weekly average of production and

65% of average 1929 shipments.
of the

Ended

week ended Aug. 20, 1938,

The lumber industry during the
stood at

that

Week

Lumber Movement
Aug. 20, 1938

of

Report

from

peak,

larger proportion than usual of farm income

a

livestock and livestock products

Weekly

are

poultry

in consumer demand during the fall

improvement

some

year

somewhat

their

marketings reach
larger than in the late months of 1937.
when

a

Range States is the

farms

on

1. than

Aug.

on

1407

Chronicle

market.

to

earlier, and the
best since 1932.
higher than at
The movement of poultry and eggs to market thus
less than in 1937, but with the larger number of
year, egg production is expected to increase more

hogs

has

thus far in 1938 and in a
About 12% more cattle

products

dairy

livestock

lambs

and

of

last

December,

of

corn

hatched

1938

chickens
than

the

in

cattle

of

output of

movement

feed

condition

Financial

147

coming from

of the year.

during the last five months

Association

from

of important softwood and hardwood

ering the operations

Reported production in the week ended Aug. 20, 1938,
about the same as the preceding week, which was the

mills.
was

Shipments were lowest in four

highest of the year to date.
New

than

lower

in

week

since

months of 1938
totaled $292,000,000 compared with $341,000,000 during the first seven
months of 1937.
Payments during the remainder of the year are* expected
to be considerably higher than in the last five months of 1937, when they

weeks.

amounted

and 8%
National
production reported for the week ended Aug. 20 by 5% *
fewer mills was 1% below the output
(revised figure) of
the preceding week; shipments were 6% below shipments;
new
orders were 8% below orders of the previous week.

Government

•

to

of

Some

payments

to

farmers

the

in

first

seven

only $26,000,000.
the

payments

the

on

1937 sugar

were

program

still unpaid

$130,000,000 allotted for cotton price
adjustment payments is expected to be paid to farmers during the
remainder of this year.
Present plans are to begin payments on the 1938
agricultural conservation program in the latter months of this year, and
payments on the 1938 program in this calendar year are expected to
exceed considerably the $20,000,000 paid out in 1937 on the 1937 program.
If Government payments to farmers during the remainder of the year are
made according to present plans, it is likely that Government payments
1, and a large part of the

Aug.

on

will

be about one-third

last

$367,000,000 paid out

one-half larger than the

year.

the

in

largely

depend

for their income are likely to show a
income than are the areas where livestock

crops

on

decline

greater

livestock

and

livestock

of

case

in the case of crops
products, those areas which

income is likely to be greater

the decline in

Since
than

to

in

relatively
forms the

major source of income.

the greatest declines in farm income
belt States, and in Maine,
potatoes was sharply lower than a year earlier.
it is probable that income will improve in the

During the first six months of 1938
the Western

in

were

the

In

income

the

where

last

from

months

six

States, where marketings of livestock are likely
year earlier because
of favorable feeding conditions.

Mountain

Rocky

than

later

States, Southeastern cotton

a

larger wheat crop in the Northern Great Plains States and
livestock for sale in the corn belt will help to maintain

of

although lower prices of butterfat and

area,

the

In

first

part

whole milk will tend to reduce

prices of dairy products

1938

of

a year ago

production

of

dairy

considerably lower than

now

are

in

production

With continued heavy

year ago.

a

continued heavy
than seasonally

the seasonal advance in dairy products may

prospect,

be

dairy areas during
the latter half of the year as compared with a year earlier.
The lower prices of fruits and vegetables in the first half of 1938 have
resulted in considerable reduction in income in the principal fruit and
truck crop-producing States as compared with the first half of 1937.
less

Receipts

of

Farmers from

Marketings in July
of Agricul¬
Months of

$609,000,000 by Bureau
Economics—Income for Seven

Estimated

tural

at

13% Below Last Year

1938

Farmers'

income

cash

from

marketings in July totaled

$609,000,000, the Bureau of Agricultural

Economics, United

estimated on Aug. 20.
Receipts from farm marketings in the first seven months
of this year are now estimated at $3,693,000,000, or 13%
below the $4,238,000,000 reported for the same months of
States

Department

of Agriculture,

Bureau continued:
Income from sales of farm products in July exceeded the estimate of
$514,000,000 for June by 18%, and it was 18% below the $740,000,000 in
July last year.
Government payments during the month amounted to
$35,000,000 compared with $45,000,000 in June and $11,000,000 during
July last year.
Total cash income, including Government payments,
amounted to $644,000,000 this July and was 15% larger than the $559,000,000 estimated for June, but 14% smaller than the $751,000,000 received
An announcement by the

1937.

by farmers in July last year.
For the first seven months of 1938 cash income,

including Government

than the $4,579,Government pay¬
14% smaller than the payments of

payments, is estimated at $3,985,000,000, or 13% less
000,000 reported for January through July last year.
totaling $292,000,000,

ments,

first seven months of last year.
farm marketings in July made more than the usual
June.
After adjustment for seasonal change, the

from

Receipts

increase

over

from farm marketings

index of receipts
average

income
to

86.5%

in

July.
most

for

Greater than usual increase
the rise in excess of the

of

takes

normally

income,
in

increased from 72% of the 1924-29

to 82.5% in July.
The seasonally adjusted index of
from crops increased from 66.5% of the 1924-29 average in June
June

in

accounted
which

were

in the

$341,000,000
seasonal

due to
and

animals

The

place.

in income from grains

usual seasonal increase
seasonally adjusted index of livestock

increased from 77 in June to 78.5
larger-than-seasonal increases in cash receipts from meat
less-than-seasonal decline in income from sales of dairy

a

products.
Cash

of

income

from crop sales in

July this year was 31% less than for

Lower prices for gTain crops this year accounted for most
decrease, with income from wheat showing the sharpest decline.

1937.

July,
the

wheat in July exceeded those of a year earlier,
income from wheat was less than
60% of the total for July last year.
Incomes from truck crops, potatoes, and citrus fruits were also sharply
lower.
Corn was the only major crop from which income this July was
Although

duction

shipments were, respectively, 13%
corresponding week of 1937.

and

than

lower

during

The Association further

reported:

mills produced 225,251,000
shipped 211,216,000 feet;
booked
orders of 196,444,000 feet.
Revised figures for the preceding
week were:
Mills, 546; production, 226,732,000 feet; shipments, 224,During the week ended

20, 1938, 521
combined;

feet.

213,083,000

orders,

feet;

808,000

Aug.

hardwoods

and

softwoods

of

feet

Hardwood reported new orders below produc¬
tion in the week ended Aug. 20,
1938.
All regions but Southern Pine,
Southern
Hardwoods and Northern Hardwoods reported shipments below
All

but Northern

regions

corresponding week

Northern Pine reported orders below those of
all regions but Western Pine reported ship¬

but

regions

All

output.

of 1937 ;

and all reported production below the 1937 week.
Lumber orders reported for the week ended Aug. 30, 1938,

ments,

by 442 soft¬

13% below the production of the
same
mills.
Shipments as reported for the same week were 203,489,000
feet, or 7% below production.
Production was 218,935,000 feet.
Reports from 96 hardwood mills give new business as 6,564,000 feet,
or
4% above production.
Shipments as reported for the same week were
7,727,000 feet, or 22% above production.
Production was 6,316,000 feet.
189,880,000

totaled

mills

wood

feet,

or

offset the lower

a

year

earlier, as larger marketings more

from

Reports

softwood mills was 216,113,000
248,742,000 feet; shipments were, respectively,
217,780,000 feet, and orders received, 187,631,000

feet, and a year ago it was

213,057,000

and

feet

and

feet

201,025,000

feet.

World Wheat Prices Will

sales of livestock and

two-thirds that received




in July, 1937.

Remain Low in 1939-40 Unless

World Price Level Improves
Agricultural Economics—
Supplies and Prices 1938-39

Acreage is Reduced or

According to Bureau of

marketing year will
unless there
is a material reduction in acreage next year or a consid¬
erable improvement in world economic conditions and in
the world price level, according to the summer outlook
statement made on Aug. 25 by the Bureau of Agricultural
Economics, United States Department of Agriculture.
On
the other hand, if domestic production from 1939 harvests
World

wheat

prices for the 1939-40

remain low relative to prices in recent years

in

reduced

is

with

line

domestic

prices in the 1939-40

States wheat

disappearance,

United

marketing season "prob¬

ably will average somewhat above world levels," the Bureau
economists said.
The Bureau's advices added, in part:
wheat acreage allotment

domestic

The

for the 1939 crop is

55,000,000

of 67,000,000 acres and
year's crop. The extent
of participation by farmers in the acreage adjustment program is uncer¬
tain, but if total seedings are reduced to 55,000,000 acres, and average
yields per seeded acre are obtained, wheat production in this country next
year would amount
to about 660,000,000 bushels.
This would be less
than
the average annual
domestic disappearance of about 680,000,000
bushels, the Bureau points out, and would provide an opportunity to bring
compared with the J928-32 average seedings
with the record of 81,000,000 acres seeded for this
acres

about
A

world

reduction in carryover

a

stocks.

above

production of 660,000,000 bushels might raise domestic prices
levels, it was stated, but the prospective large carryover from

1938

would tend to offset the

crop

prospective- carryovers

milling wheat on

of

the
Large
July 1 next year, it was

influence of the smaller crop.

reported, assure ample supplies by classes.
If two-thirds to one-half of the 1939 acreage

is seeded by farmers

who

their acreage allotment, seeded acreage in 1939 would
60,000,000 to 65,000,000 acres.
Average yields on this
acreage,
it was further pointed out, would produce from 40,000,000 to
100,000,000 bushels more wheat than the average disappearance in this
within

keep

approximate

countiy.
Production
or

declined

materializes,

the

the

From

as

in

than in the two

standpoint

not offset

much

in wheat has

in other large
small, the Bureau stated, or a
in
export demand beyond present expetctations
export market for United States wheat in 1939-40 will
1939 ie unusually

preceding seasons.
supplies, average yields on a wheat
the United States reduced to 60,000,000 acres—if this reduction

be less favorable

acreage

either be exported

the domestic carryover. And world trade
sharply since the 1928-29 peak.
Unless production

exporting countries in
considerable
increase

were

domestic disappearance must

in excess of

to enlarge

go

wheat

of

world

by increases in ether
in

countries—would produce only about
annual disappearance.

1939-40 as the world's

than

prices.

livestock products in July were
only 4% below the same month last year.
Income from meat animals
was 3%
above a year earlier, as larger returns from hog sales more than
offset slight declines in income from other species of livestock.
Income
from chickens and eggs declined about 5% from a year ago, and dairy
products were down by the same percentage.
Income from wool was less
Receipts

Mill

Identical

production of 425 identical

week's

Last

marketings of

substantially higher than

than

ended Aug. 20; shipments were

based on the 1924-29 average,

July,

New business was 13% below output in the week
6% below production.
Pro¬

last year.

will tend to reduce income in

which

usual,

than

Cash

any

12% below the corresponding week of

were

declined less com¬

than most other products, but with
products prices have declined more

pared with
and

larger supplies
income in this

mid-June, and

were

this area.

in

income

to be
The

orders

Supplies and Prices, 1938-39
As

to

outlook

the

for

wheat

harvested this year, prospective

world

July 1, 1938, are now
indicated to
than a year ago. The
Bureau reports, therefore, that "if there is not much change in demand,
the large wheat supply in prospect this year will result in lower world
prices than in 1937-38."
World production is now estimated at 4,255,000,000 bushels, 420,000,000 bushels largeT than last year's world harvest.

wheat

for the marketing year beginning
be about 495,000,000 bushels more

supplies

Financial

1408
World

of old wheat

carryover

bushels,

000,000
With

States, domestic prices are
According to the Bureau,
below the loan level, and
tendency for farmers to take advantage of the

expected to continue below prices at Liverpool.
wheat

domestic
there

It

to

market

restrict

receipts

and

give

some

Price advances which might occur are expected to be
by the large supplies and the rather unfavorable export situation.
believed unlikely that wheat exports in the current season will

large

Federal
is

continue

to prices.

is

as

materially

now

are

strong

a

would

which

loan

suppoz-t
limited

be

be

will

prices

the 98,000,000 bushels shipped abroad in 1937-38, unless the
takes steps to stimulate exports.
Greater competition

as

Government

expected in foreign markets this year because of larger crops in prospect
the

in

exporting countries and in Canada and Argentina.

European

Coffee

(Brazil) During July

Exports from Santos

Decreased Below June

Coffee

Santos, Brazil, for the month

exportation from

of

July, 1038, totaled 890,240 sacks, a decrease of 287,100
sacks from the preceding month, according to a report from
the American Consulate General at Sao 'Paulo made public
by

Commerce Aug. 25, which further
';,w

of

Department

the

stated:
The

States

United

the

was

leading purchaser

during the

552,182 sacks of 60 kilos each.
Germany was second with
and France was third with 68,520 sacks, the report states.
of

State

The

Sao

Paulo,

according

expects to have a production ranging from
instead

the

of

official

previous

month,

with

101,582 sacks,

1938-39 Brazilian coffee crop is 21,875,000

estimate for the

The official
sacks.

commercial

to

observers,

12,000,000 to 13,000,000 sacks

estimate

14,759,000

of

sacks,

according

the report.

to

:•.

♦

■

National Coffee Department

Insects

of

deny

based

circulating

rumors

on

■

•

Denies Rumors of Spread
Brazil

in

York office of the National Coffee Department

The New

of Brazil has been authorized
to

-

Plantations

Coffee

in

confidential

by its headquarters in Brazil
local coffee

the

among

reports, concerning

trade,

assumed and

an

alarming spread of steplianadores in the coffee plantations
of that country, it was announced

Coffee and
What

that

this

happens—and

really

some—is

Aug. 26 by the New York
The Exchange further said:

Sugar Exchange.
there

been

has

this

is

being

year,

favorable

factors

their

to

deliberately

as

local attacks by these insects due to

years,

other

sometimes

concurrence

a

propagation.

in

past

of climatic and

attacks,

Such

by

exaggerated
occurred

however,

in

Brazil

and

were

of

there

environment

on

last

discovered

coffee

month

the

conditions

under

it

is

only

one

annual

propagate, once the

to

the cherries.

first

very

with

which

coffee

is cultivated

that, due to the simultaneous ripening of the whole crop

because

damaged

even
a

knows

also

proper

only

familiar

A proof
in

Sao

entering
reached

of this lies

Paulo

several

Santos has

the insects

harvest,
is

crop

in the
years

always

over,

fact that

ago,

been

find

no

since they feed

these

insects

and

the percentage

very

negligible and

only 1.7%, according to the figures based

on

strict inspection service maintained by the D. N. C. in that port.

100,000-barrel surplus carryover of East Texas crude
August.
Humble Oil, in making its other price changes, raised the
a

posting for Pettus crude, in South Texas, 5 cents a barrel to
$1.42, while Flour Bluff, which previously had been pur¬
chased on a gravity basis with a top price of $1.36 a barrel
for 40 gravity and above, received a flat price of $1.40 a
barrel. The West Central posting starts at 96 cents a barrel
for below 29 gravity, with a 2-cent differential to $1.30 a
barrel for 45 gravity and above.
The previous high was
$1.20 a barrel for 40 gravity and above.
Under the new schedule, Gray County, Panhandle, post¬
ing starts at 96 cents a barrel for below 35 gravity with a
2-cent differential to a top of $1.18 for 45 gravity and above,,
against a previous top of $1.08 for 40 gravity and above.
Conroe,* Tomball, Raccoon Bend (deep sand) and Satsuma
crudes are posted at $1.20 a barrel for below 29 gravity to
a top of $1.54 for 45 gravity and above,
against a previous
top price of $1.44 a barrel for 40 gravity and above.
The price posted for Pillock, Cedar Point, Fairbanks,
Anahuac, Dickinson and Turtle Bay crudes was adjusted to
include a price of $1.10 a barrel for below 28 gravity with a
2-cent differential to 50 gravity and above of $1.56.
The
previous price was $1.16 for 30 gravity to $1.36 for 40 grav¬
ity. Refugio crude now starts at $1.01 for below 21 gravity
to a new top of $1.61 for 50 gravity and above. The previous
peak was $1.41 for 40 gravity and above. Mirando crude
starts at 96 cents a barrel for below 21 gravity to a top of
$1.56 for 50 gravity and above, against the previous of $1.36
for 40 gravity and above.
The Texas Railroad Commission occasioned little

surprise
Aug. 29 order establishing the fiveday production week throughout Texas during September
with the Saturday-Sunday shutdowns coming back into
effect after a temporary six-day production week period had
ruled. The net allowable production for the Lone Star State
under this new order will be 1,223,248 barrels average daily
production on a seven-day basis, or 1,649,493 daily before
the two-day deduction.
This contrasts with the August
allowable of 1,410,000 barrels daily.
The United States
Bureau of Mines monthly forecast
recently estimated Sep¬
tember market demand for Texas crude oil at 1,398,600
in the oil trade with its

barrels.
Of

more

and

Its

Products—Major Units Meet East
Price Cut in Oil-—Texas on a Five-Day Pro¬
duction Week—-Terrell to Be Replaced as Commis¬
sion
Chairman—Allred
Denies
Reports of New
Oil-Gas Commission—Daily Average Crude Output

Jan. 1.
Under the present set-up, Mr. Terrell and
Commissioner Thompson, who are in accord in relation to

next

proration ideas, have been running the Texas Commission
long been a minority dissenter.
Mr.
Sadler's sympathies, it was indicated in Texas
reports, lies

while Lon Smith has

with the faction of which Mr. Smith is a
proponent, mainly,
more liberal
production rulings by the Railroad Commis¬

Off—Crude

Oil

Inventories

at

16-Year

Low

fields in Texas.
On Aug. 28 the

American Liberty Pipe Line Co. posted a
a barrel to $1.25 for East Texas crude,
effective as of Sept. 1. In the first wave of price cuts, which
became apparent a week or so ago, several independent
refining companies posted a price of $1.20 a barrel for East
reduction of 10 cents

Texas crude oil, a cut of 15 cents a barrel.
As was antici¬
pated, however, the major companies cut only 10 cents,
leaving the price at $1.25 for top gravity and over.
Within a day or so, all major oil companies operating in
the East Texas field had readjusted their
price structure to
conform with the $1.25 level established
by Humble and
Stanolind following the lead of the independent unit on last
Sunday. Five more major companies joined the first two
big units to cut, these including the Texas Co., Atlantic
Petroleum Purchasing Co., Cities Service Oil Co., SinclairPrairie Oil Marketing Co. and the Shell Petroleum Co.
Gulf and Magnolia came in line before the week ended. The
Bell General Pipe Line Corp. of Tulsa also met the new
price.
An announcement of significance was that of the DeSoto
Crude Oil Purchasing Co. through Vice-President J. E.

Marshall that the company was going to pare its 250,000take of East Texas crude to 40,000 barrels

barrel monthly

monthly due to the release of two small pipe lines from its
system. The announcement also disclosed that the company




Mr. Sadler

won

the Democratic nomination which is

tantamount to election.

Texas

Major companies buying crude oil in the East Texas field
Monday (Aug. 29) posted a widespread reduction of 10 cents
a barrel in their price schedules,
following general price cuts
in this field by several independent oil buyers a week earlier.
In effect, the reduction eliminates the "premium"
East
Texas crude has enjoyed for some timd and places it on a
price-parity with other oil in the mid-continent fields.
The Humble Oil & Refining Co., an affiliate of Standard
of New Jersey, announced its Aug. 2$ reduction retroactive
to the previous day while Stanohnd Crude Oil Purchasing
Co., buying subsidiary of Standard of Indiana, made its cut
effective as of Sept. 1. In addition to making the change in
the East Texas price structure, Humble posted an upward
revision of gravity with price increases in several other

interest to oil men, howTever, was the news from

Austin of the defeat of C. V. Terrell, Chairman of the Rail¬
road Commission, by Jerry Sadler, who will assume office

sion.
Petroleum

Sept. '3, 1938

oil for

are

temporary and are invariably limited to certain areas.

Anyone

had

United

in the

supplies

wheat

large

about July 1 is now estimated at 620,bushels more than a year earlier.

on

about 75,000,000

or

Chronicle

This situation

that

quickly

was

reflected in widespread

rumors

Governor

Allred would establish a new Oil and Gas
Commission and strip the Railroad Commission of its
present
control over the oil industry.
This was quickly denied by
Governor Allred in Austin who said that he had

no

intention

of

calling the Legislature into session to create a new oil and
gas control agency.
Until Jan. 1, the Commission will
control along current lines but Mr. Sadler is an unknown
factor in

that

nobody knows just how he feels about

any

radical changes in the proration
set-ups in Texas.
A reduction of 4,200 barrels in
daily average production of
crude oil during the week ended

Aug. 27 pared the total to
3,388,500 barrels, against the market demand estimate of
3,488,100 barrels estimated by the United States Bureau of
Mines.
The American Petroleum Institute
report, broken
down, disclosed that there wras underproduction averaging
50,000 barrels indicating further drainage upon inventories of
domestic crude oil.
Lower production totals for Oklahoma,
California

and

oil-producing

Kansas

offset

increased

totals

from

other

areas.

Oklahoma
average

production was off 6,350 barrels to a daily
of 437,050 barrels which California producers pared

their

output to 674,000 barrels daily, a decline of 9,300
barrels.
Kansas wells accounted for 165,350 barrels daily
of the Nation's total, which
represented a cut of 2,750
barrels from the previous period.
A gain of 1,500 barrels
the total there to 1,395,150 barrels while
Louisiana was up 6,250 barrels to a daily average of 267,300

for Texas lifted

barrels.
Inventories of crude oil domestic and foreign—sank to a
16-year low during the Aug. 20 period when a decline of
1,114,000 barrels pared the total to 285,137,000 barrels,
according to the U. S. Bureau of Mines repbrt issued in
mid-week.
Not since April 30, 1922, have stocks been as
low as that date, when supplies were equal only to 83
days'
needs, the lowest per-day supplies for many years.
During
the Aug. 20 period, domestic stocks were off 130,000 barrels
and foreign holdings dipped 984,000 barrels.
The following price changes were posted during the week:
Aug. 28—American Liberty Pipe Line cut East Texas crude oil prices
a barrel to $1.25. effective Sept. 1.

10c.

Aug. 29—Humble Oil & Refining and StaDOlind Crude Oil Purchasing Co.
met the East Texas crude oil

price cut of 10c. to $1.25.

Aug. 30—Shell Petroleum, Cities Service, Sinclair-Prairie Oil Marketing
Texas Co. and the Atlantic Petroleum Purchasing Corp. met the

Co.,

10c. price cut for East Texas as did Bell General Pipe Line of Tulsa.

Volume

1409

Financial Chronicle

147

WAug. 31—Magnolia Refining and Gulf Oil

met the new $1.25 price

DAILY AVERAGE

level

(Figures in Barrels)

for East Texas crude oil, off 10c. from its former price.
Prices of Typical Crudes per Barrel at Wells

B.

Lima (Ohio Oil

1.25 Rusk, Texas, 40 and

Co.)

Corning, Pa

Darst Creek...

1.17

Illinois

1.35

Central Field, Mich

1.30
1.30 Huntington, Calif., 30 and over... 1.22
1.25 Kettleman Hills, 39 and over..—. 1.42
2.10
.90 Petrolia. Canada......

Mod-Cont't, Okla., 40 and above.Rodessa, Ark., 40 and above
Smaekover. Ark., 24 and over

PRODUCTS—DAYTON

PRICES^DROP—MOTOR

GAS

OPERATIONS_HOLD—EX¬

FUEL STOCKS DROP—REFINERY
PORT

Local

Wf

RISING

DEMAND

State

Week

Change

Weeks

Allowable

Ended,

from

Ended

Aug. 1

Week

Ended

Aug. 27, Previous Aug. 27,
1938
Week
1938

lations

Aug. 28,
1937

(Aug.)

1-22

Sunburst. Mont

Western Kentucky

REFINED

over

Four

of M.,

Calcu¬

•

$1.27
1.20-1.25
1.09
1.42

Eldorado, Ark., 40

$1.80

Dept. of
Interior

(All gravities where A. P. I. degrees are not shown)
Bradford, Pa

CRUDE OIL PRODUCTION

Oklahoma

437,050
165,350

169,300

a

435,750

162,600

641,600
201,350

—1,750

73,600

85,760

+650

76,000
29,550

75,500
33.500

219,450
98,000
440,650
237,200
217,400

245,100

Panhandle Texas
North Texas

75,600

West Central Texas..

29,950
218,950

„

West Texas
East Central Texas

96,750
441,200
239,550
219,500

Y

East Texas

Southwest Texas

competitive marketing conditions have brought

—6,350
—2,760

73,650

428,000
165,500

529,700

.

Kansas

Coastal Texas.

+250

.

—1,100

—1,050
+400

+2,600
+ 1,500

129.800

473,300
276,200
230,750

reduction of l/i cent a gallon in prices of gasoline

in Dayton,
according to reports from that Ohio point. While the gasoline
companies have not reduced their prices, station operators
are waging a price war that has pared the price to 18 cents a

Total Texas..

1,377,800 bl637802 1,395,150

North Louisiana

79,150
188,150

Coastal Louisiana_

.

'

;

gallon, which is in line with the known recommendation of

r

+ 1,500 1,391,850 1,549,900

+400

80,400

88,400

+ 5,850

181,100

175,300

'

Total Louisiana

256,100

267,300

+ 6,250

261,500

263,700

53,900

57,150

+ 1,350

148,100

161,400

+ 9,800

55,950
153,450

125.600

60,000

49,950

+800

49,900

47,600

—5,250

60.200

13,250

59,050
18,250

3,700
106,850

113,950

256,715

the

major companies. The Dayton gasoline station organiza¬
tion has been seeking to end the private war and restore
stable prices but at press time (Friday night) the situation
Stocks of finished and unfinished gasoline dropped
barrels during the week ended Aug. 27 to 71,754,000

955,000
barrels,
which is approximately 4,500,000 barrels above the total
reported on the like 1937 date, according to the American
Petroleum Institute.
Refinery stocks were off 958,000
barrels while bulk terminal holdings were up 12,000 barrels.
Unfinished gasoline stocks showed a decline of 9,000 barrels.
Reporting refineries showed no change in their operating
rates, running at 82.3% of capacity, the same ratio as re¬
ported for the previous week.
Daily average runs of crude
oil to stills

reduced 10,000 barrels to 3,255,000 barrels.

were

Eastern

Michigan
Wyoming

„

A reduction of

73,000 in daily average production of gasoline
pared the total to 9,539,000 barrels.
Exports of gasoline for the first half of 1938 of 23,917,000
barrels represented an increase of 38% over the total shipped
abroad from the United States during the first six months of
1937.
An increase of 13% was shown in exports of gas and
fuel oils while kerosene exports also showed an expanding

Gasoline demand in the domestic market for the
first half of 1938 of 244,754,000 barrels was up from 243,730,000 a year earlier and, including export shipments, advanced
3% to a new high record.
Representative price changes follow:
1

62,200

57,800

Montana

still uncorrected.

was

Arkansas

13,900

12,750

Colorado

5,500

3,650

—200

106,950

—50

New Mexico

112,300

Total east of Calif.

"unofficial"

29—An

price

war

service station

saw

operators

in

649,300

Total United States

3,388,500

669,750

So cony-Vacuum..

.0714

Gulf..

Richfield Oil(Cal.)

.08%
.07%

Shell Eastern

Warner-Quinlan..

a These are Bureau of Mints' calculations of the demand
for domestic crude oil
based upon certain premises outlined in its detailed forecast for the month of
August.

As demand

may be

supplied either from stocks

or

from

production, contem¬

new

plated withdrawals from crude oil stocks must be deducted from the Bureau's
estimate of demand to determine the amount of new crude oil to be produced,
b Effective Aug. 18. Sunday shutdowns continued
through August,
Recommendation of Central Committee of California Oil Producers.

c

Note—The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED

GASOLINE AND GAS AND

FUEL OIL,

WEEK ENDED AUG. 27,

08 %

.07)6

Gulf

-.05)4
,06%-.07
.05%
.04%-.04%

$.05

Orleans.

New

ports

Tulsa...

Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—

[North Texas

|

$.04%

Crude Runs

Stocks of Finished and

to Stills

Daily Refining
Capacuiy

Unfinished Gasoline

Stocks

of
District

Finished

tial
Total

Rale
East Coast..

P.

Oper¬

At Re¬

ated

fineries

C.

505

615 100.0

615

Gas

and

P. C.

age

Reporting

Unfin'd
in

Daily
Aver¬

Poten¬

82.1

Terms., Nap'tha

5,662

&c.

.

Distil.

13,220

1,157
265

Fuel
Oil

14,547
1,013

Appalachian.

149

128

85.9

105

82.0

982

1,791

Ind., 111., Ky
Okla., Kan.,

546

486

89.0

407

83.7

6,250

4,174

719

9,344

419

342

81.6

276

80.7

2,551

464

4,343

Mo

316

159

50.3

129

81.1

3,190
1,526

105

280

943

838

88.9

793

94.6

7,431

337

1,992

1,881
13,244

140

136

97.1

121

89.0

1,308

521

419

3,355

161

72

100

55

55.0

38

69.1

298

Rocky Mtn.

118

64

54.2

58

90.6

1,189

California.

828

745

90.0

506

67.9

8,551

2",327

Reported...

3,568

85.5

2,938

82.3

36,387

25,187

606

317

2,700

630

|Tulsa

_.

860

94

824

1,128

94,525

6,590 143,936
260

2,990

xEst.tot.U.S

| New Grleaas.$.05%-.05%

$04

Los Angeles.. ,03%-.05

1938

(Figures in Thousands of Barrels of 42 Gallons Each)

No. La.-Ark.

.07%

Chicago

$.07%

670,200

—4,200 3,364,750 3,731,450

Est. unreptd.

Texas

(Bayonne)...

3,438,100

+ 5,100 2,695,000 3,061,250
—9,300

La. Gulf....

Other Cities—

Stand. Oil N. J-$.07%

Tide Water Oil Co

674,000

Inland Texas

U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
New York—

2,714,500
c615,000

4,750

Texas Gulf-

Dayton pare the price of gasoline y% cent a gallon to 18 cents.

New York—

2,788,800

California

tendency.

Aug.

_

107,000

35,600

Aug.27,'38

4,174

4,174

3,255

39,087

25,817

6,850 146,926

Aug.20/38

,03%~.04

4,174

4,174

3,265

40,045

25,805

6,859 147,180

z3,395

36,276

23,594

7,349 111.781

Fuel Oil, F.O.B. Refinery or Terminal

U.S. B. of M.

N. Y. (Bayonne)—

I

BunkerC

| New Orleans C

California,24 plus D
$1.00-1.25

$0.95

xAug.27/37

0.95

I

1.751

Diesel..

$0.90

Phlla., Bunker C

xEstlmated Bureau of Mines' basis,

z

August, 1937, dally

average.

Gas Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)—

27 plus

iChicago—

..$.04%

.

I

I

28-30 D

Tulsa

$.02%-.03

I

.$.053

World Silver Production

Gasoline, Service Station, Tax Included
z

New York.

z

Brooklyn
z

$.1951Newark..

.1951

.....$.1591Buffalo

$.17

.185'Philadelphia

Boston

.16

Not Including 2% city sales tax

Silver production of the world, on refinery basis, in thous¬
ands of fine ounces, as reported by the American Bureau of
Metal Statistics was as follows:
Jan.Jan.

Daily Average Crude Oil Production During Week

5,222

United States

Ended Aug. 27, 1938, Placed at 3,388,500 Barrels

Feb.

5,083

Mar.

Apr.

5,752

May

June

June

5,044

4,813

4,679

1,509

1,603

30,593

daily

Petroleum

average gross

Aug. 27, 1938,

was

Institute

estimates

Canada—

that

the

crude oil production for the week ended
3,388,500 barrels.

This

was

a

loss of

4,200 barrels from the output of the previous week, and
the current week's

figure

below the 3,438,100 barrels

was

1,622

1,735

1,729

1,430

Mexico

8,662

7,144

8,803

7,237

Peru

American

The

1,500

1,351

1,380

1,3,50

Other America

1,640

1,525

1,525

1,500

1,670

1,450
1,600

1,575

Europe

1,635

1,600

1,675

1.650

9,830

766

612

787

720

610

771

4,266

Australia, refined

United States Department of the Interior

to be the total of the restrictions

imposed by the various oii-

producing States during August.
for

the

weeks

four

Daily

ended Aug.

27,

average

production

1938, is estimated at

The daily

average

details

as

28,

United States ports for the week ended Aug.

27 totaled 799,000 barrels,

daily average of 114,143 barrels, compared with

a

daily average of 134,429

Aug. 27

totaled 85,000 barrels,

a

daily

average

of 12,143

barrels

compared with 7,821 barrels daily in the four weeks ended Aug. 27.
Reports received from refining companies owning 85.5% of the 4,174,000
barrel

estimated

daily potential refining capacity

indicate that the industry as a

whole

ran

of the

United

States,

to stills, on a Bureau of Mines'

basis, 3,255,000 barrels of crude oil daily during the week, and that all

companies had in storage at refineries,
pipe lines as of the end of the week,

bulk terminals, in transit and in

71,754,000 barrels of finished and

unfinished gasoline and 146,926,000 barrels of gas and fuel oil.
Total

gasoline

production

525

590

840

840

845

4,985

500

495

495

3,000

250

300

290

300

350

1,770

2,940

96

Not yet

reported,

y

99

99

225

225

210

1,410

75

75

75

80

85

465

21,465

24,128

21,381

14,891

Total

95

250

75

-

97

250

23,553

Other Africa

85

250

South Africa.

14,321

15,325

14,144

14,221

14,177

87,079

571

Owing to governmental Interdiction the accounting for

Japan Is now necessarily on the assumption that it is being maintained about at

Production of Gold and Silver in

Quebec During June

and First Six Months of 1938 Increases Above Same

by

companies

owning

88.1%

of the

Quebec's production of gold and silver showed
crease

for the month of June

total

as

well

as

a

big in¬

for the first six months

of 1938, as

compared with the corresponding month of 1937,
according to a report from the American Consulate at Quebec
made public by the Department of Commerce, Aug. 24.
The report further stated:
Gold production in
ounces

in June,

ounces

ounces as

in

compared with 55,258

May, 1938.

gold production increased to 424,536

with 340,257 ounces
states.

June totaled 64,411

1937 and 68,009

six months of 1938

,

daily refinery capacity of the country amounted to 9,539,000 barrels.




450

500

Period Last Year

27.

Receipts of California oil at Atlantic and Gulf Coast ports for the week
ended

425

820

510

and receipts in bond at principal

use

barrels for the week ended Aug. 20 and 137,071 barrels daily for the four
weeks ended Aug.

500

820

rior rate.

reported by the Institute follow:

Imports of petroleum for domestic

a

Further

450

280

Other Asia

Belgian Congo

output for the week

1937, totaled 3,731,450 barrels.

9,215

.500

-

Japan

x

ended Aug.

9,628
X

8,406

820

Zealand
y

Totals, ex-Mexico

3,364,750 barrels.

X

1,300

Other Australia and New

Burma, refined

calculated by the

X

1,525

During the first

ounces as

during the corresponding period in

compared

1937, the report

Financial

1410
Sliver production in June
ounces

in June,

totaled 88,927 ounces as compared with 67,785
May, 1938.
During the first

1937 and 88,994 ounces in

Quebec's silver production increased to 518.271 ounces,

six months of 1938,

compared with 332,893 ounces

as

during the first six months of 1937.

general reduction in cadmium.

a

Copper

report said that the total production of soft coal in the week
ended Aug. 20 is estimated at (3,232,000 net tons, a gain
of 238,000 tons, or 4.0%, over the output in the preceding
week.
Production in the corresponding week of 1937

soft coal for the year 1938
to date stands 30.5% below that in 1937; the cumulative
production of hard and soft coal combined, 29.0% below

that in 1937.

in its weekly coal

stated that the downward trend of Pennsylvania

report

anthracite continued

during the week of Aug. 20.

Total

jiroduction, estimated at 417,000 tons, declined 3% from the
and 14% from the week of Aug. 21, 1937.

week of Aug. 13

STATES PRODUCTION OF SOFT COAL WITH
COMPARABLE DATA ON PRODUCTION OF CRUDE PETROLEUM
UNITED

ESTIMATED

of

face

(In Thousands of Net Tons)

There

The

foreign

quotations moved within narrow limits, showing little net change
week.

the

of copper from the United States—foreign and domestic
short tons during July, according to official figures.

exports

metal—came to 39,093
This

the

with 28,732 tons in June and 25,360 tons in May.

compares

Out of
Czechoslovakia took 12,965 tons.
A
country during July will

in July,

quantity exported

total

part of the quantity shipped to that

substantial

the Black Sea in Rumania.

its destination through a port on

slovakia
States

27,144

absorbed

has

first

the

in

of

tons

shipped

copper

months of 1938

seven

against

from

1,663

tons

Czecho¬
United

the

the

in

same

period last year.
Japan participated in exports from this country to the
extent of 50,517 tons in the January-July period of the current year, which
the

37,552

with

compares

in

this

United

States

in the same period of 1937.
Germany obtained 28,010

tons

shows

months

seven

refined

in the first

copper

169,331

against

tons

of

year.

seven

months of 1938

same

the

in

tons

for

copper

19,333 tons in the same period last

country against

tons

The record

that

exports of refined

202,546

About
Cat. Year to Date

improved buying of copper abroad for nearby delivery.

was

for

totaled

Week Ended

be favorable.

will

tions,

reach

United States Bureau of Mines,

The

for

Total

amounted to 7,(5(59,000 tons.
The cumulative production of

The

tons.

Domestic sellers again booked a fair tonnage of copper during the
shipment to Japan, which served to steady the market in the
unsettlement abroad.
The August statistics, from present indica¬

Valley.
week

Coal Commission in its current

the last week.

change in

no

4,865 tons, bringing the total for
quotation continued at 10%c.,

totaled

21,845

to

date

to

showed

copper

seven-day period

the

for

month

in

situation

domestic

Sales

Weekly Coal Production Statistics

The publication fur¬

reported:

The

the

The National Bituminous

1938
3

political tension on the Continent.
In
was some price shading in quicksilver

and

ther

to the report.

there

metals

months of 1938 increased to 54,compared with 39,160,684 pounds during the first six

months of 1937, according

the

from

resulted
minor

Copper production during the first six
093,651 pounds as

Sept.

Chronicle

time

last

year.

30% of the exports from this country consisted of domestic copper.

c

Lead
Aug. 20 Aug. 13 Aug. 21
1937

1938

1938

1938

1937

Sales

1929

ducers
6,232

Daily average—

5,994

1,039

Total,.including mine fuel

999

7,669 191,978 276,244 324,607
983

1,278

1,414

1,661

a

active buying

experienced

5,974 175,632 182,272 143,752

of historical comparison and statistical convenience the

production of lignite and semi-anthracite and anthracite outside of Pennsylvania,
b Total barrels produced during the week converted to equivalent coal assuming
6,000,000 B.t.u. per barrel of oil and 13,100, B.t.u. per pound of coal, c Sum of
33 full weeks ended Aug. 20, 1938, and acorresponding 33 weeks of 1937 and 1929.

Street

Monday, Aug.

PRODUCTION

PENNSYLFANIA

OF

ANTHRACITE

AND

here

felt

had

sentiment

satisfactory

settling
St.

plus the unfavorable reaction
buying interest.

up

slightly.

improved

the

and

basis

trade

the

of

basis

1938

Calendar Year to Date

totaling

market

ruled

Shipments
1938

1937

1938

Consumption

anticipates

Smelting

American

Demand for zinc continued

Aug. 20 Aug. 13 Aug. 21

tons

1929c

1937c

Penn. Anthracite—

tons

Total, Including colliery

417,000 428,000 483,000 28,015,000 32,052,000 43,325,000
222,800
144,000
164,800
69.500
71,300 80,500
Daily average.Commercial productlonb 396,000 407,000 459,000 26,056,000 30,449,000 40,206,000

of

the

tons

another

&

continues

decrease
was

Refining Co.,

Beehive Coke—

11,400
1,900

United States total

Daily average

10,700

581,300
2,930

62,100

1,783

10,350

Includes wasbery and dredge coal,

b Eecludes colliery fuel,

2,280,400

and coal shipped by truck from authorized
Adjusted to make comparable the number

c

in the three years.
WEEKLY PRODUCTION OF COAL, BY STATES
(In Thousands of Net Tons)

against

963

in

tons

the

week

receipt of monthly tonnage reports from district
of final annual returns from the operators.)

grades

common

the

for

last

the preceding

in

tons

division

received

was

previous.

Aug.

State

Aug. 13

Aug. 6

1938P

1938p

Aug. 14 Aug. 15 Aug. 10
1936r
1929
1937r

total

31,438

week

week.

amounted

Unfilled

which

tons,

draw

here

Aug. 31 that

on

1

2

3

256

212

354

42

59

55

77

*

*

Aug.

(8)

173

(s)

(8)

nilnois

614

598

695

784

914

1,363

Indiana

225

202

254

279

296

440

45

45

50

64

45

Iowa

100

103

104

97

145

699

733

873

765

107

121

145

209

217

24

24

27

32

48

44

4

5

6

3

17

21

46

Western

100

607

108

Kentucky—Eastern

82

633

-

40

46

44

57

50

Maryland

Michigan.
Montana
New Mexico

23

24

27

32

37

49

17

14

17

15

812

820

289

265

405

440

445

871

1,277

1,326

2,065

2,114

2,764

3,734

90

102

118

North and South Dakota
Ohio

Pennsylvania bituminous
Tennessee

72

89

Texas

17

14

20

15

22

Utah

34

30

51

39

63

83

246

242

265

226

227

248

26

29

30

27

36

47

1,378

1,291

1,724

1,751

2,127

1,515

413

424

518

488

676

875

82

84

83

103

106

154

1

85

s4

85

Virginia

Washington
West Virginia—Southern

a.

Northern b

.

Wyoming
Other Western States

#

*

c.

29

dull week

stocks

reserve

clouded

30%

traders

believe

to

the

*

the

It

was

London

to

in tin.
current

cover

of

the

here.

outlook
from

China

continued

Political

to

tension

the sharp drop in Wall Street

Tin-plate

Chinese tin

capacity.

shipments

Consumers
needs.

firmed

operations

during

the

continue

last

at

week,

becoming

more

irregular,

follows:

Aug.

25,

are

as

due

war.

Chinese

26,

tin,

99%,

42.050c.;

nominally

was

27,

Aug.

as

42.050c.;

Aug.

29,

41.425c.;

41.850c.;
Aug.

30,

41.875c.; Aug. 31, 41.875c.
DAILY

(8)

117

87

82

69

67
*

)

3,418
of

33,334

strike has been called at the

a

abroad sent quotations lower in London, and

81

Colorado

Kansas and Missouri

their

another

PRICES

OF

METALS

("E.

Straits

397

36

Arkansas and Oklahoma

Georgia and North Carolina

experienced

Electrolytic Copper

180

(8

with

'

from

Avge.

2

Alabama.

to

orders

compares

&

M.

J."

QUOTATIONS)

1923e

193

Alaska-.--.

The

Tin
Sellers

Aug.
Week Ended—

'

;v

.

common

(Mexico) smelter of the American Smelting & Refining Co.
in some quarters that this development may influence

around

on

4.75c.,

.

thought

on

(The current weekly estimates are based on railroad carloadlngs and river ship¬

a

the week previous.

in

Rosita

22,203

ESTIMATED

revision

at

quiet, with sales for the week in the

4,396,200

11,517

on

6tocks

in

the contract

and

zinc prices.

and State sources or

on

Yester¬

the basis of 4.75c., St. Louis, for Prime Western.

on

4,350

Western

News

a

1,522

steady

against

Prime

ments and are subject to

last

Pro¬

political

Lcuis.

grades

of working days

but

26,

Zinc

Week Ended

a

volume during the

and Aug.

25

during August.
Quotations remained firm at 4.90c., New York, which

(In Net Tons)

operations,

Aug.

virtually dried

29,

BEEHIVE COKE

fuel

fair

in

were

on

day (Aug. 31), however, the London lead market was firmer and producers
5,382

5,435

of weekly output.

Includes for purposes

ESTIMATED

market

open

developments abroad over the week-end,
Wall

Crude Petroleum b—
Coal equivalent

the

in

involving 3,591 tons, against 3,460 tons in the previous week.

week,
Bituminous Goal a—

lead

of

24

Dom.,Refy. Exp., Refy.

Tin

Lead

New York

New York

Zinc

St. Louis

St. Louis

Aug. 25

9.900

9.825

43.225

4.90

4.75

Aug. 26

9.900

9.900

43.425

4.90

4.75

4.75

Aug. 27

9.900

9.900

43.425

4.90

4.75

4.75

Aug. 29

9.900

9.825

42.800

4.90

4.75

9.900

9.775

43.250

4.90

4.75

4.75

9.900

9.725

43.250

4.90

4.76

4.75

9.900

9.825

43.229

4.90

4.75

4.75

Aug. 30.

—

_

Aug. 31

Average

.

-

4.75

4.75

Average prices for calendar week ended Aug. 27 are;
Domestic copper, f.o.b.
refinery, 9.900c.; export copper, 9.788c.; Straits tin, 43.246c.; New York lead,
4.900c.; St. Louis lead, 4.750c.; St. Louis zinc,4.750c.; and silver, 42.750c.
The above quotations are "M. & M. M.'s" appraisal of tlxe
major United States
markets, based on sales reported by producers and agencies.
They are reduced to
All prices are In cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
the basis of cash, New York or St. Louis, as noted.

In the trade, domestic copper prices are quoted on a delivered basis; that
is,
delivered at consumers' plants.
As delivery charges vary with the destination, the
figures shown above are net prices at refineries on the Atlantic seaboard.
De¬
livered prices in New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
board.
On foreign business in copper sellers usually name a c.i.f. price—Hamburg.
Havre, and Liverpool.
The c.i.f. basis commands a premium of 0.325c. per pound

above f.o.b. refinery quotation.

Total

bituminous coal

5,994

Pennsylvania anthracite d
Grand total

5,810

7,691

7,867

9,745

11,538

428

546

558

655

1,063

1,926

8,522

10,808

13,464

6,422

6,356

8,249

Daily London Prices

Copper, Std.

Lead

Tin, Std.

Copper

Zinc

Electro.

Includes operations on the N. & W.; C. & O.; Virginian; K. & M.; B. C. & G.'
and on the B. & O. in Kanawha, Mason, and Clay counties, b Rest of State, includ¬
a

Spot

3M

40%

Aug. 26

4Q%
40**i,

(Bid)

Spot

46

193 %

Spot

3M

Spot

3M

194%

14*16

13*1,

137i,

13%
13%
13%

13%

3M

ing the Panhandle District and Grant, Mineral, and Tucker counties,
c Includes
Arizona. California. Idaho, Nevada and Oregon, d Data for Pennsylvania anthracite
from published records of the Bureau of Mines,
e Average weekly rate for entire

Aug. 25

4Du

46

193

194

14»ie

14"n
14«i«

Aug. 29

40

40 %

191%

145i«

14%

Aug. 30

40b,
40M®

40 %

45%
45%
45%

190%

month,

192

193

192%

193%

14%
14%

14*16
14*i,

Preliminary,

Revised, s Alaska, Georgia, North Carolina, and South
Dakota included with "Other Western States." * Less than 1,000 tons.
p

r

Aug. 31
tniro

Major

Non-Ferrous Metals Hold Steady
Irregularity in London Prices

Despite

iui

ie»u

auu

40%
zlhu

are

me

ujluuuu

uuyers

prices

lor

uie

137i,

xirsi session

13*16
13*16

13%
OI

tne

London Metal Exchange; prices for copper and tin are the official closing
buyers'
prices.
A1J are in pounds sterling per long ton (2,240 lb.).

"Metal and Mineral Markets," in its issue of Sept. 1,
reported that though the business outlook in this country

Steel

continues favorable, the market for non-ferrous metals was

The "Iron Age," in its issue of Sept. 1, said that steel
ingot production starts in September at 44% of capacity, a
gain of one point over last week, but may suffer a slight

inactive

last

week.

Prices

for

copper,

lead

and

zinc

re¬

mained steady to firm, despite the nervousness abroad that




Ingot Production Rises to 44%—Business Much
Better in August

Volume
setback

147

next

Financial

week

owing to the shutting down of some
steel-making departments on Labor Day.
The "Iron Age"
further states:
Raw

eteel

reported

output

probably

production

of

averaged

33.42%

in

about

July,

42%

gain

a

in

moderate

by

the

further

of

pated

recent

of

up

improvement.

ahead

actual

Chicago

far,

small

gains

declined

in

For example,
in

stocks

the

district

while

gains

6emi-finished

demand

requirements of

The
thus

proportion of

building

slabs

automobile

has attained

Cleveland,

at

and

remain

Youngstown

the

sheet

and

in

40%,

Detroit,

Wheeling-Weirton

anticipation

of

rolled quickly.
of

There

but

district

the

98%
industry will be 44.0% of
capacity for the week beginning Aug. 29, compared with
42.8% one week ago, 39.8% one month
ago, and 84.1% one

has

1937—

Aug.

1937

1938—

2

85.5%

Nov. 15

Aug.
9
Aug. 16

84.6%
83.2%

Nov. 22

83.8%
84.1%
71.6%
80.4%
76.1%
74.4%
66.1%
63.6%

Dec.

7

Sept. 20
Sept. 27
Oct.
4

Dec. 13
Dec. 20
Dec. 27

9

7

Feb.

14

placed

in

furnaces
The

service

1919,

in

business

the

with

being withheld

of

been

steel

from

which

11993384275

will

are

a

business

main

pile

of

in

1924,

by

within

elimination

the

this

production

Contracts

steel

for

tons

of

next

90

to

by

some

Building

that

time,

above

Under

such

there

the

sufficient

break-even

the

than

in

towers

of

for

tons

The
steel

Okla.;

Farms

point.

One

tons

Some

Central
Tin

No

9,000

rail

will

issue

improvement

Scrap

in

fall

is

reduction

years.

18,500

is

tons

the

connect

for

Coulee

and

nearly

22,000

Wash.;

office

tons,

3,025

building

1,350 tons for

a

including 3,500
for

tons

and

a

garage

the

bridge at New Haven,

Awards of reinforcing bars

is for the Red Hook housing

for New York City, tentatively awarded,

a

markets

Unusually
ment.

is

expected before

is

still

doubt.

in

the

New

low ebb and operations

looked

for

until

new

a

are

and

price

has

been

to

action

in

are

a

"IRON

THE

The "Iron Age"

waiting position.

scrap

summary of the iron and steel

automotive

40%

railroad

and

current

as

of

and

caused

steelmakers

capacity,

sources

industries,

has

buying

continued

believe

expansion

of

mill

being made in bringing Public Works
bidding stage, in order to hasten employ¬
large aggregate tonnage of steel which

a

books

end

before cold

more

provide

of

the year

additional

some

for

greater

for steel to

rolling

than

cars

weather.

now

It

Increased

in

carrying capacity.

action

loadings

car

order,

good

Some

forced into

repair programs

cover

stock.

are

inevitable

seems

minimum, will be

a

necessitating
this

to

end

is

increase from

tive

points

8

points to 60.

30%,

at

Cincinnati
2

24%.
Pittsburgh gained 3 points to 33%, Chicago 1.5
Youngstown 2 points to 43, Buffalo 2.5 points to 46.6,

37.5,

to

Detroit

at

Wheeling

Birmingham

65%.

St.

Louis

unchanged at 54%,

was

53%,

at

dropped

New

3

Eastern Penn¬

at
60%, and
33%, and Cleveland

England

points to

points to 41%.
Tin

of

plate

prices

packs

buying is being

for

this

fourth

year

held

quarter,

at

minimum

a

expected

somewhat

are

less

within
than

pending
short

a

announcement

time.

because

last

Vegetable

of

considerable

carryover.

Structural

bookings

increasing, almost exclusively for public works,

are

Federal, State and municipal.
for

The largest award last week was 4,100 tons
hangars at Fort Lewis, Wash.
Two hangars at Sand Point, Wash.,

four

let, requiring 1,670 tons.

were

another

and

Va.,

in

involve

Louisiana

1,175
easier

are

it

have

is

slightly

is

Automobile
for

23,940

most

Norfolk,

projects

are

but

figures

supplies

large

not

are

production

week

strength

Increasing

and

recession

no

production

from

indicate

rates

the

consid¬

short time, with resultant strengthening of prices.

a

changeover.

the

lower

underlying

expected.

covering within

down

1,500 tons,

the navy yard,

at

tonnage purchases would be at present or higher prices.

considerable

level

present

Shops

steelmaking scrap in absence of tonnage buying
holding at previous levels.
Small sales to steel¬

are

at

believed

is

There

been

tons.

Pending work is heavy and
early start on construction.

an

on

other grades

A bridge at New Orleans takes

2,000

tons.

being pushed to obtain

com¬

COMPOSITE PRICES

AGE"

44.0%

Continuing its steady rise from the low point in June, the national
operating rate last week advanced 2 points to 43.5%, the seventh consecu¬

and

$14.50.

Aug. 29

being taken by a few roads.
Only small preliminary tonnages have been placed by automotive build¬
ers, but some parts-makers are building banks of parts in
anticipation of
heavy demands when 1939 model assembly gets under way.

erable

is unchanged at

is

the

to

the

for

need

to

makers

announced,

30.7%

29.0%

automotive

involves

on

before

perhaps

point

though

15.

30.4%

39.4%
40.4%
42.8%

26.1%

railroads, which have held buying to
market

the

down to about 30%.

38.8%

8
Aug. 15
Aug. 22

May 31

smuch

a

above

progress

projects

program

expected to be

the

York

of

end

The

from

rapid

This

Prices

are

1

Aug.

activity will result in much higher operations during the fall.

Administration

plates.

railroads

Aug.

32.0%
30.7%

May 23

the

In

well

move

demand

construction

from

supporters.

to

impending

dam at

for

assistance

strong

production

transmission

Grand

5

Aug. 29 stated:

on

without

usually

sylvania

inquiry for 28,600 tons of rails about Sept.

an

is

this

October.

posite price

eased

as

Total

before.

General

output

General

Motors

plants practically shut

18,700

was

Motors

500 from

to

with

compared

units,

dropped

10,300

;

'

Finished
Aug. 30. 1938,

One week ago
One month ago

Chrysler

Steel

Based on steel bars, beams, tank plates,

2.300c. ft Lb.

2.300c.
2.300c.
2.512c.

One year ago

pipe, sheets and hot
These products represent

wire, rails, black
rolled strips.

months

1934

2.249c.

2.016c.

Mar. 10

2.062c.

-

2.300c.

9

Dec. 28
Oct.

1

2.056c.

Jan.

8

2.118c.

1935

May 17
Mar.

2.249c.

-

Apr. 24
Oct.
3

1.945c,

Jan.

2

1.792c.

May

2

1.953c.

1933

.

.

-

1927

Sept.

6

1.870c.

Jan.

7

1.962o

2.402c.

1930

Jan.

4

2.212c

Pig

Aug. 30, 1938,

One week ago

One month ago.

—

Not.

.

1

Buffalo,

Valley,

and

Southern Iron at Cincinnati.
$19.61

July

6

Mar.

9

20.25

Feb.

16

19.73

Nov. 24

18.73

18.84

Nov.

5

17.83

-

17.90

May

1

16.90

Jan.

27

16.90

Dec.

5

13.56

Jan.

3

14.81

Jan.

5

13.56

Deo.

6

-

-

-

May 14

18.21
—-

Steel

Aug. 30, 1938,

$14.50]

14.331

One month ago

7

15.90

Dec. 16

Jan.

4

17.54

Nov.

1

Scrap

126,423

months
in

scrap

iron

on

No.

1

heavy

melting

steel

-

1933

1932—

—

1930

-

-

Iron

and

in

exports
of

137,276

July totaled

June,

exclusive

of

2,250

also

were

excluding

with

1,924,736

1937.

Imports

July

with

14,728

were

seven

July

in

exports

June.

in

compared

tons

in

tons

For

1,834,750 tons in

Scrap

scrap.

162,066

tons,

gross

scrap.

1,254,642 tons compared with

in

of

prices

steelmaking

scrap

composite for that material to decline 4c.

For

seven

2,597,403 tons
tons

rose

lc.

$36.50,

to

and

the

the

in

$14.25.

to

finished

East

compared

caused

The iron and

steel

composite

the
steel

remained

steady at $57.20.

Steel

ingot

Journal" of

production

for the

of capacity,

Sept. 1.

week and 40%

ous

This

week

ended

Aug.

29

according to the "Wall

is

Street

with 42% in the previ¬
The "Journal" further

compares

two weeks ago.

reported-;
U.

and

S.

Steel

is

estimated

29%% two weeks

ago.

at

37%%, against

34%%

Leading independents

are

in the

week before

credited with 49%%,

compared with 48%% in the preceding week and 50% two weeks
The

following table gives

the

nearest

in

ago.

comparison of tbe percentage of production

a

corresponding week of previous

approximate changes,

points,

from week

years,

immediately

together with the

Industry

8.50
15.00

15.25

Steel

44

+2

37 H

1937

84

+ 1

84

+3

1936

72 ^

69 X

+

1935

45

—5 M

37

19

—1

19

7

1938

Nov. 16
9

9.50

Apr. 23
Sept. 25

1934

6.75

Jan.

8

1933

6.43
11.25

July
Dec.

5
9

1931

13.08

Nov. 22

1930

$11.00
12.92

Dec. 21
Dec. 10
Mar. 13
Aug. 8

12.67

June

10.33

Jan. 12
Feb. 18
Jan. 17

Institute

u. S. Steel

preceding:
Independents

Low

9
Mar. 30

Aug.

June

on

Aug. 29

-

-

42

13

1932

an¬

1927

31

-

57 J*
87 H

-

1928

nounced that telegraphic reports which it had received indi¬




14,000

made

15,887 tons in June.

Adjustments

1929

American

produced

quotations at Pittsburgh. Philadelphia

—$14.83
21.92
17.76
13.42
13.00
12.25

-

Ford

900;

the .independents

and Chicago.

High

1936

with

and

products in

compared

20.171

One year ago

week,

tons

last year,

tons

months

seven

with

with

(Based

$14.50 a Gross Ton

One week ago

Jan.

19.71

1930

1927

period

same

were

and

149,955

Aug. 11

-

-

with

placed at 44%

Low

23.25

—

-

the

compared

preceding

1,740.

with

composite

Philadelphia,
,

—-

The

29

on average of basic Iron at Valley
furnace and foundry Irons at Chicago.

High
.$23.25
June 21

19271

Oct.

Based

19.61
23.25

1938

Mar. 15

.

.

the

exports aggregate

fl
2

Iron

$19.61 a Gross Ton
$19.61

One year ago

,

.

1.915c.

—

July
Mar.

.

.

2.192c.

1932

compared
compared

Low

2.512c.

-

1936

11,000

1,950

to

up

Exports of steel

2.512c.

1938

stepped

against

85% of the United States output.
High

1937

1936

two

the

for

Bridge in Brooklyn calls for 14,000

an

purchases

plate buying is at

possibly

for

scows

by the

equipment

market

who point to the

bridge in Indiana.

of

tons

55,000

as

commitments

Conduit linings for the Grand Coulee Dam take

Dump

buying

though

total

tons, of which 5,000 tons

3,000 tons of plates.

year,

in

to

were

York;
a

models by

announced

automobile

which

of

lettings

Y.

been

new

absorbing a large share of steel
on which
bids have been requested

Meeker Street

Conn., and 1,100 tons for

require

two

or

continuing

are

are

Washington

New

Co.,

project in Queens, N.
will

total

projects

tons,

1,525

about 13,500

its

rising

airplane hangars at Fort Lewis,

Sheffield

were

A

lowest

New

and

Dams.

Pensacola,

of

year.

improvement in

but most producers

bringing

activities

41,000

Structural

tons.

this

This company has placed orders for 13,000

bars,

the

to

Oregon

Bonneville

company

likelihood

any

remainder

is for

oping

that

is

nor

automobile sales managers

attention.

more

ruling

a

steel

important

any

over

position,

tons.

construction

companies'

total

35,000

inventories

field

of

doing

26.2%
27.1%
28.0%
28.7%
22.4%
32.3%
36.4%
37.0%

June 20

This

Washington

would automatically bar itself

wages

Buick's schedule has

and

strip

days

predicted

of

\

industry.

sheets,

the

Board

plants

weeks.

two

districts.

companies

by the end of November.

cars

of

apparently

are

losses.

up

automobile

hand

Cleveland, in its

May

6

June 13

Steadily increased buying of steel by miscellaneous consumers continues
push up the rate of production, as most orders
specify immediate delivery.
enlarged demand is contrary to usual seasonal trends and is devel¬

to

of

requirements.

realized

have attained this

Public

markets,

perplexing situa¬

Sept. 1 marks the beginning of large-scale production of

the

and

July

since the post-war

the

has

rates

wage

various

steel

be

the

"Steel" of

quarter.

"freezing" of present rates, preserving the

a

hope of steel

lift

to

companies

Not

8

Southern

during

most

years.

exception

expected

at

could

the

of

one

prices

indications

cut

wage

that

production

many

undertaking to cut

definite

no

prices

the

of

minimum

is

Government

on

initiate

Thus

weeks.

two

Decisions regarding wages

between

exist

company

There

to

that

and

announcement

Labor of

work,

bidding

higher

past

plainly evident in matters affecting decisions

opinion is that there will be

any

the

possible

quoting

so

pending

Department of

differentials

face

the

managements.

company

Government

steel

method

Government

steel

the

within

industry has faced in

of

Pittsburgh-plus
Federal

in

about

come

the steel

adjustments

of

South

have reaffirmed present pig iron prices for the fourth

improvement

August has
tions

the

in

Nov.

25

May 16

31

1

July

32.7%
30.5%
30.7%
31.0%

24

Feb.

Nov.

18

2

Jan.

be

fourth stack to

be the

July

11

32.6%
32.7%
32.4%

29.8% May

Jan.

will

11

4

17

65.8%

will

A Sloss-Sheffield furnace, which
1,

July

Apr.

Jan.

52.1%
48.6%
41.0%

to be reported next week,

July.

Sept.

on

July

35.7%

25.6% Apr. 18
27.8% Apr. 25.

25

for August,
over

into blast

June 27

33.7%

Mar. 28

3

Oct.

figures

fair gain

a

32.1%

Mar. 21

10

Pig iron

go

30.4%
29.3%
29.9%

June

7

Mar. 14

1938—

11

to

28

Jan.

18

production

21

Mar.

Jan.

Oct.

scheduled

Weekly

1938—

Apr.

6

Oct.

is

Feb.
Feb.

36.4%
31.0%
29.6%
27.5%
27.4%
23.5%
19.2%

Nov. 29

79% to 70%.

undoubtedly show

Aug. 22, 1938.

indicated rates of steel operations since
Aug. 2, 1937, follow:

Sept.

from

increase of 1.2 points, or 2.8%,

an

from the estimate for the week ended

been

dropped

This represents

year ago.

Sept. 13

South

the

has

cated that the operating rate of steel
companies having
of the steel
capacity of the

year

have

1411

Aug. 23
Aug. 30

antici¬

that

so

highest

33%.

at

a

brought about

bars

be

can

of

rate

that

appears

trying to keep a little

are

and

industry

a

Pittsburgh operations

slightly

it

inventories

mills

some

of

25%.

those of July,

over

production has been

steel

against

August

approximately

of

Bookings of steel in August gained from 10% to 25%
depending upon the company and the product.
Thus

Chronicle

77 K
.

-

67 H

—7
—

41

^

12

49^

+3

84

H

75

+1
+
—

19tf

—1M

42 «

—6
—

M

13 H

—

H

29

—8H
—

34

H
—1%
+ 1H

65

—1

93

—1

83

—2

77

77 X

+2-

H

69

65

—

H

^7

—1
—

H

50

—4

—1

51

H

Financial

1412

Sept. 3,

Chronicle

1938

Current Events and Discussions
The Week with the

increased $24,000,000 in

Government

During the week ended Aug. 31 member bank reserve
$23,000,000. Additions to member bank
reserves arose from
decreases of $51,000,000 in Treasury
balances increased

deposits with Federal Reserve banks and $3,000,000 in nonmember deposits and other Federal Reserve accounts and
increases of $56,000,000 in gold stock, $6,000,000 in Reserve
bank credit and $3,000,000 in Treasury currency, offset in
part by increases of $63,000,000 in Treasury cash and $33,000,000 in money in circulation. Excess reserves of member
banks on Aug. 31 were estimated to be approximately

for the week.

a decrease of $40,000,000
The statement in full for the week ended

$2,940,000,000,
found

on

Aug. 31 will be

.r.."."
■ :"'y
bank credit outstand¬
follows:

1442 and 1443.

pages

Changes in the amount of Reserve

ing and related items were as

Since

4
Bills discounted.-

Increase

2,585,000,000

8,179,000,000

+ 23,000,000

Money In circulation...-.i........ 6,503 000,000
Treasury cash
2,480 000,000
Treasury deposits with F. Ft, bank..
720,000,000
No i-roembcr deposits and other Fed¬
eral Reserve accounts.- _.......
568,000,000

+1,448,000.000
—29,000,000
+ 63,000 000 +1,239,000,000
+564,000,000

—51,000,000

cultural loans

-25,000,000

—6,000,000 —1,741,000,000

M|

3,890,000,000

—10,000,000

—716,000,000

335,000,000

—2,000,000

—132,000,000

636,000,000

+ 4,000,000

—719,000,000

580,000,000

+ 2,000,000

—113,000,000

1,158,000,000
114,000,000
1,504,000,000
7,724,000,000

..............

—2,000,000

—6,000,000

—1,000,000

—24,000,000

+ 3,000,000

—31,000,000

+ 50.000,000

—508,000,000

securities..--..---

purchasing

for

loans

Other

or

carrying securities—........
Real estate loans.
—
Loans to banks
Other loans

......

obligations

guaranteed

fully

Obligations

by

1,653,000.000
3,119,000,000
6,639,000,000

+ 25,000,000

+ 519,000,000

+ 12,000,000

+ 128,000,000

4.

396,000,000

+ 14,000,000

+ 94,000.000

Balances with domestic banks....

2,419,000,000

-18,000,000

+ 765,000,000

deposits—adjlisted.
15,214,000,000
deposits.5,217,000,000
421,000,000

+ 194,000,000

United States Government.....
Other securities

Reserve with Fed. Res.

banks

Cash in vault.....

-3,000,000

J

+81,000,000 —1,602,000,000

Commercial, Industrial and agri¬

U. 8. Govt, direct

Member bank reserve balances.... a

$

Assets—

Open market paper.....—..
Loans to brokers and dealers in

+ 33.000,000

+ 3,000,000

Aug. 25, 1937

$
investments—total....20,713,000,000
Loans—total.....
8,217,000,000

+ 6,000,000
+568,000,000
+145,000,000

+6,000,000

.—

((—)

Decrease

or
Since

-7,000,000

+ 56,000,000

—

(+)

Aug. 17, 1938

Aug. 24, 1938

-5,000,000

.--13.135,000.000
2,730,000,000
Treasury cuTre-icy-.....

Gold StOCK

the Chicago district,

A summary of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended Aug. 24, 1938, follows:

+ 38,000,000

+6,000,000

City,

$22,000,000 in the Cleveland dis¬
trict, and $194,000,000 at all reporting member banks.
Time deposits
increased $2,000,000.
Government deposits declined $4,000,000.
fi£
Deposits credited to domestic banks declined $29,000,000 in New York
City, $14,000,000 in the Chicago district, $12,000,000 in the Philadelphia
district, and $78,000,000 at all reporting member banks.
Weekly reporting member banks reported no borrowings on Aug. 24.

—2,000,000

Bills bought

Total Reserve bank credit-..

deposits—adjusted increased $118,000,000 in New York

Demand

$38,000,000 in

Loans and

—17,000,000

7,000,000
1,000,000
U. S. Government securities....... 2.564,000,000
Industrial advances (,/ot includlrv
$14 000 060corninItm'ts—Aug. 31
16,000.000
Other Reserve bank credit-—2,000,000

Cleveland

the

in

$5,000,000

member banks.

:

,Sept. 1, 1937

Aug. 24, 1938

Aug. 31,1938

Holdings of "Other securities" increased
district and $12,000,000 at all reporting

reporting member banks.

at all

(-f) or Decrease (—)

Increase

guaranteed by the United States
New York City and $25,000,000

of obligations fully

Holdings

banks.

Federal Reserve Banks

+ 71,000,000 +1,448,000,000

Liabilities—

Banks

Member

of

Returns

in

and

City

York

New

:

Time

Chicago—Brokers' Loans

of the

Federal Reserve System for the New York City member
banks arid also for the Chicago member banks for the current

week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday:

,

4...W

T
.

Aug. 24
1938

Aug. 31
1938

■

:/+'

•••-•■

$

Assets—

$

$

$

$

$

Loans and Investments—total..

7.751

7,613

8,377

Loans—total ......u-.-.

3,007

2,951

4,085

1,846
524

1,847
526

2,014
717

1,479

1,480

1,818

343

Industrial

and

Open market paper.....

136

132

164

19

561

507

1,171

30

342
19
32

482
30

Loans to brokers and dealers.

for purchasing
carrying securities

197

198

275

118

84

87

134
101

68
12

75

118

67
12
...

432

429

422

53

53

14
2
60

2,860

2,820

2,933

876

874

923

795

797

398

127

961
2,412

319
895

127
320
873
34
209
52

99
275
571
25
125
63

agricultural loans

...

Other loa..s

54

or

.

Real estate loans....
Loans to banks.
Other loans
U. S. Gov't obligations

Obligations fully guaranteed by
United States Government...

Other securities.......... A..;

1,080

1,045

Reserve with Fed. Res. banks..

3,425

3,375
51

'

48

33

70

69

65

224

488

478

467

53

52

Cash In vault

Balances with domestic banks..
Other assets—net....

Demand deposits—adjusted....

6,446

6,342

657

659

1,552
464
47

100

104

334

463
42

2,500

2,424

1,858

672

Foreign banks.........292
Borrowings.

282

536
8

w.--

United States Govt, deposits...

1,527
448
55

680

1,598 0

6,060
714

502
7

Inter-bank deposits:
Domestic banks..

6

8

-v."

...

of

292

376

16

16

16

1,483

1,483

252

250

243

As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks them¬
selves and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of the
Federal Reserve System for the week ended with the close
of business Aug. 24:
statement

of

weekly

member

reporting

banks

in

101

leading cities shows the following principal changes for the week ended
Aug. 24:
A decrease of $10,000,000 in commercial, industrial and agri¬
cultural

loans, and increases of $50,000,000 in holdings of United States

Government direct obligations and $25,000,000 in obligations fully guaran¬
teed

by

the

United

States

demand

deposits—adjusted

credited

to

domestic

Government;
a,nd

tanks; and

a

an

decrease

an

increase
of

increase

of $194,000,000 in

$78,000,000

of

in

deposits

$71,000,000 in

reserve

particular

explain

the

Commercial,
New

banks.

industrial

York City,

000,000 in

and

the Boston

and

agricultural

loans

declined $7,000 000 in

district

and

increased

$10,000,000

the Chicago district,

$4,-

$10,000,000 at all reporting member

Other classes of loans showed little change for the week.

Holdings

of

United

States

Government

direct

obligations

increased




the

foreign newspaper correspondents,

The

statement

chiefly at France and warned the

aimed

was

Government

border

for

banned

publication of General Franco's statement in

against

He

added

Americans

brigades

had

fighting along the Ebro
that

and

many

"Fifty
members

of

the arrival
would

war

General

half

foreigners

the

of

because it deals only with Europeans,"
States press recently admitted that

Red army."

the

other

and

suffered

enormous

Valley front

,

foreign

casualties

the loyalist
weeks of

of

volunteers
in

six

Catalonia,

the western border of

on

others had been taken prisoner.

dead of the international brigade
front were non-Europeans," he said.
"I believe that numerous
the Non-intervention Committee ignore this fact.
Without
cent, of the prisoners and

per

the Ebro

on

Government

France.

United

have joined

that

international

army

French

The

only

affects

agreement
"The

said.

Spain.

loyalist

to

fighting in the Red [loyalist]
Franco

precipitous action in opening the Pyrenees

any

shipments

non-intervention

General

to

underlying his negative reply to the volunteers evacua¬

reasons

arms

countries,

democratic

of

press

French

of

40,000 members of the

have

been

ended

Franco said

brigade at Madrid the

international

November,

in

that it

1936."

not until after the defense of Madrid

was

by

international

the

brigade under command of General Jose Miaja that the
insurgents "accepted the offers of foreigners to fight on our side."
equitable withdrawal of foreigners from both sides will not inter¬

"The

with

fere

be

our

victorious

started

by

campaign," General Franco

said, referring to his

Non-intervention Committee asking that the

the London

note to

withdrawing

10,000

men

side,

from each

evacuations

instead of "pro¬

portionate withdrawals."
In

outlining the military situation in

Press

advices

of

Spanish border)

29

Aug.

from Hendaye

Spain, Associated
(on the Franco-

said, in part:

Counter-attacking against the insurgent threat to the valuable Almaden
mines,

mercury

Villanueva
these

numerous

running
route

to

remained

$39,000,000 in New York City and $50,000,000 at all reporting member

representing

those

scheme.

tion

said

balances with Federal. Reserve banks.

in

Withdraw

to

Spain, said:

Franco issued the statement to

12,000 Americans

Returns of Member Banks of the Federal
Reserve System for the Preceding Week

condition

Refusal

Holds

Aug. 28 from Burgos,
General

Complete

The

—21,000,000

Spanish loyalist troops this week continued to maintain
strong defense against the drive by insurgent forces
headed by General Francisco Franco, and early in the week
Government contingents were reported to be closing in on
Castuera, the insurgent base 150 miles southwest of Madrid,
and threatening to cut 20 miles off the Franco lines.
Mean¬
while, General Franco, in a statement to foreign newspaper
correspondents on Aug. 28, said that the presence of 12,000
Americans in the loyalist armies was partially responsible
for liis virtual rejection of the British-sponsored plan for
withdrawal of "foreign volunteers" from Spain.
General
Franco's reply to the British proposal was reported in the
"Chronicle" of Aug. 27, page 1267-68.
In reporting the Franco statement, United Press advices

The

305

Capital account.......

—248,000,000

a

■

1,486

Other liabilities

Franco

—General

in

Liabilities—

Time deposits...............

+ 974,000,000

+ 5,000,000

—1,000,000

-

Foreign "Volunteers" from Spain Partially Due to
Presence of 12,000 Americans with Loyalists

———Chicago—
Aug. 31 Aug. 24 Sept. 1
1938
1938
1937

Sept. 1
1937

—78,000,000

5,875,000,000
325,000,000

...

—..

Spanish Government Troops Resist Insurgent Attacks

CITIES

Now York City
;

:<;

Commercial

Domestic banks

Foreign banks
Borr owings ............

(In Millions of Dollars)

'■

:

•

>

—65,000,000
—148,000,000

Inter-bank deposits:

MEMBER BANKS

ASSETS AND LIABILITIES OF WEEKLY REPORTING

+ 264,000,000

+ 2,000,000

—4,000,000

United States Government deposits

Below is the statement of the Board of Governors

IN CENTRAL RESERVE

Demand

de

la

the

militiamen

and

struck

Campanario

loyalist

Serena

sectors.

troops broke through

positions
east

from

Almaden,

around
Castuera
had

They

Castuera.
to

been

from the north along
Government dispatches

the left flank of the enemy and occupied

also

del

Buey,

Cabeza
cut,

although

asserted
20

the

miles

secondary

main

away

lines

on

road

the

apparently

intact.

Insurgent

advices

acknowledged

that

Generalissimo Francisco

Franco's

legions had taken the defensive in the CastueTa sector, but asserted govern-

Volume
mental

assaults

panario,
which

12

is

been

farther

Government's

toward

checked.

miles

10

miles

previous

to

They

the

indicated

north,

and

the northwest,

to

counter-offensive

insurgent

offensive

Castuera,

Villanueva

la

de

Chronicle

Cam-

3,000
the

Serena,

being defended 6trongly.

were

appeared

through

that

have

halted

and

to

Cabeza

Castuera

del

in

exhausted
in

both

lower

troops

Ebro

of

Spanish

troops

had

Government

its

and

insurfgent

Valley, in eastern

resting after

possession

The

Buey

month's

a

gains

slackening,

was

which

left

the

Aug.

on

advanced

31

yards

with

Govern¬

that

A

its

and

cutting the

Almorchon,

militiamen

line

used

dominated

Chinese

at

defenders

of

The

by the insurgents to link Castuera

Monocacy, which was shaken and
by the explosion of two mines 80

anchorage at

by its commander, Lieut.

by

Conlan

Saturday.

on

V.

Conlan,
Vice-Consul, who

in

areas

at

were

battle

understood

was

Kiukiang

C.

Japanese

the

foreign warships

the river

follows:

to

their

reliable informant

a

in

effect

contended

risk.

own

have

countered
that
he was holding
mishap resulting from Japanese operations,
since the Nippon navy was sweeping

especially

continuously.

Japanese

said

to have refused
to permit the
Monocacy to
down-river to Shanghai, and it was understood the
Kiukiang Vicethat foreign warships at Hankow proceed
up-river.

proceed

prized mercury mines of Almaden, government
highway between the same two points, government

a

damaged

explosions,

of the

west

gunbeat

not

gunboat's

the Japanese
responsible for any
or
from mine

were

Consult suggested

Hankow, provisional Chinese capital, is the main
objective of the present

said:

reports
In

railroad

the

but

water

the

rejected

was

Lieut.

the Estremadura front,
completing occupation of the important Hills of BeiiquerenAn Associated Press
Hendaye dispatch of Aug. 31 de¬
as

directed

was

concerned

with

protest

tbat

on

tailed other Government claims

fighting there

Nanchang-Kuklang railway.

from

said,

claimed

The

dispute

showered

the

the west bank of the river.

on

Government

further

Spain,

struggle

indicated

sides

cia.

After

90-mile

The

from

the

14131

Chinese.

Another Associated Press
dispatch of Aug. 29 from Hong¬
kong referred to the Monocacy incident as follows:

effectively

Almaden.

Dispatches
Littles

ment

Financial

had

which

is

The
the

147

Japanese offensive.

the

Campanario sector, thirteen miles north of Castuera, the insur¬
attempted a series of counterattacks with fresh troops, but
govern¬
ment communiques said
they had been beaten back easily.
With calm continuing on the Ebro front in
Catalonia, the only other

orders to relieve the
Monocacy and was
have left Nanking
yesterday for Wuhu, there to await a final decision
by Washington on the Kiukiang situation.

today was reported in the Puente del Arzobispo sector in Toledo
Province, where government battalions reported capture of Robledo del

supply

Mazo,

both

The

gents

action

miles

seven

northeast of

Sevilleja

de

la

Jara.

It

Government aviation

•units

were reported
bombing and machine gunning insurgent reinforcements
attempting to reach the front lines there.

Under

date

Hendaye
The

of

31,

offensive had suffered

Off

Press

Gibraltar,
and

14

said

tonight

that

the

Government

Aug. 27, it is reported that 20

on

wounded

aboard

the

Spanish

warships.
Associated Press accounts
Aug. 27 said:

the first important Spanish naval
Government fleet torpedoed the 10,000-ton
was

from

Gibraltar

800

down

went

The

with

engagement

British

naval

historic

battle

of

the

today

hero,

Trafalgar

in

the

Oct.

general

same

Horatio

on

Nelson,

21,

where

area

defeated

the

Hendaye, Aug. 23, Associated Press
following to say, in part:

famous
in

the

accounts

had

Insurgent Generalissimo Francisco Franco's two-weeks-old offensive on
Spain's Ebro River front suddenly began to gain
ground today after a
stalemate of several days.
Insurgent advices said the insurgents captured Gaeta Peak, just north¬
west

of

Villalba

bank

of

the

Gaeta.
and

The

second

de

Ebro

los

Arcos,

River.

line

between

The

Government

Fayon and

Government

forces

Gandesa

acknowledged

on

the

retreat

a

trenches.

stated

Japanese

Hankow—U. S.
Ambassador
Attack on Chinese Passenger

Tokio

to

Plane

by

Explosion of mines

Denies

in the

Guilt.

Yangtze Kiver,

near the United

States gunboat Monocacy, was
among the international inci¬
dents of the week.
Japanese authorities had
refused

that

quests

so-called

the

gunboat

danger

down

move

the

river

out

re¬

of

the

Meanwhile Japanese mine-sweepers
had been active, and
shortly after they had left the vicinity
of the Monocacy, several mines
exploded, showering the
gunboat with water, but doing no material
damage.
The
commander of the vessel
immediately protested to Japanese
authorities.
zone.

Japanese forces
concerted

land,

on

advance

the

on

and air meanwhile made

sea

and

Chinese

provisional

Hankow, and despite stubborn resistance

were

capital

recent

military actions

follows:

as

A communique from the front eaid an
unceasing 24-hour artillery bom¬
bardment battered down resistance of 12 Chinese
divisions, which withdrew
to the west of
the Anhwei Province town on the north bank
of the

The

As

far

west

of

reported

came

Liuan.

another

From

there

the

River to continue their westward

Chinese military

Hankow,

The

Chinese

in

the

33-day

stalemate

the

on

neighboring town south¬
Japanese said they were crossing the I'ei

China's

said

the

all

other fronts

provisional

Japanese

before

capital,

sacrificed

many

an

the

troops

in

the

general

In

Yangtze.
the

reported

the

hand-to-hand

Yangtze

'

Singtse sector,

fighting

River

Japanese

of

recapture

port

was

on

west

Niuweiteng,
reported

135 miles

in

bank
a

of

town

Poyang Lake,
south

of

the

Chinese

Singtse.

Chinese

The

text

bassador

this

area,

18 miles below

downstream

from

Hankow

and

Kiukiang,

the

base
.

of

-

The
the

Japanese said the spearhead of another force on the north bank of
Yangtze remained at Hwangmei, 25 miles north of Kiukiang,
awaiting
of flood waters before
stabbing at the Chinese defenses to the

recession

northwest.
West
nese

of

reported

a

Lu-shan

Mountains,

concerted

aerial




10

and

miles

south

of

artillery assault

note

to

the

Japanese Foreign Office

"emphatic

the

standpoint

the

attack

of

objection"
attack

an

jeopardized

Kiukiang, the Japa¬
destroyed a force of

on

to

the

American

an

new

commercial

a

subjected to

was

"unwarranted attack"

an

life

and

was

a

passenger

from

China

indicated,
whom he

passenger

the

only survivors
able

was

to

Mr.

were

rescue.

corporation

of

the

Grew

left

note

with

the Japanese Foreign

Minister

by

Am¬

follows:

Tokio, Aug. 26, 1938.

Excellency:
Government
on

Aug.

the

Acting under instructions, I have the honor

to

24,

protest

1938,

by the China

destruction
of

of

the

National

commercial

non-combatant

American

This

Excellency against the
Macao, by Japanese airplanes

near

operated

Your

to

Aviation

airplane,

I

attack

the

upon

directed

in

to

plane has aroused

imperiled
as

China

I

the

that

but

to

out

not

loss

a

attack

commercial

resulting

of

the

endangering of

public

feeling

invite

Excellency,
the

was

also

was

Pan-American

to

Your

only

loss

National Aviation

directed

am

point

question,

directly
the

upon

in

lives

the
of

a

the

life

the

United

of

pilot.

attack

am

behalf of my

on

unwarranted

Corp.

the

the

and

passengers

States.

life

with

of

Airways has

a

American

an

occasioned

in

reference

to

American

substantial

very

to

the

national

property

interest

in

Corp.

the

special

attention

Your

of

Excellency to the

following points in the account of Pilot Wood: the China National Aviation
Corp. plane was pursued by Japanese planes which started
machine-gun¬
ning; after the China National Aviation Corp. plane had
successfully landed
it
was
followed
down
by Japanese pursuit planes which continued to
machine-gun it until it had sunk; and when Pilot Wood started swimming
across
the river he was followed by one of the
Japanese planes which
continued to machine-gun him.
My Government desires to express its emphatic objection to the jeop¬
ardizing in

this

and established
I

of

way

the

lives of American

of unarmed civilian

commercial

services

as

well

planes engaged

avail

over

other

as

in clearly

non-com¬

recognized

regularly scheduled air

a

route.

myself, et cetera,
JOSEPH C.

GREW.

Japan replied to Ambassador Grew's note on Aug. 31,
denying that the grounding of the plane was any concern
of the United States and disclaiming all guilt. The
Japanese
reply admitted that Japanese planes had machine-gunned
the
of

airliner

after

it

landed.

United

in

Japanese

such

after

a

"I

of

text

as

stressed
to

National

"The

honor

Japanese

Aviation

plane and

endangering

the

American-piloted

suspicion"

planes

war

its

to

acknowledge

airplanes

and

which

the

unwarranted

an

upon

belief

it

it

an

a

instructions

commercial

a

banks

the

the

number of

loss of

was

the

lives

its American

caused

by

the

of

Chinese

a

to

American

citizen

who

behalf

of

total

destruction
its

of

passengers

said

and

pilot.
C.

military craft,

be regretted

on

August 24 near
airplane of the China

N.

as

A.
a

C.

plane, which, within the

manner

stated

in

consequently pursued and attacked by
was
an
enemy plane.
is

and

attack

was

"While

"acted

cloud

excellency's note of August 26

your

under

Corporation,, resulting in

the life of

incident

being

airliner

dove into

it

approaching.

Japanese field of operations, acted in such
of

when

follows:

excellency's protest,
Government, against

your

by

note

that

invite

advices

follows:

as

I'Ambassadeur:

American

Macao

the

the

have

stating
the

reply

manner

sighting five Japanese

The

of

Press Tokio

Aug. 31 quoted from the Japanese note

that this resulted in

as

invited

the
our

suspicions

following report,
naval

planes in

endangering the life

happened to be the pilot of the plane, as
wounding of non-combatant passengers and crew, the
Japanese Government hold the view that the action of their naval
planes
was
not
unwarranted
in the light of the
above-mentioned circumstance.
well

the

civil

-

Heavy

operations.

Chinese

a

owning the plane is largely owned, in turn,
by Pan-American Airways, which raised the question of American
property

Chinese

the

ago,

rights.

despite

effort to proceed
first snow flies.

assault, which they reported failed to make any
headway on the south bank
of the

formal

a

Government's

that

wounded

one

"Monsieur
on

Friday by the Japanese in

this

dispatches

as

The

thrust.

leaders said their lines held

the major offensive launched
toward

break

with the capture of Sukiafow,

on

week

property.

and

The

Japanese

Japan,

a

flying near Macao, operated by the China National Aviation
Corp.
carrying 14 Chinese as passengers.
It was forced to made a
landing
in a river,
although a land plar.e, and Pilot Wood reported that
Japanese
planes machine-gunned the survivors as
they attempted to swim to shore.

Yangtze River.

Yangtze front

of

to

have been gaining
steadily.
The attack was previously re¬
ferred to in the "Chronicle" of
Aug. 27, page 1268.
Associ¬
ated Press advices of
Aug. 29 from Shanghai summarized'

to

of

a

and

and

of

reported

shooting down

fact

the

batant occupants
a

item

our

tronsports

liner

Protests

Piloted

Japanese

Ambassador
in

from

interests

American—Janan

since

both

The plane that

total

Endangers U. S. Gun¬
boat Monocacy—Protests Made to
Japanese Offi¬
cials—Japanese
Forces
Continue
Advance
on

the

delivered

flatly

tactics

airliner

number

in Yangtze

American
(as noted

against

The Ambassador
which

airplane

Explosion of Mines

maintaining

freely,

by Hugh L. Wood, a United States
Washington dispatch of Aug. 26 to the New York
"Times" added the
following additional details:

west

around

reported to have abandoned their first

were

1268)

Wood

From
the

the

French

1803.

Grew,

protested

American

vessel.

was

Viscount

by the Kiukiang informant that the Monocacy had a coal
and food for
tvvo; that the Japanese had offered
but the Monocacy refused the offer,

food,

C.

26

engagement since the Spanish

insurgent cruiser Beleares off
Cape Palos in the Mediterranean, March 6, when 600 of the Baleares crew

of

and

passenger plane piloted
citizen.
A

were

naval battle with four insur¬

a

gent

This

men

Government

under

was

week

one

coal

page

Estre¬

major setback in which 500 loyalists were

a

destroyer Jose Luis Diez in
on

for

Joseph

from

accounts

stated

was

Aug.

headquarters

killed.

killed

United

Oahu

right to navigate the Yangtze
merchantmen were doing so.

stated:

insurgent

madura

Aug.

gunboat

to

as

the

death

or

"It

opinion

their

also

ie

the

that

company

to

avail

"I

of

ances

.

."

and also rejected the suggestion that Mexico make

be suspended

while agreement regarding- compensation was
the President said, was "incompatible with

suggestion,

That

good faith and

the condition of the Canadian
1938, with the figures for June 30, 1938,

loyalty which should surround the stipulations of this ar¬

rangement."

Aug. 3, in which he originally refused to arbi¬

Referring to his note of
trate the land seizures,

the President said:

"Traditionally, Mexico

CONDITION OF THE BANKS OF THE DOMINION
OF

.

Secretary Hull's request that land expropria¬

monthly payments in escrow
sought.

In the following we compare

OF

friendly purpose of terminating this discussion

He refused flatly to agree to
tions

Any differ¬

would be decided by a single arbitrator

with the Gondra treaty of 1923.

declared he was ready to "facilitate this solution with

President

The

excellency assur¬

Comparative Figures of Condition of Canadian Banks

STATEMENT

compensation for individual seizures.

between the commissioners

ences

selected in accordance

+

banks for July 30,
and July 31, 1937:

with

selves the appropriate

highest consideration."

my

expressed this country's willingness to name a commissioner to comthe United States commissioner to determine between them¬

He
fer

the sincere and

myself of this opportunity to renew to your

City (as given in the New York
from which we quote, also stated

Mexico

in part:

information then available.

the basis of

1938
3

"Journal of Commerce"),

being a

belonged

from

accounts

which the aircraft in

Chinese juridical person, the incident is not
one
which involves Japan directly with any third power.
"However,
I desire to add that, because of the wide discrepancies
between the pilot's accounts, as given in your excellency's note, and reports
in the hands
of the Japanese Government, further investigations were
instituted and the following new report has been received, which sub¬
stantially confirms what Mr. Horinouchi (Vice-Minister for Foreign Af¬
fairs), on the occasion of your excellency's visit of the 26th, stated on
question

Sept.

Financial Chronicle

1414

has admitted arbitration as a means of settling

But this time it considered that the
subject to arbitration, but, nevertheless,
susceptible of being amicably settled by certain acts inspired by Mexico's
States.

disputes between friendly

CANADA

questions being debated are not

July 30, 1938 June 30,1938 July 31, 1937

Assets

own

Current gold

S

$

and subsidiary coin-

S

4,880,408
5,246,517

Elsewhere

4,982,342
4,638,784

9,621,126

legislation."

8,687,699

boring country the extent to which Mexico wants to go into the field of
reality in its friendly policy, it manifested it was

Total.

of both governments

Dominion notes

47,909,240
187,533,785
5,705,862
26,824,608
106,531,312

of Canada

Notes of Bank

Canada.

Deposits with Bank of
Notes of other banks

banks
Loans to other banks In Canada, secur<
Including bills redlscounted
Deposits made with and balance c
Cheques on other

46,080,853
195,446,590
5,448,964
28,290,791

126,837,801

last March

182,516,827
5,918,802
24,292,547
90,715,529

18 of American and British holdings, as destined to bring the

number of people and "effectively to establish

greatest good to the greatest
the sovereignty

of the nation."

He said an inventory was being made

3,750,944

3,403,592

6,329,337

No indemnity will be paid for subsoil rights

36,930,062

24,398,881

90,172,433

83,849,391

Neither will future subsoil concessions

of the seized companies, however.
be

95,234,818

"Government alone will conduct the oil business,"

granted, and the
President said.

the
■■

of the expropriated oil properties

be indemnified from revenue obtained

and that the former owners would

34,487,861

United Kingdom.

,

The President described the oil policy, which resulted in expropriation

43,587,078

from the sale of the products.

banks In Canada

willing that representatives

discuss the case immediately in order to reach agree¬

..."

ment.

from other

desirous of demonstrating to the neigh¬

"Faithful to these purposes and

4,681,489
4,006,210

10,126,925

In Canada

The Chief Executive gave an account

of Mexico's suspension of diplo¬

matic relations with Great Britain and asserted that the latter had no right

of the Mexican Eagle Oil Co., a subsidiary of Royal

to intervene in behalf

1,138,687,849 1,156,384,724 1,125,886,871

Dutch Shell incorporated under Mexican laws.
curl ties other

than Canadian...---.

168,026,827
129,767,251

171,534,373
134,218,772

The suspension of relations, however,

183,875,810
121,469,751

with the British

The

has not affected Mexico's friendship

people, he added.

President,

increase public confidence in the

acting to

the Bank of Mexico's metallic reserves total 129,000,000 pesos

"which is amply sufficient to

value

marketable

sufficient

a

69,381,551
53,210,149

71,036,848
53,420,213
786,366,739
151,852,799

18,446*014

115,917,057

98,207,781

9,865,283
8,336,305
4,408.314

9,991,660
8,336,905
4,415,777

11,680,616
8,695,439
4,250,776

73,556,262

73,471,985

74,514,691

61,497,458

59,043,563

68,787,818

5,462,755
11,380,557

6,144,958
11,455,350

7,025,143
11,175,300

2,146,090

cities, tow
and school districts.

Loans

19,498,371

116,511,971

Elsewhere.

785,974,544
181,339,505

2,310,326

1,975,176

sat

in the

Cardenas said

The

President said agrarian reform

forced them to pay gold

was

Permanent Court of International Justice

bonds in terms of gold, but that when the strong
paid in depreciated currency.
be no indemnification for subsoil rights

interpreted to mean that the oil companies would receive very little

36,295,736

45",506",250

49",829",873

46,941^055

671,165,468

689,941,578

properties, inasmuch as the oil reserves contained in the so-called

"confirmatory concessions" are the most valuable assets the companies

113,363,675

98,372,323

would continue as collective rights

He added that when weak nations aban¬

above those of individuals.

nations did likewise they

LiaMlUies

103,925,690

for the

and historian, against the use of force in the collection of

doned the gold standard, the

for their

55,147,415

policy

by Carlos Calvo, Argen¬

the "Calvo doctrine," proclaimed

His assertion that there would

100,841,202

economy

international debts.

3,322,397,255 3,398,538,862 3,298,936,480

Notes In circulation

mapping an

weak countries must beware of foreign

"bitter reality" was that

He praised

are

Total assets.

Standard

was

investments.

tine publicist

going heads.

he

Ambassador Josepbus Daniels,

.

country's rehabilitation and that he hoped soon to balance the budget.
He indicated this would be done without recourse to foreign loans, and
said the

credlt as per contra.

.

.

Gold

to

vided for.

diplomatic gallery.

President

said

guarantee the currency."

Foreign diplomats, including American

114,426,462
73,485,094
734,888,808
158,463,301

17,030,643

cover

peso,

($25,800,000),

666,767,428

have.

A reference

mand In Canada.

banks

other

In

can

16,724,339

15,966,159
12,524,196

13,290,353

43,735,466
351,887

42,195,219

40,608,467
1,117,708

61,497.458
2,875,570
2,552,021
133,750,000
145,500,000

59,043,563
2,964,343

Holders

An offer to American holders to repurchase at par certifi¬

15,552,673

11,026,305

other banks In Canada.

3419.

Repurchase Offer at Par of Certificates of Deutsche
Bank 6% Dollar Note Issue of 1927 Made to Ameri¬

1,622,606,061 1,620,819,977 1,572,154,385
396,519,083
409,569,736
427,482,612
from

Loans

the Mexican oil controversy appeared in

to

these columns May 28, page

$25,000,000 Deutsche Bank 6% dollar note issue
being made by J. Henry Schroder & Co. of London,
It is understood

cates of the
Elsewhere

than

United Kingdom

was

announced in New York, Sept. 1.

3,309,798,580 3,386,052,206 3,287,028,707

of the cents In the official reports, the footings In
with the totals given.

which such coupons are discharged by the issue of funding
bonds of the Konversionskasse fur deutsche Auslandsschulden

standing.
Dividends declared and
or reserve

251,511

it

repurchase has been made possible by
Of the original amount of this
dollar loan of $25,000,000, it is believed there is only a small
portion in circulation.
The offer of repurchase only relates
to the notes and not to the coupons.
The coupons are to be
dealt with in accordance with the ordinary procedure under

Bills payable

Rest

of 1927 is

Canada and

In

unpaid

fund

Capital paid up

1,397,903
133,750,000
145,500,000

that

'

Total liabilities..

Note—Owing to the omission
the above do not exactly agree

the

means

68,787,818
2,870,461
2,546,286
133,750,000
145,500,000

of

offer

an

of

external credit.

in cases where special clearing agreements with
Germany are in existence providing for payment of coupons
through the clearing.
Certificate holders accepting this
offer may present their certificates to Schroder Trust Co.,
46 William Street, or Central Hanover Bank and Trust Co.,
70 Broadway, New York City.
Payment will be made in
New York in dollars or in London by sight drafts on
except

Mexico Declines to Accede to Secretary
that

United

States

Land

Hull's Request

Seizures

Be

Halted—

President Cardenas Tells Mexican Congress Foreign
Oil Industry
Refers

to

Will Be Paid Only for Investments—

Gold

Standard Abandonment

Sept. 1 a new session of the Mexican Con¬
gress, President Lazaro Cardenas indicated that the request
of Secretary of State Hull that expropriation of Americanowned farm lands without immediate compensation be halted
would be rejected.
The Mexican President reiterated that
Mexico's expropriation of American-owned lands is not a
subject for arbitration, but agreed with a proposal by Secre¬
tary Hull to discuss the amount of compensation due United
In

opening

on

States citizens whose farms were seized under the agrarian
laws.

He further stated that the Mexican Government's

reply to Secretary Hull's note of Aug. 22 (referred to in these
columns Aug. 27, page 1273) regarding agrarian seizures will
reiterate Mexico's previous arguments that the expropria¬
tions are purely a matter of Mexican law.
United Press




New York.
+.

German Offer to Exchange
to

Include

Issues

of

Matured

Bonds

State of' Bavaria

Extended
and

Cities

of Munich and Dusseldorf

The

Conversion

Office

for

German Foreign

Debts

an¬

nounced Sept. 1 that its previous offer to exchange certain
matured German dollar bonds or to pay their Reichsmark

equivalents

into

to

"Amortization

an

Blocked

Reichsmark

been extended
include bonds of the following issues and serial maturities:

Account" in the

name

Free State of Bavaria,
matured Aug.

1,1938;

of the holder, has now

6H%

serial gold bonds, external loan of 1925,

Volume

Financial

147

City of Munich, 7%

1415

Chronicle
STOCK TRANSACTIONS ON

serial gold bonds, external loan of 1925, matured

An announcement,

bearing

on

Office,

March

matured

with interest

of the

maturing on and after

dealers):
1.

Transactions of specialists In stooks in which they

transact

to

name

with

of the holder

foreign exchange operations.

disposal of amounts deposited in such

an

a

are

639,670
653,650

registered—Bought
Sold

deposited by the debtor with the Conversion Office, into an "Amortization
Bank authorized

German

Total

349,960
375,000

account are subject to German
Sold.

Bavaria and Munich issues,

and the National City Bank of New York is agent

Total.

be paid upon

3.

Other transactions initiated off the floor—Bought.

Commerz-und Privat-Bank 5 Yi%

4.

Total—Bought

1,159,950
1,255,381

Total

2,415,331

170,320
226,031

bonds not surrendered under this offer.
Total.

on

Gold Notes

Due Nov. 1,

is notify¬
participation of The Chase
National Bank in the 10-year 5J^% gold notes due Nov. 1,
1937, of Commerz-und Privat-Bank Aktiengesellschaft and
the interest coupons.maturing on and after Nov. 1, 1934,
relating to such certificates of participation, that they should
be presented for payment, as of Sept. 1,1938, to the Corpor¬
ate Trust Department of the Bank, 11 Broad St., New York.
ing holders of certificates

396,351

1937

The Chase National Bank, New York, as trustee,

of

1.

In round lots—Bought

Total.

967,440
Sold.

890,531

1,857,971

TRANSACTIONS ON

THE NEW YORK

ACCOUNT OF

CURB

EXCHANGE

731,555

Round-lot transactions for account of members:

1.

Transactions of specialists in stocks in

registered—Bought
Sold

which they are
85,815
124,395

-

-

14,100

Other transactions initiated on the floor—Bought

19,025

Sold

3.

Other transactions initiated off the floor- -Bought.

24,185
23,415

Total—Bought
Sold..--—

124,100
166,835

Total.

4.

290,935

56,896

Sold

125,695

Total

on
New York Stock and New York
Exchanges During Week Ended Aug. 13

*

Trading by all members of the New York Stock Exchange
Exchange (except odd-lot dealers
on the stock market) for their own account during the week
ended Aug, 13, was above the previous week, it was an¬
nounced yesterday (Sept. 2) by the Securities and Exchange
Commission.
The Stock Exchange members traded for their
own account in amount of 2,415,331 shares, an amount which
was 20.06% of total transactions of 6,018,560 shares on the
Exchange during the week ended Aug. 13.
During the pre¬
ceding week ended Aug. 6 trading by the Stock Exchange
members amounted to 2,056,877 shares, or 19.76% of total

members'

The data

York.

New

The
in

our

published are based upon reports filed daily with
odd-lot dealers and specialists.

ODD-LOT TRANSACTIONS

OF ODD-LOT DEALERS AND

SPECIALISTS

IN STOCKS. RIGHTS AND WARRANTS ON THE NEW YORK
EXCHANGE-WEEK ENDED AUG. 27, 1938

STOCK

SALES

PURCHASES

(Customers' Orders to Buy)

(Customers' Orders to Sell)

Trade Dale
No. Ord.

No. Ord.

Value

Shares

Shares

3,1.54

70,055

Value

$2,372,095

Aug. 22

2,725

Aug. 23

4,657

129,889

$2,534,203
4,713,466

6,711

168,594

5,685,160

Aug. 24

6,964

196,777

6,739,037

7,243

185,013

6,310,572

4,744

119,783

4,248,879

5,122

128,330

4,159,911

184,277

6,308,486

7,631

187,361

6,360,324

701,037 $24,544,341

29,861

Aug. 25--———-

Aug. 26 and 27—

6,938

Total for week..

York

26,028

70,311

739,353 $24,888,062

Exchange

1,083
208 "

830
104

with

247

39

—....

Initiated off floor

292
..

95

513

-

transactions

005

round-lot transactions of specialists
not strictly comparable with data similarly

registered"

are

since specialists on the New York
New York Stock Exchange odd-lot

designated for the New York Stock Exchange,
Exchange perform the functions of the
dealer as well as those of the specialist.
Curb

The number of reports in the various

classifications may total more than

received because, at times, a single report may carry

than one classification.




of

Listed

Stocks

on

New

York Stock

Aug. 31, $43-526-488-215, as Compared
$44,784,224,215 July 30—Classification
of

Listed

Stocks

As of the close of

—.

floor

Value

Exchange

Curb

Note—On the New York Curb Exchange the

more

Sept. 1 made

filed with the New

Exchange

1

Other than as specialists:

entries in

on

the Commission by

Market

Number of reports received

Reports showing transactions:

the number of reports

Exchange Commission

During

the New York Curb Exchange by their respective

Stock

which

sales.

■

New

in

the total of members' transactions Is compared with
the reason that the total of
both purchases and sales while the Exchange

figures being published weekly by the Commission.
figures for the weeks ended Aug. 13 and 20 were given
issue of Aug. 27, page 1270.

These reports are classified as follows:

'

"in stocks

their firms and_their

of twice total round-lot volume.

Includes

The Securities and

are

The data published are based upon weekly reports

no

per cent

public a summary for the week ended Aug. 27, 1938, of the
daily corrected figures on odd-lot transactions of odd-lot
dealers and specialists in stocks, rights and warrants on the
New York Stock Exchange, continuing a series of current

in the series of current
figures being published weekly in accordance with its pro¬
gram embodied in its report to Congress in June, 1936 on
the "Feasibility and Advisability of the Complete Segrega¬
tion of the Functions of Broker and Dealer."
The figures
for the week ended Aug. 6 were given in these columns of
Aug. 27, page 1270.
In making available the data for the
week ended Aug. 13, the Commission said:

*

as

Odd-Lot Trading on New York Stock Exchange
Week Ended Aug. 27

round-lot trans¬
the week ended
Aug. 13 were 290,935 shares; as total transactions on the Curb
Exchange during the week amounted to 731,555 shares, the
member trading for their own account was 19.88% of total
transactions, which compares with a percentage of 18.70%
in the preceding week ended Aug. 6, when member trading
amounted to 242,285 shares and total transactions 647,765

Reports showing

transactions

volume Includes only

On the New York Curb Exchange, total

on

includes all Exchange members,

In calculating these percentages

actions for account of all members during

Initiated

"members"

twice the total round-lot volume on the Exchange for

transactions of 5,206,620 shares.

As specialists *

term

partners. Including special partners.
a
Shares In members' transactions

and the New York Curb

members.

The

19.88

68,799

Odd-lot transactions for account of specialists—Bought.

Trading

3.25

47,600

Total.

Republic of Argentina in an amendment filed with
Exchange Commission fixes Sept. 19 as
the offering date for its proposed $25,000,000 issue of 10-year
sinking fund external loan 43^% bonds, due Aug. 15, 1948.
Postponement of previous plans of offering were noted in
our Aug. 20 issue, page 1119.

2.26

33,125

Sold

the Securities and

14.37

210,210

Total.

2.

The

York Stock Exchange and

Ce nt a

Week

Argentine Offering of $25,000,000 4}4% Bonds Set for
Sept. 19

,:C s:

Per

Total for

Total round-lot volume.

Total.

by the SEC

FOR

MEMBERS* (SHARES)
)

Week Ended Aug. 13. 1938

Kuhn, Loeb & Co., as fiscal agents of City of Oslo (Nor¬
way) 19-year 4^2% sinking fund external loan bonds due
April 1, 1955, have notified the bondholders that $141,000
principal amount of bonds have been drawn by lot for re¬
demption on Oct. 1, 1938 at their principal amount.
This
it is stated is the first sinking fund operation in connection
with these bonds, constituting the Municipal External Loan
of 1936.
The loan originally amounted to $6,500,000.
Prior to the call, $50,000 principal amount of bonds were
delivered by the city to the fiscal agents for retirement.

The data issued

2.67

321,760

TotaL

shares.

20.06

121,550
200,210

Sold

$141,000 of City of Oslo (Norway) 4^% External Bonds
Due April 1, 1955 Drawn for Redemption Oct. 1

Curb

3.29

■

Transactions for the odd-lot accounts of specialists and oddlot dealers:

♦

Member

6.03

725,660

for the Dusseldorf issue.

No interest accruing after the respective maturity dates will

Payment to be Made

10.74

1,293,320

The use and

governmental regulation.
The Chase National Bank is agent for the

a

Round-lot transactions for account of members (except trans¬
actions for the odd-lot accounts of specialists and odd-lot

by the

Feb. 1,

of the principal thereof

Reichsmark equivalent

Blocked Reichsmark Account" in the

Cent

Week

6,018,560

(2) accept payment, against surrender of such

1, 1939, or

bonds,

coupons

Per

Total for

principal amount of

bonds of an unmatured series of these issues, such series to be selected

or

(SHARES)

the offer, said:

Holders may exchange these matured bonds for a like

1939

MEMBERS*

Week Ended Aug. 13, 1938

City of Dusseldorf, 7% serial bonds, matured Sept. 1, 1938.

Conversion

THE NEW YORK STOCK EXCHANGE FOR

ACCOUNT OF

Aug. 1, 1938; and

,

business

on

Aug. 31, 1938, there were

stock issues aggregating 1,424,900,803 shares listed
on the New York Stock Exchange with a total market value
of $43,526,488,215, the Exchange announced on Sept. 2.
This compares with 1,254 stock issues aggregating 1,427,048,764 shares listed on the Exchange on July 30 with a
total market value of $44,784,224,215, and with 1,254 stock
issues aggregating 1,397,800,910 shares with a total market
value of $56,623,913,315 on Sept. 1. 1937. In its announce¬
ment of Sept. 2 the Stock Exchange said:
1,247

Financial

1416
Aug. 31,

An of the close of business

member total net borrowings in

on

collateral amounted to

listed

of all

broken down to separate those only on listed share
collateral from those on other collateral; thus, these ratios usually will
borrowings are not

the true relationship between

exceed

on

New York Stock Exchange

member total net borrowings on collateral,

$541,490,407.

1938 aggregated

follows:

The detailed tabulation

Demand

July 30, 1938, New York Stock Exchange member
New York City on collateral amounted
to $193,615,933.
The ratio of these member total borrow¬
ings to the market value of all listed stocks, on that date,
was
therefore 1.10%.
In the following table listed stocks are classified by lead¬
ing industrial groups with the aggregate market value and
As of

price for each:

$476,298,107

—

32,694,300

securities" pledged as collateral
Included in items (1) and (2) above

Price

Value

Price

Exchange a month ago.

furnish

we

two-year compilation of the figures:

a

$
Autos and accessories

Chemicals

3,273,371.025

28.20

18.98

1,006,834,342

19.35

5,510,463,392
648,656,634

—-

29.53

01.73

5,538,589.493

62.05

643,227,777

30.42

—

-

30.16

Jan.

30...

43.35

1,082,801,865

43.60

Feb.

27..---

32.65

Mar

31

Apr.

30

635,113,978

48.03
17.74

2,971,054,443
407,137,469
678,511,692.
320,503,028

...

39.04

38.87

61.32
17.76

33,018,804

6.55

38,027,033

7.54

1,725.817,681

27.43

27.83

Land and realty.

Machinery and metals.
M Ining (excl udlug Iron)

1.827.061.107

29.00

4,852,025,684

25.14

364,440,216

19.82

2,282,768,564

31.04

2,964,348,918
2,093,681,162
232,238,452

25.10

Gas and electric (operating).........

1,947.221,007

24.37

Gas and electric (holding)..
Communtcatious (cable, tel. & radio).

1,118,358,503

11.52

1,750,492,546
1,883,743,197
5,325,965,438
380,062,601
2,348.6 3,760
3,101,455,649
2,149,273,571
240,814,211
2,021,803,245
1,174.573.012

3,169,807,667

84.46

3,144,888,587

83.79

154,835,936

14.61

14.97

316,379,838

13.72

161,620,919
339,516,001

379,574,862

33.36

395,357,384

34.75

7,603,706

3.03

8,716,734

8.94

28,304,240

24.12

174,666,369

25.56

50.02

1,610,594,108

57.26

28,905,150

17.22

30,836,808

18.37

598,951,966
1,127,227,697

18.43

673,409,484

20.72

27.60

1,176.493,957

28.87

30.55 44,784,224,215

31.38

984,004.702

366.264.500

1,026, 372,092
1,074, 832,139
1,158, 684,205

804,749.884
777,836,642
818,832,335
836,864,420
872,462,148

382,529,500
374,376.346

1,187, 279,384
1.152 212,988

732,505.016
493.340,168
498,567,175
511.888.305

-----

May 29„.

—

June

30---

July

31

307.266,765

719.105.327
734.435,343
792,419,705

-

—

—-

—

340,396,796

1.186 327.581

367.495.246

336,893.088

1.173, 757,508

313,987.000

1.186, 449,148

306.615.500

1.039, 120.516

9.41

99,838,822
164,845,680
1.575.731.108

974,928,018

1.051,425,161

4.16

26,887,193

313,642.415

1937—

321,883.319

Rubber and tires

971,531,244

275,827.415
282,985,819

768,439,342

31.15

Farm machinery
Amusements

973.784,584

372,679,515

661.285.603
708,177,287

—

— -

31

Dec.

1,673,282,280

manufacturing..

Foods

---

—

Nov. 30

2,834,742,227
408,845,193

Building
Electrical equipment

— — —

—

$

$

381.878.415

591,906,169
598,851,729

-

31-.--.

Oct.

3,427,135,748
973,295,721

—

Financial

Aug. 31

Total Loans

Time Loans

$

1936—

Sept. 30—

$24,151,350

.

of the above compilation is exactly the same as in the loan

The scope

Aver.

Value

$541,490,407

Combined total of time and demand borrowings
for the borrowings

Demand Loans
Market

$32,498,000

Total lace amount of '•Government

Below

Aver.

300,000

$508,992,407

;

of New York

my 30, 1938

Market

$32,198,000

(2) Net borrowings on collateral from private bankers,
brokers, foreign bank agencies or others in the city

report issued by the
Aug. 31, 1938

Time

New York Banks

Trust Companies—-

or

made

as

New York as of the close of business Aug. 31

contracted for and carried in

(1) Net borrowings on collateral from

total not borrowings in

average

is the report for Aug. 31, 1938,
the Stock Exchange on Sept. 2:

available by

all listed shares and

values.

market

their

borrowings

Sept. 3, 1938

The following

1938, New York Stock Exchange

New York "City

The ratio of these member total borrowings to the market
stocks, on this date, was therefore 1.24% .
Member

$541,490,408.
value

Chronicle

Petroleum ...

-

—

-

...

—

Paper and publishing.....
Retail merchandising......

.

Ry. oper. & holding co.'s & eqpt. mfrs.
Steel, Iron and coke
Textiles

...

Miscellaneous utilities

«

Aviation.:

Business and office equipment.......

Shipping services...
Ship operating and building..
Miscellaneous businesses

:

Leather and boots..
Tobacco...

Garments
U. S. companies operating abroad

Foreign companies (IncJ. Cuba & Can.)
All

listed stocks

We

43,526,488,215

give below

42.17
20.49

16.86

29.89

27.66

Sept. 30.

30

Oct.

Nov. 30

31.93

Dec

31-.

Jan.

31

18.55

Feb.

28

25.30

Mar. 31._

12.10

14.72

Apr.

Market
Value

$54,532,083,004

$40.56

55,105.218,329

40.88

1936—

July

30.-------

Nov.

1

58,507,236,527

43.36

Dec.

1—-

60,019,557,197

4'4.26

Oct.

Apr.

May

—-

$49,034,032,639

59,878,127,946
01,911,871,699
62,017.741,160
62,407,777,302
57,962,789,210
67.323.818,936

1

*44,669,978.318

Dec.

1

40,716,032,190

44.02

469.887.400

493.615.933

32,498,000

541,490,407

on

Two odd-lot dealers have been appointed to handle

the business.

Among

The list will be expanded later.

the Curb.

on

New

27.59

Feb.

1

Mar.

1

Apr.

1

39,242.676,837
41,172,861.535
31.858.461.871

—.

Upturn in Business Activity Appears to Have
Momentum, Says Guaranty Trust Co. of

Gained

York, Despite Obstacles at Home and Abroad—
Effect of Government Spending on Re¬

Discusses

45.30

covery

28.94

"The upturn in business activity that

22.32

May

1

35,864,767.775

25.15

June

1

34,584,614,803

24.28

41,961,875,154
44,784.224,215

31.38

New

43,526.488,215

30.55

observes that "this

41.27

June 30

39.21

July

42.30

Aug. 31....

1

56,623.913.315

40.51

30

29.41

began in June has
directions it appears
the Guaranty Trust Co. of

continued in recent weeks, and in some

47.26
41.80

64,882,327,205
59.393,594,170

to have gained momentum," says
York

in

its

monthly "Guaranty Survey,"

in which it

development is encouraging in view of

the obstacles that have existed at home and abroad, includ¬

Revised.

of war fears

newal

Chicago Board of Trade Reduces Commission

on

Cash

the

"Survey," dated Aug. 29, adds:

Despite

Wheat Trading

On Aug. 24, members of the Chicago Board of Trade by a
of 158 to

149 adopted an amendment to reduce the
charge on the sale and purchase of cash wheat
from 1^2 cents a bushel to 1 cent.
The new rate became
effective Aug. 25.
From the Chicago "Tribune" of Aug. 25
the following is taken:

commission

The cut in commission rates

in

early

made to permit exchange

members to

compete with non-member firms which have been increasing their business

by bidding higher prices for grain in the country.
The non-member fiims
are under no
obligation to charge a fixed commission rate and used the
1H cent margin to outbid exchange firms.
The step was directed chiefly
Cargill, Inc., whose representatives

were

expelled from the exchange last

March.

Since its expulsion the company has been getting a larger share of
the cash grain business.

Opposition to the reduction came from some brokers who believe that
it Will prove a step toward a reduction in commission rates on
grain futures.

the
of

part

Asia,

it

in

business

of

August.
to

seems

activity
tions

their

Outstanding brokers' loans on the New York Stock Ex¬
change increased during August to $541,490,407 at the end
of the month, the Exchange made known
yesterday (Sept. 2)
in issuing its monthly compilation.
This figure is $47,874,474
above the July 30 total of
$493,615,933 but $644,958,741
below the Aug. 31, 1937 figure of $1,186,449,148.
During
August demand loans were above July but below August,
were

lower than

on

the two earlier

The

Exchange reported the demand loans out¬
standing on Aug. 31 in amount of $508,992,407 against
$459,217,933 July 30 and $872,462,148 Aug. 31, 1937. Time
are

shown at $32,498,000, as com¬

pared with $34,398,000 and $313,987,000, respectively,
the earlier dates.




even

upward

rather

effects

as

soon

were

in

tension

markets

financial

these

course

sharply

international

Europe and
than business

more

temporary,

since

the situation abroad

as

activity
the

and

July

in

quota¬

became

critical.

less

The rise

in

Trust
and

Co.,

1.9

were

the general

is

month

reflected

which

stands

the

index

68.0

at

railway

in

freight

business

of

for July,

points above the June level.

increases

The

level of industrial operations and trade volumes

in

the

activity of the Guaranty
highest since

last

March,

The principal factors in the advance

output by the steel and

cotton textile industries and

in

traffic

movement

of

commodity prices stands out in sharp contrast to the

general

tendency in business activity.
The weekly index of the Depart¬
Labor, after rising irregularly from the beginning of June to the
middle of July, has shown four successive weekly declines and now stands

ment

at

of

the

lowest
in

level

since
weeks

recent

as

the

beginning

has been

favorable

due

crop

of

last

in

month.

The

part to weakness

downward

in prices of

prospects have become more clearly

defined.

Exchange
Reports
Outstanding
Brokers' Loans at $541,490,407 Aug. 31—$47,874,474
Above Figures of July 30 but
$644,958,741 Below
Aug. 31, 1937

loans at the latest date

the

expansion,

to restrain

tending

increased

for

affected

and

agricultural products

Stock

1937, while time loans

As

have

general;

resumed

movement

York

influences

seasonal

branches

some

last
was

traditionally dull midsummer season and the re¬
in Europe and the Far East.
In part,

the

ing

dates.

450.363,905

34.398.000

the issues involved are 12 traded on the New York Stock Exchange and seven

27.53

45.46

1

New

466.766,529

40.873,500
37.961.000

further said:

28.92

38,869,140,625

1

1

at

53.188.500

trading on the Cleveland Stock Exchange was
Sept. 1 in 43 stocks under rules similar to those
on the New York Stock and
Curb Exchanges, it is learned
from the "Wall Street Journal" of Aug. 31.
The paper

1938—

Aug.
Sept.

vote

521,116,919

Odd-lot

instituted

*31.77

July

*

*576.961,814

65.567.500

Cleveland Stock Exchange Institutes Odd-Lot Trading

$35.07

l.__.

Jan.

1

June

1-

Nov.

1937—

1

—

Aug. 31 v--------

Recent

1937—

1

1—.

1

-

597,418,040

84,763.000

459,217.933
508,992,407

30...

May 30.

106.464,000

413.578,029
418.490.405

-

—

Price

Oct.

1

490,954.040
*492,198,814
455,549.419

—

A verage

Price

Sept.

1

659. 219,305

431.926.400

——

June 30

traded

Average

Value

Mar.

725, 622,87?
637. 786,579

147.331.000

a

Market

Feb.

— -

—

232.282,704
189.219.404

20.25
43.29

two-year compilation of the total market
value and the average price of stocks listed on the Exchange

Jan.

———

—

20.67

17.38

102,913,027

Aug. 31

on

With
the

respect to "Business Depression and Recovery in
Past," which is discussed in the "Survey," the Guaranty
genuine recovery been built on

Trust says that "never has a

the

foundation

tion
and

or

the

of

spending."

mary

effort

confidence
currency.

marked

actual

artificial

of

in

or

prospective currency deprecia¬

stimulus

of

governmental

borrowing

"On the contrary," it is stated, "the pri¬
the Government was formerly to bolster

its

own

credit

and

in

the

soundness

of the

In repeated instances the success of this

the

beginning of recovery."

effort
In part, the "Survey"

continues:

Many of the conditions that ordinarily precede major trade recessions—
as a sustained
high level of business activity, swift industrial expan¬
sion, widespread speculation, and credit strain—were absent at the begin¬
ning of the recent slump.
As a result, the seriousness of the recession
seems to have been generally underestimated during its early stages.
.
.
.
A broad view of past depressions emphasizes almost equally their simi¬
such

larities

and

their

differences.

Certainly

they

were

far

from

uniform

in

Volume

141

Financial

severity,

duration, and some' outstanding characteristics.
Nevertheless,
underlying these differences a general pattern is discernible.
Recession
almost

was

always preceded by great business activity, large profits,
optimism, speculation, and a heavy accumulation of debt.
Often
collapse was apparently precipitated by some spectacular event, such

excessive
the
as

a

of

large failure; but in retrospect it appears as an inevitable consequence
preceding excesses.
An exception must be made for the outbreak

the

of

which

war,

regularity of
The

overshadows

movement

all

other

influences

might otherwise

completion of the readjustments

and

exist.

.

breaks

.

up

after

varying inter¬

tion ;
in still others, the growth of new industries or the
exceptionally
rapid expansion of old ones.
But these factors, like the apparent causes of
the collapse, could
hardly have exerted the influence that they did if the

situation

Certainly

had

been

deal

great

a

not

of

favorable

to

is

reassurance

recovery.

to

be

the

in

fact

and

sion.

that

But

retarded,
might

the

darkest

revival

has

sometimes

have

been

outlook

has

invariably been followed by expan¬
been halted and ultimate recovery

repeatedly

for

long

periods,

by

influences

by the

revealed

the

that

certain

in

cases

1.

Loans and

2.

Cash

bids

of

$251,175,000 had been re¬
ceived to the offering of $100,000,000, or
thereabouts, of
91-day Treasury bills dated Aug. 31 and maturing Nov. 30,
1938, was made on Aug. 29 by the Treasury Department.
The tenders to the
offering were received up to 2 p. m.,
Eastern Standard Time, Aug. 29, at the Federal Reserve
banks and the branches thereof.

$100,506,000

Of the tenders received,

accepted.

Reference to the offering of
bills was made in our issue of Aug. 27,
page 1273.
The details of the result of the offering, as made known
by
the Treasury Department, follows:
were

Total applied for, $251,175,000.

4.

remained

High

one

of

Demand

clined
little

decline evident

due

from

banks

6.

by

in

compared

as

increased

the

with

almost

States

last

half

about

of

$17,-

$2,000,000,000,

Government

and

of

while holdings of State and municipal obliga¬

banks

domestic

declined

deposits

about

of

increased

by

about

$700,000,000,

while

by about $300,000,000.

individuals,

$600,000,000,

while

partnerships,
time

and

and

corporations

savings

deposits

de¬

showed

change.
United

decline of

States

over

There

was

Government and
postal
savings deposits showed a
$100,000,000 since June 30, 1937.
little change during the year in
capital funds of insured

banks.

The

following is the preliminary statement issued by the
Corporation:
STATEMENT OF ASSETS AND LIABILITIES OF INSURED
COMMERCIAL
BANKS IN THE UNITED STATES AS OF JUNE
30, 1938: DEC. 31,
1937, AND JUNE 30, 1937

June 30, 1938

Number of banks

Dec. 31, 1937

13,719

$909,051,000

$788,939,000
2,319,025,000
7,005,209,000
4,743,544.000
72,214,000

June 30, 1937

13,791

...

13,881

ASSETS
In vault

..

In process of collection

1,945,423,000

With Federal Reserve banks

8,004,090,000

With foreign banks...

5,391,345,000
118,903,000

..

$843,621,000
2,248,631.000

6,896,063,000
4,494,509,000
54,727,000

Tot. cash & funds due from b'ks $16,368,812,000
$14,928,931,000 $14,538,151,000
Loans and Securities—

bid of $50,000):

r

99.990—Equivalent rate approximately 0.040%.
99.987—Equivalent rate approximately 0.151%.

Low

the

unchanged.

Deposits

5.

Total accepted, $100,506,000.

Range of accepted bids (excepting

amounts

corporate securities declined,
tions

7.

that

continued

totaling $16,400,000,000 on June 30, 1938.
3. Holdings
of obligations of the United

commercial

Announcement

discounts

and

Corporation also
changes during the 12

significant

June 30, 1938:

amounting to about $15,700,000,000
000,000,000 on June 30, 1937.

avoided.

$251,175,000 Received to Offering of $100,000,000 of 91Day Treasury Bills Dated Aug. 31—$100,506,000
Accepted at Average Rate of 0.047%
;

following

months ended

that

business has parsed through so
many vicissitudes without permanent impair¬
ment

more than $54,357,000,000 on June
30, 1938.
The comparative statement of assets and
liabilities of all
insured commercial banks issued

foreign bank deposits

found

Assets of these

banks totaled

1937,

vals, by recovery in which one factor or another seemed to play the
leading role, depending on the conditions of the time.
In some cases it
was
the development of new
areas; in others, canal or railroad construc¬

general

1417

Insurance Corporation announced Sept. 1.

whatever

.

followed,

was

Chronicle

the U. S. Government.

Average price, 99.988—Equivalent rate approximately 0X47%.
(15% of the amount bid for at the low price was accepted)

13,524,364,000

13,668,574,000

13,963,882,000

New

Offering of $100,000,000,
Treasury Bills—To be

Tenders to

of

Dated

Sept.

offering of $100,000,000,

a new

91-Day Treasury bills

banks

Thereabouts, of 91-

or

Day

were

7,

overdrafts)

1938

thereabouts,

or

Total loans and securities.

and

the branches thereof up to 2 p. m., Eastern
Time, yesterday (Sept. 2).
The weekly offering
was advanced from
Monday because of the Labor Day holi¬
day (Sept. 5).
The tenders to the offering were invited on
Aug. 30 by Secretary of the Treasury Henry Morgenthau Jr.
The Treasury bills were sold on a discount basis to the
highest bidders.
They will be dated Sept. 7, 1938 and will
mature on Dee. 7, 1938; on the
maturity date the face amount
the bills will be payable without interest.
There is
maturity of $100,189,000 of a similar issue of Treasury bills
on
Sept. 7.
In inviting the tenders to the offering on
Aug. 30, Secretary Morgenthau said:
will be issued in bearer form only, and in amounts

$1,000,

$10,000,

$100,000,

$500,000,

or

$1,000,000

and

No tender for

amount less than

an

be in multiples of $1,000.

basis of 100, with not

more

17,011,773,000

132,238,000

$1,000 will be considered.

Each tender

The price offered must be expressed

than three decimal places, e. g., 99.125.

on

the

Frac¬

tions must not be used.

Tenders will he accepted without cash deposit from
incorporated banks

111,488,000

bank premises.

157,131,000

190,717,000

1,153,176,060

fixtures

1,160,422,000

1,172,533,000

509,254,000

537,425,000

259,033,000

257,408,000

$2,019,445,000
Total assets.

519,567,000

245,527,000

Other assets

$2,096,153,000

$2,158,083,000

$54,357,658,000 $54,214,161,000 $54,884,698,000

LIABILITIES

Deposits—

$21,984,777,000 $22,104,529,000 $22,622,628,000
Individuals, partnerships and cor
of time
U.

S.

13,994,036,000

3,510,133,000

7,021,975,000

6,475,989,000

6,316,136,000

332,429,000

political
certified

banks,

cashiers'

782,943,000

3,255,252,000

460,036,000

632,375,000

13,929,583,000

postal

sub¬

divisions

Domestic

927,122;000

3,419,717,000

their

13,956,071,000

670,412,000

—

and

Government

savings
States and

(maturity value).
must

16,714,245,000

2,684,121,000

$35,969,401,000 $37,189,077,000 $38,188,464,000

of acceptances,
ank
building,

of

of

272,852,000

4,123,598,000

Guarantees and securities of cus-

a

They (the bills)

217,665,000

15,692,738,000

.

2,586,615,000
3,869,341,000
132,637,000

received at the Federal Reserve

Standard

denominations

2,679,446,000
207,884,000

3,731,459,000
133,510,000

Foreign securities-

and

outstanding,

checks

cash letters of credit and trav¬
elers' checks..

Foreign banks

and trust companies and from responsible and
recognized dealers in invest¬
ment securities.

of

10%

are

Tenders from others must be accompanied

deposit

a

of the face amount of Treasury bills applied for, unless the tenders

accompanied by

bank

by

or

an

of payment by

express guaranty

an

incorporated

trust company.

the closing

to

Borrowed money

Outstanding acceptances and bills

hour

will

be opened and

public announcement of the

Total miscellaneous liabilities.

as soon as possible thereafter, probably on the
The Secretary of the Treasury expressly reserves the
or all tenders or parts of tenders, and to allot less than

right to reject any

_

176,118,000

419,688,000

215,240,000
444,913,000

$542,613,000

$625,888,000

$695,578,000

Total liabilities (excluding cap¬

acceptable prices will follow

following morning.

122,590,000
393,094,000

of exchange..--.-

Other liabilities

Immediately after the closing hour for receipt of tenders on Sept. 2,
1938, all tenders received at the Federal Reserve Banks or branches thereof
up

$47,423,346,000 $47,184,999,000 $47,793,798,000
26,929,000
30,082,000
35,425,000

Total deposits..

$47,965,959,000 $47,810,887,000 $48,489,376,000

ital funds)

Capital Funds—

Capital

stocks,

and

notes,

de¬

the amount applied for, and his action in
any such respect shall be final.
Those submitting tenders will be advised of the
acceptance or rejection
thereof.
Payment at the price offered for Treasury bills allotted must be
made at the Federal Reserve Banks in cash or other

Surplus (paid in by stockholders
or accumulated from earnings as

funds

Amounts

immediately available

on

The

Sept. 7,

1938.

Treasury bills will be exempt,

gain from the sale

taxation,

except

as to

principal and interest, and any

other disposition thereof will also be exempt, from all

or

estate

inheritance

and

taxes.

Treasury Decision 4550, ruling that Treasury bills
gift tax.)

No loss from the sale

or

as

a

of any tax

or

hereafter imposed by the

now

or

are not

is

invited

to

an

added

positors)

Undivided profits
Total capital funds

2,224,964,000
409,306,000

711,140,000

707,657,000

$6,391,699,000

gencies, &c

394,508,000

731,770,000

for

for

2,267,955,000

349,923,000

aside

3,053,495,000

2,291,911,000

protection

$6,403,274,000

$6,395,322,000

de¬

...

set

3,029,671,000

contin¬

exempt from the

other disposition of the Treasury bills

shall be allowed

deduction,

(Attention

3.018,095,000

bentures.......

Total liabilities & capital

funds- $54,357,658,000 $54,214,161,000 $54,884,698,000

otherwise recognized, for the purposes

United

Siates

or

any

of its

Stock of Money in the

possessions.

Treasury Department Circular No. 418,

as

amended, and this notice pre¬

scribe the terms of the Treasury bills and govern the conditions of their issue.

The Treasury

Country

Department at Washington has issued the

customary monthly statement showing the stock of money
in the country
Total Assets of Insured Commercial Banks

on

June 30

the

moneys

and the amount in circulation after deducting

held in the United

States

Were $140,000,000 Greater Than Dec. 31,
1937, but
Than
$500,000,000 Below June 30,
1937,

Federal Reserve banks and agents.

FDIC

are

More

and
Total

Reports—Comparative

assets

though

Assets

they

still

reported

on




commercial

banks

June 30, 1938, than

were

for

for July 31,

tion at that date

insured

of

$140,000,000 greater
figure

Statement of

Liabilities

more

June

30,

than

1937,

were

about

Dec. 31, 1937,
$500,000,000 below the

the

on

Federal

Deposit

1938, and show that the
(including, of

Treasury and

by

The figures this time

course,

money

in circula¬

what is held in bank

vaults of member banks of the Federal Reserve

System)

was

$6,451,857,428, as against $6,460,891,284 on June 30, 1938,
and $6,459,804,383 on July 31, 1937, and comparing with
$5,698,214,612 on Oct. 31, 1920. Just before the outbreak

Financial

1418

of the World JWar, that is, on June 30, 1914, the total was

only $3,459,434,174.^^6 following is the full statement:

u5 ©*
to

C)

©
fl)

Chronicle

O)
w

n

1938
3

Treasury's Mid-September Financing to be Announced
Sept. 8—Secretary Morgenthau Who Has Just Re¬
turned from Abroad Says New Tax Plan May Have
to Await President's Annual Budget Message

©" r,"
-<

M

Secretary of the Treasury Henry Morgenthau Jr. who this
trip abroad, conferred with the Open

M

otooNooi

o"

Sept.

N M OS
c o a

00
f

week returned from his

Market Committee of the Board of Governors of the Federal
01

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homework, too," he added.

Mr.

Magill that among subjects which have

been receiving study are proposals for re-enactment of certain excise taxes,
bond interest, the advisability of

medium-sized incomes.
At present, it was understood,
determine to

o
-

the Treasury does not feel in a position

what extent, if any, taxes should

be increased, and it is

will elapse before the matter is taken

some time

up

with the

President.

After

!

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a

month's vacation in France and Switzerland with

his family, Secretary Morgenthau returned from Europe on
the French liner "Normandie" reaching New York Aug. 29

cs

CO

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some

been indicated by

has

taxation of State and local salaries and

d" co"

%

3

«

Roswell Magill will leave

CO

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I

P
-

d

-

p

d

i

It

probable that
P

re¬

teaching at Columbia about Sept. 15 and that John W. Hanes,

"Mr. Hanee has to do

to

d

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for

Assistant Secretary, is taking over tax matters for the Treasury.

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recommendations

on

decreasing the personal income tax exemptions, and increased tax rates on

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studies

Morgenthau said that Under-Secretary

to resume
I

various

likely that anything
definite will be forthcoming before December and perhaps
not until the President presents his budget message to Con¬
gress in January as both matters are closely connected.
As
to further comment by Secretary Morgenthau, we take the
following Washington advices, Sept. 1, from the New York
"Times" of Sept. 2:

0)

1<

received

vision of the tax laws but that it is not

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System on Sept. 1 regarding the mid-September
Treasury financing but no details of the program were an¬
nounced except that the plans will be made public Sept. 8.
At his press conference, Mr. Morgenthau also said that he
has

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d^

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r>-" p" »-T

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Aug. 30 it

broke his

he

French

vacation

I

I

I

I

w
**

d

over

When

p

current

the

liner

cutter

CO

for

occasions

semi-official

he declined yesterday to discuss

would not comment at all

the

feeling

the Coast

Guard

on

political disturbances.

reached

Quarantine, it

met

d

w

s?

I

p

several

Government officials,

foreign affairs specifically and
abroad
^

stated:

wras

on

was

by

Manhattan, carrying Mrs. Franklin D. Roosevelt, Harry N. Durn-

ing, Collector of the Port of New York, and Gregory W. O'Keefe, Assistant
Collector, who went abroad to meet Mr. and Mrs. Morgenthau.
!

•h

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a
a
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c This total Includes credits with the Treasurer
of the United States payable In
gold certificates In (1) the Gold Certificate Fund-Board of Governors. Federal
Reserve System in the amount of 57,817.950.880 and (2) the
redemption fund for

Federal Reserve notes In the amount of 58.936,330.

a

for Postal Savings

Americans

held by the Cuban agency of the Federal

Note—There Is

Reserve Bank of

maintained In

the

any

paper

currency

held outside the

con¬

the

as

a reserve

for United States
as

on

security for gold

such gold certificates.
and a first lien

on

a

value at the legal standard equal to the face amount of

Federal

Reserve notes

are

obligations of the United States

all the assets of the Issuing Federal Reserve Bank.

Federal Reserve

secured by the deposit with

Federal Reserve agents of a like amount of
gold certificates or of gold certificates and such discounted or purchased paper as Is

eligible under the terms of the Federal Reserve Act, or. until June 30, 1939, of
direct obligations of the United States If so authorized
by a majority vote of the
Board of Governors of the Federal Reserve System.
maintain a reserve In gold certificates of at least

Federal

Reserve banks must

40%, including the redemption fund

which must

be deposited with the Treasurer of the United States,
against Federal
in actual circulation.
"Gold certificates" as herein used includes
credits with the Treasurer of the United States payable In gold certificates. Federal
Reserve bank notes and National bank notes are in process of retirement*

Reserve notes




points of view

and

members

labor-employer relations
Commission

of the

on

within

our

I made of them for an im¬

as

they exist in Great Britain.

Industrial

Relations in

Great

am

most appreciative

Great

Britain and in the preparation

The adequacy of this report attests again
endeavors

on

the usefulness of cooperative

the part of those in government

interests, diversified

of an

I, personally,

of the services they have rendered.

as

they

as

and those whose labors and

are

be,

may

they exist in

closely identified with the labor-

our

country.

Unless this is done, discussions

of the facts contained therein will be of little value.

To

me,

the most salient

coupled with restraint which is shown

by those who represent both employers and employees in Great Britain.
Collective bargaining is

an

accepted fact, and because of this the machinery

which carries it out is functioning.
A second report is to be
us

a

very

naturally,

wilTgive

submitted in the near future, and this

parallel study of industrial relations in Sweden.

have

should be considered and studied

been different
as

we

Experiences of other

from our own,

but they

analyze our own problems.

security for

Treasury notes of 1890—an equal dollar amount In standard silver dollars (these

certificates—gold bullion of

Great

the factual report on industrial

objective report, I express the thanks of the Government.

countries,

Treasury—(i)

Treasury notes of 1890—5156,039,431 in gold bullion; (11)

notes are being canceled and retired on
receipt); (111) as security for outstanding
silver certificates—sliver In bullion and standard silver
dollars of a monetary value
equal to the face amount of such silver certificates: and (lv) as

are

representing various interests

study of these problems in

Atlanta.
n The
money In circulation Includes
tinental limits of the Uulted States.

me

national life, comes in response to the request

feature of it is the cooperative spirit

f The amount of gold and sliver certificates and
Treasury notes of 1890 should be
deducted from this amount before combining with total
money held In the Treasury
to arrive at the total amount of money In the United States.
money

in

This report, unanimously submitted by eminent

This report ought to be read through.

reserve

deposits.

notes

Secretary of Labor has given

employer relationships

51,800,000,000 Exchange Stabilization Fund.
as

employees

follows:

To

deposited

and

employers

represent

The President added "collective bargaining is an

Britain, who, at great personal sacrifice, have spent weeks in an intensive

b These amounts are not included In the total, since the
gold or silver held as
security against gold and silver certificates and Treasury notes of 1890 Is Included
under gold, standard silver dollars, and silver
bullion, respectively.

notes and

who

accepted fact, and, because of this the machinery which
it out is functioning."
The President's statement
The

3
A »->

Sept. 1 the report of the Commission

on

relations in Great Britain.
•

Does not Include gold other than that held by the Treasury.

money

public

carries

Revised figures.

ft Includes

Report of His Com¬

Industrial Relations in Great Britain, named by him in
June, President Roosevelt said that "to me the most salient
feature of it is the cooperative spirit
.
.
.
.
shown by

partial statement

a

Includes 159,300.000 lawful

Makes Public

Industrial Relations in Great Britain—

on

on

»H

c3

g

i

r-4

t—«

O

r~i

1—'

i

I

O
t*00

^

j.

I

O

Q

_

•g

i.

CI

C3

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•

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o
o
2sC><3M"4I
0 0 camcohcaZSk

I

CS

£

s 2

oj «

i

(O

O?

M

§1
5

3

®

»

i

III

a
i N O N *
t; co co d •* >-•

■O

§§
•

I

m

no

; 8 ^ %
<

hearing Edouard Daladier's optimistic state¬

Points Out as its Most Salient Feature Cooperative
Spirit of Representatives of Employers and Em¬
ployees—Collective Bargaining Accepted Fact

Britain."
I

I

_

on

Roosevelt

mission

those

^
£>

73

President

h

2d
«

pleasure

9, "especially what he said about maintaining the franc.'i

d

*N®eo
d N OS oo

.

•

^ S t " ® ®

2

°.

Aug.

d

■*<* CO*

.

p

Foreign Minister, and

.

.

".2 °. °i

2®

d

O
P_ •*!__
0)~ p* d* p* d*

SCO
°°.

CS00'-l^t^^-*<P^
N

mentioned

Paul Marcbandeau, Finance Minister, but he preferred not to comment on

:

.

one

offer."

even an

P

oo

! » *

£ dpjsj^dpopdp
P CS

fc*

cs

CS

co

pd-^-rjocopo p o
HCOCI^NHHCI*
CS

Es

d Includes

there," he said, "not

C0^ 70__ •*!__
p" cs" «jT o" cs* o*

-H

!

-<

s
jo

e

over

o n * cs
eoioo
to

d

!

2

realignment of currencies

As to the question of war debts, "no

these conversations.

d" -T

b. co

H«Ol|l

®8«.®

p

P

d# O CO P_

! 00* OS* d" d* d* o*

H

no

under consideration, and said that the tripartite agreement on money

"just where it was."

ment of
d
p

CO

3

questioning he indicated that

lilt

The

members

of the

Commission submitting the report

W. Ellison Chalmers, William

H. Davis, Marion DickerLloyd K. Garrison, Henry I. Harriman, Charles R.
Hook, Anna Marie Rosenberg, Gerard Swope and Robert
J. Watt.
The appointment of the. special Commission to
study the operation of the British Labor Disputes Act and
are

man,

Swedish Labor Relations
page

was

noted in

our

issue of June 22,

4052.

The report, a

lengthy one, consists primarily of an historical
of industrial relations in Great Britain. It made no
specific recommendations for applying British procedure to
industrial relations of the United States, it was observed in
survey

Volume 147

Financial

Chronicle

Washington advices, Sept. 1, to the New York "Times,"

"The suit has been dismissed
that they are still infants

which also said in part:

1

1419

While praising-the cooperative spirit of British industry and labor, the

report revealed by detailed analysis the presence in British economy of a

large number of factors which have

not been

and that

names,

they

reaching maturity.
of the bank I

developed to the same extent

or

against several defendants

as

infants when the stock

were

As to all other registered

the two salient facts that British labor is

completely organized for the

very

generally

New

philosophy," the report stated, "the idea

years, a

complex organization has been established.

At the end of 1936, the report stated, there were 1,041 trade

membership aggregating 5,308,000

men

general federations of employers and

long since become

1,550 local

which

unions with a

bargaining agents with

to act as

regional associations.

or

"The employers' associations," the report stated,

*

"and the unions have

in

integral part of a collective bargaining system

an

they respect one another and mutually attribute real value to the

agreements and to the relations that have been built up between them

.

"In Great Britain the expression 'collective agreement" does not mean an

agreement between
ment between

"It

means

single employer and his workers,
a

Treasury Magill—Relate

even an

which

by representatives of a
a

union or a group

item of income

an

A great

allow the deduction.

or

deduction allowed

a

should properly be allowed

year

If the tax

paid

was

in the

case

or

Government against

denied "only

however,
which

was

gives

found

to rest

the

unions

right

to

"in

make contracts

trade," but which also "provides that such contracts cannot be

"for the most part, the conduct of strikes has been

accompanied, at least since collective, bargaining became generally accepted,

"Through experience Great Britain

has learned that strife is wasteful

gain the day," said the report, "and that agencies through

and objective judgment

can

be brought to bear on

Says United States Will "Gladly
Reducing Armaments as Others De¬

in

Theirs—Indicates

This

in

Letter

C.

J.

to

O'Laughlin, Publisher of Army and Navy Journal

Stating that it has been the effort of the United States to
"lessen, and if possible eliminate the factors that make for
war"

President

Roosevelt

in

a

letter

to

John

I congratulate you upon the completion by The Army and

Navy

Journal

of 75 years of publication.

Federal

even as

in the stirring days when your paper was established, the

Government

has

the inescapable obligation

Constitution to "provide for the common defense."
the development

was

on a

no

return on which

protection for the

for the taxpayer against double

or

item of income.

readily be

seen

that these

new

regulations deal with the

that these provisions of the law will eliminate

of the inequalities and controversies that have arisen from the oper¬

many

ation of the statute of limitations and have

tion to both taxpayers and

proved to be a source of irrita¬

the Treasury.

1932

tax In

on

If it

1938.

taxed in

his

certain item of income and the Government might later

a

claim that the item of income was erroneously taxed In 1932 and should
was

finally determined that the

be

for tax¬

proper year

laid upon it by the

That

means not

of adequate military forces but the vigorous

paid in

because the taxpayer would not be able to recover the tax

1932 due to the statute of limitations barring such recovery.

Similarly, the taxpayer may have claimed a deduction in 1932, and in
1936, after the statute of limitations had run, he might claim the deduction
again, asserting that 1936
If it

duction.

was

was

the proper year for the taking of the de¬

finally determined that 1936 was the proper year for

the claim, the Government would in effect be forced to
duction since it

allow

a

double re¬

could not recover from the taxpayer any additional tax

for 1932 because of the statute of limitations.

Callan

O'Laughlin, Publisher of the Army and Navy Journal, says
that "as others decrease their armaments, we will gladly
join them by reducing those which present world conditions
force us to provide for our own protection."
The letter was
written for publication in the 75th anniversary number of
the publication.
As given in Associated Press advices from
Washington, Aug. 28 the President's letter reads:

Now,

deductions

there

sions of the income tax laws enacted in some time.

taxes

crease

one

ing the item of income was 1938, the Government would often receive two

Roosevelt

Join"

item of income taxed in

taxed in a subsequent year.

had expired,

two

same

can

or

an

Prior to the enactment of Section 820, a taxpayer might have paid

controversies are of the utmost value."

President

the

In many cases, it has been finally
or

application and effect of one of the most important and beneficial provi¬

by relatively little violence or provocation."

which reason, patience

the

We confidently expect

committee found that British conduct of labor problems is relatively

reason can

on

Therefore, it

another legal practice

on

directly enforced in court."

where

In

item of income is taxable or a

the deduction taken originally

of limitations

statute

assessment

of illegal strikes or lockouts."

peaceful and that,

an

deduction is allowable, there is a dispute as to the proper year to tax

the

)k The

deduction

a

...

of "legal strikes" and that statutory immunity is

restraint of

or

by the Government and the taxpayer, in cases where, de¬

case

1871

be taxed

amount of time-wasting litigation and consequent expense has

incurred

in the

dating from

should

spite the fact that it is admitted that

immunity of labor unions for strikes: that, in practice, the immunity exists

question,

Effect

frequently has been a matter of controversy.
approving the new regulations, Mr. Magill said:

agree¬

Strike Status Found "Hazy"

This

to Mitigation of

allowed

The committee found that hazy legal status surrounds the question of

►

of

the law
regulations now allow for adjustment of cases otherwise
closed by the statute of limitations when such correction is
necessary to prevent a double tax advantage either to the tax¬
payer or the Government because of an inconsistent position
taken by the party claiming such an advantage.
Through¬
out the Government's income tax experience, the period in

determined that

T

820

Section

visions of Section 820 of the Revenue Act fo 1938.
As a result, the Treasury announcement said,

item of income

of unions."

association

Under

Acting Secretary of the Treasury Roswell Magill on Aug.
new income tax regulations carrying out pro¬

been

agreement negotiated collectively

an

or

union.

association of employers and representatives of

group or
or

a

single employer and

a

Regulations

and

that basis, and guided by legislation which has been passed

principally in the last 50

Tax

23, approved

compulsory statutory arbitration of industrial disputes is opposed."
on

the books

of Limitation in Tax Cases

place as

Compulsory Arbitration Opposed
"In keeping with the general

Acting

on

Revenue Act of 1938 Approved by Acting. Secretary

largely on the

body of appeal of last resort in disputes.

of

Income

of

making agreements with labor.

purpose of

made and enforced, the report indicated,

are

basis of voluntary collaboration, with the government reserving a
a

of stock

owners

♦

were

represented by strong labor unions which cooperate fully with each other
whether the be craft, industrial or general, and that employers are about as

Agreements

the ground

put in their

hold that they are liable."

in this country.

Among them

on

was

have made timely disaffirmance of liability after

use

only

of

our

good offices in the promotion of world peace.
In pursuance of this Constitutional duty, it has been our effort to place

Mr.

Magill also stated that closing agreements would be
into wherever necessary to effect an adjustment
under the section and that so far as possible such adjustment
would be expedited by settling the tax liability for the open
year and the adjustment for the cloesed year in one pro¬
ceeding.
Moreover, it was pointed out the Section 820 was
designed to provide equitable relief and will not be applied
to penalize taxpayers in cases in which an inconsistent posi¬
tion is inadvertently taken and then withdrawn prior to a
determination.
It is stated that the recommendation of
entered

which Congress adopted in Section 820 of
of 1938, was the result of research by
Treasury experts and conferences with members of the bar
extending over a period of many months.
the

Treasury,

the

Revenue

Act

the army and the navy in a position to protect our territory and our vital
nterests.

It has been our effort through treaties designed to remove trade

barriers and irritations, through mediation, through disarmament negotia¬

Secretary Perkins Refuses Request by

and if

possible eliminate, the factors that make for war.

None of the things we have done contemplates aggression.

None

beyond what is essential to set up proper safeguards against aggression.
others decrease their armaments, we will
which present

world conditions force

us

Government

goes

As

gladly join them by reducing those
to provide for our own protection.

Secretary of Labor Frances Perkins in a letter on Aug. 30
refused the request by Chairman Martin Dies of the House
Committee

Investigating Un-American Activities,' who had

asked that she
New York Court

Representative

Reopening of Bridges Case—Says His Action
Amounts to Interference with Executive Branch of
Dies for

tions and through proper representations at critical movements, to lessen,

proceed immediately with deportation action

Upholds 100% Assessment on Stock¬
holders of Defunct Chicago and Minnesota Land

against Harry Bridges, West Coast leader of the
for Industrial Organization, whose name was

Banks

Committee's investigation of Communistic
activities.
Miss Perkins rebuked Mr. Dies, and said that
many of the statements made in his letter to her were in¬
correct.
She also inferred that he, as a member of the
legislative branch of the Government, was seeking to inter¬
fere with prerogatives of the executive department.
Investigations of the Committee headed by Representative
Dies were mentioned in the "Chronicle" of Aug. 27, page
1273.
Mr. Bridges, in a statement on Aug. 31, said that
the evidence on which the Committee seeks to have him
deported as an alien Communist consisted of "nothing but

Federal Judge John M.

Woolsey of New York City held
Aug. 31 that creditors and general bondholders of the
defunct Chicago Joint Stock Land Bank and the Southern
Minnesota Joint Stock Land Bank were entitled to a 100%
assessment from

holders of stock in the two institutions who

live in the New York district and

were

made defendants in

The ruling was summarized
the New York "Times" of Sept. 1:
action.

recovery

Exceptions

were

a

follows in

made to a few who are infants or who acquired the stock

in their infancy and disaffirmed

liability after they became of age.

deficit of the Chicago institution was found to be
Minnesota bank

as

The

$13,506,206 and that of the

In

Judge Woolsey noted that the Chicago bank had 20,000 shares of stock
outstanding and that the Minnesota bank had 30,000 shares, both with a
par

value

of $100 a share.

Approximately $1,200,000 of stock of the

Chicago institution is held by New Yorkers.
total liability of

"It must

of

a

27.
be remembered," Judge Woolsey wrote, "in approaching the

practical question, that when the bondholders bought farm-

loan bonds issued by

the bank they relied on the credit of the bank itself, on

the security afforded by
on

the statutory

all the mortgages which lay behind the bonds and

liability of the stockholders.




'

.

describing the letter sent to Representative Dies by

Secretary Perkins, United Press advices from
Aug. 30 said:
"As

The opinion does not give the

the New Yorkers in the other case, but judgments may be

entered against

matter

lies."

approximately $11,000,000.

and

mentioned

the

during

on

Committee

a

member of Congress, of course, I have the greatest

your

views on any subject coming within your
worded two-page letter.

Washington
respect for you

jurisdiction," Miss

Perkins wrote in a sharply
"I am sure that you
when

to

appreciate that the matter of method and of how and

proceed is one that concerns the administrative

Government and that it is not
so

many

ministrative branch.

branch of the

usual for the legislative branch, which has

duties, to attempt to usurp the functions and
'

duties of the ad¬

Financial

1420

analysis and evaluation of the evidence in the case

"I cannot accept your

Chronicle

decisions upon it as it appears to me to have been

are

made without sufficient

knowledge of the law and of the very varied line

istrator

have handed down in this class of cases.

of decisions which the courts

Miss Perkins pointed out that

.

another case.

PWA

The

letter which

a

he wrote as Chairman of the House Committee investigating un-American

committee's

his

with

connection

in

Authorizations

Loans

commitments

and

of

total of

$657,426,074 remains available to borrowers and to
of preferred stock, capital notes and

debentures.

and

$80,713,330

31,

July

through

in¬
making total dis¬
$7,009,088,613 and

repaid,
1938, of

was

(approximately 74%).

repayments of $5,175,706,559
July

loans

withdrawals

of

Credit unions

loans

in the amount of $701,750.
and trust companies (including those
$1,405,813

$114,117;

to

disbursed

was

and

have been authorized
those in receivership)
aggregating $2,541,889,817.
Of this amount $496,058,046 has been with¬
drawn, $30,327,504 remains available to borrowers, and $2,015,504,266
has been disbursed.
Of this latter amount, $1,874,317,923, or 93%, has
and

hanks

been repaid.

July

1038,

31,

companies

trust

Loans

mortgage and

one

loans

secured by preferred stock,

Loans

debentures

the

in

to

in

hanks, and that includes

made

were

to

$1,326,851,987;

of

$651,750;

disbursements

$3,264,672.
to

$901,207,402,

were

increased

$31,106

were

reinstated;

Loans to mining businesses
Loans

the

to

been

92%,

approximately

withdrawn

$978,648,757

borrowers;

been

has

previous cancellations

authorizations
disbursed.

was

refinance

to

624

the

in

Total loans,excl.of loans secured by

Finance

of

826.72 repaid on

Loans

Authorizations in

drawn

during July.

companies

Section

5(d), which

4,342

business

available

$59,383,103
the

to

benefit

the

for

borrowers.

during

July,

drawn.

and

similar

Through

agreed

to

the

In

industry

Federal

addition,

1938,

the

the

1938,

participations

of

which

in

ments

amounted

to

$31,603,243 of this
available

to

the

the amount

with

cooperation

in

the

$229,602,631.

$52,412,906

and

Corporation
loans

in

137

haB

to

were

$46,404,916

withdrawn

and

a

premium

Public

Through

Works

July

3,962 blocks
Of

this

(now

Land

Bank)

of

$81,435,000

were

pur¬

Farmers

To create mutual mortgage Insurance fund..
For other purposes

Sec. of Agricul. for crop loans to farmers (net)..
Governor of the Farm Credit Administration for

revolving

fund

to

provide

capital

to

amount

has been

withdrawn

of

has

793

$26,533,729
authorized

to

$8,287,118, and repay¬

and

$311,004,507 has been

of

and

securities




40,500,000.00
97,000,000.00
10,000,000.00

held in revolving

fund)...

44,500,000.00
3,108,278.64
13,215,602.92
114,921.13
126,871.85

Expenses—Prior to May 27. 1933..
Since May 26, 1933
Administrative
Administrative expense—1932 relief..
Total allocations to governmental agencies.
For relief—To States directly by

States

on

certification

.

Corporation

of

Federal

299,984,999.00

499,997,972.67
500,000,000.00

Under Emergency Appropriation Act—1935

Emergency

Relief

the

The

Corporation

securities

having

Corporation

has

par

value of

par

collected

par

of

value

purchased

of securities having

having

also

from

Appropriation

Act.

1935

500,000,000.00

Total for relief
Interest
and

on

1,799,982,971.67

value of

$425,417,729

PWA

$614,106,451.

were

17,159,232.30

notes issued for funds for allocations

relief advances

33,177,419.82

Grand total

....9,756,676,753.42 a5192,865,790.96

*

Does not include $5 500.000 represented by notes of the Canadian Pacific
Ry
which were accepted in payment for the balance due on loan made to the
Minneapolis St. Paul & Sault Ste. Marie Ry. Co.

Co.,

a

In addition to the repayments of funds disbursed for relief under the

Relief and

Construction

fn the amount of

Act of

1932,

sold at

a

Emergency

the Corporation's notes have been canceled

$2,693,428,908-28 equivalent to the balance of the amount dis¬

bursed
of

for allocations to other governmental agencies and for relief by direction
Congress and the interest paid thereon, pursuant to the provisions of an Act

24. 1938.

The loans authorized and authorizations canceled

or

with¬

drawn for each

railroad, together with the amount disbursed
to and repaid by each are shown in the following table (as
of July 31, 1938), contained in the report:
A uthorizallons

Canceled or

$123,-

maturing
$510,446.
the

16,159,232.30

Relief

Administrator..
Under

914,427,749.09

Aberdeen & RookfLsh RR. Co...

Withdrawn

S

$324,115.
1938,

pro¬

duction credit corporations...

$152,700,229 remains
disbursed,

10,000,000.00
53,521,074.55
115,000,000.00

Authorized

Administration

31,

for

145,000,000.00
2,600,000.00
55,000,000.00

Stock—Commodity Credit Corporation
Stock—Disaster Loan Corporation

with¬
or

Cancellations and withdrawals

amounted

200,000,000.00
124,741,000.00

Commissioner

Joint Stock Land banks

repaid.

(2,937 issues)

amount

Loan

Of

businesses

authorized

6,980,788,586.97 5,175,706,558.66

Federal Farm Mtge. Corp. for loans to farmers.
Federal Housing Administrator:

remains

agreed

to

443,218,263.62

Public

with¬

or

During July the Corporation has purchased from the Federal Emergency
Administration of Public Works 33 blocks
(32 issues) of securities having a
par value of $3,045,895 and sold securities
having par value of $10,173,100
at

581,349,811.12

of

7,075,208.45
543,847,926.96

for loans to:

13,

Through July 31, 1938, 195 loans have
self-liquidating projects aggregating $495,307,979 ;

borrowers;

471,490 has been

34,375,000.00

dis¬

$60,089,707.

on

for

Capital stock of Federal Home Loan banks..

the Recon¬

to

canceled

were

aggregating

been

has

$340,008; disbursements

authorized

insurance

Administration

(Public No. 432) approved Feb.

10 loans

of

disbursed

1,168,827,036.56

Emergency

Farm

loans

aggregating $430,016

public agencies for 6elf-liquidating projects.

been

stock

$100,000

Secretary of the Treasury to purchase:
Capital stock of Home Owners' Loan Corp

authorized during

were

Corporation

of

to

preferred

536,772,718.51

25,000,000.00
11,000,000.00

Allocations to Governmental agencies under pro¬
visions of existing statutes:

of

available.

amounted

by

(Including

Total....

the Corporation has authorized

$10,448,691

purchase

During July

$8,081,loans secured by pref. stock) ..1,098,452,036.56

Works security transactions

were

and amended April

aggregating

withdrawn

authorizations

31,

and

Total

including loans to mortgage

industry

$10,159,040

businesses,
remains

July

and

been

participations amounting to

and

notes

companies (in¬

Regional Agricultural Credit corporations forPurchase of capital stock (Incl. $39,500,000

amount

31,

added

was

1934,

1938,

program,

of

has

capital

disbursed

the purchase of preferred stock)

been

has

and irrigation

levee

of $6,741,050

Through July 31,

Recovery Administration

loans
amount

chase

the amount

assist

to

secured

companies

and

$7,192

of

July

Through

drainage,

Corporation Act, June 19,

July.

$18,148,730

pref.stock.5,258,911,765.16 4,188,640,368.08

Purchase of stock of the RFC Mortgage Co
purchase of stock of the Fed. Nat. Mtge
Assn..

To

provisions

preferred stock,

debentures of banks and trust

cluding

repaid.

in the

amount

1938, 466 loans to industry aggregating $14,537,215

this

2,425.46

Loans to Rural Electrification Administration

1938, loans have been

has

amount

disbursed.

National

767,716,962.21
18,536,505.55

46,500,000.00

ing of agricultural commodities and livestock:
Commodity Credit Corporation

repay¬

aggregating $141,407,168, of which $19,456,881 has been withdrawn,
$39,788,428 remains available to the borrowers, and $82,161,859 has been

loan

3,160,755.84
20,177,690.67
29,507,168.47
1,112,251.64
12,352,908.99

767,716,962.21
19,504,491.78

—

and purchases of assets of closed banks.

on

Other

tricts

struction

11,987,555.32
20,224,586.66
111,816,934.11
3,855,500.00
15,807,028.14

...

Loans to business enterprises

withdrawals

and

$1,265,813, and

amounted to

this

$40,000;

$219,772

and

authorized

the

property
tornado, flood

fire,

surpluses in foreign markets

have been met.

cancellations

Through July 31,
of

available

districts

Under

22,300,000.00
123,471,489.73

Loans to aid In financing the sale of agricultural

depositors of 2,767 closed banks aggregating

$318,004,061

remains

and

been

by earthquake,

and other catastrophes

During July the authorizations to finance drainage, levee and irrigation

have

22,4.50,000.00
311,004,507.18

projects

damaged

authorized for distribution to depositors of five

distribution

for

withdrawn,

2,632,738.74

Loans for repair and reconstruction of

purchase

to

conditions of authorizations

amount

$108,200;

$30,198,369

3,300,000.00

to

tion

total authorization for preferred stock, capital
6,848 hanks and
trust companies of
$1,299,-

were

the

amounted

authorized

3,300,000.00
82,161,859.07

teachers'

a

hanks when

During July loans
hanks

purchase

to

-

public school authorities for payment
salaries and for refinancing out¬
standing indebtedness
Loans to aid in financing self-liquidating construc¬
of

$169,491,552 of this has been withdrawn and $31,789,500 remains

available to

Agriculture

cotton

trust company.

preferred stock,
capital notes and debentures of three banks and trust companies in the
aggregate amount of $405,500.
Through July 31, 1938, authorizations
have been made for the purchase of preferred stock, capital notes and
debentures of 6,769 banks and trust companies aggregating $1,276,410,334,
and
1,121 loans were authorized in
the amount of $23,322,755 to be
authorizations

July

and

of

Secretary

to

3,842,582,340.69 3,184,369,470.78

Loans for refinancing drainage, levee and Irriga¬
tion districts

(including

Only $9,751,690 is owing by open

$7,899,774 from
During

14,718.06

pro¬

Total loans under Section 5

trust

banks

to

Through

repaid.

7,530

for payment of

13,064,631.18
12,971,598.69
9,2.50,000.00
5,558,687.41
256,079.42
486,718.21

cessing tax.

Purchase of

amounted

liquidation)

$3,881,105

13,064,631.18
12,971,598.69
9,250,000.00
5,643,618.22
719,675.00
600,095.79

Fishing Industry

companies
Cancellations

banks and

authorized to six

were

(including those in liquidation)

disbursed

$

...

Processors or distributors

Chair¬

Jones continued:

During

ments

Repayments

Loans to finance the carrying and orderly market¬

bursements

amounted

repay¬

14,718.06

moneys—

During July $28,300,026 was disbursed for loans and
vestments

closed

the

$

Agricultural Credit corporations

banks in the purchase

;

as

Disbursements

Federal Intermediate Credit banks

Reconstruction

the

Corporation in the recovery program during July
amounted to $314,088,955, recissions of previous authoriza¬
tions and commitments amounted
to
$9,162,490, making
total authorizations through July 31, 1938, and tentative
commitments outstanding at the end of the month of $12,682,569,984, it was announced on Aug. 25 by Jesse II. Jones,
Chairman.
This latter amount includes a total of $1,046,001,066 authorized for other governmental agencies and
$1,800,000,000 for relief from organization through July 31,
1938.
Authorizations aggregating $271,536,409 were can¬
celed or withdrawn during July, Mr. Jones said, making
total cancelations and withdrawals of $2,154,298,316.
A

733,089

$77,091,373

Feb. 2, 1932, to July 31, 1938:

Livestock Credit corporations

and

Finance

notes

the Admin¬

companies (incl. receivers).-.1,999,697,238.06 1,861,965,013.57
Railroads 'Including receivers)
583,130,739.11
*184,826,365.25
Mortgage loan companies
426,788,628.89
322,165,252.64
Federal Land hanks
387,236,000.00
382,243,563.11
Regional Agricultural Credit corporations
173,243,640.72
173,243,640.72
Building and loan associations (incl. seceivers).
118,109,658.11
115,884,315.81
Insurance companies
90,693,209.81
86,070,032.41
Joint Stock Land banks
21,418,889.05
16,368,854.30
State funds for Insurance of deposits of public

Department

investigation.

celed—$7,009,088,613
Disbursed
for
Investments—'$5,175,706,659 Repaid

to

with

sold at a later date, such

Banks and trust

Report of Operations of RFC Feb. 2, 1932 to July 31,
1938—Loans of $12,682,569,984—$2,164,298,316 Can¬

in

or

1938
3

value of $168,495,424

has agreed

Loans under Section 5:

spokesmen said he had been requested to treat the matter confidentially.

and

par

follows disbursements and

as

purposes from

...

The files in the Bridges case, hitherto secret, were made available to Mr.

man

listed

report

■

activites.

Dies

Corporation

the

purchase, to be held and collected

to

ments for all

by Mr. Dies in

Deportation of Mr. Bridges was requested

a

of securities having an aggregate par value of
is in a position to deliver from time to time.

part

.

the Fifth Circuit Court of Appeals had held

the Communist party was not a deportable offense in

Securities having

addition,

In

held.

still

and the bearing of court

that membership in

Sept.

premium of $12,650,444.

$

Disbursed
S

Repaid
$

127,000

127,000

275.000
2,500,000

275.000

2,500,000

(receivers)..
Ashley Drew & Northern Ry. Co.

634.757

634.757

400.000

400,000

400,000

Baltlnore & Ohio RR. Co. (note)

95.358,000

95,343.400

12,171.721

Birmingham & So'eastern RR.Co.

41.300

41,300

41,300

Ala. Tenn

& Northern RR. Corp.

Alton RR

Co....

Ann Arbor RR. Co

Boston

Maine RR

Buffalo Union-Carolina RR

Carlton & Coast RR. Co

14,600

9,569,437
53.960'

549,000

127,000

605*367
434,757

9.569,437

5.602

535,800

139,909

53.960

13,200

Volume

Financial

147

world it may be that we can help by understanding better the economics find

Authorizations

Canceled, or

Authorized

Withdrawn

Repaid

Disbursed

5

$
Carolina Clinchfield & Ohio Ry.
(Atlantic Coast Line and Louis¬
ville &

14,150,000
3.124,319

14,150,000
3,124,319

464,299

35,701

140,000
5,916.500

464,299
32,000

5,916,500
1,000

155,632

46,588,133

4,338,000

1,289,000

Chicago <fe North Western RR. Co 46,589,133
Chicago Great Western RR. Co—
1,289,000
Chlc.Gt. West. RR. Co.(receiver)
Chic. Milw. St.P. & Fac. RR. Co.
Chic. Milw. St.P.&Pac. RR. Co.

220,692

140.000

500,000

Charles City Western Ry. Co
Chicago & Eastern 111. RR. Co..

838

150,000

32,000

11,500,000

537

500,000

3,840,000

3.840,000

1,150,000

1,150,000
13,718,700
8,300,000
29,450,800

Chicago R. I. & Pac. Ry. Co.— 13,718,700
Cincinnati Union Terminal Co— 10,398,925
29,504,400

2,098.925

60,000

53,600

1,553,000

—53,500
8,300,000

21~9~666

53" 500

8,081,000

Ft.Smith A W.Ry.Co.(receivers)
Ft. Worth A Den. City Ry. Co..

582,000

627", 075

393",706

71,300

3,000

90,000

227,434

227,434
8,176,000
15,000
10.539

546,000
Georgia A Fla.RR.Co. (receivers)
354,721
Great Northern Ry. Co
105,422,400
Green County RR. Co
13,915
Gulf Mobile A Northern RR. Co.

1,061,000

3,183,000
546,000

3,183,000

6,000.000

13,915
520,000

520,000

520,000

22,667

35,290,000

110,000

10,278,000

——

1,000,000

9,278,000

8,500,000

800,000

800,000

2,550,000

2,550,000

200,000

3,000

197,000

50,000

1,729,252
6,843,082
100,000
2,300,000

Litchfield A Madison Ry. Co
Maine Central RR. Co

744,252

Meridian A Bigbee River Ry. Co.
Minn

St. P.A S S.Marie Ry. Co.
Mississippi Export RR. Co——

Missouri-Kansas-Texas RR. Co.
Missouri Pacific RR. Co

6,843,082
100,000
2,300,000
23,134,800
99,200

23,134,800
99,200

'

*6,843.000
100,082

2.300,000

33~200

785,000

785,000

785,000

1,070,599

1,070,599

1,070,599

Murfreesboro-NashvilleRy. Co—

25,000

New York Central RR. Co

27,499,000

27,499,000

N. Y. Chic. A St. L. RR. Co

18,200,000

N. Y. N. H. A Hartford RR. Co.

18,200,000
991

600,000

29,500,000

Pennsylvania RR. Co
Pere Marquette Ry. Co

....

Pioneer A Fayette RR

Pittsburgh A W. Va. RR. Co...
Puget Sound A Cascade Ry. Co.St. Louis-San Fran. Ry. Co
St. Louis-Southwestern Ry. Co..
Salt Lake A Utah RR. (receivers)
Salt Lake A Utah RR

3,000,000
17,000
4,976,207
300,000

Nearly

ation

some

might be jointly and

be of the utmost service to

eager to

3,000,000

more

That cooperative basis has

The domestic aspects of

both

urban

and

rural purchasing power

hoped-for

progress

were

our

has not as yet fully materialized.

of price-fixing and export subsidy with little regard to the fact that

when carried to

bring about
national

they have been mutually self-defeating.

extreme

an

when carried out by

programs,

a

number of countries at the

an excessive increase in

market and

human

waste

the supply of products on the inter¬
effort

which

scale and for
which

uses

a

justifying the
It is such

such

a

of

eventual

stability.

In

carrying

Under

efforts should work

out such

a

subsidy

the United States of course must do everything it can in a coopera¬

tive spirit to synchronize its

Government.

We do

not

efforts along this line with those of the Canadian.

propose

result in extensive over-plowing

in return.

of

to use any type of subsidy which will
our

hill land or our poor land in order t©

2,805,175

18,672,250

18,672,250

200,000

of our farm products abroad with nothing coming back
We must not ruin our soil for the sake of our exporters and our
and we must not encourage

foreign customers

16~2~600

100,000

100,000

100,000

5,147,700

147,700

7"ob"666

7"O"O"666

30,000

30,000

the world could meet together to draw up a set

39,000

39,000

nations

products, and
nations

6,000

15,731,583

Western Pacific RR, Co

4,366,000

3,600,000

3,600,000

750,000

400,000

22,525

22,525

l,403"66o

4,366,000

Western Pac. RR. Co. (trustees).
Wichita Falls A Southern RR.Co.

406*600
V

22,525

in

by failure to take fully as aggressive action as the other

so on,

the

competitive export fields.

We have powerful machinery

taking action along these lines and we have supplies of certain farm products
far

108,740

700,000
30,000

unduly exports of these

products which our consumers can use in larger quantities at home, but
neither must we lose our fair share in the world trade of cotton, wheat, hog

2,275,796

Wrightsvllle A Tennille RR

Nevertheless, in

situation that now confronts us in the case of wheat.

a

direction

300,000

400 000

15,731,583

else.

situation it is exceedingly desirable that our export

the

22,000,000

(receivers)

large

of export subsidies for limited and temporary purposes.

use

162,600

Wabash Ry. Co.

a

send large quantities

200,000

45,000

v

certain emergencies, there may be exceptional and compelling circumstances

19,610,000

Tuckerton RR. Co.

be devoted to

long period, eventually almost inevitably harms the nation

33,000,000

Texas Southern Eastern RR. Co.

best

of economic warfare which if used on

the subsidy more than it harms anyone

11.000

7,995,175

5,147,700
108,740

had

•

are a type

Such
time,

same

producing something else.

758,600

162,600

Tennessee Central Ry. Co

as

Here, too, for

In the realities of 1938 we find numerous countries pursuing their pro¬
grams

33,110,000

Texas Okla. A Eastern RR. Co..

agricultural

surplus farm labor

stimulated.

37,200,000

Texas A Pacific Ry. Co

our

industrial activity and the de¬

Southern Ry. Co

Sumpter Valley Ry. Co

The international

10 years.

sensibly determined.

been fully developed.

300.000

1,200,000

you.

programs.

programs called for a restoration of

measure,

742,763

28,900,000

I know

those concerned with wheat and cotton, so that the fair share of world trade

18,200,000

28,900,000

have

we

in a position to come to Washington will find men

Southern Pacific Co

Sand Springs Ry. Co

of that which

the part of both exporting and importing countries, particularly

on

27.4~99~666

7,699,778

200,000
400,000

Corp.—

hope that

nation in the world has been engaging in action programs

every

17,000

117,750

are

of action

4,975,207

7,995,175
18,790,000

I

aspects of our own programs in 1933 and 1934 called for a spirit of cooper¬

in

3,000,000

7,700,000

benefited.

Department of Agriculture

administrators

25,000

-

been

Export subsidies

Mobile A Ohio RR. Co.(receivers)

Mobile A Ohio RR. Co

efforts,

our

This applies not only to the economists but also to the scientists and the

985,000

800,000
2,550,000

RR. Co

(trustee)

in the

6,000",665

13,915

35,312,667

Co

have

various reasons, the

354,721

99,422,400

In

debtor nation.

a

have improved our soil fertility and have increased the farmer's share of

the national income, while at the same time, the city people of the United

velopment of non-agricultural occupations for

10,539

Galveston Terminal Ry. Co

agriculture to the fact that the United

our

creditor instead of

a

action

15.000

Gainsville Midl'd Ry
(receivers)
Galv. Houston A Hend RR. Co.

endeavoring to relate

not as yet

8,176.000

Fredericksburg A North. Ry. Co.

from the years of good weather to the years of poor weather.

with respect to agriculture during the past

1,800,000
3,182,150
16,582,000

1,800,000
Denver A Salt Lake West.RR.Co,
3,182,150
Erie RR. Co
16,582,000
Eureka Nevada Ry. Co—
3,000
Fla. E. Coast Ry. Co. (receivers)
717,075
—

Missouri Southern RR. Co

are

We

endeavoring to perfect the ever normal granary, which will carry

crops

States has become
we

500,000

Denver & Rio Grande W.RR.Co.

Maryland A Penna

We

We have been endeavoring to work

principles of balance between agriculture, labor and industry.

that those of you who

8,300,000

53" 500

Denver A Rio Grande W.RR.Co.

Lehigh Valley RR. Co

During the

have been busy

learned will be of benfeit to agricultural statemen in other nations.

60,000

Colorado & Southern Ry. Co
Columbus & Greenville Co

Illinois Central RR

over

States

...

(trustees)

they relate to the general welfare.

out the

are now

597,000

150,000

12,000,000

Chic. No. Shore & Milw. RR. Co.

.

last 20 years and especially during the last five years, we

as

Nashville, lessees)

Copper Range RR. Co

sociology both of American agriculture and world agriculture.

formulating in the United States the doctrines of agricultural statemenship

Central of Georgia Ry. Co
Central RR. Co of N. J

Trustees..

1421

Chronicle

beyond domestic needs.

It would be

good thing indeed if the various

a

agricultural Ministries
of principles on which all

I am convinced all nations could agree on the de¬

could agree.

sirability of systems of agriculture which will maintain soil fertility and which
will tend to give the farm
tional

section of the population a fair share of the na¬

Perhaps there could be agreement on the desirability of

income.

the
while at the same time the
And perhaps there could even be progress

giving to agriculture the moral, legal and economic equivalent of what
corporate form of organization gives to industry

Totals
*

.....—706,024,295 106,393,556 583,130,739 190,326,365

—

The loan to Minneapolis St

Paul A Sault Ste. Marie Ry. Co. (The Soo Line,

the interest on which was guaranteed by the Canadian
Pacific Ry. Co. and when the "Soo Line" went Into bankruptcy, we sold the balance
due on the loan to the Canadian Pacific, receiving $662,245.50 In cash and Canadian
was

secured by its bonds,

family-sized farm is maintained.
in

jointly and democratically determining the course of international trade

in farm products as a

contribution to economic stability and paece.

Pacific Ry. Co.'s notes for $5,500,000. maturing over a period of 10 years

addition

In
in
of

principle,
specified

to

the above loans

loans

in

the

has approved,

authorized the Corporation

of

amount

$55,670,076

upon

the

Pounds of Butter—Addi¬
Pounds Under Consideration

FSCC to Purchase 10,000,000

performance

tional 40,000,000

conditions.

The Federal

Surplus Commodities Corporation announced

Sept. 1 that it will purchase 10,000,000 pounds of butter
from the Dairy Products Marketing Association of Chicago,
a producer cooperative organization.
The butter is to be
distributed by State relief agencies.
Since the Association
on

Suggests
World
"Fair" Share of
Aggregate Income—Speaks Before Conference of
Agricultural Experts in Canada—Warns United
States Will Not Cede Foreign Trade to Nations
Using Export Subsidies

Secretary
of
Agriculture
Agreement to Assure

Wallace
Farmers

Secretary of Agriculture Wallace, speaking on Aug. 27 at
an
international conference of agricutural economists at
MacDonald College, Ste. Anne de Bellevue, Quebec, urged
that farm officials of all nations meet to formulate

principles intended to

assure

farming classes of

a

a

"fair" share

He said that such principles should
barriers to international trade and should assign

to each

He

exporting agricutural nation its share ofworld markets.
warned, however, that the United States is prepared to

take "aggressive action" to retain its ' fair" shs.re of world
trade on wheat, cotton, pork products and other agricultural

commodities.

principle
regarded large-scale export subsidies as "a type of economic
warfare," it would not stand idly by and lose its rightful
share of export trade to countries using such subsidies.
In his address Mr. Wallace said, in part:
In mj opinion

the international idealism of the United States has not dis¬

We are genu¬
which look in the direction of ameliorating world

economic conditions hut we know that we can not make any worth-while

contribution unless
more

we

straighten out

smoothly.

world economic peace,

connection

our own

economy so

it will

working for

provided we can do so in a practical manner.

with the very sincere desire which so many

the tremendous

.

one

have with regard to the

purchase of butter was noted in our Aug. 27

issue, page 1276.

FSCC Buys

2,681,340 Pounds of Dry Skim Milk

purchase of 2,681,340 pounds of dry skim milk from
the Dry Milk Committee Corporation, Chicago, for $118,262
was announced on Aug. 31 by the Federal Surplus Commodi¬
ties
Corporation.
According to Washington Associated
Press advices of that day, the milk represented 67 carloads
The

stocks of 12 manufacturing plants in Minnesota,
Pennsylvania, Mary¬
land, New York and Vermont, the first to be bought under
a program calling for purchase of 30,000,000 pounds, or the
equivalent of 155,660,000 quarts of fluid skim milk.
of surplus

Conference

on

in the United States are torn two ways.

In Ottawa on

Wheat Held in Ottawa by United States
and Canadian Officials

Aug. 25 officials of agricultural department

of the Canadian and United States Governments

discussed,

question of wheat marketing.
In Ottawa advices Aug. 25 to the New York "Journal of

it is understood, the

Commerce" it

was

Two long meetings,

greatest privacy.

stated:
which broke up this evening, were marked with the

It was impressed upon questioners that those

who par¬

And
Our people would like to

ticipated in the conferences had no power to make or formulate any agree¬
ments between the two governments and that their intention was only to

In the purely agricultural

exchange information.

of "balance of power" politics in Europe.

help, but they don't know how to help safely.




In

Americans have to

must also take into account

fear which nearly all Americans

hatreds and maneuverings
we

internal

We are exceedingly interested in

help bring about world peace and harmony

so

pounds of butter are under consideration, it was disclosed.
Approval of an additional loan by the Agricultural Adjust¬
ment Administration to the Marketing Association for the

Our trade agreement program is proof of that.

inely interested in all moves

function

purchased 70,000,000 pounds.

authorizing the purchase of an additional 40,000,000

Wisconsin, Michigan, Missouri, Ohio,

Mr. Wallace said that while the United States in

appeared.

formed last June it has

Plans for

set of

of the world's income.

eliminate

was

Financial

1422
'

'
■'
■/
Ottawa account on the

.

Chronicle

Sept. 3, ms

.

From

an

York "Times"
Canada

date to the New

same

The officials

Facilities in the Department of Agriculture.

Washington

M.

were

L.

Under

Wilson,

Leslie A. Wheeler, Chief of the Division of

It

measures.

The

represented hy Dr. W. C. Clark, Deputy Minister of Finance;

was

George Mclvor, Chairman of the Wheat Board, and A. W. Shaw, Director
of Marketing

from

ment

stated in Mr.

likewise

was

Wilson's

announcement:

takh the following:

we

Secretary

of Agriculture;

Foreign Agricultural Services,

will be made

States policy

United

through

effective

purchases

by the FSCC from domestic producers and others and resale to exporters,

be made up from Section 32 funds,

with losses on these resales, if any, to

which sets aside an amount equal to

30%

of the customs receipts for pro¬

The FSCC has

for the removal and disposal of farm surpluses.

grams

and D. F. Christy, also of the department.

arranged to borrow $30,000,000 from the Reconstruction Finance Corpora¬

The group from the United States has

tion, and this sum will be used as a revolving fund in the exporting opera¬

been attending the international

The crop situation
able

surplus of at

Mr.

Wilson,

in the United

with the prospective export¬

bushels of wheat

100,000,000

least

while

States

Canadian officials

explained

of Canada's marketing system under the

in

was

by

outlined

detail the

operation

Wheat Board, involving

guaran¬

wheat FSCC plans to pursue a

been adopted

has

From

Stress is believed to have been

laid

by

on

Canada, namely, the sale of wheat through the regular channels

competitive

nothing to indicate how far the plan of Secretary Wallace for
to stimulate the export
Board's

of wheat

be regarded

can

as

subsidy

a

resembling the Wheat

plan.

following to
Following

Aug. 26 had the
in part in advices from its Ottawa bureau:

say

of United

conference

a

Dominion

Government

States and

issued

dising

of

So

wheat

at

competitive

listen

even

Interesting to observers here
could

purchase programs this year the Corporation has purchased

bushels.

cereal products equivalent to

be

was

through

the

will be made

regular

to

wag

trade

was

merchandized

given thac the Dominion Govern¬

proposals for interference with

any
.

.

In the Southwest territory.
Text

■

.

Telegraphic offers subject

by either country

The pronouncement was given importance because Canadian
now

in

were

kernels and not
and No.

our acceptance in whole or part same day will

than 5%

more

No lower grades to apply.

Gulf terminals, quotations on following bases:

in store at Gulf terminal.

Storage for corporation account

after five days from date of acceptance.

Payment to be made after five

1.

Basis

days

now

receipt of no protest draft with negotiable warehouse receipt

upon

attached.
2.

Gulf terminals

delivered

Basis

to

Payment

govern.

official

not

destination

exceeding

90%

protest draft with order bill of lading attached.
when car unloaded.

ance

Rumanian Wheat—Plan
Take 400,000 Tons in Nine Months

From

London

Buy

Aug. 31

cablegram to the New York

a

Procurement Officer FSCC

H. C. Albin,

With
concerns are

arranging

during the next eight
£2,000,000, the "Daily Telegram" reports.

contract to take 400,000

a
or

nine months at

a

surplus from the latest harvest, is considerably larger than usually taken
accumulation

of

wheat

purchase is regarded

reserves,

presumably

as

against

possible

wartime

The transaction is said to be connected with the activities of

Trade delegation that has been in Bucharest for
a

a

Board of

party to the deal.

The primary interest of the Board of Trade in
placing the order is held

to have been to strengthen commercial relations and
improve the position
of the Anglo-Rumanian

clearing account, into which £800,000 of the pro¬

ceeds is to be paid for the reduction of
outstanding debts.
will be used to finance the
import of additional

A similar sum

goods from Britain and the

remainder will be placed at the free
disposal of the Rumanian authorities.

A

was

that,
a

today

the purchase of 14,000,000 bushels of Rumanian wheat credited to

a

British grain firm.

Purchases

for

Relief

and

Export

Brought Under Way by Secretary Wallace—Loss
to

Government

in

First

Sales—FSCC

to

Borrow

$30,000,000 from RFC for Wheat and Flour Export
Operations—Wheat Exports of 100,000,000 Bushels
Expected

Following the new surplus wheat purchase program made
known by
Secretary of Agriculture Wallace on Aug. 26,

and referred to in these columns

a

week ago

as

a

to the present, the major exporting nations are not cooperating in

up

ment in

will also supplement the 1939 AAA wheat acreage allot¬

bringing about

a

better balance in the wheat supply situation.

the second largest crop on record.

The supply, including the

154,000,000

at

bushels,

is

estimated

1,110,000,000

supply this country has had since 1932-33.

bushels,

carryover

the

of

largest

The estimated world crop is

the largest on record.

This export program doe6 not

of the necessity for wheat
producers to work through acreage allotments to bring about a better bal¬
ance

in the wheat

remove

supply situation.

any

Even with wheat exports of 100,000,-

000 bushels, the United States wheat carryover on next Julyl may exceed

This export program is for

specific limited objective of 100,000,000

a

This is all that the program aims to do.

bushels would be approximately 18%
for this
the

Wheat

adopted

That situation is the fact

This compares

season.

Exports of 100,000,000

of the estimated world trade in wheat

with about 20%

United States obtained during the past

of the world trade that

season

share in world wheat exports of approximately 25%

Surplus

been

has

special situation.

300.000,000 bushels.

said here today,

was

announced

program

Secretary

general program for meeting the world wheat surplus problem.

bushels.

foreign demand for cash wheat, it

export

The program

Chicago dispatch Aug. 29 to the "Times" said, in part:

A feature of the

wheat

Acting

program

The United States crop this year is now estimated at 956 million bushels,

time, although it is

some

on

necessary means of meeting a

further step in the

a

contingencies.

denied that the British Government is

The

to the export
Aug. 29 said:

respect

Wilson

cost of

The amount, which represents about one-third of Rumania's exportable
that source, and the

Prompt settlement bal¬

Grain must be free of liens and encumbrances.

Instructions for preparation in voice issued immediately if acceptance made.

tons of Rumanian wheat

from

weights and in¬

upon receipt of no

to

"Times" said:
Leading British grain

Offers must

quantity, grade, class, price per bushel, name and location terminal

spection

to

FSCC at Wash¬

shrunken and-or broken

wheat other classes, also No. 1 Hard Winter

Dark Hard Winter.

1

warehouse if now stored at

Europe seeking to promote sale of Canadian

grain.

Concerns

made in other areas.

D. C. for sale to it of wheat for export grading number 2 Dark

Hard Winter wheat containing not more than 2%

regular trade channels."

the

Similar invitations

of Telegram Asking Wheat Offers

be received after close today, tomorrow and Monday by

state

the declaration that the wheat of both

"through

soon.

Attached is the text of the telegraphed invitation to purchase wheat in

its

the heels of the first

on

that there would be no attempt made

Trade Minister Eicher is

British

14,206,037

The wheat purchases undertaken today are expected to be sup¬

here,

bargain for private sales to European countries at fixed prices wide of

the market.

In previous

wheat in the form of flour and

ington,

had declined to

The inference

White wheat, sacked, in the Pacific Northwest.

subsidy plan, and "normal merchan¬

prices

natural trend of world wheat markets,

countries

officials

announcing

...

joint wheat parley, that the impression

to

Canadian

statement

speedily did the Canadian statement follow

ment

southwest, and No. 1 Hard Winter, No. 1 Soft White and No. 1 Western

.

formal

a

intention to adhere to its present export

channels."

has offered to buy No. 2 Dark Hard Winter
Dark Hard Winter, mainly in the

plemented by flour purchases later, and announcement of these purchases

The "Wall Street Journal" in its issue of

the

FSCC

wheat and No. 1 Hard Winter and No. 1

In the absence of an official statement there is

prices.

Aug. 26 of Secretary Wallace

announcement

quote:

The Corporation

United States officials

the

the fact that the United States wheat marketing policy is essentially similar
to that of

the

In carrying out the

wheat and flour trade, including

will be used.

through regular channels.
we

at

by the Canadian Wheat Board.

farmer cooperatives,

Policies Held Similar

In the actual sale of the

Aug. 27.

merchandising policy similar to that which

the facilities of the regular

program,

teed minimum prices and an export policy based on normal merchandising
of grain at competitive prices

First purchases were made on

tions.

conference of agricultural economists at Ste. Anne de Bellevue.

(page 1275)

Acting Secretary of Agriculture M. L. Wilson announced

ojj Aug. 29 a wheat and flour export sales policy for the

1938-39 marketing season,
"designed to enable United
States wheat farmers to maintain their share of the world
export trade."
On Aug. 26 the Federal Surplus Com¬
modities Corporation issued
telegraphic invitations to grain
dealers to offer to sell the
Corporation specified types of
wheat on Saturday,

to

and with

an

average

during the years 1920

1929.

In making available Mr. Wilson's announcement, the
Agricultural Adjustment Administration on Aug. 29 indi¬
cated as follows the operation of the program:
In the actual operation of the program an offer and acceptance method will
be used,
wheat

which exporters of wheat and flour will make offers

under
flour

or

based

upon

the prices prevailing in

for

the export market.

These offers may be less than the domestic price paid for the wheat by the
FSCC.
The difference between the resale price of wheat or flour to ex¬
porters and the

price paid to

domestic holders,

will

come

from

Section

32 funds
It is impossible to determine
move

the

how much per bushel will be required

Types of wheat exported
There

are

will

depend

can

almost

be exported.

entirely

upon

demand.

adequate supplies of aU types of wheat in the United States this

Normally,

year.

to

wheat into export, as this will depend upon the price of wheat

prevailing in this country and the price at which it

United

States

wheat exports

are

comprised chiefly

of

hard red winter wheat produced in the Southwest, soft white wheat pro¬

Aug. 27, and Monday, Aug. 29, the
wheat purchased
being available for export or for relief
purposes.
Under date of Aug. 31 Associated Press Washing¬

tas and Minnesota.

ton advices said:

plated that

The Government lost about 5.4 cents
for export under

a

bushel

Secretary Wallace's subsidy

on

the first

wheat sold

a

a

loss of 4 cents

loss of 7 cents.

a

bushel and 216,000 in Gulf of Mexico

The final destination

of the

any

wheat will be bought

wheat

was

offers

•
_

•

.

In

his announcement Aug. 29 Mr. Wilson said that the
export sales policy is expected to result in United States
exports during the current season of approximately 100
million bushels.

The export

plans, it was added, fit into
the general wheat program of the
Agricultural Adjustment
Administration.
It was further said that the new plans
supplement the acreage allotment provisions of that pro¬
gram, and in no way replace the need for production adjust-




the futui

on

es

contract markets.

ship¬

be made to the office of the Corporation in

Washington, D. C., and offers will be accepted in the Washington office.
The

program

Director of the
'

sold

While purchases will be made in various parts of the country, the
of exporters are all to

not

disclosed.
k

or

Wheat will be purchased by agents of the FSCC in various parts of the

ment.

who agreed

included 235,000 bushels in Pacific

Northwest ports at

The program will operate entirely in cash wheat and it is not contem¬

country, and will be sold to exporters ready for loading for ocean

program.

It sold 451,000 bushels of
surplus grain yesterday to exporters
to sell it to foreign users.
The sales

ports at

duced in the Pacific Northwest, and durum, produced chiefly in the Dako-

will

be

AAA

the immediate direction

under

Division

of

tor

of the AAA and

The

FSCC

of F.

R.

Wilcox,

Marketing and Marketing Agreements

and Vice-President of the FSCC; and J. W.

Tapp, Assistant Administra¬

President of the FSCC.

will purchase

wheat and flour in the interior or at ports.

Offers to export will then be received from exporting firms, including flour

millers;

and

the

Corporation will accept

In each instance the exporter
conduct

the wheat
In the

or

case

flour

or

of either wheat

his operations under a

reject individual proposals.
or

flour will be required to

bond which will guarantee exportation of

purchased from the FSCC.

of flour, it is

expected that the millers will obtain outlets

for their flour in the usual way and

then arrange for sale and repurchase for

Volume

Financial

147

export with the Corporation to fill such business as

Thus

can

be obtained upon

satisfactory to the millers and to the Corporation.

terms

It is anticipated

base

indefinite period

A

that the FSCC will be in the market continuously for an
for the

the

low

rate and

New

Mexico,

15/16-inch

on

be eligible for loans

grades will

spotted

middling

Crop—To Be Paid
Up to Nov. 1, 1938—

Details Announced by CCC

Agricultural Adjustment Administration announced
Aug. 27 that loans of 57c. per bushel on corn produced

on

1937, designed primarily to

the present 50c. corn

renew

loans, had been recommended by Secretary of Agriculture
Henry A. Wallace to the Commodity Credit Corporation.
The loan has been approved by the Corporation and by the
until Nov. 1,

The loans will be made available

President.

1938, to farmers in the commercial corn-producing area, and
will mature on Aug. 1, 1939.
Only farmers in the com¬
mercial corn area who planted within 102% of their corn
acreage allotments under the 1938 Agricultural conservation
loans.
Loans to
producers of the 1937 corn crop were fixed at 50c. a bushel
last year, at which time the Reconstruction Finance Corpo¬
ration advanced $75,000,000 to the CCC for loans on the
will be eligible for the renewal

program

1937,

2914.

page

Farmers

if

corn

the

in

they received

their

1938

The

have

will receive

or

conservation
com

50c.
the

Since

loans

may

They

3.

They
in

If

4.

they

a

1937

on

for

their

on

on

before

or

Nov.

1938.

1,

or

of the

loans in cash and secure possession

may

permission from the County Agricultural Conserva¬
corn and secure new loans at 57c. per bushel,

secure

they do

shell their

Corn

desire to

not

deliver the

who

producers

their

loans on

have

now

indicated

officials

AAA

1937

corn

but

are

not

information

available

on

the

at

probably

of the

Until

Nov.

loan

on

corn

'

of Renewal Loan

for

on

corn

v

are

stored

on

be

will

Loans

in

made

directly by the CCC, and by banks and other

local

lending agencies, under arrangements substantially similar to those pertain¬
ing

previous

to

$20,000,000
57c.
be

on

corn.

merchantable field

upon

corn

husked and in the ear, or shelled,

3 or better, as defined in the Official Grain Standards,
1937; provided that no loans will be made on shelled corn

grades No.

effective Oct. 1,

having

in

Banks and other
stored

prior

days from

30

to

the

interest at

excess

lending agencies

of

rate

sell

and

the farm

on

in excess
of 15%%.

content

moisture

a

moisture content

corn

The Corporation has allocated the sum of
Such loans will be made at the rate of

loans.

corn

for loans

bushel, will bear 4% interest, and mature Aug. 1, 1939, and will

per

made

which

of

other

and

and

ear

corn

The
two

to

CCC

from

time

twofold

a

the Department of Labor had

had

prices

declined

the

during

to finance farmers desir-

purpose:

until

supplies

smaller and

are

prices

floor under present prices.

a

Department
the

reasons:

that

the

The

12c.

pound,

a

by the

The

base

1934.

rate

of

said

last

pound

a

7"/I

it set the rate

holds

V

bales

put

up

an

price of 8.36c.

average

the

;

been

above

COC

the

noon

came

Saturday

on

Monday,

on

Aug. 30
,

Cotton

prices in nine of the

basic
of

the

level

them,

loan

level

middling which

with

some

much

as

yesterday.

with

the

spot

markets fell below the

the Government has agreed
31

as

points,

or

$1.55

a

to

loan

bale, below

„

Government

figure applying in

,a

pound,

the South, regardless

of

freight cost of putting cotton into New York.
as

ment futures

is

for

Southern

13

price of spot cotton in New York also dropped to 8.30c.

even

price

of the Cotton Exchange,

stated:

The

,

r

current

discouraged.

of

announcement

established

been

rate

and in referring to the effect of the new rates on

all

as

the 10

on

>

had

Aug. 29, the New York "Journal of Commerce"

the

a

year

the minimum for

near

7,000,000

about

compared with

that

(Aug. 27), after the close at

at

the

law—8.30c.

large world supply of cotton and the fact

a

already

would have

exports

The

9c.

was

spot cotton markets today.
levels,

control

previous loans.
base rate

1938

Officials

set

the Department

crop

new

/■

explained that

existence

Government
for

about

allowed

middling.

pound in

a

collateral

aftermath of

primary

a

prices

basis middling

a

announce¬

traded closed under the loan level, while the

now

May, 1939, contract closed at
at

loan

the Government's

the New York Cotton Exchange, where the contract

on

%-inch cotton delivered at Southern ports, fell 11 to 14

Every contract

points.

low

new

for

low since June 14 and the July, 1939,

a new

life of

the

the

contract.

Advantage Given Foreign Cottons
Such
and

of

the

was

future

in

which

noon

cotton

fiber

distinct

a

to

advantage

over

the

Saturday

producer in the world's

larger and larger quantities of this
price-fixing agency—the OCC.

CCC said:

price of %-inch middling spot cotton, on the

average

designated

by the

52%

the

price

of

price announced

the American

In its announcement, Aug. 27, the
Since

for actual fiber

the markets

loan

tending to give the foreign producer

as

to pyramid

tending

as

the hands of the

in

in

Government

a

in the trade

seen

both

of cotton,

response

contracts,

was

and

markets,

parity

and

production
loans

Secretary

of

cotton,

date

non-cooperating

to

in

excess

Agriculture,
the Corporation
of

10 spot
recently fell below
is required by the

to

time

the maturity of such notes, at par with accrued
2%%.
Such loans will be purchased only from

portion

of

their

made

by COC,

directly

and other local

by banks

and

similar to those pertain¬
The Corporation, it was stated, has allocated
the sum of $100,000,000 for loans on the 1938 cotton crop.
The loans
will bear 4% interest and mature July 31, 1939.
Banks and other lending agencies may make the loans to producers upon
cotton stored in approved warehouses and sell the notes to CCC from time
to time prior to 30 days from the maturity of such notes, at par with
accrued
interest at
the rate of 2%%.
Such loans will be purchased
lending agencies, under arrangements substantially
ing to previous cotton loans.

only from banks and other lending

agencies which enter into an agreement

the Corporation 1%% per annum on the principal amount
by the banks and other lending agencies.

to

pay

on

collected

such notes while held
Loans

will be made only upon

cotton represented by negotiable insured

Such approval
Reconstruction Fi¬
nance
Corporation serving the district in which the warehouse is located.
The districts served by each loan agency of the RFC for cotton will be the
will be made by

as

same

lending agencies which enter into an

the

that

official

be

will

Loans

upon

parity price for cotton as of July 15, 1938, the latest
figures are available, was 8.27c. per pound.

of the
which

on

producers

marketing quotas of 60% of the rates of
produced by cooperating producers.
Fifty-two

of their

applicable to cotton

cent,

per

having a

make the loans to producers upon

notes

farm

in four years.

markets

of

rate

minimum

%-inch

in

12c.

loan

the

warehouse receipts

may

the

13%, and

agreement to pay
Corporation 1%% per annum on the principal amount collected on such
notes while held by the banks and other lending agencies.
The loans presently outstanding on 1937 corn, which were made on the
basis of 50c. per bushel, may be converted into new loans under this
program.
All such loans must be paid or converted by Nov. 1, 1938.
banks

pound

and

allotments under the 1938 agricultural conservation program.

acreage

cotton

near

cotton;

the farm, and sealed in

Michigan, Minnesota, Missouri, Nebraska, Ohio,

Kansas

of

of

Corn Produced in 1937

regulations of the Secretary of Agriculture, will be made

producers,

eligible

Indiana,

Wisconsin,

o

day stated:

same

Agricultural Adjustment Act of 1938 to make loans to cooperating producers
not less than 52% and not
more
than 75% of the parity price of

/

the States of Illinois, Iowa, and certain counties
South Dakota,
Kentucky.
Eligible producers will be those who
participated in the 1937 agricultural conservation program and on whose
farms in 1938 the field corn acreage does not exceed 102% of the corn
to

in

for

from

crops

markets

loans as announced by the CCC

corn

1938, loans

1,

with

rate

required by the

is

information

This

.

Provisions

accordance

the

the Act.

in

base

a

1938 in establishing the rates of the corn

follows:

as

of

be

November.

of

end

provided for

Details

announcement

would

Agricultural Adjustment Act of
loans

the

that

made about Dec. 1, after full
parity prices and the corn production estimate has become

1938

in

good

/

>

days after

level

offered

were

loan,

eligible for the renewal loan may pay their loans in cash and use the corn
or
deliver the corn to the Corporation at any time after Oct. 1.
produced

6.85c.

from
longer

or

Although Southern farm leaders and members of Congress had asked for

contract

their corn under the renewal

retain

few

a

general

be higher, and to place

may

collateral in payment of their "bid loans.

corn

loans

Meantime

acceptable bins and granaries.

may

The

for other purposes.

loans at 57c. per bushel on the ear corn if the
acceptable condition.

in

the

ingto withhold

liqui¬

methods of

four possible

have

taken

was

that

previous week to the lowest level

or

feeding

are

action

8.30c.
mature

corn

will

corn

off their

pay

Committee to

stored

loans

may secure new

and cribs

tion

take

:

collateral

2.

not

1937 corn
payment for participation in the 1937
and if they did not exceed 102% of

program,

1937

their

on

They

corn

did

approval of the 57c. loan for renewals, corn producers who now

loans

corn

who

area

allotments.

acreage

corn

dating them:
1.

corn

also obtain the new loan of 57c. per bushel on

may

agricultural

commercial

said:

(Aug. 27)

The AAA announcement of last Saturday
1937

This

appeared in our issue of Nov. 6,

Reference thereto

crop.

.;

the base rate.

range

1%-inch

on

Further Associated 'Press advices the
reported

The

in

9.70c.

to

will

It

1937 Corn

on

Rate of 57 Cents Per Bushel

at

California.

and

on

cotton grown in western

set up for irrigated

was

Arizona

middling and better grades.
AAA Announces Loans

discount from the

at a

higher grades will be eligible for premiums

special loan schedule

Texas,

purchase and resale of both wheat and flour.

1423

Chronicle

must

in the

1937-38 loan program.

be classified according to the official cotton

States

United

the

of

those used

cotton

All

issued by warehouses approved by CCC.

the manager of the loan agency of the

and

such

standards

classification evidenced by:

the warehouse receipt of a warehouseman licensed
Warehouse Act; or
Classification Memorandum of the U. S. Department of Agri¬

(a) The classification shown on
under the United States

(b) A Form A
culture; or

(c) A Form

1 Classification Memorandum of the

U. 8. Department of Agri¬

culture; or

Loans

Cotton

to

Be

Made

on

Producers
Basis

of

by

8.30

CCC on 1938 Crop to
Cents per Pound for

Middling %-Inch—Range of Loans on Other Grades
from 5.30 Cents to 10.75 Cents Pound
The Commodity Credit
that loans would

1938

cotton

crop

Corporation announced on Aug. 27
the

be made to cooperating producers on
upon

the

basis

of 8.30c. per pound

for

%-inch cotton, with premiums and discounts for
grades above and below middling %-inch.
It was stated
at the same time that loans will also be made to non-cooper¬

middling

ating producers
excess

of their

upon

that portion of their production in
of the rates ap¬

marketing quotas at 60%

plicable to cooperating producers.

will apply to %-inch
differentials for other grades and
staple lengths, Associated Press advices from Washington,
In noting

middling

that the 8.30c. loan rate

cotton,

with

Aug. 27, added:
The
shorter

bttter

actually

loans

low

will range

middling to 10.75c.

cotton.




from 5.30c. a pound on 13/16-inch or
1 %-inch or longer good middling or

on

(d) A Federally
The official

be

will

Licensed Cotton Classifier's Certificate.

regulations concerning the loans and all loan document forms

printed and made available by CCC at the earliest

through the loan agencies

practical date,

of the RFC.

Aug. 27, to the New York
quoted as follows:
has never been the policy of CCC to release loan cotton for sale
under favorable market conditions," it was asserted by that agency.

advices from Washington,

In

"Journal of Commerce," the CCC is
"It

except
"It

not

is

modity
the

anticipated,

therefore, that

credit loans will in any way

the cotton now

held under com¬

interfere with orderly marketing of

1938 crop.

"While the

large world supply of cotton is

reflected in a relatively low

during the next few
cotton price adjust¬
agricultural conservation payments.
Payments which will go to
cotton producers under these two programs during the next few months are
expected to amount to about $260,000,000. These payments will go to all
cotton producers who have cooperated in the 1938 cotton acreage adjust¬
ment program.
Price adjustment payments will average about 2.9c. per
pound on 60% of each cooperating producer's 1937 cotton base production.
The 1938 agricultural conservation payment is at the rate of 2.4c. per
pound on normal yield of the cooperating producer's 1938 cotton acreage
current

months

ment

price of cotton, income of cotton producers
will be substantially supplemented by the

and

1424

Financial
combined

These

allotment.

added

if

payments,

the

to

current

Chronicle
The increased retail

average

price of cotton indicate an income to cotton producers of about 12.5c. per

pound

produced in 1937 and 1,667,000 bales of cotton produced in
The loans on the 1937 cotton do not mature until July 31, 1939.
cotton

26

today's issue

we

take the following:

we

be paid by handlers to dairy.farmers in the New York

miikshed include:

•;

y

Pricing according to nine oasses of use with

Payment by handlers of administrative expenses of the program;
A fair portion of

benefits from the fluid milk market for producers who

of the market's surplus milk burden, which

would bear their equitable share

Real

Non-Farm

Than in

Fewer

in

June

would be used to bring the highest return; and

May—Activity in First Half of 1938 Below
1937 and

Periods in

Same

Foreclosures

Estate

1935

of

States during June totaled 10,704, or 2.8% less than the
11,013 reported for May, it is reported by the Federal Home
Loan Bank Board, which says that "this decline, which
brought the index (1934 equals 100) from 57.2 in May to
55.6, was somewhat greater than the 1.4 May to June de¬
crease manifested by the four-year average.
Further, June
the ninth consecutive month during which foreclosures

was

below the average month

remained

of 1929."

Under

Board, through Corwin A. Fergus, Direc¬
tor of its Division of Research and Statistics, also said:
date of Aug. 6 the

Of

the

FHLB

12

foreclosures

four-year

was

the

United

Indiana.

the

over

June

1938

Non-farm

23.8%

1937 and
All

real

than

foreclosure

estate

month of

same

last year.
•

below

that

in

identical

FHLB

contributed

districts

this

to

favorable comparison

Rock

had

States

district

to

thus

foreclosures

more

6.6%

the

in

this

far

Portland
year

district.

than

the

in

40.9%

Only

12
half

first

1937.
Foreclosure Rates

The

June

was

foreclosure

6.8,

which

ings,

rate

nearly

or

compares

and

the

United

with

States projected

the rate

7.2

of

an

annual

non-farm

1,000

dwell¬

for

on

the

12-month

Similarly, eight FHLB districts showed favor¬
Boston, New York, Pittsburgh

The other four districts,

comparisons.

handlers pay

all

third of this volume is

daily average of 13,000,000 pounds of

a

other dairy products.

as

More than

a

shipped in from the miikshed outside New York

State.

Federal-State

The

requested

was

program

the

by

Co¬

Metropolitan

operative Milk Producers' Association Bargaining Agency, Inc., represent¬
ing about

100 cooperatives and about 43,000 producers.

under the

Rogers-All en

the

Act,

York

New

Orders issued

outside the Stace.

State marketing iaw, may

Prices to producers in recent months have ranged from

$1.30 to $1.70 per hundredweight, and in some instances below $1 per 100

pounds.
The New York program,

metropolitan

similar to milk marketing programs in other

designed

areas

the miik industry

help

to

help itself,

also

provides:
classifications established to absorb the

use

(These prices

set up to

are

products made from lower classes of milk to compete with the same

products made from milk not qualified for the New York market).
A butterfat differential of 4 cents for each

above

below 3.5%

or

4-B which

1-10 of 1%

in direct ratio to the price of milk of 3.5%

are

Premiums to producers for

a

bacteria count of

range

from 78 cents for 4%

10,000 down to five cents for

bacteria count of less than

3.7% milk containing

butterfat content.

milk qualified under the New York City health

Grade A milk, which would

as

butterfat content

applies to all class prices except class 3-A, 4-A and

25,000.

over

Under the order the minimum prices of milk foi" each monthly delivery

based

in

from the New York marketing

Freight differentials

would be

area

the

to

New

York

These programs by

program.

at

plants

zone.

20 Federal milk marketing programs in effect in

are

addition

provided for milk received

are

farther than the 201-210 mile

zones nearer or

There

zone

the average of New York 92-score butter prices for 60 days before

on

the period.

11 States in

States are

as

follows:

Improve

foreclosures for each

favorably

period ending May 31, 1938.
able

for

seven

and

He computes

can examine and

York market takes

The New

Illinois:

basis

purchases

The market administrator

milk, half in fluid form and half

of

between

periods of 1937 and 1938 with declines ranging from

Little

showing

the uniform prices which

announces

period in the 201-210 mile

the six-month

of

1938

periods

in

the

He ascertains and

department

activity during the first half of

respectively,

handlers

from

reports

period the value of milk sold or to be used by each handler.

audit books and accounts of handlers.

milk having a

1935.

12

required

producers for milk delivered.

Again, as in the two months immedi¬

Activity 24% Below First Half of 1937

48.5%,,

and

of

for each delivery

11 other States reported a greater number

the

in

of Agriculture and

Duties of the market administrator in administering the program include
verification

enable

June foreclosure activity in

the Indianapolis district showed an increase (8.9%
like month of last year, which was entirely due to

addition to Indiana,

In

foreclosures in

Commissioner

milk not needed for classs 1 and 2-A purposes.

Under June, 1937
last year,

27.1%.

State

receipts of milk from producers and utilization of the milk.

Prices for milk in the lower

month of

declined

States

time)

was

experienced decreases aggregat¬

States registered increases totaling 460
change.
Thus for the country as a whole
May of 309 foreclosures.
Aside from a pre¬

21

Activity 27%

same

preceding, only

this

of

the

to

York

New

establish prices to dairymen by distributors in the State, but do not apply

no

from

and

Agriculture

Markets.

...

June

ately

States

to June increases among

activity.

relation

In

movement.

26

the northeastern States there
outstanding geographical concentrations of increases or decreases

no

foreclosure

in

while

decrease

net

a

ponderance of May
were

and

State showed

one

Six districts, including the five report¬

May.

average

Columbia

foreclosures,

and

there

of

District

769

ing

cases,

in

indicated fewer

seven

May, reported changes which compared unfavorably with

over

respective

The

than

June

in

ing increases
their

districts, five reported more and

market administrator, appointed by the Secretary

Administration by the

Estimated non-farm real estate foreclosures in the United

have

uniform rate of return to

a

farmers through a market-wide pool;

for the 1937 corn crop.

57c. per bushel

Market

as

Major provisions of the Federal-State program in addition to required

columns

these

At

From the announcement of

announced.

was

minimum prices to

9c. for cotton loans a year ago was noted
Sept. 4, 1937, page 1518.
Elsewhere in
refer to the fixing of the revised price of

The fixing of
in

1934.

marketing and dairying experience

the AAA Aug.

CCC loans includes about 5,295,000 bales of

held under previous

price is referred to further below.

with 20 years
Administrator

Advices to the same paper state:
Cotton

1938

the time the marketing program was approved, the appoint¬
ment of Erskine M.
Harmon, AAA marketing.specialist

estimated production of 11,988,000 bales for 1938."

on

Sept. 3,

Quad Cities (Davenport, Iowa; Moline, 111.; East Moline, 111.;

and Rock Island, HI.); Indiana:
Des Moines,

Bluffs); Kansas:
Massachusetts:

Boston; Michigan:

nesota:

Twin Cities

Louis;

St.

(and Quad Cities and Omaha-Council

Leavenworth, Topeka, Wichita; Kentucky:

and

Indianapolis, revealed higher rates for June.

Fort Wayne and La Porte County; Iowa:

Dubuque, Sioux City

Battle Creek and

(Minneapolis and

Nebraska:

Lincoln

St. Paul); Missouri:

and

Louisville;

Kalamazoo; Min¬

Omaha-Council

Kansas City
Bluffs;

Ohio:

concern

in the

Cincinnati.
A

Federal-State

New

New

in

Minimum
Named

Milk

York

Prices

Marketing Program Effective
Metropolitan
Area—Establishes
for

Dairymen-—E.

Administrator—Increase

M.

Harmon

Retail

in

Milk

Price—Other States in Which Federal Milk Market¬

ing Programs
The

are

in Effect

Federal-State milk

new

formulation and administration of complemetary orders for milk for market¬

ing

marketing

for the
York Metropolitan area, approved a week ago by
Secretary of Agriculture Wallace and Commissioner Holton
V. Noyes of the New York Department of Agriculture
(as
noted in these columns last week, page 1275) became effec¬
tive Sept. 1, and on the same day the price of milk in New
York City was increased.
In the announcement issued on
Aug. 26 by the Agricultural Adjustment Administration it

markets,

was

Noyes in

a

program

stated:

Pennsylvania,

New

Jersey

and

Maryland,

and is binding on handlers, numbering about 700, in New York
City and

Suffolk, Nassau and Westchester Counties in New York State.
The program establishes minimum
other classes of milk.

a

hundred pounds based

wholesale butter price range of 25 to 29.9 cents

It

was

eight

a

on

agency

effective

President.
order

as

far

The
as

was

New

State

order,

which

implements the

Federal

approved

Aug. 30 the New York "Herald Tribune"

some cases

represents

an

may

be raised

enforcement

as

much
for

as two or three cents a quart,

the municipal

government

monthiy.




runs

and

the

paid

expense

orders,

and

by

interstate

Sept. 1 it

was

Farm Products

Co.

price

stated:

increases

in

milk,

yesterday followed the Sheffield Farms

Co. in announcing the beginning today there would be an advance of

IK

quart in the cost of milk delivered to homes.

Borden officials said

mulgated under the

the price rise was

new

made

necessary

Federal-State Marketing Act.

by orders pro¬

Under these

new

regulations, distributors will be required to pay $2.45 per hundred pounds

$2

This will increase the cost to distributors

per

hundred pounds, it was said.

by about 1 cent

a quart,

the milk

distributors maintained.

Meeting to Be Held Soon
Caroline

Whitney,

chairman

of the

Milk

Consumers
groups,

Protective

announced that

the executive committee of her organization would meet immediatexy after

Labor Day to plan a campaign against the price rise.
"Consumers believe the increase unjustified in the case of the two major
milk companies,

who

are

already

milk," Dr. Whitney declared.

charging an

exorbitant price for their

"At their former price, 12K cents

for Grade B milk, Borden's and Sheffield's were

quart above the farmers' price.

a quart

already receiving 8K cents

According to Attorney General Bennett's

report, the actual cost of bringing milk to the housewife's doorstep is only

7 cents

a

quart.
that

the

marketing

order

will give farmers

a

much-needed

increase of

Instead of accepting even a fraction of a cent reduction in their own spread

it is said, creating
large

of

"unwarranted"

against

they have used the marketing order

problem

of quarts

and

procedure,

joint administrative

a

administrative

administrator,

increase in their price, Borden's and Sheffield's are still ahead of the game.

Because of the increased cost to the dealers, the wholesale
price of milk

ganizations, whose consumption of milk

of

minimum

a

two cents.

serious

resistance"

the Borden's

"Granted

Under the program all producers in the district will receive

quart for milk, which in

market

administration

''consumer

said:

a

one

In the New York "Times" of

a

and made effective Sept. 1.

of 5.3 cents

Secretary

Agriculture and

While consumers' organizations began mapping a campaign to organize

Dr.

intrastate milk shipments are concerned, has been

In its issue of

the

of

*

•

Committee, which embraces nearly 100 consumers'

signed by Secretary Wallace and approved by the
York

by

Commissioner

cooperation.

The Federal order making the

area.

with

handlers,

pound.

More than 70% majority of votes cast in the referendum
Aug. 15, 18, 19,
and 20 supported the program designed to
regulate the handling of milk

program

concurrently

State

memorandum of principles.

the New York

likewise stated in the announcement:

supplied the New York marketing

issued

York

of milk instead of the previous price of

prices for fluid miik and for

The minimum price for fluid milk for the months of

August through March is $2.45

State,

New

uniformity of the orders, exchange of information,

cents a

Connecticut,

York

the

agreed upon today by Secretary Wallace and Commissioner

Principles of procedure mutually approved as the basis of cooperation in

The program affects more than 60,000 dairymen in New York, Vermont,

Massachusetts,

New

in

areas

Agriculture and

New York State milk marketing areas include provisions for joint

New

was

policy of cooperative effort in all matters of mutual

charitable

a

or¬

into the hundreds of thousands

to

8K cents

a

as an excuse to

increase their spread

quart."

Dr. Whitney also announced that at the meeting to be held next week
ways

and means will

income

groups,

price that they

which

be discussed

of making milk available to the low-

comprise several hundred thousand families, at

can pay.

a

Volume

Financial

147
'

hem

New Price Explained

i'.:

William

division

Marcussen, President of Borden's Farm Products

H.

of the Borden company,

explained that under the new prices

delivered to the homes would cost 13% cents a quart

Grade B milk

instead of 12% cents.
made, according to

Similar advances in other grades of milk would also be
Mr. Marcussen.

/' On Aug. 26 F. R. Wilcox, director of the AAA
Marketing and Marketing Agreements, said:
The

York

New

dealer

marketing

milk

/'

considers the consumer

program

and

The program aims to help farmers get a

wed as the dairyman.

as

Division of

dealers
against unfair competition and assure them the same cost for milk, and
safeguard the interests of consumers by stabilizing milk marketing conditions

reasonable price

with

stable market for their milk, to protect

a

The program cannot control production

dairymen

of milk, and it cannot regulate

Neither can it take over their

produced.

as

milk-selling job,

Shipbuilding Corp. plants in Boston and Fore River,
Henry W. Schmidt, trial examiner, said in recom¬

Mass.

mendations

based on a public hearing in Boston, that the
employee representation plan was illegal, despite changes
made after the United States Supreme Court sustained the

constitutionality of the Wagner Labor Relations Act. The
report ordered the company to cease and desist from con¬
tributing financial or other support to the employees' union,
and urged
that all recognition be withdrawn from the
In summarizing the report, a Washington dispatch
of Aug. 25 to the New York "Journal of Commerce" said:

group.

The
iner

quantity of milk at a reasonable cost. /

and assuring them a sufficient

Board's report, served on the shipbuilding company

Henry W.

sentation

be

with Local 25,

and consumers.

'■

s

A period
to

the

fication

Co.

Challenges

Aug. 22 by the National
Labor Relations Board on the question as to whether the
Wagner Labor Relations Act requires an employer to sign a
contract if an agreement is reached in collective bargaining.
The Board's constitutional authority to grant sole collective
arguments

heard

were

on

Commit¬
tee, an affiliate of the Committee for Industrial Organiza¬
tion, was challenged by three attorneys for the Inland Steel
bargaining rights to the Steel Workers Organizing

Aug. 18 filed with the NLRB a document
in which it asked the Board set aside orders compelling the
The firm

Co.

on

the sole bargain¬
ing agent for its employees.
In outlining the principal
points brought up at the hearing, on Aug. 22, a Washington
dispatch of that date to the Chicago "Journal of Com¬
to recognize the C. I. O. union as

company

merce"

said:

order

Inland

against

Steel Corp.,

Republic
Co.—of

conspiring

labor

the

undercut United States Steel Corp. and to destroy

"to

the

S.

W.

0.

major

company

to sign

a

contract

C.

Defends Independent Union
Morris

denied

that

"clearly

his

its

term"

counsel,

asked

be

legal.
"We

if

was a

Board's

the

Board

reached,

is

why

indefinite

an

term

contract

that this

say

Denying

that

Steel"

proposed

submit

question

the brief

signing,"

of

the Board

wishes.

is

the

Board

to

Court

the

to

make

any

contract with its

compulsory

labor

it is a usurpation of

imposition of a particular

sanction or authority for such a requirement

one

the contrary its basic purpose and philosophy,

on

points

here.

do

with

negotiation

It

is

diametrically opposed to what the
intended merely to bring the parties into

out,

is

another and allow the negotiations to produce

what

they may.f-j.;/;■ \r::'/
"It is unnecessary to deal
construction

of

that

passing
ments

or

the

statute

do

we

employers

upon

V-;v-;
with the constitutional question, since the
contended for is beyond doubt, but we say in

think

not

a

unconditional

an

valid statute could be drawn

imposing

requirement to sign written wage agree¬

authorizing the Board to make orders so requiring."
Board Holds Act

The Board,

1937,

that

hearing at

validated

Court

the

Labor

National

it was stated.

adjustments

in

the

made

plans were

upon

and that "they did not relieve them

company

...

Boston

last

spring,

which

on

the report is based,

was

the second set of charges filed against the company with the Board.

upon

The

first

charges,

delay caused
dismissed
In

by

the

against

15%

by

effects

that

stated

1936,

6,
of

a

were

of

the

plan

the company
decrease

wage

Jan.

on

on

but

1932,

in

.

increases

finally

.

or

decreases, the

days in

under

two-year

was

plan

effecting a
procedure it

5%

hourly rates.

Evidence

produced at the hearing showed that Local 25 of the Marine

Shipbuilding Workers had

during the period

a

majority of the

when negotiations

were

Boston plant employees

being attempted with the com-,

^

the report said.

pany,

.

only three
that

a

District Court

injunction

1938.

wage

consumed

in

in Federal

This

31,

after

dismissed

brought

hearing.

20 months, beginning in 1935, for the employees to obtain a

increase

and

Feb.

conduct

the Supreme Court

general

required

filed

injunction proceedings

Board's

discussing

report

*

' :

,

:

+

Mediation Board Fails to Settle Rail Wage Dispute

Attempts to mediate demand of the Nation's railroads for
a general 15% pay reduction failed completely on Aug. 31.
Although carrier management agreed to accept arbitration,
in principle, the unions did not.
The dispute now goes
President

Roosevelt

is

who

vested

with

power

to

special board to investigate and report on the dispute.
Failure of mediation efforts by the National Mediation
Board was announced by Dr. William M. Lieserson who has
been in charge of the arbitration attempts which began early
last month.
On Aug. 31 he formally advised labor and the
carriers that the Federal board was stepping out of the
picture.
Immediately, George M. Harrison, representative of 18
railway labor brotherhoods, announced that a strike vote
would be asked.
This is the usual formality, and it will
serve
to compel appointment of a Presidential board.
A
strike actually cannot result for 60 days, due to provisions
of the Railway Labor Act. During that time the Presidential
board will have acted.
However, the findings of this group
are not legally binding upon either party to the dispute.

create

a

Agreement with Union Ends 16-Week Strike Against
Collier Advertising Service—Terms of Settlement
Y-"

The strike against the

i-vf-.'-.-'T-;'-:'

was

with

agreement

explained the terms of the settlement as follows:
strike

16-week

The

Industrial Union

of

the

S. W. O. C. represented
a majority on June 8,
1937, the record establishes that it ceased to do so
prior to the close of the hearing and the Board is therefore powerless to
make an order requiring respondent to bargain with the S. W. 0. C. in

Bill

Posters,

Local

settled

The strike was called as a protest against
be done at
night and also because of a reduction in the size of the staff.
In
the agreement the union
consented to night work and also the
reduced staff.
The Collier companies agreed to a $2 increase in schedule
the companies that the work of the men

the

requirement of

for

night work, an additional 50c. a week increase the first year, and an
50c.
increase the second year for night workers and a 75c.

additional

a

week the first year and

an

additional 75c. increase the second

workers.

day

for

♦

New

■

Contract Agreed Upon in Paterson,
and Silk Dyeing Plants

A

new

and

silk

two-year contract

dyeing

and

N. J., Rayon

for the Paterson, N. J., rayon

printing

industry

was

tentatively

agreed upon on Aug. 15 at a conference of representatives
of employers and the Federation of Dyers, Finishers, Print¬
ers
and
Bleachers
of America.
In Paterson
advices,
Aug.

future."

and

by written agreement yesterday.

year

gaining unit and asserted that "whether or not the

Carders

United

811, against the Collier advertising companies was

1937 strike

Steel" firms, held that the C. I. O.'s Steel Workers'
Organizing Committee represented a majority of Inland employees and
that
the
company's refusal to sing a contract, even if agreement was
reached, was a violation of the Wagner Act.
The Inland brief challenged the Board's selection of an appropriate bar¬

::'

Collier Advertising Service, which

ended on Aug. 25 with the signing of
the United Carders and Bill Posters
Union, an affiliate of the Committee for Industrial Organ¬
ization.
A statement by the company, made public Aug. 26,
May 6,

began
an

increase

Violated

in tentatively deciding upon the sole issue of the

against four "Little

the

Supreme

12,

Disclosed

attempt to deprive respondent

requirement to bargain ;

a

bargain,

Act, but

Supreme
seeks

to

not

the slightest

not

the Wagner

as

the

April
stated

in the report.

years' standing and both underwent modi¬

after

of

which the company may request

the issues raised

on

many

company dominance."

Bargain"

to
an

respondent.

upon

"There
in

is

right

respondent's

bargain

It

is

...

inalienable right

and

inherent

it

said.

of Right

"Usurpation

its

the respondent (Inland) performed its
statute in bargaining to an impasse

that

(labor relations)

the

"The order of

that

of

order.

respectfully

duty under
the

of

strike

Act before or during the
brief in opposition to the

violated the Wagner
1937, Inland filed a

had

it

"Little

on

It is
by admin¬

fiat," Mr. Ballard said.

Board's

"We

not

compelling the employer to bargain.

is not

telling him what bargain to make and requiring him to make it

full

would

'vvv:;7

.

istrative

officials

to sign a contract "for a
Ernest S. Ballard, chief Inland

requiring. Inland

agreement

the

that Inland
C. I. 0.

finding

tentative

organization and opposed the

order

the

challenging

definite

union,

"company union."
He urged the Board
disestablishment.
Mr. Smith said that the evidence

organization

unaffiliated

the

independent

workers'

steel

the

for

attorney

supported"

favored
In

Crites,

order

to

not

E.

Days Given Company

suggestions supplied by the
of

before

organization in steel."
States Steel was the first

United
with

proposed
and charged the "Little Steel" companies—Inland,
Youngstown Sheet & Tube Co., and Bethlehem Steel
I. 0. attorney, defended the Board's

Wayne Smith, C.

Anthony

Act

are

examiner

The

Signature of Contract
Oral

The

and that the company, bargain

plants

given within

was

the Board

plans

shortly

Relations

NLRB Order Requiring
Delegation of Sole Bargaining Rights to C. I. O.
Affiliate—Firm Says Wagner Act Cannot Compel
Steel

Inland

Ten

days

of 10

be heard before
Both

both

at

Marine and Shipbuilding Workers, at the Boston shops.
-

Co¬
operation among dairymen, and between producers and handlers is essentia*
to make the machinery operate in the best interests of dairymen, handlers
provide is the necessary legal machinery.

All the Government can

by Trial Exam¬

Schmidt, recommended that the plans of employees' repre¬

disestablished

fix prices to consumers.

nor

of

1425

Chronicle

28, to the New York

"Times" it was indicated that
Local 1733, officials of the

following a meeting of Paterson
Sfeel case was referred to in these

Inland

The

June

columns

18, page 3891.

Federation on

committees several days ago, had been
workers at Paterson, and in Passaic, Lodi,
Rutherford, Union City, Englewood, Oxford and New York
ratified

NLRB

Recommends Dissolution of
Shipbuilding Employees' Representa¬
Plan—Holds Union Is Illegal/Despite Recent

Trial

Examiner

Bethlehem
tion

Reorganization
A

trial

tions
the

i

reported to the National Labor Rela¬
Aug. 25, recommending the dissolution of

examiner

Board

on

20-year-oUl employee representation




Aug. 27 announced that the new pact, nego¬

tiated by settlement

nlan at the Bethle¬

by

City.
The

and

new

hours,

contract
as

they

does not make any changes in wages
are

in

the

existing

contract,

which

expired Aug. 31.
The new pact grants the workers a 36hour week with a four-hour tolerance and pays a minimum
rate

of 66c. an

hour to men

and 48c. an hour for women.

1426
Two

Financial
which

in the new contract are:
Christmas and Federation
Day, the date set aside by the union for a general gettogether of the workers; and the setting up of a shop
changes

appear

Granting two holidays a

year,

Chtonicle
dependent

1938

3,

the warehouses for supplies.
All 30 liquor warehouses have
25 public warehouses in which bonded liquors are stored,

licensed

wholesale

further

59

deliveries

make

to

on

besides

closed,
and

Sept.

liquor
in

dealers

the

have

announced

their

inability

area.

management committee to settle matters relating to work¬
load and the staggering of employees.

The contract affects

C.

I.

O. Union Signs Working Contract with Harlan
County (Ky.) Coal Operators—John L. Lewis An¬
nounces
Agreement, Whith
William
Green
of

approximately 120 plants in the.Paterson area employing
about

10,000 workers.

A. F. of L. Declares "Unlawful"—President Roose¬
velt and NLRB Chairman

"Hot

Cargo" Box Car Closes 121 Warehouses on Pacific
Coast—C. I. O. Strike Threatens Major Industrial
Tie-up
L

A

major industrial crisis threatened
week

this

warehouse

jected

result

the

as

of

strike

a

the Pacific Coast

on

fostered

by organized
The strikers re¬

employees, closing 121 plants.

offer from an affiliate of the Committee for
Organization.
The strike arose over a single
box car, alleged to contain "hot cargo" which had been
loaded by non-union labor, and which has been shunted
a peace

The

County

of the

mission

box

considered

was

car

The trans¬

"hot cargo"

a

In

commenting on the strike, United Press San
advices of Aug. 29 said:
Dry goods

began

warehouses

under strike conditions

loaded

cargo"

which

test,

Distributors'

The

International

of

one

was

closing
at

Mr.

This

Association

loaded;

invited

scaled

increase

labor

Retailers

several

Drug

houses

the

I.

O.

Union to

O.

fact-finding board to consider

a

a

wage

C.

in

dispute

and

F.

A.

liquor,

L.

of

final

of

several

unions
retail

drugs

in

had

been

union

carry

anticipated.

nature

to

were

to

affected.

not

serious

strike

a

on

drugs

the San Francisco

clerks'

action

Pacific

shoe

Coast

stores

continued between

waterfront

their

and

the

area.

meet

authorized

C.

0.

I.

in

Wednesday
27

leading

longshoremen and

between chain

employers and

grocery

and

employees.

Aug. 31

that

the

latest

offers

union

might

the

open

of Aug. 31
The

union

master

in

contract

all

offer

the

did

It

membership

expressed

shop,

C.

I.

0.

approval

meeting

of

of

the

negotiating

hiring hall and seniority

a

questions

the

have

time

same

International

said the temployers

.Longshoremen's

and

nounced

with

the

night,

invitation

an

saying it

to

attend

would

I.

an

L.

useful

no

serve

W.

U.

purpose

of the

Committee of 43, employers' peace group,
seeking a basis of settlement. The union an¬
offer, if one is to be made, must come from the

heads

union

next

peace

distributors.

Russell B.

Porter, in a San Francisco dispatch of Aug. 28
"Times," discussed the strike, in part, as

to the New

International

locals
of

tion

the C.

This

cisco's

I.

week is

0.

held last

week

expected to be

commerce

President

Union,

is

in

Los

crucial

in

be tied up again on

to

for

not make

the

Angeles.

determining whether San Fran¬
a large scale as it was in 1934

Distributors'

Association

hinted

that

if

the

union

a

Employers' Association, consisting of the big shipowners
closely allied with the warehouse owners in the distribution of
shipped through this port, will hold conferences during the week

are

goods

changes

on

which

it

demands

expire

Sept.

its

in

contracts

Fears

are

growing
The

with

Mr.

Bridge's longshoremen,

30.
Union Sees

shoremen.

of

a

Maritime

Hold-Off Attempts

break

between

Federation

of

the

shipowners

and

the

long¬

the

Pacific, which Mr. Bridges
attempt to organize a "united front" against the shipowners,
charged during the day that the shipowners were
holding off on renewing
the longshoremen's
contract, while signing up with other maritime unions,
formed in

in

an

an

effort to

deadline

for

cause

a

renewal

split within the Federation.
or

reopening

of

Tomorrow night is the

contracts

offshore

for

unlicensed

personnel.

Employers,
this

week

Store
and
in

in

call
with

their

"united

F. of

Employees, another

the
all

Grocery
three

front"

drive

"restrictive" union rules,
three A.

Clerks

new

L.

against

will also

the

closed

unions, including the Retail
union ;

mass

contract

shop

bring issues to

a

and

head

Department

the Shoe and Textile Salesmen

Union, with strikes regarded

The

cases.

between

Council,

the

as

San

serious

a

Francisco

threat

Retailers

and

until

the

store-wide

union

drops

seniority.

,

Lay-Offs Now Put
About
of

3,000

warehouses

men

and

and
of

women

concerns




years.

union

shop,
for

Workers'

In

$6

of

wage

effect,

but this is not
check-off of

a

Union

the operators had

to

met

day

a

specific

a

union

organize

the

dues.

Harlan

bitterest

with

for

the standard

oppo-

and

to

prosecution.

indicted

prevent

case

Tailed

and

to

Justice

by

Department

a

invoked

old

an

of

statute

'v;;'

agree.

becomes

day.

a

of

group

15,000 miners.

be $5.60

followed

was

Department

of Harlan County operators on charges of conspiracy
the exercise of civil liberties by miners.
The jury in the
a

contract

County

announced.

inquiry which

effective

Sept.

on

The daily wage rate

1 and covers between 12,000
for Harlan miners under it will

Almost all the operators in the county, represented by the
Operators' Association, signed the contracts, it was
county, most important coal producing section of Ken¬

Coal

The

tucky, produces approximately 15,000,000 tons of coal annually.
Earl Hauck, mine union
lawyer who represented the union during weeks
of negotiations, characterized
signing of the contract as "the best thing
that ever happened to the
county."
He predicted that peace would reign
between
Mr.

the

miners

Hauck

17,

and

said

had

the

that

called

coal

operators.

William

Blizzard,

President

meeting of miners
ratify the pact formally.

to

The operators
irAs

a

a

and the union joined iri

in

U.

of

Lewellen,

M.

W.

A.

Ky., tomorrow

the following statement:

result of negotiations which have been in
progress for a week or more, the

members of the Harlan

County Coal Operators' Association and

a number oi/nonmembers of the Association have signed a standard
contract with the United' Mine
Workers of America, same to be effective

"Spokesmen for

both

the

great satisfaction over the

operators

and

the

1938.

United

Mine

Workers

expressed

friendly and cooperative attitude of both sides In the dis¬

cussions which led to the execution of the contract
and predicted a new era of good
their employeeskin the)Harlan coal

feehng and harmony between operators and

In Associated Press accounts from Cincinnati

it

on

Aug. 27

stated:

was

still to be approved by the membership of District 19 of
the U. M. W., was
contingent upon board approval, which was given
by Philip G. Phillips, ninth regional director.
It provides for ft seven-hour
day and a five-day week, a basic rate of
pay of $5.60 a day, improvement of working conditions and the standard
check-off, and is effective from Sept. 1, 1938, to March 81, 1939.
Union
attorneys estimated that from 13,500 to 15,000 miners were
affected by the
agreement, which confirmed a contract tentatively drawn

at Tate

up

have
such

at

.

and

arrange

the

retail

clerks'

for

the

closed

the

same

any

advices

As part of the
agreement,
to

"dismiss

Operators'

allegedly

men

new

it

private conference.

and the

employees
was

operators to form

discharged in

are

off

rectifiers

a

pool

violation

of

taken on."

stated:

the National

Labor

Relations

Board

consented

finally" all charges of violation of the Wagner Act against 16
are

not members of the Harlan

County Coal

Association.

In our issue of

trial was

Aug. 6, page 828, it

declared

on

was

noted that

a

mis¬

Aug. 1 at

Harlan, Ky., by Judge H.
Ford, in the case of defendant coal corporations,
company officials and former deputy sheriffs, who had been
charged with conspiring to defeat the Wagner Labor Rela¬
tions Act in Harlan
County, Ky.
The jury was discharged
as
"hopelessly deadlocked," and the Government immedi¬
Church

ately moved for

a retrial.
On Aug. 30 President Roosevelt
praised, the agreement in the Harlan
County labor dispute,
and at the same time announced that his commission which
studied British labor laws would submit a unanimous
report

yesterday (Sept. 2).
United Press advices from Washing¬
ton, Aug. 30, reporting this, also stated:
The President said he did not know whether he would recommend
specific

changes in the Wagner Act
asked

County

the next

Congress, and told

reporter who

a

question that he had better read the English law report.
[the President] said the surprise agreement between the Harlan
Coal

Workers of
treatment

hand

to

the

Operators'

America

of

was

the workers

Association

good
in

if it

Harlan

and
was

John

L.

Lewis's

United

Mine

going to bring peace and decent

County.

He added

knowledge of conditions in that county,
have caused it to be known as
"bloody Harlan."

whose

new

3,000

liquor

reemployment of all

Wagner Act "before
In

a

for the U. M, W.

that he had

bitter

labor

first
wars

by the closing

the

.

already been laid
as

Springs, Tenn., last week in

The agreement calk

United Mine Workers contracts.
He added that he
told Mr. Roosevelt there is little likelihood of a
general waga
reduction in steel because the industry has steadily been in¬

demands

resume

negotiate with

many

miners.

shop,

breaking off negotiations and

refusing to

stores,

...

week,

Association,

Philip Murray, Vice Chairman of the C. I. O., discussed
employment and wage problems in the coal and steel in¬
dustries with President Roosevelt on
Aug. 31.
Later Mr.
Murray said the President was "loud in his praise" of the

representing 27 major department
union
will
expire on Thursday.
Employers have defied strike threats by
35-hour

Southern

Mine

The

He

what they

in

minimum

a

closed

a

coal companies, some of which

The Waterfront

who

time

contract provides

an

charge
conven¬

complete backdown at a conference arranged for tomorrow
the rest of the nearly 200 warehouses in the area
might be shut down.

all

first

for

the

Justice

including

1936.

Spokesmen
did

Longshoremen's and Warehousemen's

and

0.

both groups of waterfront
employees, has taken direct
fight for the workers after leturning from the first State

of

and

I.

of

the

agreement,

County

/•
:U'-:
County, marked by bombings, killings and violence
has been investigated repeatedly.
The Senate Civil Liberties
headed by Senator Robert M. LaFollette Jr., Progressive of

Committee,

to

Harry Bridges, Western regional director of the C.
the

by

Wisconsin, conducted

York

follows:
of

Appalachian

Harlan

The strife in Harlan

had the

Warehousemen's

employers present.

special committee

conferred

the

The agreement,

declined

he

tomorrow

Harlan

include wages.

not

president of the distributors,

meeting

A

yesterday,

full

a

under consideration.

At

to

Reed,

of

Union

before

covering closed

warehouses.

James

mass

association

standard

said

Sept. 1,

submitted

offer,

distributors'

the

of every type,

way

to 59 plants still
United Press San Francisco advices

operating in the area.
added:

sition.

He

provides

$5.60

The

efforts
to

the

affords

contract

or

District

settlement before the strike spreads

a

and

of soft-coal operators to withstand unionization, had
in joint conferences for a new contract with the
for

and

provision.

Repeated

retail

The Association of San Francisco Distributors announced
to

W.

Harlan

involving

department stores.
Contract negotiations

M.

The

and

were

of

would

it

America

the

was

1939.

contract

miners

contract

14%.

groceries

shutdowns

essential

one

was

F. of L.

consider

to

of

warehouse

chains and

Members of the A.

31]

stocks

The

unacceptable because

was

and drug warehouses

grocery

weeks.

serving

0.

I.

explained the offer

1,

operators

standard

Northern

appear

Woolworth Co. plant, where the freight car
demands in the grocery and drug industries;

sufficient

warehouse

[Aug.

created

wage

costs

had

them

both

of

increase demands in dry goods, liquor and hardware plants,
negotiations in the Hiram Walker plant.

distributors

The

representatives

down the union's latest compromise offer.

wage

resumed
The

have

car

contract

April

participate

the

The

"hot

a

tie-up at the F. W.

a

dropped
an

would

freight

a

the

said

until

to

of

rest

miners

Longshoremen's Union and Warehousemen's

offer

issue in

after

the matters in dispute.

before the employers after turning

was

afternoon

this

Lewis

substantial group

agreed

U.

plant resumed its rounds in

one

Approve Pact

of

(Ky.)

extending
last

test.

Francisco

Workers

Coal Operators Association have signed a
labor contract, it was announced at Cincinnati, Ohio, on
Aug. 27 by John L. Lewis, President of the U. M. W. A.
United Press advices of Aug. 27 from Washington, after
recording the conclusion of the contract, said:

Industrial

from warehouse to warehouse for several weeks.

Mine

United

and

wholesalers,

creasing its operating rate in recent weeks.

Volume

147

Criticism

of

Financial
the

agreement

from

came

William

Green,
Aug. 28.

President of the American Federation of
Labor, on
From
Associated
Press
accounts
from
Atlantic
Aug. 28, we quote, in part:
Declaring
miners

that

their

Act

clearer

Mr.

Green
of

case

be

cannot

agreement

denied

the

rights under the Labor Act

representatives,
"A

the

Harlan

freely their

County
union

own

said:

A

violate

to

brazen

more

the

and

National

unlawful

Labor

alliance

Relations
to

control

workers without their
knowledge and consent has yet to be disclosed."

(Mr.

Green

repeatedly referred

the

to

Harlan

County

.

contract

.

.

as

a

"closed

shop" agreement, but in Cincinnati, Philip G. Phillips, NLRB
regional director, said the pact did not call for a closed shop.
He added:
Jt ("For the first time in their existence, Harlan County workers
to

which they

would want to

Committee for

The

Industrial

signing of the

United

Mine

with

agreement

Harlan

the

operators, announced yesterday in Cincinnati, followed unsuccessful attempts
by the Justice Department to prosecute a group of companies and operators
Harlan County for reputedly conspiring to
prevent unionization of coal
workers.

verdict

after

Mr.

the

part

of

11

an

Green

Labor

Federal

A

was

weeks'

dropped

U.

Harlan

new

jury failed

reach

to

agreement

an

on

A.

F.

W.

Green said

reports

complaints

Washington

from

against the

that

operators

as

he

without
The

retrial

.

before

of

him

the

that

reports

conspiracy

the

indictments

.

Joseph Padway, A. F. of L. general counsel, would file

a

charging that

violated

Federation

Harlan

had

also

the Labor Board,

were

leader

declared

that

County miners would be passed

Harlan

field

General

in

other

Counsel

parts of

the

projected

union

contract

in

the

with

by U. M. W. members outside

upon

Kentucky and Tennessee.

Board

approval, he said, "denied
gressives the right to organize under the Wagner Act."
"Under
Board

circumstances

has

invalidated

With

respect

not

A.

flagrant

as

F. of

the

to

L.

this,"

as

he

the

to

added,

rival

"the

Pro¬

Labor

contracts."

signing

of

Lewis, Chairman of the C. I. O.,

the

John

contract,

quoted

was

L.

follows in

as

monthly
Mr.

it

highly gratified by the settlement of the Harlan

am

the end of

represents

the

negotiation

Harlan

It

coal

adds

labor

costs

In

of

contract
and

throughout

every

permits

entire

the

coal

the rule of

to

reason

enter

satisfied

am

that

both

sides

predict that its operation will be

industry

by

establishing

common

in

have

accom¬

into

gone

it

in

good

faith,

its

ing

United

Press

Mr.
and

advices

him,

Madden's

his

defense

praise

of

of

of

the

Aug. 29 from Washington,

which

also take the following:

we

the

Labor

Board

and

between

contract

new

the

the

it

the

with

Coal

and

coal

operators, and the miners of Harlan County who had
charges against the operators, have made a labor agreement
provision for reinstatement of men alleged to have been

us

have

discontinue the

to

adjustment of back pay,

an

proceedings

apparently

are

acting in good faith
long and bitter war is over."

the

"The
tiated

kind

U.

W.

with the

of

has

the

coal operators

same

a

against

and

with

V

.

organized the

agreement which

contains

has

M.

the

and

operators.

have

we

complete gratification

that

by the

Under

date

Harlan

County coal fields and

nego¬

It

means

that industrial peace

Government."

28,

Aug.

■

>

<

Associated

;

.

Press

'

-

advices

from

Washington said:
Brien

McMahon,

assistant

general

attorney

in

charge of

the

Criminal

Division
in

and chief of Government counsel at the Harlan,
Ky., trial, said
Washington today that he had made "no commitments of any kind or

character"

to

Association

"The
between

"any representative

looking

the

to

the

United

Mine

has

when

said
the

setting of

that

the

Federal
a

the

court
a

would

new

act

on

County

Coal

Operators'

next

Martin

Lewis

could

not

that

party

a

to

County

resulted

negotiations

any

Coal

in

Operators'

contracts

being

move

would

be

at

tween

Mr.

Lewis

Government's

motion

for

the

Homer

Martin

Reported

Possibility that the members of the United Automobile
of

America

might secede from the Committee for

Industrial Organization as the result of a




A.

W.

John

to

L.

Lewis,"

;

convention.
The anti-Martinites
accepted
place it before the Executive Board without

-v.-,

told

■';

the locals

strongly

his

of

Mr.

former

biennial
would

had

his

plan.

peace

Lewis

in

upon

letter

on

Saturday [Aug. 27] that he
the officers and members of the U. A. W.
Mr. Martin's cohorts
immediately declared

violated

traditional

a

labor

union

proceedure

in

regional conference of U. A. W. local executives in
Wisconsin, Minne¬
sota and northern Illinois met
in Wilwaukee last
night at Mr. Martin's
call and, presided over
by him, adopted a resolution condemning the Lewis
letter and
proposing discontinuance of dues payment to the C. I. 0,
In
addressing the assembly, Mr. Martin defended his administration.
Spokesmen said that the meeting was
100% behind him and that those
present represented 46,000 members of a union
which has claimed a total
of

of

400,000,

paid-up

The adopted
and

"would

but

which

is

now

said

have

to

half

only

that

members.

resolution said that

violate

Observers

Mr.

Lewis's

fundamental

every

law

program

of

undemocratic

was

union."

our

of

the union's factional
fight have speculated on the possi¬
bility that the struggle might end in dual
unionism, with one side remain¬
ing in the C. I. O. and the other leaving, either to set
up an independent
union
W.

A.

return

or

A.

left

F.

to

two

the

years

speculation
of

if the

L.,

American

said

in

Federation

of

Labor, which

the

U.

A.

ago.

increased

after

Atlantic

unions which formed

William

City

the C.

Green, the President of the
Saturday that "the door is open"

on

I.

O.

"want to

back."

come

(Aug. 21) reports from Washington
said that Mr. Lewis was
seriously considering the proposal
to supplant Mr. Martin in the U. A.
W. A.
A

statement

by Mr. Martin predicting that Henry Ford

will sign a contract with the union
"some time during the
1939 production season" was
contained
in United Press
advices of Aug. 21 from

follows:

as

Reviewing the business slump, the U. A. W. head
pointed out that about
80%

the

of

Nation's

automobile

workers

better year ahead.
"We

have

been

idle, but predicted

'

•

a

'

are

determined, in the upswing, not only to consolidate our
gains
but to extend them
further," he said.
Referring to the union's drive in Ford plants, Mr. Martin said:
"Mr.

Ford

production
He

been

in

will

sign

up

with

the

U.

A.

W.

sometime

during the

1939

season."

refused

have

to

amplify his statement, but said that 3,000 Ford workers

ordered

reinstated

with

back

the Ford plant at Detroit.

and

pay

He said

that

a

"it

local

new

is

a

Mr. Lewis

has

been set¬

strong local right

now."

Aug. 31 accepted the resignation of acting

on

President Paul W.

Fuller of the Federation of
Flat Glass
Workers and thanked him for
helping restore harmony in
that organization. The letter was also

interpreted

cating that efforts woud similarly be made
U. A. W. A.

to

indi¬

as

restore

har¬

mony in the

Mr.

Lewis

Aug. 24 submitted a peace proposal to con¬
flicting U. A. W. A. factions, as to which United Press
Washington advices of Aug. 24 said:
The C.
union

I.

and

President

It
not

was

O.

of

chieftain

Homer

and

into

after

conference with ousted officials of the

two

lengthy

Martin,

whose ousting of U.
Vice-President R. J. Thomas.

was

night

went

supporters

understood

revealed,

hours

on

their

battle,

that

session

Inquiry

Into

the

acceptable
there

Lewis
to

peace

Mr.

was

meetings
A.

W.

proposal,

with

officials

U.

A.

W.

precipitated

details of which

were

Martin's

no

opponents, but after two
indication of whether Mr. Martin

to it.

widening breach

Charges Affecting

Workers Union

in

Committee

Coal

of

A.

Wagner and William Green
National

Affiliate—Relationship Be¬

"Strained"

Workers

fall's

urge too

Mine

and

U.

earlier.

Lexington, Kv.,

trial.

Automotive

example in cleaningiour house and clean

international

A

Split Between U. A» W. A. and C. I. O. Threatened as
Result of Intervention by John L. Lewis in Internal
of

our

us."

the

over

said he

Executive

Affairs

O.""^ hjfcl*

communicating directly with locals.

the

case."

Harlan

reports,

the

do well to follow

said

would agree

Department's next

date for

the

been

and

press

Harlan

of

not

Workers

which,

according to
signed yesterday," he added.
He

of

disposition

Department of Justice

Association,

sending

conference, retorted:

press

turn

had

until

Mr.

Mr.

standard wage agreement.
It is the same
all other bituminous coal areas, and it

language and provisions.

of

a

recommendation.

exists in

Federal

cease

letter:

the

it.

up

.

long terrorized and disturbed Harlan mining communities.
"The NLRB had nothing to do with the contract which has
just been
negotiated.
The U. M. W. has nothing to do with the criminal litigation
instituted

not

Martin

officers

sides

Both

to the

come

his

week, after conferring with Mr. Martin and with the four
expelled
international officers of the union who lead
the Martin opposition, Mr.
Lewis proposed a truce which called
for the reinstatement of

made

discriminately discharged, with
agreed

each

Last

administers,

County

Operators' Association and the C. I. O.'s United Mine Workers of America,
made in a pre-Labor Day broadcast.
"Now

when

dispatching to the

Executive Board

Cleveland,

law

Harlan

was

filed

the week-end

over

Mr. Lewis's

was

Earlier in the month

on

thus quoted

will

Mr.

reclamation

on

open

the second

owupjefore interfering with
"1

and

success.

a

Aug. 29 said that "America should rejoice
of Harlan County."
He was comment¬
the conclusion of the working agreement.
From

the

in

Martin, at

This

Chairman J. Warren Madden of the National Labor Rela¬
tions Board

the

welfare of the whole C. I.

competitive

producing areas.
the agreement should be hailed as a constructive

way

into

plishment for the coal operators, the coal miners and the public at large.
I

union;

"TheJC. I. O. would

because

the relations of all partieB at interest.

govern

the

into

The first

controversy which has divided your organization is
weakening it in the face
of the wage-cutting drive of the
employers and has become a public scandal which
affects not only your welfare but the

a

a

fields

stability to

dis¬

capita taxes of 5c. to the C. I. 0.

per

number

dispute

long struggle to establish collective bargaining
in that area, an effort tha't has been resisted
through years that were
very costly to both the capital and labor side.
The

internal

an

plea to support his proposals to restore
harmony
was
the request of a
group of regional

a

officers that the international

Lewis said

membership

United Press advices from Washington, Aug. 28:
I

locals of

A.

acceptance

Padway said both the U. M. W.

Labor

out of

arose

Martin, head of the U. A. W. A., and Mr. Lewis, '

came

significant step.

A.

W.

Mr.

Chairman,

divided

U. A.

for

and the A. F. of L.
Progressive Miners' Union should be allowed to organize in Harlan County.
Setting up a closed shop agreement between the U. M. W. and the
operators

0.
a

W.

Mr.

the "spirit and letter of
by the signing of the C. I. O.-Harlan agreement
giving the miners a chance to -choose the union they wanted.

Act"

the

said

.

Mr.

complaint with

I.

took

A.

agreement.

chief

The conflict

"The

by

aroused
M.

Department might not seek
the Harlan employers.

against

the

L.

of

C.

U.

.

The

O. leader.

The break between

the

a

"This deal is with the approval of the National Labor Relations
Board,"
he said.
"The Board is a party to an action which violates the
Wagner
Act."

Justice

I.

pute within the U. A. W. A. in which Mr. Lewis had
been
asked to accept recommendations
for the removal of Mr.
Martin and to name an administrator to
guide the affairs
of the union.
A Detroit
dispatch of Aug. 29 from the
Associated press said:

trial.

particularly

Board

the

court

viewed this

was

a

membership of 75,000
Aug. 29 telegraphed Mr. Lewis formally
requesting him
to refrain from
interfering with U. A. W. A. affairs.
The
automobile representatives,
meeting in Flint, Mich., voted
almost unanimously in favor of the resolution
rebuking the

side

Workers'

11 U. A. W. A. locals with

as

1

•

in

field

week

on

Join any union

may

whether American Federation of Laborer

belong,

Organization.")

1427

between Homer Martin and John L. Lewis

C.

conspiracy

found.

unorganized

choose

to

City,

Chronicle

Activities'of

United
Fields Called for
by
F.
of
L.—Senator

ConferronfChanges

in

Labor Relations
Act—Federation Invites

C. I. O. Unions to Join A. F. of L.

A

Congressional inquiry into charges that the United
Mine Workers Union has "instituted a
reign of terror in the
coal fields of Illinois, West
Virginia and Kansas" is called
for in a resolution adopted
the

American

Federation

by the Executive Committee

of

Labor

at

Atlantic

City

of

on

From advices from a

Aug. 30.

staff correspondent, Paul

employees of the Exchange.

J| Resolved, that the American Federation of Labor, through its President,
William Green, make demand upon the Congress of the United States for a
and complete special and separate investigation into the following

reign of terror in the
2.

coal fields of Illinois, West Virginia and Kansas.
working in conspiracy with the coal mine

gation shall be instituted

to bring this resolution to the

independence as an institution

agencies named, to the end that the investi¬

Recommendations,

committee on this subject, did not meet

changes it now recommends

Senator

Class D—Two member partners, or non-member office partners, of regu¬

collective bargaining

vice-president, referred to hereafter.

contracts thus

elected each year to serve

one

United Automobile Workers, the United Textile

for

serve

of

a term

'vV v'.:V

x

press

a

treasurer,

This

their

committee
a

recommends that

the

governors

president

of the

of the Exchange.

Exchange should

regular member elected annually by the Board of Governors

The committee believes that

with the approval of the Board, and be

a

member of, all committees of the Exchange, that he should be the presiding
officer of the Board of Governors and the Exchange's chief representative
and that he should have the right, subject to the

approval of the Board, to

select counsel.
This committee also recommends that the vice-president,
assistant

should

treasurer

be

regular

members

of the

treasurer and

Exchange

elected

annually by the Board.
However, this committee believes it to be essential that

settlement of the war in labor's
.•

only until the next

secretary and a first assistant and other assistant secretaries.

the president should appoint,

Dubinsky, President of the
•./

serve

regarding officers, the report said:

from governors elected by the membership.

freedom
returning

work

of administration

be

removed

as

much of the

from the member-officers

of the Ex¬

■

change

Mr. Green Outlines Two Courses

a

continue to be

Negotiations for the return in a body of the C. I. O. unions broke
December, and Federation leaders are certain that John L.

I. L. G. W. U., to revive conferences for a

and that such an appointee shall

The officers, except the secretaries, must be

Green the statement

ranks.

intended to limit

the Board of Governors be filled by the Board

on

In its recommendations

Federation of the C. I. O. member¬

David

is not

by the fact that they will not live in New York

The present officers of the Exchange are a president, a vice-president, a

last

by

governors

but is suggested in view of the additional

year,

^

vacancy occurs

conference while the quarterly meeting of

moves

one

by the appointment of a person eligible under the classification in which the

Council of the A. F. of L. was in recess, foreshadowed an

current

to

regular election, unless then elected.

indicated.

attempt at piece-meaJ absorption into the

of office

Sixth—That vacancies

of autonomy in the conduct of union affairs and of

will reject

years.

City.

Workers and the Inter¬

I. O. affiliates desiring to do so would be permitted to lead

in this manner, Mr. Green

Lewis

three

a term of

month after each annual election, to

This restricted term for Class D

x

such unions as the

political assessments will be extended to international unions

down

year,

tenure

organizations back into the A. F. of L.

ship.

one

sacrifices required of them

Nothing was said about

I hope to see the President tomorrow, but I don't
him."

made at

within

he was invited to hear "complaints on the dis¬

national Ladies Garment Workers brought from Mr.

offer,

for

Class C governors be

'

correspondent at Atlantic City on Aug. 27 said in part:

His

■

one

Fifth—That two Class D governors be appointed by the Board of Gov¬
ernors,

of discussing it further with him."

Reported dissatisfaction with C. I. 0. policies among

the Executive

brokerage business and having

Third—That the 30th member of the Board of Governors be the executive

Indicating that President Green on Aug, 27 opened the
for the admission into the Federation of C. I. O.
unions on an organizational basis, a New York "Times"

A guarantee

resident non-

or

their main offices outside New York City.

door

from

partners,

iV''

ilV-V'i;

Fourth—That six Class A, two Class B, and

I told them I'd be very glad to study them.

that C.

■

lar or associate member firms engaged in the

know that I shall discuss this with

staff

associate member

resident

in New York City.

submitted, to go into the situation fully, and then

Wagner said

modifying the Act.

as

!-o

C—Three

Class

position of some cases in which the A. F. of L. was interested."
"Mr. Green and Mr. Padway presented these cases," he said, "and of
course

than 12

member of any

a

member office partners, of associate member firms having their main offices

Mr. Green said Senator Wagner was not asked to commit himself "on
of his law," but asked him to "investigate
we

partner in which is

Class B—Six regular member partners, or non-member office partners, of

his attitude toward amendments
all the complaints

no

regular member firms carrying accounts for the public.

showing where contracts
aside by Labor Board decisions.

later on, we asked the privilege

more

specialists, who are either engaged in business

members of firms

or are

other exchange.

negotiated should be faithfully carried out."
|

members of the Exchange, not/

Class A—Eighteen regular
of whom are registered as

individuals

administration of the law and pro-C. I. O. in

both sides and that

should be acted upon favorably.

Second—That the Board be composed of four classes of governors, as

We presented evidence and facts

on

this

follows:

concrete evidence," Mr. Green said, "in support of our charge

and binding

bj>

with the approval of the member¬

However, this committee believes that the

First—That the number of governors be reduced from 36 to 30.

do with changes in the law proposed by the
F. of L.
From United Press
from Atlantic City on Aug. 29 we take the following:

emphasized the fact that the A. F. of L. regards

Exchange.

proposed

now

committee recommends:

Executive Council of the A.

"We

to those

and to increase the efficiency of the Board this

To accomplish these aims

other having to

contracts as sacred

somewhat similar

ship when submitted in 1936.

the maladministration of the Wagner Act

have been invalidated and set

must be fortified by a governing board the

majority of which is interested primarily in the affairs of this

promptly and carried through to completion.

that the Board is biased in its

should not be left to chance but should be

provided for in the Constitution.
Classes of members and types of busi¬
ness should have fixed representation on the Board; likewise the Exchange's

President of the American

1277) icferences were made to changes in the Wagner
Act sought by Mr. Green—one of these items bearing on
his talk with President Roosevelt in the matter, and the

its decisions.'

believes that representation on the Board of all classes

Your committee

of members and member firms

by the National Labor Relations Board."
In two items in our issue of a week ago (pages 1273 and

"We gave

who will be subject to those laws should be represented.

be bound, all those

Aug. 29, Senator Robert F. Wagner, author of the
National Labor Relations Act, conferred with President of
the A. F. of L., William Green, and Joseph G. Padway,
A, F. of L. lawyer. United Press advices report Mr. Green
as stating that he submitted to Senator Wagner "detailed

accounts

In the making and enforcement

which members and member firms have voluntarily agreed to

of laws, by

I? On

information on

industrial organization.
It is,
In addition to furnishing

observance.

policies and requires their

and

control the mine workers and to exclude American
Federation of Labor unions from the field.
3. That these union officials have allied with State and Federal govern¬
ment agencies to perpetuate the United Mine Workers control in the coal
fields contrary to the desires of the miners themselves.

or

modern securities market place, the Exchange makes rules

and running a

That these union officials are

J
commercial

a

jurisdiction, a government.

within its limited

operators to dominate and

attention of the government

Exchange is not

The

Mine Workers Union have instituted a

fc, Resolved further, That William Green,
Federation of Labor, take all necessary action

:/■'

part:

charges:

That officials of the United

t

""The report did not recommend the appointment of a paid
president, as in the case of the New York "Stock Exchange."
With regard to the Board of Governors, the report said, in

adopted by the Executive Council reads as follows:

full

1.

of the~duties_of the staff of permanent paid

Increase in the importance

"Herald Tribune" reports that the

Tobenkin, the New York
resolution

Sept. 3, 1938

Chronicle

Financial

1428

as

is consistent with the continuance of member government.

It

therefore recommends the creation of the office of executive vice-president.

I. O. members are eager for

This, combined with a belief that most C

led Mr. Green to outline two courses that the A. F. of

peace,

follow in making room

L. would

for those who wished to abandon the rival body.

One of these was the admission of dissident unions as organizations.
other

was

the chartering of wholly new unions, where the

sidered it advisable, in response to requests

These unions would compete actively with the
Green

made

his

statement

after

A. F. of L. con¬

from workers who could not

persuade their unions to transfer allegiance on an
Mr.

The

organizational basis.

C. I. O.
that

announcing

he

had

asked

with the Executive

Council here Wednesday to discuss amendments to the

Wagner Act in the

light of decisions of the NLRB affecting their unions.

A demand for in¬

similar

to

Labor
predicted by the Federation

that in the

Law safeguarding the rights of craft unions was

Board of Governors to
to

be determined

Railway

President.

1

fer his

membership.

transfer

Executive

Vice-President

Committees—30 Governors

and

Reclassification of all committees and the subdivision of their labors on

functional lines, with their responsibility to the executive committee run¬




member of the

the committees

as

he deems advisable, and to employ

on a permanent or

temporary

basis, and to discharge, subject to the approval of the Committee on Ad¬
ministration, such employees or special advisers as he deems necessary for
the efficient operation of the

Exchange.

All salaried officers and employees

Exchange should be under the direction of and responsible to the
vice-president.

The

executive

vice-president

should

be

re¬

sponsible to the Board of Governors.

Reclassify

Suggested

special
meeting on Aug. 31 submitted a report on reorganization
from the Special Committee on Organization and Adminis¬
tration of the Exchange.
Previous suggestions in this matter
were detailed in the "Chronicle" of July
16, pages 350-51.
The latest report will be studied by the Governors and action
with respect to it will be taken at a subsequent meeting.
The report recommends a reduction of governors from 36 to
30 members, the inclusion of three associate members on the
Board, and the substitution of an executive vice-president
to handle the duties formerly exercised by the secretary.
The report specifically also recommends:

ning through three general committees,

a

The executive vice-president should be

empowered to appoint and remove, subject to the approval of the Board, a

change,

New

except for the committee on ad¬

York

Curb

Exchange

Constitution

Governors of the New York Curb Exchange, at a

ministration.

(Appropriate provision should be made for waiver of

secretary and such assistant secretaries, who would be officers of the Ex¬

executive

Salaried

compensation

The executive vice-president should be

The executive vice-president should be

fees.)

membership and arbitration.

of the

Govern¬
Provide

at its pleasure and at a rate of

Board of Governors and of all Exchange committees, except

+.

Recommendations for Reorganization Sent to
ors
of New York Curb Exchange—Would

serve

by the Board.

free of all other business interests and, if a member is selected, should trans¬

on

the heads of three major A. F. of L. organizations to meet

clusion in the law of a provision

It is rjecommended that the executive vice-president be selected by the

on

Proposes

Amendment

The Board of Governors of the New York Curb
on

to

Voting Procedure

Exchange

Aug. 25 submitted to the membership an amendment to

the constitution which will change

the method of voting

on

future amendments.

Under the amendment, which was

adopted by the Board
special meeting on Aug 24, approval by a
majority of 275 or more members is necessary to make effec¬
tive a proposed amendment.
At present, a constitutional
amendment, if not disapproved by a majority vote within
two weeks after adoption by the Governors becomes effective.
Under the change where approval of an amendment is not
registered by 275 members within two weeks of its posting,
the period for voting is to be extended for another two weeks;
if not approved or rejected by the required number within

of Governors at

a

Volume

Financial

147

the four weeks, the amendment
for 90 days.

may|notAagainJ)e submitted

Chronicle
Reich,

were

Every proposed amendment to the Constitution must be presented in
a

regular meeting

ing expressly called for the purpose of receiving it.

or

at a special meet¬

Such amendment shall

be referred to the Committee on Constitution and a copy
transmitted

each

to

Governor.

The

Committee

on

thereof shall be

Constitution

postponed at a regular meeting of the Board of Governors or at a special

The Board of

meeting expressly called for the purpose of acting thereon.

Governors may make such changes in an amendment so proposed and re¬

it may deem necessary or appropriate in order to carry out the

as

intention of the amendment or in order to make it conform to

mittee

the affirmative vote of 19 governors shall be

the bulletin board of the Exchange but shall not become effective

on

until and unless approved

by the regular members of the Exchange as here¬

Secretary of
of the proposed

Promptly after the posting of a proposed amendment the
the Exchange

shall mail to each regular member a copy

Members may, within two weeks from the date of

amendment and a ballot.

of the
members shall have voted,

mailing of such ballots, mark and return such ballots to the Secretary

If within such period 275 or more

Exchange.

by a

such amendment, if approved

majority of the votes cast, shall be ef¬

of the final day of such period or upon such date as may be pre¬

as

scribed in such amendment.

additional two weeks, and if within such period of four weeks

275

for an

or more

members shall have voted, such amendment, if approved by a majority
the votes cast, shall be effective as
upon

be sought

never

assumed by and is
It is

binding

demonstrated that

not

such date as may

amendment is

not

so

of

of the final day of such four week period

be prescribed in such amendment.
If such
or rejected within such extended period,

approved

such amendment may not again

This pledge has been

means.

63 nations.

on

of today that although modern experience has
victor

a

even

gain from

can

nevertheless in

war,

bringing untold misery to

are

millions, and in other parts the idea of warfare is being actually glorified.
Governments

and

peoples cannot

responsibilities, for
pledges made 10

the

on

beunmindful of their

observance

or

obligations and

nonobservance

of the

solemn

depends the preservation of all that is valuable

years ago

and worth while in the life of each and every nation.

.

According to advices from Washington (Aug, 27) to the
New York "Times," in observance of the
anniversary, the
Peoples Mandate Committee sponsored an inter hat ion al

be submitted to the membership for a period

broadcast

Paraguay and

Each regular member

of the Exchange shall be entitled to vote.

Rules

the voting shall be prescribed ty the

which

the

between

these

two

Prom the "Times"
The broadcast
with

was

rebroadcast

a

speakers
Division

over

for the families of deceased

of

Latin

America

in

the

Crooks of Goucher
Insfran

he represented a

was

read by Dr. Esther

which

nation

has just emerged

"from the dreadful ordeal of war," a war "which did not solve
by any means

problem

and

solved,"

was

Mr.

Insfran said,

"precisely- through the

through the medium of what the KelloggIt

solved

was

as

result of

a

world would profit by

'peaceful

a

::

A'-

orderly process."'

If the

Example to World
useful experience, there is at hand the

a

example of Paraguay and Bolivia to show that peaceful negotiations are

considerably

fruitful than the

more

use

of violence in the settlement

of

international disputes.

The final solution of the century-old controversy

between

Bolivia

Paraguay and

is the

best

example that

the

American

republics can produce in support of the Kellogg-Briand pact."

Representatives of labor, industry and Government should
cooperate to reach an agreement on a comprehensive plan
designed to solve the unemployment problem, Richard W.
Lawrence, President of the Chamber of Commerce of the

The Bolivian Minister emphasized that the Chaco peace, in which "the

p

said on Aug. 31 in a radio broadcast,
Mr. Lawrence, who is also President of the Bankers Commer¬
State of New York,

said that if the millions of employable workers
on relief projects were once absorbed into private
industry, most of the country's other problems which are
causing concern "would recede into the background of for¬
gotten worries."
In summarizing the address, a statement by the Chamber
cial Corp.,
now idle or

said in part:

whole continent rejoices," might be of invaluable aid in bringing to amicable

conclusion other controversies still pending between American nations.

"The

Chaco

of the Employment Service of the New York

has

peace

demonstrated

the

advantages

of continental

solidarity," the Minister said, "and has shown how fruitful that solidarity
can

be when it leaves the plane of theory to enter that of practical realiza-

tion."

Mr. Duggan paid tribute to Bolivia and Paraguay and said it would be
difficult

find

to

any

event

one

of greater significance

relations today than the pacific settlement of the

of

"One
ceased

the

potentially most serious

threaten

to

the

in

interAmerican

Chaco dispute.

problems

gathering momentum

of the

Americas

of the movement

cooperation and friendly relations among the

our

has

for real

American republics," Mr.

Duggan said, "and proof has been given of the effectiveness of
machinery and of

Speaking under the auspices

Mabel

Miss

and

the problem from which it sprang."

Submits

Important Now Facing Country

Department,

College.

declared

♦

Is Most

State

The English translation of the addresses

'

Industry, Labor and Government Urged to Cooperate
in
Reducing
Unemployment—R.
W.
Lawrence
of New York Chamber of Commerce Says Problem

The

America.

Charge d'Affaires of Paraguay; Laurence Duggan, Chief of the

Briand pact calls 'pacific means.'

■

Latin

throughout

wave

essential particular, the obligation of each regular member to con¬

members.

National Broadcasting Co.,

network of the

a

short

over

Vernon, director of the Peoples Mandate Conunittee, who introduced the

speakers.

"This

tribute, as therein provided, to the provision

signing of the peace treaty
Chaco hostilities.

nations, ending the
also quote:

medium of the opposite procedure;

ever

and

we

be made which will impair,

XXIV shall

Bolivia

Don Luis Fernando Guachalla, Minister of Bolivia; Pablo

were

M. Insfran,

Board of Governors.

No amendment of Article

of

Ministers

remarks had to do with the recent

Mr.

governing the form of ballots and

in

official of the State Department in speeches

an

demonstrated the effectiveness of peaceful means of settling
disputes in accordance with the Kellogg agreement, and their

of 90 days.

in any

solution of all disputes or conflicts

or

by pacific

except

the great tragedy

instrument of national policy and

war as an

certain parts of the world strife and conflict

If, however, within such period less than 275

members shall have voted, the period for voting shall be extended

or

should

radio

inafter provided.

fective

"deeply sensible of their solemn duty to promote the welfare of man¬

kind," voluntarily renounced

Constitution.

on

An amendment adopted by

posted

other pro¬

Such changes need not be referred to the Com¬

visions of the Constitution.

thejBritish Commonwealth of Nations, Italy )

France,

pledged themselves that the settlement

shall

report on the proposed amendment and action thereon shall be taken or

ported

Belgium,

Japan, Poland and Czechoslovakia assembled in Paris, declared that they

Tne amendment follows:

writing to the Board of Governors at

1429

our peace

system of consultation and cooperation in solving our

'x,:

problems.

"We may face other equally difficult situations now with the confidence

of
prominent industrialists who will discuss ways and means of bringing about
happier relations between labor and industry by placing the right worker in

gent effort displayed in the Chaco case, solutions based on peace, justice

the right job.

and orderly procedure can be

State Department

of Labor, Mr. Lawrence was the first of a number

Nation's greatest and most threatening problem
today," Mr. Lawrence said.
"In my opinion it so far outweighs in tragic
importance and potential menace any other of our now pressing economic
and social problems, that I believe, if we could solve it, the others would

born of the knowledge that, with the same goodwill and wisdom and intelli¬

In closing the broadcast.

"Unemployment is the

to give us any cause

cease

"In

United

the

States we are working in

authoritatively where the
conditions

where

Government must

have

the dark.

ment of Secretary

We do not know

unemployment problem is the most serious, or
Industry, labor and
bear upon a solution

been materially improved.

as

was

tives of the

around the neck of each. All three have
mutual goal which can be attained only by working

the applicants

Roosevelt

Baltimore

Business

Reported Agreed
Collections

to

the hours, or are

Asserting that the
States could have

if it had had the
said it was most
to the

work of the Employment Service of our own and other

been greatly simplified and made much more

effective

benefit of a national census of employment, Mr. Lawrence
unfortunate that the Government census

had been confined

unemployed alone.

Democratic

Years

Ago—South Americans Join Mr. Hull in
Solution of Chaco Dispute

Broadcast—Peaceful
Noted

Upon the 10th- anniversary of the signing of the KelloggBriand Peace Pact, Secretary of State Hull on Aug. 27
reminded the signatory nations that their pledge to volun¬

Men

President

Ask

Not

to

Farley and
White
House
"Purge"—President Opposed
WPA

Workers

California

for

primary campaign

against

the Maryland

Senator

State

Millard E.

Tydings when on Aug. 29 it was announced from his sum¬
mer home at Hyde
Park, N. Y., that the President would

speak

on

Labor

Day

(Sept. o)

at

Denton,

Md.

It

was

generally assumed that he would indorse the Democratic
Senate candidacy of Representative David J. Lewis, who
is

at

10

on

from

Maryland Senatorial Pri¬
Denton, Md., Labor Day—•

President Roosevelt actively entered

to

Secretary Hull on Anniversary of Signing of Kellogg
Pact Reminds Signatory Nations of Pledges Made

war

Carolina and California Primaries

of course, that the service has more jobs avail¬

filled through other channels."

the abolishment of

Pension Fund—New Deal Candidates Lose in South

fill them, but simply that it cannot find among

of the nature or location of the occupation, the wages,

not wanted because

at

Interfere—Chairman

in and year out," Mr. Lawrence con¬

it has listed persons who are qualified to fill certain highly
positions and also that many of the jobs offered are

on

Enters

Speak

technical or unusual

or

Hull that the Chaco settlement would have been impos¬

powerful public opinion insistent

mary—To

"It does not mean,

She quoted the state¬

Peoples Mandate Committee throughout the Americas who had

President

surprised to learn, Mr. Lawrence said,

able than it has workers to

nations in

the treaty still stands

♦

together."

"This situation holds true year

war

some

war,

increases.

waging

now

people to end

helped create this opinion.

Employment Service has more

tinued.

were

instrument of international policy, and congratulated all representa¬

an

that the New York State
jobs in private industry than it is able to fill.
In April of this year, for example, it had 16,480 openings throughout the
State and was able to fill only 12,007 of them.
In New York City alone it
had 7,468 openings that month, of which only 4,858 were filled.
He

a

found."

Miss Vernon said that while

jointly bring their greatest minds to

unity of interest, a

unselfishly

and determination of the

sible without

v

problem, for it is a millstone

of the
a

for concern.

violation of the Kellogg pact

opposing Mr. Tydings.
The President's decision actively
enter the Maryland primaries was made after conferring
Hyde Park with Postmaster General James A. Farley,
of the Democratic National Committee. It was

Chairman
said

at

Hyde Park

on

Aug. 26 that the President and Mr.

Farley "are in complete agreement as usual" in the White
House campaign to rid the Democratic party of representa¬
tives hostile to the New Deal.
In commenting on that state¬

*

tarily renounce war "as an instrument of national policy" is
still binding.
Secretary Hull's statement, broadcast from
Washington follows:
Today is the 10th anniversary of the signing of the Kellogg-Briand pact.
On Aug. 27, 1928, the representatives of the United States, the German




ment,

Hyde Park advices of Aug. 26 to the United

Press

said:
President
harmonious

several

party
The

aimed

Roosevelt

approach

States

where

authorized
on

the

the

part

New

the

of

Deal

direct

both
has

to

been

quotation,

emphasizing

an

the political situations in
made a major Democratic

issue.
President's
at

clearing

"complete
up

agreement"

the question

as

pronouncement

was

apparently

to whether the Democratic National

Financial

1430
Chairman

Committee

saw

Executive in the

with the; Chief

eye-to-eye

conservative Democratic candidates.
Mr. Farley was an
overnight guest at the summer White House.
The meeting was the first
between the two in six weeks.
In view of Mr. Farley's previously announced intention of requesting Mr.
Roosevelt to invade Maryland against the renomination of Senator Millard
drive

against

Tydings, the statement was interpreted as indicating that Mr. Farley's
accepted and that the President would in the near future

F.

Sept.

Chronicle

doctors and attorneys.

signed by more than a dozen business men,

message,

1938
3

jealously guard their prerogative to govern themselves,"
added, "and select those whom they deem best suited to

"Marylanders
the

message

them.

represent
"We

of the

...

subscribe

cannot

Democrat

of a modern

the definition

that

theory

the

to

who follows the theories of the

one

leader and not the principles

party."

advice had been

Maryland and fight for selection

enter

of Representative David J. Lewis,

opponent of Mr. Tydings.
that he and Mr.

Deal

New

Farley, in an exchange of views,
discussed not only politics, but a half dozen other subjects.
Mr. Roosevelt at his press conference took occasion in answering ques¬
tions- to condemn campaign fund collections from Works Progress Adminis¬
tration workers and a California pension plan for payment of $30 every
Backing
that

persons over 60 years old.
WPA Administrator Harry Hopkins, who
money was for food, shelter and
clothing,

to all

Thursday

up

WPA

recently reminded
not political con¬

President remarked:
"I hope very much that people on relief will not contribute any money
for the purpose of aiding any party."
His statement was made when apprised of reports that the
Workers'
tributions, the

Hopkins, would go ahead with plans to raise a
$50,000 campaign fund for the election of persons in sympathy with its

Alliance, in defiance of Mr.
views.

warning

issued

when

said:

he

Aug.

provide security for all of the American people
misled by those who advocate short-cuts to

allow ourselves to be

schemes."

financial

fantastic

■/'••V ' V. '-A

-V

let us not
Utopia or

know the sponsor of the California plan,
but he was well armed with figures in rebuttal.
He expressed sympathy
with its aims, but termed it a short-cut to extension of social security.
He said
that one of his essential objections was that the tax for the
Roosevelt professed not to

Mr.

troller of the Currency saying

used

to

pay

Acting Comp¬

that the plan's financing was provided for in
2c. every time they were

which would be taxed

warrants

issuance of

the

off certain obligations.
added, the stamps would be purchased with

regular cur¬

Moreover, he

the warrants would have to be used at least once a week.
went on to say that with 1,300,000 persons over 50 in California
and

rency

He

the
a

plan

billion dollars

necessitate using warrants up to nearly a

would

the warrants to be paid for by a transaction tax which would in
one-fourth the total income of all the people of the State.
other words, he asserted, the levy would amount to a 25% income

year,

effect represent
In

the burden of which would

tax,

for commodities,
Stock prices also should gradu¬
Much depends upon elections this fall."
Babson continues, in part:

ally

strengthen.

Mr.

Looking ahead
serious.
tinues

its

is

at

stopped,

fall principally on the poor.

Roosevelt

President

While

evinced

apparently

has

present pace,
are

we

.

.

a

Maryland Democratic primary than
in that of any other State, with the possible exception of
Georgia, two Senatorial condidates favored by the President
greater interest in the

this week, in primaries Aug.
in California and South Carolina.
In California Senator

this

paradox can
conservative

was

defeated in

headed for real inflation;

relief con¬
(2) if relief

is

inevitable.

indulging

now

are

retarding

or

hastening

such

a

coalition

yet be determined.
♦
.

Death

J.

of

.

Allen, Charter Member of New York
Curb Exchange

W.

J. W. Allen, a charter member of the New York Curb
Exchange, died at St. Vincent's Hospital, Staten Island,
N. Y., on Aug. 30 after a short illness.
He was 55 years old.
Mr. Allen became a member of the New York Curb Market,

the predecessor of the New York Curb Exchange, on
March 16, 1911, but for many years prior to that had been a
trader on the outside market.
He had been a specialist in
one
stock, Yukon Gold, now called the Yukon-Pacific
Mining Co., for 37 years.
He formed the firm of J. W.
Allen & Co. on June 14, 1916, but the firm was dissolved on

Sept. 2, 1918 and for the past 10 years he has been making
headquarters at Dates & Dyer, 19 Rector St., N. Y. City.

his

Robert Brennan Named Irish Minister to United States

"HRobert Brennan

endorsed,

if

The only way
successfully be met is by a united front of Republicans
Democrats.
Whether the "purges" in which President

United States

primary by Sheridan Downey, who espoused
principles, but who also advocates a $30-

(1)

fail to balance the budget, inflation is

we

30

the Democratic

are

much more

appears

possibilities:

balancing the budget, trouble is inevitable.

for nomination were defeated

McAdoo, whom the President had

we

the situation

three

headed for revolution; (3) the other possibility is a
for which we pray but see few signs thereof at

that if

on

and

cannot

years,

faces

.

means

insist

we

more

or

States

government,

present.
This

five

United

The

the rich.

plan's support would fall far heavier on the poor than on
The President read from a memorandum submitted by

("Babson's

and prices

Roosevelt

•

Business for

1939—Regards
Budget Is Balanced
Into

Reports"), dated Aug. 29, states that "general business
should constantly improve for the balance of this year and
well into 1939."
"This," he says, "applies to the demand

If

"In efforts to

Unless

Inevitable

Inflation

Well

According to Roger W. Babson, in his bulletin

coalition

proposal, he said, fell within the meaning of his
15 in an address hailing the Social Security Act,

California pension

The

and

Year

of

Balance

Improved

Forecasts

Babson

W.

Roger

The President revealed

was

named Minister of Ireland to the

Aug. 26.
Mr. Brennan has been Charge
d'Affaires of the Irish Legation for the past five months.
He first became connected with the legation in 1934 when
on

most New Deal

he

weekly pension plan for the aged which Mr. Roosevelt
recently termed "Utopian."
In South Carolina, Senator
Ellison D. Smith, whom the President opposed for renomina¬
tion, was victorious over the New Deal choice, Governor

service he

was

Death

Dr.

Olin D. Johnston.

Aug. 30 that regardless of the
South Carolina and California results, he would continue

Secretary.
Before entering the diplomatic
manager of the Irish Press.
Michael MacWhite, former Minister, nowr represents Ireland in Italy.
arrived

as

of

fight against the renomination of Senator Tydings in
Maryland.
His views were outlined in the following Wash¬
ington dispatch of Aug. 30 to the New York "Herald
his

Tribune":
White House desk before setting out for the hust¬

trative activity at his

ings in Maryland and another visit to
out

political and adminis¬

Washington for five days of strenuous

Back In

Goldsborough, who will be his host

will make

a

Labor Day address which

give him ample opportunity to

tentative plans for
a

the trip were completed, that the President, in response

the

one

Speyer, head of Speyer & Co., New York, who has
for two months, returned on the Aquitania
Aug. 30.
He will go to his country place, "Waldheim,"
at Scarborough-on-IIudson, N. Y.
Mr. Speyer had sailed for Europe on July 2, as noted in
our issue of that date, page 57.
♦

President Roosevelt Accepts

an even more

Berle
attention

was

called to the tendency of a number of

Maryland newspapers to describe the New Deal participation in

the State

sent

to

with- amusement,

but

after

further

had viewed the

thought regarded

it

sad.

Aug. 27

a

group

of Baltimore business

men

sent

a

telegram to President Roosevelt suggesting "in a spirit of
friendliness that you may well afford to exclude from your
utterances,

offered within or without our borders, expres¬
to instruct Marylanders as to the ability of

sions intended

them,

the ability

their

individual citizens to

of

people to select their representatives."
Associated
accounts from Baltimore, from which we quote, like¬

represent

or

our

Press

wise

reported the message to the President as saying:

"Outside
ever

been

interference

and

ever

resignation of Adolph A. Berle Jr. as Assistant Secre¬

Advance¬
indicated
by Mr. Berle as the reason for his withdrawal.
Replying
to Mr.
Berle's letter of resignation, President Roosevelt
thanked Mr. Berle for the service rendered and expressed
appreciation for the "splendid cooperation" given the Ad¬
at the Summer White

which Is to
among the Eastern Shore papers as the President's visit ap¬
and to a question as to whether he regarded himself as an "in¬
request for comment on the advertisement,

vader," Mr. Roosevelt remarked that, at first glance, he

On

Resignation of Adolph A.
Secretary of State

Mr. Berle is planning to return to his law professorship at
Columbia University, New York, it was said by authorities

and Communists."

as

Assistant

rights are threatened
the C. I. O., John L. Lewis

by the Federal Administration, supported by

advertisement

as

tary of State, to become effective Sept. 15, was accepted by
President Roosevelt on Aug. 27 "with very real regret."

ganization telling the citizens their "constitutional

In response to a

The

Jr.

"Federal invasion" and especially to a political
smail newspapers in the State by the Tydings or¬

Democratic primary as a

proaches,

Vacation

abroad

which

toward

The President's

advertisement

Speyer from Two Months'
in Europe

James

been

vilte, Ga.

be spread

James

vigorous attack on Senator Tydings
he directed against Senator Walter F. George at Barnes-

question at his press conference, expressed himself in a way

seemed to point
than

of

from Hyde Park this

commend to the State's Democrats
the record of Representative David J. Lewis, New Deal condidate for the
Senate seat, and denounce the record of Senator Tydings.
It was after his conference with Representative Goldsborough, at which

to

been director of its extension work.

Return

He conferred at some length soon after his return

Monday at Denton, Md., where he

by President Roosevelt when the foundation was established.
He remained in that capacity until 1931 and since then had

Eastern Shore

stronghold of the black-balled Senator.

will

Leroy Hubbard, former head of the Warm Springs
(Ga.) Foundation, died on Aug. 31 at a sanitarium in Clifton
Springs, N. Y. He was 81 years old. A native of Malone,
N. Y., Dr. Hubbard was appointed surgeon-in-chief in 1927
Dr.

Hyde Park, Mr. Roosevelt rounded

preparations for his speech-making trip Monday to the

morning with Representative T. Alan

Leroy Hubbard, F6rmer Head of Warm

Springs (Ga.) Foundation

The President indicated on

with

our

government and

our

representatives has

will be resented by the citizens of our State," said the




House, Hyde Park, N. Y.

ment of certain work to

ministration.

which he

was

assigned

was

Mr. Berle's letter follows:

appointment last February as Assistant Secretary
were*good enough to agree that the appointment might be
that I might ask to be relieved when certain

On the occasion of my
of State, you

considered temporary and
work

was

gotten forward.

This has
has

come

now

been done.

I have enjoyed every minute

tofgo home aDd I offer

my

of it.

The time

resignation to take effect at your

pleasure in September.

I need
Administration and you
personally, with whatever ability I have against all your enemies, foreign
It has been, as always, a

privilege to serve your Government.

hardly assure you that I propose to support your

and domestic.

•

-

Volume

Financial

147

I take this opportunity to express my

deep admiration and affection

Secretary Hull and for yourself; and to offer

my

for

thanks for the^many

kindnesses I have had from the State Department and from you.

Assistant

regret that

real

vesy

thank you for the fine service you

splendid co¬

operation you have always given the Administration.

Mr.

to

Berle's

associations whose products and services

appointment last Feb. 9 was

sponsoring the second annual "Exposition of
Building, Industry and Services" at the Drake Hotel in
Chicago on Oct. 12 to 14 in conjunction with the organiza¬

tion's

On

Sept. 1 Mayor LaGuardia appointed Mr. Rerle as a
member of the New York City Housing Authority to fill a
vacancy.
The position is for a five-year term and pays no
salary.
V-^^
"

♦

Powell

Appointed Executive Director of Social
Board—Succeed Frank Bane, Resigned

Security

On Aug. 31 the Social

Security Board appointed Oscar M.
Powell, of San Antonio, Texas, as Executive Director to
succeed Frank Bane who resigned Aug. 30.
The following
regarding the appointment is from Associated Press Wash¬
ington advices of Aug. 31:
Mr. Powell will take office Nov.
tion.

Since

organization of the

1, effective date of Mr. Bane's resigna¬

Mr.

1936,

board in

Regional Director.

Powell has been

t*.

y..\

Mr. Bane resigned to become Executive Director of the

Governments,

with

headquarters

Chicago.

in

Louisiana, has resided in San Antonio for
He is

Council of State

Powell,

Mr.

more

a

a

native of

than twenty years.

inaugurated last year at the twenty-fourth annual conven¬
in Cleveland and is being considerably expanded this

tion

Bar Association.

He has served

impartial chairman of the Texas Regional

as

'"'7.:';.

Labor Board.

v\-'•-

.-■.7

'

'

♦

annual review of

services

President of New Yorlr

as

and

General

Electric

Co.,

Machinery

are:

Westinghouse Electric & Manufacturing Co., Nash-

Co.,

the

Exchange for Third

Association,

Cement

Portland

Co.,

National

Corp.,

Celotex

Corp.,

Carrier

Chemical

Mfg.

&

York Ice
Co., Crane

Co., Pittsburgh Plate Glass Co., National Cash Register Co., Link-Belt Co.,
Ruud

Mfg. Co., Airtemp,

Tyiac

Co.,

Co., Parkinson Heater Corp.,

Inc., the Tile Tex

Metal Weather

Chamberlin

Inc.,

Strip

Specialties

United

Co.,

Co., and the American Title Association.

From the announcement of Mr. Fraser we also quote:

,

:

The

original idea that prompted the Exposition last year was the belief
that there had been a great deal of public discussion of the so-called high
of

building but that not enough had been said about

new

the great

technological advances made in improving construction methods, and more
efficient and comfortable design and equipment.
From these standards
the

building dollar buys
effective

one

more

today than ever before, and it was thought
was to show these develop¬

illustrate the fact

to

way

ments at the annual

meetings of mortgage bankers who finance the greatest

residential building in this country.

proportion of

Cocoa

developments in industries whose

affect new construction directly or
Among the 25 who have accepted the Associa¬

indirectly.

Kelvinator

The purpose, he added, is to provide

new

products

tion's invitation

that

C. A. Sholtz Renominated

Mr. Fraser said.

year,

cost

graduate of the University of Texas and a member of the American

a

twenty-fifth "Silver Jubilee" Convention, A. D. FraPresident, announced on Aug. 13. The Exposition was

ser,

an

Oscar

directly affect new

building will join with the Mortgage Bankers 'Association
of America in

future.

Feb. 12 issue, page 1105.

our

Cor¬

Twenty-five nationally-known American corporations and

Secretary of State, to become effective Sept. 15.

I want to take this opportunity also to

Reference

Other

and

porations to Join in Exposition

herewith your resignation a»

have rendered and to express my sincere appreciation for the

noted in

America—Electric

of

.

I accept

I send you every good wish for the

Exposition of ''Building, Industry and Services'' to Be
Held in Chicago Oct. 12-14 in Conjunction with
"Silver Jubilee" Convention of Mortgage Bankers
Association

Replying, the President said;
It is with

1431

Chronicle

new

National

Association

Term

Carlos A. Scholtz, President of the New York Cocoa Ex

change, Inc. has been renominated for a third term according
to the slate announced on Aug. 26 by the Nominating Com¬
mittee of the Exchange.
Robert S. Scarburgh is renomin¬
ated

Vice-President and Charles H. Butcher is also named

as

for another term

The following membeis of

Treasurer.

as

the Board of Managers have all been renominated for an¬
other term: Messrs. W. Berry, J. Coker, G. Heintz, I.

Henry Hirsch, W. J. Kibbe, T. J. Mahoney, H. T. McKee,
Ryan and I. Witkin.
The election will be held on

F. J.

Oct. 11.

^The nominating Committee consisted of H. A. Schwartz,
Chairman
J. Marcone, E. L. Cleverley, E. Gerbis and
:

M. C. Hill.

.

Jesse H. Jones and W. L.

Convention

of

A.

Cameron to Address Annual
A.

B.

at

Houston, Texas,

Nov.

14-17
W. J. Cameron of the Ford Motor Co. and Jesse H. Jones,
Chairman of the Board of the Reconstructive Finance Cor¬

Estate

Real

of

Convention

Annual

Boards

to

Wis.,

Milwaukee,

in

Hold

Week

of Nov. 7

Accomplishments of past 30 years in the establishment of

practice in the business of real estate will be
thirty-first annual convention of the Na¬
Association of Real Estate Boards to be held in

standards of
reviewed
tional

the

at

An announce¬

Milwaukee, Wis., during the week of Nov. 7.
by the Association on Aug. 13 said:

ment

There

32

are

men

still

in

the

estate

real

;7;:7^

business

who

attended

the

the National Asso¬
ciation of Real Estate Excbnages, now the National Association of Real
Estate Boards.
Those men will be guests of honor and the accomplish¬
ments of the past 30 years in the establishment of standards of practice
in the business of real estate, for which the Association was founded, will
be reviewed.
7,\, ,7
,'/A../ {"
On three fronts, plans are already under way for the convention, the
largest and most important meeting of the real estate year.
meeting 30 years ago in Chicago at which was formed

Schroeder will be convention headquarters.

The Hotel

Now being listed

the meetings:

for

1. Important pending questions of

poration, will be among the national figures who will ad¬

affecting real estate.

dress the annual convention of the American Bankers Asso¬

National, State, and local community policy
of the convention,

to open

ciation

which

will

be

held

this

at

year

Houston,

Tex.,

Nov. 14-17, it was announced Aug. 31 by Dr. Harold Stonier,
Executive Manager of the Association.
Mr. Jones is Chair¬
of

man

Board

the

of

the

assistant to the President

Salt

National

Bank of

Commerce

Other speakers will include Dr. Adam S.

Houston.

in

Bennion,

Utah Power & Light Co.,

of the

Lake

Foreign

City,

City, Utah; J. Reuben Clark, Chairman of the
Bondholders Protective Council, Inc., New York
Ambassador

former

and

to

Mexico;

Dr.

Karl

T.

Compton, President of the Massachusetts Institute of Tech¬
Cambridge, Mass., and Bishop James E. Freeman,
Episcopal Bishop of Washington, D. C.
All will speak at

nology,
the

general

and

Jones

Messrs. Cameron
general session, Tuesday,
Nov. 15; Messrs. Bennion and Clark at the second general
session, Wednesday, Nov. 16, and Messrs. Freeman and
Compton at the final general session, Thursday, Nov. 17.
In addition to the general sessions of the convention there
will be meetings of the Association's four divisions, National
Bank Division, State Bank Division, Savings Division and
Trust Division, as well as meetings of the various com¬
missions and committees, programs for which are in the
of

process

sessions of the

convention.

will speak at the first

being completed

and details

of which

will be

Orval W.

Adams, President of the Asso¬
ciation and Executive Vice-President of the Utah State Na¬

announced later.

Salt Lake City, will preside at all the general

tional Bank,
sessions.
>

Special

Mexican

♦

Tours

Offered

in

Connection

with

attend the convention of the
Tex., Nov. 14-17,

American Bankers Association at Houston,
are

New York Central
The New York Central
pre-convention tour to Mexico, leaving

being offered two special tours by the

System and the Pennsylvania RR.

System is offering a
New York Oct. 30 and returning Nov.

20, and the Pennsyl¬

post-convention tour, leaving New York Nov. 10
and returning Nov. 28.
Both trips are planned to give
members of the Association and their friends as wide and
vania RR.

varied

an

a

itinerary as is possible in




In the fields
development.

Including home building, the handling of down-town properties, industrial housing
and farm land brokerage and management. This whole great subject matter will come

sessions of the Association's specialized institutes
Each specialized group will hold three half-day

before "staggered"

covering these fields.
3.

and divisions
sessions.

Entertainment features.

Association's

The

Directors

Board of

and Executive Committee, and the

Governing Boards of its various Institutes
meetings preceding the convention proper.

and Divisions will hold important
These executive and committee

meetings will fill morning; afternoon and evening of Nov.
Joseph W. Catharine, Brooklyn, N. Y., President of
heads

the

sessions

general

of

7 nad 8.
the Association,
Convention Committee, and will preside at all general

convention.

the

Plans for

these

sessions are

being developed

directly by the general committee.

specialized Institutes and Divisions of the Association, through their
Executive Boards acting as Program committees, are now canvassing

The
own

subjects

the

of

convention

in

New York

practical

greatest

their

importance to be brought

before the

meetings.

Chapter American Institute

of Banking En¬

Adult Educational Program—Registration
Opens Sept. 12
larges
At the

beginning of the 38th school year, John A. Elbe,
Chapter, American Institute of Bank¬

President of New York

ing, announces a new development in the educational program
of the Chapter. In addition to the regular courses in Banking
and Investments, now "offered at the Chapter, a graduate
study program in Commercial Banking and Credits is being
inaugurated this Fall. It is anticipated that similar facilities
specialization in Accounting, Savings Banking, and Trust
Banking will be available within the next few years.
Ad¬
mission to these graduate study courses will be limited to
properly qualified students of demonstrated ability. Regis¬
tration begins Sept. 12.
With this enlarged program New York Chapter this year
offers 46 courses in Banking and Investments to its 4,500
for

American Bankers Association Convention
Eastern bankers planning to

These will be discussed at general sessions

Nov. 9.
2. Significant new conditions, new ideas and new business plans
of real estate appraising, financing, sale, leasing, management, and

the time available.

members.

An announcement in the matter went on to say:

New York Chapter was

has grown to

ence

the

country.

The educational courses are

Columbia University.

Banking,

and

in

offered in cooperation with

The program consists of four year standard courses

in Commercial Banking,
ment

organized in 1901 and In the 37 years of its exist¬

be one of the largest institutions for adult education

Savings Banking, Trust Banking, Foreign

Investment Banking,

Depart¬

two year graduate courses in

Financial

1432
Commercial Banking and Credits, and

Sept. 3, 1938

Chronicle

stock for each five shares now owned....
share must be made before the close of business op

scribing for cne share of the new

special subjects, such as Income Tax,

Payment at $50 per

Insurance, Public Speaking. &c.
New York Chapter are under the supervision of an Advisory
Council of which Harry E. Ward, President of the Irving Trust Co., is
Chairman, and J. Stewart Baker, Chairman of the Board of the Bank of the
Manhattan Co., is Vice-Chairman.
Other members of the council are
senior bankers of leading financial institutions in New York.
Budgets, Cost Accounting,

/.•;/'

Sept. 28,1938.

The policies of

#'

'

,

According to the Toledo "Blade" of Aug. 27, James
Bentley, President of the National Bank of Toledo, who
long has been a member of the board of directors of the
Commerce Guardian, will be Vice-President of the new bank
and continue as a board member along with Mr. Higgins;
Charles A. Dana, President of the Spicer Manufacturing

Developments in Chemistry of Coal to Be
Reported at 96th Meeting of American Chemical
Society in Milwaukee, Wis., Sept. 5-9

Research

Co.; John A. Geismar, Vice-President of the National
Supply Co.; Frank J. Koegler, President of the Doehler Die
Casting Co.; Walter L. Ross, retired President of the Nickel
Plate RR. Co., and Dan Searles, of Searles Brothers. >
( The "Blade" also states:;

Recent research

developments in the chemistry of coal will
reported to the Division of Gas and Fuel Chemistry of the
American Chemical Society at the Society's 96th meeting in
Milwaukee, Wis., Sept. 5 to 9, according to an announce¬
ment by the Chairman of the Division, Dr. H. H, Lowry,
Director of the Coal Research Laboratory of the Carnegie
Institute of Technology, Pittsburgh.
More than 30 repre¬
be

The board of directors of the

National Bank of Toledo consists of George

Ford, President of the Rossford Savings Bank; Mr. Bentley; Gorden M.
Mather of the Mather Spring

Co.; Miss E. A. Koster, representing the estate

of the late Rathbun Fuller, and

""Under

the plan the new

Milton Knight.

bank win be officered as follows: Mr. Higgins,"

Bureau of

President; Mr. Bentley and E. G. Kirby, Vice-Presidents; B. E. Emery.

Mines, the Carnegie Institute of Technology, the University
of Iowa, and the Universal Oil Products Co., Chicago, will
address the Division.
The themes will range from the

Treasurer, and L. C. Ruth, W. L. Lamb and Louis Mallendick, Assistant

of the United States

sentatives

and

Canadian

divisions

and

Microchemical

the

held.

Forrest Jeffries, Trust Officer of the National Bank

Secretary-Treasurers.

of Toledo, will be associated with

cracking characteristics of coal to the oxidation of anthracite
and its relationship to the decrease in heating value.
About 3,000 chemists are expected to attend the Milwaukee
meeting of the Society, during which the sessions of 17 pro¬
fessional

E. Watson,

Vice-President and Trust Officer; H. P. Caves, Secretary; W.

board

The

the trust department of the new bank.
bank, under the plan, will be aug¬

of directors of the new

Goodwillie, Executive Vice-President

mented by the election of David H.

Libbey-Owens-Ford Glass Co.; John W. Koehrman, President of the

of the

Spice Co., and Mr. Knight, Assistant Secretary of the Libbey

Woolson

Section will be

Owens-Ford Glass Co.

U;-:.

started business in 1931,
organized in 1934.

The Commerce Guardian Bank

while the National Bank of Toledo was

ITEMS*ABOUT

TRUST "COMPANIES,

BANKS,

&c.

Arrangements were completed Aug. 27 for the sale of a
membership in the Chicago Stock Exchange at $1,500,
down $100 from the last previous sale.
On Aug. 24 the New York State Banking Department ap¬
proved plans of the Bank of Jamestown, Jamestown, N. Y.,
to reduce its authorized capital stock from $500,000 to
$250,000 and the par value of shares from $10 to $5, it is
learned from the Department's "Weekly Bulletin" of Aug.
26.
Following this action the Department approved further
plans of the bank, as follows:

have been with the United States National for many years.

2.

$75,000

par value

3.

Cashiers

par

par

$500,000; the National Bank

of Toledo on the same date
reported capital (common), $200,000, and preferred, $165,000.
Mr. Higgins in his letter to the .stockholders in indi¬
cating the capital structure of the enlarged bank says:
to its statement

as

of Aug.

16 last, the Commerce Guardian

Bank had deposits of $13,434,361, and
capital, surplus, undivided profits
and reserve of
$1,418,740.35, and National Bank of Toledo had deposits

$3,607,096.25, and capital, surplus and undivided profits of $393,302.06.

It is proposed that after the consolidation has been
completed and
tional capital of $200,000 has been

addi¬

paid in, this bank shah have a capital of
$1,000,000, surplus of $600,000, undivided profits of $200,000, and reserve

for contingencies of
$200,000.

The plan provides that the authorized number of shares of this bank shall

beincreased from 20,000 shares

to

30,000 shares.

Out of this total 20,000

shares, shall be issued to the stockholders of this bank in
exchange, share for

share, for the shares

now

held by them, 6,000 shares will be issued to the

stockholders of National Bank of Toiedo in
payment for the assets, business
and good-will of that bank, and the
remaining 4,000 shares will be sold at
$50 a share to provide additional
capital.
The 6,000 shares to be issued
tofthe stockholders of National Bank of
Toledo win be issued at their actual net worth in
payment for the assets,
business an< good-will of National Bank of Toledo at their actual net worth.
The 4,000 shares to be soid to

provide additional capital will be offered

to the nresent stockholders of the
Commerce Guardian Bank at the

share, payable in cash

on

or

before Sept. 28,

price of

1938, and such of the

4,000 shares as are not subscribed by shareholders will be
purchased by a
group which has underwritten them.
...

New Stock Available

The present shares of the Commerce Guardian Bank have

share.

$1,000,000.

par

value of

As stated above, stockholders of

the Commerce Guardian Bank will receive

$33 1-3 for each share

now

one

outstanding of $25.

share of the par value

of

New certificates for stock

will be available for exchange for present certificates
after Oct.

a

It is proposed to increase this to $33 1-3
per share in order to

set the capital of the bank at

as soon as

practicable

l.f

Those who desire to avail themselves of the
opportunity to purchase'their

proportion of the additional 4,000 shares to be issued,




EXCHANGE

CURB

the Curb Exchange has been light and price

on

generally pointed downward during most of

the present week.

There have been brief periods of strength

at

of the market leaders were unable to hold

times, but

the

many

modest gains and moved gradually lower.

been

interest

some

apparent in the aluminums

limited number of the mining and metal

/

group movements at any

Dull trading and

shares

the

were

a

of the

no

modest upturn among the industrial

selling

pressure

on

Saturday.

was

were a

number of the

moving shares that worked against the trend and

point and the oil shares

a

There

in evidence, and while most

registered modest gains at the close.
off

practically

outstanding features of the curb market

leading stocks moved lower, there

slower

a

time during the week.

dealings during the brief session
practically

and in

issues, but most of

the changes were in individual stocks as there were
no

There has

Aluminum issues fell

quiet.

were

Mining and metal

stocks recorded little change and the public utilities were

generally lower.

Benson & Hedges

was

in light demand and

closed 2 points higher at 283^ and there were a fairly large
number of minor changes on the
transfers

for

the

day

were

side of the decline.

The

29,000 shares with 198 issues

traded in.

Mr. Higgins also advises the stockholders of the Commerce
Guardian Bank as follows:

a

THE

Trading

movements have

Toledo, Ohio,

banks, viz.: the Commerce-Guardian Bank and the National
Bank of Toledo, were made known on Aug. 23 by President
Dean Higgins, of the Commerce Guardian Bank, which is
the name under which the merger will be consummated,,
effective Oct. 1.
Under the arrangements the charter of
the Toledo National Bank (the only national bank in the
city) will be relinquished, the enlarged institution operating
as a State bank.
The directoi s of the two banks have agreed
to the consolidation
plans, and the stockholders are to meet
on
Sept. 19# to ratify the proceedings.
The Commerce
Guardian Bank reported on June 30 capital (common),
$500,000; capital debenture of $7100,000, with surplus of

$25

executives

;

value of common stock, divided into 110,000 shares of a

each, of which 60,000 shares shah be reserved for the purpose

Plans for the proposed consolidation of two

a

These

value of preferred stock B, divided into 3,000 shares of a

effecting the conversion of preferred stock B.

According

Vice-Presidents.

Assistant

to

each;

of $25 each; and

$550,000

par value of $5

$50

Board

$246,250 par value preferred stock A, divided into 49,250 shares of a

1.

of

of the United
announced by
Dick, President, following the regular meeting of the
of Directors Aug. 26.
R. F. Watson has been pro¬

Paul S.

moted from Assistant Vice-President to Vice-President; and
Owen R. Maris and John F. Huxtable from Assistant

value of $5 each to $871,250, consisting of

par value of $5

of

♦

Promotions in personnel at the head office
States National Bank of Portland, Ore., were

50,000 shares of a

Increase of capital stock from $250,000, consisting of
par

Payment of $108,906 to approximately 11,000 depositors
defunct Depositors State Bank, Chicago, III., was
announced on Aug. 24 by Edward J. Barrett, State Auditor,
it is learned from the Chicago "Tribune" of Aug. 25.
This
represented a 5 % repayment.
of the

may

do

so

by,.sub¬

Declining prices again ruled the dealings on Monday.
tracing was light and without special feature, the
market moved along at a fair pace despite the disturbing
While the

news

from abroad.

special
and

group

were

The recessions

were

not confined to any

of stocks but extended to all parts of the list

especially noticeable

among

the preferred issues in

the public utility section, many of which moved to lower
levels.
Industrial stocks and oil shares were off and mining
issues

and

miscellaneous

shares

were

down

on

the

day.

Prominent among the stocks closing on the down side were
such market leaders as Aluminum Co. of America, 4%

points to 109 U; Chicago Flexible Shaft, 5 points to 63; Con¬
Smelting, 4 points to 71 U; Pepperell
Manufacturing Co., 3 points to 74; and National Steel Car,
5% points to 60.
Mixed prices during the opening hour followed by a
moderately higher market in the afternoon were the chief
characteristics of the curb trading on Tuesday.
There were
a number of soft
spots scattered through the list but these
solidated Mining &

had little effect

selling

on

the market movements.

There

was

no

but as the day progressed a number
of the leaders gradually moved lower.
Aluminum shares
advanced and canceled part of the losses of the previous day.
Specialties were higher and mining and metal stocks registered
pressure apparent

Volume

Financial

147

1433

Chronicle

modest gains.
Chicago Flexible Shaft was a strong spot and
climbed upward 4 points to 67 and Pittsburgh Plate Glass
closed at 100 with

Manufacturers

gain of 214 points.
slightly higher during the early part of
the session on Wednesday but the changes were generally
confined to minor fractions. As the day progressedtthe trend
turned slightly downward and a number of the market
leaders lost a part of their early advances.
There was no
very definite movement either way, but the tendency was
"toward lower levels in the closing hour.
The transfers for
the day were 74,295 shares with 251 issues traded in.
Of
Curb stocks

these 78 closed
Detroit

a

on

banks

was

of

one

the

THE

all

important

its

commercial centers,

national

and

international

MANUFACTURERS TRUST

COMPANY

Principal Office: 55 Broad Street, New York City
European Representative Office: 1, Cornhill, London, E.C.3
Member Federal

;

FOREIGN

YORK

NEW

through

Deposit Insurance Corporation

Brown Co. pref.

moved downward on Thursday though the
changes were largely in minor fractions. There were a few
slow moving shares that registered modest gains on a small
turnover, but with the exception of the oil issues trading in
the general list was comparatively quiet.
This was due in
part to the nearness of the Labor Day holiday, many of the
customers' rooms being practically deserted.
Prominent in
the list of declines were Aluminum Co. of America, 2%
points to 105%; Chicago Flexible Shaft, 2 points to 65;
National Power & Light pref., 2% points to 60%; Singer
Manufacturing Co., 4 points to 245; Babcock & Wilcox, 1
point to 25%; Koppers Co., pref., 6% points to 90; New
Jersey Zinc, 1 point to 62; Detroit Steel Products, 1 % points
to 33%, and Aluminium Ltd., 2 points to 116.
The market was somewhat firmer on Friday but the volume
of sales continued to decline, the turnover for the day reach¬
ing approximately 70,000 shares.
The aluminums were
stronger, Aluminum Co. of America moving up 6% points to
112; while Aluminium Ltd. advanced 5 points to 121. Indus¬
trial specialties moved briskly forward, Brill Corp. pref. ad¬
vancing 2% points to 26; Koppers Co. pref. climbing upward
4 points to 94, and Nehi Corp. moving ahead 2% points to 43.
As compared with Friday of last week, prices were lower,
Aluminum Co. of America closing last night at 112 against
115% on Friday a week ago; Aluminium Ltd. at 121 against
125; Carrier Corp. at 22% against 24; Cities Service at 7%
against 7%; Fisk Rubber Corp. at 7% against 8%; Ford of
Canada A at 20% against 21; Gulf Oil Corp. at 40% against
42%; Humble Oil (new) at 65% against 67%; New Jersey
Zinc at 62% against 63%; Newmont Mining Corp. at 72
against 74%, and Niagara Hudson Power at 7% against 7%.
AT

Company,

banking facilities.

Stocks again

TRANSACTIONS

complete

strong stocks and

closed at 34% with a gain of 4% points.
moved ahead 1 % points to 25%.

DAILY

in

offers

the side of the advance and 88 declined.

Products

Steel

Trust

long established connections with the leading

were

CURB

EXCHANGE

EXCHANGE

RATES

CERTIFIED

BANK8 TO TREASURY
AUG.

BY

UNDER TARIFF

RESERVE

FEDERAL
ACT

1930

OF

27,11938, TO SEPT. 2, 1938, INCLUSIVE
Noon Buying

Rate for Cable Transfers in Neto York

Value

Country and Monetary

in

United

Statrs

Money

Unit

Aug. 27

Aug. 29

$

»

Aug. 31

Aug. 30

Sept.

2

Sept.

1

*

%

.168688

.168675

.168788

.012350*

.012325*

.012325*

.034507

.034507

.216! 00

.216731

.216668

.216578

4.870069

4.858888

4.856718

4.854236

4.852708

.021452

.021460

.021404

.021377

.021350

.021395

France, franc

.027315

.027304

.027248

.027238

.027224

.027213

Germany, relchsmark
Greece, drachma....

.400744

.400662

.400650

.400662

.400600

.008935*

.008928*

.008921*

.008910*

.008916*

.008917*

Hungary,

.196625*

.196650*

.196625*

.196650*

.19665

*

.196625*

.052600

.052600

.052604

.052604

.052604

.052604

.545222

.545206

.544288

.544261

.544138

.543872

.244828

.244712

.244184

243968

243910

.188500

.188333

.188333

.188333

.188333

.188333

.044183

044166

.044050

.044041

.043991

.043987

Europe—
Belgium, belga

.168931

.168894

.168786

Bulgaria,

.012375*

.012350*

.012375*

.034562

.034539

.034521

.217518
Denmark, krone
Engl'd, pound sterl'g 4.871875

.217381

Finland, markka

lev

Czechoslov'la, koruna

Italy,

pengo

lira

Netherlands, guilder.
Norway, krone
Poland, zloty

$

.034508

.

.400487

.243800

Portugal, escudo
Rumania, leu

.007280*

.007317*

.007307*

.007314*

.007314*

.007321*

Spain, peseta

.057500*

.057500*

.057500*

.056666*

.056666*

.056666*

Sweden, krona

.251231

.251087

.250546

.250371

.250268

.250156

Switzerland, franc...
Yugoslavia, dinar...

.228922

.228541

.228022

.228038

.228000

.227927

.023125*

.023050*

.023125*

.023075*

.023125*

.023125*

Chefoo (yuan) dplT
Hankow (yuan) dol

.171750*

.171750*

.171593*

.171583*

.170333*

.171750*

.171750*

.171583*

.171583*

.170333*

.170750*

Shanghai (yuan) dol

.171312*

.171312*

.171187*

.171187*

.170250*

.170562*

Tientsin (yuan) dol.

.170375*

.170375*

.170250*

.170250*

.16f,312*

.169625*

Hongkong,

.303041

Asia—

China—

.170750*

dollar.

.304734

.304013

.303937

.303218

.303343

British India, rupee..

.362342

.362232

.361168

.360857

.360943

.361112

Japan, yen

.284042

.283842

.283321

.283003

.282944

.282628

567500

.567250

566125

565000

.566000

.565250

Australia, pound.... 3.881125

3.880187

3.872062

3.872083

3.868000

3.866250

New Zealand, pound
Africa—

3.912000

3.911312

3.903250

3.900750

3.898072

3.897083

pound. 4.823333

4.822300

4.812291

4.810000

4.807500

4.803750
.998025

Str Its Settlem'ts, dol
Australasia—

South Africa,

North America—

Canada, dollar
Stocks

Value)

Foreign

Oovernment

Domestic

.998925

.998574

.999333

.999333

.999333

.999333

.999333

.192500*

.197083*

.194687*

.195208*

.194750*

.194791*

.995078

.996210

.996250

.996484

.096054

.995625

.324n00*

.324700*

.324120*

.323640*

.323720*

.323400*

058750*

058625*

058440*

058600*

058500*

051766*

051766*

.051766*

.051766*

.051766*

.051766*

.040000*

.040000*

.040000*

.040000*

.010000*

.040000*

.568800*

.567400*

.567400*

.568000*

.56°000*

.669000*

.641172*

.640825*

.639831*

.638720*

.638f,00*

.638450*

peso...

peso

dollar.

Newfoundl'd,

Foreign

of
Shares)

Sept. 2, 1938

.998750

Mexico,

(.Number
Week Ended

.998574

Cuba,

Bonds {Par

.997656

Corporate

.999333

South America—
Total

39,905

$491,000

$1,000

$5,000

$497,000

146,9b0

1,052,000

40,000

26,000

1,118,000

88,715

950,000

ly.ooo

81,000

1,0»0,000

Wednesday

74,120

842,000

10,000

94,595

865,000

120,000

38,000
12,000

890,000

Thursday
Friday

70.110

823,000

15,000

33,000

871,000

514,435

$5,023,000

$205,000

$195,000

Argentina,
Brazil,

peso

mllrels

.058500*

$5,423,000

Saturday
Monday..........

Tuesday

Total

Chile, peso—official.
'•

Colombia,

export.
peso

Uruguay, peso

997,000
*

Nominal rate.

COURSE
Sales at

York

New

Week Ended Sept. 2

1937

1938

Exchange

1938

514,435

895,875

28,823,958

75,868,177

$5,023,000

$4,710,000

$223,648,000

$300,066,000

Foreign government

205,000

86,000

4,776,000

8,895,000

Foreign corporate.

195,000

75,000

4,296,000

7,289,000

$5,423,000

$4,871,000

$232,720,000

$316,250,000

Bonds
.

Total

THE

LONDON

STOCK

EXCHANGE

Quotations of representative stocks
each day of the past week:

as

received by cable

Mon.,

Tues.,

Wed.,

Thurs.,

Aug. 30

Aug. 31

Sept. 1

Sept. 2

40/-

Cable & W ordinary

40/-

102/-

British Amer Tobaceo.

101 /3

40/100/6

£45

£44%

£44%

£44

4/6
£23%
74/4%
30/6

,5/3
£23%

£23%

£8%

£8^5

£45

Marconi

5/3

Central Min & Invest.

£23

5/3
£23%

Cons Goldfields ol S A.

73/9

73/9

Courtauids S & Co

31/9

31/-

Co

96/-

Electrlc & Musical Ind.
Ford

£8%

...

Distillers

HOLIDAY

Ltd

Gaumont Pictures ord.
A...

Hudsons Bay Co

12/4%
17/4/6
1/9 ;■/

£8%

96/3
12/6
17/3
4/3
1/4%

Imp Tob of G B & 1

21/—
139/-

21/3
139/-

London

£13%

£13%

Midland

Ry_.

Metal Box....

74/3

Rand Mines

Rolls Royce

.

Royal Dutch Co
Shell Transport
L nilever

West

Ltd

—.

17/97/6

97/6
£38

...

•

£4%

21/3
20/-

—

16/9

4/3
21-

£9%
£13%

£37%

£4%

37/9

Molasses

United
V tokens

£13%

17/6

12/-

£12%
74/6

£9»i«

£13%

-

Roan Antelope Cop M.

95/-

20/9
136/9

76/-

£9%

RioTinto

37/6
21/3

19/10%

17/98/9
£37%
£4%

37/6
20/6
20/-

40/101/9

73/9
31/-

40/3
102/-

4/75/31/6
£8%

95/3
11/9

96/12/-

16/7%

17/4/3
21-

4/3

1/6
20/3
138/£12%
75/3

20/6
138/£13
75/6

£9*i«

£9%

£13%
17/-

£13%

17/3
97/6

97/6
£37%

decrease

com¬

based upon

telegraphic advices from the chief cities of the

country, indicate that for the week

ended today (Saturday*

Sept. 3) bank clearings from all cities of the United States
from which

it is possible to obtain

weekly-returns will be

*15.1% below those for the corresponding week last year.
Our preliminary total stands at $5,049,689,533, against
$5,945,356,804 for the same week in 1937.
At this center
there is a loss for the week ended Friday of 13.8%.
Our
summary

for the week follows:

£4%

.............

£7

£6%

£6%

Clearings—Returns by Telegraph
Week Ending Sept. 3

EXCHANGE

37/1%
20/9

20 h

37/3
20/9

£6%

20/£6%

RATES

Pursuant to the

requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
WTe
give below a record for the week just passed:




1937

$2,466,829,239

Cent

$2,863 118,898

-13.8

232,617,042

276 680,105

-15.9

Philadelphia...-.--

268,000,000

296 ,000,000

-9.5

Boston

149,896,012

165 884,000

-9.6

63.535,028

80 199,187

-20.8

59,300,000

72 900,000

-18.7

111,677,000

135 182,000

-17.4

92,344,685

121 082,179

-23.7

82 137,681

-28.1

-21.3

New York

Chicago

-

— .....

-—

Kansas City

St, Louis.

..........v...

—

San Francisco

-

-—-

Pittsburgh

>

Detroit.........—

59,087,960

Cleveland..

63,467,877

80 630,879

Baltimore

47,738,043

55 025,477

-13.2

$3,614,492,886

$4,228,840,406

—14.5

Eleven cities, five days

593,581,725

Total all cities, five days.
All cities, one

day

763,735,920

—22.3

$4,208,074,611
841,614,922

Other cities, five days...——.

Total all cities for week

$4,992,576,326
952,780,478

-15.7

....-

$5,049,689,533

$5,945,356,804

-15.1

-11.7

Complete and exact details for the week covered by the
appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly in the above the last day of
foregoing will

the week in all
FOREIGN

Per

1938

£37%

£4%

Witwatersrand

Areas

a

Preliminary figures compiled by us,

Fri.,

Aug. 29

Boots Pure Drugs

Beers

a year ago.

comparative

Sat.,

Aug.27

De

CLEARINGS

will again show

1937

pared with

Canadian

BANK

Bank clearings this week

Curb

Stocks—No. of shares.

Domestic

OF

Jan. 1 to Sept. 2

cases

has to be estimated.

In the elaborate detailed statement, however,

which

we

present further below, we are able to give final and complete
results for the week previous—the week ended Aug. 27,
For that week there was a decrease of 14.9%, the aggregate
of clearings for the whole country having amounted to
$4,498,962,508, against $5,287,037,151 in the same week in

1434

Financial

Outside of this city there was a decrease of 17.4%,
the bank clearings at this center having recorded a loss of

Chronicle

Sept.

1938
3

1937.

the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals register a loss of 13.3%, in the Boston
Reserve District of 10.5%, and in the Philadelphia Reserve
District of 7.0%.
In the Cleveland Reserve District the
We

12.9%.

totals record

falling off of 29.2%, in the Richmond Re¬
serve District of 10.6%, and in the Atlanta Reserve District
of 8.3%.
In the Chicago Reserve District the totals are
smaller by 22.3%, in the St. Louis Reserve District
by
16.4%, and in the Minneapolis Reserve District by 12.1%.
The Kansas City Reserve District has a decrease of
22.7%,
the Dallas Reserve District of 24.4%, and the San Fran¬
a

cisco Reserve District of

In the

Week Ended Sept. 27

Clearings at—
Inc. or

group

following

we

16.3%. '
furnish a summary by Federal Reserve

1938

Dec.

1936

$

%

%

$

1935

$

\

Seventh Feder al Reserve D istrict—Chic ago—

393,760

351,631

+ 12.0

222,004

342,114

72,134,076
2,568,646

106,170,523
2,916,991

—32.1

94,133,276
2,778,058

74.366,531

1,268,053

—17.0

Ind.—Ft. Wayne

1,052,448
687,112

—32.9

Indianapolis...

14,623,000

1,023,603
15,097,000

Mich,—Ann Arbor
Detroit
Grand Rapids

Lansing

—11.9

—3.1

1,541,422
912,132

1,473,753
963,465
671,518

961.589

1,391,934

—30.9

14,582,000
938,174

3,768,935

3,969,022

—5.0

4,390,911

3,678,406

15,681,847

17,734,404
1,103,815
6,235,858

—11.6

—18.5

17,997,813
1,139,641

13,292,356
734,419

+9.9

7,507.083

6,094,738

3,009,676
354,345

2,758,516

+ 9.1

2,895,127

327,186

+ 8.3

553,137

286,340

235,030,900

301,228,538

—22.0

220,151,233

765.547

—3.6
—10.5

3,530,130

2,256,395

—36.9

871,018

811,997

1.001,150

793,978
3,301,870
1,334,141
1,181,865

264,130,411
732,435

363,583,596

468,194,928

SouthBend...
Terre Haute.
Wis.—Milwaukee

899,121

la.—Ced. Rapids
Des Moines

6,853,688

—

Sioux City

111.—Bloomlngton

Chicago
Decatur.

_

2,955,617

Peoria..

842,139

Rockford

districts:

1937

Springfield

11,360,000
796.547

2,669.292

518,779

—15.3

1,152,875

982,845

—22.3

420,014,247

341,350,788

SUMMARY OF BANK CLEARINGS
Total (18 cities)

Jk

Inc.or
Week End. Aug. 27,1938
Federal

1938

1st

Boston

2nd

New

Dec.

1936

i

Reserve Diets.

1937

$

%

S

1935 |

1 Reserve Dis trict—St

Eighth Federa

Lo uis—

Mo.—St. Louis..
f

67,500,000

82,800,000

—18.5

75,600,000

69,600,000

Ky .—Louisville..

25.377,284

28,236,701

—10.1

20,779,881

23,484,622

11,920,506

14,314,096

—16.7

13,462,175

12,191,031

191.969,107

214,437,106

—10.5

224,179,295

191,416,090

2,607,616,507

3,008,317,801

—13.3

Tenn.—Memphis

3,297,057,489

3,187,459,713

"

311,363,089

III.— Jacksonville

334,744,735

—7.0

324,875,254

283,385,484

"

217,124,123

306,575,807

—29.2

251,687,129

202,952,473

120,337,263

—10.6

12 cities

York. 13

"

3rd

PhiladelphialO

4th

Cleveland..

6th

Richmond .6

6th

Atlanta

10

"

124,385,518

135,704,458

—8.3

123,964,867

102,729,508

7th

Chicago —.18

"

363,583,596

468,194,928

—22.3

420,014,247

341,350,788

8th

St. Louis...

4

"

105,272,790

125,927,797

—16.4

105,633,653

Minneapolis 7
10th Kansas City 10

Ninth Federal

*'

99,523,498

113,209,928

—12.1

99,601,617

86,440,580

3,018,011

2,180,861

139,025,753

—22.7

130,969,335

129.847,745

78,526,312

—13.4

"

48,749,642

68,453,341

64,486,263

—24.4

Minneapolis...

3,258,698
68,005,872

4,181,893

107,397,921

Minn.—Duluth..

—22.1

"

63,540,059

45,295,596

"

St.

22,803,990

24,713,958

—7.7

214,413,522

22,682,437

256,075,312

—16.3

1,892,900

1,979,017

—4.4

1,877,779

4,498,962,508

5,287,037,151

1,964,686,696

2,378,350,346

5

•

"

9th

11th Dallas— 6
12th San Fran.. 11

107,563,195

Total
112 cities
Outside N. Y. City

Canada

We

..32 cities

now

add

261.102,820

oui

1

1

295,151,764

117,030,295

98,297,985

116,284,056

229,106,961

CO

V

201,777,526

5,398,310,604

4,976,587,141

2,199.793,556

—11.5

1,879,562,344

313,292,902

263,508,695

X

577,000

—17.7

442,000

358,000

105,272,790

Total (4 cities).

125,927,797

—16.4

116,284.056

105,633,653

Reserve Dis trict—Minn eapolls

696,937

685,273

+ 1.7

654,800

694,820
2,428.655

—5.8

681,689

2,210,301

—9.0

2,309.008

59,146,901
19,882,335
1,654,190
572,475
559,524
2,444,294

99,523,498

Paul

113;209,928

—12.1

99,601,017

86,440,580

N. D.—Fargo
S.D.—Aberdeen.

Mont.—Billings
Helena

.

—

Total (7 cities).

Reserve Dis trlct—Kans

Tenth Federal

1937
$

Reserve Dist rict

1936

%

1935

+ 5.0

100,681

98,188

+ 5.8

2,182,187

—18.5

Boston

412,936

480,865

—14.1

1,482,447

1,808,563

—18.0

.1,792,245

164,600,048

—11.3

197,108,740

517,806

185,426,289
510,029

247,324

328,423

—24.7

501,897

589,601

—14.9

2,188,824

2,483,897
1,704,332

—11.9

—2.8

1,411,728

+2.2

8,628,744

N.H.—Manches'r

3.199,373
7,543,000
661,011

8,858,639
3,628,208
8,058,400
559,860

Total (12 cities)

191,969,107

214,437,106

—10.5

Feder at Reserve D istrict—New

York-

_

FaU River

Lowell.—
New Bedford.

_

Springfield
Worcester

1,657,282

Conn.—H artf or d

9,057,159

New Haven

R.I.—Providence

Second

644,186

250,290

513,898

2,149,593
1,036,462

469,330
:•

—11.8

3,020,373

8,909,129
2,808,458

—6.4

7,717,100

7,443,100

+ 18.1

438,188

470,016

191,416,090

5,175,114
828,929
26,600,000

4,708,994

5,760,419

—18.3

4,843.746

719,972

843,917
32,900,000

—14.7

726,684

—27.7

32,700,000

Elmira.
New York

Rochester.....
Syracuse..

WestchesterCo.

Conn.—Stamford
N.

J.—Montclalr

Newark

23,800,000
377,477
425,029
259,711
724,920
2,534,275,812 2,908,686,805
5,158,189
6,809,224
2,816,655
3,725,673
2,330,880
2,292,185
3,036,919
3,777,324
197,168
211,745
12,099,357
16,246,019

Northern N. J.

17,835,373

25,914,541

Total (13 cities) 2,607,616,507
3,008,317,801

Third Federal

—11.2

565,814

576,083

—64.2

502,262

401,456

—12.9

,198,517,048

—24.2

—24.4

6,638,783
3,222,277

1,097.024,797
5,447,975
3,019,336

+ 1.7

1,924 057

—19.6

Bethlehem....
Chester

242, 752
982, 233
302,000 000

424,267

823,845

—6.9

207,877

15,994,330
28,295,025

2,347,983
381,777
15,442,220
28,390,198

13.3 3,297,057,486

—15.7

3,146,547

—32.6

73,281,480
2,427,956
051,373
503,917

98,603,544

—25.7

2,797,658
573,443
525,460

—13.2

+ 13.6

539,465

—4.1

834,126

543,450
537,840

107,397,921

139,025,753

—22.7

130,969,335

129,847,745

Colo.—Col. Sprgs
Pueblo
Total (10

cities)

Eleventh Fede ral

+6.5

29,162,693
2,064,300

2,938,502
89,351,841
2,949,919

Reserve

1,265,010

—28.9

1,034,151

976,290

50,617,506

—27.4

51,039.313

35,259,375

6,050,948

6,647,469

—9.0

5,759,755

4,923,670

1,569,000

Dallas
Ft.

District—Da Has—

899,235

36,729,561

Texas—Austin...
Worth

Galveston

634,826

2,866,072

1,845,000
828,077
3,283,201

—15.0

Wichita Falls-

La.—Shreveport.

48,749,642

64,486,263

Twelfth Feder al Reserve D istrict—San

Wash.—Seattle..

3,105,441

785,268
1,810,987

—24.4

63,540.059

45,295,596

Franc isco

—19.1

40,880,197

7,322,000

8,076,000

—9.3

810,259

964,384

—16.0

Ore.—Portland—

26,581,448

29,827,484

—10.9

Utah—S. L. City

11,392,147
3,650,532

15,112.535

—24.6

Yakima

Calif.—L'g Beach
Pasadena
San

3,008,814

Francisco.

33,632,732
9,415,000
1,034,609
29,256,089
13,117,935
3,161,840

28,042,249
7,404,000
715,940

24,112,422
10,868,321

4,002,899
3,082,403

—8.8
—2.4

3,055,723

2,071,648

—16.5

130,884,000

120,518,915

—17.6

2,425,110

3,404,733

Santa Barbara.

1,079,573

147,186,000
3,328,142
1,330,150

—18.8

2,717,555
1,130,122

1,817,797

2,285,118

—20.5

1,701,356

1,412,796

214,413,522

256,075,312

—16.3

229,106,961

201,777,526

122,918,000

San Jose

2.740,967

Total (11 cities)

526,056

1,540,000

730,399

—12.7

Stockton

a-

349,213

1,871,000

—23.3

33,091,985

Spokane...

3,187,459,713

—31.2

Reserve Dis trlct—Phila delphi
318, 219
476,787 —33.3

451, 948

2,919,286

1

—25.5

'

Pa.—Altoona

—14.7

2,188,404

Total (6cities).

224,179,295

Bingham ton...

Jamestown

28,840,699

1,844,560

Wichita...

81,091
2,138,996

498,282

2,184,473

+ 1.5

165,163,781
503,233
298,211

N. Y.—Albany..
Buffalo

486,266
1,658,559

79,113

2,121,447

Kan.—Topeka...
Mo.—Kan. City.
St. Joseph

$

City

69,623

100,103
2,517,743
28,289,016
1,779,846
2,282,896
91,789,603
2,735,256

Omaha

Dec.

as

73,080
103,834

...

Lincoln

Inc. or

1938

Mass.—Boston.

579,352

1,777,545
24,612,729

Hastings

Clearings at—

First Federal

X

475,000

Qulney

Neb.—FremontWeek Ended Aug. 27

Portland

X

X

detailed statement

showing last week's
figures for each city separately for the four years:

Me.—Bangor

X

;

263,863
349,334

263,086

—7.7

258,061

208,505

1,296,157
324,000,000
1,343,918
1,862,326

—24.2

1,165,615
316,000,000

802,067

—6.8
—27.4

1,028,926

—7.3

1,808,300

614, 100
1,145 ,272

N. J.—Trenton..

699,094
1,748,500

—12.2

2,906 500

2.630,600

+ 10.5

752,517
1,147,566
1,839,000

790,226
1,571,205
965,737
1,115,747
5,318,800

Total (10 cities)

311,363,089

334,744.735

-7.0

324,875,254

Grand

total

801,392

(112
4,498,962,508 5,287,037,151

—14.9 5,398,310,604 4,976,587,141

Outside New York 1,964,686,696 2,378,350,346

—17.4 2,199,793,556 1,879,562,344

cities)

283,385,484

Lancaster

Philadelphia..
Reading

976 132

Scranton

1,725 933

Wllkes-Barre.

.

York

—34.5

272,000,000

Week Ended Aug. 25

Clearings atInc.

or

1938

Feder al Reserve D istrict—Ciev eland

Ohio—Canton
Cincinnati....

1936

$

%

$

Toronto

84,392,803

Montreal

x

42,966,733
72,906,727
8,092,300
1,294,623

Dec.

S

Canada—

Fourth

1937

81,563,657

Columbus
Mansfield

Youngstown

Pa.—Pittsburgh

—12.7

100,332,646

82,592.254

—14.0

82,473,903

30,773,401

—16.2
+ 1.0

59,350,829
14,182,082

70,473,685
50,433,062

Total (5

60,429,884

-28.9

Winnipeg

-26.5

47,878,600
77,270,450

43,107,238

99,177.956

60.164,951

Vancouver

9,879,000
1,670,178

-18.1

8,808,200

8.025,200

Ottawa

25,783,010
15,586,375
14,504,460

-22.5

1,312,819

1,143,577

Quebec

3,966,758

15,431,045
13,863.177
4,445,032

Halifax

2,195,912

2,380,247

—7.7

Hamilton

4,383,384

6,403,510

—31.5

4,213,914

4,549,921

—7.4

1,895,250

—17.7

x
_

cities).

x

91,863,740
217,124,123

135,418,789
306,575,807

x

-32.2
-29.2

x

116,417.060
251,687,129

x

90.511,507
202,952,473

St, John

Edmondon

1,559,284
1,530,759
2,101,230
3,535,768

Regina

3,347,641

...

Victoria
Fifth Federal

Reserve Dist rict

London

Richm ond-

5

96,632.807
94,835,833

Colgary

Cleveland

1935

+ 4.6
—10.8

12,315,069

16,863,519

12.591.532

3,396.013
2,002,051
3,937,294
4,475,452

3,348,875

1,975,765
3,061,244
4,905,464
1,822,246

1,556,549

—1.7

1,581,013
1,550,903

—10.9

2,467,447

Va.—Norfolk

Richmond....
S. C.—Charleston

Md.—Baltimore.
D. C.—Wash'g'n
Total (6

cities).

2,271,795

+ 1.8

2,989,096
5,108,736

3,379,940
2,462,852
238,298

1,301,423

352,906

-13.0

291,187

140,725

1,926,000
37,922,940
876,915
50,253.655
16,276,594

2,232,000
38,839,006
1,114,135

-13.7
—2.4

2,029,000
39,101,216

-21.3

967,795

59,654,421
18,144,795

-15.8
-10.3

57,984,613
16,656,484

1,889,000
33,258,510
773,770
48,029,733
14,206,247

107,563,195

120,337,263

-10.6

117,030,295

98,297,985

Brandon

317,574

Lethbrtdge

421,946

463,795

—9.0

454,685

428,356

1,199,829

+ 9.1

1,307.722

557,858

1,099,296
339.058

+ 64.5

575,709

1.111,382
415.218

777,593

785,106

—1.0

709,664

600,364

Fort William

841,021
639,991
154,988

720,670
717,088

+ 16.7

722,116

—10.8

623,517

Medicine Hat

307,091

2,357,173
3,474,234
3,190,336
306,617

Brantford

W. Va.—Hunt'ton

196,096

—21.0

253,641

484,317
462,444
254,849

Peterborough

556,788

565,862

—1.6

537,062

625,521

723,507

—13.5

516,224

926,768

899,220

+3.1

913,589

940,613

1,975,770

1,911,102

Saskatoon
Moose Jaw

New Westminster
Sixth Federal

Tenn.—Knoxville
Nashville

Ga.—Atlanta..
Augusta
Macon

Fla.—Jack'nvllle.
Ala.—Birm'ham

_

Mobile

Reserve Dist rict—Atlant

3,040,903
15,403,971
46,400,000
741,738
632,312
13,305,000
15,832,568
1,279,465

Miss.—Jackson..

x

Vicksburg
La.—New Orleans

3,364,452
16,819,812
47,100,000
1,255,024
804,327

14,094,000

—5.6

17,755,911
1,635,499

—10.8

x

—9.6

+3.6

285,577

468,296
455,945

—8.4

2,755,631
13,148,604

11,323,926

Sherbrooke

—1.5

46,700,000

37,100,000

Kitchener

—40.9

1,009,994

958,892

Windsor

2.139,336

832,719

693,835

Prince Albert

269,048

2,957,257
307,199

—33.2

—21.4

—12.4

304,889

12,620,000
13,878,063
1,386,839

10,800,000
14.069,906
1,140,768

Moncton

811,551

839,199

—3.3

687,454

724,766

Kingston

525,113

—4.6

517,104

415,783

Chatham

501,139
386.956

468,007

—17.3

435.011

235,688

Sarnia

478,668

444,639

+7.7

398,140

373,598

Sudbury

994,855

1,005,520

—1.1

1,200.478

779.005

261,102,820

295,151,764

—11.5

313,292.902

263.508,695

—21.8
x

2,433,679

x

91,059

114,802

—20.7

113,593

68,958

27,658,502

32,760.631

—15.6

31,519,424

273.465

24,139,544
Total (32 cities)

Total (10 cities)

+4.9

124,385.518




135,704,458

-8.3

123,964,867

102,729,508
*

Estimated,

x

No

figures available.

Volume
THE

We

Financial

147

ENGLISH

GOLD

AND

MARKETS

SILVER

the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Aug. 17, 1938:
■-r
;,, ■
.'
gold y••
;:/■: v..
;' 1
,,

The Bank of England

£326,-

gold reserve against notes amounted to

Aug. 10th showing

on

change

no

compared with the previous

as

Wednesday.
In the open market conditions continued active,
not

quite such

on

a

£8,000,000

changed

when there

were

with

a

hands

during

indications of

week

the

and today,

yesterday

and

slackening of demand, offerings included

a

reaction in the dollar and the sterling price

coincided

of gold, which on Aug. 13

declined today to

142s. 9d. touched the highest level since May, 1935,

at

This statement of the

142s. 4%d.
Per Fine

Per Fine

Quotations:
Aug. 11
Aug. 12

—

Aug. 13
Aug. 15

The following were the United

registered from mid-day

142s. 8%d.
142s. 4
142s. 7.08d.

Aug. 16
Aug.

it:

Average

£32,775
356,701
20,158

New Zealand
Canada..
Venezuela

Siam

United States of America£4,515,760
France
412,647
Netherlands..

854,172

32,987
354,159
43,978
12,146

British India
Australia

Switzerland

823,477
46,937

....

298,140

Belgium.

29,774

Germany
Netherlands.............

31,628

Switzerland

51,258

.

5,939
9,144

14,397

Egypt
Other countries.....-—-

17,228
■

4,832

£7,017,474

£950,763

value of about £356,000.

Aug. 13th carries gold

-

gold output
1,027,123 fine
for June 1938 and

record was established by the Transvaal

A new monthly high

1938 during which the production amounted to

for July,

this figure compares with 1,018,712 fine ounces

ounces;

.$2,557,939,741 $1,748,127,690

...

War Savings certificates

on

on

3,535,985

prices

have

cash delivery from
Sales

were

made

been

again

carrying operations had the effect

narrow,

bear
silver for

yesterday

but

of increasing the premium on

%d. to 3-16d.
Continental account and there was some speculative

on

and on occasion

reselling; the Indian Bazaars continued to give support
during the week American trade demand was in evidence.

Balance, deficit (—) or surplus (+)

+ 1670 318,201 +1197.653,058

INTEREST-BEARING DEBT OUTSTANDING

Title of Loan—

3s convertible bonds of 1946-1947

level would

sufficiently high for the time being.
United Kingdom imports and exports of silver,
the 8th inst. to mid-day on the 15th inst.:

on

Exports

Imports—
._£ 3,001

Germany

4,090

New Zealand

8,689
z23.043

Germany.
Belgium
France

.

9,003
x3,500
6,566

.......

.

Eire

Other countries

25.800,0001

Special:—4s Adjusted Service Ctf. Fund—Ser. 1938

-

2,675

...

4%s-3%s Treasury bonds of 1943-1945
3%s Treasury bonds of 194+1946
3s Treasury bonds of 1946-1948
3%s Treasury bonds of 1949-1952

A.-O.
A.-O.
J.-D.

491,375,100

M.-S. 2,611,095,150

M.-S. 1,214,428,950
M.-S. 1,223,496,350

3%s Treasury bonds of 1941-1943
3%s Treasury bonds of 1946-1949—
3s Treasury bonds of 1951-1955

M.-S.

J.-D.
J.-D.

J.-D.
M.-S.

Treasury bonds of 1941

F.-A.

2%s Treasury bonds of 1948-1951
2%s Treasury bonds of 1951-1954

J.-D.
M.-S.

2%s Treasury bonds of 1956-1959

1,626,687,650
981,827,550

2%s Treasury bonds of 1949-1953

J.-D.

z2,016
z2,024
2,481

Other countries...

981 848 050
1,786,504,050

J.-D. 1,786,147,050

540,843.550
450,978,400

M.-S.

cl81,806,436

U. S. Savings bonds, series C, 1937
U. S. Savings bonds, series C, 1938.
Unclassified sales

188,295,448

c335,635,569
c443,432,13l

U. S. Savings bonds, series A, 1935
U. S. Savings bonds, series B, 1936—r

351,765,973
188,339,550

cl94,716,537
c56,258,397

1946)

500,157,957
118,065,420

.

_J.-J.

Treasury notes...

36,873,190,047 34,593,555,261
450 424,893
512,342,213
100,778,830
109.688.235

Aggregate of Interest-bearing debt
no

119,086,360

11,306+30,050 10,420.568,150
2,553,475,000
1,553,380.000

.....

Treasury bills

Bearing

404,987,650

(Govt. Life Insurance

4%s Adjusted Service bonds,
Fund series

*49",293*83Q

325,795,800

3s Adjusted Service bonds of 1945

Interest

Matured, Interest ceased

837,424,393,770 35,215,585,709

Deduct Treasury surplus or add Treasury deficit

Net debt

z2,000

Palestine

Aden and dependencies

758,955,800
1,036,702,900
489,080,100
454,135,200
352,993,950
544,870,050
818.627,500
755,476,000
834,463,200
1,400,534,750
1,518,737,650
1,035.874,900
491,375 100
2,611,112,650
1,214,428,590
1,223,496,850
1,626,688,150

1,035,874,400

J.-D.

2%s Treasury bonds of 1955-1960

M.-S.

1,404

Arabia-Muscat

303,143,000

489,080,100
454,135,200
352,993,450
544,870,050
818,627,000
755,434.500
834,453,200
1,400.528,250
1,618,737.650

3%s Treasury bonds of 1946-1956..
3%s Treasury bonds of 1943-47
3%s Treasury bonds of 1940-1943

Total debt

£17,615

Denmark
Sweden

Canada

$
49,800,000
28,894,500

2%s Unemployment Trust Fund—Series 1938..
825,665,000/
4%s Treasury bonds of 1947-1952
A.-O.
758,945.800
3s Treasury bonds of 194+1954
J.-D. 1,036,692,900

The following were the

registered from mid-day

May 31, 1937

$
49,800,000
28.894,500

Payable
Q.-M.
Q.-J.

3s of 1961

2%s Postal Savings bonds

The tone of the market seems fairly steady, but the present
appear

$550,574,534

warrant checks

Total

2% Treasury bonds of 1948—.

SILVER

in

888,366

$887,621,540

Settlement

2%s Treasury bonds of 1945

996.545 fine ounces for July, 1937.

Fluctuations

25,414,463
520,652,110
3,619,595

44,747,225
829,280,322
10,058,008

...

Disbursing officers' checks
Discount accrued

3%s

The SS. Narkunda which sailed from Bombay on
to the

or under disbursements on belated items
Deduct outstanding obligations:
Matured Interest obligations.......—.

2%s Treasury bonds of 1945-1947

Finland.,

Syrian.— -

France

Other countries

May 31, 1937
$1,753,547,360
—5.419.770

May 31, 1938

Certificates of Indebtedness:

Exports

Imports
British East Africa

CASH AVAILABLE TO PAY MATURING OBLIGATIONS

Balance end of month by dally statements
.$2,566,919,736
Add or Deduct—Excess or deficiency of receipts over
—8,979,995

Interest May 31, 1938

gold,
the 15th inst.:

Kingdom imports and exports of

the 8th inst. to mid-day on

on

and net debt on that date, we append a summary thereof,
making comparison with the same date in 1937.

Ounce

Ounce
142s. 4%d.
142s. 8d.
142s. 9d.
142s. 8d.

public debt and Treasury cash hold¬

ings of the United States, as officially issued as of May 31,
1938, delayed in publication, has now been received, and as
interest attaches to the details of available cash and the gross

although business was

At the daily fixing about

large scale as last week.

The decline In the Continental demand for gold

resales.

some

COMPLETE PUBLIC DEBT OF THE UNITED STATES

reprint

411,750

1435

Chronicle

+ 1670318,201 +1197,553,056

...r.....b35,754,075,569 34.018.032.653

—

Total gross debt May 31, 1938, on the basis of daily Treasury statements, was

a

$37,422,327,043.23, and the net amount of public debt redemption and receipts In
was $2,066,726.05.
b No reduction Is made on account of obligations

transit, &c.,

of foreign governments or other investments,

c

Amounts issued and retired include
values.

accrued discount; amounts outstanding are stated at current redemption

£57,892
x

of legal

Coin

tender

in the

£30,215

.

United

Kingdom,

z

Coin

of legal

not

CONTINGENT

LIABILITIES

OF THE

UNITED

STATES,

MAY

31,

1938

Compiled from Latest Reports Received by the Treasury

tender in the United Kingdom.
Amount of

Quotations during the week:
IN

Principal

IN

-Bar Silver Per Oz. Std.-

Cash

43
43
43
43
43
43

Aug. 10
Aug. 11
Aug. 12
Aug. 13
Aug. 15
Aug. 16

19 5-16d.
19%d.
19 7-16d.
19 5-16d.
19 5-16d.
19%d.
19.333d.

Guaranteed by the U.

cents
cents
cents
cents
cents
cents

'./v'

a

Total

S.
s

8

S

Commodity Credit Corp:

3% bonds of 1942-47.
2%% bds. of 1942-47.
1%% bonds of 1939..
1%% bonds of 1939.

$4.87.

862,085,600
98,028,600
236,482,200
103.147,500
100,122.000
9,900,000

1,149,447
672,585
2,680,131
709,139
375,457
5,597,073

6,687

812,956,750

2,032,637

814,989,387

1,004,763,725

3%% bds.of 1944-64.

127,098

514,784

3% bonds of 1944-49

'

206,299.098

206,172,000

*1,409,765,900

%% note ser, C, 1939
Fed'l Farm Mtge. Corp.:

New York recorded during the period

The highest rate of exchange on

from Aug. 11 to 17 was $4.88% and the lowest

Interest

YORK

NEW

(Per Ounce .999 Fine)

2 Mos.

19 7-16d.
19%d.
19 9-16d.
19 7-16d.
19%d.
19 7-16d.
19.479d.

Aug. 11
Aug. 12.
Aug. 13—
Aug. 15
Aug. 16
Aug. 17
Average

Contingent Liability

Detail

LONDON

9,210,334
288,937

1,013,974,059
49,821,037
325,254,750
751,643,483

10,312

863,235,047
98,701,185
239,162,331
103,856,639
100,497,457
9,910,312
—

1,415,362,973

—

Fed'l Housing Admin.:

3% debentures

ENGLISH

FINANCIAL

MARKET—PER CABLE

3% bds.. ser A, '4+'52
2%% bonds, series B,

The
as

daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Mon.,

Sat.,

Aug. 29

Aug. 27

Silver, per oz— 19 5-16d.
Gold, p. fine oz. 142s. 8d.
Consols, 2%%. Holiday
British 3%%
War Loan

Tues.,

Wed.,

Thurs.,

Aug.30

Aug. 31

Sept. 1

19%d.
19%d.
142s.8%d. 142s. lid. 1438.3 %d. 143s. %d.
£74%
£74%
£74%
£74%
19 3-16d.

19%d.

1939-49

2% bonds, ser. E, 1938
1%% bds., ser F. 1939
2%% bonds, series G,

Fri.,
Sept. 2

744,662,275

143s .4d.

Holiday

£102%

£102%

£102%

£102%

£102%

notes, series K.
Tenn. Valley Authority.

£113%

£113%

£113%

£113%

£113%

298,572,666

2,067,041

——

Total,

based

........

upon
'

The

States

guarantees

price of silver per ounce (in cents) in the United
the same days has been:

on

Closed

BarN.Y. (for.)
U. S.

44%

44%

44%

44%

44%

64.64

64.64

64.64

64.64

64.64

'.

....

-

—

...

4,878,505,970

On Credit of the U. S.~
Secretary of Agriculture
Postal Savings System:

64.64

Funds due depositors.

Treasury

(newly mined)

2,955,082,717
c.300,639,708

b"

8. Housing Authority

U

1960-90.——Holiday

6,981,208
18,513,117

Reconstrue'n Fin. Corp.:
1 %%

British 4%

49,532,100
325,254,750

f2,937,169,600

1942-44

19%d.
£74 3-16

521,472

Home Owners' L'n Corp

Total,

based

1,268,235,939

33,196,521 dl, 301,432,460

upon

credit of the U

S.

1,301,432,460

.........

Other Obligations—
F. R

NATIONAL BANKS

CAPITAL STOCK REDUCED
Amt. of Reduction

Aug. 18—The Memorial National Bank of Collingswood, Collingswood, N. J.
From $50,000 to $25,000.
—
$25,000
COMMON

Amt. of Increase

Aug. 18—The Memorial National Bank of Collingswood, Collings¬
wood, N. J.
From $25,000 to $50,000.
$25,000
Aug. 23—The First National Bank of Celina, Celina, Ohio. From
$125,000 to $150,000
25,000
—

After deducting amounts

issued and outstanding.
of funds deposited with the Treasurer of the

United

States to meet interest payments.
b Notes In the

In the public
c

face amount of $2,000,000 are

held b> the Treasury and reflected

debt.

Does not Include

$854,723,166.28 face amount of notes and accrued interest
reflected In the public debt,

thereon, held by Treasury and

1938, are not available.
designated depository banks and the accrued interest amounting
which is secured by the pledge of collateral as provided in the
Regulations of the Postal Savings System, having a face value of $122,630,318.25,
cash in possession of System amounting to §64,035,191.25, Government and Govern¬
ment-guaranteed securities with a face value of $1,104,258,470 held as investments,
d Figures as

of March 31, 1938—figures as of May 31,

to $122.*61,961.74,

and other assets,

Amount

Aug. 25—The Farmers and Merchants National Bank of Winterset,
Iowa; common stock, $36,200; preferred stock, $13,800
$50,000
Effective Aug. 23, 1938.
Liq. Agent, N. E. Kelley, Winterset,
Iowa.
Succeeded by Farmers and Merchants State Bank,

,

fund deposited In
Federal Reserve notes held by the
Issuing banks.
The collateral security for Federal Reserve notes issued consists of
$4,535,632,130 In gold certificates and in credits with the Treasurer of the United
States payable in gold certificates, and $8,084,000 face amount of commercial paper.
f Includes only unmatured bonds issued and outstanding.
Funds have been de¬
posited with the Treasurer of the United States for payment of matured bonds
e

the

VOLUNTARY LIQUIDATION


http://fraser.stlouisfed.org/
f-tjr
Federal Reserve Bank of St. Louis

Includes only bonds

a

Offset by cash in

CAPITAL STOCK INCREASED

Winterset, Iowa.

e4.148,275,045

amt.).

*

following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
The

COMMON

notes (face

In actual

circulation, exclusive ot $8,930,819.82 redemption

Treasury and $270,427,435 of their own

which have not been presented for

redemption.

Financial

1436

1938, has just been issued and is

condition of the National banlp under the Comp¬
summarized below. For purposes of comparison, like details for

including March 31, 1937, are included.

previous calls back to and

CONDITION OF NATIONAL BANKS IN THE UNITED STATES ON MARCH 31, JUNE 30,
DEC. 31, 1937, AND MARCH 7 AND JUNE 30. 1938

ABSTRACT OF REPORT OF

$8,469,204,000
5,368,000
6,813,206,000

$8,807,782,000

$8,809,448,000
4,099,000
6,763,895,000

$8,628,386,000

5,113.000
6,902,521,000

1,352.019,000
4,082,065,000
101,869,000

Loans and discounts (Including rediscounts)--——
——
Ovcrdr&rts m'm
-»'«• ** m
mm
mm* mmmmmmmm m+e
<m mm
United States "government "securities, direct obligations—
Securities guaranteed by United States government as to Interest
and

m

principal.—————

——————

—

Customers' liability account

of acceptances

—-—

—

1,316.674,000
3,903.092,000

1,308,987,000
3.690.122.000

77,127,000
632,244,000
155,625,000
4,172.915.000
422.490.000
3,955.088,000
6,163,000

1,320,410.000
3.722.727.000
67,325,000
633,953.000
155,534.000
4,282.582,000
430,675,000
3,665,499,000
5,039,000

4,304,073,000
7,219,000

19,965.000
188,000
105.839,000

19,077.000
178,000
117,383,000

102,689,000

———-—————-—

—

Other assets.---

Total

-

—.

175,104,000
3,918,035,000
483.510,000
3,876,071,000
7,166,000

banks and bills of exchange or drafts sold with

endorsement.——

Securities borrowed

——

—

—

—

June 30,

96,441.000
635.670,000
162.409.000

636.352.000

Banking house, furniture and fixtures
Real estate owned other than banking house
Reserve with Federal Reserve banks——
Cash in vault.--------Balances with other banks and cash items in process of collection
Cash items not in process of collection- --.----------Acceptances of other

June 30, 1938

Dec. 31,

(5,311 Banks)

Other bonds, stocks, and securities-----———

Mar. 7. 1938
(5,256 Banks)

AND

1937
(5.299 Banks)

Mar. 31, 1937

m m » m ^ m

Sept, 3, 1938

Banks June 30, 1938—The statement of

Condition of National

troller's call of June 30,

Chronicle

4,152,889.000
444,598,000

3,780,382.000
8,215,000
8.265.000

7.014,000
368,000
121,821,000

229.000

112,791.000

1937
(5.266 Banks)

4,980,000

6,771,752,000

(5,248 Banks)

$8,330,568,000
4,056,000
6,510,357,000

1,477,359,000
$.656,560,000
54,621,000
629,398,000
153.975,000
4,618,177.000
528,305,000

9.522,000
203.000

330,049,172,000 $30,337.071,000 $30,124,195,000 $29,823,500,000 $30,387,082,000

Liabilities—
Demand deposits of

individuals, partnerships and corporations-———

Time deposits of Individuals, partnerships, and corporations.-—-State, county and municipal deposits——^-———
—
United States government and postal savings deposits————-—-

Deposits of other banks —

——————————-

————

Certified and cashiers' checks,
checks outstanding, &c—

cash letters of credit, and travelers'

;*

—.——.—

Obligations on Industrial advances transferred to the Fed. Res. Banks.
Acceptances of other banks and bills of exchange or drafts sold with
,

—————

—

.

—~—

Acceptances executed for customers
—
—
——
Acceptances executed by other banks for account of reporting banksSecurities borrowed

—

, _——

Interest, taxes, and other expenses accrued and unpaid
Dividends declared but not yet payable and amounts
dividends not declared
^
Other liabilities
—

set

Capital stock (see memorandum below)
Surplus....
Undivided profits, net
—
Reserves for contingencies.
Preferred stock retirement funds.—
Total-

———————————
—————

——

;

——

—

—-

—.

—_—-———

344,167,000

751,000
12,155,000
112,000
10,000

$676,000
7,968.000
562,000

7,014.000
104,243,000
14,210,000
368,000

8,265.000
99,794.000
13,616.000
51,221.000

19,442,000
118,587.000
1,586,072,000
1,059,257.000
385.445,000
157,929.000
8,700,000

27,703,000
148,949,000
1,582,131.000
1.073.154,000

$996,000
8,508.000
1.328.000
7,000

$970,000
12,362,000
7,000

6.000

19,965,000
78,378,000
9,785,000
188.000
45,260.000

19,077,000
67,449,000
6,960,000
178.000
55,817,000

9,522.000
53.707,000
7,248.000
203,000
49.129,000

27.403,000
147,485,000
1.577,831,000

8,278.000
155,896,000
1,575,898.000
1,106,495,000

$560,000
7.731,000
1,289,000

904,000

'

10.000

229.000

-

389.233.000
155.623.000
12,024,000

1,100,308,000
399,969.000
154,235,000
11,885,000

403,705,000
159,292,000
11,970,000

27,780,000
140,194,000
1,572,900,000
1,118,413,000
409,167,000
159,309,000
14,030,000

330,049,172,000 $30,337,071,000 $30,124,195,000 $29,823,500,000 $30,387,082,000

-i'''" vV..-;

Memorandum:
Par value of capital

stock:
preferred stock.——
Class B preferred stock
Class

271,351.000

aside for

———

—

—

-

429,894,000

$26,515,110,000 $26,765,913,000 $26,540,694,000 $26,238,242,000 $26,815,894,000
2 176,884,000
2.130,455,000
2,246,824,000
2,208,074.000
2,136,482,000
24,378,628,000 24,519,089,000 24,332,620,000 24,061,358,000 24,685,439,000

59,767,000

Agreements to repurchase U. S. government and other securities sold—
Bills payable——
—
—
——
——
Rediscounts..-.-.——-——

403 962,000

372,261,000

————

—

—

Total deposits-.— —
— ———
—
—
Secured by pledge of loans and/or investments——
Not secured by pledge of loans and/or Investments——

endorsement

312,132,545,000 $12,430,183,000 $12,169,107,000 $11,893,101,000 $12,138,047,000
7,548,899,000
7.469.842.000
7,501,101,000
7,531,158.000
7,401,394.000
2,106,342,000
2.203,466.000
2,019.528,000
2,044,926,000
2,119,798,000
467.873.000
574,899,000
467,338,000
588.166,000
378.020,000
4,211,101,000
3,922,807,000
3.790,587,000
3,832,898,000
4,111,092,000

-

Loans and investments

U. S. government

—I.

*■;

-

pledged to secure liabilities:
obligations, direct and fully guaranteed

Other bonds, stocks, and securities
Loans and discounts

(excluding rediscounts)

Total.

$251,833,000
17,210,000
1,310,987,000

$248,885,000
17,210,000
1,311,326,000

31,591,701.000

$1,587,726,000

$1,582,713,000

$1,580,030,000

$1,577,421,000

$2,063,195,000

$2,126,393,000
550.725,000
32,260,000

$2,100,719,000

$2,028,789,000

574,946,000
24,768,000

544,743.000
31,449,000

547,836,000
27,341,000

$2,662,909,000

$2,709,378,000

$2,676,911,000

$2,603,966,000

$463,089,000
1,317,797,000
534.252,000

$642,388,000
1.404,318,000
407,789,000

$644,021,000

1,388,425.000

154,933,000
11,508,000

$527,465,000
1,365,989.000
515,425,000
151,281.000
9,506,000

153,866,000
10,454,000

380,619,000
157,057.000
14,993.000

$522,413,000
1,402,654,000
432,627,000
144,985,000
10,337.000

76,266.000
16,977.000

76,338,000
14,225,000

76.061.000
15.735.000

76.027,000
14,923,000

$2,574,846,000

—

$267,361,000
17,470,000
1,297,882,000

76,015,000
17,252,000

-

$281,012,000
17,965,000
1.288.749.000

$1,948,458,000
601,497.000
24,891,000

—

Common stock.......

Total..-.—....

$285,826,000
18,653,000
1,287,222,000

$2,574,846,000

A

$2,662,909,000

$2,709,378,000

$2,676,911,000

$2,603,966,000

Pledged:

Against
Against
Against
Against

United States government and postal savings deposits
State, county, and municipal deposits
deposits of trust department
other deposits-..--—
Against borrowings
—
With State authorities to qualify for the exercise of fiduciary
powers
For other purposes..

...

Total...

——

—

Details of demand deposits:

Deposits of individuals, partnerships, and corporations
United States government deposits
State, county and municipal deposits..
Deposits of other banks In the United States (except private banks
and American branches of foreign banks)
Deposits of private banks and American branches of foreign banks
Deposits of banks in foreign countries (including balances of foreign
branches of other American banks, but excluding amounts
due to own foreign branches)
Certified and cashiers checks (including dividend checks), letters
...

...

...

of credit and travelers' checks sold for cash, and amounts due
to Federal Reserve Bank (transit
account).....

$2,132,545,000 $12,430,183,000 $12,169,107,000 $11,893,101,000 $12,138,047,000
291,704,000
379,331,000
495,629.000
394,272,000
504.278,000
1.973.578,000
1.917,084,000
1,752,256,000
1,682,631.000
1,660.287,000

3,647,308,000
97 183,000

234,232,000

372,261,000

3.313,532,000
102,701.000

3,411,660.000
102.000,000

3,555,531.000
83,523.000

3.845.719,000
107,070,000

266,661,000

210,843,000

171,430.000

150,137,000

403,962.000

429,894,000

271,351,000

344,167,000

359,241,000
582,583,000

362,295,000
584,652.000
6,658.001,000
40,233.000
248,272,000
79,270,000

354.086,000
585.963,000
6.638,177,000
65,900,000
258,859,000
73,066,000

,

Details of time deposits:

State, county and municipal deposits!
Certificates of deposit...
Deposits evidenced by savings pass book

202,714,000
600,688.000

....

........

Christmas savings and similar accounts....—....

Open accounts
Postal savings.
,•
—I—-;
Deposits of other banks in the United States (except private banks
and American branches of
foreign banks)
z
Deposits of private banks and American branches of foreign banks.
Deposits of banks in foreign countries (including balances of
foreign branches of other American banks, but excluding
.

amounts due to own

-

—

foreign branches)

....

Ratio of required reserves to net demand plus time deposits:
Central Reserve cities...
Other Reserve

cities.....~~~

All Reserve cities

Country banks...

....

Total United States..




~~

...

*"""
"""

'

.....

~
...III——

~

IIII—IIIII

229,888.000

6,413,936,000

6,511,352,000

41,510,000
345,260,000
86,316,000

61 352.000
305.715.0U0
88,542 000

123,472,000
4,027,000

98.368.000
3.956.000

95,169,000

3,935,000

98.818,000
3.984,000

96,306,000
4,191,000

4,870,000

...

1.1

5,369,000

9,291,000

9.521,000

7,678,000

2u.69%

23.82%
15.39%
18.69%
9.79%
15.63%

26.40%

23.77%
15.16%

13.52%

16.30%
8.55%
13.65%

591,423.000

6,646.098,000
18,912,000
253,508,000

83,888,000

18.28%
21.37%
12.96%
18.43%

18.51 %

9.64%
15.45%

16.21
8.0!
13.5!

Volume

Financial

147

REDEMPTION

-

CALLS

FUND

SINKING

AND

Holders

NOTICES

Below will be found

Name of

list of bonds, notes

a

and preferred

stocks of

corporations called for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
Page

Date

Company and Issue—

♦Associated Gas A Electric Corp. 5M% conv. investment
certificates due Nov. 15,1938
——...Sept.
♦Autocar Co. 1st mtge. 7s
—
__Sept.
Baton Rouge Electric Co. S6 preferred
Sept.
Bear Mountain Hudson River Bridge Co.. 1st mtste 7s_ -.Oct.

1479
1111
1479
727
1332
1484

1484
1485
1485
1485
1485
736
111
1034

—

—

-

East St. Louis A Interurban Water Co.—
First mortgage bonds, series A & B._

268

.Jan. 1/39

5

♦GouldsPuinps,~ inc1st" mtge. "6s",1942.—I

1

.Oct.

1030
1488

.Oct.
1
Gulf States Utilities Co. 10-year 4Ms, 1946
Hamilton Cotton Co.. Ltd.. 1st mtge.. 5Ms, 1948
.Sept. 19
(Walter E.) tieller & Co. 7% cum. pref. stock and 10-year

1340
741

4% notes..
--—.Sept. 14
Indianapolis Power & Light Co., 1st mtge. 5s, 1957
Oct. 11
Mc Ooll Frontenac Oil Co., Ltd., 6% 20-year bonds
-Oct.
1
♦Manila Electric RR. & Lighting Corp. 5% gold bonds ..Sept.
9

573
1038
1049
1494
1496

New York Steam

1349

—

1349
It 44

.

Ottawa Lt., Heat & I'ow. Co., Ltd., 5% ref. mtge. bonds .Oct.

1497
1498
1349
751

1

1500
♦Pillsbury Flour Mills Co. 1st mtge. 6s, 1943---.-Oct.
1
♦Pittsburgh Cincinnati Chicago & St. Louis Ry. consol.
1500
mtge. bondsSept 29
1349
Provincial Paper, Ltd., 20-year 1st mtge. 5Ms—
Nov. 1
901
Public Service Co. of Nor. 111., 1st & ref. mtge. bonds
Oct.
1
San Antonio Public Service Co., 1st mtge. 6s
-—Jan. 1 '39 *3679
1502
♦Sauda Falls Co., Ltd., 1st mtge. 5s, 1955--Oct.
905
Spang Chalfont«fe Co.. Inc., 1st mtge. 5s. 1948—
—Oct.
3
1505
*(Jame3) Talcott. Inc., 5M% partic. pref. stock
__-_Nov. 10
1505
♦Texas Cities Gas Co. 1st mtge. 5s
.—Oct.
1
1209
Toledo Edison Co., 1st mtge. bonds, 1962—
I
Oct. 13
1506
♦Union Water Service Co. 1st lien 5>28
Sept. 21
1509
♦Watauga Power Co. 1st mtge. 6s, 1952
..Sept. 15
1510
♦Wheeling Terminal Ry. 1st mtge. 4s——.Sept. 29
1510
♦(Alan) Wood Steel Co. 1st mtge. 6s, 1944—
—Oct.
1
*
Announcements this week
x Pages in Vol
146.
_ _ _.

—

-

—-

——

——

— — .

_———
— _ — _ —

The following securities were
of the current week:

SALES

$2

on

Wednesday

— — ---------

-

_

-- --

_

—

—

—

— —.

— —

—

Oct.

Faultless Rubber Co
Food Machinery Corp..

"

;

-

-

—

25c

Preferred (quar-

Fox (Peter) Brewing Co. (quar.)—
6% conv. preferred (guar.)..
Frankenmutn Brewing Co. (quar.)__
Extra
;
:
General Fire Extinguisher Co

$ per

Share
59i4

New York shares
Co

18 Royal Dutch Co.,

2

1 Alaska Mining & Power

8

3 American Locker Co., class A

5-20 Canadian Colonial Airways,

Inc

25c lot

—

2 Rhode Island Public Service, preferred, par $27.50

30%
3%

$10
$36 American Wringer Co., dividend scrip—

36 American Wringer Co.,
1 43-40 Deposited

common,

-

-

--

--

--

par

.....45%%
2.90

Insurance Shares, series A
Co., par $25

15 Agriculture Insurance

—

—

By Crockett & Co., Boston:

—

10c
4c

—

SIM

$11 lot

$25-

10

—

Co., par $100
—_
75 Judson L. Thomson Mfg. Co., common, par $100——
—

CURRENT

.

,

97M-97
32%

NOTICES

—Charles D. Ogden and Henry Styskal, both formerly of Ogden & Co.,
are

now

Charwat

with

associated

Brothers.

—Charles King & Co., 61 Broadway,
bulletin

on

New York City, have prepared

a

Cuneo Press.

Dividends

first

we

grouped in two separate tables.
In
bring together all the dividends announced
are

current week.

show

the

Then

we

follow with

a

the
the

second table in which

dividends

previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many eases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
we

The dividends announced this week

are:

Per

Name

Share

of Company

Alabama Power Co. $7 pref. (quar.)

$1 Vs.

_

$6preferred (quar—
$5preferred (quar.)
;u:— Allied Chemical & Dye Corp. (quar.)

I
1

AJlis-Chi.lnit.rs

r*

—

anufact uring

3ym

American Gas & Electric Co. (quar.)
Preferred

(qu°r.)

—

American Optical Co. 7%

$1M
$1%
SIM

preferred (quar.)—

Rolling Mill preferred (no action)
American Tobacco Co. preferred (quar.)
American Water Works & Electric Co.—

SIM
SIM

Holders

When

Payable of Record
Oct,
Oct.
Nov.

1

Sept. 15

1 Sept.15
1 Oct. 20

Sept. 20 Sept.

9

Sept. 3b Sept. 12
Oct.
1 Sept.
8
Nov.
I Oct." 7
Oct.
1 Sept.17

1st pref erred (quar.)
—
AppaLchi m Electric Rower pref. (quar.) —
16 referred (quar.)
Ashland Oil & Refining Co. (quaf.)—
Preferred (quar.)
-——
Atlanta Gas Light Co. preferred (quar.)——
Atlantic Refining Co. 4% % pref. A (quar.)„
Auto Car preferred (quar.)
—
Bastian-Blessing Co—
—
— —
Preferred (quar.)
—
Benef tial industrial Loan Corp. (quar.)
Preferred series A (quar.).
—

-




im%

Oct.

1

Sept. 10

1

General Water Gas & Electric—

10c

Oct.

1

Preferred (quar.)__.
Girdler Corp. (quar.)

75c

Oct.

1

12MC
12Mc
SI
SIM
62 Mc

—

'

Extra.Godchaux Sugar class A
Preferred (quar.
Goldbiatt Pros, preferred (quar.
Great Eastern Fire Insur. Co. (s.-a.),
Great Western Sugar Co.

—

-

--

—

Oct.
Oct.

_

Oct.

-

t20c
15c

-

_

-

-

-

~ _-

3c
lc

S---'
— ------

— - -- --—-

SIM
$1M
25c
50c

(quar.)

SIM

— -

Home Fire & Marine Insurance (quar.)

—

50c

— -

tlOc
*3%

Imperial Tobacco of Canada, ord—-- — --Ord. preferred (semi-annual)—
Indiana Hydro-Electric Power Co.—
7% cumulative preferred (quar.)-------Industrial Acceptance Corp. 5% pref. (quar.)
$2 class A (quar.)
Industrial Credit Corp* of Lynn (quar.)—
7% preferred (quar.)
- - - International Bronze Powders (quar.)_
— 6% cum. partic. pref. (quar.) —

25c
87 Mc
37 Mc
37 Mc

International Shoe Co___International Vitamin Corp------

37 Mc
7Mc

SIM
SIM
50c

—

_

— —

—

lMc

—

$6 M preferred (quar.)

_ _

50c

—-

Iowa Public Service Co. 1st $7 pref. (quar.)

SIM
SIM

—

_——- — - - —

SIM

1st |6 preferred (quar.)
—
Irving Oil Co., Ltd., 6% pref. (quar.)
----Irving Trust Co. (quar.)
Jamestown Telep. Corp. 6% 1st pref. (quar.).--

75c
15c

Jersey Central Power & Light, 7% pref. (quar.)6 % preferred (quar.) —
5 M % preferred (quar—
Kansas Electric Power, 7% pref. (quar.)
6% preferred (quar.)._- —
Keystone(.'ustodian FundsB-4 (s.-a.)
Keystone Public Service Co. $2.80 pref.
Kysor Heater Co. (quar.)_Lackawanna RR. of New Jersey (quar.
Lone 8tar Gas Corp. 6 M % conv. pref
Lorillard (P.) Co. (quar.)
Preferred (quar.)
Mangel Stores Corp., pref. (no action)
Master Electric Co., common.
McCoIl 1 rontenac Oil pref. (quar.)

SIM
SIM
SIM

l\%
SIM

SIM

preferred (quar.)

1 Sept.16

1 Sept.15
1 Oct.
4

25c

Oct.
Oct.

1 Sept.20
1 Sept. 15

SIM

Oct.

1 Sept. 15

SI
75c

4uc

87 Mc

— ------- — - —
— - -- -- -- -- -- -

---------

Co. (monthly)

-

-

Pacific Telephone &
Preferred (quar.)

_ —_ _ _

Sept. 30 Sept. 16

Patterson-Sargent Co. (quar.)_

15

25c

30c

SIM
SIM
SIM
SIM
43Mc
34

% c

25c

.

S1!i
55c

SIM
25c
12 Mc
25c

10c

SIM
15c
25c

5

c

SIM
75c

SIM

15

oept.15
^ept.15
Sept.10
Sept. 6
Sept. 6
Sept. 15
Sept. 15
Sept. 20
Sept.15
Sept.15
Sept. 15
Sept.15
Sept.15
Sept. 15
Sept.15
Sept. 6
Sept. 6
Aug. 24
Aug. 31
Sept. 10*
Sept. 3
Sept. 15
sept.15
Sept.15
Sept. 10
Sept. 10
Sept.17
Sept. 17

Sept.20
Sept. 28 Sept.23
Sept.15 Sept. 5
Aug. 24
Sept
Oct.
Sept. 1
Oct.
Sept. 1
Oct.
Sept. 10
Oct.
Sept.10
Sept. 24 Sept. 13
Oct.
1 Sept. 16
Oct.
1 Sept. 16
Sept.15 Sept. 6
Sept. 30 Sept. 9
Sept. 30 Sept. 9

Sept. 15 Aug. 31
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Oct. 15 sept. 30
Oct. 15 Sept. 30
Oct.
1 Sept. 15
Sept. 30 Sept. 12
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Sept.
1 Aug. 15
Oct.
1 Sept.
9
Oct.
1 Sept. 15
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Oct.
1 Sept.15
Oct,
1 Sept. 15
Sept. 15 Aug. 31
Oct.
1 Sept. 15
Sept.15 Sept. 6
Oct.
1 Sept. 9

Sept. 20 Sept.

2Mc
40c

—

—

SIM
k5c

6

Oct.: 16 bCpt. 30
Sept. 12 Sept. 5
Oct.
1 Sept. 24
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Oct.
1 Sept.20
Oct.
1 Sept.15
Oct.
1 Sept. 15
Sept.
1 Aug. 31
Oct. 15 Sept. 9
Oct.
1 Sept. 16
Sept. 27 Sept. 16
Oct.
1 Sept. 15
Oct.
1 Sept.15
Oct.
1 Sept. 15

Sept. 23 :.epfc,
Oct.
1 Sept.

8

8
1 Aug. 30
Oct.
1 Sept. 9
Oct.
1 Sept. 9
Oct. 15 Sept. 30
Oct.
1 Sept. 16
Oct.
1 Sept. 16
Sept. 3( Sept.15

Sept.

Sept. 15 ^ept. 6
Oct.
1 Sept. 15
Oct.

1 Aug. 31
Sept. 15 Sept. 6
1 Sept. 15
Sept. 3b Sept. 20

Oct.
Oct.

—

Oct.

Oct.

1

SIM

Telegraph

Sept. 30

1 Sept. 15
1 Sept. 15

10c

- - - —

Ontario Loan & Debenture (quar.)

Pantheon Oil Co. (quar.)—
Parke Davis & Co
Pathe Film Corp., $7 pref. (quar.).

30 Oct.

—

Norwich & Worcester RR. 8% pref
NY PA NJ Utilities Co. $3 non-cum. pref__
Oahu Sugar

17

Oct.

SIM
SIM

1st pref. (quar.)

Norwich Pharmacal Co

6

,ept.

Oct.

25c

------------

Noblitt-8parks Industries

1

1

Sept.

Nov.

SIM

— -

Paramount Pictures, Inc.,

Oct.

SIM

—

National Standard Co_

Oct.

Oct.
Nov.

-.

National Sugar Refining Co_ - _ - _
Naval Stores Investment Co. (quar.). .
Newark & Bloomfield RR. (s.-a.).__
New York Lackawanna & Western Ry-—
— —

Sept. 26
Sept. 16
>upt. 15
Sept.15
Sept. 10
Aug. 25
Sept. 15

30c

-

_

Oct.

SIM
SIM

15c
SI
SI .62

_

SIM

10c

70c

-

— ----

Meyer-BIanke Co_ _—i - - - *■.—
7 % preferred (quar .) _ - — - — - - - - - - - - - — - - Minneapolis Gas Light Co. $5 partic. units (qu.)
Mississippi Power Co., $7 pref. (quar.)- — -- — :
$6 preferred (quar.)
- - - - Mississippi River Power, pref. (quar.) ------Monongahela West Penn Pub. Serv. 7% pf-(qu.)
Monroe Loan Society 5M% cum. conv. pref---Montgomery Ward & Co., Inc.
Class A (quar.).--^
——
Myers (F. E.) & Bros. Co
National Battery Co. preferred (quar.) — —
National Gypsum Co., 1st pref. (quar.). _ _
2d preferred (quar.)
—
_

SI M

$1M

(quar.)

Sept. 15
Aug. 31

Oct.

_

-

15
15
8

Sept. 15
Sept. 15
Sept. 15
Sept. 20

Oct.

13 Mc

1
10
15
31
30
20
27

Sept.10
Aug. 23

Sept.

15c

-

(quar.)__-—_

Oct.

20c
--

1

Oct.

SIM

Extra
:
Helme (Geo. W.) Co. (quar.)-------

Investors Royalty Co. (quar.)

Oct.

60c

Preferred (quar.)
~
Harshaw Chemical Co. 7% pref. (quar.)
Hawaiia Consolidated Ry. 7 % pref. A

Preferred

Sept. 15
Sept. 15

30c

7% preferred (quar.)
Greening (B.) Wire Co. Ltd., (quar.)
Greyhound Corp. (quar.)

2d

Sept. 6
Oct.
1 Sept.
6
Sept. 30 Sept. 19
Sept. 15 Sept. 14

1

Sept. 15

New York Transit Co-

American

1

Oct.

,

DIVIDENDS

Oct.

1

14
14
10
15

75c

$3conv. preferred (quar.)...

Preferred

29%

55 Western Massachusetts Cos.——

Sept.
Sept.
Sept.
Sept.

25c

—

$ per Share

Stocks

155 Holyoke Street Railway Co., common, par
10 Knitted Pading Co., par $100—
10 Plymouth Cordage

Oct.

— ------

—

Shares

Oct.

15c

G enerai Telephone Corp. (quar.)

_

80

_

Sept. 30

25c

eneral Investors Trust
General Mills. Inc., 6% cum. pref.(quar.)
-

Oct.

Sept. 3b

-.

u

—

—-

(

25c

_

Holland Furnace Co-

Slocks

Sept. 15 Sept.
1 Sept.
8ept. 3b aept.
Sept, 15 Aug.
Oct. 15 Sept.
Oct.
1 Sept.
Sept. 1 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 19 Sept.
Oct.

OanadaDry Ginger Ale Inc——
25c
Canada Foreign Investment Corp.—
1
8% preferred (quar.)
—$2 Oct.
Canada Malting Co. (registered (quar.)
—
J37 M c Sept. 15
Bearer (guar.).
Sept. 15
— __ t37Mc
Canadian Car & Foundry preferred-- - - (43c Oct. 10
CanadianCelanesepartic.pref. (quar.)
tSIM Sept. 30
Canadian General Electric (qu ir.).
v/ct.
1
—•;
M M
Canadian Wirebound Boxes, $1M cl. A
1
t t37Mc Oct.
Chamberlin Metal Weather Strip
------iOc Sept. 15
Chicago Dock & Canal Co. (quar.)—
Sept. 1
Cleveland Builders Realty Co_
10c Sept. 26
Commercial Alcohols Ltd. 8% cum. pref- — —
10c Oct. 15
Coniaurum Mines, Ltd_-_
J5c
Sept. 16
Consolidated Air-raft Corp. pref. (quar.)
^ept. 3n.
/5c
Consolidated Edison Co. N. Y. pref. (quar.)
SI M Nov. 1
Consolidated Laundries Corp. $7M pref. (qu.)__
SIM Nov. 1
1
Day ton & Ai ichigan RR. Co. (s.-a.)._
8/Mc Oct.
1
8% preferred (quar.)
-SI Oct.
Delta Electric Co. (quar.)__15c Sept. 20
Distillers Corp.-Seagrams.50c Sept. 15
Doernbecher Mfg. Co. (quar.)
-—7Mc Sept. 20
DukePowerCo. (quar.)...
75c Oct.
Eastern Steel Products pref. (quar.)
—$1M Oct.
Emerson Electric Mfg. Co. 7% pref. (quar.)_—
SI M Oct.
Fanny Farmer Candy Shops (quar.)_— ----25c Oct.

Preferred (quar.)
Hercules Powder Co

By R. L. Day & Co., Boston:
Shares

15c
SI

—

—

Hedley Mascot Gold Mines, Ltd. (quar.)

sold at auction

50c
45c

— _

Bucyrus-Monighanclass A (quar.)_—
Budd Realty
Corp. (quar.)- — Burlington Steel Co. (quar.)-

Hawaiian-Sumatra Plantation

AUCTION

5c
30c
Sue
25c

—

-

Bristol Brass Corp. (quar.)
British Columbia Power class A (quar.)

1349

Nov. 1
—Nov. 1
1st
Nov. 1
Nord
Oct.
1
♦Norfolk & Portsmouth Belt Line RR. gen. mtge. 5s, 1965-Oct.
1
♦Northwestern Electric Co. 1st mtge. bonds, 1945— — ---Nov.
1
Ohio Oil Co. 6% preferred stock
—Sept. 15
—

—

—-—-;

1495

♦Morristown & Erie RR. Co. 1st mtge. 6s, 1943--------Sept.30
♦National Gypsum Co. 15-year 6s, 1943—...——Oct.
1

,

Bishop Oil Corp

Brach (E. J.) & Sons (quar.)—
Bridgeport Gas Light Co. (quar.)

-

Empire Oil A Refining Co. (Cities Service Oil Co.) 5Ms, .Oct.

1st
1st

of Record

Company

Cambria Iron Co. (semi-ann.)

15
15
12
1
Chesapeake & Potomac Telep. Co. of Va. 1st M. bonds-,-Nov. 1
♦Commonwealth Edison Co 1st mtge bonds..—--.Oct. 10
♦Consolidated Oil Co. preferred stock
Oct.
1
♦County Gas Co. 1st mtge. 5s
—Oct.
1
♦Crucible Steel Co. of America 10-year 5s—
—Sept. 29
♦Dallas Gas Co. 1st mtge. 6s, 1941
-.Oct.
1
♦Dayton Power & Light Co. 1st mtge. 3Ms, 1960
-..Oct.
1
Detroit Edison Co., 5% bonds series E, 1952Oct.
1
Diamond State Telephone Co. 6pref. stock—-----Oct. 15
Dominion Gas Co., 5% coll. trust bonds,.
Jan. 1, '39

Corp.—
mtge. 6s, 1947
mtge. 5s, 1951
mtge. 5s, 1956—
Railway Co
6MS« 1950-.

1437

Chronicle

15 Sept. 30

Sept.
1 Aug. 29
Sept. 30 Sept. 19
Oct.
1 .Sept. 23
Sept.
1 I Aug. 15

i

.

Financial

1438
Per
Share

Name of Company
>ref. (quar.)-$2.80preferred (quar.)...»

Pfeiffer Brewing Co

tlH
SI H
40C

M
35c

IK

........

5

c

si

82 K
81*4

...

81K
10c
10c

43 Kb
15c
5

c

J15c
*81K
$1H
37Hc

...

South Penn Oil Co. (quar.)
Southern Calif. Edison Co., Ltd.—

Original preferred (quar.).
5H% preferred series C (quar.)
Southern Canada Power Co., 6% cum.pref

37 He
34 He

$i*J

(quar.)..

5i-c

5c

12 He

Oct.
Oct.
Oct.
Oct.
Oct.

........

^

t6iHi
50c
50c
37 He

...

Union Electric Co. (Mo.), preferred (quar.)
Union Premier Food Stores (quar.)
United-Carr Fastener Corp
United Light & Railways 7 % prior pref. (mo.)
7 % prior preferred

Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.

1

6

15
15
31
31
31
3
6

14
14
9
15

Sept.

15 Sept.
15 Sept.

7 Aug. 31
1

30
3b
30
1

Oct.

1

Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.

24
20

Nov.

1

15

7% preferred (quar.)
Wisconsin Public Service, 7% preferred
6H% preferred.
...

.....

...

.

Company

1 Nov. 15
Dec. 15

2

1

$1K
*15

SI H
T5uc
25c

81K
$1%
,

8

SI' '

81K
81K
81K
$1H
81K

Share
40c

...

$1H
25c

Addressograph-Multigraph (quar.).
Supply Mfg. class A (quar.)
Agnew-Surpass Shoe Stores .preferred (quar.)..
Agricultural Insurance Co. (Watertown, N. Y.)_
Alabama & Vicksburg Ry. Co.
(semi-ann.)
Alexander & Baldwin, Ltd. (reduced)
Allied Laboratories, Inc.
(quar.)
Allied Products Corp. class A com.
(quar.)
Allied Stores Corp., 5% pref. (quar.)
Alpha Portland Cement
Aluminum Mfrs., Inc. (quar.)
Quarterly
7% preferred (quarterly)
I
7% preferred (quarterly)
American Can Co..
pref .(quar.).
Aero

—

35c
37 He

81K
75c
83

31 Sept. 30

...

...

American Chain & Cable..

5%

conv.

preferred (quar.)

American Chicle Co. (quar.).
American Cigarette & Cigar (stock

Sept.

Sept. 15*
1 Sept. 20
1 Aug. 20

Oct.

1

Sept. 13

Sept. 26 Sept.
15 Sept.
1 Sept.
Sept. 30 Sept.

Oct.

Oct.

Nov.
Nov.

1 Oct.
1 Oct.

17
30
15
17
5

5

Sept. 20 Aug. 31
Sept. 20 Aug. 31
Sept. 20 Aug. 31
Oct.
1 Sept. 20

dividend).I

Payable l-40th sh. of Amer. Tobacco Co.
for each sh. of Am.Cigarette &
Cigar held
Preferred (quar.)
American Cities Power & Light class A pref
Optional div. at rate of l-32d sh. for each sh.
American Envelope Co.. 7% pref
A (qu.)..

When

Holders

Payable of Record
Sept. 30 Sept. 14
Oct.

15 Oct.

1

Sept. 12 Aug. 22
Sept. 22 Sept. 2
Oct.

1 Sept.16

Oct.

1

Oct.
Oct.

1 Sept.

Sept. 15

1 Sept. 20
8

50c
50c

Dec. 31 Dec.

15c
43 He

81K
81K

m

M

15

Sept. 30 Sept. 15
Dec. 31
Oct.

Sept.
Sept.
Sept.
Sept.

Dec.

1 Sept.

15
15
15
15

Sept.
Sept.
Sept.
Sept.

15

16
6
6

1

2

com.

.

American Factors Ltd.
(monthly).
American Hawaiian Steam Ship Co.
(quar.)..
American Home Products Corp.
(monthly)
American Ice Co. preferred
American

held.

81K
10c
25c

1 Nov. 25

Nov.

1 Oct.

30c
V5c

Oct.

1 Sept. 15

20c
25c

IIII
...

American News Co. (bi-monthly)
American Power & Light Co., $6 preferred

I

85 preferred
American Safety Razor (quar.)

97 He
25c

(Ind.) (quar.)

American Sumatra Tobacco Corp.
(quar.)
American Sugar Refining preferred (quar.)
American Telephone & Telegraph (quar.)
American Trust Co. (San Francisco) (quar.)

7% pref. gtd. (quar.).;

25c
t75c

t62Kc

American Shipbuilding Co




Dec.

Sept. 10 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 24 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 15 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 30 Sept.

5c

American States Insurance

Sept. 30 Sept. 15
Oct.
1 Sept. 10

40c

.

Extra--

Armour & Co. of Del.

81H
34 Kc

50c

Indemnity (increased)

American Insurance (Newark) (s.-a.)

§1K
81H
20c
18 Kc
81K
50c

—

Extra

81
25c
2oc

——

Bellows & Co. class A

(quar.)-—

25c
$2
$1K
25c
81K

Class A (quar.)

(quar.)
Bell Telep. Co. of Penna. 6H % pref. (qu.)
Berghoff Brewing (quar.)—
Bethlehem Steel Corp. 7 % preferred (quar.)
5% preferred (quar.)
B-G Foods, Inc., 7% preferred
Birmingham Water Works, 6% pref. (quar.)_—
Bell Telephone of Canada

—25c
t83H
81H
25c

Black & Decker Mfg—

82
81K
81H
75c

RR. (quar.)

Boston Elevated Railway (quar.)
Brazilian Traction, Lt. & Pow., pref. (quar.)—

Briggs & Stratton Corp. (quar.)
British-American Tobacco Co., Ltd

Bright (T. G.) & Co., Ltd. (quar.)
6% preferred (quarterly)
Buckeye Pipe Line Co
Budd Wheel 87 partic. pref. (quar.)

lOd.

7He
81H
25C
$1K

—

—

Extra

—

25c

—

-

Buffalo Niagara & Eastern Power, pref. (quar.)
First preferred (quar.)
Bulova Watch Co. (quar.)

40c
81K
50c
81K

Calamba Sugar Estates (quar.)__
Common (extra)
Preferred (quar.)

—
-

-

-

4 annas
10c
81K
40c
40c
35c
50c

—

81

Canada Cement Co., 6 H% preferred

+81
$2

t$l
181H

6% preferred (quar.)

181

IIIK

Carpenter Steel Co. (interim)
(J. I.) Co.. preferred (quar.)

Case

$1K
10c
81K

-

Central Cold Storage Co. (quar.)——

25c

...

81K
82 K
40c

81K

Sept. 15 Sept.
Oct.
3 Sept.
Oct.

31
15
14*
7

15
6
6

5

8
8

10
15
1

6

15 Sept. 15
Sept. 15 Aug. 31
1 8ept. 10

Oct.

tSl

til

6% preferred

Sept. 15 Sept. 5
Oct.
1 Sept. 15
Oct.
1 Sept.14
Oct.
1 Sept.16
Sept. 24 Sept.
1
Sept. 30 Sept. 15

-

.....

6% preferred (quar.)
-—
Bangor & Aroostook RR. Co
5% conv. preferred-------...
Bangor Hydro-Electric Co. 7% pref. (quar.)—
6% preferred (quar.)—
Baton Rouge Elec- $6 pref. (final)
Bayuk Cigars, Inc
1st preferred (quar.)
Beech Creek RR. Co. (quar.)-Beech-Nut Packing Co. (quar.)

182
181 hA

15
5

1

Per

...

81H
81H
63c
81K

Baldwin Co. series A pref. (quar.)

Canadian Oil Ltd., 8% preferred (quar.)
Canadian Wire & Cable, preferred (quar.)
Canfield Oil Co. 7% preferred (quar.)—.

Dec.
Jan.

Dec.

give the dividends announced in previous weeks

—

5oc

Atlas Powder Co

181K

15

and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the
preceding table.

Name of

—-

$1K
50c
25c

Central Illinois Public Service 86 pref

...

Abbott Laboratories common (quar.)
Preferred (quar.)
Acme Steel Co. (quarterly).

§1K

Canadian Industries, Ltd. A&B
Preferred (quar.)
—

50c

Oct.
Oct.

—-

Canadian Fairbanks Morse (resumed)

1 Nov. 15

Oct.

50c

(quar.)

5% preferred w. w. (quar.)
—
5% preferredex-w—
Atlantic Building Trust (Boston) (s.-a.)
Atlantic Refining Co

Boston & Albany

Sept. 30 Sept. 15
Sept. 30 Sept. 15
Oct.
1 Sept. 15

81 %

15

2

Sept.

Associates Investment

— -

—

15

Dec.

50c

7% preferred (quar.)

Sept. 15 Sept. 1
Sept. 20 Sept. 10
Sept. 30 Sept. 15

50c
20c

—

Associated Breweries of Canada com. (quar.)

Canada Permanent Mortgage (Toronto) (quar.).
Canadian Cottons, Ltd., common (quar.)

Jan.
Nov.

22c

Extra

Holders

50c

^81

«

15
8
10

53c
50c
5 )c

Ltd. (quar.)

California Ink Co. (quar.)
,—,
Cambria Iron Co. (semi-annual)..

Oct.

1 Oct.

Asbestos Corp.,

When

Payable of Record

12 He

(initial)

Armstrong Cork Co. 4% preferred
Arnold Constable Corp

20
20

53c
...

Per

Share

Name of Company

BunteBros., 5% pref (quar.).-Burma Corp., Ltd., Amer. dep. rec. (final)
Burroughs Adding Machine
Butler Water Co., 7% pref. (quar.)—

]

15 Sept.

Oct.

53c

Trust certificates A
United States Foil Co., preferred (quar.).
United States Trust (N. Y.) (quar.)
United Wall Paper Factories, prior pref. (qu.)-Ward Baking Corp. 7 % preferred
.....
Warren (S. D.) Co. (reduced)..
Warren Railroad Co. (s.-a.)..
West Kootenay Power & Light, pref. (quar.)__
West Penn Electric Co., class A (quar.)
West Penn Power Co., 6% pref. (quar.)..
...

.6% preferred
Wurlitzer Co., 7% preferred (quar.).

10
10

10c Sept. 15
58 l-3c Nov.
1 Oct.
58 l-3c Dec.
1 Nov.
58 l-3c Jan.
2 Dec.

.

_

10

15 Dec.
1 Sept.

25c

_ .

3
20
10

1

$1 K

(monthly)

7% prior preferred (monthly)
6.36% prior preferred (monthly).....
6.36 % prior preferred (monthly).
6.36% prior preferred (monthly).
6 % prior preferred (monthly)
o % piiur pr
6 7o prior preferred
(monthly)
6% prior preferred (monthly).
United Profit-Sharing, preferred (semi-ann.)
U.S. Electric Light & Power Shares, Inc.—

$1

20

15 Sept. 20
15 Sept. 20
15 Sept. 20

Oct.

12c

........

—

Oct.

28c

...

Twentieth Century Fox Film Corp
Preferred (quar.)

Dec.

5c

Extra...
Telephone Bond & Share Co., 7% 1st pref
$3 1st preferred
Todd Shipyards Corp
;
Toronto Elevators Ltd., 5K% pref. (quar.)
Traders Building Assoc. com. (quar.)
Torrington Water Co. (quar.)

1

Sept. 15
1 Sept. 15*
Sept. 15 Sept. 3
Oct.
1 Sept. 12

10c

....

1

9
9
9

Sept. 12 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 20 Sept.
Sept. 20 Sept.
Sept. 20 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Sept. 15 Aug.
Sept. 15 Aug.
Sept. 15 Aug.
Sept. 15 Sept.
Sept. 15 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Sept. 20 Sept.
Sept. 30 Sept.

$1U

Preferred

(quar.)...
Teck-Hughes Gold Mines (quar.)

25

1 Sept. 10

25c

Signal Oil & Gas class A & B (qualr.)
Simon (H.) & Sons, Ltd.. common (interim)....
7% cumul. preferred (quar.).......
Sloss-Sheffield Steel & Iron, preferred (quar.)

we

Sept. 15

Oct.

.........

Below

15

1

81K

.

7% preferred (quar.)...
Sherwood Swan & Co., 6% class A (qu.)

Southwestern Gas & Electric, 7% pref.
South West Pennsylvania Pipe Lines.
Spencer Trask Fund
Standard Brands, Inc......

15

Sept.

...

...

Sept. 30

1

50c
.

.

7% preferred (quarterly)....
Security Engineering Co., inc. (increased)
....

1

15
15
2
10
16
30
30

Oct.
Oct.
Oct.

25c

...

1
7

Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept:
Sept.
Aug.

81K
81K
81K
7He

Scranton Lace Co

...

Sept,
Oct.
Oct.
Oct.

Beno Gold Mines

Extra

1 Sept. 15
1

Oct.

—

.

10 Sept. 23

Oct.
Oct.

lHc

...

(action deferred).
(reduced).....
Richardson Co. (resumed)
Rochester Telephone, 1st preferred (quar.).
Roeser & Pendleton, Inc...
......
Extra)
;
St. Joseph South Bend & Southern BR
5% preferred (s.-a.)
—;
Her an ton Electric Co. preferred (quar.)

Sept. 10

1 Sept. 10

Oct.

—— —

Quinto Milk Products..
Eayonier, Inc., preferred

1

Sept. 30 Sept. 20

--

— -

-

Pennsylvania Power & Light, $7 pref. (quar.)..
$6preferred (quar.)...
....
Pillsbury Flour Mills (quar.)
...
Pincbin Johnson & Co., Am. dep. rec. (interim).
Pittsburgh Fort Wayne & Chicago By. Go.....
Plymouth Oil Co. (quar.)
Power Corp. of Canada, Ltd., 6% cum. pf.(qu.)
6% non-cumulative preferred (quar.)
Procter & Gamble 5% preferred (quar.).......
Pure Oil Co., 5% pref. (quar.)..
6% preferred (quar.)
1
5H% preferred (quar.)
......

Sept. 3, 1938

Holders

Payable of Record
Oct.
Oct.

—— -

Perfection Stove Co. (quar.)-.

When

Chronicle

Sept. 30 Sept. 15
Sept. 15
Sept. 15
Aug. 31
Aug. 22
Aug. 31
Sept. 15 Aug. 31
Oct. 15 Sept. 30
Sept. 20
Sept. 30
Sept. 15
Sept. 15
Sept.10

Oct.
Oct.

1 Aug. 31
1 Aug. 31

Oct.
Oct.

1

1

Sept. 10
Sept. 10

Sept. 12 Sept. 12

Sept. 15 Aug.
Oct. 15 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 16 Sept.
16 Dec.

Oct.

15 Sept. 23

Oct.

15 Sept. 20

Sept. 15jSept.
Oct.
Oct.
Oct.

1

Sept. 15
Sept. 24
Sept. 30
Oct.

1

Oct.

1

Sept. 15

Sept. 30
Sept. 15
Sept. 15
Sept.15
Sept. 30
Sept. 30
Oct.

I

1 Oct.

Oct.
Dec.

1 Nov. 25

1

Oct.

Aug. 12
30

Sept.

6 July

Sept.

15|Sept.

Oct
Oct.

1 Sept.15
Sept. 20 Sept. 8
Oct.
1 Sept. 15
Sept. 20 Aug. 31
Oct.
1 Sept. 15
Oct.
1 Sept. 16
Oct.
1 Sept.16
Oct.

Sept. 30 Aug. 15
Oct. 31 Sept. 30
Oct. 15 Sept. 30
Oct.
1 Sept. 20
Sept. 15 Aug. 31
Sept. 30 Sept.20
Sept. 20 Sept. 10
Oct.
1 Sept. 12
Sept. 15 Sept. 5
Sept. 15 Aug. 20
Sept. 15 Aug. 20
Sept. 20 Sept. 10
Oct.

1

Oct.

1 Sept.

75c
81
10c
813 H
25c
25c
81K
81K
87He
50c
81K
75c
15c
8IK

Chicago Flexible Shaft (quar.)
Chicago Rivet & Machine
Christiana Securities Co

Chrysler Con)
Churngold Corp

L

Cincinnati Union Terminal 5% pref. (qu.).-—

5% preferred (quar.)

—

Cleveland & Pittsb. RR. Co., reg. guar,

(quar.)
Special (guaranteed) (quarterly)
—
Clark Equipment Co., preferred (quar.)
Clorox Chemical (quar J
Cluett, Pea body & Co., Inc. (interim)
Preferred (quar.)..
Coast Counties Gas & Electric, 6% pref. (quar.)
Coca-Cola Co
Coca-Cola International Corp—

81H
75c

— —

85.80
—$1H

Colgate-Palmolive-Peet Co., 6% pref
Columbia Broadcasting A&B
Columbia Pictures Corp. v.t.c (payable i a stock)
Columbian Carbon Co. (quar.)

25c

...

2H%
81

Columbus & Xenia RR

81.10

Commercial Credit Co. (quar.)

$1

Preferred (quar.)

Nov. 15 Nov.

Oct.

$1

1 Sept.

Sept.
Sept.
Aug.
Sept. 20
Aug. 29
15 Aug. 22
14 Aug. 16
Sept. 30 Sept. 15
Oct
1 Sept. 19

Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.

26
26
6
30
15

Jan.

1 Dec.

Dec.
Dec.

I Nov. 10
1 Nov. 10

86 preferred B (quar.)
86 H preferred C (quar.)

-—

Sept. 15 Aug. 31
Sept. 25 Sept.15
Sept. 26 Sept.15
Oct.
1 Sept. 20
Sept. 15 Aug. 15
Oct.
1 8ept. 12
Oct.

1

Sept. 12
6

Oct.

1 Sept.

Sept.

9 Aug. 26

Sept.16 Sept.

- — -

,

Confederation Life Assoc. (Toronto) (quar.)...

Quarterly
Connecticut Light & Power common
Consolidated Biscuit (Incrfeased)
...

Y., Inc
Consolidated Gas of Bait, (quar.) —
Preferred A (quar.)
Consolidated Investment Trust (quar.)
Consumers Power 85 pref. (quar.)

Consolidated Edison Co. of N.

Sept. 30 Sept.

—

Continental Oil Co
Continental Steel pref (quar.).
Continental Telep. 7% partic. pref.

9
9

Oct.

1 Sept. 10*

Oct.

Sept. 10*
Sept.

Oct.
Oct.
Dec.

Sept. 15
Sept. 15

81K
25c
181
181
75c
15c
50c

84.50 preferred (quar.)
Continental Can Co., Inc., $4H pref. (quar.)_.

2

Sept. 10 Aug. 19
Sept. 10 Aug. 25

Oct.

81H

Compo Shoe Machinery (quar.) —

19

+75c

Commonwealth & Southern $6 preferred
—
Commonwealth Utilities 87 preferred A (quar.).
-

8
8
2
2
20

81K

8 1.06K

84 K conv. preference (quar.)

5

Sept. 15

81.06K Sept. 30 Sept.

Commercial Investment Trust Corp. (quar.)—

1

Sept. 15
1 Sept. 15

25c
81
$1

Chestnut Hill RR. (quar.)

15

Sept. 15

81H

50c

2

Nov.

Champion Paper & Fiber Co. 6% pref. (quar.)- .
Chesapeake & Ohio Ry .Co
Preferred A (quar.)
—
Chesebrough Mfg Co. (quar.)
Extra

1

Sept. 2
Sept. 2
Sept. 20
Sept. 1
Sept.10
Aug. 31
Sept. 10
Sept.15
Sept. 2
Sept. 3
Aug. 31
Aug. 31
Aug. 26
Sept.16
Sept. 16
Sept. 15

75c
10c

1

Dec.

Central Steel & Wire Co., 6% pref. tauar.)—I'entrifugal Pipe f^orp rquar.)
.

31
30
15
10
10

90c
81K
30c
$1K
81H
81H
25c

9

Nov. 15

Sept. 15 Sept. 3
Sept. 30 Sept. 25
Dec. 31 Dec. 25
Oct.

1 Sept. 15

Sept. 23 Sept.

1

Sept.15 Aug. 12
Oct.
1 Sept.15
Oct.
1 Sept.15
Sept. 15 Sept. 1
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Oct.
1 Sept. 10
8ept. 30 Sept. 6

$IK
(quar.)

6H% preferred (quar.)
Copperweld Steel Co..
Cosmos Imperial Mills, Ltd., 5% pref. (quar.).Crane Co., 5% cum. conv. preferred (quar.)
Creamer ies of America, Inc. (quar.)
Crowell Publishing Co. (reduced)
Crown Cork International Corp.—
Class A (quar.)
Crown Cork & Seal Co., Ltd., 82K% pref. (qu.)
Crown Zellerbach Corp., interim.
Crum & Forster pref. (quar.)--_
Cuneo Press, Inc. pref. (quar.)
Curtis Publishing Co. $7 preferred
David & Frere, Ltd., class A (quar.)
Extra, payable in cash or class B stock.
Delaware Fund, Inc. (initial)
De Long Hook & Eye Co. (quar.)
Detroit Gray Iron Foundry (semi-annual)
-

Oct.

S1K
81 %

Oct.

1 Sept. 15
1 Sept. 15

Oct.

1

30c

181K
81K
10c
50c

Sept. 15 Sept.

Oct.

12H

Oct.

12
81H
25c
15c

Sept.
Sept.

82

1

Sept. 30 Sept. 10
Sept. 24 Sept. 14

t25c
56Kc

10c
15c
81K

Sept. 15

Sept. 1<» Sept.
1
Oct. 15 Sept. 30

Sept.

-Sept. 10
Aug, 31
Sept. 13
Sept. 20

Sept. 1
Aug. 31
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Sept. 15 Sept. 1
Oct.
1 Sept. 20
Oct.

Jan

5 Dec. 20

Volume

Financial

147

Share

Dentist's Supply Co. of N. Y. (quar.)

75c

7% preferred (quar.)
7% preferred (quar.)
Devonian

Oil

Sig

_

25c

preferred

...

12

1 Sept. 15

15 Sept. 30
Sept. 30

Aug. 27
Sept. 14 Aug. 22
Oct.

(quar.)

(quar.)

25 Oct. 10
Oct. 15 Sept. 15
Sept.30 Sept. 20
Dec.

Oct.

15

Sept. 3
Sept. 3
Sept.10 Aug. 27
Sept.24 Aug. 31
Sept.15 Aug. 31
Oct.
1 Sept. 20
Sept.15 Aug. 15
Sept. 15 Aug. 31
Oct.
" Sept. 20
Oct.
Sept. 20
Oct.
Oct.

25c

$1H
50c
25c

56J4C
56Hc

87 He
30c
10c

17 He
12c

_

Falstaff Brewing Corp. preferred (s.-a.)
Farm rs & Traders Life Insurance (Syracuse)

Nov.

_

3c

Fifth Avenue Coach

(Bait.), class A & B (quar.)
(quar.)

First National Stores, Inc. (quar.)

Fiscal Fund, Inc., stock dividend.
Stock div.,
payable in beneficial shares
on bank and insurance stock series.

Foreign Light & Power 6% 1st pref. (quar.)
$6.50 cum. 2d preferred
Foster & Kleiser, preferred (quar.)
Foundation Petroleum Ltd. (increased)
Franklin Rayon Corp., $2 H prior pref. (quar.)..
Fuller (Geo. A.) 7% pref. (quar.)
Gamewell Co., $6 conv. pref. (quar.)—
Gannett Co. $6 conv. pref. (quar.)
Gatineau Power Co. (initial quar.)
Preferred (quar.)
Gaylord Container Corp
5 H % converti ble preferred
General Box Co. (quar.)
General Cigar Co
General Candy Corp., class A (quar.)...
General Motors Corp
$5 preferred
General Reinsurance Corp. (quar.)
Georgia Power Co. $6 pref. (quar.)

15c

8Xc
62 He
2 X%

Sept. 15 Aug. 31
Sept.10 Aug. 31

Sept. 30 Sept. 20
Oct.
Sept. 12
Sept.29 Sept. 14
Sept. 3 Aug. 20
Oct.
Sept.15
20
25
1

15

20
20
Sept. 10
Sept. 15 Aug. 15
Oct.

Sept.
Nov.

Oct.

20c

Sept.

Oct.

Oct.
Oct.

20
20

25

15
20

25c

Sept.

Sept. 22
Sept. 3
Sept. 15
Aug. 20
Sept. 1
Aug. 31
Aug. 31
Sept. 10
Aug. 26
Sept.10
Aug. 11

SIX

Nov.

Oct.

SI X
25c

68Mc
lc

Oct.

Sept.
Oct.
Oct.

Sept.
Sept.
Oct.

50c

Sept.

25c

Sept.

25c

40c

56 He

Globe-Wernicke Co., 7% preferred (quar.)
Goebel Brewing Co

u'd

Gold & Stock Teleg. Co. (quar.)
Golden Cycle Corp

SIX
si

Goodyear Tire & Rubber Co. $5 conv. pref. (qu.)
G orb am Mfg. Co.

Sept. 15 Sept.
Sept. 15 Sept.
Oct.
Oct.

10

8
8

1 Sept.15
1 Sept.15

Sept. 30 Sept. 6
l.Oct.
1
Oct.
1 Sept. 15
1 Sept. 16
Oct.
Oct.
1 Sept. 20
Sept. 30 Sept.10
1 Sept. 30
Oct.
Sept. 10 Aug. 31
Sept. 15 Aug. 15
Sept. 15 Sern. 1
Nov.

35c

(quar.)

Sept. 10

Sept.
Sept. 15 Aug.
Oct.
1 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Sept. 30 Sept.

62Hc
SIX
S1H
S1H

SIX

Glen Falls Insurance Co. (quar.)
Glidden Co. 4 H % conv. pref. (quar.)

Oct.

30c

Oct.

SI *4
$100

Oct.

10 Oct.

1

Great Western Electro-Chemical Co.-

6% preferred (quar.)
Griggs Cooper & Co. 7% pref. (quar.)
Group No. 1 Oil Corp__
Gulf States Utilities $6 pref. (quar.)
$5H preferred (quar.)
Hackensack Water Co. 7% preferred (quar.) —
_.

(resumed)

tig
43Hc
4uc

t50c

pref

25c

(quar.)..
pf. (qu.).

Harrisburg Gas Co., 7% pref. (quar.)
Hartman Tobacco Co., pref. (quar.)
Hazel-Atlas Glass Co. (quar.)
Hazel tine Corp. (quar.)
Hecla Mining Co.
Hein-Werner Motor Parts Corp
Hewitt Rubber

SIX
SIX

SIX

Corp

Hibbard, Spencer, Bartlett & Co. (monthly)

(Chas. E.) Co., class A com. (quar.)
Hollinger Cons. Gold Mines, Ltd
Holmes (D. H.) Co., Ltd. (quar.)
Honolulu Oil Corp
Hoskins Mfg. Co
Humble Oil & Refining
Huron & Erie Mtge. Corp. (quar.)
Idaho-Maryland Mines Corp..
Illinois Bell Telephone
Imperial Life Assurance Co. (Canada) (quar.)..
Hires

..

...

Quarterly
Imperial Paper & Color Corp. (s.-a.)_ —
Indianapolis Power & Light 6H % pref. (quar.).
6% preferred (quar.)
Indianapolis Water Co.. 5% pref. A (quar.)—
International Business Machines Corp. (quar.)

Sept.
Sept.
Sept.
Sept.

1 Sept. 20
1
1 Oct.

30 Sept. 19
15 Aug. 31
15 Aug. 31
30 Sept. 16

1
Oct.
1 Sept.15
Sept. 15 Sept. 2
Oct.
1 Sept. 20
Sept. 15 Sept.

Oct.

20 Oct.

Oct.

15 Sept.
Sept. 15 Sept.
Oct.
1 Sept.
Sept. 15 Sept.
Sept. 15 Aug.
Sept. 15 Sept.
Sept. 10 Aug.
Sept. 30 Sept.

1 Nov. 15
9 Aug. 26

Oct.

1 Sept. 17
Sept. 15 Sept. 2
Sept. 26 Sept. 11
Oct.
1 Sept.
1
Oct.
1 Sept. 15
Sept. 21 Sept. 10
Sept. 30 Sept.19




62Hc
$1
65c
5c

SIX
25c
12c

SIX

—

-

—

(quar.)
preferred

1

Nov. 10

Sept. 15 Aug. 31
Sept. 20 Sept. 6
Oct.

1

Sept. 16

Sept. 15 Sept. 3
Sept. 15 Sept. 1
Sept. 30 Sept.19
Sept. 5 Aug. 31

10 Nov. 25

Oct.

Sept. 21

Jan.

Dec. 24

Sept. 29 Sept. 15
Dec.

Nov. 21

Dec.

Nov. 21

Oct.

Sept. 15
Sept. 15
Sept. 17
Sept. 24 Aug. 31
I*
Sept. 15 Sept.
Oct.
1 Sept. 21

Oct.

Oct.

Jan.

1 Dec.

21

Nov. 30 Nov. 29

Sept. 15 Aug.
Sept.15 Sept.
Sept.15 Sept.
Sept. 15 Sept.
Sept.15 Aug.
Sept. 15 Aug.
Sept. 15 Aug.

15
1
1
1
31
31
31
5

Sept. 15 Aug. 31
Oct.
liSept. 17
Sept. 15'Aug. 31
Sept. 30 Sept. 7
Sept. 30 Sept. 7
Oct.
liSept. 20
Sept. 30 Sept. 24

Sept. 20 Aug. 31
Oct.
1 Sept. 16
1 Aug. 31
Oct.
1 Aug. 31
Oct.
1 Aug. 31
Oct.
1 Aug. 31
Oct.
1 Aug. 31
Oct.
1 Aug. 31
Sept. 15 Sept.
1
Oct.
1 Sept. 17
1
Sept.12 Sept.
Oct.
1 Sept. 15
Sept.15 Sept. 1
Sept. 3 Aug. 20
Sept.15 Sept. 1
Oct.

-

-

(quar.)

Dec.

$4H class A pref. (quor.)
Montreal Cottons, Ltd. (quar.)
Preferred (quar.)
Moore (W. R.) Dry Goods (quar.)
Quarterly.
Morris Plan Insurance Society (quar.)
Morristown Securities Corp
Muncie Water Works Co., 8% pref. (quar.)...
Mutual Chemical Co. of Am. 6% pref. (quar.)..

1 Nov. 10

Sept. 15 Aug. 31
Sept. 15'Aug. 31
1
2

Oct.

l.Oct.

Jan.

2 Jan.

Dec.

1 Nov. 26

Oct.
3 Sept. 15
Sept. 15 Sept. 1
Sept. 28 Sept. 15

15

Dec.

(quar.)
——- -

Sept.15 Sept. 6
Sept. 21 Sept. 10
Sept. 21 Sept. 10

Mutual Telephone (Hawaii) (quar.)
National Bond & Investment, common

Preferred

(quar.)
National Cash Register
National Dairy Products
Preferred A and B (quar.)
.......
-National Funding Corp. 6% A preferred (quar.).
National Lead Co....T

Preferred A (quar.)
Preferred B (quar.)

15 Sept. 30
15 Aug. 31

Oct.

— - —

5% preferred A (quar.)
National Bond & Share (stock dividend)—
One add'l sh. com. for each share held
National Breweries, Ltd. (quar.)

28 Dec.

Oct.

6% preferred (quar.)

Sept,
50c

Oct.

44c

Oct.

25c

Oct.

Inc

New England Telep. & Teleg. (quar.)...
New Jersey Pow. & Lt. Co. $6 preferred (quar.).

$5 preferred (quar.)
New Jersey Zinc Co
New York & Queens Electric

Light & Power
pref. A (quar.)

Niles-Bement-Pond Co—_—...
Nineteen Hundred Corp. class A (quar.)
Norfolk & Western Ry. (quar.)
North River Insurance (N. Y.)
Northern N. Y. Trust (Watertown) quar......
North western Yeast (liquidating)
Liquidating
Oahu Ry. & Land Co. (monthly)...
Oahu Sugar Co., Ltd. (monthly)

3 Aug.
1 Sept.
1 Sept.
15 Sept.

30
15
15
30

1 Sept.
1
1 Sept.
1
Sept. 20 Aug. 31
Sept. 30 Sept. 16
Sept. 15 Sept. 2

20c

Oct.

SIX
37 He
12Hc

Oct.

Nov.

Newberry (J. J.) Co. (quar.)
Newmont Mining Corp
New Amsterdam Casualty (semi-annual)

Dec.

Dec.

Nov. 30 Nov. 19
Dec. 31 Dec. 21

(quar.)

Monarch Life Insurance (Mass.) s.-a.
Monarch Royalties Ltd-

Niagara Share Corp., 6%

10 Nov. 25

Sept.10 Aug. 25
Sept. 30 Sept. 30
Sept.30 Sept. 20
Oct. 31 Oct. 21

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.,
Michigan Cities Natural Gas (quar.)
Midvale Co
Mock Judson Voehringer common

1 Sept. 20

31
31
30
15*

Dec.

31
31
31
31
3
15
19
31
25

Nov. 15 Nov.

1 Sept.
1 Sept.

1 Sept.12

Sept.10 Aug.

50c

—

Oct.
Oct.

10 Sept. 22
15 Sept. 20

Sept. 26 Sept.

50c

$1.10
$1.10

pref—

Oct.

Oct.

Sept.

(quar.)—

Neisner

Oct.

26

1 Oct.

Sept.10 Aug.

Mesta Machine Co

Bros.,

Nov.

31
3
8
Sept.15 Aug. 31
Oct.
1 Sept. 15
Oct.
1 Sept. 13
Sept. 15 Sept. 1

Oct.

Preferred (quar.)
Memphis Natural Gas, preferred (quar.)..
Mercantile Trust & Savings Bank (Chic.) quar
Mergenthaler Linotype Co

Mutual System, preferred
Common (quar.)_— _ -

24
10
15
14

Hoc

1X%

-

Monsanto Chemical Co.

1
5

Sept. 22 Aug.
Sept. 3u Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept.15 Aug.
Sept.10 Sept.
Sept.15 Sept.

SIX
20c

87 He
37Hc

Long Island Ltg. 7% preferred A (quar.)....
6% preferred, series B (quar.)
Loose-Wiles Biscuit Co., 5% pref. (quar.)
Louisville Gas & Electric A & B vquar.)—
Louisiana Land & Exploration Co. (quar.)
LunkenheimerCo. 6H% pref. (quar.)....
6H% preferred (quarterly)
McClatchy Newspapers7% pref. (quar.)..
McColl-Frontenac Oil (quar.)
McKenzie Red Lake Gold Mines (quar.).

Preferred

20

5
15 Dec.
1 Sept.15

Aug.
Aug.
Aug.
Aug.
Sept.

....

Magma Copper Co
Magnin (I.) & Co. 6% pref. (quar.)
Quarterly
Marsn (M.) & Sons, Inc. (quar.)
Maryland Fund, Inc
Mathieson Alkali Works (quar.)

Sept. 20

Sept.12
Sept.12
Sept. 12
Sept. 12
Sept. 20

25c

3 Dec. 31

6
6

die
25c

..

$3 preferred

1 Oct.

Nov. 15 Nov.

Leslie Salt Co. (auar.)

MacKinnon Steel Corp., 7% cum.
Macassa Mines. Ltd. (quar.)

1

Sept. 15 Sept.

Lang (J. A.) & Sons, Ltd. (quar.)
Langley's, Ltd., 7% conv. pref
Lava Cap Gold Mining
Leath & Co., pref. (quar.)
Lehigh Portland Cement Co., 4% pref.

McKesson & Robbins preferred

31

Oct.
Nov.

National Oil Products (interim)

Sept. 20 Aug.
Sept. 30 Aug.
Oct.
1 Sept.
Oct.
1 Sept.

Kalamazoo Vegetable Parchment
Kansas City Structural Steel 6%

Dec.

Dec.
Oct.

1 Sept. 30

Oct.
Jan.

International Mining
International Nickel Co. (Canada)
International Ocean Teleg. Co. (quar.)
International Salt Co. (quar.)
Iron Fireman Mfg. v. t.c. conv. (quar.)

Joslyn Mfg. & Supply
Preferred (quarterly)

30
7
16
1
15
5
27
20

Dec.

Oct.

(quar.)

6

Sept.

International Harvester

Irving (John) Shoe Corp., 6% pref.
Jewel Tea Co., Inc. (quar.)
Johns-Manville, preferred (quar.)

1 Sept. 15
1 Sept. 15
Sept.12 Sept. 1
Sept. 30

Oct.

Liquid Carbonic Co
Little Long Lac Gold Mines, Ltd
....
Little Miami RR. special guaranteed (quar.) —
Special guaranteed (quar.)
Original capital
Original capital
Lockhart Power 7% pref. (s.-a.)
Lock Joint Pipe (mopthly)
Monthly
Monthly
Monthly
8% preierred (quarterly)—
—
8% preferred (quarterly).
Lone Star Cement Corp
Longhorn Portland Cement Co.—
5% refunding participating pref (quar.)
Extra

Sept.
Sept.
Sept.
Aug.

nit
3hT

15c

Hanes (P. H.) Knitting, 7% preferred
Harbison-Walker Refractories Co. 6%

Oct.

,7% preferred (quar.),—

Leasing's, Inc. (quar.)
Lexington Utilities Co. $6H pref. (quar.)
Libby-Owens-Ford Glass
Life & Casualty Insurance Co. (Tenn.)
Liggett & Myers Tobacco preferred (quar.)
Lily-Tulip Cup
Lincoln National Life Insurance (Ft. Wayne)
Lincoln Service Corp. (quar.)

1 Sept. 12
1 Sept. 15

Oct.

-

3-3-39 Dec. 24

Oct.

US

(quar.)

Gillette Safety Razor (quar.)
Preferred (quar.)

Hamilton Cotton Co., Ltd.,$2 conv.
Hamilton Watch Co. (quar.)

Oct.

_

Extra

_

Oct.

SI X
87 He

25c

...

Haloid Co.

common (quar.)
6% preferred (quar.)
Kings County Ltg. 7% preferred B (quar.)
6% preferred, series C (quar.)
5% preferred, series D (quar.)
Kresge (S. S.) Co
KroehlerMfg. Co. 6% class A pref. (quar.)
6% class A preferred (quar.)..
Kroger Grocery & Baking Co., 6% pref. quar..
7% preferred (quar.)
Lake Shore Mines, Ltd.
(quar.)
_.
Land is Machine (quar.)

7% preferred (quar.)
6% preferred (quar.)
—
Lindsay Light & Chemical Co. pref. (quar.)...
Link Belt Co., preferred (quar.)

35c

50c

_

Kimberly-Clark

Sept.15 Sept. I
Sept.10 Sept. 1
Sept.15
Oct.
Oct
Sept. 17

12 H

Federal Insurance Co. (J. C., N. J.) (quar.)
Federal Mining & Smelting, pref. (quar.)
Feltman & Curme Shoe Shop, preferred (quar.)

Great Southern Life Insurance Co.

31 Dec. 20

3-31-39 3-20-39
6-30-39 6—20—39

162 He

Falconbridge Nickel Mines (quar.)
_

10

1 Nov. 21

Dec.

Sept. 30 Sept. 2
Oct.
1 Sept. 10
Oct.
1 Sept. 12

—

Ex-Cell-O Corp
Firestone Petroleum Ltd. (increased)

25 Oct.

Oct.

...

4H % preferred A (quar.)
English Electric Co. of Canada, Ltd.—
$3 non-cum. class A (quar.)
Erie & Pittsburgh RR. (quar.)
Esquire-Coronet, Inc. (quar.)

$5 preferred

1 Oct.

Oct.

Duquesne Light Co. (quar.)
Early & Daniel Co., pref. (quar.)
Preferred (quar.).
Preferred (quar
Preferred (quar.)
Eastern Township Telephone
Eastman Kodak Co. common (quar.)
Preferred (quar.)
Economy Grocery Stores
Edison Bros. Stores, Inc. (quar.)
5% cumulative preferred (quar.)..
Electric Controller & Mfg
Electrolux Corp. (quar.)
Elgin National watch Co
Elizabeth & Trenton RR. Co. (semi-ann.)
5% preferred (semi-ann.)
Empire Casualty (Dallas) (quar.)
Empire Power Corp., $6 cum. preferred (quar.)
Participating stock
Emporium Capwell Corp
4pref. A (quar.)

Extra

Kemper-Thomas, 7% special pref. (quar.)
Kennecott Copper Corp
Kerlyn Oil Co. class A (quar.)

8
8

Oct.

(E. I.) (Interim)

Oct.
1 Sept. 14
Oct.
1 Sept. 15
Sept. 30 Sept.10
Oct.
1 Sept. 15

>—

Sept.15 Aug. 31

Oct.

Class A preferred

City Power & Light Co.—

$6 1st preferred series B (quar.)
Katz Drug Co., pref. (quar.)
Kaufmann Dept. Stores, pref. (quar.)
Keith-Albee-Orpheum 7 % conv. preferred

Oct.

'

(quarterly)
Dover & Kockaway Kit. Co. (s.-a.)
Draper Corp. (quar.)

Finance Co. of Amer.

Kansas

1 Nov. 19
1
1 Oct.
23 Dec. 23

Nov.

Preferred

Debenture stock

Dec.

1 Nov. 10
2-10-39
3-1-39
Oct.
1 Sept. 10
Dec.
1 Nov. 18

Dominion Tar & Chemical preferred (quar.)
Dominion Textile Co. (quar.)

Preferred

Oct.

Dec.

Dixie-Vortex Co., class A (quar.)
Dr. Pepper Co. (quar.)

Du Pont de Nemours

Dec.

Holders

Payable of Record

Name of Company

Payable of Record

Sept. 15 Sept.
Sept. 15 Sept.

Co

Dewey & Almy Chemical Co.—
$7 prior preferred (quar.)
$7 preferred B (quar.)
Diamond Match Company (quar.)
Partic.

When

Holders

When

Per

Name of Company

1439

Chronicle

1 Oct.

14

Sept. 30 .Sept.
Sept. 15 Aug.
Oct.
1 Sept.
Sept. 15 Aug.
Oct.
1 Sept.
Sept. 30 Sept.
Oct.
1 Aug.
Oct.
1 Aug.
Sept.10 Aug.
Sept.14 Sept.
Sept. 21 Sept.
Sept.15 Sept.

20
31
16
31
15
9

Nov. 15 Nov.

1

31
31
19
2
9

3

Sept.19 Aug. 31
Sept. 10 Aug. 25
Sept. 15 Aug. 31
Sept.15
Dec.

15

Sept. 15 Sept. 12

Sept. 15 Sept.

5

Financial

1440
Per
Name of

Sept. 15 Sept.
1
1 Sept. 15
1 Sept. 15
$1.65 Oct.
1 Sept. 15
1 Sept. 15
$14 jOct.
1 Sept. 15
$1.80 Oct.
30c 'Oct.
1 Sept. 10
1 Sept.10
$14 Oct.

preferred (quar.).

Preferred

—

(quar.)

%IA
7bc

Ohio uil Co. preferred (quar.)
Ohio Water Ser/ice Co. A

$14

TV? preferred
WJI1 y /
7% IJI i'lvfii cu (quarterly)

6% preferred (quarterly)
—
Omnibus Corp. 8% pref. A (quar.).
;orp
Oneida. Ltd

%%
124c

(quar.).

43 Ac
15c

7% preferred (quar.)

15c

Sept.

15|Aug. 15

$14

pref. (quar.)

25c

South Porto Rico Sugar Co. (quar.)

$2

Preferred (quar.)

8%

624c

Southern & Atlantic Teleg. Co. (s.-a.)
Southern California Edison Co.. Ltd.—

Sept
Sept

.

Oct.
FSept. 15
Sept 15 Aug. 31
Sept, 15 Aug. 31
Sept. 20 Aug. 31
.

Sept.

Sept.

Standard Oil Co. of Calif,

Aug. 20
Aug. 31
Je Jt. 20

30c

$6 pref. (quar.)..

dot.

Sept.

$14
$14
$14

Spencer Kellogg & Sons. Inc. (quar.)
Spiegel, Inc.;$4 4 con/, pref. (quar.)
Staley (A. E.) Mfg Co. cum. pref (quar.)
Standard Brands, Inc., $4.5 > pref. (quar.)

15 Aug. 31
15 Aug. 31

Sept.15 Auk. 18
1 Sept.12
1 Sept. 15
Sept. 20 Sept. 2
Sept. 20 Sept. 2
Oct.
1 Sept. 15
<>ct.

luc

Royalty Co

Southwestern Light 6c, Power

.

Holders

Oct.

374c

6% preferred s Tit* B (quar.).
Southland

Sept. 30'Sept. 15

Oklahoma Gas & Electric Co.—
i

25c

Socony-Vacuum Oil Co.. Inc
Sonotone Corp. pref. (quar.)
South Carolina Power Co. $6

oept.

Aug. 24
ept.
1

Sept.

Sept.10

$14

25c

(quar.)

10c

Extra

25c

15
15
15
iept.
31
Sept.
Aug. 31
Oct. 15 Sept.30
Sept. 30 Sept. 20

Standard Oil Co. (of Indiana) (quar.)
Standard Oil Co. (Ky.) (quar.)

25c

Standard Oil Co. (Ohio) common (quar.)

25c

30c
4uC

Oct.

ljSept. 15

Sterchi Bros. Stores 1st preferred (quar.)

75c

Oct.

1 Aug. 30

Sterling Brewers, inc
Sun Oil Co. (quar.)

c

25c

Sept.

4% convertible preferred
Park & Tilf rd, Inc., preferred (quarterly)

$1
75c

Oct.

Aug.
Aug.
Aug.
Aug.

>ept.

Paraffine Companies, Inc..

1UC
5;c

6%

$14

Preferred (quar.;

Pacific

75c

Indemnity

Extra

(quar.).
,—---

preferred (quar.)
Paymaster Consul. Minos, Ltd. (initial);.
Peerless Corp
Penick & Ford Ltd

75c
7.5c

Peninsular Telephone Co. common (quar.)

40c
4

7% A preferred
Pennsylvania Electric Service, class A (quar.)...
Penns,' lvania G1 ss Sand, oref. (quar.).
„ —
Pennsylvania Power Co. $6 preferred (quar.)
.$6.60 preferred (monthly)
$6.60 preferred (monthly)
$6.60 preferred (monthly) —
Pennsylvania Suit Mfg
Pennsylvania Telephone. 6% pref. (quar.)
Pennsylvania Water & Power (quar.)
...
Preferred (quar ).....
...........—...
Peoples Drug Stores (quar.)
6% Preferred (quarterly)
Pet Milk Co. (quar.)
_y
Peterborough Kit Co. (s.-a.)
Petroleum Corp. of Amer. (stock dividend)
Payable at the rate of one share of Consol.
Oil Corp. com. for each five share of Petro¬
leum Corp. of America held.
Phelps Dodge Corp
Philadelphia Co., $5 preferred (quar.)..
$6 preferred
Philadelphia Germantown & Norristown RR.
Common (quar.)..
Philadel] hia Co., $5 preferred (quar.)
$6 preferred (quar.)..
Philadelphia Electric Power 8% pref. (quar,)..
—

-c

$14
3.

1

Sent. 20 Sent.

1

He >t. 15:^e.jt.

1c

Quarterly

lSlOct.

Sept. 15 Aug. 31

$14

Paton Mfg. Co. 7%

Sept. 27 Sept. 10

c

1

Sept. 15 Sept.
1
Sept. 15 Sept.
1
Oct.
Sept.15
Jan.
Nov

15

Dec.
Nov,

Sept.

Sept.

5

1

Sent. 15

$14
$14

Oct.
Doc.

1 Nov. 21

55c

Oct.

1

55c

Nov.

1 Oct.

55c

Dec.

1 Nov. 21

41

,1
$1
25c

$14
25c

Sept. 20
20

Aug.
Sept.
Sept.
Sept.
Sept.

Sept.
Oct.

31

15
Oct.
15
Oct.
15
Oct.
8
1
Sept. 15 Sept.
Oct.
1 Sept.10
_

20c

Oct.

Sept. 24

Sept.

$14

Aug. 22

9 Aug. 19
1 Sept.
1

Sept.

$14
$14

Oct.

Oct.

1 Sept.
i

$14

Sept.

...

$1 >4

Oct.

...

$14

Oct.

6 Aug. 20
1 sept.
1
1 Sept.
1

—

Pioneer Gold

Pittsburgh Bessemer & Lake Erie (s.-a.)—
Pitts
Ft
W
& Chicago Ry —
7% preferred (quar )
7% preferred (quar.).
7% preferred (quar.).
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar )-«...
Pittsburgh Youngstown & Ashtabula Ry.—
7% preferred 'quarterly)..Pollock Paper A Box Co. 7% preferred (quar.)__
7% preferred (quar.)
Potash Co. of America (increased).
Preferred (semi-annual)
Prarie Royalties, Ltd
Procter & Gamole5% pref. (quar.)
Publication Corp., voting common
Non-voting common
7% preferred (quar.).
Original rreferred (quarterly)..
Public National Bank & Trust (N. Y.) (quar.)..
Public Service Electric & Gas., 7% pref. (quar.)
$5 preferred (quar.)
PuijLc service Co. (N. H.)f $6 pref. (quar.)...
$5 preferred (quar.)
'
Public Service of Mew Jersey
8% preferred (quar.)
7% preferred (quar.)
$5preferred (quar.).
6% preferred (monthly).
6% preferred (monthly).
—....

.....

......

......

jc

Oct.

l.Sept.

tide

Mines of British Columbia—

-

5

1

Oct.

if

75c

Oct.

1

Sept. 15

$14
$14
$1*4
$1*4
$1*4
$1 4

Oct.

4

Sept 10
12 10-38

1-3-39
4-1-39

9
-

3-10 39
6-10-39

7-1 39
101-39
1-2-40

9-10-39

12-10-39

Quaker Oats Co., common (quar.)
Preferred (quarterly)
Radio Corp. of America. B pref. (quar.)
$3.5 conv. 1st pref. (quar.)
Raybestos-Manhattan, Inc
Reading Co., 1st preferred (quar.)
2nd preferred (quar.)
Reeves (Daniel) Inc. (quar.)
Opt. div. cash or 1 sh pref. for each $100 div.
Remington Rand, Inc. common (interim)
$4.50 preferred (quarterly)
Reynolds vietalsCo. 5lA% conv. pref. (quar.).
Rheem Mfg. Co. (quar.)
Rich's, Inc., 64% preferred (quar.)
Robertson (H. 14.) Co. (reduced)
Russell & Co

$1 *4

1 Nov. 21

Dec

$14
$1*4

Sept

15 Sept. 15

I >ec.

15 Dec

50c
30c

Oct.
Oct.

tbXc

sept.

$14

Sept.
Sept.
Sept.
Sept.

5 Jc

5 )c

$14
$14
37 4c
$14
$14
$14
$1 4
50c

$2

$14
$1 4
50c
50c

Oct.

1

1 Sept. 15
3 Aug. 2 )
15 Aug. 25
28 Sept. 14
28 Sept. 28
15 Sept.
6
1 Seot. 20

Oct. 10 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Sept. 15 Aug.
Sept. 15 Aug.
Sept. 30 Sept.
Sept. 15 Aug.
Sept. 15 Aug.
Sept. 15 Aug.
Sept. 15 Aug.
Oct.

15

Sept. 15

20
1
1

31
31
1
15
15
15
15*
15 Sept. 15

$14
$14
374c
$14
$14
$14
874c

Oct.
Oct.

1 Sept. 20
1 Sept. 20

Sept. 15 Aug. 24
Sept. k4|Sept.

1

Nov. 30 Nov.

Oct.
Oct.

1
1'Sept. 14
USept.
7

15c

Sept. 15 Aug. 31

5

Sept.
8 Aug.
Oct.
13 sent

ic

5)c

124c
20c

$14
$14
20c

$14
124c
25c

1$
22

Sept.15 Aug. 31
Oct.

1

Oct.
Oct.

1 Sept.

9
9
1 Sept. 20*
Sept 15 Sept
1
Sept. 30 Sept. 15
Sept. 15 Aug. 31
Oct.

Sept.

ljSept. 15

Payment is made to common stockholders of
South Porto Rico Sugar Co.
St. Joseph

Lead Co

25c
75c

Quarterly
San

Joaquin Light & Power 7% prior pref. A(qu)

7% prior preferred (quar.)
6% prior preferred A (quar.)
6% preferred B (quar.)
Savannah F.lectric <Xt Power 8%
7 A% debenture B (quar.)

deb. A (quar.)__

7% debenture O (quar.)
64% debenture D (.quar.)
Scbenley Distillers—
5 A % Preferred (quarterly)
Schiff Co. (quarterly).
7% preferred (quar.)
54% preferred (quarterly)
Scott

...

Smith

15 Aug. 31
15 Aug. 31

$14

40c
25c

75c

624c
25c

$14
$14

9

Oct.

ljSept.

31
31

15

l5
15

5

Sent. 10 Auk

26

Sept. 15 Aug. 31
Sept.
6 Aug. 25
Oct.
1 Sept 15
Jan

3 Dec.

17

15c

ISept. 15 Sept.

5

(S. Morgan^ Pn. (quar.)

$1

(quar.).

iSept. 15 Aug. 31
,'Sept. 15 Aug. 31
3
Sept 15 Aug.
Sept 15
Sept.
1
1
Sept. 15 Sept.

2

t5c

Smith (H.) Paper Mills, preferred

1 Sept. 22

Sept. 22 Sept.

10c

—

Oct.

10c

(quar.)




,Sept.

iSept. 15 Aug.
$1 4
Sept. 15 Aug.
1 Sept.
$2 ,Oct.
1 Sept.
$14
Oct.
Oct.
l.Sept.
$14

25c

(quar.)
(quar.)
SeemanBros., Inc. (quar.)
Seloy Shoe (quarterly)
Servel, Inc., pref (quar.)
Preferred (quarterly)
Shattuck (Frank G.) (quar.)
Sherwood Swan & Co., Ltd.—
6% participating preferred A (quar.)
Steel

| Sept.

$14
$14
$14

$14
$14

Roebuck & Co

Simonds Saw &

15 Nov. 30

$14

Paper Co. (quar.)

Siscoe Gold Mines, Ltd.

Dec.

Sept. 30 Sept. 14

$14

preferred (quar.)

SunrayOil54%

1

684c

374c

Sept.

25c

Sept.

Superheater Co

124c

—

Sutherland Paper (quar.)
Swift & Co. (quar.)
Sylvanite Gold Mines (quar.)
Sylvanite Gold Mines 'registered)
TaconyM'aimyra Bridge (quar.)
Class A (quar.).
Preferred (quar.)
Talcott (James), Inc..
First preferred (quar.).
Tennessee Electric Power Co. 5% pref. (quar.)_.
6% preferred (quar.).
7% preferred (quar
7.2% preferred (quar.)
6% preferred (monthly)..
7.2% preferred (monthly)
Texas Corp. (quar.)
Texas (itiif Sulphur 'quar.)-._-_———
Texon Oil & Land (quar.)
-

—

—

Thatcher Manufacturing Co
Thew Shovel Co., preferred (quar.)
Tidewater Assoc. Oil Co $4.50 conv.pref. (qu )
Tilo Roofing Co. (quar.)
Titnken

Roller

$14

Sept. 15 Aug. 27
Sept. 15 Aug. 31
Nov.
1 Nov.
1

Oct.

15 Sept. 30

4uc
3>,c

3ept.
Sept.

Oct.

15 Oct.

Sept. 15 2ept.
Jet.

1

(ept.

5c

Sept. 30 Aug. 20

5c

Sept. 30 Aug. 20
Sept. 30 Sept. 15

75c
75c

$14
15c

684c

Sept. 30 Sept.15
1 Sept. 17
1 Sept.15
Oct.
1 Sept.15
Nov.
Oct.
Oct.

15

1

sept.

Oct.

1

■Sept. 15

Oct.

1

>ept. 15

$14
$14
$14
$1.80

Oct.

1

-ept. 15

5oc

Oct.

1

60c
50c

>ct.

1

jept. 15
^ept. 15

Su¬

ite
25c

$14
$i4
25c
25c

Bearing Co

1

jCJt.

Aug. 25
Sept. 5

Jet.

pref. (quar.)
Sunset-McKee Salesbook Co., Ltd.—
Class A (quar.)
Class B (quar.)
conv.

Oct.
1 Sept.
9
Sept. 1 5 Sept.1
Sept. 30 Sept. 9
dot.

t

aipt.15

Sept. 15 Sept.

1
!pt. 12
Sept. 15 Aug. 25
Sept. 6 Aug. 17
Sept. 15 Sept. 1
dot.

Truax-Traer Coal 6% pref. (quar.)_
5 4% preferred (quar.)

$14
$14

Troy & Greenbush K li Assoc. (s.-a.)
La Salle St. Corp. (quar.)..
Underwood Elliott Fisher Co. (quar.)
Union Carbide 6c Caroon Corp

$1*4

Dec.

50c

Oct.

50c

Sept. 30 Sept. 12*
dot.
1 Sept.
2

208 So.

4oc

20c

Union Gas (to. of Canada (quar )

Union Investment Co., preferred
Union Pacific RR

95c

(quar.)

$14
$2
25c

Preferred (s.-a.)
(quar.)
7% preferred (quar.)
United Biscuit Co. of Amer., pref. (quar.)
United Dye wood Corp pref. (quar.)
Preferred (quartertvi

Union Twist Drill Co.

$14
$14
$14
$1 4

..

United Gas & Electric

1

Oct.

1

Sept.

3

Sept. 28 Sept. 20

Sept. 28 Sept. 20
Nov.

Oct.

Oct.

Sept.

9

I >ec

9

Ian.

Sept.

e

1

17

Sept

Sept. 15 \ug 20
Oct.
1 Sept. 24
Oct.
1 iSept.
3

Sept.

1

Corpl

1

15 Dec

$14

(quar.)

United Elastic

Sept. 15 Sept.

50c

Corp. common (quar.)

14

Sept.
Sept.

1
1
9
Aug. 31
Aug. 31

Se^t.

Sept.

25c
United Gas Improvement (quar.)
$1 4
Preferred (quar.)
United Light & Railways, 7% prior pref. (mo.). 581 3c
53c
6 36% prior preferred (monthly)
50c
6% prior preferred (monthly).

Oct.
Oct.

ljSept. 15

Railroad & Canal (quar.)__
United States Gypsum Co. (quar.)
Preferred (quar.)

$24

Oct.

10 Sept. 20
Sept. 15

United States Guarantee (quar.)
United States Pipe Si Foundry Co., com. (quar.)

3 tc

Sept.

50c

Sept.

United New Jersey

Common (quarterly)

United States

;C

Oct.

$14

434c
6jC

Verde Extension Mining
L'quidatincr dividend.
Upressit Metal Cap Corp. 8% pref. (quar.)
Upper Michigan Power & Light Co.
6% preferred (quar.)
6% preferred (quar.)
Utah Power & L.0ht, 7% preferred
6 % preferred

$2

30*

Oct.

Oct.

1

15
15
Sept. 15 Aug. 29
Sept. 15 Aug. 26
Sept. 15 Aug. 20*
Sept. 15

3ept.

til

Oct.

Sept.

Sept.

Sept

Sept.

$14
$1'4

Sept.

Doc.

Dec.

25c

Veeder-Root Inc. (quar.)
Extra

—

...

Sept.

Sept.

25c

■

Vicksburg, Shreveport & Pacific Ry
ITeferred (s.-a.).
Victor-Monagh n Co. 7% pref. (quar.)
Viking Pump Co
Preferred (quarterly)
Virginia Electric & Power, $6 pref. (quar.)..
Virginia Public Service, 7% preferred (quar.)__
Vulcan Detinning Co. pref. (quar)
Waldorf System, Inc
Walgreen Co.. 4 4% pref. with warrants
Walker (H.)-Gooderham & Worts, Ltd
Preferred (quar.)
Wait ham Watch Co. 6% pref. (quar.)
i—
Prior preferred (quar.)..
Washington Railway & Electric Co.—
5% preferred (quar.)
5% preferred (s.-a.)
Washington Water Power rref. (quar.
Went worth Mfg. Co. (resumed)
West Virginia
. ater Service Co. $6 pref. (qu.)
Western Exploration Co. (quar.)
Wesi.inKhousp Air Brake Co., quarterly
Westmoreland. Inc. (quar.)
Weston (Geo.), Ltd. (quar.)
Whitaker Paper Co. 7% «>ref. (quar.)
Will & Baumer Candle Co., Inc., pref. (quar.)__

Sept.

Sept.

Oct.

Oct.

Sept.
Sept. 8
Sept. 20
Sept.
1
Sept.
1
Aug. 31
Sept. 10
Oct.
10

Oct,

Seot. 20

$24
$24
$14
25c
6Jc

$14
$14
$14
10c

$14
m
25c

Sept.
Sept
sept,
Oct.

Aug. 26
Sept.
Sept. *„,Aug. 26
Sept. 15 Aug. 26

3j Sept. 24

Oct.

3 Sept. 24

$14

Dec.

1

Nov. 15

$24

Dec.

1

Nov. 15

$14

Seot. 15 Aug. 25

10c

Sept. 10 Sept. 1
Oct.
1 Sept.15
Sept. 20 Sept. 15

$14
24c
25c

Oct.

31

25c

Oct.

1

20c

Oct.

1

Sept. 15
Sept. 15

Oct.

1

Sept. 17

Oct.

1

Sept.15

$14
$2

50c

Extra

Act.

Oct.

$14

(quarterly)

Oct.

$14
$14

loc

Nov.

1 $1,314 Sept.
t$l 4
$14
$14

Oct.

25c

Oct.

15c

Oct.

$14
$14

Co (monthly)
&"Towne Manufacturing Co
pref
Youngstown Sheet & Tube, pref. A (quar.)
Yale

Yellow Truck k Coach Mfg. 7%

1 •>ct.

15

15 Aug. 31

Seot. 15

Oct.

5c

Wrigley (Wm.l Jr

30

Sept. 15 Aug. 31
Sept. 15 Sept. 6

10c

.

Sept

Sept. lu Aug. 31
Nov.
1 Oct.
15

j

pref

6% preferred
—
Worthington Pump & Mach. 4 4% PC pref. (qu)
4 4 % conv prior nref. (quar.)
Wright-Ilargreaves Mines, Ltd. (quar.)

*

31*

40c

Vapor Car Heating Co., Inc., 7% pref. (quar,).
7% preferred (quar.)

Extra

Aug
Vov

1 Sept.
1 Sept.

Nov.
$14
Feb.
$14
$1.16 .-3 Oct.
t

Van Norman Machine Tool Co

Wisconsin Power & Light 7 %

Sept. 15
Sept.18

I >ec.

32c

United

1 Sept.15

Oct.

25c

United States Tobacco common
Preferred

1 Sept.15

Oct.

5

25c

Extra

Wlnsted Hosier Co

Sept.
Sept.
Oct.

50c

.

Playing Card (quar.)

Willson Products Inc-

Seaboard Oil Co. (Del.)

Sears.

Sept. 20 Sept.

75c

San Francisco Remedial Loan Assn. (quar.)

cum.

Preferred

Public Service Co. of Oklahoma—

7% prior lien (quarterly)
6% prior lien (quarterly)
Pullman, Inc

6%

1

ept.

sept.

Sept.
Sept.
Sept.

Sept. 20 Aug. 31
Sept. 23 Sept. 7
Oct.
1 Sept. 15

Otis Elevator Co

Outboard Marine & Mfg__
Pacific Finance Corp

1938

Payable ■)f Record

Company

.Oct.

■

.

When
Name of

;Oct.

$14

hx

$6 preferred (quar.)
SO.60 preferred (quar.)
$7 preferred (quar.)
$7.20 preferred (quar.)
Ohio Finance Co. (quar.)

Sept. 3,

Holders

Payable of Record

40c

Ohio Confection Co., class A
Ohio Edison Co. $5

I

When

Share

Company

Chronicle

Oct.

Oct.

^eot.

6

1 Aug. 26
1 Aug. 26
1 20 Sept.

_

ljSept.

9

11 Sept. 15

1 Sept. 10

Transfer books not closed for this dividend,

t On account of accumulated dividends.
j Payable in Canadian funds, and in the case
deduction of a tax of 5% of the amount of such

of non-residents of Canada
dividend will be made.

Volume

Chronicle

Financial

147

Condition of the Federal Reserve Bank of

Weekly Return of the New York City
Clearing House
The

weekly statement issued by the
Clearing House is given in full below:
STATEMENT

OF

MEMBERS

OF THE

NEW

ASSOCIATION FOR THE WEEK ENDED

*

Net Demand

Undivided

Deposits

Average

Members

6,000,000

.

$

..

Bank of Manhattan Co.

77.500,000

8,942,000

147,333,000

25,920.500

.

414,296,000

39,824,000
171.329,000

Guaranty Trust Co

90,000,000

/58,700,000 al,487,718,000
492,923.000
54,904,400
182,010,400 bl 337,359,000

Manufacturers Trust Co

42,355,000

"45,129,400

475,826,000

Cent Hanover Bk&Tr Co

21,000,000

:

71.027.500

C757.261.000
248,932,000

20,000,000

.

■

;,

$

$,;;;

Gold certificates

13,479,700

20,000,000

National City Bank
Chem Bank & Trust Co.

.' v

Aug. 31, 1938 Aug. 24, 1938 Sept. 1, 1937

Assets—
$
Bank of New York

'

:'

•.

.

Deposits,

Average

'

Time

Surplus and

Capital

date last year:

AUG. 27, 1938

Profits

*

Clearing House

following shows the condition of the Federal Reserve
Bank of New York at the close of business Aug. 31, 1938,
in comparison with the previous week and the
corresponding

HOUSE

CLEARING

YORK

SATURDAY,

New York
The

City

York

New

1441

United States Treasury.x_.
Redemption fund—F. R. notes

Other cash

f

.

*

■

V

hand and due from

on

...

4,547,738,000 4,551,115,000 3,293*741.000
1,369.000
927,000
1,237,000
74,813,000
109,763,000
113,890,000

.

........

7,544,000
58,029,000

First National Bank

15,000,000
10.000,000
50,000,000

108,772,300
61,411,100

490.120,000

Irving Trust Co

469.513,000

5,517,000

4,000,000

4,238,900

40,804.000

Total reserves...........

91,742,000
48,559,000
24,585,000
2.842,000

4,658,428,000 4.666,242,000 3,369,923,000

5,529,000

Corn Exch Bank Tr Co.

Continental Bk A Tr Co.
Chase National Bank.

18,409.400

100,270,000
500,000

Fifth Avenue Bank
Bankers Trust Co..

77.650.900

l,b86.700
9,053,600

95,677,000

New Yoik Trust Co....

12,500,000

Comm'l Nat Bk A Tr Co

7,000,000

27,816,700
8,178,500

Public Nat Bk & Tr Co.

7,000,000

9,084,100

U.

Govt, obligations,

S.

290.077,000
75,321,000
81,788,000

1,746,000

*

As

.....

523.125,000

.

912,881,700

9,780,607,000

CLEARING

BUSINESS FOR THE
NATIONAL

HOUSE

WEEK ENDED

AND STATE

THE

WITH

CLOSING

780,147,000

Federal Reserve

notes

of other banks

Uncollected items
Bank premises.
All other assets
Total assets

FRIDAY, AUG. 26. 1938
FIGURES

BANKS—AVERAGE

Dep. Other

Disc, and

Including

N. Y. and

Banks and

Gross

Bank. Notes

Elsewhere

Trust Cos.

Deposits

$

918,386.000

Foreign bank«.

143,900

7,157,700

2,503,000

6,026,000

25,843,000

5,143,065

245,255

1,580,020

1,655,000
97,096

131,676,000

27,558,600

454,000

320,440,000
49,300,000

Other deposits

21,736,600
21,418,000

Trade Bank of N. Y.

Total deposits..

5,834,280

133,137.000
50,914,000
51,9'3,000
7,744,000
8,210,000
2,599,000

........

Capital paid in...

People's National...

4,976,000

89,000

623,000

683,000

5,693,000

Lafavet'e National..

6,778,200

264,800

1,511,100

378,600

8,086,700

Loans.

...

.......

Reserve for contingencies.
All other liabilities

Dep. Other

Y. and

Banks and

Deposits

....

...

...

Elsewhere

Total liabilities.Ratio

total

of

$

%

%

%

$

50,656,900

907,629,000

947,734.000

29,510.000
68.461.000
82,257,000

361,242,000
42,526,000
143,094,000

149

110,714,000
50,956,000
51,943,000
7.744,000

227,000

51,070,000

51,474,000
7,744.000

8.210.000

9,117,000
1,151,000

2,705,000

5,610,641,000 5,603.346,000 4,298,669,000

...

to

reserve

deposit

and

F. R. note liabilities combined

Manhattan—

Empire..

15,630,000

Gross

Trust Cos.

N.

Cash

Surplus (Section 7)............
Surplus (Section 13-B)..

FIGURES

Res. Dep.,

Disc, and
Investments

153,198,000
10,021,000
12,914,000

4,437,67S;000 4,454,445,000 3,081,152,000

........

Deferred availability items

Brooklyn—

TRUST COMPANIES—AVERAGE

84,000
6,281 000

4,565,000
121,133.000
9,857,000

5,610.641,000 5,603,346,000 4,298,669,000

U. S. Treasurer—General account....

$

$

$

.$

746,248,000

70,000

Deposits—Member bank reserve acc't.. 3,936,262,000 3.907,583.000 2,900,924,000

•

Manhattan—

785,849,000

Liabilities—

Res. Dep.,

Investments

Grace National.

725,029,000

70,000
4,773.000
135,626,000
9,841,000
15,669,000

Due from foreign banks....

F. R. notes in actual circulation

Sterling National

780,147,000

786,234,000

Total bills and securities

OF

Other Cash,

Loans,

211,831,000
332,269,000
180,929,000

363,990,000

Total U. S. Government securities..

publishes 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 Aug. 26:
TN

226,408,000
363.960,000
189,779,000

226,408,000
notes

670,343,000

York "Times"

NOT

1,093,000
5,382,000

Government securities:

Bonds

Treasury

official reports:
National, June 30, 1938; State', June 30, 1938; trust
companies, June 30, 1938, / As of July 5, 1938.
Includes deposits in foreign branches:
(a) $266,368,000; (6) 388,238,000; (c)
$7,785,000; (d) $125,676,000; (<?) $41,628,000.

INSTITUTIONS

14,744,000

210,000
3,687,000

3,685,000

per

The New

1,805,000

210,000

...

Treasury bills
Totals

7,227,000
7,517,000

2,192,000

....

United States

2,301,000

362,000

189,779,000

Total bills discounted

50,015,000

1,443,000

446,000

..

Bills bought In open market
Industrial advances...

28,805.000

12.863.000

Marine Midland Tr Co..

by

direct or fully guaranteed
Other bills discounted

2,248,000
41,977,000
2,331,000
8.144,000

C788,252,000

Title Guar & Trust Co..

Secured

70,080,000

132,268,700 d2,021.759.000
3,705,900
44.791,000

25,000,000
10,000,000
5,000.000

Bills discounted:

11,948,400
1,613;357

9,521,878
12,492,269

*1.319,675

872,866

24,048

11,755,307

Commitments

Fulton

18.815.400

*5,505.000

918,200

364.500

20.996,300

vances..

Lawyers

27,510,000

*9,576,600

545,800

65,779,517

*42,712,082

79,051,367

37,288.000

64,000 109,796.000

9.265.141

39,189,892

87.0%

83.6%

217,000

676,000

purchased

35.656,800

United States

87.0%
169,000

Contingent liability on bills
for foreign correspondents

63,891,300

3,279,900

*7,161,900
187,934

_

Federation

Fiduciary

......

10,850,284

1,561,398

industrial

ad¬

5,279,000

3,853,000

3,846,000

t "Other cash" does not Include Federal Reserve note3

Brooklyn—

or a

bank's

Federa

own

Reserve bank notes.

Brooklyn.

77,042,000

Kln^s CV'ntv
*

make

to

........

33,024,818

„

..

3,014,000
2,400,183

Includes amount with Federal Reserve

ciary,

$674,504;
524,123.

Fulton,

$5,190,900;

as

Empire, $5,196,200; Fidu¬

follows:

Lawyers,

certificates given by the United States Treasury for the gold taken
over from the Resprve 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
*

$8,982,500; United States,

These

are

difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.

$25,-

Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the

resources

and liabilities of the

These figures are always a
the Federal Reserve

System

reporting member banks in 101 leading cities from which weekly returns

week behind those for the Reserve banks themselves.

the figures for the latest week

upon

immediately preceding which
described in

an

announcement of the

a

week later.

made in the breakdown of loans as reported In this statement, which were
Federal Reserve Bank of New York of April 20, 1937, as follows:

Commencing with the statement of May 19, 1937, various changes

were

The changes in the reoort form are confined to the classification of loans and discounts.
amounts of

obtained.

in our department of "Current Events and Discussions

appears

also give the figures of New York and Chicago reporting member banks for

we

are

The comment of the Board of Governors of

This classification has been changed primarily to show the

c>n nercial, iadustria! and atricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City and those located
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
cial p iper bought in open market" uader the revised caption "open market paper," instead of in "all other loans," as formerly.

(I)

securities.

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 May

"commercial, industrial and agricultural loans" and "other loans'

29,1937, issue of the "Chronicle," page 3590.
BY DISTRICTS ON AUG. 24. 1938 (In Millions of Dollars)

ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES

Federal

Reserve Districts—

Chicago

St. Louis

%

Cleveland Richmond

Atlanta

$

$

Dallas

San Fran.

$

Mlnneap. Kan. City

$

Total

v.

...

S

1,101

8,431

1,129

1,771

609

551

2,870

652

357

629

492

580

3,339

418

659

228

280

832

283

155

244

227

972

3,890

267

1,591

192

253

99

152

467

174

72

150

143

330

335

62

143

20

11

11

3

34

5

5

16

2

23

636

22

512

16

21

3

6

35

4

1

4

2

10

31

267

34

36

16

15

79

13

8

12

14

55

82

221

58

171

31

27

93

48

6

22

21

378

...

Commercial. Indus, and agricul. loaas

Open market paper

.$

580

_

Phila.

S

20,713

Loans and Investments—total

Loans—total

New York

$

ASSETS

Boston

.

.

Loans to brokers and dealers In securs-

$

%

.

.

%

$

2,121

Other loans for purchasing or carrying

Real estate loans

—

Loans to banks..

.....

1,158

—.

United States Government obligations

3

88

2

2

1

3

4

7

1

2

113

517

96

165

67

74

120

32

63

39

44

174

7,724

361

3,042

334

749

284

144

1,352

212

149

211

172

714

30

34

Obligations fully guar, by U. S. Govt.

1,653

846

94

Other

3,119

130

1,204

283

272

63

6,639

356

3,516

223

384

147

securities....

1

114

1,504

...

Other loans....

.....

Reserve with Federal Reserve Bank.

_

91

43
84

101

226

......

,

58

13

49

460

99

40

125

52

307

1,076

166

73

102

100

335

41

128

.......

396

124

67

16

37

18

12

62

11

6

12

11

Balances with domestic banks..—...

2,419

131

158

155

261

150

139

424

133

127

284

215

242

Other assets—net..

1,262

73

551

83

105

34

39

84

23

16

22

25

207

15,214

1,022

6,866

751

1.067

418

341

2,267

417

204

492

407

902

5.217

258

1,054

294

746

199

186

874

186

119

144

132

1,025

421

8

112

20

18

13

23

75

15

2

5,875

226

2,493

293

347

213

194

895

271

130

7

......

Cash in vault...

20

LIABILITIES
Demand

deposits—adjusted

Time deposits

—

United States Government deposits..

18 •■v.

25
•

Inter-bank deposits:
Domestic

banks...

;——

325

Foreign banks
Borrowings..
Other

Capital

11

284

6

1

1

•

...

liabilities..---

account

"

....




....

—

......

......

...

...

......

......

......

......

------

1
......

717

20

302

16

18

22

7

19

6

7

3,660

240

1.612

226

361

93

90

379

90

56

357

191

92

,

P

f 265

......

1

......

......

3

4

293

95

83

335

1

13

...

■

Financial

1442

Sept. 3,

Chronicle

1938

Weekly Return of the Board of Governors of the Federal Reserve System
The following was

issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Sept. 1,

Reserve banks at this close of business

on Wednesday.
The first table presents the results
preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks. The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Discussions

showing the condition of the 12
for the

System as a whole in comparison with the figures for the eight

COMBINED RESOURCES AND LIABILITIES OP THE FEDERAL RESERVE BANKS AT THE

Three

Aug. 31,
1938

Aug. 24,
1938

Aug.

10,632,413
7,421
385,675

10,632,411

10,632,407
9,112
390,598

11,025,509

11,038,416

4,041

3,103

3,699
3,042

7,144
537

Cipherb (000) Omitted

17,

1938

Aug. 10,
1938

Aug. 3,
1938

CLOSE OF BUSINESS AUG. 31. 1938
July 27,

July 20,

July 13,

July 6,

1938

1938

1938

1938

ASSETS
Gold ctte

on

Total reserves
Bills discounted:

10,633,423

10,634,922

9,996
400,959

401,129

10.634,927
9,884
374,414

11,032,117 til,035,672

11.039,354

11.063,727

11,050,378

11,045.935

11,019,225

3,724
2,908

3,775
3,099

3,339
3,127

t4,162
t3,160

4,467
3,118

6,005
3,261

3,254

6,741

6,632

6,874

6,466

7,322

7,585

9,266

7,958

537

540

540

539

539

540

540

537

15,852

15,816

15,965

15.647

16,308

10,214

16,274

16,361

744,105
1,196,188
623,722

744,105
1,196,188
623,722

744,105
1,196,188
623,722

744.105

1,196,188
623,722

744,105
1,196,188
623,722

744,105
1,190,870
629,040

744,105
1,174,105
645,805

744,105
1,174,105
645,805

744.105
1,165.105
654,805

2,564,016

2.564,015

2.564,015

2,564,015

2,564,015

2,564,015

2,564,015

2,664,015

2,587,145

2,587,003

2.587,394

2,580,067

2,588,184

2,588.354

2,590,095

2,588,871

9,112

396,893

9,884

,

obligations

Secured by U. S. Government
direct or fully guaranteed
Other bills discounted..—

—

Total bills discounted.
Bills bought In open

10,633,400
9,098
421,229

2,587,595

-

-

10.632,904
9,437
397,013

2,564,015

notes)....

10,632,907
8,680
t394,086

15,899

hand and due from U. S. Treas. x

Redemption fund (Federal Reserve
Other cash *

market-

Industrial advances

United States Government

securities—Bonds.

Treasury notes
Treasury bills—

—

Total U. S. Government

securities

4,704

securities.

Other

Foreign loans on gold.
Total bills and securities

—

Gold held abroad
181

180

180

183

23,516

26,602
593,833
44,581
47,486

25.552
644,090
44.578

585,567
44,677

49,585

534,141
44,559
49,113

46,027

44,837

14.290,948

14,303,421

14,351,414

14,396,457

14.303,512

4,135.656

4,138,706

4,109,643

4,124.138

4,134,161

4.174,869

8,045,525

8,187,723

8,201,896

838,820
117,267
247,425

8.074,340
774,757
123,956
267,742

732,462
125,243
257,455

723,989
126,908
226,518

8,273,069
627,928
128,957
242,816

8,073,675
770,193
134,865
227,997

9,236,367

9.249,037

9,240,795

9,302.883

9,279,311

9,272,770

9,206.730

589,541

560,292
133,814
147,739
27,682
32,810
9,110

539,276
133,785
147,739
27,683
32,810
9,602

697.151
133.760
147,739
27,683
32,810

638,000
133,706
147,739
27,683

571,624

32,774
9,392

513,223
133,829
147,739
27,683
32,809
9,045

8,822

32,845
9,553

133,667
147.739
27,683
32.840
8.364

14,248,349

14,327.663

14,249,621

14,290.948

14,303,421

14,351,414

14,396,457

14,303.512

82.4%

82.5%

82.4%

82.4%

82.5%

82.5%

82.4%

82.4%

82.3%

470

604

697

704

727

879

975

1.097

1,308

13,543

13,684

13,740

13,767

13,809

13,731

13,432

13,500

13,468

184

184

180

180

181

25,617
525,303
44,410
52,539

24,955
501,237
44,462
51,950

23.032
589,565
44,486
51,280

23,587
507,628
44,486
•50,674

22,948
647,727

14,261,157

14,24^,349

14,327,663

14,249,621

Federal Reserve notes In actual circulation...

4.169,262

4,144,760

4,150,214

Deposits—Member banks' reserve account...
United States Treasurer—General account.

8,178,851
720,248
125,940
187,322

8,156,037
770,784
119,166
195.662

8,085,198
802,104
115,867
233,198

9,212,361

9,241,649

All other liabilities

527,766
133,994
147,739
27,683
32,776
9,576

509,855
133,991
147,739
27,683
32,775
9,897

Total liabilities.

14.261,157

Due from foreign banks.

Federal Reserve notes of other banks.

Uncollected items
Bank

premises

All other assets
Total assets

-

44,486

20,252

LIABILITIES

Foreign banks.
Other deposits
Total deposits—
Deferred availability items

Capital paid In.—..—
Surplus (Section 7)
Surplus (Seotion 13-B)..
Reserve for contingencies

—

a

133,953
147,739
27,683

Ratio of total reserves to deposits and Federal
Reserve note liabilities combined

Contingent liability on bills
foreign correspondents

purchased

for

...

Commitments to make Industrial advances....

Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills discounted

5,546

4,980

5,031

5.340

4,916

5,478

5,662

7,369

0,286

15-30 days bills discounted
31-60 days bills discounted...

262

418

325

302

255

529

612

418

247

837

824

743

694

426

418

417

536

61-90 days bills discounted
Over 90 days bills discounted

339

373

411

383

628

613

570

528

503

160

146

122

155

241

284

324

415

395

7,958

Total bills discounted.

527

7,144

6,741

6,632

6,874

6,466

7,322

7,585

9,266

1-15 days bills bought in open market...

117

137

125

201

105

307

239

69

107

16-30 days bills bought in open market...
31-60 days bills bought In open market...
61-90 days bills bought In open market.

117

137

125

105

168

275

216

"*212

"iii

23

70

90

23

86

83

208

282

275

239

37

110

110

131

""202

Over 90 days bills bought in open market.
Total bills bought In open market.

537

16-30 days Industrial advances

537

540

540

539

539

540

540

537

1,311

1-15 days Industrial advances

1,241

1,201

1,046

1,123

1,728

1,885

1,233

1,269

162

_

.

Total U.S. Government securities

47

58

469

380

367

283

229

730

626

611

13,133

13,101

13,487

13,132

13,527

13.293

1,150
13.331

1,034
13,524

15,852

15,816

15,965

15,647

16,308

16,214

16,274

16,361

103,830
110,650
186,757
176,385
1,986,393

83,330

87,710
83,330
237,520
160,187
1,995,268

92,335

193,257
1,973,993

86,493
87,710
215,480
223,779
1,950,553

81,361
92,335
192,780

159,113
1,983,143

88,950
103,830
213,650
172,432
1,985,153

229,401
1,968,138

92,271
80,493
171,040
236,036

1,978,175

118,893
81,361
181,285
215,480
1,900,996

2,564,015

2,564,015

2,564,015

2,564,015

2,564,015

2,564,015

2.564.015

2,564,015

4,449,156
279,894

4,443,342
298,582

4,448.170
297,956

4,445,959

4,431,040
292,334

4.433.662
324,019

4,455,659
331,521

4,472,648
338,487

4,458,193

310,303

4,144,760

4,150,214

4,135.656

4,138,706

4,109,643

4,124,138

4,134,161

4,174,869

4,544,632

4.544,632
5,727

4,539,632

4,539,632

4,528,632

4.542,632

4,543.632

5,629

5,694

4,528,632
5,449

4,528.632

6,166

31-60 days U. 8. Government securities.
61-90 days U. 8. Government securities...
Over 90 days U. 8. Government securities..

193

614

569

4,169,262

1-15 days U. S. Government securities...
16-30 days U. 8. Government securities...

249

767

2,564,015

Total industrial advances.

184
563

762

13,211

...

584

15,899

61-90 days Industrial advances.
Over 90 days Industrial advances

132

591
624

31-60 days Industrial advances..

6,292

6,615

8.267

6.986

4,550,798

4,550,359

4,545.261

4.545.326

4,534.081

4.534.924

4.535.247

4.550.899

4.550.618

131,150
207,279

88,950

215,480

277

305

1-15 days other securities...

16-30 days other securities...
31-60 days other securities...
61-90 days other securities...
Over 90 days other securities.

Total other securities.
Federal Reserve Notes—

Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation...

Collateral Held by Agent

as

283,324

Security for

Notes Issued to Bank—

Gold ctfs.

on

hand and due from U.S. Treas..

By eligible paper
United States Government securities
Total

....

collateral

•

"Other cash" does not Include Federal Reserve notes,

x

These are certificates given by the United States Treasury for the gold taken over from the
Reserve banks when the dollar was

ents on Jan.

t Revised figure.

devalued from 100 cents to 59.06
31, 1934, these certificates being worthless to the extent of the difference, the difference itself
having boon appropriated as profit tby the Treasury under

provisions 01 the Gold Reserve Act of 1934.




Volume

1443

Chronicle

Financial

147

Weekly Return of the Board of Governors of the Federal Reserve System (Covcluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF

AT CLOSE OF BUSINESS AUG. 31, 1938

EACH OF THE 12 FEDERAL RESERVE BANKS

Three Ciphers (000) Omitted

Federal Reserve Agent at—

Total

ASSETS
Gold

certificates

$

hand

on

and

Cleveland Richmond

Phila.

New Yorl

Boston

%

Atlanta

Chicago
$

$

I

i

S

5

San Fran.

Dallas

Minneap. Kan. City

St. Louis

%

$

$

$

due

from United States Treasury

325,521

717,306

458,533

609,731 4,547,738

10.632,413

228,554 2,044,545

697,998

184,411

292,183

221,160

304,733

7.421

762

Q97

890

1,015

437

458

403

333

708

173

299

1,016

385.675

42,958

109.763

31,647

24,687

21.109

12,685

51,600

14,828

9,291

17,293

12.767

37,047

653,451 4,658,428

491,070

743,008

347,067

241,697 2,096,548

319,894

231,159

309,649

197,477

736,061

145

108

51

206

273

75

44

179

418

260

533

Redemption fund—Fed. Res. notesOther cash *
Total reserves

11,025,509

-

Bills discounted:

Secured by U. S. Govt, obligations,

1

272

93

161

309

577

979

729

581

670

170

220

152

230

624

210

55

49

23

19

67

2

2

16

16

3.685

3,300

689

1,506

119

441

135

1,746

379

446

600

64

2,192

537

40

15,899

Bills bought in open market.
Industrial advances

30
34

7,144

Total bills discounted

2,371

<

:

170

427

846

1,260

34,428

24,657

60,348

97,013

56.940

226,408

66,972

69,727

32,270

80,920

33,204

21,310

91,535

363,960

107,662

112,089

59,355

51,876

130,083

53,375

34,257

55,345

39,638

623,722

47,728

189,779

56,137

58,446

30,948

27,050

67,828

27,832

17,863

28,858

20,668

50,585

2,564,015

196,203

780,147

230,771

240,262

127,224

111,196

278,831

114,411

73,430

118,631

84,963

207,946

2,587,595

198,678

786,234

235,105

241,729

129,334

112,004

279,509

114,768

74,704

119,304

86.449

209,777

744.105

Treasury notes
Treasury bills
Total U. S. Govt, securities

Total bills and securities

36.921

13

184

14

70

18

17

8

6

23

3

2

5

5

25.617

2.000

4,773

1,854

1,557

1,293

3,485

1,636

1,349

1,611

434

4,192

525,303

51,818

135,626

41,682

57,003

46,496

1,433
17,226
2,090

66,679

21,666

15,722

27,043

22,420

4,516

1,543

3,116

1,276

2,457

5,029

2,308
2,110

21,922
3,277

1,641

2,225

1,707

4,345

462,385

326,120

462,952

309,768

979,587

Due from foreign banks
Fed. Res. notes of other banks
items

premises

44,410

2,964

9,841

4,741

6,092

All other assets

52,539

3,465

15,669

5,265

5,461

2,647
3,165

779,735 1,054,867

530,010

376,913 2,455,789

Bank

38

1,120

.

1,196,188

U. S. Government securities—Bonds.

Uncollected

568

4,041

3,103

direct and (or) fully guaranteed—

Other bills discounted

Total assets

912,390 5,610,641

14,261.157

LIABILITIES

4.169,262

357,678

918,386

303,889

407,392

200,957

139,981

958,460

171,743

132,596

165,744

76,250

336,186

8,178,851

F. R. notes In actual circulation

439,040 3,936,262
320,440
25,808

355,676

495,609

229,939

157,628 1,294,433

218,864

120,677

227,444

163,426

539,853

42,208

27,340

28,460

3,467

3,467

834

2,614

Deposits:
Member bank reserve account

30,947

U. S. Treasurer—General account-

720,248

32,587

41,889

28,885

39,802

73,306

Foreign

125,940

8,609

49,299

11,718

5,141

4,185

14,228

28,576
3,587

187,322

4,791

131,677

2,318

11,000
10,468

3,254

5,440

1,892

5,867

2,750
3,269

478,248 4,437.678

402,299

558,966

267,219

207,055 1,383,859

256,894

168,904

259,085

197,867

594,287

133,137
50,944

40,516

55,823

46,679

16,795

68,078

23,043

15,132

24,497

12,215

13,390

4,991

4,473

2,908

24,132
10,342

4,964

5,626

13,275
22,387

3,918

14,323

4,667

3,153

Other

bank

-

deposits

Total deposits

9,212,361

51,943

-13,466

7,744

4,411

1,007

3,409

730

1,429

545

1,001

32,776

1,448

8,210

2,000

3,176

1,401

1,603

1,215

1,894

935

1,270
1,776

9,576

771

2,599

939

790

390

650

7,118
1,183

360

532

372

276

714

376,913 2,455,789

462,385

326,120

462,952

309,768

979,587

52,063

Capital paid in

133,994

9,408

Surplus (Section 7)

9,000

147,739
27,683

Surplus (Section 13-B)
Reserve for contingencies
All other liabilities

Total liabilities

779,735 1,054,867

470

34

1.360

43

20

16

339

1,513

1,796

178

169

13,543

530,010

46

912,390 5,610,641

14,261,157

Contingent liability on bills purchased
for foreign correspondents
Commitments to make Indus, advs

3,846

"Other cash" does not Include Federal Reserve notes.

3.940

.

14

11

14

14

33

19

,

580

237

360

61

3,264

j

Total

New Yorl

$

Atlanta

$

$

$

S

S

$

$

%

I

San Fran.

Dallas

St. Louis Minneap. Kan. City

Chicago

$

Cleveland Richmond

PhUa.

%

322,498

429,784

211,157

156,900

986,017

174,778

82,618

381,867

82,969

18,609

22,392

10,200

16,919

27,557

184,835
13,092

137,298

22,371

4,702

9,034

6,368

45,681

357,678

918,386

303,889

407,392

200,957

139,981

958,460

171,743

132,596

165,744

76,250

330,186

4,544,632

In actual circulation

380,049 1,001,355

4,169.262

Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank

by

Boston

S

Federal Reserve Bant, of—

2,000

56
....

Three Ciphers (000) Omitted

Federal Reserve notes:

9,805
2,121

3,892

FEDERAL RESERVE NOTE STATEMENT

.

held

14,998

2,874

527,766

Collateral

8,489

;

27,871
4,190
3,613
1,142

Deferred availability items

•

V

390,000 1,010,000

327,000

434,000

215,000

159,000 1,010,000

188,632

141,500

180,000

85,500

404.000

488

608

514

170

160

143

221

609

533

434,608

215,514

188,792

141,643

180,221

80,109

404,533

4,449.156
279,894

Agent as security

for notes Issued to banks:

Gold

certificates

and

hand

on

due

from United States Treasury

Eligible paper

30

6,166

Total collateral..

2,162

327,488

390,030 1,012,162

4,550,798

528

159,528 1,010,170

United
United States

Rates quoted are

Treasury Bills—Friday, Sept. 2

Transactions

26 1938

7 1938

0.08%

Oct.

0.08%

Nov.

2

Sept. 21 1938

0.08%
0.08%
0.08%
0.08%

Nov.

0.08 %

9 1938

Sept. 28 1938
5 1938

Oct.

13 1938-

Oct.

19 1938

-

Ashed

Bid

Ashed

Sept. 14 1938

Oct.

Securities

Nov. 16

...

1938

1938

-.

Nov. 23 1938..

NOV. 30 1938

—

at

Stock and Bond

0.08%
0.08%
0.08%
0.08%
0.08%

the

New

York

Stock

I

Averages—See page 1459.

1

PARIS BOURSE

THE

0.08%

Aug. 27
Francs

Bank of France

Sept. 2

Figures after decimal point represent one

6,400

32ds of

more

or

Banque de l'Union

1,165
440
226

Pays Bas
Parlslenne.„

Pacific

Canadian

——

20,100
610
1,270

Canal de Suez cap
Cie Dlstr

Int.
Ashed

June

15 1943

101.10

101.12

15 1938—

1X%

101.20

101.22

Dec.

Dec.

15 1941

tx%
1 X%
IX %

102.13

102.15

Mar. 15 1940

101.23

101.25

101.24

102.26

Dec.

1X%

102.14

102.16

1X%
1H%

Sept. 15 1942...

—

—

Sept. 15 1939—
15 1941

—

1H%

15

Mar. 15

1940...
—-

1942...

15 1942...

Mar. 15 1939—

1X%

101.20

101.22

June

Mar. 15 1941

1X%

102.18

102.20

15

102.9

102.11

102.13

102.8

102.10

103.13

103.15

IX %
2%
2^%
2X7o

Sept. 15 1938—

—

102.7

IX %
1X%

June 15 1940

Dec.

Ashed

Bid

Rate

Maturity

1939

d'Electriclte

Cle Generale d'Electriclte

Int.

Bid

Rale

Maturity

15 1939

Aug. 20 Aug. 30 Aug. SI
Francs
Francs
Francs

-

-

Banque de Paris et Dea

point.

103.26

103.28

104.26

104.28

102.7

102.9

Cle

Generale Transatlantlque..

~ —

490
753

Citroen B

Comptolr Natlonale d'Escompte

200

Cotv S A

Courrfere."."

221
451
1,510
1.270

Commercial de France—
Credit LyonnaLse.-----------Eaux des Lyonnalse cap
Energle Electrlque du Nord
Credit

100.1

265

LI

quid e

DAY/

Lyon(PLM)
NordRy—

THE

BERLIN

STOCK

Orleans Ry

EXCHANGE

6%—---

Pathe Capital—

——

Aug.

Aug

27

29

Aug.

Aug.

30

,

31

■Per Cent

1,310
260

.

621

1,190
750
746

376
28

370
29

Sept.
1

Sept.
2

of Par

72.00
79.60
79.50

moo

72.30
79.50
79.40
M»

6.710

6,680

6,7.>0

72.00
79.70
79.50
M-M
6,780

1,935
996
08
70
1,200
*>£9
123
386
81

1,936
986
58
70
1,282

1.940
1,005

1,940
1,040

Dutch-

Roval

109

108
148

SdntGobalnC&C

113

Schneider & Cle.--——

123

123

123

123

Societe Franeatse

106

106

106

106

Societe

106
145
—100
177
176
97

------

Ford
Generale Fonclere

I.yonnalse
Marseilles
Artificial Silk preferred..
d'Electriclte

146

147

148

Societe

102

103

105

104

Societe

178

177

177

178

Tubize

178

181

185

184

Union

99

98

100

99

146

Wagon-Llts

——

6,005

228

20,300

1~,366
29

200

1,550
1,290

ill

1,190
750
74o

72.60

113




1,290
264

75.70

146

Verelnlgte Stahlwerke (5%)

1,280
260

1,550

144

Siemens A Halske (8%)

200
227
455
1,540

190

1,550

113

—

220
456
1,530

73.60

107

.

190
219
451
1,500

485
757

75 50

113

(7%)

759

471

1,537

108

Roehren (5%)

759

75.25

143

Relchsbanks (8%).—

228
19,800
619
1,290
27

73.60

106

Mannesmann

225
20,100
600
1,270
28
482

622

1,540
75.10
1917-—73.50
SS4% 1918--1
71.90
SS4H% 1932. A———
79.50
Rentes 4j| %
1932! B
79.40

143
113
123
106
146
101
177
176
98

Farbentndustrte I. G.

433

1.180
750
745
375
28

Perpetual 3%

Rentes

143
113
Deutsche Reiclmbahn (German Rys.pf.7%). 123

(8%)

Deutsche Bank (6%)

Dresdner Bank (5%)

433

1,180
760
717
374
29

Pftrhlnpv

(4%) 105

Berliner Kraft u. Llcht

Francs

6,500
1,184
435
229
19,900
620
L300
27

£££.»%?i

day of the past week:

AUgemeine El ktrlzItaeta-Oesellschaft

Sept. 2

Francs

6,300
1,170

Rentes 4%,

Closing prices of representative stocks as received by cable
each

cable

Sept. I

6,400
1,167

S

HOLD
L'Alr

received by

day of the past week:

Quotations for United States Treasury Notes—Friday,

Dec.

Exchange,

1 •
t
1

each

June

the New

Daily, Weekly and Yearly—See page 1459.

Quotations of representative stocks as

a

on

Exchange—See following page.

for discount at purchase.

Bid

Sept.

Government

States

York Stock

-

——

122
385

79

60

5»

72
1,295
562
120
391
80

70
1,315
562
122
3.10
80

1.200

376

75.80
72.60
72.00

79.70

79.50
98.20

6,780

59

1938

Sept. 3,

1444

Exchange

Stock and Bond Sales—New York Stock
DAILY, WEEKLY AND YEARLY

One

Occupying Altogether Sixteen Pages—Page
taken of such sales in computing the range

York Stock Exchange

United States Government Securities on the New
Below

we

furnish

Owners' Loan and Federal Farm Mortgage

daily record of the transaction^ in Treasury, Home

a

No

of the day.

disregarded In the day's range, unless they are the only transaction
for the year.
'

NOTICE—Cash and deferred delivery sales are
account is

week.

Corporation bonds on the New York Stock Exchange during the current
Quotations after decimal point represent one or more 32ds of a point.
*#*#

DaUy Record of U. S. Bond Prices Aug. 27 Aug. 29 Aug. 30 Aug. 31

118.24

1 Low.

105.7

105.4

105.1

104.29

118.24

(Close

105.7

105.6

105.1

104.29

1

Total sales in $1,000 units...

2X8, 1948-51

114.13

114.13

114.9

114.16

114.13

114.9

5

18

113.12

Low.

103.20
50

1

103.14

....

....

10

102.27

102.21

102.24

Low.

102.26

102.20

102.22

Close

102.26

102.21

102.22

Total sales in $1,000 units...

16

3

12

101.30

2X8. 1950-59..

102.10

102.9

102.1

102.2

101.30

102.10

102.5

101.30

101.27

101.29

101.27

102.10

(High
{Low

102.5

102.1

101.27

101.30

101.30

19

72

(High

105.30

105.25

{Low.

105.30

105.25

(Close

105.30

105.25

I Close

Total sales in $1,000 units...

1

4

Total sales in $1,000 units...

1

2^8, 1958-03

...

High

Low.

105.28

Close

105.28
14

2X8. 1945

107.6

107.7

107.0

24

110.5

Low.

110.4
110.4

High

110.3

Close

—■

110.3
110.3

High

104.25

105.25
_

J

„

105.25

—

_

±

105.25
1

....

104.19

104.23

Low.

104.25

104.22

104.25

104.23

104.19

1

3

104.18

104.19

Close
Total sales in $1,000 units...

25

2Xb. 1948

Total sales in $1,000 units.

10

105.28

107.6

107.7

Total tales in $1,000 units...

189

54

Total sales in $1,000 units...

107.7

(High
| Low.
(Close

3^8, 1943-47

103.14

103.15

113.5

3Hb, 1941-43

103.15

103.15

103.20

High

2

3Ha, 1940-43

101

103.15

Total sales in $1,000 units...

3

113.5

113.13

Total sales in $1,000 units...

103.20

(Close

2X8, 1951-54

113.5

113.13

(High
{ Low
(Close

25

[High

114.13

..

Sept. 2

Sept. 1

105.3

5

114.16

(Close

3Ha, 1945-50

105.1

118.26

114.10

(High
units.

105.6

118.26

9

{ Low.

Total sales in $1,000

105.7

119

I Close

Total sales In $1,000 units..

4s, 1944-54

[High

Treasury

118.31

{Low.

4X8. 1947-52

Daily Record of U. S. Bond Prices Aug. 27 Aug. 29 Aug. 30 Aug. 31

Sept. 2

118.24

118.26

119

[High

Treasury

Sept. 1

_

-

«

104.18

—

104.18
1

-

-

(High
Low.

107.26

107.29

107.23
107.23

Close

107.26

107.29

107.23

Total tales in $1,000 units...

4

3

1

1

3X8, 1941

107.26

107.29

102.8

102,3

102.2

101.29

101.30

{Low.

2X8. 1949-53

107.23
107.23
107.23

High

102.9
102.9

102.6

101.29

102.2

101.27

101.29

101.29

102.2

109.24

109.21

109.23

109.19

109.24

109.20

109.20

109.19

109.18

Close

109.24

109.21

109.20

109.19

109.18

Total sales in $1,000 units...

3

17

22

2

1

High

109.24

109.24

109.23

109.20
109.18
109.18

2

88

109.20

8

Total sales in $1,000 units.

101.29

7

4

106.29

106.28

6

106.29

106.28

Close

109.18

Low.

1943-45

101.29
106.28

1

High
Low.

3X3. 1944-04
High
3 X8.

102.6

102.9

Close

Total sales in $1,000 units
Federal Farm Mortgage

106.29

2

._

1

Low.

109.24

109.20

109.20

Close

109.24

109.24

109.20

Total sales in $1,000 units...

1

13

24

(High

108.23

108.23

106.11

106.10

106.10

106.5

106.9

Low.

106.14

106.11

106.10

106.10

106.5

106.5

106.14

106.11

106.10

106.10

106.5

Total sales in $1,000 units...

1

1

6

3s, 1944-49

5

6

106.2

105.29

105.29

106.29

Low.

106.2

105.29

105.29

106.29

Close

106.2

105.29

105.29

106.29

*1

2

3s, 1942-47

109.20

108.21

15

Total sales in $1,000 units

108.28

108.23

(Close

108.28

108.23

108.23
108.23

Total sales in $1,000 units...

1

3

Federal Farm Mortgage

(High

2X8. 1942-47

108,21
108.21

59

1

| Low.

3X8, 1940-49

::::

Low.

108.17

108.18i

106.10

106.7

Low.

108.18

108.17

106.10

106.7

106.7

106.10

106.7

106.7

Total sales in $1,000 units...
Home Owners' Loan

1

118.13

108.18

108.17

108.13

1

25

1

Total sales in $1,000 units

108.4

108.1
107.31

107.29
107.29

(Close

108..5

108.4

107.31

107.29

107.30

30

3

106.17

106.24

106.16

106.16

106.16
106.15

106.24

106.18

106.16

106.16

106.17

Low.

ales in $1,000 units...

Tola

5

49

11

104.6

104.2

103.27

104.7

104.2

103.29

104.9

(High
| Low.
(Close

2^8, 1955-00

102

104.9

104.2

Total sales in $1,000 units...

*

1

103.27

103.30

103.27

103.26

102.29

190

12

12

Odd lot sales,

102.24

102.23

102.22

102.28

102.20

102.21

102.21

102.28

102.26

102.25

102.20

102.23

102.22

4

17

8

bonds.

above

106.20

106.20

106.16

106.16

106.13

Low.

106.20

106.20

106.15

106.12

106.13

106.20

106.15

106.12

106.13

4

4

36

1

1944-1954.

106.12

3

104.2

104.3

104.1

103.29

104.1

104.2

104.4

■

-

-

«•

~

2

103.29

mm*

103.29
2

*1

3

9

27

103.29

104.1

1

includes

only

registered bonds

sales

of,

coupon

were:
114.8 to 114.8
109.10 to 109.24

.....

2 Treasury 3#s, 1944-1940

106.12

106.20

1 Treasury 4s,

4

2

104.4

table

Transactions in

103.29

Close

Total sales in $1,000 units

4

6

t Deferred delivery sale.

Note—The

103.29

High
2^8, 1945-47

3

102.25

Total sales in $1,000 units...

106.17

103.30
103.26

15

106.5

102.23

{Low.

2X8, 1942-44

2

106.17

Close

106.4

-

102.24

(Close

3B, 1951-55

J

102.26

Total sales in $1,000 units...
Home Owners' Loan
(High

107.30

106.18

106.24

-

Low.

108

108.4

High

106.5
-

(Close

108.5
108.5

Total sales in $1,000 units..

1

102.28

(High

2X8, series B, 1939-49..

High

•{Low.

38,1940-48

1

1

106.10

Low.
Close

38, series A, 1944-52

108.13

Close

3X8, 1949-52

3

11

•

....

Close
Total sales in $1,000 units...
Home Owners' Loan

(High

High

106.9

1

(High

Federal Farm Mortgage

109.18

2

108.28

100.14

Close

3X8. 1944-40

(High

Federal Farm Mortgage

106.12

United States

Treasury Bills—See previous page.

United States Treasury

Notes, &c.—See previous page.

New York Stock Record
LOW

AND

HIGH

SALE

PRICES—PER

SHARE,

NOT PER CENT

STOCKS

Sales

NEW YORK

for
Saturday

Tuesday

Wednesday

Aug. 27

Monday
Aug. 29

Aug. 30

Aug, 31

$ per share

$ per share

$ per share

$ per share

*52%
*118
*35

*32

44

*32

44

*32

*39

41

*38

41%

*38

*11%

12

10%

20%

20%

20

20

29

29%
03%

28%

29%

63

60

02

*1

1%

1%

1%
12%

12

934

10%

1034
115

*1

934

*

41

1034

11

*197s

21

*197s

29%

30

2912

60 %

6R1

603.1

29l2
62

1%

1%

1%

*1%

1%

*1%

H4

1034

10%

10%

10%

105s

lOU

103s

11

8%

1

1134
9%

12%

*11%

12%

19

19%

17%

18%

13

12

181

*66

48%
17%

176

10

12%
176

1

11

1

2%

*18%
*55%
*

400

Air Way El ApplIance-iVo par

1058

5,500

Alabama & Vicksb'g Ry Co 100
Alaska Juneau Gold Mln.._10

67

1058

Albany & Susq RR

95

*9

9%

9

*7%

9

11%

978

war.

100

war.

100

5

war.

100

""ioo

$2.50 prior conv pref.No par

1234

133s

13

13

13

13%

3,800

Allen Industries Inc

173% 17314

175

175

176

1,900

2%

*2%

*17%

2%
20

65

66%

9

10%

10%

12%
IOI4

66

66

Allied Stores

No par

4% Mar 26

12

0584

65

65

4878

47%

49%

10,500

16%

10%

*23a

21-

2%

2%

*2%

2%

18%

18%

18%

57

57

57

*57

19% Aug 26
14% Aug 26

10%

17%

~

*17%

18

66l2

*66%

08

67%

79

*75%

79

*75%

5978

I8I4

1778
*57

t

17%
59%

67%

"i'loo
170

Def. delivery,

6% preferred
New stock,

3% Jan 11

50

10

Mar 30

24

Jan 12

55

May 27

78

July 13

49

Mar 26

8484 Aug

10

10

Mar 30

951.

4014 Apr 27

r

par

Cash sale.

xEx-div.

y

lulu

Ex-rights.

5
1 Q

1534
166

Feb

Aug
Feb

5984

Feb

Oct

59

Feb

10

Oct

Feb

10%

Oct

58%
52%

6%

Oct

145

7%
10

6%

Nov

Dec
Oct
Oct

34

50

American Bank Note

n

July 19

No par

(Del). .No

Jan

Oct

54% July 25
1984 July 26

Amalgam Leather Co Inc

Feb

5%

Dec

900

Am Agric Chem

Oct

49

IH4 Apr 1
1% Mar 20

6% conv preferred
Amerada Corp...

Jan

%

68% July 28

No par

"2",600

Jan

80%
5%

Mar 31

Alpha Portland Cem

18%

a

11% July 20

1478 July 25

184

700

59%

18%

Mar 31

34% Mar 31

79

*57

In receivership,

Mar 31

7

85s Mar 28

No par

18

*17%

July 19

124

Allls-Chalmers Mfg

1

36

11

10%

*16%

28%

Oct

11

No par

17l2

Oct

Oct

Allied Mills Co Inc

49%

223s Mar

16%

Oct

Allied Chemical & Dye.No par
Allied Kid Co
5

38

Mar

17%

44% Nov

Oct

500

100

Aug

Dec

7% Nov

1

300

!

Mar

85

4334

8

10%

5% preferred

69

146

12%
10%

300

Nov

2

*834

Corp

37

1% Jan 7
1778 Jan 12
17% Jan 12
17% Jan 12
17% Jan 12

*12%

18,100

55

3

10%

178

share

Nov

Aug 27

12%

48l4
*163s

Bid and asked prices: no sales on this day.

5i2June 17
73<June 18
173s Aug 29
4% Mar 30

Aug

48

9

19

67
115

10

66

66%

Mar 30

per

36

l%Julyll

12%

12%
103s

*7512
18%

„

*62

9

12%

*17i2

1

Aug 30

6684 July 25

*834

9

79

Apr 10

f>X% Pf A with $30
5 X % Pf A with $40

121-

175

10




1,000

30

13% Feb

3

8*4 Mar 31

5X% Pf A without

4,600

13

*10

Aug

Jan 14

1234 July 19
22
Aug 9

40

78 Mar 31
6% June 17

No par

Alghny Lud Stl Corp ..No par

12%

*75

11

1034

Allegheny Corp

3,500

1534

18

9

4,500

19

16%

*56

1034

1%

18%

16

79%

10%
8%

1

18%

17%

67

1

17%

48%

66%

1

18

47%

*17%

1

100

18

48

*75

1

10
No par

18

47%

1834

1*4

1234

49

57

*1*8

Corp

52

3

14% Mar 31
165a Mar 31,
May 2
5s Mar 30

Air Reduction Inc

*1114

*64

No par

Address-Multigr

*1978

June

42l2 Aug .1

0i4 Mar 30

1,400

1234

66

80

Adams-Mfills..

28

3,900

*7%
11%

173

...No par

21
285s

978

17%
12%

25

Adams Express.

6034

*834
*11%

66

68

200

Acme Steel Co

60

10l2

9%

68

200

4,600

No par

28U

11%

12%
1078

*78

Abraham & Straus

5284 Aug 26

Highest

11934 July 21

1195s July 19
30% Mar 23

61

lllg

9%

20

100

$ per share $

$ per share

share
30% Feb 4

28i4

*9%
*8i2

12%
10%

2%

No par

Lowest

Highest

per

21

9%

12%

2%

Abbott Laboratories

4X% conv pref._

500

$

61

11%

11

20

Par

*1978
x28%

834

10%

*18

51

Year 1937

of 10Q-Share Lots

Lowest

10

08

1034

51

118%
1

*11%

*9's

52

*3812

*8

*12%

Shares

11

1038

12%

$ per share

41

21

On Basis

Week

1()34

11%

*9

181

Sept. 2

12334 *119
12334
*2658
44
*2658 44
*40
41
393s
40
11
III4
1078
113g

44

10%

the

527«
52%
52%
*50%
51%
*51% 52151
12334 *119
12334 *119
12334 *118
1233^ *119
44

115

Friday

$ per share

,

Range for Previous

Range Since Jan. 1

STOCK

EXCHANGE

Thursday
Sept. 1

Feb

2378 Apr
2.58% Mar
17% Aug
33% Jan
21% Mar
85

Mar

Oct

83%

8%

Oct

1%

Oct

3934 Jan
87s Mar

19

Oct

51% Nov

53%

Oct

Jan

52% Mar
114% Mar
101% Jan

10

Oct

413s

Jan

50

Dec

75%

Feb

1 Called for redemption.

Volume

1445

New York Stock Record—Continued—Page 2

147

AND

HIGH

SALE

Kfnn/1/tn
—*

PRICES—PER

JL

CENT

NOT PER

SHARE,

Wp/iw^e/i/7w
W tZU/ flijoU/LLlJ

TlAfisdfLH
A
MvO UU{/

,

ilUTbUAiy

Sales

STOCKS

NEW YORK STOCK

On Basis of 100-Share Lots

TTYPIT A TOTiTT"
JiAOnAiN UJC,

fhp

7PT4 /Inn
JT TVMi y

\

Aug. 29

Aug. 30

Aug. 31

Sept. 1

Sept. 2

Week

$ per share

$ per share

$ per share

S per share

$ per share

Shares

40

40

38%

38%

39%

*38
*38%. 39
133% 134% *133%
*96%
98%
97%

39%

'

*135
99

98*2
171

135

97

9534

171

*170

*26%
4212
2014

20%

96

171

24

2634
42%

96%

*170

26%

171

171

171

300

19

4,500

Am Chain & Cable Inc.Wo par

118% 118% *117

*15

*15

-

*108

*8*4

8%

8

8%

11

12%

11%

1034
73

11%
73%
5%

*6

10

*170

500

*170

5

10

*11%

*70%

5%

10%

3%

3%

3%

3%

19

19

18%

1834

18%

18%

*9

10

834

9%

3%

3%
*17%
*8%

9

9

*15

17%

*14%

17%

*14

17

*14%

*11

12

*11

12

*11

12

11

*4

4

4%

4%

*3%

4

37g

3%

3%

*23

24

*23

24%

24

24

23%

23%

43%

*42

43%
1%

*42%

43%

43%
1%

43%

1%

42%
*1%

*43%

*134

*1%

1%

*14%

16%

15%

15

20

20

*61

64

1834
60%

14%
7%
19%
60%

*14i4

1434

14

14

*414

434

7%

JH

34

35

28

28%

5

*32

31

1558

16%

*154

160

31

15%
160

*14

14%

14

*4

4%

*4

119

28

28

5%
33%

5%
33%

30

31

15%

4%

15%

5%

15%

4,000

18

18

18

18

18

18

*17%

153s

15%

16%

16
16%
17%
15%
16%
16%
*30
30%
31%
30%
30%
30%
48%
47%
48%
47%
49%
47%
136
136% 136% *135% 136% *135
*55
*55
55
55
55%
55%

31%
46%

136%

*136

136

136

*135

90

*55

8

*7%

734

734

*1312

14

13%

24

24

*23%

*103% 107
19
*1812
143i2 14412

103

13%
23%
103%

18%
18%
142% 144%

8534

8534

84

85%

89

89

86%

88

*149

153%

150

150

7

7

634

7

10%

10%

9%

10

*82

88

*534

*82

5%

3812

38%

7l2

5%

7%

*31

41

34

36%
7

*30%

3434

*4234
*1812
*110

45

32%
*41

18
19%
110% *110

*13

88

*82

5%

5%
38

7%

47%

45

90%
43%

*50

*9l2
6i2
*

41

9%

934

6%

634
78

*

14

*13

36

*82

89

*82

5%

*5%

38%
7%

36%

5%

5%

*37

85

5%

7,400

34%

*30%

33%

*30%

32%

34%

33

41%

41%

18%
*17%
*17%
110% 110% *110%

18%

*41%

18

18

110% *110

18

110%

44

90%
42

9%
6%
*

78

*

*

700

American Sugar Refining..

..

~

-

200

15% Mar 31
6% Mar 31

31

100

99% Sept 2
12% Mar 30

Co...100

111

1,400

,..26

58

Mar 30

3,100

Common class B

25

100
10

1,400

6% preferred
Am Type Founders Inc

8,900

American Woolen

58% Mar 31
130
Apr
1

Am Water Wks & Elec.Wo par

100

1,100

1

10%

16"

10%

"16"

10%

9%

9%

"9%

*68%

74

72%

*68%

72%

*68%

75

74%

*6334

74

74

74

10

7% preferred..
100
Armour&Co(Del)pf7% gtd 100

116

82

Mar 30

"4",700

28% Mar 28

36%

*85

90

*85%

90

*87

90

*84

90

*84%

90

85

85

33

34%

7,700

56

2,000
1,600
100

55

56%

21

21

54%
19%
*6%

55

21

8

*6%

7%

*11

12

*22l4

2-34

*9%
22%

22%

634

*106

1083s *106

11

107%

*45i2

46%

45%

7%
45%

*56l2

58

53

55

77g

8

116% 117

6I4
*4

6%
4%

*2l2

3

*18i2

20

734

18

45

*53

56%

*53%

56%

*53

----

6%
4

2%
20

22%

11%

56%

6%

6%
*3%

4%

*6%
4

3

*2%

4%

9%

9

938

9

9%

9%

9%

8%

9%

8%

734

8%

7%

7%

7%
9%
*33%

7%
9%

7%

7%

35
98%

*33%

35

*92%

98%

978
98%

20%
*12is

20%
12%
27

27

834

*3334

*93%
19%

9%
35

98%
20%

11

12

*2634

31

17%
17%
177g
16%
15%
15%
15%
15%
*112% 11314 *112% 113%

*16%

17%

*98

99%

*28%

30

*11514 120
*7%

*73%
23%

8

76%
24

16%

163g

*98

99%

*28%

30

*115

*7%

*73%
2l3g

120
8

9

*33%
*92%

19%
11%

9%
35

92%

19%

*92%
19%

11%

*11

19%
11%

11

30%

*27

30%

*27

*27
17

17%

715

15

17%
15

112% 112% *112%
17%
*16%
*16%
*98
*99%
100%
*28%
*115

8%

30
120

7%

*28%
115

*7

76%

7%
*73%

76%

*73%

2234

21%

22%

22%

19

8%

19%
11

30%

7%

76%

*73%

76%

*73%
21%

76%

23

21%

22

18%

18%

18%

18%

18%

18

18

18

18

49

46%

483s

47%

48%

48%

51

49%

50%

593s

55

57%

56%

57%

56%

57%

56%

57%

16

16%

99%

*22%
*19%

23%
20
17

17

1534
*99

*21%

18%
1534

1534

15%

15%

99%
23%

99

99%

19%
16%

*22%
19%
15%

23%

15%
100

*22%

600

.

Barber Asphalt Corp
Barker Brothers

20

400

16%
100

XlQ

16

*95

101

24

22%

22%

18

18

4934 50
56%
58%
*16%
16%
*97% 102

22%

23

23

600

38", 300
500

3,200
40,800

1,200
400

200

19%

19%

19%

19%

19

19

16

16%

16

16

16

20

*19%

23

52%

*47%

52%

16%
22%
52%

3,500

20

24%
26%

14",000

25

*17

25

*17

25

52%

*46%

52%

*47%

52%

26%

25

2534

25%

25%

*48%
23%

27%

27%

27

27

26%

27%

26%

25%
26%

Bid and asked prices; no sales on this day.

*16%
*45%

23

23%

23%

25%

26%

26

t In receivership,

a

800
30

1,300

Def. delivery.

Belding-Heminway

20
No par

...No par

20

75

Mar 31

5

10% Mar 31
13% Apr 4
37
May 10
20%May 27

5

16% Mar 31

Bloomlngdale Brothers.Wo par
Blumenthal & Co pref
100

Cash sale.

Apr

17%June 3
9% Mar 30

Wo par

r

Mar 30

90% Apr 29
25
Apr 9
94% Apr 2
6% Mar 31
75%June 27
8% Mar 29
16% Mar 31
26% Mar 31
39%May 27
12% June 14

50

7% preferred
100
Bigelow-Sanf Carp Inc.Wo par
Black & Decker Mfg Co Wo par

New stock,

Oct

10

Oct

%

Ex-dlv.

y

9% Feb
52% Mar
9% Jan
23a4 Aug
40% Mar
4734 Mar
45

Feb

110% Feb
43% Mar

7% Dec
20
Nov

32
42

Jan

10

Oct

35%

Feb

Oct

20%

Jan
Aug

2

17% July 19
US

Jan 31

9%
108

13%

Oct

Jan

Jan
Feb

13% July 20

9
11% Mar 30

No par

Boeing Airplane Co
Bohn Aluminum & Brass

Oct

8%

Mar

23% July 25

Mar 23

21% July 19

(Del) .Wo par

Blaw-Knox Co

5

18%
3634

10%

30% Aug

9

....

Oct

Oct

5

Beneficial Indus Loan..Wo par

5% preferred

Dec

Dec

12% Mar 30

5

Best & Co

Sept

2%

89

10% Mar 30

Bendix Aviation

2

15

30

109

Beech-Nut Packing Co

3% Dec

13% Jan 11
July 21

100
25

Beatrice Creamery..

Oct

98

No par

1st preferred

94

133

36

July 19

52% Mar

Dec

Jan 21

5

Bayuk Cigars Inc

»

7

21% Mar 29

Barnsdall Oil Co

Bethlehem Steel

25

Jan

Mar

Nov

Mar 31

5% Mar 29

Belgian Nat Rys part pref

-

July

6

50

5H% preferred

$5 preferred w w
Beech Creek RR

"106

Mar 25

19
12
13
25

44

37

38

4%

Mar

116% Feb
18% Mar

101

86

No par

Bangor & Aroostook
Conv 5% preferred

800

16

*17




2,100

19%

*45%
26%

*

"26

7%

58%

*9878

—

1
2

3

101% Sept
7% Dec
39% Oct

29

...100
50
100
10

4% preferred

1,400

10,200

7%

Mar

11

17
16%
17%
17%
15
16
16
16
*14%
114% *112% 114% *112% 114%
16
16
16
16%
*15%
*98% 100%
1C0%
*98% 100%
30
30
*28%
*28% 30
115
*114
120
*112% 120

7%

119

3

Mar 31

Baltimore & Ohio

20

7%

97g Jan 10
48% Aug 8
58
July 25

Mar 30

11

17%

109% Aug 11

4

—

20%

11

Oct

6

98%

*27%

Oct

100

30%

49

*18

35

*92%
19%

9
18

14% Jan 10

Baldwin Loco Works v t C..13

13,700

8%

8%
*33%

29

27% July 20

12% Mar 30
2% Mar 29

Wo par
(The)-.3

$5 prior A

Feb

55% Mar

Oct

7,700

9

7%

2

Wo par

Austin Nichols

10

104

Oct

5

Aviation Corp of Del

300

4%

4%
8%
7%

June

9434 May

18

5,700

20

4%

Feb

88

7

8% July

7% July
6% Jan
3% July
20% Jan
47s Aug
ll% July

3

*17%

4%

35

Jan

2%June

814
9%
*93

105

4% Apr

20

4

..100
Wo par

*2%

106

Dec

27% Jan 12

Mar 29

JAuburn Automobile.-Wo par

*16%

Dec

66% Dec

36

57% Feb

70

Jan 14

Wo par

July

2434 Mar

•71%

71

700

4

Mar

Mar 31

400

3

125

Dec

May 27

4

20

Nov

14

7%

4

*2%

Jan

83
33

32% Nov

*3%

*18

101

Jan 12

*6%

40

Dec

Aug 16

Atlas Powder

-

58

Sept

7%

»—

Dec

42

2

17%
100

Nov

85

4

*116%

934

4%

55

Oct

Jan

Feb
Jan

6

87

200

200

2.%

99% Mar
126

80

Jan 22

5% conv preferred
Atlas Tack Corp

*116%

*116%

55

Mar 29

17% Mar 31
101% Apr 12
5% Mar 30
38% Mar 26

4,800

m

72% July 29
36% Aug 10

5

25
4% conv pref series A...100
Atlas Corp
1
6% preferred
50

Atlantic Refining

,

Mar 30

100

5% preferred

"3",900

mmm

11% July 19
75
Aug 9

40

Fe._100

5% preferred—

*11

22%

-

m

400

*44

*10

.

4% Mar 25
6% Mar 26

7%

45

11%
*10%
22%
22%
106% 106% *106% 107%
7%
7%
7%
6%

*17%
4%

*34

20 '

*44

7%
11

22%

4

414

*55

7%
7%
12%
22%
22%
106% 106% *106% 107
7%
7%
7%
7%
45
*43%
*43% 44<%

*634
*10%
22%

1163s 116% *116%
6%
6%
*6%
4
4
3%
3
2%
*2%
18

7%

*6%

20%

16%

72

Atlantic Coast Line RR—100

55

20%

70% Mar

72

Atl G & W I SS Lines..Wo par

54%

21

Atch Topeka & Santa

Feb

Oct

4%

22% Mar 31

5% pref with warrants..100
$5 pref without warrants 100

10

Mar

1334

Oct

•— m — m•--—

100

20%

56

55

""266

Feb

111

Feb

Assoc Investments Co..Wo par

34

90
90

121%

Dec

July

35

Oct

30

56

*85

Oct

96

27

*84

4%
57

May 12

90

93

Feb

Jan 12

z52

90

116% May

Jan
Feb

46

47% July 25
11
July 19
738 July 13

1
100
100

*84

Dec

94% Jan 31

72

Mar 29

6% 1st preferred

22

Feb

37%
10%

Mar 19

60

4

100

2% Dec

Feb

2434 Aug
111

24% Mar 26
5% Mar 25
2% Mar 30

...100

Wo par
Arnold Constable Corp
5
Artloom Corp..
No par
Armstrong Cork Co

7% 2d preferred

36%

2
10034 Aug 30
7
July 19

3% Mar 26

100

Feb

Oct

""BOO

Associated Dry Goods

79%

7

Jan 11

8

700

Feb

Oct

31% Aug
121% Mar

700

Jan
Jan

20

Oct

19

Apr

Wo par

Feb

14%
79

10

1
July 14

pref

107

96

20

conv

Oct

5

21% Aug

Archer Daniels Midl'd.Wo par

7% preferred.

Oct

3%

110% Aug 31
7

$6

82

20% Feb
29% Jan

69% Mar

4% July

600

Oct

97

Mar 31

"2",400

8

Jan

Oct

Mar 31

5

58% Dec
128% May
4% Oct

Jan
Jan
Jan

39

2

Armour & Co of Illinois

Oct

24% Nov

June 29

10

*85

20%

Jan

20
Wo par

90

22%

150%

Aug 29

10% Mar 31
97
Apr 6

90

58

Feb

$6.60 conv preferred.No par

36%

58

Jan

99%

AnchorHockGlass Corp Wo par

*84

*22

99

26

Jan 11

*3414
*85i4

35%

187

Dec

14

July 25

*65%
*34%

33%

Oct

67

50

74

36%

*65%
*33%

36%

Oct

140

38

100

——

6

Mar 26

8,000

Jan

10

Mar 29

A P W Paper Co

Dec

104%

May 26

Andes Copper Mining

Jan

14
21

21

400

73%
26%

56%
14334
25%

29

72%

*64

*68%
*65%

36

24

25

25

pref

Jan
Feb

--—mm —mm

Mining..60

$5 prior conv

Anaconda Copper

Preferred.

69%

36%

7% Dec

Anaconda W & Cable..No par

54,500

Oct

Jan

68%
148

9% July 25
43
July 25

4% Mar 30

Amer Zinc Lead & Smelt

154

25% Dec
3% Oct
*27% Oct

43

23% Mar 31

69%
*6334
*34%

35%

Apr 16

3% Mar 31

100

Dec

22%

8% July 27
13% Jan 12
91
Aug
1
7% July 19

Mar 30

68

No par
Wo par

Preferred.

150

3% Mar 28
6

10534 Mar

122

July 30
Jan 11

117% Mar
20% July
149% Jan
88% Aug
91% Aug

Mar 30

American Tobacco

Nov

Oct

21% Mar 30

Feb

Feb

41

Nov

100

36

24% Dec

40

14

Jan

45% Mar
101% Aug

Mar

125

June 10

12

No par

Feb
Dec
Jan
Feb
Jan
Feb

68

Aug 19

56

Jan

Mar

29

148% Aug 30
34% Jan 10
11% Jan 18

7

Jan 17

Feb

Mar

Oct

7%

35% Jan 11
66% Jau 12
136% Aug 31

Mar 29

45% Apr
130

Am Sumatra Tobacco..Wo par

78

"9'h

36

15% Oct
63% Dec
15% Dec

80% July 20

1

Amer Teiep & Teleg

«-«.

*

140

10

10%

35%

Oct

1

9%

300

73

38%

Oct

37% July 20
17
July 20
165% Jan 12
2278 Jan 15

Mar 30

4,600

-

~ic%

37l2

Oct

26

103

.Wo par

Preferred

800

18

18

*70

34%

Dec

3
31

100

34%

10

*34%

26

7% Jan 12
41% July 20

28% Mar 31

Amer Steel Foundries..Wo par

33%

*41%
*110%

78

29% Jan 18

Sept

119

Mar 31

22% Apr

Building Co.Wo par

American Stores

44

........

78

Mar 29

148% July

American Rolling Mill

$6 1st preferred

15
16
15
15
15
*14%
15%
3%
3%
3%
3%
*2%
*2%
*2%
*2%
28%
26%
28%
2634
*25%
*26%
26% 26%
*120%
120% 120% *120%
*120%
10034 10034 *100% 104% *100% 104% *101
104%
5%
5%
5%
5%
5%
5%
5%
5%
46
45%
47%
47%
45%
45% *47
47%
90%
*50%
*50%
90%
90%
*50% 90%
*50%
43
43%
42%
43%
42%
43%
42% 43%
10
10
9%
9%
9%
9%
*9%
*9%
6
6
6
*6
*6
5%
6%
6%

45

Nov

9

100

200

*15

-

170

100

3% Mar 29

Am Rad & Stand San'y.Wo par

Preferred

24% Nov

38% Jan 12
2

20

Wo par

Light...Wo par

American Stove Co

4,800

33%

new

Mar 30

99% Mar 30

100

200

7%

33%
*41%

Oct

23

No par

25

7

*30%

44

Oct

2938
13%
6834
129%
31%
16%
87%
72%
29%

100

1,400

7%

Oct

6% preferred

5%
38%

33%

7

3

American Snuff

*37

35

33

42

7%

7%

American News Co

85

*82

5%
37

*30%

33-%

78

89

*37%
7%

....

4312

*13

5% Jan 12

100

14

39

16%
15%
15%
*234
3%
3%
*234
2834 2834 *25% 29
*12C1S
*120%
*100l2 104l8 *100% 104%
55g
534
538
5%
*50

*13

2% Mar 31

200

23%
23%
*23% 23%
23%
22%
23%
23%
99%
99%
102% 102% 101% 101% *100% 101
xl9
19
19%
*18%
19%
*18%
*18%
19%
142% 143
142% 142% 142% 143% 142% 143%
83
83
83%
83%
83%
83%
84%
83%
85
86%
85%
85%
85%
85%
86%
86%
*147% 150
*147% 150
*147% 150
*147% 150
7
6%
7%
678
6%
6%
634
*6%
9%
9%
9%
9%
978
9%
9%
9%

*15i2

*45

14

14

125

Oct

400

146

55%

5534

Oct

10%

preferred

Amer Power &

Amer Ship

Oct

53

Amer Smelting & Refg.No par
Preferred
100

26,200

136%
55%
148
148
*142
*142
148
148% *142
28
27
27
27%
28%
28%
28%
27%
*7%
7%
7%
7%
7%
*7%
7%
*7%

5534

146
141% 14112 *142
29
26% 28%
29%

*5512

14%

Jan

4% Mar

74% Jan 17
17% July 25

17% Aug 31

66%

15

45%

Oct

5% Dec

2078 Jan 12

657g

18

31

14

2

7% Mar 26

66%

65

47

27% Feb
1734 Mar
58% Feb

32%
1%

20% July 20
8% July 19
24% July 21

20%

July 19

2% June 23

15% Mar 31

65%

64%

31

11% Mar
5534 Mar
52% Mar

Oct
Oct
Oct
Oct

American Seating Co ._Wo par

14,900

62

45

Feb

600

18%

73%

*30

21

4,600

17%

61%

47%

Oct

13% Mar 30
58
Mar 29

18%

18

31%

46%

Jan

7%
2%

25
4M% conv pref
100
American Safety Razor..18.50

17%

18%

16

*30

58%

Jan 18

43% Sept

16% Mar 31

17%

*17%

Dec

Mar 31

No par

19%

18

2

14%

38%

June 17

$5 preferred

19

15l2

Jan

Oct

10

900

75%

*18

Amer Metal Co Ltd

30

68%

5%

27

12% Mar 29

19

160

Jan

17% Dec

44

Wo par

34,700

Jan
Mar

1334

100

Amer Mach & Metals..Wo par

conv

17

225

No par

Preferred
Amer Mach & Fdy Co

6%

Oct

Oct

2%

5% July 19

4% Mar 30

$6 preferred

17%

18%
66%

Amer Internat Corp
No par
American Locomotive-_No par

900

1934

1914
75i2

100

2978
15%

15%

153% 153% *152

6% non-eum pref

5
175

Oct

12

30% Mar 26
1% Mar 30
13% Mar 28

1

Oct

7

Jan 22

207j July

Mar 29

50

Nov

2

5% July 2
25% Feb 26
12% July 20

5% Mar 30

.No par

80

6% July

13% Mar 29

Products

Oct

Jan 18

177

33%

*29

30

15

470

8,100

Jan 22

12

100

5

33%

27%

3,800

28

*26%
4%

33%

*28

154% 154%

35%
119

33%

x27%

500

Mar 29

2% Mar 30

6% preferred

Oct

6% July 25

Mar 29

300

1,500

4%

119

119

*117

4,000

14

34%

34%

34%

35%

35%
*116

160

*154

4

3%

5%

15

*154

14%

33%
29%
15%

29%

14%

♦14

4,000

7%
19%

63%

27%

5

33%

30

19

*58%

119

2734

5%
36

19%
59%

34%

34%
*115

28

2734

5%

35%
31%

5U
35i2

7

7

18%

4

23% Mar
3034 Mar
33% Jan
99% Mar
13% Jan

Oct

8%
12%

83

June 20

2% Mar 25
177

5%

16% Jan 12

8% Mar 30
69

2

200

59%

9% July 19
1434 July 20

4% Mar 29
9
Mar 29

No par

American Ice

19

6%

Jan

July 19

20

5

American Hide & Leather....1
American Home

62

7%

Apr
Aug

29

Aug

May 26

100

14%
4%

*3%

119

7

3334 Aug

20% Dec

17

9

200

19

Feb

104%

112

10

15%

*15

15

Oct

150

No par

400

*59%

7%
19%

14

*115

119

*15

36

Jan

Oct

Amer Hawaiian SS Co

1%

1%

Feb

Oct

Oct

Mar 26

24%

43%
*

1,300

Jan

71

15%

Feb

Oct

10

43%

*23

63

6%
19

*59%

4%

4%

35%

3512
*115

14%
634

1534

*14i2

3%

174

90

No par

$7 preferred

100

Oct

11%

§6 preferred

400

1517S

Feb

86

$7 2d preferred A

12

25

1%

800

14

Mar 31

...Wo par

1,000

87g

14

121

Aug 29

Amer & For'n Power

19%

*1034

Dec

118% Aug 29

100

4,400

11

69

32% July 25
63
July 25
22% July 25

9% Mar 29

American Encaustic Tiling.. 1
Amer European Sees
No par

3%

8%

8
1

104% Aug
171% Sept

8034

110

Amer Express Co

17

*23i2

2

'

dim.- — -

11

11

*42

*1%

—

*14

15%

3%

8%

8%

9

10

*18

19

19

18%

70

2,100

3l2

3%

3%

2,000

5

500

*170

500

*170

11

47g
*5%

10

*5%

500

4

*3%

5

1,100

73

73

73

4%

10

*5%
*170

500

10%

*71%

5%

12%

160

88% Mar 31

J(AllegCo)25
American Colortype Co
10
Am Comm'l Alcohol Corp..20
American Crystal Sugar
10
6% 1st preferred
100

300

8

*7%

Oct

Dec

89% Feb 18

Am Coal Co of N

*11%
10-%

12%

10%

73

5%

10

*5%
*170

500

*7%

11%

11

*7C%

47g
*5%

5%

~~8~

74

10%

74%

5%

*7%

11%
10%

27

share

28
109

100

American Chicle

*15

*15

3

per

3

No par

5% preferred

100

400

118

118

118

118

8

*11%

iii2

118

12%

*7%

1234

*73

*41

*15

*12%

24%

25%

25%

Jan

160% Mar 30
12% Mar 30

American Car & Fdy.-_Wo par
Preferred
..100

118% 118%

—

100

2,200

*1185s 1201g
—

300

70%

Highest

share $

per

Aug 24

135

Apr 21

$

share

per

42% Jan

23% Mar 31

25

Preferred

$

share

per

114

...100

pref

American Can

3,100

172

171% 171% *171

25%

25%
*42%

110

*15

98"

97

conv

26%

25%
42%

*10914 125

110

"

5X%

170

*133%
98

Am Brake Shoe & Fdy.No par

600

38%

38%

39

$

447g
45%
40%
40%
197g
a; 18%
18%
19%
19%
19%
*19%
115% *108
115% *106% 115% *106% 115%

25%
42%

42%
19%

*40%
1834

135

Par

Lowest

Highest

Lowest

Aug. 21

% per share
*135

Range for Previous
Year 1937

Range Since Jan. 1

for

LOW

Saturdau

Oct

Oct

18% July 25
96% Jan 17

92

30% Mar 12

29% Dec

Nov

115% July 18

9034

Oct

9

July 19

7%

Oct

83

Jan 11

24% Aug 24

82% Dec
8% Oct

2

15

Oct

Aug 31

29

Dec

6578 Jan 11
16% Jan 12
100
Aug 31
29
July 25
20% Aug 26

41

Oct

14

Oct

,19

51

Mar

19% July 25
Aug 31
55
July 25
20

35% Jan 17
30% July 27

Ex-rights.

115

2834

Jan

Feb

10534 Mar
43%

Feb

11434 July
1534

Feb

88% July
30% Feb
2334 Jan

6234 Jan
105% Mar
20

Jan

85% Nov
22% Dec

129%

Feb

6934

Feb

13% Nov

38

Jan

9

Oct

15% Dec

29% Mar
32%

Jan
Jan

50

Dec

94%

16

Oct

4934 Mar

21

Oct

48%

Feb

IT Called for redemption.

tecs

111,

N ew York Stock Record—Continued—Page 3

1446
LOW

SALE PRICES—PER SHARE,

AND HIGH

Wednesday

Thursday

Aug. 27

Aug. 29

Aug. 30

Aug.il

Sept. 1

$ per share

$ per share

$ per share

% per share

$ per share

f per share

*12

16'2
34%
♦3%

25%
1112
35%

95
46*4

93

16%
*314

24%
10%
33%

11%
36
40

*36%

40

40

39

1%
7%

2
8%
10%

10

*30%
*16%

*32%
9%

11%
*94%

9

32
17%
35
9%
11%
100

28

*2%
*8

22 ig

**14
19%

35
39%
39

40

38%

3%
24%
11%
35%
39%

39%

39

39

11%

33%
21%
14
19
2%

2%
8

14%

*22

22%

22

3*4
12%
*26%

8*4
12*4

3%
11%

19

8

*26%

29
19%

18%

20

20

19

*48

51

1%
7%

18%
18%
*37%
6%
*38

*48

9%
15*4

8

*21%
3%

3%

11%
*35%

12%
38%

18%

19%

18*4

50

49

19

>,

18

1734

18%

6

6%

38

39

*7%

9%

19

*13%
8

*20%

*3%
12

51

*31%
18

18%
*48

10%

8*4
36

39%

*97

100

*24

*9
40

*35

7%

8%

3%

106

22%
*93

67
20

20

32

29%

*77

*77

*%

*2%
*%

6

6%

*35

39

*7%

7%

%

*2%

3

*3

*4

*34

%
*3%

43%

4

15%
33*4

*41*4

36

*41*4

1

4

13*4
33*4

15*4

43%

* %

*%
*1%

%
2

*%
1%

*1%

1%

1%

*10%
16%
*9%

12
16%
10
45
75%

*9%
16%
9%

*32%
73%
9%

*33

4%

68
*49

*27

*5914
39%

93

*1000

12%
*93%

36%
*101
*

26%
16%
*7

32*4
*

17
7%

*14%

8%

*7%
*7%

7

9%
38

95

3434
101

37%
*97

*

*97

23

12

*9

12

38%

35%

37

30%

28%

29%

%

*76%
*%

%

*2%
%

2%

*2%

2%

*3

*13%
*%
*1

100

*%

%

*1

%

%

%
*3%
14%

%

1%

700

300

*1

4%
14%

1%

%

1%
%
4%
15%

%

1%

*3%

1

4%
15

*9%
9

9%

500
300

*9%ri2
16% ' 16%

16%
9%

*36

67%

"""•ioO

8%

9%

115

123
129
*60
12

95

95
35

35%

*101
*

*49

113

113

26%

4%
113

26%

26%

*62

93

*62

39

39

39

40

12

11%
*93

33

35%
26%

"2^300

*1000

*101
*

12

100

97

35

"5,700
800

35%

4,900
20

*

26%

16%

15

16%

500

*6

7

*6

6%

6%

6%

60

8

*8

*7%
*7%

8%

7%

8

*7%

8%
7%

7%

10

18%

18%

18%

900

18

18

*17%
*16%

18

18

700

*87

7%
18%
18%
90%
14%

*7%

18%

*85

89

100

15

4,700

17%

90

15

15%

*32%

35%
7%

14%
*32%

35%

6%

634

14%
*32%
6%

15

35%

6%
63%

91

*85

15

15%

a;

*32%
6%
63%

35%
6%

14%
*32%
6%

15

35%
6%

*63
63%
64
64
63%
*52
*52
60
60
60
60
59%
59%
4634
48
47%
48%
48% 49%
49% 4934
48% 49%
*103
1047g *103
104% *104
104% *103
104% *104
104%
52
52
53
54%
*55% 56
52% 53%
52%
53
*109
115
*109
115
*110
*110
115
*109%
10
934
10%
9*4
10%
10%
10%
10%
9%
10%
1%
1%
1%
1%
1%
*1%
1%
1%
1%
1%
36
36
36
36
36%
*36
37
"36% 37
36%
26
26%
257j
26%
25% 26
25% 26
£*26% 26%
"•4
7n
15s4
**»«
»«4
»64
"#4
%
%
%

63%

*52

....

Bid and asked prices: no sales on this day.




....

*15

14%

140

*32%
6%
*6458

35%

6%
69%

16"! 800

*52

61%

20

48%
104

50

8,100

104

100

53
110

53%
110

9%

10%

1%
36%

37

26

26%

In receivership,

300

1%

"64

a

8,800
500

8,100
20,600
1,200
8,000
76,600

Def. delivery,

July 19

Mar 30

Oct

38% Mar

44

8% Jan 10
42

July 25

5

8% Aug
89

Jan 17

8

Mar 26

4

Mar 29

3% Mar 31
Aug 26

17% Mar 31
94

June

1

18

May

4

June 14

27% Mar 30

%Mar 18
1% Mar 23

{Chicago Great Western.. 100

% Aug 17
2% Mar 26

100
5

8% Mar 31

%Mar 28
% Mar 26

par

4

97

Dec

129*4

Jan

58

July 25

40

Nov

100

Feb

106

May 11

97

Dec

2584 Aug 24

13

Dec

105% Aug
41% May

96

90

Dec

115

Aug

Sept

1

19% Dec
52
24

Jan

3

41% Aug 23
106

Mar

4

30% Jan 12
1234 July 20
48% Mar 2
38% Jan 17
89

Jan

5

Oct
Oct

2

Oct

96

June

8

Oct

4

Oct

3%
95

Oct
Sept

June

48% Mar

82% Jan
39% Jan
12% Jan
107% Jan
4134 Jan
2434 Jan
14% Mar
115

Jan

3484 Dec

86% Mar

3% Oct
18% Oct
103% Dec

23% Feb

25% Nov
5

Oct

x40

Nov

31

Oct

89

Dec

1% Feb 23

82
111

Feb
Feb

63% June
48

Feb

90% Mar

68% Mar
100

Mar

Oct

434 Mar

Oct

84

13% Mar

7

2

1% Jan 10
5% Jan 10
15% July 19

3

Oct

18% Mar

10

Dec

32

4

1

July

1

Oct

4

Mar
Jan

5

% Dec

3% Mar

Jan 10

1% Oct
% Dec
2% Dec
684 Oct
28«4 Dec

7% Mar

Jan

44

July 27

% Mar 31
1% Mar 28

3

1% Jan 20
July 7

1%

Oct

1

Mar 28

2% Jan 12

1

Oct

8*4 Mar

par

8

Mar 25

Oct

12

Mar 29

1234 Jan 12
19% July 26
10% Aug 6
42
July 27

6%

10

Chlckasha Cotton Oil

27% Jan
22% Jan
15% Mar

22

Mar 31
Mar 30

37%June

...No par

Chile Copper Co

3% Mar 30
May 31
35% Mar 31

25

25
5
No par

8% Sept

5

59

100

54

Mar 22

2

Mar 24

Cluett Peabody & Co..No par
Preferred..
100

No par
No par

Colgate-Palmolive-Peet No

Jan

1

100

6H% preferred
City Investing Co
City Stores

10% Mar 26
106
Apr 7
15% Mar 26
67% July 2
32% Mar 29
10% Mar 31
111

Jan

3

Jan 10
July 22

77% Aug 26
13% Jan 12
74% July 19
60

Feb 28

5% July 19
July 21

27

115

Aug 31

28% Aug 24
76

Jan 27

45%May 11
2534 July 22
124
Aug 1

105% Mar 30
57% July 8

14234 Aug

976

976

May

5

7% Mar 30
78
May 31

par

100
No par

13% Mar 31

100

87%June 29

Colonial Beacon Oil ...No par
Colo Fuel & Iron Corp.No par

60

3884 Aug 24

10l%Sept
29

9% Mar 30
3% Mar 31
4% Mar 29
4
Apr 1
13% Mar 29

100

100
100

20

13

Mar 29

53% Apr

No par

9

preferred.No par
Columbia Gas & Elec..No par
conv

1

Mar 30

27% Apr 1
5% Mar 30
57 May 3
50 May 16

6% preferred series A... 100
5% preferred
100
10

23

Mar 30

100

84

Mar 38

3

May 17
May 5

1334 July 25
96
Aug 8

June 24

20

Columb Br'd Sys Inc cl A.2.50
Class B
2.50
Columbian Carbon v t c No par

4H% conv preferred

9% Apr
19184 Aug

9

6% Mar 31

No par

Credit

Feb

35% June

July 22

2

par

(S2.50) cum div No par
{Chic Rock Isl & PaclflC—100
7% preferred
...100
6% preferred
100

Commercial

102

37

% Mar 29

100

Preferred..

Chicago Pneumat Tool.No

v t c

Jan

17% Mar
61% Jan
18% Mar
52% Jan

July 20

{Chicago & North West'n.100

Columbia Pict

Nov

61

1%
134
5%
16%

...100

4% 1st preferred
4% 2d preferred...

Oct

13% Nov
2% Oct

28

Mar 28

Mar 26

88

...100

Colorado & Southern

Oct
Nov

90

25% Jan 7
72% July 21

7

100

5% conv preferred

6%
28

80

Apr 26

6% preferred
Collins & Alkman

Dec

120

June 18

Class A

9%

4% Jan 12
107% July 25

Mar 30

Jan

45% Aug 23

Oct

18% July 20

July

91

34*8 Mar

Oct

1

13

70

Coca-Cola Co (The)

Oct

4% Dec

22

Chrysler Corp
City Ice & Fuel

Oct

37% Dec

2

100

Chllds Co

Oct

6

3

Chesapeake Corp
No par
Chesapeake & Ohio Ry
25

preferred

2%
24

40% Aug 27

6

preferred

Feb

18% Mar
36% Mar
9% Feb
3384 Mar

31
28
14

5

preferred

45%

Oct
Oct

834

Feb

Oct

3

Oct

36

Oct

Jan 15

1134 Jan 10

Feb
Feb

45

Aug

3% Mar
10% Feb

80

Mar

Oct

135%
21%

Feb

57

Dec

92

Feb

58

'Dec

74

July

Feb

2

Oct

10% Mar

17%

Dec

48

Aug

102*4 June
19% Dec

113

Jan

82

Oct

24% Nov
13%

Dec

110% Dec

9334
56%

Oct

8%

Oct

Jan

95

Dec

18

Dec

26

Jan 12

6% Mar

19%
33

11

46% Dec

8

Jan

11% Oct
5% Dec
8

Dec

48% Aug
90

Jan

41

Dec

29% July
132% June

170% Apr
59

June

24*4 Mar
104% Jan
6234 Feb
112*4 Mar
45

Apr

51%

Feb

27% Mar
30

Jan

Jan

June 30

7% Dec

29

2234 July 19
22% July 19

16% Dec
16% Dec

32

98% July 25
16% July 19

65

Nov

10

Oct

35% July 19

25% Dec

10

9% Jan 13
79

Jan 15

65

Jan 18

Jan 31

12% July 29

90

12

98*4 Nov

50% Aug 24
105% Aug 11
56
Aug 6
111
Aug 2"

31% Mar 31

34 Dec

2

5% Mar 30

Comm'l Invest Trust..No par
$4.25 conv pf ser '35.No par
Commercial Sol vents.. No par

z4%

Oct

2:68% Oct
64% Dec
30*8 Dec
80

Dec

34

Dec

86

Dec

5

Oct

Aug
31% Aug
125*4 Apr
39%
46%
20%
108
101

69%
114

80%
120

21%

Jan
Jan
Jan
Jan
Jan

Jan
Jan

Jan
Jan

Jan

Commonw'lth & Sou..No par
$6 preferred series...No par

1

Mar 29

2

3

1

Oct

4%

Jan

25

Mar 31

45

May 11

34

Oct

75%

Jan

Commonwealth Edison Co..25
Rights

22% Mar 30
%j Aug 29

28

May 11

-

n

New stock,

r

.

Feb

Oct

5%
16%

2

46

6% prior preferred
100
Cham Pap & Fib Co 6% pf. 100
Common
...No par

Chicago Mall Order Co
{Chic Mil St P & Pac.-No

39

10

6% Dec
*

Dec

10% Aug 24

preferred

Oct

4

4% Mar 30

{Chic & East 111 Ry Co

134

45% Jan
18*8 July
35% Feb
11*4 Jan

10

26% Mar 29

Cab

Oct

65% Mar

20% Aug 24
21% July 22

1

Certain-Teed Products

Oct

Jan

48% Feb
52% Sept
6% Feb
20% Jan
373s Feb

24% Jan 11
51
Aug 8
2% Jan 10
10% Jan 11

Cerro de Pasco Copper.No par

$2.75

Feb

May

9

100

Coca-Cola Inter Cor p.. No par

101% 101%

105

26%

12%

*96

33%

40

1.400

....

11%

97

3,400

*15%

90

Mar 31

12% Mar 26

100

~4j66

7

7%

Mar 31

82

100

Clev & Pitts RR Co 7% gtd_50
Climax Molybdenum..No par

15

17%

1

700

"""260

Jan

13

2% Mar 25
62% Mar 31
98% Jan 3
29% Mar 31
100% Jan 4

5

5
Clark Equipment
No par
Clev El Ilium $4.50 pf.No par
Clev Graph Bronze Co (The). 1

93

21%

95

190

25

*1000

105

100

62

4%
*23%

21%
21%
22
123% *123% 129% *123% 129%
129
*129% 134
*130% 135
*60
*60
60%
6G%
60%

*1000

12%

67%

4%
25

26%

40%
22%

2,300

98

4% Mar
34% Mar
63% Apr
12%June

No par

Chicago Yellow Cab...No

74% 102,500
9%
4,600

62

113

93

60

45

4%
*22%

5

123%

*35

45

*49

62

25

131

200

%

143s

Oct

12% Oct
18% Dec
49% Dec

12% Mar 30
37% Apr 29

IT pf

1%

24

24% Jan
25% Feb
117% Mar

Oct

584 Dec

Jan 17

5% July 25
108% Aug 17
14
July 25
8% Jan 10
6% July 25
104
Apr 2
49% Aug 8

200

2%

Jan

2% Oct
24% Dec

July 25

1

100

preferred

11

17%June 30
10
July 19

Oct
Dec

22

45

100

prior preferred

43%

Oct

6%

Mar 30

15% Mar 30

21

Co

Celotex Co

conv

6

June 30

25

Preferred

$3

1%

76

97

13

Caterpillar Tractor
No par
5% preferred
100
Celanese Corp of Amer.No par

100

1%

10% July 13
12% July 25
Sept 2

Dec

4% July 25
13% Aug 26

No par

Carpenter Steel Co
Carriers & General Corp

36

*1%

12

16%

*62

100

Jan

34

41

5

Canadian Pacific Ry

5%

50

Jan 24

Mar 31

8%May 27

4%

Jan

15% Dec

Mar 31

Campbell W <fe C Fdy.-No par
Canada Dry Ginger Ale
5
Canada Sou Ry Co
100

*41

1%
1%

17%

4%

1,100
0,600

*%
*1%
*1%

11

93

17%

77g

Mar 28

5% Mar 30

*34

36
43%

7a

*22%

100

Jan

102%
52*4

6

1

Callahan Zinc Lead

Mar 31

Calumet & Hecla Cons Cop..5

5%

53

Dec

20

5
No par
Participating preferred.. 100
Byron Jackson Co
No par
California Packing
No par
5% preferred
50
Byers Co (A M)

6%

"MOO

27%

92

*

2%
%

*41

38%
21%

200

3%
14%

*26%

*88

69

%

8

18

30

5% conv preferred
Butte Copper & Zinc

Mar 29

Mar 26
Mar 30
5%May 31
16% Mar 30
2% Mar 30

100

Debentures

7%

Dec

15

{Bush Term Bldg gu pf ctfs 100
10

Case (J I)

7

21% Jan 11
41

Feb

21

Jan 13

22% July 25
3% Jan 15

Preferred series A

%

42%

113

13,900

*3%
*13%

36

*49

"2",200

%

26%

92

*43

36

29

35%
28%
*76%
*%
*2%

*6

8%

Jan

37

10%

Butler Bros

Checker

3%
14%

1%

115

*89

*66

12

%

14

4%

110

1,200

3%
*13%

42%

25

660

23%

%

14%
*33%

9%

7,600

40

3%
14%

1%

43

~~5,990

15

7

Jan

38%

5% Dec

23% July 25
16% Aug 6

Preferred

100

*9

*33%

26%

8

Mar 26
Mar 31

Century Ribbon Mills.-No par

10

38%

100

22%

36

101

Oct

15%
13%
6%
14%
1%
4%
6%

Central Violeta Sugar Co...19

44%

9%

23%

%

7%
18
17%

6%

10%

42

44%

62

95

1

35

7%

8%
66%

36
105

15%

42%
► 9%

8%
68%

12

Jan

2% Jan 13
10% July 8
13% Jan 13

6% July 21

Central RR of New Jersey. 100

99

8%

12%

47

40% Aug

5% Jan 20
39
July 25

5%

*5%
*4%
*86

23

*3%
14%

7%
19%
19

16*4

7%
5%
99

44%

97

78

*7%
*7%
19%
*17*4

18

*86

40%

4%
14*4

*10CO

50

13

8%
69

60

26%
15

*5%
*4%

7%

5%
99

*10

13%

*%

22

*101

*10

13%

8%
68%

*59%

100

2,800

66%

9%
71

26

20,500

22%

72

*114

100

Dec

19% Aug

29%

39%

95

36%

96

72%

♦60

95
105

23%

*65

37%

78
234

22

11%

22%

22%

70%

26%
93

130

3,500

*93

4%

4%

*76%

38%

13

22%
96

.22

73%

*4%

*1000

21%
96
22

2,100

47%
107

41

39
39
22
22%
123% 123% *121
132
132% 130

39%
23%
*123
123%
*132% 136
*59*4
23

108% *106

72

♦22*4

114

*106

88

117%

47%

41

4%

26%
*59%

88

117

49

73

24%

113

88

117

47%

43

71%
87g

4%

28%

86
117

28

3

99% April

*9

*22%

114

114

1,100

*49

62

4*4

"*500

3%

8

Feb

54% Jan 11

Capital Admin class A......1
$3 preferred A
10
Carolina Clinch & Ohio Ry 100

16%

Dec

Mar 26

200

16%

22

Mar 26

Cannon Mills

*3%

Feb

40% Aug 26

3

200

83%

*68%

68

*6

3%

23
96%
23
66%

90

44%

*75

Feb

Mar 30

59%
53%

Central 111 Lt 4H% pref-100

*16%

73
9%

9%

*7%
*40

83%
17%
3%

23%

Oct

30

17%
9%

9%

9%

6,200

Oct

3% Mar 31

No par

J Bush Terminal

Aug

7

18

107% 107l2

11%

*33

*16%

20

6%
37%
9%

*35

Co.

34

15% Dec

25

..No par
No par

Bulova Watch

50% Aug
1584 Mar

Aug 24
12% July 26

Central Agulrre Assoc.-No par
Central Foundry Co
1

%
1%
1*4

9%
40

70%
9%

6%

38

Oct

Jan

26

900

*9%
*16%

16%

6%

18%

3

per

37% Aug 26

Mar 29

3,300

*%
1%
*1%

12

62

*49

*24%

*33%
*41*4

1%
1%

70

68

14

106

38

*8

*1

1,200

Jan

16

2234 Dec

4%

*22

3%
14%
%
1%

%

*49

*9

*g

1%

51

1~500

28

19% Jan 12

36% Aug 26
4% Jan 10

20%

9%

24%

*3%

%

20

Dec

May 31

4%

43%

307g

*13%
%

19

*19

Aug

20%

*5%

38%

1%
%

4%

15%

14%

%

4

14%
%
1%
%

*%

%
3%

*13

%

*3%

*1%
%

3

*18

"

25

20%

*4%

12

*%
*2%

18

1,400

3,100

Dec

*19%

*86

*767g

%

*31%

40

40
*75

3%
90%

97

38

30

38%

3%
12%
38%
19%

200

11

66%

*10

97

29%

38%

3%
11%

3%
12

20

14% July 19

4%
107% 107% *106% 107%

934
38

*9%

....

%

14%

!

11*4

21

100

1,100

2

66%

4%

4%

*23%

21

21

*37%

88%
118% 118%
47% 49%

20

24

*9%
38%

40

31%

23

25%
11*4

*8

18%

6%

6%
38

97

8

300

June

per

No par
100

10,200

18%
2%
8%
15%
8%

2%
♦7%
*13%

46% Apr

l%Mar 25
3% Mar 26
5% Mar 30
zl6%Mar31
10% Mar 29
27%May 27
5% Mar 26
5% Mar 31
75
Apr 18

Burroughs Add Mach..No par

18

*45%

9%
3734

18%

Oct

28

Burlington Mills Corp—...1

Bui lard

93

39

per

No par

preferred

2,900
1,700
2,100

18

*65

10
39%

14%

7%

Budd Wheel

18%

22%
66%

100

21

14%

Budd (E G) Mfg

90

4,900

19%

18

4%
*106% 107% *106% 107% *106% 107%
*10
*11
13
13%
13% *10
*6
8
*5*4
8
*534
734
*4%
*4%
5*g
*4%
5%
5%
*86
99
*87%
99
*87% 99
42-%
43% 4334
45% 45%
44%

10%

21

13%
18%
2%
10
15%

15,400

18%

16%

39

32

21

4%

100

16%
16%
17%
17%
17%
3%
3%
3%
3%
3*4
87
88%
87% 89%
89%
*118
11934
119*4 *117
119*4 *117
47
48
47
48*4
IT.49% 49%
*105
106%
106% *105
106% *105
22% 23%
21*4 23%
23% 24
*93
*93
*93
96%
96%
96%
23
24
-24% *22% 23
24%

*97

32%

5%
41%
5%
33%

41

4%

7%
19%

83%

4*4

J5%

41

Oct

July 12

18

5
100

Bucyrus-Erle Co
m"7% preferred

7684

48

14

Briggs & Stratton

30

4,500

7%
18%
17%
*37%

83%
16%

20%

97

*9

96

5

share

5% Mar 31
12% Mar 30

Bearing Co.. 17

Bridgeport Brass Co—No par

Brown Shoe Co..

7%
18%

42

4%

11

36
10%
11%

1,000

7%

*40

*20

3,000

29%
15%

7%

*80%

5

8
9%

300

2,600
4,900
6,100
5,700

83%

20%

"""600

No par
Bruns-Balke-Collender.No par

500

1%

42

4%

800

1%

50%

*80

66

500

1%

*40

66

38

6

Jan

15

No par
Bristol-Myers Co
5
Brooklyn & Queens Tr.No par
$6 preferred
No par
Bklyn-Manh Transit..No par
$6 preferred series A.No par
Brooklyn Union Gas..-No par

1%

42

67

400

1%

83%

8%

38%

share

Apr

per

16% Mar 31
2
Mar 23

100

Boston & Maine RR.

Bower Roller

Highest

share $

9

Briggs Manufacturing..No par

1%

*80

20

,

18%
2%
*7%

Corp

26,500

300

1,200
7,700

1%
7%

*7%
*40%

*65

;

13

19

*49

1%
734
187g
18

*16*4
3*4
89%

:

*20

38%
18%

40%

*7%
40%
*80

'

4%
32%

Borg-Warner

$

share
July 28

40

15
5

Borden Co (The)

25,500

97

97

5% ]>" 5%
*39

12

18%

*45%

*45
6

*36

49

7%

33%
21%
14
18%
2%
9%
15%
8%
21%
3%

12

18%
18*4

7*4

*38

2134

3%

7%

6%
39%

8

12%
39
18%

11

5%
42
4%

32%
*20%
*13%
18%
*2%
*7%
*13%
8%
*21%
3%

187g
2%

*7%

1*4

17%

*40%
4%

5

13

1%

18

5%

5*g
42

*1334

*9

*7,100

2%
24%
11%
35%

9%

15%

*94

16

*27%
15%
*33%

36
9%
11%

11%

Bond Stores Inc

34

*1%
*7%

9%

15%

100

Class B

Lowest

Highest
$

82

No par
No par
1

Bon Ami class A

38

29

*33%

60

$

Par

2%
24%
10%
34%
38%

8

9%

*93% 100

34
21

1*4

1%
7%
19%
18*4

*9

3

*27

60

46%
13

32

11
35

*7

92

*11%
15%

23%

*37%
1%

16%
37
9%

11%

9%
11%
96

*2%

22

16%
*33%

16%
36

*89%

Range for Previous
Year 1937

IOO-Share Lots

Lowest

Week

Shares

*46%

38%
40
1%

9%

18%

8%

8

10%
33%
*35%

28%

13

14%

8%

9%

27%

32*4
20*4

8

15%
8%

*14%

9%
28%

92
46%
13%
15%
33

23%

8

*40%
4?g

5%

18%

*7%

5%

5%

32%
20%
12%

8

31%

1%

11

40

4*4

*1%

96

*94% 100

5%

34%

1*4

*16%
*33%
9%

35
9%

40

11

13%

9%
27%

16%

9

3%

24%

*89%
*46%
*11%
15%

16%
33%

8

30

10%

*11%
15%
32%

16%

1*4

1%
7%
9*4

16

10

5%
35%

3%
24*4
11%
35%

*38

8%
25
10%

*32%

6*4
44%
5%
35%
22%
14%
19%
2%

5%
44%

33%

*37

16%
33%

32

*36

*1%
♦7*4

32%
*3%
*24%
10%
34ig

12

1612
3412
3%
25%

93*4
46%

94
46%
13%

46*4

12

93*4

*46%

93*4
46%
*12%
16%

93

46*4

1312

*89%
*46%

On Basis of

YORK STOCK
EXCHANGE

NEW

'

the

Friday
Sept. 2

Range Since Jan. 1

STOCKS

Sales

NOT PER CENT

for
Tuesday

Monday

Saturday

Sept. 3. 193S

Cash sale,

x

Ex-dlv.

v

Jan

#»i Aug 25

Ex-rlghts.

T Called for redemption.

\

^be

Volume

LOW

AND

New York Stock Record—Continued—Page 4

147

HIGH

SALE

Monday

PRICES—PER

Tuesday

SHARE,

Wednesday

NOT PER

Aug. 27

Aug. 29

Aug. 30

Aug. 31

$ per share

$ per share

S per share

$ per share

*7%

8%

*7h
*1134

10
13%

*1134

*14%

14%

14

8

Week
Shares

68

*83

84

♦Hi
*8

27%
99%
*5%
9*4

♦103%

*3%

*734

85
83%
13g
*1%
8
8%
26
26%
99
99
5%
5%
8%
9%
*105%
110
334
*3%

*1%
1%
♦8
8%
28
25%
9912 *98%
6
5%
9%
834
110
*103%
*3%
4
,

4

*3®4
*17

334

334

8

100

Conde Nast Pub Inc...No par

25%

25%

26

3,500

Congoleum-Natrn Inc..No par

15

Mar 29

28

10

*8

10

Congress Cigar
No par
Conn Ry & Ltg 4M% pref.100
Consol Aircraft Corp
1

6

Mar 29

8% July 13
14% July 6

7%

Dec

45% Mar
19% Jan

5%

Dec

22

Jan

19% Jan 17
10% July 21

8

Oct

26

July

434

Oct

18%

*7

*734

*8

83

1%

13%

11%
1334
8

13%

8

*734

68
83%
1%
8%

*54%
*82

*10%

11%

16

13

*54%

133s
734
68

2,200

68
83%

11%

14

14

*7

8

*82

83

734

600
300

$2 partic pre!
No par
Consol Edison of N Y..No par

25%

26%

99

99%

6

6%

2534
99%
6

2634
99%
6%

8%
9
8%
8%
105% 105% 105%« 1053i«
3%
3%
*3%
3%

334

I

8

99

334

71

1

13s

26%

334

100

13s

9834

4

preferred

8

26%

*3%

3%

3%

*3%

4% Mar 29
55
Apr
1

6M% prior pref w w

21,600
4,000

19,700

17

*15

18

*15

18

*15

18

*15

*86%

87%

*86

87%

*86

87%

*86

Consol Laundries Corp
5
Consol Oil Corp
No par

100

1434

15

15

15

14%

15

1434

15

2,600

Container Corp of Amerlca.20

21%

20%

21%

20%

21

20%

22

8,100
8,300

Continental Bak cl A..No par

8% Mar 26

42

10%

*95s
34%
*1%

34%
1%
30%
1734

3012

1734
*4814

49

69%
*169i4

6934

*4%

4*12

36

34

69%

4%
34%
113

4if

35%
114

25%

2538

8%
3434
37%
32%

*32%
32%

*834
3334
*31%
*3034

9%

34%
37%

11«4

12%

34

'

13

13

*70

78%

*75%

78%
36

36

13

12%

35

33

*79%
h
6%
4%

70

*64

70

17

16

%
7%

*%
*6%

5%

4%
*62%
*16%
7

7%

7

6%

51%

5

5%
22%

5%
22%

16

51

54

*52

6%
4%

5%

22%

21%

2%
96

29%

29%
16

£29%
*15%

16

68%

*168%

69%

114

6

3,300
1,100

Continental Insurance...$2.50

1%

29%

8,300

Continental Oil of Del

10

Corn Exch Bank Trust Co..20

40

Apr

69%

3,000

25

x53

Apr

1

—....—.100

162

Apr 12

4%

4%

"3",300

Coty Inc

36%

14,300

Crane

900

Pref ex-warrants

76%

7734

33

35

*78%
*%

%

678

*6%

*15%
634

£50%
5

21%

6%

83

58
6%

4%

434

*67%

69%

16

*15%
6%
*49%

16

6%
51%
5%
22%

5

21%

*64

15%

6%

*78%

6%
434

*64

15%

*15

4%

Cuba Co

Cuba RR 6%

1,800

4%

6%

6%

634

51%

*50%

52%

20,900

2134

Curtis Pub Co

9,000

21%

5%

21%

5

21%

*76

80

*76

80

*76

80

*76

80

*76

80

*76

49

*44

49

*38

50

*40

54

*40

54

*40

24%

23%

*23%

24

7

*6

23%

7

*6

*15

.

19%

1934

24%

25
14

24%
12%

21%

19%
24%

18%

19%

21%

13
21

6%

634

7%

7%
*1%

1%

*1%

1%
103

*100

*9%

15%
10

10834 10834 *108%

♦108% 10834

*12%

*6

*15

9:

*834

10%

23%

7

16

*6

*15

15%

*9%

24

100

100

18%
24%
*13

19%

*834
*10834

Ts'%

18%
*24%

24%
13%
20%

*13

20%

7

6%
1%
100

15%

3%

*1%

3%

*1%

6

*6

9%

*6

9%

*6

9%

33

33

32

33

2734

2734

273i

2734

*38%
*9%
1634
*7634

1234

17

24%

*24%
*1234

13

6%
1%

*99% 102

6%
*1%
*100

1,400
300

12,800

19%

6

*6

10

32%
2734

32

32%

28

28

40

40

*31

28%

3334

50

"""180

28%

900

40

9%

9%

900

£1534

1534

1534

16%

5,000

78%

*77%

78%

*77%

78%

12

12%

12

11%

1134

500

32%

31%

11%
32

1134

32

*31

90
100

6,400

22%

*4%

343s
5%

33

47%

48

34

45%

514

5%
4634
131

127

131% 131%
*18% 20
11
*10%

20

*16

11

*934
*3

43g

13%

3%

*9%

115

*105

134

13%

128% 131

*32%
*20%
32%
*4%
45%
130

24

*2034

24

*2034

21%

2134

32%
2134

33

32%

33

33%

33%

3334

*4%
45%

33%
4%

*4%
4534

434

400

46%

47%

8,100

129% 129% *127% 132%
*18
20
18%
18%

700

9%
4%

130

*129

19

*17

1034

*934
3

111

20

*934

1034
3%

13%

110

131%

4%
45

129

3%

13%

130

5%

*9%

3

*9%

*934

32%

*3%

46

10%
3%

934
*3%

*10

*10

115

*110

115

129% 130%

129% 131%

130% 133

136
136
*134% 136
118
118
118%
118% *117
11534
11534 11534 115% 115% *115% 116
534
534
5%
5%
534
5%
5%
170
175
169%
170% 171% £169
171%
*160
168
168
*160
168
*158% 168
*160
168
♦158% 168
2034
22
21%
2034 21
213g
22%
21%
20%
20%
223g
4
4
4
4
*3%
4
334
3%
334
4%
4%
29
28
29
28
28%
29%
30
28% 29%
26%
2834
8%
9
834
8%
8%
834
8%
8%
8%
8%
8%

*134
*134% 136
*134% 136
*116% 11834 *116% 118% 117
116
11534
116
*115% 11534
6
6
534
5%
5%
171
160
173
*171
*170%
*160

*22%
*4%
2834
8%

3%

*2%

2%
9%

11

1034

2%

10-%

136

*134

117

*116

3

*2%
10

10%

*2%

136

36%

*35

37

2434

24

48

*44

10834s

*108

,

*43
46%
10834 *108

*43
*108

5%

*58%

59

59

59

5%
*57%

*62

66

63

64

*63

5%

5%

*65

73

5%

68

68

*67

24

46%

10834

5%

3
*4

72

6%

*4%

5%

2%

2%

*234

4

4

8

*7

11%
1434

*1%
*6%

1234
15%
1%

7%

36%

37%

33

34

*29%

30%
12%

28%

*11%

*11%

28%
11%

*76

81

*75%

*86

93

*85

*5%
*3%
*1%

"5%
4

5

12%

15%
134

*7

7%

36%

33%

29

11%

81

81

*85

92

5%

53s

334

*3%

*1%
*21%

3%
13s
23%

13«

1%

*23

24%

22%

*84

85

♦83

85

*83

85

3334

*33

33%

*33

33%

20%

*19%

20

*17%

20

Bid and asked prices: no sales on




*66

|

1%

109

*30

32

30

30

*108
5

109

5%

300

""""26
8,500

5%
60

*57

60

100

63

*63

64%

300

75

*65

73

Dresser (SR)Mfg conv

ANo par

8%

100

preferred

Du P de Nem

4

No par
5
.3

Eitlngon Schlld

Electric Auto-Lite (The)
Electric

Boat

—

Elec & Mus Ind Am

—.3
Endicott-Johnson Corp....50
El Paso Natural Gas

5% preferred....
100
Engineers Public Service....1
$5 conv preferred
No par
$5M preferred w w..No par
$6

No par

preferred

Eureka Vacuum Cleaner

*7

7

7%

*6%
37

7%
37

50

3,500

100
100
-.100

5
Co....—..5
Ex-Cell-O Corp
3
Evans Products

Exchange Buffet Corp .No par

pref
100
Fairbanks Morse & Co.No par

Fairbanks Co 8%

38

36%

30

*27%

30%

100

Fajardo

*11

30
11%

*28%

11%

*11

11%

100

Federal Light &

♦75%

81

*75

81

*75

81

*85

92

*85

92

*85

92

36%
*28%
11

5

3%
1%

*21%
*83%

38

*434

3%
1%

*3%

3%

1%

1%

2034
*8334

21%
84%

23
85

5

33

33

33

33

*16

25

*17

25

this day.

♦

Rico..20
Traction.—15
$6 preferred
...100
Federal Min & Smelting Co 100

*3%
*1%
*21%

Bug Co of Pr

Preferred

*95

*95

"5%

5%

2,400

3%

500

1%

1,000

22%

800

109%

Jan

Federal Motor

100
Truck..No par

Federal Screw Works—No par

A. No par
Federated Dept Stores.No par

Federal Water Serv

4 M % pf—100
Y..2.50
Co. No par

83s Mar

Oct
Dec

2334 Mar
86

Jan

Nov

62

Feb

18% Nov

27

Jan 20

8% Feb 25
2% Jan 10
Jan 12

6

39% Feb 28

3

17% Aug

Oct

6

Oct

18%

Jan

12%

Oct

24

Feb

96% Oct
19% Nov
20% Nov

109

Jan

27

Nov

3134 Mar
Jan

8

Oct

29

13

Oct

583s Mar

5

Oct

134

Oct

24% Mar
1078 Feb

88% Dec

146%

Jan

5

Oct

22

May

12%

Oct

30

May

29% Dec
18% Oct
534

Oct

76%

Feb

36% Feb
40%

Feb

Dec

23

Apr

Oct

29

Mar

Oct

96

Mar

17

Jan 12

15

Oct

25

Feb

Jan 12

27

Oct

41%

Jan

Mar 30

24

July 29

16%

Oct

4634

Feb

5

Dec

26%

Oct

Mar 30

31

87% Jan 27
Mar 26

15

134May

6

Jan

157

10% Mar 30
Mar 23

2

13% Mar 30
Mar 30

6

2%May 27
6% Mar 29
22% Mar 31

3478 Aug 16
8% Jan 20
54% July 25
140% July 7
24% July 19
14
July 19

60%

79% Nov

12's Mar
77%

Jan

14334 July
55

Jan

8% Dec

39%

Oct

8%

Jan
Jan

17%

Jan

21

1%

Dec

11

8
July 18

10

Oct

115

Jan 27

106

Nov

122

13584 Aug 26

98

Nov

180%

Marl6

130

Oct

135% Feb

107%

Oct
Oct

112

4% Aug

118% Aug 25
116% Mar 1

Jan

Jah
Nov

115%

Jan

7% Jan 12
July 25

Oct

17

Mar

144

Nov

198

Aug

Apr 20

150

Apr

164

Nov

23% Aug 25
5% July 25

31% Aug 2''
10% Jan 17
4

Jan 11

1334 July 20

109%

2%

15%

Dec

234 Dec
1478 Dec
334 Oct
358 Oct
6% Oct

37% Feb
16

Mar

45%

Feb

16

Feb

7%

Feb

26%

Jan

2
2

27

Oct

92%

Jan

Mar 31

45% July
4134 July

24

Oct

87

Jan

2l34Mar 31

31% Mar

7

22

Oct

44%

Jan

14%

Oct

29

Jan

60

Feb

18

%Mar 26

2

Feb

3

26

Apr

6

17
33

July 20
July

7

4434 Aug

1

33

Nov

Aug 13

100

Nov

115%

Jan

5
2% Mar 29

109

1

3

Oct

1734

38% Mar 31

59

Aug 29

41

Oct

78%

Jan

40

Mar 31

64

Aug 26

45

Nov

81

Feb

46

Mar 29

68

Aug 26

51

Nov

86% Feb

1%

Dec

4%

Oct
Oct

934 Jan
23% Mar
353s Mar

94% Apr

1% Mar 29
134June 21
234 Mar 30
2

June

4

2% Mar
5% Mar
10% Apr
1% Mar
3% Mar
19%May
22%May

26
31

9
31
30
27
31
6% Mar 30
67
April
52% Apr 5
96% Feb 2
2% Mar 30
l%Mar 30
1% Mar 31
12% Mar 30
67% Jan

4

Fed Dept Stores

22% Mar 30

Fllene's (Wm) Sons

15

r Cash sale.

Jan

34

Fidel Phen Fire Ins N

stock,

Jan

65%June17
li%Sept 1
28%June 2

100

n New

Jan

Oct

10

800

delivery,

Mar

3

8%

15% Jan 11
23% Aug 8

108

135

2

3
7634 Aug 29

32%

a Def.

39% Deo

Dec

5

30

85

In receivership,

Feb

40% Aug 5
10% July 29

3234

25

20%

29% Aug

85

*17

Oct

171

..100
Co

300

100

4

5

Eaton Manufacturing

400

134

Mar

Jan

181

334

15

43

121%Mar 31

400

*1%

Dec

6

5%

15

Jan

12

(N J).No par

*4%
*234

134
7%

127

100

preferred
No par
Duquesne Light 5% 1st pf.100
$4.50

5%

*1%

Dec

137

5%
234

14%

70

90% Mar 31

{Erie Railroad
4% 1st preferred
4% 2d preferred

1%

3

13034 Mar 31
109% Apr 1
11134 Jan 3
3% Mar 31

6% non-voting deb

100

3,400
2,400

143s

(E I) & Co..20

Equitable Office Bldg..No par

3

Oct

5

8% Mar 28
102
Apr 23

900

334
12%

234

%

3

No par

800

11%

Mar 30

2034 Jan
31% Jan

Dunhill International

2%

12%
15%

25

6% Mar 25

2%

234
4%

173s

734 July

No par
...1

Class- B

*2

12%
14%

Oct

8%

4% Jan 24

2

No par

*2%

12%
1434
1%

% Aug 23
Mar 31

2%May 31
4%June11

4%June

par

...No par

Douglas Aircraft
Dow Chemical Co

2

12%

76

5

2%

*334

Mar 31

4

27% July

234

3

7% Mar 29

par

2

4%

Mar 30

9

par

2%
5%

*95

~

"5%
23

72

1934 Mar 29

12

2%

*334

11%
*75%

1%

5%

par

*2

3

12%
14%
*1%

*95
.

—No
Doehler Die Casting Co No
Dome Mines Ltd new..No
Dominion Stores Ltd..No
Class A

*234

4

93

334

*68

*5%
*234

*28%

*95

*95

538

63

434

15%
134

5%

*57%

2%
234

15%
*1%

10834 10834 *108

68

234

13%

*43%

60

2

4%
13%

46%

*43

*57

3

*5%

24

*63

2%
2%

*2

23%

68

2%

2%
2%

2%

23%

60

5%

*2

5% pref with warrants.. 100
Co
No par

Dixie-Vortex

46%

30

*1%

3

25

Mar 18

*43%

3034

30

1%

3

1334May 27

Mar 30

46%

3034

30

1%

10834 Apr
8134 Mar

Nov

2434 Aug

13% Mar 29
6%June

Elk Horn Coal Corp new No par

32

30

1%

8

3% Mar 30
12% Mar 30

5

700

*31

31

36

Oct

80

21% July 18
8% Aug 11
56
Aug 10
6
July 19

II

600

31

*30

36

21

87

Co—2

1,500

31

2934
1%

24

Distil

24%

36

900

57% Dec

1% Jan 7
13% Feb 7
6% July 14

58%May 31
12
May 25
438Mar 31

102% Jan

47%

25% Apr

94% Jan 17

Mar 29

18

Jan
Jan

56%

44% Jan 11

Corp-Seagr's Ltd. No par

Diamond T Motor Car

*23%

14,200

30%

1%

25

6% partlcp referred

24

10%

30%

25

24%

100
Det & Mackinac Ry Co—-100
5% preferred
100
Devoe & Raynolds A..No par
Diamond Match
No par

1«4

9%

Dec

30% Dec

82, July 19

5% Mar 31

pf.100

;

*1%

10%

*34

Western..50

shares
Electric Power & Light. No par
$7 preferred
No par
$6 preferred.....—No par
Elec Storage Battery..No par

2934

1%

3,200
200

36%

1%

*1%

23,700

2%

30

30

Delaware Lack &

6% cum preferred
800

*2%

3434

*32%

No par
Preferred
-.20
Dlesel-Wemmer-Gtlbert
10
Delaware & Hudson
100

Eastman Kodak

9%

10%

(The)

DaytonPow & Lt4H% Pf -100
Deere & Co new

Eastern Rolling Mills

2%

35

36

36

Davison Chemical Co

1,400

"4",500

Jan
Feb

834July20
15% Aug 17
11% July 29
IO884 Aug 5
25% Feb 25

5
25

preferred

2,100

♦2%

3

10%
*35%

100

Jan

2834
10078

Oct

Mar 29

June

Aug

Dec

4% Mar 29

Conv 5%

100

200

4

19% Mar 31
Apr 8
%June 30

70

35

Feb

56%
37

6%

14% July 19

3

Jan

28% Nov

7% Mar 29
58

Feb

71%

171% Jan
10% Mar
115

24

10

6,700

Jan

July

77

Doc

21

34% July 25

1

Duplan Silk

200

11

*110

110

11

100

Apr 13

25% Apr

49

35% Mar

Nov

88%

54%

100

5%

*17

*109

12

9

22% Nov

Aug 20

200

12%

7634
*12

9

Oct

Aug 25

400

9%
1634

16%
*77%

*39

3

2884 July 25

Detroit Edison

*2

17
22
25
26
26
3
7

48

JDenv & R G West 6%

4

Oct

9% Oct
4634 Nov
50% Oct
153
Apr

76

200

10

Oct

24

Jan 12

Mar 31

200

*6

Oct

78

13% Mar 31

3,400

*2

23

July 25

48% Jan 11

1%

9%

Oct

pref..100
No par

preferred

6%
102

*9

*20

*

19

39%

24

33«4

10

25

13%
1934

32%
2734

2734

300

14,500

19%

9%
16%
78%

*2134

*19

9
...

39%

32%

133

6%
1%

18%

1

Davega Stores Corp

16%
*75%

*32%

115

18%

9

*108%

Jan
Jan
Feb

Deo
Dec

5%

Cutler-Hammer Inc newNo par

"""166

9%
16%
7634

32%

*105

*1234

1,900

7

15%

39%

*32%

*3

13%
20%

19

24

*6

40

16

78%

*10

25

...

23%
*1434

9%

10

34

834

*108%
18%
24%

7%
15%
9

3

3

*6

31%

*9

10

Yo%

2334

No par

Olsiss A

$8

*38%

39%

*12

31%
2734
*38%

*6

*14%

7
7%
*1%
1%
*99% 102

1%
100

*1%

23%

7

15%

(The)..No par

Preferred

Curtiss-Wrlght

54

25

50

Cushman's Sons 7%

80

*46%

3,600

100

—

Packing

Cudahy

900

5%

5

10

Sugar

Preferred

""506

16

No par
preferred--.100

(The)

Cuban-American

69%

6%

5%
22%

100

120

*4834

52

pref erred ...No par

$5 conv
Preferred

200

%
7

..5

Crucible Steel of America.. 100

100

90

*%
*5

69%

6%
*4%

43*

69%

434
*64

*%

No par

Crown Zellerback Corp

240

4,000

Jan
Dec

2534
42s4
378

37%
106%

34

$2.25conv pref w w..No par

100

3334
88

108%

June 30

37

100

78

69%

Oct

29

3,600

34

78

Jan

Jan
Feb

65

5%
10934

39% Jan 17

34%

Apr

3738

3734

Oct

22% Mar 30

34%

33

Oct
Oct

1

No par

34%

3438

92% Aug

No par

34

7,200

5234 Apr

Crosley Radio Corp
Crown Cork & Seal

*30%

78

83

Jan 31

34
12%

12%

13%

Oct

1034
7%

19
27
16
25

70% Aug
167% July
5% July
3734 Aug
11434 Aug
25% Aug
10% July

Mar 31

37%

*12

Oct

21% Apr 5
5% Mar 31

*30%
1134

78

_

19

85

*32%

300

Apr

3

16

7934 Dec

Jan 12

No par

Q

34

1

1
25

8%
34%

0

Feb

5% conv preferred
Cream of Wlieat ctfs

8%
33%

400

Jan
Jan

1%

56

234 Mar 26

*25

25%

Mar 26

100

Co

10%

134 Jan 15

1

*113% 115

10578

100

3534 July 25
19% July 25

Continental Steel Corp. No par

60

Preferred..

1778 Apr

Oct

36

200

Corn Products Refining

Oct

Oct

49

5

June 17

4834

....

7

Dec

21% Mar 30

5

13%

3s

21% Mar 30
78May 26

1

Motors

Continental

25%

*25

Jan

107

$4.50 preferred

Jan

Feb

Oct

112% June 28
11% July 26

36% Mar 30

20

No par

Continental Diamond Fibre..5

34%

*%

65% Mar 31

Continental Can Inc

3434

4%
3534

4%
34%
114

*168%

....

1% Mar 29

100

100

200

16

*47%
69%

48

48

*4%
438
3434
3638
*111% 114
24% 25
9
*8%
34%
34%
*31% 37%
*30% 34
12%
123s

1%

1%

*1%

6,000

No par

preferred

8%

300

39% 41
39% 40%
112% 112% *110% 112%
*9
*9%
10
10%
3234
33%
32% 32%

69%

80

*77

%

2

96

80

*78

33%

88

86

*80%

2

95

*168%

25%

33

36%
37%

*32%

35%

114%

*25%
83s

9%

68%

"4%

4
33

25%

*32%

2

95

2%
96

96

*168%

114

115

25%
*834

6834

68%
*168%

36%

35%
*114

*2

2%
97

41
40
3934 41%
4034 42
112% 112% *110% 112% *111% 112%
9%
9%
*8%
10%
*834
8%
34
33
3234
32%
32% 32.%
1%
1%
1%
1%
1%
1%
30%
29% 30
2934 30
30%
17
*15
17
16% *16
*15%
48
*48
48
*48
48%
48%

42 34
112%

*112

2

Jan

108

3%

5% Jan 12

934May 27

20%
*96%

Nov

49%

258

17% July
26% July
234 July
103% July

15
21

2%

92

89% July

14%

97

June 30

22

20
2

Jan

21%

Apr 18

16

*96

I884

Mar 31

22

2%

Jan

Oct
Dec

10

16

97%

Mar

584

4%

Aug 8
July 25

78

5% preferred vtc
100
Consumers P Co$4.50 pfNo par

Class B

95

Oct

% Jan

% Aug 18
2% Mar 19

87%

87

Oct

1

7% Jan

9834 Mar 24
2% Mar 31

f Consolidated Textile..No par
Consol Coal Co (Del) v t c_.25

No par

Oct

63

Jan 11

1034 July 13
105'nSept "

Consol RR of Cuba 6% pf.100

f$5 preferred

65

Jan
Mar

638 July 21

Mar 30

7

Jan 15

100

88% Apr 16
2% Mar 30

No par

800

17

88

preferred

Mar 31

17

Dec

Aug 17

86%
1%
8%
30%

4% Mar 26

20

July 21

68

5

Mar 26

100

500

3%

17

$5

1,200

Jan

3

9% Aug

Mar 29

11

50

1%

99

4

7%

1

434 Mar 30

No par
100

Consol Film Industries

2634

6%
9
9%
*105% 106

Consolidated Cigar

8%

1%
*8

6%

300

3% Apr

21%

2%
*9614

share $ per share
19% Feb
4% Oct

per

*8

8

334

$

share

25%

*54%

9

per

Highest

Lowest

Highest
$

share

per

10

*11%

8

...

Lowest

$

Par

8
26%

68
8334
1%

6%

of 100-Share Lots

*8

2534
10
13%
14%

*87

1834
88%

*87%

*6434

68

*54%
*83%

On Basis

*7%
25%

7%

24%
♦734
*11%
*14%

8

*65

*7

7%
25
10
13%
14%

7%
2434
*734

26 >4

26

EXCHANGE

$ per share

$ per share

Range for Previous
Year 1937

Range Since Jan. 1

STOCKS
NEW YORK STOCK

the

CENT
Friday
Sept. 2

Thursday
Sep*. 1

»

Sales

for
Saturday

1447

June

£Ex-dlv.

1

7

July

2% Jan 11
6% Jan 3
834 Jan 6
6% Jan 6
5% Jan 13
14% July 25
16% July 27
2% July 19
11% Jan 12
39
Aug 8
34% Feb 19
14% July 20
82
July 1
92
July 6
99%May 17
5% Aug 10
4% July 25
2% July 1
26
July 21
90
July 27
3584 July 25
£21% July 14

u Ex-rlghts.

8%

Jan

Oct

28% Mar

3

Oct

6%

Dec

14% Jan
34% Mar

1%

23%

Oct
Oct
Oct

26

Oct

5

7%

7%

Oct

634

Jan

28

Jan

71%

Jan

70

Jan

293s

Jan

7234 Dec

103

Jan

60

Nov

150

Mar

90

Oct

129

Apr

2

Oct

11%

Feb

2%

Oct

11%

Feb

6

Jan

1% Oct
14«4 Dec
£65

Oct

4384 Mar
108% Mar

22%

Oct

453s

Jan

20

Dec

3934

Feb

T Called for redemption.

7

New York Stock Record—Continued—Page 5

1448
AND

SALE PRICES—PER

HIGH

Range Since Jan. 1

Sales

SHARE, NOT PER CENT

STOCKS

for
J

LOW

Sept. 3, 1938

NEW YORK STOCK

On Basis of

100-Share Lots

Range for Previous
Year 1937

*

Aug. 29

ver

Aug. 30

S ver share

Aug. 27
t

share

§ per share

22

22%

20%

23

32%
23%

25

25

21%
24%

22

20

30%

30%

101

102

*100
*66

40

30%

2%

2%

4%

4%

4%

4%

*14%

15%
15

14%
13%

14%

*14

94

2234

24%

*24

24%

200

Florence Stove Co

19

19

*19%
*1%

22

200

Florsheim Shoe class A .No par

2

*30%
100

1778

18%

*62

70

384

334

14
14

*92

0«4

6%

4%

634

1534

1534

*15

1584

*15

1534

*15

*49

54

*49

54

*49

.54

8

*98

4734

10%

10%

"5"

4%

24

22
*59

*23%

41%

26%

34%
*113

*34

42%
35%

68%

*35

08%

68

124

*123

4778

*123

8%
10%
106
21

42

*40

8%
1038

*106

2

1%

1%

22%

21%

34%

31

22%

20%
14%

15

15

*15%
<

17%

*15%
*

~18%

18%

16%

99%
18%

9%

934

9%

*58

60

13%
*59%
23%
*4478

1334

62%

*2%

234
*73%

23%

2334

22

473S

*44%

23„

9%

20
*85

1%

27S
83

24%

234

2%
*77

83

22%

58

58%

55%

26%
94%
4%

59

57

57

J*57
1%
6%
*1%

*10%
*15%
28%
2384
12%
22

267s
*136%

1%
634

6

2

11%
17%

*

"17%
9%

2834

2384
12%

22%
27%

*37%

50"

23%

23%

*40

49

1%

11%
15%

59

22

234

2734

1%

4%
58

55%

28%
95

4%
*56

4%
57

1%
6%

1%
6%

1%

11%

*10

1%
11%

16

*15%

16

2634

27

27

12%

23

94

•

*25g
*77

4

56

1,300
35,000

94%

000

4

4

58

30

1%

1%
6%
138

6%

*1%
*10

11%
16

1534

24%
*23%
12%

2484
24

1238
20%

1%
6%
13s
*10%
*15%
24%
23%
12%

*40

16%
11%

167g

16

16%

11%

11%

11%

11%

1

1

1

1

1

*16%

21%

*16%

21%

5

*4

5

*4

5

18

18%

*17%
*26%

18%

27%

*17%
27%

18%
27%

33

*33

34

27%

*26%

27%

*33

34

*33

34

878

*17%

1778

*17

17%

*96%

98

*96%

98

*91

94

92

33

92

884

8%
*17

884

49

16%

1

1%

21%

1678
11%

*40

*8%

87g

21%

*16%

*40

1%
678
1%

$3

700

«.

70

3

7%
*98

98%
7%
105

*60

234
*92

7%
*96

75

*60

3

234

98

*92%

7%
105

7%
*90

75

278
98

7%
105

*16

*14912 160

98

738
105

10

6278
133

*149% 160
*149% 160
16
16
17%
15%
61
60
60
6278
59%

133

133

60
*56%
*97
105

*97

*17%
• 46%
*112

*56%

19%

*17%

47%

45

121% *115
13%
11%

13

15%
*105

133

60

105

19%

*133

*56%
*99

*17%

45
46%
121% *116

*45

15

4634

*99

*17%
47%

*133

~60~
105

«.

7%

-

19%
48

60"

60

•

U

«.

*17%
477g

19%
48

99

*98%

8

7%

47%

44

778

46%

44%
1%

*6%

45%
1%
8%

29

29

2

2%

*178

8%

*7

2934

30%

29

9%
1%

9%
1%
1284

8%
1%
11%

12

20%

19

19

40

36

36%

3534

*6

6%

5%

6%

9%
2934
9

8%

1%

1%
1134
*19

878

1%
12

*98%

99%

*98%

7%
4578

734
46

7%
45%

99%
7%
4534

*184

2

*134

2

*6%

8%

*6

29

834

1%
11%

2934
9

1%

12%

29%
8%

7%
2934
834

1%
10%

11%

1%

*98%
7%
45%
1%
*6

29%
87g
1%
11

Mar 31

Mar 30

Oct

Oct

18

Oct

13%

Oct

88

9%

Oct

3384

Jan

16

Dec

437g

Feb

95

Nov

95

Nov

19% Aug 24
11% Feb 26

8

Oct

24

Aug

8

Oct

2078

Feb

Feb 26

56

Oct

88%

Feb

16% July 20

80

6%
49%

Dec
Oct

51%
58%

Jan

Oct

Feb

2

Oct

678
8%

*83% Dec

1234 Dec

July 19
Aug 24
Aug 6
July 19

46

65

June 29

55

2

Jan 12

7% Aug

Dec

16% Oct
72% Dec
3% Dec
Oct

35

5%
2734

Feb

48%
47%

Feb
Jan

32

Jan 14

Aug 31
Jan 22

10

Oct

20% Dec
23% Oct
129

Dec

50% Sept

22% Dec
28% Mar
5634 May
42% Jan
145% Mar
64% Mar
39% Mar

17% Mar
59% Mar
3434 Feb

28
35

30

10

5

Mar 25

12

Mar 31

preferred

100

8834June 30
June 23

par

83

15

A) Co $5 pf.No

100

2
25

Corp

1

"7", 700
10

conv

preferred

10

No par

conv

pref erred ...No

„

3,300
100

12,300

par

(A)

5
No par

7% preferred
100
Homestake Mining
12.50
Houdaille-Hershey cl A.No par
Class B

No par

Household Fin com stk.No par

_

100

Houston Oil of Texas

4634

2,800

Howe Sound Co

178

200

5% preferred

100
25

v t c

5

Hudson & Manhattan

5,800

8,800

Illinois

Hupp Motor Car Corp
Central

Mar

28

16i2 Mar 25
17

Jan 31

98

Jan 10

534 Mar 26
ll%June 1
102
Marl6

83i2 Jan 26
5

Mar 31

2312 Mar 30
May

7

Mar 29

20% Mar 30
5

Mar 30

i2June 15
6% Mar 30
Apr 6

*18

19

200

6% preferred series A

100

12

3534
578

*35%

40

*35%
*534

40

*35%
*57g

40

130

Leased lines 4%

100

23

100

RR Sec ctfs series A

1000

Mar 30

3% Apr

2

Mar 11

23% Dec
26% Apr

June

6

Oct

36




a Def.

delivery,

n New stock,

r

Cash sale,

x

Ex-div.

Mar

Feb

Jan

Jan

434

Oct

20%

Feb

1734

Dec

31

Feb
Feb

Jan 18

95

Nov

108

98

July 21

92

Oct

105

18

Oct

121

Dec

Jan

58% Mar
140

Feb

5

Oct

1734

Jan

55%

Dec

106%

Feb

1%

Oct

8

Jan

3% Aug 25
98
July 29

81

834 July 25
July 23

Dec

117% Aug
1578 Jan

86

Dec

126

152% Feb 17

129

Nov

166

6

11

Oct

65% July 20
134% Aug 25
58% Aug 11
99
Aug 10

50

Nov

125

May

95

19% Aug

20

Mar

2

48'4 Aug 26
118
Aug 31

5%

39%

Aug 15

Dec

135%

Feb

6734

Jan
Jan

37

June

15%
93

734

66

Jan

Feb

64

'16% Dec

1513

May 27

Dec

Feb

39%

111

1334 July 19
108

Nov

Nov

83

25% Jan 12

17

4

3%
12

1678

34% July 25
130
Aug 8
x7h Jan 19
71% Aug 12

Mar 30

4612 Jan

12

98

100

32

6

7

Oct
Nov

July 25

10% July 20
21% Jan 15

1
17i2Mar31

4818 Apr

1
100

8

Mar 19

1

No par

Jan

Mar 26

80

3

Hudson Motor Car

5

40

100

4,700
8,900

May

4234Mar 31
12634 Jan 19

preferred
.100
Hudson Bay Min & Sm Ltd 100
5%

1

5i2Mar25
140

Hinde & Dauche Paper Co. 10
Holland Furnace......No par

5%

7634June

100

6% cum preferred
100
Hershey Chocolate..—No par
$4

4i8June

7
3

50i4 Mar 31
li4June 14

No par

;

Motors

Mar 29

Apr

81

Hercules Powder new..No par

:

120

25

W)

Preferred

1,500

Apr

Jan 12

6% July
22

1

24

25

June 30

28

Apr 28

25

Water

Printing

19

$ In receivership,

Jan

59

4

78 Mar 31

*18

Bid and asked prices; no sales on this day.

Jan

Oct

1%

Oct
Nov

Dec

Oct

109

Oct

2:3934

Oct

5234 Feb
120% Jan
3034 Mar
43% Jan
11434 Mar

5334 Dec

Aug 23

21

Dec

41

Jan

Aug 25

6

Oct

2778

Feb

6684 Aug 25

44

Oct

73

Jan

78% Dec

94

Mar

100

June 28

9% July 20

53%
3%
9%
31%

Jan 13
July 14
July 14

4«4
37

Oct

17%

Oct

90% Mar
578 Jan

Jan

1%
3%

Oct

Oct

1578

Jan

4

Oct

23%

Feb

Aug 25
Jan 13

10

1%

Dec

4% Aug

178 Jan 10
July 25

8

Oct

38

24% July 25

16

Oct

67% Mar

3878 Aug

8

34

Dec

72

July 25

5

Doc

25% Mar

14

8

f
♦

Jan
Feb
Jan

15% Jan 12
26% Jan 12

40

434

Mar

15

137

6

13%
96

Oct

8

July

8734 Mar
47% Mar
141

3

Apr 12

2312 Apr
122

Feb

6

Dec

12% Mar 31

Feb

50% Mar

Oct

19% Dec

914 Mat 30

115

1%

22

3

Jan

Oct

1%

9

Aug

90% Mar

19% Dec

Jan 17

2534
61%
30%
9934
5%

Jan

29% Mar

43

Aug 30

Jan

53s Jan
65% Feb
117% Jan
534 Jan
4878 Jan
70% Feb

Oct

4,300

6%

Nov

1

14

25
25
20
10

July 18

20

6%

85

July 21

30

*19

6%

95

2% July
24% July
37% July
2884 Jan

24

20

*534

Oct

Oct

7%

1%
1134

17

20

No par

preferred

99%

9

Jan

26% Jan 15

Oct

Hercules

19%

9%
29%

110

1% Dec

%

Hecker Prod

600

—

Dec

8%
2:99

Jan

Feb

11% Mar
434 Jan

Hazel-Atlas Glass Co

■

"

48%

Mar

Oct

Holly Sugar Corp

99

1

8

Oct

19

Feb

Dec

Hollander & Sons

7%

34Mar 29
212 Mar 31

15%

7%

1,300

99

2% Mar 30
52i4 Mar 30

60%

Oct

1178 Aug 10
134 Jan 10

1,000

7%

15% Mar 31
6934June 17

Oct

712 Feb

12

99

Mar 30

Oct

3%

7%

Helme (G

105

*17%
46%

7

Feb

21%

111

Oct

Corp of Amer class A..1
6H% preferred w w
100

30

*55

3

Jan
Feb

15%

Hayes Body Corp

3,500

*133

_

*99

*56%

Feb

23s July

106

Jan

124

70%
122%

28% Dec

Dec

Hat

105

*9978 105

978 July 23
12% July 22

May

60

15%

*178

*6%

19%

*56%

50% Aug 26
12384 Aug 27
45
July 22

117

1778 Aug 24

6%

500

*14934 160
*14934 160
16%
16%
167g
1678
61
63
61%
62%
61%

*133

37i2June 18

Harbison-Walk Refrac.No par

3,600

118
121% 118
*113% 118
*113% 118
12
*1134
12% *11%
11%
12%
11%
*1134
16
*15%
15%
15%
15%
15%
15%
15%
*104% 106
*104% 106
*104% 105
*104% 105
*104% 105
65
6484
65%
64
64%
65
65%
6434
6434
64%
64%
33%
*30% 33% *31
♦31
34
*30
33%
3338
3178
3178
15
1634
1534
16
15
14%
15%
15%
16%
1534
1434
67
*65
67
*65
*65
*65
67
*65
6 534
66%
6634

16%

*6

*37

60

62

3

Oct

734 Mar 31

6% preferred

3

106

*64%
*30%
16%
*66%
*98%
778

12%
20%

135

105

*16%

Aug

Nov

48

50

Hanna (M

1,900

17

*17%

Mar 29

0i2June 13

Hamilton Watch Co.—No par

100

130

98

125

84
33

25% July 19

7% preferred class A

75

*96

Aug 2
69% Aug 26

133s Mar 30

Hall

*149% 160

18

*96

1% Jan 11
37

34i4 Mar 29

Hackensack

1,500

93

7%

9

June

Mar 28

96%

98

98

Mar 29

40

*95

105

Mar 31

Jan

1

6%

100

8%
17%

*91

7%

15% Mar 31

Mar 25

34

93

*92%

Mar 25

1

8

28

8

96%

*96

1234 Mar 30
8512 Mar 19

3

*33

*234
*92%
7%

li4May 21

12

*27%

8%

*60

634 Mar 29
101% Apr 9

100

33

3%

Mar 31

100

28

75

4

100

33

278
*92%
7%

2112 Mar 30

preferred

*27%

*60

25i2Mar 31
11178 Apr 25

Jan

100

8%
300
200

*91

3

4

Gulf Mobile & Northern

4

19

*95

75

Jan

152

Greyhound Corp (The) .No par
5H% preferred
10

21%

4

93

3

118

3

Guantanamo Sugar

*16

96%

*60

Jan

50% Jan

52%

114% Aug 26

13

100

Green (H L) Co Inc..
Greene Cananea Copper

32,400
2,000

30
30
30% 3034
30
30%
3034
30%
30%
30%
*120% 140
*120% 140
*120% 140
*120% 140
*120% 140
*120% 140
6
*5%
6%
*5%
5%
534
5%
5%
5%
*5%
534
*5%

>3
i,*93

334
64%
6578

Mar 25

10

Green Bay & West RR

..

.»

4

*91

93

Oct

25

10

Great Western Sugar..No par
Preferred
.100

2,000

18

*94%

96%

91

Feb

20

(W T)
preferred

5%

14,900

4

17%

96%

44%

300

*16%

17

Jan

28% Nov

2% July 19
13% Jan 11
18% Jan 10

No par
No par

Gt Nor Iron Ore Prop_.No par
Great Northern pref
100

1,500

1

17

17%

6478

121

10i8May 26
19
Apr 5

1

pref series

conv

Grant

2,800

30%

*62

Granite City Steel

*16

8

1

Grand Union (The) Co

300

........

*16%

-.100

800

"

11%

Oct

June 18

Granby-Consol M 8&P— .5

<

23%
1678

Dec

34

32

2,500

700

16%
11%
*78

z99

Mar 31

Graham-Paige Motors

10
50

Aug 11
45% Jan 10
36% July 20

13

6,600

27

49

Dec

37

Preferred

11%
1584
24%
23%
12%
2078

Oct

22

60

Gotham Silk Hose..

Mar

66

1584 July 19
67
July 20
27% Jan 11
51% Jan 19
3% July 18
378 Jan 11

No par
No par

65

Jan 24

Feb 23

No par

preferred

126% Mar

72

10

conv

32% Mar

28

Apr 1
134Mar26
2i2May 27
6012 Apr 20

$5

Oct
Oct
Oct

31
1
31
30
28
30

Mar 29

No par
..No par

2%
6%
14%

Mar 30

5

5% preferred
Goodyear Tire & Rubb.No par

1,000

*56

4%
56

49

49

70

23,200

Oct
Nov

Mar 30

Goodrich Co (B F)

1,300

278
24

5%
91

31% Nov

11

2078 Mar
108U Apr
27i4 Mar
2278 Mar
l0834June
5s Mar

61

4H% conv preferred

Feb

35

Gobel (Adolf)
1
Goebel Brewing Co.
1
Gold & Stock Telegraph Col00

-

287g

23

50

-

500

19%

Feb

Mar 29

par

Jan

Oct

Feb

51

...No

106%

4

14

No par

Glidden Co. (The)

2,200
*.......

2%

27%
94%

49

*40

48

50 preferred

Jan

Nov

153

No par

$5 conv preferred
Gimbel Brothers

100

56

*136%
50
*37%
23%
2234

mm

Gillette Safety Razor..No par

33

88

Oct

8

General Tire & Rubber Co-.5

Jan

Oct

June

4,500

9%

Oct

Jan

32% Jan
7% Mar
15% July
z39% June

5

100

6,000

18

Dec

Jan

18%
83

117

1

100

preferred

6%

54%

56

1

Dec

11%

135

28
25
19
20

6

90

22%

20
19%
27
27
207g
*2684
*138
137
137
*13634 138
50
43
*37%
*37%
*37%
22
23
22% *22%
23%

»

Signal.—No par
6% preferred
—100

July
5% July
13% July
263s July

Jan

277g

20%

*4

8%

79

94

*15%

21%

234

234
*77

55

*1%
*10%

12%

2%

2%

27%
*94

6%

1%

22

48

22%
54%
26%

1%
6%

21

^*884

• 30%

2%

834

1

No par
No par

135

20

58%
22%

77%

*4%

$0 preferred.

Gen Public Service

000

*2%

No par

General Printing Ink...

--„-»

597g
22%

21%

No par
No par

preferred

Common

3

Oct

Sept
Feb

54%

15% Mar
105% Jan
96% Feb
19% Jan

51% July 25
11% July 27

1,900
-

*5578

23%

*50

$5

Gen Outdoor Adv A

12,100

234
77%

95

*15%

13%

*4478

100

Apr 12

1%

Oct

Apr

98

Aug 27

8% July 27
July 12

100

8I2 Mar 23
14isMay 23

1234
58%
217g
*4478
23g

20

*16%

6% preferred

General Motors Corp—...10

612 Mar 31
2i2Mar 31
534Mar 31

Dec

284

•

1534 July 19
51

Gen Theatre Eq Corp. No par
Gen Time Instru Corp.No par

13%
597S

48

No par

*

June 15

4i4 Mar 31

13

12%
*567„

2234

12%
20%

20

General Mills

13i2June 25

Gen Steel Cast $6 pref.No par

13%

2134

pref series A .No par

4is Mar 29

2
77s July 25

1,130

21%
15%
17%
99%

13

*44 78

No par

preferred

conv

85

Mar 30

3,800

60

27

12%

i*18%
*26%

$6

2i2 Mar 31
10

1338 Mar 29

60

24

*1

§4.50

li4 Mar 29

56 preferred
No par
General Refractories...No par

60

*56

No par

Gen Gas & Elec A.....No par

900

2134
3234

"I734

83

56

15

99%

a:87g

No par

General Foods

60

*50

23%

*82

11%

5%

2%
2%

*1%

17%

"17%

100

7% preferred
General Electric

800

1734
93g

9%

26%

11%

21%

48

15%
17%

25

11%

110

42,300

42%
3534

*56

"1734

5

Gen Realty & Utilities

15

♦

Aug

100

2,600

15

99%
18%
9%

94

Gen Railway

21%

*15%

MarlO

No par

2,800

20

1%

10%

7% cum preferred
General Cigar Inc

200

26%

207g
9478
1%

1934

22

23%
12%
20%
2678

*11%

Class A

800

68

100

32

24

22%

24

1%

31%

*85

July 20

No par
No par

*105%
*1%

*21%
3134
21%

22%
55%

1634

*4

22%

178
20%

*85

2734

*40

Cable

1,100

21

24

-

General

77g
10%

10

*1%
197g

18

5

734
*9%

947g
1%

27

2G34
*136%
*37%

300

3,700

434
IO84

121

21

24

15%

*16%

59

10

*105%

1%
20%
947g
1%
2134
3234

28%

17%

1%

60

*

734

*7%

10

*23%
12%

17
*1

99%
1734
9%
13%

2%
2%
*77%

21%
15%
*15%

17%

12%

1%
6%

1%
*10%
15%
27%

1%
*20%
31»4

32%
22%
15%

15%
*15%

4%

1%

*85

9478
1%
21

*22

27%
95

*1%
20%

20%

32%

56

2884
95%
434

2

21

23%

2734
95%
*4%

*978

734

*105

♦106

*1%

734

734
934

9% Mar 29

Bronze

.

7%

Baking

$8 1st preferred

General

.........

*4478

2%

10

41%
35%

Oct

115

4,400

121

18

5
No par

10

*21%
*60%
*24%

68

*59%

23%

3178 Aug 8
234July 2
578 July 19
18
July 7

General

49%
130

*4%
10%

Dec

Mar 29

4,400
114
114
114
114
300
113% 113%
%
h
34
1,700
h
%
h
*35
36
*35
*35
36
49%
49% *35
*68
500
69%
68% 68%
*68%
68% 68%
68%
123
123
100
*123% 124
123% 123% 123% 123%
45%
4684
46%
47%
46%
46% 48% 138,800
47%
700
*122% 12234
*122% 123% *1223g 123%
12234 123
40
*35
40
*37
*37
40
100
40
39%

*56

*2%

21

68

23%
*23%
26%
119% 119% *119% 121
42
4034
4178
41%
35%
3434
3534
34%

50

59

21

22%

58%
13%
60%
22%

58%
12%

434
1078

*60

934

99%

1034

*21

119% 119%
40%
41%
35
35%

1%
20%
9478
1%
21%
33%
22%
15%
17%

*85

9478

1%

22%
33%
22%

*4%

478
11

66

29

10

47%

Oct

58

Oct
Oct

11%

40

Mar 29

2,600

27
80

Feb

Feb
39% Mar
97g Feb

Oct

6

Aug

Feb

58%

Die

1%

5% Jan 12
July 15

82

100

100

Dec

15

74

$6 preferred..
No par
Gen Am Transportation
5

1,700

7%

130

68

10
*>»»*»««

lh
19%

10%

25%

21%

8%

8%
97S

21

*85

47%

12334 1238a

43

106

*178

123%

45%

4878

12384 12334

**40%

49%
68%

10

*130

*23%

33% 34%
1143s *113% 114%
1143s *113
%
%
%
84
%

49%

*35

*98

49

*60

68

24%
119% 120
40
40%

73g

100

*4%

11

24%

121

*120

15%
54

1034

23

68

24
*60

*15
*49

7%

48%

10%

*130

—

15%

22

43

48

30

93%
6%

54

478

11%

12

-

6%

46%

Mar 29

5H% conv preferred
50
Gen Amcr Investors.-.No par

260

Oct

2% Mar 31
Apr 13
1978 Mar 30

25

share

52% Mar

Dec

11%

50

conv

33% Jan 10
103% Aug 4
22
July 25

per

41% Mar
107%

26%

Mar 29

Gaylord Container Corp

500

13%

5

Jan 10

3

Oct

Nov

Mar 31

100

2,200

14

13%
93%
*6%

Jan

11
20
20

16%
90

Mar 25

300

700

21

15
25

18

Francisco Sugar Co

4,900

2%
4%

25% Jan
96% July
3478 Feb
2478 July
29«4 July

% per share $

11

500

31%

share

per

85

F'k'n Simon&Co inc

14

94

2412 Mar 30
1078 Mar 26
1934June 13
15
Apr 7
li4 Mar 26

preferred..—No par
No par
7% of-100
Free port Sulphur Co
10
Gabriel Co (The) cl A ..No par
Gair Co Inc (Robert)
1
§3 preferred
10
Gamewell Co (The)
No par
Gannet Co conv $6 pf..No par
Gar Wood Industries Inc—3
$7

10

400

334

14

11%
21%

*4%

4%

11%

*4%
1134

-

*98

4%

16% Mar 31
Apr 14

76

$

Hi ghest

Lowest

Highest

share

per

10

—

40

13%

67g

49%

10

10%
»

2%
4%

15%

100

*3%
*29%
297«
*2%

3034

*49

7%

4834

4784

10

*130

*130

"

*98

100

4734

48%

10

49%

49%
*10%
*130

*97

98

98

100

7%

7%

7%

7%

7%

66

334

6%

1584

51

*7%

66

70

40

2,300

$

-100

4J4% conv pref...
Foster-Wheeler..

100

103

No par
No par

Fllntkote Co (The)

t Foliansbee Brothers—No par
Food Machinery Corp
100

1,000

1834

*92

94

31

18

14

30%
2%

*30%
*101

18

*62

70

14

2%
4%

94

30%

11,000

2

101

1734

40

51

A

101

18

*12%

*2934

2%
4%
14%
13%

♦6%

30

30%

334
*29%
29%
*2%
4%
13%

*29%

30

1%

*1%

100

*3%

40

*92

6%

2

*1%

30

13

94

*6%

67«

22

*2312

*14

14

*92

94

684

600

6% preferred series A—100
First National Stores ..No par

22

384
*29%
29%
2%
4%

4%

29%

32%
23%

Rubber—10

Firestone Tire &

25

*62

70

2%

400

32

32

9334

*19

18

40

3034

30%
2%

3,900

*90

*24

2234

*96% 101

18%

*29%

22

9334

22

30

31

*384

378

21%

Lowest

Par

25

*1%

101

*66

70

378
*29%

Shares

*32%
22%

22

2

1784

19%

1834

32%
23%

217g

21%
*90%

9334

Week

$ per share

*24%

20

*1%
30%

21%

32%
22%

32

93%

EXCHANGE

the

Friday
Sept. 2

1

*19

32%
22%
24%

*20

21%
*90%

2134

32

93%

32%

93%
32%

207g
93%

2I84

93

2

§ per share

% per share

93

*1%

Thursday
Sept. 1

Wednesday
Aug.Zl

Tuesday

Monday

Saturday

y Ex-rights.

T Called for redemption

Mar

Jan

Volume

LOW

AND

SALE PRICES—PER

HIGH

SHARE,

NOT PER

Monday

$ per share
*7

28

*7

28
100

*143%

Aug. 31

28%

27%

28%

28

93

93

93

93

*143%
72%
14%

73

72%

72%

72

1434

14%

1434

13%

*143%

76

76

72

75

1518

15%

14

14%

*5

53s

22

5%

5%

5i4

5%

22

*87

*6%

*5

87

5%

5%
5%

434

4%

4%

*4%

12%

1134

12%

2%

2%

2%

12%
2%
2434

2434

168%

59

60

23

23%
16434 16434
58
56%

*23

*23

3%
9l2

4934
139

*136

9%
41l2

934

42%

47

48%
136% 136%
8-%
9%
3834

4134

/47%
9

9%

*4

5

4

4

*4

5

*46

48

45

46

*46

48

48

*23

9%'

*44%

4

4

*25%

26

*25

26

25

25

*2434

32

32

32

33

33

3234

*21

23

1934

20%

*31%
*19%

2C34

*1934

21

19%

19%

71

71

70

70

70

70

*69

72

72

72

7%
8

13i2

76

*11

1134

*2014

13%

13%
*73%

13%

74

77%

*10

11

20

20

20

*116

122

20
69

70

69

67%

*20%

67%

81

73)4

74%

10%

*9%

20%

*19%

10%
2034

122

£68%

*116

68)4

110
•*

122

*66

Intertype

'

-

-

95
95%
95%
93
95
96%
95%
93%
9234
96l2 96%
*126%
128
*126%
128
*126%
*126% 128
*126i4 128
60
60
60%
5834
58%
60%
62
62%
60%
63%
*63i2 64%
21
21
22
20%
20%
*20%
2234
23
*2034
20% 22%
23%
*119% 121
*119% 121
*119% 121
*119% 121
*119% 121
*11914 121

$6

.

Preferred

10

Kalamazoo Stove & Furn.-.IO
Kan City P & L pf ser B No par

......

City Southern

Oct

1578 Feb
8% Nov
3618 Jan
107i2 Apr
26i2 Jan
30
Apr

5i2 Fib

4

Feb 10
Mar 31

July

9

zll6

Sept

Aug

8

49

Dec

1
12l2Mar 25

4934 Apr
118

Mar

8

10%
*18%
18%

600

Kansas

23

19%

18%

100

Kaufmann Dept Stores.$12.50

12i2 Apr

*12%

14

*12%

14

*12%

14

100

Kayser (J) & Co

6

10i2May

84

*78

*78

84

*78

84

*78

84

63

11

812
95

8%

4034

*10i2
28

7%

38%

39%
*10%

40%

10%
28

*26%

29

2%
*r

—

*6i4
*2834

30

7

2%

*23%
1434

18%
*6%
*27

16%

"l5"

2%
*23%
14

19%
6%

19%

29%
17

*28%
16%

*6%

1034

2%

19%
6%

16%

14

*12

14

24

*20

*13%

13%

6%

21

21%

21%

22%

21

22

21%

21%

119

119

*11612

5%
*34

5%
7s

*5%

5

*34

*334

4

*3%

2634

26%

*9

27%
9%

32

32

51%

53%

*7

7%
33%

30%
49%
6%

*3218

*967g
99%
*99% 100
*168

180

*173s

18

*3112

32%

*44

46%

18l2
49

19%

49%

*105% 108

2)«
54-%
*4%

*20l2

2%
54%
434
21

*9

5

%
334
26%
9%

30%

*116

5%

%
334
25%
8%

30%

Kimberly-Clark

29

29

*123

6%

29%
16%

%

13
22

*20

24

13%

13%

*13%

1334

5

*338

4

26%

538
%

834

8«4

8%

30%

3034

30%

*2934

2634
8%
30%

50%

5034

51

4934

51%

%
3%

Bryant

5

400

9

400

1,000

Lerner Stores

52%

9,600
2,800

No par

Corp

180

*168

180

*169

180

*165

180

*165

180

47%
2

50%
4%

*19%

42
*28

2934

1%

30

30

30

29

29

29

46

46

46%

46%

46%

46%

46%

400

18%

18%
48%

19

19

18

18

18

18%

1,400

50%

49%

50%

51%
49%
107% *105% 107)2 *10534 107%
105% 165% *1C6
2
2%
2%
2%
234
2%
2%
2%
51
51
51
51
50%
52
51%
5084
4)4
4%
4%
4%
4%
4%
*4%
4%

13,800

48%
106

2%
52%
4%
20

48

*19%

173|
42*
29
_

30%

1%

40

*28

*123
*25

45%

*13%
*29%
*1%
*7

8

*7

8

1234

10

11

*10%

7

634

*13

*1%
5%

"266

17%

18%

*7

6%

17%

45

30%

106

17%

*16

49%

20

20

20

13%

1%
5%

*13%
*134
5%

40

40

29

*27

29
-

40%

—

25%
46

14%
2934
1%
8

12

7J8

*1

28%
*45

*17

39%
*27

*17

39%

41

29

4634

48%

12,400

*13%

14%

400

*30

31

7%
14

1%

1%

1%

8

1034

*10%

6%

6%

1%

*7

1()34

*7

1%

*134

1%

5%

5%

5%

5%

100
"

14%

*2934

1%

29

31

*2934

8

~1/400

47%

46%

*13%

14

*13%

300
500

8
13

7

7%
14

1%

*134

1%

5%

5%

5%

Link

No par

Belt Co

No par
No par
Lone Star Cement Corp No par
$6.50

Loft

preferred

30

2,000
......

_

5,800

*14%

1434

13

14%

*13

13%

13%

*13

1234

1338

22-%
3%
55%

29%

13%
23%
3%
55%
2934
161

*160

"11%
22%
3%
50%

27%
*160

50

49

*23%

634
25

23%

*90

95

50

6%

*13%

14

*11%

11%

*78

91

*

6%

*90

12%

10%
*70

12%
22%

"11%

3%

3%
*51%

54%

22%

12%
22%
3%
53

22%
3%
52

28

28

28

*28

161

*156

161

*156

50

6%
24
95

13%
11%
91

*48%
6%

48%
6%

*22%

24

*90

95

12%
10%
*70

12%
1034
91

4818

6%

*22%
*91

12%

1034
*70

Bid and asked prices; no sales on this




"12"

~12~
.

~ii% Yl"34

22%
3%

21%

54

52

28%
161

48%

6%
24
95

12%
10S4
91

day.

*3

22

3%
52)4

21%

22

*3

51%

3%

8,600
500

53

5,300

28

28

28

28

1,200

161

161

*161

162

100

48

48

6%

*22%
*91

*12%

10%
*70

6%
24
95

13%
1034
98

49

49

*6%

*22%
*91

*12%
1034
*70

X In receivership,

6%
24

1,300
1,500
300

95

12%

"""500

1034

1,600

100
10
100

preferred..
Co..
7% preferred
5%

Lorillard (P)

A..No par

100
1
MacAndrews & Forbes
10
6% preferred..
No par
Mack Trucks Inc
No par
Macy (R H) Co Inc....No par
Madison Square GardenNo par
Magma Copper... —
10
Manati Sugar Co
—1
Mandel Bros.
No par

Louisville & Nashville

Ludlum Steel—

Oct

Oct

41i2

1734 Mar
2778 Mar

Mar 30

Marine Midland

Marshall Field &

Oct

3358Sept 2
8
103»4 July 25
175
Aug 16

29

Aug

100% Aug

*18

Feb 28

1
234June 25
56
July 25
534 July 25

107)s July

34Mar 26
Mar 31

26

1334 Mar 31
125
Apr
1

2214 July 22
106

Jan 18

21% July 25

143l2 July

5

18ig July 7
56i2 Jan 10
21l4 Jan 12
31% July 19

12i2Mar 31
2978 Apr 20
12l2May 27
Mar 29

22

11658 Mar 30

126

Jan 21

Mar 29

29

July 27

16

Jan

1538 Mar

Oct

113i4

Feb

Oct

114

Jan

May

175

82

Dec

83l2
151

Oct
Oct

15l2

18l4

Oct

Apr 18

79

Oct

23

Nov

4918 Aug 26
15i4 Feb 25
3334 July 25

2478 Mar 30
10
Mar 26
18% Mar 31

Dec
9934 Nov
1

June

32

Oct

2i8

Oct

17i8

Dec
Oct

101

153g

Dec
Oct

125

1412

Oct

48i2 Nov

Oct
Oct
123i8 Nov
13i8
2634

Jan

23i2 May
83i2
63

Feb
Aug

2678 July
8778 Aug
110

37s

Jan

Feb

75% Mar

1034

4314
110

28%
14784
2834
99

Jan

Jan
May

Feb
Jan
Jan
Mar

4134 Mar
36

Feb

132i2

Feb

1738

Dec

62i4 Mar

25

Dec

5814 Mar

1812

Oct
Oct

8i4

153g
63

Jan
Mar

34 Mar 29
458 Mar 30

2i4 July 19
Jan 10

6

Dec

534 Mar 26

20i2 Jan 13

10

Oct

39

Jan

Oct
Oct
Oct

1612

Jan

29%

Jan

9

258 Mar 26

9

Jan 13

4l2

Mar 30

16

July 23

9i2

li4 Mar 31

234 Jan 11

Mar 31

7i2 Jan 11
H4May 12

114
5i2

9

5

i2May

3i2 Feb
7

25

2
7

Jan 28

78 Mar
1834Mar
Si2Mar
1418 Mar
2i4May

30
30
30
30

24

Mar 29

1934Mar 31
Aug
2

'

734May 11
16

Aug

6

2i4May 11
29% July 6
14i2 July 25
27t4 July 25

Jan

Oct

6% Mar

Dec

5184 Mar

7V Dec

30% Mar

Oct

29i4 Apr

13g
24
10

1378

Jan
Feb

142

May

165

Jan

Dec
Oct

66

Mar

15i2

Jan

20% Dec

44

Jan

35

June

45

Jan

93

Nov

111

Jan

Dec

36

Jan

28i4 July 26
21
Apr 22
91l2 Feb 10

77s Aug

16

Mar 31

8

Jan 18

83

Ex-dlv.

Jan

39

4184

834Mar 31
6
Mar 23

x

20

74

16%June

preferred—...100

Oct

Dec

Dec

Feb 23

Apr

Dec

22

July 19

75

34

634

3

Oct

51

Mar 29

Feb
Feb
3i2 Mar

634
14i4

20

165

20

Oct

~~1678_"jan

4% Jan 24
577g Aug 24
30l2 July 19

28i2Mar 31
3i2Mar 26

61

sale,

Oct

14

1
Co.—No par

7 Cash

8
23

33% Dec

43*8

156

New stock.

384 Jan
18i2 Jan
43i2 June
213S Feb
58% Jan

Dec

56% July 18

preferred
100
May Department Stores...10
Maytag Co
No par
$3 preferred w w
No par
$3 preferred ex-warr. No par
$6 1st cum pref
No par
McCall Corp
No par
McCrory Stores Corp
1

n

Dec
Dec

Mar 31

L.) Co.
1
Martin-Parry Corp
No par
Masonlte Corp
...No par
Mathieson Alkali Wks.No par

Def. delivery,

3g

278
2284

33

Martin (Glenn

6% conv

24% Mar

21i2 July 21

102

Feb
Feb

Oct

3712 July 25
48
July 5

33

51i2
203

414

Mar 25

100
100
100

7%

Oct

Dec

1218 Mar 31

29

5
...100

preferred
6% prior preferred

14
97

5

2014 Mar 26

:

Corp

Oct

934

7

Aug 29

July

Jan
Mar

Jan 10

9

Mar 29

Mar 30

Feb

24

Jan 14

X Manhattan Ry 7% guar. 100
Modified 5% guar..
100
Manhattan Shirt..
...25
Maracaibo Oil Exploration..1

98

a

Dec

Dec

July 20

*

2i2Mar 28

930

"n% Tl34 "moo

15i2

35i2 July
29% Jan
1578 Jan
47i2 Jan
24i4 Jan
2778 Jan

5

11

1434 Mar 31
92 June 22

6% 2d preferred
Marlln-Rockwell Corp

"l234

Dec

Dec

545s Aug 26

—.25

6%
13

71

11

101s

33

25

93g Mar

Dec

Oct

678 Mar 29
1934Mar 30

81

4684 Apr

20

Dec

23i4 Mar 31

81i2 Mar 31
157
Apr 9
145s Mar 31

20i2 Mar

Dec

193s Mar 30

6

109i2 Jan
6938 Mar

4

7% July 25
Hg Jan 12
5% Jan 13
29
July 25

Long Bell Lumber A...No par
Loose-Wiles Biscuit

Market Street Ry
13

Mar 29

l2Mar 26
17g Mar 29

Jan

14

2378 Aug 24

10i4Mar31

3

Jan

22

1434 July 25
7l2 July 20

3i8May 13

Jan

110

July 13

8

8i2 Mar 31

Inc..—

Louisville Gas & El

i",6o6

14%

11

*26

42

...

Liquid Carbonic Corp..No par
Loew's Inc
No par

190

25%

32

1%

3,200

—25
100

Lily Tulip Cup Corp—No par
Lima Locomotive Wks.No par

110

24%

*13%

*7

100

1738

*123

25

*10%
*634
*13%

4,500
1,200

141% 143%

17%

25

*13%
*134

14

142

2534
47%

46%

500

36,800

20
19%
*19%
102% 103
*101% 104
1934
1934
193.4
20%

*123

3

*25

1,300

*19%

142

Tobacco..25

Series B

Preferred

*17%
29%

29%
*43%
18%

17%

6%
33%

Oct

is4

Jan
Mar

27i4

3l58July 23
1778 Aug 8

Mar 26

25

*168

17%

19i2 Jan 22
1958 July 13

119

30

*16

Mar 30

9

4

2,500

6

July 19

338 July 25
30
July 23

13i2Mar 30

Liggett & Myers

*16

30

3

95

50

33%

Feb

ll4Mar 29
12% Jan 7

.100
Lehigh Valley RR
50
Lehigh Valley Coal—..No par
6% conv preferred
.50
Lehman Corp (The)
1
Lehn & Fink Prod Corp
5
4% conv preferred..

300

33%
97%

lll2 Aug

6% Mar 31
19

Lehigh Portland Cement—.25

400

17%

2814 Nov
4% Oct
1784 Dec

Jan 12

400

*32%

Jan

Dec

80

Jan 12

30

634

19i2

18

99

33%

*96%

6%

Oct

30

100

33%

6%

4

Mar 26

100

6%

6%
33%

Aug 24

Mar 29

*96

7

Feb

Lee Rubber & Tire....

2,000
1,000

27

*8%

2338

10

5

3%
*26)4

Oct

1,100

21%
*110% 119
*34

Nov

7

4,600

22

4%

80

8

100

*11%

5)4

34

May 27

15

*96

14

5%

119

6%

Nov

100
No par
...No par

preferred
(The)

5%

Lambert Co
Lane

21

36

13

Laclede Gas Lt Co St Louis 100

10

400

44%

Oct

July 19

1338 Aug 24

123s Mar 31

*99

25%

1%

*110

21%

160

12%

Oct

15

Aug 26

par

99

46%

*1%

*514

6%
21%

21%

*5%

21%
*21

3%
27

12%

14ig

85

1518 Mar 31
2i2Mar 26

100

13%

14%

5,400

Mar

July 25

22

*98

45

*13

17%

Mar

29

44

par

10

Jan

121

Oct

5

46

95

par

99

24%

7%

100

100

100

*32%

98%

14

*7

3,000

7

100

33

48

1%

19%
30

Jan

Feb

6

Jan

Jan

136

2638May 27

80

Jan

6484 Nov
1518 Dec
11512 Apr

9

par

*97

98

*6%

26%

*1%

170

par

100

33

*50

7

14

30%

14

12%

5%
%

%

3%
26%

9

17

preferred
No
$5 prior preferred...No
Kresge (S S) Co
Kresge Dept Stores....No
Kress (S H) & Co...—No
Kroger Grocery & Bak.No
$8

22

119

334
26

1834
*6

*2834

1

Kinney (GR) Co...

100

51

47%
30%

16%

18%

14

..No par

Libbey Owens Ford GI.No par
Libby McNeill & Libby No par
Life Savers Corp....
5

*123

*25%

13%

6%

18%

200

2%

*23%

29%

103%
103% *102
103% *102
103% *102
20
19%
19%
1934
19% 20%
20l4 20%
140
140
140
140
*138
139%
139% 139
*17
1734
*1634
1734
*17%
17%
*17%
42

2%

*12%

*102

42

*2%

28

No par

Kennecott Copper

87i8
155
126

Mar 26

3

Keystone Steel & W Co No par

200

21%

5%

5%

500

27%

22

*116

120

10%

*26%
*2%

6%

*5%

7%

*10

10%
*26%

14

*21

7%

26,500

12

22

23

Kendall Co $6 pt pf A ..No par

95

4034

23%

14

13%
*5%

60

8

95

29%
17%

12

*20

1334

3,600

8

Apr

434 Mar 29

Kelsey Hayes Wh'l conv cl A_1
Class B........
__.l

38%

13%
19%
634

17

23

Keith-Albee-Orpheum pf__100

95

*23%

*28%

*12

-

1,800

39%
10%

2%

219%
*6%

29%

*20

14

*

11%

*92

29

13

24

7%

'

11%

x39

10%

10%

1734
14%

7%

1134

95

39%

14%

1134

40

*26%
*2%
*23%

223s

22

*22

8

7%
*92

10%
*26%
*2%

«»

1134

1134

7%
95

1034

16%
19%

14i4
*18%
*13U
*5%

95

41%

*15%
1912

17%

95

1134

40

28

*212
*23%

734
*92

95

84

Aug

127

15

5

13

Jan

13% July 25
24i2 July 21
213g July 15

2
6

*78

Jan

Mar

120

24i2 July 20
120% Aug 11

Mar 29

12

Oct

65i2 Nov

99% July 25
130
July 7
78
Jan 10

5i8 Mar 29

100

10%

11%

Nov

72

21%

*78

Dec

9

20l2

120

*9%

*1234

70

Jan 15

11314 Apr 30
44% Mar 30

*18%

11%
8%

8%

24

*193g

84

Oct
Dec

63a

8

June

19%

13%

4

7
7

1534 July 19
77
Aug 3
1234 July 25

6ia Mar 30
63

July 22

1034 July
1078 July

4

Feb

6

23

13%

Feb

10

57i2 Feb

Feb

*17%

1214

Dec

110

*19%

14

34

Jan

Oct

23

preferred..........100

12778 May
6i4 Dec
29i2 Dec
2% Oct

1834

733g Mar
13534 Jan
19i4 Sept
68i2 Sept

65

*17

4%

Oct

Nov

72

4612 Mar 30

*19%

103s

6
37

Jan

Jan

Mar

19%

10%

15i4 Apr

52

23

10%

1678

Oct

493g

*17

19%
13%

Oct

178

Oct

*9%
*19%

1034

3

Oct

20

1034

162

Oct

23

10%

Aug

Nov

16

*19

11%

Jan

120

1912

*18l2
*13i2

*10i2

9i8 Apr
63i2 Apr
189

30

Jan 24

800

28i2 Mar

Oct

138

Aug 27

122

100

Oct

h Aan 24

100

Jones & Laughlin St'l pref.

Dec

llli2 July
lli2 Mar

23% July 23

Mar 29

560

Dec

18i4 Oct
127i2 Nov
53i2 Nov

Jan 21

58

....

Jan

64i4 Apr

6

Jan 21

..No par

Johns-Manville

3,400

-

1

Jan

Oct

Mar 28

8

No par

6

1384

June 17

16

Tea Inc.....

Feb

Oct
Oct

12

1

preferred

Jewel

33%

28

..No par

Corp

Island Creek Coal

600

68%
96%

100

Interstate Dept Stores.No par
;
100
Preferred

700

■

preferred

July

131% Mar

2884

Telep & Teleg...No par
Foreign share ctfs...No par

2,600

*116

68%

68%

No par

Shoe....No par
100

143

2

Jan 11

2i4 Mar 30
28% Mar 25
19% Mar 31

Inter

4,300

20%

122

*116

22,700

8
13

*9%

21

International

7%

*73%

77%
10%

*9%

8

100

International Sliver

180

8%

7%

preferred...

International Salt

500

1234

8%

Jan 19

4i4 Mar 29

77

13

8%

132

Oct

2%

5234 Feb 23
July 23
115g July 20
4738 July 25

18% Mar 31

5%

1,200

1234

14

*73%

1134

*10

*116% 122

21

123

*67

1234
74

1334

*74

*116

8%
13%

...100

Feb

92

140

15

20%

20%
*71

8

7%

8%
8%

8

8%
8%

634 Mar 31

3678Mar31

144

20

478 Jan 11
1178 Jan 21

Mar 25

2

Jan

Nov

378
li2

15734Sept 1
784 Jan 12

3is Mar 31

share

47i2 Apr

32

Jan 17

70

May 27
Mar
9

141

per

22i4

72

168l2 Aug 24

5% conv pref
100
Internat Rys of Cent Am..100

200

33

Mar 31

1

60

25%

6% Mar 30

100

Preferred

280

47%

Mar 29

Inter Paper & Power Co

8,300
16,200

*44

3%

48

2

....No par

Int Nickel of Canada_.No par

200

93s

June 10

Internat'l Mining Corp..

2,000
33,900

413g

80

Int Hydro-Elec Sys class A.25
Int Mercnatile Marine.No par

400

49

Iron

Mar 30

Preferred

4,100

9

9

39%
3%
47%

33

8%

300

40

9

38%

2534

8%

29

140

*136

140

*136

*25

8

Mar 26

9%

8%
48%

48%

*31%

7%

15
Prior preferred
100
Int Business Machines.No par a:130
48
Internat'l Harvester ...No par

15734 15734 *156% 158
53s
5%
5%
5%
4
3%
*3%
*3%

2534

8%

300

100

33%

8%

Mar 26

Interlake

15

No par

preferred

Intercont'l Rubber

15,600

25S4

83g

2

6134

*3212

8i2

Internat Agricultural..No par

6%

10

161

59

4%

4%

800

No par
100

Interchemical Corp

i

Oct
Dec

5834 Nov
6i4 Oct

24%

*2%

Sis

June 30

700

3% Apr

share

per

15

1678 July 25

234

12

60

82

10,000

90

*4%

24%

8

1
2% Mar 26

1

X Interboro Rap Transit-..100

500

23

*86

2%

Feb

56%June 17
7% Mar 30

4%

1,100

*20%

Insuranshares Ctfs Inc

300

5%

4%

8S4

135

No par

123g

53s

12

47%

100

preferred

$

share

518 July 21
634 Jan 13
26i2 July 21
98
Apr 25
55s July 7
1358 Aug 6
378 Jan 17

*5

59

9%
41%

3934

6%

-

Inspiration Cons Copper...20

161

48%

9%

40%

3934

-

Inland Steel....

165

140

*136

137

137

J

9,300

*5%

90

*23

5934

4734

48%

„

1,700

1434

21%

2%

6

49U

-

73

14%

5%

4%

158

6

-

Mar 25

60

per

10i4 July 13
3038 Aug 24
100
Aug 22
143
Aug 12

14% Mar 31

—No par

Ingersoll Rand

71

5%

11%

*156% 158
*156% 158
*156% 158
534
534
5%
534
5%
5%
3%
*3%
*3%
334
3%
3%
3%
9
9%
9%
9%
z9%
9%
9%

*156

*143%
14%

*158

165

58

5734

57

600

"73 "

$ per share
4
Mar 29

Indian Refining..
10
Industrial Ray on. .....Wo par

3,500

94

*86

24%

*160

29

94

21%

4%
12%
234

*2%

161

161

28

93

5%

90

*86

4%

11%

27%

*5

22

22

434
3

27%
*143%

*5

87

90

5%

5%
21%

*5

Shares

83s

*6%

8%

*6%

$

' Highest

Lowest

Highest

Lowest

Par

93

*143%

13%

*4I2
12%
*2%
2434
*165

*86%

8%

21%

5%
5%
21

21

90

*6%

Week

$ per share

$ per share

8%
2834

95

27%
*91

«

) per share

$ per share

8%

Friday

1

Sept

100-Share Lots

On Basis of

STOCK

EXCHANGE

the

Sept. 2

Thursday

Wednesday

Aug. 30

$ per share

8%

*95

Tuesday

Aug. 29

Range for Previous
Year 1937

Range Since Jan. 1

STOCKS

Sales

CENT

NEW YORK

Saturday
Aug. 27

1449

New York Stock Record—Continued—Page 6

147

1234 July 26
Aug 11

y Ex-rights.

184

3384
412

lli4

734
*66

Oct

Oct
Oct

Jan

Feb
106i4 Mar
24is

S Called for redemption.

New York Stock Record—Continued—Page 7

1450
LOW AND

SALE PRICES—PER

HIGH

SHARE,

NOT PER

CENT

$

per

17%
*10%

share

17%
11

1034
46%
18%

4734

207#

21%

7

7%
35%
9%

35%

9%
*86

*12%

14

*0034

70

*04%

76%

*48%

4934

5%

6%

21%

21%

12%

18

18

20%

20%

25

11%

11%

100

109

*106

90

*89
*83

84%

111

111

*110
*6

0%

*%

%

*%

134

1

1

15%
*2%

9%

*1%
*2%
*15%
95%
115

15%

2%

20

20

20

6%
35

834

10%
47

0%
*33%

6%
35%

*33%

34%

9

9

9

2084

19%
0%

684

90

89%

12%

12%
*66%
*65%

12%

12

12

000

*66%

77

*12%
*66%

13

77

75

20

72

*66

08

*65%

68

48%

*46

5%

5

20%

*20%

48

45%

5

46

5

21

20%

*20%

12

12

12

*12

43

42

42%

17%
107

89%

*80%

83

*110

111

83
111

5%

6

6%
63

63

64

%

*%

134

♦%

3«
134

*%

1

*1434
2%
8-%
*1%

10

34
16

2%

*1%
2%
15%

1%

2%
15%
93
95%
114% 114%
4434 46%
*35% 36%

88%

8234
*110

88%

*%
*%
*%
*14%

84

83%
111

6%

83%

*82%
111

6

01

Mo-Kan-Texas RR---.No pai

*1%

13s

95

*94

96

94

36

20%
1434

21%

19%
1334

20%

19%

20%

20

14%

13%

14

28%

28%

26

28

26%

27%

13%
27%

*35%
*35%

3,900
2,900

Motor Wheel..———-.5
Mueller Brass Co

1

3,200

Mullins Mfg Co class B

1

4

Mar 25

8% July 26

preferred ...No par
Munsingwear Inc
-No pat
Murphy Co (G C)—-.No par
5% preferred
100
Murray Corp of America—10
Myers (F & E) Bros.--No pai

20

Mar 30

64% Jan 13

27%

*12

13%

*12

13

♦11%

*54

57

*64

56%

*54

56

*54

56

108

108

*106

108

29

*54

*100% 110
*106% 109
9%
8%
834
9%
9%

*106

13%

14%
8%

8%

8

13%
8%

25% 25%
24% 26%
*158% 100% *159% 160
*10
17
*16%
10%

*13%

16
8

8

2434
160

25%
160

9%
13%
*14

13

*11%

9%

8%

54

*50

10%

7

7

7%
42

41*

40%
1234

*11%

9%

,

mmmmrn

•

A..—

"90

9%

*50

9%

1284
50

1081

938

54

130

7,400

54

mm

m

m

14

14

14

70

16

13

13

13

13

1,600
1,800

9%

9%

8
8
*8
8%
8%
8%
25
2434
25
25%
24%
24%
101
*159% 168% *159
*159% 105%
17
*15%
10%
*15%
*15%
1634

Essex

National

7%

100

40%
26%

*44%
25%

40%

25%

27

9,100

13%

13%

13

133*)

13

13%

13%

13%

8,200

Nat Dairy Products

m

-

-

-

5%

23%

24%

19%

19

19

14%
24%

1434
25%

*142

12%
23%

144%

*2134

2234

7

7

60%

60%

144

m m

9"

*5

25

*165

*108%

*

9

0

19%

*164% 167

*110

9

24%

8%

24

2334

20

*18

14

24%
107

144%

2034
6»4

2034
0%

5634

24

18

17

58%
17%

25

25

25

17%
25%

*69

70

68%

68%

68

68

"¥%

12

12

17%

*72

"*3%

*3

H84
22%

1134

18%

14

14%

1384

3%
1134

U84

5%

100

2434

6,300

14%
25

17

*25

3%

68

69%

*3

♦3

National

National Supply (The) Pa. .10

11%

11%

*1134

12

22%

*21

24%

*21

24

*20%

22%

*20%

*60

75

*60

75

*60

75

*60

75*

*38

40

38

38

*35

42%

*35

42%

39

39

*36

42%

*102% 106% *102% 106% *102% 106% *102% 106%
11%
11
*5%
*5% 11%
*5%
11%
*5%
17
17%
1534
16%
16%
15%
10%
1034
31
*31% 33%
31%
3034
3084 *30%
32%
18%
19%
18
17%
18%
17%
18%
18%
1634
1634
15%
16%
15%
15%
1134
14%
28
25
27%
20
26%
24%
26%
21%

101

35

35

*3%
*9

4

9%

32%
3%
734

33%
3%
9

32%

33%

3%

3%

8%

33

15%
30

31%

17%

12

11%

20

19%

2O84

32%

3%

9

8

8

8

8

115

*112

115

112

112

110

110

*108

110

*110

115

123

*109

123

*109

123

*107

123

*

123

*

123

%

%

*60

3s
*60

%
....

834

38

%

*60

%

%

"l%

*60

1*4

1%

1%

1%

1%

1%

1%

*5%

5%

5

5%
1%
7%

434

5

5

*a4
7%
*43

1%
7%
50

*%
166

*34

*634
*43

%
168

*105% 106%

50

*%

%

163

164

105

20

20%

19

*54%
93#

54%
9%

*54

105%
19%
54%

9

9%

*98

99%

98

98

*83

92

*83

92

12%
*95

1234
90

*34%

39%

*2%

2%

23%

23%

11%
*95

*35

2%
22%

*34
*634

1%

*34

60

1%

7%

*%

7

73s

*43

49%

*155

160

105

105

19%

1934
54%

*54

*%
*154

%

%
159

104% 104%
19%
19%
55
64%

12%

8%
*9784
*81%
11%

96

*95

96

*95

96

37%

*35

37%

*35

37%

2%
22%

2%
*22%

1%
5

*34

7%
*43

1%
7%
%

104
19

54%

156

9

9

9

99

9734

9734

*97%

99%

92

*81%

86

*81%

86

9%

12%

10

10%

10

10%

10

2%
23%
10%

*27

27%

26

26%

26

26

12

12%

2%

2%

22%
10%
26%

22%

~*1% "l%

9%

■

1,100

1,600

10

*34

1%

7%

mmmrnrnm

1,400

7%

*43

50

*%
*150

1,500

434

_

%
159

109
104% *104
19%
1934
19%
55

mm*

%

484

49%

*%
*150

""*%

20
mm

60

1%
5

5

49%
%

*43

""*%

840

mm

500

210

12,800

50

53%

3,200

9

9%
9734

8,900

9784

*81%
11%

*95%

96

*95

96

*35

37%

35

400

86

1134

35

1034

2%
*22

2%
24

11%

*2%

16", 100
m<mm

*22

-

""30
800

2%
24

30

No par

*114

71%
*7%

72

7%

67

7%

*114
68

7%

67%

7%

•

-

-

69

7%

434

4%

19%

19%
734

18

13%
26%

*12%

13%

13

13%

26

26%

26

26%

*7
*13

26%

*

4%
7

4%
18

7

4

4

*18

19

6%

6%

*114
70

*114

72"

7

7

4%
18%

4%
18%

7

*1234
26

7

7

TO"
7

4

4%

*18

18%
7

13

*6%
12%

12%

26

26

~70"

69%
*7

82

July 25
Feb 23

Feb

75

1

4%

Feb 25

17% Dec

26% Nov

7

20% Dec
63% Dec

30

75

Dec

75

3

Dec

12% Jan
13% Feb

Jan 14

12% Aug

2

6%

Oct

80%

Oct

Oct
Dec

99% Apr 26

106

Jan 18

99% Nov

4%June 28

12% July 21

9

19% July 23

10%

40

29

No par

9% Mar 31
20
Mar 26

No par

10

Mar 29

7

Mar 25

10% preferred
{N Y Investors Inc

18

{N Y Ontario & Western..100

Corp part stk.. 1
7% preferred..
...100
{Norfolk Southern.100

6%

10

133

100

100

North Amer Aviation
1
No Amer Edison $6 pf.No par
Northern Central Ry Co.-.50

m

4,400

75

90
300

5,000

Def. delivery,

3

June 21

234

Jan 18

Jan 10

1234 Mar 30

Co

9

No par

6%
Otis

7% Mar 30
83% Apr 1

preferred

$5.50

conv

4

Mar 28

1334 Mar 25

No par

Steel

May 26

19%May 31

122

...100
No pai

Jan 14

1st pref..No par

1

30% Apr

Outboard Marine <fc Mfg
£
Outlet Co..
No pa"
Preferred
100

115

Apr 19

Owens-Illinois Glass C... 12.50

40

Mar 30

6

Mar 30

Coast

10

Mar 30

39% Apr 28

5
10

2% Mar 26

1st preferred

No par

2d

No par

10% Mar 25
334 Mar 29
9% Mar 26

preferred

Pacific Finance Corp (Cal).lO
Pacific Gas & Electric
25

n

New stock,

r Cash sale,

i2234 Mar 30

x

Ex-dlv.

y

72

100

234

Jan

Oct

31% Mar

Oct

12%

Oct

5

Mar

25%

Jan
Jan

110

Oct

135

Jan

113

Nov

137

Mar

Oct

2

Jan

97

Feb

%

54% Dec
2

Oct

4%

Oct

9'4 Mar
26% Feb

Oct

6%

Feb

15%

Jan

Oct

76%

%

1% Jan 11

Oct

Jan 13

180

Oct

272

IO634

Jan 17

102

Apr

114

24% July 20

Jan

434 Mar

198

Jan
Jan

Oct

34%

Jan

48% June

Feb

14%

11

July 13

3

Oct

57%
17%

100

Aug 17

93

Oct

104%

Jan

Jan 13

91

Oct

105

Jan

55% Aug

4

Sept

2

3% July 29
25
July 29

14% Jan 10
32% Feb 23
19% July 25
110% Sept 1
9% July 19
28% July 19
136
Aug 22
12

6% Mar 31

Oct

Oct

35

1% Mar 30

14

30% Nov
15

Jan

98% Feb
55% Mar

Oct

1

25

50

Mar

4134

3

Northwestern Telegraph

Norwalk Tire & Rubber No par
Preferred
50

Jan

37

30

93% July

8
May 12

Nov

109

Jan 10

62

9334

6% Mar 31

Oct

Feb
Sept

7
1% Jan 15
10% Jan 24
7% July

North'n States Pow Co $5 pf. 1

Pacific Amer Fisheries Inc

40

Mar 29

87%May

100

Otis Elevator

"600

3

June

61

Nov

15%

JaiTlO

14% July 25
95
July 15

Pacific

2,300
mm

Mar 31

1334 Mar 31
4584 Apr 1
5% Mar 30

8% preferred A_.
-.100
Oppenheim Coll & Co..No par

6,300

1

June

%June16

50

%

% Mar 26

38

No par

1
Apr 25
Apfe28

111

,.100

preferred

Northern

9

l%June 10
2% Mar 30
% Jan 5
434 Mar 29

N Y Shipbldg

Adjust 4% pref...

113.1 Mar
120

Aug

54

100

Jan 12

3734 July 23
434 Jan 11

Mar 30

.

IOC

North American Co

Mar 25

5% Mar 26

N Y Lack & West Ry Co__100

Norfolk & Western

38%

110

No par

Conv preferred

22% Jan 10
•

101

50

INYNH & Hartford

Mar 30

2

July 19

21% July 25

12% Mar 31

100

Pacific

a

Mar 31

28

1

130

{ In receivership,

July

6434 Mar

900

7%

Oct

30

87

7%

13%

55

66% June 30
23

4

Jan

Jan
1434 Jan
99% Aug

57%

5

26

Oct

Dec

18%

*7%

5

8%

61%

32

*4

25%

Jan

Jan 12

Mar 29

16% Dec

Jan 14

*17%
*12%

150

40

1,200

*114

26%

Bid and asked prices; no sales on this day.




70

July

Mar 31

8,900

*114

127

Dec

17%
17
16
15%
163a
16
16%
16%
15%
1534
16%
112% *110
112% *110% 112% *110% 112%
110% 110% *110% 112%
8%
7%
7%
7%
8
8
7%
*734
7%
8%
8%
24
24%
22% 23% z22% 23%
24
22%
2234 2234 *2l34 22%
*137
140
*137
140
*135% 140
*135% 140
*135% 140
*135% 140
1I
10
11%
10%
10
10%
10% *10%
10
10%
10%
10%
*46
49
*42
49
*42
48
48
*42
47
*42%
*42% 47%
22%
22%
21
21
22% 22%
*21
21
21
21%
21%
21%
60
*45%
*45% 60
60
*46
*45%
*46
55
55
*45% 60

m

144% Aug 29
25
July 25

62

Ohio Oil

m

Jan

1

22% Dec

Oliver Farm Equip
No par
Omnibus Corp(The)vtc No par

rn

Mar

June

Feb 11

9,300

rn

18% Apr
44

171

July 20

3,500

..

Oct)
Oct;
Oct

70

10%

mrnrnmrnl

4%
18
153

26

2788

*8

Jan

7

2%May 24
7% Mar 31
14% June 17
58
Apr 5

1

10

*110

10%

Aug 31

July

14% Mar 31

No pai

26

10

*25%

May

24% Mar

Oct

31

70

10%

10%

26%

112

Oct1

167

63

26

17

Oct

5%
4

3

100

0 % preferred series A

620

*109

15% Aug 26

Mar 30

21

NYC Omnibus Corp. .No par
New York Dock
No par
5% preferred
No par
N Y & Harlem
50

3,200

*112

104%

June

4434 Mar 31

N Y Chic & St Louis Co.-.100

5,100

3%

*3

38% Feb
26% Feb
112% Mar

Mar

1

N Y Air Brake

13,100

34%

*33%

33%

3%

384

1034 July 19
634 July 9

Mar 30

New York Central.

48,900

13

1784

Mar 30
Mar 29

106% Dec

5% pref series A
IOC
{New Orl Texas & Mexico. 100

700

18

Mar 30

Oct

Newport Industries.

100

8,000

31%

17%

10%

34

*3%
*8%

30%

17

Oct

Jan

Mar

5

4%% conv serial pref.-.100
Newberry Co (J J)___.No par

200
•

Oct

12

Jan

3334

103% Feb
57% Aug

38

100

Neisner Bros Inc

200
mmm-mm

102% *101% 106%
10
10
*5%
16%
16%
16%

13

16% July 27
113
Aug 16
113
July 29

13% Mar 29

25

Natomas Co

1,500

»

39

30% July 29

Mar 31

Jan

35

40

— -

National Tea Co

100

22%

75

Steel Corp

preferred-..--

5M% prior preferred
0% prior preferred

300

*00

*5%

$2

1,500

Aug 23

Mar 31

18%

33% Mar
167

Oct!

127

4,000

75

Oct

Dec^
Maj

17

-.100

4,800

23

.6%
17

145

17% Mar 29

National Power & Light No par

23

Jan

Aug 20

26

17% Dec

154

7,900

3%

1034

160% Aug 26

Jan
Mar

26% Aug '3

4

1

Nat Mall & St'l Cast Co No pai

*60

11%

1134

*3%

24

20% July 26

100

500

*72

*72

"3%

130

68

Oct

Mar

11% Apr

10

Lead

7% prefened A
0% preferred B

58%
17%
20%

17

25

Gypsum Co

National

684

58

16%

8

6
6

Jan
2034 Feb

17% Mar 31

No par

21

*19%
6%

25

♦66%

Nat

200

17%
69%

Nat Distillers Prod

7,600

25

preferred--.----_.--10

Nat Enam & Stamping.No par

37,600

13%
24

17%
*66%

0%

300

20

*103% 175
*141% 144

25

*72

*3

1,200

23%

24%

*163% 175

9%

*18%

14%

23%

24
167

7% pref class B
100
Nat Dept Stores—--—No par

__

—

9%
5%

5%

144% *141% 144
*141% 144
2O84
2034
20% 2034
19%
19%
634
6%
0%
034
6%
6%
58
6734
58%
58% 5884
57%

26

*3

24

18%

884

144

17%

*72

2384

20

23%

26
*72

*5%

24%

884

47% Mar

1434 Aug

37% Apr 12

No par
100

7% pref class A

*108%

*108%

24%

166

167

m m

9%
534

*18

14%

13%
23%
*165

mm

100

*114

8%
*5%

24%

Oct

47

88

*44%

*5

71

Oct

12%
11%
106%
105%
3%
3%

*83

46%
26%

*112

Dec

5

10

Nat Cash Register. _-.-No par

88

*44%
26%

6

44

12% Jan 10
18
July 21

5% pref series A w w
100
Nat Bond & Share Corp No pai

*83

2034
13%

9%

Oct

Dec

46%

*9%

3

Aug

25%

*5%

108%

13

*44%

Mar

90

Apr

90

26%

36% Feb

Nov

6

46%

*112

9% Dec
50

Aug

*44%
25%
133g

Mar

102

July 26

2734
1334

51

Aug 26

18

46%

Feb

July 22

85

40%

Jan

Jan

26

15% Aug

Mar 31

27%
13%

mmmmmrn

Feb

38%

99% Mar

10%May 27

88

Mar

Oct

65

*83

69
46

66%

Dec

Nat Bond & Invest Co-No pa

17

*112

Jan 17

Jan

107% Aug
Sept

109

10% July 27
54
July 29

Mar 25

0

6% Mar

12% Mar
40%

58

Mar 29

150

100

pref

4%
50

34

108

15% Mar 31

10

Biscuit---

cum

88

121

15% July 22

9% Apr 7
3484 Mar 26
95
Apr 6

Nat Aviation Corp

12,000

Aug 26

30% Aug 25

11% Mar 29

4

Aug

15

Mar 31

8% Mar 30

*83

*1111?

8

1

*15%

*1131!. 121

10%Mar 31

i

National Acme

88

*114

50

Mar

Mar..

37% Mar 29
634Mar 30
7% Mar 22

*83

*113lo 121

25

conv

Nash-Kelvinator Corp

16,400

14

_

Nashv Chatt & St Louis—.100

mm

10

13%

$7

preferred

88

♦83

Dec

36% Dec
12% Oct
8% Oct
15% Dec

14

57

*50

21

39% Jan 13
2284 July 25

14

*55

13

Oet

38% Aug

25

July 19

Motor Products Corp.-No par

*13

10%

30

22%May

50

116

4,800

26%

Oct

Jan

20%
13%

19%
1334
28%

Nov

105

May

20

$4.50

x71

07
111

19%

7

54

934 Mar
34% Mar

20%
13%
27%

40

934

Oct

5% Oct
1% Dec
1% Oct
12% Dec

Morris &

7

13

Dec

2

100

42

*51

Mar

Apr

15

Jan 12

2% Jan 8
3% Jan 11
1834 July 25
98% Aug

s4 Mar

Jan

Jan 13
July 21

300

7

14

Oct

44,200

42

10

78

36%
35%

7

54

July 25

5% Mar
6% Jan

47%

44

9%
13%
12%

Dec

10

Monsanto Chemical Co

Aug

2%

84

46

100

^

16% Mar

Jan 11

*34

m

Jan

% Dec

*34%

■

Jan

1%
1%
1734
338
11%

1% Mar
10

4%
50

48% Mar

Jan 10

35%

7

*50

108

July 21

35%

43

14

Dec

July 19

35% Mar

84

45%

7%

1034

Mar

98%

35%

4534

54

Mar

124

53

Aug 17

35%

6«4

14

120

Oct
Oct

July 13

111

45%

*40%

10%

Nov

87

1

37

7%

*50

{Missouri Pacific-5% conv preferred
Mohawk Carpet Mills

2,000

106

36%

46%
13%

9

540

95

94%
115% *115

7%

9%

200

300

Feb

Oct

_—-No par
Montg Ward & Co Inc.No par
Morrell (J) & Co
No par

115

46%

*100% 110

100
100
20

1%

2%
16%

*15

26%

91

Oct

2b

% Feb 2
%June 22
% Mar 28
10%May 27

100

Jan

72% Mar

94% Jan 26

112 Mar 26
434 Mar 29

A

Preferred series

Oct

122

8

800

Dec

4%

Oct

72

150

Feb

Nov

Mar 31

300

Jan

16%

15

Mar 26

1

1%

Oct

14

4

2%

2,900

3

87

35

1434

86

28% July 25
July 28

100

preferred

93% Aug

41

4% conv pref series B—100
Minn Mollne Power impl
1
$6.50

Feb

101

22% Jan 11

31

Apr

Jan

4734 Mar

111

1

88% Aug
49% Jan

6% pf---100
Minn-Honeywell Regu.No pai
Milw El Ry & Lt

1434
2%
884
*1%
2%

8%

Apr

76

100

8% cum 1st pref

19

112% Jan
3434 Apr

16% Dec

12% Mar 30
15%June 4

No par

Jan
Jan

42% Mar
16% Mar
47% Jan

6% July 26
24% July 25

May 31

5

Copper

16

8%

Dec

Mid-Continent Petroleum.. 10

Miami

Midland Steel Prod

*%

8%

50

Sept

28%
42%

37% Dec

3334 Nov

*14%

2%

36

14

66% Dec

share

per
21

57% July 27

14

16
9

July 21

4

32i2 Apr 1
3% Mar 30

12% July 25

1

2%

Jan 25

68

Jan

Oct

Dec

16% Jan 13

1

mmmm m m

72

50

6

10

47% July 25

1%

16%
9434

36

684 Mar 26
55
Apr 5

June 13

*%
*%

300

78% Dec

89% Sept

534 Mar 31

1«4

300

Apr 12

28% Dec

1
1584 July 22

Mar 26

11

*%

*2

36

110

4,300

65

35% July 25
10% July 18

June 14

5

26% Jan 12
8% Jan 10

26*4 Mar 30

1%

2%

30% Oct
18% Dec
5% Oct

No par
5

Mesta Machine Co

%

*15

37

1,700

5% conv 1st pref
Merch & Min Trans Co

*%

2%

4884 Aug 26

70

-1
50

Mengel Co (The)

%

2%

30%

10

6%

734 Dec

27

No par

Melville Shoe

*%

16%

47%

00

111

5%
*61

*2

46%

700

5

No pai
McLellan Stores---1
0% conv preferred
100
Mead Corp
No par
$6 preferred series A.No par
$5.50 pref ser B w w.No par
$3 conv preferred

%

*1%

*36

3,000

84

111

*15

*35%

4,300

10

McKeesport Tin Plate

Dec

11

12% July 27

>Mar 25
35%
13%May 27
5% Mar 29

No pa/
{Minn St Paul & S S M—100
7% preferred
—100
4% leased line ctfs_.
100
Mission Corp
10

9

36%

20

1,300

89%

6

114% 114% *115
116%
4534
46% 46%
46%

*35%

280

14

*88%

2%
15%

94

21
42

4134

89%

01

63

2%

1%

*88%

111

6%
*60

9%

2

800

10
10%
10%
10%
9%
10%
17%
17%
17%
178#
17%
17%
25
25%
25
25
25%
25
1*100% 107% *106
107
*106
107

2%

*15%

1,200

5

5

12

10%

100

45

44%

5

2,300

90

*42%

26

20%

*86

14

♦

90

McKesson & Robbing

18% Aug 2*

Highest

$ per share $

Mar 26

7

Mclntyre Porcupine Mines.-b

700

$ per share

$ per share
Jan 31
10

McGraw-Hill Pub Co.-No par

3,600
4,200

0%

34%
9%

8%

42

107

200

20

*34

1

McGraw Elec Co new

6,000

*80%

70

*25%

106

1%
2%

1434

IO84
47%

*10%
47%
19%
0%

900

1784
10%
47%

9%
89%

6684

10%
17%

18

%
*%
34
*14%
2%

17%

Par

90

19%

10%

884

96

47%

173s

42

20%

8%

115

47%

11

17

*12

14

9%

16%

17%
1034

5

21%

5%

17%
*10%

47%

*46%

4234

64

69

*64

*88%
81%

18

12%
6634

5%

42%
934
17%

44%

Shares

*64%

48

*12

14

44

$ per share

*80

72

5%
19%

$ per share

884

6034

48

$ per share

Lowest

Highest

Lowest

Week

034

90

12%
0034
*64%

Sept. 2

35

9

*86

90

*12

7

35%

8%

Sept. 1

40%
1934

19%

6%
35

Aug. 31

*17%
*10%

1034

48%

48

Aug. 30

$ per share

$ per share
17%
*1034

Year 1937

EXCHANGE

the

|J

Aug. 29

Aug. 27

100-Store Lots

On Basis of

STOCK

NEW YORK

for

Range for Previous

Range Since Jan. 1

STOCKS

Sales

Sept. 3, 1938

Jan 12

9%
30

1%

Jan

Oct

36% Mar

Dec

53%

Oct

Jan

6% Mar

Octj

40

9

Oct

24

Nov

22% Apr
Apr
26% Feb

15

6%
90

Oct
Nov

Jan

73

114

Feb

5%

Oct

19% Mar

20%

Oct

45%

125

6%

Nov

140

Jan
Feb

Oct

24% Mar

Dec

97

1234 Dec

28

50

Jan 12

44

Dec

75

Jan

115

Apr 19

114

May

115

June

56

Jan 11

22% Aug 25

48

74% July 29

51% Nov

Jan 17

z9% Dec

11%

Mar
Jan

IO334 Aug
23

Jan

2%

Oct

15%

7%

Oct

40

9% July 19

4

Oct

10% Dec

27%
3234

Feb

15% July 23
2934 July 1

22

38

Jan

5% Jan 11
July 28

20

Ex-rights,

Oct

Feb
Mar

Jan

f Called for redemption.

New York Stock Record—Continued—Page 8

Volume 147

LOW

AND

HIGH

SALE

PRICES—PER

STOCKS

Sales

SHARE, NOT PER CENT

Range Since Jan. 1

NEW YORK STOCK

Saturday
Aug. 27

Monday

$ per share

$ per share
35% 36

Tuesday
Aug. 30

Aug. 29

1%
*48

37

15

15

144

36%
*14

144

25

25

25

12

12%

*7

36%

12

*12

*144

*21%
12%

12%

5*4

5

5%

5

5%

8%
1%

*684
1%

8%

*6%
1%

8%

434
*6%

1%

1%

49

99%

1%

40

99*4

10%
87%
10%

10%
87*2
10%

*46

47

*99% 100%
10

86%
10%

28

2%
*40%
*10%

2%
40%

40

2%
40%

18

17

17

*25

2%

*2

2%

*1%

10

10%

9%

*25

*46

10%

2

2%
49

16%
2%
10%

9%

10*2

10%

8%
*58%
*8884

8%
58%

*54

84%

82

2*4
484

2

27%

21

23

*22%

24

*21

15

13%
19%

13%

*13%
19%

14%

*13%

*2

*4%

*24*2
*13%
20%

*24%
*113
34

*3%

14

*15%

*9*2
7%
36
*

65*2

~*i%
*3

*%

*3%
*12%
34%

14

36%
29

29

11

-

-

19%

*24%
-

*111%

3234
*3%

4%
13

12

34%

34%

*14%

9%
7%

*9%
*7%

3584
3534

34%
*35%
*

*3

384

*30

16%
9%
7%
35%

*14%
*9%

36%
65%

7%

34%
*35%
*

%

7

59

*5i2

39%

*125

7%

7%
50

*44

39

38%

*127

130

*5%

59

*44

4%

*4

38%

39%

»«4

38%

-

8

'■»-»

*38

—

7%

7%

23%

84%

3,400

*1%

2%
4%

200

*%

4%

%

600

1,500
300

a

100

!

"38%

3934

8

Penn-Dixle

2

30

7%

3%
127

2,200
2,200

130

7~,800

Rights wi
Hosiery

24%

*23%

24%

43

*35

43

*35

43

*35

43

*33

43

*33

*91

115

*91

115

*91

115

*91

115

*91

5

24%

23%

24%

23%

4

6%

25*2
6%

6*4
*67

5%

*24

24

684

*6%
*57

09

*153

8

-

*30

'•

«

-

13%
45

45

45

2484

25

*23

40

*35

734

13%

13%

3084
41

*30

84

23%
10

8%
*2%

9%
2%

*2%

*%

84

%

%

*%

%

2%

2%

*2%

8%

2%
734

2%

8%

*8%
25%

884

8%

9%

*88i8
85

13%

7*2
*80

22%

2234

22%

22%

23

*9

10

*9

10

*9

10

9%

*9

10

9

9

9

9

284

*2%
*%
*2%
8%
*8%

2%
84

2%
*%

2%

100

10%
88

11%

*11

7%

*80

7%

100

*80

6O84

60

2%
11%
18%

11%
18%
15%

*20

23%

11%
18%
15%
*20%

*18

21

*18

21

*18

5%

534
69%

5%

5%

*50%

69

*5C%

*6

10

*2%

34

*%

10%
*87

84%

1234
*11

7%
*80

11%

""226

%

*%

%

100

2%
2C84
1134
18%

10%

10

*6

4,100
150

10%

28%

3,200

98%

500

111%
123%
145
120
31%

100

10%

1234
11%
7%

""50
100

5,100

10%

11,500

88

83%
12%
12%
7%

400

7%
*80

60

23%

11%
18%
14%
*20%

*18

19

*18

5%
69%

*5%
*50%

534

5%
*50%
*6%

69%
10

*80

59%

11%
18%
*14%

*20%

600

5%
10

""800

10%

*10

10%

14

*9

10%
13%

10%

*9

*9

14

*10

14

*8%

13

15%

14%

15

1434

15

15

15

13%

14%

14

15

11,006

67

67

*65%

74%

*67

70

*67%

71

68

69

*67

73

300

*65

68

*65

68

*65

68

*65

68

*56

68

*56

68

1034

2%
18%

56

2

2

2%
18%

1784

2

2%
18%

17%

10

10

2

2%
18%

*54

60

*54

59

*54%

58

1734
*54%

m

57%

*53%

59

*53

59

*53

59

17%

15%

14%

15%

*53%
1484

15

14%

14%

*29

34

29

29

*29%

34

*29

32

29

29

*28

78

*70

78

*70

78

*70

78

*70

78

*70

-

*

59

"1384

1384

*94

97*2

10*2

42%
*55

10%

42%
57*2

*

59

"~8

"V"

*10*2

11%

*55

18

*1684
27%
*1%
41%

41%

84

84

*2%

2%

♦

28%
I84

*94

10%
42%
57%

9%
41%

"13%

97%

*94

10

*%
2%

11

17%
27

1%
39

%
2%

59

1484

*

59

♦_

13%
97%
10%
41%

*13%

13%

*94

95

57%

41%
*55

*55

5

*4

'

"7% "7%
*10%
*16%
25%
*1%
37%

.

.

13%

13%

-»«•.

*

1484

10%
41%
~

7%

734

*10%
*16%

11%

17%

mm

—

7%

27%

27

*1%

2%

3934
*%
*2

1%
41




*16%
26%
*1%

40%
84

«4

2%

Bid and asked prices; no sales on this day.

m

*4

*10%

I84
40

2%

-

41%
*55

7«4

27

%

---

9%

10%
17%

*1%
%

10%

4184

*2

13%
95

7%
10%
*10%

27
39

13%
*94

57%
rn

59

10%
41%
57%
5%
7%
10%
17%
27%
1%
40%
84

2%

14%

41%

42%
57%
5%
7%

*4%
7%

*10%
*16%
26%
1%

11%
17%
27%
1%

40

41

2

11** receivership,

2

a

2,400
4,800
'

-

«,

*.

'

-

(The)

Oct
Oot

100%

Jan
7% Feb

14

Jan

Oct

Oct

5%
50

3% Feb
95*2 Aug
20

Nov

30%

Oct

87%
64

Jan

Jan
July

"""!%"

Deo

9%

Jan

27

Oct

74*2

Jan

4

Oct

Oot

2084 Apr
33% Jan

preferred

Dec

4

Jan

Jan 13

Jan

8

16% Jan 10
34 Jan 19

13

Oct

9

Dec

7

Oct

Jan 12

74%June 18
Mar 29

June 16

484 Mar 31
60% Jan 31
37% Mar 31

1%
84

2%
5%
5%
20

Feb
Jan
Jan

Feb

Oct

86

Feb

Oct

Oct

117

Oct

Jan 14

132

Sept

110

June

98% Jan 18
88% July 19
1434 July 29
16% Jan 14
8
Aug 25
80 May 11

29% Apr
22% Aug
33%
11%

31

103%

13% July 20

Jan

Oct
Oct
Oct
Oct
Oct

43% Oct
114% Mar
30% Oct
91

3

3%

15% Jan
317| Feb

65% Jan
118*2 Jan
5234 Jan
112% Feb
128*2 Jan
140*8 Jan
162% Jan

25*2

Oct

113%
72%

Jan
Feb

884

Oct

24%

Feb

85

Oct

"5%

107

Feb

"2334"

Feb
Jan

Oct
13% Dtc
484 Oct
90% Dec

115

Dec

80

18%

1284 Mar
Nov

Jan

24% Jan 11
29% Jan 18

Mar 30

44

20

Dec

26

20

Dec

29*2 Dec

18%

Dec

47

Jan 13

2% Oct
19% Dec

10%

Apr

37% Aug
Dec
Mar

103sJune 17

22

18

Mar 22

30% Jan 15

30

Dec

49

Jan

13i4June21
234 Mar 25
34*4 Mar 29
5
Apr 1
5% Mar 30

27% Jan 25
0% July 19
58
July 26

23

Dec

4384
13%

Jan
Jan

11

Jan 1C

20
13
25
22

49%May

11% July
13% July
17% July
74
July

40

68

Aug 16

3

Jan 10

9

June 10

9% Mar 30

2
Apr 28

lig Mar 30
lli4May31
39% Mar 29
38
May 26
778 Mar 30
17% Mar 30
05
Apr 27
62% Feb 24
10*2June 9

Mar

984

Oct

22% Feb
35*2 Mar

8% Oct
61*2 Nov
69

134

12%

Dec

Oct
Oct

29% Mar
94%
110

Jan
Feb

9*2 Feb
47% Mar
124
Apr
110% Mar

65

Dec

Jan 13

60

Dec

7

9

Oct

Jan

8

26

Dec

98

Apr

Jan 21

7684

Dec

139

Apr

04*2 Jan 21

60

1784 Jan

1284

7

91% July 27
12% July 26
40*2 Jan 8

58*2 Jan 11
8*2 Jan 7
8% July 30
13% July 21
2084 Jan 19
29% Aug 24
2% Jan 10
46% July 2?

Mar 31

%June 13

1% Mar 25

y

Jan

30

Dec

85

Mar 25

Ex-div.

83

784

37

l%June18
25% May 27

*

Dec

7*2 Dec

39

18% July

51% Jan 31
5
Aug 23

13

Oct

73

4% Mar 30
3384 Mar 30

5

3%

20% July 25
75% Jan 16

84% Apr 25

^Rutland RR 7% pref—100
St Joseph Lead--.:
10
tSt Louis-San Francisco—100
0% preferred
100

Cash sale.

22
17

Jan

47% Mar

6284 Aug 25
6% Jan 11
24
July 21

178June 2
1434 June 20
8% May 26

Ruberoid Co (The)--—No par

r

1% Jan
4% Jan
10% July
10% July
31% Jan

143

8% May 26
81
Apr 19

9

%

Oct
Oct

116% Aug 25
36% Jan 17

8

7

8%

6

Jan

35*2 Jan 13
98% Sept 2
III84 Aug 25
123% Jan 13

Apr

8

12*2 July 21
3% Jan 13

Mar 25

21%May 27

Motor

New stock,

Mar

28

112

-----5
Preferred
--100
Reis (Robt) & Co 1st pref-100
Reliable Stores Corp.—No par
Reliance Mfg Co
-10
Remington-Rand
——1
Preferred with warrants--25
Rensselaer & Sar RR Co—100

n

Mar

43

Dec

1

12

Mar 29

Real Silk Hosiery

Def. delivery,

20

Oct

84 Nov

9

100

400

July

Oct

8

Dec

3,000

400

141

4%

Mar

132

Reading
4% 1st

Reo

Jan
Jan
14% Aug
100% Aug
70*2

45

21
25
17
57% Aug 5
122*4May 18

18

4884 Dec
97% Apr

18%

Dec

25

-..100

Oct

30

Jan

Mar 25
Mar 25
Mar 30
Mar 31
Aug 8

112

4*2

45

80% Mar 31
10178 Apr 23

No par

Roan Antelope

5,500
h

*%

Dec

30

Copper Mines.

"600

10%

*55

Dec

1%

2%

Dec

7% April

200

95

10

62

23

14% Mar 30

^

4,200

13%

*94

Oct

18*2 Nov
34% Nov

July 29

Ritter Dental Mfg——No par

^

59

13%

3

21% Mar
13% Feb
59% Mar
54*2 Jan

30

100

^

200

15%

*

Oct

122

12,300

^

78

1584

53%

9%

Jan

Dec

Car—.......--B
Republic Steel Corp.—No par
6% conv preferred-.
100
0 % conv prior pref ser A. 100
Revere Copper & Brass
.5
Class A.—————-10
7% preferred
-—--100
5%% preferred
---100
Reynolds Metals Co ...No par
5 hi % conv preferred
100
Reynolds Spring-.-1
Reynolds (R J) Tob class B.10
Common.-.—----10
Rhine Westphalia Elec & Pow.
Richfield Oil Corp.—-No par

•

32

*67

^

2,500
24,600

58

53%

*54

■

.

2%
18%

60

17%

18%
62

56

*10%

2%
18%

2%

2%

*54

1034

Jan

Mar

32

May 28
Mar 29

484
4%
1334
39%

^-60
preferred———50
4% 2d preferred.— ——50

900

14

10%

*12

0%

1,900

15%

*1034

Jan

25

87

Aug

115

1

5
2d pref--------50

tRadlo-Keith-Orpheum No par

69%

Mar 14

9% July 26
1034 Jan 12

1% Mar 26
%June 6
1% Mar 30

par

Raybestos Manhattan. No par
Rayonier Inc.
....... 1
$2 preferred--—25

"""500

174

par

Pure Oil

•

5%
*6

91

Oct

Oct

11

Gamble.—--No par
5% pf (ser of Feb 1 '29) . 100
Pub Serv Corp of N J--No par
$5 preferred-----—No par
6% preferred
--—100
7 % preferred100
8% preferred
100
Pub Ser El & Gas pf Vo-No par
Pullman Inc.—-No par

•

*50%

10

Dec

11

Dec

25% July 25

6,500

19

5%
69%

30%

4

Mar 28

5% conv

23

*18

48% Mar

25

Mar 31

$5 preferred B
No par
13.50 conv 1st pref—No par

11%
18%
15%

23

17

Oct

Dec

3

Jan 17

8

68,100

22

11%
18%
15%

Oot

9

30

7% July 26
67
July 20

5% Mar 29

"2",900

100

7% Jan 17
35

15

5

400

*18

Mar

20%

par

5% conv preferred
100
Purity Bakeries-------No par
Quaker State Oil Ref Corp-.10
Radio Corp of Amer ...No par

4,500

60%
2%

2%
20%

44% July 19
*%< Aug 17
378 July 20
43
July 19
9
July

par

Procter &

100

59%
2%

19

*19%

12

7%

100

59%
2%

18%

7%

63

11024 Jan
65% Feb

Aug

8*4 July 23
50% Mar 9

% Mar 31

5% conv 1st pref

100

83%
12%
*10%

11

Oct

May 21

6

(The)——No par

-

*87

11

22

52

%June

fPostal Tel & Cable 7% pf-100

300

*116% 118

28%
98%
*110%
*119%
*140%
*114%
30%

Dec

12% Feb
70% Feb
29% Feb
50% Mar

7
8

20% Apr
11% Apr

6

Pressed Steel Car Co Inc

900

54

No par
—100
--.100

-

No
B----.No
Porto Rlc-Am Tob cl A. No
Class B—
No

700

25%

54

Oct

27

%

Poor <fe Co class

5,400

84%
12%

15%
23%

*6

2%

*24%

20

110% Sept

65

Pond Creek Pocahontas

"2,300

8%
8%

*8

-

Plymouth Oil Co——

-»

88

2%
20%

10

-

*83%
12%

2%
*19%
11%
18%
*15%
*20%

15%

2%
8%

.*

-

23

Pittston Co

1,600

*87

100

59%

5984

10%
88%
84%

19

*21

18%
16%
23%

15%

10%
88%
84%
12%
11%
7%
100

5884
2%
*19%

2%
2134

*20

11%

84%
12%

13

7%

22

10%
*86%

85

*11

.

234

*11%

8

2%
234
2%
*2%
8
8
8%
8%
7%
9
8
*8%
8%
8%
25
*24% 2584 *24% 25%
24%
24%
54
55%
54% 54%
54%
5384
53%
118
*116% 118
116% 11034 *116% 118
29% 30% *28% 29
28%
28%
29%
98
98
98
97% 97%
97%
97%
11084 *110
11134 *110% 111%
111% 110
123% *11984 123
*11984 123% *119% 123%
140%
140% 140% *140%
*140% 145
12C
115% *115
*114% 120
*114% 120
31
3184
30% 31
30% 30%
30%

88

11%
734

*%

8

12

-

6% preferred
—-.100
Pittsburgh & West Va
100

100

%

%

:

11%

*3

4% May 26
7% Mar 29

No par

5M 1st ser conv prior pref 100
Pitts Term Coal Corp
1

""500

22%

*82%
12%

13%

22

*6

38%
%

10

10

62%
2%

*5%

*33

2284

*116%

100

*50

38%

*9

54

10*2
88%

6184
2%
11%
*18%
16%

*28

:

22%

25

25%
56%

85

*11

Pittsburgh Steel Co

10

29
29% 29%
*97
*9714 98
*10934 11134 11034
*11984 123% *11934
*140% 140*2 *140%
*115% 117% 115%
3284 3234
30%

10%

48

%

8%
8%

Mar 30
June 21

700

23%

9

41

145

Pitts Screw & Bolt

*9

116

116

—

5% pref class A

12

5

$5 conv preferred—.No par
'

-

40

12

May

3% Mar 30

Pitts Ft W & Ch 7 % gtd pf 100

'

27

11%
84

20

100

preferred-

Pitts Coke & Iron Corp No par

■

2234

3

6%

Jan

3*4 Mar 31

Pittsburgh Coal of Pa——100

200
200

%

12

Oct
Oct

13% Dec

Jan

Feb

"7% T.800

*%

2%
15

64

10384 Mar
6% Jan

Aug

*20

%

57% Nov
1% Oct

23% Mar
7% Feb

56

27

*%

Oct
Nov

117

*20

*3

Oct

8

2%
37

29% Aug
7% Jan
10*2 Jan

Dec

27

%

Oct

Aug

7 % pref class B

8

•

Oct

30

40

%

Oct

4

117

43

*3

Oct

1%

July 12

*40

8

Oct

12

May 10

*%
*4%
11%
*%

%
8

Oct

28'

90

43

*35

Oct

1

52

43

38%
%

8

18*2

Mar

109% Mar
2884 Jan
200% Jan
2034 Jan
34% Jan
8% Feb
4484 Feb

8

13%

*23

136

Sept
Oct
Oot

8*2
80%

Mar

Aug

90

32% Nov
*95

July 12

*12%

27

1

133

Oct

90

12%

48

4% Jan 12

Oct

7

40

7%

*43

4

4

July

"7%

12%

Jan

29% Apr
12% Feb
17% Jan

25

69

*57

149

Dec

Pitts C C & St L RR Co—100

7

*153

.

12%

23%
*9%
9%
*234

1234

56

69

*153

Apr

"11%

3

"""266

0%
24%

*6%

6%

6%
*57

«...

7%
12%

%

'

m

784

*%

8

*12
.

69

*153

*5

133

20*2 Jan

^

24%

6%
25%

*24%

7%.

%
*4%
11%
*%

*3

*5

6%
25%
6%

7%
12%

45

*24%
*6%
*57

•.

*7%
12%

7*8

*%

*5%

25%
6%
69

*153

50

*45

*0%
*57

69

*155

734
13%
*25

5%
24

Jan

Pillsbury Flour Mills
—25
Pirelli Co of Italy "Am shares"

'

*24

Mar 29

Jan

152

400

115

5

*5

Mar 31

30*4 Jan 18

Jan

44%

Nov

Pierce Oil 8% conv pref-—100

43

115

2

i
5
——100

5384

Oct

Oct

110

500

7%
23%

*7%

—.

Preferred

June 25

4% Mar 30
May 4
27*4 Mar 31
*ti Aug 29

Petroleum ....No par

Phoenix

20

*91

24%

7%

38

preferred—

Philli ps

% 217,500
3%

*37

*24%

7%

114

—100

7%

*38

Apr 12
1% Apr 25

2*4 Mar 26
14 Mar 26
75*4 Mar 29

5% conv pref series A—100
Phillips Jones Corp.---No par

7%

Mar 28

60

50

Philip Morris & Co Ltd.—-10

59

39%

Mar 23

30

Feb

9
30% July 20
0*4 July 22
1784 July 25
43
July 25
38% Jan 15
15% Aug 23
13% Jan 11
8*4 July 13
38
Aug 26
37% Jan 12
07
July 12
234 July 26

8I2 Mar 29
784 Mar 30
484 Jan 3
17% Mar 31

Phila & Read C & I—No par

500

%

15

No par

preferred-

31

112% Feb

IS4 Mar 20
512 Mar 20
17% Mar 20

Pfelffer Brewing Co
No par
Phelps-Dodge Corp
25
Philadelphia Co 6% pref.—50
$6 preferred
-.-No par
tPhila Rapid Trans Co
50

65%

*7%
*23%

100

2084 Feb 23
2% July 19
10% Aug 20

24% Jan 15

Mar 29

22is Mar 20

100
5% prior preferred—-.-100
5% preferred
100

700
100

rl% 4

14% Mar 31
1914 Mar 28
110

Petroleum COrp of Amer——5

17,300

Mar 30

10

50

100

Mar 31

212 Mar 30
10% Mar 30

Pere Marquette.-—

Pet Milk

Mar 30

l%June 13

Cement—-No par

6% cum preferred-100
People's G L & C (Chic)—100

Mar 20

55

99% Aug 25
13% July 19
100
July 19
13% July 20

13% July 23
838 Aug 24
58% Aug 26
85% July 25
2% Jan 10
5% July 25
30
July 26
15% Jan 11

884 Mar 31
4

$7 conv pref ser A...No par
Penn G1 Sand Corp v t c No par

Pennsylvania RR—....

Mar 31

41

Aug 3
July 22

July 29
3*4 Jan 10
41
July 27

312 Mar 30

3
Penick & Ford—
No par
Penney (J C)
No par
Penn Coal <fc Coke Corp
10

578 July 7
9% Feb 25
2

*3484
10%

June27

1578 Jan 10

30

1% Mar 29

Peerless Corp-—-

270

36

*2%

3%

*38

13

Patino Mines & Enterpr No par

60

36

"38%

*%4

r%«

500

16%
9%
7%

*5

2.50

Peoria & Eastern

12

3012
28%

128

39%

*2%

*38

1,100

33%
434

*

6% Mar 31
Mar 29

16

Peoples Drug Stores—No par

124

7%
59

05

Parmelee Transporta'n.No par
Pathe Film Corp
.No par

15,500

27%

*2%
*%

128

*5%

3%

7%

82%

121% 123%

UM

7%

10%
0%
57

3%

*

5I6

----

1,900
6,500

10%
6%
57

*2%

*123

*2%

Parker Rust Proof Co

«.*>*■

7%

3%

*2%

3%

*38

31i4 Mar 31

Parke Davis & Co

15,000

14%
19%

»«4

*2%

3%
38

—No par

1,300

25

50

lis Mar 30

10%

*21
*21% 25
*13%
*13%
14%
18%
19%
18%
28
*25
*24% 28
*111%
*111%
32%
32% 32% *32
484
*3%
484
*3%
12
12
12%
12%
31
33
34%
29%
28
32%
28%
29%
16
16%
*1412
*14%
9%
9%
9%
*9%
7%
7%
7%
7%
35%
34%
34% 34%
*35%
36% *35% 36
*
*
66%
^65%
2
"*!%
*1%
2

130

*5%
*44

1

2

14%
19%

*3
384
3%
%
%
%
%
123
125
124% *124

%

122% 126
12784 12784

"*!%

Park Utah C M

2%
4%

*1%

*3

2

4,500
1,400

2%
39%
17%

82%

2%

—

1

..10

30

Highest

$ per share $ per share

41% July 7
1978 July 19
1101s Aug 17
147
Aug 11

50

Mar 20

-.100

---

10%
6%

684

Mar 31

29

88% June 21
684 Mar 31

0% 1st preferred
6% 2d preferred

-

57

10%

7%

No par

Park & Tilford Inc

1,600
5,400

11%
27

*1%
9%

9%

9%

64,400

25

29

16%

66

1984
»

33

3%
%
133

*7*2

33

4%

27

*24%

3.3%
434

*

4%

*1%

*6

sx«

4%

1%

*44

2

100

4% conv preferred
100
Paramount Pictures Inc—---1

40

11%
90

Range for Previous
Year 1937
Lowest

Highest
$ per share

share

No par

Paraffine Co Inc

400

59

17

17%

82

*113

7*2
33%
3534

40

20,800

99%

*25%
2%
39%

2%

*1%

20,900

11

11%

16%

100

1%

5

99%
10%
87%

27

*39

7%

*47

88

2%

300

1%

11

10%
8684
10%
*25%

83

~i%

*129

*2%

46%

200

12%

4%
7%

*99% 100

*82

28

128

38

46%

47

83

2

128

39%

1

434

2

27

*15%
*9%

7%

*7

8284

3512

36%
36*2

*35%

5%
8%
1%

25

12%

per

No par

Pacific Telep & Tel eg

140

*55

20%

*12

10

146

*21

12%
4%
7%
1%

2

32%
*3%

3734
33%
16%

*144

25

50

*113

484

*12

*30*2
*29%

144

*21

$

32% Mar 31
9% Mar 30
87
Apr 1
6% preferred
100 *13212 Mar 30
Pacific Tin Corp(spstk) No par
18% June 18
Pac Western Oil Corp.
10
Mar 18
10
Packard Motor Car
No par
314 Mar 30
Pan-Amer Petrol & Transp—5
7
Mar 29
Panhandle Prod & Ref new._l
1
Sept 1

10

144

*10%
z6%
z55%

4%

Pacific Ltg Corp..

Pacific Mills

400

*12

6684

*1%

Par

2,200

15

117

35%

12%

8384

*24%

36

15

*112

37

14%
,

100-Share Lots

Lowest

25

146

10%

2

Shares

117

*14

*112

10%
7%

8

Week

$ per share

1

.

35%

15%

56

8

4%

34

37

57

78«

2084
28%
■+*mrnm

Sept

$ per share

*99% 100
11
11%
87% 88%
11
11%
*25% 27
2%
2%
*39% 40
*17% 1784
*1%
2%
934 10%-

27

2%
39%
16%
*1%

10%

10%

47

*99% 100%
10% 11
87% 87%
IO84
10%

10%
87%
10%
27%

*26

1

On Basis of

EXCHANGE

the

Friday
Sept .2

Thursday

1

$ per share

111% 111% *111% 117

*21

25

*12%
5%

Aug. 31

$ per share

36% 36%
16
*1584
14%
15%
*111% 121% *111% 116%
144% 144%
*144% 146
*23

Wednesday

•

1451

1% July 20
3% July 20

Ex-rights.

80

5%
40*4

49% Apr

Nov

9534

Oct

30%

Nov

Dec
Dec

112

34%

Jan
Jan
Jan

Jan

58

Jan

Oct

67

Jan

10% Nov

14

Feb

55

Oct
884 Dec
4%

18% Dec
17% Oct
1

Oct

2012 Nov
1

Oct

1*2

Oct

6% Oct
31*2 Feb
19*2 Dec
38

984
65

June

Feb
Mar

484 Mar

11%

Feb

If Called for redemption.

New York Stock Record—Continued—Page 9

1452
WW

Aug. 27
$ per share
*3
63s

*6%
1878

...

187«

SALE PRICES—PER

HIGH

AND

Saturday

SHARE,

NOT PER

CENT

Wednesday

Thursday

Friday

the

Aug. 30

Aug.Zl

Sept. 1

Sept. 2

Week

$ per share

$ per share

$ per share

$ per share

$ per share

Shares

6%

*6i8

1878

18

*3

*6%

*3

*3

*6%

18%

18

18%

6%

*18%

*3

6%

*6%
*17%

*3

18

♦68

77

*68

77

*68

77

*68

77

86

86

*85

94

*85

94

*85

94

*85

101

101

18

*68

94

*101

18%

18%
*75

100

13«4

17%

7534

*74

76
i

l2
*5%
48%

101
*100
101
10012 ♦100
1334
13%
13%
13%
13%
17%
17%
1784
18
17%
74

%

74

%
*4%

%

5i8

6

74

%
47%

48l4

47

%
*l?g
*22%
*3%

%
2%
23

12
*178
2134

J2

*%

%

2%
22i8

*J78

2%
2234

4

*3%

334

*2134
*3%

7112
1578
*1612

72*4
16
17

6978,
15%
15%

71U
15%

69%
15%

*60

61i2

59%

5i4

478
*38%

*5

397g
10%

397«
Ids
2778

*27

10
*27

47

15%

16%
60
5
41

10%
2778

*.50

»

74

*%
*4%
247%

5

5'8
48%

4

71

%
*1%
722%
*3%
70%
15

1534

%

*12

17%
*73%
*%

5

4

75

47%
%
2

71%
15%

15

3%

*434
*38%
*978

5

*4%

5

44

*38%

44

10%

*10

10%

*27

2778

27

5

*27

2778

978

*85

95

89

89

*90

95

*95%

97

97

97%

*95

9934

27

*95

19%

20%

1934

20

20

20

*

19

18%

18%

18

18

1834

*17%

*11%

1234
14

U34

1134

18%
*1178
13»4

12%
1378

1134

13%

1334

*113

114

*2i8

214

2%

2%

2

2

2%

2l\

2134

20%

21%

20

20

1934

*135

140

*135

144

22

*135

140

*5
10

*26

*38

4H2
378
912

*38

2312

*22%
22%

378
*812
*23

2414

2414
16
4412

*15l2
*42 %

3%

8%

15

18%
46

18,500

3%

200

Simms Petroleum

500

Slmonds Saw A Steel—No par

25%

25%
91%

200

1334
114

2%
21
140

17%
46

*3

*38

334
8%
23

*8

9

*734

23

23

23

237B

23

23%

*2134
23%

16

*15

16

*14%

15

44%
13%

*40

44%

*40

15%
*42%

20,400

Socony Vacuum Oil Co Inc. 15

*113

114

2

2

""800

3%
40

3%

3%

*77g

*2134

*20

21

500

*132

140

14

8%
23

2234

23%

*33

Solvay Am Corp 514% pref 100
Am Gold A Platinum. 1

So Porto Rico Sugar..-No par

*38

40

3%
*734
*2134

23

3%
8%

2,200
200
100

'23%
*1511

237g

10,200

16%

500

*40%

44%

13%

12%

65

63

63

63

63

28

28

28

28

28

28%
7%

16,200

10334 10334

8i4

8I4

7%

8

8

*1712

19%
2234

17%

17%

21

21

*16%
2134

&s

30i8
3034

30%
31

*25

42

6318

*%

29%

30%
30%

%

%

30
*25
51

42

2934

28%
68

68%

1118

III4

10%

11%

10%

838

7%

7%

734

10l2

8%

8l2

9%

734

934

8%

*55

57

55

55

126

126

126

126

1134
*27

1134
28

314
I8I4
*29

3%
19

11%
2584
3

Uh

2634
3%

17%

18

9%

734
55

2,100

$7

cum

53

28

28

8

10

9%

8

8

8

55

53

53

3

3%
18%

30

15%

*14%

18%

18%

27

27

27%

26%

18%
27

7%

7%

7

7

6

6%
*%

*534

6

2684
7%
*534

*6%

8

*6%

18%
7%

*37%

5

*4-%

5

6%

*6%
42%

43%

43

4%
36%

4

36%

3534

lC7g

11%

10%
8%

y«>8

*41

434
*6%

21%

*35

*187g

22

*19

60

*57%
*3%

60

*58%
*3%
*45

.55

45

45

*134
*434

18%

4%

20%

*12

4%

*11%

20%

134
434

134

2
:

5%

18%

3

3%

*12

1434

1734

278
*12

13

13%

12%

*92

95%

*94%

434

18%
3
15

4%
*13

*134
5%
18
*3

*12%

13%
95%

1234
94%

41%

30

434

4%
*6%

4%
6%

400

35%
10%

9

60

5%

41%

10%

9%

22

49

41%

41

4%

22

4%

600

6%
43%

22

*45

1,500

5%
*6%

5%

7

6%

10%

5%

7%

534

4%

36%

9

7%

42 &8

3534

9

21%

*21

22

22

*19%
*58%

21
60

229%

14%
177g
2634

*41

434
*6

4234
4%
34.%

4%

*4

547g

*45

434

4%

20%

*4%
18%

5%

18%

18

3

3

*12%

13%

1234

12%

1234

*27g
127g
12%

95

96

96

95

3%

15%

15%

14

1434

13%

14%

14%

14%

14%

51

52%

48

50

4734

4834

4734

47

*10%
67g
*934
4%

10%

10%
6%

10%
7%

10%

10%

634

10%
634

48%
10%
634

9%

9%

*8%

9%

*9

334

4%

4

4%

4

*82

88

7%
10%
4%

*76

88

5%

5%

*7%
25%

10%

*7%

10%

257g

*3334

34%

24%
3234
*3%

33%

*4

4%

*28

31

1034

1034

2

2

63

63

13%

13%

82%

82 84

*20%
90

*5

*28
10

*17g
*60

12%

79%

2034

20

90%

88

80

77%

*78

*21%
27%

21%

*21%

27%

26%

9%

8%

9
•

5%
25

378
30

10%
2%
63%
13%
81%
2078
89%
787S

*76%
*5

*7%

2434
*33

3%
*26
10

*178
*60%

88

88

*81

5

*5

10%
26%

34

3%

*31"

30

*28

"

10

10%
2%

35

334

*34

*3%

400

*19

211

100

*58%

60

*4
45

45

5%

18%

900

100

13

7,000

*94

4

96

700

*81

88

5

10%

26%
*3%

27%
35%
4

29

29

3434

,

19", 900
500
100

1,800

79%
21%
26%
8%

*21%
26%
8%

*21%
26%

78%
*21%
26%

21%

834

9

884

87g

27%

Bid and asked prlcee: no sales on this day.

*17g

4% Mar 31
378 Mar 30

5
5

25

77

•

Dec

50

Jan

Dec

49

Nov

2884
95%

Apr

31

16

Nov

48% Mar

July 25

9%

8%

7%

Jan 10

5% Jan 12
11% Jan 12

6

Jan 13

100

19% Dec
53% Dec
5% Oct

48

Mar

Jan 13

12

July 20

Oct

20

Aug

9

Oct

30% July 25
4%. Aug

18

1%

Oct

197g Aug 26

8

Oct

32

July 20

15%
19%
29%
10%

Aug 9
July 19

July 25
Jan 11
8% Jan 11
734 July 25

1

17% Dec
7% Oct
15%
22%
434

2,700

Oct
Dec

Jan 10

Dec

5%June 29

4

Oct

8

Jan 11

6
5% July 29

6
6
11% Feb 10

56

Jan 13

53g July 25

44

3%
65

2%
36
4

July 25

10% Mar 29

No par

77% Apr 29
8

.10

4

...No par

77

Mar 30

June 27

3% Mar 28

10

5% Mar 31
16% Mar 29
25% Mar 25
2% Mar 29

1534 July 25
98
July 13
16
Aug 24

10

Mar

16% Jan
15% Jan
54% Mar
48

Feb

Oct

64

Jan

Oct

1334 Mar
93% Jan
13% Feb

Nov

Oct
Sept

Oct
Dec

Oct

40

Sept

8% Jan
15% Mar
287g Feb

1%
6%

Oct

10%

Oct

13%

Oct

4034 Jan
21% Feb
98% Aug
287g Feb

72

884

Dec

Oct

Jan

5234 Aug 8
1234 Jan 12

38

79

Feb

10

Oct

17

Aug

8% July 12

4

Oct

22®s

11% Aug

6

47gJuly
87% July
0% Jan
10% Jan
27% Sept

19
29
10
11

38

2
July 19

5%
3%
82

4%

Oct

Oct
Dec
Dec

Oct

7

Dec

18%

Oct

25

234

Nov

Oct

Jan

27% Jan
11% Mar
109% Jan
12

Mar

20% Mar
407g Mar
50

Mar

6

Jan 13

100

10

Mar 30

44

Jan 11

39

Dec

94

Jan

1

0

Mar 25

12

July 25

7

Oct

25

Mar

1%

Oct

Twin Coach Co
Ulen A Co

No par

Union Oil California

Union Pacific

1% Mar 26
41

4% preferred
Union Tank Car

57

25

Un Air

5
Llne»Transport...._5
Cash sale,

2% July 26
July 23

40% Nov

15% Aug

0
87
July 25
22% July 21

87j Dec
01% Nov
17% Oct

93

80

Aug 10

Nov

5984 Apr 20

No par

r

66

81

6

78

Oct

20

United Aircraft Corp

9,600

Mar 31

17% Mar 31
55% Mar 31

100

100

8,400

Mar 31

7% Mar 30

100

2634
8%

•

Mar 31

No par

Preferred

New stock,

9

July 25

20th Cen Fox Film Corp No par
$1.50 preferred
No par
Twin City Rap Trans..No par

n

Aug

4

19

Under Elliott Fisher Co No par
Union Bag A Pap new.No par
Union Carbide A Carb.No par

Def. delivery,

20

1% Mar 28
584 Mar 30

Jan

Oct

5% July 19

par

Jan

2334

3% Mar 30
8% Mar 28

par

17%
16«4

Oct

1%

No par
10

Jan

Oct

2% Jan 13

25

20%

28% Mar
337g Mar
2384 Jan

Oct

Mar 24

Mar 24

734 Mar
47% Mar
397g Jan

5%

15

July 26

578 July 13

Jan
Jan

20% July
6134 Feb

2

55

July 22

125

Jan

3434

2458 July 25

26

77%

57% Feb
8% Jan
15% Mar
65% Apr
9% Mar

Mar 31

200

600

Oct

0%

1

Truax Traer Coal

Oct
Oct

4%

15

Tide Water Assoc Oil

Oct

41

47

Feb

Oct
Dec

118

Aug

Jan

3

6%

Dec

143gMar 10

126

Jan
Feb

44%

July 25

87g July 29
59

75
21

17%
33%

6%

59

Mar 30

Feb
Feb

5% Oct
6% Oct
15% Nov
18% Dec

Mar 31

50

Mar

10

pref

Jan

76

100

cum

Jan

4

Nov

Third Avenue Ry

$3.50

Jan

72%

53%June 23
27g Apr 13
35
Apr 12
2% Mar 31

No par

Thompson (J R)
Thompson Prods Inc..No
Tbompson-Starrett Co.No

65

Oct

Dec

42

37% Aug
12% Aug

Thermold Co

Oct

%

583g July 25

Mar 30

Preferred

16% Jan
107%
Dec
12% Jan
Oct
14% Mar
Oct
32% Mar
Oct

Dec

Mar 30

15

Feb

60

Aug 20

7
13

Jan

43

37

20

Texas A Pacific Ry Co
100
Thatcher Mfg
No par
$3.00 conv pref
No par

Jan

27% Dec
26% Oct
30% May

347g July 25
35% Jan

par

084 Mar 31

Jan
Feb

Oct

2%
2%

3% Jan 10

9%
36

Oct

101

107% Feb

Texas Pacific Coal A Oil
10
Texas Pacific Land Trust...1

21%

a

39

49% Aug

500

2%

77

f In receivership,

20

10%

42% Aug 25
15% July 19
70% July 18

32% Mar 30
2% Mar 29

Truscon Steel

83%
20%

97g

Aug

par

$6 preferred

""§00

5

*9

87%

27

4

Apr

478 Apr 1
2% Mar 30

4,700

80%
20%
87%

21%

5)4% preferred
Telautograph Corp
Tennessee Corp
Texas Corp (The)
Texas Gulf Produc'g Co No
Texas Gulf Sulphur
No

Transue A Williams St'l No par
Trl-Contlnental Corp..No par

10%
6%
10
37S

5,500
12,000
2,700

21%

60

34

Mar31

200

10

13%

*75

5

31% Mar 30l
8
Mar 30'

60

20%
x86%

378May 27

Tlmken Roller Bearing. No par
Transamerlca Corp
2
Transcont A West'n Air Ino.5

13

79

1

9

$4.50 conv pref
Tlmken Detroit Axle

60

90

Without warrants

3,900
4,200
6,200

127S
81%
20%
88

20

Symington-Gould Corp ww__l

4,400

60

89

Mar 30

14%

12%

20

15

22% Mar 30
484 Mar 30

48%

60

2%

50

10

14

13

*17g

884 Mar 31
177g Mar 30
6% June 13

47

*93g
334

26%
3434

4,300

3

1234

8

97g Mar 31
17% Mar 31
134 Mar 26

Jan

Mar
77% Mar

35

$3 div conv pref

15

9%

5%
10%

200

1,800

3

63g

88

""206

*13

6%
4

70

4%
20%
1%

4%
*13%
134
*4%
18%

119% Feb

25

The Fair....

4%

60%

88%
79

*20

22

10

20%

20

88%

47%
10%

9,700

*934

a;80%

..

3

127g
13
95%
14%

8,000

10%
2%

81%

817S

13%

18

700

15,700
3,200
4.200

28

*178
60%
1278
8034

64

10

Mar 29

Talcott Inc (James)

28

26%




*8%
257g

5%

Sutherland Paper Co
Sweets Co of Amer (The)

5% Mar 29
3% Mar 30
45

Oct
Oct

2384

11

8uperbeater Co (The)..No par
Superior Oil
Superior Steel
100

Swift A Co

4%
36
10%
9i4

35%

Oct

June 17

Swift International Ltd

45

1%

Dec

5

10

200

4%
35«4

Oct

10

30% Aug 27
69% Aug 27
12% July 26

100

1,600

31

21%

/SS

334

5

27

9%

6%

*7%
25%
*33%

*76%

5%
10%
2534

1234
79%

*77

4

10

2

6% preferred
Sunshine Mining Co..

2,300

7

Jan

9

Mar
Mar
Mar

10

Mar 29

1

Jan

65%
43%
60%
65%
ll7g

2534 July 26
17% July 25

May 28

No par

14%

43

22

55

800

8
Mar 31
Mar 29
Apr

Jan

31

0

No par

Sun Oil

18%
27%

177g

27%
7%

19%
60

*4%

5%

30

*12

9

*13%
*134
*434

2

*28%

9

434

*134

18

35%
10%

2C%

*13

2

15

4%

41

5%

*45

20%

6%
43%

10%
87g
*19%
19%
*58%

♦4

5%

500

5,900

Mar 30

Feb

1% Oct
5% Dec
19% Dec

4% July 25

49

Studebaker Corp (The)

*5%

61"

10%

Stone A Webster

800

*6%

7%

4334

1078
9%

10,600
19,600

2,600

25% Mar 31

155

Oct

Mar 25

Jan 21

June

6%
42%

17

2

Aug 23

1

8

3%
18%

Oct

23% Aug
115

32%

37g July 21

5

10%

Oct

Jan

Feb
Feb

Oct

July 25

10

56

7%

18

47g

23

5%

9%
77g

534

15%

*434

*19%
*57%

.

41

4378
434

*22

*4

7%

29%
14%
177g
27
7%

2734

7%
534
*6%

4

36%

F

1778
*27

6%
7%

40

6%

Stokely Bros A Co Inc

30

29%

*14%
18%

4

1,700

Oct

54%
40%
29«4

1784

1

Starrett Co (The) L S._No par

24%

15

130

%June 21

8%

18

^

22% Jan 12

l%June 13

1,000

24%
3%

July

Oct
Mar

1%
20%

10

734

3%
1734

25

13

14

*7%

3

140% Mar 26

734 Mar 31

Sterling Products Ino
Stewart-Warner

17

Jan 10

Oct

110

July

800

3%

9

Jan 13

July

7,800

1734

Aug

3%

28

11%

3%

10% Jan 10

984

Mar 29

68%

110

Dec

13

2834

2,800

10

15% Mar 30

Standard Oil of New Jersey.25

11%

Mar

19% Aug 26
1378 Jan 15

No par

10%
77g
934
7%

126

Mar

120

1

17",700

11%

197

Oct

23

68

126

Nov
June

46

24s4
32i2
3934
17%

Apr

13

par

10

Apr
Oct

Mar 30

Mar 31

Mar

4%

Feb

29

2

58

Nov

Oct

Maris

3434 Feb
105% Feb
1778 Mar

60%
102%

Dec

Dec

1

Feb

26

15

Mar 30

Jan
Feb

44

96

4% Mar 30

2734

*51%

Nov

67

10% Mar 30

1034

Feb

17%

8

Aug

Mar 14

Standard Oil of Kansas

14

65

5% Oct
17% Oct
2% Nov
1534 Dec

No par

69

52

91

July
7
June 30

July 19

No par

prior pref

Oct

27

29

Feb

Mar

6% Oct
24% Dec
147g Nov

88

11

par

34

42% Mar
120

Dec

334
44

...No par

prior pref

10%

1734

*29

4%

53%

*67

15%

44

.52

10%
8%
978

29

6%

52%

68%

28%

43%
4%

5134

Oct
Dec

1

24

Standard Oil of Calif..No par
Standard Oil of Indiana
25

8,600

15
60

93

Mar 26

11,200

30

42

Oct

4

30%

53

2834

*14%

*434

29%
29%
*337g

10%

1512

4378

297g
30

Oct

3% Oct
4934 Nov
12*4 Dec

2134 Jan 10

Stand Investing Corp..No par

42

Oct

26%

1984 Mar 26

1

Gas A El Co

$4 preferred

»4

1%
16

3484 Jan 10
Feb

3% Feb
23% Feb
45% Jan
2% Jan
8% Jan
54% Apr
11% Mar
98% Aug

36

1

200

29%

68

2834
68%

Jan 13

par

%

*337g

52%
2834

2934

40

*%

42

15%
18%

*0%

29%

jStand

3,900

Jan 17

98% Mar

Oct

17%June 17
2% Mar 29

100

94

22

%

4

No par

20

2,200

7%

Jan

No par

21

3%

128

$4.50 preferred

21

3%
7%

2

Jan 11

3%

28

No par

JStand Coram Tobacco

21%

%

Aug

9%

10%May 24

Standard Brands

cum

3%

7%

52'g
125% 125% *125% 126
*12.5% 126
1134
11%
1134
1134
11%
1134,
25
25
*23
25
25% 25%
1734

700

$0

30

105

114

6% Mar 31

100

30%

2734 Jan 27
18% July 20

Apr 14
1% Mar 29

48%May 26
12% Mar 31
6% Mar 31

18

%

1034 Mar 31
111

-.2

*16

3%

7%

8% Mar 29

9% Mar 31
5% Mar 30
8% Mar 30

Square D Co class B

18

2934

8

10

2

Mar 31

10

Conv $4.50 preferred-No par

120

2,100

*16

*32

11

28

*68

7%
2

2%

is", 500

3%

30

42

6912

30

52%

13%

734
18

*%

30

53%
28%

1234

734

*16%
21%

30%

5378
30%
6912

2

18% Mar 31
z84
Apr 1

100

Spear A Co
Spencer Kellogg A Sons No
S perry Corp (The) vtc
Splcer Mfg Co
—No
53 conv preferred A..No
Spiegel Inc

3%

8%
18%
2134
%

30
*25

7%
7%
103% 103%

Jan 14

11% July 25

27% Mar
51*4 Mar

Dec

%

3% Oct
34% Nov

6% July 19
48

4% Mar 31

19% Mar 31

Spalding (A G) A Bros.No par
1st preferred
100
Sparks Wlthington
No par

400

7%

1

25

Mobile A Ohio Stk tr ctfs 100

3%

*63

2%

20% Apr

100

6% preferred

7,200

46

*3

65

1C6

Aug 11

South

13%

28

7%

Mar 30

6*4 Mar 12

Jan 14

66

400

65

*2

3

36

18
July 19
20«4 Jan 11

117g

117g

28

*103

Mar 26

600

66%

7%

9% Mar 30
10

45% Mar 31

187g

*18

65%

2%
334

Mar 30

98

68

104

47

24

28is 28'4
27%
28%
7%
7S8
778
7%
*10312 104
*103% 104
*214
212
2%
2%
334
334
3%
334

7%

June 16

102

*6618

2%
334

3

Jan 11

48% Aug 23
7g Jan 3
3
July 22
27% Feb 25
5% Jan 14
75% July 25

8

44%
13

104

6

2

44%
13%

1278

Jan

Apr

*42%
12%

13

%

1% Mar 29
15% Mar 29

Mar 28

18%

237g

34% Mar 28

May

18

8%

71

4

Jan

734

13

Southern Railway

*3%

Feb 23

85
1

Mar 30

91

14,100

3%

% Feb 10
3

45

13%
18

3%

June 14

02

Sioss Sheff Steel A Iron... 100

1234

*38

Feb

Oct
Dec

56 preferred
No par
Smith (A O) Corp...
10
Smith A Cor Typewr—No par
Snider Packing Corp—No par

12%

41%
334

113

11
22

70

13%

*38

Dec

4

0

140

13

1634

x98

Jan

19

1,500

1234

*33

Feb 11

27% Jan

92

Southern Pacific Co

3%

105

20%

34,700

18

Mar 26

_

8% Mar 29

14%June10

9934

19%

14

*12

100

6% preferred

18%

46

79

*85

1334

*22

25

Skeily Oil Co

17%
12%
17%

18

Jan

22

1734

*3

Mar

113

333g Aug 26

16%

*30%

Jan

103

Dec

12% Mar 30

18%

3%
41%

46

Dec

2% Apr 5
J47g Mar 30

1734

46

Dec

70
80

10

18%
1338

*3

18

Jan 20

July 28

.....No par

Simmons Co

"4",800

*30%

23% Jan 12
94

Mar 30

19

share

per

20»4 Mar
37% Mar

81

Mar 20

31%

Oct
Nov

Mar 30

10

19

3%
10

Mar 29

93

Union Oil

300

Highest

$ per share $

Mar 24

No par

Shell

6%

3,100

1937

68

5H% conv preferred—100
Silver King Coalition Mines.6

*6%
2934
*27g

*90

i2

share

5% Jan 26
7% July 12

*95

19%
18%
1134

314
41%

15

Co .No par

Sheaffer (W A) Pen

2134

1778

*3

3,000
200

8harpe A Dohme
No par
$3,50 conv pref ser A.No par
G.)..No par

21%

18%
13%

*26

*132

15%
105

30

Year

Lowest

08

Shattuck (Frank

21%

17%
12%
17%

3U

*1934

15%
105

100

21%

19i2
1914

140

2

27

500

1,200

21%

21

46

13%
*113

2%
1984

90

10%

21%

21%

*3

*135

114

1834

44

21%

2034

14

*113

90

5%

*38%

pref—.....No par

55 conv

300

No par

8% preferred
Southern Calif Edison

2218

1834
1334
1834
*3414

Sharon Steel Corp .....No par

17
62

95

114

1,200

15%

17

2J34

13*4

18,300
4,500

Seagrave Corp
No par
Sears, Roebuck A Co.-No par
Servel Inc
1

*55

97

*113

100

16

*89

14l8

3%

62

*21

114

""600

16

*9512

14

2134

4-2% preferred
100
Seaboard Oil Co of Del-No par

$ per

May 28

6

J Seaboard Air Line—No par

*55

.

1234

Scott Paper Co

1,800

17

1434
J5
1578
15%
1534
15l2
*15%
15%
105% *10434 105
*1C434 105% *105
10514 *104
105%
678
6%
634
7
*6%
6%
6%
*6%
6%
30 78
31
28% 31
3214
29% 30»4
30%
29%
30%
3
3
*278
3
*278
3
*278
3%
»27g
3%
*19
20
*19
18%
18% *18% 20%
20
*1858 20i8
26
25%
26%
2478
25% *25
25% 26%
25%
257g
91
91
*90
*9o
91%
9034
9034
91% *90
91%

*113

15

820

%

2

Range for Previous

Lets

Highest

$ per share
2
Mar 20

1
100

JSchulte Retail Stores
8% preferred

58

44

200
200

*1534

*07g

*12'4

1,600

7% preferred—
Savage Arms Corp
No par
Scbenley Distillers Corp
6
preferred
100

4%
47%

*55

*104

19

75%
%

15%

5

70

300

2,900

100
100
100

5% preferred
6% preferred

50

13%
1784

60%

*38%
9%

1.600

J8t Louis Southwestern. _.100
5% preferred....
100
Safeway Stores
—No par

7234

70

15

I5I4

...

4%
47%
*%
*1%
21%
3%

217g

69%

94

%

5

*21%
*3%

71%
1.534

Par

7934

*12%
1734
*73%

1

*1%

%

2%
22%

13%
17%

*4%
47%
%

47%

Lowest

6%

18

77

*86

1938

EXCHANGE

*6%

*70

*10012 101
*13%
14%

On Basis of 100-Share

STOCK

YORK

NEW

for

Tuesday

Range Since Jan. 1

STOCKS

Sales

Monday
Aug. 29

Sept. 3,

23% Jan 12
30% July 25

22

Nov

Mar 30

19% Mar 30
5
x

Mar 30

Ex-dlv.

y

Jan

11% July 19

Ex-rights,

10«4

Oct

5%

Oct

17%

Jan

678 Jan
100% Jan
18% Sept
111

Feb

28% Feb
14884 Mar
9934 Jan
31% Feb

35% Mar
24% Jan

f Cal led for redemption.
==:

Volume

LOW

AND

New York Stock

147

HIGH

SALE

PRICES—PER

Record—Concluded—Page 10

SHARE,

Tuesday

Wednesday

Thursday

Aug. 27

Aug. 30

Aug.31

$ per share

$ per share

3 per share

$ per share

*12

11

1234

*17%
*117

18

1714

118

*59%
17

*117

61

*16

*578
*9%
*76

6

17

118

58

58

59

60

59

*16

25s
3078
538
834
76

714
35

58% 59
10i8
10%
10i8 IOI4
*109% UOI4 *109i4 110i4
9

17
*117

9

*34

36i2
5912

9i2

8%

73s

73s

7

858
714

Q

U

83$

*S4

*80

84i2
1

*%

712
9l2

10
97

94

*168

170

*168

17%

16

2%
3078

31

5%
834

534
*884

2%

76

*75

30%

*75

80

7

7

7

8i2

8%
*80

36

58%

34%
58%

10

10

10

109

109

8%
6%
8%
*80

*9%

97

96%

170
1697g *168
*8
8i2
8I2
3058
29% 295s
22
22
2134

*29%
2134

95

168

9%
*168

168

170

1,600

*5

*9

9%

1,100

*5

5%

*5

5%

9

9

9%

*64

75

*64

9%
80%

*40%
5]8
4334

80%
40%

*64

45

578
4534

4012
5i8
42%

8634

88

84i4

42
5
4412
8538

63

63

*6314
63l2
.6712
67l2
5918
60
11212 1133s
*34
3512
*46
49i2
5%
5%
9l2
9i2

2%

*67

85

5618
58i4
112i8 113

4034
*5%
44%
8434
*63%
65%
57%

5i2

45

6212

67%

*64

4H4

86V
63i2

*64%

66i2

*33

34l2

5678
58V
11112 112V
3312
33i2

*46

47l2

*47

5

5%

938
2V

2o8

2%

5%
42 "8

66

86%
62

1,600

65%
58%

65

600

59%

75,800

111% 11134
34%
34%
*46%
48
478
*4%

1,600

47«

4%

4%

9%

9%

2%

*9%
2%

9%

2%

4%

5

*43

50

*43

55

*43

55

*43

60

*43

*10

IH4

*10

11%

*10

11%

*10

11%

*10

77

74

*70

75

*70

75

*70

75

*70

75

153

153

*151

153

*151

153

153

153

41

41

42

42

*40

42

*40

43

46

*%

58

*%
*21
*19

28
*104

i

58

34

58

%

30

*20

19l2

18
18%
19
18V
1878
1834
27
26V 26%
27% 27%
27l2
106U *104
106% *104
106% *104
35
*35
*3514 36l4
35% 35I4
35%

20

30

20

*19

*19

30

18%
2634

28

106U *104

*354i

36'4

*15i8

17
4l4
2G34

*15

17

*15

*15

17

334
*4%
334
334
4
24
*2534
25
2512 *24%
*11334 114
*11334,114
zll3% 113%
*3l2
4
*3l2
4
*3%
4
1138
113s
13l2
13%
*10% 13

*113

*111

*111

*15

17

*5812
*119

*1%
*3i8
*2

113

*111

113

64

60

60

120

*111

*55%

«119% 119% *119

1%
338

*i-%

3

*2,

3

113

*10%

64
124

*55%
*119

*2

40

40

19

19l2

15

15

*3

3%

3

3

3

2%

39

39

234
*35%

41

*35%

6*2

6

634

*35

41

3

3

*10%
*27U
21%
2934
*234
*78
3334
*80

87*2

*35%

278
*10

15
28

*8578
878
42
*19

19%

*19

*1378

15

*13%
*2%
*35%

6%

6%
*36%

*35

41

3

3

*10%

12%

10%

26%
20%
28%
*278

27

27

2678

20%

29

28

3

2678

205s

20%
28%

278

234

*7«
8

1

*78

*32-%

34

*32%

*81

8214

*81

90

*87%

87%

*94%

94

9514
89

*85

8%
41%

9%

1434

6%

278

42

27g
41

6%

6

*35

41
3%
10%
26%
20%

*10

28%

*638

7%

27

29

29
25

25

23l2

245s

26

1,300
2,200

3

*2%

6%

3%
6%

*3%

3%

*578

7

1
2%
27%
28%
22% 23%
99% 102%

*%
*2%

2%

*3%
6%

1

23

95%

121% 121% *120% 121%

2-%

29

90

90

116% 116% *116% 117
167s
17
*16%
17

6%

2%

90

95%

*%

*2%

2978
2378

22%
102

16!s

15

15

*14%

15%

14%

14%

*35

3714

*35

36

*35

36

35

35

*17U

19

*17%

19%

*17%

*17%

18

*2878

30%

*28%

18%
30%

*29%

30%

*17%
*29%

21%

22%

21%

21%

23%
103%

*35

19

29

30%

*51

23'8
5314

*1234

13%

2914

3018

23

70

'

29l4
70

*21%
4934
*1234

>.—

22

21%

70

22%

3

2%

512

5%
434
4778

5

19V
4578
21%

19V
46%
22

4%
45

*14%

3'8

234

2%

234

2%
2%

2%
2%

514

5

5

5%

5%

4%
44%
*18%

44%

4%

434
46

*44

4%
47

1812

19

18%

18%

4478

4534

44%

45

44%

21

20%

21

20%
*68%
39%
*58%
92%

19V

*70

80

*65

80

*37

40

*37

397s

47

*67

80

40

40

47

*46%

50%

*93 %

9634

*92%

95

*92%

96%

*70

71

*70

71

*70%

71

5112

510

33'2
3312
19V
1978
*105i2 106V
24'4
25
3734
3834
*73

85

1834
21

378

1834

21i2
378

71

31

31%

31%

3134

*31%

1734

19V

18%

19%

18%

105% 107

22%
36V
*73
18

19i4
3i2

24
37%
85

18%
21

*103
*102% 107
23
23
23%

3678
*75

18%

3734
83

19

37

*75

18%

15

4%

*2%
2%
5%
4%

3

44

2%

5%
4%
44

19

18%

18%

44%

44%

21%

20

20%

20%

*3%

3%

19%
3%

20
3%

Oct

25

21% July 25

30% Aug 11

114

140

70

Oct

9%
14%

Oct

97

Oct

115

Mar

35% Nov

47

May

2%

18%

Oct

Oot

Oct

July 16

105

June

3

Dec

8

Oct

37

Jan

113

Deo

135

Mar

50

Deo

98

Mar

117%

Feb

122%

22
21

60
10

2

Oct

Jan
10% Mar

2%

Oct

18% Mar

3% Feb

2%

8% July 25
Jan 10
86% Aug 27
10% July 22
45
July 21
19% Aug 26
19% July 27
4
July 16
51
July 20
July 19

Oct

6%

Deo

18

Oot

200

92% Aug

3%

Oot

18% Mar
51% July
1978 Jan

32

17

Oct
Oct

7%

Oct

508a

2

Oot

26%

Dec

10% Feb
99% Mar

4%
33

Oct

18

Jan

Dec

69%
12%
35%

Jan
Jan

Oct

46

38%

Oct

6O84 Aug
9% Feb

July

2%

39

23% Oct
73% Nov

84%

Mar 31

45

Aug

No par

1% Mar 26

1

%Sept 1
25% Mar 31
71
Apr 8
70
Apr 1
82%May 28

102% Jan
102% Jan

74

Mar 29

9784 Jan

116

Mar 31

..—100

preferred

Westlngh'se Air Brake.No par
60

Westinghouse El A Mfg
1st

"2,700

preferred

103

—60

109

Feb

Aug

117%

Oct

Jan 10

1% Jan 11
3% July 22
34% July 20
2884 July 21

Mar 31
Mar 31
Mar 31

109% Jan 15

Mar 31

140

9% Mar 30

Jan 27

110% Apr
14% Dec
2% Oct
6%

Oct

1

Oct

1% Oot
22% Deo
17% Oot
87% Nov
113

Oct

18% July 23
July 13

10%

Oct

Dec

Willys-Overland MotorB

1,900

6% conv preferred
Wilson A Co Inc

300
60
100

1,600

a

Aug

65

Mar

42

May 27

59

Jan 14

55

12

Mar 26

Dec

90*4 Aug

15% July 19
15% July 25

14%

Oct

23% May

6% Mar 31

6

Oct

33%

1878

1% Mar 30

1
10

l%June 16
3%June 16

7

1%

Oct

2

Dec

4%

Dec

48 %

Jan

Jan

6% Jan
6% Sept
Sept
12% Feb
12

3

Mar 24
Mar 30

49%

Dec

91% Mar

21% July 25

10%

Deo

34

Deo

13%
65%

11% Mar 29

4834 July 13
2234 Aug 26

12

Oct

47

42

Mar 29

72% July 19

64%

Oct

27

Mar 28

40

34

Dec

36

.10

Jan
Jan

112% Mar
40%

Dec

39%

Deo

64

Nov

July 20

38

Oct

128

Mar

72

Aug

1

Oct

76

Jan

39

July

5

68%
21%

Dec

62%

21% July 25

7l2

Oct

37*8

Jan
Feb

8% Jan

24

"2,800

5M% preferred
100
Youngst'wn Steel Door.No par
Zenith Radio Corp
No par

2,200

Cash sale,

Deo

102

71

r

July 20
5134 Aug 26

Oct

61% Mar 31
2034 Jan 31

26

Zonite Products Corp

3

4%

55% Mar 30

100

Preferred

Jan

28% Mar 30

Yellow Truck A Coach cl B—1

New stock,

Jan

Oct

10% Mar 29

Yale A Towne Mfg Co

n

3

11

32

—.10

Young Spring A Wire—No par
Youngstown S A T.—No par

11,000

21% Jan 24
3% Aug 6

Feb

6*4 Mar

No par

WorthingtonPAM(Del) No par
Preferred A 7%
—100
Prior pref 4%»% Berles... 10
Prior pf 4 Vx % conv series. 10
Wright Aeronautical...No par
Wrigley (Wm) Jr (Del).No par

Def. delivery,

Jan

126

3%

*3%

Jan
Feb

Oct

4,800
11,500

83

18%
19%

27%
3478

Jan

May

Dec

18%
21%

*75

39

——100

preferred

Wool worth (F W) Co

150

30*8

6% Jan 10
5% July 19
60% Jan 21

Woodward Iron Co

54,800

170

90

——6

Wilcox Oil A Gas--

4,700

5%
4%
46
18%

71

t In receivership,

preferred

2%

$6

57*4 Mar
Jan

167%

19

4

8% Mar 31

400

Mar

Jan 12

No par

3,600

Mar

11% Mar
83% Jan

Jan

Oct

600

Mar

2734

Oot

conv

Jan

July

90

1%

$4

123% Mar

116%
29%
11%
23%
4*4

Apr 12
14% Mar 26

65

8%

200

Aug

—1

White Motor Co—

8,000

Feb

103

4% Jan 10
9

Jan
Mar

Oct

Feb 23

Mar 25

108

Feb

Oct

June 27

Mar 18

56

Nov

Oct

19

% Mar 23

1

Oct

Jan

76

122

1%
16%
15%
61%

2%

Nov

88

118

3

100

9

Oct

84

6

100

preferred

2%

3
3

12%May 31
2% Mar 31

100

2d preferred

July 30

82% July 29

3
July 19

111% Jan

100

preferred

Western Union Telegraph.100

3,600

50

Feb

Oct

6%

10.400

100

Feb

Deo

11%

4%

5,900

*48

Feb

71*4

16

Western Pacific

*92

Mar

20

6%

"l,200

""300

16

19%
49

31% July 25
3% Aug 5
1% Jan 28

Western Auto Supply Co—10
Western Maryland
.—100

200

40

Jan

11

20%

8

12%

23

Jan 22

*37

Feb

4% Jan 20

22% Aug 26

6% preferred
100
WestPenn Power 7% pref.100

1,100

....

i2% Apr
74»8 Apr
115

15% Jan 11

Jan 21

*64

Jan

2% Jan
68% Jan
39% Mar
44% Jan

Mar 30

7%

110

1,200
13,000
8,000

478

16

3

31% 31%
30%
32%
31%
18
18%
18%
19%
19%
106% *103% 106% *103% 106%
22
24
24
23%
23%
36%
37
36%
3778
37%

20%

%

11

*69%

3%

Jan 10
Jan 17

1% Mar 31

71

20%

1%

6%June 20

92%

3%

Oct

White Rock Mln Spr ctf No par

49

18%

%

White Sewing Mach—No par

*46V

81

Jan

100

*6978

18

Jan

1%

400

71

*75

108

1%

40

18%

Jan

Oot

678

*37

83

164

29

1%

39%
50%
93%

92%

Nov

Jan 12

*6%

45%
21%

Jan

135

54

White Dent'l Mfg (The 8 S) .20

18%
44%
20%

May

86

153

100

3

Jan

21

47

300

15

*8% "Feb
84%

6
Aug 30

Aug

21%

*14%
*2%
2%
5%
4%
*42%

*9% "Feb

Dec
Nov

13%

*64%

..._

Oct

9*4

12%

80

•Bid and asked prices, no sales on this day.




15

45

19%

334

*14%

46

30% Aug 22

1%

15
278

1

Mar 31

7

*14%
27S

Jtxly 21

20

*6%

15

50

13% Jan 14

Oct

5% conv preferred....
30
Wheeling &LE5H convpf 100
Wheeling Steel Corp.— No par
$5 conv prior pref—No par

*1%

15

"2% "Oct

584 July 21
10% July 29
3% July 25

200

1%

Jan

Mar 30

5

$4 conv

70

—

22%

150

........

20% July 25

14

15i2
314
278

—

Mar 31

*11

15i2
*3i8
278

Oct

1938 Jan
723a Mar

Aug 31

10

*4978

6%

47

48% Nov

100%

June 20

Westvaco Cblor Prod—No par

12%
12%

*1%

36

100

50

18

Mar

753s Jan
126% Mar

Deo

31% Nov
10% Oot

12%

7

Feb

105

70% Mar
63% July 25
114% Jan 10

Oct

35

12-%

1%

118

68

20

31% Mar 28

50

*67g

Dec

52% Nov

Mar

Weston Eleo Instrum't.No par
Class A
No par

13%
13

1«4

43%

71

100

53

7

48
Aug 24
92% Aug 10

Oct

300

*12%

*634

Mar

3%

14

*50

712
178

Mar

72%

35%
19%
30'4

14

13%

*134

112

Oct

30

52

12%

Deo

24

139

*1234

13

434

70

*135

*50

12-%

*45

'

139

1312

1278

134

70

*135

51

12'4

*7

*

139

22V
54

1378

1312

101% 102%
*135

228g Mar

65

Juiy 25

Webster Elsenlohr

500

1

28

43% Feb
15% Mar

17

*87%

89

Oct

Mar

11

Mar 26

1% Mar 31

preferred--.No par
West Penn El class A.-No par

95

6%

Feb

23% Mar
70

16% Mar 31

Wells Fargo A Co

3714

19

3% Mar 26

Wesson Oil A Snowdrift No par

89

Mar 31

172

1

100

94

154% Nov
684 Dec
2978 Deo
16% Oct
384 Oot

—6

300

7

24

23

Jan
Jan
Feb

No par

200

*85

Mar 26

20%
3478
137

12

7

Oct
Nov

478 July 15
16% July 15
29% July 21

80

1

6%
53

20

34%

897g

12% July 25

98% Sept
172
July
10% July 19
35% Jan 12
24% July 20

100% Feb
3% Jan

Wayne Pump Co...

1,000

21

29
3

*%

Oot

Oct

16% "Feb
2484 Mar

Warren Fdy A Pipe
Waukesha Motor Co

100

21

*35

139

2

5

Mar 26

Nov
%

438

Mar

No par
tWarren Bros
No par
$3 convertible pref.-No par

~T900

28%

*15

139

139

8

$3.85 conv pref

26%

Mar 31

17%May 18

....100

80

*87%

29%

30

par

Warner Bros Pictures

20,500

28

99% 101%
138% 138%
*14%
15%

98i2 100%

10118 103
*130

Preferred.......

Mar 29

4% Mar 30

No par

34%

1
2%

23

28

74

No par

7)

95%

*34

1% Apr 22
5% Mar 31

Preferred

100

21

Mar 21

13% June 10

35

89

23g
273g

100

82%
90

*94

*63s

1

No par

Walk(H)Good A W Ltd No

1,000

28

*27S

70

1% Jan 18

9% July 23

65% July
118% Mar
2% Jan
4% July

No par

%

*85%

1

13%

26

978 Aug 6
Aug 26

81

Mar 31

1% Mar 23

*80

90

7

3

3% Oct
5% Deo

7

37

Ward Baking class A.-No par
Class B
No par

41

*10

July

1207g Feb 26

116% July 19

*33

85%

2%

13%

900

21

1

94

*34

6%

*278

Jan

8

Mar 29

100

82%

94

214

*35

3

113%

100

100
100

...

34%

*'8

85

1

100

40
6%

Mar 30

1% Apr 13
5% Mar 26

100

Walworth Co

100

15%

41

Oot

Jan 22

15% Mar 30
105

100

*80

*87%

2i2

19%

*15

*35%

100

*33

1

34%
82%

9412

*34

43

*19

26

3

89

2%

*42%

14%

3

No par

4H% pref with warrants 100

12,800

42
19%

40
6%

101

18% Aug
5% Jan 21
32% Jan 21

5% preferred B

200

*2%

Jan

10978 July 7
10% Aug 20

June 22

Walgreen Co

1,000

8%

3

17

107

Waldorf System

"""166

8%

27«

*12014 121% *120U 121V *121
121% *121
121%
*11612 117
*116% 117
*116% 117
*116i2 117
17
17
17
17
16%
16l2
16%
16%
4
4
3i2
*3i2
3I2
3%
3%
*3%
*638

7%
16

;

19%

28

*85

*84

43

20

3334
82%

86%

*6%

Oct

14

Chem

9% Mar

9

6

preferred

2684 Apr
106% Feb

Oct

5

11% Jan

June 19

Apr 9
2% Mar 29

Jan
Jan
Mar

8684 Mar

42

J Wabash Railway
5% pref err edA

4

16

19%

21l2

*234

7%
16%

*85%

86%

2934
3
1

16

*6%

43

3i8
12

86%
834

*2

4

*2

17

*14%

6%
40

4% (
7%

*678
*16%

14% Mar 31
97

Mar

63

30% Mar 30

Preferred

200

7%

11% Mar 31

5

100

Vulcan Detlnnlng.

600

4

par

Corp of Am.No

35

Oct

%June 22
Mar 26

Oot
Dec

.

Feb

Oct

No par
16

Deo

91

62

1
100

Dec

24

May 11
27% Mar 30
% Mar 30

6% preferred

50

1%

1578

6%

2%

July 20
Aug 8

6

6%

"""26

2%

*15

42

124

*119

134

Virginia Ry Co 6% pref...100

2%

*857S

*39

124

74

80%
878
3684
67%

78

Virginia Iron Coal A Coke.100

*1%

86

43

*119

64%

100

Sales..

Va-Carollna

113

*55%

1078 July 18
Jan 10
July 25

Jan

16

Mar 31

Va El A Pow $6 pref..-No par

"""30

1%

86

*19

124

64%

*111

Oct

Vlck Chemical Co

4

13%

2%

86i2
9%
4312
193s
1612

8%

*55%

64

113

*3%
*10%

3

Feb

7%June 13
48

Van Raalte Co Ino

120

1%

*684
1578

87g

*111

4

12%

37

No par

preferred

Vanadium

1,300

113

No par

Preferred

"""966

2478

*3%

24%

5

Victor Chem. Works

16%
378

113

9% Aug 29
1% Mar 26

Vadsco

"""600

2%

*2

8U

113

*15

24%
113

36

Apr 26

3% Mar 30

7% 1st pref

1%

714

9

16%
3%

*3%
*10%

14

35

40

25

new

^Utilities Pow A Light A

800

35

9l%May 31
29% Mar 30

1

8%

2,900

3%

3

8612

18%

27
27%
27%
106% *104
106%

1%

17

*678

18

Mar 31

100

Universal Pictures 1st pref.100

10

*278

17

714

18

30

1%

*3

17i2

714
*17

24%
113

*19

38

No par

Universal Leaf Tob

20

3%

1%

n2
3ig

3%

*378
4
25% ,25%
113%
*3%
4

30

No par

new

16 conv pref A

600

*%

Mar 31

Universal-Cyclops 8teel Corp 1

1,800

34

x55

Conv pref (70c)
No par
United Stores class A ..No par

20

%

50

United Stockyards Corp

1,100

100

-

45% Jan 3
x44%Mar31

7% pref.

11%

*74

Mar 31

50

U 8 Tobacco

52%

IH4

21

10

..100

U 8 Steel Corp
Preferred

600

5234

50

Preferred.-4

1,900

*43

*152l2 162l2 >151%
*40
46
*4012

3% Mar 30
5% Mar 26

100

8% 1st preferred

10

9%

*10

74

13% Mar 31

class A .No par

U S Smelting Ref A MIn.

400

2%

*9%
2%

2%

738 Jan 12

Feb
Feb

8%
4678

278 Mar 31

45%

9;

Oct

Oct

No par

61

2%

2

25%

19%

4438 July 25

84%

48

Jan 10

384 Jan 8
34% July 20

Mar 29

43%

*46%

June 20

share

31%
30%
117%

3684
17%

21% Mar 30

65%

47

Oct

20

63

57%

110

U 8 Pipe A Foundry

44%
84

35

Oct
Oct

U 8 Realty A Imp..
U 8 Rubber

5%

57%
111% 112%

7

2,900
72,400
8,800

5%

*33%

24

Highest

share % per

per

16

"4",300

42

conv

Prior preferred

5%

*63%

162% Mar 28
4% Mar 29

6
60

$

678July 13
July 19
70% Aug 24

Partic A

80%

40%

Corp

U 8 Industrial Alcohol.No par
U S Leather
No par

100

63

58%
111% 112
34%
47

21%

83%

*33

48

478
93g
*2i4

912

39%

41%
5%
447S
8534
65

—100

5H% conv pref

9%
80i2

43

preferred

U S Hoffman Mach

*7%

*29%

Mar 31

share

1438 July 29

1

5% Mar 30
55

20

400

534

*534

7%

No par

200

9

4234

60

170

S Freight

4% Apr
62

Lowest

19% Jan 11
118% Aug 19
65% July 25

3% Mar 26

prererred

81

*5

*64

100

Conv

Corp

32%
21%
5%

9

75

May 6
%May 16

U S Gypsum.

5is

*64

No par

per

Mar 26

U

9

20%

3

1,200

5i8

8% Mar 30

No par
100

4,400

21

Mar 31

1,500

98%

9%

50

Aug 31

120

534

Mar 26

Mar 14

80

*168

8

32%
21

3

8

7%
9%

2314

8

*29%

8!

32
22

Mar 26

100

U 8 Dlstrlb

*534
9%

*8

1

2

No par

100

23%

*734

12% Apr

22% Mar 31
4%June 18
4% Mar 29
60
Apr 1

United Mer & Manu Inc. vtc.l
United Paperboard
10

100

3012

4

1,200
1,300

%

8l2
3334

Jan

No par

USA Foreign Secur
$5 first preferred

8l2
*30%

39

2178 Mar 31

United Gas Improvt
*5 preferred

100

$

8%

96

97%

__6

share

6% Mar 31
14% Mar 31
110% Jan 20

5

No par

7%
9%

7%

7%

10
100

United Fruit

*34

*6%

714
93S
95l2

700

per

Year 1937

Highest

8%
67g

80

7%
10%

*634
93g

,r

5

United Electric Coal Cos
United Eng & Fdy

2,400
9,900

*6%
8%

84%
%

78

"

35%
58%
10%

8%

8%

*%

*34

700

$

No par
No par

United Drug Ino
United Dyewood Corp
Preferred

3,700

*108% 109

8%
6%

United Corp
$3 preferred

4,700

7%

No par

United Carr Fast Corp.No par

10,900

10

80

58%

84%

7S

955s

7

95%

S4lg
7«

9%

*75

7

100

United Carbon

3,300

*9

8%
80

TJ66
500

16

578

578

United Amer Bosch__.No par
United Biscuit.
No par
Preferred

2%
31%

2%

35

8%

*80

31

6%

7

8l2

700

60.

16

2%
31

5%
8%

578
9

16%

Par

200

Range for Previous

100-Share Lots

Lowest

118

*59

16

2%

2%

13%

16%
*117

59%

16

16

31%

'

7%
9l2

97

8

*16%

7
7
7%
*35
*35
36%
36%
58
58i2
58% 5834
10
T978
10
10%
109
>108% 110% *108
8
8l2
8%

841$
7g

*7%
*912

1634

7

812

*80

Shares

*11

13

17

27«

678

$ per share

*11

118

80

77g

$ per share

13

Range Since Jan. 1
On Basis of

Week

*117

17

*76

912

*11

Sept. 1

118

*16%

58l2

9

12

EXCHANGE

Friday
Sept. 2

*117

30V 3214
5i2
57s

80

7%
36*4
59i2

1714

25„

278
32i4

*11

118

5612

17

278
32

11

STOCKS
NEW YORK STOCK

the

CENT

NOT PER

Monday
Aug. 29

Sales

for
Saturday

1453

3

Mar 30

9% Mar 31
Mar 30

62% Mar 31
11% Mar 29
9

Mar 31

2% J»n

1
x

Ex-div,

3
y

107

Aug 24

68

Dec

12%

Deo

142

46%

Jan

Feb

2578 Aug 26
4334 Jan 12

34% Nov

J0178 Mar

80% July 20

70

Oot

115

7

11%

Dec

7

2%

Oct

Jan

22% Jan 15
25% July
584 Mar

Ex-rights.

43% Aug
9% Jan

1 Called for redemption.

Sept.

1454

YORK STOCK EXCHANGE

NEW

Bond

Record, Friday, Weekly and Yearly

NOTICE—Prices are "and interest"—except for income and defaulted bonds.
No account is taken of such sales in computing the range for the year.

occur.

Last

Sr

N. Y. STOCK EXCHANGE

'■

Sale

j5

R

Week Ended Sept. 2

Range or
Friday's

Bid

Price

Nt.

Friday

&

Low

BONDS

Range

Is

Asked

03^

High

No.

...1947-1952
1944-1954
....1946-1956
Treasury
...1940-1943
Treasury 3%s
1941-1943
Treasury 3%s_
1943-1947
Treasury 314s
1941
Treasury 3%s
.1943-1945
Treasury 3%s
1944-1946
Treasury 3%s
1946-1949
Treasury 3%s
....1949-1952
Treasury 3s............1946-1948
Treasury 3s
.......1951-1955
Treasury 2%s
....1955-1960
Treasury^ Jis
1945-1947
Treasury^ %8
.1948-1951
Treasury 2%s
1951-1954
Treasury 2%b._—
1956-1959
Treasury 2%s
1958-1963
Treasury 2 An..
1945
Treasury 2 An
1948
Treasury 23^8
1949-1953

Treasury 4%s

-

O

J

D

....

15

114.9

114.16

26

113.5

113.13

3

110 .8

5

105 .21106.27

105.25

8

M

119

114.9

D

J

119.5

116 .4

118.21

S

M

Treasury 3%s

107.6

105.30

111 .22114.23

113.14

106 ,29108.2

107.7

25

110.3

110.5

3

102.29

9

107 .4

109.24

45

107 .2

110.5

107

110.3

A

108.14

Govt

106.24

167

103 .26106.26

104.9

240

101 .24104.15
103 .25106.23

S 1C3.29 103.26

106.12 106.12

106.20

41

50

103T4 103.14

103.20

61

100 .26103.27

102.22 102.20

102.27

31

100 .14103.10

105.7

135

101 19102.19

J

D

101.30 101.27

102.10

345

J

D

105.25 105.25

105.28

15

102 .14106.7

M S

104.18 104.18

104.25

30

101

J

101.29 101.27

102.9

8

M

M

1 1942-1947

106.29 106.28

108

104.28

99 18102.11

3

106.14

16

103.4

106.2

19

103.9

102.28

101.9

104.4

101.5

102.22 102.20

J

J

103.29

(Colombia)

A-..1945

s

F

A

25

A

O

f 25%

f 7s series C

♦External s f 7s series D
♦External s f 7s 1st series

*95

M 8
J

J

9A

8%

25%
25%

9
1

96%

9%

6

9

9

14

9

1945
1945
1945
1957

♦External s f 7s series B
♦External

106.23
103.13
104.15

Municipal—

Norway) 4s.1968

16%
17%
94%

25%
25%
96%

6

6s......1942
1955
Apr 15 1962
Deutsche Bk Am part ctf 6s.-.1932
^Stamped extd to Sept 1 1935..
Dominican Rep Cust Ad 5 %s_. 1942
1st ser 5%8 of 1926
1940

6

9

18

6

9%

9

9%

12

6

8

11

4%

9%
8%
8%
8%

8

2

1957

7%

8

15

95%

96

7

90%
81%

79

88

78%

82

91

78%

88%
88%

8

8 f extl conv loan 4s Apr

Australia 30-year 5s
External 5a of 1927
External g 4%s of

♦Austrian (Govt's) s

1972
1972
...1955
1957

1956
1957

1928
f 7s

5

5%

89 A

89%

F

A

80 A

80

A

O

J

J

80 %
104 A

80%
104%

M S

105 A

MN

101

60

105

105%
105%

100%

102

44

J

30%

A

J

*19%

30%

22

8

22

106%

98% 106%
96% 102%
28
105%
19%

106 A

106

107

49

External sf6s

.1955 J

J

104

102%

104%

25

^External 30-year

.1955 J

D

110

110

112

30

"21"

"2l"

1949 M S

Belgium 25-yr extl 6 As
r.

f

s

f 7s

s f 5s_ .1960 M S
♦Berlln (Germany) s f 6%s.._ .1950 A O
♦External sinking fund 6s_. .1958 J

^Bergen (Norway) extl

♦Brazil (U 8 of)

♦Budapest (City of) 6s
♦Buenos Aires (Prov) extl
♦6s stamped

11%

.1952 J
1957 M S

100 A

1958 F

A

100%

1950 J

s

D

J

D

M

8

M

8

1962
6s_..1961
..1961

♦6 %s stamped
External s f 4%-4%s

1961 F

s

19%

"62"

64%

55

67

62%

55

63%

62

62%

56

64

60

61%

55

64

61%

S

61%

55%

62

69%

51

62

19

22

26

21%

30

*57

M N

♦19%

J

*22%
a96

J

7s
'..1967
Finland (Republic) ext 6s.. ...1945
♦Frankfort (City of) s f 6%s—1953
French Republic 7 %8 stamped. 1941
7%s unstamped
1941
External 7s stamped..
1949
7s unstamped..1949

J

J

M

100

63

S

106%

a96

1

106%

2

95
100%
104% 108%
22

3

105%

23

99

101%

102%

18

93% 102%

20%

D

j"

20%

104

MN
J

101%

108%

104% 114
99% 101%

*114

D

19%

101%

German Govt International—

♦5%s unstamped

D

23%

♦German Rep extl 7s
♦7s unstamped...

stamped.1949
—1949

23

24

47

23%

21

J

1965
1965

♦5%s of 1930 stamped

21%

12

21

28%
24%

23

23

34%
27%

*21

♦5%s stamp(Canad'n Holder) '65

30%

"31%

"63

30%

25%

AO

25%

2

24%

5

24%
29%
26%
22%

German Prov & Communal Bks

1958

♦(Cons Agric Loan) 6%s

J

D

27%
*31%

♦Greek Government s f ser 7s..1964 M N
♦7s part

♦6s part

*23

1964

paid

Haiti (Republic) s f 6s ser

27

21

21%

13

75

21%

A—1952

♦Hamburg (State) 6s__.._-

29%
33
30%
29
27

26

1968 FA

...1968

paid

29%

"27%

75%

4

70

85

19%

2

19

22%

19%

1946

*16

♦Heidelberg (German) extl 7%s '50
Helsingfors (City) ext6%s
1960

104

19%

16%

19%
104

104

18
105%

Hungarian Cons Municipal Loan—
J

J

J

*10%
*9%

13

J

♦Hungarian Land M Inst 7%s.1961 MN

*9%

18

*9%

.1945
.1946

♦7s secured s f g

1979

F

18%
18

13

13%

*35

44

37

59%

A

a34

a34

32%

43

N

*105

113

■'

I960 M

19

12%
11%

♦Sinking fund 7%s ser B-... 1961 MN
♦Hungary (Kingdom of) 7%s..l944 F A
♦Extended at 4%s to—

9%
11%

14

'H

'toy*

112% 117%
70

82

12

70

80%

57%

19

56

13

40

19%

Japanese Govt 30-yr s f

A

69

68

71%

73

61%

81

MN

50

49%

51

64

44

64%

40

40%

4

35

45%

21%

21%

1

20%

23

24%

27%

10%

11%

5

10%

83%

83%

83%

5

78%

*65

103

4

78

56

96% 102
95
101%
98

103

23
85

51

78%
79%
70%

65

*65

56%

64

"59%

103%

"98%

""32"

1962 MN

16%
16%

♦Chilean Cons Munic 7s

1960 M

15%

♦Chinese (Hukuang Ry) 5s

1951 J

2%

1%

1%

4
4%

1%

4

♦Assenting 5s large

♦Assenting 5s small....
♦4s of 1904

103

74

103%

20

102

17

98

99%

107

27%

3

35

4

g34%

3

27

30%
30%

32%

9

32%

37

"l9% "16

105% 110%
109% 113%
98
103%
98% 104%
97% 102%
99%
92%
20
62%

34%

38

29

32%

,

1%
1%

1%

...

..1954 J

D

*1%

1954

J

D

*1%

1%

§*Treas 6s of '13 assent (large) '33
§*Small
Milan (City, Italy) extl 6%s ..1952

J

J

*1%

2%

"56"

"57%

*7%
11%

11%

♦Assenting 4s of 1904..

1

Minas Geraes (State)—
♦Sec extlsf 6%s

1958
..1959

;

♦Sec extl s f 6%s

f 5s.

M

M

56

S
S

33

10

6%
7

*47

53

a48

a48

101%
101%

101%

14

101%

10

106%

107

107%

107%

J

F

A

101%

Apr 1958 A

_

O

101%

5s..l957
.1943
1944

Norway 20-year extl 6s

F
F

A
A

3

9

3

27

20-year external 6s

34

External sink fund 4 %s
External 8 f 4%s

1956
1965

M

S

106%

106%

107

27

A

O

104%

103%

104%

25

26.%

4s

1963 F

A

103%

103%

103%

38

D

102%

102%

102%

27

14%

19%

19%

30

14%

19%

19%

30

15

19

19

15

19%
19%

18%

1

15

19%

19%
18%
16%
*16%
16%
16%
15%

19%

2

15

19%

19%

4

14%

19%
18%

9

12%
12%

17%

26

12%

17%

13

13

18%

15%

4

11%
24%

30

19%

21%

16%
18%

"20%

20%

"20%

18%

f ext loan..
s

f 5s.-.1970 J

1952
1953
1958
1955
1953

F
M

20

A

S

"50"

M N

43%

A

O

103%

J

D

20%

50

51%

43%

46%

102

103%

♦Extl s f 5s ser A.

♦Stamped

93%

1963 MN

93%
*52%

1963 MN

♦Panama (Rep) extl 5%s

48%

16%

17%

17%

10

20%

17%

10

25

25

♦Sinking fund 7s of 1926

1946 MN

24%

24%

17%
16%

20%
25
25%

♦Sinking fund 7s of 1927

1947 F

24%

24%

17

25

♦Pernambuco (State of) 7s
♦Peru (Rep of) external 7s

1947

M

s

f 6s 2d ser. .1961

♦Poland (Rep of) gold 6s
♦Stabilization loan s f 7s

.1940

♦External sink fund g 8s

1950

1947

D

10

8%

8%
8%

3%
3

67
13

13

28

61

37

57%

97% 104%
98% 103%
103% 107%
104
107%
99% 107%
99% 104%
98% 103%
102% 103%
20

21%

43%

62%

41

57%

49

23

96% 103%
86
* 104%

1

40

6%

S

1959 M S

♦Nat Loan extl s f 6s 1st ser._1960 J
♦Nat Loan extl

1

2

"48%

18

17%

17%

8

Municipal Bank extl

♦Nuremburg (City) extl 6s
Oriental Devel guar 6s
Extl deb 5 %8
Oslo (City) s f 4%s

1%
56

3%
2%

38%

D

1952

New So Wales (State) extl
s

J
O

1%

1959 M N

♦Montevideo (City) 7b
♦6s series A
External

1

A

3

~T"

♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
J

11

.....

28

18%
18%
18%

*21

D

A

1%

72%

18%

18%
16%

O

*%

*1%
*1%
*1%

70%

"l8%
18%

♦External sinking fund 6s._. 1963 MN
♦Chlle Mtge Bank 6 As
1957 J D
♦Sink fund 6lis of 1926
1961 J D

Oct 1961 A

6

70%

O

Jan 1961 J

9

25%

O

♦Cologne (City) Germany 5 %s. 1950 M 8
Colombia (Republic of)—

1954 J D
♦Mexican Irrig assenting 4%s.l943 M N
♦Mexico (US) extl 5s of 1899 £.1945 Q
J
♦Assenting 5s of 1899.
1945 Q J

♦Medellln (Colombia) 6%s

54%

27

S

*26

53

27%

"35"

O

D

52%

102%

..

A

62

1945 F

J

F

J

60%

42%

65%

O

60%

*40

F

A

61

39

A

6%s...l954
Extl sinking fund 5%s
1965
♦Jugoslavia (State Mtge Bk) 7s 1957
♦
Leipzig (Germany) s f 7s
1947
♦Lower Austria (Province) 7%s 1950

57%
58%
61 %

18%




83

104

J

112%

1459.

94% 102

101% 106%

62%

O

1948

Estonia (Republic of)

98

67

*100

63

O

A

25

Italian Public Utility extl 7s... 1952 J

10%
19%

10%

s f 6s
Jan 1961 J
J
♦Extl sinking fund 6s. -Sept 1961 M S
♦External sinking fund 6s... 1962 A O

page

M
A

17

103

19%

32

111%
102%
102%
101%

♦Ry ref extl

see

O

105%
100%

63

13

18%

For footnotes

S

101

74

112%

1947 A

78%

74

21

A

f gold...

105

57

43

♦6s of 1928...

104

56

70

110%

♦6s extl

50

81

70

109

♦Chile (Rep)—Extl sf7s
1942 M N
♦External sinking fund 6s... 1960 A O

♦Colombia Mtge Bank 6 As

38

85%

106

57

110

O

1960 A

♦Guar sink fund 6s

85

62%

73

32%

1961 A

70%
73%

"42

70%

2

15 1960 A

....

62%

67%

Italy (Kingdom of) extl 7s
1951 J D
Italian Cred Consortium 7s ser B '47 MS

19%

33

1967 J

♦Guar sink fund 6s

52%

65%

100

23

33

F

202

24

33

♦Extl sinking fund 6s. .Feb 1961

96% 102
57

102%

12%
10%

34%
35%

1960 J

24
16%
101% 104%
103
110%

18%

53

♦Carlsbad (City) s f 8s
1954 J
♦Cent Agric Bank (Ger) 7s.... 1950 M
Farm Loan sf 6s...July 15 1960 J

♦6s Oct coupon on.

3

3

101

1944 J

♦6s July coupon on
♦Farm Loans f 6s..Oct

14

63

31%

1961 J

30-year 3s

19%
104%

26

1952 MN

Aug 15

90

13%
13%

36%

B 7-year 2 An

80

23%

1

p 25-year 3 As

s

107%
107% 115%
100
102%

33

1960 A

.....

| 10-year 2%s
*

100

100%

J

♦Stabilizationloan 7%s_._-.1968 MN
Canada (Dom of) 30-yr 4s

80

62%

1

54%
*100%

99%

O

2d ser. 1961
1969

♦El Salvador 8s ctfs of dep

23
108

33

1967 J

f 7s

5s_.._.

100

100%
100%
102%

A

1977 M 8
Refunding s f 4%s-4%s
1976 F A
External re-adj 4%s-4%s.._1976 A O
External a f 4%s-4%s
1975 M N
J
3% external s f $ bonds
1984 J
Bulgaria (Kingdom of)—
♦Secured

80
43

15

12%
11%

Sinking fund gold 6s...
20-year sf6s

19%
104%

92% 100%

"2

21%

12 A

gr*7s (Central Ry)f 5s...
risbane (City)

83

92% 101%

11%

of 1927.. .1957 A

f 6Ha

28

21

"Hit

s

1

High

Irish Free State extl s f 5s

♦External s f 6%s of 1926-. .1957 A
♦External

"3

Low

14%

21%

.1941 J

external 8s

M
A

5%s 2d series...
1969
external 7s... 1945

90% 100%

99

"101"%

M S

1940 A

♦7%s secured s f g
1945 F

♦Bavaria (Free State) 6%s._

22

57

54%

105

J
A

♦Sink fund secured 6s
MN

J

O

5%s 1st series..

96%

83

S f extl conv loan 4s Feb

99%
96%

*102%

85

A

Customs Admins 5 %s

10

1958
Argentine (National Government)—
k
8 f external 4%s
1971

♦External sec s f 7s 3d series.

Antwerp (City) external 5s

al9%

85

F

2d series sink fund 5%s

10

7%

9A

series.1967

♦External sec s f 7s 2d

98%
95%

83

"67%

External g 4 %s

102.13105.10

A

♦Gtd sink fund 6s

Akershus (King of

No.

*100%

External gold 5%s

106.17

106.10

F

♦Antioqula (Dept) coll 7s

Since

54%

56%

Denmark 20-year extl

♦Dresden (City)

1947
1948

M N

1951
1942

Sinking fund 8s ser B_.

103.22106.18

106.4

106.5

♦Gtd sink fund 6s

Range
Jan.

Asked

High

*54

C_.-.1949

Czechoslovak (Rep of) 8s

103.28107.7

106.29

♦104.20 105.19

S

MN

Agricultural Mtge Bank

&.

101 .27105.7

104.29

D

M S

1 1939-1949

&

1951

4 %s

108.10

105 .2

108.5

106.17 106.15

D

95%

Cuba (Republic) 5s of 1904. ...1944 M 8
External 5s of 1914 ser A—.1949 F A

external debt
1977
Sinking fund 5%s...Jan 15 1953
♦Public wks 5%s
June 30 1945

1 1944-1952

1942-1944

78—1942

7s

♦Costa Rica (Rep of)

External loan 4%s ser

Home Owners' Loan Corp—

2%s series G

J

105 .27108.29

48

M S

15 1944-1964

2%s series B.IAug

J

105 19108.23

Mar

May

A

55

106.5
May 15 1944-1949 MN 106.9
J 105.29 105.29
Jan
15 1942-1947 J

Mar

F

27

3s

3s series A

A

109.24

3%s

2%s

MN
F

108.18

Federal Farm Mortgage Corp—

3s

1953

1957
1957

108.28

107.30 107.29

J

D

J

1952

§♦ Cordoba (City) 7s
§♦78 stamped
Cordoba (Prov) Argentina

108.21

M

Bid

(Cont.

Copenhagen (City) 5s
25 year gold 4%s

108.13 108.13

M S

Price

Low

109.20 109.18

M S

Friday's

107 .18110.25

107.23

D

F

107.6

109.18 109.18

J

jj

nS,

Range or

Sale

High

Low

Foreign Govt. & Mun.
A

c

2

Week Ended Sept.

1

U. S. Government

Treasury 4s

EXCHANGE

N. Y. STOCK

Since
Jan.

Week's

Last

Week's

Friday
BONDS

Foroign

disregarded In the week's range,
shown in a footnote in the week in wnicn tney

Cash.and deferred delivery sales are

the only transactions of the week, and when selling outside of the regular weekly range are

unless they are

1938
3

10

9%

55%

32

48%

2

5%

10

7%

123

7%

9%
11%
11%
11%

"52"

9

65

43%

8%

45

9

37

67%

52

55%

7

52

82%'

36

62

*35

37

7%

Volume 147

New York Bond Record—Continued—Page 2

BONDS

N.

Y

STOCK

12
cfe

Last

sa,

Price

EXCHANGE

Week Ended Sept. 2

Foreign Govt. & Munlc. (Concl.)
♦Porto Alegre (City ol)8a
1981
♦Ext! loan *7 %«

D

8

m

-

-

-

-

30

-

O

1967 J

Rome (City) extl 6 Ha

1952 A

to — —

-

-

O

1959 F

-

A

♦February 1937 coupon paid
♦Saarbruecken (City) 6a
1953
Sao Paulo (City of. Brazil)—

-

-

.

61

to —

---

8
62

5%
6%

10%

73%

20%

38

——

19

20

5

28%

8%

10%

60

21

22

7

21

21

6

27

28%

*27

-

-to-

3

7%

1936 J

16

.......1950 J

4

7%

23

5%

2

13%

6

7%

13%
13

•

8%
8%

1956 M

Secured

1940 A

O

1945 J

D

1946 J

D

....

♦Saxoo State Mtge Inat 78

6 Ha—

3Ha

......

1962 rw

1965 F

Taiwan Elec Pow

a f 6 Ha
Tokyo city 5a loan of 1912

23%

A

1971 J

44%

44%

A

f 6s
f 6a

45%

45%
47%

1960 M N

*45%

1964 M N

3%-4-4H % extl read)
4-4%-4%% extl read]
8 Ha extl readjustment

11%
10%

..1944 J

Big Sandy 1st 4s
Boston A Maine 1st 5s A C
1st M 6a series II

*44%

42%

42%
43

-

—

*

— -

20%

34%
60%
33

41

60

8

38

50

42

60%

1962 M N

*«

«•

1968 F

A

—

— .

Yokohama (City) extl 6a

1961 J

D

^

Bklyn Manhat Transit 4%s_..1966
Bklyn Qu Co A Sub con gtd 56.1941 IVI N
1st 5b 8tamped

1941 J

63

38

60

42%

7

21

37

to---

9

Bklyn Union El 1st g 6s
1960 F A
Bklyn Un Gas 1st cons g 5s
1945 IVI N
1st Uen A ref 6s Beries A....1947 M N
1950 J

RAILROAD

AND

INDUSTRIAL

{|*Abltibi Pow A Paper 1st 6a. 1953 J

D

Adams Express coll tr g 4a..... 1948 M
Coll trust 4a of 1907
1947 J
10-year deb 4Ha stamped
Ala Gt Sou 1st
let

cons

.

-

-

-

to, •— -

-

...

....1948

87% 100
86

9

94

4

99

104%

-

102

-

-

—

63

78

100

105

45

95% 103%

50

45

-

14

102%

*40

to.

.-

-

35
1

54

35

57

72

72

72

2

70

90

69%

70%

19

45

♦Certificates

A

F

•

59

62

12

44
25

16%

-

1950

-

34

Atlegb A West let gu 4s
Allegb Val gen guar g 4s
Allied Stores Corp deb 4 Ha
4 Ha debentures

1998

Allls-Chalmers Mfg conv 4s

1952

Alplne-Montan Steel 7s

1956 M
2030 M

S

Am A Foreign Pow deb 5s

American Ice

1963 J

D

34

1

24%

-

26

29

353

*37%

1942

109%

!

1950

59%

104%
95%

94

1951

----

36%
51%

36%

36%

51%

101

8
—

112%

-----

38

96

*93%

112%

79

-

F

A

76

35%

39

54

f deb 5s

Amer I G Chem

conv

6 Ha

S

20

76

77

59

106%

107

100

103

104

*72

107

73

93

95

Tim

110H

Amer Wat Wka A Elec 6a

aer

Canadian Nat gold 4 Ha
Guaranteed gold 5s

101

-

-

-

-

to-

47

26%

49%

55

56

35%

61

91

79

94

89

1957 J
July 1969 J

1949 J

89%

74% 109

D

114H
116H
119%
*119H
117%
115%
115%
115
114%
123H

114%
116H
119%

96 H

97%
112%

112

97

'lorn

109

95

.

100%

99% 105%

9

80

101%

1

97% 115

100

3

84

106%

80

112% 113%

104

99% 104%

69

105%

99% 103%

62

106%

101

102% 106%

*31%

35

26%

37%

*30

32

23

41

*60

96%

08

100

J

O

1955 J

97%

D

93%

D

94%

1965

Trans-Con Short L 1st 4s

1958
1962 M

99%

86%

99%

98

98% 110%
75% 103
75% 103%

— -

55

96%
94%
95%

D

Rocky Mtn Dlv 1st 4a.

88

12

101

93

-

107

106

*74%

to*

93

«

99%

105

105%

-

99

97%

97%
97%

J

1955 J

1944 J
1944 J

4a July 1952 M

D
J
.

10-year coll tr 5a

1945 M N

D

Oct 1952 MN
J
1948 J

4s

Austin A N W lat gu g 5a

D

P L E A W Va Sys ref 4s

D

1941 M N

•

138

85

3

67

85%

87

4

69

94

67

66%

67

73

53

77%

77%

77%

78%

3

63

88

60%

62%

28

45

31

35

70

14%

76%
35

99%

•

-

-

-to

«

83%
•

to

-

-

to-

31

-toto-

112

.to

-

--

-

-

84%

-

31

9

14

3

60%

60

1

15

30

81%

85

80
*98

43%
19%
43%
19%

99*

97% 102

3 Ha
{♦Cent New Eng lat gu 4s

80%

54

35

82

59

88

26

N

9%
5

*8%
*6%
*6%
*8%
102 H

21

49

Ref A gen 5a series D

2000 M

8

20

45

1960

19%
15%
19%

18%

Conv




11

10

102 H

95

3
15
3

35

118

54

29H

1987

26 %

26 %

1962

78

107
89

105%
25

109%
102

110
46

49

|*Cent RR A Bkg of Ga coll 5s 1937

IW

Nl

1941 M N
1948 IW S

Champion Paper A Fibre—
M

f deb 4%s

S

IW N
M

Illinois Division 4s

series B_.

97%
L>2%
118

94

A
J

J

30%

106%

18

93%

60

34%

97%

64%

"45

72

35%

74%

"54" "64"
5

79

29

99

7

98

12

102%

6

118%
94%
94%

9
46

112% 117
49

80

95% 106
97
99%
102% 106

110% 121
85%
97

J

J

J
J

23

106

109%
*104%

109%

*

J

S
O

93%

*104%

J

J

IW

101%

109%

17

17

95%
101%

95%
102

110%

17%

1

85%
97
106
106

—

14
25

102

21

115

104% 104%

11%
26%
85
107%
90% 111%
81% 109

8

95

A

88

94%
87%

95%

1977

88

3

68

1971

A

93

92%

94

22

75

1958

1st A ref 4 Hs

1st A ref 6s series A

97%'
102%

93%

F

1949
3H8—1949
1949

General 4s

18

"69%
115%

97%

S

J

74

53%

*52"

M N

Chic A Alton RR ref g 3s

Chic Burl A Q—111 Dlv

20

7

66

%

115%
76 H

115H

S1

M

(1935 Issue). —1960
s t deb 4%s (1938 Issue)
1950
Ches A Ohio 1st con g 6a...—.1939
General gold 4 Hs
1992
Ref A Imp mtge 3 Ha ser D—1996
Ref A impt M 3 Ha aer E
1996
Craig Valley 1b* 6a
May 1940
Potts Creek Branch 1st 4a._.1946
RAA Dlv lit con g 4a
1989
2d consol gold 4s
..1989
Warm Spring V 1st g 5s
1941
s

70

71

IW N

5s extended to May 1 1942

Central Steel 1st g s f 8a—

16

101

30 %
28

*106%

*65

50

105

109%
90%
8%
17%
7%
16%

{I*Chicago A East 111 let 6s—.1934

O

{♦C A E 111 Ry {new Co) gen 5S.1961

IW N

12%

12%

12%

M N

85

85

19

21%

92

12%

12%

1

9

15

12

12

2

8%

13

9

14%

*75

♦Certificates of depoett

Chicago A Erie 1st gold 5a

1982

M

S

{♦Chicago Great West 1st 4s.-.1959
{♦Chic Ind A Loulsv ref 6s
1947 J J
J
♦Refunding g 6s serlea B„..1947 J
J
♦Refunding 4a serlea C—
1947 J
♦1st A gen 6a series A
1966 IW N
J
♦1st A gen 6s Beries B—May 1966 J
J
Chic Ind A Sou 60-yr 4s
—.1956 J
Chic L S A East 1st 4 Ha
1969 J D
{Chic Milwaukee A St Paul—
♦Gen 4s aeries A
May 11989
♦Gen g 3Hb

19%

*12

90

90
14

~16
4
1

14%

56% 108
16%

#4

5

3

*4%

5

3%

*50

60

72

*112

15%

14%

18%
*108%
106

117%
128

128

-

-

-

13%

38%

11%
14

103

34
39

-

stamped
|*Secured 6 Ha

♦4 Ha

111%

♦

♦1st A ref 4 Hb

99

108

to«

40

48

117%
128%

--

-

26
5

99% 100

115% 119%
125% 129%

9

O

3%

1987

—1936

IW N

1st ref g 5s

-

24%

21

26

*14%

N

M N

20%
20%

8%
2%

M N

1987 M

19%

21%

23%

*22

A
A

23%

*22

J

May 1 2037 J D
D
stpd.May 1 2037
D
♦1st A ref 4H» ser C.May 1 2037 J
♦Conv 4%b Beries A
1949 MN

112%

-

21%
21%
23%

"23%

♦Stpd 4a non-p Fed inc tax 1987 M N
♦Gen 4%a atpd Fed lno tax—1987 M N
♦Gen 6s atpd Fed Inc tax
1987 M N

2

44%
■

46

106

106

*

69%

17%

{♦Chic A No
♦General 4s

95

.to--

104

----

117

49

70

19
v

C—May 1 1989
E—May 1 1989
aerlea F—-May 1 1989
St P A Pac 5s A.. 1976
5s
Jan 1 2000
West gen g 3Hs—1987

10

-.--to-.

104

------

243

16%
20%

27%

45

22

aerlea B__May 11989

♦Gen 4%a aeries
♦Gen 4 Hb aeries
♦Gen 4%s

6

Fcr footnotes see page 1459

9

10

7

109 %

A

{♦Chic Milw
♦Conv adj

61

106

12%

13

100 %

A

78%

35

1960

7%

7

1*09%

O

82%

35

lat A ref 6s aeries C

7

3%

15%

109%

F

39%

36

1951

4

100%

1960

37

19

-to-

50

8

5

109 H

100%

56

9%

*70

—1987

Guaranteed g 5s

34%
15%

30%

stamped

:

92

5

*3%

Through Short L 1st gu 4s—1964 A

57

35

-toto-toto

99

91%

35

1941

104

47%
94% 108

106%

63

..1941 M S

Gen mortgage 5s

89

103%
114%

35

*27

1946

Central Foundry mtge 6s

86

34

Bittle Creek A Stur 1st gu 3s.. 1989

86%

19%

♦Mid Ga A At Dlv pur m 5s. 1947 J
♦Mobile Dlv lat g 5s
1946 J

75

25%

Beech Creek ext 1st g 3 Ha.....1951
Bell Telep of Pa 5e series B
1948

92

21

♦Mac A Nor Dlv 1st g 5s

43%

35

1943

15
62

98%
93%

73

*18

J

20%
44%

35

1996

111

80

J

18%
41%

27%

1951

90

11

A

♦Chan Dlv pur money g 4a—1951

40%

J

Con ref 4s

20

22%

7%
7%

86%
112

32%

52

J

Rei A gen M 5# series F

104%

22

Southwest Dlv 1st 3H»-5s...l950 J

Bnngor A Arooetook lat 5a

97

52

27%

Tol A Cin Dlv 1st ref 4a A...1959 J
4 Ha

108

22

-

*

O

...1995 J

104%

79% 101

105

1941

Ref A gen 6s series C

102

81

12

22

Refund A gen 5s series A
1995 J
1st gold 5s
July 1948 A

82

3

108

-----

Baldwin Loco Worka 5s atmpd.1940 M N
Bait A Ohio 1st g 4s
July 1948 A O

7

—

106%
*78%
83%

tototo•

-

1959

-

12

-

1948

deb 4%s_1939

-

101

99%
*97%
*106%
106%

J
8

-

107%

to

1964 J

conv

-

87% 106%
95% 103%
100
112%
98% 112

S

General unified 4 Hs A

Atl Gulf A W I SS coll tr 5a

94%

100%

1946 J

Atl A Charl A L lat 4 Ha A
1st 30-year 5a aeries B

93%

-to

1948

Cal-Arl« 1st A ref 4 %a A
Atl Knox A Nor 1st g 5s....

4a

63

105%

1960 J

{♦Auburn Auto

97 %
112%

*45

1969 A

♦Ref A gen 6s series C

100

100

1995 Nov

LAN coll gold 4a

30

D

{♦Central of Ga 1st g 6s_.Nov 1946
♦Consol gold 5s
.....1946 M
♦Ref A gen 5 %s serlea B
1969 A

Central N Y Power 3%s

105%

Conv 4s of 1905

Atl A Dan lat g 4e
Second mortgage

111
115%
120% 125%

124

F

95

103

1995 A

May 1

115

115

D

..1995 M N

cons

113%

1948 J

♦Cent Branch U P 1st g 4s

Central of N J gen g 6e
General 4s

J

Conv gold 48 of 1910
Conv deb 4 Ha

Atl Coast Line 1st

120%

114% 118%
112% 116%

*90

*30

104

S

Conv gold 4s of 1909

116

118

115%

114% 117%

60

106%

1961

-----

103%
102%

A

.....

121

120%

92 %

1951

103%

Ark A Mem Bridge A Term 5s. 1964 M

♦Stamped 4a

117

*40

1966

O

Armour A Co (Del) 4a series B.1955 F
1st M a f 4a aer C (Del)
1957 J

♦Adjustment gold 4s

111

120

97

93 %

Cent 111 Eleo A Gas lat 5s

1995 Q

Atchison Top A Santa Fe—
General 4a

115%
116%

79%

J

95%

38%

23

103%

9

90

Cent Illinois Light

A

100

10

45H

38

113%

J

44

85%

67%
41%

1967 Jan

4a

7%
68%

s

113

O

107

16%

75

Cent Hud G A E 1st A ref 3%s. 1966 rw

113%

J

95%

111%

6%

*69

Guaranteed gold 5s.....Oct 1969 A
Guaranteed gold 6s
1970 F

Certain-teed Prod 5 Ha A

A. 1975 M N

....

78%

9

S

M N

Anaconda Cop Mln a f deb 4%s 1950 A
♦Anglo-Chilean Nitrate—
g

103%

-

86

108%

110

27%
8H

8H

M

i

20-year sinking fund 5Ha... 1943
3%b debentures
1961
3 % b debentures
1966
♦Am Type Founders conv deb. 1950

{Ann Arbor let

-

103%

103%

J

Amer Telep A Teleg—

5 f Income deb

*97

*>

73%
39%

106

25

{Bush Term Bldgs 5s gu
1960
Calif-Oregon Power 4s
1966
Canada Sou cona gu 5a A.....1962

27

92

100%

..1949 M N

Am iDternat Corp conv 5HB---1949 J

m

54

106%

105% 108%

116 %

*108

"25

O

1952

'

m

96%

95% 106%
76
59%

*107%

1955

06

2

■

99%

95

Cent Pacific 1st ref gu gold 4s..1949 F

s

101

63

*35

D

IW N

30

105 %

*6%

Consol 5s

79

-

57

113%

22%
29
99% 105%
92%
82

60 H
*25

61H

A

J

28

105%

of

deposit
{Bush Terminal 1st 4s

78

59

..I960

conv 5a

70

69%

1949

♦5s stamped

—

45

Alb A Susq 1st guar 3 Ha
1946
Alleghany Corp coll trust 6a__.1944

♦Coll A

37%

to---

64

32

'

102

Albany Perfor Wrap Pap 6s...1948

Coll A conv 5s...

99

*105

...1943

8a with warr assented

104%

63

to

1943

4a scries B

99%

2

*97%
104%

-

.

24

63%

.

— -

1946 F
..1952 A

A 5a

cons

.

•

68%

99%

65%

S

29%
29%
28%

104% 107%
19%
45%
20%
45
18%
41
5%
12

31

31%

Carriers A Gen Corp deb 6e w w 1950 MN
Cart A Adlr 1st gu gold 4s
1981 F A
Celotex Corp deb 4Hb w w
1947 J D

COMPANIES

Adriatic Elec Co extl 7a

29

D

IW N

Caro Clinch A Ohio 1st 6s ser A1952 J

51%

~29H

J

{♦Car Cent 1st guar 4s...;

63%

69%

50%

*103%

34

IW N

65

40%

15

38

*32

5

48

62

64

67%

—

72

48

100

64%

37%

to-to-

6

21
.

.

95 H

*30

18

41

38%

69%

M

103

{♦Boston A N Y Air Line 1st 4s 1955 F A
J
Brooklyn City RR 1st 6s
1941 J
Bklyn Edison cons mtge 3H8--1966 IVI N

43%

3
-•to-

42

50%

55

99 %

28

O
A
Guar gold 4Ha
June 15 1955 J D
Guaranteed gold 4Ha
^.1966 F A
Guaranteed gold 4hb—Sept 1951 M S
Canadian Northern deb 6 H»
1946 J
J
Canadian Pan Ry 4% deb stk perpet J
J
Coll trust 4Hs
1946 M S
5a equip trust ctfs
1944 J
J
Coll trust gold 6b
Dec 1 1954 J D
Collateral trust 4 Hs
1960 J
J

♦

O

28 H
105 H

O

36

26

*

Venetian Prov Mtge Bank 7a_.1952 A
♦Vienna (City of) 6a
♦Warsaw (City) external 7a

21

26%

99% 104%

24

43

-

A

1961

35

25

2

43%

20%

1

94 H

1955 IW N

26

11%

D

1967 M S

1st g 4%a Beries JJ

{f^Burl C R A Nor Ibi A coll 5s 1934

17

39

to¬

to-toto

50

-to- to-.

1979 M N
1978 F A
1984 J
J

76
»

45%
39%
46%
47%
48%

38%

O

♦Uruguay (Republic) extl 8a._.1946 F

37%
32%
102%

102%

J

1961 A

25%

*27%

-.-toto.

1952 M S

6 Ha guar

28

22

A

Sydney (City) 5 f 5 Ha

30

25%

D

extl

....

*30

n

♦81/eaia (Prov of) extl 7a
..1958 J
♦Sllealan Landowners Aaan 6a__1947 F

25%

8

27
98 %
94 %

1952

20%

*24%

Serbs Croats A Slovenee (Kingdom
♦8a secured extl
1962 M N

7

27%

104 H
98 %

24

9

25%

28

27 %

104 H

b f conv debs...

1

/ High

Low

27%

Undergr 6 He 1956
M 4Ha aer D..1960
3% a series E
1966

26

6%

23

No.

Since
Jan.

27

cona

Cona mtge

47%

7%

9

*24%

is

27%

'~27%

23

1

9

-•--•to

Asked

Hioh

&

*101

♦Berlin Elec El A
Beth Steel

Range

ia

Friday's
Bid

1955

23

9

8%

8%
23

9%

9

J

Ranoe or

Sale

Price

28

1st Uen A ref 6a aeries B
1957
Brown Shoe sf deb 3%s
1950
Buffalo Gen Elec 4 Hs ser B
1981
Buff Nlag Elec 3hb aerlea C—1967
Buff Roch A Pitta conaol 4 H8--1967

9

S

1968 J

16

15%

9%

♦7a extl Water loan

a

13
10%

15

28%

)"j

♦8a extl Dollar loan

♦External

7%

cona 3 Ha.-1943
City Elec Co deb 6Ha—1951
1959

♦Deb sinking rund 6Ha
♦Debenture 6a

Debenture gold 6s

1*88 extl loan of 1921

a

10%

8%

1957 M N

♦8a external...

♦External

5%

9

1952 IW N

f

♦6 Ha extl Becured a t
San Paulo (State of)—

7

7%

60%

------

£

12

9%

8

31

6%

8

-

25

3

8%
7%

7%

—

D

♦Roumanla (Kingdom of) 78

5

30

*8%

O
D

102% 108%
103% 109%

2

8%
7%

7%

1966 M N

a f

23

10

municipal loan

External

19

21
107

♦7s extl loan of 1926

aec

22%

107%

♦7a

♦78 series B

19

20%

A

♦Berlin

8

107%

K

Belvtdere Delaware

21

106

Last

EXCHANGE

Low

10%

98%

20

20%

STOCK

Week Ended Sept. 2

11%

62

107%

1968 J

g

5%
6

106

f g

t 7a

7%

9

77

A

Rio Grande do 8ul (State of)—
♦8» extl loan of 1921
1946 A

a

1

8

Y.

High

75

O

1946 A
1953 F

♦Sinking fund

Low

f 7S..1941 A

a

♦Rio de Janeiro (City oi) 8a
♦Extl sec 6 Ha

a

No

BONDS

N.

Since

8

♦Rhine-Main-Danube 7a A

♦8a extl secured

Jan. 1

Hioh

*7%
------

1950 M

a

Range

<8

05

1947 F

Queensland (State) extl
26-year external 6a

♦6s extl

Ask

A

Low

♦Prussia (Free State) extl 6%s.l951 M S
♦External s f 8a
1952 A O

*l.

Friday's
Bid

Week's

Friday

Ranoe or

Sale

J
1966
1962 M N

Prague (Greater City) 7%s

1455

Week's

Friday

16

19%

9%

72

3%

113

15

30
36

35%
34%
13%

4%
18
18%
18%

16

13%

17

14%

17%

17%

15%
18%
15

22

*13%
t

16%

7%
2h

13%

35%

"16%

13%

*15

17%
8%
9%
8%
4%

*17%

5

9

7

7

9%
8%

1

7

10

6%

64

3%

18%

22%
12%
11%
U%
7%

New York Bond Record—Continued—Page 3

1456

Sept. 3,
Last

BONDS

N•

Hewlett Hros. & Johnson

Ti. r. 1-761 -i- 'Bell System

Teletype

Range or

Y.

Sale

EXCHANGE

8TOCK

O

1057S2

1057»i

105»32

7

O

111%

111%
108%

111%

22

M

A

Low

1951 J

Dow Ohem<cal deb 3s

3 %s.62

Since

♦Certificates

S

D

18

High

No.

1934

{♦Secured 4%s series A
♦Certificates of deposit

1962

A

O

M

S

7%
7%
8

"7*

19

48

♦C'onv g 4%s

1960

I^ow

3%

High

102%

J

J

A

8%
7%

29

5%

7%

24

6

8M

3

3%

4M

6%

5%

"25

3

10%
9

11

8%

5%

D

80

55

71

D

65

86

86

D

59

45

78%

Memphis Dlv 1st g 4s
1961
Chic T H A So'eastern 1st 6s.. 1960 J
Inc

gu

...Dec 1 1960

6s

M

*70 M

D

1952 F

O

1963 J

104

87 M

1943 A
Chllds Co deb 6s
{♦Choc Okla A Gulf cons 6s... 1962 M N
1966 F A
Cincinnati Gas A Elec 334s

1967 J

mtge 334s

CIn Leb A Nor 1st

D

4s...
Cln Un Term 1st gu 6s ser C__. 1967
1st mtge guar 3 %s series D_. 1971

N N

J

J

22

37

1953

♦Gen

conv

1953 A

4s series D

107%

103

.

Ref A lmpt 4 Ms series E
Cairo Dlv 1st gold 4s..

1993

D

1977
1939

.

General 6s series B

J

73%

W WVal Dlv 1st g 4s

1940 J

Series C 3Ms guar.....

J

F

Gen A ref mtge 4 Ms series B. 1981 J
Cleve Short Line 1st gu 4 Mb—1961 A

O

1950

Cleve Union Term gu 5 Mb
1st s f 6s series B guar...

J

1st s f 4Mb series C

Colo A South 4mb series A

110%

-

—

J

1956 A
1967 J

1st mtge g 4s series F

1981

IV1

8

1st mtge 3%s series H

1965 A O
1968 J D

waived to

102

J

D

62%

"5

6%

7%

73

6%

6%

2

65

73%
73%

3

59

1

73%

J

58%

5

41

99%

20

95

64%

61

78%

98

97%

99

60

50

91

73%
102%
57

91
97%
103% 106%
107% 112%

1UM

105% 106%
104% 108
100

*10134
84%

106%

101% 101%

1951 J
non-conv deb 4s._ 1954 J
...1955 J

♦Debenture 4s

1955 A
s f

5s

10034

7234

11

102%

"16

41%

93%

52
42

92%

9334

93

9134
*109

10134
10234
105%

109%
101%

10234
105%

110%
110%

93%

4

92%

43

116"

14

68
28

110%

3

110%

5

47

10734

108%

107

107

104%

105%

105v

31

101%
103%
105%

104%
10534

98

105

110

95% 101%

99% 103%
105%

100'

109% 112%
109% 112%
105

2

102%

104%

195

105%

105

305

109%
108%
105%
110%

107% 108%
104% 108%

107

10434

105%

105

106

103%

17

101%

102%

117

*21

103

104% 105%
100% 101
107% 108%

37

100

105%

170

104

106

25

97% 103%

99%

11%

J

83

12%

4

10

11%

J

103%
11%

3

10%
11%

10234

*12

J

11%

"ii%

"~4

J

53%
108%
106%

53%

2

10834

5

106%
106%

10

101%

10

106%

24

106%

D

A

J

17

104%

3

100

10534
33%

106

5

102% 106%

J

1969 J

J

1969 J

J

f 5s... 1951 M N

1951 Ml N

1936 J
1936 J

J
J

11

14

34%
39

16




31

45

35

53%

50%
*108%
104%

*10634
*10534
*10534
12%
12%
11%

3

55

103

43

54%

*34

108

106%

31%

50%

107%

98

99% 105%

41

2%
2

16-year 3%s deb

50

105%

1944

50

4

100

104%
101%

12

85

2

39

50

39

50

1

39

50

105%

31

101% 106%

105%

78

101

98%
58%

23

98%
54%
15%

56

18

*17

89

F

-.1950 J

105%
100

35

37%
14%

21

13

28

*31%

8

3

25
34

96%

1956

Gt Cons El Pow (Japan) 7s
1st A gen s f 6Ms

49%

105%

"98%

1939

4%s

34

105

♦Good Hope Steel A Ir sec 7s_.1945
Goodrich (B F) conv deb 6s
1945
1st mtge

%

103% 103%

1

50

49%

1951

Gen Pub Serv deb 5%s

104%
100%

96%

97%

90

25%
78%

97%
104%

97%

99

61

65

84

104

104%

93

94

*25

J

45

99

99%
101% 106%

85

21

*104

74%
102

94%
106%

D
A

"67%

67%

J

68%

8

55

55

J

100%

J

Great Northern 4%s series A..1961

5

92%

100%
92%

100%
92%

"e5% "77"

22

49

71%

95% 111%

1973

J

85%

85

85%

11

67

1976

J

76%
76%

76

76%

25

64

76

38

68

89%

92%
83%
70%

92%
83%

76%
95%

84

74

103%

87

34

69%

95

27

60

82

54

60

1977

J

General mtge 4s series G

1946

J

Gen mtge 4s series H

1946

J

Gen mtge 3%s series I
♦Green Bay A West deb ctf8 A
♦Debentures ctfs B

J

1967

Feb

70

Greenbrier Ry 1st gu 4s
Gulf Mob A Nor 1st 6%s B...1950 A
1st mtge 5s series C
..1950 A
Gulf A 8 I 1st ref A ter 5s Feb 1952 J

10-year deb 4%s

105%

14

104%
106%

104%
106%

1.

116%

""6

108

4

52

O

J

A. 1957 F

A

90%

116%
68

69

*28

1

31

101%
30%

30%

102

46%

34

93

76

95%

99% 106%
100% 104%
106% 109
27
31%

119%
81

38%
99% 103
29

14
39

*122

"47%

93

91%

*28

1949 M N
ser

82

104

Houston Oil sink gund 5%s A.1940 IVI N
Hudson Coal 1st s f 5s ser A...1962 J
D
Hudson Co Gas 1st g 5s
Hudson A Manhat 1st 5s

55

25

5a...1937 M N

cons g

3

94%

J
♦Harpen Mining 6s
1949 J
J
Hocking Val 1st cons g 4%s_ —1999 J
Hoe (R) A Co 1st mtge
1944 A O

{{♦Housatonlc Ry

72%

10

81

94

104

99%
90%

55

l66~"

O

1952 J

1

72

1966 A

Hackensack Water 1st 4s

73

*45

94%

104

103% 103%

*45

O

Gulf States Utll 4a series C

1

7

J

1961 A

4%s

""8

J

...1940 A

s t

103%

73

80

O

1952 J

Gulf States Steel

9

103%

O

60

8

1940 M N

Stamped

71%

*52

......

Feb

12

"

"51""%"

"48

3%s

—

.1951 J

14

14%

108%

109%

16%

83

13
35%
118% 122
40
61%
24%
11%

*85

89

85

98

J

*80

93

88

93%

77%

77%

Refunding 4s...

J
1952 J
1953 M N

Refunding 5s

70

49

1955 M N

Purchased lines 3%s

Collateral trust gold 4s

1955 M N

1

1966

F

1950 J

106% 110%

J

Extended 1st gold 3Ms.....1951 A O
1st gold 38 sterling
1951 ivi s
Collateral trust gold 4s
1952 A O

40-year 4%s._
Aug
Cairo Bridge gold 4s

109%

A

D

49

"37% ~64~~

50%

34%

54

49

44%

47

"43%

45%

31

48

*50%

57%

39

60

41

23

45%

74

78

84

62%

61

63

59%

47

72

50
f

43%

"39"

37

*65%
62%
*46%

Omaha Dlv

1951 F

A

St Louis Dlv A Term g 3s
Gold 3 %a

1951 J

J
J

*46

55

Springfield Dlv 1st

1951 J

J

*65%

95

1961 F

A

59

105

106

108

106% 108%

10634

107% 108%
15
8%
9

1st gold

O

52

105% 109%
28

♦Adjustment Income 5s.Feb. 1957 A O
Illinois Bell Telep 3%s ser B..1970 A
Illinois Central 1st gold 4s
1951 J

58%

106%
13

1952

General 4%s series D

J

103

13

General 5%s series B
General 5s series C

Litchfield Dlv 1st gold 3s...1951
Louisv Dlv A Term g 3%s..l953

106% 108%

1*04%

I

For footnotes see page 1459,

83

*46%

O

1943 M N

1971 J

{♦Consol gold 4mb

98% 105%

37%

D

1st mortgage 4 Ms
Den Gas A El 1st A ret

s

10534

D

Del Power A Light 1st 4 Ms
1st A ref 4Mb

Stamped as to Penua tax
{{♦Den A R G 1st cons g 4s

2

104

A

1942 J

107%

16

9434

1951 F

1950 M N

Cuba Nor Ry 1st 5ma

15%

105%

'103%

Cuba RR 1st 5s g
1962 J
7Ms series A extended to 1946... J
6s series B extended to 1946
J

2%

56

103%

103%
103%

D

J

11%
40

104% 109

104%
96%
105%

10634

D

1951 J

17%
16%
11%

102% 106%
100% 106%
98% 103%

106%
106%

1943 J

Crane Co sf deb 3 mb
Crown Cork A Seal s f 4s
Crown Willamette Paper 6s

102%

24%
20%
92% 104

1960 J

Mb 1960

Gen Motors Accept Corp deb 3s.*46

A

Grand R A I ext 1st gu g 4%s_.1941 J
Grays Point Term 1st gu 5s
1947 J

96%

8

1%

4

50

Gotham Silk Hosiery deb 5s w w '46 IVI S
Gouv A Oswegatchle 1st 5b....1942 J D

15

103

1946 J

Dayton Pow A Lt 1st A ref 3
Del A Hudson 1st A ref 4s

D

F

49

86

64%
8%

3%
3%
2%

42

104%
100%
50

1948 IVI N

99

85

40

49

106% 109%

107

1966 M N

Container Corp 1st 6s
16-year deb 5b

1940 J

♦Sinking fund deb 6%s
♦20-year a f deb 6s

86

104% 112%

11034

108%

O

1970 M N

mtge 3Ms
let mtge 3M8

J

30

3

97

91%

93% 100%

*121

J

1

Goodyear Tire A Rub 1st 6S..1957 Ml N

40

75

35%

99%
41

A

65

5

*107

110

95% 103

74

104%

2%

*

D

J

s f 5 Ms A
1947
(Germany) 7s Jan 16 1945

71

J
D

Consumers Power 3 MS.May 1 1965 IVI N
1st mtge 3 Ms
May 1 1965 M N
1st mtge 3 Ms
.1967 M N
1st

Gas A EI of Berg Co cons g 5s.. 1949 J
Gen Amer Investors deb 5s A.. 1952 F

23

1956 J

^Debenture 4s

♦Consolidation Coal

1941 j"j
1956 M N

80%

105%
105%

1958

{♦Consol Ry
"Debenture 4s

♦Certificates of deposit

Fort St U D Co 1st g 4 %s
Francisco Sugar coll trust 6s

7934
71%

102%
65%
92%

59

97

89%
98%
91%
95
89%
98%
89% 100

17%

*1%
*1%

{♦Ga A Ala Ry 1st cons 5s Oct 1 '45
{{♦Ga Caro A Nor 1st ext 6s.. 1934

103%
101%

1948

deb 3 mb

*%

cons 2 4s
1982
{{♦Proof of claim filed by owner M N

Gen Steel Cast 5%s with warr.1949

84%

85

(Amended) 1st

104%

106%

1956

conv

6%

45

105

101%

1952

Gen Cable 1st

*108

♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s
1956 J

S

{{♦Proof of claim filed by owner. M N

105%

32

Consol Edison (N Y) deb 3mb. 1946

Consol Oil

90%
92%

♦Certificates of deposit
Fonda Johns A Glov 4%s

73

1961

3 Ms debentures

1974 IVI

♦1st A ref 5s series A

7334
7334

110%

{♦Florida East Coast 1st 4%s__ 1959

77

1951

debentures

6

107

100

3 Ms

2

13

100

*35%
62%

105%

3 Ma debentures

91%

100%

97%

99%

J

*60

f 3%s A

96

88

100

1943 J

104%

s

4

32

97%

{♦Fla Cent A Penin 6b

*108

Conn Rlv Pow

74

104%

110%
108%

1943

4 Mb

74

104

*95%
*90%
*95%

D

1

J

Sept 30 1938) —1958

guar

96

107%

Conn Ry AL lBt Aref 4Mb—.1951

Stamped

*60

10834

3 Ms (interest

Conn A Pasaum Rlv 1st 4s.

75

1954 J

30

O

debs

36

General 4%s series E.

D

fist mtge g 4mb series C.
f 1st mtge g 4 Mb series D

1958 J

38

41%
90

30-year deb 6b series B

87

J

O

45

*85

1942
1942

84

84%

A

1951 A
2mb debentures
1942 J
Commercial Invest Tr deb 3 Mb 1951 J
Commonwealth Edison Co—

42%

108%

*101%

O

1965 M N

43

9%

100

52

1956 F

9%

J

106% 108

M N

Columbus A Tol 1st ext 4s

71
48

1946 J

*104

Columbus Ry Pow A Lt 4s
Commercial Credit deb 3mb

S

21%

14%
14%

*43%
41%

8

IVI

15

Flat deb s f 7s

40534
406%

72

Debenture 6s
Jan 15 1961 J
Columbia AH V 1st extg 4a... 1948 A

IVI

51

19

13

S

♦Gen Elec

100%

May 1952 M N
Apr 15 1952 A O

1st mtge 3 Ms series I
Conv debs 3 Ms

f 5s stamped

53

36%

1st lien 6s stamped

s

16

12%

102

*10534

1970

1980

1st lien

103

13

100

91

1945
1943

M

100% 103%
33% 70%

13%

13

Ernesto Breda 7s
1954 F A
Fairbanks Morse deb 4s
1966 J D
Federal Light A Traction 1st 6s 1942 IVI 8
6s International series
1942 IVI 8

80

-1977

.

92%
80

1938

{♦3d mtge 4 %s

101

17

*14

"13%

1

2

17%

15%

J
1st 8 f 6s_. 1957 J
♦N Y A Erie RR ext 1st 4s__1947 IVI N

85

1972
1973

Coal River Ry 1st gu 4s
Colo Fuel A iron Co gen s f 6s.
♦5s Income mtge

Conv

O

1967 IVI N
1975 A O
J
1955 J

102%

*14

"15%

109%

102% 105%

103%

10134

*106%

A

Series D 3 Ma guar..
Gen 4Mb series A

100

48%
14
15%
102% 107%
106% 109%

17

10734

A

1977 F

72

*97%

1942 A O
J
1942 J
1948 M N

Series B 3 Ms guar
Series A 4 Ms guar

71

64%

1990 M N
1940 M S

Cleve-Cllffs Iron 1st mtge 4% 8.1960 MN
J
Cleve Elec Ilium 1st M 3%a—1965 J
Cleve A Pgh gen gu 4Mb ser B.1942 A O

71

87 M

57

J

Spr A Col Dlv 1st g 4s

8t L Dlv 1st coll tr g 4b

99
109%
97% 105%

9034

99%
*50%

J

Cln Wabash A M Dlv 1st 4s. 1991 J

Debenture 6s

o

20

O

1953

♦Series B

102% 107%

105

~"l

79%

102%
102%

J

1996

4s

♦Conv 4s series A

105 M

101%

105%

19

♦Ref A lmpt 5s of 1927

*35

D

1993

Cleve Cln Chic A St L gen 4s.

Columbia G A E deb 6a

D

106

4

♦1st consol gen lien g

94% 108

*50

♦Ref A lmpt 5s of 1930

104

131% 132%

~25

38

67

110

142
107

107%

106%

108%

M N

1943 J

Clearfield A Mak 1st gu 5s

90%
68%
100% 103%

*10934
*100%

1942 M N

con gu

1

38

54%

106 M

100

4

J

46

*15M

108

2

81%

100%

{♦Erie RR 1st cons g 4s prior.. 1996

36

68%

23

110

J

44 M

89

14

106

O

63 M

101%

1st mtge 3%s series E
1951 M
334s guaranteed
...
Chic A West Indiana con 4s... 1962 J
1st A ret M 4%s series D.... 1962 M

102% 103%

15

1965

107 M

1963 J

1st

J
A

♦Geuessee River

1st mtge 4s series D

102% 106

1

B...1940
1940

Series C 3%s—

♦Erie A Jersey 1st s f 6s

1944 A

11

33
109

101%

79%
100%
*131%
106%
106%
*106%
105%
*50

5s stamped
Erie A Pitts g gu 3%fl ser

41

Chicago Union Station—
Guaranteed 4s

40
,

88

101%

101%

1965

105

41

J

O

EI Paso A S W 1st 6s

63 M

S

112%
103% 109%

109%

M N

EI Paso Nat Gas 4%s ser

J

June 16 1961

13

17

107

109%

1941
A—1951

22%
19%

8

J

Ed El 111 (N Y) 1st cons g 53—1995 J

14%

J

Gold 3%s

17

13

105%
103%

105%

J

4%
42

20

93%

12

111% 114%
1057« 109%

32

32

D

1939

Elgin Joliet A East 1st g 5s

1961 J

Ch St L A New Orleans 5s

■

"93""

O

1956 M N

4s

51

14%

934
M N

*

2

45

J

East T Va A Ga Dlv 1st 5s

41

47

{♦Refunding gold 4s__
♦Certificates of deposit

109

8

7%

42

*33

A

1st 4b.. 1948

East Ry Minn Nor Dlv

Jan. 1

57

deposit

of

Asked.

Electric Auto Lite conv 4s

{{♦Chicago Railways 1st 6b stpd
Feb 1 1938 25% part paid
{♦Chic R I A P Ry gen 4b
1988

114

4%

Range

Friday's
Bid

"23

A

Ed El III Bklyn 1st cons

Price

Week Ended Sept. 2

114"

A

tl*Dult8ou Shore A Atl g 5s.. 1937
Duquesne Light 1st M 3Ms... 1965

Last

3

1952

DulMlssabeAIron RangeRy

BONOS

22

A

♦Second gold 4s
.1995 J D
Detroit Term A Tunnel 4%s._1961 IVI N

Week's

6H

10

F

♦Detroit A Mac 1st lien g 4a_—1995 J

Friday

43

3%
*20%
113%

11%
3%

'10%

D..1961

G-.-1966

High

4

1965

Gen A ref mtge 3 %8 ser

Low

1

20

J

Randolph 7711
C&o. 543

T)Igby 4-5200

NO.

5%

4%
4%

S

135 So. La Salle St.

One Wall Street

Hioh

Jan. 1

4%

4%

J

f Gen A ref 5s ser E
Gen A ref M 4s ser F

Chicago, III.

oats

M

{♦Des M A Ft Dodge 4s ctfs. —1935
{♦Des Plains Val 1st gu 4%s_—1947
Detroit Edison Co 4%s ser

N.

A

Since

i|

Ask

A

Low
F

{♦Den A R G West gen 5s. Aug 1955
♦Assented (subj
to plan)
♦Ref A lmpt 5s ser B_—Apr 1978 AO

MUNICIPAL "BONDS
Jiew York, <2S£. Y.

Friday's
Bui

Price

Week Ended Sept. 2

Range

Range or

Sale

EXCHANGE

STOCK

Y.

1938

Week's

Friday

16

1st gold 3s

g

3%s

Western Lines 1st g 4s

1951 J

J

58%
59%

60

52

52

"50"

"75"

New York Bond

Volume 147
v

BONOS
N.

Y.

feTOCK

fe¬

EXCHANGE

Week Ended Sept. 2

tS

hast

Price

Friday's
Bid

A

1st & ref 4*9 series
Illinois Steel deb 4 *e

High

43

45*

57

29

49*

1963

C

41*

41*

5

28

46*

105*
29*

106*
29*

22

1940 A

105*

Low

"66*
«•

1947 A

de'o 4s

stamped .—1942
{♦Int-Grt Nor 1st 6s ser A——1952
♦Adjustment 6s ser A—July 1952
♦1st 6s series B

J

84*

——1955

{♦Iowa Central Ry 1st A ret 4s.l951 M
James Frankl A Clear 1st 4s —1959 J

A

$925)—1943
♦Ctfs with warr (par $925)—1943
Keith (B F) Corp 1st 6s
-1946
Kentucky Central gold 4s
1987
Kentucky A Ind Term 4Hs—1961
Stamped.—.

———1961

10

10

54*

9

40

60*

52

4

40

59

86

14

65

2

100

102*

14

13

19*

102*
15*
4*
16*

12

19

79*
44*

54

80*

10

48*
35*
80*

47

54

89*

77

82

75

94

92

92

95*

84*

86

*78*
85
68
100

99*

70

S

*2*

D

95

79*
85*
70*
100*
72*

9

....

107

Last

Week's

149

2

40

88

24*

10

16*

70

70

71*

16

60

69

71

13

J

D

105

107*
105*

18*

18*

23

23

22
3

23

"4
2

J

*

44* 74
103* 108*
103* 100*
41

14*

25

82

72
95

71

90*

102*

95

102*
103*

100

*14*
85*
50*

13*

13*

65

95

72

97

91

9
6

6*
1 *

1

D

*25*

.....

104*
103* 110*
99* 103*
5*

*70

0*

89*
93*

93

93*

*70

14*

103"

75

14*

103

104

103*

104

*32*
*31*

50

*

94
5
-

•

-

-

5

38
4

95

"79* l6§"
60

89*
14*
19*
98* 104*
97
104*
77

77

31*

52
00

13*

17

*20

101

60

----

49*

*16

20*

■

92

*60

24

....

•

J

20

45

8

8*

3

3

18

*1*

J

'

7*

V*
*3%
*2 *

S
J
N

*66

"24"'

J

D

3

16
1

1*
1*

8*

7

7*

5*
7*
3

2*
60*

75

"24"

3*
3*

1
4

14

9*
14*
6*
5*

70*

"l8* *34*
48

67

11

28*

17

28

50
42*

5

25

45*

20*

31

10

24

18

14

15*

25*

15*

23

58*

59

—1962 J

J

35

34*

41*
30*

Prior lien 4*s series D-—1978 J
♦Cum adjust 5s ser A——Jan 1967 A

J
O

36

36

18"

18

A

17*

40-year 4s series B

....

8*
4*
3*

40

♦Certificates

of

ser

1905 F

A

deposit...

17*
*16

_

1975 IVI

8

—.1977 Ml

8

♦Conv gold 5*s
♦1st A ref g 5s series H_.
♦Certificates of deposit—

6*
17*
16*
18*

*17 *

1978 M N

17

1949 IVI N
1980 A O

3*

3*
17*

17*

"5* '"7

4

121

15

25*

5

15

23

19

16*
18*

—.1981 F A
♦Certificates of deposit—.,
ext at 4%.July 1938 M N

8

26

15

25*

17

2

15

23

4

40

3

19*

13

*16

♦1st A ref 5s series I—

15*
15*

6*

25*
23

17*

"18* "42

15

25*

14*
60*

23

"85
98

"if*

50

90

19*

13*

*16

*60*

60*

103*

14*

31*

86

10

75

22

48

90*
61*

47

60

{♦Mobile A Ohio gen gold 4s—1938
♦Montgomery Dlv 1st g 5s—,1947
♦Ref A impt 4*3-...—-—1977
{♦Secured 5% notes.—.
1938
Mohawk A Malone 1st gu g 4s. 1991
Monongahela Ry 1st M 4s ser A '60
Monongahela West Penn Pub Serv

Coll tr 68 series A—.......1942

*49

51*
54*
52*

41*

53*

1st mtge

...1942

*49

54

44

49*

6s debentures

85

70

90

95*

90*
95*

87

78

*

80

5

6*

{♦Mo Pac 3d 7s

99

95* 103*
85* 100

100

99 *

81*

88* 100*
95
103*

QQ

101*

75
99

68

16

110

♦Certificates of deposit...

ISO" 158"'

102*

99

Hioh

104

101*

*

70

79

58*
40*

-

80

90

....

83

J

♦General 4s

95

156

85*
51H

Mo Kan A Tex 1st gold 4s.
1990 J
M-K-T RR pr lien 5s ser A—1962 J

{♦Mo Pac 1st A ref 5s

72

84*
91*

101 *
103

5*8
1978 J
{1st Chicago Term s f 4s
1941 M
{♦Mo-Ill RR 1st 5s series A——1959 J

♦Certificates of deposit
♦1st & ref 6s series G„

*60

—

-.1940 J
1949 M

♦1st A ref 5s series F.I

100

11

80

101*

"1*

Low

85

103*
109*

J

99* 108*

80

78

103*
109*

....

20

~83~"

J
J

91

80

*

S

1938 J

to int

27*

156

No.

Hioh

"99"

Since

Jan. 1

S

—1938 J

cons 5s
cons 5s gu as

80

156

«§<§

Asked

20*

23

*65"
*60

79

78

D J
J D

♦1st ref 5 *s series B..

92*

J

{♦1st
{♦1st

105

*102

M S
A O
A

{{♦MStP ASSM cong4slntgu '38 J

27

90*

80

M S
J J
M N
♦let A ref gold 4s
....1949 IVI S
♦Ref A ext 50-yr 5s ser A..—1982 Q F

"90*

*25
IVI
J

{ {♦Mil A No 1st ext 4 *8(1880) 1934
♦1st ext 4*a
..—..1939
♦Con ext 4*s..
,—1939
{♦Mil Spar A N W 1st gu 48—1947
{♦Mllw A State Line 1st 3*8..1941
{♦Minn A St Louis 5s ctfs...—1934

98*

40

41

*37

M N

M N

—1951 M S
1952 IVI N

♦1st & ref 6s series A—

90

69

106*

J

99

O

Ref & impt 4*s series C—1979 J
J
{♦Mid of N J 1st ext 5s.......1940 A O
Mllw El Ry A Lt 1st 5s B
1961 J D
1st mtge 5s.—
1971 J
J

♦25-year

30*
27*
75*

A

106*

A

*81

J

A

{{♦Met West Side El (Chic) 4s. 1938 F
♦Mex Internat 1st 4s asstd
1977 M
♦4s (Sept 1914 coupon).—-.1977 M
♦Miag Mill Mach 1st s f 7s
1956 J
Michigan Central Detroit A Bay
City Air Line 4s....
.1940 J

78*

20*

J
J

98

78

"16

26*
24*

J

51

74*
100*
42*
77*
1*
3*

21

94*

26*

19

J

Q

Is

Friday's
Bid
LOU)

{♦Man G B & N W 1st 3*8...1941
Marlon Steam Shovel s f 6s
1947
Market St Ry 7s ser A...April 1940
Mead Corp 1st 6s with warr—1945
Metrop Ed 1st 4*s ser D.....1968
Metrop Wat Sew A D 5*8—1950

Range

Range or

|

Sate.

Price

74

*83*

O

5*

39*

178

3*
58

58

12

18

42*

a

4*s unguaranteed
..—1961 J
Kings County El L A P 6s..—1997 A
Kings County Elev 1st g 4s—1949 F
Kings Co Lighting 1st 5s——1954 J
1st A ref 6 *8.
1954 J
Kinney (G R) 5Hs ext to
1941 J D
Koppers Co 4s ser A
.1951 M N
J
Kresge Foundation coll tr 48—1945 J
3 Hs collateral trust notes. —1947 F A
{♦Kreuger A Toll secured 5s
Uniform ctfs of deposit.
1959
Laclede Gas Light ret A ext 58.1939
Coll A ret 5*s aeries C
1953
Coll A ret 5Hs series D
1960
Coll tr 6s series B

no.

s f 58—1953 M
S
Manila RR (South Lines) 4s...1939 M N
1st ext 4s
...—....1959 M N

Jack Lans A Sag 3*s
1st gold 3*s—

89

2*

44*
84 *

34

5

75

1961 J

Plain-

31*

15

♦Karstadt (Rudolph) 1st 68—1943 M N
♦Ctfs w w stmp (par $645)--1943

stmp (par

63

*13*
*9*

Jones A Laughlin Steel 4* s A—1961 IVI
Kanawha A Mich 1st gu g 4s-1990 AO

{{♦K C Ft S & M Ry ref g 48.1936
♦Certificates of deposit-Kan City Sou 1st gold 3s
1950
Ref & impt 6s
Apr 1950
Kansas City Term 1st 4s
-1960
Kansas Gas A Electric 4 His—1980

65

42*

77 H

8
-1955
Int Rys Cent Amer 1st 5s B—1972 M N
F A
1st lien A ref 0*s—
1947
J
Int Telep A Teleg deb g 4*i-1952 J
J

42*

1

4*

J

r

46

84*
102*

"15"

o

——--1939 J

101* 108

58
57

52

J

Conv deb 4*s
Debenture 5s

107*

18
100*

54

o

B—-1947

12*
96
34

29*

"ll*

J

1956

Internat Paper 5s ser A 4c
Ref s f 6s series A

30*

56

O

,——1956
—

29*

57

O

Internat Hydro El deb 6a__—1944
Int Merc Marine s f 68—1941

♦1st g 5s series C

105* 107*

"66* "90"*

66*
20

107*

"56 *

IVI N
J

1

♦98"

...

conv

STOCK EXCHANGE
Week Ended Sept, 2

High

100

J
{♦Ind A Louisville 1st gu 4s
1S56 J
Ind Union Ry 3*s series B..1986 M S
—1961
1 Interboro Rap Tran 1st 58—1966
♦Certificates of deposit——
10-year 6s
1932 A O
{♦10-year conv 7% notes—1932 M S
♦Certificates of deposit

Int Agrlc Corp 5s

Y.

Friday

Manila Elec RR & Lt

Inland Steel 3*s series D

Interlake Iron

1457
js-e
feS
•Sis

BONDS
N.

Since

Jan. 1

1963

Ilseder Steel Corp 6s———1948 F
Ind. Bloom A West 1st ext 48—1940 A
Ind III & Iowa 1st g 4s
-1950 J

w w

03 co

<p& St L & N O—

Joint let reiWseries A

♦Ctfg

-I

Asked

No.

Low
III Cent abd

Range

Range or

Sale

ci
sft.

Record—Continued—pafce 4

Week's

Friday

4*s—...—I960

M S
F A
M S
M S
M S
n/l N

28*

23

18*
21*

24

8*

26

25

23*

26*

9

28*

102*

102*

106*
98*

107

14

99

99

7

85

94*

95

77

84

99*

99*

18*

K

A

1965 A

64

50*
67*
98* 107*

107*
99

Lake Erie A Western RR—

to—1947
1941
3Hs
1997 J

6s 1937 extended at 3%
2d gold 5s-.
Lake Sh A Mich So g

*

D

*84~

—.——1975
Lehigh C & Nav s f 4Hs A
1954
Cons sink fund 4*s ser C—1954

30* ¥ 31*

30 H

71
65

78*

95

39

27

42*

60

99*

40

26*
18*
19*

45

*86
*36

26*

28

28

to...—1943

79*

38

Leh Val N Y 1st gu g

72

40
85

30

62

43

Lehigh Val (Pa) cons g 4s

10*
17H

cons

20 H

15* 117*

(41

1 22
*51* #51*

A

.123*

129*
124*

Liquid Carbonic 4s conv debs..1947 J D
Little Miami gen 4s series A—1962 MN
Loews Inc s f deb 3Hs
—1946 F A

illl*

112

flOO*

10L*
£61*

——-JL951 F

58.——

1952 J

Lombard Elec 7s ser A

129* ,129*

100* .100*

D

13

34

11*

32

13

33*

17

40

4
1

115

*107

59

"6
14

10

"40
2

A

O

p 59
1*51

Long Island Unified 4s.——1949 IVI
Guar ref gold 4s
—1949 IVI
4s stamped—
......1949 IVI

8

♦82

S

182*
**76* A 82*

16

128* 128*
121* 121*
i 79
i 80
105*
105*

3

♦Long Dock Co 3*s ext to...1950

.

112*

94* 101*
55* 63*

1955 MN
Mountain States TAT 3*8-1968 J D
Mutual Fuel Gas 1st gu g 5s... 1947 MN
Mut Un Tel gtd 6s ext at 5%—1941 IVI N

.1951 F

—

Louisiana A Ark 1st 5s ser A... .1969 J

A

J #79

.1966 M S ,105 *
1945 M S
106

Louisville Gas A Elec 3*8
Louis A Jeff Bdge Co gu 4s

-

Louisville A Nashville RR—

106

100*

2003 A

1st A ret 4*s series C
1st & ref 4s series D—...... 2003 A

788*

2003 A
1st A ref 3*s series E
Paducah A Mem Dlv 4s.—. 1946 F
St Louis Dlv 2d gold 3s—.. 1980 IVI

"81*

95
i »<j
?

i
\

88*

i*85

73*

2
5

52
1

129*
115*125
60
84
101* 100*
102
107*

100*
95

90*
96

146
17

98* 105
83* 102

15

75

93*
90

t 81

81

99*

96

81*
111

♦

75

*100

....

"£§

85

107*

102*

76

82

109

112

69

....

75

80

98
22

*26

111*

98*

0*

IVI N

McGrory Stores Corp s f deb 5s. 1951
McKesson A Robbins deb 5 *3.1950 IVI N
Maine Central RR 4s ser A—1945 J
Gen mtge 4Hs ser A
Manati Sugar 4s s f

103*

footnotes see pace

1459.




A

O

105*

106

103*

103*

*70

73*

*44

D
....I960
Feb 11957 MN

{♦Manhat Ry (N Y) cons 4s—1990
♦Certificates of deposit——--.
♦Second 4s
———..2013

For

105*

D

6
15

97* 106
93* 103*
70
91*

46*

37

55

27.

29*

27

20

28*

29*

31*
34*
32*
23*

*25

j ~D

30

17*
16*

*11

20

10

~80"

....

50*
102*

73

75

72*

72*

69

69

74

74

47

67*
50

90* 101

1

5

13

71*

34*
34*

02

55*

102* 102*
114*

112

99*
*65

33*

33
*101*
102*' 102*
105*

50

68

18

67*
33*

39

96* 101
92* 104
100
107

,—

J

104"
105*

*1
*1

*1

1*

♦4s April 1914 coupon on
1977 AO
♦48 Apri! 1914 coupon off—..1977 A O
♦Assent warr A rets No 5 on '77

Nat RR of Mex prior lien

{♦Assent

warr

**
**
*1*
1*
**

on—1951

1914 coupon off—-1951
♦Assent warr A rets No 4 on '51

1*

2*

2*
2*

""* "2*

"l*

D

14s..——1905

4s—.———1945
New England Tel A Tel 5s A.. 1952
1st g 4*s series B..—.—1961

*55

*119*

25*

J
D
Ml N

1st 4s—1986 F

*22

4*s A 1952
New Orl Pub Serv 1st 5s ser A—1952
1st A ref 5s series B
1955
New Orleans Term 1st gu 4s— .1953

O
D

"65"

A

32*
31

123*

120* 124

108

95
65

100*
100*

100

104* 108*

67

38

07

47

34

50

80* 101
84* 100*

100*
100*

*

47

70

23

35

30

22

34

*28*

69

34*

65*
♦

24

36

22

37

23

30*

*36"

F

O

121"

24

122* 126

*40*
99*

J

A

25*
24*

108"

O
{{♦N O Tex A Mex n-c inc 68—1935
o
♦1st 6s series B
.—1954
♦Certificates of deposit
♦1st 5s series C—.—
.1956 F A

D——1956
A————1954

108*

126

•

J

J

103

123*

123*

O

N O A N E 1st ref A imp

20

65

122

125

125

A

N J Pow A Light 1st 4*81960
New Orl Great Nor 5s A——1983

108*

1*

"£*

108

108*

3*
-.-

110*
24*

12

1*
1*
.....

1*

*1

♦Consoi guar

♦1st 4*s series
♦1st 5*s series

10

**

{♦Naugatuck RR 1st g 4s.——1954 IVI N
D
Newark Consoi Gas cons 68—1948
J
{♦New England RR guar 5s...1945

N J Junction RR guar

1*

4*s—

A rets No 4 onl920

♦4b April 1914 coupon

*109*
75

J

♦4s April

**98*

Mob A Montg 1st g 4Hs—. .1945 M S
J
South Ry Joint Monon 4s—. 1952 J
Atl Knox A Cin Dlv 4s..... .1955 IVI N
♦Lower Austria Hydro EI8Hs. 1944 F A

102*
*114*
*

J

87

74
65

,

102*

J

90

106

100*

50

♦4*s July 1914 coup on—1957 J
♦4*3 July 1914 coup off—1957 J
♦Assent warr A rets No 4 on *57

55

4

M

1940 J
Unified gold 4s
—...
1st A ref 5s series B—...... 2003 A

50

♦4*8 Jan 1914 coup on——1957 J

80*
73*

120

—

National Rys of Mexlco-

Nat Steel 1st coll s
.1944 AO

Lorillard (P) Co deb 7s
5s—....

*""—
~57~"

A

Nat Acme 4 *s extended to
1946 J D
Nat Dairy Prod deb 3*s w w__ 1951 M N
Nat Distillers Prod deb 4*s... 1946 IVI N

61

88*
88*

....

75

""

Constr M 4*s series B

84

V 81*

S

50*

45
54*
105* 118
128* 131
121* 126
99

s f

5

84

*——-

4*s series C—1955 A
5s series D
1955 A

Nash Chatt A St L 4s ser A—1978 F
Nassau Elec gu g 4s stpd—1951 J

84
7

17*
20*

s f

f 6s series B—1951

Morris A Essex 1st gu 3*8—2000 J D
Conetr M 5s series A
—.1955 MN

39*

38

*75

Leh Val Harbor Term gu 5s—.1954

30

A

Gen A ref

48

A

s

Gen A ref

34

48

56* 156*
*55* m. 57
78*
78*

Lehigh & New Eng RR 4s A—1965 AO
Lehigh A N Y 1st gu g 4s
1945 M S
Lehigh Vai Coal 1st & ref s f 68.1944 F A
1st A ret s f 5s
1954
1st A ret. s f 5s—
1964
1st A ret s f 58—
i—1974

J
4Hs— -1940 J
2003 IVI N
4*8.——,—.2003 IVI N
General cons 5s..
—.2003 IVI N
Leh Val Term Ry 1st gu g 5s.—1941 A O
Lex A East 1st 50-yr 6s gu—1965 A O
Liggett A Myers Tobacco 78—1944 A O

24*

95

1941 J

Gen A ret

♦1st mtge income reg

General

Montreal Tram 1st A ref 5s

Gen A ref s f 5s series A—-1951

102

Lautaro Nitrate Co Ltd—

Sec 0% notes extend

Montana Power 1st A ref 3*8.1966 J

*23

"35"

38

34

22

34

40

26*

34

♦Certificates of deposit-

35*

J

*110*

A

62

05*

10-year 3*8 sees f.
—,1946 A O
Ref A imot 4*s series A——2013 A O

76

77

52*
57*

62

55

66

38*

91*
85*

56 *

59*

46

42

73

67

66*

69*

21

51

84

Newport A C Bdge gen gu 4 *s 1945
N Y Cent RR 4s series A—.—.1998

5s series C—
Conv secured 3*8——.,
Ref A impt

2013
1952

A

O

IVI N

20
6

110* 111*
48* 82
62

New York Bond Record—Continued—Page 5

1458
BONDS
N

Last

Range or

Sale

Y. STOCK EXCHANGE
Week Ended Sept. 2

Price

A

A Hud River

J

J

1942 J

J

3H»- -.1997

Debenture 4a

..2013
4Xs ser A
-.1998
Lake Shore coll gold 3XS-1998
Mlch Cent coll gold 3Xs~
Ref A lmpt

1

1

63

58%

84

O

33)4
30

44

37
55

69)4

S

O

38 X
36

5s .1948
gold 4s— -1949

Greenwood Lake 5a—1946
gold 3 He
2000
Lack A West 4s ser A
1973

4 44s 8fri68

Coal A RR 6X81942
♦NYLEAW Dock A lmpt 6s 1943
N Y A Long Branch gen 4*——1941
{♦N Y A N E (Host Term) 4s—1939
{♦N YNHAIl n-c deb 4s
1947
♦Non-conv debenture 3X8—1947
♦Non-conv debenture 3Xs—1954
♦Non-conv debenture 4s.—1955
♦Non-conv debenture 4s
1956
♦N Y L E A W

3Xs———1956
♦Conv debenture 6s
1948
♦Collateral trust 6s
1940
♦Debenture 4s—
1957
♦Conv debenture

4 He ser of

♦♦N Y Ont A West

♦General 4s

1927--|967

Ches 1st 4sl954

ret g 4a
1992
------1955

{♦N Y Providence A Boston 4s. 1942
N Y A Putnam 1st con gu 4s—1993

500

El Lt A Pow 3)48-1965

26 %
30

26

61%

90

70

6

65

95%

102)4

46

*54)4 "~3
46

46

105

105

105)4
J

D

F

A

123)4
115)4

M N

105)4
105)4

1

19
3

(VI N

M N

A

2

-.-1937

4 He

-—-1940
--1943

gold 5s

N Y Telep let

A gen s f 4)48—1939

60

*13

M
A

85

6s

1st 4s series B-

M N

J

96)4

Phlla Bait A Wash 1st g

8

"13
11%

series C
General 4Xs series D

19)<
17%

24 H

19%

35
12

Pirelli Co (Italy) conv

23

Pitts Coke A Iron conv 4Xs

60

51

8H

5)4

7

4

A

O

59

*50

108)4
*103)4

109

U%

49
13

58

106

109

Series F 4s guar

104)4

1940
1942
1942
1945

94%

104
103

106*4
100)4

Series J cons guar

103

106 H

Gen mtge 5s series A

J

10

10)4

A

*8

10

A

*7)4

8H

*30)4
104)4

47 H
104 H

107)4

108

7

10

5%
40%
104)4

52

71X

4)4
108

60

75

Pitts A W Va 1st 4Xs ser

93 X

93

A

O

99 H

99

F

A

13 X

12)4

100)4
13)4

10%

82

94

96 H

86)4 101H
16X
8)4
9

52

*45

h7x
104x

mmmmm

*98

105x

104

102x

43)4
111

117%
105 H
103)4
105)4

97

15%

53
119%
106

99)4 104
101

107

96% 104)4
113%

103

8

*113

115

110

8

*106

108

107
23

1st

F

"81

J

x

—

—

1
m,

-

—

«*

1

104 X

111X

110X

110X

102

103

17

102 X

102X

104 X

111X
103

102 X

16

94 X

6

94

109

103X 104X
106 X

105X

*103

105
105 X

—

104

105X

100

low

104X 104 X

1

I07X

117

1

107

110X

94 X 112X
90
112X

71X 104X

2

46 X

32

56 X

*108

106

109X

109

115X

B

.1962

*109

1st gen 5s series C
1st 4 X® series D

.1974

*109

Port Gen Elec 1st 4 Xs

.1960

1st gen 5b series

.1977

-

"43" "64"

107X

101

43

M

M

44 X

3

16X

143

108 X
83

11

43
•

1966

-

-

-

14X
107 X

-

108 X
82 X

82 X
*5

{♦ Itadlo-Keith-Orpb pt pd ctfs
for deb 6s A com stk (65% pd)

96 X

28

Rensselaer A Saratoga 6s gu-—1941

62%

Purch money 1st M conv 5Xs *54

M N

80

32

58

93 X

73 X

2

08

93

102 X

103 X

69

84

103X

114

5

100

118X

J

*5x

6H

J

W

4%

M

S

F

J

A

88

88%
107

106 X

88 X
*98

5)4
24

12

J

99X

—

~

71X

33

94 X

72

93 X
112
94X

92

101

—

T-

J

39 X

39 X

3

J

22 X

22 X

1

*29X

♦Cons mtge 6s of

39X

30

1953
1955

107

107

1

107

108 X

M N

104X

104

104)4

35

98

104)4

M

S

103)4

103 %

104

15

98

J

99)4

99)4
103)4
101)4

99)4

47

91% ,100

Rlchm Term Ry 1st gen 5a

103)4
102)4

98% 104 X
96% 102 X

♦

14

113)4

114

15

111X 114X

*110)4

115

110

113

108

103

110

109

116X

A

*29X

A

O

29X

IVI

S

1

30
-

-

—

—

-

-

6

29X

40

27

32

28 X
20

31X

24

27

32

26

32

20 X

32X

104X

J

F

1952

1928

♦Cons mtge 6s of 1930
Richfield Oil Corp—

75

43

90

1946 J

13

3)4

48X

26

90 X

107X

♦RhJne-Westphalla El Pr 7a—1950 M N
♦Direct mtge 6s
1952 IVI N

100

J

Revere

79X

1

74

♦Rhine-Ruhr Water 8ervlce 08.1953 J

♦Rhelnelbe Union s f 7s

52 X

71 X
60

70 X

IVI N

1961

1956
Cop A Br 1st mtge 4Xs. 1956
C

18

68

102%

Gen mtge 4Xs series

105

98

IVI N

78

45

42

82 X

60

Republic Steel Corp 4 Xs ser A. 1950 M

102

8

32
20

97 X

114

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93 %

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73 X

79

6134'

74 X

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67

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55

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70 %

1997

series B

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60

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1997

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42

96

40

—

1941

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8

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1948

41

84 H
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—

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1956
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116%
23

—

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~59X "43

*104

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104 %

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1947

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s

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s

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C

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45

46

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107

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93

108

56%

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1

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1959
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11

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50

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J

14

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A

A
M N
M N
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1953
1957
1960 F
1963
1964
1970
1975
1977

gold
gold

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M N

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97

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1952

5

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—1946

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1946

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13

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♦Apr 1 1936 A sub coupons. 1946
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Gen lien ry A Id g 3s Jan—-.2047 Q
Ref A lmpt 4 He series A
2047 J
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13

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94 X

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07

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4s... 1940
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84

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J

1967
1946
6s stamped.
—1946
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list mtge 5s
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1981
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1943
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1948
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1970
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1960
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—1965
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,

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60

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1951
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ref 4Xs A. 1977

Asked
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92 X

A—1941

1st M 4XS-.1960

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74

♦105)4

.1966

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N Y Queens

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45)4
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D

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66

1947

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—

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trust
—
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-1953
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Bid

Pennsylvania RR cons g

St Louis
Ref 6X0 series A
Ref 4 Xs series C

N Y Chic A

3-year 6s

A

82 X

1938
,

Range

Bonds Sold

Friday's

Price

Week Ended Sept.

Jan. 1

1

Range or

Sale

EXCHANGE
2

N. Y. STOCK

Since

Asked

Last

BONDS

Range

Friday's
Rid

Low

N Y Cent

Sept. 3,
Week's

Friday

Week's

Friday

1933

*1 N

55X
*

56

42 X

64

46

7

59 X

62

Paramount Broadway Corp—
1st M s f g

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3s loan ctfs

1955

deb

6s„. 1955

Pictures

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62

94

1947 M

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F

A

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1942 J

D

1944 J

D

1952 IVI N

2e-yeai 4s

1963 F

For footnotes see page




1459

A

60 %

1

81
57

90

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2

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83
100

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60

72

97 X 103X

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93 %

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15

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or

1955 J
lien 4s A--1950 J

of deposit

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{♦St L SW lat 4s bond ctfs
♦2d g 4s lnc bond ctfs

1978

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m's

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8X
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28

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32

8X

15X
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31

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7

11

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17

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J

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1990 J

J

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9X

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8X

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9X
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12

60

12

63

{♦St L-San Frnn

{♦S L Peor <v N W 1st gu 5s—1948 J

14

New York Bond Record—Concluded—Page 6

Volume 147

BONDS

Last

Ni Y. STOCK EXCHANGE

Price

bid

St Paul A Duluth 1st con g 4s..

D

High

1

Jan.

No.

Low

J

*8H

15H

{♦St Paul A K C Sh L gu 4*8-1941 F

A

*7M

8H

1940
1972

St Paul Un Dep 5 e guar

J

J

J

J

9H

1966 M

{{•Wabash RR 1st gold 5s

1939 M N

2

60 H

5

111 **32

J
M N

110H

Santa Fe Pres & Phen 1st 6s.-.1942 M S

112H

14

109 H 113', 1

110K

110H

12

108

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45

81H

1941

J

1941

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M

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15H

15

20

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18

12

A

O

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34

24

30

Walker(Hiram)GAW deb 4Hs. 1945

A

O

26

27

24

31

Walworth Co 1st M 4s

1989

M N

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{♦Gold 4s stamped
1950 A O
♦Adjustment 5s
Oct 1949 F A

12H

15H

20

30

27 H

S

"42" "42"

91H
9H

8H

3

6H

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30

6H

13H

7

13

8H

9

8H

9H

9

O

9

9

4

6H

D

107

107

15

8H

23

1946

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106H

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104H

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J

1

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109 H 118H

103H
43

1939 F

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♦Des Moines Dlv 1st g 4s

98

H6H

55

S

♦2d gold 5s

Since

Friday's
Bid

Low

11

Range

Range or

Sale
Price

•N&.

Virginian Ry 3Hs series A

98

7H
6H
5

99

116H

J

S A & Ar Pass 1st gu g 4s

1943
TSan Antonio Pub Serv 1st 6s.-1952
San Diego Consol G & E 4s
1965

99

Last

EXCHANGE

Week Ended Sept. 2

St Paul Minn A Man—

t Pacific ext gu 4s (large)

Week's

Friday

^3

High

88

*88

{♦8t Paul E Gr Trk 1st 4H8...1947 J

V

BONDS
N. Y. STOCK

Since

Friday'*
A
Asked

Low

1968 J

Range

Ranoe or

Sale

Week Ended Sept. 2

1459

Week's

Friday

-.1946

{♦Scbulco Co guar 6Hs
♦Stamped
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s

t 6Ha series B

♦Stamped
Scioto V A N E 1st gu 4s

15H

12

12

109 H 116
3

13

14H

29

*2H

3H

2H

O

5H

5H

♦Certificates of deposit-—
♦1st & cons 6s series A
1945 M S

*3H

5

1959

{♦Refunding 4s

A

"Ik

gu

6H

{♦Seaboard All Fla 6s A ctfs

7H

68

6M

7
2

3

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1935 F

A

1951 M

S

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J

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Simmons Co deb 4s

.1946 F

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52

5H

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22

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.1939 J

28

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96

98

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J

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South A North Ala RR gu 5s__ .1963 A
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.1961 M

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.1965 F

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.1947 J

J

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73H

78

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48

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1960 IVI
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2361 J

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26

65

Devel & gen 6 Ha
Mem Dlv 1st g 5s

.1956 A

58

56 H

63M

61

28

69H

—.

.1996 J

75

64

60 H

35

97 H

68H

99H

.1938 M S

60 H

D
So'western Bell Tel 3 Ha aer B.. .1964 J
So*western Gas & Elec 4s ser D. .1960 MN

♦{Spokane Internat lst-g 5s__. .1955 J
.1946 F
Staley (A E) Mfg 1st M 4s
.1953 J
15 yr 2 Ha debs
Staten Island Ry 1st 4Ha.---. .1943 J
♦Studebaker Corp conv deb 6s. .1945 J

J

.1950 M N
.1951 J

1st

cons

.1944 F

gold 5s

Gen refund

s t g

.1953 J

4s

Texas Corp deb 3Ha
TexA N O con gold 5s

.1951 J

"~81~"
106

J

9

105H
11H

104H

19

101
9

105

100 H

36

100

106

100 H
102

95

26

*101

102 H

103H

85H
106

the

102

Bergen (Norway) 5s 1960, Sept. 1 at 100.
Commonwealth Edison 4y2s sereles C lu56,

H

7

99

10

70

106

106H
81H

41
1

85H

2

*94

7H

35 H
7

*86 H

J
J

'i04H

1953 J

D

50

Oct. 10 at 110.
1957, Oct. 10 at 110.
105.
York Steam 6s 1947, Nov. 1 at 105.
York Steam 5s 1951, Nov. 1 at 105.

22

85H

O

17

113

98

New

3Ha 1960

Tol A Ohio Cent ref & imp

J

Tol St Louis & West 1st 4s

1950 A

Tol W V & Ohio 4s ser C

.

Pillsbury Flour Mills 6s 1943, Oct. 1 at 102H.
San Antonio Pub. Serv. 6s 1952, Jan. 1, 1939 at 110.
West Penn Power 4s series H 1961, Jan. 1 1939 at 105.

90

103 H 107 H

81H

81H

104 H 118H
70
88H
69
71

H

90

{ Companies reported as being In

37 M
7H

26

*

♦

t

104

24

24 H

89 H
105

*80

3H

48 H

50H

55

No sales.

105

40 H

Transactions

86H

86 H

2

57

1

50

1942 MS

95

Number 0)

*120H

Trl-Cont Corp 5s conv deb A— 1953 J

J

*106

♦Tyrol Hydro-Elec Pow 7 Ha- 1955 M N
1952 F A
♦Guar sec s f 7s

*24

Stale,

Miscell.

Shares

Ended

Bonds

Sept. 2, 1938

*95""

95

103H

1945 M

S

1962 J

UJlgawa Elec Power s f 7s
Union Electric (Mo) 3Ha

J

75

110H

72

20

75

110H

5

8H

....

5s—. .1945 A

O

Union Oil of Calif 6a series A... 1942 F

A

116H

116H

111

111

110H

110H

HI H

50

105H

105H

106

43

3 Ha

1952 J

debentures

J

J
Union Pac RR 1st A Id gr 4s.-. 1947 J
1st lien & ref 4s
June 2008 M 8

June 2008 M

1st lien A ref 5s

S

113H

1971 M N

90 H

United Biscuit of Am deb 5s— 1950 A O
United Clgar-Whelan Sta 6s-_. 1952 A O
1953 M S
United Drug Co (Del) 5s

'~73M

1944 (VI

U S Steel Corp

73 M

113H

6

Friday

553,560
3.753,990

$17,170,000

59 H

80

103H

7

9H

113H

109 H 116

74

83 H

95H

107H

13

103

107 H

73 H

75H

6

73

74

....

"23""
112H

5

103H

103 H

240

38 H

10

———-

69 H

60

77 H

81H
109 H

107

19H

$40,000

$2,078,000

804,000

229,000

4,904,000

710,000

701,000

515,000

413,000

4,274,000
3,700,000

580,000

153,000

3,796,000

730,000

114,000

3,832,000

$3,764,000

$1,650,000

$22,584,000

3,753,990

3,926,620

$1,650,000

$91,843,000

3,764,000

$1,922,000
5,122,000

158,843,000

242,737,000

17,170,000

21,595,000

924,197,000

1,488,319,000

$22,584,000

$28,639,000

$1,174,883,000

$2,030,008,000

Stocks—No. of shares.
Bonds
Government

—

———

State and foreign

Railroad and
Total...

.

Industrial

-------

—

Cons

s

27

102 H 103H
27 H

39

Stock and Bond Averages

41

27 H

39

39

""3

27H

92

91 H

92 H

14

91H

94

91H

91H

92 %

10

73

92 H

as

91 H

91 H

93

47

78 H

94 H

47 H

46H

47 H

23

45

55H

.1959

47 H

45H

47 H

32

45

55

A

O

40
39

A

*105

41

...

.1957 MN

J
{♦Vera Cruz A P 1st gu 4Hs—. .1934 J
J
J
{♦July coupon off
1955 M N
Virginia El A Pow 4s ser A.—,
Va Iron Coal A Coke 1st g 5s... .1949 M 8
J
2003 J
Va A Southwest 1st gu 6s

1st cons 5s




.1958 A

O

107
.....

77

Below

are

compiled by Dow, Jones & Co.:
Bonds

Stock#

99 H

104

97

97

.1955 F

5s. .1941

4s series A

f 4s series B

$298,952,000

116H

107

10

'

cons g

269,510,345

177,729,648

.1947

{♦Utll Pow A Light 5 Ha
{♦Debenture 5s

Vandalia

1937

1938

1937

1938

Exchanae

the daily closing averages of representative
stocks and bonds listed on the New York Stock Exchange

*37 H

♦Sink fund deb 6 Ha ser A— 1947
United Stockyards 4Hs w w— 1051
1944
Utah Lt A Trac 1st A ref 6s
.1944
Utah Power A Light 1st $s

Vanadium Corp of Am conv

Jan. 1 to Sept. 2

Week Ended Sept. 2

Sales at

96

82

Sales

$425,000

New York Stock

107 H 114H
97
107 H

26

25

350,700
1,248,850

......

Total..

119

104 H

92 H

38 H

♦Un Steel Works Corp 6 Ha A.. 1951
1951
♦Sec s f 6 Ha series C

Saturday

110H

105

92 H

22 h

J

1948

509,170

90

*my*

S

deb 3Hs. 1946

3Hs debs

Wednesday

116
3

H2H-

}{♦United Rys St L 1st g 4s... 1934 J

96

630,550
461,160

107H

1970 A

35-year 3 Ha debenture

U S Pipe A Fdy conv

Tuesday

90

O

34-year 3Ha deb..

U N J RR A Canal gen 4s

113M

Monday

97

18

28H

Bond

$1,613,000
3,871,000
2,863,000
2,772,000
3,063,000
2,988,000

117H 120

109H
*7H

{{♦Union Elev Ry (Chic)

110

20

Thursday... ...

*24

Total

States

Bonds

1

103

109H

Exchange,

Unuea

Municipal &
For'n Bonds

Stocks,

Week

80

*104

Toronto Ham A Buff 1st g 4s.. 1946 J D
1949 M S
Trenton G A El 1st g 5s

York Stock

RaW uad <3c

84 H 102

57

New

the

at

Daily, Weekly and Yearly

63 H

O

under

during the current week and not included

Deferred delivery sales transacted

90

98

Friday's bid and asked price.
Bonds selling flat.

the yearly range;

39 H
9

71

104M

bankruptcy, receivership, or reorganized
securities assumed by such companies.
No sales transacted during current week.

Section 77 of the Bankruptcy Act. or

88 H
87

D

-

*

New York Steam 5s 1956, Nov. 1 at 105.

108 H

Tokyo Elec Light Co Ltd—
1st 6a dollar series

Included in year's range,

not

Exchange bond Issues which have

H The following Is a list of the New York Stock

85H

13

1952 J

dollar

103 H

85 H

1937 J

a Deferred delivery sale; only

Odd lot sale,

102 H
84 H

82

1960 A

n

New

O

5s

week,

current

{ Negotiability Impaired by maturity,
t The price represented Is
quotation per 200-pound unit of bonds.
Accrued Interest payable at

103 H 106 H
109 H 114

.1979 A

..Jan
g

week,

transaction during current

during

been called in their entirety:

105H 108

in

♦AdJ Income 5s
{♦Third Ave RR 1st

5H
102 H

.

5

14

Tide Water Asso Oil 3Hs

59

102H

week and not included In the yearly

•,'

:

103H
122H

85H

37 H

5

96

*3H

103 %
112 H

84H

J

8H

5H
6H
104
107 H

Detroit Edison 5s series E 1952, Oct. 1 at

81H
112H

1960 J

102

15H
14 H

exchange rate of $4.8484

85

95

J

Third Ave Ry 1st ref 4s

102 H

"70H "94"

O

D
.1980 J
Gen A ref 6s aeries D
Tex Pac Mo Pac Ter 5H8 A—. .1964 M S

6

106H

26

D

83

8

6H
5H

6H

*

106H

H

.1977 A

Gen & ref 5s series C

107 H

105H 109 H

11

Commonwealth Edison 4Hs series D

"92

.2000 J

81H

1

94 H

Ex-Interest.

119H 125

.1943 J

-

Texas A Pac 1st gold 5s
Gen & ref 5a series B

46 H

x

.....

J

D

103 M

91H

A

A

100

106 H

3

11H

D

"'v

-

Cash sale; omj

r

51

106

107 H

11H
*9%
6H

71

1950, Aug. 23 at 100.
Nord. Rys. 6Hs 1950, Aug. 23 at 102H.

transaction

103

"34

107 H

107 H

7H

4

96 H 101H

3

94

Allied Stores 4 Ha

106

102 M
100

81H

14

94

Cash sales transacted during the current

e

15

101

80

101H

94H
79H
91H 100 H

5

1961 M N

range

106H 110

""§

*120H

S

Tennessee Corp deb 6s ser C... .1944 M 8
.1947 J D
Tenn Elec Pow 1st 6s ser A
Term Assn of St L 1st g 4Ha... .1939 A C

Texarkana A Ft S gu 6Hs A—. .1950 F

109H

109 M

2

65

*103H

100

Swift & Co IstM 3Ha

M

23

*11H
1C4H
102H

Tenn Coal Iron & RR gen 5s.

Cop A Chem deb 6s B__. .1944

"99H

105

109H

J

.1961 J

Standard Oil N J deb 3s

TenD

"99 H

1938 M S

23

4H

IVI N

Service 4s._ .1961 J

0

1st mtge ft t 4h ser C!

61

75

*65

.1951 J

91 H

101

♦Certificates of deposit..

114

St Louis Dlv 1st g 4s

110H

{♦Wor A Conn East 1st 4 Ha.. .1943 J
Youngstown Sheet A Tube—

{♦Sup A Dul dlv A term 1st 4s "36

.1956 A

East Tenn reorg lien g 5s
Mobile & Ohio coll tr 4s

105

J

52

63

7

94

J

.1949 J

75H

107 H

♦Certificates of deposit..

.1955

Southern Ry 1st cons g 5s

34

.1960 J

77

105 H

91

101H

J

{♦Wis Cent 50-yr 1st

26

100

4%

Winston-Salem S B 1st 4s

16

5

99H

O

4s

24

23

D

J

.1947 A

gen

24 H

.1940 M N

Conv deb 3Hs

"12

103

91H

Wilson A Co 1st M 4s series A. .1955 J

Gold 4 Mb

63 H
63

I960 F

Wheeling Steel 4Hs series A__

24 H

107 H

107 M

.1949 M

97 H 108H

104H

103

D._ .1966 M S

ser

42

69H

98H

22 H

56

63 H

93

73 H

s

*104

D

.1951 J

52 M

65H

68 H

i'i 4

87 H

1950 IVI N

,1946 rw

Western Union g 4 Ha

50

.1955

60

85

87 H

23 H

100K

104H

83 H

24 H

West Shore 1st 4s guar...

69 H

84

S

ser A

52 H

So Pac RR 1st ref guar 4s
1st 4s stamped

101H 105 H

,1946 M

94H

83

77

106 H

3

{♦Western Pac 1st 5s

46

89H

5

105H

J

53 H

*85

HO

109H

O

46 H

H

111H

109

.1943 A

25- year gold 5s

105 H 108H
106 H 109H

O

1st A ref 5 Ha series A._—., .1977 J

8

48

103 H
120H

105H

S

48

123

116

106 H

io9H

1968 M

Lines) A—

120H

98 H

J

1977 M

lst 4Mb (Oregon

Gold 4 Ha
Gold 4Mb

119H

.1966

♦5s assented

120H

91

106H

121H

103H

West N Y A Pa gen gold 4s

104 H 108

48

108H
110

103 H

•

10/ H

S

.1952 A

77 H

Wheeling A L E Ry 4s
100 H

107H

104

*122H

Western Maryland 1st 4s

24

98
79 H
90 H 103 H

Southern Natural Gas—
.1951 A O
1st mtge pipe line 4 Mb
So Pac coll 4s (Cent Pac coll), .1949 J D

109H

82

61H
20 H
64

110

106

106H
*103H
103

.1961

48~"

60

*

J

.1952

101H 105

104H
108 H

1st mtge, 4s ser H
1st mtge 3 Ha series I

85 H

"29

91

A

E*_. .1963 IVI

aer

82

63 H

"16

36

*40

Westchester Ltg 5s stpd gtd... .1950
Gen mtge 3 Ha
.1967

96 H 104H
48
70 H

71

55H
68H

104

"34H

.1946 FA

f 5s

s

West Va Pulp A Paper 4 Hs

"79

77 H
77

Washington Cent 1st gold 4s... .1948 Q M

2H
164

"34H

13

107H

38

76

76H

A

8

Bros Co deb 6s

15

69H

76

Certificates of deposit

100

1

65H

*77H
(

{♦Warren

West Penn Power 1st 5s
Sbell Union Oil deb 3Hb

S

4H
8H

*98 H

.1951 M S

♦Series B certificates

O

4

18H

6H
1933 M S
1935 F A

4s

"65H

O

1955 A

4

18

♦Certificates of deposit

{♦Alt & Blrm 1st

....

Warner Bros Plct deb 6s

17 H

9

1955 A

.1939 M

6s debentures

20

11H

J

H 105H

""A

M

*1

105H

105H

35

75

75

75

57 H

39

15

Total

10

First

Second

10

Utili¬

65

Indus¬

Orade

Grade

Utili¬

40

roads

ties

Stocks

trials

Rails

Rails

ties

Bonds

104.41

88.24

2.

141.38

27.33

19.44

45.74

106.30

91.63

50.63

1.

138.36

26.63

19.25

44.78

106.43

91.41

49.99

104.44

88.07

Aug. 31.

27.41

19.28

45.23

106.73

91.88

50.66

104.61

88.47

75

139.27

Aug. 30.

138.26

19.31

45.10

106.59

91.91

51.10

104.64

88.56

61

27.69

Aug. 29.

137.06

27.48

19.13

44.71

106.72

92.50

51.60

104.66

88.87

Aug. 27.

141.95

28.71

19.89

46.40

106.90

92.90

52.29

104.99

89.27

105M 109 H

38

*51

2H

2

105H

*20

Total

20
Rail¬

trials

104

104

10

30

Indus¬

Date

45

Sept.
Sept.

New York Curb

1460

Exchange—Weekly and Yearly Record

Sept. 3, 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
of the regular weekly range are shown In a footnote In the week In which they occur.
No account Is taken of such sales In computing the range for the year.

In the

following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
beginning on Saturday last (Aug. 27, 1938) and ending the present Friday (Sept. 2,1938).
It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
week

.

Friday

Sates

Last
Par

Class

for

of Prices

Price

Low

High

20

27 A

19A

B

3%

Agfa Ansco Corp com
1
Ainsworth Mfg common..6
Air Associates Inc

com...1

Range Since Jan. I. 1938
Low

Shares

8%

"m "~8~A

10

0H

n

Corp com

Air Investors

10

A
1A

1%

»i«
1%

$6

*
*

pref

Feb

19%

Sept

2%

Apr

Jan

Jan

4%
37

July

Bliss

10%

Aug

Bliss &

10

Aug

Blue

Invest

Co

Aluminum

6%

$3 opt.

Jan

Blumentbal

Apr

65 A
57

50 A
44 A
2

A

105A 114
104% 105 A
15

121

116"

124%

14

14 A

68

Mar

Class

OA

127%

Aug

Feb

107%
15%

July

Mar

Feb

Aug

Mar

Mar

66

July

0%

600

A

10c
10c

Mar

12%

July

2

A
10%

*

prelerred

*
Amer Centrifugal Corp.-l
$5.50 prior pref

50

J*

Jan

1%

Mar

4%

Aug

Mar

%

Apr

Mar

24%

July

Apr

70%

Aug

3%

Mar

Apr

30%

July

Apr

29

July

1%

Mar

3%

July

15%

Mar

27%
20%

900

225

July

25

1A
26%

1A

10

10%

25
Class A with warrants.25
Class B
1
A

Cyanamld cUse A. 10
10

Amer

Class B n-v

Amer Foreign Pow warr—

Amer Fork A Hoe com...*

*

Amer Gas A Eleo com

*

Preferred...

American General Corp 10c

1
1

$2

preferred
12.60 preferred

26

"in "2"
23

1%

"26 M
5

25

25

600

8%

Mar

5,000

19%

Mar

75

5A

800
200
50

"566

14 A
23%

900

18 A

13%

23 A

23H

400

Republics....10
Amer Beal-Kap com.....2
Am Superpower Corp com *
1st preferred
*
--*

Prelerred

American Thread pref
Anchor Post Fence

20 A
45 "

OA

OA

10 A
4 %

14

13

*

20

Aug

10

Mar

16

July

22

June

24%

May

Apr

23

Jan

Apr

03%

Feb

400

16

Apr

20%

Jan

30

Jan

47%

Aug

5

Mar

11%

Aug

July
Feb

July

Mines

1

Products

23

Jan

10

Babcock <6 Wilcox Co

*

1A

1A

1A

32

33

26

25

26%

Baldwin Locomotive—

270

1A

2,200

July

Jan

!u

Jan

Mar

Mar

%
,i«

Mar

Mar
Mar
Mar

80

J*n

June

5%
30

July
Jan

1%
16

Jan

Carrier Corp
Carter (J W)Co common. 1
*

1st preferred

July

Jan

Mar

9%

Jan

June

3,300

1%
2%

Jan

1%

1*

"5 A "5%

""160

Chief Consol Mining
Childs Co preferred
Preferred

*

1A
11A
6

l A
11A
5%

800

1A
11%

200

6%

1,300

116

200

Cities Serv

27

A
A

$6 preferred

*

*

34

For footnotes see page 1465

"34"

9%

Club

4 A

July
July

Mar

63%

May

July

1%
8%
2%

150

1,200
200

"166

Mar
Mar
Mar

6%
12

Mar
Jan

July

2%
16

Jan
Jan

Cleveland Tractor

"""566

Tioo

82

175

4

100

Alum

Utensil Co

80
32

May

7%

Aug

6%

Mar

23%

Aug

Jan

Jan

Apr

3%

Aug

50

June

82%

Aug

4%

Feb

Mar

23%

50

June

69

Jan

10%

Mar

14

May

May

84

Feb

'"""26

75%

Apr
June

92

June

4%

""""96;

86"

64

1%

"i%

1%

"moo

%

4,300

Six

Sept

5

3%

4%

3%

4

7%'

1,175

3

Mar

June

2%
%
7%

Mar

•is

Feb

8%
83

Mar

1

0

3%

May

Jan

Jar
Jan

75

500

Mar

17

8

3%

Apr

10

3

Mar

7%

Feb

3%

Mar

4%

Aug

June

5
5

63

9%

50

97
40

20%

A
47%

175

7

7%

3,600

36%

36%

39

1,000

3

100

7%
21

June

113%

Aug

79%

July

Mar
June

OA

July

21A

Mar

»n
53

Sept

7

11

47%

Mar

49%

49%

2

Mar

5

20

3

Jan
Jan
Jan

Jan

5A

45

Apr

Mar

200

47%
7%

July

8%

Mar

12%

750

69

8%

Mar

40

25

29

Feb

72

Feb

67

Jan

July
May
May
May
May
Feb

46%

150

8%

600

4

Mar

8%

Aug

3%

100

2%

Mar

4%

June

13%

June

1%

7%

7%
3%

46

20

1%

1,700

46

1

Feb

20

Jan

2%

Jan

2%

Jan

Mar

4

Mar

39

Aug

34

35

""150

30%

Feb

5

5

200

3%

1%

""400

0%
3%

Jan

1

Mar

2%

Aug

7

1%

Mar

1% June
Mar

12%

Aug

Feb

"2% "2%

"360

1%

June

3%

Jan

500

3%
3%

Mar

5%

4%
7%

June

.£1
warr.

Colt's Patent Fire Arms.25
Columbia Gas A Elec—

Aug

Aug

Columbia Oil A Gas

July

119%

Feb

5%

5%
54

55

200

51

preferred.. 100

51

50

1

3

3%

2,100

.

18

14%

Mar

29%

Aug

%

May

1%

Jan

Commonw Distrlbut

ht

May

%

Jan

Mar

11

July

Mar

34%

July

Community P A L $6 pref *
Community Pub Service 25
Community Water 8erv_. 1

45

Mar

Warrants

'11

A

01

June

00

July

>16

5,400

A

'is

1

Mar

47%
2%
13%

54

Columbia Pictures Corp .*
Commonwealth A Southern

Conv 5%

Jan

Mar

100

6%

Colon Developmen lord

6% conv pref
Colorado Fuel A Iron

26

Apr

1%

Jan

3

Cockshutt Plow Co com..*

Mar

30

85

Apr

200

13

85~

*

7%
166%

Aug

Mar

Mar

17%

68%

13

*

com

Apr

A

"34""

"26"

"55% "58"

Claude Neon Lights Inc..l
Clayton A Lambert Mfg__*
Cleveland Elec Ilium
*

May
July

Jan

Jan

14

City A Suburban Homes. 10
Clark Controller Co..—.1

4%

200

*

"19"

Cllnchfleld Coal Corp.. 100

OA

*

2,900

4

Pf A L $7 pref.*

July

113%
5%

50

17%

23%

*

6%

28%

17

21%

82

*

J&B

June

147
116

Purchase warrants




Preferred B

3

Berkey A Gay Furniture. 1

*

Jan

Jan

1%

1

100
Cities Service common..10

June

10

July

Apr

113% 113%

12

Pa0%% pf.100
Hedges com
*

prel

Mar

July
Apr

17

4

5

4%

Bell Tel of

common...

30%

July
June

200

100

pref

36%

June

19

Mar

16

May

25

8%

2%
2%

Jan

Feb

Aug

%

%

200

Chic Rivet A Mach

Jan

2

Apr

17%

"150

Jan

Mar

Jan

July
Jan

1%
10%
1%

100

"3% "3%

Chicago Flexible Shaft Co 5

May

3%

600

7%

Jan

Jan

4%

Mar

UJI

24

"l3A "13%

Jan

July

8

"l9"

5

July

♦Aug

Mar
Mar

»ii

.

3%
24%

5

%

Jan
Jan

Aug

200

"""166

10

9%

17%

5

Apr

4%

*
Chamberlin Metal Weather

2%

21

July

22

60

Centrifugal Pipe

Mar

Apr

Jan

July

%

29

05%

22%

0% pref without warr 100
7% preferred
....100

Mar

Mar

3%
3%

15

1

1

1

Strip Co..
Charts Corp

Aug
Mar

Apr

7

—.*

Conv preferred
100
Conv pref opt ser '29.100

Aug
July

Mar

2

i

com

Mar

19

2%

10

Mar

13

13%

Jan

#16

Cherry-Burreil com
Che8ebrough Mfg

AUg

July

10

$1.50 conv pref
...20
Beech Aircraft Corp
1
Bell Aircraft Corp com... 1
Bellanca Aircraft com
l
Bell Tel of Canada

10

5%

100
com..

Mar

18%

7%

1.100

24

51

7A

1%

com...

7

"5%

1%

4%

*

common

Cent States Elec

1%
1%

July

39

18

"3"

Cent Pow A Lt 7% ipreflOO
Cent A South West Util 50c

Apr

1 %

50

*

Jan

Mar

7%

28%

Jan

May
Aug

Jan

700

*

Class B

Jan

2%

Seellg Mfg A...5

Basic Dolomite Inc com__l
Bath Iron Works Corp.—1
Baumann (L) A Co com..*

Beaunlt Mills Inc

Carman A Co class A

1%

l

Stainless Steel.-.1

%

28%

Capital City Products...
Carlb Syndicate
25c

1

11%
4%

4A
15%
8

%

1%

Apr

50

15 A

Baldwin Rubber Co eora.l

Bardstown Distill Inc

2,300

15

May
Aug

2%
1%

400

1,000

*

Aug

1,900

3A

;<0

3

Canadian Indus Alcohol A*
B non-voting
Canadian Marconi

City Auto Stamping

Purch warrants for com.

conv

25

100

33

2%

3

shs.£i

Preferred

Tobacco—

preferred

Amer dep rets pref

%

11%

15
9

14%

2%

Calamba Sugar Estate..20
Canadian Car & Fdy pfd 25

Jan

Mar

17A

20%
101%

13%

t C—*

Mar

A
A
6%

25

A

101

Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod
1

Mar

100

5%

Apr

18%

Aug

Mar

300

2%

3,000

Jan

3%
40

May

Mar

4%

%

9

5A

May

10

Mar

6%

5,500

Mar

1%

400

1,800

3%

50

uie

17

4A

20%

Cent Hud G A E com
*
Cent Maine Pw7% pref 100

900

1A

8
22

Apr

July

2,400

7A

July

Jan

Apr

400

88

9

1

A

33

6

450

6%

250

Mar

16

1A
VA

Mar

»»u June

22%
101%

Aug

10

Jan

July

Apr

78

2%

26%

18%

Mar

23

15

Hi

25

7% 1st pref

900

Apr

May

July

800

5

4

16

5

common

Bickfords Inc

3%

5%

7% 1st partlc pref... 100
Celluloid Corp common. 15
$7 dlv preferred

Jan

'is

27%

40

Celanese Corp of America

May

67

Warrants

Axton-Flsher

v

Castle (A M) com
Catalln Corp of Amer

7%

A

26

3%

Corp Am dep rets..
Biscuit Corp.. 12%c

Feb

4%
4%

500

21

Mar

14

pref25

Feb

Mar

*32

21% June

Apr

15%

100

Apr

%

21

18

22%
25%

21

$5

July

Mar

300

Jan
Aug

May

6

*n

Mar

7%

9

30

28

16%
104%

2%

3%

Mar

500

Mar

2%
4%

Jan

Mar

200

Casco Products

100

3

5

Aviation A Trans Com—.1

Buff Niag & East Pr

Jan

6,200

»i«

*

Avery (B F)

$2.50

4

%

Automatic Voting Mach..*

Conv

19%

%

Atlas Corp warrants

Benson A

76

""500

7

27%

15

6%
28%

14%

8%

Atlantic Coast Line Co..50

Barlow A

Mar

3

800

Apr

200

30

Apr

2,100

Jan

100

26

Carolina P A L $7 pref...*
$6 preferred

%

Jan

4%

14

Jan

161«

2%

Apr

28

June

A

Mar

5

55%
8%
3%

June

Jan
Mar

%

50

Carnegie Metals

6

J32

Corp

1

00m

Buckeye Pipe Line

Carnation Co

».6

10%
88

May

June

2

*

Jan

600

27%

May
May

Jan
June

A

100

6%

Jan

""506

July

7%

Apr

5%

200

24%

1%

*

-

w w

1%
3%
26

100

7%

Apr

4A

"900

3%
23%

Class A pref
♦
Brown Forman Distillery. 1

Mar

90

4A

Atlanta Gas Lt 0% pref 100
Atlantic Coast Fisheries-.*

6% preferred
0% pref xw

IBrown Co 0% pref

Mar

60

Option warrants..

Silver

"6%

Am dep rets ord reg.-10s

%

Assoc Laundries of Amer.*

Barium

Jan

100

"T% "T%"

*

7%

1

4

-.1

preferred

A

Mar

4,100

£1

$5

Class

Aug

A Elec—

Automatic

7

British Celanese Ltd—

July

25

Mar

2%

1

Austin

14

Aug
Mar

dep rets ord bearer£l
Amer dep rets reg
£1

59

1

Class A

Atlas Plywood

Mar

2%

Cables A Wireless Ltd—

6

Industries

Common vtc

7%

3%

Feb

July

19%

May
Sept

3

Arkansas P A L $7 pref...*
Art Metal Works com
5

Common

200
400

Am

Cable Elec Prods

Aug

"2 A "O"

*
..10

4%

400

Jan
July

%

1st preferred
*
Bunker Hill <k Sullivan 2.50

June

%

1 %

5%

—

Aug

Mar

102%

4%
17

Tobacco—

Amer

Bruce (E L) Co com

14%

3

Apr
Mar

70

British Amer Oil coupon..*

Burry

Mar

300

Mar

4%

*

Burma

Mar

7%

Arkansas Nat Gas com...*

Assoc Gas

7% preferred
100
Cq common...*

Class A

Jan

Feb

11

Brllio Mfg

Registered

July

5%

1%

July

1%

102

Amer deposit rets

6%

!.*

July

3

fArcturus Radio Tube—1

Aug

July
July

12%

4%

Corp class B_

Class A

5%

100

Appalachian El Pow pref. *

July

*

28%
30%
14%

200

3

Elec

31%
114%

OA
2

17%
13

100

300

14

3

Ashland OH A Ref Co

12%

3%
2

Associated

11

5%

*

Preferred

6,200

4A

Angostura Wupperman._l
Apex Elec Mfg Co com...*

Preferred

Bridgeport Machine

Feb

July

50

22 A
45

Mar
Mar

25

Bright Star Elec cl B
Brill

11

1

Aeronautical... 1

Apr

%

Jan

10%

1%
42

Jan

Mar

8

1,200

5

Common class A

2

11%

Amer Potash A Chemical.*
American

Apr

2%
23

2%

10

1%

Breeze Corp

$6 preferred...
Brown Rubber Co

Jan

54

1
*

Amer Meter Co.—

104

21

HA

Amer Mfg Co common 100
Preferred
100
Amer Maracalbo Co

Mar

100

25 A

4%
25

11%

.20

preferred.

6%

MOO

IA
11A
11A
25 A
27
113
114 A
VA

"Ha "is"'"

Amer Invest of 111 com...*

25

"21A ~23~~

25

Amer Hard Rubber Co..50
Amer Laundry Mach
Amer Lt A Trac com

'""500

Apr
Mar

1

Brown Fence & Wire com. 1

1%

Am Cities Power A J-fc—

Class

June

Jan

Brazilian Tr Lt & Pow...*

British

common

%
34

100

2d preferred

Feb

Aug
Jan

4%

100
200

%

Aug

Mar

Mar

Mar

1,300

Bridgeport Gas Light Co

Jan

12%
21%

7

Brewster

18%

9

11

Mar

100

Feb
Jan

June

67

44

9

1%
10

com

1st preferred

Aug
Aug

1~760

7%

%

Mar

Apr

8

14%

June

2%

Bowman-Blltmore

!!*

Capital—

Common class B

S3

July

117

Apr

15

100

Book Co

Jan

106%
10%
5%

93

600

2%
1%

Jan

%

Amer Box Board Co com.l
American

Aug

May

94%

14%

%

Apr
Aug

300

American Beverage com..l
American

May
May

39%

Bourjols Inc

63

2,300
1,400

100

6% preferred

American Airlines Inc—10

08%

Mar

39%
8%

11

275

High

Mar

4%

1,800

25

Mar

19

1, 1938

Low

10

9%

100

Mar

Aluminum Industries) com *

Aluminium Ltd common.*

1st preferred

3

15

7%

Borne Scrymser Co

10%

14%

1

10%
17%
1%

*
Bohack (H C) Co com...*

July

12%
112

July

10%l

(8) <k Co

53

Mar

6

100

16%

Mar

33 A

Range Since Jan

Shares

0%

_.*

Jan

8A

common..

Ridge Corp com
conv pref

1%
2

Mar

for
Week

10

5

Mar

10
25

preference

Laughiln com

Mar

(55 A

Aluminum Goods Mfg...*

1

June

A

conv com

common

A
1

price

Range

*

com

(K W)

7A

700

S3 conv pref
Class A

teauner's

400

300

com

Products com

Feb

Mar

Allied Internet Invest com*
Allied

34

5A

50

56 A

of Prices
Low
High

"600

50

56 %

Week's

Sale

Blrdsboro Steel Foundry
Machine Co com
...»

17%
14%

Alles & Fisher Inc com.—*
Alliance

June

50

A

preferred

Last

I
Par

100

11%

Southern -.50

Gt

I

High

500

Warrants

Alabama

Ala Power 17

STOCKS

(Continued)

23

1
common.--*
Conv preferred
*

Air Devices

27 A
10 A
3a

Sales

Friday

Week

Mfg class A.*

Acme wire v t o com
Aero Supply

Week's Range

Sale

STOCKS

400

Mar

Feb

Jan

4%
16

AUg

%

Feb

1
28

18%

Mar

25%

%

Apr

23%

25

200

16

21%

20%

21%

200

.

1

Jan

Aug

Mar

%

25

Aug

Jan
July
Jan

May
Jan

Volume

New York Curb Exchange—Continued—Page 2

147
Friday

STOCKS

Last

(.Continued)

Sale

Par

Price

Sales

Week's Range

of Prices
High

Low

STOCKS

Range Since Jan. 1, 1938

for

c

ext to

14

—

Consol Biscuit Co.
Consol Copper Mines
Consol GELP Bait

14

.1

7N

5

.

5%

com

*

5% pref class A—100
Consol Gas Utilities

—

1

Consol Min A Smelt Ltd.5

Consol Retail Stores.....1

14 N

x7X

7H
5H
6H
71N
73
114N 114N
X
lai«
55N
59N
3X
3K

200
600

3X

Jan

5,200

3X

Mar

300

55

Mar

10

113

Aug

350
200

Cont G A E 7% prior pf 100
Continental Oil of Mex... 1
Cont Roll A Steel Fdy—*

""k

N

"loo

7N

7X

300

—

*
*
*

—

Cooper Bessemer com
$3 prior preference

10

700

10

10

100

.....

"T

'"7k

"200

"~6k

"166

Common———1
i x

700

3

"ik "Ik

T,966

60

Courtaulds Ltd..—.—-£1

.

.6

Crocker Wheeler Elec
Croft Brewing Co

*

-—1

21X
5X

22 N

6N

700

N

N

3H

3N

'"800

"Ik

26

X
18

1

19N

"*400
150

Cuban Tobacco com v t c.*

Davenport Hosiery Mills.*
Dayton Rubber Mfg com.*

9

9

100

"l2k "13"

"466

"Ik "2k

"400

"6k "ik

"loo

6% pref ww
—20
Detroit Gray Iron Fdy—-1

"Ik "Ik

Det Mich Stove Co com.. 1

2 N

Detroit Paper Prod
1
Detroit Steel Products—*

2N

2N

2N

2N
34 N

200

2001

Jau

10N

reg.£l
Gen Flreprooflng com..—*

54 N

Mar

General Investment com.l

Mar

9H

20N

Jan
July

Jan

X
4X

June

2N
13 N

Jan
Jan

12

Jan

June

7X July
H May
17X Mar
3
Aug

3N

IN

July

Feb

300

700

3x
10N

200

12 X
60 H

200

*

3H
10N
12 x
60N

Driver Harris Co——10

19N

20

200

Dominion Steel & Coal B 26

"12 k

100

100

Durham Hosiery cl B com *
Duro-Teet Corp com
1

*
.10

"5§k

"ah

.......

"io k

Mar

June
Jan

Jan

Mar

May
Jan

11N
IN

July

35

July

__...

108 N

Aug

Glen Alden Coal..

37

33

preferred..—

preferred..—

50

Grand Rapids Varnish

22 N

July

Jan

IX

Aug
June

5X June
Mar

40

Jan

3N

Jan

15

July

3N
3N

Jan
July

14

Mar

33 X

Aug

May

16

Jan

Mar

9

Jan

Non-vot

7% 1st preferred

Gulf Oil Corp——.25
Gulf States Utll 35.50 pref *
$6

24N
3H

Feb

Mar

Jan
Jan

Mar

16 N

Hartford Elec Light
Hartford Rayon v to

...

Harvard

""300

1

Mar

2

Feb

Hazeltine

50

100

64

Mar

65

Jan

3

July

"*4k "5

T.666

N
3«

Jan

9X

600

6

Apr
May

6N
9N

Jan
Feb

10N

2,800

7

Mar

13N

Jan

3N

IN

IX

100

26 N

125

25

Aug
Sept

62

Jan
May

UX

12X

450

11

June

31

Jan

12

July

Apr
Mar

IN

Jan
Jan

3X

800

2N

"14k "14k ""loo

ION
X

x

3X

13

June

4N

Jan
Jan

Hartman Tobacco Co...

0%

Corp

preferred

—

Hecla Mining Co
Helena Rubensteln

50
25c

Class A..

29

Hey den Chemical
10
Hires (Chas E) Co cl A—
Hoe (R) A Co class A—10
Holllnger Consol G M—5
Holophane Co common..*

Jan

14

Apr

16N

July

Horn &

Mar

Jan

6%

"Ilk '12k

Mar

Mar

55%

July
July

61X

July

200

2

Mar

4N
4N

July
July

3Vs

500

2

600

62

75

IX
20

45 X
47

100
50

46 N
49

15N
2N
IN

Mar

Mar

35

Jan

5N

July

"2N

2N

7% pref stamped
100
Hydro Electric Securities.*
Hygrade Food Prod.—.6
Hygrade Sylvanla Corp..*

"2

May

6

Jan

6%

Mar

13

Jan

1

Jan

IN

preferred

.—50

....

N
UX

Imperial Chem Indus..£1
Imperial Oil (Can) coup.
Registered....

June

24

Jan

Jan

65

May

125

28

Jan

50

50

28

Feb

55 N

May

200

28

Jan

57 N

May

49

50

32

Jan

58

May

May

22

Feb

ION

Feb

17 X

.....

**16
UX

1,300
3,500

6N
N

Mar

7

May
Aug

May

Zinc—

31

Mar

*1$

*«u

Ireland

Jan

2

Mar

5N

ON

Mar

10

July
Apr

Mar

20N
0N
8N

300

4

Mar

7

400

4N

Mar

12

18X
12

1,900
900

Indiana Pipe Line..

.10

&

200

10N

Aug

Mar

65

Apr
Apr
4N Mar
X Mar
8N May

July
Aug

•ii

Feb

Jan

8N
3

Aug
Jan

12 N

Aug

X June
46 N July

Feb

80

Jan

Jan

94

June

7

Aug
July

3N

July

""400

Mar

""506

.....

"

...

IN

Mar

9

....

""Ik "2k

Mar

12

Jan

Apr

64

July

1

Apr

"u

Apr

N

Mar

600

13N

6N

200

niH
20

26

"8N

8N
3N

26

100

9X

700

3N

100

Mar

May
Apr
6N May
2N Mar
6N
Apr
5N Mar

18
37

14N

15N

14

100

14

Mar

6

37

Mar

27

Mar

40

Mar

5N
UN

Mar

2X

Aug

IN
IN

Jan

6

Jan
Jan

19N
9

80

Aug
Jan
Jan

10N
7

Jan
Jan

7N
Jan
6N
Feb
2iN June
zllN Aug
37N
Feb
52
July
13N July

3,400
200

101

100

31N

20

101

9

May

16N
16 X

July

18

15N

"65N

June

20N

Aug

Mar

2N
21N

Aug

98 N
8

Jan
Mar

56

Mar

Jan

100

14N June
UN

Mar

14 N

Aug

4

Feb

32

Aug

102N May
UX July
72 X July
6N
Jan

Jan

V t

7%

0 common—

Tu
60 N

7X

8H

4,000

Mar

8N

Mar

69

Aug

48k

""150

26

Mar

49 X

Aug

Jan
Aug

1,800

3N

May

14N

Mar
Mar

5N
21X
20 X

Aug

15

1,600

Mar

2N

Apr

dan
Aug

Ford Motor of France—

IX

200

IN

2

Mar

4N

400

12

Mar

18N

July

200

300

"3" 100

16N

700

IN June
June

3N
5N
7X

Mar

6

Jan

15 N

13 N

Feb

8N

Jan

Mar

15

Mar

19N

Mar

19

Mar

July

June

Jan

13 N

Mar

15 N

32

Mar

7N

200

8N

Aug
Mar

Jan

10

*~7N

37N
9N

Feb

16

6N

Jan

10

May

82

Apr
June

IN

100

1

IN

100

IN

Mar

H

IN
IN

Mar

19N May
Aug

98

IN
IN

Jan

July
June
June

Feb

N
11X

Feb

02N

64N

750

48 N

Mar

67 N

22

22

100

16N

Mar

22

18N

18N

100

8N

Apr

2N

2N
26

1,300
2,000

7

64 N

Jan

Internat Hydro-EIec—

International Petroleum..*

Registered.-.-.-

Internat Safety

Aug

X

May

N

Feb
Apr

8N

Aug

Mar

3N

July

Mar

31N

Mar

31

Mar

6

2N
25N

25N

2N

Mar

ION

10N

11N

400

5

Mar

8N

8N

100

6

*16

»l«

200

23
24 N

*

International Products.—*

1

20 N

IN

A stock purch warrants.

Internat Paper A Pow warr

3

*"200

3

N

Razor B—*

June

Jan

4N
Feb
UN July
N June

International Utility—

*
—1

Class A—
Class B—

IX

Jan

15

100

preferred—

Internat Radio Corp
4

X

5N
2N
33 N

9

250

Internat Metal Indus cl A *

Jan

Apr

20N

Mar

1,000

""206

1

Mar
Jan

N

4

Mar

3N
15
4X
12

"l6N "17"
16N

Pref 33.50 series-.——50

39N
4N
48N

20

14N
UX

"un

Mar

20 X

19

2N

14N

Mar

H
4N

July
July
Jan
Jan
July

100

6

"Ik "Ik
19

*

July

20

..*

'2400

3

6

Non-voting class A....*

Jan

23

67N

2N

International Cigar Mach *

~48X

11.75 preferred

33.50 prior pref

*
—*

30

*29N 16"

""300

*16

*16

500

3N

4N
3N

Warrants series of 1940—

International

Vitamin—.1

Interstate Home Equip—1




Jan

Industrial Finance—

Insurance Co of No Am. 10

600

100

1465

Jau
Jan

9N

81

Indiana Service

Jan

56 X

X

Amer dep rcrts... 100 frcs

20N
1X

Mar
Mar

Indian Ter Ilium Oil—

July

5

56

4

Jan

Aug
July

33

£1

Britain

Jan

'it

5X
8

Fire Association (Phila).lO

20 X

3
24

4,700

6% pf.100
7% preferred...
100
Indpls P A L 6N% Pf—100

Mar

4X
7X

Flat Amer dep rights..
Fideilo Brewery
.....1

Am dep rets ord reg..£l

Mar

Feb
June

•a

""""26

Imperial Tobacco of Can. 6
Imperial Tobacco of Great

Jan

13

1,300

18N

Ford Motor of Can cl A—*

Mar

N
5N
3N

"18N "l9N

—*

Illinois

16 X

7

*

Apr

17N
95

42

~2N "2N

4

Feb

18N

7X

Apr

2N June

Dlv arrear ctfs—

5

1

Mar

*ii May
2
Feb

i~I66

Illinois Iowa Power Co.—*

Class B

r7H

Jan

400

..1

July
July

21

Metallurgical
*
Fedders Mfg Co
6
Ferro Enamel Corp......1

"4^266

Inc..

Common—.

76

Apr

47X
47 X

X

Fansteel

July

35

60

Humble Oil A Ref—*

Apr

60

48

""300

Falstaff Brewing..——..1
Fanny Farmer Candy coml

7

Mar

72

— — ....

5

Jan

May

4N

(Huylers of Del Inc—

Mar

4N

SIN

...1

Jan
Feb

26

33

Hummel-Ross Fibre Corp 5

Empire Dist El 6% pf.100
Empire Gas & Fuel Co—

...

6N

"93"

49 N

31N

Mar

20

"Ilk

Apr

5

40 N

100

42

IX

Emsco Derrick A Equip. .5
Equity Corp com—10c
Esquire-Coronet
1
Eureka Pipe Line com. —50
European Electric Corp—

June

5

»

*16

Hardart—

preferred—
Hubbell (Harvey)

10

.....

June

125

Hormei (Geo A) A Co com*
Horn (A C) Co common.. 1

36

1,500
19,500

1

45 X

Aug

62

25 N

25

w w—

3

"46 k

77

117N

1.000,

2

common—

Preferred

4C0

IX

100

June

50

7N

Hewitt Rubber common..5

200

7X

62

preferred.....100

Jan

6

31N June

200

29

7

*

54X
3H

3X

7% preferred...
100
8% preferred—
100
Empire Power part stock.*

100

123X 124

—*

49

7

1%

♦

16

88
.

6N
41

36

6N

2

..1

1,400

N
8

1,500

...*

IN
ION

X

1

1

Mar

13N

•mm

X
8

...

53)4
3X

.

mmmmrn.

Brewing Co——1

48

$6 conv pref ww.
*
Elec Shovel Coal $4 pref..*

Apr
May

16

Hearn Dept Store com..

24

Option warrants...

50

Hat Corp of Am cl B com. 1

Mar

Elec Power Assoc com—.1

3,100

.

25
1

Mar

7%

Apr
Mar

10

Haloid Co—

13

13

7N

6%
30 N

"93"

Mar
Mar

July

Jan

89

preferred

Mar

75

$5 preferred..—..—.*
16 preferred
.....*

5X

900

100

2N
9N
«N

20 N

Elec Bond & Share com..6

100

*

stock

00m

Gypsum Lime A Alabast.*
Hall Lamp Co

6N

.....

6X

30 N

Grumman Aircraft Engr.. 1
Guardian Investors.1

2N

"Ik "Ik """300

Easy Washing Mach B
*
Economy Grocery Stores.*
Edison Bros Stores
2
Elsler Electric Corp
1

6X

Grocery Sts Prod com..25c

Mar

Jan
Mar

IN

30

Gt Northern Paper..
25
Greenfield Tap A Die....*

May
IN May

IN

Aug

Great Atl A Pac Tea—

July

Feb

9N

Mar

•44

14

4N

*

July

68

July

44

57

Gray Telep Pay Station..*

7N

Mar

X

Mar

58

(Grand Nstloni Films Inc 1

Aug

Mar

J&n

Aug

Apr

May
Mar

8N

4N

Gorham Mfg Co—
V t c agreement extend.*

Aug

July

IX
11N

"900

x\2X

.*

Mar

19

For footnotes see pave

43

*

10N

Apr
Apr

N

26 N

6

13 N
14

H

9

July

72

6X

....

Mar

$6 preferred series B—_*

....

__

May

Jan

B

37

Goldfield Consol Mines. 10
Gorbam Inc class A.
»

26

Class

15

*

Feb

IN

Mar

Florida P A L 97 pref
Ford Motor Co Ltd—

$3 preferred.

July
* Aug
5N July

18
24

14

FIsk Rubber Corp
$6 preferred..

Mar

600

2N

40

Godchaux Sugars class A.*
Class B——
*

Jan

50

Falrcblld Aviation.

1,200

N

6% preferred A.....100
Gen Water G A E com...I

Gilchrist Co

20 N

Option warrants..

14 N

N

Georgia Power 36 pref—.*
35 preferred.———*

20

6k%

14

"12"

Telephone oom.20
$3 conv preferred.—*
General Tire A Rubber—

Jan
Jan

25

*

Elgin Nat Watch Co

19N

1

39

General

64N

Malleable Iron. 26

Electro graphic Corp
Electro! Inc v t c

Mar

July

July

$7 preferred series A.—*

Electric Shareholding—
Common—

Mar

63

Heller Co

Elec P & L 2d pref A

IN

16N

Mar

23

7

Common...————*

4N% prior preferrd-100
6% preferred
100

—

100
200

30

X

East Gas & Fuel Assoc—

Corp

14N
N

IX

18N

July

Jan

Mar

*

IX

18N

80

110

58 N

Aug
June

50

Mar

"Ik "In

Jan

12

83X

Apr

Apr

Jan

UN

87

75

*64 May
Feb

5

47

38

Aug

41

June

30

Mar

Sept
Sept
Aug

65

103

100
Dubiller Condenser Corp.l

19N
23

—*

July
July

7% preferred

6% preferred

preferred—

5

ION
IN

Jan

Mar

Mar

Aug
Aug

Warrants.......
Gen Outdoor Adv 6% pflOO
Gen Pub Serv $6 pref
*

22 X

.£1

Dobeckmun Co com.....1

.

$0
•

Jan

5

11

Mar

6N

7N

—

8N

27 N

Mar

3

Divco-Twln Truck com.. 1

Class A.

—

Aug

102
5N

8N
17N

Jan
Mar

18
80

Amer dep rets ord

3

7*

Mar

28

75

100

Gilbert (A C) common—*
Preferred
*

*16

High

10N June
6N July

J&n
Apr

Gen Electric Co Ltd—

11

30

Diamond Shoe Corp com.*
Distilled Liquors Corp...6

Eastern

300

5%

Jan

37 X

—*

Detroit Gasket <fe Mfg.—1

Eastern States

50

38

July
June

72

17

Eagle Plcber Lead

38

N

80

Mar

26

Duval Texas Sulphur

21N

4% conv preferred.—100

July

May

36

Duke Power Co

*

17N

Co $6 conv pf..*
Gatineau Power Co 00m..*

Jan

IN

—1
pref-100
Derby OH & Ref Corp com*

Draper Corp

6N
14N
6H

1

preferred

conv

ION

3N

12N

Dejay Stores

Distillers Co Ltd

2N

500

Gamewell

Jan

Aug

10

Dennfson Mfg 7%
Preferred

S3

July

30

25

0M% preferred.
100
Darby Petroleum com—5

Class A.....

100

8

17N
9N
19N
23

Jan

July

2H

....*

Cuneo Press Inc

4X

8

17N
9N
18N

May

8

14

*
10

com

preferred..—.15

Fuller (Geo A) Co com

May

4N

8*

Co com..26c
—

Conv

Mar

4X

Low

Shares

4X
8

preferred——100
General Alloys Co

Arp

"406

3,500

Crown Cork Internat A..*

6% preferred..

5

81N
IN
5N

1
....1

3

"3k"

Crown Cent Petrol (Md)-5

Crystal Oil Ref

Mar

July
1H June
2X Mar
67X
Apr
May
4 H May
6H Mar

2,200

"Ik

5X
x

Crowley, Mllner & Co—*

Crown Drug
Preferred

2X

Range Since Jan. 1,1938

for
Week

High

7X

Fruehauf Trailer Co.——1

53 X

2N

Cramp (Win) A Sons com. 1
Creole Petroleum

64 X

Range

of Prices

Gen Rayon Co A stock—*

$6 preferred A....
*
Cosden Petroleum com—1

preferred:

Common.....

June

18X June

Copperweld Steel com__lQ
Corroon & Reynolds—

conv

Apr

14

Copper Range Co..——.*

6%

Apr

•if

Week's

Low

Froedtert Grain A Malt-

Sept
July
July

51

4N

Varnish—.*

74

48 H
70

Consol Steel Corp com...*

$4 preferred.

7N
6N

Price

(Peter) Brew Co.—.5

Franklin Rayon Corp

Feb

15

116N
IN

400

8% preferred...—-.100
Consol Royalty Oil
10

Cook Paint A

Mar

11

Sale

Par

High

Low

Fox

1946

Last

(Continued)

Week

Shares

Compo Shoe Mach—
V t

1461
Sales

Friday

4

.

600

1,500

Mar

9

Jan

N Mar
7N May
24 N
Apr

9N

Jan

30N

July

Feb

N

Jan

2N Mar
2N June

4N

July

5

Julv

*u

Jan

1

New York Curb Exchange—Continued—Page 3

1462

Sales

Friday
Last

STOCKS

Week's- Range

Sale

(<Continued)
Par

pre!--*
Investors Royalty
1
Iron f ireman Mfg v t c._10
Irving Aur Chute
1
Italian Superpower A
*
Jacobs (F L) Co
1
JeanDette Glass Co
.-*
Jersey Central Pow A Lt—
6%% preferred
100
6% preferred
100

of Prices
High

Price

Low

Interstate Power 17

7%

4%

4%

%
5

67

67

67

pref-100
6

27

5%

5%
9%

5%
9%

2%

Mar

hi

2,200

7%

13%

Aug

Jan
Jan

Mar

May

7%
3%

50

62%

Apr

Aug

Apr

75

Aug

Apr

86

Jan

21

Mar

43 %

Jan

250

24

Aug

32%

Aug

May

4

Mar

7%

Mar

Apr

11*4

Jan

Aug

44

32

33

2%
BX

2%

Klrby Petroleum

3

%

3%

July

106

Feb

%
44

111

Aug

1

Jan

National P A L $6 pref
*
National Refining Co—25
Nat Rubber Macb
*
Nat Service

22

8%

100

6%

6%
11%

3%

6%

Apr

11%

Jan

Apr

37

Jan

600

*

Aug

14%

Jan

3%

100

15

Mai

38

Aug
July

38%

July

62%

200

6%

6%

'2"600

Mar

64%

May

4%

Jan

2%

Mar

7%

Aug

>u

Mar

»i«

Feb

Aug

3

1%

1%

"166

I

25

32

14%

2,200

2%
**16

65%
18%

"2"

Jan

June

9%

Jan

1%

Jan

3

Jan

T,200

1%

%

Mar

♦

12%

May

*

Hi

Nebraska Pow 7% pref-100
Nehl Corp common
.*

Feb
Jan

»u

Mar

1%

(D Emll) Co com..*

13%

May

July

July

%

1.400

105

Corp. .5(
Neptune Meter class A—*

Jt.n

Nestle Le Mur Co cl A...*

KJelnert (1 B) Rubber

13

13%

300

t5 %

Mar

16%
8%
14%

90

98%

400

90

Sept

102%

ColO

Knott Corp common

5%

1

Koppers Co 6% pref---100

94

Mar

J

n

Kresge Dept Stores

100

4% couv 1st pref

37%
12%

12%

200

Lake Shores Mines Ltd.

2

7% pref..100
United Bak

51%
2%
70

70

%

52%
2%
70

5,100
700

10

Class

Lehigh Coal A Nav——*
Oil

4%

4%

*

27%

7

3,600
5,000
400

5

Lion OH Refining

4%

26%

Develop...25
(R G) Inc-.l

Line Material Co

Llpton (Thos J) class A...1

45%
1%
63%

Mar
Mar

July
May

11%.

5

Lockheed Aircraft

1

Lone Star Gas Corp

*

H%

13

Jan
Feb

49

Aug

68%

Feb

3%
85%
14

5%
1%
15

5%

May

"u

Mar
Mar

Jan

Jan

11%
15%

June

2,600

11%

100

10%

Jan

19%

Mar

July
Jan

9

5
1

14%

6,300

5%

Mar

16%

Aug

1,700

6%

Mar

10%

July

1 %

x7

16%

Aug

1%

Jan

28%

Aug

42

Jan

125

34%
2%

Jan
Jan

4,400

23%
1%
6%

Aug

7%

%
36%

Sept

10

88

35%
1

%
36%
1%
%
2%

%

100

300

Mar
Mar

July

24

9%
88

Mar
Mar

%

100

39

500

*

%
%
1%

Mar

1%

Aug

%
3%

June

45

15

2%

800

May

19%

Apr

Jan
July

29%

1

preferred

i«i«

25,000

Margay Oil Corp...

*

Mass Utll Assoc v t c

6%

*

Marlon Steam Shovel

1

Massey Harris common..*
Master Electric Co
1

Jan

July
July
July
Jan
Feb

Mar

16
5

600

"*7%

""206

15

£16

5%

7

16%

1,850

53

53%

100

""2%

""306

18%

1,000

Aug
June

7%

53%

McColl-Frontenac Oil. .100

Mead Johnson & Co

*

2%
17%

123"

122

124

275

Memphis Nat Gas com...5

Class A opt warr
Class B opt warr
Class B

Noma Electric..

16%

"l7"

"ISO

.—1

$6 preferred

Jan

3%

3%

700

Warrants

1

%

Metal Textile Corp
25c
Partlclpat preferred.. 15
Metropolitan Edison—

50 pref

July

17

500

Mar

1%

200

200

6%

105%

40

91%

10
100

6%

95

6%

7

7%

Jan

Ohio Edison $6 pref
Ohio Oil 6% pref

Mar

28

Ollbtocks Ltd

2

Mar

5

July

Oklahoma Nat Gas

%
1%

»i«

%

Mar

*
100

6% 1st preferred

100

%
25

com.

*ia

%

July

1%

Feb

Overseas Securities

Feb

Pacific Can Co

Michigan Bumper Corp._l

»i«

%

7it June

400

lttt

May
Jan

100

1

2%

3

Michigan Steel Tube.-2.60
Michigan Sugar Co
»

8%

8%

Preferred

3,000

2

100

5

10

Middle States Petrol—
Class Avtc

*

Class B

*

v t o

Apr

May
*ii Mar
3% May

1%

Apr

Jan

5

Feb

Pan-Amer Airways

1

$1.30 1st preferred

%

6%

Warrants

1,600
1,700

*

11%

11%

100

*

50c

Midwest Oil Co

10
Midwest Piping & Sup...*

8%

Mining Corp of Canada. _*

2%

8%

300

2%
38

200

35%

3%

Minnesota Mining A Mfg. *
Minnesota P & L 7% pf 100
Miss River Power pref. 100

3%

100

200

July

3%

4%

600

1%

1,300

400

3

Mar

7%

July

24%
1%

89%

Jan

Apr

42%

Aug

Mar

2%

Feb

Mar

4%

July

%

Mar

2%

May
Sept

42

45

450

31

Mai

25

300

12%

Mar

29

Mai

27%

Apr

43%

45
•

4%

200

300

10%
5%

10%

11%

500

5%

5%

2,000

"76"

"40

1%

July

Mar

4%

July

ht June

*16

9%

200

26

100

27%

94%

1,300

13%

26

110

10%

13

29

94
94%
109% 110

112% 113

74

July

Apr

80

July

4

10

13%

Apr

50

Mar

6%
8%

Mai

14%

Jan

Mar

15%

July

Mar

20

Aug

18

20%

June

50

87

700

100

May
May

100

30

109%
93%
85

9%
33%
96%
1%
3%

9%
34

98

6

34%
97%
113

113%
104%

July

94%

July

8%
6%

Mar

250

21%

Jan

35

July

May

100

July

89

Mar

10%
10%

1%

Mar

100

2%

June

2%
4%

Mar

8%

"29% "30%

"2" (>00

4%
27%
25%

Mar

Apr

27%

Jan

106% 106%

29%

400

'"""25

98%

Mar

108%

July
July

46

18%

3%
15%

31

65

Apr
Mar

7%

4%

4%

""506
6,400

19

July

96

Aug

12%
3%

May

19%

Jan

May

7%

June

4%

7%
59%

June

xl4%

Mar

May

Jan
Jan
Aug

Penn Gas <fc Elec cl A

»

2%

Apr

1

1

Aug

July
Mar

May

2%
8%
93%
84%

Peninsular Telph com
Preferred

June
Mar

8%
1%
24%

Mar

13%

July

Mar

2%

Feb

Penn Mex Fuel Co

Feb

39%

Aug

Penn Traffic Co

Aug

78

May

110

Mar

July

Jan

6%
3%

Mar
Mar

$2.80 preferred

Aug
July

Aug

3%

July

Pepperell Mfg Co

2%

Sept

5%

50

Perfect Circle Co

4%

Apr

6

Aug

122

Mar

158

Sept

28

Apr

31

Feb

"§6% "36%

'"~50

*

For footnotes see page 1465

7

84%

12

July
Jan
Aug

300

6

Mar

10%

10%

100

6

June

12%

10%

10%

100

Aug

10%
8%

10%
7

June

Aug

79%

Mar

84%

50

74

Mar

157

50

19

25

68

68

70

"68"

157

75%

121% May
19

Aug

200

59

Mar

225

54%

June
Mar

Aug

72%
86

July

28

Aug

7%

117%

30

*

3

Jan

Apr

Feb

Co

Aug
July

19

Apr

7%

July

Mar

24

6%

Jan

July

160

Aug

May

10%

125

Feb

1 %

2%

4%

3%
4%

10

700

MOO

July

8%

3%

June

Jan

7%

88%

"2"

July

50

300

Phillips Packing

Jan

88%
84%

2%
1%
4%

19

157

Phila Elec Pow 8% pref 25

July

100

26%

'

*

Aug

9%
5%

Jan

Feb

*

Mar

121

28

110

1

36%

Mar

Jan

Apr

com

29 %

Mar

Aug

Philadelphia Co

May

100

Aug

6%

Pharls Tire A Rubber

May

Jan

Jan

35%

Mar

Phllp Elec Co $5 pref

28%

2

1%

*

%

.

"2"
88%

100

20%

Muskegon Piston Ring.2%
Muskogee Co com
_*

1%

Pennsylvania Sugar com20

100

21

23

Mar

107%

2.50

6%

100

May

2%

Mar

11%

190

200

Jan

July

*

5%

25%

19

45

$6 preferred
Penn Salt Mfg Co

155% 158
30% 30%

200

June

24

*

17

5%

12%

*

Pa Pr A Lt $7 pref

Jan

July

*

$5 preferred

June

4%

5%

24%

Pennroad Corp v t c
1
Penn Cent Airlines com__l

June

300

16

18

5%

*

%
6%

2%

15%

Feb

13

15%

100

80%
1%
9%

Mar

*

14

*
*

June

800

Feb

Penn Edison Co—

Grocery A

Class B

1%

'2^666

July

Apr
June

Patchogue-Ply mo uth Mills *

1%

5%

Aug
July

BX

"14% "14%
4%

700

Feb

12%

5%

Jan

July

87

18%

June

100

"~6% "6%

Jan

3%

50

1

900

6%

July

98
1%

10

2%

Mountain Producers.... 10

Aug

1,300

Apr

2%

Mountain Sts Tel A Tel 100

Jan

July
July

Apr

May

2%

*

Feb

Apr
June

Parkersburg Rig A Reel-.l

2%

Moore

Jan

47

July

2%
158

Aug

Mar

July

2%

Montreal Lt Ht A Pow.

Aug

Aug

3%

1%

Monroe Loan Soc A

Corp Ltd com..__*
jMoore (Tom) Distillery. 1
Mountain City Cop com 5c

5%

"40% ""900

7%

Monogram Pictures com.l

*

Jan

June

1%

"69"

,*

Pa Water A Power Co

Montgomery Ward A

*u

1%

Apr

69

Monarch Machine Tool..*
1
Montana Dakota Utll...10

Feb

Apr

Mar

July

Voehringer—
1

%

%

%

103

Missouri Pub Serv com...*

$2.50

300
800

5%
%

4%

Pender (D)

$2 conv pref
'
»
Midland Steel Products—

Corp

July

%

1%

Paramount Motors Corp. 1
Parker Pen Co
10

Midland Oil Corp—

dlv shs

70

3%

%

5%

Middle West Corp com...5

Mid vale

July
July

9%

89%

1%

4%

*

Jan

Jan

July

Mar

Page-Hersey Tubes com..*

Jan

4%

20%

Mar

5%

42

5%% 1st preferred
25
Pacific Ltg $6 pref
*
Pacific P A L 7% pref. 100
Pacific Public Service
*

%
5%
8%
%

Jan

Jan

Jaa
Maf

11%

1

com

Pantepec OH of Venez

Michigan Gas A Oil

July

9%

May

*

85

95

Mar

23%

*

29%

May
July

Apr

5

70

4%

1%

15

Pacific G A E 6% 1st pf.25

74%

81

Jan

60

1%

50

Jan

Jan

Jan

Aug

75

5

com

$3 preferred

6% conv pref
Oldetyme Distillers

60

10

25

100

Apr

800

1%

July

30

80

Ohio Power 6% pref
100
Ohio P S 7% 1st pref... 100

Aug
Aug

Mar

5%
£38%

Jan

July

106

6,Re

10

Pow com cl A. .100

July

%

%
1%

2

20%

Apr
Apr

4

.100

5

Apr

Jan

Mar

10%

Ohio Brass Co cl B com..*

Mar

20

European Oil com—1

7% preferred

Aug
Aug

Mai

7%

95

5

Engineering..*
Novadel-Agene Corp
*

July

Mar

5%

28%

105

Nor Ind Pub Ser 6% pf-100

4%

42

%

July
July

20

*




77%

500

50

July

Mar

*

OH

.

Jan

Mar

"72"

*

2%

Mar

%
30%

A preferred...100
Iron Co

Murray Ohio Mfg Co

2%

A..*

8%

21

Participating preferred.*
Chapman A Scott *

Moody Investors pref

72%

Mar

No Am Utility Securities

3

Merrltt

Common

14

Mar

45

North Amer Rayon cl
Class B com

Northern Pipe Line

13%

July

Sept

1%

1

Common.

Northwest

Mar

Jan

11

Nor Atner Lt A Pow—

Aug

Mar

July

10

45%

6

July

1%
7%

108

Mar

4%

300

*

N1 pissing Mines

16%

90

Jan

Mar

"366

100

No- Central Texas Oil

99%
3%
20%
124%

July

62

850

5

common

Class A pref
NUee-Bement Pond

55

Aug

July

12%

Mar

200

Niagara Share—

Feb

Mar

51

Apr

36

1%
72%

1%

N01

10

25

11%

7%
81%

Mar

Mar

June

Apr

63%

1%
£71%

65

47

Mar

Aug

Jan

11

79

Mar

3%

Mercantile Stores com...*
Merchants A Mfg cl A...1

Co
Mid-West Abrasive

53

05

3%
1%
4%
11%

99

McCord Itad A Mfg B.__*
McWIIllams
Dredging...*

Nachman-Springfllled

Mar

100

6% 1st pref

Nor St

*

preierred w w

Molybdenum

Jan

%
5%

62

*

Mar

24

May Hosiery Mills Ino—

Jud,

7%

Aug

16%
28%

N Y Water Serv 6% Pf-100
Niagara Hudson PowerCommon......
10

6% prior preferred

Communlca'nsord reg £1

Mock,

6

June

62%

1

27%

%

Stores

non-cum

June

4%

85

5

New York Transit Co

Mar

Marconi Intl Marine

52

3%

500

"""6% "7%

1

Jan

7%

Mapes Consol Mfg Co...*

Mexico-Ohio

200

10

7% pref..IOO

Feb
Jan

*

Lynch Corp common
Majestic Radio & Tel

6%%

July

45
53

\

N Y Merchandise

14

July

27

Manatl Sugar opt warr

Mesabl

79

7%

N Y A Honduras Rosario

26%

3

33

Lucky Tiger Comb G M. 10

14

July

*

com

$6 preferred
N Y Shipbuilding Corp—
Founders shares

25

33

Louisiana Land A Explor. 1

conv

July

5

Warrants

N Y Pr & Lt

Apr

15

Mining Corp. 10

N Y Auction Co

Mar

Louisiana P & L $6 pref..*

Mangel

50%

N Y City Omnibus-

July

9%

14%
13%

lsi«

6% pref class B
Loudon Packing

2o

July

1

""260

Jan

Mar

11

New Jersey Zinc
Newmont

Mar

29%

%

100

com

July

111

May

5%

5% 2d pref erred.... .100

9

100
100

preferred

New Idea Inc

July

%

6

New England Tel A Tel 100
New Haven Clock Co

May

300

"2% "2%

Common

7%

600

.*

6% preferred..

July

14

22%

May

Island Lighting-

I/»ng

43

100

7% preferred
New Engl Pow Assoc

Aug

29

11%

r

"~2%

common...

37% June

Apr

%
12%
2%
%

22

22

25

preferred

Lit Brothers

Locke Steel Chain

$5

Jull

3

1
*

Preferred

6%

Feb

11

*

B

Lefcourt Realty common.

Leonard

12%

Mar
May

14

Le Tourneau

40%

*

New Mex A Ariz Land—1

A

Class

June

38
61 %

Lakey Foundry & Mach__l
Lane Bryant

June

11%

5%

10

Kress (HID A Co

1%
17

Feb

79

43

Nevada Calif Elec com .100

Kreuger Brewing Co...
Lackawanna RR (N J)-100

iAngerrdorf

1st pref
Nelson (Herman)

Feb

Mar

May

Nebel (Oscar) Co com

Klrkl'd Lake G M Co Ltd 1
Klein

2

Aug

10%

7%

14%

60

Navarro Oil Co

6

Feb

9

Aug
Mai

Jan

June

Jan

2

60%

"ex

Nat Union Radio Corp—1

July'

June

5%
11%

12.50

Nat Tunnel A Mines

1

100

32

13

National Transit

July
July

•

7%

Mar

2,800

32

60

Refining.*

44

3%

6%
12

3%

10

X
25

12

High

f

Mar
June

4

Conv part preferred
*
National Steel Car Ltd—*

33

June

600

3,200

National Sugar

Mar

28%

%

00

%
8%

1

common

Mar

10
20

2,200

Low

3%

2,200

50

pref

conv

67%

68

nx

$3

National Container (Del)-l
National Fuel Gas
—*

30

50

Range Since Jan. 1. 1938

Shares

9%

Nat Mfg A Stores com...*
National Oil Products
4

100

200

High

8%

1

com

Jan

lune

for
Week

of Prices

9

National City Lines com.l

%

Mar

%

Week's Range
Low

com.l

Nat Bellas Hess

100

%

Price

1

Jan

%
19

2

Nat Auto Fibre com

Aug

May

Mar

2,500

July

National Baking Co

11%
7%

106

1

Last
Sale
Par

High

1U6

281*

A Lamp A

Products..

20

61

82

31%
29%

STOCKS
{Continued)

Low

1

Kimberly-Clark 6% pf-100
Kingsbury Breweries-.
Kings Co Ltg 7% Pf B 100
6% preferre- D
100
Kingston

Range Since Jan. 1. 1938

Week
Shares

Tl'oO

13

%

31%

Kennedy's Inc
c

"li%
%

81 X

Kansas G & E 7%

Had Tut

X

100

Julian A Kokenge eorti...*

Ken

4%
X

Steel-100

preferred—

Jones A Laughlln

4%

for

Sept. 3, 1938
Sales

Friday I

8%

July
May

50

112%
29%

Mar

31%

Feb

3%

500

2%

Mar

4%

July

3%

1,600

1

4%

July

30

July

Phoenix Securities—

Common

1

Conv pref series A

Pierce Governor

3%

10

common.

*

Pioneer Gold Mines Ltd-.l

"2%

3%
18%
18%
2%

%

Mar

18%

100

10%

Mar

23

July

19%

600

xlO%

Mar

21%

Aug

500

2%

Mar

3%

Jan

3

New York Curb Exchange—Continued—Page 4

Volume 147
Friday
STOCKS

Last

(Continued)

Sale
Par

Pitney-Bowee

Price

*

Meter

6*

50

"sli

Pittsburgh Forglngs
1
Pittsburgh & Lake Erie.60
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass. .25
Pleasant Valley Wine Co.l
Plough Inc
*

52

5*
37*

Jan

7*

July

25

Mar

40*

Aug

Southern Union Gas

7*

8*

200

4*

Mar

10

July

70

34*

Mar

4*

Mar

8*

Aug

Southland Royalty Co
South Penn oil

Mar

106*

July

So

June
June

1*
8*

55

7*

200

1,000

65

~~io6

6

*

4*

»16

2V
X
4%

4%

2*
*

Feb

3*

Aug

2*

Mar

1*
5*

Aug

40

40

25

Pressed Metals of Amer..*

20

20

10QJ

$6

21

5*

100

21

2X

1
*

5*

2*

6*

1,100

1,100

*
*

Providence Gas

Aug

97

July

June

24

July

1*

Mar

2*

Aug

7%

1st preferred

41

19*

94

42

17

18*

5*

103

Jan

106

July

325

23*
10*
4*

225

6

10 X

19%

*

21*

21*
9*

50

Standard Products Co

1

1*
1*

June

17* June

25

Aug
Jan
Jan

July

10*

July

86

July

Starrett (The) Corp vto.l
Steel Co of Can Ltd
*

95

Aug

Stein (A) & Co common..*

12

12

Apr

Sterchl Bros Stores

*

July
Mar

47*

July

Mar

23*

July

1,000

6

2%

1*
3*
19

2,000

10*

300

8*
2*

May

13

July

Mar

4

July

Texas P

*

*

900

*

June

1*

Jan
July

Tilo

2*

May

6*

Aug
*u June

•ii June

Mar

1

16*

100

"ioo

2*

800

5*

5*

July

6

11*

—1
Constr*

Aug

*

Aug

Tobacco AUled Stocks

1

TVs

*
*

3

IX

"T*

8*

2~200

3

300

1*

2*
-1

96*

Feb

Tobacco Prod

Apr

17

Aug

50
5

68
5

100

3

3*

57*

7,600

57*

50

July

Def registered 5s

Mar

3*

Jan

9*

Jan

25
* zll3X

17

92

Jan

June

6

July
July

Apr

18*

Mar

4*

Jan

Mar

65*

July

Mar

*
1

1

*

1,100

1

400

2

~7l'

'71

"50

7*

Mar

11*

July

10*

500

62

3

15*

15*
2

50

Mar

2*

200

4*

200

15*
2

52*

Apr

50

15*

3*

44

Aug

Sept
July

106"

106"

Class

10

5*

5*

200

*

*

300

4* June
* June
7
July

"ioli "ii*

"2,000

11

1

A-.-.

Tung-Sol Lamp Works—1
80c div. preferred
*
ser A pref
*

34

*T

Sept

Investment

Aircraft

Mar
June
Mar

800

2

200

4*

Apr

3*

200

1*

Mar

3*
7*
3*

2*

100

2

Mar

3

July
July

1*

Mar

13

13

13*

13

13*

*

Mar

11*

Mar
Mar

6*

Jan

1,300

3*
10

Jan

14*

July

14*

July

Feb

4*

Mar

Aug

United Chemicals com—*

2

Mar

Mar

9*

July

30

Mar

Mar

1*
1*

Jan
July

$3 cum & part pref
*
Un Cigar-Whelan Sts.-10c

Mar

17

Jan

8*

Mar

10

9

3,800

*

*

1

3*

$6

2*

Common class B

3*

2*

500

1*xo

Mar

*

Mar

*
67*
2*
2*

*
67*
2*
2*
21*
23*

500

20

23*

23*

69

Mar

Aug
Feb

Mar

2*

6,300

96

20*

1st preferred

3*

94

95

Option warrants
United G & E 7% pref. 100

June

4*
34

*

4,300

warrants

1st $7 pref non-voting.*

Milk

Jan

*

United Gas Corp com

June

1*

15

Transport

25

Jan
June

Jan

100

26*

1*
4*

July

300

1*
14

Jan

Corp

Aug

Aug
Aug

7

United

United

8

12*
35*

3

com.-*

Union Premier Foods Sts. 1

5*
18

2*
1*

—10
*

3

100

7

*

Series B pref

34

3*

IJlen & Co

113*

May

Jan

2

Jan

Union

Mar

16*
63

3*
Jan
7*
Jan
1* June

Union Gas of Canada

35

Aug
July

Mar

Unexcelled Mfg Co

June

Feb

5

Feb

2

Jan

2*

Feb

5

62*

Mar

1*

200

500

55*

Mar

700

Jan

June

*
5

5*
100

July
Jan
Jan

Jan

1*

Jan

»n

Mar

1,100

1*

Mar

3*

200

1*

Apr

4*

Jan

2,500

13*

Mar

28*

July

120

•

62

Apr

77

Jan
Jan

Mar

75*

Aug

United

Mar

75*

Aug

$3

1*

IVs

Feb

*

June

United NJRR4 Canal 100

3

May
May
Aug

4

July

4

Mar

7*
3*

Aug

75

preferred

17*

Jan

24

Aug

65

Products—

48*

49*

25.50 prior stock.....25

July

2*

United Lt & Pow com A.

Allotment certificates

21

150

2*

Jan

Mar

11

5

July

Mar

17

.....1

Common

29*

Mar

29*

1

Jan

5

6*

16*
10*

Mar

Screen-

Plct

June
June

200

Selby Shoe Co
._*
Selected Industries Inc—

102

Mar

Aug

Lux

July

110

*

500

June

3*

44

1*

Trans

15

May
Mar

*

*

25

""360

Mar

Tubize Chatillon Corp—1

55

Mar

300

3*

60*

■"4* "4*

4,200

Trunz Pork Stores Inc.—*

7*

*
3*

22*

62

10*

Warrants

3*

Jan
*
Jan
1*
26* July
70* June

Mar

21*

Tri-Continental warrants

7*

Selberiing Rubber com...*

Mar

*

Transwestern Oil Co

15

Segal Lock 4 Hardware—1

31* June

Mar

*
14*

100

Jan

16*
3*

*

Feb

*

Tonopah Mining of Nev.l

Fel

A»r

Brook

general—*

100

Aug
Aug

Jan

50

Warrants

July

*

1*

112*xll3*

Lace common..*

6*

300

*
1

July

Mar

796*
107*

4

15*

Jan

7*

2*
26*

Jan

38

400

Jan

Apr

Mar

22*

11

Mar

Mar

21*

Apr

8

Feb

Aug

,i«

Mar

1*
1*

3*
39

98*

Jan

8

13*

Apr

85*

9*

500

Mar

Aug

200

Mar

2*

Mar

Feb

July

""26

5

200

3*

8

2
13

11*

Tonopah Belmont Devel 10c

8*

42

Jan

92*

2

Mar

4*
12*

Jan

60*

*
Toledo Edison 6% pref. 100
7% preferred A
100

July
Aug
July

2*

Mar

Jan

300

30

*
1

Todd Shipyards Corp

13

3*

*

30

""*

4*

£1

July

2*

13

5

T660

Aug

2*
29*

50

"5* "T*

9*

5* May
5*

_

Ordinary reg

9*

Jan

25

5

10*

300

Mar

1*
7*

200

2,400

36

Jan

Tobacco Secur Tr—

Exports.

Mar

300

68

11*
10*
2*

10*

*

35

50

50

2*

2*

3*

7

400

36

5

3*

Jan

I&

Mar

5*

""266

10*

"2*

Thew Shovel Co com

Mar

Apr

Aug

2

175

11

4*

1

1*

8*

"10* II*
11

2

Roofing Inc

3*

1,800

""600

8*

Texon Oil & Land Co

Tenn El

7*

Jan

2*

"21*

Apr

90

6*

"2* "3"

common.*
Pow 7% 1st pf-100
& L 7% pref—100

4

2

7*

Technicolor Inc

Tlshman Realty &

16*

June

6

15

Mar

*

"T* "i*

Sept

May
July

*

50

4*
30*

8

100

95

Mar

35

200

4*

95

24*

Jan

32*

lM

250

Mar

10*

4*
*

"2* "~3*

30*

Taggart Corp com
1
Tampa Electric Co com..
Tastyeast Inc class A
1
Taylor DlstiUlng Co
1

Feb

600

30*

Swan Finch Oil Corp

Aug

*

19*

Jan

30*

July

10*

Feb

18

preferred

12*

50
20

May

Sept

Mar

50

150

69

Apr

5

13*
7*

17*
10*

Apr

2*

34

Aug

10*

200

Feb

Aug

17*

Jan
June

62

3*

Mar

109

2*

2,700

"~50

Jan

3*

July

Jan

4*

2

3*

20

7

4*

1,500

*

Feb

Mar

l June
150*

17*
10*

2d

9

1

Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Inc
1
Stetson (J B) Co com
*
Stlnnes (Hugo) Corp
6
Stroock (S) Co
*
Sullivan Machinery
—*
Sunray Drug Co
*
Sunray OU
1
5* % conv pref
50
Superior Ptld Cement B.

Jan

May
May

Mar

Service

Apr

70

May

United Molasses Co—

Selfridge Prov Stores—

£1
1
1

Amer dep rets reg

Sentry Safety Control
Serrick Corp (The)

»i»

Seton Leather common—*

5*

6*

200

Seversky Aircraft Corp.—1

2*

2

2*

2,000

Shattuck

7*

7

7*

900

Apr

'l04*

5% cum pref ser AAA 100

112

104* 105*
112

113

1*
5*

Mar

10*

Jan

18*

Mining. .5

Shawlnigan Wat 4 Pow__*
Sherwin-Williams com..25

Apr

*22*

July

Jan

Line stamped

*

12

Simmons H'ware 4 Paint-*

2

1

Simplicity Pattern com

3*
245

100

United Profit Sharing-.25c

1

10

8*
2*

July

8*

July

Jan

10*

Aug

Preferred

Aug

•« May

1,000

3*

300
10

1*
2*
212

13

Jan

13*

July

1st pref with warr
U S Lines pref..—

500

1*

2*

Aug

Mar

Jan

Mar

5*
254

July

July

5*

Jan
Aug

U 8 Playing Card
U S Radiator com

1*

Mar

7

2*

100

2*

Mar

38*

100

Apr

28*

1,300

26*

300

34*
25*
23*

3*

Jan

Edison—

25*

25*
1*

1*

100

1*
30

100

For footnotes «ee page

*.28

1465




5*

3

39

May

Universal Consol Oil

10

Universal Corp v t c——1
Universal Insurance
8

*

*
1

2*
17

*
1*
2*
17

3*

28*

Aug

Universal Pictures com...1

"5* "5*

Mar

26*

Aug

Universal Products Co.—*

....

July

Utah-Idaho Sugar

Mar
June

2*
45

May

Aug

2*

July

6*

Jan

3*

June

8*

July

Mar

1*

""350

42

Mar

Mar

62

Jan

July

1 *
31

Jan

50

22

Feb

1,100

2

Mar

6*

Aug

1*

Mar

3*

Aug

Jan

*

Feb

6*

Aug

Feb

»i«

Mar

100

3,100
.

600

1,500
100

1*

Jan

1*

Mar

7

Jan

Aug

Jan

1*

Aug

2*

July

19

Aug

""366

.....

""400

June

3*

Jan

May

8*

June

3

Mar

8

9

1,900

1*
7

3*

Mar

5
Utah Pow & Lt $7 pref...*

Feb

July

43

400

3

1

Mar

3*

28

1

2*

1*

700

3

81*

'"206

31

Reclaiming..*

United Verde Extcn—50c

.2,900

6*

preferred B
25
5*% pref ser es C—.25
Southern Colo Pow cl A.25

~6~l~

5

United WaU Paper—...2

4
IX

Jan

3*

31

Jan
Aug

1*

Jan

1

Aug

6*

6%

MAr

6*

"eo"

60

4*

3*

5% original preferred.25

May

Jan

*

6

Mar

16

3*
IX

2*

*
50*

"5* "5*

$7 conv 1st pref.—.—*
United Stores v t c—---*

Mar

6*

37

700
850

U S Stores Corp com....*

1

37

1*
*
10

Mar

-J

1

9*

1*
79*

U 8 and Int'l Securities..*

Paper Mills.

South Coast Corp corn

9*
1*
78*

39

United Specialties com—1
U 8 Foil Co class B
1

4*

1

78*

800

25

Preferred

July

U S Rubber

...

.1

Class B

United Shoe Mach com.25

115

reg.£l

Mfg. Co

212

United Shipyards cl A—1

114*

200

Jan

230

Jan

Jan

6*

July
June

Apr

*
6*

June

*

86

Singer Mfg Co Ltd—

Boss Mfg com.

5*

reg...

107

12*
2*
245

dep rets ord

100

25

common

Am

1,600

Shreveport El Dorado Pipe

preferred

Preferred

*

Apr

Mar

4

pref
*
Scullin Steel Co com...—*

7%

100

10*

preferred
100
Samson United Corp com 1

Calif

%8

22* June
102*

May

Aug

May

X

7%

Southern

»16

Mar
June

July
Apr
July

90

32

4*

Ryerson 4 Hay nee com—1
Safety Car Heat 4 Lt
*
St Lawrence Corp Ltd—

Sonotone Corj

*

16*
90

4*
5*

50

Solar

75

Apr

Feb

Smith (H)

700

*

100

7ie

Amer dep rets ord

900

1

102

1

Jan

Aug

3*

46*

Singer Mfg Co

21*
102*

20

20

...100

preferred

Standard Pow <k Lt

Mar

24

Mar

Sllex Co

July

6*

*18

July

Denn

Mar

8

13*

June

stock

15

500

18*

25

(Neb)

Mar

*

Convertible

100

8*

14*
18*
8*

Mar

3*

Common

Mar

Mar

46*
30*
4*

Seeman Bros Inc

July

5

*i«

100

Securities Corp

14*

"400

6*

*
*

Water

Apr

II*
18*

3*

Royalite Oil Co Ltd

Scranton Spring

Feb

11

10*

100

*

Scranton

2*

1,100

3,000

136

5*
32

20

pref

Aug

Apr

2*

"is

Rossla International

Scranton Elec 26

Aug

23*

13*

50

29

Root Petroleum Co——1

Scovill Mfg

18*

Jan

316

*

17*

-.5

Savoy Oil Co
Schiff Co common

2

Mar

11*
3*
4*

40

com—5

22 conv pref A

18

1

108

108

Roeser 4 Pendleton Inc..*

St Regis Paper com

12*

100

Jan

6

148* 150

108

1

22.50 conv pref

200

23

Jan
Aug

*

May

4*

Co-1
Rochester G4E6%pfD 100

Ryan Consol Petrol

17*

5

Standard Steel Spring
Standard Tube cl B

Feb

87

Voting trust ctfs

Rustless Iron 4 Steel

17*

Mar

July
Aug

Rio Grande Valley Gas

Russeks Fifth Ave

July

23

*

Aug

*

3

2*

Standard OU (Ohio) com 25

Jan

Jan

*

Royal Typewriter...

»u
100

200

Jan

* June

Feb

*

4

preferred-.20

Oil

19

*

4

..1

Jan

98

11*

7

1
1

pref

5*

28*

50

Corp—

Common

6%

100

900

6*
34

20*

*

10

preferred

Standard Dredging

July

Mar

90

200

41

Reliance Elec 4 Eng'g—.5

$1.20 conv

6*
33

20*

Standard Brewing Co
*
Standard Cap St Seal com. 1

1st preferred

Reiter-Foster Oil---—50c

Roosevelt Field Inc

Jan

V&

Mar

39*

*

*

Rome Cable Corp

Mar

22*

Standard

10

18

94

*
common.*

Radiator

7*
39

Jan

75*

19 *

Reed Roller Bit Co

Richmond

Apr

Jan

Jan

*
60c

Rice Stix Dry Goods

Mar

May

6
25

Jan

Apr

Standard Sliver Lead

Pyrene Manufacturing—10
Quaker Oats common
*
6% preferred
100
Quebec Power Co
-*
Ry 4 Light Secur com...*
Railway 4 Utll Invest A..1
Raymond Concrete Pile—
Common
*

Reynolds Investing

Aug

«i«

22

§ Pub UtU Secur $7 pt pf—*
Puget Sound I & L—
$5 preferred
*
16 preferred
*
Puget Sound Pulp & Tlm_*
Pyle-Natlonal Co com—5

Reybarn Co Inc

14*

6*

Mar

103*

7% prior lien pref...100

Red Bank Oil Co

July

Apr

Aug

95

6% prior lien pref... 100

Reeves (Daniel)

10

Mar

Public Service of Okla—

23 conv preferred
Raytheon Mfg com

95

Standard Invest $5* pref'*'
Standard Oil (Ky)
10

*»•
3*

Aug

5*

Spanish & Gen Corp—
Am dep rets ord reg
£1
Am dep rets ord bearer £1
Spencer Shoe Co
*

conv

151
3

West Pa Pipe Line..50

$1.60

High

June
Mar

Preferred A

Conv

Low

135

Common class B

*
*

preferred...

Range Since Jan. 1,1938

for
Week
Shares

Mar

Aug

Public Service of Indiana—

$6

of Prices
High

2

Aug

Mar

83

100
100

$7 prior preferred

Week's Range
TjOW

3*

40

0*

Public Service of Colorado-

6% 1st preferred

Price

..*

22*

June

33

6*
3*

*

preferred

16*

Feb

17

10

1
*

Prudential Investors

June

Jan

95

Premier Gold Mining

Corp

Jan

600

500

*

Prosperity Co class B

Jan

1,300

3*

Corp of Canada.—*
1st preferred
100

Producers

62*

Aug
Mar

Pratt & Lambert Co

Prentice-Hall Inc com

Sale
Par

200

"~7* "~7*
2*

Last

(Continued)

6X
40*

7*

5

STOCKS

193S

High

Low

6*
40*
52

.25c
common—5

Powdrell 4 Alexander

6%

Range Since Jan. 1,

for
Week

Shares

South New Engl Tel.—100
Southern Pipe Line
10

97 * 101

Polaris Mining Co

Power

of Prices
High

Postage

Pitts Bess & L E RR

Potrero Sugar

Weet's Range

Low

1463
Sales

Friday

Sales

May

16*

Feb

1

Mar

Jan

31

Mar

1*
44*

Jan

Aug

New York Curb

1464
Last

Week's Range

for

Sale

of Prices
Low
High

Week

Par

Price

Low

Shares

2%
43

Price

High
2

June

Delaware El Pow 6 %g. 1959

102

103%

12,000

97%

108

5,000
15,000

107%

Class B

1%

Apr

3%

July

Denver Gas A Elec 5s. 1949

108

108

31%

June

45%

July

Det City Gas 6s ser A. 1947

105%

105% 105%

June

%

Jan

1950

105%

104% 105%

"l"66

1%

Mar

2%

Jan

600

*

%

Mar

«i •

Jan

1

X

X

100

100

ux

ux
2X

100

1

2X

2%

21 %

11

Venezuela Mex Oil Co..10

4%

Venezuelan

1

Petroleum

Waco Aircraft Co

7X

9X

Wagner Baking v t o

*

Mar

4%

July

Mar

1%

July

77%

Jan

June

July

Mar

10%
3%

300

Mar

11%

0

Class B

%

Walker Mining Co....

1%

*

Wayne Knitting Mills...5

8%

8%

Welsbaum Bros-Brower_.l

6%

Wellington Oil Co

3%

1

1.25

3%

Paso Elec 5s A

Empire Dlst El 5s

Jan

'70

July

6%s series A
Erie Lighting 5s

1%

8%

July
Aug

8

Aug

Firestone Cot Mills 6S.1948

Apr

Sept

6%

700

Mar

3%

Aug

100

2

May

4%

Jan

96

43

10

30%

Mar

Mar

%

75

Mar

4%

Apr

Weyenberg Shoe Mfg
Williams (R C) A Co

1
*

43

Apr

1,000

4,000

Jan

11,000

103%

91%

70
4,000
85%
93% 103,000

94%

95%

{52
85%

Florida Power A Lt 5s. 1954

92%

May

22%
81%

Mar

58 ex-warr stamped. 1944

July

Gatlneau Power 1st 5s. 1956

2%
7%

Jan

General Bronze 6s

Apr
May

May
July
Aug
July
July

98

101Aug

68

Feb

56

Feb

107%

Aug

Apr

102%

78%

July

78%

May

105

July

105%

Jan

Aug

101%
101%

105%

Jan

June

Feb

95

Jan

70

Apr

87%

July

74

Mar

93%

Aug

6,u00

78

Apr

95%

21,000

102

Apr

104%

63

Jan

General Pub Serv 5s. .1953

104

"88%

{79%
87%

Aug

Gen Pub Utll 6%s A. 1956
♦General Rayon 6s A. 1948
Gen Wat Wks A El 5s. 1943

"82%

Willson Products Inc

1

7X

7X

100

6

May

Jan

Georgia Power ref 5s. .1967
Georgia Pow A Lt 5s..1978

90%

71%

Wisconsin P A L 7% pf 100
Wolverine Porti Cement.10

2:66

66

66

104

104

1940

July
July

Apr

81

July

75%

Apr

90

Aug

82

88%

"e'.oob
18,000

77

79%

75

75

82

89%

82%
92%

{54%
{29
70%

79%

"72"

2

Mar

3%

Jan

300

3%

Mar

7%

July

Glen Alden Coal 4s

ex

ex

200

6%

May

7%

July

Gobel

14%

Petroleum

68%

fiX

Mar

10%

Jan

Gt Nor Pow 5s stpd..1950

{55
54%

July

♦Gesfurel

1953

6s

1965

(Adolf) 4%s—.1941

Grand Trunk West 4s.1950

£1

7X

1,500

6%

Mar

8%

Feb

IX

300

1%

Mar

2%

Jan

Guardian Investors 5s. 1948
Hall Print 68 stpd

7%

7x

IX

Wright Hargreaves Ltd..*

Grocery Store Prod 6s_1945
Guantanamo A West 6s '58

1947

Jan

103%

Feb

♦Hamburg Elec 7s

1935

Yukon-Pacific Mining Co.5

1942

77

Apr

86

July

66,0u0

78

Mar

94

May

't 103

102

104

Alabama Power Co—

96%

68

49%

56%

8,000

1,000

75

81%
107

Apr

June

66

93%

Mar

Jan

108

Apr

05
59

June

2,000

29

Mar

42%

Aug

107%

3,000

12,000

102%
76%
33

27%

95%

Jan

June

Jan
Feb

July
July

51

33

{94%

33%

Feb

~2~6oo

55

{22%

Apr

50%

65

{28

June

62
53

i3~6o6

37%
102% 102%
97%
96%

Hackensack Water 6s. 1977

BONDS

July

Jan

Apr

63

{60

"8§"~

83

75

37%

70

Mar

Feb

65%

3,000

87% 88%
107% 107%

Apr

62

Aug

10,000

80%

20

6X

2

com

Wool worth (F W) Ltd—
Amer dep rets
5c

98

July
Jan

Feb

July
Mar

Aug

34%

May

♦Hamburg El Underground

1st A ref 5s

1946

1st A ref 5s..

1951

91

1st A ref 5s

1956

90%

6,000

*st A ref 5s

1968

89 X
87 X

87 Va

1st A ref

1987

80 X

81X

4%s

100

100

87 %
81

Aluminium Ltd debt5Bl948
Amer G A El debt 5s..2028
Am Pow A Lt deb 6s..2016

Amer Radiator 4%s._1947
Amer Seating 6s 8tp..l946

Appalac Power Deb 6s 2024
Ark-Loulslana Gas 48.1951

89

Jan

78

Apr

96%

76%

Apr

94

11,000

70%

Apr

30,000

65

Jan

100 X $29,000
92
4,000

{104% 105
is'ooo
108X 109 X
84
sex 124,000
106
107 %
16,000
97
97 X
5,000
U8X 118X
1,000

108%
85

~97%

ioI%

101 x 102 X

105%
106

58%

June
Apr

Mar

101

90%
83%
107%
109%
90

Houston Gulf Gas 6s..1943

July

0%s ex-warrants.-_1943

July
Apr
Aug

Houston Lt A Pr 3 %S.1966

July

108

108

97%

Sept

111 Pr A Lt 1st 6s ser A. 1953

99

99

Feb

118%

Aug

Apr

1st A ref 5%s ser B.1954
1st A ref 5s ser C...1956

107%
90%

103

July

98X

66,000

86

Jan

99

41,000

30

Mar

46

Aug
July

Conv deb 5%s
1938
Conv deb 4%s C...1948
Conv deb 4%s
1949

97%

~2e%

02

20%

Jan
Mar

95%

"92%

5 f deb 5%s—May 1957

Electric Corp—
6s series A
...1947

98%

Sept

6 %s series B
5s series C

94

94

1953

July
July

1951

Indiana Gen Serv 5s..1948

26

28

30",000

20%

Mar

Conv deb 5s

1950

30%

30X

31%

24,000

21%

Mar

35

July

196«

29 X

28%

30%

26,000

21

Mar

33%

July

35

35

2,000

23

Apr

41

74 X

74%

75%

12,000

62

Apr

80%

July
Jan

100x
101M

9,000

92%

Feb

101

17,000

96%

Apr

101%

91 %

4,000

90

Feb

82%

Indiana A Mich Elec 5s '65

35

{95

Indiana Hydro Elec 5s 1958

Debenture 5s

Conv deb 5%s
1977
Assoc T A T deb 5 %g_A'55
Atlanta Gas Lt 4%s_.1955
Atlantic City Elec 4lis '64

100
101

Aug
Aug

Avery A Sons (B F)~
91

91 %

X

{79%

95

Mar

5s

Works—

♦Convertible 6s
1950
Bell Telep of Canada—
1st M 5s series A...1955
1st M 5s series B...1957

82 X

17,000

67

Mar

89%

107

12%

Maj

15

June

Mar

68

July

43

Mar

67%

106

June

1T666

112%

110%

Apr

117%

Apr

APT

101%

July

15,000

79

Apr

98%

Aug

93%
83%

25,000

76

Mar

94

July

8,000

08

Mar

86%

July

95%
97%

8,000

79

Mar

95%

84

Apr

97%

July

84%

17 J) 00

64

Apr

86

July

8,000

1963

49%

49

50%

16,000

43

Mar

61%

May

66

66

66

74

July

♦Indianapolis Gas 5s A 1952

1952

87

Jan

Mar

80

trnx 104
103 X

103 X

"

6,000

95 X
92%
113X 113%

92 X

103%

28,000
1,000

103 X 103%
9,000
98 X
99% 110,000
303X 103%
15,000

mx
98%

.1968
..1981

197

Cent Ohio Lt A Pr 58..1950

73

113%
94%
85%

Mar
Mar

Mar
Mar

Apr

Apr

85

99

92

Mar

Interstate Power 5s

1956

101%
100%

1956
1st A ret 4%s ser F.1967

45

1957

7s series F..

1958

Mar

58 series E

1955

74

71%

80

104%
108%
98

115%
105

99%
103%

Mar
Jan

{50%
50

c

1957

32

Iowa Pow A Lt 4%s._1958
Iowa Pub 8erv 5s
1957

Isarco Hydro Elec 78.1952

Lsotta Fraschlnl 7s...1942
Italian Superpower 6s. 1963
Jacksonville Gas—

•Aug
July
July

5s stamped
5s series B

Apr

99

July

60%

Jan

94

Cent Pow A Lt 1st 5s. 1956
Cent States Elec 5s. ..1948

94 X

94%

45,000

79%

Mar

28 %

28

94%
34%

Aug
Aug

23%

Mar

41

30

27%

34

24

Mar

41

51X

51X

53%

25,000

32%

Mar

57%

July

1st mtge 5s ser H...1961

106%
104% 104%

22,000

105%

Jan

107%

May

6 %s series D

Aug

107%

Jan

5 %g series F

1955

5s series 1

1969

Ry 4%sA
1956
Chic Jet Ry A Unlon'Stock

t96%

1940

{♦Chic Ryu 5s ctfs
1927
Cincinnati St Ry 5%s A '52

72

..1955

..1966
1950

t74%

Lake Sup Dlst Pow 3 %s '6«
Lehigh Pow Secur 6S..2026

41

July

52%

Jan

5,000

71

July

87

74

July

91%

6T000

47%

Mar

70

July

177,000
55,000
64%

43%

Mar

67%

July

07

1

72
75

66

67

63 %

63

62 %

62%

62%

62%

63 %

63%

64

Cities Serv p A L 6 His. 1952

62

1949

63

♦Commerz A Prlvat
5%g'37

"75""
100%

108 %

63%

73

75

100% 100%
129

108% 108%
103% 103%
123% 123%
57

Louisiana Pow A Lt 5s 1957
Mansfield Mln A Smelt—

42%

July

Sept

65

July

43

Mar

67%

July

For footnotes see page 1465

July

64

Mar

83

July

Mar

76%

July

90

Mar

99

July

97

97

10.000

91

June

104%
55

104

55%
{80

104%
56%
94

21,000
8,000
*

-

«.

-

-

40

41

16,000

45

40%

27,000

86%

Apr

102%

July

Aug

45

Mar

108

Aug

98%

Jan

105

July

52%

Apr

63

78

Jan

85

Feb

39

Jan

53

July
July

11,000

32

Feb

50

104% 105%

12.000

100

Apr

106

104% 105

49,000

Jan

101 % 101%

{114

117

„

98%

Jan

„

Apr

105%

Jan

97

Mar

101%

July

112

5,000

Mar

117%

Aug

100% 101%
82%

5,000

83%

10,000

82%

Apr

102%

July

98
V-

-»-

-

82%

83%

84

July

Apr

100%

Aug

Mar

90%

July

16,000

05

Mar

84

July

99%

July

90

82%

84%

Mar

78

98

{88

95%
65

1,000

99

99%

8,000

93

99

99

100%

25,000

84

Apr

103

25

Mar

28

Aug

84

Apr

98%

Aug

Apr

104%

{26

97%

„

_

104%

98

20.000

101

{104% 105%
87
87%

104% 105

Jan

Jan

Aug

2.000

76

Apr

100

Feb

16,000

100

Mar

106

July

Memphis Com ml Appeal—

11,000

91%

Mar

103

July

94,000

40

Mar

65

July

Memphis P A L 5s A..1948
Mengel Co conv 4%s.l947

45,000

40

Mar

65

July

103

52

Mar

95

Metropolitan Ed 4s E.1971

Jan

io'ooo

100%
75%

July
June

4s series G

1966

11,000

94%

Jan

100%

Aug

2,000

126%

Apr

129

July

Middle States Pet 6%s "45
Midland Valley RR 5s 1943
Mllw Gas Light 4%s__1967

12,000

103%

Jan

110

Aug

Minn P A L4%s
1st A ref 5s

1,000

7,000
6,000

103%
120%

91

90%

54

107%
~

95%
102%

Jan

Missouri Pub Serv 5s. 1960
Montana Dakota Power—

83%

July

124

Apr

7,000

03%
100%

May

103

Jan

♦Munson SS 6%s ctfs. 1937

2,000

87%

Apr

100

Jan

Nassau A Suffolk Ltg 5s '45

67

2,000

47

Mar

72%

45,000

90%

Mar

99

Sept

5,000

Mar

5%s

28%

June

58,000

Jan

104

Apr

83

87

Apr

95%

Aug

92%

May

67%

Feb

July
Jan

90

1,000

70

June

106

4,000

100

Apr

107%

July

Mar

108%

July

106% 107%

15,000

101%

93

Jan

88%

75%

Jan

64

64%

50

Apr

64%

Aug

98

98

13,000

88%

Jan

99%

July

94%

95%

30,000

83

Apr

48,000

87%

Apr

97%
103%

July

102% 102%
77%
78%

7.000

61%

Mar

81

May

70

Mar

89

May

83

{108

84%
109

1.000
5.000

15,000

107%

*.

19,000

54

71%

74

96%

72%

98%

15,000

86

4%

76,000

1%
81%

July

99

95%

91

Apr

97
65

88%
—

98

1955

May

Feb

Jan

15,066

70

90

1978

65 %

106%

103%

106

Miss Power A Lt 58—1957
Miss River Pow 1st 5s.l951

Aug

24%

{26%
{64

1952

28,000

78%

98%

105%

{107%

Marlon Res Pow 4 %s_ 1954
McCord Rad A Mfg 6s *45

60%
80

67

98%

Aug

37%

57%

♦7s without warr'ts.1941

62%

19,000

101% 101%
96%
97

70X

1940

Cuban Telephone 7 %s 1941
Cuban Tobacco 6s
1944

58%.

Mar

8,000

Mississippi Power 5S..1955

6s ser A stamped...1943




62%

Mar

18%

12,000

Llbby McN A Llbby 5a '42
Long Lsland Ltg 6s.__1945

70

102% 103
62
63%

129

Gen mtge 4%s
1954
Consol Gas Utll Co—

Cudahy Packing 3%s.l966

Jan

Feb

Mar

tl00%

1939

Cont'l Gas A El 5s... 1958

101% 101%

97

Deb 4%s

.1943

(Bait) 3%s ser N...1971
Consol Gas (Bait City)—

~

65

1969

Community Pr A Lt 6s '57
Community P 8 5s...1960
Conn Lt A Pr 7s A... 1951
Consol Gas El Lt A Power

26,000

Apr

35

37.000

24.000

♦Leonard Tletz 7%s._1946
Lexington Utilities 5s. 1952

101%

Apr

3<l666

78%

1947

Jan

11,000

60% June
109

Kentucky Utilities Co—

Aug

66

101X

Kansas Power 5s

Jan

100%

1958

Cities Service Gas 6%s *42
Cities
Service
Gas
Pipe

Jan

Apr

84

97%

105% 105%
46%
48%

Jan

73%
98%

1948

104%

Chicago A Illinois Midland

June

Aug

Aug

97%

104%

88

60,000

106

65%

52

"3~6OO

51

50

107

53

72%

4%s series C
1961
Kansas Elec Pow 3 %s. 1966
Kansas Gas A Elec 6s.2022

~2~66o

91

+

Mar

78

104%

98%

90,000

58%

73

1947

98%
88X

150,000

Jan

Aug

45

78%

1942

89 X

5%s ex-warrants.-.1954
Cent States PAL 5%s '53
Chic Dlst Elec Gen
4%s'70
6s series B._
1991

1,000

Jersey Central Pow A Lt—

D..1957

95%

106%

98%

1961

Jan

99

Jan

Apr

Service—

Iowa-Neb LAP 58—1957
5s series B

45

{108% 109
51%
53%
32
35%

52

1952

May
July

49%

100%

1,000

International Power Sec—

4%s series F

Broad River Pow 5s.. 1954
Canada Northern Pr 5s *53
Canadian Pac Ry 6s..1942

10,000
1,000

Jan

Jan

1st lien A ref 5s

5s series D

Jan

74

111%

May

Interstate Publl

65%

72%

Aug

Apr

63%

July
Aug

87%

Jan

Mar

Mar

Mar

Apr

88

107%

45%

June

May

70

120%

109%

Apr

13,000

122%

129

3,000

2,000

85%

Aug
Mar

104%
109%

51

140

11,000

140

85

107
75

107

Aug

50

Debenture 6s

137

Feb

85%

51

Feb

Bethlehem Steel 6s
1998
Birmingham Elec 4%sl968
Birmingham Gas 5s...1959

I960

Jan

Aug

31,000

1950

114%
122%

64,000
7,000

120

110

99%
90%

{111

International Salt 5s..1951

112% 112%
120X 120 X
321% 121%

Carolina Pr A Lt 5s.-.1956
Cedar Rapids M A P 5s '53
Central 111 Public Service—

July

Feb

Indiana Service 5s

7s series E
77

78

Sept

43

"

{85% 88
{100% 107

1957

6%s series C

88

Aug

108%

"4" 000

H Ind'polls P L 5s ser A 1957

5s with warrants... 1947
6s without warrantsl947

103%

Indiana

34

32%

92%
82

Apr
Apr

103

108

111 Northern Utll 5S-.1957

Aug

104

Feb

17',000

67

May

97

Apr

96

63

107%

43 X

25,000

61

{62

1949

Jan

97%

29

6s series B

June

Feb

97%

21%

'{102
103
107% 108%
X
40

♦Hungarian Ital Bk 7%s'63
Hygrade Food 6a A...1949

28

83%
12.000

103% 104-

Aug

42

96

103%'

79

42%

t27

...1938

Heller (W E) 4s w w ..1946

104

98%

36,000

A St Ry 5%s

May
May
May

Arkansas Pr A Lt 5s.. 1956
Associated Elec 4%s._1953
Associated Gas A El Co—

Crucible Steel 6s

Apr

97%

101

6%

5s

71%

103% 103%
103

103

5%
10%
9%

Line 6s

57,000

4,000

Apr

Conv deb 5s

Mar

4,000

Apr

Debenture 6s
Registered
Debenture 6s

107

104

83%

76

June

6s series B

Apr

"wo

96

49

6%

Cities Service 5s

Mar

109%
79%

Mar

106

4%
2%

Yards 5s

53%

1%
1%
81%

98

2,000

75

100

Abott's Dairy 6s

50,Co0

73%
107

49

9

ser

Apr

106

9

Cent Power 5s

June

100

49

*

Williams Oll-O-Mat Ht

6% preferred

Jari

05

5,000

106

Wilson-Jones Co

4%s series H

July
May

si~66o

95%

First Bohemian Glass 7s '57

67%

5s series G

5%

H Firestone Tire A R 5s 1942

West Texas Utll *6 pref
West Va Coal A Coke....*

5s series C

Aug
Sepl

%
%

Gary Electric A Gas—

com

Locom

3

2,000

Finland Residential Mtge

4%

3%
1%

16%

Baldwin

Feb

10,000

%

1%

70

Banks 6s- 5s stpd...1961

Jan

1953
196?

700

*

Woodley

5%

71%

106

Federal Wat Serv 5%s 1954

300

Western Tab A Stat—

Wolverine Tube

105%

Aug

{103% 105

Florida Power 4s ser C 1966
43

Mai

3

Ercole Marelli Elec Mfg

Jan

Western Maryland Ry

100

91

Empire Oil A Ref 5%sl942 101"«« 101 "M 101'w

3%
2%

2%

Sept

50,000

U

1952

1

Mar

May
Aug

67

1950

6%
3%

2%

1

6

•900

El

7

Apr
Apr

*»!• June

100

1%
8%

106%

109% 109%

69%

Elmlra Wat Lt A RR 5s '56

Apr

Jan

Mai

22,000

%

♦Certificates of deposit
Eastern Gas A Fuel 48.1956

5%

*

7X

Aug

4%
1%

1,400

*

Waltt A Bond class A

July

July

110

93

3%

3

Aug 1 1952

%

1,100

10

♦Certificates of deposit

♦Deb 7s

Edison El Dl (Bost) 3 %s 65
Elec Power A Light 5s.2030

69

pref—100
Vogt Manufacturing.....*

July

25

Aug

104

3%

3

2%

300

1

Va Pub Serv 7%

3%
30

Mar

Aug 1 1952

♦6%s

Jan

June

High
Mar

Detroit Interaat Bridge—

Jan

17%

Mar

1%
20%

100

21%
4%

2

Aug
Mar

300

5

Van Norman Macb Tool.6

%
7

5s 1st series B

Low

Shares

103%

150

"ix "T%

7

Range Since Jan. 1. 1938

Week

600

2%
45

fUtll Pow A Lt common..1

Vot tr ctfs

for

of Prices
Low
High

%

2%
43 %

Utility «fe Ind Corp com.
Conv preferred

7% 1st preferred

Week's Range

Sale

(Continued)

1% June

Utility Equities Corp...
Priority stock

Wentworth Mfg
Western Air Express

Last

BONDS

Range Since Jan. 1, 1938

Utah Radio Products—

7% preferred
Valspar Corp com
14 conv pref

Sales

Friday

Sales

Friday
STOCKS

(Concluded)

Sept. 3, 1938

Exchange—Continued—Page 5

..1944

4%

3%
{82

83%
-

Aug

95

110%

Apr

Aug

Apr

Apr

74

Aug

Apr

100

July

June
May

5%
95

Feb

Jan

Volume

New York Curb

147
Friday

BONDS
I

Last

Continued)

Week's Range

Sale

Nat Pow A I t 6s A

2026

Deb 5s series B

2030

~~80%

{♦Nat Pub Serv 5e ctfs 1978
Nebraska Power 4%s.l981
6s series A

109 M

2022

Nelsner Bros Realty 6s *48
Nevada-Calif Elee 5s. 1956

Conv deb 5s.

1950

80%

51
105

Tletz

Aug

f Toledo Edison 5s

89

-

-»-

44%

Jan

Mar

110%

May

Apr

120

June

80%

Apr

96

Aug

Conv 6s 4th stamp. 1950
United Elec N J 4s
1949

Apr

85%

July

United El Serv 7s

115%

118

Jan

Jan

18,000

40

Mar

61%

July

54

2,000

40

Apr

59%

July

48,000
2,000

60

39%

Mar

106%

Feb

93

70

Mar

89%

July

74

Mar

91%

July

$101

'86%

93%

Aug

Feb

84%

July

93

June

101

Aug

45

May

84

Feb

105

Apr

88

103

Feb

64

3,000

Apr

New York Penn A Ohio—
♦Ext 4Mb stamped.1950

70%

N Y P A L Corp 1st 4 %s'67
N Y State E A G 4%s 1980

107 M

94 %

N Y A Westch'r Ltg 4s 2004
Debenture 5s
1954

70%
70%
107% 108

9,000
19,000

95

94

105

66,000

108%
98

Jan

$114
50%

Jan

50%

llooo

45

Aug

62%

Mar

88

Nippon El Pow 0%s..l953

88%

2,000

70

Apr

90

July

47

5,000

30

Mar

54

July

103%

4,000

112%

------

Apr
July

No Amer Lt A Power—
5 Ms series A

1956
Nor Cont'l Utll 5Ms..1948

45

47

No Indiana G A E 6s..1952

•

109

109

1966

1960

104%
99% 100

100

95

Ogden Gas 5s
1945
Ohio Power 1st 5s B..1952

109%

Aug

West Texas Utll 5s A 1957
West Newspaper Un 6s '44

105

July

West United G A E 5Ms'55

Apr

104%

July

Apr

100

July

105%

May

Wise Pow A Lt '4s

Apr

95%

July

Yadkin River Power 5s '41

July

♦York Rys Co 5s

5,000

80%

107

4,000

103%

Jan

107 %

105% 105%
103% 104

12,000

103%

Aug

107

Jan

July

106%

36,000

96

Jan

105%

11,000

83

Apr

99%

1,000

69

Apr

82

103% 103%

2,000

100

Mar

103%

Aug

115% 115%

1,000

114

Mar

116%

Feb

7,000

79

Apr

93%

July

2,000

113

Apr

28,000

55

Mar

28

Mar

74%

Mar

78

Mar

*

—

"io3M

1946

98 M

Okla Power A Water 5s "48

103%

107

103%

12,000

Aug

FOREIGN

Aug

AND

May

Pacific Gas A Eleo Co—
1st 6s series B......1941

Pacific Invest 5s

ser

A. 1948

93

Pacific Ltg A Pow 5S..1942
Pacific Pow A Ltg 5S..1955
Park Lexington 3s

93

114% 114%

"77%

1964

Penn CentL AP4M8.1977
1st 5s
1979

"87%

75%
$29

77%
31

^

-

-

-

-

-

46I666

90%

Deb 5M8 series B..1959
Penn Pub Berv 6s C..1947
5s series D

July

82

Apr

99%

July

15,000

75

Mar

3,000

Mar

96%
107%

June

99
93

Mar

97

8,000

91

105

%

■■

105%

1968

------

105%

103

105

j

76

1981

4s series D

-.1061

93 M

94%

Phlla Elec Pow 5Ms—1972
Phila Rapid Transit 6s 1962

±

Pittsburgh

Coal

m

-

-

'•■a.

Pledm't Hydro EI 6 Ms '60

"50%

6S..1949

"66

Pittsburgh Steel 6s_._1948

93

93%
94%
95%
112% 112%
$68% 70

94%

5,000
•-

53

28,000

108

1.666

96%

Aug

Jan

113 %

May

79

Feb

49%

Aug

61

Feb

June

108

Feb

100

82%

2,000

105%

3,000

107

Apr

—

7,666

99%
30

108%

——-

1966

.

102%

1980

1st A ref 4Ms ser F.1981

—

— ...-

109

1966

65

Jan

98%

June

103

Jan

Apr
June

♦7s ctfs of dep

25%

*

-

^

M

Ref M 3Ms B.July 1 '60

-

—

-

»

Sou Indiana Ry 4s
1951
S'western Assoc Tel 5s 1961

S'western Lt A Pow 5s 1957

51

Jan

20

Jan

24

Aug

27

$24

25

24

July

30

25

.25%"
24

Aug

Aug

11M
8M

9

Aug

8M

Aug

11M
11M

8M
8M

7

Aug

7

7

Aug

7

Aug

8M

$6M
$6M
$6M
20%
$10M

6

July

7

July

20%
19

Aug

20 M

May

21M

Feb

May
Apr

76

Feb

80%

Jan

6%

6,000

Apr

llM

Aug

$70

68

86
14

65

9%

9%

75

$68
$9%

9

5,000

$16

21

18 M

Aug

18 M

Aug

21

14M

July

14M

July

Apr

105%

May

106%

July

Apr

106%

Feb

-

-

14,000
1,000

104

1,000

77%
73%
72

79

33,000
-

98%

Mar

60%

Mar

69

22,000

53

"1I666

72%
25%

104%

Aug

6M« ctfs of dep.— .1959
5 Ms
1955

5s

12M
10

$9

♦Secured 6s

1947

♦Maranhao

July

29%

July

7s..

14%

♦7s ctfs of dep....

Jan

♦Mendoza4s stamped. 1951

Feb

29%

May

Aug

Mar

28%

June

110%

—

------

20,000
-

30%

—

-

-

-

-

-------

103

2,000

59

4,000

9%
128%

100 M

Jan

41M

June

59 M

23

1,000
16,000

39

23

41M
21M

21M

20%

22

13,000

19 %
19 %

Mar
Sept

Jan

23

23

23

1,000

20

Jan

25

July

20%

20 M

2,000

19

Jan

22 M

Mar

10

10

1,000

Apr

$9%
tm
$8M

MM
10 %

July

13%
18 M

Feb

Jan

10%

Aug

41M

Ton

9M
10

7M

15

Apr

Mar

9

Feb

131%

Aug

112

Feb

24%
21%

July

28

31%

July

96%
38%
106%

Apr

Jan

103

♦7s ctfs of dep.Oct '47
♦Mtge Bk of Chile 6s.l931

6s stamped

17

17

$14%

25

Aug

Jan

24%

Aug

12%

1,000

Apr

17% June

20

Mtge Bank of Columbia—

Aug

♦7s ctfs of dep..... 1946

$24

Apr

61 %

July

$24

30

Apr

107%

Aug

$24

30

30

Mar

105%

May

Mar

105%

Mar

♦Parana

(State) 7s—.1958

Mar

105

Apr

♦Rio de

Janeiro 6M8.1959

7M

7M

57

1,000

54

May

63%

Jan

♦Russian Govt 6 Ma.—1919

M

81%

1,000

70

Mar

84

July

♦6Ms certificates...1919

t%
M

M

71%

Mar

101%
102%
102%

Apr

107

May

♦Santa Fe 7s stamped. 1945

Apr

108%

July

♦Santiago 7s

1949

$M
$M
61%
16%

61%
16%

Apr

108%

July

1961

16%

16%

90%

66,P00
26,000
20,000

97%

Juiv

♦5Ms_—

10

1921

84

100

Sept

5,000

93

Apr

103%

Aug

Mar

10M

6

Apr

10 M

Jan

%

Jan

Mar

M
M

Jan

%
%

1311666

%
1

M
3,000

45

1,000
1,000

11M

11%

1

Jan

Jan

Mar

Mar

%

Feb

Jan

16M

July

Jan

16%

June

Jan
Mar

65

Jan

Mar

56%

85

Apr
Feb

♦7s

Apr

7

2,000

10

102 M

Feb

96

3,000

$99% 100

Aug

106%

4,000

103

102% 103%

111

Apr

35%

8,000

99% 100
103

106%
103%

Apr

2,000
2,000

46

Aug
June

Feb

80%

30

$25

1931

102

6,000

10

Feb

16 M

101%

-

Jan

30

102

-

Mar

21

30

15,000

104%

-

23

Jan

64

26

$25
$24

12,000

-

Aug

102

Sept

1,000

5,000

79M

*24

♦Issue of Oct 1927

Mar

July

79M

♦7s ctfs of dep.May '47

May

107%

79 %

♦7s ctfs of dep——1947
♦6Ms Ctfs of dep—1947
Mtge Bk of Denmark 5s '72

'

.....

Apr

13

9

♦Issue of May 1927...

21

tm

May

Mtge Bk of Bogota 78.1947

107

W'ii

98

..1951
1954

93%

8,000
'

98 M

1,000

1958

June

27,000

28%
109

1,000

99 %

♦Medelitn 7s stamped. 1951

73

Jan

July

75%

100

99 %

♦Hanover

(City) 7s... 1039
♦Hanover (Prov) 6Ms_1949
♦Lima (City) Peru 8Mb '58

13

100

1953

80

Apr

*

Jan

55%

-

3,000

Mar

85%

Mar

105%

the

No par value,
rule

sales

Jan

50

51

52 %

25,000

50%

52%
52%

16,000

50%

Aug

54

Aug
Aug

29,000

Mar

57

♦

July

Aug

50%

52

4,000

37%
36%

77%

77%

3,000

64

54%

Apr

Mar

a

not

Deferred delivery sales not included in year's range,
n Under
range,
r Cash sales not included in year's

Included in year's

Ex-dividend^
$ Friday's bid and asked price.

range,

July

93

x

Bonds

No sales were transacted during current week

being traded flat.
in

receivership.

1 The following Is a list of the New York Curb bond Issues which have been called
In their entirety:

Empire Oil & Ref. 5Ms 1942, Oct. 5 at 101.
Firestone Tire & Rubber 5s 1942, Sept. 1 at 101.

56%

July

79

July

Indianapolis Pow. & Lt. 5s 1957, Oct. 11 at 104.
Pub. Serv. of Nor. 111. 5s 1956, Oct. 1, at 110.

{Standard Pow A Lt 6sl957

"49%

49%

51

19,000

30

Mar

55%

July

34

32%

34

11,000

18%

Mar

35

Aug

56

57%
51

Jan

58

Aug

55

July

Sanda Falls 5s

(Hugo)

1955. Oct.

1 at 107%.

Toledo Edison 5s 1962, Oct. 13 at 105.

2d stamped 4s

50%
......

1970

49%

~~85%

Tenn Public Service 5a 1970

104 M

Terni Hydro-Ei 6 Ms—1953

54%

Texas Elec Service 5s_1960

95%

Texas Power A Lt 5s—1956

103%

7,000

43

30,000
4,000

39

Jan

1C4

1,000

103%

12,000
85% 86
99% 104% 136,000
54% 56%
3,000

65%
57%

Feb

48%

Apr

106%

Apr
Apr

105% 105%
106

Tennessee Elec Pow 5s 1956




17 %

1,000

Feb

May
July

$16

Mar

-

104% 104%

♦Starrett Corp Inc 5s. 1950

Tide Water Power 5s..1979

$24 M
25

♦6s ctfs of dep-.July '61
♦6s ctfs of dep..Oct '61
Cundinamarca (Dept of)

101%

$102% 103%
102% 103

51

"50%

82%

72

58 M

Jan

{ Reported
51

May

3,000

Mar

External 6 Ms—
1952
♦German Con Munic 7s '47

110
110%
104% 105

1

Apr

105 M
85

96

27

July

$81

■

"l02%

1951

2022

81

July

Feb

33,000
6,000

28

105

44

Standard Investg 5 Ma 1939

A

81%

81

July

97 M

Jan

Sept

1,000

107% 108%
107
108%

——

103

series

80

80

May

107%

Danzig Port A Waterways

104% 105%

100

6s

103 M

108

Jan

Apr

Apr

Mar

81%
$89

107

*

June

103

103M

♦5 Ms certificates.—1921

1945

Ref M 3 Ms .May I 1960

1st 4 Ms

106

105 M
86 M

July

22 M

107

57

2025

Corp—
1940
2d stamped 4s
1946
Super Power of HI 4 Ms '68

1,000

4,000
38,000

Aug
June

25

Apr

104

104%
108 %

Stinnes

106

106 M 106 M
96 %
97 M

95

55

105%

35

Sou Calif Edison Ltd—

Debenture 6s.Deo 11966

Apr

104% 104%

81 %

6s

June

103

35

103%
102%
101%

103

T04M

Sou Carolina Pow 5s. 1957

Debenture

Mar

32

8,000

$25 M

3,000

$107%

J

57

{Standard Gas A Elec—
6s
(stpd)
1948
Conv 6fl (stpd)
1948

74 M

14,000

103% 104

^

Sheridan Wyo Coal 6b 1947

So'west Pow A Lt 6s-.2022

31,000

47 M

105%

106
97

1952

104% 104%
102% 102%

58%

1970

So'west Pub Serv 6s..1945

94

45

$25 %

♦6s series A

Feb

$28%

—

July

♦Prov Banks 6s B..1951

Aug

107% 108
$25%
28

------

Aug

108 M

Columbia (Republic of)~

145

$128

-

102 %

105

45M
105

Jan

Feb
Mar

$8%

113

$14%

......

^

96

106

$8M

Jan

109

......

Shawlnigan W A P 4Mb '67
1st 4 Mb series B
1968

1st A ref mtge 4s
1960
Sou Counties Gas 4Mb 1968

92 %

6,000

Aug
July

109

1948

Apr

25

.

"]~09 "

1951

3 Ms

108

107%

♦7M» ctfs of dep.-1946
Cent Bk of German State A

110

29%

♦Schulte Real Est 6s..1951

Debenture

108

1952

♦6 Mb ctfs of dep

1937

Southeast PAL 6s

99 %
97

Mar
Apr
June
Apr

Aug

(Province)-

130

$75

"70 M

♦Ruhr Gas Corp 6 Ms.1953

1st 4 Ms series D

21,000
21,000

102% 102 M

ctfs of dep_'57

ser

17,000

$72%
70%

1952

1948

106%

109

105M 105%

ctfs of dep. 1945

♦7Ms stamped
1947
♦Caldas 7 Mb ctfs of dep. '46
♦Cauca Valley 7s
1948

Queens Boro Gas A Eleo—

Servel Inc5s

1,000

ser D

35,000

76

76%

C...1950

Scullln Steel 3s

July

3,000

109

$7
$7

141% 143%

104% 104%

Puget Sound P A L 5 Ms '49

Scrlpp (E W) Co 5MS-1943

July

26

12 M
103 M

$7

July

June

Pub Serv of Oklahoma—

-

8bM

3,000
18,000

$7

110*82 1105,6

'

1955

Apr

65

83 M

106% 107M

Danish
110«16

Ban Joaquin L A P 6s B '52

July

23M

C ctfs of dep. 1945

♦7s stamped

July

Apr

29%
20%

_

Public Service of N J—

♦Saxon Pub Wks 6s

87

75

B ctfs of dep. 1945

♦Baden 7s

Jan

Apr

1[Sauda Fails 5s

July

11,000

♦7s

Mar

65

108

108% 108%
35

Safe Harbor Water 4Mb '79
{♦St L Gas A Coke 6s. 1947

92

85 M

ser

Buenos Aires

Mar

111

104%

20,000

----

108

♦Ruhr Housing 6M8..1958

Aug

Apr
Apr

83 M

Bogota (City) 8s ctfs..1945
Bogota (see Mtge Bank of)

$30

6 Ms series A

90

75

ser

Aug

4 Ms series F
1961
Potrero Sug 7s stmpd.1947

ser

Feb

12I006

♦78

Mar

Potomac Edison 5s E.1956

1st A ref 4 Ms ser D.1950

July

82 M

•

Co¬

78%

Jan

July

98%
$21%

of)

109

22

...—

(Dept

Apr

69%

1st A ref 58

July

80

88 M

A ctfs of dep. 1945

2,000

Jan

4s series A—

109

Jan
Feb

21

105 M
102 M

Aug

75

91

1,000

84

ctfs of dep.'57
1951

Jan

1960

Feb

81

87

85 M
84

ctfs of dep. '57

Aug

I

July

ser

ser

19

4 Ms series

83

lumbia—

ser

86

1978

64 %

♦7s

♦7s 3d

48

'59

Antioquia

♦7s 2d

1,000

4 Ms series E

63 M
64

2,000

30

Sept

22,000

4Ms series D

96

7,000

105 M

$24

May

66

5s series C

7,000

82 M

Feb
Feb

30

105

2L

,-1956

July
July

Apr

94 %

30

108%

90%

Hist A ret 5s—-

80 %

67 M

$24

12,000

108% 108%

49%

dep. Jan

Aug

15,000
•

65

"65%

6% perpetual certificates
Pub Berv of Nor Illinois—

Mar

7,000

3,000

$24

♦7s 1st

21

PowerCorp(Can)4MsB

56

16,000

'47

Feb

90%

M

♦Pomeranian Elec 6s__1953

♦Prussian Electric 6S..1954

Mar

$88

'46

Jan 1947

105%
106%

5,000

105% 106

$105

Portland Gas A Coke 6s '40

28

♦7s

Peoples Gas L A Coke—
4s series B

Jan

GOVERNMENT

♦7s ctfs of

July

36,000

90

...

1954

4Mb series B

23

♦6s ctfs of dep...Aug '47
♦6s ctfs of dep...Apr '48

July

94%

9,000

91%

95

1950

Penn Water A Pow 5s.1940

30

MUNICIPALITIES—

♦7s ctfs of dep. Apr

Jan

Apr

27M June

81

...1947

♦20-year 7s

Sept

Aug

Feb

108 M 108 M
70
70 M

Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946

May

98

89%

94%

89%

Penn Ohio Edison—
6s series A

77%
34%

Apr

87

92%

Penn Electric 4s F....1971

115

1937

Stamped 5s

July

62

24

Jan

103% 104%
98%
98%
80%
80%

1966

47M

115%

35

71M
71M
104M
78%
79M

Wheeling Elec Co 5s. .1941
Wlso-Mlnn Lt A Pow 5s '44

Feb

102

5,000

107

Pacific Coast Power 5s '40

West Penn Elec 5s...2030
West Penn Traction 5s '60

Feb

105%

1st Aref4Msser D.1956
Okla Nat Gas 4 Ms
1951

Wash Gas A Light 5s_1958
Wash Ry A Elec 4S...1951
Wash Water Power 5s 1960

,

71

1946

86%

13,000

95%

6s

62

July

Apr
Mar

112M

Jan

65 M

Mar

30

4,000

108 %

Mar

44

391666

58%

70

Waldorf-Astoria Hotel—
♦5s income deb
1954

Apr

105%

31,COO

104% 105

Va Pub Serv 5Mb A..1946
1st ref 5s series B...1950

Sept

105*h

104

1944

93%

17,000

104

4Mb Berles e
1970
N'westem Elec 6s stmpd'45
N'western Pub Serv 5s 1957

70 %

1952

93

3,000

104% 105

Northern Indiana P S—

High

$27

6s series A
1973
Utah Pow A Lt 6s A..2022

Aug

July

105%
113%

105%

Low

$27

(Del) 5 Ms '52

4Mb

20,000

42

57

United Lt A Rys (Me)—

13,000

Range Since Jan. 1. 1938

45,000

57M

40

1959

25,000

83%

for
Week
Shares

$115%

1974

5Ms
Un Lt A Rys

93

82

52M

1956

6MS—

July

55
,

37,000

87%
89%

.1942

5s conv debs

City Rap Tr 5Ma '52

♦United Industrial 6Mb '41
♦1st s f 63
1945
United Lt A Pow 6s...1975

July

102

High

Wie 105 M

Ulen Co—

69

—

2,000

56 M

♦Income 6s series A.1949

58 series D

1962 1051,«

July

108

27,000

Range
of Prices

Low

see Leonard

6s series A

N y Central Elec 6 Ms 1950

6s series O

Twin

(L)

111

105%

86%

87

83%

Apr

July

54

52%
51M

92

Mar

Week's

Sale

Prue

38

-

1465
Sales

Last

High

62%
58%

3,000

118

55%

1948

New Eng Power 3%a_1961
New Eng Pow Assn 6s. 1948
Debenture 5 Ha
1954
New Orleans Pub Serv-

6,000
26,000

41 %
109M 109M
$115
118

118

5s

5s stamped

92

80%
$38%

BONDS

(Concluded,)
Low

Shares

$96% 102
80 M
82%

81

New Amsterdam Gas 5s '48
N K Gas & El Assn 5s 1947

Range Since Jan. i. 1938

for

High

90

6

Friday

Week

of Prices
Low

Price

Exchange—Concluded—Page

Sales

95%

106

95%

103% 104%
$101
104
83
83%

23,000

96,000

Feb

May
Aug

61

y

82%

Mar

100%

Mar

104%

Mar

101%

May
Aug

Apr

86%

Jan

75%

the current week and not included In

No sales.
z

Jan

94

2,000

Under-the-rule sales transacted during

weekly or yearly range:

Feb

90%

------

week and not Included in weekly or

No sales.

Aug

91%

104%

Cash sales transacted during the current

yearly range:

Jan

107%
.

e

In

Deferred

delivery sales transacted during the current

week

and

not

Included

weekly or yearly range:
No sales.
Abbreviations

Used

Above—"cod."

certificates

•cum," cumulative; "conv," convertible:
"v t

of deposit:

"cons."

consolidated

*M," mortgage; "n-v," non-voting stoo»--

c," voting trust certtfi* tee; "w 1," when Issued: "w w." with warrant*-

without warrants

"x-w"

Financial

1466

Chronicle

Sept. 3, 1938

Other Stock Exchanges
New York

Estate Securities Exchange

Real

SECURITIES

CHICAGO
Bid

Unlisted Bonds

B'way 38th St Bldg 7% 1945
Bryant Park Bldg 8%s *45
11 West 42d St Bldg—
6%s unstamped.... 1946

Ask

75

Unlisted Bonds

Bid

Listed and Unlisted

Ask

Internal Commerce Bldg—

24

0%s

1943

4

Paal RDavis & <90.

...

Park Place Dodge Corp—

33

Income 5s 1952 vte

...

Members

6

10 East 40th St Bldg 5s *53
West 39th St Bldg 6s'37

(250

Chicago Stock Exchange
Chicago Board of Trade

Exchange

New York Stock

77

New York Curb (Associate)

9

10 S. La Salle St.,

Baltimore Stock

Aug. 27 to Sept. 2, both inclusive, compiled from official sales lists
Last

Par

Week's

Sale-

Stocks—

of Prices
Low
High

Price

Chicago Stock Exchange

Sales

Friday
Range

Range Since Jan. 1,1938

for

Aug. 27 to Sept. 2, both inclusive, compiled from official sales lists

Week,
Low

High

Last

*

19%

385

12%

Atlantic Cst Line (Conn) 50

20%
%

20%
%

20%
%

100

17

137

1st pref v t 0
*
Black A Decker com.....*

mm'msm'mm

no

Finance Co of Am A com.5

10

com..l

Second pref

1

Martin (Glen L) Co com.. 1
Monon W Penn P S 7

Jan

1%
19%

110

73

112

114%

31

112%

Apr

116

June

109% 110%
29%
30%

75%

Mar

112

Aug

117

1%

114

10

10

62

49

14

v

10

1%
18

551

Mar

Mar

2%
20%

Aug

Mar

73%

July

27% June
9% May

21%

July

1 &A
78

Aucr
A

21%

22%

175

21%

Sept

40

40

11%

12%
1%

100

June

8

21

Apr

Aug

%

Jan

26 /8
%

July

% May
*

3

Jan

Jan

25%

MtVern-W oodb M—

Preferred

.100

New Amsterdam Casualty 5
North Amer Oil com
1

Northern Central Ry

1%

Aug

1%

Jan

26

72

June

94%

Jan

Aug

%

Jan

69

69

20

13%

13%

10

14%

15%

1,859

15

Jan

12%

300

he

Penna Water A Pow com.*

.2

47%

Mar
June

1

Seaboard Comml com... 10

U S Fidelity A Guar

June

7%

180

*ie

83

50

35

850

83%

1%

Ownlngs Mills Distillery.. 1

22

%
59%

Apr

12% June
8% Mar

Jan

7o

13%

Aug

17%

July

Bonds—

5s flat

4% '42
1948

21%
101
......

99%

99%

15

Mar

Jan

23%

15%

Mar

27

Jan

2,000

101

101

96%

Aug

99%

Feb
Feb

101

1.000

Feb

99%

Low

High

2%

10
--25

A

100

69

2

Mar

50

6

June

5%
11%

Aug

19

50

Mar

19%

Aug

"m

62

July

59

170

60

Aug

3%

Mar

8%

100

5%

Apr

1%

250

%

34%
4

%
1%

%
2

1

Bergboff Brewing Co
Blnks Mfg Co capital

if*

10%
10

10

"23"

21%

23%

.....

87%

100

27

146%
6%

Aug

Aug

Mar

8%
1%

Jan

Jan

Jan

Mar

36%

2% June

4%

100

% June

2%

Jan

Mar

2%

July

7% June

11%

July

1,200

"16%
10

Bendlx Aviation com....5

•

Aug

200

34%
4

8%

A com 5

Apr

140%

*

i%

45

666

Associates Invest com

Athey Truss Wheel cap...4
Automatic Washer com..3

12%

1,915

144%

1

Bastlan-BJesslng com...

Sept

200

Asbestos Mfg Co com

Belden M fg Co com

Mar

2,500

8%

Barlow A Seelig Mfg

Mar

4%

10%
11%

5%

1
1

Aviation A Trans C cap. I

Sept

Jan

11%

5%

Aro Equ 1 p Corp com

Aug

39%

7%

10%

5%

Armour A Co

52%

Sept

60

2%

142

Amer Tel A Tel Co cap. 100

common...6

10

30%
39%

Apr

24

9

19

11%

Class

39%

10%

*

Advanced Alum Castings.5
Allied Products com

52

9

Adams Oil A Gas com

150

51

25

50

1%
8

100

8

350

0% June

6,450

1,100
150

6%

Jan

Jan

Aug

8%

Mar

4

13

13

24%

Mar

May

Mar

6%

Jan

19%

300

12%

Mar

22%

Jan

31%

34%

4,450

16%

Mar

36

Aug

16%

16%

50

10

Mar

17

July

*

19

19

50

14

1

6%
13%

6%

750

5%

15%

750

6

4%

5

Mar

8%

Jan

18

1

Bliss A Laughiin Inc com.5

Borg Warner Corp—

cap..*
...5

Brach A Sons (E J)

(New)

common

Sept. 2, both inclusive, compiled from official sales lists
Last

Sale

...

Sales

Week's

Range

Bruce Co (EL) com
Burd Piston Ring com

33%

10

Butler Brothers

Central 8 W

150

2,300

21%

22

100

18%

21%

18%
21%

12

12

100

50

12

Cent 111 Pub Ser $6 pref..*
Central 111 Sec com
1

53

80

Far

Price

Amer Pneumatic Ser com. *
Amer Tel & Tel..

100

Boston Elevated

High

1

Shares

Low

300

1%

142

22%

120

32c

Mar

80c

Feb

110%

Mar

149%

Jan

Chain Belt Co com

27%

July

22%

16

17

June

85%

362

60

Mar

131%

346

108

Apr

50

50

50%

420

48%

Jan

58%

May

16%

16%

16%

5

13%

Mar

20%

Jan

108%
134

JaD

July

July

20

Aug

Apr

25

Mar

14

41%

Mar

57%

%

Aug

1%

June
July

3% June

7%

July

Mar

2%

Jan
Jan

*

3%
14%

Cherry-Burrell Corp com.5
Chicago Corp common..*
Preferred

14%
13%

1%

3%
15

25% June

10

90

70

350

*■

Apr

so
97

Jan

July
Jan

Apr

5%

July

12

Mar

July

12%

June

2%

14

100

2

4,350

1%

Mar

4,500

25%
38%

Mar

35

34%

62%

Chic Flexible Shaft com..5

20

16%
21%
2%

33

*

1

Jan

June
Aug

Boston & Maine—
Common

100

Prior pref
100
Class A 1st pref (stpd) 100
Class A 1st pref
100
Class B 1st pref stp.-lOO
Class D 1st pref (stpd)lOO
Boston Personal Prop Tr_ *

3

68

950

Jan

80%

July

100

1

1

250

%

Mar

Chic Rivet A Mach cap. .4

100

Boston Herald Traveler..*

9

9

50

5%

Mar

1%
10%

July

Chicago Towel conv pref.*

107

107

20

96%

Apr

Chicago A N W Ry

com

3%
12

2%

Mar

40

5%

2%

2%

125

1%

Mar
Mar

4%

July

1%

"~2 %

3%
9%

90

9%
2%

1%

50

1

Mar

3%

July

Club Aluminum Utensil..*

2%

3%

125

1% June

4%

July

Coleman Lamp & St com.*

5%
12%

July

10

2%

June

240

8%

12

July
Jan

Jan

25

Copper Range

(New)

New

25

capital
Rights (Sept debs)

1%

5

1

Apr
July

1%

June

7%
5%

7%
5%

235

5%

Mar

10%

Jan

Consolidated Biscuit

420

4%

May

7%

Jan

*

4%% prior pref.....100
0% preferred
100
East Mass St Ry—
Common

100

1st pref

3

Jan

May

Adjustment

100

13%

11%

13%

290

51c

51c

60c

50

30

31

"2

31

840

♦

1

30%

Jan

Cudahy Packing pre?.. 100
Cunningham Drug com2%

%

July

1%

Feb

Dayton Rubber Mfg com.*
Cumul class A pref.—35

13%

Apr

Aug

Deere A Co

33

2

2

125

1%

Jan

2%

July

3%

225

2%

Apr
July

3%

Jan

30

Jan

20

Mar

15

15

160

15

19%

19

20

285

15%

Apr

6%

Employers Group...

6

7

160

4%

June

9%

9%

223

0%

June

Gillette Safety Razor....*

7%
11

17

-._.__*

%

2%
16

2%

Mergenthaler

2%

%

200

2%

130

16

2%

23

142

27c

%
10

1%

23%

Linotype..*
Narragansett Racing Ass'n

150

100

14

June

30

Jan

26%

3,700

22

Mar

28

May

25c

53,000

Sept

1%

25

25

18%

4%

5

820

3%

104%

348

Jan

June
June

Mar

Mar

22c

16%

17

350

22c

12

10%

May

1%

Jan

June

56

7%

1,000

8%
15%

415

14%

56

56

200

48

80

3%

7%
11%

Aug

Aug
Jan

Aug

July

17%

July

73

July

16%

July

"

14%

14%

150

12%

13%

500

22%
18%

22%
19%

50

85

5%

5%

20

May

20

5

Dexter Co (The) com

25

Mar

Feb

4

*

com

27c

Aug

May

7%

7%
14%

7%

11%

Apr

5%

Mar

14

July

Jan

22%

July

18%

Aug

20%

Aug

3%

June

6%

Jan

Dixie-Vortex Co—

Class A

Eddy Paper Cor p

32

*

Feb

Fltz Sim A Con DAD cm*

60c

July

Four Wheel Dr Auto cap 10

3%

July

32

50

16

4%
20

8%

"4%

150

4%

1,600

20%

300

8

8%

100

9%

50

4%
2

Fuller Mfg Co coin

1

Feb

Gardner-Denver

*

11%

Aug

Gen Finance Corp com_._l

2%

28

July

4%

150

2%
11%

850

29

May

34

10%

Mar

21

2%

Mar
Mar

15

5%
24

Jan

Feb

Aug
Jan

Apr

8%

July

8

Mar

11%

June

4%

Sept

6%

Mar

4%

Mar

Jan

Gen Household UtU—

18

2%

com

2

16%

4%
19%

9%

*

com

Elgin National Watch...15
Fox (Peter) Brewing com.5

Copper Co...15

750

1%

22%

Jan

Hathaway Bakeries—

Loew'sTheatres (Boston)25
Mass Utilities Assoc v t e.l

*25%

7

7%

17%

"12%

Elec Household Utll cap. 5
GllchrlBt Co.

26%
24c

com.

June
Sept
11% June
1%

24

3%

Eastern Steamship L com. *
Preferred*

1%
17%

v t c pref part shares ..50
Container Corp of Amer.20

52

24

1%
29%

232

24

100

Aug

Consumers Co—

East Gas & Fuel Assn—
Common

7

.10

com.

1%

2f

7%

107

Cities 8ervlce Co—

Compressed Ind Gases cap*
Calumet & Hecla

Jan

Commonwealth Edison-

3%
12%

3%
12

4%

1%

Brown-Durrell Co com...*

Class B

July

9

200

93

1,523

81

July

16

1,500

93

45c

129

Jan

10

24%

14

6%

40%

...»
pref.._._...*
Cent States Pow & Lt pf. *

130

"82%

5%

Aug

10

1%

Preferred

High

2% May
6% Mar

Jan
Mar

150

%

1%
40%

144%

42c

142%

Bigelow-Sanf Carpet com. *
Boston & Albany..
100
Boston Edison Co.....100

Low

8

15%

Mar

6%

...*

22%

Jan

17%

%

Prior lien

Stocks—

of Prices

Apr

May

—

Common.

Week

8

3%

8%

3%
8%

30
CampbellWyant&Can cap*
5% conv pref

$1% conv pref
Range Since Jan. 1, 1938

for

5
1

Castle A Co (AM) com.. 10
Central Cold Stor com..20

Exchange

Friday

Isle Royal

Range Since Jan. 1, 1938

for
Week

Shares

High

39%

*

Common (new)
Acme Steel Co com
Adams (J D) Mfg com..

Common

18% $13,000
6,000
21%

Boston Stock
to

Low

Laboratories—

Class A

18

1975

Finance Co of Amer

Interstate Co 5%

Aug. 27

Price

Brown Fence A Wire—

Baltimore City Bonds—
Bait Transit 4s flat. 1975
A

Abbott

Amer Pub Serv pref

May

600

125

Aug

1%

%
1%

25%

10

18%

19

25%

% pf25

Jan

35%

Mar

7%

*

Apr

1% May

11%
6

Par

Stocks—

of Prices

Jan

1

1%
/o

*
_

28

Apr

%
%
9%
65%

1%
17%
7%
%

Houston OH pref
100
Mfrs Finance 1st pref...25
Mar Tex Oil

June

19

Fidelity A Deposit
20
Fidelity A Guar FlreCorplO

Guilford Realty Co

July

19%

71

1%

Consol Gas E L A Pow— *

6% preferred.....—100

Mar

Week's Range

Sale

'

18%

Bait Transit Co com v t c. *

Sales

Friday

Shares

18%

Arundel Corp..

CHICAGO

Exchange

3

100

250

1%

Mar

10

2%

4%

Jan

Jan
Jan

N Y N H & H RR

North Butte
Old

Colony RR

102%

102

57%

58

1%
45c

100

1%

45c

47c

2%

(Ctfs of dep)

2%

2*

50

975
14

1%

Old Dominion Co.
Pacific Mills Co

50

Qulncy Mining Co

25

*

1%

90

42c

25

Pennsylvania RR..

2%

6

July

Goldblatt Bros Inc com..*

14

14

14

1.50

13

June

23%

Jan

Mar

109%

July

Goodyear T A Rub com..*

28

26%

28%

433

26%

Sept

30%

Aug

57%

Aug

Feb

Gossard Co (H W) com...*

8%

8%

8%

250

Mar

9%

Jan

Great Lakes DAD com..*

19%

20%

1,200

Mar

21

Aug
Aug

JaD

Hall Printing Co com... 10

8

8

5

Mar

10%

July

5%
6%

5%

20

5%

Aug

150

5%

Jan

8%
7%

June

6%

Common...
5

100

.2.50

May

Jan

81

Harnlschfeger Corp

Inc
...1
New England Tel & Tel 100
New River Co pref.....100

46c

216

1

June

37c

Mar

2

Apr

1

May
Jan

30c

68

2%
79c

5

......

com. 10

Shawmut Assn T C

*

♦

Jan

Heln-Werner Motor Parts 3

7%

7%

50

Hormel A Co (Geo) com A*

20%

100

16%

Jan

21

Jan

Houdallle-Herehey ci B...*

20%
16%

2,950

5%

Mar

17

Aug

1%

350

% June

2

Jan

13%

20

9%

Mar

19%

July

596

13%

May

24%

Jan

Hupp Motors com

10

6%

2%

2%

1% June
1% Mar

4%
2%

Jan

Illinois Central RR cornlOO

11%

Feb

Illinois Nor Utilities pM 100

9%
25

157
25

1%
11%
10%

368

25

289

78

79%

366

41

41

9%
24%

836

78%

.....

May

11%

Aug

Indep Pneu Tool

5%

Mar

12

July

28

July

Inland Steel Co cap

50

Mar

v t

55c
19

80%
43

July

605

55c

Mar

1%

Jan

Jefferson Elec Co com...*

55c

100

55c

Apr

1.25

Feb

Katz Drug Co com

20%

20

19

Sept

26

May

July

Jar vis (W B) Co cap

1

Kellogg Switchboard com.*

110% 110%
21
21%

100

Mass Street Ry

.1948

For footnotes see page 1469.




72

72

$5,000

49

Mar

72

Aug

14%

Mar
Mar

3% June
July

100
36

69%

"61%

61%

381

55%

Aug

17%

17%

50

16%

15%

17%

700

12%
10%

May
June

20%

20%
3%

150

15%

100

8%

600

3%
8

73

8%
14

110%
29
7

76%
61%

Apr
Aug

Jan

July

Aug
Jan

Jan
Aug

Sept

18%

Aug

Mar

18%
23%

July

3

Mar

5%

6%

Mar

8%

Jan

Jan

July

65

Feb

20

20

Mar

20

53

Apr

70

Aug

3% June

5

Mar

24

24

6% cumul pref
Kerlyn OH cl A com

68

68
4

150

3%

7%

20

72

.5

Mar

Mar

4%

100

100

5

6%
100

75%

Kentucky Utll Jr cum pf 50

Bonds

Series A 4%s

1

200
465
310

4%

Iron Fireman Mfg v t c...*

Jan

7

12%

Mar

4

72%
56%

*

38%

Preferred

Eastern

110%

c...*

76

14

1%

Indiana Steel Prod cora._l

Apr

87c

Utah Metal A Tunnel Co.l
Venezuela Holding Corp.. 1
Warren (SD)Co
*

16

...1

8

17

12%

May

20%
3

200

6

60c

18%

1%
10%

2,350

3%

13%

.....

1%

Heileraan Brew Co (J cap.l

International Harvest com*

United Shoe Mach Corp. 25
Preferred..
25

19

18%

*

Stone A Webster

Torrlngton Co (The)

1

Jan

Illinois Brick Co cap
Reece Folding Mach Co. 10

1%

%

June

2%
16

81

28%

July
Jan

Volume

Financial

147

Sales

Friday

Leatb & Co

com

Lincoln Printing com
_..

354
2054

"

Mar

Feb

354

50

234

Mar

80

1534

Mar

23

54

23

Aug
Jan

9

Mar

6

654

7

500

454

4

454

200

Apr

434

Aug

2854

2854

40

2434

Mar

3134

July

22

2254

250

1634

Mar

2534

Aug

154

250

154

Apr

234

July

35

3554

100

2454

Mar

38

July

1154

1254
1154

3,150

534

Mar

1454

July

1154

30

554

1,750

534
234

Mar

554

Mar

1434
554

Aug

*

*

Lynch Corp com

5

1 H

*

com

McCord Rad & Mfg A

154

1234

*

Mer & Mfrs Sec cl A com.l

""554

2

10

1954

Mar

2834

354

154

Mar

434

654

3,900

434

Mar

754

July

2

654

54

54

2,450

54

Mar

54

54

50

34

July

54

500

•

554
154

154

Minn Brewing Co com___l

3

Feb

634

1

Feb

2

May

1

Mar

2

Jan

Akron Brass Mfg__

Midland Utll—

7% prior lien
6% preferred A
7% preferred A

154

154

210

54
54

54

50

%

Aug

154

Mar

34

30

34

May

134

Jan

654

654

100

554

July

7

Aug

*

24

24

50

18

Apr

Monroe Chemical pref

*

42

42

60

35

June

4234

*

4554
754

4754

4754

100
550

1334

1254
654

1254
7

1,000

1434

15

220

4354

44

120

1834

Apr

46

1654

10

1554

Aug

1934

54

300

54

Apr

1654

150

Peabody Coal Co cl B
Penn Elec Switch

com 5

M -mm *» .»

A10

conv

54

M

"

15

15

Pennsylvania RR cap.1.50
Peoples G Lt&Coke cap 100

1854
3254

Poor & Co class B

1

com

Pressed Steel Car

Preferred..

"167"

1434

34

161

2434

834

500

154

107

934

110

70

8

July

Feb

50

June

26

Apr

35

Feb

Jan

Aug
Jan

July
Jan

July
Jan

July

151

Aug

14

Aug

54

Mar

100

1534

7254

734

4734

354

200

2

Mar

10

20

June

23

30

So Bend Lathe Wks cap. .5
Southw Gas & El 7% pf 100
Standard Dredge—
Common

102

1

254

20
Sterling Breweries Inc coml

1254

Convertible pref

Storkline Fur

254

Mar

2734
7534

254

100
200

13

Mar

Aug

90

134
754

Mar

334
1434

3

July

354
634

2754

700

2234

Mar

29

1754

1854

669

15

Mar

1934

1,100

Mar

534

500

334
1434

Feb

1734

July

8254

652

63 34

Mar

8634

954

370

854

Aug

88

7734

June

254

1,100

34

Mar

17

16

7934

g8054

""254

Utility & Ind Corp com___5
Viking Pump Co com
*

54

54

54

50

54

1854

1854

1854

10

1434

16

17

400

1354

934

June

254

*

.50

«•

2854

—

954"

Yates-A mer Mach cap...5
Zenith Radio Corp com
*

10

2854

97

334

July

Jan

54

June

Mar

1834

Sept

2054

Jan

29 34

Aug

2834

Aug

171

26

Aue

3054

Aug

100

9834

Aug

10634

Aug

934

150

954

Sept

1234

Jan

5

4
"

w'-.

50

234

Mar

50

354

May

534

Jan

4

"

4

434
454

300

254

Mar

July

50

134

May

534
234

4,400

»34

May

2554

July

254

«

"2154

19

254
22

July

July

Last
Sale

Price

of Prices
High

Low

30

*
100

24

2434
9754
10

200

9754

934

Churngold

for

of Prices
Low

134

__1

Allen Electric com.
Auto City Brew com

—

Baldwin Rubber com.

_

98

.......60

334

734

*

Continental Motors com ..1
Consumers Stl. i

M

Jan

Jan

Aug

600

154 June

825

1

May

+

7034

7434

3,267

36

Mar

7654

Aug

134

134

125

1

134

July

1.25

200

May
70c May

*»

-

-

•

-

98c

254

101

100
168

95c

77

600

254

254

665

154 May
154 June

July

1.50 June

Aug
Mar

254

July
July

154

108

Jan

Jan

334

Jan

3/s

July
Aug

15

634

15

920

9

Mar

16

1334

-.3

..1

98C

2

,

934

—

98c

234

1

—

1.25
101

154

14 %

285

6

Mar

1434

154
934
634

154
934
654

700

1

Mar

2

July

320

534

Mar
Mar

11

July

3
m

3

254

4554

4854

234

254

134

«>•»«»

1,301
200

5,466
1,120

434
2

June

2554 Mar
2 34 May

754
434
50

Aug

July
Jan
Aug
Jan

70c June

334
134

300

2

Mar

334

Jan

108

15

Feb

1734

Aug

3,710

6

Mar

17

Aug

1,321

Jan

*

234

*

1634
1434

134
254
16 34
1634

854

934

820

934

Jan

60c

63c

1,760

37C

Apr

75c

Jan

254

254

600

154

Mar

334

51c

54c

400

40c

Msr

75c

Jan

1834

1934

777

1534

Mar

1954

July

2034

21

150

17

Mar

23

July

..1

♦
..

..1

1554
8J4
61c

254

1

Kinsel Drug com

.10

Kresge (S S) com—

High

*

McClanahan Oil com

..1

—

97
3

98

334

5

173

15

134

Mar

1934

Aug

234

Sept

Motor Products com

1834 May
94
6 34

.

June

Feb

67

90

Apr

201

3

May

31

10514
10

Jan

Mar
Aug

♦
_

_

..5
Motor Wheel com
.10
Murray Corp com
*
Packard Motor Car com.
*

10014

Jan

Parke Davis com

5

Jan

Parker Wolverine com..

534

Apr

Jan

26
24 34

2434

1754

16J4
H

Mar

12J4

Jan

Aug

1214

Feb

24%
17 J*
54

70
10

299
84

2234
2334
1254
14

Apr

28

July

28

Mar

17J4

Jan

1

Juty

Tivoli Brewing com
Union Investment com..

United Shirt Dlst com—

Jan

Universal Cooler A

P&G.

*

53 54

14H
334

5634
14 H
334

342

*

31

31J4

188

21 34

834

50

514

8 34

10
50

3934

Mar

57 H

Aug

June

16

Jan

154 June

5

June

8

Jan

Mar1

3114
1014

Aug
July

Walker & Co B

1354

14

100
506

40c

11

Jan

Mar

75c

Jan

Mar

2254

July

3954

834 June

15

Aug

9

934

2,837

434

Mar

1034

July

454

934

534

2,362
1,003

334
3134

Mar
Mar
Apr

554

July

3934

40

608

41

12

AUg

Jan

Jan

734

425

834

July

200

154 May

254

July

1

3

754
154
334
354
354

♦

4

4

*

334
234

334
3

300

154

154

600
105

1034

234

*

«•

-*'*» -

334

*
♦

Universal Prod com

21

334

—

Warner Aircraft com

40c

2034

134 May
434 Mar

.2
Rickel (H W) com
Standard Tube B com... .1

Jan

1.25

634

com.l

Aug

Aug

145

Pfeiffer Brewing com...

7%

Apr

67c

650

Aug

934

55c

234

July

40

40c

2054

Jan

Mar

834

85

25

100

154

34

234

178

934
28

67c

80c June

6,850

834

Jan

10

550

45c

*

Feb

934

1.25

39c

67c

*

Mich Sugar com

Feb

75

10

1.25
40c

..1

135




Aug

154

*

10

For footnotes see page 1469.

934
3734
2154
354

134

--1

209

31

75c

Mar

7334
-

Det & Cleve Nav com.. -10
100

84

10
100

35c June

454

1334 Mar
1534 June

Detroit Edison com

175

...»

100
650

3

..5

Chrysler Corp com

Kingston Prod com

Low

Randall A
B

42c
8

1834

Brown McLaren

B

U 8 Playing Card-.

154

Jan

3,115
1,181

*

82

2.50

High

Low

i»i6

3534
1934
354

1234

175

*

200

734
34

35

..

Burry Biscuit com

*

934

134

Shares

134

Briggs Mfg com
Burroughs Add Mach

50

*

High

42c

__1
_.l

Penin Metal Prod com.. .1

10

Range Since Jan. 1, 1938

Week

Price

Par

Stocks—

Prudential Investing

Wurlltzer pref

:%v.

Sales

Week's Range

Masco Screw Prod com. ..1

*

Magna vox

.

Exchange

Sale

Hoskins Mfg com

Week
Shares

270

5

Jan

compiled from official sales lists

Last

Range Since Jan. 1,1938

for

2 34

Gibson Art

DETROIT

Friday

Hall Lamp com

Exchange

17 J*

Kroger

Jan
Jan

60

Chicago Stock Exchange

Detroit Stock

Hudson Motor Car com
Hurd Lock & Mfg com. -1

2

Hilton-Davis pref

Aug

20

Sales
Week's Range

1734

20

.......

July

254

New York Curb Associate

Exchange

Aug. 27 to Sept. 2, both inclusive,

McClanahan Ref com.

Eagle-Picher

134

454
38

Telephone: Randolph 5530

Graham-Paige com

Teletype: CIN 68

Friday

Formica Insulation

30

154

Buhl Building

Goebel Brewing com

Aug. 27 to Sept. 2, both inclusive, compiled from official sales lists

Coca Cola A

Apr

Exchange

Gar Wood Ind com

BUILDING, CINCINNATI, O.

Cincinnati Stock

Cln Telephone

12

May

*

100

July

124

37

45

Detroit Stock

Houdallle-Hershey B

Cin Street....

39

Mar

5

—

Telephone: Main 4884

Cln Gas & Elec pfd

Mar

2

8 54

65

General Finance com— ..1
.10
General Motors com

New York Stock Exchange

Exchange

DIXIE TERMINAL

Champ Paper <fc Fibre
Ch
Preferred-.,..

13

30

110

65

Fruehauf Trailer

Members

Burger Brewing

Apr

543

334

pf-100

Federal Mogul com

W. D. GRADISON & CO.

Ldy Mach

100

36 34

14

Frankenmuth Brew com ..1

Amer

1034

Aug
July

280

Ex-Cell-O Aircraft com. —3

Cincinnati Listed and Unlisted Securities

Par

854

14

Det Paper Prod com— —1

Stocks—

Mar

14

Det-M ich Stove com

Cincinnati Stock

4

*

Aug

4

«.

295

154

Sept

4 54

"

.2

com

2834

954

Williams OII-O-Matic com*
Woodall Ind Inc

834

Jan

Members

July

9854 10154

""

Wieboldt Stores Inc com..*

WisconsfnBankshares com*

97

2754

•»

«.

Western Un Teleg com. 100
.

Feb

Mar
July

July

"lb"

854

W'house EI & Mfg com

19 J4

July

554

5

«*

Aug

July

18

9554

1

15

Jan

United Air Lines Tr cap. .5

....

150

34

100

June

Mar

U 8 Gypsum Co com ...20
Utah Radio Products com *

Wayne Pump Co cap.

Jan

1734

334

...2

New York Stock

July

4

15

common

1154

Watling, Lerchen & Hayes

Jan

Mar

100

25

Walgreen Co

33

May

9 54

1034

"36"

*

Wst Res Inv Crp 6%

Aug

10434

June

140

35

5

Weinberger Drug Inc

Jan

20

654

1734

__*

8% cum pref

354 June

1634

3

Jan

200

Swift & Co

Carbon cap *

Feb

45

100

10

Jan

2834
1934

Apr

1334

60

5

2834
1054

28 34

,*
*

July

554

554
2754

Swift International

Union Carb

30

Apr
154 June

4

July

Mar

3

3

554

Thompson (J R) com...25
Trane Co (The) common.2

150

Mar

Aug

554
2654

"

10

com..

1834
10354

1854
......

J

23

July

65

29

.*

Slgnode Steel Strap—
Preferred-

20J4

Aug

Feb

Ohio Brass B

Warren Refining

Jan

Mar

28

Packer Corp

Seiberling Rubber.

31

Apr

13

145

29

Richman Bros

Jan

10

29

Peerless Corp
Reliance Electric

Jan

4

60

,J

234

Nineteen Hundred Corp A*

Patterson-Sargent

654

8

52

234

*

2254

Mar
Apr

54

82

50

Mar

23 54

10

29

50

Mar

2354

29

*

52

734

129

McKeeA GB_.

Myers, F E & Bro
*
National Refining pref.100

Aug

6954

354

75

45

6

National Tile

July

7054

1

Jan

7

28

July

110

2354

Sears Roebuck & Co com. *

60

43

28

1934

3

7,400

Sangamo Electric Co com.*

3

43

60

Mar

1254

"254

62

19

Mar

54
85

: 254

1

Mar

Aug

134
1054

Aug

154

10

July

13

60

134
1254

May

120

com

21

May

7% cm pfd-100

3634

Aug

«4

'

100
290

Mar

10

Met PvBrk

2434

Mar

-

11

55

Modusa Portland Cement-*

1

Mar

34

Aug

1634

Mar

365

50

12

com

Serrick Corp cl B com

13

Apr

1954

14754 150

100

Reliance Mfg Co
Rollins Hos Mills

Jan

May

154

__*

Quaker Oats Co common.*

854
1934

8

1

Process Corp com.

Mar

Apr

50

705

12 34
62

3

Mar

54

1854

12

2

Mar

54

Jan

1734

12

80

6

934

32

335

834

54

—

May

854

534

12

54

—

6434

19

334

100

954

*

Potter Co

41>4 June

50

534

"

Pines Winter front Co com!

1254

95
175

854

3

12

50

Jan
Jan

Aug

54
23

Elect Controller & Mfg..*
Great Lakes Tow pref.. 100

1,050

11

May

July

1254
654

1654

July

97 54

534

1834

2634

1454

Omnibus Corp (The) v t c.*

80

July

854

Lima Cord Sole & Heel—1

Northwest Bancorp com..*

7% pref—100
..100

Aug

95

1

Aug

Northw Utll

7% prior lien

8

70

5

*

Cliffs Corp v t c__
Colonial Finance

July

2554

*

Mar

78

52

*

9

50

21

com

200

96

22 34

100

25

18J4

Nor III Finance

7
70

96

70

..*

Cleve Cliffs Iron pref
Cleve Railway

Apr

7

23

Noblltt-Sparks Ind com..5

City Ice & Fuel

Apr

Aug

4534

1,010

754

Aug

7

70

*

Apex Electric Mfg pref.100
Canfield Oil pref
..100

Greif Bros Cooperage A..*
Lamson & Sessions
*

24

National Standard com.. 10

High

Low

Aug

Montgomery Ward—
Common

Shares

Aug

Modine Mfg com

1,1938

Range Since Jan.

for
Week

of Prices
High

Low

Price

Jan

2734

Nachman-Springfilled cm *

Par

July

60

6

100
100
100
100

Week's Range

Last

Stocks—

lists

Sales

Friday
Sale

Jan

Exchange

Sept. 2, both inclusive, compiled from official sales

to

Jan

54

*

Midland United Co—

Conv preferred A

Cleveland Stock

July

554

354

Middle West Corp cap...5
Stock purchase warrants

A. T. & T. CLEV. 565 & 566

Telephone:CHerry 5050

Aug

1,650

27

jygj RUSSELLco.

Union Commerce Building, Cleveland

I

Aug. 27

...1

Common

GILL1S

Jan

354

27

Partic pref
*
Mickeiberry's Food Prod-

6% prior lien

Members Cleveland Stock Exchange

Aug

634

com

Common

134

334
434

900

♦
.*

Loudon Packing com

Marshall Field

Feb

134 May

200

254

2

Ohio Listed and Unlisted Securities

High

Low

54

54

y<

Wick

*

Libby McNeill <fc Llbby.
$354 div pref

Shares

Price

5
...»

Cumulative preferred..*

Lion Oil Ref Co

for

of Prices
Low
High

1

Kingsbury Breweries cap
La Salle Ext Univ com

Week's Range

Sale

Par

1. 1938

Range Since Jan.

Last

Stocks (Concluded)

1467

Chronicle

154

354

995

Mar

4

Jan

1,660

234
134

Apr

434

July

1,255

254 June

434

Mar

100

334 May

634

Jan

100

2 34

5

Jan

234 June

554

Jan

134

334

Jan

Apr

Mar
Apr

15

Aug

234

2 >4

126

134

Apr

3

July

67c

*

67c

200

65c

Mar

234
654

254

600

654

100

15

♦

.1

Wayne Screw Prod com. .4
.2
Wolverine Tube com

134
334

234

15

134 June
Mar

334

154

Jan

334

Jan

734 'July

Financial Chronicle

1468

Sept. 3, 1938

Sales

Friday

Range Since Jan. 1,1938

Last

Wm. Cavalier & Co.
Lob Angeles

*523

"30%

Angeles Stock Exchange

Pennsylvania RR

Aug. 27 to Sept. 2, both inclusive, compiled from official sales lists

48%

Sale

otues

Par

Stocks—

Price

High

TjOW

Range Since Jan. 1,1938

for
Week

of Prices

Shares

Low

High

800

2% May

30c

400

25c

Apr

45c

Jan

4%

5,700

1%

Mar

4%

Aug

4

Bandini Petroleum Co.—1

4

Barnhart-Morrow Cons.-l
Bolsa-Chlca Oil a com.. 10

30c

30c

4

3%
8%

8%

100

Broadway Dept Store
Central Invest Corp-.-100
Chrysler Corp.....——5
Claude Neon Eleo Prods—*
Consolidated Oil Corp....*
Consolidated Steel Corp..*

3%

8%
17

17

17

24

10

71%

70%
9%

74%

600

30

9%
9%

300

6%
7%

Mar
Mar

4%

100

2%

Mar

9%
9%
4%

9%
4%

<

600

Apr
Mar

9

9

9

300

8

Creameries of Amer v t c. 1

4%

4%

4%

100

Emsco Derrick & Equip..6

9

9

9

200

3%
0%

PrBteiTGd

1
General Motors com—.10
Exeter Oil Co A com

Gladdlng-McBean & Co..*
Globe Grain <fc Milling—26

4%

1.05

1.00

1.05

3,300

48%
10%

48%

48%
10%

Apr
Mar
Mar
52c May

100

5%

10%

4%
0%

6%

7

300

6

6

3%

11%
4%

July

10%

17
25

Holly Development Co.—1
Hudson Motor Car Co-..*

1.05

1.00

1.10

1,800

65c

1.10

Mar

9%

200

5%

Apr

1%

9%
1%

9%

Hupp Motor Car Corp.—1
Kinner Airpl & Motor.—1
Langendorf United Bak B *

1%

800

50c June

5C

10%

200

10%

Lincoln Petroleum Co. 10c

He

3,700

10c

Lockheed Aircraft Corp—1
Los Ang Industries Inc...2

13%
2%

5%

Co. 10
Co......—1
Merchants Petroleum Co.l

4%

500

3%

Menasco Mfg

2%

2%

13%
2%
4%
2%

1,000
1,100

Los Aug Investment

13%
2%
4%

1,900

80c

40c

40C

40c

400

29%
41

1.25

Aug

12c
18c

Jan

15%

Aug

Jan

3%
6%

July

200

Aug
52%c May

70c
21c

July

26c

26c

200

18c June

30c

Jan

96c

90c

96c

800

75e May
5
Jan

1.20

Jan

9%

July

Pacific Clay Products—*
Pacific Distillers Inc.—.1

9

Pacific Finance Corp comlO
Pacific Gas & Elec com..25

13

35c
13

200

40c

800

30c

Mar

49c

Jan

100

Mar
Mar

July

Mai

15%
28%
30%
27%
28%

13

20

26

26

200

9%
23%

29%

29%

300

28

20%

29%
26%

26%

100

26

20

26

200

18%

30%

36%

36%

100

32 %

10

101%

Apr
Mar
Mar
Mar

3

Mar

5

Mar

8%

Mar

2%

July
July
Aug

3%

Jan

107

107

107

4%
7%
1%

3%

4%
7%
1%
3%

2,100
1,400

1.10

600

2

2

113%

20 %

800

4%
7%
2%
3%

30

30

30

200

10%
21%

10%

10%

100

20%

22

29

29

15c

13c

15C

3

July

120

Aug

Mar

10C

Aug

May
7%
Jan

33%

Aug

10%

Aug

Mar

24%

July

35

Jan

Apr

38%
28%

Apr
Apr
Mar

19 %

40

25%

25%

26%

30

30

30%

Southern Pacific Co
100
Standard Oil Co of Calif.. *

17%

16%

19

30%

29%

30%

900

25%
23%
28%
9%
25%

Superior Oil Co (The)—25

39

39

40

400

20

800
500

300

1,000

10

10

10%

1,800

8%

—25

20%

20
16

20%
18%

2,600
2,600

2

Mar

July

40

July

Mar

12%
22%
20%

Mar
0%
Jan
3%
Apr
3% June

60

Weber Shwcse & Fix 1st pf *

5

5

5

Wellington Oil Co of Del.. 1

3%

3%

3%

600

Mining—
Blk Mammoth Cons MIOc

30c

22c

30c

20

100%

30

3

May

3

Mar

116

4%
5%

250

7

460

Jan

Jan

July

39c

35

ht

700

1
%
2%
2%
2%
2%
30% 32%
9%
10%
108% 110%

205

19%
48%
36

ht

%c May
2% June

16 %c

UNION BANK

120

100

Mar

16%

June

6%

14%

14%
5%

5%

Aviation Corp(The)(Del).3

4

Borg-Warner Corp...—.5

33%

Canadian Pacific Ry—25
Columbia Gas & Elec..—*

6%
6%
40%

18%
9

12c

100

3c

5%
4

32%
6

6%
40%
17%
9

4

33%
6%
6%
40%
18%

300

3

Mar

4%

Aug

30

July

33%

Sept

300

0

Aug

7%

Par

Stocks—

0% June

100

100

28

Mar

10%

Mar

8%
45%
21%

100

6

Mar

11

99%

Mar

110%

Mar

Mar

Jan

July
Jan

Aug

Range Since Jan. 1, 1938

for

Price

High

Low

Low

Shares

High

Byers (AM) com.———*
Carnegie Metals
1
Clark (D L) Candy Co.—*

6%

15%
12%

-

*

J

L

—

'

12%

,

12%

7

1.75

Jan

Jan

7%

July

Mar

9%

Jan

25c

150

25c

Aug

25c

Aug

1%

600

1%

Apr

18%
12%

100

17

Mar

2%
2Q

Feb

629

8

Apr

40

5

Mar

-

*

*

-

7

-

54

Apr

460

92

Sept

619

6%

Mar

10%

297

4%

Apr

500

1%

Mar

45

4%

Mar

6%
3%
9%
106%
9%

5

500

5%
11%

3%
6%

Mar

700

7%

300

5

Mar

2%

17%

2%
17%

100

17%

8%

300

7%

4%
10%

8

8

60

60

6%

11

60

6%

Apr

8

June

Apr

5%
20%
8%

100

38%

Mar

63%

600

3%

Mar

100

1%
13

May

5

8

Jan

July
Aug

22%
102%

Westlnghouse El & Mfg.50

Lone Star Gas 6 % % pf. 100

40

Aug

23

23

15%

Mar

25%

July

300

75c May

1.25

Jan

2

Jan

3%

July

Apr

4

75c

3%

150

2%

137

111

New York Stock

<

July

107%

Jan

111

10

108

Apr

112

iJan

on

all

New York Curb (Associate)
Chicago Board of Trade

Exchange

St. Louis Stock Exchange

Chicago Stock Exchange

315 North Fourth

St. Louis Stock Exchange
Aug. 27 to Sept. 2, both inclusive, compiled from official sales lists

Par

_.

Week's Range

for

Sale

of Prices

Week

Price

Low

*
*

mi

com_

6%

Week

Shares

Low

National

High

com

Candy

7%
46

65
300

6%
111%

254

12%

Mar
Mar
Mar

11%
149%
23%

Jan
Jan

July

National Oats Co

com

1st preferred

100

40%

Jan

25%

Aug

Feb

321*

Aug

Apr

7% June
35% Aug
4% July
33% May

29

3%

100

26

Jan

122

2%
23%

Jan

26%

25

10

50

10

Jan
Aug

75

10

60

May

75
10

Apr

47%

Aug

7%
6%

120

6%

Mar

46

150

27%

Jan

7

1,535

1

Apr
Jan

7%

11

7

50%

125

27

32

32%

117

36

10

10

10

8

25

—

—

—

20%
13%

—

—

—

-

-

—

105%
...

18

25

14

11%

12

110

7%
9%

—

—

50

28% May
9% Mar
4%
Apr
6% May

18

8

_20

Rice-Stix Dry Goods com. *

27% May
10% June

49

*

*

200

25%

2%

33

■

*

100

6%

6%

45

6%

common. *

1st preferred

75

Aug

June

10

—10

Midwest Plp'g & Sply com*
Nat Bearing Metals pref 100

32%

High

Low

20

75

Laclede-Chris CI Prod com*
Laclede Steel

150

230

2%
26%

.

International Shoe com..*

Key Co common....

33%
25%

33

*

com.

52

24%

21

—

21

Chic <fc Sou Air L pref—10
Coca-Cola Bottling com.. 1

Johnson-S-S Shoe

Shares

24%
33%

*

Dr Pepper common

High

32%

1

—

Range Since Jan. 1,1938

Range Since Jan. 1, 1938

Last

Burkart Mfg com...
Preferred

Sales

Sales

Friday

Columbia Brewing com..5

for

St., St. Louis, Mo.

Telephone Central 3350

Hyde Park Brew

20%

28%

Mar

MEMBERS

Brown Shoe common

Philadelphia Stock Exchange

For footnotes see page 1469.

July

Mar

62%

81

Mid-Western and Southern Securities

Hamil-Brown Shoe com..*

"143%

36%

15%

260

LOUIS MARKETS

Griesedieck-West Br com.*

7%
7%
142% 144%
19% 20%

Mar

471

Business Established 1874

30 Broad Street

*

Jan

1%
22

I. M. SIMON & CO.

1513 Walnut Street

of Prices
High

July

Aug

Unlisted-

new york

Low

July

40

36%
22%
25%
98% 102%

"34%

Westlnghouse Air Brake.. *

philadelphia

Sale

Jan

10

3%
2%
34%

3%

1

Elder Mfg com..
*
Emerson Electric pref. .100
Fatstaff Brewing com
1

Price

May

Jan

July

40

75c

July
July

Philadelphia Stock Exchange

Week's Range

Apr

4%

Jan

July

July

New York Curb Exchange (Associate)

Last

50

Jan

73%
105

22%

"23"

United Engine <fe Fdry.-.5

July
Aug

Members

Friday

90
525

8%

July

40

*

com

Shamrock Oil & Gas

5

98%

7%

7%

1

Reymer & Bros

95c

9%
4%
2%
2%
8%
8%
97% 100

Pittsburgh Forgings Co—1

Jan

11% June

Feb

70c

63

9%
4%

Mountain Fuel Supply. .10
Natl Flreproofing Corp.. 5

Renner Co

1,445

Jan

14

92

94%
9%

Pittsburgh Plate Glass. .25
Pittsburgh Screw & Bolt—*
Pittsburgh Steel Fdry pflOO
Plymouth Oil Co—
-.5

90C

3%

63

*

-

7

90c

Lone Star Gas Co.—.—_ *

50c May
5

18%

.

Duquesne Brew Co....—5
Follansbee Bros pref-.-100
Fort Pitt Brewing....---I
Jones & Laugh Stl pref. 100
Koppers G & Coke pref. 100

Mar

19%
13%

495

1%

Devonian Oil Co

6%

200

1,625

25c

_

10

July
July

60c

*

com

-—-.

July

60c

—10
-10

_

47%

Mar

98

5

6%

—

Jan

Mar

43%
17%
12%

Columbia Gas & Elec.—'i*
Preferred-

21%

260

6%
6%

Consolidated Ice

Mar

175

11%
24%
10%

18%

17%
40%

July

New York Stock Exchange




343

543
213

Feb
Mar

Mar

July

9

DeHaven & Townsend

10

Mar

2%
3%
3%
33%
11%

Jan

Sales

16%

July
Jan

400

Established 1874

Barber Co..

Apr

7,322

%
1%
1%
22%
8%

205

Aug
Aug

Week

—*

Blaw-Knox Co

American Inv common.

American Tel & Tel——100

%

of Prices

Alleghany Ludlum Steel-.*
Armstrong Cork Co
—*

Stocks—

American Stores..

30%

Jan

Week's Range

July

2%

Par

49

*16

Sale

ST.

200

7%

4%
11

6%

Stocks—

27% May

Mar

Last

Enquiries Invited

—

Jan
Mar

BROADWAY, NEW YORK

July

14%

Republic Steel Corp.....*
Studebaker Corp..
—.1
U S Steel Corp...—..

105

A.XT. & T. Tel. Pitb-391

Friday

Unlisted—

Radio-Keith-Orpheum

1,780

Jan

Pittsburgh Stock Exchange

July

100

3,000

Radio Corp of Amer.....*

Feb

Jan
Jan

Aug. 27 to Sept. 2, both inclusive, compiled from official sales lists

Jan

12c

2%
3%c

Paramount Pictures Inc.. 1

Aug

32%

Mar

Specialists in Pittsburgh Securities

Apr

9c

8c

2%
3%c

Packard Motor Car Co—*

117%

Apr

Mar

PITTSBURGH, PA.

BLDG.,

Tel. Court-6800

Aug

4%

Mar

8c

North Amer Aviation....1

Mar

Feb

4%
1%
14%

July
July

112

46

362

Aug
Sept

5%
7%
8%
2%
30%

H. S. EDWARDS & CO.

Aug

2%
3%c

General Electric Co.——.*
New York Central RR...*

1,704

116

Aug
July

Mar

Cons Chollar G & S Mng. 1

Amer Bad & Std Sanitary *
Armour & Co (111).....—5

975

Jan

Jan

Calumet Gold Mines..10c
l

5

Aug

6%

3,100
13,600

Zenda Gold.

Aug

26%
30%
21%
34%

17%

16%

Corp.

July
July

Mar

Universal Consol Oil....10

Union Oil of Calif

July

Mar

5c

18

1,200

,

31

23 %

37%
27%

28%

Aug

0%

Jan

28,000

38

107

Mar

Original pref...
...25
6% pref B—
-25
5%% prefC——25
So Calif Gas Co 0% pf A.26

37%
27%

Jan

Apr

112

150

29

Jan

Aug

1.05

10

Signal Oil & Gas Co A
*
Sontag Chain Stores—.*
So Calif Edison Co Ltd..26

41

July
July

2%

1,200

113% 113%

Security Co units ben Int.*
Sierra Trading Corp..-26c

Transamerica

Aug

9%

9

35c

2

100

Mar

Mar

Jan

0c May

26c

Ryan Aeronautical Co...1

Aug

31%
50%

35

—_—*

July

3%

1,100

Oceanic Oil Co..

Roberts Public Markets..2

8%

Mar

16%
40%

31%
10%

Mar

June
Mar

lie

lie

0% preferred— ....—.*
Republic Petroleum com. 1
Richfield Oil Corp com...*
Richfield Oil Corpwarrants

Mar

21%
25%

10%

common.—*
..—■.*
United Gas Impr com—.*

Apr
Aug

10%

Aug
Apr
Mar

lie

52%C

6% 1st pref
26
5%% 1st pred—...-25
Pacific Indemnity Co... 10
Pacific Lighting com....*

4%

3,445

Jan

52%c 52%c

Mt Diablo Oil Mfg & Dev 1

-.1

50
196

48%

29%
10%
35%
26%

.....

Jan

Aug

6%
30%

36"

Preferred

36

July

1.50

2c May

2

Aug
Aug

503

Nordon Corp Ltd
1
Occidental Petroleum..—1

San J L & P 7% pr pref.

Jan

10

25c

800

77%

30

United Corp

July

200
800

5c

Mar

29%

Scott Paper
—
—*
Tacony-Palmyra Bridge. -*
Tonopah-Belmont Devel _ 1
Transit Invest Corp pref—
Union Traction..
50

July

7

Mar
Apr
May

27

10c

644

July

37%

10%

75%

Jan

Aug

Aug
July

12

27

5c

Mar

July

50

36%

10C

Aug

2%

July

Aug

Mar

27

10%

4%

501

4%
6%

Phila Elec of Pa $5 pref—*

Preferred.

200

5%

2
1%
18% 20%
116% 117%

Pblla Elec Pow pref- - .25
Salt Dome Oil Corp....-1

Aug
Aug

36%

Goodyear Tire & Rub Co. *
Hancock Oil Co A com...*

Jan

18

70%
9%
10%

Jan

25 %

100

Aug

5%

4%

-

Frtaay
Week's Range
Last

High
119%
6%
5%

115

1
-50

Pennroad Corp v t c

112 %

70%
6%
29%
45%

75%

*
Battery. .100
General Motors—
10
Horn & Hard (Phila) com.*
Lehigh Coal & Navigation *
Lehigh Valley..
50
National Power & Light..*

Los^Angeles' "" Teletype' l7a.™290

W.6th St.

326

115% 116%

Curtis Pub Co com.

Elec Storage

$art Francisco Stock Exchange

Stock Exchange

Los

Chrysler Corp

Low

Shares

5%
4%

Co—*
-*
-5

Budd (E G) Mfg
Budd Wheel Co

Chicago Board of Trade

New York Stock Exchange

Week

115%

Bell Tel Co of Pa pref—100

MEMBERS

for

of Prices
Low
High

Price

Par

Stocks (Concluded)

Week's Range

Sale

103

9%

103

4

8%
90

June

Feb
Apr

50%

June

Aug

Aug
Aug
Jan

13

Jan

9

Aug

11

Jan

103

July
July
Aug

10

July

8%

50

5

Mar

105% 105%

20

95

June

18%

18%

35

15

Mar

5%

5%

50

4

Apr

6%

July

106% 106%

20

99

June

106%

Aug

8%

105%
19

Aug
Aug

Volume

Financial

147

Sales

Friday

Par

Week's Range.

for

Sale

of Prices
Low
High

St L Bank Bldg eqpt com. *

Scruggs-V-B Inc com

2%

5

Warrants.

Sterling Alum

common..

1

6%

Wagner Electric

com... 15

6%

7%

"3l"

31

4

Apr

Apr

9

85c

60

285

7
7H

80

33

Jan

7

3%

120

331

June

3

2

20

8

45c

Aug

%

(.Concluded)

Par

of Prices

Mountain City

44%

45%

275

6%

6%

6%

340

25%

25%

Copper..5c

Jan

Aug

8%

Feb

Onomeau Sugar Co

June

36%

Jan

7 %

20

.

20

5

20

3%

Aug

50

June

Jan

9%

May

Mar

5

24%

35

15

8

Jan

20

5

24%

19% May
4% June
22

May

35

Jan

5

Apr

210

26

24%

July

8%

6%

6%

10

4%

2.00

Feb

4%

22

22

4%
22%

200

*

50

7%

Apr

22%

Aug

*

27

27

27

10

23%

Mar

28

Mar

South Cal Ed 6% pref...25
Studebaker Corp com
1
U S Petroleum Co
.1

28

28

28

160

25%

Mar

Preferred
Shasta Water Co com

Sales

6%

4%

Aug

7%

7%

200

4

Mar

28%
8%

Aug

7%
90c

90c

90c

100

75c

Mar

1.55

Jan

Aug

Range Since Jan. 1, 1938

Last

Week's Range

for

Sale

Par

31

Aug

7

1.23

Aug* 27 to Sept. 2, both inclusive, compiled from official sales lists

Stocks—

High

Low

44%

Riverside Cement Co A..*
Schumach Wall Bd com..*

Friday

Range Since Jan. 1. 1938

for
Week
Shares

High

July

Francisco Stock Exchange

San

Low

Price

Montgomery Ward & Co.*

Oahu Sugar Co Ltd cap.
Olaa Sugar Co..

June

4% June
16%

Stocks

High

Low

Week's Range

Sale

25

6%

7%
85c

Stlx, Baer <Sr Fuller com. 10

Shares

2%

6%

"7 %

Scullin Steel common....*

Last

Week

Price

Sales

Friday
Range Since Jan. 1, 1938

Last
Stocks (Concluded)

1469

Chronicle

of Prices
Low
High

Week

Price

High

Low

Shares

45c

•

30c

30c

30c

100

Anglo Calif Natl Bank..20

14%

14%

12

4%
8%

4%

14%
4%

113

Assoc Insur Fund Inc...10

921

Jan

10

22

6 Ex-stock dividend,

Llq. Dlv. Pay. Endorsed.
x

Ex-dlvldend.

y

Ex-rights

July

21

2nd

a

May

Mar

Mar

No par value.

Cash sale—Not Included In range for year,

r

Jan

1

Anglo Amer Min Corp

16c June
Mar
Jan

19

5%

Jan

2Listed,

tin default,

Aug

8%
18%

350

18%

255

2%
4%
13%

20

20%

415

17

3%

3%

100

3%

Mar

19%

19%

19%

564

15%

Mar

24

Jan

50

.50

50

50

40

45%

Apr

52

July

Calif Water Service pref 100

96

95%

96

20

87

Mar

98

Atlas Imp Diesel Engine..5
Byron Jackson Co
*

20

18%
20%

Calaveras Cement com...*

3%

Calif Packing Corp com..*

Calamba Sugar com

Preferred

8%

is

15c

Apr

30c

Jan

Griffith-Wagenseller

104% 104%

50

99%

Mar

106%

July

14,800
A 1,100
*1,268

1.65

Jan

2.85

Aug

1.65

Mar

2.80

Aug

37%

Mar

77%

Aug

6%

Mar

10

Aug

Mar

36%

July

Caterpillar Tractor pref 100

104%

Central Eureka Mining

1

245

240

2.50

1

245

240

255

5

72%

71

74%

C Neon El Pd Corp (Del). *

10

10

10

190

Clorox Chemical Co.... 10

37

37

37

143

Coast Cos G & E 1st pf.100

105

Cons Chem Ind A

*

Crown Zellerbach com

5

12

*

77

Preferred

Di Giorgio Fruit pref.-100
Emporium Capwell Corp.*
Preferred (w w)
..50

25%

—DonalcTO'Melveny,

Jan

900

30c

Chrysler Corp com

CURRENT

Jan

105

105

10

25%

923

11%

12%

1,322

77

77%

190

25%

23

23

23

11%

11%

12%

486

60

30
101

Apr

Feb

Mar

14%

July

Mar

82%

July

7%

18%
9%

Mar

28

Mar

14%
37

32%

31%

32%

70

26%

Mar

Fireman's Fund Jndem__10

37%

37%

37%

100

33

Mar

37%

Firemen's Fund Ins Co..25

83%

82

83%

70

62

Mar

88

Jan

In addition

in

to its

Mr.

July

director

In

of

of

1932

Union

He is

that

1,086

Mar

49%

Aug

439

6%

Mar

10

July

America

240

6%

June

July

Board of Governors.

4%

4%

4%

521

2%

Apr

12%
4%

Hale Bros Stores Inc..... *

13%

13%

170

13%
110

11%

1

110

100

Honolulu Oil Corp cap...*

20

20

20%

260

13%

Langend'fUtdBakA unstpd *

16%

16%

16%

456

12

40

40

40

Holly Develop Co

...

1,000

50

Apr

66c June
Mar

Apr

15

1.20
24

17%
41

Jan

10%

10%

10%

400

3%

Apr

10%

Aug

39%

39%

39%

300

32%

Apr

40

50
B

LeTourneau (R G) Inc

1

Lockheed Aircraft Corp-.l

35% June

29%

Mar

16

having been a

previously.

years

This post he

for

of the Investment Bankers Association of

number of years

a

He is

was

member of this Association's

a

director of Southern California Edison

a

firm

V /'■
officers and exeeutives of the

H. H. Wagenseller, Willis H. Durst, and S.

are

—The fifth annual convention of the National

D. Lamon.

Security Traders Asso¬

ciation is to be held in Maimi, Fla., this fall from Nov.
been

have

The

notified.

Miami

Aug

Aug

are

Arrangements for the session

27%

74C

14

340

6%

100

42c June

55c

July

640

50c

Jan

1.1.3

Jan

Childress & Co., Jacksonville, is Vice-President, and William Grigsby

Jan

John Nuveen

60c

50c

60c

11

11

11

416

7

Marchant Cal Machine..5

14%

14%

14%

479

8%

Mar

13%
16%

July

13%

13%

13%

10

9%

Feb

16%

Aug

9%

100

7%

Mar

10

July

Mar

June

Market Street Railway—
10

9

9

1

235

235

being made by the Florida Bond

Traders Club, of which Clyde C.

Pierce of Clyde C. Pierce Corp., Jacksonville, is President, Harry

Members of the

have extended an in¬

Traders Club of Chicago

Bond

vitation to all traders and their families through the country to

arranged for members wishing to visit Cuba

400

80c

July

to Havana has been

8%

8%

9%

1,550

3%

Mar

10

July

11%

11%

304

7%

Mar

convention, providing for two days and a night there.

11%

12%

Aug

No Am Invest 6% pref 100

5%% pref—

100

3%

32

32

32%

60

23

Mar

43

Feb

30

30

30

20

17

Apr

40

Jan

26%

26%

26%

170

23

Mar

28%

Jan

21

21

15

Mar

24

made and additional information obtained

Frizzelle

Smith,

10

21

275

Oliver United Filters B

5%

5%

6

655

Pacific Can Co com......*

7%

7%

7%

135

Oliver United Filters A...*

175

170

185

877

3%

Mar

4%

Mar
Jan

Chicago club.

July

7%
8%
2.05

23

Mar

29%

July

29%

30%

2,380

27

Mar

30%

July

5 %% 1st pref

25

26%

26%

27

467

25%

Mar

28

35%

37

1,423

32%

Mar

99

Mar

Traders Association has

Security

a

membership of ap¬

proximately 2,100, representing some 1,500 security firms.

Jan

5,115

25

25%
29%

26%

6% 1st pref

National

The

July
Aug

after the

Reservations may be
Harold B. Smith, of

New York Security Traders

PresidentJ of the

Co.,

&

through

Edward H. Welch of McGuire, Welch & Co., President of the

group, or
Occidental Insur Co

join them

An optional all-expense side trip

their special train to the convention.

on

.*

245

Wilson, of
of

& Co., Miami, is Secretary-Treasurer.

National Auto Fibres com 1

Menasco Mfg Co com

14 to 18, members
head¬

will be the convention

Biltmore

14

Magnavox Co Ltd
2%
Magnin & Co (I) com....*

Natomas Co..

Co.,

:-7,.

.

26%

40c

10c

Vice-

field as

banking

Angeles,

14

40c

Prior pref..
Meier & Frank Co Inc

many

quarters, according to the announcement.

40c

.

charge of that firm's Coast

Los

of

26%

13

Mar

Jan

*

Lyons-Magnus B____

Co.

In addition to Mr. O'Melveny, the principal

Aug

*

Class

for

time in

commercial

July

Leslie Salt Co.——4.10

Pref

and

Ltd.

July

Aug

one

Trust

&

institution

10%

July

at

past Vice-President

a

46%
8%

—

San

recently resigned.

8%

25%

maintained

Later he became Vice-President of

& Co.

was

he entered the

Bank

10%

45%

been

San Bernardino,

Claremont, Redlands,

Coast office of N. W. Halsey

E. H. Rollins & Sons and

operations.

8%

45%

corporation

O'Melveny entered the securities business in 1908 with the Pacific

10%

10

of the firm of
has been

member

a

of the

Los Angeles .branches are

head office in

Beverly Hills, Pasadena,

Gladding McBean & Co..*
Golden State Co Ltd--*

com

as

name

Diego and Santa Monica.

General Paint Corp com..*

General Motors

The

elected President of the organization.

President

July

banking field

Durst.

&

changed to O'Melveny-Wagenseller & Durst and Mr. O'Melveny has

July

June

of California's best known financial figures,

one

reentering the investment

July

May

56

106%
33

22%

NOTICES

July

30c

25c

Carson Hill Gold Min cap 1

Preferred

6%

Pacific Coast Aggregates 10
Pacific Gas & Elec com..25

25%

*

35%

._*

106%

com..*

6%

Pac Light Corp com

•

$6 dividend..
Pac Pub Ser

non-v

1st preferred

Pac Tel & Tel

*

com

....

.

100

Paraffine Co's pref.... 100

18%
116

99%

106% 107
6%
6%
18%
116

99%

18%

'

20
1

684

20

June

99%

Sept

Feb

2.75

July

56%

34

34

50

34

Aug

Rayonier Inc com..

1

11%

11%

11%

606

8

25

18%

18%

18%

809

May
June

4%

215

.

_

—.

Roos Bros pref seris A.. 100

4%
37

12%
7%

4%
37

12%
7%

95

95

37

40

12%

219

7%

1,048

95

10

160

114

114

105%

105% 105%

10

Shell Union Oil com-....*

15%

15%
4%

320

pref. 100

15%

117%

30

9%

4%

Mar
Mar
Mar
Mar

6%
41

14%

8%

firm.

new

Jan

firm will occupy the offices at 44

July

by

Jan

Aug

Mar

122

May

Apr

106

18

An investment advisory department
Cleveland H. Storrs and Sidney B.

will be maintained under the directior of

July

111

Lurie

co-directors.

as

—Welsh and

,4

Inc.

Green,

announce

ms

Apr

5%

Mar

investment business through the organization

31

31

31

105

18

May

33%

Aug

known

Soundview Pulp com

20

20

20

616

11%

Mar

25%

Aug

20

60

Mar

W. Welsh, President;

140

28

5

4%

4%

100

87%

87%

88

So Cal Gas Co pref ser A. 25

30%

30%

30%

Southern Pacific Co...100

17%

16%

18

Preferred

20

1,064

4%

9%

93

July

Apr

30%

Aug

Mar

22%

Jan

So Pac Gold Gate Co A..*

50c

50c

50c

179

10c

July

70c

Aug

Spring Valley Co Ltd.—.*
Standard Oil Co of Calif..*

4%

4%

.5

350

4%

Sept

6%

Feb

30%

29%

30%

1,569

25%

Mar

34%

July

Super Mold Corp cap... 10

21

21

21

686

13

Mar

23%

12%

12%

12%

320

10%

Mar

15%

July

76%

97

July

*

96%

93

96%

30

2

10%

10

10%

7,776

Treadwell Yuk Corp Ltd.l

75c

75c

100

45c

Feb

.551

17%

Mar

200

7%

Aug

5,915

6%

Jan

Preferred

Transamer'ea Corp

75c
20

Union Sugar com

25

7%

7%

20%
7%

Universal Consol Oil

10

16%

15%

18%

Union Oil Co of Calif—.25

20

190

8

Feb
Mar

Mar

12%

Jan

83c June

22%
22%
20%

July
Mar

Aug

7%

100

6

May

10%

June

20

27%

27%

27%

48C

25

May

41%

Jan

Western Pipe & Steel... 10

18%

18%

19

220

14%

Mar

23%

July

Yosemite Ptld Cement pflO

3%

3%

Co com.

Preferred

Waialua Agricul Co

— .

1

3%

3%

3%

159

2%

2% June

4

July

142%
50c

142% 142%
50c

Min. .50

32

32

Anglo Nat Corp A com... *

14

14

Anaconda Copper

Bait & Ohio RR com... 100

8%

8%

90

Apr

149%

Treasurer; and Robert M. Hart, Vice President.

70c

Jan

37%

Mar

111%

50c

650

32%

350

21

May

14%

180

11

Apr

17

Jan

8%

100

June

11

July

4%
3

4

1,743

Bunker Hill & Sullivan2.50

14

14

14

115

10%

Mar

18

July

Gt West Elec Chem com.*

61%

61%

61%

20

44%

Mar

65

July

Great West Elec Ch pref. 20

22%

22%

22%

68

21

Mar

23

Aug

20

30%

50

26%

May

35%

Mines—1

30%
7%

30%

7%

7%

1,110

4.95

Mar

8

793

23c

Aug

50c

Jan

Bancamerica-Blair Corp.. 1

Hawaiian Sugar Co

Idaho-Maryland

Italo Pet of Amer com

Preferred
M J & M & M Cons

3%

3%

Mar

5%

Aug

Feb

Aug

1
—1

35

32

35

260

260

275

823

1.50

Mar

3%

July

.1

19

19

19

1,100

15c

Mar

38c

Jan




•

—Fahnestock & Co. announce that M. Donald Grant has
as

a

been admitted

Mr. Grant began his financial career
of Montreal in Montreal, with which he was associated for

general partner in their firm.

with the Bank
four

Officers

Green, Vice President and

years.

department

For the past two years he has been manager of the stock

Co., supervising customers' men.
Previous
Smith & Co.

of Redmond &

to that he was

associated with Billings Olcott & Co. and E. B.

—-Formation

offices at
headed

of the

Exchange firm of Ungerleider & Co.,

Stock

50 Broadway,

was

announced on Thursday.

by Samuel Ungerleider.

Leeds, Harry Simon, and Bertram
dissolved

firm

of Fagan

Co.

&

with

The new firm is

The other partners are A1 Goetz, A1 J.

F. Fagenson, all former members of the
whose business is being assumed by

Goetz,

Mr. Fagenson is the floor member of the new firm.

Jan

42c June

La Salle street, Chicago.

include: Wm. W. Welsh, President; Russell W.

Ungerleider &

UnlistedAmerican Tel & Tel Co. 100

Amer Toll Bridge (Del)._l

corporation to be

DeWitt Davis, Vice President; and Wm. S. Gentry,
Green, Inc. will continue a general investment

July

7%

3%
7%

4%

.5

Victor Equip

a new

and

business in the same offices at 135 South

June

TideWater Ass'd Oil com 10

Welsh

Treasurer.

of

Officers of the company will be Wm.

Welsh, Davis and Co.

as

■

the segregation of their municipal

Signal Oil & Gas Co A....*

Sherwood Swan & Co A. 10

N. Y.

Redmond will be members of the leading stock ex¬

changes and commodity exchanges.

Aug

Apr

offices, formerly

Co., and the offices of Fuller, Redney & Co. at Albany.

Rodney &

Fuller,

July

Wall St., heretofore occupied

Redmond & Co. as well as the Chicago and Boston

of Redmond &

Sept

June

10

29%

new

The

Feb

June

95

87

102%

25

and

Exchange,

New York Curb

of the

member

Brown,

of the

San J L & P 6% prior pf 100

San J L & P 7% pr

Melville
Byron G,
Webster, Chicago partner and manager of the Chicago office.
Franklin Q.
Brown, Lee Warren James, and William Dewey Loucks are special partners
L.

Jan

34

Richfield Oil Corp com...*

Stuart Hedden, Lucius P. Ordway Jr., Arthur J, Gold¬

July

R E & R Co Ltd pref. -100

17%
2%

was

I

|

Samuel L. Fuller,

19%

100

5%% pref A....——50
Rheern Mfg Co...
1

Redmond are:

119%

2

Republic Petroleum com.l

Earle H. Rodney,

&

Apr

2

Preferred...

& Redmond, news of which

Rodney

Rodney

Mar

2

1.75

of Fuller,

formation

partners of Fuller,

smith, James C. Fuller, member of the New York Stock Exchange,

13%
89

July
July

The

July

Mar

*

Pig'n Whistle pref—

41%
108

—The

anticipated on Aug. 8, formally took place on Sept. 1.

Jan

7%

3%

87%

259

116

99%

1.40

—Bond & Goodwin, Inc., 63 Wall

for distribution an analysis of

Co., manufacturer of

Navy.

the

Street, New York, N. Y. has available

common

stock of Pollak Manufacturing

aircraft equipment, principally for the United States

In the first six months this year, sales volume and profits

of Pollak

exceeded the record for any previous full year.
—Francis I. du Pont & Co., members of the New York
announce

that

Thomas

W.

Phelps

and

admitted to the firm as general partners.

Charles

opening of an additional office at Wilmington, Del., under
of Leon

G. Moore.

Stock Exchange,

Moran

Jr.

have

been

The firm also annoimces the

the management

Financial

1470

Chronicle

Sept. 3,

1938

Canadian Markets
LISTED

Provincial and Municipal

AND

UNLISTED

Montreal Stock Exchange

Issues

Closing bid and asked quotations, Friday, Sept* 2
Bid

/60

1 1948

Jan

5s

1 1956

4Mb-- ——Oct

Provlnoe of Ontario—

Ask

613*

Province oi Alberta—

5s—
6s

603*

/59

12 1949
11953

58--*.—July

Oct

43*8

101

963*

Sept

973*

1942

15 1943
1 1959
1 1962

43*s——Jan

15 1906

1113*
1103* 1173*
1213* 123
1083* 1093*
116
1173*

97

58---

95

43*8—Mar

2 1950

953*

4s

11958

94

2 1959

-.—Dec

99

Province of Quebec—

—

1 1901

1093* 1103*
1083* 1093*
1113* 1123*

107

106

43*s
Apr 16 1980
43*s... — Apr
15 1961
Province of Nova Scotia—

Stocks (Concluded)

Nov
Oct

15 1946

88

88

79

81

5% preferred
Quebec Power—
Regent Knitting

Ask

Bid

Bid

Ask

78

79

103

104

4s

perpetual debentures6s———Sept 15 1942
43*s
—Dec 15 1944
5s.
July
1 1944

953*

43*s

963*

Sept

1 1946

96

6s

Dec

1

97

43*8

—July

1954

1 1960

923*

963*
973*
933*

1113* 1123*

June

48

Mar

753*

rnmm+rmm

28

293*

432

23

Mar

31

mmmmmm

55

75

54

Feh

mmmmmm

16

16

5

16

Aug

mmmmmm

80

80

10

80

Mar

86

Jan

993*
133*

993*

5

99

Aug

100

July

15

mm

"

-

"133*

Ask

Canadian Northern Ry—

Canadian National Ry—
1143* 115

Sept
1 1951
June 15 1955
1 1956
43*8.—.—/Feb
43*8
4Hb

43*8——July

6

6

mmmmmm

63*8.

July

1 1946

1233* 1243*

1153* 1153*
1143* 115

1 1969

——Oct

1 1969

Feb

1 1970

Grand Trunk Pacific Ry—
4s
-Jan
1 1902

108

110

1193* 120

5s.

3s——Jan

1 1962

97

983*

Mar

553*

July

14

Mar

19

July

4

May

93*

May

173*

103

Feb

Feb

Aug

Mar

1023*
63*

Mar

203*

25

6

8H

123*

57

95

23*
83*

43*

m'm

•

mi

m

m

53*

3,280

153*

173*

3,265

193*

5

163*

193*

100

17

June

48

493*
203*

235

24

Apr

193*

20
mm'mmmm
'
mmmmmm

1,176
45

Aug

Jan

July

Aug
Feb

20

583*
23

July
July
Jan

103*

10

10
12

150

73*
113*

Mar

15

June

693*

410

56

Mar

71

Aug

543*

Mar

65

65

66

5

Aug

3

Mar

7

July

40

15

Jan

20

80

16

493*

68

325

53*

16

16

Mar

173*

July

12

*

..*
Wabasso Cotton-—--—-*

Jan

•

27

65

Jan

285

593*
1.60

Apr

2

Apr

3

Jan

2

2

50

2

mmmmm

*

Winnipeg Electric A—*
-

Mar

93*

10

103

67

2

605

1.25

Mar

23*

June

Banks—

Canadlenne.

-

103

Aug

4

160

176

134

160

Apr

178

Jan

mmmmmm

208

214

221

197

Mar

223

July

—..100

-

174

100

-

mmmmmm

310

3103*

82

295

June

3103*

Aug

188

190

183

170

Mar

19134

Jan

-100
100

-

Commerce
Montreal

Nova Scotia

rtrnWrnmm
'm

mmmm

—

-.100

Royal

Montreal Stock

34

133*

-——.25

B

1163* 1163*
1193* 120

133*

68

Western Grocers Ltd-.--*

1173* 1173*

1 1967

July

5s—-.
5s

Bid

Mar

90
210

5,769

173*

mmmmmm

Jan

163*
20

475

52

17

United Steel Corp

Bid

173*

153*
48J*

173*

St Lawrence Flour Mills.. *

Preferred-

Mar

55

55

163*

Shawtnlgan W A Pow
*
Simon H & Sons.—.—*

33J*

Mar

483*

St Lawrence Paper pref 100

Sept

150

-_*

preferred

55

20

*

-100
—*
50

Feb

Aug

155

*

—

Aug

1553*

155

100

Steel Co of Canada

Ask

Aug

24

Southern Canada Power. .*

Dominion Government Guaranteed Bonds

Aug

34

85

Canada—*

Saguenay Power pref
fet Lawrence Corp
A

Canadian Pacific Ry—

Canadian Pacific Ry—

67

5,207

Rolland Paper v t———

Railway Bonds

Mai

75

Price Bros A Co Ltd

1 1951

53*8
43*8

31

34

100

Power Corp of

'103*

High

Low

4,052

70

Ottawa Electric Ry—
*
Ottawa LE& P——100

87

120

64

323*

mmmmmm

Ottawa Car Mfg.—---100

85

1093*

58

Range Since Jan. 1, 1938

tar
W'ek

Shares

100

-

June 15 1943

118

Hid'

*

58

--Mar

Range

72

Niagara Wire Weaving-—*
Nor and a Mines—

Preferred

fjOW

603*

National Steel Car Corp--*

4

)} Prices

Price

Par

Preferred

Prov of Saskatchewan—

1033* 1043*

-Sept 15 1952
1 1960

4 3*«-

May

43*s

Prov of New Brunswick—

53--

—Feb

Sale

OgUvit Flour Mills

93

Week

Last

Ask

111

Province of Manitoba—

4Hs--.-_.Auff
i 1941
58--.--.—June 15 1954

Sales

Friday

Bid

1

5s—May
4s
June

Prov of British Columbia—
100

—Oct

164

164

Jan

Exchange

Aug. 27 to Sept. 2, both inclusive, compiled from official sales lists
Friday
Last
Price

Par

Stocks—

Low

Acme Glove Works Ltd--*

Aguew-8urpass Shoe----*

Preferred.————100
Alberta Pacific Grain A—*

Alberta Pac Gr pref—100
Associated Breweries——.*
Preferred.

...

B&thurst Power A
Bawif

(N) Grain

Preferred

-—100

Paper A *
—*
100

-

Bell Telephone-—-——100
Brazilian Tr Lt & Power.*

10

10

mm mm

106

106

mm

m

mm

mm

50

5

93*

7

Feb

Apr

11

Ang

1073*

Mar

5

July

Jan

28

July

m m mm

16

16

40

li

mm

111

111

m

m m

8

1.50

93*
1.60

mm'Pi-m

20

20

mm mm

105

166

Apr

1,035

63*

June

111J*
113*

125

1.15

Mar

23*

2

45

15

540

147

103*

113*

293*

30

33*

4

175

4

120

55

15

mmmmmm

53
9

3,001
287

73*
273*
33*
23*
38

Jan

Mar

20

Mar

100

Feb

Friday
Last

Week's Range

for

Sale

of Prices

Week

Apr

227

87

June

220

9

June

17

17

95

3

3

123*

mmmmmm

393*

41

Mar

Aug

60

123*
110

163*
193*

43* June
163* July

250

30

Mar

41

July

Batburst P A P Ltd B

73*
183*

Mar

183*

Mar

30

July
July
Jan

Brit Amer Oil Co Ltd----*

Canadian Ceianese

133*

13

14

306

9

June

20

3,500

Preferred 7%——100

mmmmmm

95

95

45

90

July

Rights...—

mmmmmm

17

17

10

163*

9

9

23*

23*

23*
63*

23*

23*
63*
103*

Class B—.—*
Canadian Pacific Ry—..25

Cockshutt Plow......—*
Con Min A Smelt new...25

Dominion Bridge......—*
Dominion Coal pref-...-25
Dominion Glass
—.100

mm

mmmrn"~

30

1.22

82
4

'

*

1.00

Mar

93*

Mar

29

June

Aug

33

July

Apr

1.27 Aug
913* Aug
43* June

31

1.22

20

2,647

47

Mar

10

2

June

4

33*

5

5

203*

20

893*

3

"203*

9,625
2,088

213*

833*0

Mar

53*

Jan

5

May

2,156

17

Mar

73*
213*
143*

July

273*

Aug

British Columbia Packers *

13

13

13

306

10

Jan

25

25

263*

425

25

Sept

31

31

32

137

293*

230

9

Aug
Mar

19

Feb

Can Nor P 7% cum pf.100
108
Can Wire A C 6% cm pflOO m+im

108

110

27

Jbd
Jan

Can Breweries Ltd

Mar

43*
4

405

1.50
5

Mar

83*

Jan

63*

Mar

133*

July

47

Mar

641*

Jan

16

Mar

193*
173*

July

..*

Preferred

-*

Cndn Pow & Paper Inv.

*
5% cum pref-—-—.-*

Can Vickers Ltd

.

163*

365

11

Mar

773*

773*
343*

50

68

June

77 J*

Aug

Cndn Wineries Ltd

771

21

Mar

39

July

Catelll Food Prods Ltd.

mmmm

18

18

156

16

Mar

20

Jan

Commercial

105

5

963* June

108

Jan

Preferred

150

May
July

m'

5

'

mm

Jan

110

Feb

Aug

97

May

1.55

270 1.10

203*

435

143*

Apr

1.00

54

1.00

Jan

6

6

73*

83*
40

mm

Preferred—100

Dom Tar A Chemical-.—*
Dominion Textile-

—

-—-*

Dryden Paper——.—*
Eastern Dalrle^.

148

10

145

Feb

113*
63*

14

6,456

9

Mar
Mar

10

mmmmmm

64

64

25

58

May

70

rnmm

6

7

290

4

Mai

mm

m m

-

-

-

"123*
mmm** m

„

mmm

*

148

90C

73*

90c

890

43*

163*

83*

Consol Paper Corp Ltd
*
David & Frere Ltee A---.*

Aug

520

3

Mar

113*

July

30

IS

Mar

45

July

125

6

1.25

330

90c

Mar

1.85

43*

150

4

Mar

9,230

33*

Mar

43*
93*

120

55c

Apr
Mar

17

July

EaKootenayP7% em pf 100
EasternDalrles7%cm pflOO

83*

Mar

16

July

Falrchild Aircraft Ltd----5

*

11 %

13

780

73*

Mar

Fleet Aircraft Ltd

823*

833*

133*
863*

Aug

Preferred——100

113*
823*
4.3*

43*

7

8

75

75

m

553*

553*

mm

63*

63*

53*

6

Goodyear T pref lnc '27-50
Gurd (Charles)
*

—

mmm

53*
153*
143*

Howard Smith Paper—*
Hudson Bay Mining
_*

Preferred.. ——£1
Industrial Accept Corp
Intl Nickel of Canada

*
*

m m

mmmmm

Gypsum Lime A Alabas—*
Holiinger Gold Mines
b

Imperial Oil Ltd——*
Imperial Tobacco of Can.6

m

"i6 3*
153*
mmmmmL
mmmmmm

483*

Int Bronze Powders.—.25
Intemat Pet Co Ltd

*

mm

75

Mar

10

3

June

5

Mar-

53*
103*

105

45

Mar

80

180

53

Mar

563*

Aug

5

5

Mar

83*

June

795

4

Mar

83*

Jan

4,410
220

113*
103*

Mar

153*
293*

Mar

18

520

203*

Mar

173*

5,800

15

153*
73*

153*

3,111

133*

73*

275

7

31

31

15

23

Apr

3,924

37

Mar

313*
193*
153*
73*
313*
523*

25

24

493*

25
mmmm

213

153*

47

25

253*

263*

Jan

1,365

143*
143*
285*
163*

1,115

233*

Mar
Jan

•May

Apr
Mar

153*

27

313*

Ford Motor Co of Can A.*

Aug
July
July

Foreign Power Sec Corp—*
Fraser Companies Ltd
*
Voting trust ctfs
-*

Aug
June

Aug
Feb

July

100

Jamaica Public Serv Ltd..*

Lake of the Woods

m-rnmmmm

13

*

Preferred

Massey-Harris-

100

mmmmmm

Montreal Train ways

100

Preferred




25

853*

Intl Utilities Corp B
Lake Sulphite
Lake St John PAP

Loblaw Groceterias A

36

36

13

102

133*
102

mm,

213*

2,055

;.*
*

MacLaren Pow A

Aug

Maritime Tel A Tel

Feb
Jan

Massey-Har 5% cum pf 100
McColl-Fron 6% cm pf. 100

Mar

Melchers Distilleries Ltd.*

Mar

20

Aug

3,000

10

Mar

213*

July

663*
23*

663*
23*

663*

15

64

July

65

July

23*

475

23*

Sept

50

1.70

Mar

55c

Mar

3
mmmmmm

75c

3

75c

1,950

33*

400

3

mmmmmm

26

26

m

23

23

30

23*
13

"~53

Mar

1.45

7

Mar

17

153*

10

153*
323*

Sept

153*

Sept

Apr

63

July

873*

Jan

101

July

100

100
•

rn-mrnm

mm

60

100

676
178

1.50

1.50

15

1.50 May

23*

53*
163*

53*

10

53* June

63*

183*

1,445

230

92

303*

3,005

69

69

40

42?*

8

1,402
105

Jan

Sou Can Pow 6% cm pf 100
United Securities Ltd.. 100

27

Mar

743*
343*

AUg

89

Feb

Apr

43

Aug

38

Mar

31

43

July

*

No par value

*
mmmmmm

73*

July
Jan

Feb

Jan

Mar

21

Aug

Apr

96

July

Mar

100

Aug

63*

Julv

73*

July

53*

10

5

May

73*

July

1063* 1083*
83*
83*

60

104

June

100

Aug

15

10

May

15

Mar

63*
53*

Provincial Trans
Reliance Grain Co

May

Mar

40c

153*
53'

10

Feb

23

Jan

223*

100

July

June

10

100

14

Jan

127*
34

150

100

Sept

1.00

Mar
Mar

640

78

1,055

23* Sept
43* July

1.25

35

July
May

Feb

133*

92

103*

50c

1.15

92

173*

Feb

123*

mmmm

"1.15

Paper..*

92

105

Aug

40c

"173*

Mar

213*

Jan

9

Page-Hereey Tubes
*
Power Corp of Canada
0% cum 1st pref—100

Mar

15

Aug

July
July

100

Aug

June

73*
83*

740

36

43*
93*

11

40c

Mar

103*

July

83* 'July
73* July

173*
183*

32

100

Mar

Jan

July
Aug

40C

1

36

Jan

483*

Feb

143*
153*

Mitchell (Robt) Co Ltd—*

350

Feb

Apr
Mar

9

Apr

July

17

Mackenzie Air Service.—*

Feb

43*
143*

Feb

29 J*

43

20

610

3

84

2,295

423*

33*

3,350

May

73*
103*

mm* mm

9

60

63*
113*

10

74

63*
93*

42

25

53*

53*

10

mmmmmm

-

Mar

16

293*

*

National Breweries—.*

853*

73*
93*

*
McColl-Frontenac Oil.—*
——

Mont LHAP Consol.

"203*
———

Melchers Distillers Ltd pf*
mmmmmm

m

63*

Home Ind Prod—

A—*
1

Mar

3

53*

** mmm

"

Goodyear T A Rub of Can*
Intl Paints (Can) Ltd

33*

10

m

*

June

International Power—
Preferred

May

1,310

113*

Preferred———100

21

73*
53*

40

73*

10

53*

160

*

Apr

5

265

Rights--—

40

3

*

143*

General Steel Wares

40

24

*

15

Gatineau

83*
9

*

13

1.35

73*

Donnacona Paper A
Donnacona Paper B

15

rmm mm

-

33*

Dom Eng Works Ltd

-----

May

May

Jan

Jan

9

May

7

Jan

6

Jan

13

Electrolux Corp
1
Foundation Co of Can.—. *

.

73*

June

2.00

25

'

Dominion Steel A Coal B 25

23* June
22

2

4

4

mmm

Mar

Jan

33*

33*

1.25

963*

5

33*
4

mm

103

1.00

39

mmmm

*

Alcohols----*
-

m

40

*
.

mm

83*

7 % cum pref.——100

_

mm

1.00

—*

16

July

m

"~19

-

10

Aug

36

963*
1.75

963*

Feb

Apr

183*

mmm

July

23*

Canada & Dom Sug (new) *
Canada Malting Co Ltd—*

23*

43*

101

2,544

Jan

33

105

33*
223*'

30

Jan

135

mmmm

88

23*
203*

Jan

19

m'mm

"

1.22

—»
*

m

103*

19

mmrnmmm

Corp Ltd

m

20

19

«»«•»*

Asbestos

m

100

59

------

3

m

July

55

93*

High

Low

Mar

1,688

1. 1938

Ranae Since Jan

Shares

9

563*

mm

High

15

3,616
1,235
2,226

mrn-m

Crown Cork & Seal Co.—*
Distill Corp Seagrams—*
Preferred
——100

6

10

Jjow

223*
m

Beauharnols Pow Corp
*
Brewers A Distill of Van—5

598

23*

cum pref--100
7 % cum pref.
100
Aluminium Ltd.—------ *

0%

Mar

163*

Canadian Indus Alcohol--*

Abitlbl Pow A Paper Co..*

Jan

Mar

29

Cndn Foreign Invest----*

Jan
Feb

7

143*

83*

Price

Sales

Jan

2

28

83*

Par

Stocks—

241

153*

mmm

July

230

28

mrnm

Aug. 27 to Sept. 2, both inclusive, compiled from official sales lists

July
Aug

720

113*

Jan

July

12

12

Montreal Curb Market

Aug

53*
43*

103*

mmmrnmm

Aug
July
July

333*

96

163*

Bonds

Apr

12
m

Montreal

330 Bay St, Toronto

Mar

June

96

m.rni m mm

July

Sparks St, Ottawa

143*

12

73*

255 St. James St..
56

Public Utility 111(1

Mar

mm"mam

mmmmmm

16

J*
1093*

Canadian Car As Foundry. *
Preferred
25

Canadian Converters.-100

ESTABLISHED

July

2

mm

MUI|M|U|

Jan

12

33*

*

INCORPORATED

June

106

293*
33*

Preferred————60
Canadian Bronze.———*

100

113*

*

Canada Steamship (new)-*

5

HANSON BROS Canadian Government

High

60

83*

mm

Low

63

m

.

m

Shares

33*
273*

273*
m

Range Since Jan. 1, 1938

for
Week

33*
273*

mm"~ ~rn

B. ————-—*
*

*

53*

mmmrn~m.

Bruck Silk Mills

Can Forgings class A
Can Northern Power

High

53*

British Col Power Corp A. *

Building Products A.——*
Canada Cement———*
Preferred-——100

Sales
Week's Range
of Prices

Sale

63*

Volume

147

Financial

Chronicle

1471

Canadian Markets—Listed and Unlisted
Montreal Curb Market
Friday
Last

Par

Week's Range

of Prices
Low
High

Week

Price

Walkerville Brewery
*
(H) Walk-Goo tier A Worts*

Range Since Jan. 1,1938

Stocks tContinued)

High

Low

Shares

pref
Weston Ltd (Geo)__
cum

1.60

50

1.10

Apr

2

July

43H

43 H

30

32H

Mar

45

July

19

80

17H May

19H

Aug

12

*

Aldermac Chopper Corp—*
——1

12

20

11

Jan

11H

Jan

44c

47c

6,325

lc

lc

426

1,200

lc

lc

Preferred

67c

Jan

Mar

Jan

Canada

Aug

2c

2c

2.100

lc

Apr

1

17c

17c

Mar

33c

Feb

1

30c

31c

3,000
2,150

17c

Big Missouri Mines...

30c

Aug

57C

Jan

1
-1

10c

10c

200

13c

6c

6c

5

28H

28 H

6Hc
28 H

7Hc May
6C
Aug

July
Feb
Jan

Arno Mines

Bobjo Mines
Bo us Cadillac Gold--:

Bulolo Gold Dredging

90c

Capltol-Rouyn Gold

1

Carrier- Maiartle G M Ltd 1
Central Cadillac Gold

1

Central Patricia Gold

1

94c

2 He
6C.

Cndn Maiartle Gold—...*

7,500
4,196
5,200

2Hc

500

6c

3,000

6c

13HO

Msr

24K June

30

77c

Mar

1.27

Feb

2Hc

Aug

9Hc

Jan

Jan

15o

Feb

28c

9,775

2.48

600

2.12

Mar

3.20

27C

35c

31c

2.40

Cons Chibougamau Gilds. 1
Dome Mines Ltd........*

24C

35c

5,250

20c.

Mar

41c

62c May
Mar

34H

459

27 H

June

3 He

4c

Aug

0Hc

Aug
Aug

2.05

1.90

2.10

1.05

Jan

2.37

Aug

Eldorado Gold M Ltd

2.16

2.13

2.35

13,300
19,000
3,850

3He

East Maiartle Mines.....1

1.96

Mar

3.25

Mar

5.75

5.75

110

4.90

Mar

6.95

Jan

"§0c

30c

30c

Mar

55 Ho

Feb

35c

35c

4.600
1,000
1,985
1,300

28o

35c

July

45c

June

Duparquet Mining Co

33

1
1

*
Francoeur Gold M Ltd...*

Falcon bridge Nickel

Inspiration

...

J-M Consol Gold(New) —
Klrkland Gold Rand Ltd.l

10HC

Lake Sbore Mines

...J

Jan

52 H

1,303

48H

3c

1,000

3c

44c

200

2Hc
5.15

3,000
2,300

19

Cdn Wlrebound Box

,.*

Caribou Gold—
Central Patricia.—.

62o

Aug

Chemical Research

Mar

2Hc

Aug

Chesterville-Larder Lake

59c

200

30HC

Jan

82c

Aug

Commonwealth Pete

3.50

2.76

Mar

4.45

2.90

Mar

21c

17c

Aug

1.55

Apr

2.70

Jan

1.37 May

2.65
1.77

Jan
Feb

Jan
Jan

72c

Mar

1.93

Aug

1.63

1.51

1.40
50c

50c

500

2~67

2.50

2.67

7Hc

8Hc

4c

4HC

4Hc
5Hc

1,000
3,500
1,000
7,050

3Hc
4Hc

1.11

1.25

5,050

91 Ho

2.05

2.00

2.08

88c

88c

91c

46c

42c

47c

1.00

1.00

1.06

1

3.15

3.26

1

4.65

4.80

5,985
21,100
12,250
8,274
1,050
2,265

4.40

Apr

Thompson Cad.........1

22c

25c

14,920

19c

Mar

5.25

5.25

120

4.75

5.40

5.40

100

5.40

Apr
Sept

20c

23C

6,700

20c

July

7.50

7.50

205

6.55

Mar

30c

30c

1,100

30c

Aug

2.05

1
1

Red Crest Gold-..

1

Reward Mining Co

1

Shawkey Gold

1

Bherritt-Gordon

1

lll5

Slscoe Gold Mines Ltd

1

Bladen Mai...

1

*
Sullivan Consolidated....!

4Hc
*

(new)....

5.25

Ventures Ltd
_*
1

..

Wright Hargreaves—.-*

14,300

-

_—_

2.15

600

._*

45c

45c

*

1.07

1.21

2,000
1,950

2.10

Calgary A Edmonton Cp. *

1.23

_.._.*

1.23
44

43

*

100
590

SOU

2H
21H

...»

-100
*

of Prices
High

Low

2H
21

Jan

860

Aug

390

June

8O0

Mar

2.70

Mar

Jan

3.40
1.39
78o

""l

Dominion Tar pref

Mar

3.60

Feb
Jan

6.40

Aug

5.40

Sept

mm mm*.*.

lido

27 H

3H
24

43C

Anglo-Can Held Dev. ...»

1.30

10c

—1

13Hc

Mar

7c

Mar

500

18,000

4

15

27 H

115

3,960
78.216

1.28

1.28
3.25

3,875
2,200
4,900

8Hc 13 He

57,300

lHo June
2

Apr

*

95c

212

212

303

305

232 H 237
27c
31c

Faulkenham Lake Gold—1

18c

26C

l

6c

7 He

1

18c

22c

58Hc

Apr

Firestone Pete.

2.20
49

Jan

July

4H

July
29
July
14c May
4Hc Mar
5H

Aug

29

Aug

33c June

1.65

Jan

4.15

Jan

33c

Mar

15c
5c

Apr
Mar

4Hc
20c

55c

Aug
Mar

Aug

13Hc Sept
7c
44c

Aug
Feb

14c June

27c
1.03

1

810

20 H

21H

2.675

29

30 H

195

30c

33c

45,026

05c

65c

10

1125
•
.

mmmmmrn

2.20

Oils..—... ""1

15H

2.060

3c

15,300

8Hc 10 He




13

22

23

60

10.25 June

Mar

46c

*15 H

16H

.*

1.05

1.15

1.10

Huron & Erie

100
100
—..*
6

74

100

Huron & Erie

20%
Imperial Bank
Imperial Oil—.
Imperial Tobacco

9

211

209

1.80

May
Mar

25c June

50

26 H

8

102 H

Mar

Mar

52 H
31H
9H

Mar
Aug

37

23

Mar

5

May

5,257

1

Jan
*

No par value.

13

13

1.75

2.04

72,239

60c

60c

850

~~1~22

1.10

1.25

22c

20c

24o

51H

51H

53

Mar

60

77,500

Laguna Gold
1
Lake Shore.............!

H
35He
4H

12,344
3,056

48c

Klrkland Lake

Jan

May

390

Jan

3.10

98 H

lOHc 10 He

"lM

25

10

25

1

Aug

June

17,700
33,660

—1

9H

65

17c

Kerr Addison

Aug

Apr

8H May

20

34c

Kirk land-Hudson

75

67

Jan
Jan

Mar
Sept

1.00

Aug

Aug

13

14c

41c

31H

575

28c

lOHc

Mar

Mar

65c

1

37c
33c

20H

15

15c

Cons

Mar

May

7,270

32c

1

22c

Mar

1

Mines....

Mar

16 H June
1.47 Apr

190

1

B

15c

Mar

37

Jack Waite
Jsliicoe

02c

2,610

Jacola

J M Consol (New stock). 1
Kelvlnator
*

July
Aug

9

Feb

91©

25

47

July
Mar

1.40

7,020
6,000
23,650

2,000

25 H

July

Jan

7H

25H

4

2.93

17c

6,287

35 H

48 H

Jan

July

35H

*

1.00 May

AUg

1.50 Jan

20c

15H

*

International Nickel

July
Au"

Mar

17 H

20

International Pete.......*
Intl Utilities A.

75c

1.09

8H
4Ho

Apr

40

101H

Apr

Mar

15H
35H

101

Sept
Mar

2c

Jan

8c

9H

75

60o

4H

10c

13 H
II

74 H
211'

Aug

905

17H
15H

Apr
Feb

22o

30 H

3c

2,000

10H

72c

17Hc
6 He May

26c

500

16H

68 He

14H

15

Feb

9He
15

20c 23 He
25 He
28 H

—

Jan

60

Mar

30

Jan

Mar

9H

5,050

July

34

Mar

8He

8.025

22

11c

110

2.35

July

2 He

33,000

July

14H
7H

37

Apr
Aug

28c 30 He

2.00

8c

14H
14H

7

29

12

9Hc

75

21

9 He

Jan

Mar

*

14Hc

Jan

Sept

9c

1

Jan

July

20

2H

1

Mar

20

I 10

Hedley-Masco t
H ighwood-Sarcee..

lie

Jan
Feb
Aug

33

520

Inspiration

Mar

10

140

13

Jan

June

Sept

16

15,100

Intl Metals pref.......100
Intl Milling pref—
100

7c

241

12c

Mar
Apr

71.470

10e lOHc
1.20
1.20

Inter. Metals A

7H Mar
4H June
16H Mar
28
Apr
30c
Aug

5c June

4H

3H
2.16

2H
1.92

1

Jan

*

50

20

3HC

1

Jan

III*

Calgary A Edmonton
Calmont

5

22

—*

Feb

8.00

1,000

Hard Rock....
Harker

50c

1,694

50c Sept
40o
Feb

25

6H
160H

1,480

40Ho July

1.00

Feb

20,200

Jan

Mar
Mar

30c June

1.00

1

Mar

11c

68c

31c
14c

1,335
1,500

Mar

9.50

Mar

06c

2

11H

July
Apr

5o

6H
3Hc

20c

9.25

10H
32o

00c

146H

10H

Mar

Mar

20

Feb

2c June

8C

5c

737

9.30

Mar

5

53c

141
Aug
36H June

9Hc

Jan

11H

Apr
Mar

July

106

*

Mar

3Hc

Apr

...»

7

74H

7,000
53,260

95

Jan

27o

3Hc

25

68c

Apr

72H

Jan

Mar

Feb

Aug

22c

Jan

30o May
25c Apr

68

15

30c

20c

21H

14c

Mar

June

1,562

11c

61H

8

30c

18c

5H

July
July

30c

3 Ho

3Hc

45c

40,500

Aug

02

219

Jan

Jan

26c

1

Mar

34c

18c

50

5c

Mar

21H

Gunnar Gold

*

3.25
6.95

Mar

Sept

295

3H
166

1.97 May
Mar

4.70
16

Gypsum Lime & Alabas—*
Halcrow-Swayze
.....1

20c

28c

Feb

July
Apr

3C

26c

July

Aug

15o

20

.....1

5

2.39
17

52

■

Jan

Mar
June

6,000
11,900

,

15o

1.05

1

Howey Gold.
...1
Hudson Bay Mln A 8m
*

Mines

*

20

——*

Harding Carpets

Mar

12

Grull-Wij ksne._

Hamilton Theatres

Jan

26o

3He

12c

Jan
July

20

9H

Feb

10

4,500

9Hc

Mar

84

12,000

5c

Homestead Oil

20c

Mar
May
5c
Aug
60
Aug

17c

8H

Home Oil Co—..

Traction

Burlington Steel
Burt (F N)

lie

Feb

6,950

4H

67 H

50

101H 101H

2 He

*

4H June
73

3 He

Aug

10

15H

i

July

19H

55

—*
Great Lakes Paper voting. *
—. .

June

16H
8H

Jan
Mar

4Hc

Grandoro Mines.

Voting pref
Preferred—..

44

9

4c

July

10

54

15c

......1

25H

66 H

306 H
249

jan

2Hc

__1

1
Goodyear Tire
——...*
Goodyear Tire pref-.—50
Graham-Bousquet....... 1

222H

1.45

mmmmmm

10,600
6.650

Mar

11J4

mmmmmm

50c

May

6H June
2H May

*

24c

June

1.00 May

...

47c

45c

227

15

Buffalo Ankertte..... ...1

43c
22c

50c

195

125

Building Products.... in*
Bunker Hill

*

Gold Belt

285

8,726

Buffalo-Canadian....

4,100
18,400

6

8H

mmmrnrnrn

82,920

3c

11

3H
1.30

nil

343

14c

13

3H

...*

8H

11c

Hollinger Consolidated—5

8H

.....

7H

Granada Mines

Aug

Aug

2Hc

God's Lake

Jan

Aug

34H

3c

1

Feb

27H June
16
Apr

8c

*

Feb

17H

14 H

1
...;

Jan

38

23Hc
46o

1,000

98

199

73

4,428

117

Jan

Mar

29,425
11,850

32c

Jan

11

16c

Glides Lake Gold
Glenora

Feb

1.12

Preferred

30c

»

Hinde & Dauch

3H

Brown Oil

8c

15,900
11,000
5,000

Apr

June
30
17e June

21H

20

*

Apr
Aug

Aug
May
July
Sept
Sept
Mar

11c 13Hc
4c
3c

-25c

Jan

1.22

30c

2.13

GoodXisb Mining...

III*

5

20

Jan

Beattle Gold—— --_*

mrnmmm-

2,800
85,770

8.10

Mar

24,683

Brewers A Distillers— Hl5

2.14

15H

7He

3,290
3,008
44,200

2.90 June

62c

10c

1.88

15H

6Hc

"2" 14

June

I
80

10c 111,400

38,670

Jan

55c

10c

7c

9Hc

5

5.90

Feb

55c

...i

25

2.35

70c

I

mmmmmm

245

7H

19H

30Hc

Mar

2

5H
80

5.50

Aug

13c

164

7H
80

100

18H

16c

5,600

30c

3,063

1

40c May
9c Sept

19c

2

195

14

*

Jan

18c

164

18H
42

11H
4H

1

10H

19c

1

75

18M
40 H

Falconbrldge
Fanny Farmer....

High

8H

23,900

.*

34 H

Gold Eagle
Low

1,565

43c 46Hc
9c
13c

Bell Tel Co of Canada I100

32 H

13

1

101H

33 H

83 H

Aug

»•

20c

12

6c

m

40c
17

82 H

500

-mm

18c

12

6Hc

*

30c

15H

83

6Mc

#

180

*

1,750

------

177

—100

71,000

29Hc

180

Garineau Power....

Mar

5c

...»

Jan

*

28c

232 H

64H

Foundation Petroluem
Francoeur

25c

mmmmmm

Mar

Ford

4 He

mm *******

46H

Fontana Gold

5c

.100

59 H

Jan

26 He

.100

Feb

Jan

1
Auglte-Porcupine Gold
Aztec Mining
-60c

Bank of Nova Scotia- .100

42o

Apr

Astoria Quebec Mines. ...i
...

Mar

70c

Mar

15c 15Hc

HI 1

20c

54H

5,100
3,471

1.45

1.00

3.15

*
...

34c

Mar

5,934

16Hc 19Hc

-Wall-

*
Aldermac Copper..
Amm Gold Mines— IIIi

16

Eldorado

Week

9c

27H

1.84

Mai

Mar

Shares

3Hc

4

Aug
Mar

11H

26c

_

A

5

1.10

150

Mar

1.08 June

4

85c May
43o
Jan

1,670

40c

33 H

24He June

1.35

Jan

3.10

July

Aug

14H

1.86
95c

80©

13H

63c

60c June

1.26

Eastern Steel

43c

350 June
7
Mar

29

1

Feb

July
Aug

176

East Crest Oil...
East Malartio

Feb

1.73

63

Dorval Slscoe..

Jan

5.60

38c

15c

147

Dominion Tar

July
1.19 July

3.20

1,900
18,625
8,200
1,850
4,806

.

Mar

1.23

5

4

Jan
Feb

2.60

13 H

Goidale Mines......—!

9c

3%c

*

4

1,460
6,550
3,925

Jan
Feb

25c May
95c
Aug

9c

(new)......*

May

Range Since Jan. 1. 1938

for

3c

9c

—

10 H

Dominion Coal pref... ..25
Dominion Foundry.—.
»
Dominion Steel Coal B—25
Dominion Stores........*

Feb
Mar

Sales

Week's Range

Price

Par

63c

9H

1.15

Mar

20

Jan

2.10

31H

Dome Mines

Exchange

Friday
Last

95o

Jan

8H

8He Mar

8c

Jan

Aug. 27 to Sopt* 2, both inclusive, compiled from official sales lists
—1

1.00

2,200
32,400
5,500

54c

31H

42c
33c

95c

2.54

General Steel Wares

Toronto Stock

British American Oil-

May

1.65

l

Preferred

Brit Col Power A

17

3,050
3,400
12,645
20,100

100

100

Fernland Gold
-

.....

20

2.50

10c 10 He
45c
46c

l

Federal-Kirkland

Bralorne

19H

30c

7c June

Oll-

Bobio Mines.

Jan

900

Davies Petroleum...
»
Denlson Nickel Mines.. ..)
Distillers Seagrams....—*

1.78

Jan

Aug

Mar

27c

Jan

6Hc

36
185

Mar

5

*

Jan

Apr

July
June

2H

110

08c

65c

Aug

21

10

03c

4.50

May
2.00 Aug

July

8,112

58c

Aug

43c June
2.50

July

30

6H
19H

121

5H

*

Conduits National.

l

Read Autnier Mine

18H

Mar

176

275

2.31

Conlaurum Mines....
*
Cons Bakeries
..._..*
Consol Chibougama
1
Cons Smelters..........6

Preston-East Dome

Quebec Gold

Jan

9

Mar

2.45

Mining.....

Darkwater....

1.35

6H
7H
18H

35

2H

*9H

1

Commoll Ltd...

July

440
5

185

2H

121

6H
19 H

_1

Consumers Gas
Crows Nest Coal

Brazil

21
185

2H

1

Cockshutt Plow

Chromium

Feb

1

2,815

.1

Jan

Aug

Big Missouri.........

70

10
29 H
21

Castle-Trethewey .......1

5.25

Bidgood Klrkland

8

14H
28

1

Central Porcupine

17H

Beaubarnols—

8

15H

Jan

Jan

Beatty Bros 1st pref— I100

July

Aug

Mar

Beatty Bros A_

19

28 H

100
25

Mar

—

Apr
Apr

123

Preferred—.....
C P R

1.02

B

16

16

3.90

Bathurst Power A— Ill*

105

Mar

13 H

...

18H

May

20

Corp.

Aug

10

400

Base Met*is

6

74o

5,550

Bank of Toronto

Jan

Apr

75

1.41

Bank of Montreal

177

4

14,575

5.00

—

Mar

135

175

95c

Feb

4.65

Aug

157

5H

172

12 H

Feb

5.40

21H

78

5H
18H

5H

87c

5c

620

Mar

Jan

Aug
2.60 May

12 H

58 H

Mar

14 H

Mar

*

16

-

310

67
30

*

4.85

Cozs

20H

1.15

Sept
Mar

16H July
22

Canadian Maiartle

16

Bank field

1,295

Apr
July
June

Canadian Oil

Aug

1.35

Bagamac Mines..

18H

1.80

6H

Jan

4H June

4H
1.28

1

Ashley Gold

1.50

174

1

Arntfleld Gold.

~ivA

Preferred...-.......--*

1

Anglo-Huronfan

136

Cndn Bk of Commerce. 100
Canadian Canners
*
Canadian Canners 1st pf 20
2d preferred—
*

Perron Gold Mines Ltd

A P Consolidated Oil— -_-i

Jan

134 H 136

25

Pickle Crow Gd M Ltd

Preferred

Jan

72
150

35

Placer Development

Afton Mines Ltd

Jan

36

25

July

400

Acme Gas A Oil

108

Apr
Mar

25

1.27

1.90

Alberta Pacific Grain.

June

68

47

5.50

1.70

preferred

89
29

100

15

48 H

1.72

AbitlbL.

50
170

72

28

Mar

Pend-Orellle MAM Co.-l

Stock*—

96
33 H

70

25

Cndn General Electric. .50
Cndn Industrial Alcohol A*

Jan

94 H

103

Can Car A Foundry.....*
Preferred
25
Canadian Dredge
*

98H

32
72

16

June

2.50

Royallte Oil Co.

Jan

49H

35H

2.35

Okalta Oils Ltd

13

12 H

73o

'2"40

Home Oil Co

Mar

16

650

Pato Consol Gd Dredging 1

Dalhousle Oil Co..

7

10H

49

900

5,145
3,200
3,400
4,500

Brovrn Oil

Aug

175

9

_*

1.20

*

Cad

50

Canada Wire B
»
Cndn Bakeries pref.100
Canadian Breweries.....*

4.25

4.35

Waite-Amulet

Mar
June

Mar

3.20

3.20

Sylvanite Gold—....
Teck-Hughes Gold

80
40

May

19C

.1

...»

Pandora Cad......—...1

Stadacona

10
51

2

50

July

92

128

Preferred
Canada Wire A

7

47

41

Mar

3.50

High

May

285

48H

1.12
46

3

3H

May
48c Aug

lMc

Low

75

3H
11H

59c

*

Paraour-Porcuplne

4H

Range Since Jan. 1,1938

Shares

92

Steamships......*

H

4.85

1

O'Brien Gold

Feb

1.50

2Hc

2 He

5

....

27c

Mar

3c

__1

McWatters Gold.

Aug

99c

,3c

........

Mackenzie-Red Lake

0Hc

900

52H

1

Mcln tyre-Porcupine

9C

1.20

High

*

Lamaque Contact Gold-.*

Mines

15He May

80

1.16

1

Lee Gold.—

10c June

.

44c

Kirkland Lake Gold

Lapa-Cadlllac.

lie

35c

35

Feb

Low

45

100

Mar

Beaufor Gold

6%

Price

4H

»
Canada Packets
*
Canada Permanent....100

3Hc
2Hc

,r-''

Week

Canada Malting

Alexandria Gold

Wood

for

of Prices

A
——.100
Canada Bread B
50
Canada Cement..

19

19

Week's Range

Canada Bread.

Mines—

Mac ass a

Par

1.60

*

...

Last
Sate

Walker Good A Worts(H) *
SI

Sales

Friday

for

Sale

Stocks (Concluded)

Toronto Stock Exchange

Sales

20

50c

Mar

28c Sept
13Ho May
33c

Jan

19H May
15H July
49c June

9H
81

1.00
60c

40o

Jan
Aug
Feb

July

July
Mar

Aug

82c

Mar

9Hc June

16o

May

10

15

Aug

2.50

Aug

June

1.25 June
65o

Aug

29,170

95©

Mar

7,210

20c

Aug

3.638

214

46

Mar

1.50

1.50
59c
58 H

Jan

Jan
Mar

Feb

Financial

1472

Sept. 3, 193S

Chronicle

Canadian Markets—Listed and Unlisted
Toronto Stock

Toronto Stock

Exchange

Exchange
Sales

Friday
Sales

Friday
Last

Par

Stocks (Continued)

of Prices
Low
High

Pries

*
—1

Lang A Son/?

Cadillac

2Hc

July

5o

Feb

10

12H

12H

46c

43,750

37Ho

61

61H

20

Lac

74c
65

Mai

56

85c

5Hc

6 He

9,600

6Hc June

2Hc

2Hc

3,000

lc June

75c

65c

78c

41,700

60c

3.00

3.00

3.50

7,570

3.10

90c

88c

90c

Aug

•

1.13

Apr

4,800

5Hc

Mar

15c

Mar

1.12

Feb

Sept

6.00

19H

Mar

24

145

18

Mar

21H

Jan

3.50

Mar

5.55

Jan

21
5.25

3.35

3.05

3.60

50,325

44c

40Hc

52c

32,100

45c

42c

48c

20,950

42c

lHc

lHc
2H

lHc

10,000

lHc

Aug

4c

2H

3

195

1H

Mar

3H

3H

3H

4H

121

3

1
1
1

MacLeod Cockshutt
Madsen Red Lake

Gold

Malartic

Manitoba & Eastern..

Maple Leaf Milling—
Preferred

Massey Harris..
Preferred...

7H
52 A

10

—100

99

5
Red Lake...—1

47

Preferred
McKenzle

Mines

Nlplsslng

June

14
101

2,961

36 H

Mar

69c
10c

48H

Mar

1.29

July

Mar

24c

Mar

Jan

82C

Aug

70c

July

8c

5c

1,500

5c

1.95

2.24

21,520

1.45

Mar

2.49

Apr
Jan

11c

1,000

11c

Aug

20c

Apr

1.40

1.60

255
6

2c

2Hc

2Hc
42

42

5H

5H

12H
45c

Aug

Aug

Aug

15c

July

7,500

July

3He

July

38

May

42 H

Aug

100

4

H June

7H

Feb

12H

115

Apr

126 H

12

June

15

59c 154,900
5c

15.600

20c

2,250

1.76

1,600

74 %

69

38
216

5c

4c

1.63
72

Normetal...

-

Northern Canada

10,158

10c

19

July

May

llHc

July

12c May

38o

Mar

2c

48
7c

Aug

2.15

Jan

Mar

1.63

500

75H

Aug

Apr

19c

5c

6c

7,200

2c

Mar

7Hc July

65c

70c

8,706

50c

Mar

1.14

Jan

35c

35c

36c

2,907

,27c

Apr

40c

July

7.50

May

1
*

49 He

55c

1.50

1.50

4H

53c

*

Plata

50c

25,050
70

220

5

63c

19,000

7c

9,000

5Hc

*

*
*

Pantepec OIL...
Partanen-M al artlo.

94

94

4.30

4.15

4.45

22,030

19c

20c

4,600

1

Pandora-Cadillac

94

—1

Porcupine

4H

4%

50

65

13c

39,100

31c

4

46c

5Ho
78

Mar

68C

Mar

2.00

July

Apr

1.00

5%
1.45

7H May

65

70

17c

98

Aug

4.65

19c

Aug

43c

Jan

Mar

8.20

Feo

14c

7,370
3,000

6.50

14c

7~65

14c

May

Week's Range

Last
Sale

Par

Bruck 811k

Price

15c

Aug

63c

Brett-Trethewey

2 He

*

Canada Vinegars

2.50

May
7Ho
JaD

8c

4,500

48c

19,505

Payore Gold

1

12Hc

12c

14c

15,650

Perron Gold

1

1.36

1.31

1.42

12,175

1.02

16H

7H
Feb
24He July

JaD

1

Gold

2*33

1

Rouyn.

Malroblc
Montreal L H & P

16H

OH Selections

64

Jan

2c

July

Pend Oreille

1

1.75

1.65

1.90

12,650

1.30

Mar

2.62

Jan

Ritchie Gold

1

lHc

lHc

Rogers Majestic

*

Shawl nlgan

2,000
30C

3

20

130

18

36

36

26

31

9Hc

United Fuel pref
Waterloo MfgA..

84

30

Apr

43

July
July

1.50

*

Al berta Pac Grain 6s

Feb

12c June

23c

Mar

Burns A Co 5s

Feb

Calgary Power Co 5S..1960

MacLaren-Que Pr 5Hs "61

90

88

Beauharnois Pr Corp 5s '73
Bell Tel Co of Can 6s. 1955

Roche Long Lac

95 H

94 H

1958

99 H 100H

Feb

Canada Bread 6s

5.30

Aug

Canada North Pow 5s. 1953

103 H

Mar

3.30

Mar

97 H

2.25

2.42

36,225

1.37

Mai

2.65

July

Canadian Inter Pap 6s 1949
Canadian Lt A Pow 5s 1949

101

13 H

10

Apr

16H

July

Canadian Vlckers Co 6s '47

98

113

114

21H

10

Mar

1.52

Royallte Oil.

107

Fraser Co 6s

Jan 11950

98H

99 H

13Hc 13Hc

1,060

5Hc

July

2.65

4,30C

2.50

Mar
Aug

15c

2.50

4.55

9c

3,500

7c June

45c

5

130

St Anthony

l

11c

St Lawrence Corp
St Lawrence A

*

5

105 H

103

10 HC

12c

76

Jan

Gatlneau Power 5s—1956

103 H

Feb

101

24c

Mar

Gt Lakes Pap Co 1st 5s '55
Int Pr & Pap of Nfld 5s '68
Lake St John Pr A Pap Co

Feb

190

34H

48 H

Mar

101

May

110

5

95

June

103

10c

20c

Mar

97

99

99 H

Ottawa Valley Pow 5 Ha '70
Power Corp. of Can

105

106

4Hs'59

98

100

1957

103

1

Dec

98 H
95

Price Brothers 1st 53—1957
2nd

Aug

170

49 H
50 H
101H 102 H

conv

deb

4s... 1957

Provincial Pap Ltd 5 Ha '47

53

64c

55c

102

35H
104H

96H

5s

27

Aug

25

10,500

----

87

Apr
9c June

25c June

28,560

45

4g

100

Montreal Tramway 5s 1941

3 Ha

104 H

July

45

99

/35H

51H

50H

Jan

70c

36c

3 Ha

96

Mar

1939
1956
1973

value) 3s

par

-

East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949

41c

188

-

Jan

1,500

68.1945

Montreal Island Pr 5Hs '57

98H

75

50c

43

2Hsto *38-5Hsto '49...
Minn A Ont Paper

Montreal L H A P ($50

1956

45c

10c 11 He

-

86

Mar

188

—

62

98c

105

100

5Hs ex-stock

—

1961

July

67c May

-

103

Dom Gas A Eleo 6Hs_1945
Donnacona Paper Co—

Aug

50c

103

100
_.

Aug

1.90

500

43

188

*

Russell Motors pref

Saguenay Power pref.

23

53c

8c

'""ioc

100

Maple Leaf MHllng—

99

1941

71

Massey-Harrls Co 5s. .1947

61

60

Ask

102 H 103 H

Manitoba Power 5H8-1951

112H 112H

Consol Pap Corp 5Hs 1961

1

Bank

Bid

66H

65 H

1946

..

Mar

69c

53c

Utility Bonds

Ask

bid

Abltibl P A Pap ctfs 5s 1953

22c

19

2.50

Closing bid and asked quotations, Friday, Sept. 2

Mar

1.76

1.00 May

130

Industrial and Public

June

21

Jan

40
1.50

Mar

10

Aug

35H

"35h

100

June

525

July

Mar

2.80

7,400

25c
31

3.80

39c

38

Jan

15H

25

Apr

Aug

Aug

20

20

38c

May

Jan

H

20

1,770

25

4

23

25

9,540

28He 28He

May

25

Cedar Rapids M & P 5s '53

39c

8,950

10c llHc

11c

3c

lHc June

2c

3H
20 H

3H

*

Apr

1

Apr

16c

Aug

*

Gold

4H

Mar

52c

Riverside Silk

2H June

500

July

2.52

Reeves-Macdonald

Aug

lc

5.10

*

Mar

67

5c

21H

Red Crest..

31

Mar

5,500

Mar

2.61

Mar

2,000

Sept

13He

Jan

27

14c

1.81

*

July

24c

lHc

10,545

.1

2c

10c June

14c

19,800

Quemont Mines

Jan

He June

lHc

1

Read Authier

July

23c

lHc

31c

"""50c

July

9H

Aug

1

2.51

*

20 h

Mar

1

2.25

j

Feb

5

12Hc

32

3

3

Jan

375

30 H

58

*

20 He

Quebec Mining

July

Pawnee-K irkland

24c

Prospectors Airways

39

3,053

29H

3.05

15

Mar

1,500

16M

1.64 263,570

Aug

21H
14H

4,000

4.80

1.39

14H

Oslsko Lake Mines

2.26

'

Preston E Dome

Mar

5

60 H

*

69c

5

700

16c

Aug

40c June

75

7

80

Feb

70

10

1,700

16c

*

National Steel Car

1

Pressed Metals

July

135

...»

25c

Royalties

Premier

Mar

9H

12Hc 12 He
lc
1H«

1

Mandy

9H
20Hc

Power Corp

Jan

lHc

35

13 H

5.00

4.00

He June
3H Mar

15

2.95

*
1

Crow

2.00 June

16 H
7

*
1

July

300

32 H

.*

Feb

1.65

5,000

10

Dominion Bridge

......

17H

June

8,612

50c

45c
10

Fraser voting trust...

June

lc

80

80

"50c

Dellavilland

Jan

15

1,500

8H

lc

7

Consol Sand A Gravel pf 100

9

Sept

90c

95

16
1.25

"~7H

Dalhousie Oil

Hamilton Bridge

Aug

2H May
4H

2.50

*

Kirkland-Townslte

Jan

4%

110

190

1

Consolidated Paper

12c

4

1.15

5

Cobalt Contact

High
Aug

4H

15H

16

1

Coast Copper

how

2 He

17,500

2Hc

4H

*

Marconi

Canadian

Range Since Jan. 1, 1938

for
Shares

3H

Feb

4

6c

Pickle

official sales lists

Week

of Prices
High

Low

2Hc

1
*

Canada Bud

Feb

Sales

Friday

Stocks—

30c

Exchange—Curb Section

Toronto Stock

July

43c

Photo Engravers

Jan

7,700

7.80

"

Aug. 27 to Sept. 2, both inclusive, compiled from

Feb

Mar

5c

93

Sept

22c

7.50

*

Aug

2.90

38c

Jan

19c

•

Ymlr Yankee Girl

65

50

16

Mar

Jan

Aug
Apr

12c

Royal

1H

50

July

44c

Reno

45

Thayere 1st pref..

6 Ac

Prairie

2
11

65

1

Jan

1

9Hc

2

100

Wood-Cadillac

2.30

1

Cons

Wood (Alex) pref

Wright Hargreaves

1.07 June

...J

.

Gold

July

lc

11

*

4,350

Page-Hersey

2H

2H

11

..100

1

1.25

Pacalta Oils...

Jan

Mar

2

2H

*

B

Preferred

Temlskamlng Mines

1.15

....*

Preferred

3H

Supertest Ord

*

Orange Crash

May

Jan

1.19

July

Apr

1H

Aug

3

Apr

18c

3c

110

Aug

2.75

112

3He

7,000
61,558

3H

7,815

3

Aug

Jan

lHc

10Hc

5.45

3H
3.55

8.60

July

lHc

lHc

1
*

8.95

3.10

.....

13H

8He llHc

.*

White Eagle

Wiltsey-Coghlan
Winnipeg Electric A

Mar

550

3.15

1

5

Mar

790

Sept

8.75

1

pref

Omega Gold

Pioneer

July

"<38c

Okalta Oils

Powell

Jan

79c

10c

Gold

Paymaster

Jan

Apr

13 He

10c

Northern Empires Mines.

North Star Oil

Paulore

Mar

Apr

lHc

17c

4Hc

2.56

Aug
Mar

4,00;)

30

118

118

1.40
25

179 H

50

9c

5c

49c

30,500

37

216

3 6H

216

Apr

9

12H

..*

...

—

Aug

Aug

32c

34c

14Hc

12

Wee tons

July

12,370

July

Aug
Mar

6c

1,000
10,700

Feb

Jan

1
—.*
*

Norgold Mines

Pamour

Mar

10

14c

37

May

8c

7c

8Hc

July

28

86 H

1

Nordon OH

O'Brien

63

731

1.22

28

7c

8c

July

5c

*

Noranda Mines....

10M

279

1.11

20c June

*

19He Mar

lie

....1
.—*
1
5

New Golden Rose

Mar

Mar

*

Newbeo Mines....

4H

45c

pref..l00

Naybob Gold

Mar

2,000

2.20

1

National Sewerplpe

9C

605

48

High

8c June

190

34

33

100

Preferred

Jan

55c

*
*

National Grocers

46 H

Low

8,500

12HC 14Hc

12 He

West Turner Petroleum 60c

July
May

61c

36h

National Brew

6

Apr

60

100

Week

Aug

56c

"l~52

National Grocers

Aug

55c

45c

*

Murphy Gold

July

57c

55c

100
1

Morrls-Klrkland

4.45

Aug

15,400
13,050

Exploration...-.5
Merland Oil.......-.—*
Mining Corp
*
Monarch Oils,.
25c
Moneta Porcupine—
1
B

Jan
Mar

~60c

McWalters Gold
Mentor

Moore Corp

2,768

13c

1.16

..—1

Mc V lttie-G raharn

26,100

1.30
25c

10 H

52 H

10
100

McColi Frontenac—

Mclntyre

7

10c

sh

9c

0Hc

1
—*
....100

Mines...-

Maralgo

17,685

Shares

Western Canada Flour—

Jan

544

23 H

4.80

4.85

Range Since Jan. 1,1938

for

of Prices
Low
High

Price

1

Westflank Oil

Feb

22H

1

Mines

Jan

Aug

20 H

23

B
Macasaa

Feb

3Hc

Par

Wendigo

Aug

a He

Aug
JaD

2Hc

A—-—

Loblaw

Oro

Jan

13

Mar

130

1,500

12H

*

Gold

Little Long

2

2%

3V»c

1
1

Oro

Lee Gold,

Leltch

61

1
1

Gold

Lava Cap

45c.

*

Laura Secord

Lebel

High

Low

Shares

Stocks (.Concluded)

3c

3

Lamaque Contact
La pa

Week

Week's Range

Sale

Jan. 1,1938

12H

——*

Lake Sulphite

Range Since

Week's Range

Saie

Last

90H

90

Saguenay Power 4Hs A '66

99H
96

101

104 H

4 Hs series

1966

B

Shawlnlgan W A P 4Hs '67
Smith H Pa Mills 4Hs '51
United Grain Grow 5a. 1948

103H
104 H 104H
102 H 103 H
93

95

Jan

5Hs

1961

84

86

United Secure Ltd 5 Ha *52

62H

63 H

Jan

6a

1951

66

67

Winnipeg Elec 6s Oct 2 '54

72H

May
*

Aug

No par value.

n Nominal.

/Flat price,

Mar

'

5

5

200

June

6H

12H June

19 H

3

July
Aug

16H

17H

240

1

1~25

1.20

1.28

7,507

1.11

Mar

1.55

20c

20c

22c

5,800

20c

Aug

22c

CURRENT

Sept

NOTICES

Jan

Sand R1 verGold........]

San Antonio

Shawkey Gold
Sheep Creek

5Hc

12,100

4Hc

91c

90o

95c

5,225

90c

1

1.15

1.14

1.30

*

3h

4Hc

1

50c

Sherrltt-Gordon
Sllverwoods

50

pref

pref

100

75
10
63

2.04

1

88c

1

Stadacona

»

44 Ac

Stedman Brothers Ltd...*

2.08

18,320

87c

93c

64,530

8Hc

6,800

41c

47c

42,630

16H

1

Slave Lake

Preferred

3H
11

76 H

7Hc

Siscoe Gold
Sladen Malartic

Standard Paving

3H
10

76

Simpsons A
Simpsons

37,379

16H

2.00

2H

*

23

23

100

Steel of Canada

*

67 h

Straw Lake Beach

*

10c

Sudbury Basin

*

2.50

3

69

67

9c

10c

10

Stuart Oil pref

10

2.40

2.70

Aug
Sept

91c May

34c

Feb

with offices at 24 Broad St., New York City, to

Jan

Greenia, formerly manager

3H June

1 H

May
June

18

Mar

Apr

95

Jan

2.00 May

3.40

Jan

1.38

Mar

84c

Aug

7c

Apr

24c

Jan

39Hc May

77c

May

10

16

June

17 H

Apr

90

2

Mar

4H

Jan

30

12

Mar

276

66

Mar

17,600

6c

Apr

27

July

71

Aug

15Hc

10

Aug

10

4,335

2.00

Mar

3.80

10c

Mar

10

Jan

Aug
Jan

Co.; Arthur I. Hay, and Samuel W. Stern, both formerly with H. S.

&

Edwards & Co.
—A. M. Kidder & Co., which is continuing

will make his
—At

a

meeting of the Board of Governors of the

Redmond of Redmond & Titus were elected to active

—Sincere & Co.

announce

14c

5,200

19c

Mar

partnership in the firm effective Sept. 1.

1.00

98c

1.06

8,355

85c

Mar

1.25

Aug

with

1

3.25

3.05

3.25

9,330

2.60

Mar

3.60

Feb

Tamblyns
Teck Hughes

*

12H

12 H

230

12H

Aug

16

4.60

4.85

13,454

4.40

Mar

5.70

Jan

3,200

1.05

June

1.68

July

*

1.40
1.95

1

Toronto Elevators

*

Toronto General TrustslOO

1

Towagmac

1

Uchl Gold

Union

—

Ventures

Amulet

Walkers
Preferred




1.40
105

2.00

20

1,300

100

1.78

June

108

Aug

Mar

2.90

Jan

Harrell,

Robert

175

12

Mar

18 H

July

H. Hentz & Co.

82

5

73

Mar

85

Mar

with

2~05

1.90
13

2.13
14

1,800

20,315

1,245

33c

Mar

66c

Jan

2.45

Aug

Mar

15H

Jan

11 He Sept

26c

11

*
*

5.20

5.15

5.50

4,550

4.00

Mar

7.40

Jan

5.80

4.95

6.05

71,071

1.02

Mar

8.50

July

*

42 X

40 H

43 H

1,662

30 H

Mar

45

July

*

19H

18H

19H

720

17

Mar

19 H

Aug

5H

5

5H

960

—James

Talcott,

Inc.

has

Jan

90c

13H

3,000

3

Mar

7

appointed manager of the Boston office of

Mr. Bailey, a graduate of

Wesley an University, has been

Hentz's office since 1931.

Jan

12Hc

11 He 12Hc

John Grimm Jr., Beverley

Goodell, and Jordan H. Stover III have become

—William E. Bailey has been

16
38c

H.

associated with them in their New York office.

82
38c

"

Mr. Sincere has been associated

college six years ago.

—Hartley Rogers & Co., Inc., announce that
T.

15

"82"

*

United Steel

Walte

1.95

*

Gas

United Oil

1.25

105

Tip Top Tailors pref...100

the firm since leaving

membership.

that B. Henry Sincere has been admitted to

l

Texas Canadian

New York Security
T.

B. Lang of J. B. Lang & Co. and Herbert

Dealers Association Joseph

1

To burn

Canadian Stock Department and

headquarters in the firm's New York office.

Sylvanlte Gold

Jan

the business of Jenks, Gwynne

D. Watts, formerly with A. D. Watts & Co.,

& Co., announces that A.

has become associated with them in their

Sudbury Contact

4.85

be composed of John E.

of the Atlantic City offic of Orvis Brothers

Sullivan

12c

of John E. Greenia & Co.,

1.21

1.80

8H
71

—Announcement is made of the formation

Mar

July

been

Worsted Co., Inc., Woonsocket,

—Mackay & Co.

announce

of E. H. H. Simmons & Co., is now
—John

Whitney

has

appointed factor

for the

Riverside

R. I., manufacturers of worsted yarns.

that Kenneth Ward-Smith, formerly a partner

been

associated with them.

admitted

to

partnership in

McKinnon, members of the New York Stock Exchange.

Thomson

&

Volume

147

Financial

Quotations
Bid

Jan

1 1977

a3 5*8 July

101

a35*s May 1 1954
a3 5*8 Nov 1 1954

a35*s Mar

a3 5*s Jan 15 1976

a45*sApr

102

a4 5*s June

1 1975........

1175*
1175*

1 1974

100

National City

235*

2o 5*

-.125*

Commercial National..100

127

133

Penn

10

11

13

15

119

Fifth

700

730

Peoples National

50

48

52

1 1981

1675

Public National

25

265*

285*

Sterling Nat Bank & Tr 25

22

24

Trade

155*

185*

'78

May 1 1959...

a4 5*s June

1

a4

Oct

114

117

a45*s May 1 1957
a4 5*s Nov

115

116

1 1957

Avenue

295*

..100

315*

1165* 1175*

1 1963

13.55

First National of N Y..100 1635

1195* 1205*

1 1967

May 1 1977

a4s

1205*

a4 5*s Mar

1095* 1105*
1095* 1105*
1135* 1145*

National Safety Bank.12 5*

Exchange

1185* 1195*
119
1205*

5*s July

1965

1135* 115

a45*s Dec

120

a4 5*s Dec 15 1971

1145* 1155*

Kingsboro

National... 100

'

'

■

65

Bank

.125*

Par
American National Bank
& Trust
100

1-

Bid

Ask

Par

Bank & Trust

New York State Bonds
62.35 less

3s 1981

62.40 less

1

215

1

45*s April 1940 to 1949..

Highway
62.50

300

505

525

47

49

100

Barge CT 45*s Jan 1 1945.

1165*

Bid

—

-

-

.

-

Gen & ref 4s Mar 1 1975.

1075* 1085*

Gen & ref 2d ser 35*b *65
Gen & ref 3d ser 35*s '76

1045* 1055*
1015* 1025*
975*
985*
99

100

George Washington Bridge

All Over-the-Counter Securities

Eugene J. Hynes & Co.

Authority Bonds

_

61
-4 s*

Bid
Holland Tunnel 45*s ser E
1939-1941
_M&S 60.50 to

1942-1960

M&S

Incorporated

-

,

New York

110?* 1115*

Insurance Companies
Par

1.75%

M&S

Bid

Ask

Aetna Cas & Surety
10
Aetna
......10

107?* 109

91

93

Aetna

24

485*
255*

Life

10

Agricultural

4s 1946

Ask

Bid

1952.

...

1015*

Honolulu

104

105

U S Panama 3s June 1 1961

104

1959

105

63.50

5s

Apr

1955.

1005* 102

45*s July 1952

5s

Feb

1952.

106

5s

55*s Aug

1941.

108

1085* no

Hawaii 45*8 Oct 1956.

1155* 1175*

113

U S conversion 3s 1946

Conversion 3s 1947

23

265*

Jersey Insurance of N Y
Knickerbocker

5

10

65*

Lincoln Fire

5

345*

135*
365*

Maryland Casualty
1
Mass Bonding & Ins..12 5*

285*
485*

Merch Fire Assur

..25

265*
465*

10

305*

325*

Merchants (Providence). .5

3s 1955 opt 1945
3s 1956 opt 1946

J&J
J&J
M&N

3s 1956 opt 1946

1035* 103 %
1035* 1035*
1035* 103J*

111

Baltimore American...25*
Bankers & Shippers
Boston

4s 1946 opt 1944

J&J

25

Lafayette 5s

100

Lincoln 45*8

88

New York Fire

305*

325*

Northern

---25*

2

47

89

91

Burlington 5s

/27
/27

45*8

32

32

5s

New York 5s

995* 1005*
995* 1005*
995* 1005*

North Carolina 5s

Central Illinois 5s

/30

Chicago 45*8 and 5s

5
/a 5*
100*4 1015*
99 5* 1005*

Dallas 3s
Denver 5s

First Carolines 5s

975*

First of Fort Wayne 45*8..

100

First of Montgomery 5s
First of New Orleans 5s._.

99

102

995* 100 5*
995* 100 5*

First Texas of Houston 5s.
First Trust of

33

995*

Ohio-Pennsylvania 5s

Oregon-Washington 5s

/38

Pacific Coast of Portland 5s

100

101

Pennsylvania 5s

100

101

Phoenix

45*8

1055* 1075*

5s

1075* 1085*

Potomac 3s.

995* 1005*

1005*

100

101

St Louis 5s

Fletcher 35*s

101

1025*

San Antonio 3s

Fremont 45*8

80

82

81

83

Chicago 45*8

58

42

Southwest

/30

32

1005* 1015*

5s

69

Southern Minnesota 5s

/105*

12

Union of Detroit 45*s
5s

99

Illinois Midwest 5s

88

91

Virginian

Iowa of Sioux City 45*8...

93

96

Virginia-Carolina 3s

995* 1005*
995* 101

3s

...

40

10

5s

815*
85*

265*

28

...5

General Reinsurance
'

J

Atlantic

50

37

Corp 5

Georgia Home

39

45

Dallas

95

100

Denver

30

37

50

60

4

8

Virginia-Carolina

Bid

100

10

Virginia

Des

100

Moines

First Carollnas

100

Fremont

100

2

3

Lincoln

100

4

North

Carolina

100

385*

2d

15

66

69

...5

25

265*

preferred

Great American

Great Amer Indemnity ...1

85*

10

23

Hanover

Hartford Fire

Halifax....

95*

U 8 Guarantee...

Home

29

305*

Westchester

.1953

78

Empire Properties Corp—

58

62

Mortgage Bond Co of Md
Inc 2-5s
1953

525*

100

15*
75

15*
85

2-3s

Bid

-

Colonial Trust...

25

85*

Par

50
48

ture

...

Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 3-6S.1953

mmt0, m

525*

1953

49

275*

Corp 3-6s

1953

88

4mm

Potomac Realty Atlantic
Deb Corp 3-6s
1953

50

mmmm

765*

Realty Bond & Mortgage
deb 3-6s
1953

60

'mm

48

Unified Deben Corp 5s 1955

41

m

43

/20

mm

^

a 00

Lawyers

Federal Farm Mtge
Bid

1550
..25

way

104

—

Preferred
New York

12

135*

Title Guarantee & Tr. ..20

Corn Exch Bk & Tr

20

475*

485*

Underwriters

Empire

10

155*

265*

United States

Authority 35*9 '68

3 5*s revenue

35*s

105

Ask

106

.1944 5

2.40

less

1

1949 6

2.90

less

1

revenue

100.16 100,18

Corp
101.7

Ask

101.9

115*
1580

2s

365*

385*

51

53

805*

83 5*

85

1545

100.17 100.19

1 1943

Dec 15 1938
J* % notes July 201941

100.10
100.14 100.16

101.24 101.27

Apr

1943.opt'39

101.19 101.22

63

June 1 1939

101

6

95

1595
For footnotes see page

4s

s

f revenue '77 A&O

1105*

1115*

4s serial revenue-.1942 &

Home Owners' L'n Corp

15*s

60

Triborough Bridge—

Natl. Mtge Assn

2s May 16

Reynolds Invest'g 5s 1948

102.10 102.13

Dec

2s

32

1939

July

Is

28

5

Corp—
15*%

Fed'l Home Loan Banks

Federal
Manufacturers

Bid
New York City Park¬

Reconstruction Finance

105*

Continental Bank & Tr.10




..1953

Potomac Maryland Deben¬

/245*

98

Companies

105*

765*

Corp—

3-6s

Nat Bondholders part ctfs

Bid

825*
65

...1953

Potomac Franklin Deb Co

Bear-Mountain-Hudson

237

41

issues) 2-5s

Miscellaneous Bonds

15 1939 b .25%
15 1939 6 .30%
June 15 1939 6 .35%
July 15 1939 6 .35%
Aug 15 1939 6 .40%

232

795*

78

Apr

Guaranty
Irving
Kings County

57

Ask

58

Ask

347

39

1954

1954

3-6s

Central Funding

337

20

335*

Corp (all

Potomac Cons Deb

85

5

Bank of New York—.100

Chemical Bank & Trust-10
Clinton Trust
50

315*

Potomac Deb Corp 3-6s '53

100

Ask

75*

555*

Corp—

Series B2-5s

58

3-6s

FIC 15*8.—Feb

82

16

535*

52

Bid

Potomac Bond

210

55*

2.50

145*

515*

56

785*

190

77

Fire

Nat Union Mtge
Series A 3-6s

85

495*

Fulton

..7

4

10

Ask

Bid

Allied Mtge Cos Inc—

1953

102

100

55*

Surety Guaranteed Mortgage Bonds and Debentures

Cont'l Inv DebCorp3-6s "53

90

County

45*

455

U S Fire

Cont'l Inv Bd Corp 2-52 '53

Banca Comm Italiana-.lOO

Bronx

85*

65*

525

763*

...5

55*
213

475

525*

?* % notes Nov 2 1939.

Brooklyn
Central Hanover

8

6

45*

445

505*

San Antonio-

Ask

435*

10

Sun Life Assurance

745*

River Bridge 7s... 1953

415*

75*
25 5*
235*

100

Commodity Credit Corp

10

10

Springfield Fire & Mar..25
Stuyvesant
6

325*

series A & D

Bankers

5

.5

10

14

Federal Intermediate Credit Bank Debentures

Bid

6

Rhode Island

10

series B & C

Par

215*

Travelers..,
100
U S Fidelity & Guar Co..2

38

New York Trust

235*

(Paul) Fire

245*
345*

51

1%
1%

10
10

Reinsurance Corp (N Y)

Hartford Steamboiler___10

1945

FI C

Republic (Texas)

225*
245*
345*
325*
1185* 1215*

445*
145*
32

Interstate Deb Corp 2-5s'55

16 1939 6 .25%

185*
345*

.

Seaboard Surety
Security New Haven

13
29

86

FIC 15*s... Jan

815*

165*
325*

10

Accident

425*

5

68

FI C

785*

5

10

Preferred

Providence-Washington

Glens Falls Fire

Globe & Republic
5
Globe & Rutgers Fire.-.15

26

FIC 15*8...Dec

28

126

1095* 113

207

81

FI C 1%

Phoenix

120

165*
965*

Rossia..

60

FI C 15*8

25

265*

St Paul Fire & Marine. ..25
Seaboard Fire & Marine..6

23

15 1938 6 .25%
15 1938 6 .25%

National.25

Pacific Fire

93

23

100

15 1938 6 .20%
15 1938 6 .20%

2.50

23

100

FIC 15*8.—Sept
FIC 15*s...Oct

12.50

River

21

...100

F I C 15*s___Nov

North

22

Potomac

Pennsylvania

335*
445*

155*

10

Ask

6

Bid

95

Associated Mtge Cos Ino—

Par

New York...

425*

Gibraltar Fire & Marine. 10

Debenture
Ask

315*

5

835*

Firemen's of Newark..2.6

Arundel Deb Corp 3-6s '53

40

42

1075* 1125*
565*
575*

Arundel Bond Corp 2-5s '53

Bid

....10

Hampshire Fire...10

995* 1005*

Joint Stock Land Bank Stocks
Par

13

Revere

10

All series 2- 5s

Atlanta

"65*

85*
127

115*

Northwestern

55*

75*
123

73

995* 1005*

Greensboro

3

Franklin Fire...

90

1005*

645*

New

Employers Re-Insurance 10

101

995*

625*

New Brunswick

Fireman's Fd of San Fr.25

99 5* 100 5*

3s

10

National Fire.....
National Liberty

245*

5

7

235*

20

594

9

5

215*

245*

Excess

Ask

Atlantic

8

10

23

10

Fire Assn of Phila

Bid

Casualty

2
National Union Fire
20
New Amsterdam Cas....2

Eagle Fire

Bank Bonds

Ask

Merch & Mfrs Fire New'k 5

215*

Federal

Bid

86

45*

495*
445*

195*
225*
185*

Fidelity & Dep of Md...20

Joint Stock Land

845*
583

5

395*
125*
25*
55*
525*
485*

25*

5

com

65

11

Continental Casualty

1045* 1055*
1115*
1005* 101

Atlanta 3s

7

635*
37

City of New York
..10
Connecticut Gen Life...10

Ask

111

45*8 1958 opt 1938...M&N

6

..100

Fire..

Carolina

35*8 1955 opt 1945...M&N

8

National

Federal Land Bank Bonds
Bid

12

10

Automobile

1095* 1115*

Ask

175*
85*

825*

Camden

Bid

75*

215*

American Surety

1125*

109

Importers & Exporters...5

255*

American Reserve

116

111

...

July 1948 opt 1243.

35*

155*

5

795*

Ask

25*

10

American of Newark...25*
American Re-Insurance. 10

3.00

1205* 122

Bid

10

10

Equitable

American Home

Ask

Govt of Puerto Rico—

5s

Par

Home Fire Security
Homestead Fire

Ins Co of North Amer... 10

American

100

45*3 Oct
4>*s July

...25

American Alliance.

United States Insular Bonds
Bid

City

Bell Teletype N. Y. 1—2345

1.20%

Inland Terminal 45*8 ser D
1939-1941
M&S 60.75 to

1942-1960..

i.

Broadway

Whitehall 4-8234-8

1085* 1095*

Philippine Government—

FRANCISCO—

Banks—Insurance—Industrials—Utilities

113

Ask

Port of New York—

45*s ser B 1940-53.M&N

SAN

Bk of Amer N T & s A 12 5*

129

1345*

1977

224

TRADING MARKETS

129

Canal Imp 4s J&J '60 to '67
Barge C T 4s Jan *42 & '46.

-

Port of New York

Gen & ref 35*8

705*

219

61.60

137

137

Gen 4c ref 4th ser 3s 1976

685*

100

Ask

Improvement—

4s Mar & Sept 1958 to '67

•»
'

Highway Imp 45*8 Sept '63
Canal Imp 45*s Jan 1964..
Can & High Imp 45*s 1965

Ask

285

Northern Trust Co

World War Bonus—

Canal & Highway—
5s Jan & Mar 1964 to '71

33 1-3

First National
Bid

Bid

Harris Trust & Savings. 100

200

Continental Illinois Natl

3s 1974

14

Chicago & San Francisco Banks

•'

Ask

12

1215*

122
1235*
1245* 1255*

1 1979

1165*

Bid

103

Chase

Nov

115

40

75

Bensonhurst National...50

97
35

1185* 1195*

ti4e

>

Ask

...100

National Bronx Bank...50

a45*s Mar

1105*

a4s

1 1964

Bid

Merchants Bank

1185* 1195*

a4s

1 1960
1 1962..

Par

■

i

165*
48

1 1977

109

a45*8 Sept
a45*s Mar
o45*sMar

Ask

155*
40

a45*s Nov

1075* 109

1 1980

119

Bid

a45*sJan

May 1 1957
1958...

Par
Bank of Manhattan Co. 10
Bank of Yorktown.,66 2-3

1185*

a4548 Feb 15 1976

a4s

1

Ask

1155* 117

1 1966

a45*s Apr 15 1972..

1045*
1035* 1045*
1035* 1045*
1035* 105

....

New York Bank Stocks
Bid

103 5*

1 I960—'

aZ%a July

City Bonds

Ask

995* 1005*

1 1975

1473

Over-the-Counter Securities—Friday Sept. 2

on

New York
a3s

Chronicle

1475.

101.2

2.10. less

1

4s serial revenue..1968 6

3.50

less

H2

Financial

1474

Sept. 3,

Chronicle

1939

Securities—Friday Sept. 2-Continued

Quotations on Over-the-Counter

Railroad Bonds
Asked

Bid

Guaranteed Railroad Stocks

Akron Canton and

Hoscpb Walkers Sons
Mtmhtri yirw fork

Sleek Exchange

fvt&nin j|
GUARANTEED
| STOCKS I
1

120 Broadway
oroaoway

NEW YORK

4M

2-6600

Since1855J

Duluth

(Guarantor In

Louisville Dlv. A

Asked

Bid

6834
119

114

6.00

Betterment

Terminal 3)4s

8134

84)4
25

8.50

20

2.85

4434

48

5.00

7934
68 34
7234

82)4

5.00

3.50

7434

4s
334a
A Norfolk 4s
Norwich A Worcester 434®

Pittsburgh Bessemer
Portland Terminal 4s

56

52

14734

4.00

4634

3.875

4934
800

600

50.00

153

34)4
59)4
83

79

Bid

preferred

138

.1954

Public
Bid

159)4

136 34

6434

6.82

124)4

120

6.00

63

60

3.00

mmmm

68

6.00

121

125

10.00

214

6.00

53)4

67

5.00

63

68

Atlantic Coast Line 434 s

41

Bonds
Bid

6.50
6.50

65.25

4.00

65.25

4.00

J4s~Dec"l 1936-1944—i

65.00

4.00

N Y N H A Hartf 4)4s

Canadian National 434s..

63.10

2.50

Northern Pacific 434s

63.10

Ask

Pennsylvania RR 4)4s

Maine 434s...,

6s

3

58

Canadian Pacific 434s

63.00

59

Cent RR New Jersey 434s.

65.50

4.50

33

49

61)4

Chesapeake A Ohio—
62.50

434s

Par

Bid

Ask

66 X

Mississippi Power 36 pref *

47

50

75

*
Mississippi P A L 36 pref.*
Miss Rlv Pow 6% pref-100
Missouri Kan Pipe Lind—5
Monongahela
West Penn
Pub Serv 7% pref
25

6034

64

87 preferred

2%

334

634

634

59

115

434

6034
117

4)4

*
57 preferred
*
Atlantic City El 6% pref. *

no

112

Birmingham Elec 57 pref.*

65

67

Mountain States Power—.

2034

21

Carolina Pr A Lt 57 pref..*

8034

8234

100
Nassau A Suf Ltg 7% pf 100
Nebraska Pow 7% pref. 100

14
1134
111
109

*

7034

7234

Newark Consol Gas

100

128

% Pf-*
New Eng Pub Serv Co—
87 prior lien pref
*
New Orl Pub 8erv 87 pf..*

13

534

634

7% preferred

Buffalo Niagara A Electern

25

preferred

\% preferred

New Eng G A E 534

Central Maine Power—

7% preferred-100
56 preferred
100
Cent Pr A Lt 7% pref-100
Consol Elec A Gas 56 pref *

79

8134

70

7134

8034

81)4

New York Power A

4

6

42

46

9634

9734

-.100

7234

7434

Dallas Pr A Lt 7% pref. 100

11534

Consol Traction

(N J). 100

Consumers Power 55 pref*

7% preferred

cum

Northern

Continental Gas A El—

Derby Gas A El 57 pref.. *
100

Essex Hudson Gas

22

194

(Del)

States

7%

101)4

100

100

*

22

24

Gas A Elec of Bergen..100
Hudson County Gas. —100

128

mmm

194

mmm

Penn Pow A Lt 87

*
100

7% preferred
Natural

Gas..*

10334

Queens Borough G A E—
6% preferred
100

mm-

112

Republic Natural Gas
Rochester Gas A Elec—

11334
24 34
2234
4

1

....100

32

100

50
Jer Cent P A L 7% pf—100
Kan Gas A El 7% pref. 100
Kings Co Ltg 7% pref. 100
Long Island Ltg 6% pr.100
preferred

100

53

8034
112

1834
4

2034
5

89

8234

Tenn Elec Pow

114

6% pf.100
100
7% pf.100
Edison 7% pf A. 100

7% preferred

47

Texas Pow A Lt

2634

28

Toledo

32

34

100
Utah Pow A Lt 87 pref
*
Virginian Ry
100
7% preferred

5% conv partlc pref..50

27

29

Memphis Pr A Lt 57 pref.*

62

63)4

67.00

2734
193

2834

7

...100

75

Berland Shoe Stores

preferred

9

2.65

2.25

85

St Louis-San Fran 4s

66.25

5.25

2)4

Kress (S H) 6% pref

7% preferred

52

54

5834
9734

60

99

105

10634

6Xa
4348--

94

*
*

33

35

2

3

14

18

634% preferred
100
Murphy (G C) 85 pref-100
Reeves (Daniel) pref
100

100

106

40 H

129

63
42

134

95

62.00

1.50

61.80

7)4

9)4

85 preferred

*

St Louis Southwestern 5s..

94

92

95

65.25

4.50

65.25

4.50

63.50

2.25

63.00

2.50

64.50

3.50

64.50

3.50

63.25

2.75

63.25

2.75

5s

62.25

1.50

534s
Southern Pacific 434s

Hocking Valley 5s

61.75

1.00

Illinois Central 4Xa

64.50

3,50

Internat Great Nor 434s.

65.00

4.00

Southern Ry 4)4s.

1.25

Great Northern 434s
5s

64.00

5s
Texas Pacific 4s-_.

64.00

5s

Louisv A Nash 434s.

3.00

61.75

Long Island 4 34 s

1.10

61.75

5s—

61.50

Union Pacific 434s.

1.10

61.70

Virginia Ry4)4s—

61.70

58

64.40

Maine Central 5s

3.50

64.40

3.50

64.75

3.50

58

64.75

3 50

5348

64.75

3.50

534s

1.00
1.00

75

85

75

6s

85

75

534s

85

75

Wabash Ry 4)4s
5s

Missouri Pacific 434s.

1.00

1.00

3.00

Public
Bid

85
1.50

Western Maryland 434s.

62.50

Western Pacific 5s

66.00

5.00

66.00

5.00

534s

Amer

Utility Serv 6s. 1964

Appalachian Elec Power—
1st mtge 4s
1963
s

f debenture

434s._194S

Utility Bonds
4234

6534

67 34

Bid

Ask

68

75

1234

4

0

17

22

106

109

98

Havana E'eo Ry 5s—1952

10734 107)4
10334 103*4

2834

Idaho

1967

Power 334s

334s w 1
1968
Inland Gas Corp 6 34s. 1938

1978

2234

22)4

Kan City Pub Serv 4s.

334s.—1978

2334

24

Kan Pow

Income deb 334s

1978

Income deb 4s

Income deb 4)43—1978

2534

2834

28)4

Lehigh Valley Transit 5s '60
Lone Star Gas 3 34s ..1958

47

48

Lexington Water Pow 5s "68
Missouri Pr A Lt 3)48-1966

1973

44

Conv

1973

434s

1973

50 X

5134

1973
8-year 8s with warr.1940

5634

mmm

84

86

8s without warrants. 1940

8334

8534

Conv deb 534s

23

mmm

25

mmm

27

mmm

Sink fund lnc 534s—1983

29

mmm

23

mmm

25

mmm

Sink fund lnc 5-6s._1986
8 f lnc 5348-6348. —1986

68

43
/ 35
105)4 10634

N J Util 5s 1956
N Y 8tate Elec A Gas Corp
1965

3)48.1963

10334 10334

/4234
23 X

44

25

109 X

11034

3534

36 34

10134 10334
69
7134

10034 101X
83

84

10534 106
6734

5934

94

95

99 X 100

North Boston Ltg Prop's

Secured notes 3 348--1947

10534 10834

Ohio Pub Service 4s—1962

104 34 104)4

Old Dominion par 58—1951

64)4

56)4

Peoples Light A Power
1st lien 3-6s
1961

7434

7634
13 34

mmm

Portland Elec Power 6s '50

f\2X

29

mmm

Pub Serv El A Gas 3348 *68

10434 10534

108 V4

mmm

Cent Ark Pub Serv 5s. 1948

85)4

80)4

Central G A E 534s„.1946
1st Hen coll tru3t 6s. 1946

70

72

7534

7734

G '60

63)4

6034

27

Blackatone V G A E 4s 1965

ser

'66

N Y. Pa A

48

1983

34 s-5 34 s—1986

Mtn States Pow 1st 6s. 1938

Narragansett Elec 334s

N Y Steam Corp

25

4)4s—1983

1957
A Lt 1st 4 34s '65

2534

Conv deb 4s

Ask

62 34

Indianapolis Pow A Lt—

4934

Cent Maine Pr 4s
27

Dallas Ry A Term 68.1951
Federated Util 5348—19.*>7

4834

Associated Electric 5s. 1961

deb

Bid

Ask

41

Assoc Gas A Elec Co—

United Cigar-WhelanStores

7% preferred

2.00

90

98

90

Erie RR6s—.

Conv deb 5s

z66

11)4

100

100
Diamond Shoe pref
.100
Flshman (M H) Co Inc..*

32.50 conv pref
Bohack (H C) common

*

62.50

434s

5.25

5.25

S f Ino 4

Miller (I) Sons common..*

*

2.00

63.00

66.25

mmm

Kobacker Stores

13

common

lnc

62.60

G non-call
Dec 1 1937-50

5s

82

Sink fund lnc

134
1134

/G Foods lnc

2 Xa series

Reading Co 434s.

Sink fund Ino 4^5s__1986

*

Ask

2.10

6.00

66.25

Sink fund lnc 5a

Bid

1.10

62.75

63.25

5s

Income deb

Chain Store Stocks
Par

1937-49

Jan A July

6.00

Cons ref deb 4)43—1958
Sink fund lnc 4s
1983

Par

1.25

61.75

5s

Pere Marquette 4)4s

Assoc Gas A Elec Corp—

United Gas A El (Conn)—

Mass Utilities Associates—

Denver A R G West 4Xa..

Amer Gas A Power 3-5s '53

9434

44 34

1.75

62.00

434s

8834

86)4

5534

67.00

63

88

9334

6% pref series B
25
South Jersey Gas A El. 100

Jamaica Water Supply—

5.00

Pacific—

Trustees' ctfs 3Xa—-•

10234

6034

Southern Calif Edison—

34

5.00
5.00

62.50

10134 102)4

100

6% preferred D._

634

Utilities—

7% preferred

*

11234 113)4
9534
9734

Sioux City G A E 87 pf.100

Interstate Power 57 pref.*

preferred

pref

66.00
66.00

5.00

10434 106

10034

7% preferred
100
Okla G A E 7% pref-100
Pacific Pr A Lt 7% pf—100

56 preferred

90

93 34

Ohio Pub Serv 6% pf._

Idaho Power—

8634

9434

54

Ohio Power 6% pref

57 cum preferred

85

9034
94 34

2134

♦

30

6134

21

56.50 cum preferred

2834

9534

20

56 cum preferred

.....

Chicago R I A

5.00

61.50

1434

*
*
*

1934

Federal Water Serv Corp—

mmm

100

37 preferred

mmm

26)4

Power—

pref

(Minn) 5% pref
Ohio Edison 36 pref

27

2434

2034

Light—

preferred
*
7% cum preferred.-.100

80

25

Chic Milw A St Paul 4Xa.

1.00

66 00
66 00

5s.

1.25
5.00

66 00

5s

2.00

61.60

5s

Ask

2.50

66 00

N Y Chic A St L 434s—

4s series E due

5s

Utility Stocks

3.50

63.30
62 25

5s

5s

56

3034

64 75

2.50

Boston A

6534

3.00

4)48—
New York Central 434s—-

67.50

58

53

3.50

New Orl Tex A Mex

67.50

Baltimore A Ohio 434s

5.00

7334

Original preferred

1.75

5.00

65

16.50 preferred-

52.25

2.25

pref *
Associated Gas A Electric
Arkansas Pr A Lt 7%

7%

40

38

Ask

21834

Alabama Power $7 pref..*

Bickfords

37

.1990

—

67

145

155

Chicago A Nor West 4Xa.

B

97X

.1940

83

7.00

RR)
Canal (Pennsylvania)
Utlca Chenango A Susquehanna (D L A W)
Valley (Delaware Lackawanna A Western)
100
Vlcksburg Shreveport A Pacific (Illinois Central)—100
Preferred
100
Warren RRof N J (Del Lack A Western)
50
West Jersey A Seashore (Penn-Readlng)
50

734%

106"
i

104X

43

7.00

100
100
100
100
100
-.100

United New Jersey RR A

7%

.1951

Railroad Equipment

44

40

3.00

-—100

Tunnel RR Bt Louis (Terminal

Interstate

95

.1946

West Virginia A

85)4

4034

1.50

100

Preferred

Iowa Southern

105

62)4

4.00
4.50

-.50

102

86

.1957
—

County Ry 334s—
Pittsburgh 4s

Washlngti

62

101

.1967

Valley 434s

Vermont

84

.1961

—

—

Pgh Ygtn A Ashtabula pref (Penn)
Rensselaer A Saratoga (Delaware A Hudson)
St Louis Bridge 1st pref (Terminal RR)—

51.60

.1947

104)4

103 X

11434

36)4

5.00

50
100
60

United New

6l"

.1941

.1942

Buffalo 4s
Jersey Railroad A Canal 334s

9234

59

.1947

Toronto Hamilton A

X

80

.1939

Toledo Terminal 434 s

40 X

99

91

.1947

4s
Terre Haute A Pecoria 5s—
Toledo Peoria A Western 4s

46

100

99

.1948

Providence A Worcester

43

92

111

.2000

5s.--.---.--.---.--.
5s
A Lake Erie 5s
—

3834

72

67
91

109

.1940

,

Pennsylvania A New York Canal
Philadelphia A Reading Terminal

2.00

5.50

71

57

.1959

New York A Harlem

2.00

9.00

69

.1978
—

New York Philadelphia

25
100
100
100
100

50
.——50
A Chicago (Pennsylvania).. 100

Pittsburgh Fort Wayne

Second

30)4

103"

53 X

.1950

4s
Gulf 5s

Memphis Union Station 5s

—60

stock

(Pennsylvania)
Fort Wayne A Jackson pref (N Y Central)..,
Georgia lift A Banking (L A N-A C L)
Lackawanna RR of N J (Del Lack A Western)
Michigan Central (New York Central)-—
Morris A Essex (Del Lack A Western)
New York Lackawanna A Western (D L A W)
Northern Central (Pennsylvania)
Oswego A Syracuse (Del Lack A Western)-Pittsburgh Bessemer A Lake Erie (U 8 Steel)
Delaware

Preferred

45

2834

8.75

York Central)
60
(New York Central)
100
Boston A Providence (New Haven)
100
Canada Southern (New York Central)
-100
Carolina Clinchfleld A Ohio com (L & N-A C L)
100
Cleve Clnn Chicago A St Louis pref (N Y Central).. 100
Cleveland & Pittsburgh (Pennsylvania)——
50
Beech Creek (New

Boston A Albany

42

2.00

40

102)4

.1953

New London Northern

63)4

6.00
10.50

9534
37

.1962

Indiana Illinois A Iowa
Par in Dollars

9034

106 34

.1945

Kansas Oklahoma A

34

.1951

Florida Southern 4s

Dividend

70

.1995

Illinois Central—

Parentheses)

67

.1961

——

of Philadelphia 4s.
Mlssabe A Iron Range 1st 334s

Connecting Railway

Guaranteed Railroad Stocks

95

.1951

——

34

28

.1956
—

5s

74 X

32

.1955

-

Chicago Indiana A Southern 4s
Chicago St. Louis A New Orleans
Chicago Stock Yards 5s
Cleveland Terminal A Valley 4s

_

.

_

72

.1944

Cambria A Clearfield 4s—

Tel. REctor

94X
36

.1940

434s
Boston A Maine 6s
Boston A Albany

35

.1943

Baltimore A Ohio 434s.—

93 34

.1939

—

30

.1939

-•

30

.1945

Youngstown 534s

6s

Atlantic Coast Line 4s—

!

34

.1945

10534 105)4

Pub Util Cons

5348—1948

Republic Service coll 5« '51
Lt Heat A Pow

72 34

73 34

66)4

67)4

St Joseph Ry

1947

4348
San

104

—

Antonio Pub Serv—

1963

1st mtge 4s

101

10134

Ask

Sioux City G A E

4s.-1966

63 X

Sou Cities Util 5s

A—1958

10034 101
39
39)4

S'western Bell Tel 38-1968

10034 10034

5s

Par

1

2)4

62)4

Cons Cities Lt Pow A Trac

Sugar Stocks
Bid

f\H

Cities Service deb 5s..1963

Par

Central Public Utility—
Income 534s with stk *52

Bid

Ask

6s series

Cuoan Atlantic Sugar... 10
Eastern Sugar Assoc
Preferred

1
1

934
634
16

fi"

mm

H

OOO

X

1

3034

West Indies Sugar Corp..l

334

Savannah Sug Ref com

33

434

B




6534
87

7734

7834

Tel Bond A Share 5a—1958

1962

3734

3834

Texas Public Serv 5s.-1961

1962

3734

3934

Toledo Edison 3348—1968

10134 101)4

Utlca Qas A El Co 5s. 1957

122 34

Crescent Public 8ervlce—
Coll lnc 6s (w-s)
1954
Cumberl'd Co PAL 334s'66
Dallas Pow A Lt 334s. 1967

For footnotes see page 1475.

63 34

8534

1962

-

Consol E A G 6s A

38

40

10234 103
108
108)4

Western Pub Serv 534 s '60

84

86

Wisconsin G A E 3 34s. 1966

105)4 10634

3)48—1961

105)4 10634

Wis Mich Pow

Volume

Industrial Stocks and Bonds

Water Bonds
Bid

100

99

105

j

101

Atlantic County Wat 5s *68

..1951

80

85

...1951

84

88

91

105

5a series B

1954

93

101

5 Ms series A

1954

5 Ms

98

IO5""

104

Butler Wat** Co 5s.-.1957

P-4
WH

5%

8% cum pref—

1951

5 Ms series A

1951

103

1941

IO5"

Prior lien 5s

City Water (Chattanooga)

104
107

'59

99

Pittsburgh Sub Wat 5s *58
Plainfleld Union Wat 5s '61

105

1948

Phlla Suburb Wat 4s.-1965

101M
1957

100

101

Pinellas Water Co 5 Ms.
59

64

62

67

103 M

107

*»*

105

100M

»

-

•

...

100

96 M 100M

St Joseph Wat 4s ser

A

Greenwich Water

Co
1958

4Mb..
99

£
f

102

...

105

76

80

76

78

Sbenango Val 4s ser B 1961
South Bay Cons
South

Huntington Water101M
105

5s.

101 x

...

105M 107
85

100 M
73

-

1955

102

105

1960

102

105

1960

54 M

40
3

Sprlngf City Wat 4s A '56
Terre Haute Water 5s B '66
6s series A
1949
Texarkana Wat 1st 5s. 1958
UDlon Water Serv 5Ms '61

98 M

*

6

SI cum preferred
*
Crowell Publishing com..*
$7 preferred
100

41

6M

7M

13 M

15M

7M

8M

Steel

109

M

*

common

1M

^

Dentist's Supply com...10
Devoe A Raynolds B com *

56

59

31

31M

33 M

70

79

35

33 M

r

36 M

*

1M

116
32

36"

.100

Preferred
eeder-Rnnt.

4

14

-.100

104

17M
3M

2M
38

7%

preferred

5M

100

96 M

1

$3

6M

cum

*

preferred

16M

?hite Rock Mln Spring—
$7 1st preferred
100

58 M

5M

15M

94

.100

Preferred.

3M
14

13

5M

96M

101M

5Ms.

78
6

104M

7M

Great Lakes BS Co com..*

25

27"

11

14

101M

Great Northern Pa per.. 25

28M

31

21

23

100 M 102

Harrlsburg Steel Corp
Kildun Mining Corp

8

43

49

5
1

6M
M

%

King Seeley Corp com...1

9M

92

Landers Frary A Clark..25

8M
22M

24

100

102

Lawrence Portl Cement 100

16M

18M

101

103

Long Bell Lumber.

I3M

m

10M

53

56

75

7% preferred
100
Young (J S) Co com...100
7% preferred
...100

85

122

14M

*

46 M

Bonds—

47 M

$5 preferred..

100

1956
1960

101M

Lord A Taylor com

100

160

American Tobacco 4s_1951

108

104 M

Am Wire Fabrics 7s..1942

85

1949

104 M

100
.100

100

6s series A

1st 6% preferred
2d 8% preferred

100

102M

Chicago Stock Yds 6s_1961
Cont'l Roll & Steel Fdy-

95

W'msport Water 5s...1952

...

1M

17M

102 M

Wichita Water—

98 M

16

13M

40

1

Preferred

46

felch Grape Juice com..5

24

2M
*

*

13 conv preferred

7

19

16M
shares

M

50M

42

*

mm

5M

5M

30

Ino

4

3M
48M

61

58

*

2M

M

..1C0

5s series C

107 M

2M

129 M 133

r

1M

92

1st mtge 5 Ms

104

39

16

1950

5s series B
1st mtge 5s

104M

£
£

31M

.—1951
1960
Westmoreland Water 5s '62

...

5

10
33 M

!

r

8

14

Graton & Knight com.

103 M

.20

£

5M

29M

Dennlson Mfg class A...10

Good Humor Corp

101

8M

4

American

100'

249

4M
30M

45

4M

Garlock Packing com...
Gen Fire Extinguisher..

105

9M

244

£

53 M

Foundation Co For shs—_

Pittsburgh Water—

W Va Water Berv 4s—1961

90

104M

2M
5M

4M

Fohs Oil Co

Western N Y Water Co—

1957

m

*

Federal Bake Shops
Preferred

76

1st mtge 5s
5s series B

—

6s.

Wat 5s '50

6s series A

...

103 M

6s.

m

Douglas (W L) Shoe—
Conv prior pref
Draper Corp

98 M 100

1967

1st A ref 5s A

Joplln W W Co 5s

23 M

Corp

Preferred

106M

Scranton-Spring Brook
Water Service 5s_1961

101

98

Indianapolis Wate*

39M

21M

Dixon (Jos) Crucible...100

A.'66

Scran ton Gas A Water

23

37 M

'

Dictaphone Corp

100

96

Richmond W W Co 5s_1957
Roch A L Ont Wat 53.1938

99

Consol Water of Utlca—

19£

*

4

21M

£

Columbia Baking com

...

-mm

101

2H

68

Chic Burl A Qulncy... 100
Chilton Co common
10

99

1948
1948

1st consol 4s

Radio

8

1

58

Beneficial Indus Loan pf
Burdines Inc common.. ..1

101

1st consol 5s

101

Belmont

96 M

5M
11

17M

Art Metal Construction. 10

95 M

M

H

I

27M

15M

86 M

4MS-.1966
Peoria Water Works Co—
1st A ref 5s
1960

...

25M

83M

City of New Castle Water

4Ms

90

99 M 101M

1st coll trust

1

Conversion

10

*

106 M

-

m

14M

12M
100

I

25

American Mfg. 5% pref 100
Andlan National Corp...*

102

12M

Ask

Bid

I
1

I

Bankers Indus Service A. *

5s

1st 6s series C

11M

100

Hardware

Maize Products

Amer

Citizens Wat Co (Wash)

5s

10

104 M

oo CO"*

4M
29 M

26

I

conv pref

American

78

105

Chester Wat Serv 4 Ms *58

3M

*

Par

Ask

Bid

•

American Hard Rubber—

-mm

75

104 M

C-df Water Service 4s 1961

Mills Inc

American Arch
American Cynamld—

5sserle8 B

1957

Par

Alabama

mm

m

103

101

lOl"

Birmingham Water Wks—
5s series C

Ask

Bid

Ask

99

Ashtabula Wat Wks 5s '68

1475

Chronicle

Financial

147

5s series B_.

Macfadden Pub

3M

common.

200

4M

90

35

38M

89

92

Marlin Rockwell Corp.„_l

31M

33 M

Crown Cork A Seal 4 Ms '48

96 M

96 M

Merck Co Ino common..!

23 M

25 M

Deep Rock Oil 7s

1937
1938

/71M

73 M

99

Haytlan Corp 8s
Kelsey Hayes Wheel Co—
Conv. deb 6s
1948

Preferred

Investing Companies
Par

Admlnls'd Fund 2nd Inc.*

Corp..*

Amer Business Shares....

12.42

13.21

Series B-2

3.75

Series B-3

13.31

14.66

7

Series K-l

13.57

14.92

56c

63c

Series K-2

10.24

11.38

5

5M

6M

♦Class a new

...

Basle Industry Shares..10
Boston Fund Ino

........

6

Series 8-2

6M

8M

3.43

15.79

14.23

Series S-4

4.73

5.30

5.53

16*89

89

7% preferred
100
Muskegon Piston Ring.2 M
National

10M
44 M

Casket

108

Preferred

5%

20.84

22.11

10

11.41

12.47

Nation Wide SecuritiesCommon
25c

3M

29c

44c

24.35

26.04

1

14M

15 M

National Investors Corp.l

5.70

6.07

Canadian Inv Fund Ltd..l

3.90

4.25

.1

12.99

20 M

22.97

23.94

3.42

3.77

8.06

♦Continental Shares pflOO

6H

7M

Aviation

7.08

7.67

Corporate Trust Shares.. 1
Series A A
1

2.29

Bank stock

7.20

£36

Pharm

8M

Ohio Match Co.

7.80

62

N Y Shipbuilding

1.32

Voting shares

1.45

,

Bid

Bid

95

64

66

....1946

23 %

24 M

N Y Majestic Corp—
4s with stock stmp—1956

/6M

8.34

61M

63 M

55 M

58

.1

2.71

Machinery

8.30

8.98

47 M

49 M

35M

—

Metals

100

110

♦7% preferred

6.87

7.44

7.66

8.24

1941

4-6s

No Amer Bond Trust ctts.

50 %

No Amer Tr Shares 1953.*

2.19

Cumulative Trust Shares. •

4.57

Deposited Bank Shs ser A1
Deposited lnsur Shs A...1
Deposited lnsur Shs ser B1

1

Series 1956

1
.1

Pacific Southern Inv pref. *

Diversified Trustee Shares
C

3.50

7M

1

5.65

6.30

45c

51c

14.12

15.10

10.71

11.72

1.38

Plymouth Fund Ino.._10c
♦Putnam (Geo) Fund

Eqult Inv Corp (Mass)..5
Equity Corp S3 conv pref l
Fidelity Fund Ino
*

27.41

29.16

19.01

20.47

First M utual Trust Fund..

7.17

7.79

Quarterly Inc Shares..10c
6% deb series A...
Representative TrustShslO
Republic Invest Fund_25c
Royalties Management.. 1

27

30

99
9.76

33

103 M
10.26

30c

33c
60c

Fiscal Fund Inc—
2.28

2.53

Selected Amer Shares..2M

9.30

3.63

Selected Income Shares...

4.15

10.14

Insurance stk series. 10c

3.27

Fixed Trust Shares A—.10

9.33

Sovereign

Investors

70c

77c

10

7.36

Spencer Trask Fund

* £15.41

16.36

Foreign Bd Associates Inc.
Foundation Trust Shs A.l

6.81

4.00

4.30

Fundamental Invest Inc.2

17.24

18.64

Fundamental Tr Shares A2

4.91

5.50

....*

4.42

B

7.39

Standard Am Trust Shares

3.10

Standard Utilities Inc. 60c

45c

49c

Corp... *

74 M

77 M

Super Corp of Am Tr ShsA

3.17

♦State St Invest

AA

2.16

B

B

3.60

3.31

*

30.65

32.96

Investors Trust.*

4.78

5.20

Agricultural shares

1.11

1.21

Supervised Shares

Automobile shares

1.01

1.11

Aviation shares

1.12

1.22

Series C

1

Building shares
Chemical shares

1.48

1.61

Series D

1

2.37

1.29

1.41

Trustee Stand Oil Shs A.l

6.09

83c

91c

1

5.55

BB

C

2 16

D

Group Securities—

Food shares

Series B

9.85

84c

Trusteed Amer Bank Shs B

58C

64c

Trusteed Industry Shares.

965

1.06

Mining shares

1.44

U S El Lt A Pr Shares A—

Petroleum shares

1.05

1.15

12 M
1.63

83c

1.15

1.26

Un N Y Bank Trust C-3.»

Tobacco shares

1.01

1.11

UnNYTrShsserF

*

1

Wellington Fund

1

12.94

shares—

Guardian Inv Trust com.*

45c

M

M

1
Incorporated Investors..*
♦Huron Holding Corp

17.53

Institutional Securities Ltd
Insurance Group SharesInvest Co. of Amer com. 10
.

.1




1.09

1.31

1.45

30

10.69

2 M

1X

32
11.40

4M
35

*

2M
19 M

IM

2

/18M

1951

/6M

7M

36

37

103 E 57th St 1st 6s... 1941

15M

Bldg 1st 5Ms '51

50 M

165 Bway

Lexington units—
Hotel 8t George 4s...l95i
Lefcourt Manhattan Bldg
1st 4-5s extended to 1948

52 M

1961
Realty Assoc Sec Corp—

68M

1943

/46M

48 M

1957

56M

58 M

.1956

30

32

1956

/21

23

income

Roxy Theatre—

39

Hearst Brisbane Prop 6s '42

41

Prudence Co—

5s

33 M

Hotel

1st 4s

67 M

70M

31M

34

Savoy Plaza Corp—
3s with stock

38M

41M

Sherneth Corp—

48 M

51

47

49

57

62

2s with stock

60 Park Place (Newark)—
1st fee A leasehold

1947

3Mb

39M

61 Broadway Bldg—

Bldg

w-s—.1963
Theatre Rlty Corp

—

68

70 M

3Ms with stock
1950
Syracuse Hotel (Syracuse)
1st 3s

40

41M

1955

91M

93 M

1952

54 M

43 M

1939

51

54

1946

55

Trinity Bldgs Corp—

1947
1st 5s (L I)
1951
Madison Ave Apt Hotel—

41

Textile Bldg—

45M

66 M

1958

—

42 M

1947

1st 6s

1st 4s (w-s)
1st 5Ms

62M
32

1st 3s 1957 w-a.„

...

---

Walbridge Bldg (Buffalo)—
3s with stock..
1950

17M

Wall A Beaver St Corp—

8

.1948

89

92

6s.

—

2 Park Ave Bldg 1st 4s

6

No

/Flat

♦

10c

...

14M

1944
1st 2M-4b (whs)
1949
Graybar Bldg 5s
1946
Harrlman Bldg 1st 6s. 1951

Fuller Bldg deb 6s

1st

4Mb w-s
Westinghouse Bldg—
1st fee A leasehold

1951
4s '48

21M

22 M

69

a Interchangeable,
b Basis price,
d Coupon, e Ex-interest.
Nominal quotation, w i When Issued,
whs With stock, z Ex-

par

value,

price,

n

v

M

t

Ex-llquldatlng dividend.

gold rouble bond, equivalent to 77.4234 grams
Quotation not furnished by sponser or Issuer.

t Quotations per 100

♦Rcboelkopf. Hutton A
Inc ©om

Nov 15 1939

1st 6s

Now selling on New|York Curb Exchange,
t Now listed on New York Stock Exchange.

21

Pomeroy

39 M

/12M

dividend.

5

♦First Boston Corp.....10

♦Class B

July 7 1939

1st 6s

Oliver Cromwell (The)—

5Ms stamped

1957

*

3%
32

SIM
40 M

14.20

95c

99c

Bank Group shares

Investors Fund C.

Investm't Banking Corp
18.85 ♦Bancamerica-Blalr Corpl
♦Central Nat Corp d A..*

2

...

Majestic Apt Inc—
4s w-s 1948 stamped....

84c

Voting shares

75c

Steel shares

6M» stamped..1948

Income 3s

Ludwlg Baumann—
1st 5s (Bklyn)

1.17

RR equipment

mm-

45M

1400 Broadway Bldg—

1st & gen 3s w-s

76c

B

69 M

London Terrace Apts—

1.32

-

34M

19th A Walnut Sts (Phlla)

2d mtge 6s

Fox Theatre A Off Bldg

Loew's

10.71

1.07

Investing shares
Merchandise shares.

44

Income 5Ms

5.77

3

...

35M
41M

1939

42 Bway 1st 6s
1st

6Mb series C-2

5Ms series F-l
5Ms series Q

53

1 Park Avenue—

*52

Lincoln Building—

5.77

-

26

35M

2.43

General

1st leasehold 3s. Jan 1

Lewis Morris Apt

Trustee Stand Invest Shs—

General Capital Corp

/51M
/33
/49M
/39

56

52d A Madison Off Bldg

9M

40c

Bank stock series—10c

55 M

30

8M

18.31

ment Fund series A-l

2.22

*

1.27

Eaton A Howard Manage¬

legended...

52 M

23

*

31

9M

53M
Deb 6s 1952

Class B

17.05

25c

Dividend Shares

Hotel units

Class A

3.65

D

28M

VA

Co—

'

2.51

Series 1955

33 M

26 M

Eastern Ambassador

2.61

Series 1958

N Y Title & Mtge

5Ms series BK

30M

1st 3 Ma

Dorset 1st <fe fixed 2s.

2.66

2.99

2.70

1.34

2s

9.47

Steel..

N Y Athletic Club—

Broadway Motors Bldg—

9.23

8.76

Railroad equipment
34

8.53

Ask

Metropol Playhouses Inc—
S f deb 5s
1945

10.04

Oils

104 M

33M

9.29

8.83

101

31M

7.71

32

42 M

/22M
B'way A 41st Street—

8.16

100

39

102

91

Insurance stock

♦Common B share...10

108 M

t—

Metropolitan Corp (Can)—
6s
1947

Electrical equipment—

♦8% preferred

107

24 M

Building supplies..

♦Crum A Forster Insurance

106"

Certificates

Ask

32 M

Agriculture

conv

1962
Income 5s—1962

s
Real Estate Bonds and Titli Co. Mortgage
Title

2.25

26

22 M

90

105M

Woodward Iron—

2d

2.71
24

1953

2MB

10M

2.25

115

/20M

5s..1946

76

Standard Oil of N J—

1st 5s

1

♦Crum A Forstef com...10

1946

Nat Radiator 5s

39 M

Accumulative series...1
Series ACC mod

11
65

Wltherbee Sherman 6s 1963
52

Norwich

8.72

Series AA mod...

1940

f 6s

Phillips Petroleum 3s. 1948
Scovlll Mfg 5 Ms
1945

24

New Haven Clock—

13.97

Century Shares Trust...*
Commonwealth Invest—.1

New England Fund
N Y Stocks Ino—

Bullock Fund Ltd

4M

18M

preferred

New Britain Machine..

conv s

3.23

A...1

Broad St Invest Co Inc..5

British Type Invest

im
48

111

22

Nat Paper & Type com.

6.06

15.73

Maryland Fund Inc_—10c
Mass Investors Trust
1
Mutual Invest Fund

Corp

Invest

23.74

Series B-l

4M

Nat

27.95

21.67

Keystone Custodian Funds

4.29
23 M

Aasoo. Stand Oil Shares..2
Bankers

Ask

22

Equities Inc 25c
Insurance Stock Corp*

Amer Gen
Am

Bid

25.55

Ask

3.39

Corp

Amer A Continental

Par

Mock Judson <fc Voehrlnger

3.88

Affiliated Fund Inc.._lM
♦Amerex Holding

Bid

113

100

6% preferred

lst

of pure gold.

Financial

1476

Chronicle

Sept. s, 1938

Quotations on Over-the-Counter Securities^—Friday Sept. 2—Concluded
Foreign Unlisted Dollar Bonds
Foreign Stocks* Bonds and Coupons
5

Bid

Ask

Bid
9

Inactive Exchanges

many) 7s—
1940
Prov Bk Westphalia 0s '33

\ z11
2

& GO., INC.

BRAUNL
52

Hungarian Discount A Ex
5
change Bank 7s—
*

/II

Rhine Westph Eleo 7% '30
6s
1941

/14

f29M
42

46"

Rio de Janeiro 6%

J

42

46 *

Rom Cath Church 6 Ms '46
R C Church Welfare 7s '46

Coupons—

fS3M
/39X

Foreign Unlisted Dollar Bonds

8s

Bid

Ail

Dortmund Mun Utll 0s '48

22

/20
/3i

Duesseldorf 7s to

8s.

7s.
7s.

/23

2\M

73

/23

2\M

21%
20

Brown Coal Ind

7s Income

12%

Farmers Natl Mtge 7s.*03

5

Frankfurt 7s to

19

20"

erman

*40
Call (Colombia) 78—1947
Callao (Peru) 7 Mb
1944
Cauca Valley 7 Mb
1946
Ceara (Brazil) 8a
.1947
Central Agric Bank
see German Central Bk

Apr 15 '35 to Apr 15 '88.
■erman Young coupons:
Dec 1 *35 stamped

11%

/II
/18
f5%
/II
f2M

June 1 '35 to June '38—

6M
12

ras

(Austria) 8s....1954

1908

July 1934 to Dec 1936
Jan to June 1937.
Jan to June 1938

mmm

67
1

1953

/45
/67
fl7
m
fl7
/io

-

/74

Certificates 4s

1940

/62

f30%

31%
6M

Panama City

8

Poland 3s

no
fl 2
f22

f20M
f29M
f36

6Mb....
Panama 5% scrip
1950

16

40 "

31

/35

7s to—

f27

37

f7

f7M
m

61

56

HM

flOM

Oldenburg-Free State

8

...

7% gold ruble
rruguay
Conversion scrip

1943

J86.57 91.17
/38
f21%
f2\

rnterelbe Electric 6s..1953
esten Elec Ry 7s

1947

'

10^

1

22

f20M

12 M

/ Flat price.

48"

.—

—

July to Aug 1938.
& Ireland—

/25

1900-1990

27

27

109 M 110M

18

.1967

08.

100

f20

21 M

Ask

Bid

par

96 M

92

1

As*

17

21

15

17

Canada
100
Bell Telep of Pa pref__.100
Cuban Telep 7% pref.-lOO

164

167

Pac A Atl Telegraph

114

117

Peninsular Telep com

30

40

Emp & Bay State Tel.. 100
Franklin Telegraph
100
Gen Telep Allied Corp—

48

55

27

33

25
*
100

26 %
24%
119% 115

100

Preferred A
Rochester

111

f21

Telephone—

$6.50 1st pref

115

25

14

19

Sou New Eng Telep...100

151

154

Wisconsin Telep 7% pf. 100

115

118

So A Atl Telegraph

preferred
*
Int Ocean Telegraph...100

92

94 M

65

73

Mtn States Tel A Tel..100

07

10M

Bid

New York Mutual Tel. 100

118% 121

25

1

18

(N J) com.*

Bell Telep of

70
18

Par
Am Dist Teleg

Preferred

/24
m

/20

<

Telephone and Telegraph Stocks

27

/25
/25

..

reat Britain

4s

/H

...—1940
stamped—1937
Costa Rica funding 5s. '51
Costa Rica Pac Ry 7Mb *49
5s
1949
Cundinamarca 0 Ms. -1959
Cordoba 7a

-

July to Dec 1937

mmm

City Savings Bank
Colombia 4s

1946

7s unstamped.

05"

/21M

/58
/40

July to Dec 1933

/25
/16
/16
/6 5

24

1936

tettln Pub Utll 7s.—1946

4

Jan to June 1934

Madgeburg 6s—..1934
Chile Govt 6s assented
7b assented

For footnotes see page

Conversion Office

Dec 1934 stamped

63

/61
/45
/22
f72
/eo

Certificates 4s

63

4s.

49"
—

63

55

Coupons—

...

&

30 M

1940

55

Oct 1932 to April 1935
Oct 1935 to April 1937

/91

23

f29%

8

1956

i

2d series 5s

/91

f6M

Central German Power

Budapest 7s

f2lM

1938

16

1956

5s

---

tinnes 7s unstamped-1930

Bank

/25
/40
/119

21M

/28

/H
22
WM
102
/99

1948

bank 0^8
[erman Central

20

14

71

f2l

/II

Funding 3s

Caldas (Colombia) 7 Mb

22"

/47

fid

Buenos Aires scrip

Chilean Nitrate 5s

1945

Agricultural 0s

1953

/20

22

6 Mb.

21M

/13

/15
f7
S22M
.1951
f22M
f25M
/600

74M

Nat Bank Panama

5

Corp—

0^8

1907

/19
/H
/19
fll

5

Bank

-------19'

1900

22M

/18
f!7
7MB

1900
1907

7M

/e

British Hungarian

7 Mb

7 Mb Income.

7s..

14

22 M

f20M

Munich 7s to.

10

/22

.1947

/38

/18
/32

6s.-1931-51

f22
f2lM

1953
European Mortgage A In¬
6 Mb

12 %

68

8%.

Luneberg Power Light &

21M

Electric Pr (Ger'y) 6 Mb '60

f20M
Brazil funding

21M

20

vestment

ollv

22 M

22^

/18
fl2%
fll%
f4M
/4M
f4M

Cons
194!

Cities 7s to

f22M
m
/20
/21

East Prussian Pow 08.1953

f20%
Bavarian Palatinlte

1945

1948
8s ctfs of deposit. 1948

f24M
f22

26

f24M
f24M
fl9M

78.

1945

Duisburg 7% to

At*

8

23

22M

f21
fl3M
m%
/5
/23

Salvador 7%
1957
7s ctfs of deposit. 1957
4s scrip

/49
Bid

1933

Saarbruecken M Bk 0s *47

---

/22

23

f21
f2l
J21
f2Q
f70
f25
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Prov Bk Westphalia 0s '30
5s
1941

1

Tel. HAnover 2-5422

William St., N. Y.

Ail

Protestant Church (Ger¬

/91
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113

117

$6

1475,

General

Corporation and Investment News

RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
NOTE—For mechanical

FILING

OF

REGISTRATION
SECURITIES

it Is not always possible to arrange companies in exact alphabetical
they are always as near alphabetical position as possible.

reasons

However,

STATEMENTS UNDER

Prout will be the principal underwriter.
for mill development and working capital.

ACT

additional registration statements (Nos. 3790
to 3801, inclusive, and 3703, a refiling) have been filed with
the Securities and Exchange Commission under the Securities
Act of 1933.
The total involved is approximately $35,The following

that

at the request of the appli¬
the withdrawal of the following

it has consented to

Charleston

Shipbuilding & Drydock Co. (2329).

Consolidated Sierra Mining & Milling Corp.

(3582).

Gold Horn Mining Co. (3553).

Sunray Oil Corp. (2-3796, Form A2), of New York, N. Y.. has filed
registration statement covering $4,000,000 of 5% convertible sinking
debentures, Series A, and 900,000 shares of $1 par common stock
of which 800,000 shares are reserved for conversion of the debentures.
The remaining 100,000 shares are reserved for exercise of stock purchase
warrants which are to be issued to the underwriter of the debenture issue

a

fund

prices ranging from $5 to $9 per share.
John J. Bergen & Co., Ltd.,
underwriters.
Proceeds of the issue will?be used for
working capital, retirement of debt and advances to subsidiaries for pay¬
ment of debt and development.
Filed Aug. 27, 1938.

at

Hamburger Distillery, Inc. (2983).
Marsman

(2-3797,
Form
A-2) of Philadelphia, Pa.,
has filed a registration statement covering $25,000,000 of 15 year debentures
due 1953.
Filed Aug. 26,1938.
(For further details see subsequent page.)
Refining

Misers Chest

(2-3798, Form A-2) of Manila, Philippine Islands,
registration statement covering the issuance or $830,000 1st
6% 20 year gold bonds due 1945.
Underwritten by E. H.
Rollins & Sons. Inc., and Chandler & Co., Inc.
Bonds now are held by
Island Gas & Electric Co., parent of the issuer, and proceeds will go to
that company.
Filed Aug. 30, 1938.
Manila Gas Corp.
a

Inc., (2-3799, Form A-2) Wilmingtion, Del., an investment trust has filed a registration statement covering
92,270 investors' shares to be offered by the issuer at the market for esti¬
mated cash proceeds of $704,245.
The trust also registered 7,730 out¬
standing shares, of which 620 are held by an underwriter to be offered at the
market if reacquired.
The proceeds will be used for investment.
In¬
vestment Counsel, Inc., is named underwriter.
Filed Aug. 31, 1938.
Investment Counsel Equity Fund,

Investment

Counsel

Investment

Fund, Inc., (2-3800, Form A-2)
Wilmington, Del., an investment trust has filed a registration statement,
covering 95,372 investors' shares to be offered by the issuer at the market
for estimated proceeds of $923,820.
The trust also registered 4,628 out¬
standing shares, of which 620 are held by an underwriter and which will
be offered at the market if reacquired.
The proceeds will be used for
investment.
Investment Counsel, Inc., is named underwriter.
Filed
Aug. 31, 1938.

Corporate Leaders of America, Inc. (2-3801, Form C-l), New York
City, an investment trust, has filed a registration statement covering 2,500
Corporate Leaders Trust Fund Certificates, Series A
to be offered at
$1,200 each for estimated cash proceeds of $3,000,000.
The proceeds will
be used for investment.
Filed Aug. 31, 1938.
Gwyn Beardmore Gold Mines, Ltd. (2-3703, Form AO-1, refiling),
has filed a registration statement covering 1,000,000
($1 par) common stock to be sold at 50 cents a share.
George W.

of Toronto, Ontario,
shares




(3446).

Mining & Milling Co., Inc. (3755).

Pacific Northwest Oriental

Line, Inc. (3760).

Sandy Farm Equipment Corp. (3651).

Whitney Blake Co. (3390).
Yumuri Jute Mills Co. (2470).

Stop

Co.

mortgage

Investments, Ltd. (3445), and Marsman American Corp.

and Jan Hendrick Marsman

will be the principal

has filed

announced

Proceeds of the issue will be used
Filed Aug. 27,1938.
■

registration statements:

061,893.

Atlantic

SEC

The
cants

order.

order

proceedings

discontinued

and

registration

withdrawn:
Apex Gold Mines, Ltd. (3698).
Corporate Leaders of America, Inc. (3722).
Interocean Dirigible Corp. (3626).
Progress Vacuum Corp. (3621).

The last
in

our

previous list of registration statements
Aug. 27, p. 1326.

Affiliated

Co., Inc.,
secured
has been

closed.

was

given

issue of

Fund,

announces

Inc.—Bonds

Sold—Lord,

Abbett

&

that the issue of $3,000,000 5% 10-yeai

debentures publicly offered Aug. 29
heavily oversubscribed and the subscription books

convertible

The debentures

were

offered at 100 and interest.

Affiliated Fund, Inc. is an open-end investment

fund with leverage, which
its capitalization consists of debentures and
common stock, both of which are issued in a balanced ratio.
In connection with the offering of these securities, Andrew J. Lord,
President of Affiliated Fund, Inc., made the following statement:
"With the issuance of these additional debentures, the effective leverage
ratio of assets to the amount invested in the Fund's common stock will be
at the highest level since last Fall.
The extension of leverage at this time is
based upon the management's judgment that the important indices have
confirmed the probability of a major expansion movement of the market
and business which, based upon past experience, will continue for an ex¬
tended period of time.
While the current level of security prices does not
offer bargain opportunities, nevertheless, it is the judgment of the manage¬
ment that present indications point to rising prices over the longer term.'
is believed to be unique in that

Volume

Financial

147

American Power & Light Co. (&

With the issuance of these new debentures, total assets of the company
will

$15,000,000,

approximatel

represented

by

$6,000,000

secured

5%

debentures and $9,000,000 equity for the common shares.
These debentures are convertible into common stock at any time up to
the 10th day prior to maturity or redemption, if called for payment, at a

price equal to twice the average net asset value of the shares during the
calendar year in which the converted debenture was issued.
A minimum liquidating value for the debentures, in addition to the regular
market over the counter or elsewhere, is assured through provision for the
repurchase of debentures by the trustee upon presentation, at prices rang¬
ing from 95% of the principal amount after completion of the first year to
100% at maturity, increasing
each succeeding year, with accrued
interest to date of tender,—V. 147, p. 880.

Alabama Great Southern

1937

140,506

$559,116
137,029
71,512

$428,619
54,231
40,243

3,585,424
649,901

4,366,229
1.239,241
754.462

Alpine Montan Steel Corp.—Interest Not Paid—

—V.

147,

p.

1936
$1,508,531
370,535
91,185

1935
$1,163,440
49,891
defl97,191

8,688,883
1,658,278
def203,189

9,748,426
2,450,899
,,561,157

9,033,778
1,866,683
51,062

7,579,896
817,238
def723,348

727.

American

Power

&

Light Corp.

1937

^

^

(&

x31,703,925 33,652,502
441,733
409,982
312,334

390,072

Accts. receivable..

104,793

35,689

1937

$

69,385
payable to
banks, secured. 5,984,000
Div. pay. Aug. l._
54,486

64,185

82,083

for

7,675,238
115,667

Federal

14,950

30,598

657,632
477,632
yl0,046,898 10,510,322
Capital surplus
11,563,442 11,641,930
Earned surplus... 4,369,934
3,976,505
Treasury stock..zDr213,590

...32,562,786 34,488,246)

19,885

12,768

Net equity of Am. Pr.
& Lt. Co. in income

$2,742,922

$3,849,103 $13,535,805 $14,570,320

$2,742,922
18,956

$3,849,103 $13,535,805 $14,570,320
13,404
72,661
34,945

$2,761,878
115,018
728,455

$3,862,507 $13,608,466 $14,605,265
102,891
407,203
440,578
728,448
2,909,200
2,913,378

$1,918,405

of subsidiaries

subsidiaries.
Other income...
Total

Expenses, incl. taxes

$3,031,168 $10,292,063

con-

Note—The above statements include full revenues without

Total

32,562,786 34,488,246

.....

June 30,

1938, quotations, the aggregate market price was
$23,355,814.
Unrealized depreciation of investments at June 30, 1938
was $8,348,111.
y Serial class A stock, par $25; convertible optional div.
series, $3 cumulative (.entitled on redemption or in liquidation to $55 per
share and accrued dividends)—outstanding, 146,497 shares. Glass A stock,
optional div. series of 1936, $2.75 cumulative (entitled on redemption to
$52.50 per share and in liquidation to $50 per share and accrued dividends),
139,300 shares outstanding.
Class B stock (par $1), outstanding, 2,901,972
shares,
z Serial class A stock, at cost.
There were 1,200 shares convertible
class A stock, optional, dividend series $3, cumulative and
8,335 shares
class A stock, optional dividend series of 1936, $2.75 cumulative held in
treasury, which are not deducted from respective stock outstanding.
Note—Earnings for six months ended June 30, appeared in the "Chronicle"
of July 23, page 561.—V. 147, p. 1328.

the 12 month periods

ended June 30, 1938 and 1937, such
$630,690 and $574,938, respectively.

amounted to

Income Account of Company

1938—3 Mos.—1937
$1,350,780
$2,698,261
18,956
13,404

Other

$1,369,736
115,018

Expenses, incl. taxes

American Gas & Electric Co

728,448

$526,263

Net income

$1,880,326

.

(& Subs.)—Earnings—

1938—Month- -1937

Depreciation.

1,801,052
325,787
882,787

....

Taxes

,

783,298

....

Operating income.

$1,912,965
Or 1,831

_.

Other income

Int. & other deductions.

$1,911,133
865,111

Pref. stock dividends...

424,341

Total income

5,548

Balance Sheet June 30 (Company
1938

,957,684
351,108
813,905
796,660

22,621,390
4.389,200

10,269,777
10,177,284

22,538,067
4,127,566
9,642,857
10,068,541

$2,072,071 $25,306,795 $26,459,528
Dr8,254
29,956
354,566

$2,063,817 $25,336,751 $26,814,095
899,915
10,549,415
11,117,800
417,832
5,059,537
5,014,394

$621,681

$746,070

$9,727,799 $10,681,900

$621,681
211,924

$746,070
246,026

$9,727,799 $10,681,900
2,857,481
3,172,113

165,681

Balance

applicable

159,171
4,522

earns,

Amer.

to

Gas & Elec. Co

Int. from sub.
Pref.

stock

from sub.

cos

$36,026

$

Investments ...263 ,887,313

253,769,349

x

Cash in bank (on

1937

1938
$

Liabilities—
Liabilities—

•

$8,658,171

Only)

1937

$

AssetSr—

$

Cap. stock (no
par value)
214,579,677 214.614,703

5,192,673

8,438,624

Gold deb. bonds

Time dep., bks.

500,000

U.S.Govt.secur.

2,498,331

1,550.000
2,589,246

South w. Pow. &

demand)

Am. 6%

securities....

gold deb. bds.

3,973,044

7,310,059

Divs. declared..

750,000

Accts. rec., subs.

474,358

43,385,500

1,900,000
971,347

Accts.

4,142,000
1,810,071

4,148,000
2,413,380

184,328

1,138,125

79,289

payable.

Acer, accounts..
Matured int. on

—others

Oth.

series 43,360,500

Light Co. 6%

Notes and loans

$5,991,429 $72,764,447 $72,836,559

Amer. Gas & Elec. Co.-

Bal. of sub. cos.'

$7,818,082

$36,026 $16,507,308
3,868,598
3,974,991
5,548

$8,694,197

Surplus, June 30, 1938

1,003,442
36,026
8,658,171

23,494
46,825

long-term dt_
curr. liab.

Capital surplus-

3,319
53,812

Special deposits.

Maintenance

$5,508,395

3,868,598
3,974,991

Accts. receivable

$5,705,888

;..

$8,824,798 $11,172,038
407,203
440,578
2,909.200
2,913,378

$16,543,333

Total

$6 pref. stock dididends declared
$5 pref. stock dividends declared
Other debits

recelv.—subs.

1938—12 Mos.—1937

Sub. Cos. Consolidated—

Operating revenue
Operating expenses;
Operating..

$8,752,137 $11,137,093
72,661
34,945

Summary of Surplus for the 12 Months Ended June 30, 1938
Earned
Total
Capital
$10,935,842
Surplus, July 1, 1937
$10,935,842
5,508,395
Net income for 12 mos. ended June 30
5,508,395
Divs. received from subsidiary from
36,440
earnings prior to year 1937
36,440
$36,026
Restatements of reacquired com. stk.
36,026
26",631
Other credits
26,631

Comparative Statement of Combined Income

31—

for
lor
appropriations

Only
1938—12 Mos.—1937

$2,711,665
102,891

728,455

Other short term

Period Ended July

$11,251,309

consideration

for possible revenue losses of one subsidiary involved in rate litigation
which a reserve has been provided by appropriations from surplus.

76,003

expenses

Capital

on

$21,823,586
7,171,183

1,792,925

Int. & other deductions.

Res. for conting..

.

$5,661,896 $20,771,656
1,792,908
7,171,666

$4,548,615

public
applicable to mi¬
nority interests

Notes

income taxes...

Based

15,982,775
Cr229,048

Accts. pay. & aecr,

Prov.

x

Cr425,303

Balance

Subs.)—

1938

Liabilities—

rec...

Total

Cr77,929

Total

1938

Assets
Cash

15,982,883

Portion

Balance Sheet June 30—

Divs. & int.

$37,577,313

3,986,126

Period End. June 30—
Income—From subs

Cities

Investments

$9,570,093 $36,329,236

3,984,899
Crl42,320

solidatedearnedsur.

1937
$1,604,195
411,981
152,446

From Jan. 1—
Gross from railway

$8,391,194

and

public

Balance carried to

1938
$1,555,799
477,002
189,653

Net from railway
Net after rents

to

Pref. divs. to

RI^.—Earnings—

Net after rents

$37,410,276
167,037

Int. & other deductions.

Sept. 1, 1938, and subsequent coupons—V. 145, p. 3809.

Gross from railway
Net from railway

1,554,211 $36,107,147
15,882
222,089

Amer. Pr. & Lt. Co—
Net equity of Amer. Pr.
& Lt. Co. in income of

Notice having been received that the interest due Sept. 1, 1938, on the
7% closed first mortgage 30-year sinking fund gold bonds, due 1955, is
not being paid.
The Committee on Floor Procedure of the New York
Stock Exchange rules that beginning Sept. 1,1938, and until further notice
the said bonds shall be dealt in "flat" and to be a delivery must carry the

Alton

$8,366,773
24,421

Gross income

115.728

—V. 147, p. 727.

July—

8,007,193

Net operating revs

Interest

_

9,484,212

Other income (net)

2,880,356
345,319

574,552

3,617,427
868,047
441,550

$98,342,217 $95,137,379
52,750,858 49,719,910

Operating revenues
$23,540,899 $24,076,510
Oper.exps.,incl. taxes.. 12,880,337
12,530,289
Prop'y retire't & deple.
reserve appropriations
2,293,789
1,992,010

From Jan. 1—
Gross from railway

Net from railway
Net after rents

1938—12 Mos.—1937

Subsidiaries—

1935

1936

$629,016
175,629
114,699

railway

Subs.)—Earnings—

1938—3 Mos —1937

Period End. June 30—

other deductions
Int. charged to construe.

RR.—Earnings—

1938
$576,605
160,613

July—
Gross from

Net from railway
Net after rents

1477

Chronicle

curr. assets

132

Acer. Int. recelv.

38,880

Surplus

--

46,825

420

Other

10,935.842

Unamort. disc.&

3,500,734

3,454,180

expense

Total

274,163,056 276,762,664

Total

274,163,056 276,762,664

Represented by $6 preferred, cumulative (entitled upon liquidation
a share); pari passu with $5 preferred; authorized, 1,000,000 shares
issuediand outstanding, 793,581 2-10 shares, inclusive of30 2 -10 shares of
scrip in 1938 (31 2-10 in 1937; $5 preferred, cumulative (entitled upon
liquidation to $100 a share); pari passu with $6 preferred; authorized,
2,200,000 shares;
outstanding, 978,444 shares; common, authorized,
4,000,000 shares; issued 3,013,812 27-50 shares (less 5,301 shares in 1938
reacquired by company); outstanding, 3,008,511 27-50 shares, including
2,330 27-50 shares of scrip; issued 3,013,812 27-50 shares, incl. 2,486 27-50
hares of scrip in 1937.—V. 147, p. 1328.
x

to

$100

dividends

companies..

4,870

Other income

$1,004,155

Total income

50,740

Expense

170,853

Int. & other deductions.

Pref. stk. divs. to public

177,811
$604,750

Balance

1,955,186
72,637

$1,155,789 $14,613,103 $15,972,955
62,450
703,973
682,556
170,853
2.051,046
2,262,383
177,811
2,133,738
2,133,738

$744,673

Net ioss after all charges

13,092
$32,970

Net loss
—V. 146. p.

3944.

American Sumatra
Years End. July

$314,685
9,093

—V. 145, p. 4106.

American

$46,062

Logo

Other income

x
.

$2,502,306

31—

Rolling Mill Co.—No Preferred Dividend—

Directors at their meeting

held Aug. 29 took no action on the dividend

The company issued the following statement:

preferred dividend during the first six months
together with present business con¬
ditions, no action on the preferred dividend was justified at this time.
—V. 147, p. 1026.
"Because of losses before

Total

1935

Net profit
-

$785,067
160,748

$825,787
21,133

$621,605
23,635

$624,318
24,874

$846,920

$645,240

$649,192

73,202
80,500

57,605

yl40,239

48,304
89,521

48,980
93,479

$649,076

$507,415

$506,734

528,965

384,702

240,772

$581

-

$776,624
155,019

461,642

charges..

Federal taxes, &c.._

Dividends

1936

$997,786
171,997

$462,223

profit

Miscellaneous

1937

1938

$615,924

Profit
Other income

normally due at this time on the 4 H % preferred stock. A regular quarterly
dividend of $1.12M per share was paid on July 15, last.

Tobacco Corp. (& Subs.)—Earnings

$756,728
165,923
$590,805
25,120

profit on sales....
Selling & gen. expense.

Gross

Earnings for 6 Months Ended June 30, 1938

Months Ended June 30, 1938

(Tross profit from sales
Selling, general administration expenses

Corp.—Earnings—

Net sales

Co.—Earnings-—

Earnings for+6

$9,724,346 $10,894,279

Note—Figures for periods prior to Jan. 1, 1938 restated to include an
additional charge at the rate of $100,000 per annum for amortization of
debt discount and expense.
Figures for periods prior to Jan. 1, 1937, also
restated to conform with new classification of accounts.—V. 147, p. 727.

American Insulator

American Stove

1,910,050
208,892

$120,111

$122,713

$265,962

192,351
$2.40

192,351
$3.37

192,351
$2.64

and the continuing losses at present,

Anaconda Copper Mining
A

total of $5,581,000 4^% s.

Co.—Debentures Called—

f. debentures due Oct. 1, 1950, has been

called for redemption on Oct. 1.
Of this amount, a total of $2,267,000,
which were first drawn, will be redeemed at 105 and accrued interest, and a
total of $3,314,000 which were later drawn will be redeemed at 104 and
accrued interest.
Pavment will be made at the Guaranty Trust Co , New
York City.—V-

147.

p.

1027.




Surplus
stock (no par)
outstanding...

Shs. cap.

Earnings per share

Including provision of $27,000 in 1938, $37,000 in 1937,
1936 and 1935 for extra compensation of management and
x

y Includes $800
profits.

193,105

$2.63
$29,000 in
employees,

($14,000 in 1937) provision for surtax on undistributed

Note—Provision for depreciation for the year amounted to
1938. $79,321 in 1937, $73,779 in

1936 and $70,140 in 1935.

$83,887 in

Financial Chronicle

1478
Consolidated Balance Sheet July 31

x

inch inv. & eq--$2 ,237,786 $2,208,507
Cash In banks and
on

507,151

1,208,686
757,754

1, 310,380

43,765

on

37,803

38,700

Res've for Federal

ventory
to

12,496
75,969

compensation of

hand &

of harv.

Supplies
Hogs and cattle In¬
Adv.

76,783
79,411

management
A
employees ...27,000

296,916

Notes & accts. ree.
In proc.

Accounts payable.
Accr'd pay.. State
taxes, Ac——
Provision for extra

1,215,886

366,253

1 346,772

hand--.

Tobacco

Liabilities—
1938
1937
Common stock. .12,884,000 $2,884,000

1937

1938

Assets—

Plant & oth. prop.,

&

capital

10,000

83,427

Reserve

Mlscell. securities.

3,650

18,560

14,460

......

Co. was formed in 1930 by Armstrong Cork Co.
and Newport Industries to manufacture fibre board out of pine chips.
The
product is sold exclusively through a subsidiary of Armstrong Cork Co. and
is used for insulating refrigerators, residences and general building con¬
struction.—V. 147, p. 1329.

Associated) Electric Co. (&

142,002

23,194

1,712,097
1,004,109

Initial surplus-...
Earned surplus...

25,194

of Dec. 31

19Armstrong-Newport

1,712,097
1,003,528

Oper.

Subs.)-—Earnings—
1936

1937

Calendar Years—

insurance..

from sale of prop

Newport Co., as shown in Newport Industries, Inc., balance sheet

self-

for

1938
3

The transaction was concluded for cash in an amount slightly exceeding
the total value of Newport Industries, Inc., investment in and advances to'
Armstrong-Newport Co., less proportion of deficit to Dec. 31, 1937, "rep¬
resenting 50% interest" and the accounts receivable due from Armstrong-

stock

taxes

cotttr. co.

(not eonsol.).-.
Notes rec. arising

Sept.

1934

1935

revenues—Elec—$18,525,775 $16,800,386 $15,160,589 $14,765,577

Gas_L —J

3,899,777
2,594,327

Miscellaneous

3,505,204
1,770,086

3.784,901
2,205,654

3,362,051
1,780,243

Invest, in control'd
co.

Cost

of

use

2,320

(not consol.)
license

Total

to

18,700

23,800

41,103

Unexp. lnsur. and
prepaid taxes--.

x

10,848,462

9,503,091

8,652,550

2,012,438

2,051,180

1,736,263

1,455,223

1,869,418

1,480,676

1,171,064

1,302,864

taxes)-.. b2,205,750

bl,943,816

1,538,947

1,335,357

income— $7,029,368
362,819

$6,466,807
508,758

$6,486,513
521,369

$7,161,877
353,763

$7,392,187

$6,975,565

$7,007,882

$7,515,640

—

Provision for retirement

53.746

....

...$5,890,021

Total

(renewals & replace'ts)
Prov. for taxes (incl.co.'s
est. for Fed.

$5,893,987)

.$5,890,021 $5,893,987

Total

Works & Electric Co.,

American Water

Operating
a

Represented by 192,351 shares no par value.—V. 146, p. 8488.

Inc.—Weekly

Otherincome

—

Gross income

Deductions from Income—

Subsid.

companies':
Interest on funded and

Output—
Output of electric energy of tne electric properties of American Water
Works and Electric Co. for the week ending Aug. 27, 1938, totaled 41,344,000 kilowatt hours, a decrease of 18.5% under the output of 50,740,000
kilowatt hours for the corresponding week of 1937.

of electric energy for the last five

Comparative table of weekly output
years follows:
Week Ended—
1938
1937
Aug. 6
...41,210,000 50,291,000
Aug. 13
..41,250,000 50,767,000
Aug. 20.----- —41,555,000 50,626,000
Aug. 27-....—41,344,000 50,750,000
-V. 147, p. 1329.

1936

1935

1934

46,795,000
46,707,000
47,032,000
47,441,000

36,622,000
37,242,000
38,696,000
39,774,000

31,950,000
31,136,000
31,342,000
30,790.000

1,899,387

1.874,808

1,879,638

1,868,183

count & expense—
Prov. for divs. not being

167,647

167,889

164,901

111,272

pref. stk.

90

450

520

520

37,246

14,138

46,804

23,934

$5,362,309

$4,946,555

$5,009,626

$5,559,598

3,550,000
6,460

3,550,000
12,630

3,550,000
3,360

3,550,000
31,463

unfunded debt

Ann Arbor

paid

on cum.

Less: Credit for int. dur¬

ing construction

Balance

■

Electric Co.:

Associated
Int.

Int.

RR.—Earnings—

Gross from railway
Net from railway

funded debt..

on

on

unfunded debt..

Net after rents...
From Jan. 1—

.

-

debt

of

1935
$336,250
81,011
43,405

$329,280
71,414
41,753
2,249,020
401,321
198,589

2,390,081
453,713
210,987

1,915,994
203,464
def33,832

—

247,863

247,863

247,863

248,137

$1,557,986
c1,655,000

Net income

Common dividends

$1,136,062
980,000

$1,208,403
2,400,000

$1,729,997
1,580,000

b Includes
undistributed profits in 1936 of which $28,111 represented
was adjusted in 1937, and $3,745 for 1937.
c After
deducting $670,000 contribution from parent company.
Includes income from investments in affiliated companies,

a

$85,598 surtax

Gross from railway
Net from railway
Net after rents

dis¬

count & expense.....

1936

1937
$324,610
48,327
20,877

1938
$280,851
41,852
8,099

July—

of debt dis¬

Amortiz.

Amortiz.

2,215,312
504,730
272,150

an

on

over-accrual which

Consolidated Balance Sheet Dec. 31

—V. 147, p. 727.

1937

-Earnings-

Notes

1937

1938

1936

168,609,798

$135,241
148,904

$65,471
168,564

$27,700 prof.$37,017
20,959
26,439

$13,663
22,573

$103,093
49,023

$6,741 prof.$63,456
5,387
24,164

prof .$8,910
6,411

$54,070
3,242

4,309,907

4,886,482

—

affiliated

Total loss

....

Other charges
Depreciation
Adjust, of deprec. res'ves

94,738

Sink, fund dep..
Notes receivable

137,047
z47,655

39,559

Accts. receivable

2,167,365

1,194,556

$106,865
22,500

-

-

prof$9,053
90,000

$57,312
135,000

$129,365

Transf. from

$50,947
90,000
$140,947
1,440,478

$80,947
1,521,424

$192,312
1,712,382

1,381,719

-;

1,355

—

reserve

139,879

82,188

$1,381,719
1,381,719

—

Shs. com. stk. (no par)._

Earnings

per

90,556

Consumers'deps.

Nil

$1,521,424
1,521,424
90,000
Nil

$0.10

Balance Sheet June 30
Assets—

Cash

1938

...

Misc. accts.recelv.

101,930

24~689

149,769

Res've for Federal

1,584,520
117,294

1,573,054

Reserve

Copper rolls
Improvement and
contingent lund
Deferred charges..
Total...

121,888

for

.$2,643,220

5,657,276

11,468

stock

425,611

1936

1935

1934

$1,020,000

$1,509,000

$1,370,000

3,644,501

3,676,965

3,951,966

3,744,672

22,936

5,455

322,496

225,000

$5,927,437

$4,702,420

$5,783,462

$5,339,672
34,843

for taxes—Federal
Other (net)..
Int. 011 funded debt
Int. on unfunded debt—

53,687
20,708
3,550,000
6,460

a78,775
25,853
3,550,000
12,630

86,201
29,032
3,550,000
3,360

247,863

247,863

247,863

$2,048,719
b2,016,650

$787,298

$1,867,005
2,400,000

Int.

on

stock..

bonds, notes &

open accounts.....

From

affiliated

cos.—

Divs. & int. on inv.

C
x

1938—Month—1937
$868,048
$875,136
443.671
444,988
122,438
109,700

..$2,643,221

$2,791,967

1938—12 Mos.—1937
$9,102,792
$8,632,744
4,790,968
4,739,617
1,188,866
653,900

$320,448

$3,122,958

$3,239,227

Dr64.173

$326,201

1,310

484

$3,058,785
10,806

$3,365,922
18,192

e..::

1 expenses

rov.

Net income..

Dividends,

common—

980,000

Includes $28,772 surtax on undistributed profits,
$308,350 (contribution from parent company $670,000,
a

out to a

Balance Sheet (Parent Company
Assets—

$303,249
146,385
10,188

$326,685
150,991
7,520
Cr3,806

$3,069,591
1,796,076
112,396
Cr7,585

$3,384,114
1,813,050
100,299
Crl6,755

Net income........
$147,319
$171,980
Dividends applicable to preferred stocks for the

$1,168,704

$1,487,520

Cr643

valuation)

35,410,079

35,410,079

par SI)..
Funded debt

87,334,485

.

.

Affil.cos.: bonds

period, whether paid

or

Dep.

unpaid

949,265

.

949,265

87.652,015

Acct.

3998,200

bl

$219,439

accumulated and unpaid

to July 31,

$538,255

1938, amounted to

$1,265,687.
Latest dividends, amounting to $1.75 a share on $7 preferred
stock and $1.50 a share on $6 preferred stock, were
paid on July 1, 1938.
Dividends on these stocks are cumulative,—V. 147,
p.

728.

Armstrong Cork Co.—Acquisition—
Negotiations have been concluded whereby Newport Industries, Inc.,
has sold its interest in Armstrong-Newport Co. and Armstrong Cork Co.,
has become sole owner of the assets and business of the Armstrong-New¬

port Co.
Coincident with this sale, long-term contracts between Newport In¬
dustries, Inc., and Armstrong Cork Co., have been negotiated whereby
wood chips and certain essential services will be continued to be
supplied by

Newport Industries, Inc.




for

affiliated

Accts.

Int. rec. affil.co.

75 ,000,000

35,000,000
75,000,000

84,832

67,892

219.747

co..

C823.023

bond
938

payable.

72,821

101~769

.462,500

Capital surplus-

6

Taxes accrued-Interest accrued

C823.023

219.747

co._

Other deposits..

affiliated
interest

mat'd

bond interest.

35 ,000,000

payable to

Matured
bl

Accts. receivable

—r

Balance

& accts. rec..

S

(650,-

OOOsbs.outst.,

Notes & accts.
receivable.

1936

1937

Cap. stk.

Inv. sub. cos.:

Other bds., notes
x

$1,476,953
1,580,000
b After deducting
less portion passed

Liabilities—

S

Stocks (at co.'s

-

31,462

248,137

Only) Dec. 31

1936

1937

Gross income
Interest on mtge. bonds.
Other int. A deductions
Int. chgd. to construct'n
1

CrT,724
3,550,000

subsidiary, $361,650).

126,695

$301,939

Other income (net)

Ended Dec. 31 {Parent Company Only)

$2,260,000

on com.

Total income

Total...

184,363,845 185,063,476

Total

1937

1,381,719

5,753

Operating income.

121,058
890.100

Income from sub. cos.—

900,000

Arkansas Power & Light Co.-—Earnings—

$301,939

17,308,810

Amort, of debt discount
and expense

900,000

_

30,712

(net)

..

Capital surplus.
Corporate surp.

184,363,845 185,063,476

Statement of Income Years

417,812

After allowance for depreciation of $1,734,039 in 1938 and $1,748,858
in 1937.
y Represented by 90,000 shares of no par value.—V. 146, p. 106.

Net oper. revenues..
Rent from lease of plant

346,712

152,638
17,990,182

(contra)
extensions

6,038,821

disposition not yet determined).

10,884
277,933

x

Period End. July 31—
Operating revenues
Oper. exps., tnci. taxes—
Prop, retire, res. approp.

365,060

785,505

receiv.,

x Includes notes,
y Represented by 650,000 shares of common stock,
$1 par.
z Includes accounts,
a Disallowed in the Federal Power Com¬
mission's determination of original cost of the Piney Project (manner of

417,812

$2,791,9671

3,016,079
12,402,935

appliances sold

212~ 930

15,732

Total

con¬

Surplus

277,933
53,110

9,226

1,392,233

Common

3,827,692
725,035
10,827,347

&o__

Contributions for

disct. & exp._
Mlscell.
unadj.

Divs.

tingencies
y

Accts.

—

22,500

income taxes...

179,166

buildings,

mach. & equip't

346,712

Unamortiz. debt

$49,827

120,801
78,710
170,239

U. S, obligations..
Inventories

Land,

1937

$48,366

Liabilities—

<■

$216,041
1,595

Accts. receivable..

x

1938

Accounts payable.
Dividend payable.
Accrued accounts.

1937

$235,228
5,384

taxes,

interest,

Reserves, Ac

365,060
Fixed capitala4,985,853
Prepayments...
246,621

874,994

1,037,799

Prelim, survey &

$1,440,478
1.440.478
90,000

90,000

Nil

share

1,533,781

Accrued

investig. chgs.

Surplus, June 30

payable.

1,083,771

(contra)

1,745,738

Funded debt—.110.471,800 110,531,100
Accts.

2,161,085
72,017

debits...

$1,392,233

Total surplus.---

270,815

82,940

for

improvem't & conting.

bond interest.

1,181,724

sold

608,553

Mat'd bonds and

rec.

Int. & divs.

X94.202

670,637
2,158,328

payable

Notes pay. banks

874,994
1,059,090
199,783

270,815

bonds, &c
Cash.....

299,830

84,832

(other)

Accts. rec. appl.

Previous surplus

285,797

35,000,000

to

Mat'] A supplies

90,239
GY6,554

Common dividends.

pay.

affiliated co..

66,858

cos.

Dep. for matured
Net operating loss...

Other income

Cap. stk. of subs

Notes

Accts. rec. from

stock 35,000,000

common

43,540

co..

$

$

Assoc. El. Co.

Accts.

from

rec.

affiliated

1935

$193,074
156,057

$137,302
165,002

Gen. adm. & sell. exps—

Liabilities—
y

franchise, &C-162,632,248
Investments

Apponaug (R. I.) Co.
Years End. June 30—
Gross profit

-5

Plants, prop'ties,

See list given on first page of this department.—V. 146, p. 3328.

1936

1937

1936

3

Assets—

Apex Gold Mines, Ltd.—SEC Registration Withdrawn-

Adjustments

$20,435,879 $19,907,872

11,902,905

Maintenance

ditioning mach's
under lease

$25,019,880 $22,790,941

-

-

Operating expenses..-.

tobacco con¬

17 ,204,541

855,222
16,924,717
90,005

Corporate surp.

21,700
3,489

3,489

690,194
4,414,272

4,662,135

Total —-...-129,092,173

Res. for Fed. Inc.

311,886

128,862,628

Cash
Unamort.

debt

disct. & exp..

a

tax

At cost,

of

years.

46,793

Total-------129,092,173 128,862,628
c Includes bonds.-—V. 147, p. 132

b At nominal valuation,

Associated Dry

prior

Goods Corp.—Earnings—

6 Months Ended July 30—
Total net sales——--

1938

1937

—$24,106,343 $26,054,666
for Federal
510,000
10,000

—

Est. approximate oper. loss (after prov.
income taxes)

Volume

Financial

147

Oswald W. Knauth, President
says:
"Merchandise inventories valued at not in excess of the lower of cost or
market were $6,590,000 as compared with $7,730,000 in 1937.
"The

number

of transactions

during the six months this year totalled
10,670,000 as against 10,690,000 during the same period in the proceeding
resulting in an average gross sale of $2.68 in 1938 and $2.90 in 1937.
"To improve store operations and to increase the operating value of some
of our real estate holdings, changes and alterations in progress at the end of
the spring season, 1938, will involve demolition allowances and expenses
approximating $150,000. This is not reflected in the above figures but the
amount as finally determined will be shown in the annual report—V. 147,
p. 1329.
year,

Associated Gas & Electric

Co.—Enjoined—

The Securities and Exchange Commission on Aug. 30 reported that
Judge John W. Clancy of the U. S. District Court for the Southern District
of New York had issued a preliminary injunction against the company and
numerous affiliated persons enjoining them from alleged further violations
of the Public Utility Holding Company Act, of 1935.
The Commission charged in its bill of complaint that the solicitation of
consents in respect of the plan of Associated Gas & Electric Co. to extend
the maturity date of its "Convertible Investment Certificates, due Nov. 15,
1938," constituted the issuance and sale of securities in violation of various
provisions of the Public Utility Holding Company Act of 1935 as well as the
registration provisions of the Securities Act of 1933!
The company, in extending the maturity date of these securities, stamped
on the face of each outstanding certificate a
legend that one of the alter¬
native offers of the company nad been accepted and that the maturity
thereof was thus postponed. Judge Clancy overruled the contention of the
defendants that this did not constitute the issuance or sale of a security,
declared

1479

Chronicle
Atlantic Refining Co.—Registers

$25,000,000 Debentures

The company on Aug.

26 filed with the Securities and Exchange Com¬
(No. 2-3797, Form 8-A) under the Se¬
curities Act of 1933 covering $25,000,000 of 15-year debentures due Sept. 1,
1953.
The interest rate on the debentures is to be furnished by amendment
to the registration statement.
According to the registration statement $16,200,000 of the net proceeds
from the sale of the debentures will be used for the repayment of all present
bank loans, the proceeds of which were added to the company's cash fund.
The balance of the proceeds from the sale of the debentures will also be added
to the cash fund of the company.
The company states that during the year
ending June 30, 1938, it expended approximately $31,531,000 to acquire
and develop crude oil production and reserves and to improve, extend and
renew refining,
marketing and transportation facilities, both by pipe lines
and by tankers.
The capital expenditures were distributed as follows:
Crude oil production, $14,663,000; refining, $3,706,000; marketing, $6,514,000; pipelines, $3,251,000; marine, $3,397,000.
The company states
that it contemplates a continuance of expenditures for such purposes but
the total amount to be expended, its allocation and the sources of additional
cash funds, if any, as may from time to time be required are not now de¬
mission

registration statement

a

terminable.

Smith, Barney & Co., of N. Y. City, is named as the principal under¬
According to the registration statement, the several underwriters

writer.

have authorized Smith, Barney & Co. to engage in certain market operations
"for the purpose of stabilizing the market in connection with the distribution
of debentures."
It is further stated that "no representation, however, is
made that any transactions will be effected to stabilize the market for the

debentures,
The

or, if effected, that they will not be discontinued at any time.
price at which the debentures are to be offered to the public, the

of other underwriters, underwriting discounts or commissions and
redemption provisions are to be furnished by amendment to the registra¬
147, p. 1330.

names

the

"stamped certificate sent out by the company's
agent, whether it contained the old promise to pay, renewed, or the old
promise, modified by the extension of maturity, or a new promise, serves all
the purposes of the old bond or debenture and is a security within the de¬

tion statement.—V.

finitions of that word found in both statutes and within the purposes and
aims of both." Accordingly, the Court concluded that the extensions could

Amendments to Registration

and

that

the

be continued except in accordance with a declaration containing the
required by the Act and with an order of the Commission per¬
mitting such declaration to become effective.
The Court further held that in view of the fact that an injunction must

not

Austin

Silver

Mining

Co.—WEC

Vacates Stop Order—*
Statement Held to Have Corrected

Deficiencies—

information

The

issued

and Exchange Commission has vacated the stop-order
July 13 against a registration statement filed under the Securities

Securities
on

issue

Act of 1933 by the company covering 225,000 shares of common stock. The
action by the Commission was based on the finding that deficiencies which
it contended had existed had been corrected by amendments to the Regis¬

numerous

tration statement.

prohibiting further violations of Section 6 (a) of the Public Utility
Holding Company Act of 1935 "it becomes unnecessary to decide the
other questions raised by the motion."
This is the first suit brought by the Commission under the Public Utility
Holding Company Act of 1935 since the constitutional validity of the
registration provisions of the Act was sustained by the Supreme Court of
the United States in the Elecrric Bond & Share case.

Tenders

Convertible Investment Certificates Due

for o}/2%

Nov. 15, 1938—
A letter addressed to the holders of the above certificates states:

The principal amount of 5 H %

convertible investment certificates matur¬

ing Nov. 15, 1938, outstanding with the public, has been substantially
reduced through the extension of the maturity date under offers previously
made.

These certificates

they

are

are

traded

on

the New York Curb Exchange where

presently selling at about $95 per $100 certificate.

The company now has a limited amount of funds available for the pur¬
chase of the 5H% convertible investment certificates.
It has accordingly
decided that until the close of business

on

The statement was filed

due them will be made

immediately.

Weekly Output—
System reports
decrease of 4,4.5%, below production of 94,615,269 units a year ago.
Gross output, including sales to other utilities, amounted to 101,725,641
units for the week under review.—V. 147, p. 1329.
For the week ended Aug. 26, Associated Gas & Eiectnc
eiectric output of 90,356,688 units (kwh.).
This is a

Feb. 8, 1937, and became effective

Autocar Co.—Tenders—

receive tenders of such certificates at such prices

are accepted will be notified promptly and instructed with respect to the
delivery of their certificates, upon receipt of which, payment of the amounts

on

In suspending its effectiveness in stop-order proceedings
July 13 the Commission said it found several deficiencies, including a
lack of adequate disclosure of support given to the market in the stock which
was proposed for public offering at the market price.
On behalf of the company, Frank L. Miller of New York and Paul E.
Schaeffer of Washington, Counsel for the respondent, issued a statement
in which they said;
"We have this day been informed by the Securities and Exchange Com¬
mission that the stop-order entered against our client, the Austin Silver
Mining Co., whose stock is listed on the New York Curb Exchange, has
been ordered vacated and the amendments filed by us on behalf of the
company declared forthwith effective.
"This win enable the company, after bringing an registration matters
up to date, to proceed with its plans for the further development and
operation of its properties."—V. 147, p. 563.
on

Sept. 15, 1938 the company will

(not in excess or par and
accrued interest) as holders may designate.
The certificates tendered at
the lowest prices by the close of business on that date will be accepted in a
sufficient amount to exhaust the available funds.
Holders whose tenders

originally

March 22,1937.

on

York, successor trustee,
the sale of first mortgage sinking fund 7%

The Chase National Bank of the City of New
is

inviting sealed

offers for

convertible gold bonds modified as provided in a

supplemental indenture

27, 1936 in an amount sufficient to exhaust the moneys held
fund on Sept. 15, 1938. Offers, which shall be for all or any
part of bonds so tendered, will be accepted at prices not exceeding the
unpaid balance of the principal plus a premium of 7H% and accrued
interest, before Sept. 15, at the corporate trust department of the bank,
11 Broad St., New York —V. 147, p. 412.
dated Aug.

in the sinking

net

258,581 units,

or

Aviation

Corp.—Acquisition—

July 22,1938, corporation acquired 6,675 additional shares of common
Mfg. Corp. from Lycoming Mfg. Co. for a consideration
of$l per share and on July 29,1938 acquired 17,528 additional shares of such
common stock from Aviation & Transportation Corp. for a consideration of
$1 a share, making total of 24,203 shares. These purchases increased hold¬
ings of Aviation Corp. in outstanding capital stock of Aviation Mfg. Corp.
to 48,406 shares of common stock and 30,000 shares of preferred stock,
representing all of t he issued and outstanding stock of Aviation Mfg. Corp.—
V. 147, p. 563.
On

stock of Aviation

Associated Gas & Electric

Corp. (& Subs.)—Earnings—

Consolidated Statement of Earnings and
Dates

Expenses of Properties Irrespective of

of Acquisition
ItlCTCCLSC

12 Months Ended July 31—

%
2
5
9
1

1938
1937
$102,384,407 $100,525,437
14,205,710
13,504,705
6,722,622
6,187,098
2,616,310
2.591,202
1,577,151
1,580,160
1,303.052
1,303,097

Amount
$1,858,970
701,005
535.524
25,108
x3,009
x45

--

Total gross oper. revenues..$128,809,252 $125,691,699
Oper. expenses & maintenance
66,447,034
63,374,365
16,554,925
14,865,261

$3,117,553
3,072,669
1,689,664

2
5
11

$45,807,293
11,049,904

$47,452,073 x$l.644,780
11,222,675
xl72,771

x3
x2

$34,757,389

$36,229,398 x$l,472,009

Electric-Gas

-

Transportation.
Water

-

Heating
Ice

Provision for taxes

Net operating revenue

Provision for retirements

Operating income.
x

..

x4

Baldwin Locomotive Works—President Resigns—
George H. Houston, President of this company for 10 years, resigned on
Aug. 26, resignation to take effect on Sept. 30. The board of directors at its
meeting in Philadelphia accepted the resignation and announced that
Charles E. Brinley, a member of the board and of the executive com¬
mittee, had been appointed an acting Vice-President with executive powers.
Mr. Brinley will continue as President of the American Pulley Co.
The directors also announced that, all legal proceedings in connection
with the reorganization of the Baldwin Locomotive Works having been
completed, an order for its final discharge from the Court would be pre¬
sented soon. It is expected that the final court order will have been entered
before Mr. Houston relinquishes the Presidnecy.—V. 147, p. 1118.

Indicates decrease.

1937

Note—The above statement excludes non-recurring expenses in the

period amounting to $590.109.—V. 147, p.

Atlanta Birmingham & Coast

1329.

RR.—Earnings—
1936
$327,478
78,028
46,236

1935
$312,659
65,041
37,589

2,256,277

1,926,632

287,382
18,.561

197,193
defll,145

1,759,853
124,128

July—

1938

Gross from

$300,650
44,941
2,004

1937
$309,791
33,879
367

1,958,816
150,907
defl95,448

railway
Net from railway

...

Net after rents
From Jan. 1—
Gross from railway-....

Net from railway
Net after rents.

Baltimore & Ohio RR.—Plan

def71,064

—V. 147, p. 728.

Following a special meeting of the board of directors of the company,
held in New York, Aug. 30, Daniel Willard, President, announced that the
company's plan for modification of interest charges and maturities, includ¬
ing its operated subsidiaries—the Buffalo Rochester & Pittsburgh Ry, the
Buffalo & Susquehanna RR. Corp.. and the Cincinnati Indianapolis &
Western RR.—had been approved by the directors.
It is also understood that a large number of the principal institutional
holders of the company's bonds have approved the plan in general, and
indicated their purpose to cooperate with the company in putting it into
BffCCt

Mr.*

Atlanta & West Point

RR.—Earnings—

1938

July—

1936

1937

1935

$157,113
23,040

defl,594

$141,220
12,937
def6,090

defl,178

1,061,869
135,644
def4,855

992,934
121,378
def27,692

867,868
70,088
def58,321

$141,014
22,803

Net after rents

Atlantic Coast Fisheries

Co.—Earnings—
1937
$32,260

1938

3 Months Ended July 31—
Net loss after taxes & deprec

$66,841

147. p. 103.

RR.—Earnings-

1938—Month—1937

Period End. July 31—

$2,444,976
2,603,778

1938—7 Mos.—1937

$3,076,823 $27,298,479 $30,335,257
2.825,548
21,173,287 21.914,304

loss$158,802

$251,275

$6,125,192

200,000

200,000

3.125,000

$8,420,953
3,375,000

Operating income.—loss$358,802
Equip. & joint fac. rents
31,162

$51,275
32,£11

$3X00,192
1,360.112

$5,045,953
1,128,144

income loss$389,964

$18,364

$1,640,080

$3,917,809

Net oper. revenues
Taxes.

the

generally
with the
be given

Steel Cor p.—Listing—

corporation recently was granted permission to list 370,390 shares
New York Curb Exchange, bringing total listed
common shares to 802,790.
Of the total, 87,390 shares will go to Sisto
Financial Corp. as repayment of outstanding notes.
An additional 80,000
shares will be purchased by Sisto Financial Corp. at $1 per share and
The

of common stock on the

another 80,000 shares are to

1936
$7,748
*

Atlantic Coast Line
Operating revenues
Operating expenses

that he is sending a letter to all of

147, p. 1330.

Barium Stainless

—V. 147, p. 728.

—V.

also announced

public notice.—V.

From Jan. 1—
Net from railway.

Willard

security holders of the company outlining this action, and stating
why he feels that acceptance of the plan is in their best interest.
Applications in connection with the plan will now be filed
Interstate Commerce Commission, and shortly thereafter will

1,532

924,376
39,116
defl26,223

$148,439
22,817

Gross from railway

Net from railway
Net after rents
Gross from railway

for Modification of Interest

Charges and Maturities Approved by Directors—

be issued under the option of Sisto Financial

purchase the final lot of such shares at $2 per share up to June 6, 1940.
Employment contracts call for issuance of 18,000 shares and 105,000 shares
will be issued under options. J. A. Sisto, Chairman, will be entitled to buy
50,000 shares at $2 a share up to July 14,1940. Three other individuals have
similar options on the balance.—V. 147, p. 1028.
to

Bastian-Blessing

Co.—25-Cent Dividend—

Directors have declared a

dividend of 25 qents per share on the common

stock, payable Oct. 1 to holders of record Sept. 15.
Like amount was paid
on Jmy 1 last and previously regular quarterly dividends of 40 cepts per
share were

distributed.

In addition, an extra dividend of 25 cents per

paid on Oct. 1, 1937.
The directors will meet early

share

was

Net ry. oper.
—V.

147, p. 728.




in November to consider a final year-end
dividend in view of the fact that the company is subject to the surtax on
undistributed profits in its fiscal year ending on Nov. 30.
Earnings of the
company in October wil! determine the amount of this payment.—V. 147,
p. 264.

^

.

Financial

1480

Bell

Rouge Electric Co.—Earnings—

Baton

a

j

$1,842,374

686,264
334,319

665,231
236,892

b After appropriations for

non-operating income-net.

Includes

1937

$2,147,643

Operating revenues
.
a Balance after operation, maintenance and taxes,..
b Balance for dividends and surplus

re¬

147, p. 1330.

tirement reserve.—V.

Co. of

Telephone

Operating revenues ... $5,551,469
3,904,748
Operating expenses

$5,638,418 $39,733,549 $40,040,492
3,978,858
27,102,657
26,948,308

$1,646,721

$1,659,560 $12,630,892 $13,092,184
454,751
3,487,579
3,523,108

Net oper. revenues...

Beacon

4,190
838

paid--—

Transfer fees and bank
services-—------—Other

1936

$3,216
2,994
3,000
3,301
640

695

800

3.242
30.204

2,494
99,610

$26,754
359,833

$86,032

expenses--

Profit on sale of secur—

1935

$7,716
1,570
15,317
1,113

$8,544
3,028

479.085

Operating taxes...

Earnings-

1937

1938

6 Mos. End. June 30—
Income on int. and divs.
General expense-Taxes.-----——»Interest

-

Participations, Inc.

Pennsylvania—Earnings—

1938—Month—1937
1938—7 Mos.—1937
Period End. July 31—
$5,656,753 $39,949,328 $40,133,330
Operating revenues. . .. _ $5,583,843
32,374
18,335
215,779
92,838
Uncollectible oper. rev—
•

1938

12 Months Ended July 31—

Sept. 3, 1938

Chronicle

$1,888
3,702

Net

operating income. $1,167,636
711,299

Net income..
—V. 147,

Subs.)—Earns.-

Beneficial Industrial Loan Corp. (&

135~819

loss68~962

$129,101
672,330

6 Mos. End. June 30—
1938
Operating income——$10,545,511
Operating expenses (incl.

loss$70,776

$9,569,076
6,351,844

$9,143,313
5,952,748

$1,204,809
750,588

p.1184.

1936

1935

$10,577,374

$8,857,250

$8,529,756

5,783,640

5,153,448

5,111,203

1937

provision for doubtful
Net prof, for the
Deficit Jan. 1.

period
—

571.302

Reduction in amount of
reserve for losses
Excess of prior year res.

Sotes).

1.074,280

Dr35,798

090,825

$4,793,734

4,116

$3,703,802

3,808

$3,418,553
22,056

$4,227,796
161,542
154,066

$4,797,850
146,283
166,998

$3,749,093
220,417

$3,440,609
127,110
224,438

810,830

x972,779

646,530

563.680

821

20,325

$3,511,789
6,631,901

$2,881,324

$2,497,544
5.340,359

-$11,133,063 $10,143,691
Surplus credits (net)---22,655 .
Z)r77,882

$9,270,811

5,515

for taxes reverted-—

Interest-

Other interest

116,040

(net)
on cl. A stock ac¬
quired for treasury—

041,696

Br2~5,bbb

Reserve for taxes.-—-

$331,329

$355,865

Oth.

$604,027

$1,012,535

Net inc. applic. to min.
stockholders of sub.cos

Cash

held

Res.

under

9,102

expenses...

Accts. A notes rec.
_

1937

$24,481

for litigation

cl. A stkhldrs.

35,278

111,749

—

14,668
5,192

xCl. A partic, pref.

580,393

y

Cl. B partic .pref.

z

Common..

499,000
1,000

Deficit

$790,506

Total

$1,010,332'

331,329

Total

175,672
605,283
499,000
1,000
355,865

$790,506 $1,010,332

Represented by 30,647 shares no par class A participating preferred
in 1938 (31,857 in 1937).
y Represented by 25,000 shs. no par
B participating preferred stock,
z Represented by 25,000 no par
shares of common stock.—V. 146, p. 3328.
x

stock

$9,331,784

$7,849,974

376,988
2,242,728

376,990
1,569,389

$8,800,528

$7,489,582

$6,712,068

$5,903,595

2.314,989
$1.17

Earned surpl. June 30
common
stock

2,314,989
$1.35

2,314,989
$1.08

2,092,444
$1.01

Shares

outstanding
Earnings per share
x

$165,623
44,141
971

-,—

.

-

1,732,556
746,056

.

-

1936

Condensed Consolidated Balance Sheet June 30

1,929,320

1,328,566
382,322
21,977

902,906
459,156

336,134

997,184
246,241
def53,450

x

ceivable

(net)-.58,331,334 68,774,658

Ac—

Unearned discount

624,458

27,976

28,376

Outside int. in cap.

701,981
145,536

638,624

48,643

39,619

(at cost)—

Real est. (at cost).

Other assets

1938

1937

1936

$666,317

...

612,289
27,442

516,604
26,118

$138,161
11,018

Operating profitOther income

$823,881

499,868
28,288

expenses..

Depreciation.

$968,307

$328,576
36,153

$281,159
35,420

Total

insurance,

12,500
12,500
10,770,650 10,770,650
16,585,168 16,585,168
Paid-in surplus.
6,983,828 6,983,828
Earned surplus.-- 8,800,528
7,489,582
stocks of subs—

Furn. & fixtures
(after deprec.)..

291,424

Earnings—

6 Months Ended June 30—
Gross operating profit

1,399,522
629,625

601,437

15,169

33,978

y

Empl. thrift accts- 2,838,111

27,251
1.5,202

receivable

Invest,

688,340
2,564,014

Reserve for taxes,

Miscell. notes and
accts.

$

$

Notes Aacct8. pay 17 307,318 29,756,107
Due to assoc. co—

Install, notes re¬

Deferred charges—

Belding Heminway Co.-

7,064,182

1937

1938

1937

5,219,380

Cash

1935
$132,230
31,128
def4,999

$134,958
7,766
def39,201

..

Includes provision for surtax on undistributed profits.

Liabilities—

Ry.—Earnings—

1937
$184,102
48,768
14,220

1938

Net from railway. Net after rents
From Jan. 1—
Gross from railway—
Net from railway -;—
Net after rents
—V. 147. p. 729.

$7,837,902
12,072

376.988
2,199,240

1938

Beaumont Sour Lake & Western
July—

60,974

10,470
376,980
1,967,741

Surplus charge.
Preferred stock, series A
Common stock

class

Gross from railway

6,389,487

..-.- —

Earned surplus avail,
for divs. on capital
stocks of the corp__$ll,155,718 $10,065,809

re

treasury shares.
Notes A accts. pay.

84

67

Furn. A fixtures--

60,762

Total

8,031.705

Jan. 1_-

Earned surplus

Due ceitain former

2,430
33,634

trustee writ

Other securities

1938

$12,480

Res. for taxes, Ac.

$839,411
135,559

$638,870
3,757

7,512
$3,101,358

Net income

LiabllUies—

1937

1938

Assets—

chgs.

of debt disct. & exp.--

Comparative Balance Sheet June 30
Stocks and bonds.

period)
(incl.amort.,

stk. taxes (curr.

Dr7,849

Drl,750

45.291

Prov.for Fed. inc. & cap.

Disct.

Cash.

income, $4,223,988

Gross income

Rec. under covenant not
to sue former directors

6,321,523

-

Net operating
Income credits

64,523,997 76,879,335

a

Preferred stock.

b Commonstock.

_

_

.-64,523,997 76,879,335

Total

Represented by 215,413 no par shares,
b Represented by 2,314,989
no par shares,
x Less reserve for doubtful accounts of $4,436,946 in 1938
and $3,153,895 In 1937.
y After reserve for depreciation of $515,299 in
1938 and $590,098 in 1937.
a

40-Cent Dividend-—
The

have declared a dividend of 40 cents per share on the
stock, payable Sept. 30 to holders of record Sept. 16,
Like
paid on June 30, last and compares with 45 cents paid on
March 30, last; 30 cents paid on Dec. 20, 1937; 37 H cents paid on Oct. 30
and on July 30, 1937, 50 cents paid on April 30, 1937, 45 cents paid on
Jan. 30, 1937, and divs. of 37Y% cents per share previously distributed each
three months.
In addition, an extra dividend of 25 cents was paid on
Oct. 30, 1936, and on Jan. 30, 1936.—V. 147, p. 1028.
directors

common

$364,729

$149,179

Expenses of idle plants—net.

$316,579
6,750
11,045

"

4",995

¥.701

$144,184
57,319

$355,028
255,016

$298,784

$0.31

$0.76

Common dividends

was

$0.64

Miscellaneous deductions
Net profit

amount

Earnings per share on 465.032 shares
common stock (no par)

Berghoff Brewing Corp.—Earnings—
Earnings for the Six Months Ended June 30, 1938

Comparative Balance Sheet
Assets—

June 30 '38 Dec. 31 '37

x

596,111

Accrued taxes....

tr. accepts, rec.,

$82,730

Ac

trade-

444,513

Miscell. accts. and
receivable

21.747

rental agreem't.

14,993

59,009

87,412

counts recelv'le.

65,000

2,574
3,842

Other liabilities...

Dividends payable
z Common stock..

44,808

Notes rec., officer.
Inv. in & advs. to

3,125

Capital surplus

2,328
3,377

116,133
1,732,518
1,540,665

432,464
92,727
645,566
168,693

999,427

912,562

1,556,719

Gross profit
Operating expenses

-

$1,854,729
1,323,709
$531,020
334,088

-—,

Net operating profit

Loss

$196,932
4,422
37,500

—..

equipment retired

on

—

Provision for Federal income

taxes

--

—

Net profit

$155,010
74,783
$0.52

-

——

—

Earnings

per share on 299,535 shares com. stock (par $1) ——
Note—The net profit shown above includes provision for:

1

-

Fixed assets
Deferred charges..
y

-

—

Cash dividends paid---.:

170,833

1

Other assets

293,323
96,183
657,657

Cost of sales-

1,755,311

Earn, surplus since

affiliated cos

Net sales

ac¬

2,096.634

Cash depos. under

$100,860

18,103

Credit bals. in

35,457
1,861,162

Mdse. inventories.

Goodwill

June 30 '38 Dec. 31 *37

Accounts payable.
Acer, exps., wages,

Accts., notes and

notes

Liabilities—

$549,083

Cash.a$713,476

—

Dec. 31.

1932..

Depreciation

on

-

$53,102
43,280

plant and equipment

Depreciation, losses and breakage of containers
Balance Sheet June 30.1938

Total

$4,438,868 $4,549,6971

Total

$4,438,868 $4,549,697

Less reserve for doubtful accounts and notes, June 30, 1938, $62,462.
Dec. 31, 1937, $61,439 reserve for discounts, June 30, 1938, $19,424,
Dec. 31, 1937, $25,015.
y After reserve for depreciation and obsolescence
of $1,432,480 in 1938 and $1,416,038 in 1937.
z Represented by 465,032
x

shares,
p. 1184.

no par

a

Includes time deposits amounting to $150,000.—V. 146,

Assets—

Cash

on

Liabilities—

hand and in banks.

_

$113,772

-

Accts. receivable, trade.
Inventories—

*57,723
268,375

...

Com. stk. Ft. Wayne Nat. Bk.
—cost

Belmont Radio

1938

....

...

1937

$1,691,381
340,427

$2,301,409
465,673

1936
$1,167,248
192,375

185,036
22,665
70,421

243,461
13,319
82,342

140,526
4,231
6,122

$62,305
24,729

$126,550
39,446

$41,497
15,643

$87,034

$165,997

$57,139

24,944
11,797

22,204
20,409

979

Royalties, selling, general and admin¬
istrative

expenses...

Depreciation
Taxes

Operating profit
Other Income

Totaljncome

Other deductions...
Provision for Federal income taxes...

....

Common stock (par $1)

,661,433

Surplus

17,452

111,850
Z91.436
299,535
1,615,863

3,917
41,711

$2,159,950

Total—

-

$2,159,950

After

deducting liability for deposits on containers included therein
amounting to $58,528, and reserve for uncollectible accounts of $17,000.
y After reserve for depreciation of $582,849.
z After deducting $58,528
liability for deposits on containers included in accounts receivable.—
x

V. 147, p. 1184.

EaSS.-e «Wobo¥hVj:;:

Boeing Airplane Co.—Earnings—
Consolidated Income Account for 12 Months
Gross sales, less returns and allowances--—

Costs, expenses, &c
Depreciation

sl2io3f?

x Before
provision for Federal income taxes,
y
Later
reduce this figure by $2,654 to $53,503.—V.
147, p. 729.

Loss

adjustments

Bishop Oil Corp.—Smaller Dividend—
Directors on Aug. 25 declared

Deferred & prepaid items

Total—

9,737

Wages payable—accrued
Taxes payable—accrued
Liability for deposits on con¬
tainers

Plant and equipment
yl
Land not used In operations..

Corp.^—Earnings—

t6 Months Ended June 30—

$20,556
3,259

payable—trade

Accts. receivable—credit bals.

3,281

Atock subs, receivable, officers
and employees

—

Net sales.
Gross profit

Accounts

a dividend of five cents
per share on the
stock, payable Sept. 15 to holders of record Sept. 1.
Previously
regular quarterly dividends of ly2 cents per sharewer e distributed.—V. 147,

Ended June 30.1938
$3,605,543
3,526,322
113,216
$33,995
26.662

Other income.
Loss

$7,333

Interest

on

notes

payable, Ac

Federal and State income taxes, &c.

2,237
26.405

common

p.

1028.




Net

loss

-V. 146, p. 3004.

$35,975

Volume

Financial

147

Borden Co.

Brown-Forman Distillery Co., Inc. (&

(& Subs.)—Earnings—

6 Months Ended June 30—
Net income after all charges

Earns, per share

on

Year End. April SO—

$2,883,085
$0.65

52,823,674
$0.64

Company Handles Only 6% of Dairy Products Distributed
in the United States
The company handles about 6% of the milk, cream and other dairy
products distributed in villages and cities of the United States.
Out of
every dollar it received from all revenues since 1930, only 3.22 cents be¬
came profits.
Its processing plants number only 125 out of the thousands
of dairying plants in this Nation.
Nevertheless the company is large enough
to be a leader in research and in the development of new products.
These facts were reported Sept. 1 to its shareholders, by President T. G.
Montague, in a statement accompanying the dividend check representing
30 cents a common share.
He pointed out that a decline of one cent per
share in earnings for the six months ended June 30, 1938, as compared with
the corresponding period of 1937, was occasioned primarily by a decrease
in ice cream sales caused by the unseasonable weather in May and June.

Estimates Distribution

at

6%

Cost of sales

1937
$8,618,141
6,103.676

1936
$7,664,379
5,458,505

1935
$3,887,197
2,915,885

Gross profit on sales..
Other oper. income.-.-.

$2,019,069
5,099

$2,514,465
8,209

$2,205,873
15,887

$971,312
18,149

$2,024,168
1,764,450

$2,522,674
1,828,549

$2,221,760
1,602,053

$989,461

Sell., adm. &

$259,718
12,839

$694,125
22,038

$619,706
21,840

$43,184
5,626

$272,557

$716,163
217,053

$641,547

$48,810

170,274

145,841
64,576

79,685
86,800

8,040
9,800

$288,694
90,000
$0.71

$475,062
90,000
$1.92

$30,970

Net sales

Income credits.

Flood loss

Discount

various dairy products."

"According to the Federal Trade Commission, The Borden Co. handled
the equivalent of 6.8% of this milk in 1934.
The company, by reason of
the curtailment of its operations in the produce division as referred to in
the last annual report, now estimates its proportion to be 6%."
"In the United States, The Borden Co. processes miik and other dairy
products in about
125 plants.
(Receiving stations and distribution
branches are not included as they are not engaged in processing and manu¬
facturing.)
The plants are of various sizes and product diversification.
They are operated in competition with thousands of other companies."

Trade
of the total number

Mr. Montague pointed out that there is no record

Eroducts, each that information is available toHe sets forth number of plants
indicate the such information
andling but of the major dairy products.
in

tabular

fashion

on

pref. stock

67,500

Earns, per sh. on com.stk.

Nil

Cheese

Evaporated and condensed milk
cream

150
4,400

Assets—

1938

Cash

x

$217,428

a2,140

47,466

Accts. rec., trade

798,959

1,179,292

3,136.606

Inventories

that a plant making
classification.
"Notwithstanding the fact that Borden now handles milk and other
dairly products equivalent to only about 6% of the milk sold from all
farms and operates a relatively small number of the plants which make up
the dairy industry," Mr. Montague said, "it is large enough to be leader
in research and in the development of new products.
It is also able to
maintain competent technical and managerial staffs for the purpose of
effecting economies, promoting efficiency and broadening the market by
giving the consumer superior dairy products."

Accrued

81,364

29,816

27,505

Trade accepts.pay.
Notes

and employees..

19,573

34,976

Laud, bldgs. and

long-

pay.,

137,563

z

Borden Co. since 1930 from the sale
and from miscellaneous revenues, 96.78% has been paid
to farmers, employees, railroad and other transportation agencies, govern¬
ment (taxes) and other like institutions and services, or has been required
for materials, supplies, depreciation, repairs, insurance and other similar
items.
Only 3.22% of the total money received represents profits earned,
and that was accomplished in competition with the thousands of other
companies in the industry."—V. 147, p. 729.

Brewers & Distillers of

Vancouver, Ltd.—Earnings—
1938
$186,605
$0.32

'

6 Months Ended June 30—
x

-

on common

for

deductions

equipment
1,260,217
Prepd.ins. & other

1,275,258

Capital surplus...

60,681

68,801

11,613

charges

value)

par

stock

operating

.

normal

expenses,

1937

$281.864
$0.49

Federal

income

Briggs Manufacturing Co.—Trading

on

at

cost

Total

..$5,642,825 $0,162,6641

$5,642,825 $6,162,664

Total

After allowance for doubtful accounts of $45,000 in 1938 and

x

in

1937.

allowance for depreciation of $153,645 in
$102,142 in 1937.
z
Represented by 15,000 no par shares,
receivable only.—V. 146, p. 2197.
After

y

Bullard

Account

for the

Fiscal

gen.

1937

1938

-

..

---

Gross profit
General expenses

—

$923,035
363,223

$686,809
301.767

$200,179
167,396

$115,088
7,966

Other income-

$559,813
4,339

$385,042

$32,783

14.344

413

$564,150
97,280

$399,386
58,748

$33,196
1.200
$31,996

Federal income taxes

21.837

pro

$101,217
69,000

$466,870
138,000

$340,638

Dividends.

$32,217

$328,870

$271,638

$31,996

276,000
$1.23

276,000
$0.12

69.000

Surplus
Shares

com.

stock

out¬

276,000
$1.69,

276,000
$0.37

standing (no par)
Earnings per share

Balance Sheet June 30

y

1938

Cash
z

311,523
57,624

Receivables

Inventories

1,316,741
1.5,422

Common stock..$1,051,125

Accounts payable.

Customers'

1

Patents

x

292,343
362,358
1,348,385
15,262

Notes

depos.
—.

85,412

Total income

Bulova Watch Co.-

$3,830,516
2,643,368

$372,766
32,012
46,702

Depreciation
Income tax
Net income
Earned surplus balance July 1, 1937--.—
Excess provision made in prior years for losses.

$294,052
381,139
4,000

On class A preferred.

Gross profit
Expenses

1936

1935

$1,448,172
(147,985

$726,553
404,616

$529,455
300,370

$800,187
7,495

$321,937
12,462

$229,085
19.259

$279,090
20,914
104,128

$807,682
69,795
171,536

$334,399
25,206
75,663

$248,344
79,184

$154,048
324,881
$0.47

$566,351
324,881
$1.74

$233,530
275,000
$0.69

$121,286
275,000
$0.28

426,685
operationsi

Other income

x

Earnings—

1938
$692,451

Other charges

Depreciation and taxes.
Ne^ profit—
Shs. of com. stk. outst'g

Earnings per share
Includes provision for

$265,766

$355,169
$0.34

279,764 shares common stock

70,098
220,320

Customers'
Accrued

deposits.......

1,487,779
3,820

16,855
36,249

Class A pref. stock

52,000

y990,640
279,704

Common stock ($1 par)

Capital

liquidating
banks, less res've for loss...
against

4,869

surplus
surplus..

Land,

buildings,

— -

Accts.

x558,173

less

x

no

Total

reserve for depreciation of $952,526.
shares-—V. 147, p. 1029.

After

par

1938

1938

$144,900
39,313

railway

Net from railway

18,425

Net after rents

y

Represented by 99,064

reserve

835,816

Gross from railway

Net after rents

—

—V. 147, p. 730




83,933
def43,696

$584,441

$418,561

and government income taxes.

1937

$132,119
36,019
13,465

1936

$70,331
def4,257
defl8,899

Inventories

$60,046
def27,790

def43,171

775,250
118,799
def35,527

4.56,463
def72,405
defl81,569

455,966
defll9,637
def229,215

369,684

316,568

1,737,215

draft

liabilities..

and

equipment.
Investments

846,407

5H% series A sink,
fund

106,019

356,717

342,697

debs,

due

1,300,000

1,400,000

1,044,821
Capital stock.— 4,918,960

257,324
4,917,254

April 1, 1946...
Minority

int.

in

sub. company..

7,198,482
352,338

6,083,700

458,738

x

Cap.

surplus

and

dlstrlbut'le surp.

Total

$460,889

32,500

Mtgs.pay

Land, bldgs.,pl't

Other

1937

$670,265
904,359

(secured).

Accts. pay. & accr.

79,867
.

1938

Bank loans & over¬

794,396

Invests, in & advs.

y

1935

Liabilities—

1937

$90,920

293,126

for

to affil. cos

From Jan. 1—

Net from railway

$343,239

& bills rec.

doubtful accts--

....$2,542,994

Burlington-Rock Island RR.—Earnings—
July—

$309,748

2,057,853

—--

Prepaid expense.

Gross from

$838,555
104,260
315,734

Consolidated Balance Sheet July 31

Investments

$2,542,9941

Total

446,674

$211,306

Cash

802

equipment,

&c., at cost

$1,129,946
98.831

76,301

Subject to provision for minority interests

Assets—

Real estate purchased for resale
...

$447,483
27,944

123,880

Profit

94,507

insurance, <fcc_

$768,321
70,235

x

355,169

Organization expense, prepaid

less reserve for loss

$1,077,687
52,259

x

733,530

Earned

depreciation._

$414,841
32,642

$461,973
28,345

Total.
Interest
Prov. for

_

$448,853
13,121

$78,787

expenses..

1938—12 Mos.—1937

except

Other income

payable

(& Subs.)—Earnings—

1938—3 Mos.—1937

operations

all taxes,
income taxes.

Res've for Fed. income tax.

Inventories at lower of cost or

Claims

Accounts

from

Profit

after

Liabilities—

$102,626

Due from empl's for com. stock

undistributed profits.—V. 147,

564.

Period End. July 31

Balance Sheet June 30, 1938
Assets—

——

4/,874

douotful notes and accounts receivable.

Note—No provision made for surtax on
p.

Canadian Breweries, Ltd.

-

1937

125,894

-

Balance June 30, 1938

market

1,811,320

$3,121,614 $3,264,766

Total

13.324

3 Mos. End. June 30—

x

$679,191
198,128

.

Instal. accts. rec., lees res've..

192,038
1,629,054

Provision for Fed'l

Earned surplus...

Profit from

Notes & accts. rec., less res've.

173,170

138,665

&c

1938

$339,738
33,027

Income from operations.

Other income (net)

Cash

$1,051,125
109,649
9,730
100,000

payrolls,

taxes,

$3,121,614 $3,264,766

Total

35,092

payable.

Accrued

1937

1938

Liabilities—

1937

Land, bldgs., ma¬
chinery & equip.$1,420,302 $1,246,416

x Represented by 276.000 no par shares,
y Less reserves for depreciation
$2,797,228 in 1937. z Less reserve for bad debts.
&c., of $9,355 in 1938 and $12,366 in 1937.—V. 146, p. 3329.

$1,187,148
847,410

_

per share on

1935

1936

302,244

$417,332

expenses.

of $2,089,530 in 1938 and

Year Ending June 30,

._

Cost of sales

Notes

a

$123,054

Selling &

for trading

Brown Fence & Wire Co,~r~ Earnings—
Net sales

$50,534

1938 and

Co.—Earnings—

6 Mos. End. June 30—
Gross profit

Amsterdam—

Certificates for no-par shares of the company were introduced
on the Amsterdam Bourse on Sept. 2.—V. 147, p. 1184.

Earnings

637,853

Brands & tr.-mks.,

Prepaid expenses..

charges.—V. 147, p. 414.

Dividends paid:
On common

280,000

11,448

Surplus—

Income tax

Total

710,368

Common stock ($1

Assets—

Income

1,500,000

280,000
710,368
537,090

6% cum. pf. stk.

2,143,575

1,500,000

term

17,494

50,057

Life insurance

Net

"Of all the money received by the

taxes and other

129,293

&c.,

of its products

After

102,498

11,685
6,033

447,414

comm'ns,

taxes (est.).

and deposits

deferred

$211,662

&c

taxes,

receivable

1937

1938

Accounts payable-

Fed'l Income,

Accts. rec., officers

Explains Revenue Dollar Distribution

x

Nil

$2,185,082
193,640

Notes payable

3,282,993

Acer, storage, misc.
accts.

Liabilities—

1937

$273,161

Notes & accept.rec.

The totals of the above, as Mr. Montague notes, are greater than the
actual number of plants operating, for the reason
than one product is included in more than one

more

Net profit
Earnings per share

90.000

Condensed Consolidated Balance Sheet April 30

Total

8,500
4,500
2,600

69
7
17
19
42

cream

Butter

Ice

135,546

follows:

as

Borden
Milk and

946,276

in¬

loss$33,263
Divs.

States processing and manufacturing dairy

United

the

&

terest paid, &c
Inc., &c., taxes (est.)
Spec, allow, to cust.,&c.

y

in

allowed

_

i

United States," ex¬
plained Mr. Montague, "approximates 48 billion quarts, according to the
United States Department of Agriculture.
Of this total, about one-fourth
of the milk is usea on farms where it is produced or is made into farm butter.
The remaining 36 billion quarts, handled by thousands of competing dairy
companies, is distributed as milk or cream in cities and villages or made into

of companies

gen. exps_„

of Total

farm production of milk in the

Shows Relation to Branches of

Subs.)—Earns.

1938
$6,485,016
4,465,947

1937

1938

4,396,704 shares stock

"The total annual

1481

Chronicle

$10,919,372 $9,930,259

Total

2,048,468

2,048,385

$10,919,372 $9,930,259

Represented by 163,428 cumulative sinking fund convertible preference
no par value and 674,667 (672,961 in 1937) common shares of no
value,
y After reserve for depreciation of $5,084,832 in 1938 and
$4,203,307 In 1937.—V. 146. p. 4110.
x

shares of
par

1482

Financial

Chronicle

Canada Dry Ginger Ale Co.—Year-End Dividend-r

Central Indiana Power

Directors have declared

a year-end dividend of 25 cent per share on the
stock, payable Sept. 19 to holders of record Sept. 8. This will be
the first dividend paid since July 15, 1935 when a quarterly dividend of 10
cents per share was distributed.—V. 147, p. 884.

Canadian Car & Foundry

share on the preferred
stock, payable on account of accumulations on Oct. 10 to holders of record
Sept. 26.
Dividends of 44 cents were paid on July 11, April 11 and on
Jan. 10 last.—V.
146, p. 3491.

Other departments

Foreign Investment Corp., Ltd.—No Com¬

Dividend—

mon

Directors at their recent meeting decided not to take any action with
regard to payment of a dividend on tne common stock at this time.
A

quarterly dividend of 40 cents per share was paid
p. 2066.

Canadian National Lines in New
July—

1938
$141,023
14,616
def21,890

Gross from railway

Net from railway,
Net after rents

__

on

July 1, last.—V. 145,

England—Earnings—

1937

1936

1935

-

$126,915
defl7,904
def61,170

$115,032
def7,917
def49,959

$105,389
defl9,374
def£8,217

869,126

753,917
def171,454
def463,540

627,210
def190,976
def473,686

From Jan. 1—

Gross from railway
Net from railway .

747,363
def80,298
def367,564

.

Net after

rents—

def 10.531

def323,886

—V. 147, p. 731.

Canadian National

y

Operating revenues
Operating expenses

Operation

revenue

deficit..

$96,958

$958,900

$5,776,941

$7,626,848

Canadian Pacific Lines in Mai ne—Earnings—
July—

1938

Gross from railway.....
Net from railway.......

$106,760
def2l,557
def44,137

Net after rents

1937
$132,782
def23,986
def47,178

1936
$125,019
def 15,212
def39,045

1935

$106,880
def 17,231

on

Amortization of debt discount and expense

1,525,872
245,776
11,059

1,576,288
305,534
80,856

1,375,845
103,894
108,709

1,200,476
121,594
def66,756

Canadian Pacific Lines in Vermont-

-Earnings-

1937

1936

1935

$66,871
def33,979
def60,402

$90,409
def8,671
def37,268

$86,701
def17,739
def43,496

$79,902
defl8,543
def39,429

458,506
def292,328
def475,072

695,883
def86,083
def278,079

574,315
def235,268
def413,871

549,017
defl45,818
def296,901

Net after rents
From Jan. 1—

Gross from railway.
Net from railway

...

Net after rents...
—V. 147, p. 884.

Canadian Pacific

Reclassified on 1937 basis,

x

Ry.—Earnings—

Net

10,582,689

earnings........

10,946,066

89,189,188

69,476,174

$507,337

expenses

y

$1,640,178 from affiliated companies in
1937;

Central RR. of New

Jersey—Earnings—

railway
Net from railway-

....

....

1935

1936

1937

1938

July—
Gross from

$2,342,086
535,953
def5,984

$2,602,779
652,243
124,941

$2,555,774
693,950
113,711

$2,381,206
660,824

16,537,238
4,245,681
440,998

19,394,446
5,545,356
1.700,448

18,028,420
4,211,874
709,663

17,179,932
4,631,980
1,815,503

36,744

From Jan. 1—

.....

—V. 147, p. 732.

(& Subs.)—BaL Sheet June 30

Central States Elec. Corp,
1938

$

Liabilities—

1,165,394
152,787
6,690

debentures287,780

series due 1948.13,120,000

634,497

.-.-

13,638,000

Optional 5M% de¬
bens., series due
1954
23,099,000 23,099,000
Int. accr. on debs698,546
711,496

1, 121,788
174,147

—

$

$

5% conv. debens.,

blnvfstments--..43,600,147 45, 447,168
Invest, in whollyowned subsid'y.
25,000
25,000
receivable..

1937

1938

1937

S

Accts. pay. & accr.

Tlnamort. discount

63,919

66.978

Res've for conting.

679,134

679,134

Reeve for taxes...

on

618

2,200

liabilities

Capital
c

Total

—

--45,237,798 47,402,599

a31,166,421 31,171,944

—

23,589,840 21,966,152

Deficit

-.45,237,798 47,402,599

Total

a
7% pref. stock, issue of 1912, cum. (par $100), 75,433 sbs., less 6,633
shares held in treasury; serial pref. stock (par $100): 6% series, 101,240,
less 6,400 shares held in treasury; convertible optional div. series, 15,788

Period End. July 31—
1938—Month—1937
1938—7 Mos.—1937
Gross earnings..
$11,090,026 $12,041,527 $72,377,554 $78,831,789

Working

9,719
$227,431

1937; $1,403,152 in 1936.
z $443,886 from affiliated companies in
$417,767 in 1936.—V. 145. P. 3191.

Acct8. receivable..

1938

10,490
$298,040

bond interest, and donations)
Net income

Divs.

July—

$886,495
572,971
25.100
51,273

Miscellaneous income deductions (taxes assumed on

Cash.....

Gross from railway.
Net from railway

$856,320
30,174

$958,906
571,943
27,333
51,100

—

19,750

19,707

$945,020
13,886

-

A88Ct8~~~~

Gross from railway..
Net from railway......
Net after rents
—V. 147, p. 884.

64,266

...

—

397,326

46,069

funded debt

General interest

360,000

416,141

——

Gross income

Interest

197,106

225,032

Net operating income—...
Total other income (net)

$4,565,674
1,687,432
86,136
941,895

360,000

(retirements)

State, local and miscellaneous Federal taxes
Federal income tax—normal and excess profits tax
Undistributed profits tax.

def35,929

From Jan. 1—

...

-

Provision for depreciation

Gross from railway
Net from railway.
Net after rents

1332.

affiliated companies

—

318,866

$5,092,907
1,931,644
87,734
1,016,999

...—.

—

Net after rents

Net

-V. 147, p.

-

...

$4,052,772
194,036

205,308
310,521

Power purchased.

Gas purchased from

Ry.—Earnings—

[All-inclusive System]
1938—Month—1937
1938—7 Mos.—1937
$14,176,717 $16,662,985 $96,936,276$111,659,299
14,273,675
15,704,085 102,713,217 104,032,451

Period End. July 31—

$4,577,078

-

-

Total operating revenues

per

*1936

1937

Years Ended Dec. 31—

Maintenance

Canadian

Co.—Earnings—

Operating revenues—zElectric department—
Gas department._—
—......

Co.—43-Cent Pre/. Div.—

dividend of 43 cents

a

1938
3

[Including Northern Indiana Power Co.]

common

Directors have declared

Sept.

$1,095,461

$3,188,366

$9,355,615

less 475 shares held in treasury; convertible option
less 4,900 shares in treasury; common stock (par $1)

series of 1929, 36,561,
10,121,507 shares, less

16,486 shares held in treasury,
b At average cost, including valuation
heretofore placed by directors upon stock dividends received,
c After
deducting excess of par value of preferred stocks held in treasury over cost
thereof $498,573.
Note—Earnings for six months ended June 30 were published in the
"Chronicle" of July 23, Vol. 147, page, 564.
.

,

Earnings for Week Ended Aug. 21
™

1938

,

Traffic earnings

1937

$2,617,000

$2,562,000

Increase

$55,000

-—V. 147, p. 1332.

Central Zone Property

Canadian Wirebound Boxes, Ltd.—Accumulated Div.—
The directors have declared a dividend of 37J4c.
per share on account
of accumulations on the $1.50 cumulative class A
participating stock, no
par value, payable Oct. 1 to holders of record Sept. 15.
A like amount was
paid July 2, April 1 and Jan. 1 last and on Oct. 1,1937; a dividend of $1.37 H
was paid on July 2,
1937; dividends of 37y* cents were paid on April 1
and Jan. 2, 1937, Oct. 1 and July 1, 1936; 25 cents
per share paid in each
of the seven preceding quarters and on June
30, 1934, and 37J4 cents per
share distributed on April 1 and Jan. 2, 1934.
Accruals after the current
payment will amount to $2.25 per share.—V. 147, p. 1185.

Celanese

Placed

of

I? additlon the

company has extended its bank loans to $5,000,000 from
$4,500,000 and has placed them on the basis of serial maturities.
pi
The proceeds of the debentures will be used in furtherin
*8 <
developments
and changes designed to obtain economies in
V. 147. p. 1332.
operations.

YEquip. Notes

Ney York P. S. Commission has authorized the

company to issue

$260,000 four-year serial
equipment mortgage notes to be secured by a
chattel mortgage.
The proceeds, according to the petition of the company
will be used to buy 23 new motor buses to

replace units which have been or
cost approximately
$377,200 for the 23 coaches.—V. 144, p. 607.

yklch are in the process of being retired. Each bus will

Central of Georgia Ry.
July--

1938

$1,173,939
120,500

Net after rents
From Jan. 1—
Gross from railway

defl5,697
8,483,820
810,219
defl61,754

—V. 147, p. 732.

revenue

.

pref. stock

Amort.of pref. stock exp.

Balance...
x

*

$1,842,665

Total

depreciation of $150,689.
146, p. 2034.

Charleston Shipbuilding
See list given on first page

y

After reserve for

de¬

& Drydock Co.—SEC Regis¬

of this department.—V. 143, p. 578.

Charleston & Western Carolina Ry.
1938

railway..
Net from railway

8,954,147
1,286,025
417,786

8,270,262
978,081
220,875

Net after rents

From Jan. 1—
Gross from railwayNet from railway

$178,632
47,024
31,468

1,278,341
295,796
137,605

;!

1937
$221,454
80,187
55,858
1,548,017
550,011
349,520

—Earnings—
1936

1935

$210,843
83,076
61,492

$148,665
35,457
18,974

1,303,307

1,186,571
333,516

420,966
272,687

210.434

—V. 147, p. 732.

1938—Month—1937
$613,054
$639,529

Dissolution

1938—12 Mos.—1937
$8,630,679
$8,604,342

363,881

x4,920,336

82,600

991,200

947,200

$158,489
64,516

$193,047
64,579

$2,719,143
774,331

$2,958,675
727,778

$93,973
41,800
15,951

$128,468
41,800
15,951

$1,944,812
501,608
191,405

$2,230,897
501,608
191,405

$36,222

$70,717

$1,251,799

$1,537,884

on

x4,698,467

undistributed profits for 1936.

1937 as all taxable income

was distributed.—

Directors have declared a dividend of 10 cents per share on the common
stock payable Sept. 15 to holders of record Sept. 10.
Previously regular

quarterly dividends of 20 cents per share

were

R. Young, former Chairman of the Board of the Chesapeake
Corp., on Aug. 31 was added to the committee of directors which is preparing
a
plan for liquidating and dissolving the corporation. _The committee,
originally aappointed in June, comprises Earle Baillie, J. B. Hollister, John
P. Murphy and C. L. Bradley, in addition to Mr. Young.
Messrs. Baillie and Young also were appointed a committee of two
to
formulate ways and means of selling for cash tne 60,490 shares orChesapeake
& Ohio Ry., series A preference stock owned by Chesapeake Corp.
Since
distribution of the preference shares to holders of Chesapeake Corp. stock
would involve the issuance of fractional shares, directors have decided to
obtain cash for this asset.—V. 147, p. 1332.
Robert

.

Chamberlain Metal Weather Strip Co.—Div. Halved—




1,821,500

tration Withdrawn—

10,229,000
1,737,583
858,423

Includes provision for Federal surtax

V° 147°^ 884WaS ma

for

Net after rents

82,600

Gross income.
Int. & other fixed charges
Income

reserve

preciation of $58.—V.

$1,216,703
176,432
63,583

3Zi'265

Prov. for deprecia'n

on

—

Aug. 1, 1953-.--

$1,842,665

$1,385,496
270,343
149,694

Light Co.—Earnings—

Period End. July 31—

Net

After

$21,165

Capital stock (par $1)
6% cum. inc. deb. bonds, due

56,286

Total

1937
$1,410,654
181,170
60,938

1935

xl,713,579
y493

Deficit

Gross from

1936

$72,307

.......

Land & building, at cost
Miscellaneous equipment

Chesapeake Corp.—R. R. Young Added to Committee on

Central Illinois

Divs.

Liabilities—

Assets—

Cash......

July—

■Earnings—

Gross from railway
Net from railway

Net from railway
Net after rents

$55,907

Balance Sheet June 30, 1938

x

Central Greyhound Lines, Inc., of N.

Gross

...

Depreciation and obsolescence
Interest paid on 6% cumulative income bonds

$128,386
45,922
10,902
56,718
16,107
54,645

$45,565

General and administrative expenses..
Property taxes

Debentures
announced Sept. 1,

Privately—Corporation, it was
privately $10,000,000 10-year 4%% sinking fund

or a total of

$135,845
40,828
9,885
59,919
16,133
54,645

Total operating income.
Operating disbursements

$121,681
6,705

America.—$10,000,000

debentures.

$16,400,

1937

1938
$129,918
5,927

All other income

Deficit.

Corp.

has sola

„

Corp.—Earnings—

6 Months Ended June 30—
Rentals

distributed.—V. 147, p. 416.

Chicago Burlington & Quincy RR. —Earnings1938

July—
Gross from railway
Net from

railway

Net after rents
From Jan. 1—
Gross from railway
Net from railway

Net after rents
—V. 147, p. 886.

lf37

1936

$9,512,828
3,606,227
2,547.105

$9,362,034
2,800,624
1,648,403

$9,401,251
3,060,610

49,741,330

55,862,939
12,425,544
6,406,309

53,364,497
12,368,775
5.147,191

11,375,701
3.709 370

1,925,570

1935

$6,638,562
1,001,423
438.671

43,297,050
6,722,887
1,091,698

Volume

147

Financial

Chicago & Eastern Illinois Ry.—Earnings—
July—

1938
$1,111,032
228,236
46,341

$1,314,710
228,521
28,507

$1,309,163
347,382
128,707

$913,893
19,722
defl43,635

7,912,627
1,321,187
defl06,758

9,546,453
2,204,029
646,789

8,887,111
2,041,012
522,299

7,405,497
1,279,091
64,633

.

Gross from railway

Net from railway
Net after rents
From Jan. 1—
Gross from railway.....
—

Net from railway......
Net after rents
—V. 147, p.

1937

1935

1936

732.

Chronicle

1483

equipment accounts and allowance for depreciation in connection with 1935
&c., Federal income taxes of $11,341; recovery on employees fidelity
bond of $5,959 total $50,253 less additional capital stock tax for 1936,
$2,500; additional local taxes for prior years—compromised at $20,000 and
shares of aggregate net losses of unconsolidated controlled companies of
$15,592 net (as above) $38,092.
z Includes
$2,280 underprovision for prior years.
Consolidated Balance Sheet June 30
Assets—

1938

Cash.

Chicago Great Western RR.—Plan to Go to Creditors—;

Liabilities—

1937

$3,402,358 $3,561,577

Accts. & notesrec.,
current.

1937

1938

Capital stock (par
$10)
$2,550,000 $2, 550,000
Accounts payable.
36,003
64,538
Taxes accrued
50,000
99,025
-

109,849

111,559

Real est. not used

Formal notice of the approval of the Interstate Commerce Commission's

in operation—..

27,013

31,922

irst of reorganization for due in 1959, headed by Harry C. Haggerty,
J>lan mortgage 4% bonds the road by the committee for the company's

Cash deposit with
life ins. cos

172,091

Inventories

712,154

172,091
530,966

1*048,550

1,053,473

2,346,094

2,313,386

Treasurer of the Metropolitan Life Insurance Co., is to be sent to
holders within a few days, it was announced Sept. 1.

Bond¬

on

Advs. A investm'ts

The committee did not oppose the plan when it was discussed at recent
hearings by the Commission.
The terms of the plan are expected to be
submitted to the Federal Court in Chicago for further hearings.

Real

x

est.,

Organization

July—

Surp. from

79,758

$1,662*180
584,303
302,231

$1,193,046
207,361
defl9,001

9,292,824
1,474,313
def385,120

From Jan. 1—
Gross from raUway.
Net from railway..
Net after rents
—V. 147, p.

10,581,360
2,240,649
253,892

9,977,981
2,383,383
569,015

8,377,879
1,481,404
def66,520

1936

1186.

Chicago Indianapolis & Louisville Ry.—Earnings—
July—

1938

Gross from railway

$667,897

1935

1936

102,403
16,976

....

From Jan. 1—
Gross from railway.
Net from railway
Net after rents...

$803,298
86,783
def26,444

$849,858
177,177
29,771

$604,202
51,598
def68,894

4,543,845
463,843
def472,592

Net from railway......
Net after rents

—V. 147, p.

1937

5,982,851
1,003,633
152,871

5,784,652
1,122,913
117,955

4,461,066
709.686
defl24.630

1030.

Chicago

Milwaukee

St.

Paul

&

Pacific

RR .—Pays

Certificates—
The company on Sept. 1 made principal and interest payments of $727,900
in addition to the $66,000 final payment on series M, authorized by the
Federal Court in Chicago on Monday.
A principal payment of $384,000 and semi-annual interest on series O
equipment trust certificates, which are held by the Reconstruction Finance
Corp. along with the series M, was made.
Interest also was paid on series
M, Q and L and on Chicago, Terre Haute & Southeastern Ry. income

bonds.

1938
1,458,713
264,276

1937
$9,386,209
1,683,753
506,632

1936
1935
$9,757,458
$7,357,098
2,212,610
def63,748
925,463defl,082,949

52,853,469
7,807,151
77,814

61,066,524
10,899,123
4,868,271

60,016,120
11,293,343
3,048,640

$8,383,403

Net after rents........
From Jan. 1—
Gross from railway.....
Net from railway
Net after rents

,953,319

apprec.

120,654

Total

..$8,011,288

$7,967,9461

—

$8,011,288 $7,967,946

.

1937.

Chicago St. Paul Minneapolis & Omaha Ry.- -Earnings
July—

1938

Gross from railway
Net from railway

1937

1935

1936

$1,399,165
135,141
def92,271

Net after rents..
—V. 147, p. 733.

$1,550,903
129,600
def75,424

$1,685,007
401,893

$1,245,583
69,789

168,611

def100,448

8,936,382
918,859
def547,274

Net after rents
From Jan. 1—
Gross from railway
Net from railway

9,716,581
601,943
def600,203

10,107,912

7,968,837
657,362
def423,037

1,387,841
def61,ll4

Cincinnati New Orleans & Texas Pac. Ry.—- Earnings—
„

July—

1937

From Jan. 1Gross from railway

8,441,796

Net from railway
Net after rents.

2,542,588
1,957.888

147,

p.

1935

$ L ,607,016
7.24,138
548,540

$1,247,152
466,643
370,126

10,385,828
4,184,756
3,111,576

$1,323,007
481,740
Net after rents........
401,186

—V.

1936

$1,573,608
722,826
524,841

9,519,421

7,653,269

3,772,468
2,770,057

2,572,294
1,874,665

1938

Gross from railway
Net from railway

733.

Clinchfield RR —Earnings—
1938
'
$411,383

July—

1935

1936

158,371
121,036

1937
$542,223
242,766
232,706

$492,113
199,079
190,171

$367,342
118,269
96,036

3,195,607
1,266,642
1,003,839

Gross from railway
Net from railway..

4,132,574
1,983,811
1,875,341

3,485,399
1,477,026
1,415,169

2,956,692
1,123,436
1,009,352

From Jan. 1—

Gross from railway.
Net from railway..
Net after rents
—V.

48,734,770
66,688,387
20,655

—V. 147, p. 1333.

Total

x After
depreciation reserve of $4,030,173 in 1938 and $3,883,781 in
-Y. 146. p. 3178.

Net after rents

Earnings for July and Year to Date
July—
Gross from railway
Net from railway..

3,464
,326,134

10,374

1935

$1,562,102
388,683
107,936

1937

72,967

1,326,134
3,937,275

9,320
62,996

113,423

exp.

Deferred charges..

1938
$1,410,754
327,896
61,736

Gross from railway
Net from railway
Net after rents...

inc., est

Insurance accrued.

Paid-in surplus
Earned surplus

mills,

Ac—

Other assets

Earnings for July and Year to Date

Fed. & State taxes

147,

p.

733.

Cities Service Oil Co.

(& Subs.)—Earnings-

Earnings for 12 Months Ended June 30, 1938
Net loss after all

$1,878,576

charges

—V. 147, p. 1030.

Chicago & North Western Ry.—EarningsJuly—
Gross from

1938
$7,080,358
1,078,917
231,106

railway

Net from railway......
Net after rents.
.

1937
$8,410,255
592,993
304,982

1936
$8,640,566
1,383,317
605,497

1935
$6,521,403
304,023
def465,887

Gross from railway.....
Net from railway..

Net after rents

147,

p.

Est. normal Fed. inc. tax

Minority

From Jan. 1—

—V.

City Stores Co. (& Subs.)—EarningsPeriod End. July 31—
Loss

43,441,607
50,842,645
2,613,694
3,113,882
def3232,574 defl ,312,810

50,401,821
4,726,409
def964,971

41,890,274
4,886,792
defl90,614

Interest

interest

...

parent co.'s
funded debt, &c

$284,558
18,097
Cr88,730

x$343,673
44,762
42,304

on

90,764

98,433

178,854

187,648

$321,604

$27,477

$392,780

x$68,958

Consol, net loss applic.

1333.

to company.........

Chicago Rock Island & Gulf Ry.—Earnings—
1938
$673,799
321,168
193,302

July—
Gross from railway

Net from railway
Net after rents........
From Jan. 1—
Gross from railway.....
Net from railway

2,953,654
889,805
121,933

Net after rents....
—V. 147, p.

1938—6 Mos.—1937

1938—3 Mos.—1937
$308,452
x$88,771
9,426
12,360
Cr87,038
5,454

1937
$597,010
298,758
189,207

2,885,095
932,015
347,005

x

1936
$436,531
166,642
69,942

2,482,004
672,830
154,142

1935

$385,478
136,757
38,747
2,198,046
566,215
def39,252

Profit.

made for Federal surtax on undistributed profits.

Note—No provision
—V.

146, p. 3665.

Claude

Neon

Electrical

Products

(Del.)

Corp., Ltd.

(& Subs.)—Earnings—
6 Mos. End. June 30—
Gross profit from rentals
and sales..

1938

1935

1936

1937

$443,925
244,661
1,940
30,000

$449,548
291,876

$460,810
308,050

Other deductions—net..
Prov. for Fed. inc. tax..

733.

Crl4,895
x24,124

022,546
24,1.79

$479,270
261,276
21,698
33,665

Net profit from oper..

$167,324

$148,442

$151,128

$162,631

Divs. on com. stock
Shs. cap. stk. outstand'g

131,001

131,001

131,084

262,002
Earnings per share—$0.64

262,002
$0.56

262,168
$0.57

Selling, admins. & gen..

Chicago Rock Island & Pacific Ry.—Earnings-—
[Excluding Chicago Rock Island & Gulf Ry.]
1938

July—
Gross from railway..-..
Net from railway

$7,518,059
2,048,085
1,091,841

Net after rents

From Jan. 1—
Gross from railway

1936"
$7,191,636
1,522,041
689,631

1935
$5,629,134
742,487
104,886

x

41,628,212
5,617,430
defl28,279

Net from railway
Net after rents.
—V. 147, p.

1937
$8,211,719
2,288,119
1.464,282
44,948,317
6,484,821

41,845,805
4,059,394

35,141,381

loss on

2,953,409

Subs.)—Earnings—

Inventory
Due from

(Company and Wholly-Owned Subsidiary, the Guymon Investment Co.)
1938
Sales and

gin earnings.. $7,256,180
Cost of sales, operating
and admin, expenses..
6,820,408
Net profit
Other income..

$435,772
89,274

Net income

Depreciation
Local taxes for prior yrs.
Federal tax
Other deductions

$525,046
267,556
4,286
z33,239
17,973

Minority interest, &c..^

1937

1936

$6,818,750 $10,622,255

1935

$6,589,506

6,677,294

10,191,841

5,763,108

$141,456
79,287

$430,414
53,710

$826,398
51.689

$220,743
260,345
......

——

$484,124
279,239
14,781
18,897

investments, Ac.
in rental eq.

L'd, bldgs. A eq..
rts. &

—

Deferred charges.

$201,992

loss$39,602

91,000
32,589
19,564

$455,649

Share of losses of jointly-

owned
to

prof13,422

of

aggregate
losses of unconsol.
trolled

cos__

con¬

4,956

profit
credits (net)

&

x91,999

loss
— —.

152,321

130,957

Balance, deficit-

loss$25,360

$7,637

$25,360

-----

$128,196
510,000

$547,648
510,000

$381,804

stk. (par $10)

Excess of proceeds of

$0.72

Nil




32,289
213,654
68,351

1,392,837

Deferred income..

(contra)
a

1,279,914
2,077,052

Com. stk. A sur. 2,147,790

..$4,038,602 $3,813,820

Total

(Dan) Cohen Co.—Earnings—
1938
loss$l 1,016

Earnings per share on 38,000 shares.
After

.

Nil

1937 '

$32,764
$0.86

1936

$37,791
$0.99

operating expenses, Federal income taxes, depreciation and other

Years Ended June 30—

.

$0.50

Total gross income—

Operating

$2.15

life insurance policies paid on death of President
of company oyer cash surrender value carried on books.
y Includes linter claim judgment against U. S. Government (net) arising
out of war time transactions of $32,951; adjustment of property, plant and
x

30,000

208,233
64,192

on

Neon signs

undistributed profits.—

Co.—Earnings—

1938

1937

1936

$59,265
61,732

$40,099

$22,255

24,847

1935
$21,943

60

191

117

""""46

$121,057
10,643

$65,138
9,762

$22,372
9,318

$21,989
10,378

$110,414
16,244

$55,376
11,397

$13,054
11,794

$11,611
23,853

$43,978

$1,260

loss$12,242

sur$37,648

Earns, per sh. on 255,000
shs. cap.

Fed¬

losses

Represented by 262,002 no par shares.—V. 147, p. 1188.

Income from royalties.Income from dividends .

y 12,160

$183,613
191,250

for

Neon sign contr'ts

Miscellaneous income.
Net profit.....

Dividends paid........

for

eral income tax.
Res.

1,279,914

Club Aluminum Utensil

------

Life insurance proceeds-

Special

39,112

charges but before provision for Federal surtax on
V. 147, p. 1897,

2,081

net
....

44,478
1,392,837

6 Months Ended July 31—
Net income

x

gins—charged

co-owners

Share

$77,147
05,413

65,501

taxes

Reserves

686,138
556,027
48,361

Total ——$4,038,602 $3,813,820
a

$128,196

.

$90,938

Ac—
Accrued

190,938

181,973
682,176
534,780

contr'ts

(contra)

Pat

1937

payable for

purchases, exps.,
Dividends payable

6,034

g'dwill.

Neon sign

Accts.

204,715

off'rs &

Inv.

x

Profit

$428,409
216,326

employees
Sundry
accounts,

$878,087
279,285

43,011

$552,459
227,083
270,496

-

Customers' oblig—

Consolidated Income Account Years Ended June 30

s

1938

Liabilities—

1937

1938

Assets—

Cash.....

Chickasha Cotton Oil Co. (&

$0.62

Jprofits if
period.

Consolidated Balance Sheet June 30

2,135,383defl,240,327defl,565,021

1333.

262", 193

normally payable on 1937
advances to Mexican subsidiary were not allowable for tl

Includes additional income tax

expenses

Net operating profit-Int. & other deductions.
Federal income & excess

profits
Net

tax

profit for year

6,879

$87,291

Financial

1484

Accts. receivable..

3,984

10,096

(time
contracts) (net).

1,535

1,633

2,050
1,150

2,088

Accts.

Inventorles

Mtges. payable...

—...

1,116
73,780

Fixed assets

3,110

and

400,000

Total

z

271 240

$622,899

$600,348

400,000

Donated surplus..

trade-mks.
licenses

....

5,880
550,445

$622,899

Total

Year Ended June 30, 1938

$20,808,104

15,322,659
2,946,544

Cost of

goods sold
Selling, general and administrative expense
and

repairs

—

Provision for

depreciation
(other than income)

Taxes

1937,

Subs.)—Earnings—

Gross sales, less returns and allowances

Maintenance

—

-

Rents

Royalties
Provision for doubtful accounts—

1938—12 Mos —1937
$11,737,602 $12,252,372 $23,391,616 $23,222,491
7,929,156
8,481,437
16,525,465 16,544,692

Net oper. revs, before
prov. for retirements $3,808,446
Non-operating income..
2>60,041

„„„

$3,770,934
144,428

$6,866,151
Dr3,453

$6,677,799
495,999

$3,748,405

$3,915,363
797,248

$6,862,698
1,950,729

$7,173,798

967,003

$2,781,401

$3,118,115

$4,911,970

$5,650,808

$600,348

y Less reserve for depreciation of $37,638 in 1938 and $35,055 in
Represented by 271,240 shares of no par value.—V. 145, p. 1252.

Consolidated Income Statement for the

(& Subs.)—Earnings

1938—6 Mos.—1937

Period End. June 30—

400,000

......

456,155

Deficit

Cluett, Peabody & Co., Inc. (&

of record Sept . 6. Like amounts
30 and July 15, 1937.—v. 147,

887.

Operating revenues
Oper. exps. and taxes

pats.,
tr.-mks.
and licenses)...

3,138

400, (WO

Deferred charges..

Pats.,

were

p.

2,378

271,240

.

(valuation

Surplus

46,780
122,018

stock payable Sept. 16 to holders
paid on April 30 last and on Dec.

common

Consolidated Electric & Gas Co.

2,291

Common stock.

z

«

120,109

Other assets
y

45,000

dividend of 5 cents per share on the

Directors have declared an interim

6,879

liabilities

Reserves....

life insurance...

50,000

prof, taxes

excess

4,342

:

......

and

income

Deferred

1,328

value of

surr.

$416,953

6,926

Accruals

Fed.

1937

$346,718

Notes payable

rec.

Other accts. rec'le.
Cash

1938

Liabilities—

1937

$13,266

Dividend

Coniaurum Mines Ltd.-—Interim

Balance Sheet June 30
1938

$16,064

Assets—
Cash

—

225,394
291,885
414,918
138,739
253,513
16,247

_—

Gross

before

income

prov. for retirements
Prov. for retirements

Gross income

$1,198,207

Net profit from operations
Other income credits

81,405

1,089,036

1,171,110

2,220,695

2,292,069

1,233,863

1,269,869

2,390,420

2,599,964

$458,502

$677,136

$300,855

$758,774

charges of subsidiaries
other income

Interest &

charges of company..
Net income

.....

Consolidated Balance Sheet, June 30, 1938
Liabilities—

Assets—

Property,

Preferred capital

plant and equip.

Class

4,641,161

Investments

Hinking funds & special deps.

stock

Subsidiaries pref. cap. stock

$118,968,880

A

—

Special provision for reduction of inventories to market values,
made as of Dec, 31, 1937...

416,950

Income deductions

....

$83,120
466,232

..........

royalties on sanforizing patents

Bonds

—

$549,352

...

xl08,388

receivables

serves

(less

Accounts

Net income

$440 964

—..

—

Earned surplus, July 1, 1937

4,445,316
20,470

(net)

Service

Earned surplus, June 30,

Earnings
x

per

share on

1938-.
677,844 shares

common

stock (no par)...

$

c

b Common stock..

4,405,986
3,399,000

4,405,986
3,399.000

1,500,000

2,350,000

530,185

785,226

2,784,121

1

...

a

Accrued

8,757,863

9,149,188

e

136,472

262,092

15,891.133

17,174,216

Invest'ts.

Mercliandise

Deferred charges..
Total

After

deducting

for

reserve

payable

& accr. liabilities

145,013

Accts. receivable 2,072,666

a

Accounts

1,363,145
3,348,280
267,390

1,940,342

Cash

Miscell.

$

Notes payable

2,838,778

patents,

rights, tr, names,
&c

1937

$

Preferred stock...

Real estate

Goodwill,

120,693

233,959

Pref. divs. payable

59,483

Capital surplus..

1,647,565
4,228,222

59,483
1,647,565

taxes....

Earned surplus...

Total

cash

4,292,997

and

doubtful

Net from railway
Net after rents

1936
$635,966
133,458
35,188

$528,198
82,213
2,994

4,405,372
970,352
466,152

3,870,394
674,898
85,967

3,148,763
264,698
def221,719

1937

From Jan. 1—
Gross from railway

146,

505,443
defl31,882

1935

734.

Oil

Corp.—$25,000,000 Loan Placed Pri¬

Corporation has called for redemption on Oct. 1 all of its outstanding
preferred stock at 105 and accrued dividends.
Of this issue there are 55,309
shares outstanding, of which 54,041 shares are in the hands of the public.
The transfer books as to this stock will be finally closed as of the close of
business Sept. 30.
Consolidated Income Account for Six Months Ended,
Gross oper.
co.

earngs.,

June 30

sales, inter-co. transportation

charges and U. S. Fed. and State

gaoline and oil taxes
$107,546,125
Costs, oper. and general expenses..
91,303,024

$118,250,027 $97,576,071
96,336,607
79.305,956

$16,243,101

$21,913,420 $18,270,115

Interest, dividends, profit on sale of
assets, &c. (net)
1,025,825

Depreciation and depletion
Canceled leases, abandonments and
dry holes
for

United

est.

of $33,000,000

10,398,257

10,323,626

9,354,120

1,702,970

1,494,343

1,488,581

States

225,000

700,000

500,000

$4,000,341

profit....

$9,434,917

$7,029,374

13.915,167

13,944,886

$0.66

$0.49

13,915,144

Shares common stock

$0.28

Earnings per share
x

621,463

1,018,422

$22,931,813 $18,891,579
978,956
519,503

$17,268,926
x942,358

Total income

Net

additional 1st mtge. 3M% bonds, series I (due June 1, 1968) upon official
notice of issuance and satisfactory distribution; and, a maximum of $50,-

1936

1937

1938

excl. of inter-

normal income tax.

Co.—Listing—

The New York Stock Exchange has authorized the listing

$373,769.

vately—Preferred Stock Called for Redemption—The corporation
it was announced Aug. 31, has obtained from private sources
a 12-year loan of $25,000,000 at par.
No conversion fea¬
tures are involved.
This is not a bank loan.

Provision

Commonwealth Edison

$132,289,772

Total.......

2533.

p.

Interest

3,408,703

12,598

4,438,399

Rentals receivable on rental-purchase agreements aggregate

Profit

$703,284
189,933
107,738

38,461

Net from railway
Net after rents
—V. 147, p.

-Earnings—

1938
$534,700
119,683

July—
Gross from railway

capital

of subs

accounts

1938 and $118,551 in 1937.
b Represented by
677,844 (192,391 in 1936) shares of no par value,
c After depreciation
of $4,976,314 in 1938 and $4,886,661 in 1937.
e Arising from sale of com¬
mon stock at price in excess of stated value.—V. 147, p. 1334.
amounting to $76,953 in

Colorado & Southern Ry.-

x

15,891,133 17,174,216

discount

common

Earned surplus

$132,289,772

Total

-V.

1938

Liabilities—

stock¬

minority

holders in

stocks and surplus

Consolidated

1937

$

of

159,515

94,490

Consolidated Balance Sheet Dec. 31

Assets—

147,639
2,211,492
18,865.104

.......

39,229

Includes $2,128 for Federal surtax on undistributed profits.

1938

Equity

.

228,913

Other def. debits

$4,228,222
$0,30

—

deposits,
long-term

Jmprovem'ts to leased prop.

440,599

dividends

Common

547,755

subsidiaries

over

Retirement work in progress

237,930

7% preferred dividends

extension

refundable

Reserves.

discount

19,518

2,401,962
885,545

...

Deferred credit items

160,869

Applic. on rental (assigned)
at cost of applicances Instaled, less rentals received

$4,906.750

Total

1,088.083

payable, subs—

Consumers' deposits.

1,788,096

supplies

and expense of

-

payable

Dividends

409,412

Prepaid Insurance, taxes, &c

29,710,000
4,817,683

.

Accrued accounts

re¬

of $345,8224).....

debt

bonds

Notes payable

*158,721
19,242

less rentals received)

Other

45,393,000

of company

Subsidiaries*

Applic. on rental (owned) at
cost of applicances instated

Unamortized

Miscellaneous surplus adjustments

1,000,000

Common stock $1 par)

2,879,109

Merchandise, materials and
Total net income

Provision for income taxes (est,).

1,480,000

capital stock ($1 par)

287,220
1,907,161

Accounts receivable

Due from employees..

Net operating income
Net operating income from

$18,297,300
1,521,450

partic.

non-cumul.

Cash

$1,279,612
779,542

...

1,522,990

other income

Interest &

incl. intangibles

Gross income

1938
3

Sept.

Chronicle

Includes amortization of debt discount and

expense.—V. 146, p. 3495*

208,745

additional principal amount of convertible debentures, 3H%
series due 1958 (due July 1, 1958) upon official notice of issuance and
satisfactory distribution; and, a maximum of 2,008,350 additional shares
(par $25) upon official notice of issuance upon conversion of the aoovementioned convertible debentures, 3H% series due 1958.

Consolidated

Mining & Milling Corp. —SEC

Sierra

Registration Withdrawn—
See list

given

on

first page of this department.—V. 146, p. 747.

Bonds Called—•
All of the outstanding first mortgage 4>£% gold bonds, series C, due
April 1, 1956, first mortgage collateral
gold bonds, series C, due
April 1, 1956, first mortgage 4M% gold bonds, series D, due July 1, 1957,
and first mortgage collateral 4 }4 % gold bonds, series D, due July 1, 1957,
will be redeemed and become due and payable on Oct. 10, 1938 at the
office

of Continental

Illinois National Bank and Trust Co. of Chicago,
Trustee, 231 South LaSalle St., Chicago, 111., at a price of
$110 and accrued interest.
Pursuant to the notice of redemption the full redemption price. Including
interest to the redemption date, will be paid immediately upon surrender
of the bends on and after Sept. 2, 1938.
In the case of bonds of series C
surrendered on or before Oct. 1, 1938, coupons maturing Oct. 1, 1938 and

successor,

subsequently must accompany

the bonds surrendered. Bankers Trust Co. is
Continental Illinois National Bank & Trust Co., Chicago,
successor trustee, for the payment of
any bonds of the above series which
may be presented at its office.
acting

for

Weekly Output—

Consolidated Textile Co.,

Inc.—Registrar—Trustee—

Manufacturers Trust Co. is registrar for 930,000 shares
of the company.
Manufacturers

debentures
successor

Trust

Co.

is trustee for

$1,430,550

dated Aug. 27, 1938 and due Aug.
Consolidated Textile Corp. through

to

Commonwealth Edison Co. group (inter¬
deducted) for the week ended Aug. 27, 1938 aws 126,059,000
kilowatt-hours compared with
138,941,000. kilowatt-hours in the cor¬
responding period last year, a decrease of 9.3%
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last
year:

27, 1953.
[Company is
reorganization.
See V.

147, p. 1031.]

Consolidated Water Co. of Utica, N.

1937

$662,551
134,209

$679,465
138,735

— - — _

28,847
122,170
69,561

94,041
69.576

-

Operating revenues—water
Operation

$307,764

$347,583

-

:..

Maintenance
Taxes (other than Federal income

Provision for depreciation

Other income

Y.—Earnings—
1938

12 Months Ended June 30—

tax)

Net operating revenue

The electricity output of the

of capital stock

15-year 5% income

29,530

2,890

4,808

$310,654
253,009
752

$352,391
255,231
521

17,115
36,000

—

17,277
33,582

company sales

•

TTr

,

■

,

Kilowatt-Hour Output

.

Week Ended—

1938

Aug. 27
Aug. 20..
Aug. 13
Aug. 6
—V, 147, p. 1333.

126,059,000
131,901,000
131,913,000
128,902,000

..

Conde Nast

1937

138,941,000
142,382,000
137,859,000
138,572,000

% Decrease
9.3
7.4
4.3
7.0

Publications, Inc.—Options—

The

company has notified the New York Stock Exchange that the
option granted in 1934 to M. F. Agha to purchase 2,000 shares of common
stock of the corporation at $5 per share has been extended for a period of
one year to Dec. 15, 1939.—V. 147, p. 747.




Total income
Interest on funded debt
Interest on unfunded debt

Amortization of debt discount and expense.
Amortization of deferred charges

Net income....

-

1,460

8,260

$2,317

Provision for Federal income tax

$37,519

Note—The operating revenues for both periods are stated after deducting
$120,000 in respect of estimated reduction which will result if the rate case
decision of the Public Service Commission of the State of New York,
adverse to Consolidated Water Co., of Utica, N. Y.f is finally upheld.
This decision has

been affirmed

of Appeals of the State of New

by the Appellate Division and that Court
York.
An appeal by the company to the

Supreme Court of the United States has been dismissed by the Court on
the ground that the company had a remedy in equity in the State Courts.
The company has brought an action in equity to restrain the Public Service
Commission from enforcing said order.—V. 146, p. 3332.

Volume

Financial

147

Continental Credit
Period End. June 30—
Net Income—

x

Chronicle/
De

Corp.—Earnings—

1938—3 Mos.—1937
$10,809
$35,028

Earns, per sh. on com.stk.

Nil

B. Brannan Reath 2d, has been elected a director to fill vacancy caused

1938—9 Mo*.—1937

$46,997
$0.08

$0.16

$72,079
$0,26

by death of E. O. Felton.—Y. 145,

After operating expenses, normal Federal income taxes, depreciation
and other charges, but before
provision for Federal surtax on undistributed
x

146,

748.

p.

the State

Continental

Guaranty Deposits
from Selling Securities—

Co.,

Inc.—Enjoined

The Securities and Exchange Commission reported Aug. 30 that the

_

U. S. District Court at N. Y. City had permanently enjoined Continental

Guaranty Deposits Co., Inc., Continental Reserve Funds Co., Inc., and
Irving Fischel from selling securities in violation of the registration and
fraud previsions of the Securities Act of 1933.
The Commission in its bill of complaint charged that two companies

Department of Michigan of proposals to change the name of the
Michigan Consolidated Gas Co. and to increase capitalization
by $10,000,000 to $42,000,000.
The plan also contemplates merger of the local utility and three" other
American Light subsidiaries, the Washtenaw Gas Co. of Ann Arbor, the
Grand Rapids Gas Light Co. and the Muskegon Gas Co., into one
company,
Michigan Consolidated Gas Co.
The latter has filed an application with
the Securities and Exchange Commission to issue $42,000,000 of bonds (see
below).—V. 147, p. 267.
company to

which are controlled by Mr. Fischel had sold "Protected Trust Fund Cer¬
tificates."
These are participations in an investment trust which are
sold to

the

periodic payment plan under which the pur¬
chaser pays $10 per month for 10
years.
These payments are made to the
Mitten Bank & Trust Co. of Philadelphia, which is the trustee under

public upon

a

the plan.
According to the trust agreement the money paid in by each
purchaser after deducting various fees and charges was to be placed in a
common pool to be invested for the benefit of all
purchasers in first mortgages
insured by the Federal Housing Administration.
The Commission charged that since February, 1937, Protected Trust
Fund Certificates of a face value of approximately $110,000 have been
sold to 153 purchasers in and around New York and Philadelphia.
These
purchasers have paid in a total of $11,200 out of which $6,960 has been
deducted as fees, leaving a balance of $4,300 available for investment.
The Commission charged, however, that none of this money had as yet
been invested and that it could not be invested in accordance with the
terms of the trust agreement due to the fact that the FHA had ruled that
mortgages insured by it could not legally be used as the underlying securities

for

an

It

investment trust of this character.

was

tificates

charged by the Commission that defendants in selling the cer¬
represented, among other things, that moneys deposited

had

with the trustee had been and were being immediately invested in loans
insured by the FHA, whereas in truth and in fact no sums had been nor
could be invested in such mortgages; that if a purchaser paid in $1,200
in accordance with the

plan he was guaranteed interest at the rate of 5%
compounded semi-annuaily and a maturity value of not less than $1,500,
whereas in truth and in fact there were not guarantees as to either principal
or interest; and that the plan was just like the savings account from which
the purchasers could withdraw principal and interest at any time, whereas
in truth and in fact the plan was in no way comparable to a savings account
and over 90% of the first eight payments was immediately absorbed by
various fees and charges.
The investigation was conducted jointly with the Attorney General of
the State of New York.
The defendants consented to the entry of the
decree.

Corporate Leaders of America, Inc.—SEC Registration—
on

first page of this department.—V.

146,

p.

3951.

Council Bluffs Gas Co.—Bonds Called-—
All of the outstanding first mortgage 5% gold

bonds, series of 1928, have

been called for redemption on Nov. 1 at 101 and accrued interest.
Payment
will be made at the Chemical Bank & Trust Co., New York City.—V. 129,
P.

2535.

County Gas Co .—Bonds Called—
All of the outstanding first mortgage 5% gold bonds, due 1946 (second
series) have been called for redemption on Oct. 1 at 105 and accrued in¬
terest.
Payment will be made at the Manhattan Co., New York City.
—V. 124, p. 2586.

Crucible Steel Co. of America—Debentures Called—

Company announced that it will redeem

on Sept. 29 all of its outstanding
10-year 5% gold debentures dated May 1,1930, at 101 and accrued interest.
The bonds will be payable on that date at the corporate trust department
of Chase National Bank, 11 Broad St., or
payment may be obtained in full
immediately upon presentation of the bonds at that address.—V. 147,
p. 1335.

All of the outstanding first mortgage 6% gold bonds, due 1941 (second
series) have been called for redemption on Oct. 1 at 102 and accrued in¬
terest.
Payment will be made at th
Manhattan Co., New York City.

146,

p.

3666.

Dayton Power & Light Co.—Bonds Called—

147,

p.

1190.

Delaware & Hudson
July
„„

RR.—Earnings—

From Jan. 1—
Gross from railway
Net from railway
Net after rents

1938
$1,567,408
271,034
125,826

1937
$1,961,742
272,290
177,260

1936
$1,966,245
301,634
158,223

1935
$1,678,775
def60,335
defl52,689

11,737,269
2,314,297
1,226,204

Gross from railway—
Net from railway——
Net after rents.

15,364,076
3,311,911
2,282,258

14,284,823
2,187,874
1,317,309

13,539,386
1,628,500
1,085,162

—V. 147. p. 736.

recently filed
Michigan.

■with the U. S. District Court for the Eastern District of

Outstanding Funded Debt and Capital Slock
Joint 1st mtge. sink. fd. 6H% gold bonds, due Aug. 1,1952--y$ll,978,000
25-year participating sink, fund 7% gold debs., due Aug. 1,1952 y8,000,000
7% cumulative preferred stock ($100 par)
zl ,405,300
Common stock (no par)
--100,000 sbs.
x

—

x The
joint obligation of the Detroit International Bridge Co. and its
subsidiary, the Canadian Transit Co.
y Exclusive of accrued interest,
z Exclusive of
Treasury stock.
Preliminary Statement—Company, owns and operates, directly, and in¬

directly through

a

subsidiary company, the Canadian Transit Co.,

a

Canadian corporation,

the vehicular and pedestrian bridge known as the
"Ambassador Bridge" from the City of Detroit, Mich., to the former town
of Sandwich, now a part of the city of Windsor, Can.
No interest has been paid on the 1st mtge. bonds since Feb. 1, 1931,
and no interest has been paid on the debentures since Aug. 1, 1930.
Ex¬
clusive of penalty interest, the annual int rest charge on these two issues
aggregates $1,338,570.
It is impossible for the Bridge to meet more than
the barest fraction of these charges.
For the 12 months ended June 30,

1938 the Bridge showed net earnings of $24,849 before interest and deprecia¬
With earnings falling so far short of the interest charges on the
outstanding funded debt, it is oovious that drastic readjustment of the

tion.

capital structure is called for.

Negotiations continuing over a period of many months have been con¬
ducted between the company and the committees representing the holders
of the 1st mtge. bonds and debentures.
It is the considered opinion of
all who have participated in those negotiations that any
reorganization

of the Bridge should leave the reorganized company with a capitalization
consisting solely of common stock.
The issuance of a new fixed interest

view of the paucity

in

of earnings,

appears

impracticable.

Consideration was also given to providing for the issuance to the holders
of the 1st mtge. bonds of a new mortgage obligation on a reduced basis,
bearing interest payable out of income.
It was felt, however, that reduc¬
tion of the principal amount of the obligation would have to be so severe
in order to make possible the payment of more than a nominal rate of
interest and that the added expense involved in the preparation and issu¬
ance of the new securities and the preparation of the new Indenture, would
be such, that the advantages of simplicity in a common stock plan far

outweighed any advantages there might seem to be for the bondholder in
an obligation, whether secured or unsecured.
With the plan as propesei, it is felt that the creditors of the debtor will
be assured of receiving annually the maximum return on their investment
which is possible.
Capitalization of Reorganized Company
The only class of stock of the reorganized company will be common stock
(par $1).
The minimum amount of such stock will be 217,175 shares,
ssuable

as

follows:

To the holders of first mortgage bonds
To the holders of debentures

;
—

191,648 shs.
16,000 shs.

Total to be originally issued....
————————207.648 shs.
Reserved for issuance to holders of preferred stock, upon exer¬
cise of stock purchase warrants
7,027 shs.
Reserved for issuance to holders of old common stock, upon
exercise of stock purchase warrants

2,500 shs.

——

-----

-.-.—217,175

shs!

An additional amount of common stock up to 103,824 shares may be
authorized for issuance upon the exercise of subscription rights which may
be

given to the holders of the first mortgage bonds and of the debentures
a limited period of time to additional shares of common
A further number, not to exceed 129,001 shares of common stock
may be authorized to be issued by the reorganized company from time
to time for general corporate purposes. *
Under the plan 92.3% of the common stock to be originally issued is
distributable to the holders of 1st mtge. bonds and 7.7 % is to be distribut¬
able to the holders of the debentures.
These percentages are subject to
reduction in the event of the exercise of the stock purchase warrants, cover¬
ing an aggregate of 9,527 shares of common stock, but the reorganized
company will receive a cash consideration for such stock so issued.
to subscribe for

Distribution of Securities

(1) Holders of present first mortgage bonds—Each holder of a $1,000
Joint 1st mtge. bond accompanied by coupons maturing on Aug. 1,1931, and
subsequently, shall receive 16 shares of common stock (par $1 per share).
Common stock so issued will aggregate 191,648 shares.
(2) Holders of present debentures—Each holder of a $1,000 debenture
accompanied by coupons maturing on Feb. 1, 1931 and subsequently, shall
receive two shares of common stock (par $1 per share).
Common stock
so

Delaware Lackawanna & Western
July—

1938
Gross from railway
$3,350,563
Net from railway......
302,165
Net after rents
defl69,852
From Jan.

Ueorganiza'n

was

stock.

A total of $141,000 first and refunding mortgage bonds 3>£% series due
1960 have been called for redemption on Oct. 1 at 105 and accrued interest.
Payment will be made at the Irving Trust Co., 1 Wall Street New York

City.—V.

subsidiary corporation, the Canadian Transit Co.,

Total-

Dallas Gas Co.—Bonds Called—

—V.

Detroit International Bridge Co .—Plan of

A plan of reorganization dated as of July 1, 1938. for the company and
its

obligation,

See list given

2070.

p.

Detroit City Gas Co.—To Change Name—New Financing
The company, a subsidiary of American Light & Traction Co., has notified

■

earnings.—V.

1485

Long Hook & Eye Co.:—New Director—

RR.—Earnings—

1937
3,948,768
725,731
273,957

*_

Net after rents..

24,950,661
4,227,387
933,824

30,269,476
7,350,369
4,153,367

Holders

aggregate 16,000 shares.
or preferred stock—Holders

of preferred

stock

shall

be

1936
4,055,411
700,349
343,783

1935

3,182,711
defl42,316
def517,335

stock will be $5 per share, and will be exercisable for a period of two years
from the date of the confirmation of the plan or from the expiration of the

28,504,351
5,450,135
2,987,532

25,988,271
4,188,751
1,800,237

1—

Gross from railway—
Net from railway

issued will

(3)

entitled to receive, in exchange therefor, one warrant to subscribe to one
share of common stock, for each two shares of such preferred stock.
These

—V. 147, p. 736.

warrants

will

provide

that

the purchase

price thereunder for

common

rights, if any, issued pursuant to the plan, whichever shall be later. War¬
in the aggregate, the right to purchase 7,027
No fractional warrants will be issued.

rants so issued will represent

shares.

(4) Holders of common stock—Holders of old common stock will re¬
ceive, in exchange therefor, one warrant to subscribe for one share of
stock, for each 40 shares of old common stock held.
These
warrants will be in all respects identical with the warrants issuable to the
holders of preferred stock.
Warrants so issued will represent, in the aggre¬
gate, the right to purchase 2,500 shares.
No fractional warrants will be
common

Denver & Rio Grande Western RR.—Abandonment—
The Interstate Commerce Commission on Aug. 22 issued a certificate
permitting abandonment by the trustees of a branch line of railroad
extending from Reliance Junction to Ojo, approximately 5.42 miles, all
in Huerfano County, Colo*

Earnings for July and Year to Date
July—

1938

Gross from railway
$1,770,727
Net from railway..63,536
Net after rents.
def210,054
From Jan. 1—
Gross from railway
Net from railway
Net after rents

1937
$2,146,479
defl9,495
def300,198

1936
$1,971,599
108,962
defl48,028

1935

$1,622,478
165,316
def36,314

11,597,498
619,570
defl.329,599

Denver & Salt Lake

14,350,397

12,911,946

461,148
def817,518

1,421,025
def261,659

10,396,127
1,533,125
196,954

1937
$127,481
def31,278
defl3,189

1936
$134,345
def26,657
def431

1935
$102,221
5,442
34,877
919,727
301,762
505,371

Ry.—Earnings—-

1938

July—
Gross from railway
Net from railway

$108,462
def2,980
1..

16,270

From Jan. 1—
Gross from railway

970,946

Net from railway
Net after rents

122,023

1,391,483
295,435

1,370,036
225,725

245,029

399,404

361,114

—V.

147,

p.

deliverable to the holders of preferred stock and old com¬
aforesaid, will by their tarns become void in the event of
consolidation of the reorganized company with any other
company, or the sale of its properties as a whole or substantially as a whole
to any other company, after reasonable notice to the holders thereof.
stock,

as

Tax Liabilities

During its entire life the Ambassador Bridge has been heavily burdened
As at June 30, 1938, accrued current and deferred

with property taxes.

—V. 147, p.1032.

Net after rents

The" warrants

mon

the merger or

736.




property taxes owing to the City of Detroit, Mich., the County of Wayne,
Mich., and to the State of Michigan, as claimed aggregated $779,243.
had in its treasury the sum or $546,528 in cash.
Tne debtor has contested, and is contesting, the amount of these taxes.
The Detroit & Canada Tunnel Co. over a period of years conducted litigation
against the city and county taxing authorities in which there was at issue
the basis on which the Tunnel was assessed for property taxes.
This
litigation, in substance, resulted successfully for the Tunnel company in
the U.S. Circuit Court of Appeals.
As a result of this litigation, negotia¬
tions are now pending for the reassessment of the Bridge properties.
A
reassessment for the year 1938 has already been made in a reduced amount,
but the amount of such assessment is still considered by the debtor to be
excessive and is being contested.
In brief, it is the position of both com¬
panies that the assessment of their properties for tax purposes should be
on a capitalization of earnings basis, and the U. S. Circuit Court of Appeals,
in the tunnel case above mentioned supported this contention as to the
As at that date the debtor

/

Financial

1486
tunnel.

be necessary.
It is contemplated, however, that the
in the 77-B proceedings will retain jurisdiction in this

U. 8. District Court
matter until the final
The reorganized

determination of the tax assessments above mentioned.

will pay in cash the amount of these taxes as finally determined.
To the extent that cash on hand may be Insufficient for such purpose, it is
company

.

contemplated that the additional funds necessary will be obtained through
the issuance and exercise of subscription rights.
Such rights, if necessary,
will be given to the holders of the 1st mtge. bonds and the debentures, in
the ration of eight rights for each holder of a $1,000 1st mtge. bond to one
right for each holder of a $1,000 debenture, to subscribe for a limited period
of time to a maximum of 103,824 shares of the new common stock.
The
amount of the rignts issuable, the subscription price and the duration of
the rights shall in all respects be subject to the approval of the court in
the 77-B proceedings and any determination made with respect to the
rights shall not be deemed to be a modification of this plan and any deter¬
mination that such rightr shall not be issued shall not be deemed a modifi¬
cation of this plan.
Subject to the approval of the court, it may be deter¬
mined in the event such rights to subscribe are given, to accept over¬
subscriptions subject to allotment.
Contemplated Procedure—The contemplated procedure involves submis¬
sion of the plan to the court for its confirmation under the provisions of
Section 77-B of the Bankruptcy Act and for supervision of the consum¬
mation of the plan and the various matters involved therein, and submission
of the plan to the holders of the 1st mtge. bonds, debentures, preferred
stock and common stock for their acceptance, to be expressed in the case
of the 1st mtge. bonds and debentures by the individual bondholders and
debentureholders and(or) by the respective committees on behalf of de¬
positing bondholders or debentureholders, in such manner and according
to such procedure as the court may direct or approve and by the stock¬
holders of each class by their individual acceptances.
The plan may be carried out either by revesting the assets in the debtor
upon the confirmation of the plan, or upon such confirmation the plan
may be consummated by transferring the assets of the debtor to a new
corporation to be organized for that purpose.
By reason of the fact that the 1st mtge. bonds are the joint obligation
of the debtor and of its Canadian subsidiary, the Canadian Transit Co.,
it has been necessary to institute legal proceedings in the Supreme Court of
Ontario, under the provisions of the Companies' Creditors Arrangement
Act, 1933.
The plan will accordingly be proposed in those proceedings
and, it will be necessary to obtain the approval of the holders of the 1st mtge.
bonds to the plan, in that
proceeding as well as in the 77-B proceedings.
Management of Reorganized Company—It is contemplated that the re¬
organized company will have a board or not exceeding seven directors.
Of
the original directors, six will be nominated by the 1st mtge. committee
and one will be nominated by the debentureholders' committee.
The in¬
dividuals so designated by the respective committees shall in all respects be
subject to the approval of the court in the 77-B proceeding.
Lease from the Canadian Transit Co. to Debtor—At the present time the
entire management of the Ambassador Bridge is carried on by the debtor,
that part of the Bridge property which lies over the international border
in the Dominion of Canada being operated by the debtor pursuant to the
terms of a lease from Canadian Transit Co. to Detroit International Bridge
Co., dated Nov. 15,1929.
Under the terms of that lease a substantial debt
has accrued from the debtor to the Canadian Transit Co.

It is contem¬

plated that in carrying out the plan all cash obligations existing as at
the date of the confirmation of the plan will be extinguished and that such
modifications of the lease agreement may be made as the debtor may
recommend, with the approval of the court.
Consolidated Income Account Years Ended June 30

$26,322
1,507

$24,849
1,556

Profit
Amortization of disct. and expense on funded debt
Allowances for deprec. of bridge structure & equip.
Allowance for amortization of prepaid easement--

$27,829
112,639
224,529

$26,405
112,639

2,389

2,389

Loss without provision for int. on funded debt-.

$311,729

$314,167

excluding allowances for depre.

Administrative expenses
.„„„■„;
Taxes, city, State and county

.. „

Operating profit.
Other Income

..

....

.

—

Assets—

Liabilities—

-

Taxes

,

$546,528

Special bank dep., alien head
tax collected (per contra).-.

Aocts. receivable (net)

9,639
2,500

11,439

62

604

3,000

3,000
1,596

3,000

1,894

654

910

2,133
37,107
4,771

1,981
11,868
x8,745

1,678

1J632

y$133,512
122,840

$138,308

—

.....

dividends

Prepaid Ins. & supplies
12,006
Prepaid prop. & franchise taxes
29,353
Fixed assets (net)
14,918,912
Franchises, rights, Ac
1,840,078
798

insurance

128,122

3,704

334
.19.978,000

taxes.—.-—-—

debt

—

7% preferred stock...
(100.000 shs.,
...

20,839
1,405,300

Liabilities—

1937

$2,392

Dividend payable.

49,136

85,988

Accrued bond int.

16,667

12,500

Prov. for taxes...

4,886

bankers--

103,000

par)...

4,051,179

Deficit

2,456,800
89,153

60,630

68,281

15-yr. 4% bonds

Revenue

$3,673,760 $3,468,4861

Total
a

account.

$3,673,760 $3,468,486

Total

Market value of investments as at May 31,

1938, $2,756,300 against

$3,610,133 in 1937,—V. 147, p. 1034.

Dominion Stores,

Ltd.—To Vote

on

Delisting Proposal—

being asked to register formally their approval or
disapproval of proposal to delist the company's shares from the New York
Stock Exchange.
In a letter to stockholders E. Gordon Wills, President,
states that In accordance with a resolution adopted by shareholders at the
annual meeting in March the company made application to the Securities
and Exchange Commission to withdraw Its stocks from listing and regis¬
tration.
The SEC has set hearing for Sept. 13 next at Washington.—
Y. 147, p. 1337.
■ •
Stockholders

are

Duluth South Shore & Atlantic
July—
Net from

Net after rents.
From Jan.

23,034

1,027,581
def4,511
defl29,017

1,733,152
471,880
350,299

....

railway
Net from railway.
Net after rents

92,216

1936

1935

429,186
124,537

$1,560,567
409,297
141,170

$1,761,350
494,866
142,939

$901,526
3,977,196

$1,057,100
5,313,828

$1,010,100
5,585,915

$1,123,545
5,913,027

$4,878,722
1,200,000
2,625,000
Cr6,267

$6,370,928
1,200,000
2,100,000
117,409

$6,596,015
600,000
1,225,000
180,489

$7,036,575
570,000
840,000
Cr7,379

Surplus, June 30-..-. $1,059,989
com. stk. (no
par)
700,000
Earnings per share......
$0.64

$2,953,520

$4,590,527
700,000
$0.80

$5,633,951

Net earns, for period.
Previous surplus

...

Total surplus..

dividends

Common dividends
Miscell. surplus adjust..

....

Dunhill International, Inc.

1,320.842
309,352
212,025

After taxes,

(& Suhs.)—Earnings—
1937
$57,279

1938

$51,576

1936
$55,391

■

1935

$120,373

depreciation and other charges.—V. 146, p. 3183.

Dura-Test

Corp.—Rights Extended—

Referring to Listing Application No. 1028, dated March 26, 1938, of
Duro-Test Corp., notice nas been received from corporation that it has
extended from Aug. 29, to the close of business on Oct. 24, 1938 the period
of effectiveness of the warrants to

subscribe for

an

aggregate of $50,000

of its unissued common stock.
All terms of the warrants, except
the exercise date and expiration date, remain unchanged.
The warrants
must be exercised before the close of business on Oct. 24, or become wholly

snares

void.
The

obligations of Maxwell M.

Bilofsky, to subscribe for stock

not

subscribed for by holders of warrants, remain in effect.
The final date for trading in such rights on the New York Curb Exchange
will be Oct. 22, instead of Aug. 27, and the rights will sell for "cash" on
Oct. 20, Oct. 21

and Oct. 22, instead of Aug. 25, Aug. 26 and Aug. 27,

the dates previously

Eason Oil

announced by the Exchange.—V. 147,

p.

1337.

Co.—Earnings-

Period End. June 30—
1938—3 Mos.—1937
Net profit...
...loss $43,739
$20,019
After operating
expenses,

1938—6 Mos.—1937
loss $90,269
$59,342

normal Federal income taxes, depreciation

before Federal surtax.—V. 146, p. 3801.

Eastern Gas & Fuel Associates-

Earnings—
1938

12 Months Ended July 31—
Total consolidated income
Federal income taxes (estimated)

1937

$9,624,216 $11,076,477
424,503
453,342

4,056,309

$3,091 381

1,108,732

1,108,733

$420,218

$1,982,648

$1.12

Minority interest

560,812

$1,528,950

...

3,016,747

652,055
1,627

-

Debt discount and expense..

3,952,568

2,960,772

Depreciation and depletion

Earned per share of 6 % cumulative
(exclusive of treasury stock)

$5.26

1,627

Note—No provision made for surtax on undistributed

700,000
$0.87

on

700,000
$0.96

matches, which became

(of all types) for the half year
only about 40% of the average of the corresponding period during
Match sales in the second quarter naturally dropped to a

recent years.

all-time record low—as dealers
operated with
to stocks and made restricted
purchases, so that they would not be
with tax-paid matches on hand as of June 30.
an

respect
caught

particulary from the

second quarter, to the third quarter of the
year.
"The relative loss in net earnings for the second
quarter—due to the
of the match tax and associated low match volume—has been made

repeal
up by

the unprecedentedly high volume of match business handled in July, and
the net earnings for the seven months ended
July 31, 1938, amounted to

$1,221,423, which compares favorably with net earnings of $1,238,074
for the corresponding seven-month period of the preceding year.—V. 147,

570.

Distillers Corp.-Seagram Co.,

Period End. July 31—

Operating
Operation

revenues

Maintenance

Retirement res. accruals
Taxes (including income)

Subs.)—Earnings—

1938—Month-—1937
$650,131
$663,111
384,944
345,779
21,599
28,570
63,718
63,741
78,433
86,519

Balance
Int. & amortization
Miscell. deductions
Balance
Preferred div. deductions:

$8,689,332
4,258,376
315,726

764,778
1,064,460

1,098.973

$114,417
6,467

$1,860,614
Dr29,931

$2,277,561
116,100

$120,895
45,052
1,662

$120,884
43,961
1,478

$1,830,684
529,242
10,420

$2,393,661
525,339
9,033

$75,445

$1,291,021
77,652

$1,859,289
77,652

$1,213,369
20,468

$1,781,637
27,772

$1,192,902
1,192,902
309,824

$1,753,865
1,753,865
309,824

$1,502,726
137,488

$2,063,689
133,402

$1,365,238

$1,930,287

$1,365,238

$1,929,032

B. V. G. & E. Co

Applicable to Eastern Utilities Associates.
Earnings of sub. companies applicable to E . U. A.
Non-subsicliary income
Total

—

taxes

and interest-----

Balance

1,255

Amount not available for dividends and surplus..

Ltd.—Listing—

The company has made application to the Toronto Stock Exchange for
an additional 5,000 shares of cumulative preferred stock 5% series,
with and without warrant attached and 5,000 shares of common stock.—
Y. 146, p. 4113.

738,695

$125,522
Dr4,627

Balance....

Expenses,

1938—12 Mos.—1937

$8,192,940
4,202,505
300,581

$74,180

Net oper. revenues

Non-oper. income (net).

Applicable to minority interest——

"The effect of this match tax repeal is a shift of much of the company's
normal match sales volume from the first half, and

profits.—V. 147.

p.1337.

Eastern Utilities Associates (&

W. A. Fairburn, President, says:
"Due to the repeal of the Federal excise tax
effective July 1, company's sales of matches




67,568

1,644,850
502,659
365,322

147, p. 736.

6 Mos. End. June 30—
Net loss..
x

1935
$236,338
78,684

1936
$311,542
117,477

124,068
99,076

1—

Gross from

—V.

Ry.—Earnings—

1937
$313,407

1938
railway
$185,688
railway.40,114

Gross from

$48,304 in 1938 and $106,186 in 1937
preferred stock

Co.—Earnings—
1937

listing

_

Balance available to 6% cum. pref. stock, and
before State taxes on divs., amounting to

Total

$1,891,119
700,699
133,320

p.

750,000

1,000,000
2,456,800

Common stock-89,153

Dividend requirements on AH % prior pref. stock.

Fed., State & city taxes.
Depreciation...

Minimum—and

3,371

1st coll. tr. ser. A

Preference stock.

..$18,236,370

6 Mos. End. June 30—
1938
Earns, from all sources. $1,455,249

were

1937

$1,375

8und. creds., &C-.

466

Cash at

has been made for accrued interest of $10,202,389

Diamond Match

Shs. of

1938

*

Investments....$3,668,874 $3,468,020

Interest

Common stock

jon funded debt.—V. 146, p. 1708.

Preferred

Before

887,448

..$18,236,370'

Note—No provision

y

Balance Sheet May 31
1938

Assets—
a

Net income.

Total—

5,066
$81,775
74,625

After deducting taxes

and other charges, but

Defd Income, unred. tickets..

no

X6.671

$111,566
104,475

$779,371

payable

Acer, taxes (Windsor, Ont.)..

Funded

3,000

recovered on account of prior years,
charging off $18,324 for bond discount and expense.
x

Acer. State & Federal unempl.

128

1,120

Funds In closed banks (net)
Deferred charges..

10,318
2,500

and

Net income

x

Demand deposits in banks and
cash on hand

10,870
2,500

Interest, exchange, &c_.
Trustees' registrar's
auditor's fees.;
Bond interest..—
Income taxes

x

Consolidated Balance Sheet June 30, 1938

$103,822

844

expenses
Directors fees

225,544

Note—No provisions have been made in the above income accounts for
interest accrued on funded debt in the amount of $1,338,570 for each of
the years ended June 30, 1937 and 1938.
No provision nas been made for year ended June 30, 1938 for reorganiza¬
tion expenses not ascertainable at June 30, 1938.

$136,313

Legal

1938
$352,827
76,839
48,894
202,245

expenses,

1935

1936

$178,379

Bent, salaries, office and
general expenses——
Executive salary

Preferred

1938

3,

Ltd.—Earnings-

1937

1938
$196,631

Years End. May 31—
Divs, Int. & other inc..

x

1937
$331,973
68,491
42,099
195,060

Gross income from tolls

Operating

Dominion Scottish Investments,

this time whether an amicaole adjust¬
be arrived at, or whether additional litigation will

It is impossible to state at

ment of the taxes can

Sept.

Chronicle

Balance available for dividends and surplus—

Note—Blacks tone Vailey Gas & Electric Co. on Jan. 1, 1937, adopted
the Federal Power Commission system of accounts, hence previous year's
12 months' ending figures are not exactly comparative, especia^y between

operation and non-operating income (net).

Volume

Financial

147

Equitable Office Building Corp.—Earnings—

Note Issue—
The Securities and Exchange Commission has made effective a declaration
filed by the company under the Public Utility Act regarding issuance of a

$1,625,000 3% unsecured promissory note, due 1941.
The note is to be
sold to the First National Bank of Boston, for the purpose of refunding
outstanding notes of the declarant held by the bank.—v. 147, p. 1337.

Ebasco Services

1938
$723,495

1937
$771,853

1936
$782,242

61,545

75,077

84.188

64,736

Total oper. income
Maintenance & repairs..

$785,040
24,653
61,752
212,425
158,534

$846,930
20,505

$850,603
19,993
67,125

200,100
156,239
2,713
77,064

$866,431
18,408
61,752
195,759
150,457
4,330
56,546

$328,556
3,878

$379,186
4,637

$342,197

$383,823

$347,037

x3,000

$332,434
276,301
9,300

282,420
15,000

288,546
8,000

loss$15,47l

$35,833

$86,404

$50,491

x

Inc.—Weekly Input—

National Power &
*

Int.

on

Inc.—Merger Agreement Voted—

Educational Pictures,

funded debt

tributed

concluding an
National Films, Inc., was ratified on
Aug. 26 at a meeting of stockholders.
The merger agreement, which was
signed two weeks ago will be presented to the U. S. District Court in Los
Angeles for approval.—V. 147, p. 1191.

on

Corp. (& Subs.)—Balance

Electric Shreholdings

profits.

payable on income arising from the purchase at
lass than par, of the corporation's 35-year 5% sinking fund debentures as
required by sinking fund provisions.—V. 147, p. 268.
x

Accts. payable

Investments..-.22,877,207 23,712,696

$

S

34,923

219,442
4,076

204,032

3,608,000

3,665,248

......

26,392

12,909
185,000
9,549,500

9,222,000
1,602,440
8,606,418
124,905
Earned surplus...
b Preferred stock,

Common stock..

Directors have declared an extra

320,242

Federal Motor Truck Co. (&
y

b Represented by no-par shares

appeared in the "Chronicle"

Florida Power &

bondholders'

committee

organized for the first

been

has

mortgage

leasehold 6 H % bonds, of which $4,260,000 are outstanding.
The members
are Hubert F. Young, Albert J. Courtney and Raymond T. Cragin.
Ja mes

P.

Normile of 120

Broadway is Secretary.—V. 147, p.

903.

Elgin Joliet & Eastern Ry.—Earnings—
Gross from railway

66,667

949,999

833,333

$376,643

$334,098

$5,955,676

$5,432,624

221

221

2,650

2,650

$376,864
11,110

$334,319
12,305

$5,958,326
557.493

$5,435,274
444,463

$387,974
216,667

$346,624
216,667

56,515,819
2,600,000
1,320,000
242,704

55,879,737
2,600,000
1,320,000
287,012

$41,738
$665
Dividends applicable to preferred stocks for the
period, whether paid or unpaid

$2,353,115

$1,672,725

1,153,008

1,153,008

Balance

$1,200,107

$519,717

Gross income

1935

1936

$1,556,059
434,093
258,046

$978,991

Interest

on

151,212

Interest

on

10,513,483
3,157,416
2,111,705

7,906,896
2,185,516
1,504,223

87,240

_

605,902
def94,883

Net after rents
—V.

13,755,781
4,574,493
2,962,753

5,943,481

..

110,000

110,000
19,569

19,292

x

147, p. 737.

(& Subs.)—Earnings—

El Paso Electric Co.
12 Months Ended July 31—

Operating

revenues

...

& taxes

Balance after operation, maintenance
b Balance for dividends and surplus
a

Includes

a

;

1938
$3,173,727
1,235,876
420,482

x

1937

$3,036,384
1,152,683
355,050

b After appropriations for re¬

non-operating income-net.

tirement reserve.—V. 147, p. 1034.

Engineers Public Service Co. (&. Subs.)—Earnings—
1938—Month—1937
1938—12 Afos.—1937
$4,432,672
$4,426,757 $52,871,584 $50,577 788
1,668,968
1,742,365 20,541,126
20,414,565
306,392
305,825
3,667,024
3,354,998
555,025
516,421
d6,541,681
5,834.675

Period End. July 31—
Operating revenues.....

Operation.
Maintenance
Taxes

$1,902,287
Non-oper. income (net).
Dr30,406

$1,862,146 $22,121,752 $20,973,550
423.447
Dr615,023
16,924

$1,871,881
668,975

$1,879,070 $21,506,729 $21,396,997
8.024,560
7.939,508
658,871

$1,202,907

$1,220,199 $13,567,221 $13,372,437
5,571,823
5,596,063

Net oper. revenues-..

Balance
Interest & amortization.

Balance.

Appropriations for retirement reserve.
Balance

Dividends

on

preferred stocks, declared

Cumulative pref, divs, earned

but not declared...

Balance

.......

of

$7,800,614
2,798,297
1,320,323

$4,234,564

$3,681,994

25.925

minority interests.

Balance

Balance

$7,971,158
2,234,258
1,502,336

earnings

Public Service Co

applicable

...

.

.

.

.

a

to
.

-

■'!

17,487

$4,208,639

Amount applicable to
a

_

Net income

^

c

intge. bonds.
debentures.

Other interest and deduc.

From Jan. 1—
Gross from railway..
Net from railway

1938—Month—1937
1938—12 Mos.—1937
$994,463 $14,641,564 $13,351,213
7,735,889
7,085,256
593,698

Net oper. revenues
Rent from lease of plant

1937

$832,045
125,539
19,480

..

Net from railway
Net after rents

Light Co.—Earnings—

Operating revenues
$1,037,594
Oper. exps., incl. taxes..
544,285
Property retirement re¬
serve appropriations..
116,666

$1,979,507
709,181
424,452

1938

July—

$3,664,506

4,208,639

—

1938, amounted to
Latest dividends, amounting to 87 cents a share on $7 pref.
cents a share on $6 pref. stock, were paid on July 1, 1938.

Dividends

$5,861,124.
stock and 75

accumulated and unpaid to July 31,

Dividends on these stocks are

cumulative.

full revenues without consideration of
litigation for which a reserve has been provided by appro¬

Note—Income account includes
rate reduction in

priations from surplus in amount of $632,638 for
July 31, 1938, and of $581,144 for the 12 months
147, p. 737.

Flour Mills of America,

Inc.—Reorganization Flan—
proposed in a proceed¬
Act and mentioned in

of reorganization dated May 1, 1938,
ing pursuant to Section 77-B of the Bankruptcy
"Chronicle" of Aug. 27 is outlined below:
The reorganization advisory committee consists
The plan

Interest

........

_ .

_ _

...

Earnings from other sources

..

—

Oarr,

C^T^(fReorganization

advisory committee consists of representatives of
class of security holders of the company.
The advisory committee
approved the plan of reorganization.
Holders of gold notes, preferred stock, series A or common stock may
approve and accept the plan of reorganization by executing their letters of
consent and approval in favor of the plan of reorganization and mailing the
same to the Secretary of the reorganization advisory committee.
Creditors, other than holders of 63^% gold notes will not be affected by
this plan of reorganization.
The subsidiaries, the Kansas Hour Mills
Corp. and Valier & Spies Milling Corp., will not be parties to the reorganiza¬
tion proceedings in the Federal Court and, consequently, their contractual
relations and their creditors will not be affected in any manner.
each
has

3,664.506

Present

Indebtedness and Capitalization
Authorized

5,505

81,738
105.075

113,199

Balance
c

84,490
60,952
133,628

243.231

$3,943,578
264,527

$4,270,925
645,212

$3,679,051
286,080

$3,625,713

$3,392,970

2,323,537

2,323,537

$4,514,156
Expenses, taxes and interest.
....

Allowing for loss

20-year 6V2% convertible gold notes,
due April I, 1946
Preferred stock, series A (no par)
Common

applicable to stocks of Engineers Public
allowing for loss
dividend reouiremencs of Engineers

Service Co., after

Preferred

Public Service Co

Applicable to Engineers Public Service Co., before allowing for unearned
preferred dividends of certain subsidiary comjjanies.
b Of
earnings of parent and subsidiary companies applicable to Engineers Public
Service Co. stocks, before allowing for loss,
c In investment in common
stocks of subsidiary companies, measured by cumulative dividends on
preferred stocks of such companies not earned within the year, less minority
interests and inter-company eliminations.
Such amounts are not a claim
against Engineers Public Service Co. or its other subsidiary companies.
d^Includes Federal income taxes of $1,094,201.
Note—Effective Jan l, 1937, certain subsidiary companies adopted the
new system of accounts prescribed by the Federal Power Commission which
differs in certain respects from the system the companies previously followed,
hence the above 12 months' figures are not exactly comparative.—V. 147,
a

p.

890.

Fairbanks, Morse & Co.—Listing—
The company
to list its

has accepted the invitation of

securities under the special listing

preferred stock, par $100.—V. 147, p.




890.

$3,o00,000

56,500 shs.
525,000 shs.

Outstanding

$2,677,000
25,000 shs.
500,000 shs.

Consummation of Plan

corporation to be known as American Flour Mills, Inc (to be
incorporated in Delaware), will have a capitalization and funded debt as
evidenced by the authorization and issuance of the following securities:
i
Authorized
Outstanding
The new

Common

1, 1950.
stock ($100 par)..

5% bonds due April

$1,338,500
13,385 shs.

—

600,000 shs.

stock ($1 par)

Basis of Exchange

of Present Securities for Securities of

$1,338,500
13.385 shs.

532,080 shs.

New Corporation

Holders of present 6 lA% convertible gold notes, series A, shall be entitled
to receive for each $1,000 principal amount thereof together with Oct. 1,
1938
and subsequent interest coupons attached, the following securities

5% bonds dated as of
of new 5% preferred
stock ($1 par).
$12.50 in full compensation of the
Oct. 1, 1938, interest coupon attached to each $1,000 principal amount of
the present 6 % % gold notes will be made at the date of delivery of the new

of the new
Oct.

corporation: $500 of new first mortgage

1, 1938,

and due April 1, 1950, and five shares

stock ($100 par) and 40 shares of new
A cash payment in the amount of

common

securities to present noteholders.
Holders of present preferred stock, series A, shall be entitled to receive
for each one share thereof, together with unpaid dividends, the following
securities of the new corporation: 15 shares of new common stock
Holders of present common stock shall be entitled to receive for
share

($1 par).
each one

of the new corporation: ,l-10th of one
stock ($1 par).—V. 147, p. 1338.

thereof, the following securities

share of new common

the Chicago Stock Exchange

plan for certain corporations

having securities listed on the New York Stock Exchange.
On Aug. 30,
1938, the exchange approved the application to list 625,920 shares of
common stock, no par value, and 10,958 shares of 6% cumulative conver¬
tible

-

stock ($1 par).

5% preferred

cumulative

series A,

Capitalization of New Corporation Upon

1st mtge.
Balance

it

of: William K. Archer,

H. Clayton Forsythe, Ralph W. Hoffman, Edward D.
Jones and T. M. Thomas.
M. A. Stenersen, Secretary, room 601, Land
Bank Building, Kansas City, Mo.
Reorganization Manager: H. M. Preston & Co., 33 £sorth La Salle St.,
Henry P.

Amortization of bonds owned by parent company,
included in charges above
Earnings from subs. cos. incl. in charges above:
Preferred dividends, declared
-

the 12 months ended
ended July 31, 1937.

—V.

engineers
... ...—.

other

Operating income
Other income (net)

St., Inc.—-Bondholders' Committee—

11 West 42d
A

Before surtax on undistributed

Period End. July 31—

Shares of $1 par value.

Note—Earnings for six months ended June 30
July 23.—V. 147, p. 571.

$124,418

x$123,095

profits,
y After depreciation and
charges, but before Federal income taxes.—V. 146, p. 3802.

$15,677,971, against $18,865,603
of stated value of $100 per share,

1938, was

value June 30,

..23.441,077 24,197,511

1935

1936

1937

x$76,857

loss$l 1,216

Profit

Subs.)—Earnings—

1938

6 Mos. End. June 30—
x

Total

stock,

571.

8,827,814

23,441,077 24,197,511

Dividend—

dividend of 25 cents per share in addition

the regular quarterly dividend of like amount on the common
both payable Oct, 1 to holders of record Sept. 15.—V. 147, p.

1,603,307

Capital surplus...

Total

1937

$62,309

to

216,000

c

of

1938

$68,448

Fanny Farmer Candy Shops —Extra

,

Federal

for

Prov.

income taxes...

Market

Finishing Co.- -Earnings-

Net profit after all charges
—V. 129, p. 1920.

33,492

payable to
banks,secured..

Notes

Res've for conting.

a

tax

and

accrued expenses

261,297

359,839

Dividends and int.

c

Federal income

Fairforest

1937

Liabilities—

Accts. receivable..

4,839

11,000

_

6 Months Ended June 30—

receivable

204,450
149,652
7,938
59,247

undis

.

Sheet•

1938

1937

1938

Cash.

$785,867

and directors of this company in

June 30—

in 1937.

$257,313
269,784

Prov. for Fed. inc. tax..

agreement for a merger with Grand

a

343

.

Federal surtax
Action of the officers

66,487
$256,969

.

Net income

Decrease.—V. 147, p. 1337.

61,752

4,219

_

Net oper. income.
Other income

*6.7
*2.5
4.4

*7,956,000
*1,518,000
3,511,000

_

Other general expenses.

%

Amount

1937
118,331,000
60,690,000
Light Co.82,936,000
79,425,000
1938

American Power & Light Co
110,375,000
Electric Power & Light Corp.. 59,172,000

;

Other oper. expenses..i
Prov. for doubtful accts.

Increase

1

Operating Subsidiaries of—

Depreciation

Real estate taxes

corresponding week during 1937, was as follows:

1935

3 Mos. End. July 31—
Rental income--.
Other operating income-

For the week ended Aug. 25, 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

1487

Chronicle

Franklin Simon & Co., Inc. (&
Ended July 31—
Net loss after deprec.,amort., taxes & other
—V. 147, p. 112.

Subs.)—Earnings—

6 Months

charges

1938w
$371,782

$122,480

Financial

1488
Fohs Oil

Giddings & Lewis Machine

Co.—Earnings—

Total gross operating income.
Operating expenses
Selling expenses
...

$1,367,505
89,209

_

.—,—-

—.

Other taxes, except Federal and State income taxes
General and administrative expenses
JT0H tells

wmm**

■«•*»'

mm

+, m m m

m,

62,977
20,548
12,298

f»

Leaseholds abandoned and dry hole contributions
income from

Net

$974,592

operations

13,863

Other income

$988,455

Total income

estimated.

Net

income

_

Earned surplus

1,791,744

balance, Jan. 1, 1938

$2,314,410

Total

Dividends paid in cash

230,582

Sheet June 30,

$727,702

Cash in banks—on demand...

Accounts payable—trade
Prov. for Fed. & State income

73,142

receivable

easterly to Merritt, approximately
Mich.—V. 131, p. 2376.

(W. T.) Grant Co. (& Subs.)—Earnings—
6 Mos. End. July

31—

$932,958
Dr42,652

300,135

Due from officers & employees

455
622,116

Long-term debt

taxes—1938 estimated

33,000
6,000

Properties, plant & e(iujpm't-.xl,572,144

Common stock ($1 par)

Deferred charges
Other assets

Earned

768,607

Int. paid less int. ree'd..
Deprec. & amortiza'n
Federal tax

x

$3,301,201

.

After

reserves

647,108
58,000

$3,301,201

x

$1,394,976

$1,448,978

$669,525

yl,195,355

yl,195,355

yl,195,355

$1.16

y$1.21

No par

$10.

$0.56

No par.

y

Consolidated Balance Sheet July 31

Co.—10-Cent Dividend—

The directors declared

a dividend of 10 cents per share on the common
value, payable Sept. 10 to holders of record Aug. 24.
Like
amount was paid on June 10 and on March 10 last and compares with 30
cents paid on Dec. 10, 1937, and 25 cents paid on Sept. 10 and on June 10,
1937.
A dividend of 20 cents was paid on March 10 last; dividends total¬
ing $ljper share were paid during 1936 and a dividend of 10 cents per share
in 1936.
No dividends were paid in the years 1934 or 1933.—V. 145.P.3973.

no par

A tipf q

Time deposit

Acc'ts receivable-Mdse. inventories-

Cash

9,816,126

100,356

Real

86,591

Res.

9,247

Advances, Ac....
Employees' notes &

551,782

receivable

34,626

14,103

accounts

30,767

9,243

accts.

bldgs.

Land,

Impts.,

General Public Utilities, Inc.
f

Period Ended July 31—
Gross oper. revenues...
expenses

Maintenance

Depreciation
taxes

Federal normal inc. tax.
Federal surtax on undis¬

(& Subs.)

1938—Month—1937

$498,192
205,594
14,716
45,740
46,095
11,725

Earnings—

1938—12 Mas.—1937

$494,865
202,346
18,411
44,087
40,661
6,310

$5,567,279
2,336,397
214,907
539,018
541,411
99,428

tributed profits

$5,261,861
2,199,316
269,960
534,329
473,581
89,395

4,080

3.356

$1,832,037
18,222

$1,671,875
36,629

$177,677
30,460

$187,136
31,281

$1,850,259
372,229

$1,708,504
373,799

71,353
758

71,353

856,238
1,513

856.462

$5 pref. stock.

$75,106
3,242

$84,501
3,242

$620,279
38,910

$478,243
38,910

Bal. avail, for common
stock and surplus..

$71,864

$81,259

$581,369

$439,333

Net oper. income

$174,321

Non-operating income.

.

Charges of subsidiaries.
Interest on let, mtge. and
col. trust 63^% bonds
Interest

on

unfund. debt

Net income

Divs.

on

1937, respectively.—V. 147,

p.

740.

Indiana

Period End. July 31—

Railway
Railway

oper. revenue..

Net

1938—Month—1937
$83,941
$107,982
83,788
98,585

from ry. oper.
tax accruals

oper. expenses.

rev.

Railway

$153

7,665
$7,512
Cr4,185

W Railway oper. deficit.

Equipment rents (net)

_

_

Joint facil. rents (net)..

$9,396
7,362

prof$2,034
Crl.199

Drl ,964

Drl ,960

$5,291
1,462

prof$l,273

Ilk
Net ry. oper. deficit..

Non-operating income.,

1,072

$748,574
677,687

def$12,638
54,122

$70,887
53,831

$66,760 prof$17,055
Drl0,475
Cr4,571
Drl3,756
Drl3,582

$75,946
10,223

$7,002

9,074

deps.

...

as

4,440

7,478

175,539

123,470

secur.for leases.

6,567,319

5% cum. pref. stk.
6 977 225
(par $20)

2,888,624

Com .stk.(par $10)

1L893',540 xl00~8~9~446

Surplus

14,636,128 22,201,552

5,305,620

ins., suppl's, Ac. 1,022,139

......

5.117,239

840,051

to leased prop's.

prepaid

rents,

Total

38,929,131 38,464,091

38,929,131 38,464,091

Total

Security deposited with
and invest¬
ments, funds in closed banks and restricted balances less reserve.—V. 147,
x
Represented by 1,195,355 no par shares,
landlords—to be repaid over a term of years,

y

z Notes, claims

1036.

Great Lakes

Paper Co., Ltd.—Listing—

The Toronto Stock Excnange has approved the listing of an

additional

value class A preferred shares and 20,000 no par common
shares, bringing total listed capital to 100,000 class A preferred shares and
99,991 common shares.
Previously listed preferred and common shares
are represented
by voting trust certificates.
The newly listed stock is
that which was recently delivered to the liquidator for distribution accordto the approved arrangement made under tne provisions of the Companies
Creditors Arrangement Act.—V. 147, p. 572.
no

par

Great Northern

Ry.—Earningt
lQtR

1Q87

1980

1935

$6,701,700
1,964,197
1,069,519

$9,187,201
3,607,201
2,°625,527

$9,040,108
3,685,950
2,710,986

$7,058,077
2,498,944
1,771,389

36,648,789
7,197,677
1,378,451

50,395,131
15,532,247
11,365,878

45,927,037
14,221,542
9,520,246

39,148,723

July—
from

railway
railway

Net after rents

From Jan.

$581,295
593,934

Tenants'

3,063,203

1—

Gross from railway

1938—7 Mos.—1937

1,800,400
12,500

7,243,346

Net from railway
Net after rents.

Georcria & Florida RR.— Kami tans—
Georgia & Florida RR.
Earnings-

983,865

1,821,100

Prepaid taxes and

Net from

Telephone Tri Corp.—Successor to
Telephone Co.—See latter company below.

Central

514,617

after. 1 yr_

stores

Alterations & imps.

Gross

General

inc.

Res. for repainting

and

deprecia'n..

10,000

Note—-No provision has been made in the above statement for Federal
undistributed profits taxes other than reflecting the accruals for the calendar
y®ars 1937 and 1936 tn the figures for the 12 months ended July 31,1938 and

Fed.

(est.)

pay.

less res.

res.for deprec..

p.

Gross income

12,500
418,374

Note pay. for lease

Furn. & fixts., less

23,405

$183,050
4,086

for

377,100

1,072,875

Real estate mtges.

486,987

y

Sundry

for

taxes

31,124

z

547,300

659,781

Accrued accounts.
Dividend payable-

comple'n.

upon

dem. or

year

Note pay. for lease

1,127,759

1,364,531

mtges.

one

repaid by owners

Aug. 25 declared a dividend of four cents per share on
company's shares of beneficial interest, par $1, payable Sept. 15 to holders
of record Aug. 31.
This compares with three cents paid on June 15 last;
two cents on March 15 last; 12 cents on Dec. 15, 1937; 10 cents on Sept. 15,
1937: 5 cents paid on June 15 and March 15,1937; 40 cents on Dec. 15,1936,
and 8 cents on May 1, 1936.—V. 147, p. 891.
on

est.

pay. on

be

to

constr'n,

General Investors Trust—Four-Cent Dividend—

1,699,461

maturing within

289,334

9,999,349 12,339,227

value of

sur.

life ins. policies.

S

Accounts payable.

35,415

Marketable secure.

1937

Liabilities—

5K

9,381,283
1,002,362

Cash

1938

1937

Sfc

i,

Amts.exp.onbldg.

General

69,558
599,030
102,290

614,471
398,433

367,896

Nil

1938

Operating

11,665

$154,890

Earnings per share

for depreciation, depletion and amortization of $465,491.

General Fire Extinguisher

The directors

:$1,440,403

xl,189,354

Netprofit
Total

—V. 146, p. 1242.

stock,

$1,428,738

$2,497,103
35,221

$2,408,161
31,706
613,583

47,042

2,083,828

surplus..

90,597

Shares common stock
Total.

$2,518,916
Dr21,813

$2,361,119

$890,306
30,308

Other income (net)

90,385

Prov. for Fed. & State income

10,142

1935

1936

1937

1938

$41,904,307 $45,191,618 $43,653,281 $41,555,814
40,971,349
42,830,499 41,134,365 40,127.076

Operating profit

129,208

taxes—1937

Inventories

Investments...

the part

Junction
10.29 miles, all in Missaukee County,

$190,173

Accrued liabilities

2,383

receivable..

Commission on Aug. 18 issued a certificate

permitting company and Pennsylvania RR., lessee, to abandon
of its Missaukee branch line of railroad extending from Veneer

Costs and expenses

2,385

Working funds
Accrued royalties

Interstate Commerce

Sales

Liabilities—

Assets—

Accounts

1938

Rapids & Indiana Ry. Co.—Abandonment—

Grand
The

!,083,828
$0.68

June 30, 1938—
Earnings per share on 768,607 shares common stock (par $1)
Balance,

Balance

Co., as successor paying agent, is notifying
Manufacturing co. (former name of this company)
fund gold bonds series A 6% due April 1, 1942 that
by lot for redemption on Oct. 1, 1938, at par and
accrued interest plus a premium of iy2%, out of sinking fund moneys,
$37,500 principal amount of these bonds.
Drawn bonds will be paid at the
New York office of the bank, 22 William St.—V. 145, p. 3818.
City Bank Farmers Trust

holders of the Goulds

first mortgage sinking
there has been drawn

$522,666

—

department.—V. 145, p. 3973.

Inc.—Bonds Called—

Goulds Pumps,

432,789
33,000

Income deductions
Provision for Federal and State income taxes—1938

first page of this

See list given on

82,632

Depreciation and depletion

Co.—SEC Registration Withdrawn—

Horn Mining

Gold

98,852
23,375

....

#1^oa

$197,088

$308,763

Net profit before Federal
—V. 146, p. 2852.

3.022

-—

Production taxes

Earnings—

Tool Co.

July 31—
taxes

7 Months Ended

Earnings for 6 Months Ended June 30, 1938

y

Sept. 3, 1938

Chronicle

12,276,878
7,559,475

—V. 147, p. 1339.

Green Bay & Western

RR.

-Earnings—
1937

1938

July—

1936

1935

$132,192
36,659
15,285

Net after rents

$150,961
47,852
28,583

$146,564
44,844
27,087

$112,390

840,139
199,434
72,562

Gross from railway
Net from railway

993,860
253,707

926,771

138,679

114,188

801,723
162,008
81.970

17.969

7,577

From Jan. 1—

Gross from railway..
Net from railway...
Net after rents

l

230,901

—V. 147. p. 740.

lu
Gross deficit

$3,828

Deductions from income

prof $2,345
919

$65,723
6,590

prof$2,072

932

Deficit before interest

$4,760

prof$1,426

$72,313

$4,470

—Week Ended Aug. 31—
1938
1937

£.yrai4?g J® mT*
Georgia

RR.

$45,550
1938

$268,122
33,965
29,490

I

Gross from railway

1,927,260
221,669
190,955

Net from railway

147,

p.

$299,739
24,885
21,350

1938

2,210,395
413,529
437,325

$322,927
60,647
58,203

1935

$266,141
33,514
31,046

2,057,608
323,867
337,098

1,816,775
268,645
295,756

1937

-Earnings—
1936

1935

$197,753
38,033
18,769

$194,879
27,971
6,685

$161,709
14,497
2,421

1,164,476
88,904
def52,973

1,479,459
320,069
175,651

1,340,113
179,846

1,107,711
108,429
12,201

1—

GrossTfrom railway

p.

1936

.

.

740.




25,869

1938—Month—1937

1938—12 Mos.—1937

$143,981
91.814
11,943

$1,715,276
xl,121,396
138,754

$1,605,124
xl ,024,748
139,787

$42,447
20,271

$40,225
18,840

$455,126
237,575

$440,588
218,768

$22,176
5,584

$21,384
5,584

$217,551
67,014

$221,820
67,014

$15,800

$150,537

$154,806

1937

$890,824

$142,689
2,254
defl5,372

Net after rents

147,

Prov. for depreciation..
Gross

income

Net income

1937

Georgia Southern & Florida Ry.July-

—V.

and taxes

$146,002
92,263
11,292

$16,591

expenses

Divs.

on

preferred stock

Balance
x

Includes provision for Federal surtax on

Gulf

States

undistributed profits for 1936

891.

Utilities

Co —Bonds

Offered—A. banking

headed by Stone & Webster and Blodget, Inc., offered
on Aug. 31 an additional issue of $10,000,000 1st mtge. &
refunding 4% bonds, series C, due Oct. 1, 1966, at 104 and
accrued interest.
Bonds will bear int. from April 1, 1938.
The securities are offered following recent consummation of
the plan by which Gulf States Utilities acquired all of the
properties and business of Louisiana Steam Generating Corp.
and all of the properties and business, except the bus properaties, of Baton Rouge Electric Co.
group

Gross from railway
Net from railway
From Jan.

1938

$724,344

Aug. 21—

Oper.

s

740.

Net from railway
Net after rents

to

Gulf Power Co.—Earnings—
Period Ended July 31—
Gross revenue

and 1937.—V. 147, p.

Net after rents
—V.

1

Earnings—

July—
Gross from railway
Net from railway..
Net after rents
From Jan. 1—

$45,750

—Jan.

6,542

Volume 147

Financial

Other members of the offering group are: The First Boston
Corp.; Brown Harriman & Co., Inc.; Blyth & Co., Inc.;

Bonbright & Co., Inc.; Kidder, Peabody & Co.; Schroder
Rockefeller & Co., Inc.; Coffin & Burr, Inc.; Glore, Forgan
& Co.; Hayden, Stone &
Co.; W. C. Langley & Co.; Bosworth,
Chanute, Loughridge & Co.; H. M. Byllesby & Co., Inc.,
and

White, Weld & Co.

Sinking Fund—After the retirement of the debentures in 1946,
fund

is

a

sinking

Chronicle

1489

Harbauer Co.—Earnings—

Years End. June 30—
1938
Profit from operations.. loss$38,177

Depreciation
Federal income tax....
Loss on sale of deposit in

20,060

1936

$78,987
15,970

restricted bank account

Net income
Preferred dividends
Common dividends

1935

1937

$85,857
18,960
xl0,800

8,880

$127,350
14,485
14,410

$54,137

$88,701

9,753

...

loss$58,237

$56,098

11,273

51,849

2,551
51,250

...

42,026

provided for the retirement of bonds of series O in the amount of

Surplus—_______ def$69,510
$4,249
$12,111
$34,900
x Includes
$1,000 for estimated surtax on undistributed profits.—V.

If0 semi-annually ($409,600 annually

of bonds

to be

on the basis of the total amount
outstanding upon completion of this financing) calculated
28% thereof by maturity.

to retire at least

Cpjowif—Company

Texas

and

in

south

central

Louisiana comprising approxi¬

mately 27,500 square miles and extending from Deanville, Texas, on the
wesu to Holden, La., on the
east, a distance of over 350 miles.
Electric
energy is supplied at retail to 219 communities with an estimated combined
population of 370,300, including the cities of Beaumont, Port Arthur and
Orange, Texas., and Baton Bouge and Lake Charles, La.
Company
also purchases and sells natural gas at retail in Baton Bouge and vicinity,
an area with a population of
approximately 63,700, supplies water in nine
communities with an estimated combined population of 46,000, and supplies
ice eioher at retail or at wholesale in 13 communities with an estimated
combined population of 50,500.
A major economic factor in the territory
served is the production, transportation and refining of oil.
Approxi¬
mately 30% of the gross revenues of the company are derived directly from
service to the oil industry, including the sale of steam and electric energy
for oil refining and the sale of electric energy for pipe line pumping and
well pumping and drilling.
The average annual use of electric energy
per residential customer was 964 kwh. for the 12 months ended May 31,
1938, as compared with 574 kwh. for the year 1932.
The average price
for electric energy billed to residential customers was 4.53 cents per kwh.
for the 1938 period, as compared with 6.94 cents per kwh. in 1932.

Capitalization—The outstanding
comp,etion of tuis financing will be

capitalization
follows:

of

the

1902.

p.

On Aug. 25,

was incorporated in Texas in 1925.

1938, the company acquired the properties of Louisiana Steam Generating
Corp. and Baton Bouge Electric Co.
Company as now constituted
generates and sells electric energy at retail and at wholesale in an area in
southeastern

145,

company

Hawaii Consolidated Ry., Ltd.—Preferred Dividend—
The directors have declared

a dividend of 20 cents per share on account
on the 7% cumulative preferred stock,
par $20, payable
15 to holders of record Sept. 5.
Similar payments was made on
June 15 and March 15 last.
A dividend of 60 cents was paid on Dec. 10
last; dividends of 20 cents per share were paid on Sept. 15, June 15 and
March 15, 1937; dividends totaling $1.20 per share were paid during 1936,
and dividends amounting to 80 cents per share were distributed during the
years 1935 and 1934.—V. 146, p. 3955.

of accumulations

Sept.

Hawaiian
Years End.

Pineapple Co., Ltd.

May 31—

1937

1936

1935

$2,600,460
149,822

$4,051,035
124,505

:$3,111,937

$1,786,318
141,971

$2,750,281

$4,175,540
10,619

!$3,261,312

$4,164,921
72,894

:$3,249,461

119,958

64,434

92,119

$2,870,092

finished product

.....

Miscell. oper. revenues.

$4,237,815

!$3,313,895

666

3,067

28,775
20,851

$2,001,866
173,582
141,723

Miscell. oper. losses

148

$2,750,133
Financial income

upon

as

Int. paid and accrued
Other financial charges.

1st mtge. & ref. bonds series C 4%, due Oct. 1, 1966 (in¬

cluding this issue).
$27,300,000
10-year 4j^% debentures, due Oct. 1, 1946--3,465,000
Pref. stock (no par or stated value)—$6 div. (cumulative)
69,994 shs.
$5.50 dividend (cumulative)...
30,000 shs.
Common stock (no par)
280,000 sas.
.

company owns five steam power plants of
total rated generator capacity, which includes a unit of 27,500

149,375

11,851

$1,928,289
18,542

$1,909,747

Income and excise taxes

(estimated)

618,694

a959,288

668,208

348,374

$2,250,731

$3,275,460

$2,596,060

$1,338,187

1,500

208,500

3,783",792

2,503",867

555,996

Balance to surplus..def$l,533,061

—

Property—The

-Earnings-

1938

Gross profit from sale of

$771,593

$2,038,564

Preferred

147,120 kw.
kw, capacity

put in service in June, 1938, at the Neches plant and excludes the steam
plant in the City of Baton Bouge formerly owned by Baton Bouge
Electric Co., which wa~ retired in the same month.
Additions to the plant
formerly owned by Louisiana Steam Generating Co. at Baton Bouge
have been undertaken to meet new demands recently contracted for which

dividends

$1,129,687

Includes $88,492 undistributed profits tax.

a

power

will add 30,000 kw. minimum generating capacity.

The combined system
includes 4,393 miles of pole line and 296 substations having a total rated
transformer capacity of 376,524 kilovolt amperes.
Property, plant and
equipment (including intangibles) as taken from the pro forma balance
sheet as at May 31, 1938, amounts to $53,049,106, and includes ice proper¬
ties and certain non-operating properties having an estimated cost of
$1,285,615, which are excepted from the lien of the mortgage.

Purpose—It is proposed that net proceeds, estimated at $10,119,780

Comparative Balance Sheet May 31
1938
Cash

Special

(1)

(2)

(3)

(4)

(5)

Bedemption of outstanding 1st mtge. bonds, series A 5H %,
due June 1
1954, of Baton Bouge Electric Co., in the
principal amount of $954,000 at 105%
$1,001,700
Bedemption of outstanding ist mtge. bonds, series B 5%,
due Feb. 1, 1959, of Baton Bouge Electric Co., in the
principal amount of $2,000,000 at 105%--2,100,000
Payment of notes of Louisiana Steam Generating Corp. to
Engineers Public Service Co. due Nov. 19, 1940, now
outstanding in the aggregate amount of $2,740.000
2,740,000
Payment of short-term notes and open-account indebtedness
of Baton Bouge Electric Co. to Engineers Public Service
Co. now aggregating
405,000
Payment of short-term notes of the company to Chase
National Bank now aggregating
625,000
For purpose of financing the construction program of the
company and for its general corporate purposes as an
operating public utility company
3,248,080

V

Earnings—The figures below

derived from the pro forma combined
income statements for the company.
Baton Bouge Electric Co. and
Louisiana Steam Generating Corp. for the calendar years 1935, 1936 and
1937, and for the 12 months ended May 31, 1938:
are

3,458,629

Reserves..

1,267,063

Inventories

2,982,760

2,108,882
1,545,684

Operating revenues
Operation
Maintenance..
Taxes

(excl. Fed. inc. &
prof, taxes)..a

1936
$9,057,999
4,106,624
391,351

1936
$8,447,675
3,877,143
369,830

736,916

1,200,000
1,574,163
1,002

Plant & property 9,534,994

Net oper. revenues—
-

$4,477,803
20,683

Goodwill, pat.rts

Approp. for retire't

res.

-

$4,760,809
1,177,652

$4,498,486
1,166,507

$3,823,108
224.164

$3,536,129
186,865

$4,047,272
1,154,997

$3,722,994
1.145,656

Balance applic. to int.

profits taxes)

$3,583,157

$3,331,979

$2,892,275

$2,577,338

Fed. inc. and
profits taxes of__

$328,630

$288,162

$84,784

$87,124

Excl.

excess

Annual

_

23,448,414 19,301,688

x After reserve
for doubtful accounts of $50,000.
y After reserve for
depreciation of $6,620,318 in 1938 and $6,360,144 in 1937 —V. 146, p. 3016.

Hecker Products Corp.

(& Subs.)—Earnings—

[Formerly Gold Dust Corp.]
1938

Years End. June 30—

requirements on series C bonds to
standing upon completion of present financing-..
name of each

severally underwritten

are as

be

$1,092,000

follows:

»

Stone & Webster and Blodget, Inc
—

—

Blyth & Co., Inc
Bonbright & Co., Inc
Kidder, Peabody & Co
Mellon Securities Corp
Schroder, Bockefeder & Co., Inc
Coffin & Burr, Inc.
Glore, Forgan & Co
Hayden, Stone & Co
W. C. Langley & Co

$2,140,000
1,475,000
1,275,000
590,000
475,000
475,000
475,000

_

Cost of

goods sold (before
prov. for depreciation) 22,607,124

profit
(before
prov. ror deprec.)
$5,331,808
Selling, distributing, ad¬
vertising, admin, and

24,538,909

25,820,241

24,722,089

$7,375,206

$5,905,443

$6,686,213

6,539,479

5,371,088

4,781,977

$835,727

$534,355

$1,904,236

Gross

5,529,104

general expenses

loss$197,296

Operating profit.

1,748,213

1,363,167

1,734,249

1,015,648

loss$l,550,917
Prov. for depreciation..
470,728

$2,198,894

$2,268,604

477,625

646,299

$2,919,884
643,070

Prov. for

23,584

118,589

111,838

179,336

3,700

1,350
8,890

Fed. & Cana-

Prov.

for Fed. undistri¬

buted profits taxes—
Interest paid

—

bl01,500

Profit for the year.,

$951,405 a$l,592,440 a$l,510,467 a$2,097,477

—

—

;
—

Lazard Freres & Co

i

1st

Mtge.

—

&

Refunding

290,000
290,000

Bonds,

Exchange has authorized the listing of $10,000,000
Oct. 1, 1966.—V. 147,

1340.

Total

$12,924,412 $13,590,802 $15,004,498 $16,000,076

-

Dividends on $6 cumul.
Conv.

pref. stock (re¬

tired ciuring the year
ended June 30,1936)-

......

dividends

1,080,700

Prem. paid on redempt.
of preferred stock

......

Common stock

Earned surplus at
of

a

1,617,794

235,414
1,882,194

359,976
2,146,069

888,527

......

end

year..

$11,843,713 $11,973,008 $11,998,362 $13,494,031
$0.52
$0.88
$0.71
$0.97

All

products.
b Includes

estimated expenses in connection with consolidation of flour

milling activities and closing of mill of $60,000 and estimated expenses
incident to restatement of capital stock and exchange of common stock
certificates of $41,500.—Y. 147, p. 422.

Hedley Mascot Gold Mines, Ltd.—Extra Dividend—
declared a quarterly dividend of three cents per share
dividend of one cent per share on company's capital stock,
Oct. 1 to holders of record Sept. 1.
Like amounts were paid
on July 2, April 1 and Jan. 1 last, these latter being initial dividends.
6 Months Ended June 30—
1938
1937
Net income after all charges
$197,201
$218,373
Earnings per share on 2,043,255 shares
—$0.10
$0.11
—Y. 146, p. 3669.
The directors have

and

Gwyn Beardmore Gold Mines, Ltd.—Registers with SEC
department.—V. 147, p. 421.

Hamburger Distillery, Inc.—SEC Registration Withdrawn




^

13,902,598

expenditures made during the year ended June 30, 1937 in connec¬
tion with the development of new products have been included in the
operations for the year.
Expenditures made during previous fiscal years,
less sales of the products, aggregating a net amount of $235,632 in 1936 and
$554,199 in 1935, were charged in that year against a reserve theretofore
provided out of earned surplus for development and introduction of new

Series C 4s—

See list given on first page of this

13,494,031

Earnings par share._—

1st mtge. and refunding bonds, series C 4%, due

See list given on first page of this

11,998,362

350,000
350,000
350,000
350,000
350,000

290,000

Bosworth, Chanute. Loughridge & Co.
H.M. Byllesby & Co., Inc
White, Weld & Co

Listing of $10,000,000

.

11,973,008

ning of year.

475,000

...

The New York Stock

1935

1936

out¬

underwriter and the respective amounts

The First Boston Corp
Brown Harriman & Co., Inc..

p.

1937

Sales, less returns, allow¬
ances,
discounts and
outward freight
$27,938,932 $31,914,115 $31,725,684 $31,408,303

Earned surplus at begin-

interest

Underwriters—The

19,301,688

1

contracts......

Total

charges

Federal, income and
excess

Total ......—23,448,414

,

Prov. for extra-ordinary

requirements (before

a

4,472,055

1,757,848
51,202

trade marks and

dian income taxes—.

Balance-

912,876
1.063,270

5,564,385
4,579,996
5,156,908

9,179,442

Investments

Other income.

$4,772,543
Drll,734

1,008,291

1,200,000

Total income

Non-oper. inc. (net)—

1,465,829
558,425

664,573

788,282

809.609

excess

...

Common stock...10,015,920
Paid-in surplus... 4,579,983
Earned surplus...

crops

(current crop)..

_

Calendar Years

12 Mos.End.

May 31 '38
1937
$10,435,906 $10,026,186
4,346,147
4,244,069
507,607
516,032

$

1,091,043
1,356,584
924,537

excise taxes

5,200,000

Growing

1937

$

Accounts payable.
Accrued liabilitiesAccrued income &

with

receivables—

y

Liabilities—

Accts. and other

Deferred assets—

— -—- -

(6)

dep.

1,688,441

banks

after deduction of expenses of the sale of the new bonds, are to be used

for following purposes:

$

hand and

on

bals. in banks..

x

1938

1937

S

Assets—

department.—Y. 145, p. 2392.

an

extra

both payable

Financial

1490
Hercules Powder Co.,
common

Inc.—Declares 25-Cent Dividend—

Aug. 31 declared a dividend of 25 cents per share on the
stock, payable Sept. 24 to holders of record Sept. 13.
Similar

Directors

on

dividend of 40 cents was paid

payment was made on June 25, last; a
March 25 last, and a year-end dividend
Dec. 21, 1937, on the larger amount

on
of 75 cents per share was paid on
of stock now outstanding.
See

for detailed record of previous

145, p. 3499,
V. 147, P. 741. :
V.

dividend payments.—

Sept.

Chronicle
purchase rights,
Court

dated July 26, 1938, confirming the amended plan of

of Indiana Central company.

Liabilities—

Assets—
a

Common stock (par $20)-.-.

Telep. plant & equip., lncl.

$14,337,844
phys.
property not used in oper..
70,112

June 30—

Net sales

•

1,493,442

1,668,488

Mfg., selling cost. &c.._

5,321,852

4,206,195

$236,345
9,419

loss$23,506
Drl 1,257

$233,963
300

$545,151
29,788

receivable

Notes

(net)...

Accounts receivable

Materials and supplies

$245,764
50,573

loss$34,762
52,553

Depreciation

$234,263
157,104

1,523
147.419
664,876

......

...

$574,939
150,748

66,115

66,115

1,826

198,345
5,479

$153,431

prf$ 127,250

$121,186 prf$220,366

Federal income tax

198,345

x

1,395,080

In

122,056

arrears,

Minority int. in common stk.
and surplus of subs..

Adjusted.

Hote—These figures are subject to final

audit of both New York and
London accounts by independent auditors.
The entire operations of
the London Co. are included in the 1938 figures for purposes of comparison,
although under the contract with respect to the sale of the business of
R. Hoe & Co., Ltd. to R. W. Crabtree & Sons, Ltd., one of the adjustments
affecting the purchase price credits the purchaser with an amount equal to
profits of R. Hoe & Co., Ltd., from Sept. 30, 1937, except 87j^ % of profits
from Sept. 30, 1937 to May 31, 1938.—V. 147, p. 1340.

Houston Oil Field Material

Stated

7,750,000
717,178

liabilities.

3,014,783

...

$17,066,239
the subsidiary

in

investments

date of acquisition,
1938, made by inde¬
The consolidated property account on this basis is
than the combined book value of the properties as recorded

companies approved by the board of directors as of
Aug. 30, 1938, based on an appraisal dated May 12,

pendent engineers.
$3,369,351 less
on

the books of the subsidiary companies.
b Including $226,100 to be received from

common

Telephone

stock of General

Tri

the sale of 10,200 shares of
through the exercise of

Corp.

purchase rights.

,

,

Interstate Telephone
$2,500,000; South¬

5% series A bonds of subsidiaries:

First mtge.

c

Co., $2,000,000; Michigan Associated Telephone Co.,
western Associated Telephone Co., $3,250,000.
and

12 Mos.

6 Mos.

.

Total

of values of the

basis

the

on

d Reserve

Co., Inc.—Earnings—

Period Ended June 30, 1938—

$17,066,239

Total

176,961

Funded debt

Current

a

Consolidated loss

Co.
1,474,800

d Reserves

7% notes

882,090

...

Tel.

Assoc.

Undeclared pref. stock divs.

c

Acer. int. on 6 H % bonds

(9,801

(15,257 shs., no par)....

89,594
3,320

...

309,291

Co.

(14,748shs., $100 par)..
So'western Assoc. Tel. Co.

1,050,513

b Cash

Working funds.

$1,224,000

-

shs., no par)

Michigan

30,164

Prepaid accts. & def'd charges

Special deposits....

;

Tel.

Interstate

670,876

amortization

of

1938—3 Mos.—*1937
1938—9 Mos.—x 1937
$1,644,982
$1,729,787
$5,555,815
$4,751,346

surplus

Preferred stock of subs.:

Debt disc't & exp. in process

Comparative Consolidated Statement of Income

&

Paid-in

intangibles

(R.) Hoe & Co., Inc.—Earnings—

(General Tele¬

Consolidated Balance Sheet July 31, 1938,
phone Tri Corp. and Subsidiaries)

Forma

Pro

Misc. invest., inci. misc.

Period End.

the order of the U. 8. District
reorganization

In accordance with

c

1938

3,

reserves

depreciation (including reserves arising from appraisals
acquisition), $2,968,702; insurance reserve, $13,474;
144, p. 1441.

for

at dates of

contributions for extensions, $32,608.—V.

Net inc. after int., deprec., depl., prov. for doubt¬
ful accounts, Federal income taxes, &c
Earns, per share on 180,780 shares common

Sales

for the six months

$101,542

$325,178

$0.45

$1.57

stock..

ended June 30,

1938 amounted to $3,636,735

Illinois Iowa Power Co.

(& Subs.)—Earnings—
1938

1937

$2,226,021

$2,287,684

12 Months Ended June 30—

for retirement re¬
Fed. income taxes, interest, amortization,
subs. preferred dividends ,&c
—V. 146, p. 3670.
Net income, after appropriations

comparing with $4,367,802 in like 1937 period/—V. 146, p. 4117.

serves,

Hudson & Manhattan RR.—Bond Interest—
Company declared adjustment bond interest payment of A of 1% for
six months ended June 30, 1938.—V. 147, p. 1340.

Independent Distillers of Kentucky, Bardstown, Ky.
—Bid

Hunter Steel Co.—Stock Sold—

Refused—
H.

Hite

See Pittsburgh Coke & Iron Co. below.- -V. 147, p.

1195.

Hupp Motor Car Corp.—New Financing—
f 8.L. Davis, recently elected President of the corporation, has
that

announced
with

Hupp has been assured from all sources of close to $2,000,000
which to finance its program for 1939.
The annual meeting of the stockholders has been called for Sept.

14 at
At this meeting stockholders will be asked to authorize an

Richmond, Va.

additional 1,000,000 shares of stock, thus putting the company in a position
to secure an additional $3,000,000 at any time it might be required.
Mr. Davis emphasized that Hupp has no funded debt, no preferred stock

The

and that current ratio of assets to liabilities was over seven to one.

has the lowest overhead of any in the automobile industry and
according to Mr. Davis can operate in the black on an annual production of
only 25,000 cars.
In Detroit alone Hupp has production facilities per¬
mitting an output of 100,000 cars a year. Due to the company's practice of
annual charge-offs on physical equipment, Hupp finds itself today with an
extremely low carrying cost on fixed investments. Its plants are in perfect
condition, up to date in every respect and require no additional capital
investment for new equipment or facilities for the 1939 program beyond
Hupp's recent purchase of dies, tools, jigs and inventory or a value ap¬
proximating $1,000,000.
"Hupp's plans for the 1939 model year, providing as they do for new
lines which will put IIupp into the low-rice field, should assure substantial
volume for Hupp dealers," said Mr. Davis.—V. 147, p. 1340.
company

Hufaker, referee,

Hydro-Electric Power Co.—Accumulated Div.—

Indiana

directors have

The

The amended plan of reorganization dated Nov. 27, 1936 (V. 143, p.
4003) has been duly confirmed by order of the U.S. District Court for the
District of Delaware, dated July 26, 1938.
Pursuant to the plan and said
order the properties of Indiana Central Telephone Co. have been transferred
to the new company created under the amended
plan, namely General
Telephone Tri Corp., a New York corporation.
Holders of 1st lien bonds of Indiana Central Telephone Co., or receipts
or certificates of deposit therefor, are entitled to receive, upon surrender
of such 1st lien bonds or receipts or certificates of deposit, for each $500
of 1st lien bonds (with coupons maturing May 1, 1933, and subsequently
attached):
(a) 15 shares of common stock of General Telephone Tri
Corp., and (b) purchase right representing the right to purchase three
additional shares of common stock of General Telephone Tri Corp. for
cash at $22.16 2-3 a share; these purchase rights expire in 30 days, namely
on Sept. 30, 1938.
In

order

to

obtain

the

purchase rights to which holders are entitled,
and which they may either exercise or dispose of, they must exchange the
1st lien bonds or receipts or certificates of deposit therefor for the common
stock and purchase rights.
General Telephone Corp. is entitled to exercise, on or before Oct. 30,
1938, all rights to purchase such stock that shall not have been exercised
by the holders of purchase rights, including rights not exercised by itself
as
a
holder thereof; and General Telephone Corp. has undertaken and
agreed to exercise ali such rights that it may thus be entitled to exercise.
Statements of Income

15,

1937;

dividend of $A.'S7A per share was paid on Dec. 15, 1936, and

a

lar quarterly dividends of

Total operating revenues.

_

share were paid each quarter from June 15, 1933
Prior to June 15, 1933, the company paid regu¬
$1.75 per share.—V. 147, p. 574.

International Great Northern RR.
Gross from

railway.
Net from railway

$980,744
97,991
def34,157

$1,048,878
156,381
205,649

6,935,467
726,487
def379,442

7,552,813
1,240,836
226,381

_.

Net after rents.

..."

$2,013,408
1,454,846

_

Earning s1935 ^

$965,392
161,385

$972,850
11.3,029

def29,654

42,284

6,759,882

6,660,110
1,201,711
321,300

From Jan. 1—
Gross from railway.
Net from railway

.

...

..

International Mining

Corp.—Earnings—

6 Mos. Ended June 30—
Total income

Deductions
Provision for Federal normal income tax
Net income after

—

Surplus

73,593
11,000

Note—No provision has been made for

$179,421
168,393

Nil
524,373
$0.24

...

stock (par $1)

Earnings per share

$11,028
561,373
$0.32

Federal surtax on undistributed

profits.

,

Balance Sheet, June
Assets—

payable-

$8,649

$5,679

Provision for taxes

90,077

182,648

31,527
5,533,032

Res. for conting's.

65,000

Com. stk. ($1 par)

524.373

561,373

Capital surplus
Income surplus—

4,422,477

4,716,019

11,295

$713,453
20,883

Receivables..

Invest. & advances 4,451,910

83,539
Dr.7,623

488,948

&

247

Inv.

Treasury stock

$5,186,493 $6,030,695

65,000

11,028

transactions

surplus

Total

1937

1938

$454,841

Accounts

hand

for trav.

30

Liabilities—

1937

1938

Cash in banks and
on

$264,014

$123,426
123,926

Common dividends

common

1937

1938
$203,999
72,973
7,600

proportion of Federal normal
invest¬

income tax, but excl. of net profit on
ment transactions

Shares

967,124

def59,591

742.

$2,016,995
3,587

Total operating expenses and taxes

-

1936

1937

1938

July—

mine exam. exp.

[Subsidiaries of General Telephone Tri Corp.]
Operating revenues
Provision for uncollectible accounts

dividend of $1.75 per share on account

a

dividends of 87 A cents per
to and incl. Sept. 15, 1936.

Advs.

for 7 Months Ended July 31, 1938

declared

7% cumulative preferred stock, par $100, payable
Sept. 15 to holders of record Aug. 31.
A similar payment was made on
June 15 and March 15 last; and on Dec. 15, Sept. 15, June 15 and March

—V. 147, p.

Co.—Reorganization—

29 turned down a bid of $110,000

of accumulations on the

Net after rents

Indiana Central Telephone

Aug.

on

by the Parkway Distilleries, Inc., New York, for the assets of the Inde¬
pendent company.
He rejected the bid on the ground that "it would be
unfair to the creditors" of the company, which was placed in bankruptcy
on Feb. 19, to accept little more than half of the approved assets, $215,585.

Total

..$5,186,493 $6,030,695

-Y. 147, p. 1196.

Net operating income
Other income (net)
Net

$558,563
Dr 1,521

earnings

$557,041
243,480
9,992

Total interest deductions
Min. common stockholders' int. in net inc. of sub.
company..
Miscellaneous deductions from income
_

2,844

_

International Rys.
Ry. oper.

$444,329
174,897
159,548
68,373

revenues

Net rev. from ry. oper..
Inc. avail, for fixed chgs.

Net income
Net

income.

$300,725

Pro Forma Balance Sheet Aug. 30, 1938
(General Telephone

[After giving effect

to

the

exercise

of

Tri Corp.)

purchase rights pursuant

to

a

cos.:

Assoc.

(17,184 shs.,

Tel.
par

Excess of recorded

350,000

assets

500,000

no par)

of

value of
over

.

common

287,191

Total.

6 Months Ended June 30,

is

1938.—V.

1938
$320,459

exclusive of profits and losses on sales of
respectively credited or charged to capital surplus

stated

—V. 144, p. 4181.

Corp.—Dividend—

Directors have declared a dividend of 7 A cents per

22,100

share on the capital

$1, payable Sept. 30 to holders of record Sept. 12.
was
paid on June 30 last, and previously regular quarterly
12 A cents per share were distributed.

stock,

par

Like amount
dividends of

......$1,533,291

a Stated
at values approved by the board of directors as of date of
acquisition, Aug. 30, 1938, based on an appraisal dated May 12, 1938.
made by independent engineers,
b Including $226,100 to be received
from the sale of 10,200 shares of common stock
through the exercise of




of comparison with figures for

International Vitamin

10,200 shs. of com. stock
through exercise of purch.

rights over par val.thereof
Liabilities assumed-

income

securities which have been

stock

Issued therefor

450,000

$1,533,2911

1,677,484
1,597,669
912,348

Net income after U. S. & Dominion income taxes, int., amort.,

Note—Net

par

Excess of proceeds of sale of

c

$3,543,958

1,454,817
1,556,397
1,470,443
819,937

deprec., sub. pref. divs., min. int. & other charges

233,291

b Cash

Total

acquired

value

Co.

$100).

So'western Assoc. Tel. Co.

(42,000 shs.,

$1,224,000

Paid-in surplus-

Interstate Tel. Co., 23,000
shs. (no par).

Mich.

Earnings for

Common stock (par $20)

Common stocks—

purpose

1938—7 Mos.—x 1937

International Securities Corp .—Earnings—

Liabilities—

Investments in sub.

the

$417,570
163,859
152,304
57,831

the

Amended plant of reorganization]
Assets—

x Adjusted
for
147, p. 894.

of Central America—Earnings-

1938—Month—xl937

'Period End. July 31—

New Vice-President—
Charles

L.

Bowman, formerly Vice-President of Vitab
a Vice-President of International Vitamin

has been elected

p.3956.

Products, Inc.,
Corp.—V. 146,

Volume

Financial

147

Interocean Dirigible

1936 have been examined by the Internal Revenue Department which has
proposed assessments of $27,791 in respect to the year 1935, and $147,712

Corp.—SEC Registration Withdrawn

See list given on first page of this

department.—V. 146,

p.

2045.

for the year 1936.
All but $1,238 of the tax proposed for 1935 and all
the tax proposed for 1936 is based on lire receipts not included in income
those years.

Interstate Bond Co.—Earnings—
Income Account

Interest and fees

i

for the Year Ended March 31, 1938

$330,793
4,461

liens

on tax

Other income

$335,262

Total income

120,606
17,691
2,211
8,500
90,229
31,128

Administration and general expenses.
Interest on bank loans
Interstate

on

advance from Interstate Lien

Corp

Provision for Federal and State income taxes
Interest

funded debt

on

Amortization, bond discount and expense, &c
on tax

at a

i

Cash in banks A on hand

deposit with trustee..

128,227
28,653

Balance Sheet June 30,

tric

lire per share

4,649

tax

Bond

purchase of
83,528

liens
int.

accr.

($28,087

on

2,818

Due

9,115

Funded

7%

Fleetwood of Fairland
....

Furn

Reserves,

$155,872)..

zation

708.000
preferred

...'..$3,180,011

Total

Equity Fund,

Inc.— SEC Regis¬

of this department.

Investment

Counsel

Inc.—SEC

Fund,

Registration—

Gross oper.

1938—Month—1937
$312,629
$319,472

earnings

Oper. exp., maint. & tax.

189,017

196,480

earnings...

$1,667,690

$123,611

$122,992

$1,661,810

6,806

10,967

64,755

90,680

mtge. bonds..__

$130,418
58,519

$133,959
58,519
12,585

$1,726,565
702,234
150,932

$1,758,370
702,234
151,171

26,250

348,750

on

$29,119

$433,289

$496,073

12,571
8,010
30,000

Int. on other funded debt
Amortiz. & other deduc.

for retirements.'.

$21,317

Net income

_f3,891

been made in the above statement for the Fed¬
eral surtax on undistributed profits applicable to income included therein
for 1938, since the amount thereof cannot satisfactorily be determined at
this time.—V. 147, p. 894.
N0te—No provision has

Italian Superpower
[Including Operations of

Corp.—Earnings—

Period End. June 30—
a

Dividends

a

Interest

b

1938-r-3 Mos.—1937
$34,337
$64,337

realization of restrict ed lire.

__

Income

J.

from

Thereof]

;

„„„

Interest accrued

315 120

preferred stock

$64,337
3,137

$600,085
33,485

$193,010
31,060

9,737

8,241

29,618

37,765

$31,908,344

have not

The income tax returns for the years

been included in income.

1935 and 1936 have been examined by the Internal Revenue Department
which has proposed assessments of $27,791 in respect to the year 1935, and

All but $1,238 of the tax proposed for 1935
based on lire receipts not included in
The corporation has protested the assessments,
except as to said sum of $1,238 which has since been paid, and its protest
has been upheld at a hearing before the New York Revenue Agent in Charge,
but no advice has been received from the Commissioner of Internal Revenue
as to the final disposition of the corporation's protest.
c Original
issue $22,250,000; $11,746,000 retired,
d Stated at official
parity of exchange of $0.052634.
e Represented
by:
Capital stock (all classes, no par value) $6 cumula¬
tive preferred stock stated at $100, 124,172 shares; common stock, class A
stated at $0.10. 970,015 shares; common stock, class B, 1st series stated at
$0.10, 75,000 shares; common stock, class B, 2nd series stated at $0.10,

income in

those

years.

75,000 shares.
f Market value at June 30,

Jewel Tea Co.,

1938, $21,193,455.—V. 146, p. 4120.

Inc.—Sales—

Company reports that its salas for the four weeks ended Aug. 13, 1938,
$1,763,579 as compared with $1,727,631 for parallel weeks in 1937, an
increase of 2.08%.
Sales for the first 32 weeks of 1938 were $14,532,468 as compared with
were

$14,069,924 for a like period in 1937, an increase of 3.29%.—V. 147, p. 1343.

rents

838

4,424

1,931

debentures

117,972

16,176

ation of lira

d

Interest

paid and ac¬

crued

debentures.

on

_

sales of securities

$52,958

$402,558

$107,170

157,560
359,340

157,560

630,240
363,758
39,499

630,240

378,767

"""742

"3",097

$105,343
$630,939
$526,167
a Dividends in lire on securities owned by the corporation and interest in
lire on the corporation's bank balance in Italy are being collected and
deposited in Italy by the corporation's representative. As exchange restric¬
tions, in effect since Nov., 1935, have prevented the direct conversion of
these deposits into United States currency, the corporation does not include
them in income unless they are realized by other means (see Note b).
A
comparative statement of all lire dividends and interest received in the
respective periods is given below:
1938—3 Mos.—1937
Interest

on

15,228,045

12,628,602

1938—12 Mos.—1937

21,284,451

29,938,710

bank balance

531,586

collected in lire

205,846

12,628,602

Total
x

15,228,045

21,816,037

30,144,556

$664,694

$801,513

$1,148,265

$1,586,629

Equiv. in United States
currency at the official
$

a0r52634f_

-

f

in United States currency of lire dividends and
taken into income is included in "Unrealized
from Lire Dividends and Interest Received" on the June 30, 1938
x

The equivalent

not realized and not

8hfcfIncome

from realization of

interest
Income
balance

restricted lire arises through the payment

with restricted lire and through the Italian authorities
permitting the purchase and export from Italy of $1,000,000 principal
amount of Kingdom of Roumania Monopolies Institute, 7% bonds, due
1959 for 9,500,000 restricted lire at a rate of 19 lire to the dollar, making the
total cost of the bonds $500,000.
The indicated market value of the bonds
at Dec. 28, 1937, the date of acquisition, was $370,000.
A reserve of
$130,000 was provided, by a charge to income, to state this investment at
the market value at date of acquisition.
The purchase of these bonds
represented a realization of lire inasmuch as the bonds were taken out of
of expenses in Italy

c* No provision has been made in the above statement for possible normal
United States income tax on
both resulting

earnings and surtax on undistributed profits

from receipts of lire

been included in income.




458,110

264,404

Copper Corp. (& Subs.)—Earnings—

Kennecott

1938

Operating revenue.
Operating costs

$41,000,078
y28,804,434

-

1937

1936

------

$12,195,644 $36,779,229 $14,214,505

Operating income

496,166

474,937

189,835

$12,691,810 $37,254,166 $14,404,340

Total income

2,322,566

2,882,235

2,344,906

Federal income tax, &c

1,835,487
235,248

6,971,655
229,797

2,496,843
156,645

General administrative & corp. exp_.

$500,289

Divs. received in lire

1,099,181
460,433

Depreciation and retirement"

Prov. for U. S. inc. tax

Net loss

44,362

1,407,587
735,783

743.

Other income

$16,611

Balance

on

130", 6o5

79,594

1,323,394
699,222
447,083

1,301,731
617,412

balance due to devalu¬

b Prov. to State invest.

1935
$173,735
76,006

1936
$235,617
141,671

1—

From Jan.

—V. 147, p.

1937
$227,389
142,178

99,343
60,267

Net from railway.
Net after

Ry.—Earnings—

1938
$190,678

July—

6 Mos. End. June 30—

Provision for loss on lire

c

•_

6,930
53,678
2,787,191
5,401,482

a On July 5.
1938, the corporation purchased in Italy, $1,200,000 prin¬
cipal amount of its 35-year 6% gold debentures, series A. due Jan. 1, 1963,
for 22.800,000 lire, using funds from the corporation's blocked lire account
in Italy.
The debentures so acquired were delivered to the trustee for
retirement, leaving a total amount of debentures outstanding subsequent to
that date of $9,304,000.
b No provision has been made in the above balance sheet for possible
normal United States income tax on earnings and surtax on undistributed
profits both resulting from receipts of such lire dividends and interest as

Net after rents

$35,739
7,460

Expenses
Taxes,
incl.
prov.
for
U. S. capital-stock tax
Interest paid, other than

c

c$10,504,000
12,839 943

debentures

on

Gross from railway
Net from railway

,

501,403

1,403

_

Loss

.

35-year 6% gold debentures, series A, due 1963
Capital and surplus
-.-.at

Gross from railway

1938—12 Mos.—1937
$98,674
$193,010
9

,

Total

e

^

"$31,908,344

Liabilities—
e

790,485

2,331,131
18,533

Total

Kansas Oklahoma & Gulf

Wholly-Owned Subsidiary to March 24, 1938, the
Date of Dissolution

on

324,480

6,164.830

315,000

Total net earnings

Prov.

1938—12 Mos.—1937
$4,049,831 $4,021,612
2,388,021
2,353,922

—

Net oper.

Other income

Int.

lit.

_

change restrictions
Account receivable (resulting from sales of securities)

and all of the tax proposed for 1936 is

Co. of Delaware—Earnings—

Iowa Southern Utilities
Period End. July 31—

„

$147,712, for the year 1936.

of this department.

See list given on first page

19,897,200

Reserve for accrued dividends on

in¬

for

tration—

Investment

Amount unpaid

27,915

pro v.

-V. 145, p.3499.

See list given on first page

161,812
$1,371,749
1,047,269

32,358

incl.

233,607

Counsel

3,074,280

Total

$3,180,011

Investment

$1,209,937

Debenture coupons due but not presented for payment
b Accrued taxes, including United States income and capitalstock
taxes—
d Unrealized income from lire dividends and interest received--

96,100
54,587

—

5,736 Surplus

....

Total...

class

stock,

taxes

come

7,924

........

pref.

Class ' B" common (no par)..

fixt. A autos., deprec'd

,

value...

Prepaid ins., taxes, licenses,Ac.
Deferred charges (less amorti¬

..lit. 22.987.750
Electric

Edison

Cash—Dollars on deposit in the United States
d Lire on deposit in Italy, lit. 44,288,909.75—subject to ex¬

a

(par $100)

partlc.
class "A" (no par)

1,739

and held for resale....

cum.

Non-cum.

Co .'s class B com. stock reacq'd

$28,443,716

250

lit. 26.062,030

1,806,500

debt..

"AA"

13,409
198,045

Hotel Corp

at

per share

8,701

Sundry credits.....

Inv. in A adv. to subsidiaries..

Italian

shares

39,172

deposit with trustees)

Advs. to agents &
Inv. in

91,951

Co., 15,070 shares at 204 lire

Less:

$318,500

banks
for

subs,

to

14,338

employees..
from former agent, secured

Co.,

General

Accts. pay. A 8ccr. expenses..
Due

53,717

Contracts receivable.........

1938

Liabilities—

2,445,164

bonds'.-—

Tax liens, ctfs. and deeds

to the

as

Assets—

f Investments, cost or declared value

7,391

Notes payable,

$37,519

Cash

Cust. settlements in transit.-.

Revenue

Kingdom

of Rumania Monopolies Institute, 7% bonds, due 1959,
at indicated market value on Dec. 28, 1937, the date of acquisition.
e Not
including interest paid and accrued on debentures held by whollyowned subsidiary prior to its dissolution.

Balance Sheet March 31, 1938
Assets—

Fed., city and county

In

a

—

Corp., which report

on

hearing before the New York Revenue Agent in Charge, but no advice

$54,506
income of Graves Investment Co. and Interstate Lien
net income of $401 for year ended March 31, 1938.

Net income

Exclusive of net

x

said sum of $1,238 which has since been paid, and its protest has been upheld
has been received from the Commissioner of Internal
final disposition of the corporation's protest.

3,000

liens and accrued interest thereon.

For interest accruals since March 31, 1937
x

of
in

The corporation has protested the assessments, except as to

Subscriptions to Meridionale Elec¬

Additions to reserves:
For losses

1491

Chronicle

dividends and interest which have not

The incoge tax returns for the years

1935 and

Ac
Reserve for contingencies
Minority interest
Shut-down

expenses,

150,000
------

x

Net

39,044

268,529

$8,238,985 $26,751,950 $9,097,891
10,821,652
10,820,857 10,773,485
$0.76
$2.47
$0.84
After inventory adjustments.—V. 146, p. 3670.

profit
capital stock (no par)

Earnings per share
x

------

59,524

Sundry charges

Shares

269,011

-

Before depletion,

y

Kentucky Utilities Co.—Consolidation—
The Securities
pany

and Exchange Commission announced Aug. 30 that com¬

Co., both subsidiaries of the Middle West
joint application (File 32-100) under the Holding Com-

and Lexington Utilities

Corp, have filed a

8any Act for exemption from the requirement of filing a declaration regardlg securities to be issued and assumed in connection with the consolidation
of the two companies.
The application states that the outstanding shares of 6% preferred stock,
7% junior preferred stock and the common stock of Kentucky Utilities Co.
will become the outstanding shares of the consolidated corporation without
the issuance of new certificates, and the consolidated corporation will issue
one share of $100 par value, 6% preferred stock and $8.33 1-3 in cash in
exchange for each share of outstanding $6.50 preferred stock of Lexington
Utilities Co.
Other outstanding securities of the two companies are to be

assumed by the new company.
Under the terms of the consolidation
be in all corporate respects

agreement, the new corporation will
identical with Kentucky Utilities Co., it is stated.

companies also filed an application (File 46-109) for approval of
the acquisition, by the company to be formed as a result of the consolidation,
of all of their assets consisting of securities, utility assets and other businesses
and property of the two companies.—V. 147, p. 1344.
The two

Key West Electric
12 Months

Co.—Earnings—
1938

Ended July 31—

Operating revenues
a Balance after operation, maintenance and taxes.
b Balance for dividends and surplus
a

Includes non-operating income-net.

ment

reserve.—V, 147, p. 1039.

$166,710

1937

$148,314

78,021
64,815
34,253
19,021
b After appropriations for retire¬

Financial

1492

Chronicle
(Charles) Leich & Co.- -Earnings—

Kingsport Press, Inc.—Earnings—
$2,618 prof$63,410
Nil
$1.66

Net loss

Earns, per share on 20,000 com. shs__
x

1936

1937

1938

OjMonths Ended June 30—
x

$35,614
Nil

After oper. expenses, Federal income taxes,

deprec. & other charges,
undistributed profits.—V. 145, p.

but before prov. for Federal surtax on

Sept. 3, 1938

Shares

common

19371

1938

6 Months Ended June 30—
Net profit after all charges

$4,275

$11,081
54,719
$0.15

50,090
$0.03

stock

Earnings per share
—V. 134, p. 1592.

3349.

Leland Electric

Krueger Brewing Co.—New Directors—
Jackson have been elected
Stillman, Hugo Boepple Jr.,
Wilson, respectively, all of whom resigned.—V. 147, p. 272.

and F. I.

Co.—Earnings—
1938

6 Mos. End. June 30—

Leo May, Jos. M. Byrne Jr., and Harold
directors of this company, succeeding W. Paul

$1,018,225

1936

1937

1938

July—
Gross from railway

$471,557
342,271
272,013

$435,816
319,093

Gross from railway
Net from railway

470,143
defll4,539

1,780,882
1,029,027

1,362,329
693,375

Net after rents

def274,234

734,957

455,758

From Jan.

shs.

1935

$128,236
49,114
34,896

$309,529
208,629
167,343

x$25,105

$0.71

252,944

Lane Bryant

ings.—V. 145, p. 612.

901,959
325,777
187,090

Lexington Utilities Co.—Consolidation—
See Kentucky

Utilities Co.—V. 147,

Period End. July 23—

Inc. (& Subs.)—Earnings—

14,028,226

14,128,938

12,950,143

12,554,872

$83,215
53,268

$485,066
55,335

$346,338
135,848

$199,506
134,792

Operating profit
Miscellaneous income.

_

_

before!

income

$136,483

$540,400

$482,186

154,346
71,377

174,146
69,276

176,709

Crl,218

920

Cr772

19,880

6,223
x47,800

5,527
33,000

$259,734
69,806

$201,010
74,021

$65,765
80,641

...

Lockheed Aircraft

Corp.—Earnings—

~

on
debs, pur¬
chased and canceled
__

inc.

Net income

3,307

$1,069,168
3,296

Net sales
Cost of sales

$5,111,699
4,062,334

$2,644,992
1,891,049

$660,974
499,630

$1,065,871
767,489

$1,049,365
511,401

$753,943
339,413

$161,344
91,653

$298,382
66,761

$537,965

32,619

$414,530
21,513

$69,691
12,123

$231,621
3,145

$570,583
303,744
84,985

$436,043
64,669
40,169

$81,814
19,031
16,063

$234,766
67,325
14,506

.

s

Operating profits...

loss$84,824
65,532

5,331

63,042

Other income

Depreciation
Provision for

U.

est.

S.

normal Fed. inc. tax..

Surplus
Shs.com.stk.out. (no par)

share

def$150,356
126,079
Nil

$126,886
126,079

$i.51

$126,989
126,228
$1.01

def$14,876
128,928
Nil

Cash

Accts. receivable

Inventories
Del'd cash
Adv. to

$775,640

$764,516

1,035

25,141

Prepaid

292,527

12,731

12,886

3,259
15,750

depts..

investments

x

for

1937

$405,661

$.365,541

50,311

1,000

3,000

877,175

1,027,122

Mtge.onreal est..

1937

$366,341
10,797

Cust's' deposits-..

742,564

298,912

Wages

114,117

83,186

23,841

485,050

270,695
1,356,327

Taxes payable

111,544

7,196

3,399

Commls'ns pay...

158,458

34,151

1,457

1,820

Accrued liabilities-

44,276

8,296

Acer. Fed. inc. tax

36,132

9,238
48,660

Cap.stk. (par$1).
Capital surplus...

660,879
1,575,092

659,213
1,568,771

Earn d surplus...

428,163

421,714

Ad vs. to officers &

employees
Notes rec. not cur.

Aircraft

Assoc'D

1,000

Inv. & advances
824

1938

248,071

2,657,690

(net)

(cost)

Federal

Income taxes...

Liabilities—

Accounts pay able. $1,346,275
Notes payable

M'bership In Mfrs.

Surplus

$5,406,654 $5,894,242

After

2,000

1,675

Instalments

1

1

..

Total

2,000

Prov.

16,352
15,875

'

within 1 yr.

.

$0.37

rec.

Acer. int. receiv..

10,500

pay.

Patterns, patents,
tr.-marks, good¬
will

68,367

149,507

4,500

Mtg

advances

to leased

Other

62,241
119,045

Y.

$0.08

on

1938

Accts. & notes

Income deferred..

260,357
&

N.

Assets—

Cash

1,300,000
927,797

$0.43

......

Balance Sheet June 30

Inventories

expenses.

Subscrip.,

$970,300

$152,93 5

$0.23

share

6,507
$40,213

stock

1,385,337

and

World's Fair bds

Loans <fe advances.
Loans

sales

cred. to custom's
Accrued

Prep'd rents, taxes,
&c

1,198,500
830,556

debentures...
Accounts payable-

per

49,642
$281,563

After deducting returns and allowances.

1937

$923,800
1,385,337

Common stock..

6%

581,177
1,001,268
3.16S.029
10,936
16,548

663,669
985,483
2,674,712

dep.

z

3,004

......

manufac's

on

1938

Preferred stock—

Land, buildings,

equipment, &c.
TT. S. Govt.securs.
y

Liabilities—

1937

Earnings
x

Consolidated Balance Sheet May 31
1938

30,780
$151,075

Net profit
common

Includes $3,290 for surtax on undistributed profits.

Assets—
x

1935

$664,281

8,733

79,113

of

Preferred divs, (7%)
Common dividends

per

1936

$2,653,725

>

except

props, not used in oper
Federal taxes

x

1937

6 Mos.End. June SO—
1938
Sales
x$5,111,699
Returns and allowances
See x

Discount

over

107,315

108,367

9,850

bklgs., equip., &c

of exps.,

49,503

50,070

1197, 576.

Cr2,467

*

Provision for deprec. of
Interest

1938—8 Wks.—1937
$3,333,857
$2,997,779

$334,298

128,033
74,612

Federal taxes

1345.

"

Net profit after deprec.,
income taxes, &c
—V. 147. p.

p.

Co., Ltd.—Earnings—

1938—4 Wks.—1937
$1,490,799
$1,642,062

Sales.

1935
1938
1937
1936
$14,111,441 $14,614,004 $13,296,481 $12,754,378

0^dmfn^&^il£ge^pfj

Earnings

Nil

Before Federal income taxes.

x

Loblaw Groceterias

Years End. May 31—

deprec.,

31,239

$1.51

1—

Sales (net of returns)

Excess

$65,626

x$0.57

43,614
cap.stk. (no par).

Note—No provision was made for Federal surtax on undistributed earn¬

—V. 147, p. 744.

Total

loss$18,829

deprec., Fed. inc.taxes
Earns, per sh. on

Ishpeming RR.—Earnings—

Net from railway
Net after rents

$595,492

Net profit after int.,
& other charges

Lake Superior &

1935

1936

1937

S&Icjs

83,818

Fixed assets

Deferred charges

Patents, tr.

1,000

payable...

-.

1,093*862

1,387,401
476,419

383,763

names,

&c

•

Total

$5,406,654 $5,894,242

deducting $2,033,343 (1932,366 in 1937) for depreciation and
y After deducting $88,000 ($83,500 in 1937) for doubtful
z Represented
by 126,079 shares of no par value.—Y. 147,

Total
x

..$5,465,573

$3,524,8241

Total

Includes accrued interest receivable.—V.

..$5,465,573 $3,524,824

147,

p.

1345.

amortization,
accounts,
p.

1197.

missed

Net income after all charges..
per

share

on

$310,458
$1.03

301,994 capital shares

The company's remaining

$500,000 6%,% first mortgage bonds have been

called for redemption and payment as of Sept. 1.
The bonds are redeemable
at 102 and accrued Interest.
Funds for the redemption have been provided

through a 12-year loan at 5%
V. 147, p. 272.

La Salle-Wacker

from Equitable Life Assurance Society.—

Corp.—Bond Exchange—

31, 1938, $160,250 5% fixed interest bearing bonds of corporation

fage bonds (income of Chicago, will or before Oct. office, 38 South Dear¬
1, 1938, the trustee,
Irst National Bank bonds) and on receive, at its
born St., Chicago., tenders or income bonds to be converted into and ex¬
changed for the fixed interest bearing bonds.
Any holder of income bonds who desires to tender any such income bonds
for conversion into fixed interest bearing bonds may do so by writing to the
trustee at the above address, stating the bond numbers and
principal
amount of the bonds so tendered and the price at which
they are offered.
All such tenders must be received by the trustee on or before Oct. 1, 1938.
—V. 145, p. 1745.
'

'

'*.-•••

Lehigh & Hudson River Ry.—Earnings—
from

railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway

Net from railway
Net after rents

1938
$113,449
30,615
6,491

1937
$131,423
32,450
13,232

800,411
217,976
39,206

977,408
299,611
121,474

1936

$123,447

July—

1938

From Jan.

23,004
def299

899,275
242,492
69,492

883,888
281,439
111,701

1937

1936
$299,252
70,350

$254,328
62,948
48,182

$246,686
33,427
29,302

1,959,887
462,608
369,357

2,224,256

2,296,002

561,048
498,913

589,791
445,358

52,557

1935

$262,735
43,021
50,739

1—

Gross from railway
Net from railway
Net after rents...

2,047,780
561,346
569,535

147, p. 744.

1938

Gross from railway

Net from rail way
Net after rents

1937

$3,196,645
738,912
276,705

$3,658,403

23,194,527

816,834

347,241

1936

$3,948,634
1,235,450
858,443

1935

$2,996,499

122,082
def230,007

From Jan. 1—

Gross from railway
Net from rail way

4,984,161

29,592,642
7,053,253

Net after rents.

1,616,913

3,583,287

—V. 147, p.

1345.




In dismissing the suit Justice Hooley ruled that the trust company and
the certificate holders lacked legal capacity to sue.
He pointed out that
when the mortgage was taken
by the trust company it was insured by

by the Bond & Mortgage Co. and that the trust company conveyed to the
Bond & Mortgage Co. the sole right to bring a foreclosure action under
the mortgage.
Justice Hooley added
of the State Mortgage

that the Bond & Mortgage Co. is now in the hands
Commission and therefore the only legal capacity
Mortgage Commission.
1,1
"It is clear," Justice Hooley wrote, "that at the time the certificates
were issued the
Title Guarantee & Trust Co. had no legal right to fore¬
close because it had vested that exclusive right in the Bond & Mortgage
—V. 147, p. 1346.

Long Island RR.—Earnings—
July—
Gross from railway
Net from railway

Net after rents.

1936

1935

1938
$2,339,517
907,515
292,679

1937
$2,434,207
748,329
191,270

$2,458,691
808,559
227,831

$2,309,701
807,490
267,319

13,181,704

14,594,652
2,785,720

14,514,256
3,494,189

def29,274

691,489

13.829,844
3,063,316
360,779

From Jan. 1—
Gross from railway

Net from railway
Net after rents

3,010,015
def55,777

Los Angeles

Railway Corp.—Refunding Plan—

The corporation is faced with the following early maturities:
On Oct. 1, 1938, $3,867,000 Los Angeles Ry. 1st mtge. 5s fall due, on
Dec. 1, 1938; $250,000 Los Angeles Traction Co. 1st consol. 5s fall due,
and

on

Dec. 1, 1940, $2,743,000 1st & ref. mtge. gold bonds of Los Angeles

Ry. Corp. fall due.
The corporation has not sufficient cash available to retire these under¬

lying bonds at their respective maturities, nor has it been able to obtain
any assurance that any funds can be borrowed or otherwise obtained from
any source for the purpose of refunding or otherwise dealing with
the un¬
derlying bonds.
Bankers, underwriters and others familiar with present
day securities and security markets, whom the Railway corporation has
consulted, have advised that generally speaking there is not a ready market
for traction securities at this time.
Under the prevailing financial condi¬
tions, therefore, the Railway corporation has determined to request from
the holders of the three issues of underlying bonds in the hands of the public
cooperative action assenting to an exchange of each of said underlying
issues for a single new issue of new bonds.
The plan has been approved by the Railroad Commission of the State of
California.

Lehigh Valley RR.—Earnings—
July—

by the Title Guarantee & Trust Co. as trustee of the mortgage and by
Henry Breen, Chairman and Stephen H. Duryea, Treasurer, of a certificate

—V. 147, p. 744.

Lehigh & New England RR.—Earnings—
Gross from railway

Hooley, in Brooklyn Aug. 29, dis¬

mortgage of $1,'400,000 with $105,000 in accrued
The suit was brought

1935

$112,443
33,076
10,941

—V. 147, p. 744.

Net from railway
Net after rents

a

to sue is vested in the State

will be issued in conversion of and exchange for outstanding (closed) mort-

July—

suit to foreclose

holders' committee.

Langendorf United Bakeries, Inc.—Bonds Called—

On Oct.

a

interest against the Lido Club at Long Beach, L. I.

—V. 147, p. 1344.

—Y.

the Ocean, Inc. (Lido Club)—Company

Supreme Court Justice Francis G.

(& Subs.)—Earnings—

Earnings for 6 Months Ended June 30, 1938

Gross

on

Wins Foreclosure Suit—

Lane-Wells Co.

Earnings

Long Beach

27,566,942
7,118,142
4,472,572

23,747,731
5,145,318
2,883,380

The Railway corporation
proposes to exchange for each $1,000 of un¬
derlying bonds, $1,000 of new bonds of the Railway corporation, to be
known as 1st mtge. refunding 5% bonds.
The new bonds will bear in¬
terest at the rate of 5% per annum payable semi-annually April and Oct.,
and will be divided into two series, namely series A, exchangeable for the
bonds of Los Angeles Railway Co. and Los Angeles Traction Co. in the total
amount of $4,117,000, and series B, exchangeable for the bonds of Los
Angeles Ry. Corp. in a total amount not to exceed $2,743,000.
Each series
will be equally secured and will enjoy identically the same rights and
privileges except that series A will mature Oct. 1, 1948, and series B will

Volume

147

Financial

.

mature Oct. 1, 1950, and the sinking fund provided for at an annual cash
amount of $400,000 will be proportioned so that 70% thereof will be ap¬
plied to the series A bonds and 30% thereof to the series B bonds until the
maturity of series A bonds, after whicfc all of the sinking fund will be ap¬
plied to series B bonds.
Interest on the new bonds commences Oct. 1,
1938, and an interest adjustment will be made on the Los Angeles Traction
Co. and Los Angeles Railway Corp. bonds.
The new issue will be a closed
first mortgage on substantially all of the Railway corporation's properties
owned

now

hereafter acquired.

or

The plan requires that the holders of general mortgage bonds will cause
amendment to be made of the indenture securing their bonds so that

an

interest

on such general mortgage bonds will be payable only out
able net income as defined in such indenture as amended.
The

such

will

amendment

that

be

interest

such

on

of avail¬
result of

junior general mortgage

bonds will be payable after providing, among other things, for deprecia¬
tion and full interest on the new bonds.
Such amendment, in the opinion
of the railway corporation, will represent a
holders of the general mortgage bonds.

substantial concession from the

Certain holders of the general mortgage bonds, namely, the Huntington
Land & Improvement Co., Henry E. Huntington Library and Art Gallery,
Collis P. and Howard Huntington Memorial Hospital, and Security Na¬

certain trusts created by the
plan is consummated, by a
price not to exceed 95% of
exceed $360,000 of series A
new bonds, and a total of not to exceed $240,000 of series B new bonds,
and to retain said bonds as provided for in tne plan.
The railway corporation has retained and employed an investment bank¬
ing group consisting of William R; Staats Co., Blyth & Co., Inc., Dean
Witter & Co., and Bennett Richards & Hill, to aid, assist and advise with
it in the preparation of the plan, in obtaining assents to the plan, and in
otherwise effecting the consummation of the plan.
A commission is pay¬
able to such group.
Such commission in no case exceeds 2% of the princi¬
pal amount of bonds deposited under the plan.
The Railway corporation has designated Security-First National Bank,
561 South Spring St., Los Angeles, Calif., as its depositary, and Bank of
America National Trust & Savings Association, 485 California St., San
Francisco, Calif., as sub-depositary under the plan.
The bondholders are
urged to forward their bonds to either of such depositaries.« Deposits may
be made up to and including Sept. 15, 1938, or such later time as the
Railway corporation may extend for the purpose of completing the plan.
Holders of substantial amounts of underlying bonds, including San
Francisco Bank, Wells Fargo Bank & Union Trust Co., Firemen's Fund
Insurance Co., and California Western States Life Insurance Co., nave
advised the Railway corporation that they approve the plan and will de¬
posit their bonds with said depositaries for exchange.

taxes

Taxes

Total oper. income
Non-oper. income

$147,727
368,831

$802,805
xl42,140

$597,047
135,475

or

claimed

as

589,411
def$60,324

Total deductions

During the period from Jan. 1, to Aug. 31, 1936, the com¬

the period from Jan. 1, to Nov. 30, 1936, the company
for State income taxes in the amount of

$367,748
1,242,983

x

Profit

on

$78,813 def$727,551 def$875,235

_def$115,020

from

the flood in Louisville during January and February, 1937.
No
on undistributed profits under the Revenue Act of 1936 was incurred
by the other companies consolidated herein for 1936.
No provision for
surtax on undistributed profits during 1937, under the Revenue Act of 1936,
is included in the above statement as no such surtax will be incurred by the
company or its subsidiary companies for that year.—V. 147, p. 895.

surtax

Louisville & Nashville
July—

Assets

$

^

~

937,713
16,712

Preferred stock

612,136

Loaas & notes

1

rec.
_

63,024

J

Material & supplies
curr.

j

92,860

512,633

576,861

25,117

assets.

$

x2,000,000y20,000,000

Common stock

Cash

Accts. receivable.
Other

$

47,624,640 68,419,962

Investments

1936

Liabilities—

Funded

debt

8,954,400

8,954,400
un¬

16,909,823 15,860,000

matured

Loaas & notes pay.
accts.
and

Net after rents
—V. 147, p.

20,000

......

517,495

49,185,645 70,193,2311

x

■

200,000

no par

shares,

y

2,098,341

Interstate

on

Plan Deferred—

of the company to acquire the

Louisiana, Arkansas & Texas and to merge
the two properties pending filing of appropriate application for modification
of the Commission's official plan of rail consolidation.
Under the official plan the L. & A. is assigned to the Rock Island Frisco
System No. 19, while the L. A. & T. is assigned to System No. 10 Illinois
Central.

Gross from railway
Net from railway

193,616
127,737

Net after rents

profits before provision for in-

income taxes which

Gross from railway
Net from railway

3,400,433

1,137,514

Net after rents

684,220

$890,615
175,755

were

profits, if any,

$516,957
210,087
140,576

$421,481
165,088
113,285

3,374,885
1,092,724
696,158

3,279,289
1,255,774
803,985

2,629,189
874,891

570,060

744.

$844,768
143,058

242,599

settled in 1935.

and (or) undis¬
the amounts cannot be determined until the

as

end of the year.

Balance Sheet June 30

Cash

on

1938

Liabilities—

1937

1938

1937

Accounts payable-

$627,911

$751,981
317,186

$124,119

118,016

193,509

152,237

119.497

50,000

50,000

Res.

449,222

1,027,352

$177,580

Accrued liabilities-

hand and

1,299,573

Receivables

for

Fed.

inc.

taxes prior years

Res. for conting..

Prepaid insurance,
supplies, &c

55,599

30,907

Investments

78,266

70,692

950,891

510,711

14,320

51,500

1

1

Earned surplus...

b Plant accounts..

(new products).

Patents,

.

266,759
1,105,135

Dr66,933

068,500

surplus

..

...$3,195,595 $3,040,5191

Total
a

1,016,760
1,247,936

Cap.stk.intreas'y

tr.-marks

and goodwill

p.

500,000 cl,250,000

Cap. stock ($1 par)
Paid-in & capital

Development work

b After

After reserves,

reserve

$3,195,595 $3,040,519

Total

for depreciation,

c

Par $5.—V. 146,

3342

McLellan Stores Co.—Earnings—
12 Months Ended

1938
1937
1936
$21,901,952 $22,790,730 $20,776,493

July 31—

Net profit after deprec., Fed.
taxes & other charges...,

income

907,849

1,275,901

1,225,114

733,187

733,195

733,205

$0.99

—

It!

Shares common stock

$1.49

$1.42

Earnings per share
—V. 147, p. 1040.

McQuay-Norris Mfg. Co.—Earnings1—
1937

x$126,060

com.

x$285,951

114,349

114,349

114,349

$0.78

$1.10

$2.50

1938

stock outst'g.

$267,678
114,349
$2.34

provide an allowance for the tax on undistributed profits,
After depreciation, Federal taxes, &c.—V. 146, p. 4122.
x

y

1935

1936

x$89,194

6 Mos. End. June 30—

Net profits

Earnings per share

$488,796
160,079
124,830

$1,475,379

Note—No provision has been made for taxes on excess

1935

1—

From Jan.

—V. 147, p.

1936

30,806

a22,199

Net profits
$1,232,781
$701,710
$714,860
$2.61
$1.50
Earnings per share on 472,600 shares.
$i.51
a Includes
$21,664 representing the excess provision for 1929 Federal

Shs.

Earnings for July and Year to Date
1937

46,799

Provision for income taxes.

y

1938
$505,789

$791,763

34,548

pur¬

Sales

Commerce Commission deferred action on the proposal

July—

3,390,039

$1,428,580

Adjustments of reserves and accruals
set up in prior years

49,185,645 70,193,231

Ry.—Action

4,629,485

$856,067

chases and miscellaneous

6,858,657

$100 par value.—V. 147, p. 895.

Louisiana & Arkansas
The

1936

$4,181,801

4,643,656
Net profits from operations
Interest received, discount on

1,250

Total

1937

$6,058,065

deducting discounts,

Cost of goods sold, general, adminis.

74,590

3,060

Unadjust. credlts.18,332,096 17,710,428

Total

1938

$5,499,723

98,308

272,121

Corporate surplus.

Co.—Earnings

12 Months Ended June 30—
Net sales, after

615,598

98,308

Tax liability
Other curr. liab...

wages

49,931,475
12,832,706
9,756,548

745.

McGraw Electric

Audit,

Accrued interest..

188,233

308,984

Unadjust. debits..

52,995,871
13,613,623
9,588,649

$5,710,778
1,270,008
953,813
■I
42,034.661
9,457,334
7,219,471

$7,247,562
1,997,444
1,614,784

From Jan. 1—
Gross from railway
Net from railway

Inventories

1937

1935

$7,513,013
1,852,073
1,295,521

43,074,501
8,254,416
4,203,474

Net after rents

a

Consolidated Balance Sheet Dec. 31

1936

1937

$6,256,748
1,428,689
971,279

railway
Net from railway

in banks

1936

RR.—Earnings

1938

Gross from

sinking fund purchases.
1937

also made provision
reversed during

was

Also provision made for the year 1937 was reduced as a
result of deductions to be made in income tax returns for losses resulting

Assets—

Net income-.V

$90,060 which

December, 1936.

428,072

$516,558
1,244,109

$944,945
866,132

$732,522
847,542

on undistributed profits for the year 1936 as the company
deduction in its Federal and State income tax returns for the

pany made provision for Federal income taxes in the amount of $271,400,
which was reversed over the period from Sept. 1, to Dec. 31, 1936.
During

tributed
Gross income.

a

1934

$9,804,745
7,842,441
1,433,217

1937

for surtax

for that year.

Net

1937
1936
1935
$12,286,425 $11,817,815 $10,591,879
9,500,105
8,909,930
8,447,553
1,314,635
1,449,619
1,438,344
874,638
655,461
558,255

31,

year 1936 the unamortized discount and expense and redemption premium
and expense on bonds redeemed in 1936 which resulted in no taxable income

Income Account for Calendar Years

Operating revenue
Operating expenses
Depreciation

The above figures for the 12 months ended July

Notes—(1)

have been adjusted to reflect $30,961 of additional taxes applicable to the
period of 1936 included therein, paid in 1937 and charged to surplus.
(2) No provision was made by the company for Federal or State income

tional Bank of Los Angeles, as trustee under
late Henry E. Huntington, deceased, if the

separate agreement will agree to purchase at a
the principal amount thereof, a total of not to

1493

Chronicle

Does not

Maine Central

RR.—Earnings—
1938—7 Mos.—1937

1938—Month—1937

Period Ended July 31—

$842,084
661,822

$967,454
744,800

6,557,721
5,077,663

$7,544,652
5,333,270

$180,262

Operating revenues
Operating expenses.....

Equipment rents
Joint facility rents—Dr.

04,550
26,125

$222,654
67,638
Dr3,241
26,583

$1,480,058
490,306
Drl27,411
191,482

$2,211,382
485,537
Drl82,314
203,493

income-

$84,498
39,487

$125,192
44,023

$670,859
241,648

$1,340,038
251,972

$123,985

$169,215

$912,507

$1,592,010

terest, &c.)

174,067

168.066

1,239,045

1,213,010

Net income

def$50,082

$1,149 def$326,538

$379,000

Net oper. revenue.

1938
$91,695
10,505
def5,792

Net after rents

1937
$110,595
25,723
11,076

1936
$109,869
25,900
4,776

1935
$87,920
24,232
7,677

662,935
63,386
def55,969

July—
Gross from railway
Net from railway

74,189

Taxes

Louisiana Arkansas & Texas Ry.—Earnings-

757,235
185,652

733,138
178,688
39,810

552,258
114,700
13,766

Net ry. oper.
Other income

...

From Jan. 1—
Gross from railway

Net from railway
Net after rents
—V. 147, p.

39,377

(rentals, in¬

744.

Louisiana Steam Generating

Corp.—Earnings—

12 Months Ended July 31—
Operating revenues
a Balance after operation, maintenance and taxes.
a

Gross income

Deductions

Includes non-operating income-net.—V.

Louisville Gas & Electric Co.

147,

p.

1937
$2,645,997
705,680

Operating revenues
Operating expenses, maintenance and taxes

1938
1937
$10,898,744 $10,190,912
5,549,469
5,000,194

$5,349,275
226,682

Net operating revenue and other

$5,190,718
289,344

Amortization of debt discount and expense—

Amortization of flood

Other income deductions




1,181,000

$1,218,000

$4,357,957
1,109,319
160,227

$4,262,062
1,074,088
155,980

320,833
18,359

75,000
19,306

$2,749,218

$2,937,687

37,000

and rehabilitation expense

incurred during 1937

Net income

$5,480,062

1,181.000
37,000
$1,218,000

capital expenditures.

first page of this department.

Operating revenues
Operation
—

1937

$789,988
264,386

- - -

-

4Y'xlX
1,953
28,322

Maintenance

Uncollectible accounts
Taxes

$451,803
16

Net operating revenues before provision for retirements
Non-operating income
Gross income

$451,819
112,807

before provision for retirements

Provision for retirements

income (before
$5,575,957

Amortiz. of contractual

Corp.—Registers with SEC—•

Manila Gas
See list given on

Earnings for the Year Ended Dec. 31,

(before appropriation for

Other income (net)

745.

1040.

(Ky.) (& Subs.)—Earns.

Years Ended July 31—

Net operating revenue

1938
$2,851,279
836,193

—V. 147, P.

$339,012
84,688

Gross income

Interest and other

income charges

Net income....

Earned surplus at
Total

-

—

beginning of year

-

'

:

$254,323
595,822
$850,146
195,000

-

stock
bonds retired

Dividends on common
Premium on

-

...

l,77o

$653,371
Note—Figures appearing in these statements represent translations, at
the rate of two Philippine pesos to one United States dollar, of figures
taken from the books of the company.—V. 145, p. 2230.
Earned surplus at end of year

Financial

1494
Manila Electric RR. & Lighting
fund of 5% 50-year first

$500,000 3% promissory notes of the Detroit City
$2,223,000 5% bonds of the Grand.Rapids Gas Light Co.

notes and

Corp.—Tenders—

Bank is inviting tenders for the

The Chase National

lien and collateral trust

sale to the sinking

writing group.

(B.) Maniachewitz Co. (& Subs.)—Earnings—
Years End. July 31—
1938
1937
1936
Gross profit
$515,472
$547,029
$500,216

1935

$429,754

18,527

income.3,923

1,962

$443,920
411,580
3,500
$28,840

Gen., adm. & sell. exps.

416,271

$565,557
411,036

Prov. for Fed. taxes

*17.15.0

x35,700

$85,974
6,811

$118,820
7,511

$94,908
7,985

53,048

14,166

$5)2.178
392,670
14,600

79,568

$519,395

Total income.

Net profit

dividends

Preferred

Common dividends

8,325

x Including
$3,400
undistributed profits.

$86,923

$20,515

provision for Federal surtax on

*

mittee.

and Exchange Commission in con¬
proposed for Midland
Utilities Co. by a debenture holders' committee. Mr. Taylor said the
committee "will file an application asking Judge Nields to separate these
before

Appearing

nection

with

a

the

Securities

hearing on the reorganization plan

entities once and for

all' and appoint a trustee for each company.

Taylor pointed out to

Mr.

$31,741

$26,115
($5,400 in 1937)

—

Trustee to Be Asked—

lien stockholders' committee for Midland Utilities Co. will
ask the U. S. District Court in Delaware on Sept. 12 to appoint a trustee
with! full responsibility for Midland United Co. and another trustee for
Midland Utilities Co., according to Martin Taylor, counsel for the com¬
The prior

the Commission that at present there exists

both Midland United Co. and Midland Utilities Co.
Pre¬
sumably, Mr. Taylor said, the trustee remains a trustee "in toto" for Mid¬
land United Co. and a trustee with limited and general authority as to
Midland Utilities Co.—V. 147, p. 1347.
one

Surplus

-

Midland United Co .-—Separate

—

-

Other

Consolidated Gas Co. Js a consolidation of the Detroit City
Grand Rapids Gas Light Co., Washtenaw Gas Co. of Ann Arbor,
Co.
i
Dillon. Read & Co. and Mellon> Securities Corp. will head the under¬
Michigan

Gas Co.,

and the Muskegon Gas

of the bank, successor

1938, at the corporate trust department
1558.

9,

trustee.—V. 146, p.

1938
3
Gas Co. and
due Aug. 1

next year.

sinking fund gold bonds at

prices not to exceed 105% and accrued interest, in an amount sufficient to
exhaust the sum of $80,750.
Offers will be received up to 12 o'clock noon,
Sept.

Sept.

Chronicle

trustee for

Consolidated Balance Sheet July 31
1937

1938

Assets—

201,458

188,533

Cash

$97,300

371,506

<fc exp. pay.

22,969

22,735

for Fed. taxes

28,850
578,529

659,722

300

300

Common stock..

Accts

Customers' accts.<fe

receivable

104,133

76,348

Res

Mdse, Inventory.
Cash surrender val.
_

86,421

73,220

Earned surplus

life Ins. policies.

173,7)3

35,700

145.667

17,135
23,833

25,849

notes

Other assets

Donated surplus..

*

Deferred charges

--

Represented by 53,072 no-par

x

Net from railway
Net after rents
From Jan. 1—
Gross from railway..—

after rents

—V. 147, p.

$1,099,454 $1,087,264

Total.

shares.—V, 145. P. 2082.

Hendrick Marsman—SEC

Jan

and

Corp.

Registration

first page of this department.—V. 145, p.

See list given on

Mar-Tex Oil Co.—Amends
Company has filed an

Net after rents

Registration—
registration statement with

Aug. 26 declared a dividend of 25 cents per share on the
stock, payable Sept. 20 to holders of record Sept. 6.
Like amount
paid on June 21, last, and compares with 40 cents paid on March 21 last
and on Dec. 20 and Oct. 1, 1937; 25 cents per share paid each quarter from
The directors on

692,179

353,707
241,590

267,437
168,226

$837,600
225,717
132,295

$551,875
defl2,651
def69,540

4,546,827
481,448
12,518

5,040,488
947,319
332,828

3,887,421
26,201
def316,207

[Excluding Wisconsin Central
Period Ended July 31—

Passenger revenue
All other revenue

Ry.)

1938—Month—1937
$858,442
$1,086,683
129,009
147,711
124,533
140,355

1938—7 A/os.—1937
$5,798,767
$6,683,361
468,892
549,661
720,372

766,791

$6,988,031

$7,999,812

common

July 1, 1937, and dividends of 15 cents paid
In addition, an extra dividend of 25 cents
Dec. 10,1936.-—V. 147, p. 578.

paid on

was

$1,279,409

57,059
45,459
34,939
2,190

64,537

on

bonds purchased for sinking

.

7,791

$310,687

-

104,510
305

bonded indebtedness

261

1,906
133,167

Depreciation

(before Federal income tax)__.

2,839
130,632

$70,800

Corporate expenses

Balance Sheet July 31.

expense.

expenses..

Transportation expenses

Net railway revenues.

Taxes....

—

Hire of equipment

200,809
221,219
34,792
519,606
58,950

201,672
233,357
35,978
538,128
63,573

1,191,442
1,569,554
233,946
3,533,452
355,317

1,337,908
1,740,050
251,155
3,650,740
403,059

$76,607

$302,040
102,952
38,061
52,499

$104,318

$616,900
331,161
119,463
145,447

101,701
26,227

14,758

Rental of terminals
Net deficit after rents.

(net)

Other Income
Int.

¥

on

funded debt

133,805

98,264

$66,079prof$108,528
$804,960 prof$20,829
Dr35,815
Dr41,670
Dr266.141
Dr276.324
Dr539,581
Dr492,602 Dr3,444.732 Dr3,367,216
$641,474

Net deficit

—V. 147, p.

677,209

$425,745

$4,515,833

Minnesota Power &
Period End. July

31—

Light Co.—Earnings
1938—12 Mas.

1938—Month—1937
$575,671
254,607

$6,455,141
2,952,717

41,667

38,750

10,655
535,417

$239,075

Operating revenues
Oper. exps., inci. taxes._
Amortiz. of limited-term

$282,314

$499,689
218,386

Net oper. revenues
Other income

1938

41,775

Inventory of salable supplies-

27,960

Int. on unissued bonds

Other assets

65,969

15-year 5% 1st mtge. a. f. bds.

$440,898

(after prov.

receivable

for bad debts)

—

...

Furn., furnishings & equip—

655,471

4,526,849

Land and building

57,417

Prepaid exps. & def'd charges.

Accts.

pay.

51

34

$239,126

3,265,462

$282,348
136,217

470,000

$2,956,352
4,214

$3,002,046

$3,002,890
1,640,682
68,533
Cr5,007

844

$55,111
45,712
5,912

Int.

418,930

Earned

185,597

904,742

*

mtge. bonds

Int. chgd. to

construct'n

Cr253

5,816
Cr223

$140,538

$1,258,453

$1,298,682

990,803

990,734

135,429
6,214

4,189,300

Capital stock '$1 par)
Paid-in surplus
surplus......

on

Other int. & deductions.

$2,960,566
1,631,818
72,980
Cr2,685

$97,736

Gross income

(trade

Reserves

Net income
x

Dlvs.

applic. to pref.
paid or unpaid

stocks for the period,

whether

xll.036

$307,948
x Dividends
accumulated and unpaid to Jmy 31, 1938, amounted to
$309,660.
Latest dividends, amounting to $1.75 a share on 7% preferred
stock, $1.50 a share on 6% preferred stock, and $1.50 a share on $6 preferred
stock, were paid on Juiy 1, 1938. Dividends on these stocks are cumulative.
$267,650

Balance

.$5,816,339

Total

.$5,816,339

Total

budgeted and deducted from profit
during the period covered by this report, for which expenditures had not
actually been made at July 31, 1938.—V. 140, p. 979.
This amount represents expenses

—V. 147, p.

Metropolitan Ice Co. (& Subs.)—Earnings—
6 Months Ended June 30—
Net income before depreciation

1937

1938
loss$26,322

$23,819

1936
$34,334

Meyer-Blanke Co.—30-Cent Dividend—
Directors have declared a dividend of 30 cents per share on

the common

Michigan Bell Telephone Co.—Earnings—
July 31—

Operating revenues
Uncollectible oper. rev..

Operating revenues

Period Ended July 31—

_ _.

$3,414,802 $22,961,466
14,938,415
2,177,072

$23,278,928
14,429,952

preferred stock

No provision was
tributed profits as all
x

Net oper. revenues...

Net oper. income..
income

Net

—V. 147, p.

$1,218,873
454,001

$1,237,730

$764,872

$825,727

705,095

778.822

412,003

$8,023,051
2,997,794

$8,848,976
2,941,951

$5,025,257
4,680,204

$5,907,025
5,703,148

1041.

railway

Net after rents
From Jan. 1—
Gross from railway

Net from railway
Net after rents
—V. 147,p.

Michigan

Consolidated

Gas

Co.- -Files

$42,000,000 bonds and notes of the company has been filed
with the Securities and Exchange Commission.
It consists of $34,000,000
of 4% bonds, due in 25 years, and $8,000,000 of 4% notes, due in one to 10
years.
A sinking fund feature is Included, beginning in the tenth year
of the life of the bonds, designed to retire $14,000,006 before maturity.
Proceeds of the $42,000,000 financing will be used to redeem on or before
Dec. 1, 1938, $13,500,000 Detroit City Gas Co. 1st 6% bonds, due 1947,
at 105; $17,500,000 Detroit City Gas Co. 1st 5s, due 1950. at 105; $550,000
Washtenaw Gas Co. 1st 5s, due 1953, at 102; $4,000,000 3)4 % promissory




15,000

9,000

$85,529
50,532

$101,203

$1,048,060
618,252

$1,077,187

50,120

$51,083

$429,808

691,151

21,088

21,088

253,062

$386,036
253,062

$29,994

$176,746

$132,974

1938
$76,448
13,273

-Earnings—
1937

1,160

$93,195
17,147
5,508

536,865
44,737
def35,727

85,258
def4,913

641.697

1936
$92,169
21,532

10,359
586,498
124,789
47,662

1935

$74,228
21,580
12,161
258,738
68,326
37,507

746.

$42,000,000

Bonds with SEC—
An issue of

$3,316,624
x2,131,437
108,000

222,000

Missouri & Arkansas Ry.July—
Net from

1938—12 Mas.—1937

$3,554,120
x2,284,060

made in 1936 or 1937 for Federal surtax on undis¬
taxable income was distributed.—V. 147, p. 1200.

Gross from railway

Operating taxes

178,783

$13,909

Net income.

Balance

1938—Month—1937
1938—7 Afos.—1937
$3,272,045 $3,418,881 $23,133,941 $23,317,164
37,463
4,079
172,475
38,236
$3,234,582
2,015,709

Int. & other fixed charges

on

$288,985

191,631

$34,997

Gross income

Divs.

1938—Month—1937
$292,160

Oper. expenses & taxes.
Prov. for depreciation-_

stock, payable Sept. 12 to holders of record Sept. 5.
A like amount was
paid on June 11 last and compares with 35 cents paid on March 17 last;
a year-end dividend of 80 cents paid on Dec. 21, 1937, and 50 cents paid on
Sept. 11, 1937.—V. 146, p. 3809.

End.

896.

Mississippi Power Co.—EarningsGross revenue

—V. 145, p. 1907.

Period

1937

$6,737,508

$109,307

561

investments

Prop, retire, res. approp.

creditors,
prepayments by guests, &c.)
Accr.liabil. (other than int.)..

x

$3,622,711

1347.

Liabilities—

Assets—

Cash in bank and on hand
Accts.

Traffic

8.191
$350,510
107,471

Bond and mortgage expenses

Net

$342,319

$302,896

profit

Interest

751,783
41,538
62,888
47,891
36,497
2.190
53,033

40,835

^Operating profit
Net

$1,338,139

731,492

Departmental costs and expenses
General and administrative
Management, advertising and business promotionHeat, light, power and refrigeration
Repairs and maintenance
Insurance on building and contents
Taxes (other than Federal income taxes)

Savings on 1st mtge.
fund and retired

structure

Maint. of equipment...

1937

1^38

$1,374,749

Maintenance of way and

General expenses..

Mayflower Hotel Corp.—Earnings—
6 Months Ended July 31—
Gross income from operations

$1,111,984

Total revenues

was

Jan. 2, 1936, to and including
each three months previously.

1935

1936

1937
$685,747
92,709
10,727

Minneapolis St. Paul & Sault Ste. Marie Ry.—Earnings

Freight revenue

Co.—25-Cent Dividend—

819,645

355,924

56,440

43,223

746.

—V. 147, p.

amendment to its

Commission stating that the date of the proposed
'public offering of 33,333 shares of common stock, voting par $1, has been
delayed to Sept. 20.—V. 147, p. 1199.
Securities and Exchange

Master Electric

823,407
252,705

714,913
270,947
150,271

64,062

4,764,059
713,361
131,320

Net after rents..
From Jan. 1—
Net from railway

2230.

$118,066

1938
$762,190
131,463
24,099

Net from railway

Gross from railway

Withdrawn—

1935

$127,587
57,050
38,778

64,281

746.

July—

Ltd., and Marsman American

1936

$138,273

Minneapolis & St. Louis RR.—EarningsGross from railway

Investments,

Marsman

1937

$124,149
60,254
42,484

Gross from railway

Net from railway

20,150

Earnings—
1938

July—

Net

$1,099,454 $1,087,264

Total

Midland Valley RR.

$97,300

371,506

Preferred stock
x

1937

1938

Liabilities—

|

$544,571

$505,687

Fixed assets

Missouri Illinois
Gross from railway
Net from railway
Net after rents
From Jan. 1—

Gross from railway
Net from railway

Net

after rents

—V. 147, p.

Ry.—Earnings

746.

1935

1937

1936

$82,966
14,132
938

$129,521
34,632
27,718

$108,384
31,277

$84,873
12,295

11,290

def 1,615

582,209
98,148
def4,961

859,642
276,189
144,574

1938

July—

628,955.
150,030
40,391

596,036
121,437
34,538

Volume

Financial

147

Misers Chest Mining

& Milling Co., Inc.—SEC Regis¬

tration Withdrawn—
See list given

on

first page of this department.—V.

147,

p.

Operating revenues
Oper. exps., incl. taxes..
Prop, retire, res. approp.

$7,240,713
4,907,311
711,667

ourt
Sjinted orderthatJuly 27 hasprepared forby the filing in libel prodeedings
out of the plan been upset submission of compliance with
8

the Maritime Commission.

1 938—12 Mas.—1937

1938—Month—1937
$529,376
$182,027
350,669
333,306
60,000
58,333

1495

against three of the company's liners: The American Legion, The Southern
Cross and the Western World and that in connection with reorganization
plans the new contracts must be drawn up between the Munson Line and

1347.

Mississippi Power & Light Co.—Earnings—
Period End. July 31—

Chronicle

Counsel for the committee said that this

$6,549,794
4,494,360
441,500

Munson

Building

&

(Wall

$1,621,735

$1,613,934

Cr226

1,490

3,598

$118,707

$90,614

$1,620,245

117

1,791

2,181

$90,731
68,142
8,300

$1,622,036
817,675

$1,612,517

$118,707

..

5.761

Other int. & deductions.

817,700
77,577

81,392

Operating

$14,289

period, whether paid or unpaid

403,608

$313,632

&

unpaid to Juiy 31, 1938, amounted to
$622,229, after giving effect to a dividend of $1.50 a share on $6 preferred
stock declared for payment on Aug. 1, 1938.
Dividends on this stock are
cumulative.—V. 147, p. 578.
Dividends

accumulated

and

before

Missouri Pacific

RR.—Earnings—
$7,893,462

_

2,317,608

1,397,683

Net after rents

1935

1936

1937

1938

July—

$8,790,212
2,664,659
3,033,901

$8,467,008
2,692,587
1,707,905

$6,252,829
1,039,520
331,613

53,900,444
12,792,697
7,232,975

49,888,564
11,573,694

40,873,857
6,605,004
1,824,258

From Jan. 1—
Gross from railway
Net from Railway. .—:»•
Net

44,970,712

after rents

8,127,260
1,986,115

5,157,370

—V. 147, p. 1200.

$37,106
68,186

deprec., &c

x

$109,946

15,000
13,741

xl8,000

$84,251
136,373

$72,773
113,644

$71,448
136,373

2.78%

2.40%

2.35%

20,498

basis bef.

ann.

int., deprec., &c
x

$101,514

2.45%

Paid to Munson Steamship Co.

-V. 146, p. 2052.

■To

(F. E.) Myers & Bro. Co.

Pay $1 Dividend-

The directors have declared

a dividend of $1 per share on the common
value, payable Sept. 27 to holders of record Sept. 16.
This
compares with 75 cents paid on June 27 and on March 28, last; $1 paid on
Dec. 27, 1937; an extra dividend of 50 cents paid on Oct. 25, 1937; a divi¬
dend of $1.25 paid on Sept. 27, 1937; $1 per share paid on June 26 and
March 20, 1937; 75 cents on Dec. 26, 1936, and previously dividends of
50 cents per share were distributed each three months.
In addition, an

no par

extra dividend

of 25 cents per share was paid on

Sept. 30 and June 30.

1936.—V. 147, p. 1348.

Nashua

Gummed

&

Coated

Paper

Co.

(& Subs.)

—

Earnings—
Earnings for 12 Months Ended June 30, 1938

Missouri Public Service Co.—Bond Interest—
subsidiary of the Western Public Service Co., has ob¬
Exchange Commission permission to change
the interest provisions on $635,000 of 6% first mtge. gold bonds, series A,
due on July 1, 1953, so as to substitute for the present fixed rate a provision
whereby, from Jan. 1, last, interest would be payable only to the extent of
income available therefor, up to but not exceeding 6% per annum.
All
of the bonds are owned by the parent company.
The applicant stated that, owing to the recent expiration of franchises
and the establishment of municipal electric plants in the towns of Stanberry
and Rockport, Mo., it was forced to abandon operations in Stanberry and
vicinity in April, and it planned to abandon operations in Rockport this
The company, a

tained from the Securities and

'

month.

for the 12 months ended on April 30
showed, after retirement accruals, gross income of $39,793 available for
interest charges, or only 1.04 times tne interest requirements of the bonds.
As a result of the abandonment of properties, the company has estimated
that gross income for the 12 months ending on Dec. 31 will be $25,389, or
about two-thirds the interest requirements on its bonds.
The change in the interest requirements is to be effected by execution
of a supplemental indenture.
The Commission made it a requirement
of approval of the request that the bonds should not be sold or pledged
by Western Public Service without that company first obtaining the ap¬
proval of.the Commission.—V. 142, p. 4185.
The company's income statement

$910,674

railway

241,768
112,172

Net from railway
Net after rents.

1935

1936

1937

1938

July—

Consolidated gross sales
$6,944,802
Net income after all deductions, incl. provision for income and
excess profits taxes, minority interest, &c
Earnings per share on 46,058 shares common stock...

126,952

7,168,397
1,712,400

5,832,823
1,100.036

849,705

394,811

$755,448
132,052
45,094

$923,833
226,741
129,329

$1,065,987
239,993

129,856
$2.21

The report

of the Nashua Gummed & Coated Paper Co., the parent
company, for the 12 months to June 30, 1938, unaudited and subject to
year-end adjustments, shows gross sales of $5,589,878 and a net profit of
$86,634 after all charges, including provision for Federal taxes.—V. 147,
p.

897.

Nashville Chattanooga & St. Louis
July—

140,962

From Jan.

Net after rents..

147,

p.

7,856,670
905,867
521,358

7,200,177

8,722,638
1,463,760
865,121

669,780

253,470

747.

National Casket Co.,

Inc. (& Subs.)- -Earnings-

$100,338

1937
$853,879

75,479

170,000

Preferred dividends

402,435

Common dividends

221,290

403,676
190,110

63,034
Nil

63,371
$4.42

1938

Years End. June 30—

(est.)

Shs.com .stk.out, (no

Earnings

1935

$1,037,546
119,237
71,506

1—

Gross from railway.....
Net from railway
—V.

1936

$1,205,744
1,823,387
137,144

149,834

7,687,850
1,449,169
746,486

Net after rents

Ry.—Earnings—

1937
$1,211,308
201,031

1938
$1,066,582
220,800

Gross from railway
Net from railway..

Net profit
Federal taxes

Mobile & Ohio RR.—Earnings—
Gross from

9,963
18,154

interest,

Cum. 4H % inc. int
Per cent .earn. on outst.

stock,

Gross from railway.
Net from railway

$112,368

4,201
9,758

exps.

leasing.;

Other expenses..

bonds,
Balance

$51,065

revenue

Gen.

manage. &

$717,240

403,608

$45,045

$722,969

$319,361

Net income.

Dividends applicable to preferred stock for the

x

Year End.

Apr. 30, '38 Apr. 30, '38 Apr. 30, '37 June 30, '36
Operating revenue,
$179,313
$355,659
$299,817
$369,464
Operating expenses128,248
243,291
198,304
259,518

Net

x

Corp.)-

Period—

Admin.
Gross income
Int. on mtge. bonds

Street

10 Mos. End.

$1,610,336

216

$118,923
68,117

Operating income
Other income (net)

$90,388

Beaver

Year End.

6 Mos. End.
Net oper. revenues

new

contract and the amended plan of reorganization would be ready for presen¬
tation to the Court on the adjourned date.—Y. 147, p. 425.

per

par)

share

...

1936

1935

$457,509
90,885
413,469
190,110
63,371

$289,886
65,985

413,469
190,110
63,371

Nil

Nil

From Jan. 1—
Gross from rhilway._—

6,519,722

Net from railway—...
1,399,823
Net after rents....—442,689
—V.

4,835,219
502,315
defl34,094

147, p. 747.

Monongahela Ry. —Earning sGross from railway
Net from railway
Net after rents

_

$247,267

$342,513

$353,476

$264,907

...

148,485
53,156

188,160
72,459

208,568
109,298

145,699
53,438

1,758,600
1,022,449

2,642,869
1,538,872

2,657,278

337,932

742,549

2,304,477
1,394,876
698,530

From Jan. 1—

Gross from rail way........

Net from railway.
Net after rents

1,611,006
883,493

—V. 147, p. 747.

Monroe Auto

Equipment Co.—-Earnings—
$15,174

—

Montgomery Ward & Co.—25-Cent

receivable..y2,356,856

Dividend—

the common
record Sept. 9. Like payment was made
July 15, last and previously regular quarterly dividends of 50 cents per

1938

$
4,647,374
2,938,961
2,345,949

Cash

647,883

Securities

278,331

891,749
662,122

trade-marks, &c 1,609,681

Liabilities—
x

on

share

were

distributed.—V. 147, p.

1200.

6,055,309

6,055,309

Accounts payable.

148,720

230,499

Reserve for taxes..

75,478

170,354

Surplus..........

6,082,713

6,639,673

&

rights

Total

12,362,220 13,095,8351

Total

Morristown & Erie RR.—Tenders—
Iron Bank of Morristown, Morristown, N. J., will until
3p.m. Sept. 30, receive bids for the sale to it of sufficient first mortgage 6%
10-year coupon bonds due Sept. 1, 1943, to exhaust the sum of $6,142 at
prices not exceeding 105.—V. 142, p. 1648.

Mother Lode Coalition Mines

Stores Corp.—Options*—

Corporation has notified the New York Stock Exchange that options to
purchase 2,081 shares of common stock, which are held by persons con¬
nected with the corporation and its subsidiaries, have been extended from
Aug. 24, 1938 to Aug. 24, 1939, and that an option to purchase 667 shares
has become of no further force and effect.—V. 146, p. 3346.

National Power & Light Co.
Period End. July 31—

(& Subs.)—Earnings—

1938—3 Months—1937

Operating revenues..... $20,363,826 $20,240,445
11,573,281
Oper. exps., incl. taxes.. 12,028,176
Property retirement re¬
1,889,498
serve appropriations..
1,874,755

expenses,
y

&c

Net operating revenue
Rent for lease of plants

1936

1935

Other income.

$160,198

y$988,865

$177,150

loss$8,869

Other income deductions

Before depletion.

Charles Earl, President, says in part:
The extraction of ore was completed at

1938 and mining operations
During the month of July

Gross income

the Mother Lode Mine on July 31,

permanently discontinued.

approximately 1,000 tons of copper were sold
1, 1938 the company had on hand and in process unsold at the
Tacoma Smelter about 3,000 tons of copper. In addition there were en route
to the smelter 1,000 tons of ore and concentrates containing 500 tons of
copper.
Company therefore had still to be sold after Aug. 1, 1938 about
3,500 tons of copper.
At a later date consideration will be given to the proper action to be taken
relative to the distribution of the funds of the company and the disposition
of its few other assets, as to which stockholders will be duly advised.—V.
146, p. 3345.

-

Interest to public
deductions.
Int. charged to

(J. L.) Mott Corp., Trenton, N.
The real estate, machinery

J.—To Be Sold—

and equipment of the corporation will be sold

liquidation sale on the premises on Sept. 21.
The property consists
of an iron foundry, brass foundry, pattern shop, enameling shop, enamel
mill room, mounting warehouse, and ornamental iron shop, in addition
to a power house, with appropriate equipment.
Associated Auctioneers,
Inc., 1915 Chestnut St., Philadelphia, will handle the sale.—V. 138, p. 3279.
at

46,967,313
7,158,936

$28,035,197

21,545

aCr43,475

129,330

86,094
105,940

$6,756,121 $27,980,646 $27,905,867
103,944
317,815
366,325
92,223
271,689
288,361

$6,439,203

$6,767,842 $28,026,772 $27,983,831

& other
—

construct

and at Aug.

Balance..

—

.

Pref. dividends to public

Portion

49,036,358

i,777,666 $27,937,171

$6,460,895

$6,459,049

Operating income

1938—12 Mos.—1937

$84,699,462 $82,161,446
7,725,933

1,846

(net)

Co.—Earnings—
1937

1938

6 Mos. End. June 30—
Net profit after taxes,

12,362,220 13,095,835

x
Represented by 57,409 (57,562 in 1937) shares preferred stock and
63,034 (63,371 in 1937) shares common stock.—y Includes notes.—V. 146,
p.2053.

—

The National

$

...

Directors have declared a dividend of 25 cents per share on

stock, payable Oct. 15 to holders of

1937

$

Capital stock

1,609,681

Patent

National Department

30, 1938

Earnings for 6 Months Ended June
Net loss after all charges
—V. 145, p. 2232.

1937

1938

C
$
Phys. properties.. 4,768,975
Merchandise...-'.. 2,700,493
Accts.

1935

1936

1937

1938

July-

Comparative Balance Sheet June 30
Assets— ; '

applicable

3,004,449
C/-6.658

2,958,029
C'r 1,051
$3,482,225
1,515,415

11,947,931
Crl3,721

12.213,878
019,026

$3,770,051 $16,092,562 $15,788,979
1,515,762
6,061,666
6,063,086

to
1,241

1,580

6,940

$1,966,689

minority interests

$2,253,048 $10,029,316

$9,718,953

$1,966,689

$2,253,048 $10,029,316
21,708
133,619

$9,718,953

$2,274,756 $10,162,935
40,792
261,591
338,036
1,358,015

$9,814,041
206,678
1,357,684

$8,249,679

121

Net equity of Natl. P.
& L. Co. in income
of subs..

National P.& L. Co.—
Net equity of co.
come of subs

in in¬

36,752

Other income...

95,088

a

$2,003,441

Total.

Expenses, incl. taxes—_
Int. & other deductions.

126,441
337,154

Balance carried to con-

Munson

Steamship Line—Hearing Adjourned—

& Cromwell, counsel for the reorganization
committee, a hearing before Federal Judge Alfred C. Coxe on a proposed
plan for reorganization of the company has been adjourned until Sept. 22
when an amended plan will be submitted.
Counsel for the committee
On the motion of Sullivan




sol. earned surplus.

$1,539,846

$1,895,928

com.stk

$0.20

$0.27

Earns, per. sh. on
a

$8,543,329
$1.25

$1.20

Addition due to reclassification of accounts.

Notes—The

statement

includes

full

revenues

provision for possible revenue losses, not

of a subsidiary without

exceeding $120,000 for each of 12

Financial

1496

month period, from natural gas rate reduction now involved in litigation.
Figures for 1936 as previously published have in certain cases been re¬
arranged in this statement.
Statement of Income (Company Only)

1933—3 Mos.—1937

Period End. July 31—
Income;
From subs.—consol.

1938—12 Mos.—1937

$1,410,193

$1,509,311
21,708

$7,427,580
133,619

$6,582,022

36,752

$1,446,945
126,441

$1,5 31,019
40,792

$7,561,199
261,591

$6,677,110
206,678

$1,320,504

$1,490,227

$7,299,608

338,036

1,358,015

1,357,684

Expenses, incl. taxes—.

$983,350

sh.

per

on

$5,941,593

$0.13

com¬

stock...

Summary of

$1,152,191

$0.10

Net income
mon

National Steel Car Corp.,

deductions

& other

from income——...

Earns,

95,088

1

$5,112,748

$0.78

$0.62

Sept. 3, 1938

The undertermined claims at
the present time number 3,000, wnich were filed for $10,000,000.
About
150 of these claims are held by policyholders of the company, and the
balance represent inter-insurance company claims.
It is believed that
these claims can be closed out for considerably less than $10,000,000.
At the time the company was taken over for rehabiliation there was an
indebtedness to the Reconstruction Finance Corporation for approximately
$11,500,000.
Included in the collateral against this loan were stocks and
bonds of $8,900,000.
By an orderly liquidation of these securities it was
possible to discharge the full amount of that loan and produce a surplus
in these securities valued In excess of $2,000.000.,—V. 145, p. 3978.
allowed on the guaranteed mortgage issues.

$6,470,432

337,1.54

Other

Int.

Chronicle

3,733

2,775
10,489

.

Legal fees
Interest charges..

251

Income from investments
on sale of investments

....

Profit

Interest

on

Stock Exchange has authorized the listing of 24,100 addi¬
stock ($1 par) upon official notice of issuance;
the shares, together with 2,900 shares now held in the treasury (making a
total of 27,000 shares) to be given as part consideration for certain of the
assets of Oakfield Gypsum Products Corp., making the total amount
applied for 1,261,458 shares.
In consideration of 27,000 shares of common stock and $70,000 cash, the
company will acquire from Oakfield land, buildings, machinery and equip¬
The New York

.U

Bonds Called—-

\

outstanding 15-year 6% s. f. gold bonds due April 1, 1943,
for redemption on Oct. 1 at 103 and accrued interest. Pay¬

the Manufactures & Traders Trust Co., Buffalo,

728

x

—

$1,160,634

........

898,540
$262,093

134,497

371,734

97,806

828,575

Invest, in bonds..

471,557

Cash

surr.

569,838

$127,597
2,928

Deductions from income.

Non-operating

charges..

160,000

150.500

......

1,333,501
13,919

x

........$10,286,552 $8,539,103

ciation

19,977
2,772,054

..$10,286,552 $8,539,103

Total

Capital stock (130,000 shares no par), $3,500,000; capital

As follows:

($186,365 in 1937).—V. 145,

surplus, $934,326; earned surplus, $1,131,762
p.

4122.

Co.—Earnings—
$675,465

397,278

39,628

48,333

Gross income

44,167

584,166

534,167

$227,899

$242,604

$2,899,245

63
—

mtge. bonds.
deb. bonds._
-

573

13,280

$2,697,754
122,968

$227,962
61,875
17,500
9,585

Net oper. revenues
Other income..

on

$656,050
369,279

1,955

Property retirement re¬
serve appropriations. -

on

1938—12 Mos.—1937
$7,896,136
$7,222,564
3,990,643
4,373,097

1938—Month—1937

July 31—

Operating revenues
Oper. exps., incl. taxes..
Amort, of limited-term

Other interest & deduc.

$243,117
61,875
17,500
8,634

$2,912,525
742,500
210,000
109,181

$2,820,722
742.500
210,000
100,286

Interest charged to con¬
struction

Cr4,783

Cr220

Cr32,068

041,985

$143,785

$155,388

$1,882,912

$1,809,921

15,629
Net income

$82,730

Net

Earnings per share on 154,000 shares

44,801
2,884,567

13,516

Total

Interest

12,509

250,000
65,000

plant.

payable

Reserve for depre¬

1,640,996

Interest

$110,868
Non-recurring charges
Provision for Federal income tax

to

Accr'd wages, &c.

value of

$130,525
19,073

.

expend's

Dividends

200,000

(see'd).

complete

444,336

Accts. receivable..

Bank Joan

Add'l

400,658

interest...

584

Total income.

$5,566,088 $4.620,691

plus

1,104,362

investments

.

Capital and sur

Accounts payable-

Nebraska Power

sales

1937

1938

Liabilities—

1937

Reserve for taxes..

Period End.

Earnings for Six Months Ended June 30, 1938

Net profit on
Other income

$11,835

equipment-? J,656,759 $6,135,977
1
1
Pats. & goodwill..
Cash............
805,821
28,275

National Rubber Machinery Co .—Earnings—

Gross profit on sales
Expenses

$160,983

and

Deferred charges..

Corp.—Delisting—

The Securities and Exchange Commission announced Aug. 30 that it had
granted the application of corporation to withdraw Its no par value common
stock from listing and registration on the Board of Trade of the City o
Chicago, to be effective at the close of the trading session on Sept. 8.
The common stock is also listed and registered on the Cincinnati Stock
Exchange.
The issuer intends to continue such listing thereon.—Y. 147,
p. 123.

.....

32,500

Comparative Balance Sheet June 30
1938

Assets—

Land, bldgs., plant

Inventories

Net sales

7,511

225,000

$1,205,396
260,000

Dividends.

•ife insurance...

goods sold—_—„

357,147

54,103

years

1348.

National Pumps

$368,982

111,399

6,022

Call loans and accr.

has been called

N. Y.—V. 147, p.

$312,393

113,784

Provision for Dominion income tax..

inventories and accounts receivable, trade-marks, and, sub¬

which may exist in connection therewith, certain securities
deposited under Oakfield company's workmen's compensation self-insurance
plan.
Company will also assume the rights and obligations under certain
existing sales contracts and a contingent liability not to exceed $10,000 in
connection with certain gypsum mining leases held by Oakfield company.

be made at

"5",75l

Prov. for amortization of spec, equip.
Dominion income tax paid for prior

ject to liability

will

""539

571

Prov. for deprec. of buildings, plant
and machinery

tional shares of common

All of the

$357,209

notes receivable

1348.

ment, current

$302,300
9,554

$1,599,011

31, 1938, $5,941,593;

National Gypsum Co.—Listing—

Cost of

6,206

$1,588,101
8,339
2,000

Profit

1937, $5,267,085; net income for the 12 months

miscellaneous adjustments (net), $1,758;
total, $11,210,437; $6 preferred stock dividends, $1,678,296; common stock
dividend, $3,273,670; earned surplus, July 31. 1938, $6,258,471.—V. 147,
ended July

ment

$426,549
55,440
3,510
4,839
5,552

$374,452
62,051
3,645

$1,681,498
76,400

.

1936

1937

1938

Operating profit for the year
Executive officers' salaries
Directors'fees and expenses

Earned Surplus for the 12 Months Ended July 31, 1938

Earned surplus, Aug. 1,

p.

Ltd.—Earnings-

Years Ended June 30—

capital stock (no par).

-

;

$0.54

stocks for the period,

Dividends applic. to pref.
whether

or

499,100

499,100

$1,383,812

paid

$1,310,821

unpaid

Balance Sheet June 30, 1938
Assets

'

Inventories....,
Investments
Investment in

$119,373
x211,761
321,517
105,521
2,100
24,351
y993,696

.........

I*—.—
subsidiaries—

Other assets......

Land, buildings and equip...

Patents, tradm'ks &
Deferred charges

Balance

Liabilities—

*'

1

Cash In banks and on hand..

Receivables..

1
38,140

goodwill

Notes payable, bank (sec.)..
Trade acceptances payable..

$76,000

—V. 147, p. 748.

15,125

Trade accounts payable

28,261

Accrued expenses.

35,665

Unclaimed divs. payable
Prov. for Fed. inc. tax,

1938.

Capital stock...........
Capital surplus
Earned surplus

Nekoosa-Edwards Paper Co.-

-Earnings—
Jan. 1 to

89

zl,337,032
206,782
101,876

July

Period—

15,629

Net profit after all charges.
—V. 143, p. 3641.

-Earnings-

New Orleans & Northeastern RR.-

$1,816,460
x After reserve for uncollectible accounts of $31,984.
y After reserve for
depreciation of $421,701.
z Represented by 154,000 no par shares.—
$1,816,460

Total

V. 147, p.

Total.....

1348.

Gross from railway.
Net from railway.
Net after rents

From Jan. 1—
Gross from railway.

Refining Co. of N. J.—To Pay 25-Cent

National Sugar
Dividend—

Co.—Creditors Get Payment on Claims—

of Insurance Louis H. Pink on Aug. 31, sent out

the first payment on an initial $10,000,000 cash dividend for the allowed
claims of creditors of the company.
The full initial dividend is equal to

35% of each allowed claim.
It was explained by Rupert W. K. Anderson, Deputy Superintendent of
Insurance in charge of the liquidation, that the checks mailed
equaled
10% of the amount of allowed claims and that 25% has been retained until
the final disposition of the litigation involved in the claims on guaranteed
mortgages.
The reason given for this precaution is the fact that the Court
of Appeals has before it an application for leave to appeal by a group of
creditors which will be submitted to the Court in October.
The Supreme Court and the Appellate Division have approved the allow¬
of the guaranteed mortgage claim held by National Bondholders Corp.,

ance

the latter Court also having denied permission to go to the Court of Appeals.
If the Court's ruling is in favor of the Superintendent of Insurance, payment

will be made immediately thereafter.
It is also
expected that there will be still further dividends to creditors in addition
to the 35% already earmarked, and that the total dividends will be at
least 50%.
The statement from the N. Y. State Insurance Department further states:
The liquidation of the old National Surety Co. involved many novel
problems and created several new precedents.
The high point in the liqui¬
dation of the affairs of this well-known company occurred in 1936 when
of the balance

of 25%

Superintendent of Insurance sold the stock of the new National Surety
Corp. for $10,031,000.
The reorganization of the guaranteed
mortgage
situation, which involved approximately $45,000,000 in mortgage bonds
in the hands of the public, presented difficult legal complications.
This

reorganization, worked out in conjunction with the National Bondholders
Corp., permitted the unified administration of the underlying mortgages
and real estate scattered throughout the eountry, and also permitted these
bondholders to recover substantial amounts on their collateral, in addition
to the dividends payable from the National Surety estate.
The liquidation of the assets and the determination of the liabilities of

approaching completion.
Approximately 35,000 claims
amounting to $250,000,000 were filed.
32,000 claims have been passed on
to date and allowances made for $26,000,000, including the $18,385,000




$235,043
86,720
39,499

$196,484
52,768
17,541

1,719,703
540,730
159,228

1,914,316
774,672

1,500,858

1,295,372
298,560
60.503

465,189
151,000

388,857

147, p. 748.

1938

July—
.

Net from railway..
Net after rents
From Jan. 1—
Gross from railway.

Net from railway.
Net after rents
—V.

147,

.

....

1936

1935

$159,787
18.437
96,020

$112,201
defl5,777
def22,805

$137,136
13,132
19,347

1,480,684

1,733,482
780,719

1,224,395
343,820
253,412

1,001,542
258,776
312,679

493,377
514,775

_

787,182

748.

p.

Period End.

Operating

Ry.—Earnings—
1937

$146,453
1,596
10,390

New Orleans Public Service
July Zl—

revenues

Oper. exps., incl. taxes.

Inc.—Earnings—

1938—Month—1937
1938—12 Mos.—1937
$1,389,618
$1,404,364 $18,329,627 $17,810,578
955,506
970,629 12,387,107 12,012,733
o

„

^^m^ey ap^rop" ia t^on^T

177,000

177,000

2,124.000

2,124,000

Net oper. revenues—
Other income (net)

$257,112
747

$256,735

$3,818,520

$3,673,845

567

16.346

15,921

$257,859

$257,302

200,602

204,468
18,163

$3,834,866
2.424,174
248,288
Cr43,530

$3,689,766
2,466,203
243,885

$1,205,934

$980,189

544,586

544,586

Gross income
Interest

on

mtge. bonds _

Other int. and deduct'ns

18,732

Int. charged to construe.

Cr3,645

Net income..

the

this company are

$292,135
135,981
83,454

New Orleans Texas & Mexico
Gross from railway

State Superintendent

1935

$259,206
109,579
56,870

dividend of 25 cents per share on the common

stock, payable Oct. 1 to holders of record Sept. 8.
Like amount was paid
on July 1, last, and previously, regular quarterly dividends of 50 cents per
share were distributed.—Y. 146, p. 3672.

National Surety

....

Net from railway...
Net after rents
—V.

Directors have declared a

....

_

1936

1937

1938

July—

Jan. 1 to

16, '38 June 30.' 37
$30,324
$302,447

x

Dividends applic. to pref.
whether paid or unpaid

Cr351

$42,170
$35,022
stock for the period,
—

Cr511

$661,348
$435,603
x Dividends
accumulated and unpaid to July 31, 1938, amounted to
$2,768,312.
Latest dividend, amounting to $1.75 a share on $7 preferred
stock, was paid on July 1, 1938.
Dividends on this stock are cumulative.
Balance

—V. 147, p.

579.

Newport Industries,
See Armstrong

Inc.—Sale of Unit—

Cork Co. above.—V.

147, p. 749.,

Volume

Financial Chronicle

147

New York Central
rjuly—

New York

RR.—Earnings—
1938

1937

1936

1935

-

Gross from railway.....$22,891,310 $30,720,572
Net from

railway......

Net after rents
From Jan.

4,497,322
970,884

1497

$29,416,616 $23,816,638
7,048,675
7,740,484
4,519,811
3,204,426
4,255,844
1,765,347

1—

Stocks, Inc.—Earnings—

Income Account for the Year Ended May 31, 1938
Income: Divs. & int. earned & redemp. & conv.
charges collected

$361,967
82,174
4,046

Expenses
Taxes

•

Gross from railway
Net from railway

.161,833,749 217,552,526 201,032,622 174,299,343
28,228,756
54,081,451
48,931,661
39,927,952
1,079,071
25,779,620
23,944,396
16,805.021

Net income for year, excl. of net loss

on

sale of securities.

$275,747

...

-.

Net after rents

Surplus Accounts Year Ended May 31, 1938
Paid-in surplus balance—May 31,1937.Received from stockholders upon issuance of special
stock, net--

x

$8,527,464
828,206

....

ICC

Approves Note Guarantyby RFC—

The Interstate Commerce Commission on Aug. 19 found the company,
on the basis of present and prospective earnings, reasonaoly to be expected
to meet its fixed

charges without a reduction thereof through judicial re¬
organization, and approved the guaranty by the Reconstruction Finance
Corporation of secured notes of the company for $5,000,000.
The ICC on Aug. 29 authorized the company (1) to issue at par a promis¬
sory note or notes in the face amount of not exceeding $5,000,000, and
(2) to pledge as collateral security therefor not exceeding $4,500,000 of
Boston & Albany RR. 6% refunding bonds of 1934 and $3,015,000 of Boston
& Albany RR. main-line first mortgage bonds 43^% series B.
The report of the Commission says in part:
The company on Aug. 5, 1938 filed an application requesting the guar¬
anty by the RFC of not to exceed $5,000,000 of its notes proposed to be
issued to the National City Bank of New York, to provide in part for the
cost of material and labor for the maintenance and improvement of the
owned and leased lines of railroad of the company and the equipment

Total

Portion of dividends paid during
year

Balance—May
being

31,

1938—before

$9,355,670

1111111111111111

I

'

excess of cost of securities over

of $4,464,771
indicated market avlue $9,305,796

x At the time new stock is issued that
portion of the amount paid therefor
equal to the then distributable income per share is credited to this account
specifically for inclusion in future dividend disbursements.

Earned Surplus—

V

,

■

Distributable income balance—May 31, 1937.y
Net income for year, exclusive of net loss on sale of securities..
Excess provision for Federal taxes at May 31, 1937

947
275,747
13,000

Total

$289,694

Net disbursements i

n connection with special stock
Portion of dividends paid during year

redeemed".".

31' 706
257,982

..

The $5,000,000 notes are to mature three years after the date of the note
and if more than one note is issued, to mature three years after the date of
the first note.

Balance—May 31,1938
Net loss

The proposed notes are to bear interest at the rate of

payable semi-annually.
All of the interest in
will be paid to the Finance Corporation.

2%
of 134 %

excess

per

annum,

on

Net loss

on

New York

Chicago & St. Louis RR.—Time for Deposit¬
ing Notes Extended to Sept. 15—Failure to Extend Notes May
Mean Bankruptcy—
D. Brooke, President, announced Aug. 31 that the company has ex¬

tended to and including

Sept. 15, 1938, the time for depositing three-year
6% notes due Oct. 1, 1938, under the plan dated July 23, 1938, for the

extension of the maturity of the notes to Oct. 1, 1941.

Mr. Brooke further

states *

"While

a

unless

substantial majority of notes has been deposited, the plan will
holders of undeposited notes take immediate action.
Failure

the plan

will necessitate

a

on

$325,864

......

of net loss on sale of securities allocated to retiring
stockholders in connection with special stock redeemed

Balance, May 31, 1938

42,357

def$283,507

.

y After charging $24,428, which amount represents mainly losses on sale
of securities for the period ended May 31, 1937.

Balance Sheet May 31, 1938
Assets—

Liabilities—

Applicable to special stock:
Cash in bank (with custod'n)
Investments in securities
Dividends
Accts.

receivable

rec.

for

$18f,263

Liabilities applicable to special
stock:
o
For securities purchased
For special stock redeemed.

5,241,004
8,208

sold..

secure,

Accts.rec.for spec.stk. sold.
Accounts receivable, sundry

Accts. pay. for sundry exps

6,526

25,729
1,500

Deferred charges

Capital

8,328
4,557

6,246

applicable

to

special

stock:

1,617

Cash In bank....

$26,151

.

Reserves

Applicable to common stock:

Special stock (par $1)
Paid-in surplus...

1,000

863,041

Earned surplus (deficit)....
Excess of cost of securities
over

Indicated

9,305,796
283,502

market

value—contra

Dr4,464,771

Capital applicable to

common

stock:

Common stock (par $1)
Total..

.$5,466,847

1,000

Total..........

$5,466,847

—-V. 145, p. 3353.

New York Transit Co.—Smaller Dividend—
The

directors

have

declared

dividend

of 10 cents
per share on the
capital stock, par $5, payable Oct. 15 to holders of record Sept. 30.
This
compares with 15 cents paid on April 15 last; 60 cents paid on Dec. 28 last;
25 cents paid on Oct. 15, 1937, and a dividend of 15 cents paid on
April 15,
1937, and each six months previously.
In addition an extra dividend of
five cents was paid on Oct. 15, 1936.—V. 146, p. 1410.
a

New York Westchester & Boston

Ry.—Foreclosure—

"~TheJGuaranty Trust Co. has brought suit in Federal Court as trustee
under the first mortgage covering assets of the company for a foreclosure.
Bonds issued and outstanding under the mortgage total $22,351,000, of
which $19,200,000 are held by the public and are guaranteed against default

by the New York New Haven

& Hartford RR.

The remainder of the

bonds are pledged with the Reconstruction Finance Corporation to secure
loans made to the New York New Haven & Hartford.
The foreclosure action asks the appointment of a receiver for the mort¬

gaged properties or the extension or the present receivership
the properties covered by the mortgage.
The

to

embrace

ordered to cease operations Jan. 1, after Federal
Judge John C. Knox found the road to be insolvent.—V. 147, p. 898.
company

was

Norfolk & Portsmouth Belt Line RR.—Bonds Called—
All of the outstanding general and refunding mortgage bonds,
due Oct. 1, 1965, have been called for redemption on Oct. 1

5% series AJJ

at 105 ana
interest.
Payment will be made at the Pennsylvania Co. for
Insurances on Lives and Granting Annuities, Philadelphia, Pa.—V. 147,

accrued

1349.

p.

Norfolk Southern RR.—Earnings-

reorganization of your company under the

provisions of Section 77 of the Bankruptcy Act.
"In the present cirumstances the board of directors has determined that
it is inadvisable to pay on Sept. 1, 1938 the interest which will then become
due on the company's refunding mortgage 4XA% bonds, Series C.
"The fate of the company depends upon immediate action by the holders
of the undeposited notes.
"Notes may be deposited with the Manufacturers Trust Co., depositary,
45 Beaver St., New York, N. Y."

Defers Interest Payment

324,917

_

Total

3%% secured
sinking fund bonds, due April 1, 1946. $15,000,000 serial secured notes,
issue of 1936, due April 1, 1937-41, and $7,900,000 5-year 3% promissory
note, and with the proceeds, together with current funds, discharged de¬
mand notes aggregating $62,900,000, the unpaid balance of its loans from
the Finance Corporation, amounting to $11,899,000, its loans from the
Federal Administration of Public Works, amounting to $6,969,000, reduced
its indebtedness to the Railroad Credit Corp. by $2,202,323, and provided
for its proportion, amounting to $6,914,000, of instalments of principal of
equipment trust certificates maturing in 1936.
In 1937 the applicant issued and sold $40,033,200 15-year secured 334%
bonds, due May 1,195° (convertible into capital stock), and issued $4,290,000 234% equipment trust certificates due March 15, 1938-52.
It retired
bonds and notes aggregating $17,612,000 advanced funds to certain of its
lessor companies to provide for retirement of $22,312,600 of their bonded
indebtedness, retired its $7,900,000 5-year 3% note, $3,000,000 of its serial
secured notes, issue of 1936, the balance of its indebtedness to the Railroad
Credit Corp., amounting to $198,440, provided for payment of its propor¬
tion, amounting to $6,965,000, of instalments of principal of equipment
trust certificates maturing in 1937, and retired, by conversion into capital
stock, $58,151,600 10-year 6% convertible secured bonds issued in 1934.
In the first six months of 1938 the applicant issued $20,000,000 of 4%
secured promissory notes, due April 30, 1940, and increased its obligations
to the State of New York in connection with grade crossing eliminations
by $1,678,375.
It paid off $3,000,000 of its serial secured notes of 1936,
provided for payment of its proportion, amounting to $4,517,000, of in¬
stalments of principal of equipment *rust certificates, purchased substan¬
tially all of an issue of $840,000 of first mortgage bonds of the Kalamazoo
Allegan & Grand Rapids RR. (a lessor) with a view to extending the ma¬
turity date thereof, advanced funds to the Boston & Albany RR. for pay¬
ment at maturity of $2,015,000 of that company's improvement bonds of
1913
and, through a wholly-owned subsidiary, provided funds to enable
the Peoria & Eastern Ry. to meet a bond maturity of $500,000.
Under the program for reduction of the outstanding debt of the applicant
and its leased lines, the fundea debt and notes payable of the applicant and
its leaseci lines have been reduced from $1,108,807,952 as of Dec. 31, 1932,
to $981,008,320 as of July 1, 1938, representing a saving in annual interest
requirements of approximately $8,629,033.
As of May 31, 1938, the applicant's cash amounted to $13,729,615, and
its total current assets to $62,581,057.
Total current liabilities were $55,Tax liability was $20,261,960.
Audited accounts and wages
832,111.
payable were $18,192,496—$1,375,494 less than they were on Dec. 31, 1937.
On June 30, 1938, the cash balance was $16,785,406, with $2,649,478 of
vouchers outstanding, leaving an available cash balance of $14,135,928.
The applicant forecasts that this balance will be reduced to $9,147,981 on
Oct. 1,1938.
The forecast includes estimated expenditures for maintenance
and improvements during the period in connection with the proposed work
and the first two instalments under the proposed loan.—V. 147, p. 1043.

of

$5
def947

balance'—May 31, 1937

sale of securities during year

Proportion

Present Financial Status

fail

sale of securities

per annum

In 1936 the applicant issued and sold $40,000,000 10-year

G.

49 [373

provision

1938

July—
Net from railway.

__

Net after rents

-

From Jan. 1—
Gross from railway-....
Net from railway

—

179,692

1935

$392,292
68,821
17,838

$375,276
64,898
11,931

$374,187
60,495
9,382

3,009,483
746,071
348,470

2,584,471
491,434
167,897

2,803,818
619,693
243,673

11,589

2,625,631
524,052

Net after rents

1936

1937

$348,011
294,016

Gross from railway

—V. 147, P. 750.

43^ % Bonds—

~

The company on Aug. 30 announced that the road would default on the
interest due on Sept. 1 on its refunding 4)4% bonds of 1938.
About

month ago

the Nickle Plate informed the New York Stock Ex¬
change that the road would meet the interest obligation in full. This was
a

North

Boston

Lighting

Properties—Subsidiaries

to

Borrow $3,309,375—
The Securities and

Exchange Commission approved

on

Aug. 29 the issue

accordance with a fundamental clause in the agreement between the
Exchange and corporations that list their securities on the Exchange. On
Aug. 30, however, the Nickel Plate informed the security market that the

and sale of $3,309,375 of unsecured promissory notes by six subsidiaries
of the North Boston Lighting Properties.
The notes, to bear interest

road would consider what action it would take

The aggregate

to be held on the same

Beverly Gas & Electric Co., $650,000; Gloucester Electric Co., $235,000;
Haverhill Electric Co., $1,014,375; Maiden Electric Co., $200,000; Salem

in

on the bonds at a
meeting
day. This meeting was held by directors in Cleve¬
land, where it was announced that the interest would be defaulted.
A period of grace is provided in the indenture of the bonds in which the
default could be "cured" without danger of foreclosure.—V. 147, p. 1349.

New York City Omnibus

at the rate

Gas

of 3%, will be dated Sept. 1, 1938, and mature on July 1, 1939.
principal amounts were listed as follows:

$425,000,
899.

Light Co.,

—V. 147, p.

Gross from railway

Gross.

Net from railway

Net after Federal income taxes and
x

Net income.

depreciation..

...

...

$876,172
130,633
97,023

x After charges but
before any provision for Federal surtax on undis¬
profits or excess profit tax.
Before deduction for July, 1938 and
1937 of $19,933 and $19,352, respectively, charged to income in respect of

tributed

provision for amortization of "amount to be amortized
in monthly instalments."—V.147, p. 898,

on

basis of recapture

July—

Net after rents

1—
Gross from railway
Net from railway..
Net after rents
—V. 147, P. 750.

July—

Net after rents
From Jan. 1—
Gross from railway
Net from railway

Net after rents
—V. 147, p. 749.




1938

$261,216
185,192
85,589

1,355,348
929,621
447,889

1937

Northeastern

1936

$247,956
190,195

$235,497
179,370

141,399

122,578

1,705.218
1,350,499
936,267

1937

1936

$37,738
12,294
60

$64,170
27,657
6,452

$46,906
18,505
2,505

304,440
93,693
def24,763

464,694

398,570

203,165

169,014

76,380

58,817

1935
$29,875
2,658
defl 1,222

Water

Cos.,

Inc.—Appeal for

321,142
110,115
defl,277

Review

Granted—

Connecting RR.—Earnings-

Gross from railway
Net from railway

1938

From Jan.

contract

New York

Suburban Gas & Electric Co., $785,000.

Northern Alabama Ry.—Earnings—

Corp.—Earnings—

[Incl. Madison Avenue Coach Co., Inc., and Eighth Avenue Coach Corp.]
Month of July—
1938
1937
$878,571
123,091
90,704

and

1,631,985

1935

$191,554
136,271
64,915

1,256,200

1,590,795
1,211,008

792,003

736,142

Judge Martin T. Manton has authorized the company to appeal to the
Circuit Court of Appeals for review of an order by Federal Judge Frederick

Bryant dismissing the company for reorganization proceedings in the
Northern District of New York under Section 77-B of the National Bank¬
II.

ruptcy Act. The Circuit Court will hear argument on Oct. 10.
This action automatically restrains International Holding & Investment

Co., Ltd., from foreclosing on 90% of the common stock of Northeastern
Corp., which was pledged for a note for $2,100,000. The

Water & Electric

151,947 shares of Northeastern Water & Electric stock constitute the sole

Financial

1498
assets of

Northeastern Water Cos.,

defaulted July

Northeastern Water Cos., Inc.,

Inc.

14 on the payment of the note

held by International Holding.

147, p. 1202.

—V.

Northern Pacific Ry.—Earnings$4,795,513
478,464
108,230

$5,652,432
845,490
627,216

29,040,588
2,009,642
def46,603

Gross from railway.

36,052,011
5,396,251
4,886,206

.

Net from railway
Net after rents

1—

From Jan.

1936

1937

1938

July—

,

,

Gross from railway..
Net from railway..

Net after rents

—V. 147, P. 750.

-I

.

1935

$5,569,212
1,104,229
801,312

$4,228,693

31,773,706
3,846,055
2,256,134

27,015,423
1,319,946
156,626

392,152
176,088

Sept.

Chronicle

it was voted to retain one-fourth

Operating revenues..
Oper. exps. & maint

(Del.)(& Subs.)—Earnings

Operating revenues
Uncollectible oper. rev..

...$17,790,998 $18,005,854 $35,616,246 $35,537,191
7,707,611
7,765,153 15,793,789 15,613,545

Net oper. revenue
other income..

x

A pprop.

on

179

496

1,256

$60,843
43,228

$59,819
40,803

$428,415
288,354

$421,411

$17,615
6,333

5,078,327

$19,016
6,634

$140,061
49,921

$155,800
37,957

$11,282

$7,676,957 $14,269,093 $14,845,318
47,021
38.933
83,924

$6,949,742

$7,723,979 $14,308,026 $14,929,242
1,370,000
3,014,047
2,900,000

Net oper. revenues___

Operating taxes-

—

$12,382

$90,140

$117,843

Net oper. income..-.
—V. 147, p. 751.

Uncollectible oper. rev._

1938—Month—1937
1938—7 Mos.—1937
$3,399,684 $3,464,393 $24,121,471 $24,312,364
23,105
5,308
142,489
24,290

Operating revenues. „.
Operating expenses

$3,376,579
2,240,909

$3,459,085 $23,978,982 $24,288,074
2,283,650
15,569,068
15,0^7,572

Net oper. revenues--.

$1,135,670
443,737

$1,175,435
466,565

$8,409,914
3,408,691

$9,260,502
3,395,837

$691,933
664,037

$708,870
674,150

$5,001,223
4,977,688

$5,864,665
5,843,996

Period End. July

1,484,047

for retire. res' ve

$5,465,696
1,885,873
331,290
Cr37,457
69,166

Jong-term debt..

disc. & exp,
Other interest (net)
Other income deduc'ns.

pref. stocks of
sub. co. held by public
Minority int. in net inc.

$6,353,979 $11,293,980 $12,029,242
2,155,881
3,751,021
5,111,886
327,077
659,580
626,945
7,571
043,131
6,481
30,250
105,102
56,815

31—

Operating revenues

Operating taxes

on

687,5 )0

504,167

1,375,000

504,167

33,883

33,883

59,090

62,338

Net

$2,495,440

$3,295,150

$5,387,318

$5,660,610

Net oper. income

Net income

of other sub. cos.

income

x Before appropriation for retirement reserve.
Notes—(1) The revenues and expenses subsequent to Jan. 1, 1937 are
in accordance with the classifications of accounts prescribed by

shown

regulatory commissions effective Jan. 1, 1937, which differ in certain re¬
spects from the classifications previously followed by the companies.
In
certain instances the figures prior to J aft. 1, 1937 have been adjusted in
accordance with the new classifications of accounts.
(2) Northern States Power Co. (Minn.) has made no provision for Federal
and State income taxes for the year 1937 as it will claim as a deduction
in its income tax returns for that year unamortized discount and expense
and redemption premiums and expense and duplicate interest applicable to
bonds redeemed during the year 1937, which deduction, it is estimated, will
result in no taxable income for that year.
During the period from Jan. 1
to Feb. 28, 1937, Northern States Power Co. (Minn.) made provision for
Federal and State income taxes in the amount of $79,501, which was re¬
versed over the period from March 1 to June 30, 1937.

—v. 147, p.

Electric

Output—

Co.—40-Cent Dividend—

p.

1937

1938

$36,499

9,206

259,741
railway.76,042

302,801
106,929

322,193
165,569

14,884

44,646

108,543

258,321
98,007
35,418

$42,372

11,493
1,920

13,883

Net after rents....

1938

1937

$5,755,203
3,063,201

Years Ended June 30—

Operating revenues
Operating expenses, maintenance and taxes

$5,667,444
2,843,403

Gross from railway.....

Net from

after rents..

;

.

Oklahoma Natural Gas Co.

,

;

$2,692,002
32,547

Net operating revenue—
income (net)

$2,824,040
78,969

Operating revenues
Operation

1938
$8,028,211
2,976,409

-—

209,473

Maintenance
Taxes (not

823,325

$4,033,336

Other

64,391
12,853

29,070

29,070

$379,695

$334,902

and expense

income deductions

Net income

...

Before

appropriation for retirement reserve.
revenues and expenses subsequent to Jan. 1, 1937 are shown in
with the classifications of accounts prescribed by regulatory
commissions effective Jan. 1, 1937, which differ in certain respects from the
classifications previously followed by the companies.
In certain instances
the figures prior to Jan. 1, 1937 have been adjusted in accordance with
the new classifications of accounts.—V, 146, p. 3964.
x

Note—The

Bell

Northwestern

Uncollectible oper. rev..

Telephone Co.—Earnings—

1938—Month—1937
1938—7 Mas.—1937
$2,884,304
$2,869,817 $19,512,060 $19,430,767
3,802
10,105
66,741
66,057

Operating revenues... $2,880,5 )2
Operating expenses.....
1,927,407

52,859,712 $19,445,319 $19,364,710
2,010,798
13,577,149
13,208,949

$953,095
3/2,785

$848,914
377,294

$5,868,170
2,571,666

Net income

$471,620
431,863

$.3,296,504
3,039,812

$3,676,068
3,467,032

$1,260,340

and accrued (convertible 6% prior

preference stock).
Balance available for dividends on $3 preferred
stock and common stock
Provision for Fed. surtax on undistributed profits

(for fiscal

year

ended Nov. 30,1937)

a

Balance

$1,291,026

——

535,179

V. 147, p.1350.

Old Colony

Investment Trust- -Earnings—
Aug. 1, '38 Aug. 2, '37
$14,002
$16,684
45,910
66,219

3 Months Ended—.
Income—Interest.
Dividends

.

$82,903
41,271

$59,912

Total income

Prov. for Federal income taxes
''

—V. 147, p. 899.

$1,260,340

No provision has been

38,518
1,800

Interest and expenses

Net oper. income
Net income.

10,000

made for the Federal surtax on undistributed
profits for the fiscal year beginning Dec. 1, 1937, which may be payable
under the Revenue Act of 1936, since any liability for such tax cannot be
determined until the end of the fiscal year.
The Revenue Act of 1938 will
not apply to this company until the fiscal year beginning Dec. 1, 1938.—
a

$6,155,761
2,479,693

$530,310

Net operating revs..

Operating taxes

income

Dividends paid

accordance

Period End. July 31—
Operating revenues.

133,200

$1,331,026

Interest and amortization, &c

Minority interest in net income of sub. co

$1,393,540

133,200

$2',452,873

1,674,875

2,014,551
64.827
9,523

$2,949,010
1,555,470

$1,464,226

Retirement accruals

$2,160,885

income

$4,144,253
1,195,242

$2,945,694
1,481,467

-

-

$2,903,010
450,137

Gross
Gross

Interest charges (net)
Amortization of debt discount

741,040

$4,111,774
32,479

1,087,642

Non-operating income (net)

$2,724,549
563,663

and other income
Appropriation for retirement reserve
Net operating revenue

1937

$8,032,498
2,969,057
210,627

$4,019,003
14,333

incl. Fed. surtax on undistrib. profits)_

Balance.
x

Earnings—

(& Subs.)

Net operating revenues
Other

12,614
2,968

From Jan. 1—

12 Months Ended July 31—

(Wis.) (& Subs.)—Earns.

1935

1936

$49,570
25,951
15,774

$37,447

Net from railway.

1349.

Northern States Power Co.

?

.

City-Ada-Atoka Ry.—Earnings—

Oklahoma
July—

Gross from railway

—V. 147, p. 751.

147,

.

Directors have declared a dividend of 40 cents per share on the class A
stock, payable Sept. 15 to holders of record Sept. 1.
This compares with
50 cents paid on Aug. 1, last: 40 cents on June 15, last; 50 cents on Dec. 15,
1937; and 25 cents paid on June 15, 19.37 and on Dec. 15, 1936, this latter
being the first payment made on the class A shares since Dec. 16, 1929,
when 31M cents per share was paid.—V. 147, p. 581.

week ended Aug. 27 totaled 25,compared with the corresponding

Electric output of the system for the
308,675 kilowatt-hours, a decrease of 4%
week last year.—V.

:v'

1044.

Ohio Confection

Net

x

265.611

Telephone Co.—Earnings—

Ohio Bell

&

Amort, of dt.

Divs.

5,553,364

$6,933,637
16,105

Gross income

Int.

2,563,743

3,149,750

Net oper. revenue..
Other income (net)

$422,667

$428,911

70

Operating expenses..

1938—12 Mo.?.—1937

1938—6 Mos.—1937

x

1938—7 Mos..—1937

1938—Monih--1937
$59,998
$60,913

•

Northern States Power Co.

Taxes

-Earnings—

Associated Telephone Co.

Ohio

Period End. July 31—

Operating revenues
Period End. June 30—

1938
3

of the rental pay¬
ment due from the New York, New Haven & Hartford RR. Sept. 30, 1938,
in order to increase the road's cash assets, and to declare a dividend of 1H %.
payable Oct. 1, to preferred stockholders of record at the close of business
Sept. 15, provided the rental payment is made.
This is the same as the dividend declared at a meeting in June, payable
July 1, when directors first voted to retain one-fourth of the rental payment
to increase the road's cash assets.
Prior to that 2% quarterly had been paid
regularly on the preferred stock.—V. 146, p. 3964.
At the same meeting,

—

$41,632

$19,594

Net income..
Balance Sheet

Northwestern Electric Co.
Period End. July 31—

Operating revenues
Oper. exps., incl. taxes..
Amort,

of

Earnings—

1938—Month—1937
$320,593
$352,716
228,907
222,170

limited-term

investments

48

...

Aug. 1, '38 Aug. 2, '37
securities,
cost..x*7,861,083 $7,986,344
Cash in bank.
80,178
25,963
Accrued int. rec'Ie
9,816
11,533

119

Invest,
at

Aug. 1, '38

IAabUities—

Assets—

1938—12 Mos.—1937
$4,355,392
$4,496,006
2,852,875
2,825,751

4H%

Aug. 2, '37

debentures.$3,183,500 $3,325,100

Prov. for accr. int.
on

7,176

6,915

debs.. &c

Prov. for Fed. inc.

600

1,800

taxes

25,000

21,667

283,333

260,000

$73,423
17,468

$102,094
17,516

$1,246,189
206,578

$1,382,531
208,917

Operating income
Other income (net)

$55,955
Dr68

$84,578

$1,039,611

$1,173,614

36

Drl64

Dr8,252

$55,887
28,237
17,746
Crl3

$84,614
29,522
16,806

$1,039,447
343,956
204,544

$1,165,362
369,278
197,161

Crl

CY175

Crl30

Int. chgd. to

constructs

Net income
x

$9,917

$38,287

$491,122

$599,053

Dividends applicable to preferred stocks for the

334,182

334,178

$156,940

period, whether paid or unpaid

The

value
as

$264,875

x Dividends
accumulated and unpaid to July 31, 1938, amounted to
$1,082,153. Latest dividend on 7% preferred stock was $1.75 a share paid
on July 1, 1938.
Latest dividend on 6% preferred stock was $1.50 a snare
paid on Oct. 1, 1932.
Dividends on these stocks are cumulative.

Bonds Called—
A total of

$275,000 1st mtge. 20-year

s.

f. gold bonds, maturing May 1,

1945 have been called for redemption on Nov. 1 at 103 and accrued interest.

Payment will be made at the
—V.

Harris Trust & Savings Bank, Chicago, 111.

147, p. 750.

Norwich & Worcester RR.—New Directors—Dividend—
of directors Myron F. Converse and Albert W.
Rice were elected to fill the vacancies on the board created by the deaths of
Albert S. Heywood and Thomas H. Gage, both of Worcester.
At

a

recent special meeting




691,564

of investment

$7,951,077 $8,023,840

Total

based on market quotations, if
than the net book value by approxi¬

securities,

at Aug. 1, 1938, was less

mately $3,597,500 as
May 2, 1938.

compared with
/

a

corresponding difference of $4,311,900
x

,

of the dommon shares as at Aug. 1, 1938,
investment securities at such market quotations, was $3-8710 per
The net asset value

taking
share,

deducting debentures at par plus accrued interest and was $3.7479 per
deducting debentures at their call prices plus accrued interest,
y

Represented by 300,000 no-par

share

shares.—V. 146, p. 606.

Building (Benenson Building
Reorganization Plan—

165 Broadway

Amended
Balance

4,000,000

758,862

$7,951,077 $8,023,840

Total

obtainable,
at

Int. on mtge. bonds
Other int. & deducts

4,000,000

y

x

Gross income.

Common shares.

Accum. net Income

res. approp.

Net oper. revenues...
Rent for lease of plant..

Prop, retire,

Corp.)—

The amended plan of reorganization has been approved by the referee
by report filed with the Court on June 21, 1938 and was approved by the
Court by order dated June 29, 1938.
As less than 1% of the outstanding
loan certificates dissented from the plan, under the New York statute
governing reorganization proceedings the amended plan is deemed to be
binding on all holders of the loan certificates and other securities affected
thereby.
The protective committee for the 1st mtge. 5K% gold loan cctfts. say:
"Although the dissents filed are not sufficient in amount to prevent
carrying out the amended plan, much still remains to be done before it will
be possible to distribute the new securities and cash.
"The action still to be taken includes, among other things, the judicial
sale of the properties to

the trustee, the preparation of the new indentures
organization of the new company and the con¬

and the new securities, the
veyance to

which it will take title under the amended
supplemental report by the referee containing his

it of the properties to

plan, and the filing of a

Volume

Financial

147

recommendations with regard to expense incident to the preparation and
distribution of the new securities and the allowance and payment of claims
for compensation and expenses which have been filed with the referee by
the parties to the proceedings and their

counsel.
"Every effort is, however, being made to expedite the procedure in order
to accomplish distribution of the new securities and cash at the earliest
practicable date."
The more important provisions of the amended plan which differ from
the plan as originally promulgated are as follows:
(1) Interest on the new first mortgage bonds has been increased from
4% to 414% for the first five years and 4 H % thereafter.
(2) Amortization of the new first mortgage bonds has been reduced to
$100,000 annually on an if-earned cumulative basis, with additional amorti¬
zation, if earned after payment of interest on the general mortgage bonds.
(3) $315,000 is to be applied out of accumulated earnings to the improve¬
ment of the

control committee.

property, subject to the direction of the

The date of the

(4)

1938 and

first mortgage bonds is to be May 1,

new

1499

Chronicle
Pacific Power & Light Co.—Earnings—
1938—Month—1937

Period End. July 31—

$466,389
275,922

res. approp.

57,908

57,708

693,500

692,506

Net oper. revenues
Rent from lease of plant.

$130,086
17,468

$132,759
17,516

$1,838,849
206,579

$1,864,555
208,916

$147,554
Dr238

$150,275

$2,045,428

$2,073,471

87

1,524

3,635

$147,316
85,417
20,247

$150,362
85,417
18,891

$2,046,952
1,025.000
233,300

$2,077,106
1,025,000
233,717

$41,652

$46,054

$788,652

$818,389

Oper. exps. incl. taxes..
Amort,

of

limited-term

131

investments

Prop. retire.

Operating income
Other income (net)..

Gross income
Int. on mtge. bonds
Other int. & deductions.

their maturity date is to be May 1, 1958.

(5) The interest warrant upon the loan certificates which matured Aug. 1,
1936 is to be paid in full upon consummation of the plan.
(6) Interest and amortization on the general mortgage bonds is cumula¬
tive but payable only if earned after interest and amortization as above
stated on the new first mortgage bonds.
(7) The amount of debentures to be received by the holders of loan
certificates and general mortgage bonds has been increased from $50 to
$60 principal amount per $1,000; and the amount of debentures to be re¬
ceived
by holders of the present debentures has bpen increased from
$1,439,250 to $1,500,000.
(8) The new common stock to be received by the present holders of
common stock has
been increased from 24,997 shares to 49,600 shares,
somewhat decreasing the percentage of new common stock to be received
by the holders of loan certificates.
The present holders of common stock
will under this arrangement receive 80.01% of the new stock.
(9) The $120,000 second mortgage on 10 Corlandt Street, payment of
which had been assumed by the owners of the Equity, is to be acquired out
of accumulated earnings at a cost of only $54,1/3.
This mortgage will be
extended at its face amount and pledged as collateral security with the
trustee for the new first mortgage bonds.
(10) It is provided that certain amendments of the indenture securing
the new first mortgage bonds may be made at any time with the consent
of the holders of 75% in principal amount of such bonds.
(11) The sinking fund provisions have been made more elastic (a) by
permitting the $100,000 annual sinking fund moneys or any part thereof
to be utilized for repairs, improvements or betterments to the buildings
with the unanimous approval of the control committee, unless upon required
notice holders of 25% of the new first mortgage bonds dissent in writing
from such utilization; and (b) also by permitting the utilization for the same
purposes of the whole or any part of any additional sinking fund moneys
(payable if earned after interest on the general mortgage bonds), upon
unanimous authorization by the control committee.
To the extent that
any sinking fund moneys are utilized for repairs, improvements or Deter¬
ments to the buildings, such sinking fund obligation is not cumulative.—
V. 145, p. 3980.

Operating revenues
Oper. exps., incl. taxes.
a Depreciation

interest

Other

$122,721
27,085

$147,955
31,298

$12,813
3,950

32

32

410

83

$149,806
47,400
1,843
11,074

$8,263
6,387

funded debt

on

138,612

$10,256
2,557

$12,655
3,950

Gross income
Int.

135,329

$10,991
1,664

Operating income
Other income.

Other

$8,748

deductions

......

Balance

Divs.

...

accr.

pref. stk.

on

1938—12 Mos.—1937
$786,534
$750,510
528,484
463,943

1938—Month—1937
$72,301
$67,359
49,793
46,092
11,517
11,011

$179,253
■'

1,487
CV215

$89,489
78,182

6,657

Paper Co. (& Subs.)—Earnings—

x

Net income.

Earns,

per

sh.

Dividends

x

accumulated

operating

146,

p.

Pacific

expenses,

Pacific Western Oil Corp.—Director

Paraffine Cos., Inc. (&

Cost

of

goods sold,

194,932
26,886
12,689

Selling

expenses

16,098

General and administrative expenses

$89,293

$89,293
2,368

Net loss from trading

$11,832
727

Total

loss

Income deductions.

7,318,882
See y

5,475,938
311.288

Profit from operations $2,827,983
Proportionate share
of
net profits of cos. over
50% owned (not con¬
958,448
solidated)

$3,798,344

$3,417,820

$2,712,329

1,583,000

1,273,342

916,806

$3,786,431

$5,381,344

$4,691,162

$3,629,135

2,577,798

2,543,243

2,431,432

2,028,098

18,868

133.117

See

y

Selling, general and ad¬
ministrative expenses.

Sundry
Loss

expenses

capital
assets
sold and scrapped
on

Surtax

$1,106,781
148,221

$2,500,766
107,628

$2,071,649
102,025

$1,376,886
108,859

$1,255,002

$2,608,394

$2,173,674

$1,485,745

$1,255,002

$2,608,394
52,649
zl,880,254

$2,173,674
253,021
952,018

$1,476,027
185,658

df$1203635
8,585.514
84,288

$675,491
7,910,021

$968,635
6,766,899
174,487

$338,355
6,428,544

$7,466,167

Other income.

$8,585,514

$7,910,021

$6,766,899

$7,542,689

$7,333,281

$6,166,795

Divs. paid on pref. stock
of The Cott-a-lap Co.

9,718

935,391
zl,523,246

Charges to earned surp.

for year

Miscell. adjust.
x

(Cr.)

Earned surplus, bal-

The above earned

sur¬

plus is comprised of:
Inc. $7,359,980
Proportionate share
of
i
undistributed profits

The Paraffine Cos.,

f

since acquisition of;
Wholly owned domes¬
tic cos. (consol.)
Foreign cos. (over 50%i
owned—controlled).
Fibreboard
Products,
inc. (50% vot. int.,
not controlled)

85,715

86,047

195,002

260,466

20,472

21,386

300

22,427

935,391

381,438

317,211

$7,466,167

$8,585,514

$7,910,021

$6,766,899

—

Total.......

.

y Provision for depreciation charged to profit and loss during the year
to $335,030 in 1938, $311,839 in 1937 and $306,245 in 1936.
$95,216 paid on preferred stock and $1,428,030 ($1,785,038 in 1937) paid
on common stock.
Consolidated Balance Sheet June 30

amounted
z

1938

$

391,562

in banks

$4,859
41,028

$999

15,956

Accts. receiv. (net)

3,053

Deps. receivable..

71*391

Inventories
x

129,625

Prop., plant and

408,759

432,408

48,443

equipment..
Agency

Accounts payable.

23,104
1,800

4,275

Accruer!

Capital stk.outst'g
Earned surp. (def.)
Paid-in surplus...

718,950
40,724

718,950
196,385
46,513

Prepaid expenses..

11,613

61,967

23,804

23,804

62,775

225,000

and employees..

9

5,255,507

4,972,258

x

Construction work

128,038

523,521

less

reserve

146,

$723,103

$619,131

Total

for depreciation.—V.

p.

Total

606..
a

July 2
'

'38

July 3

$

July 2

'37

'38

July 3

6,325,000
654,499

Notes payable
Accts.

Insur'ce prems. on

'37

$

$

Liabilities—

$

1,006,550
Accts. receivable.. 3,815,836
6,289,210
Inventory
10,462,861 19,191,621

Other

x

2,354
185,843
21,971,753 22,848,317

Investments

Prepaid

items....

Plant

2,947

133,309

...39.516,655

Total

321,450

319,498

deps. mutual cos

49,845,3451

payable

300,000

Total

.....

._

held
stock

Def22,981

P.

300.000

Oriental

Line,

3

..39,516,655 49,845,345

Inc.—SEC

first page of this department.—V.




Corp.—Earnings—

Regis¬

After

operating
4285.

147, p. 751.

—

30, '38 June 30, '37

$4,006
$71,798
$75,864
$105,061
Federal income taxes and other charges.

Net loss
x

6 Months

Months

June 30, '38 Mar. 31, '38 June

perwd—

expenses,

—V. 136, p.

Peck, Stow &
Years

Wilcox Co.—Earnings—

1937

Ended June 30—

2qaaa

Depreciation
Taxes

Profit.

$293,084
68,047
87,181

$6,821

$137,856

'139,854

Net profit

tration Withdrawn—
See list given on

In addition, there are outstanding
stock dividend warrants and scrip,

3514.

5,548,106

y

Northwest

outstanding fractional share common

when and if

Peerless Cement

reserve

Pacific

by trustee for delivery against
dividend warrants and scrip.

whic.i

x

After

Total
21.785,498 23,029,103
$4,358,837 in 1938 and $4,164,577 in
shares.
balance sheet includes 52 shares

presented, would be entitle to 9 21-50 shares of common
stock not now issued.
23,804 shares of unissued common stock are reserved
for conversion of the 4% cumulative convertible preferred stock.—V. 146,

366,587
372,823
87,400
General reserve. 12,000,000 12,000,000
Capital stock.....19,806.150 19,806,150
Accrued items

ySurplus

for depreciation on

1,721,675
246,591

for depreciation of $22,864,617 i. 1938 and $21,959,690
General reserve of $12,000,000 and $5,277,461 of the surplus,
both created out of the surplus arising from reduction of capital stock as of
Aug. 7, 1934.
Note—Earnings for six months enoed July 2, 1938, appeared in the
"Chronicle" of Aug. 20, V. 147, p. 1203.
x

in 1937.

165,407

unconverted fractional share common

y

Other reserves

reserve

14,880
184,349

9,850,000

Fed. & State taxes

2,810,450

Cash....

9,986
195,324

4% cum. conv. pf.
2,380,400
stk. (par $100). 2,380,400
b Common stock.. 10,666,170 10,666,170
8,585,514
Surplus
7,466,167

1

172,536

21,785,498 23,029,103

.

notes

59,274

1

After

instal.

Reserves

1937.
b Represented by 476,062 no par
The issued common stock shown in the

Pacific Mills—Consolidated Balance SheetAssets—

523,521

56,329

amortiza'n.

Goodwill

$723,1031

$619,131

After

on

376,755

receivable.

equipment

Prepd.&def.chgs.
Total

41,552

43,379
8,480 202

Pats. & tr.-marks,

59,346

948,986

580,872
400,000

on

preferred stock.

Bldgs., mach'y &

5,158

Deferred charges..

dlvs.

Unearned discount

Land

regis, brands,&c.

liabilities.

payable

Accrued

Prov, for Fed.tax.

In progress

47,626

contracts,

ac¬

to and

adv.

Investments
a

17,650

taxes

3,906,415

Notes

&

accts. of officers

$8,196
32,406

Accrued liabilities.

3,058,241
4,331,131

pay.

crued

372,925

2,956,047

......

$

Liabilities—
Accts.

hand.,

on

1937

1938

1937

$

Assets—

Exp.

$7,500

952,015

Nev addition to su_-plusi

Inventories

Notes payable

hand and

on

1937

1938

1937

1938

Assets—

91*033

64,444

Notes & accts, rec.

Cash

154,524

undistributed

on

profits

$12,137

$91,661
0
Condensed Balance Sheet June 30

14.689

60,128
212,763

40,201
61,651

Cash in banks and

Net loss for year.

$8,499,555

9,075,125
See y

8,234,375

cluding depreciation..

$11 105
1,032

Other income

1935

1937

ex¬

Provision for deprec

$222,676

268,503
52,141

Years Ended June 30

1936
$11,062,358 $12,873,469 $10,736,702

Net sales

1937

1938
$247,449

Subs.)—Earnings—

1938

Distillers, Inc.—Earnings

Years Ended June 30—

Resigns—

a director of this corporation.
The
has not been filled.—V. 147, p. 900.

[Including Domestic Subsidiary Companies]

3026.

Cost of goods sold

1938, amounted to

as

Consolidated Income Account for

taxes and other charges

Sales

unpaid to July 31,

Syian C. Coleman has resigned

$1.19

Nil

$0.59

Federal income

and

vacancy caused by his resignation

com.

on

Nil

After

—V.

$351,707

$24,316

stock
x

1938—6 Mos.—1937
$43,640
$709,341

1938—3 Mos.—1937

$359,911

$229,239. after giving effect to dividends of $1.75 a share on 7% preferred
stock and $1.50 a share on $6 preferred stock, declared for payment Aug. 1
1938. Dividends on these stocks are cumulative.—V. 147, p. 751.

x

Oxford

458,478

$330,174

Balance

being distributed among the various operating property, operating expense
or other accounts applicable.—V.
147, p. 12u2.

Period End. June 30—

458,478

period, whether paid or unpaid

$130,581
80,088

$11,307

$2,091

$1,876

Dividends applicable to preferred stocks for the

47,400

$50,493
a
Excluding depreciation of transportation, shop, stores and laboratory
equipment and depreciation of non-operating property, such depreciation
Balance

Net income
x

Prov. for Fed. income tax

Orange & Rockland Electric Co.—Earnings-—
Period End. July 31—

1938—12 Afos.—1937
$5,539,508
$5,828,789
2,982,453
3,296,309

$468,868
280,874

Operating revenues

-

68 >444

Financial

1500

Chronicle

Sept. 3, 1938

Balance Sheet June 30
Assets—

Cash

1938
Assets—

rowed funds

$100,489

867,977

Accts. <fe notes rec.,
less res. for pons.

40,421

53,697

26,406

47,903

52,922

purchases

168,691

accts. not due..

70,802
1,000,000

Notes receivable..

749,012

6,989

6,255

ance, <fec

1,000,000
429,614

Earned surplus...

702,270

62,152

59,559

172,141

5,116

8,358

385

270,156

280.131

29,265

16,825

x

After

depreciation

of

$1,029,934

In

1938

$1,149,328

and

in

2 ,693,076

2,363.135

48,000
231,299

taxes

290,211
11,488

Other accrd. liablls
Reserves.

-.$1,671,516 $1,726,575

Total

$1,671,516 $1,726,575

Accrued

Accrued interest..

count & expense

...

2 505,654

475,112
48,000
203,107
311.943
12,365
2,267,732

514,700

posits
Dlvs. declared

7,998

Unamort. debt dis¬

TJndist. debits
Total

2 ,500,000

Main extension de¬

175,311

5,116
6,364

Special deposits-

429,614

curr. assets.

3,200,000

2,500.000
Funded indebted .16 ,900,000 16,907,500
147,988
Consumers'deps..
36,178
Other curr. liablls.
55,009
31,010

1,032

Investments—gen'l

*

*

3 ,200,000

Common stock—

87,822

Prepayments

$

Preferred stock

128,891

79,500

Other

yet due)
Capital stock
Capital surplus.—

710,003

679,581

1,032
143,539

Mat'ls & supplies-

Accrued taxes (not

supplies, goods In
proc. A fin. g'ds
L'd, bldgs. <fc eq.
Prepaid Int., Insur¬
x

1937

1938

Liabilities—

Accts. receivable..

Acer, wages & oth.

206,825

rnat'ls,

July 31

1937

$

Fixed capital.- —.20 ,028,574 25,705,459
Cash
u
2 ,217,570
2,082,920

Acets. pay. for cur.

losses
raw

1937

$65,000

Notes pay. for bor¬

In banks

Inv. of

1938

$60,000

Liabilities—

1937

1938

hand and

on

Balance Sheet

Surplus..

...

1937.
Total.

-V. 147, p. 900.

28,961,618 28,491,893

Total

-28,961,618 28,491,893

-V. 147. p. 901.

Penn

Valley Crude Oil Corp. (& Subs.)—Earnings—

Pillsbury

19?8

1937

$327,628

$301,923

Expenses
Amortization, depletion, deprec., and reserve

119,437
133,949

103,428
95,850

W Net profit from oil operations.
Other revenue—

$74,143
7,184

$102,644
4,783

^

$81,327

$107,427

Years Ended June 30—
Revenue oil sales

—

Net income

21.643

69.912

$59,784

$37,515

Income charges and tax reserve,
h*

Net income

-----

Dividends paid

81,191
Consolidated Balance Sheet June 30

Assets—

1938

Deferred assets...

1937

$33,500

Current assets....

$48,802
76,395

1,507

-

1938

1937

Current liabilities.

$86,501

Liabilities-

133,360

All of the $4,317,000 first mortgage 6%

gold bonds due Oct. 1, 1943
outstanding have been called foriredemption on Oct. 1, 1938 at 102>4
Interest, the funds for such redemption to be provided out of
3M% bonds.
Payment of the bonds will
Farmers Trust Co., 22 William St., N. Y.
City. The remainder of these proceeds will be added to the working capital
of the company.—V. 147, p. 1351.
now

and accrued

the proceeds of sale of the new
be made at office of City Bank

$41,473

Long-term obliga's

Flour Mills Co. (Del.)—$6,000,000 Bonds
Privately—Company on Aug. 31 entered into an agree¬
ment looking toward the sale to the Equitable Life Assur¬
ance Society of the United States of $6,000,000
3%% first
mortgage bonds due Oct. 1, 1953.
Arrangements for the
sale of these bonds were made through Goldman, Sachs &
Co. and Piper, Jaffray & Hopwood.
Placed

50,000

Pinellas Water

'

Sinking fund

13

701

Securities

50

189,050

Deferred income.

309,977
547,756

Intang.develop's

429,325
792,993
116,185

70,447

Capital surplus

63,117

563

Deferred charges..

1,550

23,691

Earned surplus

61,725

35,221

x

Fixed assets

Oil
y

liabilities

Inter-co.

2,240

2,303
2,353

Class A stock

1,025.538

1,133,904

Class B stock

2,641

1,000

m

_

-.$1,375,122 $1,266,818

yAfter

1938

1937

depreciation

25,091

$257,014
59,488
1,359
23,258
28,823

Net

operating revenue..
Other income (net)

$153,330
2,024

$144,085
2,032

$155,355

$146,118

Maintenance
Taxes

depreciation

amortization

reserve

reserve

or

Total

$8i,yt>7

of $53,285

..$1,375,122 $1,266,818

in

In

23,423

(other than Federal income tax)

Provision for

xiuter

'

$268,775
65,704
1,227

Operating revenue—water
Operation

Balance available for fixed charges.

reserves------

Total

Co.—Earnings—

12 Months Ended June 30—

1938

1938

ana

in

lyav.

$17,612

and

$41,021

in

1937.

—Y. 146, p.3814.

-V. 146, p. 3200.

Pennsylvania RR.—Official Retires—
Thomas W. Hulme, Vice-President In charge of real estate, valuation
and taxation, retired from active service Aug. 31.
For 48 years, Mr.Hulme
had been continuously engaged in handling important real estate transac¬
tions arising out of railroad developments and
improvements, together with
the closely related questions of taxation.

Pittsburgh

Cincinnati

Chicago &

St.

Louis

Ry.-

Called—

Bonds

H.

Geo.

Pabst Jr., Treasurer of the Pennsylvania RR., will until 3
in.
Sept. 29 receive bids for the sale to him of sufficient con¬
mortgage bonds to exhaust the sum of $7,914,989 at lowest
prices offered.—V. 144, p. 1613.

o'clock

p.

solidated

Earnings for July and Year
July—

1938

Gross from railway
Net from railway

to

1937

Date
1936

1935
„

$29,458,498 $39,968,080 $37,748,225 $29,508,837
9,223,167
11,462,516
11,870,066
8,291,725
5,014,946
7,322,194
7,870,970
4,904,938

-

Net after rents

K From Jan. 1—
Gross from railway
Net from railway

196,983,150 274,467,583 242,716,391 208,362,786
51,049,238
70,077,248
67,501,698
57,933,267
24,634,550
44,917,744
42,864,936
37,560.956

Net after rents
—V. 147, p. 1350.

Pennsylvania Reading Seashore Lines—Earnings—
July—

1938

Gross from railway
Net from railway
Net after rents

...

From Jan. 1—
Gross from railway
Net from railway

1936

1937

$737,260
194,213
def70,252

...

$959,001
371,802
71,202

2.884,374
3,630,478
def287.367
181,405
—dfl ,384,943 defl ,058,883

—

—

Net after rents.—
—V. 147, p. 751.

1935

$905,959
352,875
70,236

$795,283
252,699
6,387

3,446,289
3,175,502
268,200
def89,570
def938,375 dfl,156.001

Pittsburgh Coke & Iron Co.—Acquisition, &c.—
Company has acquired 93,920 shares

or 47% of the common stock of
The Hunter company has 200,000 shares of no par
outstanding.
Pittsburgh Coke & Iron has also acquired warrants
to purchase an additional 46,960 common shares and has entered into an
agreement with G. L. Onrstrom & Co. of New York pursuant to which
each of them will surrender to the company for cancellation stock purchase
warrants covering 21,760 common shares.
The Hunter company also has
outstanding 39,291 shares of 6 % preferred stock par value $20.
The plants
of both companies are near each other on Neville Island.
The Hunter
company is a fabricating business, manufacturing structural steel and iron
which materials it also erects.
They will expand by making ingot molds
for steel plants.
A special meeting of Hunter stockholders has been called
for Sept. 26 to amend articles of incorporation to give the preferred holders
the right to elect 2-7ths of the board of directors at all times.
Balance
sheet of Hunter company June 30 last, showed total assets of $1,630,483 of
which current assets were $512,592 against current liabilities of only $15,487.
—V. 147, p. 1046.

the Hunter Steel Co.
common

Pittsburgh & Lake Erie RR.—Earnings—
Pfeiffer Brewing Co.—25-Cent Dividend—
The directors

have declared a dividend of 25 cents per share on the
payable Oct. 10 to holders of record Sept. 23.
A like
amount was paid on April 11, last, and
compares with 30 cents paid on
Sept. 15, May 25 and on Jan. 5, 1937, and in each of the three preceding
quarters, and previously regular quarterly dividends of 25 cents per share
were distributed.
In addition, an extra dividend of 15 cents was paid on
Jan. 2, 1936, and on Sept. 30, and
July 1, 1935.—V. 147, p. 901.
common

stock,

Philadelphia

National

Insurance

Co.- -Balance

_

—

138,735
180,603

From Jan. 1—
Gross from railway.

_

—

Net from railway
Net after rents

1938

1937

Bonds and stocks.$2,318,754 $2,602,536
Mortgage loans.-50,455
76,391
Heal estate

43,900

246,316

Liabilities—

123,447

$537,143

$549,930

59,207

63,432

adjustment
for

commis¬

& other liabilities

of collection

50,351

64,157
27,437

20,842

61,337

39,721

Capital

1,000,000

1,000,000

Surplus

1,072,930

$2,730,618 $2,937,869

Total...

1938

1937

1936

—V. 147, P. 753.

$90,815
16,753
8,057

$56,426
defl4,490
defl9,179

596,266
57,577
def25,422

593,447
74,990
18,150

584,212
63,659
7,512

$33,169,246 $39,195,112 $39,141,990 $38,754,774
mcl.

1937

1935

•

Period End. July 31—

Operating revenues
Oper. exps., incl. taxes.
Prop, retire, res. approp.

1935

Net sales

sales

1936

$87,589
5,536
def7,850

477,194
69,989
defl9,827

railway

Net after rents

$2,730,618 $2,937,869

Philadelphia & Reading Coal & Iron Corp, (& Subs.)

of

9,201,117
1,783,355
2,099,974

From Jan. 1—

Gross from railway

.

12 Mos. End. June 30& other oper.

11,642,338
2,556,433
2,780,672

2,922,058
2,865,166

1,284,786

-V. 146, p. 1412.

income..

14,576,793

1938
$55,503
3,013
def7,438

railway

Net from railway
Net after rents

Portland Gas & Coke

Total

1935

$1,419,050
337,603
389,558

Pittsburgh Shawmut & Northern RR.—EarningsGross from

Net from

sions,exps.,taxes

course

Other assets

1937

1936

$2,042,346
623,779
604,636

—V. 147, p. 1046.

Sheet

Losses in process of

Res.

office..

1938

Premium reserve..

43,900

Cash in banks and

Cost

6,927,657
3,849
415,669

July—

Assets-—

1937

$2,133,410
537,377
545,681

1

$1,139,888

Net after rents

June 30—

Premiums in

1938

July—
Gross from railway.
Net from railway

Net operating revs

1938—12 Mos—1937

$3,396,289
2,386,350
275,000

$64,340

Gross income

$64,296

$734,939

Dr745

Other income (net)

de¬

Co.—Earnings-

1938—Month—1937
$271,571
$271,814
184,314
184.601
22,917
22,917

Z>r425

Dr4,300

$3,404,469
2,371,914
264,584

$767,971
Dr4,536

exp__

37,496,388

40,667,789

39,636,676

40,157,267

Int.

Loss from operation..

on mtge. bonds
Other int. & deductions.

$63,595
40,604
4,496

$730,639
487,250
50,831

$4,327,142
184,460

$63,871
40,604
3,964

$1,472,677
221,537

$494,686
204,189

$1,402,493
305,376

Int. chgd. to construct'n

Cr49

Crl27

Cr 5 80

50,006
CY127

$18,544

$19,430

$193,138

$226,306

$4,142,682
x2,973,174
527,264

$1,251,140
x2,996,284
1,456,651

$290,497
3,087,337
863,460

$1,097,117
3,166,385
757,740

x

430,167

430,167

prec.,

deplet. &

Other income

.

Net income

rotal loss
Interest
Other charges

Dividends applicable to preferred stocks for the

period, "whether paid

Net loss

$7,643,120

$5,704,075

$4,241,294

$5,021,242

—V. 14b, p.351o.

unpaid

x

Operation (including maintenance)
Taxes (not incl. Federal income tax).

Net earnings..
Interest charges
Amortization and other deductions
Federal income tax
expenses

(or depreciation)

Balance available for dividends




Poor &

1938

1937

$2,514,182
678,711

$2,479,053
661,662
144,547

133,115

Dividends

$1,702,356
676,312
23,040
116,749
235,988

$1,672,843
676,450

$650,266

$636,887

def$237,029 def$203,861
accumulated

and

unpaid to

July 31,

1938, amounted to

$1,943,728. Latest dividends, amounting to $1.25 a share on 7% preferred
stock and $1.07 a share on 6% preferred stock, were paid on Dec. 24, 1937.
Dividends on these stocks are cumulative.—V. 147, p. 753.

Philadelphia Suburban Water Co.—Earnings-—
12 Months Ended July 31—
Gross revenues.

Retirement

or

Balance..--

x]Includes interest accrued, but not paid of $2,971,337 for 12 months
ended June 30, 1938, and $2,067,696 for 12 months ended
June 30, 1937.

$763,435
487,250

Co.—Earnings—

Period End. June 30—
Net loss after all charges

1938—3 Mos.—1937

"

1938—6 Mos.—1937

& Fed. income tax

Ioss$9,000prof$380,000 ioss$34,000prof$950,000
For the 12 months ended June 30, 1938, the net loss was approximately
$157,000 as compared with a consolidated net profit of $1,034,000 for the
12 months ended June 30, 1937, equal to $6.46 a share on Class A stock.
Under the participating provisions of the shares, this net profit was equal
$1.97 a share on combined 522,843 Class A and B shares.
"During the first six months of the year shipments have been somewhat
excess of orders received," Fred A. Poor, President, states in letter to
stockholders.
"The estimated biding value of our business on June 30.
1938, is about 60% of what it Was last year."—Y. 146, p. 3201.

22 467

to

105,352
231,686

in

Volume

Financial

147

Pittsburgh &

West

July—

1937

1935

1936

Col.
_

$268,092
61,375
55,680

Net after rents

From Jan. 1—
Gross from railway...
Net from railway
Net after rents.

$350,760
69,238
73,797

$342,157
111.106
113,345

$210,248

1,594,013
305,772
285,781

...

2,547,320
678,771
754,292

2,155,620

1,643,673

726,763
776,518

488.871
516.544

38,186
34,688

elected

Directors have declared a dividend of 7H cents per share on the common
stock, payable Sept. 1 to holders of record Aug. 20.—V. 127. p. 3413.

Period Ended July 31—

1938

$108,088
300,000

per share

Telegraph & cable
1936

1

$0.36

$157,413
257,148

Co.—Listing—

to the company by Chase National Bank and Harris Trust & Savings Bank
in the principal amounts of $1,019,760 and $72,840 respectively.
The

proceeds of the 4% bank loans, due May 31, 1940 were used to reimburse
the company for expenditures made during the period from Sept. 30, 1930
to June 30, 1937, incl., for betterments and improvements not previously
bonded and other property additions, as well as for moneys expended in

and retirement

of the

company's

outstanding extended

first mortgage bonds during the period from Jan. 1, 1935 to June 30, 1937.
On June 28, 1938, the company also obtained extensions of its previously

outstanding 5% collateral notes due July 1, 1938, payable to order of Chase
National Bank for $4,453,812 and to order of Harris Trust & Savings Bank
for $336,901 by the execution of extension notes.
One extension 5%
collateral note is dated as of June 1, 1938, payable to the order of Chase
National Bank, May 31, 1939, in the principal amount of $4,453,812 upon
which there was paid simultaneously with the execution of the extension
note the sum of $1,074,539 and that according to the terms of said note
there is to be paid thereon the sum of $18,676 on the last day of each
calendar month beginning June 30, 1938 to and incl. May 31, 1939.
The
other extension 5% collateral note is dated as of June 1, 1938, payable to
order of Harris Trust & Savings Bank, Chicago, on May 31, 1939, in the
principal amount of $336,901, upon which there was paid simultaneously
with the execution of the extension note the sum of $76,174, and that
according to the terms of said note there is to be paid thereon the sum of
$1,323 on the last day of each calendar month beginning June 30, 1938 to
and including May 31, 1939.
Concurrently with such extensions the out¬
standing promissory notes dated Aug. 1, 1937 due July 1, 1939, payable to
Chase National Bank and Harris Trust & Savings Bank in the principal
amounts of $1,400,000 and $100,000 respectively, were extended to mature
on May 31, 1940.
The 6% general mortgage notes of the company were
reduced in principal amount from $6,000,000 to $4,786,000, which $4,786,000 were continued in pledge as part of the collateral security for such
5% extended collateral notes due May 31, 1939 and also as additional
collateral for the 4% bank loans due May 31, 1940, evidenced by the two
extended notes in the total principal amount of $1,500,000.—V. 147, p. 753.

Power

Expenses

1938

-

Surplus for year
Surplus forward

$1,654,491
231,084
23,920
471,949

$1,576,188
256,036
10,348
486,643

$1,542,587
247,074
5,523
500,406

$1,015,888
1,643,570

.

Interest

1935

$1,747,333
245.230
27,926
v 458,289

__

Taxes

$20,115

Total surplus
on cum.

$927,538
1,541,402

$823,161
1,333,077

$789,584
1,143,493

on common

stock.

_

Total surplus..

Earns, per sh. on com
—V. 146, p. 3677.

$2,156,238
300,000
300,000

$1,933,077
300,000
300,000

267,792

$2,468,940
300,000
300,000
223,144

$1,791,666
$0.93

preferred..
pref.i

on non-cum.

$2,659,458
300,000
300,000

$1,645,796
$0.73

$1,556,238
$0.50

$1,333,077
$0.43

44,689

Operating income
Nonoperating income

$14,228

$49,777

197

900

$134,071
1,260

$168,818
3,273

Gross income
Deduc. from gross inc..

$14,425

$50,677

$135,331
1,306

$172,091

$50,677

$134,025

$172,091

191

.

Net income

$14,234

—V. 147. d. 753.

Railway Express Agency, Inc.—Earnings—
Period End. June 30—
1938—Month—1937
1938—6 Mos.—1937
Charges for transporta'n $12,482,030 $13,932,420 $74,085,965 $80,317,981
Other revenues & income
226,260
243,977
1,314,398
1,373,525
Total revs, and income$12,708,290 $14,176,397 $75,400,363 $81,691,506
Operating expenses
7,953,741
8,162,511
47,852,966
48,700,867
Express taxes
513,200
440,252
3,081.061
2,609,560
Interest and discount

on

funded debt

deductions—.—

134,342
11,256

Rail transport, rev—

$4,095,751

Other
x

Eearntngs for 3 Months Ended June 30,

Rayonier, Inc.—Preferred Dividend Passed—
Directors at their recent meeting decided to omit the dividend ordinarily
on the $2 cum', pref. stock.
A regular quarterly dividend

of 50 cents per share was distributed on July 1, last.

Earnings for 3 Months Ended July 31, 1938 (Incl. Subs.)
Profit from operations, before depreciation
Provision for depreciation

1,547

Loss from operations

Net loss..

$183,264

...

Mines, Ltd.—Smaller Dividend—

Directors have declared a dividend of 1H cents per share on the common
stock, par $1, payable Oct. 1 to holders of record Sept. 10.
Dividends of
3 cents per share were previously distributed each three months.—Y. 146,

608.

p.

Reynolds Spring Co.-—Earnings—
1938
$1,632,671
1,570,658

1937
$3,727,750
3.179,608

1936

1935

$3,311,847

$2,726,869
2,247,755

$62,012

$548,142

$761,114

$479,115
5,222

$62,012
145,769
16,012
60,068
22,231

$548,142
206,601
4,198
46,903
5,793
41,537

$761,114
223,286

$484,336
159,973

4l"809

33~524

2,705
72,837

4,565
39,362

loss$182,068

z$243,110
145,000

z$420,477
72,500

$246,911
43,500

290,000
$0.84

290,000
$1.45

145,000
$1.70

6 Mos. End. June 30—

Sales..

Profit

on

sales

Gross profit
Expenses
Idle plant expense (net).
Depreciation

Dividends
Shares capital stock out-

sanding (par $1)

p.

z

290,000
Nil

_

Before surtax on undistributed profits.
Balance Sheet June 30

278.
1938

Assets—

-

-

-

Indiana—Earnings—

$2,252,203
Drl76,125

82,187,552
Dr76,731

$4,166,897
Dr382,554

Gross income

Int. on funded debt
Amort, of debt discount
and expense
Miscell.

deduc'ns

Net income

$3,806,253
Drl20,955

$2,076,078
1,466,888

$2,110,820
1,479,313

$3,784,343
2,520,220

$3,685,298
2,538,773

141,041

142,392

242,523

244,455

82,451

98,362

154,722

170,080

$385,698

$390,753

$866,878

$731,990

Note—For 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 Dec., 1936 which were applicable
to a prior period and the surplus at the beginning of the period has been
adjusted accordingly,—Y. 147, p. 901.

Public Service Co. of Oklahoma—To Exchange

Stoik—

Company has filed with the Securities Exchange Commission a declara¬
tion (File 43-152) under the Holding Company Act covering the issuance of
not in excess of 40,519 shares of $100 par value 6% prior lien stock to be
Issued in exchange for securities of Southwestern Light & Power Co., a
subsidiary.
► The declaration states that not more than 40,210 shares of the stock are
proposed to be issued in exchange, share for share, for a like number of
shares of no par value 6% preferred stock of Southwestern Light & Power
Co., and that not more than 309 shares are proposed to be issued in ex¬
change for 618 shares of $100 par value class A common stock of the sub¬
sidiary company on the basis of one share for each two shares of class A
common stock.
No fractional shares will be issued to effect the exchange
and in lieu thereof the parent company will pay $50 a share in cash for odd
shares of class A common stock.
The exchange offer will be made to stock¬
holders of record July 25, 1938, other than the parent company.
The company also filed an application (File 46-108) for approval of the
acquisition of the securities of the subsidiary company to be acquired
through the proposed exchange,—V. 147, p. 1205.

Puget Sound Power & Light Co. (& Subs.)—Earnings
12 Months Ended July 31—
1938
1937
Operating revenues
$16,326,629 $15,941,069
a Balance after operation, maintenance and taxes.
6,755,899
7,203,309
b Balance for dividends and surplus.
1,431,613
1,851,302
—

a

Includes nonoperating income-net.

ment

reserve.—V. 147, p. 1047.




1937

1938

Common stock and

Dep.

*$1,906,296 $2,184,861
Funded debt..
410,213
400,000
Notes payable....
540,000
881,325

assets...-.-$2,441,327 $2,091,072
Cash..—....
130,046
192,040
guaranty

as

judg't

150,000

150,000

Accts. receivable

231,604

690,585

of pay. of
y

Ad vs.

to

branch

&

b After appropriations for retire¬

538,413

life Insurance-..

6,260

3,632

Loan rec. officers.

7,987

Cash

surr.

Patents,
goodwill
& development.
Deferred charges..
Total

.....

171

49,185
5,559
15,752

199,997

15,062

bl32,186

85,371

chgs..
80C. security taxes
Pro v.

value of

91,946

for

72,841

Fed. In¬

taxes.....

come

Reserves

19,695

164

Acer, mold

5,742
410,814

220,335

108,749
10,108

Acer, wages, &c._

1,843

Inventories

Accounts payable.
Unclaimed divs

plant

Sundry notes rec_.

surplus..

Taxes payable

salesmen

managers
r

Liabilities—

1937

Fixed

Period End. July 31—
1938—'7 Mos.—1937
1938—12 Mos.—1937
Operating revenues
$8,102,944
$8,282,054 $14,284,900 $14,520,625
Oper.exps. and taxes—
5,850,741
6,094,502
10,118,003
10,714,371
Net oper. income.
Other income

2,550,733

Other income

Earned per share.

this department.—V. 147,

$119,206
64,058

Note—No provision required for Federal income, excess profits or un¬
distributed surplus taxes.—V. 147, p. 902.

Progress Vacuum Corp.—SEC Registration Withdrawn—

Public Service Co. of

$155,232
274,438

;

Other expenses net of other income

Net profit

$5,565

$5,430,487 $23,505,194 $29,513,798

due at this time

1938

Gross earnings*
Net loss after all charges
—V. 144, p. 3850.

800,361
66,920

805,195
155,947

133,533
9,614

x'Payments to rail and other carriers, express privileges.—V. 147, p. 902.

Federal taxes

Corp.—Earnings—

See list given on first page of

$215,257
1,750

700

45,387

Interest

Producers

$180,158

250

11,678

Cost of sales

Div.
Div.
Div.

$61,705

100

Reno Gold

1936

1937

506,354

5,787

Corp. of Canada, Ltd.—Earnings—

Years End. June 30—
Revenue.

$721,611

527,956

telegraph & cable

operating revenues.

collateral security for two 4% bank loans due May 31, 1940, made

acquisition

$708,114

81,071

oper.

expenses

Uncollectible oper. rev..
Taxes assignable to oper.

The $1,214,000 1st & ref. mtge. gold bond, 4series due 1960 was
issued to and pledged with Chase National Bank, New York on June 28,

the

1938—7 Mos.—1937

$142,776

75,717

Telegraph & cable

Net

The New York Stock Exchange has authorized the listing of $1,214,000
additional 1st & ref. mtge. gold bonds, 4MJ % series due 1960, which are
issued and outstadnging; making the total amount applied for $42,430,000.

as

$95,832

$0.61

expenses, depreciation Federal taxes and other charges.
—V. 147, p. 128.

Portland General Electric

America—Earnings—

1938—Month—1937

oper.

rev

1935

$190,614
300,000
$0.64

1937
$150,849
300,000
$0.50

After

1938

130.

p.

Radiomarine Corp. of

6 Mos. End. June 30—
x Net income
Shs. cap. stk. outst'g
x

147,

Quinte Milk Products, Ltd.—7)4rCent Dividend—

,

Plough, Inc. (& Subs.)—Earnings-

was

director to fill the vacancy resulting from the death of Warren O.

a

Fairbanks.—V.

—V. 147. p. 1351.

Earnings

1501

Pure Oil Co.—New Director—
Joseph W. Mcintosh, former Comptroller of the Currency,

Virginia Ry.—Earnings—-

1938

Gross from railway.
Net from railway

Chronicle

—

114,556

$3,477,571 $3,780,298

Total .........$3,477,571 $3,780,298

Represented by 290,000 shares, $1 par, valued at $1,349,113 after
deducting 7,132 shares held in treasury valued at $33,179.
Paid-in surplus
$327,591 and earned surplus $229,592.
y Less reserve for doubtful ac¬
counts.
b Includes $41,537 for 1937 Federal income and excess profits
taxes and $90,649 for 1936 Federal income taxes payable.—V. 146, p. 3966
x

"""Rheems Manufacturing Co.—Earnings—
Period End. June 30— 1938—3 Mos.—1937
1938—6 Mos.—,1937
^

x

Net profit..

y

Earns, per share...—

$6.63

operating expenses, Federal income taxes and other
On 300,000 common shares,—V. 146, p. 3355.
■
x

y

$6.14

$190,281

$168,127
$0.56

$94,281
$0.31

$42,127

After

charges,

^

Richfield Oil Corp. (&

Subs.)—Earnings—

„rr

Earnings for 6 Months Ended June 30, 1938.
Sales.-.——
Other

-

—

operating revenue

Total operating

882,657

——

---$21,449,146

income

Cost of sales and service.

_

-.x$20,566,489

12,920,766

-

4,491,925

Selling, general and admlnl . expenses
-----Provision for depreciation, depletion and amortization
Allowing for dry hole losses, &c
.
-

Non-operating charge...-—-.-.
Interest and amortization of deb. discount
Estimated provision for Federal income taxes
Net profit
Earnings per-share on 4,010,000 shares common stock
x Excluding State and Federal gasoline and oil taxes
—V. 146, p. 3819.

2,425,561
—

349,140
22,791
198,580
35,000

—

$1,005,383
$0.25

Financial

1502

San Jose Water

Co,—50-Cent Dividend—

Richardson

Sept. 3,

Chronicle

dividend of 50 cents per share on the no par
12 to holders of record Sept. 3.
Tuis com¬
pares with $1 paid on Dec. 14, last; 40cents paid on Sept. 14 and on June 12,
1937; 20 cents paid on March 12, 1937; $1 paid on Dec. 14, 1936; 40 cents
paid on Sept. 14 and on June 15, 1936; 20 cents on Mar. 12. 1936; 80 cents
paid on Dec. 28, 1935; 40 cents paid on Dec. 28, 1934; 20 cents on Dec. 22,
1933, and 5 cents per share paid on Dec. 30,1932, this latter payment being
the first made since Nov. 15, 1930, when a regular quarterly dividend of
40 cents per share was distributed.—V. 146, p. 3967.
The directors have declared a

Works—Earnings-

12 Months Ended June

Rochester Gas & Electric

$729,745

authorized the listing of $3,000,000

general mortgage Z%% bonds due 1967, series H, and $1,657,000 general
mortgage 3H % bonus due 1967, series I, both of which series are issued and
outstanding in the hands of the public.—V. 147, p. 1205.

Rochester

Telephone

$424,885

$416,602

987

Operating revenues

Taxes

5,212

$416,136
308,362

$2,980,286
2,132,767

$2,883,315
2,049,640

Net oper. revenues—

$110,950

$847,519
391,482

$55,670

$55,204

$456,037

$322,765
114,726
4,033
9,223

debt
debt
—
— .
Amortization of debt discount and expense..
Provision for Federal income tax (estimated).
Interest on funded

Interest on unfunded

—

$343,329
1,021
$344,350
90,618
10,165

24,909

7,462
32,706

$169,874

„

$203,399

Savannah Electric & Power Co.—Earnings—

29,753

282,674

364,317

Pendleton, Inc.—Extra Dividend—

Directors have declared an extra dividend of 50 cents per share on the

1938

1937

$2,229,926

$2,082,515
972,585
356,611

12 Months Ended July 31—

Operating revenues —
a Balance after operation, maintanance and taxes.
b Balance for dividends and surplus...

$539,497

29,438

294,178

—V. 147. p. 754.

Roeser &

938

Other income (net).

$833,675

55,280

$107,774
52,570

Net oper. income

97.593

$321,827

3,220

$423,898
312,948

Net income,..

57,393

_ ..

$728,478
204,569
39,776
51,257
89.547

—V. 147, p. 584.

Operating revenues—
Operating expenses

Operating taxes

(other than Federal income tax)
depreciation

Provision for

1938—7 Mos.—I 937
$2,985,498 $2 .886 535

466

Uncollecdble oper. rev.-

41,787

Maintenance

Net income

Corp.—Earnings—

1938—Month—1937

Period End. July 31—

211,145

<

Operation

Corp,—Listing—

The New York Stock Exchange has

1937

1938

30—

stock, payable Sept.

common

1938

a

non-operating
reserve.—V. 147,

Includes

retirement

980,168
352,677

b After

income-net.
p. 1048.

appropriations

for

Ltd.—Bonds Called—

Sauda Falls Co.,

Company announced that it will redeem on Oct. 1, 1938, all of its out¬
standing first mortgage 5% sinking fund gold bonds, series A, due Oct. 1,
1955, at 107 H and accrued interest.
The bonds will be payable on that
date on presentation at Central Hanover Bank & Trust Co., 70 Broadway,
New York.—V. 146, p. 1416.

stock, payable Sept. 20 to holders of record Sept. 10.
The regular
quarterly dividend of 25 cents per share previously declared will be paid
on Oct. 1.—V.
146, p. 3819.

common

x

Rutland

RR.—Earnings—
1937
$300,074
27,619

$235,673
defl2,170
def40,551

.

1936
$307,322
41,895
27,267

1,940,125
90,225

1,832,925
12,421

def918

3,431

1935
$276,065
5,108
defl7,443

defll2,047

From Jan. 1—

Gross from railway
Net from railway

2,096,336

1,635,171
def203,254

188,180
33,461

411,724

Net after rents
—V. 147, p. 1048.

St.

declared

a

of $1

dividend

per

RR.—$1 Dividend

share

on

the common

stock, payable Sept. 20 to holders of record Sept. 20.
A dividend of 75
cents per share was paid on March 21 last, and one of $1 was paid on
Sept. 20, 1937.—V. 142, p. 1656.

depreciation.—V, 147, p. 131.

Seaboard Air Line Ry.—Earnings—
1938

July—

...

$3,004,168
358,666
158,928

$2,689,465
167,239
17,572

$2,214,057
def175,969
def339,141

23,711,824
3,727,537
870,589

_

Net after rents

1937
$374,101
15,350
85,202

1938
$376,210
38,748

July—
Gross from railway
Net from railway
Net after rents

Ry.—Earnings—

6,530

1935

1936
$305,008

$293,299
defl9,227
def27,733

def26,161
def40,754

From Jan. 1—

Gross from railway.

4,558,056
1,685,160

Net from railway
Net after rents.

1,125,385

5,013,751
2,005,023
1,478,594

3,237,430
754,160

2,893,139
787,938

341,144

463,557

—V. 147, p. 754.

26,079.476
5,868,812
3,115,191

21,920,208
3,380,832
1,179,525

20,289,249

Ftom Jan. 1—

Net from railway.

_

...

—

.

Net after rents

Ry.-—Earnings of System—

1938—Month—1937
1938—7 Moa.—1937
$3,996,406
$4,869,079 $25,273,320 $30,615,606
3,413,404
3,735,533
23,121,906
25,020,457

Period End. July 31—

Operating revenues
Operating expenses

3,514,692
1,350,926

—V. 147, p. 1206.

Sedalia Water

Co.—Earnings—

Maintenance

.....

— —

Taxes (other than Federal
Provision for depreciation

1937

1938

$155,698
47,057

Operating revenue—water
Opera t ion

6,051

—

12,797

income tax)

$158,316
45,742
10,915
11,450

12,580

12,143

$77,214

Net operating revenue
Other income (net)

$78,066

193

Total income

r—.

— — — _ — — -

Interest on funded debt

St. Louis-San Francisco

1935

1936

1937

$2,619,943
21,049
defl85,161

Gross from railwayNet from railway.

12 Months Ended June 30—

St. Louis Brownsville & Mexico

1938—7 Mos.—1937
$87,331
$119,332

special charges and credits but after administration expenses

Gross from railway.

Joseph, South Bend & Southern
have

and

Before

(& Subs.)—Earnings—

1938—Month—1937
$12,460
$79,310

Loss
x

1938

July—
Gross from railway
Net from railway
Net after rents

Directors

Schulte Retail Stores Corp.
Period End. July 31—

...

217

$77,406
42,071

$78,284
46,020

81

56

639

651

1,634

871

$32,981

$30,686

Interest on unfunded debt

Amortization of debt discount and expense
Provision for Federal income tax

(estimated)

Net income.....

-V. 146, p. 3356.

Netry.oper.incomeOther income.
Total income

Deduc'ns from income—
Bal. avail, for int.,&c.

$184,740
13,539

$1,611,952 def$646,335
10,955
104,823

$3,810,278
85,612

$198,279
5,344

$1,622,908 def$541,512
3,755
,
37,244

$3,895,890

$192,935

37,073
$3,858,816

$1,619,153 def$578,757

Segal Lock & Hardware Co., Inc. (& Subs.)— ■Earnings

1938
$3,771,566

Gross from railway
Net from railway
Net after rents

508,621
151,367

1937
$4,695,167
1,016,862
1,491,273

Gross from railway

24,034,473
1.902,366
def609,848

railway

Net after rents

29,275,603
5,402,676
3,904,701

935,852
616,816

290,768

26,177,808
4,264,950

22,137,013
1,920,101
116,547

2,304,339

—V. 147, P. 1205.

St. Louis San Francisco & Texas

railway

Net after rents

1937
$229,470
108,272
105,715

1936
$151,869
42,750
1,625

1935
$95,261
def 15,607
def45,193

991,451
217,130
def58.386

Gross from railway
Net from

Ry.—Earnings—

1938
$193,529
73,904
35,039

July—

917,707
146,327
def98,898

739,226
def.37,473
def303.962

147,

p.

oper. revenues.
oper. expenses.

oper-'

Net rev. fr. ry.
Railway tax accruals..oper. income-

Other ry. oper. income..
Total ry. oper. income
Deductions from railway

operating

$9,635

Assets—Cash, $60,168; Notes and accounts receivable (net), $lo0,249:
rents receivable, $150; inventories, $644,166; land. $73,321; buildings (less

depreciation, $82,838), $172,218; machinery and other equipment (less
depreciation, $655,078), $1,340,929; patents, licenses and trade-marks
(less amortization, $150,268), $313,944; investments, $468; deferred items,
$69,112; total, $2,854,725.
Liabilities—Notes payable, $113,740; other payables, including accrued
items, $391,487; notes payable (not current), $288,800; 1st ($28,000) and
2d ($9,500) mortgages not payable in one year, $37,500; convertible deben¬
tures 6H% bonds due April 1, 1940, $198,100; contracts payaole in com¬
mon stock of Segal
Lock & Hardware Co., Inc. (balance due), $63,586:
other liabilities not payable witnin one year, $14,664; 7% preferred cumu¬
lative stock (par $50), outstanding 10,238 shares, $511,900; common stock
(par $1), outstanding 715,268 snares, $715,268; capital surplus, $519,680;
total, $2,854,725—V. 146, p. 287.

Consolidated

Income

Ry.—Earnings-

$319,730

$324,697

$2,501,860

$2,951,158

105,633

0184,171

732,978

479,070

$508,868
25,711

$2,472,088
169,967

$1,768,882
182,449

$239,867

$534,579

$1,951,332

$2,642,055

178,180

income

243,733

1,264,104

1,489,968

Net ry. oper. income-

$61,688

Non-operating income..

8,211

$290,845
8,550

$687,228
55,355

$1,152,087
50,864

Gross income
Deduc'ns fr. gross inc.-

$69,899
271,118

$299,395
273,147

$742,583
1,878,124

$1,202,951
1,901,935

July-—

1938

Gross from railway
Net from railway
Net after rents
From Jan.

$698,984

8201,219 prof$26,248 $1,135,541

San Antonio Uvalde & Gulf
$83,738
def21,826
def53,761

$80,004

defl8,280
def32,981

Gross from railway
Net from railway

679,242
def86,630
def310.954

$2,098,135
1,454,773

$1,981,967
1,404,877

Net oper. revs, before
prov. for retirem'ts.
Non-operating income-

$176,364
9,964

$203,393
12,631

$643,362
39,154

$577,090
36,725

$186,328

$216,023

$682,516

$613,815

81,688

90,977

294,058

278,509

$104,640

$125,046

$388,458

87

98

302

$335,306
21,627
59,216

Gross inc. before prov.
retirements

for

Provis'n

for

retirements

(see Note 2).
Gross income
Interest

Special prov. forretire's.
Special prov. for doubt¬

27,969

ful accounts

Special

for inven¬

prov.

61,200

tory adjustments
Other inc. charges (incl.

provision for minority
stockholders* equity in

1,372

b Net equity
Util. Corp.

1935

1936

$86,421
12,730

defl4.269

$72,100
defl3,944
def40.952

7,477

33,664

$103,181

in

$123,211

$380,679

$131,630

inc.

South Amer. Util. Corp.
Net equity in income of

Expenses and

742,192

757,792

516,353

82,136
defl30.838

250,931
45.810

defll,135
defl81,916

$103,181
15,758

$380,679
70,114

$87,422

taxes.

Remainder

$310,565
300,053

Equipment Corp.—SEC Registration With¬

drawn—•
given

108,613

Deduct interest charges.
Net
a

See list

1,738

of S. A.

of subsidiaries

—V. 147, p. 755.

Sandt Farm

loss$21,190

income

Not audited,

b Subject to possible




first page of this department.—V. 146,

p.

2385.

$10,511

exchange restrictions, withholding

adjustments upon realization.
Notes—(1) The accounts of the subsidiary companies,

taxes and exchange

which are reported
been expressed in United States currency in the
the following bases:

in foreign currencies, have
on

Dec. 31—
1936

$660,852
457,460

1—

Net after rents

Year End.
1937

$602,407
426,043

RR.—Earnings—
1937

Subsidiaries)

al937

a!93S

income)

—^147^1048

Corp.—Earnings—
(Including

Operating revenues
Operating expenses

1938—Month—1937
1938—7 Mos.—l937
$1,463,660
$1,652,773 $10,357,869 $12,316,940
1,143,930
1,328,076
7,856,009
9,365,782

$214,097
25,770

Account

—4 Mos. End. Apr. 30

Subsidiaries—

St. Louis Southwestern

Railway

prof$3,526

def.326,140

1205.

^

60,780

prof$26,2C4

South American Utilities

Period End. July Zl—

Railway
Railway

$51,145

61,718

Net loss

549,048
defl30.117

From Jan» 1—

Gross from railway
Net from railway
Net after rents

—V.

1935
$65,244

77,760

1936

1937
—

Condensed Consolidated Balance Sheet Dec. 31. 1937

1935
$3,594,030
571,991

1936
$4,230,423

From Jan. 1—
Net from

$103,964

$278,743

Depredation

Earnings of Company Only
July—

1934

_——_loss$191,939
86,804

Calendar Years—
Net earnings—

foregoing summary

on

Volume

to

With respect to subsidiaries In Chile at a
one U. S. dollar.

fixed rate of 26 Chilean pesos

Brazil, figures for the year
inland rate of exchange at
Figures for all other periods reported and reflected were
average of the mean weekly free inland rates of exchange

With respect to subsidiaries in Argentina and
ended Dec. 31, 19361were converted at the free

Dec. 31, 1936.
converted at an

during the respective periods.
Of the decrease in net income for the four months

ended April 30, 1938,

approximately 812,000 is due to the decline in the foreign
exchange rates for Argentina and Brazil currencies.
There was no material
difference resulting from exchange fluctuations with respect to income for
the year ended Dec. 31,1937 as compared with 1936.
(2) No provision has been made for foreign withholding taxes on the un¬
distributed income applicable to capital stock of the subsidiaries owned.
If all the income for the periods had been remitted, the withholding taxes
would have been in excess of the amounts charged in the parent company s
income account by approximately $7,600 for the year ended Dec. 31, 1937,
and $2,800 for the four months ended April 30, 1938.
as

shown above,

Year Ended

Apr. 30 '38

Dec. 31 '37

$51,143

In whole

2,047

$255,391
16,636

$53,189

Total

Foreign withholding taxes payable at source
Legal and other fees and expenses in connection
with proposed sale of investments in sub. cos
Management fees and expenses

4,373

Salaries—foreign.
Corporate expenses
Sundry operating expenses

2,350
2,820
521,

'

20,429
18.565

*

5,694

3,000
8.139
3,345

$37,431

Net income before interest

annum

.

non

Oper.

Income

91,389
208,664
$H4J76

119,559

a

1936.

$3,118,191
xl,840,296
290,000

$70,630
57,806

$67,632
55,910

$948,831
684,194

$987,895
655,495

$12 824
14,286

$11,721
14,286

$264,636
171,438

$332,400
171,438

def$l,463

def$2,565

$93,198

$160,962

Gross income
Int. & other fixed charges
Net income
on

pref. stock.___
_

$3,328,968

x No provision was made in
1936 or 1937 for Federal surtax on undis¬
tributed profits as all taxable income was distributed.—V. 147, p. 904.

South Porto Rico Sugar

Co.—Holdings Transferred—

Company transferred to the R. S. F. Corp., a New Jersey corporation,
all of its stock holdings in three subsidiaries, the Central Romana Inc.,
Yngenio Santa Fe C. por A., and Dominican Steamsuip Co.
In exchange for tnis transfer, South Porto Rico received 15,825 shares
representing the entire outstanding capital stock issue of the R. S. F. Corp,
The stock is fully paid and non-assessable.
All except seven of the 15,825 shares are in the name of the South Porto
Rico Sugar Co. and one share each of the seven shares to the directors of
the R. S. F. Corp., as qualifying shares.—V. 147, p. 1049.

Southern Bell
Operating

Telephone & Telegraph Co.—Earnings
1938—Month—1937
1938—'7 Mos.—1937
$5,105,806 $37,106,597 $36,202,929
18,356
157,282
143,029

$5,243,327
22,480

revenues

Uncollectible oper. rev

$5,220,847
3,493,450

$1,596,989 $12,672,152 $12,336,386
4,558,073
437,908
5,090,468

$1,004,272
762,907

Net oper. revenues

Operating taxes

$5,087,450 $36,949,315 $36,059,900
23,723,514
3,490,461
24,277,163

$1,727,397
723,125

Operating expenses

a4,783

$190,741
$119,559
Represents loss from inception of corporation, Nov. 19,1936, to Dec. 31

Deficit at end of period

393,750

31,250

Operating revenues

$71,182

Deficit at beginning of period

xl ,986,388

Provison for depreciat'n

2,675

Overdue income interest

Net loss.....

150,994
35,000

158.860

Divs.

1938—12 Mos.—1937

1938—Month- -1937
$253,626
$260,740

t

.

and taxes-.

exps.

Period End. July 31—

105,938

ended April 30,1938)..

t

102 prior to 1948 and there¬
agreement also provides for
acquire from $5,000 to $8,000

South Carolina Power Co.- -Earnings—

$185,277

ended Dec .31,.
for the 4 months

5% and will be redeemable

at

bear interest

30 days' prior notice at

Period End. July 31
Gross revenue

4-year secured notes:
per

in part at

wih

to maturity at par.
The extension
retirement fund whereby the company will
of the issue annually.—V. 147, p. 1207.

Fixed (at 2 % per annum for year

1937, and 7%

or

bonds

after

$156,185
99,206

Income from subsidiary companies—Interest
Dividends.

extended

Balance

4 Mos.End.

on

The

Only)

Comparative Income Account (Company

Interest

1503

Financial Chronicle

147

$1,159,081
881,442

...

v

Net oper. income
Net income

....

Notes—(1) Interest income is included in an amount equal to the interest
periods involved on obligations of subsidiaries (the interest
fully covered by earnings of the subsidiaries; however, in certain in¬
stances was not transferred to the parent company due to exchange re¬
strictions).
Dividends are included to the extent of the declarations by
the subsidiaries, and, with the exception of a minor amount, were received
by the parent company.
(2) Income receivable and expenses payable in foreign currencies are
included in the income statement at the rates at which transactions are
effected or at current rates in the case of accrued items.
(3) Cumulative dividends in arrears at April 30,1938, on preferred capital
stock, not provided for above, aggregated $52,500.
(4) Discount on 4-year secured notes of the corporation in the amount
of $689,179 has been charged in full to capital surplus account; thus no
charge in respect thereof has been made against the income account.
(5) Under the terms of the indenture relating to the 4-year secured notes,
income interest on said notes to Dec. 31, 1937 was based on the "available
net income" of the corporation and its subsidiaries on a consolidated basis,
as defined in the Indenture, whether or not such income was received by
the parent corporation.
The net income of the subsidiaries is taken up in
the accounts of the parent corporation only as dividends are declared and
no accrual is set up in respect of undistributed income.
Thus the charge
for income interest is computed on a consolidated basis while the income
is determined on a holding company basis.

$7,778,313
5,827,993

$7,581,684
5,914,686

—V. 147, p. 756.

accrued for the

Southern Colorado Power Co.—Earnings—

was

Net oper. rev.

of Capital Surplus

Net oper. rev. & other
retirement reserve)

Interest charges

i

Other

assets

$4,824,950

Total
Ljabjlitics

'*

■

4,792

,

...

....

Earned deficit

...

...

Total

—V. 147, p.

'

"

1

•

Shattuck Denn Mining
Income Account for

•

$52,500
62,603
4,594,530
254,609

'

.

2,811
9,594

118,297

119,559

190,741

\

"

•

'•

1938
-

...

•

•

$645,041
560,021
$85,020
6,597

Profit

Other income

34,000

$3,947,103
x2,246,981
430,228

$3,747 805
x2,128,883
388.000

$99,638

$1,269,894

$1,230,921

26,162

28,361

349,788

350.150

$71,606
34,358
10,848

$71,277
34,358
10,848

$920,105
412,296
130,181

$880,771

$26,400

$26,070

$377,629

$314,697

$306,676

$319,098

171 588

..

185 460

37,320

charges

Divs.

on

pref. stock

Amort, of pref. stock exp.

x No provision was made
tributed profits as all taxable

Southern Ry.-

Administrative expense and miscellaneous
Maintenance of inactive property

taxes

23,139
1,936
17,307

...
-—

.

Depreciation of construction and equipment

in 1936 or 1937 for Federal surtax on undis¬
income was distributed.—V. 147, p. 904.

1938
1938

1937
$8,092,294

Net after rents

1936
$8,144,792

2,109,129
1,166,124

2,519,065
1,737.555

58,999,939
17,202,147
10,433.623

$7,177,013
2,005,614
1,061,438

Net from railway------

53,155,143
14,628,250
9,496,798

48,471,401
11,453,558
4,631,026

Net after rents.

_•

Gross earnings

(est.)_-

Grossearnings (est.).

-

-

$2,305,416

1354.

—V. 147, p.

(A. G.) Spalding & Bros.—Earnings1938

Sales, net of discounts returns

and allowances-

$149,200
7,496
18,027

$436,037
9,964
9,992
12,210

$123,677
1,899

$403,872
20,249

$125,576

$424,121

Profit

-

-

Loss due to fluctuation in

foreign exchange. ..

-

Expense of idle properties

less income

Profit

Miscellaneous income.

Dividend—

M,

_

~

—

102.336

extraordinary items;
on

oxcisc tstx
Markdown of

dividend of 15 cents per snare on the
common stock, no par value, payable Sept. 30 to holders of record Sept. 14.
Like amounts were paid on June 30 and on April 1, last, and a dividend of
50 cents per share was paid on Jan. 20, 1937.—V. 146, p. 1259.

Comptroller—■

$5,253,572
3,611.911

2,915,427

$1,641,662
1,103,289

Directors have declared an interim

1, 1938, Arthur T. Roberts, Treasurer, will also assume
the office and duties of Comptroller, due to the resignation of Rodney S.

1937

$4 317,489

$1,402,062
Gross profit
1,161,551
Selling, advertising and administrative expense.
91,310
Depreciation, amortization, plant and equipment.

Markdown

Socony-Vacuum Oil Co., Inc.—New

46,085,213
10,633,926
6,257,546
Aug. 21—

Jan. 1 to
1938
1937
$2,452,821 $71,560,356 $86,179,666 >
—Second Week of Aug.
-Jan. 1 to Aug. 14—
1938
■)
1937
1938
1937
$2,237,330
$2,464,484 $69,222,702 $83,726,845

—Third Week of Aug.
1938
1937

Less

(H.) Simon & Sons, Ltd.—Interim

1935

$6,633,919
1,470,612
805,892

From Jan. 1—

Gross from railway

$49,235

Net income

—V. 146, p. 3520.

490,135
75,939

Earnings—

July—
Gross from railway

Interest

$91,617

Total income

1938—12 Mos—;1937

$97,768

Gross revenue

Corp.—Earnings—

the 6 Months Ended June 30,

...

Cost of sales

Co.—Earnings—

1938—Month—1937

Period End. July 31—

April 30, 1938, on

'•

6,046
$290,550

1049.

------

$4,975,385
preferred
aggregated $52,500.—V. 145, p. 3359
<•

432,170

$233,237

Southern Indiana Gas & Electric

$4,824,950

_

Note—-Cumulative dividends in arrears at

capital stock, not provided for above,

Sales of metals

$52,500
62,603
4,469,699
291,853

118,297

Capital surplus.

■-

$4,975,385

2,675
8,974
9,089

liabilities

Reserves

423,358
6,403

Net from railway

4-year secured notes, due Jan. 1, 1938
Interest on 4-year secured notes
Accrued interest on overdue income interest
Other

$4,735,652
116,245
.122,461
1,027

"< ■'

Preferred stock (par $1)
Common stock (par $0.50)

$728,767

Net income

30 '38 Dec. 31, *37

45,422

I

$662,999

(net)

Balance------

Cash

--

Other income deductions

Net income

$118,297

$4,759,131
secured notes
20,397

300,000

-

_

Gross income

Gross income

(Company Only)

ceivable of subsidiary companies
Cash on deposit with trustee of 4-year

$1,028,767

300,000

Interest and other fixed

April 30, 1938

Assets—
Apr.
Investments in securities, notes and accounts re¬

604

Appropriation for retirement reserve

$912,857
689,179

588

Balance Sheet

$1,028,163

578

inc. (before approp. for

Provision for deprec

secured notes sold for cash
as at

$962,420

(before approp. for retirement res.

Other income

Operating exps. and tax-

Capital surplus arising at inception of corporation, Nov. 19,
1936, representing excess of valuation of investments in sub¬
sidiary companies acquired, as approved by board of direc¬
tors, over par or principal amount of securities given in
exchange therefor
Discount on 4-year secured notes issued (15% of $4,594,530)..
Portion of Chilean income tax paid applicable to mortgage in¬
terest income accrued prior to Nov. 19, 1936
Par value of 1,177 shares of common stock issued with 4-year

Capital surplus

1937

$2,301,846
1,273,683

,

_

Statement

*

July 31—
Operating revenues
Oper. exps., maint. & taxes

1938
$2,324,625
1,362,204

$962,999

Years Ended

merchandise due to removal of
*

merchandise for retail store closing

Expense due to closing retail
tion of accounting offices

stores and consolida¬

45,208
12,036
$5,333
416,120

Profit for quarter

Loss first and second quarters..

63,000

—

311,639

Effective Nov.

Durkee, who has accepted a position
147, p. 904.

in California with another company.

—V.

South Bay

Consolidated Water Co., Inc.—Bonds Ext.

extend
maturity date of $400,000 of Great South Bay Water Co. 1st ref. mtge.
bonds due Nov. 1, 1938, to Nov. 1, 1949.
These bonds were assumed

The New York P. S.
the

5%
at

Commission has authorized the company to

about 1925 by South Bay




Water Co.

$410,788 prf.$112,482
For the quarter ended July 31,1937, the amounts of sales, costs, expenses.
&c., include those of certain foreign subsidiaries which subsequently have
been sold or are in the process of liquidation and which are not included in
Net loss

the current

O.

——

-

quarter.

S. Lincoln, Treasurer, says:

"Due to the highly seasonal character

business, which leads to wide variance bweteen quarters, results
should always be judged by a full year's operation.
Ordinarily the activity
of our
s

greater during

the Spring and Summer

months."—V. 146, p. 3821.

1504

Financial

Southwest Consolidated Gas Utilities

Chronicle

Dividend—
The directors have declared

a

dividend of 25 cents per share

stock, payable Oct. 1 to holders of record Sept. 20.

mon

1

Like

amounts were

on

Net oper. revenue

Years Ended June 30

1938
Costs and expenses

1937

1936

$6,892,671
6,200,094

$5,504,329
5,177,248

$5,411,047
5,475,285

$88,155prof$692,577 prof$327,081

Operating loss.

18,666

$29,680 prof$721,255prof$345,747
See x
88,764
103,844

Loss

Depreciation

y4,932
25,969

Other deductions—...

121,996

$167,738

$82,403 sur$367,868 sur$154,561

Preferred dividends.—

$167,738

Fed. & State tax

......

Deficit for year
Earns, per sh. on 900,674
shs. com. stk. (no par;

Nil

$0.49

y

1938

Land, buildings,
1
1

Pats. & pat. rights
Trade

-

1

mark and

goodwill

1

1

466.694

816,125

....

Cash........
Notes &

$363,700
Common stock... 2,251,085
Loans from RFC,
current..
120,537

a acts,

286,478

325,000

50,000

43,877
Crl9,572

25,000
11,335
Crll,097

231,236
Cr236,981

107,085
Cr77,520

$840,470

$1,309,681

589,038

605,618

$363,700

9,112,473

8,948,186

129,075

170,616

132,575

462,695

$122,357

$533,447

100,210
4,398

100,210
34,682

$226,965

$668,339

23,171

22,266

240,935

259,816

$203,794
368,247
5,722

$646,073
368,247
7,001

$7,045,582
4,418,970
81,012

$9,749,874
4,418,970
62,411

6,656
17,806

4,054

17,806

75,416
213,672

69,535
213,641

Minority

int.

in

Bal. of inc. of sub. pub.
util. cos. applic. to

224,462

308,079

372,498

446,912

662,586

z7,lll

122,278

1,204,836

reserve

100,000

365,183

Mlscell. oper. res.

50,708

45,681

Deferred charges..

54,795

48,302

Capital surplus...

496,017

496,617

cos.

150,000

295,483

.

Contingent

Earn. surplus ("since

285,465

July 1, 1930)...
Total ........-$3,083,902
x

After depreciation,

dian taxes only.—V.

y

147,

$4,394,7901

Represented by 900,674
p. 1354.

shares,

no par

Int. onindebt. of affils.
Total

Exps. & taxes of S. G. &
E. Co.....

367,868

Total .........$3,983,902 $4,394,790
z

Cana¬

Consol. net income...
Int. on funded debt....
Other
on

Directors have declared

paid on June 15 last and

with 10 cents paid on March 15 last;
15 and June 15, 1937; 90 cents
paid on March 15, 1937; 20 cents paid on Dec. 15. 1936; 15 cents on Sept.
30, 1936; 12A cents paid each three months from June 30, 1933, to and in¬
cluding June 30, 1936, and 25 cents per share paid quarterly previously.—
V. 147, p. 756.

$9,212,453

376,999
420,238

$7,286,517 $10,009,690

int.

Sperry Corp. (& Subs.)
6 Mos. End. June 30—

Consol. net income...def$194,637

compares

-Earnings1937

1936

1935

$4,408,459
Depreciation
170,560
Selling and gen. expenses
1,109,364
Research & development
expenses
254,529

1938

$2,696,425

$1,504,447
109,009
482,583

$1,598,816

188,973

145,286

113,453

$2,874,006
52,101

$1,596,679
235,749

$767,568
1,144,588

$945,992
90,949

Gross inc. from opers.

Other income

402,051
237,525

a

dividends of 15 cents paid on Dec. 15, Sept.

x

on

funded debt.

Amort, of dt.disc.&exp.

dividend of five cents per share on the capital
stock, par $1, payable Sept. 15 to holders of record Sept. 3.
Like amounts
was

interest

Fed. & State tax

Spencer Trask Fund, Inc.—Five-Cent Dividend—

$6,646,941

Other inc. of S.G.&E.Co.:
Divs.fr. non-affil.

1,434,199

Inventories

$15,891,989 $18,623,334

undis-

S. G. &E. Co

payable..

Can. Inc..taxes.

291,283

stocks

tributed net income..

;

Accts. and accrued
accts.

capital
by public

on

2,251,085

Other assets......

after reserves-..

69,192
500,000

After

Pro v. for U.S. and

rec.,

.

24,873

Balance.

y

69,192
500,000

re¬

flood

of

Int. charged to constr'n.

1937

Pref. 0% stock...

inach'y & equip.$1 ,285,816 $1,297,754

x

&

5,766
41,667

.

int.

20,833

held
1938

37,000

$2,474,005 $29,969,636 $32,702,476
34,023
408,410
408,351
911,570
10,917,198
11,232,081
109,612
1,323,718
1,366,424
11,575
253,396
132,246

21,685

Divs.

Liabilities—

1937

10.583,469

37,000

Other income deductions

Consolidated Balance Sheet June 30
Assets—

on

funded debt

Amort,

Nil

x Provision for depreciation for the year amounted to $93,488.
deducting $2,251 overprovision for taxes of prior years.

10,629,838

3,083

habilitation expense..

on

$0.15

821,992

3,083

$2,028,929
Rents for lease of prop's.
34,034
Int. on funded debt
908,740
Amort, of dt.dis.&exp.
109,450
Other interest..
21,979
Divs. on pref. stock guar.
by sub. co
5,766
Approp. for special res've
41,667

59,861

$60,581 prof$466,067 prf$154,561
21,822
98.199

Net loss

$3,299,080 $40,636,474 $43,322,945

Gross income

27,481

44,427

$3,255,013 $40,475,044 $42,874,214
44,067
161,430
448,731

contractual

of

capital expenditures._

$61,198
106.540

Provision for U. S. and
Canadian income taxes

28,677

Drl2,828

Amort,

$64,239
3,040

58,475

Other income—

$2,851,884

Net oper,rev., &c.,inc.$2,839,056
Approp.
for
retirem't,
deprec. & depl. res'ves
807,044

1935

$4,632,418
4,720,573

...

Other income (net).....

Sparks-Withington Co. (& Subs.)—Earnings-

Net sales

(& Subs.)—Earnings—

Period End. June 30—
1938—Month—1937
1938—12 Mos.—1937
Subs. Public Utility Cos.—
Operating revenues
$6,812,975
$7,118,251 $89,052,748 $88,328,649
Oper. exps., maint.& tax
3,961,091
3,863,238
48,577,704
45,454,435

and June

Consolidated Income Account for

19383

(Exclusive of Deep Rock Oil Corp., debtor under Section 77-B of the
Bankruptcy Act, and Beaver Valley Traction Co., in receivership, and
Pittsburgh Rys., debtor under Section 77-B of the Bankruptcy Act (sub¬
sidiaries of Philadelphia Co.), and the subsidiaries and affiliates of such cos.)

on the com¬

July 1 and on April i last, and compare with 50 cents paid on Sept.
1, 1937; 25 cents paid on March 1, 1937; $1 paicf on Dec. 21,
1936; 75 cents paid on Sept. 1, 1936; 50 cents paid on June 1, 1936; 25 cents
on March 2, 1936, and $3.50 per share on Dec. 30, 1935, this latter
being
the initial payment on the issue.—V. 145, p. 3509.
paid

Sept.

Standard Gas & Electric Co.

Corp.—25-Ceni

159,242
751,531

85,322
454,049

x

$248,965 x$2,256,512 x$4,985,317

For the 12 months ended June 30,1938, includes approximately $695,000

of undistributed earnings of sub. cos. applicable to
capital stocks held
Standard Gas & Electric Co.
Of tnis amount,

by
approximately $660,000 is
distribution to Standard Gas & Electric Co. in the farm of
dividends on common stocks of certain of the subsidiary companies, due
principally to accumulation of dividends on preferred stocks in prior periods
and to the retention of surplus for other purposes.
Comparable amounts
for the 12 months ended June 30, 1937, are
approximately $2,867,000 and
$1,273,000, respectively.
Notes—For comparative purposes the above figures have been revised to
give effect to elimination of Pittsburgh Rys. and subsidiary and affiliated
companies and to reflect certain changes in classification due to the uniform
system of accounts which became effective Jan. 1, 1937, and the uniform
system of accounts for public utility holding companies as promulgated
by the SEC and for the 12 months ended June 30, 1937, have been further
revised to reflect equalization of adjustments recorded subsequently, but
which are applicable to that period.
not available for

-

Statement of Income June 30 (Company Only)

$2,926,107

Provision for taxes

$1,832,428

$1,91.2,156

$1,036,942

34,401
783,926

23,818
438,143

42,128
212,721

17.765
209,425

y$2,107,780 y$l,370,467

Transfer fees, legal
miscell. expenses

$1,657,305

$809,752

and

.....

Net income

1938—Month—1937
Dividends

on

1938

1937

Assets—
.

Cash..
a

4,426,100

..

4,260,143

Notes, accept'ce,

in

2,089,416

1,713,253

Prov.

5,733,820

3,774,458

Depos.

work

Contracts in prog¬

975,910
36,344

anteed products
Deferred income..

from

427,597

420,905
22,975

service

$6,350,741
4,418,970
81,012

$6,883,087
4,418,970
62,411

7,001

6,656

4,054

75,416

69,535

17,806

17,806

213,672

213,641

$288,607

$784,572

$1,561,671

$2,118,530

Weekly Output—

&

guar¬

582,217

352,222

58,799

54,931

71,484

413,931

of for'gn
exchange

52,129
2,015,565

Capital surplus...

4,334,246

Earned surplus

6,348,705

2,015,565
4,204,246
5.080,211

22,612
3,502,157

3,198,274

225,796

299,605

l

i

..17,435,629

14,741,974

Patents..

reserves,

Electric output of the public utility operating companies in the Standard
& Electric Co. system for the week ended Aug. 27, 1938, totaled
kwh., a decrease of 7.1% compared with the corresponding
week last year.—V. 147, p. 1354.
Gas

104,380,761

51,985

Capital stock...

c

Deferred charges..

After

$1,181,680
368,247

266,981

apprec.

17,492

_

receivable,

b Plant & equip't.

a

$7,142,903
259,816

on

Net income..

758,104

842,398

Res. for unrealized

non-current....

Total

$6,591,676
240,935

count and expense

Res'vefor conting.

14,615

officers

and employees..

Life ins. policies.

$1,203,946
22,266

int. on funded debt...
Amortization of debt dis¬

1,341,804

contr'ts

189,671

Investments

Accts.

on

826,455
purchased

contract

Due

Federal and State tax

706,186

Prov. for instalm't

ress

on

837,611

$6,215,041
376,999
130,625
420,238

$687,038
368,247
5,722

funded debt.

710,710

income

stock taxes

ventories, &c—

Dep.

on

Other interest....

$5,821,475
402,051
130,625
237,525

franchise & cap.

in¬

progress,

for

Interest

1,071,570

Accounts payable.
ries & wages

interest, &c....
&

$

Accrued exps. sala¬

accts. rec., accr.

Contracts

1937

$

$1,058,169
100,210
10,885
34,682

$710,209
23,171

Total..

Gross income
1938

Liabilities—

$

$594,716
100,210
10,885
4,398

Expenses and taxes

undistributed net income.

Consolidated Balance Sheet June 30

Standard Products Co. (&
x

Subs.)—Earnings-

Years Ended June 30—
Net profit

Earns, per share

1938
stock

on com.

...

$30,949
$0.10

Total.....

b After depreciation,

c

17,435,629

(L. S.) Starrett

1938

Net from

1936
$767,295
270,533
138,935

$664,581
250,751
144,285

5,085,160
1,675,231

135,238

979.006

4,287,391
1,335,680
493,622

4,000,295
1,358,214
668,825

—Y. 147, p. 756.

Brands, Inc.—Smaller Common Dividend—

Directors have declared

a

1938

Gross from rail way...

-

railway

_

Net after rents

.

1937

1936

—V. 147, p. 756.




$605,189

..

9,362
2,193

$614,806
39,394
bll0,129

$992,715

$465,283
922

Total..
Other charges (cash discounts, bad debts, &c.)___
Reserves for Federal taxes
Net income

Operating surplus credits
Total..

$771,091
23,319

1935
$18 1,487

$125,678
def8,167
def32,105

$136,220
3,848
def31,924

def38,709
def37,169

899,310
38,439
defl99,330

908,874
def9,692

926,287
defl0,373
def262,720

861,527
def56,125
def321,160

46,833
174,790

$466,206

$794,410

30,719
c274,461

7,671
550,408

$161,026
Seed

$236,331
720.160

$161,026

Dividends declared

$145,916
def21,302
defl 1,406

def201,760

$981,160

7,269
2,349

Income from securities
Other income

Net increase in operating surplus for the
Operating deficit—at beginning of year

year

Operating deficit—at end of year

From Jan. 1—

Gross from railway
Net from railway
Net after rents

$1,530,085
548,925

d$483,829

Operating surplus charges

Rapid Transit Ry.—Earnings—

July—
Net from

$1,186,184
580,995

Manufacturing profit.
Selling and general expenses

dividend of 12 A cents per share on the common

stock, payable Oct. 1 to holders of record Sept. 12.
Dividends of 15 cents
were paid on July 1 and
April 1 last and previously regular quarterly divi¬
dends of 20 cents per share were distributed.—V.
147, p. 904.

Staten Island

1937
$3,017,231
1,487,146

1935

1937
$789,681
245,008
115,096

.

undistributed

1938
$2,288,822
1,102,638

Cost of sales

Operating profit

railway

Net after rents

Standard

a

4,285,228
929,401

Net after rents....
From Jan. 1—
Gross from railway

on

Co.—Earnings—

Sales.

$701,464
215,315
90,423

.

1936

$738,319
$2.46

14,741,974

Par value $1V. 147, p. 432.

Spokane Portland & Seattle Ry.—Earnings—
Gross from railway
Net from railway

1937

$634,643
$2.11

x After
charges, deprec.. Federal income taxes & surtax
profits.—V. 146, p. 2871.

Years Ended June 30—

July—

1938—12 Mos.—1937

public

Dividends from others..
Int. on fund, debt of affil.
Int. on indebt. of affils..

x Includes Income from
patent royalties: $111,748 in 1938; $189,934 in
1937; $90,138 in 1936, and $93,173 in 1935.
y No provision has been made

for Federal surtax

from

utility affiliates

Includes charge for depreciation of plant in amount of $54,779 in 1938
$48,769 in
1937.
b Includes
$27,967
undistributed profits tax.
Preferred dividends ($6 per share) $17,738: common dividends ($1.75
a

and
c

per

share).

$256,723.

d The

balance

of

operating

surplus

("deficit

of

Volume

Financial

147

$483,828) at June 30,
of directors

on

1937,

June 2. 1937,

was charged to capital surplus,
approved by vote or stockholders

as

on

3% but not in

excess of
5% per annum.
Bondholders in all events
waive all claims for interest in excess of 5% per annum.
(2) That the net amount of any payments or advances made by

per vote
Sept. 15,

1937.

$357,366

$714,596

244,312
1,900,149
215,089
11,658
47,750
92,303
a208,689
86,088

for payment of taxes upon certain properties of company, shall be secured
by a lien upon all the properties of co lpany senior to the rights of the hold¬

or

475,305
1,455,266
196,652
14,375
47,750
65,303
184,869
86,088
81,334
369,138
858,216
12,451

Accounts receivable—customers—all considered to

Inventories
Marketable securities—at cost
Miscell. notes & accts. receivable—less
Miscellaneous securities—less reserve

reserve

Sinking fund for preferred stock
Treasury stock—preferred
b Treasury stock—common
Land—cost

81,334
377,425
938,261
17,159

_

Buildings—cost
Machinery and equipment—cost
Deferred charges
Deposit in Millers River National Bank, in liquida¬

c

__

tion—less

468

any sale of said

and

(3) Not to take any action or steps to foreclose said mortgage, or to re¬
quire said receivers to elect to adopt or reject the lease of certain properties
of company to Seaborad Air Line Ry., or to secure the appointment of
receivers or the institution of proceedings under Section 77 of the National
Bankruptcy Act in respect of the company, or to impound the income from
the properties of company.
Said agreement to be effective (a) until the termination of the receivership
of the Seaboard Air Line Ry.; or (b) thereafter, if adopted by any trustees
of said company hereafter appointed under the National Bankruptcy Act,
until the termination of the trusteeship; or (c) until sooner terminated
(prior to July 1, 1938, in the event of non-performance thereof by another
party, and thereafter in any event), upon 60 days' notice by the trustee of
said mortgage, upon the written request of the holders of 51% of the bonds
stamped with the legend or by the company or said receivers.
The agreement shall not become effective and binding upon the parties
thereto unless and until (a) the Interstate Commerce Commission shall
have given any necessary approval; (b) the holders of not less than 86%
of the entire $1,258,000 of the bonds outstanding or such lesser percentage
as the Seaboard receivers in their discretion accept as sufficient to warrant
the agreement becoming effective, shall have become parties to the agree-'
ment by delivering their bonds for stamping as provided in said agreement.
The aforesaid agreement became effective on Dec. 3, 1937, and as of
July 15, 1938 the holders of $1,075,000 of the bonds had deposited their

Liabilities—

1,500,000

$157,797
271,208
607,500
1.500.000

Surplus

92,303
2,121,027

1.960.001

Total

$4,578,051

$4,561,810

Accounts payable and accrued expenses
Accrued Federal, State and town taxes

209,399
607,500

Preferred stock (par $100)
d Common stock
Reserve for sinking fund—for preferred stock

65,303

a 2,169
shares at cost,
b 3,301 shares at cost,
c After reserve for
depreciation,
d Represented by 150,000 no-par shares.—V. 146, p. 3680.

Columbia, Mo.—Bonds Offered—
Dempsey-Tegeler & Co., St. Louis, are offering $800,000
1st & refunding mtge. loan at 100 and int.
The bonds
mature annually, Oct. 15, 1939 to Oct. 15, 1948, and bear
int. at rate of 4% to 1942, 4%% to 1947 and 4lA% in 1948.
College,

bonds for stamping and had received payment of interest on such bonds at
the rate of 3% per annum for the period July 1, 1936 to July 1, 1938.—

V. 145, p.1916.

Teck

ot

excess

$2,500,000,

or more

than three times the amount of this loan.

The proceeds of this loan are being used to refund a present
indebtedness and provide funds for the erection of two new

take

of

care

increased

the

enrollment.

demand

The

outstanding
buildings to
additional

the

for

buildings is evidenced by the fact that at the present time the school has
1,663 registrations for the 1938-1939 school year as against an enrollment

*

»

Hughes Gold Mines, Ltd.—Extra Dividend—

Directors have declared an extra dividend of 5 cents per share in addi¬
dividend of 10 cents per share on the common
*tock, both payable Oct. 1 co holders of record Sept. 9.—V. 147, p. 283.

tion to the regular quarterly

The loan is a direct obligation of. Stephens College, a corporation of the
State of Missouri.
The value of the property securing this mortgage is
in

repaid to the receivers or their assigns prior to any payment
of the properties of company as a result of
properties or reorganization of said company or otherwise;

to said bondholders out of any

$4,561,810

$47,822

ments shall be

468

$4,578,051

reserve

Total....

Stephens

of bonds of this issue, and that the net amount of such advances or pay¬

ers

_

the

Air Line Ry., in accordance with said agreement,
bonds issued under the mortgage securing the bonds,

for interest upon the

1937

1938

to be collectible

will

receivers of Seaboard

Comparative Condensed Balance Sheet June 30
Assets—
Cash-demand deposits and currency

1505

Chronicle

Telephone Bond & Share Co.—Accumulated Dividends—
The directors

at their meeting, held Aug. 24, declared dividends of 28
share on the 7% 1st pref. stock and 12 cents per share on the $3
pref. stock, to be paid Sept. 15 to holders of record Sept. 1.
Like
amounts were paid on June 15 and on March 15 last.

cents per

1st

Balance Sheet June 30

of 1,176 students during the past year.
1938

1938

1937

1937

'

Assets—

Stokeley Bros. & Co., Inc. (& Subs.)—Earnings—

Investment

Consolidated Income Statement Years Ended May 31

allows, fr't. &
Cost of sales—

______

$17,846,068 $14,226,480 $12,620,756
14,764,869
11,403,842
9,950,697

14,236,277

18,923,504

832,831

894,820

7%

deferred

a

____

$2,822,638

$3,081,199

$2,449,666

$2,670,058

18,569

d547

charges

Cash in banks

403,525

369,141.

54,336

52.417

43,438

42,092

Due from sub.

5,520,700

c

_

cos.

80,324
333,999

Adver. & sell. expenses..

$2,491,758
1,684.882
571.886

948,079
534,497

$2,875,055
1,083,865
355,572

$234,990

$1,642,061

$1,435,618

$1,549,887

common

450,000

450,000

9,913,000

9,959,000

64,790

.20,357,632 20,660.841

interest

213,667

145,782

122,554

262,738
48,718
178,224

131,943

allows., interest, &c._
Depreciation.
Int. exp., net of int. inc.
Pro v. for Fed. taxes, estd
Min.

int.

in

328,618

...

Cr267,686
199,686
50,000
189,010

CY16.566
186,440
39,383

118,988
a8,735

7,930

4,043

yCY443,107

_.

Consolidated net inc.loss$353,295
Pref. divs.

(cash)183,750
Common divs. (eash)
133,750
com.

421,707

2.383,268

surplus..

115,000

100,000

1,011,669

Surplus reserved

961,096

.20,357,632 20,660,841

Total

Represented by 391 no par shares,
b Represented by 3,299 no par
c Represented by 95,024 no par shares,
d Deferred charges only,
e
For general contingencies.
Note—The income account for the 6 months ended June 30 was given in
"Chronicle" of Aug. 20, page 1208.

Tennessee Central

stk

$1,114,782
245,000
225,000
300,000

...

$1,039,368
245,000

Net after rents.
From Jan. 1—
Gross from railway

Net from railway
______

Except Santa Cruz Fruit Packing Co. y Credit arising from cancella¬
and settlement of purchasing and selling contracts,
less expenses
applicable thereto and estimated Federal income taxes resulting thereon,
z After
provision of $22,000 for estimated surtax on undistributed profits,
a Provision for Federal and State income taxes prior years.
x

after rents__._

Net

—V. 147, p. 757.

1936

1937

$210,842
59,866
31,185

1,187,708
225,699
37,912

Gross from railway
Net from railway

z$l,381,820
245,000
659,500

Earnings—

Ry.-

1938
$158,885
30,525
6,169

July—

of

Stock div. in

294,328
2,237,613

a

170,777

net income

subsidiary.
Special adjustment_

114,539

cos...

________

Due to sub.

shares,

Extraordinary inc. from
__

548,517

Current liabilities.

Earned

Total

Operating profit.
Other exps., net, excl. of

548,517

debt._.._

e

$2,724,394
878,230
296,277

$3,124,637

14,858
187,156

common

B

Funded

Reserves

Admin. & general exps..

5.520,700

187,156

Class A

Class

14,858

_

preferred

(par $1)
6,100

6,603
92,276
328,654

working funds._
Accts. receivable.

Profit from farm opers.,
sale of fertil. bags, &c_

(par

$3 1st preferred

b Partic.

and

Special deposits &
Balance

pref.

1st

$100)

count & expense

Prepayments

cartage.'$16,685,943

$

18 ,727,578

Unarnort. debt dis¬

xl935

xl936

19,37

1938

ioss returns

Gross s<i.los

Liabilities—

$

1,474,107
367,501
188,344

$210,611
66,258
49,796

1935

$174,770
58,513
41,254

1,370,577
371,722

1,234,213
331,611

239,135

215,379

\.'Y:

-

,YY

tion

31

Consolidated Balance Sheet May
1938
Assets—

Cash

and

&

Inventories.

_____

Mtge. notes pay..

6,000

6,000

293,245

323,841

Advance payments

147,719

75,961

307,584

151,870

Van Camp's,

69,668

38,596

70,967

134,600

134,800

167,851

173,850

Val. of life insur._

49,874

40,970

7%
cum.
conv.
pref. stock
2,100,000

2,100,000

Santa

64,562

rec.

Invest, in cap. stk.

102,000

___

bldgs.

Com. stk.

and

Fruit

___

147,561
1

_

res.

37,151
689,208
1,773,672

Capital surplus
Earned surplus,_

_

1,400,000

Earnings for 6 Months Endea June

535,000

79,275
478,129
2,444.467

*

—

13,139,099

10,872,8881

13,13°,099 10,872,888

Total.

x $2,000,000 current and $3,000,000 not current, $1,000,000 due June 1
1939, 1940 and 1941.—V. 146, p. 2387.

Struthers Wells-Titusville
6 Months Ended June 30—

Texas Mexican

1937

1938

$2,055,871

50,873

x

and

rents!!

(jifomtTOmrailway
after rents-

first page of this department.—V. 147, p. 1208.

(James) Talcott, Inc.—Tenders—
until 12 o'clock noon, Nov. 10, receive bids for the
participating preference stock to exhaust the
of $18,203 at prices not exceeding $52 per share.—V. 147, p. 757.

This company will
sum

The

in

all

Interest Payments—

first mortgage 5% bonds, which matured July 1,
1936, and which are outstanding in the amount of $1,258,000, on which
interest has been paid to July 1, 1936, in August, 1937, were asked to assent
to an agreement whereby they will agree:
(1) To accept interest on account at the rate of 3% per annum, payable
to the registered owner thereof as provided in said agreement for the period
July 1, 1936 to date of termination of said agreement, the bondholders
reserving the right against company to claim a greater rate of interest than
All holders of company's




o,«55o

22,790

def4,709

def202

896,975
282,115
197,206

761,011
209,076
122,834

730.806
-*26,998
1.50,126

,*77,738

Orleans RR.—Abandonment—

Interstate Commerce

St.

Commission on Aug. 25 issued a certificate

Mary Parish, La.

Earnings for July and Year to Date
1935

1938

July—
railway

Net

from

Net

after rents

1937

$3,341,298

$3,652,156
719,444
173,303

$3,130,037
447,104

&92,444

def92.906

27,322,403
6,569,207

22.494,207
k 4,563,452
11,637,491

19,097,398
3,068,368
723,921

646,540
180,657

119361"*

$2,651,271
231,578

From Jan. 1—
Gross from railway

Net from railway
Net

Tampa Northern RR.—Proposed

6,207

permitting abandonment by the company of a portion of a branch line of
railroad extending from Clausen to South Bend, approximately 8.39 miles,

Gross from railway.----

sale to it of sufficient 5 lA %

1936J1**
*83,932

37*600

117, P.757.

Texas & New

SEC—

Sunray Oil Corp.—Registers with
See list given on

159,039

~ ~ -

1937
*125,855

621.882
96,167
38,416

~

Net from railway

nS

1935

1938
*67.010
def652
def9,460

'

Grcwsfrom railway.
Net from railway.*

1936
$1,443,674

41,892
After operating expenses, normal Federal income taxes, depreciation
other charges but before Federal surtax.—V. 146, p. 3204.

Net profit-_>

Ry.—Earnings—

July—

—V.

Corp.—Earnings—

Net sales
x

*

30, 1938

amortiz., conting., and Fed. inc. taxes $3,715,130
3,840,000 shares
_____
$0.96
The statement reflects
a change
in accounting methods, including
sulphur sales to Sulphur Export Corp. for the seven months ended June 30.
Previously the company's quarterly and annual reports reflected such export
sales for the quarter and year ended one month earlier than the period
reported.
The company states that the annual report for the period ending
Dec. 31,
1938, will therefore include sulphur sales to Sulphur Export
Corp. for the 13 months ending Dec. 31, 1938 annual reports after that
date and all quarterly reports after June 30, 1938, will include export sales
for the respective calendar periods reported.—Y. 147, p. 586.
Earnings per share on

Net after
Total.

467.

Sulphur Co .—Earnings—

Net income after deprec.,

for

officers & empls.

3,104,946

3.404,238
equipment.
24,644
Prepaid expenses.
1
Goodwill, Ac.
_

Cruz

Pckg. 6% mtge.

7% cum. non-con v.
1,400,000
pref. stock..
Com. stk. (par $1)
550,242

38,093

.

ofaffil

Inc.,

1st mtge. 6s

plies, at cost.__

Land,

287,135

1,050,465
107,805

6,945,781

_

In v. of adver. sup¬

ofaffil

17,331

Prov.forFed.tax_

Prepd. insur. & int.
Notes & accts.

2,000,000

1,296,986
5,091,788

inventories.

5% gold bonds series of 1928 have been
101 and accrued interest.
Payment will

Chemical Bank & Trust Co., N. Y. City.-—V. 144. p.

Texas Gulf

x5,000,000
974,542
140,782

Accounts payable.

Accrued Items

1,181,224

Ad vs. to growers-

$

Called—

1937

$

Notes payable

611,766

651,779

accounts

receivable

Farm

1938
Liabilities—

demand

deposits..
Notes

All of the outstanding 1st mtge.

called for redemption on Oct. 1 at
be made at the

1937

$

Texas Cities Gas Co.—Bonds

after rents

—V. 147, p.

23,669,660
4,481,556
939,951

Timken Roller Bearing
Period End. June 30—

NF(Seral%axeJ,d&c!!!Earns, per
x

sh. on cap. stk

Before

2.812,341

757.

Co.—Earnings—

1938—3 Mos.—1937
$109,064 x$3,623,976

$0.05

$1.50

provision for surtax on undistributed

1938—6 Mos.—1937

$164,202 x$6,792,683
$0.06
$2.82
profits.—V. 146, p. 3034.

Financial

1506
Third Avenue Ry.

6 Months Ended June 30—

1937

iWS
$1,145,933
908,178

$1,150,940
897,074

$237,755
143,530

$253,866
129,540

$94,225
26,095

$124,326
25,732

$120,320
220,878

$150,058
224,291

$100,558

Operating revenue
Operating expenses
k
9

$74,233

Total operating revenues,...
Net loss after depreciation,

Inc.—Earnings—
1937

1938
$2,565,023

—

1938
3

1936

Federal

income taxes, &c

—;

$487,141

$933,169

—-

prof$79,009

.

Taxes.

Non-operating income.

Deductions.
Net loss..
-V. 147, p. 757

miles—an

express revenue swere $49,378 less than for
In making public the semi-annual report,

3,068,926

Oth^r

1,524,076

income

89,009,130

Total income

20,900,647
12,308,435
12,284,606
6,332,742
18,829,898

Generating
Int.

expenses
loans & debens.

on

Depreciation
Business expenses
Other decuctions

—

3360.

p.

Telephone & Telegraph Co.—Earnings—

Tri-State

al938—Month—1937
$528,919
$525,075
1,594
6,069
$527,325
355,382

Net oper. revenues

1937

1936

1935

73,480,859
2,251,972
1,244,181

67,495,449
1,455,621
1,082,890

81,708,068
19,586,110
12,333,356
6,583,151
4,931,591
18,967,750

76,977,012
17,707,738
12,476,339
7,298,616
3,802,073
15,165,526

70,033,962
16,757,947
14,184,193
6,840,716
3,960,600

12,338,525

Net oper. income

Net

$519,006
401,491

$3,638,203
2,616,710

$3,560,237
2,717,979

$117,515
51,777

$1,021,493
353,063

$842,258
311,286

$119,052

_

Operating taxes

78,020,160
2,256,488
1,431,420

$65,738
13,955

$668,430

$530,972

225.651

206,046

income

52,992

,

Includes $49,925 for month and $349,735 for the seven months which

a

may

be refundable in whole or in part.—V. 147, p. 907.

Truax-Traer Co. (&
3 Mos. End. July 31—

Exclusive

x

quirements.

Subs.)—Earnings—

1938
$163,412

Net loss

y

al938—7 Mos.—1937
$3,649,901
$3,581,676
11,698
21,439

$171,943
52,891

Operating revenues..
Operating expenses.

Tokyo Electric Light Co., Ltd.—Earningst5 Mos. End. May 31—
1938
Sales of electricity.
84,416,129

Jack Frye, President, said that

expected that the rate changes may be retroactive.—V. 146,

months and it is

appointed registrar

tin Japanese Yen)

the same period in 1937.

decision is expected within the next few months on the company's applica¬
tion for increased air mail rates.
This application has been pending for 21
a

Uncoil, oper. revenues...

The Marine Midland Trust Oo. of New York has been
for the common $10 par value stock.—V. 147, p. 1050.

Interest and dividends..

period T. W. A. operated 33,427,440 revenue passenger
increase of 20.17% over the same period in 1937.
Mail and

During this

Period End. July 31—
Operating revenues

Tim-Bo-Lok Corp.—Registrar—

*

Sept.

Transcontinental & Western Air,

System—Earnings-

Month Ended July 31—

„

Chronicle

of discount

After deprec.,

y

1937
$72,262

1936
x$43,386

1935
x$23,081

debentures

on

depletion,

purchased for sinking fund
interest, taxes, &c.—V. 146,

re¬
p.

3973.

Net profit

►

18,352,802

19,306,112

20.526,719

15,951,980
Ulen &

Balance Sheet May

31

1937

1938

Assets—

774,212,952
33,755,776
31,983,963

depreciation..778,444,406
Inv. In securities

1,854

Bills receivable.

1,950

Mat'ls & suppl's

10,139,529

Receivables

10,770,738

11,484,446

4,230,535

6,587,182

Cash
Unamort.

Liabilities—

1938

disc. &exps__
Inv. in affil. CO.

28,785,327
90,210,676

31,167,560

Suspense pay'ts.

6,136,373

5,036,620

shares, respectively, of common stock of the company at
share in whole or in part from time to time.
The option granted
Macy terminates on July 21, 1941, and the option granted to Mr.
Lougee terminates on Aug. 1, 1941.—V. 147, p. 587.

$2.50

367.642.853

to

Accts. payable..
Accrued Interest

3,584,499
9,145,017

67,091,762

Legal reserve... 25,861,000
Special reserves.
6,000,000
Em pi. ret. res've
1,577,095
Prov.

on

720,996

7,500,000

7,385,083

4,361,289

137,752

137,667

3,200
22,993,686
3,800,208

Suspense rec'ts.
Foreign exchange

The

32,400

Union
Action

1938
$189,442
66,500

Gross from railway

The company has entered a bill of complaint in

Takes

Chicago, against the United States of America and Interstate Commerce
Commission asking that the Commission be ordered to annul, enjoin, set

962,475,312 933,340,306

aside and suspend an order of the commission which as of Oct. 1, 1938,
will cancel and suspend certain live stock service charge schedules of the

Total

RR.—Earnings1936

1937
$198,001

1935

53,223
24,306

$244,146
78,329
33,968

$153,434
32,551
15,253

1,216,083
337,735
143,097

Net after rents

1,337,427
373,594
156,131

1,389,277
417,172
200,637

962,885
175,864
58,885

—V. 147, p. 757.

and is not therefore under the jurisdiction of the Commission and Inter¬
state Commerce Act.
The ICC assumed jurisdiction because of the owner¬
ship of railroad properties by the Stock Yards company.
The Stock Yards company on the other hand contends that this owner¬
ship is of property and not of the operation of services as the company has
leased to the Chicago River & Indiana RR and others its railroad properties
including Chicago Junction Ry and therefore it is not subject to ICC juris¬
diction in the matter of its schedules of charges for loading and unloading
of live stock and handling of stock from railway cars.
Company claims it
operates solely as one of numerous stock yards companies and as such is
under jurisdiction of Department of Agriculture.—V. 142, p. 473.

Torrington Co. (& Subs.)—Earnings—
Years End. June 30—

1938

Net profit for year

Common dividends.....

$1,799,489
1,789,755

Surplus

$9,734
stock

standing (no par)
reserve

19.37

Union Tank Car Co. (&
1936

$3,262,516
3,037,160

1935

$2,333,877
2,520.000

$2,027,830
2,240,000

$225,356 def$186,123 def$212.170

Sub.)—Earnings—

6 Months Ended June 30—
Gross income from operations

1938

1937

$4,033,167
1,942,554
1,443,404
153,317

$4,635,216
1,838,951
1,585,816
145,977

$493,892
25,611

$1,064,473
26,161

$519,504

Maintenance, repairs and general expenses
Depreciation

$1,090,634

Taxes

out¬

1,627,050
$1.11

Earned per share

After

-Company

Federal District Court,

15,927,764

From Jan. 1—

Gross from railway..
Net from railway

y

Co.-

19,306,112

31,368

Net from railway
Net after rents

com.

Transit

company.
The basis of the court action against the ICC lies in the contention that
the Chicago Union Stock Yards & Transit Co. is not a common carrier

July—

of

&

18,352,802

for

959.

Toledo Peoria & Western

Shs.

Yards

Stock

ICC Order—

on

16,832,497

profit

the term

y

Acquisition—

Commission

abandonment

permitting

3,800,208

suspense

Surplus

Commerce

Interstate

on July 30, issued a certificate
by the company of the part of its North
Platte branch line of railroad extending from milepost 23.58 to milepost, 55.95, approximately 32.37 miles, and. (2)
authorizing acquisition
and operation by the company of a line of railroad to be constructed by the
Central Nebraska Public Power and Irrigation District, extending between
the above-mentioned mileposts, approximately 33.16 miles; all in Keith
and Garden counties, Neb.—V. 147, p. 1355.

(1)

18,929,073

deb.

redemption

962,475,312 933,340,306

6,000,000

10,500,000

Unclaimed divs.
Unclaimed

Union Pacific RR.—Abandonment and

23,971,000

red.

of foreign bds.

Net

3,613.238

per

Mr.

9,585,706
22,250,000

for future

losses

Deposits

Total

shares and 2,5 >0

429,562,000

Bonds & debs...359,666,472

5,773,978 Loans payable.. 47,174,000

debt

-V. 145, p.

1937

Share capital...429,662,000

Fixed assets less

Co.—Options—

The company has advised the New York Stock Exchange that options
have been granted to E. C. Macy and Norman A. Lougee to purchase 1,000

(Currency—Japanese Yen)

1,627,050
$2.01

542,350

534,216
$3.79

$4.30

Net

Other

income from operations
income

for taxes of $384,077 in 1938, $656,970 in 1937, $423,023

In 1936 and $278,326 in 1935.

Total income

Provision for Federal income &

profits taxes

10,000

115,428

$509,504

5,705,848

$975,206
5,583.332

$6,215,352

excess

$6,558,539

Consolidated Balance Sheet June 30

Assets—

1938

b Real estate bldgs., ma¬
chinery & equipment. $2,886,272
Torrington Oo. or Maine
capital stock
Net assets of English &
German subsidiaries.
c81,310
Inv. in sundry stks., &c.
69,305
Inventory or materials,
supplies, &c
3,027,809
Bills & accts.rec.,less res.
1,063,162
U. S. & Can. Govt, secs.
2,857,074
Cash
1,304,821
Deferred charges
83,948

1937

1936

$2,977,256

1935

$2,722,612

399,469

593,127

87", 684

1,486,232
72,448

_

4,009,713
1,584,664
2.661,332
821,677
68,571

2,889,613
1,371,049
3,728,788
910,047
49,678

2,150,215
866,448
4,353,056
483,408
39,994

$11,373,702 $12,598,016- $12,158,941

Totalassets

$7,000,000
d222,020
Res. for foreign exchange
135,016
Reserve for taxes
520,736
Surplus
3,495.931

$7,000,000
558,317
314,753
839,003
3,885,943

$7,000,000
559,310
262,495

$7,000,000
273,894
161,882

634,977

407,585
3,839,612

3,702,159

Trane Co.—Consolidated Balance SheetJune 30, '38 Dec. 31, *37

hand and

deposit
Customers'
on

Liabilities—

$206,392

$85,452

$147,117

Federal, State and

notes

Dom. Inc. taxes.

44,229

104,393

and accts. rec v..

408,729

632,932

Accrued expenses.

16,949

22,543

Mdse. inventories.

662,791

686,007

Mtge.

Invest. &acct.
sub.

co

rec.

Land, bldgs.,

held

127,410

....

ma¬

&c.

on real
as

est.

investm't

Res. for contingent
State taxes

chinery & equip.,

Sundry

Earned surplus at end of six months
Shares common stock (no par)

Earnings

6,916

367,331

24,470

37,114

5,996

13,502

6%

cum.

Total

exps.

$1,670,717 $1,943,278

-V. 146, p. 1730.

A vnpfw-




$0.81

1938

Q

<5

1,230,865

2,071,515

Accounts payable-

U. S. Govt, notes.

3,028,813

3,028,813

Accrued

-»

Liabilities—

1937

$

$

250,873

850,872

39,288

wages

5
Res. for gen'l taxes

on

59,082
165,787

237,305
'

Investments

8,752

8,440

1,237,791

Material & supplies

846,244

1,529,036
1,197,012

Other assets

140.842

427,253

x

Tank cars, plant,

i
Res.forFed'l taxes

Reserves

Earned

174,712

281,468

512,290

559,002
30,000.000 30,000,000
5,387,050
5,612,255

surplus..

Reacquired capital

eqpt. & fixtures.29,695,569 29,248,886

Deferred charges..

19,785

£>r392,855

17,511

1

stock

1

Good-will, patents,
&c_

Total...
x

After

in 1937.

.36,208,662 37,528,466

Total..

.36,208.662 37,528,466

for depreciation of $57,744,843 in 1938 and $55,689,455
Represented by 1,200,000 no par shares.—V. 146, p. 3528.

reserve

y

A total of

$50,000 1st lien 5H% gold bonds, series A, due May 1, 1951
been called for redemption on Sept. 21 at 102 and accrued interest.
Payment will be made at the New York Trust Co., N. Y. City.—V. 147,
p.
1209.
has

United

Cape Cod Cranberry Co.—Bal. Sheet May 31

Assets—

36,406

Receivables

22,698

Supplies
Crops 1938

pref. stk.
503,230

502,670

Real estate, &c

324,302

321,362

"Prepaid

360,149

480,304

Treasury

300,000

300,000

...$1,670,717 $1,943,278

Securities

1937

$25,455

124,144

51,798

stock...

Crops 1937.

Liabilities—

$68,005

Mortgages.

400,000

3,358

3,897

x64,315

No par stock

Surplus.
Cap. stk. sub. fr_.

674,978

2,510,278

2,533,746

459

Stock with par..

1937

$293,353
100,000

873,500

873,500

1,279,328

1,279,328

1,438

171,696

1938

Accounts payable.

71,382
672,573

items

Total
x

1938

55,018

35,275

($100 par)
Com. stk. ($2 par)
Capital surplus

Total

1937

Cash....

Earned surplus

and receivables.

Prepd. &def.

$5,612,255
1,200,000

Consolidated Balance Sheet June 30
1938

Cash

Pref. stock of sub.

341,910
lnvestm'ts

—

per share

946,283

$5,387,050
1,182,582
$0.43

Union Water Service Co.—Bonds Called—
June 30. *38 Dec. 31, '37

Accounts payable.

$199,410

828,302

Accts. receivable-_

$11,373,702 $12,598,016 $12,158,941 $11,682,973
a
Represented by 1,627,050 no par shares,
b After reserves for depre¬
ciation, including special reserve of $4,486,561 in 1938, $4,428,675 in 1937,
$4,211,150 in 1936, and $3,517,659 in 1935. c Net assets of German sub.
only, d Includes accrued expenses.—V. 146, p. 1893.

on

Dividends paid

Accrued interest

Total liabilities.

Cash

Total..

$11,682,973

Liabilities—
Common stock
Accounts payable
a

Assets—

Earned surplus at beginning of year

$1,638,046

399,469

75",335

Net income

165,806

$3,558,908 $3,521,433

Total

932,645

5,430

966.002

9,250

$3,558,908 $3,521,433

Volume

Financial

147

United-Carr Fastener Corp.—To Pay

United National Corp.

10-Cent Dividend—

the common
stock, no par value, payable Sept. 15 to holders of record Sept. 10.
Like
amount was paid on June 15 last; a dividend of 30 cents was paid on March
15 last, and previously regular quarterly dividends of 50 cents per share
Directors have declared

Years Ended June 30—

dividend of 10 cents per share on

a

tion of earnings

United

Cigar-Whelan Stores Corp. (&
•

Period Ended June 30, 1938—

Net sales
x Loss from operations

z333,118

y87,956

funcl

After taxes, depreciation, amortization, interest on 5% sinking
bonds, &c.
y Including $373,973 profit derived from purchases and retire¬
ment of the company's 5% sinking fund bonds, representing the excess of
x

of $180,722 on
receivable and $37,500 for payment on

principal amount over cost thereof and after deducting loss
sales of real estate and mortgages
cancellation of executive's employment

June quarter of $67,795.

z

contract, there was a profit for the
Including $676,433 profit from purchase and
$170,117 loss on sales of real estate,

retirement of bonds and after deducting

&c., and $37,500 payment on cancellation of executive's
tract, there was a profit for six months ended June 30,

- 1

—V. 147, p. 284.

employment con¬
last, of $135,698.

Balance Sheet June 30
Assets—

y

The reorganization plan of the company and its subsidiaries, the United
Gas & Fuei Co. of Hamilton, Ltd., Hamilton By-Product Coke Ovens, Ltd.

forward to shareholders as
as the Supreme
Court in Ontario gives the required permission in
September and sets a date for meetings of shareholders.
The proposal to go to holders of the different securities is as follows;

be reduced
of $50 par
$25 par value.

1. The 90,000 issue $100 par value 6% preference shares will
90,000 6% cumulative redeemable class A preference shares

3.
4.

class B preference shares of

authorized

160,000 unissued preference shares now

The remaining

2.

will be canceled.

.

100,000 issued common shares will be reduced to
The remaining 150,000 unissued and
will be canceled.

887,222

128,334

21,500

106,143
1,018,047

of shares held.

number

the

Life Ins. Co.

Earned surplus

23,961

Capital surplus...

Mtge. rec. fr. Peter
Puget Co., Inc.,
control*d co_.

284,417

309,317
19,458

Accts. receivable..

440

Real estate.

11,366
1

Furn. & fixtures..

$1,427,228

|

.$1,367,506 $1,427,228

Total

y Represented
as
follows:
United Pacific Insurance Co., $440,950,
Drumheher, Ehrlichman Co., $250,000; Murphey, Favre & Co., $125,000;
Ferris & Hardgrove, $71,272; United Pacific Realty & Investment Corp. $1.
—V. 147, p. 136.

United Post Offices

Corp.—Earnings—
1938

1937

$137,565
17,336

$155,484
17,912

$154,901

69,211
96,676
22,235

$173,396
84,033
115,861
23,192

Crll2

Cr2,475

$33,109

$47,215

6 Months Ended June 30—
Rental income—U. S. Government

Other tenants
Total income

Operating and administrative expenses
5M % per ann. on income bonds

Interest accrued at

Interest collected—income bond investment

to elect two out of
dividends, if either
the Dominion Natural Gas Co. or the Union Gas Co. of Canada (under
their recent agreement for ending their long fight for Hamilton gas business)
shall have purchased from the other the voting trust certificates held by the
Union Gas Co. to represent the common stock of United Fuel that right
will be perpetual.
Either of these provisions could be used to give the
class A preference shares the right to elect two directors, but no more than
two can be elected as a total.
The class B preference shares will have no
voting rights.

obtain the benefits provided for in the

In order that United Fuels may

will have
supply of
under date of March 14, 1931, and to transfer

agreement between the Dominion and Union Companies, Union
to release the unexpired term of its contract for the exclusive
natural gas to United
to Dominion Natural

Fuel.

United

Comparative Balance Sheet June 30

Gas,

Gas 50% of its holdings in the common stock of
United Fuel will pay Union Gas $180,000 for such
by Union Gas of all claims for

The

Assets—

1938

Liabilities-

1937

1938

/.

Accts. receivable.

_

$80,517

Accounts payable-

$2,252

$2,215

223,326

221,371

Accrued liabilities-

42,503

28,869

Investments

3.515,500

4,114,000

260,774

170,535
411,400

1st mtge. cum.

9,450
_

1,873,827

10,807

18,679

2,057

3,223

Prepaid taxes

inc.

April

1948

15,

....

Unexpired insur'ce

due

bonds

51,854

....

Physical properties
(net)
1,830,545

Interest accrued on

bonds.

income

_

Capital

($1

stock

34,130

United

annual elections is to be

Fuel between

Total.........$2,120,520 $2,249,471

Total.........$2,120,520 $2,249,471

United Public Service

Corp.—Earnings-

[Including Kentucky Power & Light Co.]
1936—6 Mos.—al937
Period End. June 30— 1938—3 Mos.—al937
$337,063
$313,339
Total oper. revenues
$159,345
$157,524
234,650
233,519
Operating expenses
109,564
103,933
State, local and miscell.
Federal taxes

12,530

:

Federal normal and State
income

25,318

11,480
,

1,551
$40,560

$68,315
2,406

$53,138

$34,424
18,121

$40,518
18,621

$70,721
36,411
1,042
4,263

$52,452
37,519

5.484
1,135

5,063

90% of the outstanding common shares of United
to fill such vacancy.

Vacancies

on

Gross income

tiril

subsidiary boards will be filled by an instrument

in writing

of Dominion Natural Gas.

Fuel

&

been given authority by the

Hamilton City

Council to proceed with the deal.
As all the companies mentioned have
agreed upon the terms, all that remains is for a favorable vote from those
holding stock and then for final passing on it by the court.—V. 147, p. 758*

habilitation

Electric output of system
—V. 147, p. 1209.

Aug. 20 '38

Net

$10,672

income—

United

87,723,419

89,170,325

89,8*8,287

Paperboard Co., Inc. (& Subs.)—Earnings—
Year Ended

Year

Ended

Cost of sales

...

$15,996

$2,360,372
2,071,723

$3,149,884
2,777,112

$1,073,704
951,821

$288,649
Cr27,328

Gross profit on sales
... *. .

* .*

_

Selling expenses
Administrative and general expense.

Depreciation

90,101

90,384

113,247

3,162
24,240

1936

1935

1934

$416,559
4,930

$470,133
4,377

$576,158
8,716

$682,922

$421,489

$474,511

$584,875

$691,970
75,854
5,176
33,554

Net profit from operat'ns
based
on
completed
Interest & div. income—
Total

Interest (other than
funded debt)

on

15,235

Net income
Preferred dividends.

$150,684
a77,940
72,000

Common dividends
a

Approximately

T„

inserted by

Note—No Federal excess

Int.

a

May 28 '38 May 29 *37

$1,318,213 $1,200,369
291,241
al78,846
424,445
inventory..
376,027

514,631

Fixed

assets

cost)

742,008

1,496,192

Liabilities—

accr.

May 28 '38 May 29 '37

990,130

97,500
270,067
19,000
$190,815

expenses..

$160,189

Res. for Fed. cap.

oper.

21,781

936,936

746,164

1,184,579

div. In llq.

5,912
1,220,300

1,299,000

Goodwill

Common stock...

2,400,000

2,400,000

Deferred charges..

230,635

Accrued accounts.

224,548

235,271

dt.

mat'g

Funded

162,862

201,801

43,812

Def'd credit

debt

,56,708

99,239

275,830

28,743

Paid-in surplus—

72,721
2,779,340

31,715

1,982,685
2,499,346
941,444
63,099
95,797

2,187,837
2,499,346
941,153
1,201,212

4,059,453

.....

dlscontin.

234,023

$3 cum. pref. stk..
d Common stock..

counts recelv...

Assets of

$250,000

231,781

within 1 year...

982,079

1936

$150,000

payable-

Notes payable

Funded

for

Def. notes & ac¬

Investments

$85,598

Earned surplus—

'

186,628

192,590

stk. & inc. taxes

1,391,997

28,536

23,500

Surplus.

(at

......

Del. assets & chgs.

held

Preferred stock...

Invested assets (at

x

receivable 1,136,678

contr.

Inventories

Accts. payable and

in banks

cost).....;

Notes, accepts. &
accts.

been

1937

Liabilities—

$308,134

Accounts

cust.ship'ginstr.

Accta. receivable..
Mdse.

$173,502

b Finished goods on

profits on undistributed profits taxes have

hand and

7,000

$74,885
$24,112
$129,287
undistributed net income.
1936

1937

Assets—

a

on

Includes $93 surtax on

Cash
a

Editor].

Consolidated Balance Sheet
Assets—

147,297
264,493

a405

Fed'l inc. tax—

9,048

Consolidated Balance Sheet Dec. 31

$56,438
a59,274

incurred by company.

Cash

depreciation. _

20*,662

145,224
268,326

135,413
200,822

funded debt

on

Prov. for

16,135

2l",6l3

9,964

Special commissions

18", 740

$36,781
36,588

Other deductions

37,116
28,328

Lithograph Co. (& Subs.)—

1937

Calendar Years—

Net income

74,085

Federal income taxes

$121,883

147,

•■•'•••• ; •/*

$9,340,000.—V. 147, p. 758.

Prov. for

87,324
.

.

_

$372,772

$22,387
$3,612
1937, but applicable to the

to in this column.—V.

class B stock have withdrawn requests made
Church for the appointment of committees to

Bonuses

Other income

927

appraise their stock and to direct immediate payment.
A similar motion is
pending in the Federal Court.
The 21 separate suits were taken in protest
to the sale last June of United to the Bethlehem Shipbuilding Co. for

5 Mos. End.

May 28 '38 May 29 '37 May 30 *36

Period—
Net sales

805

4,525

Shipyards, Inc.—Requests Withdrawn—

Supreme Court Justice

orders

United

734

Dr686

Attorneys for 21 holders of

Aug. 28 '37

(kwh.)

2,400

193

United States Printing &

Aug. 27 '38

Week Ended—

2,820

cost

a Adjustments made subsequent to June 30,
periods ended that date have been given effect
p. 587.
■
-,vv V

Co.—Weekly Output—

United Gas Improvement

492

2,276

Miscell. income deduct's

to

has

488

2,129

Amortization of flood re¬

The General Manager of any
The by-laws of all the uniting
companies will be amended to conform to these provisions, and the charter
and by-laws of the resulting corporation shall be acceptable to the solicitors
Gas

debt

interest

Amort, of bd. disc. & exp

executed by holders of all com ion shares.
of these companies shall not be a director.

United

long-term

on

2,971

4,957
$32,293
2,131

taxes

Net oper. income
Other income

General

23,710

8,779

filled by an instrument in

and executed by the holders of at least
Fuel appointing a director

writing filed with the United Fuel

2,511,679

-V. 147, p. 434.

Int.

consist
of six members.
No proxy given by the company covering stocks of its
subsidiaries or instrument executing it as stockholder filling a vacancy in
the Board of Directors or any of its subsidiaries shall be valid unless specifi¬
cally authorized by resolution of the board.
Any vacancy in the board of
six and a quorum will

34,130

2,086,189

par)
Deficit

under the

paid by Union Gas to United Fuel

United Fuel directors will be decreased to

351,550

Scrip certificates-_

release and transfer and also for the release
the repayment of any amounts
terms of the 1931 contract.

1937

$44,335

Cash

Sinking fund

class A preference shares shall be entitled also as a class
the six directors, irrespective of the existing arrears and

«.

95,947
1,073,953

Com. stk. ($1 par)

Contract of North¬

exchange and all other arrears of

on

The class A preference shares are to be redeemable at $60 per share and
unpaid cumulative dividends, and would be entitled on liquidation, disso¬
lution or winding up to the repayment of $50 per share and unpaid dividends.
In the case of a voluntary winding up it would be entitled to a premium of
$10 per share.
The class B preference shares can be purchased for cancelation at a price
not exceeding $30 per share and on liquidation would be entitled to $25
per share or a premium of $5 per share in case of a voluntary winding up.
The class A preference shares are subject to provisions generally similar
to those attaching to the present preference shares.
They will not have
any voting rights until cumulative dividends are in arrears to the extent
of eight quarterly dividend payments.
In such an event they would be
entitled as a class to elect two out of six directors.
It is provided that the

'

230,000
21,500

par)

A dividend of $2 a share will be paid on the

shares

to

($1

Net loss.

existing issued preference
dividend will be canceled.
The 6% cumulative prference dividend will be cumulative from Jan. 1,
1938, payable quarterly. Dividends in excess of class A preference dividends
will be paid to class B preference and to common shares pro rata according

$5,827

220.000

pref. stock

Partic.

878,963

102,232

a

$1,816

accrued-....—

of controlled cos.

ern

and

Taxes payable

Depreciation., j.

90,000 shares.

authorized no par value common

shares

5.

$99,746

Miscell. investm'ts

soon

value and 90,000 non-cumulative

1937

$49,276

Invest, in stocks

1937

1938

Liabilities—

1938

Cash in banks.

and the United Suburban Gas Co., Ltd., will go

to

applicable to minority interests.

Total —...—$1,367,506

;

Ltd.—Plan of Reorganization

United Fuel Investments,

.

Subs.)—Earns.

3 Mos.
6 Mos.
$12,379,279 $24,088,191

;

;

1936
1937
$370,535
$332,583
230,000
220,000
230,000
$1.61
$0.26
$1.45
State and Federal taxes and after elimina¬

$56,239

After deducting provision for

x

(& Subs.)—Earnings1938

Net earnings.
Shares part. pref. stock
Earnings per share
x

distributed.—V. 147, p. 758.

were

1507

Chronicle

c

Property—-

Total

—

1

1

172,351

362,371

........

--.——-$6,395,374 $7,969,587

Total

$6,395,374 $7,969,587

doubtful items.
b After reserve for overruns, spoilage,
&c.
c After reserve for depreciation of $3,687,711 in 1937 and
$4,571,440 in 1936.
d Represented by 171,256 9272-10,000 shares issued
a

After reserve for

returns,

Total
x

....-

$3,942,444

$4,073,560»

a

Total

$3,942,444 $4,073,560

of $641,600 in 1938 and
Includes notes.—V. 146, p. 3530.

After reserve for depreciation

1937.




$1,279,579 in

less

10,028 452-10,000 shares held in treasury in 1937
held in treasury in 1936.—V. 147, p. 1356.

shares

and 10,078 62-10,000

1508
'

Financial

United States Electric Light & Power

Chronicle

Shares, Inc.—

Utah

Dividend—

United States

Selling, general and administrative

expenses

—V.

-

Provision for Federal income and excess-profits taxes
on undistributed profits
Net income

$157,443

Notes & accts. receiv. (net)...

468,422

Accrued interest receivable..-

3,161

Inventories.......
Miscellaneous

41,187
3,561

Marketable securities......

a

investments...

288,842

Sundry claims,

counts receivable

9,556

Deposits in closed banks (net).

420

b Fixed assets

exps. &

148 ,406

profits taxes

21.604

excess

6,334

90,518

for

Fed.

surtax

on

un¬

213, 378

Real estate mtge. notes
Prov. for workmen's comp.

189, 050
&

public liabil. claims, &c

107, 981
450, 389

1st mtge. 5)4 % s f. bonds
Reserve for contingencies
-

Hearing Started by SEC—

Valley Mould & Iron Corp.—Earnings-

500 000

133 841

Earned

780 476

surplus

Total

Year Ended Dec. 31—
Net profit from operations
Provision for Fed. and State taxes

99,000

Dividends on prior preferred stock
Dividends paid on common stock
Earns, per sh. on 96,920 shs. of com. stk., $1
par..

$710,158
138,797
387,680
$5.89

$481,679
207,013
193,840
$3.50

Net profit

Assets—

Selling, warehouse, shipping, administrative and general

$2,067,145
1,464,522
368,006
28,567

exps..

Provision for depreciation and amortization

1937

$206,050
21,270

i

Other income
Profit

8,748
3,232

Provision for doubtful accounts

Sundry deductions
Federal and State taxes on income
Surtax on undistributed profits

/

years taxes

3,427
33,300
8,600
1,010

120.425
Balance Sheet Dec. 31, 1937
Liabilities—

$54,927

Trade note & accts.

rec.

(net).

Accounts

payable

$74,004

125,427

Accrued

Inventories

554,731

Prov. for Fed. taxes

Other assets

17,438
286,459

(estimated)..
Capital stock (par$l)
Capital surplus

Prop., plant & equip, (net)...
Intangible asset
Deferred charges.

111,606
9.390

Total

$ 1,159,980

Earned

taxes......

4,716

on

surplus

Income

41,900

121,416
752,493

....

<

(customers)

69,716

Inventories..

323,542

381,520
204,752

21,627

21,782

1,256,255

1,366,634

5,997

4,437

Total

Utah Radio Products Co.
(&

$ 1,159,980

zl936

Deferred charges..

$2,486,756

$2,512,028
2,267,305
348,357

2,130,286
316,421

Net loss from oper...
Other income

$23,464
50,463

$5,708

$103,634
37,970

$61,404

Profit

Discounts
Loss

on

$26,999
46,323

sales

investments
Other income charges.__

44,750

....$2,477,288

Van de

$39,042
17,218

loss$29,853
34,468

36,557

26,515

Prov. for Fed. inc. tax.
on
pref. stock of

11,600

17~261

Caswell-Runyan Co..

1,793
$69,274

$24,420

12,522

2,466

Net loss for the year..

4,245
55,230

Div.

$148,999

y The
Caswell-Runyan Co.
z Including
Utah
Radio
Products
of
Canada, Ltd., from its inception in
August, 1936, to Dec. 31, 1936.—
Consolidated Balance Sheet Dec. 31

Assets—

1937

Cash

1936

Liabilities—

$63,499

Cust's* notes
Gust's'
Other

$86,692

rec..

5,303

14.116

rec.

276,089

353,585

accts.
current

re¬

ceivables

3,604

Inventories

4,704

530,542

393,411

19,818

17,443

Inventories of slowmoving stock...

Investments
Other

rec.

Prepaid
y

18,265

1,377

48,941

18,424

17,406

437,686

Fixed assets

expenses..

Co.

Total
x

for

$3,846,248

$3,310,672

$2,624,595

4,341,421

3,507,369

3,086,871

2,480,802

4,832

2,103

63,497
41,354

18,263
62,949
29,640

39,490
x31,000

62,803
38,786
23,733
12,200

$139,265
15,079
80,000

$158,706
15,949

$84,174
18,606

$8,518

$44,187

$38,017

$65,568

def$l 1,457

Crl,477
68,673

74,986
77,690
31,000

Net

income

Preferred dividends
Common dividends

Including $4,000 surtax

$175,023

Sundry accts.

rec.

$190,321
71,609
2,691

75,884
5,937

Liabilities—

accts.

receivable

Dec. 26 '37 Dec. 27 *36

Accts. payable and
accrued expenses

Prov.

Employees' notes &

for

$101,203

$31,911

Federal

income tax

34,308

..

32,219

2,198

1,185

Preferred stock...

238,700

271,300

150,257

114,500

c

Common stock..

270,000

270,000

Prepaid expenses..

23,593

23,655

d

Treasury stock..

7>r8,271

£>rl6,157

Unimp'd real est..

72,784

72.784

Paid-in surplus
Earned surplus...

246.901

226,376

163,320

119,133

$1,046,161

$934,782

Inventories

a

Property,
and

b

plant

equipment,

Initial

372,787

288,922

payment

leasehold.

167,695

169,112

$1,046,161

Total

$934,782

Total.

a After reserve for
depreciation of $517,571 in 1937 and $473,807 in 1936.
b Of Los Angeles Bakery
property for which title will be received at expira¬
tion in 1963 and additions thereto, less depreciation,
c Represented
by

160,000

(40,000 in

preferred

stock

—V.

p.

146,

at

1936)
cost

no-par

1937

in

shares,
d Represented by 81 shares of
367 shares of preferred in 1936.—

and

3823.

Venezuelan Petroleum
Years End. Dec. 31—

Co.—Earnings—

1937

1936

14,940

22,410
294,570

44,820

1934

$241,748

Ill

1.500

$300,101
13,017
x32,500

$369,949
19,277
1,784

$294,936

$243,248

$345,618

$391,010

taxes. &c_.

yl39,981

216,249

238,373

198,570

Net income

$154,956
2,000,000

$26,999
2,000,000

$107,246

$192,440

z2,000.000

0.08

$0.01

$0.05

z2,000,000
$0.09

1,515

.

22,410

1935

$292,644

Total income

Expenses,

incl.

deple'n,

196,380

1,114,895
269,871

994,645

191,485

Shs.cap.stk.out.(par $1)
Earnings
x

y

19,976

undistributed profits

Dec. 26 '37 Dec. 27 *36
Cash val.of life ins.'

& miscell. income..
Profit on sale of secur..

11,600

$1,404,003

24,421

Comparative Balance Sheet

Royalties

stock

redeemed

Total

on

Dec. 31, '35 Dec. 31. '34

104,739

Runyan

Represented by 294,570 no-par shares (stated value).
depreciation.—V. 147, p. 136.




211,011

2

.$1,404,003 $1,344,4951

Dec. 27, '36

Int.

Cap. stk. of subs,
x Capital stock

389,928

2

-

pref.

Pats., goodwill and
trade-marks....

$195,781
12,207

tax

come

.$2,477,288 $2,746,952

1936

$74,183

......

Indiana State tax.
Prov. for Fed. in¬

Caswell
47,658

bals...

expenses..

1937

Notes payable
Accts. pay. & accr.

536,115

147,606

$4,731,560

Prov. for Fed. inc. tax..

on

$100,528

Total

331.287

Dec. 26, *37

Miscell. charges (net)
Deprec. & amortization.
Maintenance & repairs..
TftX68

1,100

2,968

1,295,900
96,920

$2,746,9521

Cost of sales, oper., gen.,
& admin, expenses

20,717

_

Loss of certain subs.
y

loss$65,664
22,759

on

58,352

cum. prior
pref. stock
1,126,694
Com. stk. ($1 par)
96,920
540.215
Capital surplus

Kamp's Holland Dutch Bakers, Inc.-—Earnings

Years Ended—
Hales

Cash...

31,551

70,937

After reserve of $5,000.
b After reserve for depreciation of $1,709,009
1937 (1936, $2,418,003).
c Represented by 23,955 no par shares at a
stated value of $50 per share after deducting 2,045 shs. in
treasury at cost of
$173,306 (1936, 82 shs. at cost of $4,100).—V. 145, p. 3985-

$2,385,303

2,160,523
331,941

131.013

con-

a

1934

2,503,935
390,201

211,786

&c
for

in

x

maintenance & repairs
Sell., gen. &adm. exps..

1936

5481,045

gericies.&c

Profit & loss, surp.

Total

-Earnings1935

1937

$99,448

C$5.50

Baiance, surplus

Subs.)-

penses,

Reserve

plant

and equip

165,450

.....

-V. 146, p. 1896.

Years Ended Dec. 31—
1937
Net sales
$2,870,672
Cost of sales, deprec. and

Liabilities—

Trade accounts
Accrued taxes, ex-

Other assets

$169,003

.

Cash

$767,825

Accts. receivable

a

$227,320

Expenses incident to filing of registration statement, sale of
capital stock and matters relating thereto..

Assets—

1936

$800,150

b Property,

Net profit
Dividends paid

_

Cash....

Sales (net)
Cost of goods sold..

Underprovision for prior

on

Condensed Balance Sheet Dec. 31

Co.—Earnings—

Earnings for Year Ended Dec. 31, 1937

Operating profit...

$580,679

185,/o9

$6,481,785

deposit with N. Y. State Industrial Commission under Workmen's
Compensation Act, at cost,
b After reserve for depreciation,
cNet of
amortization,
d 10,000 no par shares.—V. 147,
p. 1054

1936

1937

$895,867
income est..

On

Upson-Walton

original plan provided that

10 shares.

The Securities and Exchange Commission on
Aug. 29 began hearing on
evaluating the properties of the corporation in an effort to enforce for the
first time the
"death sentence" section of the Public Utility Holding
Company Act of 1935.—V. 147, p. 1356.

2,100 000

Capital surplus

$6.481,7851

share would be issued for each

235 000

7% preferred stock
d Common stock....

a

on a one for ten basis.
(6) One share of the new common stock will be issued in exchange for each
five shares of the present common stock.
The

20, 226

Equip, notes due sub. to 1938.

on

(5) The name of tne present class B stock shall be changed to common
stock and shall be consolidated on a one for five basis.
The original plan

2, 519

income

new common

provided for the consolidation

one

distributed profits
Unearned

over

$2 with respect to annual dividends, and shall participate equally as a class
with the new common stock on liquidation and in annual dividends after
the payment of such preference amounts.

37 ,293

88,000

117,255

def'd charges.

Total

ave a

15 ,414
139 ,896

...

Prov.

c

Prepaid

Elan as preference provides that the new participating preference stock will
amended
the
stock cf $35
liquidation and of

244 ,002

for workmen's comp. &
public liability claims (cur.).
Prov.
for
Fed.
income and

plan provides that the
participated preference

The dividend rate on the preferred stock shall be reduced from 7%
5% per year and dividend arrearages to June 30, 1938 will be canceled.
cumulative on the preferred stock only from 1943.
Preferred stockholders, under the amendment, will be entitled to receive
y2 share of new common stock for each share of preferred stock.
(4) The name of the class A stock shall be changed to participating
preference stock and the shares consolidated on a one for five basis.
The

$1,054 ,308

payable....

Accrued wages, J ns., taxes, &c_
Accrued Interest...,

5,295,055

Impts. to leased prop, (net of
amortization)
Leaseholds, net of amortization

payable

Accounts

the
new

(3)

Prov.

and ac¬

notes

Notes

Prov. for social security taxes.
Real estate taxes payable.....

amendment to

Dividends shad be

Liabilities—

Cash

The

to

Consolidated Balance Sheet Dec. 31, 1937
Assets—

of the debentures.

ment

buildings.

on

and when due.

as

debenture holders shall receive one share of the
stock for each $1,000 of debentures.

$128, 844"
105 000

Not including approximately $46,500 depreciation

Ml

(2
The principal, maturity and interest rate of the debentures will remain
unchanged and all defaults shall be waived.
Interest on the o^R to Nov.
30, 1938 and on the 5s to July 31, 1938 will be canceled, and a sinking fund
is an amount equal to
25% of net earnings will be set aside for the retire¬

21,604
2,519

Dividend paid

v

Corp.—Reorganization—

provides that the presently outstanding securities
following treatment:
The claims of creditors other than debenture holders, will be paid

in cash

Cr20,956

Provision for Federal surtax

147, p. 759.

(1)

481
a446,179

Depreciation and amortization
of capital assets

482,558
103,497
12,205

& Light Corp.
The plan, as amended,

237

Profit on disposal

562,225
132,203
68,414

and claims shall receive the

50,101

Excess of purchase price over par value of bonds purch. & retired
Miscellaneous deductions

678,070
97,063
30,648

1935

amendment (File 52-10)

$700,025
30,780
40,235

-

Int. on first mortgage sinking fund bonds
Interest of affiliated companies
Interest on notes and mortgages payable, &c

$40,020
def7,425
defl2,827

1936

The Securities and Exchange Commission announced
Aug. 27 that
Ass>ciated Investing Corp. and Associated Utilities Corp. have filed an
to their plan of reorganization for Utilities Power

$675,228
24,796

Other income

$43,045
def4,29S
2,516

Utilities Power & Light

515,576

Operating profit

Profit

Net after rents

$1,190,804

.

$54,502
def7,138
def7,275

300.276
defl.3,059
def70,768

Gross from railway
Net from railway

$4,888,439
3,697,634

Gross profit

1937

$28,091
def5,254
def9,707

railway

From Jan. 1—

Trucking Corp. (& Subs.)—Earnings—

Earnings for the Year Ended Dec. 31, 1937
Operating revenues, net
Operating expenses

1938

Gross from

Net from railway
Net after rents

June 1 last.—V. 140. p. 2025.

1938

Ry.—Earnings—

July—

Directors have declared a dividend of 22 cents per share on the class A
trust certificates payable Sept. 1.
A dividend of 21 cents was paid on

a

Sept. 3,

$1,344,495

After

reserves

per share

Profit

on

redemption,

After deducting $1,494 for adjustment of
provision for Federal income taxes for prior years,
z Par value $5.
Note—Federal surtax
1936.

on

y

undistributed

income

amounted

to

$7,382

in

Volume

Financial

147

1509

Chronicle
t>aiance orieei

Consolidated Balance Sheet Dec. 31
1937

$

1,717,403

1,797,880

Undevelop. oil concess. & leaseholds 9,008,994

8,554,316

Royalty interests

_

50,015

Accrued royalties

Accrued taxes

68,569
1,244

y6,458

Cash..

95,080

311,432

Deferred charges..

37,789

1937

$1,293,564

in

18,950

349,629

Total

prepaid expenses

1935.

value in

value, in 1936, and
z

Includes accrued interest.

y

Arising from

a

Period—
Net earnings after providing
other charges..:.
__

for taxes, deprec. and

■

$59,587
$0.08

Earnings per share

Co.—Earnings—

12 Months Ended July 31—
Operating revenues
a Balance after operation, maintenance
b Balance for dividends and surplus
Includes

i938_
1937
$17,972,394 $17,255,710
7,155,205
7,117,829
3,356,212
3,335,621
b After appropriations
for

Western Auto
Period End.

Income Account

Gross from

railway
Net from railway

$1,628,116

$1,346,036
710,734
671,267

11,185,462
6,049,513
5,180,461

9,543,939
5,094,721
4,588,106

8,907,450
4,726,017
3,930.646

3,969,336

Net after rents

—V. 147, p.

____

$3,851,555

889,284
347.436

837,166
412,809

22,318,383
3,669,360

27,306,742

Net from railway
Net after rents

def240,279

Net after rents

$4,126,919
1,039.382
522.874

From Jan. 1—
Gross from railway

6,547,868
3,020,032

26,308,044
6,257,552
2.847.351

$3,245,067
683,954
231,952

23,540,426
5,509,288
2,459,086

841,188
319,034

_.

5,924,510

& administrative expenses.

Net operating

$2,014,278

profit

348,739

Other income
Total income

____

Income deductions
Provision for Federal & State income taxes.

;

1210.

v -Net

income.. -

.___

J.

_ _

Co.—Accumulated Dividend—

Total.

dividend of 50 cents per share on account
7% cum. pref. stock, par $100, payable Oct. 1 to
holders of record Sept. 13.
Similar amount was paid on July 1 and April 1
and on Dec. 24, last, a dividend of $1 was paid on Oct. 1 and on July 1,
1937; a dividend of $1.75 was paid on April 1,1937; $4 was paid on Dec. 24,
1936; $1.75 paid on Oct. 1,1936; 75 cents paid on July 1,1936; 50 cents paid
in each of the 11 preceding quarters; on April 1 and July 1, 1933, distribu¬
tions of 25 cents each were made; 50 cents per share paid on Jan. 3, 1933;
The directors have declared a

_ __ _ ..

__

1937...

Earned surplus as at July 1,

Ward Baking

321,582

1935

1936

1937

1938

$3,648,436

—

_

Net from railway

235,319

Depreciation & amortization.
Taxes (other than income taxes)

Other selling, general

Wabash Ry.— Earnings—
July—

& publicity costs)..

Maintenance & repairs.

Bad debts

Gross from railway.

10,489,777

..$36,033,973
26,283,266
94,797

____..

Rentals

760.

—V. 147, p.

Total.

557,766

—

Cost of sales (incl. certain occupancy

10,445,060
4,874,286

$25,544,196

656,197

From Jan. 1—
Gross from railway
Net from railway

out-freight, &

_____

Wholesale to associate stores.

$1,264,215

837,304
723,120

616,793

Net after rents

for the 12 Months Ended June 30, 1938

sales

Retail

1935

1936

$3,841,000 $18,199,000 $19,481,000

(gross sales less returns, allowances,
taxes).

certain

1937

1938—7 Mos.—1937

1938—Month—1937
$3,455,000

Net sales

1938
$1,520,237
734,443

1356.

Supply Co.—Sales—

July 31—

Sales

Virginian Ry.—EarningsJuly—

-V. 147, p.

depreciation.

Company, through its President, H. L. Mitchell, announced on Aug. 27
that it will redeem on Jan. 1, 1939, or immediately at the option of bond¬
holders, all of its outstanding first mortgage gold bonds, series H, 4%, at
par and accrued interest to Jan. 1, 1939, plus a premium of 5%.
Payment
of the bonds will be made upon their surrender to the Chase National Bank,
11 Broad St., New York, or Continental Illinois National Bank & Trust
Co. of Chicago.—V. 147, p. 1210.

and taxes.

income-net.
p. 1356.

non-operating
retirement reserve.—V. 147,
a

$2,248,138
$3.21

908.

Virginia Electric & Power

$1,766,109 $1,743,443

Total

$1,766,109 $1,743,443

At cost less accrued

West Penn Power Co.—Bonds Called—

3 Mos.End. 12 Mos. End.
June 30,'38 June 30,'38

:v'.

—V. 147, p.

Total

(& Subs.)—Earnings—

Vick Chemical Co.

660

Dr60,416

$5 par

reduction in

145, p. 1119.

-V.

value of capital stock.

par

512,520
563,213

660

par)

Capital surplus.._
Pref. treasury stk.

10,929,081 10,788,816

Total...

10,788,816

10,929,081

539,190

512,520
575,742

preferred stock.
Com. stock ($1.25

50,746

46,087

Earned surplus...

Represented by 2,000,000 shares, SI par

x

9,985

539,190

$1 cum. dlv. conv.

Deferred charges &

z8,000,000
639,807

Capital surplus___z8,000,000
Earned surplus ___
794,763

~

8,464

Dividends payable

14,548

Acets. receivable-.

$117,874

100,000

Notes payable

19,150

379,982

business.--

123,000

123,000

1937

$89,949

other expenses--

of

conduct

1938

pay.,

accrued taxes &

Fixed assets

stock of subs

Trade accts.

aProperty not used

14,831

in capital

Min. int

54,165

_

9,729
1,585

payable-

Accounts

M arketable securs.

2,000,000

Capital stock

x

2,000,000
11,175

outy oi

Liabilities—

1938

$1 ,351,443

Current assets

S

S

Liabilities—

Assets—

1936

1937

1936

S

Assets

$1,667,263
2,713,392

$4,380,655
1,089,484

___

Dividends paid

$2,363,016
79,129
x616,624

— —

of accumulations on the

$1 per share on July 1

of the current dividend will amount to

1054.

$24.75 per share.—V. 147, p.

Directors have declared a dividend of

25 cents per share on the common

This compares

stock, payable Sept. 26 to holders of record Sept. 17.
with dividends of 50 cents paid on June 27 and on March

28 last; 75 cents
paid in each of the three preceding quarters; 50 cents paid on March 22,
1937, and $1 paid on Dec. 21, 1936, this last dividend being the first pay¬
ment made on the common shares since Feb. 15, 1931, when $1.75 per share
distributed.—V. 147, p. 909.

-

of sufficient

it

first

until 2 p. m. Sept. 15 receive bids for the
6% sinking fund gold bonds, due

mortgage

Dec. 1, 1952 to exhaust the sum of $10,745 at
accrued interest.—V. 139, p. 1565.

prices not exceeding 106 and

1938

Years Ended June 30—

21,963
y21,817

39,215
54,250

10,155
25,400

$120,821
128,000

$243,088
152,000

$163,773
81,803

$7,179
$1.51

$91,088
$3.03

Other deductions

Provision for Federal income tax
Net profit

Dividends paidBalance, surplus._____;

x

per

_____

share

Includes other income of $4,112.

y

Includes surtax on undistributed

for depreciation and amortization, in the
$53,477, is included in the above expenses for 1938.

Note—Provision

Balance

Condensed
$96,681

Cash

Sheet June

$171,546

aggregate

Earnings—

1938

1936

def23,638

$2,281,954
109,113
def73,558

$879,628
16,280
def80,938

8,923,455
22,303
def840,215

7,335,885
143,095
def927,325

6,223,449
552,628
def258,169

a

From Jan. 1—
Gross from railway

—Y.

147, p. 761.

Western

Ry. of Alabama—Earnings1938
1937

1937

Notes

custo¬

$234,881

152,322

25,430

z28,736

debit bal__

payable

bonuses.—

23,868

32,216

Accrued taxes

30,102

80,505

7,860

7,966

1,002,760

996,905

22,817

19,270

Res. for conting

15,778

16,319

x

Permanent assets

371,019

312,220

Pats. & trade mks_

1

1

_

867,442
50,510
2,738

.754,016
def48,358
def74,976

761.

Electrical

Instrument

Inventory--.

on

life insurance

Other assets
y

37,848

Deferred assets

6 Mos.End. June 30—

23,800
12,000

inc. est——__

x

»

«»

.»

~

89,419

£?49o
8o,443
$101,030
30,748
40,146

$74,746
34,376

$31,718

$183,628

$30,136

$40,370

Common dividends
Profit
Before surtax

105,409

$1,582,009

y Less reserve for depreRepresented by 80,000 shares of no ] jar value,
z Trade accounts
$16! 1,200 in 1937.

of $203,859 in 1938 and
receivable only.—V. 146, p. 4133.

profits.

Shares common stock.

Earnings per share




for

Instr.

211,684

106,715

26,617

29,437

1,475,793

Deferred

54,308

26,501

127,504

127,504

2,500,000
886,943

2,500,000
868,304

con¬

10,000

income.".

1,450,081

c

Capital stock

Surplus

chin'y, furniture,

1937

$376,353
246,624

$438,182

Pats. & goodwill..

262,489

Deferred charges..

$175,692
26,162
$201,855
29,866

$100,169
501,690

$171,988
515,203

&c._ —

fixtures,

150

$687,192
24,985
92,245
6,749

$563,213

410,016

409,895
$0.34

$601,860
25,967
«.

~

—

$0.18

2

2

78,455

73.655

$3,814,946 $3,818,849

Total

$3,814,946 $3,818,849

Total

for depreciation of $1,513,087 in 1938 and $1,452,040
Represented by 27,376 shares class A stock and 160,583 shares
stock, both of no par value.—V. 146, p. 3533..

b After allowance
in 1937.
common

c

Western
T.

M.

Pacific RR.—Merger Dropped

Schumacher, Chairman of Western

Grande Western

$575,742

Other charges to surplus—net.

Reserve

tingencies

Co., Ltd., Lond.

$117,187
17,018

Provision for Federal income taxes

Common dividends

add'l for pr. yr.

Sundry dep.,accts.

$129,729

Preferred dividends

184,411

51,000

Fed.inc.tax & est.

212,894

Drl2,542

Net inc. before Fed. surtax on undistrib.
Earned surplus, balance Oct. 31—

Accrued accounts.

munici¬

1938

;

112,282

466,520

1,274,177

rec.&investm'ts

9 Mos. Ended July 31—

$123,258

13,000
42,169

bLand, bldgs.,ma-

Wentworth Mfg. Co.—Earnings—

Selling, general and administrative expenses

1937

$191,022

Accounts

347,741
1,284,499

pal securities
El.

1938

payable.

Res. for Fed. taxes

counts receiv'le-

Weston

June 30

Liabilities—

1937

$233,851

Notes & trade ac¬

387,005

76,758

undistributed profits.

$177,260

Mdse. Inventories.

operations

on

1938

Assets—

Cash__i..

$1,583,501

Cr2,840

$59,094
27,376

Class A dividends

105,409

—

1935

$163,414

x$251,150
27,376
40,146

Consolidated Balance Sheet
■

ciation

Gross income from

Cr5A&5

Cr8,826
51,000

91,302
91,302

depreciation.-

379,826

Capital surplus
Profit & loss surpLs

Total

$204,389

382,743

Cr8,649
13,000

Federal taxes

589,670

589,670

Capital stock

32,352

$1,583,501 $1,582,009

Subs.)—

1936

1937

1938

$154,747

profit before deprec.
(net)._

Other deductions

County &
Total

(&

:

Prov. for Fed. tax.

Cash surr. value of

Corp.

Earnings—

x

^

981,382
110,094
65,819

Unpaid pay roll &

mers

1935

$106,436
def7,921
defl2,537

900,816
66,056
def9,649

Net profit

225,531

accts.

recelv.

Tax stamps State

■■

$125,569
8,883
579

Net after rents

Net

..fr

■

1936

$126,166
6,616
485

Net from railway

—V. 147, p.

■.

$129,458
13,686
2,710

Gross from railway

Prov. for

$193,295

Accounts payable-

Customers'
&

1935

1937

$1,300,241
def86,663
def22,357

30

Liabilities—

1937

1938

Assets—

$81,970
$2.05

21—
1937

Aug.

7,141,761
def990,225
df2,027,672

Net after rents

Weston

profits if $900.
amount of

$199,328

to

$8,180,917 $11,638,974

1938

Net after rents

1936

1937

$336,553

1

—Jan.

1938

$347,845
' -'--t

$1,203,516
135,154

July—
Gross from railway
Net from railway

Net from railway

x$164,601

Operating profit

Earnings

Subs.)—Earnings-—

and provision for surtax on

1937

1938

$233,584

Gross from railway

Weinberger Drugstores, Inc. (&

$3,291,172

—-

—

-Week Ended Aug. 21Gross earning (est.)
—V. 147, p. 1357.

July—

"

.

Maryland Ry.—Earnings—

Net from railway
Net after rents

Watauga Power Co.—Tenders—
The New York Trust Co. will
to

Western

Western Pacific RR.-

Reduced—

(S. D.) Warren Co .—Dividend

sale

June 30,1938. -

Including provision for excess profits tax
profits.—V. 147, p. 1055.

x

and Oct. 1, 1932 and $1.75 per share in previous

quarters.
Accumulations after the payment

was

Earned surplus as at
undistributed

roads have been
to be done

Temporarily—

Pacific and Denver & Rio

railroads has stated that proposals to

consolidate the two

abandoned temporarily and that he did not expect anything
until the two roads, now in bankruptcy, have been

in this respect

rcor^ftnizod#
The principal difficulty, Mr. Schumacher said, is that earnings of the
two carriers are at such a low point that an adequate appraisal cannot be
made of their worth for consolidation purposes.
The first thing that should
be done, he said, is for the roads "to put their houses in order," and then
to make plans for a merger.—V. 147, p. 761

Financial

1510
Western Public Service Co.
Operating revenues.-

1938

M

a

Includes non-operating

$87,219
168,249

Accruals

206,628

Receivables

130,680

Supplies & mdse__

257,899

Capital stock

Securities

162,042

238,696

Surplus

Real estate, &c—

497,704
10,973

Pre paid Items....

H. Pabst Jr.,

Total

Treasurer, Pennsylvania RR., will until 3

Winter & Hirsch,

Inc.—10% Dividend—
dividend of 10% on the common stock, par $1,
Similar amount was paid

a

payable Aug. 31 to holders of record Aug. 18.
on March 15 last.—V. 143, p. 3653.

Wisconsin Central
Period End. July 31—

otal

equipment—

$1,197,261
50,191
102,322

$5,259,534
426,766

226,617
496,136

$976,778
124,793
160,157
28,680

revenues

Main, of way & struc.exp
Maint. of

1938—7 Mos.—1937

$866,329
37,597
72,852

Passenger revenue
All other revenue

$1,349,774

$5,876,194

$7,541,148

152.417

782,962

1,042,946
192,908
2,762,063
262,478

888,764
1,119,049
177,350
2,861,313
320,649

$832,837
579,314
247,475
363,411

$2,174,023
280,241
395,307
271,581

$337,430 def$357,364
Dr490,804
964,039

$1,226,893

35,442

$486,946
79,733
59,110
10,673

387,364

General expenses

Net railway revenues.
Taxes

Hire of equipment
Rental or terminals

189,894

29,698
455,375
42,779

Transportation exps

$6,818,395

182,558

$240,342
84,909
49,752
47,238

Traffic expenses

k
Net after rents

$58,442
Z>r 67,199

Other income (net)

Interest

on

141,287
$150,044

Net deficit
—V.

147,

Z>r71,885
142,996
pf$122,549

funded debt.

p.

The directors

per

have

Tube

&

Sheet

.....$1,083,413 $1,206,980

Co.—Stockholders

Waive

Shareholders at

a special meeting held Aug. 30 waived preemptive rights
period of one year on not exceeding 500,000 authorized and unissued
shares of the company, and empowered the board of directors to
confer upon the holders of any securities which may be issued by the com¬

for

a

common

400,000 shares.

on

The present action
the completion

will enable the company to proceed immediately to¬
of a $30,000,000 financing program which was pro¬
but which was postponed due to the business and
market conditions which developed at that time.
It also increased by 100,000 the number of common shares which will
ward

posed early last fall,

available for conversion.
Present

the issuance of $30,000,000 convertible 10-year

plans call for

debentures.
Registration statement covering such debentures has been
filed and negotiations with underwriters are now under way.
It is antici¬

pated that the board of directors may authorize the issuance and sale of the
debentures early next month.
Proceeds of the debentures, if issued, will be applied as follows; $12,500,000 to the repayment of existing bank loans, and the remainder for addi¬
tional working capital and for further plant improvements and additions in
both the Youngstown and Chicago districts, including additional ingot
and finishing capacity and the replacement of certain units in the com¬
pany's Indiana Harbor plant.

Underwriters for

Debentures Named—

Underwriters for the
proposed $30,000,000 offering of convertible deben¬
have been na ned in an amendment filed with the Securities and

tures

$265,551

Corp.—Accumulated Dividend

declared

pref. stock, SI .62 M

share on the 6%

Total

32,500
1,050,046

Pre-emptive Rights to Stock- -Action Will Aid Completion of
Financing Program—

968,187

$1,812,206

a dividend of $1.75 per share on the
7%
share on the 6cum. pref. stock and $1.50
pref. stock, all of $100 par value, all payable
wept. 20 to holders of record Aug. 31.
Similar payments were made on
June 20 and March 21 last; on Dec. 20, Sept. 20, June 19 and March
26,
1937, and on Dec. 21 and Sept. 21, 1937, and dividends at one-half of the
regular rate were paid in each of the six preceding quarters prior to which,
regular quarterly dividends were disbursed.—V. 147, p. 910.

cum.

Youngstown

Z>r524,257

761.

Wisconsin Public Service

$1,083,413 $1,206,9801

32,500
1,005,572

pany the right to convert these securities into common shares.
The share¬
holders rescinded action taken last October in waiving preemptive rights

Ry.—Earnings

1938—Month—1937

Freight re venue

51,009

o'clock

8ept. 29 receive bids for the sale to hira of sufficient first mortgage
4% bonds to exhaust the sum of $13,040 at prices not exceeding par and
accrued interest.—V. 139, p. 1722.
p. m.

Directors have declared

$73,425

444,794
10,123

Wheeling Terminal Ry.—Tenders—
Geo.

1937

$16,973
28,368

Accounts payable.

109,013

707,793

b After appropriations for retire¬

income-net.
1055.
„.''

147, p.

1938
3

1938

$97,053

$2,157,633

b Balance for dividends and surplus

LiabilUies—

1937

Cash

772,501
199,830

Balance after operation, maintenance and taxes.

ment reserve.—V.

1938

Assets—

1937

$2,228,7ol

-

Sept.

(G. F.) Wright Steel Co.- ■Balance Sheet July 2—

(& Subs.)—Earnings—

12 Months Ended July 31—
a

Chronicle

per

cum.

Whitney Blake Co.—SEC Registration Withdrawn—
See list given on first page of this department.—V. 147, p. 436.

(Alan) Wood Steel Co. (& Subs.)—Earnings—
"

6'Mos. Ended June 30—
1938
Net profit after depreciation, amortization, interest
and Federal Income taxes
loss$108,340
Earns, per share on 200,000 shs. common stock..
Nil

1937

$770,119

.

$2.59

Bonds Called—
A total of $169,000 first mortgage 6% sinking fund gold bonds, due
April 1
1944, have been called for redemption on Oct. 1 at 103 and accrued interest.
Payment will be made at the Fidelity-Philadelphia Trust Co., Philadelphia,
Pa.—V
146, p. 1732.

Exchange Commission.
*
Principal underwriters are Kuhn Loeb & Co. and Smith Barney & Co.,
$4,000,000 each; Brown Harriman & Co., Inc., and First Boston Corp.,
$1,600,000 each: Blyth & Co., Inc., Mellon Securities Corp. and Hayden
Stone & Co., $1,275,000 each; Goldman, Sachs & Co. and Lehqian Bros.,
$925,000 each; Bonbright & Co., Inc., Glore, Forgan & Co., W. E. Hutton
& Co., Kidder, Peabody & Co., Hazard Freres & Co., Lee, Higginson
Corp.
J. & W. Seligman & Co., White, Weld & Co., $600,000 each.
Other underwriters and the amounts to be underwritten are:
Clark,
Dodge & Co., $400,000; Bancamerica-Blair Corp., H. M. Byllesby & Co.,
Inc., Cassatt & Co., E. W. Clark & Co., Dominick & Dominick, Graham,
Parsons & Co., Hallgarten & Co., Hemphill, Noyes & Co..
Ladenburg,
Thalmann & Co., $300,000 each; Estabrook & Co., Hayden, Miller & Co.,
F. S. Moseley & Co., G. M.-P. Murphy & Co., Paine, Webber & Co.,
E. H. Rollins & Sons, Inc., $225,000 each: A. G. Becker & Co., Biddle,
Whelan & Co., Alex Brown & Sons, Central Republic Co., Coffin &
Burr,
Inc., Hornblower & Weeks, Colgate, Hoyt & Co., Jackson & Curtis, W. H.
Newbold's Son & Co., Schoellkopf, Hutton & Pomeroy, Inc., Whiting,
Weeks & Knowles & Co., Inc., Dean, Witter & Co., Yarnall & Co.,
$175,000
each: Blair, Bonner & Co., Curtiss House & Co., Eastman, Dillon &
Co.,
the First Cleveland Corp., Hawley, Huller & Co., Janney & Co.,
Merrill,
Turben & Co., the Securities Co. of Milwaukee, Inc., Stern,
Wampler &
Co., Inc., Wells, Dickey Co., $150,000 each, and Johnson, Kase & Co.,
$100,000.—V. 147, p. 1357.

Yumuri Jute Mills Co.—SEC Registration Withdrawn—
See list given on first page of this department.—V. 144, p. 1818.

The Commercial Markets and the

Crops

COTTON—SUGAR—COFFEE—GRAIN

PROVISIONS—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.

«

COMMERCIAL" EPITOME

off with sales of

-i

"*

Coffee—On the 29th ult. futures closed 3 to 7
points lower
in the Santos
contract, with transactions

totaling 134 lots.

The Rio contract closed 4 to 12
points lower with sales total¬
A rebound after Friday's

ing 35 lots.

sinking spell devel¬

oped in coffee futures
tional private

on

the opening

advices of crop

today, reflecting addi¬

damage in Brazil, but later

considerable

weakness

much

points from the highs.

20

as

developed

and

but

buyers

futures.

scared

were

Meanwhile,

were

further

Brazilian spot quotations.

because of the weakness in
advances

20.400 milreis per 10
kilos; hard 4s

18

milreis; Rio 5s

were

13^00.^Havre closed 2%

in

100 reis

up

300 higher at

were

400 at 16 and 7s

up

reported

were

Santos 4s soft

to

were

Offerings both

unchanged to slightly higher,

away

300 at

were up

to 2 francs lower.

On the 30th

ult. futures closed 1
point lower to 1 point higher in the Santos
contract with
sales totaling 98 lots.
The Rio contract
closed 3 to 5 points lower with
-

sales^of only 2 lots.

slump of 7 to 12 points following
market

today

(Tuesday)

a

moved

was

believed

forward

to be caused

purchases of cheap actual coffee.
and much of it

however,

for

was

continues

new

firm

a

steady opening, the coffee

around final levels of the
previous

opening

After

day.

slowly

The

sag

to

close

after the

by hedge selling against

The

buying

was

scattered

The market in Brazil,

account.

and

reportedly is fairly active.
Today Santos 4s, soft and hard, were 100 reis higher at

20.500

milreis

Rio

advanced

7s

and

market closed

18.100

400

reis

to 1 franc

milreis, respectively,
to

14.200

higher.

milreis.

and spot

The

Havre

On the 31st ult. futures

closed 11 to 7 points off* in the Santos contract with sales

totaling 67 lots.




The

Rio contract

closed

5

to

6

port was lacking and

points

Further realizing and

merely slid lower.

pressure

to sell

was

com

Trade

absent,

so

sup¬

prices

In Brazil hard and soft Santos 4s

were

marked off 100 reis at the close, while at
today's opening
No. 7 in Rio was 400 reis
higher at 14.6 milreis per 10 kilos.

Cost-and-freight
were

as

Despite weakness in

futures, the actual market continued steady.
from Brazil and Colombia

dropped

prices

only 16 lots.

mission house selling sent coffee futures lower.

also

offers

from

held

Brazil

Milds

steady.

steady, with Manizales at about IIHj cents.

On the 1st inst. futures closed 11 to 8
points net higher in
the Santos contract, with sales
totaling 50 lots.
contract closed 5 to 6

only 8 lots.

Trading

decidedly firmer.
spot prices

were

The Rio

points net higher, with sales totaling

was

light, with the market's undertone

Actuals

were

steady but dull.

Brazilian

unchanged and cost and freight offers from

that country held

steady. Havre prices were 1% to 2 francs
Today futures closed 5 to 9 points net higher in^the

lower.

Santos contract, with sales totaling 54 lots. The Rio
tract closed 12 to 9

con¬

points net higher, with sales totaling 19

lots.
Coffee futures edged higher in quiet trading.
A preholiday atmosphere prevailed in both the futures and the
actual markets.

Santos in the early afternoon was 3 to 6

points better, while Rio
at

4.55,

held

up

5 points.

was

5

points higher, with December

Cost and freight offers from Brazil

steady, with Santos 4s at 7.20 to 7.40 for the better

grades.

Milds

ll^c.

were

also

Havre futures

Rio coffee
September
December
March.

steady, with Manizales at 11XA to

were

prices closed

as

1% to 2francs higher.
follows:

4.621 May
4.59 July

-4.69
4.72

-

4.641

Santos coffee prices closed as follows:
September
December
March-

6.65
6.87

(May

7.03

July

-

7.05

6.991

Cocoa—On the 29th ulto. futures closed 9 to 19 points net
lower.

Transactions totaled 378 lots,

or

5,670 tons.

Tired

Volume

liquidation
well

as

Financial

147

extensive scale, involving distant months

on an

September, sent prices sharply lower in both spot

as

and futures

markets at the start of the week.

cocoa

demand, high tension in business circles
in the

crisis

new

European situation, and the sharp setback in security

markets all added to the bearishness.
20

Lagging

the

over

Recessions of 15 to

points took plac9 in spot actuals under light manufacturer

inquiry.

Sept. 4.92; Oct. 4.97; Dec. 5.10;

Local closing:

1511

Chronicle

domestic contract, with sales totaling 340 contracts.
world sugar contract

with

sales

closed 1 point higher

totaling

87

May and July at

new

Domestic

contracts.

showed net gains of 2 to 4

There

seasonal highs.

issued against September.

When these

quotation of that delivery jumped to
The firm tone reflected the

steady

On the 30th

that brokers had

Transactions

submission to refiners when and if

day

before.

compared with 5,670 tons the
security and other outside markets

With

recovering and confidence returning in

speculative crowd,

futures moved higher

cocoa

change today (Tuesday).
of

the

This

only

was

partial

a

the

on

ex¬

recovery

previous day's 19 point setback, but all contracts

our

previous day's break in prices, that market

ending steady and unchanged
forward months.

September and irregular

on

Local closing:

Jan. 5.23; March 5.32; May 5.42;
ulto. futures closed 5 to 3

totaled 4,575 tons.

Sept. 5.00; Dec. 5.18;

On the 31st

July 5.52.

Transactions

points net lower.

Actuals continued in light demand, and

liquidation again appeared in large volume in September.
Foreign

noted in forward months and larger

was

pressure

estimates than expected from Africa added to the heavy

crop

A Comtelburo cable relayed Accra advices that

tone.

official Cocoa Committee is

unprepared to

approve

the

at the

present time the issuance of an estimate on the next main

which is privately estimated at 265,000 tons.

crop,

Local

Sept. 4.95; Oct. 5.01; Dec. 5.15; Jan. 5.20; March

closing:

1st inst. futures closed 4 to 7

totaled

Transactions

in

more

633

points net higher.
ruled

market

The

contracts.

This is the first change in

than two weeks.

domestic

The

world

with sales

contract,

unchanged

closed

contract

sugar

turned

easier

when

advance of $4.50, at the
to

were

the

about

close

unchanged to 3 points higher, but

rather

a

demand

brisk

market ended at about the highs of the

developed, the

day.

Local closing:

Sept., 4.99; Oct., 5.06; Dec., 5.19; March,.5.35; May, 5.45;

Today futures closed 12 to 10 points net higher.

July,.5.55.

Transactions totaled 153 contracts.
9 to 13

Cocoa prices were about

points higher in the afternoon, with September selling
13 points from the preceding close.

at 5.12, up

Trading

dull, with only 107 lots sold up to the final hour.
transferable notices posted

four

There

the urgent need for further raws would be obviated.
were

further sales in the

no

were a

there

farthing

were

raw

cwt. either

per

way

holiday.

in the domestic contract,

The world

were

against September at the

market

The

chief

in

factors

today's decline

profit-

were

taking and selling for the account of

a

with

Transactions totaled

176

Cuban producing connections.
lots.

most

Opening prices

positions making

In the market for

swing.

September

raws

about 25,000 tons for prompt
were

offered at 2.95c. today,

price could have been shaded

on a

Cuba's exports last week

only spotty.

was

tons, arrivals at ports 52,044
The world sugar contract
of

the current forward

on

bid, buyers

interested at not better than 2.90c., and then the inter¬

were

est

highs

October arrival

or

and while the

1 to 2 points higher, with

were

new

Wall Street house

only 33 lots.

day's losses in domestic

(Tuesday).

points net higher.

Practically all of the
sugar

Sixty notices

futures

were

pre¬

recovered

were

issued against the

accounted for the strength.

Rionda, 32 went to

an

scattered.

Of the 60, which

were

issued by

only moderately

an

1 to 2 points

were

American

1 point.

up

increase of 30c. in refined

American's terms differ slightly from those

yesterday by

McCahan in

and

Pennsylvania

holding unchanged to

were

London futures

close, while
Prices

were

were as

a

there

raws

farthing either
were

World contracts
with trading dull.

lA, higher,

way

follows:

\

.2.00 May.

.2.08

2.01 July.
2.04

September
January (new)
March (new)

.2.12

Lard—On the 29th ulto. futures closed 2

points lower

on

and at the start of the week the major¬

ity of traders appeared to be

developments.

Port of New York

and

ampton

points higher to

Trading interest in

the active deliveries.

lard continues spotty

side

of the preceding

unchanged.

were

the sidelines awaiting out¬

on

Export

of lard

clearances

from the

58,240 pounds, destined for South¬

Hamburg.

Chicago

prices

hog

steady, the top price registering $9.

were

Light sales

ported at prices ranging from $8 to $8.90.
45,700 head for the
futures closed 2

prices

were

same

day

On the 30fch ulto.

a year ago.

points lower to 2 points higher.

unchanged to 2 points lower.

vanced 2 to 5 points on scattered covering for trade account.
The hog news was

slightly bearish, with prices

and there

was

little in the

news

on

Grains

to attract new

easier

buying.

Ex¬

port clearances of lard from the Port of New York totaled
162,125 pounds, destined for London, Liverpool and Mar¬
seilles.

LiverpooHard futures

were

unchanged to 3d. higher.

Chicago hog prices ranged from $8 to $8.25.

marketings

were

Western hog

fairly heavy and totaled 60,200 head against

42,500 head for the

same

day last

year.

Receipts at all

compared with 204,723 previous week, 200,533 last

and that led to

the latter

were

The belief

back to the original issuer at higher prices

Opening

Later prices ad¬

markets, including Chicago, last week

that later they went

re¬

Receipts at the

unidentified operator, 19 to Lowery
was

very

were

leading Western hog markets totaled 56,800 head, against

commodity at Chicago off 10c. to 15c.

and promptly stopped, which in large part

spot month

were

sales

unchanged at 5s. 43^d.

raws were

Transactions totaled 212 lots.

and 9

on

In the London market futures closed

On the 30th ulto. futures closed 4 to 2

today

69,375

and stock at ports 420,713.

closed 3^ to 2 points lower

higher to 34d. lower and

vious

were

was

delivery orders entered before Sept. 30.

2

Sugar—On the 29th ulto. futures closed 3 to 5 points net

contract

that, business accepted at the old $4.30 price must have

Local closing: Sept., 5.12; Oct., 5.17; Dec., 5.31;

opening.

March, 5.45; May, 5.55; July, 5.65; Sept., 5.74.

lower.

prices to $4.60.

sugar

limiting commitments until after the

Prices in the early afternoon

announced

Raws

in quiet dealings.

point down, with sales of only 14

The domestic sugar

traders

as

up

totaling 265 contracts.

closed unchanged to

active

There

London futures

market.

unchanged, with offers still at 5 shillings 53^d.

Today futures closed 6 to 1 point
with sales

was

were

It

pointed out that if other refiners followed Pennsylvania,

Sugar Refining just announced

afternoon

an

regular customers for amounts needed for Sept. only.

was

from

towards

sugar

announced

time limiting business at $4.30

same

better, with March quoted at 2.04,

Prices in the late

%, point

to

Domestic

Pennsylvania

steady, with the bulk of the business confined to switching
September to the later deliveries.

points net lower in

totaling 263 contracts.

higher, with transactions totaling 97 lots.
futures

raws

%d., and equal to about 1.01

up

On the 1st inst. futures closed 4 to 2
the

an¬

steady

slow,

better tone in London.

on a

pound, f.o.b. from Cuba.

contracts.

5.28; May 5.38; July 5.48.
On the

per

raws

the

3^ to %d. higher, while sellers of

were

asking 5s. 534d.,

were

4 points.

up

price advance is

a

continued

contracts

higher levels, partly

London futures

1.99,

84 notices

stopped, the

huge volume of refined business ready for

a

World

climb to

London appar¬

moved forward to and above the 5c. level.

ently ignored

on

to the

measure

a

nounced.

were

were

markets and reports

raw

May 5.35; July 5.45.

totaled 247 lots, or 3,705 ton$,

prices

sugar

points in the early afternoon, with

ulto. futures closed 8 to 7 points net higher.

Jan. 5.15; March 5.25;

The

all deliveries,

on

were

252,471 head,
year

and

237,317 the year before.

On the 31st ulto. futures closed

reports of sales of raws at higher levels, but none was con¬

10 to 12

The market

firmed.

as

Spot

raw sugar

moved

up

10 points to 2.90c. from

a

points net lower.

result of weakness in other

the previous

have

In

some

depressed today
espe¬

cially grains.

of

nominal basis of 2.80c. on a sale of 12,000 bags
St. Croix raws for mid-September arrival to American.

was

commodity markets,

was

quarters it was reported that the 2.90c. basis first

established

Ricos for
sugar

31st

Friday

on

a

sale of

a

of Puerto

cargo

mid-September arrival to American.

The world

contract closed 2 to 23^ points higher net, with sales

totaling 99 lots.
lower.

on

Raws

ulto.

London futures closed unchanged to 3^d.

there

were

futures closed




5s.

1

to

4^d., unchanged.

On the

3 points net higher in the

Prospects of heavy hog marketings this fall
discouraged buying in the nearby deliveries recently,

and today prices on the near months were down 15 to

points.

Hog prices

influence upon

steady and this had

were

values for

a

time.

lard

from

the

Port

of

17

steadying

However, prices closed at

slightly above the lows of the day.
American

a

Export shipments of

New

York

were

35,480

pounds, destined for Glasgow.
Liverpool lard futures
3d. to 9d. higher.
Closing hog prices at Chicago

were
were

Financial

1512

sales ranging from $8.15 to $9.
packing centers were mod¬
erately heavy and totaled 51,600 head against 37,000 head
mostly 10c. higher, with

Receipts at the leading Western
day

for the same

a year ago.

futures closed 7 to 10 points net lower.

On the 1st inst.
The market for

lard

heavy during most of the session

was

At the start futures were 5 to 7 points lower.
In
afternoon the market displayed a little rallying power,

today.
the

but final

quotations were just a trifle above the lows of the

of the

Chicago lard stocks report was issued after the close
market.
Trade interests were expecting a decrease of

about

1,500,000 to 2,000,000 pounds for the last half of

day.

The report showed that supplies decreased 2,275,-

August.

Liverpool lard futures

pounds since Aug. 15.

936

were un¬

changed to 3d. higher. Lard exports from the Port of New
York were 93,380 pounds, destined for Malta.
Chicago

steady.

hog prices on the close were

The top price closed

higher and throughout the session sales were reported

5c.

Western hog market¬
against 36,200 for the same day
last year.
Today futures closed 2 points up to 2 points off.
Trading was quiet and of a pre-holiday character.
There
was nothing of particular interest in the news.
at

prices ranging from $6.95 to $8.90.

ings totaled 48,000 head

CLOSING PRICES

DAILY

OF

LARD

FUTURES IN CHICAGO

Sat.

Mon.

7.82

7.85

7.82

7.70

7.60

7.62

December

7.95
8.07

7.95
8.10

7.92
8.07

7.80
7.97

7.70
7.87

7.70
7.85

January

8.15

8.12

8.15

8.02

7.95

September

-

October

----

Pork—(Export),

mess,

Tues.

$26.37%

Wed.

per

Thurs.

barrel

Fri.

7.97

(per

200

pounds); family, $23.25 (40-50 pieces to barrel), nominal, per
barrel.
Beef: (Export), steady.
Family (export), $22 per

Cut meats: Steady.

barrel

(200 pounds), nominal.

hams:

Picnic, loose, c. a. f.—4 to 6 lbs., 16c.; 6 to 8 lbs.,

Pickled

13 %c. Skinned, loose, c. a. f.—14 to 16
lbs., 21 %c.; 18 to 20 lbs., 20 %c.
Bellies: Clear, f.o.b. New
15c.; 8 to 10 lbs.,

York—6 to 8 lbs.,

19%e.; 8 to 10 lbs., 19%c.; 10 to 12 lbs.,

Bellies: Clear, dry salted,

19c.

boxed, N. Y. 16

to

18

lbs., 13%c.; 18 to 20 lbs., 13%c.; 20 to 25 lbs., 12%c.; 25
to 30

extra

lbs., 12 %c.

Butter: Creamery, first to higher than

and premium marks: 25He. to 26He.

held '37, 19c. to 21c.

Cheese: State,

Eggs: Mixed colors, checks to special

packs—18c. to 25 %c.
Oils—Linseed oil market continues
the

a

routine affair, with

price from 7.5c. to 7.4c., depending upon quantity.

wood—tanks, nearby—12.5 to 12.8;
Drums, L. C. L.—13.0.
Coconut: Tanks—.03% to .03%;

Quotations: China
Pacific

Coast—.02%.

Corn: Crude, West, tanks, nearby—

.07%. Olive: Denatured, spot, drums, Algerian—92 to 93.
Soy Bean: Crude, tanks, West—.05% to .05%: L. C. L.,
Y.—7.0.
Edible: Coconut: 76 degrees—9%.
Lard:
Prime—9; Ex. winter strained—8%.
Cod: Crude, Nor¬
wegian, light filtered—no quotation.
Turpentine: 28% to
30%. Rosins: $4.90 to $7.70.

N.

Cottonseed Oil sales, including switches, 106 contracts.
Crude, S. E., 6%c.
Prices closed as follows:
7.70@ 7.74

September
October

7.78@
7.80@
n
7.82@ 7.86

—

November

December

_

January
February
March
April

7.85@ 7.86
7.85@
n
7.95@
7.95@
n

Rubber—On the 29th ulto.

futures closed 43 to 49 points
sharply today on the unsettled
news concerning
Trading was fairly brisk, with
Europe.
4,890 tons sold.
Spot standard No. 1 ribbed smoked sheets
in the trade also declined to 16 3-16c., off 7-16c.
Active
commission house liquidation on the opening saw prices
drop 37 to 43 points. The market rallied slightly on buying
from factory and trade sources.
Continued selling weakened
prices to the low levels for the session.
Although trading
in the actual market was quiet, a fair amount of factory
business was reported.
Shipment offerings from the Far
East ran too high for the local market.
Local closing:
Sept. 16.10; Dec. 16.31; Jan. 16.37; March 16.44; May
16.53; July 16.62.
On the 30th ulto. futures closed 10 to
15 points net higher.
Transactions totaled 2,950 tons. Spot

net lower.

The market broke

Chronicle
On the 1st inst.

standard No. 1 ribbed smoked sheets in the trade also ad¬
vanced to 16 %c., up l-16c.
The market was quiet during
most of the session.
The opening call showed quotations at

level

the close.

the

same

the

factory purchases

Trade buying and selling plus
about the only features on the
ring today (Wednesday).
Offerings from the Far East
were again too high for the local trade in the outside market.
Local closing:
Sept. 16.30; Oct. 16.36; Dec. 16.50; Jan. 16.54;
March 16.60; May 16.65.
as




were

futures closed 15 to 22 points net lower.

Transactions totaled 115 contracts.

The market was heavy

throughout most of the session, with trading relatively light.
Sales to noon were about 760 tons.
The London and Singa¬

quiet, the former 1-16 to %d. lower,
1-32 to l-16d. higher.
Local closing:
Sept., 16.14; Dec., 16.28; Jan., 16.29; March, 16.37; May,
16.50; July, 16.70.
Today futures closed 13 to 17 points
net higher.
Transactions totaled 145 contracts. The crude
rubber market was firm in the late afternoon after opening
12 points lower to 2 points higher.
Prices were 12 to 17
points above the preceding close, with Dec. selling at 16.43,
up 12 points.
Sales were about 900 tons. The London and
Singapore markets were steady at the close, with the former
unchanged to l-16d. higher, and the latter down % to 5-32d.
Local closing: Sept., 16.25; Oct., 16.25; Dec., 16.44; Jan.,
16.48; March, 16.56; May, 16.64; July, 16.70.
pore markets closed
while the latter was

Hides—On the 29th ulto. futures
net lower in the

contract.

new

closed 19 to 20 points

old contract and 18 to 19 points decline in the
The acute European political situation was

held mainly responsible for the moderate wave of liquidation
which sent hide futures tumbling at the opening today.

declines of 14 to 22 points in the old
points off in the new contract. Trans¬
actions totaled 3,720,000 pounds in the old contract, while
the new contract showed a volume of 2,720,000 pounds.
No new developments were reported in the domestic spot
hide market, and prices remained unchanged.
On Sept. 8th
the Government wall jilace on sale at Washington, D. C., a
trifle over
100,000 surplus hides.
Local closing:
Old
contract:
Sept., 10.35; Dec., 10.65; March, 10.90; June,
10.93. New contract:
Dec., 11.26; March, 11.65; June,
Prices started off with

contract and 11 to 20

On the 30th ulto. futures closed 17 to
points net higher on the old contract, with the new con¬
tract showing net gains of 19 to 25 points.
At the opening
the old contract showed gains of from 3 to 9 points, while
the new contract advanced from 9 to 10 points.
The list
11.81; Sept., 11.81.

23

continued

on

the upward trend during

the later dealings.

Transactions in the old contract totaled 1,000,000 pounds,
while business in the new contract totaled

280,000 pounds.

spot hide market was reported steady.
A
small volume of business was reported in the Middle West at
The

domestic

unchanged prices.
Local closing:
Old contract:
Sept.,
1052; Dec., 10.87; March, 11.12; June, 11.15.
New con¬
tract:
Dec., 11.48; March, 11.82; June 12.00; Sept., 12.24.
On the 31st ulto. futures closed unchanged to 12 points loweron the old contract, and 4 to 9 points off in the new contract.
Trading was sluggish during most of the session.
At the
opening the old contract ranged from 2 to 12 points decline,
while the new contract was from 1 point higher to 9 points
lower.
During the greater part of the day prices fluctuated
within

a

very narrow range.

The last sales reported in the

Uruguay market included 2,000 frigorifico steers, August
take-off, at 11 5-16c.
The domestic spot hide market did
not
reveal any change.
Local closing:
Old contract:
Sept., 10.52; Dee., 10.83; March, 11.00; June, 11.03; New
contract:
Dec., 11.48; March, 11.82; June, 12.00; Sept.,
12.24.

points lower on the
closed 10 points lower.
In sympathy with the general decline in other commodity
markets, the session in hides was fairly active with price
trend decidedly lower.
There was nothing in the news to
encourage traders to give appreciable support to the market,
and prices eased without any apparent rallying tendency.
Closing: old contract: Dec., 10.73; March, 10.93. New con¬
tract: Dec., 11.33.
Sales in the old contract totaled 18 lots,
while transactions in the new contract totaled only 8 lots.
Today futures closed 9 to 13 points up in the old contract,
with sales totaling 6 contracts.
The new contract closed 14
to 16 points higher, with sales totaling 27 contracts.
The
raw hides market was higher in the afternoon, partly reflect¬
ing the firmer tone in the securities market. Some commis¬
sion house support carried prices up easily.
Opening prices
were unchanged to 7 points advance.
Transactions totaled
40,000 pounds for the old contract and 560,000 for the new.
Local closing: old contract: Dec., 10.87; March, 11.06; new
contract: Dec., 11.47; March, 11.76.
On the 1st inst. futures closed 10 to 7

old contract, while the new contract

Metals—The report of Copper, Tin, Lead, Zinc, Steel and
Pig Iron, usually appearing here, will be found in the articles
appearing at the end of the department, headed "Indications
of Business

standard No. 1 ribbed smoked sheets in the trade advanced

%c. to 16 5-16c.
Futures at the opening call ranged 9 to
16 points higher.
Selling was limited, with a London account
here as the principal seller.
Factories exchanged futures
rubber for actuals in the outside market.
Local closing:
Sept. 16.25; Dec. 16.44; Jan. 16.48;March 16.54; May 16.66;
July 16.76.
On the 31st ulto. futures closed 6 points higher
to 1 point lower.
Transactions totaled 1,480 tons.
Spot

Sept, 3, 1938

Ocean

Activity," where they are covered more fully.

Freights—Quiet conditions still prevail in most
trade. Charters included: Grain:

branches of the chartering

Lawrence to Antwerp or Rotterdam, September 14-22,
basis 3s. 9d.
Grain booked: Thirty loads Albany to Antwerp
St.

or

Rotterdam, September, 12c. (booked recently).

Grain:

Rotterdam, Sept. 5, cancelling
basis, 2s. 9d.
St. Lawrence to full range United Kingdom,
excluding slow Irish ports, September 12-22, 3s. St. Law¬
rence to full range United
Kingdom, excluding slow Irish
ports, September 5-20, 3s.
Sugar: Cuba to Gothenburg,
September, no rate given. Scrap: Atlanitc range to Trieste,
September, $5.25.
Time: Four to six months, delivery
United Kingdom, September, no rate given.
Gulf to Japan,
September, $3.20 net form.
Round trip Pacific trade, de¬
livery Panama, re-delivery United Kingdom Continent,
September, 4s.
Delivery Rio de Janeiro September, reSt. Lawrence to Antwerp or

Volume

147

Financial

Chronicle

delivery St. Lawrence, $1 voyage up.
Round trip West
Indies trade, delivery north of Hatter
as, early September,
$1.40.
Trip down, Canada to north of Hatteras, early
September, $1.
Coal—Latest reports

are

that retailers

because they cannot move their stocks to

yards

are

buying

not

consumers.

Dealers'

well stocked at the present and cannot take any
more
coal.
Although the current production is low, the
output is exceeding the sales. The reasons forwarded for this
are

action

that

are

and that

an

increase in sales may take placd shortly

being stored at wholesale yards
tracks for the winter requirements.
Operators in the
do not expect any marked and continuous

and
field
improvement in
activity until colder weather arrives.
Retail prices in and
around the New York area remain unchanged.
According
to figures furnished by the Association of American Railroads,
the shipments of anthracite into eastern New York and New
England for the week ended Aug. 13 have amounted to 780
cars, as compared with 679 cars during the same week in
1937, showing an increase of 107 cars, or approximately
5,350 tons.

domestic wool.

64r-65c., fine 8-months at 60-62e. and fall at 57-59c. Growers
in the west

holding their wools firmly, though here and
buyer.
Dealers regard
the present quiet as normal at this season of the
year, but
anticipate an upswing within a few weeks.
are

are

Silk—On

made that favor the

29th ulto. futures closed l^c to 3c. net
opening range was 2^c. to 4c. lower.
Com¬
mission house liquidation and short covering,
importer and
Japanese selling plus some new long buying were the features
around the ring today.
Transactions totaled 740 bales,
including 540 bales on the old contract, 200 bales on No. 1
contract and none on No. 2 contract.
Yokohama reported
1 yen lower to 4 yen higher, and Kobe was 2
yen up to 4 yen
easier.
Grade D closed at 775 yen in both centers, down
7l/i yen at Yokohama and off 10 yen in Kobe.
Spot sales
for both markets amounted to 675 bales, while futures trans¬
actions totaled 4,850 bales.
Local closing:
Oct., 1.70^:
Nov., 1.67M; Dec., 1.67J& Jan., 1.65^; Feb., 1.66.
On
the 30th ulto. futures closed J^c. to 23^c. net higher.
Trans¬
actions totaled only 220 bales, including 130 bales on the
old contract; 9 bales on No. 1 contract and none on No. 2
contract.
Short covering and trade
switching were the
features on the ring today.
Yokohama ruled 5 yen higher
to 4 yen lower and Kobe was
unchanged to 4 yen easier.
Grade D declined 10 yen to 765 yen in both centers.
Spotsales in both markets totaled 700 bales, while futures trans¬
actions totaled 2,400 bales.
Local closing:
Sept., 1.71;
Oct., 1.71; Nov., 1.60H; Dec., 1.68%; Jan., 1.68; Feb.,
1.67^; all old contract.
No. 1 March closed at 1.66K;
April, 1.66. On the 31st ulto, futures closed 3^c. higher to
1 cent lower.
Transactions very light, totaling only 130
bales, including 90 bales on the old contract, 40 bales on
none

on

No. 2 contract.

It

seems

that

the trade is waiting for the release of the August mill
takings
figure to be issued today.
Yokohama came through 3 to 7
yen higher and Kobe was 1 to 2 yen up.
Grade D advanced
5 yen at Yokohama to 770 yen, and moved
up 10 yen at
Kobe to 775 yen.
Spot sales in both the Japanese markets
totaled 800 bales, while futures transactions totaled 875 bales.
Local

closing: Old contract: Sept., 1.71; Oct., 1.71; Nov.,
1.70; Dec., 1.683^; Jan., 1.673^; Feb., 1.67. No. 1 contract:
March, 1.66; April, 1.663^.
On the 1st inst. futures closed y2c. down to
unchanged on
the old contract,

while the

new

contract closed

lc.

bale.

The Yokohama Bourse

was

unchanged to

higher at the close, while grade D in the outside market

advanced

5

indicated by

as

tele¬

our

Receipts at—
Galveston
Houston

Sat.

775

bale.
Local closing: Old
Contract: Oct., 1.703^; Nov., 1.70; Dee., 1.68y.
New
Contract: March,
1.65; April,
1.653^.
Today futures
closed y2a. lower in the old contract and l^c. up in No. 2
contract, with sales totaling only 2 contracts.
Silk futures
held fairly steady in dull trading.
The No. 2 contract was
the center of interest in the morning, with 10 bales traded at
1.62, up lc. from the previous close. Crack XX in the spot
market was off y> at $1.753^.
The Yokohama Bourse closed
2 to 8 yen lower, while the price of Grade D in the outside
market was down 2l/2 yen at 77l/2 yen a bale.
Local closing:
Old Contract: Oct., 1.70. No. 2 contract: March, 1.62y2.
yen

to




yen

a

Tites.

Mon.

Wed.

Thurs.

Total

Fri.

2,939
3,634
4,423

4,031
4,716
3,053

2,444
3,994
7,915

1~,487

1,815

5", 122

6", 534

424

406

705

518

"53l

665

28,324
46,386
36,769
2,347
17,908
3,249

*250

"644

"283

"210

405

"269

2,061

45

101

185

620

951

3,517

;

Corpus Christi..
Beaumont
New Orleans....

6,691
3,631
5,307

3,517
875

25,772
2,769

2,347

Mobile

2,950

Pensacola, &c

553

Savannah

Charleston.
Lake Charles.,

...

553

"875

Wilmington
Norfolk

""14

"34

"165
902

213
902

26,729

45,081 144,055

....

Totals this week.
ine

6,172

6,047
4,639
13,302

13,157

ioiiowmg

total since

22,490

18,025

18,573

taoie

snows

tne

weex s

xotai receipts,

tne

Aug. 1, 1938. and the stocks tonight, compared

with last year:
1937

1938

Receipts to
Sept. 2

Stock

This

1, 1938

Since Aug

Week

Since Aug

Week

Galveston

This

1, 1937

78,347

1938

142,948
202,453
279,044
1,763
72,043
14,002
8,016

28,324
46,386
36,769
2,347
17,908
3,249

1

Corpus Christ!
Beaumont
New Orleans

Mobile

919

230

442

2",06i

Houston

46,038
97,053
167,995

553

__

14,327
12,107
7,999

29,249

Pensacola, &c
Jacksonville
Savannah
Charleston

88,128
56,121
1,667
29,110
6,531
3,768

2.347

36,710
5,961

-

Lake Charles

3,517

5,652
1,104
4,167

Wilmington.

875

876

279

Norfolk
New York

213

1,165

1,508

902

4,635

100

413,431
376,535
186,247
15,004

592,601
64,630
5,777
1,689
148,972
31,361
14,451
14,241
27,884

20,436
30,749
301
2,740

274,893
49,059
9,870
1,839
147,617

2,638

951

...

1937

603,630
657,180
169,548
18,665

32,384

32,765
7,943
17,498

100

Totals

3,372

825

875

806.824 2,354,910 1,569.432

374,623 300,222

144,055

100

3,356

Boston

Baltimore

In order that
we

comparison may be made with other years,
give below the totals at leading ports for six seasons:
1937

1938

Receipts at—

1936

Galveston—.
Houston

28,324
46,386

New

17,908
3,249
2,061

29,110
6,531

Orleans

.

Mobile
Savannah

14,327

1935

1934

1933

40,596
28,449
48,481
9,112
17,115

78,347
88,128

51,094
28,911
39,826
7,880
18,010

25,256
50,536
11,077
3,547
7,291

32,381
69,653
23,033

Brunswick

4,404
13,479
100

"

951
_

12", 107

11,050

875

Charleston

Wilmington.

279

691

4~,68l

9,642

1

4,591

337

213

1,508

4

~2, 099

939

420

44", 088

69~885

46,344

36",532

*33",762

35", 035

Total this wk_

144,055

300,222

201,842

188,943

137,090

188,484

Since

374,623

806,824

506,612

573,191

454,454

751,997

Norfolk

N'port News.
All others

Aug. 1

—

for the week ending this evening reach a total
75,693 bales, of which 8,090 were to Great Britain, 9,343
to France, 17,280 to Germany, 12,439 to Italy, 17,425 to
Japan, 181 to China, and 10,935 to other destinations.
In
the corresponding week last year total exports were 111,271
bales.
For the season to date aggregate exports have been
269,315 bales, against 290,834 bales in the same period of the
previous season.
Below are the exports for the week.
The exports

of

Exported to—

Week Ended

Sept. 2, 1938
Ger¬

Great

Exports from—-

Britain

France

471

Galveston.

1,597
546

3,402

Houston

''

1,816

Corpus Christi—
Brownsville

New Orleans....
Lake Charles

■'

v

*

2,061
140

—

161

Savannah

6,329

799
....

——

300

1,422

....

19,663
20,582

1,993

11,809

2,428

7,894
331

.

....

.....

....

3,793

181

175

4,149

10

8,090

9,343

17,280

12,439

17,425

Total 1937-..—

28,908

16,822

27,108

12,622

10

181

10,935

75,693

155

15,338 111,271
11,637
99,247

10,473

Total 1936

31,065

24,059

9,093

5,456

17,782

-

39

169
36

——

.-.

Total..

Total

11,011

2,559

....

.....

....

895

191

...

....

.

....

-

Other

2,684

.

■

——

36
*»#>*•

....

7,218

——

8

China

4,992

3,536

884

........

San Francisco

9,753

Japan

1,467
4,343

....

'

Los Angeles

-

1,589
1,595

——

39

Pensacola, &c__.
Norfolk

»

6,280

..

Italy

many

lower.

Trading was very light, transactions totaling 6 contracts in
the old contract, while sales in the new contract totaled but
6 contracts.
Crack XX in the spot market was
unchanged
a

Crop,

For the week
ending this evening the total receipts have reached 144,055
bales, against 78,102 bales last week and 73,033 bales the
previous week, making the total receipts since Aug. 1, 1938,
374,623 bales, against 806,824 bales for the same period of
1937, showing a decrease since Aug. 1,1938, of 432,201 bales.

the

The

No. 1 contract and

$1.76

the

from the South tonight, is given below.

grams

The market is said to be

displaying under¬
lying strength, with sales in both fleeces and territories taking
place with some degree of steadiness. The higher grades of
fine territory wool are now in better demand, fine French
combing wool selling easily at 63c., clean basis and that of
better staple at 65c.
The higher qualities of fine fleeces are
reported quiet, but firm. Texas wools are particularly firm,
it is said, with asking prices generally above the few bids
made.
Choice
12-months
wools
continue around
68c.,
scoured basis.
Average 12-months Texas wools are held at

at

Movement of

.

materials, and meanwhile there have been fair sized sales
of three-eighths and quarter-blood fleeces at 30-31c.
Top
makers, it is understood, are paying slightly more for

4 yen

Friday Night, Sept. 2, 1938
The

Baltimore..

Wool—Although wool conditions continue quiet, a decided
feeling of optimism prevails.
The trade appears confident
that substantial business will develop in the early fall. Both
woolen and worsted mills are checking up on available raw

lower.

COTTON

coal is

more

there sales

1513

Exporled to—

From

v

Aug. 1, 1938 to

Sept. 2, 1938

Exponsfrom—

Britain

Galveston

2,497

Houston.....

8,637
7,461

Corp. Christi.
Brownsville
New

-

-

Orleans.

Lake Charles
Mobile-.

—

-

--

Jacksonville.

.

Ger¬

Great

11,412

France

many

Italy

Japan

China

2,247

13,040

1,235

12,073
32,794

7,644

16,581

5,981

28,133
52,151

13,087

1,877

16,896

83,147

6,842
4,482

4,526

11,032
12,042
3,067

5,376

200

3,947

23,031

7,756

8",428

39,671

191

"50

517

233

"406

114

2,507

700

21

3,015

160

Pensacola, &c.

160

285

Savannah..—

1,236

Charleston—

285

590

468

1,227

"33

56

56

24

90

3,482

100

Total

37,280

29,387

Total 1937.

69,164

Total 1936-

76,100

Norfolk
Los Angeles

San

Total

3,202

326

1,704

Other

1,771

'*79
20,801

1,453

181

275

24,839

10

10,350

40,646

269,315

290,834
249,229

10,340

Francisco

61,616

28,205

72,000

181

42,074

73,009

200

54,887

41,041

32,144
13,600

19,356

41,280

44,451

155

32,602

Financial

1514
In addition to above exports, our

telegrams tonight also

give us the following amounts of cotton on
cleared, at the ports named:

shipboard, not

the

designated spot markets declined 9 points to 8.32

10

tions

Shipboard Not Cleared for—

Leaving
Ger¬

Other

Coast¬

many

Great

Britain France

Foreign

wise

Stock
Total

market was barely

The
very

started

one

OrleansSavannah——

New

1,500
2,021
156

500
946

234

Charleston..—
Mobile.

during the entire session.
Brokers with Bombay
connections bought moderately as a result of the narrowing
of differences.
Support also came from the Continent and
range

132
898

821

"260

-

14,900
9,458
4,609

588,730
047,722
587,992
148,972
31,361
64,370

loan had caused a

"260

1,500

11,300
6,002

moderate seller of the

Norfolk
Other ports...

...

Total 1936

3,677
11,926
5,450

1,680
16,183
5,194

2.530
1,577

18,383
9,960
17,283

1,616

29,227 2,325,683
43,745 1,525,687
32,303 1,309,235

Speculation in cotton for future delivery during the past
has been moderately active, with fluctuations de¬
cidedly irregular.
There was little in the news or develop¬
ments of the week to encourage buying in a substantial way.
The statistical position of cotton and the ominous threats
of a great war in Europe are acting as a strong curb to

It was reported from Liverpool that the cotton
hardening of the Southern basis.
Hedge

Liverpool.

selling was light in nature.
A leading spot house was a
July option.
New Orleans and the

South
2,957
4,099
2,760

Total 1938-Total 1937

steady today, with quota¬

little changed from the previous day.
Prices
to three points lower, and ruled within a narrow

27,884
228,652

100
357

2,500

Galveston
Houston-.

Sales of gray goods in the Worth Street

also sold.

this afternoon were estimated at approxi¬
mately 5,000,000 yards.
Prices were unchanged. The Liver¬
pool cotton market declined three points from the previous
market

early

close.

week

Today prices closed two to four points net lower.

advance of one point from the

decline of one point to an

closing levels of the previous day.

selling and some liquidation.
Demand was slow, although
trade shorts continued to absorb offerings in near positions

mestic

and many

dition

ment loan

were

inclined to believe that

a

Govern¬

would divert cotton from commercial channels into

the loan around present

Improved sales of textiles
during the week were favorable, which no doubt caused
price fixing on the part of mills, although demand for spot
cotton continued.
The Agricultural Department announced
after the close today that it would make loans on 1938 cotton
at the base rate of 8.30 cents a pound.
The 8.30 cent loan
rate will apply to % inch middling cotton, with differentials
for other graaes and staple lengths.
This compares with a
base rate of 9 cents a pound on last year's crop.
The loans
actually will range from 5.30 cents a pound on 13-16th inch
or
shorter lower middling to 10.75 cents on 1^ inch or
longer good middling or better.
On the 29th ulto. prices
closed 11 to 14 points net lower.
The market was affected
today by an unfavorable view of the European political
situation and

levels.

weakness in

the

outside

markets.

After

a

The

within a very narrow range, with prices
changing very little in a limited volume of sales.
A short
time before the close of business active positions showed a
market again ruled

operations, especially on the upward side of the market.
On the 27th ulto. prices closed 3 to 6 points net lower. The
market was inactive and slightly heavier.
Traders seemed
less inclined to anticipate what the market influence of the
Government loan announcement would be, and prices sagged
under a moderate amount of hedge selling as well as local

traders

19383

cents, or 2 points above the average loan price.
^
^
On the 1st inst. prices closed unchanged to five points
lower.

On

Sept. 2 at—

Sept.

Chronicle

the

Trading at the opening

quiet, with futures one point above to one point below

was

The selling of distant contracts by a

previous closing.

leading spot house was the feature of the early dealings.
Both domestic and foreign mills were buyers.
Brokers

Bombay affiliations also bought moderately.

with

cotton

Statistical
at

crop

for

report

Prices in the Liverpool market
as

a

by

The do¬

International

the

Bureau at 12,010,000 bales, and the Aug. 1 con¬
67.3% of normal.
This estimate compares with

Government

the

estimated

was

August
moved

of

11,988,000

up one

result of buying, which was promoted

weakness in

bales.

to two points

largely by the

sterling exchange.

The official quotation

for middling upland cotton in the
week has been:

New York market each day for the past
Sat.

Mon.

8.42

Aug. 2 to Sept. 2—
Middling upland.....

8.30

Tuet.
8.46

Wed. Thurs.
8.35

Premiums and Discounts for Grade and

Fri.

8.35

8.33

Staple—The

table below gives the premiums

and discounts for grade and
staple in relation to the base grade, Middling Y%, established
for deliveries on contract on Sept. 9, 1938.
Premiums and
discounts for grades and staples are the average quotations
of 10 markets, designated by the Secretary of Agriculture,
and staple premiums represent 60% of the average premiums
over J^-ineh cotton at the 10 markets on Sept. 1.

close

study of the terms of the government loan, announced
after the close on Saturday, traders could see little in the loan
proposals to invite any immediate support to the market,
although some spot houses described the loan as progres¬
sively bullish. In other words, the loan price was about as
expected and about on an even basis with the prevailing
market.
The market opened 4 to 8 points lower in response
to a show of weakness in Liverpool where prices were said to
have been influenced largely by the political situation in
Europe.
Weakness in the stock market and heaviness in
most

other

offtake

was

commodities
poor.

undermined

Prices moved within

confidence

and

a narrow range,

%
inch

1 in. dc

Inch

Longer

While—

1 in. &

inch

Longer

on

.38

on

on

.20

on

Mid. Fair

.62

.81

on

.97 on

Good Mid—

.10 on

.24

St. Good MidGood Mid

.56.

on

.75

on

.91 on

St. Mid

.09 off

.06

.50

on

.69

on

.85

on

Mid

.65 off

.50 off

St. Mid

.32

on

.52

on

.68

on

•St. Low Mid—

1.45 off 1.40 off 1.35 off

Mid

Basis

.17

on

.33

on

♦Low Mid

2.20 off 2.15 off 2.13 off

St. Low Mid

.59 off

.43 off

Low Mid

on

.31 off

1.34 off 1.28 off 1.22 off

but

.50

on

.69 on

.85

St. Mid

.32

on

.52

on

Even

.17

on

.33

Good Mid

on

on

St. Low Mid.59 off
.43 off
.31 off
Low Mid—
1.34 off 1.28 off 1.22 off
•St. Good Ord. 2.10 off 2.05 off 2.02 off
•Good Ord
2.77 off 2.70 off 2.67 off

Good Mid
St. Mid

.41 off

.29 off

.74 off

.64 off

.52 off

•St. Low Mid— 2.25 off 2.14 off 2.10 off
♦Low Mid
2.72 off 2.67 off 2.65 off
Yet. Stained—
Good Mid..

1.24 off 1.16 off 1.08 off

♦St. Mid.

1.68 off 1.63 off 1.57 off

•Mid

2.34 off 2.30 off 2.26 off

Gray—
Good Mid

.64 off

.52 off

.42 off

.85 off

.73 off

.63 off

1.37 off 1.31 off 1.24 off

•Mid
on

.51 off

1.44 off 1.39 off 1.34 off

♦Mid

St. Mid.
•Not deliverable

.35 off

Tinged—

.68 on

Mid

was
slow.
Consequently prices gave way under
hedging from the South and local selling and liquidation.
Foreign orders were small, but were mostly on the buying
side and the foreign markets, while somewhat
irregular,
showed a steady undertone.
Reports from the South were
that producers will probably hold at least until after the
next government crop estimate.
If crop figures should be
small and prices advance, growers will be in a
position to
take advantage of the rise, whereas if the estimate should
be large and the market decline, they still have the
privilege
of placing cotton
jn the government loan at an average price
of 8.30 for middling % inch.
Average price of middling at

15-16

Spotted—

the

hedges, liquidation and some foreign selling. Average price
of middling at the 10 designated spot markets declined 10
points from Saturday's figure to 8.26 cents.
On the 30th
ulto. prices closed 14 to 17 points net higher.
A less acute
political situation in Europe and firmness in stocks were
largely responsible for the stronger cotton market today,
the upward movement in cotton scoring advances of 14 to
17 points over the previous final quotations.
The market
opened steady and 6 to 8 points up in response to higher
Liverpool ana Bombay cables and on domestic and foreign
trade buying. Volume was not large, although after moving
within comparatively narrow limits, the market strengthened
during the last hour. Offers from the South proved small
and the trade was a fairly good buyer, while the action
attracted some covering through Wall Street commission
houses.
There was comment on the fact that after declining
to below the average loan price of 8.30 cents
Monday, prices
resisted and advanced steadily when the trade felt less
apprehensive over the foreign situation.
In the absence of
pressure,
the market worked steadily higher.
Average
price of middling at the 10 designated spot markets advanced
15 points to 8.41 cents.
On the 31st ulto. prices closed 9 to
11 points net lower.
The market today lost most of the
previous day's gains. A crop estimate indicating a yield of
12,189,000 bales, compares with its last month's estimate of
11,800,000 and with the August Government forecast of
11,988,000 bales, appeared to undermine confidence and




15-16

•St. Good Ord. 2.10 off 2.05 off 2.02 off
♦Good Ord.... 2.77 off 2.70 off 2.67 off
Extra While—

toward the close selling pressure increased in the form of

demand

H
inch

future contract.

Futures—The

highest, lowest and closing prices
week have been as follows:

at

New York for the
past
Saturday

Monday

Tuesday

Aug. 27

Aug. 29

Aug. 30

Wednesday
Aug. 31

Thursday
Sept. 1

Friday
Sept. 2

Sejrt.(1938)
Range..

Closing.

8.25n

8.14«

8.31n

8.18n

8.18n

8.16 n

Range..

8.27- 8.34

8.18- 8.28

8.25- 8.36

8.23- 8.32

8.22- 8.26

8.21- 8.27

Closing.

8.30

8.18- 8.20

8.34

8.23- 8.24

8.23

8.21

Oct.—

Nov.—

Range..
Closing.

8.33n

8.22n

8.37n

8.26n

8.26*

8.23«

8.36- 8.40

8.25- 8.34

8.31- 8.43

8.30- 8.38

8.27- 8.33

8.26- 8.33

Dec.—

Range..
Closing.

8.36

8.25- 8.26

8.41

8.30

8.29

8.26

A1939)
Range..

8.34- 8.3£

8.24- 8.32

8.31- 8.36

8.37- 8.37

8.29- 8.31

8:25-8.31

Closing.

8.36

8.24

8.40n

8.29n

8.28n

8.25

Jan

Feb.—

Range..

Closing.

8.36 n

8.24n

8.39n

8.29n

8.28n

8.25n

Range..

8.34- 8.39

8.25- 8.34

8.30- 8.42

8.29- 8.38

8.26- 8.31

8.25- 8.30

Closing.

8.36

8.25

8.39

8.29- 8.30

8.28

8.26

8.24n

Mar.—

-—

April—

Range..

Closing.

8.36 n

8.22 n

8.38 n

8.28 n

8.27 n

Range..

8.33-8.36

8.20- 8.31

8.27- 8.38

8.28- 8.35

8.24- 8.31

8.23- 8.31

Closing.

8.34

8.20- 8.21

8.37n

8.28

8.27

8.23

May—

A'

June—

Range.

.

Closing.

8.33n

8.19n

8.36n

8.26n

8.25n

8.22ft

8.29- 8.33

8.19- 8.29

8.26- 8.35

8 25- 8.32

8.21- 8.27

8.21- 8.28

8.32

8.19n

8.35

8.25-8.26

8.24 n

8.21- 8.22

July—

Range..
Closing.
Aug.—
Range..
Closing.
n

Nominal.

Range for future prices at New York for week ending
Sept. 2, 1938, and since trading began on each option:

Volume

Financial

147

8.31

Oct.

8718

1938-.

~8~3~6 ~Aug.~30

Aug. 29

May 25 1938

9.39

Feb.

May 31 1938

9.48

Feb.

Ship¬

23 1938
'

Week

Nov. 1938..
Feb.

23 1938

Dec.

1938—

8.25 Aug. 29

8.43

Aug. 30

7.73 May 31 1938

9.50

Jan.

1939..

8.24 Aug. 29

8.39

Aug. 30

7.74

9.51

Feb.

1939..

May 31 1938
8.18 June
3 1938

8.25 Aug. 29

8.42

Aug. 30

7.77 May 31 1938

9.25 July

Mar. 1939—

Ala., Birm'am

8.37

Aug. 23 1938

7.81

May 31 1938

9.27

July

7 1938

9.05 July

36

8.35 Aug. 30

Aug. 30

22 1938

559

825

210

313

4,263

334

1,390

4,010

2,384

2,927

202

6,167
49,514
54,998

1,267

3,173

2,576

6,235

1,016
1,030

206

209

984

521

219

85,530

76

114

90

24,228

6

1,162

57

27,915

700

961

93

110

23,586

maxwM

«•«*

4

4

126

425

6,833

277

Little

Volume of Sales for Future

Delivery—The Commodity

Exchange Administration of the United States Department
of Agriculture

makes public each day the volume of sales

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.
future

Rock

Pine

—

w

8

593

505

696

3

3

1

18,402

19

322

4,641

217

62,005

446

159

29,261

671

1,967

742

14,053

22

81

230

23,688

48

148

425

1,904
5,506

3,754

3,401

124,107

2,151

5,696

3,350

12,857

2,693

124,976

8,104

16,285

3,338

78,800
74,107

200

1,500

200

34,500

800

2,900

900

32,900

1,877

391

27,561

2,034

3,540

1,317

1

800

8,098
4,924

1,015

19,111
15,208
8,249

—

Bluff.

Walnut Rge
Ga„ Albany..
Athens
,

2

22,523
91,147

14
W «•

623

Newport.

_

—

'

Atlanta

-

Augusta..
Columbus..
.

Macon

Rome..

178

^

>

*

.

—

La., Shrevep't
Miss., Clarksti
Columbus.

Open
Contracts

497

City

Helena

Aug. 1939—

68

9

1,044

Ark., Blythev.
Forest

8.19 Aug. 29 1938

3

13,418
6,347
26,309
18,922
33,192
2,368
4,735
3,850
7,455
30,502
5,125
10,185
9,500
12,163
9,628

279

766

Jonesboro—

8.38

8.19 Aug. 29

1939..

for

16,933

Hope......

8.20 Aug. 29

June 1939—

July

546

Selma

Eufaula

7 1938

May 25 1938

85

18

Montgom'y

8.74 June 28 1938

8.34

1939—
May 1939—

Apr.

Sept.

Week

Season

Week

Stocks

ments

2

Receipts

23 1938

Feb.

Season

3, 1937

Ship¬

Sept.

Week

Receipts

Stocks

ments

Toums

18 1938

7.70

Sept. 1938..

Movement to Sept.

Movement to Sept. 2, 1938

Range Since Beginning of Option

Range for Week

Option for—

1515

Chronicle

'

•

,

1

«

217

■

1,034

703

2,294

22,058
136

58,883

4,529

1,100

45,587

3,919

6,432

5,414

20

956

i

138

7,395

500

727

500

23,627

492

601

1,012

11,691

7,572

11,449

804

59,468

7,598

12,006

1,128
989

17,515
1
5,867

3,628

2,001

_

Greenwood.

1

17,800

17,600

29,500

22,200

52,700

23,800

30,000

50,100

2,100

800

1,800

890

509

22,528

2,289

4,294

3

206

47

10,252

81

142

17,000

548,500

Vicksburg—

79

184

34

11,706

149

180

31,900

23.500

644,900

Yazoo City.

1,983

2,159

225

25,523

2,158

3,247

18,400

(1939)

2,100

135/00

Mo., St. Louis

2,266

13,269

2,128

3,038

398

4,957

398

Sept. 1

Sept. 1

2,000

14,500

December
January

628

Natchez...

19,200

Aug. 26 Aug. 27 Aug. 29 Aug. 30 Aug. 31

New York

October (1938).

17", 500

Jackson

—

965
-

w.

4,516

-

1,737

6,800

470,300

7,700

8,400

4,700

295,500

12.500

6,700

16,900

57,600

310

60

1,768

135

215

261

2,146

2,818

133,039

1,673

2,505

6

55,728

1,859

6,825

2,383

54,460

7,361

22,892

7,812

222,967

Oklahoma—

5,700

3,027

N.C., Gr'boro

15,000

2,300

39

2,658

23,600

1,600

8,100

May

14,200

11,600

March

825

26

«

July

15 towns *.
S. C„ Gr'ville

April (1939)

93,900 112,900

60,300

Total all futures.... 118,500

71.000 2,152,700

83,700

2,237

8,645

2,729

69,589

Tenn., Mem'e

10,170

44,219

10,731

490,314

Texas, A bllene

Inactive months—

7

8

26

7,411

'm

-

•

8

~

705

890

536

1,750

1,827

3" 604

1,360

1,407

1,057

1,408

447

2,954

2,110
5,696

4,311

1,859

2,625

8,704

4,133

5,547
2,173
6,437
xl,972

Austin.....

*

Brenham

,

..

Dallas.....

2,461

34,054

Paris......

3,408

3,092
4,363

1,227

Contracts

1,882

24,483

1,022

Robst own-

274

5,749

586

5,563

1,422
1,240

2,553

Aug. 30

13,629

806

1,658

2,854

xl,153

x4,813

Open
Aug. 24 Aug. 25 Aug. 26 Aug. 27 Aug. 29 Aug. 30

New Orleans

2,500

January (1939)

..

5,600

750

2,550

1,300

140,000

3,250

8,350

9,900

143,350

Waco

300

2*550

4,050

1,200

950

800

450

12,350

22,700

1,700

57,450

1,950

2,250

31,650

200

5,650

15,000

15,350

3^5,500

150

13,850

1,450
600

3,050

500

1,150

M arch

May

—

July

as

afloat

figures

telegraph, is

6,250

Cotton tonight,

The Visible Supply of

cable and

*

follows.

as

made

as

up

by

Foreign stocks as well

To make

brought down to Thursday evening.

are

(Friday) we
add the item of exports from the United States, for Friday
only.
■
■
'V.
-(■=•:" A/',." v"
the total show the complete figures for tonight

1938

Sept. 2—
Stock at Liverpool

1937

1936

1935

bales. 1,028,000
134,000

600,000
105,000

670,000
77,000

447,000
54,000

1,162,000
233,000
261,000
11,000

-

Stock at Manchester..

705,000
109,000
131,000
13,000

391,000

46,000
23,000
14,000

Stock at Havre
Stock at Rotterdam

12,000
6,000
5,000

747,000
153,000
121,000
10,000
55,000
45,000
9,000
6,000

588,000

Stock at Bremen

276,000

399,000

Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
—

Total European

Stocks

stocks—
1,750,000
Europe—
66,000

India cotton afloat for

Europe

American cotton afloat for

74,000
15,000
36,000
64,000
9,000
9,000

135,000

981,000 1,146,000
40,000
48,000
172,000
131,000

892,000
42,000
153,000

—

7,643,152 4.562,266 4,859,982 4,316,690

Total visible supply
Of the above, totals

of American and
.

.

o

her

descriptions

are as

follows:

565,000

203,000

203,000

125,000

85,000
128,000
177,000
55,000

32,000
60,000
93,000
9,000
172,000

32,000
92,000
75,000
50,000
131,000

15,000
99,000
51,000
70,000
153,000

135,000

2,354,910 1,569,432 1,341,538 1,301,316
1,949,655
836,739 1,219,831 1,178,879
29,587
40,095
22,613
11,495

today--

5,479,152 3,015,266 3,166,982 3,004,690

Total American

Brazil, &c.—

463,000

Liverpool stock
Manchester stock
Havre stock—

stock

Indian afloat for Europe

397,000

467,000

322,000

49,000
107,000
84,000
37,000
66,000

—

Bremen stock

Other Continental

73,000
50,000
38,000
26,000
40,000

45,000
61,000
46,000
75,000
48,000

39,000
85,000
23,000
63,000
42,000

238,000

168,000

167,000

147,000

226,000
894,000

Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India

76,000

679,000

71,000
713,000

60,000
531,000

2,164,000 1,547,000 1,693,000 1,312,000
5,479,152 3,015,266 3,166,982 3.004,690

Total East India, &c

Total American
Total visible supply

Middling uplands, Liverpool
Middling uplands, New York

7,643,152 4,562,266 4,859,982 4,316,690
4.85d.
5.56d.
6.70d.
6.lid.
8.33c.
9.36c.
12.04c.
10.75c.

Egypt, good Sakel, Liverpool
Broach, fine, Liverpool—
Peruvian Tanguis, g'd fair, L'pool

C.P.OomraNo.l8taple,s'fine, Liv

8.93d.

10.42d.

10.61d.

4.87d.
6.76d.
4.90d.

5.53d.
7.45d.
5.54d.

Towns

the

movement—that is,

the

receipts for the week and since Aug. 1, the shipments for
the week and the stock tonight, and the same items for the

corresponding period of the previous year—is set out
detail below:




836,739

show

totals

that

* San

Antonio.

have

stocks

interior

the

during the week 27,439 bales and are tonight
1,112,916 bales more than at the same period last year. The
receipts at all the towns have been 11,023 bales less than
increased

.

the

same

week last year.
New York

22.70c.

1919

31.40c.

18.75c.

1918

36.50c.

22.60c.
25.65c.

1917

1924

1923-

26.35c.

1915

1929

12.05c.

1928.

1935

10.65c.

1927

1934

13.35c.

1926

1933
1932

9.45c.
8.75c.
6.85c.

.

1914
1913
13.00c.
1912..
.11.25c.
1911
11.70c.
1910— --.15.00c.
1909
12.80c.
1908--.-. 9.30c.
1907—.
13.55c.

22.25c.
18.15c.
31.75c.

1930

9.56c.

1936

1925

1931-----

y

Quotations for 32 Years
11.30c. 1922
19.35c* 1921
19.05c. 1920

8.33c.

1937

1938.

,

—

23.30c.
...16.30c.

1916.

9.75c.

—

Market and Sales at New York
•

...

V '

•

.

.

;

SALES

Futures

Spot Market

Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday..

—

...

Market

Closed

Closed

Quiet, 4 pts. dec
Quiet, 12 pts. dec—
Steady, 16 pts. dec.
Quiet, 11 pts. decSteady, unchangedQuiet 2 pts. dec

Steady
Barely stdy
Steady..
Barely steady..
Steady
Steady— —

Total

Contr'ct

Spot

"200

"200

— —

_

Total week.

200

200

Since Aug. 1

3,685

3,685

Overland Movement for the Week and Since Aug. 1—

overland movement
made up from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
We

give below

a

statement showing the

for the week and since

Aug. 1,

as

-1937

Aug. 1

Week

13,495
8,971

2,128
1,175

Via St. Louis
Via Mounds &c

Aug. 1
5,764
4,495

925

68

overland.
Shipments—

902
Between interior towns
185
Inland, &c., from South— 5,179
Overland to N. Y., Boston,

&c—

"

354

17,459
13,424

6,113

41.564

4,926
1,068
42,916

10,743

Total gross

81

3,781
1,460

96,358

3,992
3,010

Virginia pointsVia other routes, &c_

68

1,056
20,212
52,328

438

Via Louisville.
Via

100
184

2,638

4,354

16,269

6,266

48,910

47,448

968

19,875

4,638

4,477

Total to be deducted

Leaving total net overland*
*

Week
398

296

Via Rock Island

Deduct

Since

Since

Sept. 2—
Shipped—

1,475

21,689

Including movement by rail to Canada.
-1937-

1938

Since

Since

In Sight and Spinners'

Week

Takings
Week
Receipts at ports to Sept. 2
144,055
Net overland to Sept. 2
4,477
Southern consumption to Sept. 2.105,000

Aug. 1
374,623
47,448
475,000

300,222
1,475
135,000

253,532
27,439

897,071
*4,468

436,697
30,070

North, spinn's' takings to
*

Aug. 1
806,824
21,689
670,000

1,498,513

in

892",603

Sept. 2

16,245

16,399

466,767

280,971

87,449

1,514,912
11,994

80,563

Decrease.

Movement into

sight in previous

Week—

1936—Sept. 3
1935—Sept. 5

3,326,462 bales over 1935.
Interior

46,310

Came into sight during week
Total in sight Sept. 2

above

the

172,037

5.19d.

figures for 1938 shows an increase over last
week of 65,850 bales, a gain of 3,080,886 over 1937, ah
increase of
2,783,170 bales over 1936, and a gain of

At

76,400

8.58d.

3.98d.
5.70d.
3.95d.

Continental imports for past week have been 82,000 bales.
The

37,938 1949,655

2,223

1938-

U. S. port stock
U. S. interior stock

East Indian,

6,471

160,261

.

Liverpool stock
bales.
Manchester stock
Bremen stock------—
Havre stock.
—
Other Continental stock
American afloat for Europe

U. S. exports

7", 124

184,000*

Egypt, Brazil,&c.,afl't for Europe 238,000
168,000
167,000
147,000
Stock in Alexandria, Egypt
226,000
76,000
71,000
60,000
Stock in Bombay, India894,000
679,000
713,000
531,000
Stock in U. S. ports
2,354,910 1,569,432 1,341,538 1,301,316
Stock in U. S. interior towns
1,949,655
836,739 1,219,831 1,178,879
U. S. exports today-29,587
40,095
22,613
11,495

American—

17,399

above

...

Total Continental

137

9,067

501,000

Total Great Britain

Stock at Trieste

115

14,531

Includes the combined totals of 15 towns in Oklahoma.

this week's returns, and consequently all foreign

are

18,744

65,377

Total, 56towns

The
Total all futures

1,691

4

546

.

—

7,400

100

1,450

—

x563

768

169

2,890

Texarkana.

12,650

100

7,250

4,050

2,400

December

159

2,674

Marcos

San

October (1938)-

1934—Sept. 7

Bales

years:

Since Aug, 1—

...407,178 1936
332,410 1935
279,144 1934

Bales
1,159,719
1,072,931
944,213

Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
principal cotton markets for each day

Below

Southern and other
of the week:

1516

Financial

Chronicle

Sept. 3, 1938
Rain

Closing Quotations for Middling Cotton
Saturday Monday

Galveston
New Orleans..

Mobile

8.25
8.36
8.20
8.55
8.55
8.30
8.80
8.30
8.25
8.20
8.00
8.00

-

Savannah

Norfolk—

Montgomery.
Augusta..
Memphis—

.

Houston
Little Rock...
Dallas........

Fort Worth...

8.13
8.23
8;08
8.43
8.45
8.29
8.69
8.20
8.15
8.10
7.89
7.89

Tuesday

Wed'day

8.29
8.37
8.24

Thursday

8.18
8.27
8.13
8.65

8.59
8.60
8.44

8.18

8.30
8.25
8.06
8.06

Amarilio--.-

7.98

7.98

1

79
62

Austin

Abilene..

—

Brownsville

2

Tuesday

Aug. 29

Aug. 30

0.24

98

70
62

0.26

96
100
96

66
70
68

dry

Palestine....
Paris......
San Antonio..

...

1

Sept. 1

Sept. 2

68

84

68

84

100
102
100
100

72
71
70
70

86
87
85
85

89

dry
dry
dry
dry

0.70

105

1

0.50

96

71
69

2

0.38
0.20

97

67

100

76

88

100

72

86

1

Shreveport

dry

8.28

8.42

8.32

8.33

8.30

Mississippi—Meridian

8.33- 8.34

8.49

8.39

8.39

8.34

Alabama—Mobile

Jan.(1939)

8.47

8.33

8.49

8.39

8.39

8.33

Birmingham.
Montgomery
Florida—Jacksonville

8.47

April
May

8.48

8.39

8.38

8.33

8.27- 8 28

8.48

8.38

8.37

8.32

8455- 846a
8.43

July
August

8.255-827a

—

8445- 845a

8.34

0.92

100

68

84

1

0.74

96

68

82

0.02

100

71

84

2
1

1.11
0.52

102

3

1.16

98

66
68
72

84
84
85

8355- 836a

8.31

dry

90

76

83

0.49

94

74

1

0.02
0.33

94
102
96

72
73

84
83

94

68

98

70

90

70

4

Atlanta

Spot

Steady.

Steady,

Steady.

Steady.

Options—

Steady.

Barely stdy

Steady.

Steady.

Steady.
Steady.

1

Augusta
Macon

Steady
Barely Sty.

1

Carolina—Charleston..
North Carolina—Asheville
Chariotte..

Corporation announced on Aug. 26 that through
Aug. 20, 1938, 80,076,260 net grease pounds of wool had
been appraised for loans aggregating $13,964,895.32.
Of
this amount loans of $5,735,896.95 have been completed
on
31,812,406 pounds of wool, the remainder being in
process.
The loans average 17.43 cents per grease pound.

0.20

dry

88
82

68

73
68

81
84
80
76
79
74
78
85
83

66

81

1

0.02

92

60

_.

3
2

92
90

66
68

....

2

1.57
0.74
1.34

90
100

66

........

Raleigh..........
Wilmington
Tennessee—Memphis
Chattanooga

Credit

0.02

dry

South

80,076,260 Pounds of Wool Appraised for Loans of
$13,964,895 by CCC Through Aug. 20—The Commodity

100

3

Tampa..
Georgia—Savannah

Tone—

82

4

Miami.
Pensacoia

.

•.

June

83

2

Vicksburg

8.33

—

84

100
100

3

8.41

March

66
72

0.34

Amite..

.

82
84

70

96

0.01

...

8.47- 8.48

February

98
102

88
80
81
85
82

'

1

Louisiana—Alexandria

November

0.04

77

1

^

Pine Bluff..

„

Friday

106

0.08
2.08
0.06

1

Weatherford...
Oklahoma—Oklahoma City
Arkansas—Eldorado
Fort Smith

dry
•;»

1
1

——

December.

—

86

1

Sept(1938)
..

82

74
62

3

New Orleans...
October

74

92

Kerrvllie—

Thursday

Aug. 31

90

98

1.28

1

—

Henrietta.

closing quotations

Wednesday

100

dry

Little liock.
Monday

85
79
84
85
85

4.56

Lampasas..
Luiing
Nacogdoches.—....

for leading contracts in the New Orleans cotton market for
the past week have been as follows:
Saturday
Aug. 27

Mean

72
72
70

96
98

Dallas..
EI Paso......

Taylor

New Orleans Contract Market—The

dry
dry
dry

—

...........

Brenham

96

8.30
8.18
8.10
7.96
7.96

8.50
8.33
8.73
8.35
8.20
8.15
7.98
7.98

8.15

Low

91

8.61
8.50
8.31
8.71

8.64

8.73
8.25
8.20

High

1.80
0.04

8.16
8.25
8.21

8.13

8.33

8.84

8.35

Inches

1

Friday

8.27

8.50

Thermometer

Days
Texas—Galveston

on—

Week Ended

Sept. 2

Rainfall

dry
2
4

Nashville

0.32
1.56

98
96

The following statement

has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a.m. of the dates given:
Sept. 2, 1938

Sept. 3,

1937

peei

Charter Filed

New Orleans

in Memphis for

Incorporation of Rust
Foundation—To
Aid
Cotton
Pickers
Displaced
by
Mechanical Devices—Another step incident to the tran¬
sition from hand cotton picking to mechanical picking,
following the invention of the Rust Cotton Picker, was taken
on Aug. 24 with the filing in Memphis, Tenn.,
by the Rust
brothers, John and Mack, of a? charter for the incorporation

Memphis

own.

he

a

margin above

a

earnings—10 times that of the lowest paid employee.
The charter is so
worded that the cooperation "of any individual, private, public or govern¬
mental agency, will be accepted to achieve the aims of the Foundation.
A nonprofit incorporation, administered by three trustees, the Founda¬
tion's objectives will be ' 'to promote the well-being of mankind; in par¬
ticular, to aid in rehabilitation of disemployed sharecroppers and farm
laborers of the cotton growing States, and to carry on experiments, research
and educational work with a view to finding a permanent solution to our
problem of poverty and unemployment, and above all to preserve and
extend our civil liberties."
All income personally realized by the brothers, above the limited stipend
set for themselves, will go into the Foundation to carry out the purpose of

making the invention "a blessing instead of a curse," Mr. Rust said.
Assembly of six machines of the single and double-unit types for operation
in the fields this fall is being completed at the plant in Florida. If plans
for the factory carry through, as many as 100 pickers are expected to bo
operating within another year. The picking capacity of a machine is an
acre an

hour.

The invention of

brothers

was

a

mechanical cotton picker by the Rust

noted in these columns two years ago—Sept. 5,

1936, page 1585
New

York Cotton

zero

of gauge.

Above

zero

of gauge.

zero

of gauge
Above zero of gauge.

Receipts

from

The

tions.

Southern

Exchange to Remain Open Today

(Saturday)—The Board of Managers of the New York Cot¬
ton Exchange on Aug. 31 decided that the Exchange will
remain open today (Sept. 3), denying a request for a holiday
incident to the Labor Day week-end.
Three New Members of New York Cotton Exchange—
At a meeting of the Board of Managers of the New York Cot¬

_

2.1
8.6

9.5

9.4
4.1

Plantations—The following

the

figures

table

do not include overland receipts

consumption; they

are

simply

a

nor

statement of the

weekly movement from the plantations of that part of the

which finally reaches the market through the outports.

crop
*

Week

Receipts at Ports

Stocks at Interior Towns

Receipts from Plantations

End.

1938

1936

1937

1938

1937

1936

1938

1937

1936

June
3.

17,425

23,761

10.

explained.

Endowment for the Foundation will be obtained from

Above
Above

3.3
8.1
9.4
3.0
7.4

indicates the actual movement each week from the planta¬

Memphis "Commercial Appeal" of Aug. 25 in reporting the
incorporation of the Foundation, further stated:

fixed income for the brother-inventories, who will set a 10-to-l ratio on their

of gauge.

Shreveport
Vicksburg

The

The Foundation will have no relation to the Rust Cotton Picker Co.,
which will become a business enterprise with the establishment of a factory
that will "have a capacity of at least 1,000 machines a year, with plenty
of room for expansion," according to John Rust.
"It will be the business of the Rust Cotton Picker Co. to produce machines
that will mechanize the cotton growing industry, and it will be the business
of the Foundation to help rehabilitate the displaced labor on a higher plane,"

zero

Nashville.

of the Rust Foundation for aid to individuals who will suffer

if and when mechanical picking comes into its

Above

20,009

23,325

17.

27,019

15,944

24.

24,113
22,893

47,072 2167,585 1064,946 1554,313
32,597 2138,409 1030,520 1517,933

Nil

Nil

7,151

Nil

Nil

Nil

7,966

Nil

Nil

998.705 1465,362

19,653

39,972 2119,356
21,698 2100,775

964,392 1424,612

5,532

Nil

Nil

15,752

21,952 2081,104

930,969 1384,154

3,282

Nil

Nil

Nil

Nil

July
1.
8.

Nil

13,381 3053,520

903,027 1349,502

15.

32,676

17,371

16,973 2024,282

22.

43,924

28,601

28,419 1997,556

873,772 1301,705
848,935 1255,364

3,438
17,198

3,764

Nil

29.

53.593

55,199

39,742 1978,400

828,147 1206,417

44,437

34,411

Nil

68,215 38,915 1951,616
94,093
52,891 1933,484
73,033 149,210 76,336 1927,836
78,102 221,570 141,365 1922,216

811,182 1167,401
790,150 1144,650
788,408 1132,170
806,649 1140,781

Nil
22,595 39,230
33,753 79,061
30,140
67,385 141,468 63,862
83,722 239,811 149,970

17,684

17,059

Nil

Nil

Aug.
5.

49,379

12.

51.885

19.

26.

Sept.
2.

144,055 300,222 201,842 1949,655

,830,739 1219,831 171,494 330,292 280,892

The above statement shows:
from
in

the

(1) That the total receipts
plantations since Aug. 1, 1938, are 370,155 bales;

1937

were
823,223 bales and in 1936 were 94,002
(2) That, although the receipts at the outports the
past week were 144,055 bales, the actual movement from
plantations was 171,494 bales, stock at interior towns
having increased 27,439 bales during the week.

bales.

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

obtainable; also the takings
sight for the like period:

are

or

from which statistics

amounts

out of

gone

ton

Exchange held on Aug. 30, Earle H. Rodney of Fuller,
Rodney & Co., New York City, who do a brokerage business,
elected to membership in the Exchange.
Mr. Rodney
is a member of the New York Commodity Exchange, Inc.
At a further meeting of the Board on Sept. 1, the following
were elected to membership: Joseph A. Dernberger of J. R.
Williston & Co., New York City, who do a brokerage busi¬
ness, and George Whittell Joynson of G. W. Joynson & Co.,
Liverpool, England, who are cotton merchants.
Mr. Dern¬
berger is a member of the Chicago Board of Trade and the
New York Coffee and Sugar Exchange.
Mr. Joynson is a
member of the Liverpool Cotton Association, Ltd., and
various other foreign exchanges.

Cotton

Returns

by Telegraph—Telegraphic advices to us this
evening denote that cotton is opening rapidly in most sec¬
tions and prematurely in a few sections.
Compared with
last year, damage is heavier and considerably so in most
of the eastern belt and locally in west central Texas.




O

1937

1938

Takings,

Week and Season

was

Week

Visible supply Aug. 26
Visible supply Aug. 1
American in sight to Sept. 2-Bombay receipts to Sept. 1
Other India ship'ts to Sept. 1.

7,577,302

Alexandria receipts to Aug. 31
Other supply to Aug. 31*5

3,000
8,000

Season

Visible supply Sept. 2
Total takings to Sept. 2 a
Of which American
Of which other
*

280,971
15,000
4,000

Season

4,374,056

4,339*022

7,858*941

_

Total supply
Deduct—

Week

892,603
90,000

466*767

46,000
5,400

11,000
17,000
6,000

1,514,912
47,000
42,000
28,200
31,000

40,000

5,000

7,888,273

8,932,944

4,879,823

6,002,134

7,643,152

7,643,152

4,562,266

4,562,266

245,121
182,121
63,000

1,289,792
877,592
412,200

317,557
214,557
103,000

1,439,868
917,068
522.800

Embraces receipts in Europe from Brazil, Smyrna, West Indies,

&c.

a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 475,000 bales in 1938 and 670,000 bales in 1937—takings

not being available—and the aggregate amount taken by Northern and
foreign spinners, 814,792 bales in 1938 and 769,868 bales in 1937, of
which 400,592 bales and 247,068 bales American,
b Estimated.

Volume
India

Financial

147

Cotton Movement from All Ports—The

of Indian cotton at

receipts
Bombay and the shipments from all India

119933768

Bales

CORPUS
To

cabled,

ports for the week and for the season from Aug. 1 as
for three years, have been as follows:,

To
To
To

To
1938

1936

1937

To

Sept. 1

To

Receipts—

Since

Since

Since

Week

Week

Aug. 1

Aug.

To

Aug.A

Week

1

1517

Chronicle

CHRISTI—To
Bremen,
Aug. 31, Augsberg, 3,819;
Sept. 1, Volunteer, 5,886_;
Hamburg, Aug. 31, Augsberg, 37; Sept. 1, Volunteer, 11 __
Venice, Aug. 31, Livenza, 200; Sept. 1, Nashsha, 275
Mestre, Aug. 31, Livenza, 400; Sept. 1, Nashaba, 818
Trieste, Aug. 31, Livenza, 950; Sept. 1, Nashaba, 750
Leixioes, Aug. 31, Augsberg, 59—
Susac, Aug. 31, Livenza, 1,000; Sept. 1, Nashaba, 750
Reval, Aug. 31, Augsberg, 100
Bilboa, Sept. 1, Volunteer, 500

15,000

—

86,000

6.000

47,000

5,000

90,000

100
500

1,405

—__

100

_______

__

411

__

For the Week

1

Since Aug.

.

Exports
Great

Conti¬

Britain

nent

Great

China

Conti¬

Japan ti¬

Britain

nent

ck in a

Jap'n &
Total

Total

Bombay—

2,936

106,000

131,000

2,000

18,000
21,000

71,000

94,000

3,000

12,000

80,000

95,000
46,000

8,000

57,000

66,000

7,000

2,000

3,000

5,000

10,000

1.000

10,000

1936—

Other

India

1,000

3,000

4,000

16,000

30,000

4,000

7,000

11,000

11,000

31,000

42,000

1,000

2,000

3,000

19,000

18,000

37,000

1938

2,000

11,000

57,000

70,000

23,000

48,000

106,000

177,000

1937

4,000

9,000

3,000

16,000

13.000

52,000

71,000

136,000

1936

1.000

2,000

10,000

13,000

22,000

30,000

80,000

132,000

1937.

Total all—

increase of 41.000 bales.
Alexandria

Receipts

and

Shipments—-We

now

re¬

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:
:.y

ceive weekly a

—

1938

Alexandria, Egypt,
Aug. 31

1936

1937

■

This

Since

This

Since

This

Aug. 1

Week

Aug. 1

Week

1,000

To America

20,000

Total exports.

6,20
9,5 0
46,250
1,550

63,50

>

7",5OO

1,000

2,900
3,300
20.950

3.000

6,000

7,000

15.C00 cantars and the foreign shipments were

10,000

27,250

29,750

lbs.
Aug. 31 were

received by cable to¬

night from Manchester states that the market in both yarns
and in cloths is quiet.
Merchants are not willing to pay
present prices.
We give prices today below and leave those
for previous weeks of this and last year for comparison:

Maru, 3,393

;

SAVANNAH—To

8 H Lbs. Shirt-

32s Cop
Twist

d.

ings, Common
to Finest

Middl'g

32s Cop

Upl'ds

Twist

d.

d.

8.

d.

s.

d.

Shirt¬

ings, Common
to Finest

s.

d.

s.

d.

@

9

3

4.43

@

9

3

Cotton

Middl'g
Upl'ds

9

@

9

3

4.69

9

1H@

9

4)4

4.83

9

l)4@

9

4

4.96

9

3

@

9

6

5.16

9

1H@

9

4

4.88

8«@

9H

9

8H®

9H

9

17

8H@
9
@10

9H@10 H
9^ @10 H
9 J4 @10 Ji

3

@15

13 H @15
13}£@15

10

6

@10

9

Aug.

@10

8

10

6

@10

9

6.92

10

6

@10

9

6.95

181

175

28,

12-

9

19-

9
9

@10
@10
@10

9

1)4®

9

4

5.06

9

1)4®

9

4H

4.99

9
13M@14K
13H@14H 10
13H@14% 10
13)i@14)4 10
12ys@14M 10

1^@ 9
@ 9

4)4

4.89

12H@14

@10
@10

9

9%

9

6.98

6

@10

9

Piraeus

.85c.

1.00

Manchester.52c.

.67c.

Flume

d.45c.

.60c.

Salonica

.85c.

1.00

Antwerp

.52c.

.67c.

.52c.

.67c.

Japan

.52c.

.67c.

Shanghai

.60c.

Bombay

.58c.

.73c.

.63c.

.78c.

Genoa

d.45c.

Oslo

Stockholm
*

No quotations,

1.00

d.85c.

.72c.

d.45c.

.60c.

.65c.

Leghorn

d.45c.

.60c.

.52c.

.67c.

Gothenb'g

,57c.

.72c,

,52c.

x

Naples

.67c.

d Direct steamer.

Liverpool—By cable from Liverpool we have the follow¬

that port:

Aug. 26
Sept. 2
Aug. 19
50,000
37,000
35,000
52,000
1,191,000 1.163,000 1,156,000 1,162,000
658,000
648,000
650,000
673,000
34,000
42,000
27,000
73,000
15,000
5,000
8,000
16,000
149,000
136,000
22,000
122,000
26,000
24,000
124,000
24,000
Aug. 12

Forwarded.
Total stocks

,__

Of which American.
Total imports______
Of which American

.
_.

;

-_

...

Liverpool market for spots and futures

of the

The tone

day of the past week and the daily
spot cotton have been as follows:
,

each

closing prices of

Saturday

Monday

Tuesday

Dull.

Spot

Quiet.

Wednesday

Quiet.

Thursday

Friday

Quiet.

Quiet but

Market,
12:15

More

6

@10

9

6.60

43^@10

7)4

6.12

10

7)4

Quiet,
Quiet but
Quiet,
Steady,
unch. to 3 4 to 5 pts. st'y, 3 to 4 st'y, 3 to 4 3 to 5 pts
decline.
pts. adv.
decline.
pts. decline
pts. adv.

Futures

6.20

opened

9

3

4.78

12)i®l3»A 10

6

5.78

4

3

4.74

llVt@13H 10

1^@10

4)4

5.63

P. M.

9

@

9

3

4.85

L1H®13

10

1^@10

4Vi

5.56

10

6

5.93

1

GALVESTON—To Liverpool, Aug. 29, Colorado Springs, 312
To Manchester, Aug. 29, Colorado Springs, 159
— — To Ghent, Aug. 27, Syros, 200
To Antwerp, Aug. 27, Syros, 41; Nevada, 283
To Havre, Aug. 27, Syros, 129; Nevada, 650
—
—
To Dunkirk, Aug. 27, Nevada, 818—.
—
To Bremen, Aug. 27, Augsburg, 1,248; Aug. 25, Volunteer, 280
To Rotterdam, Aug. 27, Blommersdijk, 323 — ___

Aug. 27, Livenza, 629-——

.___

312

159
200
324

779
818

1,528
32,3
629

2 pts. adv.

to

Prices of futures at

1 pt.

adv.

Steady,

decline.

pts. adv.

advance.

advance

Liverpool for each day are given below:
Fri.

Thurs,

Wed.

Tues.

Mon.

Sat.

Aug. 27

to

pts. decline

advance.

Quiet, st'y,
unch'g to

Quiet but Quiet, st'y,
Quiet but
1 to 2 pts.
2 3 to 4 pts. St'y, 2 to 4 st'y, 3 pts.

St'y, 3 pts.

Quiet,

Market.

4.85d.

4.81d.

4.87d.

4.81d.

4 74d.

4.77d.

Quiet but

Market

9

steady

demand.

Mld.Upl'ds

@

to

Close Noon Close
Close Noon Close Noon Close Noon Close Noon

Sept. 2

d.

d.

d

New Contract

October (1938)—

4.59

December

4.57

4.65

4 62

4.66

d.

d.

d.

4.69

4.65

4.63
mm

d.

d.

4.67
4.72

4.69

mm

d.

d.

d.

4.63

4.64

4.67

4.66

mm

4.69

mmrn'm

4.71
4.74

mm

4.65

4.68

4.69

4.71

4 76

4.75

4.71

4.72

4.75

March.

4,72

4.68

4.71

4.72

4.74

4.79

4.78

4.75

4.75

4.78

4.77

4.71

4.73

4.75

4.77

4.82

4.81

4.77

4.78

4.80

4.79

May

4 75

4.73

4.75

4.76

4.78

4.83

4.82

4.79

4.79

4.81

4.80

January

(1939)

_

4.68

July

4.77

October

4.73

December.

4.74

January

(1940).

4.76

4.72
•mm

mm

*m~

mm

4.73

4.75

__

__

4 75

mm

mm

4.76

mm

mm

mm

mh.

4.80
4.82

4.78

mm

mm

4.76

mm

mm

4.77

mm

mm

4.79

4.79

mm,

mm

m

mm

m-mm

4.77

4.78
4.80

49

To Venice,

61
—

Aug. 25, Nashaba, 390
—
Aug. 25, Nashaba, 212
•__•
To Venice, Aug. 25, Nashaba, 187
,
— —
To Susak, Aug. 25, Nashaba, 48
To Japan, Sept. 1, Skramstad, 4,992
— _____
HOUSTON—To Liverpool, Aug. 31, Colorado Springs, 645______
To Manchester, Aug. 31, Colorado Springs, 2,603.
To Hull, Aug. 30, Syros, 154......—
_____
To Antwerp, Aug. 30, Syros, 59—
______
To Havre, Aug. 30, Syros, 346—
—
To Bourgas, Aug. 27, Volunteer, 100; Nashaba, 100__-_„___
To Bremen, Aug. 27, Volunteer, 1,595
To Genoa, Aug. 27, Nashaba, 281; Sept. 1, Mombello, 768
To Constanta, Sept. 1, Mombello, 300
To Trieste, Aug. 27, Nashaba, 1,302; Aug. 26, Livenza, 621___
To Venice, Aug. 27, Nashaba, 870; Aug. 26, Livenza, 201
To Oporto, Aug. 27, Volunteer, 14
To Sucac, Aug. 27, Nashaba, 102
To Gdynia, Aug. 31, Vigilant, 2,384
To Japan, Sept. 1, Kimikawa, 7.218
To Genoa,

To Trieste,




Hamburg

Copenhag'n.57c.

*

ing statement of the week's imports, stocks, &c., at

@

Aug. 27, Livenza, 49.
Hamburg, Aug. 25, Volunteer, 61

Bremen

Venice

*

*
*
.50c.

Only small lots,

x

*

*

Barcelona

Havre

Rotterdam

6 85

the
News—As shown on a previous page
have
exports of cotton from the United States the past week
reached 75,693 bales.
The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales

To

ard

.60c.

Shipping

To Trieste,

Density

d.45c.

6.87

6

6

Sept.
2—

ard

Trieste

9

4.78

Stand

High

Stand-

High

Density

ard

.67c.

9

3

36

.52c.

4)4® 10
3
@10
3
@10

9

161
8

161—_

Tulsa,

P. M.

9

26—

10

3,793

7.06

Aug.
_

50

103
37
141
50

75,693

Stand¬

High

Density

7.31

6

July

9H@10^
9H@1034

50
39

d.

10

14

4.54

3—

510
289

,

Liverpool

June

10-

34

1,422

___.

Of which American.

Lbs

8M

Cotton

200

_

Manchester,

Amount afloat

1937

1938

1,839

2,328

To China, (?), Tatutan Maru, 181
To Canada, Aug. 18, Kingsley, 175

20.000 bales.

Market—Our report

Manchester

5,400
5,500
18,250
600

100

Note—A can tar is 99 lbs.
Egyptian bales weigh about 750
This statement shows that the receipts for the week ended

29—

50

— —

Aug. 1

3,00j
3,0 )0
To Manchester, &c
To Continent & India— 13,000

22—

100

700
150
100
222

_

Since

Week

Liverpool

8__

161

Cotton Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:

80,000
120,200

85,000
140,000

15,000
26,800

Aug. 1

Exports (Bales)—

15_.

557

_

—

Total.

This week

1__

400

—_

Hamburg, Aug. 28, Tulsa, 8
NORFOLK—To Havre, Aug. 20, Pipe Stone County, 36_

Receipts (pentars)—

—

257

3,536

_

To

24-

6,023

___

According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
10,000 bales. Exports from all India ports record an increase
of 54,000 bales during the week, and since Aug. 1 show an

Since

175
725

_

1938

5_

59

1,750

_

from—

To

48

475

1,218
1,700

Liverpool, Aug. 27, Lochdee, 1,405_
Tallin, Sept. 1, Volunteer, 100
To Manchester, Aug. 27, Lochdee, 411
To Genoa, Sept. 1, Nashaba, 2,936__
To Oporto, Sept. 1, Volunteer, 175
BROWNSVILLE—To Ghent, Aug. 30, F. Jordheim, 102; Aug.
26, Syros, 623
To Havre, Aug. 30, F. Jordheim, 3,688; Aug. 26, Syros, 2,335._
To Dunkirk, Aug. 30, F. Jordheim, 162; Aug. 26, Syros, 95
To Bremen, Aug. 30, West Hobomac, 3,536—_
To Rotterdam, Aug. 26, Syros, 400—
To Gdynia, Aug. 29, Kexholm, 557
_
To Riga, Aug. 29, Kexholm, 161
To Reval, Aug. 29, Kexholm, 100
L
To Abo, Aug. 29, Kexholm, 50
NEW ORLEANS—To Havre, Aug. 30, Nevada, 700
To Dunkirk, Aug. 30, Nevada, l50_
To Venice, Aug. 12, additional, Nashaba, 100_
To Liverpool, Aug. 25, Da'visian, 222
To Manchester, Aug. 25, Davisian, 1,839
*_____
To Genoa, Aug. 27, Montello, 200
To Gdynia, Aug. 26, Vigilant, 2,328
To Marsailles, Aug. 25, Istria, 34
To Japan, Aug. 24, Vito, 1,133; Aug. 28, Kimihawa, 289
To Bremen, Aug. 30, Wagenwald, 510
To Hamburg, Aug. 30, Wagenwalrd, 289
_________
To Rotterdam, Aug. 30, Bloomersdijk, 50.
To Oslo, Aug. 30, Bloomersdijk, 50
PENSACOLA, &C.—To Liverpool, Aug. 31, Gateway City, 39__
LAKE CHARLES—To Liverpool, Aug. 28, Colorado Springs, 103
To Manchester, Aug. 28, Colorado Springs, 37
To Ghent, Aug. 29, Waban, 141.
To Rotterdam, Aug. 29, Waban, 50
_—
SAN FRANCISCO—To Canada, (?), 10.,
LOS ANGELES—To Japan, (?), Amagisan Maru, 400; Tatutan
To
To

Bombay

9,705

BREADSTUFFS

390
212

Friday Fight, Sept. 2, 1938.

187
48

4,992
645

2,603
154
59
346
200

1,595
1,049
300

Flour—There

local

flour

have

been

no

outstanding features to the

market, the trading being

relatively quiet.

No

improvement in the demand haii'been reported the past few
days, and with wheat markets slumping further, not to
speak of the increasingly bearish outlook on wheat from a
statistical

standpoint,

pelled to buy in a

consumers

of flour are hardly im¬

substantial way.

,

1,923
1,071
14

102
2,384

7,218

Wheat—On

the 27th ult. prices

closed 23^c. to 2 7/gc. net

higher.
Wheat values rose swiftly today, stimulated by
overnight announcement that the Federal Government would
buy wheat for export and relief purposes.
Prices bounded

Financial

1518

a bushel, and soon
which was later followed
by another move foreward, prices closing at about the highs
or the day.
How much wheat the government would buy
remained a question, and until some positive information
concerning this and the subsidy plan is issued, some traders
pointed out, the final effect of the program could not be
known.
On the 29th ult. prices closed %<s. to lHe. net
lower.
Bullish implications of a European war-scare and
government purchasing of wheat and flour had little or no
effect on wheat values from a bullish standpoint.
Govern¬
ment buying of wheat so far was disappointing, but more
importance apparently was attached to disclosure of the
method which probably will be used in moving this wheat
into export trade.
At the same time indications that
American and Canadian government officials were no nearer
agreement on cooperation in exporting the huge North
American surjdus,
dampened buying sentiment.
Thus,
scattered profit taking on the basis of Saturday's 3c. advance,
some stop loss selling, liquidation of September contracts,
on which delivery, can be made next week, and switching of
hedges were the factors largely responsible for today's
declines.
On the 30th ult. prices closed
to lHe. net
lower.
The easing of tension over the war-scare in Europe,
together with indications of intensified competition among
wheat-exporting nations for the world's business, caused
prices to sink lower today.
Chicago quotations declined

forward at the opening more

cent in some cases,

Winnipeg lost more than 2c.,
Liverpool about lc.
Heavy
marketing of Canadian wheat, reflected in increased hedging
than

a

Rotterdam

2c.

about

and

pressure on the Winnipeg Exchange indirectly
values on the Chicago Board and the pit also was

depressed
unsettled

by liquidation of September contracts before delivery begins
Thursday.
Foreign demand for American wheat was flat,
and no export business was reported, although some Canadian
wheat was sold.
Government efforts to subsidize export of
100,000,000 bushels of domestic wheat were considered in
connection with reports that other countries were taking
similar competitive steps.
Rumania and Poland have an¬
nounced bounties, while Canada is marketing wheat through

Austrailia also was reported con¬
sidering a step involving government aid in exportations and
traders said Argentina would be expected to compete also.
On the 31st ult. prices closed unchanged to He. higher.
A
brisk buying movement in the last 15 minutes of trading
today, following disclosure that the government had paid as
high as 80 He. a bushel for wheat in expanding its export
subsidy program, caused a strong rally in wheat futures that
wiped out early losses and substituted net fractional gains.
Dealers who previously had sold wheat "short" and today
covered their positions after the premiums paid by the
government were announced, were believed to have been
buyers. Commercial interests, who had sold to the govern¬
ment and were lifting hedges by purchasing futures either
at Kansas City or Chicago, also were credited with aid in
the recovery.
The government was reported buying South¬
west hard wheat, much of which is understood to be hedged
in this market.
After trading ceased, the Clearing House
government assistance.

disclosed that 3,685,000 bushels of wheat had been tendered
to

satisfy September contracts tomorrow and that 2,609,000

bushels wereretendered.
On the 1st inst. prices closed *4 to

%c. net lower.

After

half of the loss today as buying increased.

Removal
of hedges
apparently in connection with sale of 65,000
bushels to mills, and further buying of cash wheat by the
Government, helped support the market.
The continued
slump of values at all world markets, however, was a de¬
pressing factor.
Tending to lift Chicago prices was a
rumor that the Government might broaden
its cash wheat
buying program to include lower grades.
The Government
bought 2,257,472 bushels since Friday, and has sold to ex¬
porters 1,532,600.
Overnight sale s amounted to 132,000
bushels.
The first private crop estimate indicated a reduc¬
tion in the spring wheat harvest prospect largely because
of disappointing yields in North Dakota and northeastern
Montana as a result of black rust and grasshoppers.
Based
on threshing returns, this estimate forecast a spring wheat
crop of 247,787,000 bushels, or 20,000,000 below the latest
official forecast.

Today prices closed %c. up to He. down.
the

Government's

export

subsidy

Although the

today from expansion

purchasing

took

be closed two

on

improvement.

Liverpool

a

days.

and

Canadian export business showed some

Further declines abroad of about lc. at
2c. at Rotterdam reflected the increased

export wheat on receiving markets, rain in
Argentina, and the more optimistic political situation.
This
restricted buying in Chicago.
Release of the six private
pressure

WHEAT

OP

64 %
66%

68%

62 %
64%

67%

65%

May
reason $

September
December
March

May..

High and
92%
84%
73%
74%

When

Made

Feb
9,
June 15.
July 23.
July 23,

-

|

Season s

1938(May

62%

62 %

64
65%
67%
66%
65%
Low and
When Made
60
Aug. 16, 1938
62 %
Aug. 16, 1938
64%
Aug. 31, 1938
65%
Aug. 16.1938
64%

65
66

-

WINNIPEG

62%
61%
65%

62%
61%
65%

64%
63%
67%

65%
65%
68%

May

Fri.

Thurs.

63

DAILY CLOSING PRICES OP BONDED WHEAT IN
December

CHICAGO

66%

19381 September
19381 December
1938 March

October

78

78%

IN

Wed.

Tues.

63 %

March-j

60%
59%
63%

60%
60%
63%

Corn—On the 27th ult. prices closed lHe. to 2He. higher.
Corn, which had followed the trend in wheat, developed
renewed strength late in the session following announcement
of a boost in the Federal loan on old crop corn from 50 to
57c. a bushel.
The new crop delivery led the advance on
short covering, with the December reaching 52 j^, up 2H
from the previous close.
On the 29th ult. prices closed lHe.
to Hc. net lower.
Corn followed wheat generally during
this session, opening with slight gains to small losses and
closing with substantial net losses on all deliveries. Despite
the added attraction to the 1937 loan, it is feared that red
tape of ineligibility may check price advances.
On the 30th
ult. irrices closed %c. off to He. up.
Corn values held

fairly well in the face of the weak wheat market. Absorption
of September corn by exporters and buying of September
against sales of the deferred months, were the features of the
session.
There was also some short covering.
However, the
market entirely ignored the unfavorable European weather
and crop reports on corn.
Foreign demand was slow.
On
the 31st ult. prices closed He. to He. net higher.
This grain
held firm during most of the session.
Only 160,000 bushels
were tendered on September contracts,
and with Chicago
stocks comparatively small and the country selling only on
advances in offers, sellers were cautious.
On the 1st inst.

declined with
mate for

below

prices closed % to %c. net lower.

wheat despite the

Corn

fact that the private esti¬

production of 2,406,004,000 bushels was 160,000,000
latest official forecast.
Drought and heat in

the

Nebraska, the Dakotas, Missouri, Kansas and southwestern
Iowa caused the reduction in i>rospects.

lVs

1^4c.

to

net

lower.

Today prices closed
prices continued to be de¬

Corn

with fresh
Argentine
corn was quoted at a discount of about 3c. under American
at Liverpool, while at Rotterdam wheat was 8c. cheaper
than corn.
The private estimates forecast a corn crop of
2,458,000,000, a decrease of 108,000,000 compared with the
Government's Aug. 1 figures.
Open interest in corn was
39,056,000 bushels.
by

pressed

increased

Argentine

competition,

export business of domestic corn at a standstill.

DAILY

CLOSING

OP CORN IN NEW YORK

PRICES

DAILY

CLOSING

68%

69

-

PRICES

CORN

OP

52

—

High and

September

64

December
March

63%

May

60%

56

Oats—On

the

When
Mar.
July
July
July

27th

Season's

Made
25, 1938

September
13, 1938 December
28, 1938 March
23. 1938 May

Thurs.

66%

Fri.

52
50%

50%
49

52%

51%

50%

50%
When

and

Low

Fii.

53
51%

52%
51
52%
52%

52%

53%

67%

CHICAGO

IN

Wed.

Tues.

March

Season's

68%

FUTURES

52%
51%

53%

December

Thurs.

Wed.

68%

Mon.

Sat.

September

Tues.

Mon.

Sat.
No. 2 yellow

Aug.
Aug.
Aug.
Aug.

46%
49

49%

Made

11,
11,
11,
16.

1938
1938
1938
1938

ult.

prices closed He. to He. net
higher. This grain was firmer in sympathy with the sharp
rise in wheat and corn.
On the 29th ult. prices closed un¬
changed to He. lower.
There was very little of interest in
this market, the trading being decidedly dull.
On the 30th
ult. prices closed unchanged to He. higher.
Trading was
light and without special feature.
On the 31st ult. prices
closed 3HjC. to He. lower.
Selling of September oats un¬
settled that market, but only 150,000 bushels were tendered.
On the 1st inst. prices closed %c. off to %e. up.
Trading
was quiet, with the undertone steady in face of the declines
in wheat and corn.
Today prices closed %c. net lower.
Oats held relatively firm in the face of lower prices for
wheat and

below

a

com.

This relative firmness of oats

forecast that the crop would be

CLOSING

PRICES

OP

OATS

Sat.

September

25

May

25%

Season's High and
September— 30%
28%
May
28

December

DAILY

CLOSING

attrib¬

December

24
24%
25%

July

24
24%
25%

July

13, 1938 [December
23. 1938|May

PRICES

OF

OATS

31%

30%
29%

Tues.

29%
28%

Thurs.

23%
24%
25%

28
24%

FUTURES

Mon.

CHICAGO

IN

Wed.

Tues.

When Made
I
Season's Low and
Jan.
10, 1938 [September
22

<Sat.

October.

FUTURES

Mon.

24%

December

May

was

26,000,000 bushels

the latest official report.

DAILY

of

reports
for September had little market effect,
although the average of estimates of spring wTheat produc¬
tion was 253,000,000 bushels, or 15,000,000 below the latest

FUTURES

Fri.

Thurs.

78%

78

Mon.

Sat.

December

program,

pre-holiday quiet, with most dealers
cautious, confining the bulk of business to evening-up of
accounts.
After tomorrow's short session, the market will
trading

PRICES

September

uted to

wheat market derived some strength
of

CLOSING

DAILY

78%

79%

Wed.

Tues.

Mon

Sat.

No. 2 red

May

declining as much as l^c. a bushel, wheat prices recovered
about

Sept. 3, 1938
WHEAT IN NEW YORK

DAILY CLOSING PRICES OP

than 2c.

reached 2 He. before a reaction set in,

more

Chronicle

23%
24%
25%

Fri.

23%
24%
25%

When

Made

Aug.
Aug.

8,1938
16, 1938
8. 1938

Aug.

IN
Wed.

29%
28%

WINNIPEG
Thurs.

28%
27%

Fri.

28%
27%
29%

crop

Government forecast, but 5,000,000 above the
mate

released yesterday.

The

average

unofficial esti¬

of the estimates on

spring wheat production in the three principal producing
provinces of Canada was 341,000,000 bushels, an increase
of 1,000,000 compared with a month ago.




Rye—On the 27th ult. prices closed lc. to lHe. net
higher.
The pronounced strength in wheat influenced con¬
siderable covering in rye and this with some buying, believed
to be for mill account, held rye prices firm throughout most
of the session.
On the 29th ult. prices closed He. to He.
lower.
These declines in rye futures w*ere largely influenced
by the pronounced weakness in wheat and corn.
On the

Volume

147

Financial

30th ult. prices closed %c. to
Y#t. net lower.
This market
declined in sympathy with wheat's downward trend.
Ar¬
rivals from Duluth totaled 200,000 bushels.
On the 31st
ult. prices closed

3^c. off to Fsc. up. There was considerable
the September delivery, but the market held well
throughout most of the session.

pressure on

On

the

1st

PRICES

OF

RYE

Sat.

September

—

May

DAILY

FUTURES

Mon.

42%
43%
46 >6

.

_

Season's High and
SeptemberJ 69%
December
56%
May
53%

PRICES

OF

Tues.

45%

41%
42%
44%

October

FUTURES

Mon.

40%
41%

December

39%

May.
CLOSING PRICES

OF

Wheat

Corn

Week

Since

Week

Since

Week

Since

July 1 to—

Aug. 27

July 1,

Aug. 27,

July 1,

Aug. 27,

July 1,

1938

1938

1938

1938

1938

Bands

Barrels

Bushels

Bushels

Bushels

Bushels

Sat.

Mon.

37%
37%
39%

December

May-.

Tues.

37 ]
37]
...

40%
41%
43%

Made

Thurs.

Fri.

37%
38
40%

37%
38%
40%

WINNIPEG

IN

Wed.

36%
36%
38%

Thurs.

36%
36%
38%

Fri.

~J%
35%
37%

34%
34%
36%

33,025

290,158

1,448,000

19,475

93,725

1,252,000

So. & Cent. Amer.

9,500

90,000

29,000

West Indies

21,500
3,000

Other countries

3,280

9,000
23,304

89,780

709,187

2,729,000

76,710

808,625

2,133,000

Total 1938
Total 1937

The

visible

GRAIN
Wheat

United States—
New York

Barley goods—

181,000

14,000

16" 000

7,000

20,000

32,000

100,000

13,000

1,407,000

Galveston....
———

51,000

8,371,000

91,000

146",000

ei'ooo

Wichita
Huthcinson

3,599,000

85,000
104,000

162,000

993,000

219,000

56,000

238,000
135,000
464,000
767,000

1,222,000

296,000

372,000

276,000

126.000

211.000

24,000

285,000
4,000

4,061",666

5,022,000

549,000

326,000

33,241,000
6,631,000

City

1,059.000
6,551,000
...

Peoria

1,650,000
272,000

No. 2 white

78
71%

Corn, New York—
No. 2 yellow all rail

Rye, No. 2 f.o.b. bond N. Y__
Barley, New York47% lbs. malting

496,000

208,000

66%

367,000

395,000

26,000

994,000

5,327,000
11,111,000

17,000

3,912,000
4,200,000

2,133,000

4,103,000
2,141,000

Chicago, cash

155,000

237,000
2,000

3,494,000

2,086,000

On Canal

49||

Total Aug. 27, 1938.-113,784,000
Total Aug. 20, 1938
107,400,000

43

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

94,000

1,617,000

Minneapolis

35%
58%

All the statements below

593,000

659,000

Detroit
No. 2 red, c.i.f., domestic
Manitoba No. 1, Co.b.N.Y.

4,000

109,000

15,932,000

Duluth

Oats, New York—

17,000

6,329,000

St. Joseph

2,000

Buffalo

GRAIN

Wheat, New York—

2,000
3,000

"3"666

2,430,000

Milwaukee

Fancy pearl ,Nos.2.4&7-4.00@4.50

35,000

8,000

13,000
577.000

New Orleans
Fort Worth

Barley
Bushels

4,000

994,000

"afloat

3.00

5,000

1,439,000

On Lakes

Coarse

Rye
Bushels

228,000

afloat

Philadelphia
Baltimore

1.70

4.30@4.50
4.50@4.70
@

Oats
Bushels

28,000

"

Chicago

2.15

STOCKS

Corn
Bushels

Bushels

St. Louis

Oats good

i"o6~,666
26,269,000 3,931,000 33,377,000
20,309,000
81,000

supply

Indianapolis

Corn flour

6,000

of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Aug. 27, were as follows:

Rye flour patents
3.60@3.80
Seminola, bbi., Nos. l-3--5.45@5.60

3.35<§>3.85

15,277,000 2,722,000 18,042,000
10,925,000 1,209,000 15,234,000
61,000
1,000

203,000

Brit. No. Am. Col.

Sioux

FLOUR

Spring oats, high protein.5.10@5.40
Spring patents
4.60@4.70
Clears, first spring
4.10($4.30

Hard winter patents
Hard winter clears

Kingdom.
Continent

Kansas City
Omaha

Closing quotations follow:

Soft winter straights
Hard winter straights

United

WINNIPEG

38%

BARLEY FUTURES

October..

When

Wed.

38%
39%
42%

42%

Fri.

41
41%
44

Aug. 15, 1938
Aug. 15, 1938
Sept.
1, 1938

IN

Tues.

corn.

Thurs.

Wed.

41 %
42%
45

42
43

RYE
Sat.

DAILY

Flour
and Since

CHICAGO

IN

When Made
]
Season's Low and
Feb.
9.1938 September
39%
July 14, 1938 December
41%
July 25. 1938 May
43%

CLOSING

below:

as

Exports for Week

inst.

CLOSING

December

July 1, 1938, is

this

being influenced by the sharp declines in wheat and
DAILY

1519

The destination of these exports for the week and since

1938

prices closed % to %c. net lower.
The
commodity were influenced largely by the
declining tendency in wheat and corn values.
Today prices
closed % to %c. off.
There was relatively little pressure
against rye values, the market's slight decline apparently
declines in

Chronicle

"afloat

1,945,000

6,000

4,000

150,000

526.000

69,000

231,000

960,000

40"666

756,000

Total Aug. 28, 1937

123,172,000

48,000

1 0,468,000

1 7,981,000

5,715,000

8,825,000

10,482,000
5,340,000

15,346,000

4,344,000
4,157,000

7,067,000
7,243,000

17,246,000

Note—Bonded grain not included above:

Oats—On Lakes, 57,000 bushels: total,
57,000 bushels, against 38,000 bushels in 1937.
Barley—On Lakes, 553,000 bushels;
total, 553,000 bushels, against 734,000 bushels in 1937.
Wheat—New York,

bushels: New York afloat,

180,000

Lakes,

572,000; Buffalo,

1,335.000; on Canal, 397,000;

total,

2,614,000

121.000; Albany, 9,000; on
bushels, against 3,719,000

bushels in 1937.
Wheat

of the last three years:

Corn

Oats

Rye

Barley

Bushels

Bushels

Canadian—

Bushels

Bushels

Bushels

4,664,000

797,000

195,000

925,000

Ft. William & Pt. Arthur

8,374,000

22,016,000

288,000
1,290,000

623,000

Other Can & other elev..

1,381,000
3,226,000

Total Aug. 27, 1938—
Total Aug. 20, 1938—
Total Aug. 28, 1937

35,054,000

2,375,000

1,326.000

20,591,000
34,660,000

2,342,000

992,000

2,481,000

845,000

Lake, bay, river & seab'd
Flour

Receipts at—

Wheat

Corn

Oats

Rye

Barley

508,000

bbls.196 lbs bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.66lbs. bushASlbs.

Chicago.,..

549,000

1,889,000

737,000

Minneapolis

4,854,000

713,000

1,649,000

5,923,000

238,000
180,000

1,325,000

Duluth

1,912,000

1,078,000

1,039,000

Milwaukee

224,000

19:060

275,000

165.000

298,000

359,000
36,000

29.000

15,000

857,000

207,000

85,000

12,000

2,000

52,000

.

Toledo

American

256,000

222,000

113,784,000

15,000

5,000

Canadian

35,054,000

15:666

72,000
70,000

Indianapolis

lip 666

230,000

47,000

52,000

Peoria

38,000

13,000

405,000

38,000

Kansas City
Omaha

14,000

1,623,000
793,000

88,000

42,000

62,000

187,000

107,000

St.

St.

Louis..

Joseph.

Sioux

Summary—

17,000

43,000

lYoOO

"5:666

16:666

"58:660

1,568,000

Buffalo

228,000

344,000

2,000

40,000

'38

406,000

Same wk *37

353,000

16,481,000
13,906,000

Same wk *36

408,000

5,086,000

1,620,000

61,278,000
68,286,000
55,439,000

3,822,000
1,540,000
3,261,000

5,021,000

17,388,000

5,715,000

2,375,000

1,326,000

8,825,000
6,632,000

7,041,000

14,357,000

1938.-148,838,000 10,468,000 20,356,000
1938
127,991,000 10,482,000 17,688,000
157,832,000
5,340,000 19,727,000

The world's

24,770,000

2,025,000
1,856,000

4,090,000
3,257,000

405,000

5,633,000
1,454,000

shipment of wheat and corn, as furnished by
Exchange, for the week
Aug. 26, and since July 1, 1938, and July 1, 1937, are
in the following:

4,230,000

shown

Wheat

Corn

Since Aug. 1
1938

1937

1,526,000

1936

2,176,000

6,228,000 15,629,000

7,534,000

25.386,000
24.615,000

Week

Since

Week

Since

Since

July 1,

July 1,

Aug. 26,

July 1,

July 1,

1938

1937

1938

1938

1937

Bushels

2,887,000 20.262,000

Since

Aug. 26,
1938

Exports

5,961,000 10,829,000

22,084,000

Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Aug. 27, 1938, follow:

Bushels

Bushels

Bushels

Bushels

Bushels

Corn

Wheat

Oats

Rye

Barley

3,705.000

Black Sea.

Flour

No. Amer.

4,224,000

Argentina-

Receipts at—

1,568,000

Australia

York-

609,000

Philadelphia

143,0CC
33,000

Baltimore..

17,000

188,000

16:606

24,000

72.000

200,000

597,000

10.000

33:000

1,326,000

722,000

New Orl'ns*

—

Boston

56:000

379,990

61,000

639,000

1,124:666

Tot. wk

7,000

292,000

269,000

2,964,000

2.597,000

228,000

9,103,000

72,763,000

74,605,000

4,187,000

259,000

2,433,000

244,000

250.000

281,000

213,000

9,063,000

54,495,000

26.939,000

3,735.000

3,069.000

1,679,000

'38

260,000

Since Jan. 1
1938

Week 1937.

2,508,000 12,044,000

2,612,000
63,703,000

136,000

2,656,000

3,776,000

1,500,000

7,921,000

11,659,000

97,536,000

62,254,000

9,382,000

69,144,000

78,034,000

Corn Loans of CCC Through Aug. 25 Aggregated
$22,178,196 on 45,718,606 Bushels—Announcement was
made on Aug. 26 by the Commodity Credit Corporation

that "Advices of Corn Loans" received

by it through Aug. 25,
1938, showed loans disbursed by the Corporation and held
by lending agencies on 45,718,606 bushels of corn.
Such
loans

aggregated $22,178,195.73, based on a loan rate of
bushel of 23^ cubic feet of ear corn testing up
Uy2% moisture; the average amount loaned per bushel

50 cents per
to

Slnce Jan. 1

1937

60,000

925,000

24,454,000

15,000
189,000

1,000

Riv's

35,844,000

146,000

Total.— 12,414,000

4,000

3,000

Sorel

Three

4,524,000

3,212,000

1:666

12,000

25,039,000
6,600,000
7,831,000
13,472,000
5,536,000

12,514,000
20,442,000
6,512,000

Other

countries

"

10,000

16,000

Halifax

2,000

165,000

Galveston..
Montreal

232,000

35,804,000
19,608,000

2,557,000
224,000

.

India

bbls.196 lbs bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.56lbs. bushASlbs.
New

5,336,000 10,942,000
5,002,000 12,748,000

Broomhall to the New York Produce
ended

Tot. wk

17,981,000

Total Aug. 28, 1937

227,000

City-

10,468,000

Total Aug. 27,
Total Aug. 20,

60,000

Wichita

5,532,000
3,875,000
5,505,000

determined in this

manner

thus far has been 48.51 cents.

*

on

Receipts do not include grain passing through New Orleans for foreign ports
through bills of Jading.

The exports

from the several seaboard ports for the week
1938, are shown in the annexed

ended Saturday, Aug. 27,

Figures showing the number of bushels
have been made by States are given belowr:
Slate—

Bushels

Colorado

2,327

Illinois

statement:

7,700,218

Indiana
Iowa

Exports from—

Wheat

Bushels

New York

77,000

Corn

Bushels

169,000

Flour

Barrels

Oats

Bushels

New Orleans
Galveston

eo'f.ooo

Bushels

Barley
Bushels

53,780

"26:666

1,219,000

"26:666

56:666

379",999

405,000

718,000
1,326,000

7"22",666

"YOOO

Montreal

Rye

292*,666

33:606

189:666

3,000

Halifax

266:666

1,124,000

Kansas

Total week 1938—

2,729,000 3,931,000

89,780

189,000

76,000

659,000

2.133,000

76.710

211.000

251,000

212.000




1,036,017
...26,895,671
26,237

which loans
Bushels

Missouri

1,489,644

Nebraska

3,518,665

Ohio.

99,612
1,233,364

South

Dakota

Wisconsin

4,203

3,712,648

Minnesota

Weather Report for the Week Ended Aug. 31—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Aug. 31, follows:
The

weather

continued

persistently warm in the Southern States and
the close of the week when lower tempera¬
Pacific Northwest experienced unusually high
temperatures, except along the immediate coast.
Maximum readings dur¬
ing the week were 100 degrees or higher from the lower Mississippi Valley
eastward and also in a large trans-Mississippi area from the northern portrans-Mississippi area
tures

Same week 1937

-

Slate—

on

obtained.

Also

up to near

the

Financial

1520

Texas northward to southern Missouri and western
The highest temperature reported was 106 degrees
Platte, Neb. and Phoenix, Ariz.
On the other hand, moderate

tions of Louisiana and

Nebraska.

Iowa and
at

North

the rule quite generally in the
eastward where the week's highest

temperatures were
the Ohio Valley

90 degrees, except locally.
The weekly mean temneratures
the country, except from the upper

Lake region and from

readings did not reach

much above normal in all parts of
Mississippi Valley eastward, in a limited
and along the Pacific coast.
The greatest plus de¬
a belt extending from Georgia and Alabama north¬
Nebraska and the west-central Great Plains.
In
were

Southwest,
partures occurred over
westward to southern
this area the week was from 6 degrees to 9 degrees warmer than normal;
also in a considerable northwestern section similar plus departures appear.
The week, in general, was characterized by scanty precipitation.
Heavy
rains occurred along the lower Texas coast and in the lower Kio Grande
Valley, attending the tropical storm the latter part of the week, and a few
other local areas received substantial rains.
These latter include princi¬
pally Alabama, northern Missouri, southern Iowa, northern Arizona, some
central Rocky Mountain sections, the interior of the northeast and some
south Atlantic localities.
Elsewhere rainfall was decidedly light, with
large areas receiving no appreciable moisture.
East of the Mississippi River, while the topsoil is becoming dry in con¬
siderable areas and rain is needed for pastures and late truck crops, con¬
ditions on the whole continue favorable, especially in the Lake region and
Northeast; there has been too much rain in northern Maine.
Showers
during the week were timely and helpful in southern Illinois and some
east Gulf sections.
Between the Mississippi River and the Rocky Mountains, conditions
are
much less favorable.
In much of this area persistent warmth and
area

of the

rainfall have resulted in severe dryness in many places and late
while pastures are mostly short.
Rains during the
helpful in a few sections, especially in southern Iowa,
northern Missouri, southern Texas and locally in the west-central Great
Plains, but in many other places, including the western portions of Okla¬
homa and Kansas and generally from Nebraska northward and northwest¬
ward,
droughty conditions have been intensified and rainfall is needed
badly.
While the tropical storm in southern Texas did little or no damage,
the attendant copious rains broke a drought of long standing and materi¬
ally improved the outlook.
Under the influence of warm weather and abundant sunshine crops
matured rapidly and seasonal farm work made good advance, exceot that
fall plowing is being delayed by dry soil rather widely in some midwestern sections.
Local seeding of winter wheat is reported in northern and
extreme western portions of the belt.

Oklahoma—Oklahoma City: Hot; good rains in
southeast, but generally dry elsewhere.

extreme

have suffered,

week were decidedly

Small

week was favorable for completing small-grain
districts and also for threshing.
In Washington com¬

Grains—The

harvest in the later

bining late-spring wheat is about finished, with yields better than expected.
In the Eastern States plowing for fall seeding made mostly satisfactory
advance, though rain would be helpful in the eastern Ohio Valley and
some

In the Great Plains, plowing is well advanced in
under way in the westerh third wherever there is
the eastern half of this State the soil is in mostly good
North of Kansas the soil is too dry for plowing and seeding.

other localities.

Kansas and seeding is

sufficient moisture; in

condition.
Corn—In

the

eastern

half of the Corn Belt rain

would benefit late

but conditions in general continue favorable, with the crop matur¬
ing rapidly.
In southern Illinois showers arrested a too-rapid drying and
were beneficial.,
In Missouri rains were helpful in the northern part of
this State, but the southwest quarter continues dry and late corn is hope¬
lessly lost.
In Texas and Oklahoma early corn generally is mature, but
late crop made poor progress in most places.
In western Kansas corn
is badly burned and much has been cut; it is very good in most of the
eastern half of this State where much is practically made.
In Nebraska and the Dakotas heat and dryness have been very unfavor¬
able; the week's weather completed destruction of much corn.
Conditions
continue favorable in the western Lake region and about half has reached
the denting stage in Minnesota, but there is some drying on light soils.
In much of Iowa corn continues to make good progress, but in the west
further damage has resulted from hot, dry winds, with temperatures locally
corn,

up to

104 degrees.

The crop is well dented in the south and west and a
frost; the general condition ranges from failure on
south-central portion to excellent in many cen¬

little is now safe from

dry uplands in the
tral counties.

some

Cotton—In

the Cotton

Belt temperatures were

abnormally high and

precipitation was mostly light, except in a few limited areas, principally
Cotton is opening fast generally, with picking and ginning
progressing under favorable weather conditions.
In Texas deterioration or poor to only fair progress is reported in northcentral and west-central sections and also in the extreme east, but else¬
where advance was generally fair; picking and ginning made rapid prog¬
ress.
In Oklahoma there was also deterioration or poor progress in the
west and extreme southeast, but fair to good advance elsewhere; much
cotton is opening prematurely in southwestern Oklahoma, with some pick¬
ing over the entire State, but not yet general.
In the central States of the belt progress is mostly satisfactory, except
on
uplands of Arkansas where it is too dry.
Bolls are opening rapidly
generally, some prematurely in drier sections.
There is also some pre¬
mature opening reported in northern Georgia and parts of South Carolina.
Marketing of the first bales is reported in North Carolina.
in Alabama.

The

Weather

Bureau

furnished the following resume of

conditions in the different States:
North Carolina—Raleigh: Scattered light to locally heavy rains; some
in west.
Too dry locally in east and central,
especially for late corn and truck.
Progress of cotton poor to good; mostly
fair; opening in southeast; first bales marketed at Goldsboro, Dunn and
Wadesboro.
Tobacco about three-fourths cured; mostly good color, but

local hail and wind damage

much light in

weight.

Considerable good forage saved.
Mostly fair; warm for past 3 weeks.

South Carolina—Columbia:

Cot¬

generally good, opening rapidly, some prematurely; picking and gin¬
ning good advance at lower elevations and picking fair advance in Pied¬
mont; rather heavy shedding locally.
Much fodder and forage gathered.
Eastern tobacco markets advanced.
Pasturas, forage and truck, expecially
late corn, need good rains.

ton

Georgia—Atlanta: Cotton picking good advance in south and middle;
mostly open in south, beginning close to mountains; heavy shedding in
north; moderate, local storm damage.
Late corn firing badly in north;
fodder pulling near end in south and harvest beginning.
Too hot and dry
for minor crops, but local rains since Saturday, expecially in west.
Wide¬
spread pecan drop.
Peanut and sweet potato harvests in progress.
Warm; light rains.
Condition of cotton fair;
picking and ginning fair advance; short staple.
Sweet
harvested.
Preparing soil for fall truck; seed beds
fair, but need rain.
Citrus groves fair, but dry.
Strawberry nursery
plants good; rather scarce.
Florida—Jacksonville:

progress

rather

poor;

potatoes good; being

Alabama—Montgomery: Warm until Saturday when locally beneficial
light to heavy rains.
Considerable shedding in north, but progress of
cotton generally very good and condition mostly good; picking and gin¬
ning good to excellent advance.
Favorable for maturing all crops.
Early
corn, cane, sweet potatoes and peanuts mostly good, but late corn damaged
by drought.
Pastures revived,

Mississippi—Vicksburg: Generally warm and dry with abundant sun¬
shine.
Conditions now favorable for checking weevil; cotton opening
rapidlv and picking and ginning becoming general in south and central.
Progress of late corn mostly poor, but locally fair with some early housed
in south.
Truck and pastures poor to fair progress.
Hot,
Condition of

Louisiana—New Orleans:
scattered

showers.

with
cotton

abundant sunshine and
fair to good; opening

widely
rapidly;

picking and ginning good advance; weather mostly favorable for checking
weevil.
Good progress harvesting rice, corn, sweet potatoes and in hay

Becoming too dry locally.
Texas—Houston: Warm; heavy rains in extreme south and in coastal
areas, light in southwest, but little elsewhere.
Corn and minor grains
mostly matured, except late-planted burning in much of north.
Cotton
deteriorated or only poor to fair progress in north-central; considerable
shedding in Louisiana border sections and in north-central and westcentral; elsewhere progress and condition generallv fair; picking and gin¬
ning made rapid advance well to northward; completed in extreme south.
Truck deteriorated in north; mostly fair to good elsewhere.
Rangas dry¬
ings rapidly in north, but cattle good generally.
Harvesting early rice
made rapid advance; late varieties growing nicely.
Copious rains accom¬
panying tropical disturbance broke drought of long standing; should prove
of great benefit for fall season.
making.

Condition of cane good to excellent.




extreme northeast

and

Abundant rains needed

water scarce in many west and
early corn; progress and condition
poor to deteriorated in west and fair elsewhere.
Progress of
to deteriorating in west and extreme southeast, and fair to

generally and urgently in west.
Stock
extreme south-central areas.
Gathering
of late crop
cotton

poor

opening in southwest; some picking, but
and minor crops deteriorating in west;

much premature
Gardens, pastures

good elsewhere;
not

general.

fair advance

elsewhere.

Progress of cotton poor

Arkansas—Little Rock:

in most hill sections

soil mois¬
good ad¬
rapidly.
hot and
Favorable for rice; harvesting in

weather; fair to good elsewhere due to sufficient
opening rapidly, prematurely in some hill sections; picking
vance;
ginning begun in most portions; leaf worms spreading
Late corn deteriorated generally, due to hot, dry weather.
Too

due to hot, dry
ture;

truck.

dry most areas for pastures and
south and maturing rapidly in north.

of cotton fairly good;
prematurely on uplands;
firing
especially lespedeza; much saved.
better for curing; condition of dark tobacco

Tennessee—Nashville: Progress and condition
heavy foliage; light fruit; slight shedding; opening
Progress and condition
rain.
Fine hay crops,

rain needed.
account

no

Cutting tobacco nearly done;
fair, burley good to excellent.

THE

Continued,

of corn fair to excellent; late

Pastures good.

DRY GOODS TRADE
New York,

scanty

crops

Sept. 3, 1938

Chronicle

and somewhat

Friday Night, Sept. 2, 1938.

unseasonally, warm weather

during the early part of the period under review had an
verse
effect on retail business.
Towards the end of
week, however, the advent

ad¬
the

of cooler temperatures served as

mildly stimulating factor, notably in the apparel divisions.
general, urban and industrial sections made the better
showing while business in the rural districts reflected the
unfavorable influence of lower prices for the chief agricul¬

a

In

Department store sales, the country over,
Aug. 20, according to the report of the
were 9% below the corresponding
week of last year; a notable exception to the general trend
was supplied by the St.
Louis district where a gain of 5%
was
registered.
For New York and Brooklyn stores the
Federal Reserve Bank of New York, reported a weekly de¬
cline of 14.3%, while for Newark stores a loss of 1% was
tural

products.

for the week ending

Federal Reserve Board

recorded.

Trading in the wholesale dry goods markets continued
quiet reflecting the cautious attitude of both retailers and
wholesalers in covering their future requirements.
Prices

steady, however, as available supplies of wanted staple
are growing scarce, in the face of numerous small fill-in
orders for immediate shipment.
Percales moved in fair

held

items

volume at

slightly firmer quotations, and an

improved call

such as blankets, flannels and
men's underwear.
Business in silk goods remained inactive
although prices in general held to former levels.
Trading
in rayon yarns continued fairly active, and reports were again
current that surplus stocks in producers' hands are steadily
declining, notwithstanding the fact that production schedules
have been stepped up by most producers.
September ship¬
ments are expected to come close to the high August figure,
and orders for October delivery are reaching producers in
fair volume although a seasonal slowing down in activities
for that month may be anticipated.
was

noted for heavy goods

Cotton

Domestic

markets

Goods—Trading in

the

gray

quiet as the unsettlement in the
the disturbed political situation in

turned

cloths

security

Europe
their waiting attitude.
During the
inquiries increased perceptibly, be¬
cause of the better movement of finished goods in distributive
channels coupled with the fact that converters are still in
need of considerable quantities of supplies for the fall trade.
Prices held steady reflecting the general expectation that,
following the Labor holiday and the release of the Septem¬
ber Government crop report, market activities will expand
materially. A better demand existed for drills, and sheetings
were
also somewhat more active.
Business in fine goods
continued quiet although inquiries in this division too, in¬
creased substantially towards the end of the week, fore¬
shadowing an early resumption of buying activities on the
part of users.
Slub yarn broadcloths again were in active
call, and fancy cotton gray goods moved in fair volume.
Closing prices in print cloths were as follows: 39-inch 80s.
6y8e.', 39-inch 72-76s, 6c.; 39-inch 68-72s, 5 to 5^c.; 3834inch 64-60s, 434 to 4%c.; 383^-inch 60-48s, 37/$ to 4c.

markets

and

caused buyers to resume
latter part of the week

Woolen

Goods—Trading in men's wear fabric broadened

moderately as clothing manufacturers showed increased in¬
terest in gabardines for nearby delivery.
The new offerings
of tropical worsteds attracted growing interest although
actual business was slow in developing, notwithstanding the
announced reductions in prices.
Reports from retail cloth¬
ing centers made

a

somewhat better showing as cooler tem¬

of the back-to-school
Business in women's
remained quiet although existing order backlogs

peratures and the close approach
released consumer purchases.

season
wear

goods

operations at previous levels.
existed for tweeds and fleeces, gar¬

enabled most mills to maintain
While continued interest
ment

manufacturers

in

general refrained from additional

purchases pending consumer

reaction after the holiday.

in linens broadened some¬
appreciable orders were placed on plain and fancy
linens for both immediate and future delivery.

Foreign Dry Goods—Trading
what

as

household

Steady sampling of the new Winter resort and cruise dress
goods was also reported, but actual transactions remained
small.
Business in burlap continued dull, and prices ruled
easier

and the expectation
Domestically light¬
quoted at 3.50c., heavies at 4.80c.

reflecting the lower sterling rate
stocks.

of another increase in Calcutta

weights

were

Volume

147

Financial

Chronicle

State and City

1521

Department

The $60,000,000 would build 187 miles of
road, a $16,000,000 connection
between Pulaski Skyway in Newark and the Lincoln Tunnel
being one of
the projects.
Other proposals include a parallel to Route 25

through Rail¬

Specialists in

way, Linden and Elizabeth and crossing Newark
Bay to Bayonne; Route 6
from Clifton to
Ledgewood; relocation of Route 4 in Middlesex, and re¬
construction and widening of the White Horse Pike.

Illinois & Missouri Bonds
STIFEL, NICOLAUS &. CO., Inc.
105 W. Adams St.

DIRECT

CHICAGO

WIRE

314 N. Broadway

ST.

LOUIS

Two weeks ago it was
generally understood the special session was dead.
The main reason advanced was that legislators did not
want to return be¬
fore the primary election, when all the
Assemblymen will be out for renomination.
A spending program at that time
might bring public disapproval,
it was argued.

Mr. Sterner pointed out the Government has announced it
will not con¬
sider Public Works Administration
applications unless the sponsor's share
is authorized by Oct. 1.
He said he understood, however, that if
prelimi¬
nary steps were taken before that date, funds would be earmarked for
the
State.

According to Mr. Sterner, the bonds could be issued without increasing
State debt service costs, since these will
drop materially beginning in 1941.

He stated motorists would bear the full cost of the
issue through gasoline
taxes and license revenues and that amortization
would average less than

PUBLIC

5% of these

WORKS

Deadline Set at Oct. 1

on

ADMINISTRATION

Bond Elections—Because the law

authorizing loans and grants to be made by Public Works
Administration in the pump-priming program specifies that
all projects must be under construction
by Jan. 1, it was
announced on Aug. 31
by Administrator Ickes that no
allotments will be made to projects which require bond
elections by the community where the election is to be held
after Oct. 1.
He ordered that where necessary bond elections cannot be held
by
Oct. 1, no consideration shall be given to such projects.
The action was taken because there is a period of only 70 working days
between Oct. 1 and Jan. 1.
In that period, in order co have construction
started

project, an applicant would have to prepare full plans and
specifications, working drawings, advertise for bids, award them, and the
contractor receiving the award would have to get work actually under way.
This is a relatively short period in which to
accomplish this necessary
on

a

preparation.
If

bond election were to be conducted after Oct. 1, the period in which
the project could be started would be reduced accordingly.
According to
a

the PWA program, it would be extremely difficult for
cities to get their construction started in less time than the 70 working days'
period between Oct. 1 and Jan. 1.
The deadlines specified by Congress in the 1938 Public Works Adminis¬
tration Act require that no applications for projects be accepted after
Sept. 30; that construction must start by Jan. 1, 1939, and be substantially
completed by July 1, 1940.
past experience

on

News Items
November the so-called

4'State

such

than 1,000,000 persons who would

Retirement

Life

Payments
Plan," which is popularly called the "$30 Every Thursday
Plan," according to Pacific Coast dispatches.
The proposal is to provide iiayments in scrip of $30
weekly
to all unemployed persons over 50
years of age.
If this
plan were to be put into operation it would involve the an¬
nual outlay by the State of about $1,500,000,000 to
provide
dole for the

more

be

eligible under the terms of the proposal.
coming election, the voters will pass upon

Also, at this
a

proposal to

abolish all taxation in the State except that placed on real
property and the gasoline tax.

City Managers' Association to Hold Meeting-—Twentyfive years of the city manager profession will pass in review at
the Silver

Anniversary Conference of the International City
Managers' Association in Boston Sept. 26-29.
Although

the council-manager idea itself dates back to

1908, the city

managers have had an established organization since 1914, when eight of
them from five States assembled in their first convention at
Springfield,

Ohio, the I. C. M. A. disclosed today.
Sumter.. S. C., was the first council-manager city.
Dayton and Spring¬
field, Ohio, were the first large cities adopting the plan, following the Ohio
floods of 1913.

Since that year an average of 18 cities and counties annually
have chosen government under the council-manager system.
More than
11,000,000 people live in the 467 cities administered by managers.
There

455 council-manager

are

cities and

counties in 38

New

into

York

State—Constitutional

Amendments

Divided

Nine^ Sections—The State Constitutional Convention

before

adjourning at Albany

on Aug. 26, decided to submit
new constitution to the voters in nine separate
sections at the general election in November.
One will be
the transit-unification

the

proposed

proposal, permitting the extension of
New York City's debt limit
by $315,000,000 to permit pur¬
chase of the transit
company properties.
The following is the form which was decided
upon

amendments to

come up

for the

for approval this fall:

Amendment No. 1—"Shall the proposed amendments to the
constitution
amending the constitution generally, submitted by the Constitutional
Convention, except those submitted separately as amendments Nos. 2 to
9 inclusive, be approved?"

Amendment No. 2—"Shall the proposed amendment submitted
by the
Constitutional Convention in relation to legislative
apportionment and to

the term of office of Senators, be approved?"
3—"Shall the proposed amendment, submitted
by
Convention in relation to the elimination of railroad

Amendment
No.
the Constitutional

grade-crossings, be approved?"
Amendment No.
4—"Shall
the proposed
the Constitutional Convention in relation to
clearance, authorizing the contracting of State
loans, the expanding of the debt limit of cities
granting of subsidies, be approved?"

amendment, submitted by
low-rent housing and slum
debt up to $300,000,000 for
by 2%, and authorizing the

Amendment No.
5—"Shall the proposed amendment,
submitted by
the Constitutional Convention, to amend
generally the judiciary article,
be approved?"

California—Supreme Court Validates Balloting on Proposed
Pension Plan—The State Supreme Court
recently validated
the proposal to place on the ballot at the
general election in

a

revenues.

The Commi&sioner expressed fear other States
may have Federal funds
earmarked for their projects if New
Jersey does not act promptly.

of the

United

States

including approximately one in every five cities of more than 10,000 popula¬
tion.
Thirteen cities adopted the plan in 1937 and four cities have approved
it thus far in 1938.

Early problems of the managers, according to the first conference pro¬
dealt with training of municipal employees, public relations, finance
public utilities.
Highlights of the 1938 program will be discussions of
relief and welfare plans; housing; city planning and zoning; and personnel
problems, including retirement systems for municipal employees, and
dealing with employee organizations.
More than 200 city managers and
other municipal officials are expected to attend the 1938 conference.
A feature of the 25th anniversary program will be a special session
pre¬
sided over by Richard S. Childs, New York City, known as the father of
the city manager plan.
gram.

and

Massachusetts—Municipal Financial Statistics Again Re¬
vised—rTvler & Co., Inc., Boston, are making free distribution
of

the twentieth edition of their booklet in the quarterly
series, giving up-to-date financial statistics of the Common¬
wealth of Massachusetts, its counties, cities, towns and dis¬
tricts.
This edition contains an outline map of the Com¬
monwealth showing all its political subdivision.
The statistics given shown population, assessed valuation, gross and net
debt, net debt ratio and per capita, tax levy, tax collections, tax titles, and
comparison of tax rates.
Copies are available upon request.

a

Amendment
No. 6—"Shall the proposed amendment, submitted
by
the Constitutional Convention in relation to the
rights of labor and fixing
the hours and prevailing rate of wages on public works, be
approved?"
Amendment No.
7—"Shall the proposed amendment,
submitted by
the Constitutional Convention,
prohibiting voting by any system of pro¬

portional representation, be approved?"
Amendment No. 8—"Shall the proposed
amendment, submitted by the
Constitutional Convention, permitting the use of State
money and credit
for social welfare, including
provision, by insurance or otherwise, against
the hazards of unemployment, sickness and old
age, be approved?"
Amendment No. 9—"Shall the proposed amendment, submitted by the
Constitutional Convention, excluding from the debt limit of the
City of
New York $315,000,000 for the unification of transit
facilities, be approved?

The final formula

adopted by the Convention included one*
original report of
the Submission Committee.
The final item, which was
rights of labor, was added upon an amendment offered by
State Senator John J. Dunnigan, Bronx Democrat, at the
instance of the recent meeting of the State Federation of
item than the eight contained in the

more

Labor

in

Buffalo.

Taxation of
State

Municipal Bonds by Statute Opposed by

Conference—The

Federal

taxation

of

State

and

municipal bonds cannot be accomplished by a "simple
statute," without a constitutional amendment, the Con¬
ference on State Defense stated on Aug. 27,
replying to a
proposal along these lines made by Senator Prentiss M.
Brown.
The conference which is composed of attorneys general of 37
States, will
present its views at the hearing to be held by Senator Brown's committee
on

taxation

The conference committee, in arguing against the
desirability of such
Act of Congress, said:
"The States cannot be guaranteed reciprocity by a statute such as Senator
Brown proposes.
Under the Senator's interpretations, the Federal Govern¬
ment wouid be free to repeal the reciprocal provisions of an Act at
any time.
Thus the Federal Government would continue free to tax the
States, while
the States would be denied the right to tax Federal instrumentalities.
an

But an amendment could not be repealed by the Federal Government
without the States.
That is why an amendment alone can assure true
reciprocity and protection for the States.

United

nels

municipal
reports.
in 1936,
revenues

American

States—Municipal Revenue—Other
gaining

are

upon

revenue,

the

revenue

chan¬

the

property tax as a source of
Federation of Tax Administrators

The upward trend of three decades was culminated
when latest available figures show non-property
reached 41% of total revenue receipts in the 94
cities

of

more

than

100,000 population.

A 30-

spread of municipal revenue shows that the general
property tax totaled $256,000,000 in 1906 (80%) and $1,726,054,000 in 1936 (59%).
All other revenue in 1906
totaled $61,007,000 (20%) and $1,165,068,000 in 1936
(41 %).

yeai

Prominent in revenue sources gaining upon the
property tax are municipal

charges and fees.

Although not formally "tax" receipts these are levied
a sufficient number of taxpayers to deserve consideration in
any
compilation of municipal revenues.
Aniong other municipal revenue
sources are:
poll taxes; license fees, including liquor and others; special
assessments; fines, forfeits and escheats; subventions and grants; donations;
pension assessments; highway privileges; rents and interest; earnings of
general departments, and earnings out of public service enterprises.
Constantly expanding real estate valuations and rising tax rates, spurred
by the speculative boom of the 1920's, brought property tax collections in
1931 to an all-time high of more than $2,500,000,000 or 67% of total revenue
receipts.
A high percentage of receipts was shown in 1921 when property
upon

New

Jersey—Action Urged

Issuance of Highway Bonds
—Highway Commissioner Sterner on Aug. 25 urged a special
session of the State Legislature to take preliminary steps
toward floating a $33,000,000 bond issue to provide for a
$60,000,000 highway building program, according to a
Trenton dispatch to the Newark "News" of the 25th, which
continued

as

on

follows:

Mr. Sterner wants the bond issue to come before the voters at the Novem¬
election and contends that unless the Legislature acts before Oct. 1
.Federal aid of §27,000,000 may not be available.
ber




collections accounted for 74% of the total, but collections that
year
slightly less than half those a decade later.
Municipal revenue reflected the staggering impact of the depression
upon tne real estate tax and the general decline of property values.
The
tax

were

Financial

1522

to 69%
by over
$500,000,000.
Non-property revenues fell by about $225,000,000 to 31%
of total receipts, lowest percentage in more than a decade.
Unlike the
property tax, however, whicn continued to decline sharply in the remaining
years or the slump, these sources demonstrated a steady rise.
Faced with the need of continuing vital government services, cities set
various devices to encourage payment of due taxes: installment collections,
discounts, postponement of collection dates, cancellation of penalties, then
turned increasingly to the States and Federal Government for aid.
Dis¬
tribution of State-collected taxes among the cities, adopted almost uni¬
versally by 1936, accounted in part for the increase in non-property tax
revenues which rose in the three succeeding years, as the Property tax
returns declined from 69% to 61% of the total revenues.
Federal aid to
cities grew to almost one-fourth of all revenue receipts for cities of all sizes
by 1936, and accounted in part for the gain in non-property revenues.
Sharp gains were also registered in subventions and grants received directly
United States Bureau of Census figures show that, although rising
of total revenue receipts, property tax collections in 1932 declined

from States and

counties and in license taxes.

ALABAMA
Co., Inc., of Birmingham. Dated
months to 10 years from date.

CHOCTAW COUNTY (P. O. Butler), Ala.—WARRANTS SOLD—It
is stated that $75,000 5% semi-ann. State gasoline tax road warrants were

purchased recently by Roy Gridley & Co. of Birmingham.
Dated Aug. 1
1938.
Due $7,500 semi-annually in from six months to five years from date
of issue.

DECATUR,

Ala.—MATURITY—It is now reported by the Assistant

City Clerk that the $312,000 refunding bonds purchased bv the Equitable
Securities Corp. of Nashville, and King, Mohr & Co. of Birmingham,
jointly, as 4s, at a price of 101.293 as noted here on Aug. 27—V. 147,
p. 1368—are due on March 1 as follows: $10,000 in 1939, $11,000 In 1940,
$12,000 in 1941 and 1942, $13,000 in 1943. $14,000 in 1944 and 1945, $15,000

$16,000 in 1947 and 1948. $17,000 in 1949, $18,000 in 1950,
1952, $20,000 in 1953, $21,000 in 1954, $22,000 in 1955,
1956 and $20,000 in 1957.
Net income basis of about 3.85%.

In 1946,

in 1951 and
in

$19,000
$23,000

until

8

DOTHAN, Ala.—BOND OFFERING—Sealed bids will be received
m. on Sept. 6, by I. P. Scarborough, City Clerk, for the purchase

a.

three issues of coupon

of

bonds aggregating $108,000, divided as follows:

$16,000 electric improvement,
1941 to 1956.

series E 1 bonds.

Sept. 12, by W. J. McClelland,
of not to exceed 5% sem-ann.
follows:

as

$32,000 Imperial Valley Union High
20 as follows: $6,000, 1939 to

School District bonds. Due on Aug.
1941, and $7,000 in 1942 and 1943.
bonds.
Due on Aug. 20
$5,000 in 1943 and 1944.

18.000 Imperial Valley Union School District
as follows:
$2,000, 1939 to 1942, and

Dated Aug. 20, 1938.
Denom. $1,000.
The bonds will be sold for not
than par and accrued interest to date of delivery.
Prin. and int.
payable in lawful money at the County Treasurer's office.
Enclose a
certified check for 5% of each issue bid for, payable to the Chairman Board

less

of Supervisors.

KINGS

(P. O. Hanford), Calif.—CORCORAN SCHOOL
connection with the public offering of the $158,000
Donnellan & Co. of San Francisco, noted in our issue of

COUNTY

BOND DETAILS—In

Aug. 27—V. 147, p. 1369—it is stated by the County Clerk that the original
purchaser of the bonds was Howell, Douglass & Co. of San Francisco, who
paid for them a premium of $459, equal to 100.29, a net interest cost of
about 3-40%, on the bonds as follows: $143,000 as 3Ms, maturing on Aug.
15: $5,000, 1941; $6,000, 1942; $10,000, 1943 to 1945; $12,000, 1946, and
$15,000, 1947 to 1952: the remaining $15,000 as 3s, maturing on Aug. 15,
1953.

COUNTY (P. O. Lo. Angeles), Calif.—ROSEMEAD
OFFERING—Sealed bids will be received until 2 p. m. on
a $30,000
to exceed
5%, payable J. & J.
Dated July 1. 1938.
Denom. $1,000. Due $2,000
July 1, 1944 to 1958.
The bonds will be sold for cash only and at not less
than par and accrued interest.
Each bid must state that the bidder offers
par and accrued interest to the date of delivery, and state separately the
premium, if any, and the rate of interest offered for the bonds bid for.
Bids will be received for all or any portion of said bonds.
In the event
that the bidder submits a proposal to purchase a portion of said bonds, the
bid shall designate specifically the bonds bid for.
All bonds sold to a bidder
bidding for a portion of said bonds shall bear the same rate of interest, and
bids for varying rate, of interest for the same block or portion of said bonds
will be rejected.
Enclose a certified check for 3% of bid, payable to the
LOS ANGELES

BARBOUR COUNTY (P. O. Clayton), Ala.—WARRANTS SOLD—It
is stated that $50,000 5% semi-ann. State gasoline tax road warrants were

purchased recently by Roy Gridley &
Aug. 1, 1938.
Due $2,500 in from six

O. El Centre),
until 2 p. m. on
County Clerk, for the pin-chase of two issues
school bonds aggregating $50,000, divided

IMPERIAL COUNTY SCHOOL DISTRICTS (P.
Calif.—BOND OFFERING—Sealed bids will be receive^

school bonds by

Proposals and Negotiations

Bond

Sept. 3, 1938

Chronicle

Due $1,000 from Sept. 1,

SCHOOL BOND

Sept. 1.3, by L. E. Lampton, County Clerk, for the purchase of
issue of Rosemead School District bonds.
Interest rate is not

Chairman Board of Supervisors.

exceed 4j^%. payable M. & S.
Denom. $1,000.
All bonds are being issued pursuant to the Municipal Bond Code of Alabama.
Prin. and int. payable at tne Central Hanover Bank & Trust Co., NewYork.
(This offering was mentioned in our issue of Aug. 27—V. 147, p. 1368.
Interest rate is not to

COUNTY SCHOOL DISTRICTS

(P. O. Los An-

SACRAMENTO COUNTY SCHOOL DISTRICTS (P. O. Sacramento)*
OFFERING—Sealed bids will be received until 10 a. m.

Calif.—BOND

County Clerk, for the purchase
$168,000, divided as follows:

Sept. 12, by T. F. Patterson,

on

42,000 water, series W6 bonds.
Due on Sept. 1 as follows: $1,000, 1940
to 1955. and $2,000, 1956 to 1968.
50.000 sanitary and storm sewerage, series SSS2 bonds.
Due on Sept, 1
as follows: $1,000, 1940 to
1947, and $2,000, 1948 to 1968.

ANGELES

LOS

geles), Calif.—BONDS DEFEATED—At the election held on Aug. 19,
the following bonds aggregating $3,650,000, failed to receive the approval
of the voters: $1,957,000 Long Beach City High School District; $1,350,000
Long Beach Citv School District, and $343,000 Long Beach City Junior
College District bonds.

of bonds aggregating

of two issues

$150,000 Grant Union High School District bonds.
Dated Sept.
Due $6,000 from Sept. 1, 1939 to 1963 incl.
Interst
M.

&

1, 1938.
payable

S.

18,000 Carmichaei School District bonds.
Dated Oct. 1, 1938,
$1,000 from Oct. 1, 1939 to 1956 incl.
Interest payable A.

Due
& O.

rate is not to exceed 5%, payable semi-annually.
Denom.
The bonds wih be sold for not less tbanjpar and accrued interest.
payable in lawful money at the County Treasurer's office.
A certified check for 10% of each issue bid for, is required.

Interest

$1,000.

OFFERING—It is stated by I. P. Scarborough,
City Clerk, that he wilt receive sealed bids until 8 p. m. on Sept. 13, for the
purchase of an issue of $138,000 4K% semi-ann. school bonds.

Prin. and int.

Ala.—WARRANTS SOLD—It
is stated that $75,000 5% semi-ann. State gasoline tax road warrants were
purchased recently by Roy Gridley & Co., Inc., of Birmingham.
Dated
Aug. 1, 1938.
Due $7,500 semi-annually in from six months to five years

REDLANDS

DOTHAN. Ala.—BOND

MARENGO COUNTY (P. O. Linden),

from date of issue.

PRICHARD, Ala.—BOND CALL—It is stated
Clerk, that 6%

by C. C. Rogers, City

refunding bonds numbered 2 to 4, 6 to 8,

10 to 22, 24 to 28,

30 to 41 and 43 to 48, aggregating $42,000, are called
103 plus accrued interest, at the Central Hanover Bank

under date of Oct. 1.
Dated Oct. 1,
Interest shall cease on date called.

New York City,

1953.

for payment at

& Trust Co. of
Due Oct. 1,

1933.

BERNARDINO COUNTY (P. O. San Bernardino), Calif.—
SCHOOL BOND OFFERING—Sealed bids will be received
a. m. on Sept. 6, by Harry L. Allison, County Clerk, for the pur¬
chase of a $25,000 issue of 4^% semi-ann. Relands High School District
bonds,
Dated March 1, 1927.
Denom. $1,000.
Due March 1, 1951.
These bonds are part of an authorized issue of $375,000; $250,000 of which
were sold on Feb. 28, 1927 and $100,000 were sold on April 9, 1928.
Prin.
and interest payable at the Country Treasurer's office.
Enclose a certified
check for 4% of the bonds bid for, payable to the County Treasurer.
The Redlands High School District has been acting as a high school
district under the laws of the State of California continuously since June 25,
SAN

until 11

1906.

of the taxable property in said school district

The assessed valuation

the fiscal year 1938-1939 $18,467,940, and the
issued and at present outstanding is $305,000.

ARIZONA

The

TUCSON, Arix.—BOND OFFERING—It is stated by the City Auditor
that he will receive sealed bids until 8 p. m. on Sept. 19. for the purchase of
a $277,000 issue of not to exceed
3% semi-annual coupon water system
bonds.
Dated July 1, 1938.
Denom $1,000.
Due Jan. 1, as follows:
$14,000 in 1940 to 1944, $41,000 in 1945 to 1947 and $42,000 in 1948 and
1949.
These are the bonds authorized at the election held on Aug. 1, by
a vote of 371 to 24.
Prin. and int. payable at the City Treasurer's office.
Legality to be approved by Chapman & Cutler, of Chicago.
Enclose a
certified check for 5% of amount bid.

square

for

amount of bonds previsouly

said high school district includes an area of approximately
miles and has an estimated population of 23,500.

182

BERNARDINO COUNTY (P. O. San Bernardino), Calif.—
bids will be received until 11 a. m. on Sept.

SAN

BOND OFFERING—Sealed

12, by Harry L. Allison, County Clerk, for the purchase of a $14,000 issue
of Piedmont Elementary School District bonds.
Interest rate is not to
exceed

4H%,

payable

semi-annually.

Dated

Oct.

1,

1938.

Denom.

Due $1,000 Oct. 1, 1939 to 1952.
The bonds will be sold for not
accrued interest.
Prin. and Int. payable at the County
The bonds will be delivered at tne County Treasurer's
office, on or about Oct. 1.
Enclose a certified check for 4%, payable to
the County Treasurer.
The following information is furnished with the offering naotice:
The Piedmont Elementary School District has been acting as a school
district under the lows of the State of California continuously since Feb. 5,
1907.
The assessed valuation of the taxable property in said school dis¬
$500.

less than par and
Treasurer's office.

trict for the fiscal year 1938-39, is $1,101,220, and the amount of bonds
previously issued and at present outstanding is $9,000.
The said school
district includes an area of approximately 7.9 square miles, and has an
estimated population of 500.
SAN FRANCISCO (City and County),

Calif.— WARRANT

OfTeR-

bids will be received until Sept. 6, by the Clerk
Supervisors, for the purchase of a $3,500,000 issue of tax

ING—It is reported that
of the Board of

anticipation warrants.
SOLANO

COUNTY

Fairfield), Calif.—FLOSDEN SCHOOL
Clerk that $4,500 construction
privately by Kaiser &
3^8, paying a price of 100.42.
(P.

O.

BONDS SOLD—It is stated by the County
bonds

ARKANSAS

School

of Flosden

Co. of San Francisco, as

CAMDEN, Ark.—BONDS VOTED—It is reported that at an election
on Aug. 23, the voters approved the issuance of a total of $55,000 in
City hall, auditorium and armory bonds.
It is stated by the City Clerk that no date has been set as yet for the
offering of these bonds.
They will bear 4% interest and will mature from

District were purchased

held

1941 to

1958.

BOND ELECTION—He
to

vote

on

reports that an election will be held on Sept. 27
in fire department bonds.
An issue
elimited from the ballot, he explains.

the issuance of $16,000

of $3,000 cemetery bonds was

(P. O. Forrest City), Ark.—BOND ELEC¬
by the County Clerk that if the
Public Works Administration approves a grant for the project, an issue of
$68,750 court house bonds will be submitted to the voters at the general
ST.

FRANCIS COUNTY

TION CONTEMPLATED—It is stated

election in November.

COLORADO
GRAND

JUNCTION,

Due from 1941 to

pay citizens of the State $30 weekly when they had reached the age of 50,
will in all probability result in a minimum of new bond offerings by the
various local governments here.
"San Francisco has $3,500,000 tax anticipation notes scheduled for next

Tuesday, but the pension plan and its threat to the State's

credit is not

likely to affect short-term paper materially.
"There are no important offerings under consideration by the various
authorities with the possible exception of the $10,000,000 Department of

Los Angeles bonds which are stated to be
after Labor Day.
"Whether the easiness in the California market will result in

marketed

soon

the post-

gonementto revise sale remains to be seen.with the recent market trend."
of that their price ideas in line Dealers unquestionably would
likely




1953 incl.

LARAMIE COUNTY SCHOOL DISTRICT NO. 5 (P. O. Fort Collin.)
Colo.—BOND SALE—The $75,000 issue of building bonds offered for sale
Aug. 29—V. 147, p. 1369—was awarded jointly to Sidlo, Simons,
& Co., and the J. K. Mullen Investment Co., both of Denver,
2^s, paying a price of 100.008, a basis of about 2.748%.
Dated Sept. 1,
Due froi
from Sept. 1, 1943 to 1956.
1938.

on

Roberts

CALIFORNIA
CALIFORNIA, State of—REPORT ON EFFECT OF PENSION PLAN
MUNICIPAL BONDS—We quote in part as follows from an article
which appeared in the "Wall Street Journal" of Sept. 2:
"Weakness in California bonds, which accompanied the proposal to

e

OPTION EXERCISED—It is

of Denver, and associates, have
them on Aug. 17, to purchase
the $110,000 sewage disposal plant bonds, as 2.60s, at a price of 100.227,
a basis of about 2.57%, as noted in oftr issue of Aug. 27—V. 147, p. 1369.

as

ON

Light and Power of

Colo.—BOND

stated that Sidlo, Simons, Roberts & Co.
exercised the 10-day option extended to

CONNECTICUT
MILFORD, Conn.—BONDS AUTHORIZED—At a recent town meet¬
ing an issue or $410,000 bonds was authorized to be sold, provided a grant is
obtained from the Public Works Administration in connection with the
proposed school building construction program.
NORWICH, Conn.—PROPOSED BOND ISSUE—It
city contemplates making an offering
early part of September.

NORWICH,

is reported that the

of $60,000 refunding bonds in the

Conn .—BONDS DEFEATED—An issue of
rejected at the election on Aug. 18.

$225,000

school construction bonds was

WESTON, Conn.—BOND SALE— The $30,000 coupon school improve¬
ment bonds offered Aug. 30—V.
147, p. 1369—were awarded to Day,
Stoddard & Williams of New Haven, as 1 Us, at a price of 100.396, a basis of
about 1.42%.
Dated Aug. 1, 1938 and due $3,000 on Aug. 1 from 1939 to
1948 incl.

Other bids:

Volume

Financial

147

Bidder—
Putnam & Co

>

int

Rate Bid

Bate

\%%
1M%

100.873
100.82

2%

_

First National Bank of Boston
Bancamerica-Blair Corp

100.765

DELAWARE
REHOBOTH

BEACH,

issue $62,000 water

Del.—BONDS DEFEATED—The proposal to
was decisively defeated
by the voters at the

bonds

Aug. 30 election.

Chronicle

1523

A

certified check for $2,000 is required.
Legal opinion
Cutler of Chicago Will be furnished the successful bidder.

of Chapman &

GERMANTOWN TOWNSHIP (P. O. Germantown), 111.—BOND
SALE—An issue of $10,000 4% road bonds was sold recently to Ballman &
Main of Chicago.
Due $2,000 each Jan. 1 from 1940 to 1944, incl.
Prin¬
cipal and interest (J. & J.) payable in Chicago.

HIGHWOOD,

III.—PROPOSED

BOND

ELECTION— An

election

planned for the
sewer

near future on a proposed issue of $100,000 water
system and electric transmission line construction bonds.

Is

plant,

HOOPESTON,
III.—BOND
SALE—The
White-Phillips
Corp.
of
Davenport purchased an issue of $22,000 building bonds as 2Ms at a price
101.88, a basis of about 2.41%.
Denom. $1,000.
Due $2,000 each

of

FLORIDA

year from 1939 to

BONDS

1949, inclusive.

-

.•

JACKSONVILLE, 111.—NEW ISSUE OFFERING—Ballman

Clyde C. Pierce Corporation
Barnett National Bank

JACKSONVILLE-

-

-

Branch Office:

First

National

Bank

Building

T.

Building

-

FLORIDA

-

TAMPA

S.

Pierce, Resident Manager

FLORIDA
KEY

WEST,

Fla.—BOND

EXCHANGE

WAY—R.
E.
Crummer & Co., Inc., fiscal agent for the city, under date of Aug. 22, is
asking bondnolders to exchange their bonds for new refunding bonds dated
Jan. 1,1938 and maturing Jan. 1,1973, optional at any interest paying date,
and bearing interest at 2% for the first 10 years, 3% for the next 10 years,
4% for the next 10 years and 5% for the next five years.
The bonds will
be accompanied by the qualified approving opinion of Chapman & Cutler,
of Chicago.
Securities should be forwarded to the First National Bank of
Chicago, which is acting as depository.

UNDER

PENSACOLA, Fla.—BOND CALL—It is stated by J. E. Frenkel. City
Clerk-Comptroller, that all of the outstanding 5% improvement bonds,
Nos. 1 to 23. 26 to 100, 105 to 186, 188, 191 to 204 and 206 to 210, aggre¬

bonds:

Financial Statement
Tax collections for the past three years have averaged better than 99 M
%.
Assessed valuation
$9,321,299
Total bonded debt

Electric light plant certificates
Water revenue bonds (this issue)
*
Payable solely from the earnings of the light plant.
a Payable solely from the
earnings of the water system.

69,000
*359,000
a280,000

...

Population, 1930 Census, 17,747,

are

ceases.

presentation in negotiable form accompanied by all April 1, 1939 and sub¬
sequent coupons at the Chemical Bank & Trust Co. of New York City,
successor of the United States Mortgage & Trust Co.
No interest accru¬

said bonds after Oct. 1, 1938, will be paid.
Coupons maturing
that date prior thereto will be paid upon presentation and surrender.

ing

Main,

water works system.
The debt will be secured by and payable solely from
utility revenues.
In presenting the following financial statement of the
city, the bankers direct attention to the fact that the property of the city
is not subject to a tax for the payment of either
principal or interest on the

called for payment under date of Oct. 1, on which date
Said bonds will be paid on or before Oct. 1, 1938, upon

gating $200,000,
interest

&

of Chicago, and Vieth, Duncan & Wood, of
Davenport, jointly, are offer¬
ing for public investment $280,000 3M% coupon, registerable as to prin¬
cipal, water revenue bonds at prices to yield from i.50% to 2.85%, accord¬
ing to maturity.
Dated Aug. 1, 1938.
Denom. $1,000.
Due July 1, as
follows: $5,000, 1941; $11,000, 1942 to 1944 incl.; $12,000, 1945 to
1957
incl.; $13,000, 1948 and 1949; $14,000, 1950 and 1951; $15,000, 1952 and
1953; $16,000, 1954 and 1955; $17,000, 1956 and 1957; $18,000, 1958 and
1959; $19,000 in 1960. and $1,000 in 1961.
Principal and interest (J. & J.)
payable at the City Treasurer's office.
Legality approved by Chapman &
Cutler of Chicago.
Proceeds of issue, together with Federal grant of
$195,000, will be used in the financing of improvements to the municipal

on

SEMINOLE COUNTY

(P. O. Sanford),

on

Overlapping Indedbtedness
Assessed
Debt

"

_-.$30,813,880
9,321,299
9,321,299

School District No. 117

City of Jacksonville

"

Share

$56,000

$16,940
440,500

440,500

69,000

Fla.—BOND ELECTION—

69,000

'
•

It Is reported that an election will be held on Sept. 27 in order to vote on
the issuance of $70,000 in

City's

Valuation

Morgan County

$526,440

JOLIET SCHOOL DISTRICT, 111.—BOND SALE—The Channer Se¬
purchased an issue of $5,000 4% park bonds at a

hospital bonds.

curities Co. of Chicago

TAMPA, Fla.—CERTIFICATE ELECTION—It is reported that the City

price of 100.46.

Election Board has called
voters pass on

a special election for Sept. 27 in order to have the
the issuance of $2,934,690 in sewer revenue certificates.

TREASURE

ISLAND, Fla.—BONDS VOTED—It is reported that at

the election held

Aug. 19, the voters approved the issuance of
$1,046,000 in causeway construction bonds.
on

a

total of

MORRISON, III.—BONDS DEFEATED—At the Aug. 23 election the
to authorize an issue of $30,000 municipal hospital building

voters refused

bonds.

,
,

MORRISON, III.—BOND SALE—An issue of $60,000 3% sewage treat¬
plant bonds was sold to the White-Phillips Corp. of Davenport.

ment

GEORGIA

OREGON, 111.—BOND SALE CONTRACT—Stifel, Nicolaus & Co. of

BUCHANAN SCHOOL DISTRICT (P. O. Buchanan), Ga.—BONDS
SOLD—It is reportea that $20,000 building bonds have been purchased at
a

price of 101.00, by an undisclosed investor.

St. Louis have contracted to purchase an issue of $130,000 water and sewer
bonds.

revenue

RAMSEY, Ili.—BOND SALE COMPLETED—The $5,000 street im¬
Bank, subject to voters'
approval, were authorized at the Aug. 26 election—V. 147, p. 1370.
In¬
terest rate 4%.
provement bonds sold to the Ramsey National

IDAHO
JEFFERSON

COUNTY

INDEPENDENT

SCHOOL

DISTRICT

NO. 3

(P. O. Roberts), Idaho—PRICE PAID—The District Clerk now
the $40,000 high school building bonds purchased by Ure,
Pett & Morris of Salt Lake City, as noted here on Aug. 27—V. 147, p.
1370—were sold as 3 Ms, at a price of 100.068, a basis of about 3.74%.
Due $2,000 from July 1, 1939 to 1958 incl.

reports that

WASHINGTON COUNTY (P. O. Weiser), Idaho—BOND OFFERING
—Sealed bids will be received until 2 p. m. on Sept. 17, by Mary Wermeth,
Clerk of the Board of County Commissioners, for the purchase of a $30,000

house and jail bonds.
Interest rate is not to exceed
6%, payable semi-annually.
Due within 10 years from date and shall
according to an amortization plan by the terms of which approxi¬
mately one-tenth of the principal and interest shall be payable each year.
These bonds were authorized at an election held on Aug. 9.
Enclose a
certified check for 5% of bid, payable to the county.
issue of coupon court

WEST FRANKFORT SCHOOL DISTRICT NO. 68,

111.—BOND SALE
4% building fund bonds offered Aug. 31—V. 147,
1370—was awarded to Barcus, Kindred & Co. and H. C. Speer & Sons
Co., both of Chicago, jointly.
Dated Aug. 1, 1938,
Due Jan. 1, 1958;
optional Jan. 1 as follows: $2,000, 1941 to 1948, incl.; $4,000 from 1949 to
1954, incl.. and $5,000 from 1955 to 1957, inclusive.-

—The issue of $55,000
p.

WHEATON COMMUNITY HIGH SCHOOL DISTRICT NO.
95,
111.—BOND ELECTION—An issue of $115,800 school construction bonds
will be considered by the voters on Sept.

mature

ILLINOIS
ALEDO, III.—BOND SALE—An issue of $26,000 sewer system bonds
was sold to Shaw, McDermott & Sparks of Des Moines as 3s at par plus a
Due as
premium of $97.80, equal to 100.376, a basis of about 2.96%.
follows: $1,000, 1940 to 1944, incl.; $2,000, 1945; $1,000, 1946; $2,000,
1947; $1,000, 1948; $2,000, 1949; $1,000, 1950; $2,000, 1951; $1,000, 1952;
$2,000 from 1953 to 1955, incl., and $3,000 in 1956.
SCHOOL

CARMI

DISTRICT,

III.—BONDS

VOTED—An

issue

of

$45,000 construction bonds carried by a vote of 830 to 53 at the Aug. 3
election.

CENTRALIA, III.—BONDS VOTED—An issue of $55,000 city hall
bldg. bonds was approved at the election on Aug. 30.
They will bear
3M % interest and mature in 1948.
The issue will not be offered at public
sale.

COUNTY

O. Sycamore), 111.—BOND OFFERING—
the Board of Supervisors will receive sealed
13, for the purchase of $200,000 2M% road
bonds.
Dated Sept. 1, 1938.
Due Sept. 1 as follows:
$20,000, 1939;
$40,000, 1940 and 1941; $20,000 from 1942 to 1944, incl. and $10,000 from
1945 to 1948, incl.
Interest M. & S. Sale of the bonds is subject to approval
DeKALB

(P.

The Highway Committee of
bids until 2 p. m. on Sept.

Sept. 20. All bids to include cost of printing the
bonds.
The approving legal opinion of Chapman & Cutler of Chicago will
be furnished the successful bidder.

of issue at the election on

EAST

PEORIA,

111.—BONDS SOLD—The

$300,000

sanitary

sewer

system and disposal plant bonds authorized at the Aug. 25 election have
been sold to Negley, Jens & Rowe of Peoria.
There are $100,000 2% %

general obligations, due in 1958, and $200,000 3K% revenue securities,
maturing in 1968.
The bonds were approved by a vote of 1,131 to 316.
The proceeds, supplemented by a Public Works Administration grant, will
pay the cost of constructing a system to be valued at $470,000.

ELGIN, 111.—BOND ELECTION—An issue of $300,000 bridge construc¬
by the voters on Sept. 28.

tion bonds will be considered

FAIRFIELD, 111.—BOND SALE—An issue of $33,000 3M% sewage
disposal plant bonds has been sold to the White-Phillips Corp. of Danveport, at a price of 100.68.
GALESBURG SCHOOL DISTRICT NO. 104, 111.—BOND OFFERING
—Richard V. Lindsey, Superintendent of Schools, will receive sealed bids
until

10

a.

m.

(Central Standard Time) on

Sept.

9 for the purchase of
Dated

$425,000 not to exceed 3% interest coupon school building bonds.

Sept. 15, 1938.
Denom. $1,000.
Due Sept. 15 as follows: $15,000, 1941;
$20,000, 1942 to 1947 incl.; $25,000 from 1948 to 1955 incl., and $30,000
from 1956 to 1958 incl.
Bidder to name a single rate of interest, expressed
in

a

INDIANA
BOONE

multiple of M of 1%.

Prin. and int. (M. & S.) payable at the First

Galesburg National Bank & Trust Co., Galesburg.
The bonds may be
registered as to principal and wid be direct and general obligations of the
district, the boundaries of which are coterminous with the boundiries of
the city.
Saie is subject to approval of the issue by the voters on Sept. 7.




TOWNSHIP

(P. O. Hebron), Ind.—BOND OFFERING—
Harry O. Williams, Township Trustee, will receive sealed bids until 2 p. m.
(Central Standard Time) on Sept. 17 for the purchase of $89,500 not to
exceed 4M% interest bonds, divided as follows:
>
51,500 school township building bonds.
Denom. $500.
Due as follows:
$1,500, July 1, 1939; $2,000, Jan. 1 and $1,500, July 1 from 1940
to 1952 incl. and $4,500 Jan. 1, 1953.
38,000 Civil township community building bonds.
Denom. $1,000.
Due
$2,000 on Jan. 1, from 1940 to 1958 incl.
All of the bonds will be dated Aug. 1, 1938.
Bidder to name a single
rate of interest, expressed in a multiple of M of 1%.
Interest J. & J.
Bonds are direct obligation of the respective issuers, payable out of un¬
limited ad valorem taxes to be levied on the taxable property of each unit.
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.

HAMMOND PARK DISTRICT, Ind.—BOND SALE—The City Se¬
curities Corp. of Indianapolis was awarded on Aug. 26 an issue of $48,000
3% % real estate purchase bonds of 1938 at par plus a premium of $3,866,
equal to

COOK COUNTY SCHOOL DISTRICT NO. 152, III.—BOND CALL—
Refunding bonds bearing 4%% interest, numbers 1 to 20, both incl., in
grand principal amount of $20,000, have been called for payment on Sept. 1,
1938, at the First National Bank of Chicago.
The bonds, dated Sept. 1,
1935, will be redeemed at par and interest to call date.

17.

108.05,

a

basis of about 3.01%.

Dated Aug. 1, 1938.

Denom.

Due $2,000 on Jan. 1 from 1941 to 1964 incl.
(J. & J.) payable at the City Treasurer's office.

Principal and
Legality to be
approved by Matson, Ross, McCord & Clifford of Indianapolis. The bonds
are the obligations solely of the City Park District, a special taxing unit,
and are payable out of special taxes levied on all of its taxable property.
$1,000.

interest

Other bids:
Bidder—

Rale Bid

Fletcher Trust Co. and Union Trust Co. of Indianapolis

107.39

McNurlen & Huncilman

Mercantile Bank, Hammond, and Calumet Nat'l Bank, Hammond

106.67
106.06

Seipp, Princell & Co

103.63

—

HUNTINGTON SCHOOL TOWNSHIP (P. O. Huntington), Ind.
—BOND OFFERING—James S. Iienner, Trustee, will receive sealed bids
until 10 a. m. on Sept. 17 for the purchase of $42,000 3H% coupon school
building bonds.
Dated Sept. 1,1938.
Denom. $500.
Due $1,500 March
1 and Sept. 1 from 1939 to 1952 incl.
Principal and interest (M. & S.)

payable at the First National Bank, Huntington.
A certified check for
5% of the bid, payable to the order of the trustee, must accompany each
proposal.
JACKSON

SCHOOL

TOWNSHIP

(P.

O.

Burnettsville),

Ind.—

BONO OFFERING—Perry F. Hanawalt, trustee, will receive sealed bias un¬

(Central Standard Time) on Sept, 17 for the purchase of $3,2<)0
exceed 4M% interest school building bonds.
Dated Aug. 15, 1938.

til 2 p. m.
not to

$275,000, others $225 each.
Due Jan. 1 as follows: $225
and $275, on 1953.
Bidder to name a single rate
expressed in a multiple of *4 of 1 %.
A certified check for $200,

One bond for

from 1940 to 1952 incl.
of interest,

payable to the order of the township must accompany each proposal.
The
bonds are payable from unlimited taxes to be levied on all of the township's
taxable property.
Legal opinion of Matson, Ross, McCord & Clifford of
Indianapolis will be furnished the successful bidder.
No conditional bids
will be considered.

Delivery of bonds will be made at the State Bank of

Burnettsville.

LIBERTY SCHOOL TOWNSHIP (P. O. Millville), Ind.—BOND
SALE—The $40,000 school building bonds offered Aug. 26—V. 147, p. 1071
were awarded to the Indianapolis Bond & Share Corp.,
Indianapolis, as
2 Ms. at a price

of 100.417, a basis of about 2.18%.

Dated July 1, 1938

as follows: $1,500 July 1, 1939, and $2,000 Jan. 1 and July 1 from
1940 to 1950 incl.
Second high bid of 100.33 for 2Ms was submitted by
McNurlen & Huncilman of Indianapolis.

and due

Financial

k 1524

PERU, Ind.—BOND SALE DETAILS—The $220,000 sewage disposal
plant construction bonds purchased by the City Securities Corp. of In¬
dianapolis—V. 147, p. 1371—bear 3% interest and were sold at a price of
101.50.

CITY (P. O. Peru), Ind.—BOND SALE—John
purchased a new issue of $122,428 3% coupon
bonds and made public offering at prices to yield
from 1% to 2.15%, according to maturity.
Dated Oct. 1, 1938.
One
bond for $428, others $1,000 each.
Due as follows: $5,000, July 1, 1940;
$5,000, Jan. 1 and July 1 from 1941 to 1951, lncl.1 $5,000, Jan. 1 and $2,428, July 1, 1952.
Principal and interest (J. & J.) payable at the Wabash
Valley Trust Co., Peru.
The bonds are stated to be payable from unlimited
ad valorem taxes on ail of the school city's taxable property.
Legality ap¬
proved by Matson, Ross, McCord & Clifford of Indianapolis.
SCHOOL

PERU

construction

(Officially Reported by Supt. of Schools, Aug. 23, 1938)
valuation, 1937-..,.-->.$11,093,635

Financial Statement
Assessed

Total bonded debt, including

*213,928

this issue

Population, 1930 U, 8. census—12,730.
*
School city net debt is 1.9% of the assessed valuation and $16.80 per
capita.
The school city net debt, plus overlapping net debt, we estimate
at approximately $400,900, or only $31.50 per capita.
Tax Collection Record
Year of

1935

Collection—

Total collections in year

prior years'taxes).Percentage

1937

1936
$349,546

$330,831

Amount of tax levy.-.-

$3.34,945

19383

KANSAS
BELOIT, Kan.—BOND SALE—The $66,000 issue of 2% semi-annual
25—V. 147, p. 1236—-was awarded
jointly to the City National Bank & Trust Co. of Kansas City, and the
Small-Milburn Co. of Wichita, paying a price of 101.52, according to A. W.
Pfaff, City Clerk.
Due in from 1 to 10 years.

345,418
99%

311,679
92%

.

v

advancement fund bonds as l%», at a price of 100.259.
Aug. 1, 1938.
Denom. $1,000.
Due as follows:

The bonds are dated

$15,000, June 1 and Dec. 1, from 1939 to 1945, incl., and $15,000 June 1
and $20,000 Dec. 1, 1946.
Principal and interest (J. & D.) payable at
Treasurer's office.
The bonds are stated to be direct general obligations
of the county, payable from ad valorem taxes on all of its taxable property,
without legal limit.
Legality to be approved by Matson, Ross, McCord
& Clifford of Indianapolis.

(P. O. Sellersburg), Ind.—BOND
will receive sealed bids until 7 p. m.
(Eastern Standard Time) on Sept. 12 for the purchase of $55,000 not to
exceed 4^% interest bonds, divided as follows:
SILVER

CREEK

TOWNSHIP

OFFERING—Arthur Beyl, trustee,

$15,000 school township bonds.
Denom. $500.
Due as follows: $500,
July 1, 1939; $500, Jan. 1 and July 1 from 1940 to 1952 incl.;
$500, Jan. 1 and $1,000, July 1, 1953.
40,000 civil township bonds.
Denom. $1,000. Due as follows: $1,000.
July 1. 1939; $1,000, Jan. 1 and July 1 from 1940 to 1958 incl. and
$1,000, Jan. 1, 1959.

Bidder to name a single rate of interest,
of 1 %.
The bonds are payable out of un¬
the taxable property of the
respective issuers. The approving legal opinion of Matson, Ross, McCord &
Clifford of Indianapolis will be furnished the successful bidder.
Each issue is dated Aug. 15, 1938.

expressed in a multiple of Yt

limited ad valorem taxes to be levied on all of

CITY

KANSAS

awarded

to

cently, as noted here on Aug. 27—V.

147 p. 1371—were purchased jointly

by the First National Bank of Chicago, and the Riverview
Kansas City, at a price of 102.81, a basis of about 1.95%.
from Aug. 15, 1939 to 1958 inci.

State Bank of
Due $20,000

MINNEAPOLIS SCHOOL DISTRICT (P. O.
BOND SALE—The $74,800 issue of school
—V. 147, p. 1072—was awarded to the

Minneapolis), Kan.—
bonds offered for sale on Aug. 26

Columbian Securities Corp. of
Due from

Topeka, according to the Clerk of the Board of Education.
Feb. 1, 1939 to 1958. incl.

KENTUCKY
Ky.—BONDS SOLD— It is stated chat $85,000 water
works bonds were purchased at public auction on Aug. 25 by Nelson,
Browning & Co. of Cincinnati.
COVINGTON,

CYNTHIANA, Ky.—BONDS SOLD—It is stated by Mrs. B. B. Robin¬
City Clerk, that $20,000 water revenue bonds were sold in July to
Louisville, as 3s, at a price of 97.23.

son,

Stein Bros. & Boyce of

Ky.—BONDS SOLD—It is reported that $35,000 3Y%
of par.

LEBANON,

semi-annual school bonds were sold recently, at a price

Ky.—BOND

NICHOLASVILLE,
purchase of

bids

will

be

a

Louisiana

Municipal Bonds

Bought and Sold

TOWN

Ind.—BOND SALE—The

(P. O. Vevay),

school building bonds offered Aug. 29—V. 147, p. 1227—
McNurlen & Huncilman of Indianapolis, as 2 Hs, at par

LAFAYETTE,

OFFERING—Sealed

Mayor W. R. Smith, for the
$39,000 issue of coupon electric light revenue bonds.
Dated
Oct. 1, 1938.
Due $3,000 in 1939 and $4,000 in 1940 to 1948.
All or any
part of the bonds are subject to redemption on any interest payment date
at 103.
Bidders to name the rate of interest in multiples of Y of 1%.
Prin. and int. (A. & O.) payable at the City Treasurer's office.
The City
reserves the right to increase the amount of bonds authorized if the Engineer
for the City determines that the proceeds from the sale of $39,000 of bonds
will not be sufficient to complete the project and conversely to decrease
the amount if the proceeds from the sale of $39,000 of bonds shall be in
excess of the amount required to complete the project.
Bidders shall be
required to pay all necessary expenses incident to
the issuance and de¬
livery of the bonds including the fees and expenses of his own attorney and
the cost of printing the bonds.
received until 7 p. m. (C. S. T.), on Sept. 2, by

Whitney National Bank

plus a premium of $35.10, equal to 100.27, a basis of about 2.21%.
Dated
July 1, 1938, and due $500 Jan. 1 and July 1, from 1940 to 1952, inclusive.
WEST

(P. O. Kansas City), Kan.
by the Clerk of the Board
semi-ann. building bonds sold re¬

SCHOOL DISTRICT

that the $400,000 2V\%

of Education

inclusive.

VEVAY SCHOOL

Kan.—BONDS

Emporia),

—BOND SALE DETAILS—It Is now reported

VEVAY, Ind .—BOND SALE—The issue of $7,000 school building bonds

issue of $13,000

O.

defeated the proposed issuance of

$145,000 in school building bonds.

offered Aug. 29—V. 147, p. 1227—was awarded to the Indianapolis Bond
& Share Corp., Indianapolis.
Dated July 1, 1938 and due $500 on Jan. 1
from 1941 to 1954,

(P.

the election held on Aug. 24 the voters

347,555
104%

JOSEPH COUNTY (P. O. South Bend), Ind.—BOND SALE—
The Harris Trust & Savings Bank of Chicago was awarded on Aug. 30 an
issue of $245,000

DISTRICT

SCHOOL

EMPORIA

DEFEATED—It is stated by the Clerk of the Board of Education that at

(current and

—

ST.

was

Sept.

auditorium bonds offered for sale on Aug.

Nuveen & Co. of Chicago

school

Chronicle

of New Orleans

Ind.—BOND OFFERING—Charles H. Miners,

City Clerk-Treasurer, will receive sealed bids until 10 a. m. on Sept. 10 for
the purchase of $50,000 not to exceed 3Y% interest school aid bonds of
1938.
Dated Sept. 1, 1938.
Denom. $1,000.
Due $2,000 Jan. 15 and
$3,000 July 15 of each year from 1940 to 1949, incl.
Bidder to name a
single rate of interest, expressed in a multiple of ^ of 1%.
A certified
check for $500, payable to the order of the city, must accompany each
proposal.
The bonds are direct obligations of the city, payable out of
unlimited ad valorem taxes to be lieved and collected on all of its taxable
property.
Legal opinion of Matson, Ross, McCord & Clifford of In¬
dianapolis will be furnished the successful bidder.
No conditional bids
will be considered.

WEST LAFAYETTE SCHOOL CITY (P. O. West

Lafayette). Ind.—
bids until

BOND OFFERING—The Board of Trustees will receive sealed

10 a. m. on Sept. 9 for the purchase of $57,300 not to exceed 3^% interest
school building bonds.
Dated Sept. 1, 1938.
Due as follows: $9,000

July 15, 1944 $8,000 Jan. 15 and $10,000 July 15, 1945; $8,000 Jan. 15 and
$10,000 July 15, 1946; $9,000 Jan. 15 and $3,300 July 15, 1947.
Bidder to
name a single rate of int., expressed in multiple of Y% ofl%.
Int. J. & J. 15.
A certified check for $500, payable to the order of the Board of Trustees,
must accompany each proposal.
The bonds are direct obligations of the
school city, payable out of unlimited
property.
Legal opinion of Davis,

ad valorem taxes on all of its taxable
Pantzer, Baltzell & Sparks of In¬
No conditional bids will

LOUISIANA
PARISH SCHOOL DISTRICTS (P. O. Benton), La.—
BOND OFFERING—It is stated by R. V. Kerr, Secretary of the Parish
School Board, that he will receive sealed bids until 2 p. m. on Sept. 22,
BOSSIER

for the purchase of three issues of not to
aggregating $120,500 as foaows:

exceed 6% semi-ann. school bonds,

$82,000 Consolidated School District No. 1 bonds.
Denom. $1,000. Due
as follows:
$2,000 in 1939 to 1941, $3,000 in 1942 to 1946, $4,000
in 1947 to 1950, $5,000 in 1951 to 1954, $6,000 in 1955 to 1957,
and $7,000 in 1958.
Enclose a certified check for $2,000, payable
to the

Secretary.

_

„

No. 2 bonds.
Denom. $500. Due
1942, $1,000 in 1943 to 1950, and
Enclose a certified check for $1,000, pay¬

22,000 Consolidated School District
as follows:
$500 in 1939 to
$1,500 in 1951 to 1958.
able to the Secretary.

_

_

16,500 School District No. 26 bonds.
Denom. $500.
$500 in 1939 to 1945, and $1,000 in 1946 to 1958.
check for $1,000, payable to the Secretary.
Dated Oct. 1, 1938.

Due as follows:
Enclose a certified

Principal and interest payable in Benton, or at the
New York. The bonds are authorized

dianapolis will be furnished the successful bidder.

Central Hanover Bank & Trust Co.,

be considered.

by Article 14 of the 1921 Constitution and Act 46 of the Legisla¬
ture 1921.
The approving opinion of Chapman & Cutler, of Chicago, will
be furnished.
',
.
„
.
(This notice supplements the offering report given in our issue of Aug. 27
—V. 147, p. 1371.)
to be issued

IOWA

^

(P. O. Leon), Iowa—
BONDS SOLD—It is stated by the District Treasurer that $2,000 school
building bonds were sold recently to a local purchaser.
These bonds were sold at par for 3s, and mature in five years.
CENTER

SCHOOL DISTRICT

TOWNSHIP

HARTWICK

SCHOOL

DISTRICT

(P.

O.

Hartwlck), Iowa—MA¬

TURITY—It is stated by the Secretary of the Board of Education that the
$12,000 gymnasium bonds purchased by the Hartwick State Bank, as 2 Ms,
at 101.59, as noted here on Aug. 27—V. 147, p. 1371—are due $1,000 from
Nov. 1,1939 to 1950 the bonds maturing on and after Nov. 1 1948 callable
on and after Nov. 1, 1940; giving a basis of about 2.08%.

IOWA FALLS, Iowa—BONDS DEFEATED—The voters rejected a
proposal to issue $25,000 in city hall and improvement bonds at an election
held on Aug. 24, according to report.

.

,

SCHOOL DISTRICT NO. 13 (P. O. Benton)
is now reported by the Secretary of the Parish
$300,000 building bonds purchased by Barrow,
Leary & Co. of Shreveport, and associates, as 4s and 3y2s, as noted in our
issue of Aug. 27—V. 147, p. 1371—were sold for a premium of $11.50,
equal to 10U.0G3.
BOSSIER

La.—PRICE
Scnool

Board

PARISH

PAID—It
that

the

COULEE DES JONS

DRAINAGE DISTRICT (P. O. Kaplan) La.—
will be received until 11 a. m. on Sept. 29,

BOND OFFERING—Sealed bids

by A. A. Lejeune, Secretary of the Board of Drainage Commissioners, for
the purchase of a $50,000 issue of public improvement bonds.
Interest
rate is not to exceed 6%, payable A. & O.
Dated Oct. 1, 1938. Denom.

Due Oct. 1, 1940 to 1958. The approving opinion of B. A. Campof New Orleans, and a copy of the transcript of record as passed
will be furnished the successful bidder. Enclose a certified check for
$1,000. payable to the district.

$1,000.

oell,

upon

LANSING, Iowa—PRICE PAID—It is now reported that the $17,000
building and city hall bonds purchased by the Carleton D. Beh
as noted here on Aug. 20—V. 147
p. 1227—were sold
as 2>£s, at a price of 100.50c.
memorial

Co. of Des Moines

LIBERTY

TOWNSHIP

SCHOOL

CONSOLIDATED

DISTRICT

(P. O. Little Cedar), Iowa—BOND OFFERING— It is stated by Roy F.
Smith, District Secretary, that he will receive bids until 8 p. m. on Sept. 8,
purchase of a $7,000 issue of building and equipment bonds.

for the

RINGGOLD

COUNTY

(P.

O.

Mt.

Ayr),

Iowa—CERTIFICATES

SOLD—The $15,000 issue of secondary road certificates

offered for sale on
Aug. 30—V. 147, p. 1371—wras purchased by Jackley & Co. of Des Moines,
at 1 y% %, plus a premium of $15.
ROCKWELL

INDEPENDENT

(P. O. Rockwell), Iowa—BOArD OFFERING—Bids will be received until 7.30 p. m.
on Sept. 6,
by Carrie Siegfried, Secretary of the Board of Directors, for the
purchase of an $11,000 issue of building bonds.
Dated Sept. 1, 1938.
SCHOOL

DISTRICT

SUMNER, Iowa—BONDS SOLD—It is said that $15,000 city hall bonds
were purchased recently by the Polk-Peterson Corp. of Des Moines, as 2s,
paying a premium of $26, equal to 100.17.
WORTH

COUNTY

(P.

O.

Northwood),

Iowa—BOND

SALE

DETAILS—It is stated by the County Treasurer that the $6,500 issue of
bonds awarded to the Carleton D. Beh Co. of Des Moines, as

court house

here on Aug. 20—V. 147, p. 1227—were sold as 1 %&, paying a
premium of $17.75, equal to 100.27, a basis of about 1.68%.
Due from
Nov. 1, 1939 to 1945, incl.
The second highest bid was an offer of $14.75 premium on l^s, sub¬
mitted by the White-Phillips Corp. of Davenport.

noted




JEFFERSON

PARISH (P. O. Gretna), La .—BOND OFFERING—received until 1 p. m. on Oct. 4, by William Hepting.

Sealed bids will be

Secretary of the Police Jury, for the purchase of a $650,000
District No. 1 bonds.
Interest rate is not to exceed 6%.

issue of Sewerage
payable A. & O.

1, 1938.
Denom. $1,000.
Due Oct. 1, 1940 to'1963- These
bonds carried by a vote of 284 to 3 at the election held on Aug. 23.
The
approving opinion of Chapman & Cutler, of t/hicago, will be furnished.
Enclose a certified check for $13,000, payable to the district.
Dated Oct.

JEFFERSON PARISH (P. O. Gretna), La.—BOND ELECTION—
It is reported that an election has been called for Sept. 28 to vote on the
proposed issuance of $1,600,000 in school reconstruction and repair bonds,

OF EDUCATION—BONDS SOLD—
price of 100.25, a basis of about 4.73%,
Newman Harris &.Co- are heading * group
$6,000,000 4 A% bonds, 1938, due serially
Aug. 1, 1942 through 1966, which were offered for sale without success on
Aug. 16, as noted in our issue of Aug. 20, V. 147, p. 1227. The bonds were
offered at prices to yield 3.25% to 4.50%.
These bonds, in the opinion of
counsel, are solely obligations of the Louisiana State Board of Education, an
agency of the State, and are not obligations of the State of Louisiana. These
bonds are exclusively secured as to payment of both principal and interest
by an irrevocable dedication of an amount sufficient to pay both principal
and interest on the bonds and any required reserves from that portion ofthe
annual franchise tax on corporations levied by authority of the State Legis¬
lature and consisting of one-fourth of the entire collections from such tax,
after deducting the expenses of collection, and with the provision that the
first $800,000 of the net collections of the tax shall be paid to the Charity
Hospital of Louisiana at New Orleans for the payment of its bonds heretofore
LOUISIANA

STATE

BOARD

Following award on Sept. 1 at a

Halsey, Stuart & Co., Inc. and
which reoffered on Sept. 2 the

issued.

Volume

Financial

147

Other members of the offering group are:
Bancamerica-Blair Corp.;
Hemphill, Noyes & Co.; E. H. Rollins & Sons, Inc.; Stifel, Nicolaus &
Co., Inc.; A. C. Allyn & Co., Inc.; R. W. Pressprich & Co.; Scharff &
Jones, Inc.; White, Dunbar & Co., Inc.; Nusloch, Baudean & Smith; Otis
& Co., Inc.; Barrow, Leary & Co.;
Hyams, Glas & Carothers; Polk-Peterson
Corp.; Schlater, Noyes & Gardner, Inc.; Brown, Corrigan & Co.;
Fox, Einhorn & Co., Inc.; The Robinson-Humphrey Co.; Weil & Co., Inc.;
Eldredge & Co.; Walter, Woody & Heimerdinger; Dane & Weil; Equitable
Securities Corp.; Mullaney, Ross & Co.; Morse Bras. & Co., Inc.; Lamar,
Kingston & Labouisse; Levy & Rooney, Inc.; Anagnosti & Walker, Inc.;
Kohlmeyer, Newburger & Co.; Woolfolk, Huggins & Shober; Couturier &
Derbes, Inc.; Bronson & Scranton, Inc.; T. J. Feibleman; Wolfe & Fowler
and Fred J. McCormac & Co.

NEW BUNKIE SCHOOL DISTRICT (P. O. Marksville), La.—BOND
OFFERING—It is stated by L. A. Cayer, Secretary of the Parish School
Board, that he will receive sealed bids until 10a.m.on Oct. 4, for the pur¬
chase of a $60,000 issue of school bonds.
Denom. $1,000.
Dated Oct. 1,

Aug. 1 as follows: -13,000, 1939 to 1945; $4,000, 1946 to
1951, and $5,000 in 1952 to 1954.
>
(This notice supplements the offering report given in our issue of Aug. 27.
—V. 147,p. 1371.).
-y: •:
V.,
:.Y
1938.

Due

revenue

belt railroad

bonds, following the prefix "M," issued under the indenture

dated Oct. 1, 1932, as amended by supplemental indentures, dated June 1,
1933 and Oct. 1,1935, aggregating $117,000, are being called for redemption
Oct. 1, at 105% of the principal amount,

on

to date:

5203, 5207, 5230, 5232,
5302, 5329, 5330, 5337
5452, 5465, 5487, 5503, 5507, 5508. 5535.

Coupon bonds maturing Oct. 1, 1955:
5192,
5236, 5241, 5250, 5267, 5283, 5290, 5293, 5294,

5358, 5363, 5384, 5386, 5412,
5554. 5561, 5564, 5565, 5585.
Coupon bonds maturing Oct. 1, 1956:
5619, 5620,
5627, 5630, 5632, 5633, 5639, 5643, 5649, 5656, 5659,
5674, 5677, 5679, 5680, 5687, 5688, 5690, 5691, 5694.
5700, 5706, 5710, 5714, 5717, 5718, 5725, 5726, 5728,
5738, 5748, 5749, 5753, 5754, 5761, 5763, 5768, 5771,
5780, 5782, 5783, 5784, 5784, 5793, 5794, 5798, 5799,
5810, 5812, 5816, 5817. 5821, 5822, 5824, 5826, 5831.
5842, 5843, 5844, 5849, 5856, 5864, 5869.

5621,
5666,
5696,
5729,
5772,
5801,
5832,

5622,
5668,
5697,
5730,
5773,
5808,
5833,

5623,
5670,
5699.
5736,
5778,
5809,
5836,

Coupon bonds bearing the serial numbers above specified will be redeemed

Oct. 1, at the redemption price at the principal office
of The Hibernia National Bank in New Orleans, trustee, or, ac the option

and paid on and after

principal office of Chemical Bank & Trust
Co., fiscal agent, New York, or at the principal office of Manufacturers
Trust Co., paying agent, New York, upon presentation and surrender
of said bonds and of the coupons maturing on and after such redemption
of the respective bearers, at the

date.

ORLEANS

LEVEE

SALE—The two

DISTRICT

issues

(P.

O.

of bonds aggregating

New Orleans) La .—BOND
$4,113,000, offered for sale

Aug. 29—V. 147, p. 1072 and 1227—were awarded to a snyndicate
composed of R. W. Pressprich & Co., Darby & Co., Inc.. Eldredge & Co.,
all of New York; White, Dunbar & Co. of New Orleans; the Robinson-

on

Humphrey Co. of Atlanta, and Johnson, Lane, Space & Co. of Savannah,
paying par, a net interest cost of 3.569%, on the bonds divided as follows:

$2,113,00(5

reparations refunding bonds, as follows:
$825,000 as 3 Ms.
maturing on March 1: $80,000 in 1942; $95,000, 1943; $99,000,
1944; $102,000, 1945; $105,000, 1946; $110,000, 1947; $115,000,
1948, and $119,000 in 1949; the remaining $1,288,000 as 3Ms,
maturing on March 1: $123,000, 1950; $129,000, 1951; $132,000.
1952; $138,000, 1953; $143,000, 1954; $148,000, 1955; $153,000,
1956; $158,000, 1957, and $164,000 in 1958.
2,000,000 refunding bonds, as follows:
$1,850,000 as 3 Ms, maturing on
Sept. 1:
$50,000, 1939 to 1959; $300,000, 1960 and 1961, and
$200,000 in 1962; the remaining $150,000 as 3Ms, maturing on
Sept. 1, 1962.

FOR
INVESTMENT—'The
successful
bidders
subscription the $2,000,000 issue of refunding bonds at
bonds to yield 1.50% for the 1939 maturities up to
3.30% for the 1949 maturities and at prices of 101M down to 99 for sub¬
sequent maturities to and including 1962. For the $150,000 of 3 M % bonds,
due 1962, the yield is 3.50%.
The bonds are dated Sept. 1, 1938 and are
being issued to refund a like amount of certain inter-fund indebtedness.
The Board of Levee Commissioners of the Orleans Levee District has
OFFERED

reoffered for public

prices for the 3M%

and will be obligated to levy ad valorem taxes for the payment of
principal and interest of the bonds.
power

HELENA PARISH SCHOOL DISTRICT NO. 4 (P.

O. Greensreported that the $45,000 building
Aug. 18—V. 147. p. 1372—were
purchased jointly by Levy & Rooney and Couturier & Derbes, both of
New Orleans.
Dated Sept. 1, 1938.
Due from Sept. 1, 1940 to 1958.
ST.

Legality approved by Storey, Thorndike,
,

Other bids:

Bidder—

Rate Bid

Int. Rale

Smith, Barney & Co..
Bond, Judge & Co

1M%
1M%
1M%
1M%
1M%
1M%
1M%
1M%
1M%
1M%

....

______________________

Goldman, Sachs & Co
R. L. Day & Co._
Estabrook & Co.
Harris Trust & Savings Bank
Newton, Abbe & Co
Bancamerica-Blair Corp

100.577
100.459
100.42
100.419
100.399
100.289
100.16
101.057
101.025
101.019
100.652
100.58
100.419

1M%
1M%
1M%

......

First National Bank of Boston....
First Boston Corp..

...

Whiting, Weeks & Knowles..
Shawmut Bank, and the Merchants Na¬
...

National

tional Bank of Boston

Halsey. Stuart & Co., Inc...

— .

burg), La.—BONDS SOLD—It is
bonds offered for sale without

now

success

CENTERVILLE-OSTERVILLE FIRE DISTRICT (P. O. Osterville),

.

Mass.—BOND SALE—The issue of $275,0( 0 coupon water bonds offered
Aug. 30—V. 147, p. 1372—was awarded to Hyannis Trust Co., Hyannis, as
2Ms, at a price of 101.01, a basis of about 2.17%.
Dated Sept. 1, 1938 and
due Sept. 1 as follows:
$10,000 from 1941 to 1963, incl. and $9,000 from
1964 to 1968, incl.
First Boston Corp., next highest bidder, offered to
pay 100.889 for 2Ms.
Other bids:

together with accrued interest

.r

BONDS

from unlimited ad valorem taxes.
Palmer & Dodge of Boston.

on

NEW ORLEANS, La.—BOND CALL—The following public

bridge

1525

Chronicle

on

Bidder—

2M%
2 M %
2M%

100.799
100.657
100.219

'

2M%

100.139

2M%

...

FALL

Rate Bid

Int. Rate

Tyler & Co., Inc..
Smith, Barney & Co. and "Whiting, Weeks & Knowles
Kidder, Peabody & Co., and Goldman, Sachs & Co.
Bancamerica-Blair Corp
F. S. Moseley & Co., and Brown Harriman & Co
Estabrook & Co., and R. L. Day & Co
Bond, Judge & Co., and Lazard Freres & Co....__

102.659
102.039
101.404

2M%
2M%

RIVER, Mass.—NOTE SALE—Leavitt & Co. of New York

awarded

were

of $100,000 revenue anticipation notes of 1938
Dated Sept. 1, 1938 and payable March 14, 1939, at
the National Shawmut Bank of Boston.
Legality approved by Ropes,
Gray, Boyden & Perkins of Boston.
Second high bidder was Lee Higginson
Corp., at 0.445%.
Other bids:
on Aug. 30
0.387% discount.

193675

at

an issue

Bidder—

Discount

B. M. C. Durfee Trust Co.
Brown Harriman & Co., Inc--*--.
Jackson

&

_

0.47%
0.515%

.

-__.

Curtis

:

;

;

Lazard Freres & Co
x

0.52%
0.55%

_

__"

Fall River National Bank........
x Bid for block of $25,000.

0.31%

HAMPDEN COUNTY (P. O. Springfield), Mass.—NOTE OFFERING
Murphy, County Treasurer, will receive sealed bids until noon
(Daylight Saving Time) on Sept. 7, for the purchase at discount of $250,000
tax anticipation notes.
Dated Sept. 8, 1938.
Denoms. $25,000, $10,000
and $5,000.
Due Nov. 4, 1938.
Said notes will be authenticated as to
genuineness and validity by the First National Bank of Bosoon, under
advice of Ropes, Gray, Boyden and Perkins of Boston and all legal papers
incident to this issue will be filed with said bank, where they may be
inspected.
Notes will be delivered on or about Thursday, Sept. 8, 1938, at
the First National Bank of Boston, 67 Milk St., Boston, for Boston funds.

—John J.

MEDFORD, Mass.—BOND SALE—John J. Ward, City Treasurer in¬
us of the award on Aug.
31 of $116,000 coupon elementary school

forms

bonds to the First Boston Corp., Boston, as 2Ms, at a price of 100.58, a
basis of about 2.18%.
Dated Sept. 1, 1938.
Denom. $1,000.
Due

Sept. 1 as follows: $6,000 from 1939 to 1954, incl., and $5,000 from 1955 to
1958, incl.
Principal and interest (M. & S.) payable at the National
Shawmut Bank of Boston.
Legality approved by Ropes, Gray, Boyden &

Perkins of Boston.

Other bids:

Bidder—

Rate Bid

Int. Rate

Kennedy, Spence & Co.
Tyler & Co

Frederick M, Swan & Co..._________

Kidder, Peabody & Co
Bancamerica-Blair Corp

.....

....

...

.....

National Shawmut Bank, and Merchants Nat. Bank.

PLYMOUTH

COUNTY

100.089
100.03
101.539
101.089
100.913
100.50

2M%
2M%
2M%
2M%
2M%

........

2 M

%

Mass.—NOTE SALE—
The $40,000 tuberculosis hospital maintenance notes offered Aug. 30—
V. 147, P. 1372—wereawarded to the National Bank of Wareham, at 0.12%
discount.
Dated Aug. 23, 1938 and due March 22,1939.
Other bids(P.

O.

Plymouth),

Discount
0.125%

Bidder—
Co

Rockland Trust

Hinghain Trust Co..

---

_

0.14%

Home National Bank of Brockton.

MAINE
GARDINER, Me.—BOND SALE—The $90,000 coupon refunding bonds
offered Aug. 25 were awarded to H. M. Payson & Co. of Portland, as 2Ms,
at a price of 100.111, a basis of about 2.24%.
Dated July 1, 1938, and due
$5,000 on July 1 from 1939 to 1956, incl.
Denom. $1,000.
Principal and
interest (J. & J.) payable at the First National Bank of Boston.
The bonds
are general obligations of the city, exempt from taxation in Maine and all
of the city's taxable property will be subject to the levy of unlimited ad
valorem taxes to pay both principal and interest.
Legality approved by

Other bids:

Storey, Thorndike, Palmer & Dodge of Boston.
E. H. Rollins & Sons, Inc., and Chace,

Co., jointly
...
Bond, Judge & Co,__
Brown Harriman & Co., Inc
Arthur Perry & Co
Frederick M. Swan & Co

Whiteside &

__

—

..

—

—

Financial Statement

as

2M%
2M%

..$4,991,714.00
154,000.00
_________
12,780.61

.i...——

Total uncollected taxes prior to 1936—$39,160.00.

$207,147.00—uncollected $17,825.00.,
Tax levy 1937 $202,488.00—uncollected $43,906.00.
Population, 5,609.
Tax levy 1936

—

-

Uncollected Aug. 1. 1938
$9,093.17
23,202.65
83,380.67
%
293,473.80

Population, 7,890.
Tax rate 1938,
Borrowed against tax titles, None.
titles, $15,732.07.
Bonds outstanding as of Aug. 1, 19,38, not incl. present issue, $177,000.
1938 assessed valuation $7,887,072.

Tax

$38.80.

Mass.—BOND

OFFERING—Harold

Dodge,

E.

Town

Treasurer, will receive sealed
bids until 8 p. m. (Daylight Saving Time
Sept. 6 for the purchase of $359,000 coupon sewerage loan bonds, Act of
1929.
Dated Sept. 1, 1938.
Denom, $1,000,
Due Sept. 1 as follows:
$12,000 from 1939 to 1967 incl. and $11,000 in 1968.
Bidder to name the
rate of interest in multiples of M of 1%.
Principal and interest (M. & S.)
on

Shawmut

of Boston.

Bank

These bonds are
the super¬

Shawmut
will be approved by Storey, Thorndike,
Boston, whose opinion will be filed with said bank where
they may be inspected.
Bonds will be delivered to the purchaser at The
National Shawmut Bank of Boston, 40 Water Street, Boston.
Financial Statement, Aug. 1, 1938
Assessed valuation, 1935.
>
.$15,894,677.00
Assessed valuation, 1936--—____________
i
15,980,250.00
Assessed valuation, 1937
... ....
16,322 ,f <T1.00
Three years' average.
.......
16,065,652.67
Total gross debt, including this issue
______— _— __
730,000.00
Outside debt (water)
__——
—
—
36,000.00
Other outside debt
136,000.00
Population census___ —
15,108
Tax levy, 1936—
- —
511,510.38
Tax levy, 1937-- —
— .......—...
602,294.06
Uncollected taxes for year, 1936.-.--.........
1,400.00
Uncollected taxes for year 1937
....
— 61,731.87
of

Boston;

their legality

Palmer & Dodge of

PROGRAM

REJECTED BY
$18,181,-

PWA—Mayor Jackson, recently announced that city's proposed

been definitely rejected in
Washington.
The difficulty, the mayor said, is t.iat Baltimore cannot
provide its part of the funds for the program by Sept. 30, the deadline fxed
by the PWA in Washington.
The proposed program had been submitted to the PWA in Washington
subject to the condition that the voters approve at the November election
the $10,000,000 of loan proposals to provide the municipality's share of the
$18,181,818. This made the proposal unacceptable to the PWA authorities.
Mayor Jackson said he may appeal directly to President Roosevelt.
PRINCE GEORGES COUNTY (P. O. Upper

--

payable at the National

818 Public Works Administration program has

Marlboro), Md.—BOND
Sept. 27

OFFERING—The Board of Education will receive sealed bids until
for the purchase of $192,000

Tax Levy
$312,233.61
326,456.39
303,730.76
.306,018.41

-

-

1938--

Bank

Md.—IMPROVEMENT

Financial Statement

-

-

-

exempt from taxation in Massachusetts and are engraved under
vision of and authenticated as to genuineness by The National

MARYLAND
BALTIMORE,

'

SAUGUS,

of Aug. 10, 1938

Assessed valuation, 1938
...
Total bonded debt, not including present loan

Sinking funds—......

101.166
100.836
100.719
100.567
100.437
100.87

2M%
—2M%
2M%
2M%

Edward L. Robinson & Co.

0.17%

Mass.—NOTES OFFERED—Charles J. Higgins, Town
Treasurer, received bids until noon (D
S T) Sept. 2 for the pur¬
chase of $34,800 coupon municipal relief notes.
Dated Sept. 1, 1938.
One note for $800, others $1,000 each.
Due Sept. 1 as follows:
$4,800,
1939; $4,000 from 1940 to 1942, incl. and $3,000 from 1943 to 1948, incl.
Principal and interest payable at the Merchants National Bank of Boston.
Legality approved by Kenneth H. Damren of Boston.
ROCKLAND,

Year—

Rate Bid

Int. Rate

Bidder—

0.16%

Bridgewater Trust Co

------

r

—

......

....

school building bonds.

SPRINGFIELD,

Mass.—BOND

.

....

— .

OFFERING—George

W.

Rice,

City

until 11 a. m. (Daylight Saving Time)
7, for the purchase of $1,810,000 coupon or registered bonds,

Treasurer, will receive sealed bids

MASSACHUSETTS
BOSTON,

Mass.—BONDS

AUTHORIZED—'The

recently approved
outstanding revenue loans.
Finance

Board

an

on

divided

State

Emergency

issue of $1,000,000 bonds to pay

CAMBRIDGE, Mass .—BOND SALE— Andrew P. Carroll, City Treas¬
informs us that the $100,000 coupon municipal relief bonds offered
Aug 31 were awarded to the Second National Bank of Boston, as 1 Ms, at
100.63, a basis of about 1.38%.
Dated Sept. 1, 1938. Denom. $1.000. Due
$10,000 on Sept. 1 from 1939 to 1948, incl.
Principal and interest (M. & S )
payable at the First National Bank of Boston.
The bonds are payable
urer,




Sept.

as

follows:

$410,000 2% sewer bonds of 1938.
Due Sept. 1 as follows: $14,000 from
1939 to 1958, incl. and $13,000 from 1959 to 1968, incl.
Unsold

portion of total issue of $610,000; other $210,000 were
2s on June 16, 1938, bearing date of July 1, 1938.
800,000 trade

school

sold as

issued in connection with Public vvorks
grant.
Due $40,000 on Sept. 1 from 1939 to

bonds

Administration

1958, inclusive.
600,000 municipal relief bonds issued under authority of ChapterF58,
Acts of 1938.
Due $60,000 on Sept. 1 from 1939 to 1948 inclusive.
„

x

Financial

1526
All of the bonds will be dated Sept.

Boston, and the bonds
Delivery will be made at

approved by Storey, Thorndike. Palmer & Dodge of

Boston.

certified by the First National Bank of

19376

The bonds are exempt from Federal income
tax and taxation in Massachusetts, and are legal investments for banks in
New York State and New England.
Financial Statement, Aug. 30,

1938

—$250,165,700
28,089,150

Assessed valuation of real estate, 1938

Personal, estimated excise tax, 1938-

DEARBORN, Mich.—BOND SALE—The $25,000 coupon general
obligation sewer bonds offered Aug. 30—V. 147. p. 1229—were awarded
to Braun, JBosworth & Co. of Toledo, as 2J4s, at par plus a premium of
$77.10, equal to 100.308%. a basis of about 2.45%.
Dated Sept. 1, 1938
and due Sept. 1 as follows: $2,000 from 1939 to 1943 incl. and $3,000 from
1944 to 1948 incl.
Other bids:

Unpaid
Unpaid
Unpaid
Unpaid

$35.40

1937
$32.40
Tax rate, 1938
1937 taxes ($9,250,070 levy)
1936 taxes ($9,664,657 levy)
1935 taxes ($8,790,637 levy) (reorganization under
taxes for all previous years
-

$79,104
1,494
90
None

77B)

Mich.—BONDS PURCHASED ON TENDER—Tenders

of

$148,000 city bonds have been accepted for the water board sinking fund
an average yield basis of 4.5564%.
The bulk of the bonds were callable
4
Tenders for an additional amount of $159,000 bonds for the Detroit
on

railway sinking fund were rejected.

V. 147, p. 1372.

Call for tenders appeared in
...'-

HARBOR BEACH, Mich.—BOND ELECTION—An issue of $25,000
park improvement bonds will be considered by the voters on Sept. 13.

HIGHLAND SCHOOL DISTRICT, Mich.—BONDS
of $15,000

Tax Titles

Borrowed against tax

285,928

titles from the State
Revenue Notes

Authorized
1937
$10,000,000
1938----.
9,500,000
Treasurer's cash balance
Year—

Outstanding
$300,000
6,100,000
$2,285,315

High and Low Rate
.68%
- .299%
.325% - .08%

Issued
$6,000,000
6,100,000

Welfare Outside Relief
*

134

——-

-

-

in 1924 to $9,---$46,182,161

3,328,397
attained by the continuous

Budgetary surplus at close of 1937,

In all tables cents have been eliminated.

SPRINGFIELD, Mass .—NOTE SALE—George W. Rice, City Treas¬
reported that $1,100,000 tax notes were sold privately on Aug. 26

urer,

Diet. No.

Portion

Amt.

xPrice Bid

Portion
District

Par

96

3,000

District

99.75

6,000

District

99.50

114

5,000

District

99.75

1,000

District

99.50

103

1.000

County

3,000

District

99.50

103

2,000

County

Par

2,000

District

99.5C

105

10,000

District

99.35

88

7,000

District

99.50

114

2,000

District

99.40

99

3,000

District

99.50

114

3,000

District

99.70

District
2,000
Plus accrued interest.

99.75

105

1,000

District

99.48

90
x

MICHIGAN (State of)—BOND OFFERING—Murray

99.99

D. Van Wagoner,

Highway Commissioner, will receive sealed bids until 2 p. m. (Eastern
Time) on Sept. 12 for the purchase of $58,000 not to exceed
4 %% Lenawee, Monroe and Washtenaw counties highway refunding road
assessment district No. 484 bonds.
Due May 1, 1946, and callable on any
interest date.
Bidder to name the rate of interest and premium for each
State

Standard

practice of economy.)
(Bonds totaling $1,828,500 mature during 1938, and only $310,000 has
been issued this year previous to this offering.)
Springfield has never failed

obligation when due.

xPrice Bid

Amt.

$3,000

86

3.31%

(Net bonded debt has been reduced from $14,093,957
224,500 Aug. 30, 1938.)
Valuation of city owned property Jan. 1, 1938
Borrowing capacity within the limit as of Jan. 1,1938

every

<

COUNTY

85

$15,405,500

bonded debt
Ratio of net debt ($9,224,500) to assessed valuation

$388,596.

bonds will be

81
,

$9,224,500
6,181,000

-

—

(This substantial borrowing capacity has been

Ionia), Mich.—BOND ELECTION—At the

84

Diet. No.

821,121
—

(P. O.

(P. O. Mount Clemens), Mich.—TENDERS
ACCEPTED—The call for sealed tenders of county highway refunding
bonds on Aug. 25—V. 147, p. 1073—resulted in the receipt and acceptance
of the following offers:
MACOMB

Bonded Indebtedness, Aug. 30, 1938

Present

pay

IONIA COUNTY

election on Sept. 13 an issue of $163,000 hospital construction
submitted to the voters.

$1,115,581
899,931

-

——

Expended this year to Aug. 20---

'

HUDSON, Mich.—BOND ELECTION—The proposed issuance of $60,sewer system and sewage disposal plant construction bonds will be

considered by the voters on Sept. 20.

87

Amount

Year—

Net debt (paid from tax levy)
Water debt (self-supporting)

by a

000

$1,533,687
286,416

1, 1938

Tax titles held Aug.

VOTED—An issue

school addition bonds was approved at a recent election

127 to 83.

count of

$80,688

Tax titles held Jan. 1, 1935 (peak)

as

2H%
2%%

Taxes

Tax rate

to

Premium
^ $57.50
156.00

Int. Rate

Bidder—

Stranahan, Harris & Co.
Crouse&Co

street

$278,254 850

Bank, of Alpha, jointly, at

plus a premium of $1,832, equal to 105.23, a basis or about 3.32%.
1938 and due July 1 as follows: $2,000 from 1939 to 1953
inci., and $1,000 from 1954 to 1958 incl.
Dated July 1,

""DETROIT,

1925, 142,065: 1930. 149,855: 1935, 149,642.

Population:

Co., Chicago, and the First National

par

said bank for Boston funds.

,

Aug. 29—V.

bonds offered
dred &

1938

FALLS, Mich.—BOND SALE—The $35,000 4% hospital
147, p. 1229—were awarded to Barcus, Kin¬

CRYSTAL

In coupon form In $1,000

1938

1

with Intercut warrants attached.
As already Indicated, the
$410,000 issue will bear 2% Interest, and the bidder will be required to
name a single rate for the remaining $1,400,000, to be expressed in multiples
of M of 1 %.
The three loans will be sold as a unit. Principal and interest
(M. & 8.) on coupon bonds will be payable at the First National Bank of
Boston, and the bonds will be exchangeable for registered bonds of $1,000
or any multiple thereof at any time more than one year before maturity.
Interest and principal on registered bonds are payable at the City Trea¬
surer's office, who transmits the interest by mail.
A certified check for 2%
of the bonds, payable to the city, is required.
Legality of the bonds will be
denoms.,

Sept. 3,

Chronicle

$1,000 bond.

The best bid will be based on the lowest interest cost, after
of $9,000 bonds

deduction of premium, figured on an estimated retirement

May 1, 1939, and $7,000 on May 1, thereafter. Purpose of the issue is
to refund a like amount of 5H% bonds.
A certified check for $1,000.
payahle to the order of the State Highway Commissioner, must accompany
each proposal.
The bonds, together with favorable legal opinion of Miller,
Canfield, Paddock & Stone of Detroit, will be furnished by the Highway
Department.
on

follows:

$100,000,
300.000
200,000,
200.000,
300,000,

due
due
due
due
due

Jan.
May
June
July
Aug.

the same period, with the result

in

that the Treasury's cash balance was
of the year, according to the annual

a

surplus of $5,497,284.62, when receipts were $218,263,927.54 as against
outlay of $212,766,642.92.
Total income and disbursements last year
the largest on record, the figures comparing with only $131,670,757.58

an

MICHIGAN MUNICIPALS

were

4and $132,596,436.76, respectively, in July, 1931-1932.
The total bonded
debt of the State on June 30, 1938, was $72,419,000, which comprised
$25,000,000 of soldier bonus issues and $47,419,000 highway improvement
obligations.
Sinking funds aggregated $49,630,241.29, making a net funded
debt of $22,788,759.
There is no unfunded debt.
The current debt total
represents a reduction of over $3,000,000 from the figure on July 1, 1937,

GRAND

DETROIT

RAPIDS

which was $75,699,000.

Telephone 9-8255

Telephone Cherry 6828

A.T.T.

A.T.T. Tel. DET 540-541

Tel.

Grps.

MIDLAND

7

MONROE

MICHIGAN

COUNTY

(P.

O.

Monroe).

Mich.—BOND CALL—F. E.

Gillespie, Clerk of the Board of County Road Commissioners, announces that
total of $144,300 highway improvement refunding bonds of the issue
dated May 1, 1933, have been called for payment on Nov. 1. 1938, at par
and accrued interest.
Bonds will be redeemed at the County Treasurer's
office or at the Monroe State Savings Bank, Monroe.
No tenders of such
bonds were received on Aug. 25—V. 147, p. 1229, 1373.
a

CITY

SCHOOL

DISTRICT,

Mich.—

ELECTION—On

HARBOR, Mich.—BOND SALE—The $36,500 special as¬
public improvement bonds offered Aug. 29—V. 147, p. 1229—
Dated Aug. 1, 1938
and due Aug. 1 as follows: $4,000 from 1940 to 1947 incl., and $4,500 in 1948.
Successful bid was par plus a premium of $252 for 2Hs. equal to 100.68.
awarded to Braun, Bosworth & Co. of Toledo.

Other bids:

Premium
$227.39

Int. Rate

Bidder—
Crouse&Co

2H%

Cray, McFawn & Petter
Ryan, Sutherland & Co—

2H %
2H %
2^%

E.W. Cress & Co

106.05
77.00
187.00

BIRMINGHAM, Mich.—CERTIFICATES CALLED FOR PAYMENT—
H. H. Corson, City Treasurer, announces that the following certificates of
indebtedness, dated Oct. 1, 1935, and due Oct. 1, 1940, non-interest bearing
to date of maturity, have been drawn by lot for redemption on Oct. 1,1938.
at the National

Bank of Detroit:

Amount

Certificate No.

Amount

$500.00

111

25.00

Certificate No.

113

$500.00
298.77

50.00

28

CADILLAC

SCHOOL

DISTRICT,

Mich.—BOND

ELECTION—On

Sept. 6 the voters will be asked to vote an issue of $137,500 bonds to provide
the district's share of the cost of constructing a $250,000 addition to the
high school.

DISTRICT, Mich.—BOND ELECTION—On
consider a proposed issue of $189,750 high school

SCHOOL

Sept. 27 the voters will
addition bonds.

BENTON

Public Works Administration would be asked to furnish rest of

money as a grant.

A vote will also be taken on the proposal to increase the

school tax 11 mills per $1,000 valuation for a five-year period.

CARROLLTON

TOWNSHIP

(P.
O.
Carrollton), Mich.—BOND
OFFERING—Arthur C. Fox, Township Clerk, will receive sealed bids
until 1p.m. (Eastern Standard Time) on Sept. 3 for the purchase of $100,000 water supply and water supply system self-liquidating revenue bonds.
Dated July 1,1938.
Denom. $1,000.
Coupon bonds, due July 1 as follows:
$3,000 from 1943 to 1953, incl.; $4,000, 1954 to 1961, incl. and $5,000 from
1962 to 1968, incl.
Bonds will bear interest at a rate sufficient to permit
sale of the bonds at a net interest cost of not more than 6 %.
Principal and
interest (J. & J.) payable at the Township Treasurer's office, or at the option
of the holder, at the Second National Bank & Trust Co., Saginaw.
Bonds

registerable as to principal only and will be paid solely out of revenues
municipal water system.
A certified check for $500, payable to the
Bids to be made subject to
approval of issue by purchaser's attorney.
Township will pay for such
opinion and the cost of printing bonds.
are

REDUCED—BONDED

report of Theodore I. Fry, State Treasurer.
The cash supply on July 1,
1937, was $36,528,924.14.
In the previous fiscal period the State recorded

sessment

of the

BALANCE

reduced to $27,636,654.25 at the end

Sept. 9 the voters will consider an issue of $273,000 school building bonds.
Program provides for an outlay of $496,000, with the Public Works Adminis¬
tration expected to furnish the balance as a grant.

were

of)—CASH

the fiscal year ended June 30, 1938,
amounted to $232,452,929.52, as against disbursements of $241,345,199.41
DEBT LOWER—Total cash receipts in

Cray, McFawn & Petter

BAY

(State

MICHIGAN

1939, at 0.08%.
1939. at 0.13%.
1939, at 0.13%.
1939, at 0.15%.
1939, at 0.17%.

5,
17,
14,
12.
16.

order of the Township Treasurer, is required.

CHARLEVOIX, Mich.—BOND ELECTION—On Sept. 8 the voters will
be asked to authorize a bond issue for $70,000 to provide for extention of the
electric light plant and the purchase of additional equipment.
The meas¬
ure has been rejected on three previous occasions, according to report.




OAKLAND COUNTY (P. O. Pontiac),

Mich .—TENDERS WANTED

Board of County Road Commissioners will receive sealed tenders
highway improvement (Covert) refunding bonds until 10 a. m. on
Sept. 12.
All tenders shall be submitted in writing and specify the road
assessment district number, the bond number, the portion of each road
(whether county portion, township portion, city portion, or assessment
district portion), and shall stipulate the lowest price at which the owner
will sell said bonds to the sinking fund.
Bids to be firm through Sept. 15,
1938.
Accrued interest on bonds purchased will be computed to and
including Sept. 18, 1938, and all bonds must have Nov. 1. 1938, and all
subsequent coupons attached, and be delivered to the Detroit Trust Co.
of Detroit on Sept. 19, 1938, or as soon as possible thereafter.

—The
of

PARIS-WYOMING

TOWNSHIP

FRACTIONAL

SCHOOL

DIS¬

NO.
6,
Kent County,
Mich.—BOND OFFERING— Frank
Rackett, Secretary of the Board of Education, will receive sealed bids until
8:30 p. m. (Eastern Standard Time) on Sept. 7 for the purchase of $50,000
TRICT

not

to

exceed

Denom.

5%

$1,000.

interest coupon school bonds.
Dated Aug. 15,
Due $10,000 on Aug. 15 from 1939 to 1943 incl.

1938.
Rate

multiples of H of 1 %.
Principal and interest
(F. & A. 15) payable at che Old Kent Bank, Grand Rapids.
The bonds
are payable from ad valorem taxes on all of the district's taxable property
within the limitation prescribed by the State Constitution, and an additional
three-mill levy has been voted for the five-year period 1938-42.
A certified
check for 2% of the issue, payable to the order of the District Treasurer,
must accompany each proposal.
Successful bidder to pay for legal opinion
of Miller, Canfield, Paddock & Stone of Detroit, and the cost of printing
of interest to be expressed in

the bonds.

PONTIAC, Mich.—TENDERS WANTED—E. H. Tinsman,

Director

Finance, will receive sealed tenders until 5 p. m. (Eastern Standard
Time) on Sept. 7 of series A and series B bonds.
Tenders should fully
describe bonds offered, including serial numbers and price at which they
will be sold to the city.
Amounts available toward purchases of the re¬
of

spective series are $11,000 and $53,000.
Interest will be paid on all
tenders accepted by the city up until the bonds are received by the paying
agent, but not longer than seven days after mailing of notice of acceptance
of tenders.

PORT AUSTIN FRACTIONAL SCHOOL

DISTRICT NO. 1 (P. O.

SALE—An issue of $14,000 school
sold on Aug. 1 to the Hubbard State
five years.

Port Austin), Mich.—BOND
and equipment bonds was
Bad Axe.
Due serially in

PORT

HURON,

of $600,000 sewage

building
Bank of

Mich.—BOND ELECTION—The proposed issuance
disposal plant construction bonds

will be considered

by the voters on Sept. 13.

Mich.—BONDS VOTED—An iusse of $28,500 sewage
plant bonds received approval of the voters on Aug. 23.

RICHMOND,
treatment

Volume
ROYAL

Financial

147

OAK,

Mich.—TENDERS

WANTED—Minnie

N.

Chronicle

1527

Reeves,

City Treasurer, will receive sealed tenders until 7:30 p. m. on Sept. 6
covering offers for sale to the city of series A, B, C, and D refunding bonds.
Only offers of bonds below par will be accepted and a separate tender
must be made of each series.
Prices must be quoted flat, all bonds tendered
to have Oct. 1,
1938, and subsequent interest coupons attached.
City
will make payment
on
accepted tenders before Sept. 9 and bonds pur¬
chased shall be delivered to the Detroit Trust
Co., Detroit, within 10
days after acceptance of tender.
Each separate tender must be accom¬
panied by a certified check for 2% of the amount of bonds offered for sale.
SCHOOLCRAFT
COUNTY
(P.
O.
Manistique),
Mich.—BOND
ELECTION—A proposal to issue $33,000 county jail construction bonds
will be considered
by the voters on Sept. 13.
SOUTH HAVEN, Mich.—BOND OFFERING— G. Carroll Ross, City
Clerk, will receive sealed bids until 8 p. m. (Eastern Standard Time) on
Sept. 6 for the purchase of $35,000 3% special assessment paving bonds.
Dated Aug. 15, 1938.
Due Aug. 15 as follows:
$3,000, 1939; $4,000,
1940; $3,000, 1941; $4,000, 1942; $3,000, 1943; $4,000, 1944; $3,000, 1945;
$4,000, 1946; $3,000 in 1947, and $4,000 in 1948.
Principal and interest
(F. & A. 15) payable at the City Treasurer's office.
Bonds are issued in
anticipation of the collection of special assessments, and are general obliga¬
tions. pledging the full faith and credit of the
city.
Legal opinion to be
paid for by the successful bidder; city to furnish printed bonds.
A cer¬
tified check for $1,000, payable to the order of the
City Treasurer, must

MISSOURI
CALLAWAY COUNTY

legal approving opinion of Charles & Trauernicht, of St. Louis,

and the purchaser will
pay for the printing of the bonds and registration
fee at the office of the State Auditor.
Delivery will be made on or before

Oct.

15.

A

$2,500 certified check, payable

accompany the bid.
(This notice supplements
V. 147, p.
1373.)

YPSILANTI, Mich.—BOND ELECTION—A proposal to issue $59,000
community hall building bonds will be submitted to the voters on Sept. 27.

SCHOOL

DISTRICT

13

(P.

O. Crom-

well), Minn.—BOND SALE—The $4,000 issue of builaing bonds offered
for sale on Aug. 27—V. 147, p. 1230—was awarded to the First National
Bank of Carlton, according to the District Clerk.
Dated July 1, 1938.
Due $500 on July 1 from 1940 to 1947, inclusive.
CHIPPEWA COUNTY INDEPENDENT SCHOOL DISTRICT No. 62

(P. O. Clara City), Minn.—BOND SALE DETAILS— It is now reported
that the $20,000 gymnasium bonds purchased
by the State of Minnesota,
as noted here on
Aug. 20—V. 147, p. 1230—were sold as 3s at par, and
are due on July 1, 1958.
CLARKS GROVE, Minn.—BOND OFFERING—Sealed bids will be
received until 7 p. m. on Sept. 12, by R. B.
"Johnson, Village Recorder,
for the purchase of a $6,000 issue or water works bonds.
These bonds
will be sold at not less than
par and accrued interest.
Due $500 from
1940 to 1951 incl.

June 1, 1935

June 1, 1936

June 1, 1937

$16,169,023

$15,714,449

$15,644,515

$16,446,319

Real,

DULUTH, Minn.—BOND ELECTION—We
will be held

understand that

an

election

Sept. 26 to have the voters pass on the proposed issuance of
as follows:
$900,000 sewage disposal plant, and
municipal garage bonds.
on

$970,000 in bonds, divided

$70,000

FARIBAULT, Minn.—BOND SALE—The $40,000
offered for sale
National

100.025,
1939 to

issue of

sewer

bonds

Aug. 29—V. 147, p. 1230—was awarded to the Security
Faribault, as lMs, paying a premium of $10, equal to
basis of about 1.24%.
Dated Sept. 1, 1938.
Due from Sept. 1,
on

Bank of
a

road and merchants.45,497.13

Other sources.....

Faribault State Bank & Trust Co., Faribault
HIBBING

INDEPENDENT

SCHOOL

DISTRICT

Hibbing), Minn.—BONDS DEFEATED—At
the voters failed
estimated

to cost

to

approve the issuance of

Premium

1H%
l y2%
1M %
2%

Wells-Dickey Co.
Mairs-Shaughnessy Co., St. Paul

$5.00
225.00
100.00

None

NO.

the election held

27
on

building bonds for

a

$600,000.

(P. O.
Aug. 25

project

JASPER JOINT SCHOOL DISTRICTS NOS. 54-67
(P. O. Jasper),
Minn.—BOND SALE—The $35,000 issue of school bonds offered for sale

Aug. 26—V. 147, p. 1230—was awarded jointly to the Jasper State
Bank, and the Allison-Williams Co. of Minneapolis, as 2Ms. paying a price
2.71%.
Dated July 1, 1938.
Due from July 1,
1940 to 1954, inclusive.

on

of 100.36, a basis of about

■

MAHTOMEDI

SCHOOL

DISTRICT

(P. O. Mahtomedi), Minn.—
BONDS SOLD—It is stated by the Clerk of the Board of Education that
$68,000 3% semi-ann. building addition bonds approved by the voters
on Aug.
10, have been sold to the State Investment Board.
NORMAN COUNTY COMMON SCHOOL DISTRICT NO. 81

4,430.61

...

on

hand,

as

The issuance of these bonds

Shelly), Minn.—BOND OFFERING—Headed

bids

will

(P. O.

be received

until

56,225.96 67,440.76
17,594.40
8,385.11
$8,905.03

authorized by a vote of 2,222 to 207, at
v.

PEMISCOT

COUNTY (P. O. Caruthersville), Mo.—BONDS SOLD
is reported that $341,000 4% semi-ann. Drainage District
refunding bonds were purchased by the Reconstruction Finance
Corporation.
Dated April 1, 1936.
/;
TO

RFC—It

No.

6

JOSEPH, Mo.—BOND OFFERING— Sealed bids

until 2

will be received

m. on Sept. 6 by Marmaduke B. Morton, City Comptroller
purchase of the following not to exceed 3% coupon semi-annual
bonds aggregating $655,000:

p.

for the

$275,000 public sewers bonds.
Due Sept. 1 as follows:
$17,000 in 1943
to 1955, and $18,000 in 1956 to 1958.
24,000 traffic signals bonds.
Due Sept. 1 as follows:
$1,000 in 1943
to 1950, and $2,000 in 1951 to 1958.
42,000 new market house bonds.
Due Sept. 1 as follows:
$2,000 in
1943 to 1948, and $3,000 in 1949 to 1958.
53,000 stadium bonds.
Due Sept. 1 as follows:
$3,000 in 1943 to
1953. and $4,000 in 1954 to 1958.
109,000 airport bonds.
Due Sept. 1 as follows:
$6,000 in 1943 to 1945,
and $7,000 in 1946 to 1958.
35,000 pony express memorial bonds.
Due Sept. 1 as follows:
$2,000
in 1943 to 1955, and $3,000 in 1956 and 1958.
12,000 new buildings at city yards bonds.
Due $1,000 Sept. 1, 1947
,

to 1958.

55,000 fire houses bonds.
Due Sept. 1 as follows:
$3,000 in 1943 to
1951, and $4,000 in 1952 to 1958.
50,000 street construction and repair bonds.
Due Sept. 1 as follows:
$3,000 in 1943 to 1956, and $4,000 in 1957 and 1958.
„

„

Dated

Sept.

1,

Denom.

1938.

$1,000.

The

entire

issue

matures

1 as follows:
$37,000 in 1943 to 1945, $38,000 in 1946, $39,000 in
1947 and 1948, $40,000 in 1949 and 1950, $41,000 in 1951, $42,000 in
1952 and 1953, $43,000 in 1954 and 1955, $45,000 in 1956, and $46,000
in 1957 and 1958.
The interest rate may be at a single rate for the whole
Sept.

or at two rates, one for one set of maturities and another for the
remaining maturities, but both rates must be in a multiple of H of 1%.
Bidders are requested to state the total net interest cost to the city under
their respective bids.
Principal and interest payable at the Guaranty
Trust Co., New York.
The approving opinion of Chapman & Cutler of
Chicago will be furnished.
Enclose a certified check for $13,100.
(The above notice supplements the offering report given in our issue of
Aug. 27—V. 147, p. 1374.)

issue

SCHOOL

payable J. & J.
3, 1940 to 1953.

the bonds.

Dated

Jan.

3,

1939.

Denom.

$500.

Due $500

Purchaser to pay for legal opinion and printing of
*

are

the bonds offered

on

Aug. 15, the sale of which

was

OFFERING—We

of the

Board

are

informed by A.

of Education,

MISSISSIPPI
COUNTY

(P. O. Leakesville), Miss.—BONDS SOLD—It is
reported that $40,000 3 M % semi-ann. court house and jail bonds have been
purchased by J. S. Love & Co. of Jackson.

MISSISSIPPI, State of—MUNICIPAL BOND BILLS APPROVED—
Mississippi Legislature has passed bills to approve three bond issues of
municipalities totaling $802,000.
One bill authorizes Greenwood to issue
$247,500 bonds to refund $238,500 of light, power and sanitary sewer
issues payable out of revenue from operation of such facilities, and $129,000
for extensions to electric power distribution system.
Columbus received
additional time for issuance of $281,000 revenue bonds for purchase of
distribution facilities of Mississippi
Power Co.
Booneville was given
authority to issue $35,000 for sanitary sewer extensions.
NATCHEZ, Miss.—BOND ELECTION—The

mayor
a

on

a

proposed

Works Progress Ad¬

ministration grant for the construction of a new water plant for this




he

for $2,500.

SULLIVAN COUNTY (P. O. Milan), Mo.—BOND SALE DETAILS—
with the sale of the $75,100 court house and jail bonds to

In connection

as noted here on Aug. 27—V. 147, p. 1374
that the bonds were sold as 2 Ms, F. & A.,

Smith, Moore & Co. of St. Louis,

premium of $2,64n—103.52, and mature Feb. 1, as follows: $7,000
1940, $8,000 in 1941, $7,000 in 1942, $8,000 in 1943 and 1944, $7,000
in 1945, $8,000 in 1946 and 1947, and $7,000 in 1948 and 1949.
Net
a

income basis 1.85%.

MONTANA
CARBON

city.

COUNTY

SCHOOL

DISTRICT

NO.

7

(P.

O.

Mont.—BOND OFFERING—Sealed bids will be received until 9

Joliet),
a.

m.

on

Sept. 7, by G. F. Tidyman, District Clerk, for the purchase of a $16,000
issue of school bonds.
Interest rate is not to exceed 4%, payable J. & D.
Dated Aug. 1, 1938.
Amortization bonds will b- the first choice and serial
bonds will be the second choice of the School Board.
<4
If amortization bonds are sold and issued, the entire issue may be put
into one bond or divided into several bonds, as the Board of Trustees may
determine upon at the time of sale, botn principal and interest to be payable
semi-annually during the period of 16 years from date of issue.
4
If serial bonds are issued and sold they will be in the amount of $1 000
each, except the last bond which will be in the amount sufficient to complete
the amount due, the sum of $1,000 of the said serial bonds will become
payable on the 31st day of Dec., 1939, and a like amount on the same date
each year thereafter until all the bonds are paid, except that the last in¬
stalment

will be in such

an amount as to

close the transaction.

The bonds, whether amortization or serial bonds, will be redeemable in
fuh

interest payment date from and after five years from the daj;e of
issue.
Enclose a certified check for $1,600, payable to the Clerk.
(These bonds were offered for sale without success on Aug. 1.)

and board of alder¬

Sept. 16 as the date for the special election to vote

$165,000 bond issue to be used in connection with

that

postponed.

STILLWATER, Minn.—MATURITY—It is stated by the City Clerk
that the $16,000 4% water works certificates of indebtedness
purchased
recently by local banks, as noted in our issue of Aug. 27—1-V. 147, p. 1373—
are due on or before Dec. 31, 1938.

GREEN

DISTRICT

(P. O. Springfield), Mo.—
R. Stewart, Secretary-Trea¬
will receive sealed bids until
7:30 p. m. on Sept. 14, for the purchase of a $231,000 issue of high school
addition bonds.
Bids will be received for 15-year bonds, due Oct. 1, as
follows:
$10,000 in 1940, $12,000 in 1941, $9,000 in 1942, $15,000 in 1943,
1945 to 1948 and $25,000 in 1949 to 1953 and bids will be received for 20year bonds, due Oct. 1, as follows:
$10,000 in 1940 and 1941, $8,000 in
1942, $12,000 in 1943, $13,000 in 1945 to 1949 and $14,000 in 1950 to
1958.
All bids will be received subject to a grant being received from the
Public Works Administration, and subject to the authorization of the bonds,
at a special election to be held on Sept. 20.
Bids will be accepted on an
open coupon rate.
Each bidder must state the rate of interest offered for
the bonds on either or both the 15 or 20-year maturity, and the amount o
premium, if any, which the bidder is willing to pay.
The bidder must
agree to pay at his expense the cost of printing bonds, cost of registration
with the State Auditor, all attorneys' fees incident to the issuance of the
bonds, including an opinion upon the validity and regularity of the issue,
and also the expense of preparing the transcript and all other expenses
incident to the issuance and delivery of the bonds.
Enclose a certified check
BOND

surer

for

10, by Taylor Efteland, District Clerk, for the purchase
$7,000 issue of coupon school bonds.
Interest rate is not to exceed

set

was

-

voted down.

—the County Clerk informs us

men

51,198.64 41,606.23
5,264.84
4,599.42
of Aug. 16, 1938

NODAWAY COUNTY (P. O. Maryville), Mo.—BONDS DEFEATED
—It is stated by the Oounty Clerk that at the election held on
Aug. 23
the proposal to issue $220,000 in court house construction bonds was

8 p. m. on Sept.

These

1937

1936

on June 21, 1938.
Estimated population, 20,000.

of

4%,

1935

special election held

SPRINGFIELD

Int. Rate

Minneapolis

Jan.

1934

rail¬

1943f, inclusive.

Other bids for the bonds were as follows:
Names of Other Bidders—
First National Bank & Trust Co.,

a

Collection Record

1933

personal,

Present cash funds

a

$6,500

—

Tax

Year-

COSMOS, Minn.—CERTIFICATES OFFERED— Sealed bids were re¬
ceived until 8 p. m. on Sept. 1, by F. H. Zrust,
Village Clerk, for the pur¬
a $6,000 issue of not to exceed
4% semi-ann. certificates of indebted-

require.

"

Bonded Indebtedness

chase of

S50°Due $500 JuIF 1. 1940, 1942 ,1944, 1946, 1948, 1950.
1952, 1954 and 1956 to 1959.
Principal and interest payable at such places
as the Village Council shall later determine.
Bidders are to furnish certifi¬
cate forms and such legal opinion on the
proceedings as they may

27—

•

June 1, 1934

ST.
NO.

Aug.

on

$16,641,347

MINNESOTA
COUNTY

County Court, must

June 1,1933

Hospital bonds.___

municipal water system revenues.
A certified check for 2% of the issue,
payable to the order of tne Townsnip Treasurer, is required.
Bonds
will be delivered about 10 days after the sale.
(On June 28 the township failed to sell an issue of $74,250 water supply
system bonds.
Offerings of $100,000 on several previous occasions similarly
were unsuccessful.)
/

to tae

the offering report given here

Financial Statement Dec. 31,1937
Assessed Valuation

WATERFORD TOWNSHIP (P. O. R. F. D. No. 7, Pontiac), Mich.
OFFERING—C. G. Richardson, Township Clerk, will receive

as
follows:
$2,000, 1940 to 1943 incl.; $3,000, 1944 and 1945; $4,000,
1946 to 1959 incl.; $5,000 from I960 to 1965 incl.
Rate of interest to be
expressed in multiples of H of 1 %.
Principal and interest payable at the
Community National Bank. Pontiac, or at its successor paying agent named
by the township, which shall be a responsible bank or trust company in
Pontiac or Detroit.
Both principal and interest are payable solely out of

Fulton),,Mo.—BOND OFFERING—

Bonds to be sold at not less than par and accrued interest.
All bids must
be on a form to be
supplied by the above Treasurer.
The countv will

furnish the

—BOND

sealed bids until 2 p. m. (Eastern Standard Time) on Sept. 3 for the pur¬
chase of $100,000 not to exceed 6% interest water supply
system revenue
bonds.
Dated Sept. 1,1938.
Coupon, in denom. of $1,000.
Due Sept. 1,

O.

a. m. on Sept. 17, by E. S.
Clatterbuck,
County Treasurer, for the purchase of an issue of $125,000 court house and
jail bonds.
Bidders are to designate the interest rate they desire, stated
in multiples of
M of 1%.
All of said bonds shall bear the same rate.
Denom. $1,000.
Dated Oct. 1, 1938.
Due on Feb. 15 as follows:
$6,000,
$7'000,1942 to 1948; $6,000, 1949; $7,000, 1950 to 1953, and
$6,000, 1954 to 1958, all incl.
Prin. and int. (F. & A. 15) payable at a
place to be designated by the bidder, and approved
by the County Court.

accompany each proposal.

CARLTON

(P.

Sealed bids will be received until 9

on any

GALLATIN COUNTY SCHOOL DISTRICT NO. 7 (P. O. Bozeman),
bids will be received until 10 a. m.

Mont.—BOND OFFERING—Sealed
on

Oct. 10, by Jean Robertson, District Clerk, for the purchase of a

issue of not to exceed

4% semi-ann. building bonds.

$200,000

Financial

1528

1938.
Amortization bonds will be first choice and se¬
the second choice of the School Board.
If amortization
bonds are sold and issued, the entire issue may be put into ope single bond
or divided into several
bonds, as the Board of Trustees may determine
upon at the time of sale, both principal and interest to be
annual instalments during a period of 20 years from date of issue.
If serial bonds are issued and sold they will be in the amount of $5,000
each; the sum of $5,000 will become payable on the 30th day of December,
1938, the same sum of $5,000, will be payable on the 30th day of June, 1939 ,
and a like amount on the same dates each year thereafter until all of such
bonds are paid.
'
,.
.
,,,,
.
The bonds, whether amortization or serial bonds, will be redeemable in full
on
any interest payment date from and after five years from
1,

July

Dated

rial bonds will be

payable in semi¬

the date

°fTheebonds

will be sold for not

less than their par

value with accrued

must state the lowest rate of interest at which they
at par.
The Board of Trustees reserves the right
to reject any and all bids to sell the said bonds at private sale.
Enclose
a certified check for $10,000 payable to the ClerkJ
interest, and all bidders
will purchase the bonds

bids will be received
Clerk, for the purchase
of
$88,000 issue of not to exceed 5% semi-annual city hail and civic
center bonds.
Dated Oct. 1, 1938.
Amortization bonds will be the first
choice and serial bonds will be the second choice of the Council.
If amorti¬
zation bonds are sold and issued the entire issue may 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 15 years from the date of issue.
If serial bonds are issued and sold they will be in the amount of $1,000
each; the sum of $6,000 of said serial bonds will become due and payable on
the first day of Oct., 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 $1,000.
The bonds, whether amortization or
serial bonds, will be redeemable in full, at the option of the city, on any
interest payment date from and after 10 years from the date of issue.
The bonds will be sold for not less than the r par value with accrued int.
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 said bonds at private sale.
En
close a certified check for $5,000, payable to the City Clerk.
Mont.—BOND OFFERING—Sealed
24, by V. N. Kessler, City

HELENA,

until 10 a. m. on Sept.
an

SCHOOL DISTRICT NO. 4 (P. O. Libby), Mont .—BOND
$35,000 issue of construction and equipment bonds offered
27—V. 147, p. 927—was purchased as 3s by Kalman &
Co. of Minneapolis, according to M. D, Rowland, District Clerk.
Dated
June 1, 1938.
Due in 20 years, optional after five years.
LIBBY

SALE—The

1949, incl. and $9,000 from
rate of interest,

19383

Sept.

Chronicle

Bidder to name a single
Principal and interest
Collector-Treasurer,
at
required
be
for 2%

1950 to 1953, incl.

expressed in a multiple of M of

1%.

(F. & A.) payable at the office of the Borough
or
the Continental Bank & Trust Co., New York.
The sum
to
obtained through sale of the bonds is $130,000.
A certified check
of the bonds offered, payable to the order of the Borough, must accompany

The Donds are payable from unlimited ad valorem taxes
on all of the borough's taxable property.
Legal opinion of
Delafield & Longfellow of New York City will be furnished
successful bidder.
(The above offering takes the place of that in the amount
of $178,750 originally proposed for sale on Aug. 24.)
each

proposal.

be levied

to

the

Hawkins,

HADDONFIELD

DISTRICT, N. J .—BOND OFFERING
will receive sealed bids until 8 p. m.

SCHOOL

Moore, District Clerk,

—Walter W.

3, 334.
Due
1944

(Daylight Saving Time) on Sept. 20, for the purchase of $15,000
3)4. or 3M% school bonds.
Dated Sept. 1, 1938.
Denom. $1,000.
Sept. 1 as follows:
$2,000 from 1939 to 1943, incl. and $1,000 from
to 1948, incl.
The sum required to be obtained from the sale of the bonds
is $15,000.
A certified check for 2% of the bonds bid for must accompany
each proposal.

DISTRICT NO. 14 (P. O. Fort
OFFERING—J. F. Hornbeck, District Clerk, will
(Daylight saving time) on Sept. 13, for
the purchase of $112,000 not to exceed 3)4% interest coupon or registered
school bonds.
Dated July 1, 1938.
Denom. $1,000. Due $4,000 on July 1
from 1940 to 1967, incl.
Bidder to name a single rate of interest, expressed
in a multiple of )4 or l-10th of 1%.
Principal and interest (J. & J.) payable
at the Fort Plain National Bank, Fort Plain, with New York exchange.
UNION

MINDEN

FREE SCHOOL

Plain), N. Y.—BOND

bids until 3 p. m.

receive sealed

must

A certified check for $2,240,

each proposal.
The approving
& Moore of New York City will be

accompany

Vandewater

from unlimited
of the district,
legal opinion of Dillon,
furnished the successful

of the district, payable
payable to the order

The bonds are general obligations
taxes.

bidder.

$31,600 improvement bonds
Newark, as 3s, at par and premium
147, p. 1075—were

WESTWOOD, N. J.—OTHER BIDS—The
awarded to VanDeventer, Spear & Co.,
of $85.35, equal to 100.27, a
also bid for as follows:

basis of about 2.94%—V.

Int. Rate

Bidder—

Peoples Trust Co., West wood
H. B. Boland & Co.

—
- - -

-

& Co., Inc
C. A. Preim & Co
Hillsdale National Bank
B. J. Van Ingen

—

—

H.L. Allen & Co

Premium

3%

$80.00

334%
3)4%
3)4%

^ '?2
50.56

22.00
§5.32

3%
3)4 %

for sale on Aug.

PARK COUNTY

HIGH SCHOOL DISTRICT

NO. 1 (P. O. Living¬

Mont.—BOND OFFERING—Sealed bids will be received until
on Sept. 26, by H. B. Peterson, Secretary of the Board of Trustees,
purchase of a $40,000 issue of building bonds.
Interest rate is not
to exceed 4%, payable J. & D.
Dated June 15, 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 at the time of the sale, both principal and
interest to be payable in semi-annual instalments during a period of 20 years
from the date or issue.
If serial bonds are issued and sold; $2,000 will be¬
come payable on June 15, 1939, and a like amount on the same day each
year thereafter until all of such bonds are paid.
The bonds, whether amortization or serial bonds, will be redeemable in
ston),
10

a. m.

for the

full

on

payment date from and after

any interest

five years from the date of
value with accrued

The bonds will be sold for not less than their par

issue.

interest and all bidders must state the lowest rate of interest at which
will purchase the bonds at par.
The Board of Trustees reserves the
to

reject

any

and all bids and to sell the said bonds at

TROY HIGH SCHOOL DISTRICT (P. O. Troy),

^

as

Mont.—BOND

CO.

NO. 44 (P. O. White

Mont.—BOND SALE—The $70,048 issue of school bonds offered
for sale on Aug. 22—V. 147, p. 123d—was awarded to Kalman & Co. of
Minneapolis, as 3%s, at par.
Due serially from June 1, 1939 to 1958, inci.
The only other bid was an offer of $15 premium on 3 34 % bonds, submitted
by the State Land Board of Montana.

NEBRASKA
reported that $75,000
bonds have been purchased by Wachob, Bender & Co. of
an election to be held on Sept. 23.

BEATRICE. Neb.—PRE-ELECTION SALE— It is

Omaha, subject to

Neb.—BOND OFFERING—
Phillips, County
court house and jail
& S. Dated Sept. 1,
1938.
Denom. $1,000.
Due $3,000 Sept. 1, 1940 to 1953.
These are the
bonds authorized at the election held on Aug. 9.
Principal and interest
payable in Elwood.
Enclose a certified check for 10%.
GOSPER

COUNTY

(P.

O.

Elwood),

Sealed bids will be received until 10

a. m.

Sept. 9, by E. R.

Clerk, for the purchase of a $42,000 issue of coupon
bonds.
Interest rate is not to exceed 4%, payable M.

HAY SPRINGS, Neb.—BOND
until 7:30 p. m. on

OFFERING—Sealed bids will be received

Sept. 6, by J. E. Reid, Village Clerk, for

of funding bonds,
These
election held on Aug. 11.

$29,838 issue

voters at an

the purchase of
by the

bonds were approved

HEMINGFORD, Neb.—BONDS SOLD—It is reported that

on Au£-

15

as

follows:

$70,500

$3,600, 1943; $3,900, 1944; $4,000,

1951, and $5,000, 1952 to 1958.

NEBRASKA,

State

MUNICIPAL BONDS PUR¬
Lands and Funds
bonds:
$5,000 Dodge auditorium bonds:
sewer, and $10,000 refunding bonds.

of—REPORT

ON

CHASED—It is said that the State Board of Educational

has purchased the following
$5,500 Jansen 434% semi-ann.

OAKLAND, Neb.—MATURITY—It is stated by the City Clerk that
the $30,000 municipal building bonds purchased by the Kirkpatrick-PettisLoomis Co. of Omaha, as 3s, at a price of 101.10, as noted here on Aug. 27
—V.

147, p. 1374—are dated Sept. 1, 1938,
to 1953, giving a basis of about 2.90%.

lage

and mature $10,000 from

1951

of $9,500 not to
registered bonds, divided as follows:
$7,000 High St. paving

of Omaha.

All bonds will be dated Aug.

a

grant to provide the

balance

outstanding speculative opportunity," are set forth
in a memorandum of the resort community's fiscal and social status pre¬
pared for general distribution by J. B. Hanauer & Co. of Newark.
of 1973

as

"an

^vB95^NnI,?^ SCHOOL DISTRICT. N. J .—BOND SALE DETAILS—

The $60,000 3%% school addition bonds sold to the State Teachers' Pension
and Annuity Fund—V. 147, p. 1375—are dated Aug. 15, 1938, and mature
annually on Dec. 1 from 1939 to 1968 incl.
Registered bonds in $1,000.
Interest J. & D.

DEAL, N.J.—BOND OFFERING—Clem Conover, Borough Clerk, will
sealed bids until 1:30 p. m. (Daylight Saving Time) on Sept. 7, for
purchase of $130,000 not to exceed 6% interest coupon or registered
jetty construction bonds, comprising $25,000 assessment, due in annual
instalments from 1939 to 1948, incl., and $105,000 improvement, due in
annual instalments from 1939 to 1953, incl.
All of the bonds will be dated
Aug. 1, 1938.
Denom. $1,000.
The bonds are authorized pursuant to the
Local Bond Act and the combined maturities, with payments due each
Aug. 1, are as follows:
$10,000, 1939 to 1941, incl.; $8,000 from 1942 to
eceive

the




Denom. $100.

Bidder to name

single rate of interest, expressed in a multiple of )4 or l-10th of 1%.
and int. (F. & A.) payable at the Northern New York Trust Co.,
Alexandria Bay, with New York exchange, or at rhe Marine Midland
Trust Co., New York City.
Prin.

ARCADE,

N.

Y.—BOND

registered
29—V. 147, p.
2.20s, at par

SALE—The $22,000 coupon or

community building and fire station bonds offered Aug.
1375—were awarded to the Marine Trust Co. of Buffalo,

plus a premium of $70.40, equal to 100.32, a basis
Sept. 1, 1938 and due Sept. 1 as follows: $1,500
and $2,000 from 1943 to 1950 incl.
Other bids:

as

of about 2.15% . Dated
from 1939 to 1942 incl.
Int. Rate

Bidder—

2.20%

R. D. White & Co

Ira Haupt &

2.20%
2.40%
2.40%

Co

J. & W. Seligman &

Co_.

234%
234%
231%
2.60%

Roosevelt & Weigold, Inc

George B. Gibbons & Co., Inc
Manufacturers & Traders Trust Co
Citizens Bank of Arcade

Rate Bid

100.22
100.21
100.25
100-11
100.45
100.21
100.15
100.16

Financial Statement

of the property subject to the taxing power of
the village is $1,616,005.
The total bonded debt of the village including the
above mentioned bonds is $160,872.
No deductions. The population of
the village (1930 census) was 1,643.
The bonded debt above stated does
not include the debt of any other subdivision having power to levy taxes
The assessed valuation

the taxing power of the village.
of taxes levied for each
March 1, 1936 and March 1,
$9,003.78, $9,030.50 and $9,626.30. The amount

upon any of all of the property subject to
The fiscal year commences March 1.
The amount
of the fiscal years commencing March 1, 1935,
was

respectively

of such taxes uncollected at

the end of each of

said fiscal years was respec¬

The taxes of the fiscal
1938, amount to $9,064.90, of which $7,910.57

tively $00, $00 and $00.

COMMON

SCHOOL

year

commencing March 1,

have been collected.
DISTRICT NO. 4 (P. O.

City), N. Y.—OTHER BIDS— The $40,000 school bonds awarded
McEntee & Co., Inc., New York, as 2.20s., at 100.16, a basis
2.18%—V. 147, p. 1375—were also bid for as follows:

Adams,

ATLANTIC CITY, N. J.—FINANCIAL MEMORANDUM ISSUED—
lhei various; factors which, in their opinion, enhance the city's refunding
bonds

15, 1938.

in 1940, and

$100, p.ayable

a

New

JERSEY

N. J.—SEEKS RFC LOAN—The City Commis¬
sioners recently adopted a resolution seeking a loan of $438,103 from the
Reconstruction Finance Corporation In order to pay its share of a proposed
new water filtration plant.
Debt would mature in 20 years.
Public Works

CITY,

Administration would be asked to furnish
of the totai estimated cost of $943,724.

Due $700 on Aug. 15 from 1939 to 1948
$700, payable to the village, is required.

bonds.

A certified check for

incl.

CLARKSTOWN

NEW

exceed 6% interest, coupon or

2,500 public park bonds.
Due Aug. 15 as follows: $300
$200 from 1941 to 1951 inci.
A certified check for
to the village, is required.

1937,

SCOTTSBLUFF, Neb.—BONDS SOLD—It is reported that $25,000
refunding bonds have been purchased by the Kirkpatrick-Pettis-Loomis Co.
f

ATLANTIC

OFFERING— Roy F. Pearce. Vil¬
bids until 3p.m. (Eastern Standard Time)

Clerk, will receive sealed

Sept. 8 for the purchase

on

Sherwood & Reichard

semi-annual refunding bonds were purchased recently by Kirkpatrick-Pettisof Omaha.
Denoms. $1,000, $500 and $100.
Dated Aug. 15,

^§§4
1945 to

YORK

NEW

ALEXANDRIA BAY, N. Y.—BOND

WHITEFISH COMMON SCHOOL DISTRICT

system

Mex.—BONDS VOTED—At an

approved the issuance of $125,000 in
connection with a Public Works Adminis¬

tration grant.

147, p.
3)4s, according to report.

water

O. Gallup), N.

(P.

bonds, to be used in

court house

fish),

a

McKINLEY

election held on Aug. 9, the voters

Donds offered for sale on Aug. 29—
927—was purchased by the State Board of Land Commissioners,

SALE-—The $28,000 issue of construction
V.

they

right

private sale.

MEXICO

NEW

N. Mex.—BOND OFFERING—Sealed bids will be
received until 2 p. m. on Sept. 13, by Ida V. Malone, City Clerk, for the
purchase of a $200,000 issue of coupon storm sewer bonds. Interest rate is
not to exceed 6%. payable J. & J.
Dated July 1, 1938. Denom. $1,000.
Due July 1, as follows:
$11,000 in 1941 to 1956, and $12,000 in 1957 and
1958. The bonds will not be registerable as to principal or interest. Prin.
and int. payable at the City Treasurer's office or at the Chase National
Bank, New York. Bidders must submit a bid specifying: (a) the lowest rate
of interest and premium, if any, above par at which said bidder will purchase
said bonds; or (b) the lowest rate of interest at which the bidder will pur¬
chase the bonds at par.
The bonds will not be sold at less than par and
accrued interest to date of delivery. The bonds will be prepared and printed
by the city and the successful bidder will be furnished with the opinion of
Pershing, Nye, Bosworth & Dick, of Denver, that the bonds are binding
and legal obligations of the city.
Enclose a certified check for 5% of the
amount bid, payable to the city.
ALBUQUERQUE,

to
of

about

& Co
Allyn & Co., Inc

Marine Trust Co. of Buffalo
R

D.

Rate Bid
100.33
100.229

2.90%
3%

.-

Co

Ira Haupt

A. C.

2.70%
2.75%

100.26
100-33

Int. Rate

Bidder—
Sherwood & Reichard

Manufacturers & Traders Trust

White &Co.

Nanuet National

Bank

*-

3%
3%*
3%

100.52
100.001
,

r

3.20%
100.45
3.75%
100.125
EASTCHESTER (P. O. Tuckahoe), N. Y.—CERTIFICATE SALE—
An issue of $32,490 highway certificates of indebtedness was awarded on
Aug. 30 to the Gramatan National Bank & Trust Co. of Bronxville, at
0.73%.
Dated Sept. 1, 1938 and due March 1, 1939.
A similar rate was
named by Leavitt & Co. of New York, while other bids were:
BidderInt. Rate
Premium
Lockwood, Sims & Co
0.90%
$2.75
George B. Gibbons & Co., Inc
0.90%
1.00
R. D. White & Co
—
1.10%
3.00
GREENBURGH UNION FREE SCHOOL DISTRICT NO. 8 (P.O.
White Plains), N. Y.—BOND SALE—The $288,000 coupon or registered
school bonds offered Aug. 30—V. 147, p. 1375—were awarded to Halsey,
Stuart & Co., Inc., New York, as 3.10s, at a price of 100.109, a basis of
about 3.09%.
Dated Sept. 1, 1938 and due Nov. 1 as follows: $10,000,
Roosevelt &

Weigold, Inc

Peoples Bank of Haverstraw

Volume

147

Financial

«??n& 1?^i?dVnU5/00?' i?43to
fl&WJ®? t(» 1957 i]?cL; $10,000
1962.
The

to 1952 inch;
from 1958 to 1961 incl., and $8,000 in

bonds, legal investment for savings banks and trust funds In
State, were re-offered by the bankers to
yield from 0.75% to
3.10%, according to maturity.
Other bids;
New York

Bidder-—

Int. Rote

J? * JT.hite.&^Co&£'
Kidder, Pea
*

body & Co

100.279
100.26
100.41
100.139
100.279

1529

ROCHESTER,

N.

Y.—BONDS

AUTHORIZED—City

Aug. 16 passed an ordinance providing for
6% interest sewer system improvement

Council

on

an issue of $500,000 not to exceed
bonds, to mature in not more than
20 years.
Public Works Administration
has-been asked to furnish a grant
in connection with
the project.

Rate Bid

3.25%
3.30%
3.40 %
3-40%
3.60%

Manufacturers & Traders Trust Co-.,
Gibbons & Co., Inc

#GeoreeB
A

Chronicle

1947 incl.; $10,000, 1948

SARANAC

LAKE,

N.

Y.—BOND

sealed bids until Oct. 3 for the
OcVI as follows:
$4,000 from
from 1945 to 1948* incl.
receive

OFFERING—Village

Clerk will
purchase of $40,000 bonds, to
1940 to 1944 incl., and $5,000

mature

SARATOGA

HEMPSTEAD

UNION

FREE

SCHOOL

DISTRICT

Seaford), N. Y.—BOND SALE—The $137,000
bonds

offered

coupon or

NO.

6

(P.

O.

reigstered school

Aug. 31—V. 147, p. 1375—were awarded to the Second
National Bank of Hempstead as
2j^s at par.
Dated Sept. 1, 1938, and
due Sept. 1 as follows:
$4,000 from 1941 to 1943 incl., and $5,000 from
1944 to 1968 incl.
Among other bids
the following:

were

Bidder—

Int. Rate

Adams, McEntee & Co.,
Inc-.--.2.70%
Franklin Square National Bank.--2.70%
A. C. Allyn & Co., Inc., and Sherwood &

Rate Bid

100.57
100.218
100.333
100.264

---------

Reichard
Marine Trust Co., Buffalo, and R. D.White &
Co.
George B. Gibbons & Co., Inc., and Roosevelt &

Weigold, Inc
Halsey, Stuart & Co., Inc
Kidder. Peabody & Co

2.75%
2.80%

2.90%
3.10%

_

-

—

100.344
100.18
100.30

3.20%

-

HIGHLAND FALLS, N. Y.—BOND SALE—The
Manufacturers &
Traders Trust Co. of Buffalo purchased on
Aug. 29 an issue of $5,098.33
fire truck bonds as 2.80s at
100.199, a basis of about 2.72%.
Due July 1
as follows:
$1,098.33 in 1939, and $1,000 from 1940 to 1943, inclusive.

INDIAN LAKE FIRE DISTRICT

NO.

2

O.

(P.

Blue Mountain
Lake), N. Y.—CERTIFICATE SALE—An issue of $3,5JO building and
improvement certificates of indebtedness was sold on
Aug. 31 to John Duffy
of White Plains as 4s at
par.
Dated Sept. 1,1938 and due $1,750 on Sept. 1
.

in 1939 and 1940.

JOHNSON
CITY,
N.
Y.—BOND OFFERING—C,
R.
Nimmons,
Village Clerk, will receive sealed bids until noon (Eastern Standard
Time)
Sept. 6, for the purchase of $75,000 not to exceed
5% interest coupon
or registered
library construction bonds.
Dated Sept.
1, 1938.
Denom.
or $1,000.
Due $5,000 on Sept. 1 from 1939 to 1953, incl.
Bidder to name a
single rate of interest, expressed in a multiple of M or l-10th of 1 %. Prin.
and interest (M. & S.)
payable at the Workers Trust Co., Johnson City,
with New York exchange.
The bonds are general obligations of the village,
payable from unlimited taxes.
A certified check for $1,500,
payable to the
order of the village, must
accompany each proposal.
Legal opinion of
Dillon, Vandewater & Moore of New York City will be furnished the

SPRINGS, N. Y.—FINANCIAL STATEMENT—Follow¬
ing is given in connection with recent award of
$100,000 various purposes
bonds to Halsey, Stuart &
Co., Inc., New York, as 1.40s, at 100.086, a
basis of about
1.38%—V. 147. d. 1376:
Financial Statement
The assessed valuation of the
property subject to the taxing power of the
The total bonded debt of the City including the
above mentioned bonds is
$1,490,500 of which amount $651,500 is water
debt.
The population of the
City (1930 census) was 13,159.
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 City.
The fiscal year commences Jan. 1.
The amount

City is $27,630,165.

of taxes levied for each of the
fiscal years commencing Jan.

respectively $79,404.83, $73,072.50 and $82,877.
The
amount of such taxes
remaining uncollected as of Aug. 17, 1938 is respec¬
tively $20,272.62, $25,341.23 and $69,784.36.
The taxes of the fiscal year
commencing Jan. 1, 1938 amount to $824,107.53 of which $425,888.03 have
been collected.

SPRING VALLEY, N. Y.—BOND SALE—The First
National Bank of
Spring Valley purchased on Aug. 31 an issue of $12,000 sewer
improvement
bonds

JOHNSTOWN, N. Y.—BOND

SALE—The $73,000 coupon or registered
public works project bonds offered Sept. 1—V. 147, p. 928—were awarded
to the Fulton County National Bank &
Trust Co., Gloversville, as 1.60s,
at par plus a premium of
$80.30, equal to 100.11, a basis of about
1.58%.
Dated Sept. 1, 1938 and due Sept. 1 as follows:
$7,000 from 1939 to 1945
incl. and $8,000 from 1946 to 1948 incl.
Other bids were:
.Bidder—

int. Rate

Halsey, Stuart & Co., Inc
E. H. Rollins & Sons, Inc.-

Premium

1.70%
--1.75%

Manufacturers & Traders Trust Co
R. D. White & Co.

$137.97
131.40
129.94

.1.75%
—

1.75%

27.50

Peoples Bank and Johnstown Bank, jointly-. — 1.80%
George B. Gibbons & Co., Inc..
___1.90%
Ira Haupt & Co—
1.90%
Roosevelt & Weigold, Inc.
1.90%

102.20

197.10
168.00
167.90

—

LACKAWANNA,

N.
Y.—BOND SALE—'The $225,600 coupon or
offered Aug. 31—V.
147, p. 1375—were awarded to
Sons, Inc. and A. C. Allyn & Co., Inc., both of New York,
2.60s, at a price of 100.08, a basis of about 2.59%.
The sale

registered

bonds

E. H. Rollins &

jointly,

as

2.90%.

3s at par plus a
premium of $5, equal to 100.04, a basis of about

Dated

Sept. 1, 1938.
Denom. $1,000.
Due $2,000 on Sept. 1
from 1939 to 1944, incl., and callable at
par on any interest date on 10 days'
notice.
Legality approved by Hawkins, Delafield & Longfellow of N. Y.

City.

on

successful bidder.

1, 1935, Jan. 1,

1936 and Jan. 1, 1937 was
respectively $858,158.04, $867,030,86 and $958,-

886.34.
The amount of such taxes uncollected at the
end of each of said
fiscal years was

TRENTON, REMSEN, DEERFIELD, MARCY, FLOYD. STEUBEN,

WESTERN

AND RUSSIA CENTRAL SCHOOL DISTRICT NO.
1
(P. O. Holland Patent), N. Y.—BOND SALE— The
$12,000 coupon or
registered school bonds offered Aug. 30—V. 147, p. 1376—were awarded
to

the

Marine Trust Co. of Buffaio, as 1.70s, at
par plus a premium of
$13.80, equal to 100.115, a basis of about 1.66%.
Dated Sept. 1, 1938
and due $2,000 on Sept. 1 from 1939 to
1944 incl.
Bidder—

Prem.

R. D. White & Co., New York

City
George B. Gibbons Co., New York City
Sherwood & Reichard, New York
City
Roosevelt & Weigold, Inc., New York
City
J. W. Seiigman, New York
City
E. H. Rollins <fe Sons Inc., Buffalo

$16.56
20.40
14.40
3.60

hit Rate

2.10%

2:50^
2.0(P
-

Y

7.20
25.50

Manufacturers & Traders Trust Co.. Buffalo

9.60

2.00^
1.90%
2.00%
2.00%

WAPPINGERS FALLS, N. Y.—BONDS VOTED—On Aug. 16 the voters
$74,900 street
improvement,
$9,900 fire house, $7,200 water
$1,500 fire alarm system bonds,

approved

mains and

WAVERLY, N. Y.—BOND OFFERING—John F. Harper, Village
Clerk, will receive sealed bids union noon (Eastern Standard Time) on Sept.
12 for the purchase of $7,000
3)^% coupon or registered fire department
equipment bonds.
Dated July 1, 1938.
Denom. $1,000.
Due July 1, as
follows: $2,000 in 1939 and 1940, and $1,000 from 1941 to 1943 incl.
Prin.
and int. (J. & J.) payable at the Citizens National
Bank, Waverly, with
New York exchange.
The bonds are direct general obligations of the village,
payable from unlimited taxes.
A certified check for $500, payable to the
order of the village, is required.

as
consisted of:

$35,000 public library addition bonds.
follows:
$3,000 from 1939 to

Denom.

$1,000.
Due Aug. 1 as
and $4,000 from 1944

$10,000

1943 incl.,

1948 incl.

to

CHARLOTTE, NORTH CAROLINA Water 3s

9,200 machinery bonds.
One bond for $200 others $1,000 each.
Due
Aug. 1 as follows: $2,200 in 1939; $2,000 from 1940 to 1942 incl.,
and $1,000 in 1943.
8,200 playground bonds.
One bond for $200, others $1,000 each.
Due
Aug. 1 as follows: $1,200 in 1939, and $1,000 from 1940 to 1946 incl.
165,500 sewer bonds. One bond for $500, others $1,000 each. Due
Aug. 1
as follows:
$7,500, 1939; $8,000 from 1940 to 1952 incl., and $9,000

Due Feb. 1, 1967 at 2.80% basis

F. W. CRAIGIE & COMPANY
Richmond, Va.

from 1953 to 1958 incl.

7,700 voting machine bonds.
Due Aug. 1 as follows:

One bond

for

$1,700 in 1939

1942 incl.
All of the bonds are dated Aug.
1,1938.

Int. Rate
_

-------

Goldman, Sachs & Co. and B.J. Van Ingen & Co., Inc.

Rate Bid

2.70%
2.75%
2.80%
2.80%
2.90%

100.206
100.18

Dated Sept. 1, 1938.
Denom. $1,000.
Due Sept. 1 as follows:
$4,000
in 1939 and 1940, and $6,000 from
1941 to 1948, incl.
Principal and
interest (M. & S.) payable at the First National
Bank, North Tarrytown,
with
New York exchange.
Bidder to name a single rate of interest,

multiple of M or 1-10 of 1 %.
The bonds are general obliga¬
town, payable from unlimited taxes.
The legal opinion of
Vandewater & Moore of New York City will be furnished th3

of

Dillon,

bidder.

A

certified check for

were

as

follows:

Bidder—

Int. Rate

Exchange National Bank, Olean

—

Manufacturers & Traders Trust Co--_
Marine Trust Co. and R. D. White & Co
Roosevelt & Weigold, Inc

George B. Gibbons & Co., Inc
Citizens Trust of Fredonia and Dunkirk Trust Co.-

1.70%
1.70%

lii%
l%%
1.90%
2%

Rate Bid

100.149
100.149
100.16
100.117
100.23
100.10- "

PERRY, N. Y.—BONDS DEFEATED—The proposal to issue $100,000
improvement bonds was defeated by a count of 269 to 13 at the

street

on

Aug. 29.

A grant of about $80,000 had been approved by the

Public Works Administration.

POUGHKEEPSIE, N. Y.—BONDS DEFEATED— Robert F. .Jones,
City Chamberlain, reports that the voters rejected the proposed issue of
$378,840 school bldg. bonds at the Aug. 31 election.

RENSSELAER,

N.

Y.—BOND ELECTION— On Sept. 28 the voters
$110,000 high school building bonds.

will be asked to approve an issue of

ROCHESTER,

N.

Y.—TO ISSUE RELIEF BONDS—Relief require¬

of the amount provided for that purpose in the current
year's budget win necessitate the sale of possibly $1,500,000 relief obliga¬
tions about the middle of September, according to report.
As against the
ments far in excess

estimate of City Manager
an

six

Harold W. Baker that relief needs would involve
outlay of $785,000 during the year, actual disbursements for the first
months footed up $600,000 more than anticipated requirements, it

was

said.




Aug. 27—V

Balance

Equitable Sec.Corpl
Interstate Sec,Corp JHorner

Scott

Mason,

.

147,

$50,000 Municipal
Buildiny Bern as
1st $39,000 3 y2% $50,000
3M %

3M%

50,032

p.

1376:
v

$40,000 Water Bands
1st $24,000 3^% $40,021
Balance
3%%

50.020

<&/ 1st $27,000 3H%

1 Balance

Inc.

3H%
1st $16,000
Balance
1st $20,000
Balance,

40,016

3M%
3%
3)4%
3 %%

40,027

50,000

50,075

3H%

40,060

3%%

1st $33,000

Balance.,

3%
3H%
3 %%

3%%

Wm. B.Greene Co.

50,075

3H%

40,060

^

40,000

Kichofer & Arnold,

Inc.;
horn &

Fox
EinCo.; Kal_

man

& Co.

Wachovia
Tr.

Bank

&

Co.;Lewis &

Hall, Inc
coupon or registered

public
works bonds offered Aug. 30—V. 147,
p. 1376—were awarded to Halsey,
Stuart & Co., Inc., New York, as 1.70s, at par
pius a premium of $240,
equal to 100.314, a basis of about 1.65%.
Dated Sept. 1, 1938 and due
Sept. 1 as follows: $8,400, 1940; $7,000 from 1941 to 1944 incl., and $10,000
from 1945 to 1948 incl.
The bankers re-offered the bonds to
yield from
0.75% to 1.70%, according to maturity.
In their opinion, they are legal
investment for savings banks and trust funds in New York State.
Other

election

R.S. Dickson & Co.

$1,120, payable to the order of

OLEAN, N. Y.—BOND SALE—The $76,400

noted in detail in our issue of

Bidder

a

the town, must accompany each proposal.

bids

as

the

successful

CAROLINA

ALBEMARLE, N. C.—LIST OF BIDS—The following is an officia
tabulation of the bids received for the $90,000 bonds awarded on Aug. 23»

100.43

100-30
100.27

MOUNT PLEASANT
(P. O. North Tarrytown), N. Y.—BOND
OFFERING—Edward F. Hennessey, Town
Supervisor, will receive sealed
bids until 10 a. m. (Eastern Standard
Time) on Sept. 7 for the purchase
of $56,000 not to exceed
6% interest coupon or registered relief bonds.

tions

A. T. T. Tel. Rich.Va. 83

NORTH

Other bids:

Bidder—
Sherwood & Reichard, and Bond &
Goodwin, Inc.
Marine Trust Co; and R. D. White & Co
Manufacturers & Traders Trust CoBancamerica-Blair Corp. and Roosevelt &
Weigold,
Inc--.

expressed in

Phone 3-9137

$700, others $1,000 each.
and $2,000 from 1940 to

BUNCOMBE

COUNXY (P. O. Asheville), N. C.—BOND TENDERS
INVITED—It is stated by Curtis Bynum, Secretary of the Sinking Fund
Commission, that, pursuant to the provisions of the respective bond orders
or

ordinances

authorizing their issuance, tenders will be received until
Sept. 14 for the purchase by the respective sinking funds, in the
on behalf of the issuing units, of the following bonds:
Buncombe County refunding bonds, dated July 1, 1936.
City of Asheville general refunding bonds, dated July 1, 1936.
City of Ashevi.le water refunding bonds, dated July 1, 1936.
Asheville Local Tax School District refunding bonds, dated Juiy 1, 1936.
Barnardsvilie Public School District refunding bonds, dated July 1, 1936.
noon

name

on

and

Beech Special School Tax District refunding bonds, dated July 1, 1936.
Black Mountain Special School Tax District refunding bonds, dated Juiy 1,

1930
Haw Creek Special School Tax District refunding bonds, dated July 1, 1936.
Johnson Special School Tax District refunding bonds, dated July 1, 1936.

Valley Springs
July 1,1936.

Special

School

Taxing

District

refunding

bonds,

dated

Weaverville Public School

District refunding bonds, dated July 1, 1936.
Beaverdam Water and Sewer District refunding bonds, dated July 1,1936.
Fairview Sanitary Sewer District refunding bonds, dated July 1, 1936.

Skyland Sanitary Sewer District refunding bonds, dated July 1, 1936.
Swannanoa Water and Sewer District refunding bonds, dated July 1, 1936.
Woodfin Sanitary Water and Sewer District refunding bonds, dated July 1,
1936.
All tenders must be considered firm for five days following date of open¬
ing, unless otherwise specified in the tender.

DURHAM COUNTY (P. O. Durham),
N. C.—BOND SALE—The
$26,000 issue of coupon school building bonds offered for sale on Aug. 30
147, p. 1376—was awarded to the Fidelity Bank of Durham, paying a
premium of $3.70, equal to 100.014, a ne., interest cost of about 2.61%. cm
the bonds divided as follows:
$12,000 as 2%s, maturing $1 000 from
Nov. 1 1940 to 1951; the remaining $14,000 as 2^s maturing $2,000 from
Nov. 1, 1952 to 1958, inclusive.
—V.

Financial

1530
is an official list of

The following

the bids received:

Co../For first $6,000

Win. B. Greene

11199933300--*-26748265451—
78

26,072.28

N. C./For first $12,000
.—.-/For first $20,000

n%!

(For balance
and Lewis & Hall, Inc.,

The Fidelity

Bank, Durham, N. C./For first

$12,000

26,003.70

IM

! For balance--.-

*

2A%\

--./For first $8,000-

Kirchofer & Arnold, Inc.-*

26,027.00
26,020.80

2%%^

Oscar Burnett & Co—-----*

26,027.50
26,026.00

— -

-

Wachovia Bank & Trust Co.

26,012.50

rf°

| For balance

c

—

26,278.20

|
"
2H%\

Hardin, Inc
Depositors Nat. Bk., Durham,
Vance Young &

26,000.00

2%%\

1 For balance

Successful bid.
Financial Statement

Outstanding bonded debt for other than school purposes
1938)-—
Outstanding school debt (July 1,1938)
Bonds now offered—School building bonds

19384-20.

(July 1,

$1,593,000
309,900
26,000

$1,928,900

offered

Total debt, including bonds now

The county has no floating indebtedness.
The entire county debt, is
payable in annual serial instalments and therefore the county carries no
sinking fund, levying an annual county-wide tax for debt service.
Tax Statistics
Assessed

.

Tax Rate

Value

(per $100)

Lecy

$1.10

$1,215,954.50

.85

94,773,659
98,174,766
100,756,947
111.503,226

.50

926,150.10
841,588.62
493,767.64
516,303.41
523,785.54
533.164.50
700.857.51

-—

-

—-

-

.80
-.54

.50

.50
.60

Per

Per

Uncollected

Uncol¬
lected

Year

Cent

Uncollected

Cent

Close of

at

as

Uncol¬

of

lected

June 30 '38

$13,197.76

All prior years

201,924.33
242,225.82
113,235.22
95,585.76
84,519.40
65,224.62
96,501.28

-

.006%

7,534.94
8,451.94
9,474.42

12%
21%

$157,777.25

Total uncollected

28%

.009%

.011%
.013%
.019%
.022%
.041%
.137%

6,410.77
9,728.38
11,573.45
21,700.48
96,501.28

22%

ill
ill

$184,573.42

*

The rate for debt service in special schoox

in

Taxes
but the district debts

districts is three cents.

special school districts are collected by the county
not assumed by the county.

are

Estimated 1938-39 assessed value, $118,000,000; tax rate,

64 cents.

42,219
67,196
78.000

Population, census 1920
Population, census 1930
Present estimated

population

bond Maturities to June

30, 1945,

not

Including Bonds Now Offered

$119,000

of any debt.
Amendments

1942-43

126,000
153,000
1.32,000

-

The county has never

1943-44
1944-45

108,000

-

defaulted in the payment of principal or interest
Carolina

the North

Constitution of interest to bond¬

At its 1937 session the General

Assembly did not pass any Act to

exempt property from taxation.

FORSYTH COUNTY (P. O. Winston-Salem), N. C.—ADDITIONAL

now stated by the County Auditor that the $45,000 bond
anticipation notes purchased by R. S. Dickson & Co. of Charlotte, as 1M %
plus a premium of $13.50, as noted here—V. 147. p. 1376—are elated
NW
Aug. 15, 1938, and mature on Sept. 1, 1939.

DETAILS—It is

GREENSBORO, N. C.—BOND ELECTION—The^Clty Clerk states
an election will be held on Sept.|27 to vote on the issuance of $325,000

}

$100

levied-

uncollected
Bond

1938-39
1939-40
1940^1--

As

-

—

--

can

-

1959-60-----.

...

1966-67-

—

7,000
7,000
7,000
7,000
7,000
7,000
7,000
7,000
7,000

--

1968-69------

15.000

1973-74.-----

15,000
7,000

1974-75------

Finances

total debt with the new issue included is conservative,
extremely low since most of the past and present bond

be seen the

and the net debt

34,000
34,000
34,000
34,000
34,000
29,000
25,000
15,000

1952-53

$7,000 #
7,000
7,000

1963-64-

$32,000

1951-52

$36,000
31,000
37,000
36,500
46,500
36,500
40,500
28,500
28,500
28,500
27,500
23.500
25,500

for revenue producing improvements.
No increase in tax
rate will be necessary to meet the debt service on the bonds which will be
outstanding after this issue.
,
Morgan ton has never defaulted on its debt service and its bonds have
always been difficult to buy on the open market except at a high premium.
The present bond issue will be used largely to sponsor both Works
issues have been

,

,

.

.

Administration and Public Works Administration extensions to
and water and sewerage systems, and by the town's forces ex¬
electrical system.
The improvements thus made will meet
the town's requirements for these purposes for many years and at approxi¬
mately one-half the cost if made without Federal assistance.
No other
bond issues are contemplated.

Progress

tensions to the

State
of—HOMESTEAD
EXEMPTION
CONSIDERED—A proposed $1,000 tax-exemption on

CAROLINA,

NORTH

MEASURE BEING

homesteads, now being considered by a legislative commission, wouid re¬
move $238,360,000 in property valuations from county tax books in North

Governor Hoey.
by municipal and county executives
sub-divisions in meeting future bond

Carolina, the commission reported to
This reduction, if allowed, is seen
serious

a

blow to governmental

levies.

approved a constitutional amendment in 1936 giving
discretion, to exempt home-owned property
of $1,000.
The exemption now is $300 of
The action of the Legislature, however, was not man¬

Voters of the State

the Legislature power, in its
from taxation to the extent

personal property.
datory.

With counties, cities

bonds in addition to old ones,

and towns issuing new

any action of the Legislature tending to exempt homesteads would bring
increased tax rates to meet obligations.
A strenuous fight is expected to develop in the 1939 General Assembly

is considered by law-makers.
County and municipal
preparing to prevent, if possible, any homestead exemption
high as $1,000.
•'
w
«
Bona Issuance Contemplated—It is also reported that North Carolina
officials are working on details of a new construction program which will
invoive the issuance of in the neighborhood of $5,000,000 bonds.
The
State Legislature recently authorized the sale of $4,620,000 bonds, proceeds
of which will be used in connection with the work.
State officials, however, are reluctant to predict just when the bonds
will be put on the market.
The construction plans must be approved by
when

the proposal

officials

are

ranging

as

.

t

.

^

of the

Washington to assure a Public Works Adminscation grant of 45%
The State also must consider legal requirements in issuing the bonds.
Under North Carolina law the State is limited in sale of new bonds to a

costs.

retired during the preceding year and the

debt

definitely established yet.

margin has not been

ISSUES A UTHORIZED—New bond issues totaling
$1,153,604 were authorized on Aug. 30 by the Local Government Com¬
mission at Raleigh for a number of municipalities and counties of North
NE W MUNICIPAL

Carolina.

$385,000 of Raleigh water-works improvements bonds
supplemented by Public Works Administration funds for a $700,000
Another was $521,000 of refunding bonds for the town of Brevard,
which also was allowed to sell $28,729 of funding bonds.
Other issues approved were: $61,000 of water and sewer bonds for the
town of Kenly, $65,000 refunding and $11,275 funding bonds for Pinetops,
$21,100 welfare bonds for City of Wilmington and New Hanover County,
$41,800 waterworks and $18,700 sewer bonds for town of Pineville.
The largest was

of

One amendment pro¬
debts during any fiscal
year to an amount exceeding two-thirds of the amount by which the out¬
standing indebtedness of the particular county or municipality shall have
been reduced during the next preceding fiscal year, unless the subject be
submitted to a vote of the people of the particular county or municipality,
and be approved by a majority of those voting thereon.
Under another
amendment the General Assembly may exempt from taxation not exceeding
$1,000 in value of property held and used as the place of residence of the

_

$4,935,112.00 $5,014,896.00 $6,933,475.00
1.10
1.15
1.10
1.10
78,022.00
58,227.71
55,725.77
57,617.86
23,482.60
1,701.95
2,624.82
4,852.00
Maturities Including Bonds Now Offered

percentage of the obligations

$139,000
116,000

-

holders were adopted at the last general election.
hibits counties and municipalities from contracting

owner.

Amt.

as

Each Fiscal

119966747-- 5618302

July 1, 1938

19383

the streets,

Amount of

$103,449,380
99,817,640
96,106,638
84,712.197

All prior years

111999444---53246157980

11199955630---476315982

Tax Data as of

Tax rate per

Amount

i a*
3%

—-

Equitable Securities Corp
R. S. Dickson & Co

$26,000.00

2H%)

[For balance
F. W. Craigie & Co...-

Sept.

Assessed val'n J-$4.936.343.00

Price

Rate

2 H%
2A%\

Chronicle

that

in,municipal auditorium bonds.

MORGANTON,

N.

C.—BOND

to be

project.

NORTH

DAKOTA

DISTRICT NO. 9 (P. O. Leonard), N. Dak.—
BOND OFFERING—Sealed bids will be received by Auba Mellum, District
Clerk, at the County Auditor's office in Rolla, until 10 a. m. on Sepc. 10,
for the purchase of a $28,000 issue of not lo exceed 6% semi-annual school
bonds.
Denoms. $1,000 and $500.
Dated Oct. 1,1938.
Due from Oct. 1,
1941 to 1958.
A certified check for 2 % of the bid is required.
LEONARD SCHOOL

WARD COUNTY

(P. O. Minot), N.

Dak.—BOND OFFERING—It is

County Auditor, that he will receive sealed and
Sept. 7, for the purchase of an issue of $190,000
refunding bonds. Due serially over a period of from two to 25 years, or as
may be otherwise directed by the Board of County Commissioners at time of
ale.
Optional on any interest paying date.

stated by Fred M. Brey,
oral bids until 2 p. m. on

of coupon

SALE—The three issues

water, street improvement, light and sewer bonds offered for sale on Aug. 30,
^
t°tal amount of $350,000, as noted in our issue of Aug. 27—V. 147,

Av'6—were awarded to

syndicate composed of R. S. Dickson & Co.

a

of Charlotte, Lewis & Hall of Greensboro, the Wachovia Bank & Trust Co.
of Winston-Salem, and Kirchofer & Arnold of Raleigh, at a price of 100.011,
a net interest cost of about
3.35%, on the bonds divided as follows: $266,000
as

3Ms, maturing

on

Nov.

$8,000 from

1:

1940 to 1949; $10,000,

OHIO

1950;

as

3Ms, maturing $7,000 from Nov. 1,

1963

to 1974 incl.

700 CUYAHOGA

The following is an official tabulation of the tenders

received:

$200,000
$25,000
Water cfe Ll.'
Sewer
a$125,125.00 d$200,200.00
d$25,025.00

CANTON

AKRON

$125,000

v

Bidder—

Arnold,
Inc..
and
Lewis
&
Hall, Inc
Equitable Sec. Corp.; F. w"
Craigie & Co.; Wm. B. Greene
& Co., and Vance Young &
Hardin. Inc
Interstate Sec. Corp, and Hamil¬
■

-

_

Successful

bl25 000 00

b25,036.36

e200,000.00

DA^'UUU*UU

bid.

a

First

c!25,000.00

£200.126.50

g25,000.00

d200,000.00

h25,000.00

$75,000,

3A%;

balance,

3%.

b3

Jf5 °00 n3X%; balance 3A%. d3A%. ©First $116 000,
In&n 3M%; balance, fFj^t $34 000, 3M%; balance. 3H%. g First
$11,000, wS;6'
33^%.
h3K%.
Financial Statement

Population: 1910

census.

2.712; 1920
9,000.

July 1, 1938
census,

2,867; 1930 census, 6,001;

present estimated population,

Outstanding bonds: Water bonds
Sewer bonds

—

Street improvement bonds
Electric bonds.

...

$333,970.76
35,578.46
80,225.39
18,225.39

SPRINGFIELD

offered:

Street improvement

Ohio—NOTE

notes has been

$818,000.00
$552,196.15
11 036 46




DISTRICT (P. O. Zaleski),

of $35,000 school
Sept. 13.

building bonds will

SCHOOL DISTRICT, Ohio—BOND OFFERING—Kinsey
Clerk of the Board of Education, will receive sealed bids until
Sept. 23 for the purchase of $49,500 not to exceed 3/4 % interest
school building bonds.
Dated Sept. 23, 1938.
One bond for $500, others
$1,000 each.
Due from April 1, 1940 to Oct. 1, 1959, incl.
Int. A. & O.
must accompany

$2,473, payable to
each proposal.

$254,767.39

the order of the Board

of Education,

SCHOOL DISTRICT, Ohio—BOND ISSUE
AGAIN BEFORE VOTERS—The proposed issue of $22,000 high school
addition bonds, rejected at the Aug. 9 primary election, will be submitted
for further consideration of the voters on Sept. 27.
■ GARFIELD HEIGHTS

563,232.61
Net indebtedness-

Cincinnati.

BUTLER

A certified check for

Uncollected special assessments

$50,000 3%%

R. Morgan,

$350,000.00

Less water and electric debt

issue of

Doll & Insphording of

RURAL
SCHOOL
DISTRICT, Ohio BOND
SALE—The $36,300 school bonds offered Aug. 30—V. 147, p. 1078—
were awarded to the State Teacher^' Retirement System as 3s at par plus
a premium
of $509, equal to 101.40, a basis of about 2.84%.
Dated
Sept. 1. 1938, and due as follows:
$1,000, April 1 and Oct. 1 from 1940
to 1956, incl.: $1,000 April 1 and $1,300, Oct. 1, 1957.

noon on

25',000.00

Total

SALE—An

sold to VanLahr,

BLADENSBURG

BROWN-ZALESK1 RURAL SCHOOL

200 000 00

I. ..I

BARBERTON,
sewer

Ohio—BOND ELECTION—An issue

125,000.00

Water and electrical
Sewer

OHIO
TOWNSHIP RURAL SCHOOL DISTRICT (P. O.
Ashtabula), Ohio—BOND SALE— The issue of $125,000 building bonds
offered Aug. 30—V. 147. p. 1077—was awarded to the BancOhio Securities
Co. of Columbus, as 2Ks, at par plus a premium of $2,088, equal to 101.67,
a basis of about 2.61%.
Dated Sept. 1, 1938 and due $5,000 on Sept. 1
from 1940 to 1964 incl.
Second high bid of 101.61 for 2-3-4s was entered
by Braun, Bos worth & Co. of Toledo.

be considered by the voters on

$468,000.00
now

COLUMBUS

CINCINNATI

ASHTABULA

dl25,000.00

.—

ton & Co.-

Bonds

BUILDING, CLEVELAND

Street Impt.

Scott Horner & Mason, Inc
*
R. S. Dickson & Co.; Wachovia
Bk. & Tr, Co.; Kirchofer &

*

CO.

MITCHELL, HERRICK &

f 17^000. 1951; $19,000, 1952 to 1957; $17,000, 1958, and $7,000, 1959 to
1962; the remaining $84,000

MUNICIPALS

Volume

147

Financial

rpuCIl!PPEjyA.RURAL SCHOOL
The State Teachers'

Reitrement System has purchased

school

Assessed valuation

SCHOOL

Special assessment bonds
Excise and sales tax bonds

DISTRICT

(P. O. Columbia
OFFERING—H. T. Snell, Clerk of the Board of

«receive sealed bids until
S£,§?®'000
% school addition bonds.

General levy bonds
Bonds subject to 10 mill limitation.
Bonds subject to limitation

Sept. 15 for the purchase
Dated Sept. 15, 1938.
Denom.
$500.
Due $1,500 on April 15 and Oct. 15 from
1940 to 1959, incl.
Bidder
may name a different rate of
interest, provided that fractional rates are
expressed in multiples of H of 1%. Interest A. & O. 15. A certified check
for $1,000,
payable to the order of the Board of Education, must accompany
noon on

»

each proposal.
Bonds were authorized at the
count of 283 to 48.

(Sec. 2293-13-16)

Refunding bonds
Smkmg fund (invested)

Population, 347,709.
MANSFIELD

Aug. 9 primary election by

ON

(Preliminary report of this offering appeared in V. 147,

p.

Millersburg), Ohio—BOND
3%

1 from

callable

1945 to

bonds

1, 1938, and

are

1948 incl.

which

They

have been

are

issued to refund

called

for

payment

on

Due

as

SHAKER HEIGHTS,
Ohio—BOND OFFERING—E. P. Rudolph,
Director of Finance, will receive sealed bids until noon on
Sept. 19 for the
purchase of $826,263.50 refunding bonds, divided as follows:

follows:

$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

"

from taxes levied inside the 15-mill limitation.

separately for each issue or for "all or more.
Split
on any single issue, but different interest
rates may be bid for the
respective issues.
On bids for the $285,000, $735,000 and $2,740,000 bonds different interest rates
may be bid, but split
and interest (A. & O.) payable

Approving

legal

opinion

of

Squire,

be presented for payment, with
office of the County Treasurer.

$285,000 series A, $735,000

are in various denoms.
up to
1 from 1939 to 1948 incl. They should

all unmatured coupons attached, at the

CUYAHOGA

COUNTY (P. O. Cleveland), Ohio—BOND SALE—
series A refunding bonds offered Aug. 30—V. 147, p. 1078—
BancOhio Securities Co., Columbus, as 3s, at par plus a
premium of $225, equal to 100.16%, a basis of about
2.97%.
Dated Sept.
15, 1938 and due $7,000 March 15 and Sept. 15 from 1940 to 1949 incl.
The First Cleveland Corp., second
high bidder, bid a premium of $1,187
The $140,000

Other bids:

Bidder—

$27,960.50
28,143.50
28,182.50
30,232.00

Seufferle & Kountz

Field, Richards & Shepard, Inc

on Sept. 12 for the
purchase of $40,000 4% school bonds. Dated
Denom. $1,000.
Due $1,000 April 1 and Oct. 1 from 1940
incl., and $2,000 April 1 and Oct. 1 from 1944 to 1951 incl.
Bidder
inay name a different rate of interest, provided that fractional rates are
expressed in multiples of
of 1 %.
Interest A. & O.
A certified check for
$500, payable to the order of the Board of Education, must accompany each
proposal.

TOLEDO, Ohio—BOND OFFERING—C. H. Austin, City Auditor,
will receive sealed bids until noon on Sept. 20 for the purchase of $47,000
4%
coupon
or
registered Anthony Wayne Boulevard bonds.
Dated
Sept. 1, 1938.
Denom. $1,000.
They will be printed in different amounts
at purchaser's request, provided the maturity schedule is not affected.
Due
Sept. 1 as follows: $5,000 from 1940 to 1946 incl. and $4,000 from 1947 to
1949 incl.
Bidder may name a different rate of interest, although fractional
rates must be expressed in multiples of
of 1%.
Prin. and int. (M. & S.)
payable at the Chemical Bank & Trust Co., New York City.
A certified
check for 1% of the amount of bonds bid for, payable to the order of the
Commissioner of the Treasury, is required.
Proceedings incident to prop¬
erty authorization of bonds will be taken under direction of a bond attorney
whose opinion as to legality of loan may be
procured by the successful bidder
TOLEDO CITY SCHOOL
DISTRICT, Ohio—BOND OFFERING
DETAILS—The $60,000 3% vocation high school bonds being offered for
on Sept. 14—V. 147,
p. 1377—will be payable as to principal and interest
Bank & Trust Co., New York City.
Coupon bonds may
be registered as to prncipal only at purchaser's expense.
On demand of
the pin-chaser and at his expense, registered bonds may be issued in lieu
of coupon instruments.
Bonds will be delivered at the Toledo Trust Co.,

at the Chemical

DAYTON

tion under the Ohio State School Foundation
program.
It is expected that
the notes will be offered for sale at the next
regular meeting of the Board,
scheduled for Sept. 8.
The district, it was
a

SHEFFIELD LAKE SCHOOL DISTRICT (P. O.
Lorain), Ohio—
BOND OFFERING—Carl W. Lattig, District
Clerk, will receive sealed bids

sale

CITY SCHOOL
DISTRICT, Ohio— TO ISSUE NOTES—
The State Department of Education has authorized the
district to issue *
$256,520 notes in lieu of cash allocations for the third quarterly distribu¬

because of

separate issues,

at his own expense.

Net Int. Cost

Fox, Einhorn & Co., Inc
Hayden, Miller & Co_

Due

1947 incl.; $13,250 April

Oct. 1, 1938.

were awarded to the

for 3

to

to 1943

BOND CALL—The
following 6% refunding bonds aggregating $3,760,000

April 1 and Oct.

from 1943

until noon

Sanders & Dempsey of Cleveland will be furnished the
successful bidder.
A certified check for
1% of the amount of bonds bid for, payable to the
order of the County
Treasurer, must accompany each proposal.
Purchaser
to accept delivery of bonds at
Cleveland, before 10 a. m. on Oct. 1.
have been called for payment on Oct.
1, 1938:
series B, and $2,740,000 series C.
The bonds

"

All of the bonds will be dated Oct. L 1938.
These are the bonds originally
scheduled to be sold on Aug. 22.
The total has been divided into three
as against two previously.—V. 147, p. 928.

bids will not be considered

rate bids will not be considered.
Principal
at
the County Treasurer's office.

$5,112.64 is required.
as follows: $13,000 April
1 and Oct. I
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.

264,750.00 series G bonds.
,

All of the bonds will be dated Oct.
1, 1938.
Denom. $1,000.
Bidder
may name a different rate of interest,
provided that fractional rates are
expressed in multiples of M of 1%.
Bids for the $760,000 and $1,600,000
bonds may be made

mature

Alburg, District Clerk
Sept. 17 for the purchase of $21,000

payable from taxes levied outside the 15-

$42,000 April 1 and Oct. 1
April 1 and Oct. 1, 1943; $41,000
April 1 and $40,000 Oct. 1, 1944; and $40,000 April 1 and 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

$1,000, and

on

Oct.

.ST. HENRY SCHOOL DISTRICT (P. O. St.
Henry), Ohio—BOND
SALE DETAILS—The $45,000 school bonds sold to
Ryan, Sutherland &
Co. of Toledo as 3s at 102.31—V.
147, p. 1377—mature as follows:
$500
May 1 and Nov. 1, 1940, and $1,000 May 1 and Nov. 1 from 1941 to
1962,
inclusive.

from 1940 to 1942 incl.; $41,000

rate

OFFERING—Ruth

noon

Dated

bonds.
Denoms. $1,000 and $900.
Due over a period of 20 years.
In¬
terest M. & N.
Purchaser to pay cost of printing the bonds and
prepara¬
tion of transcript.

mill limitation.

735,000 refunding bonds.

building bonds.

on

to Jan.

Oct.

ELECTION

OTTAWA SCHOOL DISTRICT, Ohio—BONDS
OFFERED—J. E.
Roose, Clerk of the Board of Education, received sealed bids until 8
p. m.
Sept. 1 for the purchase of $38,000 not to exceed 4% interest construction

™

Oct.

Ohio—ANOTHER

1, 1938.
Denorns. $1,000 and $500.
Due $500 April 1 and Oct.
1, 1940, and $1,000 April 1 and Oct. 1 from 1941
to 1950, incl.
Interest A. & O.
A certified check for 5% of the bid,
pay¬
able to the order of the District
Treasurer, must accompany each proposal.

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

certain

DISTRICT,

ISSUE—The $550,000 improvement bonds rejected
by the
Aug. 9 will again be submitted for their deliberation on Sept. 20.

will receive sealed bids until

$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

and

on

MILLERSBURG-HARDY EXEMPTED SCHOOL DISTRICT (P. O.)

CUYAHOGA COUNTY (P. O.
Cleveland), Ohio—BOND OFFERING

1, 1931.
285,000 refunding bonds.
Due as follows: $17,000 April land$16,000
Oct. 1, 1940 to 1942 incl.; $16,000 April 1 and Oct.
1, 1943;
$16,0Q0 April 1 and $15,000 Oct. 1, 1944; and $15,000 April
1

SCHOOL

BOND

oters

v

1233.)

—George H. Stahler, Clerk of the Board of County Commissioners, will
receive sealed bids until 11 a. m.
(Eastern Standard Time), on Sept. 22 for
the purchase of
$6,120,000 3coupon or registered bonds, divided as
follows:

,

$540,000,000
7,126,280
2,569,990
'
1,379,817
3,176,473
1,951,035
2,661,035
2,590,240
781,657

Total bonded debt

TOWNSHIP

Station), Ohio—BOND

1531
Debt Statement, Aug. 1, 1938

.

issue of $88,000

an

building bonds.

COLUMBIA

Chronicle

DISTRICT, Ohio—BOND SALE—

Toledo,

on

about

or

TUSCARAWAS,

Sept. 28.

Payment to be made through that bank.

Ohio—BOND

OFFERING—C. F. Regula, Village
Clefk, will receive sealed bids until noon on Sept. 12 for the purchase of
$27,000 4% water works mortgage revenue bonds.
Dated Sept. 1, 1938*
Denoms. $1,000 and $500.
Due Sept. 1 as follows: $500 from 1940 to
1953, incl., and $1,000 from 1954 to 1973, incl.
Interest M. & S.
Bidder
may name a different rate of interest, provided that fractional rates are
expressed in a multiple of M of 1%.
A certified check for $270, payable
to the order of the village, must accompany each proposal,

said, is forced to issue the notes
failing off in that portion of the State sales tax wnich is trans¬

mitted to the school foundation
program.

FOSTORIA, Ohio—BOND SALE—The $45,000 coupon city hospital
bonds offered Aug. 26—Y. 147, p. 1078—were awarded to
Stranahan, Harris & Co., Inc., Toledo, as lj^s, at par plus a premium of
$139.50, equal to 100.31, a basis of about 1.37%.
Dated Sept. 1, 1938
and due $4,500 on March 1 and
Sept. 1 from 1939 to 1943 incl.
Other
construction

VALLEY TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Lucasville), Ohio—BONDS SOLD—The State Teachers' Retirement Fund pur¬
3% school building bonds at par plus a premium of $195,
equal to 100.506.
Dated Aug. 15, 1938.

bids:

chased $38,500

Bidder—

Int. Rate

Johnson, Kase & Co
Prudden & Co
Banc Ohio Securities Co

...

1^%
\%%

Hirsch & Co

1%%
2%
2%
2%
2%
2%
234 %
234%

Provident Savings Bank & Trust Co

WAYNESBURG

$183.00
64.00
45.00
32.00
256.53
207.77

1H%

Ryan, Sutherland & Co
Ellis & Co_
Fox, Einhorn & Co., Inc.
Mitchell, Herrick & Co
Braun, Bosworth & Co
Assel, Goetz & Moerlein, Inc

Premium

SCHOOL

DISTRICT,

Ohio—BOND OFFERING—

C. W. Baker, District Clerk, will receive sealed bids until noon on Sept. 20
for the purchase of $20,000 not to exceed 6% interest school bonds.
Dated
Oct. 1, 1938.
Denoms. $500 and $100.
Due on March 1 and Sept. 1
from 1940 to 1957, incl.
Interest M. & S.
A certified check for 1%,

payable to the order of the district, is required.
The bonds mature

56.00
28.30
142.00
68.85
32.00

as

follows: $500 March 1 and $600 Sept.

1 from 1940

to 1956
a

incl.; and $500 March 1 and $800 Sept. 1, 1957.
Bidder may name
different rate of interest, provided that fractional rates are expressed in

multiples of

of 1%.

YOUNGSTOWN, Ohio—BOND SALE—The issue of $230,000 refunding
composed

*

bonds offered Aug. 30—V. 147, p. 1078—was awarded to a group

GALION SCHOOL DISTRICT, Ohio—BOND SALE—An issue of
$54,000 building bonds was sold to the BancOhio Securities Co. of Colum¬
bus, as 234s, at a price of 101.42.

of

McDonald-Coolidge & Co., Mitchell, Herrick & Co., both of Cleveland,
and Ryan, Sutherland & Co., Toledo, as 2?is, at par plus a premium of
$1,576, equal to 100.685, a bass of about 2.68%.
Dated Sept. 1, 1938
and due Oct. 1 as follows:

GIRARD, Ohio—NOTE OFFERING—P. J. Wilson, City Auditor, will
(Eastern Standard Time) on Sept. 19 for the

$20,000 in 1946, and $35,000 from 1947 to 1952

incl.

receive sealed bids until noon

purchase
notes.

1940.

of

$46,000

5%

property

owners'

portion

street

improvement

Dated

Aug. 1, 1938.
Denoms. to suit purchaser.
Due July 1,
may name a different rate of interest, provided that fractional
expressed in multiples of J4 of 1 %.
Principal and interest payable

Bidder

rates are

First National Bank, Girard.
A certified check for $460, payable
to the order of the City Treasurer, must
accompany each proposal.

at

the

HARRISON RURAL SCHOOL DISTRICT, Ohio—BOND ELECTION
—On Sept. 13 the voters will be asked to approve an issue of

.

R. J. EDWARDS,

Inc.

Municipal Bonds Since 1892

$23,000 school

site purchase bonds.

Oklahoma
I RONTON, Ohio—BOND SALE POSTPONED—Date of sale of the
$29,158.15 6% funding bonds described in V.
147,
p.
1377, has been
postponed from Sept. 8 to the following day.

LITTLE MUSKINGUM RURAL SCHOOL DISTRICT (P. O. R. R.
No. 7, Marietta), Ohio—BOND OFFERING—William Bolden, District
Clerk, will receive sealed bids until 8 p. m. on Sept. 6 for the purchase of
$30,000 high school building bonds.

LORAIN,

Ohio—NOTE

SALE—The

$238,600

street
improvement
notes offered Sept. 1 were sold to the BancOhio Securities Co. of Columbus,
as 234s, at par plus a premium of $58.
COUNTY

(P.

O.

Toledo),

Ohio—FINANCIAL

STATE¬

of $25,000 3%

refunding bonds.—V.




147, p. 1233:

Long Distance 787

OKLAHOMA
ADA SCHOOL DISTRICT

(P.

(O. Ada), Okla—

$98,500 issue of school building bonds offered for sale on Aug. 30—V. 147,
p. 1377—was awarded to the Brown-Crummer Co. of Wichita, as 2.87s,
paying a premium of $11.40, equal to 100.01, a basis of about 2.867%.
Due
from 1941 to 1956, incl.
GREENVILLE

LUCAS

MENT—The following is given in connction with the offering on Sept. 7

City, Oklahoma

AT&T Ok Cy 19

CONSOLIDATED

SCHOOL

DISTRICT

NO.

3

(P. O. Marietta), Okla.—BOND OFFERING—It is reported that sealed
a. m. on Sept. 7, by J. K. Testerman, District
Clerk, for the purchase of a $12,000 issue of building bonds.
Bidders to
bids will be received until 10

name

Due $1,000 from 1942 to 1953 incl.

the rate of interest.

EXPORT, Pa.—BOND ELECTION—A proposed issue of $25,000 school
considered by the voters at an election on Sept. 6.

HOLLIS, Okla.—BOND SALE POSTPONED—It is stated by Linnie

bonds will be

Guest. City Clerk, that the sale of the $13,000 issue of not to exceed 6%
sewer bonds, originally scheduled for Aug. 30, as noted here on

semi-ann.

Aug. 27—V. 147, p. 1377—was postponed until Sept. 7.
1948 to 1960 incl.
No bid for less than par value will

HOWE

DISTRICT (P.

SCHOOL

SCHOOL

GARRETT

Due $1,000 from
be received.

DISTRICT, Pa —BOND SALE—The issue of
offered Aug. 29—V. 147, p. 1234—was
of Garrett, the only bidder, as 4s, at

$7,200 callable refunding bonds

awarded to the First National Bank

O. Howe), Okla.—BOND OFFER¬
Sept. 6 by Chas. W.

par.

will be considered by

1948, inclusive.

1942, incl. and $800 from 1943 to

Clerk of the Board of Education, for the purchase of a So,000
issue of building bonds.
Interest rate to be specified by the bidder.
Due
$500 annually from 1941 to 1950 incl.
A certified check for 2% of the
amount of the bid is required.
Luton,

TOWNSHIP SCHOOL DISTRICT (P. O. Erie),
$100,000 high school building bonds

HARBORCREEK

Pa.—BOND ELECTION—An issue of

HEMPFIELD

Okla.—BOND ELECTION—We are advised
20 in order to have the voters pass

CITY,

$600 from 1939 to

Dated Sept. 1, 1938 and due Sept. 1 as follows:

ING—Sealed bids will be received until 2 p. m. on

OKLAHOMA

1938
3

DONORA, Pa.—BOND SALE—The Union National Bank of Donora
purchased an issue of $20,000 bonds.

A certified

required.

check for 2% of the bid is

Sept.

Chronicle

Financial

1532

the voters on Sept. 7.

TOWNSHIP,

Westmoreland County, Pa.—BONDS
authorized the issuance of $330,000

that an election will be held on Sept.

VOTED—At a recent election the voters

the issuance of $3,939,000 in not to exceed 4% water reservoir acquire¬
ment
and water system bonds.
Due in annual instalments beginning

junior high school building bonds.

on

OSAGE

O.

(P.

COUNTY

nor more

INDEPENDENT

Okla.—BOND

Pawhuska),

DISTRICT

SCHOOL

OFFERING— Sealed

bids

NO.

11

will

be

received until 2. p. m. on Sept. 6 by A. J. Wildman, Clerk of the Board
of Education, for the purchase of a $6,000 issue of building and equipment
bonds.

Due $1,500 annually from April 1, 1942 to 1945. incl.

Said bonds
the bonds will
and accrued interest for the bonds.
Each
in cash or Its equivalent equal to 2% of the

shall be sold to the bidder bidding the lowest rate of interest
bear and agreeing

a

sum

Okla.—HOND

ELECTION

SCHEDULED—City

will

vote

18 on improvement and departmental rehabilitation issue of $2100,000, and Mayor T. A. Penney will continue efforts to obtain an exten¬
sion which will permit grant of $1,000,000 by Public Works Administration
despite a recent ruling that such elections must be held prior to Oct. 1 to
make projects eligible for grants.
Date of Oct. 18 was selected to comply with Oklahoma statute which
Oct.

OAKMONT, Pa.—BONDS VOTED—At the election on Aug. 16 an issue
and sewer bonds carried oy a vote of 604 to 155.

PENNSYLVANIA
(State of)—LOCAL
ISSUES APPROVED—The
State Department of Internal Affairs has approved the following local
municipal issues.
Information includes name of the municipality, amount
and purpose of issue and date approved:

Due from 1941 to 1953, inclusive.

Dale

Municipality and Purpose of Issue—
Approved
Bridgeville Borough, Allegheny County—Funding
floating indebtedness
--Aug, 22

Okla.—BOND

OFFERING—Sealed bids will be treceived
until 8 a. m. on 8ept. 5 by W. S. Wheeler, Town Clerk, for the purchase
of a $16,000 issue of sewer bonds of 1938.
Dated July 1, 1938.
Due
$800 from July 1, 1943 to 1962, incl.
Said bonds shall be sold to the bidder
bidding the lowest rate of interest the bond shall bear and agreeing to pay

Okla.—

BOND OFFERING—Sealed bids will be received until 2 p. m. on Sept. 6

by S. A. Gibbs

District Clerk, for the purchase of

County—Erecting, constructing and equipping an
addition to the existing high school building
Aug. 24
Pike Township School District, Clearfield County—
Refunding bonded indebtedness $7,000: funding
floating indebtedness $10,000
Aug. 25
Ambler
Borough
School
District,
Montgomery
County—Purchase of lands additional to present
school site: erect enlarge, equip and furnish school
buildings or additions
Aug. 26

$7,500 issue of school

a

Dated Sept. 1, 1938.
Due Sept. 1 as follows:
$1,000 in 1941 to
1946, and $1,500 in 1947.
Bidders to name the rate of interest.
Principal

bonds.

and interest
a

payable at the fiscal agency of the State in New York.
2%.

Enclose

certified check for

OREGON
JACKSON

DISTRICT NO. 38 (P. O. Rogue
River), Ore.—BONDS SOLD—A $28,000 issue of school bonds was offered
for sale on Aug. 33 and was awarded to Tripp & McClearey of Portland,
COUNTY

SCHOOL

1951 to 1953.

•

Manhattan Co.0.50%
Halsey, Stuart & Co., Inc., Bancamerica-Blair Corp.,
Goldman, Sachs &
Co., Eastman, Dillon & Co.,
Hemphill, Noyes & Co., Stroud & Co., E. Lowber
Stokes & Co. and Glover & MacGregor
___.0.53%
Chemical Bank & Trust Co., Blyth & Co., Inc., Salomon
Bros. & Hutzler, Northern Trust Co., R. W. Pressprich & Co., Eldredge & Co. and Moore, Leonard &

WEST DEER TOWNSHIP SCHOOL DISTRICT

Pa.—BOND

OFFERING—Stanley

Due Oct. 1

$1,000.

as

from 1953 to 1963 incl.

1520 Locust St., Philadelphia

$76,000

3.10% and 3.15%

R.

(P.

O.

Fredericktown),

BOND OFFERING—Mrs. Mary M. Power, District Secretary,
sealed bids until 1:30 p. m. (Eastern Standard Time) on Sept.

follows: $7,000 from 1941 to 1952 incl. and $6,000
Bidder to name a single rate of interest, expressed

SCHOOL

Int. Rate

M. M.

will receive
10, for the

maturity shall be for $1,000. Although
bids must be made on the basis of an issue of
$18,000, the district reserves
the right to sell at the bid price additional bonds in the amount of not to
exceed $7,000.
While it is proposed to have the issue redeemable in whole
or In part on Oct. 1 of each
year, beginning with 1939. the bidder is required
to submit an alternate tender on the basis of the bonds not being subject to
call.
Rate or rates of interest to be expressed in multiples of 4 of 1%.
Sale of bonds is subject to approval of the
Pennsylvania Department of
Internal Affairs.
A certified check for
$500, payable to the order of the
district, is required.
Purchaser to furnish own legal opinion; district to
print the bonds.

3%

Freeman & Co

RHODE

ELIZABETHTOWN, Pa .—BOND ELECTION—On Sept. 6 the voters
ELIZABETHVILLE SCHOOL DISTRICT, Pa.—BOND OFFERING—
The District Secretary will receive sealed bids until 8 p. m. (Eastern Stand¬
ard Time) on Sept. 13 for the purchase of $26,500 24, 2%, 3, 34, 34,

4% school bonds.

Due April 1

follows: $1,000 from 1941 to 1956
incl. and $1,500 from 1957 to 1963 incl.
This issue carried by a vote of
364 to 122 at the Aug. 2 election.
as

ELKLAND, Pa.—BOND SALE—The $28,000

bonds of¬
the Day Trust Co. of

coupon

sewer

fered Aug. 29—V. 147, p. 1378—were awarded to
Boston, as 2y8s, at par.
Dated Oct. 1, 1938 and due $2,000 on Oct. 1
1939 to 1952 incl.
Glover & MacGregor, Inc.of Pittsburgh bid a

from

premium of $394.80 for 3 j^s.




100.54

ISLAND
STATEMENT—Follow¬

ing is given in connection with the recent offering to the public of $740,000
3% sewer bonds by Chace, Whiteside & Co. of Boston and Mackey, Dunn
& Co., Inc., New York, in joint account.—V. 147, p. 1378:
Financial Statement, Aug. 15,

Taxable assessed valuation (1938)
Total bonded debt (including this

1938

$16,287,000
1.335,000

issue)

Population,1938 estimate. 13,000: 1930 census, 11,104.
There is no overlapping indebtedness except that of the State of Rhode
Island.
Providence County has no debt and there is no overlapping
School District

.

Tax Collections, Aug.

15, 1938

.$261,221
275,618
259,672
270,576

1935-

I

1938--

Note—Outstanding currently $100,000 T. A. N.

Nov. 7, 1938, and $25,000 T. A. N. due

RHODE

^

Levy

Year—

will be asked to approve an issue of $35,000 school bonds.

101.67
101.64
100.219

,

NORTH PROVIDENCE, R. I.—FINANCIAL

•

Rate Bid

'24%
24%
2M%

J

George E. Snyder & Co
Bancamerica-Blair Corp
Burr & Co., Inc.-

Pa.—

amount of bonds is sold the final

or

Secretary, will

DISTRICT, Pa .—BOND SALE—The $150,000
school building bonds offered Aug. 29—-V. 147, p.
Co. of Philadelphia, as 24s,
at a price of 100.404, a basis of about 2.21%.
Dated Sept. 1, 1938 and due
$6,000 on Sept. l from 1939 to 1963, incl.
Other bids:

purchase of $18,000 school bonds.
Dated Oct. 1, 1938.
Denom. $1,000.
Due $2,000 on Oct. 1 from 1939 to 1947, incl. provided that if an odd

34

660.00

a

YEADON

DISTRICT,

DISTRICT

155.00

1378—were awarded to Dougherty, Corkran

Pa.—BOND
ELECTION—
$60,000 school bonds will be considered by the voters on Sept. 6.
SCHOOL

Prem.

$2,632.00
2,330.21

(P. O. Russellton),

District

Cushman,

Bidder—

DEEMSTON

165,000

elementary and high

Phila. 22

PENNSYLVANIA
An issue of

17,000

WEST HAZELTON, Pa.—BOND SALE— The $20,000 44% funding
offered Aug. 30—V. 147, p. 1080—were awarded to Burr & Co.,
Inc., Philadelphia, at a price of 106.299, a basis of about 3.76%.
Dated
July 1, 1938 and due $1,000 on Jan. 1 from 1940 to 1959 incl.
Second
high bid of 104.615 vas made by Singer, Deane & Scribner of Pittsburgh.

Philadelphia

SCHOOL

40,000

bonds

1980, Opt. 1950

YARNALL & CO.

BROOKVILLE

7,200

multiple of M of 1%.
Sale of bonds is subject to approval of the
Pennsylvania Department of Internal Affairs.
A certified check for $3,000,
payable to the order of the District Treasurer, must accompany each pro¬
posal.
The approving legal opinion of Burgwin, Scully & Churchill of
Pittsburgh will be furnished the successful bidder.
This issue was approved
at the May 17 election.
in

City of PHILADELPHIA 4's &4^'s

1528 Walnut St.

300,000

receive sealed bids until 7 p. m. (Eastern Standard Time), on Sept. 22 for
the purchase of $150,000 coupon school bonds.
Dated Oct. 1 1938. Denom.

Moncure Biddle & Co.

A. T. & T. Teletype

0.60%

Lynch..

Price: 110.916 & Interest to Net 3.10%

to net

0.50%

National City Bank of New York.
First Boston Corp. and the Bank of The

Bonds due December 2, 1979/49

Prices

Int. Rate

Bidder—

MARION COUNTY SCHOOL DISTRICT NO. 99 (P. O. Marion),
Ore.—WARRANT SALE—The $4,500 issue of warrants offered for sale
on Aug. 22—V. 147, p. 1233 was
awarded to Tripp & McClearey of Port¬
land, as 34s at par, according to the District Clerk.
Dated Sept. 1, 1938.
Due on June 1, 1939 to 1943.

Due July 1,

$30,000

PITTSBURGH, Pa.—NOTE SALE—The $3,300,000 public improve¬
ment notes offered Aug. 31—V. 147, p. 1378—were awarded jointly to the
Peoples-Pittsburgh Trust Co. and the First National Bank of Pittsburgh,
at 0.50% interest, at par plus a premium of $3,349.60.
Dated Sept. 1,
1938 and due in one year.
Other bids:

according to J. M. Whipple, District Clerk.
Dated July 15, 1938.
Dueon
July 15 as follows: $1,500, 1939 to 1945; $2,000, 1946 to 1950: and $2,500,

City of Philadelphia

Amount

County—Funding

floating indebtedness $200,000: refunding bonded
indebtedness $100,000
-Aug. 22
Garrett Borough School District, Somerset County—
Refunding bonded indebtedness—
Aug. 22
Hatboro
Borough
School
District,
Montgomery

or

Wyandotte),

19376

Mt. Lebanon Township, Allegheny

is
Ln cash
Ear bid accrued interest equivalent equal to 2% of the amount submit with
and
its for the bonds.
Each bidder shall of his bid.

O.

14/, p.

of $175,000 street

WAGONER, Okla.—BOND SALE—The $25,000 issue of water works

WYANDOTTE SCHOOL DISTRICT (P.

SALE—The

Box No. 1, Wall), Pa.—
$90,000 coupon township bonds offered Aug. 29—
1234—were awarded to Moore, Leonard & Lynch, New York
City, and Burr & Co., Inc., Philadelphia, jointly, at, 3%s, at a price of
101.78, a basis of about 3.61%. Dated Oct. 1, 1938 and due $5,000 Oct. 1,
in 1943, 1945, 1947, in 1949, and from 1951 to 1964, inclusive.

bonds offered for sale on Aug. 29—V. 147, p. 1378—was
awarded to the First National Bank of Wagoner, a.. 3lAs, according to the

a sum

Pa .—BOND

NORTH VERSAILLES TOWNSHIP (P. O.

V.

improvement

WAYNE,

DISTRICT,

BOND SALE—The

requires 40-day protest period after fiscal year budget is filed.
No debt
may be incurred during the protest period.
Budget will be filed Sept. 1.
Improvement
program
approved by City
Commission
comprises 12
projects.

City Treasurer.

^

$55,000 senior high school bldg. equipment bonds offered Aug. 30—V. 147,
p. 1079—were awarded to Halsey, Stuart & Co., Inc., New York, as lj^s,
at a price of 100.039, a basis of about 1.49%.
Dated Sept. 15, 1938 and
due $5,000 on Sept. 15 from 1939 to 1949 incl.

amount of his bid,

TULSA,

SCHOOL

NORRISTOWN

to pay par

bidder shall submit

.

SCHOOL
DISTRICT,
Pa .—BOND
OFFERING—H.
F.
Maurer, District Secretary, will receive sealed bids until 7.30 p. m. (Eastern
Standard Time) on Sept. 20 for the purchase of $20,000 2%, 3. 34. 34,
3*4 or 4% school bonds.
Dated Oct. 10, 1938.
Denom. $1,000. Due
$1,000 on Oct. 10 from
1939 to 1958 incl.
District reserves right to
redeem the last 10 maturing bonds on any interest date.
Unterest A. & O.
Sale of bonds is subject to approval of the Pennsylvania Department of
Internal Affairs.
A certified check for $500, payable to the order of Charles
C. Whitehead, District Treasurer, must accompany each proposal.
MANOR

than five years after date and the last
instalment to become due not more than 25 years.
The bonds are to be
issued In connection with a Public Works Administration grant.
not less than three years

ISLAND

(State

Collected
94%
91%
89%

78%^

against 1938 levy due

Dec. 5, 1938.

of)—REPORTS $797,451

SURPLUS— State

Budget Director Henry J. Lee reports cash surpius of $797,451 at end or
year ended June 30 last.
In that year the State spent $1,043,619
more than it received, but was saved from going into the deficit column by
its cumulative cash surplus brought over from the previousi y^r.
Mr.
Lee's report showed the net State debt as of June 30 to be $27,305,591.30, as
compared with $27,955,206 a year earlier.

fiscal

Volume

Financial

147

Chronicle

WARWICK

(P. O. Apponaug), R. I.—BOND SALE— The $63,000
bonds offered Sept, 1 were awarded to Estabrook & Co. of Boston,
price of 100.169, as follows:

availability of Federal funds, it is proposed that the State acquire
money which will be used in the construction of a new office
building in order to eliminate the yearly outlay of some $30,000 now being
additional

coupon
at a

expended for rent.
Inasmuch as the legislative authorization for these bonds was passed at

$25,000 Aldrich School land bonds were sold as 2MsDated July 1, 1938
and due July 1 as follows: $1,000 from 1939 to 1943 incl. and $2,000
from 1944 to 1953 incl.

approximately the

'

1948 incl.

to

$1,000.

•

■. •

Trust Co., Providence.
Legality approved by Storey, Thorndike, Palmer
& Dodge of Boston.
All of the city's taxable real estate and tangible

Bidder—

Statement of Indebtedness of the State of Tennessee—Aug. 2,
Funded Debt—

SOUTH

General bonds

100.195
101.349
101.267
101.01

2M%
2M %
2M%
__-___2M%

Rural school bonds

University of Tennessee bonds
Smoky Mt. Park bonds

CAROLINA

Total bonds secured by sink, fund retirement certificatesConsolidated bonds

$90,144,500
16,784,500

-----

GREENVILLE

LAURENS

AND

COUNTIES

SCHOOL

PUBLIC

DISTRICT NO. 3-B (P. O. Fountain Inn), S. C.—BONDS SOLD—It
$35,000 building bonds were purchased jointly on Aug. 29
by McAlister, Smith & Pate, and W. F. Coley & Co., both of Greenville, as
3 Ms, paying a premium of $157.65, equal to 100.45, a basis of about 3.45%.
Denom. $1,000.
Due on Sept. 1 as follows: $1,000, 1939 to 1943 and
$2,000 from 1944 to 1958.

Total funded debt..

is reported that

ORANGEBURG

COUNTY

SCHOOL

DISTRICT

NO.

26

(P.

Total gross indebtedness
Net sinking fund assets for bonds due 1939

O.

Total net indebtedness

1946352 1950 1953476

2%, plus

a

-

-

$116,104,507.07

-

The $15,860,000 of net assets now on hand in the Board of Liquidation
to

apply against bonds due 1939 will be sufficient, together with future
accruals, to pay in full the $23,737,000 bonds due next year.
Of this
$23,737,000, $9,400,000 comes due Dec. 1, 1939.
It is contemplated, that by 1953, over $120,000,000 of the present State's

SOUTH CAROLINA, State of—NOTES SOLD—The State Schooibook
a block of $14,000 notes to
at

—$131,964,507.07
15,860,000.00

— —

Aug. 26—V. 147, p. 1235—-was awarded to Frost, Read &
Co. of Charleston, as 3Ms, paying a premium of $61.00, equal to 100.265,
according to the Secretary of the Board of Trustees.

Commission is said to have sold on Aug. 26,
Citizens & Southern Bank of Columbia,

25,035,507.07

-

Less:

on

the

$106,929,000

—

Unfunded Debt—
Balance—County reimbursement debt

Orangeburg), S. C.—BOND SALE—The $23,000 issue of school bonds
offered for sale

1938

$14,089,500
15,945,000
46,309,000
9,172,000
980,000
2,450,000
1,199,000

-

Funding bonds
Highway bonds
Bridge bonds.

Rate Bid

Int. Rate
.

Chap. 165, Public Acts of Tennessee 1937,

uniform plan of debt retitement for the State.

personal property will be subject to a levy of unlimited ad valorem taxes
to pay both principal and interest.
The following other bids were submit¬
ted, all of which specified a single interest rate for both issues:

Schlater, Noyes& Gardner, Inc
Kennedy, Spence & Co
Bond, Judge & Co
—:»
Kidder, Peabody & Co

as

13 of said Act, so that all bonds of the State will be within the debt re¬
organization plan, thereby assuring payment for all debt at maturity and a

and int. payable at the Rhode Island Hospital

Prin,

time

same

these bonds are not included in the debt reorganization plan.
However,
it is contemplated that in December, 1938, these bonds shall be refunded
under the authority of Chap. 165, Public Acts 1937 as provided by Section

38,000 school dept. bonds were sold as 2s.
Dated Sept. 1, 1938 and due
Sept. 1 as follows: $3,000 in 1939 and 1940, and $4,000 from 1941
Denom.

1533

recent

debt will be paid off.

premium of

$15.

TEXAS

TAYLOR'S PUBLIC SCHOOL DISTRICT NOS. 9-B and 9-J (P. O.

Greenville), S. C.—BONDS SOLD—It is reported that $10,000 school

bonds

CROCKETT INDEPENDENT SCHOOL DISTRICT (P. O. Crockett),
Texas—FINANCIAL STATEMENT—'The following information, taken

purchased recently by W. F. Coley & Co. of Greenville, as
3Ms, paying a premium of $13.25, equal to 100.13, a basis of about 3.49%.
Due from Sept. 1
1940 to 1948.
were

SOUTH

from official sources, is given herewith in connection with the recent sale of
the $43,000 4% refunding bonds reported in our issue of Aug. 27—V. 147,
p.

Financial Statement (As of June 30, 1938)
Assessed valuation, 1937
Real property. — . - _

HOWARD, S. Dak.—BOND OFFERING—Sealed bids will be received
until 7.30 p. m. on Sept. 12, by Leon Hanson, City Treasurer, until 7.30
p. m. on Sept. 12, for the purchase of an $18,000 issue of 4% semi-annual
street

improvement bonds.

Denom. $1,000.

$1,000 from 1940 to 1957 incl.

Dated July

1,

1937.

COUNTY

7,454.08

—

------

$130,545.92
4.34%

Estimated population of District,

7,000; scholastic population, 1,240.
Tne foregoing statement does not include the debt of any other political
subdivision having a separate taxing authority.
Tax Data

1933

Valuations

Rale

$2,986,375
2,973,075
2,975,656
2,999,403
3,010,112

.--$1.00
1934-...
.90

May 16, the sale of which was later cancelled.)
The following is the report of the previous sale, as given here at that time:
BOND SALE—The two issues of bonds aggregating $68,000, offered
for sale on May 16—V. 146, p. 3063—were awarded to the Wells-Dickey
Co. of Minneapolis as 2Ms- paying a premium of $376, equal to 100.5529,
a basis of about 2.65%.
The issues are divided as follows:
$58,000 auditorium bonds.
Due from May 25, 1940 to 1948, incl.
10,000 auditorium bonds.
Due from May 25, 1940 to 1948, incl.

—

.

1935-.-.

-

_

.

_

-

.90

1936---.

.90

1937—

.90

...

x

Collections to June

Tax

rate

of

$0.90,

'

:

Tax

Assessed

Tax

Tax
Year

on

Total

Total

Collections

Levy
$29,863.75
26,757.95
26,781.12
26,994.72
27,091.11

Collections

$24,694.96
25,444.63
25,960.52
26,129.02

x24.637.88

82.69%
95.09%

96.93%
96.79%
x90.93%

30, 1938.

1937, divided

interest and sinking fund,

as

follows:

maintenance,

45 cents;

45 cents.

defaulted in the payment
of any of its obligations.
It was organized in 1917 and nas an approximate
area of 10,240 acres, wnich includes the entire City of Crockett.
Crockett Independent School District nas never

TENNESSEE

BIDS—The

138,000.00

Percentage of net debt to assessed valuation

WATERTOWN, S. Dak.—BOND OFFERING—It is reported that sealed

Tenn.—LIST OF

— -—

Net bonded debt..

(P. O. Woonsocket), S. Dak.—PRICE PAID

bids will be received until Sept. 12, by the City Treasurer, for the purchase
of a $68,000 issue of auditorium bonds.
(These are the bonds that were

CLARKSVILLE,

...

Total bonded debt------.
Less: sinking fund cash.

funding bonds, and the $150,000 3 M % semi-annual funding bonds purchased
by a syndicate headed by Mairs-Snaughnessy & Co. of St. Paul, as noted
in our issue of Aug. 27—V. 147, p. 1379—were sold at par.

sold

-$2 306,447.00
703,665.00

—

— —

1,010,112.00

Due

No bids will be received for less than par

—It is stated by the County Auditor that the $110,000 3 M % semi-annual

W

(75% of actu .1):

Personal property.

value.

SANBORN

1379:

DAKOTA

bids

following

EAGLE LAKE

were

Lake),

INDEPENDENT SCHOOL DISTRICT (P. O. Eagle

Texas—BONDS

among those received for the $138,000 electric plant, general obligation
bonds that were awarded on Aug. 24 to the Northern Bank of Tennessee,
of Clarksville, as 3s, at 102.22
a basis of about 2.735%, as noted in our

voters on

issue of

SOLD—It is stated

by the

Superintendent of

to 1953.

Aug. 27—V.

147, p. 1379:

Names of Other Bidders—

Thos. H. Temple & Co., and W. N. Estes & Co...

Nunn, Shwab & Co
J. W. Jakes & Co

-_

Cumberland Securities Corp.

Premium

Rate Bid

Nashville Securities Corp

------

_

GALVESTON

$2,067.50
1,434.00
835.00
405.00
90.00

3%
3%
3%
3%
3%

—

-

1947

1948

—-

1949--

—

-—-

260.000

27o,000
285,000

—

1952-

as

follows:

$295,000
310,000
320,000
330,000
350,000
360,000

—$375,000
390,000

1955----.

1958-

-

405,000
420,000
435,000
460.000

BONDS REOFFERED TO PUBLIC—The successful bidders immediately

made public offering of tne bonds and at 4 p. m. Tuesday announced
all bonds had been sold or withdrawn from the syndicate account.

that

The
$4,280,000 3M% bonds are priced to yield from 2 to 3.40% and mature in
varying amounts from 1941 to 1954, inclusive.
The $1,720,000 3M%
bonds are priced to yield 3.40% and mature from 1955 to 1958, inclusive.
MORGAN

COUNTY

(P.

O.

Wartburg),

Tenn.—BOND

TENDERS

INVITED—It is stated by George W. Dagley, County Judge, that he will
receive tenders until noon on Sept. 30, for the sale to the county of a suf¬
ficient number of its general refunding bonds, series of 1935, dated Oct. 1,
1935, to exhaust as nearly as practical the approximately $30,000 which is
available.
All bids offered must be firm for five days and for immediate

delivery, and must state the serial numbers of the bonds, interest rate and
prices asked.

PARIS, Tenn.—BOND OFFERING—Sealed bids will be received until
a. m. on Sept. 17, by Fred R. Baich, City Recorder, for the purchase of
$25,000 issue of refunding bonds.
Interest rate is not to exceed 6%,
payable A. & O.
Dated Oct. 1, 1938.
Denom. $1,000.
Due Oct. 1, as
follows: $3,000 in 1944 to 1950, and $4,000 in 1951.
Bidders are requested
to name the lowest interest rate or rates at which they will purchase the
bonds at par or better.
The approving opinion of Chapman & Cutler, of
Chicago, wid be furmshed.
Enclose a certified check for not less than

SCHOOL

DISTRICT

NO.

12

intendent of Schools that he

&

.$230,000
245,000
255,000

COMMON

HEBBRONVILLE INDEPENDENT
SCHOOL DISTRICT (P. O.
Hebbronville), Texas—BOND OFFERING—It is stated by the Super¬
will receive sealed bids until Sept. 7, for the
purchase of a $33,000 issue of 4% semi-annual school bonds.
Due in 30

KNOXVILLE, Tenn.—BOND SALE—The $6,000,000 issue of electric
30—V. 147, p. 1379—
was awarded to a syndicate composed of Blyth & Co.
Inc. Smith, Barney

The exact maturities on the bonds are

COUNTY

(P. O. Galveston), Texas—BONDS SOLD—It it reported that $55,000
2M% semi-ann. school bonds were purchased recently by Moroney & Co.,
and Duquette & Co., both of Houston, jointly.
Dated Sept. 15, 1938.
Due from Sept. 15, 1939 to 1948.

system revenue, series A bds. offerea for sale on Aug

Co., both of New York; the Equitable Securities Corp.; the Cumberland
Securities Corp., both of Nashville; B. J. Van Ingen & Co.. Inc. of New
York; Kelley, Richardson & Co. of Chicago; Booker & Davidson, Inc.; the
Fidelity-Bankers Trust Co., both of Knoxville; Hunter Jones & Co. of
Memphis, and the Knoxville Securities Co. of Knoxville, paying a price of
100.005, a net interest cost of about 3.393%, on the bonds divided as follows:
$4,280,000 as 3Ms, maturing from July 1, 1941 to 1954; the remaining
$1,720,000 as 3Ms, maturing from July 1, 1955 to 1958, inclusive.

$7,500 4% semi-annual construction bonds approved by the
July 30, have been sold.
Dated Aug. 1, 1938.
Due from 1939

Schools that

'

years.

,

,

HOUSTON, Texas—- WARRANTS TO BE SOLD—It is reported that
local banks have agreed to purchase a totai of $500,000 in time warrants.
BOND ELECTION—It is said that an election wi.l be held on Oct. 3 to
submit to the voters various improvement bond proposals aggregating
$1,950,000.
LA GRANGE
INDEPENDENT SCHOOL DISTRICT (P. O. La
Grange), Texas—It is reported that $16,500 2M% semi-ann. gymnasium
auditorium bonds were purchased recently by the John Schumacher
State Bank of La Grange.
Due as follows: $500 in 1939, and $1,000
1940 to 1955; optional after five years.

and

PARIS, Texas—BOND iSALE—'The $50,000 issue of street improvement
147, p. 1380—was awarded to Barcus,
the City Secretary. Dated Sept. 10,
1938.
Due in not to exceed 30 years from date.

bonds offered for sale on Aug. 29—V.

Kindred & Co. of Chicago, according to

PORT ARTHUR, Texas—BOND ELECTION—It is said that an

elec¬

tion will be held on Sept. 13 in order to have the voters pass on the proposed
issuance of various improvement bonds totaling

$531,356.

PORT ARTHUR INDEPENDENT SCHOOL DISTRICT (P.

O. Port

Arthur), Texas—BONDS VOTED—A press dispatch from Port Arthur on
Aug. 24 reported as follows:
A $450,000 school district bond issue carried by a better than 2 to 1 mar¬
gin here Wednesday as the first step in an $816,000 school construction
program.

The bond issue, necessary to secure
A total of 737 ballots were cast.

Federal aid, was voted 532 to 205.

Progress Works Administration application for approximately $367,000
as the Government's share of the program has been approved at Fort Worth
and is in Washington for

final approval.

10

POTTER

a

$500.

4

TENNESSEE, State of—ADDITIONAL INFORMATION—The follow¬
ing official information is furnished in connection with the offering scheduled
for Sept. 6, of the $500,000 office building bonds, described in our issue of
Aug. 17—V. 147, p. 1379:
The above described bonds are to be issued under the authority of Chap.
293, Public Acts of Tennessee 1937, and the bonds shall constitute general
obligations of the State of Tennessee for the payment of the principal and
interest of which its full faith and credit

pledged.
Until recently, it was not contemplated that the bonds would be issued,
due to the fact that Federal aid could not be procured.
However, with the




are

COUNTY

(P.

O. Amarlllo), Texas—BONDS SOLD—It is

stated by J. N. Riggs, County Judge, that a block of $165,000 of the $300,000 county hospital bonds approved by the voters at the election held on

Aug. 20, has been purchased by Geo.
as

3M«.

L. Simpson & Co., Inc., of Dallas,

Dated Sept. 15, 1938.

UNIVERSITY PARK (P. O. Dallas), Texas—BOND OFFERING—
Sealed bids will be received until 5 p. m. on Sept. 6, by Ralph E. Hammann,

City Clerk, for the purchase of two issues of bonds aggregating

$185,-

000, divided as follows:

$135,000 storm and sanitary sewer improvement.
Due Sept. 1 as follows:
$10,000 in 1939, 1941 to 1943, 1945 to 1947, 1949, 1953 to 1955
and 1962, and $15,000 in 1963.
50,000 alley and street improvement.
Due $5,000
1950 and 1951, and 1957 to 1959.

Sept. 1, 1942 to 1946,

Sept. 1, 1938.
Denom. $1,000.
Prin. and int. payable at the
Chase National Bank, New York.
Bidders are requested to submit their
bids on the basis of the total $185,000, and the city reserves the right to
Dated

Financial

1534

accept or reject any and all bids.
No bid for only one separate issue will
be considered.
Bidders are requested to submit not over two bids.
Each

specify the rate of Interest that the bonds should bear.
Split
bids involving only two different coupon rates will not be considered by
the city.
Ail bids must specify the gross and net interest cost to the city.
No bid at a net price of less than par and accrued interest will be considered.
bid

may

submitted on a form furnisned by the

be considered unless

will

No bid

All bids must be accompanied by a certified or cashier's check paya¬
ble to the city in an amount equal to 2% of the par value of the bonds,
being $3,700.
This check will be considered as a good faith deposit and will
be returned, within 24 hours, by the city if bid is not accepted.
It is con¬
templated that delivery of the above mentioned bonds will be made about
Sept. 15, 1938.
Certified copy of the entire proceedings had in connection
with the issuance of these bonds, and the printed bonds, will be furnished

by the city at its own expense.
Delivery of the
Dallas as may be agreed upon by the
purchaser and the City of University Park, accompanied by the final un¬
qualified approving legal opinion of W. P.- Dumas of Dallas.
Tne ex¬
pense of any other opinions must be paid by the purchaser.
(This notice supplements the offering report given in our issue of Aug. 27
the successful bidder

bonds will be made at such bank In

—V.

147,

13»U.)

p.

WEBSTER INDEPENDENT SCHOOL DISTRICT (P. O. Webster).
Texas—BONDS SOLD—An Issue of $160,000 school bonds was purchased

Aug. 25 jointly by Neuhaus & Co., and Moroney & Co., both of Houston,
paying a premium of $332.10, equal to 100.2075.
Dated Oct. 1, 1938.
The bonds are divided into
2^s, maturing on Oct. 1 as follows:
$5,000 in 1939 and 1940, and $14,000 in 1941, as 2 Ms; $14,000, 1942 to
1944; $15,000, 1945 and 1946; $16,000, 1947, and $17,000, 1948, as 2^s;
$18,000, 1949, and $13,000 in 1950, as 2Hs.

1938

agency of the State in New
Treasurer'sgoffice^or the State Treasurer's office.
En¬

Prin. and int. payable at the fiscal

bonds.

York, the County

close a certified check for

5%.

METALINE FALLS SCHOOL DISTRICT (P. O. Newport) Wash.—
OFFERING—Sealed bids will be received until Sept. 10, by the

BOND

County Treasurer, for the purchase of a $15,500 issue of auditoriumgymnasium bonds. These bonds vere approved by the voters on Aug. 10.

city.

to

Sept. 3,

Chronicle

OKANOGAN COUNTY SCHOOL DISTRICT NO. 108 (P. O. Okano¬

gan), Wash.—BOND SALE—The $7,400 issue of school bonds offered for
on Aug. 30—V. 147, p. 1235—was purchased by the State of Washing¬
ton. as 3s at par, according to report.

sale

SCHOOL DISTRICT (P. O. Yakima), Wash.—BONDS
the election on Aug. 20 the voters failed to give the

SELACH

DEFEATED—At

required majority to

proposal calling for the issuance of $55,000 in

a

construction bonds.

SNOHOMISH COUNTY CONSOLIDATED SCHOOL DISTRICT
No. 329 (P. O. Everett), Wash.—BOND OFFERING—Sealed bids will be
received until 10 a. m. on Sept. 10, by Sylvester R. Stumfall, County
for the purchase of a $53,000 issue of coupon school bonds.
Interest rate is not to exceed 4%, payable semi-annually.
Denom. $1,000.
Due In from"two to 21 years: callable in whole or in part at any time after

Treasurer,

A certified check for 5% of the bid is required.

of issue.

five years from date

on

BONDS OFFERED FOR INVESTMENT—The successful bidders are reoffering the above bonds for public subscription at prices to yield from
0.75% to 2.40%, according to maturity.
Financial Statement (As of Aug. 1, 1938)
Adjusted to include this new issue.

1938 assessed valuation (50% of actual)-Bonded debt before issuing these bonds
This Issue

—

—

—

$4,556,438
4,000
160,000
164,000
3.59%

-

Net debt

-

------

Ratio of net debt to 1938 valuation

-

(Above statement doe3 not include debts of other
empowered to tax property in the

WISCONSIN
DAM, We.—NOTES SOLD—'The $95,000 issue of corporate
purpose notes offered for sale on Aug. 29—V. 147. p. 1236—was awarded to
the Northwestern National Bank & Trust Co. of Minneapolis, at 1.125%,
plus a premium of $10.60, according to the City Clerk.
Due on Aug. 15,
1939, with option of payment on Jan. 15, 1939.

political subdivisions

Other bids were as follows:

CHARLOTTESVILLE, Va.—BOND ELECTION—An election is said
Sept. 20 in order to pass on the issuance of $339,000
bonds.

COVINGTON MAGISTERIAL DISTRICT (P. O. Covington), Va.—
BONDS VOTED—At an election held on Aug. 23 the voters approved the

in school bonds, according to report.

to supplant service now rendered by Applachian Electric Power Co., a
subsidiary of American Gas & Electric Co.

MARION, Va .—BOND SALE DETAILS—It is now reported by Mayor
Hoge that the $55,0u0 sewer bonds sold last May, as noted in these columns,
were purchased jointly by the Marion National Bank, and the Bank of
Marion, as as at par.
Due as follows: $1,000, 1939 to 1943, and $2,000,
1944 to 1968.

Premium

1M%
1%%

$25.00
67.00

Wis

—-2}4%

The bonds will be

Due $2,500 Sept. 15, 1939 to 1948.

Sept. 15, 1938.

sold at par to the responsible bidder offering the highest premium. The town
will furnish a legal opinion of the Attorney-General, and complete certified

If the bidder desires the

of all proceedings covering the bond issue.

legai opinion of other attorneys, the bidder shall pay all of his own expenses
Security for these bonds win be a direct obligation of
the entire town, payable from ad valorem taxes without limit against all
taxable property therein. Enclose a certified check for 2% of bid.
in that connection.

MADISON, Wis.—BOND OFFERING—11 is stated by W. A. Bareis,
City Clerk, that he will receive sealed or oral bids until Sept. 8, at 10 a. m.,

purchase of a $50,000 issue of hospital improvement, Series No. 72
not to exceed 4%. payable A. & O.
$1,000.
Due $5,000 Oct. 1,1939 to 1948.
bonds will be duly sold to the responsible bidder who offers the highest

for the

coupon bonds.
Interest rate is
Dated Oct. 1,1938.
Denom.

The

Eremium on the bonds over par at rate on the bonds without any premium.
idder who offers the lowest interest the interest rate or to the responsible

ROANOKE, Va.—BOND ELECTION—It is stated by L. D. James,
City Clerk, that an election will be held on Sept. 30, regarding the voting
of $500,000 in public improvement bonds.
Due serially within 30 years.

WAYNESBORO, Va .—LOCAL ELECTRIC PROPOSAL REJECTED—
the New York "Journal of Commerce"

A special dispatch from Richmond to
of Aug. 29 reported as follows:

of the electric com¬
Council, to have a
survey made as to the advisability of erecting a municipal electric system
costing $275,000, was turned down by the citizens of the town in a poll
just concluded.
When the poll closed at noon
had returned cards.

Wednesday (Aug. 24), a total of 362 voters

The result showed tnat more than 85% of the voters

against the expenditure of $z,0uu for a survey and about the same

number inuicated they would vote against a bond issue of some
were Council to deciue in favor of going ahead with the proposal.

$275,000

furnish the bonds and interest coupons duly executed, and
such delivery with an opinion of Chapman & Cutler of Chicago
valid and enforceable obligations of the city in accordance

The city will
accompany

that the

same are

with their tenor.

(P. O. Racine) Wis.—BOND OFFERING—It is
oral bids wLl be received until 10 a. m. (Central
Sept. 15, by Lennie Hardie, County Clerk, for the

COUNTY

RACINE
stated

A movement, sponsored by W. G. Elliott, chairman
mittee and a member of the Waynesboro, Va., City

that sealed and

Standard

Time),

on

purchase of an issue of $1,000,000 relief, second series, 1938 bonds. Interest
4%, payable M. & S. Dated Sept. 1, 1938.
Denom.
$1,000.
Due $200,000 Sept. 1, 1939 to 1943.
Rate of interest to be in
multiples of M of 1 % and all bids must designate one rate. The best bid will
be determined at the lowest interest rate and interest cost to the county.
rate is not to exceed

Principal and interest payable at the County Treasurer's office.
for printing of the bonds and legal opinion.
'

Milwaukee),

Wis.—

BOND OFFERING—Sealed bids will be received until 3.30 p. m. on

Sept. 8,

HILLS

RIVER

(P.

O.

Station

F,

2^% semi-ann. village hall bonds.
Dated Oct. 1, 1938.
Denom. $1,000.

WASHINGTON
ALBION, Wash.—BOND OFFERING—It is reported that sealed bids
Sept. 7, by Trenton Huff, Town Clerk, for
or not to exceed 6% semi-annual water
system bonds.
Dated Sept. 15, 1938.
Denom, $500.
Due $500, Sept.
15, 1939 to 1952.
Enclose a certified check for 5% of amount bid, payable
will be received until 1 p. m. on
the purchase of a $7,000 issue

to the Town.

BELL1NGHAM,

JVasb.—BOND OFFERING—Sealed bids will

be re¬

ceived until 1:30 p. m. on Oct. 24, by Harry A. Binzer, City Comptroller,
for the purchase of a $200,000 issue of city hall bonds.
Interest rate is
not to exceed 5%, payable A. <fc O.
Denom. $1,000.
Dated Oct. 1, 1938.
Due in from two to 20 years.
Prin. and int. payable at the City Treasurer's

office.
All bidders are required to specify:
and premium, if any, above

(a) the lowest rate of interest

par at which the bidder will purchase the bonds
(b) the lowest rate or interest at which the bidder win purchase the
bonds at par.
Each bidder shall in the bid agree to furnish the blank
bonds necessary for the issue and to have the bonds suitably lithographed
or printed.
The bonds shall constitute a general obligation of the entire
City.
And there shah be levied each year by the City in its annual tax
levy, a tax on all of the property in said City, subject to taxation in an
amount sufficient to pay the interest and principal of said bonds as the same
mature.
And all of such taxes as collected shall be paid into a special fund
which has been created and established and known as "Bellingham General
Municipal 1938 City Hall Bond Interest and Redemption Fund;" and no
part of such fund shall be used for any other purpose than the payment of
the interest and principal of said bonds; and the full faith, credit and re¬
sources of the City have been pledged to and for the annual levy and col¬
lection of said tax and the prompt payment of such principal and interest.
And the City has further irrevocably pledged itseif to make said levies within
ans as a part of the 15-mill limitation of taxes permitted to cities without a
or

vote of the

people, and

a

sufficient portion of which annual tax levy here¬

after to be made prior to the full payment of said bonds and interest, has
been irrevocably set aside, appropriated and piedged to the payment of
said bonds

aforesaid.

The purchaser will be furnished with the opinion
of Preston, Thorgrimson & Turner, of Seattle, as to the legality of the bonds.
Enclose a certified check for $10,000, payable to the City.
as

Purchaser

to pay

Route

9,

by the Village Clerk, for the purchase of a $30,000 issue

and

—

DODGEVILLE, Wie.—BOND OFFERING—Sealed bids will be received
until 1 p. m. on Sept. 12, by John W. Griffiths, Town Clerk, for the pur¬
chase or a $25,000 issue of 3% semi-ann. road bonds. Denom. $500. Dated

copy

GALAX, Va .—BONDS VOTED—A $158,000 bond issue to finance m
part a municy>ally-owned electric system hsa been approved by a vote of
381 to 370.
The bond issue will be used to match a grant of $129,000 from
the Public Works Administration for construction of an electric system

were

Price Bid

Bidder—

Harley, Haydon & Co., Madison,
Angell, Simpson & Co., Chicago
E. W. Thomas &Co., Chicago

to be scheduled for

issuance of $150,000

VIRGINIA

BEAVER

district.)

VIRGINIA
in school

WEST

CHARLESTON, W. Va.—BOND ELECTION CONTEMPLATED—
The City Council is said to have passed a measure recently calling for an
election in the near future to vote on the proposed issuance of a total of
$1,788,600 in various civic impovement bonds.

CUSTER CONSOLIDATED SCHOOL DISTRICT NO. 332 (P. O.
Bellingham), Wash.—BOND OFFERING—It is stated that sealed bids

Bids

will

be received for

not

of not to exceed

Due $3,000 Oct. 1,1939 to 1948.

less than the par value of the bonds plus

The interest rate shall be the same
on all bonds.
Principal and interest payable at the Village Treasurer's
office.
The village will furnish the printed bonds and the approving
opinion of Lines, Spooner & Quarles of Milwaukee, or of Chapman &
Cutler of Chicago, at the option of the purchaser.
Enclose a certified
check for $500, payable to the village.
accrued interest to date of delivery.

SCHOOL DISTRICT (P. O. Milwaukee),
$53,000 issue of refunding, Series D bonds
24—V. 147, p. 1082—was awarded to the Mil¬
waukee Co. of Milwaukee, as 2M&, paying a premium of $178, equal to
100.3358, a basis of about 2.225%.
Denom. $1,000.
Dated Sept. 1,
SHOREWOOD

Wis.—BOND

offered for

HILLS

SALE—The

sale

on

Aug.

Due on Sept. 1,1953.
Int. payable M. & S.
Principal and interest payable at the District Treasurer's office.
approved by Chapman & Cutler of Chicago.
This district
as School District No. 4, Shorewood.
1938.

to be

WAUWATOSA,

Wie.—BOND

OFFERING

DETAIL—In

Legality
is listed

connection
de¬
by

with the offering scheduled for Sept. 20, of the $187,000 school bonds,
in our issue of Aug. 27—V. 147, p. 1380—we are informed
W. T. Whipp, City Clerk, that the bonds are payable at the office of

scribed

the

City Treasurer.

WYOMING
ALBANY

COUNTY

SCHOOL DISTRICT NO.

1

(P. O. Laramie),

Wyo.—BOND ELECTION—It is reported chat an election will be held on
Sept. 12 to vote on the proposed issuance of $250,000 in construction bonds,
to be used in connection with a Public Works Administration grant.
SHERIDAN, Wyo.—BOND ELECTION—It is reported that an election
will be held on Sept. 6 to vote on the proposed issuance of $160,000 in sewage
disposal plant bonds.

CANADA

„

will

be received until 10 a. m. on Sept. 16, by R. C. Atwood, County
Treasurer, for the purchase of a $10,000 issue of school bonds.
Interest
exceed 4H%, 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

COBDEN, Ont.—BOND SALE—J. L. Graham & Co. of Toronto pur¬
chased privately an issue of $22,000 4% high school building bonds, due in
20 instalments.

rate is not to

from

date

of

issue.

Bidders

are

required

to

submit

a

bid

specifying:

The lowest rate of interest and premium, if any, above par at which
the bidder will purchase the bonds, or (b) the lowest rate of interest at 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%.

GREATER

WATER
DISTRICT,
B.
C .—BOND
bonds was sold to a group hedaded by
They mature serially from 1939 to 1963, incl.

VANCOUVER

SALE—An issue of $650,000 4%

(a)

the Royal Bank of

LINCOLN COUNTY SCHOOL DISTRICT NO. 5 (P.O. Davenport),
Wash.—BOND OFFERING—Sealed bids will be received until 10 a. m.

SASKATCHEWAN
(Province
o:)—BOND SALE DETAILS—'The
$1,475,000 4% refunding bonds reported sold in—-V. 147, p. 1236—were
purchased by a syndicate composed of the Dominion Securities Corp.;
A. E. Ames & Co.: Wood, Gundy & Co.; Royal Bank of Canada, and the
Canadian Bank of Commerce, all of Toronto, at a price of 98.55, a basis of
about 4.77%.
The bonds mature July 1, 1940, and $1,300,000 are payable
in Canada only, and the balance in Canada and New York City.

Sept. 10, by Cecil V. Fisher, County Treasurer, for the purchase of a
$29,150 issue of not to exceed 5% semi-ann. school bonds.
Due in 2 to 13
Callable in whole or in part at any time after 8 years from the 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 such bidder will
purchase the bonds; or (b) the lowest rate of interest at which the bidder
will purchase the bonds ac par; (c) whether or not they will furnish blank
on

Canada.
Price paid not disclosed.

years.




VAL

of $400,000 5% sewer
M. Rainville & Co. of Montreal,
1 from 1939 to 1953, incl.
Legality approved by the Provincial Minister of Municipal Affairs.
D'OR,

Que.—BOND SALE—An issue

system improvement bonds was sold to R.
Dated Jan. 1, 1938 and due serially on

Jan.