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COPYRIGHTED IN 1939 9 Y WILLIAM B. DANA
VOL. 149.
COMPANY, NEW YORK.
Issued Wee^k!y^40 ^Oents^Tcopy
BROOKLYN
ENTERED AS SECOND-CLASS
MATTER JUNE 23, 1B79, ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE AdT OF MARCH 3, 1879,
NCK 3875.
[SJ EW YORK, SEPTEMBER 30,1939
CHASE
THE
7
TRUST
BANK
NATIONAL
COMPANY
OF THE CITY OF NEW YORK
Chartered 1866
George V. McLaughlin
Maintaining effective cor-
President
f
BROOKLYN
NEW YORK
respondent bank service
traditional policy of
is
a
the Chase National Bank.
Member Federal Deposit Insurance
Corporation
Broaden your customer
service with
Chase
cor¬
respondent facilities.
Member Federal Deposit
Hailgarten & Co
Established
NEW
1850
V
Canadian
Securities
YORK
London
Chicago
Insurance
Corporation
DIRECT PRIVATE WIRE
TO
Underwriters
TORONTO
and
of
capital issues
States
United
in
dealers
Government, State, County and
Municipal bonds and in Public
Utility, Railroad, Industrial
The
FUNDAMENTAL
and other investment securities.
.
FIRST BOSTON
Harriman
CORPORATION
INVESTORS
^
NEW YORK
philadelphia
and other
:'
1
63 Wall
Chicago
INC.
san francisco
principal cities
7/
Boston
Ripley & Co.
Incorporated
i;-;;7.-'77.:'/:7'
BOSTON
;
Street, New York
Chicago
Philadelphia
Representatives in other leading Cities
Prospectusj>n request
:.V
from authorized dealers
in all prin¬
cipal cities or Fundamental Group
Corporation, Jersey City, N. J.
The
City of
Philadelphia
New York Trust
Commonwealth of
§f§7 Company
IOO
Pennsylvania
BROADWAY
Bonds
HOMER & CO., INC.
40
Exchange Place, New York
Moncure Biddle & Co.
MADISON AVENUE
AND 40TH
BEAR, STEARNS &
CO,
PHILADELPHIA
STREET
ONE EAST
57TH STREET
ONE WALL STREET
IamesTalcott, Inc.
Founded 1854
NEW YORK
factors
General
European
Representative
Offices:
225 FOURTH AVE., NEW
YORK CITY
-
777-'
•
KING WILLIAM ST.
Correspondent Companies:
CarlM.Loeb,Rhoades&Co.
61
LONDON, E.C. 4
James Talcott of Canada,
NEW YORK
London
Paris
•
Amsterdam
Ltd.
1470 Peel St., Montreal
BROADWAY
1889-1939
Fiftieth Anniversary
James Talcott,
Ltd.
6-8, Sackville St., London, W. I.
1
The Commercial & Financial Chronicle
II
Sept. 30, 1939
*■-
■>
ANDERSON, CLAYTON & CO
Cotton Merchants
HOUSTON
LOS
BOSTON
CHARLOTTE
ATLANTA
MOBILE
PROVIDENCE
GASTONIA
NEW ORLEANS
SAVANNAH
NEW
ANGELES
BEDFORD
GREENVILLE
MEMPHIS
DALLAS
-and-
Anderson, Clayton & Co. (Egypt)
Anderson, Clayton & Co. (India)
Anderson, Clayton & Co., S.A. de C.V. (Mexico)
Anderson, Clayton & Cia., Ltda. (Brazil)
Alexandria
.Bombay
Mexico City
Sao Paulo and Recife
Anderson, Clayton & Co., S.A. (Argentina)
Anderson, Clayton & Co., S.A. (Peru)
Algodones, S.A. (Paraguay)
Buenos Aires
-
Lima
Asuncion
Represented Abroad by
BELGIUM
Edmond Veesaert.
—
CANADA
Ghent
Anderson, Clayton & Co.
CHINA
—
Montreal
.
Anderson, Clayton & Co
ENGLAND
D.
FINLAND..
...
...
....
F.
FRANCE
Shanghai
Pennefather & Co__
Liverpool
.Fritz Erlewein
...
Tammerfors
....
Anderson, Clayton & Co
GERMANY.
...
HUNGARY
.
Lad. Acs
.............
ITALY
....
Le Havre
Clason, Burger & Co
Anderson, Clayton & Co., N. V..
...
HOLLAND
.
—
Rotterdam
Budapest
...
...
Lamar Fleming & Co
...
JAPAN
.Bremen
.
_
Milan
...
..Anderson, Clayton & Co.'s Agency
POLAND
G.
...
PORTUGAL
SWEDEN
A.
Osaka
Sebastian
Lodz
A. Algodoeira W. Stam
—...
....
Oporto
F. Cor in & Co
...
SWITZERLAND
....
Gothenburg
.....
Gysi & Co
...Zurich
-
Correspondents:
ANDERSON, CLAYTON & FLEMING, New York
Members New York Cotton Exchange
D.
F.
PENNEFATHER & Co., Liverpool
Members Liverpool Cotton Association
Notices
•
NOTICE
OF
To all
WINSTON-SALEM
First
We execute commission orders
on
REDEMPTION
owners
of
TERMINAL
COMPANY
Mortgage 5% Gold Bonds
principal
Due April 1, 1966.
NOTICE IS HEREBY GIVEN that WinstonSalem Terminal Company, pursuant to resolutions
of its Board of Directors and of its Stockholders
exchanges for futures contracts in
(certified
COTTON
SUGAR
WHEAT
COFFEE
COTTON
SEED
HIDES
CORN
COCOA
OIL
LARD
RUBBER
COPPER
OATS
BUTTER
SILK
i
BARLEY
EGGS
TALLOW
LEAD
Offices connected
RYE
POTATOES
SOY
BEANS
by leased wires with the
in
futures
the
provisions
of
the
First
terest
to
said
upon
bonds shall
cease
to
accrue
on
the date fixed for redemption, and all said bonds
are required to
be surrendered on or after such
'•
MANUFACTURERS and MERCHANTS
interested
bonds and this notice is given pursuant
of Section
1 of Article Four
to
minal
change statistics and information useful
others
all
Mortgage of Winston-Salem Ter¬
Companv to The Farmers' Loan and Trust
Company,
Trustee,
dated
October
1,
1924.
According to the provisions of said Section 1 of
Article Four of the said First
Mortgage all in¬
TIN
various markets to execute orders and inter¬
and
the
off
off said
WOOL TOPS
ZINC
copies of which have been delivered
Trustee) has elected to redeem and pay
of its First Mortgage 5%
Gold Bonds,
due April 1, 1966, at the office of the
City Bank
Farmers Trust
Company (formerly known as
The
Farmers'
Loan
and
Trust
Company),
Trustee, in the Borough of Manhattan, the
City and State of New York, on the 1st day
of October, 1939, by paying to the owners thereof
a sum
equal to 110% of the principal amounts
of said
bonds, together with interest accrued
on
the
principal amounts thereof to said re¬
demption date.
This action to redeem and pay
to
r,AiiiinrviTino
markets.
redemption
date for payment and redemption
of said City Bank Farmers Trust
Trustee, in the Borough of Man¬
hattan, City of New York, of the State of New
at
the
York.
with
and
•
office
Company,
Each coupon bond shall be surrendered
the coupon maturing on October 1, 1939,
subsequent coupons, and each coupon
all
bond registered
registered bond
MEMBERS of
rendered with
a
as
to
principal
without
proper
and each fully
shall be sur¬
coupons,
instrument of assignment
and transfer.
Thirty Commodity and Security Exchanges
By order of the Board of Directors,
WINSTON-SALEM
TERMINAL
A
•
COMPANY
By JOHN B. HYDE, Vice-President.
Dated:
Inquiries Invited
June 30. 1939.
ADDITIONAL
NOTICE
Holders of Winston-Salem Terminal Company
First Mortgage 5%
Gold Bonds, due April 1,
E, A. PIERCE & CO.
Members New York Stock
40 Wall
Exchange
Street, New York City
Offices in thirty-eight cities
1966, all of which have, as stated in the fore¬
going notice,
been called for redemption
on
October 1, 1939, may at their option surrender
said bonds (with all appurtenant coupons matur¬
ing on and after such redemption date and with
registration,
if any,
released or properly as¬
signed) at any time after September 1, 1939 and
prior to October 1, 1939, at the office of the City
Bank Farmers Trust Company, Trustee above
mentioned, and receive the redemption price of
110 per cent,
of the principal amount of the
bonds
so
surrendered,
together
with
interest
which would
accrue
from
April 1, 1939. to Octo¬
ber 1. 1939, on such surrendered bonds.
WINSTON-SALEM
By JOHN B.
TERMINAL
Dated: June 30, 1939.
!
COMPANY
HYDE, Vice-President.
Volume
149
The Commercial & Financial Chronicle
ESTABLISHED
III
1856
H. HENTZ & CO.
N.
Y.
Cotton Exchange BldgHanover
Square
730 Fifth Avenue
132 West 31st Street
NEW YORK CITY
Boston
Chicago
Paris
Dallas
Amsterdam
Detroit
Rotterdam
Execute Orders for Future
mm.
IN NEW
Pittsburgh
London
Geneva
Delivery
COTTON :
YORK, NEW ORLEANS, CHICAGO AND LIVERPOOL
Members of
New York Stock
New York Curb
Exchange
Chicago Board of Trade
Exchange
New York Cotton
Winnipeg Grain Exchange
Canadian
Exchange
New Orleans Cotton
Chicago Stock Exchange
New York Coffee & Sugar
Exchange, Inc.
Commodity Exchange, Inc.
Detroit Stock Exchange
Chicago Mercantile Exchange
Liverpool Cotton Association, Ltd.
(Rubber, Silk, Hides, Tin, Copper,
Lead, Zinc)
New York Cocoa
Exchange, Inc.
Wool Associates of N. Y. Cotton
New York Produce
Commodity Exchange, Inc.
Exchange
Boston Stock
Exchange
Associate Members of
Exch., Inc.
United
Exchange
Terminal
Rotterdam
——
Sugar Market Ass'n.
Grain
Market
—
——
_
Leading Out-of-Town
Investment Bankers & Brokers
;::y>:vv
st. loois
■■■■
Stik
■
Cotton
Sugar
Rubber
Securities
■•••••
-.•••.
Co.
£
„
•
■■■
■
-
'
,
Coffee
Wheat
Pepper
Cocoa
•
,
'
'■
'
(
.
saint louis
509 0uvc St,
LAMBORN.HUTCHINGS&CO.
39
Members St. Louis Stock Exchange
BROADWAY
NEW YORK
Members
New York Stock Exchange
New York Coffee & Sugar
New York Cotton Exchange
Exchange, Inc.
Chicago Board of Trade
Commodity Exchange, Inc.
And All Leading
milwaukee
BRANCH
WISCONSIN
CORPORATION
Exchanges
OFFICES
CHICAGO
SAVANNAH,
HAVANA,
MONTCLAIR
231 South La Salle St.
Ga.
Cuba
Hinck Building
SECURITIES
Teletype—Milwaukee 92
;.r:y
EDGAR, RICKER& CO.
207 East
Michigan St.,
Milwaukee, Wis.
'
Thomson &
MARX
CO.
11
WALL
McKinnon
STREET, NEW YORK
BIRMINGHAM, ALABAMA
Chicago, Toronto, Indianapolis
OUTHERN
»
MUNICIPALS
CORPORATION
and
BONDS
Branch
Offices
in
Other
Principal Cities
MEMBERS
hartford
New
York
Chicago
Stock
Board
•
Exchange
of
Trade
%
;
[
;
New York Cotton
Exchange
and other leading exchanges
Specialists in Connecticut
v
4J
''
Securities
PUTNAM & CO.
e
mbers New York Stock
NTRAL ROW,
Tel.5-3151
Exchange
HARTFORD
FOR
ANNUAL
COTTON
CROP REPORT
A. T. T. Teletype—Hartford 564
SEE EDITORIAL
PAGES
The Commercial &
IV
Sept.
Financial Chronicle
1939
30,
Leading Out-of-Town
Bankers & Brokers
Investment
DETROIT
MUNICIPALS
MICHIGAN
Charles A. Parcells & Co.
Members of Detroit Stock
Exchange
DETROIT, MICH.
PENOBSCOT BUILDING,
Dividends
PACIFIC GAS AND ELECTRIC CO.
DIVIDEND NOTICE
Common Stock Dividend No. 95
A cash dividend declared
by the Board
on September 13,1939, for
ending September 30, 1939,
equal to 2% of its par value, will be paid
upon the Common Capital Stock of this
Company by check on October 16,
1939, to shareholders of record at the
close of business on September 30,1939.
of Directors
the quarter
The Transfer Books will not be closed.
Foote, Secretary-Treasurer.
D. H
San Francisco,
California.
AMERICAN
CAN COMPANY
STOCK
COMMON
On September 26th, 1939 a quarterly dividend
of one dollar per share was declared on the
Stock
Common
15th,
November
payable
Stockholders of
October 25 th,
will remain open.
Company,
this
of
to
1939,
record at the close of business
Transfer
1939.
Books
Checks will be mailed.
BURGER, Secretary.
R. A.
INDIANAIPIPEfLINE COMPANY
26 Broadway,
September 23, 1939.
(20) Cents per share has
Capital Stock ($10.00 par
value) of this Company, payable November 15.
1939 to stockholders of record at the close of
business October 20, 1939.
.
New York.
A dividend of Twenty
been declared on the
R.
J.
Every day, the telephone brings
ness
one
and cheer to many a
thinks of
some one,
Brooklyn, New York
IB E h-j ii
home. Some
N<5i§jj£jfc§{5'
The
Board
TELEPHONE
1
1 Q**Q
BOSTON
The Bell
System cordially
invites you to visit its ex¬
much
hibits
the
at
New
York
Worlds Fair and the Gold¬
service, and such good and courteous
en
service, at such low cost.
Gate
BROWN, Treasurer.
ROBERT B.
Telephone service is exceptionally
good in this country—and it's cheap.
International
Exposition, San Francisco.
American
declared
the
the
regular quarterly dividend of $1.25 per share on
the Preferred Stock of the Company payable
October 1, 1939 to Stockholders of record Septemhpir
SYSTEM
Directors
of
Company
has
of
Manufacturing
reaches for the
do people get so
COMPANY
Noble and West Streets
happi¬
telephone, and all is well.
Nowhere else
FAST, Secretary.
MANUFACTURING
AMERICAN
EDISON COMPANY
DIVIDEND NO. 202
quarterly dividend of $2.00 per share has
been declared, payable November 1,
1939, to
Stockholders of record at the close of business on
A
October 10, 1939.
Checks will be mailed from
Old Colony Trust
Company, Boston.
JAMES
V.
TONER, Treasurer.
September 26, 1939
Boston,
•.
Electric Bond and Share Company
$6 and $5 Preferred Stock
Dividends
regular
quarterly dividends of
share on the $6 Preferred Stock and
share on the $5 Preferred Stock of the
The
Notice to Holders of
Dollar Bonds of
1939,
Czechoslovak State Loan of 1922
Coupons due October 1, 1939, on the above bonds will
paid in lawful money of the United States on and after
that date at the offices in the City of New York of the
be
These coupons will be paid out of funds
of the Czechoslovak State
undersigned.
to
stockholders of record at the close
6, 1939.
of
business October
A. C.
and 1952
8% Bonds, due 1951
$1.50
$1.25
Com¬
pany have been declared for payment November 1,
per
per
RAY,
Treasurer.
Notices
THE
CHESAPEAKE AND OHIO
RAILWAY COMPANY
Notice to Holders of Scrip Certificates Representing
Fractional Interests in Shares of Preference
Stock, Series A.
Notice
hereby given that pursuant to ap¬
action by the Company's Board of
the time in which scrip certificates
is
received from the Government
propriate
prior to February 15, 1939.
representing fractional
interests in shares of
Preference Stock, Series A, may be exchanged
with other scrip certificates for full shares of
Preference Stock,
Series A, and similar scrip
certificates, has been extended from October 1,
Sinking Fund has not
The current
*
'
Kuhn,Loeb&Co.
'
•
'
■
"
The National City Bank
ofNewYork
New York,
•
September 28, 1939.
•'
operated.
'
.......
Kidder, Peabody & Co.
Directors,
1939,
to
October 1,
certificates who wish
1941.
Holders of scrip
to
to dispose of them or
the additional amounts necessary
exchange for full shares of stock are referred
purchase
to
to
banks or brokers for particulars as
to the market therefor and sales
or purchases
thereof.
Such holders are urged to take the
appropriate action in this connection.
H. F. LOHMEYER, Secretary.
their
own
Volume
149
The Commercial & Financial
Chronicle
V
PRICE $8.50 PER YEAR
The
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utility field presents
a
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up
great utility systems—mergers and reorganizations.
you
More than
of
ever
need the solid underlying facts in order to evaluate
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holdings,
both
present
and
prospective.
'
THE PUBLIC UTILITY COMPENDIUM
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It
covers
Public
Utility
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Gas and Water
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facts.
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details of
Organization,
Control, Field of Operations, Description of
Properties, Earnings and Divi¬
dends. Revised twice
yearly.
Indispensable to Investors, Bankers and Utility Executives.
:'■«
Y
:-Y
William B. Danar
Company
25
'
Spruce Street, New York City
An indispensable record of
carefully compiled
earnings statements, revised and published
monthly
Part I.
Part II.
STEAM RAILROADS
Gives
the
every
Class
file
with
merce
I
the
road
of
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Interstate
Commission,
with
parisons for two previous
Also gives
PUBLIC UTILITIES
monthly returns
Com¬
com¬
years.
supplementary state¬
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year
fixed
to
date, showing income,
charges, dividends, &c.,
and selected balance sheet items.
INDUSTRIAL
MISCELLANEOUS
Gives
latest available
monthly,
quarterly or semi-annual earn¬
ings statements, with compari¬
sons
for
years.
one
Is
figures for
or
more
previous
cumulative record,
the latest available
a
period being repeated until the
next
reports
are
available.
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NEW
Street
YORK
CITY
The Commercial &
VI
Financial Chronicle
Sept. 30, 1939
F.H. PRINCE & CO.
BANKERS
PROVIDENCE, RHODE ISLAND
H. Hentz & Co,
INVESTMENTS
HIGH-GRADE
New
York
Stock
New
York
Curb
York
New
Boston Stock Exchanges
York, Chicago Sc
FINCH, WILSON & CO.
Members New York Stock Exchange
Members
Mem ber«
New
1856
Established
Winnipeg
Stocks
Exchange
Exchange
Cotton
Exchange
Grain
Bonds
and
Trade
of
Board
Chicago
Exchange
Carefully
Commission Orders
New Orleans Cotton Exchange
Executed for Institutions
And other Exchanges
and Individuals
& Co,
Wellington
NEW YORK
Members New York Stock Exchange
1
*
'
'
'
LONDON
GENEVA
AMSTERDAM
YORK
NEW
PITTSBURGH
DETROIT
120 Broadway
I
DALLAS
CHICAGO
BOSTON
•'
.
Broadway, New York
120
Exchange Bldg.
N. Y. Cotton
ROTTERDAM
PARIS
CANNES
MONTE CARLO
NICE
LAMBORN & CO., INC.
99 Wall Street, N. Y.
C
SUGAR
Export—Import—Futures
Foreign
OTTO FUERST & CO.
DIgby 4-2727
Members New York Stock Exchange
New York
120 Broadway
Australia and'New Zealand
Cables: "Lindros"
Foreign
BANK OF
WALES
NEW SOUTH
(ESTABLISHED 1817)
BANK OF MONTREAL
6,150,000
8,780,000
of Proprietors..
Reserve Liability
l8l7
Established
£8,780,000
Paid-Up Capital
Reserve Fund
£23,710,000
Aggregate Assets 30th Sept.,
Montreal
Head OJfice
-
■
-
$40,183,254
Rest and Undivided Proper
Total
in
Assets
$850,000,000
of
Excess
President
H.
Drummond,
R.
Esq.
General Manager
William Whyte
George Street, SYDNEY
Wales is the oldest and
Australasia.
With over 900
of Australia, In New
Ztealand, Fiji, Papua and New Guinea, and
London, It offers the most complete and efficient
banking service to investors, traders and travellers
In
bank
largest
branches
n
i
all
States
29 Threadneedle
CHIEF
3
FOREIGN DEPARTMENT
Bishopsgate, London,
Agency Arrangements with
S.
£3,780,192
£4,125,965
Reserve fund
Associated
W. 1
Bank,
Williams Deacon's
Bank, Ltd.
Banks throughout
A.
v*
,1
Agencies
and Newfoundland—
More than 500 Branches.
In Canada
In London:
47 Threadneedle St., E.C. 2:
9 Waterloo Place, S.W. 1.
In the United States—New York, 64
San Francisco:
(San
Bank of Montreal
Francisco),
California
333
NATIONAL BANK
Wall St.;
Chicago: 27 South La Salle St.;
Street.
of
NATIONAL BANK OF INDIA, LIMITED
Bankers to the Government in
Kenya Colony
EGYPT
Head Office
Cairo
.
and Uganda
Bishopsgate, London, E. C.
Head Office: 26,
FULLY PAID
CAPITAL
RESERVE FUND
the canadian bank
TORONTO
OFFICE:
Established
1867
....
£4,000,000
Paid-Up Capital
£2,000,000
Reserve Fund
£2,200,000
£3,000,000
£3,000,000
LONDON AGENCY
6 and
7, King William Street,
description of banking
principal Towns in
Trusteeships and Executorships also
20,000,000
E. C. 4
Branches in all the
and exchange business
Reserve
.
n
The Bank conducts every
$30,000,000
Paid-Up Capital
.
India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Branchest
Subscribed Capital
of commerce
HEAD
£69,921,933
...
... — ... —
Street, E.C.
47 Berkeley Square,
England
Capital (fully paid)......
Deposits
LONDON OFFICES:
the U.
Branches and
OFFICE—Edinburgh
HEAD
The Bank of New South
General Managers
G. W. Spinney
Commercial Banking
Total number of offices, 258
Maj.-Gen. The Hon. S. C. Mewburn, C.M.G.
W. A. Bog, Esq.
—
200 Years of
1938.£127,064,001
interested in these countries.
Vice-Presidents
Jackson Dodds
Over
$36,000,000
.
-
1727
Incorporated by Royal Charter
ALFRED DAVIDSON, K.B.E.,
General Manager
SIR
Head Office:
Capital
Royal Bank of Scotland
and the SUDAN
EGYPT
undertaken
This Bank is in close touch with
the
commercial
and
financial
life
of Canada and is well
serve
equipped to
corporations, firms and in¬
dividuals
interested
in
Canadian
business.
Branches
in
every
important
city and town in Canada and New¬
foundland, also in Portland, Oregon;
San Francisco; Seattle: Los An¬
geles; London, England; Havana;
Kingston, Jamaica; St. Pierre in
St. Pierre et Miquelon; Bridgetown,
Barbados,
and
Port of
Spain,
CORPORATION
Incorporated in the Colony of Hongkong.
The
is limited to the extent and
prescribed by Ordinance No. 6 of 1929
NATIONAL BANK OF NEW ZEALAND,
in manner
of the Colony.
(Hongkong Currency) H$50,000,000
Paid-up Capital (Hongkong Currency)
HS20,000,000
Reserve Fund in Sterling
£6,500,000
Reserve Fund in Silver (Hongkong Cur¬
Authorized Capital
HS10,000.000
rency)
kong
Liability
of Proprietors
H$20,000.000
Currency)
A.
72
G.
(Hong¬
KELLOGG, Agent
WALL STREET
NEW YORK
Ltd.
Established 1872
Chief Office in New
liability of members
YORK AGENCY
Exchange Place & Hanover Street
BANKING
Reserve
Trinidad.
NEW
Hong Kong & Shanghai
P. R. M. Hanna,
Zealand: Wellington
General Manager
Head Office: 8 Moorgate,
London, E. C- 2, Eng.
Subscribed Capital
£6,000,400
Paid-up Capital
£2,000,000
Reserve
Currency
The
Bank
£1,000,000
Fund
Reserve
conducts every
business connected
......
£500.000
description of banking
with New Zealand.
Correspondents throughout the
London Manager, A.
World
O. Norwood
Tin'
immmrta
Vol.
SEPTEMBER 30, 1939
149
No. 3875.
CONTENTS
Editorials
The Financial Situation
"Labor"
The Oil
vs.
...
Labor.-——
page
-.1954
.
—
...
..1968
Industry and the "Monopoly" Committee— ..1969
Cotton Movement and Crop of 1938-39
..
-.1971
Comment and Review
The Business Man's Bookshelf
Week
on
....
_
—
.
the European Stock Exchanges
—
1970
1959
Foreign Political and Economic Situation.——. .—.—1959
Foreign Exchange Kates and Comment...
1965 & 2025
Course of the Bond Market
Indications of Business
-.1988
Activity
—1989
.—- ...—
Week
on
the New York Stock
Exchange
Week
on
the New York Curb
Exchange.
1927
—.....2024
News
2002
Current Events and Discussions
Bank and Trust Company
General
Items——.—-———.2023
Corporation and Investment News
i.——2071
Dry Goods Trade—.... i
2114
State and Municipal Department
-
2115
Stocks and Bonds
Foreign Stock Exchange Quotations—...
2035 & 2037
Bonds Called and Sinking Fund Notices
2028
—
Dividends Declared
2028
Auction Sales....
—.2028
—
——
New York Stock
Exchange—Stock Quotations......—2038
New York Stock
Exchange—Bond Quotations..2038 & 2048
New York Curb
Exchange—Stock Quotations
New York Curb
Exchange—Bond Quotations.——....2058
Other
—
Exchanges—Stock and Bond Quotations...
Canadian Markets—Stock and Bond
Quotations.
.2054
2060
2064
Over-the-Counter Securities—Stock & Bond Quotations.2067
Reports
Foreign Bank Statements.
Course of Bank Clearings
*,
———
1964
—————-—.——2025
—2002 & 2035
Federal Reserve Bank Statements..
General Corporation and Investment News...........2071
Commodities
The Commercial Markets and the
.—.—2105
Crops
.....—2108
Cotton——.——————.——
Breadstuffs
Published
...
Every Saturday Morning by the William B. Dana Company,
2112
25 Spruce Street, New York City.
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert. President and Treasurer; William D. Riggs, Business
Manager.
Other office*: Chicago—In charge of Fred H. Gray. Western Representative. 208 South La. Salle Street (Telephone
State 0613).
London—Edwards & Smith. 1 Drapers* Gardens, London, E. 0.
Copyright 1939 by William B. Dana Company.
Entered as second-class matter June 23,1879. at the post office at New York, N. Y.. under the Act of March 3, 1879.
Subscriptions
In United States and Possessions, $18.00 per year, $10.00 for 6 months; in Dominion of Canada. $19.50 per year, $10.75 for 6 months.
South and Central America, Spain. Mexico and Cuba. $21.50 per year, $11.75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia, Australia and Africa, $23.00 per year, $12.50 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
WHAT used
to bemight
termed
for efforts
to avoid
is another
questionWhat
whichis
and what
be "preparedness"
termed "preparedthe layman
findstrouble
it difficult
to adjudge.
war
ness"
this
abnormal
for
on a
part
from
large scale in which
almost
of
elusion
we
international
hostilities
ourselves take
no
proposed
our
neutrality legislation,
changes
Our
in
along with the various
The
ar¬
guments pro and con, are
the center of attention,
but
of
already other, matters
policy
governmental
and
practice
beginning to
are
dispute their monopoly of
Rumors
interest.
exerted upon
to
being
the railroads
equip themselves "for
emergency"
any
of
pain
upon
being "taken over" by
the
Government, and dis¬
cussion of steps,
informal, which
formal
or
may pres¬
prices is apparently never
with
ferences
.
.
at
larly, perhaps, but not
ex¬
industry,
ity
been
under
and the
been
become
involved
in
vast
the
sums
spending
and
armament,
our
appears
be
to
granted that
ceed
work
will
shall
with
it
enlarge their
gardless of what
pear
these
that
of
may
never
re¬
our
years
we
an
effectively
to
first essential
engaged in
flict
impor¬
end
that
if
have defenses
the
they
adequate to
any
seems
are
already prepared for
need which
they
to
be
that
can
are
any
us
available
dominant and
the world.
which might beset
proper
should indeed be
We
unsparingly used throughout
emergency
A
rate
are
we
armed
con¬
impor¬
business
stresses
incident to
sight of the fact that we
damaged and are now threatened
actual battlefields
altogether fitting and
time when force
first
it is the
once
an
de¬
most
com¬
scale,
and
even
strains
a
vast
though
the
war
on
of operations is
scene
thou¬
sands of miles away,
succeeds in adjusting
and
maladjust¬
limiting
of
ments
when it
best
itself
various
sorts
is, at the outset,
functioning normally and
foolish to fail to be. certain that
at this
a
munity called upon to bear
lose
without friction and important elements
difficulty.
course,
of
tance.
purely American political parties.
shall be drawn into the
is, of
is
sirable in peace,
country
at
system
ness
far from its familiar
process
seriously
system
If
times..
peace
smoothly functioning busi¬
from demo¬
this
operation of industry,
nary
ap¬
reasonably be anticipated.
we
the
economic
Europe.
It
cient
interventionist
taken
con¬
is
trade, and finance in ordi¬
to be the likelihood
we
"prepared¬
of these
corresponding* prepared¬
for vigorous and effi¬
"spies" and alien, subversive, "under¬
ground" organizations, which we are told
abound in our midst, than by others whose
American
lineage
cannot
be
questioned,
whose every protestation is that they are
acting to save us from the "isms," and who
are
members
in unquestioned standing of
pro¬
scope
has
Full
ness
less by
outlays and for that matter
to
of
for
us or
impossible,
broadly speaking, without
tingencies
people themselves and only the people
can do the saving—and they will
have been
taken for
we
further
control
the
strong
not
war
part.
effective
and
ness" for any
and individual freedom and
which
more
due to
directly involving
themselves
for
of increasing
purpose
country
points.
The
abnormal
for
economic conditions in this
general hostilities in Europe,
processes
undermined
war.
for years past
with
during the past few
moorings
and
in
tant
been
have
We
under
largely
initiative
ourselves
case we
paredness"
only from those
not
different
order, whether it is "pre¬
not only from the enormous ills
would without question follow upon
cratic
designed merely for appli¬
cation in
saving
but likewise from the drift away
not
are
planning is,
a
us,
saving,
entry into
our
glaring defect
of
however,
thoughtful person with the good of
at heart can fail to feel deeply
this time that this country needs a great
which
in
"preparedness"
discussion and
leanings,
plans said to have
formulated
of all this
country
of
date
"Preparedness"
The most
Daniel
reminds
present
long
have
participation
future
some
war on our own
Administration
consideration,
preparing for
.
dangers which spring from the fact that
its
foreign
affairs
are
unfortunately at
clusively, in the public util¬
of it,
emotional
was
deal
of business, particu¬
course
»
fact,
"inevitable"
aware
No
his
normal
the
in
not
are
we
although possibly not fully
but their own."
Various other inter¬
plans to be certain
that
Webster, as the Association
who said that "nothing
will ruin the country if the people them¬
selves will undertake its safety; nothing can
save it, if they leave that safety in any hand
in
approving arma¬
or
ment
European quarrels.
itself
ceasing in the National Cap¬
ital.
lating
seems
must at all
we
pains in formu¬
private enterprise.
Third, to stand guard over American prin¬
It
eral authorities to prevent
increases
every
Association.
ently be taken by the Fed¬
"undue"
times take
analyze carefully and with
propaganda designed to
engulf us in the European catastrophe.
Fourth, to assume the personal obligation
of informing Senators and Congressmen of
his
views
on
each
and every
issue as it
arises.
This should not be left to organized
groups; it should not be assumed that some¬
one else will undertake that responsibility.
If wisdom is not supplanted by emotion,
our
country will continue to concern itself
primarily
with
its
internal affairs,
with
normal processes of business and with the
defense of its form of government and the
inherent rights of its citizens under a system
of
free
enterprise.—American
Enterprise
ticity it cannot be said, of
pressure
:
at
caution
can
the real
regimentation.
Second, to stop Federal experimentation
in, and encroachment upon, the field of
ciples;
are
afloat, with what authen¬
official
zones," and
Duty
patriotic citizen, under
to be clear:
First, to weigh, with care, every move pro¬
posed by Government to the end that what
is actually done will be in the interest of
national defense as such, and not designed
for
the
promotion
of further socialistic
duty of
present conditions,
exist
now
as
state of mind concerning arma-
ments which is grossly out of accord with
every¬
the
a
requirements of this country, geographically so far
removed from "danger
ex-
At the moment
thing else.
easily lead to
very
active
today usurping the spotlight to the
are
certain is that conditions such
conditions in
"emergency"
or
arising
country
Wrhether
probable military
despite
our
best
"Preparedness"
in
these
of abiding
matters
we
sorely lack, and have lacked for years past, thanks
World
the
to
War
and
its
aftermath and to
the
vagaries of the New Deal during the past six years
or
more.
What
the
is
most
situation
remarkable about
this aspect
of
is, perhaps, that in all current dis-
cussions of plans and proposals we hear scarcely a
voice
among
the political leaders and public
of-
Volume 149
ficials
The Commercial & Financial Chronicle
concerning it.
Only from those leaders in
industry, trade, and finance who for
have shown
the
years
understanding and the
to
economic
our
that if
dozen years was
tive
plain
of
the
it is impera-
a year ago,
tracting relatively little attention
Washington,
gressively raised the price of such obligations and
that the
appear
that is thus being spoken is at-
common sense
and file and is
to
doing
were
policies of the past half
desirable
Unfortunately, it would
now.
by general world conditions which sent large quailtitles of gold to this country from abroad, pro-
system is the warning forthcoming
reversal
a
past
courage
speak freely about what the dreamers
among
the rank
being almost completely ignored in
absorbed
so
is
with
one
every
Europe's problems and troubles, with the danger to
which lurks in
us
them, and with attempts to ap-
praise their meaning in terms of orders for our
mills, earnings for
the
corporations,
our
prices of securities.
All this
or
changes in
may or may
not be
perfectly natural, human nature being what it is,
but it is
unfortunately
At many
in
points
none
the less.
domestic national policies
our
are
great and urgent need of major modification, but
nowhere is the need
national
greater than in the case of the
In about three months the Presi-
budget.
dent must submit to
and
Congress his budget estimates
proposals for another fiscal
by this time there
matter in the
Ordinarily
year.
lengthy discussions of the
are
daily Washington dispatches and wide
interest in the financial and general
business
com-
plans of the Government for the year ended June
30,1941, but the entire matter
concerned, by the
is
to have been
appears
pushed into the background, at least
public
the
so
far
the
as
of so-called
on-rush
"emergency" questions, including the neutrality
con-
yield
obtainable
from
operating
revealed—if revelation
was really needed—that this
superstructure of debt is highly unfortunate and
that the market which has so actively supported
both is of a distinctly artificial nature. What is;
quite disconcerting in the circumstances is the al-
mos^ universal habit of assuming that the
way to
t ea Ayith the situation, or, at all events, the way
111
*s more or less certain to be dealt with
^ ^10fe m authority, is to apply a hair of the dog
that did the biting—that is, by offering short term
obligations as needs be in the expectation that the
hanks will take more of them, by employment of
various other means which must of necessity carry
dangerous inflationary implications, and quite poss'bly 311 ^le eil(*
place us upon an irredeemable
l,aPer currency basis.
Little or nothing is being
^&id about getting to the real root of the difficulty
by curtailing expenditures, thus first putting a stop
to the rise in the volume of such indebtedness outstanding and then reducing it.
Easy Assumptions Unsafe
i„
some
quarters it appears to be rather lightlv
assumed that the Administration
will
and discussion
however,
the financial
in
to be thinking of it and all its
appears
possibly
community, which,
unpleasant
implications in terms
have little to do with
financial
a
which
housecleaning in
Washmgton.
A
Yet
the
"recovery"
In particular they speak of
as more or
less automatically reliev-
for the
tliat
far
so
repercussions of
we
call
a
"preparedness" for
war
It is not
a
years
and
matter of conserving the
credit of the National Government
a
or
profligacy that
Washington for six
merely
war
here is concerned, than
halt upon the utter
has been the rule in
more.
as
against the day
two years hence when we may (God for-
year or
bid) be drawn willy-nilly into the swirling vortex of
European events, Nor is it only a matter of ordinary
prudence in the management of our fiscal affairs,
failure
to observe
had sent many a
The
means
which, the President
"liberal movement"
used in recent years to
on
said,
once
the rocks,
finance the stag-
gering Treasury deficits have made of it a banking
problem of the first magnitude.
the
Banks throughout
length and breadth of the land have been
suaded
more
or
acquire.
per-
bludgeoned into the purchase of many
obligations of the Federal Government,
of them
many
long term, than they had any business to
New Deal, and
we are
afraid
some
other,
propagandists have spread the doctrine that the ultimate in "liquidity" was represented by such assets
as
these, at the same time that a persistently
pursued easy monetary policy, aided and abetted
tbe
T]iere ig 0f
course
no
excuse
to
for failure
on
part 0f the Administration to act as indicated,
and should the increase in business
f01.
large part
or a
a
considerable period of
be little
more
than another
of those
an
tion of
situation which should
never
prove
"inventory
icomparable opportunity for the
spurts,"
a
activity continue
time, rather than
correc-
have been per-
mitted to arise but which is difficult to eliminate
"Preparedness" Budget Needed
nothing is, and nothing could be, of greater
importance,
advan-
occurring in general business conditions to reduce
public expenditures.
of it,
ment bond market has excited considerable interest
take
1age of the improvement that lias occurred and is
of the
govern-
their
expenses.
ing the Government of its relief load,
The
that
earn
What has already happened in the bond market,
while not alarming in itself, has without question
troversy which now promises to occupy the center
stage for some time to come.
them
many banks have been hard put to it to
busily engaged in formulating the financial
now
reduced
so
;
Presumably the appropriate officials are
munity.
1955
w<>uld certainly knock loudly and challengingly at
^s door. Yet a study of the record is not particolarly reassuring regarding its course in this respect. At least it would be the part of wisdom for
public to demand action of this sort in no uncertain terms, for otherwise disappointment may be
in store for us.
The "Neutrality" Resolution
Meanwhile the publication
yesterday
morning
of the major part of the text of the resolution
drafted in response to the neutrality message of
the President last week, and now approved by
the Senate Foreign Relations Committee, has
raised some very serious questions closely relating to this whole subject here under discussion,
It may be that the Administration has all along
had some such measure as this mind, but if
so it has not been apparent in the official utterances on the subject.
The President yesterday
declined
way,
to
comment upon
,
the
measure
in
any
and it therefore remains to be seen whether
he is willing to accept it in its present form, but
however all this may be the resolution upon its
face appears to be a more drastic "isolationist"
measure
than the* most extreme "isolationist" has
be
no
and
the
question whatever that if taken to the
have, and a number of the restrictions ap¬
be amply demonstrated by citation of a
of its
1—(a) That whenever the President
by concurrent resolution, shall
that there exists
state
a
foreign States, and that it is
United States
or
of
between
war
necessary to pro¬
the security or preserve
the
peace
of the
protect the lives of citizens
to
of the United States, the
President shall issue
a
proclamation naming the States involved; and
he shall,
from time to time, by proclamation,
other States
name
been
involved in the
as
and when they may become
2(a) is in part
follows:
as
have issued
proclamation under the authority of Section
(a)
shall thereafter be unlawful for
it
any
American vessel to carry any passengers or any
articles
or
materials to any State named in such
proclamation,
except
transportation
to
as
on
lakes, rivers, and inland waters bordering
on
the United States, and
on
or
as
transportation
to
lands bordering on the United States,
over
in a position of power or influence in na¬
would
prohibit an American citizen to sell to a
citizen
of,
mobile,
the Union of South Africa, a wheel
say
which transportation shall
or
a
would make
of these whether paid for in cash or
any
carry
place, we, at all events had not suspected it.
the resolution now
such restriction upon our
will
resolution
ship¬
upon our
unchanged to the statute
pass
book, but the fact that it has the approval of Ad¬
supporters on the Senate Committee
Foreign Relations, at least to the point where
willing to send it with their blessings to
are
the floor of the Senate is
overlooked.
tion which
position
In
our
view,
a
fact which must not be
any
deviation from
posi¬
a
merely observes the requirements of
as a
neutral and insists
all of them—as
is to be
neutral is open
a
our
rights—
upon our
to skepticism, and
adopted, if at all, only after most careful
study.
Such
a measure as
is
simply quixotic.
in
Congress.
have before
we
us now
It should receive short shrift
y:y' >bb y•:y< v-y: Vy
.
Federal Reserve Bank Statement
the Presi¬
as
trade and
Of course, it would be rash to assume that
ping.
the
Yet
proposed would inflict precisely
be subject to such
restrictions, rules and regulations
passenger auto¬
a
baby carriage except for cash, and
it unlawful for any American ship to
not, or for that matter take a passenger to such a
they
a
or
affairs, has; been seeking a regimen which
ministration
S
war.
Whenever the President shall
1
if the Administration,
but
tional
on
Section
indefensible,
barrow, a tabulating machine,
the Congress
mote
fol-
as
i'1 \J.-.
,
Section
find
Section 1(a) reads
provisions.
and
clarity
parently sought by the Administration have always
any one
extraordinarily drastic nature of this resolu¬
lows:.
or
will very seriously
form it
this
in
shipping.
our
tion may
few
far as we are aware,
so
needlessly restrict and hamper our export trade,
The
precision such utterances
lacked
should
books
statute
and
Sept. 30, 1939
(there
seriously suggested
can
Chronicle
The Commercial & Financial
1956
dent shall prescribe.
Section
OFFICIALchanges
banking
statistics
reflect during
relatively
in the
credit position
the
2(c) contains these provisions:
Small
Whenever the President shall have issued
a
proclamation under the authority of Section
1
(a) it shall thereafter be unlawful to export
or
transport, or attempt to export or transport,
be exported or transported, from the
to
or cause
United States
clamation,
to any
State named in such
articles
any
pro¬
materials until all
or
week to
of
the
Wednesday night,
current
eral Reserve Bank open
in progress
holdings
entire
tion,
or
The shipper of such articles
national.
or
agency
corpora¬
materials shall be required to file with the
Collector of the Port from
or
they
declaration under
be exported
to
are
oath that there exists in
States
right,
any
articles
or
a
no
title
through which
citizen of the United
or
interest
such
in
suggesting that the
market operations still
was
market for long-term Treasury issues,
term
transferred to
foreign government,
against the earlier weeks
war,
but only modest support
than offset the
some
as
repercussions may be less sensational hereafter. Fed¬
right, title and interest therein shall have been
institution, association, partnership,
European
were
liquidated to
a
were
extended the
while the short-
degree that
more
acquisitions of long-dated bonds. The
portfolio, which
now
includes both direct and
guaranteed obligations of the Treasury, showed
decline of $22,674,000, to $2,803,809,000.
accomplished through
an
a
was
increase of Treasury bonds
by $7,326,000 to $1,315,942,000;
ury
This
a
decline of Treas¬
bills by $30,000,000 to $242,370,000, and
an
unchanged total of Treasury notes at $1,245,497,000.
Bankers' bill
materials, and to comply with such
holdings
$3,000 to $548,000.
were up
Although the reduction of
open
market holdings
rules and regulations as shall be promulgated
tended to reduce the credit reservoir, most other fac¬
from
tors of
time
claim of
a
any
right, title
terials.
time.
to
filed shall be
or
Any such declaration
so
conclusive estoppel against any
citizen of the United States of
interest in such articles
No loss incurred
by
in connection with the sale
or
any
ma¬
or
such citizen
transfer of
title and interest in any such articles
terials shall be made the basis of any
right,
ma¬
or
claim put
forward by the government of the United States.
Some
relatively minor exceptions
are,
so
it is
importance still made for additions.
tary gold stocks of the country
$23,000,000 to
record.
$16,925,000,000,
The Treasury
reserve
banks
by $66,723,000, and
Sept. 27
The
were
excess reserves
of the member
officially estimated at $5,330,-
000,000, up $50,000,000 for the week, the figures
establishing another record and
a
dizzying
one.
said, to be embodied in provisions not available at
the demand for credit accommodation remains
the time of this
scale
nored in any
writing, but they
may
safely be ig¬
general appraisal of the resolution
proposed.
There have been occasions in the past
ficial
statements
now
/
on
this
general
a
funds promptly moved into member bank
balances.
on
which again is
found its general account with
the Federal Reserve banks lower
most of the
Mone¬
advanced by
were
that
little
merits
more
than
attention.
But
on
a
The
weekly reporting member banks in New York City
report an advance of $12,000,000 in business loans,
when of¬
subject
have
to
$1,652,000,000.
lateral moved up
Brokers' loans
on
security col¬
$1,000,000 to $406,000,000.
Volume
The Treasury in Washington
deposited $34,999,000
gold certificates with the regional banks, raising their
holdings to $14,656,717,000, and
other cash also
as
increased somewhat, total reserves of the bank
vanced
1957
The Commercial & Financial Chronicle
149
$38,820,000
ad-
Federal
$15,003,107,000.
to
Cotton exports in August of 251,809 bales valued
were the largest since last March and
compare with only 126,351 bales valued at $5,969,880
in July and 215,591 bales worth $10,688,753 in
at $11,868,829
August, 1938.
August
was
Reserve notes in actual circulation increased $6,118,-
that exports of the staple
000 to
same
$4,683,726,000.
Total deposits with the 12
Federal Reserve banks
dropped $4,542,000 to $12,-
944,721,000, with the account variations consisting
of
an
increase of member bank balances
000 to
$11,621,338,000;
eral account
of
by $72,029,-
decline of the Treasury
a
by $66,723,000 to $551,890,000;
a
000, and
$303,913,000.
The
85.1% from 84.9%.
reserve
J Interest in foreign trade today centers around the
Discounts by the Federal Re-
banks increased $768,000 to $6,356,000.
serve
In-
dustrial advances fell $23,000 to $11,644,000, while
commitments
make
to
such
advances
fell to
the corresponding 1938 period.
possible influence of the
$18,359,000
improved to
ratio
year shipments have amounted to only
1,791,083 bales compared with 2,776,229 bales in
the current
drop
increase of other deposits by
an
greater than in the
month of 1938, and in the first eight months of
gen-
foreign bank balances by $28,207,000 to $467,580,-
to
the first month this year
were
$10,-
war
abroad.
It would be
incorrect to imagine that the trend of events in
international trade must follow the same pattern
as during the last world war, but for what value the
comparison
five
war
may
have, it is worth noting that in the
months of
1914
adversely affected by the
oats,
wheat,
sugar
our
and to
total exports were
In the year as a whole,
war.
a
lesser extent leather
exports were about the only items showing
517,000.
«
m
•
oreign
j
ra
gains over 1913, while corn, cotton, iron and steel,
a
•
in
e
marked
ugus
railroad
cars,
hops and naval stores, were among;
THEmonth
country's
foreign
those
before
the trade in August, the
of last
the
before.to show substantial reductions from the year
commencement
European
war, was
fications than in
July, with the increase in exports
amounting to 9% and imports 4%.
export trade in the month
the
was
The increase in
much sharper than
of the preceding five
average
.
in larger volume in both classi-
while the
years
gain in imports compares with decreases in August
in
four
of
the
five
years,
but with
an
increase of
17% in 1938, the exception.
The
month's
of
exports
$250,839,000
were
the
largest since last March and compared with $229,629,000 in
rise
The
July and $230,790,000 in August, 1938.
over
the
sharpest of
corresponding month of 1938 was the
any
month this
year.
Imports in August
aggregated $175,756,000 in comparison with $168,925,000 in July and $165,516,000 in August last year,
The
excess
month
of exports
$65,274,000 in
months exports
000
amounted to $75,083,000 last
compared with $60,704,000 in July and
as
August,
In the first eight
1938.
have exceeded imports by $457,136,-
compared with $781,832,000 in the
same
period
of 1938.
detailed list
Examination of the
not offer much evidence of
anticipation of
were
war.
of exports
does
foreign purchases here in
About the only such indications
increases in aircraft and copper
shipments
over
July, whereas in August, 1938, both of these items
were
smaller than in the
preceding month. The larger
shipments of agricultural
not
seem
since
developed.
here the
products
August
in
to be related to the hostilities
Cotton exports
rose
do
which have
sharply, but
explanation is obviously government sub-
sidies, credits, barter arrangements, &c.
movement
of grains,
The larger
tobacco and fruit in August,
compared with July, cannot be considered unusual;
a similar trend was shown in August, 1938.
In fact,
grain shipments abroad in August
months this year, were
as
in previous
amounting to little more than a third of the volume
Tobacco shipments also
were
much smaller than last year.
Agricultural
shipments as a whole, totaled $44,500,000 last month
compared with $61,600,000 in August, 1938.
products, however,
$203,700,000.
copper
rose
Non-
from $166,700,000 to
Aircraft, automobiles, iron and steel,
and machinery showed largest gains.
Gold continued to flow here in large volume during
August, receipts during the month totaling $259,934,000 compared with $278,645,000 in July and
$165,990,000 in August, 1938. During the 12 months
ended August, gold arrived here in the unprecedented
aggregate of $4,061,270,000 compared with $799,403,000 in the corresponding period a year earlier,
Shipments of the metal abroad have amounted to only
$514,000 in the past 12 months,
Silver imports in August totaled $4,365,000 compared with $5,531,000 in July and $4,985,000 in
August, 1938. Exports of silver last month totaled
$937,000
compared with $640,000 in July and
$401,000 in August last year,
The New York Stock
Market
sharply reduced from 1938
shipped in August, 1938.
farm
In 1915, however, so vast a change occurred in our
sales of goods abroad, that in reporting the results
of that year we were able to say, "The phenomenal
expansion in our foreign export trade in the calendar
year 1915 marked an epoch in the commercial history
of the United States." In that year our exports rose
to $3,554,670,847 from $2,113,624,050 in 1914. But
it later turned out that the expansion of 1915 was
only the beginning of a development which did not
reach its peak until 1920, when exports aggregated
no less than $8,228,016,000. Indeed, compared with
subsequent years 1915 shipments were exceeded in
every year prior to 1931.
It was not altogether
larger quantity shipments which made these figures
possible; rising prices were an important factor. The
Department of Labor index of wholesale commodity
prices rose from 68.1 in 1915 to 154.4 in 1920. The
cost of living rose from 58.2 in 1914 to 116.2 in 1920.
The increases in the period covered a wide range
of items, iron and steel, explosives, copper and
chemicals being among the more striking instances.
IRREGULAR sessions were the rule this week on
-^ew York stock market, with the European
war developments still the primary consideration,
The principal trend was downward, owing to the
ominous moves for collaboration by Germany and
Russia, which already are changing the European
map and which may produce for the Allies the alternatives of endless warfare or immediate peace. The
The Commercial & Financial Chronicle
1958
Great
possibility,
however
and France
might abandon Poland to its fate sent
that
remote,
stocks downward here in New
the
September advance
tion of
a
chases
by the Allies.
veloped
and
made
modest
downward
The railroad
pressure
group of
equities
notwithstanding the Euro-
progress,
tendencies, for
pean
material pur-
war
Some profit-taking also de-
exerted
upward
the assump-
on
loadings
car
-
advancing and
are
prospect of improved domestic business might
aid the carriers
Stock
greatly.
Exchange held
Turnover
between
the New York
on
the
1,000,000
Wednesday, 2,341,730 shares;
on
on
Thursday,
1,573,930 shares, and on Friday, 1,129,410 shares,
York, where much of
predicted
and huge basic
war
"war babies."
upon
the
long
was
shares;
Britain
Sept. 30, 1939
On the New York Curb Exchange the sales on
Saturday last were 88,205 shares; on Monday,
214,605 shares; on Tuesday, 247,950 shares; on
Wednesday, 333,980 shares; on Thursday, 215,290
shares, and on Friday, 181,115 shares,
Activity struck the doldrums on Saturday of last
week as a result of the great uncertainty growing out
of the proposed revision of the Neutrality Law.
Early morning found equities firm and mixed with industrial, rail equipment and merchandising shares
dominating the
and
scene.
Near the close of the brief
2,000,000 share marks during most full sessions of
session final prices reflected negligible changes over
the
previous closing levels, but were in the main firm,
On Monday the market was again subject to extreme
week, but advanced considerably
the larger
over
figure in Wednesday's dealings.
In the
main,
await further
of events.
markets clearly
our
Each
report and
to the
as
rumor
to
as
developments affected the trend.
peace
close to
inclined to
were
signals from Europe
war
period
hand in the Western
European conflict,
take
and mixed. Neutrality legislation which has aroused
much interest of late was shunted to the side for
so
the moment
a
attention
least
or at
easier tendency developed and prices
an
But the
increasing indications that Russia might
Later
closed steady
issues furnishing the impetus for other groups.
or
Prices held
ending.
now
Firmness featured early dealings with rail
changes.
closing levels of last week during the first
three sessions of the
of trading and greatly restricted price
narrowness
course
on
on our
Tuesday and traders centered their
improved industrial position.
Rail
provide extensive support for Germany, turned the
trend definitely lower
Thursday and yesterday,
Even the gathering indications of domestic business
lifted to irregularly higher levels,
improvement failed to halt the movement, possibly
because of the many
warnings from business leaders
^ Near the close rail issues were in greater demand
and carrier gains for the day ranged up to eight points
that
followed by general improvement in the remainder of
large
orders
war
Europe if the gains
must
be
the list.
The realiza-
tion
spread that hasty domestic buying of goods, in
anticipation of demands from Europe and of higher
general price levels, is the principal reason for the
current
departments
much
on
the
of
financial
our
general
tone
during the late sessions of
week, and official support
Hints
move
the
needless
was
until
near
on
values and equities in general
the close, when
a
gave
spurt of buying in
the session with prices steady and mixed.
stocks
excel-
an
on
the motor shares checked the adverse trend and ended
markets
considerations,
United States Treasury securities showed
lent
softening effect
waY
same
Buoyancy featured the start of trading
Wednesday with rail issues again commanding attention.
Waning interest later in the morning had a
business gains.
Other
moved
the rest of the list, prices in other groups being
on
received " from
to be justified.
are
issues were strong and thus exerted a good influence
Rubber
strongest with motors, utilities, electric
were
equipment, and mail order issues enjoying advances
current
for the day.
throughout,
given Thursday that the Treasury may
quickly to refund $526,000,000 notes due next
were
ship
on
Rail shares forced the issue for leader-
Thursday and carried the general market
downward.
Opening prices
15, but this did not dampen the market for outstanding bonds and notes, yesterday.
High-grade
offered
resistance to the trend in the forenoon,
corporate issues likewise
rather pronounced selling
Dec.
firm.
were
good portion being retained despite
turn
Thursday.
steadily
reached
kets
and
soon
were
after the
peace
and
war
bonds
the
Commodity
on,
other
depressed the price levels.
Copper
base metals
markets
in
were
account.
"free"
good
In
sterling
a
demand,
en-
foreign
ex-
the
advanced
Other
units
held
to
on a
touched
new
66
New
new
stocks
Exchange
year
low
new
as
three and in
a
overcome
few
The
their earlier losses.
now
limb.
on a
Opening levels yesterday
long
that
were
peace
war
out
the worst
above previous closing prices, final quotations
re-
As compared with the closing
on
Friday of last
week, closing prices yesterday show further recessions,
General Electric closed yesterday at 40% against
on
Friday of last week; Consolidated Edison Co.
of N. Y. at 30% against 30; Columbia Gas & Electric
stocks
while 27 touched
at
7% against 7%; Public Service of N. J. at 38%
Exchange
against 37%; International Harvester at 68% against
high levels and 34 stocks
69%; Sears, Roebuck & Co. at 77% against 77%;
Montgomery Ward & Co. at 53 against 54; Wool-
levels.
Call
loans
on
the
New
York Stock
Exchange remained unchanged at 1%.
Exchange the sales at the
half-day session on Saturday last were 562,460 shares;
on
Monday, 1,226,210 shares; on Tuesday, 1,712,070
worth at 38% against 37% and American Tel. & Tel.
On the New York Stock
much
Prices hardened from then
fleeting losses of fractions to two points.
and
former
144
On the New York Curb
touched
new
Stock
high levels for the
low levels.
touched
York
short but
for the day and the general market failed to rise
41%
the
a
that cut deeply into
left speculators who had bargained
s'
On
as
faced with
wave
Chancellor Hitler has obtained his immediate ob-
rate of $4.02
close
was
lower, but equities
jective he would proffer proposals for world
England for approved
ransactions.
but failed to
were
belief current in financial and other circles
mar-
whereas
^+a!!rished
^0UC*ie^
^ie °^c*al buying
by the Baank of
eve
instances to five points.
levels
upward,
tirely for domestic
es
prices, declines running
a
advanced
depressed
began.
inclining grains
rumors
chanage
dollar
from
huge gains,
modest down-
a
uncertain, with reports of continued Euro-
warfare
pean
Foreign
sharply
At mid-day the market
In the specu-
lative lists railroad securities showed
some
at
160% against 160%.
Western Union closed yesterday at 33% against
;
35%
on
Friday of last week; Allied Chemical & Dye
Volume
at
The Commercial & Financial Chronicle
149
183% against 196; E. I. clu Pont de Nemours at
180 against
180%; National Cash Register at 15%
against 16%; National Dairy Products at 15% against
The spot price
1959
for cotton here in New York closed
yesterday at 9.21c. against 9.27c. the close
on
of last week.
yesterday
The spot price for rubber
15%; National Biscuit at 22% against 22%; Texas
was
20.00c.
against 22.00c. the close
Gulf Sulphur at 35% against
37%; Continental Can
last
week.
Domestic
at
12%c. against 12c. the close
47% against
49%;
Eastman
Kodak
155%
at
against 157%; Standard Brands at 6% against 6%;
In London the price
Westinghouse Elec. & Mfg. at 116% against 114%;
22%
Lorillard at 20% against 21%; Canada Dry at
the close
against
14%;
Schenley
Distillers
14%
13% against
at
In
the
rubber
last week; B. F. Goodrich at
on
Friday of
22% against 22%, and
United States Rubber at 43% against 43.
railroad
closed
vania
with
RR.
shares
advances
times'
at
the
were
and
strong
present week.
20%; Union Pacific at 102% against 101; Southern
16% against 16%; Southern Railway at
19% against
18%, and Northern Pacific at
11%
Weakness characterized the steel shares this week.
United States Steel closed yesterday at 73% against
Friday of last week; Crucible Steel at 47%
against 51; Bethlehem Steel at 87% against 91%,
and Youngstown Sheet & Tube at
closed
Paris
In the motor group,
3% bid against 4%
Auburn Auto closed yesterday
on
Friday of last week; General
88%; Packard at 3% against 4, and Hupp Motors at
1% against 1%.
Among the oil stocks, Standard Oil of N. J. closed
yesterday at 48% against 50%
week; Shell
Union Oil at
Friday of last
on
14% against 15%, and
Refining at 23% against 23%.
Anaconda Copper
yesterday at 32% against 34%
on
Friday of
week; American Smelting & Refining at 54%
against 58, and Phelps Dodge at 43% against 45%,
Trade and industrial reports Were generally favor¬
able this week,
is
not
although the occasion for the advance
necessarily the soundest imaginable.
operations for the week ending today
by American
Iron &
The rate compares
was
were
more
Steel
estimated
than two
financial
a
ever
power
attained.
In the
output was 2,444,-
kwh.
Carloadings
freight in the week ended Sept. 23 were
2,154,218,000
of
re¬
ported by the Association of American Railroads at
814,828
cars, an
increase
small.
statement
about
the
over
the preceding week of
course
of the commodity markets,
December option for wheat in Chicago
yesterday at 82%c. against 86%c. the close on
of last week.
December corn at Chicago
yesterday at 49%c. against 55%c. the close on
the
week.
December
yesterday at 31%c.
Friday of last week.
in
Lon¬
budget,
which
Chancellor
budget is
than
of
the
that
or
is
less
pessimists had
soon
be "unfrozen"
but there
was
dull
on
raise
of the buying.
throughout
enormous
the
occa¬
indications that
were
some
On
developed
and
The German Finance Minister
to
of the war,
be
demand
doing at least
Boerse
thorized
can
of the established minimum
little
a
rentes,
were
irregular.
is to
Sir
proved slightly
advance above such levels.
an
Bourse
for
sion
late
Exchequer
The lowering of the Bank of England
through a reduction
banks
made
was
the
confirmed
most
hope that gilt-edged issues
Paris
exceptionally
Thursday to 3% from 4% stimulated the
on
levels,
was
all interests awaited the
as
Perhaps the best that could be said
anticipated.
sums
for
The
mildly
was
the
au¬
conduct
and financial Berlin wondered how this
accomplished.
The banks of issue in the
warring countries all reported reduced currency cir¬
culations, which indicates that immediate resort to
the
printing
press
is not
Business
necessary.
ports from the belligerent countries
significant, for most business
American
cult task
lems raised
now
is
no
longer
war
re¬
are
business.
Neutrality
oats
against
at
Chicago
34%c.
the
closed
Friday
closed
Friday
closed
close
on
of
neu¬
by the European
war
and the universal
desire in America to avoid
participation in the
flict.
a
All
had
than
signs point to
first
been
rather longer
made his
plea
Sept. 21 for
on
international law.
demands
others
in
our
War
a
eventual
a
special session and
return to ordinary
ever more
and interest in the United
foreign policy that really will
aloof.
assuring all
must be realized.
as
a
Meantime, it became
evident that every group
the country
con¬
session
anticipated, when President
Roosevelt issued his call for
States
last
by
Simon.
John
rate
the
on
Wednesday
hold
of
The British market
quiet early in the week,
9,095 cars and over the similar week of 1938 of 145,124
indicating the
done
don, Paris and Berlin, and the net price changes
cars.
As
developments and
was
trality laws and of debating the troublesome prob¬
371,000 kwh., and in the corresponding week of last
revenue
under
for the week ended Sept. 23
kwh., the highest
was
week
CONGRESS buckled
down this
formulating
changes to
in the
the diffi¬
preceding week the electric
it
this
and its
business
Little
consequences..
remained
war
Pro¬
year.
reported by Edison Electric Institute at 2,448,-
year
markets
the domination of the
years.
with 79.3% last week, 63.0%
and 46.7% at this time last
duction of electric power
888,000
yesterday at 2.28%c. against
Friday of last week.
Steel Institute at 83.8% of
capacity, the highest level in
month ago,
on
STOCK market sessions in the leading European
Berlin
Copper stocks again sold off the present week in
keeping with the general trend.
closed
against
European Stock Markets
51% against 53.
Motors at 54% against 53%; Chrysler at 89% against
last
$4.01%
at
Friday of last week, and cable trans¬
2.27%c. the close
onerous
Atlantic
yesterday
fers
were
at
foreign exchanges, cable transfers
closed
on
against 11.
on
pence per ounce
yesterday at 35c. against 39%c.
$4.00 the close
on
against 23%
Friday of last week.
on
Pennsyl¬
Friday of last week; Atchison Topeka & Santa Fe at
78%
of bar silver closed yesterday at
closed yesterday at 26 against 24% on
31% against 30%; New York Central at 20% against
Pacific at
York closed
London
on
at
Friday of last week.
on
Friday of last week, and spot silver in
In the matter of
Goodyear Tire & Rubber
group,
yesterday at 28% against 28%
The
New
Friday of
on
closed yesterday
copper
per ounce
on
the close
13%, and National Distillers at 23% against 23.
closed
pence
Friday
Industrial leaders joined
concerned that such aims
The problem is not an easy one,
participation in the first World
indicates, and it would appear to demand full
cooperation from all elements of
our
Nation.
It
certainly demands coolness, tact and good judgment
in
the
highest Administration circles in Washing-
The Commercial & Financial Chronicle
1960
tori, and avoidance of startling pronouncements of
dubious
President Roosevelt, possibly in
validity.
to his flair for dramatic statements, de-
response
submarines of
week that two
last
clared
late
known
nationality had been sighted off our coasts,
manifestly inappropriate as a world principle and
to the New York
might involve embarrassing problems even in this
hemisphere, where Canada now is a declared participant in a European conflict,
a
dispatch
Washington
a
"Times"
reported, and it was further indicated that
President indulged
the
possibilities of
un-
"Mr. Roosevelt made his
solicited statement
tion,"
view of submarine activities and the
matter of public informa-
Alaska, and the other
south of Nova Scotia.
as
patches from Panama City, is one for a 300-mile
area of primary sea defense off the coasts of all
the countries concerned. This notion, advanced in
subcommittee studies, merits some consideration in
aerial developments, but ought to be subjected to
the closest possible survey of its implications. It is
off the southern coast of
one
un-
Sept. 30, 1939
in
good deal of jocular
a
guessing whether the submersibles might belong to
>
The Panama meeting was opened with a polite
speech by the President of Panama,
such land-locked nations as Switzerland or Bolivia,
welcoming
The information disclosed
Juan D. Arosemena, who reminded the delegates
be
could
conveyed in
appropriate
Navy
by
manner
by the President clearly
less sensational and more
a
Coast
or
Guard
officials, especially in view of the fact that there
has
been
with
interference
no
shipping
near
shores.
State
The
Department
reported
was
our
of destruction or the dismemberment of
nation, but only to "keep America for huinanity." Mr. Welles spoke on Monday and urged
any
increasing cooperation among the American repub-
^
^
and the world at large that the sessions were not for
purposes
much
in
He reflected faithfully the de-
lies in all spheres.
problem of applying the existing
sires of the Roosevelt Administration to extend
embargo provisions of the current neutrality laws
loans to Latin America by declaring that the United
States Government "will assist in making credits
doubt
to
as
the
that
since
Russia,
against
has
country
This problem is
troops into Poland.
a
sent
its
thorny
one
indeeed, for Russia sent her forces into the Polish
only after the Polish Government had fled and
area
on
the announced
ground that such action
tion, is
may
the
The
ques-
be added, provides another instance of
the difficulties encountered when
to
was neces-
to protect peoples of Russian origin.
sary
attempts
are
made
legislate in advance for contingencies of
war,
application of the embargo to the Spanish civil
and its avoidance in the Sino-Japanese
war,
con-
flict, providing previous evidence of failures in this
respect.
According to
tlie New
York
Washington dispatch to
a
"Times,"
a
the blood
is
of
in
mark
Europe and Asia spill
thousands,
one more
paradox
these matters, according to press reports.
The
ques-
tion of contraband declarations by the European
belligerents also was debated. Some resolutions on
these items possibly will be adopted soon, and it is
Department
to be hoped they will accord more closely with reali-
ties than Mr. Welles's suggestions for United States
Apparently,
in the
circumstances, which is
of the
State
the
a
view
Ship-
waiting policy with respect to Russia best
found
in
wars
posed when the question is raised of the status
Russia."
of payment on dollar bonds and assuredly are not
entitled to the extension of official credits.
Panama City, appropriate subcommittees studying
put the case neatly
of tens of
rather suggest the need for recalling Mr.
Welles without ado, since Colombia and Bolivia
currently are disregarding completely their pledges
rate,
by remarking:
official
topsy-turvy world where declared
wars
Wednesday indicated that Mr. Welles had cabled
suggestions for loans of |2,000,000 to Bolivia and
"a larger one" to Colombia. Such reports, if accu-
ping and trade problems received consideration in
ment
tiine and undeclared
on
harassed State Depart-
"In
a
available through the services and facilities of its
privately-owned banking system, as well as its Goveminent-owned agencies when the latter have funds
available for such purposes." Washington reports
a
sensible procedure
proposed changes in our laws gov-
erning neutrality
measures.
Government loans of
demonstrated
their
money to
nations that have
complete
and callous disregard of pledges and of United States interests.
Eastern Europe
Panama Conference
HASTILY
summoned
to consider the neutrality **
T IISTORY
was made far faster in Eastern
problems
of all the 21 American republics,
Europe this week than on the Western Front,
an
Inter-Ameriqan Conference
its
sessions
at
Panama
Neutrality started
for the grim shadow of the Russo-German under-
City, last Saturday, with
standing spread swiftly over the Baltic and Balkan
on
Under-Secretary of State Sumner Welles in attendance
for the United
countries
was one
met
States, and with other American
under
prime
movers
resolutions
of
The United States
tween Moscow and Berlin is not yet revealed, and
possibly will be made known only in the course of
previous Pan-American
months and
conferences
calling for consultation in the event
some
of
of
of
a
threat
the
peace
of the Americas.
likely that the conference will be
a
brief
It is
affair,
a
years
nature
anxiety.
to
ican
against Poland
participation
to
entirely
a
determine.
division of
ama
or
neutrality in the European
Some
practices
there
was
no
all speakers upholding strongly the
new
were
principles of international law and
broached, and doubtless will be de-
bated thoroughly.
only sound policy to fol-
Among them, according to dis-
the
keenest
are
and
concern
already being turned
virtual
view that aloofness is the
low.
is
On
matter
But
for apparent "assistance" in the expedition
Russia, in the form of
opinion in the early sessions of the Pan-
congress,
arouse
matter for the American republics
this
plans attain fruition.
The payment exacted by Russia from Ger-
many
is
as
of the effects already are visible and they
possibly because it is altogether evident that Amerwar
map.
The full extent and intent of the arrangement be-
for the gathering, which
equally represented.
of the
countries and began rapidly to change the
dominion
over
a
over
to
great area of Poland and
Baltic
regions set
independent States after the first World War.
up
as
Rus-
sian influence also is reaching down through the
Balkans, where the old game of playing Moscow
and Berlin against each other no longer works.
seems
It
fairly clear that a large payment by Moscow
to Berlin for this change also is part of the arrange-
Volume 149
The Commercial & Financial Chronicle
1961
merit, and it may well take the form of supplies to
other within its allotted sphere.
Germany which might enable that country to
tion thus
tinue for
to
the
a
con-
long and wearying period its resistanace
British
and
French
military
That
moves.
Comrade
Joseph Stalin is the chief and perhaps the
only real beneficiary of this development is too bitterly obvious to be ignored, and it is a circumstance
that
can
hardly be neglected in the Western Euro-
pean countries which
from which
none
now
of them
are
can
engaged in
hope to
victors.
The
struggle
a
real
emerge as
i
degree to which the Kremlin
the arbiter of Central and Eastern
has become
now
European affairs
is
only beginning to be apparent, although enormous
changes already are being effected.
It was fairly
evident that Chancellor Hitler and his Nazi associates
entered
with
reluctance, and only because they believed the
into
their
with
arrangement
Russia
British and French
strategy left them no alternative.
Even so, it would seem that the Nazis must
have exacted terms from Russia which
would
en-
able them to deal with the threat of Allied
attacks
with confidence that their lines of
fail.
What all this amounts to is
set in the
munist
of all
rest
of
and
comes
free
to
access
gaining his ends
a
was
succession of visits
Balkan
whereunder
States, and
Estonia
be-
satrapy, affording the communists
and
control
of
the
northern
Baltic
Sea.
The wheels of
history seldom have spun so
fast, and the developments suggest the gravest of
miscalculations, not only in Berlin but also in Loudon and Paris.
the
to
The Italian
Government, neutral in
struggle of the great nations of the west,
have retained
an
ability to view these
clearly, for Rome is said
the
seems
matters
to be much perturbed
growth of Russian influence, now that
Germany is plunged into a struggle in Western
Europe which cancels her balancing force in East-
Europe.
Perhaps
ments
of
1
the
the
most
week
significant
is
another
of
visit
the
to
develop-
Moscow by
the German
Foreign Minister, Joachim von Ribbentrop, which ended yesterday with announcement of
important agreements. Accompanied by numerous
experts, Herr von Ribbentrop arrived in Moscow
on
Wednesday, and
cordiality.
It
was
was
greeted with the utmost
quickly indicated that
the
con-
versations covered the entire field of
German-Soviet
relations, and the statements early yesterday bear
this out fully.
The two regimes voiced their joint
opinion "that it would be in the interests of all
nations
to
In
bring to
declared its desire to increase its
other, and Russia expressed willingness to supply the Reich with raw materials, taking industrial
products in return at later periods, if necessary,
The "present regime" in each State was recognized
"fundamental for its
as
people," which is
whole,
a
the
status of
understanding may not
an
end the state of
war
pres-
But if the efforts should
prove unsuccessful,
the announcement
adds, "the fact would thereby be
established that England and France would be
re-
sponsible for continuation of the
As
of
as
to
part of the understanding,
some
on
an
in which
case
R.
necessary measures."
a
division of Poland
approximate north-south line
60 miles east of
Warsaw, each side agreeing
not to interfere with the
war,
Germany and the U. S. S.
consult each other
arranged
Taken
attain
as
the
formal military alliance, but the simple
a
fact is that it
stops just short of
alliance and
an
could readily be turned into one.
immediate
The
Paris
indications
not affect the determination
the
to
war
from
London
and
that the Russo-German agreement will
were
victorious
a
of the Allies to carry
conclusion.
Eastern
For
Europe, according to the Russo-German view; the
understanding "establishes
permanent peace."
a secure
foundation for
Actually, all the smaller States
of Eastern Europe will have no alternative to recog-
before the
so even
concluded in Moscow.
was
arrangements made by the
new
agreement
Highly indicative
was a
visit paid to Moscow by the Turkish Foreign Min-
ister,
Shukru
Saracoglu, who also received great,
honors in the Russian
neutral
observers
capital.
that
was
making the best of
was
a
The assumption of
Turkish
the
Minister
bad bargain which, almost
of necessity, threw Turkey into the Russo-German
at least in the
camp,
be
closed
British
to
sense
that the Bosporus would
and French
warships, if the
latter tried to interfere with Russo-German trans-
portation arrangements through the Black Sea and
the Danube.
up
The force of the Berlin-Moscow arrangement
was
felt throughout the Balkans, and occasioned frantic
efforts
found
matic
avoid
to
relations
Yugoslavia
with
the
resume
as
most delicate
to the east.
moving toward
problem, since
now
a
long
mass
fron-
as
quickly
was
of Premier
"liquidated"
arrests and shootings, and on Thurs-
day the military regime of General Argesenau
replaced by
Constantin
tral"
was
as
well
The internal fascist difficulty, which
Oalinescu,
through
simi-
a
common
develops to the north,
last week resulted in the assassination
Armand
diplo-
Government.
Russian
For Rumania the Polish defeat posed
tier with Russia
as
Hungary suddenly
Saturday to
reported
was
lar decision.
a
provocation.
it advisable last
a new
was
government headed by Premier
Argetoianu, who
said
is
between Russian and German
to
be
"neu-
leanings.
It
reported in Bucharest that the Russian Govern-
statements, for that country
was
a guaran-
tee of non-interference in internal affairs.
goal cooperation with friendly Powers will be in-
will
with
commerce
the
in
the Governments
war
exchange of letters each side
an
ently existing between Germany on one side and
England and France on the other." To reach this
voked.
The agree-
trade understanding of
a
significance for the conduct of the
enormous
by Germany.
by
enormous
ern
right to intervene.
includes
nizing the joint might of Russia and Germany, and
"agreement"
virtual
a
denied the
were
ment, finally,
they began to do
That M. Stalin is not
friendly gestures from the
an
quescoun-
Europe.
plain this week, first by
by
com-
The Polish
said to be "liquidated" and other
exploit to the incalculable harm
can
inclined to lose any time in
next
tremendous up-
European balance, which the Russian
regime
the
made
supply would not
a
tries
was
ment looked
Rumania
which
was
favorably
was
not
upon
this change, but anxiety
greatly diminished
now
by such
holds Bessarabia,
taken from Russia during the early strug-
gles of the communist regime.
Rumanian authori-
ties, it may be added, began to make overtures to
Moscow last week, through a change in
representation which doubtless
was
diplomatic
pleasing to the
Kremlin.
It
was
in the Baltic area, however,
began to exploit its
tent.
new
that Russia
position to the fullest
Long anxious to regain free
access
ex-
to the Bal-
tic Sea, Moscow apparently decided that the time
The Commercial & Financial
1962
Is
ripe for moves in that
chosen
of
of Finland
was
The
Polish submarine last week from the
a
Estonian port
threatening
of Tallinn was made the pretext for
by Moscow, and there were many
moves
the last week-end of Russian warships
over
rumors
Gulf
the most suitable site of expansion.
as
escape
direction, and the south¬
the
of
shore
Estonian
ern
patrolling the coast of the small Baltic State.
By
mysterious means, which the Russians called
submarine of unknown nationality, two small
some
a
Russian steamers were sunk
early this week off the
Estonia, and these incidents were made to
coast of
characteristics.
warlike
most
assume
The
Soviet
sharply attacked Estonia and accused that
press
helpless country of harboring the warships of un¬
The Estonian Foreign Minister,
friendly Powers.
Setter, shuttled back and forth for a time
Tallinn, and on Thursday it
Karl
between Moscow and
was
had
announced in the Russian capital that
Estonia
"capitulated" to the extent of signing an agree¬
whereunder the country is made a protec¬
ment
that
Estonian version indicates
The
of Russia.
torate
25,000 troops of the Russian Red Army will be
quartered henceforth in Estonia, which also must
submit to the establishment of
at
three
points
nounced
the Baltic
on
division
and
of
French airplanes over
and
nouncements
booty was awaited
with fear
side invariably men-
Each
battles.
aerial
sional
tioned that opposing planes were downed, but never
British airplanes joined their
admitted any losses.
"strafed" the German lines,
French associates and
ships
but it seems such
nocturnal
busily engaged
were more
dropping of leaflets over Germany on
in continuous
The German General Staff
expeditions.
finally conducted
of neutral war corre¬
group
a
spondents on a tour of the Western Front, and the
and Thursday,
which each
actually is engaged in little more than resting
reports, published here Wednesday
suggest an extraordinary situation in
side
its
on
of
Associated
the
from
observer
An
arms.
Press told
journey along Germany's Western
a
and villages steadily are
Wall, where the towns
being evacuated by the civilian population, often
within
gunshot of French lines, with hardly a bullet
Only in the evening was there an artil¬
being fired.
was
"It
here."
still
made
Press
United
ever
for
the
and added:
report,
I had
that
agreed
dispatches
observer
The
similar
a
the strangest war
was
by the firing, which
returned because "we must let them
are
we
officers insisted
and the German
not much harm done
the Germans
know
All
trembling.
trifling to mention, save for the occa¬
ments were too
there
an¬
try. "In the other Baltic States news of the RussoGerman
"dog-fights" between German
the lines. German an¬
merely indicated that the develop¬
artillery battles and
Sea.
Moscow
1939
the near future.
lery exchange,
the economic systems of either coun¬
or
in
Sept. 30,
to believe that changes are unlikely
French communiques reported
is every reason
Soviet naval bases
suavely that the pact does not affect the
sovereignty
Chronicle
heard about."
German
forces
were
being augmented in the west, especially at the ends
The Western War
of the Limes line
FRESH developments
were not
lacking
this week
being waged
by the
Anglo-French
the
in
war
alliance and
that the
Germany, but it is
cooperation will
man
than possible
more
overwhelming circumstance of Russo-Ger-
of far greater eventual
prove
importance for Europe than the immediate war ac¬
On the Western
tivities in the west.
have reached
a
sort of
inclined to sacrifice
Front, affairs
stalemate, with neither side
great numbers of
in
men
mass
the Belgian and
near
This aroused conjecture as to a
drs.
man
march
Swiss bor-
possible Ger¬
through neutral territory, and some ex¬
perimental flooding of Belgian and Dutch lowlands
late last week
for
ration
portrayed for
was
resistance
time
a
as a prepa¬
dis¬
German
Reich.
the
to
patches denied any such intention, and accused the
Allies
of
excuse
for British and French violations of neutral
fomenting such suspicions
as
a
possible
territory.
attacks against the Maginot and Limes lines which,
1
in any
by Winston Churchill, First Lord of the Admiralty,
There
event, are more likely to fail than to succeed,
much talk of the German forces
was
ing a foray through Belgium
it
came
or
attempt-
Switzerland, but
entirely from the Allied side and met only
The submarine
in
man
tions of
On the
German submersibles
neutrality would be attempted.
of the Western Powers
interesting
developments,
started
on
ditions
against British
Wednesday
blockade of
a
for
German
warships engaged
as
convoy
Great Britain and
of neutral
the
widely.
Submarine
systems
France, but
were
perfected by
perturbing number
a
ships continued to disappear under the
occasioning
Tuesday.
a
in
by German vessels diminished sharply in
importance,
waves,
expe-
The reports of results
from Berlin and London differ
warfare
airplanes
series of bombing
Germany's coast.
sea
brought its most
a
protest by Sweden to Germany,
Premier Mussolini appealed for
speech last Saturday, and it
matter of
course
was
peace
in
accepted as a
that the German Government will
diplomatic
attempt
a
of peace
in Europe, on the basis of unchanged fron¬
move
for the reestablishineut
from crowded ship lanes.
of six
or seven
ture of
British
cargoes
the
The
London
dispatches insist
proposal will receive consideration.
military situation
mained completely
Germans
Swedish and other neutral
of the Allies.
There
on
the Western Front
re-
were
said to be of
British losses.
their practice
on
He
of sinking
ships, rather than those
reports from Norway over
were
the last week-end
of
the coast
country, but they were not sub¬
of
stantiated.
that
There is
heavy naval engagements off
no
doubt,
about the German decision to
in the
on
use
the other hand,
bombing airplanes
attempt to break the British blockade.
on
Wednesday that
a
Ber¬
British aircraft
"destroyed" in the North Sea by
1,000-pound bomb, and
unchanged this week, and there
were
spokesman, and German tonnage and
greater importance than the
taunted
shipping
construction, according to
new
confiscated at the start
carrier had been
and Russia.
Losses to British
some crews.
less than the rate of
the
He claimed the sinking
German undersea boats and the cap-
Germany
such
already forced to operate
were
at comparatively great distances from shore and
lin announced
no
It
sinkings of Allied merchant ships, and that
tiers in the west and the division of Poland between
that
Tuesday
system was rapidly diminishing the Ger-
convoy
such viola-
war
on
asserted emphatically by Mr. Churchill that
continued denials in the Reich that any
the
best described
address before the House of Commons.
an
was
the
war was
a
a
British battleship "crip-
pled" by another missile, dropped from a fleet of 20
German planes.
The British version was that no
Volume
The Commercial &
149
British ship had been
hit, but that several German
On Thursday the German
airplanes
were
downed.
airplanes
were
reported by Berlin to have dropped
550-pound bombs
Firth of
British heavy cruiser in the
011 a
Forth, Scotland, but again the British de¬
nied the German claims of
Economic
will
be
damage.
deciding factor in the long
their belts from the very start,
Britons
also
smaller
scale than
of
do
must
and it appears that
without, although
on
a
the citizens of the Reich.
and
ing
of butter
shortage
a
and
German
raise
credits
war
to
up
15,000,000,000 marks, but there are no indications,
yet, of the procedure to be adopted in this diffi¬
The Germans reported a bumper grain
cult task.
for the
crop
nomic aspect
eco¬
of the conflict from the German side
depends heavily
the arrangements being made
upon
Allied supplies for the war are not in
in Moscow.
much
and it is clear that the
season,
question,
but the financing of the
conflict
finally is being approached on a realistic basis, in
Sir John Simon, Chancellor of the Ex¬
England.
chequer, announced a tax program on Wednesday,
to
of
hushed House
a
Commons, which exceeds in
its exactions the heaviest
War.
Income tax
imposts of the first WTorld
exemptions
normal tax raised to
were
lowered and the
35% for the remainder of the
current British fiscal year,
and to 37%% for next
Death duties were increased, and heavy added
year.
imposts placed on sugar, tobacco, beer, whisky, and
the
Even
wines.
John
huge announced
increases,
admitted, will not raise British
taxation to
fiscal year,
more
than
revenues
£890,000,000 for the
£1,000,000,000 to be borrowed.
admitted
of
seriousness
the
clared that the financial
is
Germany
v
current
the
more
The Chancellor
problem,
but de¬
problem which confronts
Throughout the week reports from London and
of
rather
an
strenuous
expectation
peace
on
the Allied side
overtures from
The belief that such efforts will be made
when
lated
dressed
a
Premier
for
the many
Mussolini, last Saturday, ad¬
because
war
has not yet actu¬
re¬
Italians who lately have clamored
clarification of Italian
Mussolini
stimu¬
The speech was plainly intended to
ally begun.
assure
Berlin.
was
fascist group at Bologna and urged the
restoration of peace
declared
that
foreign policy.-
the
announcements had not yet
Polish Resistance Ends
gave
national
tional
moment
arrived.
for
Signor
historic
For the time
"For the rest, with Poland liqui¬
dated, Europe is not yet actually at war," he
con¬
also offered to
operations.
up
fearful
less Polish
try to maintain or, worse
dynamism of peoples have condemned."
the
Thursday the fortress of Modlin
on
complete
save
for minor mopping-
German forces kept
up a
steady and
city, the Poles claiming that bombs
Germans claimed that
were
only objectives of
some
military importance were treated to the horrible
The entire center of the city was reported
baptism.
afire
early this week, but still the Poles fought
burying their dead in parks and public
Reich commanders threatened wholesale
the
arrangements
shelling of
carried out last Saturday for
was
of
the removal
1,400 neutrals, who
Koenigsberg, in East Prussia.
it
on,
squares.
town, and in response to radio negotiations an
reported,
was
110
neutral
was
By
moved to
were
miracle,
some
killed in the des¬
hausted, the Germans began on Tuesday to storm
the
citadels and
outer
at
"wise intention" of Great Britain
enlarge the conflict by imple¬
dawn, yesterday, and all formal opposition to the
thus
invasion
came
march
German
to
an
is, perhaps, another matter,
depend ultimately
of the conflict between
course
rehabilitation of the Polish
Germans
the
before
the Allies have
sia
to
as
and
State,
as
Russian
active opponent.
an
it
was
For
I11 the
territory between the Ger¬
forces, arranged
on
a
military
week, the Russians received about two-
thirds of the land area,
Russian
to
Allies
carefully refrained from adding Rus¬
Germany,
and
man
even
Russians marched.
and
initial division of Polish
basis last
the
the
But
be expected to result in
Germany 110 longer can
the
upon
and results of the war in the west.
course
the
end, 29 days after the
began.
for that would seem to
all of it naturally contigu¬
regions.
The dividing
line
ran
Warsaw itself, which made necessary
withdrawal
German
of
miles
a
forces, which at the time
beyond the line toward the east.
accomplished with
no
indication of fric¬
tion, with the result that Russia currently holds
the vast eastern
third
of
the
section of Poland and about
former
Polish,
largely
ian and White Russian extraction.
western
the
thirds
of
the
section
most
of
of Ukrain¬
Germany holds
of'Poland, with
people and
one-
population, the land
being agricultural and the people
menting their pledge to Poland through a war dec¬
"But the consequence is,"
Wednesday the defense
on
Germana troops marched into Warsaw
collapsed.
laration
a
dropped indiscriminately throughout the city, while
The clash can be avoided by recognizing
against Russia.
up
The former
airplane and artillery bombing of the hap¬
100
France not to
own na¬
of Poles kept
capitulate, making the joint Russo-
Germaii conquest
was
still, to reconstitute positions which history and
and
man¬
capital resisted its ring of German besiegers until
were
II Duce lauded the
groups
especially in Warsaw.
Wednesday, and
This
the natural
large
bitter struggle,
of the armies have not yet
that it is a vain illusion to
effective
integrity, and abandoned by their
leaders,
through
clashed.
Unaided in any
by the British and French guarantors of their
ner
conflict, he said.
masses
this week all resistance to the in¬
up
had fled to Rumania.
ous
"The
*
and
being the Italian program will be to "localize" the
tinued.
spectacular
completely adjusted.
The fate of Poland
infinitely greater,
Paris indicated
a
perate siege and even more desperate defense of
Sir
Declaring that their patience was ex¬
from i Warsaw.
whereas war and other expenditures will
require approximately £2,000,000,000, leaving
than
regime in
after the Polish incident
vading hordes, long after the Polish Government
ister
as
is
was
use
Berlin authorized the Reich Finance Min- '
extraordinary
in behalf of the German
or
London
arguments will be advanced by
people
regimes.
to
against the German fait accompli."
convinced that such
compro¬
taking action
BATTERED
by themotorized
successivetroops,
waves the
of German
Russian
Polish
admitted.
was
British
the
of
justification in
far
significant than such incidents were financ¬
arrangements
these governments have
moral
De¬
gasoline by automobile owners to 10 gallons a
More
"that
their
were
run,
issued in London this week restricted the
month,
added,
Germans tightened
both sides.
011
he
mised
1963
"end the war" move; soon
aspects of the war, which many believe
the
brought home
crees
Financial Chronicle
the
about twoindustrial
The Commercial & Financial Chronicle
1964
Some
ereas.
behind the German
can
hardly have
and
German
effect
any
destiny of Poland.
Russian
and
This
Moscow,
who
nounced
yesterday that Russia is to
occupy
eastern
section
a
of
the
country to
roughly north and south
Warsaw.
Germany will
some
an¬
the western
previous years:
por¬
Each country will respect the arrangements
by the others, which still leaves possible the
of
and
advances,
Below
from securities.
the figures for the latest
occupy
and
discounts
from
was
£5,002,918,
£1,530,000 and
Of the latter amount,
£5,060,755.
60 miles east of
tion.
up
£57,837
the vast
•
decreased
securities
other securities
ac¬
£768,068 and other accounts
£534,628.
rose
Government
line running
made
setting
which
arranged by Russian
in
negotiators
immediate
which fell off
counts
lines, but it
the
upon
was
The latter consists of bankers
posits £233,440.
guerrilla fighting is said to be in prog¬
ress
Sept. 30, 1939
tabulated
are
week with comparisons for
BANK OF ENGLAND'S COMPARATIVE STATEMENT
Oct.
Sept. 30,
1936
Sept.29,
Sept. 28,
1938
Sept. 27,
1939
1937
2,
1935
sort of buffer State.
a
£
Circulation
Discount Rates of
Foreign Central Banks
THEdiscount
Bank of England
28 lowered
its
from on
4% Sept.
to 3%.
The 4%
rate
rate had been in effect since
time it
raised from
was
leading centers
Aug. 24, 1939,. at which
2%.
Present rates at the
shown in the table which follows:
are
541,833,000 500,921,407 488,470,457 449,305,969 403,033,339
19,841,000
11,447,321 21,804,974 49,714,324 25,452,723
Other deposits
147,599,298 140,133,158 132,301,183 101.667,479 120,009,408
Bankers' accounts. 107,130.863
95,122,308 60,718,519 80,874,574
99,922,782
Other accounts
40,468,435
40,210,376 37,178,875 40,948,960 39,134,834
Government securs.. 120,336,164 112,751,164 105,838,165
80,323,337 82,549,999
Other securities
26,336,695
30,133,779 26,958,962 28,990,494 28,848,520
Disct. & advances.
2.480,584
6,190,550
8,588,427
17,254,788
7,305,595
v
Securities..
23,883,111
11,596,732
22,828,184 20,768,412 20,402,067
Reserve notes & coin
38,905,000 26,944,979 39,597,683
60,358,730 52,40$ ,088
Coin and bullion
828,098 327,866,386 328,068,140 249,754,699 194,434,427
Public deposits.
Proportion of reserve
23 2%
to liabilities,..*.^
Bank rate, i
si '-Syss
Rate in
Country
Pre¬
Date
vious
Established
Hate
Argentina..
Batavla
•
Country
168s 84s.
Holland
4
July
1 1935
2X
July
6 1939 :<
3~
Date
vious
Established
Rate
3
Aug. 29 1939
2
Hungary—
4
Aug. 29 1935
4H
India
3
Nov. 28 1935
3J4
May 18 1936
6 1936
5
Bulgaria
6
Canada
2H
Mar. 11 1935
Chile
3
Dec.
16 1936
4
July
18 1933
Lithuania..
Morocco...
3
Jan.
1 1936
314
Norway
4
Jan.
2 1937
5
Poland
414
Dec
414
Feb.
20 1939
314
Portugal
4
Aug. 11 1937
4H
3
June
30 1932
314
Rumania..
314
May
5 1938
4>4
England
3
Sept. 28 1939
4
SouthAirica
314
May 15 1933
4>4
Estonia....
4)4
Oct.
1 1935
5
Spain
5
July
Finland
4
414
Sweden
Colombia
.
.
Aug. 151935
7 /;.
Danzig
Denmark
..
Eire
France
Germany
.
.
Greece
3.29
5
Apr.
3
3.65
Jan.
14 1937
6
July
15 1939
614
414
May 28 1935
4>4
Sept.21 1939
3 >4
5
Java
Czechoslo¬
vakia
4H
Italy.
Japan.....
4
17 1937
4
7
15 1935
5
1 1933
3
Dec.
3 1934
214
Dec.
2
Jan.
2 1939
214
Switzerland
114
Nov. 25 1936
2
4
Sept. 22 1932
5
Yugoslavia.
5
Feb.
614
6
Jan.
7
4 1937
1 1935
TTHE statement for the week ended
1
showed
are
as
Friday of last week, and 2y~2%% for three-
Money
bills,
against 3%%
as
call at London
on
At Paris the open
from
Friday
on
market rate
Friday of last week.
on
was
was
raised
on
iy-2%,
Thursday
234% to 23^% while in Switzerland the rate
remains at
9 or
the current
decline being 1,071,000,000 francs, which brought the
total
outstanding down to 143,937,000,000 francs.
During the
discounted,
weeks
two
past
2,212,000,000
francs.
bills
commercial
abroad
bought
decreased
circulation
French
and
bills
advances
against securities also registered decreases, namely
The Bank's gold holdings and
advances to State remained
unchanged, the former at 97,266,039,155 francs and
the latter at
of
gold
20,576,820,960 francs.
The proportion
hand to sight liabilities is
on
compared with 43.01%
of the year to
Sept. 7.
date; the lowest
59.03%,
now
The ratio of
a year ago.
65.36% in the statement dated Aug. 17
est
was
was
the high¬
58.46%
on
A comparison of the different items for
three years
1%.
is furnished below:
BANK
Bank of
V
11 Kd.
Sept. 21 again
loss in note circulation,
a
the item of temporary
IN bills
LONDONFriday
open market
discount rates
for 334%
short
2l/£%f
against
months'
2%
11 Hd. 84s.
558,000,000 francs, 1,000,000 francs and 78,000,000
Foreign Money Rates
on
36.09%
•'
•
2<v.
llJ4d. 84s.
Bank of France Statement
francs, respectively.
on
39.80%
25.6%
84s.
Pre¬
Effect
Sept.29
\■-
1 1936
Mar.
3J4
Belgium
Rate in
Effect
Sept.29
17.7%
2%
llJ4d.
;S'3%
,_
Gold val. per fine oz.
OF
FRANCE'S
COMPARATIVE STATEMENT
England Statement
Chanoes
Sept. 21,1939
for Week
ON reduction
Sept. 28, ThetheBank
of England3%
announced
a
Bank
from 4%.
in
The
ordered Aug. 24 last during the
was
Gold holdings..
to that
time the rate had been
Prior
war.
a
Adv. against securs.
2% for
over seven
Note circulation
c
•
,
Currency in circulation dropped £4,665,000 in the
for
Sept. 27 according to the return of the
that
date; this followed
a
reduction of
£6,977,000 in the week preceding and consequently
circulation
of the latest statement date
as
£12,334,000 greater than
on
outbreak of the
war.
European
Francs
more
Temp. advs.
with
Propor'n of gold
No change 20,576,820,960 44,633.974,773
—0.20%
59.03%
*
Figures
a
Includes bills purchased in France,
the
as
an
increase
should
The
its small store of
The
years,
figures
43.01%
only
Aug. 30, just before the
The latest reduction
of
course,
the
000 in
aggregate
b Includes bills discounted abroad,
week
Public
and
The revisions in circu¬
a
reserve
earlier;
gain of £4,767,-
this, together with
a
a
decrease in
rise of three
proportion to 23.2% from 20.2%
a year ago
the proportion
was
17.7%.
deposits decreased £1,609,000 and other de-
c
In
of revaluing the Bank's gold under the decree of Nov. 13, 1938, the
on the Bank's books representing temporary advances to the State
wiped out and tLe unsatisfied balance of such loans was transferred to a new
process
three entries
were
Revaluation of the Bank's gold
(at 27.5
mg.
gold 0.9 fine
franc) under the
per
decree of Nov. 13, 1938, was effected In the statement of Nov. 17, 1938; prior to
that date and from June 20, 1937, valuation had been at the rate of 43 mg. gold 0.9
fine per franc; previous to that time and subsequent to Sept. 26, 1936, the value
was 49 mg. per franc, and before Sept. 26. 1936, there were 65.5 mg. of
gold to
'
Bank of
the
gold to the equalization fund, in
deposits, brought about
points in the
of
since the Bank transferred virtually
of
gold holdings resulted in
reserves
because
£101,993 further to
longer comparable with previous
beginning of September.
lation and
a
occurred
added
51.61%
ol Aug. 31, 1939.
entry of non-interest-bearing loans to the State.
was
gold bringing the total to £828,098.
are no
its entire store
have
Bank
25,998,786,026
on
hand to sight liab.
impressive in view of the fact that normally
month-end.
Francs
97,266,039,155 55,808,328,520 55,805,022,113
*10,149,445
12,803,903
12,471,809
the franc.
is
Sept. 23, 1937
Francs
—558,000,000 19,960.000,000 13,723,656,508 9,703,000,000
—1,000,000
204,000,000
745,050,920
808,000,000
—78,000,000 3,677,000,000 3,822,869,610 3,805,576,824
—1,071,000,000
143,937,000 109567,843,980 88,645,138,580
+ 1,123,000,000 20,839,000,000 20,191,532,820 19,478,138,612
out Int. to State..
Bank
'v
French commercial
b Bills bought abr'd
Credit current accts
years.
week ended
f
No change
bills discounted.,
period preceding the outbreak of
Sept. 22,1938
•
Francs
Credit bals. abroad,
4% rate
crisis
rate to
+ ':.■ + //
Germany Statement
THE
statement
of inthenoteBank
dated
Sept.quarterly
23 revealed
decline
circulation
a
of
306,000,000 marks, which brought the total out¬
standing down to 10,302,000,000 marks, compared:
with
6,746,449,000 marks
circulation
marks,
rose
reported
was
the highest
a
year
Sept.
on
ago.
Notes in
7,
10,969,652,000
record.
Gold holdings
105,000 marks while bills of exchange and checks
dropped
aggregate
426,100,000
marks.
77,138,000
marks,
773,000 marks last
note
on
circulation
is
year.
now
Gold
holdings
now
compared with
70,-
The proportion of gold to
0.74%;
a
year
ago
it
was
Volume
1.13%.
The Commercial & Financial Chronicle
149
Below
furnish the various items with
we
REICHSBANK'S
days.
Changes
Assets-
Sept. 23. 1939 Sept. 23, 1938 Sept. 23, 1937
Reichsmarks
Reichsmarks
Reichsmarks
Res-ve in for'n currency
Bills of exch. and checks
Silver and other coin
Advances
Investments...
Other assets
77,138,000
-306,000,000 10302 000,000 6,746,449,000 4,667,882,000
b1400800,000
651,723,000
949,466,000
a704.868.000
___.
275,671,000
343,855,000
Propor'n of gold & for'n
curr. to note
*
circul'n.
coin and bullion."
and "Deposits abroad" are included in "Gold
b Figures of Sept. 15.
Figures as of Sept. 7,1939.
a
New York Money
T"\
is
more
since the
was
the New York
unchanged. The Treasury sold last Monday a further
were
at
0.082%
average,
annual bank discount basis.
mercial paper
loans
computed
on an
Bankers bill and
clearly understood.
more
market the range
remained at
1/4% f°r maturities to 90 days, and V/2% for four
datings.
$3.98}^
and $4.02
a range
The range
$3.99 and
In the
York
New
this week has been between
for
bankers'
On
sight
bills,
com¬
of between $3.74 and $4.00 last
for cable transfers has been be¬
compared with
$4.02}^.
of between $3.75 and $4.01
a
range
week ago.
a
Sept. 28 the Bank of England lowered its rate
of rediscount from
in effect
The
4% to 3%—the 4% rate had been
only since Aug. 24.
foreign exchanges
are now
showing
under¬
an
tone of firmness in contrast to the erratic and dis¬
war.
Trading has settled down to the quiet and
;■
normal pace in
more
Money Rates
effect before hostilities began.
Strength in the pound sterling is the outstanding
feature of this reversal.
the sterling
New York
due entirely to the
exchange regulations
ordered movements of the first three weeks of the
1% for all transactions, and time loans again were
to six months
war,
official
com¬
rates merely held to former levels. Call
the New York Stock Exchange
on
London
are
$100,000,000 discount bills due in 91 days,
issue of
and awards
the
free
money
dull affair this week, with rates still
a
on a
outbreak of the
that
week.
to the eventual
as
ac¬
STERLINGnearly
exchange in
the New
market
normal
basisYork
thanfree
it has
been
pared with
j
Market
nervousness
of money rates,
course
market
some
York
New
The Federal Reserve Bank's holdings of
tween
ASIDE from
the
1.62%
1.13%
0.74%
+0.02%
"Reserves in foreign currency"
of
rate
Course of Sterling Exchange
fact
Other daily matur. oblig
Other liabilities—.
buying
Yi% for bills running from 1 to 90
ceptances increased from $545,000 to $548,000.
*
Liabilities—
Notes in circulation
bill
Reichsmarks
70,032,000
70,773,000
20,055,000
10,587,000
5,907,000
5,730,000
-426,100.000 9,903,900.000 6,547,594,000 4,763,139,000
209,342,000
a62,923,000
157,602,000
29,317,000
a31,971,000
23,706,000
397,709,000
al062872,000
847,843,000
al806456,000 1,050,964,000
762,807,000
+ 105,000
Of which depos. abr'd
The
Reserve Bank is
COMPARATIVE STATEMENT
far Week
Gold. and bullion._____
asked; for five and six months, %% bid and 9-16%
asked.
comparisons for previous years U'V'-v'"
1965
or
The
upward movement of
bill has been communicated in
less degree to French,
greater
Canadian, Indian, Japanese,
and associated currencies.
DEALING
in detailfrom
withday
calltoloan
Stock Exchange
day,rates
1% on the
the
The improvement
was
ruling quotation all through the week for both new
and renewals./ The market for time money
loans
continues
quiet.
There has been little activity this week
maturities.
for
market
the
in
and 1J^% for four to six months'
to 90 days
up
Rates continued nominal at 1J4%
prime
commercial
short
supply.
still in
Ruling rates are hA%@l% for all ma¬
fact that
established
served
to
by the Bank of England, which have
check the
pound in the
The
fixed
open
rT,HERE have been
1
Banks
$4.02-$4.04, Paris checks 176-177; Amsterdam 7.47-
and Canada 4.43-4.47.
except
—a
as
to advances on Government obligations
indicating new lower
footnote to the table below
rates
on
The following is the sched¬
such advances.
ule of rates now in effect for
at the different Reserve
paper
the various classes of
banks:
DISCOUNT RATES OF FEDERAL RESERVE
Boston
BANKS
Date
Previous
Sept. 29
Established
Rate
1, 1939
Aug. 27. 1937
Sept. 4, 1937
May 11, 1935
Aug. 27, 1937
Aug. 21,1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24,1937
Sept. 3. 1937
Aug. 31, 1937
Sept. 3, 1937
IX
IX
New York
1
Philadelphia
IX
IX
Richmond
IX
Atlanta
*IX
*1X
*IX
—
Chicago..
St. Louis
IX
*ix
Minneapolis
Kansas City
— -—
*IX
Dallas
San
*
Sept.
IX
Francisco
Advances on
un¬
London is 78.50.
following official exchange forward
fixed for commercial purposes on a
basis: One-month
one-month
New York is
1
cent
premium over spot rate to parity with spot rate;
Montreal ^ cent premium to parity; Paris parity to
)4 franc discount; Belgium 6 centimes premium to
It should be recalled that at the outbreak of war
when the London peg on
was
2
as
2
2
sterling of around $4.68)4
reduced to $4.02-$4.06, the spread was regarded
too
great.
In London banking circles the recent
narrowing of rates in favor of sterling is
2
2
be
2
2
2
move
2
of 1%, effective Sept. 1, 1939,
Atlanta, Kansas City and Dallas; Sept. 21, 1939, St. Louis.
the pound and also to
a
by British authorities compelling foreign traders
to invoice
one
Bankers' Acceptances
believed to
partly due to official operations on the American
side to check speculation in
2
Government obligations bear a rate
Chicago; Sept. 16, 1939.
Italy
Switzerland 4)^ centimes premium to parity,
Effect on
Cleveland
In London the
rates have been
iv-
1
—
on
parity; Holland 2 Dutch cents premium to parity;
Rate in
Federal Reserve Bant
Exchange
quoted officially, but the
official quotation for Italy in
changes this week in the
no
rediscount rates of the Federal Reserve banks,
hurried sellipg of the
following official exchange rates have been
and Germany is not
Discount Rates of the Federal Reserve
earlier
market.
by the Bank of England: New York cables
7.57,
turities.
in sterling is ascribed in part
foreign exchange traders have ad¬
justed their technical operations to the official rates
The
paper.
demand has been lighter and prime paper is
to the
of the
their shipments in sterling,
thus removing
principal loopholes in the exchange control
regulations.
The narrowing of rates between London
already been effective in diminish¬
and New York has
THE market
acceptances
quietfor
thisprime
week.bankers'
High class
bills arehas
in
been
light supply and the volume
somewhat less than last
week.
of business has been
There has been
no
Dealers' rates as reported by the
York for bills up to
and including 90 days are Yf/c bid and 7-16% asked;
for bills running for four months, 9-16% bid and }^%
change in rates.
Federal Reserve Bank of New
ing the
future of
be
uneasiness which was felt concerning the
sterling.
It is thought that it should not
impossible to bring rates under complete control
done during the last war.
as was
The
rate
presumption entertained in London is that the
was arrived at in collaboration
fixed in London
with the United States Treasury authorities.
I
The Commercial & Financial Chronicle
1966
Replying to
Tuesday
that sterling
exchange at $4.03 and thereabouts,
American
on
question in the House of Commons on
a
to whether he was aware
as
amounted to
bonus
and
tax on exports to
a
made 10%-20% higher as from Jan. 1, 1940. It is
planned in the near future to levy a 60% wartime
similar
profits tax.
Sweeping advances are made in consumption taxes,
the
import duties on numerous items, especially beer,
exports from America, Chancellor of
on
Sept. 30, 1939
excess
Exchequer Sir John Simon said that the exchange
wine, spirits, tobacco and sugar,
governing commercial transactions into Great
Britain and the United States was the official rate
levy had been studied but rejected as impractical
The Chancellor stated that the question of a capital
rate
(in London) published daily.
Sir John said that the
presumably referred to the
question
fact that
a
limited number of transactions had taken place in
S& other
countries at
but
He did not think
different rate.
a
which had varied considerably
that the two rates,
fluctuated around 1%, could be regarded as
now
to apply during wartime.
The war has altered the entire financial plans of
When the
budget was introduced last April it was estimated
that the ordinary revenue for 1939-40 would amount
to £942,600,000.
On the basis of existing taxation
the British Government for this year.
this estimate was revised downward to £890,000,000.
Expenditures, however, have soared. The budget
would inevitably tend to involve increases in the cost
originally estimated a total ordinary expenditure of
of imported materials and consequently increased
£942,444,000 plus £342,500,000 to be covered by
cost of living.
loans under the Defense Loans Act, or a total of
Replying to the question, "Does the tripartite
£1,284,944,000.
agreement still operate in connection with the fixing
On Sept. 3 the House of Commons voted a credit
of the dollar-sterling rate?" he stated: "I think I am
of £500,000,000 for war expenses.
Even that was
right in saying that no party to that agreement has 5 not sufficient and the Chancellor now expects Great
suggested that it should not operate."
;
Britain to spend £2,000,000,000 during this fiscal
Bank of England note circulation, which declined
year.
The Chancellor said the time has not yet
£6,977,000 in the week ended Sept. 20, is expected
come
to issue a national loan, but when the
to decline still further in the coming weeks.
This is
time arrives new loans of various types will be
tax
a
John
Sir
exports as well as a bonus on imports.
on
emphasized that further depreciation of sterling
,
regarded in London financial circles as an indication h: offered.
of returning
confidence in sterling and the general
The difficulty of the British position is emphasized
It is evident that there is no
On March 31, 1914
the public debt amounted to £649,770,000. On
March 31, 1919 the debt had risen to £7,434,949,000
and on Sept. 1, 1939 to £8,522,000,000.
It is understood that British import and export
figures on gold will no longer be published, but
figures have been published as of the end of August
and for the eight-month comparative period. Gold
imports in August were £16,020,234, against £12,893,742 in August last year.
The eight-month total
was £159,433,305, against £162,795,103 in 1938.
Exports of gold in August were £84,101,388,
against £27,877,225 in August last year, making
£454,618,052 for the first eight months, against
banking situation.
longer anxiety to acquire excessive cash resources on
the part
of either the publiFor business interests.
It
be recalled that in the three weeks prior to
may
Sept. 20 circulation showed the extraordinary expansion of about
£45,000,000.
Despite returning confidence the financial markets
in London
are
depressed by the innumerable wartime
regulations which
out
were
imposed suddenly and with-
of their
experience
any
move
now
beginning to
inAdirections which promise to
clarify and
resolve
•
some|pfAthe[more patentjanomalies and diffi-
culties which
ness
impede the resumption of greater busiAn instance of the demoralization of
freedom.
the markets is the
News"
the
is
decline in the "Financial
severe
United States, £25,073,877 to Canada, while smaller
land, and France.
commodity prices.
on
July 1, 1935
100,
as
a
high record
was
The bond
124.9
month previous,
a
high record
1935 and the low
was
was
on
Sept. 22,
a
year
ago.
The
was
100.6
Nov. 18, 1936.
on
index, based^on 1928
Sept. 22, compared with 111
The
67.3
was
week earlier, with- 76.5 the
preceding month, and with 80.6
114.8
a
as
100,
week earlier, with
and with 125.2
a year ago.
141.6 at the end of January,
90.6 at the end of
September,.,
1931.
A
business is
deterrent to the
is the Bank of England's buying price,
per ounce,
It
be recalled that throughout
may
168s
was
adopted
suspended
on
Sept. 5. ' The
open
market
was
An indication of the reduction in the bank rate is
seen
in the sharp reduction in open market
rates.
Call
money
bills
money
against bills is in supply at 2%.
are 2}4%> compared with 3J^%
bills
are
with 3%%; four-months
bills
2 11-16%, :compared
imposed by the first
of
the
war
from
rate
the
balance of the year
for
income
present
and to
beginning April 1, 1940.
of
budget introduced by
Exchequer
on
courageously these burdens
standard
are
on
Sept. 2.
presented by the drastic increases in taxa-
Chancellor
£2,000
August until
August 24 the average open market price in London
was 148s. 6J^d.
The Bank of England's price of
last week; three-months
the
creased
con-
British
tion
however
confidence
The gold market in London
tinues suspended and the gold price quoted, 168s.
Two-months
further
The
On
sent to the
were
amounts went to Belgium, Holland, Sweden, Switzer-
compared with 70.9
on
£48,446,206
weekly index of shares and another example
"FinancialJSVvvs" index of 30 industrial shares,
based
£93,030,125 in the corresponding period of 1938.
the month's exports
temporary suspension of the' London "Econ-
omist" index of
The
and
working
actual
probable effects. The Government is
by figures of the public debt.
are
tax
terest rates
accepted.
cut to 1%.
been
37^%
for the fiscal
on
year
incomes above
sharply increased and estate duties
in-
27)/£% to 35% for the
Surtaxes
with 4%%; six-months bills 334%> against 5%.
Wednesday,
has
are
2j^%, compared
on
In-
deposits by clearing banks has been
Canadian exchange continues steady in terms of
the officially fixed London sterling rate, but is ruling
at a
severe
dollar.
discount in terms of the United States
Montreal funds ranged^between a discount
of 10% and a discount of 9J/g%.
Volume
The Commercial & Financial Chronicle
149
At the Port of New York the
the week ended
Sept. 27,
gold movement for
reported by the Federal
as
Reserve Bank of New York, was as follows:
GOLD
MOVEMENT AT NEW YORK,
SEPT.
21-SEPT.
Imports
several years ago.
compared with the rate of 5.26% which prevailed
for a long period prior to the outbreak of the war.
The
rate is
$4,804,000 from Canada
a
1,482,000 from Switzerland
68,000 from England
63,000 from Nicaragua
$6,443,000 total
Increase:
Note—We
have
received
was
been
San
at
notified
$4,771,000
that
at
above
$6,029,000
from Japan
came
are
week ended
the
for
on
On Thursday $2,101,000 of gold
was
received of which $1,424,000 came from India,
and
$677,000 from Canada.
the metal.
of which
France
On
There
were
no
Friday $182,000 of gold
$88,000
exports of
received
was
from England, $80,000 from
came
and $14,000 from
Canada.
There
no
were
exports of the metal.
Referring to day-to-day rates sterling exchange in
on
steady and inclined to firmness.
Saturday last
was
Bankers' sight was
$3.98%@$4.00; cable transfers $3.99@$4.00%.
Monday
exchange
steady.
was
steady in
On
The
On
Tuesday sterling
normal trading.
more
was
range
Bankers' sight
$3.98%@$4.00; cable transfers $3.99%@$4.00%.
was
Wednesday the market
The range was
normal.
was
quiet, firmer and
more
$3.99%@$4.01% for bank¬
sight and $4.00%@$4.02% for cable transfers.
On
Thursday the market continued quiet and steady.
The range was
$4.01 @$4.02 for bankers' sight and
$4.01%@$4.02%
trading
range
for
cable
transfers.
limited and sterling
was
On
Friday
steady.
was
The
$4.00%@$4.01% for bankers' sight and
was
$4.01%@$4.02% for cable transfers.
Closing
tations
demand and
Friday
on
were
$4.01% for
$4.01% for cable transfers.
quo¬
Commercial sight bills
closed at $4.01; 60-day bills at
sight bills
bankers'
range
on
rate.
Paris closed
on
available
were
of between 45 and
Friday
on
Friday of last week.
the French center finished
on
sight
seven-day grain bills at $4.00%.
Cotton and
grain for payment closed at $4.01.
Continental and Other
Foreign Exchange
FRENCHoffrancs
steadier
slightly firmer be
in
the are
dollar.
Theand
firmness
must
terms
and
16.87
at
against 17.00 and 17.00.
quoted in New York.
for
cable
Berlin marks
transfers,'
are no
longer
Italian lire closed at 5.05 for
bankers' sight bills and at 5.05 for cable transfers,
against 5.10 and 5.10.
is
Exchange
on
Czechoslovakia
longer quoted in New York.
no
closed
(nominal).
at
0.75
Exchange
on
closed at 0.75
Exchange
(nominal),
Finland
(nominal), against 2.00 (nominal).
against
closed
at
on
0.75
2.00
Greek exchange
(nominal), against 0.74% (nominal).
EXCHANGE
on the countries
the
1914-1918
quiet andneutral
for the during
most part
war
of
is
unchanged from last week.
The units are steady
owing to the improved tone of sterling.
Very little
information concerning foreign exchange or financial
developments has reached the markets from the
neutral countries.
Bankers' sight on Amsterdam finished
on
Friday
at
53.30, against 53.24 on Friday of last week; cable
transfers at 53.31, against 53.24; and commercial
sight bills at 53.20, against 53.14. Swiss francs closed
at 22.62 for checks and at 22.62 for cable
against 22.67 and 22.67.
19.40 and 19.40.
Checks
transfers,
Copenhagen checks fin¬
ished at 19.40 and cable transfers at
on
19.40,
against
Sweden closed at 23.85
and cable transfers at 23.85, against 23.85 and 23.85;
while checks on Norway finished at 22.75 and cable
transfers at
22.75, against 22.75 and 22.75.
%
$3.98%; 90-day bills
$3.97, documents for payment (60 days) at $3.98%
and
quotations
a
2.27% and cable transfers at 2.28%, against 2.27%
and 2.27%.
Antwerp belgas closed at 16.87 for
;.
ers'
at
In New York
As
On
sight and $3.99%@
for bankers'
$4.00% for cable transfers.
was
when
discount from the basic cable
Bucharest
the free market in New York
$3.98%@$3.99%
the spot
at
figures
Wednesday.
week
176-177, against 176-177
$6,531,000 of gold
approximately
Francisco, of which
as
not quoted, but occasionally
are
The London check rate
and $502,000 from China.
The
belga futures
50 points
Net Change in Gold Earmarked for Foreign Account
far
so
concerned, though easier than last week.
90-day belgas showed
%;•%
r;;/V
rule
Belgian unit is relatively firm
during the
None
■;
26,000 from Costa Rica
The unit frequently touched 5.05,
as
INCL,
27,
Exports
1967
1v
V.
(■
'i.
EXCHANGE
the South
American
countries
is
steady and on
without
feature.
For the
most part
these
currencies are only nominally quoted.
The
Argentine free market is more active owing to the
easing of restrictions in Buenos Aires.
Argentina
has established a new sterling peg selling rate of
15 pesos
to the pound in respect of imports in certain
of commodities which are later to be specifi¬
cally listed.
The Argentine Finance Ministry stated
that the groups affected by the new rates will com¬
prise articles considered essential for industrial con¬
sumption and the needs of local industry, which list
is now necessarily expanding owing to the effects of
the European war.
Argentine paper pesos closed on Friday at 29.78
for bankers' sight bills, against 28.00 on Friday of
last week; cable transfers at 29.78, against 28.00.
The unofficial or free market was 23.50©23.70,
groups
attributed to the firmer tone of sterling,
to which
the franc is fixed at the London official rate of 176-177
francs to the
There is
.
pound.
nothing importantly
financial
situation.
On
ernment
announced
the
facilities
the
kinds
offer
of
by the Bank of France.
offered with
sible
new
important
credit
These facilities
view to removing as
a
in the French
Monday the French Gov¬
speedily
are
as pos¬
semi-paralysis into which business of all
was
thrown temporarily by the
mobilization
of various regions by civilians
and the
evacuation
and the
complications involved in the organization
of
control of monetary
Business
firms
businesses
raw
have
materials
in sales or
are
or
and commercial exchanges.
enabled to
by non-collection of bills.
current at the moment a state
Italian lire
a
new
on
credits where
have been embarrassed by a slump
been forbidden to increase their
sold at
renew
experienced difficulty in obtaining
Merchants have
prices above the levels
of
war was
declared.
several occasions during the week
low since the currency was devalued
against 24.00.
Brazilian milreis
are
quoted at 5.08,
against 5.10.
Chilean exchange is quoted at 5.19
(official), against 5.19. Peru is nominally quoted at
19.00, against 19.00.
EXCHANGE
on the
Eastern countries
is gen¬
erally steady
and Far
fractionally
firmer owing
to
the
pound sterling.
In all
the conditions underlying
unchanged from the in¬
fluences dominating these units before the outbreak
of the
European war.
A recent Tokyo dispatch
stated that the Finance Ministry is reported to be
considering a plan for linking the yen-dollar rate
improvement
in
the
essential respects, however,
Far Eastern exchange are
The Commercial & Financial Chronicle
1968
with the official .British sterling rate of $4.02, thus
stabilizing the yen-dollar rate at 23.45.
Closing quotations for yen yesterday were 23%
against 23 5-16 on Friday of last week.
Hongkong
closed at 25%, against 25%; Shanghai at 7%, against
7%; Manila at 49.95, against 49%; Singapore at
47.50, against 47.00; Bombay at 30.30, against 30%;
and Calcutta at 30.30 against 30%.
Banks
British statutory rate, 84s.
in the principal European
ll%d. per fine ounce)
banks as of respective
dates of most recent statements, reported to us by
special cable yesterday (Friday); comparisons are
corresponding dates in the previous
four years:
.
Germany
Spain
b3,856,650
c63,667,000
Italy
823,400,000
.i
£
£
*418,769
328,601,484
..
France
•
327,866,386
293,728,209
3,008,600
249,754,699
400,890,269
2,498,850
87,323,000
25,232,000
105,490,000
2,027,000
Netherlands
93,250,000
Nat.Belg..
103,828,000
96,779,000
35,222,000
88,435,000
114,097,000
30,453,000
102,145,000
81,401,000
Denmark..
6,500,000
6,538,000
6,549,000
Norway
6,666,000
7,442,000
6,602,000
Sweden
Total week.
88,092,000
42,575,000
59,047,000
106,196,000
55,147,000
24,157,000
25,975,000
97,530,000
46,614,000
20,153,000
6.555,000
6,552,000
6,604,000
6,602,000
762,188,903 1,083,888,195 1,064,994,632 1,041,041,968 1,134,798,008
762,914,075 1,083,495,181 1,066,181,065 1,058,949,214 1,135,793,199
Prev. week.
*
194,434,427
575,615,981
3,257,600
90,774,000
49,350,000
43,912,000
Pursuant to the
Currency and Bank Notes Act, 1939, the Bank of England
1, 1939 and since have carried the gold holdings of the Bank
statutory price
formerly the basis of value.
On the market price basis (168s. per fine
statements for March
at the market value current as of the statement date. Instead of the
which
was
ounce)
the Bank reported holdings of £828.098, equivalent, however, to only
£418,769 at the statutory rate (84s. ll^d. per fine ounce), according to
about
In
calculations.
our
order to
make
the
current
figure comparable with former
with the figures for other countries In the tabulation, we show
periods as well as
English holdings in the above In statutory pounds.
a Amount held Dec. 31,
1938, latest figures available,
Bank
of
Germany
rencies."
c
of
As
b Gold holdings of the
Includes "deposits held abroad" and
April 30,
"reserves
1938, latest figure available.
in foreign cur¬
Also first report sub¬
sequent to Aug. 1,1936.
The value of gold held by the Bank of France is presently calculated, in accordance
with the decree of Nov. 13, 1938, at the rate of 27.6 mg. gold, 0.9 fine, equals one
franc; previously and subsequent to July 23, 1937, gold In the Bank was valued at
43 mg. gold, 0.9 fine, per franc; before then and after Sept. 26, 1936, there were
49 mg. to the franc; prior to Sept. 26,1936, 65.5 mg. gold 0.9 fine equaled one franc.
Taking the pound sterling at the rate at which the Bank of England values its gold
holdings (7,9881 gr. gold ll-12ths fine equals £1 sterling), the sterling equivalent
of 296 francs gold in the Bank of France is now Just about £1; when there were 43 mg.
gold to the franc the rate
rancs per
was
about 190 francs to the £1; when 49 mg., about
165
gainfully employed has had the audacity to arrogate
lessly and
peace,
are
gainfully employed
would
seven
be
a
own
the
for
or
million of these
members of the
assume
It
that
enrolled themselves
have
sundry unions set
of what is called "collective
up
for the
as
purpose
A recent
bargaining."
masses
and
work
has
would be unthinkable if
they
daily experience of nearly
every
50
his
living by his
of
years
favorite of
upon
"labor
a
enlisted
under
John
as
Lewis'
L.
"Labor," after
fortuitously the
became
government" in the
understood in
by
sense
England and
intention to do
an
This is not
means.
labor, but is in fact
trenched
are
supposed to be in control,
such, of large numbers of votes.
its
leaders,
"Labor,"
It
Thus, through
itself but superficially inde¬
pendent has been accorded
tunity to
who
masses
surrender to individuals in¬
a
leaders, who
as
con¬
conceivable
every
to the
overture
an
unparalleled
an
oppor¬
labor.
oppress
Wagner Act gives labor nothing and takes
the
individual
workman
a
great
independence that he
deal of the
once
possessed.
permits and favors the closed shop, which Theodore
Roosevelt
so
strongly condemned, and through the
partisan manipulations of the National Labor Re¬
lations
Board, it has vastly stimulated and strength¬
ened the efforts of those selfish leaders of the unions
who desire
arbitrary control of gainful employment.
approved by the administrative
composed of
President
appointees
becomes
bargaining agent for the entire plant in con¬
formity with the Board's requirements and prominent
among
the aims
acknowledged by its leaders is the
banner of the
Congress of Industrial Organizations.
exclusion of all non-members of the union from
With railroad
employment at its present low level,
ployment.
it
is
certain
that the
four
"brotherhoods"
of rail¬
way
employees, which have kept steadfastly aloof
from
entangling alliances with the A. F. of L.
C.
I.
O.,
could
not
all the
plus
make
up
other independent
more
than
an
or
the
unions,
additional two
millions.
seven
years
during which the
Federal Government has supported unionization
well-publicized sympathy, and
pedients
workers,
of
legislation
and of
far
from
is
not
but,
to
a
a
statute
general welfare,
the individual may
impartial
union.
The
he
and
antipathies depriving it of
genuine unity save
group
upon
the
there
are
controversies
every
semblance of
common
aim of exact¬
effect upon prices
happiness.
the consequent
of
any
own
employment what¬
paying member of the
every
every man
to do his
political motives.
its
or
dues
able-bodied
of full
age
man
to
and sound
associates in collective bar¬
negotiating when he is so
disposed, is destroyed by one-sided and arbitrary
legislation and administration inspired by the grossest
or
ing from industry the most possible regardless of the
and the markets
a
right
gaining
most unwisely conceived, and
be denied
is
mind to choose his
relatively small
of the
which, if intended to advance the
was
sixth
this
many
dictatorial control forced upon them by the opera¬
unless
within
to
more
soever
Also
em¬
intelligent, experienced, and skillful employees, it is
existing unions includes considerably less than one-
theoretically eligible.
chosen
often
work, the right of
those
organization
workers,
as
administration, the effective membership of all the
of
the
constituting large minorities that include the
ex¬
successive
many
by
It
represent them by masses of independent and willing
tion of
Thus, after almost
a
every¬
thing possible to coddle "Labor" and to win its
tinuing approval and support by
the
precisely one-third of that number
citizen compelled to
the continent of Europe, but it is undeniably
Government obsessed
as
so
they
not within the
radical Federal Government in March,
a
which that term is
in
were
are
that
extreme
efforts.
own
persistence
It is not
1933.
of the things that
some
and
the unions affiliated with the American Federation
those
And
inconsiderate,
earn
toiling
struggling
done, and is doing, to labor
board
of
planning,
only labor.
are
aggregate of dues-paying members belonging to all
total
that has submitted to unioniza¬
the
The union which is
of Labor and
can
it in
pursue
who do at least nine-tenths of. the country's
estimate, strongly supported, fixes 3,750,000 as the
the
permitted to
are
assumption and the thoughless acquiesence of
initiative and
capable of employment.
and
every one
public,
The
liberal estimate to
very
generally allowed to go unchallenged.
so
productively and gainfully, when they
tion, but the latter have become "Labor," by their
from
Some 45 million individuals in the United States,
appellation of "labor," and that
usurpation of that name has been so thought¬
its
£1; when 65.5 mg., about 125 francs equaled £1.
"Labor" Versus Labor
other industries.
indeed that this small minority of the
to itself the honorable
arbitrary,
£
£
328,068,140
293,710,642
63,667,000
25,232,000
123,419,000
Switzerland
1935
1936
1937
1938
£
England.
It is strange
"Labor"
1939
everywhere, including union
consumers
find employment
THEbullion
following
table indicates
the amounts
(converted
into pounds
sterling of
at gold
the
Banks of—
to
and non-union employees in
Six labor
Gold Bullion in European
shown for the
injury
Sept. 30, 1939
own
Thus "Labor" takes from labor
fundamental right to liberty
and the pursuit of
Volume
The Commercial
149
"Labor" oppresses
labor in
other directions
many
A
also, to the eventual detriment of all concerned.
small group
performing
an
essential function in the
chain of operations in some sequence
tion
organizes
who
of
strike and by its
a
disaffected succeed in
are
of mass produce
means a
few score
depriving thousands
A
highly organized group determined to advance its
own interests
regardless of results to others, might
fully satisfied workers of their employment.
conceivably succeed in monopolizing control in some
field of
industry, exacting plainly excessive wages or
obtaining conditions of employment unduly restric¬
tive of
efficiency and unjustly favorable to themselves
compared with other workers of equivalent ca¬
as
Some
pacity.
consider that American railroad
a condition.
At any rate, it is
may
labor has created such
true that with about
than in 1916,
out
the average
employee receiving, for much less work,
much
as
considered, also,
the payment
as
in wages in the latter year,
more
approximately twice
To be
45% fewer operatives in 1938
the railroads of the United States paid
$294,000,000
of $200,000, in cash, to certain rail¬
wages," that is,
otherwise
Or the
such remarkable incidents
are
road unions in Texas to
or
received in 1916.
as
wages
satisfy acclaim for "penalty
for something not done at all
paid for, to
totally fictitious yard crew.
a
partial and partisan decisions of the strongly
prejudiced
Adjustment
constituted
Boards,
deliberately calculated to give nearly
manner
in
a
every¬
thing to complaining workers, usually quite regardless
of the merits of the controversy.
or
any
other
loss and
injury
If railroad labor,
has actually become,
group,
hereafter become, an especially
favored
shall
or
group,
the
be confined exclusively to
can never
political fire from
railroads,
employing
holders
or even
serve.
Such
their
the communities which
losses
are
and
stock-
bond¬
they directly
inevitably diffused.
measured in higher charges, in more
are
They
limited
ser¬
plant and organization.
tion of itself
of labor.
York
If "Labor" makes
favored class, it must be at
a
any
under the National
the
expense
City is enhanced
by privileges extorted by
railroad unions, the children of some workers may
under-nourished because their
less than their children
building trades,
or
wages
ought to have.
will purchase
If
men
in the
engaged in the production of
building materials, should succeed in enforcing against
their
ful
employers excessive
it to maintain
ment
and
shelter
in the President's
have
until
been
perhaps
be
forced
to
words, "ill-housed."
continue,
These things
happening and will continue to happen,
abandons
Government
its
present
policy of
favoring the unionized few and returns to its tradi¬
tional attitude of
justice and impartiality.
Having forced
high prices under NRA, the Govern¬
through the Department of Justice is now
On the principle
"any stick to beat the dog" the industry is now
to
be attacked for
in
price making.
Avould
have
alleged
Last
use
of the basing point
the Borah-Gillette bill
year
its
divorced
branches of the
pipe
lines
business, and this
year
from
of
system
production and refining—not with the scalpel
carefully drawn bill, but by the
a
other
from
the Harring¬
ton bill Avould have divorced its distribution
of tear¬
process
ing the distribution system out of the body of the
oil business.
er-Truman
Until
bill for
Commission
have
opposition closed in, the Wheel¬
extending Interstate Commerce
control
all
to
transportation
Avould
quietly divorced the pipe-line business from
its historic
parent, the refining business.
The Cole
bill, fathered by the President's left-wing National
Resources
Committee, would
the praiseworthy
use
object of substituting better methods for the present
Avasteful
troduce
law-of-capture,
the
Federal
as
Trojan horse to in¬
a
Government into
position in the industry.
dominant
a
Mr. Ickes, undoubtedly
speaking for the President, periodically declaims
the need of increased Federal control.
on
Committee, Avith
a
short pocketbook but
The Cole
long
a
am¬
bition,
commences
the oil
industry, the inevitable conclusion of Avhich
will be
this month its
inquiry into
OAvn
recommendation for further Federal pow¬
a
And
Economic
now
the
comes
Temporary
National
Committee, skilled in the art of indirec¬
tion, to lay the dialectic groundAvork for
onslaught
on
Woolcott
Alexander
Reader,"
capture.
includes,
story called "The
a
major
a
the political defenses of the industry.
Oil is marked for Federal
in
his
"Second
Self-Help of G. J.
Smith," by the late William Bolitho, which
amus¬
ingly caricatures the ingenious
technique of
anti-Monopoly Committee.
Smith
cious, not for
the
same
now
a
the
avari¬
was
He handled
money.
He took her first to
Avay.
doctor, and had her pronounced
quently she died in
bath-tub.
ill.
Subse¬
The oil industry is
being pronounced ill.
Even
same,
of the
the
source
of the
initial
testimony is the
in the case of the oil industry,
mittee's
as
in the Com¬
previous "inquiries" into the general state
Nation, into the patent business, into the in¬
surance
It
Mr.
but for
power,
each victim in the
privileges, other workers will be deprived of suit¬
able
proceedings for its cooperation
trying to force it to reduce them.
of
of course,
was,
Avith the Government under the NRA.
undue and waste¬
wages or
It
Recovery Act, and subsequently
frac¬
If, for example, the price of milk in New
sides.
many
great industries to be regularized
attacked in criminal
vice, in material subtractions from the efficiency of
go
of the first
one
ers.
the
1969
& Financial Chronicle
business, and into the building industry.
from
comes
mittee," and
an
runs
"economic adviser
true i to form.
to
Com¬
the
The industry is
allegedly ill of "monopoly" and "semi-monopoly,"
"dictatorship," and "concentration of poAver" in
The
Oil Industry and the
"Monopoly"
Committee
It
comes
as
a
business to be resumed in
can
hardly be
any
It Avould
weeks, for the
Washington.
Avar on
But there
other interpretation of the
open¬
dition
companies
in
industry.
business,
the
last
great
private business laid on the Washington rack, the
oil industry has been for years under intermittent
how AAddely extant this
are
big and
of
poAver" is.
a
many
law of nature than
results
received
are
small,
There
one
a
every
are
a
con¬
in¬
few
in¬
the big
motors, the big two in steel, the big four
packing, and so forth.
same
If
the ground that
on
dustry is in the same plight.
three in
insurance
interesting to obtain the Avord of
on
a
v.
of "concentration
into the oil
the
be
dustry is to be damned
ing of the so-called Monopoly Committee's inquiry
Unlike
companies.;
good statistician
mild shock, to say the least, after
the armistice of the last few
handful of
in
an
But it
seems
more
iniquity of industry.
like
The
might be found if the income taxes
different
States
Avere
tallied.
In
any
The Commercial & Financial Chronicle
stabilizing of prices. The whole proration system
involves a tongue-in-cheek contradiction of purpose,
category, on any basis, a few are big and many are
statisticians could
little.
If the
power,
for instance, would they not find that a few
have much and
men
does it prove,
The oil
political
measure
While State commissions have been required both
by constitutional interpretation and by basic cornmonsense to exercise their power for the conservation of natural resources, actually they have used
great many have little? What
a
to reasonable persons?
industry has
of the most remarkable
one
Sept. 30, 1939
has
that power to hold down production when prices
steadily produced more of its remarkably diversified
were low and relax allowables when prices were
good. The recent shut-down was a first-class case
in point. Everyone knew it was aimed as a counterstroke against the cut in crude oil prices from $1.02
to $0.82; yet legally it had to be accomplished by
adjusting supply to market.
The Anti-Monopoly Committee will, of course,
make the most of this. For this very reason the
American
in
records
industrial
history.
It
products, and better, at steadily lower prices.
20 years
the retail price of gasoline before tax has
been cut in two.
Its
margin of profit
vsale has almost steadily shrunk.
lowered the cost of
of
face
"forms
production of its output, in the;
Tn oil explora-
Dr. Joseph E. Pogue has said,
progress, as
Cole bill, certain to be brought
brilliant, but scarcely appreciated chapter
a
in industrial
struse
unit of
per
It has constantly
rapidly changing demand.
tion, its
In
enterprise; the most academic and ab-
in the next
rega¬
lar session of Congress, must puzzle honest
men.
up
For, on the surface, it would appear economically,
S
quisitioned and turned to practical account, such f to be a good bill. It would scrap the law of capture,
as
micropaleontology, seismic phenomena, electrical
and would force unit operation of fields in the
conductivity, and soil-gas analysis; while the core
interest of the greatest conservation of underground
phases of scientific technique have been
barrel, the electric log, the torsion balance, the
re-
resources.
But it would do so at the price of
greatly increased Federal control,
mag-
netometer, the aerial camera, and the seismograph
but
are
few of the. devices that
a
refineries
which is
used."
Most of the TNEC hearings may be safely pre-
In the
dieted and ignored as mere dialectic. The
mittee announces it will let industry state its
skimming has been outmoded by cracking
being superseded by chemical operation;
and in distribution the
keeps
the committee will be able to embarrass of blanket
During all this the industry has had to
out those who defend it, with leading questions,
astutely calculated to make the kind of news the
committee wants to make.
The industry will be
criticized because the pipe lines make too much
a
may,
if the
war
a
adjust itself not only to the business cycle but to
1 lie
exigencies of
quite unpredictable crude oil
a
supply, and to keep its price: structure from the
derrick
through the refinery and tank-wagon to the
filling station
The
wonder
of
industry
has,
law
of
century
titled to all the oil he
what
been
of the surface land above
can
an
result,
wells
land
own
i
i
draw
1
»
lease
or
i
not
interpreted,
oil field is
Bookshelf
-
u/
n,££
additional oil they
oil
oil
011
proration, which has become the
fields
neias
in
m
the
The
Inst
last
ten
ten
this unfortunate mistake.
In
venrs
yeais,
hns
,
...
in
vogue
not
has
cured
not cured
many-—in fact in most
—fields it has abated the waste of natural
.
nnlnce^ind
In
'
,
^omme^ce?'UniversUy
company
and its least skilled occupation
according to the
paid and to study the amount of
companies.
drawal.
such. that it
was
instance)
acre
„n
•
j
i,
.
.
actually increased the waste, be-
Ue
has
sinking of wells.
Proration
jrroiauon
it
i
it has
(in Oklahoma City, for
proration lias been on a per-well basis, and
enormvooeVl
the wn«tefnl
iin
encouia&ed the wasteful
Hiciease ill pel-
cause
thi<a
I*,
cases
control in
in
control,
all
ail
the
the
States
fctates
which
which
have
have
nominally tor the purpose of conserving the
Nation's undeground reserves of oil: but
actually
.,
„
has
,
been
■
,
used
.
in
4..n
n
practically all
,/
for the
p
cases
of
are
are
of
para-
answered.
A
were
wags
first computed.
possible to classsify
was
differentials actually
variation
in
the differentials
The data used, it is stated,
were
possible to make comparison between
service and productive occupations and
rates and incentive earnings.
between daywork
The report, it is noted, shows by charts the relation of
incentive differentials to grades of difficulty, the relation of
.
service
and
productive occupations and
to compare the rates in
is
administration
With these differentials known, it
of the various
some
Trr
detailed analysis was made of the wage rates in 31 Philadelphia companies for 136 hourlv-paid occupations. The
differentials between the rates for each occupation in a
merely because it has slowed down the rate of withBut in
*
a monograph of 39 pages, questions that
resource
.
c,Ml
Pennsylvania, Philadelphia—$1.00
mount importance m wage
i
A
Kates in Philadelphia Metal Plants
only the oil underneath their
the
f
lA/erertfiofsStudy of Wage
to:
can cause
_
Even
all
ail
,>
get out of it, not only to
all
the
on
The build-
The Business Man's
air,
en-<
Immense waste has been the
but
But the real criticism will be
so
being-
are
court
as owners have rushed to drill and flow their
and
concerns
since been
geologists estimate to be the oil actually ly-
migrate to his wells.
small
here will be that oil is a public utility, and an
essential of national defense.
And here, in the
last analysis, Washington will be attacking the
States..
1
court,
resources. ;
so
ing under his land, but also to what he
although that is because it is
many
llP
resources.
by the
migratory birds and has
caricatured, yAs the law has
owner
squeezed out.
law, applied the "law
compared
was
money,
ground of "waste of natural resources."
It is the method
Pennsylvania
a
common
capture
to the law of
little
competitive, and
partisans of Federal
capture" to the ownership of mineral
The
be criticized because the marketing branch makes
many
however,
underground crude oil
our
misreading British
of
oil
be trusted to find it.
nineteenth
the
so
very
the
real Achilles heel—and the
exploiting
In
developed
few.
so
Unquestionably
power can
money, although their earnings are large chiefly
because the majority of lines are captive. It will
less in dynamic adjustment,
more or
is not that it has
troubles, but
one
own
maior output of bunker and
industry has shifted from
gasoline and
shift again to
diesel oils.
com-
('ase—but the committee will probably choose witnesses who will find fault with the industry, and
kerosene basis to
up,
are
an
an
example of how
individual firm with the market
averages. It is added that the occupational definitions used
original gurvey are presented in full to facilitate the
use of the "yardstick" developed by this analysis by com-
in the
Pastes that wish to check the alignment of their
occupations
with each other against an alignment based on the differ
entials actually paid in a
well-organized labor market.
Volume
The Commercial & Financial Chronicle
149
Our statement of the commercial
cotton
1971
of
crop
Receipts for Year Ended July 31Ports of-
the United States for the year
is shown below.
the
for
crop
It will be
ended July 31, 1939,
that the commercial
seen
1938
1937
1930
1935
2,505,252
943,706
3,371,960
3,097,184
2,395,771
2,100,381
1,881,404
321,035
1,118,709
117,353
394,328
144,094
North Carolina.
14,148
52,010
62,992
14,946
Virginia
17,242
4,264,242
2,215,127
137,106
232,546
64,362
17,753
201,039
29,289
59,365
30,533
29,173
74,580
3*7*760
3,761,088
7,250,002
6.396.527
0,794,420
Louisiana......
Georgia
Alabama
10,463,133
reaches
1938-39
season
Texas
1939
36,925
83,334
....
Florida
.....
Mississippi
bales against 13,668,528
bales
two
years
bales last
14,760,563
year,
Soutb Carolina.
13,511,608 bales three years
ago,
bales, the record
281,999
Baltimore.a
this
If
we
add
now
where direct
and
bales
5,789,985
States
United
1936-37.
in
this
year
against 6,339,927 bales in the previous year.
The
spinners'
takings
tions
the
as
3,761,088
7,250,002
0,390,527
0,794,420
778,654
1,098,670
1,010,050
947,929
.....
8,348,672 7,406,577 7,742,349
Southern mill takings not incl. above. c5,923,391 65,319,856 a7.353.986 d5,709,259
4,539,742
indicates the stocks at each port
July 31, 1939, 1938,
10,463,133 13,668,528 14,760,563 13,511,608
Total cotton crop for year
These
Southern consumption was 344,849 bales less
Southern mill takings.
are
than that amount, or 7,009,137.
b These
The second table
1935-30
bales.
Total
(1938-39) in detail, and the totals
back to 1920-21.
year
1930-37
1937-38
Shipments from Tennessee, &c., direct
to mills.
a
for each
'
■'"'
Receipts at ports..
peculiar features of the year appear to
for the past year
4,112,322
which arrived
and Southern consumption,
1938-39
Year Ended July 31—
The first table shows the export movement
require.
27,623
following as the crop statement for the four
■years:
with such suggestions and explana¬
pages,
64,908
shipments from Tennessee and else¬
the
to manufacturers,
have the
we
12 months is given in the
whole movement for the
following
bales
7,227,518
were
24,148
47,869
a These figures are only the
portion of the receipts at these ports
by rail overland from Tennessee. &c.
against 5,943,989 bales in 1937-38,
year
14,934
146,257
19,336
215,703
Philadelphia.a..
Exports from the United States were only 3,606,999
bales
73,337
20,787
Boston.a......
raised in 1926-27.
crop
154,130
New York.a
only 9,211,567 bales four years ago, and 19,-
ago,
150,806
339,727
98,374
12,172
174,545
28,175
45.807
Southern consumption was 80,622 bales less
Southern mill takings.
are
than that amount, or 5,239,234 bales.
These are Southern mill takings.
c
Southern consumption was 339,932 bales more
than that amount, or 6,263,323 bales.
d These
Southern
are
mill
Southern consumption was 109,452
takings.
bales
less than that amount, or 5,659.807 bales.
1937, 1936 and 1935, and the third table shows the
receipts at ports for each of the past five years:
The result
bales
for the year ended
(weighing
July 31, 1939, against a crop of 13,668,528 bales
Exports for Year Ended July 31 1939 to—
10,463,133
figures is a total crop of
of these
(weighing 5,454,485,610 pounds)
7,219,756,067 pounds) for the year ended July 31, 1938.
v
From
France
Britain
i
Japan &
Ger¬
Great
Ports of
Russia
Italy
many
' '
■'
; -
Total
Other
China
-I..
have been
Louisiana a
137,877
90,337
Georgia...
10,138
36,514
11,629
1,464
Alabama..
Florida...
601,405
87,641
1,390
353,754 238,976
76,211
69,964
231,741 279,950
Texas
11,888
468
11,816
1,866
360
841 i
714
131
'im
-
501,183 2207,009
141,384 603,414
2,880
505
mm
915
24,799
7,130
61,670
442
155
13,777
1,511
5,971
50,634
mm
'
511
Mississippi
So. Caro..
17,960
mmmm
No.Caro..
mm
1,088
Virglnia...
New York.
331 ,v..
Boston
197 ;
A'i
.
26,703
'
'■'.'.[mm.
mm~m
••V'
mmrnm
V
mm
■-■'tmmmm
mm
•
mm
~
5,398
33
68
415
:'¥• 179
90
104
'■
".mmimrn
m
166
m
600
'
13
Baltimore.
Phlladel'ia.
-
•
»
-
16',647
4,191
Los Angeles
24,028
21,949
Seattle....
'-V.I.'V
+
•
500
mm
:
"mm'rn
7",718
9,900
5,742
11,493
6,133
mmrnrn
mm
1,936
mm
..
mm mm
77
316
1,912
115,877
206,753
5,730
269,715
25
25
V;'
i,
:
:■>-— :
6232,395 6232,395
—
496,590 314,627
488,674 399,318
513
93,127
'"/'"mm'm'rn
»
9,319
mm
1,033
■
m
'
To Canada
Total...
200
10
29
'
San Fran..
v
..._
-
m'm'mm
993,796
913,994 3606,999
993,796
927,912 3620,917
For'n cot'n
exported
13,918
....
496,590 314,627
488,674 399,318
all
follows:
as
Total crop of the United States as before stated.
Stock on hand at commencement of year»(Aug. 1,
At Northern ports
At Southern ports..
mm
mm
400
:
-
mm mm
790,389 401,446 448,690 498,190 111,164
58,959
1933-34. 1317,189 740,164 1439,126 666,169
34,000
1932-33. .547,240 886,756 1951,852 828,683
1931-32. 1372,578 483,648 1637,530 090,289
1934-35.
29,279
1090,171 937,575 1730,728 495,551
1929-30. 1271,921 826,349 1799,068 668,819 129,021
j928-29. 1856,617 801,790 1941,793 724,406 339.457
1927-28. 1446,849 896,554 2169,612 697,989 413,210
1926-27. 2582.439 1024762 2952,846 787,056 506,958
1930-31.
2290,989 917,268 1736,812 745,868 245,588
1924-25. 2546,272 900,759 1887,316 733,824 241,598
1923-24. 1719,135 720,028 1309,782 553.061 184,711
995,593 488,380
1922-23. 1285,926 632,938
1925-26.
'
'
■
mmmrn
1921-22.
1920-21.
a
1778,885 771,794 1471,717 517,345
1751,784 584,390 1346,722 510,258
Includes
65,951 bales exported from Lake Charles, La.
by rail to Canada; in
of the
mm mm
232,395
82,000
Burnt, North and South c
—. —.—
Stock on hand at end of year (July 31, 1939)—
1,691
1,968,616
At Northern ports.
At Southern ports
•
1,970,307— 5,659,306
;
Total takings by spinners in the United States for the year
ended July 31, 1939
7,227,518
Consumption by Southern spinners (included in
above total)
dQ,263,323
Excess of Southern mill consumption over takings.
339,932—*5,923,391
by Northern spinners—_——.....
6294,684
5070,655
7743.534
8618,230
over
6942,393
11,240,404
8246,016
8263,584
5835,480
4867,831
6337,769
5806,325
1 020.071
1,682,008
6,263,323
339,932-
takings
Total
6850.841
7853,255
Bales
Bales
Bales
1,304,127
Excess of consumption
8869,160
8265,598
1936-37
1937-38
1938-39
Takings and Consumption—
North—Takings
South—Consumption
1,304,127
...
rail.
cThis is an estimate of the Census.
* These are U. S. Census figures.
802,763 1295,710 5946,684
1614,723 1036,740 5796,368
1593,734 1231,609
1702,642 1120,134
2246,216 1275,711
2049,197 1320,502
3416,111 1269,004
1662,320 996,769
1240,267
917,396
1516,355 1,085180
1085,656 1143,385
1835,387 1550,956
1199,151 1110,340
921,048 1032,767
573,780
774,983
647,835 817,159
913,479
884,549
737,317
875,854
a3,374,604
13,918
Total in—
898,577 561,726
782,241 427,059
897,995 392,621
12,886,824
ended July 31, 1939
been exported to foreign
Total supply during year
Not including Canada by
d Exclusive of foreign cotton.
1937-38. 1629,790 758,118
10,463,133
4,414
2,419,277— 2.423,691
ports during the year
Sent to Canada direct from the West..
a
1936-37. 1220,331 714,874
1935-36. 1465.778 712.947
bales
1938)—
;
Of this supply there has
Total taken
Total
Spinners' Takings in 1938-39
Northern and Southern
Totaf except to
Canada by rail
.
To Canada by rail
Total exports
...
Burnt during year....
Total distributed.
5,923.391
*5.319,856
*7,353,986
a7,227,518
c6.339.927
69,035,994
3,374,604
232,395
5,695,653
248,236
5,486,009
303,886
3,606,999
82,000
5,943,989
5,789,895
69,000
46,000
10.916,517
12,352,916
14,871,889
Add—Stock increase (+) or decrease
imported
(—), together with cotton
6 These are shipments
^
—453,384 +1,315,612
—111,326
13,668,528
14,760,563
10.463.133
Total crop
addition 8,334 went to Canada by water, making total takings
cotton consumed
in the South and
Dominion 240,729 bales.
consumed
of foreign cotton consumed in
of 66,740 bales
Stocks for Year Ended July 31-
♦
in rest of country.
These
are
the South and 74,561 bales
U, S. Census figures.
Ports of-
Texas
1939
1938
1,148,471
1,366,628
637,167
147,149
348,916
Louisiana
Georgia
141,157
—
48,098
4,996
Alabama
Florida
61.476
7,264
50,499
Mississippi
South Carolina.
255,982
290,623
124,462
,148,257
277,211
66,843
42,352
5,222
78,274
36,636
7.290
11,269
mmmmmm
mmtmmmm
25,269
9,133
20,500
11,223
14,798
26,200
26,100
17,600
100
100
100
497
5,829
1,091
3,714
3,672
427
994
500
600
600
500
1,000
New York
Boston
1935
615,980
19,156
9,339
Virginia
1936
623,632
36,482
20,821
29,100
40,842
North Carolina.
1937
611,923
Baltimore
18,264
Philadelphia
The lot of American
in
the
the
staple
duction
level
year
crop
did
was
of
the
estate
AND
CONSUMPTION
UNITED STATES AND
cotton was not improved
1938-39.
enjoy
IN
EUROPE
statistically
While domestic consumption of
considerable improvement and pro¬
reduced from the record high
substantially
previous year,
in
fifty-seven
exports
years,
wasted away to the
and the carryover in¬
"
'
150,098
113" 190
*1*4*977
"7*313
8*116
Seattle..
creased to a new high
cotton in New
Tacoma
Portland, Ore..
Total...
PRODUCTION
THE
lowest
San Francisco..
Los Angeles
COTTON
all year—a
1,970.307
2,423.691
1,108,079
1.219,405
1,074.534
very
record.
The price of middling upland
York did not get higher than the
10.02c. level
since the
The average price
lower ceiling than the price had had
unremunerative season of 1931-32.
The Commercial & Financial Chronicle
1972
for
the
stood,
year
9.00c., the lowest plane on which it had
was
for
save
8.75c.
the
the
in
price
preceding
year,
since 1932-33.
record-breaking glut of American cotton came, too,
This
possible times, for the 1938-39
the least fortunate of all
at
had been
year
crop
found itself
if
plunged into the agonies of another war which,
experience of the World War is any guide, means
the
that the demand
for American
that
mills,
of
domestic
War
tion.
distorting
is
the
are
goods
which
on
Central
pressed
of
cottons
supplies
The
in
areas
of
such
1913-14
of
nature
Exports
to
hard-
cotton
were
cotton
American
of
1917-18, and world consumption of
to
reduced
those
in
by approximately
years
Cotton has proved
of war's first casualties.
one
hope of the American cotton grower interested
one
seeing his product actually
consumed
instead
of
being
piled up in the hands of the Government under loans
that
even
than
it
War,
the
1938-39.
in
was
cut
were
Though cotton exports from the
in half in the years of the World
shipments in
bales
just closed.
larger
the
than
worst
the
the
industry
Central Europe,
the
year
exports
the
of
in
the
believed
that
loss
the
sharply higher costs of transporting cotton
Atlantic
be
could
disastrous
more
no
to
the
the
across
position
of
recent
As
years.
for
the
bear
to
ican
statistical
position
best reflects the
carryover
the
on
sum
American
of
staple during the year.
consumption
of
the
cotton,
the
of all the influences brought
Even though Amer¬
1,243,767
staple increased
bales,
16.1%, world consumption of American cotton decreased
or
by about 50,000 bales.
ican
fell
short
of
Total world
equaling the production, with the result
that the carryover was
of
15,152,031 bales,
ended
last
Aug.
creaased from
partment
of
consumption of Amer¬
high record.
new
a
1
enlarged by 858,409 bales to
the
of
carryover
In the
two
American
Agriculture
said
last
on
Aug.
that
increase this year over last in the
carryover was
to be about offset
But
cotton
estimate
the
to
was
of
the
of
be dashed
1939
crop
Aug. 8 estimate to
if the
even
tion
led
war
of American
of
the crop
at
the close
reduction
a
to
a
no
on
of
of Amer¬
968,000
bales
12,380,000 bales.
decrease
in the -world
consump¬
further expansion in the carryover
a
of the current season.
tepresenting
an
increase of 19%
in
the
It
year.
largest domestic consumption of cotton
on
was
the
record.
If
linters be included, the total was
7,707,150 bales as against
6,463,383
was
bales.
vastly
But
when
different.
3,606,999 bales of cotton
pared with
smallest
it
The
came
United
to
terms
of
500-pound
bales
These
since
the
shipped
to other parts of the
5,943,989 bales in 1937-38.
in
exports
States
world,
story
only
wrere
the channels of
foreign consumption was directly traceable
Administration's policy of holding cotton off the
market by means of its loan
policy.
which was exported
during the
bales than
the amount
Under
1938
pound
bales,
on
or
hands.
ican
the
of cotton
The quantity of cotton
year
taken
was
less
into the
by 800,000
1938 loan.
loan, which was on the basis of 8.30c. a
%-inch middling spot cotton, more than 4,400,000
36.8% of the crop, found its way into Government
Into the void created
cotton
while world
production,
from
the
by the withholding of Amer¬
market
foreign cottons rushed; and
consumption of American cotton was less than
causing the carryover to rise, consumption of
foreign cottons exceeded production
by 1,125,000 bales, caus¬
ing a like reduction in the carryover of foreign cottons.
the end of August was
production would come to 16,200,000
*
At this point we
with the size of the
make, our usual distinction, in dealing
crop", between the commercial crop, as
and the actual growth of
us,
The figures
on
cotton for the
actual growth are taken by the census
from ginning figures, while our figures
consist only of that
Our
calculation is that the commercial crop for the year ended
July 31, 1939, was 10,463,133 bales as against 13,668,528
bales in the previous year, 14,760,563 bales two years ago,
13,511,608 bales three years ago, and 9,211,567 bales four
years ago.
As in the previous year, the activities of the
Commodity Credit Corporation reduced the size of the
commercial
crop.
The Corporation advanced
loans to<;:
cooperating producers on a maximum of 11,444,788 bales
of the 1938 crop, but repossessions of this cotton by pro¬
portion of the crop_ which finds its way to market.
ducers
began
further
rise
start of the
before
in
the
new
crop
market
the
to make further
year
was
ended,
and
the
immediately after the
crop year made it attractive to borrowers
repossessions.
Our compilation places the
price
world production of commercial cotton during the crop year
at
23,279,000 bales
ous
as
against 27,881,000 bales in the previ¬
and 29,392,000 bales two years ago.
year
Following increases in the previous three
amounted
bales
in
to
United
11,944,340
the previous
The
ago.
yield
per
year
final
estimate,
harvested
cotton
was
the
the
to
1938
in
harvested since 1899, com¬
in
acres
235.8
was
States in the 1938-39 year
compared with 18,945,028
and 12,398,882 bales two years
acreage
according
acre,
1
the pro¬
years,
bale^,
of
acreage
24,248,000, the smallest
paring with 34,001,000
previous year.
The
Crop Reporting Board's
pounds,
yield
a
second
in
the
Nation's history only to that of 269.9 pounds realized when
the
1937 crop was produced.
As the yield suggested, the
favorable
than
yield
per acre
year,
which
culture
age
as
the
was
was
studies
a
of
32.2%
as
growing
Total
average.
was
season
reduction from
more
full
a
against 23.1% in the previous
new
low since the Department of Agri¬
this
subject
began in 1909.
The aver¬
reduction for the 10 years from 1927 to 1936, however,
38.3%.
a
Insect
prime
damage
from
cause
was
this
9.9%
damage
outranked
deficient
for reducing the full yield.
against 5.3% in 1937, with the damage
as
source
moisture
Boll weevil
heavy
in
Virginia,
the
Carolinas
and
Georgia,
wThich
States
suffered
most
from
excessive
moisture.
Other insect damage was 4.2% as against 3.0%
in 1937 and 1936.
Deficient moisture accounted for 6.8%
of the full reduction
as
exports, the
1881-82,
of the Exchange at
bales in 1939-40.
sive
average for the 10 years ended July, 1933.
The failure of American cotton to move more
freely into
the
estimate
that the foreign cotton
com¬
42% of the
to
Exchange was not inclined to agree, for the tenta¬
Cotton
was
6,860,246 bales,
was
indicated
Department
the
mandatory, the subsequent rally in prices took the
tive
over
Thus,
cotton, the expected increase in the size
promised
Domestic mill consumption of cotton
third
crop.
Sept. 8 when the official
raised
was
total
of the supply
the
expected
by the smaller 1939 United States
this hope
even
ican
in-
The De¬
29
season
duction of cotton in the
years
cotton
6,485,078 bales to 15,152,031 bales.
current
level at which a loan would
loan
question out of the mandatory into the discretionary zone.
The Department of Agriculture said on Aug. 26, 1938, that
"the total production of foreign cotton is expected to be
considerably less than last year."
This forecast proved to
be correct.
Production of foreign cotton in 1938-39, accord¬
ing to the New York Cotton Exchange,
amounted to
16,062,965 bales as against 18,502,404 bales in 1937-38.
As
for the principal producing countries, the output in Brazil
declined from 2,075,000 bales to
1,913,000 bales of 478
pounds each, while in India production was 4,531,000 bales
as
against 4,942,000 bales, and in Egypt, 1,756,000 bales
as against 2,259,000 bales.
The reduction in China's cotton
output was 1,333,000 bales to a total of 1,067,000 bales.
On
Aug. 29 last the Department of Agriculture said that "the
1939-40 foreign production may be somewhat smaller than
last year's output." : In this expectation the New York
be
total
a
the
gust within %c. a pound of the
compiled by
American cotton than had the policies of the Administration
in
8.06c.
year.
in
error
parity price was 15.50c. a pound, 52% of which is
While the market price approached at the end of Au¬
year
the blockades by the warring nations and
cardinal
For
kets. '
granting
of
the
that the
were
markets
of
repeat
war
in Europe gave evidence
war
fit
another loan.
Under the Agricultural Adjustment Act of 1938 the Secre¬
tary of Agriculture is compelled to extend loans to pro¬
ducers if, at any time during the season, the average price
of middling %-inch cotton falls below 52% of the current
parity price of cotton at the 10 designated Southern mar¬
1939 crop the Government has not yet seen
the
For
to
crop
The upward movement in cotton prices which
accompanied the outbreak of
that
was
could hardly make the demand abroad poorer
war
United States
GOO,€00
of
raw
The relatively small-scale Spanish war
dispensable
the
was
Large
depend.
off from
shut
are
1G%, and of American cotton by 21%.
usually
trade,
producing the special kinds of
armies
great
belligerents.
halved from
all
of international
disrupter
great
cotton.
as
proof
undergo still further contrac¬
will
bent toward
Europe
materials
cotton, aside possibly from
it does the economic structures of nations as
as
all efforts
was
Europe
only one month when
ended
Sept 30, 1939
moisture
was
as
against 5.7% in 1937, while
responsible
for
3.3%
against 1.5% in the previous year.
of
the
exces¬
reduction
Other climatic influ¬
including frost, floods, heat and hot winds, brought
4.0% of the reduction as against 4.1% in 1937,
while plant diseases caused 1.9% as against
2.2% in the
preceding three years.
,
ences,
about
Use of fertilizer by cotton farmers, which on the
average
has been rising rapidly in
recent years, was higher in
the
crop year under review.
The studies of the Department of
that sales of fertilizer in'11 cotton
Agriculture disclosed
States amounted to 4,839,475 tons as against 4,794,441 tons
in
the
preceding
ment's studies
year.
are
The periods covered by the Depart¬
not uniform for all
of the cotton States.
Except for the 5,243,053 tons of fertilizer used for the 1937
the 1939 total
pilation of the New
crop,
was
the largest
Orleans
Cotton
on
record.
Exchange
The
com¬
shows fer¬
tilizer tag sales of 2,516,010 tons in 10 cotton States in the
eight months ended March 31,1939, compared with 2,558,198
tons in the corresponding
period of the previous year and
2,821,603 tons two
years
ago.
■
Volume
The
The Commercial & Financial Chronicle
149
Department
cotton
Agriculture's
of
tended
crop
the 1938
of
estimates
overestimate
to
the
total
12,212,000-bale
11,825,000
to
crop
after
which
in
October,
one
forecast
was
12,137,000 bales in November, and
in December.
bales,
The actual
1938-39
the
cotton
still
began
season
of
the
domestic
from
downtrend
consumption
the
of
levels
the previous business recovery.
But in Novem¬
ber, 1938, the consumption rose above the total for the
corresponding month of the previous year, and thencefor¬
was
attained
ward
high
on
the
to
mount
on
end
rapidly.
of
the
season
the
consumption
for
the
6,860,246 bales, to which 846,904 bales of linters
added, giving
the
third
total of
began
consumption
Total
to
largest
record.
on
It
with
compared
a
Total All
Equivalent
Equivalent
Equivalent
Counting Round
500-/6.
500-/6.
500-lb.
Bales.
Bales.
11,623,221
11,944,340
1937
18,252,075
18,945,028
*1,115,916
1,819,219
13:060,256
20,764,247
1936
12,141.376
12,398,882
10,420,346
10,638,391
1,406,878
1,088,766
13,805,760
1935
1934
9,636,559
1,000,964
1933...
9,472,022
12,664,019
13,047,262
982,322
14 029,584
1932
12,709,647
13,001,508
911,884
1931...
1930
16,628,874
13,755,518
14,547,791
14,296,549
12,783,112
17,755,070
16,122,516
13,639,399
10,170,694
9,729,306
7,977,778
13,270,970
11,325,532
11,906,480
11,248,242
11,363,915
11,068,173
15,905,840
13,982,811
13,488,539
15,553,073
11,568,334
10,072,731
13,086,005
11,057,822
17,095,594
13,931,597
14,824,861
14,477,874
12,956,043
17.977.374
16,103,679
13,627,936
10,139,671
9,762,069
7,953,641
13,439,603
11,420,763
12,040,532
11.302.375
11,449,930
11,191,820
16,134,930
14,156,486
13,703,421
15,692,701
11,608,616
10,004,949
13,241,799
1,067,381
13,913,392
18,162,975
14,918,027
1938___
grand
__
1929
1928
1927
1926
1925
1924
6,463,383 bales of lint and linters in the previous
1922..
1921
1920
1919
1918
1917
1916
COTTON CONSUMED IN COTTON-GROWING STATES—RUNNING BALES
1938
1937*
August
476,693
480,868
342,899
September
456,669
505,365
511,690
526,319
October
459,555
447,928
November
503,544
December
479,708
1939
1936*
1915
1914.
Foreign Cotton Included.
_
1913
1935*
1933*
1934*
1912
1911
January
February
_
405.175
417,040
372,817
526,612
430,785
384,937
379,238
578,327
416,939
329,993
282,091
1938
1937
1936
1935
1934
565,270
555,118
547,497
463,528
516,324
489,764
442,138
497,054
431,387
639,818
466,775
595,675
486,697
558,769
447,822
401,434
406,389
439,507
382,235
389,218
430.552
379,290
380,038
416.440
375,109
406,318
568,215
468,198
381,164
484,693
507,580
311,569
321,470
290,010
5.813,404
507,851
4,880,644
6,625,813
421,093
465,700
5,335,801
380,532
4,305,950
356,009
4,550,037
363,833
6,321,255
5,301,737
7,091,513
5,716,333
4,661,959
4,913,870
June
July
*
412.302
372,173
May
Grand total.
459,815
360,238
428,995
350,697
356,688
375,849
April..
Linters.
546,129
475,112
March
Total
464,705
379,850
333,977
241,414
502,872
COTTON CONSUMED IN OTHER STATES—RUNNING BALES.
Foreign Cotton Included.
1938
September
October
1937*
89,713
77,368
83,223
92,745
85,599
...
November
December
89,119
87,181
101,740
83,174
March
April
94,146
65,426
103,448
70,797
104,957
93,025
65,936
99,182
59,511
116,514
1938
1939
January
February
1935*
1936*
98,252
89,615
76,260
1937
61,085
66,628
83,631
62,472
69,461
•
84,964
53,282
124,197
110,730
95,144
98,880
81,527
82,834
87,351
65,433
98,048
96,009
1934
1935
113,516
93,430
111,046
101,632
110,559
137,124
84,590
98,104
93,155
101,937
89,112
106,276
83,072
87,251
99,476
90,374
72,413
102,859
69.242
70,686
69,941
1,054,917
363,019
1,150,216
403,313
1,417.936
83,866
90,065
123,300
110,896
June
89,029
88,684
79,267
67,194
67,289
112,306
July
1,046,842
339,053
867,334
294,312
1,324,266
353,185
1,015,359
353,672
1,385,895
1,161,646
1,677,451
1,369,031
May
1933*
1934*
1936
98,318
1910
1909
1908
1907.
1906......
1905
12,983,201
10,495,105
13,451,337
9,819,969
10,588,250
9,582,520
10,102,102
.....wi.*;.
1904.
—
1903
1902
1901
1900
292,576
Includes revisions made subsequent to the publication of the monthly figures.
August
Half Bales.
as
1923
and with 8,768,964 bales in 1936-37.
year,
Linters
Running Bales
Year.
to be
aggregate consumption of 7,707,150 bales,
an
STATES—
UNITED
Growth
was
year
were
IN
Bales.
of
report of last May, was 11,944,340 bales.
As
COTTON
ACTUAL GROWTH.
a
12,008,000 bales
production, according to the final
one
OF
'
first estimate of the year, that made public on Aug. 8, 1938,
forecast a crop of 11,988,000 bales.
The September estimate
dropped
1973
PRODUCTION
The
production.
the
YEARLY
114,318
*
986,430
1,241,355
1,282,061
1,016,375
1,157,861
1,114,877
897,375
16,066,216
15,759,935
13,972,418
19,135,235
17,218,556
14,525,311
668,600
607,779
10,808,271
397,752
440,313
607,969
929,516
10,369,849
11,107,179
13,273,809
268,282
8,351,393
13,879,916
12,028,732
12,970,048
12,428,094
12,780,644
12,122,961
16,991,830
14,795,367
14,313,015
16,250,276
12,005,688
10,315,382
13,587,306
11,375,461
321,689
13,595,498
10,575,017
13,438,012
9,851,129
10,630,945
9,509.745
10,123,027
229,539
241,942
10,804,556
13,679,954
10,045,615
10,827,168
9,675,771
10.266,527
bales for this year.
These are running
11,727,157
10.637,523
1,125,719
1,330,714
'
931,141
856,900
638,881
609,594
557,575
397,072
310,433
345,507
194,486
196,223
166,026
143.500
'
,
totaled only 3,327,000
500-pound bales
(for which the records date back further), was the smallest
total since 1881-82, or in 57 years.
Exports of both lint
and linters amounted to 3,606,999 bales as against 5,943,9S9
bales in 1937-38; 5,789,895 bales in 1936-37, and 6,285,512
Exports
lint cotton
American
of
running bales, which, if stated in terms of
bales
1935-36.
in
American
cotton
exports made so miser¬
the year that the Administration
resorted to various devices to correct the error it made in
able
loan
the
during
showing
a
is piled
cotton
up
in ware¬
Government loans and is kept out of con¬
suming channels.
'
/
.
which
makeshifts
The
which
under
plan,
houses against
the
Administration
adopted
in¬
guarantee of the credits in¬
volved in the sale of 250,000 bales of cotton to Spain, the
cluded
Bank
Export-Import
bartering of 600,000 bales of cotton to Great Britain for a
for rubber and the sale of 175,000 bales of Gov¬
war reserve
Total
Linters
Grand
•
total.
1.563,529
Administration
figures.
an
COTTON CONSUMED IN WHOLE UNITED STATES—
Foreign Cotton Included.
1938
1937*
August...
566,406
September
534,037
603,617
601,305
October
542,778
524,188
November
596,289
565,307
482,976
December
1939
1938
1937
1936
1935
1934
January
591,991
562,293
678,786
665,677
515,977
March
649,237
546,702
605,353
578,448
521,405
433,258
426,866
512,626
413,169
426,149
590,484
February
477,046
544,870
443,043
680,521
550,641
576,762
530,894
555,449
550,553
480,339
482,373
448,453
583,011
7,950,079
846,904
5,747,978
715,405
7,707,150
6,463,383
1935*
1933*
1934*
April
May
....
June
.....
July
Total
6,860,246
Linters
Grand total.
*
651,086
625,794
694,841
512,312
294,696
523,032
480,081
432,328
499,773
417,344
552,840
776,942
1938-39
347,524
501,055
475,247
508,021
512,594
607,056
5,360,867
719,028
5,700,253
818,885
6,351,160
734,204
8,768,964
7,085,364
6,079,895
6,467,399
*1936-37
*1935-36
*1934-35
North
»Includes revisions made subsequent to the publication of the monthly figures.
PRODUCTION
OF
LINT
COTTON
CENSUS
BY
GINNING
STATES—UNITED
STATES
Bales
1938-39
Alabama
Arizona
Arkansas
California
Florida
Georgia
Louisiana
Mississippi.
Missouri
New Mexico—
North Carolina
Oklahoma—
South Carolina
Tennessee..—
Texas
...
Virginia
All other States
Total
1937-38
1930-37
1935- 36 1934-35.
1933-34.
1932-33
952 ,245
,081,9361 ,636,3631,148,5241,061 .314
972,591
948,854
116 ,363
134 ,335
96,124
196,1641
69,193
312,908| 189,963
857
874
,782 1,049.7771 ,326,556
,915,2061,302,992
,156
,358,182,1
129,371
424,5321 738,700 442,444 239 ,848 259 .551 217,051
23 ,957
26 632
34,605
24,260
26,789
15,151
20,867
971 ,425 1,104,507
854,357
855,7211 ,505,946 1,090,085 1,062 ,526
484 ,668
556 ,288
476.641
610,509
761,149
673,5201 ,103,622
,706,906 2 ,692,427 1,910.661 1,259 ,482 1,142 ,706 1.159,2381 ,179,781
233 ,864
244,542
173 ,979
306,835
397,226
303,252
331,434
87 ,104
89,960
69,868
156,409
107,380
93,502
71, 835
631 ,420
574 ,201
686.990
663,359
599,746
781,483
390,416
317 ,387 1,265,746
564 ,982
,083,713
763,403
286,379
556,545
681 ,791
744 .182
735,089
716,225
815,788
649,132 .023,319
404 ,316
316 ,509
444,556
480,353
660,394
432,757
487,494
,9/9 4,431,951'4t,501,800
,774
2,407
5,163,8952,938,479
2,960
,093.911
32 961
34,397i
31,165
40,379
30,296
27, 246
10,812
14 040
13.842
7, ,102
14,418
12,198
18,743
13,266
11944340 189450281239888210638391 9,636,55913047 26213001508
depths of
of the war stocks of American cotton
foreign
countries were at a
in
relatively low
the
otherwise cheerless
amounted to only 169,000 bales at the season's
at Bremen
cotton
245,000 bales
with
war
cotton totaling
were
a
Stocks of all
reported at 147,000 bales compared
year
earlier, with stocks of American
79,000 bales as against 146,000 bales.
Cotton
which had been exhausted during the
civil war, were to be replenished through the 250,000-bale
sale arranged by the United States Government.
Substan¬
tial orders for American cotton were placed
by Italian
in
reserves
Spain,
according to the Department of Agriculture, soon
announcement of the United States export sub¬
the
after
The experience in Japan and China,
sidy.
as
well as in
Spain, threw light on the effect on cotton consumption of
war.
The Department of Agriculture estimated Japanese
in the crop year at slightly over
decline of 24% from the previous year
of about 33% from the total of two years
consumption
cotton
2,500,000 bales, a
RETURNS
of
600 Lbs.
new
against 735,000 bales a year earlier.
as
and
Gross
into
could not make for any further
recession in the sale of American cotton abroad.
Port
stocks of American cotton at Liverpool and Manchester,
buyers,
Excess of South.. 4,935,360 4,140,091 5,414,062 4,347,302 3,244,023 3,360,341
in
that
situation,
*1933-34
6,321,255 5,301,737 7,091,513 5,716,333 4,661.959 4,913,870
1,385,895 1,161,646 1,677,451 1,369,031 1,417,936 1,553,529
South
cotton
level, thereby providing the hope, in an
for example,
LINTERS
*1937-38
American
of
the outset
At
warehouses
end
monthly figures
and an equiva¬
exports
on
position
359,951
767.146
placed
uncertainty.
519,299
363,262
SOUTH COMPARED WITH NORTH—LINT
AND
Running Bales
588,902
499,482
468,402
470,412
383,982
390,712
718,975
669,665
Includes revisions made subsequent to the publication of the
COTTON CONSUMPTION OF
418,941
Switzerland at a price
important of all, however, the
into effect on midnight, July 27,
of cotton goods produced and
processed in the United States.
The outbreak of war one
month after the new season opened, however, plunged the
payment
export
629,767
408,325
450,647
575,014
France and
Most
export subsidy of l^c. a pound on cotton
lent
RUNNING BALES.
to
market.
the
under
Includes revisions made subsequent to the publication of the monthly
1936*
ernment-held cotton
a
decline
was the smallest Japanese consumption in eight
while in China the 1938-39 consumption, while ma¬
terially larger than that of 1937-38, was "probably less
than half as large as 1936-37."
With Japanese cotton ex¬
It
ago.
years,
mills were again extremely active,
consumption in the crop year being placed at 2,930,000
ports languishing, Indian
their
bales,
slightly less than the previous high record con¬
in 1937-38 and considerably larger than in any
or
sumption
other season on record.
Exports of American cotton to Japan increased to 891,161
711,809 bales in the previous year, but the ship¬
bales from
ments to
bale
Japan made a poor comparison with the 1,590,738,in 1936-37 and with the 1,866,482-bale total in
total
1933-34.
Exports to
Great Britain were 488,674 bales as
against 1,629,790 bales in
1937-38,
a new
high since 1928-29.
The Commercial & Financial Chronicle
1974
COTTON EXPORTED FROM THE UNITED STATEts.
To—
v.
1938-39
1937-38
1936-37
1935-36
1934-35
Bales
Bales
Bales
Bales
Bales
898,577
1,629,790
711,809
758,118
561,720
782,241
1,220,331
1,590,738
714,874
427,059
496,590
Germany
Great Britain
488,674
Japan
891,101
399,318
France..
.........
Italy..*.
314,027
240,729
15,585
102,035
90,504
78,522
Canada.............
......
China
Belgium............'
Holland
258,457
392,621
203,533
141,059
24,463
•
)
J®Joe
62*343
—..
107,009
34,324
83,710
45,899
83,571
59*090
oo o
2,000
148,638
12,077
New Zealand
v
81,013
5*1*186
39,884
9,267
5,296
485
......
'?■■■
1,402
200
mmmmrnm
12,383
337,009
2,635
223,864
1,133
287,900
235,214
3,606,999
5.943.989
5.789,895
6,285,512
5,063,210
Other countries......
of cotton in the crop year 1938-39
amounting to 27,028,000 bales was nearly the same as in
preceding year, when 27,050,000 bales were consumed,
according to compilations of the United States Department
of Commerce, Bureau of the Census.
Consumption in the
United States, however, in the crop year recently ended,
increased substantially over the previous year, while in
Japan there was a sharp reduction.
Although Chinese con¬
sumption rose well over the year before, it remained con¬
siderably below the average of a number of years previous.
Below we present tabulations prepared by the Census Bureau
showing consumption in the different important consuming
countries, in place of the one formerly issued by the Man¬
chester Federation of Cotton Spinners, which we have been
accustomed to publish heretofore.
Because of the European
the
War
8
918
7,547
300,720
Africa
Australia
Total exports
399,446
498,190
111,164
221,335
241,526
118,151
100,129
82,375
44,965
11,776
■'jm
„
i
448,690
790,389
1,584,491
49,068
7,712
13,030
11,815
55
.....
44,608
162,417
World consumption
i
13,804
India..........
Norway
Greece
255,402
209,457
24,085
162,087
125,201
84,794
............
Denmark...........
314,211
278
90,954
3,054
91,002
Portugal...
Sweden
Mexico.
712,947
400
Russia
Spain
897,995
1,405,778
1,549,126
499
in
Manchester
the
Shipments to all countries were larger, those
Japan and China totaling 1,872,757 bales as against
881,025 bales in the previous year, and to the Continent,
844,448 bales as against 823,100 bales.
EXPORTS FROM
1938-9 1937-8 1936-7 1935-6 1934-5 1933-4 1932-3 1931-2 1930-1
Total
27,028 27,050 30,820 27,627 25,198 25,324 24,986 22,896 22,402
United States
only)
(lint
—
Europe:
United Kingdom
ALL INDIA TO—
Japan
Great
Conti¬
Japan db
Britain
nent
China
India
Total
China
6,860
5,748
7,950
6,351
5,361
5,700
6,137
4,866
2,588
8,350
2,594
3,020
2,846
2,596
2,684
2,575
1,990
8,866
8,539
8,041
7,061
7,995
2,390
7,818
2,550
2,930
1,700
3,370
3,960
3,602
3,634
2,835
6,925
2,750
2,965
2,560
2,550
2,565
3,130
2,133
2,298
2,335
7,038
2,575
2,140
1,280
2,690
2,488
2,442
2,345
2,431
2,340
2,384
250
264
305
263
258
259
192
205
188
1,800
1,963
1,796
1,486
1,281
1,078
885
900
824
Canada
1936-37
1935-36....................
1934-35
1933-34
1932-33
1931-32
397,102
844,448
352,705
326,586
823,160
532,347
361,799
369,382
230,793
1,084,087
997,282
997,618
1,024,772
820,145
478,592
128,363
1930-31
1,145,514
1929-30
264,510
289,184
1928-29
229,969
1,500,022
1927-28
220,757
1,327,833
1920-27
882,296
1925-26
72,301
172,517
1924-25
199,618
-
1,611,990
1922-23
287,345
223,948
1,090,050
1,284,390
1,503,220
1,113,612
1921-22
70.629
963.178
1923-24..........
—
1,872,757
881,625
2,213,029
3,114,307
3,690,864
3,134,007
3,193,636
2,053,963
1,758,304
3,719,666
3,848,232
3,917,283
1,774,926
1,799,482
1,597,025
1,151,349
2,309,642
1,947,058
2,216,732
3,125,242
2,836,958
3,775,101
3,899,780
3,442,584
3.580,079
3,250.539
Egyptian cotton exports "declined to 1,097,050 bales in the
to July 19 from 1,143,849 bales in the corresponding
period of last year and 1,183,249 bales two years ago.
Ship¬
ments to Great Britain fell to 301,101 bales in this period
from 371,738 bales, while exports to the Continent were
535,102 bales as against 001,525 bales.
Shipments to Japan
increased to 105,400 bales from 65,665 bales.
ACTIVITIES OF THE FEDERAL GOVERNMENT AND
ITS AGENCIES
The experiences of the crop year 1938-39
put the final
seal of proof on the bankruptcy of the Federal Government's
policies with respect to cotton.
for the Administration to
Total
receipts
weight)
(Interior
Season
Season
Season
Season
*1938-39
1937-38
1936-37
1935-36
Exports—
To Liverpool
To Manchester
Total to Great Britain
To France
7,898,000
10,713,374
9,078,623
Bales
Bales
194,029
187,752
194,552
210.635
209,736
170,594
361,101
381,781
405,187
380,330
125,764
154,673
138,484
153,179
3,910
3,498
*5*, 609
*3*145
82,511
74,985
63,350
3,181
53,944
54,450
26,589
41,619
49,101
36,711
26,500
24,605
50,065
26,620
27,726
22,721
115,213
140,711
6,471
12,301
93,389
43,014
21,898
98,628
2,806
56,355
47,409
20,741
9,540
13,117
6,851
8,842
5,259
3,500
7,062
7,312
535,162
624,708
537,493
548,144
To Spain
To Portugal
To Italy
To Switzerland
72,248
52,026
To Austria and Hungary
To Czechoslovakia
To Poland
25,209
28,489
To Germany
To Holland
To
6,456
Belgium
To Greece, Turkey & Black Sea.
To Russia Esthonla, Latvia and
Finland
To Sweden and Denmark
Total to Continent..
8,202.992
Bales
174,171
186,930
12,778
40,294
Bales
3,528
15,785
9,275
To United States and Canada
28,620
29,094
43,010
39,700
To India
56,701
85,983
139,879
45,281
115,466
61,946
72,981
93,502
To Japan and China
Court,
Total to all ports
*
1,097,050
1,183,512
1,198,550
1,106.957
7,812,325
8,686,978
'8,806,048
8.169,342
Figures for 1938-39 only to July 19.
Japan's cotton imports increased to 2,010,005 500-pound
from 2,255,591 bales in the
previous year.
Stated
bales
in piculs, imports of American cotton
rose
to 3,392,908
piculs from 2,570,342 piculs in 1937-38. Imports from China
were reduced to 481,184 piculs from
1,002,929 piculs, but
imports from all other countries increased to 2,440,701
piculs from
1,530,023
piculs.
Imported into Japan from—
India..
1938-39
1937-38
1936-37
1935-36
Piculs
Piculs
Piculs
Piculs
3,463,605
United States
3,392,968
China
484,184
2,446,761
All other countries
Total Imports into Japan..
Equivalent in 500-lb. bales..
(YEARS ENDED JUNE 30)
9,787.518
2,610,005
3,289,218
2,576.342
1,062,929
1,530,023
8,458,512
2,255,591
7,396,089
5,893,329
625,325
2,767,854
5,893,036
-
5,916.799
501,684
1.731,005
16,682,597
14,042,524
4,447.607
3,749,354
longer possible
1936
United
when
the
pro¬
States Supreme
Court
the
Su¬
as
preme
cultural
gram's
was
In¬
Court upheld the constitutionality of the Agri¬
Adjustment Act of 1938.
The blame for the pro¬
failure
rested
not
the
on
rather, in the nature of the
Court.
The
itself,
fault
lay,
the proof
of
to be found in the vast accumulation
of cotton in the Government's loan stock and in the dwin¬
whose
inefficacy
program
was
dling of exports of American cotton to the lowest levels in
two generations.
A quick
glance will demonstrate the lack of
attended the functioning of the program.
the American Farm Bureau Federation
President
Roosevelt said:
Adjustment
"I
am
Act
is
on
which
success
In
message to
a
Dec.
convinced that
13,
1988,
the
1938
in
sound
principle."
Yet
the exports of the staple amounted to
only 3,606,999 bales,
the smallest since 1881-82.
The total was only 60% of the
relatively small exports of 5,943,989 bales in the previous
season and 42% of the average for the 10
years ended July,
1933.
The carryover of American cotton in this country
last Aug. 1 was 13,912,031 bales, the largest in
history;
and the carryover of American cotton in all countries on
on
that
Of
date
the
15,152,031
was
total
production
bales,
of
also
new
a
11,944,340
high
bales
in
record.
1938-39,
4,480,000 bales found their way into the loan. At the peak,
13,444,788 bales of cotton were under Government control,
and
last
July 31 the total in the loan was 11,059,651
figure nearly equal to a year's output.
Benefit
payments to cotton farmers in the crop year amounted to
on
bales,
a
$266,000,000, the largest
To
President
on
Roosevelt
record.
Act
the
have
may
appeared
"sound in principle," but the fact remains that the Admin¬
istration did
not
stood
beginning of the
at
already
of
the
choose
committed
sort
a
which
purely
one
the
to
rest
on
crop
the
cotton
Administration
policy
as
it
To repair errors
year.
made
fresh
errors
proved that its whole agricultural policy
of expediency, costly and inconsistent with
its international trade program to an
astonishing degree.
For months Congress, with the
help of the cotton trade,
struggled to evolve, and agree on, a plan which would take
the place of the cotton policy
adopted in 1938.
The ap¬
proaches to the problem were varied.
Senator Frazier of
North
Dakota and 16 of his colleagues produced an out¬
right price-fixing plan, reminiscent of the principle under¬
lying the ill-fated Farm Board.
Senator Smith proposed
to deal
in
follows:
credit
COTTON IMPORTED INTO JAPAN
in
done
no
found
was
Equal to cantars (Int. net weight)
was
original Agricultural Adjustment Act unconstitutional.
deed, on April 17, 1939, in a six-to-two decision, the
Agricultural
net
cantars
It
lay the failure of its cotton
to an adverse decision of the
gram
ANNUAL STATEMENT OF THE EGYPTIAN COTTON CROP.
Ending July 31—
5,263
2,057,490
3,537,833
2,074,430
2,187,292
1,576,652
1,882,301
2,512,534
2,415,772
1,592,013
2,243,119
All other countries.
season
Year8
give
Mill Consumption of Cotton (Bales of 478 Pounds
Lint,
Except American Which Are in Running Bales)
Country
Continent
......
to
(Thousands of bales; i.e., 000 Omitted)
1937-38.
....Bales of 400 lbs.
intend
not
WORLD'S CONSUMPTION OF COTTON—SEASONS OF 1930-31 TO 1938-39
to
1938-39
1937-38
does
revised figure of 2,057,490 bales
our
Season Ended July 31—
Federation
out these statistics this year.
Exports of Indian cotton expanded to 3,114,307 bales of
400 pounds each from
Sept. 30, 1939
World Consumption of Cotton
•
two
The
up to 5c.
this
ways
cotton
with the stocks of surplus cotton, as
farmers
would
be
given
additional
pound if they marketed the cotton from
instead of increasing the loan stocks; or
a
year's crop
the Government-held cotton would be sold to
growers at 3c.
a
pound, who would dispose of it in regular trade channels
July 1, 1940, at whatever price the market would
bring.
Senator Bankhead also identified himself with the
after
plan which would have authorized the Government to sell
cotton
A
to
growers
measure
fact
pass
at
a
very
embodying the
the
Senate
on
advantageous price to them.
grower
April 3.
subsidy
scheme
did
in
Volume
But
The Commercial & Financial Chronicle
149
the
Administration
took a hand in the proceedings
juncture, and in the end the Congress, though
strongly-stated misgivings, subordinated its wishes to
at about this
with
those
of
President
claring
Roosevelt
"the
that
and
De¬
Secretary Wallace.
requires prompt and
March 28 announced
situation
cotton
effective
action," Mr. Roosevelt on
an
export subsidy on cotton.
He justified this radical
departure from past practices of moving American cotton
into foreign consuming channels by saying:
"Foreign cot¬
is
ton
underselling
world
in
cotton
our
likely to continue to do
markets, and is
until we restore American cotton
so
its normal competitive position."
"Unless we build a
spillway out of the loan," he said, "we are likely to add
several million bales from the 1939 crop to the mass over¬
to
Carrying charges alone on the cotton
already in the loan approximate $45,000,000 annually."
This export subsidy plan, he added, would cost a good deal
less than proposals to pay the growers to keep their cotton
cut of the loan, for the former called only for payments
on cotton sold abroad, while the latter called for payments
hanging the market.
"A cotton program at this time," said
the President, "should include the following objectives:
The merchandising in an orderly fashion of our excess sup¬
plies of cotton; the maintenance of our fair share of the
all of
on
the crop.
protection of producer income,
accomplishment of our aims with the least possible
world market for cotton; the
and the
cost
to the
Treasury."
the
But in so doing he was
about-face from, the position he
adopted in a speech at Fort Worth, Tex., on the preceding '■?,
Sept. 30.
Said the Secretary of Agriculture on that
export
subsidy plan
for cotton.
execute
to
an
occasion:
outright export subsidy does
"Unlike wheat, however, an
not
be called for in the case of cotton.
The
is that none of the cotton-exporting countries com¬
to
appear
reason
peting with us is using this method, whereas in the case
of wheat the use of this method by other countries has
forced us to do likewise.
If used on a large scale and oyer
a
March 28 with respect to the export subsidy plan.
After
affirming his faith in the reciprocal trade program, Secre¬
tary Hull said that if and when the President and the
Secretary of Agriculture reached
that
an
period of time, export subsidies employed by competing
are mutually self-defeating.
They amount to an
countries
that is bound to be destructive in
the end.
If consumption of American cotton is to
be subsidized, the subsidies ought to be applied to domestic
consumption rather than exports.
Back in the 20's, Amer¬
ican loans to foreign countries which were never repaid were
in effect generous gifts of cotton and other farm products
to those countries.
But if any gifts of cotton are going to
international price war
...
was
in
esce
own.
Administration, our own people
Why not, for once, give our own con¬
workers
a
break?"
of
cotton
cotton-buying nations taking only one-sixth as much
cotton from us as formerly, we must adjust our export
of the
price to a level that will be fully competitive in the world
market at all times.
There was no clear evidence last
that the 8.3c. loan would interfere with the flow of
fall
It appears now that if we
action must be taken to offset its
effect on our export market."
Over the opposition of Congress and the trade, Secretary
Wallace drove ahead with the export subsidy plan.
Direc¬
tors of the New Orleans Cotton Exchange placed them¬
are
to
selves
into
export channels.
keep the
on
addressed
to
is
not
to
the
against
number
a
of
plan,
saying in
Administration
a
telegram
leaders
on
"It is their opinion that a measure of this sort
March 18:
run
loan,
record
only
but will be harmful
unnecessary
American
entire
the
cotton trade and
in
the
further
long
will
Dr. Claudius T. Murchison, President of the CottonTextile Institute, Inc., said on April 15:
"For a dozen
reasons
this proposed policy is probably the most inde¬
fensible that has ever originated from a responsible Amer¬
source.
It
is
bad
enough
that
it is
a
humiliating
repudiation of the very core and substance of our foreign
policy about which we have so pridefully boasted for the
last five years.
We would 'be the first to set the example
of
subsidizing a raw material which has hitherto had a free
market and
which
is produced
by friendly countries.
We
would certainly expect and deserve prompt and resentful
retaliation."
met
with
Officials
Secretary
l%c.
pound,
a
and
that an equivalent payment
produced and processed in the United States.
announcement
cotton
on
made
on
on
was
products,
would
payment
be
before June 30, 1940, and provision
made for
payments on cotton products exported
31, 1940, if the cotton goods were sold for
before Oct.
or
cotton
or
on
exported
cotton
sold for export
Payment would be made on
30, 1940.
for
exports
on
also
was
made for payments on
As
lint
on
before June 30, 1910, and that pro¬
or
June
weight.
The official
be made
payments would
July 31, 1940, if the cotton
before
or
net
that
on
also
was
before
or
said
exported
vision
export on or before June 30,
1940.
The extension in the
of cotton
case
products, it was explained, would give neces¬
for the manufacture of cotton goods sold for
time
sary
or before June 30.
Application for payment must
by the exporter on or before Dec. 31, 1940.
The
Secretary reserved the right to decrease or increase the
be
made
rate of
of
cotton
Wallace
on
trade
July
organizations
14
to
payment, but
discuss
who
the
matter of policy changes would
as a
be made unless they were regarded as essential to the
not
of
success
the program.
The Secretary said that, owing to the difficulty of taking
immediate action to restrict imports, the subsidy program
could not be
applied for the present to the following coun¬
Honduras, Canada, Colombia, Costa Rica,
Dominican Republic, Guatemala, Haiti, Honduras,
tries:
British
Cuba,
Mexico, Newfoundland, Nicaragua, Panama, Salvador and
Venezuela, or to any other place north of 10 degrees North
latitude, west of 40 degrees West longitude, and east of 120
West longitude.
' "VMr. Wallace appealed at once to President Roosevelt to
direct the Tariff Commission to make an immediate investi¬
.
.
.
gation to determine
whether limitations should be applied
and cotton products so as to prevent
to imports of cotton
their nullifying the export subsidy program.
accepted
mission
Mr. Roosevelt
Sept. 6 the recommendation of the Tariff Com¬
on
that limitations be
States
and
and
servation
in
of
cotton
and
proclaimed
and
.Finding that
"under such con¬
imported
quantities
tend
to
as
undertaken
program
imports into the
on
waste;
cotton
being
were
sufficient
the
production
mission
of
waste
ineffective
under
Domestic Allotment Act with
and
marketing
render
to
Soil
the
Con¬
respect to the
of domestic cotton,"
Com¬
the
recommended that the President invoke Section
22
the
Agricultural Adjustment Act which empowered him
to establish import quotas.
The Commission said that the
effect of
ships
those
the cotton
export/subsidy
that prices
so
markets
American
which became effective
the
by
The
on
Sept. 20,
relation¬
longer exceeded
no
much
as
cotton.
to alter
was
foreign markets
on
American
in
transporting
the
as
of
cost
import
were
limitations,
less than 50% of
annual
quantity of cotton or cotton waste
imported from the various nations during the period from
average
July 1, 1928, to June 30, 1933.
it
would
continue
The Commission said that
its
investigation with respect to harsh
or rough cotton having a staple of less than three-fourths
of an inch, cotton linters and cotton waste other than card
strips, comber waste,
lap
waste,
silver waste and
I
waste.
give foreigners benefits for which our people will have to
pay."
ican
decision."
a
be made in connection with exports of cotton goods
ditions
v
speech at Little Rock, Ark., on May 26, however,
Secretary Wallace repudiated his own doctrine.
"With the
world trade disorganized as it now is," he said, "with some
a
cotton
such
would
cotton
our
a
Secretary Wallace announced the details of the export
subsidy on July 22.
Effective as of midnight July 27,
he said, the Department of Agriculture would pay exporters
ought to come first.
and
the effect
given
instance,
temporary emergency treatment in their judgment
necessary, he would "cheerfully recognize and acqui¬
United
In
in
and that
be made under the present
sumers
decision to
a
existed
situation
emergency
export on
Secretary Wallace, it goes without saying, approved
required
1975
on
Adoption of
matter
roving
'
an
export subsidy on cotton was in part a
of
expediency; but it was also in good part a
strategical maneuver by Secretary Wallace to improve the
States at the 'World con¬
at Washington
on
Sept. 5,
Mr. Walla!ee began back in January to lay plans
to expand the main principles of the cotton policy of the
United States to all of the principal growing nations.
On
bargaining
ference
May
26
power
of
of
the United
cotton-producing
he
announced
nations
that
favorable
replies
been
had
received
from
response
to inquiries as to their attitude toward the desira¬
the
important
bility of working out
a
the conference were
to
cotton
exporting
nations
in
world cotton agreement. Invitations
formally extended by the State De¬
partment to Argentina, Brazil, Egypt, France, Great Britain,
Mexico,
Russia
Sudan.
Mindful of the
export subsidy plan were virtually unanimous in their out¬
India,
spoken opposition to it.
"We have opposed a subsidy all
along," said William Clayton of Houston, Tex., a leading
cotton exporter, "and we have not changed our position."
The Administration strove to defend its plan against the
charge that it violated the spirit of the reciprocal trade
treaties.
"I want to emphasize," said President Roosevelt
in his statement announcing the plan on March 28, "that
difficulties experienced by the four leading wheat-exporting
nations
in
send
representative to
a
ence
of the four
was
dissolved
each in the
a
When
table in
our
export program is in no sense
export markets."
But it was cold comfort which the
and his Secretary of Agriculture Wallace could
in
few
derive from
said
agreement,
the
Argentina
declined
conference.
cotton
to
Just
a
the
leading wheat-exporting nations in London
after
failing to
agree
on
fair
a
share
for
export market.
cotton
conferees
Washington, on
sat
down
Sept. 5 last,
the
at
war
had
conference
broken
out
Gloom descended on the first meeting.
Secre¬
tary Wallace began by saying that the events of the last
the
Secretary of State Hull
an
Europe.
President
the comment made by
reaching
and
week before the cotton conferees were to meet the confer¬
repudiation of the reciprocal trade programs. If the spirit
behind these trade programs had prevailed in the post-war
era it would not be necessary now to take steps to protect
the proposal for a cotton
Peru,
days could not be interpreted optimistically, so far as
immediate cotton
he,
"the
world
situation
cotton
was
"In
fact,"
become
more
concerned.
situation
has
poorer
The possibilities of utilizing in the immediate
burdensome supplies of cotton have become
rather than better.
It seems likely that any in¬
creased
use
Difficult.
the
future
of cotton for military purposes in the combatant
be much
countries will
than offset by decreased use
more
Also, the problem of transportation
for ordinary purposes.
exporting countries to importing countries has become
Mr. Wallace apparently had little heart for the
from
acute."
-
of
task
with
pressing his ideas for
already in progress
war
It
uncertain.
that
obvious
was
international
the
and
the
cooperation,
made so
future
would
war
bring
anywhere with
appeal" to the other cotton producers to restrict their
an
own
give the United States back its old share of
world markets, which Mr. Wallace estimated before the
conference to be 70% to 100% of the former export volume,
or from 6,500,000 bales to 7,500,000 bales.
This would be
about double the cotton exports from this country in 1938-39
and a little more than half of the normal world cotton
output and
export market.
,
proved short and, from the viewpoint of
The conference
the United
The delegates on Sept. 9 re¬
States, fruitless.
jected the proposal of the United States for world coopera¬
tion to increase cotton prices and reduce surpluses as "im¬
practicable" because of war-time conditions.
"Normally,"
said the delegates in a resolution adopted at the closing
session of the conference, "we would have recommended
steps to achieve international agreements for this puipose.
We realize, however, that
ditions such
i«
impracticable."
States, assuming that Secretary
right in saying that the war promised to make
a
course
United
the
was
Wallace
under existing international con¬
was
Sept. 30, 1939
able to dispose of 1,025,000
ment credit the Government was
bales of surplus cotton.
critical of some
the Congress, while highly
the main,
In
Deal activities, left to the Administration the
of the New
Congress did amend the
policy.
task of shaping the cotton
provide that cotton acreage could not be below
AAA law to
26,000,000 acres or not less than 10,000,000 bales, and Presi¬
dent Roosevelt signed the measure on June 23.
Had it not
the
amendment,
this
for
been
have called for a
would
large
of cotton
carryover
of less than 4,000,000 bales
crop
in 1940-41.
Agriculture Department appro¬
spectacle was presented of the
assailing Congress for the latter's profligacy with
the enactment of the
In
the ascendancy and
nationalistic policies more surely into
that the United States could not get
Thus
Chronicle
The Commercial & Financial
1976
President
bill
The
funds.
Federal
recommended
than
for appro¬
provided
adopted
as
for agriculture, or $350,000,000
of $1,194,488,633
priations
more
the unusual
bill
priation
Roosevelt's
President
in
budget.
$900,000,000 of the total will be used for direct bene¬
fit payments to farmers, removals of farm surpluses, and
the farm tenancy program.
One section called for the ex¬
About
penditure of $14,000,(XX) in developing ways of increasing
domestic consumption of cotton.
At the referendum held on Dec. 10, as provided in the
Agricultural Adjustment Act, 939,448 cotton farmers voted
retaining acreage control and marketing quotas,
in favor of
while
175,114
were
ers
to
on
a
resulting in a percentage in
provided for cotton grow¬
opposed,
The 1939 program
favor of 84.3.
to sale of the amount
be limited
of
allotment
natinal
slightly
of cotton produced
26,000,000
than
more
with sales from excess acreages subject to a penalty
acres,
tax of 3c. a
pound.
tration announced
be
would
made
on
to
The Agricultural Adjustment Adminis¬
Feb. 14 that a rate of 1.6c. per pound
cotton
who
producers
planted within
their 1939 acreage allotments of cotton.
rather than less burdensome, left in a
vulnerable and disadvantageous position at the outset of the
new war in Europe.
The Administration's cotton loan poli¬
cies had left the country with a carryover of the staple
larger than an ordinary year's output.
While other cottonproducing nations were taking care of consumer demand
at the market price, the United States was, with extraor¬
dinary magnanimity, holding an umbrella over the world
cotton market and accumulating more than 11,000,000 bales
in the loan stock in the process.
The Government had
approximately $500,000,000 tied up in cotton loans as the
current crop year opened and was paying $45,000,000 a year
This rate pertains
to the price adjustment payments, toward which use an
estimated $85,000,000 would be put for cotton.
In addition,
the cotton farmers receive soil conservation payments from
a $500,000,000 fund appropriated by Congress for the pur¬
pose.
The plan had been to make these soil conservation
payments on the basis of 2c. a pound to cotton growers
participating in the crop control program, but the Agricul¬
tural
Adjustment Administration announced on Aug. 18
in
been
the
supplies
more
storage and interest charges on the cotton in the loan.
Where the interests of the country called for entering the
war
was
period with the shelves virtually bare of cotton, there
in
fact
unprecedented
an
glut
American
of
cotton.
This experience should help to explode the theory that with¬
holding
supplies
national policy.
United
The
partures
States
from
market
the
is
wise
a
Government
reciprocal
made
trade treaty
still
other
de¬
doctrine during
effort to place American cotton in consum¬
an
hands.
staple
a
In
instance,
one
the
United
States resorted
barter deal, the type of transaction to which reciprocal
trade was designed as an answer.
An agreement, reached
to
a
between
United
the
States
and
Great
Britain
for
the
ex¬
change of 600,000 bales of American cotton for about 85,000
tons of British rubber, was signed at London on June 23
by United States Ambassador. Joseph P. Kennedy and
Oliver F. G. Stanley, President of the British Board of
Trade.
Ambassador Kennedy estimated that the agree¬
ment would
enable the
United
States to place
$30,000,000
of its surplus cotton and receive rubber which would other¬
wise
officials
United
the
cost
said that
of around 9c.
States
the
cotton
$36,000,000.
would
be
At
Washington
traded
at
price
a
pound and the rubber at about 15c. a pound,
with Great Britain to get the benefit of the
export subsidy
of 1V2C. on the cotton.
In the agreement the governments
said
it
and
cotton
was
stocks
case
a
their intention
"to
acquire reserves of rubber
against the contingency of a major war emer¬
The governments agreed not to dispose of the
gency."
of
of
a
rubber
major
cotton-rubber
that
more
counted
last
on
$500,000,000 total
was
November.
Cotton's
share
of
the
fixed at $115,000,000.
.
The Department of Agriculture estimated on July 8 that
the acreage of cotton in cultivation in the United States
July 1
on
than
24,943,000
was
the
acreage
on
acres,
July
three-tenths of 1% less
or
1938
1,
32.2%
;
less
than
the
and
war
cotton for
seven
emergency.
To
years
The
through
as
was
5,270,000 bales of the 1937
crop
these
cotton
stocks
less than
United
to
Announcement was made on July 27 by 'Senator James F.
Byrnes of South Carolina that negotiations had been com¬
pleted for the cash sale of 175,000 bales of Government-held
would
a
promise
hold
the
off the market for five years as a reserve
military
supply, the United States agreed to sell the cotton at about
$6 a bale under the world price.
Legislation was adopted
just before Congress adjourned
empowering the Govern¬
ment to sell '500,000 bales of cotton to
foreign governments
payment be made within 60 days ,after delivery.
Aug. 7 announcement was made that the
the
1928-37
States
was
which was 12.1
32.9
pounds
high yield
and 2,388,000 bales
estimated
pounds less than the yield in 1938, but
more
was
crop
The average yield for the
at 223.7
pounds per acre,
average.
than
the
1928-37
average.
that of 266.9 pounds an
acre
The
was
record
of the 1937 crop.
The
Sept. 8 estimate of the Department of Agriculture,
however, placed the 1939 crop at 12,380,000 bales, an in¬
crease of 968,000
bales above the August prediction and
an increase of
437,000 bales above the actual 1938 output.
The prospective yield per acre
as
was
against 223.7 pounds forecast
a
raised to 244.7 pounds
month earlier.
DAILY PRICES OF MIDDLING UPLAND SPOT COTTON IN
NEW YORK
FOR SEASON OF 1938-39
■Aug.
1938
c.
1---.
---
3.....
4
...
6.....
7
...
...
...
8
cotton to France and Switzerland.
In return for
from France and Switzerland that
harvested since 1899.
531,000 bales less than the 1938
or
5
On
Export-Import
Bank of Washington had agreed to
participate with Amer¬
ican shippers in financing the sale of
250,000 bales of raw
cotton to Spanish mills.
The deal was estimated to involve
about $13,750,000.
By barter, subsidy and" use of Govern¬
smallest acreage
Department's report on cotton acreage, condition and
production as of Aug. 1, made available on last Aug. 8,
placed the United States cotton crop at 11,412,000 bales,
ment loans and the
if
the
was
acreage of
The
2
they
an
Sept.
1938
Oct.
Nov.
Dec.
Jan.
Feb.
1938
1938
1938
1939
1939
Afar.
1939
Apr.
1939
May
June
July
1939
1939
1939
the
barter
the loan.
Cotton will be drawn from
make delivery to the British Government.
applied to the estimated acreage on
24,424,000 was indicated for harvest,
compared with 24,248,000 acres harvested in 1938, which
July 1,
except in the
carry
in
and 14.4% less than the 1934-38 average.
Department said that if the average percentage of
abandonment
transaction, the Commodity Credit
Corporation was authorized to acquire title to the approxi¬
mately 1,670,000 bales of 1934 crop cotton under Govern¬
cotton
being reduced by 10%, mak¬
a pound.
It was explained
farmers participated in the programs than had
were
ing the cotton growers' rate 1.8c.
1928-37 average,
from its
the year in
ers'
of
that these benefit checks
9.....
c.
c.
c.
c.
c.
c.
c.
c.
c.
c.
c.
8.61
8.35
8.25
9.01
8.95
Sun.
8.99
9.05
8.81
9.24
9.70
9.71
8.59
8.33
Sun.
9.01
8.75
Hoi.
8.99
9.05
Sun.
9.17
9.78
Sun.
8.56
8.22
8.30
8.94
8.59
8.94
8.75
9.24
9.78
9.87
8.61
Sun.
8.35
8.87
Sun.
8.92
9.06
9.08
8.87
9.26
Sun.
Hoi.
8.52
Hoi.
8.40
8.88
8.60
8.91
Sun.
Sun.
8.79
9.31
9.92
9.82
9.04
9.08
8.53
8.10
8.45
Sun.
8.69
9.17
8.73
9.36
9.82
9.83
Sun.
8.18
8.50
8.94
8.72
8.91
9.01
9.13
Hoi.
Sun.
9.91
9.96
8.36
8.19
8.50
Hoi.
8.66
Sun.
8.99
9.02
Hoi.
8.85
9.05
9.40 10.00
9.87
8.36
8.08
Sun.
9.06
8.57
8.80
8.95
9.10
Sun.
9.55
9.99
10
8.46
8.01
8.50
9.18
8.68
8.78
9.00
9.15
8.74
9.46
9.98 10.02
11
...
Sun.
8.43
Sun.
8.55
Hoi.
Sun.
8.80
8.95
9.15
8.74
9.44
Sun.
12
8.27
8.06
Hoi.
9.27
8.66
8.85
Sun.
Sun.
8.63
9.44
9.89
9.89
13
8.25
7.88
8.55
Sun.
8.58
8.83
Hoi.
9.14
8.66
9.51
9.92
9.85
14
Sun.
7.95
8.55
9.36
8.65
8.92
9.01
9.09
8.69
Sun.
9.97
8.27
7.99
8.55
9.28
8.68
Sun.
8.99
9.08
8.69
9.43
9.87
9.69
8.33
7.95
Sun.
9.27
8.62
8.93
8.94
8.98
Sun.
9.55
9.86
Sun.
15.....
16.....
17.....
...
9.98
9.77
8.40
8.25
8.55
9.34
8.66
9.01
9.02
8.84
9.68
9.87
9.58
18
8.37
Sun.
8.55
9.30
Sun.
9.00
8.92
8.89
8.93
9.79
Sun.
9.39
19--...
20.__._
21.....
8.42
8.25
8.55
8.97
8.72
9.05
Sun.
Sun.
8.98
9.78
9.91
9.49
9.34
...
22.
23_____
24
25_____
26.....
27
...
...
...
...
...
28.
29
30
31-.-..
...
...
—
8.94
8.40
8.25
8.70
Sun.
8.76
9.10
8.91
9.00
8.97
9.76
9.86
Sun.
8.25
8.75
9.08
8.79
9.09
8.89
8.96
8.87
Sun.
9.87
8.32
8.25
8.75
9.11
8.85
Sun.
Hoi.
8.92
8.83
9.73
9.90
9.44
8.38
8.25
Sun.
9.06
8.82
9.01
8.90
8.94
Sun.
9.74
9.97
Sun.
9.03
9.44
8.32
8.25
8.75
Hoi.
Hoi.
8.90
8.99
9.85
9.91
9.54
8.36
Sun.
8.51
9.08
Sun.
9.04
8.98
8.92
8.94
9.83
Sim.
9.68
8.46
8.25
8.80
9.04
Hoi.
8.97
Sun.
Sun.
8.09
9.82
9.91
8.42
8.25
8.80
Sun.
8.78
8.98
9.03
8.92
9.11
9.77
9.97
9.68
Sun.
8.25
8.88
8.96
8.91
9.00
9.07
8.90
9.20
Sun.
9.83
9.58
8.30
8.25
8.93
8.98
8.85
Sun.
8.83
9.12
9.74
9.83
9.65
8.46
8.25
Sun.
8.96
8.88
8.90
8.80
Sun.
Hoi.
9.71
Sun.
Hoi.
8.95
8.83
8.351
9.01
8.90
9.81
9.75
9.78
■
Volume
The Commercial & Financial Chronicle
149
To indicate how the prices for 1938-39 compares with those
for earlier years, we have compiled from our records the fol¬
lowing, which shows the highest, lowest and average prices of
middling uplands in the New York market for each season:
Low.
High.
Average.
10.02
1937-38
11.35
1936-37
1935-36
1934-35
Average
Low.
High.
e.
e.
7.88
9.00
1919-20... ..43.75
28.85
38.25
7.71
8.75
1918-19
38.20
25.00
31.04
1917-18
36.00
21.20
29.65
C.
1938-39
c.
c.
15.25
11.18
12.93
13.65
10.65
11.75
1916-17
27.65
13.35
19.12
13.95
10.65
12.44
1915-16
13.45
9.20
11.98
8.65
11.09
1914-15
10.60
7.25
8.97
1933-34
13.35
1932-33
11.75
5.70
7.37
1913-14
14.50
11.90
13.30
1931-32
8.15
5.00
6.34
1912-13......13.40
10.75
12.30
1930-31
13.15
8.25
10.38
1911-12......13.40
9.20
10.83
1929-30
19.55
12.45
16.60
1910-11......19.75
12.30
15.50
1928-29
21.65
17.65
19.73
1909-10... ...16.45
12.40
15.37
1927-28
23.90
17.00
20.42
1908-09......13.15
9.00
10.42
9.90
11.30
A
peak
new
cotton
despite the high level of domestic consumption. Reflecting
the smaller shipments abroad, stocks at Liverpool, Man¬
chester, and Continental ports were reduced to a fraction
of their volume a year earlier.
In the appended table are
given detailed figures for four years:
CARRY-OVER OF AMERICAN COTTON AT END
/' ,-'f, Lint
on July 31—
19.20
12.15
15.15
1907-08......13.55
24.75
17.85
20.38
1906-07
9.60
11.48
In U. S.
31.50
22.15
24.74
1905-06
12.60
9.85
11.20
In U. S.
1923-24
37.65
23.50
31.11
1904-05
11.65
6.85
9.13
17.25
9.50
12.58
At Manchester
8.30
10.26
At Continental ports
31.30
20.35
26.30
1903-04
23.75
12.80
18.92
1902-03
1920-21
40.00
10.85
17.95
1901-02
In the
following table
i
9*i
7"x«
9J4
—
also show the price of printing
we
cloths, 28-inch 64x60, at Fall River each day of the season:
DAILY PRICES OF PRINTING CLOTHS (28-INCH 64x60) AT
FOR
SEASON
FALL RIVER
1938-39
of 15,152,031 bales of American
carryover
1924-25
1922-23
,
>'•,, V-;%
consuming establishments
public storage, &c
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
1938
1938
1938
1938
1939
1939
1939
1939
1939
1939
1939
c.
c.
c.
c.
c.
c.
c.
c.
c.
c.
3H
3H
3%
356
356
356
356
356
356
356
Sun.
356
356
356
356
356
Sun.
356
356
356
356
356
5..
314
314
314
3%
314
6..
3H
3%
7..
Sun.
8—
314
3%
3%
3H
314
3%
1..
2—
3..
4_.
9..
■"
Hoi.
10..
3
11..
3 X
Sun.
12..
13..
3U
3H
14..
Sun.
314
3H
3%
15..
3%
3%
16
%
C.
35/g
356
356
Sun.
356
356
356
356
356
356
Sun.
356
356
35/6
314
3%
314
3H
Sun.
Hoi.
356
356
356
356
356
356
3Vs
Hoi.
356
3 56
Sim.
Sun.
356
356
356
356
356
356
356
Sun.
356
Sun.
356
356
Sun.
356
356
356
356
356
356
356
356
35/6
Hoi.
Sun.
356
356
356
Hoi.
356
Sun.
Sun.
35/6
356
356
356
356
356
356
314
314
35/6
356
356
356
356
'356
356
356
3H
3 H
Sun.
314
3>6
Sun.
356
Hoi.
356
356
356
356
Sun.
356
356
356
356
356
Sun.
356
356
356
356
356
Sun.
356
356
356
356
356
356
356
Sun.
356
356
356
356
356
356
19..
3H
314
3VS
3 X
21..
Sun.
3 H
22..
3%
3%
3Vs
35/g
314
356
Hoi.
3 56
Sun.
356
356
356
356
356
Hoi.
356
356
356
Sun.
314
3H
23..
Sun.
356
Sun.
356
Sun.
356
356
356
356
356
356
356-56
356
356
356
356
356
356-56
356
20..
356
Sun.
356
356
356-56
356-56
:
356
314
314
35/6
314
314
Sun.
356
356
356-56
Hoi.
Sun.
356
356
56
3
356
356
35/6
3%
3%
—
Sun.
Sun.
356
356
18..
17..
'■■■■;■
c.
1,218,161
2,769,171
856,209
3,892,835
246,000
248,000
24,000
144,000
341,000
42,000
127,000
244,000
63,000
85,000
91,000
a791,000
&702.000
6776,000
90,000
100,000
325,000
550,000
625,000
400,000
43,000
293,000
87,000
6619,000
200,000
575,000
14,196,575 13,409,129
6,111,332
6,814,044
268,379
236,104
182,137
35,038
46,000
a290,732
99,724
101,480
56,424
565,000
514,634
81,218
955,456
884,493
373,746
263,175
15,152,031 14,293.622
6.486,078
7,077.219
Sun.
356
Total llnters
United
by
Census.
States
6 Taken
from
the
compilations of the International Federation of Master Cotton Spinners and Manu¬
facturers' Assoclatioas, and exclusive of Japan. China, and Spain.
In
addition,
however,
the
to
there
foregoing,
are
also
considerable stocks of foreign cotton at the different ports
and
mills
been
a
in
Europe,
Asia
Here there has
Figures regard¬
Africa.
and
sizable decrease in the past season.
Sun.
356
356
356
ing these stocks of foreign cotton at the different ports in
356
356
Europe, Asia and Africa
356
356
356
our
356
Sun.
356
out the
356
356
Sun.
356
356
356
356
these
356
that
Sun.
356
356
356
356
356
Sun.
we
furnished
are
every
week by us in
weekly statement of the visible supply of cotton through¬
356-56
356-56
356-56
356- 56
356-56
356-56 356-56
Sun. 356-56
estimated
Bales
591,000
.
Grand total
a As
Bales
1,223,367
consuming establishments
In U. S. public storage, &c
Estimated,
1936
Bales
9,597,762
In U. S.
♦
1937
Bales
145,000
Elsewhere in United States (a)
Total lint cotton
1938
815,345
Afloat for Europe
Mills other than In United States
Japan and China ports and afloat
OF SEASON
1939
11,591,230
At Liverpool
Elsewhere in United States (a)
1938
INCREASED
increase of 858,409 bales over a year earlier.
Because of
the sharply reduced exports, domestic stocks increased
1926-27
1921-22
COTTON
OF
attained at the end of the 1938-39 crop year, an
was
1925-26
"
1977
CARRYOVER
world, and from the statement for the end of July
concerning
reproduce the following comparative table
stocks for
the
2,029,000
the
bales
foreign
of
July
on
It will be observed
altogether were
past five years.
stocks
port
cotton
1939,
31,
against
2,395,000
bales
356
356
356
Sun.
314
3%
356
356
Sun.
356
356
356
Sun.
356
314
35/6
356
Hoi.
356
Sun.
Sun. 356-56
356
356
bales July
27—
3%
3H
3H
July 31, 1938; 1,796,000 bales July 31, 1937; 1,779,000 bales
July 31, 1936; 1,508,000 bales July 31, 1935, and 2,185,000
3H
Sun.
356
3Vs
356
356
29..
314
356
356
314
Sun.
356
356
356
356
356
30..
3%
3%
356
356
356
356
Sun.
356
356
3 56
28..
356
314
356
Sun.
31..
3%
24..
25..
26..
f
356
356
Sun.
356
356
356
356
356-56 356-56
356
356-56
356
356-56
356
Sun.
356-56
356
356
Sun.
356
356
356
356
356
3 56
31, 1934.
STOCKS OF FOREIGN COTTON AT
July 31—
We likewise subjoin the
following compilation to show the
of prices of printing cloths for a series of years.
Like
the table above, it sets out the highest and lowest quotations
for 64 squares 28-inch printing cloths at Fall River and covers
each of the last 44 seasons—1895-96 to 1938-39, inclusive:
range
High,
Low.
Cts.
Cts.
8.75
6.88 1908-096.88 1907-08—
1922-23
4.75
1900-07—
4.62
11.00
1905-06—
1904-05—.
1935-36
1920-21
8.75
7.12
14.00
1934-35
1919-20
17.50
1933-34
1918-19
1932-33
1917-18
13.00
14.00
1931-32
1930-31
1929-30
1928-29
1916-17— 8.00
1915-16
4.25
1914-15
3.50
1913-14
4.00
1927-28
1926-27
1912-13
1911-12
1925-26—
1924-25
1910-11.-..
1909-10
1937-38
1936-37
1921-22
Record
of
High.
1923-24
mm
6.75
m
«><
mm
m
1903-04—.
m
Cts.
3.62
3.00
5.25
3.00
5.25
3.38
3.37
2.62
3.00
3.00
2.37
2.37
2.75
1.94
1.94
3.81
3.50
4.12
3.37
3.25
3.25
3.50
2.75
2.62
7.25
1902-03—
1901-02—
3.25
1900-01—
2.88
3.62
1899-00—.
1898-99—
4.06
3.75
1897-98—
4.00
3.12
1896-97—
rm
2.62
3.88
4.25
3.62
1895-96—
► -
3.06
3.62
m
m
m
m
Low.
Cts.
4.25
m
2.44
2.44
Middling Upland Spot Prices of Cotton in
The
following table shows the price of middling upland
spot cotton in Liverpool for each day of the past season:
CLOSING
DAILY
PRICES OF MIDDLING
UPLAND
Sept.
Oct.
Nov.
1938
1938
1938
1938
1938
d.
d.
Dec.
Jan.
Feb.
1
d.
d.
1939
1939
Hoi.
4.81
4.83
d.
d.
Apr.
May
June
1939
1939
1939
1939
5.16
5.20
Sun.
5.07
d.
July
1939
d.
5.29
4.92
5.02
d.
5.52
4.93
4.85
Sun.
5.12
5.14
Hoi.
5.13
5.27
Sun.
5.14
Hoi.
Sun.
4.89
4.80
4.92
45.09
5.01
5.32
5.13
5.29
4.92
5.14
Hoi.
5.50
4
4.88
Sun.
4.94
5.09
Sun.
5.31
5.15
5.36
4.97
5.24
Sun.
5.53
5.—
4.89
4.79
4.95
5.05
4.96
5.35
Sun.
Sun.
4.92
5.28
5.59
5.58
..—-
6
».
7
.
-
-
4.83
4.75
5.01
Sun.
4.93
5.30
5.14
5.36
4.92
5.13
5.66
5.57
Sun.
4.69
5.00
5.01
4.99
5.17
5.12
5.40
Hoi.
Sun.
5.72
5.61
4.82
4.72
5.01
5.00
5.04
Sun.
5.14
5.35
Hoi.
5.91
5.62
4.69
4.71
Sun.
5.07
4.97
5.16
5.09
5.30
Sun.
5.18
5.77
Sun.
10.—
4.79
4.75
4.99
5.05
4.98
5.14
5.07
5.40
Hoi.
5.22
5.76
5.57
11—.
4.83
Sun.
5.02
5.11
Sun.
5.17
5.07
5.40
4.84
5.28
Sun.
5.61
5.20
Sun.
Sun.
8
.
..
9
....
5.11
4.78
•4.71
5.11
5.13
13
4.72
4.75
5.21
Sun.
5.11
5.19
5.01
5.37
4.82
5.38
5.76
5.54
14....
Sun.
4.77
5.24
5.13
5.02
5.21
5.07
5.40
4.93
Sun.
5.77
5.52
15
4.70
4.79
5.25
5.11
5.12
Sun.
5.05
5.41
4.99
5.46
5.79
5.53
16—.
4.72
4.81
Sun.
5.07
5.16
5.21
5.08
5.36
Sun.
5.39
5.76
Sun.
12.—
5.06
5.80
5.59
17.—
4.78
4.81
5.23
5.07
4.09
5.27
5.02
5.44
5.81
5.48
4.77
Sun.
5.18
5.08
Sun.
5.21
5.17
5.07
5.08
5.46
Sun.
5.43
4.78
4.76
5.16
5.08
5.08
5.18
Sun.
Sun.
5.01
5.54
5.85
5.32
5.18
5.06
5.85
5.32
—
5.13
5.18
5.15
5.33
1819.
5.19
4.80
20—
4.76
4.74
5.14
Sun.
5.01
5.61
21
Sun.
4.74
5.19
5.08
5.13
5.22
5.18
5.12
4.99
Sun.
5.78
22.
4.72
4.75
5.22
5.14
5.19
Sun.
5.19
5.16
4.97
5.60
5.63
5.31
23—..
4.68
4.76
Sun.
5.21
5.24
5.20
5.18
5.16
Sun.
5.60
5.66
Sun.
24.....
4.73
4.81
5.21
5.18
Hoi.
5.14
5.18
5.16
4.84
5.47
5.68
5.27
25
4.71
Sun.
5.22
Sun.
5.17
5.22
5.15
5.52
Sun.
5.29
26
4.74
4.80
5.23
5.20
Hoi.
5.17
Sun.
Sun.
4.94
5.48
5.64
5.37
27
4.77
4.80
5.20
Sun.
Hoi.
5.10
5.24
5.19
4.96
Hoi.
5.62
5.39
28...-.
Sun.
4.80
5.20
5.19
5.22
5.12
5.25
5.18
5.00
Sun.
5.54
5.40
29—
4.74
4.80
5.22
5.20
5.27
Sun.
4.96
5.01
Hoi.
5.58
5.37
30
4.81
4.80
Sun.
5.20
5.25
5.13
5.02
Sun.
5.41
5.62
Sun.
31
4.87
Hoi.
5.12
4.95
5.19
5.19
4.84
347,000
433,000
394,000
~85~666
68,655
Yo'ooo
Continental stock
130,000
82,000
234,000
207,000
916,000
2,029,000
Indian afloat for Europe-
Egypt. Brazil, &c„ afloat.
Stock in Alexandria, Egypt
Stock In Bombay, India..
Total East India, Ac
5.50
186,000
109,000
177,000
163,000
132,000
78,000
257,000
172.000
306,000
1,028,000
93,000
826,000
53,000
199,000
111,000
787,000
69,000
167,000
101,000
621,000
2,395,000
1,796,000
1,779,000
1,508,000
While the carryover of American cotton rose to a new
height of 15,152,031 bales on July 31, 1939, carryover of
In con¬
foreign growths dropped 26% from a year earlier.
sequence the carryover of all cotton as of July 31, 1939,
dropped slightly to 19,266,031 bales from the peak level
of 19,868,622 bales a year earlier.
Of course, prior to the
tremendous
1937 harvest in
the United
States, carryover
figures were on a considerably different plane, amounting
to 11,903,078 bales July 31, 1937, 11,846,219 on that date
in 1936, and 13,591,450 bales as of the same date in 1935.
Below are the figures for several years:
CARRY-OVER OF COTTON
July 31—
Carry-over of American
Carry-over of foreign—
"
OF ALL KINDS
1939
1938
1937
1936
1935
Bales
Bales
Bales
Bales
Bales
15,1.52,031 14,293,622
6,485,078
7,077,219
9,176,450
♦2,085,000
3,180,000
3,622,000
2,990,000
2,029,000
2.395.00G
1,796,000
1,779,000
2,907,000
1,508,000
At ports, &c
19,266,031 19,868,622 1.1.903.078 11,846,219 13.591,450
d.
5.49
3
2
Bales
oo'.ooo
Summary—
IN LIVERPOOL
Mar.
d.
Bales
426,000
Grand total of all
d.
Bales
43", 000
At mills
Aug.
1935
Bales
417,000
Liverpool
;
1936
Bales
London stock
■
I
1937
Manchester stock
Liverpool stock
_
*
1938
356
East India, Brazil, Ac.—
1938-39
PORTS.
1939
5.23
5.40
ffi ♦Estimated.
V
THE COTTON TRADE OF THE UNITED
Cotton
the
war
STATES
textile history is being made again by reason
through
the textile markets
Recently
Europe.
in
experiences
of
have
to those of the
similar
been
going
boom
period of 1918-20—experiences which those who were
would be repeated.
then active in the trade never expected
The
the
markets
textile
were
approach of the Labor Day holiday.
mer
being
had
been
been built up
dwindled
from
the
eventless,
business
substantial
during the spurt in June.
because
mills
of
the
during
fidence that with
other distributors,
there
with
along by the
carried
tremendous
July-August.
with
Though the sum¬
quiet,
mills were
backlog that had
True, this backlog
shipments
But
of
cloth
there was con¬
inventories of retailers, wholesalers and
as
wTell as garment manufacturers, low,
would be a movement for
•the declaration
betterment
heading for
of war.
replenishing.
Then came
The Commercial & Financial Chronicle
1978
Most of tlie forecasters
For
war.
over a
outbreak of
an
the threat of war had been decidedly
year
influence
retarding
a
the event of
While
trade.
on
recognizing
the
principle that wars inevitably cause prices to rise, there
was the recollection of the trend following August,
1014,
and merchants and manufacturers were not inclined to take
Hitler made some threatening move the
Each time Ilerr
general markets of the country came to a standstill.
The
1939, immediately after the declara¬
a lull—a continuation of a quiet
spell that had been prevalent for several weeks.
It seemed
as though the industry was waiting for a sharp decline in
prices, which the majority were convinced would be the
morning
1,
Sept.
of
of
tion
there
war,
Immediate
was
reaction
shock
first
the
to
of
Mills
weak.
were
concerned by the manner
were
in which their unfilled orders were declining.
The securities market gave a demonstration of
strength,
with prices shooting up.
and
late
by
Raw cotton acted sympathetically,
the afternoon a number of goods buyers
in
and
stantial
the
that
orders
the
worst in
the
that
became convinced
seen
turn
upward
market
hand.
at
was
had
been
Some
sub¬
placed that afternoon, but there was
nothing to indicate that this could be construed as part
of
were
trend.
a
Tuesday, Sept. 5, after the holi¬
day, securities and commodities opened strongly, and this
seemed
the
war
to
the cue to a great many of the textile
Tuesday afternoon purchasing had assumed
heavy proportions, convincing quite a few that we were
already in a major upward movement.K Wholesalers and
distributors came in for large blocks of merchandise.
Some
who had been planning to cover on requirements for 30
days extended this to include a 60-day period, and then a
90-day period.
Within a few days it was recognized that
speculation had entered into tlie picture.
Gray goods ex¬
the
Sales came in so
in such substantial aggregate yardage that
withdraw from the market until they could
shipments of spun rayon are expected to be
affected by the war, but it is also felt that this will be
offset to a considerable degree by a stepping-up in produc¬
Import
tion
by
American
the
on
producers.
12 months have been very difficult
of the textile mills.
Those which have specialized
Generally
the
for
rayons
past
staple rayon fabrics had become as keen and as cut-throat
certain of the staple cottons.
Some cotton mills reported that their output for the 12
months was as great as at any time in their history, but
because of the low prices at which it wras necessary to
book the major part of this business their showings were
as on
Many believe it was the high rate of output
throughout the industry during times of slow
very poor.
market
absorption that weighed heavily throughout
prevented prices from reaching a profit basis.
mills—those
Many
resources—installed
still
determine
their
procedure.
position
what
and
should be their next
textile houses set
of the leading cotton
Many
costs at
have
minimum if
a
We
feel
that
outline
this
of
the
in
manner
which
the
"turn" in the textile markets took place is important as a
historical
record
of
the commencement
another
of
of
the
great changes in this business.
There was a cry that came from many sources that mills
and other sellers of
speculation
to go too
of
ences
that
the
the
machinery as well
of
the
on
same
time.
at
There
half of
1930
of
great
other
are
connection
and
spring
a
with
1920; of the unfortunate experi¬
Recovery Administration
the National
casualties
half
kept
well
last
and
phases of
to chronicle.
commandeered
War
for
be the
as
use
Linen
linen
a
But
prices
textile
of
the
of
inflation
the.1
along
buying
the
at
developments in
war "which it is
European
importers immediately foresaw a
Flax, it was recalled, had been7
by European government during the World
airplanes, and it was thought this would
in
in the
same
the
and
the
1937.
early
the start of the
period of acute shortage.
from
carrying
pace,
1933,
of
summer
resulting
new
market
Mills in.Belgium
Czechoslovakia had been lost
war.
immediately
and
after
Ireland did not
German
seem
occupation.
to
be able
to
necessary
financial
At
be competitive
to
year.
moment textile
the
were
Speeding up in preparatory
in looms has made noteworthy prog¬
as
during the past
ress
machinery manufacturers
are
an¬
active 12 months' period ahead on account of
an
the minimum wage
This was brought out clearly at
hearings in Washington and in Atlanta
during June and July.
These- hearings were to consider
evidence pro and con on a recommendation that the textile
There
be increased to 321/£c.
wage
was
basis.
from the 25c.
bitter battle at these hearings,
a
with the New
England mills, the labor unions and the Government up¬
holding
sition
mill
recommendation,
all its strength.
the
with
and
South
the
There
were
giving oppo¬
Southern
some
executives who favored the 32%c. rate, but these were
by far in the minority.
On Sept. 13 Elmer Andrews
proved the 32^c. minimum wage, making it effective
Oct. 24, 1939.
heard of the terrific losses in the
were
followed
recent
last
the alert to prevent
high.
crash
boom
on
for checking any tendencies of prices
as a means
Many reminders
more
goods should be
mill
a
and hot jeopardize its future.
minimum
high records for business during that week.
new
the
equipment with the view of
reducing their costs to a minimum.
In a depressed market
such as that of the past year it was regarded as vital to
the wages and hour law.
to
having
and
modern
rapidly
and
of years were able to do satis¬
number
a
factorily—to make earnings that wrere substantial.
This is
an
interesting observation, in as much as competition on
ticipating
had
with the all-woolen materials.
satisfaction for many uses as
give
By
So far as
be every bit as much
is concerned there will
consumer
periences during that week were hectic.
mills
these rayon blends
will be welcomed.
the increase in their yardage
generally
Labor Day intervened.
buyers.
that
note
staple fiber, is expected to rise
period.
With raw wool much
higher in price the inclination will probably be to use the
rayons for blending with the woolens and thereby keeping
the prices down.
In as much as excellent reproductions of
for many
1 the cotton gray goods
Friday morning of Sept.
markets
to
particularly
during the
rayons,
sharply
armed
actual
conflict.
That
observation while on the subject to
the consumption of all kinds of
interesting
an
wool
raw
worsted materials are obtained through
risks.
any
is
It
in the predictions of
were wrong
the market would act in
how
Sept. 30, 1939
ap¬
on
Important in the testimony at the hearings was that on
rate basis mills not fully modernized would have
make expenditures for the latest in opening, carding
the high
to
and
spinning equipment, and that
would have to do
many
this also in weaving.
particularly
The South pleaded that many mills,:;:
smaller units from about 5,000 spindles
the
15,000 spindles which could not afford the out¬
lays for modernization, "would have to go out of business.
up to about
There minimum wage hearings were
they resulted in
memorable because
definite split between the mills of New
a
England and the mills of the South.
During the XRA,
working through the Code Authority, North and South were
able to agree on
code.
all of the stipulations that went into the
This time, however, at the minimum wage hearings,
New England set out to prove that the arguments rendered
by
the
South
convinced
they
called
valid.
not
were
were
that
they
were
Southern
being
mill
executives
subjected
what
to
make up fully for the production that formerly came from
the Czechs.
Anti-Japanese feeling had been such that not
not
many were
willing to take undue risks in bringing over or
carrying considerable quantities of Nipponese table linens.
also if possible to stultify the progress in textiles for which
the great region below the Mason-Dixon Line is noted.
Poland had begun to make linens for America, but this had
been cut off shortly by reason of the need for utilizing
textile mills in Poland in connection with military prep¬
Should the Wage and Hour Administrator approve the
32c. rate many Negro sweepers and cleaners in Southern
only
cotton
"a
to
Northern
industrial
prevent
mills
would
conspiracy"
their
lose
to
growth
jobs
in
ruin
the
the
South,
South,
it was testified
at
but',
the
arations.
hearings.
It is still too early to get a clearer idea as to what the
European developments will finally mean to the linen situ a- '
i/ion, but it is considered a reasonable certainty that cotton
it: was made clear that a court injunction to restrain a
32^c. rate would promptly be requested in the event of an
order putting such a rate into effect.
damasks and
American
result.
ers,
the
other cotton
mills
will
imitations of linens,
definitely
increase
in
The benefits also would be shared
products of
volume
as
a
by textile finish¬
who have perfected processes for giving cotton textiles
impression of linens.
Mills making woolen blankets underwent
ences
shortly after the start of the
to mills
5%,
war.
exciting experi¬
This applied also
making part-wool blankets, whose wool content
25%,
was
50%.
Among the first realizations, after
the declaration of war, was that foreign
shipments of raw
wool
into
this country
would be drastically curtailed.
or
Great
or
Britain commandeered
Australia
and
New
the
Zealand.
entire
Raw
wool
soaring, and blanket manufacturers had
to
withdraw their
raw
sale
until
no
alternative but
such
time as
material market settled and they would have a
perspective
Then
goods from
supply of wool in
prices here went
of
what
their
blanket prices moved
replacement
up
sharply.
basis
the
better
would
be.
-
The
and
So determined
was
the Southern resistance that
relationships of the freight rates from New England
the South into heavy consumption areas were
from
another
of
the important phases of these minimum wage
Southern evidence was intended to prove great
inequities in these freight rates discriminating in favor of
hearings.
the
Northern
sented
for
shippers.
Counteracting testimony was pre¬
England.
There are few subjects more
New
complicated than a comparison of freight rates, but this
subject is of utmost importance, in as much as invariably
everything else being equal, a buyer of textiles will give
preference to
to his
for
a
the
point of
settled.
The
South
the
a
which
has
is pressing its
study
view
to
by
as
an
industry,
the critical moment
freight
rate
some
vigorously, hoping
Interstate- Commerce
case
the
correcting what it
present unfairnesses.
Textiles,
lowest
the
This freight rate question is far from
comprehensive
Commission with
are
mill
use.
seem to
*
is
insisted
*
be fortunate in that at
helpful influences usually present
Volume
The Commercial & Financial Chronicle
149
themselves.
This
before the NRA
the
has
been
time
true
and
likely many mills were on
of selling their equipment for junk, or retiring
verge
in some other way..
Along came the NRA boom
of the machinery that was to be consigned to
pile
and much
the scrap
in profitable operation within
started up and was
was
Right
again.
considered
was
short time.
No gloomier picture of the industry has ever
been presented than the position of numerous of the small,
and even some of the larger mills, in the hearings on the
a
minimum wage recommendation.
had been
Many of these companies
losing such heavy sums that they could not posbusiness if it were necessary for them to
sibly remain in
sustain
seems
even
slight
like the
war
already have risen in
inefficient mills
even
as
on
their
However,
costs.
it
Prices
instances to points where
numerous
Thus,
do better than break even.
can
quite
a
few
have. been given
a
new
previous
occasions,
numbered
mere
in
increases
boom is going to change all this.
days
whose
mills
lease on life.,
Through their own ignoring of general conditions the
print cloth mills had worked themselves into a most difficult
position by early 1939.
larity.
Some
1979
the
ago
years
Quartermaster Departfabric to be used
a
high count, combed
army
ment evolved specifications for a
for officers' uniforms.
This was
new
mercerized twill.
The cloth looked so well and gave such
fine service that it was adopted by makers of better work
clothing, - and promptly found an excellent market.
This
seemed to give stimulus to the trend toward gabardines,
For 1940 gabardines come in rayon mixtures as well as
in all cotton, in a wide range of blends and combinations,
As noted, spun rayons have entered into the sports fabric
division in a very substantial way. General predictions for
the sports garment industry for the coming year are that
gains
over
1939 will be tremendous by reason of the popu-
larity of the ensemble.
In these gains, however, it appears
as though the rayons will come in for most attention,
Nearly all of the mills and nearly all of the converters
working on the fabrics for slacks ensembles include rayons
in their lines for next year.
Many are showing these rayon
materials for the first time.
In some instances rayons
have
become
substantial
a
Predictions
part of the offering for next
that the ideal fabrics for summer
With production keeping on at
top speed in the face of inactive markets, stocks reached
season.
levels
with cotton—and combined with other types of
well as with wool and with flax.
that
kept
weighed
going
mills
lower
of
that
lower,
and
and
intelligent
little
expedients
effort
no
or
that
business
for
would have
disgraceful to any
it is considered
resort to the simple
when
to
situation.
rectified the
It is possible that many mills expecting a higher
rate
wage
be
to
announced
effective
as
cloth
print
time
a
Prices
were
men
made
was
trade.
entire
the
on
sustaining losses that
were
group
heavily
minimum
July
about
by
1
running three shifts in the hope of piling up stocks
were
made
on
lower cost basis.
a
This
was
the procedure used
prior to the effective date of the NRA in 1933.
However,
are
will be found in these
wear
rayons—spun
closely
suits
is
that
they
should
perfectly.
This
steadily gaining
it
Sept. 13 before the 32%c. rate was approved,
situation became so serious early in the
was
The print cloth
that
year
it threatened
be
to
the
of
cause
disaster
much
mills.
With stocks still piling up mills stubbornly adhering to three-shift programs, prices kept going
among cotton
lower and causing greater losses to the mills.
It
in
Print
March
that
Program
by J. E.
the
of
word
A
the so-called
of mill
group
executives,
late
Cloth
headed
Sirrine, prominent engineer of Greenville, S. C.,
drafted
a
shift
print cloth
in
first
heard.
was
was
plan which
called
yarn
elimination
for
of
third
the
mills, accompanied by a 25% cur-
tailment of operations, which was presented for general ap*
proval in this branch of the industry.
situation
the
at
time
that
clause
a
So serious was the
was
inserted
which
would have all print cloth stocks at mills then current im-
pounded, subject to gradual release, by
felt
market
the
could
absorb
Many wreeks passed before
a
additional
committee, as it
goods.
sufficient percentage of the
a
mill executives involved could be induced to give
port to this project.
It is believed finally
to have gotten into operation by
However, at that time the market showed its
early June.
first
their sup-
1
substantial
improvement for the year, and there was
doubt whether any outside help was necessary, in as much
as the
improved market then seemed to be able to take
of itself.
care
than
ever.
a
season
color, which has
vital influence, will dominate
make
were
a
which
Thus far there is the handicap that facilities
Cotton mills have in
where they weave
because it marks the period
stages in
fair
to
able
story
to
during
slacks
do
of
one
the industry's history.
average
the
and
quite
The ensemble,
turers,
and
nothing
this particular
as
the
past
ensemble
well
in
more
Mills
year.
trade—sports
than
a
few
is known, refers to the combi-
during
the
past
the liopsaeking.
For the inexpensive ensembles the jowly Osnaburg was
used in place of the original liopsaeking.
Once the season
and
garment
year
was
manufacturers
buying
steadily, Osnaburg mills, which ordinarily depended upon
the bag trade, were getting large volume from the confor
be
way
the
sports wear houses.
used
as
pressed levels.
the
middle
were
Prices paid for Osna-
liopsaeking showed the mills
profit, whereas bag goods
into
were
a
good
generally at extremely de-
The demand for liopsaeking continued right
of summer, beyond the usual period for
closing operations on seasonable merchandise. At this writing it is expected that hopsacking will again be important
in 1910, though not to the extent as during the past season,
Also
mean
will be in colors that
V'-V
instances
made of
reached
any type
the
stage
of fiber, regard-
else,
group.
ing out the fine
seems to be fading, at least in
It is the cotton mills who are turn-
rayon
Some of these mills also
suitings and other sports fabrics,
use wool and, as noted, they are
also using flax.
Considerable experience is required to arrive at
factory constructions in rayon fabrics for men's
satiswear,
That is why grief is expected where newcomers go in quite
heavily
for the making of these goods.
The subject of
cleanability is also very important in connection with
rayons.
Practically all of the cottons for sportswear are
sanforized,
In connection with the all-rayons, mills and
converters are pursuing the policy of recommending that
these be cleaned only by dry-cleaning.
Where rayons are
mixed with cotton to
forized and
can
a
reasonable extent these are sanIt is felt advisable, where
be laundered.
the garments are made of all-rayons, to attach tags stating
explicitly that dry-cleaning is recommended and cautioning
against laundering.
the spun rayons.
Important lines which usually include
substantial ranges of cottons had been devoted almost entirely to spun rayons.
However, when the dress manufacturers commenced operating for the past spring and
were appearing in
ensembles
verters
year
not
are
so long as it is what the public wants,
The idea of mills regarding themselves as cotton manufac-
for
burgs to
wear
This is expected to
less of what it is,
m.er
under
many
.yarn
nation of shirt and pants that has become so important for
leisure as well as for sports wear.
The most popular fabric
was
for men's summer
tions.
When the wash goods converters made their plans
for 1939 they were almost entirely leaning heavily toward
very
wear—were
rayons
branches of the industry which were able to
catered
instances.
been
more
There was one instance where the spun rayons were a
bit overdone last year and failed to measure up to expecta-
critical
most
There
of the so-called print cloth pro-
as
of
is important
gram
the
The
woolens
coming
as
sufficient to meet the demand.
that considerable yardage next
may not "stand up."
Thus
resemble
possible. All styling is directed along these lines,
It has been found that in the rayons it is possible to duplicate almost anything in woolen or worsted styles. Another
point in favor of the rayon is that they "take" color so
by Administrator Elmer Andrews than
expected,
as
"■'
as
for fast dyeing of
had
rayon,
Important in the planning of materials for slacks and
summer
it took much longer to arrive at a minimum wage decision
any
combined
rayon
there
is a likelihood that the garment trades will be
exacting in their fabric requirements, in as much as
last year there were numerous complaints of difficulty in
sewing.
more
Also
they indicated that good, dress cottons
were
sum-
wanted,
and that they were fearful that certain of the spun rayons
too great quantities.
Desirable cottons
for the dress trade were anything but plentiful, and there
rush to convert merchandise to meet this unexpected
was a
call.
As a matter of fact, some of the converters found
it necessary to force the sale of their spun rayons.
This
does not mean that spun rayons are not wanted.
Mills
and
converters
fabrics for the
have
dress
every
trade.
faith
in
the
future
The experience of
of
the
these
past
however, is a warning that the trend is not altogether away from cottons, that particularly for the warm
weather the cotton fabrics are the most suitable, and they
are the most appreciated by the women,
season,
An interesting feature of the wash fabrics season was
the revival of the interest in ginghams.
While plaids and
checks have been quite popular, and promise to be important
for 1940, the extent of this business today cannot be
corn-
pared with the period after the war when ginghams were
the
outstanding dress fabric.
At that time there
were
as
important during the past season, for sports wear,
were the gabardines.
This type of material has been gaining steadily for several years, and now, for 1940, gives
promise of taking the lead in the sports field.
Gabardines, as a description has come to be used for
ing ginghams.
Following the war the trade still used the
old 27-inch width.
The narrow looms have long ago been
almost
discarded
to
the
any
type of twill
heavier
fabric, from the lighter weights
weights, applying to materials which ordi-
narily would not be regarded
In a way,
sible
as
gabardines.
the United States Army may have been responfor getting this fabric started on its road to popu-
70,000 looms in this country weaving ginghams,
During the past season, even at their height, there probably
were not many more than several thousand looms produc-
many
as
or
scrapped.
Seersuckers lend themselves to plaids, and are expected
to duplicate a satisfactory season
during the coming
year.
Another of the interesting developments of the year is
in the further substantial gains in the yardage of goods
The Commercial & Financial Chronicle
1980
cotton flannels was per¬
considerable percentage of these
treated by this process.
Strangely
enough, while the work clothing trade was the first to
adopt sanforizing, the shirt industry, which many think
should have been in the lead, has been among the last.
A
strong campaign carried on by the owners of the patent
during the past year gave sanforizing added importance to
goods
napped
were
work clothing is concerned, it is believed that
as
largest percentage of the denim overalls sold today are
This is one of the reasons why
the
made of sanforized goods.
ahead of the 2.20 with quite
the eight-ounce denim has gone
few manufacturers and distributors, where for years there
a
was
business
clothes
considerably
been
has
expanded
During the past season the vat-dyed 'thatching
for uniforms, and while they are
more
do not
sold in large volume,
Where, for the past few years, Texas tan has been the
leading color in these vat-dyed garments, there has been a
pronounced change recently, with the Texas green coming
to the fore.
Many believe this change may be the result
of
the sports wear
color
Green
influence.
was the outstanding
and promises again to
sports wear during 1939,
in
be among the
been the gains in the use of the vat-dyed
work clothes that several times during the year, the trade
at
loss to analyze reasonably the
a
shirts
for
assumed
that
thing
the
significance of this
the
Many
become
had
a
a
of
past.
the only types that were moving
were
chambray
work
It seemed that
number of months the vat-dyed matching garments
development.
seemed
others
shirt
work
be
to
So
ignored.
that
manufacturers
were
chambrays
of
some
the
through
were
that they reduced
operations on these garments materially.
However, the warm weather brought a big surprise—
brought a startling demand for chambray work shirts.
It
was then stressed that the chambray shirts were chiefly a
,
article
summer
of
work
The chambrays sold in
apparel.
early this
arrived
time
the
York
over¬
when offerings
year
York
industrial sections, report
Other centers, including
of the interest in chenilles.
active revival
It is well to note here that one of the direct and immedi¬
extinguish
of the wages and hours law was to
ate effects
making of hand-tufted candlewick spreads.
These were
made in the homes of the mountain people in the territory
the
Elmer
Administrator
the 25c.
well
as
it
However,
Andrews.
was
decreed
apply equally to homework
minimum should
Firms which had been
work in the factory.
to
as
It had been hoped that some
would be given to home-workers by
Ga.
Dalton,
surrounding
special consideration
candlewicks immediately dis¬
pensed with this branch of their business, and confined
their energies to the chenille tufting in their factories.
Tufted bedspread manufacturers are still in hope that
the Wage and Hour Administration will make some excep¬
hand-tufted
for
contracting
of home workers.
Repeatedly the question has been asked in the industry:
What is going to take the place of the chenille bedspread?
Some contentions have been that nothing has yet appeared
indication of replacing the tufted spread, although
that gave
there might
be need for bringing about radical changes in
the styling.
There have been
the
important developments, however, from
point of view that the woven jacquard bedspread, which
had
been
of
out
favor
for
number
a
of
had
years,
com¬
menced to
regain some of its lost territory.
Department
stores, which for fully two years would handle nothing but
tufted
bedspreads, were willing to try out these new
jacquards.
making these
Mills
revolutionized
bedspreads had
woven
their styling that
they
were
completely
ferent from the old-time colonials of which
large volume throughout a good part of the summer.
stores
seemed to have lost their appeal to New
of this kind
actively, all of the
sure
New
the
Possibly
out.
these goods.
For many months New York stores
ran
tremendous promotions almost Without interruption—
and all of these sales met with excellent results.
But
played
tions in behalf
top-notchers for 1940.
So rapid have
was
lost
have
to
that
to have affected the sale of overalls.
seem
In some of the large cities, as in
district, chenille spreads seemed
the New York metropolitan
an
garments worked their way into various parts of the North
and the Middle West.
In these sections they are used
char¬
that
hold on the women in many
chenille spreads still had their
vat-dyed jean shirts and vat-dyed drill pants.
These vatrevival of the old khakis.
They made
their first start in the oil fields of Texas, some years ago.
believe they have replaced overalls
How¬
chenilles.
interest picked up during the summer, and the
acter of the buying was such as to convince many
dyed goods are a
the Southeast many
concerned lest it be
were
ever,
women/
completely.
these goods
of
Manufacturers
that the consumer had switched away from
through the popularity of the matching garments made of
In
and
effect.
into
went
law
hours
finally
little of the heavier goods used.
very
Work
spectacle of in*ices on chenille spreads, in
the
was
1939
spring of 1939, being lower than before the wages
the
parts of the country.
the shirt trades.
So far
There
sanforizing of
The
sanforized.
fected to a degree Where a
Sept 30,
the
so
dif¬
public had
tired.
Jobbers have considerably increased their purchases
larity, seemed to have lost a great deal of their prominence.
of
woven
Some
makers of jacquard
Coverts, which had
still
areas
this type of
use
rivaled the chambrays in popu¬
once
fair quantities of coverts, but generally
work fabric has lost considerable of its former
A/'/'"■
YY
market.
■
There
less denims,
are
today than
was
production
has been
drills.
Where
chambrays and coverts being made
year ago.
A good part of this lost
true a
a
turning out the
replaced
year
by
the
vat-dyed
jeans
comparatively few plants
ago
vat-dyed work fabrics, there
are
a
and
were
great
producing these materials today.
Installation of
machinery for doing this vat-dyeing is expensive, and the
process of perfecting this character of work is not rapid.
many
The work clothes trade demands perfect matching of shirt
and pants when the vat-dyed jeans and drills are used.
the
which
ume
bedspreads this
they
Practically all of the
year.
bedspreads
reporting the best
are
have had for some
Not all stores are finding a market for the woven spreads.
However, in those establishments where jacquards are sell¬
ing, these might today represent 15% or 20% of the stores'
total
bedspread business.
A
reporting that fully 95%
or
sales
in
the
believe
that
were
turers
1940 will
that
Woven
to
of bedspreads, it is appropri¬
fall, while the speculative buying of
at its height, there developed an acute
last
that
note
Bedspread events recorded important changes during the
For / a few months prior to the effective date
past year.
of the wages and hours law, namely, Oct. 24, 1938, buying
nearby goods, and also for contracts.
for
of chenille
prices
in
a
very
large way.
Evidently department stores were speculating, piling up
large quantities of chenille spreads, bought on the basis of
the wage rates prevailing before the new law became opera¬
The
tive.
trouble
that
chenille bedspread manufac¬
diagnose the situation correctly.
They got the impression that new markets had opened
up and that the increased tempo of the demand represented
a new permanent standard.
In the Dalton, Ga., area, bed¬
spread manufacturers could not seem to turn out enough
goods.
They operated sewing machines as nearly 24 hours
turers
a
day
as
was
unable
were
was
to
physically possible, and still production
ap¬
peared insufficient.
erably
Many producers added consid¬
their
to
equipment—quite a few doubling their
Further, the active period created general atten¬
responsible for drawing into the industry
new firms.
capacity.
tion
and
many
was
Not only did the demand stop completely at the first of'
the year,
but department stores
of chenille spreads had likewise
was
the
had
encountered
first
time in
such
half of the year this
interpret the
new
many
a
reported
months that
situation.
industry
that
their sales
dropped considerably.
For
was at
a
chenille
nearly
loss
as
This
spreads
the
first
to how to
conditions.
Department stores had loaded
themselves up during the speculative spree of the late sum¬
mer
and fall of 1938.
more
firms
in
entered, and
With
the business,
was
erably.
capacity greatly increased, and
an intense competitive status
responsible for depressing prices consid¬
was
shorage of wide sheetings, lasting several
It
time
substantial
premiums
were
months, during
paid for
and
spot
interesting situation to find the wide sheetings
bedspread trade actively in demand at advancing
was an
the
at
time
a
when
the
quiet, with prices receding.
interest
in
this
field
lots
of
times
wide
for
wide
before
textile market generally was
Cloth brokers, sensing the keen
sheeting for the spread
the
first
time.
sheetings
the
There
changed
were
trade,
came
into
instances where
ownership
four
and
five
goods actually went into use.
Developments in the towel division likewise
worthy.
were
note¬
So important has color become that towels which
had previously been regarded as fancy have taken their
place in the volume group.
Department stores which had
been doing a very small percentage of their towel business
in
colored goods during
substantial
Several things happened.
and
gains in volume for
Before leaving the subject
ate
which
on
manufac¬
increase,
them.
demand.
carried
the
on
substantial
tufted spreads
was
bedspread
business is
further
see
100% of their bedspread
even
chenilles.
their
the same stores were
year ago
Certain plants have had reputations for excelling in the
matching of shades, and their product has been in constant
bedspreads
vol¬
time.
the past/ year have been reporting
increases—some
to
the
extent
that
colored
towels represented as much as 70%, 80%, and even 90% of
this business.
Retail
10c.
and
buyers
19c.
sought
The
color
result
even
was
in
that
towels
in
these
to
retail
at
lower-priced
brackets, where it
was not feasible to offer solid colors,
plaids, stripes and other means of decora¬
tion in which color played the part—at least enough to
satisfy the popular demand.
mills
provided
The bathroom ensemble is considered by some to be of
greater importance today than at any time thus far.
This
involves the
sometimes
promoting of bath mats and lid
also
covers,
and
shower
curtains, in harmonizing colors or
patterns.
Many of the stores reported they have been
having particular success in connection with the bath mats.
Popular-priced tufted mats have had
terry
have
mats
been
have
more
also
been
in
substantially
better
made.
a
good sale, and the
demand
since
these
Volume
The Commercial & Financial Chronicle
149
The staple sheets and pillow
of
undergoing
important
business
was
and
68x72
the
divided
have been in process
nations.
the
work
clothing fabrics
For
years
some
principally between the 64 squares
Some increase had been noted in
grades.
the combed percales,
cases
changes.
FAIRCHILD
but the entire volume in these higher-
time
the
retail
yet
found
at
relatively
a
particular feature.
During the past
and
price.
The carded percale
but moved along without any
low
^
^^7xr.';
■:■
of the large producers of sheets
year one
launch a vigorous campaign
promoting the carded percales.
Several successive months
of aggressive promoting on a national scale have raised
the volume in these goods to the point where many feel
they are now threatening the position long held by the
68x72s.
In fact, quite a few department stores state that
in
pillow
decided
cases
to
their
particular cases sales of the carded percales have
actually exceeded those in the 68x72s.
Retail prices o:i
these two grades have been very close together, and the
theory used that the term percale has great appeal to the
as
are
COTTON
AND
being increased
Aug.
5
Aug. 12
Aug. 19
Aug. 26__
Sept. 2
Sept. 9
Sept. 16—
Sept. 23
Sept. 30
GOODS
Average
Gray
Average
Composite
New York
Finished
Cotton
Goods
Goods
Goods
'
;
—
—
-—..i—
—
——
Oct.
8.60
6.215
8.40
6.159
8.34
8.37
8.37
'"4 8.15
7.97
8.25
8.25
7
14
Oct.
PRICES
INDEX
Spot Cotton
——
;
8.38
8.53
21.—.
28———
,
t:'
12.853
12.653
8.361
8.323
6.060
6.014
12.611
8.244
12.611
5.994
5.972
5.940
5.95
5.90
5.90
12.583
12.569 '
12.639
8.213
8.191
5.92
8.171
8.173
12.69
8.20
12.68
8.15
12.75
12.78
8.18
5.93
5.94
12.79
8.96
5.92
12.94
9.02
5.91
12.94
Nov. 18
9.30
5.93
12.94
8.27
Nov. 25
9.06
5.92
12.94
8.26
Dec.
2
8.94
5.91
12.94
8.26
Dec.
9
Dec. 16
Dec. 23
8.64
8.65
5.88
5.83
8.23
8.19
8.19
4.
—
—
Nov. 11—
—
—
—. -
_
8.61
--4..
—
m *
Dec. 30
8.22
12.89
8.26
8.26
y
8.26
8.77
5.83
12.93
12.92
12.92
8.86
5.826
12.875
•
'A
8.20
8.79
Oct.
Oct.
Nov,
on
work clothing.
on
1938
Week Ended—
to offer something that would be finer in
68x72, which might be called a percale and
promising market,
a
COTTON
well
as
Average
was
the
than
count
orders
Government
Date
priced goods was not considered significant.
A few years
ago the carded percale sheet came into existence.
The idea
at
1981
erent
A
,
1
8.179
'housewife.
1939
Solid
and
pillow
revived during
were
cases
when they were made available to the con¬
prices very close to those on the all-white sheets.
year,
at
sumer
sheets
color
the past
8.59
5.832
12.875
Jan.
13
8.83
Jan.
20
9.00
12.875
12.875
Jan.
Feb.
27
3—
10.
17
5.808
5.787
5.793
5.770
5.74
Feb.
24
6
Jan.
9.02
8.98
situation in sheet and pillow case, dis¬
tribution is one that is attracting more and more attention.
Low prices quoted by the chain stores and mail order
houses have compelled stores which must meet this com¬
Feb.
Mar. 10
9.12
petition to sell on much less than what they regard as a
Mar. 17—Mar. 24
9.07
The competitive
normal
markon.
After the boom of 1936-37, which
ing somewhat as follows:
petered out by March, 1937, the understanding is that these
large national distributors decided they were in for a period
of slow business unless they could
of this problem,
keep interest stimulated.
according to market under¬
3
2—9
particularly true on such items as sheets and
work clothing, &c.
Stores which had
the chain store competition said that their volume
June
16
June 23——
June 30
to meet
July
July
sheets
and
pillow cases kept up at
tremendous pace,
a
but complained severely because of inability to make any
profits out of this business.
A number of merchants believed that the chains and mail
order
houses
these
domestics
taking more and more of the volume in
from the department stores, par¬
are
away
ticularly in cities where the latter have been unwilling to
alter traditional policies pertaining to markon.
of the inroads into the
July
July
Aug
Aug
Aug
Aug.
Sept.
Sept.
Sept.
Sept
products by articles made of substitute fibers, particularly
Figures were developed to show that many millions
paper.
of
yards of cotton goods, formerly used for bags for
It
been displayed by
discovered that many of the grocery
salt
flour,
was
included
and
meal
had
the
of
numerous
chain
sugar,
stores—this
groups—were
no
longer
handling these commodities in cotton bags; that every thing
was
being displayed and sold in paper bags.
this to be true in
proved
and even
sections,
South
the
community
in
Investigations
,
well
as
in
stores
tainers
Southern
4
be
would
disastrous
to
the
this
the
lost
movement,
Southern
mills.
possible to
for
the
toward
trend
the
of
some
organize
to
were
and
receiving
status
in
the
6.05
8.06
8.073
8.152
8.193
6.06
12.43
6.06
12.49
8.181
8.201
9.69
6.11
6.12
12.49
12.50
8.230
8.245
9.50
6.20
12.50
12.50
8.302
8.310
8.31
8.33
8.83
9.333
9.618
.
9.29
6.22
9.18
8.90
6.21
6.20
12.50
9.49
9.49
6.58
6.68
13.33
9.12
7.26
14.33
12.58
13.90
well
;
^
of mills to get back
quit.
is
There
that labor can
recognition
a
make greater de¬
during war-time, and mills generally have taken a
mands
position that they must get themselves on a profit basis
immediately and thus be able to add any further costs to
the
the
price as costs are increased.
The finishing division of
business has been regarded among the most backward,
of view of operating profitably.
Finishers
to name advances on all kinds of
the point
now
commencing
They were slow
work.
in starting,
and
acted only after
regain, if possible,
selling houses joined
duration, trade leaders are pointing to price rises that were
recorded during the period of 1918-19 to indicate what may
bags,
of
have
of
the
be
not
yet
ernment will find some means for
many
met
is
suggest.
moment the
this
12.43
12.49
expected.
Having concluded now that the war is to be one of long
cotton
The recent pronounced improvement
in the market for cotton goods is the result of impetus
stirred by war influences, so it is not possible to determine
at
show
are
to
they
12.36
to
of
the cooperation
success
5.93
6.01
Street dis¬
in the Worth
Leading
9.92
9.90
9.49
being subjected to severe trade criticism for their lack of
initiative.
However, the start has been made and more is
promotion
paper,
yardage.
What
held
11.86
profit basis.
Mill executives feel that if they can't
earnings under present conditions they might as
a
on
from
,
meetings
7.738
7.735
7.723
7.738
7.693
7.870
textile
cotton
industry.
Numerous
.....
—
con¬
the
...
——
11.89
11.86
11.86
11.66
9.61
11
18—
25—
1
8
15
22—
5.66
O
7.734
7.715
7.722
11.86
11.93
12.36
9.47
9.50
9.49
7.830
7.801
7.864
7.84
7.84
7.758
11.83
5.67
5.65
7.969
7.902
12.03
12.03
11.86
11.86
5.84
5.91
9.76
9.90
<
V'"'
5.68
5.71
9.79
7
14
21
28—_
mill
to
consequences
check
other
So rapidly was the switch from cotton cloth
paper bags proceeding that many feared
villages.
tricts
in
as
v
9 22
— —
12.04
5.65
~
8.84
9.04
—
12.04
5.78
5.75
5.74
5.71
5.67
5.66
There has been a rush for all types
bags.
paper
8.48
9.03
5.68
8.059
7.998
•
Summary—First Three Weeks of War
of cotton
use
8.34
—
Cotton textile leaders have had quite a scare during the
past year by reason
8.87
8.79
—
June
was
8.94
:.
—
June
a
-
8.140
12.833
12.639
12.51
12.47
12.36
12.17
5.72
5.67
5.66
8.97
8.52
8.66
—
Apr.
7--—
Apr. 14
Apr. 21—
——
Apr. 28
—
May' ■" 5. —w-A———
May 12
May 19
May 26
pillow cases, towels,
in
—-
low markon basis.
standing, was to price staple goods on
This
Mar.
9.01
—
Mar. 31-
Several analyze the chain stores and catalog merchandis¬
Their solution
Feb.
8.179
8.164
8.150
use
of
cotton
cloth
for
commodity containers.
upward tendencies should the market develop too much in
the
nature of
The
large yardage for the past year.
a
runaway.
general mill
industry today is completely reversed
Instances
from what it was a little over three weeks ago.
mills were still carrying heavy inventory,
where
Government buying operations for the WPA ran into very
There is this thought, however, that the Gov¬
stepping in and checking
expected.
as
in the
cloths and certain sheetings, have been com¬
of print
case
This Government buying
usually welcomed in the market, in view of the fact
that trade was quiet during the greater part of the past
pletely corrected.
Now these same mills have cleaned out
their stocks; they are generally sold ahead pretty well for
12 months.
fast
was
For
the
coming
year
purchases by the Government
are
expected to reach a new high since the last war,, in view
of the decision to place the
United States military on
nearer
to
a
war-time bajis.
cations of this sort of
quantities
on
Already there have been indi¬
planning, to increases in the size of
which bids were to be sought.
anticipating large orders for blankets of all
dentally blankets have been mentioned
a
the
balance
of
basis
the
of
improved
"third
are
this
available, it is understood that the
used
for
business
war
was
purposes,
said
to
be
it
position,
it
is
reasonable
to
a
few mills which had been shut down for a num¬
because of poor business or because of loss-
is
re¬
at
which
orders
were
being offered,
have been
re¬
opened and are now operating at capacity.
One begins to
hear more about three-shift programs as goods reach a basis
of reasonable return to the mill.
through
parties," although believed to be destined for bellig¬
I
price
balance of the year.
Quite
con¬
sales of cotton ducks since the first of September have been
of
as
requests for
the
Inci¬
levels
Ducks
shipping out goods
kinds.
good deal in
war.
Much
are
of the numerous
suggest that this high rate of production will continue for
the
minded.
they
The trade is
ber of months,
tremendous.
year;
anticipating deliveries.
Mill operations are probably as high right now as they
have been in years—as high as during the record period
of 1936-37.
On the basis of the business taken, and on the
nection with buying for foreign countries since the start of
While details are not
the
to take care
ready
as
a
It is
generally explained that raw cotton has played but
very
small part in this market improvement since the
The Commercial &
1982
Financial Chronicle
Sept. 30,
1939
1938
1939
September.
Many retailers, arguing against par¬
ticipating in this active market, pointed to the tremendous
Government holdings of raw cotton.
Why should goods go
of
first
in price, they asked.
up
.
.
.
However, mills were impressing
take on a few more goods-
all
at
the same
time—and quite a few willing to operate
quite liberally, the market had a stimulus of its own and
did not require any impetus from raw cotton.
On top of
this there was the fact that prices on cotton textiles were
unduly low, and mill executives were determined to keep
advancing quotations until their position had become
on
favorable.
Exporting inquiry has been coming from many parts of
world, as expected.
Beyond a doubt, a war of long
duration is going to mean considerable increase in our
the
export business, particularly with
COTTON
TRADE
South America.
IN
EUROPE
[We wish to bring to the attention of our readers that this
on the cotton trade in Europe was written in August
war.]
article
before the start of the European
Great Britain
Spinners and manufacturers in the Lancashire cotton
industry are busier than at the beginning of the year, but at
the same time a good deal of irregularity still prevails.
The
turnover for export remains disappointing, and although the
latest figures have registered a slight improvement, conditions
in this branch of the industry remain extremely unsatis¬
factory, and no immediate relief appears to be in sight.
On the other hand, manufacturers who cater for home use
experienced a bigger turnover, and the large decrease in
unemployment figures as compared with a year ago are
large extent due to home trade productions and also
contracts placed by the Government for the Defense Forces.
The attitude of export buyers has been dictated by the
uncertain European political situation.
Then again, the
have
the
to
a
Eurchasing
power oftotheany
populations
in the
and Far
improved
extent, and
theEast
position
has East
not
as
not
helped by the tendency for manufacturing costs in
been
Lancashire
to
advance.
4
A feature of interest has been the
tracts
sories.
large Government con¬
placed in cotton fabrics for army clothing and acces¬
These orders will total to around 30,000,000 yards.
goods have to be delivered by Nov. 30, but
dates have been extended to the
middle of January.
Lancashire manufacturers have co¬
operated with the Government Buying Department in efforts
to expedite delivery, especially of a fabric called a denim
which only comparatively few manufacturers produce, and
which have been wanted in large quantities.
The home
trade has also given attention to fine fabrics, specialty makes
and domestic goods, and business has been on a satisfactory
scale.
A welcome feature has been the improvement in the
demand for rayon fabrics, and this section of the industry
The bulk of the
in some instances the delivery
seems
to be
on
the mend.
An event of
importance has been the reduction of the duties
on British cotton goods entering India.
Traders hoped that
the new agreement would grant greater concessions, but in the
long run the lower duties should be helpful in securing some
recovery of the trade which has been lost during recent years.
The decreased duties help buying for India, but Lancashire
still has to meet severe competition from the Indian mills.
According to latest advices from Bombay and other centers,
conditions are not satisfactory, and there have recently been
reports that the Indian millowners are considering curtailing
output on a considerale scale.
British Cloth Trade
88,090
83,088
73,369
99,763
102,728
107,897
70,097
62.354
.
.
.
that with everybody willing to
88,290
.
126,549
58,832
150,763
52,352
116,964
The above figures show that 35,938 more workpeople are
employed as compared with January, while the decrease as
compared with July last year amounts to no less than 64,612.
The
Spinning Section
experience of spinners during the first half of the year
has been varied.
Production has been larger due principally
to Government contracts and many mills have extended
their order lists.
Production is maintained and it is likely
that the present output will be continued until the end of the
year.
Although the official price-fixing agreements now
cover only a limited number of qualities, there has been less
weak selling during the periods of slack trade.
At the end
of March there was a danger of the 42's American weft price
agreement breaking down, but at the last moment the pact
was renewed.
The coarse counts agreement also remains in
operation.
In the Egyptian spinning section, a decision of
importance was the withdrawing of the 5% rebate on prices.
This, of course, meant a slight advance in selling rates and
benefitted the mills.
The continuance of the price-fixing
The
agreement in this section was threatened by
competition from
comparatively small number of mills which were outside
the price pact, and it becomes necessary to de-control
selling rates of carded yarns.
The agreement, however,
has not been extended for a further period of 12 months, but
by that time it is confidently expected that the whole scheme
will be incorporated under the Cotton (Reorganization) Act.
Shipments of cotton yarns from Great Britain for the seven
months in the respective years are given below:
a
(PoittldS)
1939
1938.
76,222,300
;
70,244,600
98,184,700
1937--
The
principal increases for this year compared with last
are
as
follows:
Netherlands (2,226,000 lbs. more), Eire
(1,358,000), Sweden
(1,276,000), Denmark (1,148,000),
Norway (841,000), Switzerland (546,000), Czechoslovakia
(393,000), Lithuania (382,000), and United States (360,000).
Decreased shipments have been made to: Germany (1,432,000 lbs. less), Australia (863,000), Bengal, Assam, Bihar
and Orissa (835,000), Turkey (427,000), Bombay (378,000),
Bulgaria (226,000), and Hongkong (202,000).
It is estimated that production in the spinning branches
is now 80% of capacity as against 65% in March.
At the
same time there is still an excess of spindleage and in this
respect the work of the Cotton Spindles Board is to be
continued.
There are still a large number of mills which
should be scrapped.
World Cotton
Spindles
According to the International Federation of Master
Cotton Spinners' and Manufacturers' Associations, the esti¬
mated number of spindles in Great Britain on Jan. 1, 1939,
was 36,322,000, against 36,879,000 the previous year, and
39,753,000 in 1937.
The highest total was 59,000,000 in
1917.
The total number of spindles in Europe on Jan. 1,
1939, was 86,527,000, as against 86,651,000 last year and
88,733,000 in 1937.
The total world spindles are now
146,455,000, against 147,136,000 last year, and 149,475,000
in 1937.
;
.
Raw Cotton, Yarn and Cloth Index Number
The following table of the
index number of raw cotton,
and cloth in the Manchester market, illustrates the
fluctuations in prices which have taken place during the 12
months from July, 1938, to August, 1939.
The basis is
100 as on July 31, 1914.
yarn
The
following table gives the total exports of yarn and cloth
from the United Kingdom for the 12 months ended July,
1939,
and
1938-39
■•••<•
Yarn (lb.)----
128,914,400
1,400,551,000
Cloth (sq.yds
1937-38
Decrease
131,158,400
1,582,316,000
2,244,000
181,765,000
The following table shows the exports of cotton piece
goods from Great Britain for seven months ended July in the
last
three
years:
(Square Yards)
.
1939.
Amer.
Amer.
Cotton
Yarn
Cloth
Egypt.
Egypt.
Cotton
Yarn
Average
1938:
831,237,000
1938...
818,051,000
1937.
.1,157,653,000
The principal increases for this year
are as follows:
Union of South Africa
compared with last
(10,572,000 sq. ydsmore), Canada (10,174,000), Gold Coast (9,299,000), New
Zealand (8,732,000), Argentine Republic (8,474,000), Den¬
mark (8,123,000), Dutch East Indies (5,417,000), Sweden
(4,965,000), French, West and Equitorial Africa (3,895,000),
and Netherlands
(3,107,000).
Decreased shipments have
been made to: Bengal, Assam, Bihar and Orissa (17,588,000
sq. yds. less), Bombay (16,899,000), British Malaya (10,902,000), Australia (7,957,000), Turkey (4,037,000), Cuba
(3,539,000), other British countries (3,il7,000), and Burma
(2,216,000).
Unemployment Decreases
The greater degree
of activity and larger output in the
industry is reflected in the big decrease in unemployment
figures in the spinning, weaving and finishing sections.
The
following table shows the unemployment figures issued by the
North-Western Division of the Ministry of Labor for 1939
and 1938:
July 31, 1914
100
100
100
100
100
100
67
98
103
67
84
84
Aug.
5
66
97
101
68
85
84
Sept.
2._._
65
94
101
68
85
82
July 1 (1938)
67
90
101
71
86
83
Nov.
4
69
88
102
72
88
84
Dec.
2
69
88
100
70
86
83
Oct.
7__.„
•
Jan.
6
71
88
99
67
85
82
Feb.
3
69
87
99
65
85
81
Mar.
3
71
88
101
67
86
82
April
6
66
86
101
63
84
May
5
71
89
101
62
82
81
June
1
74
90
103
65
83
83
July
7
76
91
104
66
82
83
(1939)
-
80
Spinning and Weaving Results
The average
dividend of 132 spinning mills in 1938
was
against 4.25% in 1937.
In 1938, 53 mills made
no distribution to shareholders as against 68 in 1937.
When
the losses are deducted, the average profit in 1938, for 85
spinning concerns was £10,742, as compared with an aver¬
age of £8,857 for 90 companies in 1937.
Regarding the firms
which combine spinning and weaving, the average dividend
of 16 concerns was 3.03%, as againt 1.81% in the previous
year.
The average dividend for the 148 firms was 5.26%
for 1938, as compared with 3.99% in 1937.
The reason for the larger earnings is that in many cases,
the 1938 profits were derived from orders booked in 1937,
when trade was brisk and the price-fixing schemes in full
operation.
Where a strict comparison is available, out of 74 spinning
companies, 71 made profits totaling £840,547, and three
5.53%,
as
Volume
The Commercial & Financial Chronicle
149
announced losses of £3,135.
1938 indicated that profits
returns
would
be
less
Results for the last quarter of
are
favorable
falling and that the 1939
than during the past 12
months.
•
Eleven cotton spinning and manufacturing concerns re¬
duced their capital during the
from £5,701,228 to £3,their capital from
year
121,949.
In 1937, 24 firms
£19,218,525 to £6,949,650.
I
Cotton
reduced
Imports and Deliveries
Imports (in Thousand Bales)
Deliveries (in Thousand Bales)
American
507
1,628
1,266
1,475
1,004
1,216
1,212
1,349
Brazilian
288
279
380
229
336
1,152
276
387
17
19
133
67
26
22
115
68
Peruvian-.-.,..
179
159
178
156
142
116
145
166
Egyptian
397
384
433
391
348
346
403
372
Sudan Sakel
212
134
173
138
160
142
174
130
Sudan Other
32
19
10
28
32
21
11
27
West Indian
15
12
14
16
12
9
15
16
East African.
41
37
45
35
45
31
39
West African.—
58
25
41
62
57
29
32
30
371
375
658
547
465
372
600
477
30
37
48
8
37
53
15
6
2,251
3,108
3,152
2,373
2,668
2,633
3,154
2,844
—
East Indian
Sundries
Total..
—
,..
previous two years, the estimated surplus capacity
owing to declining trade actually amounted to over 10,000,000, which was bigger than before the scheme was
started.
During 1938, the Board purchased 1,304,000
spindles, bringing the total acquired to 4,569,000 spindles.
It is
interesting
to note that when the Board
was
first set
in September, 1936, surplus spindles were estimated at
10,600,000, but in September, 1938, the total was actually
placed as high as 14,000,000. Since that date there has been
up
larger amount of machinery working in Lancashire, but it
is estimated that there are still
10,000,000 spindles to scrap.
The Board was set
a
193S-39 1937-38 1936-37 1935-36 1938-39 1937-38 1936-37 1935-36
Argentine
1983
in the
51
i
now
up for a period of two years, but it has
been decided that it should continue for another two
The
years.
^financing of the purchases of the scrapped
spindles is, of
provided by
mill.
course
proximately £500
of
means
a
levy of
ap¬
per year per
Labor Matters
There have been
and
no
changes in
.'."'V.
■'
wage rates in the
spinning
manufacturing sections and
no serious labor disputes
Prom the operatives' point of view, an im¬
portant decision was that of the employers to grant holidays
with pay in 1940.
It is estimated that this will cost the
have
arisen.
industry £650,000.
There is a growing shortage of juvenile
labor in the cotton
industry and the employers' organizations
and trade unions have set
^
Weekly Average
The
up a
weekly deliveries of cotton to spinners in
season ended
July 31, 1939, and the
average
Great Britain for the
previous three
follows:
seasons were as
Committee to deal with the
problem.
What has happened is that young people leaving
school have been attracted to newer and
lighter trades in
Lancashire and this has resulted in
many
staffed.
t'}1
■■
■
1938-39
1937-38
1936-37
1935-36
Bales
Bales
Bales
Bales
19,330
23,380
23,310
6,480
5,310
7,450
420
2,230
2,810
7,770
3,350
■
American.
r
_
.
.
_
.
.
Brazilian.
Argentine
Peruvian.
—
—
.
500:
------
2,220
Egyptian
2,750
6,890
Sudan Sakel
3,090
2,730
Sudan Other.--_._-
620
410
West Indian.
230
180
870
610
——————
East African
___
—
6,660
26,000
3,000
1,000
3,000
;w
7,000
3,000
230
,
1,100
550
630
1,000
East Indian
8,950
7,150
11,550
9,000
-
...
The
Total
1939,
710
1,020
290
51,320
50,640
60.670
-----
Total
55,000
Rayon Industry
production of staple fibre since the beginning of
its previous two years' comparison, was as
with
follows:
1938
1939
\ Lb.
January....
February
M ar eh. -M
------
u
-
_
2-'--*
i
-
--
-
-
—
-
-
—
- - * *
-
—
-
__
June..—-----------
Half-year's total.
*
A £--; -
—
-
April
May
————
—
—
—
.
_
,——
1937
Lb.
Lb.
3,367,419
4,222,041
5,122,439
4,773,152
*5,737,895
5,351,477
2,393,700
2,203,453
2,524,058
2,815,794
2,730,441
3,295,395
28,574,423
14,692,471
16,283,627
Record staple fibre output.
2,282,619
2,515.661
2,643.717
2,419,049
2,007,319
3,144,892
V
J'
January
February
March
_
-
*—-1
—
—
-
-—-
i -i—
*.
-
-
'
I 1934
1939
1938
1937
1936
1935
11.8
12.5
11.7
11.9
10.1
12.5
12.2
11.7
11.7
9.6
7.3
15.5
13.3
12.5
12.4
10.7
8.4
8.4
13.5
10.6
13.6
10.8
*15.7
13.3
12.1
12.9
11.1
7.7
15.0
11.1
14.0
12.3
9.9
7.0
11.7
14.6
13.8
10.9
8.2
-
-j±-
_
**
-
--
July
*.
„
August.———.*
September
-
_. _—
~
n*
-
-
.
.—-
November.
-
December
84.0
1
9.7
•
7.0
;
9.3
10.8
9.8
7.5
5.7
11.8
14.4
13.2
9.7
7.5
11.7
13.5
13.4
12.5
9.0
12.4
13.7
11.7
11.8
8.7
-——-
_..
October
*
—
;
.
10.3
11.8
10.9
9.9
7.8
140.2
155.1
144.8
123.4
92.7
Record total.
The following table shows the output of rayon yarn for
the six months of 1939 and 1938 and the consumption for
1939:
Reorganization
The Cotton
cause great interest,
working of the Act will be largely de¬
pendant upon the personnel in control.
The two prime
objects of the Act are to establish minimum prices for yarn
and to deal with redundant
machinery not only in the spin¬
ning section but in the manufacturing branch. With regard
to minimum prices, there should be
very little delay in
carrying out this system in the spinning section as during the
last few years a large amount of
experience has been gained
through the voluntary pacts. On the other hand there will
be many difficulties in
formulating proposals for minimum
cloth prices.
The Board will also concentrate upon regaining
lost trade, and it is
expected that schemes cf scientific
marketing will be put into operation.
.4
?
^
•
.V-
With regard to prospects, the cotton
industry is now work¬
on greater capacity than at any time for some months
ing
At the
time there is
same
a good deal of
uncertainty as
European situation is of course, an
unknown factor, but the
uncertainty of the last few months
has undoubtedly resulted in
foreign buyers operating on a
comparatively small scale.
Should a state of emergency
arise, however, the Lancashire mills will have a reserve
supply of 600,000 bales of American cotton, which resulted
the
future.
The
from the rubber barter deal with the United States Govern¬
ment.
Shipment of this cotton will
October.
.
>•
-.
■■,.•.•■'■'v.
The full effects of the
Cotton
start next month
or
/--''V. v":
(Reorganization) Bill
in
''-H
are
not
likely to be felt in the immediate future, but the influence
of its coming into operation in due course
may be important.
Lancashire prices for manufactured goods are
likely to be
dearer than those ruling today, irrespective of raw cotton
values.
General trade prospects can be considered as being
rather brighter, and it is likely that the present
output will be
maintained until the end of the year.
'
.
January.
1938
1939
Output
Consump¬
(Lb.)
(Lb.)
8,447,946
8,261,076
10,375,473
10,115,490
(Lb.)
8,668,668
8,560,735
9,985,635
10,242,905
... ...
9,563,915
8,583,981
55,302,713
58,343,741
56,512,613
—
-.
April
........
Half-year's total.
9,987,208
10,855,422
Output and consumption totals for the full
1937 and 1938
tion
.....
—„
—
June-.*--.—--.-
1939
Output
8,875,261
8,211,151
10,849,688
8,905,390
10,028,966
9,642,157
.
February
March
were as
years
1936.
1937
1936.
Lb.
Lb.
Lb
yarn were
twice
———
106,448,495
99,871,486
119,695,729
121,872,859
116,810,597
112,817,373
Scrapping Surplus Spindles
to face the question of redundant
When the annual report of the Surplus
Spindles Board was issued at the end of 1938 it was shown
that although more than 4,000,000 spindles had been scrapped
Lancashire
has
still
machinery.
as
large
as
normal, and this
big curtailment of output which at
70 and
75% of normal production.
year,
however, there
first
hands
tended
was
to
one
was
in spite of
a
time fell to between
Towards the end of the
larger business done and stocks in
decline.
Spinners,
however,
com¬
In the first quarter of 1939,
still
poor, but later on there was a larger
due to manufacturers placing important
anticipation that the international situation
were
demand for yarn,
contracts
—
—
many
difficulties to contend with and it has not been possible to
work full machinery.
In the latter half of 1938, stocks of
selling rates
Output
Consumption
CONTINENT
Belgium—Spinners and manufacturers have had
plained that prices had fallen.
follows:
1938
cotton
v
;
Board and the different committees will
and the successful
EUROPEAN
May-...
/■>
Industry (Reorganization) Bill received Royal
Assent in July, and its operation will result in
revolutionary
changes in the cotton industry.
The constitution of the
to
•
May
-
wages.
past.
■'■yV'I--
(Million Lb.)
June
■April.
people have entered
obtaining relatively good
Prospects
and staple fibre since 1934:
:
Then again, many young
the re-armament factories and are
.
! The following table shows the combined output of rayon
yarn
other trades.
i~66o
West African
Sundries
problem can be overcome for parents are evidently of the
opinion that the wage rates, hours of work and prospects of
advancement in the cotton industry are not so attractive as
290
260
mills being under¬
It is estimated that the
shortage of young workers
amounts to around 10,000.
It is difficult to see how the
might
in
interfere
with
normal
supplies.
This
slight
im¬
provement in production and delivery has been maintained,
but
although stocks have not increased, selling prices
much
worse
than
for
official report of the
some
time
past.
are
According to the
International Cotton Federation, the
leaders of the Belgium cotton industry will have to face the
-
The Commercial &
1984
with redundant machinery, for the
longer balanced with its sales
capacity.
Several important markets have been lost and
with a view of balancing production, a number of manu¬
facturers have
undertaken to purchase several weaving
problem
dealing
of
output of the industry is no
mills and scrap
been put out
of operation.
section business in 1938 remained
In the manufacturing
very
Several plants have already
the machinery.
dull and there was
good deal of curtailment of output.
the uncertain European
a
The outlook is still overshadowed by
political situation and buyers continue to operate cautiously.
Denmark—Following a period of rather bad trade, due
to lack
of buying power, and
increased foreign competition,
Financial Chronicle
works
were
fully employed.
remained
France—Business
November when there
was
a
poor
until
middle
the
of
welcome improvement in de¬
weaving sheds remained relatively well employed.
only exception was the colored goods section where busi¬
mills and
The
ness
remained
on
and cloths and this improved the output in the doubling
There was also a larger turnover in the colored
woven goods.
In the corse and medium fine cloths section
business failed to improve and about 20% of the workers were
placed on short time.
Demand, however, later improved;
so much so that in certain sections there was a shortage of
skilled labor.
This applied to the fine spinning, doubling,
fine and colored weaving sections.
On the other hand, the
coarse and medium fine
sections could not make any im¬
yarns
section.
the degree of occupation remains unsatis¬
provement and
factory.
Poland—Following
period of slack trade in the latter
a
half of 1939, larger orders were booked and the mills have
been better employed.
The following table gives the latest
information
regarding the degree of occupation of the mills:
Average
mand and turnover
expanded.
At the same time, no im¬
provement in selling rates took place.
There has been a
good deal of short time working, but some mills have been
able to run to full capacity, but the working week mostly in
operation has been that of 40 hours.
At the end of February
the spinning mills were working at around 86% of capacity
and the weaving section 72%.
Business rather fell off in
April, but this was followed by a slight improvement in turn¬
over.
The mills, however, still complained that prices were
unremunerative.
At the end of May, production in the
spinning section was estimated at 84% of capacity, and in
the weaving section 86%.
It has latterly increased slightly.
Germany—As in recent years, it is very difficult to obtain
precise information as to the output of the German spinning
and manufacturing concerns.
Irom unofficial sources it is
reported the spinning mills have been fully employed.
In
the weaving section, ihe turnover of cloth in the first quar¬
ter
of 1939
was
rath(r lower thah in
1938, but since then
demand has improved. and in March the orders on hand were
sufficient to keep the looms fully occupied for three months.
Organized
comparatively small scale.
a
short-time working was slightly reduced.
In the early part
of the present year, there was an increased demand for fine
chiefly from Germany, business improved during 1939 and
most
Sept. 30, 1939
■■■
Percentage of
Full Time
Hours
79.22
Jan. 23-Feb. 19
38.03
47.31
Feb. 20-Mar. 19
52.34
109.04
Dec. 26. 1938-Jan. 22. 1939
Protectorate
of
.
...
.
Bohemia
and
98.56
Moravia
—
This
be better
will
recognized under its previous name of
Czechoslovakia.
Business in yarn and cloth
has been
on a good scale.
During the first six months of 1939, the
American spinning section'was working at 90% of full
capacity and in the Egyptian spinning section the mills
were working at 105% of full capacity.
Demand for the
home trade remained good.
Export business continued
poor.
-if 'v::o
We are indebted to a special and well-informed European
correspondent for the foregoing review of the spinning in¬
dustry in Great Britain and on the Continent in 1938-1939.
Taken in conjunction with our remarks on the situation in
the United States, presented further above, it covers quite
fully the countries of the world that take chief rank in
area
cotton
manufacturing.
At the end of June it is estimated that manufacturers had
World
from 3H to 4 months' work on hand.
Holland—In
the
spinning section conditions improved
towards the end of 1938 and most mills were fairly well
employed.
Prices, however, were not always remunerative.
This was chiefly due to the .imports of yarns from Belgium
and France.
In 1939, however, a slight improvement took
place in trade.
There was a big demand for yarn and most
spinners were fairly well engaged.
At the same time, prices
remained poor, there again being competition from Belgium
and Great Britain.
In the
narrative of the world's
progress
in cot¬
ton
production and manufacture, we now add our customary
tables running back for a long series of years.
Official data
are used wherever possible.
The compilation appended em¬
braces
substantially the entire distribution or consumption
(expressed in bales of 500 pounds each net) of the com¬
mercial cotton crops of the world, and the portion taken by
each country.
The figures include linters as well as lint
cotton:
manufacturing section, demand improved towards
THE WORLD'S ANNUAL
the end of 1938, but export business was on a small scale.
At the beginning of the present year, however, there was an
increased turnover, both for the home trade and for export,
and manufacturers were comparatively well engaged.
Prices
in many instances remained unsatisfactory, but
ducers booking more contracts there was increased
with pro¬
resistance
to the low offers.
The improvement continued, but do¬
mestic business remained good.
Export demand was rather
better and buyers were pressing for deliveries which indicated
that clearances in the
overseas
markets
were
more
satisfac¬
Producers still complained that there was plenty of
room for improvement in
selling prices, but at the same
time there has latterly been signs of better rates being
tory.
1938-39
Countries.
.
Continent
Total United States
2,960,000
7,982,000
7,620,000
6,979,000
7,707,000
East Indies
2,801,000
Japan
...
Canada
2,438,000
239,000
2,620.000
6.029,000
Total India, Ac........
Other countries
,
x
6,468,000
2,847,000
3,373,000
8,762,000
2,473,000
3,662,000
7.080,000
2,516,000
3,361,000
6,087,000
2,451,000
244,000
3,422,000
294,000
308,000
253,000
191,000
206,000
204,000
189.000
5,688,000
6,705,000
2.585,000
6,649,000
6.334,000
3,564,000
6,306,000
3,539,000
2,180,000
3,904,000
26,031,000 25,966.000 29,254,000 25,524,000 24,581.000
As the weight of the bales In the United States has been Increasing and
the gross
weight In 1926-27 averaged 516.44, we began In that year to take that as the exact
equivalent of 600 lbs. net, and have continued this practice since that time, though
the bales have increased in weight since then.
WORLD'S COMMERCIAL CROPS OF COTTON
(In Bales of 500 Lbs. Net)
Countries
big degree of the
cotton spinning and manufacturing industry remains well
employed.
Domestic business has remained good and sales
in the export markets have shown a slight improvement as
compared with recently.
The following table gives the
degree of activity in the spinning and manufacturing sec¬
tions, the year 1928 being taken as the basic year.
(i.e. 100):
1934-35
1935-36
2,834,000
5.712,000
210,000
Mexico
year ago.
Italy—As the table below indicates, a
1936-37
2,588,000
10,456,000 10,208,000 9,939,000
8,546,000 8,649,000
x 1,386,000
xl,162,000 xl.674,000 xl,365,000 xl,423,000
South.... x6,321,000 xd,306.000 x7,088,000 x5,715,000 x4,664,000
Hungary—Since
the beginning of the year there has
general improvement in the conditions prevailing
in the Hungarian cotton industry and on the whole the mills
were
working full time, and in some instances producers
were on the two-shift system, equal to 80 to 96 hours per
week.
Production was estimated at 15% higher than a
1937-38
2,474,000
Total Europe
United States—North....
Total world
a
COTTON CONSUMPTION
Bales of 500 Lbs.—Net
Great Britain
obtained.
been
Consumption and Production
To complete our
1938-39
Amount coming forward:
United States
East
1936-37
1937-38
.
1935-36
10,463,000 13,669,000 14,761,000 13,512,000
Indies.a
5,269,000
4,700,000
4,871,000
Egypt
1,547,000
2,012,000
1,760,000
Brazil, &c.d
6,000,000
7,500,000
8,000,000
5,182,000
1,480,000
6,400,000
1934-35
9,212,000
4,312,000
1,439,000
6,000,000
Total
23,279,000 27,881,000 29,392,000 26,574,000 20,963,000
Consumption, 52 weeks... 26,031,000 25,966,000 29,254,000 25,524,000 24,581,000
Surplus from year's
crop
*2,752,000
138,000
1,915,000
1,050,000 *3,618,000
Visible and invisible stock:
Weaving
Spinning
Aug. 1, beginning year.. 13,149,000 11,234,000 11,096,000 10,046,000 13,664,000
1939
1938
1937
1939
1938
1937
Aug. 1, ending year
January..
94.1
95.6
81.9
91.8
97.4
79.4
a
February
97.3
97.4
88.8
95.6
101.5
87.8
March..
98.2
97.2
92.0
97.3
104.9
93.9
April
May
95.1
...
June
July
August
September
88.1
95.1
98.1
94.1
88.8
98.6
100.7
70.6
86 8
98 7
96 8
97 8
81.9
96.0
96.0
■
...
95.3
93.8
68.8
76.5
78.5
87.0
95.6
94.3
95.3
92.0
96.4
99.8
98.7
94.7
96.4
100.4
94.0
92.3
99.5
96.9
98.0
89.2
92.9
96.9'
90.4
78.9
"
October
-
November
DecernDer
»
...
Monthly averave.
,
*
*4
'
'
Sweden—Most of the mills have been employed full time
during the last six months, hut owing to competition from'
Japan and Italy, prices were not very satisfactory.
Switzerland—In the latter half of 1939, demand im¬
proved both for export and the home trade and the spinning
n
India, increased
d
10,397,000 13,149,000 11,234,000 11,096,000 10,046,000
Includes India's exports to Europe, America
Approximated
or
decreased by
from
tbe
excess or
available
and Japan and mlU consumption
loss of stock at Bombay.
figures
of
consumption,
mill
stocks
and
ports stocks.
*
Deficiency In the year's new supply.
We now add a compilation which covers the figures of
consumption in detail for each of the principal countries
embraced in the statement of the world's annual consumption
already presented, and the total of all.
These figures are
not the takings of the mills, but are meant to show the
actual consumption, and are in all cases expressed in bales
of 500 pounds net.
The figures in the table cover the years
from 1908-09 to 1938-39, inclusive, and are given in thou¬
sands of bales.
The figures for 1913-14 to 1938-39, inclusive,
cover the 12 months ended July 31; all earlier years are for
the period Sept. 1 to Aug. 31:
;
Volume
The Commercial & Financial Chronicle
149
WORLD'S OOTTON CONSUMPTION
United Statu
500-16. bale*
1199233--42
1908-09
1909-10
...
...
1910-11
...
1911-12
...
1912-13
...
1913-14
Av. 6 y'rs
1914-15
...
1915-16
...
1916-17
...
1917-18
...
...
Av.6y'rs
...
Av.6y'rs
1926-27...
1927-28
1928-29
...
...
1933-34...
1934-35
...
1935-36
...
1936-37*..
1937-38
Av. 6 y'rs
1938-39
•
5,460
5,460
Total. North
9,440
8,635
9,236
9,880
10,400
10.300
5,720
6,000
6.000
South
2,448
2,266
2.230
2.590
2,682
2,701
2,464
2,267
2,255
2,620
2,849
2,979
Total.
4,912
881
278 17,164
1,055
.449 16,189
448 16,750
4,533
4,485
1.517
1,494
5,53]
1,607
1,643
1,087
1,357
1,352
5,680
1,680
1,522
9,649
2,486
2,572
3,900
5,000
8,900
4,000
3,000
2,900
2,500
3,200
5,000
9,000
4,000
2,991
4,183
3,400
7,000
5,900
5,900
2,769
3,239
3,194
3,393
7,174
5,912
3,800
7,000
2,519
2.935
3,627
6,562
3,000
1939a
1,653
5,210
5.727
618
497 18,012
3.037
5,806
1,649
7,110
7,431
1,723
1,723
1,631
1,602
1,530
1,538
1,747
854 18,747
3,871
1,775
1,650
1,700
1,763
996 18,925
7,283
2,941
3,725
2.100
4,400
4,800
5,000
5,300
6,500
2,091
2.328
2,689
2,098
3,117
3,898
4,379
3,150
5,950
9.100
2,330
3,000
6,600
9,600
2.496
4,362
4,683
2.758
5.342
8,100
2,339
7,000 10,080
...
Figures
7,600
7,750
North..
809 18,097
6,666
1,643
1,696
5,208
1,800
1,800
1,700
1,705
1,430 16,648
1,965
2,100
2,090
2,341
2,270
2,215
1,500
1.800
7,179
1,600
1,800
2.040
2,400
4,060
6.399
1,700
2,002
2,600
2,160
2,200
1,827
5,500
1,512
1,279
4,469
4,227
8,000
7,590
7,970
6,918
5,981
5,506
5,081
6,428
4,915
4,664
7,620 10,208
1,913
1,465
1,544
1,423
1,365
1,674
1,162
8,050
7,750 10,710
8,083 11,028
7,822 10,400
6,821
8,856
6,376
8,876
3,922
5,430
5.770
5.091
2.100
1,700
1,622
1,975
2,079
2,272
2.450
2,275
2,488
2,679
19,640
21,847
2,158 20,369
2,570 25,200
2,750 25,025
3.099 26,207
Total U. S_......
3,244 22,443
2,571
3,267 22,492
2,457
2,727
3,036
3,422
3,361
3,662
6,468
1,958
2,201
2,089
2,451
2,516
2.473
2,847
3,373
3,037 24,438
3,753 24,718
8,699 25.452
3,972 24,581
4,021 25,524
4,418 29,254
3,070 25,966
2,683
2,373
2,606
2,620
2,834
2,960
2,588
7,309 9,992
6,771 9,144
7,563 10,169
6,029 8,649
5,712 8,546
6,979 9,939
2,663
6,779
9,442
1,439
5,519
6,958
2,430
3,264
3,822 25,916
2,474
7,982 10,456
1,386
6,321
7,707
2,801
2,438
2,629 26,031
5,715
7,088
5,306
6,994
6,893
6,459
6,087
7,080
8,762
Another
table
which
SUPPLY
we
AND
42,688,000
50,174,000
88,733,000
91,268,000
92,862,000
8,091,000
18,891,000
9,122,000
19,025,000
10,753,000
19,340,000
26.376,000
10,054,000
11,502,000
4,000,000
9,731,000
12,550,000
4,300.000
26,982,000
9,876,000
11,880,000
5,071,000
28,147,000
9,705,000
10,867,000
5,010.000
30.092,000
9,613,000
9,944,000
4,810,000
25,556,000
1,159,000
5,269,000
26,581,000
20,827,000
1,108,000
25,582,000
1,110,000
24,367.000
1,137,000
6,391,000
5,824,000
5,581,000
1,155,000
5,282,000
6,428,000
7,528,000
6,932,000
6,691,000
6,437,000
Total India, <fcc
Canada............
Mexico, So. Am., &q.
other......
145,562,000 147,181,000 149,474,000 151,688,000 153,748,000
a
Most of these figures have been furnished us by the Bureau of the Census, some
have been
we
obliged to estimate.
t No returns received from Russia, Italy, Spain or China.
given for China, previous figures for Italy, Russia and Spain.
*
No
returns
Estimated figures are
from
Russia; figures for this country are estimated from trade
Figures for Italy are for half-year ended July 31, 1935.
No returns from
China; figures used are estimated from latest return available.
sources.
In the above all
figures except those for the United States
and those for the current year 1939 have been taken from
the returns compiled by the International Federation of
Master Cotton Spinners' and Manufacturers' Associations.
Details of
We
now
Crop of the United States
proceed to give the details of the
present
DISTRIBUTION
OF
COTTON
crop
of the
United States for two years:
LOUISIANA
-1937-38-
1938-39-
discloses the world's
cotton supply and the sources of it.
The special points
we have sought
to illustrate by the statements are, first,
the relative contribution to the world's raw material by
the United States and by other sources, and second, to follow
its distribution.
Figures for 1908-09 to 1912-13 are for
the year ending Aug. 31; since then, for the years ending
July 31.
The figures are all intended to be in bales of
500 pounds net:
WORLD S
41,391,000
49,877,000
25,378,000
subject to correction.
are
.
1935
1936
38,753,000
49,980,000
East Indlea........
3.289 25,261
2,283
86,696.000
7,024,000
18,354,000
19,681
20,959
2,600 23.379
88,200,000
South......;
China
•
30.879,000
49,817,000
7,578,000
18,798,000
...
745 17,100
575 15,689
922 17,777
1937*
1938t
36,322,000
51,878,000
Japan.............
„
764 20.344
6.226
7,068
6,020
6,692
....
Total Europe.....
United States—
19,544
1,209
4,033
Continent
676 19,858
1,599
4,237
Great Britain......
512 18,566
5,058
3,250
2,578
2,035
2,500
...
Av. 6 y'rs
1932-33
3,176
3,776
4,160
4,400
4,300
3,080
2,960
2,945
...
1929-30
1930-31
5,720
2,800
2,750
2,750
...
1924-25
1925-26
3,720
Total
Japan Others
Total
1920-21
1922-23
Indies
nent.
3,922
1918-19
1919-20
Conti¬
BrU'n.
countries of ths world for each of the last five years:
All
East
Great
000* omitted
are
recorded for Japan, China and Mexico, &c.
following table shows the number of spindles in all the
creases
The
Europe.
1985
Exported from New Orleans:
To foreign ports..
*603,414
To coastwise ports.
278,647
Inland by rail, &c.395,118
Manufactured..
d41,012
....
*1,409,992
219,269
242,787
d33,432
•
_
Burnt..
Stock at close of year....
Deduct—
a637",167—2,542,647
a348,§l6—1,667 ,107
Received from Mobile...
Received from Galveston....
Received from Houston
Received from Los Angeles
Received from Lake Charles..
Received from Corpus Christi.
Received from sea, damaged
914
1,607
32,815
33,489
2,117
43,118
37,287
4 A65
"T,5io
201
by fire.
Received from New Bedford..
Stock at beginning of year
VisiMe
and
Commercial Crops
500-16.
Invisible
Total
Bales
Supply
Actual
Begin¬
United
All
ning of
States
Others
End of
Year
Consump¬
Total
255,982—
723,401
Movement for year—bales.
*
tion
327,520
2,215,127
943.706
Includes 35,951
bales exported from Lake Charles, La., in 1938-39,
a Includes 5,426 bales stock at Lake Charles,
July 31. 1939, and 11,122 bales on July 31,1938.
d Includes 8,532
bales for domestic use by Lake Charles in 1938 39 and 6,852 bales in 1937-38.
and 65,956 bales in 1937-38.
Year
Visible
Invisible
190&-09. 4,865,093 13,496,751 4,489,169 17,985,920 17,164,487 1,875,140 3,801,386
1909-10- 5,676.526 10,224,923 5,021,605 15,246,628 16,188.563 1,367,624 3,304,867
1910-11. 4,732,491 11,804,749 5,057,988 16,862,737 16,750,484 1,537,249 3,307,495
1911-12. 4,844,744 15,683,945 4,845,970 20,529,916 18,565,732 2,095,478 4,713,449
1912-13. 6,808,927 13,943,220 5,254,759 19,197,979 19,544,007 2,015,211 4,447,088
1913-14. 6,462,899 14,494,762 6,419,898 20,914.660 19,858,176 2,877,300 4,042,083
La.,
on
TEXAS
13,274,725 5,181,565 18,456,290 18.011,908
To Mexico...
Local consumption
1914-15. 7,519,383 14,766,467 4,812,487 19,578,954 18,746,669 4,496.284 3,855,384
1915-16- 8,351,668 12,633,960
4,737,207 17,371,166 20,343,752 3,045,485
2,585,490
1917-18. 4,477,496 11,547,650 5,238,010 16,785.660 17,099,078 2,795,980
1918-19. 4,163,478 11,410,192 5,551,787 16,961,959 15,689,107 4,277,017
1919-20. 5,336,330 11,814,453 6,396,919 18,211,372 17,777,602 4,530,450
1916-17- 5,379,082 12,670,099 5,353,238 18,023,337 18,924,923
2,333,597
1,892,006
1,367,498
1,049,313
1,239,590
-1937-38-
1938-39-
Exported from Houston (port):
Other foreign ports.
Coastwise and inland ports-
Ayerage
6 years
549
637,167-
Balance of Supply
939,966
231,659
12,477
1,195.606
224,053
11,842
948,597
230,704
300
1,465,936
162,878
320
317,407
60,188
371,471
78,325
1.039
8,923
Burnt
Exported from Galveston:
To Mexico
Other foreign ports
Coastwise and inland ports.
Local consumption..^
■
Burnt
Average
6 years
12,473,804 5,348,271 17,822,075 18,096,965
------
Exported from Corpus Christi:a
To Mexico
1920-21. 5,770,040 11,173.918 6,080,000 17,853,918 16,643,830 5,795,209 1,184,839
1921-22. 6,980,048
1922-23. 7,101,792
11,152,720
10,960,777
1923-24. 6,102,795 10,964,000
1924-25. 6,136,795 14,392,000
1925-26- 6,931,795 15,112,000
8,650,000
9,000,000
8,710,000
8,250,000
9,000,000
19,802,720
19,960,777
19,674,000
22,642.000
24,112,000
19,680,970
20,959,774
19,040,000
21,837,000
23,379,000
3,600,000 3,501,792
1,953,000 4,149,795
1,990,000 4,146,795
2,150,000 4,781,795
2,850,000 4,814,795
Average
6 years
12.292,569 8,381,666 20.674,235 20.358.430
------
1926-27. 7,664,000 19,282,000 8,540,000 27,822,000 25,200,000 4,593,000 5,693,000
1927-28. 10286000 14,373,000 9,425,000 23.798,000 25,025,000 3,800,980 5,298,020
1928-29. 9,059,000 15,858,000 9,753,000 25,811,000 26,207,000 3,470,344 5,192,450
1929-30. 8,663,000 14,631,000 11143000 25.774,000 25,261,000 4,734,297 4,441,703
1930-31. 9,176,000 13,869,000 10769000 24,638,000 22,443,000 6,291,202 5,079,798
1931-32- 11371000 15,129,000 9,761,000 24,890,000 22,492,000 6,562,778 7,206,222
Average
6 years
Other foreign ports
Coastwise and inland ports.
Exported from Beaumont, El
Paso, Eagle Pass, &c.:
To Mexico....
Other foreign ports
Coastwise and inland ports.
Local consumption
Stock at close of years:
At Houston...
At Galveston..
At Corpus
1932-33- 13709000 15,172,000 9,833,000 25,005,000 24,718,000 6,325,398 7,730,002
1933-34. 14056000 13,298,000 11762000 25,060,000 25,452,000 5,714,982 7,949,018
1934-35- 13664000 9,212,000 11751000 20,963,000 24,581,000 3,180,922 6,805,078
1935-36- 10046000 13,512,000 13062000 26,574,000 25,524,000 3,658,841 7,437,159
1936-37. 11090000 14,761,000 14031000 29,392,000 29,254,000 3,531,079 7,702,321
1937-38- 11234000 13,669,000 14212000 27,881,000 25,900,000 5,902,578 7,240,422
13,271,000 12541000 25,812,000 25,916,000
528,771
473,595 '''v
114,327
.
31,778—3.891.430
At Beaumont——
Received
at
Houston
-from
—
Stock at beginning of year:
At Houston
At Corpus
a
be
as
preceding, take the last season, 1938-39, and the results would
follows:
Supply—Visible and Invisible stock beginning of year.,....bales.13,149,000
Total crop during year...
Total
...23,279,000
supply—bales of 500 pounds.
.36,428,000
2,716
7,155
634,090
113,155
619,383—1,386,178
Christi, &c
At Galveston and Beaumont
Movement for
7,213
12,337*
from
other ports
year—bales
2,505,252
.
225,395
75,657
310,871—
621,794
4,264,242
Includes Brownsville.
ALABAMA
1938-39. 13149000 10,463,000 12816000 23,279,000 26,031,000 4,225.139 6.171,861
To illustrate the
634,090
602.622
113,155
16,761—4,886,036
Deduct—
Average
6 years
—
Christi.........
other ports
Received at Galveston
15,624,000 9,899,000 25,423,000 24,438,000
54
""622
1938-39Exported from Mobile:
To foreign ports. .........
Coastwise, inland, &c__
Local consumption—.....
Stock at close of year
-1937-38-
61,670
27,614
7,428
48,098—
144,810
201,213
2,592
9,692
61,476—
61",476—
61,476
42,352—
274,973
Deduct—
Distribution- -Total consumption, &c.-
Leaving visible stock
Leaving invisible stock.
....
...
26,031,000
4,225,139
6,171,861
Total visible and invisible stock at end of year.
Number of Spindles in
There has
...10,397,000
83,334
Movement for year—bales.
42,427
232,546
MISSISSIPPI
the World
again been a decrease the past season in the
world's spindleage, the largest declines have taken place
in the United States and Great Britain.
Increases are re¬
corded for India, Canada and the Continent, while de-
Receipts from Florida, Pacific
Coast, &C--—
Stock at beginning of year
-1937-38-
1938-39
Exports....
—
Stock close of year.
Stock beginning of year......
—
Movement for
year—bales.
1.511
---- -
-
50,499—
17,753
comn
52,010
"2ZZZZ
52,010
17,753
The Commercial &
1986
♦
Movement of Cotton at
FLORIDA
-1937-38-
1938-30-
Exported from Pensacola, Pan¬
ama City & Jacksonville:
To foreign ports
13.777
2,639
4,996—
.
Coastwise, inland, &c
.
Stock at close of year
—
21,412
Towns,
Receipts.
other ports
Stock at beginning
7",264—
of year
5,222
5,222-
7,264
Ala., Birmingham
Stocks.
ments.
74,945
9,292
51,264
12,120
12,447
5.768
53,062
47,395
&c., but we
Helena
60,472
41,088
:;"
outports where it first appears.
To foreign ports....
To coastwise, inland,
19,392
125,071
.....
&c._.
545
265
Local consumption
Stock at close of year;
At Brunswick
Received from Brunswick, &c_
St ock at beginning of year
At Brunswick....
147,149
147,149—
At Savannah.............
124~462—
46,403
33,112
187,906
140,132
58.815
62,143
41,959
29,691
Atlanta
14,624
31,950
133,758
Augusta
138,972
142.461
14,200
30,162
16,400
32,943
6.524
Columbus
16,952
86,762
Miss., Clarksdale
124,693
Columbus
137,106
Jackson
Greenwood
36,925
Movement for year- -bales.
Vicksburg
Exported from Charleston, &c.:
Coastwise, ports, &c
Inland and local consumption:
Inland
6,869
—
Local consumption
mpt
Stock
lock at cclose of year—..—
Mo., St. Louis
N. C„ Greensboro
173,713
50,634
4,352
To foreign ports
Yazoo City..
-1937-38-
-1938-39
4b",842—
10,807
36",482—
102,697
221,002
Deducl807
3,223
36,482-
19,963
201,039
62,992
NORTH CAROLINA
1,200
18,440
7,988
35,767
20,821—
20,821
13,035
94,537
54,776
45,792
25,855
22,087
75.143
262,600
220,204
30,321
205,824
24.885
46,683
31,291
39,982
26.861
197.462
40,418
59,787
303,697
260,352
51,425
17,060
66,054
45,637
23,909
3,035
19,156
53,664
9,313
7,906
29,626
45,765
209,583
31,515
210,512
15,423
15,340
39,435
2,335
7,026
7.525
1,744
221,505
27,206
125,926
252,920
56,839
549,608
17,033
12,494
Austin
...
...
Paris
San
Marcos..
41,590
52,431
76,111
10,552
12,920
'
25,185
214,946
9,114
213,544
3,264
9,628
2,243
522,929
441.806
134,685
152,943
138,944
75,442
,719,180 2,447,748
509,249
46,150
39,772
7,614
15 588
13,646
3,355
18.040
16,891
1,413
15 025
14,745
14,039
13,168
46 538
115,285
93,578
84,718
2,148
33,010
65 212
41,115
49,333
2,428
38,433
38,325
8, 809
10,019
2,456
17,790
16,087
13, 375
11,438
12,270
52,217
1,937
34,837
a7,094
«7,795
42,201
91,196
25,529
28, 347
56, 365
...
16,460
22,446
71,778
3,666
a
18,760
12,312
79,391
38,442
20,821-
Includes the combined totals
9,133
quantity
of
Office, we are again
separately the
and foreign cotton consumed in
linters
lint,
running bales:
States during the last two seasons, in
'
.
IN
CONSUMPTION
COTTON
VIRGINIA
Antonio.
the following table, showing
each of the Southern
29,289
a San
of 15 towns in Oklahoma,
CONSUMPTION IN THE SOUTH
Through the courtesy of the Census
able to present
9,133—
6,696,535 5,551,947 1,964,750
4,905,132 4,439.914 2.429,96
COTTON
14,946
N
.
SOUTHERN
.
.'■*
•.
.
ENDING
STATES—YEARS
JULY 31.
-1937-38-
1938-39-
Quantities are given in running bales, counting round as half
cotton, which Is in 500-lb. bales. 1
37,472
4,565
8,728
7,718
4,961
7,463
Shipped inland
Local consumption
npi
orted from Newport News,
Exported
16,990
,086,211
*
500
9,339—
To coastwise.
27,667
32,515
107 ,323
7,833
-—--
Exported from Norfolk:
To foreign ports
....—.
34,100
38,355
339 740
8~,068
year—bales.
123.164
33,950
47,628
66,395
Waco
Deduct—
Movement for
125,036
35,050
24,886
(15) towns*
Total. 56 towns
Received from other ports
Stock at beginning of year....
180,537
31,900
-1937-38-
—1938-39
Stock at close of year
74,187
119,675
Tenn., Memphis..... 2,126 570
22 013
Texas.. Abilene..
Texarkana
Exported from Wilmington:
To foreign ports
To coastwise, ports, &c
Inland by rail..
Local consumption
Coastwise from Wash., &c__
25,322
137,103
S. C.t Greenville.....
Dallas
19,156—
39,705
year—bales.
31,782
190.805
155,300
Robs town..
Movement for
45,539
239,769
156,191
Brenham
From Galveston, &c..
Stock at beginning of year
25,969
Oklahoma—
Plfteen
C'vV;'
13.391
16,187
17,664
12,089
18,400
147,564
33,569
Natchez
SOUTH CAROLINA
22,755
86,296
97,348
La., Shreveport
—
21,280
91,755
37,516
Rome
•
23,767
36,563
146,432
46,536
39,288
Macon
231
46,006
34,118
141.709
39,025
15,926
31,303
196,674
"
Deduct—
65,923
8,029
100,959
Walnut Ridge
261,799
28,278
48,622
Athens...
147,149—
184,074
85,656
38,334
77,158
24,515
101,217
40,198
Ga., Albany
...
141,157—
At Savannah
119,076
60,486
47,662
139,492
Newport
Pine Bluff
100,616
13,769
171,483
47,700
66,770
53.390
69,658
21.082
Little Rock
-1937-38-
24,799
17,573
69,468
30,350
32,616
154,325
16,267
39,036
Jonesboro
1938-39-
132,034
Hope
GEORGIA
Exported from Savannah:
45,096
—
Ark., Blytheville
20,624
60.848
14,605
89,073
39,000
Selma
this year as heretofore only the shipment
Florida cotton has also gone inland to Savannah
have followed our usual custom of counting that cotton at the
figures represent
Slocks.
ments.
66,839
Forest City
Mongomery
Receipts.
20,886
from the Florida outports.
...
July 31 1938.
74,683
11.081
85,204
31,716
63,365
15,815
Eufaula
64,362
14,118
Movement for year—bales.
interior
Ship-
Ship-
Received at Jacksonville from
These
Year Ending
31 1939.
Year Ending July
9,584
Deduct—
*
Interior Towns
table shows the movement to the
of the South during the last two seasons:
The following
towns
55,876
6,444
7,264—
1939
Sept. 30,
Financial Chronicli
bales, except foreign
American Cotton.
Foreign Cotton;
Linters.
Lint.
&c.:
To foreign ports.
...
Stock at end of year, Norfolk.
26,206—
29", 100—
46,342
Deduct—
Alabama
Received from Wilmington, &c
Received from other No. Caro.
Received
Houston
from
Georgia
.....—.......
North Carolina
and
South Carolina
New Orleans
Tennessee.
29",166—
Stock at beginning of year
20,500—
29,100
1938-39
1937-38
725,346
1,337,799
587,173
1,070,667
1,440,110
1,187,264
151,797
20,500
................
9,683
2,396
10,002
11,866
11,732
8,855
33,724
40,134
2.217
2,124
7,174
2,113
8,528
234,565 478,288 398,452
2",523
3",746
Total
TENNESSEE,
5,752,224 4,818,141 507,851 421,093
57,932
66,740
*
-1937-38-
Tojmanufacturers direct, net
*
*
*
"all other" as large proportion represents the
Now Included in
single establishments.
778,654
1,098,670
30,533
29,173
To New York, Boston, &c., by
rail
♦
1,781
&c.
1938-39
overland
146,565
139,323
259,269
Virginia
1,979
59,365
17,242
year—bales.
685
2,527
13,087
1,755,196
1,364,628
170,663
All other cotton States..
Movement for
1938-39 1937-38 1938-39 1937-38
79,865
As showing
operations of
-
the dominance of the South in cotton manu¬
facturing, as in cotton raising, we add the following
table to
the leading
Southern States, with the amount of cotton consumed by the
mills therein.
We no longer make an independent investiga¬
tion of cotton consumption in the South, as was our practice
indicate the number of cotton spindles in each of
Total
marketed
nessee,
,
from
&c —bales
I.
Total product
1939
Ten¬
809,187
1,127,843
detailed in foregoing States for year ended July 31,
-
-
Mill takings in South, not
4,539,742
05,923,391
included
up
Total crop for U. S. for year
a
These are Southern mill takings;
bales
more
10,463,133
ended July 31,1939—bales
to
the
returns to
season
our
1921-22,
of
requirements.
but now adapt the Census
The table is as follows: •
Southern consumption was 339,932
Number of Spindles.
than that amount, or 6,263,323 bales.
Consumption
Southern Stales
Running
Overland Crop Movement
The
Aline.
following shows the details of the overland movement
for the past
three years:
...
,
Via St. Louis.
Via Mounds, &c
1938-39
1937-38
1936-37
Bales
Bales
Bales
268,843
200,081
_
_
Via Rock Island
Via Louisville.
.
Via Cincinnati
Via Virginia points..
6,065
6,434
12,892
8,846
5,452
398
116,781
127,159
7,356
1,071,594
5,087
Via other routes East
Via other routes West
...
271,885
146,497
759,818
427,735
167,931
6,223
10,283
11,204
234,560
7,668
1,029,906
..
.
South Carolina.
1,375,019
1,640,169
1,895,510
Between interior towns.
.
.
Texas inland and local mills.
New Orleans Inland and local mills...
Mobile inland and local mills
.
Savannah inland and local mills
Charleston inland and local mills
North Carolina ports inland and local mills
30,533
29,173
74,580
10,396
133,849
11,163
170,116
14,908
253,357
359,987
9,825
268,586
11,988
386,926
18,542
9,614
8,593
28,295
6,869
10,807
15,901
40,643
25,451
8,728
6,444
15,900
25,190
Virginia ports inland and local mills...
7,463
Jacksonville inland and local consumption...
2,639
26,808
596,365
541,499
885,460
*
778,654
1,098,670
1,010,050
This total includes shipments to Canada by rail, which in 1938-39 amounted to
232,395 bales.
496,830
593,354
139,323
523,204
740,080
6,318,007
5,301,737
599,918
18,354,212
1,360,888
1,800,652
1,374,019
172,776
1937-38
18,798,244
16,526,872
16,660,094
1936-37
18,891,196
17,755,550
7,089,268
1935-36
19,024,974
1934-35
19,339.858
17,147,788
16,265,212
17,128,866
17,694,344
15,220,742
16,779,228
17,268,344
5,717,450
4,663,899
4,904,681
Total 1938-39........
1932-33
19,137,558
19,108,856
1930-31
19,122,896
18,848,216
18,508,322
18,169,026
1927-28.
1926-27....
17,874,750
1925-26.
1924-25
1923-24
1922-23
1921-22
1920-21
1919-20
1918-19
1916-17
1907-08
1902-03
1897-98
.....
19,330,904
19,052.330
1933-34
1914-15
Leaving total net overland *
559,580
639,226
5,891,080
All other cotton-growing States
1917-18
Total to be deducted
..
;
1928-29
Overland to New York, Boston, &c_.__
... ........
Virginia...
1929-30
Deduct Shipments—
.
...
Tennessee.
1931-32
Total gross overland
5,619,432
3,234,256
.
730,269
1,635,402
2,841,874
5,221,180
5,215,028
1,810,720
....
Georgia
m
Amount Shipped
Alabama
North Carolina..
Bales.
in July.
_
17,634,948
17,226,118
16,458,116
16,074,981
15,380,693
14,990,736
14,639,688
14,369,599
14,040,676
13,017,969
10.451,910
7,039,633
3.670.290
5,428,709
4.325,207
4.403,401
5,080,871
18,004,436
5,761,519
17,602,480
17,655,378
16,920,520
5,429,435
5,493,929
4,795,534
16,577,760
4,459,956
15,469,864
15,872,395
15,580,000
15,130.755
14,792,436
14,243,813
14,111,621
13,937,167
12,737.498
9,864,198
6,714,589
4,050.844
3,574,754
1,227,939
4,489.150
3,977,849
3.168,105
3,724,222
3,504,191
4,323,826
4,378.298
3,164,896
2.234.395
2,049,902
t
Volume
The Commercial & Financial Chronicle
14i
COMPLETE
DETAILED
SHOWING EXPORTS
STATEMENT
Pensa-
(b)
Country and, Port of
Gal-
Destination
teston
Houston
Browns¬
cola
ville
Pan¬
Jack¬
ama
son¬
Savan¬
Char¬
Nor¬
City
ville
nah
leston
folk
Corpus
Beau¬
New
Lake
Christi
mont
Orleans
Charles
Mobile
2,577
Great Britain
England—Hull
_
Liverpool
_
_
:
Manchester
London
42,990
70,294
28,734
57,778
17,894
11,212
63,285
6,628
449
61,050
4,160
50
2,170
17,229
19,285
San
New
Phila
Balti¬
Fran¬
and
York
del'ia
more
cisco
Seattle
197
894
1,605
50
Dunkirk...:
24,442
8,618
200
3,470
58,198
50,457
...
75/904
......
5,856
—
"*12
—
—
—
22*569
-
-
—
—
-
Hamburg
3*,770
6l",776
13,591
56,426
14,441
1,135
400
21,666
2*3",343
14*.471
3*788
1*613
20*, 167
— to¬
100
-
"no
1,464
-
-
--
-
--
2,486
5,174
-
tor
to
to
Belgium
"*58
166
to
to
to
to
9*051
6r,730
415
426
9,017 26,703
2,871
'
2,765
*415
405
89,928
3,670
288,206
1,398
to
13,734
'
toto-to
totototo
tototo¬
totototo
to-
1,894
5,894
3,270
21,930
"2*811
2*278
25,772
33,127
Ghent
Denmark—Copenhagen
16,960
150
—
.
to
—
—toto-
to
to
131
......
'
4,993
—
'to
^
m
45
-
—
—
-
—
-
—
-
-
2,041
-
—
601
715
'-toto-
6,512
444,034
2,206
51,841
'
— —
*135
61
Aalborg...^.....
M58
....
--
to
-
300
-toto-
-
Norway—Bergen
4,061
550
1,054
50
775
250
5,600
4,858
3,344
*276
*21*,587
,1*680
215
663
200
-
-
—
-
300
— -
to to
153
79
to
274
Malmo.
3,465
150
50
*600
19,582
1,955
33.813
Norrkoplng
Stockholm
426
—
-
—
-
-
-
-
-
-
-
-
—
-
.i-toto-
—to
-to —
Poland—Gdynia
80,011
.T
Spain..
68,805
-
—
to
-
-
-
to
—
-
.
-
-
—
-
—
700
3,000
10,804
1,773
79,271
....
-
'•
—
—
—
to.
-
'to
—
to
—
—
-
.
863
.
232
^
459
1,900
6,984
375
I ll100
100
300
2,223
4,550
300
68
to'
—
-
I--.
1
1,000
212,307
700
to---
500
to—to.
to-toto
•1
14*585
105
.....
to.
-
----
500
......
Barcelona...
to.to-
to
totototo
375
""
....;
241
—
to
-
912
—
■m — ——
"105
.......
Varburg..
to.
*
.........
Uddevalla
-
tototo¬
totototo
*625
994
-
-
—
"~77
*134
1,400
377
82
-
tototo to
1
Karlsholm
-
-
to¬
toto'to-
2,326
100
-4.-
to—--
■
14*,391
to
-
70,284
7,938
4,057
23,389
69,058
60,618
1,025
'tototo¬
tototo¬
-
— — -
----
*200
1,562
__
totototo
,
....
Gefle..
to
-
-
100
"~65
*200
39*473
Oslo
Gothenburg.
—
4m
1,500
1,100
-
—
176
821
350
"*29
700
......
—
-
—
----
to to
—
*
3*.600
2*. 189
*577
9,721
7,801
460
12,336
Vejle
Sweden
"*44
1*379
4,420
...
...
Antwerp
to
»
to
.
-
-
-
14,585
500
■
Bilboa.
.
_.
^
...
.
525
210
*1*244
Leixoes.
to-'-.
134
1,272
to
55,236
1,333
j..
Leghorn.
Venice
:..«._
.
.
_.
Cons tan a
Finland
55,660
2,100
29,367
25
154
18,650
31,706
....
2,650
"200
15*980
200
300
1,040
505
972
950
47,789
200
500
3,807
6,553
94
2*098
14^355
179
OV/
33
468
"500
'700
-
to--
—
-
-
to
5,473
57,813
<to
to
67,226
to
to
-to —
■
-
179
117
IIII
300
2*. 191
/llll
to-to-
—
to
995
2,191
toto--
to—
-
to to¬
-toto-
to
to
tototo-
—
8
.
.........
Mont viota
^
50
1,000
.........
2,869
1,819
'
135
Brando......._....i..
.
'to1
•totototo
1,932
"*12
398
846
Wasa
•
,
462
■
to — to to
to
to
to
to
to -
-
—
'to to'.—
to
toto¬
Mantyluoto........
Latvia—Riga
Czechoslovak ia
...
6,488
.......
1,430
.
.
........
—
—
"*50
toto
161
100
.
*4,145
7,954
............
Estonia—Reval
Tallinn.....;
l
344
580
209,642
24,201
2,321
*950
300
8
----
*707
200
—
282,886
.....
China............
Canada
53,370
28,985
.....
Honduras
100
6,488
1,939
1,513
to
.
—'a*
298
--
.
.....
—
.
13,849
2,749
-
----
1,124
78,570
2,152
9,071
728
*
^•
1,390
*600
....
5*. 566
666
"
:
....
891,161
102,635
a240,729
2,267
91,833 200487
1,294 6,266
725
1,377
2^267
....
1,944
1,709
—
100
■
Jai an
to
to*.
*155
•
-
1,750
1,064
778
—
135
to
.
to'to
----
-
....
America—
San Jose..............
14
Cucusta
29
1,077
200
877
Baranquilla....
~~
14
~~
29
1
1
Belize
.
San Salvador....
Cuba—Havana
_
.
60
....
.
IIII
'to'
5,612
4,497
... ..
'
—
60
10,109
-
...
4
Maracaibo...4,...„.ii,,
"*732
Philippine Islands—Manila
to
63
Colon
56
—
4
355
to
"*15
223
Panama City
....
-III.
'
Zone—Cristobal..
Uruguay—Fan Fel ipe...
II.„
"
....
355
Valby
Canal
142
*
""*142
Abo
South
179,908
M36
•
•
—'—
;
_
269
....
995
.....
Mestre
Galaty
17,992
735
to
....
50
Naples
—
-
-to —
Italy
Genoa
•
----
269
....
Lithuania-—Klaiteda
Trieste...
to-
-toto-
500
.
Portugal—Lisbon...
Oporto..
Susak
"*25
to
....
—
.
....
—
to-.
995
63
-
56
6
....
1,100
'
.Mod
.
....
....
....
Guatemala—
Porto Colombia
Guatemala
Buena
Ventura
"4*,822
"*662
1,823
2,341
596
2,130
459
_
.
69
*108
IIII
8,919
203
*
281
1,819
1,764
....
........
-
3
500
1,324
47
770
1,875
1,017
2,600
•
—to
■
2,166
918
-
*551
II. 1
3,708
9,122
'to,
to
.1
-
-
-
—
—
-.
-
-
-■
-
—
.
.
■
3,930
30
30
Africa—Durban.
104
....
*104
Capetown
Total
—
*200
.....
Sydney..
■
80
613
225
Africa
Melbourne
5,067
....
India—Bombay.........
Australia..
7,766
_
3*.600
.
.
11 I
....
Chile—Arica
Valparaiso.
927
927
.....
Porto Barrios
11,841
4,909
3,130
3,802
...
City
Colombia—Cartagena...
South
oni
0,uui
— — -
8ll70
.to —
Enschede
•
14,810
238,763
208,382
...
Rotterdam
■
-toto-
,
47*815
1,364
•
...
Holland
1*20*,935
145,462
8,718
*"io
*100
1,422
19,046
Germany
......
—
4,191
114
...
-
^
to
-
*714
119
1,128
1,595
446
Bremen
37,905
1,138
*400
-
'
■
tototo to
225
Brest
-
....
F600
22,264
Marseilles
—
914
104
Total
524 16,647
319
174
1,803
8,335
Los
Any
a
*7*,301
Bordeaux
....
port
150
....
Bourgas
(d)
Gulf-
17,960
6*399
(e)
(C)
and
----
2,136
50
...
Havre..
STATES
UNITED
Boston
584
1 A4
...
...
...
FROM THE
Exports from-
Reason of 1938-39
France.;
OF COTTON
COUNTRIES OF DESTINATION
PORTS AND
BY
1987
_'.
57,499 567,463
939,966 260,947
948,597
.....
35,951
61,670
1,420124,799 50,634
12,357
7,718 11,493
6,449
....
....
....
2,024 115877 269740 3,606,999
5,600 bales; to Antwerp, 460; to Dunkirk, 5,856; to Havre, 22,569; to London, 50
to Rotterdam, 1,013; to Liverpool, 1,963; to Manchester, 449; to Bremen, 13,591; to Hamburg, 400; to Gdynia, 1,850; to Riga, 161; to Reval, 200; to Abo, 50; to Genoa, 2001
to Spain, 500; to Gothenburg, 79; to Naples, 1,040; to Gefle, 200; to Warberg, 50; to Karlsholm, 79; to Tallinn, 100.
From Beaumont to Liverpool, 173; to Gdynia, 105; to
Norrkoplng, 625; to Gothenburg, 136.
c Includes from Boston to Germany, 104; to Great Britain, 197; to Canada, 5,566; to France, 90; to Belgium, 176; from Philadel¬
phia to France, 29; to Italy, 200: to Sweden, 77; to Germany, 10.
d From Baltimore to Italy, 500; to Great Britain, 13; from Gulfport to Bremen, 131; to Great Britain,
a
b Includes from Brownsville to Ghent,
Includes 232,395 bales shipped by rail,
511; to France, 714; to Czechoslovakia, 155.
e
Includes from Seattle to Canada, 25,
The
the
in
weight
previous
been 521.31
in
of
bales
the past
pounds
per
bale
in
1935-36
;
per
518.50
523.66 pounds per bale in
in 1932-33 ;
per
518.85 pounds
bale in
520.26
514.71
1930-31;
pounds
pounds
slightly
middling.
better
The
in
in
average
per
;
last
average
was
for
lighter
pounds
Year Ended July 31, 1939
1938-39 having
;
1934-35;
bale in
per
519.97 pounds per bale
bale in 1931-32; 520.11 pounds
516.14
The
year's,
bale in
per
pounds
grade
of
in
the
averaging
1929-30;
1927-28,
crop
better
comparison:
than
bale in 1936-37; 517.75 pounds
1933-34
1926-27.
season
522.14 pounds
1928-29
than
give 1937-38 for
and
was
than
weight of bales and the gross weight
Year Ended
July 31, 1938
Movement
Number of
Bales
Through—
bale against 528.20 pounds per bale
1937-38; 519.34 pounds
per
the
season,
have made up as follows for 1938-39 and
the crop we
of
Weight of Bales
Weight in
Pounds
Number oj
Bales
Weight
Aver.
2,505,252 1,324,451,574 528.67
Texas..
Weight in
.4 per.
Pounds
Weight
4,264,242 2.272,840,986 533.00
2,215,127 1,194,108,512 539.07
Louisiana
943,706
500,334,057 530.18
Alabama.a
135,344
51,073
62,992
17,242
14,946
70,378,880 520.00
250,299
130,405,779 521.00
25,862,345 506.38
32,125,920 510.00
8,621,000 500.00
201,468
7,323,540 490.00
29,289
103,810,416
103,535,085
29,682,500
14,322,321
Georgia. &
South Carolina..
Virginia
North Carolina..
Tennessee,
Total crop
a
6,732,578 3,485,388.304 517.69
years
relation
may
59,365
515.27
515.00
500.00
489.00
6,447,69P 3,371,050,468 522.83
10,463,133 5,454,485,610 521.31 13.668,528 7,219.756,067 528.20
Including Mississippi,
The
201,039
be
b Including Florida.
of the gross weights this year to previous
seen
from
the following comparison:
The Commercial & Financial Chronicle
1988
Average
Crop
Weight
Secuon of—
No. of Bales
Weight, Pound*
5,454,485,610
7,219.756.067
521.31
7,665,884,200
519.34
6,995,659.101
517.75
1938-39.,
10,463,133
1937-38..
1936-37..
13.668,628
14,760,563
1936-36..
13,611,608
per Bale
528,20
1934-36.4
9,211,567
4,776.158,030
518.50
1933-34..
6,963,805.787
523.66
7.888.823.674
619.97
1927-28..
14,372,877
1926-27..
19,281,999
7.849,588,255
7,213,364,418
7,638.942.456
8.250,547,617
7,418,414,991
9,924,773.826
518.85
1928-29..
13,298,291
15,171,822
16,128,617
13.868.804
14.630,742
15,858,313
1932-33..
1931-32.i
1930-31..
1929-30-.
520.11
522.14
520.26
616.14
514.71
the total crop each year since 1896-67.
Below we give
All
prior to 1913-14 cover the period Sept. 1 to Aug. 31.
years
1912-13 consequently includes August, 1913, which
The year
is also a
part of 1913-14:
Years
Bales
1924-25
1923-24
14,716.639
11,326,790
11,248.224
11.494.720
11,355,180
12,217,552
Bales
Years
1938-39*
1937-38
1936-37
1935-36
1934-35
1933-34
1932-33
1931-32
1930-31
1929-30
1928-29.
1927-28
1926-27
1925-26
.
—
-10,463,133
13,668,528
14,760,563
13,611,608
9.211,567
13,298,291
15,171,822
15,128,617
13,868,804
14,630,742
15,858,313
14,372,877
19,281,999
15,452,267
1922-23
1921-22
1920-21
1919-20
Years
Bales
1909-10
10,650.961
1908-09..—.13,828,846
1907-08
11,581,829
1906-07
13,550.760
1905-06
11,319,860
1904-05
13,556,841
1903-04
10.123,686
1918-19
1917-18.
11,602,634
11,911,896
1916-17
12,975.569
1901-02
1915-16..—12,953,450
1914-15
15.067,247
1913-14
14,884,801
1912-13
14,128,902
1911-12
16,043,316
1910-11
12,132,332
1900-01
1899-00
1902-03
10.758,326
10,701,453
10,425.141
9,439,559
11,235,383
.11,180,960
8.714.011
1898-99
1897-98
1896-97
The Course of the Bond Market
The
U. S. Governments and the
better
grades of corporates all sold at new 1939 low levels,
on the average, on Monday, but by Friday night Govern¬
ments had rallied 1.61 points, Aaa'? 1.64 points, Aa's 1.17
points and A's 1.03 points.
High-grade railroad bonds have stopped their downward
trends, at least temporarily, and in some cases advanced
slightly.
Virginian Railway 3%s, 1936, advanced M of a
point to 102and Norfolk & Western 4s, 199.6, remained
unchanged at 115. Medium-grade and speculative rails con¬
tinued their upward movements with many recording new
highs for 1939. Northern Pacific 4s, 1997," closed at 73M,
Nearly all groups in the industrial section of the list have
higher this week, with the exception of convertible
issues.
Among the oils, the best gains were scored in the
high grades.
Steels firmed, moderate gains have been dis¬
played among paper company obligations and strength has
been shown in coal, rubber and liquor company bonds.
Building material company issues have been mixed, with
gains shown in the Celotex bonds, while the PennsylvaniaDixie Cement 6s, 1941, were off 5M points at 94 and the
Walworth 4s, 1955, lost 3points at 58%.
Other excep¬
tions to the generally higher price trend included the Atlantic
Gulf and West Indies Steamship Lines 5s, 1959, off 1M
points at 70 M» and the International Mercantile Marine 6s,
1941, which declined 8 points to a price of 64.
There has been a general improvement in foreign bonds,
which prevailed throughout the week and resulted in con¬
siderable gains for the better-grade issues, in particular for
those of the neutral nations of Europe such as Belgium, Nor¬
way and Denmark, advances ranging from 5 to 15 points.
After an initial decline, Polish bonds rallied to last week's
closing levels but relapsed again when the German-Russo
settlement became known.
Italian issues showed only minor
been
closed firm.
Among Australian
the general upward movement,
Queensland issues have been noticeably strong.
The im¬
provement in the South American list has been of moderate
proportions, however, while increased turnover has been
changes
while
Japanese
bonds which participated in
noted in Mexican issues.
•
MOODY'S BOND
(Based on Average Yields)
(Based
120
U. S.
All
1939
Govt.
Domes¬
Bonds
tic
Corp.*
2M-
Erie 5s, 1967, closed at
MOODY'S BOND PRICES t
Daily
Averages
Defaulted bonds as a group also recorded new highs.
17^, up %, and New Haven 4 Ms,
1967, advanced 1 point to 19.
Some uncertainty has prevailed among speculative and
lower grade utility bonds this week and no pronounced move¬
ment one way or the other has been shown by these classes.
High grades, however, have moved steadily ahead, regaining
a fair portion of the losses suffered since the inception of the
European war. Brooklyn Edison 3Ms, 1966, have advanced
1M points this week, closing at 103: Cincinnati Gas & Electric
3 Ms, 1966, have gained 2M at 102 M; Southern Bell Tele¬
phone 3s, 1979, have risen 2J/g to 96 MGains have also
been made by a number of New York traction issues includ¬
ing Brooklyn Union Elevated 4s, 1950, Manhattan Railroad
4s, 2013, and Nassau Electric 4s, 1951.
up
.
general rallying tendency of the bond market has
affected all classes this week.
120 Domestic Corporate *
by Ratings
Aaa
Aa
120 Domestic
All
Corporate by Groups*
Domes¬
tic
A
Baa
RR.
85.24
91.05
105.41
107.88
109.05
98.97
85.38
91.05
105.22
107.88
28—
108.85
98.97
85.24
90.90
104.85
107.49
27
98.62
85.24
90.90
104.67
106.92
26
98.28
84.69
90.59
104.30
106.54
25
101.06
114.09
109.44
28-. 110.00
100.88
113.89
27.. 109.42
100.70
113.07
26— 108.92
100.53
112.66
108.66
25— 108.77
100.00
112.45
108.27
P.
U.
Ind.
120
1939
Daily
99.31
Sept.29— 110.38
1939
30
Sept.
Averages
YIELD AVERAGES
t
Individual Closing Prices)
120 Domestic Corporate
120 Domestic
by Ratings
Corporate by Groups
Baa
RR.
3.26
3.49
4.04
4.95
4.55
3.95
3.27
3.51
4.06
4.94
3.96
3.31
3.52
4.06
4.95
3!97
3.33
3.53
4.08
4.95
4.00
3.34
4.99
Corp
3.94
Sept. 29
on
;
Aaa
A
Aa
P.
U.
Ind.
3.70
3.57
4.55
3.71
3.57
4.56
3.73
3.59
4.56
3.74
3.62
4.58
3.76
3.64
3.55
4.10
108.87
100.18
112.86
108.27
98.45
84.69
90.44
104.48
106.73
23
3.99
3.32
3.55
4.09
4.99
4.59
3.75
3.63
22— 108.93
100.18
112.86
108.66
98.28
84.55
90.29
104.48
106.92
22
3.99
3.32
3.53
4.10
5.00
4.60
3.75
3.62
21- 108.85
100.35
113.27
108.46
98.45
84.69
90.44
104.67
106.92
21-
3.98
3.31
3.54
4.09
4.99
4.59
3.74
3.62
20— 109.84
3.27
3.59
23-
100.70
113.89
108.85
98.80
84.83
90.75
105.04
107.49
20
3.96
3.52
4.07
4.98
4.57
3.72
110.45
100.88
114.09
109.05
98.97
84.83
90.75
105.22
107.88
19
3.95
3.26
3.51
4.06
4.98
4.57
3.71
18- 110.68
100.88
114.30
108.85
98.97
84.96
90.90
105.04
107.69
18
3.95
3.25
3.52
4.06
4.97
4.56
3.72
3.58
110.81
101.06
114.30
109.24
99.14
85.25
91.05
105.41
108.08
16
3.94
3.25
3.50
4.05
4.95
4.55
3.70
3.56
15- 110.60
101.06
114.09
109.44
99.14
85.24
91.20
105.22
108.08
15
3.94
3.26
3.49
4.05
4.95
4.54
3.71
3.56
100.88
114.09
19..
16-
14— 110.48
3.57
108.85
98.80
85.10
91.05
104.85
107.49
14
3.26
3.52
4.07
4.96
4.55
3.73
3.59
13- 110.45
100.88
113.89
108.85
99.14
85.10
90.90
105.22
107.49
13
3.95
3.27
3.52
4.05
4.96
4.56
3.71
3.59
12- 110.44
101.06
114.51
109.24
99.31
84.83
91.05
105.60
107.69
12
3.94
3.24
3.50
4.04
4.98
4.55
3.69
3.58
11- 110.54
101.41
114.93
109.64
99.83
84.83
91.05
105.98
108.46
11
3.92
3.22
3.48
4.01
4.98
4.55
3.67
3.54
9— 111.03
101.41
115.14
110.04
100.00
84.69
91.05
106.17
108.66
9
3.92
3.21
3.46
4.00
4.99
4.55
3.66
3.53
8- 111.26
101.06
114.93
109.44
99.83
84.28
90.59
106.17
108.46
8
3.94
3.22
3.49
4.01
5.02
4.58
3.66
3.54
7- 111.34
100.53
114.72
109.05
99.31
83.33
89.99
105.60
107.49
7
3.97
3.23
3.51
4.04
5.09
4.62
3.69
3.59
6- 111.34
100.35
114.72
109.44
98.62
83.19
89.55
104.67
108.27
6-
3.98
3.23
3.49
4.08
5.10
4.65
3.74
3.55
5.. 112.61
100.53
115.14
110.04
98.80
82.79
89.55
105.22
108.08
3.21
3.46
4.07
5.13
4.65
3.71
3.56
4_.
Exchan tie
Stock
Clos ed
2- 113.63
102.12
117.50
112.25
100.88
83.19
89.99
107.69
110.43
1
102.66
118.16
112.86
101.41
83.33
90.14
108.46
111.23
—
114.04
Weekly—
5
3.97
4
Stock
2
3.88
3.10
3.35
3.95
5.10
4.62
3.58
3.44
1
3.85
3.07
3.32
3.92
5.09
4.61
3.54
3.40
3.75-
2.97
3.17
3.85
4.99
4.51
3.45
3.27
Exchan ge
Clos ed
Weekly—
Aug. 25— 114.85
104.48
120.37
116.00
18- 116.63
105.98
121.49
117.29
11
106.54
121.49
118.16
—
3.95
116.79
102.66
84.69
91.66
110.24
113.89
103.56
86.78
93.21
111.43
115.35
18
3.67
2.92
3.11
3.80
4.84
4.41
3.39
3.20
103.74
87.21
93.69
111.43
116.00
11
3.64
2.92
3.07
3.79
4.81
4.38
3.39
3.17
111.64
115.78
Aug. 25
117.12
106.73
121.72
118.16
103.93
87.49
4
3.63
2.91
3.07
3.78
4.79
4.35
3.38
3.18
July 28— 117.47
106.73
121.72
118.38
103.93
87.64
94.01
111.64
116.00
28
3.63
2.91
3.06
3.78
4.78
4.36
3.38
3.17
117.07
106.54
121.94
118.38
103.38
87.35
93.69
111.64
116.00
21
3.64
2.90
3.06
3.81
4.80
4.38
3.38
3.17
14— 116.99
106.17
122.17
117.94
103.02
86.64
93.06
111.64
115.78
3.66
2.89
3.08
3.83
4.85
4.42
3.38
3.18
7-
116.82
105.60
122.40
117.72
102.12
85.93
92.12
111.23
115.78
14,
7.
3.69
2.88
3.09
3.88
4.90
4.48
3.40
June 30..
116.43
105.04
121.72
117.29
101.76
85.24
91.51
110.63
115.14
June 30
3.72
2.91
3.11
3.90
4.95
4.52
3.43
3.21
23- 117.13
105.41
121.49
117.29
102.48
85.93
92.43
110.83
115.14
23
3.70
2.92
3.11
3.86
4.90
4.46
3.42
3.21
16- 116.80
105.22
121.27
117.07
102.12
85.79
92.12
110.63
114.93
16
3.71
2.93
3.12
3.88
4.91
4.48
3.43
3.22
9—
117.34
105.41
121.27
116.86
102.66
86.21
92.59
110.83
114.72
9—.
3.70
2.93
3.13
3.85
4.88
4.45
3.42
3.23
2„
117.61
105.22
121.04
116.64
102.84
85.52
91.97
111.23
114.30
2
3.71
2.94
3.14
3.84
4.93
4.49
3.40
May*26_.
116.98
104.48
120.82
116.43
102.12
84.55
91.05
110.83
113.68
May 26
3.75
2.95
3.15
3.88
5.00
4.55
3.42
3.28
*119-
116.97
103.56
120.59
115.78
101.06
83.46
89.84
110.43
113.27
19
3.80
2.96
3.18
3.94
5.08
4.63
3.44
3.30
12—
4-
|.
L
21-
94.17
July
3.18
3.25
ifcti 12— 116.37
5— 115.78
104.11
120.37
116.43
101.76
83.73
90.69
110.24
113.48
3.77
2.97
3.15
3.90
5.06
4.58
3.45
3.29
103.56
120.14
115.78
101.23
83.06
89.99
109.84
112.86
5
3.80
2.98
3.18
3.93
5.11
4.62
3.47
3.32
Apr. 28.. 115.41
102.84
119.47
115.35
100.53
82.40
89.40
109.24
112.25
Apr. 28
3.84
3.01
3.20
3.97
5.16
4.66
3.50
3.35
21— 115.13
102.66
119.03
114.93
100.53
82.40
89.10
109.05
112.25
21
3.85
3.03
3.22
3.97
5.16
4.58
3.51
14—
114.76
102.30
119.03
114.72
100.18
81.61
88.65
108.66
111.84
14
3.87
3.03
3.23
3.99
5.22
4.71
3.53
3.37
6..
114.85
102.84
119.25
114.72
100.70
82.66
89.40
108.85
112.45
6
3.84
3.02
3.23
3.96
5.14
4.66
3.52
3.34
114.85
103.93
119.25
115.14
102.30
84.83
91.51
109.24
112.86
Mar. 31
3.78
3.02
3.21
3.91
4.98
4.52
3.50
3.32
Mar. 31
—
3.35
24..
114.70
104.48
119.92
115.14
102.12
85.79
92.28
109.64
113.27
24
3.75
2.99
3.21
3.88
4.91
4.47
3.48
17..
114.64
104.67
119.92
114.93
102.30
86.07
92.43
109.64
113.27
17
3.74
2.99
3.22
3.87
4.89
4.46
3.48
3.30
10-
114.79
105.22
120.37
114.93
102.84
87.21
93.53
110.04
113.68
10
3.71
2.97
3.22
3.84
4.81
4.39
3.46
3.28
3.. 113.59
104.48
120.14
114.72
102.30
85.52
91.97
109.64
113.48
3
3.75
2.98
3.23
3.87
4.93
4.49
3.48
Feb. 24..
Jan.
I
3.30
3.29
113.38
103.38
119.69
114.30
101.06
84.14
90.14
109.05
113.27
24
3.81
3.00
3.25
3.94
5.03
4.61
3.51
3.30
17— 113.30
103.38
119.69
114.30
101.23
83.87
89.99
109.05
113.27
17
3.81
3.00
3.25
3.93
5.05
4.62
3.51
3.30
10—
113.21
103.20
119.69
114.09
101.06
83.60
89.69
108.85
112.45
10
3.82
3.00
3.26
3.94
5.07
4.64
3.52
3.29
3..
3.29
113.16
102.84
119.47
113.68
100.88
83.19
89.10
108.66
113.48
27.. 112.59
101.94
119.03
113.07
99.83
82.00
87.93
107.88
113.86
20—
113.18
103.20
119.69
113.48
101.06
83.87
89.55
108.66
13..
112.93
102.66
119.47
113.07
100.53
83.06
89.10
107.88
6—
112.95
102.48
119.25
112.25
100.53
83.06
88.80
107.69
Feb.
3
3.84
3.01
3.28
3.95
5.10
4.68
3.53
27
3.89
3.03
3.31
4.01
5.19
4.76
3.57
113.48
20
3.82
3.00
3.29
3.94
5.05
4.65
3.53
3.29
113.27
13
3.85
3.01
3.31
3.97
5.11
4.68
4.57
3.30
112.86
6
3.86
3.02
3.35
3.97
5.11
4.70
3.58
3.32
Jan.
3.32
High 1939 117.72
106.92
122.40
118.60
104.11
87.78
94.33
111.84
116.21
High 1939
4.00
3.34
3.55
5.26
4.76
3.76
3.64
Low 1939 108.77
100.00
112.45
108.27
98.28
81.09
87.93
104.30
106.54
Low 1939
3.62
2.88
3.05
3.77
4.77
4.34
3.37
3.16
High 1938 112.81
Low 1938 109.58
101.76
118.60
111.43
100.18
82.27
88.36
107.11
112.05
High 1938
4.70
3.34
3.85
4.68
6.98
6.11
4.23
8.76
88.80
112.45
102.66
89.10
62.76
71.15
96.11
104.30
Low
3.90
3.05
3.39
3.99
5.17
4.73
3.61
3.36
4.22
3.25
3.61
4.26
5.74
5.28
3.85
3.52
4.05
3.29
3.49
4.09
5.33
4.54
4.01
3.59
1
Yr. Ago
Sept29'38 111.51
1
*
114.30
107.11
95.62
75.24
80.84
102.66
108.85
Sept. 29, 1938._
99.14
113.48
109.44
98.45
80.20
91.20
99.83
107.49
Sept. 29, 1937-.
level or
2
are
„
Years Ago—
computed from average yields on the basis of one atypical" bond (4% coupon,
maturing in
the average movement of actual price quotations.
They merely serve to illustrate in a more
30.years), and do not purport to show either the average
comprehensive way the relative levels and tlie relative movement of
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
Aug. 19, 1939, page 1086.
4.10
Year A go—
96.28
2 Yrs.Ago
Sept 29*37 108.38
1938.
U;
Volume
The Commercial & Financial Chronicle
149
Indications o/ Business
THE
STATE
EPITOME
TRADE—COMMERCIAL
OF
Business activity showed further substantial
able.
Gains last week included
highs for
new
electric output, bituminous coal production;
and automotive
of 101.0 for the
May of that
Jn
the
that
of world-wide
much
forward
item
and
was more or
less out of step with the
there
caution.
warrants
much
is
European
in
events
significance have been taking place recently,
could
happen to upset
of
movement
pointed
gen¬
While optimism prevails generally
"Street," it is pointed out that
situation
and
The action of the securities
105.8.
uptrend of business.
the
The peak in 1937, reached
preceding week.
market, however,
eral
compared with the revised figure
as
year, was
loadings,
car
steel operations
The Journal of Commerce index
activity.
figure jumped to 105.1,
in
expansion the
Trade reports generally continue most favor¬
past week.
to
as
business
in
seriously curtail the
or
this
Another
country.
possible damper
a
on
general business
shipping is the prospective neutrality legislation, and last
but not least is the prospect of labor disturbance.
Taking
advantage of the rising demand for goods, the
nation's
labor unions appear to be about to use increased
living costs
the basis of widespread demand for
as
higher
new
wages.
The
drive has already gotten under way in the textile in-
dustry, with both C. I. O. and
stantial increases.
A. F. L. unions asking sub¬
Meantime, the updrive in business shows
signs of slackening.
no
The
Association of Iron and Steel Engineers today heard
from its president, C. Clark Wales, that the American steel
fndustry stood
on
the
verge
of the biggest boom in history.
Activity
week ago,
according to "Engineering News-Record."
The
total brings the 39-weel 1939 volume to
$2,265,252,000, a 13% increase over the $1,999,760,000 for
the corresponding period last year.
Private construction
for the week is 64% higher than in the 1938 week, but is
29% below a week ago.
Public awards are 29% and 33%
lower, respectively, than last year and last week.
Expansion in retail buying continued this week, with
volume up 6 to 12% over 1938, Dun & Bradstreet, Inc.,
reported today. Retail organizations were being set up, the
publication stated, to keep in touch with markets and to
combat excessive price advances.
The industrial expansion
had a definite effect on retail business in New England, the
East and Middle West.
The South did not gain as much as
previously, as consumer income began to feel the effects of
suspension of tobacco markets.
Wholesale markets con¬
tinued to handle a heavy volume of orders, with bookings
more diversified than in several weeks.
August wholesale
trade was 13% above July and 7 % over 1938.
Production of passenger automobiles and trucks in the
past week totaled 62,755 units, an increase of 37,350 units as
compared with the same 1938 week and 8,805 units greater
than was reported for the previous week, according to Ward's
Automotive Reports, Inc.
Last week's production was
14.0% greater than in the preceding week.
The report is
optimistic as concerns sales and production, with disturbed
labor conditions as the principle harmful factor.
The survey
predicts output of 400,000 units for the United States and
Canada during October.
They point out that the best
month of the year to date was March, when 389,489 units
were produced and the best month of 1938 was December,
week's
current
Friday Night September 29, 1939.
1989
with 406,960 assemblies.
Airplane exports from the United States reached a record
$12,136,845 in August, just before invocation of the
total of
American neutrality law shut off major shipments to Europe.
The August figure, which was 34% more than in July and
and that trade demands of South America
alone, much of it
126% more than in August last year, included $5,221,926
England and $4,801,260 for France. Both these warring
have large airplane orders in this country which
cannot be filled now because of the neutrality law, unless it is
lost
modified.
He said
English, German and Russian mills
job of supplying domestic
in
the
past
war
England
to
must turn to the
demands and give up exports
and
Germany,
would
keep
American mills busy for months to come.
"It is up to the
American producers of heavy and light steels to
keep the
world supplied and our
pating
creased
heavy
orders,"
attendance
at
mills—large and small—are antici¬
added Wales.
He considered in¬
the
association's
large number of convention exhibits
convention
and
a
significant indica¬
expecting a "banner year" and
were
preparing to meet it with modernized plants capable
of producing an unprecedented amount of
tonnage.
The electric light and power
industry of the United States
established an all-time high of power production
during the
week ended Sept. 23rd, when
2,448,888,000 kilowatt hours
was produced, an increase of 13.7
per cent above the like
1938 week's total.
Output for the current week, according
to figures released
by the Edison Electric Institute, was
4,517,000 kilowatt hours above the preceding week's total
of 2,444,371,000 and 294,670,000 over the
2,154,218,000 in
the week ended Sept. 24, 1938, which figuer reflects the hur¬
ricane conditions in the New England area.
The Association of American Railroads reported 814,828
cars of revenue
freight were loaded during the week ending
last Saturday.
This was an increase of 9,095 cars, or 1.1%,
compared with the preceding week; an increase of 145,124,
or 21.7%,
compared with a year ago', and a decrease of
22,057, or 2.6%, compared with 1937.
Reflecting increased
industrial activity, loadings rose to the highest level since
as
tions that companies were
October 9th, 1937.
\
The Association of American Railroads
reported that class
railroads of the United States in the first eight months of
1939 had a net railway operating income of $269,349,356 as
one
compared with $155,038,546 for the same period in 1938.
The 1939 income represented a return of 1.72% on the prop¬
erty investment as compared with 0.99% for the previous
period. ^The compilation of earnings was based on reports
from
135 class
one
railroads to the association's
bureau of
railway economics. The lines had a net operating income of
$54,586,246, or 2.01% on investment, in August, compared
with $45,421,781 or 1.67%, in August of 1938.
Unemployment in the United States declined 4.3% in
August, reaching the lowest point since December, 1937,
according to the monthly estimate on employment prepared
by the National Industrial Conference Board.
The number
of jobless in August
totaled 9,424,000, compared with
9,852,000 in July and 10,601,000 in August, 1938.
The
low point of unemployment in recent years was reached in
September, 1937, when idle workers numbered 5,651,000.
Total employment in this country rose almost half a million
in August, from 44,782,000 to 45,263,000, the highest total
since November, 1937.
This increase is found to be due
mainly to the steady rise in all branches of industrial em¬
ployment that has occurred since last May.
Engineering construction awards for the week ended
Sept. 28 totaled $43,511,000, or 12% below the correspond¬
ing week last year, and 31% below the revised volume of a
for
nations
of the weather the past week
New York State and parts of
New England.
Three inches of snow fell at Malone, N. Y.,
two inches at Canton, N. Y., and four inches at North
Stratford, N. H.
In sharp contrast was the extreme heat
of southern California.
On the 25th inst. a gale struck the
The outstanding features
snow
falls in upper
were
California
southern
Coast
that
left
34
persons
dead
or
Nearly 200 persons had been rescued from pleasure
boats and fishing craft wrecked and disabled.
The severe
drought that has prevailed in midwestern sections for the
past several weeks continued unrelieved and was becoming
slightly more widespread, with extension of unfavorable
conditions into the Ohio Valley and adjacent sections to the
eastward and southward.
In some localities, principally in
Missouri, this is the fourth dry week, while at Springfield,
111., 34 days have passed without measurable rain, which is
the longest such period on record.
Stock water is badly
depleted throughout this area, with many farmers hauling
water, while in western Oklahoma the water table is locally
reported the lowest ever known.
In the New York City
area the weather has been generally fair during the
week,
missing. -
mild
with
temperatures.
The weather .was rather
dull and cool today with tempera¬
degrees to 65 degrees.
Showers are predicted for
tonight and Saturday followed by cooler weather on Saturday
night and Sunday.
Overnight at Boston it was 49 degrees to 63 degrees;
Baltimore, 66 to 77; Pittsburgh, 67 to 80; Portland, Me.,
50 to 60; Chicago, 66 to 86; Cincinnati, 67 to 95; Cleveland,
66 to 79; Milwaukee, 59 to 87; Charleston, 72 to 92; Savan¬
nah, 72 to 92; Dallas, 79 to 95; Kansas City, Mo., 49 to 93;
Springfield, 111., 62 to 93; Oklahoma City, 58 to 91; Salt
Lake City, 43 to 71, and Seattle, 43 to 53.
tures of 61
'
—#•
Freight
Revenue
in
Car
Week
Loadings
Ended
Total
814,828
Cars
Sept. 23
Loading of revenue freight for the week ended Sept.
23
American Railroads
announced on Sept. 28.
This was an increase of 145,124
cars or 21.7% above the corresponding week in
1938 but
a
decrease of 22,057 cars or 2.6% below the same week
in 1937.
Loading of revenue freight for the week of Sept. 23
was an increase of 9,095 cars or 1.1% above the preceding
totaled 814,828 cars, the Association of
week.
The Association further stated:
Miscellaneous freight
loading totaled 324,098 cars, an increase of 5,787
above the preceding week, and an increase of
cars
59,557 cars above the
corresponding week in 1938.
Loading
cars,
a
of
merchandise
8,460 cars above the
Coal loading
the
less-than-carload
lot
decrease of 758 cars below the preceding
freight totaled 162.098
week, but an increase of
corresponding week in 1938.
amounted to 158,842
cars, an
increase of 4,117 cars above
preceding week, and an increase of 28,567 cars above the
corresponding
week in 1938.
Grain and grain
cars
products loading totaled 46,791 cars, a decrease of 3,321
below the preceding week,
but an increase of 7,214 cars above the
TheCommercial & Financial Chronicle
1990
corresponding week in
1938.
products loading
grain
In the
for the
Western districts alone grain and
23 totaled 29,006
week of Sept.
decrease of 2,346 cars below the preceding week,
cars
but
cars,
a
increase of 2,968
an
the
Sept.
1939
30
preceding week and 313,647 cars in the seven days
24, 1938.
A comparative table follows:
ended Sept.
REVENUE
FREIGHT LOADED
above the corresponding week in 1938.
AND RECEIVED
FROM
CONNECTIONS
(Number ot Cars)
Livestock loading amounted to 19,552 cars, an increase of 168 cars above
Loaded
the preceding week, and an increase of 3,0*13 cars above the corresponding
week
in
1938.
the
In
Western
the week of Sept. 23 totaled
week,
preceding
but
an
districts
15,872
alone
loading of livestock
decrease of five
cars, a
increase of 2,764 cars above
cars
the
on
Own Lines
Received from Connections
Weeks Ended—
for
below the
Weeks Ended—-
Sept. 23 Sept. 16 Sept. 24 Sept. 23 Sept. 16 Sept. 24
1939
1939
1939
1939
1938
1938
corresponding
week in 1938.
Forest products loading totaled 35,754 cars, an increase of 617 cars above
the preceding week, and an increase of 3,851 cars above the corresponding
Atchison Topeka & Santa Fe Ry.
23,157
23,715
21,122
6,835
6,245
Baltimore & Ohio RR
35,680
28,414
17,811
22,649
16,991
35,342
28,365
27,080
23,136
19,221
12,869
19,250
14,771
10,502
17,955
17,199
20,612
15,252
2,223
2,401
10,011
12,904
9,159
5,096
16,934
33,238
3,118
10,068
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
—.
week in 1938.
'
■'
,
Ore loading amounted to 58,293 cars, an increaes of 1,839 cars above the
week, and
preceding
an
increase of 31,214 cars above the corresponding
week in 1938.
Coke loading amounted to 9,400 cars, an increase of 646 cars above the
preceding week, and an increase of 3,218 cars above the corresponding week
in 1.938.
•; /;
■
All districts reported
in 1938.
Chicago Milw. St. Psil & Pac. Ry.
Chicago & North Western Ry...
All districts reported decreases compared with the corresponding
week in 1937 except the Eastern, Allegheny, and Pocahontas, all of which
2,274
2,426
International Great Northern RR
2,091
2,359
5,385
Missouri Pacific RR
5,419
18,003
New York Central Lines
45,925
Norfolk & Western Ry.
Pennsylvania RR..
Pere Marquette Ry............
Pittsburgh & Lake Erie RR..
reported increases.
Southern Pacific Lines..
W abash Ry
1939
1938
...
.
_
...
... ....
_
.
.
.
Four weeks in February
Four weeks in March
Five
weeks in April
Four weeks in May.....
Four weeks In June
Five
week sinJuly
Four weeks in August
Week ended Sept.
2
Week ended Sept.
2,302,464
2,297,388
2,256,717
2,155,536
2.763,457
2,390,412
2,832,248
2,371.893
2,222,939
2.986,166
2,185,822
3,098,632
2.483,189
3.214.554
2,170,778
9
Week ended Sept. 16
Week ended Sept. 23---.
1,519
2,087
1,965
3,129
1,744
2,927
9,597
46,599
8,462
37,840
46,813
6.940
7,148
26,476
5,343
21,713
11,-561
26,890
74,404
5,096
10,726
5,342
8,875
4,358
69,872
55,490
49,024
45,426
34,473
6,197
6,578
33,819
6,132
34,714
6,231
5,979
6,340
5,192
5,100
5,995
5,542
7,687
7,104
31,247
10,536
9,379
5,269
9,241
9,114
4,734
.
5,311
8,093
7,434
379,374 374.630 313,647 234.151 223.355 182,868
2,962,219
2,861,821
2,392,071
3,794,249
3,100,690
648,029
801,539
TOTAL LOADINGS
AND
RECEIPTS FROM
CONNECTIONS
(Number of Cars)
3,712,906
Weeks Ended—
Sept. 23, 1939
Sept. 16, 1939
Chicago Rock Island & Pacific
28,602
27,530
25,655
38,768
15,933
37,435
15,188
35,344
14,814
80,153
75,813
667,409
568,707
708,202
Illinois Central System.
805,733
814,828
660,163
822,795
St. Louis-San Francisco.....
669,704
836,885
23,591.027
21,442,247
28,302,089
j
Total
Total
44,977
8,458
7,783
10,367
1,222
8,478
11,663
2,714,449
2,649,960
2,689,161
721,748
17,410
9,576
13,025
1,502
1937
Total..
Four weeks in January
16,986
Gulf Coast Lines
Missouri-Kansas-Texas RR.
New York Chicago & St. Louis Ry
increases compared with the corresponding week
22,680
5,514
....
.
:
83,303
_
Sept. 24, 1938
In the
The first 18 major railroads to report for the week ended
Sept. 23, 1939 loaded a total of 379,374 cars of revenue
freight on their own lines, compared with 374,630 cars in
REVENUE
FREIGHT LOADED
Railroads
AND
RECEIVED
FROM
CONNECTIONS
Total Revenue
Total Loads Received
Freight Loaded
from Connections
1939
1938
1937
1939
following we undertake to show also the loadings
for separate roads and systems for the week ended Sept. 16,
1939.
During this period 109 roads showed increases when
compared with the same week last year.
1939
Ann Arbor
687
Boston & Maine
1,074
8,248
Chicago Indianapolis & Louisv.
1,815
_
....
.
Central Vermont
Delaware & Hudson.
.
711
566
1,377
789
1,306
8.236
1,973
252
215
11,003
2,478
8.781
1,899
7,341
1,849
1,069
28
18
73
40
1,416
5,189
2,263
8,571
7.3C8
1.782
6,820
Southern System
5,700
Tennessee Central
367
470
422
122
148
1,909
1,436
2,090
887
Detroit & Toledo Shore Line...
284
197
261
1,573
3,314
15,167
4,580
11,682
13,797
3,375
3,671
179
152
198
2,516
10,486
3,029
1,685
1,677
8,880
8,849
2,608
3,040
4,508
3,478
........
Grand Trunk Western..
...
Lehigh & Hudson River
....
Lehigh & New England.......
Lehigh Valley.
Maine
Central...,
Monongahela..
..............
Montour
......
New York Central Lines.
N. Y. N. H. & Hartford......
New York Ontario & Western.
N. Y. Chicago & St. Louis....
Pittsburgh & Lake Erie..
Pere Marquette...i
...
Pittsburgh & Shawmut-......
Pittsburgh Shawmut & North..
Pittsburgh & West Virginia
Rutland
...
......
Wabash.....~
Wheeling & Lake Erie........
Total.
...
.......
Alleghany DistrictAkron Canton & Youngstown..
Baltimore & Ohio....
Bessemer & Lake Erie
Buffalo Creek <fe Gauley.
Piedmont Northern
1,368
4,731
11,457
Erie........
Mobile & Ohio...
9,173
9,525
2,609
13,315
7,423
11,110
1,925
1,591
1,776
6,987
2,113
6,065
220
182
37
42
37,984
9,860
1,744
9,356
5,722
.
6,118
983
1,809
.......
Richmond Fred. & Potomac
Seaboard Air Line...^
Winston-Salem
Total..
Great Western
10,928
1,196
5,271
7,719
46,813
12,930
2,148
10,726
7,054
6.237
5,542
4,755
Ishpeming....
Minneapolis & St. Louis...
448
103
17
Minn. St. Paul & S. S. M...._
377
227
175
931
1,167
1,853
1,506
589
694
990
883
6,231
5,958
9,114
7.420
5,330
5.C47
3,720
5,036
3,744
2,727
166,346
133,480
158,467
173,189
140,184
474
420
461
961
732
35,342
27,312
36,182
19,250
5,361
3,452
14,998
1,664
3,336
2,949
4,435
3,824
13,529
460
404
490
845
726
159
163
187
702
827
114,088
100,276
114,249
70,727
60,795
21,574
15,994
9,976
2,625
18,663
3,636
22,196
3,041
21,965
4,450
19,219
11,663
2,764
22,257
3,187
8,478
3,991
2,586
4,436
14,255
Duluth South Shore & Atlantic.
Elgin Joliet & Eastern
1,478
7.711
...
Ft. Dodge Des Moines & South-
Great Northern.......
....
Green Bay & Western..
Lake Superior &
Northern Pacific.....
Spokane
International........
.............
295
220
295
6
6
417
419
197
171
28,168
3,180
2,851
708
708
599
518
286
1,343
125,571
94,301
139,466
47,446
40,005
23,713
3,690
20,377
25,185
3,304
6,245
5,365
3,052
2,625
291
386
544
79
64
17,955
15,565
18,023
9,159
7,741
1,874
1,705
12,073
2,095
681
707
Central Western District—
....
Bingham & Garfield
Chicago
Chicago
Chicago
Chicago
Burlington & Quincy-.
& Illinois Midland
Rock Island & Pacific.
13,812
2,842
14,026
9,657
7,596
2,284
3,024
2,652
2,258
825
946
1,432
1,316
3,849
3,567
4,306
3,911
2,797
912
1,037
1,111
1,897
1,002
20
632
634
572
63
46
Denver & Rio Grande Western-
265
235
286
37
36
Denver & Salt Lake
Fort Worth & Denver City
1,160
Illinois Terminal.
1,963
Pennsylvania System
Reading Co
Union (Pittsburgh)..
West Virginia Northern..
II.I^.I"
Western
Maryland
.......
Total.....
1,662
69,872
14,413
13,277
1,219
1,729
2,723
1,602
72,784
45,426
1.355
36,414
Missouri Illinois
56,214
12,207
14,128
17,480
15.232
5,230
2,748
North Western Pacific...
Peoria & Pekin Union.....
6,206
16,973
15
22
66
0
0
4,054
3,194
3,954
6,532
5.356
154,911
118,916
162,643
114,285
91,813
Chesapeake & Ohio...
28,365
23,151
22,587
4,333
25,857
25,493
4,804
12,904
5,342
1,389
10.633
5,602
60,443
50,071
56,154
19,635
16,144
26,476
...
I.'.I
Virginian
Nevada
Northern
Southern Pacific
(Pacific).....
Toledo Peoria & Western......
Union Pacific System
983
109
99
1,118
573
388
20
17
79
0
O
28,083
389
25,538
27,238
5,686
4,427
269
285
1.345
1,158
17,516
15,154
16,517
11,001
9,050
Fort Smith & Western
609
352
619
7
6
2,124
1,822
2,011
2,953
2,388-
125,290
109,452
126,357
61,340
49,823
201
201
1,122
International-Great Northern..
2,359
2,065
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
319
222
261
964
944
1,925
1,811
2,243
1,965
1,619
2,173
1,942
1,683
1.442
1,195
278
215
326
192
189
773
897
1,665
1,357
578
736
790
685
9,217
4,328
9,043
3,909
10,308
4,324
Louisiana Arkansas & Texas.__
452
510
2,600
1,004
Litchfield & Madison..
509
1,728
Missouri & Arkansas
Greenville-...I.I
Durham <fc Southern
Florida East Coast
Gainsvllle Midland
...
..I
Georgia
Georgia & Florida
531
443
442
350
282
MLssourl-Kansas-Texas Lines..
199
172
453
496
Missouri Pacific
498
725
586
Quanah Acme & Pacific
St. Louis-San Francisco
31
26
33
115
102
1,073
953
974
1,930
1,576
345
525
482
509
St.
Louis
Southwestern.
Texas & New Orleans.
1,856
1,744
1,983
1,240
1,054
Texas & Pacific..
26,570
22,595
25,813
11,697
9,645
Wichita Falls <fc Southern
Wetherford M. W. & N. W
21,073
25,094
5,607
5,165
156
144
219
511
477
Mississippi Central
258
218
312
310
303
Note—Previous year's figures revised.
* Previous figures,
x
Total
Discontinued Jan. 24, 1939.
•
y
;
2,756
345
y
y
....
415
26,140
Valley
191
Macon Dublin & Savannah
...
Midland
!.
447
368
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
1,555
27S
0
1,519
637
1,260
343
237
2,816
854
1,374
280
191
2,261
1
Atl. & W. P.—W. RR. of Ala..
Clinchfield-.
216
o
2,426
x
Alabama Tennessee & Northern
4,927
3,116
1,265
2,010
322
Southwestern District—
Atlanta Birmingham & Coast..
Atlantic Coast Line,
Columbus &
694
1,961
700
4,528
Southern District—
4,619
3.53
290
Gulf Coast Lines
Central of Georgia
...II
Charleston & Western Carolina
1,210
1,431
Burlington-Rock Island
Total.
1,040
1.703
836
....
...
1,149
1,293
Utah
Total
20
1,251
2,129
1,421
...
Western Pacific...
Pocahontas District—
Norfolk & Western.
& Eastern Illinois
Colorado & Southern.
1,881
938
17
10,789
Penn-Readlng Seashore Lines..
3,171
380
20
32
4,034
2,216
1,713
12,382
2,388
13,233
1,667
.
370
1,551
38
10.317
64
1,982
1,991
6,464
129
91
2,275
302
1,338
695
3,283
2,171
7,973
1,936
5,503
81
824
1,624
5,883
243
1,341
659
327
3,841
18,154
7,243
134
169
467
5,028
679
Central RR. of New Jersey
Cornwall
531
1,590
8,689
510
Cambria & Indiana
Cumberland & Pennsylvania
Ligonler Valley........
Long Island
442
5,258
7,584
3,235
181
1,907
Spokane Portland <fc Seattle.
Total..
7,518
22,649
3,366
2,007
8,417
11,318
Atch. Top. <fc Santa Fe System.
2,535
2,339
1,138
1,079
16,224
Duluth MIssabe & I. R
Alton
6,384*
396
415
St. P. Minn. & Omaha.
44,032
308
382
2,302
1,313
1,182
9,140
21,926
...
1,830
713
461
2,398
2,907
336
Milw. St. P. & Pacific.
9,239
420
2,298
2,892
1,489
8,473
20,310
& North Western
35,011
1,102
1,976
2,618
1,229
Northwestern District—
Chicago
Chicago
Chicago
Chicago
2,202
243
1938
369
...
10,702
1,100
7,148
6,390
5,979
5,085
4,842
1,307
Southbound...
44,977
606
1(39
8,803
22,724
...
.........
4,702
2,468
1,536
5,146
1,895
3.C92
Nashville Chattanooga & St. L
Norfolk Southern
16
Detroit & Mackihac..:...
Detroit Toledo & Ironton......
from Connections
If 37
1938
District—(C'oncl,)
1,405
5,719
Delaware Lackawanna & West.
16
Total Loads Received
Freight Loaded
1938
Southern
Bangor <fc Aroostook
SEPT.
Total Revenue
Railroads
Eastern District—
Central Indiana
(NUMBER OF CARS)—WEEK ENDED
356
228
783
676
183
1,965
y
1,659
y
382
948
787
835
235
269
222
242
297
331
,
5,385
4,928
2.930
15,331
6,428
17,667
3,129
17,447
9.597
8,007
94
109
102
93
91
9,022
8,124
10,099
5.C83
4,185
3,277
3,229
3,899
2,155
1,933
8,081
7,236
9,051
3,182
2,554
4,835
4,595
5,795
3.955
3,396
196
255
311
68
52
22
26
27
51
34
59.084
53.667
65.459
36.991
31,587
Included in Louisiana & Arkansas, effective July 1,1939.
Volume
The Commercial & Financial Chronicle
149
Truck Loadings Reach Record Peak in August
The present
Ameri¬
as
Trucking Association's, Survey Discloses
can
movement
of revenue freight by motor trucks reached a new peak
in August, according to a monthly survey prepared and
released on Sept. 25 by the American Trucking Association.
The survey, based on comparable reports received from
191 motor carriers in 36 States, revealed that truck loadings
August
heavier
were
than
in
month
reporting
against 855,545 tons in July and 807,963
as
The August figures represent an
of
average
figure
to
for
the
for
previous month and
merchandise
haulers
upswing
T.
A.
last
for
increase
reporting
with
Piece goods
65.1
Men's apparel
70.7
Women's apparel
Infants'
an
August,
1938.
attributed
the
over
increases
The majority of
improvement to
a
Southwest territory,
Petroleum
showed
particu¬
and
unexpected suspension of operations
due
products represented
13% of the total tonnage reported,
and
increases
and
largely to factory shutdowns in preparation for production of
new
models,
transportation
of
month.
over
89.5
84.5
84.1
84.0
84.1
89.0
88.4
88.4
88.4
88.6
71.8
89.4
88.8
88.9
88.9
89.0
76.4
96.6
95.9
95.9
95.9
96.0
70.2
91.3
90.5
90.6
90.6
90.7
Silks
57.4
64.0
63.7
63.8
64.2
Woolens
69.2
85.3
84.6
84.6
84.5
84.0
Cotton wash goods...
68.6
104.1
104.0
103.5
103.5
103.6
wear
furnishings..
automobiles
The
of
iron
and
84.1
64.8
...i.
65.0
93.5
91.2
91.4
91.4
91.1
Blankets & comfortables
72.9
105.0
102.5
102.8
102.8
102.8
;
59.2
74.0
73.8
74.0
74.0
74.1
Aprons & house dresses.
75.5
104.4
105.4
105.4
105.4
105.4
Corsets and brassieres..
83.6
92.5
92.5
92.5
92.5
92.5
Furs
66.8
93.0
89.8
90.4
90.4
91.0
Underwear
69.2
85.4
84.4
84.0
84.0
84.0
Shoes
76.5
87.2
86.9
87.2
87.2
87.2
Hosiery
64.9
87.8
87.6
87.6
Underwear
69.6
91.1
91.3
91.3
91.3
Shirts and neckwear.
74.3
86.0
86.2
86.2
86.2
86.2
69.7
82.1
82.5
82.5
82.5
83.5
Clothing, incl. overalls..
70.1
90.7
89.5
89.4
89.5
89.5
Shoes
76.3
96.2
93.1
93.1
93.1
93.4
74.0
100.4
100.4
100.8
100.8
101.1
74.3
94.0
.....
...
:
current
in
figure,
37.5%
declined
August
however,
33.3%
was
steel
showed
increases
of
10.7%
over
;
Shoes
Furniture
under
Floor coverings
ahead
Musical instruments
July
87.6
87.6
'
91.3
Infants' wear:
1938.
Movement
89.3
Underwear
previous
August,
89.1
Hats and caps
1938.
Due
of
14.9% and 26.3%, respectively,
July, 1939,
August,
the
of
1939
89.1
Men's apparel:
few
labor troubles.
to
Sept. 1,
1,
1939
Hosiery
than
more
Aug.
July 1,
1939
Sheets
73% of the
increase of 13.6% over the
little
a
reported decreases occasioned by railroad rate reductions,
larly in
89.0
1,
1939
Women's apparel
business.
in
69.4
June
Domestics:
figure of
index
an
Despite the general increase in movement of general merchandise, a
carriers
Composite index
monthly average
1936
1931=100
Piece goods:
index
loadings
truck
A.
This compares
accounting
25%
Sept. 1,
1938
1938.
tons in August,
by taking the
for August, showed
a
1933
Mai/ 1,
and 107.73 for August, 1938.
year
merchandise,
tonnage reported
general
126.02.
was
July of this
General
total
The
computed
RETAIL PRICE INDEX—JAN. 3,
Copyright 1939 Fairchild News Service
increase of 26% over the 1936 monthly
carriers.
1939,
100%,
represent
113.56
reporting
August,
freight
of
tons
been heavy, it is expected that the high
be reflected much more quickly in retail items.
FAIRCHILD PUBLICATIONS
Home
1,007,851
transported
carriers
have not
wholesale quotations will
The report further disclosed:
191
sharp advances in whoLsale quotations, according to
Zelemek, Economist, under whose supervision the index is compiled.
Since retailers' stocks
January, 1937, when computation of national averages was
undertaken.
August loadings were 17.8% over July of this
year, and 24.7% above the figure for August a year ago.
The
upward trend in retail prices is expected to gain headway
of the
since
month
single
any
result
A. W.
Stimulated by seasonal business improvement,
in
a
1991
and
...
94.0
93.9
94.0
94.0
80.9
95.4
93.5
93.0
92.8
69.4
95.0
94.9
95.3
95.4
95.5
79.9
111.0
114.0
113.9
113.9
114.5
50.6
57.3
55.4
55.0
55.0
55.0
=
Luggage...
60.1
75.5
73.9
73.9
Elec. household appliances
72.5
82.9
81.0
82.0
China.
81.5
92.8
74.0
74.0
82.0
82.0
94.0
93.9
'
94.1
94.1
94.2
20.1% over the corresponding month last year.
Nevertheless, traffic
falling within this classification continued 20.2% below the 1936 monthly
average.
Included
seasonal
These
in
the
total
of
movement
reported
groups
22.4% above August,
tonnage
reported
tobacco,
textile
combined
figures
were
products
increases
of
and
special
on
household
38.3%; above
July
a-; '
Moody's Daily Commodity Index declined from 172.8 a
to 168.4 this Friday.
The principal individual
week ago
changes
the lower prices for hogs, rubber and wheat,
were
and the advance for steel scrap.
The movement of the index is
Fri., ..Sept.
Sat.,
Sept.
Mon.,
Sept.
Tues.,
Sept.
Wed.,
Sept.
Thurs., Sept.
Fri..
Sept.
22
.
23
25
26
27.
Two weeks ago, Sept. 15
Month ago, Aug. 29.
Year ago, Sept. 29
169.9
...140.8
144.1
1938 High—Jan. 10..........152.9
171.5
171.8
170.7
29
Low—June 1
...169.8
..168.3
...
follows:
as
172.8
172.5
„.13o.
1939 High—Sept. 22
..172.„
..138.4
Low—Aug. 15-...-
Ended Sept. 23
'
wholesale commodity
slackened considerably
during the week ended Sept. 23, Commissioner Lubin an¬
nounced on Sept. 28.
"The Bureau of Labor Statistics'
index rose 0.3% during the week to 79.5%
of the 1926
average," Mr. Lubin said.
"Higher prices for hides, skins,
textiles, pig iron, and scrap steel largely accounted for^ the
advance.
The farm products and foods groups declined
slightly from the mid-September level." The Commissioner
added:
;
AC"."
CvC
The
Wholesale
Commodity Prices Declined 0.6 of Point
During Week Ended Sept. 23, According to the
during the week ended Sept. 23 for the first time since the
of the European conflict.
The "Annalist" index
closed at 81.9 on Sept. 23, a loss of 0.6 of a point as compared
with the previous week but 1.6 points above a year ago.
Grains
under
were
also
eased,
fire
with
although
corn
irregular with most changes
oil and
gasoline
"ANNALIST"
were
and
wheat
other textiles
on
the
on
to say:
closing at
were
firm.
down-side.
a
lower level.
Cocoa,
cottonseed
the principal commodities scoring gains last week.
WEEKLY
OF
INDEX
WHOLESALE
Farm
products
Sept. 16, 1939
Sept. 24, 1938
78.0
79.0
78.9
__
Food products.
74.7
76.0
72.8
Textile
67.2
69.0
58.5
84.3
84.4
85.8
products.
Fuels.
l
Metals
Building
98.9
materials
Chemicals
Miscellaneous
All
........
commodities
....
98.7
"other
higher.
70.8
70.9
69.1
85.4
85.4
87.1
77.6
73.0
70.3
81.9
82.5
80.3
goods
2.0%
advanced
to
Fairchild
higher
of
product prices declined 0.3% during the week and
Farm
Grains
wool.
Prices
cotton,
and
vanced
over
Metals
pig
potatoes.
metal
and
the foods group,
products
prices
quicksilver.
for concrete
Minor
responsible
for
rose
dairy and cereal products ad¬
to the high
0.4%
point of the year
an
increases
increase
steel, bar silver,
Building materials advanced 0.3% due to
building blocks, lumber, and certain paint
in prices of coal, gasoline, and kerosene were
of
0.1%
in
the fuel and lighting materials
Wholesale prices of crude rubber declined 4.1% during the
cattle feed dropped 1.3%.
Paper and pulp prices were up 2.5%.
index.
week and
following tables show—(1)
commodities
26 to
In
and
because of higher prices for pig iron, scrap
materials.
The
0.6%
1% and meats declined nearly 3%.
and
zinc,
foods dropped
livestock and poultry decreased 0.6%.
reported for barley, rye, wheat, hogs, hay, hops, peanuts
were lower
for corn, oats, cattle, sheep, live poultry,
rose
Higher prices were
and
23,
According
because
Textile products increased 1.3% to the
the
for
Index numbers for the main groups of
the percentage changes from Aug.
past 5 weeks and
23, 1939.
(2) Per¬
subgroups from Sept. 16"to Sept.
Sept. 23, 1939 and from Sept. 24, 1938 to Sept.
/
1939.
Retail Prices During August Advanced for Second Con¬
Month,
8% and shoes and
been 10%.
centage changes in indexes of important
secutive
higher when compared
The net gain for the group since the last week
higher prices for fats, oils, and tankage.
of
group
96.5
0.2%.
prices for
highest point
in almost 2 years.
Woolen and worsted goods, cotton goods, and
textile
products," which includes hemp and burlap,
averaged
Silk declined.
Chemicals and drugs rose 1% largely as a result
reached
higher
v
commodities group rose
Hides and skins rose over
about 1%.
up
the index for the
and
steady
product prices averaged 2.0%
carpets and bedding.
principally
Sept. 23, 1939
generally
were
The senii-manufactui*ed
preceding week.
were
of August has
COMMODITY PRICES
(1926=100)
'
leather
0.5%.
Livestock prices
73.0.
leather
and
the
Housefurnishing
start
were
materials
raw
1.6% and finished products advanced
"Annalist"
According to the "Annalist," commodity prices declined
Cotton
•
..
of
remained at
Hide
The announcement of the "Annalist" went
in
movement
upwTard
sharp
Prices
group
with
;
Prices
prices which began late in August
Moody's Commodity Index Declines Sharply
;
Commodity
and
1938.
of Labor Index of Wholesale
Advanced 0.3% During Week
United States Department
and
goods.
(1926=100)
Publica¬
Percentage Changes
tions Retail Price Index
from—
Retail
prices advanced for the second consecutive month,
according to the Fairchild Publications Retail Price Index.
The quotation on Sept. 1 at 89.5 (Jan. 3, 1931—100) shows
a gain of 0.2 of 1% as compared with the previous month
and is also 0.5 of 1% above Sept. 1 a year ago.
The latest
index though advancing slightly, is the highest since June 1,
1938.
It may be pointed out that the index has remained
unchanged for many months since then.
Further details,
as reported by Fairchild Publications on Sept. 14, follow:
With the exception of piece goods, which showed no change,
division
As
tended
higher,
compared with the
with
men's
apparel showing
As compared
each sub¬
greatest
gain.
1937 high, home furnishings showed the greatest
decline, with women's apparel following.
decline.
the
with the
Piece goods also showed
a
sharp
1936 low, the greatest increase was
re¬
corded by infant's wear, with both women's apparel and piece goods show¬
ing declines.
ton
Increases during the month were recorded by silks and cot¬
fabrics. women's hosiery and furs, men's hats and shoes, infant's hosiery,
furniture and floor coverings.
ens
and sheets.
Fractional declines were recorded by wool¬
Commodity Groups
Sept.
Sept.
Sept.
Sept.
Aug.
23,
16.
9,
2,
26,
1939
1939
1939
1939
1939
Aug. 26, Sept. 24,
1939 to
1938 to
Sept. 23, Sept. 23,
1939
1939
All commodities..
79.5
79.3
78.4
75.3
74.8
+ 6.3
+ 1.4
Farm products
69.5
69.7
68.1
62.7
61.1
+ 13.7
+ 0.9
Foods
Hides and leather products..
Textile products..
--
+ 0.1
75.1
75.5
74.5
68.5
66.7
+ 12.6
101.9
99.9
96.3
92.7
92.6
+ 10.0
+ 10.4
72.3
71.4
68.4
67.2
67.4
+ 7.3
+ 10.7
materials..
74.2
74.1
74.0
73.2
73.2
+ 1.4
—4.3
Metals and metal products..
95.3
94.9
94.6
93.5
93.5
+ 1.9
—0.3
Building materials-
91.0
90.7
90.1
89.7
89.7
+ 1.4
+ 1.8
Chemicals and drugs.......
77.9
77.1
75.9
74.4
74.2
+ 5.0
+ 1.0
Housefurnishing goods
88.8
87.1
87.0
87.0
87.0
+ 2.1
+ 1.1
Miscellaneous...
76.6
76.1
76.1
73.2
•73.1
+ 4.8
Raw materials
73.0
73.0
71.8
67.1
66.2
+ 10.3
+ 11
Semi-manufactured articles.
83.3
82.0
79.7
74.6
74.4
+ 12.0
+ 11.5
Finished products
82.5
82.3
81.9
79.7
79.3
+ 4.0
+ 0.4
81.7
81.4
80.7
78.1
77.8
+ 5.0
+ 1.5
83.0
82.4
.81.7
80.4
80.4
+ 3.2
+ 1.7
Fuel and lighting
All
commodities oth^r than
farm
products.'.
....
commodities
other than
farm products
and foods..
All
+ 5.9
The Commercial & Financial Chronicle
1992
PERCENTAGE CHANGES IN WHOLESALE PRICE INDEXES OF
IMPORTANT SUBGROUPS FROM SEPT. 16 TO SEPT. 23, 1939
Increases
Hides and skins,.
Woolen and
worsted
goods
8.2
Rubber, crude..
3.3
Meats.
3.3
2.5
Silk and rayon
Cattle feed
2.4
Livestock
.......
...
Cotton goods
4.1
2.9
.....
2.0
;
1.3
and
poultry
0.6
....
Wholesale Commodity Prices Advanced Slightly During
Week Ended Sept. 23 Reaching Highest Point Since
1938
Association
According
to
National
The
River
Association's announcement,
further said:
in foodstuff prices were
was
moderate
a
remaining
localities,
in
This average has shown a
now
back to the level
Higher prices for fuel oil and kerosene took the fuel index
Further markups in cotton textiles combined
higher quotations for wool,
for
1938, and apparel store stocks
marked upturn in the textile index.
yarns,
rayon,
and silk
but
were
For the three weeks ended Sept. 23, total sales of the reporting department
District
approximately 2K% higher than in the
were
sponding period of September,
somewhat more than the usual seasonal advance
Net Sales
Locality
77
Accounts Out¬
Stock
Aug,
Collected in
Hand
on
August
Feb. to
End of
Aug.
Month
1938
1939
42.9
+ 5.7
+0.6
—3.3
43.4
+ 14.4
+ 4.6
—0.7
42.8
+ 7.8
+ 4.4
+2.7
50.1
54.4
Syracuse
+ 5.8
+ 7.9
+6.0
38.0
37.8
Northern New Jersey
+2.3
+ 2.9
0
37.3
35.6
New York and Brooklyn
Buffalo..—
Rochester..
Bridgeport
Elsewhere.
-
—
-
_.
-
-
_______ _ .
_
_
.'A i
+ 4.5
.
.
Northern New York StateSouthern New York State.
Central New York State
•
+ 5.7
+ 7.1
38.6
38.3
+ 4.7
+ 4.4
+ 4.4
31.3
31.9
—6.7
+2.4
+ 5.1
+ 6.0
+ 4.3
Hudson River Valley Dist.
+ 3.4
+ 4.5
+ 7.1
+ 5.2
+ 9.7
+ 4.4
__
.
Niagara Falls
All department stores.
__
41.4
—5.1
Westchester and Stamford
Forty-four price series included in the index advanced during the week
19 declined; in the preceding week there were 67 advances and
31
were
Per Cent of
Year Ago
standing July 31
The group indexes representing
there
August.
over
Percentage Change from
and
preceding week
corre¬
1938, which was a relatively good month
The rate of sales for this portion of September showed
for retail trade.
during the week.
the second
lower.
practically unchanged in the apparel stores.
stores in this
responsible
were
approximately 4\4%
were
Collections were somewhat slower than a year ago in the department stores,
the prices of building materials, chemicals and
drugs, feitilizer materials,
and miscellaneous commodities also moved upward
In
com¬
Sales of leading apparel stores in
Stocks of merchandise on hand in the department stores, at retail valua¬
August,
high for the year.
with
declines;
less
percentage increase in over two years.
but with the
at the highest
In the farm product group price increases
significant increase in each of the last six weeks and is
a
Department stores in
favorable sales
parisons than in the previous month.
important commodities;
the group average,
farm products and foods registering a marked rise.
new
than in July.
registered
a
for livestock and poultry offset declines in cotton and
grains.
The trend of
industrial prices was upward, with the average for all commodities
except
January, 1938.
Rochester stores reported
this District were about 10% higher than last year, the largest year-to-year
mixed during the week, with declines in
recession
point recorded since last year.
of
year
however,
exception of the two weeks immediately preceding it is still
to a
Buffalo, and
Valley District, Westchester and Stamford, and Niagara Falls also
under date cf Sept. 25,
meats more than sufficient to offset increases in less
result
York and Brooklyn,
tion, were about 2% lower at the end of August, 1939, than at the end of
v
The
the
New
showed greater gains over last
Fertilizer
Following the sharp upward movement of the two previous
weeks, the wholesale commodity price index of the National
Fertilizer Association rose slightly during the week ended
Sept. 23 from 76.8% in the preceding week to 76.9%, the
highest levsl recorded since January, 1938. Two weeks ago
the index (based on the 1926-28 average of
100%) stood at
75.5%; three weeks ago at 71.7%, and a year ago at 73.2%.
Trends
The Bank
larger increases in sales than in either June or July, and stores in the Hudson
the
January,
1939
added:
....
....
30,
larger advance than in the previous two months,
Decreases
Furnishings.
Paper and pulp....
Sept.
_
_;
_
....
.
+ 5.7
+ 1.7
—1.8
41.5
40.9
+ 10.1
+ 1.3
—4.6
34.4
34.5
-
advances
and
Apparel stores
no
__
declines.
August sales and stocks in the principal departments
WEEKLY WHOLESALE COMMODITY PRICE INDEX
Compiled by the National Fertilizer Association
Group
Bears to the
Group
25.3
Foods
Fats and Oils
Cottonseed oil
23.0
Latest
Preced'g
Week
Week
75.2
77.0
Month
Year
Ago
Ago
Sept. 23, Sept. 16, Aug. 26, Sept. 24,
1939
1939
1939
1938
Total Indez
_
Farm products
Cotton
....
72.1
57.4
44.7
58.4
Men's and boy's wear
68.6
54.0
74.2
Women's and misses'
65.2
58.1
65.2
50.4
49.3
45.2
Woolen goods______._____
66.0
52.9
51.8
60.3
73.9
Hosiery
Luggage and other leather goods
77.6
77.8
Women's ready-to-wear accessories
10.8
Miscellaneous commodities..
Textiles
*86.2
83.7
77.7
8.2
77.3
Shoes
*70.6
68.5
62.9
7.1
58.2
Metals
Cotton goods
93.9
88.8
89.1
Men's furnishings
Building materials
83.7
83.6
83.0
1.3
80.6
Chemicals and drugs
Fertilizer materials
92.4
92.2
Books and stationery
91.9
94.2
Toys and sporting goods.,
69.8
Fertilizers
77.2
77.2
.3
77.7
78.1
Farm
95.0
Home furnishings
95.0
95.0
97.3
Silks and velvets...
All groups combined
*76.9
76.8
71.1
73.2
York Reserve Bank
Reports
August Sales of ChainlStores
Year Ago
Gain
as
of
7.7%
Compared
in
with
August sales of the reporting chain store systems in the
(New York) District were about 7lA%
higher than
Second
the
year, a somewhat larger percentage increase than in
previous month, states the Federal Reserve Bank of
York in its Oct. 2
"Monthly Review."
The Bank
New
went
on
to say:
^
Sales of the grocery chains,
registering an increase of about 1214%,
showed the most favorable
year-to-year comparison in a number of years.
The ten cent and variety, shoe and
candy chain stores reported increases
in sales of approximately the same
Owing to
in
a
of the
sales.
in
a
trend
grocery
August, 1938, in
toward
the operation of
larger stores, sales
chains in August
contrast with
an
were
about
21 y2%
per
variety
units has occurred.
As the result of a net decrease of
about 2}4% during
the past "year in the total
number of chain stores in
operation, average sales
per store of all chains combined were
approximately
last year.
10K%
higher than
Number
Type of Chain-
Grocery
Ten cent and variety
Shoe
_
_
Candy
Sales
of
Total
Per
Stores
Sales
Store
—7.4
+ 12.3
+ 21.4
+ 0.6
—1.2
+ 6.6
+ 6.0
_
___
"
...
:v
"
' "
—8.3
v:
—4.5
+ 1.9
+ 2.3
—4.5
+1.4
—4.0
+ 1.2
■—-.0.4'
—4.5
V
•
+ 2.1
+ 4.8
_
The Edison Electric Institute in its current
1939, 13.7%
weekly report
Sept. 23, 1939,
was
2,448,888,000 kwh.
The current week's
output is 13.7% above the output of the corresponding week
of 1938, when production totaled 2,154,218,000 kwh.
The
output for the week ended Sept. 16, 1939, was estimated to
be
2,444,371,000 kwh.,
week
a
an
increase of 10.4% over the like
year.ago.
Major Geographic
Week Ended
Regions
Sept. 23,
A;?A'
'/•+:(.;+-77
.
PERCENTAGE INCREASE
FROM
PREVIOUS YEAR
Week Ended
1939 Sept. 16, 1939
Week Ended
Week Ended
Sept. 9, 1939
Sept. 2, 1939
New
England..
__
—2.7
+2.3
+ 3.6
+ 4.0
+ 8.6
+ 7.7
Central Industrial
West Central.
+ 10.6
13.7
11.6
14.4
12.8
12.4
9.4
9.8
11.6
'
5.1
15.3
11.1
7.7
1.2
18.8
14.6
14.8
19.6
9.1
5.6
8.4
8.8
10.4
11.8
9.7
Pacific Coast..
13.7
Reflects hurricane condition in
FOR
RECENT
1938.
WEEKS
(THOUSANDS
OF
KILOWATT-HOURS
Percent
somewhat
1939
1938
Change
1939
1937
1932
1929
from
1938
July
1
2,300,268
2,238,268
1,456,961
1,723,428
8
15
2,077,956
2,014,702
1,881,298
+ 14.2
July
+ 10.5
2,096,266
1,341,730
2,324,181
2,084,457
+ 11.5
2,298,005
1,592,075
1,711,625
2,294,588
2,084,763
+ 10.1
2,258,776
2,341,822
2,093,907
2,115,847
+ 11.8
2,256,335
2,261,725
2,300,547
1,415,704
1,433,993
1,440,386
1,426,986
July
July
22
July
29
5__
2,325,085
2,333,403
Aug.
12
Aug.
19
2,367,646
Aug. 26
2,354,750
2,357,203
2,133,641
2,138,517
2,134,057
2,148,954
Sept. 16.._._
2,289,960
2,444,371
2,048,360
2,214,775
Sept. 23
2,448,888
2,154,218
2,139,142
Spt.
in its
"Monthly Review'' of Oct. 2 that in August total sales of
the reporting department stores in the Second
(New York)
District were about 5A% higher than last
year, a
11.3
8.3
13.6
Southern States
Sept.
York reports
11.3
7.5
15.8
Rocky Mountain
DATA
Federal Reserve Bank
Bank of New
x37.9
Middle Atlantic
.
5.7% in Department Store Sales in August
Compared with Year Ago, Reports New York
'
estimated that production of electricity by the electric light
and power industry of the United States for the week ended
x
Increase of
Reserve
4.5
Electric Output for Week Ended Sept. 23,
Above a Year Ago
Aug.
Federal
_____
4-8.6
Week Ended
The
'■ii'ik'
+ 3.1
—1.3
Total United States.
Percentage Change Aug.,
1939,
Compared
with
Aug., 1938
as
...
:
v:
+ 4.4
___________
higher than in
The shoe and candy chains have
also reduced the number of units
a small increase in the number of
ten cent and
■
—1.5
—13.5
increase of approximately 12^% in total
operation, while
All types...
+ 7.9
Miscellaneous.._..........
proportions as in July.
sizable reduction duiing the past
year in the number of stores
operation and
store
—8.5
+ 8.4
+ 7.6
'
New
last
+3.4
+ 1.4
—1.8
+ 10.2
.......
Toilet articles and drugs—•_
Musical instruments and radio
1939 high point.
>++
+11.4
+ 11.1
_
...
+3.4
—13.3
+ 13.0
Furniture
.3
100.0
+ 4.8
•■4
+4.8
6.1
68.7
V-'. +11.7
+ 13.1
__
93.9
Aug. 31, 1938
+ 15.2
_
^
*
_..__
78.6
69.9
Compared with
___
67.1
*79.4
_
_
64.3
71.1
Compared with
August, 1938
._
ready-to-wear...
67.5
Fuels
machinery
Aug.'HI, 1939
+ 22.4
Linens and handerkerchiefs
17.3
.3
Percentage Change
August, 1939
Silverware and Jewelry
69.7
48.8
Grains
67.3
Stock on Hand
Percentage Change
Classification
58.8
65.3
Livestock
*
those of a year previous in the following table:
(1926-1928=100)
Net Sales
Per Cent
Each
compared with
are
2
9
+ 9.9
+ 9.4
+ 10.7
+ 10.3
+ 9.7
+ 11.8
+ 10.4
2,304,032
2,294,713
2,320,982
2,154,276
Oct.
7
2,154,449
2,280,792
2,265,748
2,275,724
2,280,065
Oct.
14
2,182.751
2,276,123
Sept. 30
+ 13.7
1,727,225
1,415,122
1,431,910
1,436,440
1,464,700
1,423,977
1,476,442
1,490,863
1,499,459
1,506,219
1,723,031
1,724,728
1,729,667
1,733,110
1,750,056
1,761,594
1,674,588
1,806,259
1,792,131
1,777,854
1,819,276
1.507.503
1.806.403
Volume
The Commercial & Financial Chronicle
149
Trend of Business in Hotels, According to
Horwath &
000,000,
week and
July
last year.
•
month of last year, the total increase being
more than two years.
Six of the nine groups
the largest in
covered, made
better comparisons than in July, two, the same, and only
one, a poorer one.
Philadelphia recorded a big improve¬
ment
the result of
as
large convention."
a
The firm's
Aggregate debits for the 141 cities for which a separate
1919, amounted to
$8,317,000,000, compared with $8,601,000,000 the preced¬
ing week and $7,920,000,000 the week ended Sept. 21 of last
year.
These figures are as reported on Sept. 25, 1939, by
the Board of Governors of the Federal Reserve System.
total has been maintained since January,
SUMMARY BY FEDERAL RESERVE DISTRICTS
an¬
No.
nouncement continued:
Following is
a
2% below the total reported for the preceding
6% above the total for the corresponding week of
or
Horwath-—Total Sales in August 9% Higher than
Horwath & Horwath, in their monthly survey of the trend
of business in hotels, state that: "Hotel business continued
in August to gain substantially over the corresponding
1993
Federal Reserve District
ma.
1—Boston
Actual
Increases Over Corresponding Months of 1938
Occupancy
Total
Transients—July... ._■
August-.
33%
39%
15%
....
Residential—July
_
.
..
August....
*
Rooms
48%
54%
17%
17%
16%
*
Restaurant
Rales
the
mid-town
hotels
were
much
In
quite large, did
shows:
'•
.
3,946,698,000
442,950,000
595,629,000
331,429,000
4,626,559,000
3,933,861,000
18
404,538,000
417,385,000
528,685,000
292,814,000
300,279,000
265,320,000
1,240,737,000
238,674,000
247,154,000
1,160,769,000
241,210,000
1,131,023,000
254,135,000
25
69%
26%
6%
7—Chicago
41
8—St. Louis
16
12%
6%
70%
59%
61%
9~ Minneapolis
17
10—Kansas City
28
11—Dallas
18
that.
not
up
come
In
this
section
of
24
...
26
29
278,293,000
184,651,000
305,652,000
236,529,000
748,539,000
274
$9,079,568,000
12—San Francisco...
517,337,000
180,938,000
167,542,000
284,232,000
292,066,000
189,496,000
662,341,000
227,221,000
676,102,000
$9,276,864,000
'$8,605,645,000
the
Total
normally.
those for July,
to
:
the following
as
■
Increases Over Corresponding Months of 1938
Life Insurance Companies Paid Out $119,491,439 at End
of 1938 on Policies on Income Basis
Annual
Actual
Occupancy
*
Restaurant
Rooms
Total
; v
$441,540,000
15
3—Philadelphia
the"rest of the Pacific Coast, the August gains,
San Francisco and
though
$466,608,000
26%
higher than
Sept. 21,1938
$503,141,000
14%
21%
10%
double occupancy was 55% against only about 25%
Sept. 13, 1939
17
5—Richmond
6—Atlanta
Average sale per occupied room.
Sept. 20, 1939
2—New York
4—Cleveland
The city-wide occupancy fcr tansient hotels reached 70%, and many
Week Ended—
of
Centers
list of the gains in New York City for the last two months.
Rates
payments aggregating $119,491,439 were being
by the life insurance companies of America at the end
on
policies being settled on an income basis, according
to a compilation by the Annual Message of Life Insurance
Committee released Sept. 22.
These payments were being
made on 299,416 policies which have become claims.
The
figures are based on official reports from 137 companies
representing 92% of the life insurance in force.
In com¬
menting on the figures, Joseph C, Behan, Chairman of the
Annual Message Committee, stated:
made
of 1938
San Francisco:
;
*
July
August....
.
_
__.....
70%
47%
87%
23%
30%
19%
21%
*
59%
39%
31%
34%
28%
12%
17%
16%
74%
8%
72%
87%
89%
Rest of Pacific Coast:
July..............
August
* Average sale per occupied room.
.
>++
■
•
;
+
TREND OF BUSINESS IN HOTELS IN AUGUST, 1939, COMPARED WITH
1939
JULY,
These income plans are primarily for widows to keep their family groups
Sales
K,;v'
Room
Percentage of Increase (+)
or
Decrease (—)
Occupancy
Rait
Percentage
Percent¬
intact and in the majority of cases probably constitute the only source of
income for these families.
With increasing recognition of the fact that the real uprpose of life in¬
age of
Same '
Total
New York City.
Res¬
This
taurant
Month
Rooms
Inc. (+)
Month
or
Last Year Dec. (—)
is to
surance
ment which
+ 39
+ 17
66
57
—-3
■—2
—5
62
64
+1
paid
Philadelphia
+ 20
+ 30
0
45
36
+4
maturities
Washington
+ 10
+ 12
+ 7
49
44
0
Chicago..
Cleveland
Detroit
...
Pacific Coast...
+9
+2
+ 11
69
66
+4
+ 10
+8
+ 11
56
51
—2
+ 26
+ 31
+ 21
77
66
+13
—2
—3
+1
55
56
—1
+2
0
+4
58
56
—3
+ 9
+ 10
+8
61
57
+3
+2
+2
+2
62
62
+ 1
Texas
All others
Total
....
Year to date....
of
During August, $479,794,000 of new ordinary life insurance
sold in the United States, according to figures released
by the Life Insurance Sales Research Bureau, Hartford,
Conn.
This amount represents a decrease of 1% when
compared with sales for the same month last year.
For
the first eight months of 1939 sales are 6% ahead of a year
ago.
The figures of each section for the month and the yearto-date are given in the following table:
: v
;
V
was
by life insurance
out
of the
companies
Approximately 25% of the funds
for death
claims
and
endowment
being used to buy income under settlement options instead
are
being paid in
a
single cash payment, whereas this
was true
of only 5%
claims paid 25 years ago.
Country's
Trade in August—Imports
Exports
Foreign
and
of Statistics of the Department of Com¬
Washington on Sept. 26 issued its statement on
the foreign trade of the United States for August and the
eight months ended with August, with comparisons by
months back to 1934.
The report is as follows:
Bureau
The
at
merce
Ordinary Life Insurance Sales in United States During
August Decreased 1% Below Year Ago—Canadian
Sales Equal Last Year
be invested unwisely or otherwise lost by the beneficiary
may
through inexperience in managing money.
+ 30
+ 18
replace income with income, a marked trend is developing
toward settlement of policies on an income basis instead of a lump sum pay¬
United
merchandise
States
exports,
including reexports, amounted to
$250,839,000 in August, compared with $229,629,000 in July and $230,-
Export trade during August of this
790,000 in August of last year.
thus showed an increase in value of 9%
month and
The
as
year
compared with the preceding
like increase as compared with August, 1938.
a
value
of
imports
general
(goods
entered
for storage
in
bon'ded
warehouses, plus goods which entered merchandising channels immediately
country)
in this
arrival
upon
amounted
$175,756,000 in August,
to
as
compared with $168,925,000 in July,
1939, and $165,516,000 in August,
thus 4% higher in August than in July and
General imports were
1938.
6% above those of August, 1938.
Year to Date
August, 1939
Sales
Ratios,
Sales
Ratios,
Volume
1939 to 1938
Volume
1939 to 1938
$
Per Cent
$
Per Cent
4,333,882,000
106
immediately upon arrival in this country, plus withdrawals for consumption
from
of
.■
-■
*
United States
99
479,794,000
warehouses) were valued at $180,379,000 in August, while the value
corresponding imports
$171,023,000 in August,
Although
Sections—New England....
Middle Atlantic..^
...
East North Central
West North Central.....
no :■>:
34,364,000
337,285,000
117
123,012,000
96
1,173,997,000
103
107,019,000
106
980,729,000
441,936,000
111
in export
from $31,219,000 in
95
48,480,000
exports
105
106
West South Central....
19,729,000
38,831,000
402,110,000
170,278,000
104
East South Central......
exports was smaller,
95
339.334,000
102
Mountain..
14,842,000
98
118,836,000
101
"3
3«o.
106
377.000
in the
were
tabulation, showing the sales trends by Canadian Pro¬
vinces for August and the year-to-date, was also issued by
the Research Bureau, which follows:
:
v.
.
;
v-'
August
,
Ratios,
Sales
Ratios,
Volume
1939 to 1938
Xolume
1939 to 1938
$
Per Cent
%
total
Per Cent
Alberta.
28,558,000
100
253,345,000
100
1,180,000
94
101
2,216,000
103
1,670,000
728,000
94
New Brunswick.
Nova Scotia....
1,224,000
90
10,420,000
19,632,000
15,389,000
5,989,000
10,412,000
108
British Columbia
i
Manitoba
Ontario
...
Prince Edward Island....
Quebec......
Saskatchewan
..........
Newfoundland.
95
97
108
$203,688,000.
corresponding month of both 1937. and
1938.
Shipments of grain
1938, than in August, 1939.
$36,499,000 in August
$29,667,000 in July, but they were lower, nevertheless, by $7,268,000
the
than
a
total
year,
of the
month
preceding year.
With
quantity
Europe greatly* above last year's, the value of total raw
to
to that area
$9,285,000 in August,
for
In August for the first time in more
shipments of raw cotton registered an increase as compared
exports
recorded
1938.
August,
corresponding
the
cotton
in
1939.
exports
cotton
Spain, and The
advanced from $6,855,000 in August, 1938,
to
However, as against marked increases
United Kingdom, France, Belgium,
the
Netherlands, shipments of cotton to Japan were decidedly
1938.
The unit value of exports of unmanufactured
lower than in August,
cotton
averaged 8.7 cents per pound this last August as compared with
9.3 cents per pound in
The decline in the
August a year ago.
value of crude material exports in August as com¬
115,166,000
101
pared with August, 1938, was largely accounted
137.000
128
1.121,000
108
of tobacco
95
65.996,000
98
693.00C
88
6,548,000
110
364 000
82
2 672.006
04
1
to
The value of agricultural
7,553,000
12,793,000
July
however, in August than in the corresponding months
Exports of crude materials increased to a value of
95
103
from
than
to
Canada
gain
1938; prices of all leading agricultural commodities were higher
larger in August,
shipments
Sales
seasonal
from
with
Year to Date
1939
a
July to $44,460,000 and an increase in non-agricultural
$195,518,000 to
from
of 1937 and
A
experience
The expansion
trade during August reflected an increase in agricultural products
101
....
$170,451,000 in the preceding month and
the increase this year exceeded the usual rise.
August,
51,080,000
104
was
1938.
normally
exports
South Atlantic
Pacific..
(goods which entered merchandising channels
Imports for consumption
exported this year.
exports, though
for by the cheaper grades
The unit value of unmanufactured tobacco
showing little change from July, averaged 23 cents per
compared with 42 cents in August, 1938. As a conse¬
pound in August as
the value of unmanufactured tobacco exports declined from $14,834,000 in August, 1938, to $7,901,000 in August, 1939, or 47%, though
quence,
Bank Debits
6% Higher Than Last Year
Debits to individual accounts,
reported by banks in
eading cities for the week ended Sept. 20, aggregated $9,080,-
as
I
quantity shipments
Crude
in
declined only 4%
.
petroleum, the principal non-agricultural crude material in the
export trade, was
August, 1938.
15% smaller in quantity and 27% smaller in value than
.
The Commercial & Financial Chronicle
1994
Exports of crude foodstuffs, valued
year,
last
year.
bushels,
decidedly smaller than
were
August, increased
at $8,384,000 in
nearly 80% as compared with July, but, as In the
this
August exports of wheat this
amounted
year
exports were 1,087,000 bushels, as compared with
of
compared
with
$13,660,000
1938.
August,
in
ecnoomic class
been
have
Shipments
of meats,
without exception, larger dining
almost,
1939 than in the corresponding months of 1938.
Exports
of manufactured
articles
in
August and
As
in
other
were
manufactures,
Imports
Import balance.
have
They amounted to $187,321,000
Exports
Imports
larger shipments
machinery,
rubber
trucks,
motor
1,000
1,000
Dollars
Dollars
aircraft explain a large part of the increase, although a
year
tires,
and
17
13
5,832
457
259,934
477,844
2,559,656
165,973
259,921
472,012
2,559,199
—
•
Import balance
majority of other
before.
dominance
of
crude
registering increases
imports reached
August,
1938,
a
as
products
401
937
2,194
10,191
+ 7,997
4,365
134,842
65,422
—69,420
4.584
3,428
132.649
55.231
while semi-manufactured imports, valued at $35,651,000,
total
before.
year
a
$48,383,000 and of manufactured
articles
at
of foodstuffs
Imports
$35,383,000,
were
at
smaller
in each instance than in August, 1938.
a
before
year
parison with
an
In com¬
increase of 12% in the quantity of imports of crude rubber,
the value increased
accompanied
was
the higher commodity prices this year.
was
A decrease of 9% in quantity of silk imports
16%.
by
an
increase
14%
of
value
in
as
compared
with
'A':
August, 1938.
'
MERCHANDISE TRADE BY MONTHS
Exports,
Including
Re-export,
Exports—
January
General
and
Imports,
Balance
of
Exports and Imports
Decrease!,—)
1939
1938
Exports.....
Imports.
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
230,790
165,516
250,839
175,756
2,049,112
1,896,322
1,267.280
1,439.186
Mdse. export balance.
Month
Period
or
Exports, Including
Re-exports—
January.
......
March.....
...
April.
May ...............
June..
July...
August....—
September
October..
....
Novem Der.........
65,274
8
mos.
ended Aug...
mos.
ended Dec...
457,136
1936
1937
1938
1939
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
170,654
12
781,832
1935
194,712
.
December.......
75,083
—152,790
+ 171,906
1934
172,220
162,752
190,938
179,427
160,197
170,519
161,672
171,984
191,313
206,413
_
February
1939
1938
222,665
233,125
256,566
198,564
182,024
195,113
192,795
200,772
185,693
180,390
178,976
220,639
176,223
163,007
185,026
164,151
165,459
170,244
173,230
172,126
198,803
221,296
236,064
229,629
277,031
230,790
250,839
296.679
246,335
277,668
252,381
268.945
332,710
264,949
226,364
269,838
223,469
289.922
265,341
268,184
289,071
261,935
275,308
274,472
257,276
232,726
227,535
314,697
323,403
229,800
1938
1939
1,000
1,000
1,000
Dollars
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
11
5.067
81
2,112
1,811
1,671
15
1,763
1,341
355
174
233
20
53
2.337
1,546
191
13
145
231
535
1,668
250
2,054
1,923
2,054
5
4
212
36
203
611
81
131
19
197
1,841
1,144
317
77
254
303
695
206
65
9
138
214
193
640
32
169
17
13
143
278
401
937
285
1.463
1,259
«•»..
51
May....
July
August....
-
39
2,315
April
,
42
129
11
October
117
232
16
1,704
1,468
November......
127
30,084
14
1,611
527
823
December......
99
15.052
16
536
236
1,344
8mo8.end. Aug
27,149
524
27,534
46,020
5,832
5,889
September
12
end. Dec
mos.
457
380
6,647
11,965
t
10,614
2,194
12,042
7,082
10,191
Imports—
Trade
Increase (+)
1937
338
45,981 121,336
7,002 120,326
7,795 154,371
April....
28,106 215,825
169,957 155,366
May
June
277,851 262,103
16,074 175,624
July
67,524 105,013
August
September...... 171,866 145,623
October
218,929 90,709
November
75,962 52,194
December
67,070
33,033
...
February
8 Months Ended August
1936
1,000
....
January
August
1939
Dollars
23,637
March
1938
1,000
....
February..,
1937
1,000
June
An important factor in the increase in value of crude material Imports
from
1936
In August, crude material
compared with last year.
SUser
Period
itfems
the
among
value of $60,962,000 in comparison with $49,479,000 in
slightly above the
were
or
this year has been the pre¬
semi-manufactured
and
—5,375
+2,081,812
4,985
Gold
Month
A feature of the import trade throughout
Dollars
165,990
leading manufactured exports showed some expansion in comparison with
a
1,000
♦
Silver—
of scrap iron, steel semi¬
industrial
1,000
Dollars
Exports......
26% larger than in the corresponding month of 1938.
months,
recent
1,000
Dollars
Goldr—
,
(including semi-manufactures)
been above last year's value since May.
1939
1938
1939
1938
12,647,000 bushels.
lard, flour, canned fruits, and various other manufactured foodstuffs in
this
Increase
Decreases—-)
Exports and Imports
corn
Manufactured foodstuff exports reached a total of $15,945,000 in August,
as
8 Months Ended August
August
5,903,000
to
1938, and
compared with 9,900,000 bushels in August,
as
Exports, Imports and Net Balance
preceding months of
corresponding month
the
in
Sept. 30, 1939
GOLD AND SILVER BY MONTHS
March
8
mos.
12
mos.
7,155 156,427
8,211 223.296
52,947 365,436
58,483
17,536
2,846
28,708
14,080
15,438
10,328
9,927
8,115
5,589
71,236 606,027
52,987 429,440
4,490
2,821
3,165
14,440
15,757
7,143
17,952
6,152
14,770
5,531
4,365
4,989
23.981
65,438 240,450
63,880 278.645
165,990 259,934
520,907
562,382
177,782
240,542
6,574
16,637
4.476
19,186
18,326
4,964
4,985
8,363
26,931
8,427
5,701
10,633
23.151
6,025
4.451
2,267
620,291 1309964 477,844 2559656 140,805
end. Dec 1144117 1631523 1979458
182,816
7.207
24,098
25.072
24,987
21,633
65,422
43,965 134,842
end. Aug
91,877 230,531
212,909
218,645
267,782
Manufacturers'
230,969
Shipments of manufacturing industry rose sharply in
August, in contrast to the loss shown from June to July,
according to reports received directly from 170 repre¬
sentative manufacturing concerns by the Division of Indus¬
249,485
Shipments Increased 14% in August,
Reports National Industrial Conference Board
trial
268,943
1,369,709 1,369,468 1,514,326 2,081,778 2,049,112 1,896,322
2,132,800 2,282,874 2,455,978 3,349,167 3,094,440
of
Economics
Conference
the
Board.
The
value
of
shipments, reported by 158 companies, rose 14% over those
of July, against a decline in the previous month of 9%.
Under date of Sept. 28 the Board furrther said:
New orders, reported by 89 companies, rose only 1%, while the backlog
General Imports—
January.....
February.......
March....
.
135,706
132,753
158,105
.
.......
April....
May...............
146,523
154,647
136,109
127,229
119,513
131,658
129,635
150,919
132,258
June
July
August.....
September
October
....
........
November..........
December
187,482
192,774
198,701
202,779
191,697
191,077
195,056
193,073
215,701
212,692
196,400
245,161
166,832
152,491
177.356
170,600
170.533
156,754
176,631
169,030
161,647
189.357
169,385
186,968
240.444
277,709
307,474
286,837
284,735
286,224
265,214
245,668
233,142
224,299
223,090
208,833
170,689
162,951
173,372
159,827
148,248
145,869
140,809
165,516
167,692
178,024
176,187
171,347
178,246
158,072
190,481
186,291
202,493
178,922
of unfilled orders at the end
8 mos. ended Aug...
mos.
ended Dec...
2% lower than at the end of
The
of inventories
value
0.4 of 1%
of
161
of the
reporting
companies
declined
during August, at which time stocks were equivalent to about
three months' shipments, compared with stocks adequate for 3H months'
168,925
shipments
175,756
than
at
the end of July.
A year ago stocks amounted to better
3% months' shipments at the rate of business then prevailing.
At. the end of August the situation of the reporting concerns regarding
all four operating factors was greatly
improved over that of August, 1938.
Inventories had been reduced by 7%: new orders were 21% higher; ship¬
ments
12
of August was
July, according to data received from 74 concerns.
1,110,585 1,340,128 1,552,638 2,194,304 1,267,280 1,439,186
1,655,055 2,047,485 2,422,592 3,083,668 1,960,428
were
18% higher; and unfilled orders had risen 26%.
The following table shows the
changes in the various operating factors
during August, in comparison with the levels of July, 1939, and of August,
Exports of United States Merchandise and Imports for Consumption
8 Months Ended August
August
Exports and Imports
Month
or
Period
Merchandise—
January
February....
March..
April.
May..
..
..............
June
July
August
1938
1939
1938
1939
1,000
1.000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
228,312
171,023
248,148
2,023,313
1,261,241
1,872.383
1,422,504
............
September.
October.............
November..........
December...........
8
mos.
ended Aug...
12
mos.
ended Dec...
180,379
1,000
Dollars
—150,930
+ 161,263
1934
1935
1936
1937
1938
1939
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
169,577
.
No. of
Companies
Increase (+)
Decrease!.—)
Exports (U. S. mdse.)..
Imports for consumption
Exports—U. 8.
1938.
159,617
187,418
176,490
157,161
167,902
159,128
169,851
188,860
203,536
192,156
168,442
173,560
160,312
181,667
160,511
159,791
167,278
167,865
169,683
196,040
218,184
267,258
220,931
195,689
179,381
192,405
189,674
197,020
181,386
177,006
175,826
217,925
262,173
223,920
226,666
219,063
229,671
252,443
264,627
285,081
266,481
264,613
273,561
293,374
329,373
311,212
319,431
Reporting
Inventories....
Shi pinents
_.
_
...
New orders
Unfilled orders
National
July, 1939
161
_......
_....
Aug., 1939, % Change from
:.. 'L _.-j....
—0.4
August, 1938
—7
158
+ 14
+ 18
89
+ 1
+21
74
—2
+ 26
Conference Board Reports 4.3%
Unemployment in August—Total Jobless
9,424,000
Industrial
Decline in
Placed at
285,772
259,160
210,258
216,121
270,429
263,996
227,618
246,139
233,365
226,738
Unemployment in the United States declined 4.3% in
August, reaching the lowest point since December, 1937,
according to the monthly estimate of unemployment and
employment prepared by the Division of Industrial Eco¬
248,148
nomics
271,508
253,713
229,654
224,866
228,312
243,595
274,059
249,844
of the Conference Board.
The number of jobless
August totaled 9,424,000, compared with 9,852,000 in
July and 10,601,000 in- August, 1938.
The low point of
unemployment in recent years was reached in September,
1937, when idle workers numbered 5,651,000.
The Board
on Sept. 28 also said:
in
266,358
1,347,143 1,340,668 1,488,285 2,045,539 2,023,313 1,872,383
2,100,135 2,243,081 2,418,969 3,298,929 3,057,169
Total employment in the country rose almost a half a million in August,
Imports for
Consumption—
January.
........
February
March...
April........
May
from
October.......
128,976
125,047
153,396
141,247
147,467
135,067
124,010
117,262
149,893
137,975
November
149,470
December...........
126,193
.......
June........
July
August.....^..
September
168,482
152,246
175,485
166,070
166,756
155,313
173,096
180,381
168,683
189,806
162,828
179,760
186.377
189,590
194,296
199,776
189,008
194,311
197,458
200,783
218,425
213.419
200,304
240,230
228,680
260,047.
295,705
280,899
278,118
278,300
262,919
248,730
233,959
226,470
212,382
203,644
44,782,000 to 45,263,000, the highest total since November,
163,312
155,923
173,196
169,353
152,577
155,118
147,123
185,916
in agriculture and
194,185
178,374
usual seasonal trends.
147,779
147,767
171,023
172,909
178,447
191,269
industrial employment
The
170,451
180,379
171,668
165,359
1937.
This increase is found to be due mainly to the steady rise in all branches of
that has occurred since last May.
The increase
declines in the trade and service industries follow the
Government's
emergency
labor force declined from 2,600,000 in
July to 2,169,000 in August, or 16.6%.
This
was
the sixth consecutive
monthly drop in the emergency labor force, and brought the total to the
lowest point since December, 1937.
Unemployment totals and the distribution of employment during June,
July and August, 1939, and comparisons with the totals for August, 1938,
8 mos. ended Aug... 1.072,472 1,337,829 1,551,599 2,133,398 1,261,241 1,422,504
mos. ended Dec... 1,636,003 2,038,905 2,423,977 3,009,852 1,949,624
12
and
March, 1933, and with the 1929 average, are shown tn the following
table.
Volume
The Commercial &
149
Financial Chronicle
(In Thousands)
mills.
■same
feet,
1929
Mar.,
Average
1933
Unemployment total
469
Aug.,
1938
June,
July*
1939
1939
10,601
14,706
Aug.,*
1939
1995
reported for the
as
6% above production.
or
Production
Reports from 96 hardwood mills give
or
146% above production.
11,081,000 feet,
9,424
9,852
9,526
Shipments
Shipments
was
as
week
were
21,939,000 feet,
as
reported for the
Production
Employment total
.
47,885
35,940
43,442
45,054
44,782
45,263
10,539
9,961
11,443
11,661
11,382
11,583
Forestry and fishing—
136
267
194
a
year ago
251,694,000
202
198
200
feet, and
feet, and
it
feet, and
was
....
19,102
10,980
14,774
15,500
15,535
15,861
1,067
645
691
714
706
721
11,064
3,340
6,980
9,243
9,791
941
2,056
1,549
1,840
9,730
2,225
1,923
2,264
2,465
2,159
1,885
1,167
.*865
944
952
951
954
8,007
6,407
7,053
7,752
9,U0
7,212
9,550
7,169
8,960
7,304
9,484
1,011
704
867
905
905
912
Extraction of minerals._
Manufacturing. ^
Construction
_
...
.
.
......
Transportation
.......
Public utilities.
Trade, distrubution,
finance_*
Service industries
Miscellaneous.
*
_______
In
1,968
Transforms
The Bank's review goes on
conditions.
new
1939
are
based
data
on
■
when,
Comm'l
Pas¬
Trucks,
&C.
Cars &
senger
Total
Trucks
Cars
1939—
150,738
61,384
58,605
9,135
38,484
3,475
5,112
1,068
4,023
99,868
2,271,124
1,794,273
476,851
106,365
76,148
30,217
141,443
106,841
34,602
9,007
5,273
3,734
90,494
58,624
6,452
3,063
3.389
1,435,280
1,101,982
117,617
84,438
33,179
2,407
August.v-
;
,
31,870
,
which
333,298
The additional
wages
There is
principally
equipment, and
are
which will be paid in industry, the large
by the Federal Government in the
can
for them
scarcely fail to stimulate general business.
Agricultural Economics—Production Estimated
4,264,000,000—Domestic Supply Reduced
World wheat supplies for the year beginning July 1, 1939,
now
indicated to be about 5,464,000,000 bushels, or
are
„
about 275,000,000 bushels more than in 1938-39, it was
repotted Sept. 25 by the Bureau of Agricultural Economics,
U. S. Department of Agriculture.
Figures are exclusive of
Soviet Russia and China.
Increases in carry-over stocks
July 1, 1939, more than offset the decrease in production.
World stocks of old wheat on July 1 were estimated at about
1,200,000,000 bushels, or about 600,000,000 bushels more
than a year earlier. World wheat production is now estimated
at about 4,264,000,000 bushels, or about 325,000,000 bushels
less than in 1938.
The crop in the Northern Hemisphere is
estimated to be about 3,790,000,000 bushels, or about 225,-
000,000 bushels less than the harvest of 1938.
weather
On the basis
conditions to date, a reduction of about 100,-
000,000 bushels is indicated for the Southern Hemisphere
The Bureau's announcement went
Wheat supplies in the United States for the year
estimated at
990,000,000 bushels,
about
or
on
to say:
beginning July 1, 1939,
100,000,000 bushels
less
Domestic disappearance for the year beginning July 1,
1938-39.
than in
1939, is forecast at about 695,000,000 bushels.
1937—
war
World Wheat Supply for Year Beginning July 1, 1939,
Indicated at 5,464,000,000 Bushels, Reports Bureau
are
Total 8 mos. end. Aug
good grounds
confidently expected, further large orders for munitions
countries.
1938—
are
activity,
will all combined to produce a substantial increase in the national income
of
July
But there
industrial
form of pay to the armed forces and in the provision of equipment
Canada (Production)
Cars
in
of money which will be disbursed
sums
Year and
Passenger
increase
British Mission which has lately arrived in Canada, there should
a
busy.
very
-/y'v'yU V.V.V
(All
marked
a
augmentation of agricultural income in the West and the very conisderable
(INCLUDING CHASSIS)
Vehicles)
activities of different kinds.
be few firms equipped for this particular class of work which will not be
S'--.
Total
is
as
placed by
Figures of automobile production in July, 1939, 1938 and
Sept. 2, 1939, issue of the "Chronicle,"
United Slates (Factory Sales)
war
through the speeding up of orders for munitions and
re¬
1937 appeared in the
1401.
began the
war
The process presents difficulties, as the price level has not
indicated
at
'/'
to-explain:
for optimism about the business outlook of the coming months.
of
Total 8 mos. end. Aug
Reports
been stabilized and in many cases firms are losing the services of key men
summoned to
of
vehicles is very small and hence a negligible
factor in any analysis for which the figures may be used.
Canadian production figures are supplied by the Dominion
209,343
Canada,
business community has been engaged in the task of adjusting itself to the
purpose
_______ ...
of
business in the second half of August, and since the
upon
special
July
Life
The deepening of the shadow of the impending war had an adverse effect
apparatus, street sweepers and buses, but the number
August.
Economic
methods of business."
and 62 making commercial cars, trucks
and road tractors (11 of the 22 passenger car manufacturers
also making commercial cars, trucks and road tractors).
It should also be noted that those making both passenger
cars and
commercial cars, trucks and road tractors have
been included in the number shown as making passenger
cars or commercial cars, trucks, and road tractors respec¬
tively.
The figures for passenger cars include those for
taxicabs.
The figures for commercial cars, trucks and road
tractors include those for ambulances, funeral cars, fire
Month
329,096,000
Sept. 22 "Business Summary" the Bank of Montreal
a great transforma¬
tion in the economic life of the Dominion;
already there has
been imposed in various directions a measure of State control
extending over practically the whole range of economic
activity, and its enforcement will compel the whole business
community to make drastic readjustments of their plans and
passenger cars
NUMBER OF VEHICLES
received
7,324,000 feet and 5,680,000
states that "the war cannot fail to cause
ceived from 73 manufacturers in the United States, 22 mak¬
page
orders
of hardwoods, 82 identical mills
In its
9,535
Output in August
.
case
year ago
Bank of Montreal
already
Bureau of Statistics.
a
5,327,000 feet.
War
of Commerce.,
ing
feet; and
the
9,954
Factory sales of automobiles manufactured in the United
States (including foreign assemblies from parts made in the
United States and reported as complete units or vehicles)
for August, 1939, consisted of 99,868 vehicles, of which
61,384 were passenger cars and 38,484 were commercial
cars, trucks and road tractors, as compared with 209,343
vehicles in July, 1939, 90,494 vehicles in August, 1938, and
394,330 vehicles in August, 1937.
These statistics, com¬
prising data for the entire industry, were released by Direc¬
tor William L. Austin, Bureau of the Census, Department
Statistics for the months of
were
238,177,000
feet; shipments 8,670,000 feet and 7,013.000 feet and orders 15,742,000 feet
and
Preliminary.
Automobile
week
8,917,000 feet.
was
223,746,000 feet; shipments were respectively
210,043.000
195,116,000 feet.
reported production last week and
Total industry-...
same
was
Last week's production of 420 identical softwood mills
Agriculture_______
253,002,000
239,111,000 feet.
business
new
24% above production.
or
same
Deducting this from the
July.'.
438,968
360,400
78,568
5,428
estimated supply leaves 295,000,000
394,330
311,456
82,874
17,941
10,742
12,513
August
5,814
4,928
exports should turn out to be near the 10-year (1928-37) average of about
3,621,596
2,958,843
662,753
157,254
115,150
42,104
bushels for export
70,000,000 bushels, this would result in a carry-over on July
Total 8 mos. end. Aug
of
Lumber Movement,
Sept 16, 1939
„
Week
Ended
The lumber movement
during the week ended Sept. 16,
1939, in relation to the seasonal weekly averages of prior
years was as follows according to reports to the National
Lumber Manufacturers Association from regional associa¬
tions covering the operations of representative softwood and
hardwood mills.
1940, of
demand for wheat and availability of transport facilities
not
sufficiently clear at this time to indicate probable world movement of
wheat.
However, it is not expected that world wheat and flour shipments
are
Report
1,
about 225,000,000 bushels.
The prospective
Weekly
If
or carry-over.
for the year
beginning July 1, 1939, will be greatly different from shipments
in the year
just past, when they totaled about 600,000,000 bushels.
On
the other hand, the general level of commodity prices is expected to remain
higher than last year.
A marked reduction in wheat acreage in
1940 harvest.
Probable declines in the
Europe is not expected for the
areas
of military operations are
likely to be at least partly offset by increases in neutral countries and in the
It is not expected, therefore, that the world acreage in
United Kingdom.
1940 will be greatly different from the acreage this year, which with average
'
'
.
Percent of
X
Percent of
1937
1929
Sh ipments _
yields per acre would again result in a crop fully ample to take care of likely
world consumption
without reducing the carry-over stocks.
Wheat supplies in the United States at 990,000,000 bushels are about the
122
as
in
"World wheat supplies of 5,500,000,000 bushels
1914.
78
109
128
same
103
155
166
siderably larger than in
...—
Orders...........
of
1938
98
69
Production
Percent
are
con¬
1914 when they totaled 3,500,000,000 bushels.
Compared with world shipments of about 600,000,000 bushels in 1938-39,
The Association further stated:
world shipments
Compared with the preceding holiday week, shipments and production
of the week ended
Sept. 16,
as
reported by 4% fewer mills
21% greater and 14% greater.
New business
was
above
production.
Shipments
were
6%
respectively
44% greater than in the
previous week and was the highest reported since 1930.
42%
were
New business
above output.
production for the 37 weeks of the year to date was 18%
above
19% above the orders of the 1938 period.
new
For the 37 weeks of
feet
of
softwoods
and
16, 1939. 505 mills produced 248,028,000
hardwoods
booked orders of 352,550,000 feet.
were
combined;
shipped
264,083,000
feet;
Revised figures for the preceding week
mills, 525; production 217,763,000 feet; shipments 218,125,000 feet;
orders
Lumber orders reported for the week ended Sept. 16, 1939, by 430 soft¬
were
only average.
This is also
1914, when unusually large exports from the United States
possible because of very small crops in Canada and Australia at a time
United
States had a record crop.
Wheat prices in the United States are high relative to export parity levels
as
a
result of a United States crop only moderately above annual domestic
disappearance, a relatively large proportion of the wheat crop being placed
38% above the production of the
Wheat
prices now are somewhat above loan values, prices at Kansas City averaging
about nine cents over the loan rate at that
market.
Analyses of the loan and export subsidy programs in 1938-39 made by the
Bureau appear to
world
245,089.000 feet.
wood mills totaled 330,611,000 feet; or
Stocks in importing
large at present whereas in 1914 stocks
Canada and Argentina have very large supplies.
for loan, and the continuance of the export-aid program in 1939-40.
1939 new business was 9% above, and shipments 5% above output.
During the week ended Sept
were
the
in 1914-15 were 556,000,000 bushels.
are very
year
different from
corre¬
sponding weeks of 1938; shipments were 16% above the shipments, and
orders were
was
Reported
countries
This
wheat
indicate no appreciable effect of the export subsidy
prices.
The
Bureau's
American wheat growers were
analyses
further
indicate
that
on
the
benefitted to the extent of about $57,000,000
by the combined loan and subsidy programs.
This would amount to about
The Commercial & Financial Chronicle
1996
17 H cents per
grams
The world rye crop in 1939 will again
be large.
world production.
(oil conservation payments on the 1939 program.
The decline in farm income this year is due partly to smaller volume of
15 countries is estimated at
Production in these
and to the earlier distribution of
lotment for pried adjustment payments
To date reports for only
15 countries have been received, which in 1938 represented about 45% of the
total
Government payments are due primarily to the increased al¬
The larger
1
be at least one-third larger than in 1938.
payments to farmers will
ment
bushel for the 10 months in 1938-39 during which the pro¬
in operation.1
were
Sept. 30, 1939
Larger domestic carry¬
farm products to be sold and partly to lower prices.
480,000,000 bushels, compared with 469,000,000 bushels in 1938.
over
large world supplies of several important farm products are con¬
or
tributing factors in the lower level of farm prices in 1939 in spite of smaller
Farmers'
Caph Receipts from Marketings in July Esti¬
mated
by
$534,000,000
at
Bureau
Economics
1
S3,501,000,000 and
in
5% smaller than the estimate of $3,693,000,000
was
January-July last
year.
Increased income from marketings of grains,
vegetables, meat animals, chickens and eggs was more than offset by smaller
receipts
from
payments
cotton,
were
dairy
products,
much larger the first
fruits and tobacco.
Government
7 months of 1939 than in the
payments,
amounted to $3,951,000,000 in
January-July this
year
Income from all marketings in July was 7% larger than in June.
somewhat
was
ment for usual seasonal
(1924-29=100)
crops was
larger than normally takes
place.
This
increased from 60 in June to 62.5 in July.
Income from
33% larger and more than offset a 6% decline in income from
livestock and livestock products.
~
Income from crops increased more than usual from June to July.
r
,
The
expected to be substantially smaller than in
before the end of the year.
loan
together with the smaller
crop
The smaller farm carryover into 1939,
in prospect, are likely to reduce marketings
this year by nearly 3,000,000,000
of tobacco, corn, hogs,
bales.
On the other hand, marketings
dairy products, and several of the fruits will proba¬
bly exceed those of 1938.
Sales of
important farm products, such
many
wheat, potatoes, rice, cattle and calves, and sheep, lambs and wool, are
as
expected to be about the same a (in 1938.
Income from crop( in
1938.
1939 is estimated at about 7% less than that of
The greatest decline is expecited in income from cotton, due to the
marked reduction in sales.
Although income from wheat during the first
half of 1939 exceeded that of
a year
earlier, the smaller crop, together with
relatively low prices, is likely to result in
scld
corn
placed under loan in
or
income to farmers
substantial reduction in wheat
a
income during the last half of the year.
The increase in the quantity of
1939 is
result in a larger
expected to
which will probably more than offset the decline in in¬
from other feed grains.
come
Income from tobacco, sugar, and hay is likely to be slightly lower than
a
The income from fruits and vegetables is expected to re¬
earlier.
year
flect
the higher level of consumer
higher th=n in
commodities in
incomes
will probably be
1939 and
in
1938 but below the income received from these
1937.
:>■
,
Marketings of most livestock and livestock products thus far in
After adjust¬
change the index of income from farm marketings
are
large part of the record crop of 1937 was carried over and sold in
as a
somewhat
compared with $3,984,000,000 in these months of 1938.
increase
1938
1938, whereas nearly all of the 1938 crop had been sold or placed under
corre¬
sponding period last year, and total farm cash income, including Govern¬
ment
1939
Sales of cotton in
;v-
In the first 7 months of 1939, farmers' income from marketings totaled
few farm products have
a
accompanied by prices so low as to cause some reduction in farm income.
income from
marketings in July totaled
$534,000,000, it was estimated Aug. 22, by the Bureau of
Agricultural Economics, U. S. Department of Agriculture.
The July income was 7% larger than the estimate for June
but was 12% smaller than the $609,000,000 reported for
July last year.
Government payments to farmers in July
amounted to $36,000,000 compared with $51,000,000 paid
in June and $.34,(XX),000 in July, 1938.
Including Govern¬
ment payments farmers' income this July totaled $570,000,000 compared with 552,000,000 in June and $643,000,000
in July, 1938.
The Bureau's announcement continued:
cash
Farmers'
Increased marketings of
domestic marketings.
Agriculture
of
have been larger than in 1938 and
a
earlier throughout the remainder of the
year
However, the in¬
year.
in farm marketings has been more than offset by lower prices and in¬
crease
from
come
livestock
all
2% lower than
a
and
livestock
products
expected to be about
is
Thus far in 1939, prices of dairy products
year earlier.
seasonally adjusted index of income from crops increased from 45% of the
have been considerably lower than in the corresponding period
1924-29 average in June to
and
fruits, truck
increases
crops
were
51% in July.
Income from all
crops
and potatoes were seasonally larger in July.
except
Largest
than seasonally from June to July.
more
was
Income from hogs,
and milk
eggs
than seasonally.
production of dairy products and prices have shown
at
$7,900,000,000
—Compare with $8,020,000,000 in 1938 and $8,988,000,000 in 1937
The marked increase in the marketing of hogs has been accompanied by
period of last
same
continued:
These preliminary estimates (made annually at this time of
year) are
based upon receipts from the sale of farm products
during the first 7 months
of this year, upon indications as to probable sales and
prices of farm prodducts during the remainder of the calendar year and
upon the prospective
amount of Government payments to farmers for the
year.
The estimate
value of goods retained on farms
for home consumption takes into
change in farm prices between 1938 and 1939, and the probable
quantities of the various farm products that will be retained for
consump¬
tion.
in spite of the higher level of non-farm
Income from chickens and
eggs
during the first 7 months of 1939 has
been slightly higher than a year earlier, but prices in July were about 15%
offset the probable increase in marketings during the remainder of the year.
During the first 7 months of 1939, the greatest decline in farm income
from farm marketings were in the Cotton Belt States, due largely to the
unusually small volume of sales of cctton.
of
1939, cotton sales will be nearly
through
a
calendar
1939,
including Government payments to
Agricultural Adjustment Administration are as follows:
year
basis for
farmers
by the
of 1939. should result in incomes
Cal.
Year
Gross
States about
from, Farm
Farm
Marketings
Income
Cal.
Year
Gross Farm
Income and
Income and
large
as
as
in
1925-__
1926...
1927...
1928...
1929...
1930...
1931...
1932...
$10,272,000,000 $11,970,000,000
10,881,000,000 12,800,000,000
10,580,000,000 12,378,000,000
10,700,000,000 12,437,000,000
11,089,000,000 12,816,000,000
11,221,000,000 12,791,000,000
8,941,000,000 10,337,000,000
6,254,000,000
7,397,000,000
Govt. Payments
4,606,000,000
"■Revised,
a
1933...
$5,379,000,000
1934...
6,585,000,000
7,378,000,000
8,299,000,000
8,988,000,000
8,020,000,000
7,900,000,000
1935...
1936...
1937...
1938-a.
1939.a.
$6,404,000,000
7,629,000,000
8,688,000,000
9,672.000,000
*10,425,000,000
*9.290,000,000
9,100,000,000
•
Plains and North Central States.
come
to
by
extent
some
will depend to a large extent upon range conditions
during the latter
part of the year, and the
possibility that livestock numbers
have to
may
be reduced in line with the reduction in feed
prospects.
Farm Products
Prices in
Under
August Averaged One Point
July Level
A slight downturn in the general
level of farm products
prices was reported Aug. 29 by the Agricultural Marketing
Service, U. S Department of Agriculture, for the month
ending Aug. 15.
At 88% of pre-war, the mid-August index
of prices received by farmers was 1
point lower than in midJuly and 4 points under last year's Aug. 15 level.
The
Department's announcement went on to say:
All of the major commodity groups except dairy and
poultry products
declined during the month.
down
2
points.
Meat
Grains and cotton and cottonseed
animals
4
These
dropped
declines slightly
6
points.
than
more
offset
points in dairy products and 1 point in poultry items.
showed
change.
no
a
•
were
of
the
each
were
10
increases
of
Truck
crop
prices
•
year earlier mixed trends were indicated for the differ¬
Meat animals
2 points lower.
were
down 8 points
were
Fruit prices
truck
14 points lower.
Dairy
Chickens and eggs were down 15.
Fruits
crops were
were
9 points higher.
2 points and cotton and cottonseed 2 points
Grain prices
over the
were
mid-August level
1938.
The general level of prices paid by farmers
of pre-war.
This
was
1 point lower than
a
on
Aug.
15 stood at
119%
month earlier—due almost
en¬
tirely to lower feed prices—and 3 points lower than
of pre-war the
was
a year ago.
At 74%
mid-August ratio of prices received to prices paid by farmers
unchanged from
a month earlier and
1 points below the
Aug., 1938 level.
Wheat prices at local markets declined
slightly more than usual during
the month ending Aug.
able
The estimate of cash income for 1939 is based
upon expectations of some
additional betterment in the demand for farm
products, and upon the
usual seasonal trend in the movement of farm
products to market during
the next few months.
In recent years, the
placing of some of the more
important agricultural commodities under Government loan
has
earlier than usual movement of the
crop.
account in preparing the estimate of farm
resulted
This has been taken into
income for 1939.
The estimate
of Government payments for 1939 allows for
most of the unexpended bal¬
of the 1938 appropriation for
parity payments to be expended before
Jan. 1 and for the distributor of 1939 soil
conservation payments to be made
somewhat earlier than the payments on the
1938
ance
program.
Cash income from the sale of farm
procduts and from commodities p aced
under loan in 1939 is likely to be about
4% less than in 1938 but Govern¬
Great
States farm income will be increased
the better outlook for fruits and potatoes but the total amount of farm in¬
.
5,562,000,000
Preliminary.
an
Atlantic and Pacific Coast
The smaller wheat crop, together with
reduction in income in the
In the Mountain
products
Govt. Payments
in the North
1938.
Prospects
some
up
1924
earlier, and income in
during the p=st 5 months
decline in income from dairy products and hogs, is likely to result in
ent groups of farm products.
Cash Farm
as a year
some
Compared with
Cash Income
However, during the remainder
large
crops
points lower.
on
as
this region should be more nearly equal to that of a
year earlier.
of higher income from fruit and
vegetable
v
Exti mates of cash and gross farm income
in
year
income.
lower than in July, 1938, and it is possible that lower prices may more than
On Aug. 23, the Bureau of Agricultural Economics, U. S.
Department of Agriculture, estimated that farmers' cash
income—including income from farm products marketed,
commodities placed under Government loan in 1939, and
from Government conservation and parity
payments—will
probably total about $7,900,000,000 this year.
This com¬
pared with $8,020,000,000 in 1938 and $8,988,000,000 in
1937, when farm income was the highest in the last 10 years.
The low point in farm income was in 1932 when cash in¬
come
from farm marketings amounted to
only $4,606,000,000.
The value of farm products retained for consump¬
tion in farm households in 1939 is expected to total about
$1,200,000,000, compared with $1,270,000,000 in 1938 and
$1,437,000,000 in 1937.
Gross farm income in 1939—in¬
cluding income from marketings, commodities placed under
loan, Government payments, and the value of goods con¬
sumed on the farm—is estimated by the Bureau at
$9,100,000,000 compared with $9,290,000,000 in 1938 and $10,425,000,000 in 1937.
The announcement by the Bureau
1924
improve¬
some
of 1938.
below the
account the
year
sharp reduction in price, and income from hogs in recent months has been
Cash Farm Income for 1939 Estimated
of the
of last
The decline in
ment, but income in July was still lower than in the corresponding month
seasonally larger but returns from all other livestock products declined
more
fyave been only partially offset by larger marketings.
pasture conditions in recent months has been accompanied' by a reduction
in the
in income from wheat, tobacco and peaches.
Income from sales of livestock and livestock products declined somewhat
1939
likely to continue to exceed those of
are
corn
on
as
a
result of improved crop prospects.
Aug.
At 45.7 cents per bushel this
2.8 cents lower
was
15 last year.
Corn prices declined relatively less than
mid-August relationship
Hog prices declined
was less
most
in
beef cattle prices
was
Mountain
where slight
States
hog prices, however, and the
favorable to feeders than
the
North
Central
month earlier.
a
States.
The
rather general in all areas other than
than usual during the month.
increases
occurred.
Lambs
Wool advanced one-fifth of
a
decline
a
of
the
sharply toward
Tobacco
Federal
new
prices
loans
accorded
lint
cotton,
in
few of the
declined
cent a
The month brought a slightly lower average of cotton
prices.
support
Vari¬
prospects failed to prevent a 2.1 cents per bushel lowering of the
local market average.
than
15
cottonseed
more
pound.
Lacking
dropped
crop levels.
declined
pound compared with
duting the month
19.0 cents
a
year
ago.
and
averaged
16.6 cents
a
Potatoes dropped sharply
Volume
but
The Commercial & Financial Chronicle
149
raid-August prices averaged 16.3 cents
Commercial
first
bushel higher than last year.
a
vegetable prices averaged somewhat
half of Aug.
1938.
continued to decline.
higher than
largely from pools underlying land of surface owners,
industry.
Con¬
tinuing, he contended that, third, supply shows little re¬
sponse to price and fourth, the oil industry is really a succes¬
sion of industries
integrally related in production of crude
oil, transportation, refining and marketing.
In supporting
the latter contention, Dr. Ise named 20
major integrated
companies, which largely control the industry.
First witness to testify before the committee was
Joseph E.
Pogue, Vice-President of the Chase National Bank, who
spoke in support of State proration efforts aided by the
Federal hot oil regulations,
contending that the industry had
pioneered in the development of this new form of machinery
during the
a
Apple prices, influenced by increasing supplies,
As of August
15, apple prices averaged 66 cents a
bushel compared with 90 cents a month earlier and with 75 cents a year ago.
Department of Agriculture Expects Large Supplies of
Most Types of Tobacco for 1939-40 Season—Market¬
ing Quota of 660,000,000 Pounds for Flue-Cured
Type Proclaimed—Referendum to Be Held Oct. 5
Larger supplies of most types of tobacco, especially fluecured,
are
indicated for the 1939-40
issued
announcement
season,
according to an
the Department of Agriculture
Sept. 27.
Decreases are indicated for the fire-cured, dark
air-cured, and cigar binder types.
Henry A. Wallace,
Secretary of Agriculture, has proclaimed the marketing quota
at about 660,000,000 pounds and Oct. 5 has been set as the
date of the referendum for voting on marketing quotas for
the crop of flue-cured tobacco.
The following regarding the
tobacco situation is from the Department's announcement:
by
Conditions affecting the domestic consumer demand for tobacco products
probably will be
continues with
show
an
Monthly withdrawals for 1939
Conditions arising from the
less favorable than last year.
received for all flue-cured sales during August
price
than
Consumption of cigarettes
year.
upward trend.
war cause export prospects to appear
average
lower
much
moderate
upward trend in cigar consumption.
European
The
favorable than last
more
a
for
August,
1938—15
compared
cents
22
with
The flue-cured crop is indicated to be 29% greater than in 1938.
of the
was
cents.
Because
withdrawal of British buyers, all flue-cured markets were closed by
Sept. 14.
The Georgia-Florida markets for type 14, which opened July 25, disposed
of the entire crop in the shortest market season on record, closing Aug.
25.
The average price for the crop was 12.8% cents as compared with 20.3 cents
in
1938.
Types 13 and 12 averaged, respectively, 16.4 cents and 15 cents
The markets for 11-b remained
during August.
for the
offers
floors and
on
open one
week only, with
week composed largely of lower quality grades.
auction-floor markets closed Sept.
14.
The combined sales
the Baltimore market to Sept.
on
1 averaged about
Maryland
the auction
prevent waste and promote conservation.
the administrative setup for
examination
19 cents.
"1.
the flue-cured situation, J. B.
It has been reported
on
"3.
"4.
Hutson, Assistant AAA
This decision will have
with
us
who have advised
men
have
for the
been
unanimous
in the
view
that it
would
Government to attempt to support prices
be
monopoly.
no
better illustration of the
are
competitive system
industry.
That petroleum products are the
aggregate
tax
on
cheapest commodities
the industry's activities
U
;v,
products is the highest in the land.
"6.
during the past few days with respect to the action to be taken at
time,
business
and
important effect
1939 crop.
"Farmers, bankers, merchants and other business
this
an
That
of general use.
"5. That the
decide the acreage of tobacco
the plans for marketing the remainder of the
That there is complete absence of
exists in American
Administrator, said:
that will be marketed in 1940
divisions and their inter-relation-
That natural economic laws governing economics are
all at work.
referendum is held.
on
four
"2.
that the markets will reopen within a few days after the marketing quota
"In the referendum farmers will in effect
of the
ships would disclose the following important facts:
of British buyers from the domestic market created a price situation which
•v.-i' Commenting
bodies and
amplification,
although room is present for improved effectiveness and more
advanced technique, which time should
bring about."
Absolute denial that major integrated petroleum com¬
panies were guilty of any monopolistic practices was made by
J. Howard Pew, President of the Sun Oil
Co., when he ap¬
peared before the committee on Tuesday as a representative
of the petroleum
industry.
Although Mr. Pew did not refer
openly to the veiled inferences in Dr. Ise's report on Monday
that major
companies were guilty of monopolistic practices,
he was point blank in his
sweeping denials.
In speaking
before the Committee, Mr. Pew told its members that the
current probe could well be of real service to the
industry as
it should "disperse certain clouds of
mystery and doubt
which have hung over the
industry."
|
Pointing out that the petroleum industry naturally would
divide itself into
four parts, production, transportation,
refining and marketing, Mr. Pew contended that a careful
and recent withdrawal
led to complete closing of markets for the commodity.
In explaining
directing proration through the
bodies, aided by the Connally
various State conservation
hot-oil law, Mr. Pogue contended that "these
functions are adequate in scope and need no
following concerning the matter is from a Washington
dispatch Sept. 25 to the N. Y. ''Journal of Commerce":
year
fact which has caused much trouble in the
to
The
Heavy production of flue-cured tobacco this
1997
comes
That the
industry's
average
.
earnings have been and
reasonable.
"7.
unsound
*
That wages are among the highest,
and employment
conditions among the best in the country's industries.
"8. That
no
condition
exists
which
requires further
'Federal' regulation of the industry's operations, and
unless farmers
■
cooperate to regulate the quantity of tobacco marketed.
They also
are
in
agreement that prices for the remainder of this season and the next would
decline materially below the level prevailing
unless
farmers take steps to bring supplies
needs.•.'
•-
before the markets
more
closed
were
nearly in line with trade
-
'; V '■■■
.
*
.
+
Petroleum
and
Its
Products—TNEC
Meetings Start—
Monopoly in Industry—Travis Hits
Major Units—Crude Production Exceeds Indicated
Allowable—Texas To Readjust Proration Sched¬
ules—Michigan Oil Men Plan Price Study
Pew
Sees
Hearings
on
No
the petroleum industry by the Temporary
National Economic Committee, which started their two-week
session in Washington on Monday, were featured by a
preopening statement made by Chairman O'Mahoney
emphasizing that the legislation creating the committee
included as one of its chief duties the task of examining the
effect of the existing price system and of the price policies of
industry upon the general level of trade and employment.
"The task of the committee with respect to prices becomes
more
important, if that were possible, as a result of the
conflict in Europe," the Chairman continued.
"Already fears
of profiteering have been expressed.
Profiteering in times
of war accentuates the evil affects of price exploitation in
time of peace, and those who give way to the temptation to
seize a quick profit at the expense of the consumer by raising
prices when costs have not increased make the problem of
unemployment worse than it need be."
Prior to the actual opening of the hearing, Dr. John Ise,
of the University of Kansas, economic adviser to the Com¬
mittee, presented a summary of material gathered by the
Committee's research staff.
In commenting upon Dr. Ise's
statement that war machinery now makes oil one of the
essential defense commodities for the United States, Chair¬
man O'Mahoney declared that in national crises, the prod¬
ucts of the oil industry are absolutely essential and war makes
a special demand for oil and its products.
Although withholding specific conclusions, Dr. Ise told
the Committee that conservation of crude petroleum reserves
necessary to national defense is practiced more thoroughly
in some fcreign countries than it is in the UnitedStates. He
added,.however, that there is little doubt that the Federal
Government will have to render much more help than it
heretofore has been able to offer the oil-producing States in
enforcing production control regulations drafted by the State
regulatory Boards.
Dr. Ise cited four factors, peculiar to
the oil industry, in supporting wider governmental control of
the petroleum industry.
First, he pointed out, the petroleum industry is based upon
exhaustible resource.
Second, he continued, supply
an
"9. That complaints you will hear will not be directed at
monopolistic conditions, but at competitive practices which
are inherent in
any free economy or under any competitive
system where competitors exercise free will in the conduct of
their business activities."
V,
In
explaining industrial integration as a vertical combina¬
tion, uniting in one corporate structure various operations
through which a raw material passes in its transformation
into finished products ready for the consumer, Mr. Pew
contends that instead of being a weapon of monopoly, inte¬
gration was "the implement with which the new competition
armed itself against the old monopoly."
The petroleum
industry, he continued, is necessarily an integrated one,
whether through common ownership of all activities, or be¬
cause
A
of contractual relations between them.
formula
using eight different "ingredients" which
definitely limits the growth and the "very existence" of the
independent producer and independent refiner was outlined
before the committee
Tuesday by M. M. Travis, formerly
majority owner of the South Port
Petroleum Co. of Houston, Texas.
Mr. Travis argued that
the components of this formula, considered by themselves,
"appear to be so innocent and innocuous that it is difficult to
recognize them as parts of a definite and sinister formula."
The 8 major "ingredients" were listed by Mr. Travis as
diffused distribution,
tank wagon quotations, the spot
market, pipe line transportation, export spot market, the
licensing policy of the Ethyl Corp., activities of the American
Petroleum Institute and political pull, power and influence.
By the steady use of these 8 factors, he charged, the major
companies steadily improve their position in the industry
while at the same time impair the earning effectiveness of the
independent refiner and independent producer.
The special subcommittee of the House Interstate Com¬
merce
Committee, headed by Representative William P.
Cole, met on Monday to start the investigation of the in¬
dustry ordered by the last Congress in the closing days of the
sessions.
The meeting resulted in a decision to defer further
action until the hearings before the Temporary National
general
manager
on
and
Economic Committee is ended.
members of the Cole group are
In the meantime, however,
sitting-in
as observers at the
TNEC meetings.
Production of crude oil during the Sept. 23 week climbed
far above the indicated market demand during the current
the mid-week report of the American Petroleum
Daily average production cf 3,681,050
barrels, which represented a gain of 258,700 barrels over the
month,
Institute disclosed.
previous week, compared with the September market de-
,
The Commercial & Financial Chronicle
1998
United States
mand estimate of the
Bureau of Mines of
3,5X0,700 barrels daily.
The sharp rise over the preceding
period was due to the normal production in East Texas, which
a week earlier had been closed for two days.
Sharpest expansion, naturally enough, was shown where
daily average production climbed 132,750 barrels to hit
1,495,400 barrels. Illinois production was up 11,450 barrels
to a new record high of 338,750 barrels.
Kansas production
gained 7,800 barrels to a daily average of 160,500 barrels.
Louisiana, with a daily average output of 248,500 barrels,
was 5,950 barrels above the previous week's total.
Smallest
gain was shown by Oklahoma where production of 405,900
barrels
represented a gain of only 2,100 barrels. California
showed tne only decline, production there easing 19,200
barrels to a daily average of 617,000 barrels.
A constantly growing list of applications before the Texas
Railroad Commission for increases in allowable oil production
by operations in many fields probably will bring numerous
readjustments of proration schedules bv the Commission
during the next few weeks, it was indicated in Austin. Among
the applications that are based on prospective business, it
was learned, is that of the Plymouth Oil Co. which is re¬
ported to have contracts pending with the French Raffinage
Oil Co. and the British-American Co., of Canada, for Texas
Sept. / 30, 1939
Further details,
Sept. 23, 1938, totaled 3,251,150 barrels.
reported by the Institute, follow:
as
Imports of petroleum for domestic use and receipts in bond at principal
United States ports for the week ended Sept. 23
a
totaled 978,000 barrels,
daily average of 139,714 barrels, compared with a daily average of 182,571
barrels for the week ended Sept.
'.
weeks ended Sept.. 23.
•
16 and 154,036 barrels daily for the four
■
Receipts of California oil at Atlantic and Gulf Coast ports for the week
23 totaled 229,000 barrels, a daily average of 32,714 barrels,
ended Sept.
compared with
and
daily average of 48,571,barrels for the week ended Sept. 16
a
28,536 barrels daily for the four weeks ended Sept. 23.
Reports received from refining companies owning 86.2% of the 4,379,000barrel
Bureau of Mines
week, and that alf
basis, 3,570,000 barrels of crude oil daily during the
companies
United States
daily potential refining capacity of the
estimated
indicate that the industry as a whole ran to stills, on a
had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week, 71,020,000 barrels of finished
and
un¬
by all com¬
The total amount of gasoline produced
finished gasoline.
panies is estimated to have been 11,684,000 barrels during the week.
CRUDE
RUNS
TO
STILLS
AND
PRODUCTION
OF GASOLINE—WEEK
23. 1939
ENDED SEPT.
(Figures In Thousands of Barrels of 42 Gallons Each)
Gasoline
Crude Runs
Dally Refining
Capacity
Production
Stills
to
at Refineries
District
Potential
Rate
Daily
Percent
Inc. Natural
Average
Operated
Blended
Percent
Reporting
crude.
The
Michigan Oil and Gas Association plans
a survey
of
the comparative crude oil prices in Michigan and Illinois, it
was disclosed in reports from Grand
Rapids. The survey is
to determine whether or net
Michigan prices are below parity
with quotations prevailing in the Illinois and Mid-Continent
fields.
Current Michigan prices are from 68 to 9.57 cents a
barrel.
,
There
.'r;.
were
crude oil price changes posted
no
week.
during the
'
Prices of Typical Crude per Barrel at Wells
.$2.00
Corning, Pa___
.1.02
Illinois
_
____________
_
_
Western Kentucky
Mld-Cont't, Okla., 40 and above
Rodessa, Ark., 40 and above
Smackover, Ark., 24 and over.—,
.1.03
1.02
.78
1.22
1.22
.75
.
85.9
117
91.4
400
90.2
534
96.2
2,191
419
81.6
272
79.5
z977
DEMAND
OPERATIONS
SEEN
STRUCTURE
40
72.7
54.2
57
89.1
207
California
90.0
533
71.5
1,379
86 2
3,214
85.2
10,282
........
Reported
Estimated unreported
—
Texas
Gulf
MX-MX
Shell East'n
.07^-.08
-.06 M
T. Wat. Oil
.08X-.08H
RlchOll(Cal) MX-MX
Warner-Q__ .07X-.08
_
_
_
_
_$ .07H-.08
Sept. 23,1939......
4,379
3,570
11,684
Sept.16,1939..........
4,338
3,470
11,609
*3,233
y 11,039
♦U.S.B. of M. Sept. 16,1938
*
Is
z
September, 1938, dally average,
y This
a week's production based on the U. S. B. of M. September, 1938, dally average,
12% reporting capacity did not report gasoline production.
Estimated Bureau of Mines basis,
FINISHED
OF
ports.
__
Tulsa
|North Texas.
(Bayonne)..
$.04
5.04% |Les Angeles._
.03H-05
UNFINISHED
AND
FUEL OIL—WEEK ENDED
Unfinished Gasoline
N, Y. (Bayonne)—
Bunker C
Refinery
or
California 24 plus D
$1.00-1.25
Finished
At
in Transit
At
and
Refineries
and in
Refineries
Appalachian
18,137
2,257
Ind., 111., Ky
Okla., Kan., Mo
10,168
5,362
—
5,654
1,612
8,898
1,327
7,613
1,828
Inland Texas
6,533
19,351
2,569
10,803
___$1.15
Phila., Bunker C
.1.45
Diesel.1.65
Gas Oil, F.O.B. Refinery or Terminal
N. Y.
(Bayonne)—
27 plus
______$.04
|Tulsa.———.$.02 K-.03
I
I
New York..—;.—$.17
Brooklyn
_____
| NewarkI Boston.
,17
$.1661Buffalo--,-
1851
—$.17
Institute
estimates
that
the
daily average gross crude oil production for the week ended
Sept. 23, 1939, was 3,681,050 barrels.
This was a gain of
258,700 barrels from the output of the previous week, and
the current week's figure was above the
3,510,700 barrels
calculated by the U. S. Department of the Interior to be the
total of the restrictions imposed
by the various oil-producing
States during September.
Daily average production for
the four weeks ended
barrels.
The
.
Sept. 23,1939, is estimated at 3,153,800
daily average output for the week ended
"*68
5,607
"413
7,397
"282
856
18
2,055
314
383
255
6
599
Rocky Mountain._
California..
987
1,066
124
_.
Reported.
...
Est. unreported
543
12,744
13,900
8,172
1*654
61,145
22*312
60,481
4.860
66,060
4,960
27,903
9,347
85,835
26,991
2,440
825
♦Est. total U. 8.:
Sept. 23, 1939.__
65,341
71,020
a28,728
9,347
Sept. 16, 1939.-
65,882
71,869
a28,651
9,743
63,498
69.524
♦U. 8. B.
*
a88,275
a88,153
26,991
27,077
Mines
of
Sept. 23. 1938
...
Estimated Bureau of Mines basis,
119.815
30.389
a
For comparability with last year these
figures must be increased by stocks "At Terminals, Ac.," in California District.
DAILY AVERAGE CRUDE
OIL PRODUCTION
(Figures in Barrels)
a
Four
Calcu¬
State
Week
Change
Weeks
lated
Allow¬
Ended
from
Ended
Ended
Require¬
ables
Sept. 23
Previous
Sept. 23
1939
Week
1939
Sept. 24
1938
ments
Week
{Sept.)
Oklahoma...
429,300
384,950 b405,900
z2,100
264,550
448,300
Kansas
166,300
147,705
bl60,500
Z7.800
102,600
161.100
66,800
85,450
33,100
260,150
92,000
Z9.000
53,200
67,350
Panhandle Texas
West Texas.________
East Central Texas.
.
z450
78,850
70,750
Z100
30,200
z750
232,100
82,700
345,700
211,900
215,350
28,700
188,650
89,400
369,000
215,200
z500
East Texas
492,900 Z220.950
Southwest Texas
232,100
232,900
xoG
zl,050
195,400
1,408,300 C1477943 1,495,400 Z232.750 1,250,000 1,224,450
•
Coastal Louisiana
Total Louisiana.
Daily Average Crude Oil Production for Week Ended
Sept. 23 Gains 258,700 Barrels
Petroleum
2,905
1,928
1,924
_
.
_
Arkansas-.
American
49
4,015
65,400
*900
58,000
75,900
183,150
Z6.850
161,400
189,500
265,400
.17
zNot including 2% city sales tax.
The
372
2,784
258
Louisiana Gulf
North Louisiana
—
Chicago.
89
910
No. La. & Arkansas
Texas Gulf—
Total Texas-
Gasoline, Service Station, Tax Included
z
z
and in
6,107
246
4,032
1,694
384
Coastal Texas——..
I Chicago—
28-30 D________$.053
6,208
in Transit
Pipe Lines
Pipe Lines
Unfin'd
East Coast.
At Terms,
Total
West Central Texas..
New Orleans C_ _____$1.00
FudOU
Finished
.05M
M%-MK
Terminal
Stocks of Residual
At Terms,
Total
B.ofM,
(New Orleans-$.05Ji-.05H
I Tulsa—
.04 -MX
GAS AND
1939
District
North Texas
Fuel Oil, F.O.B.
GASOLINE AND
SEPT. 23,
Stocks Of Gas Oil
and Distillates
Stocks of Finished <t
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
x
(Figures In Thousands of Barrels of 42 Gallons Each)
Chicago.___-5.05
-.05H
New Orleans. .06H--07
Gulf
1,402
356
Other Cities—
Socony-Vac. .06
94
55.0
118
U. S. Gasoline (Above 65 Octane), Tank Car Lots. F.O.B. Refinery
Std.Oil N.J.S.06H--07
298
100
STRONG
gasoline dropped 849,000
barrels during the Sept. 23 period, despite a sharp rise in
refinery operations, giving credence to the belief that export
demand for gasoline to the warring nations in Europe is
beginning to make itself felt as a market influence.
The decline of approximately 850,000 stocks in inventories
Of motor fuel pared the total held on Sept. 23 to 71,020,000
barrels, according to the American Petroleum Institute's
report.
While present stocks of motor fuel, on the basis of
domestic demand, are some 10,000,000 barrels too high,
should war demand rise to the limits expected by some
optimistic figures in the industry.
Since refinery operations for the week rose 1.8 points to
85.2% of capacity, with a corresponding rise of 100,000
barrels in daily average runs of crude oil to stills which
reached 3,570,000 barrels, increased demand for gasoline is
the only factor that could have brought about the contraseasonal heavy decline in holdings of motor fuel.
The price structure for gasoline, heating oils and prac¬
tically all refined petroleum products continued strong.
Buyers are finding sellers loath to commit themselves on
supplies over any lengthy period because of uncertainty over
just what effect the European war situation will have upon
the domestic market for refined petroleum products.
New York-
2,723
75.6
828
Stocks of finished and unfinished
New York—
449
92.5
121
Rocky Mountain
CAUSE—REFINERY
PROBABLE
69.2
879
97.6
North Louisiana & Arkansas
STOCKS
MOUNT—PRICE
110
90.0
164
316
Louisiana Gulf
REFINED PRODUCTS—MOTOR FUEL INVENTORIES DECLINEWAR
50.3
1,055
Inland Texas
Texas Gulf
1.03
Huntington, Calif., 30 and over___
Kettleman Hills, 39 and over. _____ 1.24
1.25
.
_
Michigan crude
Sunburst, Mont____________
1.20
.
149
615
.51.05
_
Darst Creek
.95
.
1,564
Appalachian
Indiana, Illinois, Kentucky.
Oklahoma, Kansas, Missouri
♦Estimated total U.S.:
Eldorado, Ark., 40
——
Rusk, Texas, 40 and over....
1.25
.
89.6
615
1
(All gravities where A. P. I. degrees are not shown)
Bradford, Pa——.————
Lima (Ohio Oil Co.)-
551
100.0
East Coast
Illinois—...........
Eastern (not incl. 111.).
Michigan
255,700
235,475
248,550
z5,950
219.400
50,700
64,838
65,200
z650
53,350
338,750
98,300
67,250
zll,4o0
324,450
97,600
65,700
16,200
3,600
98,700
Z3.950
248.700
101,300
55,000
70,700
Wyoming
Montana
...
„
16,300
3,700
Colorado.,
New Mexico
108,700
100,000
Total east of Calif— 2,914,700
California
596,000
3,510.700
x
Minus,
a
These
z
are
d598,300
x950
xl.100
x300
66,500
61,500
16,400
*100
3,700
Z15.700
74,750
62,900
}
177,900
53,900
60,150
13,000
3,400
105,850
3,064,050 z277,900 2,534,800 2,576,350
674,800
619,000
617,000 xl9,200
3.681,050 z258,700 3,153,800 3,251,150
Plus.
Bureau of Mines' calculations of the requirements of domestic crude
oil based upon certain premises outlined in its detailed forecast for the month of Sep¬
tember.
As requirements may be
supplied either from stocks, or from new produc¬
tion, contemplated withdrawals from crude oil inventories must he deducted from
Volume
The Commercial & Financial Chronicle
149
the Bureau's estimated requirements to determine the amount of new crude to be
produced.
b Oklahoma and Kansas figures we for week ended 7 a. m. Sept. 20.
c This is our Interpretation of Texas's net basic allowable for week ended 7 a. m.
Sept. 23 and calculated upon the best available Information, at the time of publi¬
cation.
Calculated net basic allowable subject to change of official order,
month of September is
for the
1,381,146 barrels,
d Recommendation of Central Committee of California Oil Producers.
Note—The figures indicated above do not include
might have been surreptitiously produced.
any
estimate of any oil which
1999
$52,573,500 for the corresponding month of 1938, an in¬
crease of
2.5%.
Revenues from industrial and commercial
users rose from
$17,623,500 a year ago to $18,993,300 in
July, 1939, an increase of 7.8%.* Revenues from domestic
uses such as
cooking, water-heating, refrigeration, &C. were
substantially unchanged from the figure reported for July,
1939.
^c?,nnnIiailll^ac^ure<^
industry reported
gas
661,900 for the month,
Weekly Coal Production Statistics
of $27,-
revenues
slight increase from the same month
preceding year. Revenues from commercial sales of
manufactured gas gained 2.5%, while industrial revenues
were
14.5% more than for July, 1938.
Revenues from
domestic uses decreased
1.1%.
The natural gas utilities
reported revenues of $26,234,700
for the month, or 4.6% more than for
July, 1938. Revenues
from sales of natural gas for industrial
purposes increased
10%, while revenues from sales for domestic purposes in¬
creased 0.8%.
a
of the
,
The National Bituminous Coal Commission in its current
weekly coal report stated that, recovering sharply from the
loss due to the Labor Day holiday in the preceding week,
production of soft coal in the week ended Sept. 16 reached a
new high for the
year.
The total output is estimated at
8,900,000 net tons,
This is in comparison with 7,418,000
tons in the corresponding week
last year.
Cumulative
totals of both bituminous coal and anthracite production in
1939 to date indicate gains of approximately 11% over the
corresponding period of 1938.
The U. S. Bureau of Mines stated that the estimated
production of Pennsylvania anthracite for the week ended
Sept. 16 amounted to 1,199,000 tons, the highest weekly
record since that of May 13, and 378,000 tons in excess of
tonnage in the week cf Sept. 9.
The average daily output
for the six working days was 199,800 tons, a gain of nearly
22% over the rate obtained in the five-day week o* Sept. 9,
ana 36 % more than that of the corresponding week of 1938.
ESTIMATED UNITED STATES PRODUCTION OF SOFT COAL (IN THOU¬
SANDS OF NET TONS) WITH COMPARABLE DATA ON PRODUCTION
OF CRUDE PETROLEUM
♦
Increased Gold Production in Australia Reported
Production of gold in Australia during the fiscal
year
ended last June increased
approximately 8% in volume and
compared with the 1937-38 fiscal year, ac¬
cording to a report from the American consulate-general,
Sydney, made public by the Department of Commerce
Sept. 16.
The Department further reported:
14% in value
as
Total gold output of the Commonwealth in 1938-39 amounted to 1,607,347
fine ounces,
valued at
ounces, valued at
£11,648,815
($56,257,145), against
1,479,289 fine
£10,227,054 ($51,775,115) in the preceding fiscal year.
Since 1930-31, the report points out, the total
output of gold in Australia
has nearly trebled while the total value has increased five-fold.
Western
Week Ended
Calendar
Year to Date e
Australia accounts for approximately 75% of Australian
gold production,
Queensland and Victoria being the next largest producing
9 Sept. 17
Sept. 16 Sept.
1939
1939
c
1929
1938
1939
1938
Bituminous Coal—a
Total, Including mine fuel.
Daily
average..
.............
7,418 243,674 219,567 366,218
8.900
7,676
1,483
dl,535
5,482
5,172
1,236
1,675
1.C06
1,119
Crude Petroleum—b
Coal equivalent of
a
weekly output.
5,188 197.580 196.750 162.753
convenience the
produced during the week converted to
Includes for purposes of historical comparison and statistical
b Total barrels
production of lignite,
equivalent coal, assuming 6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per
pound of coal,
c Subject to revision,
d Average based on five working days,
e Sum of 37 full weeks ending Sept. 16,
1939, and corresponding 37 weeks of 1938
and
1929.
PRODUCTION
ESTIMATED
OF
PENNSYLVANIA
BEEHIVE
ANTHRACITE
AND
COKE
(In Net Tons)
Calendar Year to Date
Week Ended
Sept. 16
Sept. 9
Sept. 17
1939
1939
1938
1938
1939
1929
c
c
Penna. Anthracite—
Portland Cement Statistics for Month of August, 1939
The Portland cement industry in
August, 1939,
produced
12,369,000 barrels, shipped 13,804,000 barrels from the
mills, and had in stock at the end of the month 20,926,000
barrels, according to the Bureau of Mines.
Production
and
shipments of Portland cement in August, 1939, showed
of 12A and 16.8%, respectively, as compared
with August, 1938.
Portland cement stocks at mills were
7.1% lower than a year ago.
The statistics given below are compiled from reports for
August, received by the Bureau of Mines, from all manu¬
facturing plants.
j In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 161 plants at the close of
August, 1938 and 1939.
increases
RATIO
Total,
including col¬
1,199,000 821,000 879,000 35,492,000 31,797,000 48,931,000
liery fuel-a..
226,000
163,900
146,900
199,800 164,200 146,500
Daily average..
Commerc'l produc'n. b 1,139,000 780,OOC 335,000 33,718,000 30,207,000 45,408,000
Beehive
Coke—
11,200
United States total-
1,867
Dally average..
a
10.40C
1,735
428,800
1,940
13,700
2,283
Includes washery and dredge coal, and coal shipped
b Excludes colliery fuel,
three years.
operations,
c
areas.
4,890,600
624,500
2,826
22,129
by truck from authorized
Adjusted to make comparable the number
OF PRODUCTION
TO
CAPACITY
Aug., 1938 Aug., 1939 July,
The month.........
56.6%
45.5%
60.4%
40.4%
—
The 12 months ended...
1939 June, 1939 May,
57.9%
56.5%
44.3%
45.0%
43.8%
PRODUCTION, SHIPMENTS. AND STOCKS OF FINISHED
CEMENT, BY DISTRICTS, IN AUGUST
of working days In the
1939
50.9%
PORTLAND
(In Thousands of Barrels)
ESTIMATED WEEKLY PRODUCTION OF COAL, BY STATES
!
Alaska......—......
Alabama...
Sept. 9
Sept. 2
1939
1939
2
—
223
248
TCftfiRAfl
674
857
711
880
1,496
1,196
Aver.
Michigan
59
113
*
(s)
954
—
248
255
230
268
291
550
57
63
49
60
59
117
........
116
105
813
638
124
173
142
137
24
25
22
25
Tennessee
39
40
7
15
9
8
15
27
45
49
49
63
68
20
27
24
41
679
294
312
510
503
951
959
1,075
1,070
1,253
1,147
Oregon and Washington........
372
600
244
645
785
573
11,007
12,369
11,823
13,804
22,470
20,926
Total...—
AND STOCKS OF FINISHED PORTLAND
CEMENT, BY MONTHS
(In 1 housands of Barrels)
66
Slocks at End of
827
861
1,790
1,802
1,942
2,525
3,585
108
102
1,460
83
92
107
119
18
18
18
20
22
26
January....
4,534
3,916
1938
66
51
55
76
83
103
February...
312
262
262
250
245
March
29
28
34
29
38
58
1,859
1,935
1,477
1,705
1,971
1,474
521
525
489
657
857
107
99
103
112
165
85
s4
9,509
11,814
401
98
*
*
Production
Month
285
'
April
May..
5,879
7,983
10,361
10,535
10,978
11,007
,—
June...—.
July
August.....
10,559
11,556
10,184
September
7,676
Total bituminous coal
Pennsylvania anthracite d.
.
. —
Total, aU coal
8,080
6,517
7,776
821
917
516
617
1,218
714
8,497
8,997
7,033
8,393
10,727
12,528
Virginian; K. & M.; B, C. A G,;
in Kanawha, Mason and Clay counties,
b Rest of State, In¬
cluding the Panhandle district and Grant. Mineral and Tucker counties,
c Includes
Arizona, California, Idaho, Nevada and Oregon,
d Data for Pennsylvania anthra¬
cite from published records of the Bureau of Mines,
e Average weekly rate for entire
month,
s Alaska,
Georgia, North Carolina and SoutH Dakota included with
"other Western States."
* Less than 1,000 tons.
a
October—.
November..
1939
Shipments
1938
Month
1938
25,023
1939
23,010
4,390
4,575
5,640
5,043
24,361
24,092
8.171
7,259
8,691
8.467
9.054
22,979
22,202
23,837
9,752
10,943
12,748
22,875
22,251
12,715
11,755
22,467
21,477
23,286
a22.361
13,804
22,534
20,926
9,674
11,185
11,953
12.644
12,369
10,164
11,823
11,716
12.357
8,573
8,066
0.290
Total.....
105,548
106,533
a
1939
5,301
5,507
December..,
Includes operations on the N. & W.; C. & O.;
and on the B. & O.
723
838
582
PRODUCTION, SHIPMENTS.
827
1
807
2,224
1,177
2,315
2,072
708
420
,
810
1,136
2,104
2,215
1,721
2,303
1,738
317
26
*
902
1,497
1,223
1,211
1,097
485
406
—
917
1,267
4,168
1,681
2,663
1,680
671
33
—
...——....
248
704
1,177
1,186
1,179
1,493
1,084
1,635
1,580
1,323
4,336
1,713
2,864
284
324
...
Other Western States c
168
713
2,393
390
-
18
Virginia—
West Virginia—Southern a
Northern b
113
912
255
2,081
Colo.. Mont., Utah, Wyo. & Ida.
California.
............
Texas
398
.....
——
.
...
24
Texas.-----.—-———...
Washington
722
Wis., 111., Ind. and Ky
Va., Tenn., Ala., Ga., Fla. & La.
Eastern Mo., Ia., Minn. &S. Dak
W. Mo., Neb,, Kan., Okla. & Ark
372
...
Ohio
Pennsylvania bituminous—
/
51
17
New Mexico.
North and South Dakota
114
105
793
—
Wyoming—
96
214
800
;
—
406
108
137
660
Maryland
Utah
*
*
e
833
and Missouri..
Michigan
305
:
1923
2,530
1939
1938
1,246
690
Western.
Montana
241
54
106
....
Kentucky—Eastern
182
71
112
1939
Ohio, Western Pa., and W. Va..
(•)
(8)
1938
Sept.
........
Indiana..
....
3
1939
2,273
<•)
1,587
Georgia and North Carolina.
Illinois
2
53
*
Sept. 7
1929
103
Arkansas and Oklahoma—.....
Colorado--
1937
1938
2
—-
Sept. 10 Sept. 11
1938
Shipments
Eastern Pa., N. J. and Md——
New York and Maine..
Week Ended
State
Production
District
(The current weekly estimates are based on railroad carloadlngs and river ship¬
ments and are subject to revision on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.)
Iowa
Stocks at End
V of Month
(In Thousands of Net Tons)
,
23,786
21,374
20,569
22,179
23,954
Revised.
Average
1939
World
Tin
Below
1938
Production in Seven Months of
Average—Consumption Also De¬
clined
World tin production which, in 1938, amounted to 12,370
Summary
of
Gas
Company Statistics
July, 1939
for
Month of
Revenues of manufactured and natural gas utilities
amounted to $53,896,600 in July, 1939, as compared with
month, on an average, decreased to an average of
11,000 tons in the first seven months of 1939, according to
the September issue of the "Statistical Bulletin,*' published
tons a
by The Hague office of the International Tin Research
The Commercial &
2000
Sept. 24.
Council.
Production of the seven signa¬
decreased from an average of 9,947 tons to
of 8,653 tons.
From an announcement in the
and Development
have made
tory countries
an
average
matter we
As
ing
Netherlands Indies
608
*
French Indo China.........
Chinese tin, 99%, was nominally as
61.000c.; Sept. 23, 62.000c.; Sept.
1938, amounted to 12,600 tons
on an average, decreased to 12,440 tons in the first seven months
The table below shows consumption statistics for principal
apparent
month,
1939.
consumtion which, in
-r■'
■
'•
,■
Monthly
Per Cent
Average
Increase
Average
Jan.-July
or
1938
1939
Decrease
Monthly
j
•
25, 62.000c.; Sept. 26, 60.000c.; Sept. 27,
QUOTATIONS)
METALS ("E. & M. J."
DAILY PRICES OF
Straits
Electrolytic Copper
;-v,
•'
.
Sept. 21, 63.000c.; Sept. 22,
follows:
55.000c.
(in tons of 2,240 pounds)
countries
of
capacity.';.
Not yet available.
World
September delivery was offered
Chinese tin for late
Tin-plate production has increased to around 80%
yesterday at 55c.
512
,--*1,253
47c., and
Quotations
On futures demand
for spot delivery during the week brought 65c.
for the last week continued to be nominal.
._
1,918
Malaya..........
from 48c. to 52Hc.f c.i.f. United
Some January delivery of Straits was bought at
ports.
fairly active.
was
1,357
_
Nigeria
Slam....;.....
•
Bolivia
Long Tons
-
Long Tons
of
States
sales of Straits
for spot tin
Nov.-Dec.
week consumers contracted for Straits tin for
delivery from the East at prices ranging
transform¬
under-export of 753 tons.
amounted to:
Belgian Congo
a
Tin
Increase from 45 to 100%, the monthly permis¬
the over-export at the end of July into an
The August exports
*
A tight ore situation, the recent heavy buying, and rising costs
many sellers shy.
Orders on the books of the Prime Western
Early in the
third quarter increased 9,295 tons to 17,331
sible exports for the
Sept. 30, 1939
division now total 83,091 tons.
quote:
result of the quota
a
Financial Chronicle
Dom.,Refy. Exp., Ilefy.
Zinc
Lead
Tin
New York
New York
St. Louis
Louis
St.
Sept. 21--.-
11.775
11.750
68.000
5.50
5.35
6.25
Sept. 22.^..
11.775
11.750
67.000
5.50
5.35
6.25
Sept. 23....
11.775
11.750
66.000
5.50
5.35
6.25
5.35
6.25
United States of America
4,227
-f 19
Sept. 25..
11.775
11.750
65.000
United Kingdom.
1,524
5,011
1,807
5.50
+ 19
Sept. 26
11.775
11.875
64.000
5.50
5.35
6.25
1,123
924
—18
Sept. 27----
11.775
'11.87,5
62.250
5.50
5.35
6.25+6.50
914
798
—13
Average
11.775
11.792
65.375
5.50
5.35
Germany
Japan
France
...
....
._
656
—13
1,348
461
—66
385
379
—2
754
-..
Union of Soviet Socialist Republic....
Italy........
Sweden
......
British India.
.
1
240
^i
208
.........——
152
Poland
/
,
-
Canada
—
Other countries
196
-
12,600
Total apparent consumption
deliveries
Total
August,
August, 1938.
+3
—1
months of 1939 amounted
prices for calendar week ended Sept. 23 are:
-
Due
first seven months of 1939 amounted
3,165,000 vehicles, against 2,293,000 vehicles
an
11,892 tons in
1,744,000 tons in the corresponding period of
World automobile output in the
being
—8
Non-Ferrous Metals—Prime Western Zinc
usual table
of Daily
However, prices on standard
were
months,
the sta¬
gave
page
the
War,
European
given as follows:
Sept. 21: spot, £22814; three;
£227%.
Sept. 22: spot, £227%; three months,
£226%.
Sept. 25: spot, £228%; three months, 226%.
Sept. 26: spot £229%; three months, £227%. • Sept. 27:
spot, £229%; three months, £227%*
tin
1830, we
tistical position of tin at the end of August.
23,
the
to
London Prices is not available.
in the corresponding month
increase of 38%.
In these columns of Sept.
6.271
Domestic copper f.o.b.
refinery, 11.775c.; export copper, 11.729c.: Straits tin, 67.533c.; New York lead,
5.500c.; St. Louis lead, 5.350c.; St. Louis zinc, 6.250c.; and silver, 38.350c,
The above quotations are "M. & M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced to
the basis of cash, New York or St. Louis, as noted.
All prices are in cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery onljy.
In the trade, domestic copper prices are quoted on a delivered basis; that is,
delivered at consumers' plants.
As deliver y charges vary with the destination, the
figures shown above are net prices at refineries on the Atlantic seaborad.
Delivered
prices in New England average 6.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic
seaboard.
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 our f.o.b. refinery quotation.
-Jc'
'■
2,230,000 tons, against
of 1938,
180
12,440
1938, being an increase of 28%.
to
190
+25
_.
Average
preceding month and 8,945 tons in
tinplate production in the first seven
World
to
+ 11
principal smelters amounted to
of the
10,684 tons in the
against
—7
230
1,582
1,529"
—
222
-.
Advanced to
6%c.*—Sales of Lead Large—Copper Unchanged
Lead
Sept. 28 issue of "Metal and Mineral Markets"
reported that consumers of non-ferrous metals gave much
thought during the last week to the developments in Wash¬
ington in connection with neutrality legislation.
Revision
of the law would stimulate business, it was argued, and
Production
of
World
the
The
following table of refined lead production for the
world, which was recently released by the American Bureau
of Metal Statistics, some of the figures are conjectural.
In the
No reports or
strengthen prices.
■'
stated:
"i
Copper
•
However, producers believe that they
probably averaged a little less in tonnage daily than in the
preceding week.
continued at 12c., Valley, with the undertone firm in anticipa¬
The price
The monthly figures on the status
change in the Neutrality Act.
tion of
a
of the
copper
industry have also dropped by the wayside, owing to the
"limited emergency."
according to one accounting on fabricators' deliveries, the use of
The Department
were
the metal
Advices
copper-producing centers indicate that output is being stepped up
the situation.
to meet
36,704
43,026
15,140
16,437
7,889
22,352
24,577
4,124
4,083
16,367
5,539
Italy..
15,601
3,307
1,431
3,748
2,535
2,315
1,572
1,532
el ,600
714
765
973
629
3,858
Yugoslavia
34,926
1,600
18,686
..C..—
...
Poland
1939
37,237
15,198
19,872
4,562
16,562
.
16,061
18,833
e5,000
el7,000
e750
Other Europe_b
16,900
16,900
16,400
16,000
16,500
Australia, c
22,440
20,130
22,614
20,290
24,854
7,112
7,112
2,196
15,100
7,560
7,090
2,846
3,369
882
8,300
5,700
7,400
169,193
150,576
153,233
Burma.
^....
.
_
.
.
..
2,511
Tunis.w._._
Elsewhere .d.^
20,700
_
161,587
36,704
124,883
43,026
37,237
34,926
122,179
126,167
113,339
118,307
e8,100
e8,200
e8,300
e8,300
e8,600
159,969
World's total
37,790
Elsewhere
7,112
Whereof for Russia & Japan
including Chosen.
amounted to 63,000 tons for August, against 54,000 tons in
At present, it is believed, the rate is nearer 70,000 tons.
July.
from the
37,790
15,645
United States
and,
Consumption of copper here has increased in the last few months,
in this country
1939
Germany and Austria
■
statistics
beginning with Sept. 23, a complete picture of sales to domestic consumers
week is not available.
May,
1939
—
July,
June,
1939
April,
Canada.
—
Figures
1939
United States.a
Mexico
production have been received
are in short tons.
on
March,
France.
v
.
,
Owing to the fact that the industry ceased compiling copper sales
for the last
intimations
from Russia and Japan.
Producers, in the main, tried to
hold down business to a reasonable level.
The price of
Prime Western zinc advanced one-quarter yesterday, but
copper
and lead remained unchanged.
Tin was lower.
Quicksilver dropped on sales here by the foreign group.
Antimony and platinum advanced.
The publication further
further
a
b Belgium, Russia, Great Britain, and Czechoslovakia;
Domestic only,
estimated,
c
Includes
Australian
refined
lead
in
Great
Britain,
partly
esti¬
d Partly
Comprises Argentina, Peru, Japan, and what is probably the major part
mated.
production; also the product of foreign ore smelted in United States of
America, and Mexican base bullion refined in United States of America during period
of Spanish
u
of Commerce reports that 39,658 tons of refined copper
exported from the United States (foreign and domestic metal) during
of strike,
e
Conjectural.
.
♦
v
August, against 29,096 tons in July and 35,355 tons in June.
Export copper prices have not yet settled down to a definite basis.
some
special business sellers have obtained a premium.
ever, the
On
prices named during the week on metal covering ordinary trans¬
actions ranged from
11 He., f.a.s. New York, to 12c., with the top figure
obtaining in most directions as the week ended.
Lead
during
Producers reported that lead buying was on a less insistant scale
the
last
week, sales totaling
vious week and
to
discourage
buyers
New
consumers
were put on a
York,
which
from
also
excessive
tonnages,
and
many
The quotation remained firm at 5.50c.,
basis of the
the contract settling
American
increase
actual
in
continued demand for lead
consumption
hands of
increase stocks in the
as
well
The
lead statistics
for August
were
stocks of refined metal of 6,032 tons.
August totaled 117,985 tons.
anxious
as
reflecting a sharp
inventory
were
shipments
during the
of
costs
has announced an advance of $5 a ton, which it ascribes to higher
raw
with
favorable, showing
Stocks
on
a
reduction in
consumers
of 45,025 tons for
Domestic
months
totaled
319,879
against
tons,
consumers
uncertain,
have
advanced
new
on
price
yesterday
afternoon
quarter cent to the basis of 6He., St. Louis, on Prime Western.
the day
the metal was available at 6Hc.
one-
Early in
Sales for the last week were in
moderate volume, amounting to 8,739 tons on the common grades, against
21,544 tons in the week previous.
remain at a
The shipments of the
common
grades
high level, totaling 6,943 tons for the seven-day period ended
has
followed
prices
$2 a
ton
on
the reinforcing grade and $3 on the
bringing their quotations to a parity with those quoted
billet steel bars.
Consumers of steel are
make
to
are
an
bringing
pressure
on
the larger steel companies
early announcement of prices for the first
quarter,
and there
indications that this may be done, possibly within the next two
fourth
of
interested chiefly in far-off deliveries, and the outlook
producers advanced the
heavy hot rolled sheets,
advance of like amount on both products.
the tremendous volume of business now on mill
the
quarter can
year
on
be digested.
several of the important
bars, wire, and tin plate.
remainder
products, notably sheets, strip,
Some mills can still take business in shapes,
plates, pipe, and rails, though
of plates
weeks,
books for the
Most of the mills are now virtually out of the market for the
Zinc
With
peak of
Manufacturers of rail steel bars, whose raw material is a scrap product,
hand on the last day of
260,960 tons in the Jan.-Aug. period last year.
very
a
The Alan Wood Steel Co., Conshohocken,
manufacturer of plates and
an
which has risen to
principally scrap,
Pennsylvania.
merchant grade,
Shipments to
eight
materials,
$23 in eastern
or as soon as
first
Costs
Material
.
well above the monthly average for this year.
the month
Raw
Steel Co., Coatesville, Pa., the largest producer exclusively
The Lukens
of plates,
buying to
Shipments for September are
consumers.
expected to be the highest so far this year
as
as
Up
The "Iron Age" in its issue of Sept. 28 reports that
rapidly advancing scrap prices accompanying a further
sharp rise in steel production to 84% of capacity have brought
increases in some steel prices, effective immediately.
The
publication further stated:
Pa.,
Smelting & Refining Co., and at 5.35c., St. Louis.
The indstry views the
Go
Producers, however, continue
ago.
acquiring
waiting list.
was
14,504 tons in the pre¬
11,285 tons, against
24,227 tons two weeks
Advanced
Prices
Steel
Some
In general, how¬
the major producers have heavy bookings
and shapes.
With operations at
84% and destined to go higher within the next few
weeks, steel mills are discovering bottlenecks that work against maximum
production.
scrap
These
include shortages of raw steel,
pig iron,
coke, and
and mechanical defects which come to light only under severe stress.
Volume
The Commercial & Financial Chronicle
149
One of the most serious aspects of the
present situation is the apparent
shortage of good grades
of steel scrap.
been forced up at almost
Prices in
unprecedented speed.
various
have
centers
At Pittsburgh this week
the average advance in No. 1 steel
scrap is SI.50, while it is $3.50 in eastern
Pennsylvania and $2.25 in Chicago.
Prices
$1 to $6 within the week at St. Louis.
various grades advanced
on
The "Iron Age" scrap composite
price is up $2.42 to $21.67, only 25c. below the peak of 1937.
prices on record
scrap
were
Pittsburgh price reached
fixed
were
in
the
peak of $45 in June,
a
by the War Industries Board,
composite price hit an all-time
market
to
boom
in the
was
The highest
World War period of 1917,
when the
few months before prices
a
At that time the "Iron Age"
high of $41.
period of 1920,
The highest post-war scrap
when the Pittsburgh price went
$30 in early September and the composite price was $27.50.
The
fact that more than 15,000,000 tons of scrap has been exported
from the United States in the period from
January, 1934, to August, 1939,
is
pointed
by steel companies
to
although the
lack
as a cause
of large-scale
for the present potential shortage,
wrecking operations, such
mantling of old railroad equipment, is anothbr
and repair program now
The
cause.
will add
To
next few months of
offset
increasing iron
and its
bringing
are
effect
steel
on
making costs, the
blast furnaces into blast and
more
mining and shipping operations
ore
shortage
a, serious
high steel operations.
the scrap situation
integrated companies
building
car
the scrap supply
to
but possibly not in sufficient volume to prevent
during the
mis-
High-cost finishing units of the industry, long idle,
Great
the
on
are
Lakes.
being pressed into
are
service.
that
sided
have
engaging.
number
are
still
about 500,000 tons of steel.
with the
buying
demands,
programs
has
which
in
sub¬
they
tonnage
are
will,
of
inquired for, including the major
or
than 40,000, requiring
more
In addition, there is
orders and inquiries for rails, including the
increasing volume of
an
Union Pacific's requirements
of 100,000 tons of rails and accessories.
Some
of
the
steel
believe that
companies
if
prices
announced
were
for the first quarter their books for that period would also be quickly
filled.
The only negative note in the situation is a realization that pro¬
soon
duction
are
is
climbing much
rapidly than consumption, but if there
more
schedules they would be quickly filled by export
any open places on mill
demand.
Some companies are
taking export orders sparingly
all, though the volume of inquiries is still heavy.
of export
trade in
semi-finished steel,
has been suspended
and rail cartels
are
orders for the time
or not
at
International control
plates, shapes,
bars,
and sheets
by the Internationsl Steel Cartel, though the tin platt
still functioning.
As a measure of restricting export
being,
some mills are
Twenty-three ships awarded
95,000 tons of steel.
asking premium prices.
by the
Maritime
Commission
Structural steel awards in the
week
will
take
nearly
were
23,000 tons; plate awards, including 34,000 tons for the Chicago subway,
were 36,000 tons, and reinforcing steel lettings were about
16,000 tons.
The
88,
"Iron
Age"
capital goods index has reached
a
two-year
peak at
gain of 10 3 points over the previous week and highest since October,
a
All
last
continued
facilities
rising
5%
Sept. 26, 1939, 2.236c. a Lb.
(Based
2.236c.(
One month ago
2.236c.
One year ago._
—
.
1938
_
1936
w
..............
....
... ..
.....
rolled strips.
These products represent
85%.of the United States output.
__2.286c.(
High
Low
Jan.
...-2.286c
3
2.236c.
May 16
1939.—..—
1937-
on steel bars, beams, tank plates,
wire, rails, black pipe, sheets, and hot
f
-
ii....
....
.
in
pushing
The flood of buying the
regarding deliveries.
finished steel for
and
bars.
79%%.
1932
A
take
cerned
of all
others
products
continue
principally
prices
Iron
active,
come
semi-finished steel and
on
and
steel
market since
Railroads
week
toas
for the
in
totaled
active
but
the
are
the Union Pacific.
Freight
orders include 2,000 for the Norfolk &
car
the Erie, and 500 for the Wheeling & Lake Erie.
with
for
but have been unable to
inquiries
converted
into
and
men
New
the
orders
York
Among
the
Central, 2,000 for the
Southern iron at Cincinnati.
Low
might be
facilities
inquiries
Bessemer &
Lake
both
4,000
are
Erie,
in
cars
1,500
each for the Elgin Joliet & Eastern and Baltimore & Ohio, and 500 to 1,000
for the Chicago Rock Island & Pacific.
Tin
demand,
plate
markedly.
mills
generally at
increase
aided
by
Production spurted
and
heavy
inquiries,
export
has
expanded
12 points last week to 80%, with active
Domestic buying accounts for most of the
capacity.
partially reflects low inventories of
consumers
and expecta¬
tions of higher prices before the end of the year.
,.
.
The automobile industry continues an important factor in swelling sheet,
bar, and
strip,
wire
53,950,
12,705 units to
20,390
a
demand.
Motor
for
assemblies
car
highest output in
week
last
jumped
weeks and comparing with
10
year ago.
products.
are
furnishing large orders for heavy
Latest awards include 27,600 tons, mostly plates, for six
boats placed by the Maritime Commission. 3,300 tons of shapes
California
building, and
bridges, 3,000 tons of shapes for
3,438 tons
of reinforcing
bars
a
New
for the
York apartment
Los
Angeles
River
channel.
Principal upturn in steel making last week
Chicago to 78K%.
2
points at
Pittsburgh increased 5 points to 75. and Youngstown
7 points to 82.
up
rise of 11%
was a
Other gains included
points
to
88 at
Wheeling,
1
2
points
point
to
to
59
84 at
in
eastern
Cleveland,
17.90
May
1
16.90
Jan.
16.90
Dec.
5
13.56
Jan.
3
14.81
Jan.
5
13.56
Dec.
6
.
on
No.
Detroit
was
Louis, and 5 points to 80 in New
unchanged at 99.
Steel ingot production for the week ended Sept. 25 is
placed at 803/2% of capacity, according to the "Wall Street
Journal" of Sept. 28.
This compares with 72% in the
previous week and 60% two weeks ago.
The "Journal"
Sept.12
July
6
16
27
Steel Scrap
(Based
Cincinnati, 4% points to 66% at St
further states:
1933
U.
and
S.
Steel is
47%%
estimated at
weeks
two
compared
83%%,
76H%. against 57%%
Leading
ago.
75%%
with
in
heavy
melting
in the week before
independents
preceding
the
are
week,
credited
and
with
71%
two
weeks ago.
The following table gives a comparison of the percentage of production
with
the
week of previous years, together with
corresponding
/nearest
the approximate changes, in points, from the
1
week immediately preceding:
steel
quotations at Pittsburgh, Philadelphia,
U. S. Steel
Industry
and Chicago.
15.62
Independents
14.25(
High
1939
Low
—
—
Sept. 26
$14.08
May
16
1938
47%
4*
-15.00
Nov. 22
11.00
June
7
1937
77
—4
21.92
Mar. 30
12.91
Nov. 10
1936
—1
17.75
Dec. 21
12.67
June
9
1935
77%
51%
13.42
Dec.
10.33
Apr.
29
1934
13.00
Mar. 13
9.50
Sept.25
1933
12.25
Aug.
8
6.75
Jan.
3
1932
12
6.43
July
5
1931
an-
1929
telegraphic reports which it had received
indicated that operating rate of steel companies having
97% of the steel capacity of the industry will be 83.8% of
capacity for the week beginning Sept. 25, compared with
79.3% one week ago, 63.0% one month ago, and 46.7% one
year ago.
This represents an increase of 4.5 points, or
5.7%, from the estimate for the week ended Sept. 18, 1939.
Weekly indicated rates of steel operations since Sept. 6,1938.
1928
-
—
—
-
-----
------
-
1936
-------
—
-
-
-
1934-...
-----
1933
1932
8.50
-
The American
Iron and
Steel
Jan.
10
Institute
on
Sept. 25
1930
that
1939—
1938—
1938
Dec.
6.-,.39.9%
45.3%
Sept. 19
47.3%
Sept. 26
46.7 %
Jan.
Oct.
3. —47.9%
Jan.
Oct.
10--—51.4%
Jan.
Oct.
17—-49.4%
Jan.
Oct.
24
53.7%
Jan.
31—56.8%
Nov.
7—61.0%
Nov. 14-_—62.6%
Nov. 21—61.9%
Feb.
Sept.
—
Oct.
28——60.7%
Dec.
5
59.9%
Dec. 12—.—57.6%
/■
19. —.51.7% Mar. 27—56.1%
Dec. 26
1939—
2-
—.50.7%
9—.51.7%
16—.52.7%
23. —51.2%
1939—
July
10.— 49.7%
3 —.—54.7%
10-, —52.1%
July
17
July
Apr.
17—50.9%
July
Apr.
24
24—60.6%
31-—59.3%
7_—60.1%
14.—-62.1%
21—62.2%
28-„—63.0%
4——58.6%
.38.8% Apr.
Apr.
48.6%
Aug.
May
1- —.47.8%
Aug.
May
8—47.0%
Aug.
30—52.8% May 15—45.4%
-48.5%
6—.53.4% May 22
Aug.
13. —.54.8% May 29. —52.2%
5- —.54.2%
20---.53.7% June
Sept. 11-
Feb.
Feb.
27.....55.8% June 12
Feb.
53.1%
6. —.55.1% June 19.
..55.0%
Mar. 13
55.7% June 26——54.3%
Mar.
Mar. 20..—55.4% July
—
3
38.5%
Sept.
56.4%
—
—
.70.2%
Sept. 18. —79.3%
Sept. 25
83.8%
1927
—
—
-----
■
76
70%
%
40
+ 1%
22
+
24%
37%
17%
—2
28
—1
83%
4-
52%
—9
77%
4-
74%
61%
%
26
4-1
37
38
17%
■■
85
+3
85%
4-
65
•4-1
Credit Sales
4-9
42
%L
60
-
Retail
76%
4-8%
80%
...$21.67
1939
Sept. 12_
which
many
swamped
England.
1934
nounced
on
of limited
active
more
1,000 for
are
at
17.83
1935
quote
immediately, because
equipment.
Western,
Car builders
2
5
1937
50,000
brought the month's purchase® to date
This
Pending business is headed by 100,000 tons for
2
Nov.
—
Rail orders
being
item
Mar. 15
18.84
...
principal
1.870c.
1935-
One year ago
the
tons,
6
Feb.
One month ago
bullish
of nearly 30% since Sept. 1.
Sept.
Aug. 11
May 14
$19.25
rising rapidly in the most
an increase
8
18.73
One week ago
ton
May
20.25
Sept. 26, 1939, $21.67 a Gross Ton
and
a
Jan.
9
1932
con¬
Jan.
average for basic iron at Valley
foundry iron at Chicago,
Philadelphia,
Buffalo,
Valley,
and
—
are
business,
Meanwhile, export
1.792c.
furnace and
—.
domestic
1.945c.
Mar.
.
mills
moment
of
2.056c.
Nov. 24
_
the
at
crush
1
19.73
—
v
3
23.25
—
—
neces¬
buyer's previous
Oct.
19.61
—
this has made it
cases
buyers of steel and equipment.
Penasyivania.
Oct.
$20.61
1
some
Apr. 24
June 21
—
despite
5 points to 72 at Buffalo, 3 points to 83 at Birmingham, 3% points to 71%
Sept. 19
1937
1940 on sheets
markedly,
sheets.
on
66,000
nearly
of 150,000 tons.
excess
Pennsylvania,
High
1936-.
expanded
The scrap composite jumped $2.17 last week to $20,
,
continue
last
Mar. 10
—
re¬
business in semi¬
until
from the belligerents.
prices still
scrap
1917.
$6
highest since August, 1937, and
2.016c.
(Based on
—
on
confused
stiffening, advances so far this month extending to $15
are
Dec. 28
23.25
.—
have
mills
some
sold out
are
In
handling
with
important orders have
2.249c;
$22.61
1938...
being spent
sums are
discourage speculative buying.
to
markets
was
20 44(
theoretical
of
assumption
Export
2
1939
46%.
was
that higher prices are inevitable after Dec. 31.
8
20.61
90%
.
Mar.
One year ago
production
rate
Reaffirmation of finished steel prices relieved some of the pressure for
immediate delivery but did not moderate consumers' urgency to be assured
of future shipment.
Demand generally is predicated on the
Oct.
Pig Iron
Nov.
Large
year.
above
past three weeks has left
of all regular customers.
care
2.211c.
One month ago.
much
purchases.
2.249c.
$22.61
ingot
the
ago
sary to restrict orders to a volume commensurate with the
9
Sept. 26, 1939, $22.61 a Gross Ton
One week ago
semi¬
major problem of sellers is the apportionment of output in order to
May 17
.........1.915c.
year
Certain mills will accept, no more
Backlogs
Mar.
.2.062c.
A
operations
1939 delivery:
producers' efforts
2.512c.
...1.953c.
and
conditioning of equipment.
2.512c.
2418c.
„
1933..
finished
indicated for coming weeks, but the industry antici¬
Shipbuilding and construction work
One week ago
being
rapidly is
year
for
being rushed into service,
are
points to
are
difficulty
more cargo
Finished Steel
1938
remainder of the
heavy flow of orders
capacity before the end of the
steel
THE •'IRON AGE" COMPOSITE PRICES
1934
available
week
pates
1937.
1935.
by the
Additional gains
notably the
During the past two weeks
quarter.
either ordered
cars
be done in railroad shops, total
to
of
volume
much of the railroad
the first
until
over
the
unsatisfied
many
would appear that
of
still struggling to ctach up
While
railroads for the large
of the
It
necessity, go
repairs
are
received.
somewhat, there
requirements
the
been
making capacity for the
finished steel products.
no
Clerical forces at the steel mills
orders
Steel
absorbed
being inaugurated by the railroads and the in¬
creasing activity among automobile plants
soon,
the
as
2001
"Steel" of Cleveland in its
summary of the iron and stee
markets cn Sept. 25, stated:
%
4-8
+1%
—
%
—1%
4-1%
4-2
—3%
17%
31
—1*"
65
—1
.
26%
*
—1
56%
4-
80%
4-4
81
4-2
86
4-1
85
68%
4-2
62
Decreased 16.5% in
1938
as
%
Com¬
pared with 1937 While Cash Sales Declined 8.6%,
According to Study by Department of Commerce
Retail credit sales, particularly those made on the instal¬
ment
plan, showed a greater percentage decrease than cash
sales
in
1938,"
1938, according to the
an
and
Domestic
was
released
amounted
Survey for
to
Commerce, Department of Commerce, which
review
Decline in cash sales during 1938
Sept. 25.
8.6%
as
while the decrease in
under
"Retail Credit
annual study prepared by the Bureau of Foreign
compared
with
the
previous
amounted to
16.5%
as
compared with
Instalment sales, which were about one-tenth of total
sales, declined 28.5%,
year,
all retail credit sales during the year
or
from
an
1937.
retail
estimated $4,627,000,000
The Commercial & Financial Chronicle
2002
during 1937 to $3,309,000,000 in 1938.
1938
in
total
in
reduced
amounted
1938
of
sales
decrease
Cash
transactions.
'fluctuate
The
total
the
in
major
volume
of
the
instalment
which
at
other
durable
degree
Continuous
net
decrease
the
fore,
about
of
in
decrease
sales,
both
consumers'
The
with
Week
the
Federal
largely
to
were
sales
is deceptive.
project
tables
to
the
in
individual
and credit sales
sold
started
was
by
area,
in
showing
charts
trades,
principal
products
and
1930.
monthly
extensive study of
an
retail
various
collections, and bad-debt losses
each
ernment
reflected
are
outlets.
analyzed'
and city.
from
the
Superintendent of Documents, Gov¬
Printing Office, Washington, D. C.,
district
offices
Commerce.
of
the
Bureau
of
or
Foreign
-New York City-
Sept. 27
reserve
1939
Liabilities—
balances increased $72,000,000.
Additions to member bank
reserves
arose
from decreases of $67,000,000 in Treasury
of the
any
Domestic
and
y+'^+y
Banks
During the week ended Sept. 27 member bank
must
losses
Domestic Commerce Series No. 109, are obtainable
as a
for 20c.
power.
Reserve
since the
addition
in
for
terms
$100 of sales,
per
it
sales and
instalment
of
Copies of the 1938 "Retail Credit Survey," further identi¬
fied
a
the funds, there¬
as
diverted from the current stream of purchasing
were
some
retail obligations dur¬
credit,
and
in
features,
cash
1938,
reports from 2,450 retailers, represents the largest
by size of business, geographic
and
appliances,
on
instalment
of
on
comparison
voluntary eooperators
instalment
Data
based
sales made in prior years*
many
percentage
expressed in cents
as
of
report
trends
1938.
contributed
accounts
cash
1938,
1937 to $36,000,000 in
in
on
dollar
$100 of instalment sales in the respective years.
decline of sales and the fact that losses taken in
charge-off of
the
from
estimated
the
of
advance
$33,000,000
declined
losses
Relatively high losses
1938.
in
the
in
credit
open
per
sharp
the
that
This survey,
number
terms offered
responsible
was
throughout
$1,000,000,000 in
other
of
sales.
durable
consumers'
automobiles,
naturally
instalment
on
for
lines
these
is
that liberal
1937-38 period of liquidation, and these payments
ing the
in
payments
instalment
noted
for
shown
from
$1.15
to
include
1938
be
served to speed up the rate
1937
condition
stagnation of
v
This
survey,
needs
their
This
goods.
for the
and
1930
satisfied
sales
dollar reduction
in
72c.
retail
$28,000,000
to
are
losses
Owing to the
they
instalment sales
these
buyers in
consumers
decline
credit
1937
in
of
significant-
a
It is estimated that
1937.
$100 in
per
volume
accounts
of such
from
or
+v^y;^;v;.
■:
goods, and it appears, according to the
credit
during
have represented only about
have shown a tendency to
years
sales
and
the actual
of
extreme
recent
credit
+
retail sales
total
in
$2,280,000,000
50%
than
from
retail
widely.
of the
shared about equally between credit and
declined
sales
sales
instalment
of
one-third
instalment
37c.
from
dollar
1939
1938 to 35c. per $100 of
loss actually decreased in
average
sales
$33,000,000
volume
$4,505,000,000
More
resulted
volume
credit
Although
sales
reported
none
charge account bad-debt losses for 1938.
credit
open
$35,425,000,000.
was
in
weighted
Estimated
amounted to 31.7%
credit sales
all
of
compared with 1937
slumped $2,225,000,000.
in
increase
the
study
the
on
33.7% of the $39,930,000,000 retail
to
retail
estimated
as
cash
bearing
announcement
1937, while in
total
The
•
The
Charge account sales
10.3% less than similar
or
by the Department of Commerce said:
credit sales
All
$7,921,000,000,
1937.
in
sales
issued
1938
totaled
Sept. 30,
Of the 14 retail trades covered in this survey,
'
<;
-Chicago-
Sept. 20 Sept. 28
1939
1938
S
S
Sept. 27
Sept. 27
Sept. 28
1939
1939
1938
$
S
$
$
Demand deposits—adjusted...
Time deposits.
8,170
8,091
6,562
1,782
1,768
........
647
642
639
498
498
deposits with Federal Reserve banks, $12,000,000 in Treas¬
ury cash, and $10,000,000 in nonmember deposits and other
Federal Reserve accounts, and an increase of $23,000,000
in gold stock, offset in part by a decrease of $37,000,000 in
United States Govt, deposits..
48
49
158
63
63
3,354
3,359
2,429
852
856
666
397
13
13
10>
"266
"264
*315
~"l5
"l5
"~17
Reserve bank credit and
Capital account.........
1,474
1,473
1.479
266
266
252
in circulation.
Excess
estimated
were
to
Domestic
be
approximately
$5,330,000,000,
an
Complete
As
Increase
w
1
,■
discounted....
Bills
bought
U.*S.
Govt,
■,
.
advances
24,000,000
12,000,000
—14,000,000
—4,000,000
+16,000,000
24.000,000
—14,000,000
—4,000,000
+16,000,000
12,000,000
.......
Industrial
advances
(not Including
$11,000,000 commlt'ts—Sept. 27)
Total Reserve bank credit..
..........
2,846,000,000
—37,000,000
+249,000.000
16,925,000,000
+ 23,000,000
2,914,000,000
—1,000,000
+ 3,211,000,000
+176,000,000
Treasury currency..
Member bank
reserve balances..... 11,621,000,000
Money in circulation
7,238,000.000
Treasury cash..
2,260,000,000
Treasury deposits with F. R. bank..
552,000,000
+72,000,000
+2,000,000
—12,000,000
......
explained above, the statements of the New York and
are
given out
Thursday, simul¬
on
being held until the
v
f.-y
of
$36,000,000 in
—67,000,000
ury notes and
loans
to
brokers
and
dealers
in
of
..
1,013,000,000
—10,000,000
$113,000,000 in demand deposits-adjusted, and
Member
Banks
in
Chicago—Brokers'
$106,000,000 in deposits credited to domestic banks.
Commercial, industrial and agricultural loans increased $25,000,000 in.
New York City and $42,000,000 at all reporting member banks.
brokers and
dealers
in
securities
declined
New
York
Holdings of Treasury bills increased $35,000,000 in New York City and
+3,424,000,000
+664,000,000
—556,000.000
—312,000,000
declined $65,000,000 in the Chicago district and $38,000,000 at all
report¬
ing member banks.
Holdings of Treasury notes declined $23,000,000 in
New York City and $22,000,000 at ail reporting member banks.
of
+ 415,000,000
United
States
bonds increased
Government
ber
$8,000,000.
week, issued in advance of full statements of the
which will not he
available
until
Demand
and
the
Borrowings of weekly reporting member banks amounted
1939
1938
1939
1939
1938
$
%
$
$•
$
$
8,477
8,393
2,075
1,896
2,856
7,839
2,934
2,073
2,871
558
553
518
1.652
1,640
1,445
380
375
340
Open market paper.......
117
115
142
18
18
20
Loans to brokers and dealers._
406
405
517
29
29
31
177
178
195
67
66
67
14
14
"bo
(118
51
securities
Real estate loans..
Treasury
loans..
bills.*
117
Increase
119
25
25
94
377
376
422
255
Assets—
-
—
(249
(670
664]
+65,000,000
4,201,000,000
+42,000,000
+ 312,000,000
315,000,000
—3,000,000
—25,000,000
532,000,000
-36,000,000
—126,000,000
510,000,000
—3,000,000
paper.
127
Real estate loans
Other securities...
1,258
1,213
1,107
321
324
325
Loans to banks
Reserve with Fed. Res. banks—
5,640
5,636
3,556
1,095
1,083
859
Other
Cash in vault
80
76
62
41
40
35
Treasury
bills
Balances with domestic banks..
73
74
72
232
235
205
Treasury
notes
361
365
450
48
46
51
in
securities
926
Other
•
.
.
loans
for
purchasing
or
carrying securities
....
loans...
United States bonds
-
....
...
$
+1,074,000,000
+4,000,000
cultural loans
Loans to brokers and dealers
156
(—)
(-
—50,000,000
Commercial, industrial and agri¬
157
Other assets—net...
Decrease
Sept. 21,1938
8,319,000,000
Open-market
809
by
United States Government
or
22,339,000,000
_
11
1,107
guaranteed
2,989
:
_
_
49
'
130]
2481
(+)
Sept. 13,1939
8
Loans—total....
1,120
787
notes
United States bonds
$1,000,000
Since
2,186
Treasury
to
;
••
Sept. 20, 1939
261]
789]
2,167]
Obligations
,
Loans and investments—total
117
Loans to hanks
Other
:
and
Other loans for purchasing or
carrying
Sept. 20.
A summary of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended Sept. 20, 1939, follows:
Sept. 27 Sept. 20 Sept. 28
1939
Loans—total.
loans
City
Deposits credited
foreign banks increased $17,000,000 in New York City and $22,000,000
reporting member banks.
0n
Loans and investments—total..
agricultural
York
—Chicago
Sept. 27 Sept. 20 Sept.28
industrial
New
at all
/
Commercial,
in
Time deposits declined
district and $106,000,000 at all reporting member banks.
(In Millions of Dollars)
;
$104,000,000
Deposits credited to domestic banks increased $51,000,000 in New York
coming
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIE3
.
declined
$113,000,000 at all reporting member banks.
City, $19,000,000 in the Philadelphia district, $13,000,000 in the Chicago
to
Assefs—
deposits-adjusted
$8,000,000.
mem¬
Monday:
New York City
Holdings of
Holdings of "Other securities" showed little change for the
V
week.
Reserve
banks,
Holdings
$14,000,000 in New York
obligations fully guaranteed by the United States Government increased
City and
Loans
System for the New York City member
banks and also for the Chicago member banks for the cur¬
rent
Loans to
$25,000,000 in New York City
and $36,000,000 at all reporting member banks.
Below is the statement of the Board of Governors of the
Federal
securities*
an increase
City and declined $1,000,000 at all reporting member banks.
Returns of
■'.+
101 lead¬
An increase of $42,000,000 in commercial, industrial and
agricultural loans,,
decreases
Non-member deposits and other Fed¬
eral Reserve accounts.....
Federal
$38,000,000 in holdings of Treasury bills, $22,000,000 in holdings of Treas¬
including
$11,000,000 commlt'ts—Sept. 27)
Gold stock
the
ing cities shows the following principal changes for the week ended Sept. 20:
......
+240,000,000
(not
Other Reserve bank credit
of
The condition statement of weekly reporting member banks in
—3,000,000
..........
—22,000,000
Banks
Preceding Week
of business Sept. 20.
guaranteed
Industrial
635
following Monday, before which time the statistics cover¬
ing the entire body cf reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors cf 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
Sept. 28, 1938
..........
1,000,000
and 2,804,000,000
direct
Member
of
System for the
and covering the same week, instead of
(—)
or Decrease
Since
Sept. 20, 1939
$
0,000,000
securities,
(+)
■;+++,: •"
-
Sept. 27, 1939
$'•"■■■
Bills
■■'■"y
taneously with the figures of the Reserve banks themselves
pages
'•
Returns
Chicago member banks
Sept. 27 will be
2036 and 2037.
Changes in the amount of Reserve bank credit outstand¬
ing and related items were as follows:
-Vi
....
......
Reserve
follows:
on
+V 62
jeserves
The statement in full for the week ended
found
...
.j.
.
Other liabilities
of bills and securities
was a net decrease of $22,000,000 in United States Govern¬
ment securities, direct and guaranteed; holdings of bonds
increased
$8,000,000,
while holdings of bills decreased
$30,000,000.
Changes in member bank reserve balances and related
items during the week and the year ended Sept. 27, 1939,
as
banks
Foreign banks
Borrowings.
increase of $50,000,000 for the week.
The principal change in holdings
were
467
;'
Inter-bank deposits
increase of $2,000,000 in money
of member banks on Sept. 27
an
1.603
....
—68,000,000
1,180,000,000
+2,000,000
+ 20,000,000
35,000,000
+ 1,000,000
—81,000,000
1,546,000,000
437,000,000
+ 1,000,000
—38,000,000
2,131,000,000
—22,000,000
5,860,000,000
—1,000,000
+33,000,000
•
+ 297,000,000
;v
Volume
The Commercial & Financial Chronicle
149
Increase
(+)
Since
Russian
Sept. 20,1939
Sept. 13, 1939
Sept. 21, 1938
$
$
$
Assets—
States Government
+8,000,000
+558,000,000
—1,000,000
+154,000,000
+37,000,000 +3,195,000,000
—19,000,000
+60,000,000
2,230,000,000
3,362,000,000
9,723,000,000
470,000,000
3,021,000,000
Other securities..—..........
Reserve with Fed. Res, banks.
Cash in vault-
Balances with domestic banks
+668,000,000
+71,000,000
expressed the opinion that it would correspond to the true interests of all
peoples and make
hand and
Demand deposits—ad justed.——. 18,175,000,000
deposits.
+2,887,000.000
+9,000,000
+2,000,000
—41,000,000
—113,000,000
—8,000,000
5,225,000,000
United States Government deposits
Inter-bank deposits
540,000,000
7,692,000,000
German-Russian
of
Issued
ments
their
established that
England and France
are
the war, and in case of continuation of the
+22,000,000
Sept.
28,. 1939.
V-.'-K:
soon
Agreement—State¬
Disintegration
of
Former
;?/■ In United Press accounts from London Sept. 29 it
made known that the Moscow radio broadcast at 6:40
the Governments of Germany
regarding the necessary mesures.
V';
,
m.
official announcement that Russia and
an agreement in Moscow fixing the
German-Russian frontier, and revealed that no Polish State
an
Germany had signed
These advices added:
The
President of the Council of People's
Molotoff, has
the
sent
Referring to
Soviet
reached
and
in
relations and
conversations,
our
Russian
..'
I have the honor to confirm that the
Government, based
this
Commissars, Vyacheslaff M.
on
the general political understanding
spirit, is ready to develop with all means economic
exchange of goods between Germany and Soviet Russia.
With this aim in view, an economic program will be drafted according
which
to
the
Soviet
Union supplies
Both partners
time.
Germany with materials
will
in such
regards volume, again reaches the maixmum level of the past.
necessity for a continuation of hostilities.
For
The joint statement added, the radiocast said, that if Great Britain and
France, however, continued hostilities, then the responsibility would rest
with them, and
a
carrying
as
speedily
as
the
out
the necessary steps
pending
High
both
measures,
immediately and
see
governments
will take
that the negotiations shall be begun
possible and be concluded.
Germany and Russia would then consult each other about
Frontier Delineation
reaching of the agreement followed announcement of
the surrender of Warsaw, as to which United Press advices
from Budapest, Hungary, had the following to say on Sept 27:
The
city of Warsaw surrendered unconditionally tonight,
Command announced, after 20 days of siege that
capital bombed and burned "into
German
the
the
saw
Polish
unspeakable inferno" with thousands
an
of civilian dead.
The German-Soviet frontier and
once
magnificent city
thei
on
friendship agreement supplementing the
description of the frontier in former Poland between Germany and Soviet
Russia says:
/
The frontier line
there in
begins at the southern point of Lithuania, running from
generally western directon north of Augustow to the
a
German
Reich's frontier.
It follows the Reich's frontier to the River Pisa.
the
Complete destruction of at least half of the
course
of the River Pisa to
ing the River Bug
near
Ostroleka, it then
From there, following
runs
southeast until reach¬
the River Nurec.
Vistula, exhaustion of its defenders' ammunition, starvation and pestilence
brought capitulation long after Polish resistance had been virtually wiped
running north of Rawa Ruska and Lubaczow to the River Sabuop.
out in the rest of the nation.
here it follows the
For days the city had stood alone in defiance of the German conquest
from the West and the Soviet Russian invasion from the East, fighting off
German troops and tanks in the outskirts in hand-to-hand fighting while
German long-range guns and
bombing planes systematically wrecked the
capital.
In the last 24 hours of Warsaw's defense
more
The
the
parks and
announcement
German
firmed
the
8:10 p.m.
The
•
unconditional surrender
;
made by
was
High Command in Berlin, but Polish radio dispatches
2:10
forces
The
Berlin radio announced
New York time
p. m.
German
German
homes.
of Warsaw's
capitulation.
',
»
.
the
con¬
surrender
at
,
High Command said actual surrender of the city to the
encircling it
all sides—in
on
some
places they have
been
within four miles of the center of the city for four days—probably would
Sept.-29
Friday
occur
The
V-
--V"■
.:
estimated that
Germans
with the civil administration headed by Mayor Stefan Starzynski, who has
come
be
to
every
known
as
"Stefan the
Stubborn"
because of his rejection
of
German ultimatum during the 20 days of seige.
our
A
by Russian troops
issue of Sept. 23, page 1832.
German
wireless
transocean
indicated
was
message
The German Reich
Government and the Government of Soviet Russia,
after the disintegration of the former Polish State, consider it their task to
restore in this region
law and order and to insure nationals living there
corresponding
their
to
national
character.
With
this
aim
an
in
view they have agreed as follows:
Reich
German
Government
I
and
the
Government
of
the
Soviet
map
the former Polish State the line which is drawn
which will
and
be described
in
detail in
a
on
the at¬
supplementary
a
trade agreement, the Tass news agency announced today.
The agreements were
Both parties recognize the frontier laid down in Article I of the interest
spheres of both States as definite and will decline interference of any kind
Article
necessary
Estonia, it
new
III
political regulation is
undertaken
by the
German
Estonia grants to Russia the right to maintain naval
German
Reich
regard
the
Government
the
and
before-mentioned
Government
settlement, as
a
of the
Soviet
foundation
for
progressing development of friendly relations between their peoples.
Article V
This treaty will
;
the large islands of Saare Maa (Oesel)
(Baltiskii).
Paldiski is
a
bases and military
and Hiiuma (Dagoe)
port 25 miles west of
(Reval), the Estonian capital, and at the entrance to the Gulf of
Tallinn
Finland, which is
an arm
of the Baltic Sea.
Saare Maa and Hiiuma
are
the largest in the cluster of islands in
the
Saare Maa, the larger of the two,
extends completely arthwart the entrance to the Gulf of Riga, a vital sea
route for Latvia.
Russia agrees to render the Estonian Army
assistance in armaments and
other military equipment.
The Russian bases in Estonia will be on lease terms.
The pact
state
conclude any alliances nor to participate
coalitions directed against either of them.
does not affect the sovereign rights, the economic systems or the
obligations of either country. Estonia, hence, will maintain her present
governmental and economic system and will not become a Soviet State.
Sites leased to Russia for military and naval bases remain Estonian
be ratified, and ratification documents will be exchanged
as soon as
possible.
The agreement comes into force
VON
;
The pact
on
the day
by the German Reich
Government of the Soviet Russian
the protocol:
denounce" the agreement with in year before its
additional years.
first flew to Moscow on Sunday.
received the Russian proposals Sunday night and
He
flew back to Tallinn, his
Capital, where the Estonian Government gave assent to the Soviet treaties.
The Foreign Minister
then flew back to Moscow on Wednesday (Sept. 27),
Foreign
signed last night.
Minister
Joachim
Moscow Wednesday and has been
Josef V.
von
Ribbentrop,
Vice-Chairman A.
merely
who arrived
in
holding conversations with Molotov and
Stalin, was understood to have approved the agreements.
I. Mikoyan of the Council of People's Commissars
as an
From
with Mr. Stalin acting
observer, it was said.
Helsingfors (Finland) Sept. 28 advices to the New
•
RIBBENTROP
\',Y
Protocol Statement
statement
is valid for 10 years, "and if one of the contracting parties does
York "Times" said in part:
MOLOTOFF
following
into force upon exchange of ratifications, which will take
place in Tallinn, Estonia, with six days.
assisted Premier Molotov in arranging the treaties,
•»
of its signature ,
to
on
and at the town of Paldiski
German
The
provides that the two contracting parties will
give each other every assistance, including military.
and the documents were
Article IV
v
understood, accepted all Russian demands.
The Estonian Foreign Minister
Government of the Soviet Republic in districts east of this line.
inrBerlin
was
time limit it will be continued automatically for five
Reich Government in districts west of the line laid down in Article I and
Republic
Karl Selter and Soviet
Premier-Foreign Commissar Viacheslav M. Molotov.
not find it necessary to
by a third power with this settlement.
The
signed last night after five days of intermittent
between Estonian Foreign Minister
negotiations
The pact comes
Article II
by the
following:
The Soviet Union and Estonia have signed a pact of mutual assistance
territory.
protocol.
The
(noted elsewhere in these
agreement
today) United Press accounts from Moscow, Sept. 29
carried the
in any
Republics lay down as the frontier of their respective spheres of interests
tached
German-Russian
columns
The two nations agree not to
Article
in the region of
Simultaneously with, the announcement of the signing of
the
Baltic off the west coast of Estonia.
documents.
The
Signing of Russian-Estonian Pact of Mutual Assistance
and Trade Agreement
airdromes
from Moscow
Sept. 29, published in the New York "Times" gave as
follows the texts of the German-Soviet frontier and friendship
agreement signed as Moscow that morning and accompanying
existence
a
The mutual assistance pact
The invasion of Poland
in
German-Russian Non-aggression pact
26 page 1250 and
Sept. 2, page 1407.
Elsewhere in this issue mention is made
of the signing of a Russian-Estonian pact.
signing of
referred to in these columns Aug.
was
and
100,000 ragged and weary Polish troops
Warsaw garrison would surrender and hand over their arms along
of the
The
From
of the River San to its head.
course
The Polish Trans¬
continental Press said 500 fires were sweeping what had been magnificant
buildings,
Following the route River Bug to Krystynopol, it then turns westward,
than 3,000 persons, mostly
and children, were reported to have been killed.
women
which
that the German-Soviet Russian exchange of goods, as
manner
"necessary steps
The
for
that this economic program is carried out
see
Molotov and German Foreign Minister Joachim Von Ribbentrop
joint statement saying that, in view of the liquidation of Poland,
no
i>.-;
>'+.■'.< +
issued
was
<' '.
following letter to Joachim Von Ribbentrop, the
Minister-.;
slav M.
there
/
Germany will compensate her by industrial supplies stretched over a long
The radiocast said that Russian Premier and Foreign Commissar Viache-
a
' 1"
VON
Molotoff's Letter
was
a.
possible.
as
RIBBENTROP,
v/'MOLOTOFF.
Frontier
After
as
fail, then the fact would be
responsible for continuation of
"r
U
the one
govern¬
of the befriended nations, will
war
■v
-
would be formed.
one
on
Therefore, both
joint efforts toward searching this aim
German Foreign
day made
existing between Germany
the other hand.
But should the efforts of both governments
+1,840,000,000
+297,000,000
+ 106,000,000
Polish State
that
war
on
and Soviet Russia will consult each other
banks..
Foreign banks...742,000,000
Borrowings
1.000,000
Text
end to the
an
England and France
ments, if necessary in conjunction with
direct
Liabilities—
Domestic
Republic have definitely settled by the treaty signed today the
question resulting from disintegration of the Polish State, thus creating a
foundation for lasting peace in Eastern Europe, they unanimously
safe
Obligations guaranteed by United
Time
2003
After the German Reich Government and the Government of the Soviet
(—)
Decrease
or
Although the Estonian Government tonight was maintaining complete
silence about the Moscow negotiations and Estonian newspapers were
extremely reticent, apparently on official instructions, it was
Government and the
Republic of Sept. 28, 1939, is attached
excellent authority that the Estonian delegation in
Premier Vyacheslaff
some
learned on
Moscow had informed
Molotoff that Estonia was prepared to accept at least
of Russia's demands.
The Commercial & Financial Chronicle
2004
These
was not
divulged, but it was understood they referred to control of
certain territory on the west coast of Estonia,
The decision
was said to
have
in pursuance
Sept. 30,
1939
of contracts entered into subsequent to Sept. 15, 1939, and
Canadian dollars
payments in
to a person who was a resident as of Sept.
been reached only after protracted discussions at Tallinn and against strong
15, 1939, and became a non-resident subsequent'thereto, are not included
resistance in Estonian
in
military circles, including the highest officers, who
voted for refusal of the demands.
The painful
avoiding still
decision, it
more
far-reaching demands and because it
the Soviet Government
From the
advices
same
from
was realized that
determined to force Estonia to yield.
take the following (United Press)
Sept. 29, giving the text of the
Moscow,
Mutual
Assistant
Pact,
concluded
The Presidium of the
li
Supreme Soviet of the U. S. S. It.
the President of the Estonian
Republic
on
on
one
the
peace
treaty of Feb.
1920, and
2,
side and
the other side:
based
on
recognition of the inde¬
non-intervention
on
in the internal affairs
of the other party.
Recognizing that the
peace treaty
of Feb. 2, 1920, and the Pact on Non-
aggression and the Peaceful Settlement of Conflicts of May 4,
payable in
currency"
17.
.
foreign currency are included within the meaning of "foreign
a
used in paragraph (m) of Regulation No. 1.
as
In addition
to any
other exemption, no licence shall
their authorized representatives:
of the Foreign Exchange Control Board
regulate and control foreign exchange money, securities
as well as exports and imports and some of the other regula¬
tions enacted was given in these columns Sept. 23, page 1384.
On Sept. 25, section 17 of the Foreign Exchange Control
The formation
Order
and Peoples Commissar of Foreign Affairs; the President of the Estonian
amended
was
as
follows:
Section 17 of the Foreign Exchange Control Order made by Order in
1.
P.O.
2716
dated
Sept.
1939, is hereby amended by adding
15,
thereto the following subsection:
Notwithstanding any
"(2)
other
provisions
Order,
of this
foreign
no
securities may be sold or transferred by a resident to a non-resident otherwise
for payment in foreign exchange or unless the Board otherwise pro¬
than
The Presidium of the Supreme Soviet of the U. S. S. R,; Vyacheslaff
Mikhaiiovich Molotoff, Chairman of the Council of People's Commissars
be necessary
does not exceed $5.
to
Council
Convinced that the definition of the exact conditions of insuring mutual
security corresponds to the interests of both contracting parties;
Found it necessary to conclude the following pact of mutual assistance and
purpose as
^
Cheques, money orders, bank drafts and other similar instruments
16.
1932, still
form the firm basis of their relations and undertakings;
appointed for this
Nothing in this
interfere with the maintenance of pay¬
for the export by mail of any property the value of which
For the purpose of the development of friendly relations established by
pendent state of existence and
so as to
foreign exchange in the case of any contract of the kind above
described under which the obligation of the company is to make payment
that
-;i^
;
foregoing exemption from permit requirements.
ments in
in foreign exchange..
paper we
Russian-Estonian
day:
was
the
regulation shall be construed
said, had been taken only in the hope of
was
vides."
2.
This amendment to Section 17 of the said Foreign Exchange Control
Order shall
into force on the twenty-sixth of September, 1939.
come
Republic; Karl Selter, Minister of Foreign Affairs, and these authorized
representatives agreed upon the following:
Great Britain's Wool Industry Now Under
Article I
The two contracting
including military, in the event of direct aggression
ance,
aggression arising
or
menace
of
the part of any great European power against the sea
on
frontiers of the contracting parties in the Baltic Sea or their land frontiers
the
across
territory of the Latavian Republic,
as
well
as
against bases in¬
dicated in Article III.
VV'/X'1'' Article 11
The U.
8. 8.
>■
over complete control
industry, according to Consul Ernest E.
Evans, Bradford, in a report made public Sept. 26 by the
Department of Commerce, which also said:
of the British wool
Deliveries of wool against existing contracts, the report points out, are
suspended and
stocks of
military equipment on favorable terms.
~y
Article III
.
The national Government has taken
^
R, undertakes to render the Estonian Army assistance in
armaments and other
Government Control
parties undertake to render each other every assist¬
salijs are prohibited pending the taking of a census of
new
■■■[■.
'.S
Exports of wool, hair, wastes, noils,
Britain
price
Trade, the report said.
(Oesel), Hiiumaa (Dagoe) and in
the town of Paldiski (Baltic Port).
For the protection of the nava* bases
and airdromes the U. S. S. R. has the
on
the sites allotted for
bases
right to maintain at its own expense
'
Article IV
*
The two contracting parties undertake not to
The sites allotted for bases and airdromes (Article III)
Board
of
v
Communist
Party
Premier
Reported
Dissolved
Daladier—Decree
by
Reported
as
Reprisal for Russian Invasion of Poland
Dissolution of the Communist party in France was
decreed
Sept. 26 by the French Cabinet, as a reprisal for the nonaggression pact concluded by Soviet Russia with Germany,
as well as for the
Russian invasion of Poland, said an As¬
sociated Press Paris advices of Sept. 26 in the New York
Republic.
''Sun" which added:
Article VI
The decree, submitted
This pact comes into force on the exchange
of instruments of ratification.
The exchange of these instruments shall take place in Tallinn within six
days from the signature of this pact.
from Great
British
on
rights of the contracting parties, in particular their economic systems and
:;;vv
yarns
the
indicating that Canada was obtaining wool from
Kingdom appeared in our issue of Sept. 23,
Cabinet of
conclude any alliances nor
Realization of this pact should not affect in any extent the sovereign
remain the territory of the Estonian
from
♦
Iff
■
Article V
'"'V'.
and
tops
rags,
license
1834.
page
directed against one of the contracting parties.
any coalitions
State organization.
United
French
:v;'"V'V-
Great
numbers to be determined
agreement.
participate in
the
under
except
Soviet land and air armed
and airdromes
forces of strictly limited strength, their maximum
by special
prohibited
are
An item
The exact sites for bases and airdromes shall be allotted and their bound¬
aries defined by mutual agreement.
believed in
It is
date and business will then be subject to specified maximum prices.
The Estonian Republic assures the Soviet Union the right to maintain
naval bases and several airdromes for aviation on lease terms at a reasonable
on the Estonian islands of Saarema
and semi-manufactures.
materials
raw
Britain that permission for buying and selling will be granted at an early
The term of validity of this pact is
10 years and if one of the contracting parties
of its term, the pact shall
automatically continue valid for the next five years.
President
by Albert Sarraut, Minister of the Interior, and
Lebrun,
dissolved
the
Communist
and
party
affiliated organizations and forbade propaganda of the Communist
all
Inter¬
nationale in France.
does not find it necessary to
denounce this pact one year prior to expiration
by
signed
A cabinet
decree.
the
communiquesaid penalties
were
prescribed for violation of the
Severity of the penalties will become known
in the official
measure
upon
publication of
journal.
Article VII
This pact is made in two originals,
in Moscow the 28th of September,
in the Russian and Estonian languages,
Germany Authorizes
1939.
VYACHESLAFF, MOLOTOFF,
'
'■/KARL SELTER. '/.v'
Foreign
Exchange
Control
Board
Issues
Regulations—Section 17 Amended
Further
Reich
meeting of the Foreign Exchange Control Board
on Sept. 22, further regulations were passed
and enacted.
These new regulations were put into effect
to aid insurance 'companies in carrying on their normal
business.
The regulations are numbered 14 to 17 and are
a
follows:
owner
may
provide foreign exchange to a non-resident
of foreign securities for any bond-coupon, coupon
certificate, dividend
cheque or other similar instrument payable in foreign currency and repre¬
senting interest
issue
may
dividend
as
a
licence to export any such
other
or
similar
The
last
15.
in
which
war,
was
financed
almost
exclusively
Germany approximately 20,000,000,000 marks
in
1913-14
credits
by
to
be raised is still
evidence of the fact that the
new
loans,
cost
but the Reich tax
year
only 1,630,000.000 marks.
were
are
a
:,
unrevealed
but the
decree is
financial plan, with its ostensibly non-
interest-bearing tax prepayment certificates,
that the Government is forced to return to
has proved inadequate and
more
orthodox methods.
bond-coupon, coupon certificate,
instrument.
used herein includes any agent, trustee or
securities
is in
Reich's tax revenues, which are estimated for the current
dividends due and payable on such foreign securities, or
or
cheque
which already is incorporated in the budget for the current
fiscal year at 24.000,000,000 marks.
revenues
Any authorized dealer
,
fiscal year ending March 30, among both income and expenditures,
addition to the
How the
14.
Raising Large War Credit
Defense
Council, headed by Field Marshall
Hermann Goering, published a decree on Sept. 23 authorizing
the Finance Minister to raise extraordinary war credits up
to 15,000,000,'000 marks, said a wireless
dispatch from Berlin,
Sept. 23, to the New York "Times," which likewise stated:
This credit
At
held at Ottawa
as
The
The
expression
"owner'
banker for the owner of the
New Zealand
War
Budget Asks for $48,000,000 for Six
Months
question.
(«)
Any Life Insurance Company authorized to do business in any
part of Canada and also authorized to do business in any country or coun¬
The New
Zealand
ized to do business in any part of Canada where such payment is made by
budget for the next six months,
taking power to raise in all $48,000,000 by March 31 and
forecasting needs of at least $100,000,000 to $150,000,000 a
year thereafter, was introduced Sept. 26 by Finance Minister
Walter Nash, it is learned from a cablegram from Wellington,
N. Z., Sept. 27, to the New York "Times."
The dispatch
the company in pursuance of an insurance policy,
continued
tries outside Canada is authorized to continue the conduct of its business
in accordance with its normal procedure.
(5) No permit shall be
to
of
or
a
to the order of
a
necessary
for any payment in Canadian dollars
non-resident by any
Life Insurance Company author¬
annuity or other contract
similar nature whereby the obligation of the company is to make such
Additional
as
war
follows:
war taxes
include
33 1-3% increase in death duties, 15%
a
payment in Canadian dollars and the non-resident is entitled to such pay¬
in the income tax, 6 cents a gallon on beer, 50 cents a gallon on wines and
ment; and any authorized dealer may without the
spirits,
foreign exchange to
or
the Canadian dollars
so
issue of any permit sell
for the benefit of the non-resident to the extent of
payable.
All cheques or other instruments expressed
in Canadian dollars and providing for a
payment to a
non-resident in
pur¬
25%
on
tobacco,
75%
in
the gold
tax
levied on
the difference
between the present price and the Aug. 24 price and a surcharge of 2 cents
on
all first-class mail.
These
are
expected to raise $12,000,000 in the next
6 months.
^
suance
of the
foregoing shall show the address of such non-resident and
shall have written
or
stamped thereon the letters FECB.
The provisions
of this regulation shall extend to any insurance policy, annuity, or other
similar contract in the circumstances above described if such contract was
entered into prior to September 16, 1939.
Payments in Canadian dollars
In the allocation of
next 6
The
war
funds, the army will receive $25,000,000 for the
months, the air force $17,500,000 and the navy $6,000,000.
Government
taking the
power to
is
abandoning its
policy of not
borrowing abroad,
obtain loans from the British Government without the
usual security to provide
funds needed for troops sent
overseas.
,
.
'!,rJvc\V;:-A \I-/'A
■
^
.•--X- y
:
v:
/ A.'
.
^
The Commercial & Financial Chronicle
Volume 149
Oct
'.:
2005
1 Coupons of Czechoslovak State Loan of 1922,
8% Bonds Due 1951 and 1952, to Be Paid—Ruling
by New York Stock Exchange
The Stock Exchange members traded for their own
account in amount of 7,753,259 shares, an amount which
was 20.01% of total transactions of 19,371,930 shares
Kuhn, Loeb & Co. The National City Bank of New York,
during the week ended Sept. 9. During the preceding
week ended Sept. 2 trading by the Stock Exchange members
and
Kidder, Peabody & Co.* announce that coupons due
Oct. 1, 1939 on dollar bonds of the Czechoslovak State Loan
of 1922, 8% bonds due 1951 and 1952, will be paid at their
New York offices on and after the due date, in lawful money
of the United States out of funds received from the Government of the Czechoslovak State
prior to Feb. 15, 1939.
The
sinking fund has not operated, the announcement
current
stated.
-
The
following announcement, regarding rulings by the
Committee
Floor
on
Exchange, bearing
on
Sept. 26:
new
of
Procedure
the bonds
on
was
Stock
York
New
The figures for the week ended Sept. 2 were given in our
page 1835.
The Commission, in making
available the date for the week ended Sept. 9, said:
Sept. 26, 1939
The Committee
and
until
external
on
further
Floor
Procedure
that
rules
Czechoslovak
notice
when member trading amounted to 340,960 shares and total
transactions to 747,100 shares.
issue of Sept. 23,
Floor Procedure
on
State
1939,
beginning Oct. 2,
of
Loan
1922
secured
8%
sinking fund gold bonds, due 1951, and the 8% secured external
polished
are
based
upon
weekly reports filed with the New
York Stock Exchange and the New York Curb Exchange
members.
These
reports*are
a
delivery must
April 1, 1940, and subsequent coupons.
carry the
said
bonds
which
on
interest
"
.
.
P
be computed through
would
ordinarily
Oct. 1,1939, interest shall be computed up to but not including Oct.
R
1, 1939.
nt rprmrta r^oi
i
„
Curb
E/f!La}nge
Exc^oe
208
104
Reports showing transactions as specialists
2. Reports showing other transactions initiated on the
SALTZMAN.
E
\ice-President and Secretary
fjoor
♦
Bondholders
Donanoiaers
Committee
ommirtee
Luba
Ox
fublic
4.
Holders
rioiaers
Advises
Aavises
Works
0x2
of
or
Renuhlic
Kepuouc
/0 v»old JtSonas
York
New
Stock
■
CHARLES
York
New
The Committee further rules that in settlement of all Exchange contracts
in
by their respective
classified as follows:
sinking fund gold bonds, series B, due 1951, shall be dealt in''flat" and to
be
Reports showing
no
337
84
383
160
372
474
transactions
Vote—On the New York Curb Exchange the round-lot transactions of specialists
lQ stocks 1q wMch they &re reg}8tered are not
8trlctly comparable with data similarly
designated for the New York Stock Exchange, since specialists on the New York
The Bondholders Committee for Republic
of Cuba bonds
On
Sept. 20 made to all depositing bondholders its final
report- relative to the defaulted Republic of Cuba public
works 53^% sinking
fund gold bonds, due 1945.
The
SSterStSSnSSSfoTtKSr °'the Ke™ Y°rk StMk EK°"a°ee 0M"'0t
reE?rtr.SayS:
This Committee
TOTAL ROUND-LOT STOCK SALES ON THE NEW YORK STOCK EX-
bonds with
.
.
has
a
,
,
.
duty only to those bondholders who deposit ed their
the depository
bank. If the bondholders
were
The
number
of reports
offered
continuing
do
now
efforts to obtain
wish to take further
not
carry entries in more than one
Commercial National
Bank
City, with
a
fee Of the
depository bank and the
goes
Since this is not the case, we
check for 1%
w.
nnt
not
,
or
,u„
Trust Co.,
&
1
expenses
„„„„„
Week
A
Total
"
of the
Committee. This
1,024,590
Other sales.b —
19 371 930
r—r
B. Round-lot transactions for account of members, except for
the odd-lot accounts of odd-lot dealers and specialists:
1%
1. Transactions of specialists In stocks in which they are
begin to covet the actual expenses of the (omniittee. nor does it
rcglotcrcd
Totctl
Is
tina) Bonds
Exchange
......
1,678,950
__
'^I5*?60
-
-
Other sales.b
Co.
2,252,310
"""
Short sales
Province of Santa Fe and
...
purchases
_
a
Trust
18,347,340
-
Total sales
...
„
...
...
for
Agent
— ~r~~
Total oales
City of Santa Fe (Argen-
'
-
Co., New York, is exchange agent
2. other transactions initiated on thefloor-Total
for the Province of Santa Fe in connection with the offer to
holders of Province of
-a/-
public credit external 7%
sinking fund gold bonds dated Sept. 1, 1924, due Sept. 1,
1942, and City of Santa Fe 7% external secured sinking fund
gold bonds, dated April 1, 1927, due April 1, 1945, for 4%
external guaranteed sinking fund dollar bonds dated March 1
1939, due March 1, 1964.
—~~~
779^810
"
"
;
Total sales
'
''
1,945,520
5.02
PUrchas«~S^
—
Total purchases and sales
otlier transactions initiated on the floor-Total
3
•
The
readjustment plan
last week, page 1835.
11.63
943,210
purchases
oth?r
Fe
Santa
-
4,506,920
Total purchases and sales
t
Manufacturers Trust
Cento,
round-lot sales:
Short sales
of deposit
include any compensation for the members of the Committee.
Manufacturers
TRANSACTIONS FOR ACCOUNT
Week Ended Sept. 9, 1939
56 Wall St., New York
$10 for each $1,000 bond to apply toward the
„„„„„
.
OF MEMBERS * (SHARES)
responsibility in advising you to keep up the
get back their bonds upon presentation of their certificates
the
classification.
total more
may
times, a single report may
should be highly in favor of
we
better deal.
a
various classifications
CHANGE AND ROUND-LOT STOCK
strongly united
We therefore advise all depositing bondholders that they may
struggle.
to
by the Cuban Government,
our
in the
than the number of reports received because, at
and inclined to support this Committee in a further gight against the settlement
f
shares, the member trading for their own account was
19.89% of total transactions, which compares with a percentage of 22.82% in the preceding week ended Sept. 2,
exchange
york stock
Committee
the
issued by the Exchange
amounted to 2,828,250 shares, or 22.26% of total transactions of 6,354,380 shares.
Qn the New York Curb Exchange total round-lot transactions for account of all members during the week ended
Sept. 9 were 1,183,170 shares; as total transactions on the
Curb Exchange during the week amounted to 2,973,480
—
gjjjjjj«aliS"b
reported in these columns of
was
"
624323
—l_
———
Total sales...................
♦
732,323
.........
_____
United States Settles Debt Owed
™
Panama
to
on
Annuity
P?ytme"t8 f°r Pa"a,ma Ca"al
4. Total—Total purchases
,, , States Government has
f,
„
, ..
Ihe United
paid to the Republic
of Panama $2,580,000 in complete settlement of Panama
TT
IIIIIIIIIIIIIIII
Payments
to
Panama
were
made in
three
Treasury checks.
Total sales
stock
round-lot
BERS * (SHARES)
D'Affaires
Miguel
J.
of the
Panama
told
United Press that these payments brought United States annuity payments
down to 1939 and ended the controversy that
dollar devaluation.
United
the
States
liable
for
annual
an
'
Total for
]>/
Per
Cento
Week
,
2,973,480
Transactions of specialists in stocks in which they are
registered—Bought
—
;
'
398,355
436,670
Sold
of $250,000 in gold
payment
curb
Round.lot transactions for account of members:
B
had arisen after United States
After devaluation Panama would not accept checks for payment
dollars.
york
ACCOUNT OF MEM-
a. Total round-lot sales
Under the original treaty of United States and Panama
was
'
'
Embassy,
new
the
1939
9
'
Panama Government.
Moreno,
on
Fndpd Spnt
$1,500,000 and $220,000, respectively, being delivered to Chase National
Charge
20.01
7,753,259
sales
EXCHANGE AND STOCK TRANSACTIONS FOR
One for
$860,000 was delivered to the Panama Embassy here, and two others for v
Bank in New York, fiscal agents of the
3,083',083
—-—:—•
3,989,243
Total purchases and sales
total
^
—:——
oth?rsaiS"b
Canal
annuity payments which have been in arrears since
devaluation of the United States gold dollar, the Panama
Embassy in Washington revealed on Sept. 20, according to
the United Press.
The advices quoted also stated:
3.36
1,300,819
Total purchases and sales.........—...........
835,025
Total
14.04
in the same amount.
A
United
new
of Congress,
■
2. Other transactions Initiated on the
States-Panama general treaty, ratified at the last session
Sold
readjusted the annuity at the rate of $430,000 annually, and
enabled settlement of the controversy and future routine payments.
Reference to the proclamation issued by
velt making effective the treaty referred to
in
our
Aug. 5 issue,
Member_ Trading
page
on
Exchanges
810.
Total
President Rooseabove, appeared
3<
other transactions initiated off the
Week Ended Sept.
Exchange for the account of all members
o
;
of these exchanges m the week ended Sept. 9, continuing
a series
of current figures being published weekly by the
„
PnTTimiscinii
commission.
sales
in
minri
oil
ore
cjiIpq
^aies
arp
are
sliown
snown
spn^rstplv from
separately irom
the New York Stock Exchange Ilgures.
Stock and Curb Exchanges were
Day).
closed
on
otlipr
Otner
Both the
Sept. 4 (Labor
X.;'.:
2.83
8i,o75
98,5io
Soos
UmTito
Total
New York Curb
'
168,560
179,580
4* T°sold——5——.YAI—I—IIIIII—II—II——I——I
9
.Sept. 29 the Securities and Exchange Commission
made public figures showing the volume of total round-lot:
stock sales on the New York Stock Exchange and the
4-U^r
floor-Bought
Total
On
c
-
sold
,
New York Stock and New York
During
floor—Bought
;
.
19.89
=
,
°-!.-----!r---!lII
•
3.02
Ht'Mi
—'
Total—
*The term "members" Includes all
partners, including special partners.
333,804
-----Exchange members, their firms and their
a Shares in members' transactions as per cent of twice total round-lot volume.
la calculating these percentages, the total of members transactions Is compared
With twice the total round-lot volume on the Exchange
for the reason that the total
of members' transactions Includes both purchases and sales, while the
V°bURounddot^hortysales
Exchange
which are exempted from restriction by the Commission's
rules are included with "other sales."
v;
v'v-
The Commercial & Financial Chronicle
2006
Odd-Lot
The committee will study certain aspects of the business of member
tirms of the Exchange, particularly as referred to in the following recommendation contained in the recent report of the Public Examining Board:
Trading on New York Stock Exchange—
Figures for Weeks Ended Sept. 16 and Sept. 23
m,
c.
ti
•
i
ox
TLmlrf
summary foffhc
tor the wZS
Week ended
mad.9
public a
on
P16
lb
oept.
dealing and underwriting commitment in excise of
of
01
their capital should be required, as soon as satisfactory mechanisms are
devised, to separate their brokerage from their dealing and underwriting,
complete figures showing the volume of stock transactions
for the odd-lot. account of all odd-lot dealers and specialists
who handle odd lots on the New York Stock Exchange,
continuing a series of current figures being published by the
Commission.
Figures for the previous week ended Sept. 9
were reported in our issue of Sept.
23, page 1836.
The
figures are based upon reports filed with the Commission
by the odd-lot dealers and specialists.We also incorporate the odd-lot figures for the week ended
Sept. 23, which were made public by the Commission
Sept. 29.
bufi)eScorpOTabtfig
AND
specialists on new
(b) Incorporating their dealing and underwriting business.
Action of the Board of Governors of the Exchange on the
report was noted in our issue of Sept. 16, page 1688.
♦
SEC
Adopts New Rule Exempting Certificates of Deposits Issued by Governments from Registration
Requirements of Law
The
adoption of
the
odd-iot Bales by dealers (customer,- purchases):
Number of orders
16'1939
'23'1939
89,688
52,085
2.602.464
—1___
1__—
Dollar value—.
83,811,667
51,797,937
to securities
sJ.iio
53,018
Customers' total sales
33,324
1,410,272
2,377,216
,r
Dollar value
•,!,
-
■
...I
,»1---1
-
i
-i
Short sales..
...
....
-
Deposit
Agreements
Governmental
Having
Managers—
witfi Respect Thereto
50,609,177
80
00
380,070
252,520
—. '■
total sales
'
Certificates of Deposit shall be exempt from the operation of Section
^
Round-lot purchases by dealers:
'
(1) A State or any political subdivision thereof or aShy agency or instrumentality of a State or any municipal corporate instrumentality of one
Gr more States, acting through one or more of its duly authorized officers
or otherwise, is the person primarily performing the acts and assuming the
duties of manager pursuant to the provisions of the deposit agreement under
which such certificates of deposit are issued: and
(2) Deposit under such agreement constitutes assent to a plan which
provides for the issuance of securities of, or the payment of cash by, such
State, political subdivision, agency or instrumentality in return for the
securities deposited under such agreement; and
(3) Each depositary designated to act under such agreement has been
so designated by such State, political subdivision, agency or instrumentality,
T"*
1 ■
380,150
'
...
252,610
——TT
1—*
"
-s—;v.-—,
shares..-..—-..
272,210
503,9.j0
Sales marked "short exempt" are reported with "other sales."
b Hales to offset customers' odd-lot
round lot are
orders, and sales to liquidate a Ion? position
reported with "other sales."
^
"*•
—
do - pursuant
12 (a), if:
Other sales.b.......
v«-L
Nour
INew
or
and
necessary
Prohibition of Use of Manipulative or Deceptive Devices or Contrivances
-
Number of shares:
rnvamowc
Governors
deeming it
Exemption from Section 12 (a) of Certain Certificates of Deposit
Under
Issued
1,443,596
--frr-',
v
i,
79,818,907
...
a
Commission,
authority conferred upon it by the Securities Exchange Act. of 1934, as
Rule X-12A-9.
Round-lot sales by dealers:
which Is less than
Exchange
adopt, the following Bule X-12A-9;
37,988
2,339,228
--■
Number oi
and
amended, particularly Sections 3 (a) (12), 10 (b) and 23 (a) thereof, hereby
~~
......
Customers' other sales.a
'a
Securities
necessary for the execution of the functions vested in It so to
to
87,318
Number of .hares:
.
exempted under this rule.
xhe text of the Commission's action follows:
—
.
announced by the
The exemp-
anti-manipulative p—sions of the Act will apply
®ash"
The
Customers' total sales....
,
was
appropriate in the public interest and for the protection of investors and
SS: oiKSSla:::::::::::::::::::::^
,
Exchange Act of 1934
tion applies only where securities are deposited under a plan
providing for the issuance of governmental obligations or
-Odd-lot purchases by dealers (customers' sales):
Number of orders:
■M
rule exempting certificates of deposits
Securities and Exchange Commission Sept. 27.
Week Ended
Number of shares
Customers'short sales.
a
issued by governments from the registration requirements of
york stock exchange
Week Ended
their brokerage business (with full guarantee of the
partnership), or,
(
TS
dealers
Sept. 30, 1939
York
and
'(4) Each depositary designated to act under such deposit agreement is a
corporation or association which is organized and doing business under the
laws of the United States or of a State, is authorized under such laws to
1
A
otock
Exchange Amend ConRestrictions
on
Committee
stitution—Removes
br
SUWeCt '° BUpervlsIon or
Studying Brokers' Compensation
In order that the
Special Committee recently appointed to
study and rejiort on the recommendations of the Public
Examining Board on brokers' and Exchange revenue and
on reserve fund
may give consideration to the entire subject
<b)
X-7C2-1 and
Rule.
x-iob-i
shall
be applicable
all securities
to
exempted from the operation of Section 12 (a) by paragraph (a) of this rule.
Effective Sept. 27, 1939.
♦
of compensation to brokers without the restrictions which the
Assets of 13,569 Banks Insured by FDIC Amounted to
constitutional provision imposes, the Board of
Governors, at its meeting Sept. 27, amended the section of
the Constitution which limits its power to prescribe service
charges only on inactive accounts, according to an Exchange
$59,425,859,000 on June 30 Compared with $54,369,262,000 Year Ago—Deposits of $52,326,754,000
Highest on Record
present
announcement, which went
Neither
suggested
a
minimum account
Federal
on to say:
charge
charges for specific services, as
nor
13,569 operating insured banks in the United States and its
possessions as of June 30, shows that resources amounted to
by the Public Examining Board, would be possible under the
present constitutional provision.
The provision
amended states, in part,
as
a-rq 40c ocq nqn
that members of the Exchange and member firms shall make and collect, in
Toqft
addition to minimum prescribed commissions, such other minimum charges
frf
No minimum charges
are at present
prescribed.
The special committee, in recommending the amendment, emphasized
that it is beginning its study of service charges with no preconceived definite
The amended provision is being submitted to the membership for
plan.
aPThe™ublic Examining
minimum
that
"the
standard
service
charges
monthly account charge, and
the
as
such
charge
a
as
adopt
as,
by rule
for
a
example,
schedule
a
of
minimum
reimbursement for such services
safekeepig and handling of securities."
uniform
no
it pointed out that there is
practice of charging for these services, which
are
*
not covered
Zte"
thea6gre";
The special committee appointed by Mr. Martin to study this problem
consists
'
1
ton
i
a1
J
of
Philip W, Russell, Chairman; Trowbridge Callaway, ViceChairman; John A. Coleman; Robert J. Hamershlag and Harry K. Smith,
eiarirvimr° wlv' Governors also adopted1 amendment, to the constitution
Stituuon
m rC8P
110111,8 °n amendments to the con-
"Hpp
ooJ
31
•
'T,',nf
TuJ
essential to solvency, and
an
Exchange should
on
^ With $5b,^,2M,UUU on DeC.dl,
Board in it. report on Customer Protection stated
that profitable operation of member firms is
recommended
iT
SDH 9<U 000
nnmrmroH with
1
x
these banks on June oU totaled $o2,o2u,754,UlXJ, as against
$49,778,676,000 On Dec. 31 and $47,460,741,000 on June 30,
1938.
The latest deposit figure is the highest since inauguration of deposit insurance.
Holdings of United States Government obligations and obligations guaranteed by the United
with respect to accounts and services as the Board of Governors may from
time to time prescribe
Deposit Insurance Corporation, in its 11th
report, made public Sept. 25, of the assets and liabilities of
•
nnd
Crease 01 $1,01o^Zl AA/U Over June oU, lyoo.
LiOans ana
discounts, at $lu,U4U,o7o,U00, were $ol4,79o,(XXJ, or 2%
higher than a year ago, but were virtually unchanged since
Dec. 31, 1938.
Total capital accounts of the insured COmmercial banks increased by $122,547,000 during the 12-month
period, and amounted to 10.9% of total assets on June 30,
1939, as compared with 11.7% on June 30, 1938.
Reference to preliminary report, as issued by the FDIC
Aug. 29, appeared in Our issue OI Sept. 9, page 1556.
♦
Mortgage Loans Made During August by Savings and
Loan Associations of New York State Set New
Record
of
or
S?nt0i,lfimonl0l
oept.
io, page 1088. eoraraittee
««
■■■■ ■-■
,
Npw Y^vLr
New
York stock
ita
ox
i
Stoek
it
T?mi.
x
c
i
•
n
-xx
Separat,ng Brokerage and
?/r x-1 t88
Martin Jr., President of the New York
n
t.
c
Exchange, announced
E
•
:
Exchange Appoints Special Committee
Und^wrifWPR.8,tL
wir
was reported in our issue
on
•
o
-vt
t
-rr
i
Sept. 25 the appointment of
the+ recom™el}dat}on Of the
Board relating to the advisability of retheir brokerage from their
dealmg and underwriting business.
The committee is made
up of:
D
C
mining
quiring member iirms to separate
Paul V. Shields (Shields & Co.), Francis T. Ward
(Clark
James J. Minot Jr. (Jackson &
Curtis), Henry G
Dodge & Co )
3rd'
Riter
(Riter & Co.),
and J. Russell Forgan (Glore, Forgan & Co
)
a
x
!>•
.
Chairman.
x
L
Ihe
+:
'
c,
.
o-
tot
m
■
i
i
bept. 25, Mr. Shields
Exchange
s announcement
ixi
was
said:
elected
The greatest increase in mortgage loans made by all
sav¬
ings and loan associations in the State of New York since
the start of the New York State League's monthly report
forms system was shown for the month of August, 1939,
accordi
to an announcement issued by Zebulon V. Wood-
Ward, Executive Vice-President of the League.
This inthe previous all-time high of June, 1939, by 20%,
$1,520,992 mere in loan volume.
It was further an-
crease tops
or
nounced-
These figures
New
York
are
State
derlved from reports of 117 member a86OCiatl0ns of the
League of Savings and Loan
totaling $238,059,403.
gage
From these
are
Associations, with assets
projected the total of 2,167 mort-
loans totaling $9,072,764 for all associations in New York State for
the month of August,
1939.
This represents
an
increase of $4,924,157,
or 111 %• over the same month last year* Ifc als0 rePresents an increase of
$3,712,628,
70%, in mortgage loans over the previous month of July,
1939
Such a record- coming as it does upon a succession of monthly
increases in mortgage loan volume of the savings and loan institutions in
this State and in the nation, should help
and loan.
make this
a
banner year for savings
Volume
The Commercial & Financial Chronicle
149
Returning to the 1,306 actual loans reported by the 117 member associa¬
total of $5,465,521, Ave find that 926 of these in a total of $4,033,-
tions, in
a
824
for the purchase or construction of new homes; 151 were
in
were
a
total of
$636,851; 91
were
for repairs
refinanced,
modernization in a total of
or
$108,839, and 138 other loans totaled $686,077.
activity during July and for the first seven months of this
was 2,4% and 9.9%, respectively, below that for the
year
corresponding periods of 1938.
Only
Avhich
The total savings paid in to the reporting associations by
250,223 share¬
holders during August, 1939, reached the sum of $4,668,507.
half
cf
in
business in the United States and its territories for the year
ended
Dec.
1938.
31,
Thirty-seven
States,
three States with
are
continues
more
than $500,000,000.
building and loan State in the Union
by New Jersey with $691,959,695, and Pennsylvania with $533,125,782.
Some increase
in the percentage of reserves in the consolidated balance
sheet of the institutions was noted for the year, and the real
estate owned decreased by 8.7%.
In announcing these
changes, Mr. Cellarius said:
;
,
,
,
r
,
Associations enrolled five and one-half times
they did in 1937.
as
many
This is the second consecutive
substantial number of
members in 1938
While
the
1930 that
year since
a
members have been enrolled by our institutions,
new
reversing the downward trend of the thirties.
favorable
;
general trend in total national assets continued downward,
signs
are
noted in
particular
There
areas.
was
decrease of
a
$82,093,541 for 1938 and the number of States contributing to this decrease
remained static in 1938 at 11, but Alabama, Colorado, Delaware, Louisiana
and Tennessee, which reported
during 1938.
past
were
New York, $18,091,216; District of Columbia,$12-
$11,691,915;
California,
Carolina,
decreases during 1937, registeied increases
The States showing the biggest increase in assets during the
12 months
373,964;
Minnesota,
$10,622,432;
the
business,
during 1938 they mounted to $517,112,464,
or
or
9%
to total assets to
16.7%.
close of 1938 was an increase in volume over the past year of
1.8%, and
depression last
This portends
year.
ever-increasing earning ca¬
an
Savings
1938,
one-third
decline),
The compiled statistics for
1938 indicate clearly that the savings, build¬
ing and loan associations continued a
evident
during
improvement in the complete national picture.
Further, there is no evi¬
the basis of the statistics available at this time that this strength
is diminishing during
^
Savings and loan associations accounted for 32%
of all
home mortgages recorded in American cities and towns in
July, thereby maintaining their position as the most active
the field
officials of the
home finance in the United
of
Home Loan
Federal
States,
Bank Board stated in
Sept. 2.
The amount of home mortgages
recorded by the associations in July, $105,890,000, was a
Washington on
higher proportion of total mortgage activity of all lending
than in any previous month this year.
announcement went
aggregate of
and
152
month
of
the
and
the
first
v
to say:
on
v
mortgages recorded in
months
of
By
1939.
types
of
lenders,
home
the United States during July totaled:
reporting
for
increases, while four showed
Banks
Percent of
Type
Volume
July Total
7 Months
SaAdngs and loan ass'ns—
$105,890,000
32
$651,169,000
Percent of 7
Mos.
Total
30
9
186,853,000
9
23
523,720,000
25
13,679,000
4
72,408,000
3
Individuals..,
58,0.56,000
18
18
Others.....l
47.621,000
14
380,739,000
313,238,000
15
$329,983,000
100
$2,128,127,000
100
29,777,000
companies
Mutual savings
74,960.000.
banks
Total...
July,
Reports
Estate
Non-farm
49.5
Decline
of
Foreclosures
5.9% in Non-Farm
from
Real
June to July
real estate foreclosures during July were
less than in
5.9%
the preceding month, bringing the index from
(1934 equals 100)
to 46.6, it was announced Aug. 28
by Godwin A. Fergus, Director of the Division of Research
and Statistics of the Federal Home Loan Bank Board.
This
decline from
drop
June
indicated
was
by
those
same
for
the
51
indicated
and
decreases
change in foreclosure activity
no
Association of State of New York to
Meeting at Hot Springs, Va.,
46th
Annual
Albert S. Embler, President
of the Walden Savings
Bank, Walden, N. Y., says, in his message to members, that
there are "no controversial subjects which might dist'rub the
peace and harmony of the Convention, this year.
But there
are many, many matters on which there is an honest dif¬
ference of opinion to be discussed, and likewise there are
many topics which will be presented and discussed which
the
will
and
instructive
be
President
and
Association
The
informative."
Convention
will follow closely the pattern set at the last two
meetings of confining the major part of the time to open
discussions of matters of. vital interest.
It is planned to set
aside one session to the problems of customer and employee
program
relations.
•
Trend
Decentralization
and
Cities
in
Influence
on
Real Estate Values to Be Discussed at Convention
Real Estate Boards in Los Angeles
of
decentralization
an
American
movement
that it will be
factor
Real
Oct. 24-27
on
in
many
suburban, is becoming so important
a major topic of discussion at the
convention of the National Association of
which meets at Los Angeles, Oct. 24r
annual
Estate Boards,
From several approaches the convention will
be taken to adjust our
25, 26 and 27.
be
going
city and the influence it has upon the value of
real estate, central and
a
now
concerned with means that may
present urban plant more comfortably to our modern ways
and to
living
urban
conserve
conditions
war
financing
earnings,
estate
ways
to
estate values.
Possible effects of
real
the adjustment in
bring about
real
on
supply,
inevitably color all discussions.
As to other matters to be discussed
real estate demand,
and the like,
will
the announcement
and trends will be &
It is the great possibilities that
city for rehabilitation of old structures that are
Tying in to this whole discussion of urban shifts
second
exist
major
practically
in
it
is
mortgage insurance.
In
meantime
the
the
less than
five-year
the 7.0%
average.
low-cost housing
Housing Administration has already indi¬
ready to back such undertakings, when Avell conceived, with
Federal
initiative,
private
cated
every
sound structures for the development of good
nevertheless
at
topic of the convention.
American
the
Institute
V'i *"?/■}///■
Real Estate Appraisers,
of
professional branch of the Association in the valuation field, has scheduled
on
its program at the coming convention a very specific discussion of
the influence of urban decentralization on central business values.
V: Previous
reference
to
Association's convention
the
made in these columns of
Aug. 19, page 1121.
$30,800,000 Debentures Sold
was
;-s
by Federal Intermediate
Credit Banks
of $30,800,000
An offering
%% debentures of the Federal
Intermediate Credit Banks on
Sept. 28 resulted in an over¬
subscription and closing of the books on the same date.
The
offering was made at a slight premium over par
Charles R. Dunn, New York, fiscal agent for the
Oct. 10 and matures
The new issue is to be dated
Banks.
in
months, on August 1, 1940.
Proceeds will be used
issue of debentures maturing Oct. 16 next, to
9V2
to refund an
$30,200,000; the balance, $600,000, represents new
amount of debentures of the Bank's
outstanding at the close of business on Oct. 16 will there¬
fore increase to $206,000,000.
extent of
money
The
and the total
yield
basis
on
which
the new
issue
understood to have been a little higher than
FHLBB
the
for
below
Springs, Va., Oct. 18 to 20.
of
through
Cumulative
July
Banks and trust companies
reported
11.1%
numbered
1939
-
in home mortgages was recorded by all
$329,983,000
se\Ten
of
The Board's
The decrease
is generally normal, being largely attributed to the fewer business days
and holiday Aveek-end in July and the customary seasonal letdown in the
planning for new homes.
The July figure raised to $2,128,127,000 the
for
100),
year ago.
figure
were
(minus
(1926 equals
153
a
months
seven
negligible
Avas
of
decrease
last year.
types of lenders during the month, a 9% decline from June.
Insurance
at
population
more
or
seasonal
Oct. 18-20
' -v; ■;
—+»
Savings and Loan Associations Made 32% of $329,983,000
in Home Mortgages Record During July
lenders in
and
said:
1939.
V^
this
far
Chicago,
The Savings Banks Association of the State of New York
will hold its 46th annual meeting at The Homestead, Hot
general upward trend which first
The vigor with which some curves sAvept
1937.
12 months of 1938 shows a decided and accelerating
upward through the
total
July
to
movement
same
than
of
the
first
the
62%
period
Hold
of
pacity for our associations.
An
(a
June
standing
communities
83
coming
percentage of total mortgage
The $3,918,661,795 of mortgage loans outstanding at the
loans to assets.
groups
July,
city of 100,000
a
usual
the
during
more
1933
the
The
amounted to 69.6% of total assets, and that in the face of a very real busi¬
on
of
indicated
of total assets,
The disposition of $89,556,-
A most encouraging trend is noted in the
Also
.
9.2%, of total assets.
At the close of 1938 it amounted to
$943,127,908, a decrease from 1937 of 8.7%.
thus
(Boston,
of
two
State.
from the preceding month.
In 1937 the
reserves.
726 of real estate owned during the year diminished the ratio of this item
dence
to
cases
corresponding
Again in 1938 for the second consecutive year the real estate owned by
associations decreased substantially.
became
than
numbers
index
little
a
period
28
increases,
every
North
and
though emerging from a depression
even
undivided profits were $515,502,659,
surplus and
ness
relation
Foreclosure
Of
year
$10,419,725.
The savings and loan
period, today rests behind an increasing bulwark of
while
0.7%),
only
last
for
foreclosures
more
of
(counties having
less
is
respectively, for this July and the
Ohio
with $806,1-50,778, followed
as
In
the ranking
as
showing
months
seArcn
July
rise
a
'y;
census)
6.6%.
;
showed
to
District
the
of Columbia and Alaska and Hawaii increased their assets."
There
districts
first
politan communities
the
savings,
building and loan associations of the nation during the past
year was reported Sept. 27 by H. F. Cellarius, Cincinnati,
Secretary-Treasurer of the United State Building and Loan
League, to the annual convention in Atlantic City.
The
596,148 net increase brought the total membership up to
6,829,167 in the 8,951 associations in operation at the close
of 1938. / Assets of $5,629,564,869 are reported for the entire
the
Cincinnati)
further reported:
was
June
5.6% decline from June in real estate foreclosure activity in metro¬
1930
million members
a
three
but
in
It
registered
districts
and
Rock).
The
Reported at $5,629,564,869
increase
York
were
than
Little
An
FHLBB
three
(New
there
year
Membership in Nation's Savings, Building and Loan
Associations Increased 596,148 During 1938—Assets
2007
June to July
Foreclosure
the 4Mi
wras
sold is
tliat at which
the
said to
months issue was placed Sept. 8 but, considering
longer maturity of the present issue, its terms are
have been more favorable.
'V./
♦
of $100,000,000 or Thereabouts of 91-Day
Treasury Bills—To Be Dated Oct. 4, 1939
New Offering
the Treasury Morgenthau announced on
tenders are invited to a new offering of 91day Treasury bills to the amount of $100,000,000, or thereSecretary
Sept. 29
tliat
of
The Commercial & Financial Chronicle
2008
abouts, to be sold
discount basis to the highest- bidders.
on a
Tenders will be received at the Federal
the branches thereof up to 2 p.
be
not
received
the
at
Reserve Banks and
(EST) Oct. 2, but will
m.,
Treasury Department,
Washington.
The
Treasury bills will be dated Oct. 4 and will mature on
Jan. 3, 1940, and on the maturity date the face amount of
bills
the
be
will
maturity of
payable
without
interest.
similar issue of bills
a
$100,503,000.
In
No
his
Oct. 4 in amount of
on
of
announcement
There is a
the
Sec¬
offering,
been raised in the market by the Treasury directly
money has
new
The department's cash needs for covering the Fed¬
December.
since last
eral deficit since that time have been met by cash receipts from sales of sav¬
ings bonds, by repayments of Treasury advances by other agencies largely
proceeds of guaranteed financing and by drawigg down on the
out of the
Treasury's working balance which was at high levels early this year.
the
While
working
current
in prospect
are
denominations
or
(maturity
No
e.
bearer
in
form
$100,000,
$10,000,
only,
and
in
amounts
$500,000, and $1,000,000
trust
amount
an
multiples
basis
of
less
than
of
$1,000.
with
100,
not
$1,000
will
The
be
price
than
more
three
be
must
decimal
ex¬
places,
be accepted
companies
without cash deposit from incorporated banks
from responsible and recognized dealers in in¬
and
vestment
securities.
Tenders from others must be accompanied by a de¬
posit of 10% of the face amount of Treasury bills applied for, unless the
tenders are accompanied by an express guaranty of payment by an in¬
corporated bank
all
thereof
of
ably
to
on
Treasury
be
Banks
and
Oct.
on
2,
branches
or
public announcement
possible
as
all
bills
taxation,
to
will
sale
the
for,
thereafter,
made
be
funds
exempt,
other
and
prob¬
as
and
4550,
price
4,
thereof
that
deduction,
be
'Vvc'v;
exempt,
is
not
are
disposition of
or
otherwise recognized,
by the United States
or
of
any
its
Treasury
prescribe
their
possessions.
Department
the
a
terms
of
Circular
the
No.
418,
Treasury
bills
as
amended,
and
govern
and
the
this
notice
conditions
of
issue.
Offering of $100,000,000
of
91-Day
Treasury
Bills—$100,726,000
Accepted at Average Rate of 0.082%
Secretary
of the Treasury Henry Morgenthau Jr. an¬
Sept. 25 that the tenders to the offering last
week of .$100,000,(MX), or
thereabouts, of 91-day Treasury
bills totaled .$548,014,000, of which
.$100,720,000 was ac¬
cepted at an average rate of 0.082%.
The Treasury bills
that "in
harrowing conflict we are determined that this
Republic, insofar as lies within the power of its Government,
shall remain aloof— truly and honestly neutral.
We are
determined that there shall be no augmentation of the
membership rolls of the Gold Star Mothers."
President's
the present
went on to say:
message
pledge to the Gold Star Mothers of the World "War
give a
desire to
I
that the Government of the United States has every determination
of this
mothers
on
Total accepted, $100,726,000
Range of accepted bids:
Hl?h..,-.-._.99.989
Low.,.......09.978
Equivalent rate approximately 0.044%
Equivalent rate approximately 0.087%
Average price
Equivalent rate approximately 0.082%
99.979
r!;v;
^
;
-*•
Treasury Will Not Issue Rules on Short-Term Credits
To Belligerants—To Be Covered in New Neutral¬
ity Act
'•;>■'vc-
Secretary of the Treasury Morgenthau said on Sept. 26
that the Treasury would issue no
regulations regarding shortterm commercial credits to
belligerant countries pending
Congressional action on the proposed new neutrality bill, ac¬
cording to Washington Associated Press advices of Sept. 26,
which also said:
Mr.
-'-A
.
Morgenthau
told
ity law.
The
conference
pros?
had received only one or two
^ v
that
so
far
are
permitted under the present neutral¬
,
new
Disband
to
£■£
Announces
_
made
Roosevelt
President
bear
that the
the
When
tragic
Report
.v$.J •' -Jit: x iu: £■
known
on
;
£:.C - £ 4
26 that he
Sept.
on
to receive within 10 days a report of the War
Board, which has been preparing plans for in¬
dustrial mobilization in the event of a war emergency.
He
expected
Resources
added that when the report is received
members of the Board for their good
he will commend the
work and relinquish
them from further requirements incidental to the completion
of their tasks.
The Board, which is headed by Edward R.
Stettinius, Chairman of the Board of the United States Steel
Co., was created on Aug. 9 to advise the Army and Navy
in
the economic mobilization of American
on
The Board held its first meeting
Aug. 17 and announced on Aug. 30, following a meeting
with President Roosevelt that its plans were in complete
readiness; this was noted in our issue of Sept. 2, page 1410.
When the Board was formed it was composed of six members
resources
an
emergency.
on
but
1567.
page
was increased to seven;
these columns of Sept. 9,
Sept. 6 the membership
on
reference thereto being made in
^
.'--V'-
item, indicating that the Federal Reserve Banks would
act as the Treasury's agents on credits to
belligerants, ap¬
peared in our issue of Sept. 23, page 1839.
Treasury May Offer
Notes
Refunding Issue Next
Maturing in December
Week
the Government bond market levels off
sufficiently by that
reported on Sept. 28.
Postponement of the
Treasury's Sept. 15 financing was reported in these columns
Sept. 9, page 1557.
Regarding the possibility of action in
the near future, the following is taken from a
Washington
dispatch to the "Wall Street Journal" of Sept. 29:
was
This would represent the first market
financing operations by the Treas¬
directly since early June.
The customary quarterly
financing
opera¬
omitted this month because of the acute unsettlement in the
Government bond prices caused by the outbreak of the
European war.
It was stressed by authoritative sources that the decision as to
whether
were
refunding
move
would be taken
trends in the meantime and that
next week will
no
depend entirely
announcement
would
be
on
market
made
until
the middle of next week.
As far
as
requesting the Attorney General to give the
Senate a report on powers made available to the President
under his national emergency proclamation as well as in the
event of a greater emergency was adopted by the Senate with¬
out objection on Sept. 28.
The resolution was proposed
by Senator Vandenberg of Michigan.
The text of the Presi¬
dent's proclamation declaring the emergency appeared in
our issue of
Sept. 9, page 1561.
Comparison of Present Neutrality Law and
Proposed Bill
The
comparison of the present Neutrality
pending before the Senate Foreign
Committee, according to Washington Associated
following is
Law with the
Relations
a
bill
now
Sept. 26:
vV'-;:'■%Putting
Act into Effect
Present—President alone decides when
could be ascertained yesterday, there is no intention to
the refunding operation
offering of
new
now under consideration
Treasury securities for cash.
It
accom¬
for next week with
is
likely, however,
that the refunding action would be followed shortly
by new cash financing.
Act is not invoked.
tion
a
declaring
a
a state
of
war
war exists.
-j
If,
as
in the
determination, the Neutrality
exists the statute is brought into operation.
well as the President could decide that a foreign
as
exists, thus putting the Act into effect,
"v-"':'.;';-'-■
■
foreign
If, as in the hostilities in Europe, he issues a proclama¬
Proposed—Congress
war
rf;
Arms Exports
'■
V
1 '•
~
Proposed—Permits shipments of arms, ammunition and implements of
war
Treasury may undertake next week the refunding of
the $526,232,500 Series B 1^% notes
maturing Dec. 15 if
pany
of President's Powers
A resolution
(including airplanes) to belligerent nations.
for
The
tions
Adopts Resolution Calling for Listing
Present—Baas shipments of arms, ammunition and implements of war
+*
time, it
Senate
Sino-Japanese conflict, he refrains from such
neutrality law specifically defines permitted commercial loans
An
any
to
of mothers of youths of military age two
Mobilizing Industry Is Made, President Roosevelt
the
Treasury
"unimportant" inquiries from business about
as
belligerants.
the
lot
Board
Resources
War
Press advices of
a
what kind of commercial credits
ury
the
decades ago.
Sept. 27 and will mature on Dec. 27, 1939.
The following regarding the accepted bids to the
offering
from Secretary Morgenthaifs announcement of
Sept. 25:
Total applied for, $548,014,000.
to
be called upon
will not
generation
which fell to
sacrifices
dated
are
is
Membership
Mothers—Message Read at
Star
Gold
of
Munitions Board
Tenders of $548,014,000 Received to
nounced
♦
:
Unknown Soldier in Washington on Sept. 24, said
and
for the purposes of any tax now or hereafter
imposed
as
cash
Ceremony in Washington
-t >;■
bills
new
A message from President Roosevelt, read at the annual
exercises of the Gold Star Mothers held at the Tomb of the
in
(Attention
other
or
for
Banks
interest,
also
taxes.
Treasury
No loss from the sale
Treasury bills shall be allowed
and
will
inheritance
ruling
the
1939.
principal
to
of
offered
Reserve
likely that
desirable before the next regular financing date
such
any
be advised
the
Oct.
on
in
will
Federal
and
tenders,
his action
at
the
disposition
estate
Decision
at
parts of
or
tenders
Payment
available
or
except
Treasury
be
must
immediately
from
all tenders
applied
thereof.
exempt from the gift tax.)
the
soon
Those submitting
allotted
other
any
the amount
final.
rejection
or
Treasury
invited
reject
to
than
bills
gain
from
as
tenders
Reserve
or
right
less
or
follow
of
receipt
l>e opened
the
shall
The
for
Federal
will
The Secretary of the Treasury expressly
acceptance
any
will
hour
the
at
closing hour
the following morning.
allot
respect
cash
the
received
acceptable prices
reserves
to
the closing
after
tenders
up
the
trust company.
or
Immediately
1939,
SI ,400,000,000
President Roosevelt Desires No Increase in
Each
considered.
offered
Fractions must not be used.
will
Tenders
and
$1,000,
in
the
on
99.123.
g.f
issued
Rolls
for
be
must
pressed
of
be
value).
tender
tender
will
approximately
Dec. 15.
.
bills)
of
for October and November and it is
financing will be considered
retary Morgenthau also said:
(the
balance
for immediate needs, relatively heavy cash deficits
is more than adequate
on
Thev
Sept. 30, 1939
to
them,
belligerents
or carry any
but
provides that
no
American vessel
may
Transfer of Title
Present—Contaias
may
no
arras,
:;
provision requiring transfer of title to goods which
be shipped legally to the belligerent countries.
everything except
transport
other goods or passengers to the warring nations.
Such goods include
ammunition and implements of
war.
Proposed—Requires that the title to all goods shipped to warring nations
must be transferred to the
purchaser before shipment is made.
Combat Areas
Present—No provision.
Proposed—President would define combat areas, which American citizens
and ships would be forbidden to enter.
..
Travel
on
»
Vessels of Warring Nations
Present—Forbids Americans to travel
on
ships of belligerent countries,
except in accordance with such rules as the President shall prescribe.
'
Proposed—Substantially the same."
Financial Transactions
Present—Prohibits loans to belligerent governments, excepting ordinary
commercial credits and short-term
obligations "customarily used in normal
peace-time commercial transactions."
Volume
The Commercial &
149
not
90 days
than
more
without renewals, ordinary
securities
belligerent,
engaged in commerce with
Present—Forbids arming any American vessel
a
Sec.
warring nation.
"V'7
funds for any
solicitation of funds for medical aid,
belligerent government, but permit
Export Licensing
of
against a non-American State or States.
war
Senate
'
Pro¬
Belligerents—Forbids Americans
Vessels, Except Under
Regulations by President—Opposition by President
to Exports of Strategic War Materials
of Arms to
Travel
to
*
Belligerent
on
approved on
Sept. 28 the Administration's neutrality bill by a 16-to-7
vote.
The measure, which would repeal the existing em¬
bargo on arms to belligerent countries and substitute a
"cash-and-carry" system, now goes before the Senate, where
debate is scheduled to begin Monday (Oct. 2).
As formu¬
lated by a subcommittee of 14 Democratic Senators, the bill
as received by the Senate Foreign Relations Committee on
The
Relations Committee
Foreign
Senate
the present arms em¬
Sept. 15 provided for the repeal of
belligerents and substituting 90-day credits
to belligerents in their own vessels.
measure constitutes the basis on which
the Ad¬
against
bargo
shipments
arms
on
The
new
ministration will seek to conduct its
warfare in
policy as regards the
The subcommittee of Democratic Sen¬
Europe.
contended that the bill was more neutral
protect Amer¬
and United States citizens than any plan
ators, it is stated,
than the
ican
;
embargo anad more likely to
arms
commerce
previously proposed.
•
-
Relations
to
belligerent defaulting on any payment and lifting
on
American shipping and airplane transport
any
The
vote
on
Van Nuys
Fla.),
(D.,
Pepper
N.
C.),
(I).,
Green
(D., Pa.),
Guffey
Johnson
were
Calif.),
(R.,
R.
Gillette
Voting against the motion
Idaho),
Burkley (D., Ky.), Reynolds (D.,
(D., Iowa), and White (R., Me.).
I.),
(D., Mo.), Borah (R.,
Kans.), La Follette (Prog.,
Senators Clark
(R.,
Capper
Wis), Vandenberg (R., Mich.), and Shipstead (F.-L.,
Senators Gillette,
to
(D.>
Minn.).
Reynolds and White, reserved the right
against the measure on the Senate floor.
vote
Proposals for revision of the neutrality law were men¬
tioned in the "Chronicle" of Sept. 16, pages 1850-51,
The
bill
drafted
was
Roosevelt
dent
appeared
in
to
accordance with
Congress
the message of Presi¬
Sept. 21, the text of which
on
revision.
It was announced at the White
House on Sept. 25, however, that the President had decided
to refuse suggestions that lie make another appeal to the
Nation,
of
the
about
ing
the
counteract
to
the flood
and
Senators
of letters
urging retention
reported to be pouring in on
Representatives.
embargo which
was
The
proposed resolution would prohibit under penalty of
fine and imprisonment the transportation of all goods and
to belligerents by American vessels, and would
mandatory that all title to and interest in goods
sold to belligerents must be transferred before they leave
passengers
make
traveling
lations
States.
It
would also forbid Americans from
ships of belligerent nations, except under regu¬
on
prescribed by the President.
summarizing
said
Tribune"
Sec.
that
a
Sec.
1.
of
American
American
between
foreign governments.
vessels thereafter would not be allowed to carry any
articles or materials to any belligerent, and the exportation of
any goods on belligerent ships would be banned until after all right, title
and interest has passed to seme foreign government or agency.
Sec. 3.
The President would he empowered to define "combat areas"
passengers,
and
thereafter
no
American
vessel
or
citizen
could
proceed through such
4.
Red Cross vessels.
United States citizen could travel on a belligerent vessel.
These
provisions
do not apply to
Sec.
5.
No
Sec.
6.
Shipowners mar not arm their vessels.
"munitions economy" in this country
paralyze
at
war
Democrat of
Texas, contended that the
its rights as a neutral to
He declared that "we
basis.
equal
an
on
whole economic life and disrupt our
foreign war not of our making."
our
of
because
prospective purchasers will soon
would soon find that we
underwriting the war."
be expected to give up
not
countries
all
a
United
sell to
cannot
agriculture and industry
,
Sept. 26
declared themselves against the Administration's proposed
neutrality resolution, describing it as "window dressing to
befuddle the issue", involved in prospective shipments of
arms
and munitions.
As to this, a Washington dispatch,
Sept. 26, to the New York "Times" said, in part:
"isolationist" bloc in the Senate oh
The so-called
the
of
members
neutrality
sales of
munitions and all kinds of
merchandise met in a long session in
Johnson of California.
office of Senator
the
Vandenberg were especially critical
meeting Senators Nye and
After that
made of it since yesterday
their views on studies
draft was given to each
basing
bill,
change in the
for "cash-and-carry"
to vote against
pledged
group
and any substitute program
law
current
of the Republican members
of the Foreign Relations Committee, and also Senator Clark of Missouri,
dissident Democrat, who was left out of the majority group which wrote
the measure.
;
'
"
' "
. ,
The opponents of repeal displayed little patience with the long and
detailed bill written by Senator Pittman, Chairman of the Foreign Rela¬
tions Committee, with the assistance of Senators Connally and Thomas
of Utah and the advice of 11 other Democratic members counted upon to
vote
to
when
a
the bill out of committee.
report
touched
Vandenberg
Senator
cushioning the effect of repeal."
The Senator asserted that "the
depart
we
"So
long
the bill in a general
long, long way toward
fails at the outset when
acknowledged trade-mark of our neu¬
the arms embargo is repealed, this
unneutrality "and malice.
Most
as
of
bill has upon its face the
of us believe that the
issue, befuddle the debate."
of this bill was to befuddle the
Nye' expressed this view:
purpose
a
added:
trality," and
trade-mark
gone
entire effort
the internationally
from
details of
the
on
"these gentlemen have
that
saying
way,
Senator
"We
going to permit all this
not
are
window dressing to distract the
public mind from the one and only issue—the arms
Senator Johnson, the host, emphasized the desire of
embargo."
the group to liammet
awav at the embargo issue to the exclusion of all other
matters.
"There is one thing I am interested in," Senator Johnson told reporters,
"and that is the fight against the repeal of the arms embargo.
We will
not be distracted by any other issue.
We are going to have a bully fight.
We think it will last a long, long time, and we expect to win."
Senator La Follette expressed
himself in the same vein, as also did
Senator Clark of Idaho, except that the latter suggested the possibility of
retaining the embargo with "a cash-and-carry provision on everything
else."
received
American commodity brokers
from
Roosevelt
President
materials
"strategic"
to
on
a
virtual warning
Sept. 26 not to sell certain
foreign countries, according to
Washington on that date,
Press accounts from
Associated
materials
Such
which
but
Mr.
are
those
are
considered
Roosevelt
told
which
so
a
press
not produced in
are
necessary
seeking to
is
Government
for
the national
the United States
defense that the
build up reserve stocks of them.
conference he had been requested
by Harry
Charles Edison, Assistant Secretary of
the Navy, to call attention to the fact that foreign purchasers were en¬
deavoring to buy such commodities in the open market.
In particular, he
mentioned crude rubber, ferromanganese ore, ferromanganese pig tin, and
chrome.
metallurgical
■«
It
its
was
own
to
said
to
it
he said,
obvious,
supplies
call
this
Asked
sales.
of War, and
Secretary
Woodring,
was
aieas.
Sec.
the
retention of the
the
by
and that if we extend credit we
Connally,
Tom
could
States
resolution as
:
existed
and
forget," he said, "that our
taxpayers were
Senator
Federal
war
"changing the rules in the
said was anything but neutral.
Germay
given
being
against building up a
not
us
out of money
run
Congress would receive power equal to the President's to declare
state
2.
the
implements
which further said:
originally drafted, a
Washington dispatch of Sept. 25 to the New York "Herald
In
V'"
would lead to depression later.
"Let
it
.the United
'
Sec.
of
is
which
warned
He
which
1817 of our issue of a week ago.
Presi¬
after spending last week-end at his home in
Hyde Park, X. Y., returned to Washington to aid in bring¬
■
present law.
page
on
dent Roosevelt,
■1
Allies.
game," a procedure which he
aid
passive
morning,
(P.,
(D.,
V:
distinguished between the help which would accrue to England
France from a repeal of the present law as an active aid* as against
reporting the measure, which came after a
N. Y.), Connally (D., Texas), Thomas (D., Utah),
Ind.), Murray (D., Mont.), Sehwellenbach (D., Wash.),
Wagner
Ga.),
and
ammunition
or
arms
assailed the bill in a radio address as
shire,
of'the
Voting to report—Pittman (D., Nev.), Harrison (D., Miss.), George
"■
He
Hemisphere and the Pacific.
session, was as follows:
three-hour
from the ship's
to Canada
ship
the
or
middle of the
.
restrictions
in the Western
of
export
language
could
Fifteen
bill was revised by the Foreign
Committee to prohibit additional 90-day credits
The original draft of the
the
for
the
From
posed Legislation to Repeal Arms Embargo—Pro¬
vides "Credit-and-Carry"
Clause to Cover Ship¬
ments
American port is
surety bond
a
V''-;" \/'!''
war.
Canada
republic engaged
Committee Approves
Relations
Foreign
require
may
President may
The
11.
States
>
Republics
proposed laws exempt any American
it
9 it is considered plain that the United
everything that might be wanted by either
!;:>-V-'/'
Senator Arthur H.
Vandenberg, Republican of Michigan, immediately
stated upon reading the hill that it was not satisfactory in that it pro¬
posed the repeal of the arms embargo section of the present Act.
This,
he said, would be an unneutral act, of itself, in time of war.
Senator George cast one of the deciding
votes against changing the
present law last July when the committee voted 12 to 11 for postponement
of neutrality
revision consideration, but he came out today flatfootedly
in favor of the new bill, which he helped to draft.
"I have participated in the formation of this bill and will support it,"
he said.
"I believe the bill, if enacted, will go much beyond the present
law in keeping our country out of this European struggle."
On the other hand, Senator Styles Bridges, Republican of New Hamp¬
Control Board.
Exceptions for American
law
the
■'
licenses
issue
National Munitions
:'i
Proposed—Requires Munitions Control Board to make a full report of
arms exports to Congress on Jan. 1 and July 1 of each year.
Present—Requires licensing of arms exports by the
Both present and
the law.
vessel in an
a
forbid any belligerent submarine or armed
merchant vessel from entering or leaving a port of the United States.
Sec. 12.
The National Munitions Control Board is continued and shall
Sec.
food and clothing.
Arms
believes
Government
commander.
proposed statutes forbid solicitation cf
Both present and
the
If
violate
to
barred.
against a non-American
be exempt from all provisions of
10.
about
Solicitation of Funds
contribution for or on behalf of a
any
Any American republic engaged in war
9.
Sec.
.:
receiving
or
funds for medical aid, food and clothing, As
save
State would
Proposed—Forbids arming any American vessel engaged in commerce
with any foreign State.
in
Solicitation
8.
Sec.
Arming of American Merchant Vessels
bonds,
but the President may
obligations of belligerent States,
other
or
90-day short-term credits.
permit
credits and short-time obligations.
not purchase, sell or exchange
United States citizens may
7.
Sec.
for a
commercial
Proposed—Prohibits loans to belligerent governments, excepting,
period of
2009
Financial Chronicle
was
the wise
by
to
how
that this Nation
exporting such
the attention of
the
Government
should not want to decrease
commodities.
those in a
could
control
hoped they would stop it themselves.
should be sufficient.
His
object, he said,
position
to control such
the President
He added that a word
them,
The Commercial & Financial Chronicle
2010
to the President's press conference
In a further reference
Washington accounts (Associated Press)
observed that at a "strategy meeting" of Senate opponents
20 the
Sept.
on
other
decided to concentrate
the embargo issue alone and exclude from the debate
questions presented by the Administration neutrality
bill.
These accounts added
of
repealing
upon
the
embargo
it
that they expressed belief that
mark" of American neutrality
the embargo was the "trade
and could be disturbed
the
Besides
them.
to
President's
not
he
the
90-day
asked-if
was
gress
well
as
yesterday,
credit
which
an
decide
in
office.,-
he
yet,
as
thought
which
finding
law,
dim
It
banning
and
the
Roosevelt
would
determine
to
power
require
provision
a
the
question,
future, long after
the
invoke
moot question
Supreme Court might be called
a
of
state
a
to
a
was
Con¬
giving
that
President
that that
to
upon
the present Administration is out of
,-■/
the
Administration
to
adopt
attitude
off"
V-"
down
had
with
line
this
V'/':
advice,
Secretary
request by Senator Yandenberg (R.,
a
views
Hull
in
various
on
known
made
in
points
his
State
of
Mich.)
for
the pending bill.
turned
Hull
statement of the
a
Hull,
"The executive
previously
who
branch
having performed Its duty under the Constitution, the
now in the hands of the legislative
legislation is, of course,
branch, in whose ability to solve the problem I have complete confidence."
Like
the
the
controversy
They have done
office
Johnson,
careful
some
of
Nye
(D.,
N.
feel
Senators
freely predict
nose-counting,
Johnson
D.),
Va.),
Bulow
Capper
Nev.),
Borah
(R.,
and,
the
that
that
Cal.).
Vandenberg
Idaho),
(D.,
W.
(D„
Carran
Senator
(R.,
Clark
Minn.),
Holt
and
it
embargo is
will
at this
be
point
repealed.
claim¬
are
opposition group
the
(R.,
(R.,
(D.,
Has.),
Idaho),
(R.,
S.
Fifteen
attended:
Mich.),
Shipstead
D.),
Danaher
LaFollette
Senators
(R.,
Conn.),
Wis.),
Mc-
(R.,
N.
D.),
Clark
(D.,
decision
to
talk
exclusively:"
Fruzier
(Prog.,
L.,
(F.
Mo.) and Luden (F. L., Minn).
All
emerged
about the
with
the
same
embargo, with
arms
of
story
several
a
saying privately that
objection to the bill otherwise.
.
they had
no
.'
Anti-Price-Fixing Provisions of Robinson-Patman Law
Upheld by Federal Circuit Court of Appeals at
Philadelphia—A. & P. Announces Case Will Be
Taken to United States
The
Federal
Sept.
on
22
4'cease
Circuit
issued
Court
of
decision
a
desist"
and
Commission
Jan.
on
decision,
would
Appeals in
sustaining the
anti-price-
order
issued
by the
Federal
Trade
25, 1938, against the Great Atlantic
Judge John J. Biggs Jr., handed down
which the company announced
Sept.
on
25
be
of
"Journal
Commerce"
in
Philadelphia advices Sept. 22
said:
"cease and desist" order
directed against the company's prac¬
was
collecting "brokerage fees" from "sellers" through
"abeyance accounts."
of "quantity
use
discounts" and
The
in
company
the
contesting
order
The
company
legal and
were
maintained
in
its
appeal
that
declared that its operations under the service plan
were
Section 2 of the Robinson-Patman law
intended
to
furnish
was
unconstitutional.
The Court in its opinion,
the
and
company
on
markets,
prices, and
however, refused to recognize the contentions
declared
that
the
prohibition
barred
all
brokerage
allowances of any kind where it enabled
purchases at prices under
or
those
of
competitors.
The company operates a chain of 14,800 stores
throughout the country
and
maintained
a
staff of experts
that
traveled
about
the
country
In his decision Judge
"We
conclude
were
commerce.
that
end that the named
The
Congress has properly exercised its
abuse may be done away with."
company's plans to appeal to
noted
as
Announcement
for the A. &
follows in the
was
made
same
"The
Circuit
of
the
to
saving
Act
Court
of
of brokerage.
paper
the
Supreme
Sept. 26:
Court
Ewing said:
construed
the
what was
having no reference
brokerage section as
to
absolute prohibition of an allowance or
discount which reflects a brokerage
We think this is an erroneous construction and believe
that,
should the Supreme Court of the United States
hear the case, it will reverse
the decision.
an
saving.
and
requirements,
decision
it
was
A.
&
Ewing
P.
contended in its appeal from the
points
out,
that
the
cease
purchasing agents
and
of the
desist
order,
chain
store
which sellers would otherwise have had to
pay."
The Court rejected this claim,
prohibit
to
seem
that
be combined in
"erroneous
one
person."
conclusion,"
either
This, the A. & P. counsel believes,
of
law
buying" at
"net
material
further
changes
in
Report of Operations of RFC Feb. 2, 1932, to Aug.~31,
1939—Loans of $13,361,014,301 Authorized—$2,256,301,635
Canceled—$7,587,203,040
Disbursed
for
Loans and Investments—$5,663,340,767 Repaid
In his
monthly report, issued
Sept* 18, Emil Schram,
and
that authorizations
rescissions
of
amounted
to
or
Corporation, stated
commitments
of
RFC in the
the
during August amounted to $17,476,222,
previous
authorizations
and
commitments
$8,884,530,
making total authorizations
through Aug. 31, 1939, and tentative commitments out¬
standing at the end of the month, of $13,361,014,301. This
latter amount includes a total of $1,068,313,842 authorized
for other governmental
agencies, and $1,800,000,000 for
relief from organization through Aug. 31, 1939.
Authoriza¬
tions aggregating $11,116,263 were canceled or withdrawn,
during August, Mr. Schram said, making total cancellations
and withdrawals of $2,256,301,635. A total of $746,610,786
remains available to borrowers and to banks in the purchase
of preferred stock, capital notes and debentures.
During
August, $19,885,231 was disbursed for loans and invest¬
ments and $21,190,293 was repaid,
making total disburse¬
ments through Aug. 31, 1939 of $7,587,203,040 and
repay¬
ments of $5,663,340,767
(approximately 74.64%).
The
Chairman continued:
amount of
trust
authorized to
a loan was
$39,398.
bank (in liquidation) in the
one
Cancellations and withdrawals of loans
$812,727
was
loans have been authorized to
7,537 banks and
trust
those in receivership) aggregating $2,552,858,874.
795,240 has been withdrawn,
banks and
companies (including
Of this amount $510,-
$18,264,262 remains available
$2,023,799,372 has been disbursed.
banks and that includes
to
borrowers
Of this latter amount $1,913,642,-
408, approximately 94.6%, has been repaid.
open
to
(including those in liquidation) amounted to $3,452,445,
disbursed and $2,144,144 repaid.
Through Aug. 31, 1939,
companies
Only $8,213,655 is owing by
$7,113,955 from
one
mortgage
and trust
company.
During August,
of
one
an
authorization
bank in the amount of
amounted to $2,365,500.
was
made to purchase preferred stock
$250,000, and cancellations and withdrawals
Through Aug
31, 1939, authorizations have been
made for the purchase of preferred stock, capital notes and debentures of
companies
aggregating
loans were authorized in the amount of
ferred stock,
a
$1,345,506,334 and
1,123
$48,327,755 to be secured by
total authorization for preferred
pre¬
stock, capital notes and
debentures of 6,861 banks and trust companies of $1,393,834,089.
$170,-
650,587 of this has been withdrawn and $59,079,000 remains available to
the banks when conditions of authorizations have been met.
During August,
loan was authorized for distribution to depositors of
a
closed bank in the amount
amounted
to
$3,452,445,
of $39,398, cancellations and withdrawals
disbursements
repayments amounted to $1,625,355.
amounted
to
$812,727
and
Through Aug. 31, 1939, loans have
been authorized for distribution to depositors of 2,775 closed banks aggre¬
gating $1,340,567,662.
$332,774,501 of this amount has been withdrawn
and $18,778,462 remains available to the borrowers.
$989,014,699 has been
disbursed and $936,173,721, approximately 94.7%, has been repaid.
During August the authorizations to finance drainage, levee and irri¬
were
1939, loans
were
increased
withdrawn and
have
been
$156,932, authorizations in the
$211,895
authorized
to
was
disbursed.
refinance
641
amount
of
Through Aug. 31,
drainage,
levee
and
irrigation districts aggregating $143,996,427, of which $31,791,051 has been
has been disbursed.
tion Finance Corporation Act June
was
added to the Reconstruc¬
19, 1934 and amended April 13, 1938,
Authorizations in the amount of $1,686,389
canceled
were
or
withdrawn
Through Aug. 31, 1939, including loans to mortgage loan
Recovery Administration
loans for
the benefit of
program,
the Corporation has authorized 6,700
industry aggregating $346,774,491.
Of this amount
$77,804,089 has been withdrawn and $92,310,737 remains available to the
borrowers.
In addition, the Corporation agreed to purchase participations
amounting
to
$1,170,982 in
loans
similar authorizations aggregating
to
38
businesses
$1,985,198
were
or
of participations aggregating $116,690,514 of 1,571
of which
has
been
withdrawn and
during
public agencies
and*
Through
businesses, $23,424,515
$76,486,809 remains available.
During August, three loans in the amount of $440,000
to
August
withdrawn.
has agreed to the purchase
for self-liquidating projects.
were
authorized
Cancellations and with¬
drawals amounted to $352,603, disbursements amounted to $6,030,000 and
ruling that "a buying and selling service
cannot
would
held likely
Aug. 31,1939, the Corporation has authorized
organization rendered brokerage services to
sellers, and that the company
was entitled to an allowance or
discount "the equivalent of the brokerage
an
This
price level lower than that at which competitors would be able to cover
any
companies to assist business and industry in cooperation with the National
Appeals, Third Circuit, treated that paragraph
Court
^
called "net buying," in which the groups would
91 loans to industry aggregating $4,264,493 were authorized during August.
yesterday by Caruthers Ewing, general counsel
The
(c),
best possible price from sellers by direct purchases from
manufacturers.
during August.
which
Section 2
provision and
length by the appellant.
upon at
Under the provisions of Section 5 (d), which
the
permits a differential in price equivalent
saved to the seller in the cost of
making the sale as
The
dwelt
withdrawn, $24,428,943 remains available to the borrowers and $87,776,433
to
power
P.
statement issued to the press, Mr.
a
At the hearing, the controversial aspects
the price discrimination
rise to considerable discussion of changed buying policies
gave
seek to get the
$12,660
Biggs said:
practice resulting in damage to
is
case
gation districts
"The practice of paying brokerage, or sums in lieu of
brokerage, to buyers
or their agents
by sellers was found by Congress to be an unfair trade
Mr.
justified.
was
(a),
of multiple unit groups,
as¬
sembling market data in the conduct of its business.
In
The
one
information
other essential data.
fees
2
Section
the brokerage provision, were
6,783 banks and trust
The
of
materially different from previous cases that their appeal from the cease
During August,
Philadelphia
appealed to the United States Supreme Court.
Stating that the "cease and desist" order was issued against
the company by the FTC Jan. 25, 1938, the New York
tice of
the Oliver Bros, case were among others in
case,
P., however, had felt that circumstances in its appeal were
and desist order
and
& Pacific Tea Co.
the
so
Supreme Court
fixing provisions of the Robinson-Patman law, and approving
a
Purchasing
&
recovery program
assured and unchangable majority for their side of the argument.
came to its decision in an hour's discussion held
an
The
in
Administration
opposition,
of
crux
ing
The Biddle
which the Commission's rulings were upheld in the Federal courts.
Chairman of the Reconstruction Finance
matter of the proposed
outstanding
of FTC hearings.
decisions upholding cease and desist orders growing out
desire for repeal of the embargo, wrote to Van-
denberg:
the
hold."
The decision in the A. & P. case was the latest of several
the
toward
coming Senate struggle, and leave it to Administration Senators to do the
battling..".:';
Apparently
so
Capitol Hill had
on
men
"hands
a
follows:
"My chief objection to the opinion is that it treats lettered
paragaphs
one section of the statute as though they were separate statutes and
independent, the one of the other.
We do not think the Supreme Court
of the United States will entertain any such view.
With the greatest
respect for the learned judges, we think they reached an erroneous conclu¬
sion, and that the Supreme Court of the United States will ultimately
operating policies of such companies would have to be developed.
During the day, it was reported that Roosevelt
advised
Mr. Ewing concluded his statement as
of
unconstitutional
the
could
he
said
complicated
a
was
knowledge.
no
Roosevelt responded
Mr.
Attorney General and
the
President
clause.
the President
as
exists—a
war
neutrality
belligerents
to
.,7;'"
said, on which he had,
He
goods
carry
clauses
contains
uncontradicted evidence
100 sellers."
The A.
conference
press
explain
bill
Administration
Ninety-day commercial credit would be permitted in
discretion.
his
At
to
the
1939
of
K';
only at the country's peril.
repealer,
ships
American
forbidding
loans
embargo
was
of about
Sept. 30,
he says, "it is contrary to the
statement of fact,"
fact.
"If
treated
as
a
repayments amounted to
been
authorized
on
$41,721,046 of this
$267,500.
Through Aug. 31, 1939, 301 loans have
self-liquidating
amount
projects
aggregating
$519,094,315.
has been withdrawn and $92,032,574 remains
Volume
available
The Commercial &
149
to the borrowers.
Financial Chronicle
2011
Authorizations
$385,340,695 has been disbursed and $304,878,-
660 has been repaid.
Canceled
V
WUhdraum
s
$
During August the Corporation purchased from the Federal Emergency
Aberdeen & Rockflsh RR. Co...
Ala. Tenn. & Northern RR. Corp.
Administration of Public Works 17 blocks (15 issues) of securities having a
$4,384,500 and sold securities having par value of $1,094,400
par value of
Works Administration securities having par value of $268,251.
Ann Arbor RR.
Through
Aug. 31. 1939, the Corporation has purchased from the Federal Emergency
Administration of Public Works
having
value of
having
$475,200,871,
a
par
ration has
lected
Of this amount, securities having par
Securities
sold at a premium of $13,540,530.
were
value of $149,776,734 are still held.
agreed with the Administrator to purchase, to be held and col¬
of
$29,261,000
Public Works is in
The
listed
Disbursements
Repayments
companies Unci, receivers)— Disbursements
S
$
(including receivers)
Mortgage loan companies.
1 ,977,755,201.78 1,871,086,148.38
Federal Land banks
650,106,461.06 *211,269,485.85
400,627,689.48
542,392,529.72
Regional Agricultural Credit corporations.....
387,236,000.00
387,236,000.00
Building and loan associations Unci, receivers).
173,243,640.72
Insurance companies
173,243,640.72
Joint Stock Land banks.
116,765,081.95
120,205,829.50
State funds lor insurance of deposits ol public
86,823,312.50
90,693,209.81
22,423,504.87
19,317,903.08
moneys
Livestock Credit corporations
13,064,631.18
13,064,631.18
Banks and trust
Railroads
........
...
...—
....
...
11,069,437
53,960
53,960
549,000
13,200
—
Credit unions
Processors
distributors for payment ol pro¬
or
cessing tax
Total loans under Section 5
Loans
Agriculture to
of
Secretary
to
cotton
12,971,598.69
9,250,000.00
5,643.618.22
719,675.00
600,095.79
12,971,598.69
14,718.06
14,718.06
156,000
standing indebtedness
22,450,000.00
22,303,500.00
304,878,660.34
60,000
53,500
Co.
—
surpluses in foreign markets—
......
Loans to business enterprises...
Loans on and purchases ol assets ol closed banks.
—
Loans to mining businesses
12,003,055.32
4,517,563.74
47,224,586.66
187,737,020.36
46,044,169.93
27,235,295.12
61,424,571.42
42,558,259.74
4,640,200.00
4 2,042,387.55
ing of agricultural commodities and livestock:
Commodity Credit Corporation
Loans to Rural Electrification Administration...
Purchase
of
preferred
stock,
debentures ol banks and trust
Loans
secured
by
Emergency
Administration
Works security transactions.
of
.
15,000
Gainesville Midland RR. Co....
Gainesville Midl'd Ry. (receivers)
78,000
34,475,000 00
7,741,642.86
603,119,053.07
492,928,852.30
145,000,000.00
2,600,000.00
55,000,000.00
Federal Farm Mtge. Corp. for loans to farmers-
22,mi
1,000.000
97,000,000.00
Regional Agricultural Credit corporations for:
Purchase ol capital stock (lncl. $39,500,000
held in revolving fund)
50,000
Sumpter Valley Ry. Co
Tennessee Central Ry. Co
100,000
2,309,760
785,000
1,070,599
25,000
27,499,000
18,200,000
ooo
600,000
30,000
Tuckerton RR. Co
45,000
18,200,000
809,888
3,000,000
3,000,000
17,000
12,000
758,600
7,995,175
18,672,250
200,000
300,000
2.805,175
18,672,250
200,000
400,000
162"o66
162,600
865,000
1,200,000
500,000
640,000
c320,666
44,000,000
5,147,700
22,000,000
17,909,132
100,000
147,700
700"666
7b"o"66o
50,905,000
100,000
108,740
108,740
700,000
Texas Southern-Eastern RR. Co.
27,499",000
28,900,000
4,975,207
300,000
117,750
"99'206
785,000
1,070,599
7,699,778
28,900,000
5,147,700
Ry. Co
a6,843,082
100,000
30,000
39,000
30,000
23,231,583
22,602,383
723,800
4,366,000
4,366,000
(trustees).
13,502,922
13,502,922
Wichita Falls & Southern RR.Co.
750,000
1,403,000
3,600,000
400,000
(receivers)
6,000
i
22,625
750,000
22,525
39,000
763,414,217
22,525
*
Represents a guarantee; In addition the
106,89^,556 650,106,461 216,419,486
Corporation
also guaranteed the pay¬
ment of interest.
..
The loan to Minneapolis St. Paul & Sault Ste. Marie Ry. Co.
(The Soo Line)
secured by its bonds, the Interest on which was guaranteed by the Canadian
Pacific Ry. Co. and when the "Soo
40,500,000.00
20,000,000.00
800,000
5,124,000
640,000
51,405,000
100,000
was
Stock—Commodity Credit Corporation
2,55b"666
8,500,000
23,134,800
99,200
785,000
.....
pro¬
Stock—Disaster Loan Corporation
6,000,000
13,915
520,000
120,000
6,843,082
1,070,599
45,200.000
a
duction credit corporations
6,000,000
13,915
520,000
35,290,000
9,278,000
800,000
...
10,000,000.00
65,546,074.55
115,000,000.00
For other purposes
Sec. of Agricul. for crop loans to farmers (net)..
Governor ol the Farm Credit Administration for
provide capital for
99,422,400
99,200
Totals
fund..
1.111,000
546,000
354,721
985,000
Wrlghtsville & Tennille RR
Federal Housing Administrator:
revolving fund to
3.183*000
3,000
Southern Ry. Co
Western Pac. RR. Co.
Farmers
To create mutual mortgage insurance
78~66O
10*539
6,843,082
100,000
5,124,000
23,134,800
Western Pacific RR. Co
Joint Stock Land banks
10,000
15.000
744,252
Southern Pacific Co
Wabash Ry. Co.
for loans to:
627" 075
227,434
200,000
Seaboard Air Line Ry .Co. (receiv)
1
124,741,000.00
627,675
1,729,252
Texas Okla. & Eastern RR. Co..
Capital stock ot Federal Home Loan banks..
Farm Loan (now Land Bank) Commissioner
1,800,000
71,300
582,000
8.176,000
25,000
b32,499,000
18,200,000
N. Y. N. H. & Hartford RR. Co.
7,700,000
Pennsylvania RR. Co
29,500,000
Pere Marquette Ry. Co
3,000,000
Pioneer & Fayette RR
17,000
Pittsburgh & W. Va. RR. Co...
4,975,207
Puget Sound & Cascade Ry. Co..
300,000
St. Louis-San Fran. Ry. Co
7,995,175
St. Louis-Southwestern Ry. Co.. 18,700,000
Salt Lake & Utah RR. (receivers)
200,000
Salt Lake & Utah RR. Corp....
400,000
Sand Springs Ry. Co
162,600
Savannah & Atlanta Ry. Co....
1,300,000
Texas & Pacific
200,000,000.00
1,800,000
3,182,150
16,582,000
3,000
Murfreesboro-NashvllleRy.Co..
Allocations to Governmental agencies under pro¬
visions of existing statutes:
Capltalstock of Home Owners' Loan Corp...
500,666
90,000
New York Central RR. Co..
N. Y. Chic. & St. L. RR. Co
7,587,203,039.63 5,663,340,766.99
Secretary of the Treasury to purchase:
8,081,000
3.550.000
197,000
.....
595,377,410.21
—..1,234,579,501.56
Public
615,925,209.49
Total
due on
Line" went into bankruptcy,
sold the balance
the loan to the Canadian Pacific, receiving $662,245.50 in cash and Canadian
we
Pacific Ry- Co.'s notes for $5,500,000,
maturing over a period of 10 years, $350,000
1, 1939.
$5,000,000 guarantee; in addition the Corporation also guaranteed
the payment of interest.
c Represents securities sold, the payment of principal and Interest is guaranteed
of which matured and was paid on Feb.
b Includes a
44,500,000.00
3,108,278.64
Expenses—Prior to May 27, 1933
by the Corporation.
13,834,002.92
Since May 26, 1933
115,696.87
Administrative
Administrative
Fredericksburg & North. Ry. Co.
Mobile & Ohio RR. Co
Mobile & Ohio RR. Co. (receivers)
of insurance
disbursed for
Federal
3,000
717,075
227.434
8,176,000
Missouri Pacific RR. Co.
notes and
Total
Ft.Smith & W.Ry.Co. (receivers)
Ft. Worth & Den. City Ry. Co..
Minn. St. P.& S.S.Marie Ry. Co.
companies (in¬
preferred stock
companies (including $100,000
the purchase of preferred stock)
5~3~, 500
2,000.000
219,000
1,800,000
3,182,150
Mississippi Export RR. Co.....
MisSouri-Kansas-Texas RR. Co.
•
cluding 818,063,730 disbursed and $11,564,957.26 repaid on loans secured by prel. stock)__l,164,104,501.56
Purchase of stock of the RFC Mortgage Co
25,000,000.00
Purchase of stock of the Fed. Nat. Mtge. Assn..
11,000,000.00
1,561,058
16,582,000
(trustee)
pref.stock_5,736,698,328.58 4,567,292,861.62
capital
8,300,000
29,450,800
Meridian & Blgbee River Ry. Co.
767,716,962.21
18,822,065.49
2,425.46
146,500,000.00
8,300,000
53.6U0
60,000
63", 500
8,300.000
Missouri Southern RR. Co
767,716,962.21
19,644,491.78
—
_
3,8^.0,000
537
2,098,925
2,000,000
Maryland & Penna. RR. Co
Loans to finance the carrying and orderly market¬
Total loans,excl.ol loans secured by
;
838
3,840,000
26,504,400
10,398,925
36,000
155,632
4,338.000
150,000
1,150,000
-
220,692
464,299
160,000
11,500,000
13,718,700
...
damaged
Other......
600,000
...
by earthquake, lire, tornado, flood
and other catastrophesLoans to aid in financing the sale ol agricultural
5,916,500
46,588,133
1.289.000
1.000
10,539
3,183,000
Galveston Terminal Ry. Co.....
540,000
Georgia & Fla.RR.Co, (receivers)
354,721
Great Northern Ry. Co........105,422,400
Green County RR. Co
13,915
Gulf Mobile & Northern RR. Co.
•620,000
Illinois Central RR. Co
35,312,667
Lehigh Valley RR. Co..
10,278,000
Litchfield & Madison Ry. Co
800,000
Louisiana & Arkansas Ry. Co...
*350,000
Maine Central RR. Co..2,550,000
reconstruction ol property
Loans lor repair and
140.000
Galv. Houston & Hend. RR. Co.
4,313,975.41
385,340,695.01
464,299
1,15a,000
....
5,562,956.89
361,909.15
584,119.21
sell-liquidating construc¬
tion projects
139,909
13,718,700
Eureka Nevada Ry. Co
Fla. E. Coast Ry. Co. (receivers)
teachers'
Loans to aid in financing
535,800
Cincinnati Union Terminal Co..
Colorado & Southern Ry. Co....
(trustees)
9,250,000.00
87,776,432.91
26,807
Chicago R. I. & Pac. Ry. Co...
Erie RR. Co......:
purchase-
public school authorities for payment
salaries and for refinancing out¬
41,300
11,069.437
Chic. No. Shore & Milw. RR. Co.
Denver & Salt Lake West.RR.Co.
....
of
12,199,566
41,300
Denver & Rio Grande W.RR.Co.
Loans for refinancing drainage, levee
tion districts
Loans to
400.000
95,343,400
35,701
3,840,000
.....
Del. Ijackawanna & Western Ry.
Denver & Rio Grande W.RR.Co.
...——....4, 006,320,714.40 3,308,179,195.14
and irriga¬
3,300,000.00
3,300,000.00
.....
500,000
12,000,000
Copper Range RR.
Federal Intermediate Credit banks
......
636,990
459,757
400,000
140,000
—
Fishing industry
.
2,500,000
14,150,000
3,124,319
3,124,319
;;
RR.Co.(trustee).
Columbus & Greenville Ry. Co.
...—
Agricultural Credit corporations...
14,600
14,150,000
Chic. Milw. St.P. & Pac. RR. Co.
Chic. MIlw. St.P. & Pac. RR. Co.
(Trustee)
L^:.v
$
v
Boston & Maine RR..
Buffalo Union-Carolina RR.....
Carlton & Coast RR. Co.......
Chlc.Gt. West.
Repayments
v,
41,300
5,910,500
Chicago & North Western RR. Co 46,589,133
Chicago Great Western RR. Co..
1,289,000
follows disbursements and repay¬
from Feb. 2, 1932, to Aug. 31, 1939:
Loans under Section 5:
95,358^666
Birmingham & So'eastern RR.Co.
.
as
ments for all purposes
$
127,000
90,000
634,757
Ashley Drew & Northern Ry. Co.
Baltimore &, Ohio RR. Co. (note)
ville & Nashville, lessees)
Central of Georgia Ry. Co.—...
Central RR. Co. of N. J.......
Charles City Western Ry. Co
Chicago & Eastern III. RR. Co..
Emergency Administration of
Federal
the
position to deliver from time to time.
a
report
as
275,000
2,500,000
634,757
400,000
Co. (receivers)
Repaid
$
127,000
275,000
Carolina Clinchfield & Ohio Ry.
(Atlantic Coast Line and Louis¬
In addition, the Corpo¬
sold at a later date, such part of securities having an aggregate
or
value
par
(3,070 issues) of securities
4,128 blocks
value of $651,839,549.
par
Disbursed
127.000
Alton RR. Co..,
The Corporation also collected maturing Public
premium of $9,603.
at a
or
Authorized
expense—1932 relief.
In addition to the above loans authorized the
126,871.85
Corporation
has
Total allocations to governmental agencies..
For relief—To States directly by Corporation....
To
States
certification
on
of
Federal
299,984,999.00
Under Emergency
499,999,011.22
500,000,000.00
7,159,232.30
Appropriation Act—1935—
Relief Appropriation Act,
Increase in
;
...
—
500,000,000.00
...
Total for relief.
1,799,984,010.22
Interest on notes issued for funds for allocations
and relief advances
...
Grand total.........
Does not Include
metropolitan area will become effective tomorrow (Oct. 1),
$5,150,000 represented by notes of the Canadian Pacific Ry.
In addition to the repayments
for the balance due
on
loan made to the
of funds disbursed for relief under the Emergency
Relief and Construction Act of 1932, the Corporation's notes have been canceled
$2,710,074,122.57. equivalent to the balance of the amount dis¬
In the amount of
bursed for allocations to other governmental agencies and for relief by direction of
Congress and the interest paid thereon, pursuant to provisions of an Act (Public
No. 432) approved Feb. 24. 1938
The loans authorized and authorizations canceled
drawn
for
each
railroad,
or
with¬
together with the amount dis¬
bursed to and repaid'by each, are shown in the following
table (as of Aug. 31, 1939), contained in the report:
milk prices until
1940 under the Federal order for the New York
May 1,
the Division of
33,177,419.82
Minneapolis St. Paul & Sault Ste. Marie Ry. Co.
a
New York Under
An amendment for increasing producer
17,159,232.30
.10357436,394.50 a5680,499,999.29
Co., which were accepted in payment
Producer Milk Prices in
Federal Order to Take Effect Oct. 1
Emergency
1935..
*
al
Relief
Administrator
Under
approved, in principle, loans in the amount of $89,864,691 upon the performance of specified conditions.
937,071,924.83
Marketing and Marketing Agreements of the
Department of Agriculture announced Sept. 28.
The provi¬
sions of the amendment for minimum class prices were given
in our issue of Sept. 16, page 1697.
Washington advices of
Sept. 28 to the New York "Herald Tribune" reported the
following:
A similar amendmend to the
New York State order for the metropolitan
market has already been issued by the State Commissioner of Agriculture
and Markets.
the same
The Federal order applied to milk in interstate
regulation which the State order applies to milk
commerce
in intrastate
commerce.
Returns of a mail referendum conducted among dairymen in New
Pennsylvania,
New
Jersey,
Connecticut,
Massachusetts
and
York,
Vermont,
showed that of a total of 36,291 votes cast, 35,494, or 97% were in favor of,
and 797 against the amendment.
The Commercial & Financial Chronicle
2012
and
Report on Investment Trusts
Companies Sent to Congress—
Companies
Sponsoring
Instalment
SEC
of
Section
New
With
Deals
with
by heavy realized and unrealized losses.
33 plans for
Sept. 27 the Securities and Exchange Commission, in
On
at
unrealized net loss of $17,218,000 or approximately 33%
of certificate holders was suffered by investors in these plans.
fees, loads and charges leveled upon
the funds of certificate holders.
Sponsors' primary loads and trustees fees alone
amounted
to
$9,765,000.
Net insurance costs were $873,700.
Realized and
unrealized depreciation, which includes secondary loading charges, related charges
and hidden loans, amounted to $9,593,000.
These items of loss totaled $20,232,000
were partially offset by net income of $3,015,000 earned on the underlying securities
and reinvested for certificate holders, resulting in the net loss of $17,218,000.
The decline in market value of the securities underlying the instalment plan
certificates accounted for less than half of the realized and unrealized losses sus¬
Thus,
of Lawrence
laborating
mission's
under
the immediate super¬
Greene, With
I. S. Weissbrodt col¬
Plans"
Investment
M'»
was
particular aspects of the report.
on
with
investment trusts and investment companies.
mission's
detail
in
ment
the
and
nature
plans, stated:
the
that
states
announcement
holders' Interest was
will
will
tions
report, discussing
and
small
these
by
payments
.$10,
small
investment scheme,
Stripped
a
installment
its
of
attract
have a
who
would
class
a
Although
people
of
contrivance
basis.
for
Under
the
on
trust
plans
food
or
and
investment
or
these
through
payment device.
However, a distinct and separate invest¬
involved.
with
In
sets
two
"a trust
essence,
of
trust"
a
on
deductions
and
charges
of most
agriculture
time
the
are
channels
is
operating
in
six
cities—
Des Moines, Iowa,
in Springfield,
soon
111.
Several
under consideration.
buying showed any sizable increase,
war
officials said,
meet the extra demand in the case of most crops.
The war has caused the Government to
rice to relief families,
arrange¬
imposed
commercial
It will be started
American production could be expected to have expanded sufficiently to
or
virtually the only change effected by the
Okla.
dozen other cities
management
was
was
burden
the
Department's food stamp plan for distributing surplus
regular
Shawnee,
By
shares
lighten
to
Rochester, Dayton, Ohio; Birmingham, Ala.; Seattle,
underlying
these
open-end
an
or
tended
has
war
The Agriculture
varieties
periodic
a
designated investment trust
investment
Despite
change for several months.
periodic
or
familiar
the
securities
of
most
instalment
selling
company
Plan
surpluses here, they said, the war demand is not expected to show much
by which the investor purchased these investment trust
created
was
each
investment device.
new
thought,
was
Stamp
Under
Officials of the Department of Agriculture announced on
Sept. 25 that they would go ahead with an expanded dis¬
tribution of surplus food to the Nation's relief families de¬
spite an expected increase in European demand for American
farm products, said an Associated
Press dispatch from
Washington, Sept. 25. The advices went on to sav:
only
the salient
Thus,
Food
Surplus
European War
equity
a
fixed
a
mechanism
ment
would
investment
or
company
instalment
ment
of
company.
method
investment
new
it
feature,
and
shares of another
company—either
The
was
trust
were
funds.
or
securities.
embellishments, however, the
purchased
payment
investment
earnings
periodically
aside
set
possible under this
were
payment
appeal,"
scheme
investment
securities
month
a
selling
of
investment
of
to
..
Department of Agriculture to Continue Distribution
the arrangement providing for relatively small
subscriber on an instalment basis.
Payments as low as
before
never
afford
report concluded:
In view of the various defects and
problems pointed out as prevalent in this type of investment medium and in view
of the actual experinece of investors, it is questionable whether the instalment
investment plan, as presently constituted, operated and maintained, involving the
purchase of fluctuatirg common stock through the means of a "trust on a trust"
with high selling costs, maintenance fees, other loads, and
the duplication of
expenses, fills an "economic need" for these classes of individuals."
was
instalment
"tremendous
could
from their
money
plans
$5
even
or
This
had
of
amounts
feature of
who
women
Apparently the cost of participating In the instalment
proved to be a handicap too great to overcome
only afford to make payments of $10 a month.
variously "instalment investment plan,"
earning men
and 10.3%, respectively, the value of the certificate
8.4% and 3.0%, respectively, l^ss than their actual contribu¬
to these dates.
up
The
•••'
variety of
Fees, loads, charges, and other costs accounted for
1935 and 1936, when the value of underlying
years
"Admittedly the plans were intended to reach the type of investor who could
development of instalment invest¬
somewhat novel
1930 a
the
after prosperous years.
even
called
"periodic payment plan," "thrift
plan," "foundation plan," &c., was conceived.
The originators claimed
that these plans 'were created and developed in order to fill an economic
need; namely, to furnish to people of small but steady income a program
for investment in common stocks through the purchase of an investment
trust or investment company certificate or security on the instalment plan.
The scheme was specifically designed to make its strongest appeal to wagein
Early
in
investment plan (the loading charges)
The Com¬
•••;,
Even
balance.
the
recommendations
contain the Commission's conclusions and
on
tained by certificate holders.
securities appreciated 21.5%
re¬
spect to companies issuing instalment investment plans
be included in that part of its over-all report which
and
This loss of $17,218,000 was largely due to
The Com¬
recommendations
and
conclusions
final
realized
a
of the total payments
companies sponsor¬
ing instalment investment plans—plans whereby shares of
or an
interest in an investment trust or investment com¬
pany are sold on instalment or periodic payment plans.
This supplemental report on "Companies Sponsoring Instal¬
transmitted to the Congress a report on
vision
Repayments
199 000.
tion 30 of the Public
ment
aggregating $52,553,000.
withdrawal and dividends distributed to certificate holders amounted to $10,Out of the balance of $42,354,000 representing the net capital investment
the end of 1937 there remained only $25,136,000 of net assets in these plans.
upon
companies which is has conducted pursuant to Sec¬
Utility Holding Company Act of 1935,
ment
During this period certificate holders of
which detailed data through 1937 are available, and which represent
almost the entire industry, made payments
of investment trusts and invest¬
its study
with
connection
the
certificate holders as a group in instalment investment plan
from 1930, when the first plans made their appearance, to Dec. 31,1937, was marked
"The experience of
Plans
Investment
certificates
1939
who purchased instalment
experience of investors
report stated:
the
to
respect
investment
Investment
Sept. 30,
culture
for
Department made plans to buy large quantities of rice for dis¬
tribution among needy families.
trusts.
change its mind about distributing
Before the conflict developed, the Agri¬
however.
The war changed things.
Prices shot up.
Cuba and other Western Hemisphere customers which ordinarily buy large
The
SEC
announcement
pertaining
the
to
also
report
quantities in the Orient turned to the United States for supplies.
The report emphasized
that, unlike
instalment
money
or
plan
the
of
market
trust
is
income,
certificate.
his
value
the
of
This
is
but
the
in
the
is,
receive
to
in
holder of
fixed
a
essence,
portfolio
only
based
the
of
sum
depending
upon
invariably
consisted
investment
market
plan
"
•
of
is
1930
have
increased
been
The
therefore
speculating
:
which
made their
continuously.
By
the
paid by the public
green
the
meal.
upon
was
times greater.
many
The, report discusses
with the creation and
major
problems
is
commissions
ment
trust
invested.
share
The
the
is
average
instalment
and
plans
this
general
1937
in
these holders
average,
cost
fees)
ranging
to
over
15%
the
public
17%
from
of
20%.
to
the
had
net
of housing units needed to eliminate
dwellings by 196'0 in the United States is estimated at
700,000 by Secretary of Labor Frances Perkins in a study
The Secretary
recently read at the New York World's Fair.
of Labor said, however, that public and private housing were
expected this year to turn out 450,000 units, falling 250,000
short of the required amount to sustain the average.
She
or
amount
estimated that it would take many years to re-house all the
much
4,000,000 families in this country now living in sub-standard
homes, but that this must be the goal.
:
...
Comparing a savings program of $10 monthly deposits, interest com¬
pounded semi-annually at 2%%, with the net amount after deducting fees
and charges, invested for certificate holders in the
instalment investment
plan,
the report
indicated
that
the
instalment
investment
In
Citing
funds would have to increase,
through earnings or market appreciation,
350% at the end of six months, 60% at the end of two years, and 31%
ers'
the
at
went
end
"The
field
the
fees,
were
plans.
of
10
to
years
the
equal
savings
to state:
on
loads
The
program.
charges
that
larger than the theoretical
were
actually
stated
or
paid
in
deductions
the
based
instalment
upon
not
plan
During the period 1930 to 1937 certificate holders in 33 plans comprising
to
the
report,
substantial
in
only
invested
for his account and
of
the
he
had
eaily
of
plan
paid
problem
was
presented by
part
an
of
the
investor
on
the
purchaser's
early
inevitably received substantially less than the
his certificate."
In addition, most
lapses occurred
instalment
holders
was
plan
and
attributable
to
a
large
this
small proportion of the
percentage
factor.
.
.
were
years
amount
in
the
of the losses
.
It will
in need of major repaiis, an average of at
built each
year
from 1940
least 200,000
on, or a
total
said.
of construction, Miss Perkins
said:
"The present high cost of shelter must be reduced, for it is depriving
of American families of the necessities of life:
food, clothing,
medical care and education.
It is imperative that families in the lower
income ranges not only have decent housing, but that they have it at a price
millions
fact
payments
withdrawing in the first few
almost
period of the
certificate
small
very
serious
loads were usually deducted
entirely from the
early months of the instalment plan.
As a conse¬
quence,
a
a
a
commended.
Referring to the problem of high cost in supplying this required amount
which will leave enough to
sales
the
or
of 700,000 a year, she
holders."
these
families, demolitions and
additional dwelling units must be
amount used to purchase underlying securities.
It is estimated that the
loading charges, including trustees' fees and secondary loading charges was
than 30%
of the net amount invested during this period for certificate
According
new
those now sub-standard, she
human habitation
which
of the
payments made
only of
provide for
If, in 1960, no American families are to grow up in dwellings unfit for
completed
Only
$45,540,000 consisting of certificate holders' payments and net income available
for reinvestment was used to purchase
underlying securities, and out of this sum
secondary loading charges were paid.
The sponsors' primary sales load was 20%
that
care
number of houses that will become sub-standard as the years go on.
bulk
more
recent estimate that over the next ten or twenty years about
existing level of adequacy, Miss Perkins pointed out that this program will
take
report
of the industry made payments
aggregating $52,553,000 out of
the sponsors received $8,988,000 in primary
loading charges and other fees.
total
a
500,000 dwelling units must be built each year to maintain housing at the
„
and
reporting the matter the New York "Times" of Sept. 24
further said:
hold¬
certificate
■■■'.*
The annual output
invest¬
"loads"
our
unfit
investor.
underlying
plan appeared in
1110.
.
certifi¬
plans (sales loads
the
on
Oct. 1 include cabbage,
Secretary of Labor Perkins Says United States Needs
Annual Output of 700,000 Homes to 1960 to Elimi¬
nate Unfit Dwellings
-
One of the
the
on
fresh tomatoes, rice and fresh green peas.
the
there certifi¬
to
corn
surplus for the period Oct. 1
as
♦
...'...t-
plan
of all
and
was
widely sold
the
of
"load"
certificate
trustees'
most
actual
total
designated
Foods which will be removed from the list
issue of Aug. 19, page
appearance
■
.
Fresh snap beans were
Previous reference to the food stamp
approximately
on
Oct. 1,
on
Raisins, apples, pork lard and snap beans appeared on the list for the first
time.
in detail various problems and defects in connection
the
the
on
than
higher
that
.
first
end of
operation of instalment investment plans.
discussed
indicated
.
investing
or
The list, effective
onions, dry beans, fresh peas, wheat flour, whole wheat flour and
fresh peaches,
instalment
an
revised list of surplus commodities which
through Oct. 31.
investment
their instalment plan
on
cates, and the amount agreed to be paid by
cates
of
a
includes butter, eggs, raisins, apples, pork lard, dried prunes, onions except
of
securities, which almost
purchaser
"
,
,
,
Instalment investment plans
$55,000,000 had
these portfolio
stocks.
common
certificate
market.
stock
prices
of
Department issued today
be obtained under the food stamp plan.
may
an
investment company underlying the instalment investment certifi¬
The amount to which the certificate holder is entitled may be less
equal to, or more than the amount paid by the certificate holder,
than,
It
&c.,
repaid
entitled
value
asset
securities
be
to
or
cate.
in
entitled
not
fixed amount of
a
value
certificate
The
sponsored by savings banks,
programs
building and loan associations, insurance companies,
asset
Conse¬
quently, the surplus problem has disappeared.
says:
new
'
maintain the mental and physical health of the
There is no problem in which all Americans, rich and
concerned.
receipt of relief
of less than $2,000.
These families represent the volume
generation.
poor, city dwellers and farmers, are so vitally and directly
"In 1935-36 over two-thirds of the urban families not in
■
had
incomes
market for
new
dwelling units.
Cost must not be reduced by sacrificing
quality.
In
our issue of Sept. 23, page 1851, we referred to a
speech
public housing by Nathan Straus, Administrator of United
States Housing Authority.
on
n
Volume
The Commercial & Financial Chronicle
149
Under-Secretary of State Sumner Welles and President
Arosemena of Panama Address Sessions
City of Pan-American Conference
Both
United Press advices of
Sept. 24 from Panama City said
delegates to the conference had unofficially discussed a
that
Panama
at
Neutrality—
on
prpposal to create a band 300 miles wide as an "area of
primary defense around the Western Hemisphere" and for¬
cibly to prohibit belligerent activity within that area.
Urge
Outlawing of Belligerent Activity in
Western Hemisphere—Delegates Discuss Plan for
300-Mile Wide
United
States
Conference
State
Sumner
delegation to the
in
The United States
Defense Area
Under-Secretary of
Panama
City,
address
an
Western
Neutrality
Pan-American
proposed in
American
"clearly and in
Hemisphere
The program which would
moral
no
any
nation to loose
war upon
zone for merchant shipping, in the patroling of which the
Navy would cooperate and, in effect, bear the chief burden.
attempt to prevent searches, seizures, commerce raiding and other
belligerent activities in this zone would be made.
An
2. A ban on belligerent submarines in the
ports of American Republics.
3. A joint representation of the belligerents
setting forth the neutrality
declarations of the Americas.
its
4.
and
of
effective
will be settled
by peaceful
It
law.
humanity
can
be made which
equal t6rms to world markets,
on
a
on
based
peace
renunciation of force,
on
American
part
Republics,
of democratic
Western Hemisphere.
play in this
we
share
in
constitutional
common
heritage—the
great
a
We,
In
on
is
an
American
chief contribution to world civilization.
our
effort
every
to
protect,
This
safeguard, to
to
inviolate, shattered and destroyed.
As the shadows
and
created
way
way
pass
of life
intact
on
based
war
and for the
can still
preserve
our
of
a
world
To
secure.
To do
so,
he
world
who
our
which bind
purpose
the ideals of
upon
have had their
nations
our
A large
area
for patrol
the west coast of the southern
on
U-'-U'
Welles
said
the
collectively,
or
would
patrol
be
•„
undertaken only
war
involving them the Ameri¬
purposes, to patrol
such
a
patrol to be
the waters
undertaken
as
be
may
agreed
by
upon
common
conference meeting on Sept. 27 the Mexican delegation
plan for stabilization of
a
An Associated Press
with
us
Panama
City dis¬
the
the
on
United
of several
economy
a
States silver policy,
American
After announcing the plan he confeired for half
State
countries."
which
Such
a
factor for stabilization.
an
hour with
Dr. Herbert
Department in Washington and the
Senator
Hay said in
a
statement
that
to
"intensify
commerce
among
the silver producing countries and other republics of the continent" creditor
nations should establish methods for the acceptance of silver
"in the liquida¬
tion of inter-American balances."
He said the degree of acceptability of both gold and silver in interna tional
To
transactions
our
their future rest
depended
He said that
this
Meanwhile
opening the
Sept. 23, urged the American Republics to
safeguard their neutrality to "provide a reserve for the
future of humanity," and" declared that "whoever departs
from this line of conduct will throw upon himself the most
tremendous of responsibilities."
President Arosemena con¬
before
than
the
European
conflict
on
make
even
more
accumulations
onerous
of this
metal
Central American banks.
delegates to the conference debated details of the proposed
patrol, on which they apparently were unanimously agreed in principle.
sea
Some
delegates said there
on
tinued in part:
more
conditions in Europe would intensify the flow of gold to
and
continent
in the possession of
,
President Juan D. Arosemena of Panama, in
even
acceptance by creditor nations of silver in payment of international balances.
freedom and
Christian faith, through which
can
"benefits
United States delegation here.
us.
closely together.
being and only through which
clarifying declaration
a
Feis, economic advisor to the
secure.
conference
a
said
accom¬
relations
willing to join with
are
do so, we must rely ever more resolutely upon the principles of
democracy and
by countries
declaration, he indicated, would be
v
order
must make every
we
liberal commercial policy in
of individual
the
neces¬
hundreds of miles at
close to the South American coast, making
coasts within a defined area;
individually
ask for
for posterity
To do so, we must strengthen and fortify the solidarity of understanding
and the identity
area
patch of Sept. 27 said:
we
.
reestablishment
aggression, direct or indirect.
keep alive
to
those other nations of the
States to
Therefore, the United States fleet would bear the
the silver market.
darken
must, and we can, resolutely defend our continent from all
we
of
menace
wide
a
announced that it would submit
future
have inherited.
we
peace
'
United
Foreign Minister Eduardo Hay, heading the Mexican group, said he would
by the outbreak of this monstrous
morality and on law must be unshaken and
on
plish this
effort
for
from the
sea
republics will undertake for information
At
must
we
to
those ideals and those beliefs which may well constitute the last great hope
influence
be agreed
as may
informed person said it would be
an
co¬
patrol
He said the proposal suggested
f
live, the 21 free nations of the New World
Our
The
not
of life, which
spread rapidly across the length and breadth of the world in which
of the civilization which
collectively,
or
This
American
the
that "during the existence of a state of
either
world in which each day that passes sees more standards, once believed
a
exists."
when it is determined that the need therefore exists and to be undertaken
principles
generations of our own peoples, and to maintain as an unflinching standard
in
when
need
consent."
have created an American system,
make
Hemisphere.
said,
of Argentina, Erazil and Uruguay, which already
case
explanation Mr.
adjacent to their
the
the pledged word, love of peace.
We
the
when deemed necessary after consultation.
can
devotion to justice, respect for
government,
Western
brunt of the patrol work.
equality, could it find expression.
by the
activities
coastal patrol agreement among themselves.
a
part of South America.
It may well be that the facilitation of that means of expression will be
determined
far to
run
America,
also is considered
unnecessary
access on
There is existing now and at this moment an overwhelming will on the
of peoples everywhere for
Hemisphere.
violating neu
and
Welles
Mr.
"determine
routes are
patrol easy in the
have
of all nations for those component factors which make for a peaceful life.
part
shipping lanes
However, the
sea.
equal terms to raw materials, and which will satisfy the legitimate demand
justice and
of the
coasts
forthcoming,
for the United States Navy to patrol
sary
susceptible of satisfying the reasonable needs of any nation for beneficial
trade, which will provide access
be
consultation
northern part of South
entirely
are
study stabilization of
Republics.
t
and that all peoples will, under these
processes
that economic arrangements
assumes
after
As normal
pacific processes, cooperate on equal terms with generosity and with justice.
It
would
Republics
/would be undertaken "either individually
upon by common consent." he declared.
controversies
that
assumes
to
Mr. Welles stated that the United States Navy would
cooperate in patrol¬
operation
nation, and the acceptance of a moral
every
international
of "subversive activities"
ing waters adjacent to the
available.
implies the juridic equality of
"Inter-American Advisory Committee"
6. Suppression
trality.
The only possible road for achieving peace is through co-operation; this
order
An
monetary and commercial relationships among the American
5. Preservation of liberal trade policies in the Western
when the resort to peaceful procedure for the solution of controversies or
of inequities is
* • 4 csafety
United States
were
justification for
be undertaken in cooperation with the ether
Six main points provided for:
tt
reported in these columns
Sept. 16, page 1703.
Mr. Welles on Sept. 25 stressed the
juridicial equality of all American Republics, peaceful settle¬
ment of controversies and trade agreements on an
equitable
and non-discriminatory basis.
He said, in part:
There is
of
advices
Republics, was presented by the chief United States delegate,
Welles, Under-Secretary of State.
Sumner
uncertain terms" that the Nations of
"cannot agree that their security, their
nationals, their legitimate commercial rights and interest
should be jeopardized by belligerent activities in close
proximity to the shores of the New World."
The conference
Plans for the conference
Press
American
no
as
follows in Associated
as
Sept. 26 from Panama City:
this
Foreign Minister Narciso Garay
permanent Chairman.
a program
summarized
was
on
Republics tell the European belligerents
had earlier elected
delegation to the conference proposed
designed.to keep the nations of the
Hemisphere out of the European war.
The plan
Sept. 26
on
the
of
head
Welles,
Sept. 25, at the first plenary session of the conference, that
the 21
2013
the
patrol should
was
be regional
a
difference
of opinion
as
to
whether
The regional proposal drew a
general.
or
complaint from some that it would destroy the effect of the unanimity of
V
the American nations,
An item relative to the conference
Sept. 16,
page
,'V'U
■'
/,
V';"U\U U -UU
appeared in
our
issue of
1703.
America, conscious of its historic mission, aspires only to fulfill it satis¬
It does not seek
factorily.
new conquests, nor
does it seek to wrest
thing from any one, nor does it feel inclined to deny
Such is
desire; to
our
conserve
institutions uncontaminated,
its
resources.
own
America's
to
own
develop its
any
any¬
worthy right.
culture, to maintain its
commerce freely and to
Secretary
Be "Real
,
have a
We
come
to
us
household, and
happy
to share
it with
us;
we
For this
tion that
same reason,
we
desire to
we
have
we
are
wish to share our institutions and follow
never
ideals of peace and concord.
household in such condi¬
conserve our
ourselves and our guests can live in it as reasonable and free
human beings
should live.
;Vv
Joint action of the American democracies in this
what
is
objected that others
capable of assimilating those who
our
without
munized against
doubt
war,
one
we
of the
great
shall work in
a
signalizes already
of human
events
more
sense
effective
history.
manner
salvation of these other persons who believe in war or who have not
own
Im¬
for the
acquired
greatness and our instinct for conservation will awaken them
in the end to the reality of
Embargo
and
arms
Action Would
:
embargo would return the United
rational position and one that is more in
more
keeping with real neutrality under international law," Secre¬
Hull
Mr.
action
was
added
that
the
question whether the
unneutral should not be
a
Sept. 21.
proposed
matter of serious de¬
He said that the present neutrality law is unworkable,
declared that the Government would be able to meet
bate.
and
problems with flexibility if the embargo were repealed.
peoples cannot resign themselves to look toward desolation and
Our
Arms
of
tary of State Hull said at a press conference on
war
Those
Repeal
Neutrality"
Repeal of the
States to "a
full conscience of their ability to avoid it.
ruin.
Urges
ment at Press Conference—Declares
enjoy
1
•
Hull
Return to International Law—Issues Formal State¬
own
In
a
In
their frightful march toward suicide.
formal statement Mr. Hull said:
my
testimony
during
the
hearings
before
the
Senate
Committee
unprecedented step
on
Foreign Relations in the early part of 1936, I made as clear a statement
toward affirmation of the democratic thesis which in the internal regimen
on
that point
of the States has no substitute because it guarantee equality of opportunity
bargo following the outbreak
and personal
progress
In
this
way
this meeting of Panama constitute
an
and spiritual liberty and respect for law, and which in inter¬
national affairs signifies the most secure guarantee of peace and equilibrium.
stitute
the
adventures
and
are
capable of feeling such convictions sincerely,
human element
least
of all marked
of violence, aggression and
to
con¬
be led into dangerous
conquest.
war as
I could, namely, that most of the
"It is common knowledge that
belligerents change their rules, practices,
methods and policies in various directions during the progress of hostilities.
The
law of neutrality
has been developed in the direction of recognizing
greater rights in the neutral
If neutrals
The reunion of Panama, far from signifying a selfish isolation or express¬
were
than he was formerly able to assert.
required to determine upon their policy in advance of
and in advance of conditions which they cannot
ing a gesture of indifference to the grave tragedy that darkens the sky o
war
the Old World, constitutes a magnificent labor of moral hygiene. the healthy
to
effects of which will pass beyond our continental limits for the benefit of
are
the world.
their damaging
of)
made in the development of the law of neutrality has been made
by acts or steps taken during war.
The peoples who are accustomed to claim for themselves such privileges
of democracy
(change in the Neutrality Act through lifting the arms em¬
hold rigidly to that
possibly foresee
policy throughout the war while
the
and
belligerents
adopting such new policies as they may see fit to adopt, regardless of
effect upon neutrals, determination of the rights and duties
The Commercial & Financial Chronicle
2014
of neutrals
This
is
neutrals
national
regarded
bidding of the belligerents.
I think that you will find fiom a
careful analysis of the underlying prin¬
ciples of the law of neutrality that this nation, or any neutral nation, has
whenever experience
right during a war to change its national policies
a
vAV
safety.
I do not
the
at
behest
that
of course,
any
partially to all belligerents.
The
time been
of war
change in
a
policy than there has in this instance/
our
Government has given notice for well-nigh a year—at least
"Numerous bills
were
houses and it
gave
sible,
as
public statement, which
a
unfinished* business when Congress adjourned.
increases
adjustment
is,
who
those
His remarks
reported further in the following Wash¬
ington dispatch of Sept. 21 to the New York "Times":
were
Asked at his press conference whether there was legal authority
United States
executive branch of the Government to have
out of combat areas
in the affirmative.
without
This
a
was a
expense
It
for the
activities
Will
be
;■
adjoining
areas,
vessels that
and
American
warn
\
and American
nationals
[* The Government, furthermore, he added, could request them in accord¬
with that warning to stay out.
That, he declared, was the extent of
President's authority in
Asked if
a
the matter.
discretion existed
in the
Department for withholding
State
Under
passports from Americans, Mr. Hull also replied in the affirmative.
law and regulations, he said, the
Department
can
tell Americans that the
Government cannot be burdened by having them go to
Revised
Nations
to
Default
in
War
on
Debts
on
to
Chairman
Key Pittman (J)., Nev.) of the Senate Foreign
Relations Committee was reported yesterday (Sept. 29) as
stating that the proposed neutrality measure would modify
the existing ban on credit to nations in default on their war
debts to the United States.
We quote from United Press
advices from Washington last night, which also
the
Johnson
Act,"
difficult
all.
temptation
to
bear
in
worse
in
upon
Senator Pittman said,
than
price
levels.
J.
to
Howard
said:
"Great
belligerents there ought not to
belligerent government in default
Committee
referred
are
and
finally approved by the Committee, would
France—both
commercial credits if the President
so
war
debt
defaulters—to
90-day
authorizes in the purchase of materials
from American manufacturers.
Act
(under
which
loans
and
credits
He explained that
to
defaulting
nations
are
Germany, which
owes
no
war
position over
Great
Britain and
said, the Committee opened the
France.
way
To
equalize that situation,
he
for the Allies to obtain 90-day credits.
Senator Hiram W. Johnson, (R., California,) author of the ban on loans to
defaulters, said that he intended to offer
an
amendment
Bill to guarantee that it would not modify his Act.
that he would oppose such a move on grounds
enacted in peacetime and "we
are
faced with
a
repre¬
Necessarily,
this
committee
kind.
to
the
Monopoly, Accord¬
at Hearing of
elsewhere
to
in
this
issue
of
the
whole was approximately 10%,
as a
"Through our system of free enterprise the oil industry has established
our
oil
reserves and created
transportation and refining
systems adequate to meet any emergency," he said.
"Under
none other
Mr. Pew offered figures from the Federal Bureau of Mines to show that
Neutrality
Senator Pittman said
that the Johnson law was
certain condition in Europe
now."
Oct. 1, 1938, ranged from 59.6 cents
on
a
a
low of 19.20 cents in this
He protested against any Federal action toward compelling dis¬
integration of the larger companies, which he said had been advocated by
some
"I
interests.
v
here
have
"They
range
a
list
of
117
companies which the American Petroleum
completely
as
partially integrated," Mr, Pew added.
or
all the way from the giants to the pygmies of the business.
Forty of them
could
are
substantially integrated; but not
possibly be rated
as
over
half of these 40
'majors.'
anybody suspects that monopoly is likely to be established
these sixscore of fighting, independent,
among
determined competitors, I should
like to have him sit at my elbow during the working hours of a few business
days.
debt to this country,
affected by the Johnson Act and therefore occupied a favorable
not
and commissions
Mr.
itself, has developed
"If
banned) to permit 90-day credits to debtor nations," Senator Pittman said.
was
...
earnings were less than 6%.
Pew's testimony, Washington advices
of Sept. 26 to the Associated Press said:
;
....
"It is my opinion that this provision would act as a modification of the
Johnson
be.
while average yearly
In reporting Mr.
Institute classes
Britain
have not increased
it need
Pew, representing the American petro¬
leum Institute, said that the industry naturally divided itself
into divisions of production, transportation, refining and
marketing.
He said that the highest yearly return on net
90-day
on a
obligation.
Great
the
at
Sept. 26 at a hearing before the Temporary National Eco¬
Committee, which is currently conducting an in¬
vestigation of the oil industry.
Other hearings before the
country.
The final draft of the proposed bill which will be placed before the Senate
entitle
and
profit
could it have been thus builded; under no other can it be perpetuated."
for debate next Monday strengthened the credit section to provide that no
as
quick
war
nomic
Britain and
■
[ftThe proposed legislation,
a
of
peace,
Temporary National Economic Committee
gasoline prices in world capitals
a
time
of
No trace of monopoly exists in the petroleum industry,
J. Howard Pew, President of the Sun Oil Co., testified on
gallon in Berlin and 31.4 cents in London to
credit could be extended to
in
time
and
economic
Pew—-Testifies
France couldn't get any credits at all and Germany could because she is not
be any discrimination."
of
in
costs
artificial
task
daily and intimate contact with the factors
in debt to us.
In passing a law dealing with
seize
manifestations of this
any
That
the
Profiteering
exploitation
price
Government departments
are
worth/for the industry
United States
"Under
that
that
"Chronicle."
danger zones.
Neutrality Legislation Would Modify Ban
Credits
of
the
to
way
interested
ing
.
ance
the
effect
been expressed.
more
to
apparent
course,
evil
Senator
Europe."
in
saying:
Oil Industry Has No Semblance of
merchant
■..•„
..
long-term
upon
;
in harbors of belligerents or
they would go into those areas at their own peril and their own
risk.
conflict
as
prices make
this committee
on
and
seas or
the
problem of unemployment
subject dealt with by Mr. Roosevelt in his
the high
on
give
of
also obvious
is
sented
The President, Secretary Hull said, has authority under the Constitution
places of danger
and
of the consumer by raising prices when
make the
shipping keep
of
the
specific Act of Congress, Mr. Hull replied
message.
to point out
of
fears of profiteering have
unjustified
accentuates
V-.;-.-
.■■' ;>
result
a
as
Already
consideration by it of the Neutrality Act that was
purpose ,of renewing
pending
through
notice
employment
O'Mahoney is also quoted
would
hardly be supposed to have escaped the attention of all governments and
people, that if war should occur he would reconvene the Congress for the
President
and
respect to prices becomes more important, if that were pos¬
generally understood when Congress adjourned
that this subject would be on the agenda when it again convened.
The
trade
of
profits and consumption, and, according to the "Wall Street
Journal," he added that "the task of the committee with,
since the first of
introduced in Congress, long hearings were held
was
level
eral
This
the present year—that such a change of policy was in contemplation.
in both
Sept. 25, Chairman O'Mahoney of the
on
system and of the price policies of industry upon the gen¬
widespread publicity and notice in advance of the outbreak
more
of
There has never in our
matter of serious debate.
a
unneutral should not,
proposed action is
whether such
question
judgment, be
statement
a
Temporary National Economic Committee emphasized that
the legislation creating the committee included as one of
its duties an examination of the effect of the existing price
with real neutrality under international law.
is more in keeping
in my
In
embargo provisions of the so-called Neutrality
endeavoring to return to a more rational position and one that
we are
Increased Prices Justi-
fied at This Time
\
In advocating repeal of the
Act,
Committee Finds Study of
belligerents, it
taken shall apply im¬
measures
O'Mahoney of Temporary National Economic
Senator
that such action may be taken
in the interest of one of the contending
or
understood,
being
V'
-
<■
to be understood as saying
mean
"enact
Congress
that
asked
also
throughout the duration of any such emergency."
the protection of its interests and
shows .the necessity for such change for
It
emergency.
legislation to assure the citizens of the United States that
in the event of a proclamation of national emergency, or
state of war, the Congress will assemble and will continue
in session to represent the citizens of the United States
friends or enemies, depending upon whether they were willing
as
to do the
basic principles of
It harks back to the days when belligerents
the law of neutrality.
government in the event of the declaration of a.
sentative
y
with my understanding of the
in accord
not
1939
the continuation of repre¬
lation and to take steps to insure
would be left primarily in the hands of the
and belligerents
belligerents.
Sept. 30,
He would learn what competition really is."
Summing up, Mr. Pew made these contentions regarding the industry:
rV;, "There is complete absence of monopoly.
"Natural economic laws governing economics are all at work.
"No
better
illustration
of the
competitive system exists
in American
industry.
"Petroleum products are the cheapest commodities of general use.
''
'The aggregate tax on the
industry's activities and products is the highest
in the land.
"The industry's average earnings have been and are reasonable.
"Wages
are
among
the highest and employment conditions among the
best in the country's industries.
Small Business Asks for Ban
on
Undue Rise in Whole¬
sale
Prices—Congress Urged by Smaller Trade
Groups to Inquire into Executive Powers in Case
of Emergency
The
Smaller
Business
Association
of
New
York,
New
Jersey and Connecticut, Inc., on Sept. 26 submitted to Secre¬
tary of Commerce Hopkins an appeal that the Administra¬
tion
make every
sale
prices
due
effort to prevent
to the European
appeal
a Washington
"Times" said:
Such
unfair
undue
increase,
disadvantage
Association
war.
Concerning
increases.
stock up to anticipate
effort
of
its
members
to
price advances.
prevent
price
*
At a meeting of representatives of smaller business
organ¬
izations at the New York World's Fair on
Sept. 25 a resolu¬
tion
was
adopted urging Congress to investigate the scope
discretionary powers in national defense legis¬
of executive
tions but at competitive practices which inhere in any free economy or under
any
competitive system where competitors exercise free will in the conduct
of their business activities."
1940 Census to
Business,"
Hopkins
Embody "Comprehensive Inventory of
According to Secretary of Commerce
The coming 1940 Census is
expected by Secretary of Com¬
Hopkins to develop into "the most comprehensive
inventory of its buinsess ever taken."
In making public on
Sept. 26 schedules of questions to be asked of American
business in the 1940 Census, which begins Jan. 2, the Secre¬
tary declared that "in these rapidly changing times it is most
important that both business and Government have accurate
merce
the appeal asserted, put smaller merchants at an
larger establishments because the former must
every
"The complaints you will hear will be directed not at monopolistic condi¬
this
with
pledges
Federal 'regulation' of the
industry's operations.
undue rise in whole¬
dispatch, Sept. 26, to the New York
buy in smaller quantities and cannot
The
an
"No condition exists which requires further
and
detailed information
ture."
He
Business
of these
on
the American business
struc¬
added:
men
have already made valuable
contributions to the framing
questions for the census, and I feel confident they will continue
Volume
to
by furnishing complete
cooperate
census
The Commercial & Financial Chronicle
149
undertakings,
the
confidential.
answers
law
They
in
of government.
or out
those
protects
1;;
to any
Consequently, the banks buy these securities, and the
at
other agency
such
retail and wholesale trade, service enterprises
addition, information will be compiled
absorbed the issues
sales finance
companies which has to do with
arising from the sale of merchandise.
It also
banking system
covers
the primary distribution
of manufacturers' sales to wholesalers, retailers, industrial users, &c.f pro¬
consumers.,
will
census
business
cover
operations during the calendar year of
1939 except for those firms which close their books
gathered
other
volume of
on
by commodities in the
breakdown
as
y
The chief schedule covering retail trade will have to do with independent
stores
whose
volume
gardless of size.
exceeds
$20,000 annually,
A second schedule
stores with sales up to
be
will
and
used
True, the Canadian
all
for
chain stores
re¬
independent retail
$20,000 yearly.
Wholesale trade activities will be covered by four schedules,
as
inspired
follows:
Canada's public debt has risen since 1903 at least
fifteen-fold; the market
value of
1900 to $1,436 millions at the middle of
1938, or at about twice the rate of
The situation is therefore an
entirely new one, not
comparable to previous eras.
There never has been a similar volume of
increase in the debt.
public debt, and there
countries than in
stations,
and
distributing
brokers"
terminals
form, for
petroleum
and
schedule,
commission
wholesale auction
dent buyers, and
operators;
or
"agents
an
brokers, export
companies,
import agents, manufacturers' agents, selling
wholesale
covering
or
purchasing agents and resi¬
banks.
The
Rate
of
Small
The interest rate is
said in
of
course
Influence
assets of all banks some
only
a
minor factor in determining the
of business, Dr. Melchior Palyi of Chicago
Toronto, entitled
"The
Cheap Money of the
Debtor
Country."
Dr. Palyi said that the interest rate indicates
present raltionship cf supply and demand, and "gives
hint of the forthcoming or expected
the
a
supply-demand situa¬
he continued, tend to be the
symbols of defeat "and the admonitions to retreat, instead,
of raising the flag for
venturing and enterprising."
Dr.
Palyi's study was largely concerned with the financial re¬
lationship between the policies of Canada and the United
tion."
Low interest rates,
States.
In that connection he said in
part:
Canada, too, enjoys
her foreign debt;
"during the last few
have
her obligations abroad
by
over $500,000,000."
Consequently, her inter¬
(with only $247.5 millions in "visible" gold and
position
foreign exchange reserves) is
very sensitive: it is far more
exposed to financial
earthquakes due to shifts affecting her foreign trade and balance of capital
movements
than is
States.
a
country with the enormous
reserves
-p-;,/;•
;
of the
United
''
,;v
The situation is certainly similar in the two
countries inasmuch as the
downward revision of interest rates during the last few
years has not been
entirely the natural outcome of the depression.
In the United States, the
Federal government including agencies and
quasi-public bodies such as the
Postal Savings, the Social Security and the Federal Reserve
Systems, is
the largest single current purchaser and permanent holder of its
About 25%
ties.
anteed,
are
thus
withdrawn
from
the
market—a
fact
of
price-
greatest
A change in this policy could alter the interest
altogether, with corresponding effects also on the bond markets of the
countries
which rely at
present on
Washington's cheap
money
ideas.
In
Canada, the amounts purchased by government and central bank
appear
modest in absolute figures; however, they are of some importance
very
-
compared with the rise of the governmental debt.
bonded
debts
of March,
Dominion and Provincial
increased between the end of
December,
|1939, by 210 and 184 million
dollars each,
1935, and the end
or a total of
almost
400 millions to which $62.3 million of newly issued Dominion
Treasury Bills
should be added; of this some 40 millions, or
9%, was taken up by the Bank
of Canada (and probably 10 to 20 millions
by
saving institutions).
sounds
modest, but it followed
upon
open
market operations
Bank undertook in 1935, when it absorbed about
in the country's
This
which
the
H of that year's increase
public debt.
The basic similarity of interest rate policies in the two countries is
fully
apparent if the role of banks (other than the central bank) is taken into
consideration.
All banks in the United States increased their bond
port¬
folios since
1929, by about 12 billions; this is approximately equal to the
actual rise in their governmental bond holdings which absorbed more than
one-half of the annual
banks"; their net
purchases
or
are,
sales
virtually dictate the
however, largely
a
market
price.
function of eligibility
rules and of open market operations of the respective central banks.
a
very
simple
one:
(1)
gold influx from abroad and
market operations at home provide the banks with surplus cash, "while
the ratio of gold to liabilities improves; (2) this enlarged base in turn permits
open
or
induces the banks to enlarge the volume of
their
assets, but they find
few outlets in "liquid loans"—the volume of which delcined in both countries
by 50% or so—or in marketable bonds other than governmental;
.
(3) the
latter achieve particular attractiveness as bank assets due to their preferred
treatment as collateral for loans from the central bank
(especially in Canada,
where the banks actually borrow) and due to the fact that the open market
operations in these bonds impress the bankers
marketability.
as a guarantee
of their future
the
does
reflect
not
that
strength and he
in crdi r our economic
to put
Government.
The above is quoted
Sept. 28 from which
following regarding Mr. Ballantine's talk:
our
This country is determined that the tragedy of the
European war shall
not
engulf us, Mr. Ballantine remarked, but he pointed out that its effects
reach
into
every
government.
of life, including
aspect
the
financial
outlook
Sketching the rapid growth of the Federal debt
for
our
in the
last
10 years to its present figure of about $41,000,000,000, and then the method
of deficit financing which leaded the banks with the
issues, he called for
in
government
deficits, while
admitting that this
a
be
might
process
difficult than the raising of the Squalus.
Balancing of the budget is not
government
expenditures,
pointed out.
it is
On this aspect he
a mere matter of
also
was
general upswing in business, which
mands, previously latent, than to
indispensable restraint in
question of revenue,
a
the
speaker
fairly optimistic, owing to the current
was
attributed
war orders.
more
domestic de¬
to
The pump-priming is
not
coming from government money, but from the operations of industry
itself, and the increase of business should receive careful nurturing, it was
now
'
indicated.
VCi
V/'X
-'
X:
'
■■
A
XX'
"The united drive for recovery calls for constructive efforts all
along the
line
on
the part of government officers," said Mr. Ballantine.
for them to discard every vestige of the idea
reached the limits of its service.
that
ahead
lie
for
meeting
than
encouraged.
sense
"It is time
that has lost its vitality or
It is time to recognize the immense fields
pent-up
time to discard the idea that
demands
of business
men
It is time to replace the
and
are
for
expansion.
It
is
be castigated rather
to
brain-trust with
a
common-
trust."
"We know today that there is no such thing as any abiding
prosperity
resulting from actual participation in war," Mr.
"The
clusion.
great
depression of 1929,
its roots in the World War."
There is
no
follow any new war would be a depresion
new
depression would be
Ballentine said in
from which
we still
suffer,
con¬
had
doubt that what would ultimately
no
less
drastic.
Weathering
a
difficult than supporting a war itself.
more
"In the present setting, let us throw all thought and energy into a united
effort to put in order our economic life and the finances of
That
protection is essential, whether the future
fully realize that
war
would
on
involve
may
our
Government.
hold.
Let
us
also
the economic side participation of our country in the
far
than
more
mere
financial
strength of our resources could be put forth, but
sacrifices.
The
full
cannot know whether
we
the system of enterprise which we still so value, on which our country, our
institutions and ways of life have been built up, would survive the disruptive
strains.
Foreign victory could
not protect
from the dangers
X'''"
front."
X
on
the domestic
■■■
,-7;
F. D. Hall Sees Hope for Limited Stabilization in Real
Estate Values-—Speaks at Convention of Society
of
Residential
issues.
Their continued purchases
The mechanism is
itself
also take the
Appraisers—A. J, Du Bois Says
Community—R. H. Richards
War's Effect—G. H. Fallin Elected
Answer Rests in Small
conspicuous.
is no exaggeration to say that in both countries the bond market is "in the
of
from the New York Herald Tribune of
we
The parallel course in Canada was
equally
In less than 10 years, the Chartered Banks actually trebled
their holdings of Dominion and Provincial obligations, thus absorbing about
one-third (one billion dollars) of the total increase in the public debt.
It
new
Urges that Finances
Government Be Put in Order
life and the finances of
securi¬
own
of the 46 billion dollars national debt, direct and guar¬
determining significance,
rate
Ballantine
urged that all efforts be made
accumulated sub¬
"favorable" balance of
a
Canada actually has reduced
years
A.
Government
halt
payments due to gold exports and capital influx, which she uses to reduce
reserve
50% in Canada
over
r:V■■'X'-
Arthur A. Ballantine, former Under
Secretary of the
Treasury, speaking on Sept. 27 at a luncheon meeting of the
Municipal Bond Club of New York, at the Bankers' -Club
said that although the United States leads the world in
economic power and resources, the financial
position of the
more
Between them the Dominion and the Provinces
stantial deficits since 1930.
national
lower in these two
present
60% in the United States and
invested in bonds.
are
in
brochure prepared on Aug. 10 for Matthews & Co.
a
rates are at
money
a schedule for farm and food products.
Determining
Business Cycle—According to Dr. Melchier
Palyi—
Finds Rate Indicates
Relationship Between Supply
and Demand
-V.'"
cyclical
have been similarly inflated bond portfolios
never
fact that
England and elsewhere (except in Holland and Sweden)
is closely associated with the other
fact, namely that of the total earning
Arthur
Interest
highest grade public obligations
each obligation would be certainly far below the
present quota¬
tion, had the security holdings of the banks not risen from $44 millions in
and
a
for
beginning of the century: this fact has
theory that the intervening 30 years were
extraordinary circumstances, which were of a
period of high rates due to
in
merchants;
the
was at
commentators with the
Service wholesalers, limited-function jobbers, manufacturers' sales branches
commission
rate structure
The consequence should be obviously that the
present
low level is "natural"—an
interpretation scarcely compatible with manipu¬
lations of the credit market pointed out above.
It overlooks the fact that
of retailers and wholesalers, or room
cases
be little doubt that
can
temporary character.
business, mimber of employees, total payroll and
capacity in the case of hotels.
stiffening of rates, had the
There
(of Canada), coming upon the heels of
gilt-edged rates down."
a
In such
31.
Information will be
limited to particular fields of business such
inquiries
of sales
Jan.
on
the reports will be taken on a fiscal-year basis.
cases
Provincial governments during
a severe
not been expanding credit.
is not far below where it
•
„
The
1
a large
increase of the note issue of the
government, have succeeded in keeping
viding data for tracing the sales of commodities through wholesale and retail
channels to
Dominion and
the operations of the Bank
installment paper
consumer
of the
the past 8 years, at least not without
that part cf the business of
on
money—
budgetary
hardly have
other places of amusement, laundries and the construction business,
In
annual
On the other hand, the recent stiffen¬
ing of interest rates in London and Amsterdam had to do in
part with the
reluctance in bond purchasing displayed
by British and Dutch banks,
At
any rate, even very cautious observers of the Canadian bond
market agree
upon the fact of its artifically pegged character.
It "could
barber and beauty shops, &c.f hotels, tourist camps, theatres and
as
by cheap
an
"liberalization" of bond
a
purchasing by the commercial banks.
"Times", Sept. 26:
covers
time of war prospects, forced rearmaments and
a
deficit of about 50 billion francs—coincided with
■
Further plans respecting the taking of the census, were
as follows in
Washington advices to the New York
census
continued purchases
It is most instructive in this connection
to notice that the conquest of the French
money market
employees
indicated
The business
2015
in turn drive the yield downward.
by keeping all
sworn census
broad statistical form
v
As in all
questions.
enumerated
available only to
are
and are not available except in
to the
answers
Speaks
on
National President
Hope for at least
limited degree of stabilization in real
a
estate values lies in two
directions, according to Frank D.
Hall, New York City, Second Vice-President of the Society
Appraisers, speaking in Atlantic City on Sept.
26 at the society's convention.
He listed the following:
of Residential
1.
A
better
understanding of
some
of the
fundamentals of economics
by the real estate investing public through a process of education.
2.
A larger degree of social control against the venturesome and selfish
owner,
Mr.
'
Hall
said there is great probability that luck and
chance will continue to
play
important factor in the future
He pointed out that
therefore there is need for capital which is willing to take
of real estate values
as
an
in the past.
The Commercial & Financial Chronicle
2016
risks, but that capital has
right through the appraisal pro¬
taking.
addressing the convention Ayers J. DuBois, Chief of
the Valuation Section of the Federal Housing Administra¬
tion's Underwriting Section, said that the small community
is the answer to the appraiser's prayer for stability in real
estate value.
He pointed out that a sixth of the nation's
population lies in incorporated communities having less than
10,000 people.
Mr. DuBois added:
Consumers
a
fession to know the real risk it is
the small
in
population center,
and the
forces
which
tend
quickly
toward
price
stability operate more effectively in small communities.
Small communities are sharing the home construction activity in a sub¬
Thirteen per cent of the dollar volume of construction
buildings occurred in cities having populations from
stantial degree.
for
residential
new
1,000 to 10,000 in June of this year and nearly half of this
in communi¬
was
Proration insures against scarcity prices in the future by creating reserves
far larger than necessary to maintain current production.
In its bearing
upon price movements, proration exerts its influence only
economic
and
zone
operates
smooth
to
out
the
price rather than to bring about valorization,
automatic
safeguards
function.
to
in
against
within
a
narrow
fluctuations
extreme
artificial values.
or
uneconomic pricing are ready
First, uneconomic prices would encourage
and
in
Two
waiting
investment
over
producing capacity and the pressure of capital for return would effect
a
breakdown of the mechanicsm within the State where the ratio of pressure
to
strength
in other
was greatest
States.
and competition
would
then
Second, the integrated character of
the industry would prevent the transmission of
force
a
adjustments
large segment of
abnormal price for crude
an
oil into correspondingly high prices for products and thence
on
to the con¬
for in such enterprise actual cost, rather than market price, governs
In short, proration under State direction leaves too many com¬
sumer,
policies.
petitive forces at work to provide
ties under 5,000.
1939
which proration functions,
in
manner
although they are not represented at meetings of the proration authorities.
In
The development of an oversupply can be detected much more
Sept. 30,
protected by the
are
practical setting for the processes of
a
valorization.
Ralph H. Richards, President of the Federal Home Loan
Bank of Pittsburgh, discussing the probabilities of a boom
in home building in the near future, said that two factors
have already arisen to direct capital away from the home
mortgage market to some extent.
He explained:
In the first place we have to reconsider the status of the capital market
and
interest
with
The
rates.
basic money
market
has
long-term rates increasing approximately
possibility that they will increase further.
%
hardened
considerably
of 1%, and there is
a
In the second place, increased
industrial activity is certain to result in a flow of capital into those fields.
G. Hicks Fallin, Secretary of the Peoples Savings & Loan
Association of Peoria, 111., was elected National President
of the Society of Residential Appraisers at the convention in
Atlantic City cn Sept. 26, succeeding Edmund J. McCormick
of New York City.
The new First Vice-President is Frank
D. Hall, New York City, Chief Appraiser for the
Equitable
Life Assurance Society of the United States; and the Second
Vice-President is Joseph G. Shaw of Atlanta, Ga.
Chamber
United
of
Business Men in Score of
Problems Incident
to
States
Enlists
Committees
300
Consider
to
have been drafted by the
men
U. S. Chamber of Commerce to form 20 committees which
will consider emergency problems resulting from war condi¬
tions, the Chamber announced
on Sept. 25.
The announce¬
regarding the formation of these committees said in part:
The accepted task
for
the
the
more
of the committees
consideration
of
the
Chamber
will
be,
as
always,
formulate
to
membership proposals looking to
efficient operation of the American system of
private enterprise.
The first consideration will be the maintenance of
peace and the preserva¬
tion of representative government.
a
The most effective
American
business
War
or no war
time
a
of
that
assurance
be
will
system
requirements in time of peace
In
This may be the foundation upon which
order will be built in the wake of
new
it
is
all
war.
The
to
meet
well as in time of
as
the
extent.
adequately national
imperative
more
problems
Some
as
of
directing
will
that
restrictions
well as those which may arise
the
more
attention
important
to
;
continue
deal
to
as a
questions
to
in
which
the fullest
.
with
business
result of the war.
which
its
committees
are
are:
working out such
a
system—The
revenue
is
cooperating
program.
legislation—Modification
of
the
present
practice
of
giving
competition
in
handi¬
private initiative.
Construction—Removal of hindrances
Transportation—Development of
all
transportation
a
Aid
to
as
which
impede construction.
Applied
by Oil .Companies, Urged as
Industry—Joseph E. Pogue of Chase
Bank Testifies
Before Temporary
Na¬
tional Economic
Committee—Statement by Senator
O'Mahoney on Hearing on Oil Industry—Testi¬
mony of Professor Ise
The
Temporary National Economic Committee of Con¬
investigating alleged monopolies, this week began an
inquiry into the oil business, and on Sept. 25 was advised by
gress,
Joseph E. Pogue, Vice-President of the Chase National Bank
of New York, that the
production control system employed
in the petroleum
industry might well be tried in other fields.
Among other things Mr. Pogue said in his statement that
"from the point of view of
efficiency, any reasonable degree
of restriction in the rate of flow is
preferable to
operation."
He went on to say:
But for every oil pool,
depending upon the volume of its
nature
of
curately
the
oil
occurrence,
determinable
ery
consistent
prorated fields
to
'
efficient
is
some
as
now
best rate,
The
approach their optima.
optimum rates,
production
The
wide-open
reserve
more or
best
rate
and the
less
is
of
our
we
rates
of output
If all oil fields
would then have the
petroleum
resources
ac¬
called
that rate which will give the maximum
with economic limitations.
their respective
most
there
by engineering methods.
the optimum rate, defined
recov¬
of many
constitutes
of the
one
most, significant
In this time of economic change
centralized planning are under
in
even
been
have
way, it
industry have been left unimpeded,
encouraged, in their efforts
of
some
but
may also
to
perfect
this
de¬
new
only yield such fruit¬
point the way to the solution
of our other great industrual problems.
According to advices Sept. 25 from Washington to the
New York "Journal of Commerce," Senator
O'Mahoney
pointed out that the Committee's oil inquiry was a departure
from the procedure which had been followed in
previous
investigations undertaken by the Monopoly Committee.
Continguing, the advices to the paper indicated, said:
Committee have been conducted by
sented
on
the Committee.
one
which have
or
been
held
by
this
another of the agencies
repre¬
In each instance
material presented has
been
in the field
bureaus
or
of the Committee, either
by active research
by study of material already in the possession of
Government
departments.
or
"Today
we
open
a
"
;■
New Type of Hearing
;
new
of hearing.
type
be presented have been selected, not by the
44'.
Facts and opinions
now
to
Committee, but by spokesmen
of the oil industry, who have graciously
accepted our invitation to business
to present
men
the story of the Nation's economic problems from
the point
of view of business and industry itself."
The Wyoming Senator [Senator
O'Mahoney]
President of the American Petroleum
stated that Axtell B.
Byles,
Institute, had undertaken
on
behalf
of that organization to procure cooperation of various
experts and executives
in setting forth their views on the petroleum
These experts,
:
he explained, had submitted prepared
statements to the
were examined by the Committee
staff and lists of
Committee, which
ques¬
suggested
by the statements
prospective witnesses..
had
been
prepared
and
.'4-'■4.
submitted to
r1:
-
"All of
VV.
.
this," Senator O'Mahoney explained, "was for the
purpose of
enabling both members of the Committee and representatives of
the in¬
a
fully informed
manner.
"The hearings which began today are
particularly timely," he continued.
"In a fully functioning economy it is probable
that no industry has a more
important
place than the oil industry.
Petroleum and its by-products
utilized by every citizen, in his home, in his
work and in his travels,
whether by land, water or air.
"In
and
national crises
war
makes
a
products of the oil industry
are
absolutely essential
special demand for petroleum," he declared.
Professor J. B. Ise of the
University of Kansas, an economic
Committee, was the first witness to appear
before the Committee on Sept. 25,
testifying on the structure
and economic significance of the
industry. Reporting this
from Washington, the "Journal of Commerce"
said:
adviser to the
Viewed structurally,
succession
of
he told the Committee, the oil
industry is really
integrally related in production of crude
industries,
oil,
transportation, refining and marketing.
Most of the oil business, he explained, is done
by large integrated com¬
panies, which perform all the functions from derrick to
service station.
He declared that while there are
independent
refiners,
marketers within the industry, they handle
only a
producers
very small
of the total
"In
some
of its
does not fit the
com¬
departments." Dr. Ise declared, "the oil
industry clearly
pattern of competitive business.
industry presents
and
proportion
business, and operate under very serious
difficulties, in
petition with major integrated companies.
a
In various
respects the
picture suggestive of monopoly."
He pointed out that the oil business is
largely in the hands of
integrated companies.
panies
was
slightly in
20 large
In 1938, he said, the investment of 20
major com¬
of $8,000,000,000 or
approximately two-thirds
excess
of the total investment in the
industry.
E. H. Burnell Urges Early Action Toward
Adoption of
National Railroad Policy
Speaking before the third annual meeting of the treasury
division of the Association of American Railroads on
Sept.
21, at the Hotel Pennsylvania, E. H. Burnell, the VicePresident of the Association, said that there should be no
further delay in adopting a national railroad
policy covering
regulation, labor and competitions so that progress and
improvement of the industry could
said that based
on
go
forward.
the Lea and Wheeler bills
on
He also
which hear¬
were
limited
ings
basis
for the
likely to be enacted at no distant date.
Further re¬
marks of Mr. Burnell, as given in the "Journal of Commerce"
of Sept. 22, and from which we have also taken
the above,
obtainable
under
present knowledge.
Testifying that proration in the oil industry was producing
beneficial effects, Mr. Pogue in his statement to the Com¬
mittee said, in part:
of experiments
ful results in its specific field
a
All
National
which
centralized administrative instrument, which may not
broad transportation policy covering
facilities.
Power—Abandonment of Government policies of lending
public funds to
further Government ownership projects.
Proration,
mechanism
new
is fortunate that the States and the oil
and
'v .;
regulatory agencies broad discretionary powers.
Government competition—Effects of Government
capping
a
hundreds
when
„
Chamber
Labor relations—Removal of restrictions,
statutory and otherwise, which
distort employer-employee relationships.
Regulatory
created
experiments in our entire economy today.
are
Federal
a
Through
conservative commissions, working in close contact
conditions, responsive to developing technical knowledge, and
coordinated by the Interstate Oil Compact
Commission, there has been
field
dustry to discuss problems in
.•
.
existing
,
Development of
of the most difficult
one
our industrial system.
medium of State
with
tions
war.
Productive enterprise must continue.
.
Chamber, therefore,
administrative form for the solution of
industry.
hamper it be removed, and that its resourcefulness be used
possible
new
the
be given to this end is that the
can
enabled
business must go on.
war
a
problems that has taxed the ingenuity of
gathered by representatives
European War
Approximately 300 business
ment
of
the petroleum industry has pioneered in the development
"Heretofore," he said, "public hearings
Commerce
of
In proration,
were
held last session,
some
sound constructive
measure
was
follow:
Mr. Burnell said that in his opinion
Congress at its last session did really
as the railroads were concerned
accomplish something constructive as far
Volume
because
it
The Commercial & Financial Chronicle
149
brought out
the
facts
of
the
situation
rail¬
the
confronting
The
roads at the hearings it had on the two bills before it.
the public statement made
This
Burnell said that it
railroads
had
sufficient
fairly clear that at the present time the
was
function adequately in an
to
powers
the
priming the
international
from
emergency
of
completely effective because
was not
of
of
extension
liquidating—not
without the Government taking them over as it did during the last war.
He said Government regulation now
means
debtor
economic
the
With
lenders
The
States
unequal competition.
Mr.
Burnell
railroads
to
There is
closed
with
need for
a
the
which,
waterways,
an
as
legislation, he added.
new
that
suggestion
described
he
it
was
activity
good policy for
a
which
their
of
Governor Lehman Says We Should Be Armed for Peace
and
Governor Lehman, speaking before delegates*to the annual
have
Albany, N. Y.,
on
Sept. 22, called upon the country "to build a defense so
strong, so alert, so ever ready that no power can successfully
assail it," as the only way to maintain peace and security,
"under present conditions."
The text of Governor Leh¬
man's address follows, in part:
neutrality and
honestly differ.
men
There
are two
be
increase
this
principles
their
of
goods
did not
overnight or
come
as
matter of course.
a
definite philosophy based on hard experience.
It
It
the result of
was
•
The safeguards of
tyranny.
liberties
our
generations of devotion and sacrifice.
gle and
If
,
we are
They
our law
through
/,
.
to maintain
democracy
A.
.
r'.v
action
this
area.
the
Lima
exceptional
region.
Americans to
If
Division between
Self-interest
tioned.
We
founded.
was
■
.
/.\
.
or
cling
old and
the
to
people cannot be allowed
partisanship
.
value democracy we must
we
must
our
y-i::
•;
.
narrow
must
be
not
stood
sanc¬
the
A,
of American
I
in
.
sentatives
will
undivided loyalty to
country, an uncompromising
our
observance of civil and religious liberty, a
broad opportunity for the free
development of the individual and, finally,
ourselves a
willingness to impose
a
voluntary discipline which will be
more effective
Against any effort to weaken
One
must stand
firm in times of
i3
our
fundamental rights the American people
for
in this country to
us
Second—If
hold high the torch of democracy
symbol of right and of
a
we
maintain
to
are
our
that it may
so
peace
throughout the world.
peace
and security
we
be
The United States has long been at peace with the nations of the world.
is it given to
a
or
nation of war-like habits.
or
and freedom for its citizens.
I
am
in
with its
confident that that
belligerent
The American people, however, are an intelligent people and cannot fail
,
Justice and freedom have been trampled to earth in the mad lust
Apparently the only thing that
power.
counts
the ability of the
is
changes
have
created
a
situation
practical protection of those liberties that
since the foundation of the
that
we
for
calls
realistic
a
we
will always
under present conditions only so long
secure
God grant that
build
be called
may never
we
warfare.
defense
a
upon to use our army
strong, so alert, so ever ready that
no
the
all
has accentu¬
be
to
the
trade
thus
United
be
republics
of
the
New
of
supply.
larger
the
America
the
in
trade
understand
The
pur¬
acceptance
with
South
orders
schedule
are
especially from
States
than
instead
textile
cotton
business
in
of
and
by gradually
full-time
a
con¬
the
medium-
problem
to
-
and
development
extend
to
England
I
aiding
a
in
approach
more
industry
for
by
aid
unemployment
month
body
legislators
our
Latin
aiding directly
States
than
example,
an
repre¬
cooperation in the
with
devised
exporters
industries
of
This
the
now
coun¬
of
the
industry
preceding
.
this
trade by
would
we
laying in
In the light of
program.
be
wise
reserves
in
of materials required
trade experiences
our
to
explore
of the surpluses which
more
the
Latin
in Europe
opportunities
American
Germany.
that
countries
v:"
power can suc¬
Woll
as
Harmful
Addresses
New Jersey Federation of Labor—
Delegates Favor Repeal of Arms Embargo
our
Matthew Woll, Vice-President of the American Federation
of
Labor, told the annual convention of the New Jersey
Federation
cessfully assail it.
Movement—Matthew
Convention of
as it
and
Labor
to
But this country would be betraying itself if it did not
so
of
between
City.
Strife Between C. I. O. and A. F. of L. Seen
has the power to defend itself successfully against aggression.
navy in
desire
that
difficulties that
convince
to
Government
our
sources
this
of
market
can
the
of
--.'V',/■/;
can
expansion
As
be
our
region,
of
means
assisting
as
weeks
absorbing
of
had
with
meeting
a
and
power.
expansion
solving
by
of your New England industries,
been forced to look to the United
East,
I
resources.
*
Far
for
and
prove
Guatemala
at
should
Southern
in
stimulate
longer
no
cherish and, if necessary, defend no matter what the sacrifice may be.
Obviously, a nation is
November
in
that
judicious
An
countries
defense
the
well
heads
ties
evident
some
have
there
trade relations
may
within
delegation
America,
The present war
increase
from
production.
two
can
the
trade
with
South
mutual assistance
to
way
with
aid
de¬
Con¬
and
in this country have cherished
republic and which, God grant,
in
our
and
exist
strong to impose their unrestricted will on the weak.
These
by
normal
States
for
practical
months.
We
for
In many parts of the world might has temporarily become the master of
for
12
Aggres¬
sion and force have supplanted reason and understanding.
right.
which
booked
changes that have in recent years come to the world.
followed
manufacturing
your
of
commercial
Panama
at
conferences
while
would
profitable
countries
States
contacts
conditions
our
Lima
at
more
purchasing
credits.
pouring in to
of
countries
Pan-American
United
the
of
survey
to
means
these
products,
resources,
tries
will always continue to be its high purpose.
to realize the
a
meeting
general
of
power
affording
It is not violent,
brute force in its relations with other nations
and to insure security
more
America
future world
any
It has striven to live at peace in the great family of nations
citizens.
own
will not be drawn into this
This country is not
struggle.
nor
we
her
no
the
leading republics in
strengthening
imports
sumption,
of
for the purpose of solving the
be
these
the
long-term
American
development
on
at the conference.
practical
our
for
their
further
part
difficulties and will doubtless
increased
inter-American
of
most
chasing
with
the
on
by
upon
in the history of Pan-Americanism.
will
the
increase
their
so
strong that no foe will dare to attack us.
I hope and pray that
decisions
adviser
impressed
the
era
Except
of
.
must
for
of
return
a
and
a new
result
the
to
in
liquidated
dependent
American
through subsequent
the
together
strengthening of
peace or war.
The greater the threat to democracy in the world, the more necessary it is
continue to be
and
of
greatly
endeavor to devise
that
en¬
forced discipline of dictatorships.
of
askimarks
be
meet
Latin
from
for. South
The
towards
existed
get
of
German
can
hesitancy
development of their financial and economic
upon
than the
situation
economic
an
way of
need
They call for
these
where credits may be frozen.
obtain
to
potential
and restricted
power
or
which
the United
this
potentialities
largely
imports
natural
areas
market.
several
conference
Those principles are very simple and compelling.
an
Germany
tending
was
this
This
mocracy..
is
possible,
trade with
our
The
longer
no
them
made
countries
of
^■/
by
increase
now
turning to
war.
Countries
barter
an
that
volume
accepting
which
and
curtail
Conference,
the
entry upon
de¬
been
a
countries represented
ated
be willing to work and sacrifice for it.
fundamental principles
have
of
war
American
are
The
forced.' to
opportunities
this Nation
exist.
Latin
Reich
and
■' 7.'
system
askimarks
previous
Germany.
difficult
As
in
attempt to weaken in the slightest degree the principles of liberty on which
to
the
ship goods to
a
possibilities that
oppose any
the
widened.
productive
unstable
V-
prolonged
a
supply.
There
the German
governments
re¬
/
uncompromisingly
we must
be
of
in
remains
German
German
principal
materials and other primary products owing to the British
raw
stimulate
to
conceived through strug¬
were
Only through struggle and vigilance will they
vigilance.
tained.
written into
were
be
of
creates
vast
decline
still
self-
exports
throughout
deepened and
by the reduced purchasing
from
may
the
the
with
which
of
temporarily relieved by
With
markets,
during
difficulties.
on
which
at Panama may aid in resolving these
gress
a
inspired by hatred of
was
a
by the rise
investors—the
depression
was
return
products
firms to
inability
pendent
It
in
source
countries
exports
blockade
which American democracy have been built.
on
A
as
be
to
prevented
be estimated by the fact that
may
for
supplies of
American
were
Germany.
trebled
exchange
The
to
agreements
shipment
exchange
ceased
movement
was
unprecedented
an
situation
conditioned
are
American
to the fundamental
The development of democracy in this country was not haphazard.
trade
republics
coffee
of
situation
countries
alternate
the
in my opinion, there can and must be substantial unanimity.
anew
unwise
power.
the end
growth of import restrictions
by
German
of
national policies, however, on which,
First—Every American must dedicate himself
in
larger
a
time—the
a
receiving
from
an
trade
credit
questions on which
many
off
as
sister
it is absolutely necessary that we be a united nation.
may
this
on
American
compensation
States
domestic peace in this crisis
our
in
'' ;:C
exports,
cut
that
at
suffered
economically adjuncts
convention of the State National Guard at
our
Latin
the
scale
huge
a
by
large extent
a
withdrawal
employment,
Superimposed
increasing business but also goodwill.
During the months that lie ahead there
and
unsatisfactory.
get into close contact with shippers with the aim of not only
In order to maintain
United
and
the
transportation
and
and
purchasing
profitable
trade expansion.
such
on'
accompanied
which to
nationalism
world.
international
highways
foreign
of
more
prove
uneconomic
to
return
a
pump
will
borrowing
being
countries,
of the acute competition that the railroads had to face from other forms of
on
forbid
past
plan
At the close of 1930 it was
computed that a total of nearly $8,000,000,000 in foreign bonds and stocks was held by private American investors.
policy covering the present
railroad situation.
Mr.
a
credit
solvent of the difficulties in the
way of
studied the railroad problems were fully conscious of the fact that some¬
a national
as
sound
by Senator Wheeler that the committees that
thing must be done in the adoption of
experiences
loans
One of the best things that came from the many hearings, he said, was
2017
Atlantic
at
City
on
Sept. 20 that the conflict
♦"
between the American Federation of Labor and the
Increased
Between
Trade
American
Foreseen
United
Result
States
and
Latin
United
The
States
should
seek
insulate
to
the
Western
Hemisphere from "the economic consequences that brought
disaster after the previous war," Eugene P. Thomas,
President of the National Foreign Trade Council, said on
such
Sept. 26 in
of
address before the Foreign Trade Committee
an
Boston
the
(Mass.)
Chamber
Commerce.
of
"Greater
economic
independence through greater self-sufficiency,"
he said,
"is a long-term Pan-American policy which, if
adopted and carried through, would in the end be the great¬
est
contribution to peace
am
satisfied
continue
The
Reconstruction
a
long-term
acting
ever,
that
short-term
have shown
and
in
to
enable
it
progress
the Americas could
He added:
make."
I
and
Finance
to
their
are
Latin
Corporation and the
in
a
position
American
to
customers.
Export-Import Bank also
laudable disposition to participate more freely in the medium-
credits
increase
extended
with
the
the capital
effectively to
meet
to
approved
commercial
of
the
the
Organizations is causing
customers
banks.
It
by
is
Export-Import Bank
requirements
of
our
our
exporters,
necessary,
how¬
substantially, to
exporters.
Congress
growing feeling of
a
public hostility toward labor, and that unless that conflict
ended, "there may be an end to the labor movement."
Senator W. Warren Barbour, was one of those who ad¬
dressed the delegates.
Advices from Atlantic City to the Newark "News" of
Sept. 22, in its report of the convention said in part:
is
Prof. J. Douglas Brown of Princeton
University,
during the war period to avoid the possibility of
designed to force
program
Brown
Prof.
creating
a
said
there
labor
has
serious
production in time of national
need."
Federal regimentation
a
greater
discussion
in
production.
Washington of
powers over regulation
emergency.
manner
As he explained it,
similar to that used in totali¬
states.
.
"To avoid this,"
State
member of the Federal
in order to obtain
been
Board would control labor in
industry,
a
Federal Board that would have sweeping
of labor and
the
a
Security Advisory Board, asked that labor cooperate with industry
Social
tarian
American manufacturers
many
accommodations
conjunction
of Industrial
of
European War—
Eugene P. Thomas Addresses Boston Chamber of
Commerce Group
as
Prof. Brown said, "labor
especially in
the
heavy
must
industries,
develop cooperation with
which
would
obviate
the
He advocated setting up of arbitration and mediation boards within
or
industrial districts so that strikes and labor disputes could be
re¬
duced to a minimum in case of crisis.
The
mediation
boards,
he said,
would
give
consideration
to
wages
in
respect to cost of living and production demands as compared with labor's
ability to produce without unreasonable hours.
The Commercial & Financial Chronicle
2018
sufficient
to fully equip, supply, maintain and subsist a
military and naval force of not less than 1,000,000 men for a
period of not less than one year."
The convention on Sept. 22 endorsed City Commissioner
Murphy of Newark for Governor of New Jersey.
Other
proceedings at the final session were noted as fellows in an
Atlantic City dispatch of Sept. 22 to the Newark "News":
A
resolution
approved
called
upon
Republican
the
and
Early
a
labor relations board, an injunction procedure bill, labor mediation, wages
workmen's compensation laws,
vision of the
Naval
industrial homework.
Back Embargo Repeal
"isms"
Foreign
were
as
Federal neutrality act
said the resolution on the subject,
1939
the
and
City
Hoard
Executive
unanimously
was
1940
reelected
convention
in
deal
a
and
and
C
which
foreign export of helium
on
today
national defense.
The American
and
States
The
ditions
near
peace
had reached
last
The
once
with
the
Mediation
in¬
gave no
and
at
Tuesday night and no further conferences have been scheduled, leaving the
Arthur E.
change
with responsibility for the breakdown of negotiations,
on
the
States
in
foreign
a
that
armed
our
would
jeopardize the
■
Drivers,
Chauffeurs and Helpers
Union,
Local
639,
and
senseless and
a
■
meeting under the
"The strike
wages and
hours and working conditions is settled,"
Dr. Steelman said,
:
A jurisdictional dispute between the
v.v'"
.
trucking union and the Operative
Engineers Union is being submitted to the building trades division of the
American Federation of Labor for
principles
indefensible
a severe
Social
being involved in
destructive results of
Britain is united
Crosfield,
past
Legionnaires.
a
war
without subjecting
a
our
prepared
before in its
averred
that
democratic
and the establishment of autocratic
war
involvement in
as never
our
discontent, resentment against our
unrest,
foreign
a
women
could be and might be
foreign war."
war
National Chairman of the
He
of
of freedom and
strain," he asserted in
control under the guise of emergency necessities,
.
one
the United
against Germany, Col. George
British
folk
and
informed the
Legion,
pacifists
were
equally
determined in the Empire's stand against the Nazis; youth had taken the
•
initiative in training itself for
women
had
volunteered
for
duties;
war
raid
air
services.
5
more
than 2,000,000
precautions and other
and
men
civil defense
'''
■
.'jV-
■■
■
.
over
expanded im¬
/.■
of Government.
nation
the
chairmanship of Dr. John R. Steelman, director of the Labor Department
Conciliation Service, agreed to submit their differences to two arbitrators
for decision.
be
millions of young men to be sacrificed aboard on
our
battle, in
..
Association
we
grave
v'-!
social and institutional life to
form
Sept. 26, of the two-week
strike of truck drivers, approximately 3,000 building trades¬
men were able to return to work
Sept. 27. The strikers had
asked higher wages and shorter hours.
Dispatches of the "Washington Post" on Sept. 27 said:
on
Operators
forces
"We must protect and preserve our national interests and
Washington Truckers End Strike
Truck
.Y
neutrality.
our
war
"We cannot send
address
Dump
con¬
American
present
speakers, told the Legionnaires that participation of
our
of the
by the
Congress continue in session during the
dignity of this nation and
the field of
Representatives
recom¬
perma¬
specific legislation may be wholly inadequate in the
democracy.
as¬
gentlemen should."
result of settlement
a
In the present crisis world
pronouncement
a
:*■'
that
They have seated themselves around the conference table and discussed
a
rapidly that
so
future.
points quietly,
As
It has often
William Green, President of the American Federation of Labor and
serting that "all through the negotiations, the U. W. O. C. has been friendly.
as
the
policy on important national problems.
policy of neutrality and peace.
may
several
Raab, Chairman of the Mediation Board, charged the Con¬
company
while' preserving
that,
Associated Press Chicago advices of Sept. 27 discussed
proceedings at the Legion convention in part as follows:
midnight
whole situation just about where it was when the strike started six days ago.
sumers
policy
a
Congress the enactment of legislation establishing
mediately to maintain
this week, after negotiations
Board broke up
pursue
crisis and that appropriate action be taken to preserve the peace, sovereignty
stalemate Monday.
a
conference
the
Therefore, with full confidence in the President and the Congress,
personal effort to bring the opposing
parties together, as he already has done
involved in
The American Legion has always strenuously advocated that this nation
pursue a
It also said:
a
become
We not only believe that this nation need not
Congress
Legion at this time
to whether he would make
the apparently wide¬
American Legion is not a law-making body.
nent or fixed
is awaited.
things before that we had to have patience with," but he
as
the
mended to the
Gov. Dickinson declared that "I'm not thoroughly discouraged yet; I've
dication
inevitably
must
<
<
,
concern
sovereignty and dignity of this nation, will prevent involv ement in this con¬
demand
seen
on
flict.
subsequently halted an ordered runoff election
through court action. A ruling by United States Supreme
standstill.
committee
Sept. 26 by tbe Legion's Foreign
on
nation
Legion
become involved, but insist and demand that the President of the United
A. F. of L.
a
this
present European conflict.
electric service at times since the strike began.
The C. I. 0. union failed to obtain a majority in a National
Labor Relations Board election held last January and the
efforts at
adopted
Legion views with gravest
belief that
spread
statement maintained.
No widespread interruption of service has resulted from
the strike although several communities have been without
Sept. 28 reported
by the
Legion's standing
those recommended by the
were
The resolution
company
on
'
Relations Committee said:
(American Federation of Labor). The company is power¬
less to bargain collectively with either group until after one
or the other has been designated as the legal bargaining
agent,
Press"
Board.
Railway Mediation
Substantially, the national defense resolutions adopted
ers
Free
ac¬
Congressional action to create a Maritime Mediation Board similar to
the
insisted that the strike was the outcome of
dispute between the Utility Workers Organizing Committee
"Detroit
by the Post Office Department to
of aviation.
in the American merchant marine.
and the rival International Brotherhood of Electrical Work¬
now
all phases of aviation tech¬
Enactment of legislation "to restore, preserve and maintain discipline"
The company
The
gas.
courses to cover
Expansion of air-mail schedules
mands.
Court
'-'y.
.
celerate development
called
■c
Broad expansion of an aviation program.
by the Utility Workers Organizing
Committee
(Committee of Industrial Organizations) at
plants of the Consumers Power Co., large Michigan public
utility company Sept. 23 after negotiations conducted by the
State Labor Board had collapsed with the company's refusal
to accept mediation by the Board of the union's wage de¬
a
Y'VV
v's
material;-;-v
Ban
Utility Strike in Michigan Continues
a
other stratetic
Accumulation/)! a stock of war reserves of critical and strategic supplies
niques.
was
such
at
requirements of the fleet and the merchant maritime naval auxiliary
Expansion of pilot training
strike
and
weeks' active duty afloat and 48 paid armory drills a year.
obviated need for an election.
A
Islands
Wake
Appropriations for adequate naval and Marine Corps reserve, with two
Dictatorship,
:v..y'v:;V,\
Newark for the
chosen over
was
and
Guam
at
in any emergency.
prejudice
is "alien, unchristian and contrary to
the cause of labor,"..
Atlantic
re¬
to meet
bigotry
spreading
destructive effect on liberty and democracy.
and having a
bases
Rehabilitation of privately-owned shipyards, particularly on the Pacific,
■
denounced
both coasts
points as may be requested by the Navy.
President Roosevelt's proposal to repeal the
ceived unanimous approval.
>i,'-V.Y;'
/v-
A navy second to none, capable of simultaneous defense of
against any possible grouping of aggressors.
adequate appropriation for its enforcement and legislation restricting
an
Y. V;:;..;
;
Department of the organization of an Alaskan
National Guard.
women and children with
of great
Alaskan international highway as
of the
construction
Consideration by the War
five-day week for all public
a
advices said:
strategic military value.
and hours Jaw, extension of unemployment compensation to all workers, re¬
employ.es, an adequate minimum wage law for
same
Making the Panama Canal Impregnable.
These
expresion of party principle on legislation that would provide for
an
The
Cther items of the militant defense program adopted included:
Democratic
parties in the Stare to give specific statements on 10 labor questions.
include
Sept. 30, 1939
settlement, Dr. Steelman said.
Only building which may be slowed by the jurisdictional dispute is that
Raymond J. Kelly, Corporation Counsel of Detroit, was
elected National Commander of the American Legion on
Sept. 28.
Mr. Kelly was chosen unanimously to succeed
Stephen F. Chad wick of Seattle, after two other contenders
for the office had withdrawn.
for the Social Security Board and the Railroad Retirement Board.
Chief matters to be considered by the arbitrators
for
a
15-cent hourly increase,
the eight-hour day,
are
the union demands
and determination of
overtime payment.
"
+.
'Economic Consequences of War" Discussed by Murray
Shields of Irving Trust Co. of New York Before
United States Building and Loan League—Calls
Attention
American
Legion
in
Annual
Convention
Urges
Con¬
tinued Session of Congress During
European War—
Approves Resolution Calling for Strict Neutrality
The Foreign Relations Committee of the American
Legion,
which held its annual convention in
Chicago this week, voted
unanimously on Sept. 26 in favor of a resolution urging
Congress to continue in session throughout the European
war
crisis.
The
Committee, however, did not make any
specific recommendations regarding neutrality legislation,
although it advocated that the President and Congress pursue
a
policy designed to keep the United States out of the
European war. The convention od Sept. 27 approved the
resolution of the Foreign Relations Committee
urging strict
neutrality, but taking no sides in the arms embargo question
before Congress.
The convention, according to Chicago
advices Sept. 27 to the New York "Herald Tribune"
urged
on Congress the immediate
adoption "of a program complete
in every detail and calculated to have
continuously on hand
a sufficient supply of all raw and manufactured materials—
to
Observing that
nomics and
tember 1
of
Temporary Nature of "War Booms"
"all
of
individual
the
problems
business have been subordinated
to the
of
eco¬
since
Sep¬
larger problem of the economic effects of
the European war on the United States,"
Murray Shields,
Economist of the Irving Trust Company of New York stated
on
Sept. 28 and added:
Great
of
wars
wholly
the
new
pre-war
certainty.
the
mean
eras;
period;
Since
new
of
peacetime
generally
alter
they almost always
these
necessity of reappraising
ing to the
end
they
things
our
involve
we
a
the
and
trends
and
beginning
tendencies
of
heavy
injection of
un¬
faced
today
the
are
with
economic situation and reorienting our think¬
conditions and the
Mr. Shields address
true,
are
economics
the
was
new
assumptions of
time economics.
war
delivered before the annual Con¬
vention in Atlantic
City of the United States Building and
In part, he said:
Loan League.
It must be obvious that
begun that it
and
is
difficult
magnitude of
ceive.
There
are,
any
we
if
know
not
war-order
however,
so
little about the
impossible to
stimulation
certain
factors
gauge
which
which
war
which
has
accurately the
this
country
should
play
just
form
will
an
re¬
im-
Volume
portant
tion.
role
in
determining the timing and amount of
such stimula¬
any
Certainly if
we understand these factors, we should be better able
the economic significance of military and political developments
to appraise
as
The Commercial & Financial Chronicle
149
they
v':■:
occur.
The first of these factors is the Neutrality Act.
In the event that the
embargo is not repealed, wartime export demand should be felt mainly in
the
materials
which
are
for
the
that
of
of armaments and
in wartime.
necessary
direct part
production
demand
Repeal of the neutrality embargo should
directly into the munitions industries.
While
the total amount of purchases might not be
greatly different in either case,
the impact of war orders
may
The second of
nations.
A
nation
at
needs
kets
normally dependent
that
will
prevent
to
this
on
it
and
the
If
the
well
Baltic
by
goods
of
out
the
with
as
but there is
blockade
We
of
will
is
so
certain
in
primarily
it
just
other
serves
heir
subjected
the
countries
to
as
well
a
good
to
to
blockade.
a
Mediterranean
business with
foreign
our
believe
to
designed
blockade
to
as
gain
its
mar¬
the United
reason
probably fall
nations
the
foreign
to
trade gain to
of
warring nation,
a
goods.
business
nations,
well
as
producing goods to meet
supply goods
to
a
might
be
as
South
large
very
indeed.
In
The convention adopted other resolutions
opposing branch banking across
State lines, any attempt to use Federal examination of banks
of credit
contiol,
Federal insurance
business and plans for creation of
a
or
y
reaffirmed
faith
in
an
approach to
Federal bonds
as
the
third
yield
place,
purely
the
in
war
domestic
Europe
stimulation
create
may
to
situation
a
industries.
our
If
the
which
The Associated Press further said:
The resolution,
asserted
the
features of
"avenues of escape still remain open in
causes
States,
to
recover
eliminated.
Government
our
the
of
one
business
been
result should be
chief
And
if,
as
accelerate
to
factors
than
more
responsible for the
it
has
the
likely,
seems
its
in
past
the
stimulating to trade and especially
years
European
rearmament
own
failure
few
war
in the heavy goods
so
industries.
Finally
we
are
the
terms
there
business
is
uncertain
on
and conditions of
to the economic
directly traceable
more
ground
in
dealing with
modern
repercussions
warfare
of
war
purchases
structive effect of modern
belligerents."
simply
do
know
not
and
to
evacuate
transportation
to
have
in
industrial
one
assuming
or
nations
greater extent than
In
his
It
remarks
brought
at
the
the
is
find
it
of
as
de¬
production
have
of
range
production
destruction
we
to
and
schedules
justified
are
necessary
the
into
production
that
depend
in
to
a
foreign markets.
on
Shields
called
attention
the
to
fact
that "the long run implications of warfare are far less
pleasant to contemplate," but, he said, "we will be making
mistake
a
if
deserve."
In
fail
we
He went
conclusion
I
want
to
give tliem
to
on
refer
to
the consideration
they
in part:
say,
briefly to
these
of
some
of
is
heavy
that
form
a
business
drawal
boom
war
is
of pump-priming
well
as
as
orders
war
of
a
such
the
steps
economic
by
nature
long
Government will
taken
not
are
temporary.
of foreign rather than
Im¬
run
War
domestic origin,
be negligent if
cushion
to
orders
the
in the period
inevitable
with¬
stimulation.
problems
which
the
stimulated boom cannot solve
war
a
nation
has
faced
during the past de¬
only temporary relief from the
cade of depression.
A war boom can give us
problem of creating a business environment in which private enterprise can
function, the problem of stabilizing labor-business relationships, the problem
of balancing our Federal
budget, the problem of agricultural readjustment,
and the basic problem of tbern all,
Third,
does
namely, the problem of unemployment.
ought to keep constantly in mind not only that a war boom
we
solve
not
problems
into
the
to
markets
abandoned
wartime
readjust
markets.
porary
flict,
shall
The
We
face
first
from
6hall
our
make
peacetime
a
face
an
war
even
added
loss
it
to
finance
We
shall
the
risk
trials
increase
will
and
be
more
If
the risk
tribulations
If
of
we
In
deflation
of
and
President of
Hanes, Under Secretary of the Treasury, succeeds
Philip A. Benson, President of the Dime Savings Bank of
Brooklyn. P. D. Houston, Chairman of the Board of the
American National Bank of Nashville, Tenn., was elected
First Vice President of the Association and H. W. Koeneke
of Ponca
City, Okla., has become Second Vice President.
Koeneke, who is President of the Security Bank of
Pcnca City, was President of the State Bank Division during
the past year.
The executive committee of the Association
decided upon Atlantic City as the place for the 1940
Mr.
convention.
The economic policy commission in its report presented
by its chairman, Col. Leonard P. Ayres, Vice President of
the Cleveland Trust Co. stated that "clearly the nature and
importance of the effects which the European war may have
on our
economy will depend on such unforeseeable factors
as
the duration of the conflict, and on the nature of the
consequences to the participants." The report went on to say:
vast
difficult
shall
we
most,
meet
to
of
These monetary resources
sirable
forms
of
another great
new
speculative
war
activity.
.
marks the beginning of
credits and the expansion
of existing
special prudence and thoughtful care."
.
a
ones
The
condition
that
prevails in the United
we
use
less
case
we
may
when
far
we
the
world
now
expansion,
orthodox
have
is
methods,
face
to
goes
the
back
to
peacetime operations.
will have to face a very real disaster.
The great war that is going on now says to our
Commission
Granting
of
New
War—Resolutions
Any
Urges Prudence
Credits Incident
and
Pledge Association
"Excessive War Boom"—Stand
At the concluding session on
to
on
Care
in
European
to
Restrain
Tax Law
Sept. 28 of its annual
conven¬
tion at Seattle, Wash., the American Bankers' Association
adopted a resolution in which the Association expressed itself
as
"fully cognizant of the dislocations which can occur in
our national economy due to war conditions abroad, and the
responsibilities which increasingly rest upon the shoulders
of every banker as the custodian of the funds of the people
of our country."
The Association pledged itself "to spare
no effort or means in our power, in meeting conditions as
they may change from time to time, to the end that our
Nation may be able to maintain a sound and stable economy."
According to United Press advices from Seattle the reso¬
lutions committee reported to the convention it had found
Government and to our
people in no uncertain terms that they must get together and
This requires rascinding or
correction and clarification of ail the laws that prevent the
of private
take such
industry in the United States or we will be
sound functioning
enterprise that are in existence today.
Continuation of the Nation's system of individual, locally
banks as the best means of serving the credit and
owned
banking needs of the public was predicted by Dr. Howard
H. Preston, dean of the School of Economics and Business
of the University of Washington, in an address before the
National Bank division.
Dr. Preston spoke on "Social
Implications of Banking Changes."
Annual Convention of American Bankers' Association
—Robert M. Hanes Elected President—Economic
Policy
budget is
have
tem¬
difficult
more
credit
States today, under which
nearly ten millions cf persons are unemployed and the Federal
running huge deficits from year to year, must be corrected immediately or
of financial readjust¬
debt—but from a base
a
■>
Dr. Kent said in part:
unable to hold our own in the world turmoil.
from
should be conducted with
appeal for the Government to cease excessive spending
and regulation of business and to correct and clarify laws
restricting private enterprise was sounded on Sept. 26 by
Dr. Fred I. Kent, a director of the Bankers Trust Co., New
York, in addressing the savings division of the Association.
own
debt base which
outbreak of
An
con¬
a
tragic
"
the
war
The
.
our
our
used in
period in which the granting
bring
problem
might easily be
unduly rapid price advances, and foster unde¬
from
these
such
reserves.
that would product
should participate in
a
If
later,
not
demand
excess
ways
action as is necessary to restore
from
either
to
Later
if
It will be
war.
war
finance
inflation.
greater.
of
we
it
brings new
adjusting our in¬
facilities to
more
difficult
another expensive
still
many^
of
$25,000,000,000 to
$40,000,000,000.
over
problem
that
belligerenif.
much
basis.
but
belligerent*
production
$1,000,000,000 at the start of the
malter
well
the
the
the
to
expand
problems,
the
temporarily by
we
we
last
economic
demands
economy
if
back to
we
ment.
of
our
And
demands
economy
Nation's
being.
dustries
to
stifle
John W.
of
Second, it should be realized that
the
as to
"We have in this country huge volumes of nearly idle bank deposits and
first
represent
and
high
Robert M. Hanes, President of the Wachovia Bank and
plications.
The
so
hinder business activity."
to
the Association at the closing session of the convention. As
President of the Association Mr. Hanes, who is a brother of
industry
to
disorganize
however,
may
of
production,
within
seem,
war
Mr.
of
volume
out
men
day
per
would
before
ever
of
the
to
means
centers
raids
air
more
it
millions
the
facilities
plants.
that
what
to'take
or
hint
a
goods production by
on
initiative
Trust Co., Winston-Salem, N. C., was elected
As to this, he said:
warring nation
force,
warfare
While advocating that "taxes should be paid by all who are able to pay
them," the bankers cautioned that "rates should not be
While
give
States
Government."
our
time the bankers called for curtailment of many government
matter,
factor "likely to affect the
a
in the United
same
"brings
obligation willingly to contribute
the
this country*
on
According to Mr. Shields
volume
to
as
At the
an
war.
phase of
such
are
the
to
this
resident of the United States
expenditures and elimination of many types of public projects.
the
program,
the tax-exempt
"Continuance of individual freedom in this Nation," it added,
through taxes to the financial support of
United
armed
certain directions,"
Government, State and municipal bonds.
domestic
a
-
adopted before adjournment of the annual convention
the
have
■'
and
Association, according to Associated Press advices
yesterday (Sept. 29) stood committed, through
carefully worded resolution, for "full consideration of
equitable measures for progressively narrowing and finally
closing avenues of escape from sharing the tax burden."
of
We
investments,
a
in
in
of all
The
to every
the
safest
from Seattle
Europe brings increased cooperation between business and the Government
will
by the
V.''
..
balanced Federal budget,
a
sought strict economy in State and Federal Government.
in
war
means
to small
system of capital credit banks
Government.
Other resolutions called for
a
as
of bank loans
guarantee
and leaders of the Association said it was aimed directly at
the
will
These advices added:
foreign markets by belligerent
full
The amount
While
broaden
to
were
the
America
of
foreign
individual industries.
be overestimated,
substantial.
export
hands
continue
it.
on
can
the
war
as
account
import
of
readily
the
prevent
portion
cannot
be
has its
war
own
States
between
vary
these factors is the loss of
evidence that a war boom is in the making, and
suggested that "the policies of American banking should be
resolutely directed toward restraining any excessive war
boom in trade,
industry, agriculture, or the security market."
non-munitions
the
in
2019
little
some
Citing the beliefs of
economists that
be taken over by
Government
should
structure
the entire banking
Federal agencies in
Washington, Dr. Preston said:
Businessmen
are
generally opposed to government ownership of banks.
The history of government
influence
credit-granting shows the dangers of political
and stands as a strong deterrent to a complete transfer
control of credit from private
It
must
be conceded that the public interest is paramount.
responsibility of bankers to show that this interest can
retention of the private
The
of the
institutions to public hands.
It is the
best be served by
administration of credit.
supply of idle money in the Nation's banks is due in
part to the "cheap money" policy of the Federal Government,
O. Paul Decker, Vice-President of the American National
Bank and Trust Co., Chicago, 111., told a round table con¬
ference
as
one
on
bank investments and mortgages held on Sept. 27
of the features of the convention.
statement,
a
Mr. Decker's
part of a discussion on "Investment Problems
Confronting Trust and Savings Departments of Banks
Today," was in reference to the low rates of interest paid by
the Government to investors in treasury securities.
He said:
The Commercial & Financial Chronicle
2020
The
"cheap money"
Federal
of the
policy
produced in
banks
all
the tremendous supply of excess reserves under which
part
He cited the low interest rates received by the banks on
as one of four problems which bank savings
their investments
and
trust
departments are solving in order to protect the
money of their savings depositors and to provide income for
beneficiaries of trust funds set up by bank customers.
Expressing confidence in the future of American banking,
H. Donald Campbell, President of the Chase National Bank
of New York said, in an address at the convention on Sept. 27:
The financial power of the United States is held by the customers of some
14,000
banks
scattered
neighborhood
bank
all
farming
in
the
over
ranging in size
country,
communities
the
to
from the
metropolitan
the
by Senator Wagner's
study
This vast network with
and almost every
for the worthy borrower, whether large
season
or
his
perhaps the most significant statement by Senator Wagner was
"That,
of the Federal Reserve
devotes consider¬
will recall, is the report in which the Board
you
what it characterizes as 'confusion
able space and emphasis to a dicussion of
and conflict of authority' in the field of
bank supervision.
Sees No Interference
"Presumably
Committee
the
'confusion and
conflict
to
the contrary,
duced
is
fore
a
operations of the banking system.
proper
mistake
grave
be pro¬
do
of bank supervisors in this country
to
agencies
because two
that
assume
possess
there¬
identical authority for a particular purpose, conflict must
or
arise
that the
whether
of
from the activities
I venture to say that overwhelming evidence can
not interfere with the
"It
actually results
Despite the charges which have been made
that the activities
show
to
question
the
consider
will
of authority*
of bank supervisory agencies.
similar
14,000 outlets makes it possible in almost every
which
Mr. White said
committee,
System for 1938.
banks
situated in the centers of industry and commerce.
year
authorized
that
reference to the report of the Board of Governors
labor.
1939
30,
Referring to the discussion in the Senate relative to the resolution
Government has aided in
forcing interest rates to the low levels reached in July this year and has
Sept.
the
in
fact
'subject
bank is
a
of such
exercise
We
authority.
know from experience
to examination by more than one agency
small, to get a loan when he needs it, irrespective of the bias or predilection
does not necessarily result in confusion or conflicting supervisory measures.
of any
On the contrary, I believe that many bankers feel that the
individual banker.
industry and
commerce,
large and small, have
What this has meant to the growth of American
man
no
usually outweighs any disadvantage which may occasionally result."
trials; of the present will recede far into the
We also quote
It seems to me that the functions
from Associated Press advices of Sept. 22
City:
from Salt Lake
business of the country.
vital and essential in the conduct of the
too
conse¬
advantage to be
gained from two expressions of opinion with respect to their institutions
The work in which we are engaged is much
memories.
our
Banks, both
justly appraise.
ever
future in this country and a future of such
a
quence and significance that the
background of
can
performed by the American banking
of State Bank
The National Association
Supervisors resolved today to
system are of such paramount importance to the economic welfare of the
combat any extension of Federal savings and loan associations at
country that they have to be continued.
session of
Commercial
banks
in
alone
not
are
the present national monetary
experiencing the
The
policies.
permeated the entire economy.
"easy
money"
policy
has
The thrifty and prudent have been penal¬
ized through its effect on the return from their savings and investments.
Millions
they
of individuals
to
carry
families
their
protect
for life insurance
paying more money
are
and
dependents.
Universities
and
reduce salaries.
tax upon
In
all who
levels.
The
"easy money"
policy has constituted a
capital, whether much
possess
opinion,
my
interest
Existing rates do not represent
the demand for long-term funds.
For
a
D.
John
Mr. Bates previously was First
Presidency.
Hospelhorn,
Bank
Deputy
of
Commissioner
Maryland, became First Vice-President.
Also elected were Irving A. J. Lawres, aide to
New York's Superintendent
Secretary, and Edward A. Wayne, Chief Bank Examiner of
of Banks, as
South Carolina, Treasurer.
Selection of next year's convention city was
delegated to the Executive
Committee.
pegged
their
at
Mr. Lawres spoke on "Civil Service and State
present
equilibrium between savings and
an
elevated D. W. Bates, Iowa's Superintendent of
bank supervisors
Vice-President.
heavy
little.
or
remain
cannot
rates
the closing
convention here.
Banks, to the Association's
which
endowed institutions have had to curtail essential services, increase charges,
and
The
of
consequences
a
time, the true situation has been
He
convention.
said
the
problems
Bank Supervision" at the
of government were
at
least
as
im¬
therefore
portant and as difficult of solution as those of industry, and that
disguised by government deficits, by the financing of these deficits through
government should
the banking system, by the swelling of bank deposits, and by the growth in
share
of
competent
excess reserves.
made
to
persuade the country's most able university graduates to make
■
In stating that "the recent trend cf business
been encouraging," Mr. Campbell said:
I believe it will not only continue to improve
will also receive
a
very
of its
decided impetus from the
activity has
own momentum,
new
but
conditions prevailing
abroad since the early part of this month.
'
."
,
'• ,Vl'-
' '"V'
(
'
" ■
;
''
]
•, '
'
,
employees.
business and the professions for a fair
He declared that little effort had been
career.
"Highly qualified
men
and women have entered the Federal and State
service to do work in the sciences," he
said, "but in general the most promis¬
ing of our educated youth have not
been attracted to the non-technical,
administrative
medicine
'
their
government
with
compete
"For
'''
branches
of
the
They
service.
have
has
it
reason
some
always
been
regarded
as
adequate salaries in top-ranking Government positions.
National
Association
Holds Annual
of
William
R.
of
Supervisors
State
Convention—William R.
Leo T. Crowley Among
Banks
White and
impossible
The
same
to
pay
legisla¬
body which appropriates millions of dollars for a new project would
give scant consideration to
or
State
business,
proposal that the director, who is expected to
a
spend the appropriation wisely, should receive an annual salary of $20,000
Principal Speakers
White, New York
tive
preferred
corporation law.
or
Superintendent of
$25,000 "
Banks, told the annual convention of the National Associa¬
tion of Supervisors of State Banks at Salt Lake
Sept. 21 that
a
City
on
Convention
study of national monetary and banking
soon be started by the Senate Banking and
Currency Committee will be of vital interest to the public.
warranted loans for
war-inspired industrial expansion.
In
a
summary of Mr. Crowley's address, a dispatch of Sept. 20
from Salt Lake City to the New York "Times" said:
In
the
belief that the
European
war
courage expansion in this country, Mr.
not
to
unjustified
permit
Joans
reasonably be expected to
can
which
could
consequent collapse when the war stimulant
tem,
lead
wears
to
position through
the
close
overexpansion
and
The banking sys¬
off.
he said, is in excellent condition today and can
strong
en¬
Crowley urged supervisory officials
be maintained in
a
cooperation and careful supervision of
State and Federal agencies.
Both
State and
Federal supervision of banks in past years was sharply
critized by Gurney P. Hood, President of the Association and Commissioner
of Banks for North Carolina.
clared,
depositors
or
more money
The record of bank failures, Mr.
that supervision
proves
stockholders.
has
been ineffective in
Hood de¬
protecting
either
He cited examples of banks permitted to invest
in bank building than their entire capitalization and to increase
the valuation of their
His criticism
buildings to avoid showing impairment of capital.
directed to the period prior to establishment of the FDIC,
was
but, he added, unless State and Federal supervisory agencies cooperated
wholeheartedly, the evils of the past would survive.
•
.
For
the
future,
Controller of the
duties
to
the
Mr.
Hood recommended abolishment of the office of
Currency and transfer of all Federal Bank supervisory
FDIC,
semi-annual
examination
national, with the banks bearing the cost of
one
of
all
banks,
State
and
examination, and uniform
supervisory procedure throughout the country.
Delegates from 37 States
systems
were
in the best
condition in years and said their relations with
Federal supervisory agencies
it
were
satisfactory.
of
Commerce" reported
.
.
Mr. White's speech
.
.
\
as
..
Referring to the right of the Committee
to call upon agencies of the
Government to assemble and present evidence relative to the
investigation,
Mr. White continued:
Sets Conditions
a
fair and careful study.
"I have in mind that no
Committee,
or
one
agency
If the
its
should be given special access to the
under the guise of rendering technical assistance,
own
be
per¬
preconceived theories of banking and monetary policy.
Committee accepts evidence offered by any Government agency,
it should do
so
with the knowledge that no one organization is in command
of all the facts to be considered and that
expect advice
on
all fields of
held
Architects—
convention
the American
of
Institute
of
in
Washington this week resolutions were
adopted indorsing the Federal investigation of "rackets" in
the building industry, urging a study of means for improving
the relations between capital and labor, and urging further
liberalization of the policies of the United States Housing
Authority governing public projects. The Producers Coun¬
cil of the National Association of Manufacturers of Building
Materials and Appliances, which met in conjunction with the
architects, adopted a resolution on Sept. 27 pledging its
members to oppose profiteering or undue price rises under
the new conditions brought about by the European war.
From the Washington "Post" of Sept. 28 wre take the fol¬
lowing concerning the session held Sept. 27:
A
warning that the American building industry may suffer disastrously
from the European war and an architect's view of the fundamental prob¬
lems of the
highlighted yesterday's session of the American Institute of
war
Architects convention,
Cordell Hull
symbol of
was
peace
Secretary Hull's
last night
during which
a
message
read greeting the "great
message was
as
"a
read at a dinner in the Mayflower Hotel
by James Clement Dunn, adviser on
State Department.
International
from Secretary of State
profession of architecture"
and constructive effort."
political relations of the
The Secretary welcomed the foreign delegates to the
Congress of Architects, which was canceled because of the
and urged them to take advantage of the opportunity "of making a
personal examination of architectural developments in other sections of the
country."
■
.
no one
following regarding a report of the Institute's com¬
mittee on housing, calling for the erection of 10,000,000 new
homes over a 50-year period to provide "decent housing for
all the poor" is taken from a Washington dispatch of Sept. 25
to the New York
"Journal of Commerce."
"The cold fact is that
period of time
a
comprehensive program of housing over such
citizens is
proper
so
low
agency is
qualified to offer
banking and bank supervision."
a
is necessary to provide decent housing for millions not so
as
because the income of large numbers of our
to make it
as
impossible for them either to own or to rent
living quarters," said the Committee
"Such legislation
mitted to shape the course of the
investigation or to select and array facts
to support
annual
the
housed faces failure largely
"There is no reason why data should not be obtained in this manner
subject to certain conditions which I am sure the Committee will impose
in the interest of
of
The
A Salt Lake City dispatch Sept. 21 to the New York
"Journal
follows:
At
Architects
war,
and Hawaii reported that their State banking
Institute
Adopted Approving Federal Inquiry
of Building Industry and Urging Unity of Labor
and
Capital—Producers
Council
Opposed
to
Profiteering
policy which will
Earlier, Leo T. Crowley, Chairman of the Federal Deposit
Insurance Corporation, warned the delegates against un¬
American
of
Resolutions
as
was
.
proposed and defeated in the last Congress,
particularly the subsidy provision, would make decent housing for this
group
attainable.
Housing should no longer be regarded as a means of re¬
employment nor based on emotional
The cost of
thinking."
housing is definitely tending toward the retarding of the whole
building ihdustry and there is ample evidence of rackets in the building
industry, the report declared
"Full realization of demand for housing to be
prise and an efficient use of funds for
supplied by private enter-
subsidized housing will be attained
Volume
The Commercial & Financial Chronicle
149
only when each and every item of building cost has been reduced to
able level," it was stated.
"Obstructive and obsolete local housing laws and codes
road to amendment.
High hurdles
due to the persistence of
to low cost
the
on
will remain in land costs,
speculative rather than
a
a reason¬
be
seem to
investment attitude
an
toward real estate, in the cost of materials, and in the costs of
labor, and in
high interest rates, which, in truth, affect resulting taxes."
Northeastern
Hurricane
Last Year Was
"America's
Costliest Disaster" Says Travelers Insurance Co—
Loss Put at $400,000,000 and 680 Lives
The hurricane which
the United
est
States
coast of
swept over the Northeast
Sept. 21, 1938,
on
"America's costli¬
was
disaster," the Travelers Insurance Co., Hartford, Conn.,
said
Sept. 19, listing the deaths it caused at 680 and
estimating property damage at $400,000,000.
The following
on
regarding the company's statement in
the Hartford
"Courant" of
is from
the matter
Sept. 20:
caused
450
deaths,
the
said.
company
Next
from
the
of
standpoint
property damage came the Chicago fire of 1871, which caused $200,000,000
damage and took 200 lives. v
V'-' :■ ' U: :
The
Galveston, Tex.,
damage
estimated
370 lives
The
date
to
by
and
by
damaged
caused
The
6,000 deaths and property
Florida
hurricane
of
took
1926
estimated
trade
that
by hurricane
in
hurricane
indicated
covered
was
$13,000,000
approximately
companies
journals
that
by
damage
5%
only
has been
of
the
same
The
land
as
the
result of
a
hurri¬
the
disclosed.
company
following regarding salvage work in the New Eng¬
hurricane
the
to
disaster,
The
New
Federal
to
resources
hazard
is
area
York
from
Boston
a
dispatch,
Sept.
21,
"Times":
Government,
with
cope
through
the
job.
the
Forest
Congress
Servfce,
appropriated
marshaled
its
$5,000,000
for
reduction, and through the Reconstruction Finance Corporation the
Loan Corporation arranged to advance needed funds to the
Surplus
Disaster
Commodities
Timber
eastern
From
all
task were
acres
a
towns
their
the
selected
United
from
completely
the
States
Forest
tangled
vitally
timber
of
within
mass
concerned
in
Service.
New
Corporation
down
wreckage.
the
disaster,
familick
200.000
on
account of the
special Con¬
Governor Lehman asserted in an address
that the choice before the world does not lie between Nazism
and Communism, but between
His further remarks
of
dictatorship and democracy.
reported as follows in "The Sun"
were
Sept. 29:
The urgent
.
question in the United States, Gov. Lehman continued, is
how to solve our own social and economic
principles, which
problems upon purely democratic
being abandoned abroad.
are
"We must prove to our own people and to the world at large that democ¬
Governor continued.
machine of government
but
a
living thing," the
"We must prove that its soul is the soul of its people
and that it grows and develops to meet the needs and wishes of its
citizens."
"So long as democracy remains live to the demands of its people, so long
will it
and
continue to remain
our
responsibility to
"The United States
assert human
the
for the
Nine
North¬
find
to
home
"■
■
.
formidable
hundred
30,000
equivalent
About
England went down in
600,000
and
four
lost
owners
five
could
of
rights, and
the only true Government.
as
see to
was
It is
our
duty
it that it does so remain."
not founded to
our
of
Floyd
Planned
flag
provide wealth
means an
Gibbons,
to
but to
or power
heroic enterprise of man's spirit
Reporter—Had
Veteran
Cover Present War in
Europe
Floyd Gibbons, well known war correspondent died on
Sept. 24 at his farm in Cherry Valley, Pa., after a heart
attack.
He was 52 years old.
Mr. Gibbons, who had had
extensive service during the World War in France, had been
preparing to return to Europe to report the present war for
the Hearst organization.
A brief biography of Mr. Gibbons,
as given in the New York "Sun" on
Sept. 25, follows:
The death of the veteran reporter,
in the world
in
war
who
wore
a
patch over an eye lost
France, cut short his intention to return to Europe to
the current hostilities for the Hearst organization.
cover
Mr. Gibbons virtually had retired after an eventful career and had
living the life of
a
gentleman farmer at
a
died
make
times
the
loaded
freight
comfortable five-room
annual
of
cut
timber
been
place he purchased 10 miles from
It was there that he
suddenly in the midst of plans to return to active newspapering on
the most exciting front.
He capped his busy career as a radio and movie
star of the Hearst papers
"short" producer, detail¬
He roved the world as a by-liner
ing his adventimes and those of others.
and its affiliated International News Service and
■;
350,000
blow.
one
Death
shipwrecked and wounded along the way.
was
the
was
capable
They arrived
of
logs, which if turned into lumber
for
that
most
v■
blown
unable to attend
was
gressional session.
Stroudsburg, Pa., and dubbed Cherry Valley Farm.
men
woodlots.
homes
in
establish
to
Salvage Administration.
over
were
The
cars
Corporation
that he
property
have been paid in the amount of $300,000, and thus far
approximately
has been paid in life and accident insurance claims attributed
the
former Governors Alfred E. Smith, Charles S. Whitman and
Nathan L. Miller.
President Roosevelt, also a former
Governor of New York, sent a telegram
expressing regret
paid
Surveys
claims.
$125,000
to
New York State Day at the New York World's Fair was
celebrated yesterday (Sept. 29) with the official delegation
headed by Governor Herbert H. Lehman, accompanied by
insurance.
Property damage claims against the Travelers
cane
Day Celebrated at New York World's
Fair—Governor Lehman Heads Delegation
of brotherhood."
$76,000,000.
insurance
insurance
1900
$30,000,000.
at
cost
Travelers
tornado in
New York State
racy is not an insensible
The nearest approach to "the big blow of Sept. 21, 1938," was the San
Francisco earthquake and the fire in 1906, which cost
$350,000,000 and
2021
Mr. Gibbons first made
a name
for himself
he reported Villa's raid on Columbus, N.
as a war
correspondent when
He later
M., in March, 1916.
accompanied Gen. John J. Pershing on his dash into Mexico on a punitive
expedition.
Salvage
On
its
first
anniversary the
the
First
Year
Emergency
As
Project reports
salvage work and 40% of the hazard reduction completed.
tion cost of only 3.9% is reported.'
67%
of
the
An administra¬
an
aftermath, he wrote
extensively in
to
the
disaster
was
made
in
widely-published series of articles disclosing
campaign for universal military training in the United
a
States.
i
He became
Reference
a
poorly-equipped State troops on the Mexican border, which later was quoted
these
columns
Oct. 1, 1938, page 2027.
As
a
London correspondent for the Chicago
a
passenger on
account of the disaster in which
New
York
World's
Fair
Admission
Price
to
50 Cents for Closing Month
The admission price to the New York World's Fair was
reduced by the Board of Directors on Sept. 26 from 75 cents
50 cents daily.
The new rate will take effect Monday,
Oct. 2, and remain in effect until the Fair closes on Oct. 31.
to
The present rate of 40 cents after 8
p. m.
will remain
un¬
admission
reduced
on
fee
Mr.
cents admission had been in effect.
In announcing the reduced admission price,
Harvey D.
Gibson, Chairman of the Board of Directors, said:
The very large attendance on ^Saturdays and
Sundays when the 50-cent
admission charge has been effective and the comparatively small attendance
other days of the week when 75 cents has been charged convinces me that
on
there
for
are
great numbers of people In New York who want to visit the Fair
50 cents, and
who
may
not have the same urge at
75 cents.
Many
cannot, or prefer not, to come on Saturdays and Sundays.
During
October,
under the
arrangements
new
exhibits
with
open
an
Gibbons
paper
Philadelphia
George W. Edmonds, who served in the House
Sept. 29:
First elected to Congress from
five
the Fair pretty
more
terms
1934 went awry when he was defeated by J.
attempt in
term
day at the
Daly, Democrat.
V.
8 p. m.
■'
■
'
.'v'-
.
..
40 cents after
Mr. Edmonds
'
chosen
Benjamin M.
but his eighth-
the fourth district in 1913, he was
by Republican voters before losing to
Again in 1932 he went to Washington,
1924.
thoroughly after work and school in the late afternoon and evening each
or
of Re¬
presentatives for seven terms from the Fourth Pennsylvania
District, died on Sept. 28 in Jefferson Hospital, Philadelphia.
He was 75 years old.
Mr. Edmonds was a vigorous worker
for the Port of Philadelphia and was manager of its Ocean
Traffic Bureau from 1927 to 1933.
He began his political
career in 1896 when he was elected to the old Philadelphia
Common Council and served until 1903.
The following ac¬
count of his life is from the Philadelphia "Inquirer" of
week,
see
He began his news¬
sentatives Seven Terms—Long a
Golder in
people who have gone back to school, to
He at¬
1887.
D. C., July 16,
University.
Edmonds, Served in House of Repre¬
Worker for Port of
W.
G.
of
Death
for
heretofore week-end admission of 50 cents,
born in Washington,
work on the Minneapolis "Daily News" in 1907.
hour longer, there will still be an opportunity for those who work during the
or young
was
tended Gonzaga College and Georgetown
for
Saturdays and Sundays had been
July 31 to .50 cents, but on other days the 75
From 1918-27, Mr. Gibbons was director of the
Thierry he lost an eye.
Chicago Tribune's European office.
changed.
Another change voted by the Directors extends
the closing time for the exhibit area from 10 p. m. to 11 p. m.
The
American lives were lost.
reported the world war in France in 1918, and at the battle of Chateau-
He
Reduces
"Tribune" in 1917.
the S. S. Laconia, which was torpedoed and sunk off the
night of Feb. 25, 1917, Mr. Gibbons cabled a 4,000-word
Irish coast the
was
.
...
Burrwood
known principally for his efforts in
offering
He was considered an
transportation problems.
Born in Pottsville, Mr. Edmonds was educated at Central High School
and the Philadelphia College of Pharmacy.
His first business venture in
and
supporting
legislation to advance the port.
authority on rail and water
France
to
Consider
Fair Next
Returning to New York World's
Year, Minister of Commerce Announces
Mayor LaGuardia
of
letters
between
on
Sept. 23 made public
himself
and
Fernand
an
exchange
this city was as co-owner
He
Gentin,
French
Minister of Commerce, regarding the continued participation
of France in the New York World's Fair in 1940.
The
ber, and whose approval is necessary for prolonging par¬
ticipation.
In our issue of Sept. 23, page 1852, we referred to the state¬
ment made by Count Rene Doynel de Saint-Quentin, French
Ambassador to the United States, as to the return of France
to the
Fair next year.
organize the Black Diamond Co.,
formed the Warner Shuster Co., which was
Newton Coal Co., of
Minister said that his Government
was "prepared to con¬
sider very favorably any proposition set forth by the Inter¬
national Bureau of Expositions," of which France is a mem¬
of a drugstore.
veered into the coal business to
and later
Death of
R.
sold to George W.
which he was a dirctor.
W. Bonynge, Former
Attorney for
Congressman—Was
United States Before Mixed Claims
Commission
former] Representative in Congress
Sept. 22 at the Presbyterian Hos¬
pital, New York City.
He was 77 years old and a native
of New York.
Mr. Bonynge was attorney for the United
States for 15 years before the German-American Mixed
Robert
and
noted
W.
Bonynge,
lawyer, died
The Commercial & Financial Chronicle
2022
Commission.
Claims
is
taken from
Appointed
regarding
"Sun"
York
of
represent the claims of
to
against Germany for damages incurred
Americans
Bonynge
1923
in
following
The
Ne\v
the
since
had
then
concentrated
and Kingsland
Black Tom
the
on
his
career
work for 32 years, more than
the Government and of
in the World War, Mr.
the Department
mysteries
surrounding
the
Bonynge was a Republican candidate for Congress in 1900 and in
1902 from the First Colorado district.
When gross frauds were discovered
election
Feb.
1904,
10,
lie
and
1912,
from
to
unanimously
was
awarded
the
reelected twice.
National Monetary Commission
was
New
the
of
1918.
State
York
seat
on
"
,
the
of
fcounsel
chief
1916
'(..v.
and
member
a
was
He
contested.
was
Slattery
appointed
was
as
Head
REA
of
Sept. 26 as
Rural Electrification Administration.
Administrator of the
Mr.
in
oatli of office on
Roosevelt
President
by
on
(as noted in these columns Sept. 9, page 1567) to
succeed John M. Carmody, "who resigned the office to be¬
come Administrotor
of the recently-formed Public Works
Sept. 4
from 1908 to
Industrial
Sworn
Slattery took the
Harry
Commission
"
The REA, previously an independent agency, be¬
Agency.
.;
of Agriculture.
Slattery
Harry
i
disasters.
1939
Murphy has been in Federal
28 of which have been with
Sept. 23:
Mr.
the
Mr.
Act.
Standards
Grain
Sept. 30,
^
part of the United States Department of Agriculture
came a
Britain
Appoints Representative to Ireland to Handle
War Matters
under
Plan
Reorganization
resignation of
leadership
Since the
II.
Mr. Carmody the REA has functioned under the
Eamon da Valera, Prime Minister of Eire
,,
nounced
(Ireland)
an¬
Sept. 27 that the British and Irish Governments
agreed that Britain should send a representative to
Dublin because of problems created by war, it is learned from
Dublin United Press advices Sept. 27.
On the same day
Anthony Eden, British Secretary of State for Dominions an¬
nounced that Sir John Maffey had been appointed.
This
marked the appointment of the first British representative
on
had
of the
to Ireland since the establishment
'
ment.
C.
Christie,
Minister,
Canadian
New
Presents
presenting liis credentials
the White House
the
to
of His
earnest wish
cordial
the
on
United States, said that "it is the
Majesty's Government in Canada that
neighborly relations between the peoples of
Minister
dian
President Roosevelt at
Sept. 25, Loring C. Christie, new Cana¬
to
these two countries and their governments
confirmed
and
United
the
wish.
strengthened."
The
The President replied
Government
States
appointment
of
shall always be
that
heartily
reciprocates this
Christie, succeeding Sir
Mr.
Herbert
Marler, was reported in our issue of Sept. 23,
1853.
Regarding the Minister's remarks and Presi¬
page
served
Slattery
Under-Secretary of Interior since
as
^
Jacobs Joins Agricultural Motor Fuels
B.
P.
of National Research
Jacobs
Burke
P.
has
been
Division
Laboratory
Chemical
Senior
appointed
Engineer in the Agricultural Motor Fuels Division of the
Northern Regional Research Laboratory, Peoria, 111, Dr.
Knight, Chief of the Bureau of Agricultural
and Engineering, announced Sept. 22.
In his
new position Mr. Jacobs will be responsible for that part
of the work of the Division dealing with the production
of industrial alcohol from agricultural materials grown or
G.
Henry
Credentials to President Roosevelt
In
Mr.
Irish govern¬
^
'
under the
Acting Administrator, and
Craig,
May, 1938.
new
■—♦-
L.
B.
Robert
of
general direction and supervision of Secretary of Agricul¬
ture Henry A. Wallace.
Before accepting his present work
Chemistry
produced in the United States.
From its establishment in
1930 until 1936, Mr. Jacobs was in charge of the United
States Agricultural Byproducts Laboratory at Ames, Iowa.
It is stated that he
ate
transferred to Washington to initi¬
was
technological surveys dealing with power alcohol and to
laboratory
develop
a
various
problems
research
involved
dealing
program
in
with
the
field.
this
dent
Roosevelt's reply, we take the following from Wash¬
ington advices of Sept. 25 to the New York "Times"-:
"It is my
lot to
tragic events
in
'
affairs
in
of
of
thus
orderly
mense
mankind
taking
In
revolutionary
heart;
of
but
the
period
people
of
in
the
Canada,
of freedom and injustice, and standing for the
processes against the processes of force,
find an im¬
democratic
tbeir
in
reassurance
this
cause
in issue between
never
lightness
constant
nations in
knowledge that these
this
causes
same
committee, also scheduled to be held Oct. 5 in the Merchants
Association Auditorium, New York
Board's meeting the shippers were
are
region of the earth."
with
note
In a notice
might last until Oct. 7.
New Jersey members of the Board
on Sept. 23,
Geo. F. Hichborn, General Chairman, states
that this meeting of the Shippers Advisory Board will doubt¬
less be the most important meeting this Board has held in
recent years due to the increaisngly heavy demands being
made upon the rail carriers for car supply and service
resulting from the European war. Mr. Hichborn suggested
that members attend the Advisory Board meeting Oct. 5,
with the understanding that you will be afforded oppor¬
tunity for meeting with the classification simplification
committee on Oct. 6 and 7.
V
ernment in Canada that the cordial
neighborly relationship so long enjoyed
by the peoples of these two countries shall be confirmed and strengthened.
I need hardly assure you that the Government of the United States
heartily
"In
like
manner
become
never
vv'
:•
share
we
issue
an
the
view
between nations
in
/..'V'
the
that
this
'■
of
processes
force
can
region of the earth."
After presenting bis credentials Mr. Christie held a
press
conference and, according to the Associated
Press, on being
asked
to comment
Mr. Roosevelt's statements regarding
on
Canada, said:
President
as
his
Roosevelt's
friendliness,
but
President
the
at
responsibilities
own
words
received
were
speech at Kingston, Ont., last
time
same
the
for
Canada
Canadians
defense
Roosevelt
in
That is, it
year.
of
realize
in
the
was
that
same
way
received with
have
we
Election at Annual Convention of Presidents of Various
our
Divisions
Canada.
attacked; this
1693.
.page
on
was
referred to in
;
Housing
Chairman of
Elected
Maryland Casualty Co.
from the Baltimore "Sun" of
years
In
nections
of
A
of
native
of
Vice-Chairman
resignation,
Mr.
the
since
Evans
of
is
Minnesota,
since
a
1935,
banker
and
understood
of
the
Mr.
and
McDonald
prior
to
last
casualty
company
for
President
that
Mr.
of
a
Division—President,
the
been
was
increasingly
Federal
heavy
Housing
manufacturer
a
motor
of
will
Ad¬
Grain
Edward J.
Trust
Division—President,
Roland
as
head
of
the
Division of the Agricultural
Marketing Service was
Sept. 25 by O. W. Kitchen, Chief.
Mr. Murphy
has been acting in charge of the Division since
the death
of
E.
C.
the
Parker on July 21 of this
year.
In his new
Mr. Murphy will be immediately responsible for
enforcement
of
the
provisions
of
the
Clark,
Vice-rresident
Executive Vice-President and Trust Officer of the First Trust
of
the
'
Co., Lincoln,
-
Savings Division—President, A. George Gilman, President of the Maiden
of the Bank of
State
North
America, N. T. & S. A., Los Angeles, Calif.
Secretaries
Dakota
Section—President,
Bankers
Association and
United
C. C. Wrattam,
Secretary of the
City Attorney of Fargo, N.
D.,
succeeding C. W. Beer bower, Secretary of the Virginia Bankers Association
and Assistant Cashier of the First National Exchange Bank of Roanoke,
Association
as
announced
capacity
E.
National Bank of Commerce, Portland, Me., succeeding Samuel C. Waugh,
The National
Murphy
of the
Houston, succeeding H. E. Cook, President
Second Convention of National Small
continue
E. J. Murphy Named Head of Grain Division of
Agri¬
cultural Marketing Service
of
President
of the Second National Bank of Bucyrus, Ohio.
Housing Administration.
appointment
Elliott,
Security Bank of Ponca City, Pon^a City, Okla.
of the Houston National Eank,
to
Va.
States
meeting
in
our
Business Men's
Be Held in Detroit, Oct. 10-12
Small Business Men's Association will hold
its second convention on Oct.
The
S.
farm
company.
McDonald
William
Ga.. succeeding Henry W. Koeneke, President
Savings Bank, Maiden, Mass., succeeding P. R. Williams, Vice-President
January.
said
has
that
of The
Neb.
local
his
implements,
head
his
Sept. 22.
Director
a
publishing business at Nashville and other business con¬
made it impossible for him to continue the
executive responsibili¬
his casualty company post.
ministrator
It
been
has been
tendering
demands
ties
and
has
Hank
National Bank Division—President, Melvin Rouff, Senior Vice-President
McDonald, Federal Housing Administrator, has
Maryland Casu¬
alty Co. to succeed Siliman Evans, it was announced in
Baltimore Sept. 21.
The following regarding the election is
two
the various divisions of the Association:.
State
McDonald
been elected Chairman of the Board of the
McDonald
Sept. 25 to Sept. 28, the following were elected presidents of
Bank of Canton, Canton,
Administrator
Stewart
Mr.
Association
>
♦
Federal
Bankers
vention Association, which was held in Seattle, Wash., from
issue of Sept. 16,
our
American
of
At the annual convention of the American Bankers Con¬
Sept. 12 repeated his statement
that the Monroe Doctrine applied to Canada if that
country
was
to New York and
sent
pleasure that it is the earnest wish of his Majesty's Gov¬
reciprocates this wish,
City conflicts with the
advised that the com¬
conference
mittee's
reply President Roosevelt said:
"I
Shippers Advisory Board to Hold 50th
Meeting in Newark, N. J., on Oct. 5
The 50th regular meeting of the Atlantic States Shippers
Advisory Board will be held at the Hotel Robert Treat,
Newark, N. J., on Oct. 4 and 5.
It was announced that
inasmuch as a meeting of the classification simplification
',V-
confront
cannot
with
the
up
just become engaged
country has
my
/'■
v.;
goodwill
Atlantic States
moment when in consequence of the
a
afflicting Europe
now
war.
"People
office at
assume
10, 11 and 12, at Detroit.
The
originally planned for June, as was reported
issue of June 10, page 3474.
In announcing the
was
plans for the convention De Witt M. Emery, President of
the
Association, said:
Importance
business
of
makes
significance.
both
the
group,
representatives
gather
at
year,
Detroit
when,
internal
holding- of
Of greater
in
to
of
small
re-state
addition
issues
our
and
to
business
their
the
the
convention
importance to
our
in
program
situation
European
in
October
of
all
parts
of
and plan
the
of
any
all
other
country
will
for
next
activities
holding of another session
to
outstanding
economic life than
the present
Volume
the election of
Congress, will
come
and
House
entire
an
of
President, one-third of the Senate,
a
Representatives.
Week," starting
L. D. Dickinson of
Michigan in recognition of the meeting.
The Governor, as
well as Mayor Reading of Detroit, will speak to the busi¬
ness men at their opening session.
of "Business Appreciation
Proclamation
Oct.
9,
been
lias
by Governor
made
American Bankers Association to Hold Mid-Continent
Chicago, Oct. 26-27
Conference in
Trust
The 10th Mid-Continent Trust Conference of the American
to be held at the Stevens Hotel in
Oct. 26 and 27, will feature a symposium on
trust investments.
The program has been developed to
provide discussions of practical interest to the executives of
the smaller and average sized trust institutions throughout
the territory, according to Samuel C. Waugh, past President
of the Trust Division of the A. B. A. and Executive VicePresident and Trust Officer of the First Trust Co., Lincoln,
Bankers
Association,
Chicago,
on
Neb.
Among those who will address the conference are:
Robert M. Hanes, President, American
dent
Wachovia
,
T.
of
Bank &
Bankers Association, and Presi¬
Co., Winston-Salem, N. C.; Roland
Trust
E.
Bankers Association,
Portland, Me.; Gilbert
Stephenson, Director, Trust Research Department, the Graduate School
Banking, American Bankers Association. New York City.
Clark,
President,
Division of the American
Trust
Vice-President, National Bank of Commerce,
and
banquet will be held on the evening of Oct. 26, and will
by Ernest E. Norris, President of the Southern
Railway System, of Washington, D. C.
A previous refer¬
ence to the meeting appeared in our issue of Sept. 16, page
A
be addressed
1704.
v ■/'
/ /
Life Insurance Sales Research
Bureau and Life Agency Officers Association to
Be Held in Chicago, Oct. 31 to Nov. 2
of
Meeting
of the Life Insurance Sales Research
Officers Association will be held
the Edgewater Beach Hotel in
Chicago, it was announced by John Marshall Holcombe Jr.,
Manager of the Bureau.
This meeting will be the 19th
annual gathering for the Research Bureau and the 23rd for
the
Agency Officers Association.
"Life Insurance—To
Better Serve the Public" will be the theme of the meeting
The annual meeting
Bureau and the Life Agency
Oct. 31, Nov. 1 and 2, at
this
Each speaker and subject will have a direct
this theme.
Among those scheduled to speak
the joint meeting are:
year.
bearing
before
on
H.
G.
Harold
Engineering,
International
Business
Benner, Vice-President, Continental American;
Seth C. H.
Superintendent of Sales Promotion, Sun Life of Canada.
J.
Taylor,
of
Manager
Armstrong,
Machines Corp.; Dr. C. L.
Vice-President,
Cummings,
ITEMS
Minnesota Mutual;
The
Congress of Architects will be
Uruguay, in March, 1940, it is an¬
Fifth Pan American
Montevideo,
at
by the Pan American Union, Washington.
The
of the Congress provides for a consideration of the
following topics: Problems in the Contemporary Growth of
the American Cities, Middle Class Housing, Public Contests,
Auxiliary Specialities in Architecture, Complementary Spec¬
ialization Courses in Schools of Architecture and Standardnounced
program
Study of the History of American Architecture.
Meetings of architects of the American Continent have been
held since 1920 when the First Pan American Congress of
Architects met at Montevideo.
Subsequent Congresses were
ardized
held in Santiago,
Chile, in 1923; Buenos Aires in 1927, and
Rio de Janeiro in 1930.
G.
President of Real Estate
of New York—Board Urges Repeal of Capital
Dailey
Board
Gains
Retire
to
as
Tax
of the Board of Governors of the
held Sept. 19 at the Hotel
Commodore, New York City, Clarke C. G. Dailey, President,
.announced that he would retire as head of the Board.
Mr.
At the annual meeting
Real Estate Board of New York,
Dailey is concluding his third term as head of the organiza¬
a successor will be elected at the October meeting.
In the elections which featured the meeting of the Board
tion and
the following were
named to three-year terms on the Board
of Governors:
President, Albert B. Ashforth, Inc.; Robert W.
Jeremiah K. Cronin,
Manager of the Management Division, Mortgage and Real Estate De¬
partment, Bankers Trust Co.; Donald Richart, Vice-President, Bowery
Savings Bank and Richard G. Babbage.
L. J. Phillips & Co.; Arthur W. Warner,
The Board announced
Sept. 16 that it had addressed to
Henry Morgenthau Jr., Secretary of the Treasury, an open
letter urging repeal of the long-term capital gains tax.
«.
our
Marcus
Nadler to Speak at First Fall Meeting of
of Commerce on Oct. 6
New -York State Chamber
Dr. Marcus Nadler,
author and lecturer on banking and
finance, will be the guest speaker at the first fall meeting
of the Chamber of Commerce of the State of New York on
Oct.
5.
a
meeting held Sept. 28.
issue of Sept. 2, page
1421,
a
list of the propositions voted
given.
>.>■:A':'
on was
A-';♦
Arthur L. Barnes, Vice-President of the Sterling National
Bank & Trust Co., New York, died of heart disease on
Sept. 26 at his home in Mount Vernon, N. Y.
Mr. Barnes,
who was 44 years old, was a native of Avalon, Md.
He had
been Vice-President of the Sterling National Bank for the
Prior to that he was Vice-President of
York, for ten years and
the services of the Metropolitan Trust Co. and
past eight years.
the Manufacturers Trust Co., New
had been in
the Chatham-Phenix Bank.
Sept. 27 for the
Arrangements were made
two New York Stock Exchange
transfer of
memberships at $70,000 each.
transaction was $65,000 on September 12, 1939.
Richard J. Wulff, President of Fulton Savings Bank,
Brooklyn, N. Y., was reelected Chairman of Group V of the
Savings Bank Association of the State of New York, com¬
prising the savings banks of Brooklyn, Queens, Long Island
and Staten Island.
His reelection occurred at the annual
meeting of the banks on Sept. 26.
Other officers designated
to serve during the ensuing year were Daniel T. Rowe,
Vice-President of the Kings Highway Savings Bank, as
Secretary of the Group; Robert S. Darbee, President of the
Bay Ridge Savings Bank, as Chairman of the Executive
Committee, the other members of which are Joseph Upton,
President of the Queens County Savings Bank, and Adam
Schneider Jr., First Vice-President and Comptroller of the
Roosevelt Savings Bank.
All have held these offices during
the year just closed,
'•
:'A
♦
'
\
of the Board of Directors of
First National Bank of Lindenliurst (Long Island), N.
Wilbur Coe Abbott, Chairman
Babylon, L. I., on Sept. 24 at the
Mr. Abbott was born in Middlebury, Conn.,
and following his graduation from Parker Academy in
Woodbury, Conn., began his career with the Vulcanite Man¬
ufacturing Co. of Leominster, Mass.
In 1883 when the Vul¬
canite
factory
was
moved to Lindenliurst, Mr. Abbott
settled in Babylon and remained active in the company's
affairs until his death, retiring as Superintendent in 1936,
but retaining the post of Treasurer.
In 1907 Mr. Abbott
Y., died at his home in
age
of 81 years.
the First National Bank of Lindenliurst and
its President until his retirement three years ago,
when he was elected Chairman of the Board, the office he
organized
served
as
held at his death.
;
the
.
v-?v'
—♦—
;
Day, retired
Chairman of the Board of
Peoples National Bank &
Trust Co. of White Plains,
Bowers
Edwin
suddenly of a heart attack on
Sept. 25.
The de¬
83 years old, was born in New
York City, and began liis banking career at the age of 16
in the National Bank of Commerce of New York, with which
he continued for 30 years, serving for many years as Man¬
ager of the loan department.
In 1904 Mr. Day helped to
organize the old Battery Park National Bank in New York,
becoming its Cashier and later a Vice-President and Dir¬
ector.
He organized the Peoples National Bank & Trust Co.
of White Plains in 1924 and was its first President, serving
in that capacity until 1930 when he was elected Chairman of.
the Board.
Two years later he retired.
ceased
banker,
who
was
-—♦——
Mechanics & Farmers
Conn., died on Sept. 26 at the
age of 83 years.
Mr. Otis, who was graduated from Yale
in 1880, had been connected with the savings bank for 59
years.
He was also a Director of the Bridgeport-City
John
Dr. Nadler is Professor of Finance at New York
University and Consulting Economist of the Central Han¬
over Bank & Trust Co., New York.
He will discuss "The
European War and the Possible
the United States."
Economic Consequences to
M.
of the
President
Otis,
Savings Bank of Bridgeport,
Trust Co.
...
..
AA'.-■
4
v.;
'\A;\y
Vice-President of the Amer¬
24 after a
brief illness.
Mr. Neighbour, who was 75 years old, was
born in Long Valley, N. J.
After serving for a time as a
telegraph operator for the Jersey Central Railroad, he was
for 30 years Manager of the Vernoy stone quarries at
Califon, N. J., until the concern was sold in 1926.
The de¬
ceased banker was one of the founders of the American
Trust Co. and a member of the Board of Directors.
He
was also a Director
of the Dover Trust Co., Dover, N. J.,
and connected with the Flatiron Land Co. of Morristown.
Edson
ican
Dr.
&c.
....
H. Adams Ashforth,
Phillips,
COMPANIES,
Stockholders of the Trade Bank of New York, New York
City, at their special meeting on Sept. 27, approved a plan of
recapitalization and authorized a change in the name of the
institution to the Trade Bank & Trust Co.
Under the recapit Jization plan the capital stock of the bank will be in¬
creased from $206,250 to $550,000; the par value of the shares
will be changed from $12.50 to $10 each, the nu mber of shares
being increased from 16,500 to 55,000; the plans provide for
the transfer of $110,000 from surplus to capital, the issuance
of 11,000 shares of new stock, and the declaration of a stock
dividend of two-thirds of one share for each share held.
In
N. Y., died
C.
TRUST
BANKS,
Co., New York City, at
the
of Architects to Meet at
Montevideo, Uruguay, in March, 1940
Fifth Pan American Congress
held
ABOUT
Brunson S. MeCutcheon, consulting engineer, was elected
to the board of directors of the Corn Exchange Bank Trust
The previous
♦
Annual
2023
The Commercial & Financial Chronicle
149
Julius
Trust Co.
Neighbour,
a
of Morristown, N. J., died Sept.
The Commercial & Financial Chronicle
2024
As
indicating
by banks in the
of credit
extension
the
Philadelphia area in behalf of local business and industry,
figures released Sept. 25 by the Land Title Bank & Trust
Co., Philadelphia, Pa., reveal that it made approximately
aggregating $22,000,000 during the first six
year.
Of these loans, approximately onethird were new loans; 50% were renewals of loans, and the
balance new commitment loans for
mortgage financing.
4,000
loans
included business, indus¬
personal loans to indi¬
loans made by the bank
The new
trial
this
of
months
mercantile
and
In
viduals.
sent
statement
a
and
loans,
all
to
depositors,
the bank
public these figures and also set forth its attitude on
extension of credit to firms and individuals.
made
the
I'vv4
Frederic
Scott
&
4-AA-u'?:
♦
.
William
of the brokerage firm of
of Richmond, Va., and well known
head
Scott,
Stringfellow
Sept.
price changes and quiet trading were the features of
during the two-hour session on Saturday. Profittaking appeared from time to time and checked the early
advance, and as the market gradually quieted down, the
transfers dropped to approximately 88,000 shares, the smallest
turnover since the last of August.
Aviation issues were
Mixed
the dealings
unchanged, and mining and metal stocks sagged to lower
levels.
Public utility shares moved irregularly downward,
and oil stocks moved backward and forward without definite
trend.
Industrial specialties registered several new_ tops,
including, among others, Draper Corp., 2 points to 75, and
Allied International Investing pref., which forged ahead
2M points to 10.
Other prominent issues closing on the
upside were National Steel Car, 2 points to 53; St. Regis
Paper pref., 2 points to 58; United Shoe Machinery pref., 1
point to 4134; and Singer Manufacturing Co., 2 points to
13234'
_
financier and
philanthropist of that city, died at his country
County, Va., on Sept. 24.
Mr. Scott,
who* was long a member of the New York Stock Exchange,
was 77 years old.
Born in Petersburg, Va., he received his
home
in
Albemarle
education
as
School in that place and Princeton
McCabe's
at
began his business career in Richmond
clerk in the banking house of Thomas Branch & Co.
University,
a
and
Subsequently he entered the leaf tobacco commission busi¬
ness as a partner in the firm of Arrington & Scott and, later
in turn, became a member of Shelburne & Scott, tobacco
warehousemen, and of Adams & Scott, rehandlers of leaf
tobacco in Oxford,
the late Charles
Life
Co.)
ance
Mr. Scott and
Among his
other
many
Scott in 1900 helped to organize the South-
Mr.
Atlantic
(1893)
Still later
Stringfellow Jr. organized the invest¬
of Scott & Stringfellow.
ment firm
interests,
N. C.
S.
Insurance
He also
Co.
(now the Atlantic Life Insur¬
assisted in
reorganization
the
of
the
Chesapeake & Ohio Ry., the International Mercantile Ma¬
rine Co., and the M. Rumely Co.
He was also a director and
member
of
the
Committee
Finance
of
Atlantic
the
Coast
Line RR. Co.; a director of the General American Investor
Co.; the Louisville & Nashville RR. Co.; the Richmond Ter¬
Railway Co., and the Atlantic Land & Improvement
minal
Co.
During the World War he served
Division
Finance
of
and
Purchase
member of the
a
as
of
United
the
States
Railway Administration.
In
23,
J.
item appearing in these columns last week (Sept.
1854), regarding the election on Sept. 12 of Frank
Gavin, Executive Vice-President of the Great Northern
an
page
Railway Co., as a Director of the First National Bank
St. Paul, Minn., the name of Mr. Gavin's predecessor
the bank's Board
nedy,
late
erroneously given
was
whereas
it
should
President
of
the
week
(Sept.
26)
have
Great
Mr.
as
Gavin
noted elsewhere in
as
P.
Railway
elected
was
William P. Ken¬
William
Northern
Great Northern Railway Co.,
ney,
read
of
on
Kenney—
Co.
This
President
of
the
to succeed the late Mr. Ken¬
our
pages
to-day.
Wash.,
on
Co. of that
of business
of Seattle,
Wash., and hereafter will be operated as the Walla Walla
Valley branch of that institution as a part of the-Spokane
and Eastern Division.
The dispatch further said:
Management of the
Bob
for
Cashier
Beaupre,
the
last
of
who
six
Union
will
Bank
with
&
the
be
in
the
Trust
Co.
hands
of
His
Harold
assistant
Davis,
will
»
r;
Seattle-First National Bank,
the
be
Cheney branch of the Spokane bank
years.
As of Sept. 20,
Wash.,
branch
new
the
has been
Seattle,
authorized by the Comptroller of the
Currency
to maintain a branch in the
City of Walla
was
Walla, Wash.
According
Maelaren
to
the
Toronto
"Globe"
of
Sept.
22,
'
Albert
was
recently elected to the Board of Directors of
the Toronto General Trusts
Corp., of Toronto, Canada, and
also to their Ottawa Branch
Advisory Committee.
The
added:
paper
Mr.
Maelaren
Maelaren
Scotia.
Boards
laren
He
left
of
is
Power &
President
succeeds
vacant
of
the
James
Paper Co.; he is also
to
the
positions
by the death of his
Buckingham,
Maelaren
a
on
Director
the
Co.,
of
Ltd.,
the
Toronto
brother, the
late
and
Bank
General
of the
of
Nova
Trusts'
Alexander
Mae¬
Quebec.
THE
Price movements
CURB
were
MARKET
irregular during the early part of
the week but the industrial stocks and
public utilities pre¬
ferred shares
gradually gathered strength and
a
number of
selected issues in these
groups recorded substantial gains as
the week advanced.
Aircraft stocks have been quiet and
generally
improved
irregular.
pointed
downward.
Mining and metal shares
Wednesday and the aluminum issues have been
Profit-taking appeared from time to time, espe¬
on
cially among the industrials and public utilities, but was
generally absorbed without serious check to the market trend.
Oil stocks have been
quiet and shipbuilding shares have
moved within
a narrow
channel.
,
Industrial stocks moved to the fore front on Monday, and
trading was comparatively light and price changes
number of the more active issues registered sub¬
stantial gains.
Public utilities were weak and several
prominent shares dropped to new lows for the year.
Avia¬
tion stocks were generally lower and in some instances un¬
changed.
Aluminum issues were off, and metal shares
declined.
Among the industrial issues showing gains at the
close of the market were Quaker Oats, 134 points to 11234;
Brown Co. pref., 434 points to 22; Driver Harris, 3 points to
27; Great Northern Paper, 234 points to 4334; St. Regis
Paper pref., 3 points to 61; Niles-Bement-Pond, 1 point to
73; Ohio Brass, 1 point to 2134; and Childs pref., 134 points
to 2934.
Mining stocks were higher, Lake Shore Mines
advancing 134 points to 27, and Consolidated Mining &
Smelting moving ahead 3 points to 40.
Irregular price movements dominated the trading on
Tuesday, and while there were a number of selected indus¬
trials and mining shares that moved consistently upward,
the changes in the general list were narrow and without spe¬
cial significance.
Public utilities were mixed, with only an
occasional stock showing price variations of over a fraction.
Aviation shares were down and oil stocks were unchanged.
while the
narrow,
a
Consolidated Mining & Smelting was
especially noteworthy
for its advance of 5
points to 45.
Pennsylvania Salt worked
up to a new top at 176, with a gain of 4 points, and Brown
Co. pref. established a new peak at 24342, with a gain of 234
points.
Other noteworthy advances were Fisk Rubber
pref., 234 points to 84; Pittsburgh & Lake Erie, 434 points
to 7334; Chicago Flexible Shaft, 2 points to 68; and Baldwin
Locomotive pref., 234 points to 2634Under the leadership of the public utilities, Curb stocks
again advanced on Wednesday, and while there was some
profit-taking apparent among the industrial issues which
checked the advance for a brief period, the gains exceeded
the losses
as
the session ended.
The transfers climbed up
335,310 shares, against 247,700 on Tuesday.
Industrial
stocks attracted renewed speculative attention and several
to
of the market leaders in this group moved to new high
for 1939.
Aluminum shares were stronger and steel
Associated Press advices from Walla Walla,
Sept. 20 reported that the Union Bank & Trust
city had been formally taken over at the close
on that day by the Seattle-First National Bank
former
1939
30,
levels
issues
registered a number of substantial gains.
Prominent in the
list of advances were Alabama Great Southern, 5 points to
83; Aluminum Co. of America, 23-4 points to 13434; South
Penn Oil, 2 points to 39; American Potash & Chemical, 1
point to 97; Colt's Patent Fire Arms, 13-4 points to 9334; and
Driver Harris, 134 points to 3034Curb stocks moved sharply downward on Thursday due in
part to profit-taking which was fairly heavy at times.
The
transfers dropped to 214,479 shares against 335,310 on the
preceding day. Of the 436 issues traded in, 104 closed on the
side of the advance, 219 declined and 113 were unchanged.
Aircraft stocks were heavy throughout the session, fractional
losses being registered by Fairchild, Grumman, Beech, Bellanca and Lockheed, while Bell did not appear on the tape at
all.
Industrial issues were generally lower, oil shares moved
within a narrow range and mining and metal stocks moved
downward.
Public utility preferred issues made the best
showing of the day, Appalachian Electric $7 pref. moving
forward 134 points to 111; Columbia Gas & Electric climbed
upward 1134 points to 653-4, and Northern States Power A
worked into new high ground at 1334 with a gain of 134
points.
■
Following early irregularity the curb market turned defi¬
nitely downward" on Friday.
There were occasional move¬
ments against the trend but these were largely among the
slow moving stocks and were without special significance.
Practically every section of the list showed losses, the reces¬
sions ranging from 1 to 5 or more points. Noteworthy among
the declines were Royal Typewriter, 4 points to 54; Singer
Manufacturing Co., 3 points to 140; Heyden Chemical, 3
points to 55; Duke Power, 3 points to 6734, and Pennsyl¬
vania Salt, 5 points to 174.
As compared with Friday of
last week prices were generally lower; Aluminum Co. of
America closing last night at 13234 against 138 on Friday a
week ago; Aluminium Ltd. at 89 against 90; American Cyanamid B at 3234 against 3434; Babcock & Wilcox at 2434
against 2534; Bell Aircraft at 23 against 2434; Ford of Canada
A at 1534 against 1734; Glen Alden Coal Company at 834
against 934; International Petroleum at 1734 against 1934;
New Jersey Zinc at 69 against 72; Newmont Mining Corp. at
7034 against 7334; Pepperell Manufacturing Co. at 90 against
9334; Scoville Manufacturing Co. at 34 against 3734; Sherwin
Williams Co. at 8934 against 91; United Shoe Machinery at
7334 against 77, and United Gas pref. at 8534 against 87.
Volume
DAILY
The Commercial & Financial Chronicle
149
TRANSACTIONS
AT
THE
NEW
Stocks
YORK
EXCHANGE
CURB
Bonds (Par
ENGLISH
The
Value)
(.Number
Week Ended
Sept. 29.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
_
as
of
1939
Domestic
Shares)
88,205
214,605
__
$475,000
95,000
215,290
181,115
1,281,145
$7,220,000
$103,000
247,950
333,980
.
.
Foreign
Corporate
1,103,000
1,411,000
1,864,000
1,237,000
1,130,000
...
_
Foreign
Government
;
$498,000
1,204,000
reported by cable, have been
Sales at
Week Ended Sept. 29
•
Mon.,
Tues.,
Wed..
Thurs.,
Fri.,
Sept. 25
Sept. 26
Sept. 27
Sept. 28
Sept. 29
Silver, per oz_. 23^d.
Gold, p. line oz. 168s.
1,871,000
The
1,257,000
1,189,000
States
$151,000
$7,474,000
17,000
23^d.
23Hd.
23^d.
23d.
22Hd.
168s.
168s.
168s.
168s.
168s.
:
price of silver
the
on
per ounce (in cents) in the United
days have been:'
+ V/
same
39m
39ys
71.10
71.10
/
U> S. Treasury
(newly mined)
New
follows the past week:
as
Sat.,
Sept. 23
BarN.Y.(for'n) 39 M
Total
CABLE
1,455,000
56,000
1,000
3,000
3,000
MARKET—PER
daily closing quotations for securities, &c., at London,
Total
$23,000
6,000
43,000
6,000
1,000
2025
FINANCIAL
71.10
3735^
35
71.10
71.10
71.10
Jan. 1 to Sept. 29
York Curb
Exchange
1939
Stocks—No. of shares.
1938
TREASURY
1938
1930
1,281,145
850,630
33,491,064
31,593,543
$7,220,000
$5,520,000
$340,447,000
103,000
151,000
143,000
333,000
3,296,000
4,481,000
$243,318,000
5,154,000
4,935,000
$7,474,000
$5,996,000
$348,224,000
$253,407,000
Bonds
Domestic
Foreign government.
Foreign corporate
Total
MONEY
June, July, August, and September, 1939:
Holdings in U. S. Treasury June 1,
NATIONAL
BANKS
Net gold coin and bullion-
following information regarding National banks is
from the office of the Comptroller of the
Currency, Treasury
Net sliver coin and bullion
Department:
Net Federal Reserve notes
PREFERRED
STOCK
ISSUED
of Issue
Sept. 18—The First National Bank & Trust Co. of Roebling,
Roebling, N. J. (sold locally)..
$25,000
Sept. 20—The Grange National Bank of McKean County at
Smethport, Smethport, Pa. (class "B" sold locally)..
25,000
COMMON
CAPITAL
STOCK
Net United States notes.Net National bank notes-
Net Fed Res. bank notes.Net subsidiary silver
Total cash In Treasury.
Less gold reserve fund
Cash balance In Treas.
REDUCED
Amt. of Reduction
Minn.
From
$250,000
to
of Mankato,
$200,000
$
$50,000
Sept. 21—The First National Bank of Bath, Bath, Me.
$400,000 to $200,000.
714,383,033
615,152,338
3,930,457
19,624,359
Sept. 1, 1939
$
453,117,497
653,207,455
487,757,925
644,657,895
2,231,593
4,686,160
395,833
2,262,243
1,334,411
9,875,400
10,228,265
306,080
524.370
9,843,895
288,073
3.815,000
21,001,880
3,367,676
3,331,898
19,949,979
19,071,348
1,086,813
1,428,592,644 1,368.099,735 1,171,568,103 *1142 209,222
156,039,431
15$,039,431
156,039,431
156,039,431
1,272,553,213 1,212,060,304 1,015,528,672
_
986,169,791
tories account of sales of
,
Sept. 20—The Grange National Bank of McKean County
Smethport, Smethport, Pa.
From $125,000 to $62,500.
Government securities-
791,688,000
776,415,000
970,735,362 1,021,983,116
Dep. In Fed. Res. banks..
25,000
Deposit
62,500
From
In
National
34,581,174
34,253,525
1,870,406
211,094
To credit dlsb. officers.
Cash In Philippine Islands
200,000
AUTHORIZED
771,193,000
,
760.816,000
927,829,929
747,585,837
36,934,133
41,177,436
37,676,699
42,279,508
2,340,870
186,618
38,633,646
40,494,168
1,814,449
and
other bank depositarlesTo credit Treas. U. S_.
at
Sept. 20—Seattle-First
National
Bank,
Seattle,
Wash.
Location
of
branch, No. 2 East Main Street in the City of Walla Walla, County of
WTalla Walla, Wash.
Certificate No. 1,438-A.
VOLUNTARY
Aug. 1,1939
$
Deposit In special deposi¬
Mankato,
Sept. 19—The Security National Bank & Trust Co. of Faribault,
Faribault, Minn.
From $150,000 to $125,000.
BRANCH
July 1, 1939
757,635,155
634,041,962
3,214,907
996,262
8,768,645
380,897
Minor coin, <fco
'
Sept. 19—The National Citizens Bank
1939
$
The
HOLDINGS
The following compilation, made up from the daily Gov¬
ernment statements,
shows the money holdings of the
Treasury at the beginning of business on the first day of
Deposits In foreign depts.
Net cash in Treasury
and in banks
Deduct current liabilities
1,384,756
174,027
204,022
3,105,892,774 3,086,628,035 2,800,536,033 2,575,717,913
344,552,705
181,632,730
248,402,502
353,229,187
.
2,924,260.044 2,838,225,533 2,447,306,846 2,231,165,208
LIQUIDATIONS
*
Amount
Sept. 19—The First National Bank of Genoa, Neb. (common
stock, $25,000; preferred stock, $30,000)
Effective Aug. 15, 1939.
Liquidating agents: B. D. Gorman
and W. V. Kenner, both of Genoa, Neb.
Absorbed by
The Genoa National Bank, Genoa, Neb.
Charter No. 6,805.
...
....
Includes
on
Sept. 1 $599,545,778 silver bullion and $1,453,708 minor, &c., coin
included in statement "Stock of Money."
as
$55,000
.
CHANGES
Sept. 22—The First National Bank of State Centre, State Center,
Effective
Sept. 15, 1939.
Liquidating agent, W. L. HaeseState Center,
Iowa.
Succeeded by First
State
Bank, State Center, Iowa.
meyer,
FOREIGN
EXCHANGE
RATES
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
FOREIGN
a
We
record for the week just passed:
EXCHANGE
RATES
CERTIFIED
BY
SEPT.
23,
1939 TO SEPT. 29,
BANK
Amount afloat August.
1
OF
NOTES
Amount of bank notes afloat Sept.
*
1._
1938
1939
$185,961,592
838,770
$217,301,510
3,064,410
*$185,122,822
$214,237,100
Net decrease during August..-
Includes proceeds for called bonds redeemed by Secretary of the Treasury.
Vote—$2,218,619.50
Federal
Reserve
bank
notes
outstanding
secured by lawful money, against $2,235,026.50 on Sept.
FEDERAL
BANKS TO TREASURY UNDER TARIFF ACT
NATIONAL
following shows the amount of National bank notes
afloat (all of which are secured by legal tender deposits)
at the beginning of August and September, and the amount
of the decrease in notes afloat during the month of August for
the years 1939 and 1938:
National Bank Notes—All Legal Tender Notes—
Pursuant to the requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
give below
IN
The
25,000
Sept.
1,
1939,
1, 1938.
RESERVE
1930
COURSE
1939, INCLUSIVE
OF
BANK
CLEARINGS
Bank
Noon Buying Rale for Cable Transfers in New York
Value in United Stales Money
Country and Monetary
Unit
Europe—
Sept. 23
Sept. 25
Sept. 26
Sept. 27
$
$
$
$
.169350
.169450
.169500
.168925
a
a
a
a
.
-
.169325
Belgium, belga
a
Bulgaria, lev
a
Czechoslov'ia. koruna
.192600
Denmark, krone
Engl'd, pound sterl'g 3.997656
.019333
Finland, markka
.022715
France, franc
Germany, relchsmark •'a :. a
a
a
.192640
.192600
3.996666
3.999861
Sept. 28
Sept. 29
$
$
.168366
.V
a
a
a
a
.192600
.192640
.192640
4.013906* 4.015000
4.014722
.019075
.018775
.018866
.019366
.018800
.022611
.022686
.022768
.022762
.022772
a
a
a
a
clearings this week will show an increase compared
with a year ago.
Preliminary figures compiled by us based
upon telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, Sept. 30)
clearings from all cities of the United States from which it
is possible to obtain weekly clearings will be 6.3% above
those for the corresponding week last year.
Our preliminary
total stands at $5,873,547,969, against $5,526,431,657 for
the
same
week in 1938.
week ended
At this center there is
Friday of 1.0%.
.007268*
Hungary, pengo
Italy, lira
a
a
a
a
a
.050920
.050814
.050441
.050400
.050410
.050400
Clearings—Returns by Telegraph
.531700
.531744
.532477
.532837
.532150
.532466
Week Ending Sept. 29
.226470
.226658
.226610
.226530
.226600
.226590
a
Netherlands, guilderNorway. krone
Poland, zloty
Portugal, escudo
Rumania, leu
.007416*
.007316*
.007325*
■■
a
a
a
a
a
a
.035966
.036300
.036450
.036466
.036366
.036066
a
a
a
a
a
a
New York.
Chicago.
...............
.101000*
.101000*
.100833*
.100800*
.100666*
.100666*
Boston...
.237500
.238140
.237760
.237720
.237683
.237700
Kansas City
Switzerland, franc
.226050
.225516
.225761
.226287
.226050
.225855
St. Louis
a
a
a
a
a
Asia—
.
....
.... .
San Francisco
.
...
!».■
-
...
—
_
_
—
.
.
--
....... —.......
Pittsburgh.
China—
Per
..............
Philadelphia...
Sweden, krona
a
...
Detroit
Chefoo (yuan) dol'r
a
a
a
a
a
a
Hankow (yuan) dol
a
a
a
a
a
a
Shanghai (yuan) dol
Tientsin (yuan) dol.
.068333*
.069250*
a
a
.069666*
a
.070000*
,070500*
a
a
a
dollar.
.248333*
.248333*
.248750*
.249558*
.250450*
.250450*
.301041*
.301333*
.301500*
.302350*
.302475*
.302291*
Japan,
.233110*
.233155*
.233175*
.233140*
.233733*
.234700*
.466325*
.467250*
.467200*
.468900*
.471125*
.471125*
yen
Straits Settlem'ts, dol
Cleveland
.
Cent
1939
1938
$2,425,914,319
248,881,839
319,000,000
186,631,768
80,518,742
$2,450,200,162
217,384,773
+ 14.5
272,000,000
+ 17.3
157,176,573
+ 18.7
—1.0
68,755,696
67,100,000
+ 17.1
+ 16.5
87,987,049
106,551,000
79,009,811
68,686,674
82,362,891
67,788,506
+27.1
+ 21.5
61,439,726
45,959,260
+ 33.7
$3,797,959,693
846,663,615
$3,600,612,455
703,042,530
+ 20.4
$4,644,623,308
1,228,924,661
$4,303,655,985
1,222,775,672
+ 7.9
$5,873,547,969
$5,526,431,657
+ 6.3
74,800,000
124,106,000
106,317,359
+ 11.5
+ 34.6
.070916*
British India, rupee-
Hongkong,
summary
.007225*
Spain, peseta
Yugoslavia, dinar...
loss for the
for the week follows:
Greece, drachma
.007331*
a
Our comparative
Eleven cities, five days...
Other cities, five days.....
Total all cities, five
All cities, one
days
day
....
+ 5.5
+ 0.5
Australasia—
3.186250
Australia, pound
3.186250
3.184583
3.198750
3.200000
3.199583
Total all cities for week......
New Zealand, pound. 3.198750* 3.196562* 3.196666* 3.212500* 3.212500* 3.213437*
Africa—
Union South Africa, £ 3.959583* 3.959583* 3.960000
3.960000* 3.960000
3.960000
North America—
Canada, dollar
Cuba, peso
.907767
Mexico,
.194766*
.194150*
.196500*
.202300*
.205400*
.202333*
.905625
.903750
.903750
.905625
.904843
.903750
a
a
b
b
b
b
b
peso
Newfoundl'd, dollar-
.906354
b
.906428
b
.908125
.907343
b
b
.906328
b
South America—
Argentina,
peso
.060600*
.060600*
.060600*
.060600*
.060600*
free-
.050250*
.050200*
.050200*
.050200*
.0.50200*
Chile, peso—official.
.051766*
.051750*
.051740*
.051800*
.051800*
.050200*
.051740*
.040000*
.040000*
.040000*
.040000*
.040000*
.571000*
.571437*
.571437*
.571437*
.571437*
.526300*
.526150*
.526350*
.527900*
.527900*
.527800*
.392600*
.395080*
.396580*
.393580*
.391580*
.391975*
Brazil, milreis official
"
••
"
"
export.
Colombia,
Uruguay,
peso
peso contr.
Non-controlled
*
Nominal rate,
a
.060600*
No rates available,
b Temporarily omitted.
.040000*
.571437*
Complete and exact details of the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
noon today.
Accordingly, iruthe above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
until
present further below, we are able to give final and complete
for the week previous—the week ended Sept. 23.
For that week there was an increaes of 13.1%, the aggregate
results
clearings for the whole country having amounted to
$5,889,747,111, against $5,208,359,510 in the same week in
of
The Commercial &
2026
Outside of this city there was an increase
1938.
of 20.3%,
clearings at this center having recorded a gain of
7.5%.
We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals show a gain of 7.7%, in the Boston
Reserve District of 45.8%, and in the Philadelphia Reserve
District of 24.5%.
In the Cleveland Reserve District
there is an improvement of 18.9%, in the Richmond Re¬
serve District of 16.2%, and in the Atlanta Reserve District
of 17.6%.
In the Chicago Reserve District the totals
are larger by 13.4%, in the St. Louis Reserve District by
20.9%, and in the Minneapolis Reserve District by 18.3%.
In the Kansas City Reserve District the totals register an
expansion of 20.5%, in the Dallas Reserve District of
16.6%, and in the San Francisco Reserve District of 16.8%.
In the following we furnish a summary by Federal Reserve
1939
Week Ended Sept. 23
the bank
districts:
Sept. 30,
Financial Chronicle
Clearings al—
Inc. or
1936
1937
Dec.
1938
1939
%
Seventh Feder al Reserve D istrict—Chic ago—
Rapids.
Grand
1
Lansing.....
South Bend—
Terre Haute
Wis.—Milwaukee
Moines...
Des
1,509,430
1,114,254
+ 35.5
1,363.494
5,108,470
21,020,101
4,390,885
17,899,398
967,450
+ 16.3
5,122,052
19,640,693
1,063,659
8,355,912
3,191,475
1,185,025
9.434.491
3,901,326
la.—Ced. Rapids
+ 36.5
+ 3.0
+ 17.4
+22.5
+21.9
7.740,974
937,579
14,644,000
963,025
6,220,822
3,255,058
3,213,812
+21.4
449,599
362,835
+23.9
375,398
322,565
309,416,041
+ 10.4
312,972,743
294.839,102
+
811,330
4,205,392
Sioux Clty...
111.—Bloomington
Decatur...—.
1,156,998
280,340,563
731,418
+58.2
953,294
Peoria.—.....
3,772,780
3,398,650
+ 11.0
Rockford.....
1,269,077
1,282,603
1,009,519
1,134,613
+25.7
+ 13.0
3,545,312
1,238,042
1,479,239
488,707,452
430,950,267
+ 13.4
481,137,755
450,803,079
Chicago
:
1,014,528
4,435,418
18,392,750
+ 18.7
17,728,000
Indianapolis.
237,226
94,107,146
2,875,068
1,501,950
946,339
14,940,000
2,192,225
1,373,607
974,970
Wayne
Ind.—Ft*
281,929
99,310,364
2,650,738
1,760,400
990,011
16,843,000
104,591,677
3,596,105
1.874.490
Detroit
+29.0
+ 17.7
+ 64.0
338,276
88,855,389
436,257
Mich.—AnnArbor
Springfield
SUMMARY OF BANK CLEARINGS
Total
(18 cities)
992,784
1,047,336
Inc.or
Reserve
1st
Boston
%
184,017,062 +45.8
+7.7
3,022,147,440
5
%
Dists.
12 cities
268,267,374
"
Dec.
1938
1939
Week End. Sept. 23, 1939
Federal
2d
New York.. 13
3d
FhlladelphlalO
"
421,319,135
338,301,319
4th
Cleveland..
6
"
316,887,427
266.566.972
+24.5
+ 18.9
129.625.973
+16.2
3.253,567,526
1937
1936
S
$
234,213,247
223,531,353
3,321,855,801
3,072,750,477
405,413,752
350,702,546
340,693,430
279,868,695
138,186,348
126,953,635
5th
Richmond--
6
"
0th
Atlanta..—10
"
181,174,226
154,046,113
151,534,251
Chicago—18
"
488,707,452
430,950,267
481,137,755
450,803,079
8th
St. Louis...
4
"
169,891,392
150,993,387
150,202,453
9th
Minneapolis
7
"
••
122,569,541
+ 17.6
+ 13.4
140,559,929 +20.9
103,572,172 +18.3
168,176,029
7th
121,973,336
97,524,829
149,389.533
124,003,260
+20.5
142,840,634
136,581,015
"
85.237,208
73,081,996
+ 16.6
79,168,796
69,335,143
"
282,146,709
241,487,007
+ 16.8
280,208,691
240,563,948
5,889,747,111
5,208,359,510
+13.1
5,864,861,206
5,350,341,434
2,744,646,979
2,281,327,817
+20.3
2,661,704,119
2,382,060,235
415,015,934
364,135,954
+14.0
343,930,060
395,654,450
10th Kansas City 10
11th Dallas..... 6
11
12th San Fran
150,599,588
Total.......112 cities
Outside N. Y. City
Canada........32 cities
uis—
Eighth Federa 1 Reserve Dis trict—St. Lo
Mo.—St- Louis..
98,600,000
Ky.—Louisville.
Tenn.—Memphis
40,178,329
30,619,063
.
+ 18.2
569,000
463,000
cities).
169,891,392
140,559,929
+ 20.9
150,993,387
150,202,453
Reserve Dis trict—Minne apolia-
Ninth Federal
Paul.—.
27,966,257
3,130,587
68,943,252
24,866,813
N. D.—Fargo...
2,712,842
2,268,359
+ 19.6
D.—Aberdeen
956,593
813,623
+ 17.6
802,450
Mont.—Billings.
923,931
+ 15.9
3,472,238
796,972
2,752,566
+26.1
871,071
3,854,237
2,662,044
65,399,044
23,119,215
2,072,522
709,791
741,172
2,821,041
122,569,541
103,572,172
+ 18.3
121,973,336
97,524,829
Minneapolis...
4,334,182
82,203,498
St.
8.
Helena..
...
Total (7 cities).
Clearings at—
S
Portland
Mass.—Boston..
2,294,315
230,561,447
804,067
River....
Lowell
.
Springfield
Worcester—
Conn.—Hartford
New Haven...
R.I.—Providence
N.H.—Manches'r
Total
411,508
778,397
.....
New Bedford.
(12 cities)
Second
3,356,693
2,013,833
11,344,387
4,190,156
11,540,800
475,190
268,267,374
_%
+ 13.4
+ 24.0
544,259
362,780
642,513
2,925,871
1,704,152
505,504
+ 54.0
2,411,201
+ 39.2
1,695,243
+ 18.8
+ 72.5
6,575,201
+28.6
3,259,180
a4,228,300 + 173.1
10,724,400
+ 45.0
405,382
184,017,062
+ 45.8
York-
—11.2
'Buffalo.......
Elniira
Jamestown
8.254.091
1.209.092
35,300,000
463,982
768,714
3,145,100,132
Rochester.....
7,332,793
New York....
4,102,696
3,504,309
4,169,109
Syracuse
Westchester Co
Conn.—Stamford
331,013
J.—Montclair
Newark.
.
Northern N. J.
16,958,481
26,063,054
1,935,791
201,412,556
+58.6
+ 42.4
9,300,081
1,103,595
28,900,000
Blngblamton
491,282
+26.1
327,795
9,064,467
3,999,794
234", 213,247
+ 9.6
7,090,723
1,412,725
35,500,000
480,059
—3.3
562,611
2,927,031,693
5,990,878
3,432,581
3,123,369
4,107,448
257,649
14,236,623
23,620,853
+ 36.6
595,627
666,811
+ 7.5 3,203,157,087
+ 22.4
6,924,477
+ 19.5
4,479,779
+ 12.2
3,694,226
+ 1.5
4,671,467
364,003
19,660,605
33,638,271
+28.5
+ 19.1
+ 10.3
609,128
1,868,952
Pueblo.
194,156,871
641,461
339,422
543,211
2,639,602
1,640,787
9,454,155
3,025,735
8,236,000
376,039
223,531,363
3,253,557,526 3,022,147,440
Reserve Dist rict—Philad elphia
7,228,718
976,782
32,000,000
609,545
540,901
,968,281,199
6,819,675
3,441,774
i 3,153,036
3,525,060
*
290,000
16,799,477
29,084,310
Calif.—L'g Beach
Pasadena......
San
Francisco.
San Jose.._
Stockton
Total
+ 12.0
1,471,512
1,196,747
328,000,000
+ 24.7
392,000,000
1,674,499
—2.5
1,612,585
340,000,000
1,449.472
1,987,710
+37.9
2,410,212
1,876,759
800,436
+42.9
1,257,316
2,289,700
—8.9
1,134,495
1,786,742
+ 34.6
3,612,000
1,166,653
3,152,000
421,319,135
338,301,319
+ 24.5
405,413,752
350,702,546
1,675,959
+ 33.6
2,488,899
2,062,805
+ 11.8
+ 24.8
61,876,396
103,778,266
57,085,355
84,687,483
+ 16.7
13,120,100
+ 32.2
+ 17.4
1,923,733
2,405,378
155,100,658
9,978,100
1,487,833
2,452,515
122,104,604
Calgary
+ 18.9
340,693,430
279,858,695
Victoria
■:;
Cincinnati
Young8town_._
2,593,832
Pa.—Pittsburgh.
126,900,577
58,728,398
85,185,008
9,536,100
1,508,840
1,869,470
108,063,197
Total (7 cities).
316,887,427
266,566,972
Cleveland.....
Columbus.
Mansfield
106,347,930
11,125,600
1,994,164
+ 38.7
Fifth Federal
446,411
Va.—Norfolk....
2,761,000
Richmond
45.443,264
1,559,839
S. C.—Charleston
Md.—Baltimore.
77,331,173
23,057,901
D.C.—Washing'n
Total (6 cities).
150,599,588
129,625,973
4,248,645
+ 16.8
280,208,691
240,563,948
+ 13.1 5,864,861,206
5,350,341,434
+20.3 2,661,704,119 2,382,060,235
Dec.
1936
1937
126,694,507
1,164,965
782,476
887,300
+ 31.3
790,660
753,230
+ 5.0
835,227
.828,407
New Westminster
581,356
391,132
584,837
574,582
+ 1.2
641,078
279,778
587,267
743,032
1,335,662
621,119
____
Quebec
Halifax.
Hamilton
John
1,927,536
1,885,576
2,711,563
4,380,158
12,068,674
Regina
274,661
2,473,000
43,673,415
Brandon
+ 53.5
Saskatoon
+29.7
66,296,060
+ 16.5
18,652,231
1,454,343
60,199,132
18,879,084
3,087,874
241,487,007
Fort William
j—
Ottawa
328,837
+ 19.5
3,146,079
1,442,079
2,536,841
498,390
702,023
Lethbridge..
_
1,781,074
„
„
919,632
Moose Jaw
Brantford
Hat
Peterborough,
_
710,627
Sherbrooke
109,575,368
106,083,660
+ 19.4
57,413,423
19,740,743
15,564,182
+ 50.8
—1.2
4,705.768
+ 10.9
—4.3
+ 14.0
2,946,470
—4.4
5,068,031
8,268,514
1,683,075
1,703,601
2,603,919
4,422,788
8,853,147
512,328
728,172
1,562,179
+ 6.1
—19.4
+ 14.5
+ 10.7
+ 4.1
—1.0
+ 36.3
—2.7
—3.6
+ 14.0
+ 17.5
358,882
+9.0
662,388
671,746
1,317,846
2,751,319
550,309
—11.7
+ 5.8
105,244,569
76,990,920
19,406,498
15,841,003
3,563,304
2,147,571
4,225,963
7,280,400
2,046,671
+762,222
2,715,423
3,906,891
8,614,935
396,021
519,646
2,156,509
935,797
993,055
264,379
654,059
684,713
20,704,866
18,601,238
+ 11.3
3,723,343
19,077,498
14,870,237
Kitchener
Ga.—Atlanta
64,800,000
+ 18.0
57,000,000
55,900,000
Windsor
Augusta
1,554,175
1,091,385
17,167,000
23,029,203
1,855,850
54,900,000
913,272
+ 70.2
Moncton..
841,145
+ 5.6
18,529,000
Kingston..
623,997
811,781
548,991
+28.5
22,592,206
+ 15.1
1,852,188
1,344,446
1,244,308
16,373,000
20,144,721
1,553,086
400,205
+ 18.0
1,566,961
1,228,879
Prince Albert
924,888
16,250,000
17,928,148
1,612,867
518,651
544,916
1,016,169
—0.7
925,948
949,295
....
618,787
406,765
1,008,749
232,201
cities)
415,015,934
364,185,954
+ 14.0
343,930,060
395,654,450
Nashville
Macon
Fla.—Jacks'nville
Ala.—Birm'ham.
Mobile...
Miss.—Jackson.
x
_
3,554,239
+20.3
—9.9
1938
130,872,889
101,475,290
86,558,083
19,506,407
17,742,915
5,219,474
2,815,718
5,376,311
6,663,410
;
Vancouver.
2,458,000
Reserve Dist rict—Atlant
2,117,770
+4.5
106,281.957
101,490,017
50,768,890
18,251,695
15,826,749
5,483,309
2,563,796
6,333,456
7,071,883
1,788,372
1,820,210
2,520,809
4,516,811
3,881,255
423,147
704,431
1,510,517
660,753
936,070
Medicine
Sixth Federal
Tenn.—Knoxville
158,918,000
+ 14.1
+ 30.4
%
Winnipeg
49,049,326
1,401,894
126,953,635
+ 17.0
+ 17.4
Canada—
—2.8
138,186,348
+ 1.4
140,000,157
3,008,685
1,413,752
+ 13.3
Inc. or
Edmonton
+ 16.2
3,326,278
37,080,181
1,251,546
30,622,537
15,535,214
3,600,938
2,944,906
143,027,866
3,118,728
1,172,447
2,209,585
1,074,917
33,721,489
14,107,208
2,281,327,817
1939
+ 32.0
+ 19.0
SCO
Week Ended Sept. 21
Montreal
-Richm ond-
374,984
2,091,000
46,738,009
1,016,496
59,609,469
19,796.015
3,919,274
69,335,143
Clearings al—
London
W.Va.—Hunt'ton
3,982,032
79,168,796
45,733,000
1,326,107
42,403,287
17,085,057
4,037,887
3,580,354
+ 14.4
5,889,747,111 5,208,359,510
cities)
St.
Reserve Dist rict
3,058,000
1,009,042
(113
Outside NewYork 2,744,646,979
Toronto
Feder al Reserve D istrict—Clev eland—
Franci
38,350,196
4,366,555
282,146,709
(lOcitles)
Grand total
409,000,000
1,632,677
2,741,509
1,143,959
1,145,657
3,081,300
2,239,752
65,685,572
—
Santa Barbara.
283,425
Fourth
39,594,153
18,397,970
4,561,327
3,372,068
163,865,000
3,433,133
1,273,932
2,548,576
Utah—6. L. City
338,011
*340,000
Ohio—Canton
43,882,775
1,217,775
Yakima
436,821
(10 cities)
1,238,500
54,922,979
5,792,256
2,587,000
875,134
+ 10.2
Twelfth Feder al Reserve D istrict—San
432,164
517,221
Total
1,345,359
61,082,172
8,692,191
+ 8.7
+ 16.6
Ore.—Portland..
136,581,015
+ 10.5
73,081,996
Wash.—Seattle.-
548,210
1,056,729
+ 20.3
85,237,208
+ 15.2
N. J.—Trenton..
1,481,571
56,735,317
7,412,850
2,597,000
La.—Shreveport-
..
175,186
44,835
2,499,004
30,135,333
1,978,019
2,517,321
94,664,392
2,961,986
District—Da lias—
+ 1.7
—11.7
+26.3
899,479
Reserve
899,436
3,955,822
409,272
Wilkes-Barre..
142.840,634
+ 13.5
3,491,393
408,369
Scranton
+20.5
124,003,260
+ 31.4
2,862,000
914,483
291,378
1,182,639
York
2,787,755
549,161
562,935
+22.0
Wichita Falls..
Galveston..
516,731
1,324,020
+28.7
508,778
68,273,725
8,058,448
335,673
Reading
99,270,586
—5.2
Worth-
Chester
Lancaster
+ 17.7
+ 19.9
586,496
1,637,159
Bethlehem
Philadelphia
+ 10.2
100,891
138,471
2,454,515
32,558,322
1,744,010
2,673,988
+23.3
...
Dallas
Fort
City
—4.8
119,253
2,277,349
26,598,692
1,788,572
2,495,406
86,704,344
2,820,075
149,389,533
Eleventh Fede ral
Texas—Austin
—2.6
397,609
—.
(10 cities)
Total
+ 7.7 3,321,855,801 3,072,750,477
Total (13 cities)
Joseph—
Colo.—Col. Spgs.
as
104,295
3,380,753
556,242
654,671
Tota. (6 cities).
+22.1
Third Federal
Pa.—Altoona....
..
Wichita
St.
1,849,993
161,898,646
507,052
320,357
,
Kan.—Topeka
Mo.—Kan. City.
Feder al Reserve D istrict—New
N. Y.—Albany..
N.
432,590
490,581
Me.—Bangor
Fall
Boston
Reserve Dist rict
First Federal
1936
82,802,663
27,289,659
2,499,535
99,248
34,957,409
2,029,478
2,748,792
102,036,797
Omaha
Inc. or
3,853,721
+ 19.2
147,079
2,779,064
Lincoln...
+ 38.4
+ 12.5
Reserve Dis trict—Kans
Tenth Federal
Hastings
1937
x
418,000
Minn.—Duiuth..
Week Ended Sept. 23
Dec.
85,300,000
29,113,393
35,326,060
494,000
Neb.—Fremont-
1938
91,700,000
33,031,895
25,692,492
+ 17.2
+25.7
...
Quincy
We now add our detailed statement showing last week's
figures for each city separately for the four years:
1939
+ 27.2
x
111.— Jacksonville
Total (4
84,100,000
31,971,658
24,070,271
x
x
x
Vicksburg.....
150,170
143,868
+ 4.4
175,302
La.—New Orleans
46,572,932
39,217,593
+ 18.8
42,430,652
36,784,378
181,174,226
154,046,113
+ 17.6
168,176,029
151,534,251
Total
(10 cities)
1,230,484
2,557,102
.
Chatham.
Sarnia
Sudbury
Total (32
*
Estimated,
ricane and flood.
x
No
•
figures available,
a
—6.6
—7.1
—27.3
2,785,553
471,823
1,067,242
2,423,835
433,031
808,384
570,400
771,834
+ 13.7
+ 19.3
576,244
430,254
—25.4
535,537
445,794
+3.6
Banks closed three
638,583
days due to hur-
Volume
The Commercial & Financial Chronicle
149
2027
/
1939—The statement of condition of the National banks under the Comp¬
issued and is summarized below. For purposes of comparison, like details for
previous calls back to and including June 30, 1938, are included.
Condition of National Banks June 30,
troller's call of June 30, 1939, has just been
NATIONAL BANKS IN THE UNITED STATES ON JUNE 30, SEPT. 28,
AND MARCH 29 AND JUNE 30, 1939
ABSTRACT OF REPORT OF CONDITION OF
/-
'
•
'
,
June 30, 1938
V.':'' '
i'-■.
■
$
Assets—•
Loans and discounts, including
-
Obligations guaranteed by United States Government...
Obligations of States and political subdivisions.
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve banks
19,978,900,000
Total loans and investments
Cash, balances with other banks, including reserve
balances, and cash
and
other
assets
(5,218 Banks)
8,468,480,000
6,861,577,000
1,712,207,000
1,665,911,000
1,889,166,000
226,435,000
6,899,885.000
1,869,844,000
1,693,684,000
1,864,354,000
225,119,000
20,551,573,000
20,948,313,000
20,823,776,000
21,126,589,000
11,074,806,000
609,146,000
141,239,000
»
9,706,409,000
617,601,000
146,811,000
56?944,000
69,522,000
64,404,000
70,388,000
56,045,000
70,417,000
54?621,000
110,788,000
60,600.000
52,517,000
65,017,000
54,359,000
60,552,000
46,173,000
e30,377,560,000 e30,710,946,000
31,666,177,000
31,844,396,000
33,180,578,000
outstanding
Interest, commissions, rent, and other income earned or accrued but
9,450,555,000
629,398,000
b
not collected
b
110,111,000
51,656,000
..
Total assets
...
Liabilities—
12,138,047,000
7,548,899,000
467,338,000
2,106,342,000
4,211,101,000
344,167,000
12,651,771,000
7,493,723,000
515,508,000
1,942,976,000
4,211,007,000
288,896,000
12,962,084,000
7,519,544,000
584,932,000
2,138,982,000
4,500,636,000
344,498,000
12,762,685,000
7,582,235,000
580,995,000
2,175,390,000
4,777,667,000
290,279,000
13,643,678,000
7,665,426,000
543,258,000
26,815,894,000
9,586,000
27,103,881,000
28,050,626,000
28,169,251,000
10,333,000
5,608,000
293,000
5,980,000
153.000
29,469,469,000
3,540,000
279,000
60,439,000
168,472,000
71,785,000
29,288,000
40,960,000
139,423,000
61,303,000
32,411,000
56,704,000
157,395,000
57,636,000
35,273,000
45,978,000
178,891,000
e27,103,741,000 e27,405,371,000
28,338,033,000
28,483,197,000
29,791,066,000
1,572,900,000
1,118,413,000
f403,570,000
178,936,000
1,569,063,000
1,127,075,000
f425,377,000
184,060,000
1,570.662,000
1,149,005,000
419,654,000
188,863,000
1,565,333,000
1,159,886,000
444,576,000
191,404,000
1,562,956,000
1,170,822,000
449,352,000
206,382,000
3,273,819,000
individuals, partnerships, and corporations
of individuals, partnerships, and corporations.....
Deposits of United States Government, including postal savings
Deposits of States and political subdivisions
Demand deposits of
Time deposits
of hanks
(certified and cashiers' checks, &c.)
Total deposits
;
....
—-
....
payable, rediscounts, and other liabilities for borrowed money...
Mortgages or other liens on bank premises and other real estate
Acceptances executed by or for account of reporting banks and out¬
standing
Interest, discount, rent, and other income collected but not earned
Interest, taxes, and other expenses accrued and unpaid
Bills
Other liabilities
8,573,703,000
8,489,120,000
7,172,471,000
1,533,488,000
1,607,129,000
1,918,693,000
227,412,000
9,208,194,000
631,136,000
152,311,000
other real estate.
Other deposits
8
$
$
1939
(5,209 Banks)
8,298.604,000
6,909,465,000
1,566,812,000
1,502,756,000
1,996,602,000
277,334,000
representing bank premises
indirectly
June 30,
153,975,000
,
Customers' liability on acceptances
Other assets......
Mar. 29, 1939
(5,230 Banks)
10,014,766,000
615,093,000
144,952,000
items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
or
Dec. 31, 1938
$
8,334,624,000
6,510,357,000
1,477,359,000
1,426,881,000
1,954,393,000
275,286,000
overdrafts
United States Government securities, direct obligations
Investments
Sept. 28, 1938
(5,245 Banks)
(5,248 Banks)
DEC. 31, 1938
...
______
Total liabilities
—.......
Capital Account—
Capital stock (see memoranda below)
Surplus
......
.....
Undivided profits....
Reserves (see memoranda below)
60^955,000
49,129,000
168,177,000
_
....
....
....
—
Total capital account.
62,246,000
<••••
d
3,305,575,000
3,328,144,000
3,361,199,000
3,389,512,000
e30,377,560,000 e30,710,946,000
31,666,177.000
31,844,396,000
33,180,578,000
248,885,000
17,210,000
1,311,326,000
242,897,000
17,171,000
1,313,364,000
240,451,000
16,986,000
1,317,658,000
233,759,000
16,844,000
1,318,552,000
230,156,000
16,417,000
1,319,430,000
1,577,421,000
1,573,432,000
1,575,095,000
1,569,155,000
1,566,003,000
266,936,000
19,070,000
260,985,000
19,031,000
267,045,000
18,884,000
264,892,000
18,805,000
286,006,000
280,016,000
285,929,000
283,697,000
5,597,000
7,082,000
14?030,000
12?789,000
6,181,000
5,138,000
13,283,000
166,802,000
......
Total liabilities and capital account
c.."."
/;■-
__________
.....
C
2,290,992,000
4,882,437,000
443,678,000
Memoranda—
Par value of
Class A
Class B
capital stock:
preferred stock
preferred stock
Common stock
,.
_
_
_
__
...
_
______
_
Total
Retirable value of preferred capital stock:
Class A preferred 8tock..^..wkA..-.^-if......*.
Class B preferred stock.
Total
—
—
Reserve for
Retirement
Reserves for
contingencies, &c
Total
-
.
279,993,000
5,549,000
9,687,000
15,935,000
175,211,000
159,309,000
164,189,000
5,324,000
8,891,000
15,355,000
159,293,000
178,936,000
184,060,000
188,863,000
191,404,000
206,382,000
2,269,758,000
2,182,942,000
2,192.832,000
568,179,000
575,384,000
579,147,000
94,730,000
25,404,000
93,676,000
14,520,000
93,378,000
5,998,000
dividends payable in common stock................
undeclared dividends
.......
account for preferred stock...
Reserves for other
*
261,585,000
18,408,000
•
;
■
Pledged assets and securities loaned:
United
Government
States
obligations,
direct and guaranteed,
pledged to secure deposits and other liabilities
assets pledged to secure deposits and other liabilities, in¬
cluding notes and bills rediscounted and securities sold under
repurchase agreement
Assets pledged to qualify for exercise of fiduciary or corporate
powers, and for purposes other than to secure liabilities
Securities loaned. ...
- ........ .....
. ..
Other
:
Total...
2,603,966,000
...
Secured liabilities:
Deposits seemed by pledged assets pursuant to requirements of law
Borrowings secured by pledged assets, including rediscounts and
repurchase agreements
Other liabilities secured by pledged assets
.....
....
Total
...
...
Details'of demand deposits:
Deposits of individuals, partnerships, and corporations
Deposits of United States Government
Deposits of States and political subdivisions
Deposits of banks in the United States (including private
and American branches of foreign banks)
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 banks (transit account)—
Total demand deposits
....
<
2,603,966,000
2,608,400,000
2,958,071,000
2,866,522,000
2,871,355,000
2,130,455,000
2,055,831,000
2,387,371,000
2,324,290,000
2,321,687,000
4,858,000
1,123,000
5,476,000
981,000
2,915,000
967,000
C
■
2,608,400,000
v:';
f;%:
c
c
2,130,455,000
2,055,831,000
2,393,352,000
2,330,747,000
2,325,569,000
12,138,047,000
394,272,000
1,752.256,000
12,651,771,000
455,163,000
1,602,272,000
12,962,084,000
532,915,000
1,775,977,000
12,762,685,000
524,189,000
1,830,237,000
13,643,678,000
491,202,000
1,936,483,000
3,952,789,000
3,901,219,000
4,168,968,000
4,402,990.000
4,516,393,000
150,137,000
204,163,000
227,003,000
269,648,000
255,314,000
344,167,000
288,896,000
344,498,000
290,279,000
443,678,000
18,731,668,000
19,103,484,000
20,011,445,000
20,080,028,000
21,286,748,000
6,638,177,000
585,963,000
6,592,685,000
565,128,000
6,716,423,000
552,947,000
29,070,000
44,710,000
239,085,000
6,773,207,000
554,301,000
27,867,000
68,660,000
241,391,000
Details of time deposits:
Deposits of individuals, partnerships,
Savings deposits
Certificates of deposit
and corporations:
—
Repayments on instalment loans not applied
Christmas savings and similar accounts
Open
directly to loans.
accounts—J
Total
......
Postal-savings deposits
Deposits of States and political subdivisions.
Deposits of banks in the United States (including
and American branches of foreign banks)..
Deposits
of
banks in
foreign countries
a
Not called for
7,548,899,000
73.066,000
354,086,000
7,493,723,000
60,345,000
340,704,000
7,519,544,000
b52,017,000
363,005,000
7,582,235,000
b56,806,000
345,153,000
7,665,426,000
152,056,000
354,509,000
100,497,000
97,789,000
97,299,000
96,828,000
102,546,000
banks but excluding
Total time deposits
required reserves to net demand plus
Total, Central Reserve city banks
Total, Reserve city banks
Total, Country banks
Total, all member National banks
Ratio of
85^457,000
250,453,000
(including balances of
branches of other American
amounts due to own foreign branches).
of foreign
private banks
65^900,000
258,859,000
6,696,470,000
548,267,000
30,172,000
14,601,000
230,034,000
7,678,000
7.836,000
7.366,000
8,201,000
8,184,000
8,084,226,000
8,000,397,000
8,039,231,000
8,089,223,000
8,182,721,000
20.88%
16.25%
8.09%
13.52%
20.96%
16.42%
8.18%
21.03%
13.34%
8.20%
13.75%
21.05%
13.36%
8.16%
13.80%
21.11%
time deposits:
—
13.68%
liabilities.
f Includes U. S. Treasurer's time deposits—open account,
g
8.12%
13.96%
b Not called for separately prior to Dec. 31,
Not called for separately prior to Dec. 31, 1938.
sold with endorsement, now reported as con¬
Included with savings deposits prior to Dec. 31, 1938.
separately prior to Dec. 31, 1938. Previously included with loans
and investments,
1938
Previously included with "other assets." c Not called for separately prior to Dec. 31, 1938.
e
Previously included with "other liabilities."
e Excludes acceptances of other banks and bills of exchange
tingent
13.43%
The Commercial & Financial Chronicle
2028
TREASURY CASH AND CURRENT LIABILITIES
The cash
holdings of the Government
Aug. 31, 1939,
taken
are
the items stood
as
The figures
set out in the following.
are
entirely from the daily statement of the United
States Treasury Aug. 31,
CURRENT
1939.
ASSETS
Assets—
LIABILITIES
AND
GOLD
Sept. 30,
Company and Issue—
_
,
475,573,291.1)
.$16,645,065,189.82
-
Total
$16,645,065,189.82
Liabilities—
Gold certificates—Outstanding (outside of Treasury)
Gold certificate fund—Board of Governors, Fed. Res. System..
$2,886,527,729.00
11,496,775,119.95
Redemption fund—Federal Reserve notes
Gold reserve
8,644,844.33
156,039,430.93
.
Note—Reserve against $346,681,016 of United States notes
and $1,166,272 of Treasury notes of 1890 outstanding. Treas¬
ury notes
of 1890
are
*
also secured by silver dollars in Treasury.
Exchange stabilization fund—
1,800,000,000.00
—...
...
♦Connecticut
....
Nord Railway Co. 6 54% bonds
♦Northern Indiana Gas & Electric Co. 6% bonds
Northwestern Electric Co., 1st mtge. bonds
1
£1176
—Nov.
Nov.
1
2091
1484
Nov.
1
Nov.
1
llrt
.
Gold in general fund:
Balance of increment resulting from reduc¬
tion In the weight of the gold dollar....
In working balance...
$16,347,987,124.21
$142,455,652.65
154,622,412.96
15-year 5% debentures
15-year 6M% debentures
*297,078,065.61
$16,645,065,189.82
SILVER
Silver (oz. 972,380,993.4)
Silver dollars (oz. 387,805,957.2)
$1,257,219,870.38
501,405,682.00
Total
$1,758,625,552.38
Liabilities—
•
.
'.
certificates
outstanding
Treasury notes of 1890 outstanding
Silver In general fund..........
$1,703,797,803.00
1,166,072.00
53,661,677.38
.....—...
Total
$1,758,625,552.38
Assets—
GENERAL FUND
Gold (as above)
$297,078, 065.61
Silver—At monetary value (as above)
Subsidiary coin (oz. 2,410,211.5)
Bullion—At recolnage value (oz. 1,203.7)...
At cost value (oz.
Minor coin
1,170,253,189.7)
53,661, 677.38
3,331, 897.65
.....
...
1, 664.00
599,544, 114.13
a....„
...
1,453, 707.97
.....
United States notes
...
Federal Reserve notes
Federal Reserve bank notes
National bank notes
2,262, 243.00
9,843, 895.00
288, 073.00
...
......
........
...
1,086, 813.00
17,617, 639.69
.....
Unclassified—Collections, Ac
Deposits in—Federal Reserve banks
Special depositaries account of sales of Govt, securities
National and other bank depositaries:
Parr Shoals Power Co.,
-
38,633, 645.82
40,494, 168.09
Foreign depositaries—
credit of other Government officers
204, 022.34
1,814, 449.00
Philippine Treasury—To credit of Treasurer United States
Total
$2,575,717,912.79
Liabilities—
$16,371,000.27
908,588.22
_
6% reserve, lawful money
Other deposits
59,300,000.00
11,821,720.94
242,192,317.32
Postmasters, clerks of courts, disbursing officers, Ac
Deposits for:
Redemption of National bank notes (5% fund, lawful money)..
Uncollected Items, exchanges. Ac
255,615.16
13.703,462.86
$344,552,704.77
on
gold (asabove)
Seigniorage (silver) (see Note 1)
Working balance
$142,455,652.65
549,434,474.49
2,231,165,208.02
$2,575,717,912.79
The weight of this Item of silver bullion
is computed on the basis of the
average
cost per ounce at the close of the month
of July 1939.
a
Note 1—This item ol
seigniorage represents the difference between the cost value
and the monetary value of silver bullion
revalued and held to secure the silver cer¬
tificates issued on account of silver
acquired under the Silver Purchase Act of 1934
and under the President's proclamation
dated
Aug. 9, 1934.
o
The
following securities
were
officers and certain agencies today
SALES
sold at auction
Wednesday
By Crockett & Co., Boston:
6% pref. stock
Stocks—
$ per Share
30 Farr Alpaca Co., par $50..
......
$100U"II
......
4%
9%
common..
50 Androscoggin Mills, par $100..
____
9%
10%
By R. L. Day & Co., Boston:
Shares
$ per Share
50
first
we
show
the
SINKING
FUND
Then
we
follow with
Company and issue-
Date
♦Baltimore
Oct.
Co.
5% debentures
American Radiator & Standard
Sanitary Corn"—
4M% gold debentures
Anaconda Copper Mining
4M% debs
~
Archer-Daniels Midland Co..
7% cum.
County
Water
&
pref.'stock
Electric Co. of Baltii
Nov.
1
Oct.
1
1
Nov.
.Oct
.Oct.
.Nov.
1904
1016
1317
1466
1318
3
.Oct.
1st mtge.
Page
19
Sept. 30
.Nov.
♦Charleston Transit Co.
,,rt
128
1492
are:
Per
Name of
Share
Company
Abraham A Straus
Administered Fund Second
_;
—
__—i
Alabama Fuel A Iron Co. (irregular)
Alaska Juneau Gold Mining.
_____—
—
____
Amerada Corp. (quar._______
American Beverage Corp., preferred
American Can Co. (quar.).
50c
Oct.
25 Oct.
7c
Oct.
Oct,
20 Sept. 30
1 Sept. 20
25 Oct.
20c
Oct.
20c
Oct.
15c
Nov.
50c
•
—
_____
American Can Co., common (quar.)
American Cities Power A Light $3 class A—
Opt. l-32nd sh. cl. B stk. or cash.
American Fidelity A Casualty Co. (quar.)___—
American Furniture Co., Inc., 7% pref. (quar.)_
American Hardware Corp. (auar.)_
___.—
8%1
$1
75c
1,5c
25c
20c
American Home Products Corp
American Products, prior preferred (quar.)_____
8Mc
American Thermos Bottle, class A___
25c
"____
Associated Telephone Co., Ltd., pref. (quar.)__
31 Mc
Atlantic City Sewerage Co. (auar.)
25c
Atlas Acceptance Corp. 5% pref. (quar.)_
SIM
Attleboro Gas Light Corp. (quar.)___
$2
Automobile Banking Corp
10c
;
Class A.,.*,'..-..*
10c
Preferred (quar.)
37Mc
50c
Badger Paint A Hardware Store, Inc. (quar.)
Baker (J. T.) Chemical Co., 5M% pref. (quar.)
Bakers Bread, pref. (quar.)
62 Mc
a
Bankers Trust Co. (Detroit)
20c
37 Mc
Bartgis Bros Co. 6% pref. (quar.)____
Bell Telephone of Penna. (quar.)
S2
Bibb Mfg. (quar.)
SI
25c
Birmingham Fire Insurance Co., (quar.)
Bloomingdale Bros
18Mc
Boston Edison Co. (quar.)_______-_
$2
—___:
Boston Storage Warehouse Co. (quar.)
75c
Bourbon Stock Yards Co. (quar.)
$1
Brookline Oil (monthly)
lc
Brue (Arthur C.) 7% cum. pref. (quar.).
SIM
87 Me
3M % cumulative preferred (quar.)
Burgess Battery
SIM
Business Systems, preferred (quar.)
15c
Calif. Oregon Power Co., 7% pref. (quar.)
SIM
6% preferred (quar.)
SIM
6% preferred series of 1927 (quar.).:
SIM
Canadian General Investments (quar.)
tl2Me
Coupon (quar.)
tl2Mc
Cannon Shoe preferred (auar.)
68 Mc
Carolina Clinchfield A Ohio Ry. (quar.)____
SIM
Case Lockwood A Brainard Co. (quar.)
S2M
Central Eureka Mining (initial)
6c
Central Hudson Gas & Electric (auar.)
20c
4M% preferred (quar.)
Central Kansas Telep., voting trust ctfs_
SIM
Central States Electric Co., 7% pref. A
f43Mc
7% preferred A
tl0.937c
6% preferred B
t37Mc
6% preferred B and C
t9Mc
Chapman Valve Mfg. (irregular)
50c
Chemical Fund, Inc
7c
Chester Pure Silk Hosiery Co___
10c
6% cum. preferred (quar.)
1.5c
___
—
—
— —
_
____
—
—________
1
2073
15
720
3
3
1617
1617
3
1617
1
1908
1321
1018
1171
.Oct.
1
.Nov. 25
.Oct.
1
3
2075
____
—
_
_____
-
________
Chilton Co
Cincinnati Advertising Products (quar.)
Cincinnati Postal Terminal A Realty Co—•
6M % preferred (quar.)
Cleveland Builders Realty Co__
Cleveland Cincinnati Chicago A St. Louis Ry.—
Preferred (quar.)
____•
Holders
When
Payable of Record
8%c
—
a
the "Chrnniele"-
Ice
1492
,
second table in which
a
The dividends announced this week
—_
list of bonds, notes and
preferred
stocks of corporations called for
redemption, together with
sinking fund notices.
The date indicates the
redemption or
last date for making
tenders, and the page number gives the
location in which the details were given in
American
.
previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our " General Corporation and Investment
News Department" in the week when declared.
— _—___
NOTICES
Below will be found
1
1
dividends
—
AND
I
grouped in two separate tables.
In the
bring together all the dividends announced the
current week.
—
CALLS
1930
1191
1931
1491
are
—
Stocks
Alfol Insulation Co., Inc
REDEMPTION
1628
1191
DIVIDENDS
Dividends
_____
25 Eastern Corp., preferred, par $20..
15 Eastern Corp.,
common, par $10
200
1486
Oct,.
1
Nov. 24
5s
Woodward Iron Co., 5% Income bonds—
*
Announcements this wee*,
x Volume 148.
_
25 Bates Manufacturing
Co., par
15 Berkshire Fine
Spinning Assts.,
1628
1486
£3388
1 '40 £3388
Oct.
Oct.
______
on
of the current week:
Shares
Sept. 30
Oct.
1
6
Oct.
_
______—
AUCTION
1485
£*ov'
Wheeling Terminal Ry. Co.. 1st mtge. 4s
Akron Brass Co
1,539,275,080.88
^°io
t0 the cre<^ ot disbursing
»pAl7t)u>i)w9j979»7l«
1925
1
Feb.
1, 40 751
Feb.
1, 40 751
Sept. 30
1492
Ahlberg Bearing Co., class A (quar.)__
Total
W&8
4
i
7 % pref. stock
mtge.
Nov.
Nov.
Oct.
Oct.
i
Nov. 14
_
1st
1334
1484
1335
Jan.
of 1945
Tennessee Power Co. 1st mtge. 5s
Texas Power & Light Co. 1st mtge. 5s
Vanadium Corp. of America. 10-year 5% debs
Western States Utilities Co.. 1st mtge. bonds
West Penn Power Co.—
Co.
1
___.ian
Spang Chalfant Co. 5% bonds
we
Balance today—Increment
-—
(Robert) Simpson Co., Ltd., 1st mtge. 6s
Southern California Edison Co., Ltd.. debs,
Southern Natural Gas Co. 1st mtge. 4Ms__
760,816, 000.00
Treasurer's checks outstanding
Deposits of Govt, officers—Post Office Department...
Board of Trustees, Postal Savings System:
stock.
Pirelli Co. of Italy, 7% bonds.
Pittsburgh Cincinnati Chicago A St.. Louis Ry.—
Consolidated mortgage bonds
Public Utility Investing Corp., 5% gold bonds
Puget Sound Power A Light Co.. 5M % notes
(Robert) Simpson Co. Ltd 1st mtge. 5s.
Winston-Salem Terminal
•7
Nov. 15
Get.
Oct.
1st mtge. 5s._
Peninsular Telephon Co.. 7% preferred
Pinellas Water Co
1st mtge 5Ms
747,585, 837.11
.....
To credit of Treasurer United States
To credit of other Government officers
To
1334
1334
Oklahoma Natural Gas Co.—
5% debentures
Total
Silver
1
Ohio Finance Co.—
.....
Assets—
Page
D(*te.,n
873
Sept.30
2077
Light & Power Co. 1st mtge. 7s
—i50v* *
1471
1
Consolidated Gas Utilities Corp.. 6% notes
Oct.
2077
♦Crown Cork & Seal Co., Inc.. 10-year 4% bonds
Nov. 1
1
1472
Dayton Power & Light Co.. 1st mtge. bonds....... ...Oct.
1
1473
Duluth, Missabe A Iron Range Ry., 1st mtge. 3Ms
Oct.
1
1473
Electric Auto-Lite Co.. 4% debentures
Oct.
2
1474
Fansteel Metallurgical Corp., 1st mtge. 6s
Oct.
1621
Federal Light & Traction Co. 1st lien bonds
Oct. 16
1
1324
Florida Telephone Corp.. 1st mtge. 6s._.
--Oct.
1
1474
Firestone Tire & Rubber Co., 10-year 3 Ms.
......Oct.
1474
Food Machinery Corp., 4M% Pref. stock
Sept.30
2085
♦Godchaux Sugars, Inc., 1st mtge. 5s_.. ........— —Nov.
1
1476
Greenwich Water & Gas Co. 5% bondss« ries A & B. .....Oct.
1
878
Holland Furnace Co
$5 cum con v. pref. stock
Oct.
1
2087
♦Le Tourneau Foundation 4% notes.
—Nov. 7
£3853
Marshal! Field & Co. 7% pref. stock...------Sept. 30
2089
♦Minneapolis St. Paul & S. S. M. Ry, 4% bonds—.....Nov.
1
1184
Nashville Hallway A Light Co. 1st mtge. 5s...,
.Jan. 1 1940
2090
♦National Dairy Products Corp. 3%% debentures.
Nov. 1
1
New York State Eler A Gas t'orp
1st mtge. 5s
Jan,
421
2091
♦Nineteen Hundred Corp. class A common stock........Nov. 15
Commercial Credit Co. 3%% debs
_
Gold (oz.
1939
Oct.
2 Sept.
1 Oct.
31 Oct.
14
14
21
9
14*
Oct.
2 Sept. 27
Nov. 15 Oct. 25
Nov. 15 Oct.
25*
Nov.
11
Oct.
Oct.
1 Oct.
10 Sept. 30
14 Oct. 13
Oct.
2
Sept.15
Nov.
1 Oct.
Oct.
2
Nov.
'•
13*
Sept. 26
1 Oct.
20
Nov,
1 Oct.
14
Oct.
2
Oct.
1 Sept. 20
2 Sept. 15
Oct.
Sept. 30
Oct.
2 Sept. 25
Oct,
2
Oct.
2 Sept. 25
2 Sept. 25
Oct.
Oct.
Sept. 25
1 Sept. 15
Sept. 30 Sept. 25
Oct.
16 Oct.
6
Sept. 30 Sept. 20
Sept. 30 Sept. 30
2 Sept. 20
Oct.
Sept 30 Sept. 20
Oct.
Nov.
25 Oct.
14
1 Oct.
10
Sept. 30 Sept. 23
Oct.
2 Sept.25
Oct.
20 Oct.
Sept. 30 Sept.
Sept. 30 Sept.
Oct. 10 Sept.
Sept. 30 Sept.
Oct.
16 Sept.
Oct. 16 Sept.
Oct. 16 Sept.
Oct. 16 Sept.
Oct.
16
Oct.
Oct.
20 Oct.
Oct.
2
1
10
23
23
30
23
30
30
30
30
Sept. 21
10
Sept. 20
Oct.
14 Sept, 30
Nov.
1 Sept. 30
Oct.
Oct.
2 Sept. 22
2 Sept. 25
Oct.
30 Sept. 15
30 Sept. 15
30 Sept. 15
30 Sept. 15
3 Sept. 22
Oct.
14 Sept. 30
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
2
2
Sept. 26
Sept. 26
10c
Oct.
12Mc
Oct.
SIM
Oct.
10c
Dec.
15 Oct.
23 Dec.
$1M
Oct.
31 Oct.
14 Oct.
1
4
Sept. 25
5
15
4
Volume
The Commercial & Financial Chronicle
149
Per
Name of Company
Share
Cleveland Hobbing Machine (quar.)
Cleveland Railway Co
'___
Clinton Trust Co. (quar.)
Columbia Mills (irregular)
20c
_
.
____
_______
Commerical Alcohols preferred (quar.)
Commercial Discount Co., 8% pref. (quar.)
7% preferred (quar.)_
Commonwealth Investment Co. (quar.)_
Consolidated Oil Corp. (quar.)
__
Oct.
Oct.
(quar.)___________________
7% preferred (quar.)
;
10c
Oct.
Oct.
4c
15c
7% preferred (quar.)
Creamery Package Mfg. (quar.)
Detroit Gasket & Mfg
vA'.
Diamond State Telephone Co. (quar.)__
Dravo Corp. 6% preferred (quar.),_.
Dun (R. G.) -Bradstreet Corp. (quar.)_
Special
■_< 2
a
Eastern Magnesia Talc. Co., Inc. (qu.)_____
Electric Bond & Share Co. $6 preferred (quar.)__
$5 preferred (quar.)______i.»__A__A
__________________
___
__
_
_
_
_
Fafnir Bearing (quar.)
Fairmont Creamery (irregular)
Falstaff Brewing (quar.)
Extra-___
_
*
,
________
— __
_____
___
________
Preferred
(semi-annual)
Federated Dept. Stores
Preferred
________
^
_
Quarterly...
:__
Fisk Rubber, preferred (quar.).
49 W. 37th St. Corp., v.t.c. (irregular)
Fyr-Fyter Co., class A
__________________
Gardner-Denver Co. (quar.)
Preferred (quar.)
General Machinery Corp
Preferred (quar.)
General Mills. Inc
General Steel Wares Ltd., 7% cum. pref
General Telephone Allied Corp. $6 pref. (qu.)_
General Theatres Equipment
Gimble Bros., preferred (quar.)
Goodman Mfg. Co
i
Greenfield Gas Light (irregular)
6% non-cumulative preferred (quar.)__
Hanna (M. A.) Co____
Harris (A.) & Co., 7% preferred (quar.)
Hart & Cooley (quar.)
*_
Hershey Chocolate Corp. (quar.)__t
Preferred (quar.)
Holly Development Co. (quar.)
Holly Sugar, preferred (quar.)
Holyoke Water (quar.)
HomeTelep. & Teleg. Co (Ft. Wayne, Ind.)
Horder's, Inc. (quar.)
Horn & Hardart (N. Y.) (quar.)
Houston Natural Gas preferred (quar.)________
Hyde Park Brewers Assoc
Imperial Chemical Industries (interim)
Indiana Pipe Line Co
Industrial Credit Corp. (N. E.) (quar.)__
________
Extra.
______
Preferred (quar.)
Institutional
_
Securities,
Ltd.
_
_
(group shares)
2
Oct.
Sept. 30 Sept.
Oct.
2 Sept.
Sept.10 Aug.
Sept.10 Aug.
Sept. 30 Sept.
50c
SIM
81H
2
10 Sept. 30
5
20 Oct.
30
20
31
31
20
Preferred
_
i
(quar.)
International Metal Industries preferred (quar.)
Class A (quar.)
International Pulp, preferred (quar.)
Interstate Bakeries Corp. preferred (quar.)
_.
Interstate Home
Equipment Co., Inc
Extra.
____
_____
Oct.
31 Oct.
21
Oct.
31 Oct.
15 Oct.
21
Oct.
Oct.
Jan.
Oct.
50c
Oct.
15 Sept.
Oct.
Oct.
10
2 Sept. 27
2 Dec. 27
25c
75c
20 Oct.
Nov.
1 Oct.
25c
Oct.
$1H
10
30
3
10
20
Oct.
2 Sept. 19
2 Sept. 19
87 He
Nov.
1 Oct.
tSIM
81M
Nov.
Oct.
10*
16 Oct.
2
1 Oct.
16
16 Oct.
6
15c
Oct.
81H
Oct.
25 Oct.
10
60c
Sept.29 Sept. 29
Oct.
Sept.15
75c
Nov.
25c
Sept. 30 Sept. 26
Kawneer Co
Kennedy's, Inc.,
pref. (quar.)
Kerr Lake Mines, Ltd__
Kirkland Lake Gold
Mining (s.-a.)
Extra
.___!
_■_■
____
Kresge Department Stores, Inc.—4% cum. conv. 1st preferred (quar.)
Lane Co., Inc. (quar.)
Lazarus (F, & R.) Co
Lexington Telep. Co. 6% pref. (initial)TJI
Libby, McNeil & Libby 6% preferred
Link Belt Co. (quar.)_
Preferred (quar.)
Lowell Electric Light Corp. (quar.)_■
McCall Corjp. (quar.)
McCaskey Register Co., 7% 1st pref. (quar.)
McCrory Stores, preferred (quar.)
__
Nov.
Oct.
Oct.
Oct.
16
25
2 Sept. 22
___
National Shirt Shops of Delaware, Inc.—
$6 prior preferred (quar.)
Neisner Bros., preferred (quar.)
New Britain Machine Co. (quar.)________,
New Brunswick Telephone Co
25
Nov. 15 Oct.
25
lc
Oct.
SIM
20c
87Mc
25c
50c
87 He
Nov.
Oct.
25 Sept.30
1 Oct.
16
2 Sept. 22
Sept. 30 Sept. 27
Nov.
Nov.
1 Oct.
20
1 Oct.
11
3%
Sept. 30 Sept. 23
Oct.
4 Sept. 25
Dec.
8 Sept. 27
20c
Nov. 15 Oct.
32c
Oct.
6Hc
87Mc
2H%
Oct.
2 Sept.20
2 Sept.20
Oct.
2 Sept.20
Nov.
1 Sept.30
50c
20
20
1 Oct.
20
Preferred
1 Oct.
14
United Stoc
Nov.
1 Oct.
14
Vermont &
Oct.
2
Oct.
Oct.
16 Oct.
16 Oct.
Oct.
Oct.
Oct.
10c
Oct.
2
1 Oct.
2
SI
Oct.
25c
Oct.
2 Sept.20
1 Sept.23
15c
Oct.
25 Oct.
SIM
Oct.
S3
Oct.
15 Sept. 30
14 Oct.
2
1 Nov. 10
Jan.
90c
Oct.
25c
2 Dec. 15
13 Sept. 30
Nov.
1 Oct.
13
Oct.
2 Sept. 25
1 Oct.
20
Nov.
1 Oct.
16 Oct.
Nov.
1 Oct.
6
Oct.
6
11
11
Nov.
1 Oct.
15c
Oct.
81M
Oct.
2 Sept.25
2 Sept.25
81H
Oct.
12Mc
17Mc
17 He
Oct.
Oct.
Oct.
Nov.
81M
tSIM
t81M
81H
Nov.
Nov.
Nov.
Nov.
2 Sept. 25
2 Sept. 30
15 Sept. 20
15 Sept. 20
1 Oct.
1 Oct.
1 Oct.
1 Oct.
14
14
14
1 Oct.
11
16 Sept. 30
15 Sept. 30
26 Oct.
16
68c
Oct.
10c
Oct,
50c
Oct.
20c
Oct.
2
Sept. 15
Oct.
2
Sept. 25
Nov.
1 Oct. 14
7 Sept. 30
3c
Oct.
17Mc
17Mc
Oct.
81M
1.18M
Oct.
1
Nov.
1 Oct.
25c
Oct.
20 Sept. 30
20 Sept. 30
Sept. 25
81M
Nov.
12Mc
12c
we
1 Oct.
16
22
16
30
25
27
50c
Oct.
Sept.
Nov.
Oct.
8
10
10c
Sept. 30 Sept.18
25c
Oct.
$1
50c
Sept. 23 Sept. 22
Oct.
2 Sept. 25
81M
Oct.
10 Oct.
14 Oct>
3
2
Oct.
50c
2 Sept. 20
Sept.30 Sept.25
Oct.
2 Sept.25
Sept.30 Sept. 19
25c
Nov.
75c
Oct.
16 Oct.
81M
SIM
1M%
Oct.
16 Oct.
5
1 Oct.
16
20c
50c»
$3
81H
37Mc
Nov.
Oct.
11
5
14 Sept. 30
Sept. 30 Sept. 20
12 Dec.
Jan.
12 Dec.
Sept. 30 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
1 Sept.
Oct.
1 Sept.
Oct.
Oct.
Oct.
4c
Oct.
$1
Oct.
t$4.42
Oct.
60c
9 Oct.
Jan.
20c
10 Oct.
1
15
15
25
26
25
26
26
5
Sept. 25
25 Oct.
5
2 Sept. 25
1 Sept. 20
Sept. 30 Sept. 21
81M
Oct.
75c
Oct.
$1.13
*43 Mc
*43 Mc
*50c
Oct.
14 Oct.
4
14 Oct.
4
2 Sept. 25*
Nov.
1 Oct.
6
Nov.
1 Oct.
6
Oct.
3c
Oct.
lc
Oct.
2
Sept. 25
31 Oct.
31 Oct.
16
16
20c
Nov.
Oct.
20
37Mc
Nov.
Oct.
20
50c
9c
Oct.
Oct.
20 Oct. 10
16 Sept. 30
2 Sept.
2 Sept.
Oct.
Oct.
25c
17 Oct.
Nov. 10 Oct.
10c
Oct.
Oct.
t$l
15
30
10
10
Sept.15
Sept. 30 Sept. 25
10c
Oct.
20 Oct.
81M
81M
Oct.
16 Oct.
Jan.
15 Jan.
III
Apr.
July
15 Apr.
15 July
171§
Oct.
16 Oct.
Oct.
5
20c
Oct.
20c
50c
Oct.
Sept.
Sept.
Sept.
Sept.30 Sept.
26
26
27
22
37Mc
81M
81M
81H
Nov
Oct.
10
Oct.
Oct.
2
Oct.
I81M
Ocyt. 2
Oct.
Sept. 15
Oct.
Sept. 25
Oct.
Sept. 28
Oct.
Sept. 28
Oct.
Sept. 23
Sept. 30 Sept. 21
Oct.
Sept. 22
37 He
Nov.
30c
___
6
$it!o
1 Oct.
14
—
give the dividends announced in previous weeks
list does not include dividends an¬
being given in the preceding table.
and not yet paid.
The
nounced this week, these
Share
of Company
Abbott Laboratories (quar.)
Extra
—
40c
10c
—.—
81H
Preferred (quar.)
Acadia Sugar Refining Co. 6% pref. (quar.)_.
Addressograph-Multigraph (quar.)
Aeronautical Securities (quar.)
Aero Supply Mfg. class A (quar.)
Aetna Ball Bearing Mfg. (quar.)
Aetna Casualty & Surety (quar.)
Aetna Insurance Co. (quar.)
Aetna Life Insurance Co. (quar.)
Agnew-Surpass Shoe Stores, preference (quar.).
Agricultural Insurance Co. (quar.)
Air Reduction Co., Inc
Extra
Alabama Power Co., $7 pref. (quar.)
—-—-—
$6 preferred (quar.).
'.).
$5 preferred (quar.
Payable of Record
Sept.
Sept.
Sept. 12
Sept.12
Oct.
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Oct.
10c
!C
75c
Oct.
Oct.
Dec.
3
13
26
26
15
1
Oct.
Sept. 9
Sept.13
Sept. 9
Sept. 15
Oct.
Sept. 20
25c
Oct.
50c
Oct.
81M
81H
Oct.
Oct.
Sept. 30
Sept.30
Sept.15
Sept.15
Nov.
Oct.
30c
*1
Oct.
Oct.
Dec.
40c
0
Alabama & Vicksburg Ry. Co
Alberta Wood Preserving Co. 7% pref. (quar.).
Holders
When
Per
Name
*81M
Oct.
20
Oct.
Sept.
Oct.
Sept. 15
8
Allen-Wales Adding Machine Corp.—
$6
81H
preferred (quar.)
15c
Allied Laboratories, Inc. (quar.)
Niagara Hudson Power Corp.—
5% 1st pref. and 2d pref. ser. A & B (quar.)__
14
______^
2
21
14
Sept. 30
Sept. 20
Sept. 20
______
Cooperative Mercantile Institution
Below
14
______
Worcester Suburban Electric Co
Zion's
1 Oct.
SIM
(quar.)
6% preferred (quar
Wood Preserving preferred.
5
Nov.
Dec.
Wieboldt Stores prior pref.
20 Oct.
Nov.
i>ref: (quar.)_____
White Villa Grocery, Inc., 6% pref. (quar.)__
Wico Electric Co. 6% class A pref. (quar.)__
Wrisley (A. B.) 7% preferred.
Zellers, Ltd., preferred (quar.)
lc
25c
Products,
Oct.
26
Sept.
Sept.
171§
__
White Rock Mineral Springs Co., 1st pref. (qu.)
Second preferred (quar.)___^______________
Nov.
20
20
25
30*
25c
81M
_
s RR. Co.
(s.-a.)
Waterbury Farrell Foundry & Machine._______
Western Commonwealth Corp. class A (s.-a.)_
Western Massachusetts Cos. (quar.
4c
Oct.
Oct.
___
uar.)_
Westvaco Chlorine
Sept. 30 Sept.25
15 Sept. 30
31Mc
Nov.
(quar.)_
2
2 Sept.20
2 Sept. 20
81M
81M
82
37 He
_
2
Sept. 30 Sept.20
Sept. 30 Sept.20
Oct. 20 Sept.30
Oct. 20 Sept. 30
Oct. 20 Sept.30
81M
(quar.)
Preferred
1 Oct.
Nov.
10c
Oct.
Nov.
...
__
Oct.
Nov.
—
Nov.
Sept. 30 Sept. 23
___
Sept.
Sept.
Sept.
Sept.
Sept.
Nov.
Super Mold Corp. (Calif, (quar.)
Supervised Shares, Inc. (quar.)
Taunton Gas Light Co
Telluride Power pref. (quar.)_
Towne Securities Corp. 7% cum. pref.________
Union Oil Co. (Calif.)
Union Wire & Rope Co. (quar.)
United States Cold Storage 7 % pref.
_:
United States Sugar
^
Preferred (quar.)_____
Preferred (quar.)
Nov.
(quar.)__
New England Fire Insurance Co.
Sun Ray Drug Co..
Preferred (quar.)
40c
Oct.
75c
_
SIM
SIM
SIM
SIM
62Mc
12Hc
Oct.
Oct.
_
Preferred (QUfti*)
_
82
2%
81H
31Mc
________________
Suburban Electric Securities Co. $4 2d pref.
Sullivan Consol. Mines, Ltd
_
31
Sept. 25
Sept. 25
Sept. 25
3c
__
_
15
Oct.
Oct.
Oct.
Silbak Premier Mines
Extra
Oct.
Nov.
$1
50c
________
10
35c
81M
81M
Southern
Sept. 30
Sept.30
Nov.
50c
Steel Co. of Canada (quar.)
Nov. 15 Nov.
Nov. 15 Oct.
SI
Sept. 30 Sept.
Oct.
16 Sept.
Oct.
2 Sept.
Oct.
2 Sept.
New England Power Co., 6% preferred
5% conv. pref. (quar.)
Security Storage Co. (quar.)
Shasta Water (reduced quar.)
Oct.
Oct.
Oct.
(St. L.) (quar.)_
3
14 Oct.
SIM
75c
50c
_,
Securities Investment Co.
Sept. 30
25c
Santa Cruz Portland Cement Co.
Schmidt Breweries Co
4
81M
National Distillers Products (quar.)
National Electric Welding Mach. Co. (quar.)
National Funding Corp. class A & B (quar.)
Class A and B (extra) _______
_
4
20c
7% preferred (quar.)
_
Oct.
15c
Nanaimo-Duncan Utilities (s.-a.)
Nashua Gummed & Coated Paper Co.—
_
Nov. 15 Nov.
25c
_.
_
Oct.
Oct.
_________
15c
McGraw-Hill Publishing Co., Inc
McLellan Stores Co____
_
_.
Perry Foy (quar.)_
Philadelphia Electric Power Co.—•
8% preferred (quar.)
Philadelphia Electric, $5 preferred (quar.)_____
Pilot Full Fashion Mills (quar.)_
Pittsburgh Metallurgical
Pittsfield Coal Gas (quar.)___
Plume & At wood Mfg
Plymouth Rubber, preferred (quar.)
Pneumatic Scale Ltd. 7% preferred (quar.)
Pyle National Co. 8 % pr o I. (quar.)
Rhinelander Paper (increased)___________
Ray-O-VacCo. 8% pref. (quar.)_
Reading Co. (quar.)
Royal Typewriter Co., Inc-__
Preferred (quar.)
Saguenay Power, preferred (quar.)
San Diego Consol. Gas & Elec. Co.,
pref. (quar.)
St. Joseph Stockyards Co. (initial).
St. Louis Bridge Co. 6% 1st pref.
(s.-a.)
3% 2nd preferred (s.-a.)_.
St.
b. Paul
Pa * Union
'
~
'
Stockyards
Co. (quar.).,
50c
McGraw Electric Co__
_
__
Sept. 23
Oct.
Sept.18
25c
______
Pearson
Oct.
Oct.
Sept.
25c
_J„_
Old Dominion Fire Insurance
(quar.)
Pacific Gas & Electric Co.
(quar.)
Pacific Portland Cement, preferred-
Payable of Record
25c
81M
(quar.)___
Smyth Mfg. Co. (quar.)
__r
Bleachery & Print Works, Inc., pref_
Southern Berkshire Power & Electric.
Spicer Mfg. Co
•
S3 preferred (quar.)
1_
Springfield Fire & Marine Insurance.
40c
Nov.
_
Ohio Wax Paper Co.
Extra
SIM
37Hc
81H
Preferred (quar.)
Macwhyte Co. (quar.)__
Maobett (Geo.) & Sons Co. 7% 1st pfd. (quar.)_
7% 2nd prefened (quar.)__
Manning, Maxwell & Moore (quar.)
Maritime Tel. & Teleg, Co. (quar
7% preferred
Michigan Public Service 7% preferred
6% preferred
Michigan Public Service, 7% preferred
6% preferred
Montana Power Co., 86 preferred (quar.)___
Montreal Telegraph Co. (quar.)_
Mutual Investment Fund (quar.)
Myers (F. E.) & Bro. (extra)
First preferred (quar.):
Second preferred (quar.)___,_
20
20
25
20
19
10c
cu. con v.
Norfolk & Western Ry.f preferred
(quar.)__
Ohio Leather Co
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
2 Sept.
Oct.
21 Sept.
Oct.
2 Sept.
t8^5§
_
■
Perfection Stove Co. (quar.)
20 Oct.
16 Oct.
"
_
H
81M
6
Nov. 29 Nov. 15
Apr.
1 Mar. 18
_
.____
5M% pref
6% preferred
7% preferred
Northwest Engineering_____;
6
Nov. 29 Nov. 15
Mtge. Co________________
37Mc
Preferred (quar.)
%
Iowa Electric Ligh5 & Power 7% pref. A
t87Hc
6M% preferred B._________
6 % preferred C
;
:
Kansas Power & Light Co. 7% pref. (quar.)____
SIM
6% preferred (quar.)_
SIM
_
3c
40c
1 Oct.
15c
81M
,v__
1 Oct.
20c
Investors
_
Telephone Service Co., 7% pref. (qu.)
Nov.
Stock dividend
Interchemical Corp
Share
Nov.
Sept. 30 Sept. 22
Oct.
2 Sept. 20
$1.06 M
t$lM
87 He
87Hc
81H
New York
North American Oil Co
North Judd Mfg. (quar.)_
Northern Indiana Public Service,
Holders
When
Per
Name of Company
Co., Inc., 5% pref. A (quar.)
Penmans Ltd. (quar.)
Preferred (quar.)_________
Pennsylvania Power Co., $5 preferred (quar.)__
Peoples Telep. (Butler, Pa.) (quar.)
SI
20c
50c
Hawaiian Sugar Co. (quar.)
Hercules Powder Co., preferred (quar.)
14
25c
$1
50c
_
14
1 Oct.
50c
'50c
14
1 Oct.
Oct.
50c
14
20 Oct.
16 Oct.
30c
SIM
8% preferred (quar.)
Hartford Steam Boiler Inspection & Insurance.
Haughton Elevator Co. $6 prior pref. (qu.)
Haverty Furniture Co. preferred (quar.)
Hawaiian Commercial & Sugar Co
Nov.
Oct.
75c
1
10 Oct.
Nov.
1 Oct.
Nov. 15 Oct.
UH
40c
Hartford Gas Co. (quar.)
16 Sept. 30
1
10 Oct.
Oct.
25c
_______________
(quarterly)
Fenton United Cleaning & Dyeing Co., pref____
First National Bank (Toms River, N. J.) (qu.)__
1 Sept. 22
2 Sept. 28
75c
3c
_____
2 Sept. 25
2.
13 Oct.
Oct.
Nov.
_
Corn Products Refining
Oct.
20c
20c
Coon (W. B.) Co.
Oct.
50c
17 ^c
Holders
When
Payable of Record
37 He
$1H
2029
10c
Extra
12Mc
z3Me
Allied Products Corp
Class A (quar.)
preferred (quar.)
Allis-Chalmers Mfg. Co
Aloe (A. S.) Co. 7% preferred
Aluminum Co. of America pref. (quar.)
Aluminum Goods Mfg. Co. (quar.)
Aluminum Mfg. Co., Inc. (quar.)
Quarterly.7% preferred (quar.)
7% preferred (quar.)
American Brake Shoe & Foundry
Preferred (quar.)
—
Oct.
Oct.
1 Sept. 19
25c
Oct.
4 Sept.
81M
81H
Oct.
1
Oct.
20c
Oct.
2 Sept. 15
2 Sept. 15*
81M
Allied Stores, 5%
Sept. 30 Sept. 20
1 Sept.15
1 Sept. 15
Oct.
1 Sept.11
Oct.
1 Sept. 11
Oct.
18
50c
50c
Sept.30 Sept. 15
81M
$1M
Sept. 30 Sept. 15
25c
Sept.30 Sept. 22
Sept. 30 Sept. 22
K1.31M
Dec.
Dec.
31
Dec.
31 Dec
15
15
The Commercial &
2030
Per
Share
Name of Company
(quar.) — —
American Bakeries, partic. class A
Participating class A (participating
Class B__
Preferred
dividend) -
(quar.)
American Hard Kubber,
75c
Oct.
68Mc
Oct.
S^pt. 15
Sept. 15
1
Sept. 11
SIM
Oct.
Sept. 18
15c
Oct.
Sept, 15
Sept. 15
i
h
.
5% cum. preferred
(quar.)
Sept.
SIM
Oct.
25c
5c
Oct.
Oct.
SIM
Oct.
2 Sept. 18
50c
Oct.
2 Sept. 18
43 Mc
Oct.
25c
SIM
SIM
SIM
SIM
Co.—
SIM
t62Mc
t75e
—
JLight, $5 preferred
Sanitary—
SIM
(quar.)
Rolling Mills, 4M% pref
Safety Razor (quar.).
Seal Rap Corp. (Del.)
—
Smelting & Refining Co. (quar.)
t
■
6
75c
Oct.
SIM
Oct.
Oct.
Sept. 14
Sept. 14
Sept. IE
Sept. 5
Oct.
Oct.
Sept. 22
S2M
87Mc
Oct.
Sept. 15
Oct.
Sept. 20
1M%
Oct.
Sept.
SIM
Oct.
Sept. 20
15c
Oct.
Oct.
.8.
Oct.
Sept. 28
Sept. 20
Sept. 6
25c
Oct.
15c
Sept.
15c
Sept.
Sept.
Sept.
BancOhioCorp. (quar.)
Bangor & Aroostook RR. (quar.)
—.
—
—
Belding-Corticelli, Ltd. (quar.)
(Can.) (quar.)
of Pennsylvania 6M % pref. (qu.)
Industrial Loan Corp. (quar.)
Prior preferred (quar.)
Bensonhurst National Bank (Brooklyn, N. Y.)
Bethlehem Steel Corp., 5% preferred (quar.)
Bell Telephone
$6
preferred
Preferred (quar.)
Bloch Bros. Tobacco Co., 6% pref. (quar.)
Bohn Aluminum & Brass
Bon Ami Co. class A
Sept.
Sept.
Oct.
Oct.
Oct.
Sept. 20
Oct. 20
Sept.
Sept,
Sept.
Sept.
2nd
preferred (quar.)
-
Canadian Celanese
15
Sept. 30
Sept. 23
Oct.
20c
Oct.
Oct.
Sept. 15*
S3M
50c
Oct.
Oct.
68 Mc
10
Sept. 22
Sept. 23
Oct.
Sept. 14
Sept. 22
60c
Oct.
Sept. 15
SIM
Oct.
Sept. 15
25c
Oct.
Sept. 23
SIM
SIM
Oct.
Oct.
Sept. 23
Sept. 30
43 Mc
25c
Oct.
Sept. 15
Oct.
SIM
Oct.
Sept. 12
Sept. 12
50c
Oct.
Sept. 15
Sept. 11
Sept. 11
$1
Oct.
25c
Oct.
SI
SIM
't$2
SI
Oct.
Oct.
Sept. 15
Sept. 15
Oct.
Sept. 23
Oct.
Sept. 20
Sept. 15
Sept.
Sept.
Dec.
Oct.
Sept. 15
Dec. 29
8
Oct.
Sept.
Sept.
Oct.
Oct.
Sept. 22
Sept. 22
Oct.
tSIM
tSIM Oct.
25c
Sept.
Sept.
37Mc
Sept.
SIM
8% preferred (quar.)
-
-
Ltd., class A
X'25c
lOd.
50c
SIM
SIM
18c
SIM
87
IP
llM
Extra—
Carnation Co. 5% 1st pref. (quar.)
—
——
Light, $7 pref. (quar.)
$6 preferred (quar.)
Carriers & General Corp. (quar.)
Celanese Corp. of Amer., 7% cum. prior pref—
Central Aguirre Associates
Central Franklin Process Co.
7% pref. (qu.)
8
—
Central New York Power 5% pref. (quar.),-—.
Central Patricia Gold Mines (quar.)
50c
70c
Oct.
$1
Oct.
70c
55c
15c
annas
81M
t$2.18
Oct.
35c
Oct.
Oct.
25c
37 Mc
t$5
J30c
nffi
J82
m
Oct.
Oct.
16
25c
Oct.
Sept. 19
Dec.
Nov. 15
Oct.
Oct.
Sept. 30
Sept. 30
Sept..30
Sept. 15
Sept. 15
Oct.
Oct.
Oct.
Dec.
Nov. 30
50c
Oct.
Sept. 20
25c
Oct.
15c
Oct.
25c
Sept.
Sept,
$1
Oct.
81M
Oct.
J81M
Oct.
Sept. 30
82
Oct.
Oct.
Oct.
1 Sept. 15
2 Sept. 15
31 Sept. 30
16 Sept. 30
Oct.
2 Sept. 20
37 Mc
Oct.
1 Sept. 20
n3?Mc
Oct.
Oct.
2 Sept. 15
Sept. 30 Sept. 20
Sept. 30 Sept. 20
.
lc
Oct.
Oct.
Oct.
SIM
Oct.
81M
81M
2Mc
Oct.
Oct.
81M
SIM
37Mc
$1M
$1
81M
81M
SIM
SIM
lc
$6 preferred B (quar.)
2 Sept. 18
2 Sept.
9
Oct.
Oct.
2 Sept#
2 Sept.
9
Nov.
1 Oct.
2 Sept. 20
9
10
Sept. 30 Sept. 15
Sept. 30 Sept.15
16 Sept. 30
16 Sept. 30
Oct.
1 Sept. 15
Oct.
50c
Oct.
81
Oct.
2 Sept. 19
1 Sept.
8
1 Sept.
8
Sept.30 Sept. 20
2 Sept. 20
17Mc
Oct.
Oct.
Oct.
25c
Oct.
81M
Oct.
2 Sept. 20
1 Sept. 22
16 Sept. 27
2 Sept. 20
Sept. 30 Sept. 14
2 Sept. 15
Oct.
Oct.
Oct.
2 Sept. 15
1 Sept. 18
1-1-40 Dec.
18
2 Sept. 20
2 Sept. 29
Sept. 30 Sept. 15
Oct.
2 Sept. 26
20c
Oct.
2 Sept.15
50c
Oct.
1 Sept. 15
81M
Oct.
25c
12 Mc
30c
37Mc
81M
SIM
25c
25c
—
Sept. 16
Oct.
Oct.
Oct.
45c
$5.80
(quar.)_
Sept. 21
Sept. 16
Sept. 23
Sept. 30 Sept. 20
Oct.
1 Sept. 12
Oct.
1 Sept. 19
Oct. 16 Sept. 28
Oct.
2 Sept. 22
Oct.
Oct.
75c
pref.
.30 Sept.18
1 Sept.18
Sept.
7
Sent.
7
Oct.
t$lM
tSIM
81M
30c
Development 6% preferred
Colonial Ice Co. $7 pref. (quar.)
15
15
81M
t81M
*81M
t$ 2
1M%
Colon
Sept. 15
15
15
15
Sept.
Sept.
Sept.
Sept.
Sept.
City Investing Co. preferred (quar.)
Clearing Machine Corp. (quar.)
Cleveland Electric Illuminating
Preferred (quar.)
Cleveland Graphite BrOnze (interim)
Cleveland Union Stock Yards Co. (quar.)
Climax Molybdenum Co
Clinton Trust Co. (quar.)
Clinton Water Works Co., 7% preferred (quar.)_
Cluett, Peabody & Co., Inc. pref. (quar.)
Lamp & Stove (quar.)
2
Sept. 15
Sept. 21
Oct.
Sept. 23
Oct.
Sept. 23
Oct.
Sept. 23
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Oct.
Extra
16 Oct.
Oct.
81
81M
22
20
15
15
Nov. 15 Oct. 31
Oct.
1 Sept. 20
Oct.
Colgate-Palmolive-Peet Co., 6%
Collateral Loan Co. (quar.)
62 Mc
7 Sept.
Sept. 30 Sept.
2 Sept.
Oct.
2 Sept.
25c
t37Mc
J62Mc
t$lM
11
Nov. 24
Sept.11
Oct.
62Mc
Aug.
Dec
Sept.
$1M
Sept. 25
16
Oct.
Oct.
40c
37 Mc
25c
Sept. 15
Sept. 30
Sept, 15
Sept. 16
Sept. 16
Sept.15
Oct.
Oct.
2M%
2M%
15c
Coca-Cola International Corp
14
17Mc
81M
$1.13
$1M
$1M
7% pref. (quar.)
pref. (quar.)
Oct.
Sept.15
87Mc
Citizens Water Co. (Wash.)
Sept. 25
Sept.15
Citizens Wholesale Supply 7%
City Ice & Fuel Co
Coleman
Oct.
Oct.
Oct.
17
Oct.
81M
5% preferred (auar.i
Sept. 23
Sept. 23
Sept. 20
Sept. 22
Sept.16
Sept. 25
Oct.
Oct.
62 Mc
75c
-
Sept. 25
Sept. 25
Sept. 15
___
6% preferred
Champion Paper & Fibre pref. (quar.)
Chemical Bank & Trust Co. (quar.)
Chesapeake & Ohio Ry
;
Preferred (quar.)
Chicago Flexible Shaft (quar.)
Chicago Pneumatic Tool prior pref. (quar.)
$3 preferred (quar.)
Chicago & Southern Air Line, 7% pref. (qu.)
Chickasha Cotton Oil (special)
Christiana Securities, preferred (quar.)
Churngold Corp
Cincinnati Gas & Electric pref. A (quar.)
Cincinnati & Suburban Bell Telep. (quar.)
Cincinnati Union Terminal 5% pref. (quar.)
Sept. 18
Sept.
Sept.
40c
lc
Extras
Central Power Co., 7% preferred
Coca-Cola Co
Oct.
_
Oct.
Oct.
Nov.
6% preferred-.
$6 preferred
Sept. 14
Sept. 14
Oct.
—
Nov.
81M
lc
Carson Hill Gold Mine
Case (J. I.) Co. pref. (quar.)
16
Sept. 2
Sept. 30
Sept. 16
Sept.
jOct.
'Oct.
Sept.
Sept.
Sept.
4c
Carolina Power &
19
15
15
JSept.
$3
SIM
SIM
6% preferred (quar.)
Central Maine Power, 7% preferred
Oct.
50c
Canadian Fairbanks Morse preferred (quar.)
Canadian Foreign Investment Corp.
15
Nov.
Oct.
Oct.
SIM
———
Central Hanover Bank & Trust (quar.)
Central Illinois Light Co. 4M % pref. (quar.)
20
30c
Oct.
Canadian Cottons Ltd. (quar.)
Preferred (quar.)_
20
Sept. 6
Sept. 6
Sept. 11
Sept. 11
(quar.)
Class B (quar.)
Borg-Warner Corp
2
Sept. 20
Sept. 9
25c
—
Sept. 30 Sept.
2 Sept.
2 Sept.
Oct.
2 Sept.
Oct.
50c
2M%
5
2 Sept. 15
Sept. 3o Sept. 15
Oct.
16 Sept. 30
20c
75c
Oct.
Oct.
2 Sept. 23
Oct.
50c
Oct.
Oct.
Oct.
81M
Cannon Mills Co
25c
Oct.
87 Mc
Capital Administration pref. A (quar.)
Cariboo Gold Quartz Mining (quar.)
12Mc
Nov.
2 Sept. 20
1 Sept.
9
Sept. 15
Sept. 25
40c
.
Bliss & Laughlin
Oct.
Oct.
Sept. 15
Oct.
62 Mc
Birmingham Electric $7 preferred
-
Canadian Wirebound Boxes,
Canfield Oil Co
20c
25c
7% preferred (quar.)
Bickford s, Inc
Preferred (quar.)
—
Sept, 18
75c
75c
62 Mc
75c
—
pref. (quar.)
Burger Brewing preferred (quar.)
Burkart (F. F.) Mfg. Co., com. (irregular)
$2.20 preferred (quar.)
Burlington Steel Co. (quar.)
Burma Corp., Ltd., Am. dep. rets, (final)
Hunt* Bros., 5% preferred (quar.)
Byers (A. M.) Co., preferred-Cables & Wireless Holding, Ltd.—
American dep. rects. (s.-a.)
5M% preference (s.-a.)
Calamba Sugar Estates (quar.)
Preferred (quar.)
California Packing Corp., 5% preferred
California Water & Telephone Co. 6% pref. (qu.)
Calumet & Hecla Consol. Copper
Cambria Iron Co. (s.-a.)
Cambridge Investment Corp. class A & B (s.-a.)_
Canada Bread Co., B preferred
%
B preferred (quar.)
1st preferred (quar.)
Canada Cycle & Motor Co., Ltd
5% 1st pref. (qu.)
Canada & Dominion Sugar Co., Ltd.—
New (quar.)
r
—
Canada Life Assurance (quar.)
Canada Northern Power Corp., Ltd
7 % cumulative preferred
Canada Packers Ltd. (quar.)
Canada Permanent Mtge. Corp. (quar.)
Canada Wire & Cable, class A (quar.)
Canadian Breweries, $3 preferred (quar.)Canadian Canners 1st preferred (quar.)
Canadian Oil Co., pref. (quar.)
Canadian Westinghouse Ltd. (quar.)
Sept. 15
Sept. 15
Oct.
Power—
Sept. 15
Sept. 15
1 Oct.
45c
Beneficial
19
2 Sept. 23
84
30c
50c
Inc.
Sept. 30 Aug. 31
2 Sept.
9
Oct.
Extra
Burdines
Sept. 30 Sept. 27
40c
40c
Building Products Ltd. (quar.)
Bulova Watch Co., Inc
Holders
When
Payable of Record
Oct.
50c
1st preferred (quar.)
Preferred (quar.)
1939
$1M
*
—
Canadian General Electric (quar.)
Sept. 30 Sept. 20
Sept. 30 Sept. 20
Oct.
21 Sept. 20
50c
$2
Co. common (quar.)
Boston-Herald-Traveler Corp. (quar.)
Boston insurance Co. (quar.)
Brach (E. J.) & Sons (quar.).-.
—
Brandtjen & Kluge, Inc., 7% conv. pref. (qu.)—
Brazilian Traction Light & Power, pref. (quar.).
Bridgeport Gas Light (quar.)
Bridgeport Hydraulic Co. (quar.)
Briggs Mfg. Co
Brillo Mfg. Co., Inc. (quar.)
Class A (quar.)
—
British American Oil Co. (quar.)_British-American Tobacco. Ltd.—
5% preference (semi-annual).
(Interim)
—
—
British Columbia Power class A (quar.)
British Columbia Telep. 6% 1st pref. (quar.) —
6% 2nd preferred (quar.)
Broad Street Investing cquar.)
Bruce (E. L.) 7% preferred (quar.)
3M% preferred (quar.)
Brunswick-Balke-Coliender Co.. pref. (quar.)
Bucyrus-Erie Co., preferred
Budd Wheel, 7% partic. pref. (quar.)
Buffalo Insurance Co. (quar.)
Canadian Industries, A & B
Preferred
Nov.
SIM
SI M
SIM
17Mc
Co., Inc., 7% pref. (qu.)
RR
15
Nov.
22c
_
(quar.)--—
—
Bangor Hydro-Electric Co. 7% pref. (quar.)
6% preferred (quar.)
(Quarterly)
Bank Of the Manhattan Co. (quar.)
Bank of New York (quar.)
Bank of Yorktown (quar.)
Bankers Trust (N. Y.) (quar.)
Barker Bros. Corp., 5M% preferred—
Bastian-Blessing Co
Preferred (quar.)
Bausch & Lomb Optical Co
Convertible preferred (quar.)
Bayuk Cigars, Inc., 1st preferred (quar.)_
Beacon Associates, Inc., 7% pref. (quar.)
Beatrice Creamery Co
$5 preferred
—
Beech-Creek RR. (quar.)
Beech-Nut Packing Co. (quar.)
Preferred (quar.)
Bell Telephone Co.
Boston & Albany
Boston Elevated Ry.
13
•SI
SIM
SIM
Preferred
Oct.
Sept.
Sept.
25
23
$3M
75c
—
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
2 Sept. 15
5
1 Oct.
75c
—
Extra
Boston Acceptance
Share
of Company
Participating preferred (quar.)
Oct.
tS3M
SIM
—
Sept. 12
Sept. 25
S5
SIM
37 Mc
Avery (B. F.) & Sons preferred (quar.)
Badger Paper Mills, Inc. (irregular)-.
B-G Foods, Inc., preferred
Oct.
Oct.
25c
—
6
Sept. 30
Sept. 30
Sept. 15
Oct,
SIM
SIM
pref. (quar.)
Atlantic Refining Co., conv. 4M% pref. A (qu.)
Atlantic Steel Co. 7% pref. (s.-a.)
Auto Finance Co. (S. C.) (quar.)
6% preferred (quar.)
—
Autocar Co., S3 cum. & partic. pref. (quar.) —
Autoline Oil Co. (quar.)
Automatic Voting Machine (quar.)-.
Sept.
Sept. 15
Oct.
*
2
Oct.
15c
SIM
—
Oct.
9
Nov.
Oct.
25c
10c
Atlanta Gas Light, 6%
Oct.
Oct.
Oct.
50c
50c
(quar.)
Sept.
SIM
SIM
20c
—
7 % preferred (quar.)
Baldwin Co.. 6% preferred
Sept. 15
Oct,
SIM.
Associated Investment (quar.)
Preferred (quar.)
Balaban & Katz—
Nov. 27
Oct.
Oct.
SIM
Ashland Oil & Refining (quar.) —
Associated Breweries of Canada (quar.)
(quar.)
Oct.
Dec.
SIM
10c
—
5
2 Sept.
3
SIM
(quar.)
15 Dec.
8
2 Sept." 8
Oct.
Sept. 8
Sept. 25
30c
(quar.)--—
Automobile Insurance (quar.)
Dec.
20
20
15
20
Sept.
1
Nov.
SIM
SIM
Corp. 7% preferred
Preferred (quar.)
Oct.
Oct.
Oct.
■-
-—
Oct.
Sept.
Sept.
Sept.
Sept.
Oct.
Art Metal Construction
Arthur Realty Corp
Sept.
Sept.
Nov.
30c
(quar.)
preferred (quar.).—.
Superpower Corp., 1st pref. (quar.) —
American Telep. & Teleg. (quar.) —
—
American Thermos Bottle, 7% pref. (quar.)
American Tobacco Co., pref. (quar.)
American "Water Works & Electric Co.
1st preferred (quar.)
Anchor Hocking Glass Corp-.
—-——$6M conv. preferred (quar.)
Apex Electric Mfg. Co., 87 preferred
Appalachian Electric Power, $7 pref. (quar.) —
6% preferred (quar.)
A. P. W. Properties, Inc. (s.-a.)
4% cumulative class A (s.-a.)
Archer-Daniels-Midland Co. 7% pref.
Arkansas Power & Light, $7 preferred
$6 preferred
These declarations are in addition to the
Aug. 3 declarations.
Armour & Co (Del.), pref. (quar.)
Aro Equipment Corp
Arrow-Hart & Hegeman Electric Co—;
American
Preferred
Oct.
12c
American States Insurance Co.
.
Sept.
50c
30c
American
Preferred (quar.)
American Snuff Co. (quar.)---Preferred (quar.)
American Sugar Refining
Name
Buffalo Niagara & Eastern
$6 preferred
Arundel Corp.
Oct.
Oct.
Preferred
Art loom
25c
9
20c
1
—
7% preferred (quar.)
Asbestos Corp.
Extra
Oct.
Sept.
75c
American Mfg. Co., pref. (quar.)
— American Oak & Leather Co., cum. pref. (quar.)
American Optical Co. 7% pref. (quar.)_-—-—
American
Nov.
25c
$2
Sept.20
Sept. 18
Sept. 15
Sept. 15
Sept. 21
Sept. 14
Sept. 1
Sept, 5
Sept. 5
(quar.).—
American Radiator & Standard
Oct.
Sept. 15
Sept. 15
Oct.
5
(quar.)—.
American Paper Goods
Nov. 25
Oct.
25c
7% preferred
American Maize-Products
American Power &
8ept.15
Dec.
Oct.
Co. (111.)
$2 cumulative preference
Oct.
Oct.
Sept.
SIM
SIM
Extra
American Investment
Oct.
tllM
(increased)
American Insurance Co. (s.-a.)
a-
IIM
American Home Products (monthly)
American Indemnity Co.
Sept. 11
Oct.
—
preferred (quar.)
15
15
15
15
25c
15c
American Hardware (quar.)
American Hide & Leather,
Sept.
Sept.
Sept.
Sept.
SIM
Co. (quar.).
pref. (quar.)
American Hawaiian Steamship Co---
American
Oct.
Oct.
Oct.
Oct.
SIM
-
American General Insurance
American
Oct.
75c
preferred (quar.).:—-—
American Can Co., pref. (quar.)——
American Capital Corp. $3 preferred—
American Casualty Co. (Beading, Pa.)—
American Cities Power & Light, $2M class A—
Opt. div. l-16th share of class B stk. or cash.
American Crystal Sugar Co., pref. (quar-)——
American Cyanamid Co., class A ana B (quar.)5% cum. conv. preferred (quar.)
American District Telegraph (N.J.) pref. (quar.)
American Envelope Co. 7% pref. A (quar.)
American Express (quar.)-American Feit Co. 6% preferred
American Fork & Hoe Co., preferred (quar,)——
American Gas & Electric Co., preferred (quar.)-
Preferred
50c
Sept. 30,
Per
I Holders
Payable of Record
25c
——
American Panic Note,
When
Financial Chronicle
1 Sept. 15
Sept. 30 Sept. 23
Sept. 30 Sept. 20
Sept. 30 Sept. 25
Oct.
1 Sept. 22
Oct.
16 Oct.
2
Oct.
2 Sept. 21
Oct.
2 Sept. 12
Oct.
2 Sept. 12
Sept. 30 Sept. 23
Sept. 30 Sept. 23
81M
Oct.
1 Sept.
SIM
1M%
SIM
SIM
Oct.
2 Sept. 12
Octri
Oct.
5
Sept. 29
Sept. 20
r Sept.20
„
j
Volume
Financial Chronicle
The Commercial &
149
Share
Company
Name of Company
Payable of Record
Emerson Drug Co., class A & B (quar.)
Sept. 30 Sept. 11
2 Sept. 15
Sept. 15
Colt's Patent Fire Anns Mfg. (quar.)
Columbia Sugar Estates (quar.)
Oct.
Preferred (quar.)
Preferred (quar.)
Commercial National Bank & Trust (quar.)
Commonwealth & southern preferred
Commonwealth Telep. Co. (Wis.) 6% pf. (qu.)-
«
-.
6H% preferred C (quar.)
Commonwealth Water & Light $7 pref. (quar.)__
$6 preferred (quar.)
—.—
Connecticut Fire Insurance Co. (quar.)
Connecticut Gas & Coke Security pref. (quar.)
Connecticut General Life Insurance (quar.) —
Connecticut Light & Power (quar.)
Consolidated Aircraft, $3 pref. (quar.)
Consolidated Bakeries (Can.) (quar.)
Sept,
Oct.
Oct.
Oct.
Oct.
Sept. 9
Sept. 27
Sept. 8
Sept. 15
Sept. 15
Sept* 15
Dec.
Nov. 15
Oct.
Oct.
Sept. 20
Sept. 20
_
——
__
—
...
preferred
Dec.
7% preferred
Consolidated Copper Corp—
—
Consolidated Coppermines Corp
Consolidated Dry Goods Co. 7% preferred
Consolidated Edison (N. Y.), pref. (quar.)
Consolidated Film Industries $3 pref
Consolidated Gas of Baltimore (quar.)
434% preferred
Consolidated Gas, Elec. Lt. & Power (Bait.)
434% preferred (quar.)
Consolidated Laundries Corp., pref. (quar.) —
Consolidated Retail Stores, 8% pref. (quar.)—
Consumers Gas of Toronto (quar.)
Consumers Power Co., $5 pref. (quar.)
$4 A preferred (quar.)
Continental Baking Co. pref. (quar.)
Continental Bank & Trust Co. (N. Y.) (quar.)
Continental Can 14 A pref. (quar.)
Continental Gas & Electric prior pref. (quar.)
Continental Steel Corp
Preferred (quar.)
Continental Telephone 7% partic. pref. (quar.).
6H % preferred (quar.)
Corroon & Reynolds, $6 pref. A
Cosmos imperial Mills, 5% preferred (quar.)__
Cottrell (C. B.) & Sons Co. 6% pref. (qu.)
Coty, lnc
Coty International Corp. (initial)—
-- -- --
|
Sept. 16
15
15
18
30
Sept.
Sept. 30 Sept.
Oct.
2 Sept.
Oct. 16 Sept.
1 Oct.
Nov.
-
1 Nov. 15
.
Cream of Wheat
Oct.
2 Sept. 11
Oct.
$1H
Oct.
2 Sept. 15
2 Sept. 15
90c
Oct.
2 Sept.15
Oct.
Nov.
2 Sept. 15
1 Oct. 16
82
Oct.
2 Sept. 19
$2 A
$13*
81A
Oct.
Oct.
2 Sept. 15
2 Sept.
8
8
2 Seot.
82
20c
Oct.
2 Sept. 18*
Oct.
2 Sept. 15
25c
$12*
81A
81%
81A
Preferred
(quar.)
Preferred (quar.)
Crystal Tissue Co
__
.
Oct.
11 Oct.
Oct.
Oct.
12 Ac
25 c
Oct.
Curtiss-Wright Corp., class A
Davenport Hosiery Mills
.—
7% pref. (quar.)._
David & Frere, Ltd., class A (quar.)
50c
25c
>1M
10c
Extra
Dayton & Michigan RR. Co. (s.-a.)--8% preferred (quar.)
-,
Dejay Stores, Inc
DeLong ilook & Eye (quar.)
Dentist's Supply Co. of N. Y., 7% pref. (quar.)Denver Union Stock Yards Co
5H % preferred (quar.)
Deposited Bank Shares series A
Series NY__
Detroit & Canada Tunnel
Detroit Edison Co.
Devoe &
Raynolds Inc., 7% pref. (quar.)
Diamond Ginger Ale, Inc. (quar.)
Diamond Match Co., common
Discount Corp. (quar.)
-
Distillers Corp .-Seagrams,
-
Ltd., 5% pref. (qu.)
Dixie-Vortex Co., commonClass A--.------Dr. Pepper Co. (increased quar.)--—
Dome Mines Ltd.
(quar.)
Quarterly
Dominion Coal Co., Ltd., pref.
Dominion Foundrys & Steel
Dominion Glass Ltd.
(quar.)
(quar.)
Preferred (quar.)
Dominion Oilcloth & Linoleum Co.
(quar.)
Dominion Tar & Chemical, pref.
Dominion Textile Co. (quar.)
Preferred
(quar.)
(quar.)
Dominion Textile Co., Ltd. (quar.)
Dow Chemical Co
Preferred
Preferred (quar.)
Dubilier Condenser Corp
Duke Power Co. (quar.)
Preferred
(quar.)
Duplan Silk Corp., preferred (quar.)
(E. I.) de Nemours & Co., $4A pref.
Oct.
Oct,
Oct.
Oct.
$12*
Oct.
1 Sept. 15
20 Oct. 11
2 Sept. 15
1
16 Sept. 29
10 Sept. 30
2 Sept. 20
Dec.
3-1-40
Oct.
2
Oct.
2
Oct.
2
1
Nov.
6234c
Oct.
Oct;
30C
Dec.
50c
Oct.
1 Nov. io
2-10-40
Sept. 20
Sept. 20
Sept. 21
Oct.
16
20 Sept. 30
2 Sept. 11
1
Nov. 18
50c
Jan.
20 Sept. 30
20 Dec. 30
37c
25c
Oct.
Oct.
2 Sept. 14
2 Sept. 20
81A
81A
Oct.
2 Sept. 15
2 Sept. 15
30c
81H
81A
S1A
mA
Oct.
Oct.
Oct.
31 Oct.
31 Oct.
16
16
1 Oct. 12
Nov.
Oct.
2 Sept. 15
Oct. 16 Sept. 30
Oct.
2 Sept. 15
Sept. 30 Sept. 18
2 Sept. 30
Oct.
75c
Nov. 15 Nov.
Nov. 15 Nov.
Oct.
2 Sept.
20c
Oct,
81A
Oct.
13c
Oct.
75c
81A
82
Oct.
Oct,
Oct.
81A
Oct.
25 Oct.
10
$1A
Oct.
25 Oct.
10
Oct.
16 Sept. 15
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
1
1
2
30
20
22
15
15
22
—
Eastman Kodak Co. (quar.)
Preferred (quar.)
Ecuadorian Corp
Edmonton City
Electric
Dairy Co. 6 A% preferred
$1A
81A
50c
81A
•IS
Sept.
3c
Oct.
1813*
50c
50c
Electrical Products Corp. (Calif.) (quar.)
2.5c
Elgin Sweeper Co. partic. prior pref.
40c. cum. preferred (quar.)
Elizabeth & Trenton RR. (s.-a.)
50c
$6 preferred (quar.)
El Paso Electric Co. (Texas) $6
E1 Paso Natural Gas Co.
(quar.)
Emporium Capweil
(Quarterly)
4H % pref. A (quar.)
4 A %
preferred A (guar.)
pref. (quar.).-.
General Electric Co——
-------
—
.
General Time Instruments-.--——.
Perferred (quar.).——
General Tire & Rubber preferred (quar.)
General Water Gas & Electric Co. (quar.)
$3 preferred (quar.)..
—
Georgia Power Co., 86 pref. (quar.)
85 preferred (quar.)-—----------—
Gibson Art Co. (quar.)-——--
preferred (quar.)
Giddings & Lewis Machine Tool Co.——.—.
Glidden Co.
Gillette Safety Razor«
Preferred (quar.)—--————*-—-.——>
--------—
Gold & Stock Telegraph Co. (quar.)---—----Goldblatt Bros., Inc., 82 A cum. pref. (quar.)-.
(quar.)
Goodyear Tire & Rubber (Canada) (quar.)---.
Preferred (quar.)———————
Gotham Credit Corp., class B (quar.)---—-.
Gotham Silk Hosiery Co., Inc.—
7% cumulative
preferred (quar.)- ——
Grant (W.
—
—
—
T.) Co. (quar.)--
—
10c
81
81A
81A
81A
81A
Great Lakes Engineering Works (quar.)
Great Lakes Power Co., Ltd., A pref. (quar.)-.
Great Western Sugar—
Sept. 25
Sept. 20
37Hc
Oct.
Oct.
Oct.
25c
50c
81H
75c
Sept.
Sept.
Oct.
Sept.
(Oct.
Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
[Oct.
Sept.
Opt.
Sept.
Oct.
_
_
Oct,
Oct.
16 Sept.
16 Sept.
Oct.
16 Sept.
5
5
11
15
20
20
18
18
20
22
22
20
20
29
29
29
16
22
15
50c
,Oct.
35c
|Jan.
:
Sept.
Dec.
35c
Oct.
:
Sept.
55 Ac
56 Ac
Oct.
Sept. 21.
1-2-40
Dec.
21
Gulf Oil Co—
Gulf Power Co., 86
preferred (quar.)-----
Mackensack Water Co., 7% pref. (quar.).—- —
Hamilton Cotton Co. 82 conv. preferred
Hamilton United Theatres,
Ltd., 7% pref- — ...
(B. H.) Knitting Co., 7% pref. (quar.)-,
Harbison-Walker Refractories Co.,6% pref.(qu.
Harrisburg Glass preferred (quar.)Harris-Seybold-Potter, pref. (quar.)- —
Hartford Electric Light..Hartford Electric Light Corp. (guar.)
Hanes
Sept. 15
Sept. 15
Sept. 15
Sept. 22
Sept. 20
Oct.
Oct.
Nov.
Sept.20
15c
Oct.
15
30c
Nov.
Oct.
15
Oct.
$1
[Oct.
Oct.
Sept. 30
Sept. 22
Sept.20
Sept.25
Oct.
Sept. 21
jOct.
Sept.
Sept.
Sept.15
Sept. 23
2%
81H
Oct.
Oct.
Oct.
Oct.
Oct.
Sept.
Sept.
Sept.
>
1
1
1
Sept. 20
Sept. 20
Sept. 23
Sept. 23
jSept. 30
Sept.20
Sept. 22
82
Oct.
22c
Oct.
87 He
Sept
25c
Oct.
5c
Oct.
Oct.
Oct.
Oct.
Nov,
Oct.
Sept. 20
Sept. 20
Sept.
8*
Nov,
Oct.
9
30c
81H
81A
llu
Oct.
2
10
50c
Oct.
Oct.
Sept.16
Sept. 19
Sept. 19
Sept.20
Sept.11
^ :Sept. 15
2'Sept.19
2 Sept. 19
30 Sept. 20
1 Sept. 15
1 Sept. 15
2lSept. 15
21 Sept. 15
1 Sept. 20
2 Sept. 18
1 Sept. 20
30 Sept. 5
1 Oct.
2
2 Sept. 20
IISept.18
81A
Oct.
It8ept.l8
67c
10c
Oct.
Oct.
Oct.
Oct.
81A
75c
20c
$1H
81H
10c
Oct.
Oct.
Oct.
Oct.
;Sept
Oct.
75c
Oct.
81H
Oct.
HX
50c
56 He
50c
Oct
j
Oct.
Oct.
Oct.
15c
Sept.
81A
81A
[Nov.
5c
S1H
62Hc
8134
62c
62 He
Sept. 30 Sept. 9
Sept. 30 8ept. 9
2 Sept. 30
Oct.
Oct.
21 Sept. 11
Sept. 30 [Sept. 22
2 Sept. 15
Oct.
Oct.
2 Sept. 15
Oct.
241 Sept. 11
Oct.
25c
15c
Oct.
11
Sept. 23
Sept.14
Sept. 14
Nov.
Oct.
813*
Oct.
50c
Oct.
Sept. 30
Sept. 15
Sept. 15
813*
Nov.
10c
35c
Oct.
—
Green (H.
25
18
18
15
15
15
15
Sept.15
5c
Extra---———————
Grand Rapids Varnish
Sept .30 Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Sept.
Sept.
Sept.
jSept.
Oct.
Oct.
(quar.)---
Goodrich (B. F.), 85 preferred
14 Sept. 30
Sept.
—.
— -—
Globe-Wernicke Co. pref. (quar.)
Godchaux Sugar, class A
Preferred (quar.)—-—
Goebel Brewing Co—
——
Sept. 15
Sept. 23
Oct.
Oct.
L.) Co
Greening (B.) Wire Co. (quar.)
Greenwich Gas Co., partic. pref. (quar.)---*-.
Greenwich Water & Gas Systems 6% pref. (qu.).
Greif Bros. Cooperage Corp. class A—
Greyhound Corp- - -———
534% preferred (quar.)--—. —
Griesedieck-Western Brewery
Griggs, Cooper & Co. 7% preferred (quar.)
Group Corp. preferred
Guaranty Trust Co. (N. Y.) (quar.)
—.
Guilford Realty Co. (Bait.) 6% preferred
.
2 Sept.
Electric Storage Battery Co
Preferred (s.-a.)
El Paso Electric Co. (Del.) 7% pref. A (quar.)..
534 preferred (quar.)
Gemmer Mfg. Co., class A
Oct.
Oct.
8134
[Sept. 30 Sept. 20
[Oct.
2 Sept. 15
Oct.
Electric Controller & Mfg
(quar.)
—.—
5
23
$1
20c
20c
5% preferred (quar.)—————
Oct.
5
75c
50c
Garlock Packing Co..
Gatineau Power Co. (quar.)-
Preferred (quar.)
—
Great-West Life Assurance Co.
Oct.
50c
Preferred (quar.)
-
Oct.
1 Sept. 15
! Sept. 30 Sept. 20
81A
75c
Auto-Lite Co
(quar.)----
——
Preferred (quar.)----—
du Pont
(quarterly)
'
6% debenture (quar.)
Duquesne Light Co., 5% cum. 1st pref. (quar.)
Eagle Picher Lead preferred (quar.)
Early & Daniel Co
Preferred (quar.)
Eastern Steam Ship Lines conv. pref
-
Froedtert Grain & Malting-.-
General Finance——
General Fireproofing
—
Preferred (quar.)--General Foods Corp. preferred (quar.)-General Mills, Inc., 6% cum. pref. (quar.)
General Motors Corp., 85 prefeired (quar.)—
General Paint Corp., pref. (quar.)---—-----General Printing Ink Corp,.86 cum, preferred (quar.)_
General Public Utilities, Inc., $5 pref. (quar.)General Railway Signal pref. (quar.)
General Telephone Corp., prefeired (quar.)—
75c
25c
---------------
1
1
2 Sept.
1 Sept.
15 Oct.
25c
U
Frick Co. (irregular)--..
Gen. American Investors Co., Inc., pref. (qu.)General Baking Co. (quar.).—------------Preferred (quar.) —
—
—
General Capital Corp—
General Discount Corp. 7% pref. (quar.)--—
Sept. 30 Sept. 23
81A
—
pref. (quar.)
3 Sept. 15
1 Sept. 15
1 Sept. 20
2 Sept. 30
2 Sept. 20
1 Nov. 20
25c
813*
(quar.)
Draper Corp. (quar.)-Driver-Harris Co
Dec.
Oct.
25c
83
75c
Dominquez Oil Fields (monthly)
Dover & Rockaway RR. Co. (s.-a.)
Oct.
81
10c
Extra
2 Sept. 22
Sept. 30 Sept. 15
Sept. 30 i Sept. 15
25c
50c
--
Oct.
Oct.
----------------
T8|)4
50c
25c
62 He
81A
Oct,
Oct.
-
Participating preferred (s.-a.)
Diamond Shoe Corp. (quar.)
6A% preferred (quar.).
11
825
6234c
81A
Fuller Brush Co. 7% prer. (quar.)-.-—------Fulton Trust Co. (N. Yi) (quar.)
—..
Fundamental Investors (quar.)--—
Gannett Co., Inc., pref. (quar.)-.-——-
10c
$1
Dec.
15 Sept. 30
2 Sept. 22
81A
(initial)
Dec.
Oct.
Oct.
(quar.)
Preferred
Forbes & Wallace, Inc.. 83 class A (quar.)——
Ford Hotel Co., Inc
Formica Insulation (quar.).-.
Foster & Kleiser class A preferred (quar.)
Fox (Peter) Brewing Co. (quar.) —
Franklin Process Co. (quar.)--
Preferred
Oct.
Sept. 23
Fruehauf Trailer Co-...—Fuller (Geo. A.) Co., 4% preferred---—
Oct.
Oct.
Detroit Steel Products
--------
6% preferred (quar.)
4
15
Oct.
Sept
2 Aug. 31
81
14
Sept. 20
Sept. 30
Sept.16
Oct.
7 Ac
87 Ac
14
Oct.
21
Oct.
Sept. 30 Sept. 20
Sept. 30, Sept. 20
Oct.
30
Oct.
Oct.
25c
Oct.
HP
50c
2 Sept. 13
14 Oct.
1
15
20
Sept.
Sept.
Sept.
Sept.
Oct.
50c
—
15*
Dec. 26 Dec.
§13*
81A
43*c
2 Ac
—
Oct.
15
Sept.
81
t813*
86 preferred——————
Florsheim Shoe Co. class A
Class B
Food Machinery Corp
—
—
434% conv
2 Sept. 23
2 Sept.
------
Florence Stove Co. (quar.)---.
Florida Power & light 87 preferred
.
Sept. 30 Sept. 11
25c
82
12 Ac
2
...
——
.
1 Sept. 25
14 Sept. 30
2
Dec.
25c
—
First National Bank (N. Y.) (quar.)
First National Stores (quar;)-—-—
Flshman (M. H.) Co., 5% pref. (quar.)
2 Sept. 15
Oct.
5u c
preferred (quar.)
2 Sept. 15
2 Sept. 15
50c
Curtis Publishing $7 preferred
Davidson-Boutell Co. 6%
Davidson Bros., Inc
2 Sept. 15
20c
82
Quarterly.--
Oct.
11 Oct.
Sept. 21
Sept. 21
Sept. 15
Sept. 15
Sept. 15
Sept. 28
Sept.15
Sept. 11
Sept. 15
Sept. 16
Sept. 16
Sept. 20
Sept. 5
Sept.15
Sept. 15
10 to
-——
Oct.
Sept. 30 Sept. 20
period for July
for
Firestone Tire & Rubber Co-First National Bank of Jersey City (quar.)—
2 Sept. 11
Oct.
div.
Finance Co. of Pennsylvania (quar.)
Firemen's Fund Insurance (quar.)
2 Sept.15
81A
.
-------
Adjusting
Oct.
Oct.
Ik
Sept. 22
Sept. 22
Sept. 22
Sept 30.
Oct.
Oct.
Oct.
12Ac
.
Oct.
1 Sept. 29
$13*
25c
A (quar.
2
90c
81A
ha
Crum & Forster
16 Oct.
25c
$13*
81A
(quar.)
Crown Cork International Corp., class
Crown Zellerbach Corp
Oct.
2 Sept. 25
j
Creameries of America, Inc.
2
Oct.
Nov.
—
—
16 Oct.
-—
.
—
16
Oct.
Oct.
——
—
Sept. 15
Oct.
Oct.
Oct.
30c
—
9
Oct.
_ -
Consolidated Car Heating Co
Consolidated Cigar Corp., prior
Oct.
Oct.
Oct.
iii
pref A (qu.)-
Commonwealth Utilities Corp. 7%
6% preferred B (quar.)
Oct.
Nov.
Oct.
I
16
16
Nov.
—
of Record
Oct.
50c
Preferred (quar.)15c
Oct,
Empire Trust Co. (quar.)-—-—
Oct.
75c
Endicott Johnson Corp
81A Oct.
6% preferred (quar.)-Oct.
Engineers Public Service, 86 pref. (quar.)-81A
81A Oct.
85A preferred (quar.)
Oct.
85 preferred (quar.)
$13*
i—
Oct. 16
30c
Esquire, Inc. (s.-a,)—
—
3
82H [Oct.
European & North American Ry. (s.-a.)
30c
Ex-Cell-O Corp
Sept. 30
3c
Nov.
1
Falstaff Brewing Corp., preferred (s.-a.)——
Oct.
2
40c
Family Loan Society. Inc. (quar.)--—--2
Preferred A (quar.)
3734c Ocr.
Oct.
1
Famise Corp. 82 class A (quar.)
63*c
...
25c
Famous Players Canadian Corp. (quar.)
Sept. 30
—
Oct.
2
Fanny Farmer Candy Shops (quar.)-Fansteel Metallurgical Corp. pref. (quar.)——
.Sept. 30
Preferred (quar.),|Dec. 18
Oct.
2
Farmers & Traders Life Insurance Co. (quar.)_
Oct.
2
25c
Faultless Rubber (quar.)
Oct.
1
10c
Fedders Mfg. Co.
;
Oct.
2
35c
Federal Insurance Co. (N.J.) (quar.)
Oct.
2
Fifth Avenue Bank of N. Y, (quar.).———
$6
Oct. 25
25c
Filene's (Wm.) Sons
Preferred (quar,)—------1.183* Oct. 25
Finance Co. of Amer. (Bait.), class A & B com
15c
Sept. 30
mon (quarterly)
6.111c Sept.30
5A% cumul. preferred
Oct,
Columbus & Southern Ohio Elec., 6% pref. (qu.)
6H % preferred (quar.)
Commercial Investment Trust Co. (quar.)
Holders
Per
Share
Holders
When
Per
Name of
2031
813*
3%i
Oct.
Oct.
Oct.
Nov.
tl5c
Oct.
3ir%
Oct.
80c
Oct.
20c
Oct.
I33*c
Oct.
Oct.
Oct.
81
$13*
Oct.
Sept. 30
Oct.
Sept. 20
Nov.
Oct.
Nov.
Oct.
25c
Oct.
81H
433*C
Oct.
Oct.
Sept.
Sept.
Oct.
Sept.
81H
$13*
813*
74 He
683*c
Sept. 22
Oct.
Oct.
81A
Sept. 20
Oct. 14
Sept. 15
Sept. 20
Sept. 20
Sept. 18
Sept. 22
Sept. 22
Sept, 30
Sept. 23
Sept. 8
Sept. 20
Sept.15
Sept. 20
Sept.14
Sept. 15
Aug. 31
Sept. 20
Oct.
6
Sept.
t75c
3%
t75c
50c
24
Oct.
14
20
,
The Commercial & Financial Chronicle
2032
■
'
Holders
Nam*, of Company
Hartford Fire Insurance (quar.)
Hatfield-Campbell Creek Coal Co—
5% prior preferred (quar.),
Haverhill Gas Light Co
?
Hazel-Atlas Glass Co
—
Oct.
2 Sept. 15
Kendall Refining Co
Kennecott Copper Corp
15c
Oct.
20c
Oct.
2 Sept. 22
2 Sept.26
Kentucky Utilities Co., 6% pref. (quar.)
Kerlyn Oil, class A (quar.)
~
Keystone Public Service $2.80 pref. (quar.)
Kimberly-Clark (quar.)
10c
Extra
5c
(quar.).
-
Helmc (Geo. W.) Co. (quar.)
Hibbard, Spencer. Bartlett"& "Co! (monthly)—
Monthly
Monthly
Hlckok Oil Co.. 7% preferred (quar.)
5% preferred (quar.)...
—
1ft?
Preferred
15c
15c
Hires (Cbas. E.) Co.
Oct.
Sept.28
Sept. 20
Sept. 20
Sept. 20
2 Sept.
2 Sept.
27 Oct.
9
9
17
Nov. 24 Nov. 14
Dec. 29 Dec. 19
Oct.
2 Sept. 22
Oct.
2 Sept. 22
Oct. 31 Oct. 20
1 Nov. 15
2 Sept. 15
Laclede Steel Co—
Oct.
Sept. 30 Sept. 20
Sept. 30 Sept. 15
1
Sept.
8
Entire issue called for redemption Oct. 1, 1939
50c
■f
Extra
Xbe
Preferred A (quar.)
5%
0\J
XM
,
preferred
(quar.)
Additional
j...
Humble Oil & Refining Cb
■
Oct.
Oct.
SIX
Oct.
Oct.
50c
6234c
50c
$134
.
_
Preferred
68 i
25c
(quar.).
$134
•jg
Illuminating Shares class A (quar.)
Imperial Life Assurance (Can.) (quar.)
6% preferred (quar.).
Indianapolis Power & Light, 6)4 % pref. (quar.)
Indianapolis Water Co. 5% cum. pref. cl.A(qu.)
industrial Acceptance Corp., Ltd., class A
(qu.)
5% convertible preferred (quar.)
Industrial Rayon Corp
Industrial Securities Corp. 6% preferred
International Harvester Co. (quar.).
International Nickel Co. (Can.), Ltd
7% pref. (quar.)
ocean
Telegraph Co. (quar.)..
International Salt Co. (quar.)
International Shoe Co
International Silver Co., 7% pref.
(quar.)
International Vitamin Corp.
Interstate Home Equipment
(quar.)
„
Investment Co. of America (quar.)
Investment Foundation, Ltd.,
preferred
Cum. preferred (quar.)...
Investors Corp. (R. I.) $6 preferred
Investors Royalty Co., Inc.
(quar.)
Preferred (quar.)
Iowa Electric Co. 7% preferred A
634 preferred B__
III!
tlOc
J3%
"
I
$634 preferred (quar.)
1st $6 preferred (quar.)
Co.
(quar.)
Irving Air Chute Co. (quar.)
Irving Trust Co. (quar.)...
Oct.
$134
$134
$134
$134
$134
Oct.
Oct.
50c
$134
Jamaica Public Service Co. 5%
pref. C
7% preferred A (quar.)
Preferred B (quar.)
Common (quar.)
Oct.
8
8
2 Sept. 25
Sept.
Sept.
Sept.Sept.
Sept.
6
6
7 Sept.
2 Sept. 20
Sept. 30 Sept.20
Oct.
10 Sept.22
2 Sept. 20
Oct.
2 Sept. 15
2 Sept. 15
4UC
Oct.
16 Sept.20
Oct.
Oct.
J50C
Sept. 30 Aug. 31
$134
Nov.
1 Oct.
$134
Oct.
2 Sept.30
3734c
Oct.
37
Oct.
2 Sept. 15
1 Sept. 15
2 Sept. 14
T2
Oct.
2
7 34c
1234c
Oct.
16 Oct.
2
10c
Oct.
16 Oct.
2
Sept. 3-0 Sept.20
25c
Oct.
2 Sept.15
t25c
Oct.
75c
Oct.
Oct.
16 Sept. 30
16 Sept. 30
1 Sept. 20
30 Sept.20
30 Sept.20
30 Sept.15
30 Sept. 15
2 Sept.15
Oct.
Oct.
2 Sept. 15
2 Sept. 20
$134
Oct.
$134
Oct.
Dec.
2 Sept. 20
2 Sept. 20
1-40 He
$134
$134
$134
Oct.
Sept.
Sept.
Sept.
Sept.
1 Nov. 10
25c
Oct.
1 Sept.18
15c
2 Sept. 7
2 Sept. 21
2 Sept. 21
50c
Oct.
Oct.
$134
Oct.
20c
Oct.
Oct.
Oct.
16 Sept. 30
2 Sept. 26
"
Oct.
2 Sept. 26
2 Sept. 26
___III~"
IIIIIII
Oct.
2 Sept. 26
50c
$134
"
50c
Sept. 30 Sept.15
Sept. 30 Sept.15
Oct.
7 Sept.30
Sept. 30 Sept.15
1 Sept. 11
1 Sept. 11
Oct.
1 Sept. 11
Oct.
Oct.
Oct.
1 Sept. 14
Sept. 30 Sept. 19
Johnson, Stephens & Shinkle Shoe Col""""!
Joliet & Chicago RR.
(quar.)
Joplin Water Works Co. 6% preferred
(quar.)"
Kahn's (E.) Sons Co.
(quar.)
Preferred (quar.)
Kalamazoo Vegetable Parchment
Kansas City Power & Light Co—
1st $6 preferred B (quar.)
Kansas Electric Power,
7% pref. (quar.)
6 % preferred (quar.)
Kansas Gas & Electric 7%
pref. (quar.)
...
_
.
_
$6 preferred (quar.)
Kansas Pipe Line & Gas pref.
(quar.)
Kansas Power Co., $6 cum.
pref.
Sept. 30 Sept. 19
2 Sept. 20
Oct.
2 Sept. 20
Oct.
Oct.
1 Sept. 20
Oct.
$134
$134
Oct.
$134
$134
Oct.
Oct.
Oct.
Oct.
Oct.
IIIIII
Kearney (James R.) Corp. (extra)
Keith-Aibee-Orpheum Corp.—
preferred
__!_
"
Preferred
$134
$134
$134
Sept. 20
Oct.
Oct.
Oct.
Sept.14
Sept.15
Sept.15
Sept. 14
Sept.14
Sept. 15
Sept.20
Sept. 20
Sept. 24
Sept.15
12c
Oct.
$134
1234c
Oct.
Oct.
1 Sept. 20
2 Sept. 15
t$134
Oct.
2 Sept. 15
28 Oct.
10
25c
Sept. 30 Sept. 22
15c
Oct.
$134
(quar.)..
2
1
Sept. 30 Sept. 20
37 34c
II"!
16 Oct.
Oct.
Oct.
$1 34
(quar.).
$7 cumulative preferred (quar.)
Kansas Utilities 7% preferred
'quar.)_^
Katz Drug Co., $4*4 preferred
(quar.)
Kaufmann Department Stores
(quar.)
Kaynee Co. 7% preferred (quar.)
—
Lamaque Gold Mines (quar.)
Sept. 22
Sept.12
25c
Oct.
2
$1 X
Oct.
2 Sept. 12
SIX
$1)4
$1)4
Oct.
1 Sept. 15
1 Sept. 15
Oct.
1 Sept.15
Oct.
2
3<c
Sept. 30 Sept.15
Oct.
1 Sept. 21
62 He
10c
$134
31 Oct.
...
Lincoln National Life Insurance (quar.)
(quar.)
Refining Co. (quar.)
Lipton (Thomas J.) class A (quar.)
Preferred (quar.)
Little Miami RR., original capital (quar.)
Special guaranteed (quar.)
Lock Joint Pipe Co. (monthly)
Oct.
Nov.
2 Sept. 20
1 Oct. 20
$114
Oct.
2 Sept. 20
$1
Oct.
15c
10
Oct. 31 Oct. 10
Dec.
1 Nov. 21
Nov.
15 Nov.
50c
Oct.
Oct.
15 Sept. 30
15 Sept. 30
2
be
75c
1 X%
3c
75c
35c
62)4c
37 He
1
Oct.
14
2
Dec.
14
2
20c
Oct.
$1
50c
$1)4
Sl%
Lorillard (P.) Co. (quar.)
Preferred (quar.)..
6%
5%
preferred
preferred
(quar.)
(quar.)
Ludlow Typograph Co. $6 preferred (quar.)
Lunkenheimer Co., pref. (quar.)
Preferred
(ouar.)__
Oct.
Oct.
14 Oct.
Dec.
4
1 Oct.
Nov.
15
—
-
—
—
20
—
—
—
■
12c
Oct.
2
Oct.
2 Sept.12
1 Oct. 27
Nov.
Sept. 15
$1)4
Oct.
2 Sept. 15
25c
Oct.
10 Sept. 30
25c
Oct.
37 He
$1.10
Oct.
1
Dec.
50c
Dee
9 Aug. 24
9 Nov. 24
1 Sept. 22
Sept. 22
Sept. 30 Sept.20
2 Sept.15
Sept. 30 Sept.19
Oct.
Dec.
1
Nov. 20
25c
Dec.
1
Nov. 20
50c
Oct.
2
20c
Oct.
MX
$2
$2)4
30c
Louisville Gas & Electric (Ky.) 7% pref.
(qu.)_.
Sept.14
6 Sept. 22
2 Sept. 25
$1)4
$1)4
Taylor, 2d pref. (quar.)
(Quarterly)
Nov.
Jan.
66c
Loose-Wdes Biscuit Co., 5% preferred (quar.)__
30
20
9
30
23
15
Oct.
50c
—
Oct.
15 Sept.
1 Sept.
Sept. 30 Sept.
Oct.
13 Sept.
Oct.
2 Sept.
1 Sept.
Oct.
Oct.
$1
30c
...
4
§1
Loew'8, Inc. (quar.)
Longhorn Portland Cement Co.—
5% refunding partic. preferred (quar.)
Extra
2 Sept.
8
Sept. 30 Sept. 22
Oct.
2 Sept.
8
Oct.
2 Sept.
8
Oct.
2 Sept.18
Sept. 30 Sept.20
30c
Locke Steel Chain (quar.)
Loomis-Sayles Mutual Fund, Inc
Loomis-Sayles Second Fund, Inc
14 Sept. 29
1 Sept. 21
Oct.
$1
$1)4
30c
Link Belt Co.. preferred
Lion Oil
Oct.
Sept.20
75c
2c
....
Oct.
2 5c
37Xc
i
Sept. 11
2
37Hc
Langendorf United Bakeries, cl. A (quar.)
Class B (quar.)
Preferred (quar.)
La Salle Extension University new pref. (quar.).
Lava Cap Gold Mining
Lawrence Gas & Electric (quar.)
Lawyers Trust Co
Leath & Co. preferred (quar.)
Lehigh Portland Cement (quar.)
Preferred (quar.)
4% pref. (quar.)
Lehman Corp
Lenox Water Co. (resumed).
Lerner Stores Corp
Preferred (quar.)
Lexington Utilities Co. $6)4 pref. (quar.)
Life & Casualty Insurance Co. (Tenn.)
Liggett & Myers Tobacco preferred (quar.)
1
2 Sept. 15
Oct.
Landers, Frary & Clark (quar.)
ujuar
2
14 Sept. 30
Oct.
Lambert Co
l>andift Machine <V>
2 Sept. 21
Sept. 30 sept.
Oct.
25c
10c
Lord &
5
12*
25
25
30
1 Sept. 19
Johnson Service Co. (quar.)
Extra
30
Oct.
25c
(quar.)
Kemper-Thomas, 7% special pref
10
$1
$134
30c
3734c
3734c
Jersey Central Power & Light 7% pref.
(quar.) II
6% preferred (quar.)
534 % preferred (quar.)
_I~
Johns-Manville Corp., pref. (quar.)
Kelley Island Line & Transport
Kellogg Switchboard & Supply
9
9
2 Sept. 20
Sept. 30 Sept.
Sept. 30 Sept.
tlOc
(quar.)"
Jefferson Electric Co
conv.
21 Oct.
Oct.
Oct.
...
Jamaica Water Supply Co.
(quar.)
$5 preferred A (quar.)
Jarvis (W. B.) Co
2 Sept.
Oct.
Oct.
25c
30c
...
Island Creek Coal Co
Preferred (quar.)
I X L Mining
22
22
22
2 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
25c
lc
6% preferred (quar.)
20
Sept. 30 Sept. 15
Oct.
t$l
Iowa Public Service Co. 1st $7
pref. (quar.)
Oct.
Oct.
15
Sept. 30 Sept. 19
Oct.
1 Sept.18
Oct.
2 Sept. 30
50c
Iowa Power & Light, 7% pref.
(quar.)
cum.
2
19
19
$2
15c
„
Extra
7%
2 Setp.
1-2-40 Dec.
(interim)
(irregular)
International Business Machine.
International Button-Hole Sewing Machine
International Cellucotton Products Co.
Tron Fireman Mfg
Oct.
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
2 Sept.
Sept. 30 Sept.
Sept, 30 Sept.
Sept. 30 Sept.
Oct.
50c
Indiana General Service Co.
6% pref. (quar.)__
Indiana & Michigan Electric Co.
7% preferred--
Extra
Oct.
Sept.
Sept.
Sept.
5c
t$3?4
Quarterly
Imperial Paper & Color Corp. (s.-a.)
Imperial Tobacco of Canada, ordinary (interim)
6% preferred (semi-annual)
Independent Pneumatic Tool
International
Sept.
Sept. 15
Sept. 23
Sept. 23
Sept. 23
Sept.15
Sept. 20
Sept.25
16 Sept. 30
16 Sept. 30
30 Sept. 20
14 Sept. 30
14 Sept. 30
30 Sept. 20
30 Sept. 22
30 Sept. 22
Dec. 30 Dec.
37 He
Ideal Cement Co. (quar.)
Idaho Maryland Mines Corp.
(monthly)
Illinois Bell Telephone
Inland Investors, Inc.
Inter]ake Steam Ship
Oct.
62 34c
$1
.....
Prelerred (quar.
Hygrade Sylvania Corp.
$6 X preferred (quar.)
Oct.
15c
37 He
Humphreys Mfg
6% preferred (quar.).
Huron
rnron & Erie Mortgage (Ont.)
(quar.).
Hussman-Ligonier pref. (quar.)
iluttig Sash <fc Door Co. (resumed)
Oct.
30c
37 He
$134
Houston Oil Field Material Co., Inc., pref
Howe Sound Co
Oct.
Oct.
Oct.
Oct.
70c
Extra
Holland Mercantile Laundry Co. (quar.)
Hollinger Consol. Gold Mines (mo.)
Houdaille-Hershet. class A (quar.)
Household Finance Corp. (quar.)
(quar.)
--j
Kings County Lighting Co. 7% cum. pfd. (qu.)_
6% cum. preferred (quar.)
5% cum. preferred (quar.)
Klein (D. Emil) Co
Kleinert (I. B.) Rubber
Dec.
class A (quar.)
Holland Furnace Co
Holophane Co., preferred (s.-a.)
Home Gas & Electric, 6% pref. (quar.)
Hoover Ball & Bearing
Hormel (Geo. A.) & Co
.
Preferred
Oct.
25c
50c
Holders
When
Payable of Record
Oct.
50c
37 Xe
Holmes (D. H.) Co. (quar.)
Extra
25c
$134
SIX
31He
-
$5 preferred (quar.)
30
30
30
30
30c
MX
Knapp Monarch Co. $2 preferred (quar.)
Knott Corp
Koppers Co. 6% pref
Kresge Dept. Stores, pref. (quar.)
Kroger Grocery & Baking Co., 7% pref. (quar.)
6% preferred (quar.).... „....
Lackawanna RR. (N. J.) (quar.)
20c
(quar.)
2 Sept. 15
Oct.
Oct.
Hilton-Davis Chemical
Hinde & Dauch Paper Co
Oct.
Sept.
Sept.
Sept.
Sept.
Share
Company
50c
$1)4
SIX
.
Heath (D. C.) & Co., 7% pref. (quar.)
Heller (Walter E.) & Co. (quar.)
Preferred
Per
Name of
of Record
MX
$1)4
$1)4
$1)4
MX
MX
$1 %
Oct.
Sept. 14
2 Sept. 14
I Sept. 18
Nov.
1 Oct.
17
Oct.
2 Sept. 16
Oct.
2 Sept.15
2 Sept.15
Oct.
Oct.
Oct.
14 Sept. 30
14 Sept. 30
Oct.
14 Sept. 30
Oct.
1
Oct..
1
1-2-40
Sept. 20
Sept. 22
Dec
23
Lux Clock Mfg. Co
15c
Oct.
1 Sept. 22
MacAndrews & Forbes Co. (quar.)
Preferred (quar.)
50c
Oct.
1)4%
Oct.
14 Sept. 30*
14 Sept. 30*
McCJatchy Newspaper, 7% pref. (quar.)
McColl-Frontenac Oil, pref. (quar.)
McKee (Arthur G.) class B (quar.)
Class B (extra)
43 He
Nov. 3d Nov. 29
MX
Oct.
25c
Oct.
25c
Oct.
2 Sept. 20
14 Sept. 30
2 Sept. 20
McQuay-Norris Mfg. (interim)
50c
Oct.
McWatters Gold Mines (resumed)
10c
Oct.
2 Sept. 20
lOSept. 30
Jan.
15 Jan.
Quarterly
Magnin (1.) & Co., preferred (quar.)
Magor Car Corp
Preferred (quar.)
Mahon (R. C.) $2 preferred A
(quar.)
$2.20 preferred (quar.)
Mahoning Coal RR
Mani Agricultural
10c
MX
25c
MX
Mapes Consol. Mfg. (quar.)
Marchant Calculating Machine
(quar.)
Margay Oil Corp. (quar.)
Marion Water Co. 7% pref.
(quar.)
-
Marlin Rockwell
Marion-Reserve Power preferred (quar.)
Marsh (M.) & Sons, Inc. (quar.)
Maryland Fund. Inc. (quar.)
Mathieson Alkali Works (quar.)
Preferred (quar.)
Mead Johnson Co. (quar.)
50c
Oct.
15 Sept. 30
55c
Oct.
15 Sept. 30
$7)4
Oct.
$1)4
Oct.
50c
Oct.
50c
Oct.
50c
Oct
25c
Oct.
25c
Oct.
MX
Oct.
Extra
2
2
16 Sept. 30
10 Sept. 20
2
Oct.
2
Oct.
2
40c
Oct.
5c
75c
Dec.
Sept. 15
15 Sept. 30
1 Sept. 14
50c
37Xe
MX
Sept.25
2 Sept. 22
1 Sept. 20
$1)4
75c
Meadville Conneaut Lake & Linesville RR
Medusa Portland Cement
4
Sept. 30 Sept. 22
Sept. 30 Sept. 22
15c- Oct.
Manischewitz (B.) Co. pref. (quar.)
Manufacturers Trust Co
Preferred (quar.)
5
Nov. 15 Nov.
2
Sept.
Sept.
Sept.
Sept.
15 Nov. 30
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
Oct.
20
20
15
15
7
7
1 Sept. 15
1 Sept. 15
75c
Oct.
2
$1
Oct.
6% preferred A (quar.)
Mercantile Acceptanc
(Calif.), 6% pref. (qu.)__
5% preferred (quar.)
MX
Oct.
2 Sept. 23
2 Sept. 22
30c
Dec.
5 Dec.
1
25c
Dec.
5 Dec.
1
Merchants Bank of N. Y. (quar.)
Extra
$1)4
25c
Merchants & Miners Transportation
(quar.)
25c
Merck & Co
25c
6% preferred (quar.)
$114
Me6ta Machine Co
Metal & Tbermit, 7% preferred
(quar.)
Metropolitan Edison
$7 prior preferred (quar.)
$6 prior preferred (quar.)
$5 prior preferred (quar.)
$7 preferred (quar.)
$6 preferred (quar.)
$5 preferred (quar.)
Meyer-Blanke Co., 7% preferred (quar.)
Mickelberry's Food Products preferred (quar.)__
Midland Steel Products
Cum. preferred (quar.)
Non-cumulative
Midvale Co
Midwest Piping & Supply (quar.)
Minnesota Mining & Mfg. (interim)-.
Minnesota Power & Light 7
% pref
$6 preferred
6% preferred
50c
$1)4
MX
$1)4
$1)4
$1)4
$1)4
MX
preferred (quar.)__
Mississippi Power Co., $7 pref. (quar.)
$7 preferred (quar.)
preferred (quar.).
(quar
.
Mississippi River Power 6% pref. (quar.)
Mississippi Valley Public Service Co.
6% preferred B (quar.)
Mitchell (J. S.) & Co. 7%
preferred (quar.)
Sept. 30 Sept.20
Sept. 30 Sept. 20
Sept. 30 Sept. 23
Oct.
1 Sept. 20
Oct.
1 Sept. 20
2 Sept. 16
Sept. 30 Sept. 20
Oct.
1 Sept. 8
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
2
Aug.
Aug.
Aug.
2 Aug.
2 Aug.
2 Aug.
1
31
31
31
31
31
31
Sept. 25
Sept 20
Sept. 8
Sept. 8
Sept. 8
2
Sept. 16
2
2
Oct.
2
60c
Oct.
2
50c
Oct.
1
$2
50c
Oct.
1
Oct.
.
$1*4
Oct.
15c
Oct.
65c
Sept. 30 Sept. 16
$1)4
$1)4
MX
Missouri Gas & Electric Service
Missouri Power & Light 6%
$6 preferred
25c
$1)4
Sept. 15
Oct.
Oct.
Oct.
$1
Oct.
$1)4
MX
MX
MX
SIX
SIX
Oct.
SIX
SIX
Oct.
14 Oct.
2
Sept.
2 Sept.
2 Sept.
16 Sept.
2 Sept.
5
15
15
15
30
15
Jan.
2 Sept. 20
2 Dec. 20
Oct.
2
Sept. 20
Jan.
2 Dec.
Oct.
2 Sept. 15
20
Oct.
1 Sept. 18
Oct.
2 Sept. 15
Volume
The Commercial & Financial Chronicle
149
Name of
Company
Per
Holders
Share
of Record
Mock Judson Voehringer, preferred (quar.)
Moody's Investors' Service pref. (quar.)
Monongahela Valley Water 7 % pref. (quar.)
Monongahela West Penn Public Service Co.—
Preferred (quar.)
__1
Monroe Chemical, pref. (quar.)_
Monsanto Chemical Co., $44 pref. A (s.-a.)—
$i 4
__v._
Preferred B (s.-a.)
Montana-Dakota Utilities-
:
-
-
6% preferred (quar.)
5% preferred (quar.)
Montgomery Ward'
Class A (quar.)_———__Montreal Light, Heat & Power Consol. (quar.)
Montreal Tramways Co., Ltd.(quar.)
Moore Corp., Ltd. (quar.)
Preferred A & B (quar.)
Moore (Win, R.) Dry Goods (quar.)
Quarterly
Morrell (John) & Co
Morrison Cafeterias Consol., Inc. 7% pref. (qu.)
Morristown Securities Corp
Mountain States Tel. & Tel. (quar.)
Murphy (G. C.) Co. 5% pref
Murray OilMfg
Muskegon Piston Ring--—Mutual Chemical Co. of 4mer., 6% pref. (quar.)
Mutual System, Inc. (quar.)
8% preferred (quar.)
Nachman Spring-Filled Corp.
Narvarro Oil Co
(quar.)
National Battery Co., pref. (quar.)
National Bearing Metals 7% pref. (qu.)
——
-
-
— —
National Breweries, Ltd. (quar.)_
Preferred (quar.)_
------
;
National Candy Co. 1st & 2d pref. (quar.)
National Cash RegisterNational Casket Co
-
--
--
--
------
Preferred (quar.)
—
National Cylinder
_
—
Gas
;
-
National Dairy Products pref. A & B (quar.)-—
National Dairy Products Corp., common
National Fire Insurance Co. (quar.)
National Fuel Gas Co
2
Oct.
2
National Pressure Cooker.
National Steel Car Ltd. (quar.)
National Steel Corp.
National Sugar Refining Co
Natomas Co. (quar.)-
-
------
Nehi Corp—
Preferred (quarterly)--
——
——
$
-
Neilson (Win ), Ltd., 7% preferred (quar.).New Amsterdam Casualty (semi-annual)
New Bedford Gas & Edison (increased)---——
-
______
Tnp
$14
2 Sept. 15
2 Sept. 15
1 Sept. 19
15 Sept. 30
Nov. 15 Oct. 31
Sept. 30 Sept. 20
Nov.
1 Oct.
Oct.
50c
Nov.
1 Oct.
Nov.
1 Oct.
$14
20c
50c
$24
$1H
20c
1.313*
$13*
3/He
$15*
$1H
Oct.
6 Sept. 25
2 Sept.
2 Sept.
Oct.
Oct.
2 Sept. 21
Nov.
Oct.
Nov.
1 Oct.
20
15 Oct.
2
1 Oct.
2
Sept. 30 Sept. 15
Oct.
14ISept.30
Sept. 30 Sept. 20
Oct.
2 Sept. 8
Oct.
1 Sept. 5
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept. 30 Sept. 18
Oct.
Oct.
Nov.
1 Sept.
1
26 Sept. 30
1 Oct.
16
Oct.
16
Nov.
Oct.
Oct.
1
Sept.16
2 Sept. 20
Oct.
2 Sept. 20
Sept. 30 Sept.
8
Oct.
2 Sept. 16
Sept. 30 Sept. 14
Oct.
Oct.
2 Aug. 31
2 Aug. 31
Oct.
2 Sept. 20
2 Sept. 22
Sept. 30
Oct.
Oct.
2
2
2
1
7f
Oct
25c
25c
Sept. 30
25%
1
1
16 Sept. 30
Oct.
2 Sept. 15
Sept. 30 Sept. 15
50c
40c
15c
14
Oct.
Oct.
t$l 4
f50c
$14
15
1 Sept. 18
14
60c
75c
15c
Oct.
2
Nov. 15
Sept. 15
Sept. 20
Sept. 8
Sept. 19
Sept.19
Sept. 22
Sept. 23*
Aug. 31
Sept. 15
Sept. 15
Nov.J 1
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Oct.
Oct.
714c
Oct.
75c
Oct.
+85*c
Oct.
Northern Illinois Finance Corp—...
Preferred
25c
Nov.
374c
Nov.
2 Sept. 11
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
11
11
$1,314 Oct.
Oct.
...
:
-
Ogilvie Flour Mills (quar.) ■-
-
-
—
Ohio Edison Co., 85 preferred (quar.)
$6 preferred (quar.)
$6.60 preferred (quar.)
$7 preferred (quar.)
$7.20 preferred (quar.).
Ohio Finance Co
....
$1.65
$14
$1.80
(quar.)
Ohio Public Service, 7% pref. (mo.)
6% preferred (monthly)-5% preferred (monthly)
Ohio Service Holding Corp. $5 pref
.
...
Oklahoma Natural Gas Co
——
—
Old Colony Insurance (quar.)
Oliver United Filters class A (quar.)
Omar, Inc., 6% preferred (quar.)—
Omnibus Corp. (quar.)
-
—
_
pnTl
Corp. (Calif.) (quar.)-preferred (quar.)
C preferred (quar.).
5% preferred (quar.)
:
I
II
—
-
-
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
75c
Sept.
Sept.
Sept.
$5
50c
Oct,
Nov.
30c
Sept.
Sept.
Sept.
-
Sept.
Sept.
Sept.
Sept.
Sept,
Sept.
Sept.
Sept.
Oct.
Sept. 15
Nov.
Sept.
Sept. 18
Sept. 11
Sept. 11
30
30
30
20
18
15
16
21
4
Sept. 15
Sept. 15
Sept. 15
Sept. 20
20
30c
Oct,
Nov.
Oct.
164c
$14
Nov.
Oct.
Oct.
Sept.
$14
Oct.
Oct.
Oct.
Oct.
Oct.
$14
Oct.
$14
$14
$14
Sept.
Nov.
.
-
-
-
-
4
——
-
14
14
14
1 Sept.
Oct.
Oct.
Oct.
Oct.
Oct.
2 Sept. 15
Oct.
2 Sept. 15
Oct.
—
—
—
Oct.
Oct.
-
-
Oct.
Peterborough RR. (s.-a.)
Petroleum Oil & Gas Co. (s.-a.)
Pbiladelphia Co., $6 cum. pref. (quar.)——-—$5 cumulative preferred (quar.)
(Quarterly)
— —
; —
Preferred (semi-ann.)-«_—■-<
-----Philadelphia Dairy Products $6 pref
Philadelphia Electric Power Co. 8% pref
Philadelphia National Insurance
Philadelphia & Trenton RR. (quar.)_
Philip Morris & Co—
Preferred (quar.)
Philippine Long Distance Telep. (monthly)—
Monthly-.
Phillips Packing, 54% preferred (quar.)--_--„$
Phoenix Insurance Co. (quar.)
Pickle Crow Gold Mines (quar.)
Pictorial Paper Package
-------
Nov.
—
-
—
-
64% cum. preferred (s.-a.)
.
-
-----
-
-
Oct.
-----
Oct.
-.
—
—
Oct.
Oct.
1
_
30 Oct. 20
1 Sept. 15
_
1 Sept. 15
10 Sept. 27
2 Sept. 11
3 Sept. 10
12-10-39
2 Sept. 12
1-4-40
.
Oct.
Oct.
1 Sept. 15
Sept. 3<» sept. 11
Oct.
2 Sept. 20
------
Pond Creek Pocahontas Co
Potash Co. of America
1
1
30
Sept. 15
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Sept. 30 Sept. 18
Oct.
1 Sept. 15
Nov.
6 Sept. 19
Oct.
2 Aug. 31
Pittsburgh, Bessemer & Lake Erie—
(Semi-annual)
Pittsburgh Brewing preferred
Pittsburgh Fort Wayne & Chicago Ry
7% pref.(quar.). —
,
7% preferred (quar.)
Pittsburgh Plate Glass
:
Plough, Inc
—
Plymouth Oil Co. (quar.)
Pneumatic Scale Corp
Pneumatic Scale Corp., Ltd., 7% pref. (quar.)—
Pollock Paper & Box, /% pref. (quar.)
————
25
15
2
16 Oct.
Nov. 15
Occ.
-
..-
1 Oct.
20
Oct.
Oct.
Pinchin Johnson & Co. (Am. shs. (interim)
Pioneer Gold Mines of B. O. (quar.)
_
_
_
8
Sept. 20
Sept. 8
16 Sept. 22
10 Sept. 30
Oct.
-
—
Sept.
Sept. 30 Sept. 20
—————
Pilot Full Fashion Mills
Sept. 15
_
2
Oct.
Oct.
Oct.
Oct.
Dec.
——
-
1 Sept. 15
1 Sept. 15
.
—.
15
2 Sept. 15
2 Sept. 15
Sept.
Sept.
Sept. 30 Sept.
Oct.
Sept.
Oct.
Sept.
Oct. 25 Sept.
—
-
'Oct.
Dec.
2
15
Dec." 15
Oct.
2 Sept. 21
Oct.
2 Sept. 15
Oct.
Oct.
16 Sept. 30
*75c
50c
3c
Oct.
Oct.
$2
75c
15c
Oct.
$14
Oct.
3, 4r
Oct.
-
Power Corp. of Canada. Ltd.-—
*14%
6% cum. preferred (quar.)
6% non-cum. partic. pref. (quar.)
Pratt & Lambert, Inc.-
-
Premier Gold Mining Co. (guar.) -—-.
Procter & Gamble 8% preferred (quar.)
Prospect Mfg. Co. (liquidating)
Providence Gas Co.
...
(quar.)_
Prudential Investors $6 preferred (quar.)
.—
Public National Bank & Trust Co. (N
V .) (qu.)
Public Service Co. of Colorado 7% pref. (mo.) —
6% preferred (monthly)5 % preferred (monthly)—
i- - - »———
Public Service of New Jersey $5 pref. (quar.) 7% preferred (quar.),
——
—
8% preferred (quar.) —
—
6% preferred (monthly)
— ———————
6% preferred (monthly)
—
Commnon (increase* i>
————— — —
—
6% preferred (monthly)
Public Service Co., Oklahoma, 7 % prior lien (qu)
16
20c
Oct.
Oct.
Oct.
16
Sept.3 0
Sept. 18
Sept. 15
Sept. 15
Sept 15
Sept 15
Sept. 15
Sept. 11
Sept. 11
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Oct.
—
Public Service Electric & Gas Co. $5 pref——
Sept. 11
Sept.14
Sept. 14
Sept. 14
Sept. 20
Sept. 15
Sept. 25
Sept. 25
Sept. 11
Sept. 11
Sept. 15
Sept. 15
Sept. 22
Sept. 23
25c
A
Oct.
Oct.
PA
Pacific Finance
Oct.
Oct.
25c
-
Oct.
Oct.
Oct.
$14
10c
-
Oct.
58 l-3c
50c
412-3c
$1
30c
$2
,
Sept.
Oct.
———_
Special—Preferred (quar.)
Onomea Sugar Co
Ontario Loan & Debenture (quar.)Orange & Rockland Electric Co. 6% pref. (qu.)
5% preferred (quar.)
Ottawa Light, Heat & Power (quar.)—Preferred (quar.)-.
J.—.
Otter Tail Power Co. (Minn.) $6 pref. (quar.)
$54 preferred (quar.)
Oct.
Oct,
Oct.
58c
;
Oct.
40c
25c
$5 4 conv. prior preferred
Preferred (quar.)
"PaPiflP
50c
5c
10c
25c
$14
$14
-
Preferred
$14
t$14
$14
t$14
$14
—
28
22
Northern States Power Co. (Del.)—
O'Brien Gold Mines
17
Oct.
Nov.
2 aept. 11
Oct.
Oct.
Oct.
North American Rayon pi lor pref. (quar.)——_
North Star Oil, Ltd., 7% preferred-..
Novadel-AgeneCorp. (quar.)
Oahu Sugar Co. (monthly)
Jan.
Oct.
Oct.
30c
75c
—
Sept. 22
Feb.
Oct.
Oct.
50c
Nova Scotia Light & Power (quar.)
sept. 16
Oct.
Peter Paul, Inc.
15c
50c
44c
70c
Northwestern National Insurance Co. (quar.)
Norwich & Worcester RR. Co. 8% preferred-
Sept. 22
Sept. 22
Sept.
Sept. 20
Sept. 15
21
14 Sept. 12
2
16 Oct.
2
Northwestern Electric, $7 preferred
Oct.
Oct.
Oct.
Oct.
Oct.
14
....
4
2
Peoria Water Works 7% pref. (quar.)--———
Perfect Circle Co.—
Pet Milk Co
41KJ
Oct.
Oct.
7% cumulative preferred (quar.)
6% cumulative preferred (quar.)
—.
Oct.
Sept. 18
16 Sept. 21
Oct.
Northern States Power (Minn.) pref. (quar.)
-
-
Oct.
Oct.
Oct.
York Transit Co.
6% preferred (quar.)
54 % preferred (quar.)
—
Oct.
Oct.
Peoples Gas Light & Coke-
Dec
Sept. 30 Sept. 20
2 Sept. 7
1 Oct. 18
New
L.
Sept.
-
Nov.
Oct.
—:
16
Sept. 20
Sept. 30
Sept. 25
Oct.
Newport Electric Corp. 6% preferred (quar.)..
New York & Honduras Rosario Mining
New York Lackawanna & Western Ry
New York Power & Light 6% pref. (quar.)
7% preferred (quar.)
Stock dividend
Oct.
Sept.
Oct.
—
-
10c
55c
Sept 30 Sept. 11
Oct.
Noith American Co. (quar.)
-----
25c
Oct.
Oct.
New Orleans Public Service 87 pref
...
Nov.
Oct.
-------
6% preferred (quar.)
Pacific Tin Corp. (special)-Packer Corp. (quar.)
Page-Heisey Tubes, Ltd. (quar.)---—
ParaffineCos., Inc. pref. (quar.) —i-.
Paramount Pictures, 1st preferred (quar.)
2nd preferred (quar.)
Parke, Davis & Co
Pathe Film Corp., preferred (quar.)---Pemigewasset Valley RR. (s-a.)
Peninsular TelephonePreferred A (quar.)
Oct.
30
20
15
15
30
16 Sept. 30
16 Sept. 30
2 Sept. 15
25c
IIII-
Niagara Falls Smelting & Refining (quar.)
Niagara Wire Weaving Co. (quar.).
19iH» Corporation, class A (quar.)
Noblitt-Sparks Industries
——
Pacific Public Service 1st pref. (quar.)Pacific Telephone & Telegraph Co
Sept.
Sept.
Sept.
Sept.
8ept.
Oct.
2S
2 Sept. 15
16 Sept. 30
2 Sept. 22
2 Sept. 21
-
New York Trust Co. (quar.)
NY, PA, NJ Utilities $3 non-cum. pref. (qu.)
Oct.
Oct.
—
-
Dec.
Oct.
Oct.
$1
Newberry (J. J.) Realty Co. 64 % pref. A (qu.)_
6% preferred B (quar.)-(Quarterly)
New England Power Assoc. 6% pref—
$2 preferred
New England Telep. & Teleg. (quar.)
New Hampshire Fire Insurance Co
New Jersey Power & Light $6 pref. (quar.)
$5 preferred (quar.)
New Jersey Water Co. 7 % pref. (quar.)
Pacific Gas & Electric (quar.)
Pacific Greyhound Lines $34 pref. (quar.)Pacific Indemnity (quar.)
Extra
'
Pacific Lighting, $5 pref. (quar.)
-
Oct.
Oct.
Oct
10c
$14
$14
60c
-
25 Sept. 30
2 Sept. 23
Payable of Record
Penney (J. C:) Co----Pennsylvania Edison Co. $5 pref. (quar.)$2.80 preferred (quar.)
Pennsylvania Glass Sand Corp.—
$7 cum. conv. preferred (quar.)
Pennsylvania Power & Light Co. $6 pref. (qu.)
$7 preferred (quar.)
$5preferred (quar.)--Pennsylvania Telep. Corp. 6% pref. (quar.)
$24 preferred (quar.L.
Pennsylvania Water & Power Co. (quar.)$5 preferred (quar.)
Peoples Drug Stores (quar.)
25c
-
Sept.
2-2-40
2-2-40
Oct.
50c
40c
-
3
7
Sept. 7
Sept. 30 Sept. 30
Oct.
15c
-
Oct.
50c
i®
6% preferred B (quar.)
Oct.
UK
37 He
Nat'l Manufacture & Stores Corp. pref. (s.-a.)__
National Power & Light Co. $6 pref. (quar.)
(Hpa
Oct,
25c
-
National Grocers, Ltd., SI4 pref. (quar.)
National Lead Co.-
xrp,w
4tC
$14
$14
15c
Preference (quar.)
1
14 Oct.
$1 %
National City Lines. Inc., class A (quar.)
1 Sept. 15
1 Sept. 15
Oct.
Oct.
75c
National Chemical & Mfg. (initial—quar.)
National City Bank (Cleveland) (s.-a.)
Oct.
Oct.
25c
.——
-
1 Nov. 10
37c
$14
-
Dec.
Dec.
2 Sept.15
1 Sept.
1
1 Nov. 10
$1H
50c
$1 4
6c
50c
-
Oct.
Sept. 15
14 Sept. 8
2 Sept. 15
31 Sept. 30
$1 4
—
National Biscuit Co.. commonNational Bond & Share Corp-
Oct.
$14
-
-----
6c
25c
—
—
Oct.
ilg
—
—
434c
87 He
$2 4
$24
Holders
When
Name of Company
—
———
.
Oct.
1 Sept. 15
1
Nov. 15 Nov.
2
Oct. 10 Oct.
2033
7% preferred (quar.)
6% prior lien (quar.)
—
Publication Corp. original pref. (quar.)
Pure Oil Co. 5% pref. (quar.) —
5 4 % preferred (quar.)
6% preferred (quar.). -
—
—
-
—-
-
——-----
—
Quaker Oats Co. pref. (quar.)
—
Preferred (quar.)
—Quarterly Income Shares rnc, (reduced) (quar.)
Radio Corp. of America, $34 conv. 1st pref-—
—
B
Extra
—
—-
—
—
Reliance Mfg. Co—
Preferred
—--
(quar.)
50c
50c
65c
5l)c
$14
$14
$14
$14
$14
14%
IH%
14%
$14
$14
20c
874c
—
25c
25c
--
6% preferred
5% preferred
(quar.)
(quar.)
———
Light, Heat & Power, 5% pref—
St. Lawrence Flour Mills (extra)--.-----—St. Louis County Water, preferred (quar.).
St. Louis National Stock Yards
San Antonio Publics Service, 6% pref. (Initial)..
2 Sept. 20
2 Sept. 15
2 Sept. 15
2 Sept. 15
15 Nov. 15
16
Dec. 15 Nov. 15
Sept. 30 Sept. 1
Oct.
14 Sept. 15
1
Sept. 30 Sept.
Sept. 30 Sept.
1
Oct.
Oct.
2 Oct.
2 Oct.
2
2
Oct.
Oct.
2 Sept. 20
Oct.
Oct.
8
8
1 Sept.
1 Sept.
1 Sept.
Nov. 29 Nov.
Aug. 31 Aug.
Nov.
1 Oct.
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
2 Sept.
Oct. 12 Sept.
Oct;
2 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
Nov.
Oct.
Oct.
Oct.
Nov.
8
1
1
15
8
8
20
21
20
19
19
2 Sept. 25
1 Oct. 21
2 Sept. 21
2 Sept. 11
2 Sept, 11
1 Oct.
16
$14
Oct.
2 Sept. 20
$14
Oct.
2 Sept. 15
$14
Oct.
1
$14
Oct.
Oct.
50c
Oct.
25c
10c
25c
Oct. 20 Oct.
7
Dec.
1 Nov. 18
Oct.
2 Sept. 20
2 Sept. 14
Oct.
Oct.
1 Sept. 10
25c
Oct.
22
15
15
20
Oct.
1 Sept. 19
1 Sept. 19
Sept. 15
Sept. 30 Sept. 15
2 Sept. 21
—
St. Joseph Ry.,
2 Sept. 15
16 Sept. 30
Nov. 15 Oct.
10c
—
Republic Investors Fund, pref. A and B (quar.)
Reynolds Metals, preferred (quar.*
Rhode Island Electric Protective Co. (quar.)
Rice-Stix Dry Goods Co., 1st & 2nd prei. (qu.)—
Rich's, Inc., 64% pref
—
—
Richman Bros. Co. (quar.)- —
Richmond Water Works Corp., 6% pref. (quar.)
Riverside Silk Mills, class A (quar.)
Rochester Button Co
—-----$14 dividend preferred (quar.)——
Rochester Telephone, 64% preferred (quar.)—
Rome Cable Corp
—-—-—-----——
Roser & Pendleton (quar.)
—
Rubinstein (Helena) class A (quar.)-.
Russell Industries, Ltd. (quar,)-—-—
7% preferred (quar.).
Sabin Bobbins Paper pref. (quar.)
Safeway Stores, Inc
7% preferred (quar.)----—
|
$14
20C
Remington Rand, Inc. (interim)Preferred (quar.)
50c
20c
16 Sept. 18
14 Sept. 22
2 Sept. 11
Dec.
Dec. 15 Nov. 15
Dec. 15 Nov. 15
$14
$14
$2
374c
Reliable Stores Corp., preferred (quar.)---
Oct.
58 l-3c Oct.
50c
Oct.
41 2-3c Oct.,
$14
334c
preferred-------
Rath Packing Co
—
Reading Co.. 2d preferred (quar.)-Reece Button-Hole Machinery (quar.)
Reed Roller Bit (quar.)—
Oct.
16 Sept. 30
2 Sept. 10
374c
$14
$14
$14
P
$14
$14
50c
$14
$1
$1
2 Sept. 20
2 Sept. 15
2 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
1 Sept.
Oct.
Oct.
Oct.
Oct.
1 Sept. 19
1 Sept. 19
Oct.
1 Sept. 15
Oct.
2 Sept. 20
1 Oct. 20
2 Sept. 25
Nov.
Oct.
Sept. 30 Sept. 15
The Commercial & Financial Chronicle
2034
Per
Name of
Share
Company
Sangamo Electric Co
San-Nap-Pak Mfg., preferred (quar.).
Savannah Eiec. dc Pow., 8% deo. A (quar.)—
7M % debenture B (quar.)
7% debenture C (quar.) — .6M% de(venture D (quar.)
6% preferred (s.-a.)
;
Savannah Sugar Refining (quar.)-.-——- —
Schenly Distillers Corp., preferred B (quar.) —
Schwartz (B.) Cigar Corp. $2 pref. (quar.)
Scott Paper Co., $4M cum. pref. (quar.)—
Scovill Mfg. Co
Scranton Electric, $6 preferred (quar.)
50c
17Mc
$2
$1A
*1M
$3
nance Cor
Seaboard Finance
Corp., $2 conv.
$.2 preferred (quar.)
Securities Acceptance Corp
.
6% preferred (quar.)
,
Selected Industries, Inc., $5 A pref. (quar.)
Servel, Inc
Preferred
(quar.)
Preferred
(quar.)
...
....
-
Extra
—
Union Pacific RR
20c
Oct.
Nov.
Oct.
Oct.
50c
Sept. 30
Sept. 30
Sept. 30
Sept. 30
Sept. 30
Sept. 30
20C
Oct.
2
37 Ac
Oct.
2
Oct.
1
15
SiM
Oct.
Oct.
Sept. 15
Sept. 15
Sept. 19
Sept. 19
Sept. 19
Sept. 19
Sept. 9
Sept. 9
Sept. 15
Sept. 30
1
Sept.,15
50C
1-3-40
35c
Oct.
Oct.
2 Sept. 25
10c
Oct.
2
*1M
Oct.
Oct.
2
Sept. 12
Oct.
Oct.
1
16
15
15
15
25c
10c
*15c
ttlM
Sept.
2 Sept.
Sept. 30 Sept.
Oct.
2 Sept.
Sept.30 Sept.
SIM
50c
SIM
*k
10C
Oct.
Oct.
Oct.
Oct.
2 Sept. 15
16 Oct.
2
16 Oct.
2
2
Sept. 15*
Oct.
15 Sept. 20
15 Sept. 20
Oct.
Oct.
14 Sept. 30
14 Sept. 30
Oct.
16 Sept. 20
Sept. <50 Aug. 31
Oct.
2 Sept. 15
Oct. 10 Sept. 29
Nov.
1 Oct.
16
Sept. 30 Sept. 20
16 Sept. 29
(uuar.)
pref. (quar.)
-.
Standard Steel Spring
Acid Works.
_
-
Sun Glow Industries (quar.)
Sun Life Assurance (Canada)
(quar.)
Sunray Oil Corp. 5M% preferred (qour.)
Sunshine Mining Co
Superheater Co. (quar.)
Superior Oil Co. (Calif.) (quar.)-.:
...
Quarterly
Quarterly
Superior Portland Cement, partic. A
Class B
Superior Water Light & Power, preferred (quar.)
-
Sylvanlte Gold Mines (quar.)
Tacony-Palmyra Bridge (quar.)__
(quar.)
Extra
Sept.
75c
Oct.
Oct.
20c
Common (quar.)
—
—
.... .
....
Sept.
Sept.
25c
Sept.
SIM
J15c
Sept.
Oct.
J75c
Oct.
15c
75c
Sept
12Mc
Oct.
Oct.
68Mc
4tJC
i.————————————
Texas Electric Service $6 preferred (quar.)
Textile Banking Co. (quar.)
Thatcher Mfg. Co
Preferred (quar.)
Thompson Products
Prtferred (quar.)_.
Tide Water Associated Oil pref. (quar.)
Time, Inc. (quar.)
-
;
...
Tip-Top Tailors, Ltd. (quar.)
7% preferred (quar.)
Tivoli Brewing Co. (quar.)
Todd-Johnson Dry Docks, Inc., pref. A & B
Toledo Edison Co. 7 % pref. (monthly)
6% preferred (monthly)5% preferred (monthly)
Toledo Shipbuilding (quar.).,
T-orrington Co
Torrington Water Co. (quar.)...
Traders .f inance Co»*p., 6% pref. A (quar.)
7% preferred B (quar.)
Oct.
Sept.
Sept.
8ept.
Sept.
Dec.
30
20
15
29
5
Sept. 18
Nov.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
4
22
22
28
28
20
20
15
15
15
30
15
2t
12Mc
Sept.
Oct.
25c
Nov.
25c
Feb.
Nov. 10
Feb. 10
25c
May
May
82 Mc
Oct.
Sept. 23
$1
SIM
Oct.
Oct.
Oct.
3uc
Oct.
Oct.
1
5
10
2
25c
Sept.
Sept. 15
Sept
1
Aug. 19
Sept.,15
Sept. 15
50c
Sept.
Sept.
Sept. 15
Sept. 15
Nov.
Sept.18
Sept. 15
Sept. 15
Sept. 14
Sept.14
Sept. 20
SIM
68Mc
Sept.
Sept.
Oct.
10c
Oct.
20c
Oct.
50c
.
Sept.
Sept.
43 Mc
62Mc
Telluride Power Co. 7% pref. (quar.)
Texas Corp. (quar.)
Dec,
Sept
;Nov»
SIM
25c
Preferred (quar.)
Talcott (James), Inc., 5M% pref. (quar.)
Extra
30c
Oct
Sept.
$1
Oct.
Oct.
10c
3c
Oct.
Oct.
Sept. 8
Sept. - 8
Sept. 30
Sept. 8
Sept. 15
Sept. 26
Sept. 30
Oct. 31
Sept. 22
Sept. 22
Sept. 11
Sept. 25
Sept. 25
Sept. 20
Sept. 20
Sept. 30
Aug .19
Sept. 15
Sept. 15
Sept. 15
Sept. 20
Oct.
50c
SIM
50c
Oct.
Oct.
Sept.
25c
Oct.
90c
Nov.
Oct.
25c
SIM
SIM
SI
Oct.
Oct.
50c
Sept.
Sept.
15c
Oct.
Oct.
5c
Oct.
37Mc
Oct.
58 l-3c Oct.
50c
Oct.
41 2-3c Oct.
50c
Sept.
10
30c
Oct.
Sept. 30
50c
Sept.
Sept. 30
Sept. 16
SIM
SIM
Oct.
Oct.
Sept. 16
37Mc
SIM
50c
,
lc
-
,
SIM
68Mc
SI
Mining
Universal Leaf Tobacco Co., Inc
8% preferred (quar.).
87 Mc
Oct.
1 Sept. 15
2
14 Oct.
2
14 Oct.
S15
10c
Oct.
1 Oct.
Nov.
;
Victor Chemical Works (quar.)
SIM
S2M
S2M
25c
-
10c
Preferred (quar.)
Virginian Railway 6% preferred (quar.)
Vulcan Detinning Co. pref. (quar.)
Wabasso Cotton Co. (quar.)
Wagner Baking Corp., 7% preferred (quar.)
...
Waldorf System, Inc
Ward Baking Co. 7% preferred
Warren RR. Co. (s.-a.)__
Waukesha Motor Co. (quar.)
Wayne Pump Co
Wellington Fund, Inc
Wells Fargo Bank (San Francisco) (quar.)
West Kootenay Power & Light, pref. (quar.)
West Michigan Steel Foundry 7% pref. (quar.).
SIM preferred (quar.)
West Penn Electric Co., class A
6% preferred (quar.)
7% preferred (quar.)
West Penn Power Co., 4M% pref. (quar.)
West Point Mfg. Co
West Texas Utilities S6 preferred (quar.)
$6 preferred
West Virginia Pulp & Paper
...
SIM
SIM
Si H
1 Oct.
Nov.
Oct.
17
28
1-29-40
2 Sept. 15
Weston Electrical Instruments
Class A (quar.)
6M% preferred
6% preferred
Wiser Oil Co. (quar.)
Oct.
2 Sept. 15
Oct.
2 Sept.
20c
Sept. 30 Sept. 15
Oct.
1 Sept. 25
Oct.
2 Sept.21
17Mc
43Mc
SIM
SI M
SIM
SIM
Nov. 15 Oct.
Nov. 15 Oct.
20
20
Oct.
16 Sept. 22
Oct.
2 Sept. 20
Oct.
2 Sept. 15
Oct.
Oct.
2 Sept. 15
5c
15
22
20
20
20
2 Sept. 20
2 Sept.
$1H
Sept.30 Sept.
Oct. 15 Sept.
Oct. 15 Sept.
Sept.30 Sept.
SIM
Oct.
Nov.
1 Oct.
15
25c
Oct.
2 Sept.
15
SIM
Oct.
2 Sept. 20
Oct.
10 Sept. 25
2 Sept. 25
1 Oct. 14
Oct.
Nov.
15
20c
Oct.
2 Sept.
51
Oct.
Oct,.
2 Sept. 12
1 Sept. 16
Oct.
1 Sept. 16
2
10 Oct.
S3M
Oct.
Oct.
Oct.
50c
Oct.
25c
Oct.
SIM
Oct.
Nov.
50c
Nov.
tSIM
tSIM
tSIM
tSIM
10c
SIM
—
1 Oct. 14
1 Nov. 15
Sept.30 Sept. 20
tSl
50c
—-
Dec.
30c
15c
(monthly)--
Nov.
23
SIM
10c
Wurlitzer
1 Sept. 20
25c
50c
Woodley Petroleum Co. (quar.)
Worcester Salt Co. (quar.)
6% preferred (quar.)
Wright-Hargreaves Mines. Ltd.
(quar.)
10
2 Sept. 13
Wolverine Tube Co
Extra
21
2 Sept. 23
2 Sept. 25
16 Sept. 29
25c
Extra
1 Oct.
20 Oct.
Oct.
52
_
Oct.
Oct.
SIM
SIM
SIM
_
Nov.
Oct.
SI
Extra
1
8
Sept. 8
Sept.30 Sept. 20
Sept. 30 Sept. 23
Sept.30 Sept. 23
10c
SIM
(Quarterly)
Wheeling Steel Co. $5 pref
Whitaker Paper Co., 7% preferred (quar.)
Whitman (Wm.) Co. 7% pref. (quar.)
Wichita Water Co., 7% pref. (quar.)
Will & Baumer Candle, pref. (quar.)..
Wilton R. R. (irregular)
Winn & Lovett Grocery, class A (quar.)
Class B (quar.)
Preferred (quar.)
Winsted Hosiery Co. (quar.)
1
50c
50c
Weston (Geo.) Ltd., preferred (quar.)
1 Sept.
SIM
25c
-
9 Dec.
Oct.
Oct.
75c
...
Dec.
Oct.
SIM
Western
(Rudolph) Co. pref. (quar.)_TowneMfg
Yellow Truck & Coach 7% pref
Young (J. S.) Cp. (quar.)
Preferred (quar.)
Youngstown Sheet & Tube Co. 5M % pref. A
20
22
2 Sept. 20
Sept.30 Sept. 19
Oct.
75c
Wisconsin Hydro-Electric, preferredWisconsin Public Service 7% preferred (quar.)
20
Oct.
25c
Western Electric Co
Grocers, Ltd. (quar.)
Preferred (quar.)
Western Tablet & Stationery Corp
Preferred (quar.)
;
Westminster Paper Co. (semi-annual)
Westmoreland, Inc. (quar.)
Westmoreland Water Co., $6 pref. (quar.).,
20
1
2 Sept.
t$1.16*i Oct.
Oct.
2 Sept.
1
tSl
Sept. 30 Sept. 27
tSIM
Oct.
2 Sept. 25
25c
Oct.
2 Sept. 25
SI
12Mc
Sept. 30 Sept. 9
SI H
Sept. 30 Sept. 9
-
Van de Kamp's Holland Dutch Bakers
*
2 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
2-1-40
$6 preferred
20
Sept. 30 Sept. 26
5
Dec. 15 Dec.
20 Nov. 29
t$2
Yalspar Corp., preferred--;
Van Camp Milk Co
Preferred (quar.)--
Wrigley (Wm.) .Tr
1 Oct.
Nov.
26
15
15
15
Dec.
SIM
_
Yale &
Sept. 30 Sept
Oct.
2 Sept.
Oct.
2 Sept.
Oct.
2 Sept.
Oct.
40c
Upper Michigan Power & Light—
6% preferred (quar.)
6% preferred (quar.).
Upreesit Metal Cap Corp.,
Co
8% pref
Utah Power & Light $7 pref
5 Sept. 19
5 Sept. 19
16 Sept. 30
Oct.
Oct.
SI
$2
Universal Products Co
Oct.
Oct.
SI
20c
Universal-Cyclops Steel
Oct.
50c
50c
50c
.
Sept. 15
Sept. 20
Sept. 11
50c
Extra
Extra.
United Stove Co. (quar.)
Universal Consol. Oil
-
__
Oct.
5c
Tamblyn (G.), Ltd. (quar.)__,
5% preferred (quar.)
Taylor-Colquitt Co
Taylor (Wm.) Corp. (quar.)
Teck Hughes Gold Mine (quar.)
1st preferred
—...
U. S. Petroleum, common.
United Sta'es Pipe & Foundry Co. (quar.)
Vilchek Tool Co
25c
Sterchi Bros. Stores 1st pref. (quar.)
Stix Baer & Fuller Co., 7% pref. (quar.)
Class A
Preferred (quar.)
United Stages Playing Card Co
United States Smelting, Refining &
Preferred (quar.)
United States Tr us u Co. (quar.)
62 Mc
50c
;
Dec.
31Mc
Engineering Co. (quar.).-
Swift & Co. (quar.;
Oct.
Sept. 20
Sept. 25
40C
-
-
Preference
Steel Products
Oct.
50c
Oct.
50c
Stanley Works
5% preferred (quar.)
Starrett (L. S.) Co
Preferred (quar.)
Stearns (Frederick) & Co
Preferred (quar.)
Stedman Bros
1—
50c
Dec.
1
Sept. 15
Sept.28
Sept. 23
Sept. 23
1(; Sept. 20
1 Sept. 20
31 Sept. 29
Oct.
Dec.
2 Sent. 15
Oct.
Oct
Oct.
-
Dec.
Oct.
21
31
31
Oct.
Sept. 15
SIM
SIM
22
50c
Oct.
Sept.
Oct.
2 Sept.
Oct.
14 Sept.
Sept. 30 Aug.
Sept. 30 Aug.
SIM
S2M
Oct.
Oct.
SI
25c
$3 participating preferred
United New Jersey RR. & Canal (quar.)
United Printers & Publishers, Inc., pref. (quar.)
United Profit Sharing pref. (s.-a.)
United Shoe Machinery (quar.)
Preferred (quar.)
United States Fidelity & Guaranty Co_
United States & Foreign Securities 1st preferredUnited States Gypsum Co. (quar.)
25c
10C
SIM
Oct.
SIM
niA
t25c
30c
2 Sept. 16
S2M
$6 A preferred (quar.)
Vapor Car Heating Co., 7% pref. (quar.)
Vicksburg Shreveport & Pacific Ry
5% preferred
SIM
16 Sept.3d
United Loan Industrial Bank (Brooklyn, N. Y.)
United Milk Products
2 Sept. 15
2 Sept. 20
14
14
Oct.
Oct.
2 Sept. 15
Oct.
S2
1 Oct.
Nov.
15c
75c
Oct.
SIM
$2
Oct.
1 Sept. 20
1 Sept. 20
Sept. 30 Sept. 20
Oct,
50c
United States Hoffman Machine, pref. (quar.)
United States & International Securities—
•
Oct.
Oct.
58 l-3c
53c
pref. (mo.)
Extra
Sept. 30 Sept. 20
Sept.30 Sept. 20
Sept. 30 Sept. 20
Oct.
"2 Sept. 12
25c
SIM
6.36% prior preferred (monthly)
6% prior preferred (monthly)
1 Sept. 21
1 Sept. 21
Southwestern Gas & Electric Co.—
Standard Wholesale Phosphate &
United Light & Rys.. 7% prior
Sept. 30 Sept. 9
Oct. 10 Sept. 26
Nov. 15 Oct. 16
Nov.
1 Oct.
2
Oct.
-—
United Gas Improvement (quar.)
Preferred (quar.)
16
Sept.30 Sept. 16
1 Oct. 16
12 Ac. Oct.
Oct.
25c
Standard Steel Construction
United Fruit Co
Nov.
Oct.
Oct.
SIM
SIM
SI
SIM
20
Sept. 15
Sept. 12*
Sept.27
Sept. 8
Sept. 5
Sept. 5
Sept. 15
Oct.
■
—
Sept. 22
15 Sept. 30
7Mc
t$l M
50c
7% preferred A & B (quar.)
$6 preferred C and D (quar.)
Union Stockyards (Omaha)
United Biscuit Co. of America, preferred (quar.)
United Bond & Share Corp., Ltd. (quar.)
United Carbon Co. (quar.)
United Dyewood Corp., preferred (quar.)
2 Sept. 20
81 M
lien (quar.)
Preferred (s.-a.)
Union Premier Food Stores, Inc
Union Public Service Co. (Minn.)—
15
Dec.
$1%
1.2%
Standard Oil Co. (Ohio), preferred
Standard Screw Co
Oct.
2 Sept. 15
2 Sept. 6
SI M
1A
-
Oct.
Sept.
SIM
7% cumulative preferred (quar.)
Southwestern Light & Power lib pref
Southwestern Natural Gas Co., pref. A
Southwestern Portland Cement, 8% pf. (quar.;
Springfield Gas & Elec. $7 pref. (quar.)
Square DCo
Standard Brands, Inc
$4M preferred (quar.)
Sept.
2 Sept. 30
1 Oct. 20*
Southern Carolina Power Co., $6 pref. (quar.)_-
...
75c
SIM
Oct.
Oct.
Southern Franklin Process, 7% pref. (quar.)-_
Southern Indiana Gas & Electric Co.—
England Telephone.
Southern Railway Co.
(M. & O. stock trust)
Southwest Consolidated Corp. (quar.)
SIM
37 Mc
75c
1A
4.8% preferred (quar.)
Sept. 20
Sept. 30
Sept. 18
Sept. 2
—
Underwriters Trust Co. (N. Y.)—
Union Carbide & Carbon Corp
Southern Carolina Electric & Gas—
Southern Natural Gas
Oct.
Tuckett Tobacco, Ltd., pref. (quar.)
20th Century-Fox Film, pref, (quar.)
Twin Disc Clutch Co. (irregular)
5( tc
—
Southern New
Sept. 15
Twin State Gas & Electric, prior
SIM
5% preferred (quar.)
15c
Sonotone Corp., preferred (quar.)
South Carolina Power Co. 1st $6 pref. (qu.)
SI A
South Pittsburgh Water Co., 7% pref. (quar.)._
SIM
SI A
6% preferred (quar.)—
South West Pennsylvaynia Pipe Lines
50c
Southern Calif. Edison Co., Ltd.—
37 Ac
Original preferred (quar.)
>—
Preferred series C5^% (quar.)
34Mc
Southern California Gas, preferred (quar.)
37 Ac
Preferred A (quar.)
37 Ac
Southern Canada Power Co., Ltd.—
6% cum. pref. (quar.)
UA%
I
$6 prior preferred (quar.)
Sept. 18
Oct.
Underwood Elliott Fisher Co
*1M
Seven-Up Bottling (quar.)
Sharon Steel Corp., conv. $5 pref. (quar.)
Shawmut Assoc. (quar.)
Sheaffer (W. A.) Pen. Co
Shell Union Oil Corp., 5M% conv. pref. (quar.)
Sheller Mfg. Corp
Sherwin-Williams of Canada, preferred
Shuron Optical Co., Inc
Silver King Coalition Mines
Simon (H.) & Sons, Ltd. (interim) —...—.—
7% cum. pref. (quar.)
Simpson (Robt.) Co., 6% pref. (s.-a.)Singer Mfg. Co. (quar.)
Sivyer Steel Casting
Skelly Oil Co
6% preferred (quar.)
Smith (L. O.) & Corona Typewriter, vot. trust-.
Preferred (quar.)
Sonoco Products Co. (quar.)
Oct.
Oct.
I Sept. 21
—
....
Nov.
15c
(quar.)
(quar.)
2 Sept. 15
50c
Holders
Tri-Continental Corp. of preferred (quar.)
Tubize Chatillon Corp., 7% cum. pref. (quar.)—
Oct.
62Mc
pref. (quar.).
When
Payable of Record
Travelers Insurance Go.
Trade Bank of N. Y.
Oct.
1 Sept. 19
Sept. 30 Sept. 20
Oct.
2 Sept. 15
Oct.
2 Sept. 15
Oct.
2 Sept.15
Oct.
2 Sept. 15
Oct.
3 Sept. 15
Share
of Company
Oct.
20c
--
Name
50c
$1M
7% preferred
Per
Holders
Payable of Record
SI M
Scranton Lace Co
Seaboard Commercial Corp. (quar.)
Preferred (quar.)..
When
Sept. 30, 1939
2 Sept. 20
2 Sept. 25
20
Sept. 20
1 Sept.
1 Sept. 20
1 Oct. 15
1 Oct. 15
2 Sept. 16
Sept. 30 Aug. 31
Sept. 30 Aug. 31
Sept. 30 Aug. 31
Oct.
2 Sept. 12
Oct.
2 Sept. 12
Oct.
2 Sept. 15
Sept. 30 Sept. 20
Sept. 30 Sept. 19
Oct.
Nov. 15 Nov.
6
25
10c
Oct.
2
5c
Oct.
2 Aug. 25
Sept. 2(J
Sept. 22
Aug
25c
Oct.
SIM
Oct.
15c
Oct.
Sept.
SIM
Oct.
SIM
Oct.
SIM
Oct.
$1**
Oct.
Sept. 15
Sept. 22
Sept. 22
Sept. 9
8'
Transfer books not closed for this dividend,
t On account of accumulated dividends.
X Payable in Canadian funds, and in the case of non-residenrs of Canad: I
of 5% of the amount of such dividend will be made,
ceoia.tn tl a tax
Volume
The Commercial &
149
Weekly Return of the New York City
Clearing House
The weekly statement issued by the New York City
Clearing House on Friday afternoon is given in full below:
Condition of the Federal Reserve Bank of
New York
following shows the condition of the Federal Reserve
27, 1939,
The
Bank of New York at the close of business Sept.
in comparison
date last year:
with the previous week and the
2035
Financial Chronicle
corresponding
STATEMENT OF MEMBERS
CLEARING HOUSE
NEW YORK
THE
OF
28, 1939
ASSOCIATION AT CLOSE OF BUSINESS THURSDAY, SEPT.
•
Sept. 27,1939 Sept. 20,1939 Sept. 28,1938
Capital
Time
Undivided
Deposits,
Deposits,
Profits
Average
Average
Members
S
$
$
*
Clearing House
Net Demand
Surplus and
Assets—
Gold
certificates
hand and due irom
on
United States Treasury.*
Redemption fund—F. It. notes
Other casht
Total
.
89,189,000
88,924,000
„
.
Bank of New York
7,063,860,000 7,074,236,000 4,541,843,000
1,515,000
1,137,000
944,000
109,667,000
...
Bills bought In open market..
Industrial
...
advances
U. S. Govt, securities,
445,000
3,512,000
1,472,000
731,000
2,674,000
214,000
1,917,000
4,243,000
211,000
214,000
2,042,000
2,039,000
3,678,000
902,COO
1,772,000
...
Total bills discounted......
direct and guar
73,359,000
396,866,000
377,724,000
82,602,000
240,167,000
354,796,000
185,184,000
848,641,000
857,192,000
780,147,000
853,571,000
861,359,000
788,282,000
376,981,000
,
Bills
U.
5,481,000
61,465,000
97,188,000
51,207,000
27,745,000
2,575,000
5,613,000
1,607,000
44,475,000
4,144,000
35,651,000
2,558,000
Corn Exch Bank Tr Co.
First National Bank
10,000,000
direct and guaranteed
Due from foreign banks
New York Trust Co
Uncollected Items
Bank premises
....
Other assets..
65,000
67.00C
66,000
5,290,000
173,450,000
125,537,000
8,929,000
20,418,000
14,327,000
20,815,000
....
Liabilities—
518,997,000
1,181,959,000 1,181,234,000
C
4,429,000
.
...
176,795,000
191,614,000
168,407,000
207,447,000
...
Other deposits
Includes deposits In foreign branches as follows: a
$2,914,000; d $65,498,000; e $18,890,000.
Deferred availability Items
Other liabilities, lncl. accrued
dlvidends.
$257,993,000; 6 $71,416,000;
952,692,000
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
Sept. 23
Sept. 25
Sept. 26
Sept. 27
Sept. 28
Sept. 29
Boots Pure Drugs
121,479,000
1,360,000
1,222,000
oo o
I
Central Min A Invest
154,692,000
33/9
79/4)4
'
Cable A W ord
88,608,000
2,371,000
.
"41/3"
40/-
Courtaulds S & Co
25/10 M
85/21/6
101/3
25/9
Co
Hudsons Bay Co
Closed
-
£13)4
£13)4
38/9
26/6
87/20/3
105/-
37/6
86/9
20/7)4
106/3
Capital Accounts—
Capital paid In*
50,874,000
50,873,000
50,936,000
Surplus (Section 7)
52,463,000
7,457,000
8,756,000
52,463,000
51,943,000
Surplus (Section 13-b)
Other capital accounts......
....
7,457,000
7,744,000
8,694,000
10,108,000
of
Ratio
total
reserve;
deposit
o
bills
£12
£38*
£37
£12M
£12
£7
£6 H
United
19/9
24/9
Molasses
Vickers
West
and
H~"
*24/i)T
........
90.2%
90.0%
86.9%
36,000
36,000
56,000
_
^
1,932,000
1,932,000
...
83/1)4
„
£34)4
£37)4
£36)4
83 /9
82/6
19/24/4)4
15/4)4
24/15/7)4
81/3
..
24/1)4
15/6
WItwatersrand
£2%
£2 H
t "Other cash" does not include Federal Reserve notes or a
....
£11)4
£12
82/6
82 /6
....
Swedish Match B
bank's own Federal
Reserve bank notes.
United States Treasury for the gold taken
over from the Reserve oanks when the dollar was, on Jan. 31, 1934, devalued from
100 cents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
make Industrial ad¬
to
vances
„
_
Royal Dutch Co......
z
Commitments
-
£11H
Shell Transport
purchased
for foreign correspondents
-
£7)4
Rio Tinto
Areas..
F. R. note liabilities combined
on
-
£8 M
Rolls Royce
Total liabilities and capital accounts.. 8,196,302,000 8.234,075,000 5,595,507,000
Contingent liability
£11K
Mid Ry_
Rand Mines..
36/3
2 5/0
86/20/105/-
26/1)4
'
London
80/£44
£44 H
w
*
__
Imp Tob of G B A I—
80/-
35/83 /9
£44
•
Cons Goldfields of S A.
Distillers
8.076,752,000 8,114,588,000 5,474,776,000
Total liabilities
cable
Sat.,
British Amer Tobacco.
66,165,000
141,159,000
STOCK EXCHANGE
LONDON
THE
Quotations of representative stocks as received by
6,751,263,000 6,777,302,000 4,399,383,000
Total deposits.
659,747,000
1939; State, June 30, 1939; trust
9,841,000
Deposits—Member bank reserve acc't.. 6,275,556,000 6,284,869,000 4,058,800,000
185,810,000
124,024,000
99,853,000
U. 8. Treasurer—General account
Foreign bank....
916,981,200 12,818,908,000
official reports: National, June 30,
per
companies, June 30, 1939.
,
F. R. notes In actual circulation...
2,944,000
30,291,000
1,987,000
51,597,000
7,000,000
Totals
8,196.302,000 8,234,075,000 5,595,507,000
Total assets.
118,210,000
384,603,000
93,685,000
90,622,000
9,271,800'
27,920,400
8,418,200
9,461,700
12,500,000
7,000,000
Comm'l Nat Bk A Tr Co
610,347,000
cl ,003,564,000
282,959,000
597,257,000
614,327,000
58,934,000
d2,638,873,000
50,563,000
80,095,400 el,008,501,000
14,439,000
2,497,400
6,000,000
5,000,000
Pubilc Nat Bk A Tr Co.
4,216,000
154,978,000
8,929,000
v
Federal Reserve notes of other banks...
500,000
25,000,000
Title Guar A Trust Co..
Marine Midland Tr Co..
As
71,802,300
20,482,900
109,782,800
53,061,500
4,359,800
131,089,400
3,890,300
50,000,000
Fifth Avenue Bank
*
Total bills and securities.
56,010,900
45,129,400
4,000,000
100,270,000
Chase National Bank
securities,
Govt,
S.
674,193,000
182,957,600 61,895,000,000
42,227,000
21,000,000
15,000,000
Bankers Trust Co
398,301,000
Total
20,000,000
90,000,000
Continental Bk A Tr Co.
anteed:
...
Chem Bank A Trust Co.
Irving Trust Co
#.
Bonds
Notes
197,963,000
13,782,500
522,619,000
26,296,700
60,670,200 al,962,249,000
Cent Hanover BkATr Co
Govt, obligations.
by U. 8.
direct and guaranteed
Other bills discounted..
77,500,000
Manufacturers Trust Co
Bills discounted:
Secured
6,000,000
20,000,000
National City Bank
Guaranty Trust Co
7,153,728,000 7,164,562,000 4,653,025,000
reserves
16,565,000
49,556,000
167,098,000
Bank of Manhattan Co.
3,684,000
For FOOTNOTES see opposite column.
These are certificates given by the
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 principa
items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained
These
figures
are
always
the Federal Reserve
a
System
The comment of the Board of Governors of
" Current Events and Discussions'
Chicago reporting member banks for a week later.
week behind those for the Reserve banks themselves.
wpon
the figures for the latest week appears in our department of
immediately preceding which we also give the figures of New York ana
Commencing with the statement of May 19,
described in
an
1937, various changes were made in the breakdown of loans as
Bank of New York of April 20, 1937, as follows:
reported in this statement, which were
announcement of the Federal Reserve
and discounts. This classification has been changed primarily to show the
amounts of (1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City and those located
outside New York City.
Provision hats been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
cial paper bought in open market" under the revised caption "open market paper." instead of in "all other loans," as formerly.
Subsequent to the above announcement, it was made known that the new items "commercial, industrial and agricultural loans" and "other loans")
would each be segregated as "on securities" and "otherwise secured and unsecured."
- ■
f
A more detailed explanation of the revisions was published in the May 29,1937, issue of the "Chronicle," page 3590.
The changes in
the report form are confined to the classification of loans
ASSETS AND LIABILITIES OF
Federal
Reserve
WEEKLY REPORTING MEMBER BANKS IN 101 LEADING
New York
Boston
Total
Districts—
'
Loans—total
Commercial, Indus, and agrlcul. loans
Open market paper...
Loans to brokers and dealers in securs.
Other loans for
securities—
....
Other loans.
.........—
Treasury
bills...-
Treasury
notes..
$
$
$
1,181
9.246
1,149
1,889
685
585
3,161
679
398
650
612
3,221
682
249
288
870
320
180
280
261
956
598
414
282
1,759
191
259
109
154
508
189
93
169
171
317
122
25
6
12
3
34
6
4
18
19
64
2
315
23
409
17
21
2
5
33
5
1
3
3
10
532
31
25
15
11
76
14
7
10
14
49
106
51
9
26
22
384
1
...—
113
52
66
53
49
2,204
'
•
510
22
236
1,180
81
205
55
172
38
31
35
1
25
1
3
1
94
196
73
83
10
131
2
......
6
13
191
35
433
50
33
79
49
90
1,546
125
465
437
3
264
8
3
...
177
-
......
850
"~38
325
581
126
98
952
141
114
93
78
671
2,340
53
62
290
27
55
177
1,192
110
58
2,230
3,362
94
66
Govt.
46
132
1,379
278
286
66
92
310
Federal Reserve Bank..
9,723
457
5,778
387
481
182
127
13
vault
Demand deposits—adjusted
—
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
liabilities
account
..
,
1
485
100
44
134
56
1,327
207
92
192
131
71
12
6
15
11
22
344
271
296
23
30
245
470
143
95
18
43
21
3,201
154
192
211
321
196
207
534
177
118
38
48
78
23
17
469
362
1,225
78
443
100
102
8,688
896
1,261
476
383
2,562
294
454
1,149
528
18,175
1,015
239
1,021
282
734
200
188
933
190
119
144
135
5,225
1,040
28
•40
110
21
3
23
30
107
290
264
1,129
318
149
425
245
313
LIABILITIES
•
$
$
S
61
Other assets—net..
Other
$
341
Balances with domestic banks
Capital
S
5,860
—
securities
Cash in
Chicago
$
2,131
Obligations fully guar, by U. S.
Reserve with
$
S
Atlanta
222
United States bonds
Other
San Fran,
Cleveland Richmond
Phila.
Minneap. Kan. City
$
purchasing or carrying
Real estate loans
of Dollars
Dallas
St. Louis
22,339
8,319
4,201
$
ASSETS
Loans and investments—total
CITIES BY DISTRICTS ON SEPT. 20,1939 (In Millions
540
16
67
53
42
7,692
319
3,444
385
411
742
25
668
1
1
691
19
270
3,712
245
1,596
v:
:
19
1
12
1
1
14
14
16
30
12
19
6
7
3
5
290
223
371
97
92
404
94
58
101
86
345
1
-
...—
.......
......
.—._
...
-
The Commercial & Financial Chronicle
2036
Sept.
30,
1939
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
issued by the Board of Governors of the Federal Reserve System
was
showing the condition of the 12 Reserve banks at the close of business
for the System as a whole in comparison with the
week last year.
The second table shows the
Reserve note statement
for the latest week
Thursday afternoon, Sept. 28,
on
The first table presents the results
figures for the eight preceding weeks and with those of the corresponding
and liabilities separately for each of the 12 banks.
resources
in
appear
our
The comments of the Board of Governors of the Federal Reserve System
(000) OmiUed
27,
Sept.
Sept.
1939
ASSETS
Gold ctfs.
$
hand and due from U. S. Treas. x.
on
the
upon
department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS
Three Ciphers
The Federal
(third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
returns
Wednesday.
on
.
14,656,717
Sept. 13,
Sept. 6,
1939
1939
1939
$
$
$
20,
Aug.
30,
SEPT. 27. 1939
Aug. 16,
1939
Aug. 9,
1939
Aug. 23,
1939
1939
1939
$
$
$
S
$
Sept. 28,
Aug. 2
1938
%
14,576,719
14,167,720
339,748
9,126
344,846
13,914,220
8,594
348,919
10,863,222
8,644
13.968,221
9,056
341,509
13,869,222
8,288
324,422
14,452,221
8,644
307,781
14,312,220
339,046
14,621,718
8,288
334,281
9,101
349,505
382,521
15,003,107
14.964,287
14,909,429
14,768.646
14,660,612
14,521,692
14,318.786
14,271,733
14,227,828
11,255,354
direct and fully guaranteed...
Other bills discounted
1,572
4,784
969
1,556
1,546
1,052
3,500
6,008
4,452
1,012
3,806
1,073
5,697
2,109
4,081
1,400
4,619
3,518
3,587
3,033
Total bills discounted.
6,356
5,588
7,253
5,998
6,190
4,818
4,$52
4,918
4,660
9,041
548
545
546
546
546
575
545
545
545
541
11,644
11,667
11,617
11,627
11,667
11,677
11,615
11,665
11,746
15,677
1,315,942
1,245,497
242,370
1,308,616
1,245,497
272,370
1,268,800
1,245,497
309,420
1.021,219
1,238,573
334,620
912,460
1,179,109
334,620
911,090
1,176,109
335,540
911,090
1,176,109
335,540
911,090
1,176,109
355,715
911,090
1,176,109
1,166,065
366,220
608,623
2,803,809
2,826,483
2,823,717
2,594,412
2,426,189
2,422,739
2,422,739
2,442,914
2,453,419
2,564,015
2,822,357
2,844,283
2,843,133
2,612,583
2,444,592
2,439,809
2,439,451
2,460,042
2,470.370
2,589,274
Redemption fund (Federal Reserve notes)
7,344
Other cash *—
Total
reserves..
9,611
Bills discounted:
Secured
by
U.
S.
Government obligations,
Bills bought In open market.
Industrial advances
United States Government securities, direct and
guaranteed:
Bonds..
...
Notes
-
Bills
-
Total U.
S.
Govt, securities,
direct and
guaranteed
Other
789,327
•
securities
Foreign loans on gold.
Total bills and securities
Gold held abroad
.
"
Due from foreign banks
176
178
177
21,513
720,313
Other assets...
20,799
646,638
42,140
67,889
42,159
66,771
26,389
733,764
42,166
77,469
Total assets.
18,603,106
18,659,504
18,632,527
Federal Reserve notes of other banks
U ncollected Items
Bank
—
premises
<ja>
177
177
149
178
178
178
23,300
21,732
22,130
26,494
604,265
42,224
582,733
42,259
49,918
648,826
42,259
560,579
51,032
22,635
721,814
42,259
50,450
22,715
42,162
61,232
23,664
588,704
42,211
52,122
49,126
47,607
18,095,043
17,812,082
17,680,903
17,595,573
17,429,578
17,460,717
14,523,836
586,943
180
44,348
LIABILITIES
Federal Reserve notes in actual circulation
4,683,726
4,677,608
4,678,992
4,683,716
4.609,282
4,572,130
4,563,822
4,550,689
4,530,715
4,219,484
Deposits—Member banks' reserve account
11,621,338
11,549,309
618,613
495,787
285,554
11,525,708
11,140,608
675,555
397,183
291,248
10,951,004
708,611
350,132
257,768
10,828,970
723,754
323,760
280,186
10,633,449
775,739
10,509,003
10,412,883
863,462
8,197,488
311,136
183,225
12,949,263
682,167
12,896,466
704,124
3,894
6,243
12,504,594
556,831
3,557
12,267,515
585,540
3,948
12,156,670
Other liabilities, incl. accrued dividends
12,944,721
622,759
4,970
Total liabilities
18,256,176
18,312,932
18,285,825
17,748,698
135,511
135,506
135,497
149,152
27,264
35,003
149,152
27,264
34,650
149,152
27,264
34,789
18,603,106
18,659,504
85.1%
101
United States Treasurer—General account..
551,890
Foreign banks
467,580
Other
deposits
...
Total deposits
-
Deferred availability Items
y
CAPITAL
303,913
615,386
450,076
305,296
280,665
284,585
844,268
307.298
864,481
289,237
351,180
153,686
11,949,806
580,483
11,938,661
642,946
9,398,880
603,220
3,118
11,974,438
708,783
2,948
2,806
2,879
3,840
17,466,285
17,335,138
17,249,991
17,083,784
17,115,201
14,174,830
135,496
149,152
27,264
34,433
135,487
149,152
27,264
33,894
135,486
135,477
149,152
27,264
33,689
135,428
135,408
133,998
149,152
27,264
33,863
149,152
27,264
147,739
33,950
149,152
27,264
33,692
18,632,527
18,095,043
17,812,082
17,680,903
17,595,573
17,429,578
17,460,717
14,523,836
84.9%
84.8%
85.9%
86.9%
86.8%
86.6%
86.5%
86.4%
82.6%
101
101
lbl
101
101
101
10,517
10,806
10,919
10,931
11,009
11,075
11,261
2,164
552,626
ACCOUNTS
Capital paid in
Surplus (Section 7)
Surplus (Section 13-b)
y Other capital accounts.
....
Total liabilities and capital accounts
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined...
Contingent
liability on
foreign correspondents
bills
purchased
for
Commitments to make Industrial advances
27,683
39,586-
157
__
11*337
i~l",403
13,597
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills discounted
15-30 days bills discounted
31-60 days bills discounted.
61-90 days bills discounted
Over 90 days bills discounted
1,287
4,406
4,184
365
1,431
2,053
1,454
251
1,253
2,244
1,708
173
2,484
2,191
7,610
168
218
155
450
500
456
647
669
678
566
447
2,337
2,250
427
3,372
3,509
1,788
597
550
497
304
331
367
405
163
161
183
287
258
317
324
434
149
6.190
4,818
4,552
4,918
4,660
9,041
152
Total bills discounted
6,356
1-15 days bills bought In open market...
16-30 days bills bought In open market...
31-60 days bills bought In open market...
61-90 days bills bought In open market...
Over 90 days bills bought In open market.
5,588
7,253
135
314
305
47
6
149
"""255
115
23
33
106
120
47
166
140
23
93
"""209
209
209
83
33
107
281
135
267
315
202
28
309
386
363
124
Total bills bought In open market.
1-15 days Industrial advances
16-30 days Industrial advances.....
31-60 days Industrial advances.....
61-90 days Industrial advances
Over 90 days industrial advances...
Total lndustrla' advances......
U.S. Govt, securities, direct and guaranteed:
...
,
23
5,998
94
28
548
545
546
546
546
575
545
545
545
541
1,366
1,448
1,317
1,318
1,314
1,205
1,165
1,218
1,297
1,303
239
220
208
230
78
166
218
76
59
108
481
483
380
392
444
594
553
562
526
743
560
551
506
471
445
442
364
371
331
663
12,860
8,998
8,965
9,206
9,216
9,386
9,270
9,315
9,438
9,533
11,644
11,667
11,617
11,627
11,667
11,677
11,615
11,665
11,746
15,677
67,050
38,913
62,250
48,913
77,625
85,140
85,355
106,500
62,250
85,140
79,757
78,077
64,077
85,550
60,625
105,963
83,790
77,625
111,163
127,675
191,385
125,380
123,955
60,625
67,050
68,050
97,615
82,115
63,137
49,137
68,050
186,413
1-15 days
38,913
16-30 days
31-60 days
29,137
97,615
61-90 days
182,453
48,913
36,637
82,715
210,453
2,455,691
2,448,365
2,514,297
2,295,217
2,132,849
2,115,199
2,107,874
2,121,199
2,087,199
1,999,960
2,803,809
2,826,483
2,823,717
2,594,412
2,426.189
2,422,739
2,422,739
2,442,914
2,453,419
2,564,015
4,991,190
4,994,686
317,078
4,983,108
304,116
4,945,513
261,797
4,892,298
283,016
4,859,493
287,363
4,847,304
283,482
4,841,728
291,039
4,814,318
283,603
4,515,397
307,464
4,683,726
4,677,608
4,678,992
4,683,716
4,609,282
4,572,130
4,563,822
4,550,689
4,530,715
4,219,484
Over 90 days
Total U. S. Government
securities, direct
and guaranteed..
Total other securities.
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation.
295,913
.
Collateral Held by Agent as Security for
Notes Issued to Bank—
Goid ctfs.
on
hand and due from U. S. Treas..
By eligible paper
United States Government securities
Total
•
x
collateral
5,101,000
5,104,000
1,172
5,066,000
4,967,000
3,389
2,182
4,941,500
1,766
4,929,500
2,251
4,928,500
1,963
4,604,000
2,792
5,025,500
3,258
4,945,500
2,022
5,103,022
5,105,172
5,068,792
5,028,758
4.970.389
4,947,682
4,943,266
4,931,751
4,930,463
4,612,267
8,267
...
"Other cash" does not Include Federal Reserve
notes.
1
These
are certificates given by the
United States Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents
to 59.06
31, 1934, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury under
of the Gold Reserve Act of 1934.
cents on Jan.
wo visions
y With the statement of Jan. 4, 1939 two new Items
appeared, "Other liabilities, Including accrued dividends," and "Other capital accounts."
The total of these
two items corresponds exactly to the tetal of two items
formerly in the statement but now exoluded, viz.: "All other liabilities." and "Reserve for contingencies "
The
statement for Sept. 28, 1938 has been revised on the new
basis and Is shown accordingly
Volume
The Commercial & Financial Chronicle
149
2037
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPT. 27, 193*
Three Ciphers
(000) Omitted
Federal Reserve A gent at—
Total
Boston
New York
PhUa.
%
$
$
$
ASSETS
Gold
certificates
on
from United States
band
and
Cleveland Richmond
$
Atlanta
Chicago
St. Louis
$
%
%
%
Minneap. Kan. City
1:
$
San Fran.
Dallas
%
-v:
$
■■?£)
$
due
14,656,717
Treasury
Total reserves
867,960
377,949
7,344
257
944
606
768
599
339,046
27,929
88,924
26,559
22,552
20,179
865,930 7,153,728
751,287
891,280
398,727
Redemption fund—Fed. Res. notes-.
Other cash *
724,122
837,744 7,063,860
15,003,107
390,861
344,108
400
358
607
442
45,884
16,600
8,822
19,647
16,793
822,542
1,045
28,216
311,990 2,494,685
407,861
264,449
364,362
247,005
851,803
294,474 2,448,058
575
743
.
16,941
255,269
229,770
Bills discounted:
Secured by U. S. Govt, obligations,
direct and guaranteed
Other bills discounted
902
90
63
91
20
76
25
35
45
1,772
321
361
267
159
400
126
82
346
275
675
720
225
1,572
4,784
Total bills discounted.
6,356
225
2,674
411
424
358
179
476
151
82
346
310
Bills bought In open market
548
41
214
55
51
24
19
69
2
2
16
16
39
11,644
1,690
2,042
2,678
357
1,037
751
446
3
818
202
545
1,075
1,315,942
1,245,497
242,370
96,081
398,301
376,981
112,291
131,980
124,915
70,688
62,286
48,806
105,594
34,301
73,359
24,308
13,019
10,019
26,011
6,675
58,951
11,472
46,193
8,989
99,941
17,696
58,053
54,944
10,692
36,239
66,904
54,397
51,485
141,226
90,937
2,803,809
204,714
848,641
239,252
281,203
150,611
115,901
300,903
123,689
77,215
132,709
103,988
224,983
2,822,357
206,670
853,571
242,396
282,035
152,030
116,850
301,894
123,845
78,117
133,273
Industrial advances
U. S. Govt, securities, direct & guar.:
Bonds
Notes
Bills
Total
U.
S.
Govt,
direct and guaranteed
19,448
226,817
104,859
176
13
65
18
16
8
6
22
3
2
5
5
779
4,216
814
1,579
1,527
1,786
2,225
883
2,414
154,978
45,487
72,080
57,282
91,474
2,908
8,929
4,604
5,906
2,564
3,890
18,451
1,505
3,144
24,543
1,222
33,627
42,140
22,900
2,044
1,520
28,361
487
68,026
2,569
29,429
2,258
67,889
4,472
20,815
5,895
7,277
4,220
2,951
6,650
2,732
1,887
2,983
2,472
5,535
18,603,106 1,148,798 8,196,302 1,050,501 1,260,173
616,358
458,527 2,900,840
568,697
365,294
533,648
premises
assets
Total assets.
,
20,799
646,638
Due from foreign banks
Fed. Res. notes of other banks
Uncollected items
Bank
133,666
securities,
Total bills and securities
Other
106,279
20,682
13
3,166
380,593 1,123,375
LIABILITIES
F. R. notes In actual circulation
4.683,726
398,878 1,181,959
329,332
435,250
207,386
155,720 1,031,010
183,113
135,908
175,504
81,783
367,883
11,621,338
573,626 6,275,556
99,853
45,977
33,411
168,407
560,539
25,542
45,138
626,332
270,322
263,983
202,547
598,881
42,440
40,299
46,676
10,703
13,495
12,642
14,135
56,307
7,248
13,495
207,447
46,754
20,010
1,724
279,803
44,828
145,472
36,494
43,277
207,508 1,616,769
38,031
51,511
6,696
5,567
377
13,495
2,174
33,485
33,555
33,113
659,055 6,751,263
268,575 1,731,835
Deposits:
Member bank reserve account
U. S. Treasurer—General account..
Other
551,890
bank
467,580
deposits
303,913
Foreign
Total deposits.
6,749
643,861
720,238
338,810
344,822
204,182
318,154
264,892
699,034
622,759
66,490
141,159
44,513
71,633
55,138
21,370
92,801
29,906
15,935
29,701
22,722
31,391
4,970
419
2,371
379
323
100
165
315
268
137
181
112
200
18,256,176 1,124,842 8,076,752 1,018,085 1,227,444
601,434
445,830 2,855,961
558,109
356,162
523,540
3,995
4,685
2,917
4,299
3,613
4,048
545
1,001
1,266
10,618
9,965
2,121
1,878
2,163
12,944,721
Deferred availability items
Other liabilities, incl. accrued divs
Total liabilities
6,041
16,287
369,509 1,098,508
CAPITAL ACCOUNTS
Capital paid in
Surplus (Section 7)
9,399
50,874
12,116
13,768
5,117
4,561
13,799
10,083
52,463
13,696
14,323
4,983
5,630
2,874
7,457
4,416
1,007
713
22,666
1,429
1,600
8,756
2,188
3,631
3,293
1,531
1,793
6,985
1,363
2,061
1,142
1,054
18,603,106 1,148,798 8,196,302 1,050,501 1,260,173
616,358
458,527 2,900,840
568,697
365,294
533,648
135,511
149,152
Surplus (Section 13-b)
Other capital accounts
27,264
35,003
....
for foreign correspondents
Commitments to make Indus, advs
*
3,153
101
7
36
10
10
4
4
12
3
2
3
10.517
481
1.932
1.336
1.428
904
79
30
423
66
583
3,892
380,593 1,123,375
3
3, 25
"Other cash" does not Include Federal Reserve notes.
FEDERAL
Three Ciphers
Federal Reserve Bank, oj—
Federal Reserve notes:
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
Collateral held
RESERVE
NOTE
STATEMENT
(000) Omitted
by Agent
Total
Boston
New York
PhUa.
$
S
$
$
Cleveland Richmond
$
Atlanta
Chicago
St. Louis
$
%
$
$
$
$
San Fran.
Dallas
Minneap. Kan. City
$
$
-
428,753 1,271,572
89,613
29,875
347,529
18,197
456,703
221,115
139,572
185,506
90,747
426,682
21,453
13,729
168,054 1,059,401
28,391
12,334
195,556
307,464
12,443
3,664
10,002
8,964
58,799
4,683,726
398,878 1,181,959
329,332
435,250
207,386
155,720 1,031,010
183,113
135,908
175,504
81,783
367,883
5,101,000
440,000 1,290,000
225
1,247
350,000
460,000
225,000
169,000 1,080,000
199,000
141,500
188,000
94,500
464,000
6
183
141,506
188,183
94,500
464,000
4,991,190
security
as
for notes issued to banks:
Gold certificates
hand
on
and due
from United States Treasury
2,022
Eligible paper
55
216
90
'
Total collateral
5,103,022
350,090
440,225 1,291,247
460,000
199,055
169,000 1,080,000
225,216
PARIS BOURSE
THE
United States
Rates
quoted
are
Treasury Bills—Friday, Sept. 29
each
for discount at purchase.
Bid
Asked
Bid
Oct.
4 1939
0.05%
Nov. 22 1939
0.08%
Oct.
11 1939
0.05%
Nov. 29 1939
0.08%
0.10%
0.10%
0.05%
Dec.
6 1939
0.05%
Dec.
13 1939
Nov.
1 1939...
0.05%
Dec.
20 1939
Nov.
8 1939
0.05%
Dec,
27 1939
Nov. 15 1939
0.08%
Oct.
18 1939
Oct.
25 1939
Quotations of representative stocks as received by cable
Asked
day of the past week:
Sept. 211 Sept. 25 Sept. 26 Sept. 27 Sept. 28 Sept. 29
Francs
Francs
Francs
Francs
Francs
Francs
5,830
5,820
5,855
5,855
Banque de France.
Banque de Paris et Des Pays Baa
Banque de l'Union Parisienne—
261
270
14,980
15,195
Comptoir Nationale d'Escompte
Coty S A.—
—
610
610
Courrieres
161
374
151
374
'158
156
380
372
1,250
1,250
1,260
1,245
Cie Distr d'Electricite
Citroen B
Credit
Sept. 29
of
point.
Llquide...
Lyon(PLM)
NordRy
Orleans Ry. (6%)--.....Pechiney
Rentes, Perpetual, 3%
Int.
Int.
Rale
Asked
Bid
Rate
Maturity
5%
Bid
Asked
—
Saint Gobain C& C
Schneider & Cie
15 1939--Mar. 15 1940--Dec.
100.21
100.23
Dec.
15 1941...
1H%
102.2
102.5
Societe Lyormaise.
100.31
101.1
Mar. 15 1942...
103.3
103.6
Societe Marseilles..-
101.6
101.8
101.21
101.23
1941---
IX%
1H%
IH%
101.29
102
15 1941...
1H%
101.31
102.2
June
15 1940
Dec.
15 1940---
Mar. 15
June
IH%
—
Dec.
15 1943...
IH%
2%
1 H%
IH%
1H%
June
15 1944...
1 H%
Sept. 15 1942...
Dec. 15 1942...
June 15 1943...
104.5
104.9
Tubize Artificial Silk
103.7
103.11
Union d'Electricite..
100.21
100.25
100.19
100.23
98.28
-
212
Not
410
"408
407
Avail¬
642
648
able
1,145
672
677
68a
1,8Z9
1,145
672
677
665
1,165
1,145
67.70
-2,0la
1,475
850
67.70
71.80
97 70
2,015
1,475
850
548
548
63
315
63
315
)
pref...r._
30
Wagon-Li ts
BERLIN
THE
each day
States
Government
Securities
on
the
Transactions
at
the
following
New
New
page.
Stock
York
Daily, Weekly and Yearly—See page
2053.
of the past week:
67.15
67.70
72.70
73.15
99.05
100.25
2,015
1,435
2,010
865
870
1,440
545
545
70
70
305
295
31
32
stocks
Sept.
Sept.
■:
23
AllgemelneElektrizltaets-Gesellschaf t (6%) 111
Berliner Kraft u. Licht (8%).
....... 147
Commerz-und Prlvat-Bank A. G. 0%--—.105
Exchange.
as
received by
Sept.
Sept.
Sept
cable
Sept.
•
25
26
27
28
111
HI
111
105
149
105
113
150
105
(6%)—
-------jdj
(German Rys. pf. 7%)-121
(6%)
}05
Farbenlndustrle I. G. (7%)—....-.--.---156
J*}
121
121
\2\
105
105
155
104
156
104
150
180
180
180
180
196
90
196
90
195
90
197
90
91
Deutsche Bank
Deutsche Reichsban
121
Veretnigte Stahlwerke
f6%)_.
-
156
29
-per Cent of Par
147
105
Dresdner Bank
^m?MAHS(8%)
2053.
1,870
STOCK EXCHANGE
Relchsbank (8 %)
Stock and Bond Averages—See page
"670
f,900
30
,
York Stock Exchange—See
735
680
99
Closing prices of representative
United
190
634
97.70
- —
.
608
634
71.80
,19201"_ I
395
605
410
-
4 V,%
Maturity
485
1,350
390
.—
Closed
Kuhlmann
L'Air
Figures after decimal point represent one or more 32ds
a
Lyonnate—..
Energie Electrique du Nord....
Energie Electrique du Littoral..
487
1,410
195
Credit Commercial de France—
Quotations for United States Treasury Notes—Friday,
700
702
265
15,040
496
1,430
390
Cie Generale d'Electricite
0.10%
0.10%
730
702
265
15,040
496
1,430
890
Canal de Suez cap..—...
157
115
152
105
111
122
104
157
180
201
93
2038
Sept. 30, 1939
*
York Stock Exchange
Stock and Bond Sales—New
DAILY, WEEKLY AND YEARLY
One
Occupying Altogether Sixteen Pages—Page
No
only transactions of the day.
disregarded In the day's range, unless they are the
for the year.
sales are
sales In computing the range
NOTICE—Cash and deferred delivery
account Is taken of such
New York Stock Exchange
Home Owners' Loan and Federal I arm Mortgage
the New York Stock Exchange during the current week.
United States Government Securities on the
Below
furnish
we
Corporation bonds
on
daily record of the transactions in Treasury,
a
'S2ds of a point.
Quotations after decimal -point represent one or more
Sept. 28 Sept. 29
Daily Record of U. S. Bond Prices Sept. 23 Sept. 25 Sept. 26 Sept. 27
Daily Record of U. S. Bond Prices Sent. 23 Sept. 25 Sept. 2G Sept. 27 Sept. 28 Sept. 29
Treasury
4>is. 1947-52
113.27
113.24
113.26
114.4
114.24
115
113.25
113.18
113.20
114
114.22
115
Cl0S6
113.26
113.18
113.26
Total sales in $1,000 units...
75
48
52
„
2^8, 1958-63
110.2
110.4
110.26
111
Low
110.6
110.2
110.3
110.4
110.26
110.25
110.6
110.2
110.4
110.13
110.26
111
110.16
n
100.9
101
101.2
iLow.
100.1
100.8
101
[ Close
99.20
99.15
99.20
100.9
13
(High
99.22
100.9
101
101.4
Low
99.18
99.13
99.14
100
100.8
100.24
99.14
99.22
393
212
■
[Close
109.18
Total sales in $1,000 units...
Low.
102.20
102.22
Close
102.20
102.20
102.22
$1,000 units...
2
2
4
High
104.11
104.11
104.18
Low.
104.11
104.11
104.14
Close
104.11
104.11
104.18
Total sales in $1,000 units...
1
3
7
—
m
-
-
-
-
-
-
Low.
103.6
Close
103.11
Total sales in $1,000 units...
4
102.27
102.20
(High
101.11
101.22
102.12
102.24
Low.
101.11
101.22
102.12
102.24
Close
101.11
101.22
102.12
102.24
102.29
102.20
5
2
2X9, 1945..
<?■
2X9, 1948
•
or
-
mm
-
106.20
106.26
107.8
106.23
106.26
107.8
3
8
1
106.21
$1,000 units...
1
99.17
99.20
99.13
99.18
[Close
99.16
99.13
99.19
Total sales in $1,000 units...
4
52
29
(High
99.21
99.15
99.24
Low.
99.20
99.15
99.20
[Close
99.21
99.15
99.20
Total sales in $1,000 units...
.8
10
7
(High
99.18
99.15
99.16
99.18
99.14
99.16
99.18
99.14
99.16
500
1,005
10
1
(High
Total sales in
Low.
105.9
105.10
105.15
105.13
105.8
105.10
11) 5.13
105.13
105.9
105.10
105.13
105.13
6
5
2
106.24
106.23
2
$1,000 units..
Low.
Total sales in $1,000 units...
Federal Farm Mortgage
3X9, 1943-45..
107.6
106.22
106.18
106.23
107
107.9
106.22
106.24
106.23
107.6
107.12
7
25
*1
15
(High
106.20
106.20
106.22
107.2
107.4
Low.
106.18
106.17
106.18
106.24
106.29
Close
106.18
106.17
106.22
107
107.4
Total sales in $1,000 units...
16
4
11
3X9. 1944-46
84
3a, 1944-49
6
'
38, 1942-47..
im
103.14
103~Il
104.2
103.13
103.11
104.2
103.5
103.10
103.14
103.11
104.2
Close
Total sales in $1,000 units...
106
(High
Total sales in $1,000 units...
52
22
(High
105.14
(High
104.18
104.23
104". 21
Low.
104.18
104.14
104.14
3s, 1946-48.——.
•
[Close
Total sales in $1,000 units.
5
-
~
-
104.15
4
47
-
-
-
-
-
1
—
-
104.21
102.28
103.1
103.12
102.28
102.26
102.26
103.3
103.23
104.17
102.28
102.28
102.31
103.12
103.30
104.18
Total sales in $1,000 units...
8
11
74
22
23
7
(High
100.20
100.17
100.25
101.10
102.1
| Low..
100.17
100.14
100.17
100.29
101.10
101.29
100.17
100.17
100.20
101.10
101.28
102.6
78
86
51
166
76
™
,
[Close
,
2^8. 1945-47
m
,
(High
103.24
Low.
[Close
103.20
104.1
103.16
103.17
104.1
103.16
103.20
104.1
48
11
Total sales in $1,000 units
2J*s.
104.18
300
*
101.23
102.12
103.4
103.15
101.16
101.23
102.7
103.4
103.15
2
101.16
101.23
102.12
103.4
103.15
4
{low*!
2X9. 1951-54.....
[Close
Total sales in $1.000 units...
——
102.21
102.20
102.20
103
103.15
103.28
102.20
102.24
103.15
103.22
104.8
*5
13
•7
65
5
7
(High
102.4
102.22
103.7
103.9
Low.
102.4
102.22
103
103.9
Close
Total sales in $1,000 units...
102.4
102.22
103.7
•
103.9
60
4
4
1
(High
06.27
97.16
98.2
98.2
Low.
96.20
97.16
98
98
[Close
96.27
97.16
98.2
98.2
Tot a' sqfes in $1,000 units...
7
12
1945-47
Odd lot sales,
bonds.
6
101.23
101.17
104.8
—
102.21
Note—The
104.14
104.14
7
101.23
[Close
,
103.22
~
t Deferred delivery sale,
*
-
-
7
204
t Cash sale.
104.14
101.25
,
1
103.16
Close
1X9,
102.11
(High
,
103.4
103.4
17
Low.
2^8, 1942-44
1948-51..........(low.
_
103
103
16
Total sales in $1,000 units...
,
1
Total sales in $1,000 units...
102.18
102.18
102.24
1
103
Total sales in $1,000 units
--
103.4
102.20
3s, series A, 1944-52....
105.28
17
103"30
-
------
6
t4
103
102.21
High
105.28
Close
2^s, 1955-60
Home Owners' Loan
105.28
-
Low.
f
------
107.2
-
-
36
102.18
Total sales in $1,000 units...
Low.
(High
3s, 1951-55
2X9, 1942-47
2
4
5
107.2
107.2
----
104.18
.
"
5
25
2
103.10
106
■
"l04".7~
103.10
106
2
15
IO3.5"
106.2
105.14
100.23
69
103,5
106.30
105.14
100.13
77
Low.
(High
-
106.2
Low.
100.1
104.7
105.16
•
100.18
104.7
2
105.16
Close
Total sales in $1,000 units...
100.4
Close
Total sales in $1,000 units...
105.10
3X9, 1949-52
99.26
104
105.1
-
237
100.23
104"""
104.28
-
27
100.13
103.24
105.1
-
101
100.8
155
100.1
103.11
104.28
—
100.26
'
81
32
100.4
100.8
103.11
104.27
-
99.30
101.4
103". 11
104.27
8
272
162
100.8
103
104.28
-
66
100.4
103
104.30
-
101
100.29
100.2
103.2"
104.30
-
100.26
Low.
Close
•
101
100.8
Close
(High
Low.
(High
3Hb, 1946-49....
100.29
Total sales in $1,000 units
Low.
Total sales in $1,000 units
99.29
Low.
107.12
Close
....
100.2
High
3X9. 1944-64
106.22
High
12
10
8
5
99.21
2s, 1947---
■
2
23
99.16
2X8, 1950-52
107.8
103.24
103.4
Low.
(High
2X9, 1949-53
106.19
106.21
Close
103.4
103.24
----
1
106.19
Low.
103.24
102.20
106.26
106.20
368
207
61
103.6
4
106.23
106.21
100.31
100.29
100.4
'
Total sales in $1,000 units...
High
3^s. 1941
12
9
102.27
20
40
99.22
103.11
(High
109.18
109.2
13
79
22
99.20
109.18
108.28
101
101
2
99.22
109.2
102.20
n
99.21
99.20
109.2
(High
Total sales
99.18
99.12
108.28
108.18
2
16
36
12
73
8
99.20
99.20
108.30
102.22
3Ms. 1943-47
101.4
108.18
102.20
3%a, 1941-43....
101.4
101.4
108.18
102.20
Total sales in
100.24
100.13
Low-
$1,000 units..
3*$s, 1940-43
100.9
High
Close
Total sales
99.13
99.20
99.18
Total sales in $1,000 units...
2^8, 1960-65
3Jis. 1946-56.
101.4
99.13
99.16
99.24
(High
11
3
292
20
1
19
Total sales in $1,000 units...
110.13
100.13
99.23
99.23
Total sales in $1,000 units...
10
4
14
I Close
High
4s, 1944-54
115
114.24
114.4
2%*, 1956-59
101.4
99.20
Low.
Close
High
Treasury
High
Low
above
89
3
13
50
100.14
100.23
101.10
101.26
102.6
100.15
100.13
100.19
100.24
101.26
101.28
United States
10Q.17
100.13
100.23
101.10
101.26
102.2
United States
18
26
122
132
3
5
includes
Treas. 4s, 1944-1954.. 110.18 to
110.18,3
Treas. 3%%, 1946-49.. 104.31 to 104.31
1
Treas. 3s. 1951-55
102.20 to 102.20'
100.17
•
table
Transactions in registered
only
bonds
of
sales
coupon
were:
Treas. 2%8, 1955-60...100.30
to 101.4
Treas. 2X8, 1945-47.. .103.10 to 103.10
1
99
Treasury Bills—See previous page.
Treasury Notes, &c.—See previous page.
New York Stock Record
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER CENT
Sales.
STOCKS
NEW
JUI
Saturday
Sept. 23
Monday
$ per share
70%
71
Wednesday
Thursday
Friday
the
Sept. 25
Tuesday
Sept. 26
Sept. 27
Sept. 28
Sept .29
Week
$ per share
$ per share
$ per share
$ per share
S per share
Shares
711.1
71i4
*l241s 149l2 *147% 14912
*38% 43
*38ig
43
71
71
70%
1473.1 14734
148
*3812
*48%
*38%
43
70%
70%
148
148
70%
70%
148
*146
*21
2214
173.1
1734
*1734
18
18
18
17%
65
4234
49%
10%
22%
17%
65%
65ig
66
6514
67ti
663.i
68
1%
6%
1*4
155g
1
1
1
1
1
^1%
1%
!%
1%
6%
li4
634
6%
6%
134
6%
6%
6%
6%
li2
134
2
1%
2
6%
1%
15
163g
19i2
19
20%
18
13
1314
145g
17
18
15
1634
18
20
25ig
I8I4
1734
2112
25%
22%
25%
23%
263g
67
67
69
69
48l2
1012
4812
1012
22l4
*21
*1
•
6i2
1%
■
48%
49
49l2
49
lOti
10i2
10
10i2
10
22%
22ig
*21%
I8I.1
I3I4
18i2
1312
191.1
1%
16i2
1414
14%
197g
25%
2534
25%
257g
1434
I27g
13%
~*8% "9"
19H2 195
15
87g
190
194
189
9
87g
193
190
*38%
42%
*47
49
10
*20%
I77g
x65
9%
193
22%
*21%
18
17%
66%
64%
20%
22%
24%
25%
70
9%
185
14
137g
J4
1312
143g
14
14%
14
13
14%
13
13
13
13
13%
13
13
12%
13
9
9l2
4514
*15
64
4534
157g
314
*6912
231.4
3034
314
2134
70
237g
30%
14i2
*50i4
51
*19
♦
1434
9ig
*62
914
8%
91.1
63l2
*62l4
45lg
1514
3%
45
46
ISI4
1514
3'g
314
*1919
22
20
69%
23U
3H2
145g
*50'g
70
*6912
23%
2334
3li2
15
51
Bid and asked prloes:
32
934
9%
63%
9%
62%
62%
62%
9%
62%
453.1
45
46
153g
15%
15%
443g
15%
45l4
15%
15
20
20%
24%
70
9%
183
9%
183%
13%
12%
13%
9%
*61%
93g
43%
15
13
1,300
6,200
8,400
8,200
10,800
40
1,900
4,900
3,000
2,400
17,500
63
200
44
-15t4
7,900
1,000
2%
4,000
3
3%
19
18
19%
18
18
500
70l2
24ig
79%
6934
69
69
67
67
900
23%
32%
24%
32%
23%
31%
23%
22%
23
3,500
31%
31%
15
155g
14%
14%
14
31%
14%
3,900
3214
147g
151o
51
eales
i
on
*50%
51
this day.
51
51
2%
*50%
$ In receivership,
52
pref
Acme Steel Co
900
53
Range for Previous
Year 1938
Lots
25
.No
Adams-Mlllls
100
No par
100
No par
Alpha Portland Cem..No par
Amalgam Leather Co Inc.—1
preferred.—
Amerada Corp..
No par
Am Agric Cbem(Del)— No par
Am Airlines Inc
-.10
6%
n
preferred
New stock,
r
Note
...........
Cash sale,
10
50
z
June
6I4 Mar
Oct
Aug
677g Nov
]%Sept 13
% Mar
3
834 Mar
1% July
13% Feb
Sept 27
7g Mar
10
Jan
June 29
23% Sept 27
28% Jan 4
52
May
634 Apr 11
151% Apr 10
10
Apr 10
9i2 Apr 10
6
April
54i2 Apr 11
28
Apr 8
12 34 Apr
8
li4June 29
Aug 21
50
Apr 11
16
Apr 26
26
June 29
934 Sept
4m.
Ex-div.
1
1 1
y
1234 July
24
6i4 June
8
2
Oct
30
5
Apr
Nov
May
18% Sept 26
18
Sept 27
14
61
12334
14% Mar
16% Mar
Sept 27
20i2Sept 27
12
50
Feb
534 Aug 24
4l2 Aug 24
4i2Sept 1
8
Industries Inc.—
1
Allied Chemical & Dye.No par
Allied Kid Co..
5
Allied Mills Co Inc
No par
Bank
Jan
36i4
40
2
% July
Allen
American
52
5
war. 100
Pf A without wai.100
conv
Oct
18
3
$2.50 prior conv prel.No par
Alghny Lud Stl Corp ..No par
Allegheny&West Ry 6% gtdlOO
6%
45
Mar
war.
5% preferred
Allls-Cbalmers Mfg
30i4 Mar
68
10
share
28
15
lll2 Sept 12
25
Highest
share $ per
119% July
27i2 Jan
8
4
34 Jan 30
6i2Sept
per
19
19
l57gSept
No par
Corp
71% Sept
14938 Sept
43% July
50% Sept
5
4514 Apr
5X % Pf A with $40
Allied Stores
share
10
No par
Air Way EI Appliance.-No par
5X%
per
No par
Alaska Juneau Gold Mln
„
$
612 Aug 24
19
Sept 5
par
Corp
Allegheny Corp
5X % Vl A with $30
share
Apr 11
Apr 10
,
Lowest
Highest
33'2 Apr 8
3119 Mar 31
par
-
Adams Express
60
a r>et, delivery,
No
per
120
100
& Straus
Address-Multlgr
19
3%
conv
Air Reduction Inc
57,800
14%
4X%
1,400
10,100
89,400
15
24%
100
$
Abbott Laboratories—.No par
7,200
17%,
65%
1%
6%
1%
20
.
51
no
3
3ig
6,000
18%
Par
Abraham
9%
22
On Basis of 100-Share
Lowest
70
800
17
*
1,000
42%
47%
14%
10
188
*l2lg
*61 lg
47
9%
15
*
*38%
10%
19%
16%
16%
70%
149
Range Since Jan. 1
YORK STOCK
EXCHANGE
69
111*
Sept 27
Jan
4
Mar
734 June
21% Nov
14% Sept
2984 Nov
28
May
4% Mar
Mar
1478Septll
15igSept 8
7
Mar
71
Aug 22
Jan
173g
124
3
Jan
7g
5% June
200l2Sept 11
113g Jan
i%
1714. Jan
28
Jan
May
1414 Aug
197
1234
Oct
Oct
8% Mar
147g July
4% Mar
13% Nov
70% Oct
5534 Oct
38
Mar
3414 Mar
48% Jan
197g Jan
5
3
33gSept
5
III4 Apr
114 Mar
6
10
Mar
74i2Sept 11
24i2Sept 13
36i4 July 25
1734 Jan 3
55
May
22
Dec
28%
*T6"
Mar
23% July
21
60
Ex-rights.
Sept
Jan
6
46%
Apr
20
314
24
78
63
H Called for redemption
Oct
Oct
Jan
July
Oct
Nov
Volume
LOW
AND
New York Stock Record—Continued—Page 2
149
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Sales
CENT
STOCKS
NEW
for
Saturday
Sept. 23
Monday
Sept. 25
Tuesday
Sept. 26
Wednesday
S per share
$ per share
$ per share
6%
54
6%
55%
5%
54
6
55%
5%
53%
the
Friday
Sept. 27
Sept. 20
Week
$ per share
% per share
$ per share
Shares
5%
56
6
56%
5%
5%
53
54
140
140
140
140
*154
35%
55
23%
*106
*113%
*16
6%
140
110% 112
11112 112
9%
14%
9l2
15%
15
15%
83%
85%
3%
3%
85%
3lg
6%
2%
*6
2%
20
*7%
*15%
29
9%
2%
21
*74
4%
21%
2%
20%
*7%
7%
7%
16%
29
7%
41%
48%
2%
16%
*16
16%
27%
7%
7%
41
41%
49%
48%
2
2%
8
27%
13%
5
27
27
120
21
21
7%
27%
8%
28%
74%
13%
75%
13%
4%
27%
4%
26%
*101
120
*23%
5%
24
*2314
5%
23%
44
44
441.4
39%
38%
10%
44%
39
10
5%
10%
149% *143
*143
3%
2%
*20%
8
*101
*38%
*140
111
934 10%
1434
*84
2%
20%
75
13%
9%
*6
21
7%
27%
140
111% 112%
61
29%
7%
*40%
*48%
140
150
Range for Previous
Year 1938
100-Share Lots
Lowest
Par
>,
5%
534
2,200
American
51%
52%
5,900
Am Brake Shoe «fc Fdy.No par
! 136%
160
112%
5%
10%
149%
*6
25%
15
85%
10
10%
14%
15%
86%
*85%
3%
6%
3%
3%
6%
Bosch
Corp...
1
8
per
Lowest
Highest
share
$
3% Aug 11
31s4 Apr
1
per
8
share
Jan
4
684 Mar
5734 Sept 22
48
48
2%
*2
2%
21%
2
20%
21%
100
41
4,900
Amer Mach & Fdy Co.-No par
11
4%
3,100
Amer Mach & Metals ..No par
23%
5%
44
26%
*101
23%
*22%
5%
44
27%
118
23%
5%
5%
44%
48l.i
*137% 137%
62% 62%
138% 138%
*
143
62
138
63
62%
143
*
40%
39%
40%
39%
41
12
12
12
12
12
12%
13%
13
14%
27%
28
9%
*43
*15%
75
76
77
77%
134
134
160% 162%
75
75%
76
88%
14%
88%
14%
*82
15
141.1
14%
14%
62%
9%
61
61%
59
60%
59
9%
49
*43% 46
22%
22% 22%
*112% 114
*112% 114
17%
3%
*16
3%
17%
3%
33
6«4
7
14
14
90
*84
46
33%
*44
33%
74%
74%
76%
14%
90
85%
87%
14%
13%
61%
57
14%
59%
9%
74%
2,100
75%
76
3,800
8%
43
16%
16
16
3%
16
9%
8%
*90
37
37%
38
10%
10%
10%
8%
100
8%
8%
8%
8%
*84% 100
8%
8%
3734
*10
8%
38%
10%
8%
*84% 100
37%
38%
37%
38
36%
37
10%
10%
10
10%
9
8%
9%
*84'4 100
8%
9%
8%
8%
*841.4 100
8%
834
3,200
*44%
45%
*66
67%
123
*118
7%
7%
3%
4
*2%
*17%
3%
20
6%
6%
19%
19%
7%
9%
8
9%
*22%
23%
*66
70
14%
*8%
14%
9
*27%
16%
29%
16%
*21%
22
*110% 114
44%
*66
*118
*7%
3%
*2%
*17%
6%
19%
8
9%
23
*66
14%
8%
44%
67%
123
7%
4
3%
20
8%
8%
44%
66%
*118
*7%
4
3
*17%
44%
66%
123
8%
20
7%
67%
8%,
44%
67%
123
19
19
23%
107
8%
44%
65%
123
*3%
4
3
3
*18%
3%
19%
3
92%
130
5% pref with warrants.-lOO
45,800
Atch Topeka & Santa Fe.-lOO
21
Sept
1
42% Jan
..100
50
Sept
1
Atlantic Coast Line RR—100
15
Apr
18
18
119% 120
26
*25
*15%
23%
15
16%
*47
50
23%
14%
28%
100
9% Aug 24
26
25
18% Sept
104% Apr 12
7
April
5% preferred
Atlantic
500
1,800
too
Refining
4% conv pref series A... 100
5
Atlas Corp
preferred
6%
50
No par
21%
22
114
22%
*111
22%
22%
*110
114
16%,
22%
114
60
*22
22%
*110
94
—
18%
119
25%
92
18%
94%
18%
116% 118%
24%
25%
24%
89
1% July 10
2
Apr 13
5% Sept 12
3% Jan 6
No par
Austin Nichols
85 prior A
No par
Aviation Corp. of Del (The)
Apr 10
50
Belding-Hemlnway....No par
Belgian Nat Rys part pref
Bendlx
5
Aviation
800
Beneficial Indus Loan. .No par
100
priorpf$2.50dlv ser'38No par
No par
Best & Co
2,900
11534 116
'3,000
preferred
20
7% preferred
100
Blgelow-Sanf Carp Inc.No par
Black & Decker Mfg Co No par
23%
24%
23%
23%
14%
14%
14%
14%
14%
1478
14
14%
15
*15%
16%
16%
16%
1634
18
18
18
50
50
*50
55
55
55
58
*50
27%
28
28
27%
27%
Bid and asked prices: no sales on this day.
98
Bethlehem Steel (Del).No par
15
26%
No par
70,300
24%
*50
Apr 10
18
15
27
2534
{ In receivership.
1,300
7,000
210
5934
50
26%
12,200
a Def. delivery,
5%
No par
Blaw-Knox Co
Bloomlngdale Brothers.No par
Blumenthal A Co pref
100
Boeing Airplane Co
n
Mar
87
Jan 11
21
Jan
5
5
15% Apr 10
110% Apr 11
17
New stock,
r
Cash sale.
5
2734 Sept 12
lC4%Sept 13
7% Apr 10
Mar 22
70
16% Apr 11
17% Apr 11
48% Apr
6
32
5
Sept
50%June 30
15% Apr 10
90% Apr 11
15% Apr 10
14
Apr 8
8% Apr 10
14% Aug 24
35
Apr 18
I684 Aug 24
xEx-dlv.
v
Mar
Mar
No par
preferred.....-—...100
25
2
12% Mar
2% Mar
5
Keh 28
Creamery..
Jan
4
Jan
Jan
Bayuk Cigars Inc
Mar
4% Apr
2% June
5
834
11% Sept 27
30% Jan 4
13
Beatrice
36
105
21% Sept 27
19% Jan
8834
14%
3
33
Beech-Nut Packing Co—..20
2,300
5
8% JaD
11% Aug 24
1778
27
30% Jan
6
Apr 8
24% Apr 11
8634
25
17% Aug 31
3% Aug 24
9% Aug 24
3% Aug 24
4'% Sept 1
19
April
65
July 3
10% Aug 24
71
5
—
18%
18
116% 117%
25
25%
23%
2334
116
50
preferred
5H%
Barnsdall Oil Co.
100
1,000
7
{Auburn Automobile..No par
300
600
48% Aug
Sept 11
85 preferred w w.
Beech Creek RR
20,600
1734 Mar
101% Apr
584 Mar
3834 Mar
6
9% July 21
8
1st
100
24% Sept 13
llO%June
4% Apr 10
100
9178
25%
24%
24
500
6% Mar
No par
40
"i'ioo
Sept 11
Sept 12
Jan 11
114
26
2634Sept 11
4% Mar
127
5% conv preferred
Atlas Tack Corp
Barker Brothers—....No par
1,900
43% Apr
50
Aug 23
71
June 15
Atlas Powder
1,000
21%
Mar
Atl G & W I SS Lines.-No par
7,700
16%
27%
May
14
16%
9%
27%
17%
18%
40
9%
27%
9%
28%
16%
25
22% Mar
9
3
16
8%
*27%
17%
119
4
100
3,800
3
Mar
9%
27%
8%
29%
18%
18%
119% 120%
14,200
10'% Jan
30% Jan
10,900
8%
91%
31,900
5% Apr 11
8
5«4 Aug 23
5% preferred
1,900
15%
17
Nov
Dec
15%
*27%
72
Mar
Baldwin Loco Works v t 0-.13
17%
5
July 20
Mar
{Baltimore & Ohio.......100
4% preferred
100
Bangor & Aroostook
50
Conv 5% preferred..... 100
Barber Asphalt Corp
..10
68
1038 Jan
95
Mar
72
52,400
20,400
L
13
6
27
9%
16%
9%
27%
58
Jan 23
Mar
1
10%
25
68%
6
73
July
82
834Sept
7% Sept 5
5>% Apr 11
3134Sept
Apr
116
6
9%
68%
15%
Mar 31
20
4
June 20
June
2?,400
16%
97
June
89,700
69
Mar
38
7%
9%
2434
15%
Mar
2
100
6
68
10
Sept
9
19%
15%
6
3% Sept 26
37
Sept 11
Jan
7%
*66
Apr
8
97
April
1834
*23%
1034 Mar
30
8%
24%
Jan 23
.
90
100
100
6% 1st preferred
7% 2d preferred
6%
26
94
No par
100
1
20%
29%
92%
preferred
7%
...
91%
Artloom Corp
Associated Dry Goods
19%
16%
26
7% preferred
-.100
Armstrong Cork Co
No par
Arnold Constable Corp
5
6%
25
Mar
111
27% Aug
11434June
Assoc Investments Co..No par
19%'
25
2534
26
*24%
26
26%
*25%
25%
106% 106%
*105% 106% *105% 106% *105% 106% *105% 106% *105% 106%
*28
*27
*28
♦27
29%
29% *28
*110
*110
120
120 "
120
110
rib" *108
*109% 120
*109
116
9
9
9
8%
8%
8%
8%
8%
8%
*8%
9
*8%
*55
*55
*54
*55
72% *55
*53
62
72%
72%
72%
62%
29
29
29%
30%
29%
28%
2984
29%
30
29%
29%
29%
*19
19
*19
19
19
19%
19%
*19
19%
19%
19%
19%
52
52
*5078
51%
51%
*50%
52
*50%
*5078 52
*50%
52
39
39
3834
3834
38%
39
39%
39%
38%
38% *38% 39%
26
*25
5
No par
86 conv pref
8%
24%
May
29
5
54% Jan
21
21%
6
21
8
1% Apr 11
6%
24
*21%
234
4-% Mar
25
Mar
Sept
8-% Apr 11
8%
2334
*111
234
Sept 12
40
20
20%
11%
*110% 114
3
19%
Co.
8%
21
*18%
Sept
48
.No par
Copper Mining
*18%
534
19%
12
Apr 11
Mar
30
3%
Aug 24
48
600
3%
4
24
Sept 28
1,300
4
Apr
23% Mar
65
64
4
Mar
3% Mar
8
45
4
6
68
Apr
123
734
Apr
3% Mar
41
64
*44%
*6%
10%
9
8%
Mar
May
*118
66%
123
2334
108
8%
58
5834 Mar
130
4
1,400
7%
*27%
*8%
*107
Mar
x52
2,200
7%
10%
14%
8%
44%
Dec
111
Mar 15
19
7%
10
15
23%
24%
107
8
Dec
125S Mar
78
19%
7%
10
69
*17%
7%
6%
20%
44%
*118
2434
1834
25%
19%
26%
20
Aug
15% Sept 21
6434Sept 16
June
5
23%
3178
96
82
Jan
23
93
5
14% Jan 20
19%
70
63%
62
86.50 conv preferred. No par
7%
500
62
25
97% Sept 11
18% Jan 4
170% Mar 11
87% Jan 19
8934 Jan 16
153%May 26
8-% Jan
6% Mar
12
.
5% Mar
2% Mar
37
31
Smelt...1
Mining..50
Sept
24% Mar
*32%
23%
Apr 11
34
15% Mar
4
37
108% *106
8%
8%
73
75% Apr 11
Sept 19
132
_
1434 Aug
Jan
Jan
*32%
8%
Jan
14% July 26
4
5% Mar
24«4
Dec
82
Dec
12% Mar
5
Mar
21% Mar
10% Mar
25% July 24
9
Mar
IM84 Jan 16
28
July 24
109
Apr
103%Sept 29
20% Sept 27
128% Aug
1
9% July 31
73% Jan 25
31% Sept 14
21% Mar 11
55% Aug 7
57% Mar 11
100
Sept 11
18%Sept 13
120% Sept 25
2738Septl3
34% Sept 20
liag Mar
90% Apr
25
94%
Apr
Apr
684 Mar
67
Sept
8% Mar
15% Mar
"26%
Mar
3934 May
1234 June
75
Mar
17% June
9«4 Mar
4
10% Mar
23% Mar 11
13% Apr
17«4
55
Jan
Ex-rights.
May
Sept 27
3484 Jan
3
140
Apr
Mar 15
33%
23%
41
Mar
3% Mar
28% Mar
33%
*106
July
20% Aug 24
8% Apr 8
9
Apr 1
15% Apr 11
75% Mar 7
14% Apr 8
4534
50
*33
21%
Sept 26
130
6
34
20%
103
4
34
92%
<fc
Sept 12
Jan
34
94%
31%
63%
95
Lead
85 prior conv pref
Anaconda Copper
63
Sept
*33%
63
Amer Zinc
23% Nov
35% Jan
58% Nov
46% Sept
65
500
33%
Preferred-
7% Mar
2234 Apr
28% Mar
Jan
60
66
20%
25
100
10
preferred
Dec
20
50
*60
*20
—25
Common class B
6%
12
8034 July
20% Jan
140% June 21
69
Aug ~
Apr 10
Jan
24% Nov
153
148
165%
Mar
3% Aug 24
3334 Apr 11
"7",500
Oct
58
Armour & Go of Illinois
4,200
1,500
Jan
7%
80% Sept 27
l5«sMar *
25,200
100
29%
13% Mar
.
9
65
25%
100
Mar
14834 July
Jan
May
65
26%
27%
24%
24%
27%
21%
22%
20%
20%
21%
21% 21%
20%
19%
20%
23%
23%
23%
23%
23%
108%
107% *106% 108% *106
Amer Telp & Teleg Co
American Tobacco.
9
183s Jan
""400
65
23%
20%
20%
23%
Am Sumatra Tobacco..No par
Aug
121% Jan
*60
31%
3% Mar
105
65
*92%
Oct
Nov
Apr 21
*60
*62
45
122
Mar
July 28
64
64%
—100
Preferred.
800
Nov
17% July
6% Jan
Mar
21
59
64
Feb
45% Dec
2% June
99% Mar
116
59
33
7
"
preferred
100
Armour &Co(Del)pf7%gtd 100
*54
64
100
17%
200
93
20
_
Archer Daniels Mldl'd.No par
78
33
Jan
600
*73
64
23
x2Q
A P W Paper
76
31%
79
Mar
2% Mar
Andes
76
93
June
10
600
76
94%
31%
44
5
300
*73
62%
3
5% Sept; 21
40% Jan
124% Mar 20
143
13% Apr
76
30%
62%
American Stove Co....No par
20
20% July
884 July
30% Dec
Aug 4
Sept 12
127% Sept 5
59% Apr 14
AnchorHockGlass Corp No par
*73
30%
100
No par
25% Aug 28
35% Apr 10
Anaconda W & Cable..No par
75
*93
6% preferred..
Amer Steel Foundries. .No par
5
100
75
34
92%
34%
25
Sept
2,000
75
92
100
Preferred
American Snuff
9
2034 Apr 11
35
April
*73
*93
Refg. No par
11% Apr 10
28-% Apr 10
10%
10%
8%
8%
*84% 100
8%
8%
Amer Smelting &
Apr 11
..100
16
5
1% Oct
13% Nov
4% Mar
12% Mar
50
8,900
3;
Nov
3034 Mar
4
2234 Jan
5534'
3%
3%
3%
*2%
3%
*32
33
33
33
33
33
33% *32
32%
32%
32%
32
*115% 116% *115% 116% *115% 116% *115% 116% *115% 116% *115% 11678
100
102
*102% 102%
102% 102% *101-% 102
*100% 101% *100% 102
7
7
7%
7%
71,1
6%
7%
7%
7%
6%
7
*51
53
52
53
52
52%
51% 51%
*50%
52
49% 49%
*65
75
65
65
*60
69
65
*60
*45%
70
*45%
66
37
100
Sept
54
'
9
Nov
5% Nov
July 25
3% Aug
11% June 29
No par
*15
16
4^% conv pref....
8% Sept
140
No par
32%
33%
34%
45
*44%
45% *43% 45%
*43% 45
21
21% 22
22%
21%
21% z20%
111% 112% *111% 114
*110% 114
*111% 114
3%
25
86 1st preferred
21%
55
15
36
162
.....100
Rolling Mill
American Safety Razor.. 18.50
100
Mar
8
Preferred
Am Type Foundries Inc
11,200
Mar
41% Nov
19% Oct
Am Water Wks & Elec.No par
63,000
May
16% Mar
16,800
9%j
1
9
2
12
Feb
20% July
45
57,400
50
Mar
8
5
American Woolen
32%
10
1284 July
Apr
300
*41
5% July
25%
28
23,300
137s}
90
8%
'
2% Mar
13% Mar
5% Mar
No par
13%'
9%
43
34%
25% Aug 24
117% Apr 20
21%Sept 6
3% Apr 10
12%
*83
7% Nov
Mar
85 preferred...
American
800
Apr 8
2% Apr 11
4% Sept 1
8% Apr 11
78
Apr 10
3% Apr 8
13%
45
*16
7,300
74%
134% 134% *134% 136
6%
6%
6%
13%
50
200
15%
160% 161
160% 161%
76%
7%
14%
9%
9%
*45
77
134% 134%
93 %
34%
600
15%
4
47% Nov
American Sugar Refining..
I
*15
Jan
6'% July
Mar
14
93
15%
Jan
2% Mar
19
American Stores
1,600
15
Nov
1634
50% Aug
1,400
1,400
26%'
15%
160% 161%
37,800
12%;
26%
*15
15
83
8
Am Rad & Stand San'y.No par
10
381
*13
93
9% Nov
Apr
Amer Ship Building Co.No par
14%
27%
94%
6%
47
14%
27%
Dec
Dec
32
2,010
17,500
143
12%
July
No par
American Seating Co...No par
900
12%
Oct
20
$6 preferred.,
1,200
1,200
*93
13%
9%
Amer Power & Light...No par
3,600
63
94%
6%
33%
24,400
137% 138
*93
13%
.*43
5;%
55%
"37%
40
100
2234
47
54
62%
No par
6% conv preferred.
American News Co ....No par
11%
39 i
*
143
37%
*12
Amer Metal Co Ltd
""160
11%
3634
93%
6%
34%
5%
93
13%
22
*2%
13%
28%
Oil
*49
*15
*13%
28%
13%
46
33%
22%
46%
40%
11%
39
39%
54%
56%
138% 138%
*61%
63
*
39%
14%
62%
23%
5%
47%
11%
63
143
12
*90
4,100
2534
Preferred
117
ID
38%
13%
47
*101
40
38%
39% 40%
8,100
41%
40%
10
10%
10%
10%
10%
10%
48,600
10%
10%
11143
149% *143
148% *143
148% *143
148%
21%
21%
12%
22
20%
20%
20%! 20",700
21%
79
80
79
79%
80%
79%
2,100
78%
12
12
12
12
900
11%
12
12%
57%
138%
*6
*22%
5%
25%
26%
117
38%
55%
134
25%
*101
125
6
79% Jan
1534 Jan
3,000
1334
..No par
American Locomotive..No par
5
Sept 12
Aug 24
74
120
Mar
5
8
25
4%
26%
5734 Nov
2384 Nov
Sept
Mar
Sept
33
3038 Jan
13%
HOI
Deo
117
43% Sept
Aug 24
73
..100
Amer Internat Corp
April
Sept 27
0>4 Jan
13
13%
4%
57%
134
6% uon-cum pref
77%
4%
7%
8
4
'
34%
Feb
8% Mar
6% Sept 19
3% Jan 20
1% Jan 24
14% Jan 23
334Sept 1
13%
56%
*133% 134
7%
.No par
76
58%
77%
*20%
Products... 1
13%
5
57%
76%
20%
Home
78%
58%
160% 161%
75%
76%
American Ice
13%
4%
4%
27%
57%
76%
American
2,500
77%
4%
40%
77%
1,800
2%
76
1334
13%
39%
77%
477s
*2
74%
40%
*76
47
2
1,000
7%
Apr
12
Apr 8
2% Mar 31
25% Apr 8
4134 Apr 11
3,900
23,100
40
160% 161
48
...50
21%
40
16
10
Leather... 1
6% preferred..
7%
26%
41%
*15
Amer Hawaiian SS Co
American Hide fe
600
39%
25
40%
16
10,600
*38
28
11%
*15
9,000
7
No par
27
11%
93%
2
538 Jan
Oct
176% Nov
•
No par
8
29%
7%
1
434May 26
28
8%
11%
93%
Amer European Sees...No par
Amer & For'n Power
No par
1
Feb 11
2% Sept
28%
11%
28%
6%
Encaustic Tiling.. 1
2034
11%
40%
28%
19% Sept 11
American
5% Sept
a20%
7%
27%
12
281.4
94%
10
7%
•
11%
13%
47%
47%
2
12
13%
86 preferred
24%
11%
13%
2,300
23%
12%
*13%
28l,i
*9334
25
23%
*11%
"39"
12% Apr 10
5
Apr 10
27
*12
145
$7 preferred
?7 2d preferred A....No par
26
79
63%
5,400
3,900
27
47%
8«4 Feb 24
4,100
18
25%
7%
Aug 24
2%
22%
734
18
40%
Mar
5
100
18%
7
9
67%
17% Sept 26
6%
2%
39%
11% Sept 13
18% Sept 8
Aug 14
July 20
6% Apr 11
160% Mar
12% Mar
86% Sept 28
132
10
61
Aug
105%
Jan
Mar
6%
2%
1,500
10
100
Nov
7084
Mar
9
3
Coinm'I Alcohol Corp..20
6% 1st preferred
52
135
9%
89%
88%
13%
4%
4
14% July
23% Mar
Apr
114
27
24% Jan
115% Mar
3
18
7%
No par
Allegh Co NJ 25
American Colortype Co....10
39% Sept 27
6l%Sept 26
Am
19%
41
American Chicle...
Am Coal Co of
16% Aug 24
30% Aug 21
13% Apr 8
100 May 8
109% Apr 20
American Crystal Sugar
18%
7%
100
83% Apr 11
150
Sept 11
116% Sept 12
179
July 19
50
1834
40%
...
5% preferred......
Aug 14
3,200
22%
7%
American Car & Fdy. .No par
Preferred
.100
Am Chain <fc Cable Inc. No par
140
4,800
2334
8%
3934
7,300
.100
Apr 11
9'%
*7%
7%
50
25
Preferred...
200
600
Can_>
125
14%
8%
39%
5,100
5,500
100
85%
9%
2%
25
80
145
3%
6%
American
300
27,700
pref...
conv
14
8%
21%
79%
139
3%
6,700
5M%
Highest
$ per share $ per share
85%
8%
2%
24
21%
*62
10%
14%
86%
*6%
2%
23%
21%
*.___
9%
14%
86%
*6%
2%
23%
21%
*78%
*135
136
113
112
112% 113%
156
156
156
156% 157% *156
*156% 163%
163% *154% 16334
38
391.
3614
35% 36%
37
35-%
38
34%
3534
38%
55
55
56
56
61%
59%
61%
58
55%
57%
60%
23%
23% 24%
23%
24%
23% 24%
23% 2378
23%
24
114
110
110
111
*111
115
111
*106% 115
*106% 115
*115
120
*115
124
116
116
118
114
114%
115% 115%
17
17
17%
18
*15
18
*15
15%
15%
17%
17%
6%
7
6%
7%
7%
7
7%
7-%
7%
7%
7%
83%
3%
*
On Basis of
*
*136
27%
Range Since Jan. 1
STOCK
EXCHANGE
Thursday
Sept. 28
5%
55%
YORK
2039
19
Sept
1 Called for redemption.
Deo
New York Stock Record—Continued—Page 3
2040
AND
LOW
HIGH
HALE PRICES—PER
Tuesday
Mondan
Saturday
Sept. 26
Sept. 23
Sept. 25
s Per .share
S per share
2512
105
*5634
25%
2512
105
105
57
57
$
ver
SHARE,
Wednesday
share
25%
26%
257g
105% *106% 110
57
57% 5734
Sept. 29
Week
Shares
2534
111
2534
25%
2534
110% 111
111
5734
5734
*57%
18
17
17
17
17%
17
21%
22
21%
2i84
21%
26
25%
26%
2634
27%
2912
4%
31%
534
147s
23%
40%
2134
28%
4%
27
*3%
2912
27%
4%
31%
31%
*39
46
*4534
4
4
4%
4%
30
30%
534
30%
15
23
14%
22%
5*8
534
5%
14*8
14?8
23
2314
3912
457s
14%
22%
*39
*3712
*45
1%
13s
1%
11'*
11%
12l8
12
4314
2434
43
24
11%
12%
43%
24%
*38
403.1
*38
40%
*1612
17
16%
17%
ioi4
10%
10%
2448
10's
101
101
101
73s
7%
7%
50%
5i4
5%
28
28
28%
51
5%
28%
273.1
28
18*8
2812
18;,s
13%
13*8
5%
6
534
11
12
12%
12
41%
2334
43
25
40%
17%
*39
1634
10%
11%
102% 102%
7%
734
50
52%
5
8
21
5%
5%
13
13%
13%
70%
71%
15%
15%
28%
51%
27%
*51
2%
2%
2%
9%
14
14
14%
143.1
9%
*51
52
2%
2%
9
71%
2%
1434
15%
27%
2%
9%
15%
147«
938
9%
878
1334
147s
1434
14%
14
14%'
14
45
40
40
478
478
3934
7%
3934
5%
478
40
40
*73s
7%
*40
55
578
40'4
578
40
734
734
*714
734
4434
*43
4434
*43%
443i
8334
*81
8334
*81
84
*43%
81%
29%
4434
*80
2934
29*4
2934
3%
3%
89%
334
88%
88
*112
*112
119
61
61%
3a
334
28%
*
2834
4%
4%
105
*103
*9%
10%
13
13%
5%
*4%
*88
95
41*4
*678
27
*18%
4134
7
27%
20
*98% 100
*27
27%
378
62
104
1034
*
62
*
62
41%
42
67«
734
27%
31%
*18%
20
*9834 100
40%
41%
7%
3034
3134
20
20
29%
17%
27%
28%
15%
27%
28%
16
29
42%
43%
43%
43%
4534
89%
42%
*8534
3%
*234
3%
3%
3%
334
334
11%
11%
2%
1778
.
34
34
1%
1%
7s
2%
7«
177s
*86
89%
*11
34
1%
78
234
1
234
23.1
1?78
i73l
17%
'
*19
17%
1%
30
*9834 100
257s
78
15%
29
45%
89
*86
3%
4%
1134
55
29
538
11%
1134
93%
49%
3%
3%
27%
2778
*107
10812
*90%
*46%
*3%
28
*
45
42%
43%
87
88
*85%
89
3%
11%
49%
3%
3%
3%
28%
27%
46%
3%
28
108% 108% *10734 108%
32
33
32% 323(5
*69%
74
*69
43
43
43
"46 "
49%
45%
47
8%
9%
74
18%
*1734
18%
18%
18%
18%
18%
*87
90
*18%
18%
*86%
7
7
83%
*63%
*43%
75
83%
*637s
43%
*98
44
100
4834
49%
*10334 107%
1334
14%
1%
1%
I
64%
64%
28%
28%
•
*98
18%
18%
87%
18
18
89
89
18
18
*86
89
7%
7%
17%
17%
17%
17%
8
7%
81%
*6378
437(j
778
778
8%
7%
833s
*82%
84%
75
*6378
75
100
*98
45%
100
*98
4612
100
32%
*69
74
"44%
45%
30%
31
*125% 130
>110% 112%
60%
13
1278
*103% 105%
32%
32
*108% 110
23
22%
18
46%
99
99
18%
*8538
7
90
*17%
7%
7%
78,600
82%
1,000
82
*6378
45%
45%
100
*99
Prices;
no sales on this day.
{ In receivership,
a
500
75
48% 49
51
52
49% 50%
50%
50%
51%
4978
103% 103% *101
107
*102
107% *102
10334 *101
104%
1378
1378
14
14%
14
14%
14%
13%
13%
13%
1%
1%
1%
1%
1%
1%
1%
1%
1%
ll2
65
64
65%
651
65
65
6434
64%
6334
28% 28%
28% 28%
29
2838 28%
28% 2878
28%
Bid and asked
400
2,300
"MOO
10,700
100
Del. delivery,
July
July
5
Oct
1334 Sept 22
74
6
Mar
20
Mar
13
Mar
Sept 18
18% Apr
8
2% Apr 10
103% Sept 25
334June 30
3%' Apr 8
3% Apr 11
85%June
32
3
47
June 12
5% Mar
8% May
12% Mar
37%
5
Mar
21
May
6% Jan
8
Sept 11
x43
Sept 15
preferred...No por
{Chic Rock Isl A Paclfio
100
100%
Jan
Sept
94% Mar
6
9
122% Mar
3
64%Sept 27
107% Jan 9
29% Aug 3
10978 Aug
19%
Jan
100
% Aug 23
% Aug 10
Chicago Yellow Cab
No par
7% Apr 11
Cblckasha Cotton Oil
Childfl Co
10
Apr
5
No par
5
Sept
25
25
Apr
1
8
10
-----
Copper Co
Chrysler Corp
City Ice A Fuel
5
No par
6^% preferred
City Investing Co
City Stores
—100
100
5
Special gtd 4% stock
50
Climax
Molybdenum._No
Cluett Peabody A Co ..No
par
par
Preferred
100
Coca-Lola Co (The)..-No par
Class A
No par
Colgate-Palmollve-Peet No
6% preferred
100
Collins A Alkman
5%
par
..No par
conv preferred
100
Colo Fuel A Iron Corp .No par
Colorado A Southern
100
4% 1st preferred
100
4% 2d preferred..
100
Columb Br'd Sys Ino cl a.2.50
Class B.
2.50
Columbian Carbon v t c No par
Columbia Plct v t 0
No par
$2.75 conv preferred-No par
Columbia Gas A EIec__No par
6% preferred series
4\i%
100
A
5% preferred
Commercial Credit
.100
conv preferred
10
100
Comm'l Invest Trust
No par
$4.25 conv pf ser '35.No par
Commercial Solvents. -No
par
CommonWith A Sou__No par
$6 preferred series
No par
Commonwealth Edison Co. .26
n
New stock,
r
Cash sale,
x
53% Apr 11
9
Apr 8
79
Jan
5
46% Sept 28
2% Apr 8
15
Apr 8
68
9
Mar
82
July
4
12% Dec
3034 Sept
5
5% Jan
3
113% Aug 16
12% Sept 27
1434 Sept 11
5% Mar 11
96
Sept 15
13
46
Mar
187g Dec
2
Mar
9934
Apr
6%
Dec
4
Mar
3% Mar
88
Aug
26% Mar
Mar 21
94
June
89
Jan
4
July
39% Sept 15
48% Sept 27
78 Sept 13
I7g Jan 5
1% Sept 13
9
5
3
Sept 11
87s Mar
2
%
8
12
41
25
92% Sept 13
1478May 23
97%June 10
Jan
Jan
Mar
5% July
Nov
Jan
July
Dec
1%
Dec
3
Dec
2%
Jan
Mar
1234
Jan
Mar
3% Mar
May
35% Mar
734 Sept
19% July
13% Nov
Oct
51
88% Nov
13%
Jan
Jan
80
Dec
Mar
60
Feb
2
Mar
5% Nov
27% Oct
10% Mar
Feb
4
70
Nov
76
Mar
Feb
9
106
Apr
115
Aug
33
Sept 28
15% Mar
30% Nov
78
Mar 13
07% July
70
Jan
45
Feb
2
2
5
35% July 29
Marl6
44
Dec
32% Mar
10% Mar
111
Jan
105% Mar
57% July
11% Apr 10
10178 Feb 1
20% Apr 8
17% July 22
107
July 18
100
10834 July 12
2478Sept 22
87»4 June
8% Sept 27
934 Sept 26
8% Sept 26
3% Mar
4% Mar
y
Dec
-'
54
Mar
Ex-dlv.
47
69
62
8
1934
3934 Nov.
3
2834Sept21
4% Jan
7
Apr
is4
Mar 11
58
Jan
42
5% Jan
1578 July
Jan
Mar
%
Jan
178
37% June
1
1234 July
48% Mar
38%
1
678 Mar
22
33% Nov
Dec
Dec
% Nov
9% Mar
15%Sept
13% Jan
58
10334Sept 19
8% Aug 24
1% Mar 31
45% Jan 3
z25% Apr 10
Mar
Apr
6
Sept 28
Oct
106
1% Mar
2% Sept
Jan
99
12%
46
70
133
74% Jan 3
62% Jan 13
3834 Apr 10
Oct
Oct
69%
June
135
6
5% Apr 10
Jan
678 July
104
Apr
22
5
Sept
July
8%
Dec
Sept
16
14
May
105
234 Aug 24
37„ Sept 1
3% Aug 19
14
Apr 10
14
April
73
Apr 11
6% Sept 1
Jan
June
60% Jan
8
28
5% July
111% Nov
6
45%May
11% Apr
Sept
19% Dec
72% July
18
3
8
96
20
34%June30
21% Apr 11
125
Sept 11
Apr
Aug
3
Jan
30
69
Jan
120
58
July
106% Dec
20% Nov
18% Sept 22
29% Sept 27
47% Sept 27
115
Sept 25
22% Nov
4% Jan
107% July
22% Sept 11
102
Feb 10
42
Jan
Mar
9
72% Mar 14
1067«Septl8
20% Apr 11
69
Mar
4% Mar
—-.100
4612 Nov
8% Jan
42
July
8% Aug
Jan
4
17% Mar
7% preferred
20% Aug
21% July
Nov
4
30% Aug 24
44
Aug 21
%June
1
Jan
Aug
Jan
Oct
45
4
l%June 28
10
Apr 10
July
89
6
Jan 24
22
Apr
Jan
0% preferred
ohile
15% Nov
44% Nov
June
Mar
%
conv
10
12%
2%
62%
98%
29%
%
Chicago Prieumat Tool-No par
Dec
63%
Sept 12
52% Jan
Aug 24
6% Apr 11
17% Apr 10
27
Apr 11
Oct
29
33
47% Jan
Apr 20
Jan
July
4% Mar
34% Mar
1-% Sept 27
3% Sept 27
20% Jan 4
100
5478
684
39
85% July 17
78 Sept 27
Preferred...
Apr
3
41% Sept 11
June 29
22
86
10% Sept 5
1734 Jan 4
203s Jan 18
1% Sept 26
100
18,500
26,800
2,200
21,900
24
238 Mar
13% Mar 11
780
1,800
1,400
5% May
16% Mar
5
120
4,000
2,840
2,280
16% Aug
22% July
3% Jan
8
Clev A Pitts RR Co 7% gtd.50
200
634 Mar
14% Mar
1% Mar
% Apr
60
5,600
2
%June 26
%June 30
Clev El Ilium $4.50 pl.No par
CleWGraph Bronsse Co (The).l
"13366
1984 Aug
1834 Jan 3
734 Sept 11
20
Sept 11
9% Jan 3
23«4 Mar 6
6% Sept 13
9% Apr
_—6
{Ohio Mil St P A Pac
No par
5% preferred
100
{Chicago A North West'n.100
2,100
6,700
5
Mar
Chicago Mall Order Co
"""340
TV,o65
Jan
Mar
3
15% Mar
13% Mar
95% June 27
4
Sept 27
4% Sept 26
Clark Equipment..-.-No par
CCC AStLoulsRyCo5% pref 100
6,600
30
9
3% Mar
62
138Sept
5
1% Aug 29
2,100
7%
18
8
45%
20
500
10
6%
18%
"
45
108
*31%
8%
17%
4378
3%
27%
6%
18%
54,800
310
50
638
18
7%
*6378
108
200
94
7%
7%
75
27
3,400
1,300
6
7
7%
817,5
*3%
"Moo
12
7%
17%
77
*90%
*46%
6%
35
89%
878
19
83%
14
6
7
1734
18%
13%
8%
*6
8
100
5,200
2,800
2,400
49%
7%
18
Preferred series A
4
8
{Chic A East 111 Ry Co6%pfl00
{Chicago Great West 4% pflOO
78
6%
60
17
5
Pr pf ($2.50) cum dlv No par
14%
I
7
63% Aug 24
110
April
38% Apr
1
100% Sept 7
13% Apr 10
84
Apr 14
778 Aug 24
No par
S3
%
Apr 20
98
100
11%
9
4%May 19
July 10
pf. 100
200
11%
*90%
*46%
7%
47s Aug 24
9% Apr 11
No par
Common
4
4
5% Jan
34% Mar
2%
1034
Lham Pap A Fib Co 0 %
{Chesapeake Corp
No par
Chesapeake A Ohio Ry
25
Jan
65% Jan
Mar
Chain Belt Co
Checker Cab
Oct
13% Oct
100% Nov
7% Deo
1
5% Aug 24
Sept 5
18
Sept 5
100
38
11%
94
8%
1
6% prior preferred
48%
87%
*1134
48%
Cerro de Pasco Copper .No par
Certain-Teed Products
*47
90%
1178
94
72
100
*36
88%
11%
9%
*82%
4,800
Preferred
37
91%
8
7%
167,5
Central 11J Lt4J^%
4978
88%
7
778
2%
90%
7
734
9,500
14,400
44,800
12,200
*30%
8%
<
7(5
32
7
*17
16%
300
1,600
5,200
1,200
1%
14%
678
8%
1834
11%
.
31
7%
*17%
3%
32
6%
7
3,000
1,000
11,500
45,900
14%
7%
85%
28
27%
32
6%
*18
10
9%
*5%
7%
100
*8%
*684
90
20%
100
43%
31
30% 81%
31%
3034 31
30%
31%
3078
31%
*125% 130
*125% 130
*12512 130
*125% 130
*125% 130
*111
112
111
111%
110% 110% 111
111%
11034 111
61
61
*5738
*5738
*57% 61
*58%
61%
*5834
60%
1334
1334
13%
1378
13%
13%
12%
13%
1278
13%
*103% 105% ,*103% 105% *103% 105%' 103% 103%
103% 103%
32
32341 32% 3234- 32
32%
33
32%
32%
34%'
*108
110
108
108
108
108
*108% 110
*108% 110
24% 2434
24%
24%
23% 2438
23
243(5
2478
23%
7
3,400
12,400
2,530
9%
*67
20
40%
*8%
69
20
7%
28%
9%
69
6%
Century Ribbon MlllS-No par
14%
6%
28
Central Foundry Co
300
15
i71.1
3,800
1,700
28
12
3",800
7
100
100
No par
6% preferred
100
Central Aguirre Assoc .No par
40%
*19%
lorp of Arorr.No par
2,800
95
28%
:elanese
5%
*8%
73
6%
*90
'
7% prior preferred
Celotex Corp,
Apr
Jan
14%
5
1
10%
11%
1%
*
*6
9%
11
*458
400
75
41
3% Sept
% Feb 15
1
100
57g Mar
51
3% Sept
% preferred
19% Aug 15
13% Jan
106% Aug 33
14*4 Nov
46% Nov
23% Oct
24%
29% Sept
1
pref
100
Central RR of New Jeraey.100
Central Violeta Sugar Co._-19
106
1%
107% 107%
31% 32%
"47%
27
4%
4
78
1%
32
49"
26%
106
15,000
11,100
"
1%
31%
48"
62
200
Sept 14
Jan
Nov
Mar
25
100
zl6«4 Mar
10% Mar
2784 May
5% Mar
30% Aug
41
Dec
2»4
12
15% Mar
No par
No par
'"aterpillar Tractor
48% Aug
43
45
Case (J 1) Co
11,000
3% Mar
53s Mar
7
Canada Sou Ry Co
1
100
1% Mar
13% Aug
14% Aug
37% Aug
40% Aug
5
Sept 26
Preferred
Feb
July
40
140
Mar
Sept 12
2,500
3%
85
18
28
Dec
1778 Jan
Apr 11
6
Jan 20
Jan
Oct
16
53
12
100
683 Mar
1234 Mar
4
5
2
2
30
1
Campbell W A C Fdy—No par
5
Cannon Mills
1578 Jan
317g Jan
41
Aug
53
Aug
Oct
8% Aug
13% Apr 10
Canada Dry Ginger Ale
Canadian Pacific Ry
Mar
36%
4%
28
11% Aug 24
1
Calumet A Hecla Cons Cop..5
Mar
4
Oct
Dec
52% Dec
14% July
19% Jan
48% Mar
2,700
3%
83
15
46%
*338
27%
—50
1% Dec
14
30%
107
2
137„ Apr
2% July
*27
*90%
No par
No par
5% preferred
Callahan Zinc Lead
478 Sept 27
15
May
16% Mar
31%Sept 26
784 Feb 27
2
Highest
Aug
Carpenter Steel Co
Carriers A General Corp
1%
1%
31%
30
88,600
3,200
Byron Jackson Co
California Packing
2%June 29
7
Apr 11
25% Apr 11
1,400
%
1%
1%
94
6% Mar 31
578 Apr 10
1878 Apr 11
30
5
preferred
29
16
6
J Bush Term Bldgdep7% pflOO
10
Butler Bros
29
1%
6
Apr 10
77
2%
6%
June 30
1
35
3%
l%i
11
1
—10
29
17%
Burroughs Add Maob__No par
Bush Terminal
1
Capital Admin class A
$3 preferred A
*27
37
1
Burlington Mills Corp
15% Aug 24
11% Apr 10
Carolina Clinch A Ohio Ry 100
*15
*47
No par
70
3
1778
Bollard Co
20
3%
38
No par
300
41%
7%
7%
28%
30
*18%
21
*99% 100
27%
28
48%
Bulova Watch
7%
3%
17%
No par
8
9434 Apr 11
4
Apr 8
29% Apr 11
3
Apr 8
21% Apr 10
85
3%
*36
No par
100
Apr
44%
1%
1778
Budd (E G) Mfg
Budd Wheel
7
*7
62
*11%
5
100
*43
40%
15%
29%
47%
Bruna-Balke-Collender.No par
6
734 Aug 24
10% Apr 10
31
Apr 12
41% Apr 14
1% Apr
1
5% Apr 1
7% Apr 8
27
Apr 8
13% Apr 10
31% Jan 3
9% Apr 8
*81
378
87%
H834 118%
61%
63
77(j
No par
5% Sept
84
29%
*
1% Apr 8
19% Apr 10
7%
43
1%
87
87% 88%
8734
11%
11%
*11%
93%
93%
93%
*46%
49% *46%
634
39
1%
8878
638
*32
578
39
*334
87
34
10%
14%
6,400
55
....
6
40%
1
14%
48
10,500
7«
32
14%
108
15%
14%
1%
1%
32
31%
14,000
14%
%
35
108
.87b
1434
1%
1%
9%
*8%
52",800
7(5
*8%
14%
6%
10
178
1%
1%
1%
1%
27%
1%
2
2,200
3,100
52
11%
1%
14%
1478
2534
1%
1%
1%
1
143.4
24%
*51
11%
1%
1%
3%
27%
27%
100
Byers Co (A M)_
No par
Participating preferred-.100
170
June
3
5,100
1234
68
9
3
Jan
Butte Copper A Zinc
12%
Jan
June 21
Aug
Bucyrua-Erle Co
7% preferred
conv
Apr
40
22
No par
6
Brooklyn A Queens Tr.No par
$6 preferred
No par
Bklyn-Manh Transit._No par
$6 preferred series A.No pa
Brooklyn Union Gas
No par
7% preferred
82
32
6,200
x8%
7%
31
34
1%
34
1
3^206
153s Mar
■
12% Jan 30
Bower Roller Bearing Co.,-17
Brown Shoe Co
1
16% Jan 12
18% April
5%
67
3%
48%
1%i
7,000
16%
5%
4
38
*3%
778
20%
5%
13
70%
15%
4
48%
638
534
15
4%
*46
37
2734
18%
13%
4
*36
6%
28
3
48%
*32
5%
3%
40%
78
6,400
"
10%
1034i 18,600
210
101% 101%
684
7
26,400
*4934
51%
1,250
5%
5%
15,700
27%
27%
1,600
26
26%
5,200
18%
4,200
18%
1234
13
9,700
5
5%
8,300
130
14%
14%
778
778
2,200
700
20%
20%
3%
*46
1%
16%
4
*37
%
43%
24%
40%
Aug
5978 July 25
1
Borden 00 (The)
Brlggs <fc Stratton
Bristol-Myers Co.
6,400
32,700
28% Jan
15
5
Bond Stores lnc
Borg-Warner Corp
Boston & Maine RR
Jan 24
51
'
$ per share $ per share
22
43,600
1478
43
89
47
1
24
*39
117
"""200
9%
16%
5%
91%
13%
100% Sept 14
—No par
Bridgeport Brass Co...No par
Brlgga Manufacturlng.jVo par
14%
40
4
i284
5
No par
Bobn Aluminum A Brass
Class B
Lowest
$ per share
13,600
2,700
Highest
Lowest
Bon Ami class A
Range for Previous
Year 1938
100-Share Lots
$ per share
16
Sept 1
Par
Brewing Corp of ArnBrlca.--3
15%
<
29%
134
12%
43%
52
1%
884
11%
33.4
39%
*9
15%
25%
21
*36
*14
12%
6934
*99% 100
28%
29
*46
1%
5%
4134
73.1
27
12
15
*81%
62
41.
8
1734
IS
7%
5278
x28
29
28% 29%
28% 29%
27%
28%
43g
4%
4%
4%
4%
4%
4%
43(5
103% 103% *103% 107% *104
106
106% *104
10
lolo
10%
1134
11%
12%
*10%
11%
13%
13%
127«
13
12%
123.4
11%
12
5
5
434
43.1
434
434,
*412
5%
*88
95
*90
95
1 *90
88% 88%
95
26%
117*
7
778
20%
82
*1%
On Basis of
900
118% 118%
5938
60%
100% 100% *100% 101
26
26%
2578
2638
103% 104
*102% 105
103% 104
11%
11%
1078
11%
10%
1078
11%
17
*2%
3%
89%
104
26%
*84
378 *
8934
1183i
46%
102%
5%
118% 11834
61% 63
62%
64%
100% 100% *100% 101
26% 27%
26%
27%
*100% 101
26%
26%
23%
26%
105%
105% 105% 105
10%
10%
10%
10%
62
334
118
*100% 101
*.—
2934
89
89%
119
6138
2934
39%
*46
102
50«4
6%
4034
*43
7%
*37%
46
178
13
1334
45%
25%
5,500
534
40%
40%
*51
134
1334
4%
24%
52
9%
*38%
43
*39
578
13%
71%
27
*51
1334
14%
*
46
*15%
27%
13%
71%
15%
27%
11%
12%
15%
77g
*20%
70
15%
15%
20%
13*8
24%
13
20%
72
24%
24%
13%
6%
5%
13
14
1834
534
8
13%
2734
25%
18%
19%
13%
5%
15%
734
14%
25%
5%
5%
31
1334
5%
1834
13%
4
*5%
4534
1%
734
53
5%
*14
30%
5%
5%
13%
5%
28%
52%
7%
18%
8
313s
11%
13%
5%
15%
9,600
28,400
4,100
17%
18%
20%
5%
27%
4%
10%
29%
7%
600
21%
1634
2734
18%
13%
*14
16%
21'
ii84
102%
52
5%
170
26%
17%
102
240
21%
2778
4%
17
11%
1,400
58
5%
*39
25%
25
111
5734
16
40%
29
534
15%
41%
24%
25
111
573.t
17%
*39
27
5*8
27%
1%
28%
20%
*
1%
10%
4%
3078
40%
46
1%
11%
127g
4334
28%
15%
*51
23%
27%
2h2
1312
14%
1034
21
534
15
24%
28
778
*20
*7012
534
27%
*1414
8
*4534
1%
102
5112
7«8
51
*39
40%
46
1%
*45%
10*8
1H2
4 lls
534
EXCHANGE
$ per share
22
*17
NEW YORK STOCK
the
$ per share
213.1
17%
STOCKS
for
Sept. 27
Friday
Range Since Jan. 1
Sales
$ ver share
26
*17
CENT
NOT PER
Thursday
Sept. 28
Sept. 30, 1939
30% Jan
5
2478 Aug 15
2434 Aug 15
94
July 19
15% Jan
91
9% Mar
4
Apr
13% Mar
13
Mar
6334
Apr
9
Mar
129
Nov
142*4
Aug
61% Nov
17
Nov
104%
Dec
39%
Oct
107% Nov
2378 Nov
884 Jan
11*4
10
Jan
June
22*4 July
22% July
98% July
19
Nov
25% Dec
5% Mar
35% July
Mar 14
57
83
Oct
70
Oct
30% Mar
9
4
6
7% Mar
78
May
13% Mar
60% Nov
2584 July
Feb
9
83
Feb
8
50
May
May
57
Jan
3
23
Mar
109% Aug
7
84
Mar
60
Jan
3
110%June 21
16
Sept 11
3{% Mar
90
Jan
57g Mar
8
1
Mar
72% Aug 15
25
Mar
313s July 29
22% Mar
2% Feb
Ex-rights.
978
Oct
5978 Nov
108% Nov
04
Nov
112% Oct
12% July
2% Oct
55*4
28
Oct
May
U Called for redemption.
—MB
Volume
lou*
.4 .yd
New York Stock Record—Continued—Page 4
149
HIGH
PRICES—PER
SALE
SHARE,
Saturday
Sept. 23
Monday
Sept. 25
Tuesday
Sept. 26
Wednesday
$ per share
S per share
s per share
5%
22
63.}
22
*5%
*6
2634
*7%
*76%
*84
6i2
67g
21%
223g
634
*5
612
834
27
*6
834
2614
7%
82
*76i2
82
82
84
86
6%
21%
*5%
*6'4
26%
7%
27
73«
73g
83
9
9%
1%
1%
*812
2934
9
30
103l2
*103
lu
114
*4%
5
S's
9
834
9
*3i2
4
*3i2
4
*434
7
7
7
7
*26
29
*25
29
89's
1434
13i4
1%
89
1358
138
89
49
50%
110
110
8
37
37
318
2934
3%
30'%
*29
30
59l2
60l2
150
5934
61
150
4%
7%
*27
6
*5
*6%
27%
7%
26%
7%
817g
83
*73
9%
1%
9%
30%
103%
4%
9
49%
112
110
8%
36%
3678
3678
3%
29%
29%
9%
37
3%
30%
29%
59
59
60%
64%
3%
3%
30
30%
29%
58%
60%
29%
58%
*151
61
155
155
4%
1%
28%
29
*9212
9434
9434
9434
95
95
*29
30
4%
4%
*20%
30
9
q
3678
37
*153
4%
1
*96
98
29
29
9
9
9
28%
36%
27%
*35%
29
36%
34
34
15%
16%
88
90
89
90
89
89
5078
50
51%
50%
52%
93%
93
94
93%
94%
6
6
5%
9%
17%
16%
5%
6
5%
51
55
54%
6
10
4%
17
10%
10%
*104% 105%
2278
23l»
*73
75
4%
*14%
4%
16
*4%
15
10
9%
10%
104% 104%
6%
60
*45
5
*1434
934
104%
23%
23
23%
25
24%
24%
15%
15%
15
15%
24%
25%
24%
27%
7%
8%
778
8%
1%
111
1%
29
8%
27%
*35%
*3278
15%
88
48%
*92
*6
9%
4%
16
1%
1%
434
4%
15%
*31%
247g
32
*38
38%
*38
14%
1434
38%
*37%
38%
8%
14%
8%
14%
8%
14%
8%
14%
71%
10%
72
*70
10%
*10
33
*31%
*10
32
19%
23%
1934
1978
24
76%
7634
77%
*139% 142
11
11%
*9%
10
23%
7534
142
14
*105
114
*105
114
18034 182%
181% 18234
*129% 130
*129% j2978
118
*115% 117
*115% 117
1734
1734
17%
17%
7%
7%
*26%
2634
16
16
1%
3678
37%
178
7%
158
11%
10
10
*12
158% 159
*155% 159%
76
11%
11%
*9%
14
118
23%
142
142
*12
118% 118%
19%
8
158%
i
*12
*106
182
24%
8%
24%
31%
7%
158
155% 155% *156
8%
*8
147g
*18
76
11%
9
*12%
11%
9%
14
114
7%
157%
11
*9
9%
*12%
13,600
600
129
129% 129%
1,200
117% 117%
1,600
738
156
116
17%
7%
158%
116
7%
155
8,000
7%
1,900
5,700
157% 158
*156% 158
27
27%
26%
26%
26%
*15%
1%
2678
16
178
26%
2634
27%
27%
16
16
16
16
1%
i7g
178
178
37
38%
38%
38%
373g
15%
3738
15%
16%
15
1%
16
2
16
2%
387g
*16%
17g
37
10
17%
156
Apr
Ltd.No par
5% pref with warrants.. 100
30
3,600
No par
Douglas Aircraft
No par
20% Sept 11
55
Aug 24
No par
101% Apr 11
No par
6% non-voting deb.-.--100
$4.50 preferred
..No par
2
Edison Bros Stores Inc
400
2%
20,800
Eitlngon Schlld..
21,1(M)
Electric Auto-Lite (The)
15
1%
22,800
Electric Boat.—..
9%
..No par
35%
33%
34%
32»g
33%
15,500
27%
29%
31%
30
3078
28
29%
4,300
33
33%
33%
2%
34
3
3234 ' 33%
2%
2%
31%
32
2,700
3,200
Elec Storage Battery ..No par
38%
38
1,800
El Paso Natural Gas
48%
*45%
47%
51
108%
108% *108
110% *108
11%
12%
11%
11%
11%
11%
*72
73
73
7412
*72% 75
*45
48
108
108
*37
*48%
37%
51
108
108
11%
*79%
11%
80
38
37%
27g
38
*4978
*72
76
80
80
*87
91
*87
91
91
2%
1%
2%
.4%
4%
3
3
*65
.....
*4
4%
11%
2334
*1%
*6
11%
241}
1%
678
3934
36%
2%
4%
5
4
11%
150
1%
2%
4%
11%
23%
1%
7%
*1%
14%
*140
80
91
*85
91
91
91
*86
1%
2%
5%
2378
*90
*78%
80
3%
*1%
678
80
3
4
40%
36%
1%
1%
2%
5%
3%
278
57g
3%
4
*4%
4%
h7g
23%
11%
12%
39
36
36%
13g
1%
27g
3
512
6
3%
3%
*65
*65
1%
878
39%
7%
12%
74%
4
11%
5%
278
400
90%
200
1%
1,400
3
5%
3
23,400
700
*7%
39%
40%
367g
15
8
39%
36M
14%
1%
1%
4,700
3
4%
1st preferred
4% 2d preferred
Eureka
Vacuum Cleaner
Evans Products Co..
Ex-Cell-O Corp—-
100
100
50
5
5
3
700
Exchange Buffet Corp.No par
Fairbanks Co 8% pref
100
7%
730
4,200
Fairbanks Morse A Co. No par
2,100
Fajardo Sug Co of Pr Rico. .20
Federal Light A Traction—15
*14%
15
*14%
15
*90
94
*90
94
*90
94
*90
94
150
*142
150
153
165
'152
164
'150
162
700
"366
4%
4%
4%
4%
4%
4%
4%
2,700
Federal
1%
1%
1%
1%
1%
138
*1%
1%
1,400
Federal Water Serv A.No par
2378
237g
*23
24
23
23%
*22%
24
*22%
23%
500
Federated Dept Stores. No par
86
*85
86
85
85
*84
86
*84
86
100
Fed Dept Stores
37
36
20
*16
21
•
37
37
*16
21
36%
*16
37
21
Bid and aaked prices; no sales on
36%
*16
37%
20
this day.
361}
*16
In receivership,
36%
3% Deo
3534 July
10
Mar
29% Nov
40
Apr
Apr
Apr
z53
162
Jan
42% Oct
117% Nov
29% Nov
10% July
43% Nov
Apr
Apr
7% Mar
58
Mar
19% Mar
13
Sept
5
93
Sept
8
Apr
5% Mar
3
Mar
19% Sept 11
58% May
12
May
7% Sept 27
4% Mar
63% Sept 27
778 Sept 12
28% Jan 3
35
June
3% Mar
3
12% Mar
48% Jan
55% June 17
Sept 26
13% Mar
84
May
25
7
June 20
112
July 13
2438Sept 14
27% July 11
16%June 6
2734Sept 27
87s Sept 27
Jan 4
July 28
Jan 11
July 26
July 13
1,300
20
a Def. delivery,
4 H% pf-100
Fidel Phen Fire Isn N Y..2.50
FUene's (Wm) Sons Co.No par
n
New stock,
r Cash sale.
Oct
Mar
70
8% Sept 11
Jan
Dec
19
96
6
70%
85
52% Sept 22
Jan
56
177
Mar
18
4% Mar
13%
6%
102%
1334
19%
9
Mar
June
Jan
May
Nov
373s Nov
15% Nov
92% Nov
4438
Jan
94% Jan
13% Feb
6% July
87
Jan
2158 July
8% Aug
56
Aug
7% Deo
28% Nov
83
Oct
50
Nov
29% Nov
8% July
17%
Dec
11% July
111% Deo
25%
Feb
Mar
25
Jan
Mar
17
Nov
7% Mar
Mar
4
40
25%
Deo
8% Nov
Jan
76
Mar
2%
115%
25
Mar
4078
2084
Jan
303s
31%
Jan
42
Dec
6
Oct
11
% Nov
Dec
Oct
Oct
Mar
11
Mar
July 31
65% June
23% Nov
91% Nov
12% Jan 9
35% Jan 16
22% Jan 3
34
July 26
7934Sept 12
l42%Sept 13
11%Sept 26
19% Jan 13
8% Sept
2834 June
17
Jan
35
Dec
14
June 19
116
Aug 17
Mar
27% July
31
Mar
8778
Jan
1% May
8% Mar
102
Apr
5
90% Mar
Mar 10
13034 Mar
188% Sept
142
12
124% Aug 18
118% Feb 27
20
Aug 3
8% Sept 12
186% Jan
183% Feb
28
Sept 13
1978 July 12
3% Jan 4
17
Sept 11
25% Oct
3478 Aug
80%
141
19%
12
115
15484
Dec
Deo
Dec
Oct
Jan
Dec
138% Nov
109%
Apr
120%
111%
Jan
118%
Dec
13% Nov
173a
Dec
3% Mar
8% Nov
121% Mar
187
157
173
Jan
10% Mar
2
Mar
Dec
2538
Nov
Dec
Dec
53g July
13% Mar
36%
Mar
15%
Dec
Dec
4
Jan
14
Oct
6
2% Sept
6% Mar
% Mar
2% Nov
Jan 25
39
Sept
8
17
Feb
2978 Nov
55
Sept 13
33
Apr
111
Jan 30
l78Sept
1
1% Apr 10
65% Sept 15
3% Sept 1
6
Apr 11
14% Apr 11
1
April
2% Apr 10
24
April
20
Apr 10
11
Apr 11
2% Aug 24
%May 25
18% Apr 11
82% Sept 13
27% Apr 11
4%
37%
78 May
21% Mar
28
Apr
1%
*16
36% Nov
38
Apr
85
1%
*37
21% Mar
8
Apr 11
% Apr 4
Apr 11
Co 100
Motor Truck..No par
47g.t.478
*85
Jan 10
Nov
1178 July
Apr 10
Federal Mln A Smelting
1%
86
91
June
June
6%
20%
1884
23%
Jan 24
434
24
Aug 24
81
preferred—
434
24
1
100
$6
*1%
*85
.
32% Aug 31
Corp....50
preferred
-IOC zl03%Mar 22
7
Apr 8
Engineers Public Service
1
62% Apr 8
$5 conv preferred
No par
65%
Apr 8
$5H preferred w w..No par
69
Apr 11
$6 preferred
—No par
a4 Aug 24
Equitable Office Bldg_.No par
1
Aug 21
{Erie Railroad..—.*.«■. 100
38%
34
14%
"
5%
*6
94
Sept
Endlcott-Johnson
37
33%
Sept
112
Elk Horn Coal Corp—No par
Erie & Pitts RR Co
6,600
1%
,.No par
$6 preferred
3,300
4
*378
$7 preferred........ No par
12,400
...
11
23%
14%
100
23
1%
14%
28,400
10%
23'4
35%
27g
50
23
4%
1%
39
*1%
400
117g
24%
8%
80
*65
23%
1%
*7%
36
2%
38
47%
108% 108%
11%
11%
*73%
74%
80
478
11%
11%
*72
38%
2%
37%
*45%
80
*65
~
23%
36%
15
3
3
*65
36%
94
*140
2%
39%
*90
1%
1%
40
*14%
38%
*108
80
*1%
27g
38%
50
4
16% Sept 26
49
116
Jan
6
18
33%
27%
3
36% Mar
107
22% Mar
9%
34%
~
Jan
2678 July
Electric Power & Light. No par
878
9%
32% '33%
278
Jan
Jan
2% July
103% July
39,000
9%
34
Jan
32% Aug
5%
1% Mar
3% Mar 6
12% Jan 19
41% Jan 20
9
34%
3
38
110
Jan
8% Mar
1% Sept 11
9%
*278
67% Sept 11
177
Aug 11
478 July 27
2% July 25
7%
953s Nov
17% Oct
Elec & Mub Ind Am shares...
9
34%
3
Oct
10% July
22
1,100
1%
33%
29
Jan
Oct
Nov
Apr
3878Septl3
1%
32%
28%
Jan 16
32% Sept 11
61% Sept 16
73s
Mar
22% Apr 11
8% Apr 10
5
*1%
29
4
2% Mar
104
10
—3
1%
33%
127
July 5
138% Apr 26
155% Sept 25
15% Apr 11
15% Sept 5
6% cum preferred...—100
Eaton Manufacturing Co
4
1534
29
126% April
5
J).No par
Eastern Rolling Mills.
15%
33
Apr 12
111% Sept 12
12% Apr 11
*1%
9
634 Sept 1
Apr 14
10
108
Duquesne Light 5% 1st pf.100
Eastern Airlines, Inc
1
1%
9%
Mar 31
6
1
No par
8% preferred
...100
Du P de Nem (E I) & Co...20
1534
14%
1%
Sept 28
Dome Mines Ltd..
1%
1%
5
1
Dow Chemical Co
15%
15%
May 31
1038 Jan
4
Apr 10
37%
15%
1%
9%
51% Sept 25
9% Jan
934May 18
Deo
78
65% Mar
_
90
Mar 31
—
Jan
Mar
20% Mar
10
Eastman Kodak (N
2
5% Aug
Doehler Die Casting Co No par
...
22% Mar
100
Mar
7
9% May
1334 Sept
30
Co
16% Jan
68
No par
16%
38
36348ept
No par
Duplan Silk
12,900
130
28
25
Dunhlll International
July 25
1%
124%
32%
34%
4478
% July
No par
1,000
181
15% Apr 10
Apr 18
11% Apr 10
12% Aug 24
3% Sept 1
23
No par
3,700
14
101
17% Mar 10
Sept
Class A...
2% Sept
10% Sept 22
18
Dixie-Vortex Co
558 Sept 12
9
Sept 11
34
Sept 12
12
Apr
Raynolds A
8878 Apr
278 Mar
4% Apr 8
103
Sept 19
103
Dresser Mfg
179
117% 117%
117% 11738
116% *116
116%
17%
17%
17%
18
7%
12,200
180% 183%
185
157% 159
21%
22%
74
751,}
138% 140
3% Aug 26
..—.100
Distil Corp-Scagr's
220
1,000
Jan 24
14 m Sept
Diamond T Motor Car Co—2
200
400
73% Apr
fDenv & R G West 6% pf.100
Detroit Edison
6% partic preferred
10
183
*156
Delaware Lack & Western..50
500
114
114
7%
158
57,100
18%
11
—100
50,600
*109
114
1281} 129%
141
10
Delaware & Hudson
3,300
18%
21%
77%
20
Preferred.—..—
Dlesel-Wemmer-Gllbert
"""700
197S
23%
5
.25
Dayton Pow & Lt 4}$ % pf 100
Deere & Co—
No par
1,400
Apr
4% Aug
19% Apr
13% Apr 10
270
1,400
38
1
14
24
11
8
45
3,200
1,000
3% Sept
No par
Davison Chemical Co (The).l
17,500
2
Apr 8
Aug 21
Aug 23
No par
Davega Stores Corp
Conv 5% preferred
8%
19%
3
9
pref.. 100
...
8
June 30
278 Aug
48
1
8
Apr 14
75
10
1
Apr
62
50
No par
April
24% Apr
100
No par
Diamond Match
31
*66
400
No par
Class A
$8 preferred
108% Aug 4
778 Mar 10
978Sept 6
25%
Preferred...
~
Oct
Dec
Mar
29
Packing
Curtlss-Wrlght...
6,600
23s
12%
34%
17
37% Mar
Preferred
70,100
Mar
MarlO
40% Feb 28
preferred...100
Curtis Pub Co (The)
1
4% Mar
2% Jan 5
12% Mar 10
9
100
54,300
3,100
867s Aug
28
Cuban-American Sugar
Cudahy
76
Jan
5
$5 conv preferred
370
1,200
Apr
71
No par
Crucible Steel of America..100
1,100
*9%
68
14%
9,900
55
4
13
Apr 29
41% Jan 3
Crown Zellerbach Corp
300
16,300
Apr 12
26% Jan 3
Oct
Feb 27
678 Aug 25
20% Apr 8
33
Sept 1
No par
Pref ex-warrants
200
19,600
Sept 22
Deo
8%
Aug
21% Apr
5% Mar
22% Mar
$2.25 conv pref w w..No par
200
'
2,090
31
141
Crown Cork & Seal
900
23
3178
38%
10
*108
15834
31%
8%
x21
1,000
6,400
conv
Devoe &
32%
22
18%
115
22%
14%
*115% 116% *116
17%
all5
1%
*31
77%
78%
*138% 143
11%
11%
11%
10
9%
97g
14
*12%
14
129% 129%
117% 118
116
*38
18%
5
1
5%
400
X\0
78%
1847s
1%
1%
38%
68
%Sept
Sept
93
1
Crane Co
16%
10%
142
114
434
*15
33
70
16
Coty Internat Corp
900
Cutler-Hammer Inc
10%
70
25
preferred
100
Cream of Wheat Corp. (The).2
Crosley Corp (The)....No par
6,000
Cushman's Sons 7%
33
15
5
160
14%
68%
1038
14%
33
19%
23%
8%
31%
Sept
4*200
86
32
3
Coty Inc New
227g
434
65
237g
*3734
6
*45
32
..1
8,900
Cuba RR 6%
*73
1%
150
17,800
87
Jan 26
100
Preferred
400
65
22%
*70
547# Apr 19
24
22%
10%
49
Corn Products Refining
86
32
73
Corn Exch Bank Trust Co.20
23
21
33%
200
*45
31%
10%
1978 Aug 24
16% Apr 11
thare
9% Aug
29%
Sept 11
35
116
per
10% Sept
4% Mar
87» Feb 28
11
378 Apr
Highest
1478 July
263s Nov
103s Nov
31%
1
300
5
3778Septl3
5
25
Jao
29% April
1% Apr 10
Continental Steel Corp. No par
6
15%
8
Continental Oil of Del
6
2278
Apr
Continental Motors
Preferred
*73
24%
5
1,600
900
86
...
11% Apr 10
1% Apr 10
10,300
92
2534
9%June 30
69,400
48%
*58%
678
21
33%
19%
2178
3%
88
7%
134 Apr 11
8% Aug 31
Sept 19
88
30
92
60
July 14
29
4734
27M
31%
3878
*70
Continental Insurance...$2.50
88
7%
31%
*3734
*834
9%
1,900
50%
z26%
58%
$4.50 preferred
94.
63%
7%
27%
1
100
Continental Can Inc
88
6%
4% Sept 1
6% Aug 24
287% Sept 15
20
32% Apr 11
No par zl06 Sept 8
153s
6%
100
v t c
7% Sept 12
Apr 11
101®4 Jan 4
27
No par
35%
34
8%
No par
Apr
Class B
15
9%
5
Sept
8% preferred
35%
*3278
6%
No par
Continental Bak Co cl A No pa
85
27%
36%
34
157g
1
..No par
Consumers P Co$4.50 pfNo par
Container Corp of Amerlca_20
8%
2638
9
91
Consol RR of Cuba 6% pf.100
Consol Coal Co (Del) V t c..25
29
28
85
Consol Oil Corp
29
29%
4
79% Apr 18
8% Sept 18
1
Aug 31
Continental Diamond Fibre.5
5,800
Dec
73
100
8,300
60
7%
23
21
3
28%
*29
Mar
4
No par
15 preferred
600
6
28% Sept 22
8%
367g
58%
58%
61%
62
637g
*154
160
*153% 160
4
4%
*378
4%
1%
1%
*1%
l1
26
27
2634 28
98
98
9634
98
59%
62%
*116% 117% *116% 117% *116
117
3%
29%
30%
10,600
47%
June 16
15% Aug 24
5% Apr 10
Consol Laundries Corp
400
Mar
8
Consol Edison of N Y_.No par
5% preferred
15
7
Consol Film Industries
6,400
110
8%
3678
9%
9%
9%
91}
10%
105% 105% *104% 105% *104% 105%
227g
227g
24
22<%
23
23%
24
237g
24
23%
237S
24%
15
15
14%
14%
14-%
14%
25
26%
24%
25%
26%
27%
8
8%
87g
8%
7%
77g
101}
104
2278
117
24%
*4%
15
25
117
*73
86
25
15%
117
37
47%
110
59
7%
26%
25"
*1
8%
11,300
17
*15
1%
29
48%
110
14%
1%
89
16%
*24%
2434
778
3%
29%
13g
89
80
*45
24%
8%
36%
14%
1%
16%
63g
7%
2434
47%
110
15%
90
80
27%
...
1%
17
7%
74%
14%
*89
16,900
82
60
2,300
15%
82
27%
24
157g
*16
6%
600
6
17
7%
*45
17,900
10
2678
77
534
2,000
5
thare
1
5
8% Feb
30% Jan
8
6H % prior pref w w
100
Consol Copper Mines Corp. .5
12 partic pref
1
April
Lowest
per
4% Apr 17
Consolidated Cigar
3,200
3%
84
734
2334
8%
3%
9%
27%
*45
87g
3%
6%
17
7%
,
*3%
6%
83%
27%
.
478
82%
734
7%
4
29
16%
50
*1
160
1%
27%
24%
3%
3034
30%
60
65
27%
7%
*14
110
9
27%
23%
4%
1%
8%
3%
29%
2934
*58%
63%
4%
1%
14%
29%
82%
1,100
1,400
54,400
15
34
10%
1*4
87g
30%
103% 103%
*434
5
8%
30
16%
15%
84
1%
1%
100
*32%
17
9%
500
16
84
9%
21,100
26
34%
978
9%
83%
9
Apr
Range for Previous
Year 1938
pref.100
7% preferred
83%
*8%
"""910
93
34
171.1
87g
1%
Conn Ry & Ltg 4^ %
Consol Aircraft Corp
80
*22
15%
84
83%
*7
*77
*9134
*32%
17
80
28
1534
84
7%
15,700
1,300
94%
*29
5%
25%
7%
*92
341%
6%
25%
19
*25
32l2
49%
*9234
*5%
9%
26%
7%
6
Congoleum-Nairn Inc..No par
Congress Cigar
No par
93
*834
26%
*337g
51%
93%
7
257g
Highest
$ per thare
Conde Nast Pub Inc..-No par
29
27
88
834
Lowest
$ per thare
4,900
29
2678
34%
834
27
6
*6i->
Par
2,500
*90
110
155
1%
*65
87g
3%
7%
50%
8%
29%
50
3%
112
8%
*5
8%
47g
89%
4978
14%
1%
90%
1%
4%
4%
8%
14%
1%
89%
48%
13%
6
*6%
'
16%
28%
9%
1%
9%
157g
h2
*8634
5012
*90%
*5%
1%
*87g
16
1%
*88%
*5
30%
3078
30% 31
103% 103% *102% 103%
147g
1%
7%
22%
83%
9%
15%
13%
7
22
83
1434
90%
51%
7%
22%
*77
89%
4i4
32l2
1514
@FedFRASER