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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 00 O o ® h o> Reserve *♦; oi co CSI fet H -7 CI —7 CO ** o CO OS OS f CO ^<3 i cs • M 00 I >o _ • CO OS I « cs ' tq CJ B ; f f: j 3 co «o cs" | tsT o0 co «■» O CO CO ! ei o> O «0 <■« 95 o* CO* OS* -f* ^ co CO « CO CO to H - <#co O * H « S* OS* CO* «* 00 •* co" p O N CI o § t- CO p o —> O CI C « I «0 i o I f CO i o CO ! Cs* -7 to* t-* -r" 00* p* p p" .J : © h O H m oo p os ci ! isg' I I If io* co' H o <N i o os N CO f» OS CS so i ei CO r- I W O t I CO CI - oc to o o CI w «-T p d P Mr. I M CS CO U< H CS W (O OS O Cs r» 00 <0 00 P os w cs ba CO * f- Cs O p p CO t* P «# d «* ci .HOOCOSCOrtiOH <N to to CO © l> to ' . CO «* CO to^osn-fwcoo O 1(5 ^ H CO 1-1 CO *f « H P OS g> "f — t» h d n •# CO P P _i to" cs* p* II CI "O cs CO OS p N <M H P * —' CO OS* cs* CO I 00 r» p I o CO I co* . I 1* » tO h * N. ^ CS o d CO d d d •• O J d 2 i I I 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 ! ! p <* w i s P I I I d h- 3 f •*<" 3 p d CO O 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 I ! f I some been indicated by has taxation of State and local salaries and d" co" % 3 « Roswell Magill will leave CO ■o 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 •*< for Assistant Secretary, is taking over tax matters for the Treasury. co CO p ^ CO P ^ » hP P P d a*WHdO p *■* co d cs 1< CI recommendations on decreasing the personal income tax exemptions, and increased tax rates on ! co* cs* d" d* d* cs" i t-" ! g <N t— IWN0ON d n tc ci o> CO I i 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 p *0 « ci > «o os 00 w I -i ' ! N J 00 is o o» o1 ; « o n o co" t-" to* f»* CO , ! CO* ~ r- OS t 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 <o PI 0) P CS lO 7* ^ <N inatOOQO CO O to * t- OS >o" ~f p* O COHMO •f I M -j.* «o H II — CO t- Ifl -< CO »-< f CS co t> co K 5 g o- «f n io 00 NOOMOO m a o cs -f f r- © co co «o « o>" <o* co* V -T co* ; O CO —I o p —In the "Times" of co Although d^ talks r>-" p" »-T ib i* with 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 In reply to ! I I I t was p p d p p aS|S| CS P N I I P N W * P d P S N N * O 00 P 09 a I P S I od d CO CO* CO ■* M ■*1 o NdN« O <q *llll O CO p o * H »' N* so I* o P P »-i P p 00 •f §!lc. 00 <-t* t»* 1-H* P d* o" Q d was CS » 05 t"» I I d p I I p t- I CO 00 C) I * * I -to 00 H * ^ CI CI , , 11 I gg ® cs ! , CO • nT - CO* * 00 N N t- d t ^ f*. it O CO d r-t p P_ 00 d d P CO « d P •* While in Paris he conferred with Georges Bonnet, He did express f «* Is* o t»* P* ** 115 1 co * p a * o a * » . d 11* 00* 2 . CO £ N* to to • M - o p °.M °i O ^ o CO CO t~» CO p f- *d M H M H 00* O* N* t oo O d ® q^ o -V P* '0* 1"* C) us d oo oo o cs* p* r»* r^r NO® * CO N N O O § : :s « i o 73 « t u «3 c» a 3 § S . o a : o o • 0 fl v a O > i 9i ® a w • 2 M > ■3 o a X 73 ■§ s s a > >■ . a t) . al gS I i I i if«4 o CO CO CO CO CO (P +3 q o r-l ci+» jJ a 3 m t-S In making • 1-9 • O <y 5 a a s-> 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 p • aspQ'a'd 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 Remington Rand deb 4Xs w w.1956 M 93 % 100X 102 18X 85 73 X 79 6134' 74 X 68 X 67 105" 55 103X 108 X 70 % 1997 series B 104X 60 Reading Co Jersey Cent coll 4S-1951 Gen A ref 4Xs series A 1997 Gen mtge 4Xs 9X 4H 42 96 40 — 1941 {♦Debenture gold 6s 2 8 *33 1948 41 84 H 51 — {♦Providence Sec guar deb 4s—1957 {♦Providence Term 1st 4s 1956 Purity Bakeries 8 f deb 5s 116% 23 — .1951 Pressed Steel Car deb 5s ~59X "43 *104 "57" "57" 1st 6s 1935 extended to 1950 Porto Rlcan Am Tob conv 6s. T942 {{♦Postal Teleg A Cable coll 6s .1953 88X * •» — 55 X 53)4 60 1 • 52 40 108 3 *115)4 J J 1961 J J 101 1962 J J 75 115 H 115)4 2 110)4 118)4 101 103 47 75 16 POX 106 X 59 78 X 74 H 4s s f conv debentures 50)4 108)4 H_.. 1961 106)4 1966 103)4 50)4 2 108)4 106)4 110)4 37 108 27 103)4 104 113 {♦Pro RR of Mo 1st ext g 4s.. 1938 .1938 {♦2d ext gold 6s 73 73 2 *65 77 Pacific Tel A Tel 3)4s ser B... .1966 105 106 .1966 105X 105 34 *100)4 106 103 X 103)4 104 .1955 Panhandle Eastern Pipe L 4s_. .1962 45 57 106)4 111X 102 X 108% 98X 104% 1952 19 D {♦Rio Grande West 1st gold 4s. 1939 J O ♦1st A coll trust 4s A 1949 A *31 20 X 50 41 41 44 X - 14X *120X 16X 42 S s 109X 109X 1 13 1948 1949 *5X *7 X 4s stmp 1st con 4Xs—1941 ♦Stamped Safeway Stores 13 X 118)4 3 13 20 X 121 107X 110 7X 16X 20 X *21 X {♦Rut-Caniflian 105X w «. M ♦Ruhr Chemical s f 6s 107 28X — IVI 1977 1962 {{♦R I Ark A Louis 1st 4XS-1934 7 — -— ■- 14 23 5X 12 X 10X 6 15 12X *6X f deb 4s__ 8aguenay Pow Ltd 1st M 4X8-1966 104X 103X 104 X 104 % St Jos A Grand Island 1st 4s 1947 70 8t Lawr A Adlr 1st g 5s 2d gold 6s 1996 1966 7X 104 X 5 104X 6 100X 106X 99X 104X 106 1947 s 82 106 1 103 * * 109 94 88X St Louis iron Mm A Southern— ♦{Rlv A G Dlv 1st g 4s 104 ♦Certificates ol deposit 98 *r Gen mtge 6s series E 69 102H 106 102 X 106X 23 *35 Rocb G A E 4Xs series D con 89 X 104 «* a* *38 X 98 % 103 103 103 A f 7s 21 106 1955 s 60 '"'4 105X *101 x *20 X 105% J 1939 Rlma Steel 1st ♦Rio Grande June 1st gu 6s {♦Rutland RR .1946 Pacific Gas A El 4s series G—. .1664 C *105X *105X 105 X 45 46 104x 107 *106 93 108 56% Otis Steel 1st mtge A 4Hb Ref mtge 3Xs ser 107 77 X 38 61 Ore-Wash RR A Nav 4s Paducah A 111 1st s f g 4 He 101X 108X 103 110X 105X 40 69% J 1st A ref mtge 3He Ber I 1 0X 31 64 X 56 x J 102"«109X *43 X 66 x 61 104x 2 1959 1960 B mtge 4 Xs series C— 07 J 102% 20 100 Gen A ref 4Xs Berles B O A 11 50 X 49 x J 25 *43 X 50 J 14 X 109X Pitts Y A Ash 1st 4s ser A— .1948 82 *mm "six 3 *106 28 J 10 A—1958 1st mtge 4X8 series 3% 6)4 104)4 109)4 107)4 108% 4% 108)4 108)4 IVI N 108)4 4Xs Gen 4 Xs series C 104% 108% 71H iosx -a.- 105 67 O 103 15 105 X Pitts Va A Char 1st 4s guar. —1943 107 62 4a guar Gen mtge 5s series B 16 8* cons Series I cons 4 Xs 11X 80 *67 J 14 Series H A A M N M N 1949 F 1953 1957 1960 F 1963 1964 1970 1975 1977 gold gold 70 F M N 109X 78X 05X 97 Series G 4s guar 92 85 85 IVI N 09 26 92 X Series C 4X» guar 8 106 F A 102i»ii 115 97X 110X 22 5 * Series E 3Xs guar M X 14 102i«i# 72 95 X 109 * Series D 4» guar 108 4X 3 A..1952 Series B 4 %a guar 9% 104 H 4 106 13 X 13 13 104 17 79 9% D let A ref mtge 3)48 ser 105X 110 106 1952 5 13 85 J Pacific Coast Co 1st g 5s 3 108X 105 X 5s..1973 7s 8 7 Ore Short lidc 1st cons g 5s—_1946 J —1946 108 X .1981 4s--. 1937 IfPUlsbury Flour Mills 20-yr 6s..1943 *75 M N 76 99X 115 {{♦ Philippine Ry 1st s f O IVI N 75X 50 4 IS *100 x 106 106 .1949 D J 49X 66 80 X 62 — ♦Conv deb 6s A J 8X 53 X 108X .1977 J J 2 60 107 114 02 .1974 59 M N 100 113 112X 112X 4s_ —.1943 General g 4 %a PittsCCC A St L4X8 A M 4 1 69 X 68 * 107 9 6 X 91 113X 117 40 51 103 103 .1980 C 3Xs deb—.1952 18 8 - 6s 6X 6X conv 13)4 D M N 1966 J D —1946 J D Ontario Power N F 1st g 6s.--.1943 F A Ontario Transmission 1st 5s...1945 IVI N Guar stpd cons 46 23% Oklahoma Gas A Elec 3)48 1946 5 112 X *48 X 13 J Oregon RR A Nav con g 4s 116X 112X 112X 17)4 1974 IVI A 1974 M ♦{Northern Ohio Ry 1st guar 6s— ♦Apr 1 1936 A sub coupons. 1946 ♦Oct 1938 and sub coupons—1945 ♦Ctto of dep btamped Apr '33 to Oct 34 coups—1945 North Pacific prior lien 4s_.—-1997 Q Gen lien ry A Id g 3s Jan—-.2047 Q Ref A lmpt 4 He series A 2047 J Ref & lmpt 6s series B 2047 J Ref A lmpt 5s series C 2047 J Ref A lmpt 5s series D——2047 J Nor Ry of Calif guar g 6s 1938 A Northern State Power 3)4s 1967 F Northwestern Teleg 4 He ext._ 1944 J 4s debentures 62 116 18% A ref 5s 3)48- 85 X 83 11 Gen A ref 4 He series 1st mtge 82 X 75 101X 84X 101X 05 X 89 12)4 15)4 23)4 A 1943 -.1965 1967 1972 16 13 F 4s 92 X 94 X 117x - 90 X 108 X 105 1st mtge 4s 89 X 111X 67 17 95X 23 X 95X 100 3» 108X O 74 82 30 .1956 1st g 4 Xs series 103X 111X 109X 120X 94 1st ser A 68....1956 Pere Marquette 92 X 102 X 103X 109 X 103 X 114 84 .1967 8 4s 105X 3Xs—.1967 A 104X 92 {♦Phlla A Reading C A I ref 16 83 82 Pblla Electric 1st A ref A mtge 103X Phlla Co sec 5s series A J 94 100X 105X 92 X 19 J 77 1 High 82 21 A Ohio Connecting Ry 1st 07 20% F ♦Stamped 97 X 12 O {♦Og A L Cham 1st gu g 4s—1948 95X 95X U IVI 1996 17 11 J 2 88 116X 14 J 1 110 88 115 .. 14 North Arner Co 4s 110 -— 12)4 10)4 deb 6s.---—-1961 deb 6s ser A... 1957 Deb 6 H» series B—Aug 16 1963 Deb 5s series C Nov 15 1969 » 14 No Am Edison Norf A W Ry 1st cons g - 14 deposit 5s—1941 - M N D {{♦Norfolk A South 1st g — .1947 Potomac Elec Pow 1st M 3X8 1st 20 J J Ohio Edison 2 liox .1943 General 5s series B 14)4 *12)4 Low 75 17)4 i 3%e ser B North Cent gen 107 X 4s... 1940 ♦Income 4s April 1990 Peoria A Pekln Un 1st 5Xs—..1974 95 Rock 1st 6s ♦Certificates of Peop Gas L A C 1st cons Refunding gold 5s Phelps Dodge 84 *60 J 1967 1946 6s stamped. —1946 {{♦N Y Westch A Boat lst4J4s 1946 Niagara Falls Power 3J4s—-—1966 Nlag Lock A O Pow 1st 5s A—1965 Niagara Share (Mo) deb 5)48-1950 Nord Ry ext sink fund 6)4s—.1950 § {♦Norfolk South 1st A ref 5S.1961 N Y Trap 101 x Peoria A Eastern 1st cons 93 *70 213 99% 107X 109X 1952 Conv deb 3 Xs 80 75 S J Ref mtge 103 75 M N ♦General gold 6s 22 75- IVI N -—-19^6 let ref 5s. 1937 121)4 125 112)4 115)4 70 O M a 99X General 4Xs series D—-—1981 Gen mtge 4Xs series E 1984 50 H —— 94 i09X 1968 1970 Debenture g 4Xs 106 16 M N series A-. 1st 46 101 € 93 105X 101H 106)4 *51 t *50 " 1947 ♦Terminal 94 Since Jan. %b series B General 5s series B— 108 102% 109)4 56 % 39)4 95 J 1961 {♦2d gold 98 77 *50 M N M 115)4 3 *55 M N J 123)4 20 *16 M N If 1st mtge list mtge 5s {♦§N Y Susq A West 1981 4Xs—1981 4s 1943 Consolld gold 4s 1948 4s sterl stpd dollar May 1 1948 Gen mtge 3Xs series C 1970 Consol sinking fund 4Xs 1960 General 4 %b series A —1965 4 N». , Pennsylvania P A L 1st 02 195 60 50)4 jN Y Rys prior lien 6s stamp.. 1958 N Y A Itlchm Gas 1st 6s A 1951 fN Y Steam 6s *102 X 94 ref 4Xs A. 1977 Asked High 92 X A—1941 1st M 4XS-.1960 Pa Ohio A Det 1st A 74 ♦105)4 .1966 N Y A Harlem N Y Queens 30 46 H 102 H 102)4 45)4 39)4 166 Erie RR J*Harlem R A Pt Penn-Dlxle Cement 1st 6s Penn Glass Sand 82% 4 -1965 D ♦N Y A 1st A ret 98)4 05)4 68)4 1938 A B A Pow g Purchase money ♦ 38 66 1947 3^8 «er E— N Y A Erie—See 88 66 1951 Conv 5% notes--— NY Gas El Lt 94 H 64 A Low High 67 2 68 H -1946 gold 4s 1st lien A ref Low 3-1 A — N Y Edison 3148 ser 55 No A trust — 1947 3 He extended to. -1953 Y Connect 1st gu 4 Ha A1953 lst guar 5s series B N Y Dock 1st 80)4 F -1978 M —Oct lat mtge N Y *52 X 84 F -1974 A 4s collateral N O High 82)4 80)4 51X 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 Paramount 3s loan ctfs 1955 deb 6s„. 1955 Pictures 3)48 conv debentures Paris-Orleans RR ext 5 He 62 94 1947 M 8 "88 % 94 *80)4 88 H 43 H 1968 IVI 8 A O 1949 IVI 8 *120% S 72 Parmelee Trans deb 6a 1944 Pat A Passaic G A E cons 5s. ♦Paullsta Ry 1st ref s f 7s 1942 IVI Penn Co gu 3He coll tr ser B_. 1941 F A *101H Guar 3 He trust ctfs C 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 ~~6 46 2 122)4 72 *97 Guar 4" ser E trust ctfs 4 82 *99)4 Gimr 6 He trust ctfs D 62 H 94 102 H 83 100 83X 78 X 92X 31 % 50 118% 120 60 72 97 X 103X 99 X 103 X 90 103 X 96 93 H 96 88X 104 93 % 93 % 83 100X J 15 15 St L Rocky Ml A P 5s stpd J *55 J ♦Certificate? or 1955 J lien 4s A--1950 J of deposit ♦Prior lien 6s series B__ ♦Ctfs of deposit stamped {♦St L SW lat 4s bond ctfs ♦2d g 4s lnc bond ctfs 1978 j"j m's 10X 8X 1989 M N 28 7X 13X 32 8X 15X 13X 31 9X iox *9X 10X 11% 8X 7 11 11 9X 25 17 7X 6X 14 11X 56 59 2 38 67 X 34 X 21 X 1 20 38 13 27 X 15 4 9 18X Nov 1989 J J 34 X {♦1st terminal A unifying 58.1952 J 1990 J J *18X J ♦Gen A ref g 6s series A 15 12 9X 18X 69 8X 10 x 9X 1950 ♦Certificates of deposit ♦Con M 4X8 series A 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 *109 45 81H 1941 J 1941 {♦Wabash Ry ref A gen 5Ha A. 1975 M ♦Ref A gen 5s series B 15H 15 20 *16 18 12 A O *26 34 24 30 Walker(Hiram)GAW deb 4Hs. 1945 A O 26 27 24 31 Walworth Co 1st M 4s 1989 M N ♦114H {{♦Seaboard Air Line 1st g 4s. .1950 A O {♦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 14H 30 6H 13H 7 13 8H 9 8H 9H 9 O 9 9 4 6H D 107 107 15 8H 23 1946 35 106H "38" "45" 38 ■ . A J 67 H 16H *30"" t) J 32 20 1976 F J 99 H 18 " 38 i ♦Ref A geD 4Ha series C—. 197S A ♦Ref A gen 5s series D 1980 A J 36 28 % 44 H 38 s High 43H I O (VI L^JD 104H *25H J 1939 No Hioh 43 J 1 Jan. Asked A 103H A 1941 111H 112H 104 112 1954 ♦Omaha Dlv 1st g 3 Ha ♦Toledo A Chic Dlv g 4s 102H 109 H 118H 103H 43 1939 F ♦1st Hen g term 4s ♦Det A Chic Ext 1st 5s ♦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 ♦Guar 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 3H 15 *3 ~~3M 3H 1935 F A 1951 M S 103 % Shlnyetsu EI Pow 1st 6Hb._. .1952 J D 50 H {♦Slemens & tialske s f 7s ♦Debenture s f 6 Ha .1935 J J *74 H ♦Silesia Elec Corp 6 Ha Slleslan-Am Corp coll tr 7s Simmons Co deb 4s .1946 F Skelly OH deb 4s '1941 M S Warren RR 1st ref gu g 3Hs._. 2000 F A 103 % 50 H *20 H 104H 11 52 5H 10 H 6H 22 2H 5H 4H Wash Term 1st gu 3 Ha 1st 40-year guar 4s .1945 F Wash Water Power 9H 13 .1939 J 28 .1941 F 75 M 75H <75H O 96 96 98 .1951 J J 103 .1950 A Socony-Vacuum Oil 3 Ha A .1952 A - O South A North Ala RR gu 5s__ .1963 A .1962 A O Southern Call! Gas 4 Ha .1961 M S .1965 F A Southern Colo Power 6s A .1947 J J Southern Kraft Corp 4Ha .1946 J D 106H O South Bell Tel A Tel 3Ms 1st mtge & ref 4s 102H 2 22 103 78 106H 42 *110 .... 104H 107 107 5 108 H 109 14 8 98 "92 92 93H 18 100 100H J 87 H 100 21M 15H 25 67H 67 H 67 H 6 51 H 74 M 71 71 74 H 27 77 H 70 H 70 H 23 73H 78 48 H 47 H 4 20 H 24 55H 56 H 12 48 49H 49M 10 46 M 1960 IVI 30-year 5s ♦Westphalia Un El Power 6s... .1953 J S 2361 J 55H 2361 J Registered RR 1st consol 4s S 19 35H 41 76 White Sew Mach deb 6s 31 31 H 63 H 1969 M N 46 H 44 H 50 124 { {♦ Wllkes-Barre A East gu 5s_ .1942 A 30 .1981 MN 45 H 45 50 107 30 H 10-year secured 3Ha .1946 J J 58 58 62 33 43 H 83 H San Fran Term 1st 4s .1950 A O .1994 J "74 H 74 76 H "66 93 45H 23 H 83 Wisconsin Publ 49H Deve) A gen 4s series A 44 41H 46 H Devel A gen 6s .1956 A 55H 53 59 H 68 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 n J21M f2 IM Prov Bk Westphalia 0s '30 5s 1941 1 Tel. HAnover 2-5422 William St., N. Y. Ail Protestant Church (Ger¬ /91 J2IM 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.