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OANA COMPANY, NEW
COPYRIGHTED IN 1940 8r WILLIAM B.
YORK.
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879, AT THE POST OFFICE AT
VuL.
Issued Weekly 40 Oents a
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Copy—
APRIL 13,1940
NEW YORK,
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dJ\JO.
CHASE
BANK;
NEW YORK
OF THE CITY OF
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Maintaining effective cor¬
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President
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NATIONAL
COMPANY
QQf|3
MA
Publishers,
York City
THE
BROOKLYN TRUST
Chartered 1866
1879.
NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3,
William B. Dana Co.,
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The Commercial & Financial Chronicle
II
This announcement appears as a matter of record
stances to
of
an
be construed
offer to buy
any
as
an
only and is under
offering of these Bonds for sale
of such Bonds.
The offering
April 13, 1940
is
or as a
no
circum¬
solicitation
made only by the Prospectus.
NEW ISSUE
$36,000,000
Inland Steel Company
First
*
Mortgage 3% Bonds, Series F
To be dated April 1, 1940
To be due
April 1, 1961
Offering price 102% and accrued interest
Copies of the Prospectus
in this issue
as
may
may
be obtained in
any
State from only such dealers participating
legally offer these Bonds under the securities laxo of such State.
Kuhn, Loeb & Co.
New
York, April 10, 1940.
Dividends
CONSECUTIVE
46th
German External Loan 1924
DOMESTIC
(Dawes Loan)
Pursuant to the official statement
DIVIDEND
FINANCE
CORPORATION
published by the German
CUMULATIVE PREFERENCE STOCK
Consulate General in
New York on April 11, 1940, the under¬
Company hereby gives notice that the April 15, 1940
coupons appertaining to bonds of the American Tranche of the
Dawes Loan stamped "U. S. A. domicile 1st October 1935" will
be purchased on and after the date of maturity either at the
The 46th consecutive
quar¬
signed
office
terly dividend
lative
tion and
of
J. P. Morgan & Co. Incorporated, 23 Wall Street,
City, or at any of its own offices in the United
States. The purchase price will be $25 per $35 face amount of
such coupon, which is the same price as heretofore paid by the
undersigned Company for stamped coupons of the Dawes Loan
New
which
uent
York
matured
on
Holders who fail
to
a
of
this offer
or
as
those
on
which
Reichsmarks
have
company
share payable
has been
May 1,1940,
L.
E.MICKLE,
Vice-Prea. ancl Treasurer
whose
heretofore
of
April 24, 1940.
April 15, 1940 coupons are not stamped with the above-quoted
legend may obtain Reichsmarks (Dawes Marks) on the same
terms
Stock
Corpora¬
predecessor constit¬
to stockholders of record
15, 1935, and which have matured
including October 15,1939.
avail themselves
the Cumu¬
declared at the rate of 50c
October
since that date up to and
on
Preference
Domestic Finance
32
OFFICES
INI
8
STATES
been
offered for the April 15, 1935, and subsequently matured coupons
of unstamped bonds of the Dawes Loan.
CALUMET AND HECLA CONSOLIDATED
COPPER
COMPANY
Dividend No. 32
HAMBURG-AMERICAN LINE
April 11, 1940.
/
57 Broadway, New York, N. Y.
A dividend of twenty-five cents
($0.25) per
share will be paid on April 30, 1940, to holders of
the outstanding Capital Stock of the Calumet
and
Hecla Consolidated Copper
Company of
record
at
the
close
of
business
April 22,
1940.
Checks will be mailed from the Old
Colony Trust
Company, Boston, Mass.
A.
D.
NICHOLAS, Secretary.
Boston, April 11, 1940.
APRIL 13, 1940
Vol.150
No. 3903
.
CONTENTS
Editorials
The Financial Situation.
2301
Controlling the Record
.2314
The Netherlands
Indies.
2316
.
Comment and Review
Gross
for
and
Net
Earnings of United
February
_
Railroads
States
2319
_
2322
The Business Man's Bookshelf,
Week
the European Stock Exchanges,
on
".—2305
;
2305
2311 &2361
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment-
----2323
Course of the Bond Market
Indications of Business Activity.----
2321
Week
on
the New York Stock Exchange
Week
on
the New York Curb Exchange
2304
-
2360
News
2338
Current Events and Discussions...
Bant and Trust
General
Company Items---
2357
-
--.2405
-----2456
-.2457
Corporation and Investment News.
Dry Goods Trade
State and Municipal Department
Stocks and Bonds
...2369 &
Foreign Stock Exchange Quotations
Bonds Called and Sinking
Dividends Declared
......
Auction Sales
------
New York Stock
2371
2364
Fund Notices
Exchange—Stock Quotations
—.
2365
2361
2372
*New York Stock Exchange—Bond Quotations .2372 & 2382
New York Curb
2388
Exchange—Stock Quotations
*New York Curb
2392
Exchange—Bond Quotations
and Bond Quotations-* .- - ... 2394
Other Exchanges—Stock
Canadian Markets—Stock and Bond Quotations— —
—
2398
Over-the-Counter Securities—Stock & Bond Quotations. 2401
Reports
Foreign Bank Statements
...
-—2310
—
—2361
Course of Bank Clearings
2338 & 2369
Federal Reserve Bank Statements
General
2405
Corporation and Investment News
Commodities
The Commercial Markets and the
Crops
—
2446
2449
Cotton
Breadstuffs
2453
-
column incorporated in our tables
on New York Stock Exchange and New York Curb Exchange bond quota¬
tions pertaining to bank eligibility and rating.
*
Published Every
Attention
is
directed
to
the new
Saturday Morning by the William
B. Dana Company, 25 Spruce Street, New York City, N. Y.
Manager.
London—
second-class
Possessions, $18.00
America, Spain, Mexico and
$23.00
NOTE: On
Chairman of the Board and Editor; William Dana Seibert, President and Treasurer; William D. Riggs, Business
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone State 0613).
Edwards & Smith, 1 Drapers' Gardens, London, E.C.
Copyright 1940 by William B. Dana Company. Entered as
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
per year, $10 00 for 6 months; in Dominion of Canada, $19.50 per year, $10.75 for 6 months.
South and Central
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per year,
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Transient display advertising matter, 45 cents per agate line.
Contract and card rates on request.
account
of the fluctuations in the rates of exchange, remittances for foreign subscriptions and advertisements must be made in New York funds.
Herbert D
Seibert
Other offices*
The Commercial & Financial Chronicle
VIII
A SAFE
April 13,
METHOD
.1
To lack
knowledge is to be helpless in the great
The less education, the less train¬
struggle of life.
ing
one
has, the less able
Never before has it been
should be
essential that
so
given the opportunity to acquire
education
or
its
make financial
education.
a
a
child
college
equivalent.
Life insurance offers
can
is to rise in the world.
one
The
a
safe method
by which
a man
provision for his children's higher
Massachusetts
Mutual
is
being
employed by parents everywhere in this country to
give
to
assurance
that their children shall be equipped
make the most of themselves in life and enjoy the
rewards of
success.
•
MASSACHUSETTS
INSURANCE
MUTUAL
LIFE
COMPANY
Springfield, Massachusetts
Organized 1851
Bertrand J. Perry, President
Assets, December 31, 1939
.
.
.
.
.
.
.
.
.
.
.
.....
.
.$688,640,431
.
.
$ 20,396,794
.
$ 6,654,000)
Liabilities
Surplus to the Assured
$661,589,637
(In addition, thereto, Contingency Funds which
are not included in the
surplus
.
.
.
.
.
1940
The Financial Situation
NOT only thoseworld, whatinvolved, it, has been use by German nationals she were thehave been as
tire neutral immediately is left of but the enheedless of recognized rights as would British when
or
the past week by the
they invaded these waters in the Altmark case, and
Denmark and inoffensive
later to lay mines. The British know, of course, that
Norway has from the first been eminently and
scrupulously "correct" in its neutrality, and they also
know full well that they flouted her rights as a neutral,
They admit that this flouting, either actual or prospective, precipitated recent developments,
Meanwhile, not satisfied to remain on the more cer-
shocked and saddened during
embroilment
of
helpless
divides the Continent
of Europe—nations not only now embroiled but, in
the case of Norway, at least, possibly converted into
the main
battleground of that conflict.
Many
observers had for a long time past, of course, held it
Norway in the
which
war
now
to be inevitable that some
the
tain
unfortunately situated
neutrals of
or
such catastrophe overtake
Europe
later, and for
sooner
some
The "Why" of
days
The
before the actual event it
corridor
ment"
to
came
an
serious
many's
Norway
would escape
differ¬
geographical and legal
covered way has been the greatest disadvan¬
tage we suffered and the greatest advantage
Germany possessed in her efforts to frustrate
countries
this time
as
of
apparently be
The
theirs.
pears
die
now
ap¬
both
the
immediately
Powers
con¬
and
young men
cerned and the remainder
the
of
the
course,
have taken
place and
occurring
now
mark and
Norway
can
are
not
make the most of the situa- '
tion
it
as
As
actually exists.
invariably
occurs,
the
propagandists of the Ger¬
mans on
the
one
hand and
the British and French
the
other
are
they
♦
.
moment, to
the Norwegian sea¬
board which they considered to have military
value.—Winston Churchill to Parliament on
seize
various
ports
of
AAA
April 11.
Here is the
7
on
origin of recent developments in Norway, and
her coastal waters.
The Germans, we sus¬
they were completely candid,
change scarcely a line before endorsing it in
fuii.
a;:,a •^'■^aaaa^
earnestly commend it to our readers who
wish to keep their minds clear and their eyes
realistically inclined in these troublous times.
It obviously does not support many of the
We
ishly engaged in
their
cause
table
to
world.
appear respec¬
the
The
rest
*
of
British,
whose {shoulders
self
making
the
upon
robes of
propagandistic outcries which are now to be
heard on all sides, and which, we fear, fall
more
pleasantly upon ears seeking notes
attuned to their sympathies.
Ger¬
cither unable
was
end
an
invasion, there was
(un¬
Germany charges
self,
Great Britain with the in¬
of doing
tention
precisely
herself has
what she
now
Ger¬
that
adding
many's action merely took
by the forelock, as it
It may or may not
were.
be conclusively known
ever
whether
in
there
is
German
the
charges have
tion
fact
any
founda¬
whether
or
for the
warrant
implications of much that
is being said in London to
effect
that
Germany
struck, not in self-de¬
has
fense
but
to
accomplish
imperialistic plans, and ac¬
cordingly would have at
one
in
time
some
or
another struck
such
manner
re¬
gardless of British action.
At least it may be said
with
to fall quite natur¬
of the British and French
are
nothing
more than to "keep out of the mess," are either short¬
sighted or cowardly, or both, for not having joined
hands long ago with the British and French, who are
pictured as "fighting their battles for them."
French
spokesmen echo the British allegations.
The fact remains, however, that the "accursed corridor" (to use
to
operations, and
do but take steps
Realism
assurance
German
less
evidently determined to have the world be¬
lieve that their record is spotless and that the neu¬
war
questionably planned long
in advance) to protect her¬
righteousness always
appear
ally,
to
the
A'AAA^AA;
official British account of the
to threaten
damage
nothing left for Germany
time
.
(the
pect, would, if
fever¬
now
doubt
below decks in order, at a given
unaffected—must
us
to
Germans) suspected
they (the British mines) were going to be laid
—it must, indeed, have appeared incompre¬
hensible to them that they had not been laid
before.
They therefore decided in the last
week of March to use the Norwegian corridor
to send empty ore ships northward filled with
military stores and German soldiers concealed
and will not leave the rest
of
...
way as
unwilling to put
done,
'
v
■
therefore decided at last
into the open seas.
Den¬
in
was
Ai No
that
events
of France and Britain in the cam¬
interrupt this traffic and make it come out
of
world—for,
...
paign of 1940.
It
a
to that
ships passing down this corridor carrying iron
ore to make shells which will strike down the
definitely to be cast,
however,
or
Gradually, as this cruel and deadly war
deepened and darkened, the feeling grew that
it was placing an undue burden on the Allies
to allow this traffic to continue and that it
was
intolerable to watch, week after week,
War, all the horrors that
now
this
the Allied blockade.
they did during the World
must
the effec-
protection of the German home air forces
in North Germany.
.
.
.
A
tive
invaded
rights of Norway in
and Sweden until they were under
that somehow these
Scandinavian
knows,
without ceremony,
the
such
Existence
ences,
way, as every one
of the
kind of
blockade into the territorial waters of Norway
par¬
"agree¬
their
over
covered
a
through which neutral trade and German
of all kinds—warships and others—
could move to and fro through the Allied
ticularly after Russia and
Finland
configuration
ships
danger had greatly grown,
hope had lingered,
or
probably the literal
truth, that when England,
Norwegian western coast provides
had been obvious that the
but
extraordinary
It AU
ground of asserting,
is
as
that
explanation is
candid
than
the
no
much
propaganda.
Needed
trals, including the United States, who desire
good
purpose
fact, it does not particularly serve
to attempt to apportion responsi-
been using to
and which
says is now "closed forever,"
and had Norway forbidden its
realistic eyes, and not permit our prejudices or our
perfectly natural emotions to make us victims of
subtle propaganda. Due to a number of causes,
among them a good deal of loose talk by our own
wegian coast, which the Germans had
Norwegian water,
matter of
Churchill) along the Nor-
bring supplies, particularly iron ore, home,
was
any
a
bility or to censure this or that country for what has
occurred in Denmark and Norway during the past
week, and the process is in some respect fraught with
danger. It is, however, of the utmost importance
that the people of this country view all this with
the words of the blunter
the British War Lord
As
Government officials, particularly the President, we
in
this
country
hardly in
were
already
of the notion that this
neutral in Europe these days one of horror
last autumn,
and unending suspense.
a
national law did not
The rules of so-called inter-
serve
to afford full protection
to the neutrals from either the Central Powers or
as
the Allies during the World War, and they are prov-.
that Britain and
say
have upon this or that territory, makes the
sors may
life of
"ideologies,"
was a war over
in Europe, that is to
say
All this, quite apart from any designs the aggres-
or
than half victims
more
April 13, 1940
of European
course
when the present war began
even
Too many of us were
they
dispassionate
a
realistic frame of mind about the
affairs
Chronicle
The Commercial & Financial
2302
France had gone to war to save the democracies of —
ing
the earth
the least impressed, either, when the pot calls the
revive
to make the world safe for
or
Wilsonian phrase.
a
then the Finns
regret and
even
democracy, to
The fate of the Poles and
quite naturally aroused
Now the Danes and the
resentment.
Norwegians have been added to the emotional load
must carry.
we
see, or
think
The danger is that
we see,
implications which
shall presently
we
in the fate of these unfortunates
really not there, implications
are
which both the French and the British
thatwedraw.
British
most eager
are
>
fighting their battles, meaning obvi-
were
ously that they
nent
and all in
were one
danger of being swallowed
that their
This in
trals of
V
Europe
^,
is the situation by which the
are
only opportunity to
the Allies
in fact greatly concerned
are
with "saving" any one but themselves—and it would
be strange if
tliey
The argument that they
were.
which
like
ran
grave
and immi-
by Germany and
up
themselves lay
save
ticipation in the World War, and which,
recalled,
for the Allies to repudiate their
came
after the
get if
war
we
was
permit it to
debts to
us
we
to
by chance the German
worth, and
being employed for all they
to "prove" the contention.
more,
warnings of the Allied statesmen
in
and
some
instances
save
the neutrals thus
danger certainly has not
In others there
was
for the argument.
seems
to
the Allies.
signs
this
us
solid
no
foundation
The point here is, however, that
Norwegian
time, and may
cases
regards the contention of
as
Germany originally had de-
Denmark and Norway,
Great Britain
exposed to
yet been demonstrated,
probably
that the Danish and
Whether
upon
as
and is
exactly nothing
prove
a
the second half of
course
argument that joining forces with Britain
and France would
it
Now
have had,
probably did have,
foundation, although of
the Allied
may
are
no one
knows at
know, but the fact is that
never
by her act of mining the territorial
waters of
Norway for the purpose of cutting Geroff from her supply of essential materials vir-
many
tually forced the action Germany has
at
least such
is
the
authoritative British
view
forced
Germany to
the Allies
were
future.
our
Europe
to
up
is
can
ruthless
be nothing
and
to face the
machine.
might and the fury of the German
contention, before
danger
are
intent
a
arms
by Britain and France.
many
gave
ing placed in the
when
came
coast
given expression
that they had at length
herself to
an
attack which
if
one
if all this
course,
the fact
our
from day to day
Of
have
difficulty in maintaining
about
on
our
business
permitting the British and French
to bleed and die that
we
might live in relative
ease
and comfort.
We should likewise be
more
ish to
the risk of failure
the part of our
assume
defenders.
We
on
than fool-
should, in short, have been at
tion to be such
war
less than
a
nuisance
belligerents engaged
as
as
This
regards the Allies
Winston Churchill
phase of this situation
would
never
be
satisfied
Bqt
many
of them half believe it, and half believ-
of them.
of
our
In this fact is to be found the explanation
hybrid policies and attitudes toward the bel-
ligerants.
That
our
"strike
down the younger men of France and
Britain in the
cases
only feasible route to
an
neutrals
enemy
may
country,
attitude is
a
hybrid
one
is per¬
fectly obvious to the dispassionate observer, and in
this attitude lies real danger.
such situations that active
and naturally develops
fearful
were
we
we
war
this
time
that
,'we
so-called
nationals to
ations
course
of time.
So
might become involved in
enacted
neutrality
refrain
It is out of precisely
participation most easily
in the
that
mitted rights and
other
of
ing it their emotions tend strongly to get the better
would
which
with "measures short
.
our
shells
is thus described, and we do not
believe that the American people so view it, or they
waters loaded
our
substantially in accord with
self-respect going quietly
through Norwegian territorial
afford the
were
should
we
sweeping
In
be-
we are
the smaller Euro-
defenders in Europe are first defeated.
our
he told Parliament on
Thursday that it be"intolerable" to have ships
passing down the
campaign of 1910."
as
fate is likely to be deferred and to be realized only
geographical
"bottling up" Germany, and
to make
In short,
category
"Almost Persuaded"
difficult in the extreme to reach Ger-
ore
as
being met with force of
neutrals, the main difference being that
pean
war."
of the smaller neutrals of
itself by any direct route.
with iron
same
now
Of course, we do not for a moment believe the situa-
more or
apt expression to
as
to
hard pressed
upon
should find ourselves in
we
that
great
press
and
to the hilt in many-sided modern warfare.
who
war
It would not be long, according to this
credited in the
particularly true, perhaps,
who find it
crush France
and destroy the British navy, we should be left alone
The Position ot Neutrals
many
army
from the first day a gun was fired last September,
prepared to make.
reasons
to the effect that,
runs
or
The truth of the matter is that for
and other
It
taken,
cry
expose
a
now
sources
by them in their jubilant
There is
again.
sway us
phase of this argument which is particularly danshould
of Denmark and
cases
will be
We shall deserve what
over.
gerous
The
as
conveniently revived when the time
was
crushing Germany.
the
one
scarlet thread through the propa-
a
joining forces with the British and the French
now
are
fighting other peoples' battles is precisely the
in
are
neu-
faced today, and neither Ger-
in
Norway
need be in
;
essence
many nor
one
ganda in substantial part responsible for our par-
spokesmen have long been in the habit of
telling all the neutrals of Europe that Britain and
France
kettle black.
deepest
our
No
less effective this time.
even
extraordinarily
legislation
from the
obliging
exercise
of
ad-
preventing the rise of certain situ-
thought likely to entangle
us,
yet the Govern-
ment in Washington has not hesitated to make
use
of extra-legal "moral embargoes" in the hope that
Volume
The Commercial & Financial Chronicle
150
they would have
the war,
influence upon the outcome of
an
and there is every evidence of the closest
by these banks to brokers and dealers
collateral increased
co-operation between the Governments of the United
Gold
were
plane supplies, not always, one cannot well fail to
Reserve
suspect, with
074,000.
the other
single to
day it
our own
needs.
Only
reported from Washington,
was
ap¬
parently with reliability, that the developments in
Denmark
and
Norway had further impressed offi¬
cials in this country
co-operation with the Allies
promp
plan supplies.
ful
"with the necessity" of full and
In
our
view,
The
with all of its horror is still not
war
care-
in Europe
affair.
our
V-; ;-v"
industry faces the task of
making whatever adjustments
rendered
are
neces-
by the changes that have occurred and will
sary
in Scandinavia.
occur
be cannot
What these
anything approaching
way
quickly
trol
of
Germany would be
from which the Germans
are
be
would
thing..
one
rather
ac-
A Nor¬
accuracy.
by and firmly under the
overrun
with Allied aid
and
adjustments will
yet, of course, be determined with
as
curacy, or
con¬
A Norway
quickly expelled
quite another.
A third,
again quite different, situation would be pre¬
sented
by prolonged and
of that
The
Of
country.
situation
change
has
one
we may
undergone
our
of the
tuated
to be
In view of the events
war.
of
seems
Nor is there at
an
increase of member
or
requirements,
reserve
accen¬
in Northern Europe, there
the moment any prospect
bank
and*was
likelihood of any reversal.
no
The trend
higher gold holdings and member bank
progress
of
portfolio
picture.
The
totals in
noted.
on a
excess even
The
open
scale sufficient to affect the
prospects
thus
for
are
idle
of the record levels
credit
now
to be
potential dangers of this situation
undeniable, and
occasionally
some
reserve
574,727,000;
consisting of
decline of the Treasury general
a
There is,
on
the other
eign bank deposits by $11,533,000 to $372,802,000,
and
increase of other deposits by $7,783,000 to
an
$360,319,000.
The
from 87.9%.
ratio advanced to 88.0%
reserve
There were
changes during the
no
statement week in open market
States
holdings of United
Discounts by the
Treasury securities.
gional banks receded $658,000 to $2,093,000.
trial
advances
were
commitments
while
creased
down
$263,000 to $9,875,000,
make
to
such
WINTER wheat crop
\ now
conditions
in
of 426,215,000 bushels is
prospect according to the report of crop
prevailing April 1, issued by the Depart¬
Some slight improve¬
Agriculture April 10.
of 399,000,000 bushels, suggested by the
Department in its December report of planted acre¬
As
calculated the1
now
(1929-1938)
average
produced is
crop
of 571,067,000 bushels.
than
no more
now
be the smallest since the severe
when
$53,000,000
in
the
week
to
Currency in circulation fell
Spring
usually
crops
average
balances
deposits.
regional banks, and such funds
syphoned into member bank deposits.
increase of member bank reserve
by $179,267,000.
Excess reserves over legal
requirements advanced $130,000,000 to a fresh record
ever,
of
$5,950,000,000.
the
credit
about 200,000,000
hood, domestic production will fail to equal domestic
The deficit
well be made up from the large carry¬
can
300,000,000 bushels.
The
be
on
On the demand side, how-
picture
hand next July 1,
carryover
should be further
depleted by exports which in the year ended last
cluding flour exports equivalent to about 23,000,000
bushels) and
are so
far this
Certainly in recent
remains
little
changed,
war
season
years
a
year
year
area
serious problem,
they exist at this time,
now
over
large
areas
is that the carryover
average
of 222,000,000 bushels.
was only slightly
planted to wheat last fall
below that of the previous year and the average of the
ten years up
so
Planting and growing
until 1938.
ditions
year
were
poor
con-
in the closing months of last
that this year's harvest is expected to yield only
indicate, for the statement week, a decline of $23,-
bushels last
000.000 in business loans to
bushels.
Loans
the large surplus
a
from next July should be well below the ten-
9.5 bushels
$1,670,000,000.
The outlook
(1928-1937)
The
at about the same
threatening wheat supplies
of the world.
Weekly reporting member banks in New York City
All
requirements, ordinarily about 685,000,000 bushels.
with
reserve
Treasury in Washington drew heavily upon its
an
1933,
bushels, and assuming this year's is in that neighbor¬
which tended to raise member bank
was
year
since 1909.
but it is comfortable to know
The result
drought
told, there have been only four smaller winter crops
$12,000,000 in the weekly period to $7,509,000,000,
were
If the
forecast, it will
only 376,518,000 bushels were harvested.
stocks of wheat have constituted
rapidly
is far below the
crop
563,431,000 bushels.output of 1939 and the ten-year
such
the
in¬
Crop
level.
with
advances
$440,000 to $8,790,000.
April 10, and the fresh record of $18,523,000,000 in
balance
re¬
Indus¬
July 1 amounted to about 140,000,000 bushels (ex¬
Monetary gold stocks of the United States in¬
The
ac-
count by $101,617,000 to $590,460,000; a drop of for-
unofficially estimated at from 250,000,000 to
for accommodation.
set.
mem-
now
mand
was
increase of
an
balances by $179,267,000 to $12,-
discussions of the situation
take place.
holdings
banks
which is expected to
indication whatever of any excessive de-
further
$4,928,425,000.
Reserve
over
no
a
Federal
are
hand,
creased
the
$73,900,000 to $13,898,308,000, with the
up
ber bank
liquidation of
a
Treasury securities from the Federal Reserve
market
$11,211,000 to
with
account variations
age.
banking statistics.
by the European
in
now
moved
estimate
re-
banking system is reflected this
has been in effect for years,
reserves
declined
deposits
ment, therefore, is shown since the very depressing
ANOTHER sharp increase of the idle credit
ever
Other cash increased somewhat, and total
of the
circulation
Total
ex¬
Federal Reserve Bank Statement
toward
banks, raising their holdings to $16,161,-
ment of
sources
$59,455,000
regional banks advanced $69,851,000
$16,555,056,000.—Federal Reserve notes in actual
radical
a
As to the future, we shall have to await
week in the official
of
amount
be certain.
unfolding.
**
the
Winter Wheat
thing
already
in
conflict for control
severe
relates to important sections of
as
port trade.
its
regards air-
cannot be too
we
concerning all such matters.
Meanwhile American
as
security
deposited by the Treasury with the 12 Federal
reserves
to
on
$8,000,000' to $489,000,000.
certificates
States, Great Britain, and France concerning air¬
an eye
2303
per
acre
year
planted, compared with 12.2
and
a
ten-year average
of 12.0
The Commercial & Financial Chronicle
2304
The official
estimate/ occasioned
surprise to the
no
Tuesday,
issued
30 to 40 points being lost in the
single session.
Traders
2,000,000 bushels of the government figure.
considerably
were
more
within
averaged
had
earlier
days
attentive to reports concern-
ing possible trouble between Russia and Rumania.
The condition of the rye crop on
April 1
69% of normal compared with 79%
was
and
a year ago
a
ten-year average of 77%.; The present condition is
a little better than at Dec. 1 due to the improvement
in soil moisture conditions this
spring.
trading
New
the
fairly active at times.
was
turned toward
much
Allies
the
eyes were
Financial markets
uncertainty
of the extension of the
cance
All
Europe, where world-sliaking events
developed with dramatic speed.
here reflected
and
great conflict between
into
Germany
to the signifi-
as
the
and ultimate result of the vast battle which
course
to be joined in deadly earnest, and on
now
appears
this
point the markets felt the same uncertainty
admitted
fore the
mark and
sweep
at
Scandinavian
units, and
good deal of unsettle-
a
Gold moved in
heavy volume toward
On the New York Stock Exchange 248 stocks
touched new high levels for the year while 42 stocks
touched new low levels. On the New York Curb
Exchange 151 stocks touched new high levels and 46
stocks touched new low levels,
Call loans on the New York Stock Exchange remained unchanged at 1%.
-
On the New York Stock Exchange the sales on
Saturday were 710,470 shares; on Monday, 1,260,360
on Tuesday, 2,135,760 shares; on Wednes-
shares;
day, 1,287,290 shares; on Thursday, 889,490 shares,
and on Friday, 826,270 shares,
more
shares; on Tuesday, 421,310 shares; on Wednesday,
The gains which devel-
280,217 shares; on Thursday, 206,625 shares, and on
in that session.
Friday, 172,925 shares.
Stocks
With the
of the German invasion of Scandinavia
news
Foreign exchange"
marked by suspension of all activity in
On the New York Curb Exchange the sales on
oped last week were continued on Monday, but not
dread
lost in later dealings.
was
Saturday were 167,490 shares; on Monday, 281,970
Norway, our markets were rather
even
was
of German forces into Den-
optimistic than otherwise.
fully maintained
again
wheat
of the improvement
Be-
by diplomatic and military experts.
rapid
noted, Tuesday, especially in
was
other staples, but much
trading
Scandinavian
Everything depends, of course, upon the
peninsula.
and
re-
In the commodity markets a sharp
cede yesterday.
the United States.
ONLY occasional price York stock market, this
flurries took place but
on
There was a rally in the mid-week
ment in others.
The New York Stock Market
week
some
period, but Scandinavian bonds again tended to
advance
only
1940
Norwegian and Danish issues sank sensationally,
market, for private estimators whose forecasts were
several
April 13,
hand, early Tuesday, the stock market responded
were
of last week,
raised to higher levels on Saturday
closing at their best peak since the be¬
Sales volume, too, was the
ginning of the year.
by sharp upward and downward fluctuations which
largest for a short session in more than five months,
left the main
and equities in the heavy industries group gathered
It
day.
conflict
reasoned that intensification of the
might well bring the Allies into
materials
heavier
body of equities little changed for the
was
and
commodity
markets
on
our war
much
a
scale, but the realization also spread that
Scandinavia
must be added to the lost Amer-
now
ican markets of
Europe's
week
more
than
2,000,000 shares
Exchange.
under the
on
the New York Stock
Trading slackened thereafter, and fell
1,000,000-share level Thursday and yester-
The milling about of prices left quotations of
day.
some
leading issues slightly higher for the week, but
there
also
were
some
babies" tended to
stocks
pulp
recessions.
be cut off, at least for
iioav
descriptions
Railroad
demand.
and
a
progressed clearly reflected the
the
as a consequence
listed
bond
stability prevailed.
wavered
for
neAv
in heavy
utility
The lull Avhicli developed
cer-
time,-Amer-
Avere
quiet in most sessions and did not
either Avay.
In
Because
group.
supplies from Scandinavia almost
occasional
generally
"Avar
ad\Tance, with steel and airplane
ican stocks of the paper
Avere
So-called
taking the leadership of this
paper
tainly will
ties
for
Tuesday, when trading amounted to
on
vary
as
stocks
greatly
the AAreek
perplexities felt
of the great conflict.
market
a
rather
impresshre
United States Treasury securia
time,
when
German
troops
plunged into Scandinavia, but calm promptly AA7as
restored
was no
file
ber.
through sizable bank purchases, and there
need for such official intervention
opening days of the European
Best-rated
underAvriters
as
last Septem-
corporate liens held
firmly, and
able to continue their flotations,
Speculative corporation issues varied much
equities.
marked
Avar
Avere
as
did
In the foreign dollar bond department,
States Steel was again a prominent feature in the
higher trend.
The upward sweep of values was car-
ried into Monday's trading and covered
front.
Strength
was
a
broad
present from the start, liold-
ing that way until noon, when spells of firmness
war.
Interest in the stock market reached its peak
the
United
in gains in excess of two points on the day,
and easiness in the afternoon gave way to a streak
weakness
of
in
final
the
hour, which
prevented
stocks from attaining their best showing of the year.
approximating
gains
witnessed
Tuesday
three
points in early trades, but apprehension over the
invasion
of
Norway
and
Denmark by
Germany
proved too much for brokers, and caution changed
the
complexion of the market.
War issues managed
domestic issues came in for
doAvnward revision of prices. At noon-day the
to hold their own, but
some
early advances were swept away under heavy selling
pressure,
and the market finally closed loAA'er.
War
developments greAV more acute on Wednesday and
induced much nervousness in trading, resulting in
a
further slump in values.
Sales turnover
Avas par-
2,135,760 shares
the day before to 1,287,290 shares. The opening Avas
mixed, Avith the exception of the paper and packing
stocks, which Avere the only ones to benefit from the
changing course of eArents. Transactions 011 Thursday came in for further contraction, dropping to
889,490 shares, but in selective trading the market
managed to edge higher, with fractional gains
marking its close.
Leadership Avent to the Inter¬
ticularly affected, dropping from
national Paper & PoAvrer Co. on a turnover of 45,500
shares, selling off % of a point, but to the aviation
and other
stocks, most likely to profit by an exten-
sion of the combat area,
though they Avere.
Avent the gains, moderate
An irregularly lower trend ob-
Volume
tained
The Commercial & Financial Chronicle
150
with
yesterday,
air transport,
shipping issues exempt from its influence.
ness
declined
point
a
point, with
a
place
before
yesterday
Noon-day
or more.
selling movement,
*han
were-
the height
more
taking
recovery
Closing levels for
trading.
one
-
yesterday at 38% against
Friday of last week; Consolidated Edison
on
Co. of N. Y. at
Electric at
the week
ending today
reported by the Amer¬
were
ican Iron and Steel Institute at
61.3% of capacity,
against 61.7% last week, 64.7% a month ago, and
Production of elec¬
52.1% at this time last year.
tric power
for the week to April 6 was reported by
Electric
Edison
Institute
at
against 2,422,287,000 kwh.
2,381,456,900
31% against 32%; Columbia Gas &
6% against 7%; Public Service of N. J.
against 42%; International Harvester at 56%
kwh.,
in the preceding week
and
2,173,510,000 kwh. in the similar
Car
lower-than those for Friday
General Electric closed
at 43
saw
stocks shedding
only partial
of
end
many
week ago.,
39%
Weak¬
apparent early in steel shares, and they
was
of the
and
paper
2305
loadings of
April 6
revenue
ican Railroads at
vious week of
the
over
As
freight in the week ended
reported by the Association of Amer¬
were
602,697
25,581
cars, a
cars,
but
a
drop from the pre¬
gain of 67,745 cars
corresponding week of last year.
indicating the
course
of the commodity mar¬
against 58; Sears, Roebuck & Co. at 86% against
kets, the May option for wheat in Chicago closed
87%;
yesterday at 107%c. against 106%c. the close on
Montgomery Ward &
Co.
52%
at
against
closed yesterday at
55%; Wool worth at 40% against 42, and American
Friday of last week.
Tel. & Tel. at
59%e. against 57%c. the close
172% against 174%.
Western Union closed
24%
at
on
yesterday at 23% against
Friday of last week; Allied Chemical & Dye
179% against 179; E. I. du Pont de Nemours at
week.
14%;
Dairy
National
Products /at
17%
The
spot price for cotton here in New York closed;
The spot price for rubber closed
day of last week.
against
48%;
against
37%;
Can
Continental
Eastman
Kodak
at
at
156%
48%
against
at
Friday of last
yesterday at 10.89c. against 10.85c. the close on Fri¬
yesterday at 18.75c.
37%
on
week.
Texas Gulf
at
Friday of last
on
closed yesterday
May oats at Chicago
against 17%; National Biscuit at 24 against 23%;
Sulphur at 35% against 34%; Loft, Inc.,
corn
41%c. against 41%c. the close
187% against 187%; National Cash Register at 14%
against
May
against 18.39c. the close
Friday of last week.
Domestic
copper
on
closed yester¬
day at ll%c. against ll%c. to ll%c. the close on
155%; Standard Brands at 7% against 7%; West-
silver
In London the price of bar
Friday of last week.
inghouse Elec. & Mfg. at 114 against 115%; Canada
closed
yesterday at 20% pence
per
ounce
Dry at 21% against 22%; Schenley Distillers at
against 20% pence per ounce the close on Friday of
13% against 13%, and National Distillers at 25%
last
against 26%.
day at 34%c., the close on Friday of last week.
closed
last
rubber
the
In
yesterday at 22% against 24%
Friday of
on
week; B. F. Goodrich at 18% against 20, and
United States Rubber at
Railroad
shares
moved
this
week.
fers
Penn¬
$3.58% the close
22% against 23%; New York Central at 16%
Friday of last week, and cable
closed, yesterday
1.98%c.
at
against 2.02%c. the close on Friday of last week.
European Stock Markets
UNSETTLEDexchanges inwere the rule Europear
conditions the leading this week
Southern
Pacific
Pacific at 97 against 96%;
at
12% against 13%; Southern
Railway at 16% against 17%, and Northern Pacific
8% against 8%.
Steel at
at
39%
on
Friday of last week;
against
40%;
Bethlehem
80% against 80%, and Youngstown Sheet &
Tube at
In
Steel
fractionally
United States Steel closed yester¬
day at 62% against 61%
Crucible
43% against 43%.
the motor group,
day at 1% against 1%
eral Motors at
Auburn Auto closed yester¬
on
Friday of last week; Gen¬
54% against 55%; Chrysler at 87%
% against 13/16.
yesterday at 42% against 43% on Friday of last
week; Shell Union Oil at 12 bid against 12%, and
Refining at 22 against 23.
Among
closed
last
the
copper
stocks,
Anaconda
yesterday at 30% against 30% on Friday of
week; American
the
The
course
aviation
Smelting & Refining
group,
to
at 53
Curtiss-Wright
Douglas Aircraft at 87% against 86.
reports suggested, this week,
decline of activities.
principal factor.
promises to become known as
Norway dominated all markets. Prices
London, owing
overnight reports that three points on the
the
Norwegian coast had been mined by the British
But when the Germans marched through
Navy.
Denmark and landed troops in
Norway, some ner¬
Stock Ex¬
selling took place on the London
change and a generally easy tone prevailed.
of
rumor
the
great
conflict
Every
for Norway affected
On the Paris Bourse a similar procedure
prices.
developed, the firm tone of the initial session giving
to a good deal of apprehensive liquidation.
Amsterdam market
was even
more
latest German incursion into neutral lands
financial centers of the Allied Powers.
than the
A sharp fall
place Tuesday and Wednesday on the Nether¬
lands
exchange, with a better tendency apparent
toward the end of the week.
Boerse
and
The
affected by the
was
Trading
on
the Berlin
quiet all week, with price changes small
irregular.
closed
week; Boeing Airplane at 26% against 26%, and
slow
peninsula the
of what
New Theater of War
yesterday at 10% against 10% on Friday of last
Trade and industrial
with the extension of the war into
firm at the start of the week in
were
took
Copper
against 52%, and Phelps Dodge at 38% against 37.
In
Scandinavian
way
Among the oil stocks, Standard Oil of N. J. closed
Atlantic
the
vous
against 88%; Packard at 3% against 3%, and Hupp
Motors at
financial centers,
the Battle of
Steel stocks closed for the most part
higher this week.
stock
on
■
against 17%; Union
a
yesterday at $3.49% against
Friday of last week; Atchison Topeka & Santa
Fe at
at
on
Paris
on
sylvania RR. closed yesterday at 22% against 23%
on
foreign exchanges,* cable trans¬
London closed
on
transfers
35% against 37.
lower
the matter of
In
Goodyear Tire & Rubber
group,
week, and spot silver in New York closed yester¬
Steel operations for
WITH lightning swiftness the Allied-German
fortifications this week
turned
war
into
an
of
active conflict
was
involving fresh strategical
considerations of the utmost importance, and
also
The Commercial & Financial Chronicle
2306
troops lost their lives. No less than four German
cruisers were said to have been sunk, through one
means or another, and a dozen other German ships
went down. The small Norwegian Navy was sunk
by the Germans at Narvik, far up the Norwegian
coast. British losses apparently consisted of four
The tide of war,
involving Norway and Denmark.
unfortunately, has rolled over the peace-loving Scan-
dinavians, who find their homelands invaded because the
great contestants were unable to come to
grips
the Franco-German frontier.
on.
blames the other for this terrible
in the
for
rapid
Each side
development, but
of events there has been little time
run
_
analysis of the claims and counter-claims.
and above the
that the war has entered a
with the involvement of Scandinavia,
phase
new
Over
responsibility, the
problem of guilt or
fact stands out starkly
Although the Western Front remained quiet all
The shock of the
and evoked
week, the slaughter has begun.
event
fresh efforts
aloof
hold
world
the
all
held
spell-bound
death
the
struggle
there is little
the
conflict,
immense strategical problems develop inevitably,
But
Control of Norway by the Germans would provide
that the opponents have thrown to
the Reich with a number of bases for attacks on
British shipping, by air and by sea. Equally great
now
The ominous turn
right of
a
neutral.
taken by the conflict may
now
advantages over Germany would accrue to Britain;
well prove
In the long run it
that Scandinavia was considered a mere
sacrifice
millions
of
were
small but determined country, and perhaps will have
Unwilling
still another if Britain cuts the sea supply route and
forces the Germans to seek another route through
lin^s,
against the Maginot and Limes
viously
wegian points, but they have a new enemy in the
pawn
gigantic strokes
in
lives
The Germans appear to hold several important Nor-
ap-
will probably
by the Powers locked in their struggle.
to
from military control by the London authorities,
decisive, for the test is <jme calling for exefforts. As to which side will prevail, pre-
diction is idle.
pear
Sweden.
both sides ob-
put their instruments of destruction at work.
their real weapon,
and warned the European
fray with reckless abandon. The war possibly will
be of shorter duration because of the vast efforts
as
neu-
again to fall in line. They announced
in the small hours of last
versus
that resources doubtless will be thrown into the
The
Anglo-French Allies chose blockade of Germany
A test clearly impends of sea power
aerial power, with both sides so obviously confident
anxious to find other fields in which to
trals time and
Now that the issue has
supply route.
hope anywhere in Europe of avoiding
the winds all discretion and every
haustive
a
been joined in a struggle on the contested ground,
between the
Anglo-French Allies and the German Keich.
to six destroyers. Airplanes were utilized by both
sides in great numbers, and bombs were dropped on
ships and over Norwegian points,
As the struggle rolled over the Scandinavians, it
became obvious that a bitter battle must follow for
control of the peninsula. For the Allies it is a vital
matter to close the blockade leak utilized by the
Reich, and it is equally important to Germany to
maintain
by the remaining European neutrals to
from
April 13, 1940
now
inevitable, but it will be correspondingly
terrible.
Monday morning that Nor-
more
Whether and to what extent it will involve
matter of pure conjecture, but
wegian territorial waters had been mined at three
other neutrals is
points in order to prevent the
action, it
nothing can be ruled out now that the war has
begun to ravage the prosperous and peace-loving
Scandinavians.
an excuse
Intensified Warfare
German merchant
other
a
and
vasion
There is
reason to
the Scandinavian
overrun
in any case.
and
ore
dawn, Tuesday, of Denmark
planned long
was
This
provided the Germans with
sudden invasion at
Norway.
that
ships in carrying Swedish
materials to the Reich.
war
would seem,
for
of those waters by
use
ago,
believe that the in-
and it
countries
may
would
turn out
have been
German troop transports
as-
suredly
.
jPVlPLOMATIC
LJ trals, and
a
especially
now
have taken.
joined
on
To
reqtflfe such superior
of
Scandinavia
Allies in order to establish
German forces
won
a
was
planned
by the
Northern Front.
footholds in
a
wegian ports, early Tuesday, after sweeping
Denmark.
sula
The
points
on
over
the Scandinavian penin-
chosen
heads of
by the Reich strategists were all rail
importance for control of the country. The
Danes offered little resistance to the
invading Gerbut the Nerwegians decided to fight it out,
the
inadequate army of the small country made
mans,
and
stands in
the
a
number of
places.
More important for
moment, the Norwegian coast guard
great degree the issue was
ore
through the Norwegian port of Nar-
the Atlantic.
tively low-grade
of both
ores,
Both England and Germany
ores
for mixture with rela-
and Narvik was busy loading
countries,
up
to a week ago.
The
British ships moved in convoys over the open sea,
but German merchantmen hugged the territorial
wa-
ters of Norway, with which the pilots seemed re-
markably familiar. It
appears, moreover,
that other
German ships also used that passage through the
British naval blockade, and the irritation of the
London authorities was expressed
on
many
occa-
sions, often through warnings to the neutrals and
virtual invitations to join the Allies.
Available to
large large German warships. The
Navy rushed to the aid of Norway, and for
purpose the French fleet virtually was placed at
port of Lulea, which now is becoming free of ice.
disposal of the British Command.
Heavy naval
engagements promptly developed in the Skagerrak
and
on
a
the Reich, in addition to the Norwegian coastal
British
this
fore-
to
seems
have sunk several
the
vik,
vessels
number of Nor-
Norway,
the problem of Swedish shipments of high-
Germans assert they have
invasion
upon
shadowed in recent weeks the dread turn that events
grade iron
an
Northern neu-
pressure upon the
were well on their way before the British
Navy mined Norwegian territorial waters, but the
documentary proof that
„
Kattegat, between Denmark and
the Southern
route, is the Baltic Sea passage from the Swedish
This alternate route possibly is inadequate to supply
all the German requirements for the high-quality
Swedish
ore,
tips of the Scandinavian peninsula.
of shipments:
transports
over
claimed
were
on
German troop
scattered, and British authorities
Thursday that thousands of German
which
may
have been
a
factor in the
Anglo-French decision to close the Atlantic avenue
Restlessness in England and France
the conduct of the war is still another possible
realson for the Allied decision.
Volume
The
The Commercial & Financial Chronicle
ISO
Fjord
Norwegian and Swedish Ministers to London
called to the British
were
Foreign Office,
an
engagement took place during the dark
hours before the dawn of Tuesday, and it was at
April
on
2307
5, and there informed in an apparently general way
first hoped that the Reich warships had been re-
that
encroachments
pulsed.
upon
Scandinavian
by either Russia or Germany
areas
viewed with the
den.
The
on
Tuesday that the lead-
These communications were
Stavanger and Narvik all had been seized over-
greatest alarm in Norway and Swe-
night by German forces landed from troop trans-
ferently by the Allies.
-
But it appeared
ing Norwegian cities of Oslo, Bergen, Trondheim,
could not be viewed indif-
Norwegian Premier, Joliann Nygaards—~ ports,
~
The strength of the German landing forces*
void, and his Foreign Minister, Halvdan Koht, de-
still is uncertain, and some
clared
whether the Germans continue to hold all the points
taken in this dramatic move. At Narvik the Nor-
last
Saturday that Norway must carry on
trade with
normal
Extreme
fare.
all
would involve
action
belligerents, since one-sided
it
pessimism prevailed in the Scandievents, and
were
sunk by German destroyers with
loss of
The controlled German press threatened
justified.
to
an-
cient Norwegian warships at that port promptly
appeared that the apprehensions were fully
soon
as
wegians offered naval resistance, but the two
Norway immediately in war-
navian countries because of this turn of
doubt exists
zens
some
a
reported
The dazed citi-
500 Norwegian lives.
of Bergen, Trondheim and Stavanger appar-
reprisals if the blockade net were drawn tightly
ently offered little immediate resistance, but in the
submarines
Oslo Fjord the coastal batteries wreaked revenge
Scandinavia.
around
German
But
meanwhile continued their terrible attacks on neutral
upon one or
two German warships.
,
reported last Sunday that the
Prime Minister Neville Chamberlain went before
2,118 ton Norwegian ship Navarra was sunk by a
the British House of Commons, Tuesday, and spoke
shipping.
It
was
^German U-boat off
the Germans
Scotland, with
making
a
loss of 12 lives,
gravely about the latest phase of the conflict.
He
accused the Reich of attempting to dominate all of
to aid the Norwegian
no move
Scandinavia and of having planned the invasion of
sailors in the small boats.
In the dark hours between last
Sunday and Mon-
Denmark and Norway long before the British Navy
day, the newest phase of the titanic struggle began
laid mines at three points in Norwegian waters
definite
take
to
military
A joint
shape.
But "powerful units of the British fleet
Anglo-
statement, issued in the small hours on Mon-
French
day morning, indicated that mines had been laid in
to Norway, while avoiding
Norwegian territorial waters at the three points of
nature with respect to Denmark.
Stadtlandet, Bud and West Fjord, in order to force
randum to Denmark and Norway
German
territorial waters and into the British naval
The mined
net.
a
lin, Tuesday, and
ships outside the three-mile limit of
ore
areas
were
the
Allies.
carefully described in
and
shipping, which resulted in the loss of 150
neutral vessels and the loss of
Allied
the
and announced their
move
of
a
demand was
The oininousness of the situa-
a
on
with
an
few
brief
hours this
a
over
on
that the
at
a
border, and German troops
number of
populations had no advance warning and
and other
principal cities in German hands.
Den-
mark, having no defense force, offered only proforma resistance.
Copenhagen was firmly held by
the Germans almost before the Danes were aware
the newest German invasion of
made
the
Long meetings
of
neutral soil, and it/
that only minor shows of resistance were
by palace guards.
Norway, across the Skager-
rak, found German naval and troop
doorstep early Tuesday, and
guards offered prompt resistance.
ships
on
its
the Norwegian coastal
Tn the deeo Oslo
\
the answer long delayed, for it appeared
Wednesday that great concentrations of Allied
in the Fjord, as
strategic Norwegian
merely awakened on Tuesday to find their capitals
appears
in
Some British warships
were
said
errak and to have moved up the Oslo Fjord in
order to attack German ships and troops.
The
German cruiser Bluecher, of 10,000 tons, was sunk
So swiftly were the operations carried out
ports.
"protectorate"
to have penetrated the Nazi mine fields in the Skag-
Tuesday German troops started to
the Danish
landed
was
the previous day.
sinking of the
ship, the Rio de Janeiro, was regarded as
At dawn
march
a
were moving toward the narrow waters
between Denmark and Norway, and toward the
more northerly ports captured by German troops on
"mystery," but the mystery was quickly solved.
were
declared
naval forces
estimated loss of 150
Norway,
For
German
Germany
Nor
emphasized by the British torpedoing, on
of
coast
which England and France de-
war
this developing situation.
law," and
sweeping of the mines from
Monday, of a German troopship off the southern
lives.
made in this
the Anglo-French
full aid would be given to Norway.
objections to all
meeting of the Parliament in Oslo,
immediate
for
was
upon
issued in Ber-
international
a
Norwegian waters.
tion
was
The Allies were charged with an "open
Monday.
made
effort
A German memowas
of the Allied Supreme War Council were held in
London, Tuesday, to determine the next steps in
world, at
breach
1,000 neutral lives.
Norwegians strenuously protested this
The frantic
The
commitments of this
affected region. It was specifically indicated that
the Reich has no intention of destroying Danish or
Norwegian sovereignty. The British Foreign Office
countered, late on Tuesday, with a statement that
campaign of undersea and aerial units against any
and all
at sea,"
clared against the Reich has now been carried, according to the German version, into Scandinavia,
justification for the action
Germany's "brutal" and "illegal"
cited
Allies
As
every
any
document to place the blame
drag-
general radio broadcast in order to avoid any
needless loss of life.
are
said Mr. Chamberlain, who promised all possible aid
■
a
result of coastal defense
opera-
lions and the effects of a Norwegian mine. The
German light cruiser Karlsruhe, of 6,000 tons, also
was reported sunk off Kristiansand, and another
casualty on the German side was said to be the
5,400-ton cruiser Emden. British reports yesterday
asserted that a fourth German cruiser, name unknown, also
was
sunk, while
a
number of German
troopships likewise were said to have been sent to-
the bottom. These German losses were suffered, it
was said, in the narrow Skagerrak, which leading
British and German units contested for several
days. Swedish reports said that a thousand or more
German troops were dead on the waters of the Skag-
The Commercial & Financial Chronicle
2308
errak and
Kattegat, and
fishing vessels.
that 18
been
In Paris it
German
being picked
were
ships of
was
by
up
stated, Thursday,
sort or another had
one
sunk, while only four Allied ships were de¬
The immense naval
in
move
a
also of British
battle, which clearly
the
was
that can be expected to
sequence
extend far into the
future, apparently took
a
toll
shipping, especially in the far north¬
port of Narvik.
ern
It
made known in Lon¬
was
don, Thursday, that five British destroyers had
attacked the German
had been
German
ish
destroyers, with a loss of at least two Brit¬
a
crew
of 175 men,
ish
of
destroyer Gurkha, with a loss of 14
The British destroyer Glowworm
Norway.
naval action off
a
Winston
vealed.
unknown
result of German aerial bombing off the
as a
sunk in
was
was
British authorities also acknowledged
the loss of the
coast of
whose fate
Each ship
Norway, it
was re¬
Churchill, First Lord of the Brit¬
Admiralty, announced before
a
cheering House
Commons, Thursday, that the British fleet had
upheld all its traditions in actions of the two previ¬
Unfounded at the moment, he said,
days.
ous
that British tars had retaken the
rumors
were
Norwegian
he
and
appeared to gain satisfaction from assur¬
of the
off
running fight
Norway between the British heavy cruiser Re¬
and
nown
German
the
which resulted in the
battleship
tary operations.
Neutral Europe
remaining neutral
SHIVERS of appmiensioncountries of Europe all
were apparent in
the
as
the intensified
French
between
war
Allies
flight of the Scharnhorst after
ship Rodney had been hit by
which her decks
been
heavy aerial bomb,
resisted, and that splinter damage
suffered
by several other British naval
At Narvik the German supply ship Revens-
craft.
feld
a
"blown
was
attacks
up," the First Lord said, and heavy
made
were
number of German
by the Royal Air Force
on
a
ships in and about Norwegian
The Low Countries
The
troop concentrations, and pointed Allied re¬
minders
of
from the
great war.
the
inefficacy of attempted aloofness
Netherlands and
tion
Belgian authorities, and the
openly
was
should take
such
about
weeks
demonstrated
were
regards
Italy is
sufficiently pressing
as
problem that
a
sidered in the neutral
German
There
sphere.
a
desperate
conflict.
Norwegian
land
side.
on
reported to be opposing German invad¬
cial and
real
The
the other hand,
ment moved inland from
into German
The Norwegian Govern¬
Oslo, when the capital fell
hands, and at various times
was
negotiating with Reich authorities.
wegian Nazi attempted for
a
said
A Nor¬
few brief hours to set
totalitarian regime in Oslo, and reports from
London and Stockholm said that this
move
was
in¬
spired by the Reich.
diplomatic
on
interest
may
pressure
stands to the north
to
may
only
the apparently
of
Italian
the
well be in the Bal¬
peace was
to
of the Allies.
factor of
Rumania.
differences that
any
The problem of
a
number of barges
ownership,
were
dynamite which the German Nazis immedi¬
were
intended to blow
block traffic
on
up narrow passages and
the river.
There has been
excuse
intention of
tries
by Nazi Germany thus exists.
Norwegian people.
that the
moves
of that nature, since
obviously does not represent the
It
was
considered noteworthy
Norwegian Minister to Berlin remained
at
Sweden assured the Reich, Tuesday, of
complete neutrality in the great European conflict.
post.
problem of Iceland and Greenland, possessions
Denmark,
remains
to
be
solved.
Islands, also owned by Denmark,
were
The
occupied by
British, Thursday, with
an assurance of
after hostilities
German
cease.
Faroe
prompt
authorities
on
for
an
alleged plot, and
a pos¬
invasion of neutral Balkan
It
was
no
coun¬
reported
Wednesday that three German barges had been
sunk
in
the
Danube
which makes it
is
or
the Danube, of
on
sible
encouraging
war
found to hold vast quanti¬
But Berlin dispatches yester¬
day indicated that the German authorities have no
the Nazi in Oslo
Russia
probable assist¬
posed sharply for the Balkans, last Mon¬
day, when
British
ately
a
Germany, especially in
concern
ties of
as
denial from London of this
return
with
sides
probable winner in the
great conflict before plunging in
victorious
con¬
Nazis, but the general belief in the
definite indication of the
proved highly unreliable.
the
be
were numerous
United States is that Premier Mussolini awaits
ance
of
urgent.
or
may or may not
indications in recent weeks that Rome
ing troops at various places, but the dispatches have
The
that all
exigency that either
any
tary pressure possibly more than matches the finan¬
forces
his
quarters
great antagonists in the principal European
conflict
the
on
rights, for the events of
clearly
"rights" fall before
of the
war
some
illusions in the Low
were no
neutral
have
" Total
measures.
considered in
and the initial incidents merely sig¬
course,
that
up a
was
impend, and there
Countries
ques¬
consultations
place with Allied commanders regard¬
ing coordinated defense
recent
whether
debated
kans, and in that important sphere the German mili¬
ing, of
be
Mobilization of defense forces
brought to the highest possible pitch by the
was
struggle for control of Norway is only open¬
nalize
to
especially
were
concerned, owing to French reports of heavy Ger¬
man
fascists,
ports.
Germany and the Anglo-
dragged much of Scandinavia into
the cauldron.
He admitted that the British flag¬
apparent hits.
had
Scharnhorst,
part
Norwegian coast considered suitable for mili¬
to
a
extraor¬
that the British now will move into any
ances
ports of Bergen and Trondheim, but he declared
Mr. Churchill also told of
Thursday,
an
dinary tactical blunder in moving into Scandinavia,
that four German cruisers had been sunk and that
bottom.
committed
that Chancellor Hitler had
the Western Front
"several" German destroyers also had gone to the
engage¬
Mr. Churchill maintained in his
minor resistance.
repulsed by six heavier and more modern
yesterday.
lives,
important naval
any
place, and they insisted that occu¬
pation of Norway was proceeding rapidly, with only
landing party at Narvik, but
ships, the Hunter and the Hardy.
carried
steadily that
ments had taken
speech before the House of Commons,
stroyed.
initial
denied
April 13, 1940
by "mysterious explosions,"
fairly evident that the
war
actually
being carried into the vast area of Southeastern
Europe, which the Germans would prefer to
peace
because of supply problems.
with denunciations of
and
see
Turkey
at
rang
Germany, early in the week,
suddenly clamped
down
on
such
criticisms,
Wednesday, suggesting effective admonitions from
Moscow
or
Berlin.
German
freighters
were
per-
The Commercial & Financial Chronicle
Volume ISO
mitted
this week
interference
to
ply the Adriatic Sea without
British
from
ships, and this also is
' r:
highly significant.
.y-.t.
Francisco
Cordell
Castillo
Neutrality
Slightly
this
RAPID enlargementoccasioned fresh combat area
'necessarily has of the European problems of
:
neutrality and diplomacy for the United
States
Government, with the immediate tendency in Washthe relatively simple
ington
Scandinavia.
neutrality legislation to
proclamation
American
land
issued
was
dent Roosevelt
A general
Wednesday by Presi¬
on
redefining the war zone forbidden to
All of Scandinavia and Fin¬
shipping.
included in the
was
of applying the
one
newly described fighting
was
subject
Mexico is asked
erated that
tive and
Russia
Soviet
point
a
on
the Arctic coast of
Murmansk.
near
"cash
The
and
on
acted,
remarkably
re¬
again to submit the
expropriation requires "adequate, effec¬
Not only the oil
problem, but also other claims going back many
should be adjusted in order to improve rela¬
years,
tions between
indicated.
ters of
Washington and Mexico City, it is
Beyond
comment that these
a
"grave concern," there is not even
any
Spain to
seems
once
prompt compensation."
ment in behalf of its
of
Mexico
dispute to international arbitration, and it is reit¬
to American
coast
of the communi¬
some
after
soon
18, 1938, the note still
strained.
of State
Wednesday.
on
by the United States Government
region, and the effect is to close off all of Europe
shipping from a point on the northern
published
querulous than
more
thorny
March
Najera by Secretary
Hull, and it
cations sent
American
2309
in
mat¬
are
a
hint of
possible action by the United States Govern¬
own
nationals, such
as a
halt
purchases of Mexican silver ai^ artificial levels.
It is instructive to
note, meanwhile, that Mexican
carry" provision of the neutrality law was not im-
opinion seemed immediately to become highly in¬
mediatelv^applied to Norway and Denmark, but it
flamed when reports
indicated that this
was
probably will be done if
diplomatic reports suggest a control of those coun¬
the Mexican
tries
fair solution of
by Germany which might make them acces¬
Recently authorized credits
sories in the conflict.
v
Import Bank of Washington were placed in abey¬
a
ance,
while
and
some
uncertainty seemed to prevail with
capital stated that such a simple and
of the
tion
of
1933,
issued
proclamation
a
President
on
Roosevelt
also
Wednesday which, in
effect, freezes whatever balances of funds or securi¬
ties are held in the United States by or for the
Norwegian and Danish agencies or na¬
account of
The order was
tionals.
sweeping and clearly was
designed to prevent any use of such resources by
military occupants of the two unfor¬
temporary
have
far
of
funds
order
of
countries.
Scandinavian
tunate
been
kind
its
securities
or
of
is
officially,
made,
involved.
No
of
estimates
so
amount
the
financial
This
especial interest, since it is the first
issued in such circumstances.
Repre¬
sentatives of the
Governments
ordinary Danish and Norwegian
would 'continue to
be recognized in
Washington, it was intimated, this being the pro¬
adopted also with respect to Poland and
cedure
broader
On
Czechoslovakia.
questions
of inter¬
German
infringements of Scandinavian neutrality, President
national
policy arising from the Allied and
Roosevelt and the State
Department will act in the
according to Washington dis¬
The problem of Greenland, which clearly
future, if necessary,
patches.
falls within the Western
Hemisphere, was discussed
Roosevelt and the Dan¬
ish Minister, Henrik de Kauffman, but no informa¬
tion as to this conversation was made available,
on
"Wednesday by President
Monroe Doctrine
might be applied if eventualities require such meas¬
ures with respect to the Danish
possession.
beyond
a
suggestion that the
the
Expropriations
MORE than two years Mexico the American and
"expropriation" by after of extraordinary
British owned oil
properties valued at some $400,-
on
taken
was
always is favored by those with
the oil
reason
no
stretch
for the Mex¬
expropriation problem.
Ac¬
by Mexico, it will be recalled,
on
flimsy and obviously manufactured pretext of
labor
dispute with the oil companies concerned.
a
An
unfortunately tolerant attitude was taken by the
States
Department in Washington, and it is sig¬
nificant that Mexico
to
Almost
injury.
now
is inclined to add insult
immediately after it became
known that another mild note had been
from
oil
Monday decided that the
companies whose properties were expropriated
should pay
severance
their former workers 117,500,000
of cancellation of labor
the labor
were
a
owe
consequence
the
on
day that the
very
taken from the companies by the
Mexican Government.
such
as a
contracts, at the request of
representatives,
properties
pesos
The companies were held to
pay.
their former workers that amount
The
startling effrontery of
ruling is accentuated by the fact that the
Board is
an
dispatched,
Washington, the Mexican Board of Concilia¬
tion and Arbitration last
a
answer
will be far
Federal
body in Mexico.
In effect, it is
to the United States note which
more
probably
important than the direct rejoinder.
The American note referred to the
long contro¬
versies between Mexico and the United States and
urged the immediate solution of "certain of these
which
problems"
That the oil land
these
was
which
are
of outstanding importance.
expropriation question is
made very
one
of
plain in the communication,
again admitted readily the right of
a
sov¬
ereign State to expropriate property for public
pur¬
poses,
provided the simple requirement for just and
prompt compensation is met.
of its
Mexican
is not at all
rectitude, it requires
imagination to realize the
ican attitude
Act
troublesome problem
Since arbitration
and Finland.
Banking
a
consciousness of
respect to the similar credits extended to Sweden
Acting under the authority of the Emergency
a mere
Numerous dispatches from
favored in Mexico.
Norway by the official Export-
Denmark
to
reached that country of
request for arbitration.
own
Mexico
was
reminded
support of this principle, but Mr. Hull
added that Mexico has not carried the
principle into
"The legality of an expropriation is con¬
tingent upon adequate, effective and prompt com¬
practice.
pensation," the note stated.
two
Governments
"The difference be¬
with
respect to this
000,000, the State Department
tween
dressed another
principle lies in the fact that the Government of
City.
in Washington ad¬
patient note of objection to Mexico
The note was
delivered late last week to Dr.
Mexico
our
has
assumed
and continues to
assume
to
2310
The Commercial & Financial Chronicle
exercise
right without compliance with the
a
dition necessary
status of
also
the
to give such exercise
legality."
con¬
recognizable
Chanoes
ques¬
Apr. 4, 1940
Apr. 0. 1939
Francs
agrarian expropriations, and other
tions
going back
some
70 years, should be cleared
Mr. Hull declared.
Among the items he in¬
cluded the Mexican defaults
in the United States.
"But the
treatment of Americans
plainly
program
"This
was
justifiable under
law, is
through the expropriation
Francs
Francs
Gold holdings
French commercial
bills discounted...
citizens, wholly
un¬
inter¬
or
matter of grave concern to this
The appropriate, fair
procedure of arbitration again
was
proposed.
Bank of England
40,000,000
Francs
secure..
7,653,115,095 10,738,141,211
*70,234,514
3,430,000,000
—46,000,000
55,806,959,832
20,013,943
13,842,551
+ 54,000,000 12,307,000,000
bought abr'd
Adv. against
Apr. 7, 1938
+ 371,359 84,614,304,473 87,265,942,141
—2,000,000
743,998,506
811,635,806
3,397,374,412
3,754,295,277
Note circulation.,.. + 1,803,000,000 157895000,000
120303.082,495
Credit current accts. —1,119,000,000
14,297,000,000 18,774,936,140
c Temp, advances to
State
98,^43,643,Ibb
23,573,728,982
+ 350,000,000 20,900,000,000 20,576,820,960 39,553,974,773
Propor'n of gold on
hand to sight llab.
—0.21%
49.14%
♦
Figures
a
principle of equity
any
a
a
b Bills
uppermost in Mr. Hull's mind.
Government," the note said.
honorable
bond issues floated
totally unjustifiable
of American
treatment
national
on
1940
COMPARATIVE STATEMENT
for Week
Not only the oil problem, but
Credit bala. abroad,
away,
and
a
April 13,
BANK OF FRANCE'S
Includes bills purchased in France,
62.75%
45.85%
March 14, 1940.
as of
b Includes bills discounted abroad,
the process of revaluing the Bank's gold under the decree of Nov.
three entries
c
In
13, 1938, the
the Bank's books representing temporary advances to the State
were wiped out and the unsatisfied balance of such loans
was transferred to a new
on
entry of non-interest-bearing loans to the State.
Revaluation of the Bank's gold (at 27.5 mg. gold 0.9 fine per franc) under the
13, 1938, was effected in the statement of Nov. 17, 1938; prior to
that date and from June 30, 1937, valuation had been at the rate of 43
mg. gold 0.9
fine per franc; previous to that time and subsequent to
decree of Nov.
Sept. 26,
1936, the value
was 49 mg. per franc, and before Sept.
28, 1936, there were 65.5 mg. of gold to
the franc.
The present value Is 23.34 mg. gold to the franc.
Bank of
Statement
Germany Statement
THE statement of the loss for the week ended THE statement of the contractionthe note quarter
Bank note circulation of
Bank for in first circula¬
April 10 showed
April showed
of
in
a
£3,025,000, which reduced the total outstanding to
£539,418,000.
crease
in
circulation
week's
The current
slightly offset by
was
de¬
reduction of £39,979
a
bullion, the gain in reserves therefore amounting
to
Public deposits
£2,985,000.
other
deposits, £4,322,250.
"bankers
creased
£490,000 and
rose
Other deposits comprise
accounts," and "other accounts" which in¬
£3,146,274 and £1,175,982, respectively.
tion of
a
228,636,000 marks, which reduced the total
outstanding
circulation
the
was
highest
which
reduced
proportion of reserves to liabilities rose to 22.0%
marks the
from
a
week
a
it
ago; a year ago
24.0%.
was
security holdings decreased £380,000
while other securities gained
£1,642,060.
The latter
£2,338,173, and securities which declined £696,113.
The discount rate remained
daily
low
tor
show the different items with
we
previous
Be¬
comparisons
ENGLAND'S COMPARATIVE STATEMENT
Apr. 13,
Apr. 14,
Apr. 15,
1939
1938
1937
1936
Other deposits
-
Bankers' accounts.
Other accounts
—
securities
Govt,
Other securities.....
Dlsc't & advances.
Securities
Reserve notes & coin
Coin and bullion
539,418,000 489,703,101 497,248,475 465,694,083 421,890,628
22,880,000
17,738,715 17,731,488 22,371,160
9,903,592
106,508,113 138,682,435 139,946,990 134,818,166 141,480,223
123,915,058 97,646,176 103,951,338
90,897,131 104,911,379
42,593,055 40,936,259 35,995,652 37,921,035 36,568,844
137,224,000 108,666,104 116,136,164 96,949,933 106,671,996
28,024,459 27,798,129 29,246,166
29,053,215 21,918,248
5,543,509
6,276,487
9,598,404
6,906,004
8,755,790
22,480,950 21,521,642
19,647,762 22,147,211
13,162,458
41,800,000 37,534,564 29,982,548 48,878,306 40,488,791
1,218,085 227,237,655 327,231,023 314,572,389 202,379,419
Proportion of reserve
to liabilities.
24
22.0%
2%
168s.
Gold val. per fine oz.
148s.
00%
2%
19.00%
2%
6d. 84s.
26.74%
2%
31.00%
I
2%
11 Hd. 84s.
a
12,241,518,000
slightly,
rose
total of 77,722,000 marks,
The
of
assets
maturing
a year ago.
com¬
A decrease
82,796,000 marks and in other
obligations
of
80,417,000
marks.
proportion of gold to note circulation is
Below
now
was
11 Hd. 84s.
ll^d.
reduced
on
April 6 from 4 to ZlA%.
furnish the various items with comparisons
we
previous
\
years:
REICHSBANK'S
COMPARATIVE
STATEMENT
v
"
Chanoes
for Week
Assets—
Apr. 6, 1940
Apr. 6, 1939
Apr. 7, 1938
Reichsmarks
,■
Reichsmarks
Reichsmarks
Reichsmarks
Gold and bullion
+ 90,000
77,722,000
70,772,000
—2",400.660
70,772,000
20,333,000
5,297,000
5,625,000
12,027,182,000 7,778,362,000 5.520,113,000
c545,310,000
120,832,000
181,047,000
c40,522,000
37,811,000
47,611,000
141,204,000
992,610,000
411,090,000
—82,796.000
1,739.060,000 1,427,952,000 1,359,776,000
Of which dep. abr'd.
Res. for for'n currency
—214,330~,666
Silver and other coin..
Advances
...
Investments
10,572,000
a
Bills of exch. & checks.
Bank rate.
high,
appeared in investments of 2,400,000 marks,
other
for
£
Circulation
Public deposits..—
12,027,182,000 marks,
The Bank's gold holdings
discount rate
Apr. 12,
Apr. 10,
1940
to
record
0.65%, compared with the record low, 0.64% the
previous quarter and 0.94% a year ago. The Bank's
years:
BANK OF
total
pared with 70,772,000 marks
also
unchanged at 2%.
Bills of exchange and
previous quarter and 7,778,362,000 marks
year ago.
in
in
loss, namely 214,336,000 marks,
the
90,000 marks to
consists of discounts and advances which increased
Notes
record, compared with 8,165,-
a
the
with
marks.
12,175,551,000 marks
quarter,
on
checks also showed
compared
21.0%
last
177,000 marks April 6, 1939.
The
Government
11,946,915,000
to
the
...
Other assets
Liabilities—
Bank of France Statement
Notes In circulation...
Oth. dally matur.oblig.
Other liabilities
THE statement of the furtherfor the weekinended
Bank expansion
April 4 showed
note
a
circulation,
namely
raised the total
of
1,863,000,000
outstanding to
francs,
a new
which
—228,636,000 11,940,915,000 8,165,177,000 5,476,306,000
—80,417,000
1,679,351,000 1,059,758,000 1,245,067,000
c742,804,000
544,587,000
209,891,000
0.65%
0.94%
1.38%
Propor'n of gold Afor'n
curr.
a
to note clrcul'n
+ 0.01%
"Reserves In foreign currency" and "Deposits abroad" are included In "Gold
coin and bullion."
record high
c
Figures
as
of March 15.
1940.
Discount Rates of Foreign
Central Banks
157,895,000,000 francs, compared with the previ¬
high, 156,150,385,560 francs Feb. 29, and 120,-
ous
303,082,495 francs
a year ago.
An advance of 350,-
000,000 francs in advances to the State raised the
total to
20,900,000,000 francs.
to the State totaled
THEREdiscount no changes during the week in
have been
of the foreign central
the
banks.
rose
slightly to
a
Rate in
a year
total of 84,614,304,473 francs,
com¬
a year ago.
against
creditor current accounts declined
sons
we
for
centers
are
vious
Rate in
Rate
3H
Mar.
1 1936
Belgium
Bulgaria-..
2
Jan.
51940
6
Aug. 15 1935
Canada
Country
Effect
Apr. 12
Pre¬
Date
vious
Effective
Rate
Holland
3
Aug. 29 1939
2
2H
Hungary
4
Aug. 29 1935
4K
7
India
3
Nov. 28 1935
3H
2H
Mar. 11 1935
Chile
3
Dec.
16 1936
4
Japan
Colombia..
4
July
18 1933
5
Java
...
Italy
May 18 1936
3.29
5
Apr.
7 1936
3
Jan.
14 1937
July 15 1939
May 28 1935
4H
Sept. 22 1939
3H
3.65
4
respec¬
Lithuania-
6
3
Jan.
1 1936
3H
Morocco
Danzig
The proportion of gold to sight liabilities
fell off to
lowing
and
2,000,000 francs,
46,000,000 francs and 1,119,000,000 francs
tively.
Credit
securities
Date
Effective
Argentina..
...
abroad, advances
leading
Pre¬
Effect
Apr. 12
The Bank's gold holdings
pared with 87,265,942,141 francs
balances
the
On Feb. 29 advances
40,522,990,139 francs and
20,576,820,960 francs.
at
rates
shown in the table which follows:
Country
ago
rates of any
Present
4
Jan.
2 1937
5
Norway
4H
Poland
6H
4H
4X
Dec.
3H
Portugal...
4
Aug. 11 1937
4H
3
Rumania
3H
3H
May
5 1938
May 15 1933
4H
Czechoslo¬
vakia
Denmark..
5H
Oct.
Eire
3
June 30 1932
England
2
Oct.
10 1939
26 1939
...
..
17 1937
7
5
Estonia
49.14%;
a year ago
it
was
62.75%.
Fol¬
show the different items with compari¬
previous
years:
4H
1 1935
5
South Africa
Finland
4
Dec.
3 1934
*4
Mar. 29 1939
5
2
Jan.
4 1939
4H
2X
Spain
France
Sweden
3
Dec. 15 1939
2H
Germany
4
Sept. 22 1932
5
Switzerland
1H
Nov. 20 1936
2
Greece
6
Jan.
41937
7
Yugoslavia.
5
Feb.
6U
*
....
Oct.
Not officially confirmed.
1 1935
4H
Volume
The Commercial & Financial Chronicle
150
and while
Foreign Money Rates
Monday reflected
was
IN bills Friday market discountagainst for1-32%
LONDON open 1 1-32%,
rates 1 short
on
as
were
Thursday of last week and 1 1-32@1 1-16% for
on
three-months' bills,
against 1 1-32@1 1-16%
as
Money
Thursday of last week.
Friday
on
call at London
on
on
the
past
and
occurred
Market
cable
this
were
Only the usual small amount of busi¬
departments.
ness
done
was
bankers'
in
bills
and
commercial
awards
made
due in 91
bills
discount
were
at
par
Call loans
being fractionally under par.
New York Stock
days, and
and 99.999, the average
on
the
Exchange held to 1% for all trans¬
The range for
$3.42)4
with
compared
sterling this week has been
The
official
compared with
York
week
a
ago.
exchange rates fixed by London for
4.02J4-4.0334;
cables,
(2.2883
176)4
a
important currencies are as follows:
more
and
for cable transfers
range
of between $3.51% and $3.59%
The
the
sight,
$3.51)4
between
of
range
a
has been between $3.43 and $3.60,
range
virtual
a
low of S3.43
$3.59)4 for bankers'
and
$3.5934 last week.
The Treasury sold on Monday an issue of
paper.
$ KM),006,060
to
came
a new
transfers, against $3.44)4 in the break of
between
THE New York money marketunchanged in all
continued quiet
week, and rates
Monday, wide declines
on
standstill, with sterling reaching
March 27;
New York Money
Norway
Tuesday and trading
on
of
Following the invasion of
few months.
Denmark
reaction the decline
a
in view of the wide fluctuations
not serious
for
1%.
was
2311
buying);
cents
actions, while time loans again were 1*4% f°r ma"
New
Italian
lire
around
New
176)4-
checks,
Amsterdam,
7.53-
Australia, 3.2150-3.2280;
7.58; Canada, 4.43-4.47;
turities to 90
Paris
70.00.
days and 1%% for four to six months'
da tings.
--'-f
;
New York Money
Berlin is not quoted.
Zealand, 3.2280-3.2442.
London
quoted in
unofficially
are
Invasion of the Scandinavian countries
Rates
on
at
April 9
radically altered the trend of foreign exchange and
DEALINGExchange from day toloan rates was the
in detail with call day, 1% on the
obscures its future
The problems emphasized
course.
Stock
ruling quotation all through the week for both new
The
and renewals.
loans
continues
134% for four to six months'
The market for prime
maturities.
has been
slightly
has been
more
paper
The demand
good and the supply of prime paper shows
moderate increase.
a
commercial
active this week.
Ruling rates
are
%@1% for
all maturities.
shown
of business has been small and the demand
has been
in
reported
of the
Dealers' rates
supply.
as
market and official London rates will
The broader aspects
and
Norway
1 to 90
J4% for bills running from
Bank is
days.
markets, except for legitimate needs of
dealers'
The free market for the
shock of the
the
at
rates
recent advances on
in the footnote to
schedule of rates
of paper
Government obligations are shown
the table.
now
The following is the
in effect for the various classes/
at the different Reserve
DISCOUNT RATES OF
from
later
was
quoted
banks:
-
...
Rale In
Effect on
Dale
Previous
April 12
Federal Reserve Bank
Established
'■
Rale
1, 1939
IX
1
Sept.
1
Aug. 27, 1937
IX
Philadelphia
IX
Sept.
2
Cleveland
IX
The French franc dropped to 1.94)4
Richmond
*1X
*IX
Aug. 21, 1937
Committee at New York,
ment
on
the
with
2
*1X
2, 1937
Aug. 24, 1937
2
3, 1937
2
~
issued the following state¬
Department
Treasury
consultation
"After
morning:
Tuesday
the
and
Federal
Bank of New York, the Foreign Exchange
suspension of exchange trad¬
announces
ing in Danish and Norwegian currencies except, for
the ascertained
According
legitimate needs of customers."
to
*
reliable
press
dispatches British
2
Aug. 21, 1937
day at 1.96)4 cents.
Loree, chairman of the Foreign Exchange
F.
R.
%
major units fell with the pound and all
2
IX
4, 1937
May 11, 1935
Aug. 27. 1937
noon
April 13, 1933, except for the
the lowest since
Committee
'
Toward
as
decline of last March 27.
Reserve
FEDERAL RESERVE BANKS
developments in Scan¬
opening of business.
cents and finished the
THERE have been of the Federal Reserve banks;
no changes this week in the
rediscount
pound sterling felt the full
war
low as $3.43, off 13 cents
the previous close, but recovered to $3.46)4
in the day.
At the low the free market pound
pound
was
overnight
closed weak.
Banks
customers, and only a nominal
market existed for the Swedish krona.
All other
Discount Rates of the Federal Reserve
On
Norwegian currencies in the New York
and
banks
the
Reserve
of the invasion of Denmark
reviewed in other columns.
are
Tuesday, April 9, trading was virtually suspended in
34% bid and 7-16%
asked; for bills running for four months, 9-16% bid
and 1% asked; for five and six months, %% bid
and 9-16% asked.
The bill buying rate of the New
York
free
again compel
consideration.
dinavia
to and including 90 daycare
few days, how¬
discrepancy between the
the
of
consequence
by the Federal Reserve Bank of New York for bills
up
a
the problem facing the exchange market as a
and London
THE market foractivity bankers' acceptances has
prime this week. The volume
little
Within
secondary importance.
ever,
Danish and
Bankers' Acceptances
excess
of
money
Rates continued nominal at .1)4%
quiet.
to 90 days and
up
for time
market
by the break of March 27 have become temporarily
.....J*.....
Boston
New York>..
Atlanta.....
Chicago
St. Louis
IX
Minneapolis
Kansas
*1X
*1X
Advances on Government
Sept.
IX
City
Dallas.
San Francisco
*
Sept.
Sept.
Aug. 31, 1937
3. 1937
2
2
2
1%, effective Sept. 1, 1939.
City and Dallas; Sept. 21,1939, St. Louis
Course of Sterling
Exchange
FREE marketfirm undertone,the week showing a
reasonably sterling began
as compared with
the
occurred on March 27.
from last Friday's close
slump in quotations which
Saturday's market was up
banks
French
likewise
suspended
dealings in
Norwegian currencies, but went even
Danish
and
further
than
the
New
York
banks
in
that
they
2
obligations bear a rate of
Chicago; Sept. 16,1939, Atlanta, Kansas
and
prohibited withdrawals of Danish and Norwegian
accounts to make sure that Germany would not
benefit
surreptitiously.
tinued
to
Norwegian
permit
The New York banks con¬
withdrawals
accounts
but
from
took the
Danish and
precaution of
having each withdrawal application scrutinized
by
counsel.
On
Great
April 10 the United States followed France and
Britain
in
freezing
by executive action all
The Commercial & Financial Chronicle
1312
balances and
foreign exchange transactions in which
Danish and Norwegian Governments and their
the
nationals have
On
quoted in New York, probably for the
duration of the
be
Swedish kronor also ceased to
war.
quoted, although there was
late
nominal quotation
a
Tuesday of 23.70, which compares with the
on
consistent
previous
of
rate
around
As
a
The
23.83.
nominal rate later fell to 23.40 cents.
large scale demand for dollars developed in Amsterdam and Brussels.
It is understood that the Dutch
a
seems
As
a
of foreign exchange.
The fall in
the quotation, he declared, was an incidental result
of the tightening of exchange control. He said that
sterling is the basic
of vast
currency
areas
in
many
has become
more
important and difficult,
The British policy, he said, is to maintain the
chasing
pur-
of sterling for national needs and in
power
tions between sterling and other currencies in London
compelled to draw
on
result of the supporting action spot
belgas and
belgas and
guilders fell swiftly, indicating grave fears of
The
already
discount
severe
90 day belgas of
on
points under spot widened on April 9 to 45 points,
while the rate for
30-day belgas widened from 6 to
points discount.
The discount
on
30-day guilders
on
April 4
was
8
points but increased to 30 points on April 9, while
the discount
90-day guilders widened from 28 to
on
points.
Foreign traders
are
naturally interested in the
probable disposition of the gold reserves of the ScanScandinavian
The
nations.
dinavian
arranged for the conduct of the vast bulk of transacthrough the British control at official rates,
"I think," the Chancellor declared, "that it would
be the wrong policy altogether to intervene in support
of sterling in the free market.
future invasion.
110
resources
pursuit of that policy the British authorities have
future
15
British
its supplies of
was
spot guilders remained steady, but future
26
was
to insure that these exports contribute directly to the
exchange to meet the demand. Similar action
to have been taken by the Belgian authorities,
control
dollar
cur-
authorized
from
obtained
sterling
parts of the world and the problem of controlling it
-
of the invasion of Scandinavia
consequence
in
or
The object of these regulations, he pointed out,
currencies
and Danish
Norwegian
Tuesday
ceased to be
by Great Britain must be paid for in foreign
rencies
dealers in foreign currencies.
'
interest.
an
April 13, 1940
countries,
especially Sweden, have been sending gold here for
As regards the
ques-
tion whether Britain should block the sterling assets
belonging to foreigners,
a
great deal of foreign money
or entrusted
has been invested in Britain in securities
to the British banking system because sterling is and
currency of international use.
At the
remains the
outbreak of the
the
over
war
Britain assumed complete control
international
uses
which
to
the
money
belonging to British people might be put, but left
the foreigner, that is people living outside the ster-
ling
free to dispose of his assets here
area,
where.
else-
or
That decision is in accord with the prin-
"safety since even before the outbreak of hostilities in
ciples and traditions upon which foreigners have
always felt able to rely."
Before Tuesday approximately half of the
gold reserves had already been moved
Secretary Morgenthau in his press interview on
AprilS made it clear that in the opinion of the Treasury
Europe.
Scandinavian
places of greater safety in anticipation of the
to
of the
extension
war
to
that
New York had been made last year
was
Shipments to
area.
but the movetnent
intensified at the time of the Soviet invasion of
Great Britain had not violated the spirit of the
tripartite monetary agreement because there is
depreciated sterling rate
He said:
the
Finland.
available statements
Latest
of condition of the
"There is
British
depreciate,
available in
no reason
for
me
New
to feel
have willfully permitted the
so
I can't
see
a
York,
now
that
pound to
that the spirit of the tri-
Scandinavian central banks showed that the Bank of
partite agreement has been violated."
Sweden had gold reserves
the sterling situation particularly with reference to
$53,000,000, not
Bank of Denmark
which
of
are
of $218,000,000 and the
believed to
more
than half
have been in their
own
The National Bank of Norway had $90,-
vaults.
000,000 and it was estimated on April 9 that from
$55,000,000 to $60,000,000 was in Norway.
During the week ended March 27 $13,933,885 of
gold
was
received in New York from Sweden.
Durof
ing the week ended April 3, the Department
Commerce disclosed, Sweden sent $21,935,485
of
Approximately $8,500,000 gold was received
on April 9, while other shipments of
Swedish gold amounting to about $17,000,000 were
on board ship in a Norwegian port on April 9, but
gold.
from Sweden
whether the
the
on
boat had left before
Germany seized
Norwegian port of Bergen was not known here
Respecting the official and unofficial sterling rates
Chancellor of the Exchequer, in a
Sir John Simon,
reply to
a
question in the House of Commons
on
April 9 that the recent fall in the unofficial
rate for
purposes was
under study by the Treasury,
The London price for gold continues at 168s
at %%. Two- and three-months bills are 1 1-16%,
four-months bills 1
and six-months bills
13-16%.
The amounts of gold imports and exports which
follow
are
taken from the weekly statement of the
United States Department of Commerce and
the weekended April 3, 1940.
no
sign of financial weakness or difficulties on
way a
part of Great Britain. The decline, he said, was
the natural result' of recent regulations (those of
the
March 8, effective March 25) providing that the export
.
of tin,
.
i
iv
»
j
x
xiir
rubber, and other major products controlled
cover
gold exports and imports, march 28 to april s, incl.
BxporU
ore and base bullion..-...
Total.
Detail
83,716,048
$1,755
__...$85,269,117
$1,755
.......
of Refined Bullion and Coin Shipments—
Hungary.
.... ......
$5,983,930
Set^nds"".":""*""1"":"""
'° 536 515
Swe<aen.__--LL1~IIII~II1I~IIIIZII1IZZI^IIIIZ 21,935',485
sterling in the foreign exchange market is in
said
per
the Bank of England's buying price. Open
market money rates are unchanged from the past
several weeks. Call money against bills is available
ounce,
Refined bullion and coin.
April 10.
written
the sterling rate to be used for customs
He said that
'
"
ZIIIII
HZ:
Canada...
1
84,597
British7n7iZIZIZ~IZllZ"ZZZ" 1,144",821
5*
untonofkmhAfto:::::;::::::::::::::::::; loisS
* chiefly $195,709
Canada, «u4,326 Mexico, $110,000 Ecuador,
$112,644 Saudi Arabia, $205,946 Netherlands Indies, $507,115 Philippine
islands.
.
Gold
held
under
the Federal Reserve banks was reduced
earmark at
during' t«6 W86k 6nd6u April 3 ny
Canadian exchange was
,
weakness
in
sterling.
strongly inclined to resist
Montreal funds ranged
,.
.
x
r
i»t
i
Exchange
(nominal), against 0.50 (nominal).
_
_
..
_
March113'000 gold was held under earmark for foreign account as of
the
rest closed at 0.50
»
monthly report of the Department of Commerce showed that
The latest
2313
The Commercial & Financial Chronicle
Volume 150
-
^
_
at
Finland, closed
On
against* 1.95 (nominal).
.
4
(nominal),
2.00
Greek exchange closed at
^.67 (nominal), against 0.67 (nominal).
xu
nvnuAvnp
x
•
i
<.
j
xi,
•
T7XCHANGE on the countries neutral during the
h
r
in-M mio
ec
j
^
x
1—* war of 1914-1918 suffered the most severe
—repercussions of the invasion of Denmark and Nor-
iam
i
during the week between a discount of 17 1-16% and
,.
.
-i/07
-A_J[%/8 /c"
Referring to day-to-day rates sterling exchange on
Bankers
sight was $3.58@$3.58% and cable transfers were
$3.58J4@$3.59.
On Monday the pound receded
Saturday last
firm in limited trading.
was
The; ra3*S®
jt
$3.57/8 for bankers sight and $3.54%@$3.58 for
cable transfers.
On Tuesday the pound fell sharply
slightly in
a
dull market.
as a
consequence
and
Norway.
of the German invasion of Denmark
$3.42%@$3.52% for
sight and $3.43@$3.5234 for cable trans-
bankers
The
range was
On Wednesday
fers.
there was a slight recovery in
practically at a
S3.44/4@$3.49/4;
On Thursday ex-
quotations although trading was
Bankers'. sight
standstill.
cable
transfers
was
$3.45@$3.50.
relatively steady in dull trading. Bankers'
$3.53%@,$3.59%;. cable transfers $3.54@
$3.60.
On Friday the market presented no new
features.
The range
was
$3.48%@$3.52% for
change
sight
was
was
sight and $3.49@$3.53% for cable transfers.
bankers
Friday were $3.49% for de$3.49% for cable transfers. Commercial
Closing quotations
mand and
on
sight bills finished at $3.48, 60-day bills at $3.47,
bills
90-day
at
$3.46%, documents for payment
days) at $3.47, and seven-day grain bills at
$3.48. Cotton and grain for payment closed at $3.48.
(60
Continental and Other Foreign
Exchange
rpbe reac^ons 0f these currencies are outlined
way
above in the review of
-n ^
ra^e
future
Qn
and
exchange.
*n
April 4 shows
an
the wreek ended
were
with the
Feb.
apparently unaffected by the European events,.
but trading wag
Bankers'
^ 53.08
extremely iimited.
sight
Amsterdam finished
on
transfers
at
bills at 52.75,
gjgbt
ciosed
on
against
checks
22.43 for
at
Sweden closed at 23.83
for-cable transfers,
Exchange
on
120,303,082,495 francs
revenues
a
year
of the French Government continue
reflect the mounting
imposed
income
that of
upon
taxes
a
against 23.83 and 23.83.
qUOted after April 8.
Spanish pesetas
quoted at 9 50j against 9 50<
burden which the war has
the French taxpayer. The yield from
during February was nearly double
year ago,
are
nominally
■
—♦
T^XCHANGE
JUj
on
the South American countries is
of interest this week because of a new exchange
ruling.
Advices from Buenos Aires on April 10
indicated that in Anglo-Argentine trade Argentine
imPorte's must US® Sterling b°Ught at, tbe %cial
rate and may no longer use free market sterling.
jn
a
pay for official pounds at
memorandum to the press from the ministry
sharp fall of sterling
the free market has led former users of the official
through third parties in New York.
with
amounting to 1,099,000,000 francs
on
Denmark and Norway ceased to be
seek to purchase cheap sterling in
^
The
Checks
(nominal) for checks and at
market
earlier.
to
Swiss francs
52.95.
and at 22.43 for cable
transfers, against 22.43% and 22.43%.
23.83
Friday
on
Friday of last week; cable
53.09, against 53.09; and commercial
against 53.09
rate to
previous high of 156,150,385,560 francs on
and
29
throughout the week and
high
157,895,000,000 francs, which compares
of
record
and
Swiss
the lowest since Oct. 21, 1933.
continued steady
francg
increase in circulation of 1,863,-
000,000 francs, bringing the total to a new
The
Wednesday's trading the nominal quotation was
23.40 cents,
0f finance it is stated that the
The Bank of France statement for
increase
Swedish krona continues to be nominally quoted
fixed rate
on
outlined above in the review of sterling
are
severe
guilders is also noted.
THE effects of the the French franc of Denmark They must henceforth
German invasion and on the
Norway
of $4.02.
belga
The
sterling.
resuit
^he
the free
As
a
Argentina has been prevented from employing
sterling which it receives in payment for its wares,
^us
prejudicing its export trade, and at the same
time the dollars which it needs in order to pay for
increasing imports from the United States are
employed unnecessarily.
The finance ministry stated
Government enjoys the cooperaBritish monetary authorities in the
^be Argentine
^jon
the
0f
imposition of the new ruling,
compared with 569,000,000 francs in February, 1939.
Argentine official or free market closed at 22.95@
"extraordinary national contribution" amounted
220,000,000 francs in February, against 68,-
23.00, against 22.95@23.15 on Friday of last week,
The
to
000,000 francs
The yield from indirect
3,818,000,000 francs in February,
a year ago.
taxes amounted to
compared with 3,200,000,000 francs a year earlier.
The
176.50@176.75, against 176.50@176.75 on Friday
of last week.
In New York sight bills on
center finished at
against 2.02M and 2.02%.
at
the French
1.9834 and cable transfers 1.9834,
Antwerp belgas closed
16.8234 for bankers' sight bills and at 16.8234 for
cable transfers, against
17.04 and 17.04. Italian lire
sight bills and at 5.05 for
closed at 5.05 for bankers'
cable transfers,
are
not
Poland
against 5.05 and 5.05.
Berlin marks
quoted in New York, nor is exchange on
or
on
Czechoslovakia.
Exchange
on
Bucha-
are
exchange is
(official).
Peru
is
quoted at 5.15, against 5.15.
quoted at 5.17,
nominally
against 5.17
quoted
at
18.00,
against 18.00.
production tax reached 1,249,000,000 francs,
compared with 1,002,000,000 francs a year ago.
The London check rate on Paris closed on Friday
at
Brazilian milreis
Chilean
—♦—-
r^XCHANGE on the Far Eastern countries was
J"-*
responsive to the wjide fluctuations of sterling,
Both the Hongkong andHhe Shanghai dollar went
off sharply in reaction to the European developments.
The Japanese yen continues firm as it is
fixed to the dollar at the rate of 23.46 cents. Most
of the Far Eastern countries are closely allied legally
or by exchange control to sterling and hence have
become parties to a general movement to prohibit
free market trading in sterling and in other currencies
and will permit the conversion of their own currencies
only at the official rates fixed by London.
The Commercial & Financial Chronicle
2314
Closing quotations for
23.46, against 23.46
on
checks yesterday were
yen
kong closed at 21.75, agaihst 22.30; Shanghai
6
agents and satellites.
vailed
Hong¬
Friday of last week.
in
the
tional
against 30.36; and Calcutta at 30.35, against 30.36.
President that the
in
British statutory rate,
the
in
84s. ll^cl.
principal European banks
dates of most recent statements,
special
cable
shown for the
fine ounce)
of respective
reported to
(Friday);
yesterday
per
as
us
comparisons
by
are
corresponding dates in the previous
1939
1940
*015,980
242,447,803
b3,385,550
c03,607,OOO
817,440,704
103,742,000
95,089,000
85,805,000
Denmark
0,505,000
Norway..,.
0,007,000
8,222,000
Germany
Spain
...
Italy
Netherlands
Nat. Belg..
Switzerland
/
Sweden
60,872,000
Total week.
070,237,103
Prev. week.)
050,970,810
,
2,621,950
87,323,000
25,232,000
122,148,000
89,492,000
75,119,000
27,453.000
0,541,000
7,442,000
76,626,000
104,353,000
83,531,000
25,655,000
6,550,000
0.602,000
-
re¬
his mild
it will be remembered, did not
as
The President
once.
predilection towards bal¬
Their victory within the Adminis¬
ing consternation and rejoicing
of
both
sides
in
the
alt
come
vacillated, alternately
caus¬
the parti¬
among
dispute and,
upon
one
far opposing the party to which he ulti¬
so
to authorize Secretary Mor-
as
genthau to promise, before the Economic Club of
£
314,572,389
347,628,740
2,438,150
87,323,000
42,575,000
293,720,843
the
public spending and by inducing him
even
budgets.
tration,
sans
camps.
convincing
by
speedy and popular rdad to
mately surrendered
1930
£
£
327,231,023
*130,002,008
295,815,871
3,010,000
03,007,000
23,400,000
111,250,000
87,400,000
105,310,000
33,111,000
0,555,000
France
1937
1938
£
£
England
anced
occasion,
four years:
Banks of—
to surrender
at
Na¬
the
would be cleared by opening the flood-gates
of unlimited
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
time
at' that
succeeded
covery
European Banks
of
destruction
the
Kecovery Administration into rival
They
Bullion
1940
They are the men who pre¬
after
Singapore at 47%, against 49^; Bombay at 30.35,
Gold
13,
sharp controversy which divided the
Administration
at
1-16, against 6.25; Manila at 49.80, against 49.80;
April
202,379,419
503,776,156
2,327,250
89,107,000
42,575,000
59,469,000
95,412,000
48,182,000
23,891,000
0,554,000
New York
tal
City,
an
wards
balanced
slow
it
as
became
early resumption of
and genuine efforts and
economy
Federal
in
was
governmen¬
progress
to¬
Nevertheless,
budgets.
coming, the victory of the spenders
finally complete, at least
to their main
as
6,603,000
807,749,539 1,004,223,816 1,097:854,279 1,080,275,825
808,242,204 1,064,899,659 1,097.814,978 1,086,103,724
contention, although they did not obtain plenary
authorization in respect
of their incidental proposal
•
Pursuant to the Currency and Bank Notes Act. 1939, the Bank of England
statements for March 1, 1939 and since have carried the gold holdings of the Bank
at the market value current as of the statement date, instead of the statutory price
which was formerly the basis of value.
On the market price basis (168s. per fine
ounce)
about
the Bank reported holdings of £1,218,035 equivalent, however, to only
£815,986 at the statutory rate (84s. ll^d. per fine ounce), according to
calculations.
oar
periods
In
order
to
make
current
figure
comparable with
English holdings In the above in statutory pounds.
a Amount held Dec. 31,
1939, latest iigures available,
b Gold holdings of the
Bank of Germany Include "deposits held abroad" and "reserves in foreign cur¬
rencies."
c As of April 30,
1938. latest figure available.
Also first report sub¬
sequent to Aug. 1, 1930.
The value of gold held by the Bank of France was revalued with the statement
of the Bank as of March 7, in accordance with the decree of Feb. 29, 1940, at the
rate of 23.34 mg. gold 0.9 fine equals one
the value of the Bank's gold hoiolngs was
cree
of Nov.
13, 1938, at 27.5
mg.
franc; prior to the latest revalorisation
calculated, in accordance with the de¬
gold 0.9 fine per franc; previously and subse¬
quent to July 23, 1937, gold in the Bank was valued at 43 mg. gold 0.9 fine per
franc; before then and after Sent. 20, 1930, there were 49 mg. to the franc; prior
to Sept.
20, 1930, 05.5
gold 0.9 fine equaled one franc.
Taking the pound
sterling at the English statutory rate (7.9881 gr. gold ll-12th fine equals £1 sterling),
the sterling equivalent of 349 rancs gold In the Bank of France Is now
Just about
£1; at 27.6 mg. gold to the fra .< the rate was about 290 francs to the £1; when there
were 43 mg. gold to the franc the rate was about 190 francs to the
£1; when 49 mg.
about 105 francs per £1; when 05.5 mg., about 125 francs equaled £1.
dent while the latter inclined
sound
have made
cess
in
no
and then
economic sciolists who
captured the New Deal
suc¬
obtaining control of the so-called Monopoly
National Economic Committee created by Act
rary
Congress, and approved by the President in June,
1938.
Obviously the objective of this committee,
a
He states that when the bubble
"we
way"
planned
seemed
"Tom
Corcoran,
Leon
a
Corcoran
.
.
Ben
of
Harold
the
and
the
velt blew
functioned about the turn of the
are
significance.
The
a
century, but in its
differences of wide
body did not
series of but
commence
partially concealed
tions which its dominant members
to
seven
against
one
long months.
last,
ask
to
Congress
But
program.
finally
a
for
three
a
not
He
sent
busting offensive.
for
wrung
did
he
The
and
a
message
as
substance of
hardly
plainly intended
as was
intended,
then organized and
con¬
experienced leaders and students
might consider sound and likely to be illuminating,
an
spending
Congress
trust-
asking
idea—a
sonorous
He
name
a
group,
It displays
an
ardent
holding in their hands the
victory in their opinion too long de¬
preferred
won.
of defending the frontier
means
so
Their disappointment almost outran
their satisfaction.
Scarcely could
conceived the strange process
success
in
was
any
of them have
which, within
to supplement
a
rela¬
their
sub¬
securing adoption of their spend¬
ing theory as the keystone of the New Deal arch by
expanding their suggested anti-monopoly campaign
into a legislative compilation of data and
opinions
astutely
selected
to
sustain everything
they
had
public.
present proceeding, rather humorously styled
far-reaching and subversive plans not yet publicly
inquiry,
seems to
small group
to
dollar
spectacular
to
a
ojienly proposed plus the broadest opportunity to
prepare documented arguments favoring still more
both to the commission and to the interested
The
a
was
He agreed, at
billion
authorize
ii revealing.
picture
prevailing
the
ducted, with such explanations and interpretations
of those facts
He played
alternately
delay."
preconcep¬
forum for recording the facts concerning
as
-
Hope¬
Roose¬
thorough study of 'concentrated economic power.'
stantial
inquiry became,
country's industry,
He
another.
men,
from him.
sorts
done.
open
launch
Only in April, 1938,
of
tively brief period,
this
business,
must
echoed and contradicted them.
however, is precisely what the present body has
an
on
of
insisted
decision
operations
support by the testimony to be developed; that,
The former
luminaries
ferred, but, in the very moment of success, denied
~
earlier
lesser
H.
Lauchin
anti-monopoly campaign.
hot and cold for
subordinates
Robert
Douglas,
The Administration
for
with
Ickes,
O.
depression must be blamed
capital.
with the methods and
consequences
of its operation,
early
depression
'well-integrated group,'
constructive spending and
his
the
of
state
William
resurrected the Hoover Commission
conduct and methods there
in
exploded
last
Cohen,
Oliphant,
called
the
.
'strike'
the
Henderson,
Herman
Currie,
a
and
than the first:
worse
Jackson,
what
1937
of
autumn
that
study of the economic organization of the country,
is reminiscent of the Industrial Commission which
own
recent issue of the "Satur¬
a
lessly confused by the bubble of his medicine
conquest comparable with their
saving and
day Evening Post."
on
Investigation, nominally in charge of the Tempo¬
of
towards
finance, tells the detailed story in his
picturesque phrases in
that
Controlling the Record
first surrounded
Dr. Kaymond Mo-
ley of Columbia University, best friend of the Presi¬
mg.
The slick and starry-eyed
anti-monopoly campaign.
an
former
well as with the figures for other countries in the tabulation, we show
as
of
the inner
be completely controlled by
entirely composed of
persons
circle of the New Dealers,
a
belonging
with their
disclosed
This
or
comprehended.
resulted
from
an
extraordinary legislative
evolution, unquestionably unique in the history of
Volume
the
The Commercial & Financial Chronicle
150
Congress of the United States.
laid when Senator
was
Its foundation
ming, in alliance with the late Senator Borah,
duced
bill for Federal
a
evitably destined to
mation
should
activities
be
of
interstate
in-
of
a
Democratic product of the New Deal, and Brazilla
Carroll Reece of Tennessee, later succeeded by Clyde
Williams of Missouri,
corporation
opened to a broad executive or legis-
of
Notably unwilling to be extin-
as
the Republican.
Absence
perfunctory representation of any highly
even
industrialized State " or region attracts attention,
rival light of New Deal origin, the
a
Summers
House, with Edward Clayton Eichner of loAva,
pro-
was
W.
Texas, Chairman of the Judiciary Committee of the
long stage of suspended ani-
a
field
the
latiVe exploration.
guished by
incorporation that
Hatton
Representative
sturdy
Joseph O'Mahoney of Wyo-
2315
but considering the character of the control estabThe solid phalanx
Wyoming Senator, always independent and some-
lished is perhaps unimportant.
times
of New Deal representatives, through whom that
the
antagonistic,
in the
as
case
of the attack
Supreme Court, boldly entered the
his
resolution for
own
investigation
with
arena
N. Frank, Garland S. Ferguson Jr., Leon Henderson
and
pre-
a
Then, by
Ashurst, head of the Judiciary
subcommittee
a
dealing comprehensively with
Avon
Aviidson.
Thus
was
giant's
the
and entrenched,
A staff utterly committed to the spending clique
now
with
charged
Clarance
strength
^Committee, the hopeful author of the resolution beof
at this
presidential proposal, to be
ponderance of congressional membership.
Chairman
is exercised, consists,
time, of Thurman W. Arnold, Isador Lubin, Jerome
more or
conducted, however, by a body containing
came
exists and
control
less
an
within the lines of the
the favor of Senator
upon
dominating the New Deal
consists
the entire subject,
very
Avas
organized and
largely of bright young laAvyers, Avith-
out professional experience except in governmental
Had events
proceeded from this point to
normal
employment under recent phases of the New Deal,
fruition,
superficially there seemed every reason
and similarly youthful'sofdisant economists, gaily
to
as
a
adhering to novel and unproved doctrines of indus-
anticipate, there would have been an investiga-
tion directed and conducted
by Senator O'Mahoney,
Avith entire control vested in him
administrative
of
mum
point
fully
licensing
the
objective
incorporation
or
mini-
of
all
men
every
a
interference, and at
to
attuned
subject to
trial,
Avith
in-
interstate
It
American
industry,
Just Avhen Tom Corcoran and
not to be.
was
notion
that
Senate
and
conceived
the
that they
Their panacea starts
or course,
electing and
apparently
thing that successful business lias achieved, all the
fantastic
methods it
uses
and has favored, and upon all the
they might outAvit the United States
principles of
materialize
so
profits, and reasonable returns upon investment,
staffed and financed,
under which the United States acquired industrial
investigating body,
an
constituted, and especially
so
open
competition, free contract, earned
to
equip them Avith indisputable control of its
strength and greatness.
every
activity and even of the temper and tone of
gram
the so-called
this stage,
in\^estigation does not
For, at
appear.
requires
spending,
As incidents, their pro-
profligacy
in
Federal
manipulations
of
Federal
continued
continuous
accounts to conceal the real enormity of accumulat-
although their subtle maneuverings yielded a
and
their activity was suddenly submerged,
ing deficits, continued increases in Federal indebt-
feAv minute bubbles upon
Yet
evidence.
ure
and equally,
Avrong
reelecting; it is accompanied by attacks upon every-
assistants
as
These
reconstruction.
with spending, taxing and,
dustries.
his
political
convinced that they know Avhat is
know liow it is to be cured.
Federal
of
social and
are
edness, continued expansions of Federal poAver and
a meas-
direct activity in industry, continued absorption of
body to consist of six members
banking functions and credit control by the Federal
they eventually emerged Avith
providing for
of the
real
a
Administration,
merits of the
the surface there is
one
no
authorities, ultimately extending to seizure of the
each from the Depart-
Treasury, Commerce, Labor, and Jus-
reserve
tice, the Federal Trade Commission, and the Securities
and
Commission,
tives.
funds of the great life insurance coopera-
The exclusive function of the Monopoly Corn-
which
mittee, in their appraisal, is to accumulate, arrange
Only to be named to prove beyond peradven-
needs
and exploit ex parte evidence in support of that
ture the
Exchange
galaxy
overAvhelming program of State Socialism.
plenary control of the White House cabal.
Furthermore,
clinch the
to
victory
against the remote contingency
three Senators and the three
divided
a
four Democrats and tAvo
of union
That it must lead inevitably to dictatorship is
protect
of the J; beyond their cognizance, or at least beyond their
Representatives, to be
immutable
according to
and
custom
present concern.
They are creating evidence, select-
ing testimony, rejecting those Avitnesses whose views
between
Republicans, unrevieAvable
are
inconsistent Avith the goal of their desires, shap-
authority to direct the expenditure of four-fifths of
ing and limiting that of others in adaptation to
the
was
their plans; in short, astutely and adroitly creating
Senator O'Mahoney,
the simulacrum of inquiry within a record almost
$500,000
appropriation
for
lodged in President Roosevelt.
thus
outwitted,
ter of the
lack
of
empty
was
the
inquiry
every
to be allotted the nominal cen-
stage as titular Chairman, but his obvious:
authority
shell,
renders
a\Thile
that
his Ncav
position
Deal
a
conferees
very
are
out of the abundant imaginings of their inner
consciousness.
The virtue in a giant's strength is axiomatic; so
v is the tyranny and danger
visibly enjoying the oyster.
Vice-President
line of which they might have Avritten in ad-
vance
Garner, after Senator Ashurst de-
clined, designated Senator William H. King of Utah
of its full exercise.
It is
to be questioned Avhether the daring of the Neiv
Dealers, in the zeal of their youth and the bounding
remaining Democratic member, and Senator
joy of strength surprisingly acquired and suddenly
Borah, succeeded upon his death by Senator Wil-
realized, has not overreached itself. What they are
doing is being done in the full sight of all men
as
the
liam H. White Jr. of
Maine,
resentative of the Senate.
Bankhead of Alabama,
as
the Republican rep-
The Speaker, William B.
submitting to custom, named
whose
eyes
are
open.
Their
manipulations and
maneuverings are not at any point concealed from
The Commercial & Financial Chronicle
2316
those who possess
the will to
see,
with good sense
sufficing to clarify their vision and minds
tent to understand.
Unless these
too
are
compe^
few, the
Monopoly Committee will have to mend its
ways
(and what Congress has created it can modify) or
the record
it is
compiling must ultimately fall to
the discredited level of
a
historically curious demon¬
stration of the fatuous and self-inflicted
of inflated power so
feat its
own
impotence
relentlessly exerted
to de¬
as
Previously it had long had its commercial profits
overwhelmingly burdened by the increased cost of
the
political and military activities it had to under¬
take.
The short
period of French and British rule
characterized
was
by the transformation of
loose
a
governmental organization predominantly commer¬
cial in aims into
centralized
a
State, but in varying
degrees the exploitation of the colony for the bene¬
fit
of
the
tinued.
purposes.
April 13, 1940
of the ruling
economy
After
power
was
con¬
1816, when the Hutch returned,
policy of
tion
The Netherlands Indies
South
Holland has the
Astride the
of
southeast
and
of
Asia,
major part of her colonial empire.
Equator it constitutes one of the most
important tropical regions of the world, where the
fertile soil lends itself to
very
both of native and foreign origin, and where
crops,
there exists extensive mineral
and
great variety of
a
tin.
Consisting
islands, scattered
some
wealth, especially oil
three
of
great
groups
of
3,000 miles from east to west
(one-eighth of the world's circumference), and 1,300
miles from north to
south,
the Indian and Pacific
on
the
over
Borneo,
fourth
a
third of New Guinea, and three-quar¬
a
ters of Timor.
The total land
is
area
735,000
square
miles, which is about 57 times the size of Holland.
The Hutch entered this part of the world in 1595.
In 1002 the Hutch East India Co.
by 1610 manifested its
what is
near
formed, and
by building
presence
Batavia.
now
was
fort
a
By controlling the prin¬
ground rents, payable in kind based
which
established by the great
was
Sir
administrator,
Stamford
land
secured
much
Powers
trade,
the
developing
on
their
eventually
company
Far
Eastern
concentrated
its
activities within the
area thus sealed.
Being essen¬
tially interested in trade, and under the conditions
then
obtaining mainly in
call,
it regarded its
traffic with ports of
sea
political
relations
with
kingdoms and principalities of the islands
ondary matter.
secure
estimated
an
have
reduced
Much dissatisfaction
selfish
too
involved
was
its
in
her
of
control
Hutch
New
the
Borneo
kets
and
Guinea
still
are
a
back
as
1610.
left in control
was
was
a
as
as
was as
The
Java,
more
company
the
case
was
peoples and secondarily with
possibilities held well in view.
world—800
1,650,000
are
now
70%
some
mile.
square
per
All
army
of the
some
Hutch.
and about
adjacent islands had
Of
those
of
as
rulers
over
115,000
or
more
classes
generations.The laws
in
the
population:
(1)
(2) foreign Orientals;
races;
well
as
Many
from families which have
as
the foreign Orien¬
The
native
far
gence
The company's
many
localities
when
the
Holland.
trading,
race
is
not
apt
employment
or
said
a
to
to
develop indi¬
Java would
ancestral
soon
land
it
be
Only
was
long
one
ago
re¬
Under
clear to the
races
of
deprived of their rights to their
holdings, and from small farmers
mere
soon
have been
degraded to the
tillers of the soil for landholders
alien races—whether
entals.
deals.
talent in that
if left alone, the native
most of them would
position of
sIioav any
comparatively small tribe.
circumstances
Hollanders that,
of
are
distinguished by that form of acute intelli¬
spect, and it is
these
races
and protective egoism which shines in real
native
as pos¬
be of families long identified with the
may
estate,
conquered
one
(3) Europeans, who,
were
1798
non-native
210,000 Europeans, mostly Hutch.
of the latter group come
viduals
primarily traders
in
some
Asiatics, mainly Arabs and British Indians,
In¬
generally not recruited
dissolved
but
archipelago.
large delivery
were
located
considerable, degree of civilization before
a
tlie arrival of the
other
amounts
are
of ancient native stocks, which in the
of Java and
attained
of
representative elements in Holland.
revolutionary
were
can
of the most densely populated areas in
one
soon
tropical products in which the company
and, being poorly paid,
French
in
Usually all that
possible.
of
endeavored to ad¬
success,
65,000,000, of whom
was
amount
appointed to that end
much
part
that, since and in¬
population of the archipelago
tals,
had to be undertaken.
by company employees who
the
The
to about
mar¬
It
considerable
traded, at the lowest possible cost.
political powers were exercised in
among
their cultural
home
voyage to
Nevertheless, the native
expected of them
sible of the
long
heavy overhead.
that
Governor
greater
practically all of Hutch
charge primarily with the basic ma¬
indigenous
political administration
deed,
her
natives of
to incur, especially in addition to the
engaged
of expanding
undeveloped—Holland
ability and considerable
three
other
the
While
was
cluding the 1870% she has consistently, with great
recognize
the
as
claim with substantial accuracy
been there for
however,
colony.
purpose
area—and
well
as
mini¬
not eager
her
military operations for the
areas
which the thrifty management
five
some
felt in Holland at this
of
throughout the nineteenth century she
a
hazard and expense of the
found,
other
some
political dispositions to
expenses
people of
a
was
exploitation
political administration of such
For
mum.
profits in
probable that the company would
seems
£166,000,060 in the 12
stock, the Chinese form the bulk, with
possible under the circumstances to
the desired commercial
it
as a sec¬
.
If it had been
way,
the
lowered from
was so exten¬
millions. /
possible, clashes with other Western
as
intent
was
one-fifth,
following 1830 from
years
terial interests of its
as
British colonial
sively applied in Java, by forced cultures, that Hol¬
archipelago, the company gained virtually
a monop¬
the
Iiaffles—Lieutenant-
principle, and, while the rate
two-fifths of the harvest to
minister
In order to avoid,
sys¬
on
Governor of Java from 1811 to 1816—was continued
in
cipal western and southern straits leading into the
oly of the trade of the islands.
a
certain degree of political decentraliza¬
theory that the Government owned all the land,
bordering
seas
Oceans, the entire archi¬
pelago is Hutch territory except for about
of
slowly developed, but the pernicious
was
tem of
continent
the
a
Europeans of foreign Ori¬
Volume
The Commercial & Financial Chronicle
150
Accordingly in 1870
for
agrarian law
an
enacted
was
Java, and its principles in major outline
applied in 1871 to
number of the other islands,
a
A careful check and survey was
to
were
land—individual
made of all titles
All
collective.
and
lands
to
which
right of property could not be proved by
others
was
State.
were
be
to
considered
The basic
to
to
the
on
a
the
property of the
principles of this and later laws
protect the native population in its relation
soil, and to promote agricultural industry
large scale by affording reasonable security for
investment and
exploitation in regions where large
tracts of vacant land
Under this
and
available.
are
titles of the native
protected by clauses
are
races
alien
the
a
of
mainfested
has
races
as
the
for
native
land
small loans
a
may
can
obtain
Government organization,
policy
one
volcanic
a
are
particularly notable
end to the other of that
mountain
chain
composed
These disintegrate quickly
damp tropical climate and form
fertile agri-
a
soil, which is washed down to the plains
rivers and is there diverted
numerous
by the extensive irrigation system.
the wise and
to
Under
far-sighted guidance of Holland, both
legal protection and agricultural
technique, it has been possible for Java, with this
fertility of soil
those
the basic element, to support its
as
population, with
for
parts,
reasonable degree of prosperity
a
not
usually associated with
but
by
the
industrial
areas so
pursuits
densely populated,
by agricultural activity more in harmony with
the habits and skills of the
the
Dutch
islands
have
been
people.
It is true that
endeavoring
to
industrially self-sufficient
as
make
as
the
possible,
^r-and considerable progress has been made in estabI
lisjiing industries to supply domestic needs of manufa/tured articles.
Nevertheless, it is probable that
Java will remain
even
indefinitely
as
it is
now,
a
country the economy of which is based mainly on
agricultural effort, and as far as Java is concerned,
to
qj»
i
a
large degree
on
that of the native small farmer
well-paid laborer
In order to
place this agriculture
nomic basis and to develop it,
the
scale
on a
firm
eco-
in the aggregate,
on
required to employ the activities of
so
population, Holland has supplied the neces-
large
a
sary
aptitude
for organization,
collective action,
*
enterprise, and stimulative energy as well as engineering and other technical training.
and
to
This stimulus
cooperation has been manifested in more ways
than it is
those
varieties
66%
(tapioca),
of
the
coffee,
of the other agricultural products exported,
The other principle embodied in
since 1870,
th^gilhrian laws
namely the promotion or large-scale
commercial agriculture, has its practical applicawith
respect
to
the
enterprises
mainly
of
Dutch and Dutch East Indian origin, but also to
an
important extent to those initiated by British,
possible to outline here.
Crops not native
regions have been introduced, and better
of
much
possible the vast
as
vacant
areas
of the
islands—other than Java and Madura—known as
couragement of emigration to them of the natives
Java, where it has had the widest
in the domain of
•
products
48.8% of the rubber, 9% of the tobacco, and 92.1%
of the teeming population of Java.
By 1930 it
wa$f|
estimated that in spite of the importance of the
lished, only about 1% of the available areas had
sand, ashes, and dust.
use
of the
large-scale agricultural enterprises already estab-
From
runs
by the
100%
the "Outer Islands" by this means, and by the en-
largely of quartenary rocks, consisting mainly of
good
1937,
in
95% of the coconuts, 80% of the
be noted that
only from
application.
cultural
cassava
supplying,
corn,
As
wards—and such
her
holders, and that natives
in the island of
in the
crops,
and
pepper
purchase of timber directly from
The results of this
island
care
be said to be, particularly in
may
forbid
laws
mercial
which
intermediaries.
paternal
Java and the older islands—it
the
well as corn, peanuts, sweet potatoes, &c.,
the native farmers produce large quantities of com-
welcomed, the objective being mainly to exploit as
especially, only by deals within
illustration
the native
on
Foreign cooperation in this respect is particularly
may
through Dutch officials
Holland
organized
rent their land to lessees of
They
races,
further
been
to rice, the main native
but only for short terms, and, in the
race.
carefully provided legal regulations and negoti-
ated
as
lias
In'addition
American, Belgian, French, and Japanese interests.
of arable lands
case
food,
cultivation
non-
forbidding them to sell their lands to those of
native
scientific lines.
tion
subsequent legislation the land
Their
oped.
2317
plants already there have been devel-
been
thus
taken
up.
Since
then
progress
has
been made, though the World War depression re-
tarded it.
The
use
of land for this type of agricultural enter-
prise is secured on long-term lease from the Govern-
ment or from the native princes. In the case of
Java neither the maximum term nor the maximum area can be as extensive as in the Outer
Islands. Long leases in the latter territory are
obtained from the Provincial Governments. The
area cannot exceed 9,645 acres or the term 75
years.
Whether the land lies in the Directly
Governed Provinces or in those designated as SelfGoverning (where a certain measure of autonomy
is allowed the native rulers), the intervention of
Dutch Government is necessary, since the grant
oi the
°t the *an(i to non-natives is one of the
subjects reserved for regulation and supervision by
the Colonial Government. There had prevailed a
somewhat similar system of agricultural concession,
especially in the Self-Governing Provinces. A numt,er °t them are still in existence, but the long-lease
system is preferred by the Government, and prob-
ably no new concessions will be granted.
While thus no individual or enterprise may now
acquire title to agricultural lands in the archipelago, nevertheless the system of long leases, or
concessions, has proved satisfactory, as shown by
the tact that many hundreds of millions of guilders
have keen invested under this system in enterprises
organized by those of non-native races.
The importance of the export trade in tropical
produce developed by the Netherlands Indies in normal times is indicated by the 1936 figures showing
their proportion of the world traffic. The share of
those islands in the world export trade of that year
92% of the pepper, 32% of the coconut, 77%
°t the Kapok, 36% of the rubber, 22% of the hard
cordage fibers, 18% of the tea, 17% of the palm oil
products, and 6% of the coffee. This export trade
hs the mainstay of the population, particularly in
the Outer Islands. By far the most important of
was
The Commercial & Financial Chronicle
2318
these exports
is rubber.
In 1939 the archipelago
furnished about 40% of the world's production.
April 13,
1940
palities in Java, the high administration is vested
in native executives, who have
more or
less extensive
'
The
bark
islands
In years
produced in
sugar
previous to 1936 much
sugar
exported, especially to British India, until that
market
lost, under normal conditions, by the
was
development of
in
provide 90% of the Cinchona
(quinine) and 2% of the
the world.
was
also
Java
sugar
Large
cultures there.
formerly used for
areas
production
sugar
were
changed into rice fields for the domestic market,
However, owing to various factors, including
harvests
in
the production
India,
poor
and export
of
has revived.
sugar
While
less
local
than
races
However,
power.
ficials exercise supervisory control.
lowed
both
in
of-
Dutch
The policy fol-
this territory and throughout the
islands is to leave
as
much
as
possible of the
ma-
chinery of government to the natives (cases involving Europeans
are
Dutch officials).
tried by courts presided
by
over
The individual native may well
believe from his personal contacts that he is gov-
erned by his own race.
Governors and
in
important to the native
governmental
a
touch
constant
Nevertheless, through the
system of "comptrollers," who
with
all
native
are
administrative
units—high and low—the Dutch officials
in
are
agriculture, the principle mineral products—oil and
position to know what is being done by the native
tin—are of considerable
officials, and to take
significance in the export
In 1937 and in 1938 oil
trade.
products took first
place in the exports of the archipelago.
accordingly if the
measures
action does not meet the required standard,
In 1938 the
The political, social and economic problems pre-
islands ranked fifth among the world producers of
sented by a widely-scattered region inhabited at
oil, with
end of the scale by primitive
the
share of 2.8%.
a
production showed
breaking
figures
In the first half of 1939
increase
an
the
for
the record-
over
corresponding
period
of 1938.
tained
of
from
the
Asiatic
situated
ores
islands of this group.
in
production
three
of
the
is
of tin.
as
others—in
some
much
greater
true since the
a
a
The
Netherlands
Holland.
The
Indies
supreme
is
position to judge.
Organs of the League of Nations
have
one
on more
than
occasion expressed approval
of the accomplishments of the Dutch regime in the
they
1937
were
islands, including the treatment of the labor
among the expro-
This is especially
began.
war
Since the
spirit which has met with praise from those in
position is potentially
consequence.
European
infinitive number of inter-
smaller
ports of the islands—in relation to the world
duction of that mineral the
an
stages, are by no means simple.
18G0's the Dutch have tackled these problems in
Thus, while in terms
dropped from third to seventh place
of
been said, peoples in
ob-
values the archipegalo's tin exports
important
as
tin
In 1936 they supplied 21%
of the world's exports
of money
not
the European community, and between these, as lias
mediate
One-third
one
tribes, at the other by
great "European" plantations.
Britannica" in its article
on
the
The "Encyclopaedia
•
Java, after criticizing
on
the old Dutch regime and lauding the achievements
of the short Raffles administration, states that Java
has since 1873 "been governed along lines that have
politically
a
part of
legislative authority is in
frequently commanded the admiration of British
students."
Judging from
more
recent expressions
the hands of the Queen and the Dutch Parliament,
of such
However, in practice, except
plies not only to the administration of Java but
specified
in
the
Dutch
certain
on
Constitution
subjects
and
in
the
also to other parts of the
Netherlands Indies Acts, the Dutch Parliament has
limited the scope of its
of insular
authority to the supervision
legislation.
Since 1912 the archipelago
has, in fact, been treated with respect to property,
assets
and
financial
obligations,
as
an
entity
or
students, the admiration continues and
Primary education
as
far back
as
archipelago.
was
introduced by the Dutch
1872, but for
many years
panded slowly, since the first emphasis
on
Chiefs
the century facilities for general
for its
own
under
the
favorable budgetary bal-
purposes any
As the result of this
system
ances.
the colony is
circumstances to contribute any more to
no
revenue
of the Dutch Government.
Crown.
The
Queen.
Cabinet
of
power
the
colony
He is assisted by what is
The laws
in the form of "Ordinances"
measures
loans, and
to
theory the
vested
in
Governor-General rules in the
along Dutch lines.
eral, but
is
was
established in 1879.
Since the turn of
as
well
as
voca-
tional education have been developed with energy,
Excepting
numerous
ernment subsidy,
private schools without Gov-
there
were
in 1938
some
21,000
schools and educational institutions in the islands
Pursuant to the Dutch constitutional
executive
of the
employ
ex-
placed
the training of the native ruling class, which has;
influence among the people.
A School of
body corporate, separate and self-subsisting with
to contract debts and
was
was
much
independent
power
ap-
the
name
virtually
are
a
enacted
by the Governor-Gen-
concerning the budget, colonial
numerous other matters must be assented
with
more
than 2,000,000 pupils.
Much attention
has also been given to the training and development
of an efficient public health service.
The results
obtained
vanced
are
particularly notable in the
more
ad-
islands, especially Java, where the death
rate of the native population has varied in recent
years
from 20 to 23
than the rate
per
1,000, which is much lower
prevailing in comparable climates in
by the "People's Council," consisting of a Presiappointed by the Crown and 60 members (25
Asia, except in the Philippines, where it is about
Europeans, 30 natives and five foreign Asiatics),
This well-governed, though largely undeveloped,
territory with a colonial economic structure will
dent
partly
appointed
partly elected.
inces administered
Provinces
are
territory and
first the
officials.
by
the
Governor-General
and
The colony is divided into 22 Prov-
by Governors
of two classes:
(2)
or
Residents.
The
(1) directly governed
self-governing territory.
In the
high administration is in charge of Dutch
In the
second, which includes two Princi-
the
same.
necessarily be greatly affected by the present
It
war.
is
largely dependent, like most colonies, upon
exports for its prosperity. As happened in the last
war,
it
seems
probable that shipping communica-
tions between the Netherlands Indies and Europe
will
be
maintained
only to
a
limited extent.
In
Volume
1913
The Commercial & Financial Chronicle
150
Holland's
28.1%.
of
share
the
islands'
exports
In 1918 it had dropped to 0.5%.
was
A large
about
in the
normal
These
land,
particularly
European hinter¬
During
Germany.
1914-1918
Singapore and Hongkong took the place of Holland
the
as
distributing center for the islands" products.
The United States direct share of that
from
rose
2.2% in 1913 to
the last three
war
States
Ocean.
play
tin
Whether
Singapore
(and, in the
ores)
certain.
case
Recent
ber said to be
those
refiner of the
they did during the last war is not
as
Siberia may
as
reports from London that objec¬
large amount of island rub¬
reaching Russia through Japan and
act as a check against considerable use
Moreover,
ports as distributing centers.
Holland
cen¬
has
now
much
a
larger merchant fleet
ser¬
vicing the archipelago than she had during the last
especially in direct communication with the
war,
States.
United
To
increased
our
to
large extent
a
maintained after the
we
in these exports.
share
June, 1939, both inclusive,
Gross and Net
war
From 1936
share averaged
our
decline in
slow
a
1938 the percentage was 52%.
from
rose
proportion
it
7.7%, 10.2%, 12.6%
was
and
vehicles
which
and 14%,
aeroplanes,
ships.
some
60% in value of the Dutch
important materials in war-time.
are
well
may
Dutch
this
enable
These
colony to
high degree of the hectic and ephemeral
a
prosperity
the great
Of
brings to
war
products, and
tain.
in
exports consist of rubber, oil, and tin, all of
products
attain
machines,
included
and
In normal times
Indian
This
maintained
largely
been
also
In 1936, 1937, 1938 and 1939 (Janu¬
respectively,
motor
imports of the Netherlands In¬
2% in 1913 to 12% in 1918.
has
recent years.
oil, tea, pepper,
The share of the United
the
of such
possessors
counterbalance to some extent
may
losses it and the mother country will sus¬
"
particular interest to
is the fact that
us
large supplies of tin and rubber—at least not auto¬
engrossment; for the
matically subject to
others—will
The
be
resulting increase of
may
our
our
own
of
use
purposes.
trade with the archi¬
easily have permanent results which we
have seen, was
the
of the stimulus given to our
case
relations
economic
for
available
with
islands
the
the
by
last
war.
Earnings of United States Railroads for the Month of February
Although general business conditions in the United States
reflected
States in the total
dies
pelago
'
year
exports also included tin,
Kapok, sisal, and palm oil.
Pacific
Hongkong will
and
of the former
tion will be made to the
of
the
around
large parts in the role of distributing
as
ters
countries
and
un¬
relations with the
on
depression
ary-June)
the foreign trade will
war
doubtedly concentrate mainly
United
percentage for
of about 18%.
years
During this present
an average
export trade
In 1937, 61% of the archipelago's ex¬
16.8%.
ports to the United States consisted of rubber, and
part of the products sent to the mother country in
times is destined for the
2319
February from the relatively
that succumbed early in the great
tems
various plans
proposed will be subject, of
depression.
course,
The
to coordi¬
nation and
adjustment, but the mere fact that they are
country's railroads were not unfavorable during that month.
appearing is
a
The volume of traffic offered to the
stimulated the
good levels attained late last
cies held up fairly well
year,
operating statistics for the
principal carrying
agen¬
and the railroads fared far better in
sign of
The
progress.
in Europe possibly
war
tendency, for it is evident that the railroad
system of the country should be put in good
February, 1940 than in the corresponding month of 1939.
Made cautious by the experiences of the last
condition to
that conflict may entail for the
meet whatever emergency
United States.
agers
of
of the railroads evinced
their
expenditures
own
European
time.
some
on
proper account
decade,
man¬
tendency toward expansion
any
undue scale, when the
stimulated, last September,
war
in American business which
for
no
an
improvement
already had been in slow
progress
They have now to all appearances taken
of the motor, airplane and other competing
More
accordingly.
tions, of
New
that
course,
but obstacles erected
Deal favoritism for labor,
run
cannot
tics
Much still remains to be done in such direc¬
as
counter to the
very
or
opinions of
as
a consequence
of
through ICC decisions
many
railroad executives,
Such earnings statis¬
readily be surmounted.
have become available in recent months show that the
railroads
no
longer
can
be accused of backwardness with
respect to improvements, or to methods of regaining some
business which
There is much to be
trial
for all eventualities.
be acute in
some
total of railroad
reorganization.
degree of
tion.
Equipment needs
There is still
of
are
well known to
one
a
perfectly prodigious
stage or another of financial
It is noteworthy, on the other hand, that a
finally is being made in the latter connec¬
lines
important
their immediate financial
tions
be considered in really go<k<Lshape
mileage in
progress
Some
before the railroads
course,
debt charges
endeavored to settle
which
problems through voluntary reduc¬
are
meeting
a
measure
of success.
Large-scale reorganization proposals are being put forward,
at
long last, with respect to some of the major Western sys¬
Meanwhile,
for that surmise.
February the
gross
earnings of the carriers
amounted to $312,749,442, against $276,341,857 in the cor¬
responding month of 1939,
Increased
operating
from $56,242,821
922,
or
gain of $36,407,585, or 13.18%.
matter of course, but
portion of the gain in gross earnings,
earnings thus advanced in February to $72,888,743,
they absorbed only
and net
a
expenses were a
a
in February of last
29.60%.
All sections and
gain of $16,645,-
year, a
areas
of the country
par¬
ticipated in this improvement, which we now set forth in
tabular form:
■■
% £'v;
of
instances, and maintenance of way has been
neglected in others.
note that in
Leading trade and indus¬
April.
reports are the basis
1940
Month of February
done, of
can
began last December seemed to be nearing
its end in the early weeks of
the lost traffic of recent years.
of the United States
It is idle to engage in
prophecy, but the fact stands out that the decline of general
we
transportation agencies and have arranged railroad affairs
important than other considerations is the trend of
general business in the United States.
Gross earnings
Operating expenses
(76.69)
earnings..
Net earnings....
$72,888,743
In order to indicate in
trade
(+) or Dec. (—)
a
(79.65)
$56,242,821 + $16,645,922 +29.60%
simplified form the
activity in relation to its bearing
the railroads during the
more
on
month under review,
together in the subjoined
activity in the
Inc.
—694
—0.29%
233,704
$312,749,442 $276,341,857 + $36,407,585 + 13.18%
+ 19,761,663
+8.98%
239,860,699 220,099,036
Mileage of 132 roads
Ratio of expenses to
1939
233,010
measure
of
the revenues of
we
have brought
table the figures indicative of
important industries, together with those
pertaining to grain, cotton and livestock receipts and revenue
freight
car
loadings for the month of February,
On
1940,
as
month of 1939, 1938,1932 and 1929.
examination, it will be readily seen that, with the excep¬
compared with the
same
tion of the building industry and hard coal
production, the
output of all the industries covered was on a
greatly in-
(Xit
The Commercial & Financial Chronicle
2320
creased scale
compared with the corresponding month a
as
A substantial increase, too, as might be expected,
freight.
year ago.
is shown in the number of cars loaded with revenue
Receipts of cotton at the Southern outports also were on a
scale; livestock receipts at the leading
greatly increased
cattle markets (taking
them collectively) were larger, and
receipts at the Western primary markets of the different
farm
products
increased scale.
were on an
PRINCIPAL
T
1932
1929
186,531
117,418
460,418
Automobiles (units):
Production (passenger
303,220
403,627
trucks, &c.)-a_.
cars,
Pennsylvania..
Chesapeake & Ohio.
Grand Trunk Western..
1,352,711
Yazoo & Mississippi Val.
1,134,019
897,029
769,317
720,251
704,629
490,734
467,864
455,770
452,231
425,526
417,899
402,389
397,183
361,625
Pere Marquette
...
Southern Pacific (2 rds).
Norfolk & Western
Chicago Milw St P & Pac
Atch Top & Santa Fe...
Great Northern
Union Pacific..........
Southern
Illinois Central
Northern Pacific
Missouri Pacific
Louisville & Nashville.
Chicago Burl ft Quincy..
Erie..........
Coal
89,046
119,038
220,197
200,574
301,274
Virginian
(net tons):
Bituralnous.c
39,270,000 34,134,000 27,440,000 28,383,000 47,271,000
3,544,000 4,114,000 3,539,000 4,061,000 6,670,000
....
Pa. anthracite-d_
Freight Traffic:
Car loadings, all
(cars).e *2,486,863 *2,282,866 *2,155,536 *2,228,777 *3,797,183
Cotton
receipts, South¬
ern ports (bales)-f...
Livestock receipts: g
Chicago (cars)
Kansas City (cars)..
610,800
103,833
399,074
804,338
6,644
13,955
2,392
5,193
1,850
5,349
2,194
1,760
1,605
4,906
19,301
7,017
6,793
Flour (000 barrels).__
Wheat (000 bushels).
xl.077
*11,300
*2,046
xlO.101
Corn (000 bushels)...
Oats (000 bushels)...
x
12,977
*6,020
*10,231
x5,132
x4,468
*1,595
*8,850
*18,136
x3,939
*6,817
*23,191
*12,590
*5,000
*1,658
*1,889
*27,215
*30,363
*9,551
*4,819
*1,563
x609
x951
*300
*1,021
Clinchfieid
Seaboard Air Line
Detroit Toledo & Ironton
Missouri Kansas Texas..
Bessemer & Lake Erie
125,052
Pittsburgh ft Lake Erie.
Reading
Wheeling ft Lake Erie...
116,039
114,155
105,413
.
Totai (39
roads).—.$15,276,703
X)ecrea se
$126,077
117,745
$243,822
These figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central.
a
Cincinnati
Northern
Evansville
and
Indianapolis
ft
Terre
Haute.
In¬
cluding Pittsburgh ft Lake Erie, the result is an increase of $1,662,857.
Omaha (cars)
In view of the
1,770
...
Western flour and grain
receipts: h
x5,225
Barley (000 bushels).
Rye (000bushels)....
.
xl,421
the roads
&
Lumber (000
3,311,480
4,374,025
2,307,409
3,347,288
1,454,060
1,908,173
1,079,993
1,632,635
x703,574
*803,087
X074.99O
x749,760
*559,391
*671,643
x815,455
x720,264
x735,812l
3,590,927
4,848,158
feet):
Production.m..
Shipments. m._.
...
Orders received ^m..
*387,950 *1,319,786
*551,724*1,411,582
*403,3731*1,493,843
of
east
Mountains),
Rocky
d United States Bureau of Mines,
e
b F.
Dodge Corp. (figures for 37
Bituminous Coal Commission,
w.
National
c
Association of American Railroads,
f Com¬
ings alike.
What
have said above
we
rate roads and systems,
Turning
the exhibits
are
under review 56 roads and systems are
earnings in
excess
now to
the
of the Central Western
the Northwestern
consonance
one a
no
less than 166.19%.
below.
as
RR.
Pennsylvania
and
Both the great
the
New
former $4,911,748 in gross and $1,352,711 in net, and the
OF FEBRUARY
and $1,546,818 in net.
1940
1939
$
District and Region
New England region (10 roads)
Great Lakes region (23 roads)
.....
Central Eastern region (18 roads)...
Total
S
Inc. (+) or Dec.
$
13,242,592
60,430,637
12,406,071
+836,521
+6.74
53,694,941
56,201,955
+0,736,696
+ 9,479,961
+ 12.54
65,681,916
44,860,504
Southern region (27 roads)
20,935.203
Total (31 roads)...
+5,071,093 + 12.74
+3,445,799 + 19.70
57,278,275
+ 8,517,492
30,317,526
53,089,491
24,191,513
...
39,788,811
17,489,464
65,795,767
Pocahontas region (4 roads)
26,781,880
47,687,896
22,290,839
+ 5,401,595
+ 1,900,074
Northwestern region (15 roads)
Central Western region (15 roads)..
Southwestern region (20 roads)
107,598,53(1
Pittsburgh
(132 roads)
+3,535,646 + 13.20
+ 11.32
+8.52
96,760,615 + 10,837,915 + 11.20
312,749,442 276,341,857 +36,407,585 + 13.18
& Lake Erie is included, the result is an increase of $3,627,748
/.
Net Earnings
are
peake
the
in
and
$897,029
& Ohio, with $1,618,927
in net; the Norfolk & Western,
•
Among other roads show¬
Pacific
Southern
gross
+ 14.87
Western District—
Total all districts
$1,942,991
+ 10.86
139,355,14s 122,302,967 + 17,052,178 + 13.94
(51 roads)
Total (50 roadsi..
ing gains
(—)
%
Southern District—
Central and its leased lines; when, however, the
and of $1,662,857 in net.)
we
The boundaries of the
GROUPS—MONTH
Eastern District—
(These figures cover only the operations of the New York
in gross
sum.
the roads to conform with the classification of the
SUMMARY BY
York
Central—show substantial gains in gross and net alike, the
New York Central $3,173,115 in gross
Our
As previously explained,
to the table:
decrease
above that amount, while in tue case of the net earnings, 39
lines—the
of net earnings is
different groups and regions are indicated in the footnote
able to report increases
trunk
case
region reaching 39.28%, and that of
region
by groups is
mary
sepa¬
For the month
of $100,000, and but
decreases.
a
earn¬
Gross Earnings
found in
roads record gains and only two
and net
exceedingly high, particularly in the Western district, that
applies exclusively to the rail¬
whole.
gross
It will be noted, too, that the percentage of gains
* Four weeks.
with the results shown in the general totals.
in gross
Western—together with
comprising these districts, without
by several of the regions in the
piled from private telegraphic reports,
g Reported by major stock yard companies
city,
h New York Produce Exchange,
k "Iron Age."
I American Iron
and Steel Institute,
m National Lumber Manufacturers' Association (number of
reporting mills varies in the different years).
geographical divisions,
single exception, show increases in both
in each
roads of the country as a
surprise to find that when
Interstate Commerce Commission.
United States Bureau of the Census,
States
no
groups, or
the Eastern, the Southern and the
group
Note—Figures in above the issued by:
foregoing, it is
arranged in
all the various regions
Steel
(net tons)
Pig iron production, k..
Steel Ingot production. 1.
are
according to their location, all the three great districts—
shown
ron
a
183,137
183,127
174,366
168,250
162,268
157,545
139,209
386,096
6,374
N Y Chicago & St Louis.
Del Lack & Western..._
296,802
275,777 N Y Ontario & Western.
238,258 Lehigh Valley..........
231,494
Total (2 roads)
202,824
Minn St P & S S M.
Baltimore & Ohio...
$200,182
195,632
191,560
187,876
Chicago Ind A Louisville
Wabash..—...........
Western Maryland.....
332,935
298,807
St Louis Southwestern..
Buiiding ($000):
Constr. contr. awarded b
Increase
Increase
a$l ,546,818
New York Central
MONTH
THE
FEBRUARY
OF
.....
1938
1939
1940
EARNINGS FOR
NET
IN
Chicago R I & Pac..—.
Chicago & North West..
February
April 13, 1940
CHANGES
in
System,
in
net;
gross
reporting
the
District & Region
Chesa¬
and $1,134,019
showing, respectively, $1,377,-
Eastern
1940
1939
$
Mileage
1940
District-
$
1939
Inc. (+) or Dec. (—)
$
New Engi. region.
6,717
6,798
3,091,140
%
+0.87
26,143
24,530
26,222
24,614
13,709,022
15,304,039
3,064,428
10,838,701
12,566,809
+26,712
Great Lakes region
+2,870,321
+26.48
+2,737,230
+21.78
57,390
57,634
32,104,201
26,469,938
+5,634,263
+21.28
38,296
38,458
6,057
11,463,984
9,489,852
6.065
8,907,887
6,760,916
+ 1,974,132
+2,206,971
+32.64
44,361
44.515
20,431,871
16,250,768
+4,181,103
+25.72
45,821
56.374
29,360
4,248,403
10,292,832
5,811,436
7,389,742
4,530,369
131,259 131,555
20,352,071
13,522,115
+6,830,556
+ 50.51
Tot. all districts 233,010 233,704
72,888,743
56,242,821 +16,645,922
+29,60
Cent. East, region.
803 and $769,317, and the Chicago Milwaukee St. Paul &
Total...
Pacific, $977,263 and $720,251.
Southern Dist-
show
all changes for
amounts in
excess
In the following table
we
the separate roads and systems for
of $100,000, whether increases or
...
Southern region...
Pocahontas region
Total
and in both gross and net:
.......
Western
PRINCIPAL. CHANGES IN GROSS EARNINGS FOR THE MONTH
Dist.—
Northwest'n region
OF FEBRUARY
Pennsylvania.!
Cent. West, region
45,683
56,309
TfifTpn
-
Southwest'n region
29,267
$4,911.748
a3,173,115
Southern Pacific (2 rds).
1,942,991
Baltimore & Ohio......
1,887,939
Chesapeake & Ohio
1,618,927
Norfolk: & Western
1,377,803
.....
New York Central......
Louisville & Nashville.
Atcb Top ft Santa Fe...
Southern
_
Chic M llw St P & Pac.
Union Pacific
.
.
.
......
Chicago & North West..
Illinois Central.
Increase
Western Maryland
Virginian..
$335,187
Grand Trunk Western..
Minn St P & S S M
Elgin Joliet & Eastern..
Clinchfieid
Boston & Maine.....
....
1,108,334 Yazoo & Miss Vailey....
1,029,266 Detroit Toledo & Ironton
977,263 Wheeling ft Lake Erie...
926,124 Bessemer & Lake Erie..
883,102 Lehigh Vailey
815,312 St Louis-San Fr (2 rds).
716,269 St Louis Southwestern
674,951 Alton.
657,270 Chicago Ind & Louisville
613,538 Monongahela
612,341 Colorado Southern (2 rds)
501,875 Kansas City Southern...
498,311 Rich Fred & Potomac
469,833 Central of Georgia. 1 .■
469,504 Louisiana ft Arkansas
454,633 Chicago & Eastern III.._
439,564 Denver & Rio Gr West..
398,631
.
_
Missouri Pacific
Chicago Burl & Quincy..
Reading
Erie..........
Chicago R I & Pacific...
N Y Chicago & St Louis.
....
Del Lack &
1,343,566
Western....
Great
Northern
Northern Pacific..
Pittsburgh & Lake Erie.
Seaboard Air Line
NYNHJs HartfordPere Marquette
Atlantic Coast Line
.
.
Wabash.
Central of New Jersey
325,675
311,196
304,986
276,821
241,780
237,738
217,468
213,598
199,955
187,185
179,634
154,480
137,971
137,227
128,799
126,417
123,394
105,856
103,190
100,886
100,665
370,428
Total (56 roads)
$34,592,083
368,383
357,611
Decrease
337,562 N Y Ontario & Western.
$206,616
These figures cover the operations of the Nejv York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis,
Michigan Central,
Northern
and
Evansville
Indianapolis & lerre Haute.
cluding Pittsburgh ft Lake Erie, the result is an increase of $3,627,748.
Total
In¬
....
1,596,004
+2,652,399 + 166 19
+2,903,090
+39.28
+1,275,067
+28.10
NOTE—Our grouping ol the roads conforms to the classification of the Interstate
Commerce Commission,
groups
and the following Indicates the confines of the different
and regions:
EASTERN DISTRICT
205,629
200,152
a
Cincinnati
+20.80
decreases,
New England Region—Comprises the New
England States.
the Canadian boundary between
shore of Lake Michigan to Chicago, and north of
line from Chicago via Pittsburgh to New York.
Great Lakes Region—Comprises the section on
New England and the westerly
a
section south of the Great Lakes Region
Chicago through Peoria to St. Louis and the Mississippi River
north of the Ohio River to Parkersburg, w. Va.,
line thence to the southwestern corner of Maryland and by the Potomac
Central Eastern Region—Comprises the
east of a line from
to the mouth of the Ohio River, and
and
a
River to its mouth.
SOUTHERN DISTRICT
Southern Region—Comprises
of the Ohio River to
the section east of the Mississippi River and
south
point near Kenova, W. Va., and a line thence following the
eastern boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
a
Pocahontas Region—Comprises the section north of the southern boundary of
Virginia, east of Kentucky and the Ohio River north to Parkersburg, w. Va.,
and south of a line from Parkersburg to the southwestern corner of Maryland and
thence by the Potomac River to its
mouth.
WESTERN
DISTRICT
Northwestern Region—Comprises the section adjoining Canada lying west of the
Great Lakes Region, north of a line from Chicago to Omaha and thence to Portland,
and by the Columbia River to the
Pacific.
Volume
The Commercial & Financial Chronicle
150
Central Western Region—Comprises the section Bouth of the Northwestern Region
west of a line from Chicago to Peoria and thence to St. Louis, and north of a line
In the
from St. Louis to Kansas City and thence to El Paso and by the Mexican boundary
to the Pacific.
Southwestern Region—Comprises the
11992584
of the
section
lying between the Mississippi River
Paso„
and by the Rio Grande to the Gulf of Mexico.
following table
comparisons of the
ary
south of St. Louis and a line from St. Louis to Kansas City and thence to El
2321
furnish
we
country for each
a summary
of the Febru¬
and net earnings of the railroads
gross
back to and including 1909:
year
Gross Earnings
Mileage
Month
The Western grain traffic
in
February the present
in the month last year,
(taking the roads collectively)
year was
although
much heavier than
very
that it fell consid¬
even at
or
1913
the Western primary markets for the four
rye, at
193
All the various
weeks ended Feb. 24,
1940, totaled 37,085,000 bushels,
against 30,541,000 bushels in the
as
four weeks of 1939,
1912
......
same
with 38,693,000 bushels in the corresponding
Back in 1932 the February grain movement
period of 1938.
totaled 42,639,000 bushels, and in
the
1929.reaehed 72,969,000 bushels.
four weeks of
same
In the following table
we
form: V;
usual
:V. .'V?'-rV: v'"
,
,
our
WESTERN FLOUR AND GRAIN RECEIPTS
;
f
1916
......
1917
......
1119992334765803762504
8
1919
Oats
Corn
1920
......
......
Barley
(Bush.)
(Bush.)
(Bush.)
46
737
3,556
1,358
1,620
54
897
711
1,331
645
2,452
662
503
341
1,739
(Bbls.)
(Bush.)
(Bush.)
543
5,271
942
5,537
Year
(000 Omitted)
1940
Chicago—
877
1939
832
1940
Minneapolis
"349
1939
..............
2,559
1940
823
507
66
305
1939
Duluth
517
532
99
+£'" 80
2
465
17
506
384
649
1,157
1940
Milwaukee
"62
■;>
1939
80
1940
Toledo
-mm mm
1923
1925
......
1926
1927
1929
1930
......
12
13
13
381
2,345
790
988
1,782
1,092
641
;
1940
7v:
23
561
328
34
851
500
132
33
171
170
20
1,569
274
54
198
139
1,356
202
1940
89
1,584
601
120
1939
66
2,565
604
132
68
112
200
1940
St. Joseph
'
Lm-m
V
m
•+
1939
1940 .;w^
Wichita...
: >■
mm
mm
m
mm
^
m'mm
—
'■
v'.
1
„
13
5
»
mm
;
131
116
:
890
m
^
m
mm
'*» '<*
m
1
i
m'm
m
.
-
>
(■
m
mm
m
^
88
^
^
101
35
7
30
65
'•
1940
Sioux City.
141
954
—
1939
m
'*•
---
—0.61
+ 27.68
245,541
269,272,382
+ 2,655,684
+0.99
249,795
248,738
260,627,752
289,392,150
+ 25,148,451
+ 9.65
238,891
+ 61,656,597
+ 21.31
232,957
237,463
233,266
348,749,787
424,172,348
+ 72,431,089
—19,171,075
—4,772,»34
+ 20.77
—4.52
231,304
231,017
235,653
234,510
405,203,414
—1.18
235,625
234,880
400,146,341
+ 44,745,531
+ 11.18
235,399
445,870,232
478,451,607
+ 31,939,712
—24,441,938
+ 7.16
235,606
—5.11
236,642
235.528
235,876
236,031
454,198,065
+ 5,029,255
+ 1.11
236,839
236.529
459,084,911
+ 8,723,567
+ 1.90
237,970
236,870
468,532,117
—12,850,869
+ 18,292,585
—48,034,122
—2.74
239,584
+ 4.01
234,884
—10.11
242,348
238,731
242,668
242,113
.......
236
36
7
69
456,487,931
475,265,483
427.465.369
336,182,295
266,231,186
211,882,826
300,021,278
—91,327,690
—69,289,775
—52,380,018
+ 36,221,471
+ 6,444,483
+45,494,779
+21.226,647
321,149,675
250,510,207
276,341,857
11,300
12,977
5,225
1,563
6,020
2,046
10,101
10,231
5,132
609
4,468
Two Months Ended Feb. 24
Wheat
Corn
Oats
Rye
Barley
(Bush,)
(Bush.)
(Bush.)
(Bush.)
(Bush.)
1,863
Flour
Year
(000 Omitted)
Chicago
.i..;......w.
1940
1,046
1940
Minneapolis
949
9,328
2,314
1,611
9,216
1,719
1,659
1939
115
7,507
3,507
138
2,001
1,529
2,577
1,665
5,783
v
914
4,598
2,098
1,572
1,029
1,659
1940
179
855
562
1939
1,098
1,112
454
290
213
768
47
575
3,826
1,031
1,219
57
56
3,343
771
34
1939
Duluth
5,985
1940
127
6
1939
Milwaukee
153
30
789
1940
Toledo
692
888
1,352
24
1940
1,053
4,050
1,136
89
1939
2,033
4,154
2,028
64
666
58
1939
Indianapolis and Omaha..
1940
1,020
1,682
347
72
2,795
1939
380
220
3,268
1940
190
2,732
1,523
1939
Peoria
1,470
1,820
1940
Louis
1,059
1939
St.
993
134
><•.7.
~"~4
:
348
408
540
81
564
152
365
437
82
302
Kansas City
442
1,590
7
13
1,769
122
1939
Sioux City
399
1940
Wichita
378
298
99
478i
>
It
...
./1940
3,376
19,932
24,138
46
4,295
20,918
23,746
121
3,555
1,671
8,876
1939
Total all
10,888
12,810
10,997
happens, too, that the Southern cotton movement was
very
much larger than in February
both
a year ago,
as re¬
gards the overland shipments of the staple and receipts of
Gross shipments overland
cotton at the Southern outports.
in
against
110,028 bales in February, 1939 and 159,617 in February,
February,
1938.
In
bales,
and
1940 aggregated
168,844 bales,
as
port movement of the staple for the last three years are set
out in the
Increase
+ 16.60
77,743,876
35,705,600
64,603,867
77,778,245
35,711,887
56,242,821
+ 13,140,009
+ 20.33
—42,072,645
+ 20,530,955
—54.09
+ 16,645,922
+ 29.60
108,120,729
126,368,848
1925
1926-...
56,242,842
72,888,743
(+) or
(—)
+ 32.02
+7,293,722
+ 14.91
—6,861,744
+8,275,149
+ 2,002,769
—12.13
—19,895,047
+ 11,982,277
+ 28,886,343
—21,367,362
—28,944,820
—33.40
+ 16.84
+ 3.48
+ 30.50
+ 56.59
—26.60
—51.45
—4.13
—1,191,014
—16,428,891
—60.58
+ 11,536,799
+ 124.92
+ 54,882,820
+ 251.47
—6,242,712
—8.14
+ 33,387,370
+ 47.20
—4,981,506
—4.76
—38,008
+7,748,287
—0.03
+ 7.79
+ 541,678
+0.50
+ 17,381,393
+ 15.94
—28,128,967
—22.39
—32,904,121
—33.73
—8,702,988
—14,727,011
—13.17
+ 19,009,701
+46.46
—26.21
—8.39
—5,030,495
+ 57.49
prices which took place on Tuesday,
spread of hostilities in the European war,
to the
than
more
It affected gov¬
high-grade corporates,
and was fol¬
medium to better grades of
Foreign bonds were particularly affected, the
corporates.
Scandinavian issues losing
considerable ground because of
German invasion of Denmark and Norway.
the
Cent
Decrease
Course of the Bond Market
The
Iligh-grade railroad bonds have lost
ground.
;;
Virginian
3%s, 1966, declined 1 to 108, while Chesapeake & Ohio 4%s,
1992,
no
were
Medium-grade rails revealed
off 1% at 122%.
special trend, but speculative and defaulted issues again
After
market.
the
dominated
weakness
on
Tuesday
and
Wednesday,many of the latter reached new top levels. Pitts¬
&
burgh
Virginia
West
1940
South
issues were strong
and closed
of more than
displaying gains
highs,
Shore & Atlantic 5s,
at
3 points.
1937, closed at 28, gain¬
ing 8 points during the week.
The spread of the war in
subjoined table:
Per
+ 9,199,020
70,387,622
104,117,278
99,460,389
99,480,650
107,148,249
Duluth
Details of the
122,064 bales.
233,704
55,402,531
10,688,571
20,771,731
76,706,840
new
February, 1932 the shipments were only 52,121
back in 1929,
235,620
234,789
233,010
64,601,551
27,623,406
lowed by rallies in some of the
43
'» 78
'
233,708
97,448,899
64*618,641
57,375,537
41,460,593
59,923,775
54,896,705
27,305,808
ernments
2
1
190
,
234,851
+ 10.31
+ 13.18
tapered off toward the end of the week.
332
230
—21.98
+ $11,549,651
58,964,299
incident
188
1,516
149
1939
....
5,401
1940
Joseph
1940
1939
St.
+ 7.07
241,263
$36,072,983
48,910,423
56,580,655
49,135,958
57,458,572
59,553,012
39,274,776
51,043,120
80,331,661
56,250,628
28,814,420
27,117,462
9,234,932
21,824,020
78,630,334
70,729,908
104,441,895
99,518,658
99,399,962
107,579,051
108,987,455
125,577,866
97,522,762
66,078,525
56,187,604
40,914,074
59,927,200
The decline in bond
'
239,433
238,280
234,285
$47,622,634
J 56,204,145
49,718,911
57,411,107
59,461,341
39,657,965
51,257,053
,79,929,463
1940
17
237,051
233,515
Preceding
1939....
'
238,162
Given
1929....
1,677
1939
+ 2.60
+ 17.87
Net Earnings
1928
1940
240,943
241,467
+ 17.10
241,189
239,389
Year
1924.
Total all
242,660
242,312
Year
of
February
1927....
1939
242,726
—21.37
—19.67
+36,407,585
254,555,005
244,809
—20.61
—70,590,873
+25,831,649
248,122,284
237,756
242,928
242,837
244,925
246,186
Month
1912—..
"149
46
•»
—10.22
—1,303,286
+ 58,005,851
1911
187
521
1939
Kansas City.......
"479
1939
,
—23,823,138
1910..
4
231,805
233,191
212,163,967
209,573,963
1909
5
201
41
1940
St. Louis...
Peoria
1940
1,384
11
"
ml*
1939
50
28
427
1940
1939
1937
1938
2,079
29
736
1939
Indianapolis and Omaha..
•7-'
1936
321
420
681
■./V
212,236
227,868
235,483
237,082
240,986
233,056.143
421,180,876
405,001,273
400,430,580
444,891,872
477,809,944
454,009,669
459,227,310
467,808,478
455,681,258
474,780,516
427,231,361
336,137,679
266,892,520
213,851,168
248,104,297
254,566,767
300,049,784
321,247,925
250,558,802
276,341,856
312,749,442
1922
1935
Rye
+ 10.52
215,383
231,296
+ 6.59
351,048,747
1934
Wheat
—1.70
+ 14,389,312
285,776,203
1933
Flour
+ 7.80
+ 15.85
Year
Preced'g
218,336,929
267,579,814
271,928,066
1932
Four Weeks Ended Feb. 24
Given
209,233,005
210,860,681
1914
1928
give the details of the Western grain movement in
Year
Cent
(+) or
Dec. (—■)
232,726,241
.
1921
but comparing
Preceding
Per
Inc.
$168,336,557 $156,156,486 + $12,180,071
+ 27,377,858
200,129,088
172,751,230
—3,409,167
197,009,201
200.418.368
+ 20,752,155
218,031,094 197,278,939
......
1910
less degree, contributed to the increase.
Altogether the receipts of the five cereals, wheat, corn, oats,
barley and
1909
Year
Given
1911
erably below the February, 1938 movement.
items, in greater
Year
of
February
Europe and the suddenness of
the attack also imparted a shock to the utility bond market
RECEIPTS OF
COTTON AT
SOUTHERN
FEBRUARY AND
PORTS FOR THE MONTH OF
SINCE JAN.
on
1
Galveston.
..........
153,333
22,121
102,611
111,093
343,955
2,511
Ac........
179,119
30,024
593
6,051
Brownsville
526
.........
New
Orleans...
Mobile
...
575
1,585
13,466
37\347
156,671
630,623
91,603
7,620
m
*
264,218
276,574
4,597
-
mi
mm
mm
mm
mm
American
New York Edison
Lower
1938
9,451
to-
m mk
:
as
has
since
few,
and
characteristic
in
taken
new
place.
fashion.
Domestic developments have been
financing
to offering of
limited
^
307,237
20,740
West
Penn
Power 1st 3s,
1970.
54,598
18,444
12,223
573
12,706
4,396
4,666
137
62
4,380
990
166
11,800
probably
152
3%s, 1948, which lost 2% points
on
fractional
observed
-
'■
mm.
...
Lake Charles...
Wilmington.........
m
158
Jacksonvilie.........
............
735
36
67
206
998
794
639
5,003
1,668
1,135
3,706
11,726
10,079
«118
1,075
Norfolk
1,231
4,133
2,349
2,649
4
131
65
33
131
616,800
103,833
399,074 1,387,970
$3,500,000
1,659
.
2,601
•'
and speculative
Moderate recovery
l",039
5,121
12,660
issues
1966, and
314s, 1966, declining more than one point.
grades were correspondingly weak,
acted
issues
Telephone & Telegraph 3%s,
~5~635
.............
Savannah
Total
.
262,508
Pensacola
Charleston
2,533
mm
380
Beaumont
75,353
79,725
305,054
Corpus Christ!.......
Houston,
1939
1940
1938
1939
1940
■
Since Jan. 1
February
Ports
High grades lost considerable ground,
Tuesday.
such
277,142
917,846
The
industrial
more
section
of the
list has
steels have been mostly fractional,
mostly
on
been mixed,
losses registered than gains.
changes
have
the down side.
been
with
Declines among
excepting the U. S. Steel
refunding news.
among
Mixed
the
oils,
Among metals, the Phelps-Dodge
The Commercial & Financial Chronicle
2322
111%.
Railroad
and automobile equipment company
bonds de¬
1952,
3%s,
conv.
equipment
clined;
has
strength
1%
gained
been
points
shown
at
among
paper
tary coup extended to the entire
100%;
at
shipping
company
and
bonds weakened in reaction to the general
showed moderate strength.
a
Moody's computed bond prices and bond yield averages
initial losses ranged from 20 to 40 points, followed by a
minor technical
The repercussions of this mili¬
recovery.
MOODY'S BOND PRICES
(Bated
U.
1940
AU
8.
120
Govt.
DaUv
MOODY'S BOND
t
Corp.*
1940
Baa
RR.
119.69
107.11
87.93
94.33
A
f
P.
V.
Ind.
118.38
Corporate by Groups
tic
Aaa
Corp
Averages
114.30
120 Domestic
by Ratings
Domes¬
Daily
Aa
YIELD AVERAGES
120 Domestic Corporate
120
AU
120 Domestic
Corporate by Groups*
by Ratings
Aaa
~
(Based on Individtia Closing Prices)
tic
Averages
the following tables:
given in
are
Amaoe Yields)
120 Domestic Corporate *
Domes¬
Bonds
on
Japanese
alternating with softness in the corporate group.
slump in the bonds of the two countries;
severe
trend.
issues have been mixed, with strength in government bonds
The invasion of Denmark and Norway by German troops
caused
South American
after early losses of several points, while
bonds
company
sugar
Australian and Canadian issues rallied
ing over 7 points.
obligations, with the International 6s, 1955, gaining 2 points
Italian bonds also felt
weight of new liquidation, with the Rome 6%s declin¬
the
company
European list, with Belgian
issues suffering most.
and French
1940
April 13,
Aa
A
12
3.55
2.83
3.00
Baa
RR.
P.
U.
Ind.
3.61
4.76
4.34
3.25
3.06
Apr. 12— 116.38
108.27
123.56
11..
116.40
108.27
123.79
119.92
107.11
87.93
94.17
114.30
118.60
11
3.55
2.82
2.99
3.61
4.76
4.35
3.25
3.05
10..
116.31
108.27
123.56
119.69
107.11
87.93
94.17
114.30
118.38
10
3.55
2.83
3.00
3.61
4.76
4.35
3.25
3.06
0— 116.33
108.46
123.66
119.69
107.11
87.93
94.49
114.30
118.60
9
3.54
2.83
4.33
3.25
8__ 117.16
108.85
124.25
120.37
107.49
88.80
94.97
114.93
119.03
8
107.49
88.65
94.97
114.72
119.03
6-
107.30
88.51
94.81
114.51
118.81
5.
1
■
6..
117.17
108.85
124.25
120.14
5..
117.10
108.66
124.25
119.92
4..
Apr.
3.00
3.61
4.76
3.52
2.80
2.97
3.59
4.70
4.30
3.22
3.03
3.52
2.80
2.98
3.59
4.71
4.30
3.23
3.03
3.53
—
2.80
2.99
3.60
4.72
4.31
3.24
3.04
3.05
117.16
108.46
124.25
119.69
88.22
94.65
114.51
118.60
3.54
2.80
3.00
3.60
4.74
4.32
3.24
3.05
3.. 117.18
108.46
124.02
119.47
107.30
88.22
94.65
114.51
118.38
3
3.54
2.81
3.01
3.60
4.74
4.32
3.24
3.06
2— 117.16
108.27
123.79
119.25
107.11
87.93
94.17
114.30
118.38
2.
3.55
2.82
3.02
3.61
4.76
4.35
3.25
3.06
1— 117.06
108.08
123.79
119.25
106.92
87.64
94.01
114.09
118.16
1
3.56
2.82
3.02
3.62
4.78
4.36
3.26
3.07
Mar.29— 116.87
107.88
123.56
119.25
106.92
87.49
93.85
113.89
118.38
Mar. 29
3.57
2.83
3.02
3.62
4.79
4.37
3.27
21.. 116.36
107.69
123.56
119.03
106.36
87.49
93.85
113.68
117.94
21
3.58
2.83
3 03
3.65
4.79
4.37
3.28
3.08
16- 116.74
107.49
123.33
118.81
107.17
87.35
93.69
113.68
117.50
15
3.59
2.84
3.04
3.66
4.80
4.38
3.28
3.10
8— 116.03
107.49
123.10
118.38
106.17
87.21
93.69
113.07
117.72
00
3.59
2.85
3.06
3.66
4.81
4.38
3.31
3.09
107.30
4
w eekly—
-
I
3.32
3.08
3.12
115.42
107.11
122.63
118.38
105.79
87.07
93.53
112.86
117.07
3.61
2.87
3.06
3.68
4.82
4.39
Feb.23- 115.32
107.30
123.10
118.60
105.79
86.92
93.85
112.66
117.07
23
3.60
2.85
3.05
3.68
4.83
4.37
3.33
3.12
10- 115.48
107.49
123.33
118.81
105.98
87.07
94.01
112.86
117.50
16
3.59
2.84
3.04
3.67
4.82
4.36
3.32
3.10
9— 116.44
107.30
122.86
118.81
105.98
86.92
94.01
112.66
117.29
9
3.60
2.80
3.04
3.67
4.83
4.36
3.33
3.11
112.45
110.86
1..
106.92
122.63
118.60
105.41
86.78
93.69
Jan. 27- 116.54
106.92
122.63
118.38
105.41
80.64
93.69
112.25
116.80
20— 115.65
106.64
122.40
117.94
105.41
80.21
93.21
112.25
1
Feb.
2
2.87
3.05
3.70
4.84
4.38
3.34
3.13
3.62
2.87
3.06
3.70
4.85
4.38
3.35
3.13
3.64
2.88
3.08
3.70
4.88
4.41
3.35
3.15
13
3.63
2.88
3.07
3.69
4.86
4.39
3.35
3.14
3.62
Jan.
3.62
27
20
116.43
2— 115.43
2.86
3.09
3.69
4.82
4.37
3.34
3.14
3.64
2.90
3.09
3.71
4.89
4.43
3.36
3.16
106.73
122.40
118.16
105.60
80.50
93.53
112.25
116.64
0— 116.03
106.92
122.86
117.72
105.60
87.07
93.85
112.45
110.04
High 1940 117.18
108.85
124.25
120.37
107.49
88.80
94.97
114.93
119.03
Hlgh 1940
Low 1940 116.25
106.64
121.94
117.72
105.22
86.07
92.90
112.05
116.21
Low 1940
3.52
2.80
2.97
3.59
4.70
4.30
3.22
3.03
High 1939 117.72
Low 1939 108.77
106.92
122.40
118.60
105.22
87.78
94.33
112.05
110.43
High 1939
4.00
3.34
3.55
4.10
5.26
4.76
3.76
3.64
100.00
112.45
108.27
98.28
81.09
87.93
104.30
106.54
Low 1939
3.62
2.88
3.05
3.71
4.77
4.34
3.36
3.15
Apr.12'39 114.64
102.12
118.81
114.51
100.00
81.61
88.65
108.66
111.64
Apr. 12, 1939—
3.88
3.04
3.24
4.00
5.22
4.71
3.53
3.38
2 Trs.Ago
Apr. 12'38 109.71
91.66
112.86
104.30
91.66
67.58
75.47
97.45
105.98
Apr. 12, 13 8—
4.51
3.32
3.76
4.51
6.46
5.72
4.15
3.67
13- 116.96
1
1
Yr. Ago
•
__
Year Ago—
2
Years Ago—
maturing in 30 years), and do not purport to show either the average
more comprehensive way the relative levels and the relative movement o;
These prices are computed from average yields on the basis of one ••typical" bond (4% coupon,
level or the average movement of actual price quotations.
They merely serve to illustrate In a
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 Jan. 13, 1940, page 179.
Life
Underwriting
as a
Career
By Thomas B. Sweeney.
a
Professional
-
45
Issued
Cook
Jr., Assistant Underwriter.
Prentice-Hall.
-
a
few months several hundred thousand youths
The authors
will bid farewell to
high school and college, and seek jobs.
Most of them will have but a hazy
notion of what they ought to do, or of what there is to be
done.
The above-named book is not likely to fill the needs
Many will seek
careers.
of those who would like to know.
Mr.
Sweeney stresses the changes wuich, in recent years,
brought a better type of representative into the field
work of the life companies, and feels that this improvement
is likely to last.
No one will cavil at this.
But he goes
too far when he suggests that the professional status of
the life underwriter is now on a par with that of the physician
or lawyer.
For one thing, these are called in by clients.
It is the exception to be called in to sell life insurance.
That there is a career in life underwriting will not be gainsaid.
But the author does not show wherein it lies:
How long is
the apprenticeship, and what does it cost?
How long
must one wait before one may be self-supporting ?
What are
the prevailing rates of compensation?
How much work,
on an average, must be done before results are secured?
What are the relative advantages of urban or rural work?
How is the work divided; how are districts allotted
a hundred
aspects of the matter would interest any one con¬
sidering life underwriting as a career, and as to these this
book says nothing.
For practical
purposes it is confined to a few brief illustra¬
tions of "solicitation."
Even this material is likely to
strike the tyro as a little less than useful.
For instance, Jones, the "underwriter," has "contrived
to have the interview take place where they are not likely
to be interrupted."
Also he "has1 found out in advance
that Smith's salary is $130 a month
that he has
borrowed $600 from the bank
that his living expenses
are about $100 a month;" and several other recondite
things.
After reading about such fine sleuthing as a
prerequisite
to underwriting, the career-seeker might well conclude that
he had better embark upon some occupation less likely to
have
.
.
.
.
.
.
.
.
.
end in failure.
He certainly would think so if the author had given any
statistical index of the great turnover in the ranks of those
who try life
"underwriting" without warning or enough
preparation.
Applied for
By Henry W. Cook, M. D., and Henry W.
Harper.
pp.
75 cents.
Within
ff
as
W.
C. B.
connected with
are
148
pp.
$2.00.
a
life insurance company
in the Middle West.
This is
a guide to the procedure of turning a "prospect"
(life) policyholder.
It hopes to make "underwriting"
more interesting and
profitable for the life insurance sales¬
man.
To this extent, the authors will probably not have
labored in vain.
The work is predominantly of a medical
character, the underwriting section being brief, and not
impressive.
Apart from men engaged in selling life insurance, those
who might derive some value from this work are those
seeking insurance and meeting with difficulties.
The leading
causes of unfavorable action are given as "(1) blood pressure,
(2) immoderate use of alcohol, (3) heart impairments, (4) uri¬
nary impairments, (5) morals and reputation, and (6) over¬
weight."
These are briefly considered.
Many other forms
of impairment are each given a few lines.
The layman's medical adviser, if consulted, will conclude
from this book that the decision of one company looking
at an applicant for insurance, would not be always followed
by a competitive company.
He might also intimate that
this book, in its purely medical aspects, does not reflect the
opinions of many authorities who have kept abreast of
medical progress.
For instance (p. 91), regarding pernicious
anemia, we are told "Cause unknown.
Very serious.
De¬
cline."
Outstanding authorities in the life insurance field
several years ago wrote that "As a result of notable advances
in liver therapy, pernicious anemia patients, under skilled
medical care, may now look forward to a close-to-average
expectation of life and physical well-being." *
Since this
was written, further marked advances have been made in
the mode of treatment.
Again, as to syphilis, we may
read (p. 114) "Adequate treatment must be of long dura¬
into
a
tion.
.
Results
.
uncertain."
of
treatment
and
actual
cure
Several years ago,
are
it was stated with
ample insurance authority, that "the favorable trend of
mortality among white persons should lend encouragement
The disease is almost wholly preventable
and
practically always curable if aggressively treated in its
early stages."*
Many other illustrations could support
the contention that this book does not give the fieldman nor
.
.
*
.
.
.
.
Cf. "Twenty-five Years of Health Progress."
Vol. 146, p. 2924.
Volume
the
able
v
general public the benefit of the latest knowledge avail¬
regarding progress in medicine and pharmacology.
The accomplishments of the men engaged in selling life
insurance have
been
magnificient, specially in the face of
the apathy of the general public.
The least that can be
THE
TRADE—COMMERCIAL
OF
STATE
were
good, though electric output,
stills and
automotive activity fell off
Trade reports generally
petroleum
to
runs
All markets appeared to
slightly from the previous week.
be
dominated
the coast
less
or
more
of Norway.
these highly momentous
on
by the titanic struggle along
The
of the world are focused
eyes
authors of this book have not
could have been
V
Reflecting
happenings abroad, as they are
Traffic
ness
Norway.
the outcome of the great struggle in
on
high seas is highly demoralized, and busi¬
the
on
foreign channels disrupted.
in many
Until the situa¬
clarified, business is expected
tion generally becomes more
to. proceed with more or less caution.
Involvement of Denmark and
<
Norway, and possibly Swe¬
den, in the European war zone has created unexpected and
problem^ for American steel exporters,
pressing
but the
long-range view is that Norway, which has been receiving
of
most
its
steel imports from
United States, the
of
the
Germany, will turn to the
says
in its current summary
"A similar development," it adds,
industry.
in
occur
"Iron Age"
steel
and
other
Immediate effects of
the new European crisis on the American steel situation
are
not yet clearly discernible, but until they are better
understood, some mills are not producing or processing ma¬
terial
for
Scandinavian
countries," the review reports.
"Meanwhile, there is concern over material that is afloat
and on docks at Atlantic ports awaiting shipment. : • In
shipping circles it is believed that the Norwegian merchant
fleet will be pooled with British and French fleets to oper¬
ate under the convoy system.
The magazine says that a
further
moderate
steel business,
products.
seasonal
gain has
occurred in
domestic
together with substantial and increasing vol¬
of export tonnage,
which has created confidence in the
industry that the bottom of the long decline has been
reached. ' Although no important rise in production is ex¬
pected in the near future, better feeling is said to be derived
from the fact that incoming orders are currently in closer
ume
balance with shipments and in some cases are equal to
to
50%
60% of capacity."
Production of electricity by the electric light and power
industry of the United States for the week ended April 6
to 2,381,456,000 kwh., an increase of 9.6% over
the like 1939 week, according to Edison Electric Institute.
Output for the latest reporting week*, however, -was 40,831,000 kwh. below the preceding week's total of 2,422,.
287,000 kwh.
Compared with the like 1939 week's total of
2,173,510,000 kwh., output increased 207,946,000 kwh., or
9.6%.
"
Private engineering construction awards for the week,
$23,376,000, top the total for a week ago by 4%, and are
12% higher than the volume reported for the correspond¬
ing
1939
week,
"Engineering News-Record"
announced
yesterday.
Public construction for the -week, however, is
amounted
17% and 54% lower, respectively, than last week and last
year, and is responsible for the decrease reported in total
construction.
The week's total, $50,890,000, is 9% lower
than in the
preceding week, and 37% lower than in the 1939
awards for the year to date total $261,-
Private
week.
714,000,
an
8^%
increase of
over
the 15-week period last
The total volume of engineering construction awards,
year.
improvement
an
in
schedules of one of the
United
slight rise,
The auto¬
$749,468,000, is 20% lower than for the 15 weeks in 1939.
Loadings of revenue freight for the week ended April 6
totaled 602,697 cars, according to reports filed by the rail¬
roads with the Association of American Railroads and made
This was a decrease of 25,581 cars from the
preceding week this year, 67,745 more than the correspond¬
ing week in 1939, and 80,648 cars above the same period
plants this week showed a
according to Ward's Automotive Reports, Inc.
motive service estimated this week's total at 102,940 units,
the previous like week of 1939.
now in prospect, the present
level of operations should hold fairly steady through this
month, the service stated.
Field reports to factories indi¬
cate sales are holding in normal relation to the high levels
increase
an
While
of 0.9%
further
no
over
gains are
of late March.
Extension of the
European war into the hitherto neutral
purchasing
countries stimulated more liberal
Scandinavian
and textiles in the last week, Dun & Bradstreet, Inc.'s, trade review reported.
Consumer purchasing
also broadened, with both wholesale and retail trade show¬
ing gains over a year ago.
Retail trade was up 6% to 11%
over
the corresponding 1939 period,
put wholesalers re¬
ported moderate increases.
The small individual commit¬
ments in wholesale markets indicated, according to the pub¬
of metals, paper
lication, that merchants preferred to wait and see develop-'
before
ments
the
to
The retail trade
30% in the automobile sales
ordering for future needs.
increase ranged from more than
5% advance in department store and grocery
store
:-'iv
volume.
The week
"may
Sweden, which has been exchanging iron ore for
German
W. C. B.
"
•
States and Canadian
fraught with the greatest possibilities for good or bad, de¬
pending
contributed all that reasonably
expected.
leading manufacturers, automobile production in the
little change from last week.
showed
activity
work is the utmost
To this end, the
expected by them in their valuable social
aid in the shape of ascertainable facts.
EPITOME
Friday Night, April 12, 1940.
Business
2323
The Commercial & Financial Chronicle
150
was
-
characterized in general by moderate tem¬
peratures and widespread substantial to heavy precipita¬
tion.
The weekly mean temperatures averaged above nor¬
mal in nearly all sections from Mississippi Valley eastward,
with
7
the
greatest rise
in
temperature being 4 degrees to
degrees above normal from the Ohio Valley
southward.
Widespread rains of the week brought mostly ample moist¬
for present
ure
needs to large areas of the country, though
inadequate and droughty conditions con¬
the amounts were
tinue in
The drought has been
relieved over a large Southwestern
area.
At present there is ample topsoil moisture in Montant, the Dakotas, Minnesota, Wisconsin, Iowa, the eastern
third of Wyoming, the eastern third of Nebraska, all of
parts of the Great Plains.
least
at
temporarily
Oklahoma
except the extreme northwest and extreme south¬
west, most of eastern New Mexico, and rather generally in
Texas,
except the
southern and extreme western
Government reports.
As a general
not active during the week, principally
extreme
according to
portions,
rule farm work
was
because
frequent rains and
of
the
wet soil.
In the New
general rains, with clear con¬
ditions during the early part of the week.
The weather today was characterized by heavy rains,
prevailing temperatures ranged from 44 degrees to 55 de¬
York
City
grees.
area
there
were
Much colder weather is looked for tonight and
con¬
Partial cloudiness is forecast for
Saturday, followed by fair weather on Sunday.
Overnight at Boston it was 43 to 58 degrees ; Baltimore,
51 to 64; Pittsburgh, 25 to 64; Portland, Me., 39 to 43;
Chicago, 24 to 38; Cincinnati, 24 to 56; Cleveland, 24 to 58;
Detroit, 19 to 49; Milwaukee, 19 to 35; Charleston, 63 to 75;
Savannah, 64 to 74; Dallas, 32 to 57; Kansas City, Mo.,
23 to 37; Springfield, 111., 22 to 43; Oklahoma City, 26 to 42;
Salt Lake City, 36 to 60, and Seattle, 48 to 73.
tinuing
Sunday.
into
Moody's Commodity Index Advances
Moody's Daily Commodity Index closed 4.3 points higher
this week.
Twelve of the fifteen commodities showed gains
over a week ago and the remaining three were unchanged.
The movement of the Index has been
Fri.
.155.1
Sat.
.154.8
April 5
April 6
Mon.
April 8--Tues. April
9
Wed.
April 10
Thurs. April 11.
Fri.
April 12.
—
.155.9
.157.8
.158.3
.159.1
.159.4
_
as
follows:
Two weeks ago, March
Month ago, March 12
Year ago, April 12_
1939 High—Sept. 22
-.155.7
29
......
-.158.8
-
-.138.7
_r_172.8
-.138.4
Low—Aug. 15
1940 High—Jan. 2
-.169.4
Low—April 6......... ..154.8
public today.
This total was 97.89% of average loadings
two years ago.
for the
corresponding week of the 10 preceding years.
22 leading cities of the United States
week ended April 10 maintained their advantage
Bank clearings for
for
over
the
the
ago for the second
increase shown at New York.
leading cities, according to Dun &
corresponding period a year
consecutive week, owing to the
Transactions
Bradstreet,
11.1%
for
Inc.,
$2,707,227,000
the
21
$2,018,627,000,
like
amounted
to
$5,030,032,000,
a
gain
of
the $4,526,432,000 for the same 1939 week.
The
at New York aggregated
$3,011,405,000 against
over
turnover
while
the
a year ago,
cities
or
representing
outside
11.0%
1939 week.
more
of New
an
increase of 11.2%,
York
had
a
total
of
than the $1,819,205,000 in the
Revenue
Freight Car Loadings in Week Ended April 6
up 12.7%
Loading of
revenue
freight for the week ended April 6
totaled 602,697 cars, the Association of American Railroads
announced on April 11.
This was an increase of 67,745
cars or
12.7% above the corresponding week in 1939 and an
of 80,648 cars or 15.4% above the same week in
increase
1938.
Loading of
revenue
freight for the week of April 6
preceding
decrease of 25,581 cars or 4.1% below the
week.
The Association further stated:
was
a
Miscellaneous freight
cars
loading totaled 263,337 cars, an increase of 4,241
above the preceding week,
corresponding week in 1939.
Loading of merchandise less
cars,
an
and an increase of 14,367 cars above the
*
.
than carload lot freight totaled
increase of 2,570 cars above the preceding week,
of 8,022 cars below the
corresponding week in 1939.
149,726
but a decrease
The Commercial & Financial Chronicle
2324
Coal loading amounted to 100,187 care, a decrease of 27,072
the preceding week, but an Increase of 54,246 care above the
week in
1939, due to Labor trouble in Coal mines last
Grain
4,432
and
grain
products
loading
totaled,
30,108
preceding week, and
care
decrease
a
15
stock
loading
amounted
to
cars,
an
increase
of 474
care
above the preceding week, but a decrease of 462 cars below the corresponding
1939.
the week of
the Western
In
Districts alone, loading of live stock for
April 6, totaled 7,241
preceding week, but
cars,
decrease of 809
a
increase of 375
an
care
cars
above the
below the corresponding week in
1939.
preceding week, but an increase of 4,699
week in
1939.
care
care
below
above the corresponding
■
Ore loading amounted to 10,369 cars, an increase of 209 care above
preceding week, and
in
increase of 1,712
an
care
the
above the corresponding week
1939.
Coke loading amounted to 7,331 cars, a decrease of 1,210 cars below the
but
week,
increase of 1,307
an
above the
cars
corresponding
week in 1939.
All districts reported
.
n
Apr. 8
Apr. 0
Mar. 30
Apr. 8
1940
1939
1940
1940
1939
17,244
28,118
20,868
13,789
17,777
13,866
2,848
1,562
3,570
11,918
30,466
4,850
16,797
53,205
Chesapeake A Ohio Ry
Chicago Burlington A Qulncy RR.
Chicago Mllw. St. Paul A Pac.Ry.
Chicago A North Western Ry
Gulf Coast Lines
International Great Northern RR
Missouri Pacific RR
New York Central Lines
N. Y. Chicago A St. Louis Ry
Nerfolk A Western Ry
Pennsylvania RR
Pere Marquette Ry
„
17,546
28,826
22,884
14,525
18,414
13,758
2,690
0,067
5,461
26,000
4,893
Pittsburgh A Lake Erie RR
Southern Pacific Lines......
preceding
Mar. 30
1940
Mieeouri-Kanaas-Texas RR
Forest products loading totaled 31,570 care, a decrease of 361
Weeks
Apr. 6
Atchison Topeka Santa Fe Ry
Baltimore & Ohio RR
10,069
Received from Connections
Weeks Ended—
care
below the corresponding week in 1939.
the
Loaded on Own Line*
of
de¬
a
cars,
decrease of
a
1940
CONNECTIONS
(Number of Cars)
corresponding
In the Western Districts alon,e, grain and
1939.
of 2,535 care below the
week in
AND RECEIVED FROM
year.
grain products loading for the week of April 6, totaled 18,288
Live
April 13,
REVENUE FREIGHT LOADED
below the preceding week, and a decrease of 102 care below the
care
corresponding week in
cease
below
care
Wabash Ry
Total
increases compared with the corresponding weeks
55,454
5,934
5,637
25,002
5,195
285,299 296,308
TOTAL
1939 and 1938.
1,591
3,628
12,576
38,307
4,932
19,409
LOADINGS
AND
RECEIPTS
18,354
5,307
20,569
7,035
14,016
5,471
13,632
9,247
9,333
7,572
-7,039
12,540
9,735
3,102
1,367
1,704
2,152
3,638
2,703
11,299
8,605
33,248 35,429
4,862
9,574
5,697
4,298
46,165 37,272
5,123
5,596
7,560
7,075
9,287
1.344
2,051
2,376
13,582
17,074
4,241
9,981
4,689
38,404
5,420
5.345
8,251
8,359
4,745
24,914
4,918
8,510
38,023
8,273
238,005|
8,498
5,431
13,580
6,500
6,886
6,993
9,195
1,390
2,201
2,756
7,871
27,582
8,160
3,810
31,965
4,408
2,422
7,870
7,598
181,758 185,111 156,618
FROM
CONNECTIONS
(Number of Cars)
1940
1939
Four weeks of January
2,555,415
2,288,730
2,256,717
Four weeks of February
2,486,863
3,122,556
2,282,866
2,155,536
2,976,655
602,697
534,952
2,746,428
522,049
8,767,531
8,083,203
1938
Weeks Ended—
Five weeks of March
Week of April 6
Total
7,680,730
The first 18 major
railroads to report for the week ended
total of 285,299 cars of revenue freight
on their own lines, compared with 296,308 cars in the
pre¬
ceding week and 238,005 cars in the seven days ended April
A comparative table follows:
8, 1939.
J
April 6, 1940 loaded
a
REVENUE FREIGHT LOADED AND
1939
1938
1940
625
573
598
2,053
2,135
7,797
1,543
193
163
6,660
0,705
10,570
Chicago Indianapolis A Loulsv.
1,309
1,510
1,463
2,180
10,733
1,950
1,243
24
...
Delaware A Hudson
Delaware Lackawanna A West.
Detroit A Mackinac
20
19
53
39
1,308
4,718
8,509
1,316
1,180
1,890
4,268
9,340
4,542
9,140
7,319
7,443
1,840
7,301
6,833
269
311
97
101
1,547
3,604
Detroit Toledo A Ironton—...
2,462
2,349
1,490
Detroit A Toledo Shore Line...
332
272
209
11,138
4,878
11,268
10,279
11,000
4,499
3,511
7,529
175
187
321
1,909
1,591
7,620
2,374
4,851
1,784
38,307
8,993
7,541
1,674
6,703
2,187
2,179
Erie
Grand Trunk Western.
1,130
203
Central Indiana..
Central Vermont.........
.
Lehigh A Hudson River.....
Lehigh A New England.......
Lehigh Valley..........
Maine Central...
Monongahela.
Montour
....
New York Central Lines
N. Y. N. H. A Hartford
27,074
St. Louia-8an Francisco Ry
11,879
12,818
11,323
61,482
67,699
59,666
Total
-
2,503
3,509
compared with the
same
1,730
1,223
6,615
950
0,577
3,338
221
180
1,479
759
42
22
35,660
11,981
31,009
38,023
11,365
34,885
426
429
374
1,020
918
319
337
326
4,169
4,747
9,024
20,369
9,310
19,925
9,299
4,480
4,367
17,759
14,220
Tennessee Central
13,675
431
356
355
136
714
548
Winston-Salem
186
167
742
678
101,473
96,404
87,363
68,311
64,785
A North Western.....
Great Western
13,758
9,287
2,715
18,414
12,964
2,639
17,455
12,480
2,563
Mllw. St. P. A Pacific.
St. P. Minn. A Omaha.
3,327
3,170
9,212
2,537
7,254
3,186
.....
Seaboard Air Line....
Southern System.......
Southbound...
12,392
Total
384
318
5,915
6,783
4,325
5,692
5,757
Pittsburgh A Lake Erie
5,879
5,249
3,410
Pere Marquette.
5,934
5,113
4,075
5,420
4,887
Minneapolis A St. Louis
510
401
191
31
27
382
327
323
200
222
1,447
1,303
563
513
943
964
4,878
8,359
3,035
2,359
3,113
7,977
2,817
138,880
137,786
115,471
154,701
147,315
Alleghany District—
Buffalo Creek A Gauley
Cambria A Indiana
421
443
369
879
706
28,826
27,641
2,415
Bessemer A Lake Erie
1,841
22,267
1,308
13,632
1,239
14,690
1,282
353
213
1,352
0,155
1,582
884
5
22
6,103
5,757
11,065
11,168
623
504
517
46
64
Cumberland A Pennsylvania..
217
251
151
31
47
Ligonler Valley
Long Island
Penn-Readlng Seashore Lines.
96
118
79
27
24
437
585
576
2,741
2,991
...
...
Central RR. of New Jersey.
Cornwall
__
...
Spokane
224
5
4
....
63,562
41,297
40,830
17,546
18,813
18,221
5,451
2,654
2,659
2,684
2,035
5,313
1,969
520
322
250
83
75
14,526
13,755
13,159
7,560
7,346
2,022
1,654
677
659
10,622
1,712
10,256
2,529
2,431
10,538
2,392
9.302
2,553
8,317
2,416
720
683
750
2,068
1,764
1,841
1,348
2,532
1,209
2,219
334
304
320
9
930
1,009
1,697
1,053
930
964
1,472
1,497
1,207
Bingham A Garfield
Chicago Burlington A Qulncy.
Chicago A Illinois Midland
Chicago Rock Island A Pacific
Chicago A Eastern Illinois
Colorado A Southern
Denver A Rio Grande Western
Denver A Salt Lake.*
Fort Worth A Denver City
Illinois Terminal
........
1,319
1,930
6,017
5,664
Peoria A Pekln Union
Southern Pacific (Pacific).....
92,054
Toledo Peoria A Western
Union Pacific System.........
M Issourl-Hllnols
...
...
12,167
4,689
3,937
2,328
1,027
28,512
15,049
13,564
203
231
153
71
96
120
655
289
393
352
9
24
17
0
0
20,446
19,761
17,737
4,704
4,359
344
254
362
1,235
1,149
13,311
13,007
11,271
7,064
6,678
423
19,409
371
298
225
198
297
6
3
1,339
1,380
1,215
1,831
1,764
95,314
...
93,371
86,018
49,677
46,430
995
38,716
977
1,710
609
8,632
46,468
Norfolk A Western....
13
795
.....
Western Pacific
9,333
1,865
1,900
.......
Nevada Northern
North Western Pacific
Utah
14,017
7,600
69,589
Central Western District—
Atch. Top. A Santa Fe System
10,618
1,503
19,433
16,119
3,164
9,900
1,704
2,269
3,329
73,225
Total.
35,952
92,978
64
1,887
2,192
3,379
212
1,328
22,884
60
1,419
4,120
7,524
1,430
15,629
4,175
....
269
1,550
4,452
242
38,404
Pocahontas District—
Chesapeake & Ohio
156
1,587
1,293
850
2,479
145
187
149
11,283
6,283
100,350
579
171
1,396
47,214
3,401
2,645
660
146
918
121,144
2,887
448
1,512
...
Total.
410
7,743
562
99
11,801
127,987
Maryland
510
9,110
502
1,610
55,474
10,269
433
9,639
International........
1,116
13,399
3,266
147
Spokane Portland A Seattle.'..
13,857
Union (Pittsburgh)
Virginian
Northern Pacific
161
4,644
....
Minn. St. Paul A S. S. M
55,454
Pennsylvania System...
Reading Co
Western
.......
Alton
.....
3,212
632
Ft. Dodge Des Moines A South.
Great Northern
Green Bay A Western
Lake Superior A Ishpemlng
5,046
3,634
7,075
374
1,491
4,138
594
16,742
2,968
573
1,804
9,039
5,195
2,289
407
1,339
5,103
Akron Canton A Youngstown.
A Ohio
■7
1,095
555
1,833
Baltimore
2,224
2,648
944
408
9,981
Total.
2,267
2,725
1,352
Duluth Mlssabe A I. R
929
Wheeling A Lake Erie
1,603
2,424
1,473
Duluth South Shore A Atlantic.
Elgin Jollet A Eastern
4,025
494
1,935
2,763
Northwestern District—
Chicago
Chicago
Chicago
Chicago
417
684
1939
Piedmont Northern
Richmond Fred. A Potomac...
1,285
832
1940
1,721
4,994
...
from Connections
1938
2,947
1,067
393
-
1939
Nashville Chattanooga A St. L_
Norfolk Southern....
4,932
•»
Total Loads Received
Southern District—(Concl.)
Mobile A Ohio
N. Y. Chicago A St. Louis
N. Y. Susquehanna A Western.
Wabash
21,590
26,753
1,055
3,168
11,228
6,928
1,833
2,967
8,492
Total Revenue
Freight Loaded
902
Rutland...
:
week last year.
Railroads
New York Ontario A Western.
Pittsburgh & Shawmut
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia
Apr. 8, 1939
In the following we undertake to show also the
loadings
for separate roads and systems for the week ended March
30,
1940.
During this period 77 roads showed increases when
1940
...
.....
Maine
Illinois Central System
22,891
31,990
1939
Eastern District—
Ann Arbor...
22,529
from Connections
1940
Boston A
Chicago Rock Island A Pacific Ry.
Total Loads Received
Freight Loaded
Bangor A Aroostook..
Mar. 30, 1940
RECEIVED FROM CONNECTIONS (NUMBER OF
CARS)—WEEK ENDED MAR. 30
Total Revenue
Railroads
Apr. 6, 1940
Total,
Southwestern District—
Total.
Burling ton-Rock Island
Fort Smith A Western,
Gulf Coast Lines
Southern District—
137
115
139
3,250
1,608
3,309
x
256
211
Atl. A W. P.—W. RR. of Ala..
823
890
International-Great Northern.
696
Atlanta Birmingham A Coast..
Atlantic Coast Line
1,478
1,168
549
604
513
874
1,002
10,063
Kansas Oklahoma A Gulf....
Kansas City Southern
10,999
2,118
5,004
4,694
4,045
3,948
10,427
3,782
2,955
2,764
Central of Georgia
Charleston A Western Carolina
Louisiana A Arkansas
Litchfield A Madison
202
274
1,344
2,051
1,351
2,153
108
2,690
1,591
Alabama Tennessee A Northern
233
1,775
223
163
876
834
1,969
1,741
1,499
1,512
1,308
1,907
1,633
1,330
343
323
204
897
736
449
449
495
206
188
160
112
292
342
3,628
12,598
3,677
3,652
2,648
11,635
11,390
2,376
8,510
•
1,568
433
447
382
1,277
1,228
1,311
1,083
Columbus A Greenville
1,905
289
1,006
275
2,290
371
325
351
Durham A Southern
148
Mlssourl-Kansas-Texas Lines.
206
190
378
361
Missouri Pacific
1,159
1,277
2,493
795
733
Quanah Acme A Pacific
79
74
144
105
97
St. Louis-San Francisco
6,538
2,206
6,181
3,834
6,481
2,199
6,300
3,739
5,356
2,154
4,091
3,906
4,767
2,482
2,753
3,659
3,686
142
157
184
74
65
7
51
26
31
44,931
43.681
42.215
34,165
Clinohfield
Florida East Coast.......
Gainsvllle Midland...........
32
29
95
102
864
763
1,463
1,512
275
Gulf Mobile A Northern
29
1,100
Georgia
Georgia A Florida
268
274
491
554
1,734
20,941
21,583
1,632
18,860
16,916
17,803
14,178
Macon Dublin A Savannah
126
122
105
607
140
135
112
370
341
8t. Louis Southwestern
Texas A New Orleans
6,132
241
8,126
2,481
2,854
790
Mississippi Central
Midland Valley
Missouri A Arkansas
Illinois Central System..
Louisville A Nashville
Note—Previous
year;s figures revised.
1,410
• Previous figures.
1,228
1,141
Texas A Pacific
11,853
5,291
,
9,723
5,305
Wichita Falls A Southern
Wetherford M. W. A N. W...
Total.
xjDlscontinued Jan. 24, 1939.
63
I
32.940
The Commercial & Financial Chronicle
Volume ISO
Wholesale Commodity Prices Advanced Slightly During
Week Ended April 6, According to "Annalist"
Primarily because of weakening prices for agricultural commodities, silk,
and scrap steel, the raw materials group
commodity prices rose fractionally last week
with the "Annalist" index closing at 80.4 on April 6, a gain
of one-tenth of a point as compared with the previous week,
which was the low for the year.
The "Annalist" on April 8
further stated:
•'.■'■V.. •', .;vCotton prices
selling.
was
Grain prices
lower,
and hides
copper
modities
"all
ANNALIST" WEEKLY INDEX OF
'•
ber.
The
Rye
Quotations
COMMODITY PRICES
foods group
edible
sugar,
Apr. 6, 1940
Apr. 8, 1939
69.0
68.8
68.1
69.0
69.0
68.1
for
Fuels
86.6
86.6
81.9
97.6
97.6
96.9
72.4
72.4
70.6
86.8
86.8
86.0
80.6
80.4
69.1
80.4
80.3
77.8
Metals
;
....
Miscellaneous
All commodities.
declined fractionally because of lower prices for
index
reported
tallow, and vegetable
Among the individual food"
butter, cheese, powdered
were
silk
raw
fruit
The
oils.
and vegetable
V.';"''.''
products
and silk
hides, and sole leather caused the hides
cow
A decrease of 5.8%
group
index to decrease 0.4%.
yarn,
together with lower prices for overalls, duck,
osnaburg, tire fabric, and burlap, brought the textile products group index
down
A
0.8%.
Prices
higher for print cloth, muslin, and manila hemp.
were
sharp rise in Pennsylvania gasoline accounted for the advance in the
fuel and lighting materials group index.
In the metals and metal
products
Bituminous coal declined slightly.
group
lower prices for reinforcing bars,
steel, and nonferrous metals, such as pig lead, quicksilver, pig tin,
scrap
solder, and lead pipe, accounted for the minor decline in the
Further
Advance
Moderate
Retail
in
Prices
wholesale prices
was a
further stated:
Each
one
home
V',
of the major subdivisions
furnishings
recording
gained slightly, with infants' wear
the greatest
Falling prices for fats
cattle feed
The
prices
year ago
a
the
A-'"";'v-v/'j/
strengthening in whoesale prices, resulting from a widening of
front, will prevent the decline in retail prices which had seemed
are
and April 8, 1939 to April 6, 1940; and
vU A
:
';V,:+>'•.
,;,; +Av'\
(1926=100)
+
■
Apr. Mar. Mar. Mar.
30,
6,
23.
1940
1940
Apr.
9,
Percentage Changes to
April 6, 1940 from—
8.
1939 Mar. 30
1940
Mar.9,
Apr. 8,
1940
1940
1939
77.6
78.3
75.9
—0.4
—0.9
68.1
67.5
68.5
63.8
—1.6
—2.2
69.8
69.9
+ 2.2
+ 5.0
69.9
68.4
—O.l
—0.3
+ 1.9
101.6 102.0 102.1 102.4
91.8
—0.4
—0.8
—0.8
—1.9
+ 10.7
+ 8.8
Foods....
Hides and leather products.
Textile products
77.9
69.7
Farm products.....
77.9
67.0
All commodities...
71.9
72.5
72.7
73.3
66.1
72.3
72.6
72.8
73.6
+0.3
—0.4
—1.5
economist under whose supervision
Fuel and lighting materials.
Metals and metal products
72.5
W. Zelomek,
95.4
95.5
95.4
95.5
94.4
—0.1
—0.1
+ 1.1
immediate major increases in retail
Building materials
93.2
93.1
93.3
93.3
89.9
+0.1
—0.1
+ 3.7
Chemicals and drugs
76.9
77.2
77.3
77.5
75.9
—0.4
—0.8
+ 1.3
Housefurnishing goods
89.4
89.5
89.5
89.6
86.5
—0.1
—0.2
+3.4
no
':y'+V-
likely.
■
PUBLICATIONS RETAIL PRICE
THE FAIRCHILD
JAN-
■
3.
1931=100
vC:'
-V-
Apr. 1,
Jan. 2,
1933
1939
1940
Feb.
■■
;'y/-'
1,
1940
Mar.
1,
1940
76.6
76.6
76.5
76.8
73.9
0
—0.3
+ 3.7
Raw materials
71.1
71.8
71.5
72.2
68.3
—1.0
—1.5
+ 4.1
Semi-manufactured articles.
79.1
79.5
79.4
79.7
74.5
—0.5
-0.8
+ 6.2
Finished products
All commodities other than
80.9
81.0
81.2
81.4
80.2
—0.1
—0.6
+0.9
80.0
80.1
80.2
80.4
78,6
—0.1
—0.5
+ 1.8
82.7
82.8
82.9
83.1
80.6
—O.l
—0.5
+ 2.6
Miscellaneous
V'=
May 1,
__
'
INDEX
Copyright 1940 Fairchild News Sevice
Apr. 1,
1940
farm
All
commodities.
products
commodities other than
farm products and foods
92.0
92.3
Composite index
69.4
89.1
Piece goods
65.1
84.3
85.3
85.5
85.9
86.0
Men's apparel..
70.7
88.4
88.7
88.8
88.8
88.9
Women's apparel
Infant's wear
71.8
88.8
91.0
91.4
91.8
91.9
76.4
96.2
P6.4
96.6
96.6
96.9
70.2
90.5
93.5
93.7
94.1
94.4
Rubber, crude
..
.......
furnishings....
92.6
__
Fruits and vegetables
Home
(2) important percentage changes in
subgroup indexes from March 30 to April 6, 1940.
However,
to A.
compiled.
■'v
of commodities for the past three weeks, for March 9, 1940,
and April 8, 1939; and the percentage changes from March 9 and 30, 1940
1940
hosiery.'
■'t+
infants'
As compared with
according
VV;M
Women's
furs, floor coverings, furniture and
the index is
■■
crude rubber advanced 1.3 % and
lower for boxboard, cooperage, cylinder
were
following tables show (1) index numbers of wholesale prices for the
Commodity Groups
hosiery recorded the greatest decline.
likely,
Prices
oil, and paraffin wax.
main groups
As
the greatest increases were recorded by
war
0.7%»
1937 high, piece goods and women's apparel showed
An analysis of the individual items shows that floor coverings,
the
rose
Homefurnish-
advances.
hosiery and women's underwear recorded the greatest gains.
The latest
lower for cement, sand, gravel,
oils, formaldehyde, and alcohol caused the
and
In the miscellaneous commodities group
the greatest reaction.
women's
were
chemicals and drugs group index to drop 0.4% during the week.
/
ings and women's apparel showed the greatest gain above a year ago.
compared with the
Prices
red lead, litharge, chinawood oil, rosin, and turpentine.
further moderate gain in retail prices in March
according to the Fairchild Publications Retail Price Index.
The Index, which showed an advance of 0.2% as compared
with the previous month, showed the ninth consecutive
monthly increase.
Prices record a gain of 4.2% as compared
with April 1 a year ago.
However, they still show a de¬
cline of 3.9% below the 1937 high, but show an increase of
5.6% above the 1936 low.
Under date of April 12 it was
and
index.
Average
of building materials advanced 0.1% .because of higher
prices for yellow pine lumber.
Price Index
There
group
Plumbing and heating fixtures and galvanized pipe advanced.
During
March, According to Fairchild Publications Retail
x
sub¬
Prices were higher for canned peaches, bananas,
Weakening prices for shoes,
Food products
Textile products
Chemicals
flaxseed, beans, and wool brought the farm
higher for wheat, ewes, cotton, hops, and potatoes.
advanced 2.3%.
and leather
Building materials
oranges,
were
and glucose.
74.1
76.4
76.6
and "all commodities other
in livestock together with lower prices for oats,
milk, flour, rice, dried fruits, fresh beef and pork, mutton, veal, lard, raw
:/■'
Mar. 30, 1940
com¬
week ago according to the indexes for
dairy products, cereal products, and meats.
group
Farm products
Industrial and non-agricuitural
a
than farm products"
items for which lower prices were
WHOLESALE
(1926=100)
■; :■'A"
fractionally.
slightly from
products group index down 1.6% to the lowest point reached since Decem¬
steady.
were
lemons,
eggs,
once
with wheat and corn steady.
down
A decline of almost 5%
rye,
mark
declined
were
commodities other
than farm products and foods."
speculative items, rubber and cocoa rallied
more
Average wholesale
and manufactured
commodities
sharply lower on heavy Japanese
were
irregular,
were
Among the
strongly, but
while wool rose to the SI
improved slightly
Silk quotations, however,
index fell 1%.
prices for semi-manufactured articles decreased 0.5%
Wholesale
again.
2325
92.8
Piece goods:
IMPORTANT PERCENTAGE CHANGES IN SUB-GROUP INDEXES FROM
57.4
63.6
66.2
66.5
67.5
67.9
69.2
Woolens...
Cotton wash goods
Domestics:
84.7
86.2
86.5
86.9
87.0
103.6
103.5
103.5
103.2
Sheets
65.0
92.0
93.4
93.4
94.0
94.1
Blankets & comfortables
72.9
102.9
107.5
107.9
109.8
110.8
68.6
104.5
'
"
i
''
'
■>
,
Women's apparel:
:V;-
Increases
•-:
Cattle feed..
59.2
74.0
75.5
76.6
77.0
76.5
75.5
104.9
105.5
105.5
106.0
105.8
Corsets and brassieres..
83.6
92.5
92.9
92.9
93.0
93.0
Furs
66.8
90.0
98.3
98.3
99.3
85.0
85.5
86.6
87.3
86.5
88.5
88.5
88.6
Decreases
0.2
Silk
5.8
(Concluded)
Dairy products.....
Livestock and poultry...........
Leather.
4.9
1.0
0.3
Hides and skins
Meats
0.3
...
Other foods
1.3
v*
..........
........
0.3
0.3
1.0
Shoes—
0.5
Other miscellaneous...
0.2
Other farm products
....
Other textile products
Nonferrous metals.
0.6
0.6
......
0.2
....
0.3
88.8
87.6
0.5
87.6
76.5
0.6
Plumbing and heating...
Hosiery and underwear—
~r'Decreases
99.5
69.2
(Concluded)
Petroleum products
0.7
......
Cement
Hosiery
Aprons & house dresses.
Increases
1.2
...
1940
6,
+
2.3
1.3
...
Lumber..
Silks
TO APRIL
MARCH 30
1.v.;:
U nderwear
.
Shoes
Men's apparel:
Paint and
paint materials...
Clothing
Chemicals.
.....
Chain
64.9
87.7
87.6
87.6
69.6
91.1
92.0
92.0
92.0
92.0
Shirts and Neckwear
74.3
86.1
86.4
86.4
86.4
86.4
Stores
Hold
87.6
Underwear
>
Hosiery
69.7
82.0
82.5
82.5
82.5
82.5
improvement.
70.1
90.0
90.3
90.6
91.0
91.3
than
Shoes
76.3
93.6
93.6
93.6
93.6
93.6
weather which
.....
_
Infants' wear:
Socks
74.0
Shoes......v.........
101.2
101.4
101.4
102.0
94.2
95.0
95.0
95.0
95.0
80.9
......
100.4
74.3
...........
Underwear......
94.0
93.1
93.5
93.5
93.6
Furniture
69.4
94.9
100.2
100.8
100.8
101.0
Floor coverings
79.9
113.7
122.1
122.8
123.0
124.0
Musical instruments......
50.6
55.8
55.4
54.8
54.7
Luggage..
60.1
74.0
76.0
76.1
76.1
76.1
Elec. household appliances
China
72.5
80.0
82.0
82.0
82.0
82.0
81.5
94.1
Note—Composite
index
is
a
weighted
55.4
94.0
94.0
aggregate,
Major
94.0
group
94.0
indexes
arithmetic averages of subgroup*.
Wholesale
Week
Commodity Prices Declined 0.4% During
April 6, According to Bureau of
modity prices fell 0.4% during the first week of April, largely
as a result of weakening prices for livestock, according to an
announcement made April 4 by the Department
of Labor.
The all-commodity index dropped to 77.6% of the 1926
average, the lowest point reached since early last September.
The Labor Department further said:
The farm products
over
metals
and
IM%.
metal
group
Foods,
index registered the most marked decline, a
hides
products,
goods declined slightly.
and leather products,
chemicals
and drugs,
and
textile products,
housefurnishing
Minor advances were recorded for the fuel and
lighting material and building material groups.
remained unchanged from last week.
0.2
Seasonal Sales Improvement
The Easter holiday influence, coming earlier
offset the effects of bad
this year, imore than
otherwisp might have drastically cut consumer
buying in certain
lines/according
to "Chain Store Age."
Thus, the index or sales for March,
as compiled by that
publication, adyailced to a level equal to 115 of the 19291931 averagejkfr the month taken as 100.
This index makes
allowance f(5r the number of business days each month as
well as the fluctuating Easter factor.
The index for February was 114 and for the month of
March, 1939, it was 109.8.
:''V■
The March 1940 index figures for each group compare with
figures for the same month last year as follows:
;
Grocery
Variety
Drug
Shoe
107
119
142
120
107
119
139
128
119
100
113.6
133
137
130
Apparel
Index
The Bureau of Labor Statistics' index of wholesale com¬
little
usual
Ended
Labor Statistics'
0.2
......
.........
Chain store sales in March maintained their rate of seasonal
Clothing, incl. overalls..
Hats and caps..
Cereal products
Miscellaneous commodities
March,
1940
February, 1940.
March,
1939..
128
-
-
Wholesale Commodity Prices Declined Slightly During
Week Ended April 6, According to National Fer¬
tilizer Association
The
wholesale
commodity price index compiled by the
National Fertilizer Association, which has either declined or
remained
was again lower
April 6 sagged to
76.2 from 76.3 in the preceding week.
The index was 76.8
a month
ago, 72.1 a year ago, and 75.0 two years ago, based
last week.
unchanged
every
week this
year,
This index in the week ended
The Commercial & Financial Chronicle
2326
the
on
1926-1928
average
The Association's an¬
100.
as
DATA
RECENT
FOR
April
(THOUSANDS
WEEKS
nouncement, under date of Apr. 8, went on to say:
KILOWATT-HOURS)
OF
Percent
responsible for last
Small declines throughout the commodity list were
week's drop in
1940
13,
Change
Week Ended
the general index.. The food price average, which has
a narrow range during the past month, was slightly lower.
1929
1932
1937
1940
1939
1940
from
fluctuated within
1939
Declining quotations for livestock and eggs were responsible for a recession
in the farm
product price average, more than offsetting the effect of higher
The livestock index is now
The seventeenth consecutive
prices for cotton, wheat, wool and poultry.
than
ower
at
any
time since last August.
weekly decline took place in the textile price index, with weakness in raw
contributing factor in last week's recession.
A continu¬
ation of the decline in steel scrap prices combined with lower quotatio
silk prices being a
Jan.
place in the group indexes representing the prices of chemi¬
and drugs and miscellaneous commodities.
2,473,397
2.692,767
2.672,117
2,665,958
2,541,358
2,522,514
2,475,574
2,455,285
2,479,036
2,463,999
2,460,317
2,424,350
2,422,287
2,381,456
13-.
Jan.
20...
Jan. 27...
Feb.
3
Feb. 10.
Feb.17
...
........
eb. 24...
Fractional
for tin and lead were responsible for a drop in the metal index.
6
Jan.
2.
ar.
increases took
Map.
cals
Mar. 16........
Twenty-nine price series included in the all-commodity index declined
during the week and 18 advanced; in the preceding week there were 39 de¬
clines and 10 advances; in the second preceding week there were 30 de¬
16 advances.
clines and
+
Mar. 23........
Mar. 30.
Apr.
Latest
Percent
(1926-1928=100)
PreceTo
Month
Year
Week
Week
Ago
Mar. 9*
1940
Apr. 8,
1040
Mar. 30,
1940
70.4
70.5
71.3
68.4
Total Index
1939
Farm products
50.3
Cottonseed oil.........
49.9
53.0
48.3
63.5
62.1
67.6
62.6
63.1
Fata and oils
63.3
64.3
62.8
Cotton. .................
58.1
57.7
59.3
46.8
Grains. .................
72.8
72.9
72.9
52.5
Livestock
59.2
59.8
60.7
69.1
84.1
84.1
83.7
75.3
17.3
...
Fuels...
10.8
*
Miscellaneous commodities..
87.4
87.1
87.3
77.8
8.2
Textiles
..................
70.7
71.7
73.0
60.6
7.1
Metals..
.........
91.2
91.3
02.0
90.0
6.1
Building materials
Chemicals and drugs........
86.7
86.7
86.4
83.8
94.5
94.3
94.3
0.3
Fertilizer materials...
72.4
72.7
73.3
71.5
0.3
Fertilizers...—...........
78.4
78.4
78.7
77.6
0.3
Farm machinery.......
1.3
.
91.9
94.9
combined......
Ail groups
100.0
from
94.9
94.0
76.3
76.8
72.1
Sales Showed
February
to
Usual Seasonal In¬
March,
Reports
Board
South
Department store sales showed the usual seasonal increase
February to March, when allowance is made for the
early date of Easter this year, the Board of Governors of
the Federal Reserve System announced on April 5.
The
Board's adjusted index was unchanged at 89.
The index
is shown below for the last three months and for March, 1939.
INDEX OF DEPARTMENT STORE SALES *
;
2,176,368
+ 10.3
1,706,712
1,702.570
1,687,229
1,683,262
1,679,589
1,663,291
Mar., 1940
Adjusted for seasonal variation
89
87
*
Monthly Indexes refer to dally average sales In
figures estimated from weekly data.
92
88
71
89
Without seasonal adjustment
72
to
the
than 50%,"
more
permit valuations for all types of construction
were
6%
greater
during February, 1939.
Comparing the same two months, there was
increase of 16% in the value of new residential buildings, a gain of
of
of
in the value of
1%
12%
In indicated
These data
from
based
are
cities
2,123
non-residential
new
expenditures
the
of
additions,
for
buildings, and a decrease
alterations, and repairs.
reports received by the Bureau of Labor Statistics
on
United
States
having
1940
permits
an
population
aggregate
60,500,000.
During the first two months of
cities
for
buildings valued
$254,924,000,
at
pared with the corresponding period of
tial
buildings
272,000,
ceding
during
The
first
1%
the
changes
issued
occurring
in
1940
the
amounted
to
of
period
pre¬
':;
Department of Labor
the
table
and
January
classes
various
following
$141,-
the
say:
between
the
of
by
com¬
as
-
following to
valuations
indicated
of
corresponding
the
13%
of
Permits issued for residen¬
months
two
over
issued in reporting
were
decrease
a
1939.
^v-vv..v'V''
announcement
had
permit
the
of
increase
an
year. 1
also
Jan., 1940 Mar., 1939
and
Atlantic,
Total
The
Feb., 1940
January,
than
1923-26 Average=100
+
>
+ 9.6
+ 10.6
1,699,250
East
South
Central States
Miss Perkins said.
"Indi¬
cated expenditures for new residential buildings showed a
gain of 26%.
Pennit valuations for new non-residential
buildings were 13% higher than during January. Additions,
alterations and repairs to existing structures showed an
increase of 17%."
Secretary Perkins added:
of
from
in
amounted
94.8
76.2
of Governors of Federal Reserve System
v':'n'
+ 9.6
2,212,897
2,211,052
2,200.143
2,146,959
+ 10.1
building-permit valuations were 21% higher
Secretary of Labor Frances Perkins re¬
ported on Marcb 23.
"All sections of the country except
the New England States and the Mountain States shared
in this increase.
The gains in'the West North Central, the
0.2
crease
+ 10.1 12,2417818
2,207,285
+ 10.3
2,199,976
+ 10.5
Mountain States Shared In Gain
an
Department Store
+ 11.2
February
than
Foods
23.0
2,214,656
2,201,057
2,199,860
+ 11.1
February Building Permit Valuations Increased 21%
Above January, Reports Secretary of Labor Perkins
—All Sections Except
New England States and
Ago
Apr. 6,
Group
25 A
.
6_.......
2.256,795
v/V'"-.''
,;+
WEEKLY WHOLESALE COMMODITY PEICE INDEX
Compiled by the National Fertilizer Association.
Bach Croup
Bears to the
9........
+ 14.2
+ 12.3
+ 11.9
1,542 000
1.733,810
1,736.729
1,717,315
1,728,203
1,726,161
1.718,304
1,619.265
1,602.482
1,598,201
1,588,967
1,588,853
1,578,817
1,545,459
1,512,158
1,519,679
1,538,452
1,537,747
1,514,553
1,480.208
1,465,076
2.244.030
2,264,125
+ 14.0
2,169,470
2.269,846
2,289,659
2,292,594
2,287,248
2,268,387
2,248,767
2,225,690
2,244.014
2.237,935
2,225,486
2,198,681
2,209,071
2.173,510
for
of
2,123
February,
1940,
in
the
building construction are
having a population of
cities
82
1,000 or
over:
calendar months; March, 1940,
Change from Jan. to Feb., 1940
Class of Construction
Sales in the four weeks ended March 30
1% larger
and in the first 13 weeks of the year were 3% larger than in
the corresponding periods last year, the Board said, pre¬
senting the following compilation:
All cities
New non-residential.
Additions, alterations and repairs..
+35.4%
+
24.4%
+ 20.7%
New residential
Excl. N. Y. City
+20.3%
+ 12.7%
+ 16.8%
were
+
31.3%
+28.0%
.
Total—
Change from Corresponding Period
One Week Ended
Reserve
a
Year Ago {Percent)
a
issued
Permits
Of
Four Weeks Ended
Districts
—
Year to
Afar30 Afar23 Afarl6 Mar. 9 Mar 30 Mar. 2 Jan.27 Dec. 30 Mar 30
Boston
—18
—1
+29
+1
6
+2
New York
—17
+ 11
+2
+4
0
—3
+ 10
+6
+3
Philadelphia
—35
+20
+3
+26
+1
+ 1
+ 1
+9
Cleveland
—27
+9
+ 12
3,932
Housing
February
in .projects
were
Authority.
percentage
under
were
change in
in
permit
22,472
for
the
January permits
17,172 units, of which 2,935
The
provided
jurisdiction
in
these
dwelling
of
cities
units.
United
the
provided
for
USHA-aided projects.
valuations
February,
from
1939,
to
+1
+9
+6
+7
■
:
these,
States
during
0
+7
+6
—26
+29
+5
+ 19
'+14
+ 1
Richmond
+4
+5
+8
+8
—20
+ 38
+ 17
+ 10
+ 10
+ 11
0
+ 11
+8
Chicago..
—14
+6
0
+8
—1
St. Louis
—15
+7
+ 17
+ 14
*
*
1940,
+5
Atlanta
February,
+4
+7
+5
+ 10
+9
—1
+8
+5
+8
Minneapolis
+4
+ 11
Kansas City
Dallas-..
—13
+4
+4
+ 10
+1
+5
—5
+5
+1
—18
+21
+ 12
+ 11
+7
—1
+6
+4
San Francisco-
—22
+24
+6
+ 12
+6
+4
0
—2
+3
V-
Total——.
—20
+ 12
+6
+ 11
+1
+3
+4
+8
+3
0
;* Not shown separately ,
but Included in United States totals,
During March changes from a year ago reflect in part the fact that Easter was
on March 24 this year, while in 1939 it was on April 9.
On this account It is esti¬
mated that in comparisons with last year allowance should be made for an increase
of about 4% for the month of March as a whole.
a
All Cities
New residential
the like week
a
year ago.
Major Geographic
Week Ended
Regions
Aprils, 1940
New England
Middle Atlantic
Central Industrial
Week Ended
Week Ended
Week Ended
Mar. 30, 1940 Mar. 23, 1940 Mar. 16, 1940
+ 5.8%
Compared with February,
number
total
which
of
contracts
family-dwelling
awarded
were
dwelling units.
The
1939,
there
units
was
4.3
4.1
6.3
6.5
6.2
8.0
8.3
13.0
11.8
13.8
5.1
6.8
7.5
10.7
10.3
8.0
8.4
10.8
Rocky Mountain
Pacltle Coast...
18.4
20.9
15.0
18.0
during February,
v
increase of
provided.
USHA
1939,
+7.7%
19%
in the
projects
provided for
for
1,115
_
changes occurring between the first two months of 1940 and
1939 are indicated below, by class of construction:
the
period of
Change from First 2 Mos. of 1939
to First 2 Mos. of 1940
Class of Construction
AU Cities
New residential
..........
Total..................
information
contracts
private
awarded
and
+7.0?7q
—38.3?
—18.1?7o
—29.7%
Additions, alterations and repairs.
The
Excl. N. Y. City
+ 1.1%
New non-residential
by
municipal
—12.5%
.....
collected
by
Federal
the
—16.4%
Bureau of
and
State
Labor
,
—15.5%
Statistics
Governments
in
includes
addition
to
February, 1940, Federal and
$23,254,000; for January, 1940, to $16,208,000, and for February, 1939, to $17,434,000.
Permits were issued during February for the following important build¬
ing projects ; In Jersey City, N. J., for a hospital building to cost nearly
$2,400,000; in New York City—in the Borough of the Bronx, for apart¬
construction
construction.
amounted
For
to
houses to cost nearly $2,500,000; in the Borough of Brooklyn, for
one-family dwellings to cost over $1,100,000 and for apartment houses to
cost over $2,200,000; in the Borough of Manhattan, for apartment houses
to cost approximately $4,700,000; in the Borough of
Queens, for onefamily dwellings to cost nearly $2,500,000 and for apartment houses to
13.5
0.2
9.0
4.1
5.5
9.6
9.6
10.3
10.6
cost
for
Total United States.
an
ment
2.8
Southern States
West Central..-
% —7.6%
—ii.o%
Total....
State
PERCENTAGE INCREASE FROM PREVIOUS YEAR
+27.8%
+0.2%
—12.4%
Additions, alterations and repairs
The Edison Electric
over
Excl. N. Y. City
16.7%
+
New non-residential
Output for Week Ended April 6, 1940, 9.6%
Above a Year Ago>
Institute, in its current weekly re¬
port, estimated that production of electricity by the electric
light and power industry of the United States for the week
ended April 6,1940, was 2,381,456,000 kwh.
The current
week's output is 9.6% above the output of the correspond¬
ing week of 1939, when production totaled 2,173,510,000
kwh.
The output for the week ended March 30, 1940, was
estimated to be 2,422,287,000 kwh., an increase of 9.6%,
cities:
Change from Feb., 1939 to Feb., 1940
like
"V:
2,123
Class of Construction
+3
Electric
is given below for
+5
+5
—2
*
*
by class of construction,
N.
over
$2,000,000;
Mental
Y.,
for
Defectives
a
in the Borough
to
cost
of Riehhmond,
approximately
for
a
State
School
$2,400,000; in Malverne,
school building to cost $300,000; in Philadelphia, Pa., for
Volume
The Commercial & Financial Chronicle
150
one-family
dwellings to cost nearly $650,000; in Chicago, 111., for onefamily dwellings to cost nearly $900,000 and for a warehouse to cost over
$900,000; in Detroit, Mich., for one-family dwellings to cost nearly
$2,400,000'; in Des Moines, Iowa, for apartment houses to cost $400,000;
in
Wilmington, Del.,
hospital building to cost over $900,000; in
Washington, D. C., for one-family dwellings to cost nearly $1,300,000
and for a unit of the War Department building to cost over $4,000,000 ;
in
for
a
Miami, Fla., for one-family dwellings to cost over $1,000,000; in Fort
Fla., for one-family dwellings to cost over $300,000; in
Lauderdale,
Baltimore, Md., for one-family dvyellings to eoBt nearly $700,000;
La., for
Orleans,
$400,000;
mately
in
library building
a
Tex.,
Houston,
$1,000,000;
in
cost
nearly $400,000
cost
and
for
Calif.,
Tulane University to cost nearly
dwellings to cost approxi¬
at
one-family
for
Calif., for one-family dwellings to
in Los Angeles, Calif., for one-family dwellings to
houses to cost more than $800,000,
Veterans* hospital building to cost over $500,000; in San Diego,
a
building to cost
for apartment
dwellings to cost nearly $400,000 and for a factory
for one-family
than
more
factor in raising the United States export balance to $147,-
000,000 in February, 1940, as compared with $60,000,000 in
the corresponding month
ih San
$1,000,000;
Francisco, Calif., for
one-
Department pointed out that United States merchandise
exports to Europe usually run much larger in value than
imports, but
In
February
balance
awarded
were
during February for the following USHA hous¬
totaling
imports
only
$38,000,000,
$128,000,000, the highest in the December,
was
-1940, period.
the
export
1939-February,
United States imports from Europe dropped to the lowest
monthly value for any month since August, 1934, although exports from
the United States to
America,
$400,000.
over
said:
United States exports to Europe reached approximately
and'with
$166,000,000,
dwellings
cost
heavy shipments of cotton and in¬
the Commerce Department
1940,
to
owing to
creased exports of various manufactured articles, the
export
balance has increased since last November.
Continuing,
family dwellings to cost over $1,000,000; in Burbank, Calif., for one-family
dwellings to cost nearly $400,000; and in Portland, Ore., for one-family
Contracts
In releasing February
of 1939.
statistics of United States foreign trade by countries, the
Beach,
Long
nearly $2,400,000,
;
in New
2327
were
The
in
Europe in December, 1939, and January and February,
larger in value than in any preceding month since October, 1930.
export
balance
which
February.
United
in
States
merchandise
trade with
South
relatively large in December and January, declined
was
Imports from South America increased in value from $31, -
;
570,000 in January to $35,234,000 in February, owing mainly to larger
(167 d.u.) ; in Harrisburg, Pa., to cost approximately $683,000 (236 d.u.) ; in McKees Rocks,
Pa., to cost nearly $970,000 (288 d.u.) ; in Washington, D. C., to cost
nearly $680,000 (218 d.u.) ; in Tampa, Fla,, to cost more than $797,000
(328 d.u.) ; in Augusta, Ga., to cost approximately $672,000 (278 d.u.) ;
in Bristol, Va., for two projects to cost $586,000 (204 diu.) ; in Hattiesburg, Miss., to cost nearly $300,000 (120 d.u.) ; in Nashvill.e, Tenn., to
cost
approximately $919,000 (332 <J.u.); in New Orleans, La., to cost
over
$3,062,000 (896 d.u.); in Austin, Tex., for two projects to cost
approximately $478,000 (146 d.u.) ; in El Paso, Tex., to cost over $846,000
(311 d.u.); and in Laredo, Tex., to cost nearly $540,000 (272 d.u.).
VV
receipts of flaxseed and copper (the latter for refining and reexport purposes).
ing
in
projects:
Norwalk,
In
Conn.,
to
$444,000
nearly
cost
(136
d,u.)
Holyoke, Mass., to cost approximately $578,000
PERMIT VALUATION OF BUILDING CONSTRUCTION, TOGETHER WITH
THE NUMBER OF FAMILIES PROVIDED FOR IN NEW
IN
DWELLINGS,
2.123 IDENTICAL CITIES IN NINE REGIONS OF THE UNITED
STATES,
SHOWN
AS
FEBRUARY,
PERMITS ISSUED,
BY
1940
Exports to South America declined from $38,556,000 in January to $36,993,000 in February.
Percentage
Geographic
No. of
Change from—
Permit
Families
creased
Feb.,
Jan.,
1940
Feb., 1940
Asia is
heavier than during the first
the
principal supplier of
rubber, silk, tin—and
+26.3
2,123 $79,013,408
Feb.,
1939
1940
546
East North Central
452
West North Central
203
South Atlantic.——
240
East South Central.
84
West South Central
128
Mountain
105
.....
223
Pacific----—
The
a
result of the rise in prices of rubber and silk
of silk
imports
our
dropped
purchases of all three commodities,
to
less
than
2,000,000
In
pounds—an
unusually small monthly total for imports of this commodity—and imports
in
months
our
down from the
were
extremely large totals reported for the
immediately preceding.
Consequently,
trade with Asia decreased to $11,500,000 in
the import balance
February from approxi¬
mately $33,000,000 in January and $20,000,000 in December.
a
year ago,
+ 18.7
but since the unit value for both exports and imports showed
increase of
in
approximately one-tenth over February, 1939, the increase
the export balance was
not appreciably affected by the change in the
price level.
2,891,275 —20.9 +37.0
—5.2
+ 18.1
24,187,995
+ 1.8
+59.8
10,759,406
2,562,189 + 180.7 +67.2
+63.5 '+62.5
10,899,252
—7.9
2,344,594 + 130.8
+37.2
+79.5
10,248,482
+ 10.4
1,381,598 —21.2
—0.9
+ 13.3
13,738,617
142
New England
Middle Atlantic—
+30.9
22,472
+ 16.1
eight months of 1939.
leading crude material imports—
import balance increased during the final months of last year.
February,
an
All divisions
as
during 1939 and the increase in
the
our
Prices of commodities in the foreign trade were higher in February than
Jan.,
for
Feb., '40
1939
usual, In excess of
holds true in United States trade with Australia.
same
Provided
Valuation,
Of
Division
as
considerably in value since last September, the export balance has
been running
two
Percentage
Change from—
were,
Though imports from Canada have in¬
during the month of February.
of crude rubber
New Residential Buildings
v:
'
'
Exports to Canada, valued at $43,000,000,
United States merchandise imports from Canada which totaled $26,000,000
757
—16.7
+84.6
6,121
2,160
+22.3
—10.5
+66.4
+6.0
+68.6
703 + 184.6
3,643
+66.3
Following are the complete tabulations covering the month
February:
Thousands of Dollars (000
+65.9
985 + 125.4
3,448
of
Omitted)
+ 4.3
+76.5.
548
+41.3
+6.2
4,207
+ 0.4
+ 10.7
EXPORTS
Geographic Division
and Country
IMPORTS
Month of February
+ 39.1
Month of February
1939
1940
1939
1940
Total Building Construction
New Non-Residential
(Including Alterations
and Repairs)
Buildings
Percentage
Geographic
Permit
Division
Percentage
Feb.,
Permit
Change from—
Valuation,
1940
Feb.,
Jan.,
1940
Valuation,
Feb., 1940
1939
Change from—
Southern North America
South America
Asia..........................
Oceania
Feb.,
Jan.,
1940
Africa
+ 20.7
+5.8 60,493,165
Argentina
Australia
E. No. Central
W. No Central
South
Atlantic
E. So. Central
W, So. Central
Mountain
.
Pacific-
1,435,349 —11.7
9,813,376 —11.5
+53.4
5,147,819
1,474,110 —32.1
8,762,275 + 14218
+ 16.6
1,074,764
3,681,062 —19.3
656,676 —44.2
+ 14.2
5,501,040
+ 21.1
+ 54.1
—36.5
—46.5
+80.9
—44.6
—25.9
—40.8
—10.9
6,214,228
40,267,858
20,358,102
5,992,675
22,192,015
3,962,659
15,208,918
2,584,315
23,460,046
<
—8.9
+4.5
5,584,786
Belgium
+4.0 18,737,271
Brazil
—8.8 14,830,899
+ 5.5
+ 43.4
+60.3
+82.1
+67.3
British India
+ 17.7
+ 13.8
-—26.4
—22.9
4,537,820
4,946,180
2,056,321
3,266,107
1,217,018
for
Week
Above
Debits
+8.9
+ 0.2
5,316,763
+31.9
—23.9
+30.2
Ended
a
April
Year Ago
3,
1940,
16.8%
to
deposit accounts (except interbank accounts)
reported by banks in leading cities for the week ended
April 3, aggregated $10,378,000,000.
Total debits during
the 13 weeks ended April 3 amounted to $108,712,000,000,
or 4% above the total reported for the corresponding period
year ago.
'
These figures are
as
reported
on
April 8, 1940, hy the
Board of Governors of the Federal Reserve System.
1
Week Ended
407
13 Weeks Ended
Aprils,
April 3,
4jw«5,
1940
1939
1940
1939
$482
New York......
4,847
3,976
Philadelphia
528
475
Cleveland...
595
539
Richmond
341
306
271
244
1,887
1,433
269
226
157
142
270
249
$5,940
46,630
5,675
7,012
3,902
209
190
670
626
3,439
16,217
3,147
1,985
3,307
2,706
8,750
$10,378
4,423
5,189
$8,887
$108,712
3,641
4,536
767
710
42,636
57,205
8,871
_
Chicago..
St. Louis..............
...
Minneapolis......
Kansas City...................
.....
Dallas.................
San Francisco..
...
Total, 274 reporting centers....
New York City *.
140 Other leading cities*
....
133 Other centers
;
442
12
235
43,131
156
20,129
1,752
2,246
4,008
3,071
6,918
26,279
2,643
1,480
3,978
3,779
Chile
China
6,613
Denmark
....
1,669
$5,708
47,457
5,245
6,190
3,556
3,108
14,35$
659
209
311
10,653
1,468
2,933
39,277
8,889
4
758
544
766
4,786
Greece—
-—...
407
802
Gold Coast
327
992
244
Germany.a
1,669
5,234
7,101
1,498
2,706
336
033
1,810
1,862
393
234
445
430
391
550
1,637
1,551
320
104
272
391
328
1,031
4,079
423
141
125
9,508
2,668
2,613
425
Haiti
404
98
94
17,461
15,193
7,896
7,098
960
268
131
16
5,919
2,243
1,455
7,710
7,622
4,811
2,480
7,415
5,272
6,783
7,637
2,416
1,478
-
Honduras
—...
Hongkong
Iran (Persia)
—
Ireland
—
—
—.
—
—
.....
Mexico.————-—
Netherlands Indies.....
Netherlands...
-
-
...
.....
Norway..—
Panama, Republic of..
647
326
4,750
1,398
1,047
2,353
709
912
1,548
7,927
—
559
1,694
6,455
—
1,011
—.—
3,282
■1,919
7,965
1,332.
3,825
9,042
3,678
170
Uruguay
107
2,019
7,092
5,796
461
731
528
915
2,822
2,058
4,050
826
1,176
2,137
10,992
368
773
150
6,062
2,661
1,111
1,304
6,038
7,320
58,534
4,282
'—
270
24
942
5.208
2,993
38,561
1,262
—
For purposes of statistical
683
187
765
Turkey...—
Union of South Africa
U. S. 8. R. (Russia) — .—.
United Kingdom.————
....
2,050
535
Panama Canal Zone............
Venezuela.
6,320
1,554
613
Peru..-...——--—--——---.
Switzerland.
538
489
...
Philippine Islands..
Portugal
Spain.........—
211
1.207
1,414
Newfoundland and Labrador.....
a
131
429
923
1,758
$104,173
43,767
52,212
8,193
183
563
634
Egypt
France........................
Sweden..
2,512
8,216
4,593
7,059
3,786
9,278
439
...
Finland
2,896
3,169
3,418
9,790
4,132
7,512
2,007
341
Dominican Republic
Ecuador...
New Zealand.-----.---—-
$534
8,067
12,711
13,151
86
Ceylon
Netherlands West Indira.
April 3,
634
5,281
7,666
3,653
8,168
505
.
Canada
Japan...
Kwantung
Federal, Reserve District
Boston.———
2,894
Jamaica
In Millions of Dollars
*
$10,819
1,661
3,889
63,770
2,019
10,481
<
25,801
Burma
Italy...
SUMMARY BY FEDERAL RESERVE DISTRICTS
Atlanta.
$199,776
$6,086
.....
as
a
$158,072
$9,147
8,560
9,829
10,116
7,058
1,270
5,120
...
Cuba
Debits
$346,779
British Malaya..
Colombia
Bank
$38,039
26,963
23,270
35,234
1939
Total
+0.2 140,241,716
+ 12.7
37,546,471
New England:
MiddleAtlantlo
$47,688
20,299
18,686
22,102
41,532
1,282
6,484
$
$
All divisions..
$165,741
;
43,671
28,065
36,993
62,277
9,243
10,789
$4,067
4,130
6,097
Northern North America
Population
(Census
of 1930)
$95,590
26,296
20,444
21,474
40,934
5,420
8,523
$218,682
Europe
:
2,794
520
8,945
2,057
2,710
comparability, trade with Austria, Czechoslovakia,
and Poland and Danzig has been combined with Germany for both years.
Centers for which bank debit figures are available back to 1919.
United
States
Foreign Trade During February with
Geographic Divisions and Countries
The
Department of Commerce announced April 9 that
the large excess of merchandise exports over merchandise
imports in United States trade with Europe was the principle
Summary of Business Conditions in
y
Districts
a
The
trend
Districts is
the
of
business
in
the
various
Federal Reserve
v
Federal
Reserve
indicated in the following extracts taken from
"Monthly Review" of the Federal Reserve Districts of
The Commercial & Financial Chronicle
2328
Richmond, At¬
City, Dallas
Boston, New York, Philadelphia, Cleveland,
April 13, 1940
(Adjusted for seasonal variations, for estimated long-term trend, and where necessary
changes)
for price
lanta, Chicago, St. Louis, Minneapolis, Kansas
and San Francisco.
Feb.,
Dec.,
Jan.,
Feb.,
1939
1939
1940
1940
First (Boston) District
83
95
92p
89 p
72
100
92p
82 p
87
99
96 p
92 p
65
70
77 p
77 p
90
99
97 p
96 p
Primary distribution
76
92
89 p
85 p
Distribution to consumer
89
97
93 p
93 p
Index of production and trade
the vol¬
ume of general business activity in New England between
January and February, after allowances had been made for
customary seasonal changes, states the Federal Reserve
Bank of Boston in its "Monthly Review" of April 1.
In
part, the "Review" also said:
There
decline of moderate proportions in
a
was
Production of:
Durable
producers' goods
Non-durable producers' goods
Durable consumers' goods.
Non-durable consumers' goods
Industrial Production—
loadings
freight car
revenue
of
amount
consumed by mills
cotton
raw
bales,
New England
in
year.
exceeding
January
the
total
for the first
number
of
in
number
the
an
there
employed
earners
the
in
representative
February
Airing
Massachusetts
employed
in
changes
of
85
88
97
97
95p
80
94
91
87 p
46
38
42
42
66
95
45
57
79
93
86
70 r
85
89
80
98
106
107p
department
0.1%
Velocity
that
was
further
a
information
"available
states
decline
Steel
mill
which
operations,
November to
in
indicates
of April 1,
there
that
had declined from an average of 93% of
69^%
in
February,
weeks
three
from
rise
of
showed
March
of
the
February
somewhat
average,
even
appear
more
to have averaged
February,
from
to
than
the
after allowing for
usual
seasonal
the earlier date
of
of
activity early in the year,
year,
was
lumber
and
cement
which ordinarily follows a slackening
tained
the
usual
production.
expanded
or
that
so
hardly to be expected.
the other hand,
On
147
148
111
114
113p
113p
rRevised.
pPreliminary,
reached at the end
peak
of
last year,
The Bank further said:
expected.
further recession
some
occurred early
in
from January
March.
The
7% above February, 1939, when activity in this district was well sustained.
the first two months of the year industrial production averaged 11%
In
above the
corresponding period
decline
The
from
reduced output of
Production of crude
however, continued well above a
manufactures,
and
deflected
February
to
especially anthracite.
earlier.
year
activity increased from January to February, owing largely
Construction
to
earlier.
year
a
January
goods and fuels,
bituminous coal,
oil,
expansion
an
indications
awards
in
non-residential structures.
Preliminary
upturn is now in evidence.
for
that the usual spring
are
payrolls in 12 lines of trade and industry declined
further from January to February, the decrease in payrolls being especially
Employment and
large
at
ward
trend
and quarries.
mines
extended
Distribution
of
of
the year
the manufacturing industry the down¬
In
March.
into
commodities
to
also decreased
consumers
in
the second
Freight car
loadings and wholesale and retail trade sales declined in February when
some
expansion was to be expected.
Inventories at retail establishments
month
and
increased
but has since shown some improvement.
stocks
wholesale
both
at
and
retail
larger
were
than
in
Fourth (Cleveland) District
In its March 30
in
cline in progress since December
tries
have been well main¬
being reduced
inventories built up."
or
The Bank, in
part, also said:
Unfilled
factor
orders
carried
over
from
1939
were
an
important
sustaining
but in some cases this support
fields backlogs were still sub¬
stantial.
Current production, however,
appears to be more nearly in
line with actual consumption than
during the fourth quarter last year.
Nevertheless, new business in several lines remains low, since needs are
during the first quarter of
eliminated
was
stocks
number of other lines, such as shipbuilding, the
production of aircraft, machine tools, electrical equipment, railroad equip¬
ment, and motor cars, and private construction work, a number of which
has shown signs of level¬
recently, current production rates in many indus¬
still in excess of incoming orders and backlogs
are
by
mid-March;
being filled by deliveries
it is known that operations
a
"Monthly Business Review" the Federal
that "while business de¬
Reserve Bank of Cleveland reports
are
the
147
February was about 11% below the December high but was still
in
seasonal expansion in the early
Consequently, while the unad¬
justed index of industrial production of the Board of Governors of the
Federal Reserve
System declined from 120 to 110 from December to
February, the seasonally adjusted index dropped from 128 to 109.
The
principal factors in the decline in the unadjusted index were substantial
reductions in the rate of production of steel and pig iron, wool manu¬
factures and plate glass, and curtailment, partly seasonal in character, in
of
25
146
seasonal expansion in February and March
February, and
level
ing off
weeks
58
27
seasonally adjusted index of production declined 6%
activity toward the end of the preceding year.
Last fall a high rate
of production was maintained in a number of industries until the closing
of
months of 1940
59
35
early 1939.
activity declined sharply, largely because
output in a few important industries that are heavily
weighted in these indexes and because of adjustments for the usual expan¬
sion
be
to
The
the
some
in January, a number of seasonally adjusted indexes of
as
curtailment
64
35
City
the Third Federal Reserve District has slackened somewhat
up
Easter this year.
In
89 p
Review" of April 1, reports that "industrial activity in
ness
industrial production and business
of
75 p
Federal Reserve Bank of Philadelphia, in its "Busi¬
The
manufactured
Mill sales of cotton goods picked
March.
in
73
60
New York
deposits,
demand
of
•Not adjusted for trend,
The
temporarily
early in the month, but subsequently decreased again to a level con¬
siderably below the cui rent rate of production.
Accompanying rather
favorable reports of
retail demand for cars, automobile manufacturers
maintained active production schedules throughout the month, and electric
power generation appears to have leveled off after declining in February.
During the first three weeks of March railroad car loadings of merchandise
and miscellaneous freight increased somewhat less than seasonally, while
the movement of bulk freight appears to have declined about as usual.
Average daily sales of department stores in this district during the first
63%
99
67
Wage rates (1926 average=100)
was
"Review" goes on to say:
about
97
Cost of Living and Wages *—
York, in presenting
pronounced than in either January or February."
capacity
108
74
Third (Philadelphia) District
although the extent of the reduction appears to have been
less
94
94
Cost of living (1913 average=100)
has gained 4.0%
The current January-
business activity during March,
in
97
wages
"Monthly Review"
indexes in its
monthly
99p
108
(1919-25 average=100)
•
its
99
City (1919-25 average=100)
during
although
New
81
93
further
Reserve Bank of
85
83
101
77 r
■
Velocity of Deposits*—
Velocity of demand deposits, outside New York
Second (New York) District
Federal
69 p
88
Mail order house sales
Saturdays before Easter.
The
84
79
86
-
■
94
and apparel
stores
95 p
92
94
66
85
Other chain store sales
manu¬
was
establishments
same
1925-1938, inclusive.
contra-seasonal.
...
were
Boston
and miscellaneous
Chain grocery sales.r
shops during the four
weeks ending March 23 were 9.8% below the four weeks ending April 8,
1939; 15.5% below the four weeks ending April 16, 1938, and 3.5%
below the four weeks ending March 27,
1937.
These dates were the
Sales
95
88
a
period
14-year
the
February
was
of 2.5% and the amount paid in
average
during
87
Distribution to Consumer—
decrease of 3.1% in the amount of aggregate
weekly payrolls, according to the Massachusetts Department of Labor
and Industries.
Between January and February employment has increased
on
103 p
Imports
months a year ago.
two
wage
establishments
than
January and
109 p
103
New passenger car registrations
the total
smaller
lllp
104
Department store sales, United States
Department store sales, Second District
is estimated to have been 24,924,000 pairs, an amount 1.4% smaller
than
facturing
116
85
Primary Distribution—
by
year
total
110
.
Car loadings, merchandise
Car loadings, other
this district for the first two months of the current
production in
The
110
Nonresidential building & engineering contracts.r
1939, total of 13,293,000 pairs.
than the February,
2.7% but 6.0% less
Shoes
121
Exports
pairs,
97 p
105
106
Construction—
during February in New England is esti¬
12,628,000
been
have
to
94p
99 p
110
96r
Employment—
Employment, manufacturing, United States.r..
Employee hours, manufacturing, United States.
•
Production of boots and shoes
mated
93
99
Residential building contracts.r
during
15.7%.
In February, on a daily average basis, wool con¬
sumption in New England was less than in January and below February
last
84
122
Shoes
amount
an
107
94
87
91
-
Wool consumption..
by
year
89p
Crude petroleum
which exceeded consumption of the first two months
mills in this district,
last
96
94
Meat packing
Tobacco products
78,475
was
88
85
Cotton consumption.
9.0% larger than the total of 71,980 bales
but
87
8lr
-
Electric power.r
13.9% smaller than in January,
in February a year ago.
During the first two months of 1940, 169,671 bales were consumed by
February
129
77
Bituminous coal...
Steel
in
part of the month.
The
68
Automobiles
New England during the fourweek period ending March 9 were 0.9% less than during the correspond¬
ing four-week period last year.
During February sales of New England
department stores and apparel shops were 1.9% smaller than in February,
1939.
Car loadings and department store sales, however, were probably
retarded this year due to adverse weather conditions during the latter
Total
accumulated
on
since
in
1940,
other
orders placed some time ago or by deduction of
September.
last
description of present business conditions is particularly applicable
This
steel
to
the
of
capacity early in December to 62.5%
industry,
fell from
in mid-March.
in which operating rates
a
.
high of 94%
.
.
Export trade has
shown a pronounced expansion in recent months, and there has been little
contraction in consumers' goods industries taken as a whole.
Total factory
Preliminary Ohio employment data show that general business activity
has
been
maintained better than
steel ingot production,
for although
employment declined only about 2%%, after seasonal adjustment, between-
from
their January
only
2%.
not
are
represented
the production
directly in
index.
7%.
Factory payroll disbursements in February, 1940, were about 14% greater
than a year previous, agricultural income is estimated to have been well
above that of a year ago, corporation dividend disbursements have been
higher, and, in general, estimates of the national income indicate that
December
and
buying
consumer
A
February,
power
six
factory
payrolls
declined
less
than
points
between
December,
1939,
and
February,
1940,
from
about the same as that for September, 1939, when a
considerable rise had already taken place from the relatively low level of
February figure
last
spring.
includes
in
:s
This index, more comprehensive than others in general use,
of factory production, the number of man-hours worked
payrolls
in
fewer
hours
industries
(to
not
representation to industries whose
mining, construction, railway traffic,
as
compared with number of workers was caused by
there having been little variation in wage rates
recently.
in
automobile industry was an
was
the
parts,
important factor in sustaining activity
during February, for production of new cars and trucks
second largest in history for that month, and heavy shipments of
district
this
Retail
trade
advanced
department store sales in
ago,
kept operations in many Fourth
for that time of year.
.
.
.
than seasonally in February, and
tires and glass to assembly plants
factories at unusually high levels
District
on
a
slightly
less
this district were only 3% higher than a year
daily average basis.
Fifth
(Richmond) District
give
readily measured),
foreign trade, and retail trade.
is
level, total
worked,
measures
manufacturing
output
drop
12% in February
payrolls in all industrial groups declined
The number of iron and steA workers was off 4%, whereas
in total employment was less than 1%.
The relatively large
decline
the
The
95% to 89% of the estimated long-term trend, and a part of this decline
is
attributable to
seasonal adjustments such
as
those discussed above.
The
earnings of steelworkers and blast furnace employees fell
has been well maintained.
index of production and trade compiled by this Bank
comprehensive
declined
and
Trade and industry
were
slightly
below
in the Fifth Federal Reserve District
seasonal
levels
in
February on
the
Volume
whole,
The Commercial & Financial Chronicle
ISO
but continued well above the levels of
year
a
ago,
according to the March 31 "Monthly Review" of the Federal
Reserve Bank of Richmond.
Labor
experienced
month,
chiefly
textile
lessened
to
activity
coal
coal
mining
the
cotton
year ago.
a
and
Bitu¬
about 9% from January
22% above production in Febru¬
Textile mills reduced operations about 7% in February from
production
1939.
was
January in order to bring production of textiles more nearly in line with
but
shipments,
-February last
seasonal
average
ments.
Distribution
substantially
but
last month,
of
19%, but
rose
of
the
month
18%
was
than
greater
in
Shipments of rayon yarn declined a little more than
Production
stocks
during
activity
year.
were
16%
above February, 1939,
above
ship¬
last
year
by
was
the
Illinois
and
in
wholesale
continued
this general area
during Feb¬
Oil production in fields of this district exceeded that
considerable margin, and during January production in
a
largest for
month during the three-year boom in that
any
state.
Ninth (Minneapolis) District
According to the Minneapolis Federal Reserve Bank, busi¬
ness volume in country sections in February equalled those
of January but were a little smaller in larger cities.
In its
March 28 "Monthly Review," the Bank also had the follow-.
ing to
The
say:
in
dexes
but
;
.
volume
than
still 79% less than stocks a year ago.
February at retail
distribution a year ago.
goods
of
again exceeded shipments, and reserve
yarn
rayon
are
production at mines in
the district declined
in
February, but in the later month
ary,
employment and payrolls last
in
industry, but employment continued better than
minous
to
due
2329
continued well ahead of last year, but fell 15.6% under output for
ruary
January of this year.
The "Review" also said:
moderate decrease in
a
coal
Bituminous
business
of
December
and
the
was
Department
in
district
this
in
January according
February
to'our
largest for the month since 1931.
sales
store
in
February
at
was
a
little lower
adjusted
seasonally
in¬
.
points
country
sharply
were
higher than in the
Sixth (Atlanta) District
The March 31
"Monthly Review" of the Federal Reserve
Bank of
Atlanta reports the following regarding business in
Sixth-' (Atlanta) District during February:
the
In
Sixth
the
than
it
Federal
ysually does,
industrial operations,
trade
increased
industrial activity
declined.
District
Reserve
but
in
February
the
.
number
distribution
business
of
more
Both trade and
however, continue well above the corresponding time
last year.
Merchandise
stores,
after allowing for
the seasonal
and
days
trend,
increased
6.9%
in
February, and wholesale sales rose 0.1%.
Construction contracts awarded
in the district declined about 21%, building permits were down
7.2%,
textile
6.4%,
and coal production was 2.2%
The February changes in the
the country as a whole with the
activity dropped
pig iron output declined further by 5%,
lower.
district
and
adjusted
The
are more
for the
volume
of
flour
shipments
production
duction
and
were
somewhat
was
one-half
times
Federal Reserve Bank, in its "Business Con¬
The Chicago
ditions"
report of March 27, states that "Seventh District
the
in
reached
of
closing months
the high
However,
1939.
there recently has been considerable evidence of a slacken¬
ing in the rate of decline; district employment in February
was down only fractionally from January, steel mill opera¬
held steady through
tions
most of March, and automobile
production has continued at a high level, though not ex¬
panding as much as is seasonally expected in March."
Bank also had the following to say:
There
was
further decline in employment and
a
reporting district industries,
shown
in
but it
being less than
January,
at a much slower rate than was
1% for both number of workers and
was
paid.
wages
The
payrolls in February at
were
little
a
district steel mills had fallen to
far from that rate through
Incoming business at steeel concerns is reported as slightly im¬
proved but still at a level considerably below the volume of output.
There
was
a
general decline in activity at steel and malleable castings firms,
and new business
at malleable castings foundaries continued below last
months,
60% by mid-February but held at not
Production and shipments of castings remained well above the cor¬
year.
Volumes produced and shipped by district stove
likewise continued considerably better
than
responding 1939 output.
and
manufacturers
furnace
last
:'y,-
year.
r
:■).' 'V;.
Bolstered
by favorable retail sales, output of automobiles was unusually
large for February.
Automobile production in March expanded, but not so
sharply
that
is usual because of the high level of dealers' stocks reached by
as
Retail
time.
There
trict
was
Seventh district have
the
been
v;
marked expansion
a
furniture
,
of automobiles in
sales
volume.
excellent
in
following
plants,
during February in shipments from dis¬
held
the 'marts
in
January,
and
order
At paper and pulp mills, production decline some¬
unusually heavy volume in January, district coal¬
mining operations slackened and fell below last year's level.
Petroleum
refineries in the area expanded their output, chiefly in response to in¬
creased demand for fuel and heating oil.
'
backlogs
what.
large
as
of
calves
lumber
smaller
were
being
in
Despite a sharp gain over January of about one-third
awarded
contracts
the
in
district,
construction
activity
in total building
is running con-
seiderably lower than last year, chiefly on account of a smaller volume of
dropped
that
month
ized
in
in
from
6% on a daily average basis
during February and maintained a volume about 8% better than last year.
Reports from larger district stores indicate that sales continued well over
the
level
1939
the
in
first
full
roae
week of
March,
but in
the
second
week
Department store stocks have continued about 4%
only about equaled it.
January
serve
Federal
Re¬
Bank of St. Louis states that "Commercial and indus¬
activity in the Eighth Federal Reserve District during
trial
February was less in many lines than in January, but prac¬
tically all lines were ahead of the same period last year."
ment
Hogs
In
stimulated
March,
retail
channels,
increase.
by
the
early Easter
date,
\
■
distribution through
showed a decided
reflected by department store sales,
as
store
sales
February dis¬
tribution through
9.4% larger,
respectively, than a month and a year earlier.
Inventories were still much
larger on March 1 than on the corresponding date last year, and were
2.3% more than on Feb. 1.
Retail sales of passenger automobiles in the
larger
St.
first day of March last year.
During
wholesalers and jobbers was 5.6% and
than on the
Louis
than
more
in
area
in
January
than
at
and
February
iron'and steel
February into early March from
last year
26.6% more, respectively,
Cumulative sales were 8.8%
February were 4.9% lees and
during the^ first two
Production
the
month
two
were
since
1929.
the
in
but
was
.
as
year.
The cut of
The Minnesota employment
.
.
in
99
to
last
in January and was one-third
February,
the highest
for
daily average amount of electric power util¬
in the preceding month and the largest
larger than
was
month
same
in January
The
Hog slaughter was
Slaughters of sheep and lambs and
V;'-
V'-v
Tenth (Kansas City) District
have
been
appreciable
higher
recently,
due
in
part
In the first half of March depart¬
a year ago.
Other retail sales and
higher.
were
being marketed in much larger numbers than a year ago and
are
slaughter pf both hogs and cattle is higher.
calves
and
active
in this
Hog
sheep.
prices
holding
are
District than in the country
near
as
a
the
whole.
Residential build¬
ing is making the best showing.
y
,
Eleventh (Dallas) District
According to the Dallas Federal Reserve Bank, industrial
activity increased during February and distribution of mer¬
chandise at wholesale and retail continued in large volume.
Business Review" of April 1, the Bank goes
v
Daily average sales at department stores were 2% greater than in the
corresponding month last year, and the volume of wholesale trade exceeded
that of a year ago by the widest margin for any month since last Sep¬
In its "Monthly
to state:
on
tember
business
when
was
by
stimulated
widespread
speculative
industry showed a noticeable increase,
Activity in the building
buying.
reflecting
in privately-financed construction.
The daily average pro¬
petroleum, which had been reduced considerably in January,
in February to a level 4% higher than a year ago.
Re¬
finery operations increased further, and were at a much higher level than
in the corresponding month last year.
Agricultural conditions have shown
a noticeable improvement since the January freezes.
expansion
an
duction
of
expanded
was
Twelfth {San Francisco)
District
in its "Busi¬
"while no marked
change has taken place in Twelfth
District industrial
activity since the first of the year, operations in a few lines
tended to recede slightly in February from the high early
The Federal Reserve Bank of San Francisco,
Conditions" of March 26, states that
ness
The Bank goes on to say:
winter levels."
the
in
elsewhere
United
States,
new
business received
by manufac¬
general, been somewhat dull since late in 1939, although in
important industries subject to special influences new orders con¬
turers has, in
several
tinue
Decreases in
reductions in
declined slightly from the
Value of residential building permits was below the high
and
heavy
industrial
production remains at practical capacity.
as a whole were accompanied by small
activity
employment during February, and total payrolls
1939.
and
January
considerably
levels,
larger
figures
Preliminary
for
seasonally adjusted basis, but it re¬
a
on
than
during the
fall and summer months of
less than the usual sea¬
March point to
Consumer purchases of miscellaneous non¬
durable goods increased in February.
Lumber was the major district industry in which operations were re¬
duced in February, seasonal influences considered.
.
.
.
Among other
sonal expansion
in that month.
assemblies of automo¬
At the other
extreme, activity at district aircraft plants continued at forced levels and
pulp and paper production continued at practical capacity.
in
industries
activity declined
which
reduced
were
and
production
in February,
of tires was curtailed.
\
in the principal cities of the district during
February were 2.0% more than January and 12.0% greater than Feb¬
ruary, 1939.
For the first two months of this year sales were 7.9% larger
than during the like period of 1939.
On March 1 inventories were 7.4%
Department
unad¬
While
The opposite is true of
low of the last six
years and cattle prices,
while recently stronger, have tended somewhat
lower for more than a year.
Grain prices are holding near their recent
highs.
' : A
; V':'':V
;;; ...• '•••/ • ;
Construction activity is much below a year ago and is relatively less
the
biles
The survey also stated:
for
records.
wholesale sales also
mained
29 "Business Conditions" the
March
its
In
linseed products
of
largest
early Easter and better weather.
store sales were 8% higher than
December
Eighth (St. Louis) District
several
the longer month of January
in
last year.
100
merchandise
Sales
to the
January peak.
higher than last year.
as
than
1937.
since
20 year
our
As
department store sales
by
The
Federal
Reserve
Bank
of
Kansas
City, in its
"Monthly Review" of March 30, had ^he following to say
regarding business and agricultural conditions in February:
non-residential projects.
Trade—District
the
nearly as large in February
was
larger than in February
reduced.
were
After
Shipments
larger.
nearly double that of February, 1939.
Chicago
rate of output at
the
around
shown
as
larger than in February last year.
three-fourths
Following an unusually high level of operations over most of the winter
•March.
district
our
last year.
months of 1939.
68% of capacity to 55%.
production was 60% of capacity.
.
Retail
Food
and
.
.
In mid-March
Costa
March
12,
Declined
1.3%
Between
Feb.
13
Reports Department of Labor
The retail cost of food declined
1.3% between Feb. 13 and
12, the Department of Labor reported on April 4.
This decrease was due largely to lower costs for butter and
March
eggs.
in
the
Food costs were lower in 50 of the 51 cities included
Bureau of Labor Statistics' index.
Lower prices
reported for 23 foods, higher prices for 16 and for 22
was no change.
The announcement went on to say:
for all foods was 77.1% of the 1923-25 average as compared
with 76.4% for a year ago, an increase of 0.9%.
Costs of cereals and bakery products were steadier with changes shown
for four times.
An advance Was again reported for flour, which amounted
were
there
The index
plants decreased during the latter part of
^
...
relatively high rate in February.
a
large and
as
■;
■'
in
year.
Slaughterings of cattle approximated the volume of the preceding month
only
industrial activity has shown further declines from
levels
day in February this
was
even
little lower than in February last year, flour pro¬
a
v
Seventh (Chicago) District
additional
justed indicators continued at
index
favorable than those for
exception of construction contracts awarded
textile activity, and the district comparisons with February last year
more favorable
than for the country excepting in pig iron production.
are
when
and
,
department
through
same month last year.
The percentage of increase
the largest gain in our six-year records for this group of stores,
21,
The Commercial & Financial Chronicle
2330
to
0.2%.
2.2%.
Corn meal, the only other item in the group to increase, wag up
Prices of macaroni
soda crackers
and
0.7% and 0.0%,
decreased
in
March,
Meat
reversing the trend of the past five months, moved upward
costs,
Jamb and
rib chops, and 2.9% for
lamb
showed
a
was
chops, 5.5% for leg of
for pork
roasting chickens.
while veal
The beef items
Pork as a whole
2.1%.
1%.
up
fractional
decline
dropped
degistered a decrease of 1.7% but were still 7.4%
ago.
Butter prices, which usually rise slightly in
March, decreased 5.5% as reduced prices were reported for all cities.
Lower prices for this nno itcnL were .entirely responsible for the downward
Dairy
higher
products
than
the decline amounted
cities
The
for all
index
to
fresh
items
of
a
increased
tea
Fats
went up 1.1%.
0.7% as a result of lower prices
0.0%, and cocoa
and
ago
lower than
12%
approximately
shown
for shortening
a
year
less
than a month
sundries
did
higher than
change
nor
between February and
March, but
7.4% higher than in June,
March of last jcar,
in
1933, and 3,6% lower than March, 1929.
purchasing value
the dolTar was^l7.0 cents in Maroh
of
as
com-
cents
in
1923.
Indexes of
the Cost of
Living (1923=100)
Family
March,
February,
Budget
1940
1940
% of Inc. (+)
or Dec. (—)
from
February, 1940
to March, 1940
33
78.8
79.8
—1.3
20
86.6
86.6
12
73.2
73.2
0
80.1
80.0
+0.1
66.3
66.3
Importance
Item
in
Food *
Housing
Clothing
^
Men's
Women's.-*—..
----
0
'
85.8
Gas and electricity
-
30
-
;
85.6
—0.4
86.9
5
Coal
86.0
85.3
Fuel and light--
86.9
0
96.9
96.9
0
85.8
—0.3
116.6
+03
I
117.0
Purchasing value of dollar..
..
food price indexes of the United States
Based on
—0.2
■
85.5
100
Weighted avge., all items..
♦
0
Bureau of Labor Statistics
for March 12, 1940, and Feb. 13, 1940.
Smaller decreases
ago.
in tin containers and oleomargarine.
months by falling
■'
0.8%.
.
(Three -year Average 1923-25=100)
"Mar.
High Levels of Employment and Payrolls Maintained
by New York State Factories Through First Quar/
COSTS OF FOOD BY COMMODITY GROUP
INDEX NUMBERS OF RETAIL
Commodity Group
Delow
pared with 116.0 cents in February, 117.8 cents in March, 1939, and 100.0
Lard prices, which
Sugar prices continued their decline of the past five
off
for
downward
moved
oils
and
lard, shortening in tin containers and oleomargarine;
declined for the sixth consecutive month, were 2.1%
were
of
0.2%
was
Sundries.
coffee declined 0.9%,
5.9%
and
1933,
Relative
changes occurred in the beverage group as
Minor
1934,
was
point of
moved downward by 0.3% with
beans.
navy
January,
year ago.
The cost
the drop.
causing
in
than
1.2% higher than in March of last year, 20.6%
but 25.0% below the March. 1929 average.
Coal prices declined 0.4% between February and March, making them
8.8% lower than in the same month of 1929 and 0.4% lower than those
clothing
low
than 30%.
more
and vegetables
fruits
Cabbage prices, which usually go up
at this time of the year, were lower by 9.1%.
Potatoes, one of the most
important items in the group, declined 2.0%.
Other fresh items showing
decreases were spinach, 31.4%; carrots, 5.5%; and sweet potatoes, 2.4%.
Available quotations
for green beans indicated an average rise of 15%
over a month ago and 34.4% over a year ago.
Increases of 1.0%, 2.7%,
3.8% and 6.5% were shown for bananas, onions, lettuce, and apples, repectively.
In the dried fruits and vegetables group a rise of 3.1% in the
price of prunes was partially offset by a decrease of 1.5% in the price of
the
all
the
The
trend, declined 10.4% to ap¬
proximately the same level as a year ago.
This decrease was general
throughout the country with lower prices reported for all cities.
In 13
following the usual seasonal
prices,
of
above
movement of the group.
Egg
April 13, 1940
higher
Clothing prices in March remained unchanged despite a further increase
0.1% in the cost of men's clothing between February and March.
The
of
cost
year
a
38.1%
March, 1929.
respectively.
0.0% in March due to advances of 0.1%
1939,
12, '40
Feb.
Jan.
13, 1940
1940
of
ter
More workers
16,1940 Mar. 14 1939
88.7
88.7
88.2
85.4
Meats..
88.3
87.8
88.7
93.6
Dairy products
81.3
82.7
82.1
75.7
Eggs
57.4
68.7
62.8
57.0
Fruits and vegetables
62.7
62.9
59.8
61.3
61.5
58.0
75.0
75.0
75.4
Dried
63.7
63.6
63.4
Beverages
65.1
65.3
65.4
66.0
Fats and oils
60.3
60.7
61,7
63.6
Sugar
64.1
64.6
05.5
61.9
77.1
78.1
77.1
70.4
were employed by New York State factories
during the first quarter of 1940 than in the corresponding
period of any year since 1930, according to a statement
issued April 11 by Industrial Commissioner Frieda S. Miller.
There were about 11 % more factory workers employed during
the first three months of this year than in the similar period
of 1939.
Compared with the last quarter of 1939, which
was the peak period of the last decade, there was a net loss
during the first quarter of 1940 of only one-half of 1% in
total employment.
Miss Miller's statement added:
Cereals & bakery products.
Fresh
Canned
—
60.0
74.1
56.6
In March,
1940, there 0.3% more workers employed than in February.
Payrolls
Preliminary.
rose
good
All foods
*
61.0
V
the average February to March changes over the last 25 years,
as
which
2.2% during the
indicate gains
of 0.9%
period.
same
These increases
in employment
and of 2.9%
were
not as
in payrolls.
Unusually bad weather conditions this March adversely affected the
Payrolls in
and
Employment
Illinois
struction
February
January to
Declined from
Industries
Reports from 6,597 manufacturing and non-manufactur¬
632,186 workers in
ing establishments in Illinois, covering
February, indicate a decrease of 0.1 of 1% in employment
and a decrease of less than 0.1% in payrolls from January
February, 1940 for wage earners in reporting Illinois in¬
to
dustries, it was announced March 22 by the Illinois Depart¬
ment of Labor.
Further details were given as follows:
While there
for
little change
was
in the levels of employment and payrolls
January to February, the changes do not
increase in employment for the period.
The
all-reporting industries from
reflect
the
seasonal
usual
in employment and pay¬
through 1939) were increases
of 0.8% in employment and 2.1% in payrolls.
Increases in employment
from January to February for all reporting industries were recorded dur¬
ing 13 of the previous 17 yeara, and increases in payrolls in 14 of the years.
Comparison of all-reporting industry indexes for February, 1939 and
February, 1940 shows that employment was 9.0% higher and that payrolls
were 12.0% higher than during the same month of last year.
Another comparison shows that employment and payrolls in February,
rolls
February percentage changes
January to
average
for
the
1940
were
1938,
or
17-year period
previous
5.7% and 13.0%
(1923
higher respectively,
than during February,
than during the same month two years ago.
did not show the
usual seasonal increase in employment and payrolls was the chief reason
for the lack of change in the all-industries indexes from January to Feb¬
ruary, 1940.
The declines in employment and payrolls for reporting nonmanufacturing industries were less than the previous years' average Jan¬
uary to February change according to records of the Division of Statistics
The
fact
the
that
reporting manufacturing industries
and Research.
Reports
2,378
from
increase of
an
are
not
establishments,
manufacturing
reported workers in February, show
employing
0.1% in payrolls from January to February.
nearly
as
favorable
as
the
425,793
decline of 0.1% in employment and
a
These changes
previous 17-year average January
to
February increases of 1.8% in employment and 3.9% in payrolls for manu¬
facturing industries.
Reports
workers
from
4,219
non-manufacturing
establishments
covering 200,393
in
February indicate declines of 0.2 of 1% in both employment
and payrolls from January to February for non-manufacturing industries.
These declines are both less than the average January to February per¬
declines
centage
previous
of
1.2%. in employment and 0.8% in payrolls for the
(1930 through 1939) for non-manufacturing in¬
period
10-year
apparel and the increases in these industries this month
as
in these industries reported improvement,
Living Declined Slightly
in
the
a
in
the
of food
cost
United
States,
according
month by the Division of
prices
and
1.3%
on
in
were
Reports
of fuel in
The
index
unchanged
in
April 9 explained
between
February
March
especially in payrolls.
The net
York State Department of Labor's index of factory employ¬
1939 level.
The corresponding payroll index
above last year's figure.
Average weekly earnings
February figure of $27.52.
was
rose to
10.2% above
88.6, 11.7%
$27-95 from the
Preliminary tabulations covering the reports
from 2,370 firms throughout the State form the basis of this analysis.
month's
reporting factories employed 446,494 workers
on
a
This
total weekly
payroll of $12,479,022.
The Division of Statistics and Information under
the direction
B.
lation and
of Dr.
E.
Patton is responsible for the collection,
tabu¬
analysis of these reports.
All Industrial Districts Except Binghampton-Endicott-Johnson City Maintain
Year to
Their
The
one
Year
Binghampton-Endicott-Johnson
of the
has been
seven
industrial
downward
Gains in March
City
industrial
area
is
the
only
districts of the State in which the general trend
during the past year.
Further small losses
were
re¬
ported by manufacturers of shoes and metal products in this district from
February to March.
except
Despite the fact that all the other industrial districts,
New York City and Albany-Schnectady-Troy,
were
operating at
lower levels In March than In December, the good gains in the
year-to-year
comparisons
were
maintained.
The gains in forces from March,
1939 to
March, 1940, ranged from 8% in New York City to 19% in Syracuse with
greater payroll increases in each case.
All the main industrial groups in both New York City and AlbanySchnectady-Troy contributed to the good gains from February to March
that
were
recorded in
these two districts.
Albany-Schnectady-Troy district
the recession low point in
date
so
that
the
above this low
75%
was
The industrial picture in
especially bright this month.
the
From
July, 1938, steady improvement has occurred
March,
1940 factory
to
employment figure is about 40%
point and the payroll figure this month is approximately
higher.
Utica, which had suffered
reported
some recovery
rehiring workers.
severe
losses in both January and February,
in March with both metals and knit goods plants
Several manufacturers of metals and machinery in the
Syracuse district laid off workers while increasing hours and payrolls.
were not
for the
large seasonal losses at apparel factories in Rochester,
If
as
all other industries
made
and
March,
as
which hafreported the best gains
Rents
were
expanding.
Factories in the Buffalo
a
in the improvement in
the last
area,
quarter
off their operations in March.
Percent Change
Feb., 1940 to Mar., 1940
each
follows:
returning
to
January to February rise.
were
were
re¬
1.0% higher than
1933.
March for the fourth consecutive month, the
standing at 80.6% of the 1923 cost.
New
the March,
"wage earners
the survey
23.9% lower than in March, 1929, but
were
of
many
Many of the plants
ment, based on the 1925-1927 average as 100, rose to 91.2,
of 1939, continued to taper
March, 1939, and 29.0% above the depression low of March
Rents
February in
of the year.
0.6% higher than
Percent Change
Mar., 1939 to Mar., 1940
City
Employment
Industrial Economics of The Con¬
The Board
declined
to
the January level and completely offsetting the
They
March,
0.3% reduction in the cost of living
ference Board.
Food
in
Board
Conference
Decreases
The
not as great
results, however, were not as good as the usual seasonal gains at this time
losses
sulted in
were
good gain would have been reported this month instead of the small net
♦
of
The abrupt decline during January and
usual.
the producers' goods industries was halted in March.
it
dustries.
Cost
con¬
industry and the manufacturing industries that cater to it.
bad weather coupled with an early Easter affected manufacturers of spring
Employment
Payrolls
+ 12.9
_
+ 13.3
+3.5
+ 2.0
New York City
Albany-Schenectady-Troy
Bingham ton-Endicott-
Payrolls
+3.0
Utica
+ 7.2
+ 8.1
+ 8.4
+ 1.1
+2.2
+ 10.1
+ 19.3
—0.1
—1.0
—2.3
—2.0
Rochester
—0.4
—1.0
+10.8
+ 11.5
Syracuse
—0.9
+0.4
+ 18.9
+ 24.8
Buffalo
—1.6
—2.5
+ 17.7
+21.1
Johnson City
%
Volume
The Commercial & Financial Chronicle
ISO
Canadian
Industrial
Between
Canadian
Continued
Production
Mid-February
Upward
Reports
Mid-March,
and
Production
and
Industrial
production in Canada continued upward be¬
mid-February and mid-March, the rise being of greater
proportions than in the preceding month, when the gain
was barely perceptible, said A. E. Anscott, General Mana¬
ger of the Canadian Bank of Commerce, Toronto, in his
monthly review of business.
The summary goes on to state:
recent
by forward buying
pation
seasonal character, but it was aided, also,
the part of numerous merchandise dealers in antici¬
/was of
upturn
on
of commodity price
orders and
a
These last,
though
a
increases,
satisfactory volume of
no
construction projects in March.
the January-March term of 1939.
for
equipment
held in
were
in February, raised
greater than those undertaken
the cumulative work since the first of the year
about 15%
above that of
in recent weeks, as is usual
suspense
during
The
lr;;/
stimulus
no
in
following outline of foreign trade shows that up to the present season
the
to
armament
national
economy
The
materials.
total
the six morfths ending February increased
1938-39, but this
Latin
America
and
other
British
excluding gold,
exports,
Empire
(outside the
countries
Kingdom) the value of shipments to which
France, in
common
rose
by 44%.
Exports to the
September,
apples and tobacco), while
as
with other European countries, actually imported less
during the first two months
rose
of 1940.
Our index of industrial activity rose from
in
mid-March
106 in mid-February to
109
(1937=100).
The rise in the output of foodstuffs is
soft woods showing a gain of 12%
loss of 3%.
Orders received during the four weeks ended
above
those
of corresponding
March 30, 1940, were 12%
Softwood
weeks of 1939.
1940
orders in
13% above those of similar period of 1939 and 19% above the same
were
weeks
of
Hardwood orders showed
1938.
pared with corresponding weeks of 1939.
On March 30,
1940,
stocks
gross
gain of one percent as com¬
a
—~—••
——-
.
reported by 406 softwood mills were
as
3,489,792 M feet, the equivalent of 102 days' average production (three
year
1937-38-39),
average
compared with 3,515.345 M feet on April 1,
as
1939, the equivalent of 101 days' average production.
On
March 30,
1940, unfilled orders as reported by 403 softwood mills
775,748 M feet, the equivalent of 23 days' average production, compared
with
592,495 M feet
on
April 1,
1939, the equivalent of 17 days' average
production.
-
Weekly
We
United
during the first four months of the war, although her pur¬
chases, like those of the United Kingdom,
Soft¬
for
1939, (the shipments of essential products barely off¬
setting the decline in non-essentials, such
from Canada
and hardwoods,
by 20% over the like period of
United Kingdom were less than 5% higher than those between
1938 and February
reported
as
weeks of 1939
Hardwood output was 9% above production of the 1939 period.
due mainly to a larger trade with the United States,
was
1940,
same
derived from new export trade
was
value of
18% above that of the
was
Shipments during the four weeks ended March 30, 1940, were 11% above
On the other hand, some private orders
national elections.
1940
those of corresponding weeks of 1939,
of Government
continuous flow
a
new
30,
18% above that of corresponding weeks of 1939.
was
25% above the record of comparable mills during the same period of
1938.
tween
This
during the four weeks ended March
by these mills,
wood production in
Bank of Commerce
2331
Statistics
National Paperboard
to
Industry
Paperboard
of
give herewith latest figures received by us from the
Association, Chicago, 111., in relation
activity in the paperboard industry.
The
of
-
association represent
93% of the
total industry, and its program includes a statement each
week from each member of the orders and production and
also a figure which indicates the activity of the mill based
on the time operated.
These figures are advanced to equal
100%, so that they represent the total industry.
accounted for mainly by greater
members
this
STATISTICAL REPORTS—ORDERS, PRODUCTION, MILL
ACTIVITY
activity of flour and feed mills, more than offsetting a moderate decline
in
and
meats
There
confectionery.
manufacture of
women's
clothing,
decline in
sharp seasonal
a
month earlier than last year,
a
Jan.
the manufactured
Jan.
13
Jan.
20
Jan.
also
Most
wood groups
categories
87.746
105,946
120.791
27
111,954
Feb.
3
106,954
121,596
115,988
(especially primary products, bridge and
Feb.
10
106,292
114,463
products,
Feb.
17
101,097
115,189
pulp
and
showed moderate declines.
were
heavy iron and steel trades
structural
steel
and
and
paper
automotive trades, includ¬
The
considerably more active,
repairs).
ship
Among
were
as
metal
non-ferrous
6
V-
Mar.
production during the week ended March 30, 1940,
5% less than in the previous week; shipments were
0.1% greater;
Manufacturers
Lumber
Association
from
15% greater; shipments, 8% greater, and
Mills
average
ments.
The Association further
Year-to-Date
Reported production for the
13
reported;
.
Comparisons
weeks of 1940
date
to
was
12% above
corresponding
weeks of 1939; shipments were 6% above the shipments
were
10% above the orders of the 1939 period.
For the
13 weeks of 1940 to date new business was 9% above production, and ship¬
ments
i;
,
:
orders
7% above production.
were
The ratio of unfilled orders to gross
16%
compared with
a
ago;
year
gross
stocks
Mills,
mills.
feet,
or
below
feet,
week
mills
was
received,
hardwoods,
86
were
220,832,000
Reports
0.4%
week were 11,10,114,000 feet.
Production was 199,419,000 feet.
business as 10,078,000 feet,
Comparisons
or
:
ended March 30, 1940, of 390 identical soft¬
196,614,000 feet, and a year ago it was 170,438,000 feet;
during
shipments were,
orders
same
new
Identical Mill
<•
.•
wood
feet,
reported for the
as
mills give
■
Production
week
respectively, 217,424,000 feet and 199,959,000 feet, and
feet and 196,883,000 feet.
In the ease of
identical mills reported production this year and a year
212,861,000
7,838,000 feet and 7,140,000 feet; shipments, 8,566,000
8,676,000 feet, and orders, 7,503,000 feet and 7,162,000 feet.
ago
v
feet and
—-—♦
Lumber Production and
Shipments During Four Weeks
Ended March 30, 1940
herewith data on identical mills for four weeks
reported by the National Lumber
Manufacturers Association on April 9:
We give
ended March 30, 1940, as
An
average
of 482 mills reported as
Trade Barometef for the
(In 1,000 Feet)
Softwoods
Hardwoods
Total lumber
follows to the National Lumber
30. 1940:
four weeks ended March
Production
V
Shipments
69
'
70
75
71
72
71
71
71
70
71
69
71
69
71
70
71
70
70
67
70
68
-
71
69
70
1939
1939
1940
1939
1940
679,297
762,013
867,960
36,875
33,844
33,616
798,888
901,804
803,141
35,213
32.425
838,214
711,722
886,845
Over
February
"Northwestern
Miller's"
production
list
the Pacific Coast.
v
;
:
[Output reported to the "Northwestern Miller." In barrels, by mills
64% of the total flour production of the United States]
representing
^
March,
Northwest.
.
Southwest..
, —
March,
1938
1937
828,419
531,120
624,564
528,777
858,897
293,442
272,077
246,328
287,583
338,556
285,519
..........
136,589
116,098
615,786
159,109
374,172
253,858
691,438
476,753
466,831
—
Pacific Coast
Totals.
March,
1939
......
Central West—Eastern Division
Southeast—....
March,
1940
1,138,424 1,126,518 1,271,823 1,110,793 1,197,360
1,925,054 1,876,286 2,095,373 2,037,215 2,202,167
—
Western Division
Feb.,
1940
.
819,150
658,184
720,765
885,288
318.690
5,480,598 6,226,345 5,919,391 5,489,828 5,528,344
— ..—
Sugar Entries from Off-Shore Areas in Three
of 1940 Totaled 984,220 Tons
Months
The Sugar Division of the Department of Agriculture on
April 8 issued its third monthly report on the status of the
1940 sugar quotas for the various sugar-producing areas
supplying the United States market. The sum of these quotas
represents the quantity of sugar estimated, under the Sugar
Act of 1937, to be required to meet consumers' needs during
the current year.
The report shows that the quantity of
sugar charged against the quotas for all off-shore areas,
including the full-duty countries, during the first three
months of the year, amounted to 984,220 short tons, raw
value, as compared with 1,021,369 tons the corresponding
period of 1939. The Division's report continues:
The report includes sugar from all areas recorded as entered or certified
for entry before April 1, 1940.
The figures are subject to change after final
weight and polarization data for all
importations are available.
charged against the quota for
84,362 short tons of sugar, raw value, were
1940
851,146
35,699
Gain
Shows
v.Total Monthly Flour Production
outturn
Orders
803,001
the
Buffalo
Shipments as reported for the same
13% above production.
Production was
or
feet;
231,958,000
shipments,
ended March 30, 1940, by 407
or 8%
above the production of
production.
405,000
'--.V,
i
:/"/
216,180,000
Shipments
hardwood
feet;
the week
11% above production.
107
74
72
a
497 mills produced 209,533,000
■
for
reported
totaled
mills
same
from
orders
V
on
Revised figures for the preceding week were:
230,711,000 feet.
softwood
30, 1940,
220,994,000
production,
526;
/'
Production
combined; shipped 232,237,000 feet; booked
and hardwoods
226,258,000 feet.
Lumber
on
March 23, 1940,
30% heavier than
on
were
1%% less.
were
During the week ended March
orders,
21%
was
Softwoods and Hardwoods
feet of softwoods
orders of
stocks
Unfilled orders
ago.
year
a
.•
the
V-f
v
Supply and Demand Comparisons
■
.
65
March, 1940, flour output of 5,480,598 barrels.
These mills, which present about 64% of the total flour
production of the United States, produced 5,226,345 barrels
in February and 5,919,391 barrels in March a year ago.
In 1938, March production totaled 5,489,828 barrels, and
in 1937, 5,528,244 barrels.
The increase over February was well distributed among all
production producing sections, with Buffalo mills showing
the largest gain—98,385 barrels..
Southwestern flour pro¬
duction increased about 48,770 barrels over February, while
mills of the Northwest registered an 11,905 barrel gain.
Another large gain, 42,400 barrels, was attributable to mills
business, 8%
new
Flour
reported
The industry stood at 66% of the seasonal weekly
of 1929 production and 70% of average 1929 ship¬
new
.v.—
;•
196,174
187,002
183,699
176,308
167,240
159,216
145,706
142,564
137,631
138,446
132,455
130,871
129,41ft
123,255
Output
pared with the corresponding week of 1939, production was
and
6.
March
regional associations covering the operations of representa¬
tive hardwood and softwood mills.
Shipments were 11%
above production; new orders, 8% above production.
Com¬
greater.
,
Cumulative
Current
business, *2% less, according to reports
new
National
Apr.
111,431
108,134
Mar. 30
Lumber
tiie
102,462
Mar. 23
113,710
112,855
114,958
113,555
107,853
105,140
.....
114,156
104,466
111,714
107,024
...
—
115,419
108,784
9
Mar. 16
to
.
...
2
Mar.
Report of Lumber Movement, Week Ended Mar. 30, 1940
...
24..
Feb.
electrical apparatus registered the most important rise.
was
Tons
of Activity
Orders
Tons
110,169
111,332
of the
ing accessories and supplies,
Production
Tons
furnishings, cottons, silks and leather footwear) registered increased
output.
the
Received
Week Ended
and a
Percent
Unfilled
Orders
the
Most other items of clothing (men's suits
slight decline in knitted goods.
and
was
769,525
the
mainland cane area and
139,076 short tons, raw value, against
the
beet area during January and February
this year. Data for March for these two areas are not yet available.
The quantities charged against the quotas for the off-shore areas during
the first three months of the year and the balances remaining are as follows;
quota for the continental
sugar
The Commercial & Financial Chronicle
2332
2—STOCKS, PRODUCTION, AND DELIVERIES OF CANE AND
BEET SUGAR BY UNITED STATES REFINERS AND PROCESSORS,
1940 Sugar Quotas
the Latest
Regulations
Quotas
1,863,217
1,003,783
707,982
938,037
437,194
103,354
8,916
Philippines.
Puerto Rico
„
(In Short Tons, Raw Value)
Balance
Charged
Against
0
Area
Hawaii
JANUARY-FEBRUARY, 1940
Amounts
Established Under
Cuba
April 13, 1940
TABLE
(Tons of 2,000 Pounds—96 Degrees)
Virgin Islands
Remaining
Domestic Beet
Refineries
1,426,023
810.420
210,091
Factories
800,238
8,916
354,085
cl,358.503
653,344
687,891
137,799
Initial stocks of refined, Jan. 1,1940.
a
45,555
d 139,076
1,264,982
b594,698
Deliveries
Final stocks of refined, Feb. 29,
413,631
1940
Foreign countries other than
Chib a
26,745
5,782
4,637,680
984,220
Compiled by the Sugar Division, from reports submitted on Forms SS-16 A and
SS-11 C by the sugar refineries and beet sugar factories.
19,963
Total
3,653,460
The reflnerlerflgures are converted to raw
which Is the ratio of meltings of raw sugar to
years 1938 and 1939.
Direct Consumption Sugars
Direct-consumption
b Deliveries include sugar
amounts charged
in the above
is included
sugar
against the various quotas.
1940
Area
Total
Polarizing
Polarizing
Quotas
TABLE
Sugar
Charges
Sugar
99.8 Degrees
CONSUMPTION
Balance
a
small amount representing losses in transit,
RECEIPTS,
3—STOCKS,
DELIVERIES
AND
SPECIFIED
FROM
SUGAR
OF
DIRECTJANUARY-
AREAS,
FEBRUARY, 1940
Remaining
(In Short Tons, Raw Value)
loss Than
and Above
Revised.
d Larger than actual deliveries by
through reprocessing, Ac.
xQuantity Ch'g'd Agst. Quotas
The Department of
delivered against sales for export.
Commerce reports that exports of refined sugar amounted to 33,111 short tons, raw
value, during the months of January ahd February, 1940.
c
(In Short Tons—96 Degree Equivalent)
value by using the factor 1.061725,
refined sugar produced during the
99.8 Degrees
Deliveries
Stocks on
Cuba........
375,000
80,214
64,094
8,585
7,014
1,055
57,080
Philippines...
7.530
310,906
on
Feb. 29,
1940
Receipts
1940
Puerto Rico
the Sugar Act ol 1937. The amounts entered
From Puerto
Stocks
or
Usage
Jan. 1,
Source of Supply
71,629
There have been no restrictions on direct-consumption sugar from
x
and Hawaii since Feb. 29,1940, under
Cuba
areas
41,832
x83,286
during the January-March period were as follows:
Rico, 76,224 tons; from Hawaii, none.
x70,604
54,514
QUOTAS FOR FULL-DUTY COUNTRIES
138
0
60
78
Puerto Rico
11,313
43,061
22,216
32,158
Philippines
from these
11,517
4,119
5,711
9,925
Hawaii...
0
0
England
0
0
China and Hongkong...
0
8
0
60
60
106,254
89,080
0
8
Other foreign areas
82,569
-
Charged
1940
Area
China and
Hongkong
...
x Quotas not used to date
U nallotted reserve.
(Pounds)
(Pounds)
292,274
6,118,230
4,777
100,758
11,458,864
500,000
Tons..
11,564,399
x
Argentina,
15,029;
210;
19,963
Deliveries
Act of 1937, the first 10 short tons
Stocks
303,438; Brazil,
TABLE
1,805; Japan,
4,133; Netherlands,
Feb. 29, 1940
18,942
35,169
112,442
67,057
224,623;
Nicaragua,
10,538,064; Salvador, 8,463,174; United Kingdom, 361,545; Venezuela, 298,998.
OF
SUGAR FOR LOCAL CONSUMPTION
HAWAII
AND
PUERTO
RICO
IN
JANUARY-
FEBRUARY, 1940
Indies, 6; France, 180; Germany, 121; Guatemala, 345,291; Haiti, 950,203; Hon¬
Italy,
Stocks on
Processing
5—DISTRIBUTION OF
THE TERRITORY
271,470; Dominican Republic, 6,875,330; Dutch East Indies, 217,941; Dutch West
3,639,048;
For Further
Consumption
Production
Jan. 1,1940
1,234; British
Malaya, 27; Canada, 581,707; Colombia, 275; Costa Rica, 21,236; Czechoslovakia,
duras,
For Direct
on
163,272
Belgium,
AND
(In Short Tons, Raw Value)
for that country.
Australia,
MILLS
STOCKS, PRODUCTION,
JANUARY-FEBRUARY,
1940
39,925,601
6,782
0
112,765
CANE
DELIVERIES,
of sugar, raw value, imported from any foreign country other than Cuba have not
been charged against the quota
4—MAINLAND
33,015,097
500,000
51,490,000
25,745
In accordance with Section 212 of the Sugar
Total.
<
Compiled in the Sugar Division from reports and information submitted Jby
Importers and distributors of direct-consumption sugar on Forms SS-15B and SS-3
x Includes sugar In bond and in customs
custody and control.
TABLE
33,015,097
Total.........................
*
Balance '
Remaining
'
CPounds)
297,051
6,218,988
11,458,864
Mexico..................
Peru
Against
Quotas*
Quotas
....—
(In Short Tons, Raw Value)
Territory of Hawaii
...2,666
..6,352
.
.....
Puerto Rico..
.
Seventy-one pounds have been imported from Chile, 47 pounds from France, 104
pounds from Panama, and 90 pounds from Venezuela, but under the provisions of
Section 212 of the Sugar Act, referred to In footnote *, these importations have not
been charged against the quota.
♦
802,857
Tons
of
Petroleum
During First Two
Months of 1940 Reports Department of Agriculture
Backs
.
On
April 8 the Sugar Division of the Department of
Agriculture issued its monthly statistical statement covering
the first two months of 1940, consolidating
reports obtained
from cane sugar refiners, beet sugar processors,
importers
and others.
Total deliveries of sugar during January and
February, 1940, amounted to 802,857 short tons, raw value,
compared with 722,058 tons during the corresponding period
last year.
Raw Sugars by Refiners (Table 1)
j.
Refined Sugar by Refiners (Table 2, less exports)
Beet Sugar Processors (Table 2)
.
........
683
_
561,587
139 076
......
Importers of Direct Consumption Sugar (Table 3)
Mainland Cane Mills for Direct Consumption (Table 4)......
821569
18,942
....
802,857
........
The distribution of sugar for local consumption in the
Territory of Hawaii
for January and
February, 1940 was 2,666 tons and in Puerto Rico it was
6,352 tons (Tabled).
Stocks
of sugar on
1939, In short tons,
hand Feb.
raw
value,
29,
1940, and comparative figures for
were as
follows:
(Not including
raws for
processing held by importers other than refiners.
1940
Refiners' refined
Beet sugar factories
Importers
Mainland
sugar
.
.1I.
*
factories
Total.........
■
1,264,982
112,765
112,442
130,617
2,392,379
-
Bummiowawvu
The statement of
308.061
369,681
1,339,812
80,754
413,631
.....
direct-consumption
cane
1939
488,559
charges against the 1940
February was made public on March 9.
March 23 issue, page 1957.—Ed.)
TABHL1^^^JFGAR: REFINERS
FOR
dirECT
VUO
sugar quotas
2,237,925
OUgai
-HLCl/ UI
JLtM/
.
during January and
(This report
was
given in
our
STOCKS, RECEIPTS, MELTINGS,
CONSUMPTION
FOR
JANUARY*
jtHiDJiUARi, 1940
(In Short Tons, Raw Value)
Stocks
Source of Supply
Cuba
on
Jan. X,
1940
Deliveries
269,733
Philippines........
250,841
46,212
37,187
17,902
Continental
117,150
0
Hawaii...........
Puerto Rico.......
;
Lost
Stocks
by Fire,
Feb.
«kc.
360
0
164
O
63
0
271,966
36,324
33,697
19
O
54.284
70,438
77
0
0
89,613
0
0
O
0
9,397
19,707
26,429
0
O
0
23
2,675
0
0
0
488,559
Misc.(sweepings,Ac)
139,668
52,093
118,888
*
23
0
.
Total
on
29,
1940
248,248
149,392
65,520
82,487
97,898
Virgin Islands..
Other countries
Meltings
for Direct
Consumption
Receipts
478,689
670,550
650,997
683
Note
to
Backs
Mexico
President
Bureau
Recommendations—Balanced
Out-
Schedule Proposed
Secretary
April 5 demanding immediate arbitration of
American claims against the Cardenas Administration for
expropriated oil properties seized in early 1938 aroused
resentment in Mexico, and, dispatches indicated, probably
will strengthen Mexico's determination not to be pushed into
on
settlement.
Mexicans, both in the Administration and in business
circles, felt that the tone of the Hull note was couched in
"strong terms" and protests against its wording poured into
Mexico City newspaper offices and government offices even
before the Administration had made known the full terms of
the note.
While Ambassador Najera transmitted the note
President Cardenas
immediately from Washington, the
Foreign Office did not release the official translation in
Mexico City until April 9 when the English version was
announced in Washington..
Secretary of State Hull's note criticized Mexico for being
unwilling to make "just and adequate" compensation and for
continuing seizures of property damaging to American in¬
terests."
This treatment of American citizens,
wholly
unjustifiable under any principle of equity or international
law, is a matter of grave concern to this Government," the
note stated.
"These long-standing matters must of neces¬
sity be adjusted if the relations between our two countries
are to be conducted on a sound and
mutually cooperative
basis of respect and helpfulness."
An Associated Press dispatch from Mexico City April 11
reported:
"Hundreds of thousands of Mexicans were rallied today
for a Nationwide demonstration against the United States'
request for arbitration of the 2-year-old oil controversy and
in support of Mexico's expropriation of the foreign-owned
industry.
Government offices, stores, factories and mines
were ordered closed for the demonstration in
every city and
sizable town in Mexico."
Whether or not the employees' organizations are in full
support of the Administration under the changed conditions
is not yet apparent.
Coincident "with the news of Secretary
of Hull's note to the Cardenas Administration, the Mexican
newspaper "Ultimas Noticias" reported that the 18,000
workers in the petroleum industry were bitterly
opposed to
President Cardenas' 14-point plan for the reorganization of
the Government oil industry.
A bid for the support of the unions was one interpretation
of the decision of
Form 88-15 A.
Products—Hull
The note sent ot the Mexican Government by
to
Total...
put
of State Hull
a
The Division's announcement further stated:
Distribution of sugar in Continental United States
during January and
February, 1940, in short tons, raw value, was as follows:
Its
Resentment—Nation
Cardenas' Position in Dispute—Crude Production
Declines, Inventories Climb—Compact Commission
Delivered
Sugar
and
Arouses
1
Arbitration
on
the
April 8
Federal Board
of Conciliation and
ordering 17 American and other
Volume
foreign oil companies involved in the 1938 expropriation
degree to pay their former workers 117,500,000 pesos
(approximately $20,000,000) in severance pay.
The sever¬
ance pay was because of the cancellation of the contracts
between the companies and the Petroleum Workers Syn¬
dicate.
average production of crude oil showed a substantial
during the initial week of April but held nearly
200,000 barrels above the level recommended for the month
by the Bureau of Mines.
The American Petroleum Insti¬
tute report placed daily average crude oil production for the
April 6 week at 3,647,000 barrels daily, against a figure of
3,550,000 barrels recommended by the Federal oil agency.
This was off 96,250 barrels from the previous week.
Texas output was cut 116,350 barrels to a daily average
of
1,394,450 barrels.
For the third consecutive week
Illinois showed a decline, although during this period some
150 new wells were completed.
Production for the thirdlargest oil State was off 1,150 barrels, at 425,800 barrels.
A decline of 5,050 barrels for Kansas pared the daily pro¬
duction to 175,350 barrels.
Sharpest gain was shown by
California where output was up 19,000 barrels to a daily
average of 610,200 barrels.
Oklahoma recovered some of
the ground lost to Illinois, climbing 11,250 barrels to a
daily figure of 413,300 barrels.
The broadest gain in stocks of domestic and foreign
petroleum in months was shown during the final week of
March.
The United States Bureau of Mines reported that
holdings were up 3,160,000 barrels to 250,561,000 barrels.
Domestic stocks were up 3,260,000 barrels but this was offset
slightly by a decline of 100,000 barrels in inventories of
foreign crude oil. Heavy crude oil stocks in California, not
included in "refinable" stocks, totaled 13,450,000 barrels,
off 109,000 barrels from the March 23 period.
The oil control agencies of the member States of the Inter¬
state Oil Compact Commission had before them this week
the recommendations of the Commission, made at the April
5 meeting to consider May market demand, held at Oklahoma
City, that all member States issue proration orders establish¬
ing production on the basis of the probable demand as set by
the United States Bureau of Mines for May, June and July.
Following the vote at an executive session of the group,
which came after the open quarterly meeting, it was decided
that State regulatory bodies would be asked to issue threemonth orders, with allowables for the three months ahead
based on Bureau estimates of May demand, subject to such
changes as additional facts may justify.
Attacks upon the Cole Bill, which would place the oil
industry under Federal control, featured the meetings, at¬
tended by compact representatives and oil men.
E. O.
Thompson, of the Texas Railroad Commission, spoke in
opposition to the Bill, contending that it was an effort to
establish dictatorial control of an industry well supervised
and regulated by the States, without waste.
Governor Leon
C. Phillips, Chairman of the Commission and Oklahoma
representative, declared that the proposal to modify the Cole
Daily
decline
Bill
was
There
not better liked than the bill
were
no
2333
The Commercial & Financial Chronicle
150
itself.
price changes during the week.
Prices of Typical Crude per Barrel at
Wells
(All gravities where A. P. I. degrees are not
$2.75
Bradford, Pa
Corning, Pa...
1.02
.95-1.05
Illinois
Western Kentucky
.90
Mid-Cont't, Okla„ 40 and above
Rodessa, Ark., 40 and above
Smackover. Ark.. 24 and over
shown)
Eldoraro, Ark., 40
Rusk, Texas, 40 and over
$1.03
1.10
1.03
Darst Creek
.76-1.03
Michlganj rude
.90
1.03 Sunburst, Mont
1.25 Huntington, Calif., 30 and over... 1.15
1.38
.73 Kettleman Hills. 39 and over
paying only 6.75 cents a gallon, which was the
1939-40 season.
Some of the independents operating on Long Island have
notified their Brooklyn and Queens customers, that prices of
No. 2 have been cut to 6.50 cents a gallon, delivered.
Stocks of motor fuel showed an increase of 320,000 barrels
customers
are
top price set in the contract field for the
during the first week of April, which lifted the total to a new
high at 101,690,000 barrels, according to the American
Petroleum Institute.
Production of gasoline was off 208,000
barrels, which added to the rise in stocks, sets total demand
at about the domestic level set by the Bureau of Mines in
its monthly market demand estimate,
of the report, played little part in the motor fuel markets
last week.
points in refinery operations, which carried
figure off to 82.4% of capacity, was disclosed in the
report of the trade group.
Daily average runs of crude oil
to stills were off 130,000 barrels to 3,455,000 barrels but this
figure is still far too high for stocks of motor fuel to be able
to show the normal seasonal response to the gain in motor
fuel consumption.
Representative price changes follow:
A decline of 1.9
the
April
10—The
gasoline
Texas, with independents
ended in East
war
3 cents from the
grades of
advancing third-grade gasoline to 12 cents a gallon, up
low.
war
gasoline
and premium
regular
in
advances
Corresponding
were
made, and the entire situation appeared to
be on its way to a
settlement.
Other Cities—
New York
New York—
Std.OHN.J.$.06H-.07
Texas
Chicago
Socony-Vac. .06M-.07
Gulf
New
I.07M-.08
.08K-.08 H
Shell East'n .07H-.08
T. Wat. Oil
.08X-.0SX
Rich Oil (Cal) .08>*-.08&
Warner-Qu. .07H-.08
Tulsa
Kerosene, 41-43 Water White, Tank Car,
New York
$ .061 Los Angeles.. .03H-.05
Fuel Oil, F.O.B.
05 H
.04H-.05W
Refinery or Terminal
New
J 1.00
Orleans C
Phlla., Bunker C_...
$1.00-1.25
$1.50
1.50
2.10-2.20
Diesel
Terminal
Gas Oil, F.O.B. Refinery or
$.04
27 plus
I
$.053
28.30 D
»
Included
Gasoline, Service Station, Tax
x
$.17
New York
z
-..$.02J4-.03
I Tulsa
I Chicago—
Bayonne)—
N.
-
F.O.B. Refinery
California, 24 plus D
(Harbor)—
Bunkder C
$.05 -.05H
.0&H-.07
I New Orleans.$.05Ji-.05*$
I Tulsa
...
.04 -.04 H
-.$.04
| North Texas
(Bayonne)
N. Y.
Orleans-
Gulf ports.-.
.17 I Boston
zNot Including 2% city sales tax.
$.17
$.1661 Buffalo—
I Newark—...
Brooklyn
1851 Chicago
...
Daily Average Crude Oil Production
.174
...
for Week Ended
April 6, 1940, Off 96,250 Barrels
American
The
daily
estimates
Institute
Petroleum
that the
crude production for the week
gross
average
ended
This was a decline
of 96,250 barrels from the output of the previous week, but
the current week's figures were above the 3,550,000 barrels
calculated by the United States Department of the Interior
April 6, 1940, was 3,745,000 barrels.
of the restrictions imposed by
be the total
to
the various
oil-producing States during April.
Daily average produc¬
tion for the four weeks ended April 6, 1940. is estimated
at 3,836,950 barrels.
The daily average output for the
week ended April 7,1939, totaled 3,443,900 barrels.
Further
details as reported by the Institute follow:
Imports of petroleum for domestic use and receipts in bond at principal
United States ports, for the week ended April 6, totaled 1,377,000 barrels,
a daily average of 196,714 barrels, compared with a daily average of 191,714
barrels for the week ended March 30, and 189,393 barrels daily for the
four Weeks ended April 6.
These figures include all oil imported, whether
bonded
or
for domestic use, but It is
impossible to make the separation in
weekly statistics.
REFINED
PRODUCTS—EAST
SOCONY-VACUUM
MOTOR FUEL
ERY
SETS
PRICE WAR ENDS—
TEXAS
GAS
1940-41
HEATING
OIL
PRICES-
INVENTORIES SHOW FURTHER RISE—REFIN¬
OPERATIONS
Receipts of California oil at
a
daily average of
The
the
]
0-day* gasoline price
on
area
war in the East Texas area
Wednesday, when independent stations throughout
restored prices of third-grade gasoline to 12 cents a
three cents from the war-bottom of nine cents a
Before the war, which spread to a dozen cities in
tne East Texas area, ended, it had forced some independent
refining plants to cut their prices on third grade gasoline
one cent a gallon to 8K cents to retail outlets to meet com¬
petitive conditions.
The war, which started seriously on April 1, sent prices
spinning downwards until a good many distributors, unable
to get third-grade gasoline at less than 9% cents at refineries,
were forced to sell their motor fuel to the public at below-cost
gallon,
gallon.
up
prices.
However, the below-price resale was necessary to
meet competition.
Prices of third-grade gasoline broke more
than a nickel a gallon, with regular and premium grades of
gaslone also losing substantial ground in price listings.
The Socony-Vacuum Oil Co., Inc., released a tentative
price schedule for the 1940-41 season on April 10, setting top
contract prices on heating oils in metropolitan New York,
which takes in the five boroughs, at 7.70 cents a gallon.
This is the highest price in several years, and is 95 points
above the top price of 6.75 cents a gallon on the 1939-40
contracts.
In Westchester and Nassau, where there had
previously been no disparity, the price was set
higher than in metropolitan area, or 1.15 points
1939-40
in New
20 points
above the
prices of Nos. 2 and 3
York City are 7.3 cents a gallon,
crude oil daily during the week, and that all
refineries, bulk terminals, In transit and in
of the week, 101,690.000 barrels of finished and
The total amount of gasoline produced by all com¬
basis, 3,455,000 barrels of
companies had in storage at
pipe lines as of the end
unfinished gasoline.
panies is estimated to
have been 11,362,000 barrels
TO STILLS AND
RUNS
CRUDE
ENDED
during fhe week.
1940
of 42 Gallons Each)
Daily Refining
Capacity
Gasoline
Crude Runs
Production
to StiUs
at
District
Potential
Rate
-
PRODUCTION OF GASOLINE, WEEK
APRIL 6,
(Figures in Thousands of Barrels
Percent
Reporting
Refineries
Daily
Percent
Inc. Natural
Average
Operated
Blended
1,517
East Coast
643
100.0
530
82.4
156
91.0
112
78.9
373
Appalachian..
Indiana, Illinois, Kentucky.
Oklahoma, Kansas, Missouri
634
88.5
503
89.7
1,980
420
76.9
262
81.1
z878
280
.........
Louisiana Gulf
59.6
113
67.7
462
1,071
85.3
860
94.1
2,667
164
Inland Texas—
Texas Gulf
97.6
129
80.6
298
North Louisiana & Arkansas
101
51.5
43
82.7
112
Rocky Mountain..
California
.........
119
55.5
50
75.8
217
87.3
496
67.9
1,324
84.9
3,098
82.4
357
9,828
1,534
3,455
11,362
836
Reported
Estimated unreported
•
Estimated total U. S.:
4,424
4,424
1940
30,1940..
Apr. 6.
Mar.
♦
U. 8. B. of Mt Apr.
*
and 4 heating oils
although contract
estimated daily potential
indicate that
level.
The current spot
refining companies owning 84.9% of the 4,424,000
refining capacity of the United States,
the industry as a whole ran to stills, on a Bureau of Mines'
Reports received from
DIP
barrel
ended
Atlantic Coast ports were 148,000 barrels,
This was gasoline and was received at
21,143 barrels.
of Philadelphia.
the port
is
a
week's production based on the
z
11,570
x3,293
6,1939
Estimated Bureau of Mines' basis,
daily average,
3,585
yl 1,007
x March-April, 1939 daily average,
y
U. S. Bureau of Mines March-April,
12% reporting capacity did not
report gasoline production.
This
1939
The Commercial & Financial Chronicle
2334
STOCKS
OF
FINISHED
AND
FUEL OIL.
UNFINISHED
WEEK ENDED
GASOLINE
APRIL 6,
AND
GAS
AND
low
1940
to
Slocks
Unfinished Gasoline
Stocks of Residual
Fuel on
of Gat Oil
and Distillates
daily demand for light fuel oil
not quite as sensational
was
January, probably because the weather moderated, but
j Total
Total
At
in Transit
At
Refineries
•and
and in
Refineries
Unfin'd
East Coast
21,154
Appalachian......
Ind., 111., Ky
Okla;, Kan., Moiv-
At Terms,
At Terms,
Finished
in
Pipe Lines
21,982
1,758
a
3,198
3,456
3,983
273
140
18,154
2,127
195
—
8,144
8,734
1,002
The crude oil
316.000
1,899
260
1Z
Inland Texas
1,588
Texas Gulf..
14,221
16,052
2,595
3,044
552
687
California
1,688
16,927
1,758
18,327
7,517
2~66o
55,426
87,783
94,620
16,044
6,382
7,070
625
500
capacity represented by the data
barrels,
the
hence
operating
28,187
6,970
72,927
1,986
was
only 1% higher than
ration
in this report
81 %,
was
Louisiana Gulf
No. La. &. Arkansas
Rocky
Mountain..
1,358
**455
5,284
245
599
26
845
268
188
6
429
-
with
81% in January and 76% in February, 1939.
2,173
•
4,-
was
compared
23,091
Reported
The daily demand for residual fuel
1940. and 50.7 in February, 1939.
"30
—
-
in
as
17% above
According to the Bureau of Labor Statistics, the price index for petro¬
leum products in February, 1940 was 50.9, compared with 51.7 in
January.
4,553
3,232
was
year ago.
685
17,459
year ago.
a
Transit
and in
Pipe Dines
3,548
to
6,574,000 barrels.
The
District
Finished
1940
In spite of the cut in yield, gasoline stocks continued
year ago.
increase rapidly, finished stocks rising nearly 8,000,000 barrels to
92,721,000 barrels on February 29, unfinished stocks rising
nearly a half million
(Figures in Thousands of Barrels of 42 Gallons Each)
Stocks of Finished <fc
a
April 13,
SUPPLY AND
DEMAND OF ALL
OILS
CThotisands of Barrels)
■
147
581
Estd. unreported..
Jan. to
Jan. to
Feb.,
Jan.,
Feb.,
Feb.,
Feb..
1940
1940
1939
1940
1939
2,000
New Supply—
•Estd. total
U.S.:
Domestic production:
—
94,753
Mar. 30, 1940...
94,445
Apr.
U.
6, 1940
8.
*
*
B.
of
16,669
6,882
16,437
a7,341
74,912
74,851
Crude petroleum
30,187
81,276
..
of
87,203
Mines'
18,567
basis,
a
On
7,447
new
basis
79,106
to
estimate
Daily
of
272
170
503
355
113,078
117,683
3,796
97,392
230.761
3,899
3,478
3,846
204,331
3,463
286
332
286
827
2,343
1,664
1,266
1,167
100,811
3,600
242,100
211.275
4,128
1,441
1,321
122,395
3,948
4,007
2,994
4,052
2,639
cl,553
4,035
3,581
el2,600
4,324
1,128
e8,276
2,118
107,105
126,719
4,088
101,939
3,641
233,824
3,897
213,393
3,693
3,327
4,202
4,810
7,335
7,529
9,287
.
average
In bond
For domestic use
Refined products:
In bond
a
d2,731
For domestic use
B.ofM.
Total
Four
Calcu¬
Week
Change
Weeks
State
Ended
from
Ended
Apr. 6,
Previous
Apr. 6,
Apr. 8,
ments
ables
1940
Week
1940
119,705
supply, all oils
Increase in stocks, all oils
Demand—
{April)
—
-
Total demand
413,000
413,000
b413,300
+ 11,250
410,400
452,250
Kansas
151,000
151,000
bl75,350
—5,050
178,150
153,800
—1,900
72,350
84,700
212,750
Nebraska
Dally average...
Exports d:
Crude petroleum..—
Refined products..
b
Panhandle Texas
80,300
32,7.50
—1,150
81,350
104,100
33,400
244,350
North Texas
—32,300
266,050
100,150
'
West Texas
—4,450
East Central Texas..
East Texas
82,150
396,900
—9,000
228,350
—42,000
Coastal Texas
229.500
—25,550
396,950
255,700
247,350
f5,765
Motor fuel..........
Coke....
Total Louisiana...
257,000
284,133
64,500
70,000
—800
282,700
14,767
32,148
25,589
2,054
1,653
192,400
+ 1,000
280,800
...
69,300
+650
425,800
—1,150
b9,750
+ 1,250
439,600
9,700
1661500
+450
96,650
—1,000
Wyoming
Montana...........
64,000
58,600
66,000
61,600
—7,150
67,900
17,500
+ 600
17,100
13,850
4,000
+ 100
4,000
3,750
110,750
590,000
112,550
112,700
3,134,800 —115,250 3,231,600 2,816,900
d592,000
Total United States 3,550,000
610,200
+ 19,000
605,350
326
3,261
792
4,213
1,421
115,791
213,804
3,563
188,277
3,735
89,794
3,207
239,794
273,416
16,360
4,708
270,444
244,417
273,416
13,385
4,476
262,791
13,408
4,757
270,464
4,708
270,444
520,446
564,928
533,046
564,928
127
155
137
156
r.
.
»£ro™,
mit' L fJhnf
Y?
Exclusive
of
b
T->i,riainri
T.
12,000*
from Bureau
71
ooo barrels
7i'ShSS
exported from
from United States to
barrels
contemplated
withdrawals from
crude
stocks,
Inventories
oil
or
from
must
be
from the Bureau's estimated
requirements to determine the amount of
to be produced,
b
7
Oklahoma, Kansas, Nebraska. Mississippi, Indiana figures
a.m.
new
PRODUCTION OF CRUDE
(Thnnsands of
crude
new
February,
for week ended
as of the first of
April.
Past experience Indicates
completed and if any upward revisions are made.
It Includes a net figure of
approximately 414,000 barrels for East Texas after deduc¬
tions for 12 shutdown days,
namely, April 1, 6, 9, 10, 13, 16, 17, 20, 23,
24, 27
and 30.
For all other areas a shutdown was ordered
for April 1 only.
d Recommendation <!>f Central
Committee of California Oil
new
wells are
Producers.
Note--'The figures indicated above do not include
any estimate of any oil which
might have been surreptitiously produced.
Products, Feb., 1940
The current petroleum statement of the
U. S. Bureau of
Mines revealed that the
production of crude oil surpassed
all
previous records in February, when the
daily average
was
3,747,200 barrels, or nearly 100,000 barrels above the
January average.
The Bureau further reported:
Most of the States increased their
output in February, the most notable
exception
being
600,000 barrels.
California's
average which,
however, remained above
Illinois passed the 400,000-barrel
mark in setting a new
record of 404,400 barrels
daily.
The Louisiana Gulf
was
breaker and the
average for Louisiana
another record
rose from 271,500 barrels
in January
281,400 barrels in February.
Despite the competition from Illinois,
both Kansas and Oklahoma
increased their output
substantially.
Daily average crude runs to stills increased from
3,436,000 barrels daily
in January to 3,509,000 barrels
in February, but this was
to
the gain in output and
at
outweighed by
a
decline in exports,
with the result that the rate
which
ruary
crude oil was
being added to storage increased.
Thus in Feb¬
nearly 5,000,000 barrels was added to refinable crude
pared with
stocks,
an
increase of just under
1,000,000 barrels in
Refined Products
com¬
January.
67.2
303
1,340
3,985
2.773
1,483
1,620
65.7
69
1939
123
4,108
3,076
143
2.0
2.1
67.7
3,431
45.0
46.1
1,392
2,733
2,918
81.6
83.8
2,339
4,964
12,496
430.9
433.6
12,068
25,934
25,405
17,643
Rest of State
2,972
1,305
Long Beach
Wilmington
608.4
611.6
17,419
36,603
36,693
1,477
50.9
48.2
4,939
84
2.9
3.0
82
178
185
11,727
1
404.4
371.0
4,542
23,227
8,988
6.2
59
428
116
170.8
4,250
235
Indiana
Kansas
5,108
8
176
10.403
9,181
422
Louisiana—Gulf coast
Rodessa
14.6
12.3
380
805
900
6,136
Kentucky...
211.6
204.5
5,361
12,476
11,130
817
1,272
1,692
626
21.6
20.9
■
1,400
46.1
1,278
2,830
2,648
281.4
271.5
7,456
64.5
66.1
1,530
16,578
3,918
15,470
1,870
Total Louisiana
48.2
8,162
Rest of State
Mich lean
3,160
'
306
Mississippi
189
6.5
3.8
Montana
518
17.9
17.2
386
1,050
821
3,365
116.0
111.5
2,744
6,823
5,806
430
14.8
14.8
363
888
New Mexico
New York
^
234
Ohio
Oklahoma—Oklahoma City...
Seminole
Rest of State
Total Oklahoma
Pennsylvania
Texas—Gulf coast
West Texas
East Texas
Panhandle
Rodessa
Rest of State
West Virginia
Wyoming—Salt Creek
The yield of gasoline continued
to be influenced
by the record-breaking
heating-oil demand, and in February fell to
42.4%, the lowest since Jan¬
uary, 1931 and a decline of
0.5% from January.
The yield of light fuel
oil rose 0.5% to
16.0%, the highest ever reached.
An indication that the
heavy fuel oil market is easing is seen in the material decline
in the residual
fuel oil yield in
1940
Averaye Average
2,365
California—Kettleman Hills...
Total Texas
,
1939
1,949
Total Arkansas
Illinois
Petroleum
Feb.,
2,010
Rest of State
Colorado
Petroleum and
January-February
Jan.,
Daily
61
Arkansas—Rodessa
Total California
Crude
1940
Daily
This is the net basic allowable
as
Parrels)
deducted
Total
c
1 ^
£ Revised.
BY 8TATEb AND
PRINCIPAL FIELDS
pro¬
April 3.
It will increase
Domestic Com¬
territories.
1940
are
£d
of Foreign
imported into non-contiguous territories from
e Increase.
of 20,000 barrels into territories,
elusive of 180,000 barrels shipped
These are Bureau of Mines' calculations of the
requirements of domestic crude
oil based upon certain
premises outlined in its detailed forecast for the month of
April.
As requirements may be supplied either from
16,360
Imports of crude as reported to Bureau of
a
duction,
3,191
—
Days' supply...
627,000
—96,250 3,836,950 3,443,900
—
Total all oils.
1
3,745,OO0l
353
9,710
275
244,417
13,408
4,757
270,464
-
50,850
16,800
Total east of Calif. 2,960,000
200
10,914
153
3,380
Refined products
California
180
4,629
240
144
Natural gasoline
63,300
114,000
132
5,522
533,046
96,750
100,000
171
952
Refinable in United States
63.000
New Mexico
1,894
98,013
Heavy in California....
101,500
3,500
1,609
68
Crude petroleum:
Michigan
Colorado
833
Slocks—
96,150
Indiana)
1,135
821
35
Total domestic demand
8,300
7,800
Illinois
186
1,318
5,392
Dally average
+250
b8,500
Eastern (not incl. 111.
97
605
54,200
69,250
3,900
380,000
Indiana
125
689
788
Losses
265,850
3,262
61
M iscellaneous....
73,450
212,600
54,032
629
...ww—-
Road oil-..-——
*
Arkansas
Mississippi;
and
68,200
+ 1.800
11,881
31,730
22,m
Still gas
68,000
214,700
13,905
40,717
58,964
3,576
£7,642
...
......
Asphalt....
1,332,000 cI443,773 1,394,450 —116,350 1,473,000 1,390,350
North Louisiana.....
Coastal Louisiana
15,829
72,362
1,522
Lubricants
206,250
12,491
77,927
6,263
Wax
3,617
34,595
5,901
17,930
Residual fuel oils
105,100
447,100
40,370
26,816
Kerosene
Gas oil and distillate fuels
230,900
£6,728
37,557
Domestic demand:
31,200
88,100
Southwest Texas
...
1,263
1939
Oklahoma
Texas
654
2,215
average
Ended
Allow¬
new
Daily
Week
lated
Re uire-
Total
3,321
8,011
Crude petroleum:
CRUDE OIL PRODUCTION
(Figures in Barrels)
West Central Texas..
195,965
3,697
8,450
Imports b:
unreported stocks at Terminals, <fcc.
DAILY AVERAGE
3,650
4,271
93,475
3,338
3,747
221,808
4,179
231
.
Total production
29,874
include
113,140
3,747
Natural gasoline
Benzol a.
Bureau
108,668
Daily average
a30,230
Mines
6, 1939
Apr.
Estimated
101,690
101,370
...
8.1
6.7
106.6
103.5
120.1
3,344
3,318
6,081
12,654
209.7
203.4
436.4
423.9
117.0
6,603
13,265
765
441
236
3,091
3,482
.
488
6,300
6,615
7,109
12,387
25,796
6,901
13,700
49.1
1,255
3,027
27,216
2,601
10,095
348.1
352.6
9,354
6,715
231.6
231.4
11,869
409.3
405.5
5,851
10,682
21,026
13,889
24,440
22,887
1,505
2,284
51.9
78.8
75.9
1,734
4,635
19,722
12,376
3,698
685
23.6
23.6
854
1,417
1.767
8,742
301.4
280.0
17,422
16,627
40.391
,392.8
1,369.0
7,876
36,351
82,829
77,077
Total Wyoming
Other
a
a
7.5
282
413
14.2
14.3
409
858
875
1,400
48.3
51.4
978
2,993
1.975
1,813
62.5
65.7
1,387
3,851
2,850
6
0.2
0.3
5
14
11
3,649.7
Rest of 8tate
93,475
221,808
195,965
301
10.4
535
561
Includes Missouri, Nebraska, Tennessee, and Utah.
February.
The demand figures for motor fuel
of
for February were similar to those
January in that the domestic demand
exceeded expectations by the total
lower than expected because of
the low exports.
The daily
domestic demand in
February was
demand
was
1,295,000 barrels,
ago.
Exports
were
1,903,000 barrels,
or
just about
or
a
5% above
a
year
million barrels
be¬
Production of Natural Gasoline During February 1940
The daily average production of natural gasoline for Feb¬
6,052,000 gallons, according to a report prepared
by the Bureau of Mines for Harold L. Ickes, Secretary of
ruary was
Volume
the
The Commercial & Financial Chronicle
15%,
Interior.
This
is
266,000 gallons above the average
January, 1940, and 8% more than the average for Feb¬
ruary, 1939.
The outstanding changes occurred in Semin¬
ESTIMATED
2335
PRODUCTION
Mar.ZO Mar. 2Z Apr.
1
1939
1940
1940
11,802,000
^
:(In Thousands of Gallons)
—
,
Total, incl. colliery fuel
Dally average
Production
1929 c
c
a
901,000 849,000 803,000 12,941,000 12,698,000 18,571,000
169,200
166,000
150,200 141,500 160,600
242,800
Commercial produc'n.b. 856,000 807,000 763,000 12,295,000 12.063,000 17,234,000
—L-.
United States total——!
31,900
Stocks
29,500
4,917
528,700
219,300
6,778
14,300
5,317
Daily average
^
1939
1940
Penna. Anthracite—
Beehive Coke—
,
:
.
Calendar Year to Dale
Week Ended
.
PRODUCTION AND STOCKS OF NATURAL GASOLINE
AND
ANTHRACITE
(In Net Tons)
k.
.
■>
•
Stocks at refineries and plants and terminals increased
gallons in February, or from 187,992,000 to
199,794,000 gallons on February 29.
Most of this increase
was in stocks at
plants and terminals.
The total was 2,058,000 gallons more than was held a year ago.
PENNSYLVANIA
BEEHIVE COKE
for
ole and Texas Gulf.
OF
2,812
2,383
.
1,581,500
20,276
Includes washery and dredge coal, and coal shipped by truck from authorized
b Excludes colliery fuel,
c Adjusted to make comparable the number
a
operations,
Jan.-
Feb.,
Jan.,
Feb.,
Feb.,
At
Plants
At
1940
1940
1940
1939
Refin¬
& Ter¬
Refin¬
& Ter¬
eries
minals
eries
minals
East coast
8406
9*066
1,998
31,741
2,260
Appalachian
Oklahoma
Kansas..
...
64,970
Louisiana
8,839
Arkansas
1,702
Rocky Mountain
6,491
$6,052
California
Total
•
.....
Preliminary Estimates of Production Coal for Month
of
of Mines and the Bituminous Coal Division of the United
14",281
252
6,818
336
5,421
2,540
2,646
554
2,562
475
2,310
17,386
2,604
17472
4,258
175,518 179,382 354,900 336,462
6,052
5.786
5.703
5,915
14,901
126
628
210
533
6,594
82,268
6,426
78,954
126
1,403
929
210
630
322
168
308
1,512
830
67,494
3,455
1,806
64,638
3,102
86,604 113,190
995
81,900 106,092
'
Dally
aver.
March, 1940
According to preliminary estimates made by the Bureau
31,347 63,088 72,097
6,037 11,656
10,341
63,655 128,625 103,876
9,171
18,010
13,892
4,014
1,547
3,249
6,776 13,267
13,198
49,523 95,575 102,223
5,619
.....
Texas.
Plants
3,024
4,830
Hi., Mich., Ky_.
,,
At
At
Jan.*
of working days in the three
years,
Jan. 31, 1940
Feb. 28, 1940
States Department of the Interior, bituminous coal output
during the month of March, 1940, amounted to 35,400,000
net tons, compared with 35,438,000 net tons in the corre¬
sponding month of last year and 39,105,000 tons in February,
1940.
Anthracite production during March, 1940, totaled
3,773,000 net tons, as against 3,604,000 tons a year ago and
3,546,000 tons in February, 1940. The consolidated state¬
ment of the two aforementioned organizations follows;
Total (thousands
of barrels)
Dally
4,179
4,271
144
138
aver.
8,450
141
2,062
8,011
136
2,695
1,950
2,526
Total
Number
for
of
Working
Days
for
Month
{Net Tons)
Weekly Coal Production Statistics
^
.
The current
weekly report of the Bituminous Coal Division,
U. S. Department of the Interior, disclosed that the total
production of soft coal in the week ended March 30 is esti¬
mated at 8,470,000 net tons, an increase of 407,000 tons, or
5.0%, over the preceding week.
Cumulative production of soft coal from Jan. 1 to date
amounts to 119,445,000 net tons, as against 105,453,000
tons in 1939, indicating an increase in the present calendar
year of 13.3%.
The U. S. Bureau of Mines reported that the estimated
production of Pennsylvania anthracite rose slightly in the
week ended March 30, as compared with the output for the
week of March 23.
or
in
ESTIMATED WEEKLY PRODUCTION OF COAL, BY STATES
of
March, 1940 {Preliminary)—
Bituminous coal.a..—<.
Anthracite.b
Beehive coke
—
............*......
35,400,000
26
3,773,000
135,000
26
1,362,000
145,100
12,941:666
26
5,192
528,600
February, 1940 (Revised)—
Bituminous coal.a.
24.9
Anthraclte.b
39,105,000
3,546,000
Beehive coke
155,300
25
35,438,000
3,604,000
68,700
27
24.5
1,570,000
144,700
6,212
March, 1939 {Revised)—
Bituminous coal.a
Anthracite, b
....
Beehive coke
a
.......
27
1,313,000
133,600
12,67l",666
27
2,544
216,900
Includes for purposes of historical comparison and statistical convenience the
production of lignite and of anthracite and semi-anthracite outside of Pennsylvania.
b Total production, including colliery fuel, washery and dredge coal, and coal
shipped by truck from authorized operations.
Note—All current estimates will later be adjusted to agree with the results of the
complete canvass of production made at the end of the calendar year.
March Production
American
The
Zinc
and
Shipments of Slab Zinc
Institute
on
April 5
following tabulation of slab zinc statistics:
(The current weekly estimates are based on railroad carloadings and river ship¬
ments and are subject to revision on receipt of monthly tonnage reports from dis¬
sources or
to End
March
Day
{Net Tons) {Net Tons)
This increase amounted to 52,000 tons,
6.1%, and the tonnage was nearly 100,OCX) greater than
the corresponding week of 1939.
trict and State
Cal. Year
Avge. per
Working
SLAB
ZINC STATISTICS
released
the
(ALL GRADES)—1929-1940
(Tons of 2,000 Pounds)
of final annual returns from the operators.)
(In Thousands of Net Tons)
*
Shipped
Stock at
During
During
Period
Period
End of
Period
631,601
504,463
300,738
213,531
324,705
366,933
431,499
523,166
589,619
456,990
602,601
436,275
314,514
218,517
344,001
352,663
465,746
124,856
170
105,560
119,830
83,758
239
561,969
569,241
395,554
44,W
0
65,333
126,769
20
February.....
44,277
39,613
42,639
39,828
March.......
45,084
45,291
March
Mar. 23 Mar. 16 Mar. 25 Mar.26 Mar.2Z
1940
1940
Alaska
1929
1938
1939
1
2
292
255
200
Avge.
1923
f
3
295
Alabama
2
e
423
45
18
15
41
77
92
118
99
S3
152
195
Indiana
f
1
1,045
854
540
904
1,684
382
341
228
337
575
Iowa
.
59
67
54
59
112
131
96
85
102
144
651
681
638
380
634
:
Western
136
104
225
215
33
38
22
51
52
12
.....
Mexico.
19
14
32
44
42
46
68
17
17
:/;
24
-
44
21
,53
38
45
29
24
20
f34
432
425
311
321
740
2,064
2,085
1,870
1,331
2,630
3,249
97
105
97
55
95
118
....
Ohio....
Tennessee
13
54
397
North and South Dakota
Pennsylvania
13
51
.......
Montana
bituminous..
...
"
15
....
Utah
Virginia..
Washington
West Virginia—Southern,
15
15
15
19
19
42
Texas
52
49
50
70
68
240
........
Year
1932
Year
1933
Year
1934
1935....
Year
1936....
Year
1937....
1938
560
157
30
.....
Kentucky—Eastern
Maryland
Michigan....
61
115
149
Kansas and Missouri
New
f
1
1
1
919
333
,
.......
1930
1931
Year
26
Colorado
Illinois
236
261
208
180
1929
Year
Arkansas and Oklahoma
Georgia and North Carolina.....
Year
Year
f
332
Retorts
(a)
Shipped Operat¬
ing End
for
Export of Period
Produced
'
r
•
Week Ended—
State
230
22
25
30
26
42
74
1,735
1,753
1,437
1,083
1,470
1,172
574
551
565
382
643
717
88
98
88
92
100
136
1
4
7
8,563
1,090
10,764
Year
75,430
143,618
129,842
57,999
31,240
19,876
21,023
27,190
32,944
38,329
42,965
48,812
38,793
6,352
196
41
148
59
0
0
-
April..
43,036
40,641
42,302
39,607
39,450
37,284
39,669
43,128
.
131,782
49,928
69,424
October
50,117
73,327
72,405
November
53,524
64,407
61,622
December....
57,941
53,468
65,995
of State, In¬
Total for year.
cluding the Panhandle District and Grant, Mineral and Tucker counties,
c In¬
cludes Arizona, California, Idaho, Nevada and Oregon,
d Data for Pennsylvania
Monthly avge.
538.198
44,850
8,063
Pennsylvania anthracite.d
Total, all coal............
8,454
7,467
5,347
849
Total bituminous coal
861
789
716
8,912
9,315
8,256
6,063
9,653
Includes operations on the N. & W.; C. & O.; Virginian; K. & M.;
and on the B. & O. In Kanawha, Mason and Clay counties,
b Rest
a
anthracite from published records of the Bureau of Mines,
for entire month,
f Alaska, Georgia, North Carolina and
12,804
e Average weekly rate
South Dakota, included
-
122,814
,
2,040
B. C. & G.,
18,585
26,651
18,273
8,478
15,978
30,783
51,186
78,626
48,339
40,829
18,560
23,653
28,887
32,341
37,015
45,383
34,583
39,370
*34,172
38,617
*33,332
38,041
*32,131
36,331
*31,107
35,865
*30,746
33,416
*30,350
33,655
*30,751
41,366
*36,169
45,428
*40,175
47,340
*41,980
598,972
49,914
#
*
*
......
68,491
47,769
23,099
39,365
39,191
0
95,615
Other Western States_c
Period
38,251
*33,324
38,763
*33,312
36,331
*31,381
0
36,291
*31, 67
0
35,491
*30,468
0
34,443
*29,376
0
37,729
*32,825
0/ 43,109
*37,877
-
42,225
0/
0
135,241
July.........
!
133,075
June...
•'
130,380
May....
40,960
Wyoming
Orders
End of
Period
39,500
89.459
0
128,407
128,192
127.985
August—.....
North ern.b
Unfilled
Retorts
During
1939
January
September..,.
a
Average
0
0
/
46,867
*41,614
48,159
*43,657
34,179
29,987
38,447
29,314
20,250
35,874
,49,379
44,773
,03,110
79,539
66,197
53,751
«»
—•*
39:333
1940
57,651
65,602
of
47,287
*43,674
47,863
♦43,614
36,808
54,532
53,048
67.086
Of
47,188
1 *43,633
47,287
47,490
PRODUCTION OF SOFT COAL, WITH
PRODUCTION OF CRUDE PETROLEUM
57,620
51,095
73,611
of
STATES
UNITED
COMPARABLE
57,158
February
* Less than 1,000 tons.
with "Other Western States."
ESTIMATED
January.^....
DATA
ON
(In
Thousands of Net
March.
*
Calendar Year to Date
Week Ended
Mar. 30 Mar. 23
1940
Bituminous
c
e
Equivalent retorts computed on 24-hour basis.
1,412
-
..
34,580
Export shipments are Included
'
Apr. 1
1939
1940
1939
1929
Anthracite
Shipments During March
3,207,973 Net Tons
1940
8,063
1,344
6,153
6,201
8,470
7,050 119,445 105,453 142,329
1,382
1,551
1,839
dl,330
Shipments of Anthracite for the month of March 1940,
reported to the Anthracite Institute, amounted to 3,207,973 net tons.
This is an increase, as compared with ship¬
ments during the preceding
month of February, of 45,371
tons, and when compared with March, 1939, shows a de¬
as
Coal equivalent of weekly output.
5,379
77,356
69.107
55,283
historical comparison and statistical convenience the
production of lignite,
b Total barrels produced during the week converted to
equivalent coal, assuming 6,000.000 B.t.u. per barrel of oil and 13,100 B.t.u. per
pound of coal.
Note that most of the supply of petroleum products is not directly
competitive with coal.
(Minerals Yearbook 1938, page702.)
c Revised.
d April I
weighted as 0.3 of a working day.
e Sum of 13 full weeks
and corresponding 13 weeks In 1939 and 1929.
a
47,849
*43,479
Total
Dally average
Crude Petroleum—b
Includes for purposes of
*43,732
In total shipments.
Coal—a
Total, including mine fuel
a
1940
—
48,080
1. *43,554
—
Tons)
ended March 30, 1940,
crease
of 23,956 tons.
Shipments by originating carriers (in net tons) were re¬
ported as follows:
The Commercial & Financial Chronicle
2336
March,
Reading Co
March,
February,
1940
1939
1939
696,703
636,461
678,592
611,644
587,806
619,189
289,859
301,812
640,822
261,952
673,632
260,496
439,934
320,721
314,215
256,274
82,833
170,973
—
—
Lehigh Valley RR
Central RR. of New Jersey
February,
1940
463,950
464,056
481,773
275,326
302,670
266,577
74,760
290,184
...
Del. Lackawanna A Western RR
Delaware A Hudson RR. Corp
Pennsylvania RR
Erie rr
New York Ontario A Western Ry
325,326
394,099
352,442
278,034
301,646
151,369
180,715
•!
179,726
Advance
176,149
3,231,929
3,381,642
-i
Total
Non-Ferrous
181,426
3,162,602
Lehigh A New England RR—
Metals—Copper, Lead and Tin Prices
Larger Volume of Business—Zinc Firm
on
de¬
the
Delivered
prlocs In New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic sear
board. On foreign business, owing to'the European war, most sellers are restricting
offerings to f.aa. transactions, dollar basis.
Quotations, for the present, reflect
change in method of doing business.
We deduct .05c. from l.as. basis
(lighterage, Ac.) to arrive at the f.o.b. refinery quotation.
figures shown above are net prices at refineries on the Atlantic seaboard.
Due to the European war the usual table of daily London
prices is not available.
Prices on standard tin, the only
prices given, however, are as follows: April 4, spot, £249%,
three months, £246%; April 5, spot, £249%, three months,
£246%; April 8, spot, £250%, three months, £247%; April 9,
spot, £250%, three months, £248%; and April 10, spot,
£252%, three months, £250.
The
April 11 issue of "Metal and Mineral Markets "reported
European war to the Scandinavian
countries stimulated activity in all of the non-ferrous metals.
Higher prices were named during the last week in copper,
lean ana tin.
Zinc, which resisted the recent weak spell
successfully, was firmer as the week ended but remained
unchanged. The buying, it was stated, occurred chiefly
that extension of the
because
The
by the latest developments
Most of the buying interest was in forward metal.
abroad.
March Pig
The
Based
the
V
There
Copper
t
April 5
11.200c., Valley.
was
basis held firm until news of the German invasion of
were
"M. &
The 11 He.
Norway excited the
on
This
demand
increased
soon
10 the quotation
Apr.
the
price to
Valley, and
11.375c.,
maintained at
was
a
levei during
good
11.375c., to 11.500c. f.a.s. New York at the close April 10.
The trade believes prospects
count of the Allies
off of copper
may now
The
from
news
April 10.
compares
tive
a
sellers.
Europe set off
even
;•
or
banked included:
Zinc Co.; one Duquesne, one Farrell, one
Illinois
Steel
Corp.;
one
and
Corp., and
one
OF
COKE
IRON
PIG
NET
the price
10
points
one
Sharpsville,
AND
FERROMANGANESE
TONS
Ferromanganese
1939
1940
consumers
some
Demand
was
are
producers
quite ac¬
believed
to
be
re¬
not free
were
1940
covered
to
:
■
v,
4,032,022
February
March
2.436,474
3,311,480
January
2,307,409
2,681,969
2,302,918
1,923,618
2,372,665
3,270,499
.w--
April
May...
June
Half year..
y
1939
a
moderate reduction took place in total
10, the price of lead advanced
also the contract
basis
to
of the American
5.10c., New
York,
Smelting & Refining
12,900
8,835
18,611
23,758
...
October
November.
23,103
24,583
26,817
33,999
4,166,888
4,220,536
_
December
Company, and 4.95c., St. Louis.
17,928
102,470
__
September
23,302
20,894
2,639,022
2,978,991
3,223,983
4,062,901
July
August
stocks.
43,240
38,720
46,260
14,025,053
directions it is felt that the statistical position of lead actually
April
Corp.;
Ply Iron x
on
85%, but May needs have been provided for by only
40%..
was
Iron
Interlake
Perry,
New Jersey
City, Sloss-Sheffield Steel & Iron Cw.
PRODUCTION
raised
the higher level, and
at
improved during March, in that
Effective
One Palmerton,
South Chicago (old), Carnegie-
lead for the week totaled 14,564 tons, which
common
the extent of at least
which
,
buying movement in lead in this market
a
tonnage
April requirements of
some
and one North Birmingham furnace of Sloss-Sheffield Steel
Iron Co.
Lead
substantial
Sales of
two off blast, and merchant
One Lackawanna, Bethlehem Steel
develop here in view of the probable shutting
with 3,822 tons in the preceding week.
mained firm
In
ac¬
April 9 and again April 10, with the result that the undertone
on
blew out or banked three furnaces, inde¬
banked four furnaces and put one in operation.
or
Tube Co.,
products from Sweden by Germany..
absorbed
1, operating at the rate of
April
Pittsburgh Coke & Iron Op.; one River and one Pioneer, Republic Steel
for greater fabricating business for the
\
that
on
put in operation.
Furnaces blown out
the week, with prices ranging from
daily,
against
Co.;one Haselton, Republic Steel Corp.; one Campbell, Youngstown Sheet
&
Demand for export copper improved early in the week and sales volume
blast
Among the furnaces blown in were:
&
against 2,850 tons in the previous week.
in
pendent producers blew three in and took
Sales during the week totaled 11,404 tons,
producers at 11 He., Valley.
in March,
Nine furnaces were blown out during March and four
producers blew out
firmly established by custom smelters and
was
averaged 68.9%
day, compared with 157 in blast on March 1, producing
a
The United States Steel Corp.
industry and demand for copper suddenly increased, absorbing all 11 He.
metal.
152 furnaces
were
106,040 net tons.
April 5, when a fair volume of business was done at 11 He.
M. M's." weighted average for
revised capacity of 149,687 net tons of coke pig iron
a
104,675 net tons
.]
_
Offerings of copper at llMc., Valley, by custom smelters virtually dried
up on
on
operating rate for the industry
75.1% in February, and 56.8% in March a year ago.
publication further reported:
:
Iron Output Drops 7.6%
"Iron
Age" in its issue of April 11 reported that
revised production of coke pig iron in March totaled 3,270,499
net tons, compared with 3,311,480 tons in February.
On
a
daily basis March output dropped 7.6% from that in
February, or from 114,189 net tons in February to 105,500
tons in March.
The "Iron Age" further showed:
wanted to increase their inventories under
consumers
the obscure conditions created
April 13, 1940
In the trade, domestic copper prices are quoted on a delivered basis; that Is,
livered at consumers' plants.
As delivery charges vary with the destination,
40,654
Zinc
Year
The Prime Western division of the zinc market enjoyed two active days
of
buying, April 9 and April 10.
price strengthened but continued unchanged at 5.75c., St. Louis.
was
for both
x
These totals do not Include charcoal pig Iron,
As in other non-ferrous metals, the in¬
tensification of warfare abroad caused buyers to place large orders.
near-by and forward zinc,
some
DAILY AVERAGE PRODUCTION
of the
y
Included In pig iron figures.
OF COKE PIG IRON
The
Demand
1939
1940
transactions involving August-
1938
September metal.
Sales
275,384
35,317,374
Net
common
tons, against 1,516 tons in the preceding calendar week.
days of the current week, however,
more
In the first three
Net
Percent
Tons
grades for the week ended April 6 totaled 1,468
Percent
Capacity
Tons
Capacity
January..
130,061
78,596
51.5
February-
than 9,000 tons changed hands.
Total shipments of domestic zinc to consumers during March were smaller
114,189
75.1
82,407
54.0
March
105,500
68 9
86,516
56.8
85.8
than in the preceding month, with the result that stocks increased 6,525
April
76,764
50.4
tons.
May
62,052
40.8
June
79,089
51.7
However,
established last
stocks
have
not
increased
greatly since
the
November, and, with unfilled orders regarded
low point
as
light
Half year.
July
Tin
war
developments brought in
a
good volume of
Most
of the important consumers were
represented in the buying, with demand
centering chiefly in April-May
prompt tin
were
light.
85,130
.
metal.
As
the
week
ended
Tin-plate operations increased
to
offerings
about
62%
of
November
December
;
Year.
was
interested
in
a
report
from Washington to
to
of
on
containing high percentages
tin,
spot moved up to 47.50c., with May at 47.250c., and June-
99%,
was
nominally
Dom.,Refy
as
follows:
April
4th,
43.50c.;
5th,
1940
1939
1938
1937
11,875
11,911
18,039
February
14,773
10,793
9,916
18,496
March
11,760
10,025
9,529
9,547
18,432
12,131
9,266
16,259
15,565
7,883
7,203
21,821
14,352
8,527
9,404
6,020
17,774
6,154
21,962
19,971
22,473
15,914
13,013
April
May
June
July
11,225
Exp., Refy.
10.900
11.050
August
September..
("E. & M. J." QUOTATIONS)
Straits Tin
Lead
New Yort
New Yort
Zinc
St. Louis
45.500
5.00
4.85
5.75
5
10.975
11.000
45.500
5.00
4.85
5.75
Apr.
6
11.025
11.100
,45.750
5.00
4.85
5.75
Apr.
8
11.025
11.125
46.000
5.00
4.85
5.75
Apr.
9
11.150
11.375
47.250
5.00
4.85
5.75
Apr. 10
11.275
11.425
47.500
5.10
4.95
5.75
11.058
11.179
46.250
5.017
4.867
5.75
Average prices for calendar week ended April 6 are:
Domestic copper, f.o.b
refinery, 10.933c.; export copper, f.o.b. refinery, 11.063c.; Straits tin, 45.479c.;
New York lead, 6.008c.; St. Louis lead, 4.858c.; St. Louis zinc, 5.750c.; and
silver,
34.750c.
The above quotations are "M. & M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced to
the basis of cash. New York or St. Louis, as noted.
All prices are in cents per pound.
Copper, lead and zlno quotations are based on sales for both prompt and future
deliveries; tin quotations are tor prompt delivery only .
~
1936
12,648
16,409
November
16,642
16.912
7,408
12,550
12,095
14,793
10,226
11,801
12,652
13,606
21,224
14,029
15,282
17,541
16,508
12,280
16,634
7.7%
Below
St. Louis
Apr.
.
57,633
16,475
December
METALS
Electrolytic Copper
.
79,872
MADE, DAILY RATE—NET TONS
October
DAILY PRICES OF
Average
89.4
the effect
43.50c.; 6th, 43.75c.; 8th, 44.00c.; 9th, 45.25c.; 10th, 45-50c.
4
74,147
84,746
of tin and other
July at 47.125c.
Chinese
90.9
January
include alloys
stategic metals.
Straits tin
62,737
85.9
96,760
that Army and Navy Munitions Board has extended the
voluntary export
embargo
70.4
136,146
*
62.9
131,061
138,877
October
MERCHANT IRON
trade
43,417
53,976
96,096
September
capacity.
55.8
107,466
August
business in tin, and the price strengthened
appreciably early April 9.
Apr.
48,717
77,486
producers.
Nervousness about the
The
52,476
51,376
45,343
39,648
un¬
der existing abnormal conditions, the figures for March caused no concern
among
51,632
51,931
United
States
Steel
Corp. Shipments
February
Shipments of finished steel products by subsidiary com¬
panies of the United States Steel Corp. for the month of
March, 1940, totaled 931,905 net tons.
The March ship¬
ments compare with 1,009,256 net tons in the preceding
month (February), a decrease of 77,351 net tons, and with
845,108 net tons in the corresponding month in 1939 (March),
an increase of 86,797 net tons.
For the year 1940 to date,
shipments were 3,086,753 net tons compared with 2,463,401
net tons in the comparable period of 1939, and increase
of 623,352 net tons.
Volume
The Commercial & Financial Chronicle
ISO
In the table below
we
list the figures
Pig Iron
by months for various
One week ago
One month ago
1937
1938
1939
basic Iron at Valley
foundry iron at Chicago.
furnace and
(22.61
22.61
20.61
One year ago.....
1929
1932
Based on average for
April 9, 1940, (22.61 a Gross Ton
periods since January, 1929:
1940
2337
Philadelphia,
Buffalo,
Valley,
Low
High
January...
1,009,256
931,905
March
April...
May.....
June.....
July
August
September
October.......
627,047
550,551
509,811
524,994
484,611
615,521
635,645
730.312
749,328
765.868
December.....
1,443,969
Tot. by m os-
11,752,116
464,524
449,418
422,117
1,161,113
875,972
522,395
1,345,855
1,406,205
November..
1,268,403
1,252,845
1,563,113
1,485,231
1,443,477
1,405,078
1,315,353
1,225,907
570,264
870,866
747,427
845,108
771,752
795,689
607,562
745,364
885,636
1,086,683
1.145.592
February
340,610
336,726
429,965
369,882
355,575
294,764
316,417
~
648,727
299,076
539,553
250,008
1,364,801
1940
2
$22.61
1,388,407
1,605,510
1,617,302
1,701,874
1,529,241
1,480,008
1,500,281
1,262,874
1,333,385
1,110,050
931,744
1939.
22.61
Sept. 19
20.61
Sept. 12
1938
23.25
June 21
19.61
July
1937
23.25
Mar.
9
20.25
Feb. 16
1936............
19.73
Nov. 24
18.73
11,707,251
Total
7,315,506 14,097,666
18.84
Nov.
5
17.83
17.90
May
1
16.90
Jan.
27
1933
16.90
Dec.
5
13.56
Jan.
3
1932..
14.81
Jan.
5
13.56
Deo.
6
Steel
Scrap
Based
April 9. 1940, (16.04 a Gross Ton
One week ago
One month ago..
*12,827
No.
on
15.00
1937
21.92
17.75
13.42
13.00
12.25
8.50
Mar.
Dec.
Dee.
Mar.
Aug.
Jan.
1936
Moderately
1935
Gains
Volume
Off—Order
Rate
1934
1933
^
1932
The April 11 issue of the "Iron Age" reported that a
further moderate seasonal gain in domestic steel business,
The American
Export tonnage has increased within the past week
European
Mar.
war
zone
has been receiving most
Mar. 27-
been exchanging iron ore for German
the first
months of this
two
May
Sweden, which has
Norway, Sweden and Denmark
from the United States,
far, having been only
In recent years
effects
Immediate
situation
stood
mills
not
are
'
i!
^
„
v
the American steel
European crisis on
over
material that is afloat and on docks at
awaiting shipment.
In shipping circles it is believed that the
Norwegain merchant fleet will be pooled with British and French fleets
to operate
under the convoy system. '
Domestic
business
steel
has
V::',:i;v
■■■•"■
augmented
been
not
by
any
7
12.91
Nov. 10
12.67
June
10.33
9.50
Apr. 29
Sept. 25
6.75
Jan.
3
6.43
30
21
10
13
8
July
5
12
particular
June 19
April 8
on
9
an¬
54.3% Oct.
3
38.5%
10
49.7%
July 17
56.4%
July 24
60.6%
July 31
59.3%
Aug.
7—60.1%
Aug. 14
62.1%
July
July
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
62.2% Dec.
63.0% Dec.
4
58.6% Dec.
11
70.2% Dec. 25
18—.79.3%
25
83.8%
Aug. 21
Aug. 28
Sept.
Sept.
Sept.
Sept.
1940—
,
87.5% Jan.
9—88.6% Jan.
16
90.3% Jan.
23
90.2% Jan.
30
91.0% Jan.
6
92.5% Feb.
13
93.5% Feb.
20
93.9% Feb.
27
94.4% Feb.
4
92.8% Mar.
11
91.2% Mar.
18
90.0% Mar.
on
1
2
55.0% Oct.
June 26
73.7%
...
8......86.1%
15...—84.8%
22......82.2%
29...—77.3%
5...—71.7%
12...—68.8%
19......67.1%
26...—65.9%
64.6%
4..
11
18
Mar. 25
Apr.
1.
Apr.
"Steel" of Cleveland, in its summary
the better.
processing material for Scandinavian countries.
Meanwhile there is concern
Atlantic ports
new
5
hundred thou¬
clearly discernible, but until they are better under¬
not yet
are
some
of the
June
markets,
by Norway and Sweden together have ranged from several
sand tons to around a million tons.
45.4%
48.5%
52.2%
54.2%
53.1%
May 15
May 22
May 29
Norway
total imports of iron and steel
2,805 tons in January-February, this year, against 18,755 tons to
and 17,699 tons to Sweden.
1
8
June 12
the total for these three countries was 190,438 tons. Denmark's
and last year
imports from this country have been the smallest by
17
May
steel and other products.
year
54.7%
52.1%
50.9%
48.6%
47.8%
47.0%
Apr. 24
view is that Norway, which
combined took 39,259 gross tons of iron and steel
56.1%
Apr.
of its steel imports from Germany, will turn to the
A similar development may occur in
United States.
55.4%
Apr.
3
Apr. 10
and pressing problems for
created unexpected
has
55.1%
55.7%
Mar. 20
Sweden, in the
1939—
1939—
6
Mar. 13
f-'_ A'i.."
•:
\v.
American steel exporters, but the long-range
In
1Q2Q
following an advance
lower
The involvement of Denmark and Norway, and possibly
June
telegraphic reports which it had received indi¬
operating rate of steel companies having 97%
of the steel capacity of the industry will be 61.3% of capacity
for the week beginning April 8, compared with 61.7% one
week ago, 64.7% one month ago, and 52.1% one year ago.
This represents a decrease of 0.4 point, or 0.6% from the
estimate for the week ended April 1, 1940. Weekly indicated
rates of steel operations since March 6, 1939, follow:
/
The spreading of the war area may bring fresh demands to
quotations.
9
May 16
11.00
cated that
which has stimulated prompt acceptance of outstanding
the United States.
Apr.
14.08
nounced that
together with a substantial and increasing volume of export
tonnage, has created renewed confidence in the steel in¬
dustry that the bottom of the long decline has been reached.
Although no important rise in production is expected in the
near future, better feeling is derived from the fact that in¬
coming orders are in closer balance with shipments, and in
some instances are equal to 50 to 60% of capacity.
Ihe
"Iron Age" further reports:
in prices,
(16.04
Steel Institute
Iron and
steel
Low
High
(17.67
Jan.
22.50
Oct.
_
melting
heavy
2
3
Nov. 22
1940
1939
Production
1
quotations at Pittsburgh. Philadelphia,
and Chicago.
(16.08
16.71
15.17
....
One year ago
Decrease.
Steel
6
Aug. 11
May 14
1938
*
2
Jan.
1934
4,323,845 16,812,650
*5,237
Jan.
$22.61
1935
4,329,082 16,825,477
*44,865
7.286,347 14,184,772
*87,106
29,159
Yearly adjust.
and
Southern iron at Cincinnati.
8......61.3%
of the iron and steel
April 8, stated:
production are small but generally are for
Variations in steel buying and
Seasonal gains in some products
and heavier export business
arresting of previous
i'-K-:-'A''
Ingot production last week recovered one-half point to 61^ %, compared
with a one-point drop to 53 H % a year ago. Precedent would call for declining
operations the next six to eight weeks, but unusual market conditions since
are
contributing to sustained total business and to the
shrinkage in steelmaking.
v.:-'-
last fall have distorted the common
theless, buying has
in output
Steel
seasonal trend of steelmaking.
Never¬
recovered insufficiently to indicate any marked upturn
is in immediate prospect.
;
buyers who have reentered the
/
V
market after curtailment of in¬
With
*
early this year, are ordering conservatively.
of
products, in which structural steel is an outstanding exception.
Con¬
spicuous among the products in which fairly good gains have occurred is
tin plate, production of which has risen two points to 63% of capacity.
A number of pipe lines figure in a better outlook for makers of tubular
ventories accumulated
products.
for approximately 15% of
The percentage has risen
steadily since last fall but still is somewhat less than the share represented
by foreign deliveries in 1917 and 1918. The past few years exports averaged
development other than an apparent seasonal improvement in a number
Building construction activity has been a disappointment to fabricators
the
period of sharpest
concerned over prices which are the lowest
Reinforcing bar tonnage is in
depression.
fairly good volume, including an award of 10,000 tons for a dam in
but the price situation in
Railroad buying is
orders from the New York Central for 50
hopper cars, the latter to be
"J::
;
Shops.
built in the road's
V \;:V. V;
major steel consuming channels, it remains for the
extent that forecasts a rise in
the volume of assemblies.
importance in current steel improvement is a
61%, a loss of half a point
from last week, most of which is accounted for by a drop of four points to
54% at Pittsburgh, with lesser percentage declines at Cleveland and Bir¬
mingham.
However, several districts have gained slightly, including
Chicago, Youngstown, Wheeling-Weirton and Detroit.
Total production
of 14,230,373 net tons of ingots in the first three onths of this year was
exceeded in only two previous first quarters, in 1929 and 1937.
The
March total was 4,236,050 tons and the average operating rate was 63%
.//
against 69.62% in February.
Bullishness has taken the place
more
acute war situation,
A moderate
;
of uncertainty in scrap market as a result
but this has not yet been reflected in prices.
Chicago reduces the "Iron Age" scrap composite
decline at
price 4c. to S16.04.
■■-■V; \ '
.
THE "IRON AGE"
Finished
One week ago
One year ago—...
...
1939.....
........
1938
1937
1936
1935
1934
.....
1933
1932
-
■-
I
on
steel bars, beams, tank plates,
wire, rails, black pipe, sheets, and hot
rolled
strips.
These products represent
85% of the United States output.
Low
High
1940
i,..
'..i1
v
Steel
Based
..2.261c.
2.261c.
.......2.286c.
——
One month ago...
y
COMPOSITE PRICES
April 9. 1940, 2.261c. a Lb.
about 5%
,
Automobile assemblies dipped
2.261c.
2.286c.
2.512c.
.2.512c.
.2.2490.
2.062c.
2.118c.
...1.953c.
1.915c.
Jan.
2
Jan.
3
May 17
Mar. 9
Dec. 28
Oct.
1
Apr. 24
Oct.
3
Sept. 6
Y,
spotty but still heavy in many
2.261c.
2.236c.
2.211c.
2.249c.
2.016c.
2.056c.
1.945c.
1.792c.
1.870c.
Jan.
May
Oct.
Mar.
Mar.
Jan.
Jan.
May
Mar.
2
16
8
2
16
8
2
2
15
directions.
although
the
1,715 units to 101,655 last week, and
retail sales continue active, relative
bulge in operations which
sharp
shipments.
of total steel shipments.
large stocks will make unnecessary
frequently has marked spring months.
^
markets are livelier. New York Central has ordered
50 locomotives and will build 1,500 hopper cars in a subsidiary's shops.
Railroad equipment
Several thousand additional cars are
inquiries include 50,000 tons
predominate.
pending for other roads, while foreign
of rails and 15 to 20 locomotives for Brazil and
.
"v.
'
heavier.
Structural shape awards are
jobs
Inquiries are increasing but small
Among larger pending inquiries are grade crossing
Syracuse, N. Y., involving 7,000 and 6,000
eliminations at Brooklyn and
tons,
respectively.
Reinforcing bar orders include 6,000 tons for army
barracks, Panama Canal.
$3, and 15c. on rates S3 or higher.
Ingot production this week is estimated at
of the
V
?
total finished and semi-finished steel
500 box cars for Siam.
mild rush
of shipments to the Pacific Coast in anticipation of a rise in intercoastal
water rates May 1.
The advance amounts to 5c. per 100 lb. where the
rate is $1 or under; 8c. on rates over SI up to $2; 10c. on rates over $2
A factor of some
up to
products have been instrumental in driving in some
pending foreign business.
Output holds nearly 20% higher than a year ago.
'■
automobile
industry to make the best showing, although its new purchases of steel are
expected to dwindle as the end of the 1940 model season approaches.
Meanwhile, retail sales are in high gear and are absorbing field stocks to an
Of the
export prices on certain
Domestic steel consumption is
still more of a promise than an actuality, but a dull
1,500
and
locomotives
Texas,
that product has not improved.
been enlivened by
market has
Own
and higher prices improbable soon, there is little
On the other hand, recent advances in
incentive to cover future needs.
Export trade currently is estimated to account
of structural steel, who are also
since
prompt delivery available
various
steel
The navy has divided orders for 14,000 tons
products between two producers for
'
ments.
The
of
miscellaneous require¬
plate releases from container
and tin mill
manufacturers are increasing slowly,
operations have recovered four more points to
quarter shipments were up to
60%.
First
expectations, and the outlook is considered
:
favorable.
...
rapidly in March than did steelmaking.
Average daily output of the former last month was 105,502 net tons, off
7.4% from 113,943 tons in February but 22% larger than 86,465 tons a
year ago.
Total production the past three months was 10,599,499 tons, an
increase of 42.6% over the corresponding 1939 period.
Farm equipment production accounts for relatively heavy steel con¬
sumption, although in the Chicago district the industry's operations are
receding.
Farm markets for wire products are improving slowly.
Late
appearance of mild weather in many sections has caused some business in
fencing, barbed wire and galvanized sheets to be lost for this season.
Scrap prices still tend toward weakness, in view of quiet in domestic
demand and in spite of comparatively small offerings. The composite is off
eight cents to $16.09.
Four boats carrying 20,000 tons of scrap left New
York last week for London, one of the heaviest movements in several months.
Finished steel prices are subject to the irregularities common to a period
of moderate demand.
However, except for reinforcing bars, which are in a
Pig iron production declined less
occurred in quotations.
at Chicago, 2K
points to 46H at Buffalo, 3 points to 81 at Birmingham, 7H points to 53
at Cincinnati and 12 points to 51 at St. Louis.
Wheeling dropped 10 points
to 61, and Cleveland and Youngstown each was down 1 point to 68 and 42,
disorganized market, no general break has
Steelmaking gains last week
included 1 point to 57
The Commercial & Financial Chronicle
2338
Unchanged were Pittsburgh at 57eastern Pennsylvania at
respectively.
59. New England at 65 and Detroit at 79.
production for the week ended April 8 is placed
Steel ingot
62% of capacity, according to the "Wall Street Journal"
of April 11.
This compares with 61% in the previous week
and 62 lA % two weeks ago.
The "Journal" further reported:
U.
57M% in the two preceding
Steel is estimated at 58%. against
S.
weeks.
independents
Leading
credited
are
compared with
65%,
with
The following table gives a
PRODUCTION
This
OPEN
OF
was
HEARTH
AND
BESSEMER STEEL
together with the
Calculated Monthly
preceding:
Weekly
Number of
We'eks in
Net
Percent oj
Production
Month
Tons
Capacity
CNet Tons)
Calculated
Production
Period
..............
58
+1
1939
53
—3
49
82X
91X
—3H
+ X
29 X
...........
1936
..........
1935
+3
62
+ 1
42X
+1
41
49
-
20
1932
22
...
1931
50
1930
+2X
X
—IX
70
84
1927
80X
-
....
February.............
95
69
+3
+2
+3
48
....
57
21
+2
21
—1
49 X
—1
73
96
89
93
—2
X
♦83.58
1,268,555
4.43
4,236,050
63.00
1,050,073
956,219 »■
4.43
14,230,373
72.12
1,094,644
13.00
3,555,274
3,347,288
3,814,013
52.48
802,545
4.43
54.72
836,822
4.00
56.30
860,951
4.43
10,716,575
54.49
833,326
12.86
3,331,156
3,273,621
3,500,322
50.78
770,493
736,906
815,926
4.29
48.32
53.35
10,105,099
50.79
776,718
13.01
20,821.674
52.63
804,858
25.87
3,542,038
52.40
4.42
4,215,027
4,739,067
72.41
801,366
951,473
1,107,259
Third quarter.......
12,490,132
62.23
951,724
13.13
Nine months-,
33,317,806
55.80
854,303
39.00
6,041,079
6,118,131
5,784,150
89.17
4.43
85.57
1,363,675
1,420,138
1,308.631
Fourth quarter......
17,943,360
89.30
1,365,553
13.14
Total.
51,261,160
64.29
983,145
52.14
Marcn
First quarter.......
X
—IX
+3
January.
February...
._
M ar ch...............
+2
79X
X
—2
80
First quarter
—3
.
.....
.
April.......
...
May
March
Steel
June
Total
February
Below
Output
69.62
4.14
1939—
—
96
—2
—
5,019,698
4,374,625
+3
—
53
X
—
January..............
78
+ 1
96
......
1928
—1
23
—
1940—
—2
35
...»
18K
+ 1X
56
-6X
+ 1
+3
66
1933
1929.....
87X
45 X
..............
1934.......
65
X
~4X
+
1938
1937
Independents
U. S. Steel
Industry
1940
INGOT
98.67% of the open-hearth and 99.90%
comparison of the percentage of production
with the nearest corresponding week of previous years,
approximate change), in points, from the week immediately
62
1940
produced peKweek in March
nearly 10% bcloW the February
weekly average of 1,056,673 tons but exceeded by 11% the
March, 1939, average output of 860,951 tons per Week.
During March the steel industry operated at an average
of 63% of capacity, compared with 69.62% in February and
56.30% in March a year ago.
956,219 tons.
(Reported by companies which In 1938 made
63X% in the week before and 60X% two weeks ago.
13,
The average tonnage of steel
was
at
April
——
Second quarter
Production of open hearth and Bessemer steel ingots in
the first quarter of this year reached a total of 14,230,373
First six months....
net, tons, one of the three best first quarter showings on
record, according to a report released April 6 by the American
July
Iron and Steel Institute.
September
Only in 1929 and 1937 did first quarter steel output exceed
the tonnage produced in the first three months of this year.
The total for the quarter period just closed represented an
average operating rate of 72.12% of capacity and exceeded
by nearly one-third the total of 10,716,575 net tons (54.49%
of capacity) produced in the first quarter of 1939.
Because of the longer month, steel ingot output of 4,236,050 tons in March was only 3% below the February figure
of 4,374,625 tons, despite a seven-point drop in rate of
operations.
The total for March of this year was about 11 %
over March,
1939, when 3,814,013 tons of steel were pro¬
duced.
...
August....
-
October
November.
December
...
62.22
93.26
4.43
4.29
4.43
4.28
4.29
4.42
operated are calculated on weekly capacities
of 1,517,855 net tons based on annual capacities as of Dec. 31, 1939, as follows:
Open hearth and Bessemer ingots, 79,353,467 net tons, and in 1939 are calculated on
weekly capacities of 1,529,249 net tons based on annual capacities as of Dec. 31,
1938, as follows: Open hearth and Bessemer Ingots, 79,735,033 net tons.
Note—The percentages of capacity
Current Events and Discussions
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
The Week with the Federal Reserve Banks
During the week ended April 10 member bank
balances
bank
in
increased
reserves arose
Additions
$180,000,000.
IN
CENTRAL
reserve
1940
Assets—
in
Treasury
deposits
with
Federal
Reserve
banks,
and
Commercial,
decrease
reserves
of
Treasury currency, offset in part by
$12,000,000 in
of member banks
Reserve
bank credit.
a
on
pages
April 10 will be
2370 and 2371.
reserve
year
balances and related
ended April 10, 1940,
(+)
or
Decrease (—)
April 10, 1940
April 3, 1940
April 12, 1939
$
$
%
discounted..............i.,.*
—
.
U. S. Government securities, direct
and guaranteed
Industrial
1,973
531
1,670
1,693
1,386
391
389
358
112
114
19
18
15
481
541
29
30
28
69
160
162
196
64
64
119
carrying securities
118
110
14
14
13
42
44
55
364
366
381
50
"50
48
138
280
.....
.....
231
110
873
Treasury bills...
Treasury notes..,
867
754
160
160
213
2,526
2,500
2,051
713
717
663
1,234
1,320
6,254
1,241
1,050
1,221
4,533
142
136
125
1,265
6,201
352
344
331
954
913
800
175
........
176
guaranteed by the
United States Government
Other securities.
2,000.000
-
—1,000,000
—1,000,000
"
'
—97,000,000
..........
27
26
79
235
240
211
389
48
47
50
■-
Demand deposits—adjusted
:
76
■'
9,067
9,054
7,221
1,051
1,482
1,475
713
710
625
503
502
472
44
46
111
84
85
83
3,595
3,577
2,754
965
1,036
745
060
7
11
Time deposits.
United States Govt, deposits...
Inter-bank deposits:
Foreign banks.
Borrowings
•
664
543
273
276
318
17
17
16
1,495
1,494
1,483
252
251
258
.....
!
Other liabilities
2,407,000,000
28
131
388
78
Other assets—net.
Domestic banks.
—1,000,000
'
57
82
349
Balances with domestic hanks..
Capital account—
7
....
advances
(not including
$9,000,000 commitments—Apr.10)
10,000,000
..........
—4,000,000
21,000,000
—11,000,000
+18,000,000
Total Reserve bank credit.......
2,500,000,000
—12,000,000
—84,000,000
+ 53,000,000
+ 3,093,000,000
+ 2,000,000
+151,000,000
+ 3,047,000,000
Other reserve bank credit
Gold
stock.;..
18,623,000,000
Treasury currency..2,993,000,000
Member bank
reserve
balances.
....12,575,000,000
+180,000,000
Money In circulation..
7,509,000,000
—12,000,000
+ 674,000,000
Treasury cash
2,353,000,000
—19,000,000
—354,000,000
Treasury deposits with F. R. banks..
590,000,000 —102,000,000
—125,000,000
Non-member deposits and other Fed¬
eral Reserve accounts....
...
989,000,000
—4,000,000
+ 218,000,000
♦
Returns of Member Banks in New York
City and
Chicago—Broker's Loans
Federal Reserve System for the New York City member
banks and also for the
Chicago member banks for the
week, issued in advance of full
cur¬
statements of the member
banks which will not be available until the coining
Returns of .Member Banks of the Federal
System for the Preceding Week
Complete
Reserve
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of the
Federal Reserve System for that week ended with the close
of business
Below is the statement of the Board of Governors of the
rent
565
112
Liabilities—
Since
Bills bought
2,153
567
Real estate loans
follows:
Increase
Bills
2,214
489
Reserve with Fed, Res. banks..
Cash in vault.
during the week and the
were as
7,997
2,783
Obligations
Changes in member bank
items
$
$
9,025
2,976
and
....
United States bonds.......
The statement in full for the week ended
found
$
1939
9,084
2,956
Loans to banks.............
Other loans...
on
for the week.
1940
Open market paper
Excess
April 10 were estimated to be
approximately $5,950,000,000, an increase of $130,000,000
$
$
—-
Apr. 3 Apr. 12
Loans to brokers and dealers..
Other loans lor purchasing or
accounts, and increases of $53,000,000 in gold stock
and $2,000,000 in
industrial
agricultural loans
$4,000,000 in non-member deposits and other Federal Re¬
serve
$
Loans and investments—total..
Loans—total
--Chicago
Apr. 3 Apr. 12 Apr. 10
1040
1939 /
1940
Apr. 10
from decreases of $12,000,000 in money
circulation, $19,000,000 in Treasury cash, $102,000,000
CITIES
—New York City
member
to
RESERVE
(In Millions of DoUars)
Monday.
April 3:
*
The condition statement of
weekly reporting member banks in 101 lead¬
ing cities shews the following principal changes for the week ended April 3:
An increase of
a
decrease
$66,000,000
000,000 in
of
in
831,000,000 in commercial, industrial and agricultural loans,
£79,000,000 in holdings of "other securities," increases of
mervt-
balances
with
Federal
Reserve
deposits credited to domestic banks, and
000,000 in demand deposits—adjusted.
a
banks
and
$125,-
decrease of $101,-
The Commercial & Financial Chronicle
Volume 150
industrial
Commercial,
increased $14,000,000 in
and agricultural loans
$7,000,000 in the Chicago district, $6,000,000 in the San
$31,000,000 at all reporting member banks.
Loans
brokers and dealers in securities increased $14,000,000 in New York
New York City,
Francisco district, and
to
City and $16,000,000 at all reporting member banks.
Holdings of United States Treasury bills decreased $16,000,000 in the
Chicago district and $7,000,000 at all reporting member banks.
Holdings
of Treasury notes increased $36,000,000 in New York City and $19,000,000
at all
reporting member banks, and decreased $14,000,000 in the Richmond
Holdings of "other seccuritics" decreased $83,000,000 in New
district.
York City and
$79,000,000 at all reporting member banks.
decreased $75,000,000 in the New York dis¬
City, $28,000,000 in the Chicago district, $16,«
000,000 in the Kansas City district and $101,000,000 at all reporting
member banks, and increased $34,000,000 in the Philadelphia district and
$17,000,000 iu New York City.
Time deposits increased $9,000,000 in
Demand deposits—adjusted
trict
outside
member banks.
Deposits credited
foreign banks decreased $8,000,000 in New York City.
trict, and $125,000,000 at all reporting
of the principal assets and liabilities of re¬
A summary
porting member banks, together with changes for the week
and the year ended April 3, 1940, follows:
,
Increase
(4-)
■
.
Loans to brokers and dealers
4-2,000,000
4-16,000,000
for
purchasing
or
—102,000.000
;
—2,000,000
—63,000,000
a—7,000,000
4-2,000,000
4-4,000,000
—7,000,000
4*42,000,000
-28,000,000
4-30,000,000
4-196,000,000
4*19,000,000
476,000,000
loans.1,185,000,000
——174,000,000
carrying securities
Real estate
61,000,000
Other loans.............
1,661,000,000
Treasury bills.
509,000,000
Treasury notes.-..-.--..-.---*- 1,821,000,000
United States bonds
6,518,000,000
Obligations guaranteed by United
States Government.2,380,000,000
Other securities
3,438,000,000
Reserve with Fed. Res. banks—10,437,000,000
Cash inyault—452,000,000
Balances with domestic banks3,299,000,000
Loans to banks.
i
4-6,000,000
———
4-681,000,000
4-1,000,000
4-345,000,000
—79,000,000
4-148,000,000
4-66,000,000 4-2,769,000,000
-—27,000,000
4-40,000,000
4-46,000,000
4-684,000,000
—
-
\
.
--
its
Time
580,000,000
8,424,000,000
726,000,000
1,000,000
4-125,000,000 4-1,809,000,000
—9,000,000
4-101,000,000
—2,000,000
United States Government deposits
Inter-bank deposits:
Domestic banks..--
—
Foreign banks.——
Borrowings
a
——
-------
March 27 figures revised (New
York District).
belligerent when
a
resorted to illegal practices to take action
appropriate to the situation created by the illegalities of the enemy.
Such action, even though not lawful in ordinary circumstances, becomes
and is generally
violation
entitled
recognized to become lawful in view of theother belligerent's
law.
of
Allied
The
such
take
to
action
therefore
Governments
hold
themselves
they may deem proper in the present
as
circumstances.
a
note April 9, to Norway, said in part:
The Reich Government has
and France had mutually
documentary proof in its hands that England
agreed to
carry out
action through the territory
of northern states if necessary, even against their will.
The Nordic States
on
,
.
.
their part not only failed to resist earlier transgres¬
sions of England and France, but even permitted the most serious inter¬
their sovereignty without corresponding counter-measures.
ferences with
The Reichs Government must therefore
that the Royal Norwe¬
assume
gian Government will adopt that attitute also toward the action of England
and France now planned
and about to be executed.
were
But even if the Royal
willing to take counter-measures, neverthe¬
less, the Reichs Government realizes clearly that Norwegian military forces
would not suffice to oppose the English and French actions
effectively.
In this decisive phase of war for existence, forced upon the German
people by England and France, the Reichs Government
can
under
no
cir¬
cumstances tolerate that Scandinavia be converted by the western powers
a
theater of
against Germany and that the Norwegian people be
war against Germany.
war
directly or indirectly misused for
Germany is unwilling to stand by idly
take lying down such
or
a
realiza¬
tion of enemies' plans.
The Reichs Government therefore has, beginning
today, set in motion certain military operations which will lead to the
occupation of strategic points
on
Norwegian soil.
The Reichs Government thereby assumes protection of the
Norway for the duration of this
It is determined from
war,
Kingdom of
now on,
with
,
its instruments of force, to protect peace iu the north against every EnglishFrench attack and definitely to render it secure.
President Roosevelt Orders
"Freezing"' of Danish
and
Norwegian
Financial
Transactions
in
United
States—Secretary Morgenthau Acts to Carry Out
Orders—Action of Foreign Exchange Committee
—101,000,000 4-3,103,000,000
4-17,000,000
4-140,000,000
4-2,000,000
—49,000,000
deposits—adjusted—.—19,175,000,000
deposits-.-.—--——- 5,355,000,000
such observance would
enemy has systematically
LiaWUies—
Demand
of neutrality whenever
provide some advantage to herself,
International law has always recognized the right of
into
625,000,000
loans
^
4*576,000,000
4-30,000,000
in
securities
Other
Apr. 5, 1939
_
4-31,000,000
therefore, that Germany is flagrantly violating neutral
of the rules
observance
Norwegian Government
(—)
a-—14,000,000 4-1,681,000,000
a 4-46,000,000
4-485,000.000
...23,315,000,000
8,649,000,000
Commercial, industrial and agricultural loans,..i» 4,414,000,000
Open market paper..
....
337,000,000
Loans and investments—total.
Loans—total
or Decrease
Since
Mar. 27,1940
Apr. 3, 1940
]
The position is,
rights in order to damage Allied countries while insisting upon the strictest
Germany in
New York
City, $17,000,000 in the Boston district, $9,000,000 in the Richmond dis¬
Deposits credited to domestic banks increased $55,000,000 in
to
a
.
banks.
City and $17,000,000 at all reporting member
York
New
York
New
2339
statement issued
April 8, defending their action in
mining Norwegian waters|the British and French govern¬
ments, said in part:
la
President Roosevelt, in an Executive Order
April 10,
"freezing"
on
followed the action of Great Britain and France in
all gold and cash balances and foreign exchange transactions
in which the Danish and Norwegian Governments, or citi¬
of either country, have an interest.
The following day
Treasury Department put machinery into operation to
carry out the order, permitting movement of funds only if
shown to be legitimate business transactions.
The Presi¬
zens
Germany Occupies Denmark, Invades Norway—Action
Follows
Allied
Mining of Norwegian Waters-—
Sweden Maintains
Neutrality
dent's order
The
operations of the European belligerents "were extended
this week to Scandinavia and the surrounding waters, result¬
ing in
the
the most active engagements, chiefly naval and air, of
war
to date.
Activities in the north commenced April 8
with the announcement from London that the British navy
laying mines in the territorial waters of Norway, for the
blocking iron ore shipments to Germany from the
Norwegian port of Narvick. Norway protested vigorously,
but ineffectively, against this violation of her neutrality.
was
purpose or
Before
the
outside
world
had
had
an
opportunity of
interpreting the significance of this action, Germany in a
lightning stroke in the early hours of April 9, had occupied,
unresisted, the Danish peninsula, which is contiguous to
Germany, and started an invasion of Norway, using army,
navy and air forces.
The Norwegians offered resistance and
while the Germans succeeded in taking Oslo the capital, and
other cities they were repulsed at other points.
The Ameri¬
can Ambassador to Norway, Mrs. J. Borden Harriman, on
April 8 cabled a report to the State Department in Washing¬
ton that the Norwegian foreign minister had informed her
that Norway was at war with Germany.
The Germans, on
the other hand, said a state of war did not exist but that
Norway was merely making an "armed protest."
The Allies were quick to send a naval force to engage the
Germans at sea, and troops to seek to effect a landing on
Norwegian soil.
King Haakon VII of Norway and his Government fled
to the town of Hamar, near the Swedish frontier.
Sweden
declared her neutrality and her purpose to defend it if
Department issued the following
April 8::
the Department of State tonight that
and that Norway is at war
to Norway, Sweden and Denmark by the ExportImport Bank be rescinded pending the receipt of official
information on the situation in those countries, as referred to
more fully in another item in today's issue.
Issued under provisions of the Emergency Banking Act of
1933, the Executive Order freezing financial transactions of
Danes and Norwegians, was the first time since passage of
the authorizing act, that such rigid control over exchange
and related transactions had been invoked.
The text of the Executive Order follows:
EXECUTIVE ORDER
AMENDMENT OF EXECUTIVE ORDER NO. 6560, DATED JANU¬
ARY
TRANSFERS
OF CREDIT,
FOREIGN
AND THE
EXPORT
OF COIN AND CURRENCY
By virtue of the authority vested In me by Section 5(b) of the Act of
Oct. 6,1917
(40 Stat. 411),
as
amended by Section 2 of the Act of March 9,
1933 (48 Stat. 1), and by virtue of all other authority vested in me, I,
Franklin D. Roosevelt, President of the United States of America, do hereby
amend Executive Order No. 6560, dated Jan. 15, 1934, regulating trans¬
actions in foreign exchange, transfers of credit, and the export of coin and
currency
by adding the following sections after section 8 thereof:
"Section 9.
Notwithstanding any of the provisions of sections 1 to 8,
inclusive, of this Order, all of the following are prohibited, except as specifi¬
cally authorized In regulations or licenses issued by the Secretary of the
Treasury pursuant to this Order, if involving property in which Norway
or
Denmark
or
any
national thereof has at any time
on or since
April 8,
1940, had any interest of any nature whatsoever, direct or indirect:
All transfers of credit between any banking institutions within the
"A.
within the United States and any banking institution outside the United
States
(including
any
principal, agent, home office, branch, or correspond¬
States, of a banking Institution within the United
with Germany.
,V'-
States);
"B.
AU payments by any banking institution within the United States;
"0
warships coming up Oslo Fjord
All transactions in foreign exchange by any person within the United
.
States;
Norway, the American
Oslo has been authorized to take over British interests in
Norway..
"D.
The export or withdrawal from the United States, or the earmarking
of gold or silver coin or bullion or currency
by
any person
within the United
States; and
speech before Parliament April 6, Foreign Minister
said Norway was not interested in aiding
belligerent. In one part of his address he is reported to
"E.
a
Koht of Norway
"
,:v:
and cooperation, which is now being
carried
on
Independent trade
according to international
law, and which we ourselves by our own desires
have confirmed, then it
would either be harmful for them or. If we favor one side, it would be in
contradiction to the neutrality that we are obliged to maintain.
country would be immediately involved in war.
or
Any transaction for the
purpose or
Thus
which has the effect of evading
avoiding the foregoing prohibitions.
"Section 10.
"A.
<>
Additional Reports.
Reports under oath shall be filed, on such forms, at such time or
times and from time to time, any
if the Allies should demand that we halt our general
our
REGULATING TRANSACTIONS IN
1934,
15,
EXCHANGE,
In response to a request by the British Minister to
open
conference with Under-Secre¬
tions
the Foreign Minister has informed her
that the Norwegians fired on four German
any
have said:
a
ent outside the United
The American Minister to Oslo, Mrs. J. Borden Harriman, telegraphed to
In
issued after
.
The United States State
Legation at
was
tary of State Sumner Welles and Jesse H. Jones, Federal
Loan Administrator.
He also directed that credit alloca¬
United States; and all transfers of credit between any banking institution
necessary.
statement
the
by such persons,
as
provided in regulations
prescribed by the Secretary of the Treasury, with respect to all property
of any nature whatsoever
thereof is
or was
thereof has
or
of which Norway or Denmark or any national
the owner, or in which
had
and with respect
an
Norway
or
Denmark or any national
interest of any nature whatsoever,
direct or indirect,
to any acquisition, transfer, disposition, or any
dealing in such property.
other
The Commercial & Financial Chronicle
2340
"B.
The Secretary of the
Treasury
Washington advices of April 11 to the New York "Times"
require the furnishing under
may
oath of additional and supplemental information, including
the production
of any books of account, contracts, letters or other papers
with respect to
the matters
concerning which
reports are required to
be filed under this
Section,
"Section
AdditUmal
11.
Definitions.
In
addition
definitions
the
to
contained in Section 7, the following definitions are prescribed:
"A.
The terms 'Norway' and 'Denmark', respectively, mean
and the
the State
April 8, 1940, and any
Government of Norway and Denmark on
political
subdivisions,
agencies
and
including"
thereof,
instrumentalities
territories, dependencies and possessions, and all persons acting or purport¬
ing to act directly or indirectly for the benefit or on behalf of the foregoing.
The
terms
'Norway' and 'Denmark', respectively, shall also include any
and all other governments
instrumentalities thereof and persons acting or purporting to act
the extent that such governments exercise or claim
or
de facto sovereignty over the area
on
which,
April 8, 1940, constituted
on
The term 'national' of Norway or Denmark shall Include any person
who has been
or
ciled in,
subject, citizen
a
or
time since
whom there is reasonable
April 8,
or
to believe has been domi¬
cause
1940, but shall not Include
any
individual domiciled
residing in the United States
any
partnership, association, or other organization, including any
by,
or
a
or
done notwithstanding reports
from legations that all Americans
Commission and American shipping
between the Maritime
consultations
companies for their removal by way of Genoa.
The
Americans wishing to leave Norway
plans contemplate that any
Denmark, across Germany and Italy for
would go by way of Sweden and
embarkation at Genoa,
the land route
For this
are
passengers on
Sweden and Denmark would follow
———^——
the freighters
reason
Line, which
Those leaving
also, because of dangers in passage through Northern Euro¬
pean waters."
—
as
of Jan.
—__—-
Flying Fish and Mormacsea of the Scantic
in Norwegian Atlantic ports, will not be permitted to carry
their return voyages to the United States.
There were 3,371 Americans in the three
countries, according to reports
They included 1,067 in Norway, of whom 777 were in the
1.
Oslo consular district and 290 in the Bergen district;
1,752 in 8weden, of
Stockholm and 987 in the Goeteborg district, and
whom 765 were in the
!
552 in Denmark.
♦
Present Discount
Denmark
Compatible with Strength of Canadian Mone¬
tary Position, According to Study of A. E. Ames
& Co., Inc.
corpora¬
8,1940, had its principal
which on
or
or
Canadian Dollar in United States
on
Not
April 8, 1940, and shall also include
on
tion organized under the laws of, or which on April
place of business in Norway
was
resident of Norway or Denmark at any
and
been controlled
This
jn Copenhagen and Oslo apparently were safe.
It was not known whether
any Americans would care to leave, but arrangements were begun through
to exercise de jure
Denmark.
or
"B.
directly
behalf thereof) to the extent and only
indirectly for the benefit or
to
Norway
also said:
(including political subdivisions, agencies, and
or
April 13, 1940
after such date has
The present
substantial part of the stock, shares, bonds, de¬
discount
on
the Canadian dollar in the United
directly or indirectly, one or more persons, who have been, or whom there is
States is patently not compatible with the strength of the
current Canadian monetary position, but rather would seem
reasonable
to be due to the
bentures,
other securities of which has been owned
cause
to believe have been, domiciled in,
residents of
or
zens
or
Norway
Denmark at
or
or
or
controlled by,
the subjects, citi¬
time on or since April 8,
any
1940, and all persons acting or purporting to act directly or indirectly for
the benefit
"C.
or
'banking institution'
used in section 9 includes
as
any
in the business of banking,
of
transferring credits, or of purchasing or selling foreign exchange
procuring purchasers and sellers thereof,
person
or
behalf of the foregoing.
engaged primarily or incidentally
person
granting
or
or on
The term
holding credits for others
as a
direct
principal
as
be regarded
or
or
correspondent
'banking institu¬
as a separate
tion.''
Additional Regulations.
hereby modified insofar
sections
9
as
they
The regulations of Nov. 12, 1934,
Inconsistent with the provisions of
are
11, inclusive, of this Order,
to
hereby continued in full force and effect.
and except
out
the
of sections
purposes
9
11,
to
amended, and to provide in such regulations
thereto,
the
agencies
as
as
conditions
under
which
inclusive,
or
licenses
of
this
Order
as
by rulings made pursuant
may
FRANKLIN
be
granted
by such
Advices
6 p.
m.
D.
ROOSEVELT.
EST.
Washington April 11 to the New York
on the statement of Secretary of the Treas¬
Morgenthau, said in part:
ference, to expedite the movement of funds of the countries newly occupied
by Germany where it is shown that they are legitimate business transactions.
He hopes to provide machinery so that such transactions can be completed
single day.
The effect of the imposition of exchange control
Norwegian credits in this country
outward
movements
was
regarding Danish and
to place a blanket embargo on all
of such credits except as permitted
by the Treasury
for legitimate business purposes.
Thus Germany will be prevented from
receiving such funds while occupying the two Scandinavian countries.
"The rule of reason" will be applied, the
Secretary said,
whether applications for licenses are for
legitimate
in determining
of international
more so, as
any
or
weakness in the underlying Canadian
in the longer term by any pros¬
even
announced
on
April 9:
was
Never before has the Canadian
favorable and
gave
balance
promise of becoming
it does today.
The current balance of Canada's international payments
developing on a highly favorable basis since 1931,
retiring more foreign liabilities than she as¬
sumed in each year since then, according to the survey.
Not only have Canadian merchandise balances been more
than satisfactory, but dependence upon them has been re¬
duced by the important credits yielded by growing gold
exports and tourist income.
Canada
with
City of Rio de Janeiro Remits Funds for Part Payment
on
Bank of New
Exchange Committee
Bank
to
Be
Loans
to
Withheld
Norway, Sweden and
Pending Classification
of Scandinavian Status
Federal Loan Administrator Jesse Jones, following a con¬
ference with President Roosevelt on
April 10, announced that
Export-Import Bank credits for Scandinavian countries al¬
ready authorized would be withheld pending accurate knowl¬
edge of recent developments in that area.
Credits of $10,000,000 each to Norway and Denmark and $15,000,000 to
Sweden had been authorized by the Bank, as noted in the
"Chronicle" of March 9, page 1524.
United Press Wash¬
ington advices of April 9, in reporting the policy of "stop,
look and listen" in regard to such
loans, said:
Lending Administrator Jesse Jones, who announced the decision after
a
talk with the President, said this means
"holding up everything" regarding
the credits for at least a few days to
study
developments.
decision
affects
a
6% External Gold Bonds
Rio
of
$10,000,000 credit to Denmark,
$10,000,000 to
Norway, $15,000,000 to Sweden and $1,000,000 to Iceland, all granted by
Export-Import Bank.
de
Janeiro,
United States of Brazil,
Federal
District
of
the
announced April 8 that it has re¬
mitted funds to its special agents for the payment of inter¬
est on its outstanding five-year 6% external secured gold
bonds, due April 1, 1933, for the six-month period ended
April 1, 1938, at the rate of $3.90 per $1,000 bond, or 13%
of the dollar face amount of such interest.
this rate
at
bonds
to
is
being made
White,
Weld
Cash payment
presentation of the
& Co., 40 Wall Street, New York,
now
upon
to Brown Brothers Harriman &
Co., 59 Wall Street, New
York, special agents.
♦
on
Dawes Loan to be Paid by Germany
in Same Manner
announces
for the ascertained legitimate needs of customers.
Denmark
City
Department and the Federal Re¬
York, the Foreign
suspension In exchange trading In Danish and Norwegian currencies except
Export-Import
The
April 15 Coupons
After consultation with the Treasury
The
payments
has been
or
purposes.
Prior to the issuance of the President's order, R. F. Loree,
Chairman of the Foreign Exchange Committee of N. Y.,
serve
explain by any immediate or prospective
pective unfavorable capital movements.
It will be his purpose, Secretary Morgenthau explained at a press con¬
a
to
from
"Times," bearing
in
difficult
international financial position
modified are
so
the Secretary of the Treasury may designate."
The White House, April 10, 1940.
ury
Is
changes in the current balance, by
The Secretary of the Treasury is
authorized and empowered to prescribe from time to time regulations to
carry
debtor nation in
a
dollar been under par in the United States when Canada's current
"Section 12.
are
discount
The
any
incidental part of his business,
or
brokers;-and, each principal, agent, home office, branch
of any person so engaged shall
agent,
or
typical apprehensive attitude which always
a period of shock or crisis,
according to a study entitled "The Canadian Dollar and
Capital Movements" written by Courtland Elliott, Econo¬
mist of A, E. Ames & Co., Inc., New York, and published
by that firm on April 12. The study declares:
arises towards
In
an
as
Those of Oct. 16
announcement issued
April 10, the German Consulate
General in New York made known that Germany will pay
the April 15 coupons on the German external loan, 1924,
the so-called Dawes loan, in the same manner as those of
Oct. 15, the purchase price to be $25 per $35 face amount
of the coupon.
Reference to the payment of the Oct. 15
coupons on the loan was made in these cdlumns of Oct. 21,
page 2438.
The announcement of the German Consulate
General of April 10 follows:
With reference to the purchase of
coupons of
American tranche of Dawes
(German External Loan 1924) which will mature on April 15, 1940,
following is communicated herewith:
loan
the
Coupons maturing April 15, 1940, of American tranche of Dawes loan,
stamped "USA Domicile Oct. 1, 1935" will be purchased in the
ner
as
those coupons
Holders of such
to
sell
their
of the
bonds
coupons
and
same
tranche which matured
coupons
maturing April
same man¬
Oct.
15,
1939.
wiU therefore have the opportunity
15,
1940 against Dollars at Messrs.
J. P. Morgan & Co., New York City or at any of the American offices of
the German
of
Steamship Co., Hamburg-American Line,
maturity.
on or
after the date
The purchase price will be $25—per $35—face amount
of
the coupon.
Dawes marks
may
be acquired according to the regulations in effect.
the
Under Secretary of State Sumner Wells, who also
participated in the
Conference, said it dealt only with the Export-Import fiscal policies.
"The whole situation with regard to Scandinavian countries
requires that
we look a little farther before we determine
policies." Jones said.
"We
will look to the State
Department and the President in that respect.
♦
Removal of Americans from Scandinavian Area Planned
After Outbreak of Hostilities
Plans to
bring Americans home from the new combat area
were announced
April 11 by the State De¬
in Scandinavia
partment.
Authorizations for their removal were sent to
United States legations in Norway, Denmark and Sweden.
1
$382,000 of Kingdom of Belgium External 7% Bonds,
Due 1955, Drawn for Redemption
J. P. Morgan & Co. Inc. and Guaranty Trust Co. of New
York,
as sinking fund administrators, have drawn by lot
redemption at 107on June 1,1940, through the sinking
fund, $382,000 principal amount of the Kingdom of Belgium
external loan 30-year sinking fund 7% bonds, due 1955.
Of the amount drawn, $302,000 principal amount of the
bonds are held by the Belgian
Government.
Payment
of the remaining $80,000 of bonds will be made at the offices
of J. P. Morgan & Co. Inc. or the Guaranty Trust Co. of
for
New York.
Volume
Banks
Francisco
San
Closing for
Adopt Saturday
to
BERS *
this
April 3 by C. K. Mcintosh, Presi¬
dent of the San Francisco Clearing House Association.
In
on
authorized the following
At
the
remain
cisco
closed
were
permitting
banks
While
to
of
result
the
closed
on
the
several
surveys
:
failed
made
Short sales
Habernia Savings
careful
a
statute makes
Loan
it
61,055
4,255
.T^r.;^r=v
73,505
28,200
floor-Total purchases
finally determined,
Short sales
3,000
21,150
—
Other sales, b.
41,210
initiated off the floor-Total purchases
Other transactions
Society, and The San Francisco Bank,
Chapter 414, Ctatutes of California, which
1,375
16,930
Short sales
permissible for banks in this Stat^ to close on Saturdays,
Other sales.b
Total sales
for a test period of three months
feasibility of Saturday bank closing.
1940,
—
130,465
4. Total—Total purchases.
Other sales-b
New York
Week Ended March 23
Securities and Exchange Commission made public
Trading
on
New York Stock and
8,630
111,585
.......
Totalsales
.
4.14
18,305
—
Short sales
Member
3.64
24,150
Total sales
in San Francisco
in order to determine the
This period is to begin on June 1,
and to extend to and include Aug. 31, 1940.
Saturdays
9.65
77,760
—
unanimously elected to close their banking offices
have
on
&
consideration of
- - _ .
—
Other transactions initiated on the
Saturday closing is to make a test season of such closing.
Therefore the members of the San Francisco Clearing House Association
the
-
-
.
Total sales
any
adversely affected for lack of service in case banks
Saturdays, they have felt that it is not
-
Other sales, b
they have decided that the only method by which they can definitely
arrive at a
conclusion relating to the propriety or impropriety of the
and
719,065
of members:
1. Transactions of specialists In stocks in which they are
registered—Total purchases —
and
after
._rf_—-—:—
■
disclose
to
a
10,205
708,860
-
Round-lot transactions for the account
B.
which it is the duty
~
serve.
interests that would be
were
to
determine as near as may be if there would be
they could
-
Other sales.b
Saturdays should they 60 elect, the banks of San Fran¬
to take any affirmative stand in relation to the
on
banks
the
California
in
Cent
,
Short Bales
Total sales..
detriment to the business and personal interests
any
Total round-lot sales:
A.
statement:
passed
was
Per
Week
disinclined
closing until
of
law
the
time
Total for
Mcin¬
announcing the unanimous decision of the banks, Mr.
tosh
Week Ended March 23, 1940
1, according
commencing June
summer
announcement
an
(SHARES)
Francisco banks will be closed on Saturdays for
three months
to
ROUND-LOT STOCK SALES ON THE NEW YORK CURB EX¬
CHANGE AND STOCK TRANSACTIONS FOR ACCOUNT OF MEM¬
TOTAL
This Summer
Months
Three
All San
2341
TheCommercial & Financial Chronicle
ISO
..
17.43
120,215
..
Curb Exchanges During
The
(April 12) figures showing the volume of total
round-lot stock sales on the New York Stock Exchange and
the New York Curb Exchange for the account of all members
of these exchanges in the week ended March 23, continuing
a series
of current figures being published weekly by the
Commission.
Short sales are shown separately from other
C.
Odd-lot transactions for the account
with member trading during the previous week
874,175 shares, or 19.25% of total trading
of 4,486,000 shares.
On the New York Curb Exchange
member trading during the week ended March 23 amounted
to 120,215 shares, or 17.43% of the total volume on that
Exchange of 719,065 shares; during the preceding week
trading for the account of Curb members of 163,845 shares
was 18.88% of total trading of 866,685 shares.
The Commission made available the following data for the
57,195
Customers' other sales.c
Total purchases
57,245
-
33,403
Total sales
*
The
all Exchange members,
Includes
"members"
term
their firms and the
partners, including special partners.
sales in these
compares
50
Customers' short sales
yesterday
figures.
Trading on the Stock Exchange for the account of members
during the week ended March 23 (in round-lot transactions;
totaled 628,770 shares, which amount was 20.19% of total
transactions on the Exchange of 3,075,990 shares.
This
of specialists:
a
In
Shares in members'
volume,
of members' transactions is compared
transactions as per cent of twice total round-lot
calculating these percentages, the total
the Exchange for the reason that the total
of members' transactions includes both purchases and sales, while the Exchange
volume Includes only sales.
»
*
with twice the total round-lot volume on
.
b Round-lot short sales
which are exempted from restriction by
sales."
the Commission
rules are included with "other
c
Sales marked
"short exempt" are Included with "other
sales."
ended March 16 of
week ended March 23:
published are based upon weekly reports
The data
York Stock Exchange and
filed with the New
respective
the New York Curb Exchange by their
These reports are
members.
classified as follows:
New
:
;
received
transactions as specialists
Total number of reports
1. Reports showing
2. Reports showing other
Curb
Exchange '
—-——
1,064
The Securities and Exchange
April 12
101
215
Commission made public on
for the week ended April 6 of com¬
a summary
plete figures showing the volume of stock transactions for the
odd-lot account of all odd-lot dealers and specialists who
handled odd lots on the New York Stock Exchange, continu¬
series of current figures being published by the Com¬
Figures for the previous weeks ended March 23
and 30 were reported in our issue of April 6, page 2183.
The figures are based upon reports filed with the Commission
by the odd-lot dealers and specialists.
ing
a
mission.
STOCK
190
---
3. Reports showing other
Exchange
835
52
TRANSACTIONS FOR THE ODD-LOT ACCOUNT
SPECIALISTS ON NEW YORK STOCK
DEALERS AND
transactions initiated on the
floor
OF ODD-LOT
EXCHANGE
'
Week Ended April 6, 1940
;
Total
transactions initiated off the
234
showing no transactions
84
560
floor
4. Reports
New York
York
Stock
*
During
Odd-Lot Trading on New York Stock Exchange
Week Ended April 6
611
odd-lot transactions are handled solely
which they are registered and the round-lot transactions
of specialists resulting from such odd-lot transactions are not segregated from the
specialists' other round-lot trades.
On the New York Stock Exchange, on the
other hand, all but a fraction of the odd-lot transactions are effected by dealers
engaged solely in the odd-lot business.
As a result, the round-lot transactions of
specialists in stocks in which they are registered are not directly comparable on the
Note—On the New York Curb Exchange,
for Week
Odd-lot sales by dealers (customers'
purchases):
-
Number of orders
32,450
-
by specialists in the stocks in
two exchanges.
The number of reports in
the number
the various classifications may
of reports received because a
in more than one
classification.
MEMBERS*
...
32,599,030
(customers' sales):
448
34,379
Customers' other sales.a.,
34,827
Customers' total sales.
Number of shares:
12,697
899,219
Customers' short sales...
(SHARES)
Customers* other sales.a.
1940
Total for
Week
Per
911,916
Customers' totalsales.....;
Cent a
29,449,882
Dollar value-...
A, Total round-lot sales:
Short sales
..................
...
Customers' short sales
total more than
•
Week Ended March 23,
I
Dollar value..
Odd-lot purchases by dealers
Number of orders:
single report may carry entries
XCXTAX- ROUND-LOT STOCK SALES ON THE NEW YORK STOCK EX¬
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
OF
908,145
Number of shares.
.......—.........——...
Other sales.b
'
109,090
2,966,900
Round-lot sales by dealers:
Number of shares:
Total sales......;——
—
--
3,075,990
50
.Short sales
208,910
Other sales, b—
B. Round-lot transactions for account of members, except for
the odd-lot accounts of odd-lot dealers and specialists:
specialists in stocks in which they are
registered—Total purchases
«
Totalsales.
208,960
1. Transactions of
263,390
Round-lot purchases by
dealers:
218,650
Number of shares
37,990
240,530
Short sales..
Other sales-b.......
278,520
Total sales.
2. Other transactions
Short sales
initiated on the floor—Total purchases
Other sales.b.
241,580
Total sales.
Short sales
initiated off the
—
Other sales-b.
Total sales.
4. Total—Total
8.81
purchases-.
Short sales
Other eale8.b.
Total sales.
floor-Total purchases
Sales marked "short
long position
247,590
247,590
22,050
219,530
—
3, Other transactions
exempt" are reported with "other sales."
b Sales to offset customers' odd-lot orders and sales to liquidate a
which is less than a round lot are reported with "other sales."
a
Short Interest
The short interest existing as
the March 29 settlement
13,300
95,370
Increased
3.43
613.310
73,340
555,430
20.19
date,
as
of the close of business on
compiled from information
New York Stock Exchange from its mem¬
bers and member firms, was 488,815 shares compared with
485,862 shares on Feb. 29, both totals excluding short posi¬
tions carried in the odd-lot accounts of all odd-lot dealers,
the Exchange announced April 11,
As of the March 29
settlement date, the total short interest in all odd-lot dealers*
accounts was 53,062 shares, compared with 52,863 shares on
Feb. 29.
The report further stated:
obtained by the
613.310
628,770
New York Stock Exchange
in March
102,330
102,330
108,670
on
7.95
The Commercial & Financial Chronicle
2342
Of the 1,236 individual stock issues listed
there
32
were
existed,
or
occurred
issues in
in which
a
which
on
the Exchange on
short interest of
a
during the month.
than 6,000 shares
more
change in the short position of
than 2,000 shares
more
The number of issues in which
was
reported
was
In
of March 29, exclusive of odd-lot
prescribe the terms of the Treasury bills and govern the conditions of their
short position,
dealers'
Tenders of $263,933,000
Received to Offering of $100,91-Day
Treasury
Bills—$100,685,000
Accepted at Prices Slightly Below Par
000,000
following tabulation is shown the short interest
existing at the close of the last business day for each month
since Jan. 31, 1938:
1938—
Feb
1938—
81..
28
Apr. 29
1,384,113
Jan.
May 31
1,343.573
Feb. 28
June 30
1939—
•
Dec. 30
Mar. 31
1,222,005
1,141,482
1,097,858
Nov. 29
687,314
500.961
.
1939—
31
Aug. 31
8ept,29.™-„
Oct.
435,273
570,516_.
31
523.226
447,543 Nov. 30
536,377 Dec. 29
529.559
194©—
*662,313 Jan. 31
-
479,344
-
381.689
1,050,164
Mar. 31
29
833,663
Apr. 28
Aug. 31
729,480
May 31...
667,804
Feb.
29
485.862
Sept. 30
588.345
June 30
651.906
Mar. 29
488,815
Oct.
669,530
July
July
•
28
31
454,922
481.599
Revised.
^
of
Secretary of the Treasury Morgenthau announced on
April 8 that the tenders to the offering last week of $100,000,000 or thereabouts of 91-day Treasury bills totaled
$263,933,000, of which $100,685,000 was accepted at prices
fractionally under par.
The Treasury bills are dated April 10 and will mature on
July 10, 1940.
Reference to the offering appeared in our
issue of April 6, page 2187.
The following regarding the accepted bids of the
offering
is from Secretary Morgenthau's announcement of
April 8:
Total applied for, $263,933,000.
President
Martin
of
Governor Lehman
Tax
Odd
on
York
New
Lot Sales
William Martin Jr., President of the New York Stock
Exchange, told Governor Lehman on April 10 that executive
approval of a bill to eliminate double taxation on odd-lot
transfers of stock would "substantially" improve New York's
security business.
Mr. Martin, in a brief conference with
the Governor, said the measure would lead to
recovery of a
"considerable part" of such business lost by the State since
1933.
In reporting this Albany Associated Press advices of
April 10 said:
He said its return, for which stock firms are planning a
campaign would
offset much of the $1,400,000 which the State would lose by partial elimina¬
tion of the present levy.
The bill
passed by the Legislature
was
leaders who sought
stock
a
as
a
compromise with financial
broad reduction of the emergency taxation
trading, claiming present
"burdensome" rates
on
general
driving small
were
securities business from the State.
Mr.
Martin
was
accompanied by Howard
special tax committee.
They told
Illinois, which levies
gone to
news men
no tax on stock
transfers, and
Massachusetts where the impost is "very
to
Neither
the
Governor
Mr.
nor
Martin
Froelick, of the Exchange's
the bulk of business lost has
a
smaller portion
light."
would
comment
probable
on
executive action.
Total accepted, $100,685,000
The accepted bids were tendered at prices of par and 99-999, the
average
Stock
Exchange Urges
Approve Bill Ending Double
to
price
being fractionally under par.
Of the amount tendered at 99.999,
11 % was accepted.
*9
was
Section 21
as
of March 31, 1940
of the Second Liberty Bond Act, as amended, provides that
the face amount of bonds, certificates of
indebtedness,
Treasury bills and
Treasury notes issued under authority of that Act "shall not exceed in
Governor Lehman Signs Bill
Permitting Banks to Close
Saturdays from June 30 to Labor Day
Governor Lehman has signed the bill permitting all state
banks and trust companies to close on
Saturdays from June
30 to Labor Day, it is learned from United Press
Albany
advices on April 11.
Under existing Jaw banks are permitted
to close on Saturdays only
during July and August.
A
provision of the new bill is the inclusion of private banks and
safe deposit companies in the scope of the measure.
the aggregate
$45,000,000,000 outstanding at
The following
table shows the face
and the face amount which
can
any one
amount
Offering of $100,000,000, or Thereabouts, of 91-Day
Treasury Bills—To Be Dated April 17, 1940
Secretary of the Treasury Morgenthau announced April
Washington.
The
Treasury bills will be dated April 17, 1940, and will mature
July 17, 1940, and on the maturity date the face amount
of the bills will be
payable without interest.
There is a
maturity of a similar issue of Treasury bills on April 17, in
on
$100,240,000.
In his announcement of the offer¬
ing Secretary Morgenthau also said:
as of March 31, 1940:
Interest-bearing—Bonds—
Treasury.
$26,907,804,900
Savings (maturity value)
*3,503,306,925
Adjusted Service
768,145,175
$31,179,257,000
Treasury notes
$8,461,643,800
Certificates of indebtedness
1,634,300,000
Treasury bills (maturity value)
1,308,557,000
.
....
11,404,500,800
$42,583,757,800
Face amount of matured obligations
on which interest has ceased:
Bonds
tender
for
an
amount
less
than
multiples of $1,000.
$1,000
will
Certificates of indebtedness
Treasury
149,000,800
42,732,758,600
Face
»
,
Each
places,
e. g.,
value.
face
amount
authority
(above)....
of
Second
public debt obligations Issued
Liberty Bond Act, as amended
$42,732,758,600
on Savings Bonds (difference between
redemption value and maturity value)
—
Add—Other
31, 1940
outstanding
of the
796,725,173
$41,936,033,427
public
debt
obligations
outstanding
but not subject
to the statutory debt limitation:
Interest-bearing (pre-war, &c.)
Matured, on which interest has
Bearing
no
ceased
$196,281,260
15,780,015
interest
391,918,531
603,979,806
a
Total gross public debt outstanding as of March
31,1940..
deposit
The
Treasury's report
as
of Feb. 29
was
$42,540,013,233
given in these
columns of March 9, page 1522.
trust company.
or
Immediately after the closing hour for receipt of tenders
on
April
15,
1940, all tenders received
Secretary Morgenthau Says Treasury Is Studying
at the Federal Reserve banks or
branches thereof
the closing hour will be opened and
public announcement of the ac¬
ceptable prices will follow
following morning.
right to reject
amount
be issued under above
$2,267,241,400
under
99.125.
accepted without cash deposit from incorporated banks
accompanied by
up to
may
Reconcilement with Preliminary Statement
of the Public Debt, March
Total
The price offered must be expressed
amount of Treasury bilis
applied for, unless the tenders
accompanied by an express guaranty of payment
by an incorporated
bank
obligations which
Principal amount (current redemption value)
outstanding, according to preliminary public debt statement, $2,706,581,752.
10% of the face
are
of
Approximate maturity
or
and trust companies and from
responsible and recognized dealers in invest¬
ment securities.
Tenders from others must be
of
amount
authority..
*
Fractions must not be used.
Tenders will be
bills
$1,000,000
be considered.
the basis of 100, with not more than three
decimal
on
$18,727,200
48,017,400
3,985,200
78,271,000
Notes.........
current
amounts
$45,000,000,000
Outstanding
Deduct—Unearned discount
They (the bills) will be issued in bearer form only and in
denominations of $1,000, $10,000, $100,000,
$500,000 and
(maturity value).
No
time."
obligations outstanding
Total face amount of bonds, notes, certificates of indebtedness and
Treasury bills which may be outstanding at any one time
that tenders are invited to a new
offering of 91-day
Treasury bills to the amount of $100,000,000, or thereabouts,
to be sold on a discount basis to the
highest bidders.
Ten¬
ders will be received at the Federal Reserve banks and the
branches thereof up to 2 p. m.
(EST) April 8, but will not
be received at the
Treasury Department,
of
still be issued under this limitation:
New
tender must be in
Debt
The Treasury Department on April 6 issued a report show¬
ing that the face amount of public debt obligations issued
under the Second Liberty Bond Act, as amended, outstand¬
ing on March 31, 1940, totaled $42,732,758,600, thus leaving
the face amount of obligations which
may be issued subject to
the $45,000,000,000 statutory debt limitation at
$2,267,241,400.
In another table in the report the
Treasury indicates
that of the total face amount of outstanding public debt
obligations ($42,732,758,600) should be deducted $796,725,173—the unearned discount on savings
bonds—reducing
the total to $41,936,033,427, and to this
figure should be
added $603,979,806, the other public debt
obligations out¬
standing, which, however, are not subject to the debt limita¬
tion.
Thus the total gross public debt outstanding on
March 31 is shown as $42,540,013,233.
The following is the Treasury's report, issued April 6:
referred to in
issue of Mar. 30, page 2021.
amount of
to
Limitation of $45,000,000,000
Statutory Debt Limitation
12
'
-
Passage of the bill by the State Senate
on
'
,
Treasury Explains Outstanding Debt Subject
"
our
1940
and this notice
issue.
the
Jan.
13,
amended,
as
short interest
a
437 compared with 441 on Feb. 29.
as
April
Treasury Department Circular No. 418,
March 29,
as
soon
as
possible thereafter, probably
The Secretary of the Treasury expressly
any or all tenders
or
on
the
reserves
the
parts of
applied for, and his action in
submitting tenders will be advised
any
tenders, and to allot less than the
such respect shall be final.
Those
of the acceptance or
rejection thereof.
Payment at the price offered for Treasury bills allotted must
be made at the
Federal
Reserve
banks
in
cash
or
other
immediately available funds
on
April 17, 1940.
except
estate
and
inheritance
taxes.
(Attention is
Treasury Decision 4550, ruling that Treasury bills
gift tax.)
No loss from the sale
shall be allowed
as
of any
or
tax now
conference on April 6, Secretary of the Treasury
Henry Morgenthau Jr. said that the Treasury is studying
the effects of the dual rate for the
pound sterling and denied
that exporters and importers have lodged
complaints over
the two rates,
according to Washington advices of April 6
to
a
or
are not
invited
to
exempt from the
other
disposition of the Treasury bills
a deduction, or otherwise
recognized, for the pin-poses
hereafter imposed by the United
States or any of its
possessions.
'
.
press
the New York "Herald Tribune" which went
"All I
The Treasury bills will be
exempt as to principal and interest and
any
gain from the sale or other disposition thereof will also be
exempt, from all
taxation
Effects of Dual Rate for Sterling
At
and
can
say," Mr. Morgenthau declared, "is the
on
to say:
matter of the official
unofficial rates
studies
are
are under study by the
Treasury."
However, these
being made strictly in connection with customs and that the
Treasury is seeking to determine its legal responsibilities in connection with
merchandise coming from the United
Kingdom.
The New York Federal Reserve Bank
recently began quoting two rates
for the pound sterling—the free or unofficial rate and
the official rate which
ranges
$3.55,
from $4.02M
or
to
$4.03Today's free
rate was
47 cents below the low point of the official rate.
quoted
at
about
Volume
"I
have
The Commercial & Financial Chronicle
ISO
made
a
survey
whether they had any
far
and exporters
importers
among
determine
to
complaints about the two rates," he declared.
"So
from
The
Secretary
the tripartite
that under
reminded
was
Mr.
of
agreement,
which England is a signatory, it had been agreed that no members of the
would
group
asked whether the drop in
constitute
competitive currency devaluation.
participate in
He was
the unofficial rate for the pound sterling may
violation of that agreement.
a
"The English," he
declared, "have not willfully depreciated the pound.
Therefore, they have not violated the spirit of the tripartite agreement."
The
views
subject
of
reported in
were
Cordell Hull on this
issue of April 6, page 2192.
our
Roosevelt
tends
"Combat
Re-defines
Definition
Areas"—Ex¬
Waters Around Scandinavia,
to
Finland and Northern
Russia—American
Citizens
and Vessels Forbidden to Enter Such Areas
With
Permission—President
Specific
With
Confers
Except
potentialities of the war in relation to the United States than they had
the
been doing during the last
It
was
Nov. 4, 1939 to the waters of Scandinavia and Finland and
a
small section of the Russian coast around Murmansk.
It is therefore unlawful for any
citizen of the United States
of any American vessel to proceed, except under certain
drastic regulations, into this zone.
The President's action
taken
was
cambat.
the
after
German
of
invasion
Denmark
and
Reference to the original proclamation defining
Norway.
contained in the "Chronicle" of Nov. 11,
was
areas
The text of the proclamation of April 10
1939, page 3053.
given below:
is
not
Nov. 4,
the
States
so
requires,
he shall,
proclamation,
by
It
seemed to think the situation might be
threshed out during the night.
by Mr. Roosevelt concerned extension
The second question brought up
which apparently would call for a supplementary pro
September,
provisions of that document.
clamation extending the
Asked
extended north of the line drawn
concerning
Greenland in the
fate of Iceland and
the
situation, Mr. Roosevelt said that nothing could be determined
In
actual state of affairs was known.
was
event, he pointed out, Iceland
any
with the oldest parliament in the world,
republic,
independent
an
diplomatic emissaries.
This led to
question
a
The President answered only with his comment that the
than it had been.
American
people
would consider the potentialities of the
probably
now
than they had in the past, and that it
it concerned this Nation more
would be
good thing.
a
Hull,
his
at
^
<'
dictated the following
conference,
press
noon
statement:
"I think we are all aware by this
of the military
time of the extension to another area
activities that have been going on in Europe since September.
velopments and as nearly
regulations as may be prescribed, for any citizen of the United
or any
aircraft,
or
"(B) In
any
American vessel to proceed into or through
any
such combat
be made to apply to surface vessels
both.
or
American vessel, or any owner or officer thereof, such vessel, owner
$50,000
imprisoned for not more than five years, or both.
or
owner
of such
officer
or
director
hereinabove
be a
vessel
than $10,000 or
organization,
association, each
or
participating in the violation shail be liable to the penalty
In case of the violation of this section by
prescribed.
citizen traveling
corporation,
Should the
as
passenger,
a
such passenger
imprisoned for not
may
than two
more
any
exercised since
has
"I would not undertake now to
combat
declaring certain additional or new areas in a state of war.
have ceased to exist; he shall revoke such
of this section shall
mitted
both.
years, or
these
to
phases
two
situation."
■■
from time to time, promulgate such rules and regula¬
tions, not inconsistent with laws, as may be necessary and proper to carry
of the provisions of this joint resolution; and he may exercise any
authority conferred on him by this joint resolution through such
officers,
or
And
whereas
with the
Now,
Nov.
as
I issued
1939,
4,
he shall direct."
a
therefore,
D.
Franklin
I,
Roosevelt,
President
of
the
it shall
be
prescribed,
whether
for
any
or
an
or
any
Beginning
at
the
a
American vessel,
as
follows:
a
of the
north
coast
of
Spain
fine
a
all
seven
be of
and
Thence by a rhumb line to a
by the
record achieved
with
you on
April 5
greetings.
I am deeply
tell the story of OOC.
It
of 2,400,000 young men have been enrolled
warmest
all
ia
the
excess
fact
that,
personal
the advantages of security,
while enjoying
minor
trees; have constructed more than 100,000 miles of
roads; have built 75,000 miles of telephone lines and
than
5,000,000
man-days
fighting forest
and
spent
fires.
Nation
as a
whole, which is made
stronger by its activities.
hope through long years to come the CCC will be the happy
service to American youth and to the American Nation.
dual
of
than
trails
things speak eloquently of the value of CCC to every com¬
medium
,
Very sincerely yours,
;
Thence due north to 58 degrees North
the splendid
years.
all who celebrate the anniversary
munity in which it operates and to the
I
20
Mr. Roose¬
1,760,000,000
better
rhumb line to a point in 45 degrees North Latitude,
com¬
discipline and a well-ordered life, these youngsters have planted more
point in 43 degrees 54 minutes North Latitude;
degrees West Longitude;
should
to
thing that in
of
All these fine
the
radio address
a
4,000 separate camps.
some
Best
more
with
during
impressed by figures I have been shown which
and
45 minutes longitude west of Greenwich;
Thence due north to
by
be
may
we
its first
felicitations
hearty
my
within the limits set forth hereafter.
intersection
meridian of 2 degrees
as
"will
McEntee:
proud
during
Please extend
area
aircraft, to proceed.
hereby define the extended combat area
the navigable waters
Thence
rules and regulations
citizen of the United States
surface vessel
a
And I do
All
except under such
unlawful,
Its
on
xipril 7 expressed the hope that
011
McEntee
J.
James
Mr.
dear
How
United
into which extended combat
Roosevelt
quently" of its value to the Nation as a whole.
March 28, was as follows:
in
or
CCC
of
Anniversary
velt's letter, dated
is
1939, through
4,
Record
Praises
medium of dual service to American youth
the American Nation."
In a letter read by CCC
to
CCC
acting under and by virtue of the authority conferred
of Nov.
military
of this new
"
memorating the seventh anniversary of the CCC, the Presi¬
dent said that the record made by the CCC "speaks elo¬
1939, do hereby find that the protection of citizens of the United States
clamation
aspects
happy
Director
requires that there be an extension of the combat area defined in my pro¬
,
the
My
area.
by Section 3 of the joint resolution of Congress approved Nov. 4,
me
other
Civilian Conservation Corps in the years to come
be
proclamation in accordance
provisions of law quoted above defining a combat
States of America,
on
agencies,
or agency or
on
all
•
Roosevelt
President
the
and
tion that:
officer
as
'
Seventh
such proclamation shall
proclamation and the provisions
prior to such revocation."
power or
■
con¬
And whereas it is further provided by Section 13 of the said joint resolu¬
out any
well
as
'
President
when the
thereupon cease to apply, except as to offenses com¬
"The President may,
We are as¬
pertaining
sembling as rapidly as possible all of the facts and circumstances
be fined not more
under the authority of this section, and
ditions which shall have caused him to issue any
extension of the
law, or proclamations
other provisions of our neutrality
or
area
European military situation.
speak conclusively about the extent and
steps that may be called for relating to the
nature of any
"(C) The President may from time to time modify or extend any pro¬
clamation issued
possible ascertaining their nature and sig¬
and accuracy
as
September in applying our neutrality and combat
law and other pertinent policies to the
area
officer thereof, such vessel, owner or officer shall be fined not more than
or
it
.
all of the new de¬
It is likewise proceeding with the same diligence
nificance.
of the violation of any of the provisions of this section by
case
of the
to whether or not he believed the events
as
four hours had brought the war any closer to the United States
last twenty
This Government is observing very closely and diligently
The combat areas so defined may
present
until the
despite the fact that it had the same king as Denmark and used the same
define combat areas, and thereafter it shall be unlawful, except under such
States
As far as
proclamation for closed waters to American bottoms.
could be told, he said, the zone of warfare
last
impossible at the moment,
was
determine the legal status of the situation abroad, although he
he said, to
rules and
area.
The first,
apparently has been no fighting as yet,
of Denmark, where there
case
and of like action in the case of Norway.
Secretary
United
of the
citizens
Government, he said.
questions actually faced the
explained, was the question of establishing the Nation's neutrality ih
he
authority of Section 1 (A), and he shall thereafter find that the protection
of
Speculation on the potentialities of the current situa¬
tion, he said, would be a good thing for the people.
1939, provides as follows:
,"(A) Whenever the President shall have issued a proclamation under the
At the same time he warned
into that statement than what it
read more
and
try
to
actually contained.
war as
Whereas Section 3 of the joint resolution of Congress approved
six months.
good thing for American citizens to think about the matter
a
taking things for granted, he said.
reporters
of the
President Roosevelt, in a proclamation issued on April 10,
extended the "combat area" defined in his proclamation of
Europe other that what concerned this
He did say, however, that the events of the last two days
undoubtedly would cause a great many Americans to think more about
Roosevelt
Secretary Hull
train trip to Washington, had no comment to
the new turn of events in
on
Government.
Three
President
Tribune":
Roosevelt, on his
and stop
of State
Secretary
make
2343
Washington dispatch of April 9 to the New York
"Herald
complaints have reached me."
no
a
Latitude;
FRANKLIN
point in 76 degrees 30 minutes North Lati¬
D.
ROOSEVELT.
♦
tude, 16 degrees 35 minutes East Longitude;
Thence
by
a
rhumb line to a point in
70 degrees North Latitude, 44
degrees East Longitude;
Thence
south
due
Republics;
to
the
mainland
of
the
Union
of
Soviet
Socialist
'V
.
Thence along the coastline of the
Finland, Norway,
Sweden, the Baltic Sea and dependent waters thereof,
point of beginning.
do
hereby enjoin upon all officers of the United States, charged
with the execution of the laws thereof, the utmost diligence in preventing
Urging Congress to make a further appropriation for the
Antarctic expedition,
President Roosevelt
announced at his press conference on April 5 that Rear
Admiral Richard E. Byrd, head of the expedition, had re¬
ported that the first year's mission had been carried out
satisfactorily.
Washington Associated Press advices of
April 5 further reported:
violations of the said joint resolution and in bringing to trial and punish
ment any
offenders against the same.
And I do
any
power
Congress
the
cluded
authority conferred on me by the said joint resolution as
The
by this my proclamation issued thereunder, which is not
orglnaily
appropriated
$350,000
for
the expedition.
When
budget for the fiscal year beginning next July 1 was presented it in¬
hereby delegate to the Secretary of State the power to exercise
or
made effective
More Funds
Government's
Union of Soviet Socialist Republics,
Germany, Denmark, The Netherlands, Belgium, France and Spain to the
And I
President Roosevelt Urges Congress to Vote
for Antarctic Expedition'
a
request for an
House
propriation,
additional $250,000.
Appropriations
its
members
Committee voted against any further ap¬
asserting
that
they
had understood that the
A Senate committee
specifically delegated by executive order to some other officers or agency
$350,000 was all that would be asked of Congress.
of this Government, and
now
tions
out
not
any
In
the power to promulgate such rules and regula¬
inconsistent with
law
as
may
be necessary and
proper
whereof,
Admiral Byrd, aboard
to carry
of its provisions.
witness
is considering restoration
Arenas, Chile, to Boston.
I have hereunto set my hand and caused the seal
of the United States of America to be affixed.
FRANKLIN
'
Mr.
ROOSEVELT."
ago
the flagship Bear, is now on his way from Punta
'
,
Roosevelt did not detail the expedition's accomplishments since the
party of 120 adventurers
D.
of the item.
first reached the Antarctic continent three months
in two ships, but officials said they included:
Charting of 1,000 miles of hitherto unknown coastline; taking numerous
The Presideut returned
to
Washington from Hyde Park
and conferred for more than two hours on April 9 with
Secretary of State Hull concerning which, we quote in part
ocean
soundings; establishment of two winter
aerial
mapping of
a
party from
a
bases without mishap and
200-mile section of the Queen Maude Mountains by
the, west base, near Little America.
The Commercial & Financial Chronicle
2344
At this base thirty-three men were left to live in darkness until the Ant¬
arctic spring arrives next
at the east
September, and twenty-six men were established
base, about 1,200 miles distant.
expedition's projected explorations are expected to require from
The
three to six years, but future plans were
left uncertain by the House denial
Original plans called for the return of the Bear and
of additional funds.
Star to the Antarctic late this year.
the supply ship North
Court
Roosevelt
President
Opposes Bill Permitting
Rulings of Federal Agencies
of
Reviews
The
third
April 13, 1940
mandatory deportation would be re¬
quired, if this bill were approved, comprises those who at any time, either
before or after the passage of the Act, have been lawfully committed to a
public or private institution as habitual users of narcotic drugs.
While
severe treatment should
properly be meted out to purveyors of narcotics,
enlightened consideration of the entire subject inescapably leatfe to the
conclusion that this principle does not necessarily apply to the unfortunate
addicts of drugs, who do not participate in peddling them to others.
Ad¬
diction to narcotics is to be regarded as a lamentable disease, rather than
a
crime.
It
does
of aliens whose
group
as
not
April 5 President Roosevelt said that if Congress
legislates to codify procedure of quasi-judicial administra¬
tive agencies, it should be careful to guard against the pos¬
sibility of protracted delays in business of the agencies, ac¬
cording to United Press Washington advices of April 5,
which went
who
may
that
clear
seem
be singled out
why
who
aliens
acquire this
weakness should
the
On
on
to say:
semi-weekly press conference when
He discussed the problem during his
his opinion
asked
of the Walter-Logan codification bill, pending on the
Senate calendar after having once been
passed by unanimous consent and
Roosevelt emphasized that he had not
Mr.
for deportation.
enhanced-by-making
The rigor and harshness of the proposal
distinction
no^
between jliena who .acquire _±he
habit after their arrival in this country and those who had it previously ;
between aliens who
institution
been
those
and
treated
are
who
be committed to
habit
at
read the bill and
was not
provisions, but he said that in principle he felt it
institutions
applied to agencies such as the Interstate Commerce Com¬
ordinary administrative matters.
Such application,
he said,
might enable the litigant with the most money to slow up Government
procedure to
Approval of the bill by the House Rules Committee was
our issue of Feb. 10, page 919.
y
mentioned in
hereafter.
President Roosevelt
President Roosevelt
^
Approves Navy Merger Plan
April 4 approved a plan for the
merger of two important bureaus of the Navy and the
establishment of a new office of Under Secretary of the
In
the
Committee, announced, following
White House
United Press advices from Washington on April
conference.
4 went
The
on
a
to say:
reorganization
my
The Senate
House
sponsored
by
The two planned to draft a bill embodying
phe changes which include
creation of the post of Under Secretary of Navy and the delegation to an
of specific
new
authority to co-ordinate
industrial
shore
bureau of ships.
Both Vinson and Darden stressed that Mr.
all details of the merger proposal,
Roosevelt did not indorse
but merely the general outlines.
The plan calls for consolidation of the Bureau of Engineering and the
Bureau of Construction and Repair into a bureau of ships which would
be headed
by an admiral specially selected for the task, thus relieving
Admiral Harold R. Stark, Chief of
Naval Operations, of much responsi¬
bility in the industrial phases of the shipbuilding program.
Stark recently
opposed the projected changes
at a
■
•'
>
•
House committee
hearing on grounds that the naval shore establishments are functioning
satisfactorily.
Similar opposition
high command, although
one
was
voiced by other members of the naval
or two
witnesses testified in favor of the
consolidation.
President Roosevelt Vetoes Bill
of Alien Spies,
cotics Laws
Requiring Deportation
Saboteurs, and Violators of Nar*
President Roosevelt
on
April 8 vetoed
a
bill requiring the
mandatory deportation of aliens engaging in espionage or
sabotage, alien criminals, and those convicted of violation
of the narcotics laws.
The President said he was in accord
with the first two provisions of the bill, which provided for
the deportation of those who have been convicted of espion¬
sabotage,
those convicted of violating any Federal
but was opposed to the third pro¬
vision, relating to those who have been lawfully committed
to a public or private institution as habitual users of nar¬
age or
or
State narcotic law,
or
cotic drugs.
The text of President Roosevelt's veto message,
according to the Associated Press, was as follows:
To
the House of Representatives;
I am
provide
returning^herewith, without
for
the
President Roosevelt
a
bill
April 12 approved and sent to the White
on
providing for reapportionment of the 435 House
on
The
measure
exclude
aliens
passed by the House yesterday after a provision to
was
in
determining the
new
apportionment
previously had passed similar legislation.
ihinor House amendments without dissent.
The
legislation provides for
an
eliminated.
was
Today it approved
.-V
•
automatic reapportionment
on
the basis
of the 1940 population in the various States.
Population shifts since the 1930
representatives and
some to
census
will
cause some
States to lose
gain.
The reapportionment Will take place after the 1940 census,
way,
now
under
is completed.
and Final Reorganization Plan Sent to Con¬
gress—Places Aeronautics Authority in Commerce
of Navy
Secretary
of the House Naval Affairs Committee, and Chairman Colgate "W.
activities under the
ROOSEVELT.
Fourth
first
proposal,
Darden Jr. (Dem., Va.) of a subcommittee on naval reorganization.
secretary
those
improbable
the basis of the 1940 census, said Association Press
advices from Washington on April, which added:
Department
struction, was submitted to the President by Chairman Carl Vinson (Dcm.,
assistant
not
hardship not commensurate with the benefits
legislation by the community.
I am constrained to return this
approval.
Reapportionment Bill Sent to
Charles Edison following congressional criticism of faulty destroyer con¬
Ga.)
and
past
It is
light of these considerations,
bill without
on
Rep. Carl Vinson, Chairman of the House Naval
Affairs
the
after treatment, may result in
The Senate
Navy.
in
mandatory character of this legislation, coupled with its retro¬
active features, as well as lack of consideration for persons who are cured
seats
unreasonable degree.
an
an
between those who have
their attorneys
mission, the effect would be to enable one side or the other to slow up pro¬
on
result of treatment in
FRANKLIN D.
He said that if strict rules which apply to litigants and
cedure
or
time
some
might be wise not to apply judicial rules to the agencies.
in courts were
a
as
incurable;
prove
institutions
such
in
cured of the
to be derived from this
then having been recalled.
familiar with its specific
is
prompt
my
deportation of
approval,
aliens
a
bill (H. R. 6724) "to
engaging
in
espionage
or
sabotage, alien criminals and other undesirable aliens."
This bill provides for the deportation of three classes of
aliens, irrespec¬
tive of whether they entered the United States before or after
passage
of the Act.
I
With
a
message
to Congress April 11, President Roosevelt
submitted to that body his fourth and final plan of reorgani¬
zation under the Reorganization Act of 1939.
In addition
to outlining the changes he proposes to* make in different
governmental departments and agencies, his message con¬
a recommendation that the
Reorganization Act be
reenacted without the exemptions included in the present
act.
The law, as it now stands, entirely
exempts some 21
administrative agencies from consideration and, in addition,
expires on Jan. 20, 1941.
The new plan is calculated to save $300,000 annually.
It contemplates, among other things, transfer of the func¬
tions of the Air Safety Board to the Civil Aeronautics
Authority, which is to change its name to the Civil Aero¬
nautics Board. The agency, which has been independent, is
put under the supervision of the Department of Commerce.
This provision aroused Senator Pat McCarran to say he
would fight the plan on the ground it would destroy the
CAA's effectiveness.
Sen. McCarran, who was co-author
of the Act which created the CAA, offered legislation to
reject not only plan IV but also plan III, sent to Congress
last week.
(See issue of April 6, p. 2187.)President
Roosevelt told his press conference on April 12 that the prin¬
cipal advantage involved in the new CAA setup was that it
would save much time and a few jobs.
Instead of having
to talk to many agencies, he said he would merely have to
discuss aeronautical questions with a few.
Other provisions of the plan include, transferring the
Weather Bureau from the Department of Agriculture to the
Department of Commerce; shifting the Food and Drug
Administration from the Department of Agriculture to the
Federal Security Administration, except for two activities
considered closely related to agriculture—involving insecti¬
cides and naval stores; transferring to the Department of
the Interior from the Department of Agriculture those ac¬
tivities of the Soil Conservation Service relating to soil and
moisture conservation on lands already under the jurisdiction
of the Department of the Interior.
Following is the complete text of the President's-message:
tained
In the first group are aliens who
have, been convicted or have voluntarily
admitted in writing that they have engaged in
espionage or sabotage affect¬
ing the national defense or the foreign relations of the United States
organization of the Executive establishment and to submit plans for such
since
transfers,
|
I
entering into the United States.
am
in full accord with the view that the
Government should be
em¬
To the
Congress of the United States:
One year
ago
the Congress directed the President to investigate the
consolidations, and abolitions of agencies
as were
the over-all management of the Executive Branch.
Federal Bureau of
Reorganization Plan No. II which effected
Investigation of the Department of Justice to coordinate
Shortly thereafter I submitted Reorganization Plan No. I which improved
a
and take
agencies and activities among departments.
ago
fying.
charge of the investigation of offenses of this character, in con¬
junction with the military and naval intelligence services.
A few days
I approved a bill that substantially increased the maximum penalties
that may be imposed on persons convicted of such crimes.
Ample authority
is found in the existing law for the deportation of aliens
guilty of such
activities, for the Secretary of Labor is already authorized to deport them
if, after hearing, it is found that they are undesirable residents of the
United States
(U. S. Code,
Title 8, Section 157).
Further legislation
on
this subject appears to
be unnecessary and superfluous.
of aliens to which the bill relates are those who, at
any time,
have been convicted of a violation of any Federal or State
narcotic law.
At present, only such alien narcotic violators are subject
The second group
to
deportation
criticism
of
as
have been convicted under Federal statutes.
this I provision
of
the bill.
I have
no
found necessary
and desirable.
powered to deal firmly and effectively with persons guilty of espionage or
sabotage.
With that end in view, several months ago I instructed the
have been in effect less than
a
year,
This
was
followed by
better allocation of certain
Although these two plans
their benefits have already been grati¬
I have found the task of coordinating the work of the Executive
Branch less difficult.
Many improvements in service have occurred, and
substantial economies have resulted.
Reorganization Plan No. Ill, recently submitted, is
will improve intradepartmental management
a
third step which
through internal adjustments
in certain agencies.
I
am now
number of
'
a
fourth reorganization plan which provides for
interdepartmental reorganizations.
to increase
more
proposing
These changes
are
efficiency in the administration of Government services by
logical grouping of certain functions and by
a
a
designed
a
further reduction in
the number of independent agencies reporting directly to the Chief Execu
tive.
-
olume
¥
Accordingly, I
which,
the
The Commercial & Financial Chronicle
ISO
transmitting herewith Reorganization Plan No.
am
made
this
in
accomplish one
that
more
or
of the
2.
Department of Labor
To increase efficiency;
tary of
To consolidate agencies according to
4.
To
the
reduce
of
number
abolishing such
by
consolidating
those
The Plan I now transmit I shall describe
Customs Receivership is transferred to
The Dominican
State from
of
the
Island
of Territories and
Division
Possessions in the
to supervise
for junior
These schools are devoted to training young men
cal schools.
this activity which involves relations with a foreign
government.
The general responsibility for
positions in the merchant marine.
developing facilities for the training of merchant marine personnel is vested
in
proposed transfer will thus
The
Commission.
Maritime
the
permit
closer coordination of the nautical schools with the training work of the
Treasury Department
of
General
approving
under the Federal Alcohol Administra¬
compromise, been referred to the Depart¬
tion Act which have-not, prior to
The present requirement that the Attorney
prosecution.
General approve all
settlements—technically
out-of-court
termed compromises—of cases arising
ment of Justice for
Maritime Commission.
of the Treasury the function of the
The Plan transfers to the Secretary
Attorney
States Maritime Commission the
Navy relating to State marine and nauti¬
•
officer
agency
UniUd States Maritime Commission
transfer to the United
to
propose
functions of the Secretary of the
the Department
The State Department is the most appropriate
Department of the Interior.
prevailing wage rates included in Government contracts
"
I
is responsible by law for the deter¬
The Secretary of Labor
■1l
Department of State
wage
properly have complete responsibility for their enforcement.
and should
briefly as follows:
minimum
the
mination of the
To eliminate overlapping and duplication of effort.
5-
of
construction.
having
be necessary;
as may not
Secretary of the Interior relating to the
provisions in contracts for Federal
Treasury and the
the
enforcement
major purposes;
agencies
of Labor the functions of the Secre¬
The Plan transfers to the Secretary
i
»
3.
•:
ing the Bureau's contribution to agriculture.
of section 1(a) of the Act:
purposes
To reduce expenditures;
Government activities
better coordination of
permit
I have found such reorganization necessary to
1.
similar functions and by
will
Plan,
relating to aviation and to commerce generally,—without in any way lessen¬
1939; and I declare with respect to each reorganization
Plan,
this
in
Reorganization Act of 1939 (Public No. 19, 76th Congress, 1st Session)
approved April 3,
The transfer to the Department of Commerce, as provided
transportation.
IV,
I have prepared in pursuance of section 4 of
after investigation,
2345
compromises results in a cumbersome, time-consuming
Federal Security Agency
The Federal Security Agency
has
its major purposes the promotion of
as
social and economic security, educational opportunity,
citizens.
vhe
Hospital,
functions
The
of
University,
Howard
Columbia
and
_
and the health of
Freedmen's
Hospital,
Elizabeths
Saint
Institution
for
Deaf
the
procedure which the small amounts involved do not warrant.
Consequently, I find it
necessary and desirable in pursuance of the objectives of the Reorganization
Act to wansfer to the Federal Security Agency the responsibilities of the
which the Treasury
Elizabeths Hospital
The pro¬
posed handling will be simpler, less likely to cause delay, and consistent
with the procedure now followed in compromises arising under other Acts
Department administers.
Department of Justice
:
Executive Order No. 6166, issued June 10,
1933, provided for the central¬
ization of the disbursement function in a Division of Disbursement in the
The resulting increase
Department.
Treasury
in efficiency has amply
demonstrated the wisdom of centralizing disbursement work.
In effectuat¬
ing the plan, however, I have found it necessary to postpone
its application
United States marshals because of the unusual character
to
continued.
of
fer
disbursement
the
I
am
proposing, therefore, the permanent trans¬
function
United
of
States
marshals
has also been
It
the
in the Post
disbursement of Post Office funds.
thousands of post offices throughout the
of the
case
Nation, requires here, as well as
United States marshals, a
Department is better equipped to carry on
this work than the Division of
Office Department relates to the
In the
early colonial days, the interchange of correspondence and messages was by
the simple hand-to-hand method.
Gradually a more systematic device
became necessary to transport messages, with the resultant evolution of the
postal service.
Business and private citizens in general have made use of
transportation of mail and other material between departments.
that service, and today we
efficient organization of its
have in our Post Office Department the most
has
permitted
multiplicity of interdepartmental messenger services, each
a
This duplication of services
constant crisscrossing and overlapping of
serving its own department, bureau, or agency.
is uneconomical and results
in a
personnel and equipment, all engaged in a common activity.
the average
I am sure that
citizen in Washington, as well as officials of the Government
itself, have wondered at this paradox whereby
failing to make the fullest use of one
Federal organization.
Federal Security Agency the Food
I further propose to transfer to the
Drug Administration with the exception of two activities intimately
and
related to the work of the Department of
Agriculture.
Food and Drug Administration is unrelated to the
functions
belonged until the Federal
appropriately
more
I
Agency was created last year.
lines lies in this
these
is
increasingly constructive
also need for coordination of certain
Public Health Service.
of its functions with those of the
Security
believe that the opportunity for the
dow
There
Agency.
new
The work of the
basic functions of the
There was, however, no other agency to which
Department of Agriculture.
these
To accomplish
objectives, the Plan establishes the Administration as a separate unit
within the Federal
Security Agency.
Economies
transferred or consolidated under this Reorganization
Functions may be
Act, but the abolition of functions is prohibited.
abolish
functions
now
provided
by
law.
Congress alone can curtail
Savings must
from
come
which comprise only a small fraction of Federal
administrative
expenses
expenditures.
This precludes the making of large reductions in expenditure
The major achievements in reorganizations
through reorganization plans.
under this formula must
more
effective service.
will be
inevitably be found in improved management and
However,
savings in administrative expenses
some
I estimate the immediate annual savings
possible under this Plan.
approximately $300,000.
at
the Federal Government is
of its own agencies which is specially
Future Reorganization
The reorganization plans thus
the
material between
buildings occupied by Government offices on a regularly scheduled basis
sufficient frequency to meet the reasonable and normal requirements
these offices and to reduce to a minimum the constant dispatching of
Reorganization Plan proposes to do exactly that; to provide for
Needs
far submitted do not exhaust the transfers,
Some
consolidations, and abolitions that may be necessary and desirable.
It is the
changes that now appear to have merit require further study.
responsibility of the President as Chief Executive to see that needed adjust¬
improvements in administrative organization are made.
and
ments
The
But
adequately accomplish without proper statutory authority.
this he cannot
Reorganization Act entirely exempts some 21 administrative
present
Furthermore this Act expires on Jan. 20,1941.
agencies from consideration.
equipped to render a simple, centralized service for all the other agencies.
This
associa¬
Security Agency than
the Federal
Office of Education in
the
with any other
However, here in the Capital
instead of utilizing fully the resources of
maintain its mail and messenger service,
Department to
Office
Post
tion with
kind in the world.
City, the Federal Government,
the
Agency than
Similarly, Howard University
other Federal establishment.
and Columbia Institution for the deaf can derive more benefit from
or
proposal affecting the Post
The work of Saint
and Freedmen's Hospital is much more akin to the
departure from the sound
Disbursement.
Another
purposes.
Department relating to these institutions.
to those of any
With its far-flung facilities, the Post Office
theory of central disbursing.
these
Food and Drug Administration to develop along
The special
of the work of this Department, involving disbursements in
character
in
the
Office Department
found desirable to continue permanently
Department the
Office
from
"t
Treasury Department to the Department of Justice.
Post
of their dis¬
Experience indicates that this arrange¬
bursing work in serving the courts.
ment should be
Interior
within
squarely
come
activities of the Public Health Survey in the Federal Security
;
•
;
plainly
I strongly recommend the reenactment
of the Reorganization Act, without
The structure and management of our Government, like the
exemptions.
transportation of mail, documents, packages, and similar
activities
all
be kept abreast of social and
economic change.
of
of
messengers on
so-called urgent and emergency errands. This service will
a reimbursement basis to the agencies exempted by the
available on
be
Reorganization Act.
I propose to
on
to
transfer to the Department of the Interior the activities of
Service relating to soil and moisture conservation
lands under the jurisdiction
of the Interior Department.
private lands, the soil conservation work of
With respect
the Federal Government is
and can best be carried on by the
cooperation of the farmers throughout
this work includes the actual
primarily of a consultative character
Department of Agriculture through
the country.
In the case of Federal lands,
soil conservation practices and is an
administering the land.
application by the Government of
appropriate function of the agency
One of the purposes of the
Reorganization Act is to reduce the number of
simplify the task of executive manage¬
toward this objective under
We have made substantial progress
previous reorganization plans.
I am now proposing another step in this
direction by placing the Civil Aeronautics Authority within the framework
Reorganization Plan No. Ill, which
draws a more practical separation
the functions of the Administrator and the Civil Aeronautics
In Plan IV, which is concerned with interdepartmental reorganiza¬
of the Department of Commerce.
Board.
tion, I am bringing the
Authority into the departmental structure.
The
of Commerce. The Five-member
Administrator will report to the Secretary
rule-making, adjudicative, and investiga¬
tive functions independent of the Department.
In the interest of efficiency
it will be supplied by the Department with budgeting, accounting, procure¬
ment, and other office services.
As a result of the adjustments provided
in Plans III and IV, I believe the Civil Aeronautics Board will be able
effectively to carry forward the important work of accident investigation
heretofore performed by the Air Safety Board.
In addition to the effective
and coordinated discharge of accident investigation work which this transfer
will facilitate, economies in administration will be possible.
The importance of the Weather Bureau's functions to the Nation's
commerce has also led to the decision to transfer this Bureau to the Depart¬
ment of Commerce.
The development of the aviation industry has im¬
board, however, will perform its
posed upon the Weather Bureau a
major responsibility in the field of air
D.
ROOSEVELT.
April 11, 1940.
Bureau How They Propose to Re¬
Capital of Government Lending Agencies
a resolution requesting the
submit to the upper house a list
of Government credit corporations whose capital is to be
reduced $700,000,000, as suggested in President Roosevelt's
The Senate
on
April 8 approved
budget message.
was introduced by Senator Byrd,
said a
dispatch to the New York "Times" on April 8,
The resolution
special
news
which also stated:
a
statement issued in connection
Senator
subterfuge the legal debt limit."
12," the Senator said, "I wrote to the Director of the Budget,
"On Jan.
Mr.
with introduction of the resolution
Byrd declared that "no device should be accepted by the adminis¬
tration to evade by
$700,000,-
Smith, requesting detailed information with respect to the
000 it is proposed to divert from credit
corporations to be placed into the
general treasury to avoid the necessity of asking Congress to increase
the
Federal debt limit of $45,000.onntooo.
deals with intradepartmental changes,
between
must
Director of the Budget to
administrative agencies and thereby
ment.
performs,
Senate Asks Budget
In
Department of Commerce
it
FRANKLIN
duce
Conservation
Soil
services
The White House,
Department of the Interior
the
and
"The Director of the
to
this
furnish
received
a
Budget replied on Jan. 17 that he was not prepared
information.
On
Feb. 28 I wrote him again.
Today I
personal visit from Mr. Smith, at which time he stated that the
information
was
not yet
available and that at least several weeks would
elapse before Congress can be informed as to the
details of this diversion
of $700,000,000.
"This
when it
detailed
was
tion is still
information
should
have
been
included in
submitted on Jan. 3,1 am astonished to know that
the
budget
the informa¬
incomplete."
Senate Committee Votes
ment
$223,362,517 for War Depart¬
Civil Functions—Eliminates $55,000,000
Fund
for Waterways
The Senate
Appropriations Committee on April 9 approved
$223,362,517 appropriation bill for the civil functions of
the War Department.
The Committee refused to follow
a
The Commercial & Financial Chronicle
2346
recommendations
of
its
subcommittee
$30,000,OCX) for flood-control
rivers and
harbors
work.
struck
and
out
to
group of
projects and $25,000,000 for
The
carried
bill
increase
an
What
of
fears
particularly striking
any
that, in the absence of any proof of
was
opposition seemed to be based
what might happen in the future.
as to
purpose of
budget estimates, but $81,762,867 below the amount made
for the current year.
The increase over House
estimates consists largely of a $15,000,000 item for con¬
on
unwarranted
on
There is nothing
more
destruc¬
discrediting
a
constructive policy which is invulnerable to attack
legitimate basis.
any
The record of the trade agreements program is in large measure the result
of the procedure which has been employed.
It cannot be too strongly em¬
phasized th^t the formulation and negotiation of the agreements down to
third set of locks at the Panama Canal.
a
on
tive of public welfare than the conjuring up of groundless fears for the sole
available
struction ol
1940
has not inflicted injury
producers.
was
actual injury, much of the
$19,889,950 in appropriations above the total voted by the
House on Feb. 29 (noted in these columns of March 2, page
1358).
The Senate committee figure was $2,069,917 above
April 13,
interest directly concerned and
every
the smallest details,
the cooperative effort
involved
of the secretaries of
8tate, Agriculture, Commerce and the Treasury, and of responsible officials
Senate
Extension
Votes
for
Act
ments
of
Three
Trade
Reciprocal
Years—President
of their respective departments, as
Agree¬
mission,
Roosevelt
extending the President's p&wer to nego¬
tiate reciprocal trade agreements with foreign nations until
June 12, 1943 was adopted by the Senate on April 5 by a
vote of 42 to 37 and signed by the President yesterday
(April 12b Passage of the measure by the Senate came after
that body had rejected all Amendments offered.
The defeat
The resolution
and,
occasion
as
of the United States Tariff Com¬
as
of other appropriate agencies of the
warrants,
Government.
Each of these agencies contributes its specialized knowledge
and judgment
_
Measure and
Praises
Program—Secretory
Hull Colls Passage in Best National Interest
Signs
well
to
culture
the
are
For example, all questions relating to agri¬
the work.
passed
Committee
upon
for
by the Department of Agriculture.
reciprocity information afford
interested parties to present their views,
which
an
are
Hearings before
opportunity for all
given the
most
careful
consideration.
Under this procedure, all recommendations made to me with
regard to
trade
represent the collective judgment of all agencies of the
agreements
Government concerned
with
any
phase of the matter,
painstaking study of all pertinent information.
I
based
have
most
upon
never
known
an
of these amendments and President Roosevelt's criticism of
example of more effective collaboration among the various divisions of the
the last minute effort to restrict the extension to
Government and between the Government and the general public for the
one
year,
reported in these columns of last week, page 2189.
Voting for the resolution extending the legislation three
years from June 12, were 41 Democrats and 1 Independent,
while the opposition consisted of 20 Republicans, 15 Demo¬
crats and 2 Farmer-Laborites.
In commenting on the Sen¬
ate's action, Secretary of State Hull on April 5 issued a state¬
ment saying that the passage "will afford profound satis¬
faction to all those who have been observing and appraising
the operation of the program from the standpoint of our best
national interest."
Secretary Hull's statement follows:
were
The passage
through Congress of the Act continuing the
ments program
in force for the next three
trade
agree¬
afford profound satis¬
years will
faction to all those who have been observing and appraising the operation
of the program
from the standpoint of
our
best National interest.
They know that the three high objectives of the trade agreements policy
of the principles which underlie it are: (1) To promote the fullest
and
practicable development of both
our
solid foundation for any stable peace structure
(3)
to follow the
and
war,
free enterprise in this country against ever-expanding
which would, be the inescapable result of extreme foreign
trade controls of the kind that would be rendered necessary by a reversion
the Hawley-Smoot
The progress
benefits
alike
to
to
any
agriculture,
our
The
one.
already negotiated is an
our
policy
industry, and
embodied
assurance
in
the
.
.
„
The
Senate
Appropriations Committee on April 11 ap¬
proved a $963,797,478 outlay for the Navy Department in
the fiscal year beginning July 1.
This amount was $123,514,099 under President Roosevelt's budget estimates and
$1,981,960 below the amount voted by the House on Feb.
16 (noted in these columns of Feb. 17,
page 1070).
In re¬
porting this action Washington Associated Press advices of
April 11 said:
Increasing contract authorizations by $15,000,000, the committee opened
the way for the
Navy to acquire 471
new
war
planes during the year to
bring its aircraft complement
A
up to 3,028 planes of all classes by July 1,1941.
by Senator Lodge, Republican, of Massachusetts, to force the
move
Navy to spend in the next fiscal
all of the $41,000,000 in appropriations
year
and $25,000,000 in contract authorizations allocated in the bills for aircraft
defeated by
10 to 7 vote.
a
Mr.
Lodge's amendment,
designed to
brought marked
opposed by Administrative leaders, including Senator Byrnes, Democrat,
the
last
labor—without
trade
of South Carolina.
The Senate committee failed to restore the $8,300,000 reduction effected
agreements
that in the future operation of the pro¬
the interests of all sections of the country—West and East,
gram
in the past,
prevent interference by foreign purchases with Navy plane deliveries, was
our
22
well
six
made in
under conditions of unprecedented difficulty, has
years
injury
so
Appropriation Bill of $963,797,478 Favorably
Reported by Senate Group—President Roosevelt
May Ask for More Funds
was
embargo doctrine.
toward attaining these objectives,
has worked
Naval
to safeguard
regimentation
to
Needless to say, this procedure, which
should be continued in the future.
domestic and foreign markets, there¬
by achieving increased production and employment; (2) to help in creating
a
good of the entire Nation.
South
and North—and of all groups of the population will be as vigorously
pro¬
moted and as scrupulously safe guarded as heretofore.
by the House, making only $1,500,000 available to start work
on
two new
45,000-ton battleships, but disagreed with the House committee that work
these
on
dreadnoughts should be held
European
to await
up
developments in the
war.
and all other countries interested in the three great ob¬
jectives of the trade-agreements program are giving increased support to
The committee approved a report, written by Senator
Byrnes, asserting
that "while the plans for the new ships are being drafted, the
the program and to the
can
This country
principles which underlie it.
These principles must
department
prevail in economic relations among nations at the end of present hostilities
if
our
Nation and other nations
are
to have stable peace
and satisfactory
profit by lessons growing out of the
Funds
aircraft
an
several
economic progress.
were
carrier,
smaller
construction of
Action
other amendments offered in the closing hours
of the two week's debate on the measure were described as
on
follows in
Washington dispatch of April 6 to the New
a
York "Journal of Commerce":
1.
Proposal of Senator Shipstead
cessiOns
2.
a vote
Amendment
(F. L., Minn.) prohibiting any<aconon
agricultural products.
It
was
that
any
of 43 to 38.
of
Senator
Holman
(Hep.,
Ore.)
providing
agreement entered into under the extended authority shall expire on June
12, 1942.
It
was
defeated by
a
voice vote.
3.
Proposal of Senator Pepper (Dem., Fla.) limiting the increase in im¬
ports of agricultural commodities to 25% of the 1929-1934 average.
It
was defeated by a voice vote.
4.
An amendment
of
Senator
Ellender
future trade agreement shall provide
less than that in effect
a
ton
on
to 21.
5.
Cuban and
on
a
(Dem.,
La.) providing that
no
rate of duty on imported sugar of
Sept. 1, 1934, when the duty amounted to $1.50
$1.87M
a
ton on other
foreign.
It
defeated 52
was
■
An
import duties
of
Senator
on
Gurney
agreement
manganese.
It
was
(Rep.,
S.
Dak.)
which provides for
proposing im¬
a
reduction in
defeated 30 to 48.
signing the resolution yesterday (April 12), President
Roosevelt issued a formal statement declaring that
Congress
demonstrated a determination to retain this "powerful in¬
strument for promoting our National economic
well-being
and for strengthening the foundations of stable
peace."
The president said that the facts
brought out by the scrutiny
Congress gave to the program should leave no doubt in the
minds of fair-minded persons that it "has
brought demon¬
strable benefits to our Nation as a whole and to
every interest
directly concerned and has not inflicted injury on any group
of producers."
Mr. Roosevelt's statement follows:
The action of the
ments program
Congress in continuing the operation of the trade
is expressive of the determination
unimpaired, for the next three
promoting
our
National
economic
years,
on
agree¬
the part of our people
this powerful instrument for
wellbeing
and
for
strengthening
the
foundations of stable peace.
was
very
glad that, in the
course of extended
hearings and exhaustive
debate,
the Congress subjected to a most thorough examination the ob¬
jectives and the underlying principles of the program, the results of its oper¬
ation over nearly six years and the procedures used to achieve these results.
The facts brought out
doubt
in
program
cruisers,
The
eight
measure
destroyers,
also
on
eight battleships already started,
two
battleships,
six -submarines
carried-funds
to
and
continue
the
cruisers, two aircraft
seven
carriers, forty-two destroyers, twenty submarines and-auxiliary vessels.
Senator-Byrnes said the committee declined to
restore to
the bill funds
sought by the navy to lay submarine nets in major United States harbors.
of British experiments.
.
Chairman David I. Walsh of the Senate Naval
Committee,
after
a
conference with
President Roosevelt,
yesterday
(April 12) hinted that, the administration is considering
asking an extra appropriation to speed expansion of the
United States fleet. Reporting this United Press Washington
advices of April 12 said:
Mr.
Roosevelt
program
during
a
reviewed
the
full
naval
conference with Mr.
expansion
and
appropriations
Waish, Chairman Carl Vinson of
the House Naval Committee and Admiral Harold R.
Stark, chief of naval
operations.
Mr.
Walsh
said
they would meet at the White House again at
some
the
mind
by that searching scrutiny should leave
of any fair-minded
person
has brought demonstrable benefits
would provide funds to lay keels of ships needed to fill minor gaps in the
fleet.
Mr.
In
I
two
craft.
future date to consider the possibility of requesting a deficiency bill which
amendment
mediate termination of any
to retain
in Europe."
Mr. Byrnes said the committee felt that the navy should await the results
being granted in tariff duties
rejected by
war
made available in the bill to start work
no room
that the trade
to our Nation
as
a
for
agreements
whole and
Walsh and Mr. Vinson said that Mr. Roosevelt approved both the
$963,797,478 naval appropriations bill for the coming
expansion authorization
the fleet to be built
Senate
over a
which provides for
year and the naval
an
11% increase in
four-year period.
Subcommittee
Begins
Hearings on
Bill
to
Representatives
Testify
Regarding
Alleged
"Abuses"—Commis¬
sioner Mathews Opposed to More than
Necessary
Restraints—Measure Is Criticized by Senator Taft
—Statement of M. E. Traylor on Pricing of Trust
Curb
—
measure
Investment
Trusts—SEC
Shares—Remarks of A. H. Bunker
Arguments for and against the Wagner bill, which would
provide for control and regulation of investment trusts under
the Securities and Exchange Commission, continued this
week before
a subcommittee of the Senate
Banking and Cur¬
Committee, which opened hearings on the measure
April 2.
Introduction of the bill was reported in our issue
of March 16, pages 1689-90.
Two lawyers, who testified
on April 3, urged curbs on investment trusts, and described
the "abuses" which they said had been fostered by such
organizations.
Commissioner Georce C. Mathews of the
SEC, testifying before the subcommittee April 5, urged
enactment of a regulatory bill to prevent such practices in
rency
Volume
The Commercial & Financial Chronicle
ISO
the investment trust
great
repute in the past/'
2347
American
industry as "have brought it into dis¬
He told the committee that he "would
be opposed to any bill which would seek to do more than
impose those restraints necessary to safeguard the public in
the functions of the industry."
A Washington dispatch of
April 3 to the New York "Times" summarized this testi¬
mony, in part, as follows:
Hugh
the
Fulton,
Southern
Executive
District
Assistant
New
of
to
York,
the
United
States
and Alfred A.
mittee today by Mr.
business.
Cook,
whose records have been
Healy, while Senator Wagner presided
"We do not believe this destructive
the ses¬
bill and
sion.
Fulton
made
exhaustive
an
series of prosecutions
of findings
report
experienced in
he
relating to badly managed or criminally operated
ness as
losses
occasidhed
by
"looting"
the
would have saved
$3,250,000
of
of the
securities which
existing
stated that first there had been
of
no
problems and the
either in dividends
special tax consideration. /
In closing,
restore
the
and
then
these
organizations
could
who require this service and at
perform
the
vital
function
the
;
•
••'<
•
invest
to
The
come
investment
money
that it
of
have
is
self-evident that
seems to us
for the purchase of equities are
the most
industry remains perhaps
trust
Our plea, therefore, is that
name
of regulation and control that will
capital
that
or
which will impair its ability
favored Federal legislation
he
to
the extent
possible by legislation to prevent recurrence of such abuses as
existed
workable"
of national
asserting
in
Bunker
Mr.
the
■
It
intelligently in American industry."
Although
time might become a
same
vital factor in furnishing capital for industry and the stimulation
recovery.
diminishing.
are
from which is to
sources
with high yields
capital appreciation, to say nothing of the fact that
immobilize this great dynamic pool of
furnishing honest and unbaised management to the large group of small
investors
preoccupied today with the preserva¬
more
nothing should be done in the
be entitled to
*
public confidence in investment trusts and investment companies
that
and
important organized reservoir of such capital.
Healy said he believed the proposed legislation would
Mr.
or
pools of personal wealth
prepared statement, asserted that mutual investment
companies properly supervised by the government should
are more
by all odds the largest buyers of
tion of their fortunes rather than their augmentation or
undertakes to
bill
'
contracting.
a
largely restricted to investment in the very highest grade
are
equity securities,
Second, he said,
obligation.
Healy, in
banks, legally restricted trust funds
"Men of wealth, who previously were
impose specific conditions which would insure observance of this fundamental
Mr.
start new businesses and to expand
ones.
annually and
regulation with respect to the individuals
company
securities which, after all, are those
money to
pension funds, Government social security funds, &c. are growing in size
that disregard of fiduciary standards lies at the
investment
provide the
of widows and orphans, and added to those in the last few years various
objectives of the bill, Mr. Healy
organize and operate investment companies.
many
what is happening to available
that more and more of them are being precluded
bonds.
In summarizing his testimony and the
too much to say
see
"Life insurance companies, savings
New York "Herald Tribune":
root
thereby,"
American industry had not been fully
from the purchase of dynamic junior
preceding day (April 2) Robert E. Healy, member of
the SEC, who suprevised the Commission's investigation of
the investment trust industry, said that the record of invest¬
ment trusts was "shoking."
We quote a summary of his
testimony from Washington dispatches of April 2, to the
it is not
of equity capital for
source
investment funds to
On the
may
a
"We have only to take a casual glace at
Continental Company's funds.
who
be furthered
..
appreciated, Mr. Bunker stated:
Mr. Cook testified that operation of the pending bill
from
statement.
Declaring that the relative importance of the investment company busi¬
investment trusts.
investors
result is desired by the authors of the
believe that the public good will
we cannot
Mr. Bunker asserted in his
Mr.
a
scrupulous regard for the interests of stockholders.
abstract prepared from his statement, said in part:
An
subcom¬
over
than creditable and who have
more
shown
for
attorney
Mr. Bunker warned that if the SEC bill became law in
,
substantially its present form it might operate to cause the
retirement from the industry of desirable elements in it,
Attorney for
the trustee of the Continental Securities Co., were presented to the
fund of capital available for equity investment in
industry represented by the investment company
the
past
declared
as
or
that
such legislation,
likely to recur without
are
the
present
measure
written and that it goes
now
was
neither "livable
nor
"far beyond the necessities of
case."
_
"I believe that
Senator Taft, of Ohio, criticized the bill on April 9 because
of its provision to eliminate the issuance of senior securities
regulation of investment companies should go no further
than is necessary to safeguard the interests of investors
interest of investors it should not interfere with
bit
by investment trusts after the measure becomes law.
A
Washington dispatch of April 9 to the New York "Herald
than is necessary; it
more
tract
rights of stockholders; and it should not interfere with the freedom of
choice of the investor, except to the extent
Tribune" said:
and that in the very
managerial functioning one
should not confiscate valuable existing con¬
which may be clearly necessary
in the public interest.
Her
suggested
before
that such companies
Senate
a
banking
and
subcommittee
currency
be permitted to issue at least
up to
one-third of their
capital in senior securities.
think,"
be
he added,
issued."
in effect
"it's
Later
function
our
completely and shackle the operations of investment companies to the extent
investors," Mr. Taft asserted, and "I don't
Senator
the
possibility of all wrongdoing, it is quite possible by legislation to hamstring
i
"That should be left up to
to
argued
that their usefulness will cease to exist."
what securities should
tell them
Speaking
that this section of the bill was
Traylor, President of Massachusetts Distributors,
Inc. issued a statement on April 5, criticizing certain testi¬
mony given that day, which said in part:
senting
more
concern
by
4.
In connection
ment for a fixed
Committee at Washington on the subject of the pricing of shares of open^
shares
own
a
investment
issued, and-thereby
shareholders.
such
open-end
that
In
purposely dilute the interest of their existing
presenting testimony
a
way
which tends to create
principles—full disclosure of all material tacts.
The truth is that the entire objective
is
in
a
Any
possible.
practically
of the open-end trust business has
firm price for its shares as close to their
The establishment of
tions taken to avoid it.
a
firm price is one of the basic
principles of securities selling, recognized even by the United States Trea¬
Department in the sale of Government securities.
sury
offering price of
bid,
a
a
And when the
Treasury issue turns out to be less than the open-market
"dilution" also
occurs.
There is nothing about this problem that is
peculiar to the open-end trust business alone.
Senator C. L. Herring
(Dem.) of Iowa
the SEC to revise Section 25 of the bill if
on April 10 advised
Congress is expected
it during this session. The section in question,
Herring said, forbids even a court to pass on a
reorganization, exchange offer, or the dissolution of an
investment trust.
A Washington dispatch of April 10 to the
"Herald Tribune" outlined this argument as follows:
of
a
form
.
practices coupled with audited reports.
of tax treatment for all investment
was
described
as
"only half
a
bill," by Cyril J.
governmental
of investment companies.
Mr. Quinn recommended a requirement tor adequate representation on all
boards of directors of' persons independent of the manage¬
ment or sponsors; prohibitions against transfer of control
without stockholders' approval, loans to or direct dealings
regulation
during
periods of violent market movements—takes place in spite of the precau¬
the board.
percentage of independent directors on
Mr. Bunker he stated that he favored proper
liquidating value
that occurs—usually
"dilution"
all activities of a company.
broker managed companies, a require¬
Quinn who added that the other halt is "being left to future
rules, regulations and orders of a Government commission."
Mr'. Quinn who is Vice-President of Tri-Continental Corp.
and a member of the banking firm of J. & W. Seligman &
Co., appeared before the committee also on April 12.
Like
underprice any
misleading impression, the SEC has failed to comply with one of its
basic
been to establish
as
deliberately
trusts
or
of approved accounting
establishment
The bill
testimony, if allowed to go uncontested, may create the erroneous
impression
use
with banker
companies which will permit them to survive.
end investment companies.
This
necessary:"
without prior approval of stockholders.
Periodic full publicity covering
6—The
unintentionally,
are
against any substantial change in management or any
3.
5—The
doubt
they
Prohibitions
testimony
no
as
with affiliated persons.
2.
that has executed purchase and sale orders repre¬
created,
adequate
as
against self-dealing
announced investment policy
I wish to register an emphatic protest against the
impression
six-point program of principles for regulatory legisla¬
Prohibitions
presented today by SEC witnesses before the Senate Banking and Currency
misleading
representative of the closed-end investment companies,
1.
than $150,000,000 worth of open-and investment companies
the last five years,
in
a
tion which he believed "to be
M. E.
a
as
Mr, Bunker offered a
telling business what securities it should sell.
As head of
it is impossible by legislation to prevent the
"While it is certainly true that
-
sponsors; a requirement that all
be submitted to stockholders, ap¬
proval of stockholders for any cnange in fundamental policy,
prohibition against short sales, and requirements for provid¬
ing shareholders with complete and periodic information.
with officers,
directors
or
management contracts
to approve
Senator
"I prefer that the local
missioner
may
Robert
be revised,
E.
but
Healy.
the
he told Com¬
courts should have jurisdiction,"
SEC
The latter then suggested that this section
should
be
given
the right to file advisory
Section
25 gives
the commission extensive powers
over
company reor¬
ganizations, Senator Herring asserted that the Chandler Act grants the
powers
asked
to
make recommendations to the court
the commission
to
become
a
after the court has
party to the proceedings.
the Wagner-Lea bill says the courts are
NLRB
of
Smith Committee
Submit
Representatives Arthur D. Healey and Abe Murdock,
minority members of the House committee investigating
the National Labor Relations Board, filed a report on April
11, denouncing the committee majority's 17 proposed amend¬
Wagner Act as outright "attack on the hardwon rights of our working people."
The minority members
recommended two amendments of their Pwn which were
However,
prohibited from having jurisdiction
given in Associated Press advices from Washington,
reorganization
tv
1.
cases.
discussion
Arthur H.
Bunker, Executive Vice-President of the Lehman Corp. as
first spokesman of the industry.
Mr. Bunker, who served
investment company business opened its
of the bill before the Committee on April 12 with
The
as
chairman
of
an
informal
committee
representing
the
closed-end management companies which worked with the
SEC in its investigation of the industry, endorsed regulation
of the trust business, but charged that the Wagner bill was
too drastic
and warned of the effect
immobilizing "in the
name
on
economic recovery of
of regulation and control" the
April 11,
follows:
as
Add two members to the three-man NLRB.
2.
in
Investigating
Independent Report
ments to the
reports with the courts on such plans.
SEC
Members
Minority
By statute give employers the right; like unions, to
ask for a collective
bargaining election.
The
minority contended that the Committee thus far
effort" to "investigate and
and called
for
a
"more comprehensive
and fundamental approach to its
fact-finding objectives than it has hitherto
"We
the
are
employed."
the fyct that
subject to widespread con¬
ready" they told Congress yesterday "to recognize
propriety of certain policies of the Board is
troversy
had made "little
of the law
ascertain the facts" about operation
and disagreement,"
majority report was referred to in our issue of April 6,
1940, page 2190.
The
The Commercial & Financial Chronicle
2348
House Passes
Resolution Directing Labor Department
Make
Study of
in Industry
to
The House
Productivity and
resolution authorizing
a
the Bureau of Labor Statistics of the U. S. Department of
Labor to make studies of the
productivity and labor costs
industry- The measure appropriates $100,000 for studies
in the manufacturing, mining, transportation, distribution
and other industries. A Washington dispatch of April 10 to
the New York "Times" had the following to say:
in
The
Labor
in
Committee,
taining to productivity and labor costs are necessary in efforts to prevent
These figures, it said, will show in what
should
hours
work
be
shortened
where
machinery and
new
techniques have increased productivity and reduced labor costs.
Court
District
Unions
Anti-Trust
Sherman
Washington Rules
Exemption
at
Blanket
Given
Not
Are
1940
Laws
Justice
Peyton Gordon of the United States District Court
at Washington, D. C., ruled on March 26 that labor unions
were subject to prosecution for criminal
conspiracy under
Sherman
Anti-Trust
Act.
In
reporting the ruling
Washington Associated Press advices of March 26 said:
the
Dismissing
union
demurrer by which American Federation of Labor teamster
a
officials
sought to be excluded
charging restraint of trade in
said statistics per¬
reporting the measure,
technological unemployment.
industries
States
Labor
from
April 10 adopted
on
United
Labor Costs
April 13,
"The
from prosecution
on
indictment
an
jurisdictional dispute, Justice Gordon said:
a
(Justice Department's)
allegation
to
as
the prevention
by threat
of force and
by force, of delivery of concrete in 'mixer trucks' not operated
by members of the defendant union, to various construction projects within
this
district 6hows
and
in
commerce
The
direct,
a
unreasonable and unlawful
district."
this
Department of Justice,
restraint of trade
•
in obtaining indictments, charged
defendants tried to induce companies operating the mixer trucks
Public
Ordered
Hearing
Correct
House
Relating
to
Abuses
Bill Designed to
Enforcement
of
on
Administrative Provisions of Tariff Law
The
Merchants' Association
April 10 that
of New
Committee had ordered
public hearing
a
by the
in an
which have grown up in connection
the administrative provisions of
April 18,
on
on
the
Association and a group
effort to correct abuses
with the enforcement of
the Tariff Law.
The
portant
originally sponsored by the Merchants' Association,
was
Association, the National Council of American
Importers and the New York Customs Brokers' Association, after these
organizations had obtained what they regarded
being subjected
were
unfair
to
as
satisfactory evidence that
by
treatment
officials
taking
advantage of technical failure to comply with the interpretation
agents have given to some of the provisions of the law.
when the
which
It is expected that
hearing is held on April 18, many witnesses will be
on
hand to
describe the practices which it is desired to correct and to present evidence
justifying
of the bill.
passage
of
Bill
Amend
to
National
Minority
by
of
Labor
House
Relations
grounds
the
that
acts
organizations and
workers
among
and thus promote further
charge
any
the
union
Gordon,
by
signed
was
representatives
Fries
(Dem.,
give
labor
to
operation
in
Keller
(Dem.,
111.), D'Alesandro (Dem., Md.), Dunn (Dem., Pa.), Randolph
(Dem., W, Va.), Lesinski (Dem., Mich.) and Landis (Rep., Ind.).
.*
House
consideration
Wagner Act
of
April 15,
or
the
of
Labor
Committee's
tentatively scheduled to get under
are
April 22.
amendments
While the Labor Committee instructed Chairman
Norton to call up the amendments under suspension of the rules,
cedure
which
amendment,
debate
limits
House
the
to
during the week
way
leaders
to
40
minutes
have frowned
and
upon
bars
the
such
offering
procedure
work.
as
building
Teamsters
and
im¬
an
industry.
Local 639,
four
officers
of
exempt
from
the
on
and that
Federal
the
of
to
the
20 days in which to plead to the
Clayton
the
Act
organizations
"does
give and
not
blanket
a
was
not
from
exemption
the
laws."
anti-trust
Last December Supreme Court Justice
Murphy, who was
General, informed William Green, President
of the American Federation of Labor, that labor unions are
subject to anti-trust laws.
Mr. Green had contended that
then Attorney
labor and farm organizations are specifically exempt from
anti-trust
of Dec.
issue
our
State
9,
This
statutes.
was
referred
3644.
page
a
pro¬
of any
Court
Law
The
Court
of
Is
Appeals
of
Holds
Fair
Trade
Unconstitutional
Appeals at Annapolis
April 5 liapded
on
decision that voided in its entirety Maryland's Fair
Trade Act of 1939, which gave the manufacturer of a prod¬
down
a
the
uct
to stipulate that retailers could not sell it
power
for less
than
price dictated by the manufacturer.
a
ciated Press advices from
lowing to
the
Fair
Trade
however, that the decision had
Appeals
an
The
right
product
The
all
Court
1937
to
1939
effect
no
Act's
6%
to
as
the
more
than
or
on
to
point
a
of
trade-marked
fixing
the
products
price
the
which
the
at
basis.
voluntary
and
no
gave
price.
consideration
the
If
the
to
manufacturer
decision
Baltimore
Inc.,
and
tobacco
cost
him,
ruling
a
Supreme Bench, in
the Lord
to
and the
had
cost
be
to
calculated
Baltimore
a
by
Chief
Judge
Samuel
involving the
case
Dennis
"un¬
the
of
Daniel
Candy & Tobacco Co.,
Loughran Co.,
Inc., both wholesale
dealers.
The Loughran
tention
upheld
re¬
-wished
the retailer of his product had to sell it for
according to an involved, technical system set forth in the Act.
This, the opinion by Associate Judge Walter J. Mitchell asserted,
reasonably and arbitrarily interferes with private business."
The
out,
which passed
the "Sales Below Cost Act," covered
as
not,
selling
it
quick
were
that legislation,
on
retailers
operates
provisions,
*
1937
manufacturers
with
It
of
June.
the
trade-marked
wishes
least
at
sold.
Act
Act, known generally
products,
the
gives
contract
a
be
shall
last
test
Act
form
Asso¬
Annapolis, April 5, had the fol¬
about the decision:
say
Supporters of
invoke
111.),
expressly
in giving the defense
intended
tailers'
bargaining relationships.
report
the
are
Brotherhood,
were
that
such labor
the ranks of labor; and will of necessity disturb the most settled collective
The
the
offense prohibited by law
not
to
declared
division
among
overruled
was
in
sought to have the indictment thrown out
indictments,
become'law, will
the membership of the
on
union,
coerced driv¬
statutes.
Maryland
provision of the Norton Bill amending
the National Labor Relations Act, which was approved by
the House Labor Committee, April 3, was assailed in a
minority report, filed in the House, April 9 by seven mem¬
bers of the House Committee.
The provision objected to
provides that in any case where the majority of the em¬
ployees of a particular craft shall so decide the NLRB shall
designate such craft as a unit appropriate for the purpose of
collective bargaining.
This amendment was supported by
the American Federation of Labor and opposed by the
Congress of Industrial Organizations. Washington advices
of April 9 to the New York "Journal of Commerce," con¬
cerning the minority report, said in part:
The group charged that the proposal, if permitted to
campaign
did
it
charged
The craft union
"invite raids by both great labor organizations
that the
to employ
engineers'
Act
Committee—
other; is bound to provoke the most violent dissensions
the
stopping construction
anti-trust
International
the
Counsel for the union
to in
Opposed
of
local.
prosecution under
Norton
than
taken by Government attorneys
was
their
in
representative
Justice
The Cullen bill
the New York Customs Bar
importers
victory
view to
a
ruling
The defendants whose demurrer
the
rather
union
to break contracts with the engineers,
acted with
Gordon's
anti-trust
Association reports:
teamsters'
resign from the engineers' local and join the teamsters, called strikes
otherwise
Justice
a
Cullen bill, which was drawn
of cooperating organizations
to
ers
advised
was
the
of
coerced the companies
and
York
subcommittee of the House Ways and Means
a
members
the
Lord
firm
took the
Baltimore
Co.
the Court
case
to
had
violated
the
of
1939
Appeals
on
the
con¬
Act.
because
of the importance of the amendments.
We noted the action of the majority of the Labor Com¬
mittee in
our
United
issue of
page
Supreme Court Denies
Republic Steel Corp. Case
an
States
order
Supreme Court refused
of
the
National
Labor
Review
April 8 to
Relations
Board
3056), and the Supreme Court
upheld the ruling of the lower court in turning
down the company's petition for review.
vices of April 8 from
United Press ad¬
By
declining
of
to
the
act,
Third
the
tribunal
Circuit
automatically upheld a unanimous
Appeals that the company was
Court
of
guilty of unfair labor practices in the
Republic's only legal recourse now is to
but
such
Under
"Little
Steel"
strike
petition the court for
requests
are
almost
invariably
in
1937.
a rehearing,
denied.
the NLRB
order the company was required to:
recognition from the plan of employee representation and
its
successors
at
the Ohio Republic plants in
the Massillon,
Canton,
Youngstown, Warren, Niles and Cleveland districts.
Withdraw all
Give
back
May 5-24,
Cease
tions
or
The
pay
1937,
to
employees
and at
who
Massillon
allegedly
locked
were
out
at
Canton
May 20-23, 1937.
discouraging membership in the Congress of Industrial Organiza¬
any
court
other
also
labor
organization.
tion
of
the
declined
Republic
Central
to
review
Council of
employees.
The
a
Ambassador
case
Steel
allied
Plants,
Arbitration
Dr.
Francisco
a
note
April 3 to Mexican
denounced
Mexican
on
Najera
seizures of American property
without payment of adequate
immediate plan of arbitration
of claims in connection with expropriation of oil lands.
The
note, the text of which was not made public until April 9,
was regarded as written in
particularly firm language, and
as indicating the
impatience of the United States with the
compensation, and urged
tactics of
claims.
the
an
Mexican Government in
Previous references to
handling American
this controversy
were
con¬
Aug. 19, 1939 (pages 1111-12)
and Dec. 9, 1939 (page 3637).
Mr. Hull's note asked a
settlement of the question by an impartial tribunal.
President Lazaro Cardenas
announced April
12 that
Mexico's reply would be ready in two or three days.
The
President on April 11 witnessed a parade of workers
urging
that arbitration be rejected.'»
The text of Mr. Hill's note is given below:
Excellency:
During the
course
with
an
of the past
years
there have risen between the Govern¬
ment of the United States and the government
for which
no
and
their
of Mexico many questions
friendly and fair solution, satisfactory to both governments,
has been found.
that of Republic.
independent organiza¬
Council, claiming to represent 50,000
workers, challenged the Labor Board's order that it cease existence.
It concerned
Asks Mexico for Immediate
Expropriation Claims—Note by Secretary
Hull Cites Alleged Dilatory Tactics—Mexico Had
Ordered Foreign Oil Companies to Meet Demands
for Severance Pay
tained in the "Chronicle" of
Washington said:
decision
States
Oil
Secretary of State Hull, in
on
issue of Nov. 11, page
our
therefore
of
of
directing the Republic Steel Corp. to reinstate and pay back
wages to about 5,000 employees who took part in the strike
against the company in 1937.
The Third Circuit Court of
Appeals at Philadelphia upheld the order last Nov. 8 (noted
in
United
2189.
States
The United
review
April 6,
Certain of these problems are of outstanding importance
equitable solution would rebound to the immediate benefit
the peoples
of both of
our
of
countries.
Animated by the desire to find such an adjustment of all of these
pending
matters, this government proposed some two years ago an immediate and
Volume
The Commercial & Financial Chronicle
ISO
2349
comprehensive study by representatives of the government of the United
States and of the government
and presented, to
consider evidence systematically prepared
without authority to receive and
for
way
solution
of Mexico, for the purpose of preparing the
expeditious settlement of these controversial questions, the just
an
of
which
would
relations between
undoubtedly do much to
cement
the friendly
of
which has already
the Government of Mexico by an executive decree
expropriated large holdings of oil properties, amounting in value to many
millions of dollars and belonging to
American nationals, for which no pay¬
ment has been made and for which there is no present
prospect of payment.
damages caused by revoluntionary disturbances
which have to do solely with
between
1910
and
1920,
and
no
sovereign
number of communications addressed to your govern¬
a
during the last two
that
period
same
and in conversations had with you during
years
the
regarding
expropriation
property belonging to American nationals.
has been stated with equal
is
This view
State to expropriate property for public purposes.
has been stated in
ment
coupled
with
and
by
your
government
of
On each occasion, however, it
emphasis that the right to expropriate property
conditioned
the obligation
on
effective and prompt compensation.
make
to
adequate,
The legality of an expropriation is in
But the Mexican Government has made
In my note to you dated July 21,1931,1 stated that the whole structure
friendly
of
intercourse,
international
other vital and mutually
trade
and
compensation for the large number of general claims
which include
lands
commerce,
and
of
many
desirable relations between nations, indispensable
extensive group of claims
an
American
of the railroad debt both long in
or
citizens
hold
important
of the railroad debt was further
default and in both of which
Moreover, the question
investments.
complicated by the expropriation of the
Finally, on March 18, 1938,
petroleum property
1937.
Mexican national railways on June 23,
Government took over American-owned
the Mexican
millions of dollars, and although two years have
the value of many
to
of long standing
for the expropriation of farm
It has made no adjustment either of the
prior to Aug. 30, 1927.
foreign debt
elapsed, not
This
fact dependent upon the observance of this requirement.
for farm lands ex¬
has started payments
propriated since Aug. 30, 1927.
States readily recognizes the right of a
the special claims
Government is making payments on
readiness to pay.
But the fact remains that no payments have been made.
It is recognized
has suffered at the hands of the Mexican Government.
that the Mexican
At various times the Government of Mexico has indicated its ability and
The Government of the United
effective solution
been too long delayed.
During the last 25 years, one American interest in Mexico after another
neighboring peoples.
our
At that very moment
hear arguments pro and contra, and to render decisions
final and binding character would merely postpone an
a
of compensation has been paid.
one cent
unjustifiable under any
wholly
citizens,
of American
treatment
principle of equity or international law, is a matter of grave concern to
this
must of necessity be ad¬
-These long-standing matters
Government.
conducted on a
justed if the delations between our two countries are to be
co-operative basis of respect and helpfulness.
to their progress,
rest upon respect on the part of governments and of peoples
sound and mutually
for
rights under international law; I stated that the right of
the two countries
on this basis,
I suggest resorting to the appropriate, fair and honorable
procedure of arbitration.
Accordingly, I suggest that the two Govern¬
ments agree (1) to submit to impartial arbitration all the questions involved
in the oil controversy and to clothe a tribunal with authority not only to de¬
termine the amount to be paid to American nationals who have been
each
prompt
this
other's
and just compensation for expropriated property was a part of
structure;
that it
principle to which the Government
a
was
of the
United States and most governments of the world have emphatically sub¬
scribed, and which they have practiced and which must be maintained.
The Government of Mexico has
The
Government
this principle into
professed support of this principle of law.
Mexico
of
has,
unfortunately
however,
not
carried
Because of its conviction that until this fundamental
in accordance with the recognized principles of
law there could not exist an
appropriate
or
question be solved
equity and of international
favorable opportunity for the
solution of all of the other questions pending between the two governments
United
of the
ment
States has been prevented from proceeding with the
to
expropriation by your Government of the oil properties belonging
Without
American nationals.
the memorandum
or
earlier discussions of the difficulties arising
three of the points raised
It is stated
undertaking to pass in any way upon
whole, it is important to have
as a
a
clarification of two
by the general claims protocol of 1934, the
under the convention of 1923, or
an
(a) that "the Mexican Government judges that the right of
umpire, as contemplated
unadjudicated claims falling
proceed immediately to the negotiation of
bloc settlement in accordance with
en
There exists
at
this
time
a
a
that protocol.
complete solidarity on the part
American republics in upholding the
found possible to adjust
I think that the questions
by7 diplomacy, shall be submitted to arbitration.
At a period when in other parts of
here involved fall within this category.
the world there is seemingly a
growing disregard for the established prin¬
ciples of international law and orderly processes and ad
that the
of Mexico and the United States,
Governments
firm in their adherence to the
enlightened principles advanced and supported
expropriation is beyond discussion" and (b) that "there exists no divergence
by all the American republics, should signify their
of opinion between the Government of the
differences
United States and that of Mexico
regarding the right of the Mexican State to expropriate any private property
compelled to take exception to the statements that the "right of
expropriation is beyond discussion" and that "there exists no divergence
of
the
between
opinion
Government
of the
United
States
and that of
With the submission to arbitration of
the legality
prompt
of
sary to
right without compliance with the condition neces¬
Expropriation of property by the Mexican Government has been taking
1915 under the so-called agrarian program.
underway efforts looking to a settlement of agrarian
place on a large Scale since
While there
are
now
since Aug. 30, 1937, the large number of such claims which
prior to that date and which were filed with
arose
Commission under the convention
group
a
of 1923,
well
as
as
the General Claims
a
very
much larger
of general claims, some of which date back over a period of approxi¬
This government earnestly urges
ing matters.
the past.
to
proceed along these lines.
orderes 17
Federal Board of Conciliation on April
had been expropriated, to pay their workers
pesos (about $19,387,500) in severance pay.
United Press advices of April 8 from Mexico City reported:
properties
117,500,000
board
The
ruled
that the
result of cancellation, at
President Lazaro
companies were liable for that amount as
the request of the Petroleum Workers Syndicate,
of all labor contracts with the
The syndicate
firms on March 18, 1938, a few hours
before
the properties.
Cardenas decreed seizures of
had petioned for cancellation of the contracts
refusal to accept the board's wage award
because
of Dec. 18,1937.
amid wide-spread specualtion regarding
Government's reply to the United States proposal to arbitrate
The severance pay order came
Accordingly, it is incorrect to state that there is "no divergence of opinion
between the Government of the United States
subject of expropriation.
which
....
8
American and other foreign oil companies, whose
The Mexican
of the companies'
in
of my highest consideration.
CORDELL HULL
;
of the properties or by any of the other general
claimants.
disposed
whether your Government is favorably
I shall be glad to learn
mately 70 years, remain unadjudicated and not a single dollar has been
realized by any of the owners
would then
the negotiations in¬
of all other pend¬
this course, as it has con¬
position to go forward at the same time with
principle
give such exercise a recognizable status of legality.
claims arising
the oil controversy and the ad¬
Accept, Excellency, the renewed assurances
compensation.
The difference between our two Governments with respect to this
lies in the fact that the Government of Mexico has assumed and continues
to assume to exercise a
willingness to settle the
in the
the preceding paragraph
terrupted by the oil expropriation for a general settlement
in the opinion of the Government of the United States
expropriation is contingent upon adequate, effective and
an
be in
sistently done in
Mexico" in this respect.
As above stated,
in
justment of the general claims matter, the two governments
indemnity to the expropriated companies."
am
them mentioned
friendly manner indicated.
by payment of a just compensation, as Mexico is agreeable to paying such
I
between
increasing tendency
pacific methods of settling controversies, it is all the
to substitute force for
desirable
of all the
principle that international differences
justiciable character, which it has not been
more
therein.
decision shall be
and effective compensation shall
promptly be paid, and (2) either to submit to an
of
16, 1940, you were good enough to hand to me an informal
memorandum pursuant to our
out of the
important step toward placing relations between
deprived of their properties but the means by which its
has been most desirous of adjusting, the Govern¬
negotiations which it had initiated.
On March
an
executed to make certain that adequate
practice.
and which my Government
As
I
was
"and that of Mexico" on the
As stated in my note to you of July 21, 1938,
expropriation of agrarian properties, the
discussing the
compensation is
also stated in that note,
the Mexican
On frequent occasions government spokesmen
the expropriation dispute.
said
have
that,
since the seizure
Constitution, there was no reason
was
in accordance with this country's
for its arbitration.
taking of property without adequate effect and prompt
expropriation
not
is confiscation, and as
but
it is no less confiscation
at some time in the
because there may be and expressed intent to pay
It is also stated in your
ments of Mexico and of
to
points of view as to what should
constitute a prompt, equitable and ade¬
the American oil companies
...
it
the possibility of arbitration," and that the
feels that "in order to determine the amount of the
quate indemnity to compensate
would be premature to propose
Mexican Government
should be awaited."
Government could have made
plainer its point of view as to the compensation owing the American petro¬
leum companies.
Our records show that the obligation of the Mexican
Government to make compensation has been kept before the Mexican
Government constantly since the taking of the property.
No stone has
been left unturned by this Government to bring about a satisfactory ar¬
rangement for compensation.
Moreover, the statement of your Govern¬
ment is not in the nature of things an adequate answer to the suggestion
that arbitration would be an appropriate method of settling the differences
between our two countries; nor is the statement that the decision of the
Mexican courts should be awaited by any means reassuring.
You further indicate in your memorandum that your Government would
be disposed to accept the good offices of my Government in order to discuss
with the companies the question of compensation, or, in the alternative,
to join with the United States in the designation of one or more experts
to "present and discuss their points of view regarding the calculation of
the value of the expropriated properties and regarding the form and guaran¬
indemnity, the decision of the Mexican courts
It
tee
is, difficult to imagine in what way this
of payment of the
indemnity."
used its good offices in the promotion of
companies and the Mexican Govern¬
stated in your memorandum, came to
naught.
I am therefore unable to perceive that there would be any purpose
in reverting to a procedure that has already resulted in a complete failure,
nor do I perceive how the designation of experts for the purposes stated in
the memorandum would promote a satisfactory solution of the problem.
My Government has already
discussions
ment,
The
between
the American
and those discussions,
as
designation of experts merely to "discuss
their points of view" and
Allies—Releases
Great Britain and France
memorandum of March 16 that "since the Govern¬
the United States have not expressed their respective
Speeds Sales of American Warplanes
Newest Models for Export to
War Department
future.
Action by the War Department in Washington on April 10
will enable Great Britain and France to purchase here three
of the latest model
The Department in¬
pursuit warplanes.
free to negotiate for¬
formed manufacturers that they were
eign contracts for the Lockheed P-38, the Bell P-39 and the
Curtiss P-40D.
Previous discussion regarding the sale of
American aircraft to warring nations was contained in the
"Chronicle" of March 30, pages 2021-22.
Associated Press
Washington advices of April 10 said in part:
Coincident with the spectacular new turn
turers were
in the European war, manufac¬
told that they were free to negotiate
foreign contracts for the
P-40D.
fast planes and are designed especially to cope
Lockheed P-38, Bell P-39 and Curtiss
All
are
described
as
very
with bombers and fight off enemy
pursuit craft.
Official authority to sell the planes
tiations by which
abroad came after two weeks of nego¬
the Air Corps agreed to accept later
deliveries of the same
models, with improvements.
The agreement was
assure
which Secretary Woodring
the army's investment and
in accord with a new policy
Congressional committees would protect
told
the most advanced
models for the expanding Air Corps.
delay by the Allied pur¬
for aircraft and engines estimated to
cost $1,000,000,000.
The mission's chief, Arthur B. Purvis, conferred
today with Secretary Morgenthau, Administration coordinator of war
The arrangement was
the first break in a long
chasing mission in placing contracts
orders.
.
Allies were represented as especially eager to obtain the
advanced fighters as quickly as possible to reinforce their own air
Though the
most
defenses, prospects
ters
appeared slender for early
said possibly a year
off assembly
deliveries.
Aviation quar¬
would elapse before the planes would be coming
lines in substantial
numbers.
The Commercial & Financial Chronicle
2350
of Commerce Statement Shows United States
$221,000,000 Invested in Scandanavia—Exports
Dept.
Has
Denmark
to
Those
from
and
Treble
Norway Almost
Imports
Countries
issue
to
occupation of Denmark and parts of Norway
prompted the Department of Commerce on April 9
which
statement
a
United
that
indicated
States
investments of $221,000,000 are jeopardized by the invasion.
American
investments in
Denmark
were
estimated
at
$103,000,000, those in Norway at $92,000,000, and those in
Sweden at $26,000,000.
According to the latest monthly
trade summary of the Commerce Department,
today's issue, American exports to Norway and
the first two months of this year totaled
$13,774,000, as compared with $6,486,000 for the same
period a year ago, while American imports amounted to
$4,508,000, compared with $3,333,000 in the first two months
Denmark during
as
job
The statement by the Department of Commerce
cerning Scandinavian investments, said:
con¬
Denmark
Scandinavian countries—Sweden,
three
$221,000,000,
approximately
to
divided
and
Sweden.
All
of
the
Sweden
in
investments
the direct
represented
of
interest
American companies in Swedish enterprises, chiefly in manufacturing and
in
petroleum distribution facilities.
Of the investments
in
Denmark,
bonds, largely obligations of the
of dollar issues which
In
ment.
National
Government.
In the
case
of
total of $65,000,000 represented similar holdings In this country
a
each
case
largely the obligatios of the National Govern¬
were
the bonds have always
fully.
,v
.
been serviced promptly and
Long-term investments of the three countries in the United States
gregate between $65,000,000 and $75,000,000.
substantial
of funds
volume
moved
are
available
on
It is certain, however,
from
these
countries
to
the
United States during the past year, particularly during the Russo-Finnish
war.
Part of the
gold
of these countries have been sent to the United
reserves
States and kept here under earmark, but the volume of this potential source
of dollar assets is not publicly known.
Col.
Philip B. Fleming Pledges Elastic Policy in Forcing
Standards
Labor
Fair
Act—Administrator
Tells
New York Board of Trade Low Wages Are as Bad for
as
for Workers—Trade Board Acts on
Business
Resolutions
Colonel Philip B. Fleming, Administrator of the Depart¬
ment of Labor's Wage and Hour Division, told the New
York Board of Trade
April 10 that administration of the
a policy that permits
elasticity. Much of the battle for better living conditions
will have been won, he said, as soon as the country "acts
on its conviction that starvation
wages and oppressively long
hours of work are as bad for business as they are for people."
He promised a vigorous campaign to protect
employers from
competition based on illegally low wages.
The New York "Times" of April 11 reporting on Colonel
Fleming's speech and resolutions acted upon by the Board
on
Fair Labor Standards Act will follow
will
not
be
United States the low-price goods
are
feel certain that
manufactured, is made possible by
factors other than the payment of wages lower than the legal minimum" the
Administrator declared.
Colonel
to
half billion dollars annually to
all contribute to
Delays, high cost and
obstructions.
these
A sound
help
be
would
conditions
these
correct
and employment
stimulus
a
to
business
and consequently contribute to the public welfare.
Supplementing the telegram Mr. Prentis said:
The
of
administered
industry and
the public
in
the operation
of the
far any other interest in¬
The unnecessarily stringent provisions of these statutes constitute
too effective barrier for new capital investment m industry.
volved.
all
an
stake
common
statutes
The
essential
only
not
be
new
of
the
objectives
However,
portance
by
for
a
capital
but
industry
to
into
Securties
the
of
Acts
by all
accepted
are
as
sustained business recovery it is of utmost im¬
administered
so
SEC exceed? by
as
to
the country
to
employment-creating
a
as
rather
encourage
whole that
the
discourage
the
than
enterprise.
will prove to
It
be of great benefit to the whole Nation if in adminis¬
the Securities Acts more emphasis than heretofore be placed on
tering
the constructive aspects
of the present statutes.
The
resignation of Mr. Mathews was mentioned in
issue of March 30, page 2026.
our
Principal Danger in United States Lies in Continuous
Growth of Economic Power by Political Govern¬
ment,
Says M.
A. Linton—Head of Provident
Mutual Life Insurance Co. Warns Against Federal
Is
the
partnership of democracy and private capitalism
likely to raise the average standard of living in this
country, or must we seek some other way?
This was the
lutual raised by M. A. Linton, President of the Provident
Suestion Life Insurance Co. ot Philadelphia, in his address
before the Chicago Association of Life Under¬
Pointing out that changes elsewhere in the world,
as well as in this
country, have aroused questions and unrest
in the minds of many Americans, Mr. Linton stated that
much misapprehension occurs because of a failure to under¬
stand the real nature of capitalism.
While primitive man
April
11
writers.
worked
only to
of
a
large proportion of labor
and
plant which in turn enable men to produce goods for
consumption more readily and cheaply.
This
creation of plant aDd machines for future production is
capitalism in its fundamental sense—while money and
securities are capital only in the sense that they represent
ownership or potential ownership of capital itself.
In discussing the depression, Mr. Linton was frank to
admit that the country has recovered more slowly from the
results of war-time over-expansion than other countries.
ultimate
He stated:
This failure to keep up with the recovery procession of other democratic
countries resulted from incorrect economic theories
of government.
It
was
theories
adopted to the center
believed that prosperity could be produced if the
government would spend
borrowed money lavishly.
Concurrently, other
having to do with the gold content of the dollar, labor relations,
taxation,
government
were
remained out of
put
competition
into effect.
with private
The net result
business,
was
and control
of
almost complete
an
the
Board
of
Trade
passed several resolutions.
They opposed the plan of taxation of domestic
insurance companies provided for in Assembly Bill Int. No. 2063,
approved
the Smith Bill in the House of Representatives to amend the National Labor
Relations Act, opposed an amendment to the Walsh-Healey Act
penalizing
Federal contracts employers against whom the NLRB has issued an
jobs.
The persistency of our unemployment problem has given rise to
theories that this country is overbuilt.
resources, our
ment funds
Fleming's address members
he said,
consume,
in the modern world is devoted to the creation of machines
stoppage of the flow of private funds into industry, and millions of workers
long before every manufacturer may
the price-cutting he is encountering in the market, no matter where in the
Prior
to
ence
volume
securities,
of Trade, said in part:
"It
one
million dollars a year.
involved
most
ag¬
At least two-thirds of the
No statistics
Scandinavian short-term holdings in this country.
a
every
Control of Insurance
No statistics are available on United States "short-term" investments in
these countries but the amount is certain to be quite small.
that
for
investment
to
understanding of industry's problems would mitigate unnecessarily restric¬
tive regulations.
The appointment of a business man qualified by experi¬
.
total represents Swedish investments here.
of three and
average
liabilities
obstructions
a
total of $89,000,000 represented holdings in this country of Danish dollar
Norway,
dollars
thousand
ten
to
existing
approximately six hundred
excessive
flow
$26,000,000: Denmark, $103,000,000; Norway, $92,000,000.
operations
six
The
lias shrunk from
statutes
Norway—
follows:
as
requires
April 13, 1940
in the financing and operating of
go
far beyond Wall Street in,, their
experienced
the flow of capital into
responsible in large part for the present American anomaly
idle dollars and millions of idle men.
New capital financing
of billions of
At the end of 1939 the estimated United States "long-tern*' investments
amounted
it
is
SEC
industry.
in
desirable..
of 1939.
who
man
business.
private
elsewhere in
the
a
effects,
foreign
In
SEC
industry are
The German
this week
the
On the contrary,
our
fantastic
vast natural
large labor supply, and the accumulation of available invest¬
provide
an
economic unit
so
well supplied that it can make a
great deal of progress above present levels—provided we stay out of war.
Warning that the trend of the world is toward gradual
usurpation of the rights of the individual by government,
insurance
tne
executive
called
attention
to
the
march
of
on
order,
and
urged
the
President
and
Congress
to
act
curtail
to
Federal
spending.
In appealing for the cooperation of business men,
that "I think the time is coming when the business
who slices his profits
about
as
Colonel Fleming said
man
or
manufacturer
from the bread and butter of his working people will be
socially acceptable
as a case of
In
an
smallpox."
man.
interview at the Hotel Astor, prior to his appearance at the
luncheon,
Colonel Fleming reported that
restored
to
total
a
of $558,000
13,400 employees in the New York
in back pay had
area
since
been
the Fair Labor
Standards Act went into effect in October. 1938.
So far 279 employers in
this area, comprising New York and
Connecticut, have been found violating
the Wage and Hour Law, he said.
Colonel
New
Fleming complimented George B.
York
and
assured Mr.
from the 41
Connecticut,
on
the
Kelly that the number
now
It may
Kelly, Regional Director for
made
in
this
section
as a
basic principle that when both the political and
centered in
one
group,
next month or so.
it will not be long before dic¬
*
Linton stated that Federal control of insurance investments
would
place tremendous economic power in the hands of
might prove not only danger¬
ous
to owners of life insurance but to the political and
economic freedom of the country as a whole.
He concluded:
future administrations, which
The obligation rests upon all of us to do everything in our power to pre¬
the
sound
American
and
of inspectors here would be increased
employed to 63 within the
are
Pointing out that recent developments in Washington in¬
dicated a threat to state supervision of life insurance, Mr.
serve
progress
be put down
economic control
tatorship will follow.
The Administrator suggested that it
may be necessary to adopt different
definitions for different industries as to what constitutes an executive or a
professional
dictatorships in other lands, and stated that the principal
danger in this country lies in the continuous accretions of
economic power by the political government.
He added:
government with
principle
of free
enterprise
checks and balances adequate to
and
assure
a
system
of
continuance of
the blessings of human freedom which form the cornerstone of this country's
greatness.
.
President Roosevelt Urged by National Association of
Manufacturers
Men
to
to
Vacancy
Appoint
on
Experienced
Business
SEC
Appointment of a business man "experienced in the
financing and operating of private business" to succeed
George C. Mathews as a member of the Securities and Ex¬
change Commission has been urged
velt
upon President Roose¬
by H. W. Prentis Jr., President of the National Asso¬
ciation
The
of
Manufacturers, in the following telegram:
National
appoint to
the
Association
vacancy
of
created
Manufacturers urgently
requests you
to
by the resignation of Mr. Mathews from
Jones Bill to
„
Change Farm-Credit System Called Serious
Threat to Nation's Credit Structure by Spokesman
for
ABA—Testimony Before House Agriculture
Committee—Farm Organization Heads Assail Pro¬
posed Provisions—Under-Secretary
of
Treasury
Bell Opposes Certain Provisions
Pending
legislation
revise the Federal farm-credit
April 5 as "the most serious threat
to the credit structure of the nation that has
yet been offered
for the consideration of Congress" in a statement issued
by
system was described
to
on
Volume
A.
L.
M.
The Commercial & Financial Chronicle
ISO
Wiggins of Hartsville, S.
C.,
Chairman of the
American Bankers Association Committee on Federal
Legis¬
lation.
Mr. Wiggin's statement was in explanation of the
position of the ABA on the Jones Bill to reorganize the
Federal Land Bank System, which spokesmen for the As¬
sociation have been presenting before the House Agriculture
Committee holding hearings on the proposed legislation.
He said that "all totalitarian economic
systems in the world
today under control of dictators have used such devices as
this bill proposes to enable them to take over the agricultural
system ana eventually all types of private enterprises."
The statement
by Mr. Wiggins read:
The American Bankers Association has entered its opposition to the Jones
Bill
knowing that its position
relief of the farmers and
an
be construed
may
expression
maintain high interest rates for the benefit of private capital.
has no basis in fact.
However, in the
public interest,
silent in the face of
attack
an
on
cannot remain
Land Bank System.
(3)
The provision that establishes
obligations through
an open
administration,"
that
whereas
administration of
a one-man
Farmers
a
bank depositor,
every
and every investor in the country.
interesting fact that all totalitarian economic systems in the world
today under the control of dictators have used such devices
Louis
J.
Taber,
Master of the
National
and control."
Grange,
He advocated
turned to its independent status if farmers
as
this
bill
agricultural system and eventually
all types of private business enterprises.
There is
the Jones
stand
involved
more
in
the
Previous
of March
philosophy underlying the proposals of
why there is
a
sudden rush to destroy
It is difficult to under¬
existing agricultural credit
an
system that has been operating for 24 years and was established after long
and careful
study by
commission authorized by Congress and appointed
a
by Woodrow Wilson.
tions of the farmers
system which
It is highly significant that the principal organiza¬
strongly opposed to the emasculation of this credit
are
the farmers themselves have laboriously built and success¬
fully managed for the past quarter of
century.
a
We ask but this: That time and opportunity be given for the
people to
give consideration to this proposal to destroy the agricultural credit system
of this country
and to understand the real significance of the
hearings
30,
in
on the bill
2018-19.
pages
'
L.
Willkie,
of the United
the
and
most
President
designated
the
as
land bank bonds.
(plus the selected differential) could be used temporarily
existing and
on
new
issues.
Upon the completion of such refunding, the
would become effective: and the rate in effect for
could be
of
all
new
guaranteed
new permanent system
new
loans
5,
here proposed
29,
1940, the
would have
"cost of money"
been 2H%
on
the temporary basis
and the temporary mortgage rate
would have been that amount plus whatever differential might be decided
for
shall
the
resources, the
Willkie's
become
remarks,
"whipping
a
Concerning bis objections to
a
3% interest rate Mr. Bell
them prior to June 30,
bring the rate
minimum
since
1946, down to
on
existing farm mortgages held
temporary
rate
emergency
on
new
which
has
been
below
in
am
interest rates
The
"dark
fully
as
as
can
possible consistent with the cost of funds to the
be justified on such a basis.
At the present time, such
short periods in order to obtain low
rates or payment
subsidy.
a
The bill proposes that the
Secretary of the Treasury make up any excess in the borrowing rate over
2% during the period prior to June, 1946.
is made for the
But no provision for a subsidy
period beyond 1946, although ultimately this question would
possible
needs
have to be faced.
to be maintained
necessary
farm mortgages is set at 3%, and a 1% spread is
to cover
administrative expenses and losses,
statute and
1946.
it would be
for the land banks to borrow at an average rate of 2% or less.
mention the 1 % spread because
I
contemplated in the bill with respect to loans made after June,
assume
to
that
cover
the
administrative
Committee
will
expenses
consider
and losses in recent
the
years.
I
.
.
of the proposed
adequacy
:
•
:
Also testifying on April 2, representatives of two of the
large agricultural organizations urged the return of the Farm
Credit Administration to its previous status as an independent
agency.
A Washington dispatch of April 2 to the New York
"Times" added:
Edward A. O'Neal, President of the American Farm Bureau
asked
setting
the
up
Senate
Federation,
Agriculture Committee to recommend passage of a bill
the FOA
as an
independent agency in order to establish a credit
institution "free from political
ills
boy"
in
for
the
part,
as
government,
United
created
States
he
were
Government-made
a
the American
the
and
the
for
Mr.
the people
for
the
his
workers
is
not
America, new products
expanding industries for the in¬
new
dark
people today
of
legend
against
it
American
business
is
took
for
the
term
He
a
conceded
will
had
continued
man,'
here
the
abuses,
publicly
"It
is
be
hardly
of
recurrence
for
which
almost
capital
to
the
it im¬
which
employ
the
he
men
that
shall
practice
The
years.
may
poli¬
they
seem,
honored
in
this
even
country
epithet."
industrialists
been
had
encounter
Dreadful
come
upon
it may be,
as
guilty
patient
in
we
may
some
>
.
the
both
in
somewhere,
man
some
abuses
wrong.
kill
to
will
you
the future.
we
it
an
and
eight
pot of horror and smeared
a
as
been
had
men
doing something
good
the
and
destroyed
has made
the
added:
but
predict
possibility that
who will
time,
slowly
...
plants
Incredible
business
some
of
industry and government in
face
the
century, and turned it into
that
dishonesty and
"I
build
to
enterprise.
'business
than
more
"has
obtain
to
man
kind of witch's broth out of
a
American
over
declared,
business
industry,"
legend"
"brewed
all
Willkie
in American business;
American
enterprises,
"dark
This
ticians
order
to
prevent
disease."
J. Johnson Says That Price of Government
Subsidy Eventually Calls for Sacrifice of Personal
Liberty
Holgar
In
address prepared for the mid-year meeting of the
an
National Association of Life
Underwriters, at Atlanta, Ga.,
Holgar J. Johnson of New York, President of the Institute
Life Insurance,
of
Government
declared
subsidy
April 5 that "the price of
on
eventually
calls for the sacrifice of
In reporting this, Associated Press ad¬
Atlanta, Ga., added:
personal liberty."
vices
from
"One of the most
in
the
selves
shall
coming
through
hut
therefore
cannot
whether
to
all
wealth
floor
too
provided
able
find
to
them¬
for
or whether
they
support," he asserted.
"because
it
does not
create
produce," he said, "and
by Government subsidy should
work
propounding of such
believe.
to
we
if
can
a
again;
sizable portion of
too
a
not
are
us
to
not forget
we
population
few.
philosophy of hopelessness lias
But let
we
a
our
demagogues have made
many
economic misfortune of
greatest opportunity and that
a
that this is still
lure;
fatal
the
Nation
must provide all the security for our¬
retain
our
individual
racy."
Mr.
security
initiative
the people
times that
many
is
that
provide
for
the people,
which
of
selves
shall
thrift and
the Government
high above the subsistence level."
political capital of the
easy
they
individual
support
the
economic
be
never
is
more
consumes
the
"We have heard
will
important questions for the American people to decide
decade
continued
look more and
freedom
and
democ¬
__
Johnson
announced
that
within
two
weeks
the
Institute
Insurance, which is composed of 93 companies, would start
advertising campaign,
exclusively in
"We
are
provide
in
an
of
with weekly advertisements through
an
Life
educational
1940 appearing
newspapers.
using newspapers," Mr. Johnson said,
effective medium for reaching
our
because
case
life
insurance,
a
"because
we
believe they
large number of people,
with
its
policyholders and
neces¬
bene¬
ficiaries,
directly affects about 100,000,000 persons in this country.
The
great American jury gets the bulk of its information from the press of the
Nation, and, therefore, that is one place where we must tell our story."
Opposition
Assailed
disturbances."
to
as
Journal"
ment
differential.
in
it is the differential referred to in the present
However, it is my understanding that a 1% spread has not been
sufficient
America
until
required for expanding
sary
If the loaning rate on
but
vitality
an arrangement
would necessitate either borrowing for
by the Treasury of
for
it
of the desirability of permitting farmers to enjoy
aware
low
of
legend,"
confidence of
existence
Government, it is difficult to understand how this interest rate arrangement
&
destroyed."
"The
*
1935.
While I
loans made by
low level—a level
new
a
suffering of
provide jobs
America
he built too
by the land banks and the Corporation and that
economic
current
economic
not
Government
said:
People
Commonwealth
Associated Press advices from
Mr.
gave
the
consumers
of
wealth
This would permanently
issue
industry; it is primarily the fault of government,
upon.
the
that
of that date
as
Free
the
The
applied permanently to then existing loans in place of the temporary
As of Feb.
rate.
on
loans, coming due in the
period prior to the refunding of all land bank bonds into
re¬
United States Lies
a
national
free people.
a
industry had
and
as
bearing debt, excluding special issues.
both
be
our
depression.
average
the basic "cost of money" could be temporarly designated
interest instalments,
the FCA
the fault of
However, until
the computed average rate of interest on the direct and guaranteed interest-
This rate
also that
States did not lie in its material wealth
valuable of its
ability of
American
the banks have refunded ail of their outstanding obligations into new guaran¬
teed issues,
Jones
follows:
of
ing before the House Committee April 2, found no great
objection to the provision of the bill for Federal guaranty of
new issues of Federal Land Bank Bonds.
He did, however,
disapprove the proposed 3 % interest rate on long-term farm
mortgage loans, suggesting that the interest rate should be
based on the "cost of money" plus a stated differential suf¬
ficient to cover expenses and losses.
He continued:
I would suggest that the "cost of money" be
by
Southern Corp., in delivering a prepared message on
April 5
to the Boston Chamber of
Commerce, said that the success
Under-Secretary of the Treasury, testify¬
interest rate of all guaranteed Federal
denounced
referred to in
were
Vitality and Ability of
Wendell
program pro¬
posed.
Daniel W. Bell,
"banker-
bureaucratic control."
or
Wendell L. Willkie Says Success of
vestors
than the relief of agriculture.
measure
fearing
as
a
to obtain credit "free from
were
changing administrations, partisan politics
"We
proposes to enable them to take over the
demanded
described
Farm Credit Reorganization Bill as
"undemocratic, unsound and destructive
of local initiative
the liquid wealth owned by
threat that would affect adversely
owner
were
minded and hard-boiled" attitude toward credit.
primarily the fault of government.
"By its sinister rumors the Government has
an
of
from changes in
interests
lending agency might lead to
a
asserted,
farm
one
"danger of recurring
years
agricultural
the people, would be unfaithful to their trust if
they refused to speak out
It is
by
Mr. O'Neal said he felt that
in the face of
every
Department
excellent job" of administration.
continuity of policy and administration.
invitation for scaling down of debts.
The bankers, as custodians of a large
part of
national
Boston, April
statutory right the repudiation of
as a
Agricultural
He said the agency was placed, however, under the
the
in
The destruction of the integrity of the obligations of the borrowers
farm mortgage loans through the abolition of personal
liability.
on
the
changes which might conceivably result every four
The most serious threat to the credit structure of the nation
(1) The substitution of the guarantee of the Government in place of the
(2)
2351
under
Secretary Wallace had done "an
credit system of
that has yet been offered for the consideration of
Congress is contained in
three proposals in this bill.
They are:
.
collateral underlying the bonds of the Federal
placed
was
Such criticism
we
the integrity of credit and the introduction
of unsound policies into the
operation of the agricultural
the country.
desire to
a
FCA
President Roosevelt's Reorganization orders.
opposition by banks to the
as
the part of bankers of
on
The
Government Waterways Expenditures
"Unscrupluous"—Statement in "Marine
Attacks
Critics
with "Pork-Barrel"
Who
Join
Such
Allot¬
Spending
No form of Government expenditure is subjected to closer
security than proposed expenditures for waterways, accord¬
ing to a memorandum entitled "Waterways and the 'Pork
Barrel,' " contained in the "Marine Journal" for March.
The memorandum, prepared by the Association of Ship
Brokers and Agents of New York,
attacks attempts of
opponents of river-and-harbor legislation to defeat it by
terming it a "pork-barrel" measure.
The statement said
that such a label is
"unscrupulous," and impugns the
The Commercial & Financial Chronicle
2352
The text
integrity of the Corps of Engineers and others.
of the statement is given below:
Year after year the opponents of river and harbor
It
"Pork Barrel,"
by derision.
they
thing is that
so
many
that river and harbor
believe it, despite the fact
legislation is entirely free from pork, by reason of the method of its adoption
and enactment, and has been so for a
generation.
War at his
selection (and that means at the selection of the Chief of Engineers,
U. S. A.) from a list of approved projects.
And what are these approved
It appropriates
lump sums to be spent by the Secretary of
projects ?
by his superior, the Division Engineer; then by the Board of
reviewed
Engineers for Rivers and Harbors, and finally by the Chief of Engineers.
Many projects are rejected.
No part of the study is perfunctory.
Having passed that test, they go to the River and Harbor Committee of
the House, and if approved by
them they are incorporate in the River and
Harbor Authorization Bill, which carries no money.
bill becomes law,
the
they become approved projects, to which
when made available by Congress.
the Secretary of War may allot funds
There is
as
no
form of Government expenditure subjected to
Not to
worth.
to its
use
too strong a
closer scrutiny
word, labelling such legislation
To do so is to impugn the integrity of the
"Pork Barrel" is unscrupulous.
Corps of Engineers and its Chief, the integrity of the River and Harbor
Committee, and the members of the House and Senate.
The
in
use
of such a weapon suggests a
do know is that without the hope
we
creating
element in
our
Prentiss Jr.
W.
Calls for Chan
and expectation of profit no
and assume the risks involved
absolutely necessary to our productive effort.
tools so
the
or
might say wages for the use of tools, are an
we
All of
is really controlled by the public,
should recognize that business
us
determine what they will buy and
because in the last analysis consumers
This applies to almost every
manufactured article, including even the commonly
every
sities.
in peace.
sities,
in the National
Labor Relations Act
commodity and
accepted neces¬
necessities
think are neces¬
necessities in war, but there are few, if any,
There may be
Frequently, substitutes are found for what we
make what we have last longer.
or we can
and in a free
which
but also our hopes or
our fears for the futures.
Thus, prices are never absoultely high or abso¬
lutely low.- Prices are relative.
If the Government steps in and fixes a
price, although it may seem to be regulating the seller, it is actually regu¬
lating the freedom of the buyer—the public.
Goods will flow freely and
fully at the fixed price only if it happens to be the price that the public
would have paid anyway, if it wanted to buy.
Prices may be fixed directly,
or again they may be fixed indirectly through the
imposition of taxes
■We, the consuming public, determine the prices we pay
determine them with reference to a large number of factors
economy
include not only the present state of our pocket book,
have
added
be
to
prices,
to
through the regulation of wages
or
upward, faster than the pace of technological progress
ges
essential
Without the incentive of profit our present
whole economy.
system cannot endure!
which
bad cause.
by-plays upon words.
are
could be induced to make the sacrifices
in
tions
H.
have
we
What
one
the prices they will pay.
They are projects that have been certified economically sound after long
study by the Corps of Engineers, U. S. A., made first by the District Officer,
When
or not
"Profits",
appropriate for particular projects.
In the first place, Congress does not
We can
know whether
produced for profit until all the returns are in.
Both phrases
produce only for use or in the expectation of use, and we never
The astounding
appropriations for projects without merit except political.
that "pro¬
and "production for profit" is some-
duction for use" is wholly virtuous
thing far different.
legislation try to kill
meaning that the bill carries
say;
April 13, 1940
There seems to be a widely held theory
obtained without work.
But,
costs.
and resultant reduc¬
how directly such regulations may be
matter
no
imposed upon business, they are actually regulations upon each of us as
members of the buying public, governing the exercise of our full discretion
as consumers.
' ' V
.
H. W. Prentiss, Jr. President of
of Manufacturers in a speech at
the National Association
Philadelphia on April 8
formally opened a movement to mobilize the nations manufactorers in a campaign for "better understanding of private
enterprise" and called for changes in the National Labor
Relations
which he said
Act,
blackjack."
by
government
The meeting at
Prentiss delivered his address
this
"to prevent
necessary
were
was
which Mr.
the first of 37 scheduled
throughout the country, said Associated Press
Philadelphia, April 8 which gave other portions
of his speech as follows:
year
advices from
"With that Act,"
he declared in
speech to industrialists from Penn¬
a
sylvania, New Jersey and Delaware, "came not peace but a sword.
"Strife has been multipled
details of
an
The Act sees evil in the minutest
mainfold.
blind,
employers relations with his employees, but it is
and
willfully so, to intimidation, coercion and worse on the part of labor racket¬
eers
and professional
Mr.
agitators."
President of the Armstrong
Prentiss,
leaders had "no
asserted labor
"The sorry
Cork Co.,
less social responsibility"
Lancaster,
Pa.,
than employers.
record of the national labor relations Act and its adminis¬
tration has been revealed by
the Smith investigating committee," he said.
"Here is
answer
a
law held out
as
the
to labor
disputes and
a
solution of the
unemployment problem, but conceived and administered in the un-American
theory and spirit that the interests of employer and employee are and must
always be antagonistic."
N.
The
A.
M.
groups oppose a
was
the
assembled
that
industrialists
three
and job
holders
.
.
..
Politicians
House
Labor
Out-Traded in Many of
Being
Unless the United States rolls up its sleeves and starts
fighting for export business, we soon will find ourselves
hopelessly out-traded in many of the world's markets.
This warning featured an address before 800 members and
guests at the recent annual meeting of the Export Manager's
Club of New York by R. W. Gifford, Export Manager of
Norge Division, Borg-Warner Corp., and President of
Borg-Warner International Corp.
Mr. Gifford stated:
is
difference—this
time we are being told in no uncertain terms by London that they are
out to really build British business in all markets of the world.
They
make no exception as regards American business; if we get hurt, it is just
Keep constantly in mind that this war, like most of those in the past,
primarily
commercial
a
However,
war.
there
is
this
too bad.
Various plans are now
under way among the British, French and Japanese
They already have a far
the world than we
particular, have openly announced their plans.
official
better
The British, in
for building up super-sales staffs abroad.
governments
commercial
Committee,
are
a
a
little difference," Mr. Prentiss asserted.
throughout
organization
against these British tactics,
"make
herring" and would
The only way to amend
our
own
Government has deliberately
systematically wrecked the only organization we had which
foreign
Commerce.
Domestic
organization staffed
trade
We need a Govern¬
by trained men and
political manipulation so that they can safely make this
from
An
work.
organization of this type would then
foundation of our foreign trade and of the greatest
field
possibly
I refer, of course, to what was done
exporter.
Foreign and
ment-sponsored
life's
bill by Chairman Mary T. Norton
"red
As
could aid the American
free
"playing both ends against the middle."
Wagner Act amendments proposed in
of the
Against
World's Markets
to the Bureau of
who want to prolong their
.
spree."
3.
—Warns
Organiza¬
Exporter, Says R. W. Gifford
tion to Aid American
and
the Act "has armed with clubs while it
chaining balls to the ankles of employers."
2. "Bureaucrats
United States Should Create Foreign/Trade
have, but they plan to build an even better one.
told
President
"thorough overhauling" of the Act:
Labor organizations which
I.
♦
,
their
become the very
assistance to our own
organizations in foreign markets.
the Act
properly, he said, is to make the changes suggested by the Smith investigat¬
opening of this drive to defend American industry
reported in our issue of April 6, page 2195.
+.
E. R. Stettinius
Urges Mutual Understanding of Prob¬
Cooperation between Public
Industry—U. S. Steel Corp. Chairman Ad¬
dresses Chicago Economic Club
lems
as
Best Basis for
and
In the final
analysis, it is the public which regulates busi¬
ness, Edward R. Stettinius Jr., Chairman of the Board of
the United States Steel Corporation, said on April 11 at the
annual dinner meeting of the Economic Club of Chicago.
The principal public responsibility to industry, he declared,
is to exercise good judgment in using factual information
regarding industry "when we undertake to define through
laws the relationships which we have with one another as
business men."
"It goes deeper than that," he added, and
"is not alone a responsibility of the public to industry, it is a
responsibility of the public to itself."
The public responsi¬
bility, Mr. Stettinius continued, "is to act only on the facts
with a full realization that American industry is not a thing
apart from the American people, but our common source
Mr. Stettinius said in part:
a
good product at
responsibility.
least
that.
There is
The
a
reasonable price.
no way
definition
of
But that is not simply
of staying in business unless
such
Vice-President of General
Kettering,
in
said
statement
a
a
one
5 that the Nation's major
April
on
United
April 5, gave some of Mr. Kettering's remarks as follows:
"Take
few
a
Why
electricity,
of
profoundly affect
and
industries
is
"It
the
our
some
or
another
frontiers
The
new
labor
further
friction?
shortage.
have reached the end of the road of
we
science and industry ahead
of
Why is glass
hold promise of
improvements in the standard cf living surpassing even
the past which
of
progress
is
Any one might lead to vast new
present machines.
create
jobs and
What
substances good conductors and others poor
heat or sound?
Answers to any one might
fallacy to believe that
a
progress.
new
are
physics.
of
examples
transparent?
conductors
made this the most envied Nation
has
earth."
on
pointed out that in the early days the greatest necessity was man¬
He
and
power,
"Our
labor-saving inventions and machinery were developed.
now
is to supply more new labor-creating industries,
industry, through industrial research.
so
problem
like the automobile and the electrical
Now
have
we
an
excess
of
man-power,
money
and
these abundant resources.
"We need to turn our research and development
things to
present
use
of
excess
happiness
"Man
does at
responsibility is sometimes
Motors
is to obtain more new labor-creating industries.
Press advices
from
Washington, under date of
problem
men
have anything
reach his present
We need
programs
to supplying
in larger quantities—so that the
will be put to productive work increasing the wealth,
the country.
He used his brain and his hands to
and well-being of
can
materials.
up
projects—new products and present ones
It is often said that the primary public responsibility of business is to
furnish
F.
Charles
Corp. and Chairman of the committee in charge of the cele¬
bration of the 150th anniversary of the Patent Office,
more
of livelihood."
Obtain More New Labor-Creating Industries
to
The
was
Kettering Says Nation's Major Problem Is
Charles F.
ing committee.
he wants.
state of civilization.
extended to include paying an adequate wage to workers and an adequate
to
return to the owners of the business.
Man's head and hands will continue
do anything we can to stimulate
research and invention.
But, regardless of
wage
regulations
there is, in the long run, no way of keeping good and efficient workers
without paying them adequate wages.
a
There is
no
way of even
private business, much less going forward and improving living standards,
unless the owners get a fair return which makes their
while.
Those who
would prevent
proper
claim to be friends of the wage earners.
*s
maintaining
returns to
participation worth
the owners cannot
There must be employers, if work
satisfy
"Our
and
of
will
the
his
large
public
law
Kettering,
business"
which
to exist for wage earners.
1.
I say "return to the owners" because the word "profit" is often misused
2. A modern
to connote
something which is
a
sort
of gift to
the owners—something
3.
We
need
to
patent system has acted as a stimulus for new things in the past
continue to do so in the future.
This is one of the purposes
States Patent
Mr.
desires.
Adequate
celebration
soon
an
still
of
the 150th anniversary of
challenge
man:
homing.
highway system.
Preventives and
the United
to be observed."
inventor himself, listed the following as
cures
for ills,
such
as
colds and cancer.
"unfinished
Volume
4.
Air
6.
Fundamental
We hope some day to
market.
conditioning.
information
the
in
of
sciences
basic
physics
used cars, and this has created a used-car
model T today depends upon
television.
including facsimile transmission and
Communications,
5.
and
but with greater
produce
Improved transportation
9.
More
efficient
systems,
'
1
■
is
enough
He contended that new
raise the
;v
problems
for industry and science to work on," he said.
"We need anything that
will put men back to work.
Every line of endeavor, business, government,
science, engineering and even economics has its unfinished business."
"There
in the former low-priced field
the "theory of scarcity" makes manu¬
'unfinished business' to supply thousands of
tension
standard
on
production techniques increase employment and
Workers today, he said, work under
of living.
and assembled more
easily.
Appearing as the fourth witness in the
changes and their
committee's study of technological
The Temporary National Economic Committee on April 8
began an inquiry into the effect of machines on employment
and production in the United States,„
Many ^scientific,
industrial and labor leaders are expected to testify before
this phase of the committee's inquiry is concluded. Hearings
are expected to continue for two weeks, as a prelude to a bill
by Chairman O'Mahoney which would provide a system of
rewards and contributions to industrialists who stimulate
private employment.
Dr. T. J. Kreps,
The economic adviser of the committee,
April 8 that most of industry was equipped to
a
$90,000,000,000 or $100,000,000,000 national
Associated Press Washington advices of April 8
on
produce
income.
said:
,
The
University,
that industry's real need was more market, not
said
He
capacity.
Kreps, an eoonomics professor from Stanford
T. J.
Dr.
witness,
"pioneered" in the continual development of "labor-
he said.
"Our capacity to
produce goods must not change faster than our capacity to purchase
were
them."
the benefits of
contended that prior to the world war,
The economist
technology
and answer form in reply to a
The committee previously
has heard testimony citing the automobile industry as an example of
providing additional employment through introduction of new inventions.
"It is believed the use of some devices is retarded by the fear of capital
to make the necessary investment under the present limiting conditions
whereby it shares in all losses but in little of the profit," he said.
"The
chances against success are too great."
"Too, the theory of scarcity (to which this company does not subscribe)
rather than of plenty is another retarding factor."
The Ford Company, he said, had found that improvements in techno¬
logical investments required "the continual investment of new capital."
He upheld the patent laws as providing an "incentive to thought and
work" which compensates for any harm done when the patents are not put
"to good use.".
''
"Patent rights can be used or misused," he said.
"When used as they
are by this company
(Ford) they help to advance development.
When
patent rights are held by those who make no effort to put them to good
use,
workers/
'
.
v/-;
displacement of
blood in
"If
he said.
we
of economic
power
without the consent of the governed,
be able to create for us an America
never
Dr.
technology will
unlimited."
Kreps said that one invention often led to another and that it was
entirely probable that the country was on
of technological
the threshold of a greater period
; ; /
advancement than ever before.
Apparently referring to charges that business has been reluctant to make
new investments because of fears of the New Deal, Dr. Kreps declared.
"Industry has not been reluctant to make new investments when
was
a
market.'
statement
there
Probably in no instance is this better shown than by the
Pont
du
of the
company
in their annual report of 1937 that
products relatively unknown in 1929 accounted for about 40% of their total
sales.
In
,
.
1927
they
had
only
10,700
workers
making
those
He stated
when
there
this situation is the exact
that
was
Kettering,
opposite of a few years ago
definite need for more machines and labor-saving devices
because of lack of necessary labor.
Dr.
to
Kettering
appear
was
the first of a long list of industrial leaders scheduled
before the committee to testify concerning the impact of the
machine age upon our economy.
not mean that the total
selected
for
study
Edsel Ford, President of Ford Motor Co.,
by the
committee as representative of the economic
Pointing out that while advances in technology
He asserted that the unem¬
caused by too slow an advance in the machine age
jobs for all of the people who want to work.
rather
than
too
fast
an
increase in the number of
President
will not go
"Many of these products
which
through and through.
This is a process of cooperative inven¬
will surely bring into our industrial machinery many new
unheeded," Dr. Kettering stated.
will come directly
is American
tion
and
it
products from inventors and industries
Rolling Mill
American
the
immediate and temporary dis¬
Such dislocations are inevitable in a
progressive society, he added, and "need cause concern" only when de¬
pressed business conditions generally extend the time in which the displaced
generally had this result, although
placement of workers often results.
workers can find other
employment.
he added, many
but the generally favorable business
produced an opposite result.
sion
.
/
•
'
provide no evidence,"
he said, "that technological improvements cause permanent unemployment
or help to bring about prolonged depressions.
But periods of depression
always bring to life the old exploded theory,"
- / i
Workers in the strip mills also had benefited from the lightening of their
tasks by the automatic machinery and the improvement of working condi¬
tions generally, he said.
In the 1926-37 period, he continued, average
hourly wage rates in the steel industry increased from 63.6 to 84.7 cents
and work hours were substantially shortened.
And for his own firm,
Mr. Hook said, the averaged realized price for all iron and steel sheets had
experience of the last century seems to
"But the
declined in this period by
But
31.1%.
widespread unemployment still
of restrictive tax
from
own
an
industries.
that one of Mr.
in these industries had risen
figure of about 63 in 1932 to 95 in 1935 based on the 1923—35
Chairman O'Mahoney the comment
charts showed that employment
index
average as
exists, the industrialist held, because
confidence needed to
policies and a general lack of the
This brought from
Hook's
100, while indices for other
102 in 1926 to about the same
industries had risen from around
levels in 1937.
confidence" Mr, O'Mahoney asked.
"Does that indicate a lack of
"Yes, it does," Mr. Hook
those indices should be
our
replied, "for to have keep just on an even
around 112 today because of the
population in the period."
More Machines Backed by
ment, Says
keel
11% increase in
'
,
♦
that in the field of automotive trans¬
be established."
technological advances
conditions permitted rapid
absorption of displaced workers, while in the last decade the general depres¬
took place,
V
:
Greater Research and Sales
Lead Way to Prosperity and
Efforts Will
will show a rate of improvement
10 years is established "as clearly as anything
said that
established that technological improve¬
Mr. Hook said he felt it has been
ments
portation, the fact that the next 10 years
greater than that of the past
Co.,
follows:
from a system called industrial research, a process
Kettering told the committee
in the future can
of
11, Charles R. Hook,
employment had been stimulated, not decreased, in the steel
industry, by the adoption since 1925 of the continuous strip
sheet rolling mill.
Washington advices of April 11 to the
New York "Times", quoted his remarks further, in part, as
products and improvements."
Dr.
there."
and it takes more men to put it
Testifying before the TNEC April
:
"We know that this call for new
in the car,
more
machines, throwing
of employment.
workers out
for many years, but as has
hours of work in today's Ford than
Cutting costs enables the company to put
been shown, there are many more man
have been accused of
producing unemployment by too many inventions, Dr. Kettering declared
that the facts are that we haven't enough new things to provide sufficient
ployment problem was
number of
stimulate the durable goods
problems attributable to advances in technology.
manufacturing costs are
because better machines
But that does
jobs has been decreased permanently.
those particular jobs.
"The Ford Motor Co. has been cutting costs
followed by major executives of a series of industries
is to testify tomorrow,
into Ford plants.
point in denying," he said, "that
Thus, in the Nineteen Twenties,
Vice-President of General
Motors Corp., told the committee April 9 that new advances
in technological and scientific developments are the greatest
present need in the economy of this country to develop new
industries to take up the present slack in employment. His
testimony, summarized as follows in Washington advices of
April 9 to the New York "Journal of Commerce", continued:
F.
Charles
no
have made those men unnecessary on
products; in 1937 they had 18,000."
Dr.
,
six years, improved methods of manu¬
constantly cut by taking certain men off certain jobs
fail to have sufficient American pioneer
veins to insist that there shall be no concentration and exercise
our
retard development."
may
Mr. Ford said that during the last
in the model 'T' or model 'A'.
/
"Monopoly in its various forms in the United States is the enemy of
democracy,"
they
him by the committee.
facture had brought many new workers
passed on to the consumer and the farmer by lower prices
but that since the world war, technology has meant the
employment."
testimony was presented in question
His
series of queries sent to
"There is
is economic balance,"
necessary
improvements," he said, "it
desirable products
machinery and technological
but it has helped to increase
in their relation to the national economy.
"What is
.
has been abie to lower costs and make more
not omy
more
the first to testify in the committee's study of machines
was
"With such
testified
relationship to economic recovery, Mr. Ford
serving and labor-saving machinery."
Temporary
National
Economic
Committee
Starts
Hearings on Effect of Machines on Men—Edsel
Ford Says Workers Gain by Technological Improve¬
ments—Views of Charles Hook
less
formerly because parts are better fitted
the Ford belt line than
that the company has
testified
Ford plants today are
improvements.
capacity, and he added that he is not
planning to run to fuU capacity soon.
materials, both natural and
\
synthetic.
running only to three-fourths of
cities.
modern
knowledge of the properties of
Better
facturers reluctant to introduce new
agriculture.
including land, water and air.
plant growth for better
7., Knowledge on
8.
a car
power."
Mr. Ford told the committee that
chemistry.
10.
2353
The Commercial & Financial Chronicle
ISO
Employ¬
R. L. Putnam
More machines, not
less, backed by greater research and
back to prosperity and employ¬
sales efforts will lead the way
ment, Roger L. Putnam,
President of Package Machinery
President of the Ford Motor Co., told the
April 10 that technological improvements
introduced by his company have increased instead of decreas¬
ing employment. H. J. Thomas, President of the Congress
of Industrial Organizations section of the United Automobile
Workers, speaking after Mr. Ford, said his union is in favor
of technological improvements,
but believes that labor
should receive a larger share of the resultant savings.
In summarizing testimony on April 10, United Press
Washington advices of that date said in part:
Co., declared on April 9 in a letter to Senator Joseph C.
Mahoney, of Wyoming, who is Chairman of the Temporary
National Economic Committee.
The letter answered Sen¬
in the
world wants to buy a motor car," Mr. Ford said in reviewing before the
committee his opinions on the effect of technological advance on society.
"The price of our automobile has gone up today, but it is a better car.
It is still competitive.
The public apparently wants more room and more
had
Edsel Ford,
committee
on
"We feel that there is
power,
always a field down below—that every one
and we give it to them.
The man who formerly purchased the
Mahoney's recent proposal that Congress attack un¬
employment by taxing emploers who make "more than
average" use of machine power. Mr. Putnam, who is also
Mayor of Springfield, Mass., expressed surprise that the
Senator should again introduce the old argument of machines
versus hand labor when "the very newspapers that carried
ator
your
The
statement would not be in existence if your reasoning
prevailed when printing presses were first introduced."
lesson of the automobile needs no elaboration, he said.
Mr. Putnam said:
In our own field we have seen
j
ten
eiable times.
employment benefits of machines proven
An excellent example is the cigarette
industry.
Con.
The Commercial & Financial Chronicle
2354
slder
the expense
cellophane
outer
an
as
existed
never
tf each pack were wrapped
operators, and
covering gave Jobs to
hundreds where such jobs
It gave jobs to the builders of the
before.
the workers who produce cellophane.
created only because
Incidentally
this
it
support of the Federal
possible to
was
All these Jobs were
directly
contributes
Government since the Federal tax is the
the
to
source
of
of its biggest incomes.
one
Package machinery has resulted in
expansion of packaging
an enormous
as
machine
packaging we would be back in the sugar and cracker barrel days
with
well
an
as
the sale of foods themselves.
increase in
loss of thousands of .jobs.
a
25
to
the
down
In
seven
example,
pounds
resulting unemployment all
through
packaging,
proper
cashew
from about 4,000,000 pounds in
consumption,
for
1930 to nearly 27,000,000
foreign
an
With this side of the picture in
mind, I would like to ask that serious
consideration be given the benefits from machines before any recommenda¬
tion is made that Congress attach a new tax to them.
for
imports,
world."
of exports over
security
added
Fails
called
home consumption, accompanied by
"A peaceful world in the future is the crux of the
other
ments. said
on
Vote
Strike
At
Tire
of its
view
our
new
that program
under
use
and world peace," he went on,
controversy.
/
A dispute over pay rate adjustment resulted in
a
walkout
April 8, and has stopped production in most of the com¬
pany's departments since that time.
The union claimed
that about 80% of the 1,200 employed at the plant had re¬
fused to work prior to the meeting on April 10.
on
the
first
in
Akron's
multi-million-dollar
rubber
industry since May, 1938, when Goodyear Tire &
Rubber Company employees staged a brief walkout.
Academy
of
Hears
Political
Science
Addresses
by
Douglas and Others
O.
Semi-Annual
M.
Meeting
Sprague, Lewis
W.
meeting of the members of the Academy
on April 11 at the Hotel
Astor, in
New York City, was addressed by Warren Lee
Pierson,
president of the Export-Import Bank, ^Professor Oliver
M. W. Sprague of Harvard University, Lewis W.
Douglas,
president of the Mutual Life Insurance Company and others.
The New York "Times" of April 12 summarized the events
of the meeting in part as follows:
of Political Science held
Warren Lee Pierson, president of the Export-Import Bank at
Washington,
invasion of Norway and Denmark may compel the
said that the German
United
of
States
Government credits to
those
Scandinavian
sounder
and
and trade than
''The Export-Import Bank," he said, "has found that it can be of immense
aid to our foreign traders by supplying credit tines to central banks of other
States between
severe
permit prompt payment for imports from the United
major export seasons, after
decline in the price of
Charles
Overseas
Farm
that
a
crop
failure
or
following
F.
furnishing small credits which
needed because of the effect of the
'
Lewis
and
events of the past
W.
former
war
upon
were
their exchange positions,
few hours may, of course, require
us
The
to cancel
Emil
Rieve,
Director of the Budget,
praised
Secretary of State
Cordell Hull's program of reciprocal trade
agreements
as "symbolic of
important principle of international behavior" and attacked
high tariffs
a large factor in
causing the depression.
He predicted
wouid
that at the
end
the
new
of the
world may
present war
an
as
Professor Joseph
predicted
Douglas
questioned
the trade agreements
be reclaimed from the ravages of dis¬
whether
this
"Can we, for example,
long stand the shock to
of post-war
maintain
ture
in
a
struction,
using
"insulate"
itself
self-interest of
own
our
be cast
in
we
are
prepared to play
our
American cul¬
our
part in recon¬
the mold of relatively extreme
totalitarianism,
the totalitarian technique in world markets?
"Much
will
willingness in
depend
our
own
on
who
wins
the
war.
Much
will
self-interest to shou'der at least
burdens of economic renovation."
Motors
but
program,
of America,
urged
"dumping" foreign
Professor
States
Wesley
would
*
continue
V.
C.
of the
Mitchell
to
follow
a
policy
of
•
-
Columbia
University
economic
department presided at the morning session: Leon Fraser, President of the
First National Bank of New York, at the luncheon,
and
Chairman of the American section of the International
Eliot Wadsworth,
Chamber of Com¬
at the afternoon meeting.
merce,
"Good-Neighbor" Policy Praised
Spruille Braden,
as Agency for Peace—
Ambassador to Colombia,
S.
U.
Inter-American
Conference
Principle
of
Responsible for Much of Friendly
Western Hemisphere
Is
in
"good-neighbor" policy is
fundamental basis of the
affairs, Spruille
Braden, American Ambassador to Colombia, said on April
11, in an address at New York City before the New York
United
a
conduct of its international
States
"Herald Tribune" Inter-American Conference, in a ceremony
celebrating Pan American Arbitration Day.
Speaking on
"Arbitration and Other Aspects of Inter-American Relations,"
Mr. Braden lauded the peaceful relations between nations
in the Western Hemisphere, and said that these are greatly
dependent upon the fact that "our peoples have so ingrained
a passion for collective
and individual freedom as will not
willingly brook for long selfish appetites of an unprincipled
leader nor accept the untruths of their pernicious and poison¬
ous
propaganda."
Speaking of the "good-neighbor" policy, Mr. Braden said
in part:
A fundamental
stopped
spread
their
at
of that policy is the
beginnings,
pacific adjustment of all disputes,
to dangerous and
tration, which has
so
like
can,
the
of some dread
virus
disease,
Therefore, arbi¬
destructive proportions.
even
generally proven a most valuable and efficient instru¬
ment, is now commonly accepted and employed throughout the Americas.
Its principles repeatedly have been analyzed and advanced in Pan
conferences
Three
of
since
the
the
one
southern
called
Panama
at
republics,
in
by
arbitration of international disputes before recourse may
Arbitration
multilateral
They
provisions form
of the countries
,
which
agreements
essential part
implement
included in most of the
are
many
an
more
the
1826.
provide for the
be had to arms.
in the imposing series of
American Peace
System.
important bilateral treaties between
for instance, the Treaty of Non-aggression, Con¬
as,
Arbitration and Judicial Settlement solemnly concluded by Colom¬
bia and Venezuela
on
Dec.
16, 1939.
They have played
the negotiated settlements of inter-American
such
American
Simon Bolivar in
their constitutions,
a
role in many of
differences in
recent
times,
those of the Chaco and Tacna-Arica,
as
arbitration
of
a
political
dissensions
among
countries
in terms of the human lives saved and of happiness created.
in spite of some faults
give to the world,
theiigronnnuance with improve¬
constantly growing smaller.
those arising between persons,
different countries.
That record,
along, for our common benefit and for the
so
Less spectacular and less immediately dangerous
are
New
and mistakes that have appeared, amply justifies
ments and corrections as we go
Governments
the
long record of constructive accomplishment, measurable
the policies we have pursued and warrants
we
of
than discords between
firms and corporations of
Nevertheless, it wouid be unwise and even perilous,
perhaps, to neglect their accommodation, since they too can grow to serious
which
This
any case
they may spawn resentments and animosities
prejudice the broader relations and friendships between our peoples.
latter
contingency
international affairs
becomes increasingly possible in our day, when
are so
dissensions
and
closely tied to commerce, finances and economics.
we so
misunderstandings
among
our
peoples
are
necessary
to
prosperity, good will, respect and trust between nations that
ardently desire.
i
we
pressures incident to demobilization,
inescapable in all post-war periods? Can
traditional forms and the substance of
world which, unless
may
Union
trade agreements against
new
United
■■■';"■ V:-;
that mutual
liquidation, of the social
our
agreement
Can we immunize ourselves
against the effects
of the readjustments natural and
we
could
of currencies, of important countries with which
must and can have traffic s
of General
President of the American
trade
Therefore, sincere and serious efforts looking to the solution of business
country
against the consequences of the war, asking:
further depreciation
O'Neal,
the
A. 8chumpeter of the Harvard economics department
that the
protection.
proportions, and in
illusionment and destruction."
Mr.
a
framed
goods in competition with American-made textiles.
our
"serve the high purpose of
extending the promise of better times,
around which
exchange manager
approved
of the Textile Workers
President
special consideration in
example
Douglas, president of the Mutual Life Insurance Company
Federal
co¬
of American production
basis of excessive tariffs
the
Edward A.
Federation,
World furnishes
of these commitments."
some
for
"
.
on
foreign
Darlington,
a
"More recently, we sought to assist in
maintajning our ordinary trade
the Scandinavian countries by
with
shocking
instrument
an
adjustment, he continued, "provides
for protection
basis
which rests
Operations, and
Bureau
The
important export commodity.
an
as
protection."
ciliation
countries.
countries in order to
agree¬
large and small, since many disputes apparently inconsequential, if not
.
The semi-annual
cancellation
of many
"tariff-making must not again be permitted
the plaything of politics."
broader
The
Congress
Organization, voted to strike and ordered
picket lines around the General Tire and Rubber Company
plant at Akron, Ohio, on April 10, because of a wage-rate
is
as
national and foreign policy for the achievement of prosperity
Plant
Industrial
strike
well
as
program.
ordinating
Relations
General
The United Rubber Workers, an affiliate of the
This
gold
politics had been taken out of tariff-making by the Hull
that
Tells
Workers
an
problems," he said.
Arbitration
of
broad
a
by the production of a greater volume of
active investment here in many different directions.
settlement.
Rubber
might
only from the point of view of the individual domestic interest demanding
April 5, by the Office Equipment
Workers Union
(American Federation of Labor) at the
Tonawanda, New York, plant of the Remington Rand, Inc.,
in protest against the discharge of a union employee, and in
sympathy with 40 fellow workers who struck earlier in the
week.
A picket line was formed around the plant, but the
company officials said the plant was in "at least partial
operation."
On April 10, Governor Lehman ordered the State Media¬
tion Board to seek "amicable and expeditious" adjustments
of issues involved in the strike.
Dr. Thomas L. Norton,
State Labor Commissioner, conferred on April 11, with A.
R. Rumbles, Remington-Rand Vice-President, at the Gov¬
ernor's request, and reported that the corporation has re¬
fused to mediate the strike at its Tonawanaa plant, but the
Office Equipment Workers union were willing to negotiate
a
expenditures abroad,
Larger imports, he said, could come only as an incident of
The principle of reciprocal tariff
was
In the future, he suggested,
tourist
satisfactory distribution of gold stocks throughout the
a more
domestic recovery characterized
to serve as
Remington-Rand Strike Spreads, As Mediation Effort
as an
imports and because of the infldw of
investment.
or
American
to
goods and services primarily for
much
A strike
gold would continue to be used
Professor Sprague continued, acquired its huge gold stocks
excess
funds
larger
"In
1937.
in
This country,
Henry F. Grady, Assistant Secretary of State in charge of trade
>
years,
rose
were
increase in price to the consumer of
an
Sales would fall off with
50%.
line.
Without
If five and ten-cent bakery goods
wrapped by hand, it would mean
from
the Bank of England, predicted that
"bring about
of foods
1940
Harvard, former economic adviser to
international money.
because of
by machine.
wrap
business
cigarette
same
machines, the
April 13,
Professor Oliver M. W. Sprague of
Introduction of
by hand.
depend
our
on
our
share of the
Annual
Report
of
Rockefeller Foundation—John
from Foundation Posts
D.
Rockefeller Jr. Resigns
Appropriations made by the Rockefeller Foundation in
according to Dr. Ray¬
mond D. Fosdick, President of the Foundation who, in
making public recently part of the review of the work, said
that of this sum $8,000,000 was distributed in approximate¬
ly equal amounts of $2,000,000 each to work in the four
1939 amounted to about $9,500,000
Volume
The Commercial & Financial Chronicle
150
fields of public health, medical, social and natural sciences.
and collecting exhibits.
$1,000,000 was appropriated to activities in the human¬
ities, and the better part of $500,000 to rural reconstruction
at
China.
in
Fosdick's review of
Dr.
the work for
1939 was given in the New York "Herald
April 1, from which we quote in part:
The income of the Foundation during
1939
was
the year
Tribune"
on
appropriations
account,
$1,845,000
To supple¬
transferred
from
the
that
Fo6dick revealed
ative effort in forty-seven
Foundation's program
the
involved
America, nine in North America
Java, Fiji and
and Central America and the West Indies, and, in addition,
between the amount of
The ratio
cooper¬
countries, twenty-one of which were in Europe
five in Asia, two in Africa, seven in South
Australia.
countries and to the United States
the
was
money
same as
that went to foreign
in 1938—approximately
resulted in the founding of the
Dropsie
John D. Rockefeller Jr.
of
member
the
of
board
of
trustees
for 27 years and resigned because of a
laws fixing the retirement age at 65 for
Mr. Walter W. Stewart
was
elected
Thomas I.
Rockefeller.
chairman
as
the
Rockefeller
provision in the by¬
officers and trustees.
chairman to succeed
as
Equitable Life Assurance Society of the United States,
Chester I. Bernard, President of the Bell Telephone Co. of
Karl T. Compton, President
New Jersey!
of the Massachusetts Institute of Technology,
and Robert Gordon Sproul, President of the
University of California.
The New York "Times" of
April 4 from which the above
Mr. Rockefeller's remarks at the annual
taken also gave
was
meeting
In
follows:
as
retiring
as your
chairman and as a fellow trustee, I want to record my
appreciation of your uniform
courtesy, consideration
and
have you know how happy I have been in this association
what complete
the
founder,
cooperation to
with you and with
confidence I leave in your hands the work to which,
have counted it
I
as son
of
of the greatest opportunities of my
one
life to devote the best there was in me.
The degree to which the foundation's policies are kept flexible, so that
others
occupying to new fields where the need is greater and pioneer
are
work is
of
It
quickly turn from a field where its usefulness is lessening or which
may
required; the extent to which it is sensitive to the changing needs
humanity, ready to minister to them where it wisely can, and constantly
guard lest it become rigid and selfcomplacent, will largely determine
its
on
the
measure
usefulness and the breadth
of its
in the years to come.
of its
service
to
mankind
Any attempt to keep the hand of the past on the
pulse of the future, to solve the problems of tomorrow with the mechan¬
isms of
president in
Adler
1908, and he held the
trusteesTn 1903, holding
a
trusteeship for
life.
After
the
liberties.
Rabbi
Dr.
war
Adler
co-operated with the late Louis Marshall in
A
Stephen
Wise of
S.
connection with Jewish rights and
in
he often
non-Zionist,
disagreed sharply with the views of
New York on
Zionist movements,
and
dis¬
approved of the rabbi's proposal for a World Jewish Congress.
Dr. Adler
and
was
often
speaker at the American Philosophical Society,
a
member and one-time president of the American
a
He
Oriental Society.
interested in the work of the American Jewish Joint Distribution
was
Eighty-four publishers and editors of English-Jewish newspapers named
Dr. Adler
yesterday can, at best, be only indifferently successful.
one
invited
was
Death
of the "ten leading Jews of the United States," In 1932.
last
on
efforts with
leaders
of
December 23 by President
in other prominent
Labor
of
He
Roosevelt to join in peace
religious institutions.
Clyde H.
Representative
Member
was
Other trustees
follows:
were as
His appeal
He became president of the Jewish Theological
position until his death.
Parkinson, President of the
elected chairman of the finance committee.
elected
Dr.
made
Institution.
American Jewish Historical Society in 1892.
for the Jews in Germany.
April 3, resigned
on
Mr. Rockefeller had served in these positions
Foundation.
Mr.
College
1889 to 1908, and in 1905
Smithsonian
of the
Committee, and for the past years until his death an ardent solicitor of aid
25% in foreign countries, as against 75% in the United States.
and
curator of historic archaeology and religions
was
secretary
Europe at the Peace Conference,
principal fund.
I>r.
assistant
Seminary of America's board of
$6,627,450.
was
He
the National Museum in Washington from
became
u
the
ment
2355
Committee
Smith of Maine—
Helped Formulate
Wages and Hours Act
Representative Clyde H. Smith, Republican, of Maine,
died in Washington on April 8 after an illness of five days.
He was 63 years old.
Mr. Smith, who represented the
Second Maine District, was the 24th member of the 76th
Congress to die in office. Out of respect to Mr. Smith the
House adjourned on the day ot his death.
On the day
previous to his death, when convinced his illness was critical,
Mr. Smith issued a statement to his constitutency asking
them to support his wife, Mrs. Margaret Chase Smith, to
succeed him.
All that I
can
election, if I
of my
His statement said:
ask of my friends is that in the coming
choice,
primary and general
unable to enter the campaign, they support the candidate
am
my
wife and partner in public life.
Mrs. Smith announced
April 9 that she will file her candi¬
for his position in Congress.
The following regarding his career is taken from Washing¬
ton advices to the New York "Times" on April 8:
dacy
as successor
Mr. Smith
was
regarded
Representative
of
as a
liberal, having cast his
Clare E.
and the
own vote
Hoffman,
Republican, of Michigan,
recently against the recommendation of the Smith Committee to investigate
proxy
the National Labor Relations Board for abolition of the present
the creation of
a new
board and
board of three members.
His and Mr. Hoffman's proxy decided the issue in the House Labor Com¬
mittee, of which he had been a member since shortly after his election to
Death of Douglas
Was
;v-y
F. Cox, Marine Insurance Leader—
of Appleton & Cox, Inc. of New
President
;
York
He was recommended for the pose of the Labor Com¬
Congress in 1936.
mittee
the Manufacturers Association of
by
Maine,
and various labor
groups.
-
•
Mr. Smith helped formulate the Wages and Hours Act.
Douglas F. Cox, marine insurance broker of New York City
President of Appleton & Cox, Inc., since 1920, died
suddenly on April 9 while on vacation at Sea Island, Ga. He
was 73 years old.
Regarding his career a dispatch from Sea
Island, Ga., April 9 to the New York "Herald Tribune"
and
said:
He was born
1876.
He
was
on a
farm in Harmony, Somerset County, Me., on June 9,
From
educated in public schools and in Hartland Academy.
1903 to 1906 he was Superintendent of the Hartland Public Schools.
Smith
He
was
was
Mr.
Sheriff of Somerset County from 1906 to 1909.
Selectman of Skowhegan, to which he had moved, from
He was twice
1927 and again from 1928 to 1932.
a
1914 to
member of the Maine
House of Representatives.
Mr. Cox was associated with Appleton & Cox and its predecessor com¬
pany,
and
was
born in New York City
Columbia University from
1886 to 1887, when he
Higgins & Cox, for fifty-two years.
was
student at
a
the firm of Johnson
entered
Higgins, marine insurance brokers.
he became associated
following year
of Appleton & Cox.
became president
chester Fire
&
Insurance
Co.
and
He
a
with
He
Higgins & Cox, and in 1920
was
also President of the West¬
former President of the North
River
Insurance Co.
He
was
Director of the
a
Trustee of the
Seamen's
Seaboard Fire &
Bank for
Marine Insurance Co., a
Savings in the City of New York,
a
Director of the United States Salvage Association, Inc., and President of
Mr. Cox
was a
former President of the National Board of Marine Under¬
writers, the Board of Underwriters of New York, the American Institute of
Marine
and
Underwriters,
Conference.
■
the
•'.•'■■■
National
Automobile
Underwriters
'A
»
Fund's Committee of 40
Composed of 160 young business and professional leaders
in New York City, a Committee of Forty has been formed
this year as a permanent organization for the Greater
New York Fund.
The committee, which is giving active
service in the 1940 campaign and will continue to serve in
future campaigns, includes 52 representatives of New York
finance.
WeUington Insurance Agency, Ltd.
the
Young Financial Executives on Greater New York
The
Explaining the function of the committee, Winthrop
Rockefeller, Assistant to John A. Brown, 1940 campaign
Chairman, said:
The leadership of the Fund feels that the
—
executives in
Death
Jewish Educational and
Religious Leader—President Roosevelt and Secre¬
tary of State Hull Pay Tribute
Dr.
of
Dr.
Cyrus
Adler,
Cyrus Adler, noted Jewish leader and educator and
President of the Jewish Theological Seminary of America,
died on April 7 at his nome in Philadelphia. He was 76 years
old. A message of condolence from President Roosevelt was
sent to Dr. Adler's widow on
was
sent
I
April 8. The text of the message
not made public.
Secretary of State Cordell Hull also
a message of sympathy.
Mr. Hull's letter follows:
was
band.
deeply grieved to learn of the passing of your distinguished hus¬
Dr. Adler will be long remembered for his high ideals and
to the doctrine of
of
tomorrow,
has
been
business men who will be the business
organized
to
expand this interest.
In
setting up this permanent committee, the Fund is providing for the future,
because the committee members will acquire, through active association
with Fund campaigns, the
experience which will be needed to guide and
administer the Fund of tomorrow.
of its 393 voluntary
1
»
oehalf
social welfare and health agencies opened
The Greater New York Fund's 1940
on April 1.
Contributions are being
firms aDd employee groups in New
which annually serve 2,000,000 New
campaign
on
solicited from business
York for the agencies
Yorkers.
his devotion
tolerance and good will among men of all creeds.
I was
privileged to know him for many years and I held him in great respect and
esteem.
headers
participation of young business
The
the Fund's work is becoming increasingly important.
Committee of 40, composed of young
Mrs. Hull joins me in sending deepest sympathy to you
and your
G.
L.
Harrison
to
Resign
as
President of New York
Federal Reserve Bank to Head New York Life In¬
surance
Co.—A. L. Aiken to Become Chairman of
family in your bereavement.
Insurance
invited by President Roosevelt last Decem¬
ber to meet at the White House with otuer religious leaders
Finance Committee
Dr. Adler
to discuss
was
world peace efforts; this was
reported in
of December 30, page 4100.
The following regarding
his life is from
dispatch of April 8 to the New York "Sun":
Dr. Adler
attended
was
high
born in Van Bur en, Ark.
school,
issue
Philadelphia
class of
He studied Semitic culture
D. in 1887.
instructor in Semitic languages at Johns Hopkins.
Assyriology at Johns Hopkins University, earning his Ph.
That year he
became an
Dr. Adler toured Turkey and the Barbary Coast in
missioner
for the World's Fair Exposition of 1893, at
George
1891-92 as
a com¬
Chicago, arranged
L.
Harrison,
and T. A. Buckner to Head
President of
the Federal Reserve
resign from that office as of July 1,
1940, to become President and Chief Executive officer of
the New York Life Insurance Co.
This announcement was
Bank of New York, will
10 by the two institutions.
The in¬
further announced that Alfred L. Aiken,
now President of the company, will be elected Chairman of
the Board, and that Thomas A. Buckner, now Chairman of
the Board, will be elected Chairman of the Finance Committee
at the annual organization meeting of the Board of Directors
of the New York Life Insurance Co. on May 8.
made
Broug) t to Philadelphia, he
entered the University of Pennsylvania,
1883, and received his M. A. there in 1886.
and
a
our
Company
jointly April
surance
company
The Commercial & Financial Chronicle
2356
The
following biographical outline of Mr. Harrison's career
George L. Harrison has been associated with the Federal Reserve System
He has been the chief executive officer
Bank of New York since July, 1920.
of the Federal Reserve Bank of New York since Nov. 22, 1928, first, with
the title of Governor, and, since March 1, 1936, with
the title of President.
born Jan, 26, 1887, in San Francisco, Cal.
was
He
was
graduated from Yale in 1910, and from Harvard Law School in 1913.
While at the Harvard Law School he was an editor of the Harvard Law
Review and, upon graduation, was
selected to serve as the legal secretary
United States Supreme
of the late Justice Oliver Wendell Holmes of the
place which he held for a year following his graduation.
During
this period he was admitted to the bar of the Distrct of Columbia, and in
1937 he was admitted to the bar of the State of New York.
On Nov. 2,1914, Mr. Harrison became Assistant General Counsel of the
Federal Reserve Board (now the Board of Governors of the Federal Reserve
Court,
a
System) and he has been an official of the System continuously since that
he
while on leave from the Board,
During the World War in 1918,
time.
Mr. Harrison
1919
was
was
in charge, first, of the cash and
As Deputy Governor, Mr.
collection function of the bank
of the bank's foreign operations,
and, subsequently,
which he made many trips abroad.
Thed
The statement of Mr. Bartlett follows:
r
For
in connection with
I have made no secret of the fact that I preferred,
Chairmanship of the Exchange at
months past
some
for personal reasons, to retire from the
the expiration of my second term
because of
a
desire to
see
tion, I did not withdraw
Harding
agrees
with
me
a
in May.
Notwithstanding this fact and
continuation of Mr. Martin's able administra¬
from consideration.
my name
Feeling that Mr.
in the necessity of supporting Mr. Martin and his
administration, it is, in the circumstances, no disappointment that I am
able to relinquish the duties of Chairman
next month.
Knowing that Mr.
Harding will cooperate fully with Mr. Martin, I will be delighted to serve,
in the ranks of the membership, in any way within my power, in furthering
the constructive work which Mr. Martin is
doing for the Stock Exchange.
,
Mr.
For
■
**!* '
I
•
'
'
'
days I have been strongly urged to become a candidate for
I greatly appreciate the honor which
Chairmanship of the Stock Exchange.
is expressed in
the requests that have come to me from many members.
after careful reflection,
I
am
convinced that the best service
which I can render to the Stock Exchange is to continue to serve, in my
present capacity, as a member of the Board of Governors.
we
is
have
so
an
I believe that
opportunity Just now to achieve that degree of solidarity which
necessary
to
the
of the present
success
administration under the
leadership of Mr. Martin.
As Governor of the New York Bank,
Chairman of the System Open Market Committee until
he served also as
reorganized under the Banking Act of 1935, when he
the Committee was
became Vice Chairman.
'A.
A.
B.
Regional Trust Conferences to Be Held in
Salt Lake City and Chicago
Mr. Harrison is also Chairman of the Conference
of Presidents of the Federal Reserve Banks.
Two
regional trust conferences wili be held by the American
it is announced by Roland E.
Clark, President of the Association's Trust Division, who
is Vice-President of the National Bank
of Commerce,
Portland, Me. ■
The first of these will be the 18th Regional Trust Con¬
ference of the Pacific Coast and Rocky Mountain States,
which will be held in Salt Lake City, Utah, on Aug. 15, 16,
and 17, 1940.
Local arrangements are in charge of the
Bankers Association this year,
President Roosevelt Appoints Representative Jones to
United States Court of Claims
President Roosevelt on April 9 nominated Marvin Jones,
Democrat, of Texas, to be a judge on the United States
Court
Claims.
of
Mr.
Jones
is
Chairman
of
the
House
Agricultural Committee.
Trust Division of the Utah Bankers Association.
Owen
D.
to Head Committee to Coordinate
Nation's Transportation System
Young
Owen D.
Chairman of the Board
of the General Electric Co. at the end of 1939, has
accepted
an invitation by President Roosevelt to head a committee
to make a long-range study of the nation's transportation
problem, the White House announced April 10.
Mr. Young and the committee will carry on the studies
which Joseph E. Eastman, now Chairman of the Interstate
Commerce Commission, began when he was Federal Coordi¬
nator of Transportation several years ago.
C.
B.
Young, who retired
Harding
Nominated
as
Chairman
as
of
Board
of
New York Stock Exchange—Other Nominations
The Nominating Committee of the New York Stock Ex¬
change announced April 8 the nominations for the Board
of Governors to be filled at the annual election on May 13.
Charles B. Harding, a partner of Smith, Barney & Co. and
present Vice-Chairman of the Board, was nominated for the
chairmanship to succeed Edward E. Bartlett, Jr., a special
partner of Merrill Lynch, E. A. Pierce & Cassatt. Mr. Hard¬
ing has been a Governor of the Exchange for the past three
years, and in May, 1938, following the reorganization of the
Exchange, was elected Vice-Chairman of the Board of Gov¬
ernors, an office he has held since then.
Of the nine Gov¬
whose terms of office expire with the coming elec¬
ernors
The second will be
the
r
11th Mid-Continent Trust Con¬
ference, which will be held in Chicago on Nov. 7 and 8,
1940, with the Corporate Fiduciaries Association of Chicago
acting as hosts.
'■
^
■
New Guide to Trust Fees Published by
A. B..
ATrust
Division
Publication of
Fees
with
a
revised edition of the "Guide to Trust
Recommended Cost Accounting System," com¬
piled by the Trust Division of the American Bankers Asso¬
ciation, was announced at New York on April 3 by Roland
E. Clark, President of the Trust Division and Vice-President
of the National Bank of Commerce of Portland, Portland, Me.
The new edition of the "Guide" was prepared under the
supervision of the Trust Division's Committee on Costs
and Charges, and is designed to assist trust companies and
banks with trust departments, solve cost and fee problems,
with particular emphasis on questions concerning this phase
of the trust business which have arisen since 1936, when the
last edition was published.
The revised edition contains practically all the material
contained in the former editions and in addition it incor¬
porates a new schedule of recommended fees for trustees
acting under corporate trust indentures under the Trust
Indenture Act of 1939, and a cost system for determining
the cost of handling a personal trust account.
tion, only two
were renominated.
They are Paul V. Shields,
partner of Shields & Co., and J. Gould Remick,
partner of Evans, Stillman & Co.
The list of nominations
senior
First
Chairman
Charles
B.
of
the
Board
Harding,
Smith,
of
Governors
(for the
term
of
one
year)—
Barney & Co.
the term
of
Members of the Exchange (for
three years)—Robert Cluett III, Burton, Cluett & Dana; E.
Burd
Grubb, Coggeshali & Hicks; Ernest L. Jones, Pyne, Kendall & HollisSylvester P. Larkin, at J. H. Brooks & Co., and Sidney Rheinstein, at
Stern, Lauer & Co.
ter ;
Two
Members
Members
of
of
the
Board
of
Governors—Allied
Members
or
Non-
the
Exchange Residing in the Metropolitan Area of the City
York, who are general or limited partners in member firms engaged
in a business involving direct contact with the public (for the term of
three years)—J. Gould Remick, Evans, Stillman & Co., and Paul
V.
Shields, Shields & Co.
of New
Two
or
Members
of
Non-Members
of
the Board
of
Governors—Members
or
Allied
Members
the
Exchange Residing Outside of the Metropolitan
who are general or limited partners in
having their principal places of business outside of said
Area of
the City
member
firms
of New York,
metropolitan
the
area and engaged in a business involving direct contact with
(for the term of three years)—Russell E. Gardner Jr., ReinGardner, St. Louis, Mo., and Edgar Scott, Montgomery, Scott &
public
holdt
&
Co., Philadelphia, Pa.
Two Trustees of the Gratuity Fund (for the term of two years—John K.
Starkweather, Starkweather & Co.; (for the term of three years)—Regi¬
nald W.
crushed April 10 when Mr.
Bartlett and Robert P.
Boylan issued statements declaring that they did not intend
run.
Mr. Harding also issued a statement
pledging co-.
operation to the present administration of the Exchange.
Mr. Harding's statement follows:
to
The Chairmanship of the New York Stock Exchange is a
great honor
but, more important than that, it offers
advance the progressive
policies which
present administration of the Exchange.
in the past, to cooperate
course,
Establishing
Can.,
a
Miy
precedent in the credit world, plans for
First International Credit Congress ever to be
sched¬
April 8 in a joint release by A. L.
McWilliams, National President of the Canadian Credit
Men's Trust Association, and Charles A. Wells, President
of the National Association of Credit Men (United States).
The Credit Congress will be held in the Royal York Hotel,
Toronto, Ont., May 19-23, inclusive.
Mr. McWilliams was
simultaneously announced as having chosen General Credit
Congress Chairman. He is affiliated with Kelly, Douglas &
Co. in Vancouver, B. C.
Mr. Wells is President of the
John S. Brittain Dry Goods Co. in St Joseph, Mo. Approxi¬
mately 2,500 credit execptive delegates are expected to be
in attendance from every State and Province in the two
countries.
They will represent a cross-sectioh of the more
than 20,000 manufacturing, wholesaling and banking credit
executives included in the membership of the two sponsor¬
ing Associations. Coinciding with this international Credit
Congress will be the 45th annual meeting of the National
uled
announced
were
Association
of
Credit
Men.
Pressprich, R, W. Pressprich & Co.
Reports that the coming Stock Exchange election might
develop into a contest for the post of Chairman of the Board
were
Credit
Congress Announced for
19-23—United States and
Canadian Associations Are Sponsors
the
Five Members of the Board of Governors,
International
Toronto,
follows:
that I
am
an
opportunity to support and
have been
developed under the
It will be my determination,
as
wholeheartedly with Mr. Martin, assuming, of
elected to the office for which I have been nominated.
New
England Conference
Present-Day Possibilities
Improvement and Use to Be
Swampscott, Mass., May 15-17
on
in Urban Real Estate
Held
New
'
Boylan had the following to say:
some
However,
appointed General Counsel of the Federal
He left that post in 1920 to become a Deputy Governor
Reserve Bank of New York.
of the Federal
Harrison
Captain in the American Red Cross.
as a
overseas
was
In
Reserve Board.
happy to have the support of Mr. Bartlett and Mr. Boylan.
am
1914, and with the Federal Reserve
since its establishment in November,
Mr. Harrison
I
loyal support of Mr. Martin's administration presents a fine example.
issued by the Reserve Bank on April 10:
was
April 13, 1940
at
England's present questions and present opportunities
in urban real estate improvement and use will be the subject
of a great conference of realtors of the six New England
States and of adjoining States, the third New England
regional conference of the National Association of Real
Estate Boards, to be held at the New Ocean House, Swamp¬
scott, Mass., May 16-17.
A many-sided program for the
conference was announced April 6 by Parker Webb, Boston,
Regional Vice-President of the Association.
National
Volume
The Commercial & Financial Chronicle
ISO
policies and action having
outlook for real estate
C.
Newton
use
A.
M.
Farr,
important bearing on the
an
and value will be discussed by
Chicago, President of
I.,
the
Association.
2357
Delano said, were $581,264,000, as against
$577,272,000 for
the year
1938.
Net operating earnings for 1939 were $267,155,000, an increase of $6,570,000 over the preceding year.
The Comptroller's announcement added:
Adding to the net earnings profits on securities sold of $124,920,000 and
President Roosevelt to
Pan-American
of
Speak Before Governing Board
Union on April 16—To Climax
Week's Celebration of 50th Anniversary of Organ¬
ization
will address a special session of the
Governing Board of the Pan-American Union in Washing¬
Monday, April 15, bringing to a close the celebration
of Pan-American Week, in honor of the fiftieth anniversary
on
During the
past week celebrations were held throughout the country by
schools and colleges, Chambers of Commerce, civic associa¬
tions and cultural groups.
Tomorrow (April 14) is to be
celebrated as Pan-American Day, the date on which the
of
the Pan-American Union.
the founding of
Pan-American
first
meeting in Washington in
Conference,
1890, adopted the resolution calling for the creation of the
Pan-American Union.
Meet at Houston,
Charles
16.38 % of the par value of common and preferred
W.
The
Gas Association to
March 29, that 3,000 execu¬
tives
and
department heads of natural gas production,
transmission and operating companies will meet at Hous¬
May 6-10, for the convention of the natural gas
section of the American Gas Association.
ton, Tex.,
Among those scheduled to speak at the convention are the
following:
of
Schmidt,
$7,856,000 in the
savings deposits,
bert
E.
Graham,
Co.;
Gas
fornia
Dougherty,
Scott
and
Electric
Corp.;
Elmer
Tex.,
L. Masser, of Los Angeles, Vice-President of Southern Cali¬
H.
Co.;
H. Carl Wolf, President,
New York,
of
counsel,
Atlanta Gas Light Co.;
Standard Oil
Co.
W. A.
and
New Jersey,
of
Ewing, of the National Bureau of Standards, Washington.
Profits
Association
Annual
of
Convention
Purchasing
at
Hie National Association of
decrease of $7,595,000.
a
aggregated $124,920,000 as
securities sold during 1939
on
bonds
against
whereas losses and depreciation on
totaled $109,378,000 as compared with
securities
and
for
1939
$115,281,000 for the year before.
Dividends declared
on
and preferred
common
1939 totaled
stock in
9.08% of common and preferred capital and 4.10%
were
The
of capital
funds.
Reports Non-Farm Real Estate Foreclosures
February Declined 30% Below Last Year
FHLBB
in
During February there were 10% fewer urban home fore¬
dropped to the lowest
closures than in January, when they
monthly level in the last 14 years. Federal Home
Board economists estimated today.
With the
average
Bank
Loan
foreclosure index of the Board's Division
Statistics based
foreclosures
Cincinnati,
to
Purchasing Agents will hold
its 25th annual international convention and inform-a-show
all
by
types
of the Nation, the Boards
There
27%
were
than
last
mortgage lenders were 30%
in the entire non-farm area
of
February of last year
below
year
Hold
June 3-6
Agents
of Research and
figures for 1934, the decrease in Febru¬
on
from January previously has averaged only 8% during
last six years (1934-40).
Numbering 5,825, February
in
the
Recessions
National
$5,030,000
nad
of officers and employees, an increase of
$98,819,000 for the preceding year,
the
Gas
Columbia
The principal operating expenses were $246,826,000
year.
1938; and $114,291,000 expended in the form of interest on time
over
ary
of
decrease of
842,000 from interest and dividends on bonds and securities, a
F.
Dallas,
earnings for 1939 were $387,324,000
of $14,066,000; and $297,-
principal items of operating
for salaries and wages
Vice-President of Lone Star Gas Cor}).; Her¬
of Pittsburgh, Director of Research, Jones & Laughlin
Vice-President
ecutive
Steel
Beckjord, of New York, President of the Association and Ex¬
C.
1939 shows an
the amount reported for 1938.
from interest and discount on loans, an increase
Gas Association, announced on
Walter
over
stock and 7.39 % of capital
before dividends for
of net profits
figure
$52,927,000
Texas
Editorial Director of the American
Person,
This
increase of
profits
1939 amounted to $251,576,000, which was
before dividends for the year
dividends
of American
Gas Section
$86,039,-
$139,487,000, in comparison with $142,520,000 in the preceding year.
■*
+.
Natural
loans and investments, &c. previously charged off of
on
000, and deducting losses and depreciation of $226,538,000, the net
funds.
President Roosevelt
ton
recoveries
same
of
were
year
ties—counties
fewer
8%
Division said, adding:
foreclosures
in
the first
vwo
months
of this
period of 1939.
and 28%
from January
from the comparable month
reported for foreclosure activity in metropolitan communi¬
containing one or
more
cities of 100,000 and greater
population.
The
Home
January were registered in the Winstondistrict of Southeastern States—24%—
district of Pacific Northwestern States—21%.
from
declines
greatest
Federal
Salem
Loan
(Ore.)
Bank
Hotel, Cincinnati, Ohio, from June
and
the
The N. A. P. A. celebrates its silver anniversary
with 61 affiliated chapters and the highest membership in
The
decreases—51% and 40%, respectively—from February last
were experienced in the Chicago district of Illinois and Wisconsin
the Little Rock district of five Southwestern States.
at the Netherland Plaza
3 to 6.
5,500 purchasing executives from every line of
industry and a record-breaking attendance is anticipated.
In the 75 exhibits comprising the inform-a-show an industrial
exposition held in conjunction with the convention a wide
variety of products and processes will be presented.
its history,
Metal Mining Convention of American Mining Congress
to
Meet in Colorado Springs Sept. 16-19
Mining Convention and Exposition
Mining Congress will be held at Colorado
The 7th annual Metal
of the American
Springs, Colo., Sept. 16-19, it is announced by Julian D.
Merrill E. Shoup,
prominent mining
man of Colorado Springs, has been elected Chairman of the
Board of Governors of the Mining Congress' Western Di¬
vision under whose auspices these annual conventions and
expositions are held.
Conover, Secretary of the organization.
President of the Golden Cycle Corp.,
Portland
largest
year
and
Approximately
the
and
rest
on
15% of the foreclosures are
homes, the Division estimates.
local
other
ABOUT
BANKS,
The election of Neal Dow
as
was
recorders and
throughout the
^
ITEMS
TRUST
COMPANIES,
after
a
&c.
Becker and of William Rogers
Trustees of the East River Savings
announced
Bank, New York,
meeting of the Board of Trustees
The announcement said, in part:
April 10.
on
commercial properties
Its survey is based upon
reports from sheriffs, county and court clerks,
Government officials
in 1,600 communities
monthly
country.
Coe
on
.
industrialist, is President of the Intertype
Corp.
He is also director and member of the executive committee of the
Consolidated Edison Co., and a director of the Brooklyn Edison Co., New
York Dock Co., and of the Bank of the Manhattan Company.
.
.
.
Mr. Coe is associated with Harriman Ripley & Co., Inc.
He is a direc¬
tor and a member of the executive committee of Brooklyn Union Gas Co.,
and a director of the Virginian Railway Co. and several other corporations.
Mr.
Becker,
a
lawyer and
+
New
York
State
Bankers
Association
Convention in Syracuse
Plans
for
the
1940
convention of
Bankers Association, which will be
to
Hold
June 10-11
State
held in Syracuse, June 10
Convention Com¬
and 11, are being rapidly formulated by a
mittee comprised of the Presidents of all the
Syracuse bank officers have been appointed
by Crandall Melvin, President of the Merchants National
Bank & Trust Co. and President of the Syracuse Clearing
House Association, to take care of all Convention arrange¬
ments outside of the educational program which will be pre¬
committees of
Working together
bank presi¬
dents, the Transportation Committee, the Golf Committee,
the Advertising and Exhibit Committee, and the Entertain¬
ment Committee are planning one of the finest Conventions
Association's Committees.
with the General Committee comprised of the
ever
held by this Association..
Howard Taft, 2nd, was
: ?
the bank in
1936 and prior to his new
of
Over 1938
Comptroller of the Currency, Preston Delano, announced
April 6 that the 5,193 active national banks in the country
on Dec. 31,1939 reported gross earnings of $848,419,000 for
the calendar year 1939.
This represents an increase of
$10,562,000 over the gross earnings for 1938 of the 5,230
national banks that were in active operation on Dec. 31 of
that
year.
Operating
expenses
for the
appointment was an
assistant treasurer.
•
regular meeting of the Board of Directors of the
City Bank of New York held April 9, Alan L.
Sutherland was appointed an Assistant Cashier.
At .the
National
William White, New
York State Superintendent of
Banks,
April 5 announced at Albany the issuance of an authori¬
zation certificate to J. P. Morgan & Co., Inc., New York
on
public trust company, with
The con¬
office in
The recent change in the firms business was
issue of March 30, page 2027.
City, to transact business as a
capital of $20,000,000 and surplus of like amount.
cern
also received permission to open a branch
Paris, France.
reported in our
Com¬
N. Y.,
reports total deposits of $109,965,241 and total resources of
$131,450,143, comparing respectively, with $107,832,331 and
$127,607,801, on Dec. 30, 1939.
The principal items com¬
prising the assets in the current statement are: Cash on
hand, in Federal Reserve Bank and due from banks and
bankers, $44,938,222
(against $41,176,380 on the earlier
date); United States Government securities, $46,019,056
(up from $43,260,418), and loans and discounts, $30,426,147
(comparing with $34,382,683 on Dec. 30).
No change has
been made in the bank's capital and surplus, which stand
In its condition statement as
Earnings
meeting
went to
.•
National Banks in 1939 Totaled
Reports
Comptroller of Currency
$848,419,000,
Delano—Represents
Increase
of
$10,562,000
Gross
appointed Secretary of The
the City of New York at the
of the Board of Trustees on April 10.
Mr. Taft
banks in Syracuse
including the two savings banks, who are working together
as a general committee in charge of arrangements, it is learned
from the Association's recent news letter.
In addition, four
sented by the
Wm.
Bank for Savings in
the New York
year
1939, Mr.
mercial
National
Bank
&
of March 30, 1940, the
Trust Co. of New York,
The Commercial & Financial Chronicle
2358
at
$7,000,000 each, but undivided profits
$1,570,558,
are now
against $1,524,953.
approved
the
move
April
April 5 and all preliminaries
on
•
Arthur
S. Kleeman, President of the Colonial Trust Co.
York, announced April 6 the appointment of S. del
manager of the bank's foreign department.
Mr. del
as
Rio
was connected
with the Standard Oil Co. of New Jersey
foreign department from 1930 until the expropriation
foreign oil companies by the Mexican Government in
Co.
of
of
in
Later he
located
was
in
Colombia, South America,
foreign department of the Texas Petroleum Co.
Mr.
the
del Rio is the brother of Daniel A. del Rio, who hdads the
Latin American department of the Central Ilanover Bank &
Trust Co., New York.
•
♦-—
of the
Underpinning & Foundation Co., was elected a trustee
Savings Bank of New York on April 8.
of the Harlem
Members of the Board of Governors of the New York
Stock Exchange gave a dinner
April 10 at the Union Club,
New York City, in honor of Carle C.
Conway, Chairman
of
the
Board of
the
Continental
Can Company, who, in
his second one-year term as a
Public Governor of the Exchange.
The dinner, wnich was
arranged by a Committee consisting of H. Allen Wordle,
May, will
nave
completed
John A. Coleman and
George R. Kantzler, took the form of
testimonial to Mr. Conway, in appreciation of his
public
services, as Chairman of the Committee which developed
the plan for the reorganization of the New York
Stock Ex¬
change, as Public Governor of the Exchange for two terms,
a
and
member of the Public
Examining Board which was
aDpointed in July, 1939, for the purpose of considering the
advisability of establishing a brokerage bank or of providing
as
a
suitable alternatives.
The Exchange's gratitude to Mr.
Conway
expressed
was
by William McC. Martin, Jr., President, who served with
on the
Conway Committee. Mr. Martin praised Mr.
Conway for his disinterested service on behall of the Ex¬
change and of the financial community.
him
Mr.
Conway, responding briefly, told of the satisfaction
which he
had in serving as a public
governor of the Ex¬
change. He said it had been an honor, which he esteemed
highly, to be identified with the Exchange under its first
administration after the reorganization which resulted from
the recommendations of the Committee
which he headed.
Edward E. Bartlett, Jr., Chairman of the Board of
the
Exchange, presided
as
New
in
Dec.
assets
toastmaster at the dinner.
of
Paul W.
Connelly was unanimously elected President of
Savings Bank, Brooklyn, N. Y., at a
meeting of
Trustees, held April 8. Mr. Connelly has been
the Fulton
the Board of
trustee and
a
member of the Executive Committee of
the
bank for the last nine
years.
Since 1935 he has been Chair¬
man of the Real Estate
and Mortgage Investment
Commit¬
the
on
Advisory Board
Mortgage Information Bureau. A native and
life-long resident of Brooklyn, Mr. Connelly has for 30
years
been President of the
Connelly Construction Co. and the
Connelly Investing Corp.
He succeeds the late Richard J.
Wulff, whose death was reported in our issue of March
23,
1873.
4
The Brooklyn Trust
Co.,
nounced
completion of
provement
Avenue
program
U
and
adjacent
Avenue, Brooklyn.
The number
the
public
Public
more
*
store.
has
booths
coupon
convenient
redecorated.
and
of
It
is
now
the
safe
to
the
deposit
location.
The
in
bank's
1,771
square
formerly
from
extent
vault
of
have
entire
...
an¬
an¬
feet
occifpied by
six to
260
eleven, and
square
been
moved
interior
has
feet.
to
a
been
„
Brooklyn Trust Co.
charge of William
manager,
officer.
has been increased
enlarged
accessible
Avenue U office of the
assistant
cages
been
The
from
or
space
*
"
<
of tellers'
space
April 8
on
extensive enlargement and im¬
its Avenue U
office, located at
at
Ocean
Brooklyn, N. Y.,
an
nouncement says, in part:
Floor space has been
increased about
42%,
to 2,523 square
teet, through the addition of
an
Total
were
of
assets
$4,015,390
of Dec. 31,
as
business March 19, 1927, with 101
posits of $116,000.
:
the
Greenwich
compared
as
1938.
bank
with
as
total
The
bank began
depositors and total de¬
.
In its condition statement
as of March 26,
1940, the First
Jersey City, Jersey City, N. J., shows
total deposits of $53,081,094 and total assets of
$56,923,415,
as
compared, respectively, with $61,698,033 and $65,422,998
on December 30 last.
In the present report the
principal
items comprising the resources are: Cash on hand, due from
banks ana with Federal Reserve, $19,592,423
(contrasting
with $27,333,642 three months ago); bonds of United States
Government and its agencies, $25,669,031 (the same figures
as three months
ago); other bonds and securities, $4,171,994
(against $3,909,495), and loans and discounts, $3,030,114
(comparing with $4,282,945).
Capital and surplus remain
unchanged at $2,225,000 and $1,000,000, respectively, but
undivided profits are now $348,791 against $275,000 three
months ago.
:i-'. ■-> •:
Bank
of
The Central-Penri National Bank of Philadelphia, Phila¬
delphia, Pa., in its statement of condition as of March 30,
1940, shows total assets of $76,279,983 ,(frs against $77,631,210 on Dec, 30 last), of which the principal items are:
Time loans
and
discounts, $24,286,347
(comparing with
$21,889,841 on the earlier date) ; cash on hand, in Federal
Reserve
Bank
$26,786,257),
and
due
from
banks, $21,326,651 (against
States
Government
securities,
United
and
$8,807,537 (contrasting with $8,710,389).
On the debit side
deposits are shown as $64,356,954 (comparing
with $65,880,014 three months ago).
Capital and surplus
remain the same as on Dec. 30,
namely, $3,040,000 and
$5,000,000, respectively, but undivided profits are now
of the report
$2,223,684,
The
up from
condition
$2,201,308
report
of
the earlier date.
on
Union
the
Trust
Co.
of
Pitts¬
burgh, Pittsburgh, Pa., as at the close of business March 26,
1940, shows total deposits of $277,049,783 and total assets
of $377,190,199 as against
$277,159,158 and $377,134,733, re¬
chief
are:
the close
at
as
items
business
of
Dec.
30
last.
•
The
comprising the assets in the present statement
United
States
Government
securities,
$146,807,758
(compared with $146,643,687
on Dec. 30) ; loans and invest¬
(against $141,863,362), and cash on hand
and in banks, $80,005,006
(against $83,983,096).
The com¬
pany's capital and surplus accounts remain unchanged at
$1,500,000 and $84,500,000, but undivided profits account
ments, $96,201,235
has decreased to
$286,613 from $890,805
the earlier date.
on
a
tee of the bank and has also
served
of Group V's
page
1939,
$3,507,701
spectively,
Richard A. Brennan, President of Brevoort
Savings Bank
Brooklyn, N. Y., has been elected a director of Lafayette
National Bank of Brooklyn,
according to George P. Ken¬
nedy, President of the bank.
of
York.
31,
National
Francis L. Pruyn, Executive Vice-President and director
<
on
(
The First National Bank in Greenwich, Greenwich,
Conn.,
recently opened for business in its new building at One La¬
fayette Place, Greenwich.
Ogden Bigeiow, President of
the bank, formerly was with the Chemical Bank & Trust
in its
1938.
completed
—
(
Rio
1940
Saturday (April 6).
.
.....
of New
13,
were
under
the
C.
was
opened
on
Oct.
15, 1928.
Louis, manager, and Joseph M.
O'Neill,
supervision
of
Daniel
•
Incident to the reorganization and
First Trust & Deposit Co. of
Schmeidler,
regional
recapitalization of the
Syracuse, N. Y., through
a
merger with the Baldwinsville State Bank of
Baldwinsville,
N. Y. (referred to in our issue
of March 9,
page 1538), the
Total
850,398
deposits of $179,416,803 and total
assets
of
$201,-
shown in the condition statement, as of March
26, 1940, of the National City Bank of Cleveland.
Cleveland,
are
Ohio, contrasting with $183,968,402 and $204,169,892 on Dec.
30, 1939.
In the present report the chief items
making
up
the assets
are: Cash and due from
banks, $79,981,403 (com¬
paring with $84,476,050 three months ago) ; United States
Government obligations, $50,286,092 (against
$51,176,883) ;
loans and discounts, $45,489,079
(against $44,386,658), and
with $18,218,017 on
other securities,
$18,201,062 (compared
the earlier date).
The bank's
capital structure is
099,290, against $14,158,514 three months
now
$14,-
ago.
The Central National Bank of
Cleveland, Ohio, in its con¬
densed statement of condition as of March
26, 1940, reports
total deposits of
$137,820,388 and total assets of
$153,622,102.
contrasting, respectively, with $146,178,458 and $161,798,586
on
Dec. 30 last.
The principal items comprising the re¬
sources
in
the
present
statement
Cash
are:
in
vault
and
with
banks, $52,091,725 (against $60,566,453 three months
ago) ; United States Government bonds, direct and
guaran¬
teed, $34,291,828 (against $36,358,338), and loans and dis¬
counts, $49,529,276 (compared with $47,299,236 on Dec.
30).
Capital funds of the bank now total $14,354,436, against
$14,352,546 at the
The Fifth
end
of December.
Third Union Trust
its condition
statement
Co.
of
Cincinnati, Ohio, in
March 26, 1940, reports total
deposits of $114,166,721 and total resources of
as
of
$126,540,286,
Federal
contrasting with $115,514,171 and $127,379,826,
respectively,
on Dec. 30 last.
The chief items
comprising the assets in
of
United States bonds
Deposit Insurance Corp. on April 8 began dis¬
bursement of about $23,600,000 to
protect the depositors
the First Trust &
Deposit Co. and the Baldwinsville
State Bank.
The New York "Times" in
recounting this said:
In the largest
transaction in its seven-year
history, the Federal Deposit
Insurance Corporation
today (April 8) is paying $23,600,000 for
doubtful
assets
of
the
Baldwinsville
First
State
Trust
Bank
being merged under the
by
a
and
of
name
Deposit Co. of Syracuse, N.
Baldwinsville, N.
of the first and
branch.
The
Reconstruction
Finance
Y.
The
Y., and the
two
are
Baldwinsville will be served
Corporation is subscribing-to
preferred stock of the continuing bank.
Shareholders of both
banks
$5,500,000
institutions
the
current
earlier
statement
date)
;
are:
Cash
and
due
from
banks
and
$65,599,504 (against $67,352,852 on the
loans and discounts, $40,492,377
(against
$40,171,418), and other bonds
(comparing with $12,558,781).
statement, capital debentures
and
On
are
securities,
the
given
debit
as
$12,910,612
side
of
$1,700,000
the
(the
ago) ; capital stock and sur¬
plus remain the same, at $5,000,000 and
$3,300,000, respec¬
tively, and undivided profits are $796,609. against
$800,000
same amount
on
Dec. 30.
as
three months
,
Volume
The Commercial & Financial Chronicle
ISO
The Indiana National Bank of Indianapolis, Ind., the
leading bank in that city, completed 75 years of service in
Indianapolis on April 6, having opened in 1865 at the close
of tne Civil War.
The institution, we are told, is a direct
descendant of the State Bank of Indiana founded in 1834 by
an act of the Indiana General Assembly, and the men who
pioneered that early institution established the Indiana
National when conditions i olio wing the Civil War made it
advisable to transfer a major part of the business to a national
bank.
Throughout the years the Indianapolis National
Bank has enjoyed a sturdy and rapid growth, an important
step in its progress being its consolidation with the Capital
National Bank of Indianapolis in July, 1912.
Today the
institution has a capital structure of $11,492,037 and total
deposits of $142,528,373.
Arthur V. Brown is President,
2359
m
*
The Mercantile Commerce Bank & Trust Go. of
Mo.,
in
total
shows
C.
W.
Harry R.-
Clarence T. Brady, C. Merle Brockway and
C.
Vice-Presidents; Paul
WTischmeier,
Buckler,
Keller, Byron D. Bowers, Henry A.
Ludwig G. Burck, John W.
Cashier;
Pfarrer,
C. Koepper, Frank W. Durgan
John R. Fletcher, Russell F. Petersen, Carl
Cashiers, and J. Kurt Mahrdt, Auditor.
and Lee M. Mayer, Assistant
Effective at the close of business March 30,
,
the Uptown
national institution
under the title of the Upstate National Bank of Chicago.
II. F. Wuehrmann continues as president of the new insti¬
State
111.,
Chicago,
Bank,
became
$202,548,448, comparing, respectively, with $185,583,689, and
In the later statement, cash
at $90,037,422 (up from
$70,940,319 on Dec. 31)United States Government obliga¬
tions, direct and guaranteed, as $47,488,397 against $66,731,193), and other bonds and securities, at $80,411,971
(against $31,125,191).
The hank's capital and surplus re¬
main unchanged at $10,000,000 and $3,400,000, respectively,
$202,726,937,
due
and
Dec. 30 last.
on
banks
from
shown
are
♦
•
capitalized at $300,000. In noting the change,,
Chicago "Tribune" of March 30 supplied the following
details:
The bank is at Broadway and Lawrence
best
and
Uptown
retains
still
the
in
was
interest
its
in
the
of
W. W.
mann,
Two
large
with the
The First-Chicago Corp.
bank whose home originally
side
on
The Uptown
$10,000,000 and loans and
It had 21,653 customers on Dec. 31.
Deposits exceed
Vice-President
became
Wilson Avenue.
and
1930
in
President in
1931.
boarc^ of directors include John C. Bowers, L. H. Hey-
Lill, E. A. Stake, E. M. Warner, and Wuehrmann.
important changes were made recently in the execu¬
of the Old Kent Bank of Grand Rapids, Mich.
Heber W.
Curtis, heretofore Executive Vice-President of the
institution,
named President to succeed the late Clay
was
II.
Ilollister, and Eugene Richards, a Vice-President of the
institutions, was made Executive Vice-President in lieu of
Mr. Curtis. Mr. Curtis is President of the Michigan Bankers
Association.
The "Michigan
of $97,736,256, comparing,
and $97,933,520 on Dec. 30,
present statement the principal items com¬
prising the resources are: Cash in vault and with banks
$33,858,701 (against $29,844,933 on Dec. 30) ; loans and dis¬
counts, $30,999,370 (against $31,707,479), and United States
Government securities, $18,712,134
(against $15,343,816).
Capital and surplus remain unchanged at $4,000,000 each,
but undivided profits are now $624,074 against $451,384
of
The
election
of
circles.
to
He
Grand
the
to
become
Presidency
the
honored
Detroit,
of April 6,
Investor"
30
Vice-President
of
the
Kent
bank in
largest
years
in
1910
as
Michigan,
Rapids
Grand
out¬
banking
Vice-President of
Bank.
State
When
this bank
was
merged with the Old National Bank in 1929, he continued as Vice-President
and
few
a
years
was
ago
made Executive Vice-President.
His early bank¬
ing experience was gained at Petoskey, where his family has operated the
First National
Bank for
more
than 50 years.
the bank.
is now President of
assets
$89,215,857
4
Francisco,
26, 1940, re¬
ports total assets of $216,446,160 (comparing with $222,783,384 on Dec. 30, 1939), of which the chief items are:
Anglo-California National
The
;,v,
His brother, Chalmers Curtis,
,
San
Bank of
Calif., in its condition statement as of March
States
securities,
Government
$65,349,318
(against
$65,450,481 on Dec. 30) ; loans and discounts, $63,892,485
(comparing with $68,503,766), and cash and due from
banks, $53,024,507 (against $59,422,834).
On the liabilities
side of the statement total deposits are given as $187,086,846
(contrasting
$192,566,838).
with
The
bank's capital and
surplus remain the same at $17,920,000 and $4,090,000, re¬
spectively, but undivided profits have risen to $2,236,670
from $2,196,000 three months ago.
in out¬
Two years later he left this institution
Rapids National Bank.
total
and
the
months ago.
Citizens
The
the
of
Curtis'
the Furniture City May 22,
to
came
Mr.
In
three
lining liis banking career said:
side
$88,743,536
respectively, with
1939.
United
staff
tive
Republic National Bank of Dallas, Dallas, Tex., in its
report of March 26, 1940, reveals total deposits
The
condition
1, 1937.
present quarters on Jan.
Wuehrmann
Mr.
north
approximate $2,230,000.
Members
a
23, 1929, through the First-Chicago
building
the
Theater
Wilson
its
to
serves
oniy banking facilities.
Chicagoans associated
of
group
a
the
the downtown bank.
growth has been rapid.
discounts
it
Bank of Chicago on Dec.
old
moved
Its
provides
for
affiliated with
corporation,
bank
which
loop and
outside the
organized by
was
National
First
quarters
side
north
the
on
area
Avenue, it has one of the largest
banking
equipped
.
Deposits of the First National Bank in Palm Beach,
Palm Beach, Fla., reached an all time mark on April 10, of
$14,036,000. Previous peaks in deposits of the bank were on
March 27, 1939 of $11,114,310; March 31, 1938 of $9,015,496; March 12, 1937 of $8,076,641; March 30, 1936 of $5,507,171; March 14, 1935 of $4,328,991; March 14, 1934 of
$3,262,707; and March 18, 1933 of $2,544,027.
a
tution which is
the
St. Louis,
statement of condition as of March 26, 1940,
deposits of $184,773,777 and total resources of
its
are:
Gwynn F. Patterson, Edward D. Moore, William P. Flynn,
Fuller, Robert B. Malloch,
Edward
$3,257,500
against $3,243,605 on Dec. 30.
■
and other officers of the bank
Capital remains at $6,000,-
$105,737,648 three months ago).
000, but surplus and undivided profits are now
:'
National
&
Trust
Savings
Bank
of
Los
Angeles, Los Angeles, Calif., in its statement of condition
as at the close of business March 26, 1940, shows total re¬
of
sources
$132,204,579
compared with total assets
as
of
$128,546,861 on Dec. 30 last, of which the principal items
are:
Loans and discounts, $49,493,231 (against $52,717,480
on
the previous
date); United States obligations, direct or
fully guaranteed, $33,031,125 (compared with $35,790,979),
and cash and due from banks, $36,641,128 (against $29,-
On the debit side of the statement total deposits
as
$120,688,403 as against $118,046,337 three
months ago.
The bank's capital structure is now $9,375,000
022,173).
Assets totaling
$162,553,259
of condition of the
revealed in the statement
Manufacturers National Bank of Detroit,
are
at the close of business March 26, 1040,
$160,092,492 on Dec. 30, 1939, of which
$71,231,814 represents cash, balances with other banks, in-!
eluding reserve balance, and cash items in process of col¬
lection (comparing with $63,120,230 on Dec. 30) ; $48,245,085
represents United States Government obligations, direct and
guaranteed
(against $54,083,027), and $30,016,395 loans
and discounts, including overdrafts (against $30,173,956).
Detroit, Mich.,
comparing
On
as
the report total deposits are given as
side of
$153,004,585 (contrasting with $150,681,787 three months
Capital and surplus continue at $3,000,000 each, but
undivided profits have risen to $2,007,446 from $1,879,780.
ago).
Total
deposits of $243,692,459 and total assets of $266,are
shown in the condition report of the First Wis¬
consin National Bank of Milwaukee, Wis., as at the close of
business March
26, 1940, contrasting with $237,887,615 and
$260,360,134, respectively,
Dec. 30 last.
on
The chief items
comprising the resources in the present report are:
Cash
and due from banks, $106,944,979 (against $102,232,477 on
Government securities,
$96,218,535), and loans and
discounts, $36,030,613 (against $35,858,167).
No change has
the
earlier
$96,218,535
date);
United
(comparing
The
y
been made in the bank's capital and
surplus, which stand at
date.
National Bank, Sebastopol, Calif., was
voluntary liquidation.
The institution,
capitalized at $75,600, was absorbed by the Analy
Sebastopol
recently placed
which
was
in
Savings Bank of Sebastopol.
♦—-
Bank
The
of
N.
California,
A.
(head
office San Fran¬
cisco), reports in its condition statement as at the close of
business of March 26, 1940, deposits of $125,147,510 and
total
assets
of
$145,788,094,
contrasting with
$129,156,000
Dec. 30, 1939. In the latest report the
chief items making up the resources are: Loans and dis¬
counts, less reserve, $49,971,185 (comparing with $49,723,009 three months ago) ;
cash and exchange, $49,252,243
and
$150,074,910
on
(against $46,313,589), and United States securities,
540
(against $38,865,275).
bank's
$32,339,-
No change has been made in the
capital, which stands at $6,800,000, but surplus and
undivided
profits
are now
$8,018,9.54, up from $7,965,621 on
the earlier date.
States
with
$15,000,000 and $2,500,000, respectively, but undivided profits
are
now
$2,966,666, having risen from $2,833,957 on the
earlier
compared with $9,350,000 three months ago.
with
the debit
055,906
given
are
A.
According to the San Francisco "Chronicle" of April 3,
D. McBryde on April 2 was elected a director of the
Bank of California to fill the vacancy created by the death
H.
of
D.
Officer,
F.
Pillsbury.
was
Smith,
McAllister
C.
Nelson
Hackett,
Assistant Trust
elected Trust Officer succeeding the late Stuart
Vice-President
was
and
Trust
Officer and Elliott
Cashier to Vice-
promoted from Assistant
President.
Mississippi Valley Trust Co. of St. Louis, Mo., in its
condition statement as of March 26, 1940, shows total assets
The
with $115,687,223 on Dec. 30,
1939, of which the principal items are: Cash and due from
banks, $38,132,855 (against $41,372,940 on the earlier date) ;
loans and discounts, $36,736,317 (against $36,224,767), and
United States Government securities, $30,034,605 (compar¬
of
$116,115,309,
comparing
ing with $27,537,301).
Deposits total $105,937,141 (against
total assets of $163,condition statement of the
Crocker First National Bank of San Francisco, San Fran¬
Total
760,932
deposits
are
of $148,964,949 and
disclosed
in
the
cisco, Calif., as of March 26, 1940, contrasting with $154,602,721 and $170,106,498, respectively, on Dec. 30 last.
In
the
current
assets
are:
statement
Cash
and
the principal items comprising the
sight exchange, $39,966,050 (against
The Commercial & Financial Chronicle
2360
$42,425,507 three months a?o) ; United States bonds,
(compared with $43,268,706), and loans and
854,956
$24,501,624:
counts,
dis¬
$26,226,379).
undivided
$2,261,136 from $2,218,875 on Dec. 30.
decreased
(having
from
Capital and surplus remain at $6,000,000 each, but
profits have risen to
•
In
its
condition
statement
as
at
the close of business,
the American Trust Co. (head office San
Francisco, Calif.), reports total assets of $325,709,133 (com¬
March 26, 1940,
paring with total assets of $333,906,460 on Dec. 30, 1939), of
which the chief items are: Loans and discounts, $143,687,538
(contrasting with $146,605,776 on the previous date); cash
hand and in banks, $60,613,002 (against $65,197,880);
on
Government bonds and notes, $59,926,853
$57,187,933), and State, county and municipal
bonds, $32,170,060 (against $34,778,850).
Total deposits are
given in the report as $293,587,658 (contrasting with $300,908,341 on Dec. 30). The company's capital and surplus are
unchanged at $15,000,000 and $4,000,000, respectively, but
undivided profits have risen to $5,901,526 from $5,381,574
United
States
(against
three months ago.
were
number
small
a
against the trend and some of the shipbuilding shares were
higher, but the list, as a whole, was below the preceding close.
The aluminum issues were stronger.
Aluminum Co. of
America
stocks
and
were
Light & Traction at 15% against 15%, Babcock
23% against 25%, Creole Petroleum at 20%
against 20%, Electric Bond & Share at 6% against 7%,
Fairehild Aviation at 10% against 11, Lake Shore Mines
American
& Wilcox at
against 18%, Sherwin Williams Co. at
at 18
gnd Technicolor at 15% against
of the week with a
and
metal
stocks
moved
within
a
strong and
narrow
Paper
irregular
range.
{Number
the market
opened
on
Monday.
The industrial stocks
assumed the leadership and gains ranging up to 8 or more
points were apparent in various sections of the list.
Public
utility preferred shares registered a number of new tops for
the year or longer, and the aircraft issues were stronger all
along the line.
The aluminum stocks were active all day,
Aluminum Co. of America climbing upward 9% points to
186, its top for the year.
Heyden Chemical was also an
outstanding strong issue as it surged forward 7% points to
90%.
Other noteworthy advances were Master Electric
Co., 3% points to 36; Standard Power & Light pref., 3 points
to 26; and Todd Shipyards, 2 points to 70.
Mixed price movements were apparent on Tuesday, and
as the market increased in volume,
profit-taking appeared
and a number of speculative favorites began to sag.
The
transfers climbed up to 420,920 shares the largest turnover
since Sept. 13, 1939.
There were 473 issues traded in, of
which 126 were on the side of the advance, 225 declined and
122 showed no change.
In the paper group, prices were
fractionally higher but many of the stocks that had been
strong during the preceding sessions were down on the day.
Noteworthy among the losses were Heyden Chemical, 3%
points to 87%; Aluminum Co. of America, 3% points to
182%; Great Atlantic & Pacific Tea Co. n.v. stock, 2 points
to 106%; Pennsylvania Salt, 2 points to 173; and Mead
Johnson, 4 points to 165%.
Declining prices were in evidence all along the line on
Wednesday, and while the transfers continued in good
volume, the turnover dropped to 280,567 shares, against
420,920 on Tuesday.
Paper stocks continued active and
registered some gains, and aircraft issues were irregular,
Beech, Grumman and Bell showing fractional gains while
Waco, Bellanca, Republic and Brewster were lower.
Alumi¬
num issues were down and
public utilities were off.
There
were occasional advances in the industrial
specialties group,
including Brown Co. pref., which forged ahead 2 points to
a new
1939-40 peak at 30%.
Steel stocks failed to hold
the gains of the preceding session.
Advancing prices were again apparent on Thursday, and
while the industrial shares and aircraft stocks attracted
28,000
1,242,000
10,000
34,000
1,580,000
23,000
3,000
40,000
46,000
1,305,000
1,175,000
1,532,000
6,000
37,000
1,575,000
1,530,537
$7,404,000
$43,000
$220,000
$7,667,000
—
Total
$1,000
1,213,000
Jan. 1 to Apr a 12
Week Ended AprU 12
Sales at
New York Curb
1940
Exchange
Stocks—No. of shares
1939
,1940
1939
.
1,530,537
1,208,994
13,398,494
13,967,814
$7,404,000
$8,635,000
-
Bonds
$147,203,000
74,000
745,000
1,656,000
168,000
2,038,000
1,937,000
$7,667,000
—
$102,540,000
43,000
220,000
Domestic,
$8,877,000
$105,323,000
$150,796,000
Foreign government—
Total...
NOTICES
CURRENT
Traders Association
of New York, announces that the organization's annual
will be held
45th
and
members
Inc., president of the Security
Wittieh of Bond & Goodwin,
—Wilbur R.
in
the main ballroom of the Roosevelt Hotel,
Street,
at
8 o'clock
on
Friday,
guests are expected to attend,
and
April
19.
coming from as
Madison
Nearly 800
far west as
Among them will be the presidents of the 22 affiliates of
Security Traders Association of which the Security Traders .
of New York is one.
Guests of honor will be Ambrose V.
Los
Angeles.
the
National
Association
Assistant Attorney General in charge of the Bureau of Securities
State of New York; George P. Rea, president of the New York
McCall,
for
the
Curb Exchange;
Securities
the
of
James J. Cafrey, regional director of the New York office
and Exchange Commission and his assistant, Peter T.
Edward D. Jones of St. Louis, president of the National Security
Association; Frank Dunn, president of the New York Security
Association; Charles R. Gay, former president of the New York
Stock Exchange; S. James Langill, president of the Montreal Bond Club,
and
Frank Scheffey, chairman of the local
committee of the National
Association of Securities Dealers, Inc.
John J. O'Kane Jr. is chairman
Byrne;
Traders
Dealers
of the committee
arrangements.
on
—Arrangements have been made to
Club
Bond
the
New
of
Jersey
on
hold the annual spring field day of
June 14, at the Rock Spring
Friday,
West Orange, N. J., with Lee "W. Carroll of John B.
chairman of the field day committee, it was announced by
Country Club in
Carroll & Co.
R.
Arthur
as
Robinson &
of Colyer,
Robinson
Hynes of First National Bank
G. Dewey
Co.,
members of Mr. Carroll's field
The other
club.
Fidelity Union Trust Co., Harold
Inc., president of the
day committee include
of Montclair, Carlos D. Kelly of
J. Kennedy of Colyer, Robinson & Co.,
W. Pressprich & Co., Carl A. Preim of
Co., C. Wallace Smith of H. M. Byllesby & Co., Charles
H. L. Allen & Co. and William A. Wells of Outwater &
Inc., Courtlandt H. Parker of R.
C. A. Preim &
Thomas of
C.
Wells.
speaker at the next luncheon meeting
—The guest
of the Bond Club of
in the Robert Treat Hotel in
Brown Harriman &
Co., Ltd. of London, who is here in the United States on business and who
has lived in Germany for the past 25 years. His subject will be "Europe at
War,"
Arthur R. Robinson of Colyer, Robinson & Co., Inc., president
Jersey to be held Wednesday, April 17,
New
Newark, will be
of the club, will
Henry Mann, managing director of
preside.
—Announcement
of the
of New
Smith & Co. and the Guaranty Company
York.
investment firm of E.
—The
W. T. Kitchen has become
Department.
in Chicago
his
office at 231 South La Salle
previously associated with Smith, Barney & Co. and
predecessor companies—E. B.
its
Noyes & Co., members New
Robert J. Harvey has been appointed manager
municipal department of their Chicago
Mr. Harvey was
St.
Hemphill,
made by
is
York Stock Exchange, that
own
W. Thomas & Co., Inc. announces that
asociated with them as manager of their Trading
Mr. Kitchen has been
for many years,
identified with the securities business
and since 1934 has conducted business under
name.
—Ira Haupt
& Co., 39 Broadway,
New York City, members New York
issued for distribution a booklet discussing 16 listed
recommended at this tune by three leading statistical
Stock Exchange, have
common
stocks
services.
—Katz Bros.,
announce
a
large part of the speculative attention, the improvement also
extended to other sections of the list and approximately 30
issues closed with a gain of a point or more..
Paper stocks
which were fairly strong during the early
part of the week
were inclined to move to lower levels due to
profit taking,
and public utility shares, with the exception of a few of the
preferred stocks, were down. Aircraft issues moved forward
under the leadership of Grumman which was up 2 points
at its top for the day, while-smaller gains were registered by
Bell, Waco and Bellanca.
$790,000
1,242,000
1,126,000
Friday
Avenue
as
$35,000
$755,000
172,925
Thursday
dinner
higher, but the mining and metal shares and the oil
issues moved within a narrow range.
Prominent on the
side of the advance were Aluminum Co. of America, 3%
points to 176%; Heyden Chemical, 2% points to 83%;
Jones & Laughlin Steel, 2 points to 32%; Ohio Brass B, 2
points to 24; and Universal Products, 3% points to 22%.
Renewed activity on the side of the advance was apparent
Total
Corporate
1,536,000
Wednesday
directed toward the aluminum issues and the steel stocks
were
Government
Domestic
167,490
281,970
421,310
280,217
206,625
—
-
Monday
Foreign corporate
were
Foreign
Foreign
of
Shares)
Tuesday
the aircraft stocks were
with a tendency toward slightly higher levels..
Narrow price movements, with the trend toward higher
levels, were apparent during most of the abbreviated session
on
Saturday.
There were occasional advances of a point
or more but the majority of the changes were fractional with
the industrial specialties and public utilities in the best
demand.
There was considerable
speculative attention
shares
EXCHANGE
CURB
Bonds (Par Value)
Stocks
MARKET
upward, but the market eased off on Tuesday due to the
new German
drive in the North and a fairly long list of
declines was in evidence on Tuesday and Wednesday.
The trend again pointed upward on Thursday and prices
stiffened all along the line.
Public utility preferred stocks
and industrial specialties were active, and there was con¬
siderable speculative attention directed toward the aluminum
shares.
Oil issues were comparatively quiet and mining
98 against 99%
15%.
NEW YORK
AT THE
TRANSACTIONS
DAILY
Week Ended
active and strong during the fore part
goodly share of the list moving briskly
were
preferred sections were lower.
As compared with Friday
of last week, prices were off, American Gas & Electric closing
last night at 36% against 37% on Friday a week ago,
Saturday--'--
Curb stocks
Aircraft shares
the active issues in the public utility
of
most
183, while the preferred
to
advance.
fractional
a
April 12 1940
CURB
points
advancing 2
made
down
________
THE
1940
irregularly lower on Friday.
There
of slow moving stocks that worked
moved
market
The
$42,.
April 13,
City.
Lauer
to
Co.,
utility and industrial issues.
members of the
that Paul D. Bieber, who has
New York Stock Exchange,
been with the firm since 1932, has
brokers department.
Stern & Co. announce that they have become members of
Exchange and that William C. Knef has been admitted
appointed manager of the customers
—Herbert
the
&
Security Dealers Association
offices to 40 Exchange Place, New York
The firm specializes in public
—Stern,
announce
been
members of the New York
the removal of their
New
E.
York
partnership in the firm.
—Joseph A. Monahan, formerly
with Taylor, Bates & Co., has become
associated with J. F. Sammon & Co.
—Edward
Van Alstyne,
L.
Elliott has been admitted
Noel & Co.
to partnership in the firm of
Volume
2361
The Commercial & Financial Chronicle
150
EXCHANGE
FOREIGN
Watling, Lerchen Sl Co.
Act
Members
New York
Chicago Stock Exchange
Detroit Stock Exchange
give below
DETROIT
Ford Building
record for the week just passed:
a
TREASURY UNDER TARIFF ACT OF
BANK TO
APRIL
official sales lists
Last
Week's Range
Sale
Stocks—
Par
Price
of Prices
High
Low
for
Feb
IK
1%
Jan
Baldwin Rubber com
1
Apr. 9
$
$
$
$
$
.169161
.168288
a
.170312
.170661
.170044
.168738
a
a
a
a
a
a
a
a
a
a
a
a
Bulgaria, lev
Czechoslov'ia, koruna
1%
3%
4%
350
2%
Feb
4%
Mar
18c
18c
275
18c
iJan
25c
Jan
Denmark,
Apr
Engl'd, pound sterl'g
"~7%
7%
7%
7%
3,443
6%
(Jan
175
24%
Feb
28
28
28
Bohn Alum & Brass com.-5
Apr. 8
$
Europe—
High
Low
1%
5
1
3%
Auto City Brew com
Apr. 12
Apr. 11
Apr. 10
Apr. 6
Range Since Jan. 1, 1940
Week
Shares
200
..1
com
Atlas Drop Forge com
New York
Unit
Belgium, belga
Allen Electric
1940, INCLUSIVE
Noon Buying Rate for Cable Transfers in
Value in United States Money
Country and Monetary
Sales
Friday
TO APRIL 12,
1940,
6.
Exchange
April 6 to April 12, both inclusive, compiled from
FEDERAL RESERVE
1930
BY
CERTIFIED
RATES
EXCHANGE
FOREIGN
Telephone: Randolph 5530
Detroit Stock
certifying
1930, the Federal Reserve Bank is now
of
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
New York Curb Associate
Stock Exchange
RATES
requirements of Section 522 of the Tariff
Pursuant to the
a
.193050
Official
Apr
.193050
.035000
krone
.035000
1.035000
4.035000
a
a
'
4.035000
1.035000
1.502500
34
107
32
Feb
35
.581805
.563611
1.469531
3.478333
5
34
3.555416
Bower Roller Bearing
19%
Feb
23%
Mar
Finland, markka
.017666
.017666
.017500
.017833
23%
645
^017666
*
23
.017833
Brlggs Mfg
Jan
1%
Feb
France, franc
.020302
.020194
.019663
.019704
.019834
200
88c
.020148
91c
Germany, relchsmark
.401125*
.401150*
.401175*
.401166*
.401200*
.401200*
.006531*
com
Brown McLaren com
91c
1
Burroughs Add Mach
"io%
*
Burry Biscuit com
12%
Capital City Prod com
*
Chrysler Corp
Jan
100
87c
Feb
1%
Jan
Greece, drachma
.006550*
.006562*
.006500*
.006500*
.006531*
100
Apr
9%
Jan
.175912*
.175930*
.175830*
.175830*
Feb
90%
Apr
.050460
.050460
.050460
.050360
82%
.050462
.050460
503
Hungary, pengo
Italy, lira
.175830*
8%
Feb
1%
Jan
Netherlands, guilder.
Norway, krone
.530811
.530800
.530744
.530766
.530766
100
66
.530788
85
90%
85
1
Consumers Steel com
12%
1%
8%
90%
.226981
.227043
a
a
a
Poland, zloty
Portugal, escudo
a
a
.034425
.034450
.034425
.033775
.034031
Rumania, leu
Spain, peseta
.091305*
.091305*
.091305*
.091305*
.091305*
.091305*
Sweden, krona...
.238112
.238125
.238140*
.235000*
.234785*
.237166*
Switzerland, franc.—
Yugoslavia, dinar
.224216
.224183
.224155
.224166
.224161
.224183
.022435*
.022435*
.022435*
.022435*
.022435*
.022435*
.059900*
770
11
10%
1%
8%
5
com
Apr
10%
Continental Motors com.l
4
4%
200
3%
Jan
4%
Feb
Crowley Mllner
com
1%
1%
100
1%
Feb
2
Jan
19%
19%
100
16%
Jan
Det & Clev Nav
com.—.10
87c
85c
89c
3,170
70c
Feb
100
118%
118% 119%
126
Jan
Detroit Gray Iron com—-5
1%
1%
1%
Det-Mlchigan Stove com.l
1%
1%
2
1,000
118%
1%
1%
Detroit Paper Prod com__l
Detroit Steel Corp com...5
1%
1
1%
6,033
75c
Mar
15%
120
14%
Feb
*
Deisel-Wemmer-GIl com-10
Detroit Edison
com
Free
Jan
16%
490
19%
Apr
89c
Apr
125
Jan
Jan
1%
Jan
Jan
2%
1%
15%
Mar
Jan
Apr
b
China—
125
8
*
14%
15%
3,810
12
Jan
V9%
15%
Mar
Chefoo (yuan) dol'r
Federal Motor Truck com*
4%
4%
820
4
Mar
4%
Jan
Hankow (yuan) dol
Shanghai (yuan) dol
Dlvco Twin Truck
1
com
Federal Mogul com
9
9
1
2%
2%
3
6%
6%
1
2%
2%
150
10
54%
56
1
2%
2
.1
90c
95c
2,512
7,710
1,389
75c
80c
500
12%
2%
Jan
6%
Mar
2% [Mar
Jan
51%
2% 'Jan
; 2%
Jan
56
Apr
3
Apr
Mar
1%
Jan
Jan
80c
Apr
895
General Finance
2% Mar
4% iMar
450
Gar Wood Ind com
Frankenmuth Brew
General Motors
com.
_
com
com
Goebel Brewing com
Graham-Paige
com
Grand Valley Brew com__l
Hall Lamp com
__.*
I
80c
| 87c
|
56c
13%
1,610
5%
Feb
13%
Apr
18
19
Feb
Apr
Hudson Motor Car com..*
6%
6%
730
5%
Jan
15%
6%
Feb
52c
Jan
com.
10
Houdaille-Hershey B
Feb
44c
46c
1,700
41c
1%
1%
440
1%
Mar
1%
Jan
47c
48c
400
35c
Feb
60c
25%
4%
25%
521
24%
4%
305
4
Jan
1%
677
1%
Feb
4%
1%
Masco Screw Prod com.__l
1
1%
1,020
90c
Jan
1%
Jan
McAleer Mfg com..
55c
75c
600
30c
Jan
75c
Apr
48c
1
Kresge (S S) com
10
Lakey Fdry & Mach com.l
LaSalle Wines
2
com
McClanahan Oil
Michigan Sugar
*
21c
21c
22c
2,009
19c
Jan
25c
1%
2,795
72c
Mar
1%
4%
5
5
Apr
1
com
10%
2K
Mid-West Abrasive com.50
10
2%
Motor Products com
*
14%
Motor Wheel
com
5
18%
Murray Corp
com.
11%
2%
7K
10
7%
3%
Packard Motor Car com..*
*
com
44%
12
*
com
Peninsular Mtl Prod com.l
Pfelffer Brewing
Prudential Invest
Sheller Mfg com..
1
"6 %
1
IK
Apr
760
Feb
15%
a
a
.214825
.214775
.220106
.217443
.302013
.302129
.302129
.302055
.302055
Japan, yen
.234383
.234383
.234383
.234383
.234383
.234383
.471356
.471356
.471356
.471356
.471356
.471356
3.228000
16%
Jan
18%
Feb
1,205
5%
Jan
8%
Feb
799
428
Jan
3%
Feb
43
8%
245
Mar
1
871
1,665
Mar
1%
Mar
Jan
9%
Australia, pound—
Official
22800Q
228000
3.228000
3.228000
3.228000
Free
853750
839583
2.765000
2.771666
2.832083
864375*
851250* 2.776250* 2.782916* 2.844166*
New Zealand, pound.
Apr
1%
712
1%
200
2%
Jan
2%
4,160
1%
Mar
448
22
Mar
2
6%
Jan
1%
13%
Jan
1%
.909090
.909090
.909090
.909090
.909090
.909090
.840390
.838928
.833593
.838035
.841406
.843437
.166450*
.166575*
.166575*
.166575*
.166575*
.166525*
Official
.909090
.909090
.909090
.909090
.909090
.909090
Free
.836875
.836250
.830468
.835468
.838906
.841250
.297733*
.297733*
.297733*
.297733*
.297733*
.297733*
Official
.060575*
.060575*
.060575*
.060575*
.060600'
.060575*
Free
.050000*
.050333*
.050250*
.050333*
.050333'
.051650*
.051650*
.051650*
.051650
.051650*
cNewfoundl'd, dollar
South America—
Argentina, peso
Brazil, milrels—
Chile,
Jan
14%
Mar
24%
585
21
Jan
25
2%
1,150
Jan
2%
Apr
2%
Apr
43c t Jan
37c
333
26c
Jan
3%
3%
175
3
Jan
3%
Mar
4%
185
3%
Jan
4%
Mar
4
Jan
7%
Apr
Mar
1
6%
7%
2,075
Universal Cooler B
*
1%
1%
400
1%
16%
Jan
2%
Jan
23%
1,170
IK
1%
1%
2,350
1%
Apr
23%
1%
Apr
1
Wayne Screw Prod com..4
IK
1%
2%
1
Feb
2%
Apr
24c
23c
25c
6,860
1,950
10c
Jan
25c
Apr
6%
10%
6%
Mar
Mar
21
100
6%
6%
Wolverine Tube
Official
270
12
12
Jan
Jan
12
Jan
No par value
FINANCIAL
.040000*
.040000*
.040000*
.569850*
.569850
.569850
.569850*
Controlled
.658300*
.658300*
.658300*
.658300*
.658300*
.658300*
Non-controlled
.391500*
.391000*
.391000*
.391000*
.391000*
.391000*
*
Sal.,
MARKET—PER
Consols
2%%.
British 3%%
W. L
.
Tues.,
Apr. 9
Mon.,
Apr. 8
Silver, per oz d
Closed
Gold, p. fine oz. 168s.
Closed
Closed
-
a
No rates available,
COURSE
Preliminary figures compiled by us
year ago.
indicate that for the week ended today (Saturday,
Wed.,
Thurg.,
Apr. 10
Apr. 11
Fri.,
Apr. 12
week in
The price
on the
BarN.Y.(for'n)
S.
U.
—
20 15-16d.
20 9-16d.
20%d.
168s.
168S.
168s.
£-71K
£71%
£98%
£98%
£99-'u',
£98%
£109
San Francisco.
in the United
«
34%
35
71.10
34%
34%
34%
71.10
71.10
71.10
71.10
AUCTION
71.10
l—--------
.———
,,
Baltimore
.
Eleven cities, five days
Other cities, five days
...
Total all
cities, five days.-
The
Total all cities for week
SALES
following securities were sold at auction on Wednesday
of the current week:
By R. L. Day & Co., Boston:
$ per Share
...
2%
Stocks
Shares
1 Bareco Oil Co. common, par $5
Forty-Nine West 37th St. Corp. common v. t. c__
15 New England Storage Warehouse
B.
M.
Construction
5 Wickwlre Spencer
Co.,
Co., par $100.....
1
Inc., common
Steel Co. v. t. c., par $10
par $1 —
100 Citizens Utilities common,
Bonds—
November, 1943
Lincoln Mortgage Co. 5s, April, 1948, with 10 shares stock
Citizens Utilities, Inc., 3s, December, 1955
....
$1,000 Arcade Malleable Iron Co. 7s,
$400
$750
+6.8
71,000,000
112,022,000
95,577,669
—2.8
77,503,998
77,305,377
57,668,093
—9.8
61,248,330
$3,865,112,080
808,900,045
$3,874,397,659
758,731,860
—0.2
$4,633,129,419
1,059,132,561
+0.9
—11.7
$5,608,814,550
—
All cities, one day.
100
—0.5
66,666,026
$5,692,261,980
—1.5
91,330,681
77,929,499
69,695,806
Treasury
(newly mined)
20
172,119,499
72,100,000
108,876,000
$4,674,012,125
934,802,425
__
—
-
Detroit
15% xd
1
..$15 lot
—
5%
1%
Percent
—12 flat
80% flat
36% flat
0.9
+ 2.5
'
'
£109
■
251,857,558
307,000,000
171,215,627
71,177,115
St. Louis..
£108%
Cent
$2,585,677,339
322,000,000
Kansas City
£99 K
1939
$2,561,362,797
258,176,225
.
—
Boston
£7 IK
of silver per ounce (in cents)
same days have been:
34%
Per
1940
/
Chicago-—.,.—-
20%d.
168s.
£71%
£109%
Our comparative summary for
'
■
New York
for the
At this center there is a loss
1939.
Friday of 0.9%.
Clearings—Returns by Telegraph
Week Finding April 13
20%d.
168s.
£72%
%
April 13)
which it is
possible to obtain weekly clearings will be 1.5% below those
for the corresponding week last year.
Our preliminary
total stands at $5,608,814,550 against $5,692,261,980 for the
clearings from all cities of the United States for
Philadelphia.
£109
CLEARINGS
compared with
based upou
telegraphic advices from the chief cities of the country
a
Cleveland
States
OF BANK
the week follows:
CABLE
British 4%
Closed
b Temporarily omitted.
clearings this week show a decrease
Pittsburgh
1960-90.
.
Ml
Nominal rate,
Bank
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the pastf,week:
Apr. 6
*
40000*
.040000*
.570050*
Uruguay, peso—
The
as
5165
.040000*
peso.,
week ended
ENGLISH
.
.570050*
Export
Colombia,
same
*
.050333*
peso—
Apr
209
35c
Wolverine Brewing com__l
com
2
3.980000
Free
Apr
4%
1,748
4%
Young Spring & Wire....*
3.980000
Jan
3,655
3K
21 %
3.980000
Official
cMexIco, peso
Jan
25
6%
*
com
3.980000
3.980000
North America—
cCanada, dollar—
Apr
1%
13%
United Specialties
Warner Aircraft
South Africa, pound- 3.980000
Jan
3
2%
1%
2%
Universal Products com..*
2.788541
2.800416*
Africa—
Feb
6%
2%
23
4% [Mar
44% 1 Jan
12% |Mar
-
Straits Settlem'ts, dol
Australasia—
Apr
403
24
*
com
com
Mar
2%
6%
1
Union Investment
11%
Jan
13%
1
Tom Moore Dist com.
Jan
1%
10%
9
22%
Stearns (Fred'k) com
*
Tlmken-Det Axle com.. Id
United Shirt Dist
7%
4,605
1%
Std Tube B com
Tlvoli Brewing com
4,917
2
2H
10
com
Jan
2%
1
com
44%
12%
1%
9
Rickel (H W) com
2
River Ralson Paper com..*
Scotten-Dlllon
1%
IK
*
com
15%
18%
7%
3%
4
218
.060381*
.220650
Apr
5
.059156*
.302246
Jan
80c
.058875*
.221793
Jan
1%
10
Parker-Wolverine
Feb
1
Preferred
Parke Davis
26
*
com
com
Micromatlc Hone
Jan
a
.060850*
dollar.
Hongkong,
Mar
1%
45c
Kingston Products com_.l
a
a
a
Tientsin (yuan) dol.
Mar
Hurd Lock & Mfg com___l
Klnsel Drug com
a
.061000'
India (British) rupee.
Apr
15%
17%
11%
19
14%
1,005
1,375
Apr
*
Hoover Ball & Bear
b
b
b
b
b
a
.034125
Asia—
Mar
Feb
a
.175930*
.
+4.9
+ 1.5
+0.5
+ 6.2
+ 6.6
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnisn them today, inasmuch as the week ends today
(Saturday), and the Satuitlay figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all
cases
has to be.estimated.
statement, however,
which we
give final and complete
previous—the week ended April 6.
In the elaborate detailed
present further below, we are able to
results
for
the
week
For that week there was an increase
of
clearings
for
the whole
of 18.7%, the aggregate
country having amounted
to
The Commercial & Financial Chronicle
2362
*
/
$6,331,527,006, against $5,332,813,242 in the same week in
1939,
Outside of this city there was an increase of 19.0%,
the bank clearings at this center having recorded a gain of
18.5%. 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 record an expansion of 18.4%, in the
Boston Reserve District of 14.9%, and in the Philadelphia
Reserve District of 36.7%.
In the Cleveland Reserve District the totals are larger by 14.1 %, in the Richmond Reserve
District by 20.8%, and in the Atlanta Reserve District by
17.8%.
In the Chicago Reserve District the totals show a
gain of 15.0%, in the St. Louis Reserve District of 18.6%,
and in the Minneapolis Reserve District of 31.7%.
In
the Kansas City Reserve District the increase is 12.9%,
in the Dallas Reserve District 19.8%, and in the San Fran¬
cisco Reserve District 10.1%.
In the following we furnish a summary by Federal Reserve
April
13,
1940
Week Ended April 6
Clearings at—
Inc. or
1939
1938
Dec.
$
1940
%
1937
Seventh Feder al Reserve D istrlct—Chic ago—
579,253
Mich—AnnArbor
99,904,380
3,317,866
1,745,801
2,027,544
22,155,000
2,148,362
5,523,475
22,958,134
1,355,873
Detroit
Grand
Rapids.
Lansing
...
Ind—Ft. Wayne
Indianapolis...
South Bend
Terre Haute.
..
Wis.—Milwaukee
la.—Ced. Rapids
Des Moines
.
12,466,882
4,332,963
Sioux City
111.—Bloomington
Chicago
506,724
323,605,796
1,025,661
561,440
83,831,452
2,788,384
1,279,829
1,030,689
+ 11.6
1,581,097
4,920,239
19,594,048
1,213,765
+35.9
4,172,101
335,366
285,381,041
Rockford—
1,416,925
Springfield
1,455,016
1,069,740
4,133,265
1,167,160
1,395,537
510,858,440
444,335,703
Decatur
Peoria
4,332,785
...
+36.4
+96.7
19,856,000
10,024,550
409,824
65,856,810
2,379,321
1,118,515
+3.2
+ 19.2
+ 19.0
+ 12.3
+ 17.2
+11.7
+24.4
+3.9
+51.1
+ 13.4
—4.1
+4.8
964,942
17,038,000
1,298,791
3,893,126
19,506,407
1,089,768
9,217,657
3,887,744
391,429
267,811,975
850,776
3,206.386
+21.4
+4.3
1,024,213
1,186,427
+ 15.0
401,132,111
363,073
91,632,855
2,985,281
1.172,364
1,118,469
19,309,000
1,534,012
5,112,983
20,378,959
1,091,350
10,119,448
3,475.340
361,747
'
325,404,981
851,131
4,137,353
1.230,665
1,537.920
districts:
Total (18 cities)
SUMMARY OF BANK CLEARINGS
491,816,83
Inc.or
1940
Week Ended April 6,1940
1939
1938
Dec.
Eighth Federa 1 Reserve Dis trict—St. Lo
80,600,000
93,700,000
30,597,491
34,877,594
14,574,162
20,539,587
1937
uis—
+40.9
73,400,000
28,387,105
14,575,692
87,300,000
32,993,676
18,557,080
Mo.—St. Louis..
%
+14.9
3,163,587,218 +18.4
214,112,242
267,349,509
2,907,738,824
3,776,480,189
$
$
Federal Reserve Dlsts.
S
$
2d
Boston--.-12cities
New York—13
"
3d
PhUadelphlalO
"
469,963,273
343,679,814
+38.7
301,728,901
Cleveland-.
7
"
303,412,120
265,838,698
+14.1
233,894,791
308,945,891
Richmond-. 0
"
"
"
"
+ 14.0
.
402,324,763
4th
+ 16.3
Ky.—Louisville.
Tenn.—Memphis
111.—Jacksonville
1st
5th
Atlanta..—10
Chicago
18
8th St. Louis... 4
9th Minneapolis 7
10th Kansas City 10
3,746,076,666
7th
6
+20.8
116,552,817
149.637.760
+17.8
132,046,741
+15.0
401,132,111
126,384,653
4*18.6
+31.7
120.794.761 4*12.9
60,155,174 +19.8
116,910,797
90,212,026
.■*
96,340,064
109,238,369
144,424,648
57,824,034
Total (4 cities).
139,527,756
82,408,306
66,713,270
613,000
+25.3
548,000
677,000
149,885,181
126,384,653
+ 18.6
116,910,797
139,527,756
2,634,025
2,975,732
64,370,842
23,413,656
2,043,363
612,303
491,816,831
149,885,181
108,566,127
x
768,000
.......
156,319,118
444,335,703
Qulncy
134,896,228
176,201,102
154,428,334
"
6th
237,402,061
510,858,440
"
"
11th Dallas
272,693,426
127,809,524
136,407,501
72,055,309
Ninth Federal
Minn.—Duluth..
Reserve Dis trict—Mlnne apolis2 830 458
+ 16.8
2,423,413
69,502,371
29,111,404
2,341,886
Minneapolis...
52,826,302
+31.6
+36.9
231,979,527
210,779,570 +10.1
200,541,733
236,830,437
Total—.113 cities
6,331,527,008
6,332,813,242 +18.7
4,881,934,185
0,221,968,702
S. D.—Aberdeen.
719,904
Outside N. Y. City-
2,709,961,266
2,276,359,455
4*19.0
2,062,479,513
2,560,280,960
Mont.—Billings.
916,037
3,144,067
21,262,429
1,983,214
699,263
725,301
2,488,384
108,566,127
82,408,306
10
12th San Fran
"
St. Paul
N. D.—Fargo
Helena.
32 cities
Canada
360,403,098
408,638,243
-11.8
357,863,655
—
..
now
add
our
Dis trict—Kans
Tenth Federal
Neb.—Fremont-.
126,706
157,105
3,483,119
Hastings......
Clearings at—
Lincoln
Inc.
1940
1939
or
Dec.
Omaha.
1938
1937
30,536,118
....
2,203,976
3,258,108
92,197,176
3,135,704
674,727
634,762
Kan.—Topeka..
Wichita
5
Reserve Dist rict
873,372
Portland
■Boston
Mo.—Kan. City.
St. Joseph....
J7o
643,061
1,894,424
201,213,664
4*35.8
638,615
+7.9
447,854
838,120
—14.3
522,405
1,887,125
180,451,925
597,441
341,394
629,657
3,200,819
1,763,267
11,582,482
3,714,616
8,763,100
793,642
1,757,092
229,213,534
781,068
394,710
Conn.—Hartford
2,147,178
230,169,246
689,129
412,639
717,945
3,732,911
2,377,790
14,288,479
New Haven...
6,162,859
R.I.—Providence
N.H.—Manches'r
10,467,700
654,278
3,561,141
2,089,501
11,087,415
3,851,667
10,412,500
724,099
—9.6
658,011
237,402,061
+ 14.9
214,112,242
267,349,509
Second Feder al Reserve D
N. Y.—Albany..
8,385,525
(strict—New
York-
18,870,960
954,260
27,800,000
Colo.—Sol. Spgs.
581.340
272,693,426
8,990,643
1,013,156
Maes.—Boston..
Fall River....
Lowell........
New Bedford..
Springfield
Worcester.....
Total (12 cities)
BInghamton...
Buffalo....
1,153,401
35,000,000
+ 13.3
+ 14.4
—7.9
+4.8
+ 13.8
+28.9
+60.0
+0.5
Pueblo
Total (10 cities)
662,044
3,665,818
1,928,100
12,758,769
4,020,892
10,792,500
6,740,870
+24.4
1,472,726
—21.7
32,300,000
+8.4
579,185 —17.7
+27.6
10,740,948
9,378,309
4,689,045
4,536,261
4,792,897
433,010
21,377,111
30,950,939
4,126,831
5,455,996
4,728,103
398,312
16,753,378
24,435,210
Total (13 cities)
3,745,076,666; 3,163,587,218
Third Federal
Syracuse
...
Westchester Co
Conn.—Stamford
N. J.—Montclalr
Newark
Northern N. J.
Pa.—Altoona
Bethlehem....
Chester.......
Lancaster.....
Philadelphia...
Reading...
Scranton.
542,885
651,465
450,398
1,999,736
455,000,000
1,620,722
2,249,066
439,608
*475,000
304,604
1,546,821
332,000,000
1,342,857
1,999,952
+23.5
+16.1
+47.9
+29.3
+37.0
+20.7
+ 12.5
Wllkes-Barre..
1,018,463
1,015,967
+0.2
York
1,496,338
5,034,200
1,114,805
+34.2
3,440,200
+46.3
—v———
N. J.—Trenton..
Total (10 cities)
Fourth
469,963,273
343,679,814
+36.7
630,140
633,708
318,431
218,558
1,105,794
292,000,000
1,378,230
1,610,985
790,579
1,348,618
2,569,100
301,728,901
413,960
Cincinnati....
Cleveland
Columbus.....
Mansfield
Youngstown...
Pa.—Pittsburgh
.
Fifth Federal
W.Va.—Hunt'ton
Va.—Norfolk....
Stockton...—.
36,987,254
1,335,980
30,106,013
15,891,952
3,704,557
3,304,502
134,271,000
2,578,416
1,515,729
2,284,124
231,979,527
.
.
Ore.—Portland..
Utah—S. L. City
Calif.—L'g Beach
Pasadena——.
San
Francisco.
San Jose—.
Santa Barbara.
cities)
+3.5
2,072,868
2,773,317
101,759,463
+26.9
92,839,552
134,615,567
303,412,120
265,838,698
+ 14.1
233,894,791
308,945,891
2,381,628
68,051,659
88,391,762
12,242,200
2,489,758
154,428,334
127,809,524
Tenn —Knoxvllle
Nashville
Reserve Dist rict—Atlant
4,077,117
20,505,246
Ga.—Atlanta....
Augusta
...
Macon
Fla—Jacks'nvllle
Ala.—Birm'ham
_
Mobile
64,800,000
1,508,053
963,245
20,666,000
21,768,987
2,113,545
3,860,939
16,853,429
54,600,000
1,123,132
970,756
17,884,000
19,259,895
1,599,448
Montreal
125,490,030
—
Winnipeg
Vancouver.
Ottawa
—
,.
Quebec-—!
—
Vlcksburg
La.—NewOrleans
Total (10 cities)
■X
193,022
39,605,887
176,201,102
x
x
+ 10.0
118,325,000
—14.9
2,740,197
1,519,436
1,804,154
138,457,000
2,711,323
1,620,758
2,196,740
200,541,733
236,830,437
+28.3
—5.5
1,559,148
—2.8
1,903,581
+20.0
210.77^ 570
+10.1
35,713,721
978,199
29,358,557
17,292,637
4,187,054
4,314,448
1939
Dec.
1938
%
5
Halifax
Hamilton
+ 1.3
2,882.310
+ 10.3
2,689,303
2,793,203
5,679,877
+ 18.5
+4.8
5,625,347
4,897,002
1,905,490
1,963,949
3,168,795
4,428,301
3,811,654
376,679
6,120,362
6.732.796
5.290.797
St. John
2,445v888
Victoria
2,075,796
Edmonton...—
Reglna
—-
Lethbridge
3,571,917
Fort William—
1,039,938
832,222
New Westminster
732,883
246.166
Peterborough
18,221,427
776,025
Sherbrooke
53,400,000
1,444,197
1,020,767
18,747,000
22,366,023
Kitchener
Windsor
Prince Albert
Monctoh—
—
Kingston----—.
1,619,045
Chatham
x
152,764
+26.4
134,696
154,537
783,078
1,324.812
3,038,659
311,284
773,066
636,885
33,333,397
+ 18.8
30,690,039
—
683,959
Sudbury——
431,015
1,008,694
360,403,098
Sarnia
—5.2
1937
+23.2
Total (32 cities)
Miss.—Jackson..
—14.9
894,477
26,547,087
11,866,751
3,680,949
3,573,244
5,188,972
Medicine Hat
+32.1
29,590,438
22,761,745
502,962
359,039
a-
—0.8
SCO
+ 14.2
+ 18.5
+5.6
5,257,944
3,178,192
Moose Jaw-
26,822,568
+ 13.0
3,884,390
122,093,000
3,029,207
Franci
28,045,096
Saskatoon..
134,896,228
+ 15.6
32,374,995
1,127,782
28,504,705
12,383,278
3,919,484
20,655,026
Brandon
116,552,817
3,207,344
16,594,586
44,900,000
986,036
827,116
18,551,000
14,747,945
1,407,979
66,713,270
2,312,000
877,252
121,765,609
116,119,215
28,068,002
19,187,609
23.503,750
5,688,963
1,486,308
67,694,820
+20.8
+5.6
57,824,034
+29.4
132,366,738
151,276,517
33,155,423
20,415,164
105,792,171
28,841,979
2,866,794
4,635,915
3,759,914
348,822
511,143
1,353,147
+ 5.3
+21.7
+ 18.7
+34.3
+ 19.8
$
Brantford
Sixth Federal
3,776,375
—3.9
Inc. or
1940
London
297,505
2,110,000
31,361,971
1,219,970
57,706,978
23,856,393
+34.2
3,000,732
+21.4
Week Ended April 4
2,722,000
35,811,493
-Richm ond—
+ 9.9
+ 15.5
+41.8
+24.9
402,324,763
129,117,499
Total (6 cities).
.
1,609,395
50,133,637
8,004,611
+25.8
1,408,476
43,664,213
6,733,114
2,011,000
1,006,499
District—Da lias—
Clearings at-
3,918,000
—5.0
D.C.—Washing'n
Richmond
S. C,—Charleston
Md .—Baltimore
144,424,646
Grand total
2,487,349
948,353
1,886,059
—2.8
+5.6
109,238,369
+ 19.0 2,082,479,513 2,560,280.960
1,805,005
2,855,275
+58.3
+ 12.9
+ 18.7 4,881,934,185 6,221,968,702
10,779,400
403,538
3,065,000
33,958,545
1,239,547
62,043,941
27,098,953
120,794,761
Outside New York 2,709,961,266 2,276,359,455
1,715,559
2,954,578
638,788
+ 1.4
72,109,839
2,776,490
501,637
439,790
423,424
+2.4
3,236,000
37,317,646
1,431,222
83,257,434
28,547,244
+ 5.0
+ 11.2
—8.1
367,819
1,624,091
389,000,000
1,265,708
2,327,103
56,743,203
89,569,249
Reserve Dist rict
2,985,107
606,977
625,940
Twelfth Feder al Reserve D istrlct—San
Yakima
Calgary..
Total (7 cities).
2,751,052
+ 16.0
60,155,174
Canada—*.
Toronto
1,822,776
50,144,519
74,586,246
10,960,100
1,468,730
+ 19.2
79,499,545
118,722
(113
cities)........ 6,331,527,006 5,332,813,242
2,383,955
58,704,050
98,058,679
10,477,800
+3.5
+ 9.6
130,634
2,982,731
30,714,440
2,697,806
3,221,510
99,724,310
3,390,869
642,334
801,290
72,055,309
Wash.—Seattle
95,517
126,356
2,453,306
25,438,258
2,546,124
Total (6 cities) -
Galveston....
City
—0.9
+24.3
+5.8
1,210,578
3,750,940
.
Total (10
388,606
Feder al Reserve D istrlct—Clev eland -
Ohio—Canton
2,550,253
55,131,906
6,827,632
2,584,000
as
+7.7
La.—Shreveport-
Fort Worth-
Reserve Dist rict—Philad elphia
975,243
764,511
New York.... 3,621,665,740 3,056,453,787
Rochester
96,340,064
127,875
145,937
2,802,673
28,868,775
2,398,163
2,733,769
2,041,476
45,406,659
7,103,080
1,997,000
962,046
2,644,913
Dallas
+ 18.4 2,907,738,824 3,776,480,189
476,646
Jamestown....
136.407,501
Eleventh Fede ral Reserve
Texas—Austin...
Wichita Falls.
34,600,000
534,502
626,231
+ 18.5 2,799,454,672 3,661,687,742
+ 14.5
7,632,758
7,707,759
+ 136
3,773,679
3,906,469
—16.9
4,412,940
2,830,148
+ 1.4
4,399,320
4,320,380
+8.7
347,852
404,181
+27.6
15,796,438
19,378,998
+26.7
23,032,097
30,479,980
Elmlra
639,296
2,284,872
years:
Week Ended April 6
First Federal
90,212.825
+3.0
detailed statement showing last week's
figures for each city separately for the four
Me.—Bangor
+31.7
+ 18.1
+26.3
434,879,368
Total (7 cities).
We
+26.3
58,627,513
23,504,282
2,072,421
648,569
617,512
2,108,503
5,049,036
1,807,402
1,974,853
2,820,885
4,411,788
3,675,299
309,464
573,590
1,413,019
651,415
1,021,685
635,592
799,892
267,450
774,724
773,814
1,143,803
3,155,758
306,389
637,432
650,119
596,779
531,041
930.268
408.638,243
—30.1
—13.0
+ 1.2
+35.3
+5.1
+ 1.6
+5.1
+2.3
+ 12.7
—10.9
—4.2
—22.8
+ 1.8
+30.9
*—8.4
—8.0
+0.2
+1.2
+ 15.8
—3.7
+ 1.6
+21.3
165,010,248
128,905,864
41,274,388
21,062,232
26,127,011
5,914,380
6,417,075
2,120,019
1,885,592
3,346,450
4,597,181
3,879,003
325,817
464,806
1,296,847
502,467
477.505
1,516,523
1,060,607
836,926
724,035
221,813
723.265
1,087,051
847,995
1,229,969
727,442
1,235,019
3,098,609
336.506
792,355
629,411
2,842,526
363,969
771,531
821,118
667,439
241,069
697,431
—2.0
749,508
652,968
+ 14.6
684.499
608,339s
—18.8
644,686
917,101
512,126
+8.4
—11.8
357,863,655
434,879,368
35,774,205
149,637.760
+ 17.8
132,046,741
156,319,118
*
Estima ted.
xNo figures available.
881,069
Volume
2363
The Commercial & Financial Chronicle
150
Condition of
Banks Dec. 30, 1939—The statement
National
troller's call of Dec. 30.1939, haf
of condition of the National banks under the Comp¬
For purposes of comparison, like details for
just been issued and is summarized below.
previous calls back to and including Dec. 31, 1938, are included.
ABSTRACT OF
REPORT
OF NATIONAL BANKS IN THE
OF CONDITION
OCT.
2, AND DEC.
UNITED STATES ON DEC. 31, 1938, MARCH 29,
JUNE 30,
Y
30, 1939
Dec. 31, 1938
June 30, 1939
Oct. 2, 1939
Dec. 30. 1939
(5,218 Banks)
(5,209 Banks)
(5,202 [Banks)
(5,193 Banks)
$
Assets—
Mar. 29, 1939
(5,230 Banks)
S
$
$
$
and cash
Cash, balances with other banks, including reserve balances,
items in process r»f er»l}eetinn
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
•
Investments and other assets indirectly representing bank
or
outstanding..
Interest, commissions, rent, and other income earned or accrued but
not collected
-
Total assets
Liabilities-—
Demand deposits
...
of Individuals, partnerships, and corporations
individuals, partnerships, and corporations..
Deposits of United States Government, including postal savings
Deposits of States and political subdivisions
...
Time deposits of
(certified and cashiers' checks, &c.)
Other deposits
...
....
Total deposits
Bills payable,
21,855,208,000
12,374,891,000
607,715,000
137,591,000
12,503,613,000
600,296,000
131,691,000
70,388,000
56,045,000
70,417,000
51,656,000
69,218,000
42,291,000
65,551,000
55,845,000
65.017,000
54,359,000
60,552,000
46,173,000
65,496,000
52,329,000
58,033,000
49,020,000
31,844,396,000
33,180,578,000
34,684,676.000
35,319,257,000
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
2,290,992,000
4,882,437,000
443,678,000
14,633,038,000
7.673,370,000
531,902,000
2,095,159,000
5,681,162,000
366,062,000
14,940,600,000
7,717,408,000
589,190,000
2,080,992,000
5,899,785,000
385,017,000
28,169,251,000
30,980,693,000
3,540,000 %>,' 2,997,000
140,000
279,000
31,612,992,000
5,980,000
153,000
<
5,608,000
293,000
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
609,146.000
141,239,000
,
29,469,469,000
.
2,882,000
120,000
71,785,000
29,288,000
40,960,000
139,423,000
Capital Account—
Capital stock (see memoranda below)
;■
Surplus
....
57,636,000
35,273,000
45,978,000
178,891.000
51,812,000
37,084,000
55,557,000
136,620,000
64,175,000
37,709,000
41,031,000
155,230,000
28,483,197,000
29,791,066,000
31,264,903,000
31,914,139,000
1,570.662,000
1,149,005,000
—
Total liabilities
61,303,000
32,411,000
56,704,000
157,395,000
28,338,033,000
Other liabilities
Reserves (see
21,335,145,000
11,074,806,000
premises
other real estate
Customers' liability on acceptances
Other assets
21,126,569,000
10,014,766,000
615,093,000
144,952,000
12,962,084,000
7,519,544,000
584,932,000
2,138,982,000
4,500,636,000
344,498,000
banks
20,823,776,000
60,600,000
52.517,000
...
.
9,043,632,000
7,117,420,000
1,956,515,000
1,784,899,000
1,731,837,000
220,905,000
28,050,626,000
Obligations guaranteed by United States Government
Obligations of States and political subdivisions
notes, and debentures
Corporate stocks, including stock of Federal Reserve
Other bonds
8,764,196,000
6,828,512,000
1,921,999,000
1,793,798,000
1.801,936,000
224,704,000
69,522,000
64,404,000
United States Government securities, direct obligations
8,573,703,000
6,899,885,000
1,869,844,000
1,693,684,000
1,864,354,000
225,119,000
9,706,409,000
617,601,000
146,811,000
.
8,468,480,000
6,861,577,000
1,712,207,000
1.665,911.000
1,889,166,000
226,435,000
31,666,177,000
overdrafts
8,489,120,000
7,172,471,000
1,533,488,000
1,607,129,000
1,918,693,000
227,412.000
20,948,313,000
Loans and discounts, including
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
1,559,411,000
1,181,016,000
1,532,903,000
1,216,222,000
467,404,000
211,942,000
445,403,000
210,590,000
188,863,000
memoranda below)...
,,
3,328,144,000
3,389,512.000
3,419,773,000
3,405,118,000
31,844,396,000
33,180.578,000
34,684,676,000
35,319,257,000
a238,828
al8,609
1,317,658,000
a232,150
al8,453
1,318,552,000
a228,309
al8,264
1,319,430.000
a221,249
al7,777
1,322,897,000
194,001,000
17,732,000
1,323,694,000
1,575,095,000
....
Total liabilities and capital account...
3,361,199,000
31,666,177,000
Total capital account—...
1,569,155,000
1,566,003,000
1,561,923,000
1,535,427,000
a253,989
al9,780
226.662,000
273,769,000 ;■
246,417,000
Memoranda—
Par value of capital stock:
Class A preferred stock
Class B
Total
Class B
...
...
............
—
.
Retirable value of preferred
Class A
'
preferred stock....
capital stock:
^
a259,738
a20,255
283,697,000
279,993,000
6,181,000
5,138,000
13,283,000
166,802,000
5,549,000
9,687,000
15,935,000
175,211,000
191,404,000
206,382,000
211,942,000
210,590,000
2,269,758,000
2,182.942,000
2,192,832,000
2.110,911,000
2,297,683,000
568,179,000
575,384,000
579,147,000
608,578,000
605,760,000
94,730,000
25,404,000
93,676,000
14,520,000
93,378,000
5,998,000
94,183,000
13,177,000
93,789,000
22,794,000
2,958,071,000
2,866,522,000
2,871,355,000
2,826,849,000
3,020,026,000
2,387^371,000
2,324,290,000
2,321,687,000
2,226,906,000
2,405,791,000
4,858,000
1,123,000
5,476,000
981,000
2,915,000
V 2,465,000
967,000
950,000
2,373,000
975,000
2,393,352,000
2,330,747,000
2,325,569,000
2,230,321,000
2,409,139,000
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
14,633,038,000
486,437,000
1,778,804,000
14,940,600,000
4.168,968.000
4,402,990,000
4,516,393,000
227,003,000
269,648,000
255.314.000
•
a265,422
...
a20,507
...i
285,929,000
T otal..................................................
R666TYG8*
a263,283
a20,414
188,863,000
preferred stock
preferred stock
r.
■
Reserve for dividends
payable in common stock..
5,324,000
8,891,000
15,355,000
159,293,000
...
Reserves for other undeclared dividends
Retirement account for preferred stock
Reserves for contingencies,
&c—
Total
Pledged assets and securities loaned:
United States Government 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...
-
•
19.755.000
f
6,037,000
9,006,000
17,228,000
211,942,000
1
'
178,319,000
Other
Securities loaned
Total..................................................
6©cui*©(i liabilities-
11
-
*
v."
.
*
•
•,
_
>•
Deposits secured by pledged assets pursuant to requirements of law
Borrowings secured Dy 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 States and political subdivisions.
Deposits of banks in the United States (including
and American branches of foreign banks)
...
private 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)
'-'.v.
•
•
■
-
—
.....—.
—.
Deposits accumulated for payment of personal
Christmas savings and similar accounts
Open accounts
....
Total
loans
.......—
—-—
...
Postal-savings deposits
b
...
political subdivisions
...
Deposits of banks in the United States (including private banks
Deposits of States and
anri
Deposits
American branches of foreign banks)
of
banks
of foreign
in
(including balances of
of other American banks but excluding
foreign
branches
amounts due to own
foreign branches)
Total time deposits
—
Reserve city banks
.
Total, Country banks
Total, all member National banks
a
Revised,
I
356,840,000
344,498,000
290,279,000
443,678,000
366,062,000
385,017,000
20,011,445,000
20.080,028,000
21,286,748,000
22.838,255,000
23,397,353,000
6,696,470,000
548,267,000
30,172,000
14,601,000
b Includes United States
6,773,207,000
554,301,000
27,867,000
68,660,000
241,391,000
230.034.000
6.716.423,000
552,947,000
29,070,000
44,710,000
239,085,000
7,519,544,000
52,017,000
363,005,000
7.582,235,000
56,806,000
345,153,000
7,665,426,000
52,056,000
354,509,000
97,299.000
96,828,000
plus time deposits:
_
_
_
_..
_
,
_
_
_
_
6,910,203,000
102,546,000
•
■
531,400.000
31,049,000
16,424,000
228,232.000
7,673.370,000
7,717,408,000
45,230,000
343,604,000
7,673,370.000
45,465,000
316,355,000
'
countries
Ratio of required reserves to net demand
Total Central Reserve city banks.. _
Total
5,433,548,000
5,571,914,000
>.
and corporations:
Deposits of individuals, partnerships,
Savings deposits
Certificates of deposit
V
543,960,000
1,737,388.000
'
•
Total demand deposits
Details of time deposits:
,
••
103,939,000
109,248,000
7,366,000
8.201,000
8,039,231,000
8,089,223,000
21.03%
13.34%
8.20%
13.75%
21.05%
13.36%
Treasurer's time deposits-—open accounts.
8.16%
13.80%
5,458,000
8,184,000
8,182,721,000
8,144,438,000
21.11?
13.60%
8.16%
14.26%
21.31%
21.27%
13.43?
8.12?
8,215,639,000
13.96?0
13.64%
1
8.21%
14.29%
The Commercial & Financial Chronicle
2364
NATIONAL
CONTINGENT
BANKS
April
LIABILITIES
OF
THE
UNITED
13,
STATES,
1940
DEC.
31,
1939
Compiled from Latest Rdfrorts Received by the Treasury
The
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
Amount of
Contingent Liability
Detail
Matured
Principal
Interest
Toted
a
CHARTERS ISSUED
Amount
Chicago, 111
$300,000
Capitalstock consists of $300,000, all common stock.
President,
H. F. Wuehrmann.
Cashier, R.H. Olmsted Jr.
Conversion
of the Uptown State Bank, Chicago, 111.
March 30—Security National Bank of Whitesboro, Whitesboro.Tex 50,000
•Capital stock consists of $25,000 common and $25,000 preferred.
Guaranteed by U. 8.
March 30—Uptown National Bank of Chicago.
President, W. J. Godwin.
Cashier, Sears Andersoqfv^To
succeed: The Whitesboro National Bank, Whitesboro, Tex,
Unmatured Obligations—
Commodity Credit Corp.:
H% notes, ser. D, 1941.
1% notes, series E, 1941.
AUTHORIZED
April 1—Staten Island National Bank & Trust Co. of N. Y., P. O.
Port Richmond, Staten Island, N, Y.
Location of branch;
179 Main St., Tottenville, Staten Island, N. Y.
Certificate
No. 1401A.
CHANGE OF TITLE
CAPITAL
1.206,031
2,127,348
76
2,127,425
659,550
756,200
""l24
659,550
756,324
3% debentures, series A.
2*A% debs., series B—
Second called
Uncalled
Ami, of Increase
Chicago,
ill.
3,543,098
3% bonds, ser.A, 194+52
2K% bds..ser. G,'42-'44
K% bonds, ser. K, 1940.
PREFERRED STOCK "A" ISSUED
1K% bds.,
April 3—The First National Bank of Rhinelander, Rhinelander,
Wis.
Sold to Reconstruction Finance Corporation
$50,000
Charter No. 6198.
COMPLETE PUBLIC DEBT OF THE UNITED STATES
following statement of the public debt and contingent
778,579,250
879,038,625
127,867,400
190,837,900
% % bonds, series L, 1941
Amount
VOLUNTARY LIQUIDATIONS
April 1—The First National Bank in Casey, Casey, 111
25,000
Effective March 30, 1940.
Liquidating committee: Edward
Turner Jr., and Rose Turner, both of Casey, 111.
Absorbed
by: The Casey National Bank, Casey, IH., Charter No. 8043.
/
April 2—The Sebastopo) National Bank, Sebastopol, Calif
75,000
Effective Feb. 29,1940.
Liquidating committee: A. F. Cochran,
G, N. Bech and II. B. Fuller, all of Sebastopol, Calif.
Ab¬
sorbed by: The Analy Savings Bank, Sebastopol, Calif.
April 3—The Security National Bank of Taylor, Taylor, N. Dak—
25,000
Effective March 11, 1940.
Liquidating agent: Herman Leutz,
Taylor, N. Dak.
Succeeded by:
Security Bank of Hebron,
Hebron, N. Dak.
April 5—"The Tottenville National Bank," Tottenville, N. Y
375,000
Common stock, $200,000; preferred stock, $150,000; preferred
stock local, $25,000.
Effective, March 30, 1940.
Liquidating
agents: B. Williams and W. Earle Laing, both of Tottenville,
N. Y.
Absorbed by: "Staten Island National Bank & Trust
Co. of N. Y.," P. O. Port Richmond, Staten Island, N. Y.,
201
3,543,300
Home Owners' Loan Corp.:
$100,000
—
-
1,270,593,931
Federal Housing Admin.:
STOCK INCREASED
April 3—The National Security Bank of Chicago,
From $200,000 to $300,000
The
103,147,500
bl,269,387,900
April 1—The Blue Earth Valley National Bank of Winnebago,
Winnebago, Minn.
To: "First National Bank in Winnebago."
COMMON
864,981 835,950,581
142,777 94,821,377
174,387 236,650,587
23,886 103,171,386
835,085,600
94,678,600
236,476,200
3K% bonds of 1944-64..
3% bonds of 1942-47....
2H% bonds of 1942-47..
«
BRANCH
406,794,000
406,794,000
Federal Farm Mtge. Corp.
3% bonds of 1944-49
(Charter No. 10634).
202,553,000
204,241,000
202,553,000
204,241,000
'
ser.
754,906,850
M,'45-47
1,143,659 779,722,909
96,380 879,135,005
464 127,867,864
1,368 190,839,268
129,553 755,036,403
f2,731,230,025
1,371,426
211,460,000
298,639,000
310,090,000
275,868,000
888
Reconstruction Fin. Corp.:
H% notes, series N
Vt% notes, series P
K% notes, series R
1% notes, series S
cl,096,057,000
Tennessee Valley Authority
U. 8. Housing Authority:
2,732,601,451
211,460,888
3,663 298,642,663
562 310,090,562
275,868,000
5,113
1,096,062,113
j
lVt% notes, ser. B, 1944.
U.S. Maritime Commission
kll4,157,000
1,421
114,158,421
Total unmatured securities.
5,621,169,023
2,584,195
5,623,753,218
%% notes, ser. C, 1939.
Federal Farm Mtge. Corp.:
12,000
13,642
15,642
1K% bonds of 1939
Federal Housing Admin.:
2 % % debentures, ser. B—
1430,000
2,061
532,061
Matured Obligations—
Commodity Credit Corp.:
First called
4,300
Home Owners' Loan Corp.:
4% bonds of 1933-51
2K% bds.,ser.B,
1K% bonds, ser.
2% bonds, series
1K% bonds, ser.
4,359
59.
16,646
930,104
16,646
h81,924,050
5,000
37
5,037
86,000
206,500
6,270
1,444
92,270
207,944
82,221,550
surplus position, all as of Dec, 31, 1939, has been extracted
from the Treasurery's official report.
Comparative debt
figures of a year earlier are also shown.
1939-49
C, 1936
E, 1938
F, 1939
954,502
83,176,052
Total matured securities
liabilities of the United States, showing also the Treasury's
a82,657,850
970,265
83,628,115
5,703,826,873
3,554,461
5,707,381,334
1,270,662,072
34,920,164
dl,305,582,237
,
82,854,154
^
CASH AVAILABLE TO PAY MATURING OBLIGATIONS
Dec.
31, 1939
Balance end of month by daily statements
$2,476,160,943
Add or Deduct—Excess or deficiency of receipts over
or under disbursements on belated items-..
—5,069,085
Dec. 31, 1938
$3,083,505,924
Total, based
on guarantees.
On Credit of U. S.
—52,565,825
.
Secretary of Agriculture
$2,471,091,858 $3,030,940,099
Deduct outstanding obligations:
Matured
Interest
3,422,320
1,112,571
$283,914,063
Discount accrued
Settlement
on
on
66,448,449
522,198,110
3,490,470
446,457
Savings
System:
Funds due depositors
Tennessee Valley Authority:
$592,583,486
79,685,114
199,694,058
obligations
Disbursing officers' checks
Postal
War Savings certificates
warrant checks
2K% bonds,
Total, based
on
ser.
A, 1943
Total
8,300,000
credit of the
United States
5
£8,300,000
1,278,962,072
34,920,164
1,313,882,237
Other Obligations
Balance, deficit (—)
or
surplus (+)
+$2,187,177,795 +2438,356,613
INTEREST-BEARING
Interest Dec.
Title of Loan—
31*, 1939
$
Payable
Dec.
of
31, 1938
$
49,800,000
28,894,500
49,800,000
28,894,500
Special:—Is Adjusted Service Ctf. Fund—Ser. 1938
14,800,000
2Kb Unemployment Trust Fund—Series 1938__ 1,509,000,000
4Kb Treasury bonds of 1947 1952
...A-O
758,945,800
4s Treasury bonds of 194+1954
J-D 1,036,692,900
3Kb Treasury bonds of 1945-1956
M-S
489,080,100
3K8 Treasury bonds of 1943-1947
J-D
454,135,200
Treasury bonds of 1940-1943
J-D
352,993,450
3Ks Treasury bonds of 1941-1943
...M-S
544,870,050
3Ks Treasury bonds of 1946-1949
J-D
818,627,000
38 Treasury bonds of 1951-1955
M-S
755,432,000
3Kb Treasury bonds of 1941
_F-A
834,453,200
22,200,000
1,064,000,000
Q-M
3s convertible bonds of 1946-1947
Q-J
Certificates of Indebtedness:
4Ks-3Ks Treasury bonds of 1943-1945
3Ks Treasury bonds of 1944-1946
A-O
...J-D
Treasury bonds of 1949-1952...
Treasury bonds of 1955-1960
Treasury bonds of 1945-1947
Treasury bonds of 1948-1951
Treasury bonds of 1951-1954
2Kb Treasury bonds of 1956-1959
2Kb Treasury bonds of 1949-1953
2KB Treasury bonds of 1945
2Kb Treasury bonds of 1948
2Kb Treasury bonds of 1958-1963
2K8 Treasury bonds of 1950-1952
2Kb Treasury bonds of 1960-1965
2s Treasury bonds of 1947
2s Treasury bonds of 1948-50
2Kb Treasury bonds of 1951-53..:..
U. S. Savings bonds, series A, 1935
U. S. Savings bonds, series B, 1936
U. S. Savings bonds, series C, 1937
U. S. Savings bonds, series C, 1938..
U. S. Savings bonds, series D, 1939
Unclassified sales
1,400,528,250
1,518,737,650
1,035,874,400
491,375,100
2,611,093,650
1,214,428,950
1,223,495,850
1,626,687,150
981,827,050
1,786,140,650
A-O
3s Treasury bonds of 1946-1948
J-D
......M-S
M-S
_.M-S
J-D
M-S
J-D
J-D
540,843,550
450,978,400
918,780,600
.M-S
J-D
M-S
1,185,841,70a
1,485,385,100
J-D
.J-D
__..J-D
701,074,900
571,431,150
J-D
c420,145,597
c507,236 814
C695.452 650
....
C108 421 479
_•
3s Adjusted Service bonds of 1945
4Ks Adj. Service bds.(Govt. Life Ins. Fund
2Kb Postal Savings bonds
1.-
Treasury notes
Treasury bills..
Aggregate of interest-bearing debt
Bearing no interest
Matured. Interest ceased
Total debt
Deduct Treasury surplus or add
Net debt—^
758,945,800
1,036,692,900
489,080,100
454,135,200
352,993,450
544,870,050
818,627,000
755,432,000
834,453,200
1,400,528,250
1,518,737,650
1,035,874,400
491,375,100
2,611,095,150
1,214,428,950
1,223,495,850
1,626,687,150
981,827,050
1,786,143,150
540,843,550
450,978,400
918,780,600
866,397,200
591,089,500
701,074,900
1,090,963,100
cl75,759,484
c321,630,745
Vl,632*224
297,537,900
500,157,956
117,673 020
117.867,240
8,410,137^00 10,066,022,250
1,454,743,000
1,306,166.000
500+57i956
1946)
j-j
41,465,161,214 38,910,850,252
398,408,358
426,962,798
97,129,835
101,198,211
a41,960,699,407 39,439,011,261
Treasury deficit...+2,187,177,795 +2438,356,613
b39,773,521,612 37,000,654,648
a Total gross debt Dec.
31, 1939, on the basis of daily Treasury
statements,
$41,942,456,008.42, and the net amount of public debt redemption and
transit, &c., was $18,243,398.23.
was
receipts in
account of obligations
b No reduction is made on
of foreign governments or other Investments,
c Amount Issued and
retired includes
accrued discount; amounts outstanding are stated at current
States.
b Does not include
and reflected In the
redempti*n values.
$10,000,000 face amount of bonds of 1940 held by the Treasury
public
debt.
'
tfe-Does not include $10,898,445.50 face amount of notes held by the Treasury
and reflected in the
public debt.
d Figures shown are as of Oct.
31, 1939—figures as of Dec. 31, 1939, are not
available.
Offset by cash in designated depository banks and the accrued interest
amounting to $54,948,665.03, which is secured by the pledge of collateral as pro¬
vided
in
the
Regulations of the Postal Savings System, having a face value of
of System amounting to $65,980,083.15, Govern¬
Government-guaranteed securities with a face value of $1,174,619,110
held as investments, and other assets,
e In actual
circulation, exclusive of $9,904,255.27 redemption fund deposited In
the Treasury and
$315,977,170 of their own Federal Reserve notes held by the
issuing banks.
The collateral security for Federal Reserve notes Issued consists
$54,007,188.29, cash in possession
ment
and
.
of
$5,371,000,000 in gold certificates and in credits with the Treasurer of the United
States payable In gold certificates, and
$1,365,000 face amount of commercial paper.
f Does not include
and
held
$20,000,000 face amount of series N bonds held by the Treasury
reflected
in the public debt; but does include $3,225
face/amount of bonds
by the Home Owners' Loan Corporation as "Treasury" bonds pending can¬
cellation.
£ Held by the Reconstruction Finance Corporation.
h Does not include
Dec.
Dec.
$331,875 face amount of bonds in transit for redemption on
31, 1939.
i Does
not
include $10,600 face amount of bonds in transit for redemption on
31, 1939.
j Bonds in the face amount of $272,500 issued under Section 15a and an interim
certificate in the face amount of $50,000,000 Issued under Section 15c of the Ten¬
nessee Valley Authority Act of
1933, as amended, are held by the Treasury and
reflected in the public debt.
k Does not Include $10,000,000 face amount of notes series C held by the
Treasury
and reflected in the public debt.
1 Does not include
179,155,138
329,568,962
432,809,632
440,451,900
270,591+69
ser.
e4,948,641,914
Funds have been deposited with the Treasurer of the United States for
payment
outstanding matured principal and interest obligations guaranteed by the United
a
DEBT OUTSTANDING
3s of 1961
3Kb
2Kb
2Kb
2Kb
2Kb
Fed. Res. notes (face amt.)_
$243,000 face amount of notes in transit for redemption
on
Dec. 31, 1939.
REDEMPTION
CALLS
AND
SINKING
FUND
NOTICES
Below will be found
list of bonds, notes and
preferred
together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
a
stocks of corporation called for redemption,
Company and Issue—
♦Alabama Power Co. 1st mtge. 5s
Allied Owners Corp. 1st lien bonds
Allied Stores Corp. 15-year bonds
♦Anaconda Copper Mining Co. 4H% debentures
Anchor Hocking Glass Corp. $6.50 pref. stock
Balaban & Katy Corp. 7% pref. stock
Bedford Pulp & Paper Co., Inc. 1st mtge. 6Ks
Bethlehem Steel Corp. consol. mtges. 434s.
Date
.
Sept. 1
May
3
Apr. 15
May 15
Apr. 30
May 31
June
1
July
1
Brooklyn Borough Gas Co.. 5% bonds
May
Chicago Rock Island & Pacific Co.. 3K% certificates
Apr.
Chicago South Shore & South Bend RR. 3% bonds-. ...Apr.
Clear Spring Water Service Co. $6 preferred stock
May
1st mortgage 5s
..May
Paae
2406
2245
1127
2409
2247
2248
2248
2248
15
17
1928
18
2250
27
27
2088
2088
1929
Volume
The Commercial & Financial Chronicle
150
Date
May 21
May
1
May
1
May
1
May
1
June 1
May 1
Apr. 15
Company and Issue—
•
■
Colgate-Palmolive-Peet Co. 6% preferred stock
.
Colorado Power Co. 1st mtge. 5s
Consumers Power Co. 1st mtge. 3
Denver Gas & Electric Co. gen. mtge. 5s
Denver Gas & Electric Light Co. 1st mtge. bonds
2089
£3714
£3714
2252
2252
1599
2424
2098
2425
2257
2258
843
1285
2106
2261
2431
2108
2261
1942
1942
Apr. 16
___May
1
Apr. 30
.....:May
1
Apr. 15
2263
-
2108
National Dairy Products Corp. 3%% debentures.—
New Orleans Public Service, Inc. gen. lien bonds.-
Newport Water Co. 5% gold bonds
North Central Gas Co 1st mtge. 5 Ms
-
2109
2264
Northern Indiana Gas & Electric Co. 1st mtge. 6s_
May
1
2111
Northwestern Electric Co., 1st mtge. bonds
Ohio Electric Power Co. 1st mtge. 5s
May
June
1
1
1608
May
Apr.
...Apr.
June
..June
May
May
-—-May
May
June
--May
Apr.
—June
..May
1
25
-
Pacific Atlantic Steamship Corp.—
Marine equipment bonds
Peoples Light & Power Co. coll. lien bonds
♦Public Service Co. of Colorado 4% debentures
Richmond-Washington Co. 4% bonds.San Jose Water Works 1st mtge. 3Ms
-
Skelly Oil Co. 6% preferred stock
Telephone Securities. Ltd. 5M% notes.
♦Thompson Products, Inc., conv. pref. stock.
United Wall Paper Factories, Inc., 1st mtge. 6s
♦West Indies Sugar Corp. 1st mtge. 6s
Wheeling Electric Co 1st mtge. 5s
Wisconsin Telephone Co. 7% pref. stock
—
Woodward Iron Co., 5% bonds
,
Youngstown Sheet & Tube Co. 1st mtge. bonds
*
Announcements this weetc.
x Volume 149.
1289
2112
1783
2435
20
1
1
1453
2268
1455
1
15
11
1
7
1
30
17
1
1789
2441
2130
2423
2278
2131
1955
2131
:
-
.
show
the
dividends
previously announced, but which
Further details and record of past
have not yet been paid.
dividend payments iD many cases are
pany
News
given under the com¬
name in our "General Corporation and Investment
Department" in the week when declared.
The dividends announced this week are:
When
Per
25c
Corp
Akron Brass Mfg. Co
Allen Industries
25c
25c
Aloe
50c
(A. S.) Co. (quar.)
American & Foreign Power Co., Inc.,
t30c
t35c
$6 pref—
$7 preferred...
—
American General Equities Corp
American Motorists Insurance Co.
lMc
1
May
20c
50c
40c
....
75c
•
Beverly Gas & Electric Co
Birmingham Gas Co. prior pref. (quar.)__
Birtman Electric Co. (quar.)
—
Preferred (quar.)
-
-
June
1 May 20
May
May
1 Apr.
1 Apr.
Apr. 25 Apr. 17
1
May 15 May
May
1 Apr. 15
Apr. 15 Apr.
5
68Mc
40c
10c
_
SIM
25c
-
10c
25c
25c
50c
$1
Shares
Canadian Investors Corp. (quar.)
Chain Store Investment Corp. $6M
tlOc
SIM
SIM
pref. (quar.
Clearfield & Mahoning Ry. (s.-a.)
Coca Cola Bottling Corp. (St. Louis)
(quar.)
25c
—
$2
(quar.)
70c
Concord Electric Co.
(quar.)
6% preferred (quar.)
SIM
—
interim)
Corduroy Rubber $3 non-cum. prior prefCottrell (C. B.) & Sons, preferred (quar.)
Coty, Inc
Dallas Power & Light 7% preferred (quar.)
$6 preferred (quar.)
-----—
Dayton Rubber Mfg. class A (quar.).
Dean & Co. (quar.).
Preferred (quar.)
.
—- _ _ -—- - —
Debenture & Securities Corp. (Canada)—
Preferred (semi-annual)...
------Preferred (semi-annual) ------ - _ _—- - . -»■- Detroit Gasket & Mfg. pref. (quar.)
50c
Continental Can Co., Inc. (quar.,
SI
Bonus—__
-
Empire & Bay State Telep. Co. 4% gtd. (qu.)._
Esquire, Inc. (s.-a.)
Exeter & Hampton Electric Co. (quar.)
___
Faber, Coe & Gregg pref. (quar.)
-i-;
Fidelity & Deposit (Md.) (quar.)
Fidelity Fund, Inc. (quar.)
-----■.
Fiduciary Corp. (quar.)
—r_
Fire Association of Philadelphia (s.-a.)
Firemen's Insurance Co. (Newark, N. J.) (s.-a.
First All Canadian Trust Shares.
—
—
-
Hammermill Paper Co..
Haverhill Electric Co
UV2
(quar.)
Preferred
—-
;
25c
-
25c
75c
-------
McGraw Electric Co. (quar.)
Apr. 30 Apr.
Apr.
Apr. 15 Mar.
May
1 Apr.
May
1 Apr.
July
1 June
Apr. 20 Apr.
Apr. 15 Apr.
Apr. 15 Apr.
Apr. 15 Apr.
May 15 Apr.
May
Apr.
May
_
22
15
30
18
15
20
10
2
5
4
25
20
Apr.
15 Apr,
6
May
1 Apr.
May 15 Apr.
May
1 Apr.
15
Apr. 17 Apr.
Apr. 30 Apr.
12
37 He
75c
$1
_
_
10c
15c
25c
msA
t$lH
15c
8Mc
25c
$1H
25c
-—
2c
35c
$1
(Wash., D. C.)__
——
-------
30c
50c
12Hc
New Brunswick Telephone.;
New York Mutual Telephone
(s.-a.) —
Niagara Hudson Power 1st pref. (quar.)——
2nd preferred A & B (quar.) — — — „.
North Boston Lighting Properties (quar.)
$3 preferred (quar.)
....
75c
—
SIM
SIM
75c
75c
SIM
-
50c
(s.-a.)
5c
——
8%
4%
50c
SI
30c
S2M
May
May
Apr.
Apr.
June
14 Apr. 12
14 Apr. 12
15 Mar. 30
10 Apr.
4
1 May 21
Apr. 20 Apr.
Apr. 15 Apr.
1 Apr.
30 Apr.
1 Apr.
1 Apr.
15 Apr.
15 Apr.
15
15 Apr.
Apr. 30 Apr.
Apr. 15 Apr.
Apr. 30 Apr.
July
1 June
May
Apr.
May
SI
May
SI
May
20c
May
JllMc Apr.
69c
Apr.
SIM
SI
15c
30c
S2M
12Mc
SIM
10
15 June
16
5
20
15
20
10
19
20
1
20
29
50c
June
40c.
Apr. 20 Apr. 10
Apr. 30 Apr. 25
Apr. 30 Apr. 16
Apr. 13 Apr.
6
1
—
25c
25c
$1
1
Mar. 30
Apr. 22
Apr. 18
Apr, 18
Mar. 30
July
May
May
June
29
Apr.
Apr.
Apr, 15 Apr.
Apr. 15 Apr.
Apr. 15 Mar.
July
llJune
May 10 Aprl
18
18
6
6
28
15
25
June
June
1 May 20
5c
May
May
Apr.
May
Apr.
May
6
Apr. 22
Apr. 15
Apr.
9
2()Apr.
3
-
-
—
SIM
25c
SIM
SIM
7% pref. (mo,)....
June
May
May
50c
58 l-3c
...
-
-
12Mc
6Mc
Skilsaw, Inc
Mfg. Co
10c
Springfield City Water Co. 7% pref. A & B (qu.)
Springfield Gas Light (quar.)
a...
Stein (A.) & Co. (quar.)
— -------Sterling, Inc. (quar.)
— ---- — ---$1 Y% cumul. conv. pref. (quar.)_
— _
Stott Briquet Co., Inc., $2 conv. pref. (qu.)-_Texas Power & Light 7% preferred (quar.)—
$6 preferred (quar.)
Triumph Explosives, Inc. (quar.)
—
30c
25c
5c
37Mc
50c
SIM
May
May
,
ay
May
May
May
1
May 10
May 10
$2M
Vagabond Coach Mfg. Co
Walker (H.) Gooderham & Worts (quar.)Preferred (quar.)
Western Cartridge, 6% pref. (quar.)---.
Westminster Paper Co., Ltd. (s.-a.)
Semi-annual
30c
—
5c
SI
—
—
-
a
Wheeling & Lake Erie Ry., prior lien (quar.)—.
5 H % preferred (quar.)
—
—
Wilson-Jones Co. (interim)
Woolworth (F. W.) Co. (quar.)
Wolverine Natural Gas Corp
2.5c
25c
SI
SIM
25c
60c
2c
10c
Industries
Yuba Consol. Gold Fields
25c
SIM
—.-j—
10c
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr. 30
Apr. 25 Apr.
May 16 Apr
Mar.
Apr.
Apr. 15 Apr.
May 15 May
May
1 Apr.
May
1 Apr.
Apr. 26 Apr.
Apr.
May
-
May
6M
& Canal (quar.)—
United States Plywood Corp
Apr. 20
Apr. 20
20
May 15 Apr
Apr.
May
June
July
Apr.
May
Apr.
ay
May
May
May
37c
_
May
1, Apr.
May 15 Apr
25c
SI
20c
1,Apr. 20
1 Apr. 20
l'Apr. 20
May 15 Apr. 25
9^
May 15 Apr
May
May
.
—-------
United New Jersey RR.
Woodall
SIM
-----
(interim)
Tung-Sol Lamp Works pref. (quar.)United Corp., Ltd., $1 yi class A (quar.)
United Molasses Ltd. Am. dep. rets, (final)
15
Dec.
2Mc
Extra
Truax-Traer Coal Co
Tubize Chatillon, A
Bonus
5c
_■
-
15 June
May
6% preferred (monthly)__ — — 412-3c
5% preferred (monthly)
.... — .—
50c
Reynolds (R. J.) Tobacco Co. (quar. interim)..
50c
Comrnon B (quar. interim)75c
Rich's, Inc. (quar.)
SIM
RisdonMfg. Co. 7% pref. (quar.)
—
SIM
Riverside Cement, preferred (quar.)-__
—
17c
Rockland Light & Power
—
20c
Rose's 5,10 & 25c. Stores, Inc. (quar.)---- —.
25c
St. Lawrence Flour Mills (quar.)
SIM
Preferred (quar.)-87 Mc
Sharp & Dohme, Inc., pref. A (quar.)_..
30c
SilexCo. (quar.)-.-.
-
15
1
20
10
Sept. 15 Sept. 15
15 Dec. 15
SI
50c
Extra
25
25
IIApr. 20
l'May 20
Mar. 15 Mar. 15
SIM
SIM
SIM
$1M
50c
Extra
Public Service of Colorado,
—
5
16
Apr. 20
1
Apr. 25
Apr. 25
Apr. 15
'
May
sc
-
2 June 21
62 Mc
Apr. 15 Mar. 29
5
Apr. 15 Apr.
Apr. 25 Apr. 10
Apr. 25 Apr. 10
Apr. 15 Mar. 30
June
1 May 17
Apr. 18
May
1 Apr. 20
May
50c
-
July
15
15
25
15
Apr. 25'Apr. 22
June 15 June 11
May
10c
South American Gold & Platinum Co
1 May
May
1 Apr.
May 15 Apr.
July
1 June
15
Apr.
May
l|Apr.
May 10 Apr.
Soss
June
1 Apr.
35c
— —
Co..—- — -—
Casualty Co. (semi-annual) —
Pender (D.) Grocery, class B
-------Class A (quar.)
-—-— —
—
Penman's, Ltd. (quar.).
Preferred (quar.)
—
Phillips Screw Co. (quar.)_
Pinchin Johnson & Co., Ltd., Am. shs. (final)..
Plymouth Cordage Co. (quar
Pollock Paper & Box 7% preferred (quar.)
7% preferred (quar.).7% preferred (quar.
7% preferred (quar.)—
Potomac Edison Co. 7% pref. (quar.)..
....
6% preferred (quar.).....^
Princeton Water Co. (N.J.) (quar.)
Procter & Gamble Co. (quar.)._
Mar. 28
30c
May
May
Outboard Marine & Mfg.
Mar. 28
23
_
Peerless
Apr.
Apr.
1-2-41 Dec.
20
6
15 Apr.
1 Apr. 20
May
1 Apr. 20
Apr.
40c
Orange & Rockland Electric Co. (quar.)—
May
S2M
$2M
16
__
— —
National Electric Welding Machine Co. (quar.)National Funding Corp. (Calif.)(quar.)_
16
May
10c
------
50c
15c
17
20
20
15
15
31
11
20
19
18
25c
.
20c
22
17
17
18
13
18
10
50c
(quar.)—
Michigan Bakeries, Inc
$7 preferred (quar.)
$1 non-cum. prior preferred (quar.) — ———
Michigan Public Service, 7% pref. —
6% preferred--.
-----Micromatic Hone Corp
—
Preferred (quar.)
Mode O'Day Corp. (quar.)
Moore Drop Forge, class A (quar.)__ — —
Mountain States Power Co. (initial)
----5% preferred (initial)
——
—
Apr.
_
Apr. 25 Apr.
June
May
June
July
July
Aug.
May 20 May
Apr. 25 Apr.
May
1 Apr.
May 15 Apr. 19
July
1 June 15
25c
;—_
Lumbermen's Insurance (s. -a.)
- - .
Lynchburg & Abingdon Teleg. Co.-----Massachusetts Pow. & Light Assn. $2 pref. (qu.
North Ohio Teleg. Co
Northwestern Telegraph Co.
O'Brien Gold Mines
14
®Ts
25c
-
—,
Class A
6
June
$1H
$1H
15c
(quar.)...
National Savings & Trust Co.
New Bedford Rayon, class B
15
June 15 May
May 31 May
Apr.
May
Apr.
May
July
Aug.
June 18
July
Oct.
Sept. 18
50c
12Mc
...
Mutual Investment Fund
June
Apr. 15
Apr. 15
I May 25
Apr. 20
May
-
-------
June 29
May
_
7% preferred (quar.)__..._
Preferred
Apr. 25
July
(quar.)
_
May
May
June 20 June
—
-----
Lansing Co. (quar.)__
Lazarus (F. & R.) & Co.__
Lebanon Valley Gas (quar.)
Libbey-Owens-Ford Glass.Lionel Corp. (quar.)__
Loew's Boston Theatres (quar.)
Loose-Wiles Biscuit Co. (quar.)
Quarterly
June
June
——
—,
Kroger Grocery & Baking
6% preferred (quar.)
May
May
Apr.
Apr.
May
Apr.
Apr.
May
July
July
July
May
May
-
Knickerbocker Insurance Co.
15
27
27
•
(quar.)
;_j
Jantzen Knitting Mills, 5% pref. (quar.)
Jewel Tea Co., Inc. (quar.)
Johnson Ranch Royalties Ob., Inc. (s.-a.)
Keith-Albee-Orpheum 7% preferred
King Oil Co. (quar.)
,
SIM
SIM
-
-----
Georgia RR. & Banking (quar.)
Globe & Republic Insurance Co. of America (qu.
Gold & Stock Telegraph Co. (quar.)
—
(annual)
Preferred
Apr.
Apr.
Apr.
Apr.
—
Fitchburg Gas & Electric Light Co. (quar.)
.
—
Mar. 20
25c
Telephone
Electric Vacuum Cleaner Co., Inc
_
15
15
15
15
20
15
15
Ironrite lroner
May
May
May
25c
(quar.)
-.-----i-i-*-.-.----*-*;,
Dunlop Rubber Ltd. Am. dep.rec. (ann.)
June
May 21
June
May
7
May
Apr. 15
May 15 Apr. 30
May
_ —
Apr.
—
Class A
15
15
June
(quar.)
(s.-a.)
25c
lMc
Dividend Shares
(interim)
--
(final)
International Ocean Telegraph Co.
International Telegraph Co. (Me.)
SIM
-
Gorham Mfg. Co
Goshen & Deckertown Ry.
Halle Bros. Co
Apr. 18
May
Apr. 15
May
Apr. 18
May
Apr. 18
May
Apr. 23
Apr. 25 Apr. 15
May
1 Apr. 15
June
1 May 10
May 15 Apr. 25
Apr. 13 Apr.
6
18c
Brockton Gas Light Co. (quar.)_
Brooklyn Teleg. & Messenger Co. (quar.)
Brooklyn Union Gas Co
Bullock Fund, Ltd
California Packing Corp.—
Calumet & Hecla Consol. Copper..
Camden Fire Insurance Assoc. (s.-a.)_.
General Shoe Corp
Mar. 26
25c
Bourjois, Inc., preferred (quar.)T ———— —
Brentano's Book Stores, Inc., $1.60 cl. A (quar.
Eastern Township
6
87Mc
Boston Metal Investors, Inc.
Dixie-Vortex Co.
19
15
19
22
25
25
1
1
1
1
10
c
...
Insurance
Apr.
$1%
S2M
—
Collins Co.
1 Apr.
Apr. 25 Apr.
Apr. 25 Apr.
May
1 Apr.
June 15 May
June 15 May
Apr. 15 Apr.
May
25c
Anglo-Canadian Telep. Co. 5M % pref. (quar.)_
Appleton Co. (quar.)..
Preferred <quar.
i...
Atlantic Coast Line preferred..
Atlas Drop Forge Co
1
Ault & Wiborg Properties preferred (quar.)
Bendix Aviation Corp
Canadian
Payable of Record
60c
(111.) (qu.)_
American Stove Co
Best & Co
American deposit receipts
:
Bearing Metals Corp
7% preferred (quar.)——
Holders
June
45c
$1^
n%
2Yi%
$1%
—
Preferred A
National
Share
Name of Company
Adams-Millis
UK
8Mc
(Geo. A.) & Co
(quar.)
Horn (A. C.) Co.—
7% non-cum. prior partic. pref. (quar.)-.
6% non-cum. 2d partic. pref. (quar.) —
Houston Lighting & Power $6 pref. (quar.)
7% preferred (quar.)--Hudson's Bay Co. (final).--Idaho Power Co. 7% pref. (quar.)-$6 preferred (quar.)__
—• -
50c
Merchants & Manufacturers Insurance
are
20
30c
—
Hormel
Imperial Chemical Industries—
Payable of Record
Apr. 30 Apr.
June
1 May
May 15 Apr.
May 15 Apr.
25c
Hawaiian Pineapple (quar.)
Hires (Chas. E.) Co. (quar.)
Telephone Co. (quar.)
6% preferred (s.-a.)
a
Mercantile Stores Co., Inc
grouped in two separate tables.
In the
first we bring together all the dividends announced the
current week.
Then we follow with a second table in which
we
Share
Company
Meadville
DIVIDENDS
Dividends
Name of
275
Holders
When
Per
£3713
Elgin Joliet & Eastern Ry. 4M % bonds
Equitable Office Building Corp. 5% debentures
Federal Light & Traction Co., 1st lien bonds
♦Freuhauf Trailer Co. 4M% notes
May 7
Garlock Packing Co. 4M % notes
May 31
♦(Walter E.) Heller & Co. 4% notes
May 10
International Agriculture Corp. 1st mtge. 5s
May 1
Kresge Foundation 10-year notes
June 1
Louisville & Nashville BR., unified 50-year 4s
July
1
Marion-Reserve Power Co., 1st mtge. 4Ms
Apr. 20
Mead Corp. 6% bonds
May
1
MiehJe Printing Press & Manufacturing series A debs
May 1
♦Missoula Gas & Coke Co. 1st 7s, 1944
May
1
Montana-Dakota.Utilities Co. 4M% bonds
__May
1
Mortbon Corp. of N. Y. series A bonds
June 1
Mountain States Power Co., 1st mtge. 5s
——Apr. 16
1st mtge. 6s
2365
Page
25
25
20
21
15
15
20
20
20
16
30
30
18
15
29
20
5
1
22
22
15
16
Apr. 16
Apr. 20
Apr. 20
I
_
Apr. 22
Apr. 19
Apr. 19
Apr. 30
Apr. 11
Apr. 11
1
May 15
May
8
May
8
July 10 June
Apr. 20 Apr.
Apr. 27 Apr.
June 15 May
June 15 May
May 20 Apr.
Apr.
May
20
13
20
24
24
30
15
15
Nov,
Oct.
May
May
May
Apr. 20
Apr. 20
Apr. 24
Apr. 22
June
__
Apr. 10 Mar. 30
Apr. 30 Apr. 19
May
1 Apr. 10
■.:;r
The Commercial & Financial Chronicle
2366
Below
we
April 13, 1940
give the dividends announced in previous weeks
and not yet
The list does not include dividends
paid.
nounced this week, these
Per
an¬
being given in the preceding table.
Share
Name of Company
Apr.
Apr.
Apr.
Mar. 30
Mar. 30
6% cumulative preferred
Central Power & Light Co. 7% cum. pref
6% cumulative preferred
Century Ribbon Mills preferred (quar.)
Apr.
May
May
Mar. 30
Cerro de Pasco Copper Corp
May
Chain Belt Co
Chilton Co. common
Cincinnati Postal Terminal & Realty, pref. (qu.)
Cincinnati Union Terminal, 5% pref. (quar.)..
Apr.
Central Power Co. 7% cum. preferred
(quar.)
—
7% cumulative preferred
Per
Name
Share
of Company
Abbott Laboratories 4H%
Abraham & Straus
Pref.
-
Aeronautical Securities, Inc
—
15 Apr.
1
15
15
25 Apr.
1 Apr.
20
Mar. 30
16 Apr.
5
June 15 June
1
Apr. 15 Mar. 30
Apr. 15 Mar. 30
--
....
Holder
Payable of Record
Apr.
Apr.
May
Apr.
Apr.
(quar.)
Adams (J. D.) Mfg. Co. (quar.)
Administered Fund, Inc
When
Aetna Ball Bearing Mfg
Air Reduction Co., Inc. (quar.)
Extra
Dec.
15
Alloy Cast Steel Co
—— —
(quar.)
16
6H% preferred
Commercial Alcohols, Ltd. (interim)
Preferred (quar.)
8
19
10
10
1
II June
_
15
Sept. 30 Sept. 15
iuarterly
Dec.
—
7% preferred (quar.)
—
7% preferred (quar.)
7% preferred (quar.)
Amalgamated Sugar Co., 5% pref. (quar.).——
Amerada Corp. (quar.)
American Alliance Insurance (quar.)
American Arts Works, Inc., 6% preferred (quar.)
American Asphalt Roof Corp. 0% pref. (qu.).Amerlcan Can Co. (quar.)
American Cities Power & Light $3 class A (qu.)
1-32 sh. of cl. B stk., or, at holders' opt., cash.
American District Teleg. (N. J.)pref. (quar.)—
American Envelope Co., 7% pref. A (quar.)
7% preferred A (quar.)
American Equitable Assurance (quar.)
American Factors, Ltd. (monthly)
American Fork & Hoe, preferred (quar.),,
American Furniture Co. 7% preferred (quar.)—.
*
six
Corp
American Machine & Foundry Co
American Paper Goods Co. 7% pref. (quar.)_._
7% preferred (quar.).
•.).
7% preferred (quar
Amer. Rad. & Standard Sanitary, pref. (quar.)—
American Rolling Mill Co., 4H % preferred
American Home Products
—
American Telep & Teleg. (quar.)
Aro
31 Dec.
1
!}8
20c
1 May 25
1 Aug. 25
Sept,
Apr.
May
Apr.
Apr.
25 Apr. 15
10 Apr. 30
15 Apr.
5
15
1
75c
Badger Paper Mills 6% pref. (quar.)
Balaban & Katzpreferred (final)
May
May
Apr.
Apr.
Apr.
Apr.
preferred (quar.),.
(quar.)
Extra
Bandini Petroleum Co (quar.).,..
Bangor Hydro-Electric
Bank of America (quar.)
Bankers Trust Co. (Detroit)
Bathurst Power & Paper class A
Bayuk Cigars, Inc. 1st pref. (quar.)
Beatty Bros., Ltd., 1st preferred (quar.)
Bell Telephone of Canada (quar.)
Bell Telephone of Pa. pref. (quar.)
Bellows & Co., Inc., class B
Bensonhurst Nat'l Bank (Bklyn., N.Y.) (qu.)._
...
...
31
15 Mar. 30
20 Apr.
20 Apr.
60c
30c
25c
May
SIX
Apr.
10c
30c
May
ilM
1 Apr. 17
15 Mar. 31
1 Apr. 15
Apr. 15 Mar. 23
Apr. 15 Mar. 20
Apr. 23 Apr. 15
June 29 June 29
June 29 June 29
Apr. 15 Mar. 30
Apr. 25 Apr. 15
June
1 May
6
....
Bloomingdale Bros
Blue Ridge Corp. 83 pref. (quar.)
Optional div. 1-32 sh. of common
Bon Ami class A (quar.)
Class B (quar.)
Boston Edison Co. (quar.)
Bower Roller Bearing Co..
Bralorne Mines (quar.)
15
Apr. 15
5
Apr.
4
Apr.
Apr. 26
5
Apr.
Apr. 19
Apr. 15
Apr. 20
15
15
23 Apr. 12
1 Apr. 10
May
June 29 June 15
Apr. 15 Apr.
6
Extra
Biltmore Hats.,
1
Mar.
or
cash,
...
Apr. 30 Apr. 15
Apr. 30 Apr. 15
1 Apr. 10
May
....
—
.......
June 20 June
7
Apr. 15 Mar. 30
Apr. 15 Mar. 30
Apr. 15 Mar. 20
Extra
Brantford Cordage Co., 1st preferred.....
Brewer (C.) & Co. (monthly)
Apr.
Extra
'
25 Apr.
May
....
Brewers & Distillers of Vancouver
20 Apr.
20 Apr.
$1H
SIX
10c
June
37 He
Bridgeport Hydraulic Co. (quar.)
May
Apr.
Apr.
May
Apr.
May
May
May
June
...
British Columbia Power, class A (quar.)
British Columbia Telephone Co. 6% pf. (qu.)..
Brown Consolidated Petroleum Ltd
Buffalo Insurance Co. (quar.)
Buffalo Niagara & Eastern Power, 1st pref.(qu.)
Bullock's, Inc., pref. (quar.)
Burroughs Adding Machine Co..
Butler Bros, preferred (quar.)
iXc
$3
20
27
27
15 Mar. 30
15 Mar. 30
1
Apr.
16
17 Apr.
6
29 Mar. 22
1 Apr.
1 Apr,
15
11
5 Apr. 27
1 May
8
Byers (A. M.) Co. preferred
1 Apr.
S2.16H May
5
Represents div. due Aug. 1, 1935, and int.
thereon to May 1, 1940.
Calgary Power Co., Ltd., pref. (quar.)
May
1 Apr. 15
California Oregon Power Co. 7% pref. (quar.)..
Apr. 15 Mar. 30
preferred (quar.).
Apr. 15 Mar. 30
u-/o preferred (series of 1927) (quar.)
Apr. 15 Mar. 30
California Packing Corp., 5" pref. (quar.)
May 15 Apr. 30
California-Western States
e Insurance (s.-a.)
Sept. 15 Aug. 31
Cambria Iron semi-annual
Oct.
1 Sept.14
Campbell, Wyant & Cannon. Foundry Co
5
Apr. 26 Anr.
Canada Northern Power Corp., Ltd....
Apr. 25 Mar. 30
7% cum. preferred (quar.)
Apr. 15 Mar. 30
Both divs. subject to approval by the
Foreign Exchange Control Board.
Canada Wire & Cable, class A (quar.).
June 15 May 31
Class A
Sept. 15 Aug. 31
(quar.).
Class A
(quar.
Dec.
Canadian Bronze Co., Ltd.
May
May
Apr.
May
Apr.
Apr.
Apr.
Apr.
Preferred
Canadian
Canadian
Canadian
Canadian
(quar.)
Fairbanks Morse pref. (quar.)
Foreign Investments (interim)...
General Investments, Ltd
Industries, Ltd., class A
Class B (quar.)
7% preferred (quar.)
15 Nov. 30
1 Apr. 19
1 Apr.
19
15 Mar. 30
1 Apr.
15
15 Mar. 30
30 Mar. 30
30 Mar. 30
15 Mar. 30
Canadian Marconi Co. (initial)
Canadian Oil Cos. (quar.)
Extra
Carolina Clinchfield & Ohio Ry. Co. (quar.)
Carolina Telephone & Telegraph Co. (quar.)
Celanese Corp. of America—
June
1 Apr.
1
May 15 May
1
May 15 May
1
Apr. 20 Apr. 10
Stock dividend (1 sh. for each 40 held)
7% 1st preferred
;.
7% prior preferred (quar.)
Celluloid Corp. 1st pref. participating stock
Central Aguirre Associates
(quar.)..
1 Mar.;15
May
June 30 June 14
1 June 14
July
Central Eureka Mining Co. (new)
Central Hudson Gas & El. Corp., com.
Central Investors Corp
Central Kansas Power 7% pref. (quar.)
(quar.).
6% preferred (quar.)
Central New York Power Corp. 5% pref. (quar.)
Central Power Co. (Del.) 7% preferred
6%
preferred
Apr. 21 Mar. 25
$3.50
$15*
$2
37Hc
Apr. 30 Apr. 16
Apr. 15 Mar. 30
1
Apr. 15 Apr.
1 Mar. 30
May
Apr. 20 Mar. 30
Apr. 15 Mar. 30
Apr. 15 Mar. 30
1 Apr. 10
May
Apr. 15 Mar. 30
Apr. 15 Mar, 30
June
1
May 15
Apr. 15
Mar. 30
75c
Consolidated Chemical Industries class A
Consolidated Cigar Corp. 7% pref. (quar.)
8% preferred (quar.)
2
Apr.
2
May
1 Apr.
1 May
1
25c
$2
$2
5c
15c
15c
Coon (W. B.) (quar.)...
7% preferred (quar.)..
Corn Exchange Bank Trust (quar.).
Corn Products Refining (quar.)
Preferred (quar.)
Corporate Investors class A (quar.)
Cosmos Imperial Mills preferred (quar.)
Cresson Consol. Gold Mining & Milling (qu.)
Crown Drug Co
SIX
75c
75c
Apr.
May
15
15
Apr. 15
15
1
Apr.
2
Mar. 29
15
15
1 Apr.
May
May 15 Apr.
June
1 May
July
1 June
Oct. /1 Sept.
Apr. 25 Apr.
Apr. 15 Mar.
1 Apr.
May
May
1 Apr.
May
1 Apr.
Apr. 20 Apr.
_
_
21
15
14
15
30
13
13
19
5
5
15 Apr.
May 15 Apr. 29
Apr. 15 Mar. 30
Apr.
SIX
—
2c
oc
25c
Crura & Forster (quar.)
May 15 Apr. 30
Apr. 25 Apr. 15
5
Apr. 15 Apr.
$2
June
37Hc
SIX
8% preferred (quar.)
Cuneo Press, Inc. (quar.)
Preferred (quar.)
19 June
May
25c
Cunningham Drug Stores (quar.)
Preferred B (quar.)
Davenport Water Co. 6% preferred (quar.)
Decca Records, Inc. (quar.)
Delnite Mines (initial)...
Dennison Mfg. Co., debenture (quar.)
Dentists' Supply (N. Y.) (quar.)..—
Detroit Edison Co. (quar.)..
Detroit Gasket & Mfg. Co
Detroit-Hlllsdale & Southwestern (s.-a.)
S1H
S1H
15c
3c
$2
75c
$1
25c
$2
1
1 Apr. 20
15 June
1
Apr. 20 Apr
Apr. 20 Apr.
May
1 Apr.
May 28'May
Apr. 30 Apr.
May
1 Apr.
June
LMay
Apr. 15 Mar.
Apr. 20iApr.
July
5 June
5
June
5
12
14
2
20
20
29
5
20
$2
Jan. 1'41 Dec. 20
25c
Semi-annually
Detroit-Michigan Stove 5% pref. (initial).
Diamond Match Co. (quar.)
Apr. 25 Apr. 15
June
1 May 10
Sept. 3 Aug. 12
50c
...
(semi-ann.)
25c
Dec.
2 Nov. 12
75c
uarterly
Sept.
3 Aug. 12
75c
Preferred
(semi-ann.)
Di-Noc Mfg. Co. 6% preferred (quar.)
Distillers Cor p.-Seagrams pref. (quar.)
Payable in U. S. currency.
Dixie House Stores (quar.)
Doctor Pepper Co. (quar.)
2-10-41
3-1-41
SIX
SIX
May
June
1 May 20
1 Apr. 15
15c
Apr.
30c.
June
30c
Sept.
3 Aug. 17
30c
Dec.
2iNov. 16
25c
Apr. 18 Apr.
1
July 20'June 29
Apr. 20 Mar. 30
May
1 Apr. 20
Apr. 30 Apr. 17
May
1 Apr. 15
Apr. 15 Mar. 30
May 15 May
1
May 15 May
1
Apr. 25 Apr. 10
....
Quarterly
■«,—
Quarterly
Doehler Die Casting (interim)
Dome Mines, Ltd
Dome Mines Ltd
t50c
j50c
50c
Domestic Finance preferred (quar.)
Dominion Oil Fields (monthly)
25c
Dominion Tar A Chemical, pref. (quar.)
SIX
XtlX
Dominion Textile, Ltd. pref. (quar.)
Dow Chemical Co. common (quar.)
75c
Preferred
(quar.)
L-.
Du Pont (E.I.) de Nemours
$4H nref. (quar.)
Duquesne Light Co. 5% cum. 1st pref. (qu.)..
Electric Bond & Share Co. $6 pref. (quar.)
$5 preferred (quar.)
,
'MS
SIX
SIX
10c
Electric Household Utilities
El Paso Electric Co.. $6 preferred (quar.)
Employers' Group Associates (quar.)
Emporium Capwell 7% pref. (s.-a.)
4 H % preferred (quar.)
4X% preferred (quar.)
4H% preferred (quar.)
4 H % nreferred (quar.)
Eureka Pipe Line Co
$1H
25c
$3H
56 He
56 He
56 He
56 He
50c
25c
Extra
Falstaff Brewing Co. (quar.)
Fansteel Metallurgical Corp.,
15c
Farmers A Traders Life Insurance
Quarterly
Quarterly
Federal Light A Traction
Apr.
May
May
Apr.
Apr.
Apr.
Sept.
Apr.
July
15'Apr. 1
ljMay 18
15 Mar. 15
l'Apr.
llApr.
25 Apr.
15 Mar.
30
21
1
1
10
10
10
29
Apr. 16
Sept. 7
Mar. 16
June 22
1 Sept. 21
1- 2-41 Dec. 21
Oct.
May
1 Apr. 15*
May
1 Apr. 15*
May 29 May 15
(quar.)
SIX
SIX
SIX
June 30 June 15
18 Dec.
14
$2H
July
1 June
10
Oct.
preferred (quar.).
Preferred (quar.).
Preferred (quar
•.)
1 Sept. 10
2 Dec. 11
$2H
*
Federal Service Finance Corp
Preferred (quar.)
....
Federated Department Stores
Fibreboard Products, Inc., 6% prior pref. (qu.)_
Filene's (Wm.) Sons Co
Preferred
Apr.
June
20c
...
15
Mar. 30
Apr. 15
Apr. 15
Apr. 30
May
15c
8(% pref. (quar.)
1
1 Apr.
$15*
$l5/8
S1H
SIX
Consolidated Royalty Oil Co. (quar.)
Consolidated Royalties, Inc., pref. (quar.)
Preferred
May
37Hc
—
Prior preferred
1 May 24
15 Mar. 15
Apr.
15
1
1
15
15
15
8c
June
May
1 Apr. 15
10c
May
May
Apr.
May
May
May
Apr.
Apr.
S1H
Connecticut River Power (quar.)
Consolidated Car Heater (quar.)
Consolidated Retail Stores
Apr.
Apr. 20
Apr. 20
Apr. 20
Apr. 20
t50c
Conn (C. G.), Ltd
Extra
5
Apr. 15 Mar. 29
Apr. 30 Apr.
5
1 Apr. 20
May
Mar. 30
May
May
May
May
May
An
5
15*
15
"
Apr.
Apr.
10c
10c
5
15 June
13
Apr.
45c
Commonwealth Edison Co
Commonwealth Investment Co. (quar.)
Concord Gas, 7% preferred
16 Dec.
1 Apr.
1 Apr.
20c
Babcock & Wilcox Co
tlX
5
5
Sept. 18
Apr. 15
pr. 12
pr. 20
Apr.
1
Oct.
$1.63
Dec.
15 Apr.
Apr. 15
1
May
1
May
1
May
1
May
30
Apr.
tlX
15
15
20
16
10
June 19
May
—
Sept. 16 Sept.
May
May
62 He
Apr.
Apr.
July
_
(quar.)
Consolidated Copperminee
Consolidated Edison (N. Y.), pref. (quar.)
Consolidated Laundries, pref. (quar.)
Consolidated Oil (quar.)
Consolidated Paper Co
June
25c
31
25*
11
June
20c
tlx
1
15 Mar. 15
tlX
tlX
tlX
tlX
ttlX
15
20
Apr.
$1.17
SIX
12Xc
12Xc
Equipment Corp
City Electric Co. pref. (quar.)
Atlantic Rayon Corp. $2H prior pref. (quar.),.
Atlantic Refining Co., preferred (quar.)
Atlas Powder Co. 5% pref. (quar.)
Baldwin Co., 6%
25c
10c
15c
Atlantic
Baldwin Rubber Co.
SIX,
six
$IX
$2X
mx
American Zinc Lead & Smelting, prior pref
15
15
Apr.
Apr. 30 Apr.
Apr. 15 Mar.
Apr. 15 Apr.
Apr. 15 Mar.
May 15 Apr.
1 Apr.
May
12c
American Seal-Kap (Del.)
American Smelting & Refining, 7% pref. (qu.)
American Thermos Bottle class A
31 Dec.
June 30 June
May
_
Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr.
Columbus & Southern Ohio Electric—
June
—
........
Mar. 30
June
Sept. 30 Sept.15
Aluminum Co. of America common
Aluminum Mfg., Inc.
AU-Penn Oil & Gas (quar.)
6% cumulative preferred (quar.)
5% preferred (quar.)
:
...
City Title Insurance (auar.)
City Water Co. of Chattanooga 6 % pref. (qu.).
Cleve. Cine. Chicago & St. Louis pref. (quar.).
Clinton Water Works Co. 7% preferred
Colon Development Co. 6% red. conv. preferred.
Columbia Gas & Electric Corp
6% cumulative preferred series A (quar.)
5% cumulative preferred (quar.)
5% cumulative preference (quar.)..
Columbia Pictures Corp. $2X conv. pref. (qu.).
1 Apr.
May
1 Apr.
May
Apr. 15 Apr.
Apr. J5 Apr.
Apr.
Apr.
Alaska Juneau Gold Mining (quar.)
Alabama Power Co., $5 pref. (quar.)
Holders
When
Payable of Record
(quar.)
Firemen's Fund Insurance (quar.)
Firestone Tire A Rubber
Sept. 30; Sept. 16
Dec.
Jan.
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr.
15
15
Apr,
5
Mar. 30
15 Mar. 30
30 Apr. 20
1 Apr. 15
25 Apr. 15
25 Apr. 15
15 Apr.
5
20.Apr.
5
First Natl anal Bank of J. C. (quar.)
First Mutual Trust Fund
June 29 June 22
Fisher (H.) Packing Co. 5% pref. (quar.)
Fishman (M. H.) Co., 5% "preferred (quar.)
Fort Wayne A Jackson RR.. 5H % pref. (s.
.-a.)..
Apr. 15
Apr. 15
Sept. 3
Apr. 15
May
May
May
Apr.
July
Apr.
Apr. 20
May
1
July
1
Apr. 25
Apr.
49 West 37th Street Corp
Franklin Telephone 2 H % gtd. (o.-a.)
Froedtert Grain A Malting
Preferred (auar.)
Fundamental Investors
Fyr-Fyter C«v class A
I
Gallon Iron Works A Mfg. Co., 6% pref. (quar.)
Gardner-Denver Co. (quar.)
Preferred (auar.)
General Box Co. (semi-annual)
General Electric Co. (quar.)..
General Finance
General
Mar. 30
Mar. 30
Aug.
Apr.
Apr.
Apr.
Apr.
Mar.
20
5
15
15
15
30
June 21
Mar. 30
Apr. 10
Apr. 20
June 10
Mar. 15
1
Apr. 18 Apr.
May
1 Apr. 10
(quar.)
Foods, $4 X pref. (quar.)
General Mills. Inc
Additional dividend
15 Mar. 30
-
May
May
1 Apr. 10*
1 Apr. 10*
Volume
The Commercial & Financial Chronicle
150
When
Name
General Motors Corp., $5
preferred (quar.)
A
General Outdoor Advertising Co., class
Preferred
May
May
May
Apr.
May
Apr.
Apr.
Apr.
_
(quarJ
General Theatres Equipment
Gillette Safety Razor, preferred
Gimbel Bros. 6% pref. (quar.)
(quar,).
Glen Alden Coal
Gordon Oil Co., class B (quar.)
Goulds Pumps. Inc., 7% preferred
Great American Insurance (quar.)
Apr.
Mar. 20
15
Apr. 24
Mar. 30
Apr.
15
34Hc
June
1 May
18
60c
Apr.
15 Apr.
8
preferred (quar.)
—
J15c
SIM
SIM
SIM
68Mc
68 Mc
60c
-—
10c
50c
Hawaiian Sugar Co. (quar.)
Hayes Industries. Inc
15c
Hecker Products Corp. (quar.)
Hercules Powder Co., pref. (quar.)
12 Ac
15c
:
SIM
75c
Hershey Chocolate (quar.)
Preferred (quar.)
Hibbard, Spencer, Bartlett & Co. (mo.)
Monthly
Monthly
--—
Hollinger Consol. Gold Mines
$1
+,
Extra--"
:
June
1
June
1
Apr.
Apr.
20
May 15
May 15
Apr.
6
15 Mar. 30
1 Apr. 15
May
1 Apr. 15
May
Apr. 15 Apr.
2
1 Apr. 18
May
Apr. 20 Apr. 10
May 15 May 4
Apr.
Apr.
15 Apr.
25 Apr.
May
1
Apr.
5
4
10
3
May 15 May
May 15 Apr. 25
May 15 Apr. 25
_
Apr.
May
26
15c
June
28 June 18
1%
Apr. 22 Apr.
Apr. 22 Apr.
1 Apr.
May
Apr. 25 Apr.
Apr. 20 Apr.
1 Apr.
May
1 Apr.
May
15
Apr. I Mar.
Apr. 15|Mar.
Apr. 15 Apr.
1.5c
15c
,
——.—
Holly Sugar Corp., 7% pref. (quar.)
Homestake Mining Co. (monthly)
Honolulu Gas (quar.)
Borders, Inc. (quar.)
Horn & Hardart Co. (N. Y. )(quar.)
'
Household Finance Corp. (quar.)_
5% preferred (quar.)
Howe Scale 5% preferred (s.-a.)
—
Humberstone Shoe Co., Ltd. (quar.)
Hutchins Investing Corp. $7 preferred--Idaho Maryland Mines Corp. (mo.)
—
Incorporated Investors
Indiana Pipe Line Co
Institutional Securities Ltd. (Ins. Gp. Shs.)Payable in stock.
.
Interchemical Corp
——
—
■.
lYo
si
k
37 Mc
45c
25c
50c
$1
SIM
31
Apr. 16
May 21
8
8
15
20
12
20
11
30*
30*
10c
May
12
1 Ap.r 15
15Apr.
5
22'Apr. 10
30 Apr.
4
15 Apr. 26
2M%
May
1 Mar. 30
S2M
25c
May
t$l
Apr.
Apr.
Apr.
5c
15c
(quar.)
International Cigar Machinery Co—
International Harvester Co. (quar.)
Apr.
15 Mar. 20
May
International Metal Industries, Ltd., pref
1 Apr.
1 Apr.
May
(quar.)
15
15
15
15
1 Apr.
May
1 Apr.
May
Apr. 15 Mar. 30
1 Apr.
1
May
Preferred class A
(quar.)
International Milling Co., 5% pref, (quar.)
International Nickel of Can., pref. (quar.)
Payable in United States funds less Cana¬
dian non-residence tax.
International Utilities $3 A prior
Interstate Dept. Stores
87Mc
SIM
12Mc
pref
pref. (quar.)
Interstate Home Equipment (quar.)
Interstate Hosiery Mills
Investment Foundation, Ltd., cum.
25c
pref._-—
Iowa Elec. Light & Power
—
Co., 7% pref. A—
6A% preferred B
6% preferred C
Iron Fireman Mfg. common v. t. c. (quar.)—Common
t. c.
r.)(quar
v.
shares) (quar.)
preferred
Kalamazoo Stove & Furnace
Kaufmann
10c
t87Mc
%
30c
30c
30c
(quar.).
Common v. t. c.
I. X. L. Mining Co. (block
Jones & Laughlin Steel 7%
tSIM
75c
Cumulative preferred (quar.)
Investors Fund C
20c
—-
^—
Dept. Stores
tSl
l2i
12Mc
Kearney (J. R.) Corp. (quar.)
Kellogg Switchboard & Supply
Preferred (quar.)
;—
May
l'Apr. 23
May
l'Apr. 15
Apr. 15'Apr.
1
.Tune 15'June
1
Apr. 15 Mar. 30
Apr. 15 Mar. 30
Apr. 13 Mar. 30
Apr. 20 Mar. 30
Apr. 20 Mar. 30
Apr. 20 Mar. 30
June
May 10
Sept.
Aug. 10
Dec.
Nov.
Apr.
Mar. 29
S&
Apr.
Apr.
Apr.
Apr.
June
Kemper-Thomas 7 % special pref. (quar.)
Special preferred (quar.)
Special preferred (quar.)
—
Kendall Co. $6 part. pref. A (quar.)
$6 part. pref. A (partic.)
Kennedy's, Inc., pref. (quar.)
Kentucky Utilities, 6% pref. (quar.)
Keystone Custodian Fund B-2
Kirkland Lake Gold Mining (s.-a.)
—
SIM
SIM
SIM
SI.38
31 Mc
Sept.
9
Apr.
8
Apr. 20
Apr. 10
Apr.
1
30 Apr.
9
30 Apr.
9
May 20
Aug. 20
Dec.
Nov. 20
June
May 10
May 10
June
Mar. 31
Ordinary distribution No. 7
distri bution
Maritime Telep. &
Tel eg. Co. (quar
7% preferred (quar.)
•—
Kresge (S. S.) Co. (quar.)
Kress (S.
H.) & Co.
Special preferred (quar.)
—
Kreuger (G.) Brewing
.
-Kroger Grocery & Baking 7% preferred (quar.)_
Lake-of-the-Woods Milling
Preferred (quar.)
-
Landis Machine
preferred (quar.)
— —
Preferred
Mid-Continent
June
June
_
,
Extra-
Class A (quar.)
15 Mar. 30
Preferred
15Mar. 30
(quar.)
13 Mar. 30
(quar.)
Lawyers Title Insurance Corp., 6% pf. (s.-a.)—
Leath & Co. preferred (quar.)
Lehigh Portland Cement
Lawrence Gas & Electric Co.
15 Apr.
15
1 Apr.
1 June
Preferred (quar )
10
1 June
13
14
22 Apr. 12
Apr. 18 Apr.
6
Apr. 15 Apr.
4
May
llApr. 19
Apr.
Lehigh & Wilkes-Barre Corp
Lehigh & Wilkes-Barre Coal (N-
J-)
Lerner Stores
(quar.)
—
Preferred (quar.)—
Lexington Telephone Co. 6% pref. (quar.)
Lincoln National Life Insurance Co. (quar.).,—
capital (quar.)—
Original capital (quar.)
Original capital (quar.)
Special guaranteed (quar.)__Special guaranteed (quar.)
Special guaranteed (quar.)
Loew's, Inc., $6 A cumulative pref. (quar.)
Lone Star Gas Corp
Lord & Taylor 2nd pref. (quar.)
Louisville Gas & Electric Co., $7 pref. (quar.)—
26
ljMay 10
lJune 15
20 Mar. 30
Apr. 29 Apr. 18
(quar.)
6% preferred (quar.)
5% preferred (quar.)
ljOct.
June
July
Apr.
—
Little Long Lac Gold Mines
Little Miami RR. Co., original
IIApr. 25
FJuly 26
Nov.
Link-Belt Co. (quar.)
Preferred (quar.)
15 Mar. 30
May
Aug.
Quarterly
Quarterly
Apr.
June
10
May 24
Apr. 22 Mar. 22
May
1 Apr. 17
Apr.
Apr.
Apr.
15 Mar. 30
15 Mar. 80
15 Mar. 30
Dec. 20
Jan.
Dec.
June 20
Oct.
Sept. 20
Jan.
Dec. 20
20
1
May 15 May
1
Apr. 15 Apr.
Apr. 15 Apr. 10
June
1 May
9
June
1 May
10
May
1 Apr. 11
Apr. 15 Mar. 20
Apr. 30 Mar. 30
Apr. 15 Mar. 30
4
Apr. 15 Apr.
1
July| 1 July
1
1 Oct.
1-2-41 Dec. 31
Oct.
Apr. 25 Mar. 30
Ltd.. Inc.—
(quar.)— —
June
(quar.).$1
$1
Quarterly
Quarterly
May 15
Mar. 30
June
May
20
30
40c
15c
Mar.
Apr.
Apr.
Apr.
15 Mar.
Apr.
Mar.
Apr.
Apr.
Apr.
Apr.
May
Mar.
Apr.
Apr.
Apr.
June
June
25c
50c
Apr.
Mar. 30
May
75c
May
50c
May
May
1
Apr. 15
Apr. 15
Apr. 15
Apr. 19*
5c
50c
8% preferred (quar.)
National Automotive Fibres (interim)
National Battery Co
National Biscuit Co
National Bond & Share Corp
National Brush Co. (quar.)—
15c
75c
—
—
National Cash Register
National Casket Co. (s.-a.)
—
(quar.)
—
National Fuel Gas (quar.)
50c
—
—
National Manufacture & Stores
1
30
30
1
24
15
1
1
May
25c
—
May
Apr.
Mar. 30
S1A
May
Apr. 19
$2 A
37 Ac
A (s.-a.)- —
—
(quar.)
Lead pref. B
Nov. 22
June
Apr.
10c
.
Mutual Investment Fund
Mutual Systems, Inc
Dec.
lc
$1**
10c
10c
—
A (quar.)
Mutual Insurance Fund Shares
National City Lines pref.
Class A (quar.)
Sept.
50c
Mining & Devel. Co. (quar.) —
Mountain States Telep. & Teleg. (quar.)
Muskegon Motor Specialties cl.
May 15
May 24
Aug. 23
June
5% conv cum. preferred
Morris Plan Insurance Society
National
Sept. 20
Sept. 20
15
June 20
June 20
July
juarterly
Morrell (John) & Co
Morris (Philip) & Co.,
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
50c
Corp.—
$5 A prior preferred (s.-a.)
National Money Corp., $1A Pref.
(quar.)
m*
«•
(quar.)
10c
$1A
50c
div. of 4 additional shares of
common stock for each share of common held.
N. Y. Curb will announce ex-div. date later—
Neisner Bros., Inc., 4% % pref. (quar.)
Nelman-Marcus Co., 7% preferred
Neon Products of Western Canada, Ltd.—
6% preferred (s.-a.)
—
Newberry (J. J.) 5% preferred A (quar.)
New Bedford Gas & Edison Light Co
New England Gas & Elec. Assoc. $5 A pref
15
15
Apr. 15
May
1
Apr. 15
1
1
1
1
Mar. 30
Nehi Corp., stock
New York Merchandise
—
May
June
1
Apr. 15
1 May
16
(quar.)
:
(quar.)
Apr.
15 Mar. 29
Apr.
May
30 Apr.
May
25c
Apr.
May
t50c
SI8/*
SI A
Newberry Realty preferred A (quar.)
Preferred B (quar.)
Class A
$1A
1
Apr. 22 Apr.
May
1 Apr. 15
June
1 May 20
15c
Co. (quar.)
New York Transit Co
1900 Corp.. class A
w
50c
New York Air Brake Co
- —
50c
50c
50c
Class A fquar.).
Norfolk & Western Ry. pref.
1 Apr.
1
12
12
Aprl 20
15 Mar. 21
1 Apr. 16
1 Apr. 16
May
1
May 15 My
1
Aug. 15 Aug.
Nov. 15 Nov.
$1
3c
May
IS
Apr.
$1 H
(quar.)—.
1
Apr. 30
10«
Apr.
20 Apr.
15 Apr.
North River Insurance
25c
June
10 May 24
25c
May
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
North American Oil (quar.)
North Penn Gas 7% pref.
(quar.)
Northern Indiana Public Service
15 Apr. 30
Oct.
—
Mt. Diablo Oil,
Apr.
15 Mar. 30
Oct.
Jan.
—------——
—
13
Apr. 15
Apr. 15
Apr. 15
Apr. 15
May
1
May
—
—
10 May 24
10 Nov. 25
1
_
Apr.
July
July
-
-—
10 Nov. 25
May
May
29 June 20
June
Quarterly
I
----Extra
5A% cumulative preferred (quar.)
5 A % cumulative preferred (quar.) .
5'A% cumulative preferred (quar.)
Monmouth Consol. Water Co. $7 pref. (qu.)
Monongahela Valley Water Co., 7% pref (qu.)_
Monroe Loan Society class A
Monroe Loan Society, 5 A % pref. (quar.)
Monsanto Chemical Co. pref. A and B (s.-a.)
Montana Power Co. $6 pref. (quar.)
Montgomery Ward & Co
Montreal Light, Heat & Power Consol. (quar.) —
Montreal Telegraph Co
Montreal Tramways Co. (quar.)
Moore (Wm. R.) Dry Goods Co. (quar.)
Dec.
Sept. 10 Aug. 24
11
11
11
May
May
May
May
—----------------
-
Extra
June
Dec.
Dec.
Apr.
Apr.
Apr.
15
15
15
May 15
Apr. 20 Mar. 30
8
Apr. 15 Apr.
Northern Illinois Finance Corp
Preferred (quar.)
Sept. 10 Aug. 24
Dec.
Sept,
Sept. 30 Sept. 20
National Steel Car Corp. (quar.)
pref. (quar.)
Langendorf United Bakeries class B
Sept.
June
Apr.
Apr.
Apr.
(quar.)
National Power & Light preferred
1 Apr. 15
15 Mar. 30
15
June
Quarterly.-
sOlsss \
15
Apr.
Dec.
Missouri Gas & Electric Service—
Modern Containers, Ltd.
National Food Products Corp. class
June
Mar. 20
Mar. 20
Sept.
Petroleum—
National Distillers Products (quar.)
May
5
5
Mar. 30
Mar. 31
June
Piping & Supply (quar.)
Mississippi Power & Light, $6 pref
19
Apr.
Apr.
Apr.
June
Sept.
Midwest
Apr.
Apr.
4pr.
Apr.
SIM
15
15
15
15
15
15
30
Dec. 23 Dec.
May 31
12Mc
Mar. 31
Dec.
(quar.)
May
May
19
9
19
May 15
May 15
5
Mar. 31
June
Michigan Gas & Electric 7% prior lien
$6 prior lien
Micbfgan Public Service Co. 7% preferred
6% preferred
June
15c
19
4
.
40c
Lane Bryant. Inc., 7%
Lion Oil Refining Co.
;—
preferred (s.-a.)
Partic. preferred (partic. div.)
Messenger Corp. (interim)
Metal & Thermit, preferred (quar.)
Preferred (quar.)
Apr.
Apr.
Apr. 15
5
Nov.
Apr. 15 Mar. 30
lay3 1 Apr. 16
May
1 Apr. 16
May
1 Apr. 19
May
1 Apr. 19
Partic.
Apr.
May
Apr.
Sept.16
Preferred (quar.)
Preferred (quar.)
—
Merchants & Manufacturers Securities A and B
Mar. 30
preferred (quar.)
May
Aug.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
—
Maytag Co. $6 1st preferred (quar.)
$3 preferred (quar.)
Melville Shoe (quar.)__$5 preferred (quar.)
—
Mercantile Acceptance Corp.—
5% preferred (quar.)
5% preferred (quar
5% preferred (quar
6% preferred (quar
6% preferred (quar
6% preferred (quar
May
Kootenay Belle Gold Mines Ltd
Mar. 30*
Aug.
Marshall Field & Co., common (quar.)
Massachusetts Utilities Assoc., pref. (quar.)
30c
Kokomo Water Works 6%
Mar. 30*
Apr.
—
Mar. 30
1
11
Apr.
Apr.
E xtraordi nary
10c
Knott Corp
1
1
Apr.
May
Manufacturers Trust Co. pref. (quar.)
Marchant Calculating Machine Co. (quar.)
lie
Extra
May
Aug.
Sent.
$2.20 preferred (quar.)
Manhattan Bond Fund, Inc.—
Mar. 30
5
Apr. 20
Apr. 16
May
Apr.
Mahon (R. C.) Co. $2 pref. A (quar.)
Apr.
May
Apr.
23
Apr. 15
Nov.
I5c
85c
15
Mar. 30
June
(quar.)
Apr.
Apr.
SIM
Dec.
1-2-
—
Preferred
Sept. 21
Apr.
May
Apr.
May
May
Midland 051 Corp. $2 preferred
1 Apr. 20
May
1 Apr. 20
May
5
Apr. 15 Apr.
Apr. 15 Apr.
5
1 Apr. 15
May
International Bronze Powders (quar.)
Preferred (quar.)
Preferred class A
Mar. 31
Brewery Co.—
Hawaiian Commercial & Sugar Co. (quar.)
Preferred
Apr.
1
Apr. 10
Apr.
5
June 21
Oct.
Lunkenheimer Co.
Mar. 30
July
Lyon Metal Products, pref. (quar.)
6A% preferred (quar.)
6A % preferred (quar.)
6 A % preferred (quar.)
McCall Corp. (quar.)
McColl-Frontenac Oil Co., Ltd., pref. (quar.)
McCrory Stores 6% pref. (quar.)
—
McGraw-Hill Publishing Co., Inc.-Mclntyre Porcupine Mines (quar.)
Quarterly
McLellan Stores Co. 6% pref. (quar.)
MacAndrews & Forbes Co. (quar.)_,
Preferred (quar.)
.
Magnin (I.) & Co. preferred (quar.)
Preferred (quar.)
8
Holders
When
Payable of Record
Apr.
May
Lowell Electric Light Corp. (quar.)
Apr.
May
Hat Corp. of America preferred (quar.)
Hawaiian Agricultural (monthly)
Preferred
8
6
6
May
.
Share
of Company
Apr.
May
Apr.
Apr.
5A% preferred (quar.)
Halle Bros. Co. preferred (quar.)
Hallnor Mines, Ltd
Hanna (M A.) Co. $5 cumul. pref. (quar.)
Harbison-Walker Refractories Co,6% pref. (qu.)
Harrisburg Gas Co., 7% pref. (quar.)
Hartford Electric Light
Hartford Times, Inc., 5A %
Harvard Brewing Co
Name
May
Apr.
Great Lakes Engineering Works (quar.)
Great Lakes Power Co., Ltd., A pref. (qu.)
Green (II. L.) (quar.)
Griesedieck-Western
Per
Holders
Payable of Record
of Company
2367
—
5A% pref
6% preferred
7% preferred
Northern Ontario Power pref.
(quar.)
Northern RR. (N. H.) (quar.)
Northern States Power (Del.) 7%
preferred
6% preferred
Northern States Power
Co.(Minn.)$5pfd. (a>i.)_
Northland Greyhound Lines.
Inc
37 Ac
mn
niA
•t $1H
SI A
$i A
$1*1
SlA
SI A
$1
1 Apr.
1
Apr.
1
15
15
15 Mar. 30
15 Mar. 30
15 Mar. 30
25 Mar. 30
30 Apr. 11
20 Mar. 30
20 Mar. 30
Apr.
15 Mar. 30
Apr.
24 Apr.
15
The Commercial & Financial Chronicle
2368
When
Per
Name of
Share
Company
Northwest Engineering.....
Nunn-Bush Shoe Co
Nunn-Bush Shoe Co., 5% pref. (quar.)
Oahu Railway & Land Co. (monthly)
25c
10c
10c
June
15 June
12
5c
Apr.
15 Apr.
Apr. 15 Apr.
May
1 Apr.
10c
..
—
10c
\
Ohio Public Service Co. 5 H% pref.
$1H
58 l-3c
(quar.)
7% preferred (monthly!
0% preferred (monthly)
5% preferred (monthly)
Old Colony Trust Associates
Oliver United Filters class A (quar.)
Onomea Sugar (monthly)
Orange Crush Ltd. conv. preference (s.-a.)
Ottawa Electric Ry. (quar.)
50c
41 2-3c
25c
50c
10c
35c
—
30c
30c
30c
75c
Quarterly
Outlet Co. (quar.)
1st preferred (quar.)
2d preferred (quar.)
Pacific Finance Corp. (Calif.)
$1H
pref. A (quar.)..
Preferred C (quar.)
5% preferred (quar.)
-—
—
Pacific Gas & Electric (quar.)
Pacific Lighting Co. (quar.)
50c
75c
Pacific Lighting Corp., pref. (quar.)
Pacific Portland Cement preferred
Pacific Public Service, pref. (quar.)
Pacific Telep. & Teleg. pref.
Packer Corp. (quar.).
Parafflne Cos., Inc.,
Pearson
(quar.)
$1K
$1
32 He
$1H
—
25c
preferred
(quar.)
Conine., 5% pref. A (quar.)
Peninsular
.....
Telephone (quar.)
$1
31Hc
50c
Quarterly
Quarterly
—
50c
6
$4H preferred (quar.)-.
Sports Products, Inc. (quar.)
Standard Brands, Inc. $4H pref.(quar.)
Standard Chemical Co. (interim).
Standard Fire Insurance (N. .T.) (quar.)
Standard Oil Co. of Ohio pref.(quar.)
15
US
$2
10c
HP
45c
$1H
30c
42c
12 He
75c
Oct.
June
June
Apr,
Apr.
May
Apr. 15
Putnam (G.) Fund of Boston
Apr.
May
May
Apr.
Apr.
May
May
May
May
May
May
May
Apr.
May
Apr.
Quaker Oats Co., preferred (quar.).
Quarterly Income Shares (quar.)
Railroad Employees' Corp. class A & B
(quar.)_
Preferred (quar.)
Rainier Brewing Co., partic. pref. A & B
(mo.).
Rath Packing Co. 5%
pref. (semi-ann.)
Raymond Concrete Pile S3 preferred (quar.)
Reading Co. (quar.)
Reed (O. A.) Co
...
Reliance
Manufacturing Co
Republic Investors Fund pref. A and B (quar.)..
Republic Natural Gas Co. common (quar.)
Republic Steel Corp., 6% 6% conv. pref
Reserve Investing Corp. $5 preferred
Rhode Island Public Service Co. $2 pref.
(qu.)__
Class A (quar.)
Roberts'Public Markets (quar.)
Quarterly
Quarterly.
Dec.
(quar.)
Apr. 15
15 Dec.
15
16
12
15
15
1
(quar.)
Royal Typewriter Co., Inc
Preferred (quar.)
Rubenstein (Helena), Inc., common—
(25c. and 25c. special)
Ruud Mfg. Co. quar.)
Sabin Iiobbins Paper
6
10
20
20
5
May
2.5c
$2
Saguenay Power, Ltd., preferred (quar.)
I
St. Croix Paper Co
St. Lawrence Corp. preferred A
_I-I.II"
St. Louis Bridge Co. 1st preferred
(s.-a.)
II3% 2nd preferred (s.-a.)
I
-
St. Louis County Water $6
San Antonio Gold
preferred (quar. j
Mines, Ltd. (s.-a.)
San Carlos Milling
Co., Inc. (monthly)
San Diego Consol. Gas & Electric
Co. pref.
Scott Paper Co., $4.50 preferred
(quar.)
$4 preferred (quar.)
i
Secord (Laura) Candy
(qu.)
_
Shops (quar.)
Securities Corp. general $7
preferred (quar.)
$6 preferred (quar.)
Sedalia Water Co. 7% preferred
(quar.)
Sheep Creek Gold Mining (quar.)
Silbak Premier Mines, Ltd
Simpson (R.) Co. (s.-a.)
Simpson's, Ltd., 6H% preferred
Sivyer Steel Casting
Skelly Oil Co. preferred (quar.)
II
$1
15
15 June
5
Apr. 20 Apr.
May
1 Apr.
Apr. 15 Apr.
10
Apr. 15
July
1
July
1
May
1
17c
Apr .20
13c Apr. 20
20c
Apr. 15
1H%
Apr. 15
$1.12H May
$1
May
$3
20c
S1H
$1H
$1H
June
J4c
May
May
Apr.
Apr.
Apr.
$3
May
%\%
May
25c
Apr.
May
4c
I
If
SEC approves proposed
financing plan of
company, pref. stock will be retired as of
May 1.
Smith (H.) Paper Mills,
pref. (quar.)
*1H
t$lH
37Hc
37Hc
Apr.
Apr.
Apr.
Apr.
40c
Apr.
5c
Southeastern Greyhound Lines
(quar.)
Southern California Edison,
orig. pref. (quar.)
Original preferred (special)
Preferred O (quar.)
1 Apr.
June
20c
II
_.
Southern California Gas
6% preferred (quar.)-_
7% preferred A (quar.)_
34 He
37 He
37Hc
37Hc
15
5
Mar. 30
June 15
June 15
Apr. 20
Apr.
5
Apr.
5
Apr.
2
June
June
1
15
15 Mar. 30
20 Apr.
5
30 Apr. 20
15 Mar. 20
15 Mar. 20
Mar. 20
May 15 Apr. 20
Apr. 15 Mar. 30
Apr. 15 Mar. 30
Mar. 30
Apr. 15
Sept.
Sept. 14
Dec.
Dec.
14
May
May
Apr.
Apr.
Apr.
5
5
Mar. 30
Apr.
Mar. 31
May
37Hc
May
May
Apr.
Apr.
May
May
May
Apr. 15
Apr, 15
1
Apr.
9
Apr.
5c
50c
12Hc
25c
$1H
5c
5
Apr.
May 10
Mar. 18
10c
June
90c
May
Apr. 15
May 17
Apr. 30
30c
June
May 28
June
June
Apr.
May
May
May
May
May
May
Apr.
May
Apr.
Apr.
1
Apr. 22
Apr. 22
Apr. 15
Apr. 15
Apr. 15
(monthly)--—
11
Apr. 15
Apr.
5
Apr. 19
Mar. 30
May
-
-
Mar. 22
Apr. 30
Apr. 10
Apr. 16
May
May
July
Apr.
cum.
Apr. 12
Mar. 21
June
preferred
SeDt. 30
Apr.
Apr.
-
Mar
Oct.
(quar.)
June 30
31
June
1
Dec.
Dec.
2
Apr.
Mar. 30
May
1 Apr. 19
5
15 June
United States Hoffman Machinery Corp.—
^H %^conv.jpreferred (quar.).
United States Petroleum Co. (quar.)
June
Quarterly
Quarterly
Sept. 15 Sept.
Quarterly
Quarterly
-
Sept. 20 Aug. 31*
-
Dec.
-
United States Playing Card (extra)
United States Royalty Oil Corp
United States
May
Apr.
Apr.
Apr.
Apr.
Apr.
July
Apr.
Smelting, Refining & Mining
7% preferred (quar.)
Unitea States Steel Corp
United States Sugar pref.
(quar.)
Preferred (quar.)
United Stockyards Corp. conv. pref. (quar.)
Universal Leaf Tobacco (quar.)
Upper Michigan Power & Light Co. 6% pf. (qu.)
6% preferred (quar.)
6% preferred (quar.)
Van Sciver (J. R.) Co. 7% preferred
Vapor Car Heating Co., inc., 7% pref. (quar.)7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.).
Vermont & Boston Telegraph (ann.)
Virginian Ry. Co. 6% preferred (quar.)
6% preferred (quar.)
Vulcan Detinning (quar.)
Quarterly
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Washington Gas Light
Washington Gas Light preferred (quar.)
Washington Railway & Electric 5% pref.(quar.)
5% preferred (s.-a.)
Welch Grape Juice Co., preferred
(quar.)
Preferred (quar.)
West Michigan Steel Foundry—
Prior preferred (quar.)
Conv. preferred (quar.)
West Penn Electric.
7% pref. (quar.)
6% preferred (quar.)
*
West Penn Power, 4H% pref. (quar.)
Western Cartridge, preferred (quar.)
Western Grocers. Ltd. (quar.)
Preferred (quar.)
Western Pipe & Steel 7 % preferred (s.-a.)
Westgate-Greenland Oil Co. (monthly)
Weston (Geo.), Ltd., pref. (quar.)
Westvaco Chlorine Products (quar.)
5% conv. preferred (quar.)
White Sewing Machine, prior preferred
Payment of div. is subject to final court
decision.
Wilson & Co. $6 preferred
Wins ted
-
-
■
——
5
Apr.
1
1
10 June
Sept. 10 Aug. 31
Dec.
10 Nov. 30
3-1-41
3-9-41
July
1 June 15
May
1 Apr. 20
Aug.
1 July 20
June 20 June 10
Sept. 20 Sept. 10
Apr. 20 Apr. 10
July 20 July 10
Oct.
19 Oct.
10
May
1 Apr. 15
May 10 Apr. 30
June
1 May 15
June
1 May 15
May 31 May 15
Aug. 31 Aug. 15
91H
i134
May
June
Apr.
May
Apr.
Apr.
15
15
19
$1H
S1H
$1H
$1H
May
May
Apr.
May
Apr. 30
75c
Apr.
Apr.
July
Mar. 20
35c
lc
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
91H
91X
May
35c
May
May
May
37 He
50c
50c
May
May
May
Aug.
Aug.
19
Mar. 20
Mar. 20
June 29
May
Apr.
10
15
10
10
29
1
15
Apr. 15
July 15
July 15
Nov.
Nov.
Oct.
15
Oct.
15
Apr.
25c
Apr.
Apr.
Apr.
July
July
May
25c
June
25c
July
Aug.
Sept.
50c
—
—
S1H
SI H
$1X
10c
'
*
Apr.
1-1-11 Dec. 30
50c
-
Wright-Hargreaves Mines. Ltd. (quar.)
Extra (both payable in U. S. funds)
Wrigley (Wm.) Jr. (monthly).
Monthly
Monthly
Monthly
Monthly
Monthly
Zeller's. Ltd., 6% preferred (quar.)
Zenith Radio Corp
Zion's Co-operative Mercantile Institution
Quarterly
Quarterly
Mar. 31
Mar. 25
Mar. 25
June
91H
Quarterly
Extra
Wisconsin Electric Power Co. 6% pref. (quar.)
Wisconsin Gas & Electric Co 4H% pref. (qu.)
Wisconsin Telephone Co. 7% pref. (quar.)
Apr. 15
1
15
15
15
26
15
15
Apr. 15 Apr.
"$1H
Quarterly
Extra
20 NOV; 30*
July
5
2
15 Apr.
May
1 Apr. 18
July
1 June 29
Oct.
1 Sept. 28
tSlH
$1H
-
Hosiery Co. (quar.)
Extra
5
Dec. 15 Dec.
5
June 20 May 31*
United States Pipe & Foundry Co. (quar.)
Mar. 30
Apr. 20
Apr. 20
May 15
Apr. 23
Apr. 23
15 Apr.
1
15 Mar. 30
25 Apr.
5
1 Apr. 20
1 Apr. 20
4
15 Apr.
1 Feb. 20
Apr. 15
Apr.
-
Apr. 15 Apr.
8
Apr. 20 Apr. 10
June
1 May 20
May 15 May
3
May 15 May
3
June
1 May 15
May
1 Apr. 15
Apr. 15 Apr.
5
Apr. 15 Apr.
5
Preferred (quar.)
Rolland Paper Co., Ltd.
(quar.)
Voting trust certificates (quar.)
Preferred (quar.)
Roos Bros., inc. (Del.) pref.
1
20 Mar. 30
20 Mar. 30
May
2
Apr. 20
Apr. 20
Apr. 11
Apr. 20
Apr, 20
Apr.
25 Apr.
Apr.
15 Apr.
May *1 Apr.
May
1 Apr.
Apr. 15 Apr.
Apr. 18 Apr.
May
1 Apr.
July
1 June
Oct.
1 Sept.
Rice Ranch Oil
Richardson Co
Richmond Insurance Co. (N. Y.)
(quar.)
Solar Aircraft Co
15 Mar. 30
31 May
1
May
United Fruit Co
United Merchants & Manufacturers, Inc
Semi-annual
United States Fidelity & Guaranty Co
1
May
1 Apr. 18
May 15 Apr. 15
Apr. 15 Mar. 20
5
30c
1
Apr. 16
Apr.
Quarterly
Quarterly
United Corp. $3
15 Mar. 30
15 Mar. 30
Mar. 30
June
United Bond & Share. Ltd. (quar.)
15
Mar. 25
Apr.
5
July
5
June
1
tSlH
Union Oil Co. of California (quar.)
United Biscuit Co. of America preferred
20
Apr.
20c
50c
Trade Bank of New York (quar.)
Tuckett Tobacco 7% preferred (quar.)
Union Electric Co. (Mo.) pref. (quar.)
15
15 Mar. 31
Apr.
1
15 Mar. 25
Apr.
Apr.
Apr.
July
Mar. 15
5% preferred (monthly)
4
Mar. 15
Apr.
Apr.
Apr.
Apr.
Tombill Gold Mines Ltd
Towle Mfg. Co. (quar.)
14
15
20*
15
15
15
15
15
June
12 He
20c
Extra
Toledo Edison Co. 7%
preferred
6% preferred (monthly)
20
Apr.
(quar.)
—
Mar. 22
Apr.
Apr.
June
Apr. 10
$1H
$1H
S1H
143 He
J43Hc
,
Apr.
1
Apr.
1
Apr. 10
Apr. 10
Apr.
Apr.
Apr.
June
June
Preferred (quar.)
flunray Oil Corp
Super Mold Corp. (Calif.) (quar.)
Superheater Co. (quar.)
Superior Oil Co. of Calif., common
Tacony-Palmyra Bridge pref. (quar.)
Telautograph Corp. (interim)
Texas Gulf Producing Corp
Thatcher Mfg. Co. pref. (quar.)
Tilo Roofing Co
Stock div. of H sh. of com. for each sh. held-Tivoli Brewing Co. (quar.)
Toburn Gold Mines Ltd. (quar.)
2-4-41
Apr.
May
1 Sept.
1 May
1 May
25 Apr.
20 Mar.
1 Apr.
5
5
Sun Glow Industries
Sun Ray Drug Co
May
1 Apr. 15
Apr. 15 Mar. 21
Apr. 15 May 31
Apr. 25
May
1
May
1
May
1
Apr. 15
Apr. 30
May 15
Apr. 15
State Street Investment Corp. (Boston)
Strathmore Paper Co. preferred
4
15-41
Apr.
Apr,
May
31Hc
5% preferred (quar.)
5% preferred (quar.)
4
5
Nov. 15 Nov.
Apr.
Apr.
75c
SI M
Steel Co. of Canada (quar.)
14
May 15 May
Aug. 15 Aug.
Mar. 29
Apr.
Apr.
$1H
50c
Paving & Materials preferred
Preferred
Apr. 30
Mar. 20
Apr. 15
20c
Stecher-Traung Litbograp 5% pref. (quar.)
16
35c
Rochester American Insurance
Rochester Button Co
Standard
May
Apr.
$1H
—
Stand. Wholesale Phosphate & Acid Wks. (qu.)
Extra
May
Apr. 19
May
Apr. 19
May
Apr. 19
May
Apr. 15
May
Apr. 15
May
Apr. 15
Apr. 15 Mar. 30
May 15 Apr. 20
Apr. 15 Mar. 31
Apr. 29 Apr. 18
May
1 Apr. 15
Apr. 15 Mar. 30
Apr. 15 Apr.
5
Apr. 15 Apr.
1
May
1 Apr. 20
July
1 June 15
Oct.
1 Sept. 14
1-1-41 Dec.
35c
Pennsylvania Power Co., $5 pref. (quar.)
Peoples Gas Light & Coke._;_
Peoples Telephone Corp. (quar.)
Philadelphia Co. (quar.)
$6 preferred (s.-a.)
Philadelphia Electric Co. (quar.)
Philadelphia Electric Co. $5 pref. (quar.)
Philadelphia National Insurance
Phillipine Long Distance Telep. Co
Phoenix Acceptance Corp., class A (quar.).....
Pittsburgh Bessemer & Lake Erie (s.-a.)
6% pf. (s.-a.)
Pittsburgh Coke & Iron Co., $5 pref. (quar.)
Pittsburgh Forgings Co
Pittsburgh Screw & Bolt
Pleasant Valley Wine
Plomb Tool 6% pref. (quar.)
Portland Gas Light Co. $6 preferred.
Powell Rouyn Gold Mines, Ltd
Power Corp. of Canada, Ltd., 6% cum.
pref
6% non-cum. participating prer. (quar.)
Premier Gold Mining (quar.)
Prentice (G. E.) Mfg. (quar.)
Procter & Gamble 8% pref. (quar.)
Prosperity Co., 5% preferred (quar.)
5% preferred (quar.)
Prudential Investors, Inc., pref.
(quar.)
Public Electric Light Co. (quar.)
Public Service of N. J. 6% pref.
(monthly)
Puget Sound Power & Light $5 prior pref
Quarterly
15c
Apr. 15
Apr. 15
Apr. 15
Apr.
1
1 Apr. 15
May
Apr. 20 Apr. 10
May
1 Apr. 15
July
2 June 15
Oct.
1 Sept. 16
Dec. 30 Dec.
$1H
Spiegel, Inc
1
May
1
May
1
May
Apr. 15
Holders
May
6
35c
Preferred A (quar.)
Preferred A (quar.)
Southern New England Telephone
1940
Payable 'if Record
120c
$1
75c
35c
...
Southern Canada Power Co., Ltd. (quar.)
6% cumul. partic. preferred (quar.)
—-Southern Ind. Gas & Elec. Co. 4.8% pref. (qu.)-
Spicer Manufacturing Co
$3 preferred (quar.)
50c
Preferred A (quar.)
Preferred A (quar.)
Extra
Apr. 15
30 Apr. 15
Share
Company
13,
When
Per
Name of
30 Apr. 15
15 Apr. 12
15 May II
$1H
Monthly
Monthly...
Oahu Sugar Co., Ltd. (monthly)
3 PQCl
Holders
Payable of Record
May
Apr.
Apr.
Apr.
May
25c
*
April
,--
5c
25c
25c
25c
37Hc
Oct.
May
Apr.
15
Mar. 30
Apr. 20
May 22
May 22
Apr. 20
May 20
June 20
July 20
Aug. 20
Sept. 20
Apr.
15
$1
50c
-
June
50c
50c
Sept.
Apr. 15
May
5
Sept. 5
Dec.
Dec.
5
Transfer books not closed for this dividend,
t On account of accumulated dividends.
t Payable in Canadian funds, and in the case of non-residentr of Canada
a tax of 5% ofthe amount of such dividend will be made.
deduction of
Volume
The Commercial & Financial Chronicle
150
Condition of the Federal Reserve Bank of
New
The
Weekly Return of the New York City
York
Clearing House
following shows the condition of the Federal Reserve
Bank of New York at the close of business
in
2369
The.
April 10, 1940,
weekly statement issued by the New York
Clearing House
comparison with the previous week and the corresponding
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING
date last year:
City
Friday afternoon is given in full below:
on
HOUSE
ASSOCIATION AT CLOSE OF BUSINESS THURSDAY, APR. 11, 194U
Apr. 10,1940
*
$
$
Time
Deposits,
Deposits,
Profits
*
Net Demand
Undivided
Aprils. 1940 Apr. 12,1939
Clearing House
Assets—
Averape
Average
Surplus and
Capital
Members
$
Gold certificates oil band and due from
United States Treasury.*
8,049,302,000 8,063,950,000 5,927,382,000
„
$
1,503,000
101,434,000
Bank of New York.....
Bank of Manhattan Co.
Total reserves..................... 8,158,650,000 8,164,187,000 6,030,319.000
National City Bank....
Chem Bank & Trust Co.
Redemption fund—F. R. notes..
Other cash t
943,000
108,405,000
-
.................
943,000
99,294,000
Bills discounted:
Secured
S.
Govt,
Manufacturers Trust Co
Cent Hanover Bk&Tr Co
Corn Exch Bank Tr Co.
obligations
45,000
501,000
45,000
510,000
476,000
120,000
546,000
655,000
596,000
218,000
2",b4i",oo6
2,041,000
3,829,000
........
Other bills discounted
First National Bank
Total bills discounted............
Bills bought In open market..
Industrial advances...
....
...
Irving Trust Co....
Continental Bk A Tr Co.
Chase National Bank..
13,924,100
26,615.600
68,734,200
57,040,300
185,154,600
40,161,100
73,015,100
19,663,600
108,565,000
53,240,100
4,430,300
136,486,900
600,000
25,000,000
6,000,000
6,000,000
12,600,000
7,000,000
7.000,000
Guaranty Trust Co
«
U.
by
direct and guaranteed
6,000,000
20,000,000
77,500,000
20,000,000
90,000,000
42,117,000
21,000,000
16,000,000
10,000,000
60,000,000
4,000,000
100,270,000
81,698.600
2,471,100
9,411,300
27,984,400
8,570,600
10,066,100
Fifth Avenue Bank....
Bankers Trust Co..
anteed:
Bonds
...
Notes.....
400,969,000
338,532,000
400,969,000
338,532,000
Bills.
Title Guar A Trust Co..
Marine Midland Tr Co
256,538,000
331,160,000
134,259,000
New York Trust Co....
Comm'l Nat Bk & Tr Co
Total U. S. Government securities,
direct and guaranteed
...
Public Nat Bk & Tr Co
739,501,000
739,501,000
...
...
742,088,000
17,000
1,609,000
742,097,000
17,000
1,229,000
153,147,000
9,840,000
16,766,000
Federal Reserve notes of other banks...
Uncollected Items.
...
Bank premises.......
Total assets.............
...
9,840,000
17,081,000
...
......
*
60,000
3,274,000
155,499,000
8,988,000
13*849,000
,
As per
20) $72,869,000;
e
follows:
a
(Mar. 25)
$253,723,000;
-
THE
LONDON
STOCK
EXCHANGE
Quotations of representative stocks
...
each
Sat.,
7,542,633,000 7,543,393,000 5,622,223,000
130,573,000
134,923,000
149,786,000
1,070,000
911,000
1,411,000
as
received by cable
day of the past week:
................
...
as
(April 4) $3,380,COO; d (Mar. 30) $67,861,000; e (Mar. 20)
$19,671,000.
1,274,239,000 1,286,053,000 1,046,244,000
Deposits—Member bank reserve aco't— 6,991,538,000 6,921,548,000 5,102,803,000
U. 8. Treasurer—General account
212,838,000
143,074,000
242,205,000
Foreign bank
131,245,000
139,005,000
95,158,000
Other deposits
182,057,000
276,776,000
270,002,000
...
719,510,000
National, March 30, 1940; State, March 30,1940; trust
Includes deposits in foreign branches
5 (Mar.
F. R. notes In actual circulation.
Total deposits
931,357,000 13,955,080,000
518,887,000
official reports:
companies, March 30, 1940.
9,070,555,000 9,087,283,000 6,938,589,000
IAabUUies—
Deferred availability Items.
99,815,000
55,418,000
28,227,000
1,618,000
4,402,000
1,452,000
44,639,000
3,659,000
36,501,000
6,273,000
2,968,000
29,679,000
2,049,000
52,012.000
726,600,000
....
Other assets....................
14,002,000
39,368,000
172,263,000
4,684,000
120,481.000
721,957,000
Totals..............
Total bills and securities..
Due from foreign banks
4,244,300
205,879,000
542,918,000
a2,223,003,000
698,837,000
b2,133,378,000
662,859,000
cl,048,803,000
299,897,000
669,472,000
650,671,000
64,432,000
d2,951,094,000
52,251,000
el,100,707,000
13,551,000
129,000,000
414,911,000
104,154,000
89,263,000
Tues.,
Apr. 8
'
Wed.,
Thurs.,
PH.,
Apr. 9
Mon.,
Apr. 6
Boots Pure Drugs
Apr, 10
Apr. 11
Apr. 12
43/-
British Amer Tobacco.
Capital Accounts—
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b).
Other capital accounts............
51,108,000
53,326,000
7,109,000
10,460,000
51,094,000
53,326,000
7.109.00C
10,511,000
..........
92.5%
861,000 1
860,000
£61
£60
£60 %
£14%
48 /1 %
39/4%
£14%
48/1%
38/9
De Beers............
£8
£7%
£14%
47/6
38/4%
£7%
£14%
Courtaulds S A Co....
Distillers Co
Imp Tob of G B AI-. Holiday
68/9
8 /9
18/4%
25/—
118/9
67/9
8/6
18/3
24/9
116/4
£24
£23
Electric A Musical Ind
Ford Ltd..
Hudsons Bay Co
Total liabilities and capital accounts.. 9,070,555,000 9,087,283,000 6,938,589,000
92.6%
£61
Central Mln A Invest..
Cons Goldflelds of S A.
50,888,000
52,463,000
7,457,000
8,117,000
106/3
Cable A W ord...
8,948,515,000 8,965,280,000 6,819,664,000
45/42/10%
43/3
105/7%
106/10% 106/3
London Mid Ry
Total liabilities
43/6
107/6
Rand Mines
£7%
£15%
.......
Rio Tlnto—..——
2,510,000
Rolls Royce
t "Other cash" does not Includefederal Reserve notes or a bank's own Federal
Royal Dutch Co
Reserve bank notes.
Shell Transport.......
Swedish Match B
These are certificates given by the United States Treasury for the gold taken
over from the Reserve banks when the dollar was. on Jan. 31, 1034, devalued from
z
Unlted Molasses......
Vlckers
100 cents to 69.00 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.
West
£7%
£14%
90/£31
76/3
12/26/17/7%
J
115/£$22%
78/9
78/9
£7%
£14%
89/4%
£29%
90/£30%
£30
£30
75/8/9
25/7%
17/1 %
78/1%
n/26/3
17/3
48/1%
38/£7%
68/3
68/8/6
8/6
18/18/23/9
24/116/10% 115/7%
£23%
£22%
78/1%
78/1%
£7%
£7%
£14%
£14%
90/89/4%
£7%
67/3
8/6
17/9
25/-
78/9
Metal Box...........
90.4%
£60%
£14%
47/6
38/7%
76/3
10/26/1%
17/3
75/7%
10/26/17/3
Wltwatersrand
£4
Areas..............
£3%
£3%
£3%
£3%
1
Weekly Return of the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the
These
resources
figures
are
and liabilities of the reporting member banks in 101
always
the Federal Reserve
a
System
leading cities from which weekly returns are obtained.
week behind those for the Reserve banks themselves.
The comments of the Board of Governors oj
upon
immediately preceding which
7
the figures for the latest week
we
appear
in our department of "Current Events and Discussions**
also give the figures of New York and Chicago reporting member banks for a week later.'
Commencing with the statement of May 19, 1937, various changes were made in the breakdown of loans as reported In this statement, which were
described in
an
announcementfof the Federal Reserve Bank of New York of April 20. 1937,
The changes in the report form are confined to
amounts of (1)
securities.
the classification of loans and discounts.
as
follows:
This classification has been changed primarily to show the
commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City and those located
outside New York City.
Provision has been made also to Include "acceptances of own bank purchased or discounted" with "acceptances and commer
cial paper bought In open
market" under the revised caption "open market paper," instead of in "aU other loans," ae 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."
explanation of the revisions was published in the May 29,1937, issue of the "Chronicle," page 3590.
A more detailed
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 161 LEADING CITIES BY DISTRICTS ON APR. 3.1940 fin Million, of
Federal Reserve
ASSETS
Loans and Investments—total
Loans—total............
Commercial, Indus, and agricul. loans
Open market paper
Loans to brokers and dealers In seours.
Other loans for purchasing or
Real estate loans..................
.................
Other
loans.......................
Treaury bills......................
Treasury notes..
...............
United States bonds
Obligations guar, by U. S. Govt.....
Other securities...................
Reserve with Federal Reserve Bank..
Cash In vault
Atlanta
St. Louis Minneap. Kan. City
Dollar.)
Dallas
Boston
Neto York
PhUa.
I
$
$
1,148
1,935
682
634
3,280
719
409
688
531
2.240
431
704
268
306
928
330
193
303
269
965
San Fran.
$
$
$
23,315
8,649
4,414
1,192
300
9,857
3,331
1,808
205
275
119
160
553
191
102
180
177
344
337
68
119
27
9
15
4
39
11
4
22
2
17
625
22
486
25
21
3
6
35
5
1
4
5
12
476
19
216
31
25
15
10
74
13
7
10
13
43
81
203
49
41
30
114
52
"75
94
113
57
621
carrying
securities...................
Loans to banks
Cleveland Richmond
Chicago
Total
$
Districts—
.............
Balances with domestic banks.......
Other assets—net..................
1,185
172
51
1
44
1
130
455
93
200
186
2
2
1,561
1
10
29
22
382
"69
"58
"60
""167
1
231
30
18
......
12
1
16
1,821
38
903
157
"l39
35
289
32
32
66
42
"_57
6,518
2,380
3,438
10,437
345
313
653
156
113
1,058
151
116
99
93
713
49
2,708
1,317
99
126
52
74
266
70
22
67
50
125
1,412
274
283
67
105
508
106
45
137
59
317
494
6.366
494
573
178
137
1,225
171
101
187
132
379
509
14
188
452
141
93
19
44
20
13
59
11
6
15
11
3,299
1,215
185
267
233
328
264
227
549
216
113
306
289
322
79
468
84
98
37
48
80
22
16
23
29
231
19,175
5.355
.580
1,204
9,656
988
1,323
491
409
2,328
470
294
618
470
237
1,088
265
746
201
190
960
191
118
146
136
1,024
1,077
14
70
53
47
34
45
135
17
3
24
31
107
8,424
346
3,674
437
466
320
310
1,347
360
164
424
263
313
726
21
1
9
1
21
38
"H
""21
5
"~6
3
"4
""304
97
93
393
96
59
104
87
346
20
LIABILITIES
Demand deposits—adjusted.........
Time deposits.....................
United States Government deposits..
Inter-bank deposits:
Domestio banks...
.......
...
Other liabilities
...—
Capital accounts
666
5
1
Foreign banks...................
Borrowings
1
725
21
""281
3,732
247
1.616
215
1
"~15
1
......
379
The Commercial & Financial Chronicle
2370
April 13,
1940
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
was
issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, April
11,
banks at the close of business on Wednesday. The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Discussions
showing the condition of the 12 Reserve
COMBINED RESOURCES AND
Three Ciphers
LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS APRIL 10,
April
(000) Omitted
April 3,
10,
1940
1940
Mar.
27,
1940
Mar. 20,
1940
Mar. 13.
Mar.
Feb. 28.
1940
8.
1940
1940
Feb. 21.
1940
Feb.
1940
14,
April 12,
1939
1940
ASSETS
Total reserves
10,101,619
8,334
361,786
15,868.621
9,572
356,180
15.793,621
9,574
367,455
9,430
869,498
15,674,618
10,118
384,791
12,716,719
8,239
372,262
15,932,621
9,360
362,538
16.739,122
8,123
375,463
16,555,056
Other cash *
10,161,074
8,672
385,310
S. Treas.x.
Gold etto. on hand and due from U.
Redemption fund (Federal Reserve notes)
10,485,205
16,428,119
16,367.742
16,304,519
10,234,379
16,170,650
16.118,050
10.069,527
13,102,409
16,047,618
15,997,622
9,444
376,246
Bills discounted:
Secured
by
U. 8.
direct and fully
Government obligations,
guaranteed
478
334
369
470
512
741
455
1,537
1,675
1,612
1,632
2,620
2,507
6,167
5,338
6,168
1,526
2,751
2,090
1,966
2,989
2.977
6,679
6,079
6,623
3,063
9",875
10,138
10*483
10*498
10,423
lO", 404
10,704
10.427
lO",434
13,879
1,337,495
1,129,225
market
1,076
2,093
Total bills discounted.
Bills bought In open
366
1,727
Other bills discounted
1,337,495
1,129,225
1,342,045
1,133,225
1,342,045
1,133,225
1,344,045
1,133,225
1,344.045
1,133.225
1,344,045
1,133,226
1,344,045
1.133,225
1,344,045
1,133,225
911,090
1,176,109
476,816
561
—-
Industrial advances
United States Government securities, direct and
guaranteed:
Bonds
—
Notes...
-i<
Bills
Total
U.
S,
Govt,
direct and
securities,
2,466,720
2,466,720
2,475,270
2,475,270
2,477,270
2,477,270
2,477,270
2.477,270
2,477,270
2,564,015
2,478,688
guaranteed—
2,479,609
2,487,843
2,487,734
2,490,682
2,490,651
2,494,653
2.493,776
2,494,327
2,581,518
Other securities
Foreign loans on gold.
Total bills and securities
Gold held abroad
—
47
Uncollected Items
Bank premises
Other assets
—
Total assets
.............
47
47
47
47
47
17,998
036,668
41,612
58,257
19,691
743,276
41,671
58,005
17,604
721,035
19,935
019,180
41,703
21,582
638,754
20,003
21,273
21,334
636,295
792,040
648,928
41,689
18,484
712,167
41,703
42,640
69,540
65,695
64.759
41,771
63,931
41,792
57,081
62,895
50,162
19,749,341
—
-
47
59,572
Federal Reserve notes of other banks
47
22,146
Due from foreign banks
19,719,396
19,778,652
19,092,932
19,637,142
19.471,590
19,432,186
19,373,873
19,481,901
16,447,152
592,220
41,612
41,741
47
161
LIABILITIES
4,923,425
Other liabilities, lncl. accrued
Total liabilities
4,858,677
4.860,778
4,846,468
4,394,453
12.317.794
12,150,709
9,527,804
535,988
1,015,034
392,526
267,432
412,821
601,406
380,844
363,381
642,138
353,533
377,032
12.240,683
695,990
361,381
354,865
340,677
247,116
13,824,408
004,541
3,508
13,801,773
13,754,309
13,633,639
13,623,425
13.552,919
13,526,050
11,057,386
721,553
4,371
t688,636
t3,331
13,719,249
678,445
594.538
596,109
6,452
3,098
606,706
2,733
755,965
2,867
646,270
4,686
19,367,153
19,426,814 119,341,327
19,285.900
19,120,562
19,081,351
19.023,136
19,131,350
16,102,795
136,145
151,720
26,839
37,539
136,132
151,720
136.107
130,093
151,720
26,839
134,956
37,147
t36,939
36,395
136,081
151,720
26,839
36,195
138,075
20,839
130,102
151,720
20,839
36,581
136,074
20.839
19,719,396
19,778,652
19,692.932
19,637,142
19,471,590
19,432,186
88.0%
dividends
4,889,287
12,367,086
19,749,341
Total deposits
Deferred availability Items
4,881,754
12,438,580
526,387
364,406
389,876
26,839
37,697
Other deposits—
4,895,048
12,256,250
707,493
390,780
399,786
136,127
1—
4,899,117
12,294,002
699,877
19,396,958
United States Treasurer—General account-
Foreign banks
4.934,636
12,395,460
692,077
384,335
352,536
570,810
4,415
Deposits—Member banks' reserve account...
12,574,727
590,460
372,802
360,319
13,898,308
Federal Reserve notes In actual circulation
87.9%
8,350
87.8%
8,224
87.8%
9,080
87.7%
9,080
87.6%
9.126
87.5%
8,966
600
045
1,468
395,073
3.140,
CAPITAL ACCOUNTS
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)...
Other capital accounts
151,720
—
Total liabilities and capital accounts
151,720
151,720
26.839
151,720
26,839
30,103
149,152
27,264
35.899
32,985
19.373,873
19,481.901
16,447,152
87.5%
8,038
87.5%
8,361
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Commitments to make Industrial advances
•
8,790
■
,
84.8%
12,016
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills discounted
523
412
1,349
2,247
233
773
21
125
176
45
3,995
1,191
932
16-30 days bills discounted
4,556
3,632
104
31-60 days bills discounted
928
1,130
140
161
155
181
226
244
260
295
229
100
1,119
198
279
301
61-90 days bills discounted
....
.....
1,108
1,116
1,126
180
...
Total bills discounted
148
161
160
193
157
148
149
205
356
2,093
Over 90 days bills discounted
1-15 days bills bought In
16-30 days bills bought in
31-60 days bills bought In
61-90 days bills bought In
1,123
2,007
2,751
2,090
1,960
2,989
2,977
0,679
6,079
6,023
3,063
open market...
83
open market...
129
open market...
206
open market
143
Over 90 days bills bought In open market.
Total bills bought In open market.
1-15 days industrial advances
561
1,242
1,574
1,592
1,453
1,493
1,587
1,468
1,435
196
121
130
381
415
59
171
215
174
188
149
294
249
353
339
491
601
392
204
781
Over 90 days Industrial advances....
1,247
227
16-30 days industrial advances
31-60 days industrial advances
61-90 days industrial advances
793
273
299
181
157
283
292
331
721
10,422
7,437
7,753
8,221
8,228
8,055
8,000
8,284
7,995
8.061
9,875
Total Industrial advances
10,138
10,483
10,498
10,423
10,404
10.704
10,427
10.434
U. S. Govt, securities, direct and guaranteed:
1-15 days
2,358
13,879
72,518
16-30 days
91,685
31-60 days...
61-90 days
186,113
........
Over 90 days..
121,500
....
2,466,720
2,466,720
2,475,270
2,475.270
2,477,270
2,477.270
2,477,270
2.477,270
2.477.270
2,092,199
2,466,720
2,466,720
2,475,270
2,475,270
2,477,270
2,477,270
2,477.270
2,477,270
2.477.270
2,564,015
5,251,464
328,039
5,251,335
316,699
5,237,827
338,710
5,227,268
332,220
5,216,078
334,324
5,210,592
321,305
5.180,520
321,843
5,166,486
5,163,324
316,856
4,685,403
305,708
4,923,425
4,934.636
4,899,117
4,895,048
4,881,754
4,889.287
4,858.677
4.860,778
4.846,468
4,394,453
5,368,500
5,363.500
5,343,500
5,333,500
5,328,500
5,323,500
5,313,500
540
671
493
543
615
723
5.298.500
1,068
5.298.500
471
1.296
4,812,500
2,862
5,368,971
...
5,364.040
5,344,171
5,333,993
5,329,043
5,324.115
5,314,223
5.299,568
5.299,796
4,315.362
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
290,950
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. 8. Treas..
By eligible paper
United States Government securities
Total collateral
•
"Other cash"
does not Include Federal Reserve notes,
.
f Revised figures.
x 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
cents on Jan. 31, 1934, these certificates being worth less to the extent of the difference, the difference Itself have been
appropriated as profit by the Treasury under
provisions of the Gold Reserve Act of 1934.
The Commercial & Financial Chronicle
Volamt ISO
2371
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH
Thru Ciphers (000) Omitted
Federal Reserve Agent at—
Total
Boston
New York
PhUa.
ASSETS
%
$
$
OF
$
Gold
certificates
hand
on
and
16,161,074
$
880,382 8,049,302
Atlanta
Si. Louis Minneap. Kan. City
Chicago
$
Dallas
*
$
1
$
894,192 1,001,131
8,072
485
Q4.^
1,000
385.310
32,012
108,405
31,625
Redemption fund—Fed. Res. notes..
Total
Cleveland Richmond
$
f
San Fran.
S
due
from United States Treasury
Other cash
12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APR. 10, 1040
THE
.........
16,555,056
reserves.
363.098
257.555
369,505
330.953 2,469,309
421.419
897.406
1,051
226,822
690
831
617
634
333
269
21,973
18,885
50,002
17,115
9,704
17,024
16,771
33,300
926,817 1,030,360
912,879 8,158,650
984
28.494
444,376
350,528 2,520,242
387,237
267,893
380,455
243,862
931,757
735
*
-
Bills discounted:
Secured by U. 8. Govt, obligations,
direct and guaranteed..........
Other bill* discounted
1,727
Total bills discounted..........
2,093
25
546
9,875
1,238
2,041
1,337,495
1,129,225
97,529
82,343
400,969
338,532
366
Industrial advances................
U. S. Govt, securities, direct A guar
Bonds
Notes
....
Total
.......
S.
u.
45
55
23
10
36
69
601
110
130
113
136
128
165
153
123
172
197
2,745
312
915
803
337
106,802
90,170
136,778
115,478
68,248
56,495
57,022
47,700
146,385
123,590
25
30
35
88
145
227
135
......
"**"80
22
175
262
178
197
116
483
688
61,325
40,271
34.000
61,738
52,123
51,517
43,495
109,438
51,775
80
mrnmmmm
92,397
securities,
Govt,
direct and guaranteed........
2,466,720
179,872
739,501
196,972
252,250
125,870
104,195
209,975
113,100
74,271
113,861
95,012
201,835
Total bills and securities..........
2,478,688
181,135
742,088
199,882
252,721
126,908
105,170
270,509
113,180
74.490
114,152
95,757
202,696
'
Due from foreign banks
Fed. Reh. notes of other banks......
Uncollected Items....
18
5
4
2
2
6
1,609
141,270
9,840
17,080
912
1,574
64,535
5.510
6,623
3,478
2,648
26,010
2,023
2,439
3,046
45,053
4,541
5,150
3,911
50,203
19,749.341 1,157,871 9,070,555 1,182,360 1,301,327
031,404
......
3
691
........
56,283
................
Bank premises..
47
22,146
592,220
41,612
2,875
69,572
4,005
Other assets....
'
.....
Total assets..
See
1,773
21,937
30.506
1,159
2,459
2,929
5.219
2,250
2,562
1,389
1,816
2,023
488,820 2,887,940
536,469
363,007
528,830
'
;■
3,373
4
693
6,118
2,526
v
■
1,241
27,161
3,197
84,652
'
1
a
1,229
16,190
365,868 1,174,884
■
LIABILITIES
V. R. notes In actual circulation
4,923,425
405,372 1,274,239
345,614
453,836
218,107
159.869 1,081,864
193,030
141,828
183,042
79,668
386.956
account....
12,574,727
296,685
360,319
31,705
16,100
3,521
261,632
35.091
10,862
208.988
39,356
34.833
8,454
239.645 1,525.061
30,683
100,737
250,953
590.460
667,764
38,013
36,700
17,928
727,483
Treasurer—General account-
005,703 0,991,638
143,074
33,121
26,841
131,245
270,776
7,003
13,898,308
672,668 7,542,033
760,411
810,126
348,017
130,573
1,070
42,735
63,755
49,848
823
465
133
19,396,958 1,133,459 8,948,515 1,149,583 1,328,182
610,105
Deposits:
Member bank
U
8
reserve
Foreign banks..............
372,802
Other deposits.............
Total deposits......
Deterred availability Items
570,810
4,415
Other liabilities, lncl. accrued diva..
Total liabilities
65,055
364
33,590
160,740
33,902
44,946
3,461
11,237
8,121
8,240
4.834
1,3.99
2,307
648.635
40,369
27,441
18.930
291,022 1,674,205
303,901
197,716
308,884
253,350
735,375
24,988
86,501
28,526
14,147
26,212
21,472
27,019
156
484
116
162
263
148
231
470,015 2,843,054
525,572
353,853
518,401
4,117
4,709
2,949
3,152
4,377
538
1,001
1,533
2,052
3,013
1,142
1,297
536,469
363,007
628.830
13,109
7,585
30,819
11.236
354,638 1,149,581
CAPITAL ACCOUNTS
Capital paid In.
..............
Surplus (Section 7)
Surplus (Section I3-b)
Other oapital accounts..
14,012
5,271
4,631
13,618
14,323
1,007
5,247
5,725
3,246
713
3,803
1,535
1,730
22,824
1,429
7,021
Total liabilities and capital accounts 19,749,341 1,157,871 9,070,555 1,182,360 1,361,327
Commitments to make Indus, ad vs..
336
860
8,790
1,105
1,145
631,404
136,127
151,720
26.839
............
•
9,341
61,094
11,905
10,405
63,320
7,109
14,198
2,874
37,097
............
1,792
10,511
2,281
"Other cash" does not Include Federal Reserve notes,
a
4,393
I .ess than
•
t
488,820 2,887,946
17
748
1
68
181
19
4,105
10,707
3,974
10,224
1,266
1,885
«
2,121
2.251
365,868 1,174.884
•
475
3.840
$500.
FEDERAL RESERVE NOTE STATEMENT
Three Ciphers (000) Omitted
Federal Reserve Bank of—
Toted
Boston
New York
Phila.
$
$
$
%
Federal Reserve notes:
Atlanta
Chicago
$
Cleveland Richmond
St. Louis Minneap. Kan. City
San Fran,
Dallas
$
$
$
%
%
$
■r.
s
5,251,464
328,039
421,813 1,379,882
16.441
105,643
362,046
15,570
174,581 1,127,147
14,712
45,283
204,628
16,432
477,809
23,973
233.683
Held by Federal Reserve Bank....
11,598
145,671
3,843
191,686
8,644
87,701
8,033
444.817
57,861
In actual circulation...........
193,030
141,828
183,042
79,668
386,956
209,000
147,500
195,000
91,000
464.000
91,000
464,000
Issued to F. R. Bank by P. R. Agent
4,923,425
405,372 1,274,239
345,614
453,836
r218,107
159,869 1,081,804
for notes Issued to banks:
Gold certificates on hand and due
from United States Treasury....
5,368,500
440,000 1,395,000
375,000
482,000
250,000
180,000 1,140,000
Eligible paper...................
471
Collateral
*
held
by Agent
security
as
Total collateral
......
United States
Rates
quoted
are
'Y'!''
25
375,067
482,000
Asked
139
40
209,040
180,000 1,140,000
250,080
BOURSE
Quotations of representative stocks as received by cable
J,.'i';
Asked
Bid
each day of the past week:
Fri.,
0.05%
June
5 1940
June 12 1940
8 1940........
0.05%
April 24 1940.
May
May
....
May 15 1940
May 22 1940........
May 29 1940—
mmmmm
Jane lv 1940—.
June 26 1940——..
0.05%
0.05%
0.05%
0.05%
July
m — mm mm
July
3 1940
10 1940
....
—
Francs
Bank de Paris et Dee Pays Bas
mmmmm
Canal de Sues cap
........
Figures after decimal point represent
point.
one
June 15 1940*..
Deo. 15 1940...
Mar. 15 1941...
June
15 1941...
Deo. 15 1941...
Mar. 15 1942...
Sept. 15 1942...
1
H%
1H%
1X%
1 H%
1M%
1 H%
2%
32ds of
Int.
Bid
Asked
100.6
Bid
Rate
Maturity
Asked
Dec. 15 1942...
1 H%
104.14
104.16
101.19
ibl'ii
June 15 1943...
1X%
102.21
102 23
101.29
101.31
Dec. 15 1943...
ix%
102.27
102.29
101.29
101.31
Mar. 15 1944...
l%„
101.31
101.1
102.11
102.13
June 15 1944...
103.11
103.13
Sept. 15 1944...
104.23
104.25
Mar. 15 1945
100.31
H%
l%v
%%
102.1
102.4
102.6
100.17
100.19
the
averages
16,320
16,425
10,740
666
642
645
662
1,642
1,560
1,545
1,685
729
688
710
732
750
785
830
313
765
313
280
279
260
260
650
608
570
585
580
1,785
1,755
1,687
1,701
1,725
320
315
315
Energle
677
641
646
970
900
910
950
1,792
1,718
1,743
1,781
950
975
V
708
773
Coty 8A....—.—... .....
319
Courrlerea.....
-—...
Electrlque du Littoral..
Kuhlmann.
"
' 'V:
1,813
L'Alr Llqulde......
329
Closed
Lyon (P L M).. mmmmmmmmmmmmrnrnmrnm
655
1,003
1*025
941
965
2,090
1,978
2*030
2,030
75.15
75.00
74.50
74.35
74.46
1,029
(6%)
Pechlney..
264
2,100
Nord Ry...»——.....
Orleans By
320
......
Rentes, Perpetual 3%.
969
87.20
87.10
85.10
85.25
85.65
115.35
116.80
114.70
115.35
115.90
2,975
1,835
2,905
1,827
2,765
2,780
2,900
1,730
1,770
1,770
74
75
71
70
74
1,305
1,286
1,230
1,244
1,270
660
4H%
6%, 1920.
667
670
671
92
660
87
80
78
84
472
460
435
442
464
47
46
44
45
44
.....
....
Soclete Lyonnalse
Soclete Marseillaise..
Tublae Artificial Silk pref—
Union d'Electrlclte—
Wagon-Llta
..........
Bonds
Stocks
BERLIN
THE
10
10
30
20
15
Total
10
First
Second
10
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
trials
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
STOCK EXCHANGE
Total
Indus*
Date
532
16,800
1,656
—
Comptoft Natlonale d'Eecompte
Soctete Generate Fonclere.
of representative
stocks and bonds listed on the New York Stock Exchange
as compiled by Dow, Jones & Co.:
daily closing
535
771
Citroen B.
Schneider & Cle
Stock and Bond Averages
are
8,230
1,079
517
?
666
Cle General d'Electrlclte—
Saint Gobain O A C
Below
8,320
1,065
8.100
1,044
Energie Electrlque du Nord..—
more
or
Int.
Rate
Francs
Credit Lyonnals..............
.:
Maturity
Francs
Credit Commercial de France..,*
Quotations for United States Treasury Notes—Friday,
•;V 5v;
April 12 v-; •
■:[:
.
0,,,1
a
Thurs.,
Apr. 10 Apr. 11
8,505
1,128
■■■£
17,050
Cle DHtr d'Electrfoite
Wed.,
Tues.,
Apr. 9
Francs
Apr. 8
570
Banque de France
0.05%
0.05%
Man..
Francs
651
8,640
1,155
Banque de rUoloo Parlslenne...
0.05%
mmmmm
Sat..
Apr.O
Francs
0.05%
1 1940
0.05%
0.05%
Apr. 5
0.05%
April 17 1940
195,139
147,500
THE PARIS
Treasury Bills—Friday, April 12
for discount at purchase.
Bid
*
80
67
440,025 1,395,120
5,368,971
120
Closing prices of representative stocks as received by cable
each day of
the past week:
Apr. 12.
149.20
31.07
25.20
50.03
106.90
92.59
48.48
108.79
89.17
Apr.
Apr.
Apr. 11Apr. 10Apr,
9.
Apr, 8Apr. 0.
149.98
31.28
25.25
50.29
106.96
92.69
48.51
108.83
89.25
6
8
149.59
31.20
25.09
50.14
100.83
92.64
48.43
108.80
89.15
150.31
31.42
25.28
50.42
106.78
92.90
48.80
108.91
89.35
Allegemeine Elektrlzltaets-Geaellschaft(6 %) 142
140
151.29
31.96
25.92
50.96
107.01
93.46
48.89
109.24
89.90
Berliner Kraft u. Licht
,182
178
151.10
32.08
25.92
50.95
107.21
93.40
49.81
109.23
89.91
Commerz und Prlvat-Bank A, G. (6
Deutsche Bank (6%)
,114
115
122
123
United
States
York Stock
Government
Securities
Exchange—See following
Transactions
at
the
New
York
Stock
Daily, Weekly and Yearly—See page 2387.
on
the
New
Deutsche Reichsb&hn
(8%)
.....
(German Rys. of 7%). ,131
Exchange.
131
139
141
123
132
119
184
111
238
180
115
123
132
119
185
112
238
113
112
114
119
110
238
119
184
110
235
Vereinlgte Stahlwerke (6%).............. 115
113
112
—
12
179
116
123
132
119
184
111
237
109
Relchsbank (new shares)—
......
Siemens & H&lske (8%).................. 240
...
Apr.
139
184
(7%)
11
of Par
178
116
123
132
138
177
116
185
Farbenindustrle I. G.
Apr.
10
9
117
Dresdner Bank (6%)
page.
Apr.
Apr.
Per Cent
2372
April 13, 1940
Stock and Bond Sales
New York Stock
Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
*5="
NOTICE—Cash and deferred delivery sales are disregarded in the day's
range, unless they are the only "transactions of the day.
account Is taken of such sales In computing
the
range
for the
year.
United States Government Securities
Below
furnish
No
„
on
the New York Stock
Exchange
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm
Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
we
Daily Record of U. S. Bond
a
Apr. 8 1 Apr. 9 | Apr.
Apr. 0
Prices(
10 Apr.
11 Apr. 12
(High
121.0
120.30
120.21
(Low.
(Close
121.6
120.30
120.20
mmmm
121.6
120.30
120.20
—
Treasury
4X8, 1947-52
mrnmm
Total tales in 11,000 units...
18
-mm-
— »
----
Total tales in $1,000 units...
----
— — -
\Low.
—
— mm
(High
—
8
—
Total sales in $1,000 units...
— m —
—
114.24
rn — mm
8
—
103.18
103.14
mm
—
109.13
1
— mmm
2
— — ,• —
104.11
104.21
mmmm
104.11
Total tales in $1,000 units...
50
— m — m
1
(High
1 Low.
—— — —
109.31
mmmm —
104.21
109.31
109.31
Total tales in $1,000 units...
1
mm mm
— —mm
— — mm
m—mm
m—mm
109.21
m
—
110.15
110.11
m*em —
Low.
(High
110.21
110.21
110.14
110.10
m—m
Close
110.21
110.21
110.14
110.11
Total sales in $1,000 units...
1
(High
How.
112.10
— — mm
112.4
111.18
111.26
2s, 1948-50
—■ — mm
111.24
111.18
111.26
Total sales in
QJoflft
112.9
46
111.27
■
-mm-
.
$1,000 units...
5
(High
How.
113.10
113.10
(Close
113.10
3X8,1949-62
Total sales in $1,000 units...
10
m
111.18
— — mm
35
mmmm
10
-
mm
Federal Farm Mortgage
— — mm
mmmm
mmmm
— — —
(High
How.
(Close
IB, 1940-48
—
m — m
—
(High
— —
m — mm
4
m
111.30
mm
—
— — mm
111
'■
111.4
— — mm
1
—
—
—
111.12
111.3
m
—
m
Low.
3s, 1942-47
'
111.11
110.30
m
—
mm
111.3
m—mm
11
13
imm
4
—
m
7
—
104.3
10*4*8*
IOV.8*
104.3
— mm
104.8
104.8
104.3
— mmm
104.8
—
m—m
—
—
5
mm —
104.8
1
.trmdmm
1
108.16
108.16
— — mm
— mm —
■■m — m
mmmm
—
mi—
108.16
mmmm
*1
t
108.21
10*8*4*
108*7*
108.9
108.21
108.4
108.7
108.9
108.21
108.4
1
mmm
—
■
mm
.
m—mm
m
—
— —mm
-m— — m
— mm
m
Low.
•
m
m m
— mm
m
108.7
108.9
4
7
*1
105.2
105
....
105.2
7
— m —
■-m-m
m
— —
mmmm
Close
Total sales in $1,000
units...
Home Owners' Loan
3
mm
109.10
109.10
109
108.19
108.23
108.17
109.10
109.10
108.10
108.6
108.19
mm
109.10
109.10
108.10
108.19
108.19
108.14
2
23
173
91
54
5
--mm
109.16
mmmm
109.12
m-mm
High
108.14
3s, series A, 1944-52
m>—mm
--mm
$1,000 units...
2X8, 1942-44
:
— —mm
—
High
m—mm
—
109.14
109.12
im
—
—
— — mm
— mm
109.14
109.12
»
^
1
15
2
'
m
—
'•
m—mm
—
—mm
107.26
107*28
'
Close
Total sales in
--—
107.28
Low.
■
—mm
— mm
Low.
m
—
m
—
107.26
107.26
107.26
107.26
7
15
mmmm
—
mmmm
104.8
107.28
107.28
1
mm —
——
"
104.8
mmmm
■
'
mm*'
— —
m
—
Close
Total sales in $1,000 units...
mm
11t1
t
««t1
1
I
I
1
1
t
1
1
1
t
1
It
1
-mmm
— — — —
mmmm
104.8
1
m—mm
«
1
m
ZSSi
—
II
*
108.25
108*9"
108*4*
108.9
108.27
108.25
108.6
108.4
108.9
108.7
108.27
108.25
5
(High
How.
108.7
I Close
108.7
Total sales in $1,000 units...
108.6
108.4
5
1
mm mm
mmmm
mmmm
*8
■
— m—m
—
107.10
—
—mm
—
Jrn'm
--mm
20
107.10
m
—m
m
102.2
101.28
101.29
*3
bonds.
55
—
m
6
mmmm
108.7
3
mmmm
107.4
101.29
102,11
Note—The
— —mm
107.4
■
108.9
1
107.4
101.28
Odd lot sales,
108*8*
108.7
101*29
102.2
Close
108.27
1,000 units...
10*1.28
102.11
t
I Close
How.
(Close
102.2
Low.
lXs, 1945-47
I
Total sales in $1,000 units...
(High
102.11
t
1
1
f
t
High
Total sales in $1,000 units...
(High
How.
2Xs, 1950-59
32
mm
3
111.5
—
m
Low.
2Xs, 1942-47
111.5
111.11
Total tales in $1,000 units...
Total sales in
m— -
mm
High
I Close
Xs. 1961-54
105.14
—
42
mmmm
-
mmmm
Close
Total sales in $1,000 unUs...
-
111.9
111.27
111.27
Total sales in $1,000 units..
IXb.1948-51
105.14
105.10
104.2
105.14
rn — mm
— —mm
Close
2
mm
m
How.
(Close
105.10
105.10
—
m
1
111.4
(High
2X8,1945-47—
mm m
— mm —
....
High
111.4*
m—mm
111
—
(High
2
'.
108.24
3s, 1944-49
mm—
\ Low.
2X8, 1955-00
104.2
— m—m
Total sales in $1,000 units...
— mm
— — mm
Total sales in $1,000 units...
104.2
104.8
36
108.24
mmmm
-
■■
How.
(Close
104.7
103.23
m
Low.
mmmm
m
mmmm
111
mmmm
--mm
—
103.23
104.2
m
— —
High
''
mmmm
111.16
111.17
----
Total sales in $1,000 units...
4s 1951-65
111.7
mf — „
103.30
11
108.24
'
—
100
104.8
'
12
mm
106*9"
104.20
r
r
mm
Close
m—mm
— — mm
106.8
104
—
$1,000 units...
Total sales in
5
112.12
106.8
-mmm
106.10
—
104.6
mmmm
High
3Xs. 1944-04
3
1
112.24
mm
-m-m
104.20
— mm
Low.
111.24
112.12
-
— — —
26
106.8
mmm
15
mmmm
Total sales in $1,000 mils...
110.14
111.26
*1
'
r
10
—
110.14
mm
—
1
— mm —
Close
111.24
1
— — mm
6
104.20
..
110.14
106.9
-mm-
High
111.26
112.9
m
105.30
106.11
106.10
-
----
Low.
5
mm
106.8
9
——
■
■■
Close
Total sales in $1,000 units.
.
109.26
— mm
m
11
mm mm
105.30
5
High
109*26
106.9
106.7
106.31
Low.
2s, 1947
2
106* "
mmmm
$1,000 units...
109.22
110.21
I
108.20
mm
106.11
106.28
--mm
Close
mmmm
—
110.21
8Mb, 1940-49..
108.20
2
mmmm
— — mm
High
— mm —
—
109.21
44
f
Total sales in
■
109.21
---
— — mm
106.31
106.31
4
mmmm
-mmmm
109.25
10
108.20
— mmm
■
108.18
mmm —
-mm-
106.31
2X8. 1951-53
109.14
——km
mmmm
'
mmmm
--mm
Low.
109.14
—
109.25
mmmmm
7
109.8
5
,
108.18
--mm
106.31
n
—
109.25
■
109.2
4
108.18
mmmm
Close
Total sales in $1,000 units...
10*9*14
—mm
---m
■
16
109.8
109.9
—
'
Low.
2Xs, 1950-52
--mm
:
10
104.11
m — mm
107.7
109.8
109.2
— —— —
'.—mm
High
10*9*13
109.13
104.21
35
109.2
109.9
— —mm
Close
Total sales in $1,000 units...
103.20
109.16
.mm—
mmmm
Total sales in $1,000 units...
5
103.17
103.14
(High
1I now.
I Close
m
103.20
109.16
142
109.9
—
--mm
mmmm
Low.
2Xs, 1949-53
mmmm
109.16
5
,
-mrnm
High
mmmm
109.21
— mm
-
107.3
Close
mm —
.— — mm
T09.21
— m — m
Total sales in $1,000 units...
3X8, 1943-45
—
O
(High
107.10
High
'
109*21
107.3
Total sales in $1,000 units...
2X8, 1948
101.5
10
107.3
106.29
6
m
—
101.5
—
iClose
m
— mm
----
-{Low.
—
— mm —
m—mm
mmmm
Close
Total sales in $1,000 units...
—
mmmm
mmmm
107.7
107.29
Low.
»101.5
101.3
— mm —
106.28
107.31
Close
10
—
101.3
'
106.29
— — mm
2Xs, 1945
114.31
mm
—
101.11
— mmm
(High
107.12
107.29
■
5
1
114.29
-m-rn
114.24
101.4
107.3
107.29
High
114*31
mm
101.11
— m
—
(Low.
3X8. 1941.
—
114.24
mmmm
101.11
-m-m
I Close
3Hs, 1943-47...—
rn
115.6
— — — —
tApr. 12
107.16
Total sales in $1,000 units...
m
mm
115.6
Total tales in $1,000 unUs...
I
114.23
257
Apr. 10 Apr. 11
107.29
Low.
mmmm
— mm —
115.6
m — m —
I close
ZHb. 1941-43
mm
mm
114.23
-mmm
(High
1 Low.
3X8. 1940-43
—
114.23
114.25
— — — —
Apr. 9
107.31
Close
— mm —
— mm
114,25
m —
Apr. 8
High
'
(Low.
l Close
3X8, 1945-56
Daily Record of U. S. Bond Prices Apr. 6
Treasury
2X8. 1960-65
m
■
9
1
m —
115
(High
4s, 1944-54
m
mm
above
table
—rn — m
4
t Deferred delivery sale,
5
includes
only
Transactions in registered bonds
sales
Treas. 3Xs, 1943-47.
Treasury 3Xs, 1944-1946
4
1
of
coupon
were:
.121.4
1
*3
rnmrnm
t Cash sale.
Treas.4Xs, 1947-52
1
107.10
/
to 121.4
.109.11 to 109 11
.111.10 to 111.10
Treas. 2Xs, 1955-60
.108.10 to 108.11
'
(High
m—
How.
(Close
Xs, 1958-03
mm
— mm
mmmm
—
m — m
—
'—
— mm
-
-
107
.107.3
m
—mm
107.3
107
■
Total sales in $1,000 units...
107.8
—
—
United States
Treasury Bills—See previous page.
United States Treasury
Notes, &c.—See previous
1
107.3
60
mmmm
5
mmmm
page.
New York Stock Record
LOW
AND
HIGH
SALE PRICES—PER
SHARE, NOT PER CENT
Sales
Saturday
Monday
for
Tuesday
STOCKS
NEW YORK STOCK
Wednesday
Thursday
the
Apr. 6
Friday
Apr. 8
Apr. 9
EXCHANGE
Apr. 10
Apr. 11
Apr. 12
Week
$ per share
$ per share
$ per share
Shares
$ per share
*69
*130
69%
150
*44%
47%
51
18%
5H2
8%
26%
18%
62
52%
8%
26%
*84
1
6%
14
*1134
*1634
23l2
69
*136
*44%
51%
8%
26%
%
150
18
52
53
0%
%
13%
12%
12
17
10%
23%
24%
69%
47%
51%
8%
27%
18%
*84
6
%
1378
$ per share
1
6%
"u
14%
12
17%
24%
$ per share
69%
*136
*n%
179
*14
834
*69
37
*15
178
*15
57%
"12"
179
1212
14l2
9
71
37%
16
178
16%
11%
1134
179% 181%
11%
12%
14
8%
*69%
37%
14%
9%
70%,
3784
15
15
2
2
*15%
16%
145
*42%
51%
8%
1784
50%
5178
51
8
1778
1778
51
50
6%
6%
«4
%
84
12%
10%
16%
1334
12%
*1012
1234
1H4
1238
1034
*1513
23
24%
11
11%
179
182
*1178
14%
8%
69
3 684
*14%
2
*15%
57
57
5 684
1934
6734
11%
4884
1984
68%
12%
65
49
49
19%
12%
Bid and asked prices; no sales
13
14%
?8
16
16
23
16%
74%
1178
•
235g
*
76
1112
lll2
17934 180%
*1178
1212
14
14i8
8%
8%
8%
69%
3734
1534
2%
16%
69%
69%
5684
19%
68%
1234
49%
on
69
145
*142
2312
*
8
8
*25%
*1734
26
18
50
18
51
*34
6I4
84
7„
200
63g
7(j
63g
12%
1238
1238
5,300
4,900
5,900
1034
16
11
11
*1512
23%
24
*
84
16%
2334
*1412
2i8
834
*68
9
11%
1178
113a
49
4914
49
49
30
*1458
3584
2
16I2
*56%
16l2
1612
1612
*15
57
57
19
19
*19
57U
1934
*555s
1914
0714
2
67%
68
t In receivership,
68
a Def.
67
Mar 21
Mar 19
Adams Express
Adams-Mllllls
No par
No par
25
Addresa-MuJtgr Corp
10
Air Reduction Inc
No par
Air Way El Appliance..No
par
Alaska Juneau Gold Mln
Allegheny Corp
10
300
900
5X % pt A with $30
5X% pf A without
war.
100
war.
100
Allen Industries Inc
9,800
200
2,100
200
70j
1,000
19,100
7,500
Allied Mills Co Inc.—_No
par
Allied Stores Corp
No par
5%
preferred
100
-
AUis-Chalmers Mfg.—No par
Alpha Portland Cem..No par
Amalgam Leather Co Ino... 1
6% conv preferred
50
Amerada Corp
No par
Am Agrlc Chem (Del)—No
par
Am
Ainlnes Ino
10
American Bank Note
690
delivery,
1
Allied Chemical A Dye.No par
Allied Kid Co
5
500
6% preferred
n
New stock,
10
—50
r
41% Feb
3
45
6
Cash sale,
x
Feb
7% Mar 15
21
Jan 16
175s Mar 14
48% Mar 16
58 Feb 7
6
per
$
70% Feb 14
147
Feb
9
Jan
27% Apr
19% Jan
58% Jan
78Mar 11
7
7
5
H* Jan
1034 Jan 30
9% Jan 18
1334 Jan 19
145* Jan
18% Jan 15
72
Feb 19
9i8 Jan 23
Jan
8
12i2 Jan
1714 Apr
24% Apr
73i2Mar 21
12% Apr 1
2
182
1134 Apr 4
13% Jan 15
14
Jan 25
15
Feb
Feb
734 Mar 16
6334 Jan 22
35% Feb 1
143s Mar 12
1% Feb 28
14i4Mar 15
Apr
9
9
Highest
share $ per shan
53
Apr
120
Apr
71% Sept
149% Sepl
49% No.
56% Oct
11% Sept
19
25
Mai
27%
Jan
Sepl
Sept
15% Sept
45% Apr
«4 Jan
6% Dec
% July
Apr
68
1% Sepl
10
Jan
2
Sept
534 Aug
4% Sept
20% Sepl
23% Sepl
28% Jan
8
June
14
Apr
52
May
684
Apr
151i2 Apr
10
Apr
9i2
Apr
6
9% Jan
70
per
33% Apr
3U2 Mar
6% Aug
8
46% Apr
52i2 Apr
Mar
171
Year 1939
Lowest
share
34 Mar
No par
$2.60 prior conv pref.No par
10,600
$
141
Algbny Lud Sti Corp..No par
All eg & West Ry
6% gtd--100
5,200
share
per
100
600
"3,066
$
Range for Previous
Highest
No par
No par
11,600
76
87S
70%
363s
15%
2i8
Abbott Laboratories
Abraham A Straus
Acme Steel Co.-
700
115s
12
17914 181
*117g
1212
*137„
14i4
2
this day.
700
12
1434
1,600
3,700
2,500
8,000
4914
37%
1434
64%
11%
49%
5014
70%
36%
15%
2i8
1634
57
1914
7112
12
36
Par
4X % conv pref
4712
50%
?8
*1H8
1158
17934 18112
*1178
12i2
*1378
1414
834
*6812
600
*4212
50%
8%
70
Lowest
145
47%
26
*1734
1
69
69%
51%
778
26
78
1914
*42%
26
50
s4
*142
47%
50%
6%
69
*
778
*69i8
*78
038
57i2
11%
145
26
18
h
6%
78
69%
*42%
503s
26%
19
48s4
*136
8
68%
11%
*47%
69%
47%
52%
26
*72
*1134
69%
Range Since Jan. 1
On Basts of 100-Sftars Lots
Apr
18
69
54% Apr
71
28
48%
16
1284 Apr
1% June
23s Jan
Apr
Sepl
11% Oct
200% Sepl
14% Sepl
15% Sepl
11% Jan
41% Jan
Jan
Sepl
Aug
Jan
19% Jan
3% Sepl
1684 Mar 18
58% Apr 5
12
Aug
21
50
Apr
18% Apr 2
4134 Jan 12
978 Mar 18
21
4
16
Apr
74% Sepl
24% Sepl
71% Apr 12
1234 Apr 9
20
June
47
46
934 Sept
46% Dec
17«4
Jan
50
60
Jat
53
Mar 18
Jaa 22
Ex-div.
y
Ex-right.
Jan
Jan
T
3
Called for redemption.
Sepl
De<
Volume
LOW
AND
New York Stock
ISO
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Record-Continued-Page 2
CENT
Monday
Tuesday
Apr. 6
Apr. 8
% per share
7%
lo
7%
o
427„
*131% 133
115
♦173
28%
115
176
Apr. 11
Apr. 12
$ per share
$ per share
$ per share
43
Shares
4234
132
11514
734
4234
7U
132
26l4
45%
714
734
42'2
4212
415s
*132
2212
23
-2234|
115%
11512 115i2 115%
173% 17318 ♦1715s
25%
273s
27%
44I2 44%
43%
21
21%
2078
*108% 110
*108%
13678 13678 *137
*9%
*9%
13
8%
8%
8%
73s
*73g
734
1334
1378
14
*88 3 2
*88i2 8978
*2 34
278
278
27%
3%
3212
57,
43
43
5312
5312
21*4
61%
21
*60
137,
100
4,400
4,800
1,000
5%
2234
37i2
353g
35
35
55s
35i2
64
64
64i2
6i8
534
36 j *34
64% 0:6438
3UI
3U
578
365g
64%
3t4
3,200
32is>
31%
3U8
500
5%!
~
43%
534
*42%
55
*53%
3t2
3t2
32%
6
6i8
43
*43
4334
55
*5338
55
3%
3%
32
3%
32
*3H8
578
6
534
*43
44
*43
i
*53%
55
99 1m'
on 1-
60
*53t4
ont.
20U
*57%
205g
60
14
135s
1384
22U
91
21
22%'
61l2
1414
3i8
24%
60
6U4
14
14%
011.
20%
21%
*57
1334
19
5784
*13%
S7 preferred
No par
17 2d preferred A ...No par
2,900
21,500
14,700
$6 preferred
American Hide A
800
2,200
v
*150
•150
_i._
13t2
31
14%
*161,
167,
30%
305,
14i8
*165g
♦150
31
29%
....
68*s
*67
10%
35%
12%
10%
37
12%
*10%
12%
107g
35%
36%
53%
53%!
54
143% 144
12%
143
*65
66
14l2
14
167g
1678
22
21
Amer Invest Co of 111..No par
100
5%
86%
87
8684
88
881,"
90
90%
88%
90%
*16%
165g
174% 175%
89
88%
91%
149% 149% *1493s 14934
53,
5%
5%
1U2
113s
11%
1134!
100
*8%
43%
65,
*41
303,
*39%
*22%
*110%
*1105,
15
*21.
*34 "
109
5%
55%
*60
100
*95
j
100%;
89
90%
9184
149%
149
5%
10%
*95
8%
67,
8%'
878
4334
83,
433,
44%'
43%
634
44
{
31
| -
*41
30%
7
44
31%
39«4
|
7%
44
30%
*39%
215g
53g
11%
100%
934
46%
7%'
44
16%
174
174%
88% 88%
90%
9034
♦148% 14934
5%
5%
103g
10%
21%
21%
86%
16%
17234 17334
89
5%
95s
10%
934
4634
4534
7%
8%
734
10
7%
45
*41
32
31%
*38%
31%
39%
5%
10%
99%'
9%
44%
7%
31%
39%
30
66
*60
66
*60
42%
10%
4134
*10%
"4" 900
10%'
100
9%
9%
8%
9
*8%
4134
♦10%
*8%
41%
10%
*80
99
9
*85
8
♦75
100
8%
*85
8%
100
8%
*80
99
8
8
*80
78
*76
80
*75
80
*72
77
*72
77
*72
77
*43%
44%
*43
44%
44% 44%
*9934 100
100
23%
100
100
100
99
7%
734
75
75
24%
24%
25%
22%
24%'
67
57
57
55
55
19
19
19
19%
15%
1634
23%
*73,
*4314
99% 100
*107% 108
9
9%
15%
*16%
22%
*107%
9
*47%
47%
47%
*73
74%
74%
120
*7%
1%
4%
*28%
784
1534
5%
7%
10%
3 884
16
8%
*28%
1134
33%
*112%
30%
*110
120
7%
1%
4%
29
7%
16%
534
4%
734
16
434
29%
8
16%
7%
5%
10%
39%
40%
40
16%
16%
15%
8%
8%
28%
11%
33%
*28%
11%
33%
28%
2884
12
1134
34
33%
*112%
...
3034
114
*112%
3034
*110
30%
114
*29%
69
22
56%
37%
82%
*122% 124%
28
*124
9%
*67%
35%
21%
*56
37%
6%
8
31
*106
*29%
127
9%
69
3584
22
56%
3734
81% 83%
122% 122%
27%
28%
*2134
22%
22
22
10%
1034
10%
10%
21%
22
22
*21%
4
27%
7%
1034
35%
28
1%
5%
22
8034
*7%
134
7%
*10%
35
37%
*120
734
1%
7%
10%
40
16%
8%
125% 125%
9%
9%
*56
120
7%
29
125
9%
*66
34
21%
*56
37
8034
123
*27
21%
10%
*14
16
*14%
16
21%
*14%
*67%
72
27%
*67%
72
*65
26%
♦
26%
I
23%
67%
17%
18%
1734
22%
23%
*55
27%
26%
Bid and asked prices; no sale
123
*120
7%
134
121
40%
16%
8%
2834
12%
5% pieferrred
2,000
200
4%
434
1,800
2,100
7%
59,800
1534
5%
*6%
*10%
27
734
16
5%
28
4
28
734
7%
15%
16%
15%
16
5%
5-%
*6%
5%
6%
5%
6%
6%
6%
1034
*10%
10%
10%
41%
1034
41%
15
...No par
100
5M% preferred.........60
11%
1134
32%
33%
5,300
3,800
72
*66
69
28
26
27
this day.
*66
26%
30%
*120% 125
125
*9%
10
9%
*65%
69
69
35%
34%
35%
22
22
21%
56
*53%
56
37
37%
37%
80%
81%
83
12334 123% 123%
*26%
28
28
*20%
21
21
10%
10%
10%
21%
2I84 *21
14%
14%
15%
69
27%
t In receivership,
*66
26
a
Conv 6% preferred
.
5
Bayuk Cigars Inc.....No par
1st preferred
100
Beatrice Creamery...
$5 preferred w
Beech Creek RR__
200
Beech-Nut Packing
1,400
25
No par
....60
w
"""50
Beldlng-Hemlnway
6484 Feb
7
50
Mar
65
4
31*4 Sept
58
Jan
11
4
7% Sept
6% Apr
13
Mar
8% Jan 12
21% Mar 19
50% Feb 24
16% Mar 16
13% Feb
1
l%Mar 2
1% Feb 7
16% Jan 19
.
Jan 11
Jan 11
10%
100% Mar
8
90
Jan
25% Jan
3
21
Sept
57
Apr
8
23% Jan
3
Black A Decker
18% Apr 11
18% Jan 4
23% Feb 16
110
Jan 25
978Mar 19
6% Aug
9% Aug
18% Sept
104% Apr
7
Bliss A Laughiln Inc
50
124% Jan 10
116
16
32% Mar
Sept
Jan
Oct
Oct
Jan
Mar
30% Jan
26*4 Sept
28
24*4
Sept
Oct
110% June
9% July
( 48%
Aug
71
Sept
127
Jan
8
Sept
5% Sept
3% Jan
Nov
30%
Jan
9% Nov
21% Sept
8*4 Jan
11% Sept
6% Jan
5% Mar 18
Apr 1
14% Jan
3% Aug
4*4 Sept
11% Dec
30%
Jan
38% Apr
52% Jan
49
Dec
87%
Jan
1658 Apr
10% Aug
21%
5
13% Jan 18
8
Jan
7% Apr
3
26% Feb
10% Mar
8
29% Mar
13% Jan
6
8% Jan
25% Jan 15
113% Mar 19
26% Mar 16
32% Apr 12
110
30% Jan 15
32
6
Jan 15
115
Jan
4
3434 Apr 2
115% Mar 12
109% Jan 10
Feb
6
127
Apr
3
Apt 11
Jan 24
978 Apr
9
13
Jan
24% Apr
11% Aug
15% Apr
109% Oct
33
Feb
17
Apr
98
Apr
27% Sept
104% Sept
7% Apr
52
67% Apr 2
36% Apr 9
22% Mar 13
56*4 Jan 18
39
32
83% Apr
3
16%
Apr
17%
Apr
Apr
Sept
50% June
2
12334 Apr
99%
34% Jan
15%
22% Apr
11% Jan
23% Jan
14
18
Feb 29
1378Mar23
55% Jan 4
19% Mar 18
Ex-div.
y
Nov
48%
Jan
16
Apr
80
Mar
28
Apr
Ex-rights.
Jan
Apr
9% Mar 26
x
Jan
4% Mar 23
19% Jan 16
Cash sale,
Aug
June
Dec
10
26% Mar 18
Bloomlngdale Brothers.No par
Blumenthal A Co pref
100
Boeing Airplane Co
5
71
4% Apr
1% July
2
Apr
par
....5
Apr
43% Apr
8
8% Mar
27s Jan
6% Mar
42%
x49% Deo
16
Apr
No par
Mfg C0N0
Blaw-Knox Co
78*4
9% Aug
35% Mar 23
70% Jan 22
500
10%
3% Aug
Best A Co..
700
100
Jan
Jan
9
7% preferred...
100
Blgelow-Sanf Corp Inc. No par
70
Jan
Apr
26% Jan 15
r
8*4 Sept
60
Apr
8
122
.....No par
5%
18
20
5
73
Jan 15
63% Feb 27
New stock,
9
Marl6
Bethlehem Steel (Del).No par
n
9% Jan 4
100
Apr 12
6
1,500
61,600
Def. delivery
Apr
14
No par
Co
Jan 12
Feb 19
50
Dec
43% Apr
55
38*600
Dec
Sept
106
Jan 15
200
.v
Sept
4
37
1%
Jan 15
Jan 15
600
Apr
Apr
Apr
97
May
3% Aug
3334 Apr
21
8%
21
10
21
7,500
Jan
37
Beneficial Indus Loan..No par
Pr pfd$2.50d!v ser*38No par
800
54%
27% Aug
114*4 June
7% Apr 10
59% Apr 10
Belgian Nat Rys part pref....
2,300
Jan
5% Jan 21
46% Jan 23
58% Jan
Bendix Aviation
27",300
69
2634
100
Barnsdall Oil Co
4,800
Feb 29
Jan 29
50
32%
110
Mar 26
4% preferred
.....100
Bangor A Aroostook..
60
114
15% Apr 12
4% Apr 10
35% Feb 27
6
28%
30%
III
Sept
Sept
Sept
1107„ Apr
117
*28%
*108
9
Jan 27
100
par
28%
12%
33%
32
13%
Jan 10
No par
1,600
32
Apr
Apr
114
Apr
7%
114
35
41% Apr
'22% Mar
Mar 21
Feb 14
*7%
....
40
51
Baltimore A Ohio..
50
48
Apr
75
Barber Asphalt Corp.......10
Barker Brothers
Nt par
32
12
Apr
Jan 15
15
*112%
Aug
20%
Apr 12
16%
7%
114
Feb
4
24
63
41
....
Mar 19
Aug
15% Sept
6484 Sept
32
Mar 20
Jan 15
Mar 8
15%
33
32%
114
*112%
3134
31%
31%
3134
114
*108
*10434 114
32
*29%
125
*120% 125
*120%
9%
9%
934
9%
69
*65% 69
*65%
34% 35%
34%
22
21%
21%
21%
56
66% *56
56%
37% *36%
37%
3634
83%
80% 82%
81%
12334 *123
124%
12334
27
27
27%
*26%
21
2134
21%
*20%
10
1034
10%
10%
22%
*21% 21% *21%
15% *14%
15%
*14%
96
June
41
1134
3%
100
15%,
8 «
*28%
11%
78
153% May
8% Jan
14% Jan
Oct
40
29
11%
33%
Oct
28%
4%
8%
'
Apr
Sept
Sept
Apr
Apr
Apr
Apr
Sept
97% Sept
18% Jan
171% Deo
87% Jan
8984 Jan
June
15%
*7%
*28%
75%
34
81
40
7%
73
132
14% July
18% Oct
Apr
38
$5 prior A
No par
Aviation Corp. of Dei (The).3
Baldwin Loco Works vtc
13
860
Jan
9
15% Apr
75% Mar
13% Dec
148
Apr
100% Apr 11
10% Apr 10
No par
Austin Nichols
3,600
;
176% Mar 12
89% Apr 12
9134 Apr
150% Jan 24
5% Apr
12% Jan
13*4
20%
107%
8%
47%
t Auburn Automobile ..No
14,500
6,900
1,000
1,100
11
Aug
July
41
Apr
25
Atlas Tack Corp
140
29
7%
19
Nov
69
153
Apr
....100
5% conv preferred
400
1%
35
144
Oct
140
5
8% Apr 10
Apr
Apr
Jan
46% Sept
63
Sept
44
Jan
26% Jan 22
110
20
41
100
Atlas Powder
600
7%
5% Jan 30
39
Jan
20% Aug
8% Apr
9
150% Jan 22
33% Jan 3
47% Jan
Dec
Sept
30
4% conv pref series A... 100
Atlas Corp
6
6% preferred......
60
10,700
1%
Marl6
Jan
80% Sept
15% Mar
Jan 16
100
*634
Mar 18
Jan
Mar 26
107% 107%
*118% 121
Jan Ti
7
39
22*4
Nov
78
6% preferred
Atlantic Refining
1%
95
18<%
45
3,500
9,600
7%
Feb
49
162
85
3,600
Q
146% Mar 21
Feb
Feb 10
18
75
9
Jan
7
58% Nov
Apr
25% Aug
35% Apr
127% Sept
59% Apr
8
Apr 11
z26
70
22%
47%
10%
30% Jan
79% Jan
16*4 Jan
5% Sept
40% Jan
124% Mar
36% Jan 12
97% Jan
100
100
Atlantic Coast LJne RR...100
At! G A W I 8S Lines..No par
1%
*4%
3334
on
6% 1st preferred..
7% 2d preferred.
Assoc Investments Co.No par
2,300
Q
50
Feb 23
Jan 12
Sept
7% Mar 16
74% Apr 1
17%
18%
47%
5
Jan
Mar 13
5
9
96% Jan 12
200
*73
3
18
Jan
Aug
100
57%
18%
28
17% Jan
93
86% Jan
Dec
3% Aug
Apr
Apr
140
23% Feb 23
85
60
25
..1
5% preferred .--......100
*6%
7%
6
No par
Atch Topeka A Santa Fe.,100
1%
4%
4
prior pref
280
7%
27
conv
18,400
17%
32
8% 8ept
Sept
11% June
2
Jan
Oct
4
18% Jan 23
2% Mar 29
31% Jan 12
106% Jan
18
57%
4
81
11034 Apr
._5
23%
7
434
16%
5%
7%
10%
100
2234
*55
8
70
8
Sept
43% Sept
Apr
Mar
714% Feb 29
167% Jan 15
1
22
2334
121
100
*1%
27%
8
120
100
7% preferred
i5o
100
*9934100
17%
1734
1734
15%
18
16%
1634
18%
1634
18
17%
16%
18%
23
22%
23%
22%
22%
108
*107% 108
*107% 108
*107% 108
9
9
9%
9
9%
9%
9%
4734
47% 4734
47% 47%
47% 47%
75
75
75
*73%
75
*73%
75
16%
5%
*29%
*67
120
22%
80
77%
44
6
8% Mar 18
Associated Dry Goods
2,300
*73%
*72%
*43%
44
*55
50
7%
.
114% Mar 18
7% preferred
100
Armstrong Cork Co....No par
Arnold Constable Corp.....6
Artloom Corp..
...No par
1,100
8
7%
77%
44%
25
...
100
99
78
77
*43%
19
15
17%
16%
16%
22%
*2234
*73
838
7%
*70
*56
*16
7%
8
Jan
10% Jan
3%
14% Apr 12
%6
66
42
10%
54
161
17% Jan
Armour A Co of Illinois
41%
61% Mar 28
149% Jan 18
A P W Paper Co Ino
5,200
11%
63% Jan
Feb 21
86,500
4334
Jan
Apr
22% Deo
21% Sept
Feb
""400
42%
13% Mar 16
2%
15
Archer Daniels Mldl'd.No par
Arm our ACo (Del) pf7 % gtdlOO
*10%
8
$5 div pref
....No par
Andes Copper Mining
..20
1,000
11,100
4334
11%
6
Jan
Aug
Apr
112
Mar
Jan
Aug
II
12
No par
AnchorHockGlass Corp No par
S6.60 conv preferred.No par
70
4384
*10%
13
25% Mar
25
Anaconda Copper Mining..60
Anaconda W A Cable..No par
400
11%
9%
Mar
8% Mar 15
155
Jan
33
Apr
Jan
41
Feb 28
Amer Zinc Lead A Smelt
$5 prior conv pref..
800
43%
6
Apr
Jan
Apr
Jan
Jan
142
Preferred
200
43%
43
5
934
25% Nov
Sept
Apr
Apr
1%
14% Jan
3% Sept
5
8
5%
6% Sept
3% Jan
30% Nov
Apr
54
16 1st preferred .....No par
American Woolen..
.No par
19,900
*10%
751% Mar
Am Water Wks A Elec.No par
80,900
*60
Mar 18
6% preferred..........100
Am Type Founders Ino
10
300
66
Mar 18
4
37% Apr
Amer Telep A Teleg Co... 100
25
4,400
*60
53%
2234
61%
1478
3%
Jan 22
American Sugar Refining.. 100
Preferred.....
100
Am Sumatra Tobacco..No par
19,400
66
6% Jan
43
5084 Feb lfl
18% Feb 1
61% Feb r
American Stove Co
4,100
12,500
44
Mar 25
40% Jan 24
11% Sept
18% Sept
86% Sept
5% Jan
27s Mar
25% Apr
Mar 29
Amer Steel Foundries..No par
American Stores......No par
8,500
.
*60
35
4
46
Common class B
39%
41%
39% 3934
*38
223,
22%
22%
*21
21%
*21
2134
*21
22
1107,
110% 110% *110i%211034 *110i»« 111 *ll0i%i Ill
110% 110%
lio«4 *110% 11078 ,1034 11034 *110% 110% *110%
*110%
15
15
15
15
15%
|
15% 15%
15%
1534
15% 15%
2lJ
*91o
91o
2%
4
334
4%
3%
3%
3%
3%
35
*34
35
*34
35
*34% 35
34%
*34% 34% *34
109
*109% 110
*109% 110
*109
*109% 110
109% 109% 109%
5«4
5%
534
5%
6%
6%
7%
6%
6%
6%
6%
55%
57
55% 55%
57
55% 56%
57
59%
5634 58
66
24% Jan
Aug
17% Sept
8% Feb
Apr
Apr
41%
Oct
132
Dec
5
3
1
3
64
25% Oct
115% Mar
Feb
1%
2
66% Apr
378 Apr
9% Jan 16
29% Apr 3
Amer
500
30%
Jan
56% Jan 13
2% Jan 3
American Seating Co..No par
100
American Tobacco
*41
37
13
Aug
116% Sept
179
July
40% Oct
Apr
12%
Jan
140
2% Sept
434 May
1234Mar 5
11% Feb 23
1,600
7%
44
31
4% Mar 18
2
14934 149341
46%
38% Apr 11
6% Jan 3
12
11%
5,400
10%
99%
9%
4334
10
70
91%]
10%
10%
100% 100%
24% Jan
2
89%
5%
1
Ameripan Safety Razor..18.60
300
6%
1
33% Feb 1
Apr
share
8
5% 8ept
61
2
4
4% Mar
per
67*4 Sept
Aug
Mar
Jan
Highest
I
Dec
5
64% Feb
91
5%
45%
25
conv pref...
89
89
91%
91%
14934 14934
100%
4H%
300
86%
16%
174%
100
American Rolling Mill
1,500
17
174
No par
Preferred...
3,400
87
9
28% Jan
Am Rad A Stand San'y.No par
6,600
17
16%
No par
25
16
109%
Feb 23
9% Apr 4
8% Jan 5
14% Feb 23
23
100
14%
Feb 15
13
23% Jan 30
6% preferred
16
138
1% Feb 28
21% Mar 26
6
May
3
Mar 19
American Snuff
14%
16%
Aug
30% Aug
13% Apr
91% Mar 25
3% Mar
6% Apr
2% Jan
28% Jan
7% Jan
18
Apr
Sept
2
Feb
6% Jan 15
5
Apr
16%
Mar 20
$6 preferred
J5 preferred
I
16%
2134
14
2
3
25
American News Co
No par
Amer Power A Light—No par
iT,2oo
1334
Jan 15
Jan
Jan
121
200
65%!
100
83%
150
2
2% Mar 15
Ship Building Co.No par
Amer Smelting A Refg.No par
Preferred
100
2834
29
*43
32
40
2134
*65
*150
Feb 15
Jan
22% Jan 26
119
Jan 4
400
*144% 146%
109
125
Jan 16
par
6% conv preferred.....100
13,300
28%
29%
*95
3634'
53 j
50
Amer Mach A Metals_.No
2,400
1,800
5.910
87
87
j *85% 8612
I684 *16i8
1678
1745, 175 I 174% 175
5234
ref
share
3% Aug
3is4 Apr
3
Amer Metal Co Ltd...No par
600
12%'
10%:
i
American Locomotive. .No par
Preferred
100
Amer Mach A Fd) Co.No par
6,800
1,100
2,900
1,100
2,800
j
69
conv
8% Mar 28
45% Jan 3
6
Mar
10% Jan 2t\
81% Jan 2
2% Jan 17
Amer Internat Corp...No par
200
21
1334
16%
21%
86
10%
36
..100
1,800
29%
14%
2834
*16%
6884
12%
66
*150
31%
14%
16%
*16%
69
53%
*65
*150
21
85
I
143
v
pref
non cum
534;
„
*67
6%
6
per
Jan 29
6
10*4 Mar
Leather... 1
43%
55
193g
57%
13%:
,
69
6912
69%
6834
6884
12
12%
12%
12%
12%
11
1078
113g
1034
11
33
36
3714
37%
355g 373s
52i8
53
525g 63
52%
5378
143i2 143% *142% 144
*142
144
*65
66
6534
66
*64%
66
10
6% conv preferred
60
American Home Products
1
American Ice.........No par
*115
687,
12%
*10l2
No par
Amer Hawaiian S3 Co
3
314
314
3l4
3ig
3i8
3
3
*2%
3%j
23
233s
*23%
24%
2334
233i
*2334
24%
23%
23%
1241, *119
124l8 *118
124i8 *119
124lg *119
124ig *119
124%
*25
26
*247, 26
25
2518
25
25I4
25% 2514
25%
25% ""850
4
41,
41,
4i8
334
4
358
334
334
10.500
35s
3%
334
•58
68% 59
55
58*2
55
I
56
56
64l2 57%
57
57%
2,100
j
49i2
47
493,
49
4912 4934
45%
4634' 48
48%
47%
4734'
4,100
91,
914
9i8
914
878
9
9%
834
8%
834
36,300
83,
8%
*155
♦15712 162
♦15712 162
162
*155
158
158
*156
157
157 |
10
155,
I6I4
I6I4
1634
16
16%
17 t
16%
1638
16%
15%
16 1 20,200
231,
10
1st preferred
100
American Encaustle Tiling... 1
Amer European Secs__.N« par
Amer A For'n Power...No par
300
178
2678
*514
32%
133
American Crystal Sugar
"MOO
7%
3634
6
No par
Co NJ25
$
116%
176%
32%
51%
23%
Mar 19
38% Mar 16
194Mar 18
106
6 %
3
.
share
Apr
Feb
$
per
Lowest
131
-^M%Mar
American Colortype Co.... 10
Am Comm'l Alcohol Corp..20
2,200
22%
358
33
*3
7%
I334
112
169
100
conv preferred
American Chicle
8978
38%
584
25
100
Am Coa. Co of Allegh
22%
26
100
Am Chain A Cable lnc.No
par
"Y.OOO
$
5% Jan 13
Preferred
"I'M
share
38% Mar 16
130% Jan 5
American Car & Fdy..No par
Preferred
100
6%
5l2
633s
2134
61%
141,
14
26%
*6%
1®8
1,100
4,800
2134
110
140%
13
8t2
37%
35
♦535s
7%
178
4318
per
1
American Can
400
2214
43
5%
*6%
7.300
$
Year 1939
Highest
Fdy.No par
5% % conv pref
2,600
2612
22
65
312
32%
_
11534
175
363g
578
64
65% i
3i2|
40
22
23 I
3534
5i8
3412
34%;
65
135
3514
55s
2134
3312
5%
6
•3412
*132
178
263s
5i2
23l4
34i2
5%
34i2
333s
1,000
173
2678
Am Brake Shoe &
41
*132
135
Par
American Bosch Com
Ranoe for Previous
100-Star« Lots
Lowest
3.300
734
41
4158
173
2978
*32i2
5
34% I
514'
7i2
135
46%
465s
47
47
44%
4412
22
22
22i8
22l2
2218
23
2034
22
*108% HO
♦108i2 110
♦10812 110
*108% 110
♦135
136
136*4 *135 *13634
13678
13678 13678
*9%
13
»9l2
13
*912
13
*9i2
13
93s
9*s
9
9
9
912
934
85,
*7%
8%
♦714
734
*678
7%
7%
*7i8
*12%
1312
1314
133s
13i2
14
*1314
13%
*86% 89i8
*87
*86i2
8978
*87
897g
8934
3%
3ia
3
3
3i8
3%
278
*278
6%
6%
7l2
*6
*6i2
6i2
6l2
7%
9
9
2
2
2>8
1%
178
178
26
26i4
27
2718
2434
263s
25% 2534
*5%
6%
6i4
*5i2
5%
5%
5%
5%
3314
8
115
115i2 115l2
172i2 173
♦45
Ranoe Since Jan. 1
On Basis of
Week
7i2
*173l2 1763S
283s
2914
28%
EXCHANGE
Friday
$ per share
734
13112 13134
1153s
STOCKS
NEW YORK STOCK
the
Wednesday
Apr. 10
Thursday
Apr. 9
$ per share
7%
Sales
for
Saturday
2373 I
8%
22
13%
Apr
Apr
Apr
Apr
Dec
Dec
Apr
16% Aug
35
19% Jan
26% Nov
115% Nov
28
July
107% Nov
•
32
NOV
128% Aug
9% Oct
73% Jan
3334 Oct
22% Deo
56 K* Dee
57%jMar
g Sept
100
120% Sept
3234 Oct
24% Oct
17*4 Jan
36% Oct
23% Mar
67
Deo
34%
Jan
1 Called for redemption
Tuesday
Apr, 8
Apr. 6
I
1231s
*6812 69%
123
69
2612
23s4
26*8
23%
27
27*4
23%
23%
23*4
24%
2414
24
24i2
2%
*2's
2*8
34%
12%
34*4
6l2
12%
23
231*
34*8
6'2
*38
*123
69
69
*68
26*8
23%
27%
24%
2458
*2%
2%
34%
34%
6%
6%
6%
12%
34*4
6%
12%
12%
22%
22%
38%
54
3%
64
3%
19%
19
23*4
241«
96%
96%
,
18*4
22%
63%
62 U
62%
23%
23i8
36*8
23%
*35*8
23%
36%
*36*4
2912
101«
28*4
29%
27%
10%
9*4
*35%
2812
9*4
9%
40%
5%
6
6
27l2
31U
27*4
3114
2114
213s
11
111*
4
4i2
11
1168
27%
31%
20%
11%
4%
■
227$
227g
312
312
7412
2234
*52%
3%
22%
100
27%
934
20
10%
4%
37S
*5112
64
1®8
*61%
1%
53%
1%
51%
112
7's
7i«
7%
7%
7%
177g
61%
1%
7*4
187g
217g
1878
23%
♦387g
43
43*8
*43
47%
*43
47%
90*4
*90
90*4
*8734
12
12%
7334
1334
14
*8912
26U
27
3
27
3
7178
705s
70*8
17%
21%
7%
11884 *114
51%
52%
51%
31%
3278
117%
116
*94%
*94%
98
39*4
39*4
,39*4
39*4
6%
7%
*68
31*4
3214
31
2014
*20
20%
20*4
*21
104"
24lg
24%
24%
25
26
26%
2534
27
478
4*4
4*4
41
41U
40%
41*8
397g
*95l8
96
212
96%
96%
96%
*1%
2%
1%
*1%
*1*4
-
■
*10*4
x!4
10%
:
1%
*10%
"u
%
**4
123g
104
104
*134
*16
%
11,.
J4
%
68
58
%a
%
%
*1014
10*4
*10%
10*4
*12
12l2
*12
12%
6%
%
33
33
33%
89%
91%
8684
3U
38*4
314
38*4
*79
38*4
3%
39
*75
39%
*40 "
45
44%
45%
*13414 143
18*4
19%
128
61*4
187g
*134% 143
128
128%
*61
61%
1878
81
19
40%
43
45
*140
143
127% 127%
61
61
18%
32%
110
2034
%
*16
%
20
19
3484
110
*%
*%•
1034
*10%
12%
13%
13%
5%
*31%
6
34%
86%
13%
*96
88
13%
98
3
37
112
41%
*77
3%
37
5%
578
*31
30%
20%
5,600
27
900
4%
40%
96»4
2
2
3934
*94%
12%
49
*16
s4
%
*%
%
300
38
71«
9C0
1034
1334
*10%
1034
1334
13%
6%
6
6
34%
*31
97
34%
88
*96
13%
98
*45
3%
3834
"
3"800
1,300
50
39,800
600
130
—
3%
3834
3%
38
~i"66o
2,000
"""140
2,700
No par
100
100
5
No par
City Stores
Clark Equipment
CCC & St Louis Ry 5% pf.100
Clev El Ilium $4.60 pf. No par
Clev Graph Bronze Co
(The) .1
50
Specialgtd 4% stock
6,700
Climax Molybdenum..No par
42%
7,400
Cluett Peabody & Co..No par
142
128%
61
*60
10
700
200
10,500
33
32%
33%
111%
111% *110
2,200
17%
30
Cocar-Cola Co (The)
Class A
4,800
334
*4%
4
50
5
60
*4%
5
5
*334
5.
*384
5
*334
5
25
24%
24%
2478
24%
2434
24%
24%
24%
•7%
7%
7%
634
92%
92%
93%
8
8
7%
21%
7
2034
7%
7%
1,800
*2034
21%
47%
900
2034
21%
21
20%
21%
217g
47
46%
46%
46%
*46%
46% 47%
46%
107
107
107
107
107% 107% *106% IO784 *106% 1Q7®4
54% 5484
5434
54'4
54%
54
55
54%
56
56
110%
110% *106
110% *106
*106
110% *106
*110
11078
111%
1534
16
15%
15%
15%
15%
15% 16%
16%
16%
16&8
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
69
68% 68%
68
67%
69
66% 69%
69%
69%
132% 32%
32%
32% 33
3234
32% 33
3278 33
32?8
21*4
46i8 46%
*10612 1077g
5534
55t2
Bid and asked prices; no
sales on this day.
t In receivership,
a
7,600
300
Oct
.% Sept
1% Sept
%
Dec
1% Sept
Dec
Apr
3% Sept
20% Jan
2
30% Aug
39% Sept
44
50% Nov
10
Aug
% June
% Sept
% Aug
3
% Aug
1% Jan
1% Sept
Jan
6% Mar 25
98
Jan 30
z60
Feb
6
Jan 30
7% Apr
10
25
Apr
53%
Apr
9
Apr
79
Jan
46% Sept
2% Apr
58
Mar
Oct
Oct
Feb
1067g Sept
115
15
65
6
68
Jan 10
Sept
94% Oct
14% May
97% June
69
4
Feb 27 '114%
41
4%
34%
2
Mar
9% Mar
15% Sept
13% Jan
Apr
Feb
334 Jan
3934 Apr
6
Apr
4% Dec
Feb
Apr
39
Oct
80
Mar 28
69
Sept
78
Mar
48
Mar 26
42
Jan
43% Mar
35% Jan 2
76% Feb 14
Mar 26
8
41% Apr
1
45% Apr
9
2
4
20%
34% June
45% May
60%
Jan
133
Jan
100
3578 Jan
Mar 18
35% Apr 8
112% Feb 10
21%
434
534
4%
26%
26%
4% Jan 19
3% Mar 12
23
Jan 13
April
Apr 4
Apr 4
Jan 12
100
100
72
Mar 15
79
Columbian Carbon v t c No par
86
Mai 21
6% preferred series A
5% preferred
2234 Jan 13
5% Mar 26
Mar 20
No par
6% Jan
9
$2.75 conv preferred. No par
Commercial Credit.—.—.10
19% Jan
2
Columbia Plct
v t c
434 % conv preferred
100
Commercial Solvents—No par
Def. delivery,
Apr
Sept
Sept
40" 300
33,400
Apr
11% Apr
20% Apr
Comm'l Invest Trust..No par
2,700
9%
%
4
4% Sept
14
58
3,500
31,400
95% June
%
86
conv
Oct
1% Sept
1% Aug
% June
Mar 12
Mar 12
7% Apr 8
93% Apr 8
$4.25
8584
105
91%
7
47% Sept
Feb 21
91%
7
Apr
Feb 27
9134
7
Oct
27
Mar 30
*91
7%
Jan
29% Sept
20
92
7%
30
21%
63
92%
7%
Aug
6% Apr
a:3% Dec
131
Columbia Gas & Elec_.No par
10
17
Dec
8
1,800
400
Jan
105
2
45,200
97
A pr
Jan
6%
82
98
Jan
24%
*94
22% Sept
16% Jan 15
634
*75
Sept
61
6%
97%
18
118
2484
82
47%
No par
24%
*75
Jan
Sept
No par
634
*95
Jan
13
5% Aug
22
Dec
24%
82
Oct
Sept
52%
June
Mar
24%
97%
6%
96
32
38
2434
*96
Apr
85% June
135
24%
*75
Apr
Jan
Apr
24%
7734
97%
3%
3%
5%
12% Sept
1434 sept
Sept
24%
97%
113% Aug
125
2478
247g
7%
82
Jan
72% Mar
30*4 Sept
Feb 14
4% 1st preferred-.
100
4% 2d preferred
100
Columb Br'd Sys Inc cl A .2.50
Class B
2.50
97%
19%
Oct
Apr
142
Colorado & Southern
5
97
64% Sept
Dec
30%
109% Aug
23g Apr
103% Sept
334 June
3
9
Mar
%
Jan 19
21
5
*4%
*75%
122% Mar
%Mar 12
84 Apr 3
Mar 13
3
21%
*4
2,000
77g Aug
8
8
50
Feb 28
21
92
Apr
% Jan
Mar 18
5
9184
7734
Apr
94% Mar
18%
1% Jan
1434 Jan
3578 Jan
2% Mar 19
28
Jan 17
17
5
*24
Sept
58
3
Mar
93
28
21
7
Apr
13%
Mar 27
z60
110
*4%
634
38%
33% Apr 3
91% Apr 8
14% Jan 26
100
*4
"2~6oo
*43
Feb 29
5% conv preferred
5
5
Apr
84
34 jan
8
No par
Collins & Alkman
5
*384
Apr
110
Mar 12
35% Jan
Sept
Sept
5
4
6
8
79% Jan 15
12% Jan 15
48
Jan
8
Sept
11% Mar 28
133j April
111
June
6%
4
8% Mar 5
11% Jan 16
458 Feb 8
Mar
41% Sept
2% July
63% Aug
3
4
38 Jan
Colo Fuel & Iron Cor p. No par
5
20
29% Sept
4% May
Jan
Jan 12
65
Jan
47
136
Colgate-Palmolive-Peet No par
*334
20%
9
30
20%
100
Preferred
5%
21
•
Apr
12
33
1
%Mar 19
25
5
Chrysler Corp
City Ice & Fuel
6 34% preferred
City Investing Co
Mar
% Jan
% M ar
Chicago Yellow Cab—No par
Chickasha Cotton Oil
10
Childs Co
No par
Chile Copper Co
2
6
46
10% Sept
17*4 Jan
85% July
10% Mar 18
3334 Jan 19
preferred—No par
3% Sept
Apr
Apr
% Feb 28
% Jan 13
% Feb 9
39%
1734
18
conv
9
934 Jan 29
% Feb 28
Clev & Pitts RR Co 7 % gtd.50
*48
61
S3
Feb
Aug
36% Dec
3% Sept
6
3
41% Jan 10
8% Feb 1
Z'H Feb 15
r21
Apr 9
105% Feb 20
2834 Apr 10
29% Mar 23
478 Apr 3
423g Jan 8
97% Jan 16
2% Jan 3
2% Jan 24
12% Jan 4
1
l%Mar 15
1% Mar 25
Pr pf ($2.50) cum div No par
{Chic Rock Isl & Pacific..-100
7% preferred
100
6% preferred
100
434
98
32*4
■""866
*5
82
1*8
300
34%
34
July
9%
578 Apr
9% Apr 11
3834Mar
Chicago Pneumat Tool .No par
*4
20%
*76
16U
2,300
6,700
2,200
%
34
12%
*13%
*33
33
32%
*110
111% *110
700
1,600
Jan
Sept
63
Apr
3% Jan
114% Mar
Jan 18
{Chic Great West 4% pf-.lOO
Chicago Mall Order Co——5
{Chic Mil St P & Pac-.No par
$5 preferred
100
{Chicago & North West'n.100
Preferred
100
200
10%
*16
84
13%
1734
"""eoo
17%
30
July
6
94
16% Nov
8478 Nov
%
47g
12% Feb 15
Mar 19
100
Apr
48% Mar
24% Apr 12
15
{Chic & East 111 Ry 6% pf.100
*%
*13%
*60
700
Apj
1378
97
4% Jan
7
35
7134 Apr
6% Jan 22
2784 Jan 26
18% Feb 13
No par
26
6% Sept
77
119
21
{Chesapeake Corp
Jan
9%
23% Mar
11% Aug
13% Apr
11884 Jan
56% Jan
3378 Apr
5
Chesapeake & Ohio Ry
Preferred series A
Sept
Apr
25%
3
3% Jan
No par
5%
*96
6912
12,000
Jan
7»4 Sept
20
5
1
Jan
Dec
6
6
Mar
20%
1884
4
75
Feb 14
37
Jan
34% Mar
2% June
28% Apr 11
102
Common
Feb
Mar
A pr
30
43% Apr
(0
Apr
4
5
Jan 18
Co 6% pf.100
Cham Pap & Fib
6% Mar
6% Nov
Apr
5% Feb 26
No par
Checker Cab Mfg
Jan
6
92% Jan 31
100
6% prior preferred—
Chain Belt Co
5
20%
24*4
*110
800
Am.
*4%
ona.
*11
*48
18%
10
27
113
*112
113
112% *112
42
41% 4134
4134
4134
*78
80%
*78
80%
80
62
1,300
105%
39
39*84 39% 39%
42
43%
4234
43%
42%
*140
142
140% 140% *140
*125
128% 128%
127% 127%
1734
1,200
Jan
40% Jan
4% Mar
6% Feb
Certaln-teed Products.
26
39
*60
Cerro de Pasco
3,200
57g
I87g
4
111% Mar 28
Copper.No par
1
5,000
6%
30%
20%
6%
87%
37
300
Apr
Feb 27
21% Jan 22
2% Mar 18
Assoc.No par
1
pref-100
{Central RR of New Jersey 100
Central Vloleta Sugar Co
Century Ribbon Mllls.No par
Preferred
--.100
Central 111 Lt 4H%
39%
39
88%
3%
3,000
102
87%
97
900
834
5%
834
*43
*45
*48
39%
34% 35%
35%
111%
111% *110
*3*4
*5l8
*3*4
24*4
*24*8
714
9II4
*2078
42%
42-%
*48
*48
40%
34*4
38i/2 39%
*79
45
*110
3%
3%
81
81
*1#
53g
*4%
%#
%
*45
112% 112%
40*8
*61
13%
97
112% 112%
42
427fi
*48
128
13%
97
*45
42%
11212 112%
42*8
*3%
13%
97%
*%
*10
12%
6%
33%
90%
6%
6i2
90U
....
3s
%
11
12%
3312
13%
49
*%
*10
Ci2
96*4
*43
**i#
88*4
*45
*34%
*%
33i2
13*8
12%
34%
49
1134
Central Foundry Co
80
%
*34%
-
4,200
June
1
6% Mar
111
100
3,200
11
39% Jan 12
100
—No par
3%
3
3
4
2% Jan 24
66
Jan 30
7% prior pref erred-.,
24%
15% Aug
21% Apr
11% Apr
7
Mar
6
47% Feb 26
26% Jan 18
3
Jan
2
107% Jan 12
9% Jan 22
62
Jan 12
Celotex Corp
Jan
Mar
Caterpillar Tractor
No par
Celanese Corp of Amer.No par
112% 112%
10
8
55%
3734 Mar
100
-
Apr
4% Jan
100
I) Co
Preferred
5 % preferred
Central Agulrre
14
,
*43
12%
690
8,300
Case (J
25% Nov
13% Jan
106% Aug
Apr
23% Apr
16% Jan 15
1
Apr
Apr
178 Feb 21
8% Feb 21
19% Apr 3
1% Jan 23
6% Jan 15
13% Jan 18
85% Mar
Apr
Apr
Sept
3
81%
15%
2678
52%
2
23
70
*%
34%
*84
51
38% Jan
41
4
1334 Jan
Mar 26
7
9
—5
Carpenter Steel Co
Carriers & General Corp
70
%
%
*
I'm
12%
34%
13
28,700
5134
33%
117% 118
11%
11%
*934
48%
12%
34%
*43
4,700
32%
*1%
*134
%
%
%
97l2
%
*16
34
12*4
51%
10
78
*16
116% 116%
60
2
10
3g
*10
34%
*45
*%
9634
2
*134
10%
*10
40%
40%
*94%
*1%
%
49
*13*8
2
484!
.ni.
*34
*43
.*96
*4%
'1%
4%
40%
96%
2%
*%
*34
*6%
26
39%
96%
1,300
*25%
2784
26
#1»
%
12%
34i2
7ia
20%
27%
*4%
69%
105% *104
*104
»1«
48
*4
39%
684
3034
2834
26
27%
*i«
*43
*14
*%
*20%
21
•x«
*33i2
12i2
10%
*li
*1#
»i«
•m
**4
10%
*16
14
*»!«
*134
6%
3034
*2%
*96
102
39%
3984
6%
31
*25%
4%
41%
96%
2%
2
10%
4%
*4*4
102.!
30%
2734
27
9%
5%
884
*5
21
26i2
3%
3
300
47%
*43
Dec
Jan
12% Jan
47g Jan
12% Jan
13% Feb
21% Apr
5
Dec
30% Aug
29%
3
3
3
4
9
13
36
50%
50
Apr
7
3
Ale——.5
Apr
9%
4
Co..—...100
25
Cannon Mills.—
No par
Capital Admin class A....—1
$3 preferred A_.
10
Carolina Clinch & Ohio Ry 100
Apr
Nov
9484
4% Jan
Canadian Pacific Ry—
24
24
23%
112% 113
*5
584
*96
6%
24ig
11%
7034
11%
*67
5%
3912
21
*103
104
*103
104
*103
8%
118
117
4%
83s
4%
33%
3234
23%
23%
634
32%
6%
500
70%
7034
40%
39
67g • 7
32% 32*4
5%
700
700
*2%
*69%
11%
10%
*98
98
39%
Canada Dry Ginger
Jan
13*4 Dec
15% Dec
31%
7% Jan
Canada Sou Ry
18* 100
3
*5
98
5%
2
Apr
Nov
13%
23% Apr
1
Cop..6
Aug
7%
3
Campbell W & C Fdy—No par
22,300
40
5%
*94i2
22
42
584
39%
5%
,1,900
3
*5
7,200
18
5%
39%
27%
113
5%
Callahan Zinc Lead—
Calumet & Hecla Cons
27
3
*5
18
14,100
53
39
2
Jan
Apr
27
3% Apr
11
Aug
1%
21% Jan 10
64% Mar 19
Co.—-A'o par
California Packing
No par
6% preferred
60
Byron Jackson
Jan
41
11
6% Mar 16
"
Copper <fe Zinc
5
Byers Co (A M)
No par
Participating preferred—100
Jan
3l7g
Apr
41»4
20% Jan
30
5% conv pref erred—
Feb
5
33
4
3%Mar 18
8%Mar 26
Butte
Oct
7»4
1578
6
Jan 12
10% Apr 12
Terminal---.---------1
Bush Term Bldg dep 7 % pf-100
Butler Bros.-10
Jan
4% Sept
34 »4
31
6% Feb 17
2778 Apr 8
Mar
18
Bush
16,600
27
113
6i2
1%
734
28%
3%
23
23*4
22*4 23%
2213 22*4
3
3%
3%
3%
3
3
112*2 112*2 *112% 114% *112% 114%
5%
5%
57S
*512
5*4 ; *5%
8
8%
7*4
77g
*7i2
7*4
512
100
90
33
*70
71
*70
6,800
53%
134
8
90
116% 117%
1134
11%
12%
23%
21%
*38%
II884
11834 ♦115
5034
5134
52
3134
71
1434
23
*51%
90
70%
33*4
1178
*1334
500
534
47%
3
69
52%
*70
20
75
-v
*88
27»4
*2%
33
117% 119
2;500
11%
11%
*43
5%
*27
52
12
5,000
2834
Dec
Aug
32
6% Jan
Jan 19
20
24
22
4434 Jan
434 Jan 18
Burlington Mills Corp
1
Burroughs Add Mach.-No par
700
4
V
89
337g
7212
1,300
2334
22%
42
5%
39%
♦5%
480
.7
;
47%
*5%
*43
52
11%
17%
2134
♦38%
39%
61
*69
7%
42
32*4
1165g 118
23%
53%
I84
8
18%
*51%
134
5%
72%
118*4 *114
115*4 115*4 *113
21%
*51%
I84
3
69%
72%
28%
3
3%
1334
22%
89
27%
27%
3
'
14
22%
52
1%
7%
17%
13,100
11
*68
21%
4,400
4,900
4%
*10
4
6%
5%
10,700
11
4%
4%
91
*5%
19%
1034
4
*38
39
39
39
6
19%
7
57g
5%
6%
39
6
38%
*512
Bulova Watch
*23
*38
42
*39
41
Bullard Co
6%
23%
1%
4,700
11
7334
100
No par
No par
No par
Budd Wheel
63% Dec
6
9
6
109
101% Jan 15
434 Mar 16
38
Mar 19
No par
7% preferred
2,100
2384
14%
23
14%
21%
290
30%
6%
12
5,300
834 Jan 15
5
100
Jan
29% Apr
10% Feb
Apr
21% Jan 15
Batke-ColIender.A'o par
7% preferred
Budd (E O) Mfg..
27%
♦23
C74%
Jan 15
30%
*10
12
35
25i2
36%
27%
10%
6%
*72
Mar 16
534
23%
4%
1234
20
5%
6«4
74%
Brooklyn Union Gas—No par
Brown Shoe Co
No par
38
23%
3%
11%
7
*
4%
63%
27%
31
19%
11
4%
19%
11
5%
38%
5%
101
Jan
39
5«4
27%
13% Jan 30
Jan 15
Bruns-
70
*109
19%
24%
48
Bucyrus-Erie Co
100
3s4
1% Jan 5
12% Jan 30
49
3,900
9%
5334
preferred series A.No par
No par
5,900
28
9%
39%
38
Bklyn-Manh Transit-.No par
2,100
28
5%
Co
2334
19% Jan 23
Apr 5
51
Mar 4
.No par
No par
5
4
Apr 8
Feb 1
Apr 6
Apr 11
Apr 8
Apr 6
April
Apr 8
Jan 4
Apr 12
1234 Apr
Jan 15
Jan
121% Dec
12% Jan
16% Jar.
18*4 Apr
1% Apr
19% Apr
5% Sept
*734 Aug
16% Apr
Mar 15
7
3
Jan
6
share
per
28%
Sept
51
4
4
10%
Ctfs of deposit
36%
3534 Jan
I
100% 8rpt
3
2% Jan
31% Jan 15
Tr.A'o par
pref ctfs of dep—No par
$6
22
5%
38%
534
16
1,400
21%
36%
2578 Jan
Jan 17
2
Brooklyn & Queens
3,200
21%
109
109
Bristol Myers
62
36%
4%
10%
12%
47,300
Brlggs & Stratton
104
*96
27%- 27%
9%
9%
10%
*73
23%
Brlggs Manufacturing
5
2
2l84Mar 26
Bridgeport Brass Co—No par
6,100
*61%
19%
3%
3%
27,600
24%
*36
*108% 109
5%
5%
23%
3%
18%
;
23%
27%
9%
534
600
3%
18%
23%
2134
100
39%
53%
100% 101
62
62%
*35%
*38%
7,900
11,800
19
Jan
3
12
*52
2134
36%
21%
Co
Brewing Corp of America
23
54.
334
62
Bower Roller Bearing
1134
19
100
62
1,300
22%
*52%
22
21% Jan
->-.5
4,200
Apr
Highest
share
16
8
6
70% Mar 20
2734 Apr 8
24% Mar 27
Jan 16
Year 193 J
$ per
123% Jan
2
Mar
62
15
Borg-Warner Corp
Boston & Maine RR
28
21% Jan 12
117
100
5
500
6%
6%
39%
3%
11,500
34
34
*38
19
23%
18%
*2
*38
478
23%
13%
6
22%
11%
14%
6i8
6%
12%
20%
23%
6
34%
6%
12%
4
6%
18%
34
6%
11
11%
23
34%
1958
74%
*39
23%
2%
30«4
14%
18*4
2
31
23
23U
2
31
14*4
41
23%
2%
26%
23*4
18*8
Borden Co (The)
31%
235s
22*4
Bond Stores Inc
8,900
27%
*14%
*38
5,000
24
31
23%
1278
74%
12*4
12*4
*73
26%
23%
26
5%
678 V. 7
23%
3%
26
24%
24
39%
584
27
39%
12
12
6'$
6%
5%
41%
5%
5%
26
38%
28*4
10
109
109
5%
41%
6
2778
31%
21%
11%
4*4
5%
5%
4112
6*8
109
109
109
109
*4058
Class B
100
68
23%
23«4
34
22*4
36%
21*4
Bon Ami class A
80
2
23%
Par
6
No par
—No par
1
Bobn Aluminum & Brass
1,900
26
23%
100% 100%
60*4
61%
100
63
,4.-> '
Shares
69
23%
63%
3%
19
3%
23%
23%
100
53%
53%
3%
19%
63%
3i«
3
19
*38
39%
*38
1
-
Lowest
$ per share
share
$ per
-
Highest
Lowest
26%
23%
24%
25%
On Basis of
Week
9 per share
26% 26%
*121% 123%
123
67%
68% Z0738
123
123%
EXCHANGE
27%'
27
12%
22%
12%
23%
39%
12
23*4
6%
39
*63
123
123
|
NEW YORK STOCK
the
Friday
Apr. 12
1
I per share
23
•123
*2
j
27%
27%
28
27
28
123
69'4
27*4
27%
27*$
Thursday
Apr. 11
.
$ per share
f per share
$ per share
% per share
Wednesday
Apr. 10
,
Apr. 9
Monday^
STOCKS
for
Saturday
Range for Previous
1
lOtPShar* Lots
Range Since Jan.
Sales
PER CENT
SALE PRICES—PER SHARE, NOT
AND HIGH
LOW
April 13, 1940
New York Stock Record—Continued—Page 3
2374
pf
ser
'35.No par
Commonw'lth & Sou.-No par
$6 preferred
series.-.No par
Commonwealth Edison Co.-25
n New stock,
r Gash sale,
45
104
Mar 20
Jan
6
51% Jan 15
110% Jan 9
13
Mar
2
1
Mar
1
62% Mar 12
307* Jan 15
x Ex-dlv.
y
•
Jan 26
9834 Apr 4
8% Mar 15
23% Jan 29
21%
24% Sept
234 Aug
8% Sept
378 Sept
3% Aug
14
Apr
14
Apr
9
Feb
91
Mar
83
Feb
73
96
Oct
Apr
6% Dec
15% Dec
Oct
42
Apr
113
Mar
6
16% Apr
5
1% Apr
73% Jan
4
8
33
8
Apr
984 Sept
8% Sept
25% Dec
25% Dec
5% Apr
74% Jan
62% Jan
98%
8
Oct
111% Dec
3834
Apr
37%
Dec
Apr
11%
3
Jan
56
18
Apr
100
108% Feb 21
48
Jan
62% Dec
Apr
10334 Sept
8% Aug
1% Dec
4584 Jan
z25% Apr
15% Jan
30% Mar
57
Jan
109% Aug
60
Jan
110% June
16
2%
Sept
Feb
72% Aug
32%
Ex-rights, f Called for redemption.
Dec
Volume
LOW
AND
New York Stock Record—Continued—Page 4
ISO
2375
SALE PRICES—PER
HIGH
Monday
NOT PER
SHARE,
Thursday
Wednesday
Tuesday
Sales
Ranoe Since Jan. 1
NEW YORK STOCK
On Basis of 100-Share Lots
the
CENT
STOCKS
for
Saturday
EXCHANGE
Friday
Apr. %
Apr. 8
Apr. 9
Apr. 10
Apr. 11
Apr. 12
$ per share
$ per share
$ per share
$ per share
$ per share
Lowest
Week
$ per share
Shares
6'*
0
*5%
878
32'2
24
127s
12*4
•8
10
*9
80
30%
15*8
29*4
15*2
91
91
*90
96
95
*95*4
8*4
9
32% 32*4
*107*8 108
*1
*10
10%
4i2
77»
178
4%
7*4
*1*8
*3*4
*16
4
17
♦1017, 102*4
161*
16l2
14%
1««
147gi
93%
48i2
937,.
*115
8*4
40%
37S
2314
14*2
1*8
l*\
93
21%
22*g'
22*8
01*2
62%
62%
5578
61%
55*4
61 >8
*i75
7%
1*8
557,'
6II4
178
*175
7*8
20*4 21%'
*101*8 102*4
297t
297g
6*4
7
*4258
1578
•89
40*4
•88
14*4
14*2
14%
14%
14%
14%
6,200
92
150
94
50
92
91
91
91
98
*95%
98
*94
32
1
78
U
10
918
9%
4i8
*4i8
4*8
8*8
178
758
*178
8
4
.
4*8
1778
*16*2
102*2 102*2 *10118 102*8
17*4
18*4
1658
17*4
1%
14*8
1*8
.
175
7*4
1*4
20"8
7%
1%
20*2
7*sr|
1*2
215s
10112 101*2
*29l4
30
10112
6*4
6*2
36l8
37*4
43*4
43*2
36's
43%
29*8
90
3%
18
1,500
17%
17*2
28,100
13%
13%
1%
92
48*4
1%
917g
1%
92
4,800
3,100
1,600
5,400
35*4
43%
7
36*2
43%
42%
42%!
18%
19%
18
93
42*2(,
40
41
92%
40%
90*2
88
88
187g
92*2
41%
90*2
4
7*4
*88
3%
3%
4
3*4
3%
*3*4
658
7
7%
778
7%
7%
7*2
82*2
82*2
13*2
*80
83
83
83
83
*13
13*2
13*2
13*4
14
155,
27
*26*4
27*4
27
27
378
4i8
4414
1058
43*4
43*4
43
10%
28*2
1078
10%
43%
10*4
2978
28%
29
*26*4
4
4
43*4
43*4
10%
10*4
28
28*4
43*4
10*4
28*8
•91
95
91
91
*88*2
91
68
*58
68
*58
68
*58
*4h
•1618
5
I7h
8*4
112*4
2312
23*4
27*2
27i2
*4%
*16%
8
7*4
♦112
'112
23%
27%
19
19
19%
197#
6*2
20*4
20
512
*18 } *1«
*118*2 119*4
20
•33*4
*39*4
87,
19
*83
i4*8
5%
*%
119
2958
21*4
8
23*4
27*2
23%
27*s*
2378
27%
27%
19%
19
19
19
20%
18
18%
5
5. >
5*2
:
119
*18%
18%
*Sj|
*n
119
118% 118*2
20*g
337g
187S
20
19
19
3378
34
35%
36%
36%
40*t
40
40
39*4
40
40
40
91,
9*4
19
9%
878
87g
9%
87g
19%
36
*39*2
87g
878
.9
18%
18*2
7*2
I
23%
27%
18*4
18%
18
19
18*4
87
85
85
84
84
i4*8
14%
14%
14%
36*4
14%
37
37
37
37
2278
22
22*4
19*2
22*2
87S
18*2
2278
19%
88*2
37
37
23
22%
23%
20
87*4
197f
19*4
87
87*2
169
169
19%
86
19%
19*4
88%
85%
19%
87%
87
*165
167
167
171
170
170
85%
*13%
14%
*81
*13%
'
168
*36*4
22%
19%
86%
165
I
28
18*2
86%
14%
37
22%
19*2
87%
167%
40%!
5%
5%!
15512 156*2 155% 156*4
175%.*174
176
35
16*4
%
40
40%
40%
15*8
16*2
1%
16
*1%
6*8
1%
*1%
5%
447g
45%
04
•91
%
1%
2%
*1%
•67
*4%
10%,
287g
*7i
7*2
47
45*2
112
10%
*78%
29
1%
1%
*67
4%
10*4
29
29
1
1
1
7*1
7%
7%
47*2
49*4
25%
1778
•25%
25%
48%
25*2
17%
17%
*17%
•100
•22%
4%
102
24
101
♦23*2
4%
4%
'
»7g
*24%
*92*2
*18
40*t
19%
•
1
25
98
18%
40*2
19%
24
4%
1,200
60
Cutler-Hammer
Tnc.—No par
Davega Stores Corp.——5
No par
20
Preferred
Delaware &
-10
—100
Hudson
Delaware Lack A Western..60
.100
Diamond
A_.No
25
Diamond T Motor Car Co—2
Distil Corp-Seagr's Ltd. No par
5% Pref with warrants.. 100
Co
No par
Dunhib International
1
—No par
8% preferred
.100
Du P de Nera (E I) A Co.—20
$4.50 preferred.—..No par
Duplan 811k
Duquesnc Light 5% 1st pi. 100
Eastern Airlines Ino——_—1
Easterfl Rolling Mills.......5
Eastman Kodak
(N J).N# par
100
6% cum preferred.
Eaton Manufacturing
Elk Horn Coal Corp.—No par
$7
preferred........No par
preferred
.....No par
1%
900
37%
800
El Paso Natural Gas
46
500
Endicott Johnson
30
400
200
85
94
*4
9*2
28*8
*7g
♦7*8
477g
26
16%
49%
27%
17*8
1%
*1%
*2*2
*1%
1%
2*2
2*2
*1%
1*2
♦
80
*4
*9*2
27%
*7#
*7*8
43s
10
28%
1
7%
*1%
1%
2%
*1%
234
1%
*
,80
4
10*4
29
7g
28%
78
*684
47*2
20
16%
16%
16%
48
26%
16%
26%
26%
26%
17
101%
18
*17%
1778
17
17*2
40*4
40*4
39%
39%
39*2
39%
39*2
23%
4*8
7u
7S
25
96%
18*2
22%
40
40%
*95
*19
23
Bid and asked prices; no sales on
39%
*19
thL day.
23
*24
24
24
24%
84
%
4*8
*%
24%
24%
2334
4*8
23%
96*8
95
95
4*8
*95
*19
4*8
23
23
*19
X In receivership,
a
8% Apr
11234 Jan
2373 Apr
27**2 Apr
18
19% Apr
23% Jan
Jan
16%Mar 19
4% Jan 31
34 Jan
125*8 Jan
23% Jan 10
18*2 Jan 15
76
Feb 27
1,000
200
8
8534 Apr
14% Apr
5
9
38
Feb 2 '
7
200
8
88*2 Apr 11
Jan
2
114% April
26% Jan 2*
4*2 Mar 25
9
Jan 17
8
126%
126
4
112
118%
41
Mar
Jan 19
Apr
4
6% Jan
166% Jan
1<5% Feb 26
168*2 Mar 26
178
37
Apr
42
15
15
21
27
12
15%
Jan 12
8
% Jan 22
l%Mar 8
2% Mar 20
1% Feb 20
Def. delivery,
n New
stock.
r Cash sale,
par
Apr
6*4
20i2
Jan
1834
Apr
Jan JO
Jan 3
23*2
%
28
4
Jan
3
34 Mar 20
19% Apr
* Ex-dlv.
y
1
6
Dec
Jan
June
116% Nov
188% Sept
124% Aug
118*2
317g
Feb
Dec
8% Sept
186% Jan
183% Feb
307g Oct
1978 July
3% Jan
Apr
Apr
Apr
38
Feb
35
Sept
Apr
Apr
Jan
41%
Jan
3*2 Sept
42% Nov
45% Jan 29
32% Aug
55
Sept
Mar 19
arl03% Mar
111
Jan
112
7
Apr
1378 Aug
Jan
62*2
Apr
80% June
89
Jan
05% Apr
89
97
Jan
69
05
7| Jan
1% Jan
1
8
Apr
% Aug
Aug
17g Sept
1% Apr
3% Jan
1% Apr
05% Sept
8% Jan 16
20*2 Jan 15
Deo
40% Oct
18% Nov
3*8 Mar
12% Jan
1*8 Sept
Feb
1
1078 Apr
29% Apr
4
8
Jan
3
5
1
8% Mar 11
478 Jan
Co. No
Apr
8*2
Jan
Jan
3% Mar 18
%Mar 1
217g Jan 23
857g Jan 12
17
Apr 12
37% Jan 18
Filene's (Wm) Sons
Aug
22%
Jan
2
20
Apr
1
1% Jan
8%
30%
3184
32%
1%
4178
111% Sept
12% Apr
3% July
15*2 Sept
41% Apr
17
Apr
Apr
Sept
138% Apr
155*f Sept
Jan
Jan 15
?6%Mar
22% Mar
28i2 Jan
1% Jan
36*2 Jan
108
189% Apr
Jan
Jan
July
87% Nov
120
Jan 15
28*2 Jan
1,000
1,200
Aug
116% Apr 12
Feb 1R
4H% preferred......—100
Ferro Enamel corp
1
Fidel Phen Fire Ins N Y.$2.60
55
34
14
Mar 29
Federated Dept Stores.No par
Apr
Apr
23
100
10
20*4 Sept
July
13*2 Nov
35%
22%
10
796
700
Mar
13% Jan IS
*
Federal Water Ser» A.No par
30
10*2 Nov
20% Mar
00
Dec
Mar
600
5% Aug
1384 Sept
66
Sept
984 May
6
15
Federal Motor Truck—N# par
Oct
Jan
Mar 30
2,100
Federal Mln A Smelt Co
Jan
125*2
32%
10
Mar 20
700
1*2
144%
17%
19%
175
Oct
87g Sept
Apr
25
3,300
28
Mar
4% Jan 9
34% Jan 15
preferred
18*2 Deo
Aug
3% Sept
% Deo
103
Apr
6
Sug Co of Pr Rico..20
Federal Light A Traction... 15
$6
Apr
Apr
101*2
Fairbanks Morse A Co.No par
80
Mar
Sept
Deo
Oct
July
Apr 12
Apr
Fajardo
500
June
29
5,400
100
7
171
122
Nov
17%
10%
112%
25%
27%
2
Jan
60
Exchange Buffet Corp.No par
Fairbanks Co 8% pref
100
55*i June
25
Sept
14% Jan 12
5% Feb 6
12% Feb 5
4
.3
91
Jan
45
4478 July
Jan
20
4
—6
13% Nov
82*i Nov
Apr
34*2 July
Mar
Cleaner....5
03% 8ept
Apr
Apr
Mar
Eureka Vacuum
Apr
19*4
73%
28
84
RR Co
28% Deo
7*i Sept
8684 Sept
80
4% 1st preferred.......100
4% 2d preferred .......100
19*| Sept
Dec
43% Feb 3
10% Feb 2 I
No par
Erie A Pitts
Aug
30% Apr 10
$5b$ preferred..—..No par
JErle Railroad...—......100
Aug
9
20
Sept
83
Equitable Olflce Bldg—No par
Sepl
48
18
4
800
93
Jan
12%
% Apr
Jan 15
Sept
8% Sept
11%
118%Mar 15
18% Mar 15
33*8 Jan
38% Mar
8
13
23
578 Jan
72*2 Mar
Ex-Cell O Corp
*16%
5*2 Mar
16% Mar
19% Feb
25% Jan
Deo
52% Sept
27g Aug
3
Apr
13% Apr
3% Aug
14*4 Sept
4% Apr
103
Sept
1534 Apr
•
$5 conv preferred....No par
Evans Products Co
634
Jan 12
21% Apr
12% JaD
1,300
47
53
1
8,300
684
Jan 12
3
1
7,500
4
47
53
Mar
10%
**%•
Mar 29
109*2 Jan
—100
preferred—
5%
29
1%
*100
100
100
60
Engineers Public Service
28%
*100*8 10134
*24
24*2
24*2
4%
4*2
4%
%
%
7g
24*4 *23% 24
*95
97
96*8
17%
177g
18*2
103
...3
Corp
*9*2
7%
47%
26%
46*2
$6
$0 preferred
80
4
4
*9*2
1%
2%
1%
92
Electric Power A Light. No par
Boat
1%
*
Jan 12
12%Mar 16
1% Apr 5
47g Mar 2
Electric
37*2
1%
*2*2
*1%
82
18*2 Jan 30
4*2-Jan
16
Feb 26
Apr
4% Aug
32% Mar 14
-.3
9,000
Apr
90
38
Jan
IDs Mar
Elec A Mus Ind Am shares...
9%
79%
13
June
3*2 Sept
4% Jan
46
500
1%
3
40 *4
91*2 Feb 24
15% Apr 10
29% Feb 24
1% Jan
38
45%
%
Feb 14
17*8 Jan
1*8
%
Jan 12
12% Feb 20
20
*8 Mar 28
34% Jan 10
45%
%
*79
15 ig Mar 28
*37*2
%
8% Feb 21
Jan 15
1%
%
4% Jan
•
6% Feb
75
45%
85
62
142
No par
3734
♦90
24%
8
6
Douglas Aircraft..—No par
No par
Dow Chem'cal Co
Dresser Mfg Co—
3784
94
4
Apr
2378 Jan 10
1%
38
87
Jan
90
23% Apr
Elec Storage Battery..No par
*84
43
78*4 Jan 22
3*2 Jan 16
Marl6
32*2
*90
34% Jan 22
19
29
86
2
10% Jan 15
32
94
20*4
Nt par
28*2
%
1*2
278
1%
80
4*8
10%
29%
1
7%
par
No par
Match
6% part'c preferred
32%
*90
37*2 Jan
tDenv A R G West 6% pf. 100
28%
*84
Feb
preferred......25
612 Jan 22
(The) 1
Jan 19
Dayton Pow & Lt 4>$% pf. 100 xlll
8,800
84
Jan
40*4
Davison Chemical Co
6
94
41*i
Elllngon Schlld—
N» par
Electric Auto-Lite (The)
5
9%
79%
Jan
Apr
2,800
18,700
42,300
1H% 11184
Jan
32% Aug
Apr
27% Mar 29
33%
*45
110
Sept
277g
900
38
33
Co.—.4
Edison Bros Stores Inc
2
6,600
Deo
2% July
45. Feb 26
3% Apr
Mar 21
9*8 Jan 15
Cushman's Sons 7% pref..100
$8 preferred
No par
32
*45
Apr
20% Jan
G78 Aug
Aug
5
9
1
A
*28
7.
23
Class
32%
*24*4
*92*2
*18%
*19
30
93
,
9
Dome Mines Ltd
7,900
177
Jan
Doehler Die Casting Co No par
200
Sept
% 96 Pt
16
Sept
Jan
01*2 Sept
07*2 Sepl
Apr
Sept
3
7*2 Apr
1*2 Apr
24% Jan
105
Jan
547g
150
Jan
1
_
28*2
*101
101
6
Curt Iss- Wright
28*2
,
4%
10%
29%
30
Curtis Pub Co (The)—.No par
Preferred
—No par
31%
1%
*
80
*4*8
10*8
——100
Inc.—
6
33
84
278
1%
80
Press
29%
%
27g
*1%
Cuneo
32
32*2
33%
*90
1
37g
1%
8*2
Preferred..
Cudahy Packing Co
32%
6
6
6*4
534
32*2
6%
34%
45%
111% 111% *111*8 111% *1H% Hl%
9%
934
934
97g
9*2
10*2
*79% 81
*77% 81
78*2 4 78*2
81
857g
%
1%
8%
i
Cuba RR 6% preferred—.100
Cuban-American Sugar
10
*1%
37%
10%
64
16*2
1%
*45
45%
•91
„
100
32
112
*84
-
49
Jan 11
94
Preferred
28
38%
*111% 112
10%
10%
•78%
81
*84
86%
„
Apr
37% Mar
17% Dec
8,300
3,700
2,100
32
1*2
38%
4078
*1%
l*s
38%
he
39*4
15*2
67g
1%
16
7ie
35%
31%
32*2
*38*4
37
16
%
41%
16*2
1%
31%
32%
32%
35
35%
17
6*4
34*4
30%
32*4
35%
31
*2
6%
84%
35*8
*16%
174
174
*172
16*2
%•
_
37%
5%
40%
5%
154*4 156%
38*2
5%
5*8
35
8%
25%
25%
8%
*12*2
16%
Apr
27
6,300
130
5*8
24%
8*2
11578 H578 *114% 115*2
11578 H578j
40
2678
8%
9*2
1% Apr
1978 Aug
4% Feb
May
10% Jan
4078 Deo
6*j Nov
31*2 Jan
32% Sept
37
-
4,300
13,800
1,100
7,000
25*4
27
Jan
Apr
116
32% Feb
734 Jan
38% Apr
11% Jan 31
34% Jan 15
114% 114%
1157,
40*4
8%
Feb 28
18
No par
114% 114%T
40
25%
Apr
Apr
Class A
387g
3878 39%
38% 40%
5%
5%
5%
5%
5%
155
155% 156
158% 156
158%
*173% 176
*173*2 176
*173*2 176
35
35%
35% 3534
35% 35*2
16
16
16
16
*16*8
16%
*8
%
%
%
%
7„
40
40
40%
40%
39% 40%
16%
15%
15% 16%
15%
16*
1%
1%
1%
1%
*1%
1%
*115*8
25*2
8*8
13
Apr
Apr
Dlxle-Vortex
*12% 13*2
116*2 117
187% 187%
12378 1237g
8*4
5
29%
9
680
28%1
8*2
8*2
13
13
13
13
*12*2
13%i *12% 13*2
♦116*2 1 7
*116*2 117 1*116% 117 |
*116% 117
*116% 117
187% 189
187% 188%
187*4 188*4 188
187*2 188*2
189%
126
126
126
126 1 xl2378 12378 *123% 125
I 124 124 <
25*4
xl06
75
400
14,500
1,700
28,100
4,000
Mar
51% Sept
Apr
Sept
93% Apr 12
Detroit Edison
400
100
32*2
43% Apr 4
19% Apr 10
Devoe A Raynold8
1,700
1,900
9
Jan
*87% Sept
Jan 10
Apr
Jan
Apr
Mar
Jan 15
550
500
Doc
2
22% Mar
Feb 20
Deere A Co
2,200
17%
Apr
4
15
700
40%
*39*2
37
22
36*4
84
84
36
36
36
40%
9
187g
85%
14%
Sept
Sept
Deo
89
Dlesel-Wemmer-GIlbert
300
*5i#
%
*118% 119
19%
19%
19%
119
1878
*13%
5
5
9
10178
5
No par
1,300
5,100
3,400
/.
5% 8ept
34
$5 conv preferred...No
Crucible Steel of America._ 100
Crown Zellerbach Corp
8,500
700
-
18%
18%|
18%
5*8,
%'
10
778 Mar
97g Sept
28
Conv 5%
1*266
12% Mar
Dec
Apr
61% Jan
65% Jan
28*2 Mar 15
6% Mar 28
No par
Pref ex-warrants
"
Mar
34
Jan ,108% Aug
Dec
2% Jan
1
177
4% Jan
$2.25 conv pref w w._No par
100
4*4
Sept
35
Apr
33
19% Mar 30
400
17%
7*2
113% 113%
2234
23%
*27% 27%
113%
5
5*g
«1«
*2
%
119
119
27%
27%
19%
19%
20%
5%
%
8
*7%
113% *112
23
22% 23%
113% *112
20is
34i2
20
*4%
*16%
Mar 15
25
Crown Cork & Seal
"1*366
11
27
101%
25
2
78 Jan 10
210
380
Aug
11%
i
Mar 26
1
———1
7,000
3,200
Feb
91
1%
Feb
1%
97*2
49%
116%
9%
40%
5812 Mar 26
170
Crosley Corp (The)—No par
380
85
15% Jan 10
Jan 22
53
25
1C0
1,000
20,300
Oct
Apr
79*2 Apr
7*8 Nov
18% Apr 10
104
64
5% conv p-eferred—....100
300
Jan
227g Apr
Cream of Wheat Corp (The).2
73,500
1,100
7,600
73
8
9%
Apr
15*2 Mar 16
700
V
32'4 Nov
8% Aug
88
Sept
9% June
52*2 Mar 19
Bank Trust Co.20
Internat Corp
Crane Co..
"9% Deo
6*2 Aug
1
July
4% Mar
5
Corn Products Refining.
Preferred
Sept
Apr
4'4
734 Sept
3»4 Dec
Jan
50
series
700
58
434
17%
4*4
*16*8
Corn Fxch
Jan 19
25
par
Coty
5,800
20
478
5
Corp. No
preL 5
6% Jan 13
1
Del
Coty Inc
68
17%
conv.
11,500
29%
88*2
37g
42*2
Fibre. 5
Copper well Steel Co
24.700
10%
28*2
*88*2
378
20
*4%
8
100
1,000
4,400
1,100
10% 112,200
29
44,400
20
90*2
*58
*16%
8
400
5,100
14
20*4
478
I
Continental Oil of
81%
20*4
*58
68
3% Jan 22
22% Mar 26
Diamond
Continental Steel
27*2
378
42%
1078
17%
8
14
43
21%
8
81*2
267g
378
20*2
Continental Motors
2,400
4
7%
7%
Feb 29
113
No par
38
90
*3*4
91% April
41% Jan 19
20
preferred
7
Continental
34,000
40*4
1434
2634
10*2
28%
88%
91
20*2
39%
$4 50
Feb
1
Highest
share $ per share
Apr
8% Feb
Apr
30% Jan
15*2 Aug
5% Apr
5
18*2 Mar
12% Mar 19
•
100
3,600
93%
*87
preferred
9,900
42%
18%
92%
83
43
21%
113% *112
22*2
19*4
85*4
2634
4
*4%
*16%
5
175a
36*2
*168
37g
4
14%
27
*88%
*58
378
*80
42%
17%
Amerlca.£0
Continental Bak Co cl A No par
Class 11
....No par
Continental Insurance...12.50
27,200
7%
1%
1%
20% 20%
101% 101%
*29%
30
*6*2
6*4
35%
3578
43%
43*2
20*4
*99
101%
29*4 29*4
14*2 Feb 28
100% Jan 24
14%Mar 18
100
Continental Can Inc.—
2%
l%Mar 20
3*8 Mar 19
Consumers P Col4.50 ptNo par
8%
4*2 Apr
8*8 Apr
Jan 31
1,500
7*4
7%
1%
20%
*6%
100
5% preferred vtc
Container Corp of
10% Apr
334 Feb 77
7
6,700
177
*167
177
7%
1%
35g
21%
300
18
67«
21*4
102
102
13%
3*8
21
102
1% Jan
8*2 Jan 31
Consol Coal Co (Del) v t 0—25
300
97g Feb 21
327g Apr 5
110% Mar 25
78 Jan 19
.No par
3*2
92%
83
$2 partlc pref
Jan 18
—1
*16%
67«
27
Consol Film Industries
18*4
13%
1%
91%
43
7% Jan 30
30% Jan 15
107
No par
300
3*8
•13
preferred..
I7g
18%|
*88
5
178
40%
90
41l2
Apr
2%
378
900
17*2
7*s
1*8
21
101*2
29*4
6*4
36*2
4312
*42*2
Apr
95
Consol Laundries Corp
5
Consol Oil Corp
No par
Consol RR of Cuba 6% pf-100
92
42*4
92
Feb 23
30,700
16%
*42%
90
Feb 10
86
7%
90*4
43*4
1578
41*,
1,900
79
100
5
7% Jan 29
Consol Edison of NY ..No par
$5
Apr
100
7% preferred-6H% prior pref
Consol Coppermlnes Corp
*7%
*167
177
*167
175
6*2
91
500
92
92
*92*2 93
48
48% 4812
48%
48*2
48*4
49*4
*115
116
♦115
116
116
115*4 11534 *115
8*2
8*4
8*4
87g
8*2
8*8
8*2
9*4
40%
40%
40*4
40*2 40*2 *40% 4078
4012
3*4
4
37g
4
378
4
37«
4*8
23
23%
23% 23%
23*4 235s
23l4 237g
30*4
31*4
31% 31%
30% 305S
3n2 3278
21%
217S
21*4 22 %
22>8 22%
22i8
2278
*60
*61
63
64
62%
62*2 63
63*4
55
55
55*2
55%
5514 56*8 *545a 55*2
60
61
60%
60% 61
61*2
6114
6178
615s
4314
155J
89*2
40*4
27,000
1,800
18
8
9
778
102
137g
1*8
13*2
1%
28,000
6% Jan
Marl6
57s Jan 13
Corp
1
Consolidated Cigar
.No par
*1%
*3%
*16%
17
135s
9
5
8
Alrcrart
7*4
2*4
4
4*8
:
31% 31*4
10778 108
*7g
1
9%
9*4
4
4%
31*4 32
10778 108
%
1
9%
9%
4%
4%
108
108
9*2
9%
9*2
9*8
31*8
9*8
32*4
108
17
385s
43*4
8912
15*4
17«
5618
43
43%
1578
19*600
77,
177
37*4
25*8 Jan 15
10
29*2
912
63 7g
43*4
Consol
*7
29
4'8
33
2278
38*8
5
10
1
7
,
37%
•43
19
13% Feb 2 »
9% Apr 4
31
Apr 9
30%
9
24
7
5
24% Feb 17
Jan 15
*7
3 US
7U
7l2
1*2
1%
215s 2178
102
102*4
29*8
29*8
1*8
3
22% Jan 12
29%
108
115*4 *115
115*4
9
878
9%
40*8
40*s 40*8
4
37S
4i8
32
CondeNast Pub Ine__.No par
10
*91
per
Congoleum-Nalrn Inc..No par
Congress Cigar
No par
IConn Ry & Ltg 4H% preflOO
30
*95*2
share
200
*7
92
per
1,700
1,900
29
98
Lowest
Highest
$
share
per
5*4
12%
10
91
$
23%
31
*95
4878
23%
32*4
*5*4
23%
12%
14*2
1*2
93*2
23*8
32*4
*12
*7
1478
48%
|
49
23l2
11*4
578
23%
12%
*5U
23%
514
23l2
12
514
12U
28%
10778 108%
»78
1%
978
10%
*4l s
4%
778
778
*1*4
17«
4
*3*4
16*2
16*2
♦10178 102*4
16*2
1658
1%
5%
23*4
12%
32*4
24i<
12%
15%
5is
23%
578
24%
13t4
9i2
30*4
16
91*2
98
9
24%
Par
Range for Previous
Year 1939
3% Sept
Aug
Aug
178 Sept
3
Sept
0
8ept
3*2 Sept
05*4 8ept
5% Mar
6
Apr
13
14%
%
Apr
Dec
25% Nov
2*4 Jan
87i Sept
2»4
Apr
Jan
49*4 Aor 8
2S% Feb 23
24
Apr
20
Apr
3
11
Apr
18% Aug
Mar 27
81
Jan
98
Deo
3
29
Dec
31%
Dec
187S Apr
102
1
2% Aug
84 May
Jan
25
Jan
I884
95
Apr
82% Sept
20
Jan
17% Nov
40% Feb 14
22*2 Jan
Apr
5
2734
Apr
10% Sept,
437g Jan
38*2 Sept
6% Nov
Jan
Oct
Feb
23*2 Nov
40*4 Deo
21*2 Dec
1%
27i2
89%
Ex-rlghts. ^ Called for redemption.
New York Stock Record—Continued—Page 5
2376
rLOW AND HIOH SALE PRICES—PER
Saturday
% per share
$ per share
20%
20
Apr. 9'
20
20
I
Apr. 11
•
$ per chare
$ per share
20%
19%
19%;
106
*10684 106
1051$ 10512 100
106
44%
44%
44%
441$;
44% 44%
21%
21%'
21%
21%
20
21
37
37%
37
37
3684
36%
25%
2%
25%
*25%
♦31
32
106
44%
19%
*36%
*25%
*2%
♦100
*25%
25%
2%
*25%
32
*31
32
107
2%
| *31%
107
2%
107% *100
19
19%
19%
79%
6%
*4%
♦30
35
19%
*72
34
*70
*30
18%
4%
*30
34
*15%
3%
16
10
10
10%
18%
18%
18%
18%
18
18
*103
105
♦103
3%
105
105
*48%
30%
105
5%
0
12 I
48%
5%
*10%
36%
2%
3%
35%
2%
*10%
48%
2%
3%
0
*48
48%
*103
1,400
107
107
17%
*5%
5%
3
10%
25%
9%
27%
10%
9%
29%
26%
27%
77
80
78
80
75
78
2,200
534
"T,2()0
17%
17%
17%
18%
18
18%
117
117
39%
39%
47%
47%
*118
%
•u
%
*24
*24
44
44
*25
44
Gay lord Container Corp
3%
3%
73a
9
3%
7%
23
44
*26
44
*26
4,500
100
2,300
2,900
50
1,300
30,400
4,300
3%
8%
3,200
2,200
♦80
80%
80%'
19
1834
67%
23%
24%
23
67%
23%
95
90
95
95
68
68
24%
95%
24%
95%
24%
95%
3%
3%
*3%
3%
51
7a
19%
*48
3%
51
48
*13%
*9%
13%
*13%
9%
9%
9%
*9%
9%'
16%
16%
36%
24%
1434
27%
27%
16%
16%
1584'
30%
*24%
36%
1534
35%
24%
24
14%
15
27
27%
15%
25%
27%
36%
♦24%
14%
2684
27%
*137% 13934'
*40
54
i
35% 35*8
16%
17%
*11%
11%
9
13%
.
8%
9%
*13
35%
I
15%
15%
2334
15%
27%I
25%
27%
2534
27%
j
54
$6 conv pref series A.No par
20
65,700
900
10,300
1,200
2,900
100
3,000
900
1,280
1,200
2,100
34%
*3234
*35%
18%
34%
*32
35%
1834
36
*35%
17%
*17
18
*17
18
105
105
104
104
18%
*104% 105
*10334 105
26
26
*134% 147
*130
18%
*17
17%
*104% 105
104
26%
147
8%
4
*136
110% 110
*11%
1138
11%
*108% 109%
10834
♦16334 164
*16334
18
18
18%
99
99%
99%
132»2 132% 132
*66%
66% *66%
110
26%
138
1,800
6,300
*109
I
*3%
17%'
*16%
33%j *33%
1,300
3%
51
600
16,300
10,500
27%
6,700
3334
~2~ 200
16%
11%
16
11%
16%
11%
16,700
1,600
234
27
2%
26%
2%
26%
4
17%
*3%
4
100
16%
16%
34%!«
100
*33%
34%
30
I
*35%
36
17%'
18
17
3,100
*17
17%
17
17%'
j 105% 105% *105%
105
105
25%
*136
*104
25%
138
25%
,*136
105
1*104
100
2534' 25
138 I 138
109
109
107
6
6
6
1*48
49
I?'4
6
121%
ft^6%
6%
1%
2134
6%
7s
*21%l22
6'«|6%
"i»
L*23%
ft 43%
24%
43%
*42 «K43%
1^5%
6
*5341*6
12%*1278
♦23% a 24%
Bid and asked
6
"is
"is
12%
6%
48
1%
*5%
21%
6%
Fl2%
»
578
|| 1%
*5%jf
112
48
*47%1 49
1%
6
§>►"*•
*109
112
109
105
1,300
60
19,100
700
i*163
163
200
21%
21%
2O84
21%
prices; no sales
on
6
6
"is
11%
22%
41%
*5%
6
"IS
1134
22%
41%
thla day.
6
84
1134
22%
40
5%
6%
5%
5%
34
84
34
1134
22%
40%
5%
11%
11%
8%
preferred
100
Gulf Mobile & Northern...100
6%
preferred
Hackensack
100
25
Water
7% preferred class A
25
Hall Printing Co
10
Hamilton Watch Co..-No par
6%
preferred
100
6%
preferred
100
Hat Corp of Amer class A
1
100
2
6H% preferred
Hayes Mfg Corp
Hazel-Atlas Glass Co
25
Hecker Products
1
25
Corp
Helme (G W)
Preferred
100
6% cum preferred
Herahey Chocolate
No par
No par
Co-.-lO
Holland Furnace (Del)
10
Hollander A Sons (A)
Holly Sugar Corp
3,300
6
Homestake
No par
preferred
100
Mining
12.50
Houdallle-Hershey cl A.No par
7%
B
No par
Household Finance
No par
Class
9,500
preferred
.100
Houston Oil of Texas v t C..25
5
Howe Sound Co
Hudson A Manhattan
..100
5% preferred
100
Hud Bay MIn A Sm LtdNo par
Hudson Motor Car
No par
Hupp Motor Car Corp
2
20
100
600
41
41
230
6% preferred series A
Leased lines 4%
130
RR Sec ctfs series A
J In receivership,
a
Def. delivery,
Jan
19%
Jan
16
Dec
25%
Jan
100
Oct
31
Apr
Jan
117% Mar 29
41
Jan
49
Apr 11
118% Jan
2
6
36%
107% Sept
% Jan
44
Jan
127% Mar 23
56% Mar 8
7% Apr
10
1%
19%
8
99
July
Dec
112
28
Apr
Mar
Apr
Jan 11
4
n
New stock,
Jan
Oct
Apr
15
Apr
43% Sept
20% Nov
15% Jan
Sept
8% 8ept
10%
18
*ug
97% Nov
15%
58% Apr
2
11% Jan
Jan
8
3
Jan
8
2778 Apr
29% Jan
8
2
142
55
Feb
6
Jan 29
Feb 13
15
Feb
30% Jan
7
5
34% Jan 17
16% Apr 10
16
Feb 21
101% Jan 25
arlOf
Feb 14
23% Mar 18
138
28% Feb 2?
Apr
54
Oct
137g
24%
2%
Jan
17g
Apr
70
Jan
13%
Apr
53
Apr
21%
87
Apr
Nov
27g June
07
61
Jan 15
11% Feb
16
5
2
18
1
28
11
30
2
Mar 16
67
108%
5%
41%
%
3
Mar
6
Mar 8
Apr 12
Jan 3
Jan 11
19% Apr
1
5% Jan 19
«4 Feb
9
934 Mar 18
21
38% Jan 25
5
Mar 15
Mar
z Ex-div.
y
5
86
Jan
Nov
2434 Jan
74% Mar
38% Jan
10934 Jan
5% Sept
Dec
80
%
4%
Aug
Apr
14%
Dec
934
10
Dec
1% Nov
l07g Sept
15% Dec
10% Dec
22% Sept
Apr
Mar
24'4
227g
Jan
35
Aug
Jan
25
Aug
12%
16%
Apr
Apr
22% Sept
33*4 Sept
23% Aug
129% Sept
42
May
37% Sept
141%
53%
35%
21%
12%
June
July
Dec
July
Mar
Apr
6
Sept
9
Apr
36
Sept
%
18
Apr
8
11
Apr
223g Sept
34
Feb 29
29
May
32% May
37
Jan
9
32
Jan
38
20% Feb 19
8
Apr
18*4
Dec
8
15
Apr
18
Oct
106% Jan 12
99
Apr
105
Oct
105% Mar 30
96
May
103*8 Nov
4
17
33% Sept
Apr 12
123
Apr
Sept
17
28%
138
16
112% Jan
16% Apr
30% Mar
6% Jan
12% Feb
108 Mar
52
Mar
33% Jan
27g
0'4 Sept
Jan 12
5j
Mar
334 Mar
Apr
110
Jan
47
,
Jan
3
1
87% Jan 10
Jan
60% Mar
4
107% Mar
131
Mar
43
Jan
3
3
23
12
10
2
Nov
99% Feb
27% Mar
8*g Jan
Apr
4
Apr
7% Jan
91
Jan
3
Mar
105
Apr
97g Jan
Feb
12
Jan
Jan
Aug
Sept
234 Feb 23
Mar 19
Jan
10
8
7
4
534
43%
6%
10
Apr
ls8
20%
15%
3
Jan
Jan
92%
41
Jan
Jan 15
100
r Cash sale,
28
14
034Mar 6
517g Mar 14
88
Jan
1078 Jan
111% Nov
1% Sept
19% Apr
12% Aug
18%
100
1000
678
Feb
5
18% Feb 27
101% Apr 3
23% Jan 4
9
38
4
Jan 11
3034 Apr
24«4 Mar
13% Jan
% June
12% Sept
85% Aug
% June
Oct
126% June
3% Sept
7
99% Feb 21
"i« Apr 2
15%
Aug
128'4
56%
Apr
Sept
105
18% Apr
33% Jan
Jan
4778
Jan
Jan
3
Jan
44%
118% July
1% Jah
65% July
Dec
Jan 10
Jan
130% Mar
Dec
39
56% Apr
110
Jan
%
Apr
130%
Jan
721$
125%
30%
Jan
101
3% Jan 27
1
Illinois Central RR Co
23
5%
75
Aprl
No par
*22
5%
Apr
9
10
2,600
3,500
8,400
35
43
Jan
12
HlndeA Dauch Paper
3,000
4,500
18
Apr
Apr
11% Apr 11
10
preferred
500
300
Mar
17%
80
Apr,
5H%
July
5% Sept
29% Apr
14%
Guantanamo 8ugar
103% Mar
Apr
4
3
$4 conv preferred
800
2%
17% Jan
100
1,200
Mar
Jan
15% Mar 21
5%
1%
11
149
Jan
Greyhound Corp (The).No par
112
6
7% Dec
128
8ept
Jan
Jan
No par
47
Sept
24%
Hercules Powder
6
65
5
90
46%
1%
3%
11%
Apr
35% Apr
3,900
1%
145
40
Jan 30
Mar 16
Mar 18
Jan
3
Jan
30% Jan 12
97%
5,200
57%
8%
Jan 18
Jan 26
Jan
Jan
1
96%
584
8
6
Jan
9
96
16% Apr 8
3'% Apr 8
24% Feb 21
Feb
Jan
Mar 20
104
Mar 21
50
9738
5%
21%
Mar
133%
97
4734
2134
6%
9%
13
31%
23%
1 !%
22%
27
132% 132% *132% 133%
47%
*1%
*5%
1%
578
2134
"is
Green (II L) Co Inc
Mai 23
14
5%
48
100
3
155
534
*5
80% Feb 28
16% Jan 15
63% Jan 15
21% Jan 15
91% Jan 23
100
5%
*1%
...100
7%
18%
52
May
No par
6
4
34
Motors
500
734 Apr
3% Apr 11
Hercules
*109
5
Apr
44% Mar 26
37g Mar 25
10
112
Jan
Apr
334
sr9% Sept
45% Aug
5% May
2% Jan 22
2,900
400
50
578 Sept
18% Oct
15% Sept
104% Dec
7% Aug
July
9
94
Jan
Sept
3U Sept
Sept
18
900
3
2
Jan
Jan
97« Sept
Apr
July
14
164
1,900
Jan
18%
1%
4
17%
100
9
9
5
Mar 27
Mar 27
Apr
Mar
27
16% Mar 16
38% Jan 2
2% Jan 29
173s1
5%
47%
Mar 20
47% Jan 13
9
14
7
I73g
*109
1%
0%
ll%jt 12%
2284^23%
*41% k 43%
*5%j* 6
*109
20
Harbison-Walk Refrac.No par
5,700
163
112
preferred
2,000
105
132
*109
10
Hanna (M A) Co 15 pf.No par
11%'
1078
11
109% 109% *108
110
*163
164
*163
104
164
I884
17%
18%
17%
17%
99
9934
100%
96%
99
132% 132%
No par
Preferred
30
138
4% Jan 4
8% Apr 2
10J% Jan "'7
a4 Feb 20
15% Mar 18
86% Jan 15
% Feb 5
10% Mar 19
27% Mar 19
14% Jan 13
24
Jan 15
197§ Jan 2
117g Jan 10
15% Feb l
98
Feb 0
18% Mar 18
6% Jan 3
47% Jan 3
9
5% Apr
17%
187g
105%
0%
2
Jan 2
80% Jan 16(
128
Jan 15
51
Jan 15,
12 1%Mar 1
37% Jan 31
Jan
1% Jan 30
9% Apr 10
147g Jan 4
40
25%
2%
% Jan 2
7% Feb 5
13% Mar 16
div ctfs.No par
ctfs
No par
w
Without dlv
50
105
% Jan
40
Jan 25
38% Apr
47% Mar 30
No par
Granite City Steel
Grant (W T) Co
30
17%'
Feb 13
4% Mar 19
Feb21
1
5
par
No par
Preferred
90
17%
*17
Jan
3'>%
Apr
2034 Apr 4
69% Mar 7
247g Apr 4
97% Feb 21
4% Feb 8
71% Jan 9
No par
Graham-Paige Motors
Granby Consol M S & P
5%
Jan
Mar
Mar
Mar
10734 Apr
100
preferred
$5 conv preferred
Gotham Silk Hose
800
2,300
.
....
112
5%
Goodyear Tire & Rubb.No
Green Bay & West RR
*35%
105
50
1
1
Gold & Stock Telegraph Co 100
Goodrich Co (B F)._..No par
400
a;33%
67%
*66%
67% *66%
67%
*66%
67%
1114% 114% *112% 114% *112% 114
*112% 114
*112% 114
*112% 114 I
17%
18
*17
*17
|*16% 17»4 *16% 17%
18%
18%
17%
18%
35
*34
35% 35%
34% 35%
35
ft! 3 5
*3434
35%
3434 3484
7%
7%
7%
734
7%
734
*7
7%
7%
7%
7%
7%
14
*13%
13%
13%
13%
13%
14%
14% *14
143a
1334
14
*104
*108
*104%
*104%
*104%
*104%
56
56
5534
56
55
56%
55
56%
55
55
55%
55%
1*35
35% *35%
35%
35% 36
*36%
37% *37
37%
37% 37%
15
1484
14 7g
15%
14%
15
14%
15
1434
14%
1434 14%
70
70
70
70
*69% 70
*69
*6978
70%
69%
70%
6934
*109
AVi% conv preferred
"""206
I
*104
No par
No par
Goebel Brewing Co
GrandUnlon
1334
No par
No par
Gobel (Adolf)
40
1
9%
5
Razor..No par
preferred
Brothers
preferred
Glldden Co (The)
800
10,200
*11
1337g:
66%
66%
30
conv
$0
100
6,100
30
11%
1078
11
109% *108
109%
*132
Gillette Safety
$5
2,200
.100
General Tire <fe Rubber Co
Glmbel
*35%
16%
7
preferred
1,400
95%
8%
110
xll
11%
10884 *108
Gen Theatre Eq Corp..No par
4,600
1,200
68
104
334
pref. -No par
General Telephone Corp
20
Great Western Sugar. .No par
24%' *24
33%
Gen Steel Cast $0
6%
7,500
8%
8%
*8%
8%'
*8%
8%
,*101% 103% *101% 103% *101% 103
4
4
I
4%
37a
4
334
378
8%
104
4%
*109
104
2584
9
i.103% 103% *101% 103%
33%
36
1
160
234
*33
General Refractories...No par
General 8hoe Corp
2,200
234
18
No par
No par
6% preferred
.....100
Gen Realty & Utilities
1
$6 preferred
...No par
138% 138% *137% 138%
*40
54 , *40
54
11%
17
1
.....No par
17,900
16%
11%
18
.....No par
preferred
Gen Time Instru Corp .No par
15%
£53a
16%
4
Common
General Printing Ink
Gen Railway Signal
15%
26%
2734
16%
3%
Gen Outdoor Adv A...No par
Gen Public Service
180
*23%
16%'
2%
24%
*3%
*16%
No par
preferred
2,500
2334'
16
*11%
$5
""360
1,900
17%
11%
—100
10
General Motors Corp
$6
35%
2334
15%
1034
234
27
3%
No par
preferred
5%
700
35%
34
11%
General Mills
35%
34
2%
*24%
No par
Mar
11
Mar 4!
48% Apr 8l
0% Jan2t|
101 % Apr 10
51
Jan 151
7
Mar 26
135 Mar 14;
2%Mar 19;
7% Apr 11|
18% Feb 5
48% Feb 0
17% Jan 15!
113% Jan 2
37% Feb'29
45% Jan 12'
110
Feb 10
CJen Gas <fc Electric A..No par
800
34%'
2%
preferred..
l",900
19%
*9%
..100
preferred
7%
1,900
15%
34
11%
7% cum preferred
100
General Cigar Inc.....No par
Electric Co...No par
23
*13
...No par
A
Foods Corp—-No par
15%
34%
*11%
Class
26
27%
27%
|
preferred
No par
Gen Am Transportation
..5
General Baking
5
$8 preferred..
No par
General Bronze Corp..
5
General Cable Corp...No par
$4.50
10,200
9%
I
$6
General
3%
85
"i«
9%
Gen Amer Investors...No par
Gt Nor Iron Ore Prop..No par
Great Northern pref...No par
26
137% 138%
*40
*9%
34%
18
4%
13%j *13
35%
*17
4
|
5
50
General
*3%
*47%
9%'
13%
35%
*3%
9%
9%
50
"le
35%
24%
54
4
17%
9
*47%
I
$0 pref No par
3
100
22%
3%
35%:
24%
2734
138% 138%;
20%
4
2534
*3%
conv
9,400
*94
(
16
*40
*2%
*2414
35%
18%
95
10
...
39,800
68
68
23%'
16%! *1534
10
*80%
1834
19%'
23%
9%:
_
85
95
1
3
3%;
0
16%
35%
*2334
*40
2%
24%
*2%
24%
*33a
*67%
9%'
13%' *13
27% 27%
137% 137%
54
19
47%
uit
9
8%
*80%
3%.
47%
1
"u
8%
'
*80%
3%
3%
47
1
»i«
"i«
8%
2%
19
67%
20%
68%
24%
95%
*48
2%
85
2%
20%
20%
68%
*68
|
82
*80
82
20
3
2%
preferred
5H % conv preferred
160
'
3
pt. 100
10
Gamewell Co (The)....No par
44
7
7%
6%
6%
7%
0%
7
6%
6%
6%
6%
6%
9
9
*9
87S
9
9
9
9%
8%
8%
9%
9%,
*108% 110
*108% 110
*108% 110
*108% 110
*108% 110
*108% 110 I
%
%
%
*%
1
%
%
%
*%
»i«
*%
»i«
17
17%
18
1734
1634
17%
17%
1634
10%
17
16% 16%;
95
93
93
93
*93
*93
95
94
95
95
95 I
93%
'%•
*%
%
"i«
%
111, 11,,
5g
5
%
»w
♦18%
19
*18%
19
18%! *18%
18%
18% *18%
18% *18% 18%
33
31
32
32
30
33%
32% 33
33%
31%! 31
"
30%'
15
15
15
14%
14%
1434
1434
♦14%
147S
1434
14%
*14%
30
30
♦29
30
30%
30
30%
29%
30%
29%
30%I 30
22
23% 23%
22
23%
23%
2234
2234
23%
22% *22%
2234
12%
12%
12%
12%
11%
12%
12%
12% *11%
12%
12%
12%
♦17
*17
18
*10
18
*16
18
"48,
*16%
18
*16%
18
*98
*98
*98
106%
1007a1 *98 106% *98 106% *98
106%
106%
21
20%
21
20%
19%
21%
20%
19%
19%
19%
19%
6%
6%
0%
6%
6%
6%
6%
6%
6%
6%
6%
51
51
50
50%
51
50%
a4934
4934
50%
60%
60%'
8
8
7%
8
7%.
7%
7%
7%
7%
7%
7%
67
*55
56
57% 57%
57%
55% 55% *54
64%
54%'
18
18%
18%
18%
18%
17%
1784
1734
I784
17%
17%
*43
*43
*43
*42%
44%
44%
44%
*42%
44%
44%
44%
44%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3
F'k'nSimon&Co Inc 7%
200
50
ar99% 101 f *97
100% 101
99% *97
99
99%
99%
*128% 129% *128% 129% *128% 129% *128% 129% *128% 129%
128% 128%
65%
55% I
55% 50%
54%
50%
54
54%
54%
55%
54%
54*4
♦126
126% *120
.25% 120%
126%
125% 125% *125% 126 .*125% 126%
*54
55
1
66
50
54% 55%
54%
55 • *55
5534
553g
553g
2%
30
Gar Wood Industries Inc
100% 100%
2%
55
Apr
40
26
*26
I
Apr
Sept
1,300
23
23% 25%'
76
77%
77%
77% *73
18
17%
18
1734
1734'
18
110
110
*115% 116% 115% 115%
39
39%
39%
3984I
38%
39%
48
49
4734
48%
j 48
4834
*110% 121
*116% 121 1*110% 121
•h
*1«
%
%
%
%
*110% 121
»u
%
'i»
1%
2,900
76
118
118
121
9034
6
6
3%
9*8
26
116% 117%
39%
40%
47%
48
117% 117%
39% 39%
47% 48
2934
8
:?7
15
26
18
2 )
9
12%
*49
Sept
Feb
102
|
Oct
5
Aug
Jan
July
37% 8ept
108% Jan
378
29
31%
1%
2%
12%
13
101
102
50
25
Apr
Apr
Apr
103
*49
May
1%
21
Jan
Aug
103
•
17
35
51
31%
Aug
430
48%
38
14
Gabriel Co (The) cl A ..No par
Galr Co Inc (Robert)
1
Gannet Co
Apr
00%
4,100
5%
Apr
Sept
38%
103%
18
12%
15
25
20% Jan
10
534
5
76
18
1334!
2
46
5
4%
*16
534
Jan
21% Apr
38% Mar 20
25% Apr 4
3% Jan
Feb
18
*13
25% Sept
105% June
No par
Freeport Sulphur Co
share
per
Apr
Jan
Mar 15
18
5%
17%
99%
17
*16
14
3
Highest
share $
70
2
105
per
Jan 24
21% Jan
106
%
105
30
$3
share
10
38%
21,200
per
No par
pref
preferred
Francisco Sugar Co
conv
2
4%
Jan 25
100
conv
Foster-Wheeler
30
4%
1634
32
I
Mar 18
Feb 8
37%
4%
19% Mar 25
104
Feb 26
43% Jan 18
18% Jan 15
23*4 Jan 23
2% Jan 30
2
110
share
30
30%
900
per
10
Machinery Corp
38%
20,500
%
1 Follansbee Brothers..No par
%7
:
Year 1939
Lowest
Highest
Food
2
9
91
No par
30%
3
3
3
3
3%
n%
28%
3%
No par
No par
Florence 8tove Co..
80
17%
78%
7
7%
7%
7%
7%
103%
103% *101
103% *101
First National Stores
Flintkote Co (The)
Florshelm Shoe class A .No par
300
7
7
7%'
7%
7%
*101
101% 101% *101
10334 *101
1033;
53
54
54
52%
54
53%
53%
5334
5384 5334
| 54
54%
7%
7%
7%
7%
7%
7%l
7%
7%
*7%
7%'
7%
7%
*135
130
*135
136
*135
136 1*135
130
136
*135
136
136
7%'
♦7%
6% preferred series A... 100
"""406
107
17%
*70
78%
Firestone Tire & Rubber... 10
400
37%
5%
13%
48%
48%
17%
Par
17%
4%
16%
17%
0
Shares
1,200
4,000
1,600
Range for Previous
100-Share Lots
Lowest
34
*2
13
5%
12
12
107
On Basis of
13, 1940
EXCHANGE
Week
19% 20
20
20
105% 105% ♦105% 106
4484
44%
44% *44%
19%
20%
1934
1934
36% 3634
36%
36%
*25%
25%
*25% 25%
2%
*2%
2%
23a
30% 30%
*30%
31%
*70
NEW YORK 8TOCK
37%
2%
4%
17%
36%
38%
2%
5%
17%
35%
2%
♦2%
3%
25%
2%
31%
*105% 107
17%
18
*70
79%
*5
5%
5
*30
34
*2%
18%
79%
5%
4%
44%
20
37
31
2%
*70
79%
Thursday
STOCKS
A?
the
Friday
Apr. 12
Wednesday
Ranoe Since Jan. 1
Sales
NOT PER CENT
I per share
$ per share
i*20%
SHARE.
Apr. 10
Tuesday
Apr. 6
Monday
Apr. 8
April
Jan
Jan
9% Apr
104
Apr
5
9
4% Apr 4
113% Jan 2«
144
Feb
10%
71
Jan
92
2
Apr
93
Apr
47g
4*4
Nov
May
Oct
Nov
Nov
12% Dec
13% May
8% Apr
100
Sept
117
Mar
Mar 20
148
Oct
167
June
18% Apr 1
100% Apr 9
133% Jan 30
10
Apr
18%
101%
135%
65%
11% Apr
8
Jan
8
63
128%
Apr
Apr
Nov
Sept
Mar
6% Apr
3
54
Jan
115% Jan
<18% Jan
9
100
Sept
115
July
1434 Apr
29% 8ept
19
Jan
51
Jan
f
4
35% Apr 4
778 Mar 4
15% Feb 2?
110
Mar 30
60% Jan 12
Apr 12
Apr 4
Jan 29
Jan 10
078 Jan 3
50% Feb 21
1% Feb 20
7% Feb 20
37%
15%
70%
111%
27
Jan
5
6% Feb 17
Jan
2
13% Jan
24% Jan
3
3
6
3
1
431$ Apr
6% Jan
Ex-rights.
5% Nov
8%
Aug
Aug
11% Mar
21% Sept
95
May
47®4 Sept
110
27
36% Mar
17% Jan
73% July
110*4 Aug
9*g Sept
57
Sept
8*4
60%
102
Apr
Apr
Oct
Sept
4% Sept
40
Apr
% Dec
27g Sept
2134 Sept
4% July
s4 Aug
Aug
Oct
66% May
1%
Jan
5% Jan
35*4 Sept
87g Jan
2%
20%
Jan
Apr
35
Jan
38% Sept
49
Mar
9
10%
434 Sept
11%
1 Called for redemption.
Jan
Jan
/,
i
Volume
LOW
New York Stock Record—Continued—Page 6
150
2377
Tuesday
.
j
Apr. 9
|
Apr. 10
i
$ per share
9
f'27%
113i4
II334'
113
158
27
114
*155
158
8
8
S«4
28
8%
2712
27%
26%
158
|
Apr. 12
Week
$ per share
Shares
11334'
8
*7%
27
•
27
*26%
*7%
Lowest
500
8
Par
Indian Refining
2634
2,500
112% 112%
1,300
Ingersoll Rand...
114
114
158
*154
158
*154
158
*87
113
$ per
S
share
100
118
3
156
Jan
Year 1939
Lowest
i
share
per
150
-No par
preferred
6%
Ranoe for Previous
Highest
5% Jan 31
25% Mai 16
111% Mar 2
10
No par
Industrial Rayon
*155
11334 11334
*155
Friday
$ per share
t
8%!
27
7%
27%
.
Apr. 11
J
$ per share
$ per share
Ranoe Since Jan. 1
On Basit of 100-Share Lots
EXCHANGE
Thursday
Wednesday
Apr. 8
STOCKS
NEW YORK STOCK
the
NOT PER CENT
SHARE,
.
t per share
*154
SALE PRICES—PER
Monday
j
Apr. 6
*8%
HIGH
t
Sales
for
AND
Saturday
per
4% Apr
1634 Apr
934 Apr
29
Jan
89
89%
89%
88%
8934
89
89
89
88
89
~~3~206
Inland Steel Co
No par
80% Jan 22
90
14%
14%
14%
*6%
15%
14%
1534
15%
15%
1434
15%
30,400
Inspiration Cons Copper...20
6%
14%
6%
131
6%
*6%
6%
6%
6%
400
3%
3%
3%
*2%
3%
6%
3%
*6%
* 3%
3%
3%
4,000
3
*2%
*2%
*45% 4534
*11H2 112
11%
2%
33%
4%
4%
10%
61a
3414
612
3434
6%
13%
57
*4
54%
36
12%
56%
4%
5412
4%j
10%'
36
4%j
4
10%
34%
10%
6%
33%
3%
11%
6%
6%
3434
35%
*129% 133
*12912 133
121a
178
176
129% 129i2
6
177
178
4
1,300
12%
12%
10%
6%
6%
32%
6%
4
45,700
1,900
4,600
100
4
3,300
11% 106,400
6
32%
3234
22,700
12934 12934
Preferred.
Int
13%
57%
14
16%
16%
17%
16%
16%
15%
16% "307,600
58%
63%
62%
65%
62
64%
61%
63%
4%
*3%
4%
*3%
*3%
4
52%
52%
37%
*52%
3634
4%
52%
3634
*3%
*3634
4%
53
37
33%
33%
*33%
33
33
Mercantile Marine.No par
Preferred
5% conv pref
5184
""260
37
37%
400
*33%
3334
400
International Shoe
400
International Silver...
33%
26»4
*101
4
♦4
9U
*86i2
8%
*27'2
26%
54
37%
33%
26%
25
27%
*127
*126%
*12612
*26
*3634
126
51%
33%
26
*25%
*126
127
15%
15%
15%
15%
15%
15%
15
15
5054
50%
50%
60%
50
50
71%
*126»4 127
I 127
66%
65
*15»4
16
*120%
*7%
67%
I 15%
'*120%
15%
7%'
*18%
127
6612
71%
72
71%
72%
7234
12634 127
*12634 127
*12684 127
67
67
*65
67%
65%
69
71%
*7%
*17%
1584
16
7%
19%
7%
*18
*15
16
1
15%
*15
7
7%
19
*18
*18
19%
110
1,800
200
3,300
71%
1,900
5,400
13
Feb
7
18%
100
300
7
Z13%
13%
*13
13%
*12%
13%
99%
*90
99%
*90
98%I *90
99%
*90
99%
13
13
*12%
13
*12%
12%»
12%
*12
13
*102
110
*102
110
14%
7%
14%
7%
*100
102%
37
3734
*14%
14%
39%
39%
*2%
2%
30%
25%
2584
*384
4%
28%
32%
*7%
*16%
16
31
28%
34
8
18
16%
*110
37%
37%
*3%
40%
40%
2%
*2%
234
*2%
234
2%
29%
31%
30%
30%
25%
2534
25%
*3%
*28
33%
8%
*16
16%
*22%
110
3%
*1
14
13%
39
40%
3934
2534
2534
4%
*3%
4%
28%
28%
28%
3%
28%
34
33%
34%
33%
34%
*734
8%
8%
15%
175
*2234
15%
*15%
16%
*5%
3%
28
51%
50%
7%
44%
7%
22%
22%
110
28
*3%
3%
41
13
13
13%
27
2834
13%
3%
1%
1.1
3%
3%
3%
22%
23%
24%
*13%
1334
13%
*2734
28
28%
50%
5034
51
7%
834'
7i2
44% 44%
44%
108% *108
108%
109% *108
10834
*39%
13
17%
38%!
35%
36%
109% 109% *107% 109
44%
4434
45
*3%
*1734
3%
17%
17%
15334 154
19%
19%
59
59
*33%
*135
34%
140
3
*107%
37%
44%
45%
3
3%
18
*1734
—-
38%
45%
4
18%
*107%
25
155
156
*154% 157%
19%
19%
19%
19%
58%
58%
57%
58%
34
34
*33%
34
24%
*135
36%
44%
*136
140
35
'
108
37%
45
3%
4%
*17%
*107%
18%
2,200
22%
24
155
19%
19%
56%
56%
34%
*33%
*136
35%
140
27
27%
*40
800
22%
27%
2,200
40%
500
1,200
13
13
1,300
17%
17%
38%
96,900
34%' 10,400
34%
39%
43%
3%
44%
3%
17%
*107%
17%
200
83,300
5,200
9,500
800
4434
44%
4
4
*17%
18%
....
24%
157% 157%
19%
19%
57%
57%
24%
24%
5,800
34
136
34%
136
24
I57
19%
57%
1,400
1,000
3434
600
137%
10
7,800
5,700
19%
*135
27
27%
2634
27%
27
27%
27%
28%
27
28%
28%
29%
29
29%
28%
29
28%
2834
29%
29%
29%
29%
12%
♦12
12
*11%
12%
12%
12
12
37
37
*11%
37%
*12
*35%
37
*3
3%
12%
12
37
37
37
3
3
*6%
6%
*612
*30%
3134
3134
*30%
31%
*16%
16%
16%
16%'
1434
1434
*1%
1%
5
5
31%
16%
3%
*6%
6%
32
31%
32
32%
15
1434
1434
1%
1%
5
5
5%
7%
7%
14%
44%
4634
44%
37
11%
36%
12%
36%
35%
14%
45%
11%
35%
30%
30
30%
30%
3034
45%
45%
46%
12%
30
*168
53
*3%
*29%
104
*15%
17%
30%
16934
53
1
168
168
165
52
53
52
4
*3%
4
30%
30%
30%
3%
16%
*16%
16%
16%
*1434
16%
16%
15%
*1434
1%
1%
16%
16%
5
7%
14%
4434
11%
5
734
14%
46
1234
370
5,400
45%
13%
42,600
12%
35
34%
30%
3034
45,800
600
35
3012
3134
168
51%
*3%
169
51%
4
*165
169
'
51%
700
3%
3%
400
31
*29
31
100
108
*103
108
120
16
1634
*107
17%
110
15%
15%
17
17
16%
16%
*108% 110
*108% 110
Bid and asked price ; no sales on
1534
this day.
*1434
16%
Liquid Carbonic Corp ..No par
Lockheed Aircraft Corp
1
Loews Inc..
No par
J6.50 pref erred...
1
Lone Star Cement Corp
No par
Long Bell Lumber A...No par
25
Loose-Wiles Biscuit
preferred.
LorIIlard (P) Co
7% preferred
......
100
10
100
Louisville Gas & El A ..No par
Louisville
Nashville....100
&
MacAndrews & Forbes...-.10
6%
preferred.....
100
Mack Trucks Inc
No par
Macy (R H) Co Inc
No par
No par
10
Garden
1
No par
$ Manhattan Ry 7% guar. 100
Ctfs of deposit
... —
Modified 5% guar
Ctfs of deposit.
Market St Ry 6%
pr
Marshall Field & Co
Martin (Glenn L)
Co
Martin-Parry Corp
Masonlte Corp
Maytag Co
S3 preferred
86 1st cum pref
100
pref. 100
No par
1
No par
No par
....No par
....No par
No par
15%
1,300
McCall Corp
17
5,700
McCrory Stores Corp
No par
1
preferred
.100
*108% 110
X In receivership,
..No par
Loft Inc
7% preferred
100
May Department Stores... 10
*29
15%
Lion Oil Refining Co...No par
60
*103
16
No par
Link Belt Co
Mathleson Alkali WkS-No par
31
16
Lima Locomotive Wks.No par
4,200
5134
a
June
83
Sept
Apr
4
13
Apr
Jan
19%
I2I84
4
117%
5%
Apr
11%
Jan
5
11
Apr
24
8
Apr
1634 Nov
99% Jan
18
July
Maris
8%
38% Jan
284
Def. delivery,
6%
conv
n New stock,
r Cash sale,
6% Apr 5
3534 Jan 4
23% Jan 10
8
3
5
Feb 19
Jan 11
24% Mar 18
36% Jan 18
U84 Jan 2
15% Jan 2
27% Mar 18
3384 Jan 15
106
Jan
3
18% Jan 2
42% Mar 11
2% Mar 27
16% Jan 30
106
2334
Mar
133
2334
27%
1134
33%
234
7
Jan 15
Apr 8
Apr 8
Jan 2
Apr 10
I834 Jan 11
Jan
5
25% Apr
2
109
Feb
21% Jan
7
4
Mar 20
3% Jan 31
Jan 31
35% Jan 15
784 Jan 15
34% Mar 5
25% Mar 14
161% Jan 6
Mar 18
3% Jan 22
26
Feb
98
Jan 11
2
14% Jan 13
14% Jan 31
Feb
at Ex-dlv.
6
y
Jan
Apr
13% Jan
23% Jan
18% Mar
5% July
37% Oct
25
Jan
17
Apr
25
Mar
112
Dec
118
Mar
2% Sept
% May
1% Apr
93g
23
36%
4%
Sept
Apr
Apr
Apr
Apr
63a sept
3% Sept
834 Sept
2734 Jan
13% Nov
3284 Mar
5684 Mar
10
Sept
33
Sept
43% Aug
95
Sept
108% Aug
10984 Aug
95% Sept
152
Sept
15
Apr
180
May
19
Nov
40% Sept
2084 Aug
31% Apr
10
Aug
47
13% June
19
2934
Dec
30% Sept
101% sept
6
Mar
38% Sept
2
Mar
18% Sept
Jan
3284 Dec
54%
Jan
109% July
2D4 July
62
Jan
Aug
6% Sept
16% Sept
22% Mar
105
19%
138
Jan
Apr
110
24%
June
Feb
Sept
159% June
1584
Jan
20% Mar
36%
67
35
Aug
Nov
18
Aug
3334
Oct
25% Sept
43%
19%
Feb
8
5
Apr
135
38
3
Apr
12% Sept
Feb
1234 Jan
Jan
384
2334 Sept
Apr
Apr
30% Jan
Jan 19
Sept
28
9
Feb
Dec
4
3012 Oct
263s Aug
5% Jan
2934 July
29% Oct
124
Jan
Jan 15
Jan
Sept
38
Apr
Apr
Dec
3%
99
Apr
Apr
12
100% Dec
14% Mar
10% Mar
46% Sept
16% Sept
134
20
Jan
Apr
12%
'
Jan
Sept
3
Jan 25
35
28 34
20
Jan
Apr 11
60
3
4
4
Mar 16
Jan
108
6
109%
39%
46%
4%
136
28
50
Apr
13t2 Mar 6
18% Mar 27
39% April
37% Mar 15
Jan 12
27
13
3
5
178 34 jan 12
23% Apr 4
29% Jan 3
159
6
6% Feb 28
1
10S34 Apr
109% Apr
20
10
16
24
149% Mar
16% Feb
55% Jan
33% Feb
3
834 Apr 10
44% Apr 9
41
Apr
20
14
4
June
834
7
29
Jan
79
20%
9% Jan
Jan 18
41% Feb 14
10584 Jan 15
Apr
Aug
28
8
1834 Jan
16% Jan 11
53% Jan
Apr
5
Jan 24.
1% Jan
4% Jan
2434 Apr
Apr
7%
1458 Feb
40% Apr 10
3134 Apr
Sept
12%
85
3
"
Jan 12
Jan 15
Jan 12
90
Feb 23
15% Jan 8
108% Apr 12
14% Apr 4
8
Apr 5
103
April
12%
2634
48%
6%
434 Jan 13
6,400
133
Apr
Jan 16
Maracaibo Oil Exploration.-1
Marine Midland Corp
5
44%
35
% Feb 20
2% Feb 19
900
734
Aug
35
21
25
14%
122
9
Jan
Manhattan Shirt
7%
7
Apr
Jan
400
5
5
Jan
Mar
4
14% Jan 2
14% Jan 3
14% Feb 16
Zl4%
105
115
Feb 26
3,600
19,800
1%
Sept
Feb 20
3
Mar 21
600
15
1%
I
108
104
17%
32
*29
16
110
3%
370
33%]
59
434 Feb 6
31%Mar 25
21% Feb 21
109J4 Jan 31
19
Mandel Bros
*6%
*31%
*31%
*103
103
17%
3%
3%
33%
32
1
105
Magma Copper..
Manati Sugar Co
7,400
3%
Mar 12
171
800
37
3%
32
16
*109
166% *165
168
*51%
51%
52
*35%
3%
634
7% Mar 14
100
Preferred
Madison 8q
103
104
17%
11%
37%
,
28% Jan 19
Lily Tulip Cup Cor p..No par
300
*29
103
110
5
7%
45%
11%
5
5
14%
15
30
32
14%
*7
734
14%
*36
*32
32
1%
16%
15
*7
6%
3%
*6%
32
1%
16%
16%
1%
3%
*14%
16%
1634
1%
37
16%
16%
15%
16%
734
12%
32
16
14%
37
32
*31%
16%
7%
12%
*6%
6%
32
16%
14%
*36
3%
334
Oct
4
Feb 26
400
34%
Mar
18
Feb 16
5%
57%
125
4
5
June
10'4 Jan
3284 sept
Sept
29% Jan
34% Apr
No par
87
13
3
26
_
157
119% Sept
Jan
Feb 27
100
177
*107% 109% *106% 109
37%
38%
36%
3734
*107%
24
155
24%
25
140
34%
108
17%
38«4
34%
600
10834 109
*175
13
17%
5,200
15,500
300
13
37%
100
1,200
108
108
13%
18
7,100
5034
8%
44%
2734! *2634
39%
25
8%
44%
40%
13%
17%
39%
18
....
50%
8%
27%
37%
24%
51%
8%
40%
13%
18
5,900
Mar 18
Jan 16
Apr 10
Lane Bryant
Lee Rubber & Tire
Sept
Mar 27
26
4% conv preferred
100
t Lehigh Valley RR
....50
Lehigh Valley Coal
No par
6% conv preferred.......50
Lehman Corp (The)
1
Lehn & Fink Prod Corp
5
Lerner Stores Corp
No par
Libbey Owens Ford Gl.No par
Lihby McNeil & Llbby
7
Life Savers Corp
6
Liggett & Myers Tobacco.-25
Series B
.....—....25
2,000
-
Jan 15
Jan 15
15% Feb
Jan
7% Nov
18
Apr
9
Kress (8 H) & Co
14
Feb
1434
76
Apr 10
Jan
Jan
Sept
4
Kresge (S S) Co
10
Kresge Dept Stores.........1
....
Sept
7% Aug
3% Sept
'
2%
25%
24%
3%
40
28
5034
No par
1
Lehigh Portland Cement.-.25
1,900
1334
28
28
39
37
39%
*13%
28
Kimberly-Clark.
Kinney (G R) Co
500
3%
%
3%
23%
28
40
17%
3734
%
*3%
23%
27%
37%
36%
*107%
3%
2334
1334
2,900
110
3%
40
1784
38%
1
1
3%
23%
*13%
*
40
38%
37%
3%
29
3784
110
110
3%
•17%
37%
22%
*22%
♦..—
110
*
*44
44%
108% 108%
10834 10834
10834 109% 108%
*173
177
*173
177
j*173% 177 (*173% 177
22%
22%
*22% 22%
2234
2234
2234
2234
44%
108% 108% *108
41
400
32%
22%
7%
44%
28
300
6
32%
22%
51%
41
400
16%
6
28
28%
16%
33
%
41
3634
15%
15%
*5%
3%
23%
13%
28%
♦109
"i'loo
5% preferred
100
Lambert Co (The)....No par
3234
7%
23
Laclede Gas Lt Co St Louis 100
18
6
51%
175
90
*16
18
*16
18
32%
22%
28
108% 109
12,900
*5%
22%
13%
44
34%
734
No pur
Kroger Grocery & Bak.No par
32%
1%
*13%
108%
1,100
*3%
534
3%
13%
44
2834
2534
33%
*
3%
*13%
"108
3,900
*28%
34%
7%
534
24%
■
$5 prior preferred ...No par
8%
7%
8%
*16
90
450
5,100
May
9%
9%
Mar 13
97
12% Mar 26
Jan 9,
10% Jan 31
5% Feb ~
34% Mar 18
13% Mar 2
35
Jan 15
31
25%
4
2,300
38
15% Jan
95
Jan
60% June
Jan
Oct
20
8
Kennecott Copper
No par
Keystone Steel & W Co.No par
Jan
Deo
7% Apr
Kendall Co $6 pt pf A ..No par
50
39%
.29
107
77% Jan
Feb 23
40,600
1434 Jan
57% Dec
6%
Jan
16
97
3734
14
40%
2%
Sept
Jan
May
84
17
Mar 28
1
Class B
10
5534
138
33
121
12
5% conv preferred
100
Kayser (J) & Co
6
Keith-Albee-Orpheum pf-.lOO
Kelsey Hayes Wh'l conv cl A. 1
2,700
7%
7%
37%
14
40%
*2%
29%
34%
34
4,900
13%
32%
23
110
♦7%
18
*16
18
16%
24
3%
14
10
Oct
4084 Sept
52
8
17
102% 102%
30%
2534
4
28%
14%
*2934
2534! 25%
3%:
*3%
28%
28%
24%
51%
13%
38%
3134
2%
3%
24%
28
103
37%
""460
108% 108%
7%
*634
103
38
31
6
334
37%
38%
14
33%
1
1
37%
14%
3884
*584
3%
108% *102% 108%
14
13%
1334
14
40%
2%
14%
3834
32%
23
*102
14
13%
1434
14%
7%
8
7%
7%
7%
734
*102
103
103
102% 102% *102
32%
114%
110
14%
6%
6
32%
*22%
*100
41
I9584 Mar
71% Sept
16634 Aug
8% Jan
17% Sept
Apr
8%
1
Kaufmann Dept stores
109% Dec
5% Sept
16% Sept
3% Oct
19
28
63s Jan 22
Feb
5% Dec
9% Mar
3% Dec
46 % Oct
6% Aug
25% Aug
3% Jan
4% Jan
10% Jan
100
4% preferred....
Sept
102% Apr
434 Jan
Mar
120
21
31% May
69
Kan City P & L pf ser B No par
Kansas City Southern. No par
Apr
Aug
98»4 Sept
Jan
28
130
Kalamazoo Stove & Furn.._10'
5%
56% Feb 6
37% Apr 12
36% Jan 5
Jan 16
30
*90
12%
100
500
12%
13%
2
Feb '.6
Mar 5
Apr 2
Jan 19
500
99%
13%
No par
Preferred
Dec
Sept
127
14%
45%
68%
123%
55%
15%
*15
*12%
13
Johns-Manville
35
123
Jaif 13
123
.1
preferred..
4
Jan 11
90
Jones & Laughlln St'l pref-100
*90
12%
1
Jar vis (W B) Co
1
Jewel Tea Co. Inc. new.No par
90
67
19%
13%
13
$6
3
82% Feb 16
734 Apr 10
24% Jan 18
...No par
Island Creek Coal
1,500
*64
18%
No par
lntertype Corp
110
15
59%
71%
19%
Teleg
Jan
5% Jan 24
97% Jan 15
334 Feb 29
334 Feb 29
8% Mar 30
100
Apr
2% Aug
17% Apr 10
31% Mat 26
25
Apr 10
50
Sept
384
65% Apr 10
-No par
Foreign share ctfs.—No par
1434
7
7
7
...
Interstate Dept Stores.A'o par
Preferred
100
*120%
120% 120% *120%
*120%
Telep
Jan
45% Sept
Jan 23
133
34% Mar 25
1,800
12634 12634
I
Inter
51
100
142
.
38% Jan
Mar 27
No par
2,400
49
I
preferred
International Salt
7% preferred..
18" 700
*126
15%!
50% [
49%
71*4
50%
72%
—
15
50%
71%
5%
*
Apr
7
129% Apr 9
10% Mar 18
5034 Jan 18
3% Mar 19
100
Internat Rys of Cent Am
Apr
Sept
Jan
5% Jan
12% Apr 11
Apr 10
32
100
Inter Paper & Power Co.—-15
70,000
5
6
Internat'i Mining Corp
1
Int Nickel of Canada.-No par
1%
16
145
171
2
157% Mar 12
3% Mar 20
8% Jan 15
100
....
Apr
2% Apr
7% Aug
191% Mar 12
6234 Jan 4
38
Apr
53% Mar
Int. Hydro-Elec Sys class A.25
600
2,600
175
17% Apr
90
Jan
12% Jan
238 Apr
1% Jan 19
3?% Feb 1
Agricultural..No par
100
Prior preferred
I
Mar 28
5
Jan
Apr
9% Apr
4% Apr
234 sept
2 34 Dec
47% Mar 20
113
8% Mar 18
Int. Business Machines.No par
Internat'i Harvester...No par
51%
54
*36
33U
26^4
*109
Internat
Jan
3
4
No par
Interlake Iron
3
Mar 19
108
67
Jan
6% Feb 28
Jan 15
40
100
No par
.
Rubber
26%
26% *25
104%
105
*101
105
*100
*101
105
104% *100
104% *100
4
4
v
3%
3% v 334
3%
4%
384
3%
334
4
4
4
4
3%
3%
4%
414
4%
4%
334
3%
9
884
834
8%
8%
9U
9%
9%
9%
8%
8%
90
90
*85
91
93
*86%
92
*86%
92
8934
90
*8
8
8
*7%
8
*7%
- 7%
8%
8%
734
734
28
*27
28
27%
27% *27
27%
*27%
27%
27%
27%
*325,
7
Corp
6% preferred
Intercont'l
900
1,600
6
33
32%
33%
129% 129% *12934 13234
100
No par
Intercbemlcal
110
400
178
4
11%
,-.1
t Interboro Rap Transit
Certificates of deposit
5534
57
57%
57%
162% 162% *161% 164%
4%
Insuranshares Ctfs Inc
3
42%
42%
41% 43
4234
4284
42
44%
*11H2 114
*111% 113% ♦111% 113%
*111% 114
4
4
*4
4
4
4%
4%
4%
11%
1134
11%
12%
1134
12%
11%
11%
12%
2%
2%
*2%
2%
2%
2%
2%
2%
2%
*33
35
*33
35
*33
35
33%
33% 34%
178 I 177
178%
58%
5834'
57%
58%'
57% 5734
*160% 164% *160% 164% *161
164%
10l2
*334
*2%
4%
177^.178%
10
5612
3%
3%
3
45%
*4%
164
*4%
3l2
*2%
3
111% 113
*414
4*4
10i2
11%
2%
2%
33U
33i2
1/9% 179%
57i2
57%
*160
3
45%
3
Jan
Sept
157
15% April
6% Feb 14
3»2
11% Jan 22
5% Jan 17
3% Jan 15
2s4 Jan 15
share
9% Sept
Apr
86
14%
6%
6%
per
29%
147% May
Jan
Mar 26
88I2
*2i2
Highest
share %
Jan
Mar
11% Sept
25% Apr
1
40
Sept
Jan
Sept
6% Sept
784 Oct
2
7% Mar 11
35% Feb 28
32% Apr 8
9
Apr
30
Nov
27
Nov
29
Nov
Feb 28
5
Apr
1584 Nov
12%
Oct
16
Nov
10
Apr
16
Oct
1
Apr
Apr
3%
17
Jan
16% Apr 8
16% Jan 17
1% Apr 11
5%
8%
15%
4634
Jan
Mar
Feb
Apr
14% Feb
40% Jan
3I84 Jan
170
Mar
5
29
21
9
20
8
4
2
5
4%
Apr
Apr
3% Aug
984 Apr
26% Aug
2
May
30
Sept
2034 Aug
155
Nov
534 sept
8%
1784
45%
8%
57%
37%
Mar
Nov
Nov
Dec
Jan
Sept
176
July
5334 Oct
53% Jan 4
4% Feb 23
4034
3
2434
Dec
93
Jan
105
10%
934
Apr
88
Jan
15% Aug
17% NoV
108% Dec
30% Apr
105
Mar 29
16% Jan
17% Apr
111
8
8
Feb 24
Apr
2% Sept
3% Sept
Jan
6% Mar
36% Mar
June
Ex-rlghts. K Called for redemption.
New York Stock
2378
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER
CENT
Record—Continued—Page 7
,
39%
107g
11
7%
28*4
87#
♦100% 108
*10
10l2
7>4
28%
87®
Wednesday
Thursday
Friday
Apr. 9
Apr. 10
Apr. 11
Apr. 12
$ per share
$ per share
Shares
80
♦66
3314
*66
5
5
22i2
16%
32%
11
478
22
*102
*41%
10%
**»!•
6%
27%
8%
x27
McGraw Elec Co
27%
4,800
7*4
38%
10*4
7
600
800
Mclntyre Porcupine Mines..5
McKeesport Tin Plate
10
28%
28%
8%
8%
7,200
3,900
McLeilan Stores
700
IO6I2 106% *104% 106%
12% 13
12%
127®
80
*78
80
*78
80
78
78
*65
33*4
70*4
34%
5%
69
69
*66*4
74
34
34
3,100
3,700
24
23
17
31%
12
15%
34%
5%
23%
17%
31%
12%
15%
38?®
39
100
47®
16
11
53
17
32%
32%
117®
15%
157®
38% 40%
1197® 120
11
54
*103
5%
23
108
4%
*41%
4
10%
"u
3%
11
»i«
3%
3%
**ii
42%
4%
43
10%
1197® 1197®
%
**11
4%;
40
41%
10
10
4
5
5%
22
23
167®
107®
31
31%
11%
15%
12
15%
38*4
37%
54
,*103
4%;
17%
31%
12%
15%
15%
39
39%
1197® 1197®
| *51% 52%
52% 52?®
107%,*103
107% *103
107%
53
|
5%
22*4
17%
31%
1134
119% 119%
53
53%
*103
Mengel
620
6%
37®
42%
10%
*4
*39%
3%
3%
%
**11
4
42%
10%
10
99
Co
64
(The)
1st pref
...1
4% Apr
50
21
28
conv
100
Jan
Jan
Jan
1
9
5
5
25
163® Jan
2
33
40% Apr
8
Apr
Apr
Jan 25
120
Mar
5
101
47
Feb 29
54
Apr
8
"2~7~00
Minn Mollne Power Impt...l
$6.50 preferred
No par
200
106
Jan 20
110
Jan
334 Jan 29
4% Jan
37% Jan 16
43% Mar
Mission Corp.
9% Mar 11
34 Feb 13
7% preferred series A... 100
234 Mar 10
Apr
1% Jan
4% Jan
»i« Jan 26
*14
II
%
*19
%
%
%
%
17%
17%
17%
17*4
17%
17%
17%
17%
17%
18%
17*4
17*4
113% 113% 113*4 113*4 113% 114 | 114
11434
114% 114% 114*4 1147®
♦116% 117*4 *116% 117*4 *116% 117*4 *116% 11734 *116% 117*4 *H6% 117*4
119
119
*119
120
*118% 120
118% 118%
118% 118% 118% 119%
55% 65*4
54*4 657®1
54% 55
54%
54%
53
54*®'
51*4
53%
*40
41% - 40%
*42
41%, *42
43% *42% 44
44%" *40% 44
23
28%
28%
28%
28
28
28*®
28*®
27*4 27*4
27% 27*4
147® J15 j
14%
15
15%
14% 15
14%
14%
1434
14%
14%
18%
177®
177®
*17% 177®
18*$
18% 18%'
175® 18%
17%
17%
*24%
25 j
24
24
247® 247®^ 24*® 24*4 *24% 24*4'
24% 24%
% Jan
2,600
2,400
3,400
3*4!
3%
*11
ill
*8
*»
47®
36%
*14
81*4
♦110
7 s®
*52
47®
36%
14%
81*4
♦19
36%
*13%
*80
4%
36
*13
*79%
36%
14%
81*4
4%
36
| *52%
67®
20%
53
53
0*4
*20
17*4
15%
67®
*34
14
*13
81
*80
6%
110
7%
53
*52%
6%
*18%
17%
14%
67®
20*4
19% 20
17*4
17%
18%
15%
15*4
14%
15%
15*4
23*4
237®
23*4 24
237® 24%
♦162
169% *162
168
169% *162
*18%
19 < *18%
19
18% 18%
*96
*90
99% *96
99%
99%
*20%
21
*20% 21
| *20%
21
14*4
14*4
14%
147®
14%
147®
12%
12*4
12%
12*4
12%
12*4
177®
18
17%
18
17%
17*4
*113
115
114% 114% 114% 115
1 0% 111%
•111% 112
111% 111%
6
67®
0
6%
6%
6%
7%
*7
7%
7%
7%
7%
26% 207®
26% 26*4
26% 26*4
*12%
14
*12%
14% *12% 14%
11*8
11%
11%
11%
107®
11%
*89
92% *90
92%
*90
92%
17%
17%
24
*160
*18
21*4
22
21%
*165
172
105
145
145
♦144
25%
8%
68%
87®
13%
*42%
*43%
25%
8%
09%
9%
13%
43%
43%
8%
9
-
43%
*43%
8%
8%
10%
*10
25%
*23%
*873®
53%
13%
*47%
17*4
19*4
13%
487®
18%,
5
36%
634
*8%
115
834l
*%
*1%
21
14%
12%
17%
14%
12%
17%
114% 115%
111% 111%
6
6%
*7
7%
26%
26%
13
13
1034
107®
92%
*90
215®
22%
I
18
*96
21%
22%'
69%
9%
13%
43%
43%
67%
8«4
8%
73%
13%
487®
8%
13%
*41%
*42%
7*4
8%
6934
9%
68
8
83®
43%
10%
10%
251®
90
*23%
*87%
53
53
*50
*10
*50
53
*50
13%
72%
12%
487®
48
50
73%
47%
57®
1634
*1834
3234
*6%
6%
33
6
9
17%
1934
33%
3134
17%
19%
31%
18%
20%
3034
323®
47%
7
*6%
137®
110
48
48
48%
17%'
1634
19%
17%
19%
7
8
9
112
*110
112
*110
*53
65
*53
23%
14%
110%
1934
115
%
13®
%
20%
116
8%
8%!
%
*1%
I
%i
207®
116
4%
41
4%
4%
*37%
7h
7%
7%
13%
*21%
*13%
22%
1334
*5%
1534
141
11%
*37%
57®
*5%
109
57®
1534
157®
16
*138% 1401*
11%
11%
11%
141
40-
*37%
39%
31
31
32
32
55
*51
55
55
55
55
55
55
55
*117
125
*117
125
*117
125
*117
125
*117
125
63
63
63
7%
7%
6
*5%
19%
18%
63%
62%
62%
7%
7%
7%
584
19
534
*18%
9%
534
19
6234
7%
5%
63
19
*108
6
32%
900
55
on
this day,
56
% Apr
28% Jan 15
208
Adjust 4% preferred.... 100
Jan 22
110% Feb 20
10
Feb 20
Apr 12
6
3
Jan
113% Mar 17
23*4 Jan 3
69
Jan
5H % pref series
65
Mar
5
58
Jan 10
Northwestern
111
Telegraph...50
Collins
0
13%Mar 19
103% Jan 22
No par
$5.50
5
No par
6% preferred
No par
Mar 29
9%Mar 10
1st pref..No par
Outboard Marine A Mfg
5
35
conv
Outlet Co
Jan 24
15%Mar 15
139
100
Co
Jan 31
18% Jan 20
100
Otis Elevator...
Otis Steel
4
39% Apr 2
6% Feb 24
No par
8% preferred A
Oppenheim
Jan 17
33% Jan 30
Norwalk Tire A Rubber No par
Preferred
50
Ohio Oil Co
No par
Oliver Farm Equip
Omnibus Corp (The)
5
Jan
Mar 19
-
3
5% Jan 3
42% Jan 12
8
Apr
4
23% Apr
4
4
143® Mar
112
Mar 28
57® Apr
18% Jan
144
02
1034 Sept
15% 8ept
118% Mar
47
62
July
Dec
4
4
Feb 19
12% Jan
3
Jan 11
3234 Apr
Apr
31%
Dec
168
55
Jan 22
55
Jan 22
119
Feb 23
120
Jan 17
Dec
33% Deo
217
Nov
103% Sept
113
June
18%
26%
Apr
52% Sept
50% Sept
12% Apr
82
June
Sept
8ept
29
2*4
Apr
32%
Apr
Aug
6
14% Sept
12
Sept
100% Sept
434 Aug
15% Sept
128
7%
33
Oct
Apr
July
Apr
Feb
597® Aug
59
Aug
29% Nov
Jan
7
18%
100
94%
Jan
4
No par
1*4 Sept
Sept
17
8% June
70
Mar
17® Sept
5% 8ept
Dec
% May
100
Mar 2
34% Jan
41
26% Jan 19
8
26*4 Jan 3
90% Feb 20
9% Jan 3
113
1734 Sept
Sept
23% Sept
25% Sept
4534 Sept
43% Feb
Apr
Nov
106
%
5
7%Mar 10
87% A tig
42
July
112% June
1%
0
88
Apr
Apr
4
Mar
20% Mar 18
Jan
59% Jan
60% Apr
5% Oct
11% Feb
29% June
Apr
3
66
50
Jan
20
Apr
Apr
Jan
20% Mar
North Amer Aviation
1
Northern Central Ry Co...50
Northern Pacific Ry
100
North States Pow $5 pf No par
Aug
8ept
15%
1*4 May
357® Apr
219
10
82
47® July
Apr
22% Apt 12
117
35% Sept
Apr
Apr
8%
Jan
Feb
Apr
73% Mar
27
Jan
July
105% Sept
% Jan 11
4
Jan 30
27%
Dec
32
Jan
Mar
145
8% Sept
18% Apr
% Jan
2
13% Jan 15
92
173% Aug
Oct
Jan
89
14%
Nov
Jan
113
Dec
40
Oct
'
0% Nov
44*4 Aug
101% Sept
30
Jan
20% Mar
113% May
8% Jan
27% Jan
148% July
18
Sept
65% Sept
20% Dec
Jan
54
Dec
Jan
120
Dec
6234
"4~ 800
40%
114%
62%
7%
Owens-Illinois Glass
Co. 12.50
59t® Jan 15
64% Jan
6
50
Apr
70
Jan
7%
13,600
8
6
3
Aug
6
5i® Feb 29
5% Feb 24
1734 Apr 12
9
Apr 12
7*4 Apr
6
Pacific Amer Fisheries Inc__.5
Pacific Coast Co
..10
1st preferred
No par
*117
125
34%
Bid and asked prices; no sales
5
% Apr 12
177® June
Sept
152
132
18%
6% preferred series......50
10,700
80
9
106
30
115%Mar 11
% Apr 12
100
North Amerlcan Co
70
600
52% Jan
100
Norfolk A Western Ry
100
37
9
100
Shlpbklg Corp part stk__ 1
7% preferred
100
Noblltt-Sparks Indus Inc.
5
3.000
37
Jan
Jan
6% Apr
6% Jan 31
107®
11% Sept
10% Apr
21% Jan
2
3% Jan 12
110
N Y
100
11%
No par
No par
tN Y Ontario A Western.. 100
1,500
2,800
11
*13
♦
39
tNYNHA Hartford
Conv preferred
1,400
57®
3
33% Mar
RR Co
60
N Y Lack A West Ry Co.. 100
10" 100
1734
18%
10
10
10%
9%
9%
' 934
9
9%
9%
9%
*13
13%
13%
13%
14
14% *13
*13
14
*13
13%
34
34%
34
34%
34%
337®
34%
34
337® 34%
34%
48%
48%
48% 4834
48
487®
47%
47%
47
47% 47%
47%
15%
15% *1434
15%
1434 15%
14%
15
1434
1434
14%
1434
134
*13012 135
*133% 135
135
13234 13234 *130% 13234 *130% 13234
*149% 152% 152% 152% *149
152% *149% 152% 152% 152% *150
153
0
6
6%
6%
6
1
6%
*534
6
534
57®
*5%
6
10
15
29% Mar 10
31% Apr
New York Dock..
300
157®
*30%
*52%
4
Jan
6% preferred series A... 100
NYC Omnibus Corp..No par
100
141
6
Jan
187® Jan
Mar 18
8% Sept
83
Sept
2%
Feb 14
N Y Chic A St Louis Co... 100
80,400
7%
19
734
14%Mar 16
Feb
18%
41
Apr
April
Mar 13
75% Mar 9
14% Feb 20
Jan 22
6%
28%
Apr
53% Apr
Mar 28
4% Jan
20% Sept
10
60
22
13%
1534
87
110
Oct
33% July
11% Jan 18
41
*5%
141
Jan 16
Jan
8%
Jan
71
%
110
Jan 26
Aug
Mar
Apr
4%
Apr
41
par
Jan
Sept
10
18%
Jan
5% Aug
10
22%
21%
13%
109
83
40
Jan
Newmont Mining Corp
10,600
21%
Jan 12
lr,7%Mar 12
26%
634
Newport Industries
1
N Y Air Brake........No
par
New York Central..
No
"9" 500
4%'
2
24
Dec
12%
14%
4,900
1,100
53,500
2,700
4,400
%
13%
110
1
Jan
Apr
14%
52
Jan
""700
1%
21%
*109
40% Feb 10
3% Jan 4
9% Jan 10
454% conv8erIal pref... 100
Newberry Co (J J)
No par
5% pref series A
100
700
%
734
111
100
No par
...No par
Nelsner Bros Inc
%
*%
20%
4%
65
19%
National Tea Co..
Natomas Co
700
6% preferred
14
*5%
6
5%
5%
!S%
16%
157®
10%
*140% 143
*138% 143
11%
11%
11%
11%
117®
40
40
40
*37% 397®
31
31% 31%
31% 32%
19%
ll" 700
39
Jan
87® Jan
73*4
934
137®
4334
43%
8%
10%
25%
12% Mar 20
100
Jan 31
27
8% Jan 15
N Y A Harlem
22%
6
19
6H % prior preferred
0% prior preferred
120
13%
16%
63%
500
700
22
*140% 143
7%
534
300
17%
*8% July
10% Sept
22% Apr 9
173% Jan 31
148% Jan 29
2!%Mar 18
7% Mar 6
63% Jan 22
National Steel Corp
25
National Supply (The) Pa__10
$2 conv preferred..
40
7,400
65
j
96
Mar 20
7
Jan
17% Nov
95% May
23»4 Sept
117%
157® Jan
12% Jan
9
Apr
Sept
114
267® Apr
8
10%
87
Nov
Sept
6% Apr
7% Mar 14
Jan
Mar
15
28% Mar
175
Oct
Sept
Jan 15
19% Feb
Apr
1477®
110
91
..10
Aug
7% Sept
21% Sept
107
Jan
12% Mar
10% Apr 12
140
9
111
*37%
7%
*109
6
23
165
*8
4%;
41
10
No par
77®
Deo
9% Jan
207® Nov
18*4 Sept
114
109% Jan 30
6% Mar 9
No par
1
52
Aug
18% Mar 28
116% Jan
110% Jan 2.'
100
100
110
116% 117
Jan
111% Nov
9% Jan
43% Sept
5% Sept
14
18% Apr
157® Apr
21% Jan 24
170%Mar 6
Jan 24
100
preferred.No par
800
*37%
7%
41
No par
7% preferred A..
347®
3478
34% 347®'
34
34%
1,300
21734 217% 217% *217
400
217% *216% 217%
113% *110% 113% *112
117 I 111
10
1JL1
23%
22%
22%
22% 223®
22% 22% 21,900
*58
6834
58%
58%
58%' *58
100
58%
5034
57%
57%
57%
57%|
67%
57%
1,000
26%
2434
25%
24%
25%
24
24% 47,800
90
90
*89%
*8834
90
*8834 90 |
91®
83®
834
8%
834'
8%
8%
19",800
113
113% *112
*112% 112% *112
112%
35
♦34
34%
*337®
34% I
34
34
I ""iso
45®
conv
7
%
i%<
*%
20%
115
Products
*53
65
8%
7% Feb 15
22% Jan
20% Jan
16% Jan
13% Mar 12
*6
112
65
8%
19%!
Apr
Aug
Apr
Jan
44% Mar
14*4 Sept
70% Deo
Sept
4
53
_
6% preferred B...
100
Nat Mad A St'l Cast Co No
par
National Pow A Lt
No par
2,000
111
*54%
'
23
148
50
105
1834 Feb
14% Apr 12
10% Jan 3t
16% Jan 15
National Lead Co...
10,600
53
90
53
*108% 112
*108% 112
*108% 112
72%
72%
7234
72% 72% *71
7234
13%
12%
13
12% 1234[
12% 12%
Mar 29
Mar 14
8% Feb 16
Apr
$4.50
4,800
*2312
*87%
16
...-
3,300
90
8%
83
111
Feb 13
Feb 26
6% preferred
5,100
8%
13%
41%
43%
8
10%
24
90
165
Nat Enam A Stamping No par
Nat Gypsum Co.
1
2,100
8%
*1234
41%
*42%
77®
10%
*23%
*873®
Sept
19
Nat Distillers Prod
100
*108% 112
16*4
%
*42%
77®
10%
25%
734
*873®
18*4
1%
13%!
42341
*23%
18%
%
*12%
*41%
90
20%
36*4
1%
%
13%
43%
42%
77®
26
65
6
500
6,500
8%
6734
Apr
9
97
Nat Dept Stores
3.000
2434
30
92»4 Jan 17
7% pref class A
7% pref class B
150
67
8%
10%
257®
18
884
24%
*8%
*1234
*42%
*415®
13%
42%
43%
20%
36
0
8%
6734
87®
*10
53%
8%
68
834
10%
115
■6
150
10
25%
8%
68%
8%
Feb 28
6% Jan
100
7%
Aug
1*34 Mar 20
100
Nat Dairy
18,400
Jan
39
17% Mar 6
13% Jan 13
ll%Mar 18
2234 Jan
Register
No par
National Cylinder Gas Co...l
2,200
Oct
30
Jan 22
5% Jan 13
49% Mar 20
Jan
177®
Apr
Feb
109
5
19
Apr
16%
37®
6% Feb 1
67% Jan 23
par
47
Sept
37% Mai
Apr
10
Nat Cash
2,900
400
25%
Jan 30
Oct
10
Nat Bond A Share Corp No par
""loo
172
*55
7%
22%
~
Feb
9%
30
10
6% pref series A
146
213®
116
35%
7%
22
4
Nat Bond A Invest Co.No par
900
99%
*140
18%
20
2034; 20% 21%
112% 115 | 115
115%
115
357®
357®' 35% 357®
35
*217% 218% 21784 21784 217%
*110% 113% *110% 113% *110%
23% 2334
22
23% 2334
*57% 59 1 *5784 59
*57%
*57
57%
57% 5784
5634
25% 25%
25% 257®
2434
*89%
90 | *89% 90
*89%
8%
87®
87®
9%
8%
*112
114
*112
113% *1117®
337®
337®
34
34
*337®
*4%
4%
438
45®
45®
♦37%
41 1 *37% 41
*37%
784
77®
75®
77®
7%
62%
18
267® Jan
pref
122% May
57*4 Oct
22% Sept
15% Apr
18% Apr
cum
Sept
21
40% Apr
31% Aug
307® Feb
7%
112
Jan
1534 Jan 20
Jan
Jan
1% 8ept
2% Sept
114*4 Sept
121
May
Feb
23
Jan
9*4
Apr
Sept
56
1
Mar
147®
2%
85*4
45
Mar 14
Nat Aviation Corp
National Biscuit Co
100
*165
%
13®
31
18
99%'
20% 20%' *19% 21
14%
14%!
143®
14%
*12%
12%!
12%
12%
17%
17%! 17% 1734
114% 114%' 114% 114%
111% 111% 111% 111%
*8
6%
684
6
*7
7
7
7%
257®
26
25% 257®
*12%
1384 *12%
1334
10%
1034'
10% 10%
*90
92%
*90
92%
24%
*3®
*38
18
*96
Jan
10% Jan 12
No
54
Jan
July
Jan
Dec
Apr
27
No par
6%
%
10%
40 4 Apr
Nashv Chatt A 8t LoulS-.-lOO
National Acme Co
1
8,800
14,700
10,100
170
%
11
40
146
%
1%
*5%
16,000
6%
121% Jan 30
Mar 20
114
Aug
50% Jan 16
5% preferred
100
Murray Corp of America.. 10
Myers (P <& E) Bros..-No par
Nash-Kelvinator Corp......5
100
*165
*3®
16%
10
*140
*112
111
400
6%
6%
118
50
Munslngwear Inc
Murphy Co (G C)
7,000
170
243®
1%
♦110
6%
No par
par
85%
110
118
No par
Dec
120% Nov
2% Aug
% July
19% Jan
1147® Apr 12
Jan 15
Mullln8 Mfg Co class B
1
$7 preferred
No par
40
1
110% Mar
Mueller Brass Co.....
400
19% 19% *18% 20
17% 1734
17%
1734
147®
15%
14% 15%
24
24%
24%
24%
165% 165% *162
166
104
Apr
8*4 Aug
7® Jan
Motor Products Corp..No par
Motor Wheel Corp.........6
1,600
146
05
23
137®
80
Jan 18
16% Mar 25
10
Monfg Ward A Co. Inc.No
900
*165
**1«
137®
*78
%
11
No par
Morrell (J) & Co
Morris & Essex
220
*140
26
%
227®
13%
$4.50 preferred
Preferred series B
6,400
3,100
146
h
1%
*%
80
36
1234
100
..20
Monsanto Chemical Co
200
170
2434
115
*54%
18%
99%
*20%
22%
32%
35*4
I
20
166
*34
1312
*109% 111%>109% 111%
7%
7%
7%
7%
*52% 53
*52% 53
6%
19%
177®
15%
24%
36
4%
100
6% conv preferred
Mohawk Carpet Mills
27,200
*105
1*108% 112
73%'
*73
7%
53
*4%
10
tMissouri Pacific RR
""150
*138
26%
87®
68*4
8
*108% 112
110
*13%
79%
4%
100
147
*10
*24
36%
13%
80%
4%
*34
*4
166%
257®
*13
2134
4%
*96
*
21%
%
%
4%
111% *110
111% *110
111%
7*4
7%
7*4
7%
7%
53
6*4
4%f
4%
*4
3%
40
44% Sept
103% Sept
2% Sept
36
Sept
Mo-Kan-Texas RR...rJVo par
*4
Apr
111
Dec
6% Jan
28% Jan
21% Sept
39% Jan
167® Sept
18
Sept
Apr
6%
11%
18%
Nov
Nov
"
11% Sept
100
1st pref
cum
1,800
2,200
7,
3*4
73
63
30%
Aug
Minn-Honeywell Regu.No par
4% conv pref series B
100
4,000
7®
3%
10% Oct
101% Nov
14% Sept
56
July
397® Aug
28% Dec
3
July
14
*1
3%
%
7®
18% Sept
Aug
2,000
8%
Dec
10*4 Jan
59% June
Jan
6
Feb 21
1334 Mar 73
Marl0
25%
6% Aug
88
Apr
Apr 10
17% Apr 10
327® Apr 8
12% Apr 10
7
Jan 15
share
per
15% Apr
5% Sept
39
Sept
8*4 Apr
Apr
Mar
26
8% Jan 27
....5
M Id-Continent Petroleum.. 10
Midland Steel Prod
No par
7,700
1
Mar 19
13% Mar
Miami Copper
5,500
80
0
29% Jan 30
Highest
share
per
Apr
3
6934 Apr
34% Mar
6% Jan
6
Feb
Apr
$
Apr
32%
9%
106t2
1334
53% Feb
1
share
8%
47%
12%
834
2
Jan
per
29
9% Mar 23
Merch & M'n Trans Co.No par
Mesta Machine Co
5
1,120
1,500
19,900
107%
4%
*40
10%
*4
3%
Melville Shoe Corp
$
share
6% Apr 10
26% Apr 10
8% Feb 1
...1
40
per
■
Year 1»S9
Lowest
Highest
*22*4 Jan 15
7% Jan 17
38
Apr 10
97® Mar 18
No par
*6 preferred series A. No par
$5.50 pref serB w nr.No par
800
34%
5%
Co..
0% conv preferred..
Mead Corp
20
15,400
34
1
McKesson & Robbins, Inc...5
$3 series conv pref
No par
29,400
69*4
22
$
McGraw-Hill Pub Co..No par
08
3278
4*® r 4*8
42% *41%
11 |
10*4
Par
Range for Previous
100-Share Lots
Lowest
7*4
38%
10%
07®
33*4
10*4
108>
4%
8%
39
1078
7%
29
8%
80
16%
32*4
|
53
27%
*7*4
*38%
10*4
3378
478
22J4
17
157®
15%
]0I4
16%
39% 40%
37% 39
119*4 119*4 ♦119*4 120
52%
27
69
33*4
335s
22%
16*4
»32i2
10%
80
*78
69
*78
Ranoe Since Jan. 1
On Basis of
Week
$ per share
$ per share
f per share
28U
28%
27% 28%
27
27%
8%
8*2
8%
8%
8%'
8%
38% 39%
*39% 40
38
38%
11
11%
1078
11%
10*4
11
7
7%
7%
7%
6%
7
28*4
29
2078 2878
26%
27%
*8*4
87®
8*4
8*4
8%
8%
•106*4 108
*105% 108
*105% 105%
10
10
10%
1278
1278
13*4
1940
EXCHANGE
Tuesday
Apr. 8
281*
8*2
39i2
•8
STOCKS
NEW YORK STOCK
the
Monday
$ per thare
28%
Sales
for
Saturday
Apr. 6
April IS,
J In receivership.
a
Preferred
110
390
650
100
6,200
3,800
1,200
100
Pacific Mills
6% preferred
100
100
Pacific Tin Consol'd Corp
Def. delivery,
n
New stock,
r
Cash sale,
334 June
934 Apr
27% Apr
4634 Feb
50
41
11
...No par
Pacific Telep A Tel eg
40
1,400
32% Jan 15
2d preferred
No par
Pacific Finance Corp (Cal).lO
Pacific Gas A Electric
;25
Pacific Ltg Corp
No par
6*4 Jan
23*4 Feb 13
12% Jan 4
13% Apr 8
34% Feb 17
13
Jan 15
5
Jan 23
Jan
3
16% Jan
4
2% -Apr
11% June
9%
Apr
Apr
130% Jan 16
139
Mar 12
114
Apr
151
154
Jan 24
128
Sept
Dec
1
Feb
6
534 April
x
Ex-div.
y
714 Jan
Ex-rlgbts.
4
6%
7% Sept
77s Nov
25
Nov
15% Sept
1234 Mar
34*4 Mar
52
Oct
21% Sept
132
June
150% July
7% Dec
1 Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 8
150
SALE PRICES^PER
HIGH
2379
Monday
»
Tuesday
,
Wednesday
Apr.O
Apr. 8
|
Apr. 9
|
Apr. 10
$ per share
9 per share
8
8
8
8
334
*7%
3%
3%
38,000
Pacific Western Oil Corp
10
Packard Motor Car
No par
23%
8%
22%
23%
60,300
Pan Amer Airways
2134
3'4
2314
8%
8%
8i2
8%
8%
*77g
8*3
8%
78
7B
I%#
*7,
1
45
45%
*44
46
*44% 45% *44
*.,.— 10034 *
100S4
10034 *.... 110 I*
8%
8i4
8
8%
7%
784!
73g
7%
•91
94
9334
9334
9134
9134 ♦90U 92
97g
10%
934
9ig
9%
934
93g
912
*»i«
45
*18
19
2
*
44
18
2
2ig
443g
18
♦18
2
44%
443g
21%
134
1134
21%
217g
*1%
1184
1®4
H7g
6%
59
93«g
6*8
60
93%
*314
3*8
21
*1%
11%
•6»g
•5812
•3*8
m2
684
10*4
59
58*4
937,
94%
94
*314
334
334
2334
22
*13%
1334
*13
22
*i
34
*337,
35
I
34%
35
*34
3434
600
*2%
3
3
100
13%!
*11
*37%
27%
22U
22%
8%
87g
8%
377g
3734
39
46
4434
45%
85
85
85
377,
M
85
29,400
337,
38
27%
23
8%
87g
39%
46
45
22%
500
*1034
36%
26%
*21%
8%
87g
38%
*45
45
100
29%
22%
8%
26%
9
9
85
87g
39
46
*80
85
13%
3834
27%
23
8%
8?8
39%
46%
*11
86
*21%
8%
:
*2%
*80
38
13
39
26%
2634
300
100
1,100
8%
8»4
33%
46%
8%
8%
38%
46
47g
*51
*8*4
93%
47a
47,
58
|
»*8
28
2Sia
*44
49l2
♦....111
5l2
♦23
*8*4
*72
*18
%
93%
9334
47,
*52
51
56
93«
9%
28
4912
*9
*44
5*4
2512
9ig
81
5*4
*23
534
25ig
87g
534
*22
.
25%
9%
*72
81
48
57,
*41%
6
5%
25%' *24
25%
*8%
■
884
*8%
*72
81
I
!*.._.
109
*
6
8%
9
*73
*41%
49%
109
*....109
300
5,700
2,900
800
6,800
*14
*14
15
111*
1*4
Hi,
125,
12*4
*3914
*6814
♦115
42U
«8
13U
12*4
4012
68*4
11514
42*4
134
%
13%
13%
sie
%
13%
*13%
40
%
137,
13%
40%
68
687,
68%
*143
146
*92
113
♦143
1,300
84*4
15%
|
85
15
15%
7%
*73*4
7
-7%
68*4
1%
22%
1634
2734
17
17%
2734
17%
2f%
22*4
4
♦2534
2234
*39
47
*39
♦10%
13%
T*4
12%
♦11
1%
22%
167,!
27%
*25*4
22*4
*3*8
1«7,!
15%
15
7
634
1%
1%
22%
20%
29%
16%
26%
22*4
334
467,
13%
7%
12%
10
57%
70
178
23%
95
78%
28
16%
*25%
57*4
57%
*67
69%
*67%
17,
22%
93%
23%
94%
*65%
17,
22%
91*4
79%
78
*12
10
10
1*4
22*8
93%
77%
I',
21%
94%
78
7%
*12%
97g
79
14
14
13%
*28
29
29
14%
29%
*85%
90
90
137,
94
66%
14%
96
96
96%
*55
96%
56
7%
7
10%
535,
*97,
22
1%
217,
22
*1
39%
39%
*78
3934
1%
3934
3,
9%
42%
21%
*%
*%
*2%
%
%
37,
110
51*4
110
111% 111%
...
7
*634
*
...
„
97,
*56
*%
*»!«
2%
%
2%
7
*9%
1034
21%
1%
39%
*78
39
*%
**i#
*4
•
27%
...
Class
5,700
250
5,900
700
100
^"50
5% pf (ser of Feb 1 '29). 100
Pub Serv Corp of N J..W0 par
•
30%i
3034
£15%
26%
*22%
26%
22%
*25%
*3%
*39%
37,
467,
22%
3%
*39%
*11
13
*11
9%
*56
57
57
67
67
*67
22%
2134
'
1334
14
*95
87,
42%
*53%
7%
*634
♦9%
20%
*7,
3834
*%
**i#
*2%
22%
100
Real
9%
*56%
134
21%
2234
100
97%
87,
42%
55
7%
7
10%
20%
1%
39%
%
*95
A
*55
60
14%
14%
14%'
97%
Q
Q
42%
427,
*53%
55
73,
7
7%
*53%
7%
*9%
10
6%
*9%
20
20%
20
*634
1%
7,
3934
3934
39%
*%
%
%
*2%
*4
%
'
3%
...
*%
*2%
310
14%
4,300
200
8%
427,
55
7%
6%
2,900
11,500
1
Reynolds (R J) Tob class B. 10
Reynolds
111*1# 111*1# 111*1# lll»i« 1111*## 1111*#! 1111*.*
2834
26% 26%
26% 26%
2534 25*4
sales oh this day.
J In receivership,
a Def.
Spring
10
Common
40
7,600
Richfield Oil Corp
100
Rltter Dental Mfg
Wo par
No par
"MOO
500
2,800
*22% Aug
6% Aug
70
Sept
63*4 Aug
8
5
Apr
77% Feb 13
85% Apf 11
14
15% Feb
15% Feb
9
3
10%
11
Aug
7% Apr
3
5
Aug
Mar 28
14% Mar 11
5% Jan
6
60% "Jan
3
Mar 11
19% Feb
8
15% Mar 16
27
Jan 13
14% Jan 16
25
Mar 16
69
Apr 8
17, Jan 29
23
Apr
4,000
delivery,
....Wo par
Stores
preferred..........100
preferred..........100
preferred
..—100
Savage Arms Corp
n New stock,
Wo par
r Cash sale,
6% June
12% June
10% Apr
3
8
207g Sept
16
July
2% Dec
Mar
4
40
Dec
Jan 12
7
Apr
Jan
9
6%
11% Jan 19
13% Feb
9
Apr
9% Mar 18
10% Jan
9
3
9%
Dec
49% Feb
6
5734 Apr
8
50
64
Mar
6
69
Jan
5
60
1% Jan
4
2
Apr
237,
Jan
18% Jan 22
79% Jan 23
85
Jan 23
11% Feb
22% Feb
6
6
76% Feb 16
45
,
Feb28
9% Jan
3
37% July
61% Apr
*.15% Feb 20
87% Mar 12
6% Jan 18
39% Jan 2
62% Jan 29
9% Apr 4
427, April
2
Jan 30
4
Jan
9
44% Jan 15
104
Jan
2
111% Mar 19
llli4Mar 20
19% Jan 15
x Ex-dlv.
y
8
8
3
3
Feb 27
4
Apr
Sept
62
July
6%
Apr
6% May
10
8ept
15% 8ept
Apr
Apr
% June
% Aug
1% May
7, Jan
3% Feb
Jan
Mar 14
111% Mar 28
114
Jan 29
116
Feb 23
297, Mar
5%
35
%
*g Jan
53
7% June
78*4 Jan
27%
Jan
4
Apr
21 ig July
63
Aug
Apr
42
Apr
9%
96% Apr
6% Mar 19
6% Jan 20
Apr
3
Apr
42
Jan
53% Apr
8% Jan
7% Jan
Apr
43
30% Apr
90
Apr
7g July
Apr
79% Apr
14%
Apr
Dec
127g
95
22% Apr
1% Feb
5%
6%
7%
85% June
63% Apr
1% Dec
16% Apr
Jan
23
18% Jan 15
Safeway
Jan
4% Feb
£201# Mar 20
3% Jan 15
7,Apr 4
38% Feb 7
% Jan 3
% Jan 19
30
4
217, Apr 10
31% Apr 10
17% Apr 8
26% Apr 10
100
..—10
JSt Louls-8an Francisco... 100
6% preferred
100
{St Louis Southwestern... 100
5% preferred......
100
200
Sept
Apr
12
100
112
Sept
10
^Rutland RR 7% pref
31% Apr
101% Sept
111
Copper Mines
Ruberold Co (The)
Wo par
St Joseph Lead
Apr
Mar
4
Roan Antelope
10
7,
39%
%
%
3%
10
preferred.......... 100
6k% preferred.....
100
Reynolds Metals Co...Wo par
6H% conv preferred
100
7%
Apr
50%
112
Sept
3
JReo Motors v t c
1
Republic Steel Corp...Wo par
6% conv preferred
100
6 % conv prior pref ser A. 100
Revere Copper A Brass..—5
Class A
18
147
Jan
Rensselaer A Sara RR Co.-100
20
Aug
6% Sept
129
10% Apr
70
5,700
1,700
% May
6
2
93
32%
7,300
91,800
13%
29
94
6% Apr
7% Aug
% Aug
Jan
118
Feb
Apr
17% Sept
Apr
165
6
117% Jan 9
25% Mar 26
8% Feb "
Preferred with warrants..25
22%
Sept
Aug
%
Mar 29
145
160% Feb
400
*4
51
141% Jan
3,000
3,440
2,650
52
Feb 20
2
43% Apr 8
115% Jan 11
12734 Apr 3
934
111",, 1113,
51%
39% Jan 18
Co........—10
Remington-Rand
...1
111%. Hlu«
52%
Apr 11
118% Jan
Reliance Mfg
111% lll'u 111»m111»m lll'u lll*u
5134
70
112% Feb 16
100
20
*7,
3%
*4
8%
4234
6
8
97%
*95
Jan
13
60
14%
42
55
800
*55
60
% Feb 27
147, Jan 3
Jan 31
1,100
1234
*27%
4
2% Feb 27
Feb 16
77
j *83
12% Jan
Mar 27
89
1334
6
7
17,
Apr
June
6
Jan
11
*84
94
Apr
15
40
*73
29%
Hosiery........-.5
Preferred .............100
Silk
Jan
1% Mar 12
22% Feb 9
100
57
47, Aug
6% Apr
16% Apr
Reliable Stores Corp...Wo par
77
13%
Inc...
Rels (Robt) A Co 1st pref..
89
29%
Sept
100
77
*83
158
734
12%
67
67
17*
2,700
*85
91
91
*73
97g
70
1%
17,
17,
*12
57%
9%
97,
400
13
12%
Manhattan.Wo par
.........1
92 preferred
.......25
Reading Company........50
4% 1st preferred........50
4% 2d preferred.........60
Rayonler
320
..Wo par
30%
*12
Apr
8% Jan
33% Mar 16
65% Jan 2
1
"moo
Bid and asked prices; no
.......Wo par
6%
Raybestos
*12
Apr
175
3
110% Feb 21
1,500
*7%
60
14% Jan
"2766
3,300
Jan 15
124
preferred..
...Wo par
preferred.......... 100
preferred..
100
preferred
100
Pub Ser El A Gas pf $5. Wo par
5,600
*11
Apr
11% Mar 15
85
68%
*39%
11%
preferred
.....100
5% conv preferred...
100
Purity Bakeries
Wo par
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer...No par
95 preferred B
Wo par
13.50 conv 1st pref..Wo par
94*866
734
*i« Apr
6%
7%
8%
Pure OH (The)
3,200
13
Mar 18
% Jan 12
95
Pullman Ino
200
513,
27
Wo par
Procter & Gamble
137)00
108% 108%
27*4
1
6% conv 1st pref......—5
5% conv 2d pref....
50
40,200
108% 108%
27%
No par
B
Pressed Steel Car Co Ino
400
108% 108%
5134
52%
5234
109% 109% *108% 10834
5134
11134 11134 U1M„him„ 111%#
27%
%
3%
10
Wo par
38,300
*51
*634
20)2 Jan
12% Jan 13
1%
21%
94
42% 42%
*53%- 55
7%
7%
5
Pond Creek Pocahontas Wo par
4,100
467,
Apr
Mar
80
142
Plymouth Oil Co..
14%
15
67,
*7
5
1,400
19%
734
12%
Feb
% Feb 14
1%
21%
*7'
12
Plttston Co (The).....Wo par
21%,
*83
9%|
834
540
2,100
85%
3%
2% Apr
12
18
85%
15
*25%
*21%
*3%
4
12% Aug
14%
*14%
1534'
5
35% Mar
4
9% Apr
Jan
Apr
22
1434
15
7%
2634
22%
171
Aug
31
Pittsburgh Steel Co
1%
21%
1534
Mar 12
Jan
6
23
Jan 17
7
27% Jan
6% Feb 19
20
2934
110
36
Jan 18
*92
20%
31
15%
27
22%
334
467,
9% Apr 12
28% Mar 27
49% Jan 5
5
Pitts Screw & Bolt.....Wo par
*1%
21%
217,
197,
4
r69% Feb 16
217,
31%
1534
1%
21%
Aug
24
130
95
85%
68%
95
Apr
2
Jan 29
Feb
Apr
31%
9
8
Jan
7
25
6
107% Feb 10
4% Feb 27
21
4
Mar 25
67, Feb
66
Feb
48
100
Corp Wo par
734 Apr
40
41% Jan
2
preferred
136
% July
Sept
124
Sept
2*4 July
74
4
Jan 22
JRadlo-Kelth-Orpheura Wo par
*28
147,
97%
*114% 117%
26% 26%
10
10%
68
68
36% Mar
JPorto Rio-Am Tob cl A Wo par
165
6%
*7334
Jan 10
Jan
Poor & Co class B
*163
•
Jan 23
4% Jan 31
30
8
9,900
113%
£127%
*143%
j *7334
76%
14
29%
60
*95
6%
68%'
~1 %'
90
*51
*2%
85
14%
*14%
14%
15
634
14%
30%
13%
29
21
*4
*4
51*4
12%
*82
9%
42%
53%
7%
7
10%
9%
*10
*7
14%% 14%
42*8
7%
*1034
61%
9%
*6%
*3%
*39%
14%
42%
*53%
22*4
60
85
14%
*14%
6%
68
17%
*5714
*7%
*3%
*927,
*7334
22%
26%
2234
37,
467,
13%
7%
12%
10%
5734
70
17,
95
v
85
69
68%
69
1%
22%
1%
22%
*16%
27%
167,
85
*7334
*7334
68*8
10
136
95 conv preferred
Wo par
Pitts Ft W A Ch 7% gtd pf 100
200
26%
1
6
Jan 23
1934 Apr
40%
70
*92
Jan
%Mnr
957,Mar
11
19,900
*116
75
34% Jan
13%
13%
42%
Apr
Apr
4
Mar 18
*13%
4234
36
Jan
Mar 18
13%
13
407,
163%
14%
6%
28%
Jan 11
26
Pitts Coke & Iron
Apr
47
8% conv pref... 100
25
Co of Italy "Am shares"
100
6%
85
5
100
Jan
6% 8ept
Jan 20
Jan
Pittsburgh Coal of Pa
17
74% Jan 26
% Mar 20
88*4 Jan 15
40
44
2,500
115%
43
113%
127%
146
5
Apr
13% Sept
Mar 19
13%
1.3
697,
34% Feb
21
29% Apr
r227,Mar
8% Apr
10% Feb
40% Jan
9
13%
115
13% Apr
Jan 24
Feb
Apr
May
7% Apr
2
39% Apr
21
Aug
30%
16
13%
40
697,
!
9% Mar 19
30% Feb 1
21% Mar 18
...100
Flour Mills
15
24
Apr
38% Jan
4% Jan
28
13
70
115%
43
113%
128
146
163%
117%
2634
10%
Feb 16
43
2% Aug
17% Aug
11% Sept
120% June
Wo par
*127,
115%
42%
42
11234 *11234
128 i*126%
146
*142%
163%' 163%
117% *114%
27
26%
10%
10
3
6
Preferred
6,000
115% 115%
118% Jan
24*4 Jan
21% JanlS
33% Feb 6
33% Apr 9
3
6% pref class A
100
6>$ % 1st ser conv pr pf. 100
Pittsburgh & West Va
100
Pitts Y'n & Ash Ry 7% pf. 100
%
*39
6
118% Jan
Jan
Apr
Sept
Sept
6% Sept
72
Sept
7% Sept
14% Sept
1% Apr
36
Apr
ll7, Apr
1% Aug
5*4 Apr
£5% Dec
48
Apr
74
Apr
% Apr
92
7% pref class B........ 100
%
*39
6934
16% Jan
Jan
.....
15
11%
1%
13
25
Mar 20
3
Hosiery
Feb 17
4
13
5
Phoenix
Jan
4% Jan
June
%
110
%
*38%
6S34
Petroleum....Wo par
4
5
35
280
%
163
*14%
15
20
6,500
1,600
%
%#
163
84*4
84%
*14%
15
Phillips
100
1,100
15
*142%
93
5% conv pref series A... 100
Phillips Jones Corp....Wo par
7% preferred
,100
Pitt C C & St L RR Co
1134
1%
j
Corp of Amer
Reading C & I. Wo par
Philip Morris & Co Ltd.... 10
Pirelli
f *41% 48
j*
109
6
55,
*5%
25% *24
25%
9%
8%
8%
*11%
138
1%
No par
Phlla &
Plllsbury
*13%
11
146
93
93
Pet Milk Co
100
.100
Pierce Oil
1134
1%
15
*13%
*143
146
5% p»ior preferred..
5% preferred....
600
♦13%
11%
1%
113
113
113
11234
127% *126% 127*4 *12634
93
15
68%
115% 115%
4234
43%
*116
118
118
118*4 *116
28
27*4
26%
28%
28%
10%
10%
10% / 10
16*4
8412
7
69
162% 163%
tl
*14%
41
115% 115%
43%
43%
127*4 *126
*16212 165
137g
13%
*40
114
101*
12
134
*126
277,
.12%
15 j
12%
1%
*113
*116
*13%
No par
v t c No par
Peoples G L & C C(Chlc)..100
Peoria & Eastern Ry Co... 100
Pere Marquette Ry Co
100
800
....
1*4
2
**«
12
15
400
.
*172
175
175
175
*1717, 175 |
*1717, 175
*17312 175
*173
175
7%
77,
7%
7%
73,
7%
7%
8
7ie
77,
77b
8
10
10
*9%
10%
10%
10%
IOI4
105a
103s
103g
10%
1034
31
31
*31
31
31
*30
33%
31
31
32i2
3ll2 32
*17%
18
17%
17%
17%
18
187,
18*8
1914
1914
1934 *17
32
32
33
*32
37
*32%
34
*32
34
83l2
34
34
15
15
*13
15
15
15
16
1434
157, *14
|
1534 I6I4
*150
'*150
*14434
*14434
*14434
;*14434 ._
1%
1%
*"i# 111
1%
1%
1%
7,
*34
1
7,;
21% 21%
21%
217g' 217, 217,
2134 217,
215,
*21*45
217,
21%
.
85
2
%7 conv preferred....Wo par
Pennsylvania RR
50
Peoples Drug Stores...Wo par
80
81
6
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...50
$6 preferred
Wo par
4,500
9% ^:
28%
*72
Feb
2% Jan
3% Jan 23
20% Feb 6
7% Mar 20
48
109
81
*72
81
83
6% Jan 11
53
9%
*27%
121, Mar
7% Mar
82% Jan
14,600
434
53
5
5
88
*4%
47,
54
934
28l2
*44
5 I
*4%
58
*53
9%
*9%
47g!
*4%
52
I *49%
934l *9
4%
Corp
9
Jan 17
2% Mar 12
Pfelffer Brewing Co...Wo par
<i|
%
93% 9334
3g
93%
*11
*11
9314
Jan 15
1% Feb 28
9% Jan 11
684 Jan 13
Mar
Corp....10
pref ser A
Petroleum
Apr
2% Apr 12
900
*8
%
*11
%
94
93%
937, 94
*136
146
*135
145
*136
*136
146
*136
146
*136
146
146
*6*4
7%
6%
7
6%
6%
634
634
*67g
7%
6%
6%
50
*39
*37%
50
*3714
50
*37% 50
*37% 50
*37%
50
39
.38
39
395, 2*34
39%
397g
39%
39% 39%
39
39%
*M
93
& Coke
conv
2
9
55
Penn-Dixie Cement—Wo par
97
Jan
No par
Penney (J C) Co
Penn Gl Sand
Jan
8% Jan 18
No par
Pentck & Ford
1,080
1,130
23
*21%
Transporta'n.Wo par
Pathe Film Corp
1
.Patlno Mines & Enterprises. 10
400
42
13%
87,
13%
Parker Rust Proof Co....2.50
Parmelee
Penn Coa
-
22
3934
3*4
600
5,300
I
*40
*11%
36%
37%
•8*4
3%
3%
20%
94
*121
13%
39t2
287g
*83
*211$
*8%
3%
3%
40%
3
13
*3%
634
23%
3
38
27%
*2138
8%
878
87*8
*45J2
11%'
40%
4
13
22
22%
*3
87«4
27%
22%
18
1,900
1,600
11,600
1.900
900
«
4
13
27
44% Apr
42
2234
*3lg
36
Parke Davis <fc Co
1*4 Feb 7
42% Feb 24
*40
35
42
1
42
4
*40>2
*3412
Park Utah Consol Mines
23%
22%
6
17
41
24ig
4Hg
3434
Feb
1
22%
23%
4Hg
3434
Apr
18
Jan 15
Jan
Apr
3,700
2
20%
101%
85,
9334
10%
Jan 18
5
25
4
8
6
Park & Tllford Inc
No par
Deo
Apr
97, Sept
2
6,100
21%
*12
8
Jan
1
7
334'
23*41
13%
8% Apr
45% Apr
85
60%
*121
*121
♦121
*121
.
13
6*4 Jan 16
1
*6%
*59%
93%
.
3
34 Feb 13
41% Jan 12
100
Highest
share
per
7
4
100
10
Paramount Pictures Inc
200
2%
11
11%
.100
preferred
3
4
8% Jan
6% 1st preferred
6% 2d preferred
20,600
A A
21%
*1%
634
60
9434
conv
share
100
A A
1%
4%
No par
per
2 5% Apr
1
Panhandle Prod & Ref
Year 1939
Lowest
4% Mar 11
3% Jan 12
yl5% Feb 15
40
19
2%
$
9 per share
7
Apr 1
Corp
5
Pan-Amer Petrol & Transp_.5
Paraffine Co Inc
Range for Previous
Highest
2,800
7%
93%
9%
*9
21%
384
3%
23
*20%
13 | *12
*3%
| *20
1334'
7%
*91%
2%
634
700
,
10034 IOO84'
44%
59%
93%
*3%
334
*3%
3%l
3%
*22
14
6%
400
1,300
7,
44
*18
*21%
1%
1034
94%
334
23
2334
44
11
67g
5834
937g
334
2i4
1%
59
05g
23
23H
21%
1%
i%'
1%
1034
684
*13%
*121
44%
44%
217g
59
93%
*3%
3%
2%
44%
21%
214
2%
2ig
44%
213s
200
.
858
44
19
*18
734
*7%
%
1
44% 44%
10034 100-%
7%
7%
*91%
9334
9%
9%
19
♦18
19
Par
*7%
3%
*7*4
37g
237g
35g
Shares
Lowest
227,
♦7%
35g
21%
8
37g
24%
8
Week
5 per share
5 per share
2334
*7%
334
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
Apr. 12
.Apr.11
37a
24%
3*8
24%
*75,
7s
STOCKS
NEW YORK STOCK
the
CENT
Friday
Thursday
$ per share
9 per share
NOT PER
Sales
for
SHARE,
Saturday
6
3% May
27% Apr
82% Jan
96
Jan
104% Jan
10% Apr
Ex-rights. 1 Called for redemption.
New York Stock Record—Continued—Page 9
2380
Apr
S per share
t
Tuesday
Apr .8
6
.
SALE PRICES—PER
HIGH
Monday
.
J
Apr .9
$ per share
|
137g
13%
14
13%
78%
78%
78%
%
534
*»
%
5%
48%
%
578
49
558
*113
*11234 114
108
♦105
113%
*107
34
*%
34
17%
17%
2%
8734
2
2
86%
87%
14%
13%
13%
15%
*1334
1434
13%
13%
*1334 M434
61
*58
61
*58
14%
14%
1478
14'8
15%
*2
15%
*66% "61
61
5%
*58
55
*5512
56l2
♦55
7 is
39i2
7%
39i2
39
39% I
7%
3834
12%
12%
1234
1234«
12%
231«
♦23s
23%
2%
*24
25
*2134
22%
*102t7»2 103
112
*23
12%
2%
16%
23g
*16
26
26%
♦151
153%
308s
30%
14%
137g
18
18%
2984
30%
*35»2 38%
2i2
2%
*6
7
*6358
mm mm
23
56%
12%
12%
12
23%
23%
12
12%
10%
*934
10%
*934
10%
*10
10%
23
23%
2,100
11%
11%
26,900
Socony Vacuum Oil Co Inc. 15
2%
2%
23g
4,200
South Am Gold A Platinum..1
16%
16%
15%
15%
15%
15%
15%
15%
15%
15%
700
*25%
26%
26%
27%
26
26%
26
26%
2634
2,700
S'eastem Greyhound Lines..6
So Porto Rico Sugar...No par
30%
303g
30%
14
14%
13
18
18%
38%
1078
28%
*35%
2%
2%
*6
*63%
6%
-
m -
•
23
2%
*6
*68
*22%
17%
30%
30
303g
13%
13
13%
1234
13%
31,800
9,200
16%
17
17%
28%
38%
28%
28%
1634
27%
28%
*35%
38%
*35%
38%
2%
2%
17%
27%
*35%
30
23g
*6
684
35%
35%
2,300
Splcer Mfg Co
16%
15%
18%
24%
17
23%
2784
28
7834
77%
78%
78
79%
79
8%
8%
8%
7i2
8
778
10%
8%
1078
10%
11%
12%
63
63
122% 122%
10
978
23% 24
2%
2%
17%
11%
9%
17
30%
7%
30%
7%
7%
638
6%
6%
534
534
6
8
8%
6%
*5%
6%
3434
8
8%
5%
5%
12%
12%
15%
52%
378
15%
*378
*30
40
4%
4%
353s
35%
2%
17%
11%
92%
3534
7%
*6
5%
5»4
39
39
5
*434
7%
5%
337«
634
8
7%
5%
12
15%'
53%
4
35
5%
900
1178
200
Texas A Pacific Ry Co
15%
300
Thatcher
*51%
3%
38%
5%
38
34
33
53
3%
38
33%
7
7%
6%
678
13,900
5
5%
5%
5%
53s
2,100
36
35%
3578
5,500
2
2378
50%
6%
6%
20%
21%
6%
19%
638
20%
1178
24
5
47g
247g
24
3
3
♦3
*28*2
29%
12%
*28 '
478
1084
10
2,200
5
*33
9
2%
81
5
10
35%
2
35
5
5
5
33
33
2
1,400
*1534
17%
178
*16%
1734
10%
10%
1034
6,500
92%
92%
9234
23%
24%
24%
9284
24%
2378
24%
50
50%
50%
4934
50
1,100
11,100
3,500
20%
*1%
6%
6%
50%
6%
19%
20%
19%
*734
2%
*80
5
♦93s
834
2%
82
5
10
*8%
2%
80
5
6%
9
2%
80
5%
10
6
6
19%
*8%
2%
80
21
9,700
23,200
9
m
5%
*9%
m
10",200
2%
300
80
5%
934
1,700
100
I
•
-
Bid and
m
m
-
Tlmken Detroit Axle..
.10
Tlmken Roller Bearing.No par
Transamerica Corp
2
Transcont'l & West Air Inc..6
Transue A Williams St'l No par
Trl-Contlnental Corp..No par
$6 preferred
No par
Truax-Traer Corp
No par
Truscon Steel Co
10%
10%
1034
5,900
22%
22%
2234
22*4,
900
3
*234
300
Twin
27%
27%
*234
28%
3
28
2%
29%
40
7%
10
20th Cen Fox Film CorpNo
Jan
Feb
9
36
Apr
9>2
7014
22l2
il7g
3
11
Apr
34Jg Dec
42
46% Jan 5
34% Apr 11
8034 Jan 3
878 Feb 15
8% Apr 2
12% Jan 6
2
Jan 15
13% Feb
1
28% Jan 11
7
2
Mar 27
2
6
34% Jan
2
40
1
5
5
Mar 21
47% Apr
4% Apr
Mar 20
6
18% Jan
53
Jan 16
Mar 21
4
Feb 16
42% Feb 16
534 Mar 8
378 Jan 16
34
8
6
2
Mar
36% Apr
2% Jan
l78Mar 29
United Aircraft Corp
Un Air Lines Transport
United Biscuit Co
Preferred
100
United Carbon Co
No par
United-Cair Fast Corp .No par
United Corporation
No par
n
No par
New stoo'
.
r
Cash sale,
z
Apr
253g
2414 Sept
2234 Aug
Oct
33% Sept
30
Aug
53i2 Sept
Apr
36
Sept
Apr
6I2 Aug
80
Dec
65
35g
8%
Apr
Apr
12*g
I7*g
10
Oct
Jan
5
4
Jan 27
8
Jan 24
10
Apr
2284 Sept
578 Sept
17
Apr
30i2 Mar
1«%
2514 Sept
3712 Sept
4ig Aug
12% Sept
33s Aug
478 Aug
3314 Oct
3*8 Aug
4
Apr
3212 Aug
314 Aug
9ij Sept
7i2
4312
6I4
9i8
5084 Sept
684
38ij Sept
7
Aug
11% Sept
534 Nov
9
Jan
8ig Sept
22i2
Jan
f£>% 'Dec
24
48
61
Dec
314
Dec
534
2ig
14
H2
Oct
Apr
6
Nov
33
Nov
Jan
234 Sept
17
Apr
1% July
712 Apr
912 Aug
83
37g
33U Nov
3*4 Jan
18U Dec
1414 Mar
Sept
96
Feb
35
Dec
Apr
127g
1078
Sis
Apr
Jan
f>8 Sept
Dec
Jan
4
4
2
Mar
7
4
74
Apr
3
Apr
7«4 Sept
10
9
6
Apr
4
ll3!
Dee
1414 Sept
tt%. Jan
2 34
8% Mar 20
Apr
3% Apr
Jan 15
30
9% Jan 15
% Mar 16
39% Jan 16
45
Apr
4
4
13% Mar 14
1984 Sept
1% Apr
1712 Apr
7ig
Apr
84
Dec
1% Jan 11
Feb 19
3412 Sept
1778 Apr 10
4
115
Jan 12
1178Mar 18
6512 Apr
10834 Sept
88% Jan
3
3
6
Aug
Jan
4-V Sept
88
3414
Jan
Jan
3»4 Aug
35U Aug
1212
434
66
Jan
Jan
Jan
13i8 Dec
9414 Sept
118
July
1984 Jan
Jan 16
17% Jan
8
Jan 15
98
8
15is Aug
81% Apr
89% Feb 10
27% Mar 20
2018 Mar
2414 Sept
31
51
Mar
5
2234 Jan 11
43% Jan 15
14% Jan 15
15% Jan 2
9
2334 Apr 4
1734 Apr 10
119
5
36'% Mar
5
Ex-dlv.
y
Feb 23
65% Mar
19% Apr
278 Apr
54% Feb 5
17% Jan 12
Mar
Apr
50% Apr
Jan 31
112
2
5
6U
82i2 Mar
5% Jan
2
77% Feb 1«
4% Feb 13
112% Feb
Oct
4*4 Nov
217s Apr
8% Apr
Jan 19
Oct
41
Sept
12% Jan 15
4
Oct
Oct
Apr
30
54U
Mar 14
Jan
Sept
Apr
Sept
7
Mar
July
Mar
Sept
26
Apr
Jan
Jan
2484 June
1034
78% Feb
Jan
66
3414
7
Jan
734 Sept
3
2% Feb
Sept
38
2OI4
4
16
-.5
No par
Jan
Oct
13Sg
52
84
5
2078
25% Apr
93
No par
Jan
10%
Apr
46% Jan 19
5% Mar 5
100
Car
514
Apr
10
20% Jan 13
25
preferred
preferred
7
7% Apr 8
5% Apr 11
277„ Jan 15
100
Union Pacific RR Co
$3
8
24
Union Oil of California
Union Tank
4
4
3534 Apr 11
8% Jan 8
6% Jan 4
12% Jan 8
14% Apr 2
50% Jan 3
3% Jan 12
Jan
Mar
7
5
3% Jan 23
3234 Jan 2
7% Feb 21
4
April
5% Mar
Jan 25
284 Feb
Dec
3812 Jan
35g Sept
22i2 Jan
Feb
2634 Jan
34%
7U Jan
108
June
19U Sept
134 Aug
277s Jan
Jan 19
34
Dec
1612 Mar
76i2 Mar
12812 June
1H4 July
l07s Jan 20
5
2% Jan 3
17% Apr 4
35% Feb 28
7% Mar 25
2458 Apr 10
32% Jan 25
9% Jan 3
7% Jan 4
6
21% Apr 12
10% Mar
53
Dec
6i8 Apr
4534 Sept
13% Jan
Union Carbide A Carb.No par
Union El Co of Mo$5 pf No par
Apr
Dec
Nov
Sept
118i2 SeDt
7% Apr
25% Jan 23
1
•
8I4 Aug
67«4
Sept
Feb 13
124
Jan 23
10% Apr 10
No par
Sept
12% Feb 21
20
63 % Feb
56% Jan 23
5% Feb
42«s Feb
Apr
100
JUlen & Co
Apr
Apr
22% Apr 10
2% Jan 26
Under Elliott Fisher Co No par
Union Bag & Paper
No par
H* Aug
434
Hig
par
preferred
Mar
60
pq^
City Rapid Tran.No
Twin Coach Co
4%
3
5
No par
$1.60 preferred
••
Del. delivery,
23U Jan
3«% Nov
29
9% Mar 16
5
Dec
4334 Sept
3*s Jan
2234 Jan
26% Jan
8
7% Jan 31
Jan
Sept
2914 Dec
215g Jan
671a Apr 2
11% Jan 3
66% Apr 9
40% Apr 10
76% Feb
6% Feb
July
3834 Apr
Mar 18
9% Jan
143
Sept
llig Apr
1512 Apr
95
No par
Apr
Sept
34
0
pref.
Jan
Sept
15ig
3U
18*8
353g
3
3
89% Mar
conv
23ig
10i2
24
4
Jan
11% Apr
11%
a
3
23
2234
J In receivership,
Apr
1
$4 50
12ig Apr
10U Aug
Dg Sept
127
2
10%
rked prices; no sales on this day.
par
1714 Mar
Apr
Apr
preferred.No
cum
Dec
Sept
Dec
9
21
14
6
Sept
112
Apr
Sept
Mar 28
Jan
Jan
11%
13
Jan
Feb
*234
28%
par
Feb
Jan 2
Mar 11
10
22%
*28
25
Jan
15
3
28
—100
127
par
11%
"
_
-
$3 50
24%
29%
1284
1
preferred.—10
Apr
Dec
2
3234
Apr
484
9
1677g NOV
878 Sept
314 June
2
122
Feb
2812 Oct
29% Jan
9814 Nov
9
8
4
4
Jan
Oct
H84
3812 Aug
17U Sept
Dec
8
5
54
70
5
4
9
Jan
77g Sept
92
Tide Water Associated Oil.. 10
11
3
Co
conv
Thompson (J R)
Thompson Prods Inc..No
Thompson Starrett Co.No
*23
123g
117S
1238
1134
11%
11%
11%
7,000
1134
1134
%
%
%
%
%
%
%
7ll
*%
%
*%
2,000
4284 *42
4284 *41% 42%
300
*41%
42%
*41%
42%
41% 41%
1378
14%
14%
14%
14%
1784
16%
17%
16%
17%
15%
1634 163,100
84 84
847S
847g
85%
82
83
83%
84%
83%
82%
82%
81%
12,300
*115
116% *115
116% *115
116% *115
116% *115
116% ♦115
116%
1634
1634
1634
1678 Xl6%
1634
16%
3~300
16%
16%
163s
16%
16%
97
98
97
97
97%
97%
97
97%
97%
97%
97%
97%
3,500
*85
86
86
86
*84
85% 86
84%
84%
85%
84%
84%
1,100
27
*2634
27%
27%
26% 27%
27%
27%
27%
27%
2678
27%
2,900
49
4978
4912
50%
50%
48%
4984
48%
48%
49%
48% 49% 21,400
2238
2284
2278
22%
20%
21%
21%
20%
21%
2I84
21%
2278
71,700
17
17
*17
17%
17%
17%
1784
17%
1734
1734
1734
1734
1,700
♦116U
116
116
*116%
*115
*115
116
116% 116% *115
10
63 34
64
64
6334
6334
6334
6334
6334
900
64%
64%
*64%
647g
*19
*19
19% *19%
19%
18
19%
18%
18%
18
1734
400
*17%
234
2%
234
234
2%
234
2%
2%
2%
2%
2%
2% 23,300
40
*4038 40%
41
40%
4034
40
3934
40% X39%
40%
39%
5,200
-
$3 dlv
-.100
Third Avenue Ry.
*9%
10%
3%
No par
No par
Thermold
200
IO84
9234
17%
pref
conv
2i4
Jan
Sept
16% Apr
15% Aug
4
5
1
100
.No par
Preferred
390
42
*
$3.60
Mfg
The Fair
80
3734
5%
25%
5134
*9%
1134
300
Texas Pacific Land Trust
100
4
7%
92%
5
38
53
33%
92%
24%
5124
10%
1178
4
*5%
6«4
4%
92%
5
53
7%
7%
92%
*93s
2,100
15%
*51%
*334
3734
11
2%
778
*10
10%
♦8
7%
5%
*1%
*80
734
15%
*15%
9
7,900
1234
2
2%
35%
5%
11%
85
35
*10%
17
2%
3534
5
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal A Oil....10
Apr
17% Apr
7% Jan
4
....6
Tennessee Corp
Texan Corp (The)
*15%
*51%
*334
*3734
11
*8%
2,000
15%
17
*80
4
60
Telautograph Corp
12%
11%
5()34
46%
4
5H%
15%
17%
5078
10,300
19,200
6%
46%
4%
1
....9
484
47
7% Mar 19
5% Feb 5
w w.l
(James)
preferred..
97s Aug
98% Aug
2% Jan
28
Without warrants
Jan
18% Jan
Swift International Ltd......
Symington-Gould Corp
June
6% Dec
28
Oct
22
Talcott Inc
43
1812 Apr
53g Dec
...25
*5%
35
2%
Swift & Co
*10%
36
2
500
4%
34%
6%
Paper Co
10
Sweets Co of Amer (The)...50
20
47g
6%
46
100
7%
5%
5
17%
11%
92%
2434
600
41%
40%
5
36
*35
1
No par
preferred
......
1,200
X478
0%
3434
2,500
6
5%
6%
4%
35
7%
6%
6
5
46%
m
20,300
*6
5
4%
m-mmmm
24
*7%
41%
6%
•
17
5,700
*35
46%
6%
1,500
30%
39
478
3434
178
25
12U
%
5%
*10%
378
4%
1178
8
52%
43s
*24
6
*15%
*61%
5%
85
*10%
30%
3378
214
17%
2834
5%
*884
3,300
29
Oil
6%
Sutherland
2%
32%
7%
Sun
4,000
2%
29%
534
Studebaker Corp (The)
1,000
97g
21%
2%
10
No par
Sunshine Mining Co
10c
Ruperheater Co (The)..No par
Superior Oil Corp
1
Superior Steel Corp.......100
22%
9%
21%
2,900
22%
2%
*1012
29%
8%
Stone A Webster..
37# May
18%
101
2 a4 Apr
28% Jan 29
1
72
3
.7
42% Apr 12
Stokely Bros A Co Inc
Dec
94
Standard Oil of New Jersey.25
70
*6%
23%
29%
3378
6%
*80
900
31%
6%
6
59,100
7%
24%
6i2
21%
9%
2%
1138
6234
33%
♦39
6
11
6284
*6%
6%
7,100
10
123% 123%
32%
4%
2H8
11%
11%
6234
6234
*122% 123%
23%
47%
50l2
9%
7%
4%
34%
92*2
2412
9%
24%
46%
11
9%
♦6%
6%
♦2
3,roi
9.S0J
33
4%
*17
7%
23%
47%
5%
3,100
8
7%
7%
23%
29%
6
34
79%
8
734
3334
4%
34%
*5i8
79
8
7%
32
47
33
79%
7%
*6%
2234
4%
34%
40
79
21%
51
Mar 12
Apr
Sept
857g Nov
6
Starrett Co (The) L 8..No par
Sterling Products Inc
10
Stewart-Warner Corp
6
1
3ig Sept
243g Sept
3ig Jan
Apr
9
25
Jan
Apr
Apr
778 Apr
Standard Oil of Indiana
1
IOI2 Jan
52ig July
117U May
10%
6OI4
11&8
108% Apr
prior pref
No par
Standard Oil of Calif...No par
1,100
Apr
4
cum
33%
1
15% Aug
1% June
2
$7
43%
Sept
>4 Aug
Jan
6
7,000
11,300
33%
105
70% Apr 3
2334 Apr 11
2934 Jan 26
1834
25
Apr
44% Sept
I037s Jan
18
No par
I77g Mar
7612 Aug
Apr
39
1
18
prior pref
Aug
Sept
%
3»4
20% Jan
3478 Jan
1% Jan 19
3% Jan 19
10% Jan 19
13% Jan 19
22% Mar 14
32
6%
Standard Gas & El Co.No par
54 preferred
No par
9
15% Jan
6
cum
34%
33%
No par
10
8
Apr
30% Apr
2
Jan
$6
43%
10
1
No par
preferred
50% Feb
9% Feb
2,600
22 34
*5%
*38%
*4%
$4 50
22% Apr
10 <% Jan 31
152
6% Mar 16
60
Highest
\ per share
61
2834 Feb ?3
1434 Feb 20
22% Jan 16
14434 Jan 6
287g Jan 19
11% Mar 18
14% Mar 18
25% Mar 23
3784 Jan 15
178 Feb 8
4,600
42%
34%
2%
17%
par
Square D Co
Standard Brands
11,700
27,400
10
2
No
3
Feb 19
187s
11%
2434
12%
2%
16%
1934 Jan 13
11% Feb 28
2
Jan 19
2,000
2378
22%
4
178
2734
2%
978 Apr
5
23%
22%
7
16%
1%
5
27%
42%
11%
Feb
16
23%
63
Mar 16
Jan 3
17
28
123
No par
Inc
Conv $4 50 pref
300
23%
10
pref A
conv
Spiegel
73,700
31%
*6%
6%
47%
40
4,100
7%
22%
4i8
3414
4
3934
73g
108% 108%
27%
7%
7%
6234
123
17%
8%
52%
650
3934
$3
6,700
7938
784
934
47ig
*378
97g
66%
34
7%
8
200
55
x9%
*65%
17%
*
8%
54
9%
66%
*10
23%
28
8i8
*51
54
934
15%
17%
7834
16
54
Jan
2% Jan 10
Jan 15
36%
66%
25
29
*3534
10
Jan 19
No par
36%
5684
24
Marl6
36
66%
Mar 18
Jan 8
20%
2%
21%
18%
99%
41
37%
934
4
1
Sperry Corp (The) v t c
5534
108% Feb 7
6% Jan 10
5% Apr
Jan 16
8,300
66
Jan 15
105
21
45
56%
10%
40% Feb 13
13% Jan 4
Jan 29
44%
66%
36% Jan 11
10% Mar 15
66
4584
433s
*434
1
45%
33%
5
No par
preferred
46
500
24%
7% Mar 13
No par
Spencer Kellogg A Sons No par
$5.50
45%
4284
*35
Withlngton
Spear A Co
46%
34
40
Sparks
100
mi mm mm m
*23%
4384
7%
100
2334
33
584
12»4
7
..No par
preferred...
Mobile & Ohio stk tr ctfs 100
3,000
2%
mmmm
Ry
5%
m mmm
23%
3334
Sl2
*68
—
100
22%
43%
17
*6
mJrnm
Southern
8,500
■
m
Pacific Co
22%
33%
978
*r
17%
Southern
23
333s
24%
2%
17%
2%
6%
6%
*68
43U
978
2384
2%
2%
2%
0381
*68
mmmm
8% preferred
100
Southern Calif Edison......25
4,300
2778
43%
778
734
978
20
152
30%
3934
40%
3934
39%
40%
7%
784
7%
7%
7%
7%
109
108% 108% *107
*108% 109
*
2
178
134
1%
134
134
5
4%
5%
4%
5%
4%
15%
177g
2378
152
30%
28%
44%
3334
12
12%
6284
6284
*122% 123
152
13%
38%
30%
*148
30
303s
14%
2912
*35%
152
Feb 24
6% Jan 13
50
15
1134
*148
Jan U
15% Apr 9
59% Apr 12
534 Jan 11
56
Apr
5
12% Mar 18
51% Feb 20
4% Feb 2
10
24%
3
2% Mar 25
Apr 6
16%
113
2%
152
Jan
2
2
88
1
Jan 29
11%
*148
1% Jan
20
111
2334
152
% Jan
No par
preferred
Smith (A O) Corp
4
share
per
Feb 27
109
120
11%
2%
152
Apr
Jan
115% Jan 11
2
"6
10
31
15
Jan 30
24%
*26
134 Jan
8084 Jan
Jan
49
105
2%
24%
*11
15
$6
700
24
*15
10
6% preferred..
100
Sloss Sheffield ateel A Iron. 100
120
113% *112% 113%
Petroleum
Skelly OH Co
300
230
300
277g
8%
1,900
115
1834
24%
28%
43%
*8
Slmonds Saw A Steel...No par
*1734
2414
614
Simms
100
18
19%
434
No par
600
18
19
40
Simmons Co
1834
18%
8
3,200
*17%
18
6%
5«4
preferred—10
1134
3834
3834
39%
39%
78g
778
7%
7%
108
107i2 107l2 *107
2
2
178
178
6%
512
6%
5%
16
15«4
1534
17%
778
No par
Oil
conv
23
10
63s
Union
5H%
Silver King Coalition Mines. .5
12%
2%
66%
3834
*53g
*3714
434
200
4,300
23%
*5584
2812
Shell
3,400
1134
2%
10%
7%
22»4
28%
(Frank G)...No par
23
56%
2212
115
prefser A.No par
conv
Sheaffer (W A) Pen Co.No par
2%
66
*31l4
*612
118
$3.50
Shattuck
No par
2%
-
10%
167g
3134
118
17% Apr
Smith A Cor Typewr..No par
Snider Packing Corp...No par
56%
1678
*12
% Jan
% Feb
$
2
734 Feb 21
112% Apr 3
107% April
Sharpe & Dohme
50
65%
No par
No par
13
Lowest
14% Mar 27
79% Mar 27
%
484 Jan 11
Sharon Steel Corp—...No par
$5 conv preferred
No par
400
10%
65%
2%
8,90Q
56%
3
8
45% Mar 11
Sears Roebuck A Co...No par
Servel Inc
1
10,200
10%
56%
10%
10
5%
7%
10
65
237s
5%
5%
55%
18
IOI4
978
100
39%
12%
18
6412
2ig
59%
7%
1934
35%
*2334
59%
61
39%
*18%
37%
12%
62%
1,100
7%
112% *112
37
1178
14
39%
*112
37
6212
14
7%
112
37
*122i2 123
6,400
*38%
112
46%
11
10,400
13%
7%
113%
46
11
300
8684
13%
39%
12%
120
46%
28
178
86
7%
♦114
461$
*5534
2
Jan
% Jan
100
preferred
Year 1939
mvw
$ per share
share
11% Jan 23
72
whm p
Highest
4-2% preferred
100
Seaboard Oil Co of Del.No par
Seagrave Corp
No par
600
8684
$ per
1
jSeaboard Air Line
400
*38%
120
*227„
45%
*2214
%
183s
7%
119
*111
23%
12
%
6
—100
$4 preferred
150
3834
12%
120
120
10
*912
*55
55
6%
*55%
8%
310
*17%
1%
%
17%
j.vv
vy
Scott Paper Co
...No par
$4.60 preferred.—.No par
5,600
107% *107
107% 107% *107
107%
6
534
6%
684
534
5%
23
22
22
2334
22%
2234
2234 23»4
22%
23%
2%
2%
*2%
*2%
2%
2%
2%
23g
2%
*2%
24
25
24
*24
25
*23%
*22%
24% *22% 24%
22
22
22
1 22
22%!
21%
2134
21% 21%
*21%
*102,7« 103 *102«k 103 *102*7«104% 102»„102»«
102% 101%
19%
*1814
7%
900
preferred
IScbulte Retail Stores
2,000
107i2
107% 107% *107
6
534 |
?5%
534
1195a 11934
112
56%
7
4584
5
18,100
%
*1%
86
5%
6%
5%
5%
5%
5%
800
%
5%
112% 112% *112% 114
10734 10734
*%
%
17%
Schenley Distillers Corp
3,800
13%
78
Par
.
Range for Fremont
Ra*iM of 100-Share Lots
ajuv«v
Lowest
Shares
107% 108
»i«
18%
87%
2%
6%
114
108
%
13%
78
%
5%
4584
Range Since Jan. 1
On
\jn
Week
12
I per share
46%
1734
2%
86%
13%
15%
14%
5%
114
Apr
5%
5%
46
*»!«
88
♦1071s I07l2
%
47
*107
|
78%
%
*78
34
14
5i8
1
%
5%
84
8784
*5612
108
13%
47
11
*18%
18%
2%
87«4
*2
5%
.
13, 1940
EXCHANGE
Friday
I
$ per share
13%
13%
79
%
434
48%
Apr
%
%
h
18%
183s
13%
*78
1137- 1137S
*1C7
108
1
*11
%
14
*»t •
534
49
*48%
10
.
NEW YORK STOCK
the
CENT
NOT PER
Thursday
S per share
13%
787s
%
*471*
Apr
$ per share
78a4
1378
7834
%
SHARE,
Wednesday
STOCKS
for
AND
Sales
Jl//
LOW
Saturday
April
.
42
Ex-rlghta.
6
5
4
Feb 13
78
77s
Apr
Aug
Apr
14% Sept
112i2 Mar
105
Sept
90
July
52
Apr
69i2
13%
Apr
20
2
Apr
3018
Apr
Nov
16% Dec
18«4 July
H9I2 June
334
Oct
Mar
Feb
3978 Aug
T Called for redemption.
B555F
New York Stock Record-Conciuded-Page 10
Volume 150
LOW
AND
HIGH
SALE
PRICES—PER
NOT PER
Range Since Jan. 1
Sales
NEW YORK STOCK
the
CENT
STOCKS
for
SHARE,
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
.
Thursday
Friday
Apr. 6
Apr. 8
Apr. 9
Apr. 10
1
Apr. 11
Apr. 12
$ per share
% per share
$ per share
$ per share
Shares
On Basis of
Week
6V
6*2
*5*4
5*4
62
65,
5t2
62
45g
34i2
6i2
678,
65s
514'
5i8
5i8
j *62*2
66
4*2
33t2
63
62*2
4*4
434'
45s
34l2
*3312
80*s
33l2
4*2
3312
*3314
*5
63
80i4
127,
9
10
10
OU
10U
10
103s
IOI4
85l4
86
85*4
86i2
86
*177
*177
181
*6*4
9*2
10
912
178
181
6V
8412
*177
178
25*2
255,
24V
57,
578
2534
6
2412
534
6I4
534
32l2
2534
6l2
934
10*8
9*4
10%
1018
1034
6i2
32*2
*31
*31
*65
69
70
36
36i4
39
1*8
377,
*37l2
13,
367,
116
119
39
2
*7
17,
*58
39
4512
2'8
7*4
*678
178
7U
17,
1195s
*44l2
2*8
4512
2
35
38i2
1*8
37 V
*38
39*2
*58
60
15U
69
68
*154
157
678
103
3,000
*38
38
634
178
13s1
1,900
*68
6278
13s
*6778
615s
693s
64*4
44*2
44*2!
44*8
25S'
2*2
2*2
*7
2*4
2
2l2
*15
67*2
155
155
155
103
103
66*4
^8
5s
12
*2
*2
h
*171,
19*2
*17*8
19*2
*17*8
18*2
*17*8
19*2
*V
*17*8
36
*116
*46
7f*2
30*2
,
30*2
3l2
303S
30
30*2
30*4
44l2
13*2
44*2} *44*4
*33*4
*90
13*2
15*2
35*2
100
35*2
94
*1
*1
1*,
1*2
***H
1*2
1%
1*2
I**
73,
7*2
7*2
7'4
22*,
22*2
99*4
225,
2234
225s
9934
99
6
*32*8
*14*4
6
«*8
12*2
19
*7*8
1*,
24*2
4
4
*48*2
50*4
15,
8*4
30*2
27*2
19*8
15
147,
8*4
13,
24l2
15,
8*4
*30
*2634
*18*4
23l2
*14*4
36
3V
*48*2
50*4
*48*2
IV
1*2
23*2
4V
4*4
*23
70
110
7,
25
251,
11434 115*4
25
136
*134
34
34
34
*37*,
*37*4
*
65
*97*2
33V
98
34V
1
*37*2
*37*4
37*4
377,
2334
7,500
1*2
138
*18*2
234*8
I
—
*6
*30
26*4
*
65
97*2
34*4
35
23*4
*69l2
110
110
24*4
19*8
19
19*4
*102*2
*102*2
38*2
3834
39
*7*2
*"11
4l2
8
1
3212'
*3184
37*2
1,600
*37*2
37*8
600
97*2
97*2
34
*97*2
335s
98
34*8
*70*4
*iov
75
10V
10*2
10*2
10*2
13
13
13V
1312
1234
*95
110
*70
8*4
9
5V
*51
•'«
62*2
53*2
55
22
22*4
22
22*4
21*2
3V
♦3*8
95s
55s
*53
10*2
137Si
*10*2
127g
10*4
1138
578
6*8
*6912
11
*1058
13
13*4
1158
11
6*
57
54
23
*22*2
6*8
*53
54
24
22*4
71
10*2
534
53
22*4
3*8
2*4
225s
1,000
22V
1,100
3*8
3*8 132.300
2*4
2*4
2V
23s
2*8
2*4
2*2'
4V
4*2
434
43s
5
4*2
434
5
5V
5V
55s
578
6
678
6V
3*s
512
5*4
6V
64
64*2
66
27V
27
27V
26*2
2778
41*4:
20*4
67*4
68
*
*118
*120
41V
41*4
20
20V
73
*67
69
*55
37
37
*46
46*2
127
127
90
90
41*8
41V
20
20V
75
♦68
69
*56
37V
*36*2
46*2
127
*24*4
24*2
18V
18*2
46*2
128*?,
90
*89*2
2434
18*2
121*2 *121
121
12
12V
4334
45*4
90
*87
2434
18'V
122
12*4
12V
44*4
45<V
*88
90
24*4
24*4
17*2
2V
17 V
17V
2478
1734
2V
2*2
2*2
•
24*2
B d and asked
4078
1934
*67
*54*4
37*4
4612
125
8 934
*2312
1778
121
75
27
407,
19*4
j *63
69
37*4
46*2
129
90
25
1878
121
*5414
*35
*45*2
*125
89*2
1234
1134
43i2
*86*2
24
17
2*2
2434
69
2312
17*8
16l2
2*2
2V
27
27
27
41*8
40*4
41
*63
37*2
*35
48*2
*45*4
48
"■
127*2
89*2
121
12*8
44V
89 I
24
1634
2V
*54*4
1878
19*4
73
*63
*54*4
*35
69
37*2
prices; no sales on this day.
I
1,700
66*2
*118
118
19*4
18
46*4
89
73
24
12
6
| *45
125*2 125*2
125
*89*2
2334
17V
*89*2
122
11V
43*4
*88
23
1634
2V
91 |
23»4
18*4'
122
12
4478
17V
2*4
3,000
19*4
73
69
373s
48
200
300
I
380
126*2
90l2|
700
24
1778
43 V
44
88*2
23*2
5,700
10,900
200
25,300
*121
122 |
110
11V
11*4
4,500
*23l2
17*2
88*2
23
23
1578
2*4
Z15V
2V
J In receivership,
a
"31*2 Mar
14
4V Jan 4
31V Jan 4
118
48
Jan
Jan
1
1*4 Jan 18
2*8
1
Mar 14
6*4 Feb
$4 conv preferred
.No par
...100
100
preferred
preferred
West Va
Pulp A Pap Co No par
100
6% preferred
27,400
100
,
3,200
4,700
2,500
...30
100
100
5H % conv preferred
Wheeling Steel Corp
No par
6% preferred
.....100
$5 conv prior pref
No par
White Dental Mfg(The 88) -20
White Motor Co
1
White Rock Mln 8pr
Co No par
White Sewing Mach Corp.._l
4*4 Feb 19
Jan
9
3
Jan
17b
3
Mar 16
17
Feb 21
Jan 16
24
21
Maris
68
Feb 15
Jan 30
111
102V Feb 14
11*12 Jan 10
13*2 Mar 19
102
Mar 27
1
V Jan 31
Jan
27*4 Jan
21*4 Mar 18
22V Mar 18
10
No par
preferred
No par
Wisconsin El Pow 6% pref. 100
Woodward Iron Co
.10
Wool worth (F W) Co
..10
Worthlngt'n PAM(Del)No par
7% preferred A
100
6% preferred B
100
Prior pref 4H% series.. 100
Prior pf
% convserieslOO
Wright Aeronautical.—No par
Wrlgiey (Wm) Jr (Del).No par
Yale A Towne Mfg Co
25
Yellow Truck A Coach cl B..1
.....100
Preferred
Young Spring A Wire..No par
Youngstown 8 A T
No par
Jan 23
35V Jan 19
n New
stock,
r Cash sale,
7
Dec
1*4
Dec
21
Deo
3*2 Dec
36
Feb
IV Nov
6*2 Apr
8
66*2 Jan 23
Mar 19
IO-4 Mar 18
4V Mar 23
4*2 Jan 2
3
4
Jan 15
47ft Jan 13
51V Jan 6
14*4
20
Apr
Sept
3234
Apr
3*4
7
Ha
Dee
3
16
July
4
65*4 Aug
Jan
Oot
80
Deo
28*2
Jan
Apr
106
Deo
115
Nov
103*2 Feb 14
40V Apr 4
1
Jan
28*4 Jan
28*2 Jan
2
126
Marl6
Jan 22
85
Jan 22
22
Marl6
16V Mar 19
1157ft jan
Feb
Sept
145
Mar
28*2
39*4
39i2
42
July
75
Oct
74
Apr
97
Oct
15V
Apr
387ft
Oct
80
Jan
80
Jan
45
July
78
Oct
Apr
9
8
5
8
1378 Apr 9
11V Apr 10
flV Apr 8
5"*2Mar
H
23
9
Apr
3V Jan 11
3 V Apr 12
6*8 Apr 12
678 Apr 10
Mar
6
9
5
1
Jan 25
Jan
8
50*2 Jan
129
Apr
8
8*2
7
Dec
Apr
3*8 Sept
1*4 Aug
Apr
14 1 Sept
14
2V Aug
1
June
2*8 June
27g Aug
32
Aug
105*2 Apr
15
Apr
36
Sept
10*2 Apr
47*2 July
43
May
23*2 July
31*2 Apr
12*4 Mar
1534 Oct
7
Feb
Mar
y
Jan
4V Nov
34*4 Nov
20*2
Deo
4*4 Nov
Feb
3V
6*4
Feb
77ft Sept
60*4 Nov
115
Sept
31*4 Sept
50V
Jan
23*8
Jan
74
Oct
69
Oct
38*2 Sept
53*2 8ept
124i2 Nov
9
5
85
Apr
90*4 Apr
75
Mar
25
Jan
3
18*4 Sept
33*4 Mar
19*4
Jan
4
11V
Apr
217ft
mi2 Feb 24
1234 Apr 9
98
Apr
9*2 Aug
85*2
127
Deo
Oct
Nov
21*4 Jan
56V Sept
48*4
Jan
3
30
Apr
89
Jan
6
74
May
92
Jan
4
17
Apr
34
1734 Apr
234 Apr
Jan 15
Deo
Deo
Deo
4
28*2
3778Mar 16
Sept
37*4 Sept
Jan 30
10*2 Apr
37*2
37
121
z29
21V Jan
43i2Mar 16
6*4 Sept
11V Sept
2
Sept
Apr
Apr
Mar
71
36V Nov
15*4
17*4 Mar 18
Jan 19
May
Deo
Apr
35V Apr
100
Apr
70
Apr
19V
Deo
10*2
34*2 Apr
3s*2 Feb 13
39*4 Jan 3
71
20*Y
2V Apr
3*2 Apr
V Deo
167ft Apr
18V Apr
82*2 Apr
Jan
121*4 Mar
277g Apr
42*4 Apr
z Ex-dlv
Jan
88
1
2
24V
105*2 Sept
151ft Nov
2
22
Jan
13*4 May
Oct
8
Jan
10 V
Jan
July
Jan
Jan
105
37ft
4
20*4 Apr 10
Mar
34
58
Jan
Mar
108
22
68
67ft
4
117 V Mar 1*
116
38V
27ft
Jan
98
Jan
147ft Mar
44
Deo
67
9
Jan
Jan
20V July
79
8
25*4 Jan 18
74i2 Feb
Def. delivery,
9*4
6084
Oct
107V
112*2
94'4 Jan 29
Zenith
Zonite Products Corp
Apr
14V
3584
Jan
86
No par
1
4
3034 Sept
Apr
138
5H% preferred ser A...100
Youngst'n Steel Door..No par
Radio Corp
98*2 July
Apr
Jan 20
Apr
Oct
23V July
Jan
95
Jan 15
100
8
Apr
85
85
26
Feb
37ft Sept
3
Sept
9
Jan
130
'65
.*
Apr
Jan
19*4 Feb 28
278Mar 29
1*2 Jan 5
$6
Apr
Apr
75
118
....20
6% conv preferred
Wilson A Co Inc
June
Deo
115
1057ft jan 15
Prior
6
Sept
110*2 Apr 12
105*4 Jan
38
preferred
Mar
3
"80
No par
Wilcox Oil A Gas Co.
131
19*4
5
47ft Feb 21
$4 conv preferred
Willys-Overland Motors..... 1
101
15*2
_
22
Western Pacific
5% conv preferred
Wheeling A L E Ry Co
Apr
1
Mar 15
50
Sept
Mar
512
100
West Penn El class A ..No par
7%
6%
101
15
1*2 July
Jan
IV Mar
7V Apr
2234 Apr
3U2 Jan
28V Feb
19*4 Jan
3*4 Jan
8ept
2934 Deo
5*4 Sept
33*4 Sept
118
July
*4 July
64*2
Jan
IV Jan 10
25*2 Jan 10
6*2 Jan 13
2^84 Mar
3-25*4 Apr 12
65
4
Mar
56*2 Aug
9
35
125
$3 convertible pref..No par
Wesson Oil A Snowdrift No par
Apr
116*2 July
44V Deo
4*2 July
IV
1*4 Apr 11
preferred
17
112*2 Sept
'
No par
Wayne Pump Co......
1
Webster Elsenlohr
.No par
Nov
Sept
3478 Apr
54*4 Aug
65
Sept
18*4 Apr
2*2 Apr
5
22
1*4 Jan
No par
Sept
40
Apr
Apr
6
Feb
No par
13.85 conv pref
40
16
25
Jan
""l'jan
2U8 jan
6
Sept
Sept
16*2 Apr
Jan 21
43i2Mar 27
3D4Mar 14
90
21
100
Mar 27
5V
3*2 Jan 15
45*4 Jan 13
JWarren Bros Co
600
6*81 47,100
6*8 66,000
53,
*66
67
4078
195,
17V
43*4
*86*2
2*4
71
27
4H2
*23l2
121
67
i
100
I
53
12*8
6*4{
4
6312
110
56
*69*2
*1078
11*4
13*2
1138
5*«
64
70
13,000
3318
300
IH4'
300
13*4
13,700
11
43,500
6
14,200
*3*8
2*2
3*8
3*2
<
97*2
*95
110
27*2 Jan 31
116
Westvaco Chlor Prod..No par
37*2
3758
*95
,
Mar 18
3 «2
3778
33*4
3
Weston Elec InstrumentNo par
37*2
32*4
17
50
9,000
37*2
65
6
"Jan
Feb
1
109
8V Apr
37*4*
...
56*4 Jan
28 V
78
Jan
Aug
38V Apr 9
3978Mar 15
117i2 Apr 9
4678 Apr 9
£9*2 Feb 28
6V Feb
32*4
97*2
Jan 23
43
4% 2d preferred
100
6% pref.. 100
Western Union Telegraph. 100
Westlnghouse Air BrakeNo par
Westlnghouse El A Mfg....60
1st preferred
50
600
j
1,300
32*8
11434 Jan 23
163
Apr
*2
16
5
3712;
65
28V Jan 22
35V Jan 15
Sept
45*4
6
Feb 29
3*2 Jan 13
37*4
65
19
Apr
146
Jan 2 '*
Mar 27
34 Apr
33*2 Jan 13
375s'
*
June
112
6
3
100
375g;
98
35i8
15 )
Jan 19
Co... 10
2:37*4
65
Feb 13
Maryland..
z37V
*97*2
Sept
July
Western Auto Supply
31*2
373s
*
85
Western
3U2
32*2
60*2 Sept
Jan 15
2,600
„
3338
Deo
17
70
3,000
3878
8
64
'1
Feb
100
Warner Bros Pictures...
100
— -
2334
71
27
il" 400
19*4
Apr
May
No par
WestPennPowCo 4 ^ % pf.100
7,500
6,700
4*2
Co cl A ..No par
B
preferred
7%
140
118*8
IV
9
14*4 Apr
7VMar 26
230
106*2 106*2
23 58
24
24
24
24*4
<>4.1
941.1
235s
24*8
2384 24*2
24l8
24*2'
11278 11312
11312 11434 113*4 114*4
134
134 ; * 134
13434 *134
13434
25*2!
25 V
110
64
110
6V May
46
16V Feb
9V Jan 10
Class
37*2 June
46*4 July
4
Sept
8V Mar
2V Oct
Dec
2i2 Apr 11
Apr 12
15*2 Apr 8
61
Jan 16
6V Jan
35*4 Jan 11
200
400
71
3V
70
110*2 110*2
»16
*95
3*«
24*4
70
24
70
110
"2"700
7V Jan 12
z70
Oct
1*4
31*2 Mar 30
No par
Preferred
Jan
39
No par
Walworth Co
7%
»I6
71
3*«
1*4
800
418
2
Walk(H)Good A W Ltd No par
Washington Gas Lt Co.No par
Waukesha Motor Co........5
600
1,000
2
93V Jan 31
5V Jan 19
*82
106*2 107
78'
'8!
100
6V
4*8
4*8
*1173s 118*2 ♦1173s
8*4
71
10*4
23
Jan
20V Jan 18
600
2534
19
4-V
100
6*8
1834
23
12078 Sept
No par
Warren Fdy A Pipe
*4*4
*7*4
73
9
a:2534
19
No par
System
200
11438 1143s *11334 114*8
110
*95
26*4
98*2 May
30
Sept
% pref with warrants 100
4^
200
31
119V Apr 11
39*4 Apr 5
48i4 Feb 20
2 V Apr 10
100
Walgreen Co
230
8*2
*6*8
*30
23
4*8
*,,i»
1»
13434
97*2
9
*82
.
8*4
114*2
3734
3778
Waldorf
Ward Baking
3,000
31
100
Detinnlng Co
JWabash Railway Co..... 100
5% preferred A
100
5% preferred B_.
100
""566
49*2
138
23
858l
33
1U
*185s
115
115
47*2
13s
25
25
preferred
Vulcan
1,800
35,'
l,i«
111
900
32
312
*47*2
434j
*134
1,200
Feb 19
16*4 Jan
100
100
100
Virginia Ry Co
400
4*2
34
"""766
2478|
458J
135
114
136
233s
253s
115*4
55s
*31*8
13g
•
*2378
115
253s
247,
247,
6
32
1,800
1*2
,
2434
358
2278
23*4
2234
23l4
*69*8
70 *
70
70
109l2 109*2 *109
110
**i«
*3,4
*7*4
*2334
3*2
47*2
1*4
*82
85s
*
v,
247,
35*
48*2
19*8
83s
138
13s
13s
73s
82*4 Sept
*2 Jan
No par
preferred
June
41V Aug
62
5
Preferred
""300
1
1*2
23*4I
»16
50
94
,
734
48
4*2
6%
Chem
68*2 Sept
60
3
IV Jan 19
......5
Va El A Pow $6 pref...No par
Va Iron Coal A Coke 5% pflOO
....
1
:
15*2
26*4
*>16
V,
*738
19
8*8
77,
*91*2
*133
1
Va Carolina
6%
*1*8
....
*7*4
*J4
24*2
700
*1478
23*4
45g
44*2
3512
1*2
26
5
44
*33*4
8
9
478
4434
35l2
94
1512
107*2
107*8 107*8
10634 10634 *106
10634
*117*2 119
*117*2 119 ,*117*4 118*4 *11738 1183s
15*4
15*4
1478
147,' 16
1834
19
20*4
*1027,
*100
| 102
102
*102*2
40
40
3934
40*2
38
39*4
3978
40*4
45,
40
*13*
*107
43,
40
1478
15
*7*4
I
3034
26*2
187S
23
4*4
115
29*4
117
*12*8
13*
*7
H3i2 114*2
113*, 1135,
117
8*4"
15
3034
*2512
70
29*4
293s
117*2
13l2
6,900
8
225,
33g
534
3012
110
*109
33s
3%
4
1334 Feb 20
...100
preferred
Jan
Oct
Mar
37*2 July
6*8 Mar
5234 Jan
11434 Nov
68V Jan
54
Vanadium Corp of Am.No par
Van Raalte Co Inc
5
5%
65
2
178 Feb 15
6*4 Jan 9
100
Victor Chemical Works
41V Jan 3
April
117
15*4 Sept
67
49
70V Jan 11
67
Vlcks Shreve A Pao Ry.—
1,300
2,100
1,600
29V Sept
10*2 Sept
534 Aug
46
Apr
32*4 Sept
31V Oct
1*8 Dec
31*4 Apr
8634 Apr
48
July
5
2
43*8 Jan
preferred...No par
Vlck Chemical Co
35*2 July
1*4 Jan
2
Jan 15
35
25
1st preferred
Apr,
13*2 Apr
3*2 July'
5
1
148
7%
23
Jan
Apr
No par
preferred
32V Mar 11
26*4
39
100
8%
77s July
8
Universal Pictures 1st pref. 100
Sales..
No par
200
3178
conv
Mar
Apr
4
Jan
Jan
180
4
Jan
Jan
113
9
6*2 Mar
70*4
111
Vadsco
79*2
*2334
358
*82
22*2
*6834
23*4
*685,
*109
30*2
99V
8
412
30
*
99*8
30*2
*82
*82
600
2258
23*2
4*4
*18*4
46*2!
99*2
9
*2678
*455s
23
30*2
27*8
19*2
*8
$6
Jan 11
64i2 Feb 29
53*2 Mar 18
United Stockyards Corp
1
Conv pref (70c)
No par
United Stores class A..
5
■
5*4 Aug
65*4 Sept
149*4 Sept
3
Jan 25
38V Jan
100
preferred
7%
10V Jan
Mar 26
61
...No par
U 8 Tobacco Co....
17*4 Sept
14
Sept
89
32VMar 26
50
Preferred
87*2 Mar
Mar
Mar 26
109
Jan
June
11*8 Apr 10
1*4
10
11
534 Mar
678 Apr 11
Jan
Nov
5
181
8
Feb 24
34
15
117*4 June
14
Sept
7V Sept
75
60
8% 1st preferred
...100
U 8 Smelting Ref & Min
50
U S Steel Corp
Preferred
3
Feb
Mar 18
35
No par
US Rubber Co
7*8 Jan
74
8*8 Sept
35*2 Sept
95
Sept
10*4 Apr 11
9V Jan 18
100
20
10
tU 8 Realty & Imp
160
117
*98
55s
1*2
*30
I
117
*2234
49*2
15s
378
14,600
1,200
23
99*2
534
3U2
*7
378
4
36*2
738
2234
*1434
25
*2312
36*4
*36
*7*4
13s
25
25
Prior preferred
7 V Apr 10
share
7*8 Mar
884 Jan
Apr
Sept
6V Apr
3*4 Aug
5*8 Mar 18
cl A..No par
Preferred..
1*8
13s
conv
U 8 Pipe & Foundry
U 8 Playing Card Co
19
73s
8*2
138
260
1,600
34
I3*
153,
*7*4
8*2
13s
138
23*2
*45,
15
*7*4
32*8
Partlc &
30
157
*22V
*9734
5*2
31*2
6*8
32
32*4
79*2
30*2
*133
1*8
13s
138
534
6*8
32*8
21
Universal Leaf Tob....No par
1
13s
***16
134
*34
U 8 Industrial Alcohol.No par
U 8 Leather Co
No par
Feb
Jan
94
Jan 15
4i2 Feb
1
29*4 Feb 13
600
34
*17*8
34
11
110
177
preferred
6678
♦I'll
99
♦96
*33*4
*91*2
20
Universal-Cyclops Steel Corp 1
6678
6
...100
U 8 Hoffman Mach Corp
5
5H % conv preferred
50
7%
3
1334 Mar 12
5
per
Dec
Dec
54*4
3*4 Apr
25*4 Apr
62*2 Apr
3
15
7*4 Jan 2 >
8*8 Jan 23
80V Mar 15
No par
U S Gypsum Co....
Jan
857ft jan
5i2Mar 18
Corp conv pref. 100
U S Freight Co
35
117V Feb 24
80
No par
600
738
738
22*4
*96
j *44
94
*1
1*8
*»»•
1*4
44
1312
*133
*1
73,
*1V
*117
35121
*33*4
*9H2
92*2'
92*2
Us
*2878
1
13*4
44
44*4
35*2!
*33
29
117
*1158
*133
♦133
*133
29
117
14
44*4
45
*33*4
*9112
30
30*2
338
30*2
33s
338
33s
338
116*2 116*2
*11*2
79*2 *
30*2
30*2
334
29
378
*116*2 116*4 *116*2 116*4
15*2
30*2
358
30*2
334
3*4]
30
I
79*2*13--
"79*2 *1-1-
—
U 8 Dlstrib
65*2 Mar 14
5V Jan 3
5
Mar
4*4 Feb
10
No par
$6 first preferred
16
102*2 102*2
45?8 4578 i: *45V 46*2
4678 4678
46*2|
*64"
United Paperboard
USA Foreign Secur
4V
!
4*2 Aug
Mar 13
10*2 Jan 13
1
400
*152
36*4 37*4
36*2 37*4
37*2
3658 3734!
35*4 385s
36
36
36
36*4
36*4
3614
36*4! 357, 36*4
118*4 *116*2 11834 117*2 117*2 *115*4 117*4 *115*2 117
463,
4534
37
v t c
Highest
share
per
6
U78Mar
61
66*4
,*152
157
| 102*2 103
*4
United Mer & Manu Inc
3
6
Feb 27
75
112
*15
15*2
67
900
23,200
No par
Lowest
7*4 Apr 11
Jan 18
Gas Improv't.-No par
preferred
No par
61
155,
67
73s
2*8
*7
7*8
64
*15
3,700
1,800
:,
60
3,900
44*8
2l2
*61
15*2
131,400
63
33
United
200
69*8
119*8 11934
38
38
1195s 11934
*38 *
38*21
2V
15
38V
22,900
1,600
1,100
60
*4
>
39*8; *37*2
100
138
4512
25s
7*4
595s
5
$5
2
Jan
4*8 Feb 29
5
200
36V
35*4 36*4
116*4 117 ,*116*4 117*4
63
63 |
62
63
IV
38
2*4
70*2
35*2
3534
63
*4412
2
67*2
104
70*2
35*4
69*2
635g
1195s 1195,
7
155
*15312 157
*65
35*4
35*4
11
5
4*2 Jan 11
56*8 Jan 10
100
United Eng & Fdy
United Fruit Co
9,100
623s
1195s
38*4
39
*44*2
45*2
2*8
2*4
68
*102l2 105
6534
119
15l2
69
10*8
1*8
102*2 104
15*4
105g
36
f58
15U
2,200
69*2' *68
62*4
17,
60
70
63
69*2
2
"63166
658
115*4 116*2
64
63*2
400
32*2
24*2
35*2
116
534
*5*2
*31
20
6*2
*65
*65
116
180
243s
1034
138
600
3,000
678
11*8
35
10
84*2
253s
103s
I
1*8
*9*2
84
*177
32*2
6*8
|
3514
13s
38*4
II6I4 116i2
*6H2 62i2
*68*2
69i2
633s
645s
1,480
10*4
$ per share
5
10
United Electric Coal Cos
300
25
634
36
1*8
934
6
25,800
1,900
93
*31
25
65s
38i2
I
*5*2
1.600
5*8
*92
United Drug Inc
United Dyewood Corp
Preferred
300
11*2
63s
578
10*8
85
180
113
11*2
6*s
1034
*9*8
32U
2412
70
3714
61*4
637,
1185, llSh,
*38*4 39*,'
*/4i2
39
*31
4,700
12,900
12*2
6*4
10
6I4
*5l2
8058
1258
80
9234
*177
3512
*65
36*2
*37i2
6212
6Qi2
*68i2
*31
71
363s
116
*61*2
55,
6i8
32*2
200
678
*578
180
2,400
113
9234
8434
180
4*4
12
6*8
65
3334
125s
114
1134
300
Year 193!)
Highest
$ per share
Par
Range for Previous
100-Share Lots
Lowest
•
4*4
80*2
12*2
51,400
*33l2
414
80*8
934
IOI4
85*4
934
*912
IOI4
86*4
65
34
114
7*4
5*2
*5
63
4*4
*33*2
80
80
80*4
8012
80*2
12i2
125g
12*4
13
1212
13
*114
115
*112*2 115*2 *11212 11512 *11212 115
1134
12
11*4
11*4
115s
1134
*1158
1178
5
5
*45,
6*8
6I4
7l8
51#
5*8
6 :
6
6I4
*57,
57«
614
6*4
6i4
*92
95
*92
94
94
93
93
*92*4
79*4
12*4
7
7*4
*5i2
6*4
5t4
7
5*2
62
6H2
*45,
45,
*3312
$ per share | S per share
2381
8
12
Apr
22V
5
2
Aug
Ex-rights
Sept
Sept
Jan
37g Sept
\ Called for redemption.
April 13, 1940
2382
York Stock Exchange
Bond Record—New
FRIDAY, WEEKLY AND YEARLY
defaulted bonds. Cash and deferred delivery sales ar® dlf^ard<^°'he
and when selling outside of the regular weekly range are shown In a footnote
sales in computing the range for the year.
indicate in each case the month when the bonds mature.
Prices are "and Interest"—except for Income and
unless they are the only transactions of the week,
which they occur.
No account Is taken of such
The italic letters in the column headed "Interest Period"
NOTICE
week's ran ire
In the week in
Week's
Last
Range or
Sale
Fridays
EKO HANGE
April 12
N. Y. STOCK
Price
Week Ended
—
Treasury 3*s
Treasury 3 *s
115.6
101.3
101.11
23
0' 3
103.14
103.20
12
03 14 104.24
M S
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
61
110.14 110.10
110.21
61
10.10 110 21
111.24 111.24
112.12
112.10
47
11
113.10
22
11.19113 10
Yua
111
111.17
7
10 10 111 22
8
111.5
110.30
111.30
31
09.28111 30
Colombia
108.14 108.6
109.12
109.10
348
109.16
17
104.11
104.21
51
04 11 105 17
09.21110.J
M
M 8
S
M
1950-1962
1351-1963
Treasury 2a...
.....
194"
Treasury 2s
1948-1960
Federal Farm Mortgaga Corp—
8 Ha
War 16 1944-1964
8a
Way 16 1944-1949
8a
Jan
15 1942-1947
2Hi
war
1 1942-1947
D
J
108.7
109 1 »
08.2
"76
00.9
107
107.8
65
05 27 108
106.28
107.31
109.2
109.9
8
108.18
108 20
D
105.30
106.31
D
J
D
J
D
M
J
107.3*
4
07.17108.31
05.1
&
Govt.
05.5
J
105.10
D
105.14
♦Bavaria fFrea
108 21
105
105 2
M
S
Af N
107.28 107.26
J .1
104.8
D 101.29 101.28
J
J
107.28
104. 8
102.11
27
r
a
D
1940
1947
1952
1963
01.10102.12
15
J
16 X
13*
15H
15H
10
13*
13 H
2
J
13
13H
2
J
*10
16
J
13
13
13
O
*11
13
O
*11
13
12H
12H
14*
14*
O
11
11
1
11
7
67
14*
77
205
94
96 *
95
D
71
72
94 *
AfN
94 H
95*
90
88 *
90 H
83
87 H
83*
167
1951
1944
Sinking fund 6Ha—-Jan 15
1
13 H
16
50
51
5
43
63*
58
58
2
40
30
1941
1949
1949
50
♦
j
mm
"98
98
106
mm mm m
26
m
92
92
4
92
92
mm
117
117
1
110
117
106
108*
D
100 H
*100H
German Govt International—
12 X
11H
mmmm
7H
6H
"d "15 H
"il%
9H
9H
90 H
84
s
M
152
88
10 1*
108
88
100H
111
88
90 H
D
90
107H
122
90
13
O
16H
14
A
A
66
2
65
79
66
7
65H
78
80
♦7s secured
a
f g
..1940
86 X
*8
14
8*
7H
10 H
*74
Irish Free State extl
1
f 5a
I960
Italian Crad Consortium 7s aer
80
J
1
12*
11H
15
93 H 101*
98 X
197
103*
125
94 X
52
91*
85
88*
87
£2*
92
A
F
A
J
on..1960
1942
J
93 *
93 X
94 X
39
J
84
83 X
85 X
168
83 H
82 X
83 X
54
M n
J
"86
J
M
J
*11111
*11111
14
16H
15*
14
10 *
14
A
O
1960 A
F
15
13*
M
14H
14
14
12H
2
13X
8
*15"
14
5
12
15
2
13H
14*
16*
3
12
14*
15
M
S
A
O
13 H
17
1962 A
O
13*
~13*
"7
12H
14*
MS
15H
15X
4
13*
..1963 MS
13*
14
16*
14*
Sept 1961
1962
13*
14
*15
27
12
11H
12H
9
81
11H
82 H
10
1
10 X
1952
J
UN
O
""74H
F
A
59
F
20-year external 6s
A
M
74
45 H
5
11X
8
71H
11
S
*1X
*
A
11H
79 H
1*
1*
1*
X
1*
M 00 X
68*
2
alOX
rnmmmmm
F
A
1943
34
X
H
10H
71
D
1
X
alOX
M
f 0 Hs..._.
38 H
40 H
1*
1
32
IX
♦1
O
14*
82*
1H
H
11h
72
1
mm
1H
♦1H
M 8
(State)—
17
13*
J
D
D
A
14*
15X
mmmm
1
Norway 20-year extl 6s
"ii"
.m*m.
D
mmm
17
14*
15
13*
15
mrnmmm
-
......
1
13H
17
■mrnmmm
1
New So Wales (State) extl 6s.. 1957
12
64*
*1
14*
13*
*15
J
Jan 1901
Jan 1961 J
13 x
5
57
41
/
11X
15H
98
UN
"l3X "17"
15
*13*
78*
49
♦14H
assent——11933 7"j
♦Montevideo (City) 7a
31
*ii'x
M
♦Assenting 4s of 1904
s
72
68
1946 Q /
J
D
1954
♦Assenting 5s of 1899..
♦Sec extl
93
55
11
17*
J
J
♦4Hsstampei assented...—1943
Geraes
82
129
72
65*
A
♦Mexico (US) extl 5* of 1899 £.1945 Q
Mlnas
1
64
12X
O
Mexican Irrigation—
J*Treaa 6s of '13
82
55
68
55 H
7
15*
20
82
82
91
1954
J
1964
15
"n
♦Extl sinking fund 6s..Sept 1961
88 *
32*
15
♦MedeUln fColombla) 6H«
Mendoza (Prov) 4s readj
89
78 X
16
.1942 M N
6a...I960
*
93 X
96 H
30
*
O
90
79
6
15X
"ie""
s
J
*
100 X 107
35H
67h
1950
14
17
13
17
67 H
45*
15
D
32 X
65 X
"~5
12*
8
7H
30H
""30H
1
63H
KxU sinking fund 6 Ha
1965
A
♦Jugoslavia (8tata Mtge Bk) 7a 1957
f
♦Leipzig (Germany) a f 7a
1947
14
8
7H
63H
66
12*
14
9*
7
7H
ms
♦Lower Austria (Provlnoe) 7Ha
M N
10*
7
77H
50 H
•
m
50
50 H
40
m
91
Japanese Govt 30-yr
1
mmm
90
63*
45
*8
91
57 H
45
12
mmmm
10H
♦7H
7
mmmm
*7X
""42"
13
63 X
75
J
63 X
"63""
11
22 H
a
Italian Public Utility extl 7a... 1952
62 X
"63*"
10
6
r
65H
63 *
....
57
J
57H
*
90
41
62
f 6Ha... 1954
79
15
"57 "
M N
63 H
a
mrnmmm
------
1951
m s
B '47
60 X
60 H
16*
2
82 H
*
21
13 H
18
*6
......
15*
30*
31
mmmm
•
11*
19
mmmm
13H
J
J
Italy (Kingdom of) extl 7s
—
mm
8
mmmm +
mmmm
82
MS
87 *
80
mm
J
J
7H
13 H
13H
O
18H
19
92 X
6S...1963
aer
♦Hungarian Land U Inst 7 Ha. 1961
ms
♦Sinking fund 7 Ha aer B
1961
r a
Hungary 7 Ha ext at 4 Ha to—. 1979
17
H
m
1952
A O
♦Hamburg (State 0s)
1946
J
J
•Heidelberg (Germani axtl 7HalU50
A O
Helslngfora (City) extl 0 Ha
1960
a
Hungarian Cons Municipal Loan—
J
♦7 Hs secured a f g
....1945
17H
13
65
*21H
mm
80
36
94 X
♦External sinking fund 6s...
f 6a
mrnmmm
"H H
12H
32
17
66
J
J
(Republic)
mmm
♦17H
a
23 H
18H
18*
21H
16*
16*
Halt!
*24 H
—
*
11
18*
16H
16*
16*
1904
r
1968
l«08
17*
13*
13*
D
18*
♦7s part paid
♦6a part paid
m
m mm
15*
'Vox "18*
mmmm
mrnmmmm
m
8X
5H
2
10H
25
♦Greek Governments fser7a..l964 M N
102H
88
J
J
101 x
88
88
♦t.Cons Agrlc Loan) 6*s..—1958
24
"l"5H "250
D
J
91
7 H
11
J D
♦5Ha of 1930 atamped
♦5 Ha unatamped
13*
12H
19H
mm m
75
m
mm mm
71
fund 6s..Feb 1901
F
♦6a assented....
Feb 1901
15H
74
101 X
.
15H
mm
J
15
95 *
2387
11H
42
f 6s...Oct 15 1960 A
For footnotes see page
4
75H
1954
♦Cent Agrlo Bank (Ger) 7a
1950
♦Farm Loan a f 6s...July 15 1900
♦6s Jan. 1937 coupon on..1960
WEL
13
80 X
♦Carlsbad (City) 8a
♦6s assented
13
m,
"75
1948
J
J
1907
M 8
Finland (Republic) ext 0a
1946
MS
♦Frankfort (City of) a f 0Hs. —1953
J D
French Republic 7 Ha atamped. 1941
♦Sink fund secured 6s...
13*
UN
71
14
75
O
3
74
10
75*
76
75
71
6H
mmmm
75
74
1968
♦External sinking fund
76
X
71X
8
101*
♦68 assented
*74
3
MS
J
♦6s assented
2
75
M
1961
J
1944
J
1967
♦Ry extl 8 f 6a
♦08 assented
75
75
70
75
76*
70 X
3!
65*
71 H
71
79
75 H
33
03 H
22
227
73
26 H
218
43 H
13*
27
62 H
35 H
22
13*
1SX
26H
mm'
81*
13H
....
mm m mm
German Prov & Communal Bks
O
♦Extl sinking
104
74
75H
91
1950
♦0s assented
62
101
6
75
87 H
1952 AfN
♦External sinking fund
16
11
75H
S
O
87 X
4s....I960
♦0a Apr. 1937 coupon
108
81 H
62
27
mm
M
74
12H
H
101 H
102 H
61X
«■»
A
79 *
80 H
10*
M
1
99 H
5
76
Aug 16 1945
♦Chile (Rep)—Extl a f 7a
♦7a assented
102
102H 103 H
....
75 H
O
47
1968
80 year 3s
30 year 3a
101
103
30
A
80
1984
26-year 3 Ha
7-year 2 Ha
21
4
102
24
O
85
1967 J
10-j ear 2 Ha
17
29 H
A
J
♦El Salvador 8« ctfs of dep
Eatonia (Republic of) 7a
85
2
102 H
J
1969
A
1969
7a.-.1945
49
72
21
80 X
....1940
sink fund 5H»
1940
Admin 6Ha 2d aer..1961
61*
60
m
m
♦13H
85*
*8*
~
<
18
73
»13H
74*
Bulgaria (Kingdom of)—
Canada (Dom of) 30-yr
6a
m
76 H
20H
12
O
83 H
J
27 H
3«H
85
O
83*
of)
f 7a
m
D
75
D
♦Stabilization loan 7 Hs
■
101
"61X
J
.....
30
80
A
83 *
1955
f $ bonds
"ioi"
1942
V A
1955
A O
Apr 15 1902
M 8
Dominican RepCust Ad 6Ha..l942
External 7s atamped....
26 X
1
20 X
External gold 6 Ha
External g 4Ha
7 Ha unstamped
84
36
36 H
J
J
A
84*
MM
146
A
O
F
27 H
61
6H
80
""80~"
M 8
J
J
55
41X
*68 H
M N
A
X
14
18
19H
/
J
External loan 4 Ha aer C
7a unstamped
12 H
20 H
A
F
1905
1905
♦5 Ha atamp(Canadlan Holder) 65
♦German Rep extl 7a stamped—1949 A
♦7a unstamped
1949
1970
A O
External readj 4*-4*s—...1970
MS
External a f 4 H-4 Ha
1975
8
13 X
12
63
Refund!ng s f 4*-4 Ha
♦Farm Loan
60
27
40
M S
♦08 «tamped
.........1001
M 8
External a f 4 H-4Hs
1977
F A
a
40
*26
8s....1941
O
1957
O
♦External a f 0 Ha Of 1927...1967
J D
♦7« (Central Ry)
......1952
M 8
Brlabana (City) a f 6a
1957
F A
Sinking fund gold 6s...
1958
J D
20 year a f 08
......1950
J D
♦Budapest (City of.) 6s.......1962
♦Secured
2*H
28*
29
26*
Af 8
♦External a f 6 Ha of 1920...
a
20 H
14H
26*
26 H
_
"2l]i
Denmark 20-year extl 6s
104.25
04 8
1
2
mmmm
07.18108.12
23
6H
"27"
04 20 105.2
105.15
10H
mmmm
J
05.
7
4
*20
J
6 Hs 2d aerlea
♦Dresden (City) external
[A O
♦External sinking fund 6a...1958
3% external
33 X
M N
6 Ha lat aeries
♦Brazil (U 8 of) external
Buenoa Alrea (ITov
33 H
31H
Ha...1947
7astamped..1957
(Prov) Argentina 7a—1942
Customs
1965
f 6s
a
31H
D
108.94
07.20109.21
*104.20 105.2
Btate) 0*8. -.1946
1949
External SO-year a f 7a
14
J
13
108.4
J
Belgium 25-yr extl 0H«
External
12H
13
mmmm
*20
4 Hs external debt
J
1957
♦Berlin (Germany) a f 0 Ha. —
13
10H
J
Af N
1958
♦Austrian (Govt) a f 7s
12 H
*6X
1949
1977
1953
♦Public wka 5 Ha...June 30 1945
♦Czechoslovakia (Rep of) 8a...1961
♦Sinking fund 8s aer B
196 J
08.0
1956
17H
12H
99 H
02 23 104 24
....1957
14
A
2
104.8
Argentine (National Government) —
M N
B f external 4H«—-—
1948
M N
8 f external 4 Hs
...1971
r a
8 f extl conv loan 4a Feb
1972
External g 4Hs of 1928
2
F
7
Apr....1972
1955
17H
1949
10824
♦External see a f 7a 8d aerlea. 1957
8 f oxtl conv loan 4a
13*
17H
*102H
104.8
lat series. ..1967
Australia 30 year 5a
External 6a of 1927
12X
11H
A
108.16
♦External sec a f 7a 2d series. 1967
Antwerp (City) external 6a
10
12H
5
F
104.3
1945
f 7a aeries D
a
13
31H
04.1*105 30
94
♦Antloqula (Dept) coll 7a A...1945
♦External a f 7a aerlea B
1945
♦External a f 7a aeries C....1945
♦External a f 7a
1
31 H
39
120
104.20
Agriculture IMtge Bank (Colombia)
F A
♦Otd sink fund 0a
1947
♦External
14
J
External 5e of 1914 aer A
106.31
103.23
M 8
1968
14
14
O
♦Costa Rica (Rep of) 7a
Cuba (Republic) 5a of 1904
106.8
D
107.3
Cordoba
Municipal
Akershua (King of Norway) 4a.
11H
O
10T2
Securities.
1948
4
A
|*Cordoba (City)
2d aerlea
♦Gtd sink fund 0a
12H
J
25 year gold 4 Ha
New York City Bonds—
Foreign
10
12H
A
1st aer 6Haof 1920
See Over-the-counter
nx
Jan 1901
02.20104.23
106.8
104.2
J
1942-1944
1946-1947
2
Oct 1961
♦Sinking fund 7s of 1927
08.10 109.13
8
J
(Republic of)—
1928
Copenhagen (City) 5«
19
51
of
♦Sinking fund 7a of 1920....
05.25108 1
211
D
M
1 1944 1952
13H
«*Wi .*>«»••
♦Colombia Mtge Bank 6
108.12
15
J
Home Owners' Loan Corp—
mmmm
...
♦0a of 1927
00.28 108 30
108.7
107.10 107.4
8
M
Treasury 3 Ha
108 27
108.4
♦6a
08.28 109 26
16
12X
......
109 10
07.7
*109.16 109 24
S
M
112 13
13
17H
*
109.31
17
16H
13 H
11 H
13H
109.21
109 21
3
*12H
109~26
109.14 109.13
12H
VH
mmmm
12H
*13
m-m «• —
m
D
Treasury 3 Ha
May
D
D
1949-1963
O
1 Ha series M
D
1
High
Low
mmmm
1961 A O
♦Guar sink fund 0s
1962 MS
♦68 assented
...1962 MS "12X
♦Chilean Cons Munlc 7s
I960 M S
♦7a assented...
......I960 M 8
♦Chlneae (JIukuang Ry) 5s
1961 J D
M 8
♦Cologne (City) Germany 6 Hi-1950
♦6s assented
15H
12H
O
1900-1901
Treasury 3 Hf...........
1946
Treasury 3 Via..........
1948
2 Ha series
/
Since
No.
High
*13
D
D
Treasury 3Ha
8a series A
J
O
1951-1964
3<4a..........I960-1969
2Hl
1958-1963
Treasury 3 Ha
..—1957
0*8 of 1920
1961
Range
Jan
Ashed
A
Bid
♦0*s assented
...
1961
♦Guar sink fund 6s..
.....1961 A O
102.8
A
Treasury 3 Ha
Treasury
Is
/ D
J
♦Sink fund
1159
14.9
6
09.13 109.30
Treasury 314a
Treasury
115
D
/
1941
1943-1946
114».......... 1944-1946
X Hs
1940-1949
1 Hs
1949-1962
3a....—....— 1940-1948
3s............1961-1966
3Hi
1955-1960
2Hl
—...1946 1947
3*s..........1948-1961
•3
Friday's
K
Low
♦6assented
114.24
D
Range or
Sale
Y»
Price
(Cont.)
1957
♦Chile Mtge Bank 0 Ha
14.141156
M 8
Treasury 3 Hi
Treasury
19.30121 6
114.31 114.23
,.1940-1943
1941-1943
1943-1947
^Treasury 3*8...
28
275
120.20
D
J
EXCHANGE
Foreign Govt. & Munlc.
High
Low
No.
High
121.6
O
J
..—
Week's
Last
»» O
C
it
Week Ended April 12
1
Jan.
A
1944-1964
3Hi-----——1946-1966
Treasury 4s...
Treasury
1947-1952
N. Y. STOCK
Since
Asked
A
Low
Government
United States
Treasury 4 *a
Bid
BONDS
Range
1
Friday
xs
Friday
BONDS
m
m m
m
mmrnrn
8
8H
12*
12*
44
71*
40
71*
79
90*
89
80
27
55
97 H
82
74 X
65
60 X
55 H
97 H
84
55 H
97*
97*
44
40
80 H
167
40
90
80*
'74X
A
1963
4s s f extl loan
Municipal Bank extl a f
5s..!
O
44 H
40
72
120
40
F
A
40
39
72 H
111
39
80
J
D
50
50
2
50
80
Volume
New York Bond Record-Continued-Page 2
ISO
BONDS
Y.
N.
Last
fee
Foreign Govt. & Mun.
Low
(Concl)
♦Nuremburg (City) extl 6s
F
1952
1953
1958 MN
Extl deb 5 Xs
60 X
♦Peru (Rep of) external 7s
♦Nat Loan extl sf 6a 1st ser
S
...1960 J
a
♦4 Xs assented
...
9X
68
Price
75
Atlantic Refining deb 3s....
74 X
10 X
6X
9X
....
11
Ranee
Friday's
Bid
Adk
Sc
Low
High
J y b
37 X
40 X
32 X
32 X
J yb
S x a
1953
37 X
J yb
71
34 X
72 X
J
{{♦Auburn Auto conv deb 4X*'39
J
Aust.n A N W 1st gu g 6s
1941
Baldwin Loco Wks 5s stpd—1940 MN
103 H 105 X
82
73
68
Range or
Sale
See a
Atl Gulf A W I 88 col! tr 6S..1959
40
21
72 X
*8X
71
106 X
60
y c
105X
59
y
bb
♦86
y
bb
♦97 X
106 X
60 X
J*'
Singe
p
Jan. 1
No. Low
20
37 X
8
32
High
41
34 X
11
68
72X
49
105
107X
24
60X
4<H
90
87
82
100 X
100
101 x
Baltimore & Ohio RR—
July 1948 A O ybb
10X
10X
11
1st mtge gold 4s
9X
9 X
10
112
9H
10 X
9X
*8X
10
42
9H
W
10H
10
68
68
69 X
3
93
64 X
70 X
42
67
69X
1st mtge g (lnt at 4% to
*7 X
3
Stamped modified bonds—
9X
1940 A O
1958 A O
♦Poland (Rep of) gold 6s
69 X
8econd mortgage 4s
51 X
8
Rating
1948
1948
Atl A Dan 1st g 4s
O
A
1961
'v
105 X
13 X
65
D
M
1959
f 6s 2d ser
9
79X
69 X
♦Pernambuco (Stateof) 7s
1963 MN
...1947 M 8
♦Nat Loan extl
10
♦
MN
1963
58
St
"10,
April 12
Railroad & Indus. Co*. (Cont.)
High
12
46
105X
Week Ended
65 X
29
56X
—..1953 J D
♦Stamped assented
No. Low
mm- —
62 X
40
O
A
1955
17 X
60 X
N. Y. STOCK EXCHANGE
Jan. 1
Last
Elig. db
BONDS
Since
Ask
High
*
A
MS
Oriental Devel guar 6a
Oslo (City) s f 4Xs
♦Panama (Rep) extl 5Xs
♦Extl s f 5a aer A
Sc
Range
5-5
Friday's
Bid
Price
*10.
a
Range or
Sale
EXCHANGE
STOCK
Week Ended April 12
2383
Week's
Friday
Bank,
Week's
Friday
+ m + m —
10X
m
....
mm
z
bb
68 X
68
69 X
D
z
ccc4
27
26 X
28
190
24 X
D
z
ccc4
30 X
30 X
31X
104
28
M S;Z ccc4
26 X
26 X
27X
42
24 X
27 X
M 8
27
26 X
28
85
28
3
14X
14X
16X
39
24 X
14
to..1951 MJV ybb 3
S'west Div 1st M (int at 3 X %
z b
4
to Jan 1 1947) due... 1950
57 X
57
59 X
34
58
59 X
45X
45 X
8X
Oct 1
15
1946) due.July 1948 A O
Ref A gen ser A (lnt at 1%
to Dec 1 1946) due.. 1995 J
10H
6X
....
16X
A
O
♦14X
.........1968 A
O
9
9X
2
7X
9X
J
7 X
7 X
1
7
7H
♦4Xs assented
1963 J
♦Porto Alegre (City of) 8s.........1961 J
1
5X
1946) due... 1995 J
Ref A gen ser D (int at 1%
D
J
J
28
Ref & gen ser C(int at 1 1-5%
J
♦Stabilization loans
1947
f7s
♦4Xs assented
♦External sink fund g 8s..
1950
♦Extl loan 7 Xs
1966
—
♦External
1952'
f 6s
s
♦Rhine-Main
14
*
13X
A
78
78
33
86
13H
♦Conv due
13H
Pfg L E & W Va System—
6
9
78
98
7X
Con ref 4s
11
O
A
1946
♦8s extl loan of 1921
9X
Rome (City) extl 6 Xs
♦Roumanta (Kingdom of) 7«
♦February 1937 coupon paid
50
M S
1952
7X
12
49 X
61
11X
58
88
12 X
12
9X
5
8X
*
J
J
1964
13
UK
12
*9
«.
8X
1953
7%
49X
«.
—
—
....
♦Saarbruecken (City) 6s
Santa Fe extl a f 4s
7H
11
1967 J D
...1952 A O
1959 F A
♦7s municipal loan
8X
3
4
11X
10X
MN
1966
6
10X
11
11
...1968 J D
♦7s extl loan o' 1926
M'N
22
-
1951
3S..1989
3X8..1951
Bell Telep of Pa 5s scries B..1948
1st A ref 5s series C
*iox
1957 MN
secured • f
San Paulo (State of) —
{♦8s extl loan of 1921
12 X
9X
9X
9X
mm
7X
mm
28
7
J
------
«
20
20
1
11X
10 x
12
6
13 X
8
9
7X
9H
J
...1936
10
19
7X
35 X
50
♦7s extl water loan
1956
M
S
♦6s extl dollar loan.
1968
J
J
.1940 A
O
1946 J
1946 J
D
21X
16 X
D
16
♦Secured
f 7s..
s
♦Saxon State Mtge Inst 7s
♦Sinking fund g 6 Xs
'm,-
m m,
35
lix
33 X
13X
1962 MN
♦7s series B sec extl
1958 J
J
11X
.
14 x
11X
D
82
13 X
13X
D
...1958
♦4Hs assented
1947
F
1955
F
12
10X
99
1971
1952
M
0
F
A
...1961
1946
♦External • f 6s
..1964
z
b
z
b
O
J
x
bbb3
110X
3
104 X
—.1944 J D
A Maine 1st 5s A C.1967 M 8
D..1960 J
..1952 A
F
1959 J
18
15X
HX
63
41
53
62 X
65
53
62
62
63
60
63
A
O
mtmm mmm
*35
66
43 X
43 X
53
51X
47
46
55
40
40
43
51
6
50
50 X
53
MN
mmmmm
'^m
51
50
54 X
X
*8X
-
—
F
A
rnmmmimmm
A
rn m.
*5X
7
J
D
62 X
-
*5X
F
-
—
mm m
63
8X
m'm*+m
64
I
—
114
45 X
50
90
45 X
45X
45X
48 X
37
46 X
46
49X
52
46 X
49
17
11
12 X
20
79 X
22
62
79 X
110X
7
109
110X
Bklyn City RR 1st 5s ctfs_»1941
con
MN
MN
.....
ybb 2
x aaa4
y bb 2
y bb 2
Bklyn Union El st g 6s
8H
4Xs B
Buff Nlag Elec 3 X» series
II
P
Last
Rating
56 X
69
<
Price
x
bbb3
1981 F A x aa
C.1967 J D x aa
&
Since
O t»
Friday's
Bid
Range
K'S
GQ
Ask
/
>;
Jan. 1
COMPANIES
z
cc
51X
y
bb
mmrnmm—
y
bb
-m-mm-
10-year deb 4Xa stamped.1946
y
bb
y
bb
mm — mm
108X
108X
mmmmrnm
5s—.1943
1943
x
aa
-mmmmm
67
♦109X
x
aa
108X
Albany Perfor Wrap Pap 6s. -1948
6s with warr assented... .1948
y
b
*40
y
b
1946
x
bbb3
Alleghany Corp coll trust 5s. 1944
Coll A conv 5s
—...1949
y
bb
2
y
b
y cc
2
y
bb
x
aa
2
M 8
A
O y bbb2
A y bbb2
"98 X
S
x
a
3
45
105X
*42 X
mmmm——
F
Allls-Chalmers Mfg conv 4a. 1952 M
82 X
74 X
98
109
109
m —
rnmm
106
98 X
I09X
*
...
...
..1955 Q
5s..1964 M
1955 F
C (Del)
1957 J
4s B
48 X
104
107X 108X
54 X
60
53
61
Stamped 4s
Conv gold 4s of 1909
-
108 X
108 X
107 X
105
*110 X mx
4
4
109X 112X
108 X 108 X
2
MN
z
b
A O
z
Consolidated 6s
40
37
97
30 X
6X
*5
5X
40
7
z
cc
4M
4X
5X
36
4X
0X
y
bb
68 X
68 X
69X
9
00X
69X
40
40
^
1952 A
Bush Terminal 1st 4s
2
38
cc
O
44 X
1955 J
S y b
gu..—-1960 A O yb
....
43H
68 X
x
a
z
1957
Guaranteed gold 5s..July 1969
Guaranteed gold 6s.—Oct 1969
Guaranteed gold 5s
1970
Guar gold 4X8—June 15 1955
Guaranteed gold 4 X8
1956
Guar gold 4 Xs—
Sept 1951
Canadian Northern deb 6X8.1946
Can Pac Ry 4% deb stk perpet—
Coll trust 4X8
1946
5s equip trust ctfs
—.1944
Coll trust gold 58—Dec 1 1954
Collateral trust 4X8
1960
J
aa
,
36
61
22
105
53
81X
83
96 X
bbb3
z
46
103 X
"l04'
A O
A O
99 X
44
103 X
89
51X
61
102X 105
4
79 X
85
109 X
y
bbb2
64
x
a
2
86
x
aa
2
102 X
x a
2
83
x
2
75X
a
100 X
33
100 X
57
112 X
26
63 X
69X
92
85 X
89 X
41
102 X
105
109 X 113X
60 X
80 X
84
101
83 X
39
79 X
84 X
75
79
43
70
79
46
82
1
110
53
51
53
30
44
z
ccc3
18
18
19X
69
—1987 J
7
z
ccc3
15X
17X
7
O
x
a
107 X
107 X
134
106
107 X
mm--
32
123
110X
105 X 107
109
Central N Y Power 3X8-
102 X 107 X
1962 A
Cent Pac 1st ref gu gold
34
40
11
43
50
97 X
100
98 X
103X
99X 103X
103 X 107
11
89
J
x
aa
85 X
92
x
aa
11
91X
97 X
85 X
97 X
93 X
95 X
95
96
87 X
103X
104 X
100
100
5
101X 105X
99 X 100X
109 X
110
11
108 X 110X
108X
109
9
rnmm-
a
y
b
1
y
b
3
ybb
4
100 X
z
"88
6X
c
z
cc
x
100 X
94 X 100 X
45 X
45X
85 X
90 X
8X
26 X
30 X
3
2X
7x
3X
3
2X
89
88
.....
-
7X
*4H
"21
21X
6X
2X
3
109X
108
23
46
*16 X
♦26 X
2X
c
z
2
109 X
100 X
*44
ccc2
4s__ 1948 J D
♦General 4s
*107 X
3
x
7X
6X
6X
19X
l»
5
5
'
95
95
95 X
*73
aaa3
95
75
73
77
*107 X
111X
3
108 X
111X
111X
106 X 109
5
mx
53
16X 20 x
18
14X
106 X 110
107
2
64
J D
MN
F A
J D
09 X
89
108 X
*43
ccc3
{
X
97 X
97
2
108
106 X 109
114
114
4s.. 1949
Through Short L 1st gu 4s. 1954
Guaranteed g 5s—
1960
Central RR Sc Bkg of Ga 5s2jl942
Central Steel 1st g 8 8s..
1941
Certaln-teed Prod 5Xs A
1948
Champion Paper A Fibre—
S f deb 4X» (1935 Issue)..1950
8 t deb 4X8 (1938 Issue)—1950
Chesapeake A Ohio Ry—
General gold 4Xs
1992
Ref A imp mtge 3X8 D..1990
Re A Impt M 3Xb ser E._1996
Ref AlmptM 3Xsser F..1903
Craig Valley 1st 6s..May 1940
Potts Creek Br 1st 4s
F A
A O
F A
MN
MN
M S
M
M
Warm Spring V 1st g
68
77
29
53
62
General 4s
70 X
75 X
25
69 X
76
1st A ref 4 Xs series B
67X
69 X
33
64 X
70
1st A ref 5e series A
X
yb
2
2
y
b
3
x
bbb2
y
b
3
63
05
47
47
49 X
*55 X
37
06X
4
01
61
73X
66
45X '54
62 X
58
*110
62 X
110»« 112»«
106 X
"80 X
15
106 X
106 X
1
103 X
78
104
2
104 X 106 X
103
104 X
122 X
99
124
7
122
78
M1V
x
aaa2
99 X
F
A
x
aaa2
99 X
99
J
J
7>
J
X
aaa2
105 X
105
x
aa?a2
1946 7
J
x
a-aa2
7 J
7 J
5s_. 1941 M S
X
aaa3
117""
x
aaa3
*107 X
x
75
82
aaa2
O
7
z
ccc3
x
aa
2
J
1958 M S
x
aa
2
A
97
40
ybb
70
68 X
63
aaa4
Chic Burl A Q—111 Dlv 3XS.1949 J
Illinois Division 4s
1949 J
71X
57 X
68 X
x
♦Chic A Alton RR ref g 3s_. 1949
93
2
M 8
95
92
4
ybb
8 xbbb3
8 x bbb3
R A A Dlv 1st con g 4s...1989
2d consol gold 4s
1989
23
55 X
109 X
aaa4
rnmm m
70
"98 X
aa
107 X
107
98 X 105 X
90
103 X
95 X 103
b
89
95 X
aa
45
z
90
97
aa
x
x
101X
99
x
105 X
107»nl09X
108
110X
106
93 X
x
99 X
100X
101
J
7
103
aa
92 X
aa
106X
51
25
7
7
23
124
bbb3
*114
x
99
102 X
103 X
100 X
102
{♦Cent New Engl 1st gu 4s„1901
{♦Central of N J gen g 5s—1987
105 X
bbb3
*95 X
102
aa
b
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100
30
97 X
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106 X
8
cc
103 X
......
75
21
z
102X
......
98 X
MN
A O
A O
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109
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ccc3
2
_
115
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aa
— —
113X
114X
96 X
F A
x
—
38
113
{♦Cent of Ga 1st g 5s...Nov 1945
♦Consol gold 5s
1945
♦Ref A gen 6Xs series B—1959
♦Ref A gen 5s series C
1969
♦Chatt Dlv pur mong 48—1951
♦Mobile Dlv 1st g 5s —..1946
Central Foundry mtge 68—1941
Gen mortgage 5s
1941
Cent Hud G A E 1st A ref 3 Xs '65
Cent Illinois Light 3X8
1966
J
— —
92
89 X
113
88 X 104
92
87
64 X
103 X
......
18
59
-mm-
97 X
"103X
91X
44 X
.....
104
103
♦Cent Branch U P 1st g
44 X
——1955
x aa
Conv gold 48 of 1910..
1960
x aa
Conv deb 4Xs
—1948
x aa
Rocky Mtn Dlv 1st 4s —1965
x aa
Trans-Con Short L 1st 4s..1958
M S x a
Cal-Ariz 1st A ref 4 Xs A—1962
Atl Knox Sc Nor 1st g 5s
1946 J D x aa
J x bbb3
Atl A Charl A L 1st 4X8 A—1944 J
1st 30-year 5s series B
1944 J J x bbb3
Atl Coast L 1st cons 4s. July 1952 M S x bbb3
General unified 4 Xs A—.1964 / D ybb 2
10-year coll tr 5s..May 1 1945 MN y bb 2
L A N coll gold 4s_—Oct 1952 MN ybb 2
48 X
60 X
*54 X
47 X
Nov
Conv 4s of 1905
38
74X
102 X
—mm—m—
5
66 X
"103X
2
92 X
48 X
41
"44 x
D
82
48X
95
2
104 X
83H 103
58
aa
2
34
700
82 X
MN
A
60 X
92 X
87
Atchison Top & Santa Fe—
1995
1995
1955
103
78X
bbb4
45
103X
107 X 108 X
66
80 X
109
110
7
x
1
55 X
104 X
101
106
x
S
48 X
49
90
84
....
:
A
J y bb
48 X
61
12 X
9
{♦Carolina Cent 1st guar 4s.1949
Caro Clinch A Ohio 1st 6s A. 1962
Carriers A Gen Corp 5s w w„ 1950
Cart A Adlr 1st gu geld 4s...1981
Oelotex Corp deb 4Xs w w.,1947
44
31
2
♦Alplne-Montan Steel 7s
1955 M S y b
"66"
67X
2 "ee"
Am A Foreign Pow deb 5s—2030 M S y b
104 X
104
Amer IG Chem conv 6 Xa
1949 M N x bbb3 104
J yb
105
<
1
Am Internat Corp conv 5X8.1949 J
104X 105
Amer Telep A Teleg—
M2V x aaa3 107"»» 10719M 107»n
20-year sinking fund 5X8-1943
3Xs debentures
1961 A O x aaa3 109 X 108 X 110X
3Xb debentures
1966 J D x aaa3 109X 108 X 110X
108
*105
J ybb 2
Am Type Founders conv deb. 1950 J
109
108 X
Am Wat Wks A Elec 6s ser A.1975 M N y bbb2 "108X
104
102 X
10SX
Anaconda Cop Mln deb 4 X8-1950 A O xbbb3
♦Anglo-Chilean Nitrate—
38 X
38 X
5 i Income deb
—1967 Jan y cc 2
Ark A Mem Br & Term
-
15
....
61
80
*64
"i'06
...
59
73
2
22
108 X
43
"44"
9
110
84
"81X
....
69
81
mm—rnmm
mm----
....
-----
*59
3
.—....1950
Allegh A West 1st gu 4s
1998
Allegh Val gen guar g 4s—1942
Allied Stores Carp deb 4 Xs—1950
4 Xa debentures
....1951
stamped
87
55
49 X
*104X
*102H
108 X
Adriatic Elec Co extl 7s_.—1952
T
51
modified (Interest
at3% to 1946) due —1957
{Burlington Cedar Rapid A Nor—
{♦1st A coll 5s—
-.1934
Canadian Nat gold 4Xs
and INDUSTRIAL
{ }♦ Abltibl Pow A Pap 1st 58.1953 J D
Adams Express coll tr g 4s...1948 M S
Coll trust 4s of 1907——.1947 / D
102 X
91
y
♦Certificates of deposit
"T" "m
20
Range or
Sale
See a
12
41 X
45 X
Week's
Friday
Elig. &
79
109 X
102
41 X
45
Buffalo Rochester A Pgh Ry—
Bush Term Bldgs 5s
Bank
79
110X
ccc2
1941
y b
2
1950 F A x bbb3
gtd 5s stmp ctfs...1941
Stamped
mmm-
rnmmm
109X 109 X
202
48 X
Calif-Oregon Power 4s
.1966
Canada Sou cons gu 5i A... 1962
—.—.—1995
100X 104X
49 X
....1950 J D y bb 3
1st lien A ref 5s series B—1957 M N x bbb3
44 X
40
General 4s
113
45
Buffalo Gen Elec
40
Adjustment gold 4s
104 X
45X
Certificates of deposit———
1
52
«.m mm* m m
1st m s f 4s ser
103 X
*109
Bklyn Un Gas 1st cont g 6s..1945 MN x a
3
1st lien A ref 6« series A.. 1947 MN x bbb3
87
54 X
J
J Ann Arbor 1st g 4s
104H 112
45X
1st 58 stmp ctfs...
'> 4
53
51X
54X
1979 MN
A
Armour & Co (Del)
126
45 X
1st
37
—
16X
105»j«108X
112
Bklyn Queens Co A Sub RR—
5
5
*59X
12
110
2
15X
55 X
mm
lb~5~"~M
17
16X
,16 X
M 8 y b
1955 M Nyb
Stamped
A/ Nyb
1st g 4 X i series J J
1961 A Oyb
Stamped
A Oyb
{♦Boston AN Y Air List 4s_ 1955 F A z cccl
87
3
1*.
15
16X
105''a»
Stamped
> 1st M 5s series II—
Bklyn Edison cons M 3X8—1966
Bklyn Manhat Transit 4X8.1960
Certificates of deposit
5X
5
mm mm
131X 134X
cccl
aaa3
J
b
47
D
♦5s
24
15H
14X
y
62
J
3Xs
134 X
16X "L 16X
Boston
41
F
Alb A Susq 1st guar
133X
72X
115X 117 X
35
1
A
O
Undergr 6 Xs '56 A O
12 X
11X
37 X
X
J
1st cons 4s series B
116X
1
..1955 A
73
mm'
*59 X
1979 MN
...1978
1978
3Hsextl readjustment
1984
Venetian Prov Mtge Bank 7s...—.1952
♦Vienna (City of) 6s
1952
♦Warsaw (City) external 7s...
1958
♦4 Ha assented
.....1958
Yokohoma (City) extl 6s
—1961
Ala Gt Sou 1st cons A
45
72 X
♦105X
aaa2
55X
3X-4X-4'x»s extl conv
RAILROAD
72
45
84
115X
134H
a
60
4-4X-4Xs extl read J...
Ended April
60
40
1
1943
Debenture gold 6s
STOCK EXCHANGE
18
115X
x
3X^4-4X8 (% bonds of '37)
Week
60
58
*74
x
3Xs-4-4X« (J bonds of *37)
N. Y.
58 X
49 X
*37
Big Sandy 1st mtge 4s
*62 X
MN
BONDS
70
60 "
3
13H
40 X
60 X
...I960 MN
external conversion...
57
aaa3
3Xs conv debs
61
55 X
mk
♦External s f 6s
external readjustment—
7
45 X
53
3
23
5
7
75
S
A
*5X
J
♦Uruguay (Republic) extl 8s...
60
aaa3
Beth Steel cons M 4Xs
16
11X
11X
mom-
mm
*71 X
A
J
*5X
A
Sydney (City) s f 5Xs
Tokyo City 5«t loaD of 1912
External s f 6Xs guar
101
O x aaa3
1960
3Xs
15X
♦Sllesian Landowners Assn 6s
Taiwan Flee Pow s f 5 Xs
93
.
...1962 MN
♦Silesia (Prov of) extl 7s
17
b
♦Debenture 6s
Serbs Croats A Slovenes (Kingdom)
♦8s secured extl
94 X
z
cons
Cods mtge 3Xs ser
20
/
.......1950 J
♦8s external
93
59 X
3
48X
65 X
172
53 X
94
D y bb 2
O x bbb4
J'x
15X
54
2
x
Belvldere Del
♦Berlin Elec El A
......
♦6 Xs extl
bb
bbb3
x
♦Berlin City El Co deb 6X8.1951
♦Deb sinking fund6Xs
1959.F
9H
Sao Paulo (CJty of, Brazil)—
♦8s extl secured s f
cc
J y bb
J y bb
1951
...
4s stamped
"75H ~80~"
25
78 X
z
J
Beech Creek ext 1st g
12 X
8
7H
ccc4
J\y
Battle Cr A Stur 1st gu
mm —
75 X
77 X
.«
m**,—
z
A
Bangor A Aroostook 1st 5s.. 1943
Rio Grande do Sul (State of)—
♦6s extl s f g
Feb 1 1960 F
Toledo Cln Dlv ref 4s A..1959
11X
10 X
7
Sept 1 1946) due.. 1996
Ref g 4s extended
21
*
51
9K
to
103
21
1953 F A
Ref A gen ser F (lnt at 1%
13
99
17
11
9X
8X
V 31X
'
HH
....
101X
to Sept 1 1946) due..2000
>
11H
12
....
S
O
A
1946
*
to Dec 1
7X
11H
....
99 X
VT
.1950
Danube 7s A
♦Rio de Janeiro (City of) 8s...
♦Extl sec 6Xs
2
*12 X
99 X
S X
....
10 X
10
O
1941 A
...1947 F
Queensland (State) extl sf 7s
25-year external 6s
13
*iox
10
O
*
6H
6X
J
1952 MN
1951 M S
♦Prague (Greater City) 7Xs
♦Prussia (Free State) extl 6Hi
....
1977
F
..1971 F
X
125X
99 X
45
98 X
99 X
46
98 X
105 X
35
99 X
99 X
103 X 107 X
101X 101X
*100
109
14X
97 X
100
109
114
117X
106
117
106
15X
97 X
52
13
10X
96 X
14
92X
97X
99 X
100 X
27
97 X 102X
14 X
91
93
49
87 X
93
bbb3
81X
81
83
34
77 X
83 X
A xbbb3
88 X
87 X
89 X
50
83 X
90
A
x a
x
2
91
t
For footnotes see page
2387.
Attention is directed to the new column
incorporated in thi* tabulation p ntalning to bank eligibility and rating of bonds.
See a.
New York Bond Record
2384
!
BONOS
N.
Y.
STOCK
EXCHANGE
See
Sale
16 M
iz cccl
♦Certificates of dejHwIt—.—
Chicago A Erie 1st gold 6s—1982
(♦Chicago Ui eat West 1st 4a.1959
(♦Chic Ind A Loulsv ref 6s..1947
♦Refunding g 6s scries B—1947
♦Refunding 4s series C—.1947
♦
IstAgei 5s series A.—.-1966
♦1st A gen 68 ser B—May 1966
Chic Ind A Sou 60-year 4a-.1956
(Chic Milwaukee A 8t Paul—
♦Gen 4s series A ...May 1 1989
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J
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1st mtge gu 3Ms ser E—.
Clearfield A Mab 1st gu 5s_.
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59
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10954
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Fonda Johns A GIov 4 Ms... 1952
1
cons
1
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aa
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Gouv A Oswegatchie 1st 5s
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Grand R AI ext 1st gu
g 4 Msl941
Grays Point Term 1st gu 5s. .1947
Gt Cons El Pow (Japan) 7s.. 1044
1st A gen si 6Ms—1950
y b
107 94
4Hs debentures
1948
Crucible Steel 4 Ms debs.... 1948 F A x bbb4
Cuba Nor Ry 1st 5Ms——1942 / D y b
2
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2
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7 Ms series A extended to 1946. J D y ccc2
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1946 J
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♦Harpen MlnlDg 6a
1949
Hocking Val 1st cons g 4 Ms. 1999
—1944
((♦Housatonlo Ry cons g 6s. 1937
Houston Oil 4mb debs
...1954
HudsonCoal lstsf 5s ser A..1962
_
Hoe (R) A Co 1st mtge
x a
♦Adj Income 6s
..Feb 1957
Illinois Bell Telp 3 Ms ser B.1970
Illinois Central 1st gold 4s...1951
1st gold 3 Ms
1951
Extended 1st gold 3Ms—1951
1st gold 3s sterling
...1951
Collateral trust gold 4a
1952
Refunding 4s
..1955
Purchased lines 3 Ms
1952
107
.
J
J
z
J
x
aaa4
AO
z
bb
73M
72
73m
z
b
54 M
53m
99m
55
MN
32
31
19
38
40
27
85
40
Springfield Dlv 1st
44)4
2
43
46
Western Lines 1st g 4a
2
32
Af N y bbb2
J D y ccc2
57
121
100
34
"48"
*125m
47 m
""8
90 M
90
101M
107M 110M
21M
120 M 123
7
72
8
80
44 M
51M
100M
34m
27
97
100 M
59
32
37 M
126 M
"48M
"76
14m
41
112m
8
126
45M 60 M
16 94
12M
110M 112M
z
x
aaa4
13m
111M
x
bbb4
*85 m
x
bbb4
*85
86
86 M
X bbb4
M 8
ccc2
*85
86 M
86M
x
40
bbb4
A O y bb 2
MN ybb 2
90
~44m
44 94
48
48
91
61M
47 m
27
49m
28
64
44M
45M
48M
50
43
41M
45
45m
43
43
55
56
18
51M
43m
55
43 M
43
44 M
"44J4
45
64
1
78m
78 M
46M
50M
40M
78 M
*60
65
62 M
65
*63 m
65
62H
65M
52M
52M
53
60
I
41M
60
35
98
67
40
cccl
40-year 4Ms
Aug 1 1966 F A y ccc2
Cairo Bridge gold 4s
..1950 J D x bbb4
Litchfield Dlv 1st gold 3s.. 1951 J J x bbb3
Loulsv Dlv A Term g 3 Ms. 1953 J
/ybb 4
Omaha Dlv 1st gold 3s
ybb 2
.1951
105
90 M
J
J
J ybb 2
Collateral trust gold 4s. ...1953 MN ybb 2
Refunding 5s
....1955 MN y bb 2
29)4
101
3
Hudson Co Gas 1st g 5s
.1949 MN" x aaa3
Hudson A Manhat 1st 5s A.. 1957 F A y b
44
"29)4
18
68
61M
53 M
92
*125
2
Greenbrier Ry 1st gu 4a. —.1940 UN
O x aa
cccl
♦Sinking fund deb 6Ms—1940
♦20-year s f deb 6s..——1948
Gen Motors Accept deb 3 Ms.1951
"(♦Georgia A Ala Ry 5s.Oct 11945
—
74)4
87)4
76 m
100)4
100
107)4 110)4
106)4 108)4
aaa4
z
49 M
105
52
F A
z
17
18
*101
a
MAT
....
384
M
44
6m
6M
2M
..
67
5254
48
Fort St U D Co 1st g 4 Ms-—1941 J
Francisco Sugar coll trust
aaa2
(♦Consol Ry non-conv deb 4s 1954
♦Debenture 4s
1955
23M
18
13 M
13 M
*2M
62
50)4
47)4
65
cccl
24
18
*53
*2M
2M
aaa2
bbb2
19
107
50
c
x
x
24
289
*40
c
X
z
25
105
z
J
of Upper Wuertemberg 78.1956
Consol Oil conv deb 3 Ms—1961
59M
28
18 M
103m
z
0 X aaa2
4
53
21H
74
2-4s..1982
46
75
97m
107m
103m
104m
6
O x aaa2
JX aa
26
105
102m
104m
104m
cc
Gas A El of Berg Co cons g 5s 1949V D x aaa3
Gen Am Investors deb 5s A. 1952 F A y bb
Gen Cable 1st sfSMs A—1947 J
/ybb 3
63)4
102
*104
cc
66)4
79)4
54)4
51)4
6554
*102
102M
53
75
77)4
107m
♦102m
z
—-
((♦Proof of claim filed by owner M N
111 M
bb
76
65)4
77)4
95
05
a
z
((♦Proof of claim filed by owner MAT
(Amended) 1st
*75)4
130)4
69
*75
ccc2
J z
.1974 Af S
♦1st A ref 5s series A.
108)4 110)4
111
111
60
66
*92 m
2
...
*103
108
S'M
2
61
1st lien • f 5s stamped
1942 Af 8 x bbb2
1st lien 6s stamped..—.1942 Af S x bbb2
30-year deb 6s series B.
1954 J Z>|y bb
Firestone Tire A Rub 3Ms—1948 A Ox a
106)4 109)4
104)4 106)4
108 %
110)4
D,x
(♦Fla Cent A Pennln 5s...._ 1943\J
O X aa
58
60 H
16
Sz b
94
debentures......—.1948
2387.
56
b
1954 F Ay bb
.1956 J
Fairbanks Morse deb 4s...
12)4
107)4 109)4
109)4 111)4
109
1938 Af
(♦3d mtge 4 MS
90
8Ms debentures
1956
3 Ms debentures-.———-1958
♦Consolidated Hydro-Eleo Works
For footnotes see page
b
A
_
8 f
c
30M
90M
25m
17m
17m
A
x
*
1594
1594
/
Columbus Ry Pow A Lt 4s..1965 M N x aa 4
Commonwealtb Edison Co—
1st mtge 3 Ms series 1—1968 J D x aa 4
/.* a
3
Conv debs 3Ms——1968 J
O x bbb3
Conn A Pasump Rlv 1st 48—1943
JX aa 3
Conn Ry A L 1st A ref 4 Ms—1951
jx a
Stamped guar 4M8
—1951
Conn Rlv Pow s f 8MB A.—7961 F A x aa
Cons Edison (N Y) deb 3)48-1946 A O X aa
Crown Cork A Seal a 14s
z
z
z
43
10
1Q4%
1969
Container Corp 1st 6s...—1946
15-year deb 5s.—.—...1943
Continental OH conv 2 54a—1948
Crane Co s f deb 3 Ms—1951
24m
23 M
"lb"
c
Si* bbb3
4s..1955 FA
1st mtge 3 Ms
22 M
cccl
04
59
Debenture 5s.—.Jan 15 1961 J j x bbb3
Columbus A H V 1st ext g 4s.1948 AO* aaa3
Consolidation Coal s f 5s
cccl
o
♦N Y A Erie RR ext 1st 4s. 1947 Af N'z bb
104 h 107)4
58
104M
Columbus A Tol 1st ext
o
f 6s.. 1957 J
12
10 m 109 M
2
561
1953
J
s
61
68
93 M
149M
1953
..—
"20
110
58M
Ernesto Breda 7s
58
Columbia G A E deb Ss.May 1952 Af N x bbb3
Debenture 6s.——Apr 15 1952 A 0 * bbb3
25M
105M 107 M
106 M 108 M
107
24m
/ x aaa4
3
40 M
25M
97 M 101
141
28
;y bb
3
40 M
3
7
58
M
y b
110M 113
18
23
J
Income mtge...——1970
3
45
24m
J
Colo A South 4Ma series A—1980 Af N y b
23
—-
*100M
*108m
Federal Light A Trac 1st 5s..1942 Af S x bbb2
5s International series—1942 Af 8 x bbb2
26
60 M
5
108M 110M
10>H 111H
109m
65 94
24 94
64
9454
bb
bbb2
series E—1977
1st 4s—1991
St L Dlv 1st coll trg 4s... 1991
Spr A Col Dlv 1st g 4s
1940
W W Val Dlv 1st g 4s—.1940
Cleve Eiec Ilium 1st M 314s. 1965
Cleve A Pgb gen gu 4Mb B..1942
Series B 3X8 guar—1942
Series A 4 Ms guar
—.1942
Series C 3 Ms guar——1948
Series D B Ms guar—.—1950
Gen 4H* series A—.——1977
Gen A ref 4Ha series B..1981
Cleve Short Line 1st gu 4 Ms. 1961
Cleve Union Term gu 5 Ms—1972
1st s f 5s series B guar..—1973
1st s f 4 Ms series C———1977
Coal River Ry 1st gu 4s
1945
Colo Fuel A Iron gen s f 53—1943
8
9294
149m
23M
4s series D
♦Genessee River 1st
56
30 m
107m
2
cc
51)4
63)4
10
93
bbb3
Ref A impt 4 M*
conv
55m
108
cccl
69)4
104 h
t>bb3
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ccc2
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104)4
108)4
106)4
92)4
1969 F A X aaa4
1943 J J y bb
45
106m
O
60
61)4
54
108M
,5M
4
25m
99m
—1953
75
51m
63)4
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11M
394
2M
67
52
109"
140
6M
J
75
62
aaa4
x
aaa2
J
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8H
8
1996
4s
67
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2
J
107
aaa2
♦|Ref A Imp 5s of 1927
1967 Af N
♦(Ref A Impt5sof 1930—.1975 A O
J
♦Erie A Jersey 1st s f 6s.. 1955'J
7)4
2)4
92
149m
107
2
bb
/
67
93
x
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80 )4
..1*
92h
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1966 F A
1967 J D
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1965
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8)4
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guaranteed...
bbb3
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.1944 A 0 * »« 3
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----/ x aaa3
1st tntge 3Ms series E—. .1963 J
Chic A West Indiana con
aa
25m
aaa4
—.1905
♦1st consol gen lien g
♦Conv 4s series A.
49
8
17 54
aaa3
3)4sser B..1940
1940
(♦Erie RR 1st cons g 4s prior 1996
5s stamped.
4
.
a
A
16
62
M By b
5
Electric Auto Lite conv 4a...1952
11)4
11 >4
8)4
8)4
2)4
47
((♦Dul Sou Shore A A tig 5s
16
20)4
11)4
8
28
.
*
Memphis Dlv 1st g 4s
20)4
11)4
11)4
11)4
2%
10)4
10
♦Conv g 4 Ms
—]900 Af N
Cb St L A New Orleans 5s—1951 / D y bbb2_
Gold 3 Ms. ..—.June 15 1951 j D y bbb2
Chic T H A So'eastern
19
10M
cc
Z
19
2
20
2X
2H
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1)
31
48
O
59
13)4
13)4
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8
14
2m
111
J
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45
16
3
111
1937 J
3 Mb 1962 A
17
19
TOO
11
*40
25m
99m
♦105m
107M 107m
21
28
107m
10794
17h
19
10 M
J04M 106
106^4 108 M
8M
'I M
aa
ccc2
High
108 M 100
1
b
aa
Low
5
108m
110m
East Ry Minn Nor Dlv 1st 4sl948 A O
EastT Va A GaDlv 1st5s...1956 MN
Ed El III (N Y) 1st eons g 5s. 1905 J
J
54
No
108m
108m
110m
0
Since
Jan. 1
*50
100M
100M
aa
♦Second gold 4s
..1995 J D
Detroit Term A Tunnel 4 J4s_ 1961 Af N
Dow Chemical deb 3s
...1951 J D
Duquesne Light 1st M 3 Ms. -1965
17)4
2M
7M
ccc2
A
High
Range
li
104m
2M
2m
6M
*5m
cc
27)4
18
z
J
2854
12
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c
J
Af 8
21
83
MAT
ddd2
23)4
18
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ddd2
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A
11
cccl
F
Detroit Edison 4Mb ser D_.1961 F
Gen A ref M 4s ser F.... 1065 A
194
1654
18
cccl
J
J
60
1
....
3 Ms
aa
17
f♦Secured 6^8.—-——1936 Af N
D
1st ref g 5s.......May I 2037
D
stpd.May 12037
D
♦1st A ref 4Ms C-.May 1 2037
♦Conv 494* wles A——--1949 MAT
((♦Chicago Railways 1st 6s stnd
A
Feb 1940 25% part pd—1927
J
(♦Chic RIA Pac Ry gen 4s..1988
♦Certificates of deposit—..
(♦Refunding gold 4s
.1934 AO
♦Certificates of deposit
(♦Secured 4 Ms series A—1952.M S
♦Certificates of deposit-
Chllds Co deb 5s
J
—
2
O.z c
Fridays
Bid
108m
104m
*108m
9m
9M
aa
3MS— 1987 MATjX ccc2
A
Range or
Sale
3
aa
67
cccl
I
tH
Last
Price
a
Low
J
-.1969
g 4a.. 1936
(♦Consol gold 4)4s—.
1936
(♦Denv A R G W gen 5s Aug 1955
♦Assented (subj to plan)..
♦Ref A Impt 5s ser B.Aor 1978
(♦Des M A Ft Dodge 4s ctfs 1935
(♦ Des Plains Val 1st gu 4 Ms 1947
20
3
See
-1969 J
»«t mortgage 4 Ms—
((♦Den A RG 1st cons
21
z
♦
♦5s
16)4
z
stamped....—.—1987
1st A ref
8
Rating
5*.
Light lst4MS—1971
**t A ref 4
30 94
21
Elig. &
h
EXCHANGE
1940
Week's
Friday
Railroad & Indus. Cos. (Cont.)
90
23 h
6
STOCK
Del Power A
19)4
19)4
86
z
♦1st A ref 4 Ms
ZMh
1
z
27
High
120
15)4
16)4
Y.
Week Ended April 12
382
54
28)4
27)4
29)4
29)4
27 m
Low
118
90
z
-—..1987 MAT* ccc2
z ccc2
♦Stpd 4s n p Fed lnc tax. 1987 MAT
z ccc2
♦Gen 4 lis stpd Fed lnc tax 1987 MAT
z ccc2
♦Gen 6s stpd Fed lnc tax.. 1987 MAT
Chicago Union
ATP
54 "102
4
16)4
17
30
z
♦General 4s
Income guar
Nigh
N.
Jan. 1
122
29)4
20)4
19)4
17)4
854
9)4
*59
J.ybb
(♦Chic Mllw St P A P 6s A..1975
♦Conv adj 5s......Jan 1 2000
♦4Kb
16M
16)4
90
Af N y bbb2
♦Geng 3ser B.May 1 1989
♦Gen 4 Ms series C.May 11989
♦Gen 4mb series B.May I 1989
♦Gen 4series F.May 1 1989
(♦Chic A N W gen g
*119
..
(♦Chic & E III Ry gen 6s—1961 Afn;z cccl
BONDS
Since
Ask
A
fyOW
2
Or b
A
Range
Friday $
Bid
Price
k
Railroad & Indus. Cos. (Cont.l
((♦Chicago A East Hi 1st 6S.1934
April 13,
Bank
Range or
Elig. &
Rating
a 8
^
Woek Ended April 12
Continued-Page 3
-
Week's
Bank
I
63 h
35
35
57
59)4
Attention is directed to the
new
8t Louis Dlv A Term g 3s. .1951
Gold 3 Ms
—1951
g
3M8.1951
1951
y
y
bb 4
x
F
bbb3
53 94
bb 4
A ybb
3
59m
*76
*55
70
column Incorporated In this tabulation pertaining to bank eligibility and rating of bonds.
See
k.
Volume
New York Bond
150
?!
BONDS
N.
Y.
STOCK
Railroad
&
Indus.
Cos.
Last
Elig. &
EXCHANGE
See
Low
{Conl.)
Since
1963
ybb
2
47 Vi
High
No
Low
High
2
44
1963
ybb
♦ILseder Steel Corp 6s
1948
z
1940
x
1950
y
46 Vi
50 Vi
26
43
47
bbb3
Ind 111 A lowa 1st g 4s.—
51
45Vi
cccl
Ind Bloom A W 1st ext 4s
49 Vi
46 Ji
43 Vi
1st A ref 4Ji8 series C
4
J
J
X
bbb2
104 Vi
105 Vi
30
101
F
A
x
aa
105Ji
76 Vi
105Vi
73
105 Vi 109 Vi
73 >i 79
bb
cc
z
*0
bb
z
J
A
z
z
J
104 Vi
"77"
79 Vi
387
38 Vi
18
cc
31
31 Vi
z
bb
74 Vi
76
z
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73Vi
75Vi
85 Vi
88
103
2
M~5
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73%
3
103"
103
3
30 Vi
36
13
72 Vi
76
247
70Vi
75Vi
14
83 Vi
14Vi
5
12 Vi
IVi
IVi
14
IVi
cccl
HVi
13
9
1956
1944
z
cccl
12
12
2
y
b
6s—...1941
y
ccc4
C
5s ser A A B.1947
1955 Af S
f 6s series A
Int Rys Cent Amer
1st lien A ref 6 Vis
72
103
102 Vi
b
3
100 Vi
1st 5s B.1972
1947
4 Vis 1952
1955
71 Vi
75
68 Vi
70
3
y
4
100 Vi
6V
2
84
95
98
58 Vi
13
2
39 Vi
39
42 Vi
198
96 Vi
38 Vi
44 Vi
F
A y b
2
43
43
46 Vi
351
42
47Vi
IVi
3
cccl
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Jack Lans A Sag 3 Vis
1st gold 3ViB
76 %
2
z
♦Mex Internat 1st 4s asstd-.1977 M
Ref A lmpt 4 Vis series
.
J y b
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99
l?i
1951
1952
1979
1963
C
Michigan Consol Gas 4s
J
4s.1959
D y bb
3
Af
Kanawha A
A
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A
O.z b
1
b
Steel 4 Vis A1961
Mich 1st gu g 4s 1990
2
54 Vi
55
94 Vi
3
S y bb
Jones & Laughlln
95Vi
83 Vi
41
78 Vi
83 Vi
82
83Vi
52 Vi
537
77 Vi
83 Vi
49
42 Vi
46 Vi
12
42 Vi
52 Vi
46 Ji
48 Vi
46 Vi
1
*85 Ji
1
1
*31Vi
"84"
*19
23
22
*70Vi
75
64 Ji
76
66
61
52 Vi
52 Vi
83
72
ccc2
3
b
ccc3
2
"76"
72
*61
ccc2
3
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lHVi
lllVi
22
ll"Vi 112 V<
x
aa
x
bbb3
78
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ddd2
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6Vi
6Vi
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%
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HlVi
78
78
90
7Vt
D
z
18Ji
z
W
18J*|
91 Vi
94 Vi
6lJi
cccl
55
♦1st A ref gold 43
93Vi
95Vi
♦Ref A ext 50-yr 5s ser A.
♦85
39 Vi
1
38 Vi
38 Vi
2
28
38 Vi
gold 3s
1950 A Oxbbb3
J ybb 3
Ref & lmpt 5s
-.Apr 1950 J
Kansas City Term 1st 4s
1960 J J xaaa4
Kansas Gas A Electric 4 Vis.1980 J D x aa 2
Karstadt (Rudolph) Inc—
z cccl
♦Ctfs w w stmp (par $645) 1943
♦Ctfs w w stmp (par $925) 1943 MAT
♦Ctfs with warr (par $925) 1943
65Vi
66 Vi
34
65
69 Vi
•
4
66Vi
70
2
*94Vi
J y bb
3
*60
M
S
x
a
3
104Ji
102 Vi
104 Vi
A
O
z
ccc2
28 Vi
28 Vi
J
D
z
b
2
*47Vi
J
D
z
ccc2
Af S
25 Vi
15 Vi
28 Ji
56
26
16 Vi
J
x
a
96
75
101 Vi 104 Ji
9 Vi
30
22 Vi
"32""
13 Vi
16 Vi
z
ccc3
J
z
ccc3
z
cc
2
8Vi
8Vi
1949 Af 8
1962 Q F
z
c
2
2
2
1%
2%
z c
2
♦Ji
2 Ji
1
2
6 Vi
6
6Vi
6
6Ji
73
*32
"5% "8%
87 Vi
37
S y bb
J
AfN
MAT
1934
52
30
82
*82 vi
cc
S
M
{♦Mid of N J 1st ext 5s
1940
{{♦Mil A No 1st ext 4Vis...1939
♦{Con ext 4Vis
1939
{♦Mil Spar A N W 1st gu 4s. 1947
{♦Mllw A State Line 1st 3 Vis 1941
{♦Minn A St Louis 5s ctfs
James Frankl A Clear 1st
41 Vi
Mich Cent Det A Bay City—
A ybb
{♦Iowa Cent Ry 1st A ref 4S.1951
5r>Vi
*9
y
♦Mlag Mill Mach 1st s f 7S..1956 J
J
F
81
60
49
y
J
Certificates of deposit.
14 Vi
103 Vi
96 Vi 100 Vi
235
74
23
z
Metrop Ed 1st 4Vis series D. 1968 Af "s
Metrop Wat Sew A D 5Vis.. 1950 A O
{ {*Met W Side El (Chic) 4s. 1938 F A
74 Vi
65 Vi
101
18
53
42 Vi
16 Vi
14
95
94
65
237
•29
103
98 Vi
Af N y bbb2
Int Telep A Teleg deb g
Debenture 58
69Ji
ybb
81
41
y
1940 Q
12
80 Vi
52 Vi
O y b
Stamped
Market St Ry 7s ser A.April
14 Vi
9Vi
10
J
104 Vi I07V4
94 Vi 101
90
52%
Manila Elec RR A Lts f 5s.. 1953 Af "s y aa
Manila RR (South Lines) 4s. 1959 AfN y a
{♦Man G B A N W 1st 3 Vis. 1941 J
High
No. Low
42 Vi
2
z
Marlon Steam Shovel s f 6s..1947 A
99 Ji
105
2
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104 Vi
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94 Vi
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90 Vi
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1960
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17
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1948
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Range or
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EXCHANGE
STOCK
Week Ended April 12
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Joint 1st ref 5s series A
Y.
N.
Jan. 1
Ask
A
BONDS
Range
Friday's
Bid
Price
a
2385
Week's
Friday
Bank
Range or
Sale
Rating
5 a.
Week Ended April 12
Record-Continued-Page 4
Week's
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Bank
{{♦K C Ft S A M Ry ref g 4s 1936
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67 Vi
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107 Vi
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1945
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90 Vi
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49 Vi
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42 Vi
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43 Vi
40
42 Vi
42 Vi
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53 Vi
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91 Vi
81
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39 Vi
24
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1949
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13 Vi
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2 Ji
344
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"41
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20 Vi
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F
1977
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56
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68
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64
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23 Vi
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1941
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56
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56 Vi
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25
3
19 Vi
.
2
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21 Ji
b
MN
F
b
33 Vi
101
109
109 Vi
28
2
117Vi
117 Vi
1
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32
32
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b
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69
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97
53 Vi
54 Vi
55 Vi
56 Vi
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Vi
31
44 Vi
39
107J4 109 Ji
117 Vi
120
101 Vi lOIJi
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64
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55 Vi
277
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66
100
65 Vi
102Ji 102J4
43 Vi
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13Vi
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116
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92 Vi
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84 Vi
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108
63 Vi
67
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x
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83
129 Vi
86 Vi
108 Vi 110
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99 Ji
25
26
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104 Vi
104 Vi
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x
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80 Vi
80 Vi
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77
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82
102
65
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88
79 Vi
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1st A ref 58 series B__.
1955 J D
102 Vi 104 Ji
79
82 Vi
112 Vi
112
73 Vi
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127
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127 Vi
128 Vi
107 Vi
1956 FA
♦Certificates of deposit—
D
1956
1954
♦Certificates of deposit...
Attention is directed to the new column
125 Ji 128 Vi
26
124Ji 128 Ji
"7
io5vi 109""
5
69 Ji
78 Ji
59
1
53 Ji
59
105
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106
19
6
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103 Ji 106 Ji
69 Vi
8
34 Ji
30
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25
30
16
30
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29
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2
30
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38 Vi
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b
36 Vi
36 Vi
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36 Vi
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37 Vi
37 Vi
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37
37
33
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39
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1
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71 Vi
67 Vi
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30
68
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♦Certificates of deposit...
♦1st 5 Vis series A
*36
75
104 Vi
ccc2
b
Vi
42
34
z
♦Certificates of deposit—
♦1st 4 Vis series
z
71
70
123 Ji 124
36
42
45
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1954 AO
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59
bbb3
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71
106 Ji
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3
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x
1
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85
32
Paducah A Mem Dlv 4s..1946
J ybb
90
7
82
77
71
71
"42"
97 Vi 100 Vi
98 Vi
87
3
103 Vi
104
Vi
Vi
102 Vi
103 Vi
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D
91%
80 Ji
a
Ji
92 Vi
86
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0
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J
1954
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87 Vi
90
x
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....
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z
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87 Ji
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0
89
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J
21
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73 Vi
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♦4s April 1914 coupon on..l951 A
♦4s April 1914 coupon off.. 1951 A
♦Ass't warr A rets No 4 on '51 A
92 Vi
92 Vi
92 Vi
St Louis Div
%
Vi
Vi
Nat RR of Mex prior
j'S 92 Vi
128Vi 1.128 Vi
86 Vi
84 Vi
109
101Vi 104 Vi
on.1977
off ..1977
New Orl Great Nor 5s A.— 1983 J
Louisville A Nashville RR—
2003
2003
2003
2003
70
109 Vi
♦Ji
♦Vi
♦Ji
3
x
J
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107 Vi
A
J
J
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A
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A
2
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a
F
J
125 Vi 127 Vi
127 Vi 131 Vi
x
F
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21
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A
130 Vi J 131 Vi
96 Vi
96 Vi
"36
Mexico—
♦4 Vis Jan 1914 coupon on.1957
♦4 Vis July 1914 coupon on 1957
♦4 Vis July 1914 coupon off 1957
*102Vi
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3
*
Vis extended to_1946 J D
3 Vis ww 1951 AfN
Nat Distillers Prod 3 Vis
1949 Af S
102 Ji 103 Vi
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2
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For footnotes see page
11
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J
48.1952
3
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56 Vi
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x
series E
7 Vi
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A
5s 1941
6 Vi
27
27 Vi
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J
44
14 Ji
7
7Vi
2 Vi
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2
1962
D—1978
A.. Jan 1967
40
2
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6
66 Vi
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40-year 4s series B
*38
2
bb
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35
25
55
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38
24 Ji
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series C
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26
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21 Vi
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1944 A
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z
7
47
6Vi
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22
25
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y
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1951
6s debenture
...
Louisiana A Ark 1st 5s ser A. 1969 J
Louisville Gas A Elec 3 Vis.. 1966 M
1st A ref 4 Vis
J
2
1949 Af S z cc 2
J ybb 3
series B
:.1978 J
{♦Mo-Ill RR 1st 5s series A. 1959 J J z ccc2
Mo Kan A Tex 1st gold 4s—1990 J D ybb 2
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37 Ji
29
22
"21 Vi
ybb
1941
Lex A East 1st 50-yr 5s gu...l965
Llbby McNeil A Libby 4s..1955
Liggett A Myers Tobacco 7S.1944
58 debenture
1951
Lion Oil Ref conv deb 4 Vis.. 1952
Liquid Carbonic 4s conv debs 1947
Little Miami gen 4s series A.1962
Loews Inc s f deb 3 Vis
1946
Lombard Elec 7s series A
1952
Lone Star Gas 3 Vis debs
1953
♦Long Dock Co 3 Vis ext to..1950
Long Island unified 4s
1949
Guar ref gold 4s
....1949
4s 8tamped
1949
1st A ref 5s series B—
70Vi
55
90
5s assented
Lorlllard (P) Co deb 7s
1946 J
♦1st A ref 6s series A
Montreal Tram 1st A ref 5s..
2003
2003
2003
2003
2003
♦5s assented
69Ji
38Vi
53 Vi
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4s.2003
{Leh Val Term Ry 1st gu g
44
85
3
1940
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Lou A Jeff Bridge Co gu
83
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assented
"83 Vi "~2
37 Vi
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2
85
82
55
....
♦4s assented
70 Vi
70 Vi
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cccl
45
cccl
1954 F A
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1954
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1964 V A
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1964
F A|z b
♦ 1st A ref s f 58
1974
z b
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1974
J z b
♦Sec 6% notes extended to 1943 J
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1943
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cc
z
4Vi
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61 Vi
38
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4 Ji
10
83
2
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86 Vi
2
a
104
42 Vi
"42 Vi
3
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1944
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106
47 Vi
bbb3
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Vis...1997
104
83 Vi
Lake Erie A Western
Nitrate Co Ltd—
105 Vi 107 Vi
107
l('8Vi
48Vi
2
2d gold 5s
92
82 Vi
48 Vi
2
Lautaro
87
101
86
bbbl
ybb 2
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5s 1939
C
1953
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Coll tr 6s series A..
1942
Lake Sb A Mich So g 3
z
J
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Coll A ref 5 Vis series
68 extended at
«5
163 Vi 165 Vi
88 *
106 Vi
Jx bbb3
a
J
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101 Vi 103
107
107 Vi
50
50
"80" ~80~~
165 Vi
90
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M S
Uniform ctfs of deposit...1959
Coll tr 68 series B
—-
*100 Vi
MNx
A—...1951
13
92
A x bbb3
1954
Ref A ext mtge 6s
2
163 Vi
..
z
85
*75
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5s—.1954
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102 Vi
102 Vi
♦106 Vi
J X bbb3
1961
1997
4s—1949
14Vi
J
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1961
Plain
13Vi
68 Vi
cccl
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{♦1st cons 5s
1938 J
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64 Vi
25
1961
Stamped
4 Vis
y,x
a
*28 Vi "39 Vi
106 Vi
-
Keith (B F) Corp
"56
39 Vi
1
incorporated in this tabulation pertaining to bank eligibility
*37
66 Vi
39 Ji
38
andlratlng of bonds.
32 Ji
37
28
29
10
36 Vi
32
31 Vi
40
33
37
See a.
New York Bond
2386
Bank
BONDS
N. Y. STOCK
Friday
Elig. &
EXCHANGE
Last
Range
Rating
Sale
See a
Price
Week Ended April 12
or
„
_
■o
Range
„
Jan.
aj ec
♦111
111
38
56H
62 H
80
143
74 H
80
52 H
59
55 H
334
61H
61
130
56 H
62 H
61
40
65H
77 H
58 H
77
79
35
60 H
3
"62H
79
53 H
3
3
59 H
79 H
_
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A..2013 A Oy b
2013 A Oyb
Conv secured 3H»—.... 1952 3/N ybb
N|Y Cent A Hud River 3Ha. 1997 J
* x a
59
59
STOCK
EXCHANGE
Railroad & Indue. Co*.
Penna
4 Ha
Pow
Price
F
A x
1971 F
debentures...
Pennsylvania RR
cons g
Friday's
Bid
109
x
x
aa
2
a
3
74
Consol sinking fund 4 Ha.. 1960
x
aaa2
General 4 Hs series A—...1965
x
a
109H
Range
1*2
£3
Since
No
Lore
60
114H
*113
1
Jan.
109 H
114H
aaa2
x
x
High
108H
107 H
108H
aaa2
Consol gold 4s
1948 A/N
4s sterl stpd dollar May 1 '48 M N
Gen mtge 3H» series C...1970 A O
Asked
109
4
a
A x bbb4
4s.. 1943 A/N
63 H
79 H
57
A
Tmw
(Cont.)
1969
Lt 3Hs
A
Range or
Sale
See a
13, 1940
Week's
Last
Rating
Week Ended April 12
High
111
Y.
I
Low
High
E? Elig. &
BONDS
N.
Since
Asked
A
Tsow
10-year 3see a f
Ref A Impt 4 H» scries
Ref A Impt 5a aeries C
April
Friday
Bank
Friday's
Bid
Railroad & Indus. Cos. (Cont )
Newp A C Bdge gen gu4Hs-1945J
J x aaa2
N Y Cent RR 4a aeries A
1998 F A ybb 3
Record—Continued—Page 5
Week's
.
High
107H 109 H
108H
107
108H
108H 109 H
113H 115
113
-»
52
87
119
118H
120 H
15
3
102H
102
103H
144
3
109
109
110
115
117
90 H
90H
92
H
92
120H
100H 103 H
-1942
y
bb
93
93
95
34
86
95
Lake Shore coll gold 3 Ha. 1998
y
bbb2
61
59 H
61H
25
66
61H
General 5s series B
1968
x
a
y
bbb2
57 H
57H
58 H
f6H
60
Debenture g 4 Ha
General 4 Ha series D
Gen mtge 4 H 8 series E
1970
x
bbb4
87 H
87 H
87 H
57
85
89 H
1981
x
a
3
97 H
97 H
99
41
1984
x
a
3
98
98 H
23
95H
95 H
98 H
.1952
X
bbb4
H
86 H
90
82
87H
113H
116H
66 H
H3H
117 H
2
Debenture 4g
Mich Cent coll gold 3 Ha. 1998
N Y Chic A 8t
— -
A
O y bb
M S ybb
—1974
——1978
Ref 5 H» series A
Ref 4 Ha series C
.1946 F A
4a collateral trust
A
1st mtge 3 H« extended to. 1947
3-year 6% notes..—....-1941
NY Connect 1st gu 4 Ha A—1953
.
68 H
34
61H
57
56
59 H
230
53 H
83
84
27
85 H
86
77H
81H
31
bbb3
"86'
3
107 H
A
3
x
aa
I
85
2
A yb
O y ccc2
notes..—.—.1947
Conv 6%
x
0
bbb2
65
84
y
65
O y b
A x aa
1953
1951
1st guar 6s series B
N Y Dock 1st gold 4a
3
3
85
18
107 H
108H
106H
♦107H
"52 H
2
53 H
~37
52 H
51
68 H
69 H
85H
60 H
53 H
52 H
25
47
1965
O
x
aaa4
109
108 H
109
51
108
O
x
aaa4
109H
108H
109 H
15
108 H 110
3Hsacr D
52 H
51 H
110
N Y A Erie—See Erie RR
J
Purchase money gold
D
x
x
aaa4
12IH 128 H
125
125
116
117H
20
116
42 MN
/
W Dk & Impt 6s 1943
♦N Y L E &
b
z
y
bb
z
b
60
62
72 H
72 H
10
99 H
*79
19
19
20
z
cccl
19
18X
cccl
19 X
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19
18H
99 H
64
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♦70
cccl
19„
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cons
"5
71
72 H
"l6" "26"
10
15
4
O
6a.. 1943 A
1947 M
aa
8
a
O
b
♦Certificates of deposit.
♦Income 4s
Apr 1990 Apr
Peoria A Pekln Un 1st 5Ha.. 1974 F A
b
Refunding gold 5a
♦Peoria A East 1st
cons
4s. .1940 A
Pere Marquette 1st ser A 58.1956 J
1st 4s series B
1956 J
Phelps Dodge
♦64
106H
bb
S
bb
D
113H 116
27
114H H7H
56
9
bb
1980 M
68
15
19 X
19H
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cccl
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64
69 H
"id"
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107
106 H 107
67 H
60 H
71
36
54 H
60
62
26
65
62
110
111
182
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83
60
60
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71
57 H
57 H
cccl
19
19
40
16
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19
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20
53
15
20
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109H 110H
114
115
107
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109
x
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19
♦Conv debenture 6a..—--1948
J
z
cccl
23H
1940
O
z
cccl
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35
34
♦Debenture 4s
1957 M N
z
cc
D
z
cccl
z
b
1
236
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24
21
28 H
5H
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35 H
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8
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36 X
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22 H
22 H
23H
198
66
65
66
5%
♦
J
x
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2
♦109H
110
D
x
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2
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D
x
bbb4
105H
106
39
Phlla Electric 1st A ref 3HS.1967 M S
J
{♦Phlla A Read C A I ref 58.1973 J
x
aaa4
118H
HI H
20
12H
13H
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Phlla Co sec 5e series A
1977 J
J
1981
1967 J
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cccl
8
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cc
J
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{{♦Philippine Ry 1st
s f
4s..1937 J
♦Certificates of deposit...
Phillips Petrol
conv
Pitts Coke A Iron
4
104H 106H
109 H 111H
69
10H
13 X
3H
4
68
3
4
8
8
2
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.1948 M
8
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x
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conv
111H
13H
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106H 108
2
109H
109H
110H
100
100
100
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108H H2H
9
98
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1
101
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A
O
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Series C 4 Hs guar
.1942 A
O
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.1942 UN
aaa2
108H
108H
1
108H 108H
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.1945 M N
aaa2
110H
108H
3
101
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4Ha A... .1940
guar gold....1949 F
101 »•« 10D*i«
106 H
106H
9
106H
103
106H 108
{♦N Y Ont A West ref g 4a.. 1992 M
1955 J
♦General 4s
{♦N Y Prov A Boston 4a
A
1942
3
S
z
cc
2
7
D
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c
2
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2
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N YA Rlchm Gas 1st 6s A—1951
J
x
x
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F
/
x
aa
J
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cc
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1940 F A z
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1967 J
1946
1946
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N Y Trap Rock 1st 6s
c
57
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1
{{♦Norf 8outh 1st A ref 5s..1961 F
z
c
2
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x
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1959 F A
forth Cent gen A ref 5s.....1974 M S
Gen A ref 4 H8 series A
1974 M 8
x
F
50
28 X
59
a
4
x
aa
aa
112
z
z
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91H
H
39 H
87
73
62 H
109 H 111H
85 H
90
4H
91H
6H
112
21
110
108H
19
104
107 H 109
102
104
37
112
♦Apr *33 to Apr '38 coups *45
forth Pacific prior lien 4s... 1997 Q
Gen lien ry A Id g 3s Jan—2047 Q
Ref A impt 4 Hs series A—.2047 J
Ref A impt 6s series B
2047 J
2047 J
2047 J
Ref A impt 5s series C
Ref A impt 5s series D
F
rorthern States Power 3 Ha. 1967
[orthwestern Teleg 4Hs ext 1944 J
bbb2
F ybb
J y bb
2
25
107 X
29
106H
108
17
105H
107 H
9
121 H 125H
104 % 107 H
105 H 106 H
105 H 108
114
116
114
107 H 107 H
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x
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66 H
67 H
aa
4
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J
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110H 110H
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3
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3
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73 H
Jx bbb2
73H
Jz cccl
Jz cccl
83
23H
♦6s stamped
1951
81H
1st A ref mtge 8s
2037 J
Pub Serv of Nor III 3 Ha—-.1968 A
Purity Bakeries
f deb 5s... 1948 J
81H
23H
110
2
z
b
3
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J
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112H
x
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222 H
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109H
109 H
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104 H
104
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x
D
J
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1941 J D
Reading Co Jersey Cent coll 4s '51 A O
z
Gen A ref 4 Ha series A... 1997 J
Gen A ref 4Hs aeries B...1997 /
♦50H
x
bbb3
69H
69
70 H
26
69
75 H
J
x
bbb3
69H
69 H
70
15
69 H
75
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101H
102
43
98 H 102
100H
100H
15
98 H
93
91M
96 H
6H
109 H
107
107
108H
109
108 H
109 H
6H
108
28
107
23
109
35
108 H 110
106 H 109
109 H
15
106
106
106
3
104*5M
105
23
104 H
105
19
•111 M
♦116H
U7X
117H
117H
118H
11
107
106H
107 H
37
74
86
58 H
60H
33
113H
14
112
40
110
7
A
b
3
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9
102 H
10
102 H 102 H
104 H
10
103 H 104 H
43 H
x
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1942 M S
z
b
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D
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♦107H
106H
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aa
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104 H
3
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90
40
45
3
103 H
96 H
96 H
106 X
99 %
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75
108 H 110H
109 H
107H
97 H
109
38
107
98 H
83
92
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102 H
102 H
102 H
66
99 H 102 H
♦Rheinelbe Union
4Hs 1956
/
1946 /
J
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1946 J
J
z
♦Rhine-Ruhr Water Serv 6s. 1953 /
J
z
♦Rhine-WestphaUa El Pr 7s. 1950 UN
z
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1952 MN
♦Cons mtge 6s of 1928—..1953 F A
♦Cons mtge 6s of 1930
1955 A O
z
a
f 7a
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1952 M S
{{♦Rio Gr June 1st gu 5s...1939 J
{{♦Rio Gr West 1st g 4s...1939 J
♦1st con A coll trust 4s A—1949 A
48 H
84 H
"75"
5
104H
26
98
94
34
107 H
104 H 106 H
103
104 H
105
—
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—
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15
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106 H
106H
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106
t
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17
109
J
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2
A
z
b
1
*9
11
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ccc2
35 H
35 H
9
35H
10H
40
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12
34 H
38
28H
34H
12 H
46
10H
12H
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cc
x
aa
aa
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*122 H
x
103 H 105
105
*108
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x
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2
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*
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O
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2
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2
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1948 A
{♦Rut-Canadian 4s stmp
1949 J
{♦Rutland RR 4Ha atmp...l941 J
109"
109H
aaa2
♦20
111H
109H
Saguenay Pow Ltd 1st M 4Hs '66
St Jos A Grand Island 1st 4s. 1947
108H 111
107 H 109H
9
6H
21
—...
*7H
8
8
9H
21
6H
9
10
7H
9H
94 H
94 H
23
92 H
98 X
111H
98
106 H
96 H 100 H
97 H
99
1996
ybb
2
111 H
1
♦
1996
y
b
3
♦
110H 112
z
bb
z
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♦{Riv A G Div 1st g 4s—1933 MN
♦Certificates of deposit
70
65
62 H
62 H
64
25
{♦St L Peor A N W 1st gu 58 1948 J
J z ccc2
St L Pub Serv 1st mtge 5s... 1959 M S yb
2
St L Rocky Mt A P 5s Btpd—1955 J
J y b
2
{♦St L-San Fr
pr
8
18H
26 H
65
66 H
39
62 H
65
44 H
44 H
2
cccl
13H
13H
14H
326
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14 H
cccl
13H
14 H
13H
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14 X
16
13H
15 H
23
14 H
287
J
z
J
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cccl
z
cccl
z
cccl
♦Certificates of deposit
♦Certificates of deposit
♦Con M4Ha series A
25
59 H
68 H
66
4
43
z
lien 4s A.—1950 J
♦Prior lien 5s series B
65 H
64
1950 J
1978
M~S
♦Ctfs of deposit stamped
2
"l3H
13H
10 x
65
14 X
29
10
14 H
153
11
16
10H
15H
10
14 H
12H
12H
13 H
39
10
13H
64 H
64 H
67
26
66
67
27 H
37 X
18
21H
J
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b
1
37
{♦1st term A unifying 5s—1952 J
♦Gen A ref g 5s series A—.1990 J
2387.
16H
14H
♦2d 4s inc bond ctfs..Nov 1989 J
see page
17
D
{♦St L S W 1st 48 bond ctfs. 1989 MN ybb
For footnotes
15
15 H
14H
14
♦14H
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St Louis Iron Mtn A Southern—
47
1
17
15 H
8
St Lawr A Adlr 1st g 5s
2d gold 6s
126
11
106H
100H
30
15
....
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90
42
106
106 X
98 H
16«
Gen mtge 3Hs series H...1967 M 8
Gen mtge 3 Ha aeries I
1967 M 8
Gen mtge 3Hs series J
1969 M 8
61H
72
67 H
102 H 102 H
105 % 105H
102 H
109
26
19H
1UH
124
*124
2
a
60 H
111H 113H
109H 112H
107 H 110H
74 H
79H
74
Paramount Broadway Corp—
x
58 H
110H
5s_ 1949 M 8
98 H
107 H
97 H
Rlchm Term Ry 1st gen 5s.. 1952 /
♦RIma Steel 1st s f 7s
1955 F
110H
87 X
98 H
bbb2
110H 111H
116H 118H
117H 119
104 H 107 H
73 H
77
~79H
*50 H
100H
100 H
bbb3
Richfield Oil Corp—
4s s f conv debentures
102 H
104 H
87 X
100
X
103 H 108 H
104 H 105H
109 H
111H
4
O
109 H 110H
105 H 107
♦78 H
2
101
*
x
Roch Gas A El 4 Ha ser D...1977 M
5
109 H
Penn-Dixie Cement 1st 6s A. 1941 M 8 y b
Penn Glass Sand 1st M4Hs 1960 J D x bbb2
8H
108 H
109 H
107 X
109 H
105
aaa4
S
60 H
Pur mon 1st M conv 5 Ha. 1954 MJV
Revere Cop A Br 1st M
*5H
♦108H
111-
a
55 H
Gen mtge 4Ha series C...1956 MN
95
108H
64 H
J
97 H
M
65
57 H
8
bbb3
113
1st M s f g 3s loan ctfs
2
1955 F A y b
Paramount Pictures 3Ha deb '47 M 8 x bbb3
Parmelee Trans deb 6s
1944 A O y ccc3
52 H
59
58 H
x
26
148
147
222H 224
108 H 109 H
102H 105
58H
bbb2
109 X
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150
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109H
63 H
110H 112H
bbb2
x
*
5
63 H
112H
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x
45 H
61H
108
110
84 H
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8
Rensselaer A Saratoga 6s gu_1941 MN
Republic Steel Corp 4 Ha ser B '61 F A
111H
a
79
3H
J
J
85H
25H
110H
58H
5H
Remington Rand deb 4 Hs w w *56
4 Ha without warrants
1956 If S
113H
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108 H
10
86
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4
83H
51H
2
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308
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59
139
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214
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104
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guar
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1st A tef mtge 5s
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75
86
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47 H
60 M
D
Pa Ohio A Det 1st A ref 4 Hs A '77 A
4 Ha series B
1981 J
conv
40
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D
x
106 H 106 H
aa
1942
{♦Porto Rico Am Tob
{♦Radlo-Kelth-Orph pt pd ctfs
for deb 6s A com stk(65%pd)
{♦Debenture gold 6s
1941
63H
1st A ref mtge 3 H s ser H—1981
x
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Dx
D
I960 M 8
1950 J
64
68
1st A ref mtge 3 Ha ser I..
x
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..1974 J
x
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77
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1963 F
48
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48
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1961 J
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41
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2
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Penn Co gu 3 Hs coll tr ser B. 1941 F
Guar 3Hs trust ctfs C
1942 J
Guar 3 Hs trust ctfs D
1944 J
Guar 4s ser E trust ctfs
1952 M
18
63
46
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bbb4
cons
48
48 H
Pitta Y A Ash 1st 4s ser A...1948 /
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1962 F
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109 H
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1952 M
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J
16
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3
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.1959 A
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71
125
117
2
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.1977 J
Pitta Va A Char 1st 4s guar..1943 UNx aaa2
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3
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Oklahoma Gas A Elec 3Ha.. 1966 J
48 debentures
1946 J
{♦Pac RR of Mo 1st ext g 4s. 1938
{♦2d ext gold 58
1938
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Ref mtge 3Hs series C
1966
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aa
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4
1966
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.1975 A
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1946
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48
1972 J
Otis Steel
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4
1946 J
.1970 J
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48
a
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aaa2
.1963 F A
.1964 MNx aaa2
4 Ha
17H
48
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Oregon RR A Nav con g 4s.. 1946 /
Ore Short Line 1st cons g 6s. 1946 J
cons
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16 H
J y bb
Ontario Power N F 1st g 5s.. 1943 F A
Ontario Transmission 1st 5s. 1945 WN
Series I
Gen mtge 5s series A
Gen mtge 5s series B
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44H
1967 M
1st mtge 48..—
1st mtge 3Hs
109
11X
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A
10
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{♦Og A L Cham 1st gu g 4s.. 1948 J
Ohio Connecting Ry 1st 4a.. 1943 M 8
Ohio Edison 1st mtge 4s
1965 UN
109H HO
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127
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*109
.1960 F
cons guar
292
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*108H
16H
Ctfs of deposit stamped—
♦Apr '33 to Oct '34 coups '45
aaa2
aaa2
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♦Northern Ohio Ry 1st guar 5s—
♦Apr 1 1935 A sub coupons 1945 A
♦Oct 1938 A sub coupons.. 1945 A
D
.1957 M N
15H
16H
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9
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13
14
.1953 J
A
12
6H
103 H
16
104
2
O
59
5H
108 H
107 H
2
x
*14
111
90
52
5H
14 H
11H
43
111H
4
1954
107 H
4H
4
x
3Ha
1
*88 H
ccc2
x
A
Debenture
105H
104 H 106
104
107 H
9
30
♦90 %
5H
2
{♦Norfolk A South 1st g 58.1941 MN
4s—.1996 O A
forth Amer Co deb 3 Ha
1949 F A
106H
57
4
x
lorf A W Ry 1st cons g
107 H 110
110H
110H
2
2
Nlag Lock A O Pow 1st 5s A. 1955 A O
Niagara Share (Mo) deb 5 Ha 1950 M N
A
1
1
10
ybb
6s stamped..
2
J z c
f»N Y West A Bost 1st 4 Ha 1946 J
M S x aaa3
Niagara Falls Power 3H8-—1966
♦Certificates of deposit
H
107 H
♦10H
.
a
109
28
28
bb
"2
"50
106
4
Jx aaa4
8H
4H
107H
105H
cc
D ybb
1
109 H
bbb3
N Y Steam Corp 1st 3Ha...1963 J
{{♦N Y Suaq A W 1st ref 6s. 1937 /
6H
2H
27
3H
23 H
66
48 H
bbb3
MN
7H
3H
17 X
60
*83 H
2
N Y A Putnam 1st con gu 4a. 1993 A Oyb
N Y Queens El Lt A Pow 3 Ha '65 MN x aaa4
N Y Rya prior Hen 6s stamp.
18
Series E 3Ha
Series F 4s guar gold
Series G 4s guar
Series H
1927.1967 J
{♦Harlem R A Pt Ch 1st 4s 1954 M N
♦1st A ref 4 Ha aer of
37 X
J
z
ccc2
20
21H
39
J
z
cccl
11H
13 H
46
9
8X
13 H
*
new
♦
111H
20 H
z
20 H
^ 20 H
22
♦Non-conv debenture 4a.. 1956 MN
J
♦Conv debenture 3Ha.—-1956
99 H
67 H
"~7H
a
J
J
3Hs deb.1952 J
conv
66 H
cc
Phlla Bait A Wash 1st g 4s.. 1943 UN
General 5s series B
1974 F A
14
99 H
63 H
61 H
*70 H
bb
y
Branch gen 4a.. 1941 M 8
O
{{♦N Y A N E (Boat Term) 4a '39
M S
{♦N YNH4II n-c deb 4a. -1947
♦Non-conv debenture 3 H® 1947 M 8
O
♦Non-conv deb 3 Ha
..1964
J
♦Non-conv debenture 4a.. 1955
N Y A Long
11H
99 H
58 H
♦58
M N y bbb2
197 <
4 Ha series B
14
♦98 H
♦56
14
84
118H
*
♦N Y A Greenwood Lake 6a. 1946 M N z cc
N Y A Harlem gold 3 Ha
2000 M N x aa
N Y Lack A Weat 4a ser A—. 1973 M N y bbb2
♦N Y L E & W Coal A RR 6 Hs
Peoples Gas LAC
1st g 4 Hs aeries C
aaa4
A
58.1948
4a.-.1949
N Y Gas El Lt H A Pow g
"85"
106 H 110
84
78 H
86
104 H 107 H
106
108 H
1st lien A ref 3Ha aer E—-I960
N Y Edison
Conv deb 3H8
33
column incorporated in this tabulation
pertaining to bank eligibility and rating of
bond*!
See
A.
♦
Volume
Week Ended April 12
Price
•"•ft.
Since
Friday's
Bid
A
Ask
Low
(Conl.)
1968
Railroad & Indus. Cos.
Sale
See i
High
*
80%
bbb2
St Paul <fc Dul 1st con g 4s..
*
{♦8t Paul E Gr Trk 1st 4 %s.l947
{♦St P A K C Sh L gu 4 %S-1941
z
cccl
"5%
z
cccl
7
NO. Low
5%
4%
10
8
*6%
z
t Pacific ext gu 4a (large)-.1940
1972
S A A Ar Paas 1st gu g 4a
1943 J
J
San Antonio Pub Serv 4a
1963 A
O
G A E 4a.. 1965
Santa Fe Pres A Phen 1st 6s. 1942
San Diego Conaol
bb
a
62%
3
S
cccl
/
M
f 6 %s series B... .1946 A
~33~
1945
33%
109% 111
4
b
13
47
37
121 %
13%
14%
?3
18%
9
35%
17
67%
79%
70
11
64
70
79%
9
74
90%
166
84%
32%
17
31%
79%
90%
3" %
35
35%
70
70
S y b
x
aaa3
A
x
aaa3
4%
D
x
13%
29
"39
15%
D
x
aa
West Penn Power 1st 5s E..1963 Af 8
x
aaa3
2%
4
A
c
J
x
D
Shlnyetau El Pow 1st 6%s...
♦Siemens A Halske deb 6 %s. 1951 M S
y
1946 F
♦Silesia Elec Corp 6%s
Slleslan-Am Corp coll tr
"23k
23 %
x
bbb2
101H
101
/
x
aaa4
105 H
105H
O
x
a
o
x
aaa3
J
x
aaa3
Socony-Vacuum Oil 3a debs.
South A Nor Ala RR gu 5s.. 1963
South Bell Tel A Tel 3%s—. 1962
1979
3s debentures
1961
Af S
1965 F
ref 4s
63%
*32%
b
2%
453
1
70
109%
107% 109%
aaa4
*109%
127%
127%
1
109% 109 4
126
127%
3
108%
109%
22
108
HO
117
117
2
117
120
111%
2
11*% 112
101%
25
*108%
aa
aaa2
23%
102%
106%
50
107%
109%
107%
3
110
5
107% 108%
109% 111
105
bbb3
105%
105%
105%
4
x
bbb3
99 %
99%
99%
122
O
A
x
bbb4
106
106
Gold 4%s
1968 M 8 y b
46
Gold 4 Ha
1969 Af N yb
45 %
45
J
D y bb
2
~48%
S y bb
M
y
/. bb
10-year secured 3%s..—.
1950 A Ox bbb2
San Fran Term 1st 4s
.1955
J y bb
.1955
Texas Corp
2
60%
42%
42
50%
50%
51
68
73%
102
74 H
74
75%
15
59
59%
61%
1947
y
bb
1960
x
D
{♦Wor A Conn East 1st 4 H8_ 1943 J
J
♦74
"70%
70 %
79%
71
D x aaa4
Ul%
110%
111%
J'x aaa4
107%
21%
107
108
J z cccl
21%
♦106
3
x
a
x
aaa4
106
x
aaa4
22
28
107
12
203
31
1951 J
x
aaa3
.1944 F
x
aaa4
%
*128
115H
111
D
x
aaa3
103 k
110%
89%
103 %
O
x
aaa3
105 %
105%
4
x
aa
x
bbb3
J y bb
.1943 J
*66
4
3
107 %
O xbbb3
x bbb3
a
J
J y b
2
A
O y cccl
J y bb
J
x
Ltd—
a
2
D
b
/
D
8
1961
9
c
2
14
14
1
x
a
4
106%
103
108
743
103
109%
1961 AfN
x
bbb4
105%
105
105%
48
105
106%
14
""I
49
111
104%
83
106%
93
90
8
92
101% 106%
99% 113%
104% 106%
126% 128%
e
114% 115%
107% 111 •
92
88
r
103% 108
104% 106%
66%
55
"l8
18
67%
16
67
72
91%
6
91
254
62%
25% 1131
60%
62%
25%
67%
Cash sale;
tion
per
200-pound unit of
$4.8484.
72%
O
bb
1
100%
106%
61
64%
40
87
10
106
61
*67 H
3
68%
Included In the yearly range.^
56%
85%
Odd lot sale, not
t The price
'
Accrued
bonds.
a
Deferred delivery^ sale, only
deluded In year s range.
represented Is the dollar Quota¬
interest payable at exchange rate of
.
.
Stock Exchange
5 The following Is a list of the New York
entirety:
Treasury 3%s, 1940-1943, June 15 at
reported
bond^lssues which have
100.
receivership, or reorganized under
being In bankruptcy,
*
Friday's bid and asked price.
♦
securities assumed by
Deferred
such companies.
transacted during current week.
Bonds selling flat.
▼
66%
89%
67
as
Section 77 of the Bankruptcy Act, or
105% 107%
64%
»
been called In their
100%
95
"12
87
106 %
13%
current week,
only transaction during
§ Negotiability Impaired by maturity,
97%
60
107% 110%
10
Cash sales transacted during the
transaction during current week.
72
71%
23%
*98%
24
current week and not
No sales.
91%
61%
bbb3
4
No sales
delivery sales transacted
t
week and not Included in
during the current
the yearly range:
No sales.
USX aaa2
J
a
I
aaa3
J
bb
b
125
125
1
1
J
AfN
F
*106%
125
125
107%
aaa3
A
aa
3
J
aaa3
M S
S
aaa3
A
O
aa
3
A
O
O
64
108%
116%
49
98%
49
Qft
92
116
96%
97
97
"lb"
74%
87
89 %
M 8
bb
Af S
aaa4
a
154
114%
105»»»
b
D
103%
106%
lib"
a
A
2
17
114
114%
97 %
aa
UN
2
89%
lll*i«
♦111%
103 H
102%
aaa3
M
107%
*87
cccl
A
89
107%
107%
aa
125
105"m
77
89%
110
103
103%
k
110
105%
*
8
6
58
115
106% 109
113% 116%
96
98%
98
96
Indicates those bonds we believe are
provision In the bond tending to
105ll«109
149
77
110
110%
agencies—Moody, Standard,
the ratings assigned to each bond
Fitch, and Poor s. The letters Indicate
number of 1^encies so
given by the majority,
A by
Where all
sbojro.
default. All Issues
quality and the numeral immediately following shows the
rating the bonds.
In all cases the symbols will repr^ent the rating
for example, a bond rated Aa by Moody, A1 by Standard, ^AA by Fitch,
Poor's, would be represented by symbol aa2 showing the majority rating.
four agencies rate a bond differently, then the highest single rating is
A great majority of the issues bearing symbols ccc or lower are In
bearing ddd or lower are In default.
the
77%
89%
1
of reorganization.
column are based on
rating symbols In this
by the four rating
either to rating status
not bank eligible due
make lt speculative.
bankruptcy, or in process
Indicates Issues in default, In
The
111% 112%
101% 103%
those bonds which we believe
„
.
some
z
85%
95
106% 109
8%
9
113
y
or
Column—x Indicates
Bank Eligibility and Rating
eligible for bank investment.
"13% "13%
89
b
J
A
106% 108
*14
cccl
A
O
J
"98" "99%
99%
4
M 8
Af S
154
25
61%
Transactions
103% 106%
23%
Exchange,
New York Stock
the
at
Daily, Weekly and
25
Yearly
23%
b
"24% "24%
1
91%
bbb2
103
103
bbb3
103 %
102%
cc
2
2
A
x
15
39
104
97
101
114
63
96
6
114
75
15
Week Ended
20
April 12, 1940
90
of
93%
100% 103%
8t(urday
104
101
86%
—-
Wednesday-...
100% 114
86% 96
Friday
Total
States
Bond
Bonds
Bonds
.
Sales
$98,000
117.000
$4,852,000
9,413,000
710,470
1,260,360
$4,359,000
8,640,000
2,136,760
1,287,290
7.831,000
6,358,000
4,842,000
4,816,000
1,493,000
954.0001
10,278,000
1,459,000
250,000
1,204,000
1,047.000
170,000
7,067,000
6,216,000
218,000
6,081,000
$35,846,000
$6,254,000
$1,807,000
$43,907,000
889,490
826,270
—
Total
United
Municipal
For'n Bonds
$395,000
656,000
Thursday
114
100
—
Tuesday
State
Mis cell.
Shares
Monday
97
aa
x
95
113%
b
UN
95
113%
b
cc
95
92%
103%
25
20
bbb3
Railroad &
Stocks,
Number
23%
cccl
7,109,640
aa
F
RR—
Sales at
c
J
1
*%
*%
z
J
2
109%
1%
109%
S
x
aa
1st g 58.1949 M S
y
ccc3
50
J y bbb2
bb 2
*72
60
M
J
A
O
50
k
%
11
109
2
40
75
75
59
Exchange
62%
10
Week Ended April 12
New York Slock
51%
83
60
110%
23%
69
~69%
3
J
{{♦Union ElevRy (Chic) 5a.l945
Union Oil of Call! 6s series A. 1942
58—2003
1958
110
107%
107%
71%
69%
70%
2
A 1964|M S
UJlgawa Elec Power a f 7a—1945
Union Electric (Mo) 3%s.—1962 J
1st cons 5s—
4
107% 109%
109% 110%
14
9%
104% 106%
69
107%
D
x
185
129%
115%
17%
105
"80
106%
{♦Third Ave RR 1st g 5a...1937 J
Tide Water Asso Oil 3 Ha—1952 V
Va A Southwest 1st gu
"2
108%
106%
111%
B...1968
109%
23
7
112
{ Companies
Va Iron Coal A Coke
3
9%
109%
72
110
107
106%
64%
7
105 H
/
1980 J
Va Elec A Pow 3 Ha ser
*8
78
78
"29
108
1934
1934
10%
1
84%
J y bbb2
.1979 A
{♦4 Ha July coupon off
{♦4 Ha assented
6%
10%
'.1948 M S
0,y bb
/:y bbb2
Gen A ref 5s series D
Vera Cruz A Pacific
.
1st mtge s f 4s ser C
59%
108
A—1955
...1957
25%
"l2
9
110
112
16%
16%
a
J
Conv deb 4s
Gen A ref 5s series C
Cons s f 4s series B
110
23%
aa
A"d
103
12%
13%
103% 106%
97
101%
110
25
*22%
cccl
♦Certificates of deposit
79%
Gen A ref 5s series B
Vandalla cona g 4s series
112
23%
Youngstown Sheet A Tube—
105
58.1950
United Clgar-Whelan Ste 58.1952
United Drug Co (Del) 5s
1953
U N J RR A Canal gen 4a... 1944
U S Steel Corp 3Ha debs... 1948
♦Un Steel Wks Corp 6 Ha A. .1951
♦3%s assented A
1951
♦Sec s f 6 Ha series C
1951
♦3Ha assented C._
1951
♦Sink fund deb 6 Ha ser A. 1947
♦3%s assented A
1947
United Stockyds 4%s w W..1951
Utah Lt A Trac 1st A ref 5s. 1944
Utah Power A Light 1st 58—1944
{{♦Utll Pow A Light 5 Ha—1947
♦5 Ha stamped
1947
{♦Debenture 5s
1959
♦58 stamped.
1959
101
112
"23%
cccl
Wisconsin Elec Power 3 Ha.. 1968
90
105 %
United Biscuit of Am deb
*100
3
cc
86%
4
—.1970
35-year 3Ha debenture... 1971
38
46%
52%
'
41% 47
113% 115%
96% 101%
102
106
106%
ccc2
{♦Wis Cent60-yr 1st gen 4s„1949
♦Certificates of deposit
{♦Su A Du dlv A ter 1st 4s. 1936 AfN
"5
106%
12%
aaa2
Conv deb 3%s
Winston-Salem S B 1st 4s
1
76
♦1024a
2
cc
6
"12%
100%
101
61
115%
101%
115%
3
bbb3
61%
a
1st lien A ref 5s
47
z
78%
bbb3,
1st lien A ref 4g
47
x
1955
Wisconsin Public Service 4s.
2
34-year 3 H8 deb—
47
{{♦Wilkes-Bar A East gu 5s.1942 J D
65%
aa
1959
Id gr 4a. 1947
June 2008
June 2008
16%
48%
Wilson A Co 1st M 4s A
75
x
3s debentures
14
aa
54%
x
Union Pac RR 1st A
70
4
1
J y bb
57%
bb
1953
3 %s '60
Tol St Louis A West 1st 4a—1950
Tol W V A Ohio 4s series C—1942
Toronto Ham A Buff 1st g 4a. 1946
Trenton G A El 1st g 5a
1949
Trl-Cont Corp 5s conv deb A.1953
♦Tyrol Hydro-El Pow 7Hs—1955
♦Guar sec a f 7
1952
66%
15%
49%
3
b
J y bb
119
z
Tol A Ohio Cent ref & Imp
72
58
14%
b
z
bbb2
41
O
Tokyo Elec Light Co
1st 68 dollar series
67%
bbb2
31
D
♦AdJ income 5s
76
67%
14%
69%
68%
x
80%
163
x
1960
Jau 1960
68%
x
79
J
4s
18%
67%
69%
x
84
.1977 A
Third Ave Ry 1st ref
16%
64
3
S
53
43%
47%
105 H
105 H
gold 5a. .2000
Tex Pac Mo Pac Ter 5 Ha
47
74
48%
47%
54%
1951 J
gold 58.
Texas A Pacific 1st
78
200
50%
52
,1959 A
3s debentures..
Texas A N O con
17
43
A
81
A 1950 F
deb 3 Ha
18
67
1940 M N
75%
1953 /
Texarkana A Ft 8 gu 5 Ha
17
65
1966 F
81
.1950 MN
Gen refund 8 f g 4s
48%
86
17
1949 M
75%
.1953 J
5s.
43%
105% 107%
8
18
17%
82%
91
88%
107% 108%
16%
18%
65%
Wheeling Steel 4 Ha aeries
O y bb
.1955 J
RR gen 5a
15
7
108%
2
y
2361
..
Registered
149
{♦Spokane Internat 1st g 5s
.1946 F
Staley (A E) Mfg 1st M 4s.
Standard Oil N J deb 3s— .1961
Tenn Coal Iron A
cccl
.2361
West Shore 1st 4s guar
~90~" "l53
.1996
Term Assn St L 1st cons
ccc2
z
30-year 5s
1960 Af 8
3
♦Westphalia Un El Power 6a. 1953 J
57 %
.1956
Swift A Co 1st M 3 Kb
aa
z
Western Union Teleg g 4%s.l950 AfN y bb
25-year gold 5s
1951 J D y b
O y bb
.1951
4s
So'western Bell Tel 3%s B. .1964
.1968
1st A ref 38 series C
deb 6s 1945
x
12
99% 101%
53
91
90%
108%
2
O
.1946 Af 8
"88H
St Louis Dlv 1st g
2Ha debenture
91
A—1946 Af 8
ser
♦5s assented
57 %
.1956
Studebaker Corp conv
23
44%
J x bbb3
%s
bbb3
x
86
83%
84
Wheeling ALE RR 4s
46%
52%
J y bbbl
5s. .1994
4s series A— .1956
Southern Ry 1st cons g
1st g 5s
106
97% 100%
106%
45%
1981 UN y b
1946 J
Mem Dlv
107% 109%
103% 105%
1952 A
Maryland 1st 4s
White Sew Mach deb 6s
44%
48%
45%
Devel A gen 6
xbbb3
{♦Western Pac 1st 5s
100
x
Devel A gen 6s
101
30 4
99% 102%
104% 106%
"44
J
Devel A gen
101%
1st A ret 5 %s series A
1977 J
West N Y A Pa gen gold 4s.* 1943 A
105%
D
4s.-
4
33 %
15%
109%
J
1st 4s stamped
111%
a
Western
119
3
So Pac RR 1st ref guar
aaa3
x
23
1
24
Southern Kraft Corp
Gold 4 H9
x
D
29%
14%
Southern Colo Power
68 A_. 1947
4%a—. 1946
Southern Natural Gas—
1951
1st mtge pipe line 4 Mb
So Pac coll 4s(Cent Pac coll). 1949
1st 4 Ha (Oregon Lines) A. 197
3
1954 J
67
104 %
107 %
1966 J
4%
97%
95
107k
105
3
x
x
A
*
3
1st mtge 3%8 series 1
111%
57
z
O
1964
1st mtge A
2%
97%
63%
A y cccl
1952
Southern Calif Gas 4 Ha
96%
z
A
7s.. 1941
Simmons Co deb 4s..
*2%
96%
1
aa
105% 106%
37
*25
*-
b
West Va Pulp A Paper 3s
♦6sSeries B certificates... 1935 F
Shell Union Oil 2 %s debs... 1954 3
1952 3
7
67%
79 %
A
2%
5%
13
106
2
1945 F
16%
2%
52
105%
O y b
1st 40-year guar 4s
..1945 F
Westchester Ltg 5s stpd gtd.1950 J
Gen mtge 3%$
1967 J
2%
5H
1
2
8%
9%
9%
9%
32
O y bb
Wash Term 1st gu 3 Ha
*13%
c
7
105%
D xbbb2
1955 A
5%
b
9%
7
100
89%
1945 J
8%
7%
3%
7%
14
8%
8
y
84
45
8%
8%
cc
1948 M
13%
7%
Washington Cent 1st gold 4s. 1948 Q A/
6%
40
8
{♦Warren Bros Co deb 6a
1941 M 8 z cc
Warren RR 1st ref gu g 3HS.2000 F A y b
6%
5%
13
39%
cc
1%
23
13
42
cc
6%
4%
49
12%
10%
-----
1955 A
6s debentures
28
41
14%
cc
1978 A O
1980 A O
20
48
*
A
48
37%
16%
25%
*11%
cc
b
G A W—
16%
4
cccl
38
28
*13
4%
"49
cc
19%
18%
18%
*26%
*45%
1%
5%
♦Certificates of deposit.
{{♦Atl A Blrra latgu 4a... 1.933 M*S
F A
{♦Seaboard All Fla 6a A ctfa. 1935
Walker (Hiram)
Warner Bros Pict 6s debs
4%
6H
1976 F
11
141
2
47
2
cc
5 Ha A '75 Af 8
15
*1 %
2
gen
♦Ref A gen 5s series B
11%
2
cc
{♦Wabash Ry ref A
Walworth Co 1st M 4a
121%
23
46%
b
♦Omaha Dlv 1st g 3%8—-1941 A
♦Toledo A Chic Dlv g 4a-.1941 Af S
High
106% 109
108%
44
b
1939 J
Convertible deb 4%a
47
29%
118
cccl
M
47
28%
2
1954 J
1941 J
No. Low
108
44
ccc2
♦Det A Chic Ext 1st 5s
Since
108
aaa2
{{♦Wabash RR 1st gold 58—1939 AfN
{♦2d gold 5s
1939 F A
♦Ref A gen 4 Ha aeries C
♦Ref A gen 5s series D
21
100
cccl
c
S
6s series A..
43 %
13%
cccl
33
68%
107% 108%
109% 111%
110
47
45
121%
12%
ccc2
{{♦Seaboard Air L 1st g 4a..
1950
{♦Gold 48 stamped
♦Adjustment 5a
Oct 1949
1959
{♦Refunding 4a
♦Certificates of deposit.
cons
32H
aaa3
1950 A
♦let
8
-118
High
Low
Railroad & Indus. Co$.(Concl.)
Virginian Ry3%s series A...1966 Af S
{♦Des M Dlv 1st g 4s
98%
54
10
47
1989 M N
O
114
36
110
47
cccl
O
—
97lu
4
108
33
O
A
♦Stamped
Scioto V A N E 1st gu 48
64%
22
110
♦109 %
31
aaa2
J
3
—
97%
118
10 8
110
aaa2
AfN
116%
3
1946 3
{♦Schulco Co guar 6 Ha
♦Stamped
a
118
aaa2
X
St Paul Un Dep 6s guar
97%
2
a
Jan. 1
Bid
Price
a
Range
Friday's
A
Ask
Sale
Rating
See
Range or
Last
Elig. &
♦1st lien g terra 4s
St Paul Minn A Man—
♦Guar
EXCHANGE
STOCK
Week Ended April 12
High
82
82
5%
8
Y.
N.
Jan. 1
....
ll
BONDS
Range
Range or
Rating
EXCHANGE
STOCK
Last
EHg. &
BONDS
Y.
Week'8
Friday
Bank
Week's
Friday
Bank
N.
2387
New York Bond Record—Concluded—Page 6
ISO
110
Stocks—No. of shares—
1940
1939
foreign
Railroad and Industrial
State and
1939
7,109,640
7,503,920
59,401,978
77,881,877
$1,807,000
6,254,000
35,846,000
$2,441,000
6,615,000
29,298,000
$11,845,000
$28,022,000
Bonds
Government
Jan. 1 to April 12
1940
70,570,000
83,035,000
406,484,000
423,106,000
Record
New York Curb Exchange—Weekly and Yearly
2388
APm is. mo
disregarded In the week's range unless they are the only transactions of the week and when selling outside
footnote In the week in which they occur.
No account is taken of such sales In computing the range for the year.
NOTICE—Cash and deferred delivery sales are
weekly range are shown In a
of the regular
extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
beginning on Saturday last (Apr. 6, 1940) and ending the present Friday (April 12, 1940).
It is compiled
entirely from the daily reports of the Curb Exchange itself, and is intended to include eveiry security, whether stock or
bond, in which any dealings occurred during the week covered.
In the following
the week
,
Friday
I
Sales
for
Last
Par
STOCKS
Acme Wire Co common.
Weeks Range
Sale
Price
1
Class B
......I
Alnsworth Mfg common..6
Air Associates Inc com—1
A
5%
6%
6%
Jan
13%
Jan
3%
Apr
Jan
30%
Apr
Mar
"u
Apr
Apr
Blckfords Inc
Feb
Birds boro Steel
%
1,100
78%
106%
200
Ltd common.*
120
190
96
American Book Co
93
Jan
98
Feb
1
Jan
9,.500
1,350
174% 188%
1174 1184
17%
100,
17%
108
1%
41
7%
6*4
6%
3.300
7*4
20%
100
20%
17%
72
5%
15%
15%
Mar
Feb
*ii
Amer Export Lines com__l
38%
17%
39%
17%
12
#ie
Jan
Feb
5,100
1"%
39%
Apr
Mar
475
Corp com 10c
3*4
304
3%
30%
3%
30%
16%
17%
15%
28%
Amer Laundry Mach.._20
164
25
3%
500
18%
750
18%
1,100
1,500
22
16%
28%
25%
""% '""%
Amer Maracalbo Co
34%
7*4
2%
10
Arkansas P & L $7 pref...*
6
1
Feb
68
32*
85%
6%
4%
Jan
36
Jan
Jan
11%
Mar
300
15
112%
Apr
5%
Option
Jan
Cable Elec Prod
Vor trust ctfs
Feb
%
Jan
Apr
Apr
Feb
8%
Apr
Can Colonial Airways
Jan
68
6%
100
5%
1.600
ei«
3%
94%
6*4
6%
Jan
99
Apr
6%
Mar
Feb
6%
Jan
Mar
8%
Feb
Jan
H
Jan
19%
4%
1%
{Austin Silver Mines
Automatic Products
..5
1
10
%
Apr
*n
Feb
2%
Apr
Apr
68
Apr
Feb
3%
23%
Jan
18
Mar
120
100
4%
Mar
%
Feb
100
2%
13%
500
1%
6%
6%
>i«
600
_
3%
x23%
16%
100
""56
23
45%
3%
24%
90
Barlow
$1.20
A
com
1
Beaunlt Mills Inc
$1.60
conv
com..
pref
Beech Aircraft Corp
1,800
Jan
Man
Jan|
4%
11%
Jan
43
Feb
22%
Jan
Jan
Mar
Mar
Mar
14%
Jan
100
12%
1%
Apr
2%
Jan
100
%
Feb
1%
1%
1%
1
108
Jan
Jan
Apr
Mar
18%
100
xl5%
Mar
18%
2%
2%
1,300
1%
Feb
2%
Apr
Apr
5%
Apr
19
Mar
9%
7,600
$6
"T%
preferred
Carrier Corp common
Carter (J W) Co common. 1
Casco Products
Castle (A M) common
Mar
Apr
Feb
3%
Jan
4%
Apr
Feb
12%
$7 dlv. preferred..
1st partic pref
*
5% pref. 100
Cent Pow & Lt
Cent States Elec com
6% preferred
7%
preferred
5%
22%
Mar
Jan
Chesebrough Mfg
Strip
103%
Apr
3,200
Mar
15%
7%
Feb
600
7%
9%
Mar
12
Feb
Jan
20
Jan
12%
13%
11
18%
£0
3%
700
126%
850
4%
32%
85%
300
15
15%
1,200
103% 105%
10%
10%
®i«
%
%
«i«
1%
2%
6%
~6%
6%
25
30
810
100
25
1,200
3,500
375
25
Chicago Flexible Shaft Co 6
Chicago Rivet & Mach
4
Jan
Chief Consol Mining
Childs Co preferred
1
7i«
10%
Apr
50
Jan
Apr
7%
Jan
$6
preferred
*
Mar
13%
Jan
60c preferred B
83
*
6%
400
1
20
4,800
Jan
6
Jan
Jan
5
Apr
ft
Feb
5%
Mar
15
8%
105
Jan
Jan
3%
Jan
Jan
120%
Apr
3%
20%
69%
5%
Feb
Jan
34%
Feb
Jan
Apr
14
Jan
8-c%
17%
Jan
109
Jan
Jan
105%
Feb
10%
Apr
Apr
109
Feb
%
%
1%
5%
1%
Feb
Jan
106%
97%
7*4
115
Jan
Feb
%
Jan
Jan
%
Jan
Mar
2%
Mar
8%
Jan
Mar
2%
Jan
Mar
2%
Jan
Feb
4%
Apr
7%
Mar
Jan
100
150
110
800
68
83
9%
%
200
300
100
Cities Service common. 110
5%
City Auto Stamping
Feb
5%
60
60
5%
5%
63%
5%
6,000
5,300
300
99
100
*
83
Apr
Apr
Mar
10
8%
Feb
21*
Jan
%
Apr
Jan
29%
Mar
Jan
5%
63%
Apr
5%
Mar
4
64%
4%
Feb
Jan
Apr
40
89
Jan
115%
Mar
82
Jan
110
Mar
1,000
50
Mar
6%
Jan
7%
Feb
Jan
0%
Mar
Mar
16%
Jan
%
Mar
16
%
%
43
*
com
Clinchfield Coal Corp..100
Jan
6%
7%
7
%
Clayton <fe Lambert Mfg__*
Cleveland Tractor
Jan
117
50
103% 103%
*
Cleveland Elec Ilium
13
Jan
Feb
City «fc Suburban Homes 10
8lark Controller Co Inc__l
1
laude Neon Lights
Jan
Mar
60
$6 preferred BB
*
Cities Serv P «fe L $7 pref.*
$6 preferred
*
Mar
3%
4%
0%
Apr
Mar
10
Feb
11%
116
Apr
Mar
%
9%
2%
116%
4%
%
%
6%
%
500
18
1
82%
9%
600
7%
100
10
900
5%
Jan
113% 113%
25
%
5%
Jan
Apr
92%
11%
%
6
%
14,900
Apr
50
100
Cherry-Burrell common..5
Jan
6%
40%
Chamberlin Metal Weather
Co
Charls Corp common
13%
Mar
%
100
Apr
10%
Jan
6%
100%
Conv pref opt ser '29.100
Mar
Jan
Jan
Jan
Feb
Jan
84%
15%
1
100
100
3%
600
38
Jan
1%
Apr
3%
7% pfd 100
20%
8
5%
9%
25
%
Cent A South West Utll 50c
Jan
20%
7%
Jan
Feb
100%
32%
1
Jan
Mar
Jan
1
10
121
126
.*
com
19%
200
8
1,700
8,800
3
*
2,000
200
Feb
%
18%
1
%
7%
40%
%
10%
10
Jan
53
Jan
1%
Celanese Corp of America
Cent Ohio Steel Prod
7% Mar
2%
Jan
100
Feb
1%
3
'""260
39%
Cent N Y Pow
20
Apr
%
Mar
106% 106%
Jan
16%
42
6%
%
Jan
Feb
Jan
9%
25
com
Cent Hud G & E
%
1%
6%
22
Jan
5,000
Cent Maine Pow 7% pf 100
Jan
Feb
6%
2%
8%
*
Apr
Jan
6%
12%
2
9%
28
98
1,500
*
Class B
7% 1st partic pref...100
Jan
10%
For footnotes see page 2393
Feb
Feb
20%
500
12%
125
Mar
Jan
10%
1
21%
12%
2,000
4
Jan
"l~2%
Baumann—See "Ludwlg"
Beau Brummell Ties Inc..l
20%
100% 101%
1%
18
Apr
9%
5%
Basic Dolomite Inc com_.l
Bath Iron Works Corp
160
8%
*4
5
200
9%
Celluloid Corp common. 15
A^Seellg Mfg—
conv
1,300
1
4,600
23%
7%
%
2%
10%
39%
2%
84
Jan
Mar
14%
46,300
7
6%
Barium Stainless Steel... 1
Feb
8%
Conv preferred
45%
Baldwin Rubber Co com.l
Bardstown Distill Inc
1
1%
5%
25c
Jan
5%
5*4
200
4%
4%
...30
Jan
Feb
*
Carlb Syndicate
Carman & Co class A
Feb
1
200
2%
Baldwin Locomotive—
preferred
Apr
1%
Feb
6
1%
Purch warrants for com.
Feb
20%
6%
18%
1
Carnegie Metals
8,400
4
16%
'■
22
Jan
18%
Carnation Co common..
Apr
10
z23%
Feb
Mar
1
Jan
4%
1%
17%
6%
6%
10
Mar
4
1
Jan
Feb
2%
....
Ayrshire Patoka Collieries 1
Babcock & Wilcox Co
*
Feb
1%
22
*
%
20%
25
Class A common
Jan
900
Class B non-voting...
Marconi
6%
Apr
68
4,800
li#
1
Feb
20
3,-500
Class A voting
Catalln Corp of Amer
4
7%
1
Feb
1%
100
2%
3%
17
Aviation & Trans Corp
Axton-Fisher Tobacco—
20%
Mar
4%
7% partic preferred...25
Mar
%
2,900
1,400
68
3
16%
Mar
Canadian Indus Alcohol-
40
98
%
25
Jan
Apr
Mar
30%
Canadian Car & Fdy Ltd—
7
*
1
x-w
19%
17
4
1
2%
2%
2%
»ii
6%
34
Apr
1
Feb
6
w w
Feb
Mar
16%
Am
Feb
2%
Avery (B F) <fe Sons com.5
Apr
Cables & Wireless Ltd—
Feb
%
Automatic Voting Mach..*
16%
100
Feb
14%
Camden Fire Insur Assn__5
Atlanta Birmingham &
Atlas Drop Forge com
Atlas Plywood Corp
Feb
38
Feb
1%
2
2%
1%
1%
Jan
12%
30%
1
2
%
4%
"166
Jan
Callite Tungsten Corp
%
.1
14%
Jan
700
1,100
*
Warrants
±mmm
Carolina P <fe L $7 pref..
Atlantic Rayon Corp
Atlas Corp warrants
Feb
»l»
3,900
3,600
2%
Atlantic Coast Line Co. .50
Apr
Jan
Jan
3
»l«
Apr
7%
3%
19%
%
200
3%
49
50c
Capital City Products
Coast RR Co pref
100
Atlanta Gas Lt 0% pref 100
Atlantic Coast Fisheries..*
Apr
60c
com
he
Assoc Laundries of Amer *
6% preferred
m
dep 5 %% pref shs £1
Calamba Sugar Estate. .20
Mar
warrants
6% preferred
12*4
Canadian
*
Apr
Apr
1%
38
2*4
38
20%
2%
8%
1
V t c common
24
40%
1%
100%
2%
*
Assoc Tel & Tel class A
800
400
Canada Cement Co Ltd..*
1
preferred
Mar
18
*
$5 1st preferred
dep rets..
Burry Biscuit Corp.. 12%c
{Associated Gas & Elec—
$5
Feb
17%
22
4%
...25
$ 1.60 preferred
Jan
115
Apr
f%
Jan
20
29
Bunker Hill & Sullivan 2.50
Feb
2
13%
8%
Jan
10%
Jan
3%
1%
Feb
1%
1
Jan
17
Feb
Feb
1%
18%
18%
16%
Buckeye Pipe Line
.50
Buff Niagara & East Pow—
0%
Jan
Apr
Mar
*
Burma Corp Am
Mar
Apr
%
8%
._.*
Mar
*
Class A
preferred
Mar
Feb
200
£1
Common
$0
8%
•u
Apr
6%
%. Mar
48%
6%
16%
100
Brown Rubber Co com
Feb
75
Jan
5
Am dep rets ord reg_.10s
Jan
Mar
Jan
Jan
%
Mar
7
Am dep rets ord reg.._£l
Apr
Mar
Mar
10
Am dep rets ord bearer £1
%
6xi
2%
31%
British CeJanese Ltd—
109%
61%
11%
3%
Jan
Mar
29%
*
Jan
Jan
Jan
Apr
8%
10
2%
2%
1
14%
Feb
Associated Elec Industries
Amer deposit rets
Registered
2%
24
7%
97%
6%
5%
24
Assoc Breweries of Can
Jan
Jan
»u
1%
4
2,500
Class A preferred
»
Brown Form an Distillery. 1
Jan
Jan
Jan
Jan
Apr
British Amer Tobacco—
Apr
16%
6
17%
2,400
29,800
•
M«
*
Common cl A non-vot..*
com
Class A
18%
Mar
28%
200
British Amer Oil coupon..*
Jan
400
13%
1
*
16
Apr
400
6
100
Brown Fence A Wire com.l
2"%
3%
8%
17%
42
24
Brlllo Mfg Co common...*
Apr
6,400
113% 114
{Arcturus Radio Tube...1
Ashland Oil & Ref Co
B
preferred
2%>
42
*
Formerly Elsler Elec
Appalachian Elec Power—
$7 preferred
*
Art Metal Works
7%
2*4
100
18%
Jan
13
*
preferred
Preferred
Brill Corp class A
Jan
Angostura-W upperman
6%
Aeronautical... 1
11%
*
Arkansas Nat Gas com
Apr
25%
14%
7%
■c
Jan
Apr
5
1
{Brown Co 0% pref
1%
12%
3%
350
47
700
British Col Power cl A
%
06
44
6%
Jan
26
1
Mar
1,200
%
65
40
28
Mar
Feb
6
1
Mar
0%
6
44
...»
34%
Jan
1,400
40%
700
100
31%
Mar
1,300
1
400
6%
Jan
14%
Feb
Jan
500
6%
Feb
18
50
*
*
Apex Elec Mfg Co com
4
Jan
28%
1,000
Am Superpower Corp com *
$0 series preferred
Apr
100
35%
Amer Seal-Kap common..2
American Thread 6% pf.
Anchor Post Fence
preferred
Jan
10
1st $0 preferred
Apr
19%
800
107% 108
84
7%
34%
*
Republics
39%
Jan
Feb
1
*
25
Amer Pneumatic Service.*
Amer Potash & Chemical
American
Jan
Mar
68
~25~
100
Amer Meter Co
31%
14%
38
44
100
com
7% 1st preferred
31
preferred... 1
Amer Hard Rubber Co..60
Preferred
Jan
Mar
conv
25
Apr
11%
$2 conv preferred...... 1
preferred
34
32%
15,700
100
30%
0%
33%
1%
Jan
200
36%
Amer Mfg Co common. 100
Mar
Apr
"1^566
»i i
"l2*4
American Gas & Elec.._10
Amer Lt & Trac com
1
26
Bridgeport Machine.....*
Mar
35
Mar
%
Jan
Jan
Jan
40
75
40
%
Brewster
Mar
Jan
Mar
Bridgeport Gas Light Co.*
%
31%
14%
*
Jan
39%
19%
12%
38%
$2.50
80
31
50
34%
"i% "i% """566
10
Amer General
20%
Mar
Jan
Mar
1%
Jan
2%
%
Mar
7%
5%
*
100
25
Bourjols Inc...
Class
1
Amer Foreign Pow warr__
7
7%
31
34 %
Amer Cyanamld class A. 10
Amer Fork & Hoe com...*
7
Brazilian Tr Lt & Pow...*
Jan
1,600
25
Class A with warrants. 25
Class B n-v
43%
*
Apr
Jan
46%
Mar
12%
7%
%
Apr
Jan
%
5,700
Mar
1%
A.....
Class B_.
14
$3 opt conv pref
Blumenthal (S) <fc Co
Bohack (H C) Co com
2d
Jan
'«
17%
Bowman-Blltmore
Mar
4%
1,000
16%
1%
43%
Apr
Apr
Apr
Jan
%
Mar
4
17
Borne Rcrymser Co
103%
Mar
common
Feb
100
125
6%
Mar
300
Apr
200
110%
108%
1%
49%
1%
Jan
114%
6%
7% 1st preferred
Feb
130
6%
Feb
Feb
Feb
Apr
Foundry
<fe Machine Co com....*
17%
11%
Am Cities Power & Lt—
Class
39%
$2.50 preferred
188%
93%
Apr
8%
|
120
13%
118%
"1,760
Jan
140
45
Jan
107%
108%
103
32
Jan
275
•11
Jan
Apr
Apr
2,300
High
Low
17%
6%
39
Jan
17
17.800
common..
Mar
Apr
Range Since Jan. 1,1640
Shares
114% 121
Jan
138%
114%
7%
103
1
Amer Centrifugal Corp
114%
6%
28%
Breeze Corp common
181
117*4
..*
*
preferred
123
Bliss (E W) common....
Blue Ridge Corp com...
11%'
High
»
Blauner's
21
Low
for
Week
Purchase warrants
Jan
Jan
of Prices
100
Conv preferred
Feb
Feb
10c
10c
Common class B
13
Mar
Week's Range
Berkey & Gay Furniture. 1
2%
1%
10
100
corn.l
$5 60 prior pref
78%
108
American Capital—
Class A common
Apr
20
American Beverage com.. 1
Amer Box Board Co
Mar
Jan
500
1%
100
preferred
0%
72%
101
2
94%
94%
Aluminum Industries com *
Aluminium
Mar
Jan
1%
17%
105
*
Aluminum Goods Mfg
6%
10
.500
100
,
31%
6%
7
121% 123%
30%
1
com
Bell Tel of Pa 6 %% pf. 100
Benson & Hedges com...*
1,400
*
100
Feb
3,900
(Mich)..10
25
preferred
0%
5%
Price
1
Tel of Canada
6%
Class A conv com
Aluminum Co common...*
4%
Jan
Bell
34
76%
76 %
105
*
Investment
Alliance
Mar
13%
Alles & Fisher Inc com...*
Allied Products
22%
4,300
5%
*it
preferred
Mar
Bell Aircraft Corp com
3
Warrants
$6
Jan
6
Alabama Gt Southern..60
$7 pf.*
22%
13
3%
{Air Investors common..*
Conv preferred
*
Alabama Power Co
Feb
19
Bellanca Aircraft
Aero Supply Mfg—
Class
Sale
Par
22%
10
Last
High
Low
50
21
21
Sales
Friday
STOCKS
(Continued)
Range Since Jan. 1.1940
of Prices
| Week
Low
High Shares
6%
43
3,500
'""160
6%
7%
2,000
2%
2%
100
%
3%
42
Jan
Mar
5
Jan
Mar
48%
6%
Jan
7%
Feb
2
Jan
2%
Mar
Feb
Volume
New York Curb Exchange—Continued—Page 2
150
2389
Friday
I Friday i
| Salts
Last
Par
Club Aium Utensil Co
Cockshutt Plow Co
Week's Range
Sale
of Prices
I Week
Low
High Shares
Price
com__»j_
3%
5%
3%
5%
Lota
Par
High
3
Jan
3%
100
5%
Apr
6
Feb
8%
Jan
Apr
Apr
2%
Jan
4%
Jan
Florida P & L $7 pref
4%
71%
Mar
Mar
6%
Apr
100
78%
78%
6%
Colorado Fuel & Iron warr.
Colt's Patent Fire Arms_25
1,500
600
83
Mar
Jan
69 X
100
2%
1
Columbia OU & Gas
70 X
375
IX
2%
5,200
Jan
64
1%
70%
Feb
Feb
2%
Jan
•ji
4,100
*u
Jan
%
Jan
Feb
Jan
Mar
'"506
1%
40%
1%
~43% "45"
46%
Feb
36%
%
Jan
37%
Jan
1,200
Feb
%
Apr
'a
Warrants
Distribution. .1
Community P & L $6 pref *
36
Community Pub Service 25
Community Water Serv_.l
Compo Shoe Mach—
V tcext to 1946
1
35%
%
800
34
*n
17%
17
200
17
Apr
81%
Consol G E L P Bait com.*
82%
800
60
32
1%
2%
18
Feb
78%
Jan
Jan
117
83%
5%
1
*
preferred A
17%
Jan
Feb
17
Apr
1%
15%
Apr
sll%
20%
Apr
Apr
Feb
17 %
Jan
700
27 %
16
Jan
Apr
32%
19
Jan
20%
Apr
27%
Feb
reg-£l
13%
300
15%
14
16%
30
30
Gen Flrenrooflng com
Jan
Gen Gas & El 6% pref B.*
General Investment com.l
J
>n
Jan
$6
*
84
5%
8%
Apr
9%
7%
Jan
10 %
Jan
Gen Pub Serv $6 pref...
Mar
10%
Jan
Gen Rayon Co A stock...*
Jan
27%
Apr
Feb
Feb
Feb
Feb
300
3,050
25
%
1%
700
%
Jan
200
1%
Feb
5%
%
1%
Jan
227665
13%
1,200
"20% "21%
"3~600
4%
*
Feb
2%
Apr
Apr
Jan
Feb
22%
4%
Mar
Jan
6% preferred A
$3
1%
22 X
22%
2%
55
..*
Preferred
Gilchrist
60
Apr
Apr
Apr
Mar
!ji
Mar
Jan
90
Mar
Jan
48
Apr
Jan
500
7%
Jan
Feb
2,900
1
Feb
1%
Feb
Godchaux Sugars class
25
18
Jan
22 %
Apr
Jan
8%
Feb
Goldfleld Consol
2%
Apr
2%
Jan
Goodman Mfg Co
Gorham Inc class A
100
20
""4%
"4
111
Jan
112
Feb
6%
111
111
Jan
7
Feb
"30"6
4
Feb
17%
Class
16%
Mar
"17% *18%
"850
7
5
1%
2,100
6%
1
600
400
10
98
98
1%
1%
400
S3
preferred
77
81
200
Apr
1%
Jan
Apr
10%
100
48
Jan
Gray Mfg Co
Feb
Mar
87%
5%
Jan
110
40%
Jan
4%
6%
Jan
4%
Apr
50
Apr
6%
Apr
48
46
6%
7%
8
8%
Jan
4%
Feb
5
Apr
%
Feb
Feb
8
Jan
Jan
26
Apr
9
Feb
102
300
15
15%
100
8%
Jan
Jan
*u
Jan
Feb
1%
14%
25%
6%
175
28%
25
Apr
1%
15%
28%
Jan
Mar
Feb
Feb
Mar
Mar
Apr
Jan
Apr
Mar
7
11%
Jan
1
84%.
Feb
98
Jan
2
Jan
130
Jan
Jan
46
Jan
7%
Jan
10%
Apr
2%
Jan
2%
Jan
Jan
Mar
23%
Apr
%
Jan
105% 108%
130131%
300
98
Mar
114
50
130
Jan
135
1,500
1,900
40
9%
Grocery Sts Prod com..25c
Grumman Aircraft Engr..l
2%
2%
100
20%
23%
%
48,800
%
35%
37%
3,300
111% 111%
20
44
23%
41%
1
11%
Apr
Gulf Oil Corp
Jan
Jan
Feb
17%
Jan
Jan
Mar
%
18%
Mar
1%
Apr
"36
hi
34
Gulf 8tates Utll 55 50 pf
1%
2%
14 % »
800
preferred
*
Jan
22
Feb
56
Gypsum Lime A Alabast.*
Hall Lamp Co
5
Hammermill Paper
10
Hartford
26%
Jan
26%
Jan
25%
Apr
28
Jan
13
13
14
5,500
30%
28
32
650
Apr
114%
Mar
5%
Feb
14
32
Jan
Apr
Apr
27
1
1%
70%
Apr
1%
Mar
Jan
1%
%
Feb
1%
1^600
Jan
%
1%
Mar
Jan
2
*
Harvard Brewing Co
39 %
111%
Jan
Mar
69
1
Hartman Tobacco Co
Mar
111%
Elec Light..-J25
Hartford Rayon vtc
Distilled Llauors Corp—5
Jan
1(9
25
Mar
25%
Jan
Apr
*
Greenflehl Tap & Die
Feb
Apr
9%
25%
48
Apr
6%
44%
10%
Gt Nortbe-n Paper
Feb
1%
7% 1st preferred.... 100
25
Feb
1%
27%
16%
1%
1%
75
Mar
7%
23%
8%
28%
•
Non-vot com stock
200
100
Feb
91
100
25
1%
101%
4,000
ht
1%
Jan
Great Atl A Pac Tea—
8
Apr
Mar
98%
10
19%
32
Feb
10%
41
100
Grand Rapids Varnish...*
Jan
105%
300
IOO
*
""206
'2^900
Jan
Mar
7%
8%
"7%
Mfg common.. 10
11%
20%
81
"99%
6%
...*
preferred
"1% "ix
20%
Jan
9%
50
Jan
preferred
"1% "ix
Jan
7%
*
Guardian Investors
11%
Mar
72%
Mines.. 1
Gorham
14
1
1
300
98%
*
Apr
29
6%
4%
%
A.*
B
Feb
4%
19
Jan
35
Co
1%
22%
2%
1%
460
400
preferred
Gladding McBean & Co..*
Glen Alden Coal
*
Curtis Mfg Co (Mo)
Diamond Shoe Corp com.*
Feb
103%
Gilbert (A C) common...*
$7
20 %
tm
Mar
38
7
xlH
7% conv preferred
25
Crystal OU Ref com...... *
S6 preferred
..--10
10
De VUbLss Co common.. 10
7% preferred
10
i«4
preferred.
8%
8
Crown Drug Co com..-25c
Detroit Steel Prod new.
30
Jan
75
10%
77
Georgia Power $6 pref...*
Feb
19%
48
1
1%
Gen Water G «fe E com_._l
13%
7%
3%
8%
Mfg—1
Jan
Feb
*i«
70
100
77%
Jan
6% preferred w w
20
Detroit Gray Iron Fdy—1
Det Mich Stove Co com.. 1
Detroit Paper Prod
1
13%
General Tire & Rubber—
Jan
1*4
5
$6 conv preferred
87%]
%
%
.....1
Common
Feb
1,200
1%
Mar
15%
16%
1,900
40%
46
1%
Jan
1
It
87%
9
Apr
Apr
Mar
Dennlson Mfg cl A
Jan
Apr
General ShareholdlngsCorp
26%
5%
X
1%
%
6%
1%
50
2,000
1%
17 %
Jan
Mar
600
*
preferred
"11500
6%
Cuneo Press 6 >4%
78
25
10
7««
Warrants
10%
27%
5%
8%
Jan
*
Jan
Apr
"
Gen Outdoor Adv 6% pf 100
Apr
Crown Cork Internal A._*
Jan
87
13%
2,300
7i«
Mar
%
5
41
Feb
1
100
Apr
1%
com..5
S6 prior pref
50
8% debenture
100
Derby Oil A Ref Corp com*
1%
Feb
7
20 %
Apr
69
1%
1 %
%
Jan
i-8
*
6%
98
Jan
85%
...100
preferred
97%
100
pref. 100
5
Darby Petroleum com—5
Davenport Hosiery Mills.*
Dayton Rubber Mfg
1
Class A conv
35
Decca Records common— 1
5%
Feb
Jan
9%
1
Mar
900
Stores
200
pf..*
conv
Mar
Jan
Jan
400
4%
90
Jan
11% xllX
28
Dreferred...l00
conv
Amer dep rets ord
1,700
Cuban Tobacco com
4%
Jan
40
95
Mar
12%
*
3 %
4,900
100
x20X X20X
28
29%
stock
conv
Jan
6%
15%
xll%
Fuller (Geo A) Co com
3
%
'i'x "2
""400
Jan
Mar
Hat Corp of America—
Distillers Co Ltd—
8%
Dobeckmun Co common.
9%
1,000
I
Dominion Steel A Coal B 25
10 X
"10% "n%
""400
Dominion Tar A Chemical*
13%
Jan
Jan
9%
Mar
7%
Apr
Hazel tine
10%
Mar
Mar
12%
6%
Mar
Jan
Mar
10
30
29%
30
1%
77%
100
Duke Power Co
cl B com *
Duro-Test Corp common. 1
*
Duval Texas Sulphur
10
Eagle PIcher Lead
1%
7
12
1%
Jan
27%
107%
Mar
Mar
Mar
110
1%
Jan
Mar
Mar
Mar
25
71%
%
1%
7%
11%
78
31
*17206
77%
"l"% "2
7
Apr
600
100
preferred
DubUler Condenser Corp.l
Mar
69
300
1,100
12%
3,000
6%
10
Jan
Feb
67
Apr
1%
Mar
3%
3
100
100
4%% prior pref
6% preferred
Eastern MaUeable Iron._25
*
*
Elec P A L 2d pref A
Jan
10
Hires (Chas E) Co
1
Hoe (R) A Co class A... 10
Jan
21%
Feb
3,500
6%
Apr
7%
Jan
Jan
Jan
Jan
12%
600
4%
500
8%
26
100
12%
13
91
22%
7%
10%
13%
8%
Mar
26
86
81%
21%
7%
10%
11%
300
67
1,775
7
100
Jan
14%
Feb
Feb
'10%
600
16
"68%
1,925
1,400
15
20%
Apr
Feb
16
Jan
Jan
6%
68%
16%
1%
Feb
Mar
8%
Jan
Mar
Apr
Hubbeil (Harvey) Inc
Humble OH A Ref
Mar
64 %
73
Apr
Hummel-Ross Fibre Corp 5
Mar
20
Jan
23,600
1,000
55
72%
4,100
62
17%
250
12%
15
Mar
Jan
%
Mar
23
Jan
77
2%
3%
Apr
5%
preferred
"67% "67%
66%
66%
"""25
67%
50
"l6%
""206
"l"6"
Equip. .5
14
Jan
Mar
100
8%
500
7% pref unstamped.. 100
Hydro-Electric Securities *
Hygrade Food Prod.....5
Hygrade Sylvanla Corp..*
8%
9%
9
100
«%
2%
Feb
2%
Jan
79
Feb
70
Mar
Jan
70
Mar
63%
Jan
Jan
71%
Mar
6%
72
Mar
65%
FalrchUd Eng A Alrplane.l
5%
10
Fanny Farmer Candy..:.-1
14%
6%
Illinois Zinc Co
Jan
Illuminating Shares A
Feb
*11
Feb
Jan
25%
Mar
Jan
5%
Apr
Jan
*
For footnotes -tee page 2393
5%
12,100
9%
4%
10
10%
700
7%
28
15%
1.000
23%
6,300
10%
500
19%
62
2%
45
6
Apr
Imperial OH (Can) coup..*
Registered
•
Imperial Tobacco of Can.5
12%
6%
Feb
Jan
10%
Apr
Jan
28
Jan
15%
Feb
7
Apr
Mar
Jan
Britain
A
Ireland
Apr
%
Jan
7%
Jan
%
10%
Feb
Jan
10%
Feb
2%
Feb
Indiana Service
7%
3
Jan
Jan
"3%
26%
3%
26
2%
900
1,350
3%
800
2%
Mar
28%
2,700
22%
4%
Mar
29%
Mar
6%
6%
Apr
7%
Mar
Jan
63%
Mar
5%
6
6%
6%
6%
3,100
150
29
Jan
47%
4
6
Apr
Jan
Apr
Apr
Jan
5%
10%
10%
11%
10%
11%
Jan
10%
10%
Mar
12%
Jan
300
Apr
12%
Jan
200
11%
Apr
13%
Jan
21%
10%
10%
Mar
24%
Feb
7%
Mar
5.800
11%
£1
10
6% pf.100
preferred..
..100
Indiana Pipe Line
Jan
6%
Imperial Tobacco of Great
Mar
Mar
Jan
Apr
Feb
47%
•
31
19%
68
4%
60%
2%
Imperial Chemical Indus—
Am dep rets regis
£1
%
7
..*
Jan
11
4%
6%
6
5%
26
23%
14%
50
Jan
425
5%
conv preferred
Mar
1,900
3.30C
Illinois Iowa Power Co...*
8%
%
11
18%
62%
'
Dlv arrear ctfs
5%
10%
*
...1
7% pref stamped
Jan
27%
10%
...100
.5
Common
23%
1
Mar
68
Jan
Apr
24%
com..50
Jan
Apr
111%
650
Jan
z4%
8,300
110
1,500
1%
29%
7i«
4%
Apr
35%
10,800
14
24%
Equity Corp common.. 10c
53 conv preferred
1
120
Jan
6%
Mar
25
Empire Power part stock.*
3%
Feb
33%
62%
64
65
200
Jan
4%
60%
Empire Gaa A Fuel Co—
50
35%
fHuylers of Del Ino—
7,100
7%
6% pf 100
120
34%
Apr
Hussmann-Llgonler Co...*
Jan
Jan
3
*
Hardart
5%
2%
12%
63%
100
Horn A Hardart Baking..*
200
4%
17%
64%
2%
62
Horder's. Inc
13%
Horn (A C) Co common..
A
Jan
35
Hormel
Mar
Mar
Horn
Apr
8%
Feb
Apr
Apr
15
Jan
Apr
Apr
14%
1%
16
13
91
22%
29%
6,800
1,175
3%
Mar
*
1%
4%
Jan
(Geo A) A Co com*
1
10%
21
20%
Mar
Mar
Jan
10%
3%
11
27 %
27
Jan
16
21
Jan
Jan
20%
200
Holt (H)—See Henry
16
Apr
14
Apr
Mar
Apr
11%
Mar
6
Apr
%
Jan
14
12
8%
100
3%
Jan
Mar
100
29%
—.5
Jan
17%
26%
Holophane Co common..*
29
*
2%
200
10%
Xll
Jan
300
9%
12%
Holllnger Consol G M
2
1
Chemical
Mar
500
Metallurgical
Mar
4
Heyden
Mar
1%
Falstaff Brewing
3%
20
7
26
Hewitt Rubber common..5
Jan
24%
10%
4%
Apr
Participating class A...*
Mar
12%
ex-warr
55%
.....
8%
29
Henry Holt A Co—
Jan
1
Fairchild Aviation
19%
5%
10%
x!2
25
Jan
Feb
1
1
Preferred
Apr
1%
2%
7%
17%
Electrol Inv vtc com
Esquire Inc
Jan
Mar
25
w w
42%
1
100
100
100
100
6
27
Co common......2
Preferred
600
warrants..
6% preferied
6%% preferred
7% preferred
8% preferred
6%
♦
A
1,000
Electrographlc Corp
Elgin Nat Watch Co
Class
Heller
*
Rubensteln
Helena
54
6%
preferred
Hecla Mining Co
23%
*
$6
50
25c
51%
Elec Bond A Share com..5
preferred
Feb
preferred
22
18%
19%
55
300
400
3
D4ept Stores com..5
conv
51%
*
16 preferred series B—*
Easy Washing Mach B—*
Economy Grocery Stores.*
Eisner Electric Corp
1
$7 preferred series A.
2%
6%
22
*
Eastern States Corp
700
Hearn
*
Corp
77%
>
East Gas A Fuel Assoc—
Common.
8
29
Haverty Furniture conv pf *
Mar
13
7%
4%
67
101)
preferred
Draper Corp
Driver Harris Co
8
28
1
B non-vot common
Mar
5%
Am dep rets ord reg—£1
Dlvco-Twln Truck com—1
Mfg Co
3%
Feb
x^OX
General Alloys Co
Gen Electric Co Ltd—
1%
2%
Fedders
Jan
15%
15%
1
Jan
5%
Fansteel
2%
900
1
partio pref
Mar
*i«
Eureka Pipe Line
Conv
Apr
1%
2%
Emsco Derrick A
1,400
Gatlneau Power Co com..*
I
Empire Dlst El
3%
15
Common
Gamewel! Co $6
Crowley, Mllner A Co—*
Crown Cent Petrol (Md).5
Croft Brewing Co
Option
Jan
16%
1
100 frcs
Co..5
1%
300
12
50
_.£1
5
Crocker Wheeler Elec
*
Durham Hosiery
Amer dep rets
39%
Ltd
Creole Petroleum
7%
Mar
15%
Fox (Peter) Brewing
Jan
70
Cosden Petroleum com..
5%%
113
Froedtert Grain & Malt—
Feb
Feb
120
"1% ""2%
*
Copper Range Co
Cornucopia Gold Mines 5c
Corroon A Reynolds
A conv
Feb
Jan
15%
*
"7% "8%
10
27%
preferred
Feb
3%
%
com—*
Detroit Gasket A
70
%
2%
3
15%
Class B voting
Apr
3%
94
pf 100
prior preference
Dejay
Feb
Mar
96%
""350
110
108
*
1%
Cont Roil A Steel Fdy...»
5% conv
Courtaulds
Mar
12
Jan
Mar
67%
£1
1%
Cook Paint A Varnish...
S6
45
Mar
Continental Oil or Mex—1
S3
36%
%
1,700
Class A non-vot
30%
5X
Consol Steel Corp com—*
Cooper-Bessemer
High
Mar
Ltd—
Motor Co
Am dep rets ord ref
600
3%
1
Cont G A E 7% prior
Lota
36%
25
*
150
1%
33
32
...100
10
preferred
Shares
9%
95
1%
Consol Mln A Smelt Ltd..5
100
119
118
100
Consol Gas Utilities..— 1
8%
3
3
1
Coasol Retail Stores
Mar
44
*
preferred
Consol Royalty Oil
Ford
S3
Consol Biscuit Co
4%% series B oref
Fed Compress & W'h'se
Fruehauf Trailer Co
Conn Gas A Coke Secur-
$3
Range Since Jan. 1, 1910
for
High
Ford Motor of France—
Commonwealth & Southern
Commonw
Lota
Sale
| Wee
Ford Motor of Canada—
Columbia Gas & Elec—
5% preferred
Range
..1
Fire Association (Phlla) 109
4%
6X
SOX
4%
s
of Prices
Fldello Brewery
1%
4%
Price
|
Week
Flat Amer dep rets
Feb
""600
"ili
£1
preferred
Sale
700
*T% "i~H
Colon Development ord
conv
Last
7%
*j
3%
Cohn & Rosen berger Inc.*
6%
STOCKS
(Continued)
Range Since Jan. 1. 1910
for
6%
7%
1,000
5%
Feb
19
22
110
10
Mar
22
Apr
19
21%
110
10%
Mar
21%
Apr
Inst
Week's Range
Sale
Par
Price
260
Feb
Jan
Feb
Jan
Industrial Finance—
common..—.....1
#
#
200
9
preferred.—.100
7%
Insurance Co of No Am. 10
71#
International Cigar Mach *
Internet Hydro Elec—
Pref 13.60 series.....60
*71# "72X
23#
11
Internet Industries Ino...l
Inter nut Paper A Pow warr
International Petroleum
"2 X
Coupon shares........*
Registered shares.
International Products...*
16#
10#
10#
10#
4#
11j«
Internet Metal Indus A
..
Internat Safety Razor B.*
International Utility—
Class A......
.....*
Class B
.-1
sx
8#
X
...
"700
200
Jan
Jan
73#
Feb
Apr
Jan
Mining Corp of Canada..*
Minnesota Mln A Mfg...
Minnesota P A L 7% pf 100
Jan
Mar
1#
Feb
7#
Apr
Mar
12#
Jan
3#
Apr
3X
Apr
19#
Feb
Apr
Jan
19#
Feb
Molybdenum Corp
6#
Apr
1#
10#
16#
3,000
100
16#
10#
5
"x«
700
4#
3#
8#
12#
3#
9#
12#
J can net te Glass Co
"2 H
*
10#
15#
#
2#
1#
#
Jan
#
Mar
10#
he
2#
1#
9#
Mar
#
Jan
Montgomery Ward A....*
400
2,300
300
1,100
1,500
1,600
200
5#% ^preferred—.100
preferred...
100
preferred.......100
107 X
Jones A Laughlin Steel. 100
30#
Julian
75
95
98# 100
108#
33#
107
30#
00
40
4,400
Feb
Mar
3
Jan
7#
10#
Jan
Feb
Mar
Mar
16
Jan
15# Mar
X Apr
2# Feb
1#
Kokenge com..*
Kansas G A E 7% pref. 100
Keith (Geo
88
Jan
*
95
Jan
Jan
103#
25#
27#
110#
A
Jan
Mar
Mar
Jan
E)7% 1st pf 100
Kennedy's Inc..........6
0#
6#
Ken-Rad Tube &
Lamp A *
*
Kimberly-Clark 0% pf.100
Kingsbury Breweries
1
Kings Co Ltg 7% pf B.100
5% preferred D
...100
Kingston Products
...1
Klrby Petroleum.
7#
0#
18#
Jan
Montreal Lt Ht A Pow..*
37
Jan
500
6
100
3#
Jan
Mar
'Sad
111
#
94
20
94
3#
Mar
9# Apr
13# Mar
6#
Jan
#
Jan
17# Mar
17# Feb
h1
Jan
3
Jan
2#
Feb
95#
lOO
109
30
Apr
Mar
Mar
Jan
27#
120#
Mar
Mar
""7#" Mar
6#
Apr
112#
"u
Mar
Jan
Mar
Mar
Jan
89
95
1#
2#
"460
1,700
Jan
73# Mar
15
Kelin (D Emll)
Co com..*
KlelnertU B) Rubber Co.10
Knott Corp common.....1
"loo
15
67#
1#
2#
#
Mar
2
Jan
Jan
Mar
2#
1#
Jan
13#
Jan
15
Jan
Apr
10
1#
2#
Kirk I'd Lake G M Co Ltd.l
Jan
10#
8#
Apr
6# Mar
Jan
Kobacher Stores Inc....
Koppers Co 6% pref
100
88#
Kresge Dept Stores—
4% conv 1st pref....100
Kress (8 H) special pref. 10
88
88#
160
85
Jan
88# Mar
55
"12# r12#
1
J). 100
Mines Ltd... 1
Lokey Foundry A Mach.
Lane Bryant 7% pref..l00
'""166
Feb
75
11#
Jan
*0#
1,700
"17# "i8#
2I66
17#
Mar
1,000
3#
Feb
Jan
80
Jan
5
Feb
41
Lackawanna RR (N
Lake Shore
18
4#
4#
Jan
*71
"nx'i'iH
Lane Wells Co common..1
Apr
Apr
Apr
Mar
12#
*0#
43#
25#
4#
6#
Kreuger Brewing Co
15#
"""# "'"#
Lefcourt Realty com...—1
2#
2#
*n
X
*ii#
33#
11#
33#
12#
21
21
Develop...25
G) Inc-.l
.....5
Llpton (Thos J) class A..1
0% preferred..
....25
Apr
Feb
Mar
""300
6#
H
#
Feb
Apr
Feb
1,000
1,000
2#
*i«
Jan
100
Feb
600
31#
9#
10#
18#
13#
500
Lone Star Gas Corp.....*
9#
9#
4,600
Jan
O
Feb
3
Mar
Feb
1
#
35#
12#
10#
22#
1#
Apr
Jan
13#
10#
Jan
Jan
Jan
Jan
Jan
Apr
Mar
Mar
Common.......
1#
42#
1#
44#
1,900
39
41#
650
5#
JX
100.
Ludwlg Bauman A Co com*
Conv7% 1st pref-...100
Conv 7 % 1st pf v t c.100
Lynch Corp common....5
$Ma)estlo Radio A TeL.l
Manatl Sugar opt warr...
Mangel Stores
....1
$5 conv preferred.....*
Manlschewltz(The B) Co.*
Mapes Consol Mfg Co...*
28#
#
27#
X
»x«
1#
12#
9#
Not Automotive Fibres..1
Nat Bellas Hess com....!
168#
23
Apr
8# Mar
11#
Jan
7#
16,300
1,400
7#
Apr
32
37
168# 168#
22# 23
180
National Container (Del).l
National Fuel Gas..
.*
Nat Mfg A Stories com...*
National Tea 5#% pref. 10
National Transit
12.50
Nat Tunnel & Mines...
6
19#
5#
19#
1
Feb
21#
7#
77
10#
7#
10#
#
#
5#
800
200
60
#
0% preferred
100
$2 preferred—
*
New England Tel A Tel 100
New Haven Clock Co—*
16
*45#
11#
N Y Auction Co com...-*
N Y City Omnibus—
N Y Shipbuilding Corp—
Founders shares
1
Apr
Mar
2
Apr
Common
Jan
25
Jan
Jan
25
Jan
Jan
29#
200
he
Jan
Feb
"11
Feb
d*
Jan
1#
Apr
Apr
Mass Util Assoc v t c_..-l
2#
4
15#
3#
2#
5#%
preferred
16
45#
New York Transit Co
10
Class B common.—. 5
Class A preferred....100
Niles-Bement-Pond
Jan
29
Feb
4
34
1
May Hosiery Mills Ino—r
$4 preferred...—.....*
McCord Rad A Mfg B...*
2#
4#
300
2#
2#
8#
21#
30
800
1,400
Jan
Jan
Mar
Jan
4#
Feb
2#
Jan
5
Jan
36
Apr
3#
6#
1#
300
Dredging...*
8
8
1#
8#
Mead Johnson & Co—...*
165
165
169#
250
4#
100
Memphis Nat Gas com..5
4#
Mercantile Stores com...*
Merchants A Mfg cl A...1
4#
1,600
18
18
100
*3#
Jt3#
200
""600
Warrants..
64#
04#
25
#
0#% A preferred... 100
#
3#
3
Metal Textile Corp
25c
Partlc preferred......15
40
400
10
2#
18
Feb
Jan
Apr
Jan
Apr
4
Jan
Jan
9#
170#
Mar
4#
Feb
Mar
63
#
2#
40
Feb
Jan
3#
X
30#
4#
#
67
Feb
*
#
Jan
3#
42#
Apr
104
#
....
4#
Class B v t o new—...1
Middle West Corp com..5
For footnotes see page 2393.
he
X
1,800
7
8
400
X
m
1
1,300
5
400
4#
#
8#
"x«
1,200
2,100
9#
5.000
4#
Feb
he
108#
Feb
#
Common
1
$6 preferred...
*
North Amer Rayon cl A..*
Class B common......*
5# Mar
# Mar
4# Feb
Nor Ind Pub Ser 0%
pf.100
7%
preferred
100
Northern Pipe Line.....10
Northern Sts Pow cl A..25
Mar
Ohio Brass Co cl B com..*
Ohio Edison $6 pref.,...*
Engineering..*
Novadel-Agene Corp
..*
Jan
Feb
1#
Jan
3# Feb
# Mar
7# Mar
Feb
4#
Jan
"it Jan
9#
Jan
Mar
Jan
Apr
Jan
Feb
10#
47
Jan
Mar
12
Apr
Feb
13#
3#
Feb
Apr
9#
Jan
Feb
14#
44
Jan
12
Jan
""766
40
95#
3#
5#
800
88
Mar
97#
Jan
Jan
I#
Apr
Feb
100
2#
1#
#
6#
Apr
Mar
64#
9#
76
6#
Jan
1,100
600
8#
1#
600
#
Jan
Jan
Mar
11#
8#
11#
1#
#
Mar
12#
Feb
117
50
10#
8#
11#
1#
#
11
Jan
1,500
700
50
3#
44
Jan
Jan
Jan
Feb
Mar
Apr
Feb
Jan
Jan
Jan
100
60
Jan
70
800
13#
Apr
14#
5#
5#
Feb
$
Mar
6
Jan
Jan
1
Jan
Jan
1#
Jan
11# Mar
.
I
67
131"
5#
14#
01#
1#
70#
18#
70#
$5#
Jan
Jan
335
132#
"IlO
6
200
14#
62#
1#
65
Feb
24#
67#
Feb
124#
Jaa
5
Mar
3#
"T
183
Feb
Mar
Jan
900
12
Jan
800
59#
Apr
65
900
"3#
*700
20#
1
Feb
Feb
2
Feb
Jan
Mar
6#
16#
33
Jan
Apr
Jan
1#
86
8#
Jan
Apr
Apr
350
20#
Apr
28#
Jan
9
9
100
200
Jan
Jan
Mar
117
7#
114#
9#
110
118#
Jan
106# 107
130
104#
Jan
109
Jan
5,500
12#
Feb
Apr
Feb
20#
100#
20
17
20
26#
5#
27#
80
103#
5#
21#
5#
90#
5#
91#
85#
22,400
4#
84
JO
Apr
Jan
Jan
105#
$#
19
Feb
Feb
Jan
«#
Jan
600
84
Mar
•J
Mar
140
*73
Jan
17
Apr
*«
Feb
Feb
ln
Jan
#
Jan
200
4#
94#
Mar
5#
Feb
Feb
•9 H
Feb
~07# "63# "67# T.600
Jan
07#
Jan
9#
Mar
1#
Apr
Mar
Jan
Jan
5#
Jan
he Mar
1#
103#
Jan
Mar
26#
26#
Apr
Jan
52
Feb
.—-
5#
5#
"1#
1,000
67#
8#
#
4#
4#
600
4#
#
94#
#
94#
1#
11,600
~24#
25#
24#
.....
99
950
73#
Jan
26#
26#
61#
800
23#
24#
Feb
Feb
49#
#
Jan
Mar
2#
61#
Jan
400
140
he
105#
......
13#
20#
110#
Ohio PS 7% 1st pref—.100
1
8
Apr
11#
X
1#
Ohio Oil 6% preferred—100
Ohio Power 6% pref...100
5
10#
"Feb
43
Nor Central Texas Oil...5
Nor European Oil com... 1
Northwest
Jan
Jan
Apr
Apr
Jan
Jan
Jan
.a"
Nor Amer Lt A Power—
Jan
Mar
Jan
Mar
11#
115
"u#
6% 1st preferred—100
Middle States PetroleumClass A v t o new—...1
40
Apr
Apr
3# Mar
200
.....1
10
16
25
Participating preferred.*
Merritt Chapman A Scott *
Metropolitan Edison—
$6 preferred—
...»
Michigan Bumper Corp.. 1
Michigan Steel Tube..2,50
Michigan Sugar Co
*
1#
7#
162#
4#
SI#
12#
10
7#
6% prior preferred
60
No Am Utility Securities.*
1#
10
Apr
Feb
"43"
50
Nineteen Hundred Corp B1
Nlplsslng Mines
5
Noma Electrio
.1
400
Apr1
Mar
Class A opt warrants....
Class B opt warrants....
Jan
4
Feb
Apr
Mar
1
Niagara Share-
Mar
Apr
Jan
26
200
5
10
17
'it
Jan
11
5#
"16#
N Y Water Serv 0% pf.100
Niagara Hudson Power-
39
Feb
Apr
9,700
3.400
12
100
Jan
15
Apr
21#
141#
13#
17#
New York State El A Gas—
Feb
100
15#
7#
200
16
94
5% 1st preferred....100
5% 2d preferred..—.100
Mar
Jan
Feb
0
♦
106#
he
7#
3,300
10
28
45#
9#
12#
"40"
New Idea Inc common...*
New Jersey Zinc...——25
Jan
24#
#
4#
4#
3
12#
New Mex & Ariz Land—1
New Process Co——1
Jan
250
Jan
Feb
Feb
3% cum4%non-cum.l00
Feb
2,100
1,200
Feb
let preferred
1#
#
IX
he
Jan
77
Jan
Jan
Jan
18# Mar
9#
15#
Jan
Jan
To
28
14
5
Mar
Apr
SO
4#
3#
~8~&66
"9# lo#
68
103
1
Jan
Jan
Jan
Jan
he
10#
13#
20
Mar
Mar
22
10
77
68
400
Mar
Jan
Apr
26
1,000
6
.....*
5,800
39#
86#
1
171
20
Apr
2#
7#
Mar
138
16#
§Ncbei (Oscar) Co com...*
Nebraska Pow 7% pref. 100
Nehl Corp old common...*
N Y Pr A Lt 7% pref—100
$0 preferred....
.*
Jan
Mar
87
166
500
"12# "l3# """406
Nat Union Radio Corp_._l
Navarro Oil Co.
*
New wi__
Jan
Feb
350
....
4#
National Oil Products...4
National P A L $6 pref...*
National Refining com
*
Nat Rubber Mach
..*
National Steel Car Ltd...*
National Sugar Refining.*
Jan
Mar
"12" 100
#
7%
preferred—
25
National Candy Co.—...*
National City Lines com.l
$3 conv preferred
60
5#
24#
#
25
29
#
National Breweries com..*
6#
$8#
he
Apr
2
Murray Ohio Mfg Co....*
Muskegon Piston Ring.2#
Muskogee Co common...*
0% preferred
—.100
2#
100#
Jan
700
Mountain Sts Tel A Tel 100
25#
Massey Harris common..*
Preferred
*
.
Mar
£1
....*
Marlon Steam Shovel....*
Mesabi Iron Co
common
10
Margay Oil Corp
McWilliams
New
1#
48#
44#
2#
0#
250
Feb
7
Warrants....
NY A Honduras Roeario 10
N Y Merchandise.—.10
Marconi Internat Marine
Master Electric Co
Mountain City Cop com.5c
Mountain Producers....10
Mountain States Power-
20
2#
Louisiana Land A Explor.l
Louisiana P A L $0 pref..*
Communica'ns ord reg
7#
37
iMoore (Tom) Distillery.l
ftge Bank of Col Am sha—
21
1#
42#
...*
Jan
1
70
9#
29
Apr
Long Island Lighting—
7% pref class A
100
0% pref class B
100
Loudon Packing........*
11
Mar
Jan
#
57#
8#
6#
100
16#
6#
13#
Jan
Apr
Apr
Feb
100
Class B
13#
9#
8#
5#
6
Loblaw Groceterias cl A.
Locke Steel Chain.......6
114#
2#
117#
5#
12#
800
Jan
Jan
Feb
Jan
6
Jan
1#
1#
7#
4#
5#
Apr
Mar
1#
Lit Brothers common....*
105
110# Mar
Nestle Le Mur Co cl A_.
Nevada Calif Elec Com. 100
9#
"~50
2#
Apr
100
Mar
15#
0
preferred.......
Lehigh Coal A Nav
Jan
19
5#
Nelson (Herman) Corp...6
100
Conv
0
Jan
5#
Neptune Meter clafts A...*
""266
Class B..............
Line Material Co
70
New Engl Pow Assoc..—*
15#
Class A..............
Le Tourneau (R
400
Jan
Langendorf Utd Bakeries-
Leonard Oil
09#
Moody Investors part pf
Key Co common
94
700
Mar
17#
11
69
Nachman-Springfilled... .*
93
300
Montana Dakota Util—10
Jersey Central Pow A Lt—
0%
7%
2#
8#
Monogram Pictures com.l
Monroe Loan 800 A..
1
Jan
Feb
450
17
1
Monarch Machine Tool..*
8#
#
Investors Royally
15#
7#
75
107
preferred—..—.100
300
Interstate Power $7
pref.*
..1
Iron Fireman Mfg v t c...*
Irving Air Chute—..—1
Italian Superpower A....*
Jacobs (F L) Co.—.....1
0%
200
3#
#
9
105
2#
Missouri Pub Serv com
Mock Jud Voehrlnger—
Common
$2.50
300
High
Low
Mississippi River Power
15#
1#
9#
14
Vitamin. ..1
105
300
19
Midwest Piping A Sup...*
23#
400
8#
X
for
4#
18#
10
Feb
30#
International
Mldvale Co..—.—.'
Mid-West Abrasive.—.50c
Midwest Oil Co
21
$1.76 preferred
Interstate Hosiery Mills,.*
Mar
70#
$3.50 prior pref—
*
Warrants series of 1940,
Interstate Home Equip—1
# Mar
11
3,600
1#
100
7#
3# 132,900
12#
11
1#
7#
1#
1H
23#
Price
Midland 8teel Products—
$2 non cum dlv shares.'
he
Non-voting class A.
——1
Par
Mar
113
Range Since Jan. 1.1940
Week
of Prices
Low
High Shares
Midland Oil Corp—
$2 conv preferred—...
Mar
Clase B
Week's Range
Sale
Jan
109#
#
110# 110#
Last
Hihg
Low
#
Indpls P A L 6 34 % pf-100
Indian Ter Ilium Oil—
STOCKS
(Continued)
Range Since Jan. 1,1940
Week
of Prices
Low
High Shares
for
Sales
Friday
Sales
Friday
STOCKS
{Continued)
V t c
April 13, 1940
New York Curb Exchange—Continued—Page 3
2390
Oilstocks Ltd common...5
Oklahoma Nat Gas com. 15
$3 preferred
.....50
$5# conv prior pref.—*
Oldetyme Distillers
....1
Oliver United Filters B
*
Omar Inc
............1
Overseas Securities
*
8
19#
49#
104# 105#
113# 113#
8#
12#
20#
34#
22#
2#
Jan
106#
Jan
9#
900
1,300
24
107# 108
8
8#
19# 20#
48#
100
10
14#
20#
34#
110
110#
106# 106#
114# 114#
114# 115
115
Feb
70
49#
he
Jan
3# Mar
6#
11
Jan
Mar
200
16#
Jan
100
34
Apr
19#
Jan
750
he
107#
115#
9#.
15#
20#
Jan
24
Apr
Mar
Apr
Jan
110#
Jan
Feb
107
100
98#
113#
30
112#
Feb
60
300
100#
7#
Jan
Feb
900
18#
Jan
50
350
116#
175
2#
5,800
46
Jan
Mar
37
107
150
Feb
Apr
Apr
Apr
116#
116#
108#
8#
21#
Feb
Mar
Apr
Apr
Apr
Jan
50
Mar
111# Mar
117
Mar
1#
Feb
2#
Apr
7#
2#
Jan
8#
3#
Feb
Jan
Feb
Volume
Week's Range
for
Sale
of Prices
Low
High
Week
Par
Price
Pacific Can Co common.. *
34 K
33K
33 H
pf.25
6 K% let preferred
25
Pacific Lighting $5 pref.
Pacific P *. L 7 % pref—100
Pacific O * E 6% 1st
2,600
Low
Feb
Apr
92
Feb
31K
Jan
25
107
Mar
Feb
108 K
95 K
Feb
88
5K
Pacific Public Service—
20
Feb
Jan
6,200
8K
Securities Corp
Seeman Bros Inc
14K
10K
34 K
35K
500
Penn-Mex Fuel
50c
~~~H
Penn Traffic Co
2K
Pennroad Corp com
"lH ~~2K
2 K
1
ib~500
111K
pref
Jan
16 K
Apr
Jan
35K
Apr
Selfrldge Prov Stores—
Amer dep rets reg
£1
Apr
Sentry 8afety Control
K
Mar
Mar
IK
UK
Jan
100
79K
78
79 K
225
*
1
113K
Jan
Mar
Feb
2K
Mar
Mar
Jan
Feb
77
Mar
72 K
90 K
Feb
28 K
Mar
Mar
8K
Jan
f3
7K
7K
500
30 K
25
230 K
Mar
Jan
South
Feb
Southwest Pa I'lpe Line. 10
Jan
Southern Calif
-
IK
IK
2.100
IK
8
8K
1.000
7K
40 K
Feb
2*
Jan
8
Feb
7.50 "id"
10
25c
Potcro Sugar common
5
Powdrell 4 Alexander...5
Power Corp. of Canada..*
6% 1st preferred
100
Pratt 4 Lambert Co
"
Premier Gold Mining
Pneumatic Scale com
300
Jan
UK
Apr
Mar
Jan
Jan
Mar
150
30
—*
15K
15 K
120
Jan
15 K
Apr
8K
IK
IK
400
IK
Feb
Jan
Jan
42
Mar
Jan
10
Feb
hi
Jan
«i«
Apr
Feb
5K
Jan
9 K
Feb
1
Common
97 K
Jan
102
Apr
10
20 K
108 K
Apr
Standard OH (Ohio) com 25
35K
Mar
4,000
39 K
Feb
62 K
Apr
104K
Jan
109 K
Feb
Jan
112K
Feb
75
575
75 K
22 K
Mar
Mar
10,600
UK
Jan
Feb
10 K
Mar
7
117K
400
80
115K
151K
130
149
Apr
*
12
50
12
Apr
10 K
10 K
50
6K
12
9K
125
10
K
Raymond Concrete Pile—
300
preferred
Raytheon Mfg com
Red Bank Oil Co
11
UK
*
60c
39
39
1
1
100
IK
800
H
IK
IK
*
*
common.*
Reiter-Foster Oil
50c
Reliance Elec 4 Eng'g—6
5K
Reeves (Daniel)
6K
10
12 K
Jan
3K
Mar
3 K
Feb
Feb
Feb
Feb
K
Feb
35
Jan
14
40 K
Mar
Jan
IK
2K
Feb
20 K
6
Jan
H
13H
Feb
Apr
24 K
Jan
100
5K
Mar
K
400
K
Jan
Feb
Jan
Jan
Mar
12 K
H
Apr
Apr
Feb
Feb
19 K
Mar
x5H
Jan
IK
Feb
2K
Apr
48"800
6K
K
1,200
hi
19K
500
18 K
2K
2,500
19
2K
1
Rio Grande Valley Gas CoVotlug trust ctfs
1
Rochester G4 El 0% pf C100
6K
~~6K "6K
K
Richmond Radiator
Mar
Jan
4K
"oh
Mar
•h
hi
103K
103K 104 K
325
"13K
100
K
1,600
Jan
101
Mar
104 K
Feb
J»n
103 K
0% preferred D
100
Rochester Tel 0K% prflOO
104 K
U6 K
Jan
111K
Inc..*
13 K
Jan
Feb
12 K
Jan
Feb
Jan
14
Rolls Royce Ltd—
ord reg—£1
com—6
5
Petroleum Co
1
Am dep rets
2K
2H
pref..——20
Rossla International
*
Roy all te Oil Co Ltd—
Royal Typewriter
*
Russeks Fifth Ave
2>4
Rustless Irou 4 Steel
1
$2.60 conv pref
*
Ryan Consol Petrol
*
Ryerson 4 Haynes com—1
St Lawrence Corp Ltd—*
Class A $2 conv pref..50
$1.20 conv
St Regis Paper
preferred
Samson United
Savoy OH Co
Schlff Co common
IK
2K
1
200
6K
Mar
7 K
200
6K
K
Apr
Ht
Feb
56
3K
'14 H
3K
300
3
Jan
K
Jan
15
3,700
13
Mar
49
14
48
200
43
Jan
500
IK
2K
IK
3K
3K
200
"2K "in
2K
£1
Def registered
..5s
Todd Shipyards Corp
*
Toledo Edison 6% pref 100
7% preferred
100
Tonopah-Belmont Dev. 10c
Tonopah Mining of Nev.l
Trans Lux Corp
1
100
IK
IK
3K
Feb
Jan
Feb
65
Mar
5
Mar
15 H
Jan
49
Apr
2K
Jan
2
Feb
4K
15
Jan
10
Jan
Transwestern OH Co
89,900
2K
Mar
4K
Apr
Trl-Continental warrants
72 K
70 K
73 K
1,550
67 K
Jan
75 K
Jan
Trunz Pork
4K
OK
H
700
4K
K
3K
K
15
2,500
Jan
13K
13 H
K
13 K
29K
29K
30 K
K
2393
K
100
200
1,600
12 K
28
Apr
Mar
7K
1K
Jan
Jan
Jan
35
5
footnotes see page
Feb
Jan
Mar
Jan
-*
*
8covlll Mfg
..25
Scranton Elec $0 pref—
700
400
Feb
Jan
14
Mar
11
Mar
Jan
20
28 K
Mar
Jan
K
1,300
K
1,400
2>K
Feb
37 K
Mar
110
Feb
K
K
20
Mar
27 K
Jan
8
Apr
10K
Apr
K
Jun
*ii
32 K
1
Mar
40 K
Jan
Jan
IK
Feb
21
26
Mar
50
Mar
8K
10 K
*ii
2,900
5.300
35K
900
K
3K
57 K
67 K
14
3K
K
1,300
1
14
57 K
Mar
«il
25
100
4K
900
S7
Apr
Apr
12
Jan
3K
Mar
21
Jan
Jan
Jan
Feb
IK
Jan
62
Feb
UK
Feb
4*4
Feb
31
Jan
36
Feb
8
Feb
8
Feb
Apr
OK
2
400
6K
IK
Jan
9
Jan
2
Jan
2K
2K
200
2 K
Jan
3K
Feb
4K
500
4K
Mar
•ll
Mar
4K
K
Jan
Jan
"16 K
""206
9K
Feb
J"K
500
13K
Apr
Apr
15
Apr
8K
4K
"16 K
4
"10"
9K
2,500
14K
1,800
9K
10 K
IK
IK
13K
15
2
Jan
"Is"
4,200
IK
Jnn
38K
38K
300
33 K
Feb
34
100
33
13K
34
Mar
29K
5K
29K
*ii
'ii
»n
K
16K
15K
•»
15K
2K
2K
300
24K
3,450
0K
4K
300
6K
4K
2
Jan
38K
Apr
30
Jan
Jan
Jan
13
10.900
Jan
Jan
Mar
9K
6
Jan
Jan
Mar
36 K
Jan
«»•
Jan
200
K
Jan
K
•ii
Feb
3,800
12 K
Jan
1«K
Feb
600
27
Jan
Mar
114
110K
23 K
14 K
22K
2,100
15
14
Jan
2K
18 K
Feb
2K
Jan
Jan
24 K
Apr
11K
Jan
16
Apr
Jan
1
Jan
Mar
69
Jan
4K
Jan
5
Jan
10K
Mar
"64 K~
Jan
H
66
4K
4K
800
10K
Jan
72
Apr
Ordinary reg
Corp com. 1
...
6H
H
300
2K
2K
5K
com—...5
100
Salt Dome Oil Co
K
10 K
11K
11
Rome Cable Corp
Roosevelt Field Inc
Ordinary shares.
2K
Jan
108 K
35
Stein (A) A Co
SterchI Bros Htores..
K
K
50
Tobacco Secur Tr—
13
100
*
Goods
Feb
10 K
5K
K
Republic Aviation.......1
{Reynold* Investing.....1
Rhecm Mfg Co
...—1
ltocser 4 Pendleton
.
25
25
Reed Roller Bit Co
Mar
Jan
10 K
-*
Common
*
common..*
*
6% 1st preferred
60
6% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Inc
—-.1
Stetson (J B) Co com
*
Stlnnes (Hugo) Corp
6
Stroock (S) Co
.....*
Sullivan Machinery
*
Sun Ray Drug Co..
1
Sunray Oil
1
5K% conv pref
50
Superior OH Co (Calif)..25
Superior Port Cement
$3.30 A part
*
Class B common
*
Swan Finch OH Corp....15
Taggart Corp com
1
Tampa Electric Co com..*
Tastyeast Inc class A
1
Taylor Distilling Co—..1
Technicolor Inc common.*
Texas P A L 7% pref.. 100
Texon OH A Land Co..—2
Thew Shovel Co com
6
Tllo Roofing Inc..
1
Tlshman Realty A Constr *
Tobacco A Allied Stocks..*
Tobacco Prod Exports.—*
Mar
125
n
800
Inc.20
Apr
J
1,300
Steel Co of Canada—
Mar
8
Railway 4 Utll Invest
IK
20K
Corp v t c.l
Starrett (The)
7*
«
phate A Acid Wks
Apr
153 K
Jan
Mar
100
K
10K
Standard Steel Spring
32 K
21
Jan
Mar
24
37 K
110
Standard Silver Lead
109 K
Jan
10 K
Jan
K
1
5
Standard Tube clB
1
Standard Wholesale Phos¬
130
Jan
Jon
35K
26
100
86
J*n
K
Preferred
26 K
IK
K
14
20 K
110
Jan
'J
19 K
.
8
1
*
Standard Products Co.—1
Jan
Mar
12K
100
$5 preferred
■i«
2K
200
1,900
$1.60 conv preferred-.20
52 K
com...*
A.l
IK
Standard Invest $5K pref *
Apr
150
Ry 4 Light Secur
IK
108 K
K
51
21
23
Standard Dredging Corp—
Common class B—
16
K
15K
K
10
preferred
Jan
Feb
Mar
300
15K
22
15K
9
117
Sanford Mills
Conv
Feb
IK
»i«
♦
Standard Cap A Heal com. t
12
Jan
IK
*
Spencer Shoe Corp
Stahl-Mcyer Inc
Standard Brewing Co
Jan
Manufacturing..10
*
100
7%
Spanish A Gen Corp—
Am dep rets ord reg..£l
Mar
preferred
Quebec Power Co
Root
6% 1st preferred
5K
6
Quaker Oats common
Rice Stix Dry
Apr
Spalding (A G) & Bros...1
Mar
8K
8K
6 K
$3 conv
6K
2K
Standard Pow ALt
10 k
0%
19 K
Jan
Jan
Apr
Pyle-Natlonal Co com...5
Pyrene
Jan
Mar
25
Mar
5K
113 K
im
Apr
170 K
2K
100 K
81H
f8K
Feb
14 K
Jan
110
Mar
600
Feb
107 K 108K
Jan
66
167
1,000
79 K
*
*
4 Tim *
20
2K
Okla—
preferred
68K
6K
51
Puget Sound Pulp
68K
2
2K
110K
79
Mar
6K
Preferred A
1,175
Puget Sound P 4 L—
$5 prior preferred
IK
Southland Royalty Co...5
Jan
99 K
110
Mar
100
Mar
Apr
97
6% prior lien pref—100
7% prior lien pref...100
Jan
30K
Apr
98 K
preferred
30 K
Jan
3K
Standard Oil (Ky)
*
Jan
28 K
0K
Colorado
1st preferred
100
7% 1st preferred
100
Public Servloe of Indiana—
2 UK
100
11K
Jan
106K 106K
preferred
6%
46 K
2,800
Jan
Jan
1,900
Mar
30 K
29K
IK
30 K
Jan
Jan
Apr
9K
100 K 102
8K
Feb
29K
8
8K
Jan
35
Apr
24 K
—
44
Jan
2K
3K
Prudential Investors.....
Mar
4K
8J K
5,COO
Mar
22
5K
Apr
Jan
'it
K
IK
37 K
150
400
39K
25c
760
1,300
200
7K
Prosperity Co class B
IK
40K
28
5,400
IK
Jan
2K
IK
5K
UK
3K
81K
20 K
1
Apr
Apr
5
3K
50
700
2 K
8K
'""206
"""dOO
Jan
Jan
4 -t. Jan
3K
Jan
IK
1
200
IK
2,800
4K
10 K
Jan
"sk ~T"
Metals of Am—
2K
IK
*
25
H
"24 K "24 K
Mar
Feb
K
Mar
Southern Pipe Line..... 10
4K
7K
105 K
Feb
IK
Soutncrn Union Ga<
Jan
7K
400
Feb
15
1
K
IK
Jan
Apr
1,300
Apr
Jan
IK
11
1,100
4K
K
2
IK
Southern Phosphate Co. 10
Apr
104
Jan
Apr
Mar
44 K
30 k
7% preferred
..100
South New Engl Tel... 100
Feb
4
K
4
Prentice-Hall Inc com...
$0
61K
Jan
Jan
2
Edison—
6% original preferred.25
6% preferred B
25
5K% pref scries C...25
Southern Colo Pow cl A.25
Jan
IK
9K
155
27
Jan
99
Feb
39K
"Ik
Apr
Apr
Feb
Mar
143
4K
...25
Penn Oil
9K
148" ""106
2
2
OK
9K
....
4K
IK
Mar
IK
K
54 %
13
10
10
....
IK
Jan
Feb
Apr
Apr
103
12
520
Co
Jan
22 K
IK
Jan
1,000
800
liK
Jan
Amer dep rets
8 K
45
800
""300
Jan
19
100
Feb
34
IK
102K
14
50
Singer Mfg Co Ltd—
Apr
12
10
100
144 K
13K
45K
12
Co.l
Jan
Mar
15K
100
Singer Mfg Co
47 K
43 K
Pittsburgh Plate Glass. .25
Jan
22 K
300
Jan
45
12
58
Jan
Apr
22 K
22,300
Jan
scries A. 10
Public Service of
1UK
11K
IK
Feb
Mar
12H
13K
102 K 103 K
Apr
100
Skinner Organ.....
15K
11K
Apr
6K
Jan
Sioux City G A E 7%
Jan
54 K
8K
18 K
Feb
4K
K
Jan
6K
11K
Feb
Feb
Mar
FK
15K
89
IK
Feb
25,400
50
Mar
111
3K
Jan
120
15
*
4 L E RR—.50
Mar
50
Pattern com-.l
Simpson's Ltd B stock...*
Simmons H'ware & Paint.*
Simplicity
9K
8K
Jan
Feb
13 K
200
Feb
IK
2K
9K
22 K
4K
*
$3 conv pref
ord reg.£l
pf 100
5
Solar Mfg Co
1
Sonotonc Corp
.1
Boss Mfg com
1
South Coast Corp com.__l
6
117
1,500
7
•n
Jan
Simmons-Boordman Pub—
Mar
Jan
1,250
100
98
Jan
Mar
Apr
15K
*
Sllcx Co common
7K
13K
$0
*98 "
300
K
6K
69 K
60
10K
Feb
14
preferred
100
6,000
bhreveport El Dorado Pipe
Line stamped
25
Feb
*
Pittsburgh Forgings
1
Pittsburgh 4 Lake Erie.50
$7 prior
8K
6H
17K
113K 113K
.10
Pltney-Bowea Postage
$6
8K
5K
17
Jan
Feb
*u
2
15
Mar
Public Service of
Feb
3,000
5% cum pre/ser AAA 100
5K
Providence Gas
*i«
1
Jan
700
Producers Corp
Jan
Jan
6
1
Pioneer Gold Mines Ltd.-l
Pressed
62 K
38 K
1
Polaris Mining
400
65
5H
Plough Inccom
60
8K
6
Pleasant Valley Wine
68
6K
31K
6 K
Pittsburgh Metallurgical
Jan
K
112
Pines Wlnterfront Co
Pitts Bess
Feb
5
1
Jan
"30 K
»*»*■****'
Pierce Governor common. *
Meter
Feb
4K
52K
Shawlnlgan Wat & Pew..*
bberwln-Williams com..25
Phoenix Securities-
Conv $3 pref
K
50
550
60
166 K
12
1,200
7K
*
pref.25
pref
Common
900
Sbattuck Denn Mining...5
2
7K
7K
7K
Philadelphia Co common.*
Phillips Packing Co
K
69 K
5
Jan
2K
20
20
850
Pnlla Elec Pow 8%
•ii
57 K
5
2K
70 K
Jan
11
Mar
59 K
—1
-
stock
Apr
Mar
Apr
IK
Jan
66K
Phlla Else Co $5
Jan
Mar
Common
Serrlck Corp
1
Seton Leather common...*
3
Jan
Mar
8K
Selected Industries Ino—
Convertible
Mar
67K
Phiuis Tire 4 Rubber
9
$5.50 prior stock
25
Allotment certificates...
111
2K
Pepperell Mfg Co
6K Mar
Feb
109
Penn Water 4 Power Co.*
Perfect Circle Co
900
200
21,400
IK
Feb
IK
Jan
7
10
Jan
40
200
172K 175
K
1
Feb
39 K
Jan
9K
Jan
200
109K
109
preferred
Penn Salt Mfg
Penn Traffic Co
Apr
89
Sherwin-Williams of Can.*
400
2
111K 112
IK
*
*
Co
50
Pennsylvania tugar com 20
$0
1
6K
Jan
37
Pennsylvania Gas & Elec—
Class A common
*
Penn Pr 4 Lt $7
Mar
1
Feb
65
*
*
12.80 series pref
K
6K
10 K
Pennsylvania Edison Co—
$5 series pref
Jan
100
K
1
10
Selby Shoe Co
12 K
100
11,300
20
18K
20
Mar
Mar
Feb
OK
"11
*
...*
Selberllng Rubber com
Jan
35 K
49 K
2K
Cent Airlines com.l
Penn
63
Hardware—1
Feb
......
K
Mar
Jan
7K
*
6K
Jan
33 K
*
29 K
412
1
K
general...*
Feb
43 H
12
com*
...25
$1.40 pre'erred
Jan
1,100
9K
K
Warrants
Apr
100
800
Peninsular Telephone
8K
12
~47K
~47~
*
Grocery A
800
8K
*
Sculin Steel Co com
30
~9~~
50
12K
9H
12 K
10
Porkereburg Rig 4 Reel _ _ 1
Patchogue-Ply mouthMllls*
Pender (D)
Class B
X
High
24
45K
pref..*
3K
Apr
Jan
4K
3
Paramount Motors Corp.l
Parker Pen Co..
Water Service $6
Segal Lock &
4H
4K
4K
American shares
Low
100
Scranton Spring Brook
Feb
Pantepec Oil of Venezuelar—
Shares
27
26
26
Scranton Lace common..*
Feb
6K
Mar
20
*
1st preferred
Mar
60
*07K 107 K
89}*
14 K
34 K
13X
33K
Range Since Jan. 1, 1940
for
Week
of Prices
High
Low
Price
Par
High
30 K
89 K
Sale
(Continued)
Shares
Week's Range
Last
STOCKS
Range Since Jan. 1, 1940
Last
Sales
Friday
Sales
Friday
STOCKS
(Continued!)
$1.30
2391
New York Curb Exchange—Continued—Page 4
149
35
Jan
Mar
1
Jan
Jan
14
Jan
Mar
31
Jan
275
72
68
20
Class A—
Corp.—1
1
Tung-Sol Lamp Works...1
80c conv preferred
Udylite Corp
lUlen A Co ser A pref
pref
..*
1
*
Mar
IK
2K
IK
2K
3
2,500
800
Jan
109
Jan
116
Apr
■ii
»n
10
114K 114K
105 K
112
■il
107K107 K
Jan
K
Jan
IK
Apr
2K
Mar
3K
Feb
1
Jan
Apr
Jan
K
8K
8K
Jan
Hi
2,600
Jan
•ll
8K
7,«
Jan
rSK
Jan
9K
1,100
8K
Apr
10K
Jan
Jan
39 K
Feb
Stores Inc...*
Tublze Chatlllon
Series B
70 K
•ll
5
250
2K
37
"~7K
81 K
2K
200
2 K
Mar
7K
4K
7K
5K
400
7K
Feb
8
Jan
43,700
Feb
5K
Apr
K
200
3K
K
Mar
IK
Jan
K
Mar
1
Jan
37K
35
K
3K
Jan
New York Curb
2392
Friday
STOCKS
Week's Range
Last
(Concluded)
Sale
Par
of Prices
High
Low
Price
10
Unexcelled Mfg Co
Union CJas of Canada
Range Since Jan. 1, 1940
for
2M
Mar
3X
Apr
Mar
Feb
3X
Feb
17X
Jan
19X
Apr
64X
Jan
64 X
Jan
5X
Jan
100
11X
18M
19M
2,600
1
'io x
United Chemicals com...*
15M
S3
cum
United
10c
16M
12
Jan
UX
16M
Apr
Apr
60
Jan
63
Apr
1
Corp warrants
IX
X
ht
al%
IX
pref. non-voting.*
105 M
Option warrants
United G & E 7% pref. 100
United Lt A Pow com A..*
'i.
Common class B
*
S6
*
%
35 M
25M
1st $7
1st preferred
X
6M
Jan
X
Jan
Jan
8M
Feb
IX
1,200
Mar
6,700
2,400
92 X
Jan
300
X
Feb
*
*xe
83
uie
H
X
34%
li
"i*
IX
Jan
2M
108
Jan
Apr
ht
89
Jan
Jan
25M
39
27
IX
Jan
♦Maranhao 7s
Mar
IX
Jan
29M
Jan
39
Apr
Jan
27
Apr
Feb
74
Mar
Feb
Feb
73M
42 M
Specialties com—1
6M
6X
US Foil Co class B
1
6M
6M
U 8 Graphite com
75M
$5 1st pref with warr—*
U 8 Lines pref
*
43X
7X
6X
110
'"ht""
71
69
4M
1
20
$1M conv pref..
U 8 Radiator com
n3~5~X
1
U 8 Plywood
2X
U 8 Rubber Reclaiming..*
Apr
7M
Feb
83 M
44
42
X
Mar
4
Jan
4X
6M
Jan
7X
Jan
8
6i»
800
4,900
M
Jan
Mar
"""eoo
71
Feb
Jan
Feb
2X
2X
Feb
5
>u
Apr
*tt
Mar
1M
1,500
5,100
Jan
4X
Universal Cooler class A..*
Jan
6X
Universal Corp v t c
Universal Insurance
1
5
8
22
4X
22
6
100
4",300
IX
23 M
IX
1,700
65 X
69 X
225
"\9X
1%
Utah Pow A Lt 17 pref...*
67 X
61
1
Radio Products
1M
stock...'.1
55 M
}UtU Pow A Lt 7% pf.100
Valspar Corp com
1
$4 conv preferred
6
76
7% pref.. 100
Vogt Manufacturing
*
*
25
5X
12
Wahl Co common
Watt & Bond class A
Wayne Knitting Mills...6
Wellington Oil Co
1
Wentworth Mfg
1.26
*
Western Air Express
1
20
Western Grocer com
Common
Westmoreland Inc
Weyenberg Shce Mfg
Wilson Products Ino
*
Co
Mar
Feb
IX
76
12
6X
10
Jan
Apr
Apr
Apr
,..1967
Am Pow A Lt deb 6s
1946
x
1963
x
a
Debentures
4X9
Arkansas Pr A Lt 5s..
1956
x
bbb3
Associated Elec 4Xb
1953
y
b
3
53 M
J Associated Gas A El Co—
♦Conv deb 4 Ms
1948
♦Conv deb 4Xa
1949
z
dddl
16M
16M
17X
16M
17
16 M
♦Conv deb 5s__-_
1950
♦Debenture 5s
16M
17
72
z
dddl
z
dddl
..1955
x
a
2
107M
'64
x
aa
3
109 M
5s with warrants
1947 y bb
2
Mar
4
Jan
♦Convertible 6s
1950
1st 5s series B
5s
C
Feb
59X
Jan
Broad River Pow 5s
Jan
17 X
Feb
Canadian Pac Ry 6s
Carolina Pr & Lt 5s
12 X
Jan
11
Feb
7X
Apr
Apr
Feb
6X
Jan
6X
Feb
6X
Feb
7X
Mar
Apr
Jan
7M
Jan
104 X
Jan
2
11X
9M
112
Jan
Jan
Mar
500
4
Mar
4X
Jan
7
900
6X
Jan
7X
Jan
5M
5M
100
4X
Mar
5X
Jan
11M
5M
11M
1,000
11M
Apr
12 X
Feb
5M
2,700
5M
Mar
6X
Jan
26M
*22
126
26M
3
x
a
2
C ctfs of dep. 1945
D ctfs of dep. 1945
HO
106 %
79 M
104 X 106
71,000
83
Chicago &
U&nols
80 M
80
100%
83 X
14,000
37,000
39
Cent States F A L 5Ms---1953 y b
75 M
86,000
38%
100 X
94 M
105 M
34,000
37X
4
100 X 103 X
106M 107 X
98 M 101M
31H 41
31
41M
71M 83
106 X 106 M
100 M 101X
37 X
|y bb
12,000
Midland—
Ry 4 Ms series A
1956
bbb3
1927
{♦Chic Rys 5s ctfs
x
z
bb
y
bb
1
105
43 X
44 M
46,000
43 M
49
90
91
14,000
85
93 X
1955 y bb
94 M
94 M
3,000
90
95
1966 y b
74
75M
35,000
70
80
72 M
72
74
67 M
78 M
77 M
..1952
Conv deb 5s
1950 y b
Debenture 5s
1958
44 M
72 M
71M
1969 y b
Cities Serv P A L 5 Xb
6 Ms
72 X
71M
277,000
73M
43,000
73 X
41,000
1952
86 X
85 M
88 M
70,000
80
87
86 M
88 M
80 X
94
96
47,000
29,000
y
y
b
b
1949 yb
y
bb
x
aaa4
1951
95
66
M
76 M
92 X
66
92 M
91
97 M
1,000
133
134M
5,000
3,000
109 M 111M
107 X 109
1,000
134M 134M
1971
x
aaa4
1969
x
aaa4
1954
x
aaa4
y
b
Cont'l Gas A El 5s
1943
1958
y
bb
1944 y b
2
1955
2
96
Delaware El Pow 5 Ms ....1959 x bbb4
26M
Jan
29
Feb
25
"28k"
Feb
106
Tobacco
5s
Cudahy Packing 3 Ms
♦6Ms
109M 110M
108
108
126
126
a
4
87%
126
4
92
87%
91%
125M 127X
16,000
78 M
90 M
92 X 182,000
87 M
$2
60
88X
59 X
60
95 X
96%
106
106 M
2,000
32,000
13,000
93
93
96M
104 X 107
.
Eastern Gas A Fuel 4s
c
6M
1
zc
6M
6M
%%
81X
X
1
z
Aug 1 1952
6M
6M
1
1966 y bb
35,000
»M
20,000
M
84
111M
139,666
111
81
83 M
129,000
6X
6M
1
2
82 M
12 X
Feb
12 X
Feb
Edison El 111 (Bost) 3M8.--1965 x aaa4
Elec Power A Light 5s
2030 y b
4
Elmlra Wa Lt A RR 5s
1956 x a
4
111 M
119M 119M
10,000
117M 120
UX
Feb
11X
Feb
El Paso Elec 5s A
1950
x
bbb3
l"05k
105 X 106
II,000
Empire Dlst El 5s
1952
x
bbb2
104 %
104 X
17,000
104 M 106
103 X 105 X
25
t9X
111
13M
IlM
Jan
18
12
Jan
110
40
11M
x
Aug 1 1952 z cc
♦Certificates of deposit
11M
109 M
Detroit Internat Bridge—
"ilk'jan
1,000
1967
x a
3
1954 y b
4
14
110 •
25
♦7Ms ctfs of dep...1946
Cent Bk of German State A
HO
25
♦Prov Banks 6s B..1951
113
25
14
Feb
14
Feb
♦6 series A
113
25
14 X
5s ex-warr stemped
Feb
16
Apr
Gatlneau Power 3 Ms A
General Bronze 6s
11M
Apr
15
Jan
82 M
1
Federal Wat Serv 5 Ms
Finland Residential Mtge
Jan
Ercole Mare 111 Elec Mfg—
6 Xb series A
1953 y b
Erie Lighting 5s
12
111M
77
37 M
Gen mtge 4Xb
"26M "jan
25
19
For footnotes see page 2393.
102 X 103
96 M
95
Consol Gas Utll Co—
25
19
1952
"95"
Cuban
$2,000
25
♦7s ctfs of deposit.. 1948
97
37 X
(Bait) 3Xb ser N
1st ref mtge 3s ser P
35
110
110
♦Bogota (City) 8s ctfs 1945
151M
98 %
99 M
3
1954 y cc
6s ser A stamped
B ctfs of dep. 1945
Bogota (see Mtge Bank of)
♦Caldas 7Ms ctfs of dep '46
♦Cauca Valley 7s
1948
94 M
bb
1957
♦Deb 7s
1951
23,000
18,000
5,000
13,000
y
Consol Gas (Bait City)—
25
ctfs of dep '57
117
96
"97 M
109 M 116
Consol Gas El Lt & Power—
Sales
110
ser
110
bbb3
ConnLt&Pr7sA
1945
♦7s 3d
98 M
34,000
x
97,000
1948 y cc
rXb
Debenture 5s
lombia—
♦Baden 7s
92 M
2,000
Cent States Elec 5s
Cities Service 58
4
Antioquia (Dept of) Co¬
ser
95 M 105
98 M
Cent Power 5s ser D
Apr
35
♦78 2d
2,000
105
141
112M
2
1942 x a
1956 !x bbb2
Cincinnati St Ry 5 Xb A
6s series B
6M
ctfs of dep '57
ctfs of dep *57
106 M HO
6,000
110M
3
2
1954 y bb
...
14 X
10
35
ser
106X 107X
4,000
6,000
3
aa
1968
1959
4
122
ser
75
2,000
110M 112M
112M 112M
151
151M
98
97 M
97 X
96 M
aa
aa
Birmingham Elec 4 Xb
IX
122
ser
28 X
34 X
103M 120
x
Apr
neiies
55
10
dep...j\ug '47
♦7s
12 M
14
66
36,000
111M 116M 185,000
x
6M
6M
♦68 ctfs of dep...Apr '48
♦7
26 X
28%
111M
x
Jan
Jan
ccc3
1960
Bethlehem Steel 6s
9
z
1998
Apr
Week
♦7s 1st
30
12 H
13
107M 107M
109M 110
98M
1957
Jan
Jan
Canada Northern Pr 5s ...1953
29 X
35
ser
62 M
12 X
Bell Telep of Canada—
2X
7*4
Birmingham Gas 5s
122
♦7
129
47
105
2
1947 y bb
Mar
$
A ctfs of dep.
105 X 107 M
76,000
69 X
1968
~
111M
106M 108
62,000
16M
dddl
5s without warrants
15
6
BONDS
ser
108
126
69M
dddl
z
A'55 y b
I,000
10,000
Baldwin Locom Works—
Jan
for
♦7s
i05M
106X 106M
127M 127M
105M 106 M
53 X
54 M
3
z
1977
♦Conv deb 5 Ms
Assoc T A T deb 5 Xs
106 M
Avery A Sons (B F)—
4X
AND MUNICIPALITIES
♦6s ctfs of
101M 103 X
99 H 105 M
103 M
100
17
6,000
17M 120,000
17M
66,000
17M 117,000
19M
9,000
Jan
7X
Jan 1947
106 M
110,000
8,000
bbb3
Feb
6X
♦7s ctfs of dep. Jan '47
105 M
104
23,000
bbb3
Feb
GOVERNMENT
♦20-year 7s
107 X
104
12,000
34,000
103 M
x
IX
7%
♦7s ctfs of dep. Apr '46
103
x
1
Jan
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
106 M 109
104 M
6,000
108 X 108 M
1948
Community Pr <fe Lt 5s...1957
FOREIGN
103
2024
4
Jan
Feb
5M
102
Appalac Power Deb 6s
Feb
2
..5s
104 M
104 M 104 M
102 X 103 X
101M 103
103
3
Mar
102
-
bbbl
4
bbb3
Atlantic City Elec 3X9
Jan
Petroleum
1
Wool worth (F W) Ltd—
y
2016 y bb
1st mtge 4s
Feb
Feb
2
Wright Hargreaves Ltd..*
Jan
Mar
Woodley
Amer deprcts
Co—
2
Winnipeg Electric B com.*
com
Apr
IX
110M 1HM
Jan. 1
1st A ref 4X9
96 X
30
Since
$
Feb
Power
Jan
1
1,000
Range
for
Week
IX
71M
IX
10
9M
Jan
Sales
Range
104M
100
9M
Price
of Prices
Low
High
1968 y bbbl
1,500
4,900
9X
Weeks'
Sale
1st A ref 58
2X
Wisconsin P & L 7% pf 100
Wolverine Portl Cement. 10
Last
Apr
Mar
Jan
6X
Friday
23 X
IX
Jan
Jan
6X
Bank
1,000
20 H
Jan
Apr
1
Wilson-Jones
Mar
42,000
Apr
Jan
9X
300
17 X
104
Jan
5M
400
Jan
105X 106 M
*x
4X
6
Feb
14X
1^666
107 X 107 X
2M
500
5M
X
104 M
Jan
X
1
Mar
*i«
Jan
106 M
ix
99X
Wichita River Oil Corp.. 10
10 X
Jan
X
1
IX
Williams (R C) & Co
*
Williams OU-O-Mat Ht..*
Jan
X
1
Mar
66
25
7X
7,000
1
Alabama
Amer Seating 6s stp
3,500
250
9M
a
Apr
11
Mar
a
Apr
12X
Apr
Mar
16 X
a
30
11
25X
46 X
Jan
x
Jan
12M
Apr
Apr
9X
x
99 X
12%
25
x
2
*
25X
1,000
18
1956
25
*
"Mar
Appalachian Eleo Pow—
Western Tablet A Btatlon'y
Westmoreland Coal Co...*
25
1951
1,650
10
40
25
1946
29
56
*20
See i
Jan
300
56
14 k
40
*20
1st A ret 5s
2X
1M
100
40
"
Rating
Feb
Western Maryland Ry—
7% 1st preferred
Jan
Elig. <fc
Apr
1,700
IX
Apr
Mar
Mar
14M
West Texas Utll $6 pref..*
West Va Coal A Coke
26 X
"26 M*
"12"
18
Jan
Feb
40
*20
26
"26"
1st & ref 53..
Jan
T.ooo
*22
BONDS
1 X
6X
"TX ~~2X
30
*13M
RAILROAD and INDUSTRIALS
55 M
IX
3X
X
2X
28
40
17X
Jan
X
100
*26
*26
1st 5s
Jan
9X
IX
Jan
25
25
Mar
Feb
5M
IX
Mar
15
Mar
17
*
13 X
Apr
Mar
200
*
Class B
Apr
Jan
13%
7,666
13 X
17X
Atlanta Gas Lt 4M8
Walker Mining Co—...1
10%
%
X
Mar
1,300
....*
12X
10 x
14M
...1949
♦Santiago 7s
Jan
Jan
9X
Mar
IX
13M
10
12
1,000
6X
100
7% preferred
Feb
10%
Jan
Mar
25
20
2
13
9X
5%
Wagner Baking v t c.—*
Tube
Jan
Apr
Apr
Jan
52
450
76
11X
"ili
Va Pub Serv
Waco Aircraft Co
27 X
1
17 X
IX
28
30
IX
Apr
X%
XX.
X
1*706
17X
%
1921
♦5Ma
Feb
200
1M
26X
13
Jan
X
2M
ht
17 X
Van Norman Mach Tool.5
Petroleum... 1
IX
55 M
"ix "2"
Utility & Ind Corp com..5
Conv preferred...
7
14
Jan
*16
9%
IX
Utility Equities com...10c
7
Jan
12M
13%
Mar
X
24
Mar
Apr
Apr
6
Jan
IX
*22 X
5
Utah-Idaho Sugar
Jan
17X
8X
16X
Universal Pictures com—1
Universal Producte Co—*
Mar
3
2,200
22
Mar
2
*
Class B
Mar
12M
♦Russian Govt 6M8..1919
Apr
200
2X
Apr
Feb
Mar
3M
2X
Apr
Feb
6
71
IX
2
6
1,000
3,000
10
12 M
*22
dep
1946
♦7s ctfs of dep
1947
♦6Ms ctfs of dep
1947
Mtge Bk ofDenmark 5s '72
r28%
35M
10
Universal Consol Oil
Mar
*10
♦7s ctfs of
Jan
27 X
X
2M
Feb
Jan
2,950
1,900
X
Jan
49
*10
♦7 ctfs of dep. .Oct '47
♦Mtge Bk of Chile 6s. 1931
Mtge Bank of Colombia—
Jan
19M
X
Apr
Jan
3
4,700
3%
Feb
61
300
11,000
*
United Stores common.SOc
Wolverine
X
5M
1st $7 conv pref
Venezuelan
7M
26M *28M
33
35 X
2
2X
4M
52
Feb
10M
*12M
13M
♦Parana (State) 7s
1958
♦Rio de Janeiro 6MS.1959
U 8 Stores common....60c
United Wall Paper
Jan
*X
243 X
1M
7M
71X
1,925
5
U S and Int'l Securities..*
Jan
25
tllM
♦Issue of May 1927
♦7 ctis of dep. May '47
♦Issue of Oct 1927
Apr
X
73 M
19
1,000
*12
♦6Hs ctfs of dep...1954
Mtge Bk of Bogota 78.1947
210
43 M
18.000
25
*5
1958
24
100
4X
-.25
30
12M
13M
♦Medellln 7s stamped. 1951
♦78 ctfs of deposit. .1951
10
10% preferred
30
19
25
20
1958
Mar
United Profit Sharing.-25c
15.50 priority
♦6Ms 8tamped
X
United NJRRA Canal 100
Preferred
40
*10
♦Hanover (City) 7s... 1939
♦Hanover (Prov) 6 Ms. 1949
Lima (City) Peru—
*it
Am deprcts ord reg...
United Shoe Mach com.25
40
1953
1,000
12,600
$3 partic pref..-
Utah
5s
"3" 800
United Molasses Co—
United
Ext
70
Milk Products...*
United
IX
108
105
High
+22
♦External 6M8
1952
♦German Con Munlc 7s '47
♦Secured 6s
1947
Feb
22,200
United Elastic Corp
United Gas Corp com...
Low
Danzig Port A Waterways
Mar
Range Since Jan. 1,1940
$
122
.♦6Ms ctfs of dep...1959
Danish 5Ms
1955
1,400
63
"ili
Week
Colombia (Republic of)—
♦6 ctfs of dep. .July '61
♦6s ctfs of dep..Oct '61
Cundinamarca (Dept ol)
500
14M
63
A Dart pref—
Un Cigar-Wbelan Sts..
"io% "u% "o".900
for
of Prices
Low
High
Price
lx X
2,800
Week's Range
Sale
High
Feb
IX
2M
12M
Sales
Last
{Continued)
Low
Un Btk Yds of Omaha.. 100
United Aircraft Prod
BONDS
Week
Shares
Union Investment com...*
18%
April 13, 1940
5
Friday
2%
12M
♦
Union Premier Foods Sts.
Exchange—Continued—Page
Sales
Banks 6s-5s stpd
Florida Power 4s
ser
*32
-
-
-
ibox
104 X
57
new
46 M
y
cccl
x
bbb3
102M
102 X 103
M
x
bbb3
104 %
104 M 104 M
83,000
1944
1969
y
bb
3
101 X
101
102
27,000
2
84 X
84 X
85
47 M
109 X
101M
10,000
18,000
1940
y
90 X
84
94
130,000
m
b
84 M
96
37,000
1954
x a
84M
112
109
1966
Gary Electric A Gas—
Attention 18 directed to the
77
41,000
1961
C
Florida Power A Lt 5s
77 X
110
44M
*109M HO
100
101M
50
16,000
column in this tabulation pertaining to bank
eligibility and rating of
12 M
98 X
57.
103 M
103% 105
—
100 H
102
83M
87 M
81
94
bonds..
See a.] J
Volume
New York Curb Exchange—Concluded—Page 6
149
2393
Sales
Bank
Friday
Bank
Friday
Elig. &
Last
Week's Range
for
Range
Elig. &
Last
Week's Range
for
BONDS
Rating
Sale
Week
Since
BONDS
Rating
Sale
of Prices
Week
(Continued)
See i
Price
of Prices
Low
High
Jan. 1
0Concluded)
See a
Price
Sales
1953
y
y
bb
z
ccc2
98 M
♦General Rayon 6s A
1948
Gen Wat Wks & El 5s
1943 ybb
4
Georgia Power rel 5s._
1967
1978
♦Gesfruel
Grand Trunk West 4s
a
1
y
b
4
bb
100 %
75
♦Pomeranian Elec 6s
1953
z
b
74Vi
96
101
99
97 Vi 100
16,000
107
48,000
105 %
2,000
66%
106
73 Vi
3
y
ccc4
x
a
*82
77%
3
X a
3
y
b
2
y
ccc2
y c
997666
77 %
"s'ooo
62
62
34
17,000
y
bb
1
90
90 %
10,000
1956
x
a
4
108M 108M
x
a
4
110M 110M
y
ccc2
*49
Power Corp(Can)4MsB
1961
1947
1959
x
a
2
86
1954
z
b
1
*13
y aa
3
154M
154M 155
4
106M
106 %
2
96 M
95%
2
94 %
94
95 %
91
90%
92%
94
94
♦Certificates of deposit
Potomac Edison 5s E
—
4Ms series F
Vi
37
*14
75
78
108%
106 %
60 Vi
6%, perpetual certificates
53
32 M
42M
1966
4s series A
1950 ybb 2
1st A ref 4Mb ser D
35
a
x
Puget Sound PAL 5MS---1949 ybb
1st A ref 58 ser C
1950 ybb
1935
zdd
z
cccl
y
bb
4
Heller (W E) 4s w w
1938
1946
x
bbb2
*102
102% 103
♦Ruhr Gas Corp 6Ms
b
1
Houston Gulf Gas 6s
—-1943
bbb3
104
104
1,000
103 Vi 105
♦Ruhr Housing 6Ms
z
cccl
2,000
101 Vi
1953
-1958
Safe Harbor Water 4Ms... 1979
z
x
San
♦Hamburg Elec 7s
A St Ry 5 Ms
1943 ybb
M8
conv deb 6
1966
Houston Lt A Pr 3 Vis
7MS.--1963
1949
♦Hungarian Ital Bk
Hygrade Food 6s A
Idaho Power 3M8
1949
1967
111 Pr & Lt 1st 6s ser A
1953
6s series B
—
5s ser C
Sf deb5Hs—May
1958
5s
Indiana Hydro Elec
x
1st lien & ref 6s
♦Indianapolis Gas 5s A —--1952
103
112
c
*5
y
b
78
81
27,000
b
77
79
6,000
108 Vi 109
27,000
y
x
aa
x
bbb3
y
z
bb
2
1
x a
6 Us series C
1955
b
1
7s series E
1957 y b
1952 yb
1957 y b
z
67
79
Scripp (E W) Co 5 Ms
1943
x
bbb2
103
Scullln Steel Inc 3s
1951
y
b
2
—
Shawlnlgan W A P 4Ms.--1967
x
a
2
x
a
2
y
b
2
98Vi 100
Southeast PAL 6s
2025
y
bb
4
63%
May 1 1960
x
aa
3
1 '60
x
aa
x
aa
y
bb
S'western Assoc Tel 5s
1961
x
2022
y
bb
1945
x
bbb4
-.1989
61%
17,000
62%
7,000
Interstate Power 5s.—
1952
—
1957
1961
1958
Iowa-Neb L A P 5s
5s series B
Iowa Pow A Lt 4HS-Isarco Hydro Elec
Italian Superpower
Jacksonville Gas
1952
1963
7s.
6s
y
18,000
39
42 Vi
36
40 Vi
1
38
4
ccc2
y
bbb4
y
aa
69M
105% 109%
Ref M 3 Ms
Ref M 3 Ms B--—July
Sou Counties Gas 4 Ms
3
67 Vi
43 M
23,000
34 M
39
49 %
So'west Pow A Lt 6s
22,000
36
S'west Pub
61
47%
69%
40
51
107"
Jersey Central Pow & Lt—
5s series B
1947
-.1961
Kansas Elec Pow 3Ms—..-.1966
Kansas Gas A E ec 6s
2022
Lake Sup Dlst Pow 3 Vis.
1966
♦1 eonard Tletz 7 MS-1946
Long Island 1-tg 6s
1945
Louisiana Pow A Lt 5s
1957
Mansleld Mln A Smelt—
♦7s mtgesf
1941
4 Ms series C
-.
—
z
b
38
2
a
2
126% 127M
x
a
4
107% 108
a
zdd
4
104 Vi
107 H
104 Vi 105
107 Vi 108
1952
1947
1971
xbbb2
Deb 4 Vis
4s series O
Midland States Pet 6Ms~.
y
b
x
aa
1965
1945
1943
1967
1978
1955
x
y
bb
bb
2
2,000
9,000
167666
5,000
45
23,000
104
66%
1957
y
b
3
70
66%
70
248,000
48
72
3
1957 y b
1950 z ccc2
70
66
70
98,000
49
71M
18
24 M
29
46%
24%
30
35
46
6s gold debs
53 %
♦Starrett Corp Inc 5s
Stinnes (Hugo) Corp—
7s 2d stamped 4s
66%
1940
7s 2d 8tamped 4s
105 %
66 M
70
z
y
b
x
x
a
105% 108
'104% 106"
Tide Water Power 5s
105
Tletz (L) see Leonard—
Twin City Rap Tr 5Ms—1952 y b
108
108
71
United Elec N J 4s
1949
x
1956 ybb
109 %
110%
102% 103%
105M 106%
101 % 104%
103% 104%
108% 110%
8,000
95
95%
7,000
99%
99%
14,000
65
92
70
1st lien Agen4Ms
11,000
107 Vi 107%
51,000
106
'l09%
24%
*22 %
109Vi 110%
161666
127 Vi 127 Vi
3,000
124
128
Wash Ry A Elec
2,000
106
110
82 Vi
79
68
69%
68 Vi
67%
*97 Vi
99
227)00
1st ref 5s series B
Deb sf 6s
b
77%
63M
63
83
b
b
2
bbb3
98 Vi
61,000
94%
58,000
96
West
100%
96 Vi
1954
cc
bbb2
x
a
4
103
x
a
4
108
aaa3
106
x
aa
1953
y
b
3
88%
3,000
102% 103
108
108%
26,000
106
106
*113M
64 M
2,000
3,000
—
64 M
"17666
aa
b
105 Vi
b
102% 102%
105% 105%
47
47%
25,000
7,000
6,000
137666
bbb4
104%
104 % 105 %
y
bb
2
111%
111% 111%
6,000
x
aa
4
109
17,000
1962
1955
Water 5S--.1948
Pacific Gas A Elec Co—
1st 6s series B
1941
Pacific Invest 5s ser A
1948
x
a
3
108% 109%
108% 108%
4
x
aaa2
y
b
x
108 M
103 %
aaa4
108%
1
1942
1955
1964
y
bbbl
z
ccc2
4Mb.--—1977
x
bbb2
x
bbb2
Pacific Pow A Ltg 5s
Park Lexington 3s
Penn Cent LAP
1979
1st 5s
1971
x
aa
x
aa
2
esseries A
1950
y
bb
Deb 5Ms series B
1959
1947
y
108% 108M
96%
96%
109% 109%
aa
'fo8~
11,000
8,000
20,000
10,000
3,000
1,000
x
bbb3
1960
Newspaper Un 6s
x
aa
50,000
~6~4~00~0
105%
107M 108
108%
108% 109
107% 107%
*107M 109
107M 107M
1981
x
bbb2
1961
x
bbb2
97 M
1972
Pbila Rapid Transit 6s
1962
Piedm't Hydro El 6Ms~-I960
Pittsburgh Coal 6s
1949
x
aa
3
111M
y
bb
2
y
b
1
y
bb
3
4s series B
4s series D
-
96 M
------
45
106 %
95%
97%
97%
99
111M 1UM
99 % 100
14,000
115
74
82
84
4.000
99 M 100
18,000
100M
19,000
102 % 102 M
14,000
2,000
a
2
bb
1
2
7%
8%
8%
tl09% 112
18,000
------
------
106 M 107 M
6,000
115M
115M 115M
3,000
56 M
101M
99
10%
7%
108% 109%
106 % 108
114
115M
5,000
56
.
106M
60%
105
3,000
29,000
105 M 107
103M 105
M
6,000
96
96 M
19,000
94
97
97 %
——————
-
52 M
104
104
106 % 107
104
■
98
11,000
95M
98 %
103 M 103
-
98
previous
n
a
z
Ex-dividend.
No sales being transacted during current
week.
Bonds being traded flat.
»
Cash sales transacted during the current
e
1 at 103.
week and not Included in
weekly or
yearly range:
No Sales.
Under-the-rule sales transacted during the current week
v
weekly
or
and not Included Id
yearly range:
93%
97%
v
90%
43%
104
3,000
or
week and not Included In
yearly range:
No sales.
97%
101% 104%
Deferred delivery sales transacted during the current
weekly
109 % 112
Abbreviations
Above—"cod,"
Used
certificates of
t c "
v
voting trust
"cons." consolidated
"n-v," non-voting stock
deposit;
"cum," cumulative; "conv," convertible; "M." mortgage;
•
certificates; "w 1," when Issued: "w w." with warrants:
103 % 105%
107% 108%
107%
without war-ants
15.000
107H 109 %
10,000
106
"17666
107% 108 %
107 %
107% 108%
23,000
74,000
35,000
22,000
31,000
3,000
y
94%
97%
96
41M
100
48 M
104 M 106 Mi
Eligibility
and Rating Column—x Indicates
those bonds which we
believe are not bank eligible due either to
provision in the bond tending to make it speculative.
Indicates those bonds we
status or some
z
96%
99'
110M 115
Bank
believe eligible for bank investment.
Indicates issues in default, in bankruptcy, or
The
bond
rating symbols in this column are based on
by
the
rating
In process of reorganization.
the ratings assigned to each
four rating agencies—Moody, Standard, Fitch, and Poor's.
The
and the numeral immediately following shows the number
rating the bond.
In all cases the symbols will represent the rating
letters indicate the quality,
of agencies so
given by the majority; for example, a bond
rated Aa by Moody, A1 by Standard,
by Fitch, and A by Poor's, would be represented by symbol aa2, showing
majority rating.
Where all four agencies rate a bond differently, then the
highest single rating is shown.
A great majority of the issues bearing symbols ccc or lower are In default.
All
issues bearing ddd or lower are in default.
AAA
the
84%
101M 103 %
100% 103
97 M 101 %
| Reported in receivership.
108% 110M
3,000
48 %
Attention is directed to the new column in
93 M
119
98% 100%
3.000
102 % 103 M
99 M 101
Northwestern Elec. Co. 6s stpd. 1945, May
109
29,000
106M 106 M
45
88
116M
89 M
110
107
109%
Peoples Gas L A Coke—
Phila Elec Pow 5Ms
5,000
t Called for redemption?
106 %
105
77%
10.000
57,000
99M
2
x
* Friday's bid and asked price.
A
1954
5s series D
Interest.
49%
111%
109 %
87 %
Deferred delivery sales not Included In year's range,
d ExUnder the rule sales not included In year's range,
r Cash sales not in¬
No par value,
cluded in year's range,
103
43
95%
95
104%
110%
107%
107%
106%
102%
19M
75
t
*
101% 103
104% 106
45
17M
92 M
100
20
20
page
65
Penn Ohio Edison—
Penn Pub Serv 6s C
87
90 M
12%
117% 118%
37% 45%
73,000
86%
68%
No sales.
43%
*42 %
103% 104%
105
aa
x
5s series H
108% 109
103% 104
106 % 106%
bb
x
95 %
'l03%
2
1962
Penn Electric 4s F__
55
103
104
*103
bb
86 %
82
4
z
*
x
Pacific Ltg A Pow 58.
102% 105%
105% 108%
104% 106
113% 114%
8
1,000
116
2
x
2030
5s
z
1951
88%
y
62%
------
18M
108 M 110
102 M
{♦York Rys Co 5s
1937
♦Stamped 5s
1947 ybb
Foreign bonds issues hereafter
99%
81
87 M
1950
1980
1964
2004
11954
xbbb3
4,000
35,000
83
3
1941
102
x
89.000
41,000
mm
3
4s
West Penn Traction
108 % 110
3,000
Serv 4s
52,000
11M
12M
118M 118M
37%
42%
*16
25
91M
------
Yadkin River Power 5s
98 Vi 100%
62 %
— — —
-----
3
71%
71%
1,000
35,000
1,000
—
1944 ybb 2
1941 x aaa2
1966 x bbb3
68Vi
1957
Ohio Public
------
68 M
83 %
2
Wheeling Elec Co 6s
103
Okla Power A
*115. 119M
98 % 100 M
18M
3
Wise Pow A Light 4s
103
Okla Nat Gas 3Ms B
2
71%
122%
67%
69%
109% 109 Vi
1945
3Ms.,—1968
Ogden Gas 1st 5s
Ohio Pow 1st mtge
106% 108%
115
118M
98 % 103%
1
Penn A Ohio—
N'western Pub Serv 5s
38
bb
♦5s Income debt
follow stock—See
bb
aa
19,000
Waldorf-Astoria Hotel—
108% 111%
121
122
*121
"68 Vi
54,000
107%
25%
102%
103 %
y
104M 106 %
66 M
cccl
z
x
West Penn Elec 5s
109
109
79 Vi
20 %
101
x
63,000
68 %
1946 ybb
1950 y bb
.1946 y b
Deb 6s series A
112Vi 112%
3,000
y
98 M
xbbb3
Va Pub Service 5M A
107 Vi
101M
1956
No Boat Ltg Prop 3Ms—1947
Nor Cont'l Utll 5Ms
1948
UN'western El 6s stmp —-1945
------
1952 xbbb3
2
-.1973 y b
Deb 68 series A
"lV2Vi
101
5Mb series A
106
Utah Power A Light Co—
99%
111% 112%
z
x
105
105
1
z
5Ms.—1952 ybb
6s series A
98
98%
-1942 ybb
Nippon El Pow 6Vis
No Amer Lt A Power—
14,000
United Lt A Rys (Me)—
99% 100%
New Orleans Pub Serv—
1st' mtge 3M8
------
40
United Light A Pow Co—
100 % 104 %
68 series A
Debenture 5s
28
35
aaa4
x
1
f 6s
s
9,000
45,000
N Y A Westch'r Ltg 4s
*24
---
35M
4
y
♦1st
4,000
26,000
stamped
--
2
y
♦United Industrial 6Ms—1941
93%
32,000
103% 104 %
108% 109 Vi
♦Ext 4Vis
7,000
z
106 Vi
101 Vi 103
N Y State E A G 4Ms
42 %
12%
-1950
Un Lt A Rys (Del)
104
y
36
1
2022 y bbb2
1979 ybb 3
4.000
102
1949
18M
106 M 107
bbb4
-
1956
18M
22,000
36
1946
Hydro El 6 Ms
18%
z
Texas Power A Lt 5s
107
bbb2
York
70
70%
3
Texas Elec Service 5s
8,000
x
New
3
12,000
95
106 %
105%
108 %
99
107
b
100 H 100 Vi
109 Vi
105
y
3
105% 107%
125% 127%
3,000
1957 x bbb3
1951 x aa 3
1960 ybb 4
Nassau A Suffolk Ltg 5s—1945 y bb 2
Nat Pow A Lt 6s A
—2026 y bbb2
Deb 5s series B
2030 y bbb2
A
------
Dec 1 1966
Debenture 6s
b
1953
I960
108 Vi 108 Vi
106
♦Income 6s series
*106 M 106 M
72 M
90%
103 Vi
5s stamped
+
— „
------
72 M
72 M
99 % 101
106 Vi
aaa2
mtmmi
94,000
70M
268,000
70
286,000
70
66 Vi
104 Vi
104 M 105 %
50
53
48
1,000
bbb3
x
4
1951 y b
'100'vi
2022 x aa 2
Neisner Bros Realty 6s —.1948 xbbb3
Nevada-Calif Elec 5s
1956 ybb 3
New Amsterdam Gas 5s—1948 x aaa2
4
N E Gas A El Assn 5s
1947 y b
4
58
1948 y b
4
Conv deb 5s
1950 y b
New Eng Power 3Ms
1961 x aaa3
New Eng Pow Assn 5s
1948 ybb 3
Debenture 5Vis
1954 y bb 3
9,000
36,000
10,000
52%
72 M
5,000
bbb3
{♦Nat Pub Serv 5s ctfs—. 1978
Nebraska Power 4Ms
1981
52%
106% 106%
102% 102%
48
92
bbb2
1st A ref 5s
52 M
108 M 110M
108 % 110%
49 M
101
x
Mississippi Power 5s
Miss Power A Lt 5s
Miss River Pow 1st 5s
Missouri Pub Serv 5s
2
7,000
y
91
x
4MB
Minn PAL 4Vis
4,000
1948
Terni
67
72
x
Mllw Gas Light
y
109 M 109M
105
105M
Conv 6s (stamped)
Debentures 6s
68 series A
"i7666
67
66%
103M 104 Vi
103 Vi
103
Midland Valley RR 5s
105M
106 %
109 %
102% 105
108% 109
108 Vi
31,000
4
106%
101
92
aa
1955
Vis
Metropolitan Ed 4s E
89,000
60
Memphis Comml Appeal—
Mengel Co conv 4
112M
109M 109M
97 M
95 M
101M
110M H2M
SUlen A Co—
*68
4
112
109M
92
50
United El Service 7s
b
y
112M
90 M
98 M
49
Conv 6s 4th stp
1948
30,000
9,000
McCord Rad A Mfg—
6s stamped
1,000
94
101M
70 M 125,000
*17
1
94
101
—
-
60
40
*15
cccl
x
1,000
*106 % 110
aa
bbb3
29,000
66 M
42
30,000
x
x
31.000
93%
59%
Spalding (A G) 5s
48%
47,000
40
102 Vi 103 Vi
104 Vi 104 Vi
-
59 M
107
51 Vi
—
—
91M
91M
70 %
104
x
z
93%
17
29 M
102 M 104
72 M
63 M
91
98 M
3
11,00
38 M
4
a
2,000
69
91%
91%
136
23
2
12,000
41
4
x
4,000
132 M
12
b
107 M
38 %
x a
4,000
------
99
20 %
15
14M
107 M 109 %
18M
b
106
51 Vi
16,000
------
93 M
y
107
47
3
1,000
------
94 M 100 %
91% 100
90 %
97
z
105 %
—
1942
1,000
19M
106 % 108
1948
39,000
25,000
41
Serv 6s
Standard Pow A Lt 6s
5s stamped
158
6s (stamped)
49 Vi
106 Vi
41
b
y cc
15
150
Standard Gas A Electric—
69% 107,000
47
106
106
47 Vi
106
bbb4
x
y
38 Vi
I
48,000
68
bbb3
28,000
73%
72%
78%
1st 4M8 series D
Sou Indiana Ry 4s
7s series F
6,000
97% 105,000
25,000
27M
103M
103
3
1968
--.1951
70
78Vi
106
Vi
91M
Sou Calif Edison Ltd—
7,000
19,000
34
53
85%
12,000
25
*26
2
1951
International Power Sec—
Debenture 6s
cc
♦Scbulte Real Est 6s
1957 y bbb2
70 Vi
34 Vi
39
110M
50
14
134M 136
*13
35
81
1970
1947
99 Vi
75
109
110
7,000
108M 109M
66 %
Sou Carolina Pow 5s
53,000
68M
68
108
106%
*13
------
Sheridan Wyo Coal 6s
38.000
99
4
y
cccl
97% 100%
98
106
94
2,000
16
109M
aaa2
z
79,000
103
98 H
"76"
aa
x
1937
46,000
103 %
2
14
90 M
11,000
87 %
134M
3
x
Joaquin LAP 6s B.-.1952
99 Vi
106 Vi
105M 107
"~68M
14
83M
83M
------
54
19M
19M
104 Vi
107
%
94
------
107% 109 %
105Vi 107%
103% 107
101 % 104 %
107 Vi
107 Vi
bbbl
Queens Boro Gas A Elec—
5Msseries A
1952
♦Saxon Pub Wks 6s
103%
108% 111
z
1968
Indpls Pow & Lt 3 Ms
103
16
35
1950 yb
1963 yb
Indiana Service 5s...-
15M
103 Vi
*111
3
aa
1954 x bbb3
1956 x bbb3
1957 ybb 3
1st A ref 5 Vis ser B
1st A ret
1
Underground
♦Hamburg El
102
100
Pub Serv of Oklahoma—
63
50
46~000
Since
Jan. 1
Public Service of N J—
50
*14M
♦Prussian Electric 6s
103
54
*52
34 Vi
1
------
93
87%
107 %
2,000
1
91%
75
~70"~ "74"
1.000
101% 101 %
*12
30
2
Range
$
High
2
70
85
*107M
106
*105
2
x a
6s—1958
Guardian Investors 5s
1948
74"
110 Vi
3MS---1963
1945
Guautanamo A West
107 Vi
Low
♦Portland Gas A Cok 5s. -.1940 ybb
Potrero Bug 7s stpd
72 M
Grocery Store Prod 6s
73 M
*17
1
stpd——1950
Green Mount Pow
y
96 %
1,000
1950
(Adolf) 4 Ms
Gr Nor Pow 5s
1948
34,000
74 Vi
1941
Glen Alden Coal 4s
Gobel
"98 %
107
x
1953 z b
1965 ybb
6s
Pittsburgh Steel 6s
99 %
74 Vi
b
1956
Georgia Pow A Lt 5s
98 Vi 102
98 Vi
*98 M
General Pub Serv 5s
Gen Pub Utll 6 Ms A
%
,
this tabulation pertaining to bank
eligibility and rating of bonds.
See note A above.
The Commercial & Financial Chronicle
2394
Other Stock
Baltimore Stock
Exchange
Week's Range
Sale
Low
652
14
37c
65c
793
2.05
100
18%
19%
2.50
422
83%
118%
65
Consol Gas E L A Pow—*
~~82
82
100
118
118
4%% pref B
Davison Chem Co com.. 1
Eastrn Sgrs Assn com v t
*
*
«.
*
-
8
9%
128
128
m>
M*
m
Finance Co of Am A com.5
'm>
128K
Monon W Pa P S 7%
18%
145
37c
1,200
78%
Jan
83%
119%
Feb
8
Mar
7K
8K
Feb
30%
Jan
9%
Mar
169
10
Feb
19%
1.20
Jan
Week't Range
for
Sale
of Prices
Low
High
Wesk
205
Par
Price
10
Mar
Adams (J D) Mfg com...*
Adams Oil A Gas Co com.*
200
IK
Jan
635
12%
Jan
17%
Apr
250
1.20
Apr
1.45
Jan
Jan
Stocks (Continued)
Apr
Mar
Jan
201
88
Jan
conv
67%
67%
70
142
64
Mar
72%
Jan
Amer Pub Serv Co
U 8 Fidelity A Guar
2
22%
22%
23
1,341
22 K
Jan
23%
Jan
pref. 100
Amer Tel A Tel Co cap. 100
Bait Transit 4s flat...1975
33%
37%
33%
37%
35% $32,000
40% 40,500
3,000
95%
26%
Jan
35%
31
Jan
40%
Apr
Apr
92
Jan
95%
Mar
Mar
Altorfer Bros
Armour A Co common
B 5s
1975
95%
95
173%
5
6%
14%
Asbestos Mfg Co com
1
Associates Invest Co com.*
1%
Attaey Trass Wheel Co cap4
"~5%
Auburn Auto Co com
*
Automatic Products com.5
Boston Stock
Exchange
April 6 to April 12, both inclusive, compiled from official sales lists
aaies
Friday
Last
Par
for
Sale
Stocks—
Week's Range
of Prices
Week
Price
Low
High
Range Since Jan. 1, 1940
Shares
Low
High
*
%
50
1%
Common
pref
noit-cum
1st pref
16
50
.
Amer Tel & Tel
10V
%
IK
16
J100
12%
*
12%
Jan
72
10
175%
Jan
Mar
92
Jan
%
103
Jan
Mar
20
290
18 %
Jan
20%
Feb
Apr
4
%% prior pref
0% preferred
1st preferred
Common
Inc
....1
6%
National Tunnel A Mines.*
New England Tel A Tel 100
134"
N Y N H A H RR.
100
42
Jan
24
392
17 %
Feb
24%
Mar
163
60c
Feb
1.00
Jan
35
59 %
Feb
Feb
55
12
Apr
17%
Jan
55
1%
Feb
2%
Jan
530
3%
Apr
4%
Jan
985
21 %
Jan
26%
Apr
Jan
1
267
6
Jan
6%
60
30
Jan
41
2
10
%
Mar
Jan
Feb
14%
Apr
8%
Feb
45
Jan
25
20
Mar
2%
14%
Jan
2%
Mar
310
Mar
15%
Feb
840
4%
Jan
Mar
200
1 %
324
124%
193
»ie
Jan
Apr
Feb
Feb
6% * Apr
1%
Feb
134
Apr
%
Feb
6,070
485
25c
Jan
60c
Apr
12c
12c
752
11c
Jan
15c
Feb
35c
200
mm
—
wm
32c
Sm
14%
14 %
15%
22%
24
Qulncy Mining Co.
25
22%
1%
Keece
Button Hole MachlO
Recce Folding Machine. 10
Shawmut Assn T C
*
Stone A Webster........*
Torrlngton Co (The)
*
Union Twist Drill Co
6
United Shoe Mach Corp_26
0%
...
1%
9
IK
11
9
IK
69c
Mar
Jan
35c
Apr
61
13
Mar
Jan
660
21
Feb
19c
Mar
10
1%
8%
15%
24%
1%
Mar
9%
Jan
200
1%
Apr
1%
Feb
10%
100
Jan
Jan
10%
9%
11K
961
12
Feb
11
264
9
Mar
12%
Jan
32%
32
32%
485
29
Jan
33%
Mar
28
27 K
28
Jan
28
73%
73%
42%
75K
927
25 %
72
Feb
84%
111
42%
Apr
44
46c
60c
2,350
41c
Mar
7K
7%
37
IK
1%
553
9%
80
Jan
*
Prior lien pref
Chain Belt Co com
Jun
13%
Jan
Feb
19%
57
.*
"2l"
Cherry Burrell Corp com.5
Chicago Corp common
1
"l%
Convertible preferred..*
Chi Flexible Shaft com
5
68
114
.._*
100
25
"edc
*
Warren Bros
*
.
43
Jan
Jan
00c
Apr
6%
Jan
7%
Mar
1%
Jan
1%
Mar
Bonds—
Series B 5s
1948
Series D6s
96%
....1948
Series C6s
1948
98
106 %
103
97% $15,000
100
106%
106%
92%
Jan
150
93 %
Jan
4,000
103 %
101 %
Feb
Mar
3,550
97%
Apr
101 % Mar
106%
Apr
100 %
Apr
"82%
Jan
20%
54
Mar
80
112
Mar
100
21
18%
10%
Feb
1%
Jan
77
Jan
21
Apr
12%
1%
12%
100
1%
5,750
36%
150
36
Jan
37
Feb
82%
83
400
67
Jan
84
Apr
Feb
13
Jan
IK
Jan
*1«
*it
40
»i«
Mar
%
Jan
10%
86%
11
200
11%
Mar
887
8%
79%
Feb
90%
Jan
91
Chrysler Corp common..5
5
Capital
Consolidated Oil Corp
Consmrs Co —
*
Jan
5%
600
4
Feb
6K
3%
37%
Coleman Lmp A Stv com.*
Commonwealth Edison—
3%
37%
550
3
JaD
3 %
Apr
Mar
50
35
Jan
37%
Apr
32%
33
14,800
31
JaD
33
15
15%
Apr
13%
Jan
16%
Mar
3
100
2%
Feb
3K
Jan
7%
8
2,545
7
Feb
8
Jan
1
"7%
500
2%
Common pt shs v t c A-50
Container Corp com
20
1
60
1
Jan
1%
Jan
1,450
15
Mar
18 %
Apr
16%
18%
Continental Steel-
Common
..........
Preferred
Crane Co
*
110
25
Cudahy Pckg 7% pfd-.lOO
CunnlnghamDrugStores2 %
Dayton Rubber Mfg—
Common
20%
214
25
Jan
110
30%
100
com
10
110
Apr
110%
22
522
20%
Apr
24%
Jan
Jan
70%
Mar
33
70
380
69
18
600
17%
Mar
17%
2%
23%
16 %
Mar
19 %
Jan
300
1%
Jan
2%
Mar
225
19%
Feb
23 K
17%
2%
22%
Dexter Co (The) com
5
Diamond T Mot Car com.2
Dixie-Vortex Co—
5
5%
50
8%
9%
100
Common
50
Feb
5%
Jan
Jan
10 %
Feb
14%
450
11%
Jan
14%
Mar
37
150
34 %
Jan
88
Mar
13%
13%
17%
150
11%
Feb
18%
500
15
Feb
17%
3
Jan
16
3%
3%
1,050
29%
29%
29%
300
22%
Fairbanks Morse A Co cm*
46%
49%
281
FltzSlmonsAConDAD cm*
10
10%
4%
250
15%
100
Four-Wheel Drive Auto. 10
4
(Peter) Brewing com.5
Fuller Mfg Co com
1
15%
150
4%
1,600
new.*
16
16%
200
pfd(new) .20
66
66
General Candy clA
5
Gen Amer Trans Corp cm.5
Gen Finance Corp com
1
12
52%
12%
54%
2%
2%
47%
48%
619
54
56%
1,950
6%
7%
437
6%
6%
110
$3
cum conv
com
com
Jan
5
14%
*
Gardner Denver
Feb
8%
3%
Fox
19
37
..........*
Class A
Apr
Mar
18
1
Dodge Mfg Co com
*
Eddy Paper Corp(The)cm*
Elec Household Utll cap..5
Elgin Natl Watch Co... 15
33
69
18
Decker (Alf) A Cohn com 10
Decrc A Co com
*
4%
*
54%
Outdoor Adv com *
Gillette Safety Razor—
Common
*
General
4%
37 %
Jan
49%
10
Apr
14
4
Apr
Apr
Apr
Jan
Jan
4%
Feb
12 %
Feb
15%
Apr
3%
Mar
4%
Apr
Jan
18
Feb
66
Apr
150
10%
Feb
12 %
Apr
149
51 %
Mar
57%
250
2%
45%
Apr
Jan
2K
Jan
48 %
51
Jan
56%
4%
Jan
7%
Apr
Apr
Apr
6%
10 %
Jan
6%
Apr
Jan
12%
21%
UK
2<%
17%
Jan
25
Feb
Apr
Feb
11%
11%
100
25
495
150
11%
25%
25%
550
10
17%
19
300
Helleman Brewing cap.__l
9%
9%
29 K
Apr
23%
12
Feb
Apr
Mar
15%
Goldblatt Bros Inc com..*
25%
4
66
50
Goodyear T A Rub com..*
Hall Printing Co com
April 6 to April 12, both inclusive, compiled from official sales lists
20
Chicago Yellow Cab com.*
Gossard Co (H W) com..*
Great Lakes DAD com..*
Chicago Stock Exchange
Feb
Chic A N West Ry com 100
Gen Motors Corp com. .10
Eastern Mass St Ry—
Series A 4%s
1948
18
110
114%
General Foods
com pref
Utah Metal A Tunnel Co
Waldorf System
Apr
36%
15%
1%
450
$7 preferred
Consolidated Biscuit com.l
60c
«.
21
385
H
Compressed Ind Gases cap5
13%
Mar
50c
Feb
20
6
*
Common new.
Mar
140
45
Convertible pref
x32%
40o
*
260
19
19
10
25
50c
60
Apr
23 %
17%
Cities Service Co com...10
Old Colony RR—
Common
Pennsylvania RR.
Jan
2"%
19%
23
Club Alum Utensil com..*
45o
Old Dominion Co
Pacific Mills Co...
7%
Central A S W—
Jan
63
55c
.
Mar
Jan
50c
m
Mar
Feb
54c
m
Feb
4%
120K
612
6%
1%
131% 134
4ii
%
Feb
11%
Jan
Mar
3%
65%
2%
15K
20
Mar
%
Jan
23
Cum conv pref
30c
Camp Wy A Can Fdy cap*
1,200
Apr
9%
2%
6%
7%
Feb
8
10
Jan
2%
IK
14%
17
17
"3%
Mar
North Butte
(Ctfs of dep)__.
7
*
.*
H
4%
6%
1%
s16
6%
Feb
6%
Mar
198
2%
300
Apr
5%
100
2%
956
15%
17
3%
Feb
Mar
600
Mar
Feb
5%
22
Preferred class A__
4%
Jan
%
3
1%
22%
15%
200
750
3%
Jan
7%
Jan
35
Mar
Mar
6% cum pref
100
Mass Utilities Assoc v t c.l
Mergenthalcr Linotype
*
Narragansett Racing Assn
4
25%
22%
7%
2%
26
3%
53%
7%
21
Feb
Jan
Feb
100
70
100
11 %
23 %
Jan
Jan
8%
6%
1%
14%
Jan
4%
17%
10%
10
Jan
%
19%
Loews Theatres (Boston) 25
Maine Central—
27%
5%
36%
Jan
Feb
41
Jan
%
6%
41
4%
100
329
Hathaway Bakeries pref..*
Isle Royale Copper Co.. 15
100
Jan
Apr
Apr
Apr
%
Mar
8
6%
Jan
%
Feb
7%
6%
8%
.
Central-Illinois Secre com.l
1%
1%
Jan
Gillette Safety Razor..._*
150
Jan
Apr
25%
%
11%
18%
11K
11K
16
Employers Group.
*
The Georgian cl A pref..20
Jan
84 %
Feb
2
17%
Feb
Mar
3K
26%
%
400
Mw
12%
16%
1%
18
8%
17
3%
11
78%
647
"~3%
Jan
120
18
100
9%
970
16
100
Adjustment
East Steamship Lines com*
50
10
Apr
12
10%
8
84%
3
62
Apr
Mar
10
Mar
12
Jan
6%
83%
2%
61K
3 %
50
Cent 111 Pub Ser $6 pref..*
15%
"elk"
Feb
9,200
Castle (AM) com (new) 10.
51%
....100
Preferred B.
7%
8
Central Cold Stor com..20
10
66c
4%
Apr
Apr
Apr
Jan
3
65o
%
Jan
17%
100
Jan
Jan
Mar
Eastern Mass St Ry—
Common
Feb
8%
18%
"22%
Jan
1%
2%
10%
18
100
100
2%
Feb
Jan
2%
5%
7
Apr
1
Jan
2%
3
Jan
1%
Mar
3
3
6%
25
1
2
116
5%
200
7
2%
25
Jan
Apr
7
60
2%
2%
...*
.....
Jan
1,257
IK
East Gas A Fuel Assn—
Common
Mar
37
100
22
Jan
19%
Copper Range
15%
1%
45%
4%
Burd Piston Ring Co com. 1
Butler Brothers........10
19%
7%
Apr
Jan
22%
Bruce Co (E I.) com
Maine—
6
7%
Mar
%
*
Feb
Mar
Calumet A Hecla
Common
Apr
149%
60%
Boston Per Prop Trusts..*
Boston A Providence..100
Jan
13%
1
Brach A Sons (E J) cap
Brown Fence A Wire-
12%
Jan
.100
6%
1,150
*5,400
Mar
81
44 %
100
Mar
4%
6%
34%
Jan
175%
7%
5
Jan
Jan
4
10%
17%
11%
Feb
15,250
21%
Jan
343
Cl D lHt pref std
Jan
20%
100
1,160
2,122
4%
~35~~
167%
Feb
Mar
%
6%
11%
757
150
1
%
7%
4%
Feb
Mar
1,450
Jan
48%
Cl C 1st pref std
1
19
89
24%
22 %
10%
2
173% 175%
5H
7%
14%
14%
1%
1%
43
43%
5%
5%
1%
1%
20
210
19%
23%
78
9
97
11
41%
23%
140
1%
95
Jan
Jan
Mar
100
1%
7%
2%
Apr
10
17%
902
47%
7%
18%
Jan
Jan
13%
20%
35 %
50
315
750
224
48
100
350
11
1,210
12%
100
100
19%
37%
2.400
1
86
Boston Elevated
Prior preferred
100
Class A 1st pref std.. 100
Cl B 1st pref std
100
Jan
5
Common
.
144
140
Preferred std
11%
11%
Apr
Feb
100
Common stamped
350
Apr
Borg Warner Corp—
26
100
Boston A
12%
22%
Bliss A Laughiln Inc com.5
Boston Edisou Co
Boston Herald Traveler..*
4
36%
Berghoff Brewing Corp..
Jan
25
84%
4
Feb
11
Jan
2
100 K
140
Apr
2%
21%
60c
Apr
Boston A Albany
84%
3%
150
11
Apr
1%
13%
167%
2,667
100
250
21%
30c
283
Blgelow-Sanford Carpet—
Bird 4 Son Inc...
BarlowABeellg Mfg A com 5
Bastlan-BJessIng com
*
Belden Mfg Co com
10
600
172% 175%
%
%
172%
Associated Gas & El cl A..1
Preferred
Aviation A Transport cap. 1
Backstay Welt Co com...*
Belmont Radio Corp
*
Bendix Aviation com....6
American Pneumatic Ser
6%
Automatic Washer Co cap3
Aviation Corp (Del)
3
3%
11
Aro Equipment Co com._l
Bonds—
10%
3%
36%
19%
pref...*
Psnna Water & Pwr com.*
90
High
Jan
60
19%
Allied Prods Corp com.. 10
Allls-Chalmers Mfg. Co..*
90
Low
9
10%
3%
Aetna Ball Brng Mfg com 1
Allied Laboratories com..*
89%
1975
Range Since Jan. 1, 1940
Shares
3%
11%
Advance Alum Cstgs com.5
"89%
A 5s flat
Sales
tost
Northern Cnetral Ry.._60
4
CHICAGO
Apr
70c
Mar
13K
28
Salle St.,
Friday
Jan
Feb
Jan
258
235
La
Jan
32%
Jan
36c
10 S.
Jan
11%
Apr
17
Municipal Dept. CGO. 521
Trading Dept. OGO. 405-406
Apr
1.25
16%
Principal Exchanges
Apr
Jan
116
2.25
29
2.25
"17K
Apr
17%
29%
2%
17%
28%
North Amer OH Co com.l
2 50
Bell System Teletype
Jan
Jan
17%
16%
Mt Vrn-Woodb Mis cm-100
New Amsterdam CasualtyS
16
262 % 263
pfd25
600
1.60
31
8
Members
Apr
130
36c
-
Mar
30c
Jan
18%
+
Unlisted
Paril H.Davis &€>o.
Jan
21%
20%
Feb
1
Mercantile Trust Co.-.60
Merch & Miners Transp..*
Feb
27
9%
Mar Tex Oil
Mar
18 %
19
120
35
100
Houston Oil pref
High
40
9%
9%
Low
137
31
30%
**
100
790
29
29
1
T re' v t c
72
11
8
-
cl
Fidelity A Deposit
20
Fidelity A Gur Fire CorplO
for
Week
Shares
18%
18%
tinted and
Range Since Jan. 1, 1940
19%
Arundel Corp
*
Atlantic Cst Ln (Conn).60
Bait Transit Co com v t c *
1st pref v t c
of Prices
High
Price
Par
SECURITIES
CHICAGO
Sales
Friday
Stocks—
1940
Exchanges
April 6 to April 12, both inclusive, compiled from official sales lists
Last
April 13,
400
8%
8%
Jan
Jan
12%
Mar
27 K
JaD
20%
Feb
Jan
10
Feb
Jan
Heln-Werner Motor Parts 3
Friday
Stocks—
Par
Week's Range
for
Sale
of Prices
Week
Price
Low
High
Range Since Jan. 1, 1940
Acme Steel Co
*
com
For footnotes
69
25
see page
69
51K
2397.
69%
61%
Jan
10
Mar
39%
39%
20
38
Apr
42
Mar
Horders Inc com
15%
34%
15%
20
13
Jan
15%
Apr
35
100
30
Jan
35
Apr
14%
15%
975
11%
Jan
15 %
Apr
19
19%
850
14
Jan
19 %
1
Apr
*
Hormel A Co (Geo A) com*
Shares
Low
High
Houdaille-Herehey cl B__*
Hubbell Harvey Inc com.5
Hupp Motor Car com
Abbott Laboratories—
Common
9%
Hlbbard Spen Bart com.25
Sales
Last
340
67
Mar
70%
Jan
250
45%
Mar
51%
Apr
Illinois Brick Co cap....10
Illinois Central RR com 100
19
150
10
%
50
3%
3%
%
3%
Mar
200
11 %
12%
255
9%
Mar
%
Apr
5%
13 %
Feb
Jan
Jan
V+lmme
The Commercial & Financial Chronicle
ISO
Sales
Friday
Last
Week's Range
Sals
Stwcka (Concluded)
of Prices
Price
Par
Indep Pneumatic Tool vtc *
24
Low
Range Since Jan. 1, 1940
for
Week
High
Low
Shares
250
Cincinnati Listed and Unlisted Securities
High
Feb
Jan
Inland 8teel Co cap.
88%
89%
127
21%
2%
82%
Jan
243*
33*
903*
International Harvest com*
57%
58%
341
53%
Feb
62%
Jan
Iron Fireman M fg v t c
Jarris (W B) Co-
17
17
16
Jan
17
Feb
Iadlaaa Steel Products cml
Common
3
150
50
*
15
15
15%
1,150
*
com
23
22%
23%
400
50
50
Joslyn Mfg A Sply Co cm_6
Katz Drug Co com
5%
z8%
5%
1
Kellogg Switchboard com.*
Ken-Rad TubedcL'p com A*
Kentucky UtU Jr cum pf .60
6% preferred
100
Kerlyn Oil Co cl A com..5
Death A Co
24
46
101%
Jan
53.50 pref
46
101
Feb
14%
Mar
19
8%
6%
Feb
8%
100
73*
Jan
8%
5%
47%
101%
4
Mar
Apr
Apr
300
43
Mar
49 3*
Jan
Friday
290
100
Jan
1033*
Feb
Last
Week's Range
for
3%
43*
Jan
Sale
Week
Mar
of Prices
Low
High
63*
8%
Apr
Cln Bell Crank
33*
Apr
Cin Gas & Elec pref
Cln Street
100
4%
6%
50
3%
Jan
50
6
Jan
7
8%
4,612
1,800
63*
Jan
200
203*
3%
24%
2
Feb
Mar
63*
Stocks
(Concluded)
Par
10
5%
*
12%
17%
Liquid Carbonic Corp com*
Packing com
26
Jan
Mar
2%
100
107%
50
2%
75
12
Jan
133*
Mar
50
15%
13*
Jan
1*%
Mar
Col Gas
Jan
23*
Apr
25
Jan
28%
Apr
500
6
2.%
2%
28%
28%
Jan
43*
1,050
5
50
6
6%
Crosley Corp
Crystal Tissue
Marshall
Field
Merch
Mfrs
A
Jan
Eagle-Plcher
39
100
36
Jan
39
Apr
Formica Insulation
29%
15
170
26
Jan
303*
2,400
12%
Feb
153*
Feb
500
3%
Apr
4
Jan
Mar
30
z 14%
14%
1
3%
3%
7" 3%
28%
3%
814
8%
Jan
5%
7%
52
part pref
...*
Mlckelberry's Food com.l
Middle West Corp cap
5
Midland United conv pf A*
2%
3%
28%
3%
9%
2%
5%
Miller A Hart Inc env pf.*
6
Minneapolis Brew Co coml
11'A
Modlne Mfg Co com.....*
23 %
Common
*
52 %
23%
51%
11%
40%
Natl Bond A I n vest Co cm*
Standard com. 10
2714
17%
27%
Nohlltt-Sparks Ind com..5
34%
34%
Nor Amer Car Corp com 20
4%
4%
30
25
—5
Preferred cl A
r..*
5%
6%
11%
23%
7%
6%
7%
2%
11%
18%
110
Feb
5%
14
Jan
Feb
13%
130
2,442
152
Apr
Mar
7%
Apr
6%
8
6%
Mar
7%
Jan
7%
70
7
Mar
73*
Mar
2%
19
2
Mar
23*
Feb
10
12%
85
,Feb
12%
Jan
19%
280
13%
Jan
193*
Apr
51%
26%
56%
503
Jan
56%
Apr
29%
71
Jan
29%
Apr
14
14
25
6
Jan
14
26
26
26
15
26
Apr
27
Jan
42
42
42%
115
40
Jan
43
Mar
13%
32%
13%
25
12%
28%
Jan
15
Feb
Jan
Jan
Kahn
1%
Mar
3
Apr
Kroger
%
34%
%
1,263
.2.50
63*
7%
Jan
Manlschewltz
*
10%
103*
8
Feb
Mead pref
*
80%
80%
Jan
11%
Apr
Moores-Coney A..
1
1
Jan
23%
1%
1%
...
50
5
170
3
50
Jan
Jan
3*
93*
250
19
15
Jan
Feb
11%
Apr
Procter A Gamble
70
68%
Jan
403*
Apr
Randall A
22
22
163*
10
Jan
103*
37
100
17%
50%
1,502
National Pumps..
Preferred
Jan
18%
Apr
Rapid
55%
3
27%
100
23
Feb
2H%
Jan
Tlmken Roller
36
5
537
28
Feb
36
Apr
U S Playing Card.
1,600
3
Feb
5 3*
Mar
12
Feb
Preferred
Western Bank
..10
Wurlltzer
..10
18%
160
153*
Mar
22%
Jan
61 %
Mar
13%
Mar
62%
90
14
14
21
109
109
40
109
Apr
100
12
Jan
12%
12%
%
%
50
3*
150
14%
Fe>
1%
50
Ma-
555
1%
21%
198
33%
15
50
22%
33%
35%
Perfect Circle (The) Co... *
26
26
10
70
A
Apr
25
%
Mar
200
3*
Jan
1
Jan
1%
33*
65%
Jan
70%
16
Feb
23
2
30
Apr
Mar
Apr
Apr
Mar
6%
10
63*
Apr
8%
Feb
Apr
26
16
,47%
Jan
61%
112
34 3*
Jan
39
»
51
38
Apr
167
1%
Jan
2%
Feb
16%
35
13%
Jan
17%
Mar
5%
300
4%
Mar
53*
93*
Jan
13
Mar
Jan
109
Jan
5%
12%
12
26
13
105% 105%
.100
Preferred
2%
105
105
Jan
Jan
Apr
12 3*
Jan
%
Mar
23*
Ohio Listed and Unlisted Securities
Mar
15 3*
Jan
24 3*
r
80%
Jan
14%
109
Jan
Ma
Jan
16
..50
17%
Apr
Apr
60 3*
2
Jan
17%
10%
3*
1,033
38
U 8 Printing
10%
Jan
Apr
%
Feb
20
3
51
10
34%
Jan
10
100
70%
22%
6%
50
62
Apr
Apr
700
U%
40%
Peoples G LtACoke cap iOO
RR capital
50
6%
97
16
13%
152
9%
55%
15%
1%
24
Penn
Mar
Mar
11
Penn Gas A Elec A com..*
100%
7%
Mar
"IS"
Jan
2,150
U%
B..5
com
99%
81
Hobart A
103*
Pcnn Elec Switch conv A 10
Mar
Apr
750
10
com
2%
3%
10%
109"
Jan
Jan
10%
100
Mar
23*
3%
"io%
Prior Hen pref
100
Omni has Corp common.. 6
Feb
106%
2,050
100
7% preferred
Feb
64
451
34%
Jan
*
Northwm Bancorp com.
North West Util—
2%
2%
2%
97%
Feb
54%
54%
U%
Northern 111 Finance com.*
Peabodv Coal Co
19
.100
Montgomery Ward—
Nachman Springfllled com*
National Battery Co pref.*
High
1%
29
General Motors
Magnavox........
100
6% prior lien
Parker Pen Co
*
Hatfield part pref.
Hllton-Davls pref.
Midland Utilities Co—
National
10
Gibson Art
com
Low
538
Apr
7%
Sec—
Class A
cum
29
*
com
60
*
29
7%
Mapes Cons M fg Co cap..*
Range Since Jan. 1,1940
Shares
2%
2%
107% 107%
13%
39
McQuay-Norrls Mfg com.*
Sales
152
Dow Drug
McCord Rad A Mfg A...*
97%
Coca Cola A
17%
50
City Ice
13%
*
com
Price
5
Cln Telephone
Common
Teletype Cin. 274-275
Telephone Cherry 3470
Jan
Lindsay Lgt & Chem—
Lion Oil Refg Co cap
St., Cincinnati
Apr
Feb
2%
E.'. Fourth
115
53*
2%
24%
Apr
800
1,200
3 %
Jan
Apr
50
5%
3
24%
*
17
23%
and Other Principal Exchanges
Jan
6%
..10
Lincoln Printing Co com.*
Lynch Corp
Established 1878
Cincinnati Stock Exchange, New York Stock Exchange
46 3*
4%
LlbbyMcNelllALlbby com7
Loudon
WJL LYONS *£»:
Mar
50
2%
*
com
Le Rof Co com
Jan
Members:
•
Jefferson Elec Co
28%
3
*
2393
Members Cleveland Stock Exchange
Jan
38 3*
Feb
29
Mar
26
Fel
1
%
%
300
%
Jan
*
11%
12%
90
3*
10%
Fe1
Poor A Co class B
Fe!
Pressed Steel Car
1
13
13%
1,200
113*
Ma'
117%
150
150%
1%
1%
220
115
Ma<
12%
14%
1233*
Feb
110
149
Ap?
154
Feb
Pines Wlnterfront
com
com
13%
116
Quaker Oats Co common.*
Preferred
100
150
Jan
100
%
Jar
13*
1,150
3*
Jar
%
Jan
10
1013*
Apr
Feb
101%
43*
(new).*
29%
30
400
26
Jan
303*
Mar
Schwltzer-Cummlns cap__l
9%
10
700
9
Feb
10%
Feb
86%
88
1,035
Jan
88
2
1,250
Rollins Hsry Mls(new)cm-4
Sangamo Elec
com
4%
9%
Sears Roebuck A Co cap..*
Serrlck Corp cl B com
1
.....
4%
100
81%
"28"
Spiegel Inc common.....2
Jan
120
28
Jan
31
133*
Apr
15
Jan
26%
28%
2,750
22%
Jan
28%
9%
10%
250
Jan
93*
11
Jan
1%
1%
200
13%
1%
13%
1%
100
Standard Oil of Ind
25
27%
28%
Stein A Co (A) com
*
14
14
1%
1
20
Preferred (new)
Price
Stewart Warner
5
8
Sunstrand Mach T'l com.5
27%
29%
23%
Swift International cap..15
Swift A Co
25
Texas
U 8 Gypsum Co com
pref
com
1
Mar
100
12
Jan
Apr
c
Jan
14
City Ice & Fuel
1%
Jan
2
Apr
Feb
9
Feb
Cl Cliffs Iron
Jan
29
28%
30%
24%
47%
5%
16%
86
Apr
Feb
22%
22%
86%
65%
118% 119%
1%
1%
20%
84%
62%
5
4,854
22
Jan
32%
25%
42%
Jan
47%
Apr
Colonial Finance
Jan
53*
Dow Chemical
%
%
4
Mar
350
14%
Jan
16%
Apr
Apr
476
78%
Feb
88
Jan
14%
Jan
23%
Apr
87%
68%
Jan
c
Mar
Jan
Fostorla Pressed Steel
151
Feb
119%
Apr
c
700
1%
Feb
1%
Jan
General TAR
20
Jan
%
2%
Apr
Jan
22%
Apr
Great Lakes Towing...
2
Feb
Greif Bros Cooperage A.. *
1,350
Jan
23
Apr
Halle Br08 pref
78
20%
22%
106 %
Jan
73*
Apr
1%
Jan
KeUey Island Lime
5
Jan
5%
Feb
Lain son A
Wisconsin Bankshrs com.*
5%
250
5%
250
90%
3%
17%
125
*
5
Jan
90 3*
.
13%
Jan
66%
110
Jan
15%
250
2,050
Leland Electric
c
Jan
3%
Apr
Feb
17%
Apr
Bonds—
Commons Edison 3 Hal 958
Apr
1303*
180%
*
51
Feb
60%
177
35%
17%
Jan
Jan
43%
Mar
29!*
Mar
15%
Mar
50
Cincinnati Stock
Exchange
—
18 J*
Apr
11
Feb
13
Apr
125
7
Jan
8
Apr
116
117
70
Feb
117
Apr
a36%
1143*
27%
19%
3%
■37%
18%
16%
37
Apr
170
80
5%
600
107
a21%
15
60
45
95
Jan
Mar
Feb
Feb
Mar
21%
Jan
5%
Apr
Mar
19!*
Jan
Jan
16%
21%
Jan
Jan
20!*
Apr
24 %
13%
Feb
Apr
Apr
Apr
50
Jan
Jan
42%
Apr
18
100
45
45
34
45
40
41
10
25%
Mar
8%
Mar
12 J*
Jan
124
36 %
Mar
44
Apr
13%
100
13
Feb
15
5%
13%
1,293
45%
2%
50
11
50
Apr
46!*
17%
1!*
40%
18%
35%
Jan
15%
Mar
1%
Mar
a 38%
a39%
65
Last
Sale
Week's Range
of Prices
Range Since Jan. 1, 1940
for
c
Week
Aluminum Industries
Amer Laos dry Mach.
Champ Paper A Fibre
Preferred
Churngold
9
*
"16%
9
High
Shares
9
35
18
37
*
100
15%
742
10%
.8
31
17
10%
26%
283*
1033* 104
6
*
For footnotes see page
Low
173*
..20
Aran Roll Mill
Baldwin
Price
Par
Ohio Oil com
2397.
6
155
High
Low
7
15%
13%
7
253*
Feb
Mar
Mar
Republic Steel com
Feb
c
18
Apr
Rlchman Bros
Troxel Mfg
Jan
c
Twin Coach com
Mar
18%
30
Feb
30%
Feb
19%
Jan
24
Apr
8
10
Jan
Feb
12!*
Apr
Jan
*
21%
23%
1,095
18%
Jan
*
39%
39%
580
36%
Jan
14%
23%
40%
Mar
*
a6%
a7%
30
6%
Mar
8%
Jan
a34%. 036
a50% a50%
125
27%
Jan
363*
Apr
10
46%
Jan
52
4%
12%
200
4
Jan
9%
Jan
53*
133*
Jan
Feb
14%
100
Feb
Selberllng Rubber
3*
Apr
55
265
30'H
Mar
Thompson Products Inc..*
c Tlmken Roller Bear com *
8
55
40
al8%
9%
Apr
105
Apr
55
Jan
Apr
6%
Apr
Jan
Apr
12%
Apr
Apr
41
125
17
6
Jan
165
10%
102
36%
3!*
13%
28 3*
65
115
41
27
13%
Feb
60
Jan
a22% a23
1
1
a7%
a7%
all
*
5
11%
Apr
Mar
2%
30'u
*
Otis Steel
Reliance Electric
Stocks—
Jan
133*
21%
40%
*
Apr
Apr
Apr
20
55
Ohio Brass B
Jan
Jan
1,600
a24%
3%
al7
Mar
Jan
Mar
3%
al7% al8
100
8% pref
33
Jan
a 26%
1
*
New York Central com.*
200
4
13%
35
17
17
29
Feb
156
Natl Malleable Steel
18
Jan
550
1%
National Acme
23%
43%
43%
13%
1%
Brick
41
42%
42%
a26% a27%
alO% al2
*
Martin (Glen L) com ..1
Nineteen Hundred Corp A*
Sales
Friday
Jan
285
3,603
*
e
Feb
8
3
National Ref pr pref
official sales lists
2
a45%
13%
National Refining (new)..*
April 6 to April 12, both inclusive, compiled from
Jan
420
Jan
Medusa Port Cement
c
Mar
Jan
Midland Steel Products..*
3%
xll'%
Mar
Apr
Apr
12^6
1%
1,500
Metro Paving
Yates-Amer Mach cap
Zenith Radio Corp com..*
7
14%
Feb
Mar
13%
—
Sessions
Apr
Apr
5%
Jan
4
81%
2%
14%
42%
Interlakc Iron com
Interlake Steamship.
1%
1%
5%
Mar
6
18
45
Industrial Rayon com.
c
6%
7
1%
5%
c
50
7
90
Jan
Jan
100
Wieboldt Stores Inc com.*
5%
100
28%
117%
Jan
Williams Oll-O-Matlc com*
Woodall Indust Inc cap..2
Jan
8%
56%
Jan
13
a22%, a24%
Goodyear Rlre A Rubber. *
100
Jan
Mar
18%
10
124
al8% a20
*
Goodrich, (BF)
Jan
1%
242
17%
12%
Jan
10%
100
420
al7% a\7%
300
23%
Westh'se El A Mfg com.50
28
ail
25
Glidden Co com
1%
23
25%
22%
58
56%
a 41% a42%
a38% a40
113% 115%
22%
2
5%
General Electric com..
Jan
19
12
a63% a6 5%
6%
6%
8
Mar
6%
11%
al9% a20%
—
%
600
1%
116
Firestone T A R com—10
1%
350
185
High
Low
8%
8
"17%
Eaton Mfg
Mar
53%
115%
2
Western Un Tel eg com. 100
Wrigley (Wm Jr) cap
100
pref
81%
22
*
common
6
121
2
221
8%.
28
-1
855
22
25
c35
Cliffs Corp com
2,750
*
_.*
Wahl Co common
57%
Commercial Bookbind'g.. *
214
7
com
Range Since Jan. 1,1940
for
Week
Shares
9%
2
*
pr.ef
Mar
1,650
10
al3% al3%
;»—
28
Utility A Ind Corp—
Common
6%
7,950
1,500
15%
High
12
*
.
*
c Cl Graphite Bronze com 1
Cleve Railway
100
c
Convertible pref
5
Brewing Corp of Amer.
of Prices
9%
8%
Amer Home Prod corn-
2%
16
100
Utah Radio Products
25%
Apex Electric Mfg.
Jan
2%
28%
100
81%
62%
583
Mar
23*
14
545
16
20
Mar
2
81%
United States Steel com..*
Jan
1%
,
Amer Coach A Body
8%
29
4%
TraneCo (The) com
2
Union Carb A Carbon cap *
United Air Lines Tr cap. .5
Mar
1%
11%
16
Mar
7%
24%
46%
Corp capital
25
Thompson (J R) common25
Week's Range
Low
10
100
Airway Elec pref
Cl Builders Realty
2
Sterling Brewers Inc com.l
Walgreen Co
Sale
Par
Stocks—
lists
Sales
Apr
30%
Standard Gas A Elec com.*
Viking Pump Co
Last
Apr
100
Exchange
Friday
Akron Brass Mfg
Stand Dredge—
Common (new)
cum
Cleveland Stock
April 6 to April 12, both inclusive, compiled from official sales
Mar
3*
31
14%
1%
30%
Sou Bend Lathe Wks cap.5
7%
23*
Apr
14%
SIgnode Steel Strap pref.30
Slvyer Steel Castings com. *
A. T. & T. OLEV. 605 Sc 5M
Telephone: CHerry 5050
Apr
100
BiDtflRf, CimUAi
Apr
13*
UrIii CMBirct
Feb
%
%
5
Reliance Mfg Co—
Preferred
ClLLlStr°jRUSSELLco.
Jan
101 % 101%
Raytheon Mfg Co com.50c
6% preferred
116
13%
4%
al2%
al2
a
82
20
Apr
Jan
Jan
Feb
Mar
The Commercial & Financial Chronicle
2396
Friday
Sales
Last
Stocks
c
(Concluded)
Week's Range
of Prices
Low
High
Week
Price
Par
United States Steel com.*
Upson-Walton
a01* a65%
5%
5*
..1
Van Dorn Iron Works
*
White Motor
3
4
al3
al3*
a44* a44*
50
Youngstown Sheet & Tube*
Detroit Stock
%
Exchange—See
Range Since Jan. 1, 1940
614
High
Mar
53%
220
68*
4
-
i-K
icti
"■
Stocks (Concluded)
Jan
Last
for
of Prices
Low
High
Week
Price
Par
Loew's Inc
Week's Range
Sale
*
^
*
Mar
a35%
5*
Jan
McKesson A Robblns
Jan
4*
a55%
13*
48*
Apr
Apr
Montgomery Ward & Co.*
Mar
5
678
Mountain City Copper..5c
4%
Jan
New York Central RR.„*
Nor American Aviation. 10
17%
4%
17%
24%
24%
23%
23%
117
3*
10*
145
37*
Mar
page
13 if
m
Low
Shares
2361.
*
Range Since Jan. 1, 1940
——
Shares
a34% a35%
160
7%
Low
320
a55% a55%
High
173
7
7
North American Co
Ohio Oil Co
1940
Sales
Friday
for
Last
April 13,
3%
?5%
Feb
7%
Mar
Jan
7
300
4%
17%
26
23%
Jan
Apr
35%
10
965
20%
Mar
4%
18%
25%
Apr
296
247
20%
Mar
23%
Apr
Jan
*
7%
7%
7%
200
Packard Motor Car Co..*
Paramount Pictures Inc__l
3%
3%
3%
540
3%
Jan
4
7%
7%
7%
150
7%
Jan
8%
110
21%
Jan
24%
Pennsylvania RR
523 W. 6th St.
al0%
Sears Roebuck & Co
Los Angeles
Teletype L.A. 290
Los
c
rulaj
Last
Sale
Stocks—
Par
Bandinl Petroleum Co
Barker Bros
Price
Shares
High
1
4
4
4
29
29
29
1%
lH
100
Mar
Feb
30
Mar
Feb
3
Feb
Jan
2%
Jan
1
2*
2%
110
1%
1%
1.00
1.00
1.00
300
50c
1
ale
ale
ale
a22% a23»%
175
Calif Packing Corp com..*
Central Invest Corp
100
Chrysler Corp
a23
12
Consolidated Oil Corp..
Consolidated Steel Corp.
12
12
88 *
5
86*
90%
8
8
Douglas Aircraft Co
87%
Electrical Prods Corp
4
Emsco Derrick <fe Equip..6
10%
5%
10%
5%
87*
10%
10
10
6%
Preferred
11
*
Creameries of Amer vtc.l
5%
1
com
Farmers & Merch Natl 100
37c
403
Fltzslmmons Stores Ltd..l
9*
56
10
com
4%
87%
Apr
87%
Apr
11%
Mar
v>%
Apr
50
17%
Jan
17%
Jan
7%
Jan
Feb
43%
Feb
a9*
Studebaker Corp
1
Superior Oil Corp (Del)-.l
11%
11%
General Palnt Corp com__*
37c
403
9%
56
Mar
"26 ~
Jan
8%
Feb
12
83%
Feb
90%
450
7%
Feb
8
Jan
950
4%
Jan
6%
Apr
649
Jan
9%
Jan
11
Apr
6%
Jan
6
190
87%
Apr
87%
Apr
Apr
804
9%
Mar
10%
Mar
8%
Mar
11
35o
Feb
87%
10%
10
265
37c
200
403
15
56
8%
304
100
Jan
52
6%
Jan
6%
5
Jan
6%
Apr
Jan
8%
Mar
a23
a23
a24%
130
22%
Mar
24%
Feb
40
40
36%
Mar
40
Apr
Mar
80c
Jan
Feb
6%
Mar
Feb
Hupp Motor Car Corp___l
87 He
70c 72%c
350
62c
6%
270
6
75c 87 He
200
12c
12c
14c
2,300
7c
Jan
87 %c
16c
Mar
Lockheed Aircraft Corp..l
37%
2%
39%
3
1,687
27%
Mar
39%
Apr
1
38*
2H
Occidental Petroleum.... 1
Oceanic Oil Co
1
14c
14c
14c
200
25c
Feb
30c
36c
36c
36c
100
35o
Mar
47c
4*
4%
13%
13%
a33% a34%
a33% a34
210
4%
Jan
325
11%
Jan
179
Jan
44
33%
33%
10
30%
746
47%
Mar
26,610
75c
iH
Stocks—
Par
American Stores
American Tel & Tel
*
Pacific Gas & Elec com..25
6% 1st pref
5%% 1st pref
25
25
Pacific Lighting Corp com *
Pacific Western OH Corp 10
4*
13 H
a34H
033%
a34*
47%
a8%
Puget Sound Pulp & Tlmb*
Republic Petroleum com.l
5% % preferred
20
2*
50
40%
a.34% a34%
47%
48%
39
470
*
7%
\%
7%
1%
Roberts Public Markets..2
9H
9%
10
5*
5%
52%
Warrants
Ryan Aeronautical Co
Safeway Stores Inc
1
Shell Union Oil Corp
*
Signal Oil & Gas Co A
*
*
a
52%
12%
29%
Solar Aircraft Co..
4%
Sontag Chain Stores Co..*
So Calif Edison Co Ltd..25
6% preferred B
5%% preferred C
7
6%
52%
a 12% a 12%
29%
29%
4%
4%
7
25
So Calif Gas Co 6% pf A 25
Southern Pacific Co
100
Standard Oil Co of Calif..*
30
30
29%
29%
034%
13
13
23%
33%
5%
5%
30%
30%
29%
29%
a34% a34%
23%
33%
Superior Oil Co (The)...25
Transamerica Corp
2
r
Jan
3
Apr
Light
Pennroad Corp vtc
Pennsylvania RR
Penna Suit Mfg
1
50
Phiia Elec of Pa $5 pref... *
Phila Elec Pow pref
25
Phila Insulated Wire
*
Scott Paper.
31
6
Feb
7
Jan
Preferred
Apr
Apr
Apr
Apr
Apr
Jan
Feb
34%
Jan
15%
26%
Jan
36
Jan
7
Mar
28%
33%
Apr
Mar
Jan
Jan
Jan
17%
Jan
9%
Mar
9%
Mar
4%
Jan
12%
Apr
69
5%
Mar
7
Mar
144
2%
Mar
3
Feb
Feb
10
Black Mammoth Consol 10c
Calumet Gold Mines Co 10c
0%
9%c
lc
lc
lc
14,000
Cons Chollar G & S Min..l
He
1*
1%
2
400
1%
ZendaGold
1%
1%
1%
1,000
1%
Jan
1
200
Mar
6
8,000
9c
6%
Apr
Mar
14%C
Jan
Jan
2c
Jan
Mar
2%
Jan
1%
Jan
*
a9
a9
a9%
Amer Smelting & Refining*
a53% a52% a53%
Amer Tel & Tel Co
100 al72* al72%a\75%
Anaconda Copper..
50
30%
30%
31%
Armour & Co (111)
5
6%
6%
6%
Atch Topeka & S Fe Ry 100
Atoantic Refg Co (The) .25
Aviation Corp (The) (Del)3
Baldwin Locomo Wks
v
t
8
24%
24%
a.22% a22%
7%
8
c.
a 10%
16
...5
Barnsdall Oil Co
12%
a.35%
a8l%
24%
a50%
12%
Bendix Aviation Corp
Bethlehem Steel Corp
5
Borg-Warner Corp
Caterpillar Tractor Co
5
*
Columbia Gas & Elec
*
Commercial Solvents....*
Commonwealth & South..
Continental Motors Corp.l
Curtiss-Wright Corp
7%
10%
1%
4
Continental Oil Co (Del).5
a23%
1
10%
l
Class A
Electric Bond & Share
General Electric Co
28%
8
...
a38%
General Foods Corp
Goodrich (B F) Co
a48
al9%
a32%
Intl Nickel Co of Can
International Tel & Tel..*
Kennecott Copper Corp..*
For footnotes
24%
a22%
see page
3%
38
2397.
a34%
a80%
24%
a50*
7%
16%
1%
al6%
12%
a35%
a83%
24%
a52%
7%
16%
1%
4
4
a23% a23%
10%
10%
28%
28%
8
8
50
8%
Mar
149
47%
379
1,104
125%
Jan
Mar
0
Jan
80%
3%
28%
Feb
Jan
Feb
Jan
Jan
50%
40
119
Jan
2%
201
2
Jan
8%
131
7%
Feb
1%
2%
22%
24
172% 173
114% 117%
30%
30%
4,254
1%
Mar
Apr
Jan
Feb
6%
90%
Jan
Jan
4%
33%
Apr
55%
125%
2%
8%
"
2,682
15
Apr
Jan
Mar
Apr
21
Jan
Jan
Jan
2%
24%
175%
Feb
120%
31%
Jan
Jan
Mar
211
166%
114%
30%
15%
45%
Apr
49
48
41%
Jan
48%
Mar
%
Feb
125
1,003
16
48%
50
Apr
Jan
Jan
lb
Jan
45
Apr
245
%
Apr
%
%
756
1
2%
350
Mar
39%
40%
12%
13%
113% 115%
384
%
1%
36*
Feb
2%
*
12%
113%
.
11,404
11*
Mar
2%
41%
15%
117%
%
Mar
Jan
Jan
Feb
"U"
Stocks—
Par
Price
Allegheny Ludlum Steel. .*
6%
24%
Apr
Apr
80
Jan
12%
Apr
Sales
Low
Range Since Jan. 1, 1940
for
'uk
High
Shares
174
24%
Low
'
Jan
18%
High
24%
Apr
2
2
25
2
Jan
2%
Apr
7%
7%
93
6%
Feb
8
Apr
*
41%
43%
26
37
.__*
10%
74%
10%
74%
66
Mar
10
9%
74%
Apr
43*
11*
74*
25c
30c
3,650
25c
Mar
40c
Jan
Armstrong Cork Co
Byers (A M) Co pref...100
Carnegie Metals Co
1
30c
Columbia Gas & Elec Co.*
6%
Copper weld Steel
Devonian Oil Co
Jan
Apr
Jan
Apr
6%
7%
460
5%
Mar
7*
Apr
22%
5
22%
260
Jan
Apr
10
15%
16
295
15%
15%
Apr
22*
17*
Duquesne Brewing Co
5
13%
13*
200
U
Jan
14
Electric Products
*
5%
5%
500
5
Jan
Follansbee Bros pref... 100
Jan
Mar
6%
Mar
18%
95
13
Jan
1
1%
1%
550
100
88%
89%
75
1%
84%
Jan
90
Feb
1,2-42
9%
Feb
10*
Jan
1,879
5
Mar
Fort Pitt Brewing
Hoppers Co pref
Lone Star Gas Co com...*
Mt Fuel Supply Co
18
18
9
*
_
_
10
5%
1%
1%
1%
102% 103%
7%
7%
_
102 *
Pittsburgh Screw & Bolt..*
Jan
20
Jan
Jan
1*
Jan
5*
444
1%
Jan
1*
307
1%
Feb
1*
Feb
89
99%
Jan
103*
Mar
112
1%
*
_
9%
5%
10
Natl Fire proofing Corp
Pittsburgh Oil <fc Gas
5
Pittsburgh Plate Glass..25
Jan
1
40c
40c
Ruud Mfg Co
5
9
6%
Feb
8*
Jan
120
40c
Mar
450
Mar
40
Renner Co
5%
Jan
9*
Mar
Feb
9
lc
lc
5,000
lc
Feb
lc
■7%
7%
100
7%
Apr
Apr
San-Toy Mining Co
..1
Shamrock Oil & Gas Co—
10
'113 *
Mar
12*
Feb
100
Preferred
Westnghse Elec & Mfg..50
22
Apr
23%
Apr
360
12
of Prices
Mar
Jan
Mar
Feb
11*
9%
9%
Week's Range
31%
Mar
Mar
20
Sale
174%
47 %
111*
12
Last
Jan
Jan
Jan
251
12
30
Jan
23%
5%
Jan
7*
33*
3%
100
3%
Apr
3*
Apr
25%
170
Mar
141
Jan
28*
117*
Jan
112% 115%
22%
106%
1%
43
1%
Jan
2*
Jan
30
3%
24
30
200
30
Jan
Jan
Unlisted—
Pennroad Corp vtc
1%
1
10
965
6
210
15
Jan
16*
100
11%
3\%
73%
Mar
12%
Apr
Feb
34%
Mar
Feb
76
Feb
Friday
23%
51%
Feb
24%
Apr
Last
Week's Range
for
48
Jan
51%
Jan
Sale
Week
435
6%
Mar
Apr
465
13%
Jan
7%
16%
of Prices
Low
High
Mar
1%
Jan
Jan
4%
Feb
168
145
240
100
1
200
3%
Jan
8
Apr
Apr
2,108
390
102
St. Louis Stock
Stocks—
Par
9%
Price
50
5% preferred
*
Feb
11%
Mar
Mar
29%
Feb
Jan
8%
Jan
Burkart Mfg com
Chic & Sou Air Line pref.
1
10
Jan
40
Jan
Coca-Cola Bottling com.. 1
Columbia Brew com
5
45%
Jan
Dr Pepper com.
Apr
Mar
38%
Jan
Falstaff Brew
Feb
4%
Jan
General Shoe
165
35%
Mar
36%
Jan
Griesedieck-West Brew
60
80
152
38
Range Since Jan. 1, 1940
Low
Shares
43
43*
240
41
53*
53*
53*
70
36
36
36
10
High
24
com
com
._*
Feb
43*
Apr
51
Jan
53*
Apr
35
Mar
36
Apr
24
310
26
Feb
"18*
17*
19
574
12
Jan
19
Apr
33 *
33 *
33*
1
45
31
Jan
34
Apr
Ely & Walker D Gds com25
190
18%
35%
3%
47%
20%
Feb
Mar
188
7%
Sales
43
American Invest com
Brown Shoe com
29
Exchange
April 6 to April 12, both inclusive, compiled from official sales list
Apr
14
19% al9%
a32% a34%
3%
3%
38
134
55%
10
Vanadium-Alloys Stl Grp.*
Waverly Oil Works cl A..*
Westlnghouse Air Brake. .*
10
599
a38% a40
a48
a48*
38
172
65
831
124
Friday
6% preferred
Unlisted—
Amer Rad & Std Sani
227
Apr
Pittsburgh Stock Exchange
Blaw-Knox Co..
Apr
Feb
Mar
6%
6%
9%e 10%c
89%
4
33%
385
Jan
113%
4%
4%
April 6 to April 12, both inclusive, compiled from official sales lists
.
Mining— i
Alaska-Juneau Gold
30%
m m
_*
.
Jan
30%
30%
29%
23%
29%
Mar
2%
United Gas Improv com
Jan
Apr
Mar
4%
12
a7
2%
10
Apr
33%
5%
a.7
2%
8
4%
22 %
a7
"115%
Arkansas Natl Gas com..*
Jan
761
14,150
Western Air Express
1
Yosemlte Ptld Cem pref. 10
*
1,736
12%
570
100
14%
175%
2%
2
22%
*
Westmoreland Coal
14%
24%
a9%
High
Feb
Jan
35%
10%
Low
11%
168%
Jan
41
12H
5%
%
Mar
6%
1*
Vega Airplane Co
1,119
""%
49%
52%
16
2,247
Tacony-Palmyra Bridge—
31%
Jan
30
Range Since Jan. 1, 1940
Shares
8
50
Feb
Mar
2,484
2,12)
Apr
Apr
14%
13*
54%
*
Feb
4%
50%
6%
16%
High
123
2%
*
7%
16%
4%
3%
87%
3%
31%
3%
32%
Jan
a9%
Apr
Mar
5%
*
Westmoreland Inc
Apr
8%
1%
10%
3%
1%
173% 174%
113% 121
5%
5%
"114%
5
Mar
Jan
a9%
•
14%
Chrysler Corp
.13%
34%
34%
Mar
*
.
162
1,360
for
Low
Price
Curtis Pub Co com
Jan
Mar
25
Union Oil of Calif
V andeKam p'sH DBakers
3%
3%
JaD
Sales
*
6%
930
Apr
Mar
Week
United Corp com
87 He
30
65
of Prices
Feb
Apr
100
1,015
Feb
Week's Range
Feb
944
1,607
Jan
2%
38%
Last
45%
Jan
2,141
3%
3%
*
Apr
1,799
Apr
48%
54
-44%
40%
27
'2%
Jan
700
45%
36%
236
Jan
Mar
Feb
44%
2M
120
Feb
35%
*
20%
4,205
Apr
82%
215
*
Jan
166
Feb
47%
Feb
a35% a37%
63%
65
35%
Budd Wheel Co
4%
Jan
2%
23%
Mar
78%
15%
48%
2%
Class A part
Transit Invest Corp
Preferred
Apr
Feb
400
275
7
30%
25
8
12
a8%
20%
2%
40%
7%
1%
Richfield Oil Corp com
25
570
a8%
18%
2%
Jan
45%
75
120
100
Bell Tel Co of Pa pref.. 100
Budd (EG) MfgCo
*
Preferred
Pacific Clay Products
*
Pacific Finance Corp com 10
22%
27
Apr
Lincoln Petroleum Co.-10c
Menasco MfgCo
'
,
Natl Power &
8
0%
,'
Apr
102
e*
'
56
120
72*c
Apr
451
Lehigh Coal & Navigation *
8
*
Feb
2%
225
Horn&Hardart (Phil) com*
6%
6%
Holly Development Co_.l
12%
a2%
a.2%
Jan
Jan
Apr
433
Sale
,
',Jr'
Jan
8
Hudson Motor Car Co
2
a48% a50%
a2%
Friday
'
■
'
Jan
6%
130
9%
100
12
April 12, both inclusive, compiled from official sales lists
Apr
43o
6%
40
to
10
6H
*
943
Mar
Jan
Philadelphia Stock Exchange
April 6
403
8
com
10
22%
3%
Jan
6*
Hancock Oil Co A
43%
a 49%
63%
3%
Feb
Gladding McBean & Co..*
'
4
a9%
12%
6
a46% a46%
a8l% a83%
22
22%
a46%
United Corp (The (Del)..*
U S Rubber Co..
10
U 8 Steel Corp
*
Warner Bros Pictures
5
Electric Storage BatterylOO
General Motors
10
Globe Grain & Milling..25
Goodyear Tire & Rubber
a.23%
081%
Jan
383
200
9%
29
19
Mar
260
6
455
2%
2%
a22% a24%
2%
25
Apr
60
6%
11
Apr
80
a9%
Mar
170
8
23%
191
*
.
"23%
Mar
87%
87%
all% a 12
a43%
Jan
200
com..
Apr
High
3%
28%
50
3 ,60 •
10
com
General Motors
Low
1%
2%
Bolsa Chlca Oil A com..10
Buckeye Union Oil
Exeter Oil Co A
Range Since Jan. 1, 1940
for
Week
of Prices
5*% pref. .50
Blue Diamond Corp.—..2
Class Bo
Week's Range
Low
7%
al7% al7%
7%
7%
a43% a44
17%
a
Willys-Overland Motors..!
Mites
Jan
5%
2,002
United Air Lines Transp.5
United Aircraft Corp
5
Angeles Stock Exchange
9
23%
Texas Corp (The)
25
Union Caroide & Carbon.*
April 6 to April 12, both inclusive, compiled from official sales lists
Jan
Jan
Feb
22%
7%
i
Apr
9
22%
*
Swift & Co
Mar
6%
87%
Stone & Webster Inc
San Francieco Stock Exchange
Apr
7%
6%
all%
*
125
Jan
6%
Standard Oil Co (N J)...25
Chicago Board of Trade
a.22% a.23%
a!0% al0%
7
458
*
Southern Ry Co
Standard Brands Inc
Net* York Stock Exchange
Angelme Stock Exchange
a.22%
Socony-Vacuum Oil Co..15
MEMBERS
Loe
50
Pure Oil Co
*
Radio Corp of Amer
*
Republic Steel Corp.....*
Wm. Cavalier & Co
Jan
Feb
16 *
18
18*
200
14 *
Feb
19*
22
22 *
390
22
Apr
27
18
"22"
18 *
75
18
Apr
19*
Jan
Mar
Jan
1.1
"16*
10
10*
1,015
7*
Jan
10*
Apr
.1
15%
15
15*
240
14 *
Mar
15*
Feb
44
44
45
42
Mar
45
Apr
cm
*
52
Volume
(Concluded)
Huttlg SAD
Par
for
of Prices
Low
High
Price
International Shoe
com
Key Co
Mar
Jan
57%
Apr
Lyons-Magnus A
Magnavox Co Ltd
Feb
Magnln & Co (I) com
53
7%
56%
56%
100
1%
1%
1%
30
33%
14%
360
Mar
36%
Jan
14%
Apr
15%
7%
Mar
Meier & Frank Co Inc
Mar
Menasco
33
*
Par
*
2%
7%
65
*
com
High
Mar
7
7%
Hydraulic Prsd Brick pf 100
Johnson-S-S Shoe
Low
Shares
Stocks (Concluded)
56%
10
com
I
Week
5
com
Hyde Park Brew
Week's Range
Sale
14%
14%
Hales
1%
32
25
2
Apr
March
Calcul
*
Machine..5
Week's Range
for
of Prices
Low
High
Shares
Price
Apr
72c
80c
1,546
oOc
Jan
80c
9%
17%
9%
9%
295
8%
Mar
9%
Jan
18 %
15
Apr
Jan
Mar
17%
18
12%
12%
100
11 %
Jan
12%
Apr
2.65
2.90
13,020
1.75
Jan
2 90
Apr
10 X
9%
10%
6,250
7 %
Jan
10 %
10%
10%
3%
10%
400
9%
Jan
10%
Apr
Mar
255
3
1
1
2~80
*
1,220
7%
7%
50
5%
Jan
9%
9%
50
9
Jan
9%
Feb
35%
35%
20
34
Feb
35%
Apr
Natomas Co
Apr
N American Invest com 100
Apr
No American Oil Consol. 10
10%
10%
100
Apr
11
Jan
Occidental Insurance Co.10
25%
5%
22%
4%
25%
5%
15
25
Jan
26
Feb
81
5
Mar
5%
Jan
Mar
23%
7%
13%
4%
__*
35%
6
Laclede-Chr Clay Prod cm*
Laclede Steel com
20
Lem p Bre w com
McQuay-Norrls
4
5
pref. -100
National Candy com
*
1st preferred
109
100
St Louis Car com
10
St L Pub Serv com cl A
Scruggs-V-B Inc
Feb
11%
300
5%
158
9%
4%
1.
Jan
Feb
105%
12%
Mar
Mar
6%
Jan
9
108%
Feb
110%
Mar
10
5%
Apr
5%
Apr
48
2
1.00
Apr
6
Jan
10
Pacific Can Co
34
Jan
41
Apr
96
45
87%
Jan
96
8%
95c
Apr
9
Apr
70c
25
9
Apr
95c
290
8%
8%
9
320
29%
28%
30
1,410
Jan
9
Apr
Apr
Mar
30
6% 1st preferred
25
5 %% 1st pref erred. ..25
Pac Light Corp com
*
$5 dividend
Pacific Tel & Tel
com.
10
1964
Income
64%
64%
$5,000
10
9%
1,000
Jan
66%
Apr
Jan
12%
Mar
695
6
Mar
7%
Apr
13%
250
11
Jan
14%
Mar
4%
120
4%
Mar
4%
1.35
1,223
1,665
1,621
1.25
Mar
1.50
Jan
32 %
Jan
Feb
34%
Feb
34%
Apr
31%
Jan
21%
3%
3
30%
460
31
%
100
152%
10
7%
47
Feb
88
107
Mar
108%
Jan
5%
21%
335
Jan
Jan
5%
21%
138%
Feb
'
1,434
5%
20%
134
37
130
Jan
151
152%
40
7%
200
149%
7%
99 %
20
1 00
4,642
12%
2.50
2.75
713
2.50
Apr
4.00
Jan
18%
21%
159
Apr
24%
21%
30%
Mar
Feb
2.50
100
18%
48
100
18%
Mar
9,359
25
27%
21%
30%
16
1,926
26
Republic Petroleum com.l
2.30
2.45
380
38
38
17
[ST. LOUIS, MO.
Gatch Bros.,
Jordan & McKinney
ST.
LOUIS BANK
Mar
Jan
8%
Jan
6%
Apr
*
.25
1.85
1.90
212
1.60
Feb
1.09
30
5%
Mar
6%
Jan
29%
29%
100
26%
Feb
30%
Mar
30
28
32%
14,207
25%
Mar
100
100
32%
100%
34%
Apr
Feb
Preferred
Pacific Co
First National Bank
41%
29%
Ask
Bid
Mercantile
36
Super Mold Corp cap...10
Texas Consol Oil Co
1
133
130
& Trust Co
43%
6
6
X
34%
13
23%
30
"ill
31%
St Louis Union Trust Co.
-
52%
55 %
on
Pacific
Stock
Coast
which
Exchanges,
are
8,211
5%
Apr
Apr
Feb
Mar
14c
14c
200
13c
Feb
16%
9%
22%
12%
602
Tread well-Yukon
..2
Corp
"6"
1
25
9%
22%
1%
12%
10%
.
Stock Exchange
York
Par
Stocks—
1
Anglo Amer Mln Corp
Anglo Calif Natl Bank..20
Associated Ins Fund Inc. 10
Englne.5
Bank of California N A..80
Week's Range
for
Sale
Atlas Imp Diesel
Atlas Corp common
of Prices
High
Hijh
Low
Shares
Mar
"~4 %
6%
13c
13c
Mar
20o
7
270
6%
Jan
7%
Jan
4%
550
4
Jan
5%
7%
Mar
4%
6%
6%
551
414
122X
101
1.55
118
1.60
850
118
13c
5%
118
1.50
Jan
Apr
Jan
125
1.60
Feb
Jan
Feb
17 X
2134
18 X
21%
676
16
Feb
19
Mar
585
19%
Jan
21%
Mar
2.30
2.30
2.30
100
2.00
Mar
2 30
Apr
Calif Cotton Mills com.100
16%
16
16%
550
13
Feb
16%
Apr
Calif Ink Co capital
40%
40 X
40%
162
40%
Mar
40%
Mar
21%
21%
Apr
51
Jan
Calamba Sugar com
20
Preferred
Calaveras Cement Co com *
*
Calif Packing Corp com..*
50
Preferred
Calif Water Service
51%
preflOO
_.l
Cent Eureka Mln Co com 1
6
Chrysler Corp com
Clorox Chemical Co
Feb
1,882
172
30
102%
Jan
28c
200
26c
Jan
32c
Jan
4%
87%
Mar
28c
Carson Hill Goldcap
26%
23%
51% 51%
105% 105%
4%
4%
4%
1,775
3%
Jan
87%
87 X
87%
580
84%
Feb
52%
106
Jan
Mar
Apr
10
54
54
54
216
51
Jan
57
Feb
Coast Cos G <fc E 1st prf 100
107
107
107
23
106
Jan
109
Feb
33
910
Commonwealth
32%
29%
25%
9%
Edison .25
Cons Aircraft Corp
com__l
*
Cons Chem Ind A
Consol Coppermines
5
Creameries of Amer com.l
Crocker First Natl Bk._100
300
_
-
.
El Dorado Oil Works
17 X
15%
*
Preferred
Di Giroglo Fruit pref
Doernbec'er Mfg Co
29%
354
29%
25%
430
23%
9%
415
8
500
5%
6
5X
300
300
5
Crown Zellerbach com
92 %
89
19%
92%
5
20,449
785
15
Jan
19%
Feb
92%
Apr
Jan
8
Mar
10%
Jan
5%
Jan
7%
10%
8%
Jan
120
10%
Feb
10%
Mar
20%
1,375
17%
Jan
20
Apr
Jan
44%
Feb
11
Jan
7%
7
10%
"19 X
31%
31X
45
45
Co. .5
.20
Fireman's Fund Ins Co..25
43 %
10
99
7
2%
54 %
General Motors Corp com 10
General Paint Corp com..*
99
20%
Galland Merc Laundry...*
Apr
Apr
120
20
Jan
22
Feb
270
2,276
6%
Feb
52
Jan
7%
56
Jan
Apr
Feb
6
Apr
Jan
7%
6%
Apr
9
Jan
11%
Mar
341
13%
15%
Apr
39
39
181
37
Jan
39
Apr
19
451
18%
Apr
20%
Jan
1,500
65c
Mar
76c
Feb
50
41%
13%
44
Feb
Mar
17%
Jan
1.15
73c
42
75c
42
294
Jan
Jan
14 H
14%
1.00
1.00
1.00
157
55c
Jan
3%
357
2
Jan
100
3%
Apr
14%
3%
3X
14%
495
14%
Apr
3%
16%
38%
Apr
40
Mar
44
Apr
2
38 X
38%
43%
10
8
38%
37%
3%
15
39%
43%
20
150
42
4
Feb
Mar
14%
Jan
23%
12%
3%
4%
Jan
433
3
Jan
50
294
2.05
2.10
307
36
a9%
174
Feb
15%
Jan
Mar
19
2 05
Apr
301
18%
Jan
Jan
Apr
Apr
Apr
Mar
Apr
Apr
22
Feb
2.90
Jan
9%
3%
9%
3%
a8%
7%
1%
12%
87%
36
Apr
Mar
9%
Mar
Feb
8%
174%
Apr
5,975
52c
Feb
65o
777
27%
Jan
31%
Apr
126
8%
Feb
9%
Apr
275
3%
Feb
4
760
22%
Jan
152
8%
Jan
1,045
Mar
6
Apr
Jan
25%
9%
Jan
Mar
8
Apr
87%
3%
5%
Jan
4%
Apr
20
Jan
5%
Apr
680
30%
Feb
35%
Apr
1%
12%
87%
35%
1%
12%
Pw6% pref '27.100
Apr
36
171
35%
4%
a5%
Corp...5
Blair & Co Inc cap
1
Aviation
90
65c
24%
7%
100
914
31%
9%
3%
24%
a9
7%
4%
a5%
60c
31
Bait & Ohio RR com... 100
1,293
1%
Feb
400
12%
Apr
15
82%
50
2.00
2,630
Jan
2
Jan
Jan
14%
87%
Apr
Mar
2.00
Mar
*
10
2.00
2.00
1.25
1.25
376
1.25
Feb
1.25
Cities Service Co com.. 10
5%
%
5%
%
292
4%
Feb
5%
Apr
100
%
Feb
%
Mar
Cal Pac Trading pref
Calwa Co
com
Claude Neon Lights com.l
10c
196
7
260
0.32% a32%
7%
7%
Consolidated Oil Corp...*
1
Domlnguez Oil Fields Co.*
Curtlss Wright Corp
Electric Co
3,993
3%
13c
1.35
1.40
a37% a37%
8
40
*
20%
Honokaa Sugar Co..—20
5%
Mines..1
6%
*
Intl Tel & Tel Co com....*
32%
Int Nickel Co of Can
Italo Pet Corp of Am com
%%
1
1
Preferred
Kenn Copper Corp
400
11
33%
8%
40%
20%
5%
7
32%
4
10i%
33
Goodrich (B F) Co com..*
Idaho-Maryland
33
13c
10%
ElecBondA Share Co....5
General
10c
7
*
Coen Cos Inc A com
Columbia River Packers..*
Cons Edison Co of N Y..»
com..*
210
10c
Jan
10c
8
5
Mar
30%
7%
9%
Jan
Feb
Jan
7%
11%
33
Apr
36
32%
342
5%
37%
Mar
Jan
41
160
20%
257
8%
Feb
Jan
Mar
Apr
Apr
Mar
Jan
Jan
Jan
Apr
20%
Apr
280
5%
Apr
5%
Apr
960
5%
Jan
7
Apr
273
32%
Apr
265
3%
Mar
38%
4%
100
10c
Mar
16c
276
1.29
Mar
1.65
Jan
225
35%
Jan
35%
Mar
Apr
Jan
Jan
Jan
28%
1,000
28%
6%
6%
110
27%
6%
Jan
McKesson & Robblns com5
Apr
4%
4%
50
4%
Feb
8%
4%
Apr
5
MonolithPtldCem8% prflO
Montgomery Ward & Co.*
8%
8%
120
8
Apr
9%
Mar
55%
285
54%
Mar
65%
5,738
3%
6%
Feb
4%
Apr
a6%
4%
a6%
Apr
7%
Feb
26
26
375
24%
26
1,132
Matson Navigation Co—*
28
McBryde Sugar Co
Mountain City Copper—5
Nash-Kelvinator
a52
4%
Corp___6
National Distillers Prod..*
Aviation._1
24%
North American Co com.10
a.22%
No
American
20
Olaa Sugar Co
Packard Motor Co com..*
""3%
28
a52
a
4%
a22% a.22%
5%
5%
3%
3%
30
15
90
210
a2%
22%
22%
7%
879
4%
120
Schumach Wall Bd pref--*
6%
4%
23%
23%
60
Shasta Water Co com....*
10%
11
Feb
Jan
25
Mar
26
Apr
22%
20%
Mar
26%
23%
Feb
Mar
Feb
Jan
Mar
6%
3%
Jan
4%
Jan
21%
Jan
23%
Apr
5%
Feb
7%
Apr
4
Jan
Jan
4%
25%
Mar
Feb
12%
5
80
212
a2%
Park Utah Cons Mines—1
Pennsylvania RR Co....50
Radio Corp of America...*
Riverside Cement Co A..*
So Calif Edison com
25
4%
Standard Brands Inc
*
Studebaker Corp com
Apr
Jan
1,108
29
Jan
20%
Apr
383
29
Jan
Mar
224
29%
Mar
30%
30%
50c
226
20c
Apr
1.10
Mar
7%
7%
810
6
Jan
Apr
12%
1,265
Jan
7%
12%
Mar
46%
29%
7%
United Aircraft Corp cap.5
U S Petroleum Co
9
30%
30%
29%
30
30%
1
25
Texas Corp common
200
23%
30c
"3d"
25
6% preferred
5%% preferred
25
So Pac Gold Gate 6% pf 100
1
United States Steel com..*
11X
a47
a47
25
a48% a5 0%
240
96c
200
96c
64
63
1,968
9
44%
Jan
47
60
Jan
Feb
Apr
Apr
55
Feb
1.15
Jan
Mar
95c
66%
1%
Jan
Jan
1%
1%
Jan
5
1%
3%
100
3%
475
3%
Jan
4%
Feb
West Coast Life Insurance5
4%
5%
136
4
Jan
5%
Apr
Jan
14 X
10
Jan
45
99%
5%
*
Libby McNeill & Libby__7
Lockheed Aircraft Corp..l
32
Jan
Jan
53
130
Holly Development
1
Home F & M Ins Co cap. 10
Langendorf Utd Bk A
*
Preferred
—.50
Jan
36%
93%
110
960
18%
*
31
227
2,531
"39"
*
10
Mar
6%
6%
6%
10%
Hancock Oil Co of Calif A *
7%
56
8%
U%
15%
6
"10%
*
99%
21%
40
Apr
15%
6
Gladding McBean & Co..*
Leslie Salt Co
300
88%
290
7
Fireman's Fund Indem_.10
'
Jan
Apr
Apr
Apr
4
Ewa Plantation Co cap.
Preferred
6
211
213
IXL Mining Co
Feb
Apr
272
445
Honolulu Oil Corp cap
Feb
335
10
Hunt Brothers com
Apr
9%
4%
43%
Hawaiian Pine Co Ltd
25%
8%
10
Hale Bros Stores Inc
Jan
4%
50
State Co Ltd
Apr
Feb
8%
19 X
43
General Metals cap
Apr
32%
29%
*
*
Emporium Capwell Corp.*
Emsco Der & Equip
Jan
100
Electrical Products Corp.4
Preferred
31%
1,382
5,809
50
36
Aviation & Trans. Corp..l
Bendix
Calif-Ore
6%
13c
2
20
Bishop Oil Co
Low
10
16
1,374
Bunker Hill <fe Sullivan.2%
Week
Price
5
3
Aviation Corp. of Del
Range Since Jan. 1, 1940
Last
17%
Feb
18 X
a9
Anglo Nat Corp A com...*
official sales lists
Feb
8%
20%
174
Anaconda Copper Mln..50
Sales
15c
100
17
Amer Toll Bridge (Del)-.l
April S to April 12, both inclusive, compiled from
Friday
2~05
.
Francisco Stock Exchange
6,700
19%
18%
American Tel & Tel Co. 100
and Los Angeles
.
Unlisted—
Argonaut Mining Co
5
Atchis Top & Santa Fe 100
San
301
301
Tr. 100
Amer Rad & Std Sanitary*
Cortlandt 7-4150
Private Wire to own offices In San Francisco
3
3%
1
Amer Hawaiian S S Co. .10
New York
16c
16%
9%
20%
Union Oil Co of Calif...25
Yellow Checker Cab ser 150
Members New
Apr
Mar
10%
Yosemlte Ptld Cem pref. 10
111. Broadway,
Feb
Feb
45c
668
Wells Fargo Bk & U
Schwabacher & Co.
20c
60c
11%
6%
340
Western Pipe & Steel Co. 10
Saturdays)
Jan
Feb
46c
Vega Airplane Co
solicited
13c
Jan
Mar
11%
6%
15c
Jan
15%
46c
Union Sugar com
until 5:30 P. M. Eastern Standard Time (2 P. M.
30
460
Apr
26%
33%
10%
5%
Victor Equip Co com
Orders
22%
Jan
Mar
Mar
*
United Air Lines Corp...5
Mississippi Valley Tr Co--
33%
11%
3,773
23%
30%
99
62
34%
14%
23%
Feb
22
2,670
100
100
4%
Tide Water Ass'd OU com 10
Transact)erica Corp
Bk
Commerce
""5%
100
Thomas Alec Corp A
Ask
Jan
Jan
Mar
19
19
So Cal Gas Co pref ser A.25
St. Louis Bank and Trust Companies
34
38%
Signal Oil & Gas A
*
Soundview Pulp Co com.5
St. L. 494
Bid
Apr
6%
7% preferred
A. T. & T. Tel.
Boatmen's National Bank.
2.75
38
18
Apr
18%
Standard Oil Co of Calif..*
on
2 30
1,173
3,932
Southern
Quotations
Apr
Apr
7%
6%
(MEMBER)
STOCKS
Garfield 3450
Jan
Apr
19%
...1
Schleslnger (B F) com
OLIVE ST.
418
Jan
1.35
20%
7%
5%
Mfg Co
Ryan Aeronautical Co...l
STOCK EXCHANGE ISSUES
Apr
19%
Richfield Oil Corp com...*
ACTIVE IN:
LOUIS
Jan
7%
100%
710
Rheem
Inc.
ST
Jan
1.05
19%
.50
Jan
Mar
20%
7%
1.00
20
154
Jan
Apr
Apr
Apr
Jan
*
5%% pref A
Jan
2,113
18
1
Feb
48%
99%
100
Preferred..
50
Apr
107 %
Pig'n Whistle pref
..*
Puget Sound P & T com..*
Rayonler Inc com
Apr
4 %
47
133
.100
Preferred
165
107
"47%
R E & R Co Ltd com
64%
1959
Apr
Feb
650
34%
5%
Paraffine Co's pref
Bonds—
St L Pub Serv 5s
Jan
7%
33%
30%
20%
Pacific Western Oil
9%
4
4X
34%
*
Preferred
Mar
22%
34
...»
1st preferred
4
1.30
34%
33%
*
Pac Pub Service com
Apr
5%
26
.25
Pac G & E Co com
Apr
80c
*
com
Pacific Clay Prods cap...*
Pacific Coast Aggregates.5
Apr
40
*
Class B
Pac Amer Fisheries com..5
1.37 Jan
155
9
1
15
.
Feb
10
80c
com.
Oliver Utd Filters A
Apr
Apr
11
41
*
Warrants
Sterling Alum com
Wagner Electrical
Jan
12
10%
95
96
100
Scullin Steel com,.
O'Connor M off att cl AA__*
9
_100
1st preferred
Apr
41
10
5
com
Preferred
4%
39%
11%
100
5%
com
Feb
50
1.02
1
70
109
Fibres
37%
365
170
5%
5%
Auto
Feb
480
5%
Natl
Feb
11
11
*
com
6%
20
Feb
3
12
11%
104
Feb
17%
104
11
11
11%
10
39%
38%
*
com
Midwest Piping A Sply cm*
Mo Ptld Cement com
25
Rlce-Stix D Gds
20
4
5
100
6%
20
Natl Bear Metals
Golden
5
*
Preferred
open
Feb
80c
10
Mfg Co com
High
Low
4%
225
5
4%
5
Week
*
com
Knapp Monarch com
►
Range Since Jan. 1,1940
Last
Sale
Range Since Jan. 1, 1940
Last
-
Friday
Sales
Friday
•
Stocks
2397
The Commercial & Financial Chronicle
150
Utah-Idaho Sug Co com..5
Warner Bros Pictures
Apr
Feb
8%
1,639
6%
Jan
8%
Apr
39%
3,059
27%
Mar
39%
Apr
*
No par value,
trading prlvUeges.
year,
z
a
Odd lot sales.
6 Ex-stock dividend,
d Deferred delivery,
Ex-dividend,
y
Ex-rights.
*
r
c
Admitted to unllstd
in range for
Cash sale—Not included
Listed,
f In default.
The Commercial & Financial Chronicle
2398
April 13, 1940
Canadian Markets
LISTED AND
UNLISTED
Montreal Stock
Service
all Canadian
on
Exchange
sales
Friday
Last
Stocks (Concluded)
Greenshields & Co
Members
507 Place
of Prices
Week
Price
Par
Low
Foundation Co. of Canada*
Gatlneau
Montreal Slock Exchange
Montreal Curb Market
for
Sale
Securities.
Week's Range
Power
*
100
preferred
Bid
Ask
4%s
Oct
1 1956
Prov of British Columbia—
6*
...July
4%s
12 1949
1 1953
JlOct
55
5s
51%
63
6s
Oct
92
94%
89
91
4s..
..June
4%s
Jan
4%s
Aug
1 1941
5s...
June 15 1954
78
82
4s
5s
Doc
2 1959
78
82
4%s
15 1960
90
94
15 1961
92
4
Prov of New Brunswick—
Apr
4%b
1942
84
86
4%s
Sept
15 1952
92
,105%
'
102
1 1962
15 1965
106%
103%
91%
93
98
6s
Mar
1 1960
95
Mar
9%
Jau
%8
96
260
97%
98%
1
1958
92
95
1 1961
92
89%
Jan
54%
Mar
65%
Mar
6%
Mar
Mar
Feb
4%
5
600
4%
Feb
7%
7%
710
6
Jan
6
14
14
14%
555
*
22%
22
23%
1,915
71
74
6 Ms.. J...Nov
15 1946
71
74
1 1951
65
70
.May
Oct
100
Hudson Bay Mining
Feb
100
Jan
Jan
29%
725
27%
Mar
14%
15
3,141
H%
Feb
15%
Jan
16%
16%
2,036
15%
Jan
16%
Feb
7%
7%
110
6%
Mar
7%
Apr
+
„
m
«•
m,
84
Jan
29
29
Jan
29
Feb
20%
27%
20%
25
20%
Mar
28
Feb
27%
Acceptance
27%
65
26%
Mar
Feb
42
42
43%
1,399
Apr
22%
22%
22%
1,074
41%
21%
28%
46%
Jan
24
Feb
3%
Mar
6
Apr
94
Feb
14%
Feb
*
"26%
*
3
*
88
no
13%
"
13%
*
Preferred
25%
*
""l6~~
...3
Laura Secord
12%
preferred.
25%
25
75
60
26%
88
Mar
13%
Jan
Feb
27
18
122
Apr
12S
16%
295
15
Jan
16%
Feb
12%
12%
100
12 %
Feb
13
Jan
8%
122
23%
40
8%
Jan
Jan
Jan
•
Massey-Harris
*
5%
5%
5%
225
5
Feb
•%
McColl-FrontenacOIl
*
8%
8%
8%
767
8
Feb
9%
10
107
Jan
Bid
70
4
Sept
15 1942
78
79
Dec
15 1944
73
75
6s
July
1 1944
Mar
>1%
51%
169
50
Feb
536
36
Feb
56%
88%
Jan
37%
38
38
38
180
38
Apr
41%
Mar
Car Corp.*
64%
64%
66%
409
6!
Feb
69
Jan
Jan
82%
78%
33%
Feb
Niagara Wire Weaving...*
Noranda Mines Ltd.....*
145
26%
84
73%
73%
74
992
70%
Mar
79
Ogllvle Flour Mills
32
31%
32%
610
30%
Mar
1 1960
July
78
%
Bid
6 %s
Ask
Ry—
July
11946
111% 112%
4 Ms-.....Feb
1 1956
101% 102
100% 100%
4Mb
July
1 1957
100%
100%
4s
Jan
1 1962
89
92
103% 103%
3s
Jan
1 1962
82
84
6s
July
1 1969
5fl
Oct
1 1909
*
11%
*
11
...Feb
1 1970
11
10%
31%
160
10
Apr
1,245
12%
160
11
Apr
11
125
Feb
Jan
Jan
Jan
1«2
Feb
13%
Mar
Mar
Feb
11%
100
15
15
1
15
Jaa
16
101
101
15
100
Jan
68
68
240
68
Feb
Ottawa LH AP
7%
Feb
Jan
102%
Mar
72
*
10
10%
365
9%
Mar
11%
*
21%
20
17%
Mar
24
16%
16%
23%
16%
7,100
*
Quebec Power
Regent Knitting..
Roll arid Paper v t.
"10%
310
16
Feb
5%
5%
25
5
Jan
35
16
Mar
10%
Jan
90
105
Am
107%
5%
Mar
...*
18
18
106
Saguenay Power pref... 100
Grand Trunk Pacific Ry—
106
Jan
Jan
Jan
17%
6
Feb
'
St Lawrence
103% 104
6s
160
..100
Power Corp of Canada
Price Bros A Co Ltd
(American Dollar Prices)
Canadian Northern
31%
Ottawa LHAP pref... 100
Pen mans
*
Bonds
Ask
31%
*
Preferred
Government Guaranteed
15 1955
30%
89
Closing bid and asked quotations, Friday, April 12
June
2,491
88 %
Ottawa Electric Rys
454s
30%
83
1964
Feb
51
1 1946
Ms
Jan
Jan
129
37%
Ottawa Car Aircraft
100%
»
30%
*
25
National Steel
110
Mar
%
"37%
*
Preferred
Ask
106% 105%
100
110
7%
1
4Ms
Bid
-
Sept
5s
4%s
Canadian National Ry—
4 Ms
Sept
1 1951
-
Dec
69
6s
Dominion
—
"30%
Mont LHAP Consol
Canadian Pacific Ry—
4s perpetual debentures.
*
Montreal Tramways... 100
A sk
Canadian Pacific Ry—
m
Montreal Cottons pref. 100
National Breweries
Bid
Jan
16
120
100
27
5
88
100
Lang A Sons (John A)
200
3
*
Lake of the Woods
(American Dollar Prices)
Feb
27%
..£1
Preferred....
Closing bid and asked quotations, Friday, April 12
Apr
14%
Jamaica Pub Berv Ltd
Railway Bonds
Apr
15
33%
103%
27%
International Petroleum..*
Lcgare
121
Mar
*
Preferred
Industrial
102
102
102
13 H
19
._*
Ltd.:.
International Power
98
4Mb
Feb
8%
94
5s........June 15 1943
Feb
10
7%
Intl Nickel of Can
2 1950
Feb
160
8
4%
Preferred..
Mar
Feb
105
*
Intl Bronze Powders
Feb
Jan
~~10%
95
1
Feb
10%
5%
99
94
Apr
Apr
100%
54%
8
*
Imperial Tobacco of Can.5
Prov of Saskatchewan—
Province of Nova Scotia—
93%
25
95
Imperial Oil
104% 105
Province of Quebec—
88
5s
Ask
*
1
Sept 15 1943
May
1 1959
6s
Province of Manitoba—
109
980
10%
Holllnger Gold
Bid
53
95
102
10
Mar
Howard Smith Paper
Preferred
Province of Ontario—
1 1948
14%
15H
16%
96%
Hamilton Bridge
(American Dollar Prices)
Jan
358
High
Jan
Gypsum Lime A Alabas..*
Municipal Issues
Closing bid and asked quotations, Friday, April 12
6n
15
54%
Preferred
Province of Alberta—
10
95
Goodyear T pref inc '27.50
Provincial and
385
102
""id""
General Steel Wares.....*
Gurd (Charles)
Low
13%
14%
15
100
5%%
MR
Range Sinu Jan. 1, 1940
Shares
13
Preferred
d'Armes, Montreal
High
103% 104
Corp
*
5%
4%
50
A preferred
19%
19%
28%
St Lawrence Flour Mills..*
Preferred
29
120
4%
Fsb
6,270
17%
Jan
21
29
46
28
Mar
30
125
6%
120
Jan
Apr
Jan
Exchange
Friday
Sale
Stocks-
Par
Price
Mar
48
49%
301
42
Mar
60%
Jan
22
21
22%
1,645
20
Feb
24%
Jan
Preferred.
Range
of Prices
for
Range Since Jan. 1, 1940
Week
*
12
High
Shares
Preferred
....100
Alberta Pacific Grain A__*
AJbertaPaclflcGraln prf 100
Algoma Steel Corp
*
Anglo Can Tel Co pref..60
Low.
High
25
19M
100
110%
Bathurst Pow & Paper A.*
14 %
(N) Grain
*
"45""
100
165
Brazilian Tr Lt & Power.*
10
British Col Power Corp A *
b:
*
Bruck Silk Mills
100
31
Apr
35
Jan
14%
Jan
16%
Jan
7%
Mar
49%
Mar
26%
Jan
Jan
19%
Mar
Canadienne
100
110% 110%
14%
15%
17
110%
12%
Apr
112%
Feb
Commerce
100
171
Mar
15%
Jan
Montreal
100
Jan
Nova Scotia
100
Royal
100
1.25
305
39
40
30
165
166
296
9%
2%
10%
29%
2%
5%
16
21
6%
6,578
391
1.05
Apr
25%
Feb
40
Mar
Feb
169
8%
27
Jan
10%
30
Jan
3
Mar
4%
Jan
7
Feb
15
20
Jan
23
60
20
Jan
22
Mar
16
16
115
16
Mar
18
Jan
6%
7%
13%
14%
26%
1,415
270
24
Feb
37
1,280
30
Jan
16%
28%
37%
125% 127
65
124
Mar
60
12%
Mar
1
112%
2%
Feb
44
2%
Preferred
2%
2%
15%
7%
7%
24 M
21
7%
44%
24%
97
97
21
88 M
14%
4%
7
87%
88
150
"~9%
Eastern Dairies
.*
75o
124
155
_*
Electrolux Corp
1
Enamel & Heating Prod..*
Famous Players C Corp..*
8
43
36%
*
2%
15%
43%
100
Apr
Mar
Apr
546
2
Feb
1%
Jan
81
2
Jan
11
12
665
9%
Jan
2%
11%
Feb
25
145
23%
Feb
24%
Feb
Jan
163
18
170
175
39
168
Jan
176%
Mar
202
207
38
200
Feb
212
Mar
305
305
7
302
Jan
til
Mar
180
183
206
180
Apr
190
Mar
163
.
"
160
Jan
168
Apr
"l8l"
Sales
for
Range Since Jan. 1, 1940
Week
Feb
20%
Jan
36
Dryden Paper...
4%
87
2
Feb
95
280
Dominion Textile...
2%
1.90
99
77
21
25
7M
24%
Jan
April 6 to April 12, both inclusive, compiled from official salsa lists
97
Jan
87 M
Mar
of Prices
45
*
21%
Week's Range
Jan
100
2«
28%
Jan
170
970
Sale
3
Preferred
170
24%
Last
18
Dom Tar & Chem
4%
Jan
6%
36
Friday
43
4M
4
Feb
5%
36
Jan
44
"l4%
738
Jan
Apr
100
6
5%
Feb
21%
Dominion Steel & Coal B 25
Dominion Stores Ltd
Mar
17%
Jan
124
Jan
160
23%
8%
15%
Dominion Coal pref
25
Dominion Glass......100
83
Feb
Feb
Mar
6,088
100
Feb
155
Mar
6%
21%
Bridge
76
10
15
44
"~7%
Jan
70
21
20%
*
86%
79
270
1,533
.*
25
Feb
77
Mar
155
405
'
7%
50
Consol Mining & Smeltlng5
Distillers Seagrams......*
Mar
Montreal Curb Market
Mar
2%
Mar
*
12
25
Apr
Jan
130
460
•
115
Preferred
1.75
8%
2%
Mar
103%
Mar
165
Jan
125 M
"
202
7,782
5%
100
126
Jan
1,186
13 M
15
Jan
Banks—
16%
8%
"36 %
489
Jan
Mar
24%
46
Preferred
20 M
16
1
12
116
103%
2
23
18
Preferred
*
1.90
"
45
115
Dominion
Zellers
*
156
Canadian Cottons pref. 100
Cndn Industrial Alcohol.*
Class B
*
Cockshutt Plow
*
415
1,362
Converters.. 100
Canadian Locomotive
Canadian Pacific Ry
Winnipeg Electric A
Winnipeg Electric B
%
19%
11
7%
Canadian Car & Foundry.*
Preferred
25
Canadian Celanese._.._.*
Preferred 7%
Mar
21
Can North Power Corp..*
Canada Steamship (new).*
Canadian
Feb
3
97
*
5% preferred
Canadian Bronze
110
Feb
24
15%
_6M
Can Forglngs clA
Class B
Apr
2%
48
19%
21
6
*
108%
*
16%
5%
Building Products A (new) *
Canada Cement Co...
Preferred
5
125
5
22
4%
36
*
Wllslls Ltd
15%
29
"VA
*
Bulolo
Apr
30
1.26
100
Telephone
12
5%
48
*
Preferred
Jan
90
25
79
23
15%
*
Bell
11
13%
120
103% 103%
78%
78%
Jan
155
;m-
30
Asbestos Corp
Bawlf
45
108% 108%
2%
2%
Associated Breweries
Preferred
12
78%
Tuckett Tobacco pref.. 100
United Steel Corp
»
Vlau Biscuit
*
Wabasso Cotton...
Agnew-Surpass Shoe
12%
120
100
Simon (H) A Sons pref. 100
Steel Co of Canada
*
Preferred
Sales
Low
120
"49%
Sher Williams of Canada.*
Montreal Stock
April C to April 12, both inclusive, compiled from official sales lists
Week's
10
St Lawrence Paper pref. 100
Shawlnlgan W A Power..*
Last
100
5,370
21
9%
50
Beauharnols Power Corp.*
Mar
Feb
Mar
cum
pref
Brewers & Dlsts of
5%
Vane.5
Brit Amer Oil Co Ltd
*
Mar
Can Nor P 7% cum pref 100
Canada Vinegars Ltd
42%
Apr
48%
Jan
250
23
Jan
25%
Mar
10
94
Jan
96
36
Mar
Feb
CanWIre &
40%
Jan
22
Feb
Cndn Dredge A Dock
Jan
125
Jan
Cndn Industries Ltd B
Jan
155
Feb
Preferred
"33%
5,010
13%
Mar
4%
Jan
Jan
7%
1,585
6%
Jan
8%
Apr
88%
150
10%
30
360
10
2,080
86
Feb
86%
Apr
155
Jan
7%
Mar
75c
Apr
75c
76
11%
5%
110
145
2%
Jan
23
125
22%
Apr
10
Jan
89
Jan
5%
cum
pref..
*
Jan
140
144
405
119
Feb
145
Apr
120
10
115%
Jan
120
Mar
4%
5%
97%
4%
2,757
5%
1,065
5
Feb
17
96
Jan
96
Feb
5
130
Jan
186
Mar
138
4%
Jan
22%
Mar
17
Jan
5
100
Apr
160
33
Jan
88
Jan
33%
34
510
38
60
107% 108%
11%
11%
r
111
Feb
25
167%
Mar
2%
Apr
31%
455
25%
30
224
225
175
24%
25%
Apr
Jan
Apr
15
81%
23%
Jan
Apr
Apr
35
225
Apr
288
Mar
2
175
Mar
176
Mar
400
1.00
Feb
1 40
1.40
451
1.00
Feb
1.40
Apr
4%
6
1.40
1.00
4%
365
4%
Apr
4%
Apr
688
6
Jan
8%
20
25
Feb
88
Jan
185
13%
Jan
18
Feb
5c
10
10c
Feb
6
Commercial Alcohols Ltd.*
No par value,
Feb
Apr
Jan
Apr
*
3»
108%
Mar
75c
Jan
Jan
70
1.55
*
24
Jan
11%
107%
Claude Neon Gen Adv
5
Jan
Apr
5
Jan
Preferred
Feb
3,025
11%
Apr
36
6%
28%
19%
2%
2%
17
Feb
Jan
60
17
5%
Jan
133
25
12
6%
755
5%
*
cum pref
0
17%
100
7%
Mar
23
Catelll Food Prods Ltd
Mar
3%
22%
Jan
90%
Jan
97%
6%
25
155
17%
1.35
*
Ondn VJckere Ltd
32
175
Cndn Power A Paper Inv_*
89
Feb
25%
224"
Cndn Ind 7% cum pref. 100
Canadian Marconi Co...l
120
15%
6%
Jan
4%
Mar
28
30
*
15%
Apr
11
19
108% 108%
2%
*
2H
8,247
38
107%
*
...
High
Feb
101% 102%
*
Jan
Low
1.30
15
5%
Cab6%cmpfl00
Cndn Breweries Ltd....
26,726
17%
22%
Canada Malting Co Ltd..*
Jan
2%
22
138
100
Canada A Dom Sugar Co. *
9
150
7%
1.55
Shares
120
140""
Beldihg-Cortlcelli Ltd.. 100
Feb
75c
23
Bathurst P A P Co B._.
Jan
High
13
""4%
Jan
Feb
TjOW
22
14
100
19%
8%
5
pref
Jan
Jan
20%
cum
1.90
CalgaryPow6%cum prf 100
Feb
122
6%
*
Jan
7
105
100
100
Feb
6
215
pref..
cum
cum pref
Aluminum Ltd
Price
British Columbia Packers'*
100
740
Abltlbl Pow & Paper Co..*
Jan
5,704
1,449
Par
3%
3%
11M
5
19%
115
12
21%
155
Jan
Feb
80
38%
124
16
128
Stocks—
5c
5c
3%
3%
725
3
"6%
6%
6%
150
6%
Canadian market.
Apr
Jan
15c
Feb
Jan
8%
Mar
Jan
6%
Jan
Volume
The Commercial & Financial Chronicle
ISO
2399
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Last
(Concluded)
Par
Week's Range
Sale
Stocks
of Prices
Price
Consolidated Paper Corp.*
Cub Aircraft
Low
7
Low
Shares
6*
Mar
2*
Mar
8*
Apr
31,386
1,875
3*
3*
50
2*
Feb
3*
Mar
3
3
20
2*
Feb
3*
Feb
9
9*
4,704
7*
Mar
7H
8*
1,749
6*
Mar
6
3*
Dominion Woollens.......
Donnacona Paper A
*
T"
B.
7*
EasternDarles7%cm pf 100
_5*
FalrchUd Aircraft Ltd.
5
Fleet Aircraft Ltd
*
Ford Motor of Can A
*
Fraser Cos Ltd
7
*
Voting trust
*
5H
20*
,
Jan
5
5*
Mar
2,595
7*
Mar
515
19*
Feb
480
6*
21
6*
Feb
Apr
2*
33
33
Apr
3
Jan
35*
5
3
10
3*
Jan
16*
16*
60
16*
Apr
16*
10*
10*
20
8*
Jan
11
Apr
45
45
339
35c
Mar
International Utilities B..1
Stocks
(Continued)
Bldgood
24
25
687
21
Apr
28
*
2
2
410
2
Jan
2
Jan
50c
55c
400
30c
Feb
55c
Apr
21
20*
21*
805
19*
Jan
51
51
53
85
48
98*
98*
10
96
1.65
1.65
75
MacLaren Pow & Paper..*
Massey-Harris5%cm pf 100
McColl-Fr Oll6%cm prflOO
"
1~05
Melchera Distilleries Ltd.*
Melchera Distilleries pf._10
22
Jan
Mar
59
Jan
Jan
1.50
100
Apr
Feb
*
Bell Telephone Co
*
1.50
Feb
Mar
100
Kirkland
Big Missouri
43c
9c
60
9c
6,200
7*c
Mar
990
10*
Apr
11
Jan
8,944
8*
Jan
Apr
Brewers &
Distillers
6
4
Feb
10*
5*
*
Jan
British American Oil
46
Feb
Brit Columbia Power A—*
N S Light A Power Co
*
93
93
20
93
Apr
93
Apr
107
Feb
111*
Jan
6
115
Apr
115
Apr
pref
cum
25
8.60
Jan
3,000
3c
Apr
4*0
Feb
Feb
17*
Jan
14
Jan
450
6
Mar
7*
Feb
Burlington Steel
*
12
12
13
Calgary & Edmonton
*
2.05
2.05
2.21
Calmont
1
39c
38c 40*C
12,820
10
Jan
35
Apr
10
109
75c
ii
2*
Jan
11
11
1.20
20*
Feb
1.00
Apr
10*
Feb
1.20
Apr
Jan
43*
Feb
19*
25
20
1*
112
Mar
Jan
20*
Feb
Jan
6
1,325
42*
Apr
41
90
1.10
Mar
75o
1,107
42*
Feb
1*
109
2
1.00
Feb
245
90c
28 He
13c
1
33c
22,900
24o
Apr
350
Jan
11c 13 *c
3.00T
8c
Mar
16*c
Jan
10c
60C
lOo
Jan
13c
Jan
26c
10c
52c
6,30f
12c
Jan
66c
lOf
60c
Mar
87c
Jan
17c
5,50r
12c
Cent Cadillac G M Ltd__l
52o
Apr
Mar
20c
Mar
Century Mining
1
19c
19c
BOf
14c
Jan
21c
Mar
Consol
1
15c
15c
5(V
lie
Apr
16c
Jan
14c
25
25*
23
Mar
29*
Jan
3.70
3.60
3.75
2,800
3.55
Mar
4.10
Jan
77c
77c
86c
800
80c
Apr
1.25
Jan
*
East Malartic M Ltd
1
5.05
1.945
4.00
Feb
5 05
Apr
53c 53 *c
*
2,700
43o
Mar
08c
Jan
4.00
*
40o
Inspiration Mln A Dev___l
1
13(
2*c
40c
500
34c
Jan
45c
Mar
2*c
3*c
6*c
15.457
2o
Mar
4*0
Feb
32,800
8*c
Mar
5c
1,000
4c
Feb
6c
Feb
60
22*
Mar
31*
Jan
Joliet Quebec Mines
Kirkland Gold Rand
1
5c
1
5c
Lake Shore Mines Ltd
1
24*
2*c
25
Feb
3*0
Canada
Bread
5
A
Preferred
Canada
6*
100
Malting
*
11*
Mar
2,200
1.95
Feb
2.39
Jan
33c
Mar
47c
Jan
Feb
5*
Jan
275
5
104
"38"
104
25
6*
7
1,759
95*
100
Canada Cement Co......*
15
155
5
104
*
96
22
39
260
37*
Lebel-Oro Mines........1
Malartic Gold Fields
5c
4,900
l*c
Jan
5c
1.39
1.33
1.43
15,350
1.02
Mar
1.45
O'Brien
1.32
1.31
1.35
1,700
1 31
Apr
1.55
1.55
50
1.70
Mar
2.35
Jan
5c
6c
5,900
4*C
Jan
10 ve
Jan
1.85
2.10
510
1.80
Jan
2.10
Jan
16*
10
Canada Packers
103
104*
189
145
145
20
8
633
Canada Northern Power..*
16*
19*0^ Jan
340
Can Permanent Mtge__100
Canada Steamships......*
66c
J-M Consol Gold
Apr
6*
47c
Nickel
Mar
6 00
16
*
Francoeur Gold
Mar
15*c
782
3*c
1
Falconbrldge
Buffalo-Canadian
47o
2,500
15*
Jan
Jan
74.100
19c
3*0
8
69c
58c
6.30
»
30
Jan
16c
Building Products (new).*
25
Jan
Mar
18c
48C
Apr
25
23*
30
Mar
Mar
6.00
Mar
Cndn Malartic Gold
Eldorado Gold
1
47*
8
27
Apr
Jan
22*
.110
Jan
6.00
*
106*
Bidgood-Klrk Gold
Dome Mines Ltd
Brown Oil
Jan
34*
11*0
"~50c
Broulan-Porcupine...--.l
Jan
Mines—
Aldermac Copp Corp Ltd.*
Gold
1
Arntfield
Chibougamau
70
2,500
43
2*
*
Beaufor Gold Mines
I,144
,,
13c
99*
109
.*
Walkerville Brewery
*
Walker-Good <k Worts(H) *
$1
29*
45
34*
pf.100
1st pref
23
13c
23
8
Sangamo Co Ltd
*
Sarnia Bridge Co Ltd B_.*
cum
22*
29
29
6*
Reliance Grain Co Ltd...*
6*%
"22*
*
265
47*
105
105
Provincial Transport Co..*
cum
Dominion Oil
5*
47*
1st pref
100
partic 2d pref..50
6%
British
Buffaio-Ankerite
cum
Ai r
10*
5*
Feb
35
Jan
Apr
10*
Feb
115
14c
9*
41
8o
Mar
115
Jan
10*
9*
5*
108* 108*
Feb
8c
12*
cum pref 100
Mar
8
Apr
10*
9*
44*
Power of Canada—
8*c
36*
Jan
Mar
*
20
Paton Mfg
52*0
1
95
Page-Hersey Tubes Ltd..*
176
160
Jan
♦
395
r
650
430
Jan
165
Brazilian Traction
5*
6*
6*
Bobjo
15*
15*
Mar
Bralorne
47
5*
"ily*.
9c
9*
40*
40
4*
12c
188
166
8*
*
Preferred
14
Thrift Stores Ltd
High
Low
546
35o 52 *c 1162122
.1
Blue Ribbon
46*
Sou Can Pr
Shares
5*
5*
165
165
1
*
(Robt) Co Ltd..*
n c
Week
5*
Moore Corp Ltd
6%
6%
for
of Prices
Low
High
Price
Par
Beauharnols
Jnn
Lake St JohnP&P
7%
Week's Range
Sale
Jan
60c
Lake 8ulphite Pulp Co
Mackenzie Air Service...*
Mitchell
Range Since Jan. 1,1940
Last
Apr
*
Sales
Friday
Mar
36
Feb
3
Exchange
Jan
20
cum pref
Intl Utilities Corp A
Toronto Stock
Jan
21*
9*
2*
TORONTO
Feb
20
600
Grain Exchange
Street
Feb
Feb
2*
intl Paints (Can) Ltd A..*
Jordan
Jan
10
22*
Mar
8
Inter-City Baking Co.. 100
11
(The Toronto 8tock Exchange
{Winnipeg
Jan
Mar
175
and Industrial Securities
Apr
15*
6,759
8*
2*
*
8*
7
.
Members
Jan
10
listed and unlisted
on
F. J. CRAWFORD & CO.
Jan
Feb
15
73
19*
18
8
8
3*
17
«,
21*
19 *
19*
Jan
16
15
175
9
8
8
Goodyear TARof Can..*
5%
High
8*
incited
Canadian Mining
CCA
2*
16*
2*
*
Hydro- Elec Securities
High
Range Since Jan. 1, 1940
for
M
16*
7*
Corp Ltd.
David A Frere Ltee A...*
B
Inquiries
Sales
Friday
Apr
6*
92*
36
Mar
Jan
Jan
16*
101*
140*
Apt
Mar
Jan
105
Jan
8*
Jan
99
Feb
39
Feb
17*
104*
150
Jan
Jan
Jan
Mar
..50
20
7*
20
.....*
B
Canadian
Bakeries
Preferred
*
Cndn Bk of Commerce. 100
Canadian
15*
Jan
8*
21*
65
15
55
Feb
65
22
230
17
Jan
22
Apr
Mar
3
Mar
Apr
52
Mar
7*
1.50
...*
Cndn Bakeries pf (new) 100
Canadian Breweries.....*
21*
65
21*
Preferred
Canada Wire A
46
30
2,665
395
82
175
170
Can
2.75
31*
2.13
"30*
1*
45
Jan
1.55
Jan
24*
Jan
168
Jan
8*
Apr
21
105
19*
12
1.139
8*
20*
11*
13*
13*
14*
25
35*
9*
Apr
Apr
2 75
31*
178
Apr
Anr
Feb
10*
Feb
Mar
22
Feb
11*
Mar
14
Feb
800
12*
Mar
16*
26*
.70
23*
Mar
37*
1,410
.100
126* 125*
10
*
25*
25*
225
225
20
B.
"36*
Celanese
Preferred
Canadian
5*
189
12
A
Can Car & Foundry....
Preferred
....25
Canadian
105
80
48
46
173
1.60
1,841
Dredge
Cndn General Electric..50
Canadian Ind Alcohol A
3
10
Jan
16
Jan
Feb
129
Mar
Jan
2'*
Mar
32
Jan
Apr
210
Feb
225
2*
Feb
230
10*
Jan
66c 67 *C
Canadian Locomotive.. 100
Jan
29
37*
124*
150
3
15
10
30
2,550
61c
Mar
7*
12
4*
6,959
6
3*
20
Jan
Feb
Jan
Gold
1
Pamour-Porcuplne
*
Pandora Cadillac Gold.__l
5c
Pend-Oreille M&MC0..1
Apr
Apr
Jan
1.82
Perron Gold
1
1.75
1.80
950
1.75
Mar
2 11
Pickle-Crow Gold
1
3.40
3.45
900
3 30
Apr
4.15
Preston-East Dome
1
2.25
2.25
300
2.03
Feb
2.40
Jan
Red Crest Gold
*
5c
5c
5*c
1,000
3c
Jan
8*c
Feb
Sherritt-Gordon Mines
1
1.07
99c
1.12
8,545
90c
Apr
1.15
Jan
Siscoe Gold
1
85c
84c
90c
12,000
75c
Feb
90c
Mar
Sladen-Malartlc Mines... 1
Sullivan
Teck
Jan
40c
47c
2,600
38c
Jan
61c
Jan
Consol
1
80c
81c
3,150
78c
Mar
1.00
Jan
Hughes Gold
1
3.95
Towagamac
WaJte-Amulet Mines
Wood-Cadillac Mines
W right-Hargreaves
1
17c
200
3 65
Mar
4.15
Jan
26e
500
26c
Apr
26c
Apr
4.00
40
3.90
Jan
4.25
Jan
5.60
.1
4.00
26c
4.00
Exploration .1
Ventures Ltd
5.60
100
5.60
Apr
6.00
Jan
19c
21c
8,400
18 *c
Apr
3io
Jan
100
7.25
Mar
8.20
7.35
*
7.35
.
Jan
Canadian
Malartic
C P R
25
11*
*
4*
Wineries
44c
1.01
44c
48c
3,900
1,300
87c
Mar
1 03
Jan
35c
Mar
55o
Jan
Home Oil Co Ltd
*
3.65
2.84
6,905
2.40
Apr
3.10
Jan
Hunter Valley Oil Co
*
4*c
4*c
3,000
4*C
Apr
4*c
Apr
OkaltaOlls Ltd
*
1.25
1.24
600
1.10
Feb
1.34
Apr
Royalite Oil Co Ltd
*
Southwest Petroleum
*
36
36
45c
85
45c
/100
33
Feb
45c
Apr
Jan
36
45c
Apr
Toronto Stock
Sales
Friday
Par
for
Sale
Stocks—
Week's Range
Chromium
of Prices
Low
High
Week
Price
6%
*
*
Low
Shares
1.50
2.50
13
15*
16,625
6.387
4*c
4*0
4*C
500
1.90
1.30
Bakeries...*
Chibougamau
5
100
Gas
Mar
110
Apr
44*
1,729
43*
Jan
178
Feb
Jan
31
Feb
2
Apr
3*
26c 29*c
20,600
22*c
Mar
32c
6c
2,500
5c
Apr
8c
Jan
Jan
25*
Mar
28c
1
Distillers Seagrams
*
Dome Mines
*
5c
24*
25
905
25
25
1.140
100
"208"
208
Dominion Foundry
*
Dominion Scottish Inv__.l
33*
33
...25
Stores
*
Dominion Tar
....100
*
Preferred.........
34
1.25
2.12
19*c
1.50
210
10
14*
14*
15*
3,509
......
4*
4*
7
7*
13*
4*
Mar
Feb
15*
5*
Jan
600
6*
Feb
8*
Apr
86*
5
Feb
89
2*
3*
8*
175
le
Jan
3*0
Feb
385
5*
Jan
9*
Feb
3c
3*c
3,500
3o
Feb
4o
Jan
10*C
7*0
Jan
Jan
8
""7c
6c
7*c
20,560
5c
Mar
....*
6*c
6c
7c
13,600
5*o
Mar
3.60
3.80
14,410
3.55
Mar
4.10
28
28
Jan
Jan
12,000
22*c
Jan
26c
Feb
2*
Apr
Falconbrldge
*
4.00
5.00
7,305
4.00
Jan
500
Jan
29*
Apr
Mar
36
.....
75
30
2,240
20*
Jan
30
6*C
36,600
3o
Feb
800
3c
Mar
9
880
7*
Mar
6*0
5*c
10*
Apr
4*C
22
1,934
19*
Feb
22*
Jan
3,900
18,200
8o
Mar
110
Jan
40c
Mar
70o
14
Mar
16*
Jan
105
92*
Mar
97
Feb
10
Mar
6
Apr
0*0
Jan
Fleet Aircraft
*
24,900
85o
Mar
1.03
Jan
Ford
*
20*
20*
7*c
Mar
17o
Jan
Foundation PetroIeum_25c
10c
10c
10c
3c
81,100
3,850
2c
Apr
4*0
Jan
Francoeur
*
48c
48c
54c
2.12
2.25
6,490
2.10
Feb
2.08
Jan
Gatineau Power
*
14*
14*
15
326
8c
3,950
5*c
Mar
10*©
Jan
95
96*
24c
11,933
18c
Mar
4*
58
200
34
305
38o
280
Jan
A
Preferred
Apr
Mar
Apr
315
Feb
Rights
General Steel Wares
Gillies Lake
268
Feb
Glenora
1
Apr
God's Lake
*
79
259
Apr
220
5
Jan
15
28
0*
28
8
8
100
211
4*
•
1,635
9c
74,200
2c
2c
2*c
5,800
1*C
49c
490
53c
7,350
8,100
48c
15*c
Mar
23c
Jan
24c
500
23c
Mar
26o
Mar
16*c
16c 18*c
l*c
l*c
34,800
13*0
Mar
22c
Jan
7,950
12c
Mar
26o
Jan
7,000
l*e
Feb
1*0
Jan
8c
Apr
Goldale
33c
Jan
Gold Belt
14*
14*
15*
2,343
12*
Mar
15*
Jan
Golden Gate
1
5
Gold Eagle
1
18c
7*c
6*C
7*C
5,800
3*
6*c
Jan
1
Feb
8c
Feb
Goodfish
1
l*c
—1
1.08
1.08
1.10
2,375
1.05
Jan
1.19
Mar
5*
5*
15
Jan
5*
Jan
4
5
•
No par value
Jan
10*
10*
1
Mar
Feb
Jan
5c
.*
20c
...
Jan
4*
9*
4*0
11,650
Apr
Jan
4*c
2c
14
28
4*C
5c
4
Mar
1
29*
4
86
1
Crest
Jan
86*
28c
*
Apr
86*
1
28
Mar
350
1
28
Jan
1.25
......
20
22c
28
*
Mar
31
1
6*
1.25
Mar
Fern land
5*
Mar
30*
30
Federal-Kir kland
265
*
Jan
210
Jan
31
Jan
29
Mar
31
Jan
Mar
32
Fanny Farmer
259
.100
23*
204
Jan
306
23
41
Feb
19*c
169*
907
208*
31
*
Jan
27
*
....
Jan|
245
Denison
50
49
6,400
2*
Dominion Bank
Apr
42
eb
10c
2*
2*
24*
19
31*
31
31*
*
(new).
30
173
172
173
...»
Cub Aircraft Corp
Davies Petroleum
16*
200
17*
Feb
305
*
45
3,150
25c
Mar
200
Beatty A
"43*
17*
24c
Mar
306
Beattie Gold
Jan
17*
24 *c
4.15
Apr
.100
B
Jan
*
240
Bank of Nova Scotia.. .100
*
K
1)98
Feb
Extension Oil........
2*
207
Bathurts Power A
Feb
Mar
6°c
Jan
15c
1
Preferred
6*
1.55
7c
13*c
—.1
Base Metals
530
1,800
14c 14*c
.1
Smelters
Jan
8*
1.72
21c
1,340
2*c
Bear Expl
62c
'"17*
r8o
7*
1.65
"~7 *
*
Mines
1 23
14c
Barkers
26,300
*
Coniarum
29*
10c
Bank of Toronto
70c
Cockshutt Plow
Apr
1.01
*
Bank of Montreal
Jan
Apr
93c
...1
1
Jan
68o
760
33,400
Cons
1.05
Mar
11,915
3*c
Bank field
Mar
40o
80c
24 *c
Bagamac
73o
13,200
70c
156
1
II,010
43c
3.70
208
Mines...
80c
40c
"""77c
42,605
Gold
Jan
75c
41c
1
33c
Aunor
54c
Economic Investment...25
Eldorado
1
16*
Astoria Que
Apr
East Malartic
25c
1
27c
Jan
15*
2*c
Arntfield Gold
900
Apr
28c
Anglo-Can Hold Dev.
35c
Mar
15*
Gold Mines
Jan
35c
6c
*
Amm
14o
2.50
18c
33
Apr
17*
Mar
31
10c
Feb
*
31
8,600
Mar
Algoma
Steel
Jau
10c 10*c
Mar
Aldermac Copper
Preferred
Jan
2.55
4*c
2*
*
Apr
75o
Apr
11
2*
29*
Alberta Pacific Grain.
2.62
Mar
Duquesne Mining
High
17 *c
Alberta Pacific Oonsol ...1
Jan
65c
2.07
DorvaJ-Slscoe
14
preferred
Acme Gas
900
Apr
2.25
Cochenour-Wflliams Gold 1
East
Abltlbi
Mar
1,800
*
Preferred
22
7,420
Chesterville-Larder Lake.l
Dominion Woollens
Range Since Jan. 1, 1940
Last
Apr
Jan
1
Chemical Research
Dominion
12
1
Porcelain
Dominion Steel B
Exchange
10*
Apr
70c
Central
Preferred
April 6 to April 12, both inclusive, compiled from official sales lists
Jan
4*
19*
2.17
67c
1
Cons
2.65
8*
9*
30
67c
2.65
Central Patricia
Consolidated
Mar
Feb
20
2.07
1
Castle-Trethewey .......1
Cariboo.
Consol
2.60
Jan
30
22
22
Canadian Wlrebound....*
Consumers
98c
*
Dalhousie Oil Co
7*
*
Canadian
Cosmos
Anglo-Canadian Oil Co
7*
Canadian WB
85o
10
18*c 19*c
l
24c
50c
16c
14c
Jan
Jan
10*
Feb
Mar
Jan
10*0
2*c
Apr
Mar
690
Jan
Jan
The Commercial & Financial Chronicle
2400
April 13, 1940
Canadian Markets—Listed and Unlisted
Toronto Stock
Exchange
Range Since Jan. 1, 1940
Last
Stocks (Continued)
Par
for
of Prices
Week
Price
Low
High
Grahara-Bousquet
1
Grandoro
*
1
Greening Wire--
--
-
55*C
Mar
1,500
6c
429
6H
Mar
471
120
73*
1.75
Feb
10
25
Feb
535
13
Mar
14 5*
58c
9,050
48c
Mar
64c
Jan
296
Mar
55*
Mar
Friday
60.000
4H
lHc
Mar
35*c
Jan
Last
Week's Range
for
25,520
2c
Jan
3 5*c
Feb
Sale
of Prices
Week
Jan
Mar
Mar
Jan
Preston E Dome
7
38
38
5
23*C
3J*c
73*
38
33*
1.03
1.13
6c
63*c
16C
14 3*
16c
Jan
Reeves-Macdonald
10c
Jan
Reinhardt Brew
13c
Mar
193<c
1,000
Jan
Reno Gold
Apr
16
Jan
15
Jan
Roche L L
34c
10
7
25
?3Hc
Mar
27 H
Mar
34
Jan
St Anthony
1
Feb
11
Feb
St Lawrence Corp.,
*
34c
Imperial Bank of Can.-100
215"
*
Tobacco..—_—6
14 N
£1
""m
......
*
..-.----100
Intl Metals A-—---
36c
29
3*
10
103*
10
Feb
Mar
po
210
5*0
4' No
Jan
Feb
Mar
Jan
105*
Apr
745*
Jan
"180"
100
A..
-.50
-
St Lawrence Paper
San Antonio
119
8,441
UK
Apr
155*
Jan
746
15N
Jan
16 5*
Mar
10
65*
Jan
75*
Mar-
700
30c
Jan
41o
Apr
Jan
Feb
Jan
155*
—
....
15c
570
Jan
3c
3c
3c
2,000
2Hc
Mar
5Hc
Jan
1.10
1,266
1 05
Apr
1.24
Jan
1
"1.00
8 V*
Jan
115*
Mar
Feb
1.09
Jan
Stecoe Gold
Mar
1
1
—*
1
1
1
J
M
Consolidated
Kelvinator
Kerr-Addison
—
Klrkland-Hudson
Klrkland Lake.—
27c
2,000
18 He
27c
Apr
Sladen Malartic
4c
43*c
5,000
35*c
A pr
6c
Jan
Slave Lake.
lie
13c
5,622
8c
Mar
19c
Jan
South End Petroleum.
23*c
23*c
33*c
22,600
23*c Mar
Feb
40
Apr
2.46
2.55
24,139
2.29
Feb
2.75
Jan
20c
23c
2,700
20c
Apr
32c
Feb
1.20
1.27
15,475
1.20
Apr
1.54
Jan
Steep Rock Iron Mines
1,093
Lake Shore
1
24
Lake Sulphite
*
*
*
2
Lamaque
G
Lang & Sons
-.1
—3
LaparCadlllac
Laura Secord (new)
1
Lebel-Oro
"ie"
13Nc
12J*
3J*C
25
Legare pref
1
Leltch
8
Jan
225*
15*
Mar
Jan
Apr
25*
Jan
Sturgeon
6 25
Mar
7.50
Mar
153*
163*
285
155*
Apr
13 3*c
16c
10,200
12c
Apr
771
125*
Mar
22 5*c
13
123*
13
23*c
53*c 177,168
15
75*
70Nc
70c
74c
7
70c
3,780
Jan
82
99 H
Jan
85c
38c
Apr
61c
8,600
4c
Mar
3Hc
Mar
7Ho
73*c
Jan
2,000
$.25
L.40
332
1.20
Mar
2.00
Jan
Mar
6H
76 N
Feb
863*
Jan
76
Feb
8'<
Jan
Ja
2 09
Apr
5
78
785*
339
785*
795*
60
2.70
2.65
2.99
65*c
*
55*c
Sullivan
IIIi
16c
20c
13,500
11 V(c
1.75
1.95
3,700
1.75
65*c
65*c
1,600
78c
82c
5,100
mmm
1
78c
3.10
1,610
88c
Jan
Tamblyn common
115*
115*
840
3.95
3,512
2.00
1,730
1 90
Apr
10
1063*
Feb
""iiH
Feb
3.40
Jan
Teck
26 5*
Mar
28 54
Jan
Texas-Canadian
—-i
1.90
255*
Mar
265*
Jan
Tip Top Tailors pref.. .100
••MM..***-
Maralgo
4.20
4.10
4.30
4,285
4.10
Apr
4.75
Feb
Toburn
2.04
2.04
2.04
Mar
2.55
Jan
Tooke Bros pref
45c
45c
53c
9,995
39,353
176
1
1
37c
Feb
62c
Jan
1.40
Toronto Elevator pref. -50
1.33
1.44
61,650
92o
Feb
1.45
Mar
*
100
Preferred
McCoil Frontenac
*
100
-
Mc I nty re-Porcupine
845
4H
148
75*
Mar
3c
Mar
1
.
50
8
8
Mar
2,000
Feb
6
1,400
5
Feb
150
48
Mar
397
73*
Feb
15*c
Apr
Towagmac
1
44c
*
*
11N
*
18 N
9Hc
Union
Jan
Corp
95*
45*0
Jan
Jan
United Oils
65*
595*
95*
Jan
Jan
Mar
Ventures
Feb
100
Apr
Apr
14 No
Jan
299
48 5*
Mar
8,280
5,400
1.20
Mar
1 47
9c
Mar
155*c
32,500
40c
Mar
58c
65*
Jan
115*
Apr
1 00
Mar
93*c 103*c
52c
433*c
83*
113*
1.15
1,498
6,455
18
183*
110
64 3*
40
1.00
58
Jan
1.33
Western Canada Flour
Jan
Feb
Feb
Mulrheads pref---
17
Feb
42
Mar
75*
75
Jan
16
Feb
6 5*c
65*c
1,000
6 He
Apr
2H«
55*
65*
1,370
63*
Feb
«3*
Jan
74c
90c
86,954
69o
Feb
tOo
Apr
3 80
Apr
4.35
Jan
5.45
Feb
6.05
Jan
43 H
Jan
Whitewater
•
...
68c
72c
3,700
66o
Mar
93 5*c
Jan
Wood Cadillac
473*
513
44 N
Feb
47 N
Apr
Wright Hargreaves...
184
184
181
6
7c 124,797
53*c
«
Feb
45*c
184
1
203*
Feb
16c
17,100
8c
Jan
16c
Apr
%
B..,.
Feb
16
Apr
94
Mar
99
Apr
25*c
25*c
145
2 5*C
Mar
375*
75*
Mar
85*
Jan
Jan
Feb
2.38
Jan
I85*c
21c
5,100
18c
Apr
30c
Jan
—
7.30
7.35
2,075
7.05
Mar
8.15
Jan
45*c
55*c
8,500
43*c
Feb
5Hc
Jan
95*
290
7H
Jan
11
Jan
935*
995* 100
$3,100
9,750
*
UN
"
995*
JaD
365*
139
Apr
33*c
23*
1.30
935*
lc
230
83*
253*
2 Ho
Apr
Mar
80
War Loan 1948-1952..
19,000
373*
,
185*c
nil
in*
Apr
2c
IN
3,500
25*
2 He
1,000
2C
2
2.00
Uohi
23*c
373*
73*
253*
Jan
12
10
2.00
Apr
2c
373*
5
Apr
25
1,477
2.00
Apr
Tkc
3?*
35*
145*
98
York Knitting
Bonds—
*
Jan
Mar
25*c
Ymir Yankee
*
41
193*
25*c
25*
Jan
National Grocers
410
35*
145*
145*
Jan
National Breweries
3,652
1,390
12c
mmmm
Apr
8c
Mar
2,206
5.90
Jan
205*
14c
Winnipeg Electrio A— ---*
Jan
10
1
4.10
425*
3.80
Jan
20
Wlltsey-Coghlin
9c
46
3.85
6
1.12
98
Mar
"eke
Jan
Feb
Preferred
65*c
1
Morrls-Klrkland.
15 H
1
3,000
47 N
A p1
Jan
38 H
*
65
65c
35c
65
♦
Westons
20
Mar
1,173
*
Preferred
Jan
Jan
Apr
Mar
20c
72c
5.65
Jan
Feb
Jan
49
47 N
42
Wendlgo
155*
Jan
Jan
165*
*
Jan
60
1.90
22
40
70c
Walkers
1.33
Mar
Mar
29
16 5*
Waite Amulet
12c
50
Mar
395*
75*
70c
_*
65
1.28
Jan
2.05
110
165*
Upper Canada
B
1,150
96
Feb
4.15
Mar
10
25c
Feb
12
5,100
3,925
1
United Steel
7c
*
21c
22c
————
63*c
100
A
49
1
*
Gas..
1
Moneta
49
1.50
Jan
3.45
Feb
3.65
210
mmm m mm
11
300
315*
22
Mar
86c
United Fuel A
25c
Monarch Oils
1.68
30
Jat>
Apr
2 95
~"~55*
—
Jan
5 3*
13c
83*
109
1.65
80
10
""75*
—
Uchl Gold.
7
993*
643*
1.04
Monarch Knitting pref-100
1.90
109
2?*
25
30
.100
-
983*
49
1.30
3.75
3.75
1
13c
98 N
*
Corp
4c
6
64
50
McWatters Gold
Modern Containers
8
4c
McVlttle
Moore
25
53*
53*
Mercury Mills
Mining
65*
53*
73*
53*
6
McKenzle
Jan
15*c
63*
*
McDougall-Segur
Nc
15*c
1
-
Massey-Harrls
Preferred
l
Hughes
.1
2,000
Mar
3
80
3.00
635
53*
«H
3
80
Mar
335
*
Jan
*
3.05
Maple Leaf Gardens pref 10
*
Preferred
*
Feb
1 02
100
253*
Manitoba & Eastern
83*c
Preferred
273*
Maple Leaf Milling
Jan
Feb
Supersllk A
♦
Mar
Mai
Jan
—i
Apr
He
75c
Apr
2.99
-
83*c
2
4J*C
Mar
Sylvanlte Gold
Jan
2.05
95*
253*
Gold
Jat
Jan
Apr
55*0
273*
Madsen Red Lake
Feb
Jan
2.99
Malartic
3 Nc
16c
26H
,/.l
1.80
69,925
85*c 311,950
1.85
*
Sudbury Basin
Sudbury Contact
5
64
78
27J*
Mines
5
785*
*
MacLeod Cockshutt
Jan
49c
*
Macassa
Mar
45*c
*
2 95
Feb
Mar
91c
65*c
Little Long Lac
A
29,950
105
Jan
5c
Loblaw
B
75c
17,750
38c
I-Il
Jan
91c
Feb
Feb
45*c
*
River
Feb
17
53*
Jan
15*c
9,310
32
290
Jan
Jan
Feb
43c
Straw Lake Beach
365
Jan
195
125*
1
"25
Preferred
400
H
73*
213*
12H
Jan
1.26
Steel of Canada
23*
73*
Mar
16
20
115*
*
6.60
25
63*
25
65*
f
Jan
~"45*c
Preferred
13*
.
8.75
Mar
19
1
...
6.45
24
1.18
Mar
4H
85c
Standard Paving
83*
45*0
95*
"i~20
Mar
7.55
75
1035* 104
27c
2.55
90c
350
115*
1
4c
8
44,221
55*
20
*
lie
8
1.12
7.75
65*
Preferred
1.00
1
-1
95c
55*
*
B
f
4,700
7.75
*
Preferred
Simpsons A_
2.38
1.05
50c
Mar
50
2.50
Feb
115
200
Apr
Apr
Feb
Jan
1.07
51
45
30
Feb
Feb
113
1.07
Apr
8c
2.25
1
60c
Jacola.
61
*
International Utilities A-.*
203*
34c
Silver woods
Jan
Jan
2.16
Sigma
Feb
17 H
14,500
Apr
47
Jan
585
25,900
Mar
24
Apr
2l0
5H
10c
1145*
Jan
190
Feb
Mar
43c
114
Mar
Feb
13c
4H
9c
Feb
215*
Apr
120
*
20 5*
61
'
Jan
Jan
190
27,500
19c
55*
20
36 3*
Feb
38c
Feb
41H
Jack Walte
155
190
Mar
39c
106
2,926
Jelllcoe—
40
15c
32 N
2.2.7
106
3,068
Island Mountain
190
Jan
135
Jan
95*c
20
113
20
Jan
Mar
1
435
223*
103*
22 H
180
7
388
57c
1
390
433*
42
63*0
1
—
Sand River...
Senator-Rouyn
413*
223*
103*
*
International Petroleum..*
28
Feb
36
rnmmmmrn
Sherritt-Gordon
95*
1,094
220
Apr
Apr
Nc
190
55*
.100
Shawkey
Sheep Creek
Apr
29c
4
184
16c
Feb
26 N
34
Preferred
15
16 3*
16}*
73*
73*
39}*c 393*c.
103*
11
180
34
"lOO
..
Apr
3H
200
10,500
65*c
180
*
Industrial
25c
Jan
2,300
30c
27
190
Royal Bank
Royalite Oil
Russell
Jan
Apr
20c
3
370
5c
High
2.38
Feb
1,000
I"l
215
143*
113
100
9M
26
1123* 114
112
1133*
-----100
7
140
25
70
213
7,700
1,463
3.10
25c
35*
29c
Jan
69
100
20c
265*
A T>»
si-
Low
1.98
16,045
35*
"
2.31
1
Mar
N
Range Since Jan. 1, 1940
Shares
High
2.15
*
—
-
2 40
10
2.65
Low
"35*
1
Exchange
Sales
2.16
*
Riverside Silk
M
—
4Hc
28
Intl Milling pref
International Nickel
1.48
Feb
17N
ION
preferred
Mar
630
28
Preferred
1.00
63*c
Price
1
19,087
12,700
*
*
1
8,300
4,100
—
13
2.86
Inspiration
45*
13
43*C
233*
Preferred
Feb
Par
310
2.60
Oil
33*
Stocks (Concluded)
1,045
43*c
Imperial
Feb
85*
385*
143*
23 N
Imperial
37
Toronto Stock
Apr
14 N
4Hc
Huron A Erie
205
Mar
14 H
23 H
B
6
35
13
*
A
1,593
790
4
*
1
Bay Mln & Sm__*
Hudson
Teletype N. Y. 1-2316
Telephone Whitehall 4-0784
Jan
Apr
Mar
143*
6c
Homestead Oil
YORK
30 N
T.07
Honey Dew
Howey Gold
NEW
2H
7
*
igli wood
8
3.25
STREET
RECTOR
14
--1
Hollinger Consolidated---6
Home Oil Co..--.------*
275*
19
Jan
30 N
.
*
1
Htnde & Dauch
8
Mar
140
2Hc
Rock
Mar
8
Jan
23*
23*c
Barker
24
8
2c
H ardlng Carpets
A
6c
8
27
26
43*
INc
-—*
Hamilton Cotton pref—30
Hunts
Jan
23*c
,
So. American Bonds
English Transcontinental, Ltd.
Feb
3c
Apr
Apr
5c
*
--—1
Hamilton Bridge
H
57 5*
7H
51c
Halllwell
Hard
Mar
73*
1
Halcrow-Swazey
63
3.500
23*c
51c
Gunnar—
Gypsum
85
2J*c
2KC
26 3*
Preferred
64 N
64
"2H
Great Went Saddlery
87
54
*
*
60
Great Lake Paper
Mar
84
Great Lakes voting tr pref*
Other European Internal Securities
Foreign Dollar Bonds
High
81
82 N
*
Great Lakes voting trust-*
Low
Shares
55
82 H
50
Preferred
Week's Range
Sale
Goodyear Tire & Rubber
British and Any
tales
Friday
55*c
9
Mar
Murphy
-
National Grocers pref
Natlonal Sewer A
1
20
*
*
64 N
Naybob—
1
243*c
35*c
Newbec
*
New Gold Rose
1
Nlpl88ing__
5
Noranda
1
1
25
Jan
265*
Mar
105*
Jan
Mar
69
Jan
1
Normetal
*
54c
Northern Canada-
93
93
Apr
97
Feb
99 N
Feb
1(0
Mar
Mar
9
1.25
733*
43*c
74
51c
385
380
1,679
5c
195*c
25*c
Mar
37 »40
Feb
45*0
Apr
95*c
Mar
1.40
Mar
78 N
Jan
7c
Feb
65*
Apr
2404
Jan
1.16
Exchange—Curb Section
See page
Apr
6c
Toronto Stock
Jan
70
4c
Jan
63*c
2,500
10,500
45*c
Apr
Mar
60c
10,733
45c
Feb
60o
513*c 51 Nc
Nor gold
North
Apr
60
53*c
5c
1
17
9
1.25
Mines
Nordon Oil
30
66 3*
424
643*
245*C 323*c 258,890
2J*c 43*c
3,700
6c
6c
2,500
9
National Steel Car
-
1
1,800
51c
Feb
55c
Apr
9.85
Utility Bonds
Closing bid and asked quotations, Friday, April 12
Jan
8.50
Industrial and Public
Feb
(American Dollar Prices)
Jan
Empire
1
8.50
9.00
225
North Star-..
*
1.05
1.30
160
60c
Feb
1.30
Mar
43*
190
35*
Feb
45*
Apr
Abltibi P & P ctfs 5S..1953
43
Preferred
5
4
Bid
Ask
Bid
46
Gen Steel Wares 4HS.1952
Ask
75H
77 H
75
O'Brien
1
1.33
1.33
1.39
Feb
1.81
Jan
Alberta Pac Grain 6s..1946
80
Gt Lakes Pap Co 1st 5s '55
72
*
1.18
1.18
1.34
2,950
5,220
1.30
Okalta Oils.—
1.08
Feb
1.35
Apr
Algoma Steel 5s
1948
78
81
Int Pr & Pap of Nfld 5s *68
82
28%c
28c
33c
18,038
24c
Feb
34o
Jan
Beauharnois Pr Corp 5s '78
74 H
76 H
Lake St John Pr & Pap Co
Jan
Omega
Ontario Loan
50
Orange Crush
_*
'43*
43*
43*
100
*
51c
61o
56c
6,200
*
113*
123*
275
__*
53*c
6c
5,100
4 No
32c
34c
2,100
27c
Mar
Oro
Plata
Ottawa Car
Pacalta
Oils
110
Pacific Petroleum
Page-Hersey
Pamour Porcupine
110
108
40
41H
Feb
Calgary Power Co 5s.. 1960
90
91H
Jan
135*
Mar
Canada Cement 43*8.1951
76
78
Mar
6Ho
Feb
Canada S3 Lines 5s—1957
65
66
Massey-Harrls 43*8
1954
40c
Jan
Canadian Canners 4s. 1951
76 H
78 H
Minn & Ont Pap 6s
1945
Jan
Canadian Inter Pap 6s 1949
85
86
McCoU-Front Oil 43*8 1949
Jan
Canadian Vickers Co 6s '47
45
48
Jan
Consol Paper Corp—
48
49 H
863*
11
107
Mar
1.52
2,000
45*c
53*
60
73*c
37c
93*c 101,600
44c
111
2.35
Jan
105*c
Feb
5
Apr
6
4c
Jan
100
35c
Feb
53c
Mar
53*a ex-stock
5Hs
67
70
33
34
85
86 H
23*8 to *38-5Hs to '49..
N Scotia StI & Coal 3 Hs *63
1961
Power Corp of Can 4H» '59
Price Brothers 1st 5e„ 1957
Apr
Jan
Dom Gas <fc Elec 6M8.1945
853*
Jan
1.72
Gold
1.72
1.80
41,833
6,850
1.72
Apr
Dom Steel <fc Coal 63*8 1955
82
84
Saguenay Power—
3.40
3.55
8,560
3.20
Mar
4.25
Jan
Dom Tar & Chem 4 3*81951
76
78
2.30
2.35
765
2.05
Feb
2.35
Apr
Donnacona Paper Co—
4 3* 8 series B
Winnipeg Electric—
1.30
1.40
3,200
1.13
Feb
2.18
Jan
62
64
4-5s series A
1965
57
58 H
103*
75 H
77 H
4-5s series B
1965
48
50
80
84
1
-
1
*
1.36
2.12
1956
4s
105*
115
95*
Apr
115*
Jan
Famous Players 4 3*8—1951
19c
20c
6,000
170
Mar
22c
Feb
Federal Grain 6s
Premier
1.25
1.30
1,176
1.25
Feb
1.42
Pressed Metals
10
103*
165
95*
Feb
12 N
Feb
Quebec Power 4s
Jan
Prairie Royalties
1961
Maple Leaf Milling—
3.40
Crow
Corp
Apr
61c
2,160
37c
Perron Gold
Power
75 H
45*
British Col Pow 43*8.1960
Brown Co 1st 53*s
1946
73 H
Jan
Jan
1.64
8 He
Cons
Powell Rou
85
Apr
112
3
35c
6 3*c
53*
Partane n-M al artic
Pioneer
109
110
6c
Pan tepee
Pickle
5
1.60
Pandora-Cadillac
Paymaster
110
25c
♦No
par
value.
1949
/Flat price,
n
Nominal.
1962
1966
—
Volume
The Commercial & Financial Chronicle
150
Quotations
Bid
a2%s July
15
1969
a3s
Jan
1
Feb
1
1979
a3%s July
1
1975
a3%B
a3%s
a3%s
a3%s
May
Nov
1
Mar
1964...
mmm
a4 %s Apr
1
1966...
mmm
a4%8 Apr
15
1972...
mmm
1
1974...
15
1976...
1
1977...
1978...
a4%s June
1954
100% 102%
106% 108
1954
107
a4%s Jan
1
1960
105% 1C7
a4%s Nov
15
15
1976
104
a4%s Mar
1
1981...
1957
111% 112%
111% 113%
112
113%
113% 115%
114% 116
115% 116%
116
117%
a4s
May
1
a 4a
Nov
1
a4s
May
May
a4s
Federal Intermediate Credit Bank Debentures
Bid
1
a4%8 Mar
1
Jan
a48
City Bonds
Ask
96
94%
99% 100%
99% 100%
1977
a3a
Over-the-Counter Securities—Friday April 12
on
New York
1953
1959.
1977.
Oct
1980.
a4 %s Sept
1
1960
a4%s Mar
1
1962
a4%s Feb
108%
105%
2401
1
1957...
a4%s Nov
1
1957...
a4%s Mar
1
1
m
m
mmm
mmm
mtmm
1965...
a4 %s May
a4%s July
1
15
1971...
a4 %s Dec
1
mmm
1979
118% 120%
119% 120%
117% 118%
117% 119
/
;
Bid
-
.
%% due
...
1 1940 b .25%
1 1940 b .30%
Sept
Oct
Ask
%% due
%% due
%% due
3 1940 b 30%
Deo
Jan
2 1941
•
1 1940 b .30%
2 1940 b. 35%
t
1
t«t 1( 1
6.35%
•
1
Chicago & San Francisco Banks
Par
123
122
Bid
Ask
American National Bank
124
A Trust.
100
Continental
124% 126%
,
1 1940 b .20%
1 1940 & .25%
due
May
A 1% due June
A 1% due July
due
.Aug
121
121
rnrn'm
Ask
,
119% 121%
120% 122%
1967...
a4 %s Dec
mmm
Bid
%%
%%
%%
%%
117 % 119
118
119%
118% 120
120
1963...
a4 %8 June
■
Ask
116% 117 %
116% 118
Par
Harris Trust A Savings. 100
Northern Trust Co
100
219
209
Bid
Ask
303
312
565
576
Illinois Natl
Bank A Trust
1-3
90
245
SAN
92
....100
250
33
First National
FRANCISCO—
Bk of Amer NT AS A 12%
39%
41%
New York State Bonds
Bid
Ask
Bid
3s 1974
52.15 leas
1
3s 1981
52.20 less
1
Canal A Highway—
5a Jan A Mar 1964 to '71
62.35
4%s April 1940 to 1949.
Highway
Highway Imp 4%s Sept '63
Canal Imp 4%8 Jan 1964..
61.20
1958 to '67
132
Canal Imp 4s JAJ '60 to *67
139
142
Vermilye Brothers
mmm
Improvement—
4s Mar A Sept
132
Barge C T 4%s Jan 1 1945.
114%
—
142
Can A High Imp 4%b 1965
Ask
World War Bonus—
mmm
Unlisted Industrial Stocks
mmm
'■'mmm
■
...
30
Public Authority Bonds
Bid
California Toll Bridge—
San Fran-Oakland 4s *76
Bid
Ask
Port of New York—
*
108
109
1941...
A/&S
1942 I960..
MAS
ser
Gen A ref 4th
6.25
3s 1976
Gen A ref 3%s
'
mmm
108%
3%s '76
ser
1977
'''
.
106% 107%
104
99
t*
Insurance
*k
3%s
MAS
6.25
1942-1960
A/AS
107%
s
Par
Aetna Cas A Surety.. ..10
Aetna
1980
f revenue
3s serial rev
102
62 55%
61.50
..10
Agricultural
98%
2.50%
1>t
ntd
Par
123% 127%
51%
53%
31%
33%
78%
InaCo of North Arner
23
24%
Jersey Insurance of N Y.20
American Alliance
.,.10
American Equitable.. ...5
American Home
..10
Bid
Philippine
Bid
Government—
U 8 Panama 3s June 11961
4%s Oct
1959
116
1952
113
115
9%
13%
Re-Insurance. 10
Reserve
10
10
10
9%
14%
Maryland Casualty.....: 1
2
47
49
Mass
Bonding A Ins.. 12%
..10
20%
22%
Merch
-.25
51
53
Merch A Mfra Fir eN Y..5
—10
34%
5
com
Casualty......10
Apr
1955
100% 101%
4%s July 1952
117
120
5a
Feb
1952
Baltimore American.. -2%
Bankers A Shippers
—25
100% 103%
116% 118%
5s
111
112%
Boston
.100
622
633
5%s Aug
1941
105% 107
Camden Fire
—
5
X20
22
New Amsterdam Cas
Carolina
—
U S conversion 3s 1946
117% 119%
Conversion 3s
112
1947
112%
City of New York
—
—
City Title...
Bid
3s 1955 opt 1945
—J A J
3a 1956 opt 1946
3a 1966 opt 1946
..JAJ
MAN
Ask
—
Connecticut Gen Life.
7%
Bid
.
106
106% 3%s 1955 opt 1945.-MAN
106% 106%( 4s 1946 opt 1944
JAJ
106% 107
2%
Excess
—
10
Fidelity A Dep of Md. —20
52
54
8%
48%
50%
128
10
98
Bid
Chicago 4
Ask
/14
%SY:::: ::::::
16
5s
3%
3%
3%
/2%
5%s
/2%
Denver 3a
100
83
New Orleans 2s
99%
99%
mmm
99%
"
mmm
100
mmm
4)^8
100
m
100
60
■mmm
3~\itZ~SSSSSS-~SS-
Fremont 4%s
5a
60
5%a
60
mmm
Illinois Midwest 5s
47
28
26%
42%
44%
26%
28%
St Paul Fire A Marine..25
24%
26%
Seaboard Fire A Marine..5
45%
Seaboard Surety
12
Security New Haven
98%
mmm
/21
/21
n2
Union of Detroit 2%s
Bid
19%
76%
Stuyvesant
5
3
4
28%
Sun Life Assurance
100
290
340
Great Amer Indemnity —.1
Halifax
10%
12%
Travelers..
100
458
468
16
U S
10
25%
27
U S Fire
10
83%
60%
86%
U 8 Guarantee...
—
Steam Boiler
—
10
17%
14%
Springfield Fire A Mar..25
Fidelity A Guar Co. .2
4
62% (Westchester Fire
10
2.50
22
125%
23%
51%
53%
74
76%
35%
33%
86
14
FHA Insured
Mortgages
Offerings Wanted—Circular
99%
Par
121
73%
100
Ask
8%
39%
36%
27%
WHITEHEAD &
Joint Stock Land Bank Stocks
Par
6%
37%
34%
23
99
Virginian 2s
Virginia Carolina l%s
10
10
23
83
mmm
5
253
15
2d preferred
Great American
Hartford
mmm
247
—.5
—
.
Hartford Fire
100
3%
43%
10%
—6
Hanover
100
4%s
8%
26%
25%
105
99
Iowa of Sioux
City 4%s__
Lafayette 5e__
38%
7
10
104
Southwest 5s
16%
36%
10
100
...
14%
Republic (Texas)
103
Southern Minnesota 5s
5
Revere (Paul) lire
Rhode Island
102
St Louis 4%s
5s
131
122% 126%
85%
81%
11
Phoenix 4%s
6s
126
Providence-Washington .10
Reinsurance Corp (N Y) .2
Glens Falls Fire
mm*
93
mmm
Fletcher
mm
25
..10
4%
27
31
Pacific Coast of Portland 5s
4%s
National.25
Pacific Fire
Phoenix..
26%
17%
104
9%
Globe A Republic
—5
Globe A Rutgers Flre.
15
'
90
99% 100
/44
2 50
Gibraltar Fire A Marine. 10
mtttm
North Carolina l%s
Oregon-Washington 5s
North River
100
'
101
New York 5s
First Carollnas 2a
First Texas of Houston 6s
First Trust of Chicago—
12 50
3%
29%
...
—
79%
6%s
Montgomery 3%s
Northern
16
General Reinsurance Corp 5
10
Georgia Home
77
78
49%
5
Preferred Accident
70%
101
A<k
75
5s_
33%
—.6
Firemen's of Newark.. —.6
Bid
Lincoln 4^8
16
/14
/2%
129
69
—
8%
47%
5
Northwestern
9%
59%
146
10
Northeastern...
1%
7%
Hampshire Fire...10
New York Fire....
38%
57%
18%
35%
New
36%
—
8%
31%
17
.2
New Brunswick
8
7%
2
25
28%
Franklin Fire
„
3%
28%
140
32%
7
Fireman's Fd of San Fr.25
Burlington 5s_.
4^8.
2%
50
10
23%
10
Federal
Bank Bonds
11%
46
20
30%
-2%
Employers Re-Insurance 10
107% 108
111% 112
45
69%
National Liberty
National Union Fire
10
.5
Eagle Fire
Ask
73%
67%
National Fire
10
30
Fire A&sn of Phlla.
Joint Stock Land
8%
Continental Casualty- ...5
Federal Land Bank Bonds
3
20
36%
Fire Asaur
5s
Hawaii 4%s Oct 1956
18%
71%
42%
2
National
July 1948 opt 1943.
34%
2
5
Automobile
122
Govt of Puerto Rico—
Ask
32%
Knickerbocker ..........5
American Surety
Ask
Bid
Lincoln Fire...
22
119
4%s July
7%
American
Ask
x20%
American of Newark.. -2%
United States Insular Bonds
...5
Home Fire Security
Homestead Fire...
American
—
Home
75
Aetna Life
102%
1953-1975..
2%s serial rev 1945-1952
mmm
Companies
99%
102% 104
Trlborough Bridge—
1941..
Teletype N. Y. 1-894
•
mmm
Inland Terminal 4%s ser D
ST., N. Y. CITY
Ask
:
Gen A ret 4s Mar 1 1975.
Gen A ref 3d
Holland Tunnel 4%s ser E
BROAD
HAnover-2-7881.
Bid
44 Wall Street, New
Ask
Atlanta
100
90
New York
100
Atlantic
100
45
60
North Carolina
100
95
105
Dallas
100
155
165
Pennsylvania
100
30
53
Potomac
100
100
San Antonio
100
101
108
FISCHER
York, N. Y.
110
66
Request
34
49
on
80
Denver
Des Moines
100
66
First Carollnas
100
8
mmm
Virginia
Fremont
100
1%
3
Virginia-Carolina.
Lincoln
100
3
'mm'
2
Telephone: WHitehall 3-6850
7
'
5
_
100
2%
100
FHA Insured
3
106
Bid
Par
Bid
Bid
Ask
Delaware
10 2
—
100% 102
N Y
(Metrop area) 4%s—
New York State 4%s_.
North Carolina 4%s.—.
Pennsylvania 4%s
101
Rhode Island 4%s
South Carolina 4%s
102
101
4%s
102
Bank of Manhattan Co. 10
16%
18
National Bronx Bank...50
40
44
District of Columbia 4%s_
101% 102%
Bank of Yorktown__66 2-3
40
50
National City
29
30%
Florida 4%s
101
Bensonhurst National.. .50
75
100
12%
National Safety Bank. 12%
13
15
Georgia 4% s
Illinois 4%s
101
10
12
14
Indiana 4%s
50
17%
45
50
Louisiana 4%s
31%
33%
Chase
13.55
Commercial National..100
34%
202
36%
208
Penn Exchange
Peoples National
Public National
Fifth Avenue
100
765
795
First National of N Y..100 1910
1950
Merchants Bank
28
120
100
110
Sterling Nat Bank A Tr 25
26
101% 102%
102%
101
Michigan 4%s
...
■
•••*•.
,
•
Bank of New York
Par
100
Bankers
Bronx County new
Bid
438
Par
Brooklyn
100
Central Hanover
.20
210
101
297
22
Irving
85
90
Kings County
..10
12%
.100 1640
1680
..25
29
32
Manufacturers
..20
38%
40%
..20
52%
54%
Preferred
25
Clinton Trust.
50
32
40
New York
Colonial Trust
25
10%
12%
Title Guarantee A Tr. -.12
2%
12%
13%
15%
Trade Bank A Trust.. ..10
Corn Excb Bk A Tr
55
56
Underwriters
100
12%
United States
100 1705
Empire
10
11%
For footnotes see page 2404,
102%
101% 102%
101% 103
101
102
101
102
101
102%
102%
%% to %% must be deducted from Interest rate.
best "Hedge" security
for Banks and Insurance Co'8.
Circular
on
request
112% 115%
Continental Bank A Tr .10
.20
The
80
3%
14%
10
1755
STORMS AND CO.
Commonwealth Building
Phone Atlantic 1170
103%
101
F.H.A. INSURED MORTGAGES
13%
Lawyers
Chemical Bank A Trust .10
101% 102%
302
60%
■
102
102% 103%
SPECIALIZING
225
100
19
103% 106%
49% 51%
insured Farm Mtgea 4 %8
Virginia 4%s
West Virginia 4%s_.
101% 102%
103
101% 102%
Ask
100
Guaranty
m
Bid
Fulton
58%
mm
Texas 4%s
102
103%
Asked
101% 102%
Companies
Ask
447
102
101
4%s
Minnesota 4%s
New York Trust
•
Tennessee 4%s__.......
102
Maryland 4 %s
A servicing fee from
.
102%
102%
101
....
Massachusetts
Bid
New Jersey 4%s
New Mexico 4%s
102% 104
Arkansas 4%s
5s
Par
Ask
102
101
Alabama 4%a
New York Bank Stocks
Mortgages
Asked
PITTSBURGH, PA.
The Commercial & Financial Chronicle
2402
Quotations
April 13, 1940
1
Over-the-Counter Securities—Friday April 12—Continued
on
Railroad Bonds
Akron Canton A Youngstown 5*8
DMkni*
120 Broadway
56
75
70*
55
68
,.1944
46
48
Cambria A Clearfield 4s.—............................1955
100
—1940
4*8...
Tel. REctor
Sine*1855.
78
103*
112
Dividend
Vat in Dollart
Bid
Ailed
Central)—-—... .100
6 00
79
82
Albany A Susquehanna (Delaware A Hudson)..... .100
Allegheny & Western (Buff Roch & Pitts)........ .100
-60
Beech Creek (New York Central)
........
Boston A Albany (New York Central)............ .100
Boston A Providence (New Haven)..........— .100
10.50
121
129
6 00
73
76
29*
32
8.75
81*
86*
8.50
16
19
2.00
Central)........... .100
C L)._ .100
Cleve Cln Chicago A St Louis pref (N Y Central). .100
-60
Cleveland A Pittsburgh (Pennsylvania)..
.....
3.50
78
-60
2.00
47*
Canada Southern (New York
3.00-
Carolina Cllnehfleld A Ohio com (L & N-A
5.00
............
-25
Delaware (Pennsylvania)...........
.100
Port Wayne A Jackson pref (N Y Central)
.100
Georgia RR & Banking (L & N-A C L)
Lackawanna RR of N J (Del Lack A Western)..., .100
Michigan Central (New York Central)............ .100
Morris A Essex (Del Lack A Western)....
.... -50
Preferred
■»«<**
88 u,
6<*
2.00
45*
5.60
69
9.00
164
4.00
41*
91*
r
P
170
41*
60.00
43*
800
650
3.875
27 *
6.00
65*
5*
88*
91
4.60.
38*
42*
1.60
42
45
4.00
Erie (U 8 Steel)...... -50
-60
3.00
a
Fort'wVyne
A Chicago"(Penna) pref— .100
Pittsburgh Youngstown A Ashtabula pref (Penna).. .100
Rensselaer A Saratoga (Delaware A Hudson)...... .100
St Louis Bridge 1st pref (Terminal RR)..—....... .100
.100
Second preferred-.
.100
Tunnel RR St Louis (Terminal RR)...
United New Jersey RR A Canal (Pennsylvania)—.. .100
Utlca Chenango A Susquehanna (D L A W)....... .100
.100
Valley (Delaware Lackawanna 4 Western)..
Vlcksburg Shreveport A Pacific (Illinois Central).. .100
Pittsburgh
MX
6.00
New York Lackawanna A Destern (D L A W)— ,100
Northern Central (Pennsylvania).... —......... -60
Oswego A Syracuse (Del Lack A Western).....—.. -50
Pittsburgh Bessemer A Lake
*3
17 >*
7.00
7.00
176"
152*
6.64
66*
6 00
137*
3.00
76
78
44
48
60
65
136
56
63
5.00
61*
.100
5.00
65
69
Warren RR of N J (Del Lack A Western)—*., -50
West Jersey A Seashore (Penn-Readlng).......... -60
3.50
25
28
3.00
66*
68*
104*
Memphis Union Station 5s.......... —.............1959
113
New London Northern 4s.
100
1940
......
——————.2000
08
102
New York Philadelphia A Norfolk 4s—.................1948
New Orleans Great Northern Income 5s
2032
99
100
fl4
15
1946
30
40
—.—1947
Pennsylvania A New York Canal. 5s extended to.
..1949
Philadelphia A Readfng Terminal 5s.—...........—..1941
Pittsburgh Bessemer A Lake Erie 5s
——1947
Portland Terminal 4s...
...—.1961
Providence A Worcester 4s
.......1947
Tennessee Alabama A Georgia 4s...*
19*7
Terre Haute A Peoria 5s..;
.——..1942
90
New York A Harlem
3*s.
.....
New York A Hoboken Ferry 5s
Norwich A Worcester 4*s......—
59
55
103
118
90
86
—
80
—
"75"
70
105
1967
Toledo Terminal 4*8
—
...
.....1957
Toronto Hamilton A Buffalo 4s........................ 1946
100
l03~
108
110
United New Jersey Railroad A Canal
............1951
1940
1968
105
.....1954
1990
43
47
63*
•4*
Toledo Peoria A Western 4s
...
3*8
Vermont Valley 4 *«..
Vlcksburgh Bridge 1st 4-6s
Washington County Ry 3*s
West Virginia A
Pittsburgh 4s
97
93
"»5_
85
77*
75
Industrial Stocks and Bonds
Par
Alabama Mills Inc..
*
65*
All
IX
2*
Par
Bemberg A com..-*
American Cyanamld—
18*
20*
Nat Paper A Type com—1
5% conv pref 1st ser..10
12*
13
12
12*
—*
Amer
2d
series.——.
—
Amer
Hardware....25
Maize Products.—*
B d
Preferred—
18
102
3*
22*
4*
24*
New Britain Machine....*
37
39
Norwich
16*
13*
18
•
Corp..25
16*
5%
—60
preferred
Pharmacal—2*
Ohio Match Co..
3*
45*
23*
47*
25*
Pan Amer Match
23
25
Petroleum
Pens!-Cola Co
—*
Conversion
1
All
62.60
1.75'
63 00t
2 00 New York
68...
63 00
3*8 Dec 1 1936-1944...
63.00
2.00
......
3.00
Canadian Paclflo 4*s_...
64 00
3.00 Northern Pacific
Cent RR New Jersey
4*s.
61.75
Chesapeake A Oblo¬
ng
Chicago A Nor West 4* s.
61.70
10*
18*
9*
3*
Bankers Indus Service A.*
"2*
62.25
1.75
81.25 preferred
10
Buckeye Steel Castings..*
19*
JtH
1*
2*
4*s
-
2 00
Chic Burl A Qulncy—.IOO
1 25
Chilton Co common....10
61.00
0.50
City A Suburban Homes 10
Coca Cola Bottling (N Y) *
3.75
41
4*
7*
3*
0*
94
98
61.00
0.50
Colgate-Palmollve-Peet—
84.25 preferred... ...__*
Columbia Baking com...*
99* 100*
1.70
20*
61.90
1.40
Consolidated Aircraft—
1.50
83 conv pref...—...—*
Croweil-Colller Pub—*
2*s series G non-call
Pere Marquette
39
62.00
Jan A July 1040 49
Deo 1
4*
62.10
4s series E due
3.75
*
81 cum preferred....—*
Pennsylvania RR 4*8—
1.10
...1
62.75
5s.......
1940 50
Chicago RI A Pacific—
Trustees' ctfs 3*s
100
Denver A R G West
63.00
2.00
Devoe A
63.00
2.00 St Louis-San Francisco—
4*s
100*
Reading Co 4*s—-
4*s..
8*
Botany Worsted Mills cl A5
Cessna Aircraft....
Hartford 4*s...
2.00
64.60
62*
1.25
4
64.60
*
...10
com
2.00
1.00
Chic Milw A St Paul 4*s.
6s.
*
Armstrong Rubber A
62.25
3.00
64.00
62.60
2
61.85
St Louis 4*s
New York New Haven A
64.00
5s
Pilgrim
62.50
Centraf
4*s
2.00 New York Chicago A
Canadian National 4*s..
Petroleum Heat A Power.*
28*
66*
Autocar Co
0.75 New Orleans Tex A Mex-
Boston A Maine 4*8—.
78
20*
Art Metal Construction. 10
Bid
74
*
2*
61.75
1.25
Dentists Supply com...10
Reynolds B
com
*
Exploration.....I
Pollak Manufacturing...*
Postal Telegraph System—
4% preferred—..—..60
Remington Arms com—..*
8afety Car Htg A Ltg—.60
Scovlll Manufacturing..25
Singer Manufacturing.. 100
Singer Mfg Ltd
..£1
Skenandoa Rayon Corp..*
—
65
Trtoo Products Corp.—..*
35*
19
21
Triumph Explosives
2
42*
United Artists Theat oora.*
3*
1*
28*
32
United Piece Dye Works.*
Preferred
.100
71*
Veeder-Root Inc
61,90
1.50
3*
61.75
1.25
3*
10*
Internal Great Nor 4*s.
62.60
2.00 Texas Pacific 48.........
Southern Pacific 4*s...
Ry 4*8—......
62.00
1.50
62.00
4*s
1.50
61.00
0.50
Federal Bake Shops.
*
Preferred..
.......30
9
23
2*
3*
58—
2.00
62.00
——
1.00
Virginia Ry 4*8........
Maine Central 5b
62.50
Missouri Paclf
62.40
2.00 Western Maryland 4*8...
1.75 Western Pacific 5s
62.40
1.76
o
4*8—..
6s
61.75
1.00
63.00
2.00
Garlock Packings com...*
Gen Fire Extinguisher...*
50
52
13*
Gen Machinery Corp com *
62.60
Long Island 4*8.
21*
14*
23*
29*
Gtddlngs A Lewis
2
28*
1
4*
4*
cum
6
preferred
7*
York Ice Machinery.....*
3*
25*
100
43
46
Brown Co 5*s ser
Carrier Corp 4*8
12*
Comml Mackay 4s
1*
1*
29*
Deep Rock Oil 7s
Stamped..
...
Kildun Mining Corp
.1
King Seeley Corp com... 1
Landers Frary A Clark—25
Lawrence Turnure & Co.
Lawrence Portl Cement 100
•
Ley (Fred T) & Co..
*
Long Bell Lumber...—*
85 preferred........ 100
Mallory (P R) & Co
*
Members New York Stock Exchange
New York Coffee & Sugar Exchange
New York Curb Exchange (Associate)
ONE WALL ST., N. Y.
WHitehaU 3-0770
Bell Teletype NY 1-1642
Marlln Rockwell
Corp
1
27*
*
*
9*
10*
30*
a*
16
1*
3*8.
—
—1965
A—1946
1948
w 1.1969
1937
Inland Steel 3s
1961
Insplr Consol Copper 4s '52
Kresge Foundation 3s. 1950,
Mead Corp 4 *s
1955
Minn A Ont Pap 6s. ..1945
13
14
Nat Radiator 6s
57*
59*
15*
50*
1 NY World's Fair 4s. 1941
Old Ben Coal 1st mtg 6s '48
Scovlll Mfg 5*8
1945
Skelly Oil 3s.
1950
United Biscuit 3 *S—.1955
49
Merck Co Ino common.. 1
71
86 preferred
100
Muskegon Piston Ring.2*
117
15*
73
1
■
17*
24*
2*
29
6*
9*
4*
27*
Bonds—
Amer Writ Paper 6s.. 1961
Beth Steel 3s
...1960
43*
Interstate Bakeries com—*
85 preferred.
—*
5*
*
3*
65
43*
11*
.5
49
27
100
Worcester Salt..
Great Northern Pa per.. 2 5
Sugar Securities
22*
108*
1*
.*
Harrisburg Steel Corp
We Maintain Markets In Unlisted
2*
100
1
37*
4*
1*
*
2*
62*
v t c
8*
2*
179
175
Wlckwlre Spencer Steel—*
Wilcox A Gibbs com..—50
6*
54*
45*
*
Preferred..
.100
Great Lakes S3 Co com..*
1832
7% preferred
7% preferred—
Machine Tool.....
Good Humor Corp
Graton A Knight com.
Founded
Welch Grape Juice com
83
•
7*
1*
*
com
West Dairies Ino com
Foundation CoAmerican shares
7*
62
68*
1.25
4*
25*
7
39*
24*
—*
....
29
0.50 Southern
3*
Time Inc
Draper Cor p....
62.00
24
68
Domestic Finance cum pt.*
61.00
5
28*
1.75
Hocking Valley 5s......
Illino's Central 4*s
7*
65
—...
2.00
*
Farnsworth Telev A Rad.l
3
6
49
2.00
—
147
2
47
62.25
0.50 St Louis Southwestern 5s..
31*
144
41*
62.75
1.75
61.00
9*
5*
67*
39
62.75
62.60
29*
16*
Screw........20
Stanley Works Inc......25
Standard
4*8
ErleRR4*a—
55
*
3*
2*
4
Dictaphone Corp...
*
Dixon (Jos) Crucible... 100
Great Northern 4*s
8*
4*
26*
13
18*
I
Solar Aircraft..—.
4fi..—................
5s
14*
Strom berg-Carlson. ..... *
Sytvanla Indus Corp....*
Tampa* Inc com
1
Taylor Wharton Iron A
Steel common.....
*
Tennessee Products..
.*
il*
24*
14*
348
330
American Mfg 5% pref 100
Arlington Mills
..100
All
Bid
61.10
Atlantic Coast Line 4*s..
Baltimore A Ohio 4*8—
All
14
98
National Casket........*
40
American
Equipment Bonds
Bid
37
American Arch..
Amer Distilling Co 5% pflO
American Enka Corp.—.*
Railroad
102*
105*
140
241*
59*
8.00
———.
...
99
97
102*
1950
1900
69*
6.00
—...—
4s
62
69
.........
Louisville A Nashville 3*8
142
240*
10 00
......
Kansas Oklahoma A Gulf 5s........................... 1978
71
67
6 00
.....
Preferred....
101*
100*
Hoboken Ferry 5s
................1946
Illinois Central—Louisville Dlv A Terminal 3*8—....... 1953
Indiana Illinois A Iowa 4s..
1950
—
Betterment stock...........
"37*
35
Florida Southern 4s...................................1945
(Guarantor In Parentheses)
Alabama & VIcksburg (Illinois
59
57,
Cleveland Terminal A Valley *s.....—...............1995
Connecting Railway of Philadelphia 4s................—1951
Cuba RR Improvement and equipment 5s—.——I960
FLln JoIIet A Eastern 3*s ser A
1970
Guaranteed Railroad Stocks
100*
99*
...
...
65"
65
Chicago Indiana A Southern 4s..............———1956
Chicago 8t Louis A New Orleans 6s_—.......... ..—..1951
Chicago Stock Yards 5s—..................
1961
Chi a o 1 nlon Station 3 Ml ser F—...
.1963
2-6600
STOCKS
47
65
Boston A Maine 5s
GUARANTEED
NEW YORK
1945
Baltimore A Ohio 4a secured notes—.———1944
Boston A Albany 4*8...———————1943
YerhStetk (jxktmg*
Mtmkert
46
/46
/45
1945
6s
Joseph Walkers Sons
Ailed
Bid
Guaranteed Railroad Stocks
1946
63* 05*
98* 99*
101* 102*
/44* 46*
89* -91*
51* 62*
/58* 60*
102* 103*
100* 101*
102* 102*
102* 103
/30*
/22*
37*
25
30
32
41*
43*
107
109*
99* 100*
104* 105*
Woodward Iron Co—
2d conv Income 58—1962
113
115*
Sugar Securities
Obligations of Governmental Agencies
Bonds
Bid
All
Stocks
Par
Bid
All
Bid
Antilla Sugar Estates—
6s
1951
f25
27
/63
65
Baraqua Sugar Estates—
6s
,
—
Haytlan Corp com
1947
—.-tlan Corp 4s——1964
1989
°uban Atlantic Sugar
Eastern Sugar Assoc com.l
Preferred
1
6
/40
f20
8*
51
22
9*
Punta
..
*
Alegre Sugar Corp.*
Savannah Sugar Refg
.1
Vertlentes-Camaguey
Sugar Co.......
..5
West Indies Sugar Corp..1
9*
10*
28
30
1*
10*
2*
11*
34*
32*
*%_..
Aug
11941 100.14 100.17
1%...—Nov 15 1941 101.4 101.7
Federal Home Loan Banks
2s.
3*
3*
8*
9
Dec
2s_-
Apr
For footnotes see page 2404.
11940 101,3 101.7
1 1943 102.28 103.2
Federal Natl Mtge Assn—
2s May 16
Bid
Ask
Commodity Credit Corp—
1943—
CaU May 16 '40 at 100* 101.24 101.30
1*8 Jan 3 1944—
101.20 101.26
CaU July 3 '40 at 102
Ask
Home Owners' Loan Corp
May 15 1940 100
*8
100.2
*s
May 15 1941 100.14 100.18
Reconstruction Finance
Corp—
100.28 100.31
1 1941 100.31 101.2
15 1942 100.31 101.3
11942 101.13 101.16
*% notes July 20 1941
*%_.
Nov
*%..
—Jan
1%
.i-July
V S Housing Authority—
1*% notes Feb 11944.. 102.23 102 27
Volume
The Commercial & Financial Chronicle
150
Quotations
on
2403
Over-the-Counter Securities—Friday April 12—Continuei
Investing Companies
Public Utility Preferred Stocks
Bid
Ask
Par
12.17
12.95
Investors Fund C
10.77
11.71
3.50
3.83
16?*
3.19
7.42
Bid
Ask
Keystone Custodian Funds
Sold
.
Amer Foreign Invest Inc..
ESTABLISHED 1879
Members
26.89
29.39
17?*
Series B-2
21.17
23.23
3.52
Series B-3
14.21
15.61
8.16
Series B-4
6.58
7.25
.38
Series K-l
15.00
16.46
3?*
Series K-2
10.11
11.15
5?*
New York City
Knickbocker Fund
1
6.57
7.19
4?*
Manhattan Bond Fund Inc
6.71
7.41
Maryland Fund Inc
10c
4.25
5.45
Mass Investors Trust.... 1
20.85
22.42
Mutual Invest Fund
10.93
10.95
15.88
Bid
17~08
.25
24.53
Inc
Bullock Fund Ltd
Public
26.52
13?*
3.25
4.00
Century Shares Trust
Par
Ask
25.52
27.44
Chemical Fund
Bid
*
105
Amer Cable & Radio w i__5
AmerG&E4«% pref. 100
Amer Util Serv 6% pref.25
Arkansas Pr & Lt 7% pf._*
Associated
Gas
A
2?*
112
2H
112?*
6?*
7 3*
97 H
99?*
t>
Electric
121 3*
6% pref.*
7%pf 100
11.82
National Gas & El Corp. 10
5?*% pf.*
New Eng Pr Assn 6% Pf 100
New Eng Pub Serv Co—
$7 prior lien pref
*
New Eng G A E
preferred
*
6% pf.100
66?*
68?*
Accumulative series... 1
2.43
Bank stock..
8.87
Building
6.28
6.81
71?*
72 3*
9.65
10.43
Series A A mod
$7
preferred
$6
1
Cent Indian Pow
106
78 ?*
7% pf 100
108 J*
80?*
$6
100
preferred
100
preferred
Cent Pr & Lt
7% pref.. 100
Consol Elec A Gas $6 pref.*
Consumers Power $5 pref.*
108?* 110?*
100?* 102?*
110?* 112?*
12?*
10?*
105?* 108 J*
♦Crum A Forster
.....*
(Del) 7% pref
(Minn) 5% pref
100
.*
..*
preferred...*
96
*
preferred
*
59
42?*
Pacific Pr & Lt
44
Panhandle
413*
69?*
26
*
7% pf-.lOO
109?*
56?*
1173*
Delaware Fund......
85?*
94?*
41 H
100
18.67
1.60
<• —
— •,
7.89
8.54
7.47
8.09
Railroad
3.21
3.48
6.36
6.89
Steel
7.04
7.62
No Amer Bond Trust ctfs.
No Amer Tr Shares 1953. *
2.58
45?*
111?* 113?*
D
2.50
5.90
6.65
25c
1.23
mm
mm.
m
m
m
m
mm
m
2.87
m
m
mm
1
2.65
m
m
m
10c
.43
1
2.93
Series 1956
3.85
m
2.37
Series 1955
1
.1
Series 1958
'
1.34
Shares
-4
109?* 110?*
115
117?*
Eaton A Howard Manage¬
19.38
Putnam (Geo) Fund
11 .77
12.63
Quarterly Inc Shares.. 10c
7.65
8.90
106
Equit Inv Corp (Mass)..5
Equity Corp $3 conv pref 1
27.34
29.40
100?*
103?*
24?*
26?*
5% deb series A
Representative Tr Shs.. 10
Republic Invest Fund
10.48
10.98
4.53
5.08
♦
19.15
20.61
First Mutual Trust Fund..
6.80
7.53
Scudder, Stevens and
85.47
87.90
113?* 116
1153* 118?*
$5
cum
Plymouth Fund Inc
18.04
ment Fund series A-l..
108?*
F
41?*
Bank stock series... 10c
2.51
2.77
Selected Amer Shares. .2?*
Insurance stk series. 10c
3.27
3.61
Selected Income Shares.. 1
4.38
Fixed Trust Shares A... 10
9.98
Clark Fund Inc
Fiscal Fund Inc—
*
'm
—
mm
*
19?*
Foundation Trust Shs A. 1
4.10
4.65
Fundamental Invest Inc. 2
17.82
19.37
77?*
79?*
Fundament'l Tr Shares A 2
5.17
*
4.67
General Capital Corp
*
General Investors Trust. 1
preferred
18?*
30.85
_*
B
98
preferred.......100
29?*
5.95
—
-
«
m
m
99?*
31 K
33.17
5?*
31?*
83 J*
5% conv partic pref..50
Mississippi Power $6 pref.*
32?*
Sierra Pacific Pow com...*
86
23?*
Southern Indiana G & E—
*
92 3*
95
Mississippi P & L $6 pref.*
86 H
89?*
4.8% preferred
109
5.96
6.49
7.03
7.65
6~~
Missouri Kan Pipe Line._5
shares
Electrical Equipment...
103
8.86
9.63
4.56
4.97
28?*
19?*
Mountain States Power—
5% preferred
29?*
20?*
461*
15
48?*
1
10.09
10.97
2.64
mm
mm
m
m
mm
m
C
1
2.54
♦Series
D
1
2.47
♦Series
A
1
m
♦Series
B
1
5.14
m'm
4i -
■
m
mm-
.62
.56
__25c
Class B
Trusteed Industry Shs 25c
.86
U S El Lt A Pr Shares A...
16?*
shares
4.37
4.77
B
Equipment shares..
3.86
4.21
Voting shares
5.39
5.87
5.31
5.78
Petroleum
RR
;
•
Trusteed Amer Bank Shs—
6.56
1133*
69
2.57
5.56
3.71
7% pf.100
21?*
■
'
♦Series
5.97
Texas Pow & Lt
K
99?* 101?*
mm
Trustee Stand Oil Shs—
6.03
Mining shares
20?*
3.91
5.48
106
Washington Ry & Ltg Co—
Participating units
West Texas Util $6 pref..*
2.59
2
3.40
19
104?*
66?*
1
B
Merchandise
18?*
6% pf.100
rill
.48
74 %
^
3.73
Investing shares
Southern Nat Gas com.7 ?*
Utah Pow & Lt $7 pref—*
Monongahela West Penn
....
Food shares
101
.43
72
Trustee Stand Invest Shs—
5.12
11.08
shares
8*western G & E
6% pref.100
Corp...*
5.89
5.41
4.70
Building shares
1033* 105?*
22?*
16.59
Super Corp of Amer cl A. 2
Supervised Shares...
10.20
Automobile
Aviation shares
100
♦State St Invest
m
-
.75
15.65
Standard Utilities Inc. 50c
5.46
5.01
Agricultural shares.....
6% preferred D
10c
♦
Spencer Trask Fund
Group Securities—
43?*
2
Investors
Sovereign
9.86
mm
.68
AA
Pub Serv Co of Indiana—
96?*
23?*
14.56
9.05
66?*
111?* 112?*
Chemical
22 ?*
.48
13.89
65
Rochester Gas & Elec—
..*
7% pref
m mm m
C
Mass Utilities Associates—
Pub Serv
8.76
Metals
Oils
393*
273*
6%
preferred
8.70
10.85
.*
Republic Natural Gas
$7
8.04
8.10
_*
Peoples Lt A Pr $3 pref.25
Philadelphia Co—
Mass Pow & Lt Associates
Miss Riv Pow
9.59
10.04
equipment...
Insurance stock
91
70?*
Long Island Lighting—
preferred...
+ mm
86?*
Queens Borough G & E—
$2
5.01
17.27
Deposited Bank Shs ser A 1
Deposited Insur Shs A...1
58?*
Eastern Pipe
Line Co
$7 prior lien pref
preferred
35?*
m
106?* 107?*
116
Electrical
Machinery
88?*
7% pf..l00
Penn Pow A Lt $7 pref
32
33?*
106?* 109
Kings Co Ltg 7% pref. 100
7%
mm
m
supplies
5.96
14.49
Railroad equipment
Cumulative Trust Shares. ♦
Series
6%
7%
preferred
100
preferred
100
Okla G & E 7% pref... 100
107
Hartford Electric Light.25
Interstate Natural Gas
-
33?*
100 113
♦7% preferred
Ohio Public Service—
Penna Edison $5 pref
Jer Cent P A L
*
31?*
100 117
♦Common B shares... 10
Dividend
Ohio Edison $6 pref
403*
$6 cum preferred
Jamaica Water Supply...*
29?*
•*.'
8.30
5.49
13.43
Automobile
Chemical
'
♦Crum A Forster Insurance
Federal Water Serv Corp—
$6.50 cum
10
-
Diversified Trustee Shares
56 ?*
Derby Gas A El $7 pref..*
Florida Pr & Lt $7 pref..*
com..
—
m
7.67
Agriculture
Fidelity Fund Inc..
93 H
100
preferred.
*
2.89
m
2.89
I
...
♦8% preferred
203*
183*
116?* 1193*
26?*
28?*
Northern States Power—
$7
Continental Gas & Elec—
7%
preferred
cum preferred... 100
Northeastern El Wat & El
$4 preferred
Central Maine Power—
7%
cum
7%
1
Series ACC mod
New York Power & Light—
Carolina Power & Light—
N Y Stocks Inc—
Aviation
14
N Y Water Serv
-
2.43
67?*
48?*
2.50
13.66
»
1
12
$7
$3.50 prior preferred..50
Corporate Trust Shares.. 1
12.68
~
Series A A
65?*
47
Birmingham Gas—
10?*
1.38
6.76
~
35?*
*
preferred
New Orleans Pub Service.*
3.96
9?*
1.25
6.35
34
*
cum
87"
3.64
3.86
35?*
5?*
$6 prior lien pref
85
Birmingham Elec $7 pref.*
10.93
♦Continental Shares pf 100
(Colo) ser B shares
♦
(Md) voting shares..25c
National Investors Corp. 1
New England Fund
1
33?*
4?*
$6
IK
$6.50 preferred.
Atlantic City El
Nassau A Suf Ltg
107
1
Commonwealth Invest... 1
Par
Alabama Power $7 pref._*
10
Nation .Wide Securities—
1
Canadian Inv Fund Ltd__l
Utility Stocks
4.67
8?*
.10
Boston Fund
15.37
7 H
Teletype N. Y. 1-1600
7-1600
i
11.07
4.14
SK
5% preferred
3.89
Tel. BArclay
13.97
10.00
Series S-4
Bankers Nat Investing—
Class A
Series S-2_
Series S-3
Principal Stock and Commodity Exchanges
115 Broadway
Series B-l
3'4
Jackson & Curtis
11.37
.33
Quoted
•
10.67
4?*
Bought
1
Steel
shares
shares
Tobacco shares
1
.18
.38
Investors..5
Independence Trust Shs.*
15.99
17.19
♦Huron Holding Corp
.96
mm
Fund..
Wellington
Investment
1.01
mm
mm
2.29
25c
1
mm
■
rnmrnm
14.37
15.79
Banking
Corporations
Public
Bid
Amer Gas & Elec
3?*s s f debs
3?*ssf debs
2?*s 1950
1960
1970
Incorporated
Utility Bonds
Bid
Ask
Ask
105 H 106?*
107?* 108?*
Kansas Power Co 4s..1964
102
103
Kan Pow A Lt
112
112?*
109?* 110?*
Kentucky Util 4s
56?*
6s..1964
54?*
86?*
61?*
62?*
Amer Gas & Pow 3-5s. 1953
1970
1955
4?*s
101?* 102?*
102?* 103
Amer Utility Serv
/16?*
/16?*
17
Lehigh Valley Tran 5s 1960
Lexington Water Pow 5s'68
Marlon Res Pow 3 ?*s.l960
17
Montana-Dakota
1978
4?*s...l978
Assoc Gas A Elec
Income
Corp—
deb 3?*s...l978
Income deb 3?*s...l978
61?*
1.08
1.19
♦First Boston Corp
1.29
1.41
1954
/17?*
/29
32
New
Eng G A E Assn 5s '62
1973
/32
35
NY PA NJ Utilities 5s 1956
79
Conv deb 5s...
1973
/33
36
N Y State Elec A Gas
105?*
102?*
Butler Water Co 5s... 1957
1053*
81
Calif Water Service 4s 1961
107?* 108?*
107
City of New Castle Water
5s
1941
Corp
1973
/33
36
8s without warrants 1940
/58
61
Northern Indiana—
/UK
/II
/II
/II
12?*
106
Nor States Power (Wise)
Conv deb 5?*s
Sink fund inc 4?*s..l983
Sink fund inc 5s....1983
8 fine 4?* 8-5 ?*s
1986
Sink fund inc 5-6S..1986
13
Old Dominion Pow 5s. 1951
13
Parr Shoals Power 5s. 1952
/II
13
110
111
99?* 100?*
1st lien coll tr5?*s_. 1946
91?*
93?*
1st lien coll trust 6s. 1946
94?*
96?*
Cent 111 El A Gas 3?*s. 1964
101
102
105
Cent Ohio Lt A Pow 4g 1964
Central Pow A Lt 3?*s 1969
Income 5?*s with stk '52
/I H
2'*
72 H
73?*
Pub Serv of Colo 3?*s.l964
105?*
106
4?*s
Ht A Pow
1947
1966
S'western Gas A Ell 3 ?*a
57?*
56
1962
57?*
Tel Bond A Share 5s.. 1958
Texas Public Serv 5s.. 1961
Crescent Public Service—
59?*
1954
108
62?*
Toledo Edison 3?*s...l968
Dallas Ry A Term 6s. 1951
87
74?*
76?*
104
_
1053* 106?*
50?*
52 3*
1053* 106
78?*
76?*
101?* 102?*
108
108?*
75
77?*
104?* 105
1957
5s
Indiana Assoc Tel 3?*sl970
87?*
89?*
100?* 102?*
Wat"Pow 3?*sl11964
106?* 107?*
6?*s stamped
1952
Iowa Pub 8erv 3?*s..l969
Western Public Service—
5?*s
Inland Gas Corp—
/593*
62
1033* 104?*
1053*
1960
100
Wisconsin G A E 3?*s.l966
107?*
Wis Mich Pow 3?*s—1961
108 H
mmm
'
mmrn
1948
104
mm-
Pinellas Water Co 5?*s.'69
-
-
-
107?* 109?*
104
101
Pittsburgh Sub Wat 5s '58
103
'•k m m
Plainfleld Union Wat 5s '61
107
mm-
Richmond W W Co 5s 1957
105?*
86
91
1946
89?*
94?*
1954
101?*
6s
1954
103
Scranton Gas A Water Co
1962
105?*
4?*s
1958
Scranton-Sprlng Brook
104
Water Service 5s. 1961
95
.1946
5?*s series B
6s series A...
Roch A L Ont Wat 5a. 1938
Huntington
101
St Joseph Wat
106
Water—
Indianapolis Water—
1st mtge 3?*s
1966
106?* 108
1958
5s
100?* 1033*
1957
4?*s.l939
105?*
Kokomn W W Co 5s..1958
105?*
Monmouth Consol W 6s '56
Monongahela Valley Water
5?*s
1950
Morgantown Water 5s 1965
4s ser A 1966
1st A ref 5s A
Indianapolis W W Secure—
103
■
m mm
— mm
1967
Shenango Val 4s ser B. 1961
South Bay Cons Water—
1950
5s
9
106
•
mmm
100
>
102?*
82
87
Springfield City Water—
1956
4s A
104
106?*
101
Texarkana Wat 1st 5s. 1958
105?*
102
Union Water Serv 5?*a '51
103
105
W Va Water Serv 4s.. 1961
106
107?*
1 Arl/
lUo>5
———
Muncle Water Works 5s '65
105?*
New Jersey Water
101
103
1951
95
100
1951
97
102
94
99
Western N Y Water Co—
5s series B
53*8
101
1951
1950
103
Westmoreland Wate r5 s'52
New Rochelle Water—
1950
1st mtge
5s. 1950
103
5s
1st mtge 5?*s
..1956
..I960
100?* 1043*
5* series C__
Ohio Valley Water 58.1955
Ohio Water Service 4s. 1964
108
6s series A
96
Ohio Cities Water 53*s
'53
m
mm
104?* 106?*
101
For footnotes see page 2404.
101
100
103?*
3*
_
__
Wichita Water—
Ore-Wash Wat Serv 5s 1957
105
■
103
101
6s aeries B__
107?* 1083*
105?* 106
3?*s_1969
mm
133
West Penn Power 3s. .1970
Wash
-m
Community Water Service
5s series B
West Texas Util
Dayton Pow A Lt 3s..1970
Federated Util 5?*s...l957
101?*
1053*
New York Wat Serv 5s '51
104
105
Utica Gas A Electric Co—
110?*
1954
1957
88?*
109
United Pub Util 6s A. 1960
101?*
1948
.1948
Phlla Suburb Wat 4s. .1965
Water (Chattanooga)
Kankakee Water
Sioux City G A E 48..
..1950
1st consol 4s
Prior lien 5s
101?*
5s series B
Joplln W W Co 5s
1951
Collateral 5s
563*
Consol E A G 6s A....1962
Dallas Pow A Lt 3?*s.l967
105?* 106
103?* 104?*
Republic Service-
'70
8'western Lt A Pow 3?*s'69
91?*
1962
Cumberl'd Co PAL 3?*s'66
Pub Serv of Indiana 4s 1969
8ou Cities Util 5s A... 1958
Cons Cities Lt Pow A Trac
Coll inc 6s (w-s)
104?* 106?*
22
1949
104?* 106?*
Peoria Water Works Co—
1st A ref 6s
107?*
/20?*
St Joseph Ry Lt
Central Public Utility—
6s series B
107
106?* 106?*
Pub Util Cons 53*s...1948
103?* 104?*
103?* 104?*
Cities Service deb 5s__1963
5s
104?* 105?*
1950
4s
4?*8_.1966
5s
83?*
Portland Electric Power—
Debenture
1st coll trust
mm*
Ask
Penna State Water—
5s series B
81?*
105?*
Central Illinois Pub Serv
1968
Ill
1964
Peoples Light A Power—
1st lien 3-68
1961
6s
Central Gas A Elec—
HO
102?*
1st consol 5s
1st 58series C__
103?* 104?*
1970
Penn Wat A Pow 3?*s
3?*s
1968
Cent Ark Pub Serv 5s. 1948
1st mtge 3?* s.
1964
3?*s
13
Blackstone Valley Gas
A Electric 3?*s
City
Public Service 3?*s.l969
Cons ref deb 4?*s...l958
Bid
Ask
102
Ashtabula Wat Wks 5s '58
66
Conv deb 4?*s
Assoc Gas A Elec Co—
Water Bonds
Bid
107
18?*
1965
1
H
V_y
Atlantic County Wat 5s '58
/17?*
1973
4s
183*
♦Schoellkopf Hutton A
Pomeroy Inc com
10c
Alabama Wat Serv 5s. 1957
Conv deb 4s...
4?*s.
17
Bank Group shares
Insurance Group shares.
104?* 105?*
Util—
106
Income deb 4s
3
96
18
Tncome deb
30
2
10
♦Class B__
63?*
94?*
2K
26
..*
♦Central Nat Corp cl A..*
2.24
Institutional Securities Ltd
88?*
Associated Electric 5s. 1961
3?*s...l969
1?*
♦Blair A Co
101
1053*
1949
103
W'msport Water 5s... 1952
104
*4 mm
-mm
'
The Commercial & Financial Chronicle
2404
Quotations
on
April 13, 1940
Over-the-Counter Securities—Friday April 12—Concluded
Real Estate Bonds and Title Co. Mortgage
If You Don t Find the Securities Quoted Here
cation quotations are carried for ali
stocks and bonds.
active over-the-counter
The classes of securities covered are:
Companies—
Municipal Bonds—
/36
6M
/22M
Metropol Playhouses lnc—
1945
Sf deb 5s
70
72
25X
N Y Athletic Club—
1955
19
20M
63 M
65 X
N Y Majestic Corp—
48 with stock stmp—1956
5
ox
/8M
....
10M
N Y Title A Mtge Co—
2s
36
33 X
5Ms
5Ms
6Ms
5Ms
Domestic
Domestic (New York and
Atk
Bid
...
/5
B'way Barclay lnc 2s.. 1950
B'way A 41st Street—
1st leasehold 3M-5» 1944
Broadway Motors Bldg—
4-08....
—1948
Brooklyn Fox Corp—
3s..
1957
In this publi¬
tnonthiy Bank and Quotation Record.
Banks and Trust
Aid en Apt 1st mtge 38.1957
Beacon Hotel lne 4a.. 1958
have interest, you will probably find tbexn in
which you
in
our
Certificates
Alt
Bid
Chanln Bldg 1st mtge 4s '45
Cheseborough Bldg 1st 6s'48
40
42
48
60
Public Utility Stocks
Colonade Construction¬
ist 4s (w-s)
1948
19
Foreign Government Bonds
Railroad Bonds
Industrial Bonds
Railroad Stocks
series
series
series
series
BK—....
C-2—
F-l
Q
56 X
55M
38%
58M
42 X
...
44
53X
22 M
Court A Remsen St Off Bid
Canadian
Out-of«Town)
Public Utility
Canadian
Federal Land Bank Bonds
*
Bonds
Insurance Stocks
Real Estate Trust and Land
Hotel units
Deb 6s 1952
U. S. Territorial Bonds
The Bank and
30 M
35
ArO
37
39M
65M
67 X
mmm
24
,
"""
5M* stamped
Realty Assoc Sec Corp—
15X
6M« (stamped 4s)..1949
52d A Madison Off Bldg
1st leasehold 3s. Jan 1 '52
Film Center Bldg 1st 4s '49
Your subscription should be sent to
17M
.1943
53K
55X
1957
5s Income
65M
67X
Roxy Theatre—
34
1st mtge 4s.
...
oD
1958
19
21"
..1939
40 Wall St Corp 6s
42 Bway 1st 6S
Dept. B, Wm. B. Dana Co., 25 Spruce St., New York City.
1961
......
22
20
500 Fifth Avenue—
Quotation Record is published monthly and
sells for $12.50 per year.
52
21
2d mtge 6s
OK
legended
50 Broadway Bldg—
1st income 3s......1946
U. S. Government Securities
Mining Stocks
...1951
165 Broadway Building—
Sec s f ctfs 4X s (w-s) '58
Prudence secur Co—
Stocks
Mill Stocks
%
3
!2
103 E 57th St 1st 6s...1941
3
2
...
Equit Off Bldg deb 5s 1952
Stocks
ties
29
27
....
Eastern Ambassador
Title Guarantee and Safa Deposit
Joint Stock Land Bank Securi¬
Ollcrom Corp v tc..—...
1 Park Avenue—
25
1st 3X8
Real Estate Bonds
Investing Company Securities
1950
Dorset 1st A fixed 2s..1957
Industrial Stocks
36 X
.........
/26
mmm
Savoy Plaza Corp—
3s with stock
1950
1400 Broadway Bldg—
1st 4s stamped.—1948
40 M
42M
lst5M f (w-s)...... 1956
Fuller Bldg debt 6S...1944
20
22 M
00 Park Place (Newark)—
1st 3X8
1947
1st
2M-4S (w-s)
1949
Graybar Bldg 1st tabid 5s'46
12
/io
Sherneth Corp—
37 M
...
J9X
10 X
34
37
28 X
30
82
81
01 Broadway Bldg—
Harriman Bldg 1st 68.1951
Hearst Brisbane Prop 6s' 42
Inactive Exchanges
BRAUNL
19
42
44
Hotel St George 4s...1950
Foreign Stocks* Bonds and Coupons
fl7
33
34M
3Xb with stock....1950
016 Madison Ave—
3s with stock
1957
Syracuse Hotel
Lefcourt Manhattan Bldg
1st 4-5s
1948
Lefcourt state Bldg—
1st lease 4-6Ms..... 1948
Lewis Morris Apt Bldg—
& CO., INC.
1st 3e
....
(Syracuse)
-1955
46
Textile Bldg—
1st 3-5s—
mmm
mmm
mmm
1958
28
30
/31
33
/44M
46
4IX
45
'
Trinity Bldgs Corp—
1st 5X8
..1939
2 Park Ave Bldg 1st 4-5s'46
66
67
X
Walbridge Bldg (Buffalo)—
1st A gen 3-4s...—.1952
Ludwlg Baumann—
1st 6s (Bklyn)
.1947
1st 5s (LI)
—1951
37
38 M
1st 4s.
Tel. HAnover 2-5422
St., N. Y.
mmm
71X
51
55
Income 5Ms w-s...1963
London Terrace Apts—
62 William
20
1951
Lexington Hotel units....
Lincoln Building—
Foreign Unlisted Dollar Bonds
Due to the European situation some of the quotations shown
below
are
nominal.
Bid
Anhalt 7s to.
1946
Antioquia 8s
1946
Bank of Colombia 7%. 1947
7s-.
1948
BarranquUla fis'35-40-46-48
Bavaria 6Ms to.
1945
Bavarian Palatinate Cons
Cities 7s to...
1945
Bogota (Colombia) 6Me '47
1945
8s
Bollva (Republic) 8s. 1947
7s..
....1958
.1969
7s
1940
6s....
Brandenburg Eleo 6s. 1953
Brazil funding 5s.. 1931-51
Brazil funding scrip......
Bremen (Germany) 7s. 1935
1940
6s
British
see
Ait
/13M
/52
/20
Hungarian Cent Mut 7s '37
Hungarian Ttal Bk 7Xa '32
Hungarian Discount A Ex¬
change Bank 7s
.1930
Jugoslavia 6s funding. 1956
Jugoslavia 2d series 5s. 1956
/20
/36
/13M
/8
Koholyt 6Ms
21M
Land M Bk Warsaw 8s '41
/20
f4%
f4%
fi%
f4%
20 M
Leipzig O'land Pr 8Mb '46
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
6H
4 H
4X
6X
/14
/28H
/35o
/15
/12
1953
.....
Burmelster A Wain 68.1940
Water 7s......
1948
29"
Meridionals Eleo 7s..1957
Montevideo scrip........
Munich 7s to
14
1945
Munle Bk Hessen 7s to '45
Municipal Gas A Eleo Corp
Recklinghausen 7s. .1947
/S
P
Par
20
/14M
/«
/14M
fl4H
A4M
mmm
....
Callao (Peru) 7M8-..1944
Cauca Valley 7Ms
1946
/6
14 M
15 X
/1M
3X
Ceara (Brazil) 8s__.—1947
Central Agrlo Bank-
16 H
7~~
mmm
49
Cordoba 7s stamped..1937
7s stamped
..1957
Costa Rlea funding 5s. '51
Costa Rica Pao Ry 7Ms '49
6s
1949
Cundlnamarca 6MS..1959
Dortmund Mun Utile M 8*48
Duesseldorf 7s to.
1945
Dulsburg 7% to
1945
7s to
1945
1956
Porto Alegre 7s.—...1908
Electric Pr
many) 7s......
16 M
20
10M
14M
28M
1946
Prov Bk Westphalia 0s '33
0s 1936
...
5s
.......r..1941
f8X
8%___
113
1948
...1947
/8
/3c
/16
/14
6s
Haiti 6s..
1957
..1953
Teleg (N J) com.*
100
75
13
$5 preferred
Bid
102
...
—*
Par
Ask
New York Mutual Tel__25
106
Pac <fe
115M 116%
123
127
114
99
27M
29 X
Atl
Telegraph...25
*
'mmm
45
138
18
16
18
34 X
30 X
38
mmm
224
Ask
Bid
116
53
*
—25
Preferred A
mmm
71
142
32X
Rochester Telephone—
100
Telegraph.
25
Sou New Eng Telep... 100
Wisconsin Telep 7 % pf. 100
So & Atl
113 X
mmm
17
19
167
171
111
mmm
No par value,
a Interchangeable.
6 Basis price,
d Coupon,
e Ex coupon.
Nominal quota Ion.
w i When Issued
tc-s with stock,
r Ezdlvldend.
y Ex-rlghts.
tNow listed on New York Stock Exchange,
n
on New
York Curb
Exchange.
♦
Quotation not furnished by sponsor or Issuer.
1 Quotation based on $89.50 of principal amount.
5M% Sept. 25.
5% was paid on July 2 And
9M
Toronto Stock
/9
f20X
f8%
Stocks-
Par
Range Since Jan. 1,1940
Week's Range
for
Sale
of Prices
Week
Price
*
Beath A...
.—1950
Stettin Pub Utll 7s... 1946
Can Bud Brew...—.,
Canada Vinegars
ill*
ill1
5H
11%
*
10
Corrugated Box pref..
Dalhousie...
DeHavilland
Howard Smith
f20
1955
79
1947
/18
6
12
225
11M
Mar
15M
Apr
Jan
460
1.00
Jan
1.40
Feb
750
1.55
Apr
25,217
6%
Mar
25
7X
Jan
10
Jan
65
15
65
48c
17
3X
40
3,750
850
11
100
82
Apr
14
Mar
40
Jan
21M
21X
100
18
Jan
21X
Apr
23
20%
Jan
23 X
125
10
67
68
Temtekaming Mining.
A4
Walkv.. Brew
*
mE
No par value.
Ill
Feb
Mar
15c
27
Apr
Jan
Mar
9c
Mar
13Mc
X
170
Mar
31X
Jan
2c
6,000
X
Mar
2
1.75
2.35
Apr
Jan
"i~92
Xo
Apr
30
600
12
30
30
16,040
1.66
Mar
%C
3,500
440
Me
2%
Mar
3X
22 %
6Mc
2.18
Xo
2%
22 X
540
6X0
7c
5,200
3
Thayers
10c
18
Jan
lXo
12
30M
%c
75
3X
Apr
Mar
10
1,000
74
Mar
Apr
36
15c
.
2%
Apr
65c
17
5
22%
Robb Montbr
Mar
Jan
Jan
Feb
295
10
23 X
18 X
Mar
8M
38 X
14c
...
40c
2.00
37
22 %
Britain A Ireland 4s. 1990
Wurtemberg 7s to.... 1945
6%
Jan
7X
3
Rodgers Majestic
Shawinigan
/50
/14
A4
Feb
4
...1
Montreal Power
Kingdom of Great
Uruguay conversion sari p..
Unterelbe Electric 6s.. 1953
Vest en Elec Ry 7s
.1947
5
465
5%
8%
10
37
...
Pawnee Kirk........
Pend-Orellle .—.
Apr
Feb
35
6
Langley's preferred... .100
*
Mandy
/MM
4
2.20
45c
...
Klrkland-Townsite
/20
Feb
7X
13M
....
Preferred
High
3
1.35
60
♦
Dominion Bridge
Eraser voting trust...
300
Toho Electric 7s
iioo
...
Disher Steel..
130
2.00
7%
...
/14M
/14M
IjOW
Shares
7X
...*
21X
9H
High
1.35
Coast Copper........ ...5
Consolidated Paper
Low
3%
5X
—
Canadian Marconi...
8%
2X
48
Sales
Friday
/15
1951
5s
24
Exchange—Curb Section
April 6 to April 12, both inclusive, compiled from official sales lists
3M % War Loan
Hamburg Electric?! ..19381 fU
Housing A Realt my t
4P' /14M
39
f85
Santander (Colom) 7s. 1948
Sao Paulo (Brazil) 6s.l943
United
/12M
18
Reeves (Daniel) pref. -100
9X
Consolidated Press A.
Tolima 7s..
43
8
12X
Brack Silk
Saxon State Mtge 6s..1947
Siem A Halske deb 6s.2930
State Mtge Bk Jugoslavia
/12
Hanover Harz Water Wks
100
Mtn States Tel A Tel.. 100
30
/9
6Ms.
Great Britain A Ireland—
See United Kingdom
Guatemala 8s
4
13
mmm
m
$6,50 1st pref.
/14
/14
2d series 5s....—1958
/2
108 X
Emp A Bay State Tel.. 100
Franklin Telegraph
100
Int Ocean Telegraph... 100
/14
/14
/14
/14
Santa Fe 4s stamped. 1942
German Conversion Office
/22M
2
Miller (D Sons
Last
7s ctIs of deposit..1957
4s scrip.......—..
8s
1948
8s ctfs of deposit. 1948
Santa Catharlna (Brazil)—
fl4
Funding 3s.
1946
German scrip........
Graz (Austria) 8s.....1954
65
3
28 M
Cuban Teleph 0% pref. 100
PH
/14
7s 1957
/14
Agricultural 6s..... 1938
..100
common..5
preferred
7% preferred
3*
2
Bell Telep of Pa pref...100
/2
Saxon Pub Works 7s_. 1945
..1948
German Central Bank
'
2X
25
Peninsular Telep com
Salvador
/20
bank 6Ms
Ask
United Ctgar-Whelan Stores
Preferred
/13M
R C Church Welfare 7s '46
/14 M
6Ms1953 714M
European Mortgage & In¬
vestment 7%b
1960 /12
7Ms Income..... 1900
/2
7s
1967 /12
7s income
...1967
/2
Farmers Natl Mtgo 7s. '63
/5
Frankfurt 7s to
1945
/13M
108
Bid
Kobacker Stores—
8M
Diamond Shoe pref
100
Ftahman (M H) Co Inc..*
/Flat price,
Rio de Janeiro 6%—..1933
Rom Cath Church 6Ms '46
/14M
German Atl Cable 7s. .1945
German Building & Land-
7
Protestant Church (Ger¬
(Ger'y) 0M« *60
French Nat Mall SS 6s '52
Par
Ask
5
Bell Telep of Canada. __100
/5
/45
/3 7
Saarbrueoken M Bk 6s. *47
East Prussian Pow 6s. 1953
100
Par
/14
1952
Poland 3s
/5
/79
/52
/15
/13M
/14M
/13M
/13M
7% preferred.
Atn Dlst
/5
Panama
City 6Ms
Panama 5% scrip
Bid
*
B /G Foods lnc common.. *
Bohack (HC) common...*
t Now selling
62
62
Telephone and Telegraph Stocks
/14
Oberpfals Eleo 7s.....1946
/68
/15
/18
■
/50
/13M
/13M
/17
68
58
54
Oldenburg-Free State—
see German Central Bk
Central German Power
Madgeburg 6s.....1934
Chilean Nitrate 5s....1968
City Savings Bank
Budapest 7s.......1953
Colombia 4s.........1946
1947
1948
1st mtge 48
mmm
/65
/6 0
4s...........
--r
/14M
(A A B) 4s
1946-1947
(O A D) 48... 1948-1949
/14M
f27
...
63
---
Nat Central
Caldas (Colombia) 7Ms '46
Call (Colombia) 78...1947
Berland Shoe Stores
mmm
/14
Savings Bk of
Hungary 7 Ms
1962
National Hungarian A Ind
Mtge 7s
.......1948
North German Lloyd—
45
22
Nassau Landbank 6Mi '38
Nat Bank Panama—
90
23
Chain Store Stocks
/5
/5
/14M
/50
14
21
......1950
Alt
Kress (S H) 6% pref
Mannheim A Palat 7s. 1941
Brown Coal Ind Corp—
0Ms.—.....
Buenos Aires scrip
1943
/20M
United Kingdom
British Hungarian Bank—
7 Ms
......1962
Bid
12
lst4Ms w-s..
1951
Westinghouse Bldg—
3s.......
Wall A Beaver St Corp—
1.00
3
1.25
25
115
20%
Jan
CO
Feb
24
5Mc Mar
3
1.00
Apr
Apr
*
8Mc
3
1.25
Jau
Feb
Jan
Jan
Apr
Apr
Volume
The Commercial & Financial Chronicle
ISO
General
2405
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
reason*
However, they
FILING
OF
REGISTRATION
it is not
are
always possible to arrange companies in exact alphabetical order.
always as near alphabetical position as possible.
STATEMENTS
UNDER
Consolidated Balance Sheet Dec. 31
1939
Assets—
The
following additional registration statements (Nos. 4382
to 4385 inclusive, and 4306, a refiling) have been filed with
the Securities and Exchange Commission under the Securities
Act
of
1933.
The
amount
involved
is
approximately
$10,460,000.
Associates
Cash in
(2-4382, Form A-2) of South Bend, Ind.
has filed a registration statement covering 40;000 shares of $100 par 5%
cumulative preferred stock.
Proceeds of the issue will be used for working
capital, for expansion and reduction of notes payable.
E. M. Morris is
President of the company.
Glore, Forgan & Co. and F. S. Moseley &
Co. are expected to be underwriters.
Filed April 4, 1940.
Marshall Field & Co. (2-4383. Form A-2) of Chicago, III. has filed a
registration statement covering 30,000 shares of $100 par 6% cumulative
convertible 2d preferred stock and 105,000 shares of no par value common
stock reserved for conversion of preferred stock.
The stock is being of¬
fered for the account of certain stockholders.
Frederick D. Corley is
President of the company.
Glore, Forgan & Co., et al, will be under¬
writers.
Filed April 8, 1940.
transit
Roper Corp. (2-4384, Form A-2) of Rockford, 111. has
registration statement covering 50,000 shares of common stock,
par $5.
Proceeds of the issue will be used to retire funded debt and pre¬
ferred stock and to reimburse working capital.
Mabon P. Roper is Presi¬
dent of the company.
Underwriter to be named by amendment.
Filed
April 10, 1940.
,
McCrory Stores Corp. (2-4385, Form A-2) of New York, N. Y. has filed
registration statement covering $3,000,000 of 15-year sinking fund de¬
bentures, due 1955.
Proceeds of the issue will be used toward the redemp¬
tion of the 5%, 15-year sinking fund debentures, due 1051.
R. F. Coppedge
is President of the company.
Merrill Lynch, E. A. Pierce & Cassatt and
Kidder, Peabody & Co. and others to be named by amendment will be
the underwriters.
Filed April 10, 1940.
American Fidelity Life Insurance Co. (2-4306, Form A-l) of Kansas
City, Mo. has refiled a registration statement covering 100,000 shares of
$1 par common stock which will be offered at $2.10 per share.
This stock
will only be offered to osteopathic physicians except for certain directors.
The company also registered 100,000 receipts for above common stock.
Proceeds of the issue will be used for capital and surplus.
et
al,
in
A .G. Crites,
A. O. Runkelhas been named underwriter.
officers of company.
April 8, 1940.
are
Refiled
&
office
Abraham & Straus,
412,311
1938
3,329,046
56,458
Interest accrued..
b
Net profits—
$22,827,119 $23,511,561
$22,815,372
Construction &
8,219,881
8,280,261
145,663
40,154
203,710
20,596
21,306,172
21,931,446
$1,520,947
Dr5,740
$1,580,115
Dr51,310
$1,784,325
26,512
13,856
$1,698,820
$1,515,207
$1,528,806
$1,798,181
70,972
417,261
102,621
461,652
115,860
435,400
(estimated)
429,595
75,974
200,000
500,000
Cap. stk. (par $25)
8,202,700
8,202,700
Earned surplus
...14,877,284
43,519
4,384,603
3,132,210
13,433,2371
Total
.
Surtax
on
Abitibi Power & Paper Co., Ltd
.—Earnings—
Month of February—
Earns, prior to charges for deprec. & bond int
17,446
185,000
_
146,000
Net income
dividends
$1,008,142
105,635
Common
dividends
465,465
Balance, surplus
Shs.com. outst. (no par)
Earns, per sh. on com._
v,
Adams
Express Co.—Earnings—
3 Mos. End. Mar. 31—
Income: Divs. onsecur's.
Interest
1940
1939
$5.82
$802,546
118,750
465,465
$1,025,341
xl30,190
434,434
$383,929
155,155
$4.47
155,155
$218,331
155,155
$460,717
155,155
$5.77
$4.41
$92,840 paid on 7% cum. pref. stock, redeemed Oct. 23,
$37,348 paid on 4%% cum. pref. stock, issued Oct. 1, 1936.
x
1936, and
Balance Sheet Jan. 31
1940
Assets—
i
1939
buildings,
Land,
4%%
equipment, &c._ 5,179,428
Real est.
891,216
1
-
Cash
-
2,093,974
3,025,997
80,172
2,335,578
investments
78,757
2,114,297
rec.
83,633
Sundry debtorsInventories.
Misc.
_
Total income..
General expenses
Interest
243
180
$184,790
57,239
99,441
11,205
$187,257
60,232
100,963
7,194
$361,087
56,061
122,469
x8,710
$16,906
$18,869
$173,847
Net income
Mar.31,'40 Dec.31'39
A
®
Cash
x
On
After
239,157
_
LiabilUies-
18,000
185,000
31,517
Accrd.int.ondebs.
Federal taxes
Sundry creditors..
146,000
1,262,000
40,189
Coll.tr. 4% bonds,
due 1948
1,384,500
1,384,500
21,173
2,764
cost..41,000,873 40,143,744
10-yr. 414% deb.,
due 1946
6,883,500
6,883,600
pur.—not rec...
51,410
Accrued Interest..
88,523
53,413
157,068
408,954
425,292
and
dividends
rec.
66,280
for
sec.
sold—not deliv'd
Securities at
Prop.
&
—
Amt. pay. for sec.
equip't
less depreciation
6,504
13 657
Accruals & res. for
taxes, cont., &c.
x
Calendar Years—
Surplus
148,047
7,111,485
Total
13,305,636
14.025,010
contlng., &c
103.
In¬
1937
1936
3,262,054
Profit-
Interest paid
on sale of equipt., &c
Canadian exch. losses—
Loss
Prov. for Fed
on
profits
3,226,727
2,772,982
$1,063,915
$2,872,275
$3,159,515
10,264
20,884
15,064
Dr9,802
$3,054,669
18,620
23,928
a38,012
$1,084,799
$2,887,339
34,243
20,733
$3 ,149,714
18,490
632,997
595,685
3,201
c429,302
3,250
b83,454
546,393
3,270
inc. tax__
undistributed
(estimated)
Net profit
.
Dividends paid
of cost
$1.908,609
656,216
(less shs. in treasury)-
328,108
$5.82
a
Includes unrealized loss of $16,181
in respect
years,
c
of assets in Canada,
345,352
85,000
$368,168
410,135
$1,898,091
1,312,432
$2,157,677
1,189,404
328,108
$1.12
328,108
328,108
$6.58
$5.78
representing exchange adjustment
b Includes $7,480 underprovision for prior
After deducting $798 overprovision for prior years.
3,884,644
3,853,344
...44,352,723 44,272,796
shares.
no par
over
market value of the companies' securities
31, 1940 was $15,632,241
Dec. 31, 1939.—V. 150, p. 425.
as
compared
$15,146,661
with
at
Aetna Standard Engineering Co.—New Chairman—
Ernest
E.
Swartswelter
has
been
elected
Chairman
and
PresidenCof
this company, succeeding Jerome R. George.
K. B. Bowman, Executive
Vice-President, was not reelected.
Five new board members were elected.
-V. 147, p. 3148.
-'V/V'''V.
Akron & Barberton Belt
Ry.—Abandonment Denie^P^
The Interstate Commerce Commission on March 21 dismissed the com¬
pany's application for permission to abandon operation of part of a line of
railroad in Summit County, O.—V. 149, p. 4017.
Akron Canton & Youngstown
Ry.—Earnings—
(Including Northern Ohio Ry. Co.)
1938
1937
1936
$1,694,439
1,280,942
$2,122,096
1,459,389
$2,264,738
1,410,705
$634,726
1,610
$413,497
338
$662,707
1,377
1,765
1,623
882
$854,033
2,725
2,689
1939
Operating revenues
$2,048,252
Operating expenses..—
1,413,526
Net
operating
revenue
Rent from locomotives.
Rent from work
_
equip..
Joint facility rents
Railway tax accruals
freight cars
Rent for pass. tr. cars...
Joint facility rents
Net oper. income
Miscell. rent Income
Misc. non-op.
phys. prop
Contrib. from other cos.
Dividend income
Inc. from funded secur..
Inc. from unfunded sec.
Miscellaneous income
Gross income
82
84
58
30
$638,183
153,308
177,803
$415,542
156,263
176,428
$665,024
105,470
251,851
$859,477
151,729
224,598
249
391
1,063
1,036
787
$306,008
13,882
7,356
16,362
$81,566
12,196
9,495
3,701
306,525
11,384
9,467
11,436
18
11
18
5,032
12,871
5,478
12,456
5,556
15,583
483,150
11,470
9,198
9,024
21
\
524
14,643
105
88
106
86
$361,633
$124,991
$360,076
$528,116
323
870
4,437
335,571
22,021
1,392
4,511
342.415
22,541
1,478
4,962
335,979
20,629
34
788
4,187
337,462
23,627
1,333
2,480
"2,837
'"3",920
$22,539
$244,969
20,998
equipment
Miscellaneous
rents
Misc. tax accruals
Int. on funded debt
Int. on unfunded debt..
Inc. transf'd to other cos.
Misc. income charges
Net loss—
Number of shs. outstand.
Net earnings per share._
Total
Rent for leased roads and
501,993
3,104
383,450
73,500
Prov. for depreciation..
Amortization of patents.
Surtax
2,457,137
$3,044,405
Operating profit
excess
March
Hire of
gelling, admin. & general
Other income less other
deductions
30,389,192 30,253,679
surplus.
z
$17,400,062 $11,029,174 $19,837,288 $16,729,369
11,093,602
7,508,121
13,738,285
10,796,871
expenses
Represented by 1,500,000
x
Notes—The
at
Total income
1938
1939
Com. stk. & cap.
Earned surplus...
Total.......-.44,352,723 44,272,796
33,333
30,407
164,754
6,694,856
(& Subs.)—Earnings—
Cost of sales
%
■r/L.'-v
1,262,000
int.
251,286
April 1, 1939, $1,000,000 of these notes was redeemed at
depreciation,
y Represented
by 155,155 no-par shares,
Net sales
i
Coll.tr. 4% bonds,
due 1947..:
Consolidated Income Account for Calendar Years
264,203
expenses
cludes demand deposits.—V. 150, p. 121.
Acme Steel Co.
$352,595
8,312
Mar.ZY40 Dec. 31 39
%
4,072,442
3,257,893
.
.
256,014
.
1937
$173,853
13,162
x No allowances has been made for
possible Federal surtaxes on undis¬
tributed profits,
y No provision has been made for possible Federal income
taxes for the year 1940.
Accrued salaries &
Res .f or
.
$
cum.
Common stock.
....13,305,636 14,025,010
Total
1939
$
pf. stk. 2,173,900
2,273,900
1,405,325
1,405,325
1,360,000 a2,500,000
Accounts payable
618,158
535,150
y
102,679
Deferred charges
a
1
1,231,159
3,286,569
Accts. & notes
:
Long-term debt...
874,817
Goodwill
x
5,457,198
not used
operations
in
1940
Liabilities—
$
1938
$165,829
18,480
482
$31,300
on
$171,648
12,416
$184,064
47,781
99,602
y5,381
securities...
Miscellaneous income.
23,000
$804,934
110,695
310,310
$437,042
1939
$125,556
Sulphite pulp shipments in February amounted to 5,590 tons against
5,415 tons in Jan., 1940 and 2,846 tons in Feb., 1939.—V. 150, p. 1749.
175",000
147,000
28,000
undist. profits
Preferred
1940
a$389,595
Includes $107,149 received on United States exchange.
v
Shipments of newsprint in February, according to G. T. Clarkson,
receiver and manager, amounted to 23,675 tons
against 25,800 tons in
Jan., 1940 and 20,542 tons in Feb., 1939.
a
.
_
14,877,284 13,433,237
1938.—V. 151, p. 1127.
Red.
Prov. for Federal taxes.
income
payable to bank
19,512
138,429
416,899
new
of N. Y. World's
Fair debentures
on
a After reserves of
$57,608 in 1939 and $56,665 in 1938.
b After reserve
for amortization and depreciation of
$6,717,582 in 1939 and $6,188,675 in
Cost of connection with
city subwav stat'n
paid
Depreciation
Canadian
Long-term notes
Patents.......
Prepaid Insurance,
int., taxes, &c.w
21,031,047
Interest
&
taxes
ex¬
perimental work
Total.
payable...
taxes
Fed'l
in process
Amt.
Total income
plant
& equipment...
Accrued
$1,700,725
Dr1,905
—
55,044
Property,
1937
21,725,761
Other income.
2,326
Accrued Fed. capi¬
tal stock & local
Comparative Consolidated Balance Sheet
1939
Cost of sales, sell., oper.
&c., expenses.
135,848
1,375
...
1,081,420
and
Inc.—Earnings—
Years Ended Jan. 31—
1940
Net sales.
$23,426,486
1,081,691
750,000
634,178
to
352,044
notes
accts.
Provision for taxes
The last previous list of registration statements was given
our issue of April 6,
page 2245.
$
450,000.
127,320
banks
Accts.
1938
$
;
payable
receivable 1,781,533
Inventories
4,262,370
Trade
a
a
1939
Liabilities—
Notes
funds......:
a
(George D.)
filed
$
banks, in
Other assets
Investment Co.
1938
S
SECURITIES ACT
$13,620prof$161,148
Petition Denied—
The Interstate Commerce Commission has denied the
company's petition,
1940 by Akron Canton & Youngstown Ry. and Northern
Ry. praying that notice of submission, dated Feb. 24, 1940, of the
plan of reorganization be withdrawn; and that such submission be withheld
filed March 18.
Ohio
L
The Commercial & Financial Chronicle
2406
the U. S. District
pending determination of an appeal from the order of
Court of Appeals for the Sixth
Air Devices
Circuit.—V. 150, p. 2075.
9, stockholders approved a
name
dating back to 1894.
It is engaged in the manufacture and sale of telephone
and alarm signal equipment, intercommunicating systems and certain
specialized automotive and aviation products.
Connecticut Telephone &
Electric Corp. recently received an order from the U, 8. Army Signal Corps,
for 21,000 field telephone sets upon which delivery is expected to start
within 30 days.
The corporation has 400,000 shares of common stock out¬
standing.
Application is being made to the New York Curb Exchange for rein¬
statement of the shares to dealings on that Exchange.—V. 148, p. 3367.
Alabama Power Co.—Bonds Called—
$988,000 1st mtge. 30-year 5%
1946, has been called for redemption on Sept.
Payment will be made at the Chemical Bank
—V. 150, p. 2075.
A total of
All America
The first
bonds, A series due March 1,
1 at 105 and accrued interset.
& Trust Co., New York City.
Special deposits. &c
1938
1939
1940
1937
loss$29,765
x$277,496
254,400
254,400
Nil
$0.70
ubdistributed profits,
y After deprecia¬
$157,726
$89,492
262,800
$0.60
254,400
$0.35
Earnings per share
x Before provision for surtax on
tion, Federal income taxes, &c.
Pay 25-Cent Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, payable April 25 to holders of record April 19.
This compares with
37^ cents paid on Dec. 26, and Nov. 6 last and with 25 cents paid on Aug.
15, 1939 and on Dec. 4, 1937.—V. 150, p. 1269.
1,770,411
1,354,613
Unmatured refunded interest coupons------Unamortized discount and expense on bonds
1,773,005
288,075
2,067.989
the company's current
were
fiscal year
feet in March,
an increase or 13% compared with $6,162,862
of the previous fiscal year.
March was 3,215,283 feet compared with 3,705,242
However, for the nine months ended March, 1940,
1939.
physical volume was 2,880,000 feet in excess of the same period last year.
—V. 150, p. 1749.
Consolidated Income Account for Calendar
Int.
on
funded debt
Other interest
General expenses
Amort.of bd. disc.A exp.
32,751
11,676
*$1,015,230 d$l,994,861*a$9,780.560
Net loss_„-
28,121
37,524
a$158,382
16,878
230,840
123,197
22,743
11,733
*
Profit, a Exclusive of profit on sale of securities amounting to $787 in
1937, $3,494 in 1936. b After deducting $613,360 reserve in respect of int.
on $11,152,000 Missouri Pacific RR. Co. 20-year
conv. gold bonds,
series A, and $781,172 reserve in respect of interest on $14,203,133 balance
of Missouri Pacific RR.
c
contracts with Terminal
Shares, Inc.
After deducting $613,360 interest accruals charged off on $11,152,000
Co. 20-year 5H% conv. gold bonds, series A, and
Missouri Pacific RR.
$93,7o8, on notes and accounts owned by Terminal Shares, Inc.
d Exclusive of loss on sale of securities amounting to $29,612,125.
e After deducting from dividends received or receivable in cash amounting
to $6,137,132 the following:
Dividend of $2.5o per share received Nov. 4,
1938. and dividend of 50 cents per share declared Nov. 29, 1938, and re¬
ceivable Jan. 3, 1939, on the Chesapeake Corp. stock, applied against cost
thereof, amounting to $3,834,000; there is also deducted $613,360 interest
accruals charged off on $11,152,000 Missouri Pacific RR. Co. 20-year 5%%
conv. gold bonds, series A, and $93,768 on notes and accounts owned by
Terminal Shares, Irtc.
f Excluding liquidating distributions of $894,600 in cash and 766,800
shares Chesapeake & Ohio Ry. common stock received on Chesapeake
Corp. capital stock.
This amount does not include $613,360 interest ac¬
cruals (which have been or may be impounded by trustees as received), on
$11,152,000 Missouri Pacific RR. Co. 20-year 5H% convertible gold bonds,
series A, and $93,768 interest accruals charged off on notes and accounts
owned by Terminal Shares, Inc. (not being received currently).
g Exclusive of charges aggregating $31,377,217
($20,383,751 net loss
on sales of securities
and $10,993,468 provision for possible loss on sale of
securities owned by Terminal Shares, Inc.) and credit of $336,802 excess of
principal amount over cost of bonds retired less unamortized discount and
expense on such bonds recorded in deficit account.
Consolidated Earned Deficit Account for Year Ended Dec. 31,
Deficit, Jan. 1, 1939
20,389,327
______
Provision for
Provision of
as
reserve
1939
$47,136,124
Loss from sale of 150,000 shares Missouri Pacific RR. 5% cum.
pref. capital stock (on basis of cost of specific securities)
Profit from sale of $68,500 U. S. Treasury bonds (on basis of
principal amount
cost)
Cr5,576
130,000
"
for Federal taxes
(created March 12,1940) for possible loss on
securities owned by Terminal Shares, Inc. under agreement
dated March 12, 1940 to sell to trustee in bankruptcy of
reserve
Missouri Pacific RR
Provision of
accrued
reserve
interest
io 937 932
(created March 12. 1940) for possible loss
receivable
on
amounts
due
to
on
Terminal
Shares. Inc
55 534
Net loss from income account.
Excess
1 015 230
_
of
principal amount over cost of $422,000 bonds due
1944 and $546,000 bonds due 1950 purchased and canceled in
in 1939, less unamortized discount and expense applicable to
Accrued taxes
Deficit, Dec. 31,1939
Paid-in
$79,321,770
Surplus Account Dec. 31, 1939
$41,001,785
Fart of consideration received from the issuance of prior pref.
convertible stock (3,025 shares) for interest coupons from
102,850
-
Balance,paie-insurplus, Dec. 31,1939
______
Total, earned and paid-in surplus (deficit), Dec. 31,1939
274,400
343.00Q
244,953
12,760
—*
—--
346,798
11,683
748,379
—
Interest payable.
___,
Reserve for Federal taxes
f Discount
c
on
1 ,020.827
—
130,000
refunded interest coupons.
Payments receivable from Missouri
.
_ .
34", 569
1,762,067
41,001,785
47,136.124
—
Pacific—. ...
,104,635
79 ,321,770
41
Paid-in surplus
Earned deficit
—- —
Total
161,109,250 195,826,453
-
collateral or otherwise held in trust,
$12,700,000.
,
,
c Securities owned
by Terminal Shares, Inc., and pledged under $14,245,000 Terminal Shares, Inc., 5-year 5M% secured gold notes, which
notes are owned by Alleghany Corp. and pledged under Alleghany Corp.
collateral trust indenture, subject to agreement, dated March 12, 1940 to
sell to trustee in bankruptcy of Missouri Pacific RR. Co. (aggregate sales
Pledged
a
as
Prd eDoes n*ot^nciude
to Interest expense upon
A.
due 1950) to be credited
maturity of coupons.
(8,180 in 1938) shares, to be issued in exchange
1950 bond issue.
h Authorized, 150,000 shares, no par; 106,483 shares in 1939,
5,155
g
coupons.
for interest
,
„
1938.
in
Missouri
unpaid and accrued interest on $11,152,000
Pacific RR. 20 year 5H % conv. gold bonds, series
f Discounts on refunded interest coupons (bonds
and 103,4o8
,
by 4,522,597 no par shades,
j Indicated market value at Dec. 31, 1939, was
Notes to Financial Statements
i Represented
Note
$80,109,954.
(1)—Securities owned by Terminal Shares, Inc..
consist of all the
capital stock of St. Joseph Belt Ry. Co., all capital stock and certain open
accounts of Union Terminal Ry., certain notes and 2-3 of capital stocks of
North Kansas City Bridge & RR. and North Kansas City Development Co.,
and 2-3 of capital stocks of other companies owning properties or rights in
Kansas City and North Kansas City, Mo.
Prior to Jan. 1, 1937, the securities owned by Terminal Shares, Inc., and
are
secure
$14,245,000 Terminal Shares, Inc. five-year 5H %
secured
still
of Missouri Pacific RR. had brought actions, which
pending, to set aside these contracts, to recover payment of $3,200,-
000, with interest, made on account of said contracts, and to establish a lien
for said sum on these securities. Pursuant to said contracts the amount of
$1,762,068
--$41,104,634
$38,217,135
which is carried in the
consolidated balance sheet
received in respect of principal,
was
accounts as a
deferred credit and is treated in the
owned by Terminal Shares, Inc.,
and the amount of $1,437,932 was received in respect of interest, which was
included in income account of the years in which received.
Should the
actions be decided in the company's favor, a liability may arise for income
tax on the payments of $1.872,068 which were received as principal as above
stated.
If, however, the transfer (referred to in next paragraph) with re¬
spect to the St. Joseph Properties is consummated, it is believed that there
will not be any income tax on said payments of $1,762,067.
An agreement dated March 12, 1940 has been executed between Terminal
Shares, Inc. and Guy A. Thompson, as trustee in bankruptcy of Missouri
Pacific RR., for the settlement of the aforesaid actions, which includes the
sale, transfer and assignment by Terminal 8hares, Inc. to Guy A. Thomp¬
son, as trustee in bankruptcy of Missouri Pacific RR., of the foregoing
securities owned by Terminal Shares, Inc., contingent, among other things,
upon the approval of the reorganization court and of certain regulatory
as
a
deduction from the cost of securities
bodies
«
Joseph Properties, (a) Terminal Shares, Inc. is to
($650,000 to be withdrawn from the St. Joseph
Properties in partial payment of certain obligations of Union Terminal Ry. to
Terminal Shares, Inc. and $100,000 to be paid by the trustee in bankruptcy
of Missouri Pacific RR., (b) the actions by the trustee in bankruptcy are
to be dismissed and the claims of Terminal Shares, Inc. and the trustee in
On transfer of the St.
receive $1,050,000 in cash
bankruptcy of Missouri Pacific RR. against one another in respect of the
be discharged, and (c) out of the $1,050,000 Terminal
Shares, Inc., is to make certain payments aggregating approximately
$18,000. On the transfer of the Kansas City properties. Terminal .Shares,
Inc. is to receive from the trustee in bankruptcy of the Missouri Pacific
RR. $600,000 in cash together with promissory note executed by the trustee
in bankruptcy of the Missouri Pacific secured by a purchase money mortgage
sales agreements are to
on
such
Kansas
City properties, payable over a
period of years in the
principal amount of $5,400,000 bearing interest at ZH% Per annum. The
agreement contemplates that the reorganized Missouri Pacific RR. or other
corporation which acquires the Missouri Pacific railroads and property
from the trustee in bankruptcy of the present Missouri Pacific RR. will
assume the obligations of said trustee under the agreement and under the
note for $5,400,000; that upon such assumption such trustee shall be dis¬
charged of all liability thereafter; and that thereupon the obligations of the
assuming corporation, both as with respect to the agreement and with
respect to the note shall be the general obligation of such corporation
secured only by the purchase money mortgage referred to above.
The
agreement also provides that the said transaction with respect to the St.
Joseph properties and with respect to the settlement and dismissal of the
actions brought by the trustee in bankruptcy of the Missouri Pacific RR.
are to be concurrent, but are not to be conditional upon consummation of the
transaction with respect to the Kansas City properties.
The transfer of the Kansas City properties is contingent, among other
things, upon the satisfaction
summation of the transaction
of the following conditions:
(1) The con¬
with respect to the St. Joseph properties;
(2) a final determination (either in tne pending condemnation suit instituted
by the Chicago Burlington & Quincy RR. for the condemnation of certain
properties of the North Kansas City Bridge & RR., or otherwise) that the
Chicago Burlington & Quincy RR. has no right to condemn certain prop¬
erties of the North Kansas City Bridge & RR.; (3) the acquisition by the
Kansas City
construct
Cr336,802
bonds due 1950
75 ,482,000
66,753.900
54,115,896
359,920
76,450,000
54 ,115,896
226,820
North
such bonds
Balance, Jan. 1, 1939
1.034.580
1 ,064,830
66 ,753.900
stock
trustee in bankruptcy
1939
1938
1937
1936
f$3.->78,026 e$2,428.130 C$13953,006 b.$3.824,817
3.771.229
3,747,o97
3,766.163
3,769.599
22,000
27,875
16,817
1,736
318,638
141,297
265,819
366,411
268,476
272,670
Registrar
and
transfer
agent fees—
Fiscal agent & trust fees_
Exp. applic. to prior yrs.
161 ,109.250 195,826,453
fold notes were the subject of contractson that date. Prior to that Missouri
'acific RR., which contracts expired
looking toward their sale to time the
Years
[Including Wholly-Owned Subsidiary, Terminal Shares, Inc.]
Calendar Years—
625
—
—-
—
Purchase money debt
Accounts payable, &c
pledged to
Alleghany Corp.—Annual Report—
Total income
300
?Collateral trust bonds..... issued Prior preferred stock to be
$6,974,932,
voiume m
2,736
514 % series A preferred stock (par $100)
which began July 1, 1939,
in the corresponding nine months
Physical
—
h $2,50 prior preferred
Company reports sales for March of $724,529, a decrease of a little less
6% from $767,020 in the same month last year.
For the first nine
total sales
pledged to
Miscellaneous deferred charges
than
of
receivable, &c—
int., receivable on securities
secure purchase money debt- - Miscellaneous accounts receivable
shares
Allied Kid Co .—Sales—
months
48
1,602,946
-
d Accrued dividends and interest
Accrued
b After reserve of
Industries, Inc. (& Subs.)—Earnings—
3 Mos. End. Mar. 31—
To
$
i Common stock
formerly All America Cables & Radio,
Commercial Mackay Corp., formerly Commercial Cable Co.
and Mackay Radio & Telegraph Co., April 9, declared payment of interest
on the 4% income debentures for the nine months ended Dec. 31, 1939, or
3% on these new obligations, to holders of record April 24.
As of Dec. 31, 1939, the end of the first accounting period, Commercial
Mackay had issuable $8,107,300 of debentures, and All America had $3,293,600 of series A debentures issuable, and $1,013,500 of series B debentures.
Since the close of last year, $500,000 of All America's series A debentures
have been purchased for retirement.
All America Corp. for the nine months ended Dec. 31 had pro forma
earnings available for interest on income debentures amounting to $663,451
and Commercial Mackay's pro forma earnings available for interest for the
same period totaled $627,316.
Net profit...
Shs. com. stock (no par)
1938
-
Investment securities, at cost
Securities owned by Terminal Shares, Inc_
Liabilities—
securities issued under the Lehman-
for Postal Telegraph & Cable Corp. will be
and
v
1939
j 145,435,299 166,749,076
19,100,000
c
_
b6,400,000
358,450
U. S. Government securities pledged
289,950
3,299
Cash
52,138
4,517,732
Cash held by trustees under indentures
*
2,884,954
2,104
Cash held by trustee of Term. Shares, Inc., notes__
926
1,382,030
Cash deposited under collateral trust indenture. _ - _
898,996
a
Total...
Directors of All America Corp.,
Allen
Consolidated Balance Sheet Dec. 31
Assets—
Corp.—Interest Payments—
payments of interest on
Stewart reorganization plan
made on May 1.
Inc.,
$144,648,447 and the total (earned and paid-in surplus) deficit
would be $103,543,812 instead of $79,321,770 and $38,217,135, respectively,
shown abov3.
be
of its wholly-owned
subsidiary, Connecticut Telephone & Electric Corp,
The name Connecti¬
cut Telephone & Electric Corp. is well known in the trade and with predeces¬
sor companies of the same or similar name has a history of almost 50 years,
indicated market quota¬
surplus) deficit balance at Dec. 31, 1939
stating listed securities owned at
Dec. 30, 1939, the (earned
on
would
Corp.—Changes Name—
At the annual meeting of stockholders, April
to have the corporation adopt the
resolution
On the basis of
tions
April 13, 1940
and
use
Bridge & RR. of all necessary right and authority to
interstate and intra-state commerce an overhead
in
crossing over the rights of way and tracks of the Chicago Burlington &
Quincy RR. and the Wabash RR. and certain lead tracks connecting the
tracks on the overhead crossing with all existing tracks of the North Kansas
City Bridge & RR. serving industries located in North Kansas City; and
(4) the acquisition by the trustee in bankruptcy of Missouri Pacific RR.
from the Interstate Commerce Commission and any other regulatory body
having jurisdiction, of authority to extend the lines of railroad of the
Missouri Pacific RR. through operations by the trustee in bankruptcy of
Missouri Pacific RR. under and by means of trackage rights over all tracks
of North Kansas City Bridge & RR.
A plan of readjustment in respect of
Terminal
Shares,
Inc.,
dated
March
five-year 5 H % secured gold note® of
12,
1940,
has also
been
executed
_
Volume
The Commercial & Financial Chronicle
ISO
whereby the cash and
notes
received under such agreement, are first to be
applied to the payment of the legal and other fees and expenses which have
been incurred and may hereafter be incurred in
connection with the formu¬
lation and carrying out of the plan of
readjustment and the aforesaid
agreement with the trustee in bankruptcy of Missouri Pacific
RR., the
amount of which may be substantial but cannot be
determined at this time
and no provision has been made therefor in these financial
statements; the
as
balance remaining after the payment of such fees and
expenses to be applied
ratably by Terminal Shares, Inc. toward payment of the principal of its
five-year 5H% notes which are pledged under Alleghany Corp.'s three
collateral trust indentures.
The plan of readjustment, upon certain con¬
ditions. is to permit the securities representing the Kansas
City properties
themselves to be so applied.
Note (2)—Cash in special deposits comprises: (a) $247,127 held
by trustees
under collateral trust indentures; (b) $130,000 in escrow
pending deter¬
mination as to any Federal taxes for periods prior to Jan.
1, 1939; (c)
$53,789 held in trust, subject to temporary restraining orders; and
(d)
$866,603 in special account subject to temporary injunctions and
restraining
order.
8uits
Condensed Consolidated Balance Sheet Dec. 31
1939
Assets—
x
collateral
under
said
and under trust
deposit withdrawn from excess collateral under trust in¬
dentures dated Feb. 1, 1929, but
permitting Alleghany Corp. to withdraw
from the special account $10,000 per month for its minimum
administrative
expenses, and to make application for permission to withdraw additional
showing that such additional withdrawals
are
Accts. and notes
receivable and
market.securs
43,943,394
35,566,188
36,893,942
39,508,559
11,911,906
Inventory..
fixed property
In subs. &
Inv.
cos.
tax returns.
Provision has also been made for possible Federal Income tax
year 1938.
It is believed that no Federal income taxes are
payable for 1939 and therefore no reserve has been provided.
However, the
27,266,318
3,981,261
35,973,584
3,183,429
under the program has been extended to June
American Chain & Cable Co.,
1939
Simplifying Indentures of Three Issues—
on the collateral under the three issues
interest requirements, but because of the
provisions of the indentures cash cannot flow from one issue to another.
sufficient
to
Consequently, he said,
would
be formulated
3,705,478
a
handle the three issues
more as
designed to put
a
unit of
cash to work and
corporation rather than three
one
excess
4,360,710
61,381
17,799
c589,377
3,480,809
76,014
$2,252,484
$841,169
$3,042,075
285,758
988,360
286,285
691,179
234,170
$2,967,789
1,377,522
251,223
1,001,769
989,529
$1.98
Net income..
a Divs. on 7
% pref. stk.
b Divs. on 5% pref. stk.
_
Divs.
987,436
48,968
stock.
on common
Shares
com.
stock
Retired
a
Oct.
2,
A
new,
Airlines,
all-time record
was
Revenue
1938
$
1939
$
Liabilities—•
bldgs., ma¬
Notes & accts .rec 3,665,998
3,015,927
6,531,654
5,696,328
Miscell. reserve
17,028
23,166
21,404
142,148
183,618
Officers
&
em pi's
Investments
Deferred charges..
Total..
..21,681,723 20,346,121
allowance for doubtful
1939 and $134,652
and $725,602 in
1938.
z
1938.—V; 150,
American
European
p.
After
flown
$6,130,497.
$4,584,220 for the month of February and $2,636,374
P* Gross
receivables outstanding at March 31, 1940, amounted to $11,033,661, compared with $10,033,160 at the end of February and $5,012,599
at March 31, 1939.—V. 150, p. 2076.
Aluminum Co. of America (&
[Including
Subs.)—Earnings—
Wholly
Owned
1939
Calendar Years—
1938
$21,901,247
6,338,101
after exp.$42,939,952
Res. for deprec., depl.&c
Net income
6,306,563
Subsidiaries]
.1937
1936
$33,535,847 $26,389,352
5,913.097
5,522,416
$36,633,389 $15,563,145 $27,622,749 $20,866,936
d8,003,349 cl7.186,843 bl7,463,175
f 12,179,833
-i
Preferred dividends._._el0,528.793
Common dividends.
____
...
—
Res. for decrease in value
of securities & invest,
Surplus.
Previous surplus
4,000,000
_
.$13,924,763
36,025,540
g 1,471,237
...
Adj. of prior yrs. pro v.
.
$7,559,796
28,465,744
.
$6,435,906
22,029,838
$3,403,761
18,626,077
______
Surplus, Dec. 31_-_—$51,421,540 $36,025,540 $28,465,744 $22,029,838
Earns.per sh.on com.stk.
$19.76
$5.13
$13 29
$8.65
a
After deducting loss from purchase and retirement of preferred stock
1939, $26,515 in 1938. $172,917 in 1937 and $1,228,313 in
of $757,500 in
1936.
1938)
no
par
shares,
After
y
and cash discounts of $123,330
amortization of $545,454 in
1939
679.
Securities
Co.—Balance
Sheet
March 31—
IMO
AssetsCash.
Accts.
Bond
1939
$
receiv.
Liabilities—
$
180,480
f
67,647
for
.
44,326
d Option
514,840
Invest, securities.
Stocks
on
bds.
$
stock.
1,940,809
27,630
2 ,048,149
30,244
,000,000
354,500
354,500
615
warrants
called
$
5,000 000
_
615
♦-
for
Int.
on
2,015,000
,516,000
29,354
39,783
24,261
26,583
4,013,385
2,061,595
115,
,061,595
funded debt
Accrued taxes
Res.
for
*
514,840
redemption
Funded debt
11,465,600 12 ,436,664
Bonds
Preferred
Bonds
redemption
Accrd. int.
c
b Common stock
deposits
1939
1940
possible
losses on sale
of
Total..
c
13,614,519 15,141,870
Total.
545,779
82,175
13,614,519 15,141,870
a Since June 30,
1938. b Represented by 354,500 shares of
Represented by 50,000 shares of no par $6 cum. stock,
no par
value,
d There
are
issued and outstanding option warrants entitling the holders to purchase at
any
per
time without limit 20,500 shares of
common
stock at.
a
price of $12.50
share.
The income account for three months ended March 31 was
miles
the best month in its history, with business written totaling
earns,
6,378,109
Y.
published in
150. p. 2246.
increase of 72.3%
This compares with
for March, 1939.
Gross
232,596
7,225,905
Total......... 21,681,723 20,346,121
(987,436 in
notes and accounts
in
570,290
605,602
217,536
42,021
Represented by 989,529
x
_
Surplus.
accounts
in
340,895
2,447,036
Common stock.
for
American Business Credit Corp.—Volume of Business—
a
6,274,890
546,234
6,321,390
Accounts
payable
778,946
Accrued liabilities.
743,099
Provision for taxes
702,947
x
securities
Corporation, in preliminary figures just released, reports that March
was
$
5,738,400
8,598,890
Capital surplus
a Surplus
by American Airlines in March were
over the same month a year ago, when
they were 12,336,561, and 40.6% over February, when they were 15,118,819.
Airplane miles flown increased 49.98% over March, 1939.
—V. 150, p. 1924.
an
1938
■;
$
5,691,900
5% pref.stock
chinery, &c
8,355,651
z Patent rights, &c
282,926
Cash.
2,663,154
set last month
passenger
$9.44
Consolidated Balance Sheet Dec. 31
1939
Assets—
totaled 38,737.
21,256.647,
250,517
987,436
$2.79
Oct.
1, 1936.
c Includes Federal
surtaxes on undistributed profits totaling $52,220 in 1937 and $12,306 in
1936.
d Includes other income (net) of $235,515 in 1939, $381,200 in 1938
and $483,574 in 1937.
Inc.—Revenues—
passenger traffic over an air line during a
by this company.
Traffic figures released on April 8 by Charles A. Rheinstrom, VicePresident in Charge of Sales, reveal that American Airlines'
Flagships
transported 54,840 revenue passengers in March, an increase of 81.5% over
March, 1939, and of 41.6% over February, 1940.
Revenue passengers
carried in March,
1939, totaled 30,208.
In February this year they
March
32,223
c593,225
1,696,873
$0.57
b Issued
1936.
separate obligations.—V. 150, p. 2245.
American
949,602
out¬
standing (no par)
Earnings per share
situation might arise where there would be in¬
issue to meet its own interest.
Any plan which
be
3,486,045
50,470
2,203
182.732
Provision for taxes562,479
one
would
16,877,476
Amortization of patents.
Interest (net).
service their
sufficient income under
1936
20,312,417
810,478
(net)
securities sold..
Judge Leibell stated that income
1937
14,215,014
683,498
Sell., admin. & gen. exps.
the 150% indenture requirement.
was
1938
17,182,006
751,718
Inventories
collateral value at the present time of less than 150% of the face amount of
the bonds outstanding.
The stock was withdrawn as part of the collateral
under the 1944s last September when that issue's collateral was in excess of
267.
p.
d$24,503,132d$19,461,132d$29,194.237 $24,977,139
Depreciation.
y
Simplification of the indentures of the company's three bond issues was
suggested April 1 by Federal Judge Vincent L. Leibell in an opinion granting
a temporary injunction against the
disposition of 107,579 shares of Chesa¬
peake & Ohio Ry. common stock held in escrow by Manufacturers Trust
Co. Judge Leibell suggested that the trustees of the three
Alleghany bond
issues and the corporation work out some plan to avoid
protracted litigation.
The trustees of the bond issues, Guaranty Trust Co., Continental Bank &
Trust Co. and Marine Midland Trust Co., for the 1944s, 1949s and
1950s,
respectively, and the corporation have been attempting to reach an agree¬
ment on a plan for some months but so far have not been successful.
The
opinion of the Federal judge is expected to act as a spur to a definite pro¬
posal.
The injunction granted was sought by Guaranty Trust and Continental
to keep the C. & O. stock in escrow until court determination of the dis¬
position of the stock between the three bond issues, all of which show a
19, 1940.—V. 150,
Inc. (& Subs.)—Earns•
Consolidated Income Account for Calendar Years
Land,
stock purchase warrants have been removed from unlisted
1,998,872
36,025,540
American Centrifugal Corp.—Agreement Extended—
reports that fees
legal services have accrued, the amount of which has not
yet been determined.
common
10,000,000
The corporation has notified the New York Curb
Exchange that the
underwriting agreement as to saie of 29,732 shares of stock still unsold
for certain other
trading by the New York Curb Exchange.
investment
Pref. dlv. pay._
Total
251,421,190 253,010,618
After amortization, depreciation and depletion of $96,907,160 in 1939
$93,537,456 in 1938.
y Represented by
1,472,625 no par shares,
z
$24,000,000 3h% debentures due 1952 and $2,000,000 notes payable
not due within one year.—V. 150,
p. 2075.
Cost of Sales
Warrants Removed from Unlisted Trading—
10,000,000
1,878,872
51,421,540
val. of sees. &
x
Note (4)—Pursuant to the 1934 plan of reorganization of
Alleghany Corp.
interest on its 1950 bonds for the five-year period April 1. 1934 to
Aprli 1,
1939, discounted as to April 1, 1934 on a 5% discount basis, has been paid
by the issuance or reservation of 122,660 shares of the company's prior
preferred convertible stock issuable at $44 per share, of which $10 per share
is allocated to capital and $34 per share to
paid in surplus. At Dec.
have also accrued additional fees for such legal
services, the amount of which
has not yet been determined.
Guaranty Trust Co. also
2,379,115
Res. for deer. In
.
Gross sales
by Guy A. Thompson, trustee in bankruptcy of
Missouri Pacific RR. against Terminal Shares, Inc., et
al., to which actions
Guaranty Trust Co. has been made a party in its individual capacity relating
to the payments received
by it from Missouri Pacific RR. for credit to
Terminal Shares, Inc., and against any
liability for costs, charges and
expenses, including counsel fees, incurred in defending the above mentioned
actions.
Guaranty Trust Co. reports that as of Dec. 31, 1939 the amount
paid for legal services rendered in this connection was $15,000 and that there
5,145,691
2,709,862
Total.......251,421,190 253,010,6181
ment.
Note (5)—Company has agreed to indemnify and hold harmless
Guaranty
Trust Co. New York, trustee, against
any liability in connection with
12,084,138
.
&
reserves
and
any income tax for 1939 can not be determined until after the
income tax return for that year has been examined by the
Treasury Depart¬
certain actions instituted
other
Surplus..
liability for
31,1939,
Reserve for Fed.
not
Deferred charges
liability for the
Interest coupons from the 1950 bonds had not been presented for
exchange
into 5.155 shares of the prior preferred convertible stock so
reserved.
$
133,258,100
Common stock
taxes, &c.
Miscell. oper.
pay. on sale of
consolidated
1938
$
7,363,125
7,363,125
Long-term debt. 24,000,000 z26,000,000
Accts. payable3,407,165
2,204,303
Notes payable.. 10,100,000
26,195,000
Accrued liabils.
3,198,388
2,440,872
y
11,911,906
Contract for def.
in the interest
Note (3)—Provision has been made in the consolidated balance sheet for
taxes, which have been assessed or which are set forth in the corporation's
Court Favors
Liabilities——
Preferred stock. 125,258,100
facilities.....125,282,492 121,880,139
Cash
3,469,630
3,659.059
of the corporation and its bondholders.
The
1939
$
indentures.
Temporary injunctions and
restraining orders have been issued by said Court restraining Alleghany
Corp. from disposing of certain funds and securities held in special accounts
upon a
1938
$
Land, plants &
other
additional
sums
Adjustment of prior year's provision for depreciation, taxes and other
g
items.
are
pending in the U.S. District Court for the Southern District of
New York brought against
Alleghany Corp. by the trustees for Alleghany
Corp.'8 collateral trust indentures to compel Alleghany Corp. to deposit
2407
stock of $6 per share plus one share of Niagara Hudson Power Corp.
common
stock for each three shares of Aluminum Co. of America common stock,
b Dividends of $12 per share declared
includes $1.50 paid Jan. 1, 1937.
c
on $6 preferred stock which
Dividend of $12.75 per share declared
$6 preferred stock which includes $1.50 paid Jan. 1, 1938.
d Dividends
of $6 per share declared on $6 preferred stock which includes $1.50 paid on
Jan. 1, 1939.
e Dividends of $8 25 per share declared on $6 preferred stock
which includes $1.50 paid Jan. 1, 1940.
f Dividends declared on common
on
American
Fidelity Life
Insurance Co.—Registers with
SEC—
See list given on
first page of this department.—V. 150, p. 830.
American Gas & Electric Co.—Annual
Geo. N. Tidd,
Report
President, in his remarks to stockholders, states:
Continuing the refunding operations of the subsidiaries, the Indiana &
Michigan Electric Co. in June, 1939, sold $22,500,000 3l4% 30-year
bonds and obtained $2,000,000 on its 2%% 10-year promissory note.
In
connection with this refunding, your company resold to Indiana & Michigan
Electric Co. $8,241,000 of that company's bonds and received $7,250,490
in cash therefor, and concurrently your company invested $2,000,000 in
the purchase of additional common stock or that company.
With the
single exception of Wheeling Electric Co., whose $2,532,000 issue of 5%
bonds matures in 1941, all of the electric operating subsidiaries of your
company which have bonds in the hands of the public have carried through
debt refunding operations to effect savings made possible by the present
period of low interest rates.
<
Since the close of 1939 all of the then outstanding 5% debentures and
$6 preferred stock of your company have been retired and new debentures
and preferred stock have been issued to replace the securities retired.
The
new debentures consist of $8,000,000 254« due in
1950; $10,000,000 314s
due in 1960; $12,000,000 3%s due in 1970; and the new preferred stock
consists of $35,562,300 4^4 % cumulative preferred.
The refunding settle¬
ment and related transactions occurred in Jan., 1940, and affected to a
material degree several of the items shown in the balance sheet as at Dec.
31. 1939, approximately as follows: Cash was reduced about $4,200,000
(payment of redemption premiums, &c.); the net of debt discount, expense
and premiums unamortized, was reduced about $1,000,000: preferred stock
account was increased about $2,100,000; and earned surplus was reduced
about $7,400,000.
On Dec.
1, 1939, the Securities and Exchange Commission issued a
notice and an order for hearing concerning a determination of company's
status under Section 11 of the Public Utility Holding Company Act of 1935
and, on Jan. 29, 1940, a hearing before an examiner of that Commission be¬
gan pursuant to the order.
The hearing is continuing and representatives of
the company are there engaged in presenting the company's support of its
plan wherein the Commission is requested to make a finding of compliance
by your company with the provisions of Section 11 of the Act,
The Commercial & Financial Chronicle
2408
Consolidated Income Account (Including Subsidiaries)
Calendar Years—
1939
193S
Subsidiaries Consolidated—
"
Total operating revenues
$77,757,387 $72,502,373
Operation
.
Maintenance
.
Depreciation
.
_
.
.
.
.
..
.
.
Taxes..
24,852,569
4,370,649
11,014.342
8,396,869
2,882,633
-
—
...
-
—
Federal income taxes
22,439,118
4,155,278
10,606,713
7,723,224
2,084,914
April 13, 1940
subsidiaries consolidated has been reduced by a net amount of $1,068,454
the related reserve for contingencies amounting to $1,253,735 has been
eliminated; earned surplus bas been credited with a net amount of $98,551:
and capital surplus has been credited with an amount of $86,730.
b Includes
amount of $53,429 at Dec. 31, 1939, and at Dec. 31, 1938, representing
accrued preferred dividends declared by the subsidiary companies sub¬
sequent to those dates, c The balance of earned surplus includes an amount
of $5,341,353 representing computed realized profit on sale of investments
from
a
investment account, and said amount is restricted against
group
for any purpose, pending release by the Securities and Exchange Com¬
mission under the Public Utility Holding Company Act of 1935.
a Includ¬
use
Operatingincome
...
......
$26,234,326 $25,493,126
...
169,602
Other income..
75,943
ing premium on debt retired.
© See footnote a of consolidated balance
f See footnote © of consolidated balance sheet.—V. 150, p. 2246.
sheet,
Gross income
Interest on funded debt
...
.....
Interest on advances
Amortiz. of debt discount, expense and premium..
Other interest and miscellaneous deductions
Interest charged to construction
....
..............
......
preferred stocks
on
781,561
193,142
0301,511
0406,952
Balance available for common stocks.—......$11,840,357 $10,229,739
Dividends on common stocks
9,159.899
7,488,090
..........
Undistributed net income of subs, consolidated. $2,680,457
American Oas & Electric Co. & Subs. Consolidated—
Undistributed net income of subs, consolidated
$2,680,457
a Dividends on common stocks...
9,159,899
.....
a
Dividends on preferred stocks.
Interest on bonds
a
Interest
a
on
1,988,170
682,030
985,892
74,872
.....
......
advances
Other income of American Gas & Electric Oo.
$2,741,649
$2,741,649
7,488,090
1,987,736
1,508,259
958,507
55,631
—.-.$15,571,321 $14,739,873
Expenses and taxes of American Gas & Elec. Co..
674,670
573,565
Total......
Co, (& Subs.):—Earnings-
American Light & Traction
871,761
152,219
...$16,932,876 $15,321,824
5.092,519
5,092,085
Balance after income deductions.....
Dividends
$26,403,928 $25,569,069
7,852,891
8,630,787
985,892
958,507
Calendar
Years—
Sub. Oper. Cos.—
Gross revenues...
1939
^
1937
1938^_
1936
$42,499,402 $40,234,779 $41,057,916 $39,363,673
23,320,148
21,856,602 22,221,946 21.300,694
2,783,511
2,396,266
2,369,415
3,259,455
Maintenance2.349,761
2,393,880
2,636,056
2,291,063
Gen. and Fed. inc. taxes
4,969,381
4,897,181
4,714,608
5,375,441
Surtax on undist. profits
6,216
Dr50~63i
Misc. non-oper. rev., net
Dr5L486
Cr233,755
Cr2,073
4,458,345
Int. A other deductions4,412,725
4,168,372
4,262,150
General oper. expenses.Prov. for depreciation--
Balance applic. to Am.
Lt. & Traction Co.Sub. invest, cos..--—-
$3,993,218
Dr4,071
$3,839,348
Dr6,007
$4,612,232
Dr3,056
$4,402,065
205,716
Total accrued to Am.
Lt. & Tr. Co. from
subsidiaries
$3,989,147
Am. Lt. & Trac. Co.—
Interest A dividends, Ac.
1,547,196
$3,833,341
$4,609,176
$4,607,781
1,555,388
1,592,324
1,373,846
'
'
Total inc. accrued to>
Am. Lt. & Trac. Co. $5,536,343
Gen. exps. (incl. taxes).
453,890
Interest—
60,833
$5,388,729
400,898
120,854
$6,201,500
411,374
147,167
$5,981,627
394,002
$5,021,620
804,486
3,320,929
$4,866,977
804,486
3,320,908
$5,642,959
804,486
3,320,903
$5,450,125
$896,205
$1.52
$741,583
$1,517,570
$1.75
$632,886
■.
Consolidated gross income......$14,896,651 $14,166,308
Income deductions of American Gas A Elec. Co..
1,537,979
2,035,992
Consolidated net income.........
Divs.
Divs.
on
.$13,358,672 $12,130,316
pref. stock of Amer. Gas & Elec. Co
2,133,738
2,133,738
stock ofAmer, Gas & Elec. Co...._
8,290,315
6,272,719
137,500
.......
...
on com.
Balance...
Earnings per share common stock
a
.
$2,934,619
$2.50
...
......
Preferred dividends
$3,723,859
$2.23
Income of American Gas A Electric Co. from subsidiaries consolidated.
Balance, surplus...—
Earns .per sh .on com .stk.
$1.47
804,486
4,012,753
$1.68
Consolidated Balance Sheet Dec. 31
1939
Assets—
1939
al938
$
Liabilities—
$
Utility plant (In
clud, intang.)453,429,399 439,457,237
Construe, contr.
uncompleted.
Inv. A fund acct
1,140,296
6,289,478
.
Cash (lncl. time
deposits)..... 38,210,392
Special deposits.
3,476
Working funds.
401,713
Temp, cash inv.
915,000
Accts. A nts. rec.
9,673,977
Mat'Is
A
for oper,
Oth. curr. &
Def.AunadJ.cr.
246,401
597,778
19,378
88,829
Reserves
construction.
d
172,784,260 169,097,133
Investments--. 67,078,602
57,304,478
plant, Ac
Deferred charges
A
receivable
5,012,852
515,682
4,422,890
515,682
receivable
Inventories (ma¬
4,444,373
4,233,075
104,482
57,386,139
274,427
169,349
33,428,385
33,428,385
44,827,377
$6 cum. pref.
1,500,244
14,965,648
consolidated.. 48,698,239
f Net excess of
48,698,239
3,644,950
3,967,356
equity
24,790,177
Capital surplus.
1,123,741
Earn, surplus.-b70,127,401
24,790,177
1,123,762
73,159,448
e
Common stk..
44,827,370
Pf. stks. of subs.
in
bks. & restrict.
338,891
deposits
Total...
x
378,711
905,965
872,118
par
d Represented by 355,623
no par
shares.
©Rep¬
sidiaries consolidated, exclusive of earned surplus.
.....
......
......
........
...
...........
Total income
Taxes
......
...
...
.......
....
Amortization of debt discount and expense
Other interest.......
....
...........
a
...
1938
$7,488,090
1,987,736
1,508,259
958,507
20,973
34,658
$12,890,864 $11,998,224
267,045
315,170
71,913
89,135
217,385
287,587
1,986,111
1,500,000
49,881
37,681
Federal income taxes..................
Interest on debentures
....
....i.
.....
2,133,738
8,290,315
....
......
1,722,406
18,609
2,133,738
6,272,719
amounting to $2,680,457 for 1939 and to $2,741,649 for 1938.
b Restated
See also note a to company's balance sheet.
Balance Sheet Dec. 31 0Company Only)
for comparative purposes.
1939
Investments
§
al938
122,126,500 122,930,989
Cash (lncl. time
deposits)
27,509,887
Working funds.
3,500
Interest receiv..
b Pref. divs. rec.
from sub. con.
202,842
1939
Liabilities—
§
s
6% debentures. 30,000,000
Acct. pay.(gen.)
6,716
aids. consol..
Dlv. declared on
pref. stock...
448,102
448.102
3,328,502
51,998
3,366,183
Int. accr.
d Unamort. debt
on
12,501
Taxes accrued..
Oth. curr. & ac¬
crued liabils..
Reserves....
30,000,000
18,805
26,299
13,106
533,434
250,000
314,893
250,000
244,596
72,708
145,917
60.059
149,646
33,428,385
Capital surplus.
1,123,741
Earned surpius.c42,941,867
153,671,332 153,320,072
Total..
44,827,377
1,123,762
42,670,902
.153,671,332 153,320,072
Restated to give effect to adjustments made in 1939 to correct the
follows: investments in
accounts for certain transactions of prior years as
Metals, Inc.
-Earnings-
$1,111,055
119,384
$819,958 '
854,558
$505,327
711,901
$1,126,951
871,598
$1,230,439
882,501
exp.,
Ac
on
$206,573 prf$255,353 prf$347.938
16,833
repur.
$32,393
ore res.
67,113
34.986
$189,740 prf$255,353 prf$347,938
79,158
115,055
110,942
:
31,633
34,720
41,291
5,100
See x
8,135
Cr50,960
300,967
retire, of bds
Loss, incl. bds.
Depr. A depl. of
Bond interest
Prem. paid on bds. red.
Prov. for Fed. inc. tax.
....
Extraordinary charges, js
Net loss
Dividends.
x
1936
$34,600
2,207
Operating loss
Profit
1938
$134,491
—.....
$601,499
piSIieSo, prf$182,469
136,717
-
164,043
None considered necessary.
Balance Sheet Dec. 31
Assets—
Cash
$208,482
d Notes and trade
401,202
392,352
388,134
397,798
cos.
A to secure bids
Inventories
$169,349 Notes payable.
Accounts payable.
Other accruals
accepts. - accr'd
int. receivable.,
Deps. with ins.
32,923
976,345
667
...
32,105
940,871
667
Stocks, bonds and
a
mineral rights..
_
Fed. Inc. taxes.
Res. for contlng's.
Capital stock
Capital surplus
Deficit
10,419
b Fixed assets
813,492
39,765
.
1938
$508,400
113,158
76,060
$330,000
110,771
78,772
4,937
13,356
621.000
4,937
1,773
628,000
37,121
Res. for prior yrs.
Adv. pay on contr.
Conv. 4% debs
c
mortgages.....
Ore reserve and
Deferred charges
1939
Liabilities—
1938
1939
..........
40,166
1,532,965
100,096
134,491
1,532,965
628,932
528,835
15,252
850,565
29,694
Goodwill, patents,
Ac.-..........
Total
....$2,875,648 $2,824,437
Total
.$2,875,648 $2,824,437
b After depreciation of $603,484 in 1939 and $548,508
Represented by 306,593 shares (no par).. ©After reserve for
doubtful accounts.—V. 149, p. 2960.
a
After depletion,
c
/
533,434
$6 cum. pf. stk 33,428,385
f Common stock 44,827,370
a
426.
$1,052,714
74,237
in 1938.
e
Total
p.
$
fd.
debt...
dlsc.A expense
Oth. def. charges
al938
26,235,720 Accts. pay.(sub3,000
323,576
Total.. .....257,681,471 256,372,923
shares.—V. 150,
$441,572
63,755
d Accts. receiv'le.
Balance earned surplus at end of year.... .—.$42,941,867b$42,670,902
a Exclusive of undistributed net income of
subsidiaries consolidated,
Assets^*"
15,113
76.784.000
4,950,000
1,995,617
1,107,459
1,058,436
2,259,733
730,144
209,205
916,281
28,687,206
1,131,974
18.621.001
26,087,121
$756,005
63,953
$53,365,920 $52,818,375
.—
Premium and unamortized discount and expense on
debentures retired
....
210,350
Gross profit on sales._
Other income.
...
297
$10,678,215
$9,388,667
Balance earned surplus at beginning of year (adj.). 42,670,902 b43,406,864
Miscellaneous credits.
16,803
22,845
Miscellaneous debits
Dividends on preferred stock
Dividends on common stock
9.000,000
$3,791,047
2,679,992
Net income
Total...
13,408,100
69,201,282
1937
$3,663,368
2,610,653
Comparative Statement of Income and Surplus CParent Company)
Calendar Years—
1939
Income from subsidiaries consolidatedDividends on common stocks.
$9,159,899
Dividends on preferred stocks..........
1,988,170
Interest on bonds
682,030
Interest on advances
985,892
Interest on indebtedness of joint facility companies
19,293
Other income.,
55,579
Administrative and general expense
13,408,100
x Com. stock. 69,201,282
Subsidiary cos.:
Pref. stock
9,000,000
Com. stock..
202,300
Surp. applic. to
com. stock
16,399
Long-term debt
of subs— 75,814,000
Notes payable..
4,970,000
Acct's payable..
1,940,724
Interest
1,099,866
Dividends.....
1,058,438
Fed. A State tax
2,029,877
General taxes..
738,108
Misc. curr. liabil
219,453
Defd liabilities.
852,025
Reserves....... 30,496,434
Contrib. for ext.
1,447,094
Capital surplus. 18,621,001
Earned surplus. 26,666,378
$2,162,086
1,720,513
resented by 4,482,737 no par shares in 1939 and 4,482,737 31-50 shares in
1938.
f In assets of subsidiaries consolidated over investment in sub¬
........
$
stock.
Sell., adm., gen.
Total.......538,732,569 523,009.523
a Restated for comparative purposes.
See also note a to company's
balance sheet,
b See note c to company's balance heet.
c Including
debt retired,
1938
$
1939
$2,824,783
2,068,778
Calendar Years—
Net sales
Cost of sales....
.....
Total...—.638,732,609 623,009,523'
xPref.
257,681,471 256,372,923
Represented by $25
American Machine &
un-
Justed charges
on
7,558,058
Accts. and notes
terials, suppl.)
1,360,817
progress.....
Cash In closed
premium
12,440,348
prep'd acc'ts 12,285,444
0,361,516
Cash..
Divs.
1939
Liabilities—
Am.L, AT.Co.:
356,741
217,921
15,058,012
Unamort. debt
Oth. def. A
435,564
217,876
525,255
62,711,832
stock
(not curr.)
123,412
%
Contrib. in aid of
notes
disc. &exp
Retire, work
123,412
1938
%
Assets—
Prop., franchise,
ac¬
crued liabils..
Contract, liabil.
247,334
rec.
533,434
3,209,414
9,774,404
on
5,492,088
694,333
c
533,434
Divs.
rents, Ac....
Otb. curr. & ac¬
&
173,494
2,029,391
2,866,674
Taxes accrued.. 10,894,477
accr.
4,073,895
187,771
1,707,423
Int. accrued....
pref. stocks..
crued assets..
3,661,210
9,362,788
0,393,157
1939
30,000,000
188,824,000
420,054
3,512,247
and
Consolidated Balance Sheet Dec. 31
$
30,000,000
Acct. pay.(gen.)
2,024,089 Accts. pay. (Jt.
4,250,469
facility).....
Cust.'s deposits.
declared
35,791,309 Divs.
on pref. stock
82,156
(at cost or less)
prep'd Insurance,
Accts,
s
Amer.G.A E.Co.
Subs. fund. debtl95,S32,000
supp.
construction..
Merch. for resale
al933
American
Telephone & Telegraph Co.—Earnings—
Period End. Feb. 29—
1940—Month—1939
1940—2 Mos.—1939
Operating revenues..... $9,749,042
$8,775,935 $19,813,216 $17,857,352
Uncollectible oper. rev.44,228
48,559
90,868
103,980
Operating revenues.
Operating expenses...
$9,704,814
6,627,267
$8,727,376 $19,722,348 $17,753,372
6,450,859
13,763,702
13,214,295
Net operating revs.
Operating taxes
$3,077,547
1,293,446
$2,276,517
1,061,687
$5,958,646
2,585,909
$4,539,077
2,154,267
Net oper.
Net income
$1,784,101
934.950
$1,214,830
449,329
$3,372,737
1.821.522
$2,384,810
1,012,938
income.
—V. 150, P. 1925.
Volume
The Commercial & Financial Chronicle
150
American Pneumatic Service Co.
(&
2409
Subs.)—Earnings
Consolidated Income Account for Calendar Years
1939
1937
$3,305,488
$2,745,676
2,250,970
2,803,273
3,481,878
2,885,135
$168,552
$176,390
$139,458
—a$2.148,824
including
depreciation & taxes..
American Utilities Service
1936
$2,634,721
$102,145
Gross income
Total expenses,
1938
Coll.
Corp.
"a" 6s due 1964
i
Net loss.
'
Arrived at
a
as
follows:
TRADING
Net
sales, $1,668,963: mail tube rentals and
from system installations, $174,208; total,
construction, $295,910; revenue
$2,139,080; other income, $9,744; total
(as above), $2,148,824.
Eastman, Dillon 8 Co.
Consolidated Balance Sheet Dec. 31
Assets—
1939
1938
Cash in banks and
on
Accts.
hand
MEMBERS NEW
Liabilities—
1939
payable
1938
$436,333
431,919
456,166
56,607
48,996
Res. for contlng's.
26,988
Prop., plant and
equipment
1,410,769
Patents (less res.).
156,592
21,216
7%
Inventories
299,910
Contracts in proc.
accrued
items..
$100,994
Reserves for taxes.
43,610
Def.
inc.
on
a
1,499,381
cum. 1st pref.
stock ($50 par).
20,016
26,979
1,334,750
1,393,700
charges.
6,274,350
6%
176,504
non-cum. pref.
stock ($50 par),
251,921
243,233
b Common stock..
6,274,350
992,488
5,690,222
992,490
5,626,336
Total
a
$3,117,913 $3,190,428'
Total
$3,117,913 $3,190,428
After reserve for depreciation of $5,995,669 in 1939 and $5,977,319 in
b Represented by 198,498 no par shares.—V. 148, p. 2884.
1938.
American Utilities Service Corp.—Annual
Report—
Charles H. Bliss, President, says in part:
During 1939 corporation purchased additional notes and stocks of several
of its subsidiaries.
Securities of these subsidaries form a part of the collateral
pledged
with Continental
Illinois National Bank & Trust
Co., Chicago,
securing the collateral trust 6% bonds,
series A.
Upon the pledge of these additional securities with the trustee,
company was enabled to reimburse its treasury for their cost from funds
held by the trustee.
The funds available for this purpose resulted from the
deposit with the trustee of the proceeds received from the sales of pledged
securities, together with payments received from subsidiary companies on
pledged notes and liquidating dividends received upon their sale of prop¬
as
trustee
under
the
indenture
erties.
The securities
purchased and pledged by the company include $85,000
4% promissory notes of Bluefield Telephone Co., purchased for $85,000
and 1,700 shares of common stock (no par) of Minnesota Utilities Co.,
purchased for $51,000, the proceeds of which issues were employed by these
companies for construction purposes.
In addition, $35,000 4% notes of
Bluefield Telephone Co., $28,636 of 6% notes of Lexington Water Co. and
$23,500 of 6% income notes of Petoskey Gas Co. were purchased at the
principal amount thereof.
The proceeds of such sales were employed by
these three companies in making repayment to American Utilities Service
Corp. of open account advances in like amount made in prior years to
enable such companies to carry on their construction programs.
The 6%
promissory notes of Minnesota Utilities Co. in the amount of $80,000 were
purchased at the principal amount thereof, thereby enabling that company
to retire $80,000 of 6% bonds of Root River Power &
Light Co.
These
bonds
owned by company and their payment made possible the dis¬
of the issuing company.
Companv also purchased an additional 5,458 shares of common stock
(no par) of its subsidiary, Empire Telephone Co., for the sum of $85,308.
The purchase of this additional common stock of Empire Telephone Co.
does not, however, represent any substantial
change in the company's
interest in telephone properties because of the sale during 1939 of the
properties of its subsidiary. Central Telephone Co. of Georgia, to a sub¬
sidiary of Empire Telephone Co.
The company's outstanding serial notes were reduced to $250,000
through
the payment of $140,000 of such notes in 1939, as the result of which note
payments it has been possible to effect a reduction of 2 % in the interest
rate on $200,000 of such notes and a reduction of
1% in the interest rate
on the remaining $50,000 of notes.
Such note payments were effected, in
part, through the employment of moneys received on account of the
collection or subsidiary indebtedness.
Subsidiary bonds in the principal
amount of $44,000 were acquired or retired through the
employment of
sinking fund moneys.
Northwestern Wisconsin Electric Co. issued and sold $110,000 of first
mortgage 5% sinking fund bonds, series A, dated May 1, 1939, due May 1,
1954, the proceeds of which bonds were employed in the retirement of
$30,000 first mortgage 15-year 6% gold bonds of Clam River Electric
Co., $27,000 first mortgage 15-year 6% sinking fund gold bonds of Polk
Electric Light Co. and $14,000 of the first mortgage 8% notes of the issuing
company, the amounts not required for the retirement of such debt being
employed for construction purposes.
It was possible, upon the retirement
of their
bonds,
to
dissolve
Clam
River
Electric
Co.
and
Polk
Electric
Light Co.
Under date of Oct. 7, 1938, company submitted to the Securities and
Exchange Commission, in response to a letter of request dated Aug. 3.
1938, a tentative program for the geographical integration of certain of
the subsidiary properties in compliance with Section
11 of the Public
Utility Holding Company Act of 1935.
Such program provided for the
sale of certain properties which did not lend themselves to geographical
integration or the sale of which for other reasons appeared desirable and
the disposition in part and retention in part of the remaining properties
in the system.
While no hearings have been held with respect thereto, and
no approval or disapproval of such tentative plan has been evidenced
by
that Commission, company has proceeded in carrying out such tentative
elated properties
Slan in so far as itinrelates to the disposition of certain of the smaller or
the system.
During 1939 sales of securities by company, or sales of utility properties
by subsidiary companies, in furtherance of the tentative plan of integration
Utility Holding Company Act of 1935, submitted to the
Securities and Exchange Commission, were made as follows:
<a) Federal ice Co, sale of all securities owned,
(b) Peninsular Utilities Co., sale of all securitie«
(c) Southern Utilities Co., sale of water and electric properties.
(d) Southern Public Service Co., sale of electric and ice properties.
(e) Iowa Central Utilities Co., sale of gas properties.
(f) Wisconsin Central Utilities Co., sale of Galesville, Wis., electric
property.
(g) Ripley Utilities Co., sale of ice property.
(n) Louisiana Public Service Corp., Sale of Oak Grove, La„ electric,
water, and ice properties.
The total proceeds to be realized from these sales will amount to ap¬
Such proceeds, as received by American Utilities
proximately $535,000.
Service Corp. are deposited with Continental Illinois National Bank &
Trust Co., as trustee under the indenture securing the collateral trust 6%
bonds, series A.
These sales, with the exception of the Oak Grove, La., property sale,
resulted in losses aggregating $889,890, all of which were charged to the
under the Public
reserve
for investments.
Telephone Co. of Georgia, Clam River Electric Co., Crystal Ice
& Cold Storage Co., Iowa Central Utilities Co., Lake Electric Co., Polk
Electric Light Co., Ripley Utilities Co., Root River Power & Light Co.,
Southeastern Telephone Co. of America, Southern Utilities Co and VicksCentral
burg Gas Co.
because of the sale of their properties, the redemption
or
Account
Calendar
Years
1937
1938
$3,362,724
1,663,980
308,305
*
345,321
392,707
$3,698,530
1,997,504
338,694
348,464
383,077
$3,654,243
2,003,093
339,756
328,410
$652,411
24,226
$630,791
22,657
$605,095
30,194
$676,637
56,564
Maintenance.
Taxes (including Federal taxes)
Provisions for retirements
$653,448
85,234
$635,289
75,501
Net earnings
Other income
Net income before interest, &c
Interest
a
for
1939
Operation
Write-downs of book values of miscell.
investments
Write-off of natural gas change-over
377,889
3,233
expense
6,556
Adjustment of, and provision for loss
on, inventories
3,482
Oil process experimentation expense.
Write-off of organization expenses and
intangible capital
Adjustments applicable to prior
Miscellaneous charges (net)
5,395
4,932
60
1,788
9,528
3,612
$615,141
$543,368
$539,465
33,460
23,258
27,469
b Balance of net income
Interest and dividends received
$581,682
8,950
$520,110
$511,996
Total
$590,633
$520,110
$511,996
55,745
333,628
26,000
57,506
340,496
56,851
343,492
$175,259
$122,107
$109,519
1,518
9,997
years
Net income of sub. companies.
Equity of minority stkhldrs. in net inc.
of sub. companies
c
Expenses & taxes of Amer. Utils. Serv.
Corp
Interest
on
funded debt
;
Appropriated to reserve for invests
Loss on liquid'n of Vicksburg Gas Co.
"2", 133
Consolidated net income
a And amortization of discount and
expense on funded debt (less interest
charged to construction). b Of subsidiary companies applicable to American
Utilities Service Corp.
c By American Utilities Service Corp. from nonconsolidated subsidiary companies.
Note—Companies consolidated in 1938 and prior years which have not
been consolidated In 1939 are as follows: Central Telephone Co. of Georgia;
Federal Inc Co.; Iowa Central Utilities Co.; Peninsular Utilities Co.; Peoria
Service Co.; Ripley Utilities Co.; Southern Utilities Co.
Consolidated Balance Sheet Dec. 31
1939
Assets—
Assets
pledged
(incl.
8.
169
739,386
772,061
bills
(at cost)
465,506
(officers &empl.)
mat'ls <fc
533,845
2,736
4,454
406,500
20,129
435,502
Merch.,
—
Prepaid accounts.
184,646
333,058
122,071
131,660
73,065
74,505
3,455,278
serv.
dep
.
_
Def. credit items..
Donations for
Notes & accts rec.
supplies
181,620
314,275
3,892
rec.
(net)
Accrued liabilities.
Notes payable
Accts. payable
Reserves
70,000
1,475
Special deposits.—
Notes & accts.
S
44,355
7,174,000
54,930
Cust.'s
16,710,398
308,364
Treas.
1938
$
6,465,500
Funded debt
work.
funds)
U.
1939
Liabilities—
$
as
collateral
Cash
1938
$
Pit.,prop.,franch.,
&c. (net)
-.13,988,712
3,387,767
con¬
strue. or acquis,
of utility props.
Earned surplus
19,642
Def. debit Items97,182
J
138,230
Minority interests
466,081
6% preferred stock 2,625,000
Common stock
2,225,316
76,352
Capital surplus
90,035
560,384
2,625,000
2,225,316
333,104
1,745,051
31,481
172,026
310,280
Misc. assets
Reorg. expenses of
Peoria Serv. Co.
Total
12,759
16,119,632
18,986,867
Total.-
16,119,632 18,986,867
To Issue Securities—
Corporation and certain of its subsidiaries have filed the following
applications with the Securities and Exchange Commission:
Louisiana Public Service Corp. filed a decalration (File 70-37) proposing
to issue and sell to the parent company 750 shares of common stock (no
for $50,000 in cash.
The proceeds are to be used for construction.
Wisconsin Southern Gas Co. filed
par),
(File 70-39) proposing
to issue to its parent a $150,000 6% promissory note, due 1950, and 1,625
shares of common stock ($100 par).
The note is to be issued to the parent
in exchange for a note of a like amount which matured Nov. 1, 1935.
The
stock is to be issued to the parent to represent capital paid by the parent
to the subsidiary and for which no stock has heretofore been issued.
American Utilities Service Corp. filed an application (File 70-36) for
approval of its acquisition of 1,000 shares of common stock (no par), of
Independence Waterwroks Co. for $100,000.
The purchase will enable the
subsidiary company to discharge its open-account indebtedness to the
parent in the amount of $100,000.
American Utilties Service Corp. filed an application (File 70-35) for ap¬
proval of its acquisition of $80,000 of 4% unsecured promissory notes, due
1965, of The Bluefield Telephone Co., and $75,000 of 5H% unsecured
promissory notes, due 1950, of Jefferson County Telephone Co.
The Bluefield Telephone Co. proposes to use the proceeds for construction purposefl.
Jefferson County Telephone Co. proposes to use the proceeds for im¬
provements and for the payment of $23,500 of 6% 1st mtge. bonds, due
Sept. 1, 1941.—V. 149, p. 3107.
American
an
apllication
Water Works & Electric Co.,
Inc.—Weekly
Output—
Works & Electric Co. for the week ending April 6, 1940, totaled 49,708,000
kilowatt hours, an increase of 22.2% over the output of 40,686,000 kilowatt
hours for the corresponding week of 1939.
Comparative table of weekly output of electric energy for the last five
years fonows:
Week Ended—
Mar. 16
Mar. 23..
Mar. 30
Apr.
subsidiary of
American Utilities Service
Corp., and Southeastern Telephone Co. of
America, a subsidiary of Empire Telephone Co., followed the sale of their
properties to Southeastern Telephone Corp. (formerly known as South¬
eastern Telephone Co. of Georgia), a suosidiary of
Empire Telephone Co.
American Utilities Service Corp. received 1,200 shares of the common stock
of Southeastern Telephone Corp. following the sale of the properties of
Central Telephone Co. of Georgia and the liquidation of that company.
Company then sold such stock to its subsidiary, Empire Telephone Co.,
resulting in the ownership by that company of all of the outstanding stock
of Southeastern Telephone Corp.
Income
Subsidiary Companies—
Output of electric energy of the electric properties of American Water
Corporate Simplification—Thirteen companies were eliminated from the
system during 1939, reducing the number of operating subsidiaries to 19.
Two of the companies so eliminated with Federal Ice Co. and Peninsular
Utilities Co., the securities of which were sold.
It was possible to dissolve
retirement of underlying bonds, or for other reasons.
The dissolution of Central Telephone Co. of Georgia,
Bell System Teletype N. Y. 1-752
Gross earnings
so
were
solution
New York
Bowling Green 9-3100
Consolidated
18,478
43,465
Deficit
Deferred
Tel.
$92,680
16,550
term
contracts
of completion._
Other assets
YORK STOCK EXCHANGE
16 Broad Street
&
$397,744
394,061
Accts. & notes rec.
DEPARTMENT
a
6
—V. 150, p.
1940
1939
1938
1937
1936
50,439,000 45,138,000 40,178,000 52,373,000 44,172,000
51,267,000 44,045,000 39,791,000 51,680,000 36,228,000
50,632,000 45,840,000 38,212,000 48,157,000 39,040,000
49,708,000 40,686,000 39,779,000 49,946,000 45,072,000
2246.
Anaconda Copper Mining Co.—Debentures Called—
Company has called for redemption on May 15, 1940, $33,000,000 prin¬
cipal amount of the 4)4% sinking fund debentures (out of a total of $38,015,000 principal amount outstanding). Of the original issue of $55,000,000
principal amount of the debentures there have been retired $16,985,000
principal amount through the operation of the sinking fund. The redemption
price on the first $5,015,000 or the $33,000,000 of debentures called will be
104, for the
next $11,000,000 of deoentures called the
price will be 103,
for the next $11,000,000 of debentures called the price will be 102. and for
The Commercial & Financial
2410
$5,985,000 of debentures called tbe price will be 101.
be paid. Guaranty Trust Co, of N. Y,
the balance of
interest to May 15 will also
Accrued
is paying
surplus, $176,237; deficit in contingency reserve,
—V.
agent.—V. 150, p. 2078.
$4,759,153
1,359,919
$601,969
$3,280,427
Prop., retire, res.approp.
$763,000
319,497
99,495
100,000
1940—12 Mas. —1939
$9,748,927
$9 ,223,416
3,995,059
3 .628,601
1,265,196
1 .166,885
1,280,000
1 ,282,607
21.426
22,024
16.011
Net oper. revenues
Other income (net)
$225,879
1.394
$244,008
$3,208,672
956
13,211
$623,395
$3,302,451
13,541
$227,273
146,373
18,343
$244,964
$3,221,883
146,385
7.423
Cr225
CV266
1,756.564
232,816
Cr4,010
$3,157,864
1,766,769
121,589
$3,415,245
$2,329,437
1,727,468
Net profit from oper..
Other income
$1,516,332
13,770
$1,360,102
Total income..
Red. to mkt. quotations
of excess copper invent
Deprec. chdg. off dur. yr
Federal income tax, &c.
Operating revenues
Operating expenses
$3,399,234
$3,352,331
1,835,999
mfrs. opers
x!936
1,788,679
Selling & admin, exps
on
Direct taxes
Gross income
—
Int.
704,676
196,971
632.737
16.500
445,000
450,200
42,500
711.202
on mortgage bonds.
Other int. & deductions.
618,273
Int. charged to
constr'n.
$91,422
pref. stocks for the period.
$62,782
Net income.-..-Income for
$1,985,242
loss$97,781
$648,900
year
2,004,410
Dividends paid
stock
com.
x
$2,289,471
1,898,914
Dividends applicable to
Balance.
out¬
421,981
$5.42
421,981
421.981
421,981
$1.54
standing (no par)
Earnings per share.
$4.70
Nil
1939
y
a
1938
Ld., bldgs.,
16 ,879,240 16,879,240
Capital stock
x
ma¬
534,001
1,624,046
922,507
273,608
liabilities..
Reels,
344,917
684,617
1 139,210
1 680.796
Accrd.
equip.,
chinery,
spools and
returnable
&c
10 ,267,963
z Pats., proc., &c.
35,219
149,540
Investments.....
183,193
Supplies on hand..
10,594,435
27,349
&c 6, 587,820
6,506,666
Capital surplus
3, 469,327
3,113,840
Earned
Cash.....
891,707
517,373
Prepd.exps.& chgs
255,603
Notes & accts. rec.
140,853
226,912
by customers
Accounts
payable.
surplus...
650,272
1936
50,762,520
$4,640,463
8,023,813
7,963,648
6.974,252
2,639,663
$4,202,585
$7,843,471
$2,000,799
274.188
214,330
419,282
78,820
*5,209.584
$4,416,915
y20,301
1,269.931
$8,262,753
y215,375
$2,079,620
1,210,939
525.232
Other income
Total
Int. incl. disct. of debs..
1,267,386
Deprec. of plant & equip
Expense
pertaining
to
non-operating
326,568
1,319.796
576.318
zl ,380,781
x237,763
$2,622,402
$2,550,365
$5,455,658
$844,342
on
$1.52
$0.24
x Including
$1,828 estimated United States surtax on undistributed
income,
y Interest on loans only,
z No United States surtax on un¬
$0.71
$0.73
distributed income is deemed to be
payable.
Consolidated Balance Sheet Dec. 31
1939
$
1938
SK
X
T.inhlHUei
Capital stock...71,647,580 71,647,580
Mines, claims,land
& concessions...33,154,363 33,181,953
y
Buildings,
Wages
879,759
50,771
39,010
245,890
185,850
equipment, &c..41,739,314 42,766,677 Accounts payable.
Investments
25,309
25,309 Reserves.,
940
—....
.....14,999,357 15,221,197
Supplies & metals. 6,315,992
6,344,118 Surplus
Cash..
Deferred charges..
Other assets
Total
y
Accrued liabilities.
machry
Accts. receivable..
1,839,829
387,352
2,141,161
1,286,997
1,059,467
3,018,688
1,683,619
1,158,821
...88,155,472
1,210,933
payable...
paid to the three
87,973,3951
American
88,155,472 87,973,395
Total...
Mining
Corp.,
Quarterly
the three months
strike was called on Dec. 1, 1939, by the local labor union
at the Yellow Aster Mine, causing a shutdown of all operations of the mine,
mill and cyanide plant.
The strike was not settled and operations resumed
until March 26, 1940.
Therefore, company has no revenue to report for
the first quarter of this year, except $15,574 covering dividends received
from the Carson Hill Gold Mining Corp.
This dividend was at the rate
of lc. per share and was received on March 30.
a
The above mentioned dividend has been applied
liabilities of this corporation.—V.
Arcade
Malleable
150,
Interurban, lists note for $37,500 and also will have out¬
to the applicant, its note for $10,000, making notes in
payable by the Salzberg company in connection with
acquisition of the properties to comprise the applicant's railroad, we
of the opinion that until these obligations are paid, the applicant should
Valley
payable
standing,
the amount of $47,500
the
are
retain in its treasury
475 shares of the 1,093 shares
Art Metal Construction
Iron
Mass.—Asks
petitioned Judge Francis J. W. Ford in
reorganization plan, described as asubstitute for the plan asked in Dec., 1938.
Under the new plan second
mortgage bondholders would receive one share of common stock for each
$200 indebtedness.—V. 133, p. 3096.
1Q3Q
I
Taxes, other than Federal income
Provision for depreciation
,
_
197.506
$248,156
28,090
1st mtge. bonds
undistributed
229.713
$260,056
25,684
31.970
$313,117
133,235
97.709
7,823
Int. on 2d mtge. income bonds
Miscell. int. & other deductions
on
119,741
157,411
240,213
Gross income
Federal income tax
83,765
180,093
84,363
183.100
•
$285,027
Net income from operations.
Other income
Federal tax
857.233
$285,740
137,989
$280,126
137,989
22.890
8.130
10,653
5,278
....
104,404
8,596
11,919
profits!!
Amortiz. of 1st mtge. bond expenses.,
Balance transf. to earned surplus..
725
$73,624
$29,939
126,296
1,310
312,903
62,213
1,386
566,206
CV9.055
^.689
894,009
653,430
$2,699,698
8,926
$2,836,940
7.903
$2,821,799
7,735
$2,489,234
$2,708,624
$2,844,843
$2,829,534
$2,489,234
Balance Sheet Dec. 31, 1939
Assets—Fixed assets.
$5,079,388; investments, $2,504; special deposits,
6; cash, $166,211; accounts, warrants and notes receivable (net), $113 082; due from Salt River Valley Water Users* Assn., $33,643; current in¬
debtedness of subs., $1,383; employees' working funds. $285; materials
$^04 ^5'ab^a^e$5^591^H)0
^LiaMities-Funded
debt,
387' °ther aSSetS* *615: deferred charges!
$4,541,500;
accounts
and
wages
payable
$46,539; accrued taxes (other than Federal income), $72,359- accrued in¬
on 1st mtge. bonds, $36,000; interest payable, $64,469; accrued in¬
terest on refundable deposits. $6,899; other liabilities. $138,529; non-refund¬
terest
able contributions for extensions, $6,044; capital stock, $524,487- earned
2,491,630
_
deducts..
Surplus Dec. 31
Consolidated Balance Sheet Dec. 31
a
Plant &
Cash.
prop'ty_$2 ,830,388 $2,949,670
ctls.
of
122,988
493,041
1 ,570,427
Inventories
2 ,221,779
1,514,226
1,661,772
376,199
377,400
1
Notes pay able....
115,000
tor taxes.
226,609
363,240
1
38,961
..$3,205,700 $3,205,700
325,148
payable.
541,571
Capital stock*.
Accounts
de¬
1938
1939
LiabilUies-
1938
1939
36,412
posits, &c
...
b Investments
Deferred charges._
Reserve
Other reserves
Surplus
Total
$7,160,744 $7,032,521
Total
— .
2,708,624
After
Arundel
295*239
361,591
2,844,843
$7,160,744 $7,032,521
depreciation,
b Includes 22,567 shares of
$368,400 and* stocks of domestic corporations $7,800
-V. 148, p. 3833.
a
company's
stock
($9,000 in 1938).
Corp.—Earnings-2
Month-
Afos.-
Feb. 28 '39
$71,639
$137,536
depreciation, &c., but before Federal income taxes.
Joseph V. Hogan, President, said: "It is possible that earnings for the
first three months of 1940 may not equal the amount required to cover the
first quarterly dividend because of unusual weather conditions in January
and February, which retarded construction and also the delivery of mate¬
rials for concrete aggregate; plus the fact that the estimates have not
been received, nor included in earnings, for certain work completed in
x
$83,503
$44,865
Profit
x
Feb. 28 *39 " Feb. 29 *40
Feb. 29 '40
Period—
After
Feb., 1940.
is $12,865,738; is proceeding satisfactorily and
promissing," Mr. Hogan said.—V. 150, p. 1589.
"Contract work on hand
the outlook is
Associated Dry
Goods Corp.—Option Extended—
Company reports that the expiration
Knauth to purchase up to 8.000 shares
$88,078
191,695
452,255
$1,217,518
2,489,234
$1,580,047
798. C28
$654,725
186,574
2,844,843
Assets—
1937
$1,551,655
826,793
Maintenance
1938
$1,619,496
revenues
$1,016,134
169,714
adj.—London
Surplus.
Sundry credits
Arizona Edison Co., Inc.- -Earnings-
Operation
1936
'
$637,210
2,829,534
investment..*
Miscellaneous
_
144,885
Surplus Dec. 31
a new
Calendar Years—
1937
$1,834,422
164,649
$295,365
...
Profit after deprec...
Pat., goodwill, <fcc_
Officials of the company have
Federal Court at Boston to allow
1938
$1,008,783
184,999
$629,325
189,075
Bills & accts. rec._
Worcester,
Co.,
mentioned.
Co. (& Subs.)—Earnings—
1939
Years Ended Dec. 31—
depreciation.
Depreciation
toward reduction of the
1419.
p.
New Plan—
on
be
the taxes, penalties,
purchase price of the properties to be paid by the Salzberg company
to $84,285, consisting of the $75,000 bid at the sale, payable
note for a like amount, together with the
assumption of the compromise settlement for amounts due on taxes con¬
sisting of the amounts of $1,800 and $7,485, as stated above.
In addition
to these costs the Salzberg company proposes to furnish the applicant with
$10,000 cash and to issue to it a note for $10,000 payable Feb. 1, 1940.
The expenses incident to organization and starting of business are estimated
at $5,000.
The sum of the foregoing principal amounts is $109,285, and
we are of the opinion that the total number of shares of stock to be issued in
respect of the properties should not exceed 1,093 shares.
Inasmuch as the
Salzberg company still has outstanding, payable to the trustees of the
Exchange
Ltd.—No
L. M. Davis, Secretary in letter to stockholders states:
As reported in the last quarterly statement covering
31,
the six-year period, and that the»-e
amounts
Dividends declared
end^d Dee
Interest
a year over
for 1938.
Reserve for taxes.
Report—
Operating
$300
counties $7,485 in full payment for
Net before
Represented by shares of $20 par.—V. 150, p. 1419.
Anglo
annual instalments of
and interest thereon
Arkansas
1939
1938
$
Assets—
railroad
to taxes
approximately $110,000. By order dated Oct. 19, 1939,
the court approved the sale of the property to H. E. Salzberg Co., Inc ,
for $75,000, payable $37,500 in cash and by the issue of its note for $37,500
due Oct. 19, 1940, the railroad trustees retaining title to, and a first and
paramount lien against , all the railroad property to secure the payment of
the note. By another order, also dated Oct. 19, 1939, the court approved an
aggrement dated Oct. 13, 1939, between the Sal-'berg company, and the
county commissioners of three counties to which the unpaid taxes are due,
compromising such taxes for $1,800 on condition that the railroad be
continuously operated for six consecutive years, the taxes to be payable in
one-half in cash and a one-year
estimated..
Earnings per share
capital stock
of the
...
.
The
145,715
units..
U. 8. and Chilean taxes
Net profit
in Kansas for the purpose, among
of acquiring and operating all the property formerly owned and
operated by the Arkansas Valley Interurban Ry. The properties are being
operated by Robert D. Campbell and Warren E. Brown, trustees
Arkansas Valley Interurban.
• "<
.
On Jan. 24, 1939, the court having jurisdiction of the reorganization
others,
which amounted to
$4,935,396
— .._.
Operating profit
,
.,
proceedings authorized and directed the trustees to offer the
property for sale at public quction at not less than $75,000, subject
Co.—Earnings—
Rev. from copper sold..$12,959,209
Prod, cost, less value of
silverand gold
• ■
authorized the company to issue not
stock (par $100) in connection with the
the same time
of the Commission states:
Company was incorp. Oct. 18, 1939,
1937
120,621.227 121,923.082 316,711,843
$12,166,233 $14,817,723
Calendar Years—
.■■
,
The Commission at
exceeding 1,093 shares of common
The report
Total
[Including Potrerillos Ry. Co.]
1939
1938
Copper sold (lbs.)
counties, Kans.
1,680,796
21,840,372 21,452,877
x Represented bu 421,981 no par shares,
y After reserve for deprecia¬
tion of $5,712,386 in 1939 and $5,140,007 in 1938.
z After reserve for
depreciation,
a Consolidated.—Y. 149, p. 3108.
Andes Copper Mining
137, p. 3188.
acquisition of the properties.
—21,840,372 21,452,877
Total
Ry., Inc.—V.
Arkansas Valley Ry.» Inc.—Purchase—Stock—
The Interstate Commerce Commission on March 26 authorized the
purchase by the company of the properties formerly owned by the Arkansas
Valley Interurban Ry., consisting of a line of railroad extending from
Wichita to Hutchinson, with a branch line extending from Van Arsdale to
Newton, a total distance of 60 miles, ail in Harvey, Sedgwick and Reno
325,449
Raw materials,
cases
$327,793 ♦
1938
$
$
Liabilities—
$
a
949,265
949,265
-$287,248
Interurban Ry.—Successor—
Arkansas Valley
See Arkansas Valley
Balance Sheet Dec. 31
1939
-----
-
-
—
Cr7.552
$1,277,058
$1,236,513
—V. 150, p. 1270.
Consolidated.
Assets—
$3,144,323 '
57,300
_
Federal surtax
Shares
Co.—Earnings—
$825,060
398,855
95,326
105,000
1940—Month—1939
Period End. Jan. 31—
xl937
$5,069,106
xl938
1939
Calendar Years—
$21,964; total, $5,591,100'
149. p. 3545.
Arkansas Power & Light
Anaconda Wire & Cable Co.—Earnings—
Profit
April IS, 1540
Chronicle
been extended to Jan. 31,
Associated Gas & Electric
The Utility
date of the option granted to O. W.
of common stock at $8 per share has
1941.—V. 150, p. 2079.
Co.—Weekly Output—
Management Corp. reports that for the week ended April
5,
output of the Associated Gas & Electric group was 93.201,006
(kwh.).
This is an increase of 10,943,713 units or 13.3% aoove
net electric
units
production of 82,257,293 units a year
Associates
Stockholders
on
Investment
April
ago.—V. 150, p. 2248.
Co.—Plans
New
Financing—
8 voted an amendment to the articles of reor¬
ganization designed to facilitate the proposed sale of $4,000,000 additional
5% cum. pref. stock (par $100).
Of the authorized $10,000,000 of this
currently outstanding.
The purpose of the financing
stock, $6,000,000 is
Volume
is to
The Commercial & Financial Chronicle
150
provide additional capital to handle the company's increased volume
provides that" the company will not subsequent to
Jan. 1, 1940, pay dividends on stock junior to the pref. or purchase any
such stock except in amounts not to exceed in the aggregate the consoli¬
dated net earnings of the company and its wholly owned finance subsidiaries
accrued subsequent to Jan. 1,
1940, plus the sum of $500,000 and the
amount of any increase in the earned surplus of the company resulting from
the statutory merger of Morris Finance Co. into the company.
It further provides that the company will not subsequent to June 30,
1941, pay any dividends on stock junior to the pref. or purchase any
such stock unless prior to such payment or purchase the company shall
have retired at least $200,000 aggregate par value of the pref. stock for
each 12-month period that shall have elapsed subsequent to June 30,
See also list
given
on
To Vote
Income Accovnt for Calendar Years
1938
1939
special meeting on May 1 will consider agreement of
merger between Morris Finance Co.
(a Delaware corporation) and this
corporation. • See also V. 150, p. 1590.
A.
a
Gulf
&
West
Steamship
Indies
Co. was, on
succeed the late Dr. Henry
March 26, elected a director of this railway to
S. Pritchett.—V. 150, p. 2247.
Atlantic
(&
Lines
Net
1940—2 Mos —1939
1940—Month—1939
Period Ended Feb. 29—
Operating revenues
$2,038,092
Oper. exps.(incl. deprec.)
1,884,610
$2,096,470
1,870.521
$4,166,962
3,893,447
$4,307,389
3,974,930
$153,483
39,483
$225,949
63,506
$273,515
98,140
$332,459
107,020
$113,999
13.053
$162,444
3,922
$175,375
22,616
$225,439
6,983
$127,053
105,775
$166,366
112,439
$197,991
213,853
$232,422
228,063
$21,278
$53,926
loss$15,862
Net oper. revenue
Taxes
income
Other income
.
Gross income.
_
Interest, rentals, &c
Net income
Railway
$833,034
191,698
$915,014
121,809
$1,537,410
80,104
$1,438,110
58,971
.024,732
749,787
5,816
36,667
16,841
$1,036,823
744,885
1,851
35,010
16,107
$1,617,514
711,141
1,178
48,079
11,892
$1,497,081
$215,621
191,400
248,136
$238,969
191,400
354,480
$845,224
191,400
354,480
$747,251
243,600
354,480
def$223,915 def$306,911
141,792
141,792
$0.17
$0.33
$299,344
141,792
$4.61
$149,171
141,792
$3.55
Gross income
on
funded debt
on
unfunded debt..
Miscellaneous
charges..
Amort, of disct. on fd. dt.
Net income
Preferred
dividend
Common
dividend
Balance, surplus.
Shs.
(par $50)
com. outst.
Earns,
per
sh.
on com..
264,692
$507,801
80,610
$984,834
79,930
Invest,
road
in
$588,411
$342,198 loss$209,198
Gross profit
for
doubtful
accounts and notes
$1,064,764
3,301
68,942
595,929
50,223
$376,197
12,145
19,556
553,459
$883,168
long-term debt..
Prov. for Fed. inc. taxes
on
Other
$317,222
$110,163
Int.
undistributed profits.
Including $159,315 ($50,815 in 193c) surtax on
a
Net bal.
1939
.
A s?©fif On11in..
$
Prop. & equip...22,412,683 24,575,695
Restricted cash on
x
value)...—...
Misc. invest (cost
118,705
118,705
value)__
17,236
29,446
11,807,418 11,807,418
2,968,605
bals.
.
.
172,877
.
Accts. receivable..
Materials &suppls.
273,120
356,674
335,201
268,775
278,719
387,676
bals. payable...
395
250
Accts .& wages pay
rec.
U.
Int. mat'd unpaid.
Other
50,804
963,947
963,265
4,621,354
.5,103,053
1,723,048
2,473,028
989,588
1,019,415
124,466
pref.
notes
subsid.
26,948
vouchers
& accts.
Traffic
payable
to others
138,952
111,906
352,514
528,837
587,943
514,134
5,185,429
713,160
566,849
Open voyage rev..
Other defd. credits
arising
from
reduction in par
Ins. fund (cash and
market,
Coupons
Res.
(securs.)
value of com. stk
5,019,434
Surplus
Ins. prems. & rents
debits
Open voyage exps.
472,560
Other def'd debits.
235,608
189,685
Special deposits
x
After reserve for
in 1938.
266,606
43,286,941 44,694,144
Total
y
figures,
150, p. 1927.
Reclassified
x
—V.
y
5,179,342
5,423,004
Total
...40,882,357 41,382,229
$300,000
paid on
Feb.
28,
1940
Corp.—Earnings—
1939
1938
-1937
1936
$13,702,054 $13,814,915 $11,288,784
Oper. exp., maint. & ad¬
14,175,003
12,752,744
10,482,059
$530,102 loss$472,949
536,940
542,623
$1,062,171
191,304
$806,725
99,393
$69,674
365,425
$1,253,475
375,288
$906,118
367,344
155,246
37,072
134.290
370,042
1,350
x90,180
$544,4521oss$332,822
Net trading
Other income
$743,897
390,180
$444,545
292,635
$353,717
390,223
$1.90
$151,910
390,223
$1.13
12,351,651
profit
$ 1,067,041
Total income
Interest
U. S. & Trinidad inc taxes
Net
profit
Common dividends....-
Surplus
com. stk. (par $10)Earnings per share
Shs.
Includes undistributed
x
The
Uintah
97,545
$446,907 def$332,822
390,223
390,223
$1.39
Nil
profits taxes, estimated.
1939, operations having been
Ry. was dissolved Oct. 31,
previous May.
The property formerly held by
Uintah Ry. was disposed of during the year with the exception of a few
blocks of real estate, located in Colorado and Utah, which were taken over
by Barber Asphalt Corp. for later sale as opportunity offers.
The aban¬
this property involved a charge of $1,246.070 against the reserve
donment of
.43,286,940 44,694,144
Total
of $1,300,000
created for that purposes in 1935.
Consolidated Balance Sheet Dec. 31
depreciation of $32,903,989 in 1939 and $30,626,313
1939
Forge Co.—To Pay 20-Cent Common Dividend
dividend of 20 cents per share on the common
stock (par $5) payable April 25 to holders of record April 15.
This will be
the first common divided paid since 1937.—V. 148. p. 3053.
$
Axton-Fisher Tobacco Co.—Review
&c
Cash
6,304,021
3,840,599
Co., which bought the stock last May.
was conducted by Judge Alfred C. Coxe, to
Hulbert referred the petition.—V. 150, p. 1927.
658,182
116,547
1,167,511
2,245,530
Conting. reserve..
93,131
4,099
transport, prop.
Baldwin Rubber Co.—Extra Dividend— ~
have declared an extra dividend of 12 H cents per share in
quarterly dividend of 12 H cents per share on the
common stock, both payable April 20 to holders of record April
15.—V.
Directors
addition to the regular
150, p. 681.
8.
&
Res. for
Trinidad
cost
Total
011
p.
13,566,823
14,433,6181
Total
162,347
obsoles'ce,
1,300,000
8,806,043
582,714
Capital surplus
b Treas.
a
whom Judge Murray
accruals
U.
Earned surplus
&
The sale
and
230,968
178,023
the
Federal Court by
and W. A. Lyon
$
4,133,330
488,710
114,074
Deferred expenses.
1938
4,133,330
inc. taxes (est.).
7,782,758
3,055,698
bills, &.C.,
rec., after res
1,236,216
Inventories
2,068.139
Investm'ts at cost.
3,775
of Order Sought—
sale
80,610
Commercial Tobacco Co., has been asked in
members of the syndicate, headed by Wertheim & Co.,
$
Accts. payable
A petition for a review of a referee's order setting aside the
of
shares of class B common stock of the company, formerly owned by
Standard
Liabilities—
Com.stk. (par$10)
Accts.,
Aviation Mfg. Corp.—New President—
Harry Woodhead has been elected President of this corporation to
succeed W. H. Beal, who resigned because of ill health.—V. 149, p. 4019.
1939
1938
$
Real est., equip.,
mineral deposits,
a
Directors have declared a
stock
8,695.478
135,808
at
Dr768,074 Z)r768.074
13,566,823 14,433,618
depreciation, depletion and amortization of $1,724,032 ($1,405,in 1938) since Jan. 1, 1935.
b Consists of 23,110 shares.—V. 150,
1590.
After
Barnard Aviation Equipment
Co., Inc.—Earnings—
Earnings for 10 Months Ended Feb. 29, 1940
Net profit before depreciation and Federal income taxes
Earnings per share on capital stock
$20,972
$0.18
company's backlog of orders on hand is currently in excess of $220,000.
The balance sheet of the company as at Feb. 29, 1940, shows total current
assets of $112,561, against current liabilities of $54,528.
The company recently announced that it will soon move to Wilkes-Barre,
Pa., tripling its present production capacity by the move.—Y. 150, p. 1129.
The
Aircraft
Corp.—Sates—
Corporation, on April 8 announced net delivered sales of $932,937 for the
of its fiscal year 1939-40, from Oct. 1, 1939 to March 31, 1940.
This is more than three times the company's net delivered sales of $261,997
for the same period of 1938-39, and compares favorably with total net sales
of $1,328,296 for the entire fiscal year 1939, and $1,141,398 for the fiscal
first half
From March 1 to March 31, 1940, airplanes with a net value of
$218,840 were completed and delivered to purchasers.
Yet to be delivered are twin-engine Beechcraft monoplanes under con¬
struction for the U. S. Army Air Corps, to complete fulfillment of two
government contracts totaling $987,513.
The company's current backlog,
which totals over $1,500,000, includes also orders for biplane and twinengine Beechcrafts from Canadian Airways, Ltd., and other commercial
and private aviation operators.—V. 150, p. 1591.
year
406,588
Of which
Total vol. of bus. done..$12,881,752
Assets—
Beech
13,639
407,231
40,882,357 41,382,229
Represented by 150,000 shares of no par value.—V. 150, p. 2248.
Atlas Drop
11,481
discontinued during the
728,562
619,677
256,296
434,113
paid in advance.
Acer.
fund. dt.
Profit and loss....
5,185,429
5,296,982
10,982
270
on
through surplus.
Unadjusted
495,713
195,138
77,735
3,911,622
Other unadj. cred.
Add'ns to property
195,138
255,987
21,055
depr. equip. 4,080,663
4,782
Deprec., depl. & amort...
300,766
84,600
70,373
387,816
bals. owed
Miscell. oper. res..
190,038
*96,518
64,743
285
3,614
ministrative expenses.
for bond
securs.
136
81,864
Deferred liabilities
Working fund adv.
of
cos
566,849
Interest
392
Tax liability-
697
3,468
82,038
30,091
1937)
190,088
Marketable
137,860
29,687
*240,736
Prem.
272
Calendar Years—
($359,615.50 due
713,160
Working funds
50,595
X168.318
x3,709
320,045
Consolidated Income Account for Calendar Years
payable.
trustee
24,625
2,769
Barber Asphalt
Special insur. res..
1,232,500
liabil..
accrued..
1928
Cash deposits with
1,232,500
curr.
curr. assets.
rec.
Other
Acts,
and
Taxes accrued
(in
53,362
Merchant
Marine
term debt
dispute)
32,405
168,657
3,783
325,285
51,251
24,385
Divs. mat'd unp'd
32,578
102,524
7,295,000
car serv.
Govt, loans
S.
in
Loans & bills pay.
Unmat. int. accrd.
agents & cond'rs
Total
102,784
18,211,000
y700,000
650,000
284,623
Misc. accts.receiv.
653,882
76,916
18,046,000
242,816
from
9,970,000
7,061,000
debt
Misc. accts. pay..
car serv.
6,000,000
Int. accrd. on long-
against
underwriters
Traffic &
695,423
21,304
minority
Audited
indem.
&
claims
69,861
522,833
agaii st
underwriters
6,000,000
9,970,000
1st mtge. bonds &
78,101
623,750
by others
Protect.
3,008,955
owed
Agents' bals. (net)
Ins. claims,
of
1920
value)
(book
Common stock..
Preferred stock
under
Goodwill & franch.
Tarffic
y
Long-term debt
(cost or nominal
Cash
381,223
$
stkhldrs.insubs.
Sees, of assoc. cos.
or nom.
1938
$
Liabilities—
Int.
608,644
deposit
1939
1938
ips
-
108,767
grants
Funded
Other def'd assets.
Comparative Consolidated Balance Sheet Dec. 31
7,089,600
9,810
bals. receivable.
43.368
7,089,600
stk.
653,882
293,888
Special deposits
621,417
*153,415
352,195
Govt,
$
3,828,000
691,607
16,427
investments
Traffic &
82,416
84,040
688,403
cos.
1938
$
3,828,000
cum. pref. stk.
Common stock
Prem. on cap.
physical
Invest, in affil.
Mat'ls & supplies.
a320,473
accidents
Net loss..
4,532
Liabilities—
5%
Loans & bills rec..
3,178
14,314
613,992
42,486
Miscell. income debits..
$
equipment.....37,765,985 37,797,853
Miscell.
1939
1938
&
Cash.....
Provision
709,398
1,582
27,160
11.690
Balance,Sheet Dec. 31
$
Assets—
1936
410.611
418,131
565,356
income
oper.
Other income
Int.
Int.
977
$2,085,115
547,705
1939
$23,979,205 $26,230,146 $24,403,626
23,853,252
25.311,734
23,154,100
$172,342 loss$292,178
lb9,855
82,980
profit
Total other income
Certain exps. of
$1,997,348
559,237
$1,480,370
property
Int.
$5,985,121
1,055,657
1,036,954
65,211
1,544,302
286,624
$1,315,965
482,931
$4,359
1937
1938
1939
Operating revenues
$25,014,275
Total operating expenses 24,379,503
462,430
Taxes.
Net operating
$6,185,676
1,081,154
1,082,048
69,333
1,553,314
317,434
2,723
revenue.._
oper.
Years
Consolidated Income Account for Calendar
305,579
1,004
Tax accruals
Subs.)—Earnings—
Operatung
217,477
$5,615,878
1,151,238
1,066,567
72,603
1,534,588
313,097
2,585
$5,119,438
Maint. of way & struct.
1,007,189
Maint. of equipment
998,620
Traffic expenses
69,018
Transportation expense.
1,424,071
192,157
oper. revenue
Transp. for invest. (Cr.)
Topeka & Santa Fe Ry.—New Director— /
Mellinger, President of the Illinois Bell Telephone
H.
1936
$5,519,646
227,449
238,025
$5,206,244
General & miscellaneous
Atchison
1937
$5,707,539
231,175
246,962
$4,700,913
182,926
235,599
Freight revenue.
Passenger revenue
Mail, express, &c
first page of this department.
Merger—
on
1936
1937
1938
1939
2,000,117
1,905,417
2,140,114
freight-...
1,778,600
freighr..223,3998000 246,203,264 270,779,020 251,683,167
255,314
144,349
192,905
Passengers carried
122,644
12,500,847
Pass, miles—revenue
10,059,779
12,174,523
9,706.377
$5,519,646
$5,206,245
$5,707,539
Freight revenue
$4,700,913
227,449
192,157
231,175
Passenger revenue.
182,926
Tons revenue
Ton miles, rev.
Railway
Stockholders at
Report—•
Traffic Statistics Calendar Years
amendment
1940.
Annual
Bangor & Aroostook RR.
of business.
The
2411
1938.
Bausch & Lomb Optical Co.—Anti-Trust
Indictment—
Under a stipulation filed in Federal Court, the company; Carl Zeiss of
Jena, Germany; Carl Zeiss, Inc., of New York; and three officials of the
corporation, have until April 22 in which to withdraw their not guilty pleas,
to demur or to make motion with respect to an indictment alleging con¬
spiracy to violate the Sherman Anti-trust Act and the Wilson Tariff Act.
The indictment alleges a combination to restrain interstate trade and
importation of optical instruments used for military and naval purposes.
—V. 150, p. 2248.
The Commercial 4t Financial Chronicle
2412
Bessemer & Lake Erie RR.—Annual
Consolidated Comparative Income Account Years Ended Dec. 31
[Including
Leased
1939
Ky.
Ry.
oper. expenses
Net
from ry. oper.
Lines]
1938
$13,687,456
7,384,821
oper. revenues
1937
$2,806,854
Railway tax accruals...
Ry. oper. income
Non-oper. income
$4,588,709
502,688
Gross income—
*1936
Balance Sheet Jan. 31
$8,544,913 $17,585,189 $15,467,348
5,738,059
8,498,788
7,593,566
$6,302,635
1,713,926
rev.
April IS, 1940
$4,953 for the year ended Jan. 31, 1940, and $4,561 for the preceding year)
from the gross loss of $86,099.
For the six months ended July 31. 1939 the
deduction from profits had been made on the basis of writing off the loss
over the expected two-year
period of the Fair.
Report—
964,234
$9,086,401
2,142,779
$6,943,622
716,454
1939
$
$
Bldgs., stores, fix's
A delivery equip. 4,475,728
Cash
434,758
$7,873,782
1,721,023
$1,842,620
307,224
1940
y
Assets—
$6,152,759
707,387
y
4,487,922
542,193
Custom's' accts. A
accts.
Deduct, from gross inc..
$5,091,397
890,380
$2,149,844
912,646
$7,660,076
874,694
$6,860,146
930,532
Net income.
Div. approp. of income.
Miscell. approp. of inc..
$4,201,017
2,922,976
3,675
$1,237,198
1,172,541
$6,785,382
5,623,476
3,630,748
bal.
trans,
x
...
$64,657
$1,163,406
$6,138
23,938,499
10,379
22,978,312
21,843
22,982,463
74,965
143,202
59,102
Sundry creditors..
19,332
17,177
Res. for Fed. tax..
170,000
104,000
152,418
137,284
127,487
1
expense..
Total
V.
511,619
146,139
1
Accr.
taxes
(other
than inc.
taxes)
Contingency res've
11,392,495 10,987,488
Total
Represented by 300,000 shares of
149, p. 1755.
no
109,186
49,809
103,336
47,357
3,376,594
Earned surplus
C'rl ,500
564,834
expenses
2.452,387
Goodwill
to
profit and loss.
$1,274,366
Credit balance at begin¬
ning of year.
24,031,901
Miscellaneous credits
9,938
Accounts payable.
3,165,979
$5,929,614
5,923.476
Income
$
60,861
....
Other assets
Prepaid
x
3,386,600
3,600,000
2,608,278
44,837
rec..
Inventories
1939
$
stk._ 3,356,600
Common stock.. 3,600,000
cum. pf.
Accrued salaries A
notes receivable.
Misc.
1940
Liabilities—
5%
3,074,197
11,392,495 10,987,488
par
stock,
Consolidated.—
y
Blaw-Knox Co.—New Director—
C,
L. Austin was on April 5 elected a director of this company
filling
created by resignation of J. Theodore Goddard, of London,
England. Mr. Goddard retains his position as Board Chairman of BlawKnox, Ltd., English subsidiary.—V. 150, p. 2248.
vacancy
Total
$25,316,204
Div. approp. of surplus.
Debt disc, extinguished
-
$24,013,535 $24,163,561
435
•
_
through surplus
Loss
$23,063,566
052,504
36,371
16,132
19.619
178,524
73,315
012,670
Bliss &
equipment
31,050
Miscell. approp. of surp.
debits...
Miscellaneous
6,899
14,084
10,168
3 Mos. End. Mar. 31—
Net profit
x
Earnings
y
8,477
x
Credit balance carried
to balance sheet
x
$25,278,255 $24,031,901 $23,938,498 $22,978,312
Consolidated Comparative Balance Sheet Dec. 31
1939
Assets—
1938
$
in
road
1939
$
Liabilities—
A
property
78,824,919 80,172,366
physical
464,540
323,302
Sinking funds
Dep.
in
lieu
179,844
5,075
1,743,972
Spec, cash deposits 6,764,016
Other Investments
Traffic A
.
Net bal.
Stock
16,035
181,816
Mat'ls A supplies.
Int. receivable
curr.
assets.
Deferred assets
Unadjusted debits
On
1938
Nil
68,927
800
136,163
743,169
16,184
61,676
807,569
$334,227
42,972
$266,981
50,229
$365,732
62,194
$360,583
45,332
24,937
5,100
$377,199
49,201
$317,210
49,875
32,891
$427,926
<92,049
30,467
700
900
$285,214
$289,722
$233,745
$304,509
294,203
303,643
308,819
323,669
$8,989
$13,921
$75,074
800
Expenses
for
369
100
13,034
52,963
700,130
Conn'ut
100,000
100,000
Interest on bank loans..
Prov. for Fed. inc. tax..
Net income
Divs.
on
optional
31.275
7,000
$3
pref. stock
conv.
3,363
52,954
185,874
DIvs. mat'd unpd.
162
238
Unmat. int. accr..
76,217
189,191
71,325
98,558
Other curr. llab
Unadjust. credits. 14,098,114 13,076,548
Add. to prop. thru.
inc. A surplus.. 9,933,632
Approp. surp. not
specifically inv.
170,965
9,933,632
167,690
25,278,255 24,031,901
Profit A loss
1937
$336,892
23,691
500,000
9,999,200
2,000,000
2,000,000
Funded debt
26,660,000 22,090,000
Tr. A car serv. bal.
250,330
182,605
Aud. accts.Ac., pay
232,735
180,188
Miscell. accts. pay.
32,404
792,874
Int.matur'dunpd.
249,150
255,075
418,088
32,413
$1.55
150, p. 1422.
Corp.—Earnings—
Interest
$
9,999,200
Lake & Llne'le
1937
$270,089
loss$26,091
common stock.—V.
& Lake Erie
from
rec.
y
Income—Dividends....
1938
Pref.—Pitts. Bess.
5,600
959,357
286,351
76
rec__
agents A conduc.
Miscell. accts. rec.
liab.
Mead.,
car serv.
balances receiv.
Other
Blue Ridge
&
conversion...
15,625
Inv.lnaffll.cos
Loans A bills
$0.75
Income Account for Quarter Ended March 31
1940.
1939
1938
500,000
Bess.,
Lake Erie....
15,920
.
1939
$134,381
$0.76
After depreciation and normal Federal income taxes, but before surtax
_
$
L.E
Pitts.
of
mtge. prop, sold
Cash—General.
1940
$203,452
share
Com. stock—B. &
equipment
Miscell.
.
per
undistributed profits,
on
Reclassified.
Invest,
Laughlin, Inc.—Earnings—
retired road and
on
Deficit
$19,160
Note—The net profit on sales of securities was credited
directly to earned
surplus account.
Based on March 30, 1940, prices for
investments, as noted in the balance
sheet, the net assets of the corporation on that date amounted to $31,194,663, equivalent to $79.60 per share of preference stock outstanding, after
deducting shares of such stock held in the treasury, and, after allowing for
such preference stock at the amount to which It is entitled in
liquidation
($55 per share and accrued dividends), to $1.27 per share of common stock
outstanding.
The net unrealized depreciation (excess of book value over
market value) of investments at March 31, 1940, was
$1,902,923.
During the three months ended March 31, 1940, the corporation pur¬
chased in the open market 3,035 shares of its preference stock.
Comparative Balance Sheet March 31
Total
—V.
....89,761,154 83,480,6341
150,
Total.
1940
AS8Bt8~~-*
Investments
Beverly Gas & Electric Co.—To Pay 75-Cent Dividend—
Directors have declared a dividend of 75 cents per share on the common
stock, payable April 13 to holders of record April 6.
This compares with
$1 paid on Jan. 13, last; 75 cents paid on Oct. 14 and on
July 14, 1939;
$1 paid on Jan. 14, 1939, and dividends of 75 cents paid on Oct.
14, and
on July 14, 1938.—V. 150,
p. 273.
Divs.
A
1939
S
.89,761,154 83.480,634
2080.
p.
$
1940
Liabilities—
_a36680,541 37,326,762
accts.
re¬
expenses
ceivable and Int.
accrued...
Due from
170,569
secur.
Notes
for Bee. sold....
41,161
Period End. Jan. 31—
1940—Month—1939
$678,357
$653,749
440,217
416,807
87,562
81,754
50,000
50,000
revenues
expenses
Direct taxes
Prop, retire, res. approp.
Amort, of limited-term
investments
3,720
3,733
$1,216,998
4,650
$1,166,564
4,233
$1,221,648
549,000
52,719
$1,170,797
549,000
52,463
$619,929
429,174
$569,334
429,174
$190,755
mtge. bonds.
Other int. & deductions.
on
$140,160
434
$105,312
4,229
45,750
4,326
$50,673
Net income
x
310
$104,878
$100,652
45,750
Gross income.
Interest
1940—12 Mos.—1939
$7,797,759
$7,464,401
4,993,603
4,735,436
983,438
958,668
600,000
600,000
310
384
$55,236
Divs. applic. to pref. stocks for the
period
Balance
x
Dividends
accumulated and unpaid to Jan. 31,
1940, amounted to
$250,352.
Latest dividends, amounting to $1.75 a share
on $7 preferred
stock and $1.50 a share on $6, Preferred
stock, were paid on Jan. 2, 1940.
Dividends on these stocks are cumulative.—V.
150,
p.
1754, 1272.
Bloomingdale Bros., Inc.—Earnings—
Years End. Jan. 31—
Net sales.
Costs and expenses
—
.
—
Net profit
Other
y 1940
1939
1938
1937
$25,465,313 $24,549,629 $25,352,207
$24,810,189
24,208,995
23,663.781
24,269,876
23,571,978
$1,256,317
income
1,100
$1,257,417
Depreciation
316,753
1.850
Interest paid
Red. in N. Y. World's
Fair debentures
Prov. for Fed. taxes
Net
76,586
170,000
Income
$692,229
Preferred dividends
Common dividends
168,205
225,002
$299,022
3,074,197
Previous surplus
Discfc. (net) on repur. of
5% preferred stock.
$885,848
3.465
799,059
1,166,792
.
3,419
4,975
104,000
120",000
157", 500
Total
37,659,267 38,664,124
a At
average cost (except $1,736,213 representing part of one investment
acquired prior to Dec. 31,1932, which is carried at amount based on market
quotation on that date).
Securities at average cost of $6,158,640 and
having an aggregate market value of $7,165,162, based on March
31, 1940,
last sale or bid prices, are pledged as collateral
against notes payable to bank,
b Represented by shares of
$1 par value.
Of the authorized 12,500,000
$1 par value shares, there are 587,828 (607,287 in
1939) shares reserved for
conversion
of pref. stock, 1,142,914 shares for dividends on
pref. stock
(maximum annual requirement, 48,986 shares), and 228,301 shares for ex¬
(to purchase at any time shares of common stock at $20
per share),
c 395,020 (404,858 in 1939) shares no
par value, at stated
value of $25 per share.—V. 150,
p. 682.
ercise of warrants
Bond
$483,659
173,748
225,002
$673,475
175,000
337,500
$846,382
xl97,328
330,000
Inc.—Sales—
$160,975
2.818,074
$319,054
2,801,220
Irving Cohen, James W. Connors
undistributed
profits tax
Plant moving expenses.
Interest
on
new
sale of
securs.
_
16,031
$3,376,594
300", 555
shs. com. stk. (no par)
$1.75
$3,074,197
$1.03
$2,979,049
$2.16
as
$55,416 paid
on
,1-S833 per 8hare from
Note—New York World's Fair
debentures were written down to
their
quoted price as of Jan. 31.1940.
The net loss of $76,586 has
been deducted
from the profits for the
year ended Jan. 31, 1940.
This amount was de¬
termined by deducting the interest
received
on
the bonds
536,567
2,255
345,722
46,735
3,622
386,457
$8,348,089
7,376
5,755,019
$8,326,865
340,307
24,950
111,319
$5,683,801 loss$19,966
.
3,145,890
575,510
,112,712
4,603,860
$2,537,911 def$595,476
$2,585,694
$3,610,293
x2,461,894
$2.43
x2,461,878
$3.39
yl,150,975
$7.13
stock out¬
standing
Earnings per share
x2,461,890
Nil
Par $5.
y Par $10.
z Consists of $145,310 provision for
expenditures
experimental work by Marbon Oorp. and $27,907 provision for reduction
of net current assets or Canadian subsdiairies to United States
dollars at
Dec. 31, 1939 rate of exchange.
Notes (1) The equity in the earnings of Morse Chain
Co., Ltd. (92.574%
owned by Morse Chain Co.) converted at the
average monthly rate of
exchange during the year amounted to $15,161, whereas the dividend re¬
x
$2,818,074
$1.66
**.. J141'911 paid on 7% preferred stock (three dividends
$5.12 per share to Oct. 23.
1936, date of redemption), and
•
389,257
25,684
zl73,217
$3,120,274
common
685,382
71,047
163,747
.
prods..
Other deduction
Shs.
$12,163,671
458,612
Royalty settlement, prior
Develop, of
1936
$2,804,603 $12,848,251 $12 ,849,053
1,963,084
1 ,908,278
1,986,594
150,116
1,660,244
,687,264
1,535,402
Surplus
on
1937
$2,514,448 $12,362,183
290,154
486,068
$9,636,538
1,829,177
Total income..
for
1938
$9,302,578
333,960
Federal taxes
redeemed
.
Freidman, Pres., Barney Rubin,
and Herbert H. Maass.—V. 150,
p. 2081.
1939
Operating profit
Preferred dividends
Common dividends
286.170
1940—3 Mos.—1939
$6,349,742
$4,559,909
Borg-Warner Corp. (& Subs.)—Earnings—
Net income
10,238
$2,094,652
John M. Hancock and Maurice Wertheim were
elected to the board of
directors at the annual meeting of stockholders held on
April 9. The Board
was thereby increased from five to seven
members.
Directors reelected were Benjamin J.
Losses
$2,979,049
1940—Month—1939
$3,005,526
New Directors—•
years
Exp. in connection with
red. of 7% pf. stk.,&c.
Earns, persh
Stores,
Period End. Mar. 31—
Sales
Prov.
$3,074,197
37,659,267 38,664,1241
Depreciation
$1,295,862
287,005
15,862,636 15,791,295
Z>r73,729
Pref. stk. In treas. Drl30,043
Total
Other income
4,233
$3,376,594
220,994
40,456
98,049
Preference stock 9,875,500 10,121,450
stock. 7,489,483
7,489,483
Surplus./.
$1,238,210
57,652
$1,085,749
288.041
3,375
5,000,000
Prov. for taxes
c
Calendar Years—
$1,082,331
$889,314
298,597
3,056
$84,910
2,979,049
4,500,000
to
b Common
$100,268
Net oper. revenues
Other income (net)
16,582
purchases
payable
banks
Birmingham Electric Co.—Earnings-
Operating
Operating
$
21,225
Due to brokers for
138,506
brokers
Cash
1939
$
Accts. pay. A accr.
(consisting of
on
ceived and included in the income account above
was
$16,974.
(2) The operating accounts of the foreign subsidiaries included in the con¬
solidation have been incorporated on the basis of the
average monthly rate
of exchange during the year,
except as to depreciation which has been
converted at par of exchange.
Provision has been made in the consolidated
Volume
The Commercial & Financial Chronicle
ISO
income account
for the unrealized exchange loss resulting from the con¬
version of the net. current assets of such subsidiaries at the rate of
exchange
at
31* 1939.
After making the provision referred to, the net income of
such
foreign subsidiaries included above represents approximately
1.2 %
of the consolidated net income for the year.
Consolidated
1939
Assets—
secure.
—less reserves
Notes & accts.
7,475,250
Prov.
5,105,892
14,662,854 10,821,337
other properties.
696,499
poses
350,000
14,115,518 15,230,158
1,038,322
64,685
81,191
to
1 ,436,198
& eontings
and
deferred charges
Patents & goodwill
Total
in
1,799,166
2 616,965
1.262,375
Common stock... 12 310,204 12,310,204
815,448
917,590
Appreciation surp.
Paid-in cap. surp.. 10 ,882,397 10,274,139
Earned surplus...15 818,685 13,342,828
720,236
rec. for cash
After
2,166,105
Federal
credits
McGoldrick took occasion to clarify the meaning of the
"corporate stock" as applied to City of New York bonds. This desig¬
has resulted in a considerable amount of misunderstanding, par¬
ticularly since the start of the unification negotiations about a year ago.
He said:
"The name 'corporate stock' is an historical accident resulting
from the fact that when New York City issued its first obligations in the
early 1800's the present day distinction between stocks and bonds had not
yet crystallized. The city at that time adopted the terminology which was
then and still is current in England for the obligations of municipal
corpo¬
rations. The corportae stock of the City of New York is not a stock; it is a
bond.
It is a general obligation backed by the full faith and credit of the
city. It is in no way dependent upon the earnings of the rapid transit prop¬
erties, and is backed, as are all obligations of the city, by our general taxing
power on which it has the first claim.
The corporate stock of the City of
New York is in no practical or legal respect different from the bonds issued
by other American cities."—Y. 150, p. 2082.
term
Res. for spec, pur¬
advances
x
months away, Mr.
2 655,858
Income
1,155,567
Prop., plant and
equipment
Prepd. expe.
for
Defd.
900,425
x
2 896,641
-
& Dom. taxes..
Borg-Warner stock
—acqud. at cost
Mlscell. invests. &
$
nation
payable
expenses
—less reserves__
1938
$
accounts
Accrd. payroll and
68,105
__
rec.
Inventories
Notes
<fe
880,961
889,933
895,489
Bower Roller Bearing Co.
133,440
49,497.081 43,191,9201
reserve
for depreciation of
49,497,081 43,191,920
Total
$12,301,704 in 1939 and $13,568,487
1938.—V. 150. p. 2081.
Years End. Dec. 31—
Gross profits on sales, be¬
Boeing Airplane Co.—Bank Loan—
showing the terms of repayment of the $5,500,000 5% loan obtained on
Jan. 30, 1940, from the Pacific National Bank of Seattle.
The company
will make monthly payments of $60,000 for six months, beginning seven
months after date of loan, and will
pay $100,000 monthly thereafter.
Ad¬
ditional payments will be made on Feb. 28, 1941, and annually thereafter
in amounts by which 50% of company's net earnings In preceding fiscal
year exceeds the aggregate payments made on account of the loan during
that fiscal year.
The full debt is to be paid off in five years, or at any time
within that period the company desires to liquidate the loan.
Gets $8,000,000 Contract
Company has
obtained from
War Department
the
additional $8,000,000 worth of B-17
a
contract
for
an
^Boein^^backlong was estimated on April 1 at around $20,000,000.—V.
Maine
RR.—President
$1,957,836
372,805
247,359
201,213
96,313
$2,141,222
268,210
278,613
50,000
9,300
a315,000
$969,421
675,000
$449,953
300,000
$1,220,099
900,000
$1,069,925
b825,000
$294,421
300,000
$149,953
300,000
$1.50
$320,099
300,000
$4.06
$244,925
300,000
$3.56
Prov. for Fed. inc. tax..
N et profit
Dividends paid
Surplus
Shs. cap. stock (par $5)per
share
a Includes surtax
March 25, 1937.
Assets—
$3.23
on
undistributed net income.
1939
Cash
U.
Treas.
$206,316
disc.
1939
Accounts payable-
$136,288
371,295
241,889
225,000
conting—
50,000
y Capital stock
1,500,000
Earned surplus
2,863,046
150,000
50,000
1,500,000
2,568,625
18,560
for
1,000,000
850,000
taxes,
comm'ns, &c.._
572,700
bills
1938
$148,958
Reserve
540,591
Dividend payable.
Accts. receivable—
Cash surrender val.
Res. for
life insurance..-
11,200
10,100
976,392
794,149
117,196
117,196
Real est., bldgs.,
&c
2,026,063
2,081,233
Deferred charges—
60,292
65,777
Inv. In
bankruptcy," President E. S. French told the
April 10.
x
question from one of the stockholders at the meeting, which
in "unnecessary hardship to all."
President French stated that he "is
compelled to conclude" that those
bondholders who are withholding their assent are doing so "on the hope
that everyone else will cooperate while he himself may profit through the
cooperative spirit of the great majority.
"Such
a person
may feei he is individually right in his attitude, but if
are enough of his kind to defeat the plan, as it now looks as though
might be, he is certainly not acting in his own interest, to say nothing
of the interests of the community."
President French, in answer to a question from Michael J. Addiego of
Hoit, Rose & Troster, investment brokers, said that there are still three
large institutions which have not assented to the plan.
Their holdings, he
told the stockholders, amount to between $4,000,000 and $5,000,000.
In reply to another question, Mr. French said that he believes that the
three institutions will join with the majority in the plan.
He read the following statement:
"I wish to report to the stockholders of the Boston & Maine RR. in regard
to the progress of our plan of exchange, dated Dec. 15, 1939 and issued to
the bondholders and the public on Jan. 4, 1940.
"To date, the holders of $83,000,000 of the $103,500,000 of bonds out¬
standing have assented to the provisions of the plan.
This leaves us with
about $20,000,000 of bonds which have not yet assented, or approximately
20 %of the outstanding whole.
*
"While the progress made up to this time has been gratifying, the remain¬
ing bonds are now coming in very slowly, and I would be less than frank
if I did not say to the stockholders and bondholders of this railroad that,
because of the apparent reluctance of a comparatively few holders of un¬
stamped bonds to assent to the provisions of our plan, there is very grave
danger that they will bring about the defeat of the plan and force the rail¬
road into the costly procedure of .bankruptcy.
"One immediate result of bankruptcy would be the sacrifice of the Re¬
construction Finance Corporation's offer to purchase $40,750,000 of new
first mortgage bonds.
As you know, it is only by reason of this offer by
the RFC that we are enabled to offer a substantial cash option to bond¬
holders desiring to take cash in part.
"Another result of bankruptcy would undoubtedly be the cessation of
interest to bondholders, perhaps for a long time, with consequent unneces¬
sary hardship to all.
I say unnecessary hardship, because if the unassenting bondholders will cooperate with the great majority there will be ne
necessity for the substantial loss of market value and very possibly of prin¬
cipal and interest that is otherwise inevitable.
there
there
and the danger is great.
I have tried to analyze
which influences a bondholder to withhold his
assent, and I am compelled to conclude that such reasoning is based, and
based only, on the hope that everyone else will cooperate while he himself
may profit through the cooperative spirit of the great majority.
Such a
person may feel he is individually right in his attitude, but if there are
enough of nis kind to defeat the plan, as it now looks as though there might
be, he is certainly not acting in his own interest, to say nothing of the inter¬
"The situation is grave
the process of reasoning
—
stock
com.
Capital surplus.-.
Total
$5,176,858 $4,665,3621
Total
18,560
$5,176,858 $4,665,362
After
depreciation of $1,346,274 in 1939 and
y Represented by shares of $5 par.—V. 150, p. 2249.
x
year.
Although sales are smaller than last year to date, they are approximately
same as
during the similar periods for the fiscal year which ended
July 1, 1937 and July 1, 1938.
In the opinion of officers of the company
the extremely unfavorable
winter and spring weather has hampered farmers in their outdoor operations,
but with the coming of open weather a resumption of more active buying is
anticipated.—V. 150, p.. 1594.
Buffalo Niagara &
Income Account
Divs.
on com.
»
on
1937
1936
Interest
income
-
First pref. dividends...
dividends.
$5,239,525
155,945
$5,395,471
47,019
174,410
110,713
$6,394,471
65,032
169,614
219,969
$5,707,698
119,725
150,184
254,691
$5,557,324
1,750,000
3,354,739
Total Income...
Taxes
Preferred
$5,772,520
151,376
$5,923,896
53,949
202,025
110,598
stocks-
advances—
_
-
$5,063,329
1,750,000
3,354,739
$5,939,856
1,750,000
3,354,737
501,943
303,017
$5,183,099
1,750,000
3,354,727
200,597
Class A dividends
Common dividends
$589,950
4,807,222
310,526
Balance Sheet Dec. 31 (Parent Company Only)
1939
1939
$
Liabilities—
1938
$
1938
$
Assets—
$
$5 cum. 1st pref.
investments:
2,995,000
22,634
99,159
15,410
Advances
17,358
971
924
stock (350,000
98,152,109
3,140,000
22,936
729,268
Common stks.
98,152,109
shs., no par). 35,000,000
35,000,000
$1.60 cum. pref.
Furniture and
fixtures
Cash
Notes and accts.
($25 par) 52,418,125
CI. Astk. (501,493
shs.,
no
stk.
52,418,125
501,493
501,493
2,020,125
2,020,125
Hud. Pr. Corp
1,843,305
1,843,305
Accts. payableTaxes accrued..
receivable
Deferred charges
15,817
180,541
15,850
149,754
par)
Com .stk. (2,020,-
125shs.,no par)
Adv. from Nlag.
Div.
accr'd
on
437,500
.
Capital surplus.
Earned surplus.
Lines June 1—
Total
Total
.101,915,695 101,432,184
Consolidated Income Account for
101,432,184
2,386
7,315,354
Calendar Years (Incl. Subs.)
1938
1939
2,181,048
437,500
2,215
7,315,354
1,728,463
101,915,695
pref. stock
Other liabilities
m
N
$147,487
5,955,800
291,184
-
Expenses
Net
1938
1939
From subsidiary cos.:
Divs. on pref. stocks.
4 ^Interest
Eastern Power Corp.—Earnings—
for Calendar Years (Parent Company Only)
Income—
Brooklyn-Manhattan Transit Corp.- -City to Take Over
^
1938.
the
making every possible effort to point out this
Situation to each unassented bondholder, individually, and will continue
to do so with every means available."—V. 150, p. 2248.
York will take over as of June 1 next, the transit routes
of the Brooklyn-Manhattan Transit Corp. and its subsidiary, the Brooklyn
& Queens Transit Corp., joining them to the extensive subway routes
already owned by the city. This was announced April 7, by City Comptroller
Joseph D. McGoldrick. Mr. McGoldrick added that officials also look for
early consummation of the purchase agreement under which the municipality
will take over the Interborough Rapid Transit-Manhattan Ry. lines.
This
step would complete city control of a rapid transit system carrying nearly
2,000,000,000 passengers a year. Hundreds of miles of street railways and
large power plants also/will be brought under municipal ownership.
Coincident with receipt of title to the Brooklyn-Manhattan Transit and
B. & Q. T. lines, New York City will begin distribution of $175,000,000 in
its own bonds to holders of deposited securities and to the companies them¬
selves.
All bonds to be issued under the plan will be of 40-year maturity
and will bear interest at the rate of 3% per annum.
.
Comptroller McGoldrick revealed also that as a convenience to small
Investors the city will break an 18-year precedent by listing the more than
$300,000,000 unification bonds on the New York 8tock Exchange. This is
being done at the invitation of the Exchange, he said, and the formal
papers to accomplish it will be filed April 15.
For the purpose of closing title to the B.-M. T.-B. & Q. T. lines, the
city will issue its securities in large denominations to the depositaries and the
trustees of the companies," Mr. McGoldrick declared.
"At the same time,
however, we will be prepared to issue in exchange for these large pieces, the
in
Brown Fence & Wire Co.—Sales—
community.
The City of New
$1,422,127
Company reports sales for the month of March, of $435,366 as against
$671,969 for March, 1939. Sales from July 1, 1939 through March, 1940,
were $2,564,992, as compared with $2,834,420 for the similar period last
management is
"2", 259
a265,488
b Includes $0.50 payable
Liabilities—
1938
$413,016
S.
Co
voted approval of the plan, President French declared that the "apparent
reluctance" of a very small minority of the road's bondholders may result
"Your
-
Balance Sheet Dec. 31
bring about defeat of the road's plan of exchange and "force the railroad
ests of the
$1,094,056
249,829
297,962
Ahlberg Bearing
stockholders at their annual meeting
a
24,385
$1,922,285
35,551
$1,749,708
297,045
282,030
Sell., adm. & gen. exps__
Depreciation
Approp. for con ting
Other charges
Inventories
Says Few Bondholders
W There is "grave danger" that a comparatively few holders of bonds will
Answering
1936
$2,103,333
37,888
Other income
May Defeat Plan—
into the costly procedure of
1937
$1,073,862
20,195
type military planes known as Flying
Fortresses. This is believed to mean about 50 ships. The Flying Fortress
planes previously built have been powered with four Wright Cyclone engines
with total horsepower of 4,000.
They are rated with a top speed of more
than 260 miles an hour at 14,000 feet and a cruising speed of 220 mph. at
10,000 feet. The new planes will be known as B-17D.
&
1938
$1,725,324
fore prov. for deprec..
Earnings
-Earnings—
1939
Total
'—The company has filed with the New York Stock Exchange a statement
Boston
They will also be
With the issuance of securities for the B.-M. T. unification less than two
1939
Notes
8,711,696
"Definitive $500 and $100 certificates to replace the interim certificates
will be ready within 60 to 90 days. Registered bonds in definitive form will
be available in denominations of $100, $500 and $1,000.
issued in unlimited amounts in multiples of $1,000."
31
Liabilities—
$
9,975.641
Marketable
Dec.
Sheet
1938
$
Cash
Balance
2413
actual corporate stock bonds in coupon denominations of $1,000, as well as
Interim certificates in smaller denominations.
1937
1936
Operating revenues
$36,426,537 $34,778,864y$38,496,248 $34,953,923
Oper., deprec. & taxes— 25,221,136
24,402,174 y25,351,922
21,445,642
Operating income..
Other income
.$11,205,401 $10,376,689 $13,144,325 $13,508,280
1,279
4,792
5,133
23,691
Gross income
Interest
on
funded debt.
Miscell. deductions
Net
income
1st pref. div. requirem'ts
$1.60 pref. dividends—
Class A dividends
$11,206,680 $10,381,481 $13,149,459 $13,531,871
3,987,517
4,086,993
4,151,653
4,729,082
249,191
234,110
340,831
468,658
x$6,969,972 x$6,060,378
1,750,000
1,750,000
3,354,739
3,354,739
Common dividends
.
$8,656,973
1,750,000
3,354,737
501,493
303,017
$8,334,131
1,750,000
3,354,727
200.597
$2,747,726
$3,028,807
„
Balance
$1,865,233
$955,639
x Earnings per share on 2,020,125 shares of common stock
(no par)
$0.67 in 1939 and $0.22 in 1938.
y Adjusted figures.
was
The Commercial & Financial Chronicle
2414
Consolidated Balance Sheet
1939
{Including Subsidiaries)
?
Assets—
1938
$
Liabilities—
$5 1st pref. stk.
$1.60 pref. stk..
35,000,000
52,418.125
Sinking funds 4c
special depos.
Class A stock—
501,493
501,493
2,020,125
98,531,500
99,079,500
1,843,305
1,843,305
960,708
1940
2,020,125
Common
stock-
128,541
77,106
4,870,384
2,790,750
Funded
3,182,353
2,708,677
1,420
1,445
Hud. Pr.Corp.
Mat'ls 4c suppl's
2,071,796
745,637
Traffic earnings
—V. 150, p. 2250.
Notes
&
sub.
accts.
receivable
Int. 4c divs.
company
..
1,981,695
2,305,708
Acets.
771,033
2,318,319
Consumers' dep.
414,652
Taxes accrued—
1,974,628
Interest accrued
PrepaymentsDef'd charges—
1,207,187
685,872
436,505
1,702,228
1,230,280
437,500
99,049
114,049
pref. stock
Other cur. liab—
Deferred
.
credits
31,486
Res. for deprec.
26,123,656
24.645" 125
372,513
356,185
7,315,354
15,799,387
Mlscell.
reserves
Capital surplus
7,315,354
.
Earned surplus.
Total
—246,586,669 243,585,034
17,335,387
246,586,669 243,585,034
_
—V. 149, p. 3109.
Bullion Gold & Silver
Mining Co.-
■Withdrawing Regis-
$2,432,000
Increase
$328,000
Co,.(& Subs.)—Earnings—
Consolidated
Income
Years
Calendar
Account for
1939
1938
1937
1936
$44,531,798 $37,572,191 $40,252,621 $38,302,927
30.313,381
37,288,895
32,050.655
34,396,091
Net sales--.
437,500
payable-
Divs. payable on
Total
Cannon Mills
1939
$2,760,000
__
-
Adv. from Niag.
rec.
35,000,000
52,418,125
of
debt
1940
Earnings for the Week Ended April 7
$
Fixed capital.-228,007,122 227,533,185
Investments
5,396,824
5,273,707
Cash
April IS,
Canadian Pacific Ry.—Earnings—
1939
1938
5
Dec. 31
Cost of goods sold.
Gross profit from sales
$7,242,902
$5,521,536
$5,856,530
Inc. from commissions..
878,953
669,963
776,101
712,119
Gross profit from oper.
$6,191,499
$6,632,632
2,490,536
$8,701,666
2,309,465
Prov. for depreciation..
$8,121,856
2.706.442
1,060,672
889,805
804,570
Net profit from oper..
Other income credits
$4,354,742
351,326
$2,842,169
267,585
$3,252,292
498,617
$5,587,632
589,842
$4,706,067
1,110,532
$3,109,754
832,174
$3,750,909
1,519,151
$6,177,474
1,901,916
$3,595,536
1,975,574
$2,277,580
1,234,727
$2,231,759
1,975,562
$4,275,558
3,951,120
sur.
$1,619,962
$1,042,852
Surp. at begin, of ye^r.
13,109,907
12,068,991
$256,197
12,035,739
$324,438
11,556,304
*12,291,936
$11,880,742
Crl54,997
Sell,, admin. &
gen. exp_
Gross income
Income charges
Net income for year.-
Dividends
2,444,902
904,428
$7,989,547
tration—
The Securities and Exchange Commission issued an order authorizing the
registration on the San Francisco Mining Exchange of the common stock
(par 10c.) of the company be withdrawn, effective at the close of business
on April 15.
Net inc. added to
Gross surplus.
Burlington Mills Corp. (& Subs.)—Earnings—
Consolidated Income Account for Calendar
Years End. Dec. 31—
1939
1938
Earns,
$27,196,409 $27,319,509 $25,421,358
2,187,149
1,620,887
2,124,454
567,539
511,605
471,121
$2,774,902
218,078
$1,619,610
149,407
$1,109,282
104,242
$1,653,333
32,686
$2,992,980
.321,685
Net profit
Other income
$1,769,017
200,140
$1,213,525
300,944
$1,686,019
305,446
^
and excess profits tax
Fed. undist. prof, taxes
sh. on 1,000,-
per
630.417
319,009
$2,040,878
163,543
13,500
$1,249,867
241,441
147,866
$735,538
10,047
Cr9,826
19,943
—,—
20,697
Assets—
x
------
Dividends paid
$1,239,820
545,632
1939
1938
$
Property,
a
$
$970,568
240,501
and
1939
Liabilities—
Common
plant
equipment- 8,754,804
6,616,497
1,024,795
3,599,388
2,005,873
Cash
b Accts. rec.(cust.)
696,450
receivable
195,858
5,789,655
65,672
prom, notes
Note pay., bank..
196,750
7,958,519
33,042
notes
Cash
sur.
Cash.
Accts.receivableInventories
z
and
notes
Reserves
accts. receivable
138,645
Def.
189,249
Sundry Invest, se¬
Other receivables
2,688,435
Deferred charges.97,880
Total--
2,728,520
curities
283,184
309,933
187,328
278,381
Earned surplus
22,330,799 15,993,825
41,459,565 1
Total
Burma
Net oper. revenues
Net
120,045
$259,878
6,009
$4,669,620
2,300,000
71,396
$4,876,320
2;300,000
74,046
Cr2,433
$185,723
$2,298,224
1,255,237
$2,504,707
1,255,237
$1,042,987
$1,249,470
191,667
income
—Y. 150, p. 1424.
817,928
9,738,420
2,600,002
577,517
8,288,300
1,409,674
(J. I.) Case Co.—New Directors—
W.W. Coleman and F.A. Poor have been elected directors of this
company,
increasing the membership of the board to 13.—V. 150,
22,330,799 15,993,825
-
3867.'
The Securities and
Exchange Commission bas issued
application of the company to detest in com non stock
tive at the close of business on April 15.—V, 150, p. 1130.
Central
Consolidated
Foundry Co. (& Subs.)—EarningsIncome
Account for
Cal.
Period—
the Period from Sept. 1,
to Dec. 31, 1939
final
a
dividend of 35
preferred stock, payable July 1.—V.
150,
p.
cents
per
share
on
the
Oregon Power Co.—Earnings—
Year Ended Jan. 31—
Operating
1936
$2,327,421
238,235
Maintenance and repairs
Appropriation for retirement
reserve.
—
Amortization of limited-term investment
Taxes
.
-
Provision for Federal
income
——
taxes
$2,317,218
238,210
$2,089,186
Operation
$2,079,008
Dr40,431
7,270
638,802
91,309
{Effective
Net operating income
Other income
4,013,786
3,284,503
3,470,177
1,297,954
$332,460
$770,126
$177,186
642.955
&
607,693
660,374
10,397
7,884
9,130
171.814
3,836
$234,110 loss$283,117
34,549
24,129
$100,620
$268,659 loss$258,988
57,287
53,465
$129,678
general
Drl6,734
_
Net income
funded debt-
55,699
$1,536
11,970
$13,506
30,598
& expense
13,250
11,034
3,017
12,114
3,339
9,986
5,396
122,375
5,522
89,470
101,864
47,167
26
22
prof$64,829
$415,999
$43,360
_
Depreciation
Federal income tax
Net loss
555
$74,799
Consolidated Balance Sheet at Dec. 31
Gross income
$2,072 452
842,500
203,223
Interest on funded debt
Amortization of debt discount and expense
Other interest (net)
Amort. of preliminary costs of projects
'iq6
abandoned-
$2,038,577
842,500
203,223
CrQ
Net income
150, p. 2084.
85,567
23,476
82,190
16,481
$917,580
Miscellaneous deductions
$894,189
Assets—
Canadian Insurance
1939
Cash
a dividend of
$1 per share on the common stock,
value, payable April 15 to holders of record March 30.
Dividend
of 50 cents was paid on May
15, 1939 and one of $1 was paid on April 15,
1938. —V. 148, p. 2889.
432,631
1,045,436
in
hands
tax
49,302
2,726,389
1
49,302
of
Matured bond int.
unclaimed
Acer,
Directors have declared
an
Ltd.—Interim
Canadian National
on
revenues
t
$3,877,506
on
bonds
48,260
17,815
36,085
55,787
21,974
350,600
350,600
Gen. mtge. 5s
86,449
Accrued taxes
648,200
648,200
4% conv. notes-
58,281
97,000
370,300
Curr.acct.due Cen¬
tral Ir. & Coal Co
conv.
the
Dividend
1st
Capital surplus
1939
Earned deficit
$3,370,862
Total
Increase
$506,644
Total..
633,348
2,688,074
471,205
370,300
632,794
2,685,762
536,034
$4,817.822 $4,496,455
Including 3,291 shares issuable to holders of old securities not presented
1939 and 4,012 shares in 1938.—V. 149, p. 2506.
y
in
$4,817,822 $4,496,455!
784
mtge,
6s
5% cum. pref. stk.
y Common stock-
Earnings of the System for the Week Ended April 7
150, p. 2249.
21,929
Acer. int.
2,059
-
JRy.—Earnings—
1940
and
Other accrued liab.
Deferred charges.
Div.—
interim dividend of 70 cents per share
stock, payable May 1 to holders of record April 15.
was paid on Nov. 1, 1939.—V.
148, p. 3683.
of like amount
1,975
salaries
5-year
Investment,
152,800
5,526
wages
par
Foreign
$91,471
Prov. for Fed. inc.
mach. 4c equpt. 2,723,598
1
Patents & goodwill
Invest. 4c advances
1938
$91,931
300,000
Accounts payable.
Notes payable——
buildings,
Land,
1939
$156,246
1,148,655
Inventories.i
trustee
Shares, Ltd.—Dividend—
Directors have declared
Liabilities—
1938
$135,133
700,793
Accts. & notes rec.
Cash
Canadian
29,057
of debt discount
Other interest
Net operating revenues
Rent for lease of electric plant
$1,475,140
Dec. 31, '36
(incl.
Net profit from oper.
on
End'
1937
Other income
Interest
4 Mos.
$887,462
gds. sold
admin.
Amort,
Year
$4,240,303
1939
$4,686,882
1,038,646
283,593
310,043
Cal.
1938
Prov. for doubtful accts-
1940
Year
$3,616,963
expenses
$5,011,107
1,144,775
257,509
480,000
7,270
645,216
148,916
revenues
Cal.
$4,901,248
Gross profit
2249.
Sell.,
California
of
____
idle plant exp.)..._
Preferred Dividend—
Year
1939
Net sales.
Cost
Calamba Sugar Estates—Final
Gross
order grantin
(par $20) effec
Date of Reorganization)
Directors have declared
—V.
an
the
(Holding), Ltd.—Dividend-—
Company paid a dividend of 5 2-5 cents per share on its preferred stock,
April 5 to holders of record March 5.—V. 148, p. 2114.
common
834.
p.
Central Cold Storage Co.— Delisting—
Corp., Ltd.—Interim, Dividend—
an interim dividend of 5 3-5 cents
per share on
stock, payable April 4 to holders of record Feb. 16.—V. 150,
on
no
$383,399
$4,853,802
22,518
Balance.
100,000
for
Cables & Wireless
-V.
41,459,565
$4,648,767
20,853
766
Divs. applic. to pref. stocks for the period
1130.
p.
$457,371
191,667
5,826
mortgage bonds.
on
$382,633
Int. charged to constr
592,868
Directors have declared
common
46,656,091
Light Co.—Earnings—
$456,254
1,117
Gross income
Int.
p.
the
Total...
1940—Month—193 9
1940—12 Mos.—1939 "
Operating revenues
$1,120,703
$1,000,734 $12,148,956 $11,997,852
Operating expenses
376,833
364,913
4,513,978
4,152,537
Direct taxes
197,616
163,188
1,906,211
1,911,513
Prop, retire, res. approp.
90,000 >
90,000
1,080,000
1,080,000
Other int. & deductions.
depreciation,
b After deducting reserves,
c
In
addition, $48,131 were reserved for exercise of stock purchase warrants,
din addition, $9,020 were reserved for sale to employees.—V. 149,
reserve
14,782,922 13,109,907
49,324
Capital surplus
After
185,717
93,406
Surplus
Period End. Jan. 31—
65,000
1,362,441
135,000
In com.
Accts. pay. (sundry)
a
1,027,717
42,394
stk. of subs
Total
249,620
1,444,889
210,650
depreciation of $13,028,984 in 1939 and $12,853,312 in 1938.
y Represented by 1,000,000 shares (no par),
z Including, among other
things, 12,200 shares of company's stock reacquired.—V. 150, p. 1595.
Other income (net)
profs, on sale
int.
Dividends payable
Fed. & State taxes
Reserves
After
1,000,000
644,919
Res. forcred. losses
Min.
$
53,071
...—46,656,091
—
1938
$
Capital stock...25,000,000 25,000,000
Note payable
2,000,000
Accts., &c., pay.. 3,217,629 *1,793,203
y
Deferred credit
& investments..
c545,632
1,875,000
of cottages-
Deferred charges..
1939
Liabilities—
S
3,015,722 A 3,060,715
1,258,181
1,801,346
5,650,460
4,153,846
17,909,443 14,514,344
Market secure
666,660
1,620,000
6% bds.
55,000
Accts. pay. (trade) 1,975,516
Curr't maturities352,222
1st mtge.
value of
life ins. policies.
Other
$
d624,757
4% debentures.-.
3% prom, notes..
3)4% serial debs.. 3,000,000
Mlscell. accts. and
Mdse. inventories.
1938
$
stock...
$4.28
------
$715,595
411,221
Comparative Consolidated Balance Sheet Dec. 31
Assets—
$2.23
1938
$
Plant, property,
&c_——
10,035,970,15,147,722
Carolina Power &
$2,050,704
761,165
$2.27
Consolidated Balance Sheet Dec. 31
x
interests.
$1.61
.
1939
$991,265
1
,
000 sns. common stock
1936
(no par)
.
Dr222,945
Surplus at end of year.$14,782,922 $13,109,907 $12,068,991 $12,035,739
Years
1937
Sales
(less returns and
allowances)
— -$39,270,505
Net profit from opera'ns
3,428,157
Prov. for depr. & obsoL.
653,255
$14,729,869 $13,111,844
CY53.054
Drl,937
Surplus adjustment
Volume
The Commercial & Financial Chronicle
ISO
Central Electric &
The
Midland
Marine
Central Illinois
Co.
York has
of New
been
appointed
Heating
Non-oper.
revenues
expenses
State & municipal taxes.
Social security taxes
Fed. (incl. inc. tax) taxes
1939
1938
1937
$5,831,100
$6,023,644
2,312,429
2,185,669
2,206,835
$5,617,355
2,032,945
1940—12 Mos.—1939
$2,173,847
1,230.486
$2,329,689
1,325,756
171,751
18,233
129,369
160,186
15,017
108,198
1936
$6,315,701
551,936
1,080,000
1,010,116
Prov. for depreciation..
General taxes
463.200
Federal taxes
60
$684,580
4,566
$659,960
4,078
$53,707
20,417
1,279
1,918
$72,238
20,417
1,271
2,461
$689,146
245,000
14,904
30,204
$664,038
245,000
13,280
50,109
$30,093
18,928
Bond interest
$8,277,561
2,954,829
530,549
910,000
715,067
253,000
$8,820,588
3.158,566
$2,663,553
719,723
3.180,764
Maintenance
$72,178
77
Gross income
52,746
$8,560,810
3,072,206
501,185
991,200
954,664
378,000
$9,167,068
Operation
$53,630
Net operating income.
Non-oper. income (net).
$48,089
18,928
$399,038
227,136
$355,649
227,136-
574,515
541,217
48,890
474,234
69,807
493,359
45,579
revenues._
Total gross earnings..
•
Operating
Operating
Corp.—Earnings—
1940—Month—1939
$197,767
$213,966
97,345
133,888
13,827
13,916
1,270
1,326
13,147
11,206
Period End. Jan. 31—
as
Light Co.—Earnings—
Calendar Years—
Gross earnings—Electric
Gas
Central Vermont Public Service
Telephone Co.—Co-Paying Agent—
Trust
co-paying agent for principal and interest on $5,000,000 principal amount
of first mortgage and collateral bonds, 4>£ % series A, due January 1, 1965.
—V. 150, p. 2250.
2415
$2,978,284
691,723
14,856
85,435
Cr37,850
$2,914,116
676,646
$2,224,121
$2,107,679
Other interest_
479.289
975.200
837,849
391,400
_
Other deductions
Net income
Pref. div. requirements^
Earns, for the 12 months ended Dec.
31,1939 appeared in the "Chronicle'
of March 30, page 2086.
Gross income
Int.
$2,881,051
719,723
4,571
85,513
Cr23,114
long-term debt..
on
Misc. int. & other chgs.
Amort .of dt.disc.& exps.
Int. charged to constr'n.
5,248
85.513
Cr47,331
75,667
73,057
Crl8,934
Balance Sheet Bee. 31
y$2,094,358 y$l,900,401
501,607
501,607
1,155,000
1,050,000
dividends
Common dividends
Balance Sheet Dec. 31
Assets—
disc.
Debt
in proc.
Pref.
&
Accounts payable
Accrued taxes
Accrued interest..
in process of
376,950
amortization...
Misc. curr. liabil
568,356
Other def'd credits
Def. charges & pre¬
paid
127,616
497,995
1,079,651
193,818
198,419
31,754
34,933
funded debt
102,083
2,415
64,370
5,356
59,256
Accrued taxes
25,711
20,430
for oper. & cons.
154,020
Unbilled income._
88,400
150,000
86,476
2,948
3,788
5,917", 103
217,566
Reserves
254,083
U. S. Govt, secur.
172,612
Contrib. for exten.
280,151
265,623
2,455,000
2,430,000
Earned surplus...
3 ,053,772
2,807,427
1,125,352
1,081,150
518,536
—
Accts., notes and
int. receivable..
Mat'ls &
supplies.
Total
517,880
52,562,265
After
x
reserve
by 210,000
51,450,7711
.52,562,265 51,450,771
Total
y
Represented
shares.
Interest Paying
Agent—
mortgage bonds, 3H% series, due April 1, 1966 of, the company,
of the Commonwealth & Southern Corp.—V. 150, p. 2250.
in lieu
Central Maine Power Co .—EarningsPeriod End. Feb. 29—
1940—12 Mos.—1939
1940—Month—1939
Operating revenues
Operating expenses
State & municipal taxes.
Social security taxes
Fed. taxes (incl. income)
$645,908
225,808
62,202
3,959
47,502
Net oper. income
Non-oper. income (net).
$306,437
2,926
$7,511,893
2,689,688
751,229
48,603
478,669
$270,161
(net)
deductions
income....
Pref. div. requirements.
$3,283,801
47,244
$3,331,045
1,312,958
19,976
181,793
414,053
$273,638
111,242
Cr2,787
15,366
$3,587,091
1,324,278
$180,627
108,099
$149,817
108,099
$2,115,574
1,297,182
Cr33,123
180,362
975
137,215
643,373
607,573
charges
41,173
exp.
b Reacquir. secur s.
.
_
.,
expense....
....
Depreciation
Retirement provision
(& Subs.)—Earnings—
1QQQ
3.264",538
3,465,319
Operating income
Non-operating income
xl Q87
2,606,483
3,232,092
$5,780,298
35,992
27,309
$6,175,439
$5,816,290
2,552,617
320,693
$5,368,351
(net)
..16,991,444 16,852,507
Total
Interest
on
funded debt
Interest
on
unfunded debt...
231,031
$6,299,315
2,618,784
274,072
GY7,252
125,332
17,505
Cr378,290
Cr387,235
95,951
9,129
charged to construction.
Amortization of debt discount & exp.
Interest
Miscellaneous deductions
Central Vermont Ry.,
Inc.—Earnings—-
123,876
96,910
23,050
Net income
-
Preferred dividends
Common dividends
—
$2,894,704
1,257,925
1,455,550
$3,201,309
1,257,925
1,708,690
$3,270,873
539,583
—
484,028
1938
125,336,047
120,957,345
Liabilities—
1938
$
5
1,918,910
1,924,749
b Common stock
31,642,400
25,158,440
31,642,400
special depos.
Funds held for
2,180,870
1,524,982
Funded debt...
62,409,900
62,409,900
Long-term liab
351,596
future constr.
7,203,538
9,768,671
362,105
3,997,560
Notes receivable
1,528,443
5,914
1,280,608
7,060
Int. & divs. rec.
803
R97
Ace'ts receivable
1,890,469
1,133,433
1,983,481
1,149,752
58,846
Sinking funds &
suppl's
Unamort.
c
d Advances
4,888,560
payable.
898,596
Consum's' depos
339,193
347,312
Taxes accrued._
877,511
729,540
Interest
accrued
526,750
Net revenue from railway
operation —...
2,012,455
Divs. on
pf.stks.
2,113,587
557,202
35,287
314,481
314,481
111,268
104,895
Def'd credits...
295,076
Railway tax accruals
Railway operating income
Equipment rents.
—
Joint facility rents... — ... —
i :■
$420,693 loss$545,204
Net railway operating income
Other income
b
12,021,496
10,392",849
706,195
3,535,914
733,790
3,362.366
Res. for
deprec.
140,805,199
Total
...143,812,587 140,805,199
1,265,696 no par shares,
c Relating to Stillwater
d From Niagara Hudson Power Corp.—V. 149, p. 4168.
Chesapeake & Potomac Telephone Co. (Bait.)—Gain
in
Phones—
343,792
902,223
1,741
902,050
1,924
$1,763,283
....—_
—
-
...
Comparative General Balance Sheet Dec. 31
1938
$
$
24,444,668
1,405,675
1,362,351
ry.
property
11,343
22,879
1,049,600
1,926
305,350
investments
1,926
Special deposits...
253,845
6,248
Cash
Traffic &
13,001
54,943
1,006,223
Misc. phys. prop..
Other
6,011
179,682
259,129
debt
Funded
17,462,000 17,384,000
Non-negotiable dt.
to affll.cos
Traffic &
bals.
7,076,492
151,736
Audited
payable..
151,396
258,242
29,433
3,248
454,868
22,885
3,010
accounts
wages
Int. mat'd unpaid.
assets.
67,436
Unmat. int. accr'd
Unmat. rents accr.
26,228
Other
12,383
8,804
Other def. llabs...
853
1,027
278,679
563,224
Tax
curr.
liabs..
V
252,715
22,583
10,745
247,215
96,750
443
454
5,039
3,369
stk.
funded
on cap.
Accr. deprec., eqpt
110,315
2,847,368
Oth. unadj. credits
Work'g fund advs.
409,598
2,668,854
426,035
3,603
3,603
liability.....
Additions to
16,996
15,254
190,818
172,546
through
prop,
Inc.
&
surplus
unadjusted
28,846,411 28,574,684
Total
3,000
3,000
unpaid
Materials & suppl's
on
7,951,492
car serv.
payable
23,923
curr.
124,674
124,674
...
un¬
199,918
576,127
6,416
ductors
Misc. accts. ree'le.
Dlsct.
$
of
Funded debt mat'd
receiv'le
from agts. & con¬
Dlsc't
aid
Misc. accts. pay..
car serv.
bals. receivable.
Other
in
construction
In
Inv. in affil. cos
Grants
10,000,000 10,000,000
....
matured
lieu of
mtgd. prop, sold
1939
$
Liabilities—
Capital stock.
equipment
24,906,846
Improve, on leased
Depos.
1938
1939
&
Deficit..
....
9,925,651 10,997,280
28,846,411 28,574,684
Total..
1929.
Central Vermont Transportation
Co.—Earnings1939
1938
$233,434
221,148
$216,405
200,796
$12,286
7,395
$15,609
10,182
$4,891
$5,427
4,800
4,800
$91
$513
Calendar Years—
Operating profit...
Taxes
Balance
on
6.053 stations, compared with 4,965 in
of 1938.—V. 150, p. 2087.
1939, and 3,114 in the like period
114
unfunded debt.
Dividends
Surplus after dividends
Balance Sheet as of
Dlsct.
on
stock
Bills & accts. ree'le
Cash
Other assets
1939
1938
$97,015
Property.
Total
Company had a net gain of 2,309 stations during March, compared with
2,247 in March, 1939 and 1,514 in March, 1938.
For the first three months of the year, the company had a net gain of
326,795
$778,373
leased roads
Other deductions
Interest
Represented by
Reservoir,
$452,386 loss$515,517
Income available for fixed charges
Net loss for year
37,461
$458,600 ioss$507,743
6,214
7,774
Total income
Assets—
143,812,587
37,907
-
•
Fixed charges—rent for
Interest deductions
$829,920 loss$120,346
188,900
193,317
220,327
231,541
30,287
Other current &
Earned surplus.
Total
2,468,147
242,522
706,573
Miscell. reserves
Other def. chgs.
$212,867
333,213
979,615
916,902
143,662
542,988
Accts.
debt
disc. & exp
25,158,440
accrued liabs.
44,501
— -
Transportation
-—
Other railway operating expenses..
-V. 150, p.
5%
cum.
pref.
stk.($100 par)
Prepayments
$4,963,715
$1,124,996
—
,•..w-„
—
debits...
1939
1939
Mat'ls &
494,513
$5,801,709
812,108
970,604
142,968
2,505,705
245,328
...
Maintenance of way—
Maintenance of equipment
debt
Consolidated Balance Sheet Dec. 31
456
$4,059,530
409,672
440
$4,898,430
419,251
or-*'—
Railway operating revenues
Other
Restated for comparative purposes.
1938
1939
Calendar Years—
Other def. assets..
Cash
144,739
692,858
-.16,991,444 16,852,507
Total...
Average miles of road operated—
Freight revenue.
Passenger revenue
Net bals.
$5,395,660
2,552,078
Gross income
Investments
2,500,000
a After reserve of $32,825 in 1939
and $30,799 in 1938.
b Four shares
$6 preferred stock, market value $416 in 1939 and $396 in 1938.
d 37,860
no par shares,
e 50,000 no par shares.—V. 150, p. 2086.
1,297,182
$24,849,517 $24,112,063 $25,036,196
10,860,680
11,667,877
11,488.053
1,354,305
1,442,247
1,710,194
2,764,300
2,817,600
Taxes
Fixed assets
3,788
2,140,193
3,542,860
stock.__
295
295
(at cost)
Assets—
1939
Calendar Years—
Operating revenues
Operation expense.
......
2,948
2,147,797
3,542,860
e Common stock..
2,500,000
62,480
Capital surplus...
Earned surplus...
864,203
(contra)
Reserves
d $6 pref.
Investment in road
Central New York Power Corp.
x
65,021
unclaimed
divs.
614
515,649
Prepay. & deferred
$1,816,318
150, p. 2250.
Maintenance
68,332
Consum's' deps. &
int. thereon
(contra).
Special deposits._.
agents
Capital stock
94,532
Mat'd bond int. &
fiscal
Miscellaneous deductions from income
3,477
$309,363
113,458
375
14,903
Gross income
Bond interest
—V.
207,147
59,198
3,642
35,461
$6,840,668
2,380,166
714,887
47,731
$3,543,704
43,387
$575,609
Net
&
20,636
109,069
income tax..^..
deposit with
trustees
102,083
20,783
Federal
for
Prov.
Materials & suppl.
Cash
Other accr.llab-..
Traffic expenses
Company has notified the New York Stock Exchange of the appointment
of Bankers Trust Co. as interest paying agent for first and consolidated
Other
Mdse. for resale..
All other revenues
of $128,026 in 1939 and $147,891 in 1938.
no par
Other interest
Accrued interest on
22,248
6 ,766,034
172,860
accounts..
Cash....
x
.
101,622
376,867
1 ,188,627
its, &c
515,416
429,903
prem.,
disct., comm. &
exp.
115,530
Accounts payable.
225,689
__
con.
Consumers' depos¬
exp.
of amort
stock
$
4H% pref.stock__ll ,146,400 11,146,400
y Common stock.. 10 ,833,987 10,833,987
Long-term debt
18 ,554,300 18,554,300
47,202,937 45,917,785
27,300
29,350
intangibles)
$
Liabilities—
$
Utility plant (incl.
Investments
1938
430,000
Notes payable
and
rec.
Other assets
1939
1938
$
7,000,000
430,000
95,013
7,000,000
212,678
Accts.
Notes receivable..
Beginning Jan. 1, 1937, the amortization of preferred stock premium,
discount, commission and expense has been charged to earned surplus.
Prior to that date such amortization was charged to income deductions.
For comparative purposes the amount charged to income deductions in
1936 ($95,702) has been eliminated from the above statement of income for
that year,
y Earnings per share on 210,000 shares of common stock (no
par) was $7.58 in 1939 and $6.66 in 1938.
Funded debt
248,805
a
mdse.instal.
x
1939
hand.
15,327,764
1938
$
Liabilities—
$
$
226,698
on
Net income....
x
Preferred
1939
1938
1939
Assets—
Fixed capital
15 ,038,122
Cash in banks and
$106,414
82,086
5,535
82,086
20,733
11,030
4,097
$244,982
$224,360
60,056
2 IK)
Checker Cab Mfg.
Dec. 31
1939
1938
Capital stock
Mat'd UDpaid int.
$200,000
$200,000
Bills & accts. pay.
37,789
17,257
Other liabilities...
2,543
2,543
Liabilities—
75
.
75
Surplus
4,575
4,485
Total
$244,982
$224,360
Corp.—Transfer Agent—
Corporation has notified the New York Stock Exchange that its common
stock will be transferred at the offices of Schroder Trust Go. in lieu of
the company's office, effective April 15, 1940.—V. 149, p. 3111.
I
The Commercial & Financial Chronicle
2416
Chicago Corp.—Asset Value—
Chesebrough Mfg. Co. Consolidated^Earnings
Calendar Years—
1939
Earnings for the year., „
$944,458
Previous surplus..—1,144,395
Adjustments. .......— Dr132,072
1936
1937
1938
$638,514
1,159,215
126,666
$807,335
1,175,629
16,351
$894,919
1,159,867
$1,956,781
720,000
$1,924,395
780,000
$1,999,215
840,000
$2,015,529
840,000
Surplus as at Dec. 31. $1,236,781
Earns, per sh. on 120,000
shs.com.stk. (par $25)
$7.87
$1,144,395
$1,159,215
$6.73
The company reports as of March 31, 1940, net assets, based on market
value, of $31,757,311, equal to $59 a share on 538.245 shares of $3 con¬
vertible preferred stock.
After allowing for preferred stock at its stated
value of $50 per share, plus accrued dividends thereon, balance of net assets
were equal to $1.30 a share on 3,308,511 shares of common stock.
This compares with net assets on Dec. 31, 1939, equal to $58.85 a share
on preferred and $1.28 a share on comnaon.~-V. 150, P. 1758.
$1,175,529
$5.32
$7.46
„
Total surplus....
Dividends paid.
....
....
..
j6t39,256
Chicago Flexible Shaft Co.- —Earnings—
12 Weeks
_
„
Balance Sheet Dec. 31
,
Estimated net profit be¬
fore Federal taxes.
—V. 150, P. 1273.
...
1939
Assets—
x
Plant,
1939
lAaMXUies—
1938
April 13, 1940
1938
-3 Mos. Mar. 31
—
$317,174
1937
1938
1939
Mar.23,'40
$267,381
$133,928
$380,647
Common stock...$3,000,000 $3,000,000
wareh'ses
276,410
estate--$1,280,824 $1,251,104 Accounts payable.
Notes receivable-.
6,450
15,000
20,000 Deferred credits..
Market, securities. 1,375,833
1,418,521 Redemption of pre¬
113
ferred stock....
x Furn. A fixtures.
26,017
26,635
x Autos, trucks A
3^721,083
Sundry reserves
stable equlpm't12,045 Surplus
.....
1,236,780
10,044
Cash.
719,861
753,027
Accts. receivable412,487
486,941
Investments
2,920,608 2,918,457
Invents, (mdse.).. 1,327,908
1,109,857
Bed. of pref. stock
113
deposit account.
113
Deferred charges.
70,864
77,687
and real
—
256,119
3,472
113
3,589,010
1,144,395
Chicago Junction Rys. & Union Stock Yards Co.—
Unlisted Trading—
The New York Curb
;
;vv?;-'
-Vyr';-'.
:v;
Exchange has removed from unlisted trading the
5%_mortgage and collateral trust refunding gold bonds, due April 1,1940.
—v.
149,.p. 409.
Chicago Memphis & Gulf RR.—Financial Adjustment—
.
...
The Interstate Commerce Commission March 25 authorized the com¬
pany in furtherance of a proposed plan for modification of interest charges
and maturity, dated Oct. 12, 1939, to modify the provisions of not exceed¬
.
$8,240,836 $7,993,110
Total....
x
..$8,240,836 $7,993,110
Total
150,
After deducting depreciation.—V.
p.
1273.
Chicago Daily News, Inc.-— Underwriters—
Company filed, April 11, with the Securities and Exchange Commission
amendment to its registration statement reporting the underwriting
group for proposed issues of $2,600,000 of 10-year
sinking fund
debentures due on April 1, 1950, and 48,000 shares of 5% cumulative
$100 par preferred stock.
The underwriters and the amounts of debentures and preferred stock to
be underwritten by each follow:
Pref.
an
.Debentures
Glore, Forgan & Co...._.—
Central Repuoiic Co.-i
Haisey, Stuart & Co., Inc.
A. G. Becker 8c Co., Inc.......
A. O. Ailyn 8c Co., Inc...
Bacon, Whipple & Co—...
E. H. Rollins 8c Sons, Inc
Farwell, Chapman 8c Co
Sills, Troxell 8c Minton, Inc.—
—V. 150, P. 2250.
Shares
.t$465,000
—
10,000
10,000
465,000
375,000
-.—.-i.....
"8,odd
375,000
325,000
220,000
7,000
5,000
4,000
2,000
2,000
175,000
100,000
100,000
....
ing bonds will be $22,050. The income account based on
Jan. 1,1923, excluding supervisory expenses, the basis most favorable to the
applicant, assuming independent operations, failed to show earnings suffi¬
cient to meet the proposed fixed charges.
It was testified that the applicant is not in need of financial reorganiza¬
tion of the character provided for under Section 77 of the Bankruptcy Act
because the fortunes of the applicant are tied up with the Illinois Central
general busicss conditions and with the elimination of unfair competition,
1936
1938
930
895,523
87,582.344
$.019
$.018
the financial results of operation will be such that the Illinois Central will
931
798,525
1937
927
721,522
74,539,926
be in
75,741,574
$.018
Revenue freight (tons)-.
7,087,015
6,437,971
8,074,894
7,969,598
Rev, frt. (tons) 1 mile.. 1,244848793 1143526,9691484226,0181380502,596
Rev. per ton per mile..
on the outstand¬
divisions in effect
pay the bonds is reasonably expected to be temporary only, having in mind
the two companies, as there is a possibility that with the improvement in
for Calendar Years
$.019
mile..,..
proposed plan, annual fixed interest charges
on several occasions that the latter company
is not in need of financial reorganization; that the applicant's inability to
1939
Average miles operated.
927
Passengers carried.—.
675,856
Pass, carried 1 mile.
75,976,315
Rev. per pass.
,
Under the
and that division 4 has found
Chicago & Eastern Illinois Ry.—Annual Report—
General Statistics
ing $735,000 of first mortgage 5% gold bonds, pursuant to the provisions
of Chapter XV of "An Act to Establish a Uniform System of Bankruptcy
Throughout the United States," as amended and supplemented.
The report of the Commission says in part:
The company on Nov. 28, 1939, applied for authority to modify the pro¬
visions of not exceeding $735,000 of first mortgage 5%
gold bonds by extend¬
ing the due date thereof from Jan. 1, 1940, to Dec. 31, 1962,and by reduc¬
ing from 5 % to 3 % the rate of interest thereon during the extended period,
together with other minor changes as provided in a proposed plan dated
Oct. 12, 1939.
The Illinois Central RR. intervened in support of the
application and filed a brief jointly with the applicant. The Bankers Trust
Co., trustee under the applicant's first mortgage, also intervened in support
of the application.
It
A plan of adjustment dated Oct. 12, 1939, has been promulgated by the
applicant which, as of Nov. 27, 1939, had been assented to by holders of
at least 25%. in amount, and as of Dec. 18, 1939, 43.67% or $321,000, of
the $735,000 of first mortgage gold bonds outstanding.
$.0098
$.0096
$.0087
$.0093
a position to refund bonds of the system at lower rates of interest and
possibly make a substantial reduction in the funded debt; that the plan is
In the public interest because it provides for the continued operation of the
applicant's railroad; that it is in the interest of the bondholders because it
avoids complete default on the principal and interest, providing for interest
at the rate of 3% per annum for 22 years and giving the,bondholders every
prospect of ultimate payment of the principal; and in the interest of the
stockholder, the Illinois Central, because in case of default
while the
Illinois Central might get some of the applicant's business, It would lose
much of the business now interchanged with the applicant, would lose the
amount of money invested in the applicant's stock and the amounts
advanced for additions and betterments and for the retirement of equip¬
ment trusts.
If the plan is consummated the annual rental payable for
interest on the applicant's bonds, by the Illinois Central under the lease
would be reduced from $36,750 to $22,050, a reduction of $14,700.
It was
also stated that the plan is feasible, financially advisable under existing
conditions, and will not be followed by insolvency of the applicant, or by
need of financial reorganization, because division 4 has found that the
Illinois Central is not in need of financial reorganization.
As the whether or not the plan provides for fixed charges in an amount
in excess of what will be adequately covered by the probable earnings avail¬
able for the payment thereof, it was stated that it is not
possible to separate
wholly the operations of the applicant from those of the Illinois Central,
and tnat while the applicant's
properties are not now earning sufficient to
pay the proposed fixed charges, it is in the interest of the Illinois Central to
make up whatever deficit exists through the payment of rental to meet the
fixed charges.
Such future financing as may be requisite, and adequate
maintenance of the applicant's property, it was stated, will be taken care
of by the Illinois Central, as heretofore.
It was also stated that the plan
Is consistent with the proper performance by the applicant of service to
the public as a common carrier, and will not Impair its ability to perform
such service, as it insures, so far as possible, the continued ability of the
applicant to perform adequate and suitable service to the public as a common
,
Income Account for
Calendar Years
Operating Revenue—
1939
1938
1937
1936
Freight-.——..$11,999,587 $11,155,471 $12,877,900 $12,816,673
1,426,086
1,684,201
226,377
Passenger
Mail, express, &c.—
Other than transp'n—
1,408,776
1,508,833
215,706
1,588,571
1,704,500
211,429
1,369,540
1,751,734
171,160
Total oper. revenue.. $15,336,250 $14,288,786 $16,382,400 $16,109,107
Maint. of way 8c struct..
1,834,651
1,698,419
1,776,926
1,948,652
Maint. of equipment...
2,629,289
2,248,658
2,811,723
2,677,339
Traffic expenses..
657,913
645,215
695,379
670,077
5,998,633
95,912
623,312
Transportation ........
Miscell. operations, &c_,
General expenses.......
Total oper.
5.892,111
83,614
674,075
6,297,851
90,777
686,421
5.902,610
77,661
646,527
expenses-$ll,839,711 $11,242,093 $12,530,803 $11,751,140
Netearnings—...... $3,496,540
Operating income
Operating Expenses—
$3,046,693
914,000
Taxes, Ac.............
948,000
$3,851,597
a895,000
$4,357,967
960,000
$2,582,540
$2,098,693
$2,956,597
$3,397,967
....
876,447
932,446
Joint facil. rent inc.—Dr
Other income..........
684,020
337,451
498,981
247,804
877,871
742,144
251,892
923,332
816,334
269,595
$1,359,623
2,101,843
185,700
191,172
$915,069
2,113,097
158,637
30,985
$1,588,474
$1,927,896
2,095,069
153,729
14,488
Hire of equip.—Dr.
Total Income....
Interest..........
Rents....
Miscellaneous.
.—
....
.
Total charges........ $2,478,715
Total loss...........
1,119,192
Income appllc. to sink,
.
.
and other funds.
155,610
30,584
$2,302,719
1,387,649
$2,304,299
715,824
$2,263,286
335.390
395,380
Includes
a
395,380
395,380
395,380
$1,514,572
Deficit
a
2,118,104
$1,783,029
$1,111,204
$730,770
credit of $224,857 covering amounts accrued during 1936
under Railroad Retirement
Act cf 1935,
Condensed General Bala
1939
subsequently
nee
repealed.
1939
UabUUies—
1938
$
$
Inv. in road &
eq—71,522,683 71,641,429 Common stock—.23,845,300 23,845,300
Preferred stock—22,046,100 22,046,100
Improvements on
leased property.
7,049
7,049 Governm* tal grants
209,522
190,611
Sinking funds
7
7 Long-term debt—32,128,036 32,328.036
Deposits in lieu of
Loans A bills pay. 7,460,744
7,465,085
mtged. prop'ty.
12,617
12,617 Traffic A car-serv.
Misc. phys. prop.. 1,760,198
bals. payable—.
1,754,842
395,303
453.809
Inv. in affil. cos.:
Audited accts. and
Stocks—2,585,601
Bonds
...
550,000
Advances— 2,191,130
Other investments
48,448
Cash..—.—_
Demand loans and
1,232,769
deposits.— 3,000,000
Special deposits.—
143.059
Loans A bills reo—
85,712
Traffic A car-serv.
bals. receivable.
194,066
Net bal. rec., due
from agents and
conductors—
2,585,601
wages payable..
864,593
768,681
550,000 Miscell. accts. pay.
86,939
135,029
2,061,245 Interest matured,
51,330
unpaid—. .—13,364,443 11,346,351
1,530,085 Funded debt ma¬
tured unpaid... 2,741,000
2,736,000
2,000,000 Unmatured lnterest accrued——
15,335
333,756
335,591
89,067 Other curr. llahlls.
68,203
60,372
Deferred liabilities
158,107
183,672
187,255 Tax liability S.
765,669
814,233
■
Accrued
224,163
375,756
847,833
69,202
1,496
15,523
29,415
193,687
353,627
1,079,216
17,601
2,118
15,483
71,719
prems. prepaid.
2,127
Other unadj .debits 1,985,092
deprecia¬
tion, equipment 4,253,077
unadjusted
credits—— 2,377,112
3.677,292
2,005
1,860,216
Mlso.acetS.receiv.
Mat'ls A supplies.
Int. A diva, receiv.
Other
curr. assets.
Work, fund ad vs..
Other defd. assets.
Bents A insurance
Total...
Other
2,300,728
Add'ns to property
through income
and surplus
....
354,990
Sink, fd. reserves. 7,634,914
Profit and loss—
349,251
7,239,534
balance, deficlt.32,203,861 30,184,139
...-.86,883,949 86.081,535
Total
If the
plan is not approved, the alternatives, it
was
stated, are trusteeship
applicant's line.
The net
scrap
value of the applicant's railroad was esti¬
mated to be $122,338.
The applicant's only
income is from the lease and is equal to the interest
payable on its outstanding bonds. It has no funds and, assuming that the
lease is not terminated and its terms are not modified prior to Dec. 31,1962,
will not then have funds with which to pay the bonds at the
proposed
extended maturity date. Testimony is to the effect that the refunding of
the bonds may be included at some later indefinite date in a refunding
mortgage of the Illinois Central System.
However, this is merely an asser¬
tion which carries with it
no
obligation
on the part
of the Illinois Central
to refund these bonds.
Sheet Dec. 31
1938
carrier.
under Section 77 of the Bankruptcy Act or foreclosure in equity, either one
of which would, in all probability, ultimately result in abandonment of the
.—86,883,949 86,081,535
No provision is made in the plan for a sinking fund
for the bonds nor is any income provided for that purpose.
It was stated
that the Illinois Central will not permit the applicant to become insolvent
under the
plan unless the Illinois Central itself becomes insolvent. In the
event the Illinois Central canceled the lease, however, the applicant in all
probability would soon become insolvent,
The Illinois Central's traffic
department solicits traffic for the applicant's line, and makes no charge for
this service.
If the applicant's line were operated independently the
Illinois Central could not be expected to furnish this service without charge.
To the other expenses would be added expenses of supervision and the cost
of procuring and maintaining equipment, all of which is now taken care of
by the Illinois Central.
It appears, therefore, that the applicant could not exist as an independ¬
ently operated railroad, and its existence depends on the continuation of the
lease.
As was stated, the fortunes of the applicant are almost inextricably
linked with the fortunes of the Illinois Central.
Under the terms of the
lease the Illinois Central agreed to pay the interest on the outstanding
bonds, but did not agree to pay the principal. The lease, however, may be
terminated at any time by either party.
In the event of cancellation of the
lease the liability of the Illinois Central to provide the interest on the bonds
would cease, and* as shown above, the applicant would not be able to pay
either the interest on or principal of the bonds.
Counsel for the Illinois
Central stated that he did not understand the agreement of the Illinois
Cfentral to pay, as part of the rental under the lease, the interest on the
applicant's outstanding bonds to be an assumption of obligation in respect
of such interest, but merely a provision for the payment of rental in an
amount equal to the interest, as the agreement is only with the applicant
and not with the bondholders.
The plan, however, provides that the
Interest on the bonds at the fixed rate of 3% per annum Is to be an obliga¬
tion of the Illinois Central.
The benefits accruing to the Illinois Central
from traffic interchanged with the applicant were shown above.
The
Illinois Central will also benefit by the proposed reduction of the interest
rate, which will result in reducing the rental payable by it under the lease
by $14,700 annually.
Tbe applicant and the Illinois Central state in their exceptions that the
plan was not submitted to the bondholders, nor was the application filed
with us, on any assumption that the Illinois Central would promptly there¬
after terminate the lease.
They also state that, in order to remove any
doubt on this point, if we approve the plan, the Illinois Central will amend
Volume
so as to eliminate therefrom the provision which reserves to it the
right to terminate the lease on notice in writing.
The plan of adjustment has been accepted by the holders of more than
43% of the aggregate amount of bonds affected by the plan, this being the
only class of securities involved.
We have scrutinized the facts relative to
this application independently of the extent of the acceptance of such plan
by the bondholders, and of the lack of any opposition thereto, and conclude
that on the record here before us, and subject to the condition that the
Illinois Central will modify the terms of the lease so that it will not be
terminable by it prior to Dec. 31, 1962, the authorization sought should be
granted.
We find that, subject to the condition metioned, the proposed modifica¬
tion by the Chicago
Memphis & Gulf of not exceeding $735,000 of first
mortgage 5% gold bonds, pursuant to a proposed plan dated Oct. 12, 1939,
as aforesaid,
(a) is for lawful objects within its corporate purposes, and
compatible with the public interest, which are necessary and appropriate
the lease
for and consistent with the proper
performance by it of service to the public
as a common carrier, and which will not impair its ability to perform that
service, and (b) is reasonably necessary and appropriate for such purposes;
(2) that the Chicago Memphis & Gulf is not in need of financial reorganiza¬
tion of the character
provided for under Section 77 of the Bankruptcy
Act;
(3) that its inability to meet its debts matured or about to mature is
reasonably expected to be temporary only; and (4) that the plan of adjust¬
ment, after due consideration of the probable prospective earnings of the
property in the light of its earnings experience and of such changes as may
reasonably be expected (a) is in the public interest and in the best interests
of each class of creditors and stockholders; (b) is feasible, financially advis¬
able, and not likely to be followed by the insolvency of said
applicant, or
by need of financial reorganization or adjustment; (c) does not provide for
fixed charges (of whatsoever nature including fixed charges on debt, amorti¬
zation of discount on debt, and rent for leased roads) in an amount in excess
of what will be adequately covered by the
probable earnings available for
thereof; (d) leaves adequate means for such future financing as
be requisite; (e) is consistent with adequate maintenance of the prop¬
erty; and (f) is consistent with the proper performance by the applicant of
the payment
may
service to the
public as
perform such service.
a common
carrier, and will not impair its ability to
Mahaffie dissenting stated:
Commissioner
-
plan may be approved by us only if we can make the findings
prescribed by the Congress. Among them is that the plan—
is feasible, financially advisable, and not likely to be followed
by the insolvency of said corporation, or by need of financial
reorganization or adjustment;
In that finding I am unable to join.
In my Judgment, the applicant is now
In need of financial reorganization and the plan approved merely defers the
This
:r5.•: ' •
Chairman Eastman and Commissioners Miller and Patterson join in this
proceeding.1-
-
.
'■'v
Commissioner Splawn did not participate in the disposition of this case.
—V. 150, P. 989.
V •
-N!
expression.
Chicago & North Western Ry.—Annual Report—
Geneial Statistics for Calendar
Avge. miles of road oper.
8,349
Tons revenue freight— 35,910,661
Tons freight per ton mile5793766394
1936
1937
8,465
8,400
8,391
30,060,163
40,654,979 38,945,072
2500389,890 6223789,247 6171145,711
17,453,003
17,338,592
17,489,478 16,275,149
696.071,164 684,877,211 733,325,453 662,413,574
mile of
1.15 cts.
1.18 cts.
1.10 cts.
1.16 cts.
mile..
1.64 cts.
1.65 cts.
1.63 cts.
1.64 cts.
Passengers carried
Rev. per ton per
freight
Rev. per pass, per
Earnings for Calendar Years
Operating Revenues—
Freight
Passenger
Mail
Express
Allother
.
Total oper.
1939
1938
1937
1936
$66,569,374 $61,176,684 $68,692,622 $71,524,136
11,493.011
11,254,561
11,945,922
10,857,359
2,527,517
2,466,326
2,480,372
2,370,619
1,653,264
1,636,742
1.805,555
1,922,957
5,007,294
4.521,556
4,877,603
5,294,227
revenues..$87,250,460 $81,055,869 $89,802,535 $91,969,298
Operating Expenses—
Mafot. of way & struc.. 13,861,270
Maintenance of eqpt
17,536,364
Traffic-..2,356,104
13,093,043
17,538.088
14.942,577
22,877,269
2,280,455
2,295,290
15.117,216
20,125,401
2,079,272
34,824,161
34,410,320
37,141,944
35,618.353
—
Transportation...
Miscell.
901,388
853,382
928,740
751,391
2,897,598
102,012
2,952,764
81,668
3,339,692
171,381
3,537,880
199,514
operations
General
—
-
Trans, for invest.—Cr__
Total oper. expenses.
solely by the general creditor®
creditors and the holders of the 20-year
of 1949, acting together as one class,
One of the trustees, instead of being chosen
of the road, will be chosen by these
convertible 4%% series A bonds
according to the order.
changes in the manner in which the
Corporation's claims against the road are to be
The ICC also made certain minor
Finance
Reconstruction
handled, but it denied all other petitions
for revision of the reorganization
plan, including those filed by the Irving Trust Co., Chemical Bank & Trust
Co., Bank of New York and Guaranty Trust Co., as trustees under certain
bond issues.
•;
New Directors
Elected—ICC Plan Opposed-—
,
elected at the annual meeting April 9.
They arc
Omaha; Chester O. Wanvig, Milwaukee, and Guy A.
Thomas, Minneapolis, all of whom were nominated in the proxy statement,
and Robert K. Stuart, of Evanston, and Robert E. Smith, New York,
both of whom were elected by the stockholders at the meeting but were not
named in the proxy statement.
The meeting was marked by criticism of the directors' shareholdings,
the management, the Interstate Commerce Commission, and the Recon¬
struction Finance Corporation.
The stockholders approved a resolution demanding that the directors
oppose the Commission's plan of reorganization.
Charles M. Thompson,
trustee in bankruptcy of the road, spoke in opposition to the resolution,
saying the board represented creditors as well as stockholders and should
not exercise a preference for one class.—V. 150, p. 2088.
Five new directors were
William H. Schellerg,
Chicago Rock Island & Pacific Ry,—New
Director—
Hodges has been nominated for election to the board of directors
railway at the annual meeting on May 2.
Present members of
the board have been nominated for reelection.—V. 150, p. 2250.
W. V.
of this
Chicago & Southern Air Lines, Inc.—Revenues—
Company flew 2,159,318 revenue passenger
months of 1940. an increase of
miles during the first three
49.6% over the same period of 1939. when
miles.
D. D. Walker, Vice-President,
the airline flew 1,442,974 passenger
April 4 that during the period from Jan. 1 to March 31,
of 5,395 revenue passengers were carried, against 3,504
This is an increase of 54%.
The total number of passengers carried in March, 1940, showed an
increase of 46.4% over February of the same year and an increase of 61.5%
over the month of March, 1939.
The company flew a total of 907,173
revenue passenger miles in March, 1940, against 588,461 in February, 1940,
announced
1940,
on
total
a
for the same months in 1939.
and 577.231 in
March, 1939.
domestic scheduled air lines of the
without fatality
During these 12 months the domestic
air lines of the United States flew 87,000,000 plane miles and carried
2,000,000 passengers, a total of 814,600,000 passenger miles.
For a
3M-year period ended on March 31, 1940, Chicago & Southern Air Lines
had flown more than 25,000,000 passenger miles without a singlefatality
Mr.
Walker further stated that the
United States
on
March 26 completed a full year of service
to passengers, crew, or anyone
else.
to passengers or crews.
Years
1938
1939
Passenger miles
2417
The Commercial & Financial Chronicle
150
.$72,274,873 $71,046,384 $81,354,132 $77,030,000
On May 1 the company will launch a new
planes for service between Chicago and New
fleet of 21-passenger Douglas
Orleans.—V. 150, p. 1596.
Chicago Union Station Co.—Securities
The Interstate Commerce
Authorized—
Commission on March 27 authorized the com¬
issue $16,000,000 1st mtge. series F, 3Ys% bonds, and not ex¬
ceeding $600,000 of 1H% guaranteed notes of 1940, the bonds to be sold
at not less than 99.43, and the guaranteed notes at par, in both cases with
accrued interest, and the proceeds used in connection with the redemption
of $16,000,000 of the Station company's 4% 1st mtge. bonds, series D.
Authority was granted to the Chicago Burlington & Qunicy, the trus¬
tees of the property of the Chicago
Milwaukee St. Paul & Pacific, the
Pittsburgh Cincinnati Chicago & St. Louis and the Pennsylvania RR., to
assume obligation and liability, as guarantors, by endorsement, in respect
of the payment of the principal of and interest on such bonds and notes.—
pany to
V. 150, p.
1929.
City Ice Co., Kansas
City—Files Under Trust Indenture—
with the Securities and Exchange
Company recently filed an application
Commission under the Trust Indenture
Act of 1939 seeking qualification
6% sinking fund gold bonds, series A, due April 1, 1945, in
connection with the extension or the bonds for a 5-year period.
The application is the first filed inder the Trust Indenture Act in which
the issuer's securities are exempt from the provisions of the Securities Act
of 1933.
Since the Indenture Act became effective last month, some
applications have been filed under the act although the securities had to be
registered under the Securities Act of 1933.
.
.
:
Under the Trust Indenture Act, the SEC will examine the trust indenture
to see if it meets with the requirements provided by the Indenture Act.
A period of "incubation" of 20 days must elapse before the qualification
of $1,342,000
becomes effective.
Net
rev.
$10,009,485
from ry. oper..$14,975,587
Deductions from revenue
r
$8,448,404 $14,939,298
Railroad retirement &
j
,
-
■
1,976,880
social security tax..
2,790,309
2,705,899
1,051,873
Railway tax accruals
Eqpt.
& joint facility
rents & miscell-
3,402,701
4,407,355
4,944,766
3,060.317
3,021.743
2,414,364
2,671,258
def$125,511
1,399,268
$37,400
1,854,008
$5,260,641
1,767,850
$1,273,757
$1,891,408
16,549,740
16,702.507
16,702,496
$9,109,868 $15,275,983 $14,811,098
$9,674,004
Income available for
fixed charges
Fixed
charges—rents
interest
—
-
Net deficit
5,030,518
,
V
$7,345,481
$7,028,491
.
.
16,455.349
Balance Sheet Dec. 31
-N'/N/f.:,./
1939
;
-
1938
1937
.
jf\rS
557,749,344
74,629,544
4,062,758
4,062,566
7,180,776
3,300,043
9,922,179 11,773,545
9,225,432
10,633,548
and eqpt
.555,317,398 555,500,394
Investment in affiliated companies— 74,691,240
74,649,897
Investment in road
Other investments
Cash
-
Material and supplies
—
Other current assets
Unadjusted debits
-
4,062,744
13,133,893
8,504,587
11,591,174
20,552,811
Liabilities—
.
Capital stock and scrip held by publicl80,839,845
stock..-29,658
Governmental grants
2,777,600
Long-term debt..
299,151,500
Loans and bills payable
32,872,499
Premium realized on capital
—
Other current liabilities
4.146,048
70,206,217
33,730,200
2,858,285
4,770,770
Tax liability
—Accrued depreciation—equipment
4,256,981
75,845,459
Audited accts. and wages payable
Interest matured unpaid
Funded debt matured unpaid.
.
Unmatured interest accrued.
Other unadjusted
credits
Corporate surplus
Total
-
16,076,849
18,426,435
...—687,853,847 678,967,872 678,225,440
Total
;
180,839,845 180,839,845
29,657
29,657
1,949,348
1,543,125
299,742,500 303,206,500
32,885,644 32,915,265
3,977,205
56,252,194
34,070,200
2,889,425
4,164,531
5,182,939
72,325,255
4,195,174
40.696,738
33,902,200
2,920,090
3,935,453
5,391,490
70,625,059
16,783,115 13,779,571
11,314,602
Dr40,414,329 Dr29120,444Drl3289,761
687,853,847 678,967,872 678.225,440
Contingent Liabilities—The C. & N. W. Ry. Co. guarantees, jointly and
severally with two other carriers, the payment, principal and interest, of
$5,000,000 general mortgage 50-year 4%% bonds of the Indiana Harbor
Belt RR. Co.
Also guarantees the payment, principal and interest, of $45,636,000 1st
bonds of the C. ST. P. M. & O. Ry. Co., owned by the C. &
N. W. Ry. Co. and now pledged as security for loans from Reconstruction
Finance Corporation, and the Railroad Credit Corp.
mortgage 5%
Reorganization—
The
Interstate Commerce
Commission in a supplemental report dated
April 2 refused to modify its reorganization plan for the company In any
material respect, but revised the method for choosing one of the five voting
trustees for the preferred and common stock of the reorganized company.
Light Co.—Integration Delayed—
April 9 granted Its third
postponement in an integration proceedings.
It is extended from April 12
to May 13 the date by which company is to report on how it intends to
Cities Service Power &
v
The
Securities and
integrate its
Exchange Commission on
properties.—V. 150, p. 1759.
Cities Service
W. Alton Jones,
Co.—Annual Report—
President, states in part:
During the year company divested itself of its voting
Service Power & Light Co., Gas Service Co.. Kansas City
control of Cities
Gas Co. and the
Gas Co.
Company, however, retains its previous
investment interest, without voting power, In the stocks of these companies.
Petroleum Subsidiaries—Total net crude oil production of the domestic
subsidiaries was 22,255,000 barrels, a decline from 1938 of 520,000 barrels.
Production was adversely affected by more stringent proration and the
15 day shut-down of oil production enforced by the regulatory authorities
of States in the Mid-Continent area during August and September.
The
average price received for crude oil during 1939 was $1.02 per barrel, com¬
pared with $1.18 for the year 1938.
.
,
„
During 1939 the company's subsidiaries drilled 157 producing oil wells
compared with 172 in 1938.
The new drilling brought into production
69 additional leases and added 6,300 productive acres to the holdings of
the subsidiaries.
Seven of these leases are in the State of Michigan and
the remainder In the Mid-Continent area.
New discoveries during the year increased the underground reserves of
oil by an amount in excess of the total production for the year 1939.
It is
estimated that the crude oil reserves at the close of the year were the
highest in the history of the companies.
....
Crude oil inventories, considered to be at reasonable working levels,
totaled 5,307,000 barrels.
This is a reduction of 2,167,000 barrels during
Wyandotte
County
,
the year.
The oil
sidiaries
in 1938.
lines wholly owned by the sub¬
during 1939, compared with
Crude oil transported by affiliated pipe
1939, compared with 77,265,000 barrels
transported by the crude oil pipe
amounted to 17,824,000 barrels
21,410,000 barrels during 1938.
lines totaled 76,225,000 barrels in
■
In July, the Texas-Empire Pipe Line Co., in which Empire Gas & Fuel
Co., owns a 50% interest, constructed a 122-mile 10-inch main line from the
Illinois fields to connect with its Chicago line.
Additional facilities are
currently being installed which will increase the volume that may be trans¬
ported into the Chicago area from the Illinois fields.
The Texas-New
Mexico Pipe Line Co., in which the Empire Gas & Fuel Co. owns approxi¬
mately a 10% interest, enlarged its facilities in New Mexico.
Crude oil run to stills amounted to 35,745,000 barrels, compared with
33,377,000 barrels for the year 1938.
Total gasolene produced amounted
to 16,710,000 barrels and for the year 1938 15,784.000 barrels.
*
Gasoline inventories at Dec. 31, 1939 totaled 2,899,000 barrels, as com-
Sared with 2,646,000 the increaseDec. 31, 1938. This was an increase of
.6%, compared with barrels at
of 15.6% for the entire industry reported
by the United States Bureau
of Mines.
Natural Oas Subsidiaries—Total natural gas sales by
tban 5% in 1939 over those for 1938.
This
subsidiaries increased
increase was due to
improved industrial activity and to more favorable house heating weather.
The Natural Gas Pipeline Co. of America, in which Cities Service Co.
owns approximately a 26% interest, increased its sales of natural gas 9%
over the previous year.
Cities Service Gas Co. constructed 83 miles of pipe line, including40 miles
of 8-inch pipe line from the Cunningham field in Pratt and Kingman
counties Kan., to a point on the general system near Hutchinson, Kan.f
more
The Commercial & Financial Chronicle
2418
and
reclaimed 48
miles
of pipe
line,
Louiisana Gas Co.
Arkansas
April
Consolidated Income Account
con¬
from
Munce
Natural
1939
reserves
Total gross operating tevenue.
Costs, operating and other
properties of subsidiary companies in the Hamilton.
Ont., area were transferred during the year to operating subsidiaries of
United Fuel Investments, Ltd., in exchange for a half interest in more than
99% of the common stock of that company.
Southern Ontario Gas Co., Ltd., and Dominion Natural Gas Co., Ltd.
have been amalgamated under the laws of Ontario into a new company,
Dominion Natural Gas Co., Ltd.
The Federal Power Commission, under authority of the Natural Gas
Act of 1938, has issued general orders applicable to all natural gas com¬
panies subject to the Act pertaining to statistical and financial reports,
rate changes and the uniform system of accounts.
The Commission in¬
stituted investigations of the rates of certain gas pipe line companies in¬
cluding Cities Service Gas Co.
Taxes...
last
annual
meeting,
of the
notes
Gas
Service
Int.
Public
the
and
a
Interest
mortgage 4XA% bonds, resulting in an annual interest saving of approxi¬
mately $96,000.
Taxes—The total aggregate tax expense of the company, its subsidiaries,
and utilities not controlled for 1939 of $18,236,868 was more than four times
the net income of the company.
This direct tax expense was equivalent
to $4.92 on each share of Cities Service Co. common stock
outstanding at
Dec. 31, 1939.
The tax expense for the year 1939 was $8,613,185 in
excess of 1932, the year in which dividends were
suspended.
This increase
is equivalent to more than twice the annual dividend
requirements on all
Cities Service Co. preferred stock issues outstanding at the end of 1939,
and equivalent to $2.32 on each share of Cities Service Co. common stock
outstanding at the «n<i of 1939.
All taxes ($57,329,315), including sales taxes collected for governmental
agencies, for the year 19o9 exceeded such taxes for 1932 by $28,400,000
and exceeded total payrolls for 1939 by approximately $16,800,000.
683,408
824,156
1,149,427
charges
(exci.
of int.
2,397,967
1.269.203
42,142,029
43,086,133
56,060,382
charges
-
on
on
4,834,460
460,558
597,660
2,369,144
1,983,486
1,687,484
11,885,835
notes and accounts
funded debt of sub.
13,160,382
13,878,898
payable..
in hands
cos.
of public.
Amort, of debt discount and exp. of sub.
1,164,726
1,396,810
1,428,581
5,734,169
1,089,385
6,024,690
926,839
6,437,756
1,958,965
19 438 212
cos.
Divs. paid A accrued undeclared cum. divs.
on
sub.
pref. stks. in hands of public
Proportion of net Income applic. to min.ints.
cos.
Net Income
a
Less
18.996,264
25,834,237
9!218,711
9,513,875
3,630,759
Int. chgs. on funded debt of Cities Service Co.
Provision for Federal income tax......
3,667,874
9,516,216
b6.702,306
5,814,515
9,615,714
6,588,742
Interest
capitalized,
$14,608
in
1939, $65,473 in
1938,
$88,019 in 1937
and $55,022 in 1936; and carrying charges collected on instalment sales, $447,834
in 1939, $414,455 in 1938 and $337,442 in 1937.
b Including surtax of $3,463,726
in
1937
and
$975,706 in 1936.
Consolidated Capital Surplus for the Year Ended Dec. 31, 1939
Capital surplus as at Dec. 31, 1938
^....$21,474,973
Discount on pref., preference and com. stks. of Cities Service Co. reac¬
quired during year 1939 and undeclared divs. thereon to Dec. 31, 1937 11,136,668
Undeclared
1939 of
divs. to
cum.
Dec.
pref. stocks of sub.
Total.
31,
cos.
1937 released through
purchase in
1,600,397
and utilities not controlled
$34,212,038
._
Amt. transferred to the
not
registered goldmg companies, including Cities Service Power & Light Co.
and its subsidiaries in regard to the integration provisions of that Act.
Cities Service Power & Light Co. and its subsidiaries are giving careful
consideration to the matter of answering said order in a manner consistent
with legal requirements and the best interests of their security holders.
Gas Service Co.—Gas Service Co. in December refunded $6,208,000 of
6% indebtedness through the issuance and private sale of $6,500,000 first
other
Interest
sustained.
to
6,744,193
887,110
bond interest coupons
on
Co.
Utility Holding Company Act of 1935, issued orders directed
47,222,830
7,092,933
on funded debt of Cities Service
Co.):
Sundry charges, incl. Federal and State taxes
of Properties—Grays Harbor Railway & Light / Co. and Willapa
Electric Co., subsidiaries of Federal Light & Traction Co., operating in
the State of Washington, sold their utility properties and assets early in
1940 after protracted negotiations and, in the case of Willapa Electric Co.
after the instigation of condemnation proceedings.
These properties were sold at prices far below book costs and substantial
were
32,911,824
5,049,459
Gross income..
the
Negotiations are also in progress for the sale of other isolated utility
properties.
Integration—In March, 1940 the SEC, acting under Section 11(b) (1) of
35,056,033
ties not controlled retired thru sinking funds
Sale
losses
570,490
27,576.003
586,896
Excess of par over book value of debs. A bonds
of Cities Service Co. and sub. cos. and utili¬
company entered into an indenture with Harris Trust & Savings Bank,
Chicago, as trustee, under which it pledged to secure the company's out¬
standing debentures, all of the shares of outstanding common stock (of
which approximately 8% was subject to a
prior lien) of Cities Service Power
& Light Co. and also an undivided 10% interest in the shares of the pre¬
ferred stock of that company owned by Cities Service Co.; and also on the
same
date the company entered into an indenture with City National
Bank & Trust Co., Chicago, as trustee, similar to the indenture with
Harris Trust & Savings Bank, and for similar purposes, under which it
pledged the common stocks of the Gas Service Co., Kansas City Gas Co.
and the Wyandotte County Gas Co.; and among other things, the com¬
pany conferred upon such trustees exclusive power to vote said stocks for
all purposes.
The only remaining interest of company in Cities Service
Power & Light Co. is its investment position without voting power in the
common and preferred stocks and ownership of approximately 8% of the
debentures of the latter; and company also occupies a like investment
position in the common stock of said three gas companies and, In addition,
holds
3,490,760
599,730
Net operating revenue..
before the Trial Examiner for his report
thereon, and thereafter will be submitted to the Securities and Exchange
Commission for its decision.
the
13,990,212
4 ,264,075
30 ,803,106
Income from affil. pipe line cos. and divs. and
int. on invests, in A advances to other cos..
Int. on notes A accts. rec. A miscell. income..
now
to
14 ,272,284
3,833,065
31,333,308
....
expenses..
Provision for bad debts
Application for Exemption from Holding Company Act.—During 1939 and
year, hearings were held on the company's application for its
exemption from all the provisions of the Public Utility Holding Company
Controlled—Subsequent
94 ,761,530 108,503,465
11,306,098
10 640,603
28,580,024
27 ,112,752
14,308,180
Rents and royalties
the present
not
S
expenses;
Selling, general A administrative
An investigation of the rates of Arkansas Louisiana Gas Co. is being
conducted by the Department of Public Utilities of the State of Arkansas.
Utilities
1937
$
220,370,277 215 .336,664 241,256,288
_
Cost of sales and operating expenses
96,445,153
Maintenance and repairs
10,145,202
Depletion, depreciation and replacements.. 28,649,605
distribution
Act of 1935 and the matter is
1938
$
Station.
gas
(.Company and Subsidiaries and
Utilities not Controlled)
and productive capacity were maintained by ex¬
ploratory and development drilling on leases owned and by purchase con¬
tracts.
During the year. 22 producing wells were drilled with a total daily
open flow capacity of 575 million cubic feet.
The
Ended Dec. 31
Years
structed in Louisiana 14 miles of 14-inch pipe line from the Lake Bisteneau
field to its Monroe 20-inch line, and built 10 miies of 10-inch pipe dne west
13, 1940
reserve
for investments in sub.
cos.
and utilities
controlled representing the portion of the reserve for the accrued
undeclared divs.
on
pref. and preference stks. of Cities Service Co. to
Dec. 31, 1937 released bv virtue of the reacquisition of such stocks
during years 1938 and 1939.
Adjustments of oil producing properties and intangibles applicable to
period prior to Dec. 31, 1937 ($2,817,751) and provision for loss on
property held awaiting sale, exchange or other disposition ($500,000),
—...
less proportion
($966,785) applicable to minority interests
Provision for estimated loss
on
2,350,967
investment in New Brunswick Power Co.
($1,589,502), less proportion ($478,802) applicable to minority ints_.
Other credits and charges (net)
Capital surplus
as at Dec.
9,668,870
1,110,700
CY210.647
....
31, 1939...
$21,292,148
Consolidated Earned Surplus for Year Ended Dec. 31, 1939
Earned surplus as at Dec. 31, 1938.
Net income for the year ended Dec. 31, 1939
Undeclared cum. divs. since Dec. 31, 1937 released through purchase in
1939 of pref. stocks of sub. cos. and utilities not controlled
Total
$4,517,229
6,588,742
277,392
..$11,383,363
Provision for loss
on sale (in 1940) of the principal properties of Grays
Harbor Ry. A Lt. Co. (utility not controlled)
Proportion applicable to minority interests
Other credits and charges (net)
-
Earned surplus as at Dec. 31, 1939
2,072,002
CY731.311
Cr659,752
.$10,702,425
Consolidated Balance Sheet Dec. 31
Comparative Income Account Years Ended Dec. 31 (Cities Service Co.)
1939
Interest on bonds and indebtedness of
1939
and utilities not controlled.
$8,755,449 $10,734,779
.
Assets—
1938
subsidiary companies
Divs.
and
on pref. and com. stocks of certain
subsidiary com¬
panies and utilities not controlled..
Int. and divs.
on
3,570,488
1,771,401
$18,048,446
758,629
804,247
559,565
807,241
41,520
108,881
9,331,313
575,089
404,589
380,816
sold under repurchase agreement, less reserve
Accounts and notes receivable (personnel)..
Unamortized debt discount and expense..
200,000
.
Other deferred charges and misc. unadjusted debits—
....
37,423
indebtedness to subsidiary companies
Franchise, capital stock, debenture
contingencies.
Marketable securities
1,860
805,408
7,354
9,127,492
Interest on debentures and guaranteed bonds.
Amortization of debenture discount and expense
Provision for
hand..
1,586,806
Depreciation of furniture and fixtures..
on
on
coupon A other taxes
..
Provision for Federal income tax....
165,024
17,856,750
Crude and refined oil (at market)
Merchandise, materials and supplies..
22,256,602
6,325,240
2,679,240
$5,293,702
Holdings,
Inc.—Advances
and
(.Cities Service Co.)
a
1938
Pref. stock of sub.
5
j
154,911,999
Investm'ts in A advances to sub.
cos. A
22,313,586
159,665,131
139,705,365
23,756,566
96,126
36,217,964
131,532
30,221,941
.
utlls. not controlled;
Securities.
^.lnde.bteduess
Other
investments and advances..
Office furniture and fixtures, less reserve
Cash in banks and on hand..
Accrued interest
Minority
122,496,591
-
securities of subsidiary companies and
utilities not controlled and other
companies
Loans, notes and accounts receivable.
on
368,416
427,748
a49,913
604 662
2,132
12,440
8,449,433
1,533
21,544
9,263,383
15,488
8,117
_
Prepaid expenses..
Accts. rec., personnel (incl. officers &
directors of sub. cos.)
Unamortized debenture discount and
expense
Other deferred charges
r,Tf9^1
344,934,089 363,807,523
Liabilities—
Interest
common
stockholders
Interest
in
sub.
Current liabilities—Notes payable (secured)
Notes payable to others (unsecured)
26,667,037
501,353
-
Accounts
c$io
only.
bOn
587 330
22,778340
8,467,719
14,943,730
27,6331798
8,4601926
9,518,072
-
preferred
par.
and
preference
Earned surplus
12,872,259
5,293,702
344,934,089 363,807,523
stocks
to
Dec.
Total
176,372,406
10,404,266
8,860,000
2,609,494
25,432,818
24,071,623
5,515,258
6,312,297
161,693
5,102,021
21,292,148
10,702,425
5,961,741
4,411,539
196,368,421
27,633,798
4,284,142
1,528,659
2,476,212
13,113,702
21,474,973
4,517,229
1,068,578,766
1,080,068,702
4,238,869
213,179,481
22,778.040
2,162,244
1,587,874
1,992,714
12,247,884
Represented by $10 par shares,
b On preferred and preference stocks of Cities
Service Co. to Dec. 31, 1937.—V. 150, p. 2088.
a
409,343
16o!o00
dividends.il.
__
Total
2,656374
377,274
reserves
Capital surplus
549 100
charges
Capital surplus
a
279,316
376,051
Provision for Federal income tax
b Reserve for accrued undeclared
cumulative
Reserve for contingencies
Earned surplus
Contributions for extensions, not refundable
2,523,555
__
Accounts payable
Accrued taxes and other
37,040,668
318,663,614
79,081
and utilities not controlled
Provision for Federal income tax
Notes and accounts payable—not current
Customers and line extension deposits
b Reserve for accrued undeclared cum. dividends
28,888,397
320,980,801
170,033,628
1,767,480
...—
Accounts payable, accrued int. and other charges—
Divs. payable on preferred stock of certain sub. cos.
Reserve for crude and oil price changes....
Reserve for injuries and damages
176,372,406
4,944,172
3,351,069
5,374,400
5,713,200
112,678.100
cos.
and utilities not controlled
82 489 075
170,033,628
37,040,668
107,531,563
Funded debt in hands of public:
Sub. cos. and utilities not controlled, bonds and notes
Cities Service Co.—debentures
Other
aocrued
82,489,075
and utilities not controlled in
37,039,776
Owned by Cities Service Securities Co. (a
subsidiary)...
Consol. Cities Lt., Pr. &Trac. Co. 1st lien
5% goldbonds..
Indebtedness to subsidiary companies
1,080,068,702
112,900
37,039,776
cos.
67,994,275
Debentures of various
maturities, 1950 to 1969:
Held by public
4,094,277
67,994,275
.......
Reserve—Depletion, depreciation and replacements—
Preferred and preference stocks
c Common stocks
4,815,353
292,103
...
hands of public
,
u
23,388,553
securities
Common stock
1939
,
■
109,175
23,733,369
1,984,683
...
Liabilities—
Preferred and preference stock
Balance Sheet Dec. 31
10,415,798
1,881,691
1,623,909
1,068,578,766
Prepaid Interest, insurance and other expenses
Notes and accounts receivable—not current
Employees
1,291,625
11,279,201
Total
Assets—
59,487
18,231,841
6,352,195
2,456,296
26,086,669
Customers accts. receivable, less reserve...!
Mdse. accts. receivable, incl. instal. contracts
Other notes and accts. receivable, less reserves
551,255
$4,224,371
....
Net income....
13,152,695
339,014
54,560,618
350,000
Current assets—Cash in banks and
$16,135,473
.
management expenses.
General, legal and other expenses...
+
47,996,020
62,563,642
-
1,652
and
869,024,635
10,676,055
181,756
/
987,087
.
Interest
383,111
$
858,207,444
44,268,629
advances
and
Special cash deposits
_
Excess of par over book value of debentures of Cities Service
Co. retired through sinking funds
Total gross income
Investments
Sinking fund assets
2,068,930
210,944
Net profit on securities of subsidiary & other
companies sold
Int. on notes and accts. receivable and
sundry receipts
Administrative
miscellaneous
4,111,410
other investments and advances
1938
$
Public utility, petroleum & other props., incl. intangibles
Invest, in and advances to sub. cos. not consolidated
31,
1937.
Cleveland Union Terminals Co.—Trustee—
Company has notified the New York Stock Exchange that J. P. Morgan
& Co., Inc., has been appointed to succeed J. P. Morgan & Co. as sinking
fund trustee and agent in New York for the payment of principal and interest
and for
the registration and transfer of 1st mtge. sink,
fund gold bonds,
series A, B and C of the company, and that such appointment will con¬
tinue in effect only until May 1, 1940, when these functions, except that of
sinking fund trustee, will be performed at the office of the company, 466
Lexington Ave., New York, N. Y.—V. 150, pi 1759.
Volume
The Commercial & Financial Chronicle
150
Coca-Cola
'
Co.—Trademark
(C. G.) Conn, Ltd.—Extra Dividend-—
Appeal Signed—
Suspension of the injunction rendered against manufacturers of "Marbert
Cola," "Dixie Cola," "Apola Cola," "Lola Cola," and "Kola" for infringe¬
ment on the trade-mark of "Cola Cola" was signed March 30 in the United
States District Court for
The appellant in the
Maryland,
of Dixie-
case
Cola Laboratories, Inc., et al. was required to post a bond of $4,000.
The
defendants had asked Judge Coleman of the District Court to allow them
to continue sale of their beverages pending a decision in the Circuit Court
of
2419
Directors
an
extra dividend of 10 cents per share in
dividend of eight cents per share on the common
V. 150, p. 685.
April 2.
declared
have
addition to the regular
stock, both payable April 15 to holders of record
1939
& delivered $4,299,143
1938
1937
$3,938,293
$1,798,899
$1,516,995
2,616,369
$1,432,462
2,145.166
$1,063,279
1,447,547
$4,133,364
$3,577,628
$2,510,827
878,494
758,031
475,228
$3,254,871
Proceeds from copper sold
$2,819,597
$2,035,598
The Court of Appeals will meet in June and lawyers for the
Appeals.
defense said that final judgment would probably
be rendered in October.
—V. 150, p. 1929.
Mining expenditures.
Freight and treatment charges
Collyer Insulated Wire Co.—Pays 10 Cent Dividend—
Company paid a dividend of 10 cents per share on its common stock,
no par value, on April i to holers of record March 25.
An extra dividend
of 20 cents, in addition to a quarterly dividend of 10 cents, was paid on
Dec. 27.. last.—V. 149, p. 4170.
Less—Proceeds from gold & silver
production
Inventory of
Columbia Pictures
The
common
registration
on
Corp.-—Listing and Registration—
stock, without par value, has been removed from listing and
the New York Curb Exchange.—V. 150, p. 2251.
Ltd.—Interim Dividend—
Commercial Alcohols,
Directors
the
declared
have
dividend of 10 cents per share on
interim
an
15.
Last
15, 1939.
stock, payable May 1 to holders of record April
previous dividend was the 10-cent distribution made on May
—V. 149. p. 1910.
common
period
—
y:'-
Commercial Investment Trust
Corp.—Options—
Corporation reports that options evidencing the right to purchase 51,737
March 30, 1940, as follows:
No. of
No. of
Shares
Expiration
Shares
Expiration
Date of
Price
Date of
Under
Price
Under
Options
Option
Options
Dec. 31. 1942
300Dec. 31, 1941
$35.00
$33.33
2,400-.-_
Dec. 31, 1942
40.00
Dec. 31, 1941
300
45.00
7,200
Dec. 31, 1942
45.00
45.00
Dec. 31, 1940
300....
200
shares of common stock were in existence as of
—
1 Option
copper at
Operating income.
__
Commonwealth Edison Co.—Weekly Output—
electricity output of the Commonwealth Edison Co.
(inter¬
sales deducted) for the week ended April 6, 1940 was 143,369,000
compared with 137,735,000 kilowatt hours in the corre¬
sponding period last year, an increase of 4.1%.
The following are the output and percentage comparisons for the last four
weeks and the corresponding periods last year:
hours
-Kilowatt
Hour
Per Cent
Output-
143,369,000 137,735,000
Mar. 30---
Mar. 16
-
501,759
137,170
Provision for Federal income taxes.
100,000
20,000
621
$903,026
$325,038
396,751
$502,517
-
_
Net income (before depletion)
Distributions to stockholders
476,.413
—
1939
$
v;-.':.;
hand
>
$5,650,171
87,065
$5,658,060
1,705,209
216,287
195,695
Other taxes
—
325,534
.
—
599,904
323.311
$2,731,315
$2,617,653
$2,684,469
1,479,725
-
$5,737,235
1,722,375
265,210
134,602
612,724
317,855
1,542,594
1,564,323
113,040
119,580
33,349
117,542
523,131
10,720
23,894
519,870
12,690
26,481
$569,161
$399,771
$441,525
315,867
48,878
6,044
325,199
48,878
5,869
$28,982
$61,578
$5,833,616
1,771,155
—
_
—;
-
...
-
-
—
238,965
186,098
—
580.548
-
Provision for retirements.
Gross income-
1,145,320
1,240,017
439,735
366,947
Invent'ry of copper 2,118,503
1,188,328
Materials
&
deductions:
Subsidiaries'
Interest—
debt
of
Amortization
discount,
premium (net) and expense-—.Preferred dividends
x
522,679
...
13,361
Minority interest
Miscellaneous deductions..,
Balance
i'w:—w-*«+***»*.'«.'«•.
■
Community Water Service Co. deduc¬
tions:
,.y:.<:>■
Interest—
314,271
48,878
6,194
-——
—
Amortiz. of debt disct. and expenseMiscellaneous deductions
.
-—
Netincome—
$199,817
—
>
provision of $13,644 in each year for cumulative preferred
earned by a subsidiary company,
y Adjusted
Woodbridge Building Corp., which was sold
to non-affiliated interests on April 1, 1938.
z Reclassified.
Note—The consolidated income accounts for the years 1938 and 1937 do
not include the accounts of New Rochelle Water Co., the operation of which
resulted in a net income of $24,817 and a net loss of $59,259 for the respective
years
before provision for cumulative preferred dividends of $136,500
annually.
'■
Consolidated Balance Sheet Dec. 31
Includes
x
dividends not declared or
exclude the accounts of the
to
i'yfNN
1939
1938
54,117,829
in sub.
consolidated)
hand
—
27,363
930,050
109,663
Taxes accrued
887,512
836,303
Divs.
7,999,100
5,413,000
359,705
129,810
183,983
16,609
14,762
601,556
472,755
586,240
491,569
Dividends accrued
17,234
declared
on
after Dec. 31—
182,500
41,080
Cash, notes & sec.
deps,
in
sink,
75,646
75.554
Current maturities
43,970
33,665
cos.,
not consol.
89,237
86,098
Cash in closed bks.
1,009
construct'n deps
Construct'n mat'ls
253,700
1,218
234,700
119,730
177,200
559,172
559,075
Def'd
liabilities
&
29,653
32,418
count & expense
1,711,324
1,979,327
Reserves
11,322
13,926
6,045,620
deferred credits.
Prepaid Insurance,
taxes, <fcc—.—
Unamort. debt dis¬
5,961,764
38,764
34,835
72,851
55,855
Provision for
4,807,220
Contrib. in aid
construction
of
—
550,787
521,795
323,370
Initial
stk. <fc surplus
sale of
pref. stocks
179,133
subsidiaries
183.622
17,676
3,619,582
Com. stk. (par $1) 1,124,555
Capital surplus—
17,764
Deficit-183,306
36,469
—
a
in
on
-
3,619,582
1,124,555
16,412
-
Total
59,428,452 59,998,070
After reserves
for doubtful notes
278,303
$105,741 in 1939 and
59,428,452 59,998,070
and accounts receivable of
$92,097 in 1938.
c
$65,264
dividends in arrears
public, amounting to
Represented by 39,063 no par
Total-
12,559,159 14,670,068
—
Company Adopts
&
Corp.—Parent
Name—See Air Devices Corp.—
Buy Common Shares
To
Stockholders
their
at
annual
meeting ratified
confirmed an ap¬
and
propriation of $50,000 for the purchase of the company's common stock
to be bought at current market
prices, either on the New York Stock
Exchange or other available markets.
Up to the present, $15,250 has been
used to acquire 3,600 shares.
Shares acquired will be held in the treasury
for retirement, cancellation or other purposes.—V. 150, p. 1430.
Consolidated Ry.—Suspended from
Dealings—
The 50-year non-convertible 4% gold debentures due April 1, 1955 are
being suspended from dealings on the New York Stock Exchange because
of the small amount outstanding and the small aggregate market value of
the issue.—V.84, p. 1425.
-
Consolidated Retail Stores, Inc.—Sales—
1940—Month—1939
1940—3 Mos.—1939
....$1,045,184
$946,887
$2,413,721
$2,221,670
Period End. Mar. 31—
Sales.
—V.
150, p.
1597.
■
Container Corp.
Calendar Years—
of America (& Subs.)—Earnings—
1939
1938
1937
1936
(incl«
sftlcs
net)
Pons
brokerage sales of
Cost of sales
sub)$24,114,815 $18,705,290 $25,268,327
19,172,531
15,295,294
19,201,297
1,690,557
1,748,504
2,027,710
$22,525,268
$1,661,492
$4,039,320
$3,267,668
11,891
28,882
120,871
96,305
9,742
114,922
17,466,001
1,791,599
Selling, adm. & gen. exp.
profit from oper.. $3,251,727
Provision for bad debts,
18,923
less recoveries.
Net
Rental expense,
24,065
&c—...
60,393
Flood loss.__—
Loss
on
56,879
Cr63,907
$1,563,840
156,001
31,214
142,938
3,825,658
105,178
30,644
36,714
92,719
29,592
Federal taxes $3,287,964
$1 ,737.422
163,687
184,893
25,043
34,200
$3,967,550
53,178,614
175,372
199,115
24,930
x528,000
194,958
211,772
14,439
x255,000
1,180,417
38,124
,261,111
1,216,800
1,172,734
39,018
39,228
42,769
$1,448,900
$29,470
234.376
$1,784,105
860,876
$1,286,942
816,925
retired..
Int. & disc, earned, &c..
Rental income—
Net
—
.—.
profit before dep.,
int. &
on
156,664
160,645
10,171
293,043
first mtge. bonds
on debentures..
Interest
Other interest, &c_.
depreciation-_
Prov. for
86,701
107",990
$3,100,749
cap. as
Profit-.
Amort, of bond discount
Net profit carr.to surp
195,313
Common dividends
;
,056,303
$1,253,587 def$204,906
$923,229
$470,017
$1.85
$0.04
$2.28
$1.97
$138,900 ($24,500 in 1936) for surtax on undistributed profits.
Surplus
Earnings per share
Includes
1939
$
Cash
on
1939
1938
$
Assets—
$
Liabilities—
hand and
1,044,918
1,031,969
1,474,683
2,859,950
1,487,517
3,450,285
516,978
392,440
Res've tor Federal
14,529,727
387,994
1
1
$
446,525
Accrd. int., wages,
1,903,452
3,644,189
& invests 1,561,736
3,463,005
1938
820,005
Accounts payable.
Prov. for prior yrs.
in banks.
taxes, &c—
Accts. & notes rec.
—
-
rec.
Land
xBldgs.,
—
-.26,109,612 25,222,126
After reserve for
34,200
250,000
128,000
5,126,000
5,945,500
15,625,060
671,494
1,478,907
Income
Sink,
tax.
fund
pay'ts
due within a yr.
Funded debt
mach. &
equipment... -14,154,272
Deterred charges
338,039
x
296,000
Capital stock
15,625,060
Capital surplus—
671,494
Earned surplus... 2,804,075
Oth.
Inc.—New Officer—
Electric
.-.-12,559,159 14,670,068
Total
in Market— ;
W. E. Quinn was elected
Treasurer.—V. 150, p. 685.
Telephone
yl ,745,968 xl,522,387
Before
Total
Connecticut
497,102
497,102
depletion, on basis of including in mine development, main¬
general expense at the mine during shut-down periods.
y No provision has been made by the company for depletion of mining
properties since their acquisition which is in accordance with the commonly
accepted practice followed by many of the larger companies in the industry.
—V. 150, p. 1429.
x
organization meeting of directors,
Secretary and Assistant
on
tenance and
Goodwill & patents
6
Compressed Industrial Gases,
At the recent
Assistant
2,585,575
—
rec.
Earned surplus
—less reserves—
1939 and $60,663 in 1938.
b Including accrued
the preferred stock of a subsidiary in hands of the
shares.—V. 149, p. 3257.
1,679,190
sale of stock—..
Inventories
Total
1 ,688,283
at
Consolidated Balance Sheet Dec. 31
stock.
22,431
32,045
expense..
Other def. charges
surplus
Premiums
x
$7 cum. 1st pref.
c
Unamort.rate case
20,000
7,960,210
31,397
organlz.ofco—
of
——
100,000
7 ,972 J)80
...
Surp. arising from
acquis, of prop,
309,090
b Min. int. in com.
& exp. on
Fed.
income taxes.
Reserves.-..
Capital stock
—
Unamort. commis.
236,896
374,790
7,008,112
(net)—— 6,953,875
1,619,503
Cust. security and
—
treat¬
-
Prov. for Fed. inc. tax..
Due to sub. & affil.
trus¬
tees, &c
&
46,618
:
120,475 Accrued taxes (oth.
than inc. taxes)
33,665
153,863
Deferred charges._
Int.
pref. stocks pay.
mat'ls, coal
<fc other supplies
Freight
68,421
ment costs—-
Property & equip¬
17,240
Oper.
with
5,413,000
311,600
Interest accrued—
receivable
fund
32,885,900
__
Payrolls accrued
and
notes
Accounts payable-
1,386,860
45,394
trustees & others
misc.
——
1.353,518
Cust. accts. and
accts.
Funded debt
Notes pay. to bks.
Cash deposits with
a
7,992,766
of subs.--
not
—
Cash in banks and
on
Fund. dt. of subs.31,972,300
Pref. capital stocks
Misc. invest, (incl.
In v.
$
$
Liabilities—
$
$
JL88Ct$~~*~
Prop., plant & eq't54,756,917
1938
1939
$
ci
trade.-..-:
Accrued payrolls—
sup¬
plies at mine—
Investm'ts(at cost)
ment
1938
pay'le—
Consolidated Laundries Corp.——
—
198,317
Liabilities—
Accounts
yl937
Total operating revenues—;■.» $5,777,566 z$5,578,442
Non-operating income..
—.—
56,050
z79,618
Federal income taxes——..—_.
133,900
1939
1938
$
and assets.
Comparative Consolidated Income Account
1939
1938
Operating expenses
Maintenance-.
323,524
Comparative Balance Sheet Dec. 31
7.5%
Years—
—
$1,134,684
174,121
169,009
512.8%
9.5%
Total earnings--.-------—_.
298.215
$1,152,978
182,987
Community Water Service Co. (& Subs-)—Earnings—
Calendar
22.762
$1,994,399
_
4.1%
---149,149,000 138,728,000
——.149,393,000 132,416,000
151,563,000 138,411,000
— —
—
Mar. 23
$836,469
667,673
140,713
-
Increase
1939
1940
6—
April
$962,430
$1,130,215
Deprec. of buildings & equipment,--
Income charges
_
Amortization of mine development
Accts. receivable—
group
company
I
$2,808,078
19.951
-------
Cash in banks and
Week Ended—s,
2,118,503
$2,324,696
$1,974,447
...
Miscellaneous income
on
kilowatt
103,640
$2,139,238
1,176,808
$3,996,406
1,188,328
end of period.
Net expansion of operation
Assets—
Dec. 21, 1943
32.00
1.176.808
$4,443,199
i-
.
1930.
-V. 150, p.
1.188,328
1''
\
—
41,037-.
of
—
—
■■■'.
Inventory of
at beginning
copper
—
—
Total income
The
Corp.— Earnings
Consolidated Coppermines
Calendar Years—
Fed. inc. taxes in
500,000
dispute
Total-
—
.26,109,612 25,222,126
and $8,922,908 in
depreciation of $9,897,678 in 1939
1938.—V. 150, p. 1930.
The Commercial & Financial Chronicle
2420
stock
May 1,1939 and
—V. 149, p. 4026.
New York, Inc.—Weekly
Consolidated Edison Co. of
Output—
Company announced production of the electric plants
x
Sales for
22,788,378
62,434
19,612,513
14,330,434
8,496,192
13,299,248
20,740,476
15,131,830
8,841,082
11.064,842
15,135,241
14,364,728
$4,338,840
a
TTaxes——-111~
3,180,415
2,471,363
in curr. year's
of controlled cos
consolidated, net.
Divs. and int. received.
earns,
not
InSang5fcftot.cffigeJ$22,329,630
Intang. devel. costs....
Depll lease surrendered
Depreciation..——-.
8,960,500
1319.665
4,918,412
$7,131,^
Net income.
408,517,
1,900,304
912,800
1,920,981
Applic. to minority ints.
12,791
Kxtraord. profits—Cr—
Deductions from income
,^10,867
$5,988,166 $13,938,180
9,123
11,097
457,293
21377
d70,850
1,071,691
e154,040
......
Federal income tax.....
el52,800
Net Inc.
accr.
to corp.
Dividends
-
Shares
standing (par $5)....
$9,612,597
5,853,023
$6,924,870
$3,759,574
4,682,583
$2.98
4,682,615
$2.05
4,682,581
$1.10
x
S
Property acts. 63,132,258
20,740,729
110,000
Cash...
.... .
U. S. Govt. sec.
Notes and accts.
6,801,229
receivable.
Due from Cont,
52,300
Cos
Invest.
19,373,790
646,061
198,105
y
Accts.
Due to Cont.Cos
$1,337,763
83,597
$136,608
32,745
175
78
$1,414,331
392,616
1,880
197,831
$1,421,360
392,973
Cr6,899
178,128
Other deductions
20,302
16,829
$61,356
29,164
Net Income
Pref. div. requirements.
$86,956
29,164
$822,004
$857,158
349,973
347,395
Earns, for the 12 month* ended DCc. 31,1939 appeared in the "Chronicle"
of March 30, page 2092.
Consolidated Balance Sheet Dec. 31
1939
1938
t
$
Assets—
Fixed capital
1939
1938
Mobilities-—
$
$
Funded debt.....10,993,000 11,005,000
Accounts payable.
158,354
133,655-
25,605,776 25,227,876
Cash In banks and
hand
320,062
Pref. di vs. payable
569,668
Accts. recelv. A
87*493
Accured Interest on
funded debt
Accrued taxes....
759,052
5,211
34,973
tracts...
Notes receivable.
_
Int. A divs. receiv.
716,384
2,539 Accrued rental pf
leased property.
26.365
Merch'dtee for re¬
sale
75,155
Materials A suppl.
for oper. A const
Unbilled Inc.—est.
120,498
121,000
59,146
13,895
59,146
352,007
309,217
56,822
9,775
1,801
3,546,607
and int. thereon
7,461
Matured divs. and
int. unclaimed—
9,775
agents, contra..
Special deposits
1,801
87,472
1,233,543
131,099
Mlscell, investm'ts 1,789,088
contra.
Reserves.
with
575,952
...
Other assets
3,818,838
Res. in connection
Due from Portland
lease
from
Portland RR.Co 2,556,387
473,545
21,237 6% cum. pref. stk.
($100 par).
4,023,600
1,550,684 5H% com. pref.
stock ($100 par) 2,000,COO
21,780 c Common stock.. 4,045,750
d Surplus
2,789,798
20,345
Prepaym'ts A def.
charges
1,475,657
b Reacquir. secure.
at cost
21,780
Total
98,235
37,754
58,996
taxes..........
Consumers' deposit
Cash deposit with
trustee A fiscal
RR. Co
45,981
Other accrd. liabil.
Prov. for Fed. inc.
66,770
160,226
127,000
98,130
..31,111,151 30,241,1631
Total..
2,345,840
4,023,600
2,000,000
4,045,750
2,670,265
-31,111.151 30,241,163
a After reserves of $58,831 in 1939 and $70,435 In 1938.
b 242 shares
pref. stock, 6% cum. at cost,
c Represented by 54,699 no par shares,
d Including an amount of $227,598 attributed to capital surplus.—V. 150.
2092.
p.
Curtiss-Wright Corp. (& Subs.)—Earnings—
Calendar Years—
1939
1938
*
1937
Sales, incl. airport & oth.
1936
'
operating revenues...$48,654,143 $33,102,962 $24,116,084 $18,929,364
Cost of sales & oper. costs 32,842,817
22,399,443
16,933,340
12,825,908
Engin'ng, devel., sell. &
adminis. expenses
7,962,915
5,426.088
4,036,008
4,005,217
and
cost....
4,072,660
$1,302,063
112,268
$114,321
32,488
Gross income
Bond interest.
Other interest (net)
_
.
annuities
1,908,282
49,102,900
22,110,235
1,926,275
Profit..
Other income
A
9,127,466
Notes
&
9,271,336
b355,870
$5,277,431
$3,146,736
464,322
317,930
232,578
208,936
Total income..
$8,312,732
Other deductions (patent
49,102,900
20,488,115
508,312
247,942
advances
Paid-in surplus.
Earned surplus.
$7,848,411
$5,595,362
$3,379,314
$2,307,175
145,550
1,021,659
207,866
726,398
59,949
676,202
51,935
611,263
108,912
1,456,100
258,050
71,871
898,900
100,631
500,781
154,930
394,610
$5,322,455
$3,690,327
$2,041,750
$1,094,428
104,196
91,588
58,142
76,771
Curtiss-WrightCorp $5,218,259
Other invest.
4,962,800
$
Capital stock.a23,692,967 a23,692,967
7,576,559
payable.
6,833,824
48,437
58,106
Accrued liabil
136,707
100,294
7,247,284 Funded debt... 21,071,600 21,071,600
Accrued taxes
1,343,124
1,224,447
211,791 Unred. bds., int.
247,942
coupons, Ao—
124,353
302,402
313,873
21,273,165 Deferred credits.
592,325 Minority int...
149,361
147,577
196,003 Res. for lnsur.,
55,862,436
24,365,908
110,000
ad vs.
A
to Cont. Cos.
1938
S
Liabilities—
_
Invent, of crude
oil, Ac.
Mat'Is A suppl.
Oth. curr. assets
1939
1938
$
$129,558
7,050
31.204
mdse.instal. con¬
Earnings per share—
$i.35
a Federal and State oil and gasoline excise taxes not included.
Federal
State oil and gasoline excise taxes paid in 1939 amounted to $18,750,672; in 1938 amounted to $19,068,783; in 1937 amounted to $19,783,908,
and in 1936 amounted to $18,558,626.
b After reserve for losses of $5,567
in 1939; $109,658 in 1938, $126,274 in 1937 and $29,426 in 1936.
c lioes
not include treasury stock,
d $53,442 interest expense and $17,407 de¬
crease in equity in Kettleman North
Dome Association resulting from
readjustment of ownership,
e $90,700 ($86,186 in 1938) provision <ifor
estimated Federal income taxes and $62,101 ($67,854 in 1938) provision
for estimated State income taxes,
f Consists of $579,469 interest on
funded debt, $51,474 amortization of underwriting and other expenses of
debenture issue, $6,440 other interest and $34,441 decrease in equity in
Kettleman North Dome Association resulting from readjustment or owner¬
ship.
Consolidated Balance Sheet Dec. 31
1939
$105,672
8,649
Net operating income.
Non-oper. income (net).
State & municipal taxes.
on
and
Assets—
3,927
35,153
Social security taxes
Fed. (incl. inc. tax) taxes
a
'
4,682,572
1940—12 Mos.-
1939
$4,609,959
2,555,280
375,019
46,371
295,526
......
$457,308
stock out-
com.
Co.—Earnings—
$4,814,272
2,752,057
391,597
46,795
321,760
$424,741
224,899
$8,326,764
9,397
1,295,230
1939
$436,458
267,188
32,804
3,983
26,811
......
$5,139,755 $13,948,460
4,682,387
7,023,590
$1,622,120
Surplus
c
$0304,504
4,682,384
188,111
1,680,382
$20,115,742 $28,052,874 $21,864,976
8,498,409
8,888,301
9,009,995
1,0.37,639
1,016,378
771.689
,
4,591,528
4,210,014
3,756,528
f671,824
Adjustment of inventory
460,963
1,826,892
1940—Month-
Operating revenues
Operating expenses
1936
2,836,429
5.34%.—V. 150, p. 1597.
-
53,294,457
3,003,836
or
(Including Cumberland Securities Corp.)
$19,495,849 $17,806,920 $25,765,019 $19,996,484
Net oper. Income
b Equity
1937
60,234,940
compared to $4,118,784 for the same period last year, an
Period End. Jan. 31
$80,151,183 $89,180,379 $75,762,304
59,507,833
as
$220,006
Cumberland County Power & Light
oil (controlled companies).
1938
1939
$651,922 for
to
.
increase of
Consolidated Income Account for Calendar Years
681611,704
March, 1940, were $702,934 as compared
an increase of $51,011 or 7.82%.
Sales for the second quarter of our fiscal year ending March 31, 1940,
were $2,008,591 as compared to $1,865,620 ror the same period last year,
an increase of $142,970 or
7.66%.
Sales for the first half of our fiscal year ending March 31, 1940 were
17,973,552
49,108
14,382,628
13,243,306
9,118,420
13,337,971
18,581,709
14,694,543
i
Co.—Sales—
March, 1939,
1936
20,845,683
57,111
21,878,625
13,719,146
Including net interest in production of crude
Gross operating incorae-$81,111,390
MCTchandise costs..— !
f
Cro%n Drug
■In Barrels of 42 Gallon#
1937
1938
Daily av. crude oil prod.
63,160
Pipe line runs of crude oil 23,815,796
Refinery crude oil runs— 14,031,834
Inventory of crude oil on
8,147,377
Dec. 3114,080,652
Crude oil purchases
22,141,910
Sales of crude oil
Sales of refined products 15,619,021
x
1174.
_
_
_
10-cent dividend distributed on Dec. 24,1937.
Directors have declared a final dividend of 12 1-10 cents per share on the
ordinary stock payable April 6 to holders of record Feb. 29.—V. 149, p.
(& Subs.)—Earnings
Calendar Years—
1939
Total crude oil prod'n. 23,053.449
April 13, 1940
a
Courtauld'8, Ltd.—Final Dividend—
of Its system for
the week ending April 7, amounting to 140.100,000 kilowatt hours, com¬
pared with 137,500,000 kilowatt hours for the corresponding week of 1939.
an Increase of 1.9%.—V. 150, p. 2251.
Continental Oil Co.
on
$3,598,739
$1,983,609
579,196
$1,017,657
(interest,
royalties, &c.)
124,353
-
rec.(not curr.)
Deposit for red.
of bonds, int.,
Ac...
-
expenses,
prov.
for
self-insurance, Ac.)—.
244,617
253,375
Prov. for deprec.Aamort.
x Exps. of excess mfg. &
airport facilities, less
460,641
499,210
income..
Prov. for Fed. inc. tax..
Prov. for incentive comp.
1,208,178
624,700
Unadjust .debits,
Ac.........-
Underwriting Ac
other exps.
of
deb. issue....
Prepaid and de¬
ferred charges
..127,661,987 125,112,858
Total.
Total....... 127,661.987 125,112,858
Profit-.Portion applic.
After depreciation,
Profit
applicable
Dividends paid.
Copper Range RR.—Acquisition—
April 1 issued a certificate
authorizing acquisition by the company of a line of railroad extending from
Mohawk to Gay, aproximately 15,564 miles, in Houghton and Keweenaw
The
—
to min.
interests..———
depletion and intangible development costs,
y Par
$5.
a Includes 56,021 shs. in 1939 and 56,011 in 1938, held in treasury and
carried at no par value,
b Notes receivable only.—V. 149, p. 2968. ?
x
Interstate Commerce Commission on
The line in
and its primary purpose was to provide transportation for products of the
Mohawk mine.
Mining operations ceased in 1932, and on June 26, 1934,
the Copper Range Co., which controls the applicant, through stock owner¬
ship, acquired the mining company's property, including its line of railroad.
The line was leased by the mining company to the applicant under an
agreement dated May 2, 1917, for a term of six years, and providing for
an annual rental of $2,700.
On expiration of that agreement a new Tease
was made from the mining company to the applicant under date of Dec. 15,
a
and thereafter until terminated by either
notice.
Initially the rental provided in the second lease
year, but early in 1931 it was arranged to discontinue the
term of one year
party on written
was
$12,500
a
annual rentals, and none has been paid
by the applicant since March 15,
The Copper Range Co. succeeded the mining company as lessor
under the circumstances above stated.
In view of the fact that no rental is being paid for use of the railroad, the
lessor desires to liquidate its investment in the rail and other track material,
1932.
but prefers to lease the
right-of-way rather than to sell it.
In the sale of
the mining company's property to the Copper Range Co. the rail and other
track material were included at a lump sum of $20,000.
It is now pro¬
1939,
Nil
$20,085;
Nil
1938, $15,262
Consolidated Balance Sheet Dec. 31
1939
Cash
1938
$
Assets—
$
1939
Liabilities—
32,846.575
Acc'ts receivable— 4,129,873
3,679,446
2.941,208
14,498,357 10,505,821
Inventories
Mtgs. A other long-
$
Accts. pay., trade
creditors
5,105,656
Accr. wages, taxes,
—
com'ns A exps—
1938
$
2,181,423
1,454,976
1,422,897
contracts—36,491,526
foreign sub....,
132,277
142,549 Other liabilities
,226,173
x Plant
propertles.16,226,863 13,525,486 Prov.for Fed.inc.
Excess mfg. A air¬
taxes—
1,644,747
port facilities... 7,243,874
7,346.460 Res. for self lns'ce.
177,992
Add'l plant facil's. 2,036,332
Prov. for Incentive
Inv. in substant'ly
compensation
252,190
owned sub
for
service
166,104
167,195 Res.
Misc. inv. at cost.
278,654
278,642
guaranty exp...
669,054
Prepaid taxes, ins.
Equity of minority
and expenses.
in
stockholders
991,709
234,120
Dev. exps. def *d.
393,039
600,341
cap. stk. of sub.
354,213
Pats. A pat. rights 1,184,718
62,632 CI. A stk. ($1 par) 1,158,688
2,838,190'
232,429
term receivables
926,665
937,697
Inv. in A advs. to
Dep.
on
uncompl'd
sales
...
1.042,574
129,390
—
,
l
....
1
x
After
in 1938.
81,055,030 40,421,610
reserve
283,317
1,158,464
Com. stk. ($1 par) 7,431,796
7,429,118
Capital surplus
19,453,098 19,519,580Earn, surplus since
Dec. 31, 1931— 6,634,919
Total
-450,500
.
.
Goodwill
3,733,718
Total—..
81,055,030 40,421,610
for depreciation of $5,804,006 in 1939 and $5,335,900
Meeting Postponed-—
Directors have declared a dividend of 25 cents per share on the common
Btok, payable May 1 to holders of record April 22.
Like amount was
paid on Dec. 28 and on Oct. 11, last, this latter being the initial dividend
on new company's stock.
Dividend of 30 cents was paid on old company's
1,158,411
$0.17
x Includes
provision for depreciation:
1937, $15,297; 1936. $17,626.
posed that the vendee resell the material to the applicant for $20,000, plus
interest at the rate of 5% a year from June 26, 1934, or a total sum of
approximately $26,000, and to lease the right-of-way to the applicant, so
long as it shall continue to use and occupy the leased premises for railroad
purposes, at an annual rental of $100.—V. 148, p. 2580.
Coty, Inc.—To Pay 25'Cent Dividend-—
2,317,058
$0.39
— .
question, known for convenience as the Mohawk & Traverse
Bay RR., connects with the company's line at a point about one mile
south of Mohawk and has been operated by the applicant under lease
since Dec. 15, 1917.
Originally it was owned by the MohawkMining Co.,
to
Earn, per sh. on common
counties, Mich.
1923, for
$2,098,239
accts.
Annual stockholders meeting scheduled for April 17, 1940, will not be
held.
Special meeting In lieu thereof will be held at a later date.—V. 150..
p.
2093.
The Commercial & Financial Chronicle
Volume ISO
Cruikshank Co.—New
At the
Officers—
quarterly meeting of the board of directors Edwin A.
appointed a Vice-President, William. O. Schultz, Secretary,
and G. Irwin Kyle, an Assistant Secretary.
Mr. Cruikshank, formerly Secretary, will continue to supervise mortgage
servicing and certificate issues.
He is a great grandson of the founder who
established the business in 1794 at Greenwich Street and Beaver Lane,
now Morris Street.
Mr. Schultz, who started as an office boy 32 years
ago, has been in various departments and specializes in management.
Mr. Kyle, who has been in the real estate business for 21 years, joined the
company in 1936 and specializes in appraisals and sales.
Other officers are: Warren Cruikshank, President; Russell V. Cruikshank,
Vice-President; P. Walker Morrison, Vice-President, and Frank E. David¬
son, Treasurer.—V. 132, p. 2776.
Curtis
The
was
stock, par $2.60, has been admitted to unlisted trading
the New York Curb Exchange, and the old common stock, no par, has
been removed.
The new common stock was issued, share for share, in
on
exchange for the old common stock.—V. 150,
p.
Period End. Mar. 30—
in like 1939 period.—V. 150,
Dominion Coal
$4,892,808
$578,965
$4,077,272
—V. 149. p. 2684.
Denver & Rio Grande West. RR.-—ICC
pJl762.
Co., Ltd.—Production—
Company reports March coal production at its Cape Breton and Springhill Collieries of 372,609 tons.
This compares with 299,795 tons produced
1939, and with 386,847 tons produced in February this year.
Output in the first quarter this year totaled 1,960,699 tons compared with
807,592 tons in the like 1939 period.—V. 145, p. 2543.
in March,
Reaffirms Reorg.
The Interstate Commerce Commission reaffirmed April 2 Its plan of
reorganization for the road, calling for the consolidation of the D. & R. G.
W. and four subsidiaries.
By insisting on consolidation of the road with its four subsidiaries
as
part of a general reorganization plan, the Commission apparently paved
the way for a court test of important features of the Railroad Bankruptcy
Act.
Major bondholders of the Denver & Rio Grande West, had threatened
litigation, expense and delay" unless the ICO approved re¬
organization of the parent company without the consolidation provisions.
The carriers involved are the D. & R. G. W., and the Denver A Salt
Lake Western, both of which are in bankruptcy, and the Denver & Salt
Lake, Ry., Rid Grande Junction Ry. and Goshen Valley RR.
The latter three roads are not in bankruptcy, and the D. & R. G. W.
bondholders contended that the ICC had no power to force consolidation
of a bankrupt with a non-bankrupt.
While all parties to the reorganization proceeding originally supported
consolidation of the five roads, the D. & R. G. W. bondholders changed
their position, after the ICG's final plan was made public last July, asserting
that the Commission's terms for the merger were "absolutely unacceptable.
They protested particularly the treatment accorded the Reconstruction
Finance Corporation, which holds the capital stocks of the Denver & Salt
Sake and Denver and Salt Lake Western.
These properties control the
strategic Dotsero cutoff, which has completed with RFC aid in June, 1934,
shortening the distance between Denver and Dotsero from 342 to 166 miles.
Fully in control of the Dotsero route, the RFC had threatened to with¬
draw from the proceeding and operate the Salt Lake lines independently
unless its claim was fully satisfied.
While indicating it shared the general belief that it has no power under
the bankruptcy law to force consolidation of a bankrupt company with one
not in bankruptcy, the ICC, in effect, said that it does not believe a re¬
organization plan both financially sound and compatible with the public
interest can be worked out unless the properties are consolidated at the
same time the recapitalization is brought about.
It refuses, therefore, to
approve any plan which does not provide for consolidation.
Under the plan, the RFC is to get the full amount of its $10,691,850
loans to the D. & R. G. W. in new first mortgage bonds, while the best
"extended
bonds.
Sade of security given to D. & R. G. W. bondholders would be 4J£%
Steel, Ltd.'—Stock Subscriptions
Under the recent offering of rights to shareholders of record on Jan. 2
additional common shares at $15 a share, a total of 35,067
shares have been taken up and paid for.—V. 149, p. 4027.
to subscribe for
Dresser Power
1940—35 Wks.—1939
1940—5 TFJfcs.—-1939
$692,286
meeting of directors held April 2, Clifford W. Michel was elected
Vice-President.
Company reports bullion output for March at $661,416 compared with
$661,176 in February and $624,999 in March, 1939.
In first quarter of 1940 output was $1,992,134, compared with $1,824,737
2093.
Davidson Bros., Inc.—-Sales—
Sales..
At the
a
Dominion Foundries &
Lighting, Inc.—Unlisted Trading—
new common
Ltd.—New Vice-President—Output—
Dome Mines,
recent
Cruikshank
2421
Corp.—Fees Approved—
The Securities and Exchange Commission approved April 8 the fees
proposed to be paid by the corporation in connection with the issue and
sale of $4,800,000 first mortgage 4% bonds which the Commission pre¬
viously had exempted from the Holding Company Act.
The fees were $10,400 for legal services and $5,000 for financial and
engineering services, together with expenses of $555.
Dresser Power is a
subsidiary of the Public Service Co. of Indiana.
The Dresser Power Corp. under a bond purchase agreement, dated Aug.
19, 1939, agreed to sell the bonds at par and int. to John Hancock Mutual
Life Insurance Co. ($4,674,000), La Fayette Life Insurance Co. ($18,000),
and
Indianapolis Life Insurance Co. ($108,000).
Bonds are to be payable serially at the rate of $150,000 semi-annually
commencing three and ending 18>£ years after date, with interest payable
semi-annually at rate of 3% per annum for first year from date and at
rate of 4% per annum for remaining yeans to their respective maturities,
and redeemable in whole or in part (with certain exceptions) at any time
qpon 30 days' notice at certain prices and terms.
The bonds will be secured by Its first mortgage to the Indiana National
Bank, Indianapolis, as trustee and shall constitute a first lien, when such
property has been acquired or constructed upon (1) the new 50.000 kw.
steam electric generating unit (including land, buildings and facilities) to
be constructed adjacent to, and operated in connection with, the Public
Service Co. of Indiana's electric generating plant at Dresser, (2) the new
132,000 volt electric substation near New Castle, (3) the 132,000 volt elec¬
tric transmission line approximately 41 miles in length extending from
said substation to approximately 9 miles east of the Public Service Co. of
Indiana's present Lenore eiectric substation, (4) one other specified electric
transmission line, if built, and (5) additions to said property or any of it.
—V. 149, p. 1912.
Duluth Missabe & Iron Range
Ry.—Annual Report—
Consolidated Statement of Income for Calendar Years {Company
Operating Revenues—
1939
iron ore (IX. S.
Steel subs, mines).—$14,774,367
Freight on iron ore (other
mines).
2,121,102
Other freight
1,280,035
Pass., Ac., revenue—461,175
Freight
a
a
Predecessors)
1936
1937
1938
on
Total oper. revenues.$18,636,680
Maint. of way A struc.
2,l66,787
Maint. of equipment.
2,577,060
Transportation
3,511,526
424,085
All other oper. exps
$6,976,225 $21,583,797 $15,149,344
2,092,032
1,411,080
489,485
3,021,483
548,147
1,057.540
434,895
1,504,082
591,704
$9,016,807 $26,701,066 $19,141,941
1,510,892
2,218,642
1,794,075
2,133,033
3,114.775
2,644,004
2,536,638
4.434,782
3,336,238
420,011
516,373
578,788
come
As to the treatment accorded
of
RFC, the Commission said that the element
strategic value in the stocks of the Salt Lake and Salt Lake Western,
which the RFC holds, was such as to outweigh any question of inadequacy
of collateral on an ordinary appraisal basis.
Net oper. revenues—$10,057,222
b Railway tax
accruals.
1,385,094
1,317,138
Prov. for Fed. inc. tax—
$2,416,233 $16,416,494 $10,788,836
1,107,968
827,281
1,771.466
1,291,864
11,360
2,103,009
Prov. for Fed. undistrib.
50,451
Crl8,700
Dr27,862
12,993
Crl0,018
Drl8,450
a Net ry. oper. revs.. $7,376,280
Total non-oper. income.
336,706
$1,580,751 $12,482,406
306,651
469,122
$8,367,579
405,041
a Gross income
$7,712,986
Misc. deduc. from inc..
142,974
$1,887,402 $12,961,528
85,003
734,847
$8,772,620
$1,802,399 $12,216,681
$7,930,250
$» D. & R. G. W. bondholders had contended that since the Denver and
Salt Lake was not in bankruptcy the consolidation could be effected only
through voluntary agreement of the interested parties.
The ICC, they
declared, has no right to impair the rights of the D. & R. G. W. holders
for the sole purpose of effecting consolidation.
Agreeing only in part with the Commission's decision, Chairman Joseph
B. Eastman said he was not "wholly persuaded" that the plan made the
best possible provision for the D. A R. G. W. bondholders.
He asserted
that it seems to be assumed that large benefits will accrue to the D. & R.
G. W. from consolidation and that these benefits will be lost if the cutoff
profits tax..
Hire of equip, (net)
Joint facility rents (net).
properties should become independent in ownership and operation.
Mr. Eastman said it appeared to him that the RFC in making loans to
fixed charges—
Rent-leased roads
.
Income
.
..——
available
Cr51,847
Dr30,558
Cr34,936
Dr31,777
842,370
for
$7,570,012
419
the D. & R. G. W. and for construction of the cut-off "assumed the cus¬
Interest on funded debt.
tomary risks of such transactions."
The plan as approved and reaffirmed
1.041.519
unfunded debt..
177
297,954
1,043,277
2,242
480,475
53,623
523",i25
Int.
3,828
1,663
04,390
Crl,087
$457,263 $11,686,973
308,437
10,281,250
$7,404,894
by the ICC will be effective as of
June 30, 1938.
It reduces capitalization of the D. A R. G. W. system to
$147,433,354 from $194,969,450 at present, excluding accrued interest, and
reduces annual fixed interest requirements to $1,278,539 from $6,076,160.
—V. 150, p. 2094.
Amort, of prem. on
Corp. of New York—Balance Sheet March 31—
1939
1940
%
Assets—
Balance of net income $6,524,069
Div. paid on cap. stock.
1.560,108
$
Capital
Surplus
Cash and due from
banks..
....
4,100,467
3,598,858
5,000,000
5,000,000
2,684,901
75,000
440,924
Loans payable and
due to banks A
customers
49,996,206 50,997,022
Security contracts 2,300,000
2,950,000
519
Unearned discount
1,512
Sundry credits...
12,126
17,390
Total.
—V.
150,
Total.....
...64,802,122 67,166,356
p.
..64,802,122 67,100,356
686.
retirement or sale of road,
1939
Distillers Corp.-Seagrams, Ltd.—Earnings—
.
Profit..
Miscellaneous income...
Total income.
—
Expenses, Sec
Interest (net)
$8,579,179
489,341
$9,068,520
~$8,354,308
57,450
$
4,742,517
108,884
x53,466
40,270
676,109
9,351,207
120,530
y81,164
222,038
1,891,724
8,910,679
214,553
yl05,178
83,566
1,254,518
$2,790,512
$1.48
$5,930,008
$3.17
$4,248,766
5,463,478
62,140
x40,361
161,726
858,710
Depreciation...
Loss on cap. assets, Ac—
Income & profs, tax....
Net profit..—
$2,482,105
Earnings per share....
$1.31
$2.20
Deposit with sink,
fund
agent for
1st mtge.
'
MlsceU. investm'ts
Cash
392,030
with U. 8.
Steel Corp
8,767,064
Sundry deposits..
33,566
Dep.
Net bate. reo. from
agents
14,777
257,091
479,820
222,861
tJ. S. Govt, bonds 6,143,406
and con¬
68,657
132,710
Mat. and supplies. 1,348,050
Interest receivable
32,033
869
Deferred assets
203,207
Unadjusted debits
Capital stock
stock.—V.
Dixie-Home Stores—toes—
Period End. Mar. 23—
Sales
.....
—V. 150, p.
$716,679
$639,225
1940—12 Weeks—1939
$2,033,384
$1,770,166
837.
Dixie Vortex Co.—Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, payable May 15 to holders of record April 25.
This compares with
50 cents paid on Dec. 26. last; 25 cents paid on Oct. 20 and Jan. 17,1939.
and on July 1, 1938, and previously regular quarterly dividends of 37>S
cents per share were distributed.—V. 150, p. 2095.
3,528,000
607,899
61,693
242,776
56,411
3,020
281,479
105,965
835,028
23,041
12,678
2,702,172
18,444,823 17,190,898
balance.
Total..—.....79,828,640 77,593,842
x After reserve for depreciation of
in 1938.—V. 150, p. 2095.
$23,308,710 in 1939 and $22,499,645
Dunlop Rubber Go., Ltd.— Common Dividend—
Company declared a common dividend of 8% and cash bonus of 4%,
making 12% less tax for 1939 against 9% for 1938.—V. 148, p. 2424.
Duro-Test Corp. (&
Subs.)—Earnings—
Earnings for 3 Months Ended Jan. 31,1940
;
Edison Bros.
1940—4 Weeks—1939
2,071,382
certificates..... 3,276,000
Sales
common
2,106,068
215,949 Accrued taxes.... 2,262,246
0,143,406 Traffic & car serv.
balances pay...
121,385
6,853,131 Audited accts. and
wage payable..
376,890
25,825
Miscell. accts. pay
53,604
Int. matured unpd.
2,855
272,694
37,348 Unmat.lnt. accr..
254,171
94,882 Other curr.liabil—
848,181
1,320,440 Insur. & cas. res..
32,456 Prem.onequip.tr.
certificates...—
19,791
2,777
14,947
211,087 Other unadj. cred.
Approp. surplus.. 2,667,486
Net profit after all charges
—V. 150, P. 1762.
shares of
of
...
First mtg. 3 ^s'62.28,045,000 28,809,000
Serial equip, trust
79,828,640 77,593,842
Total....
$431,722 in 1939.
150, P. 992.
no par
$
Profit A loss credit
Exclusive of $240,588 charged to production in 1940 period, $209,913
in 1939.
y Exclusive of $480,838 charged to production in 1940 period,
On 1,742,645
1938
20,562,500 20,562,500
stk.
500,000
500,000
Prem. on cap.
Grants In aid
construction
•
3Ji%
bonds—.—
x
z
Federal
$
Liabilities—
Acq.59,663,129 00,021,117
MlsceU.phy. prop. 2,351,236
2,363,556
$17,074,502 $14,722,343
522,169
94,917
$8,411,758 $17,596,671 $14,817,260
6.374,375
1939
1938
$
Assets—
xlnv. in road
ductors........
Mlscell. accts. rec.
Period End. Jan. 31—
1940—3 Mos .—1939
1940—6 Mox.—1939
Sales Jess freight A allow.$26,197,027 $27,212,149 $51,672,111 $47,211,167
Cost of sales.....
17,617.848
18,857,841
34,597,609 32,488,824
z
on
b Exclusive of
Balance Sheet Dec. 31
$
5,000,000
U. 8. Govt, secure,
5,000,000
and bought under
Undivided profits. 1,991,937
resale &greem't.68,308,280 61,762,285 Reserve lor div._
75,000
Interest rec. accr.
159,009 Sundry reserves for
43,543
disc, taxes, Ac..
Sundry debits
86,096
54,775
425,341
"
Exclusive of loss
5,140,625
income taxes.
1939
1940
Liabilities—
$
Accept, discounted 2,295,058
3,318
fund.
debt (net)--
a
Discount
on
.
778
Stores, Inc.—Sates—
Period End. Mar. 30—
1940—Month—1939
Sales
$3,015,067
$2,339,901
,
—V.
'
$207,209
—
1940—3 Mos.—1939
$5,784,610
^
$5,100,202
150, p. 1598.
Educational Pictures,
Inc.—Delisting Hearing—
hearing April 23
preferred and common stock of company should
be suspended or withdrawn from trading on the Chicago Board of Trade
because of the alleged failure of the company to file an annual report for its
fiscal year ended June 24,1939.—V. 150, p. 838.
The Securities and Exchange Commission has called a
to determine whether the
The Commercial & Financial Chronicle
2422
Commerce Act; the proceeds
Duqueene Light Co.—Annual Report—
Consolidated Income Account for
1939
bonds.—V.
...$13,312,862 $12,028,262 $13,677,201 $13,870,988
179,680
180,400
Rents for lease of prop.
......
180,100
2,450,000
2,450,000'
Int. on funded debt—.
2.450.000
2,450,000
315,946
316,127
Amort, of dt. disc. & exp
315,941
315,941
Gross income
Other interest
— —
Other income deductions
118,621
129.568
constr.—Cr.
32,581
153,419
Int. chgd. to
;
......
dividends....
Common
Operating revenues
Operation
Taxes.7.......::
on
$842,328
35,948
437,239
436,493
$46,262
$43,645
$405,089
$371,944
$3.59
1939
$4,099,818
2,317,430
—
1938
$5,698,772
2,075,317
2,790,157
;
454,919
4,453,690
2,468,427
— -
— ...
<
Investments and funds accounts.
470,184
4,384,456
Property, plant and equipment (incl. intangibles) 174,817,022
Property, plant and equipment arising from reval.
..
uation of property (incl. intangioles).....
19,237.138
Other assets
173,250,532
Balance
Int.
*
(El Paso Elec. Co.,
■
....—_
11,150,343
....—.......
$380,089
46,710
$346,944
46,710
$333,379
$300,234
$41,561
(public)........
El Paso Elec. Co. (Del.)
Earnings of El Paso Electric Co.
12 Months Ended Jan. 31—
Miscellaneous revenue.
... .
. .
.
Interest
$653,872
237,570
6,224,103
205,593
7.075
........
,
...
........
Other...
:
........
$554,513
244.736
5,781,356
204,275
7,075
Other current liabilities:
Dividends on preferred
343,750
capital stock.......
—.
Funded debt..—.....—
....
—
......
♦.
Retirement reserve
Amortization of leaseholds
Special reserves
......
Retire, res've arising from reval. of property..
reserves
.....
15,598,251
116,250
5.300,000
4,997,762
18,771
1,904,451
27,500,000
56,813,120
15,133,427
14,532,579
1,927,547
27,500.000
56.813,120
12,256,518
14,532,579
Contributions in aid of construction—
5% cum. 1st pref. stock (par $100)-.-Common stock (2,152,828 shares, no par).—
Earned surplus
Surplus arising from revaluation of property.
__
.....
343,750
71,776
135,668
70,000,000
105,290
64,470
70,000,000
18,300,964
126,223
5,300,000
4,704,558
47,851
Indebtedness to affiliates
Total....
182,972
$195,502
..
To Purchase Power— ' y;\
Butte Dam project
the El Paso Electric Co., a subsidiary of the Engineers Public
Service Co., has been authorized in a 20-year contract signed by the power
Distribution of all the Texas power of the Elephant
and the Bureau of Reclamation.
Spokesmen for the Bureau of Reclamation said the contract called for
Texas output of the project, approximately 40,000,000 kwh.
company
annually, to the Power company at a cost of about $100,000 a year.
The
total generating capacity of dam is expected to be about 90,000,000 kwh.
annually, but only about 80,000,000 of this will be marketable, officials
said.
This power is to be divided equally between Texas and New Mexico,
and the deal with the El Paso company means that this utility will dis¬
tribute the total share of Texas in the project.—V. 150, p. 2096.
El Paso Natural Gas Co.
Operating revenues.
Operation..
Maintenance
Asset$****-
$
_.
re-
19,237,138
$
99,912
575,573
479,793
$262,886
$2,701,745
$2,467,986
— —
2,509
.——
-$260,920
2,581
$262,886
980
$2,699,236
16,370
$2,467,986
11,214
(cust.)
Indebt. ofaffils.
Mafls &
suppl's
Other cur. assets
Unamort.
3,287,573
2,211,668
297,598
2,324,206
392,835
10,040,893
4,875,642
1,959,663
243,438
2,668,548
394,037
8,030,175
8,346,116
invest, chgs..
101,140
73,436
Extraordinary
casualty susp
413,314
661,302
....
.
affil.
137,587
taxes._
6,023,355
205,593
343,750
to
Accrued interest
Accrued divs
Misc.accr.liabs.
$263,501
28,739
$263,866
27,330
$2,715,606
346,825
$2,479,200
384.787
5,597,897
204,275
343,750
698
.698
8,374
139
27,572
xCrll8,307
$235,838
$2,360,268
$2,185,148
8,632
103,579
1,340,966
359,123
103,579
$227,206
$2,256,689
count
Contribs.
4,704,558
4,997,762
18,771
$0.38
$3.75
$3.46
a Carried in operating expenses in 1939.
b Non-recurring income and ex¬
pense, and donation's (carried in operating expenses in 1939), are charged
1,891,436
1,868,538
to miscellaneous income
14,532,579
11,353,427
14,532,579
14,127,217
v
47,851
Operating Subsidiaries of—
1940
1939
Amount
American Power & Light Co
120,018,000 107,091,000 12,927,000
Electric Power & Light Corp... 60,168,000
52,496,000
7,672,000
National Power & Light Co.... 80,460,000
78,182,000
2,278,000
"
deductions in 1940.
accrual in Dec., 1938, was reduced by $124,768
unamortized debt expense and premium on funded
debt retired by refinancing consummated Dec. 15, 1938.
Adjustment was
credited to non-recurring income instead of tax expense for the purpose of
retaining normal comparison of operations.—V. 150, p. 2096.
12.1
14.6
2.9
do not include the system inputs of any companies
appearing in both periods.—V. 150, p. 2252.
Exchange Commission, April 8, issued an order
extending until April 20, 1940, the time for the filing of answers by Electric
Bond & Share Co. and its subsidiary companies to the Commission's order
(File 59-3) of Feb. 28, 1940, instituting proceedings under Section 11 (b)
(1) of the Public Utility Holding Company Act of 1935.
Hearing in
the matter has been postponed until May 10, 1940.
The Commission's order states that an application was filed on April 4,
1940 on behalf of the company and its subsidiaries requesting the Com¬
mission to postpone the time for filing the answers and the date for hearing
until after final determination of the application of American Gas & Electric
Co. for an order declaring that it is not a subsidiary of Electric Bond &
Share Co.
The order further states that the Commission has taken the application
for postponement under
advisement, and that temporary postponement is
appropriate pending its disposition.
Under the Commission's original order instituting the proceedings the
answers were to be filed not later than April 6, 1940.—V.
150, p. 2252.
(Del.)—Stock Qualified—
The ($1 par) common stock has been qualified for sale in Massachusetts
the Division of Investigation of Securities, Department of Public
Utilities.
The company manufactures the Electrolux cleaner and air purifier.
of March 7, 1940, C. G. Broff, President, held 41,449 shares of the
Company's stock: E. V. Ekman, Vice-President. 1,829 shares; R. C. Hunt,
director, 4.000: C. J. R. Davis,(775.—V. 150, p. 993, 1277.
Elgin Joliet & Eastern Ry.—Bonds Authorized—
-
March 26 authorized the com¬
exceeding $20,000,000
thereof to be sold at
99H and accrued int. and the remaining $1,000,000 to be pledged and repledged to and including June 30, 1942, as collateral security for any note
or notes issued under the provisions of Section 20a(9)
of the Interstate
Depreciation.
...
Net oper. revenues...
Other income (net).
Balance—.—.
Int. & amortization
6,148,168
5.770,349
592,390
d7,129,455
d6,423,661
$1,453,374
Drl4,056
$1,396,861 $17,999,399 $17,007,133
Dr41,375
Dr213,792
Dr427,339
$1,439,320
643,339
$1,355,486 $17,785,607 $16,579,794
677,700
7,968,305
8,207,721
$795,981
$677,786
preferred stocks, declared
divs. earned but not
declared
Balance...
b
—
2,312,629
$6,059,444
1,649,174
$5,344,145
$4,410,270
...
17,888
16,893
—
$5,326,257
13,957
$4,393,377
36,580
181,761
63,082
162,288
121,252
.
Undeclared dividends
Earnings from sub. cos., included
Preferred dividends declared
in charges above:
....—
Interest
....
102,760
103,110
$5,687,818
$4,816,607
Earnings from other sources
Total...
—
259,577
Expenses, taxes and interest
c
$8,372,073
2,464,500
2,008,657
—
-
applicable to minority interests
Balance
$9,817,302
$7,352,802
on
Cum. pref.
a
3,616,039
297,343
493,579
Balance..
Amount
3,550,299
298,715
526,101
648,420
Maintenance.
Dividends
(& Subs.)—Earnings—
1940—12 Mos.—1939
$4,275,695 $54,837,993 $52,870,054
1,495,521
20,010,671 20,052,871
1940—Month—1939
$4,613,434
1,686,822
Taxes...
Balance.
with
on
.
tax
Operating revenues
Operation
Balance
Co.—Integration Delayed—
and
The Interstate Commerce Commission
Federal income
due to the write-off of
%
The above figures
pany to procure the authentication and delivery of not
first mortgage 3)4% bonds, series A, $19,000,000
$0.37
Engineers Public Service Co.
-increase
$2,081,569
'
601,594
com.stk.(par $3)
Ptriod End. Feb. 29—
April 4, 1940, the kilowatt-hour system input of
subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared with the corresponding week during 1939, was as follows:
Electrolux Corp.
$225,195
and surplus
shs.of
Input—
the operating companies which are
Securities
>
Balance for com. divs.
x
For the week ended
Electric Bond & Sha*-e
8,632
requirements
Represented by 2,152,828 shares (no par).—Y. 150. p. 1762.
Ebasco Services Inc.—Weekly
$233,826
Net Income
Preferred stock dividend
Earns, per sh. on
214,787,232 214,867,095
Total
238
5,200,000
in aid
Earned surplus.
_
expense...
5,200,000
aris'g
reval. of prop.
and
b Misc. income deduc'ns
190,268
Surp. aris'g from
214,787,232 214,867,0951
Gross income
Interest--...--...-.-Amortization of debt dis-
447,823
12,400,551
from reval. of
of constr'n...
Total
Other income
9,008
Other reserves._
..
174,785
reserve.
res.
.
_
377,578
res.
property.....
1,789,879
406,268
Balance.....
Amort, of lease¬
Special
1,140
....
15,015,740
Def. liabilities..
Retire,
unadjust.
debits
44,805
421,066
56,813,120
27,500,000
70,000,000
45,456
378,077
192,002
hold
Prelim, survey &
Other assets....
payable
Indebt.
Accrued
Retirement
debt
disct. &exp._
Com. stock...
Customers' dep.
$262,060
Exploration & develop¬
ment costs.
$
56,813,120
5% pref. stock. 27,500,000
Funded debt... 70,000,000
a
Accts.
10,333,583
Cash....
Accts.rec.
: :
19,447,650
fund
&
accounts
$5,052,518
1,429,253
663,912
765,521
Depreciation
Fed.inc.tax)
a
1938
Liabilities—
Prop., pl't, &c.,
val. of prop..
1940—12 Mos.—1939
$5,995,797
1,759,164
105.455
__
Net oper. revenues...
1939
1938
capital...165,961,855 164,456,280
arising fr.
(Del.) (& Subs.)—Earnings—
1940—Month—1939
$552,979
$494,871
154.465
128,470
5,617
6,791
62,348
57,237
68,489
39,487
Period End. Feb. 29—
$219,351,085 *219,257,763
...
1939
As
182,972
$229,277
requirements
through
Balance Sheet Dec. 31 (Not Consolidated)
The
33,149
$378,474
——._
Balance.
Preferred dividend
33,380
$412,249
Expenses, taxes and interest-...
Taxes (incl.
not
$411,623
l£
Total
sale of the
Deferred liabilities
a
86,375
—...
_
,
payable
Accrued liabilities, salaries and wages—..—
Taxes..
;
.....
Other
25,000
applicable
11,086,725
Liabilities—
Accounts
Invest.
,,1939
$300,234
25,000
$445,629
Earnings of other subsidiary companies
to El Paso Electric Co. (Del.)
$333,379
87,250
Earnings of El Paso Elec. Co. (Texas)
Note interest deducted from above earnings——^
Balance for common stock and surplus
Fixed
(Del.)
1940
......$219,351,085 $219,257,763
Total
Other
_nn
25,000
$44,178
Balance
__
„
2,083 .25,000
2,083
Del.)
19,447,650
406,268
.....
....
$808,437
$79,593
36,136
$4.16
Other current assets...................
Deferred charges
358,999
$858,820
Dr50,382
ofl'ooc
JDr2,217
$4.05
...—...»..
Materials and supplies...
383,395
Preferred dividend requirements
$4.20
deposit
336,885
31,584
$82,397
....
..
$338,312
'
hand and
1,1/3,020
369,484
Balance
Int. & amortiz'n (public)
Consolidated Balance Sheet Dec. 31
on
1,193,302
30,661
17,479
132,443 1
41,087
Balance applicable to
Accounts receivable (customers).
99,406
20,009
33'616
Depreciation....
$829,034
13,295
$133,182
Assets—
Cash
103,528
15,654
30,681
......
Maintenance....
Earns, per sh. on 2,152,828 shs, of com. stk,
outstanding (no par).
Electric Co. (Texas)
1940—Month—1939
1940—12 Mos.—1939
$265,695
$263,470 $2,949,358 $2,920,946
Period Ended Jan. 31—
$82,215
182,
$513,699
$753,636
Balance, surplus.....
(Del.) (& Subs.)—Earnings
Earnings of El Paso
$9,100,673 *10,119,494 $10,324,624
1,375,000
1,375.000
1,375,000
7,211,974
8,611,312
8.611,312
...$10,417,024
1,375,000
dividends
8,288,388
Net income...
Preferred
outstanding
Net operating revenue
Other income (net). —__
$9,100,673 *10,118,600 *10,347,146
......
GV894
22,522
.$10,417,024
Balance
Min. int. in inc. of a sub.
like principal amount of
2252.
p.
24,293
500,000
70,500
21,618
500,000
5,399
43,857
....
Approp. for spec, reserve
150,
El Paso Electric Co.
$31,605,631 $28,558,887
18,115,334 15,416,242
$13,157,701 $1L888,077 $13,490,297 ♦13,142,645
155,161
140,184
186,904
728,343
Net oper. revenue
Other income...
$19,000,000 of bonds to be used in
of the
connection with the redemption of a
Calendar Years (Inch Subs.)
1938
1937
1936
Operating revenues....$32,876,339 $30,071,599
Oper., exp., maint. & tax 19,718,637
18,183,522
April 13, 1940
Earnings of
....
-
a
$5,428,241
249,362'
$4,567,245
5,657
subsidiary company
Balance for common stock and surplus
$5,422,584
2,288,389
$4,567,245
2,323,556
$3,134,195
Bal. applic. to stocks of Engineers P. S. Co..
Divs. on pref. stock of Engineers P. S. Co......
$2,243,689
$1.64
$1.17
Applicable to Engineers Public Service Co, (1939—before allowing for
unearned cum. pref. dividends of a subsidiary),
b On pref. stuck and
Earnings per share of common stock—
a
amortization
on
bonds
owned
by
parent
company,
included in
above
charges,
c In excess of its pref. dividend requirements for the period, less
minority interest, credited to reserve for depreciation in investments in
subsidiaries,
d Includes Federal income taxes of $1,403,449 (1939—
$834,139).
Volume
SEC
The Commercial & Financial Chronicle
ISO
Denies
Delay in Death Sentence Hearing—-
The Securities and Exchange Commission
April 10 denied the request of
a period of 90
days from April 26, of the hear¬
ing m the proceedings instituted by the Commission under Section 11 (b) (1)
of the Public
Utility Holding Company Act of 1935.
The Commission's
order (File 59-4)
instituting the proceedings set the hearing in the matter
for April 26.
company for continuance for
This is the first postponement
request which the SEC has refused.
other requests have been acceeded to.
Files Answer with SEC—
companies in the system proportionately in accordance with their gross
earnings, and that the mutual service company also furnishes, at cost,
similar services to Engineers itself and El Paso Electric Co., a
subholding
company in its system.
The answer points out that dismemberment of
the Engineers system would deprive the operating subsidiaries of Engineers
of the services of technicians and specialists who are
thoroughly familiar
with their affairs and problems and would force them to obtain substitute
service elsewhere at greatly increased cost.
"The facts with respect to the non-utility businesses which are carried
on by Engineers'
subsidiaries, such as the transportation business and ice
and water business are set forth in the answer, and the answer alleges that
all of these businesses are reasonably incidental or economically
necessary
Three
4
Donald C. Barnes, President of Engineers Public Service Co., April 6,
following statement with reference to the answer filed by the
company and its subsidiaries in response to the notice of and order for
made the
hearing^ under Section 11 of the Public Utility Holding Company Act
directed by the Securities and Exchange Commission to these companies:
m."?5,§£Ileers Public Service Co. and its subsidiaries, April 6, filed with
the SEC the answer required by the notice of and order for hearing under
Section 11 of the Public Utility Holding
Company Act.
The answer is a
55-page legal document setting forth certain essential facts regarding the
company and ics subsidiaries and explains the basis on which the company
believes its constitutional rights rest;
The company intends to present
to the Commission at the
hearing facts which it hopes will justify an order
approving the retention by the company of at least a substantial part of
its present system and will
cooperate with the Commission to the extent
it can properly do so so long as the substantial
rights of its security holders
are not infringed.
It is the hope of the management that as the facts
are developed in the various Section 11
proceedings some method of working
°ht the
problems arising under this section can be arrived at.
Section 11 (b) (1) under which the
proceeding is pending, requires the
Commission by order to take such action as it shall find necessary to limit
the operations of a holding
company system to a single integrated public
utility system, and to sucn other businesses as are reasonably incidental
or economically
necessary or appropriate to the operations of such system,
but it makes it the duty of the Commission to
permit a holding company
to continue to control one or more additional
integrated public utility
systems if it finds after hearing that (a) each such additional system cannot
be operated independently without the loss of substantial economies;
(b) all such additional systems are located in one State or adjoining States
in
contiguous foreign country, and (c) that the continued combination
of such systems under the control of the holding company is not so large
as to impair the
advantages of localized management, efficient operation
or the effectiveness of regulation.
Section 11 in addition requires that any
order of divestment made by the Commission shall be carried out within
a maximum of two years from the date of such order.
"The answer states that Engineers now controls seven public utility
companies, as follows: Virginia Electric & Power Co., Gulf States Utilities
Co., El Paso Electric Co., Puget Sound Power & Light Co., the Western
Public Service Co., Savannah Electric & Power Co. and the Key West
Electric Co,
The answer states that investments of Engineers in these
and one other small subsidiary are carried on its books at $92,508,311.
It
admits that the communities served with
electricity have an aggregate popu¬
lation of approximately 2,328,500 and that the communities served with
gas have an aggregate population of approximately 254,000.
It admits
that these subsidiaries are not confined in their operation to those of a
single integrated public utility system as defined in the Act.
"The answer alleges that with respect to Engineers,
taking the Virginia
Electric & Power Co. as the main system, and Gulf States Utilities Co. and
El Paso Electric Co. as the two additional systems, the (a), (b) and (c)
requirements of Section 11 (b) (1) are met in that substantial economies
would be lost if any of these companies were
operated independently, that
the additional systems of Gulf States Utilities Co. and El Paso Electric Co.
are located in one State,
namely, the State of Texas, or in adjoining States,
namely, the States of Louisiana and New Mexico, and that the continued
holding of these systems, nameiy Virginia, Gulf and El Paso will not be
so large as to impair the
advantages of localized management, efficient
operation or the effectiveness of regulation.
Similar allegations are made
independently in respect of the Western Public Service Co., a holding
company in the Engineers system.
Other companies in the system are
alleged to be integrated public utility systems under the definition contained
or
a
or
appropriate to the operations of the utility businesses carried
p. 1932.
,
facts, it is
rights of Engineers
and its
subsidiaries.
Emerson Electric Mfg. Co.—Listing—
387,770 outstanding shares of common stock (par $4) and for authority
to add to the list 75,000 additional shares upon official notice of the issuance
thereof at anytime prior to Sept, 30, 1944, for cash, pursuant to a contract
with the President of the company.
Earnings for 5 Months Ended Feb. 29, 1940
Net profit after deprec., int., Federal income taxes, &c.
—V.
$19,166
_
150, p. 1599.
Erie
RR.—Reorganization Court Orders—
Judge Robert "N. Wilkin of Federal Court Cleveland recently Issued five
approving previously filed petitions, authorizing the trustees to:
(1) Acquire control of the West Clarion RR. consisting of 0.93 mile of inter¬
change track, and to dispose of the Brockport & Chawmut RR., comprising
about two miles of track; (2) withdraw an answer to claims on behalf or
bondholders of the Wilkes-Barre & Eastern RR. against the New York
Susquehanna & Western RR ; (3) renew a trackage agreement with the
New York Ontario & Western covering trackage rights between Middletown alnd Crawford Junction, N. Y., a distance of about 3 K miles; (4) enter
into several leases and agreements involving property not needed for tailroad purposes; and (5) be granted an extension until Sept. 30, 1940, of time
for filing a reorganization plan for the New Jersey & New York, a sub¬
ordinate debtor.—V. 150, p. 2096.
orders
.
Eureka
Pipe Line Co.—Extra Dividend—
Directors have declared
an extra dividend of 25 cents per share in ad¬
regular quarterly dividend of 50 cents on the common stock,
both payable May 1 to holders of record April 15.-—V. 150, p. 1135.
dition to
a
Evans Products Co.-—New Treasurer—
M. E. Stover, Controller, was elected Treasurer, and J. C. Goldrick,
Director of Public Relations, was made Vice-President of this company at
the annual meeting held April 4.—V. 150, p. 1932.
Federal Light & Traction
Co,—Collateral Deposited—
Irving Trust Co., as trustee under the Indenture securing Federal Light
& Traction Co. first lien 30-year sinking fund 5% gold bonds, due March 1,
1942, reports that 30 shares of capital stock, $10 par value, of Tucson Rapid
Transit Co., have been deposited with it as collateral.—V. 150, p. 2096.
Fidelity Fund, Inc.—Liquidating Value—
The company reports liquidating value on March 31 was $3,818,670,
against $3,083,846 on March31,1939.
Number of shares rose from 182,909
to 202,153, giving an asset value of $18.89 for the 1940 date and of $16.86
for the 1939 date.
In the first quarter of this year the fund eliminated
Spiegel and Curtiss-Wright A from its portfolio, adding Douglas Aircraft.—
V. 150, p, 433.
Filing Equipment Bureau—-Accumulated Dividend—
Company paid a dividend of
the 4% preferred stock, on
on
V. 142, p.
$1 per share on account of accumulations
April 1 to holders of record March 21.—
2666.
v.
Among other such
and municipalities in which the subsidiaries operate, and as to those com¬
panies which carry on an interstate business, by the Federal Power Com¬
mission, Engineers and its subsidiaries are already comprehensively regu¬
lated in the interests of the public, consumers and security holders under
that under sections of the Act other than
are already subject to regulation
Section 11, Engineers and its subsidiaries
in respect
*
The New York Curb Exchange has approved the application of
company
First All Canadian Trustee Shares—Dividend—
pointed out that in addition to regulation by the various States
other sections of the Act.
"It is stated, for example,
by the
to list
in the Act.
"The answer points out various facts believed by Engineers to show
that dismemberment of its system under Section 11 would violate the con¬
on
subsidiary companies of Engineers."—V. 150,
,
stitutional
2423
maximum of two years, as required by Section 11, would violate the con
stitutional rights of Engineers Public Service Co.
"The answer alleges that Engineers Public Service Co., Inc. is a mutual
service corporation which is engaged in furnishing technical and
expert
services to the public utility and other corporations in the Engineers
system;
that the stock of the mutual service company is owned by the operating
a
of—
"
'The issuance and sale of securities,
'
'The exercise of any privilege or right to alter priorities, preferences,
voting power or other rights of the holders of any outstanding securities,
"The borrowing of money op any note or draft having a maturity of
more than nine months, or to an amount exceeding 5% of the principal
amount and the par value of its outstanding securities,
'The acquisition of securities or utility assets or any other interest in
any business,
'The loaning of money or the extending of credit to or the indemnifying
of any company in its system,
"
'The declaration or payment of any dividend on or the acquisition,
retirement or redemption of any of its securities,
'The solicitations of proxies,
"
'The negotiation or performance of any transaction not otherwise
unlawful under the Act with any company in the system or any affiliate,
"
'The keeping of accounts, cost accounting procedures, correspondence,
memoranda, papers, books and other records, and
'As to any subsidiary company of Engineers, the negotiation or performanance of any contract by which it undertakes to perform services or
construction work for or to sell goods to any associate company.'
"In effect, the answer asserts that in the light of such comprehensive
regulation, the dismemberment provisions of Section 11 are unreasonable
and arbitrary and beyond the power of Congress under the commerce
"
Directors have declared a dividend of 11 lA cents per share on the common
stock, payable April 15.
148, P. 437.
■
'
Dividend of 9H cents was paid on Oct. 16, 1939.
—V.
(M, H.) Fishman Co., Inc.—Sales—
Period End. Mar. 31—
1940—Month—1939^
Stores in operation—
—V. 150, p. 1600.
The common
-
1940—3 Mos.—1939
$785,821
$700,085
39
39
—
-—
Corp.—Unlisted Trading—
Fisk Rubber
"
$261,126
$316,500
Sales
stock, par $1, has been removed from unlisted trading by
Exchange.—V. 150, p. 2252.
the New York Curb
"
"
Follansbee Bros. Co.—"When Issued** Contracts Cancelled
the New York Stock Exchange has decided
company's securities sold on a "when as and if
issued" basis shall be concelled and the cost of the arbitration shall be
The arbitration committee of
that contracts involving
wfliivcd,
"
clause.
"The
'
1
This ruling was
"
the result of a dispute which had been referred to the
committee by two member firms
tion plans occurred which the
regarded as sufficiently different from the original plan to justify cancelling
of all contracts and issued a ruling to that effect,
.•
A non-National Assn. of Security Dealers member firm dissented from
this ruling and the matter was referred to the Exchange's arbitration com¬
mittee for settlement.—V. 150, p. 994.
Florida East Coast
Ry.-—Annual Report-
General Statistics for
,
_
.
,
purpose of negotiating for and acquiring all of the properties of Puget Sound
Power & Light Co., that while such suits are pending and negotiations
undo* way, no sale of Puget Sound Power & Light Co. common stock could
be made except at an unwarranted sacrifice to the owners and holders of
such stock, and that under such circumstances to require divestment within
Calendar Years
1938
1939
.
alleges that Section 11 (b) (1) sets up for the Commission
no proper standards for its administration and that accordingly the Section
constitutes an unlawful delegation of legislative and judicial power.
"The answer points out that Engineers and all of Its subsidiaries operate
under charters from various States and lawfully acquired their properties
under such charters and State laws, carry on their businesses for the most
part under franchises granted by States or political subdivisions and alleges
that any order under Section 11 requiring the divestment of such interests
lawfully acquired under State laws will interfere with intrastate transactions
and invade the powers reserved to the States under the Tenth Amendment
to the Constitution.
■.
"The answer further points out that the reason Engineers acquired
interests in utility companies widely scattered territorailiy throughout
the United States was to obtain diversification in its holding company system
and the economical benefits such diversification would give both to the
quantity and continuity of the earnings of such scattered subsidiaries and
alleges that depriving Engineers of this economical advantage will consti¬
tute the taking of property from Engineers and its stockholders without
due process of law.
.
"The answer further alleges that it would not be possible for Engineers or
its subsidiaries, within a two-year period, to dispose of such securities and
assets as they would have to dispose of in order to comply with Section 11
without unwarranted sacrifice of the values of the securities of Engineers
and its subsidiaries, many of which are widely held by the public.
In this
connection the answer also points out that with respect to Puget Sound
Power & Light Co., there have been incorporated in the territory served by
this subsidiary, public utility districts in 13 out of the 19 counties in which
this subsidiary sells electric energy in the State of Washington: that these
public utility districts have been investigating ways and means of acquiring
substantial portions of the utility assets of that subsidiary; that six of said
public utility districts have instituted condemnation proceedings for certain
of the properties of the company, and commissioners from five other of
such districts have recently incorporated a non-profit corporation for the
answer
when early this year changes in reorganiza¬
National Association of Security Dealers
1937
1936
685
685
' 705
1,463,965
1,422,692
1,426,941
1,390,219
Tons earned one mile—-347,378,256 336,913,501 342,844,161 308,977,743
Av rev Per ton per mile
1.679 cts.
1.815 cts.
1,62lets.
1.759 cts.
P^engers^iTied-.
439,038
394,326
536,738
■
473,456
A
vftr
miles operated-.--
685
ToS'ffllhtSiS:::-
—
pSs^Sriedonemiie—-121,180,839
A^rev.perpassTp. mile 1.988 cts.
108,750.697 138,847,387 113,942,995
2.272 cts.
1.956 cts.
1.962 cts.
Income Account for
Calendar Years
1939
1938
1937
1936
$5,833,618
2,409,072
$5,558,444
2,716,170
$5,434,470
2,235,320
Mail, express, &c_—
745,998
Incidentals, &c—-—2/2,678
$6,115,901
2,470,335
754,334
253,821
738,543
290,048
706,928
237,790
Total oper, revenues. .$9,261,367
Freight
—————
KSgeL--..——
$9,594,391
$9,303,205
$8,614,508
3,081,009
1,308,421
1,799,211
944,904
3,169,291
3,177,842
1,216,090
1,824,426
904,945
2,801,967
$7,133,544
2,127,822
$7,002,599
2,591,792
781,483
916,199
$7,123,303
2,179,903
901,160
$6,515,855
'2,098,653
770,305
Railway oper. income.
Other income, -----——
$1,346,339
90,968
$1,675,593
87,888
$1,278,743
94,525
$1,328,349
107,158
Gross income-—--
$1,437,308
$1,763,481
$1,373.?68
$1,435,507
592,638
10,002
2,831,251
94,448
619,936
213,745
519,912
17,2.53
2,902,307
115,747
435,339
15,214
2,957,280
99,304
$3,729,006
1,965,525
$3,555,220
2,181,952
$3,507,138
2,071.631
Expenses—
Transporation
—- -«
Maint. of way. &c—
Maint. of
equipment
-
-
-
Traffic, &c_—
Total oper.
expenses..
Net earnmgB—
Taxes.
—
1,177,996
1,754,377
900,935
1,181,019
1,625,898
906,971
Deduct—
Hire of equipment-—Joint
facility rents— - -
Int. on
funded debt—-
Miscellaneous charges
Total deductions—
Deficit
-
-
$3,528,339
2.091,032
26,165
2,869,160
The Commercial & Financial Chronicle
2424
General Balance Sheet Dec. 31
80,844,149
equipment... 81,924,981
Equip, obligat'ns
RFC loan
Depos. in lieu of
property
Misc. phys. prop
234,418
312,810
274,949
318,884
Impts. on leased
railway prop.
ImMnaffU.cos.:
19,985
781323
781,823
Bonds.......
602,001
Advances....
Other lnvestm'ts
407,886
82,497
1,270,432
18,822
17,704
002,001
389,103
43,035
Cash....
Loans A bills reo
Traf. &
1,903,366
177,385
22,957
car serv.
rec.
—
1,769,413
4,020
Other def. assets 47,901,072
Oth. curr. assets
2,616
2,317,112
UnadJ. debits..
Work, fund adv.
3,304,672
Trade and mlscell.
accts .A notes rec
affiliated
Govt, grants...
Loans A bills pay
99,776
77,723
......
1,900,000
int.
matured,
unpaid
19,139,635
Misc. accts. pay
54,077
x
283,047
530,215
a1,275,000
Res. for Govt, tax
136,000
Accrued taxes
158,529
475,565
209,430
6,000
5,000
807,111
6% inc. notes
payable
yr.
thru.lnc.&sur.
5,000
Other accr'd llabs.
Funded
800,000
debt
1939 (sub. co.)_
800,000
50,000
67,800
80,774
85,209
150,000
3,413,350
15,000
1,370,300
3,417,350
not owned--—650,000
Def'd profit (net).
24,314
PL stk. (par $10)
1,861,920
x Common stock—
574,640
650,000
X341.179
1,855,920
574,046
Capital surplus.— 7,133,045
Earned surplus-—
585,293
6,836,395
Accts.
payable to
affiliated cos.—
Res've for loss on
175,000
Spear Box Co.,Inc.
12-yr. 4)4% s. f.
commitments for
debs
pur.of raw mat'l
Fund. dt. of subs-
posits and notes
Fund, debt of co—
1,295,307
1,129,737
4p-year 0 % Income
903,065
receivable—
391,380
——
47,277
notes
902,477
110
37,397,309
4%
171
39,068,956
pur.
Capital stk. of sub.
47,277
-
money
notes
22,496
128,609
due
423,325
St. Joe Paper Co.
Misc. fund, res
194,660
(sub. co.)
Mlscell. accts., de¬
66,984
103,904
Acer. Int. on debs.
195,000
——
5,725
47,194,302
7,227,133
prop.
Prof. A loss def.
accept.pay.
secured
Res. for Int. on 40-
Oblig. of No. Caro.
Pulp Co. to be
funded by 10-yr.
4% notes rec
Cash on dep.under
816,005
-
1,850,000
229,000
185,301
88,476
contra-
Oth .unadJ .cred's
Add'ns to
16,889,918
56,616
902.848
_
Bank loans pay'le,
5,937
—
sub.
175,641
626,716
cos
671,748
Trade
1,424.798
3,048,115
Notes receiv. (not
current)
—.
Notes rec. from
Traf. A car serv.
balances pay.
Aud, accts., Ac.
1,429,002
2,032~224
2.103,600
—
f
pay.,
_
Market. securitiesInventories
$
incl.
accrd. payroll
Inv. in A advs. to
1,900,000
.....
11,902
1,477 Other curr. llab.
4,965 Other def.liab.. 48.857,265
7,538,697
46,286.221 Acer. depr. eqpt.
618,656
2,917 Tax liability
303
12,000,000
45,000,000
Accts.
.207,783
706,124
1938
1939
Liabilities—
$
$
Cash
aflli.
to
179,086 Funded debt ma¬
tured unpaid,
42,294
259,420 y Unmat'd int.
accrued
1,096,170
65,115
55,919
250,740
Agts, & cond'rs.
Misc. accts.
debt
cos.,
I bal. receivable
Mat'l A supplies
Xnt, A divs. rec.
...
1st mtge. bonds. 12,000,000
lst&ref.m. bds. 45,000,000
Non. negotiable
19,985
Stocks.......
1,770,000
Assets—
37,500,000
1,230,000
233,309
1938
1039
$
$
Common stock. 37,800,000
Inv. In road and
Special deposits.
Consolidated Balance Sheet Dec. 31
Liabilities—
$
$
1938
1939
1938
1939
Assets—•
April 13, 1940
—-
1,600,000
——
St. Joe Paper Co.
1,710.263
2%
..138,005,439 136,885,436
Total
Total...-...138,005,439 136.885,436
x Includes Interest due Sept.
1, 1931 and subsequent interest dates and
unpaid on 1st & ret. mtge. 5% gold bonds, series A, amounting to $19,125,000 at Dec. 31,1939 and $16,875,000 at Dec. 31,1938.
y Includes interest
accrued since Sept, 1 on 1st A ref. mtge. 5% bonds, series A, amounting each
year to
pur. money
notes
y
1
1
115,723
Goodwill-.
Deferred charges-
122,333
Total-———17,092,888
$750,000.—V. 150, p. 2097.
Ford Motor Car
1,037,500
Capital assets.. 7,818,607 12,040,000
Co., Detroit—Sales—
20,217,6721
Total—
17,092,888 20,217,672
a Reduced
to $1,225,000 during January and February,
1940, and
renegotiated at that amount of which $390,000 will mature during 1940 and
the balance the first two months of 1941,
x
Represented by 574,646 shares of no par value,
y After reserve for
depreciation of $7,001,042 in 1939 and $7,664,171 in 1938.
z Deferred
Retail domestic deli veries of Ford cars and trucks and Mercury cars during
totaled 92,227 units.
This was the highest month's sales since
July, 1937, and was 56% above February, Ford Motor Co. stated.
Mercury sales for March were the highest of any month since the car
was introduced, more than a
year ago, and were 50% above February
Srofit (net)Co. under acertain propertiesFeb.Thames Rivermodified during
on sale of contract dated of 28, 1938 as Division to St.
Paper
of this year.
1939.—'V. 150, p. 1933.
March
oe
Lincoln-Zephyr sales at 2,266 Units were at the best March level since
1937.-—V. 150, p. 433.
Fordyce & Princeton RR.—Abandonment—
x
The Interstate Commerce Commission on March 29 issued a certificate
permitting abandonment by the company of a three-mile branch line of rail¬
road in Dallas County, Ark.—V. 126, p. 2959.
Forty Wall Street
Freeport Sulphur Co.—Justice Bureau Drops Anti-Trust
Action—
The Department of Justice has dropped at this time its anti-trust prose¬
cution in the sulphus industry, "in view of certain commitments made"
by Freeport Sulphur Co. and Texas Gulf Sulphur Co.
The two concerns, it was revealed, had advised the Anti-Trust Division
of the Justice Department that no price advances are contemplated "in
the foreseeable future" for the purpose of realizing a greater return.
However, should price increases become necessary, the companies, it
was said, would advice the Justice Department.
The Anti-Trust Division began an investigation of the sulphur industry
as a part of its general inquiry into fertilizers and their constituent in¬
gredients.
The investigation, made with the full cooperation of the two
companies, indicated that there had been a gradual reduction in the price
of sulphur in recent years.
"While published quotations showed a price of $18 a ton for bright
sulphur at the mines for several years prior to the fall of 1938, and $16 a
ton since, actual prices for various grades, as shown by sales invoices, were
substantially lower than the published prices during both periods," it
stated.
,
.
stated, "the sulphur export corporation, owned
by the two principal domestic producers, and a party to the agreement
informed the Department that the controlling provisions of the inter¬
national agreement were, in fact, inoperative because of war conditions.
The sulphur export corporation agreed to inform the Department of any
renewal of provisions presently inoperative or of the adoption of any new
agreements similar in character.—V. 150, p. 1933.
result," it
Earnings
After
x
per
taxes
Fruehauf Trailer Co.—Notes Called—
General Baking
1939
1938
at net
1937
sellingprice-——$14,734,891 $16,060,828 $21,654,806
12,779,890
12,941,244
17,386,8061
General Capital
2,126,761
73,151
Trading profit.....
$399,741
127,036
$919,672
195,818
$1,936,520
170,614
$526,776
$1,115,490
850,664
$2,107,134
842,301
Other income-.—.--.
Total income
Prov. for depreciation—
Interest on bonds
Int. on bonds of subs—
-
Prov.
See note
for
loss
on
119,726f
reported
$1,953,388
86,388
raw
materials
on
$2,039,776
792,351
102*668
85*868
39,000
95,582
39,000
84,210
39,000
15,000
61,585
23,700
com¬
-
-
undistributed
1939
1938
1937
$25,646
$47,715
9,365
11,023
$28,605
See note
$27,266
26,785
$16,280
69,396
$36,692
prof24,677
$28,605
Net profit—
$481
loss$53,116
$61,369
Includes $219 interest income.
as above is exclusive of gains
Note—Net income
losses, realized and
or
unrealized, on securities the amounts of which were as follows:
Unrealized net depreciation in quoted market value of securities
during the quarter
Realized net profit on securities (cost of securities sold deter¬
mined on basis of cost of "specific certificate delivered")-—
-
$40,317
—
Net loss, realized and unrealized, on securities
20,761
$19,556
-
Balance Sheet March 31
Assets—
1940
Liabilities—
1939
Cash In banks—de¬
mand deposits—
Int. accrued rec
219
Loss for year-.—-—
$633,862
$11,060
7,122
27,074
6,170
1,457
Prov. for accr.Fed.
9,506
Marketable sees— 3,478,535
3,258,558
Cash dlvs.receiv,
and State taxes-
Dividend payable,
a Capital stock--.
2,120,913
Shares
sold
$3,570,154 $3,446,7231
29,664
2,494,458
but
unissued
cl,274
Surplus—— 1,405,580
b
—
Total
904*014
—$3,570,154 $3,446,723
a Represented by
128,527 (145,183 in 1939) nojpar shares, including
13,415 (21,999 in 1939) shares held in treasury,
b Excess of assets, based
marketable securities at quoted market value, over liabilities and
capital.
c42 shares.—V. 150, p. 2098.
upon
Corp,—Earnings-
3 Mos. End. Feb. 28—
Net profit after all chgs.,
incl. pref. divs. A Fed!
income taxes.
1940
x
p.
1938
1939
$90,899
$66,506
$0.09
$0.06
Earnings per share
But not undistributed profits tax.
y
x$105,049
$0.11
1937
x$128,213
$0.16
On common stock.—V, 150,
839.
General
Gas
& Electric
Corp.—Transfer Agent—
Corporation has notified the New York Stock Exchange of the appoint¬
Lawyers Trust Co. as transfer agent of the common stock, class A,
and $6 cumulative convertible preferred stock, series A, of the corporation,
in lieu of Transfer & Paying Agent, effective April 15,1940.—V. 150, p.16001
General
Motors
Acceptance
Corp.—Financing Plans
The corporation is reported negotiating for a large bond issue,
nothing definite hzs been decided.—V. 150, p. 1766.
General Shoe Corp.
but
(& Subs.)—■Earnings
jEarnings for 12 Months Ended Feb. 29, 1940
Net income after all charges.—
194,660
y9,704
a731,418
1939
$7,583
Rest. exps. accrued
and unpaid
$178,440
U
14,424
sold—not deliv.
zl05,972
sale & retirement
of capital assets - Prov. for int.on inc.notes
Prov. for Govt. inc. taxOther charges
—
1040
Accounts payable.
$76,886
ment of
mitments for purch. of
Loss
on
658
Net income--
x
Before surtax
y
x$36,120
8,854
7,730
Net loss from sales of sec.
y
91*745
39*666
-
Loss from sale of inv
stock.—
Corp.—Earnings—
Prov. for Fed. tax on inc.
Not
18,300
pref. stk. of sub.
&c.
on notes pay.,
common
Co.—Earnings—
Expenses and taxes
'
2,211,754$
1,555,260
—
119,304 shares
3 Mos. End. Mar. 31—
1940
Income:
Cash divs—$36,994
,
Cost of production-.--.
on
On
1937
$162,258
$1.36
—
General Finance
1936
.
Admin., sell. & gen. exp.
Idle plant expenses—
Divs.
y
x After depreciation, Federal taxes, &c.
profits.—V. 150, p. 1934.
(Robert) Gair Co., Inc. (db Subs.)—Earnings—
Calendar Years—
Finished goods produced
Int.
charges,
1938
$290,768
$1.65
13 Weeks Ended—
Mar. 30, '40 Apr. 1, '39 Mar. 26, '38 Mar. 27, *37
x Net profit---—
$283,301
$231,467
y$322,817
$183,572
Shs.com .stk .out. (par $5)
1,588,697
1,588,697
1,588,697
1,588,697
Earnings per share,.
$0.07
$0.03
$0.09
Nil
was
All of the outstanding 10-year 4H% s. f. debenture notes have been
called for redemption on May 7 at 101H and accrued interest.
Payment
will be made at the Detroit Trust Co., Detroit, Mich.'—V. 150, p. 2253.
customers,
and
1939
$103,851
$0.64
V. 150, p. 1278.
Total...
for
1940
$313,201
$1.98
share—
Aco'ts reo. for stock
Justice Department.
a
(& Subs.)—Earnings—
.
The inquiry disclosed a close relationship between domestic and Italian
producers through a division of the foreign market for sulphur under an
agreement made pursuant to authority of the Webb-Pomerene Export
Trade Act.
Certain provisions of this agreement were questioned by the
"As
y
Corp.—\Time Extended—
The time within which the corporation must answer an involuntary
bankruptcy proceeding filed against it on Dec. 26, last, by petitioning
creditors has been extended to May 23, by Federal Judge Samuel Mandelbaum on the petition of the Starrett Corp., a creditor in the amount of
$2,416,116 for loans advanced.
The petition states a settlement of litiga¬
tion between Midland Marine Trust Co. and the alleged bankrupt is being
negotiated and that a successful settlement will benefit ail creditors.—
149, p. 3716.
was
Gamewell Co.
9 Mos. End. Feb. 28—
Net profit---
18,468
3,600
y24,820
39,029
182,193
236,906
160,716
140,175
Earnings per share
150, p. 995.
on
i..
——
628,013 shares common stock
...
$1,014,322
$1.55
—V.
General
Telephone Corp.-—Gain in Phones—
Telephone Corp. reports for its subsidiaries a gain of 3,100
1940, as compared
with a gain of 2,439 telephones for the month of March, 1939.
The gain
for the first quarter of 1940 totals 8.186, or 1.63% as compared with a gain
of 5,180 telephones, or 1.13% for the corresponding period of 1939.
The subsidiaries now have in operation 509,770 company-owned tele¬
phones.—V. 150, p. 2254.
General
_
Divs.
on pref. stock.
Shs.of com .stk. (par $1).
Earnings per share
x
Shares
$23,388prof$557,128prof$821,726
417,582
___
of
no
par
574,647
value,
Nil
y
574,646
Nil
574 613
Nil
556,776
*574,613
$0.47
Provision by subsidiary companies for
Federal and foreign income taxes,
x Loss from sale of inventories and
other charges incident to discontinued operations.
a Consists of $656,418 charges resulting from sale of
scrapping of capital
assets and write down to estimated realizable values of capital assets held
for sale and $75,000 loss resulting from exchange of capital stock of a former
affiliated company for debentures of its successor company.
Note—Depreciation provided during 1939 amounted to $619,664.
company-owned telephones for the month of March,
Georgia & Florida RR.—Earnings—
—Week End. Mar. 31—
1940
1939
Operating revenues (est.)
—V. 150, P. 2254.
$31,575
$31,238
—Jan. 1 to March 31—
1940
1939
$269,864
$255,609
Volume
General
pany on
The Commercial & Financial Chronicle
150
Motors
Corp.—March
Sales—The
Car
Period End. Mar. 31—
1940—Month—1939
1940—3 Mos.—1939
Sales
$8,101,208
$7,163,148 $20,141,228 $18,442,336
-r-V. 150, p. 2098.
April 8 released the following statement:
March sales of General Motors
cars
and trucks in the United States and
Canada,
including export shipments, totaled 103,522, compared •with
161,057 in March a year ago.
Sales in February were 174,572.
Sales for
431,057 for
Griess-Pfleger & Co., Inc.—Earnings-
the first three months of 1940 totaled
649,182 compared with
the same three months of 1939.
Earnings for 6 Months Ended Dec. 31, 1939
Sales to dealers in the United States totaled 181,066 In March compared
with 142,743 in March a year ago.
Sales in February were 160,458.
Sales
Net income after all charges
Gulf States Utilities Co.—<-Earnings—
Period End.-Jan. 31—
1940—Month—1939
1940—12 Mos.—1939a
$814,044 $10,449,351 $10,618,320
$894,298
310,345
265,746
3,286,940
4,203,979
Maintenance
:......
53,181
569,741
515,496
51,526
109,888
1.422,723
1,216,298
Depreciation..........
121,208
b Taxes......121,106
110,454
1,088,064
1,222.684
pared with 142,062 in March a year ago.
Sales in February were 123,874.
Sales for the first three months of 1940 totaled 419,308 compared with
314.178 for the same three months of 1939.
Operating revenues
Operation
Total Sales of General Motors Cars and Trucks from ATI Sources of Manufacture
United States and Canadian Factories—Sales to Dealers and Export Shipment:
1940
March.
...
July...
August
September
October:
November
...
December...
Total.
1,108,007
Net oper. revenues
1,928,781
$290,113
Dr2,193
$274,774
Dr298
$4,081,881
3,319
$3,459,862
Drl3,641
$287,920
107,050
$274,476
119,095
$4,085,200
1,421,617
$3,446,221
1,312,965
Balance
$180,870
Preferred dividend requirements.
89,010
59,962
244,230
221,592
201,192
185,779
208,825
175,264
65,423
151,602
180,239
145,663
-
1,542.776
.....
1937
76,665
77,929
89,392
91,934
85,855
84,885
73,159
41,933
19,566
108,168
185,852
172,669
136,489
133,511
161,057
142,002
128,453
139,694
84,327
12,113
53,072
144,350
200,071
207,637
April
May
June.
1938
1939
181,088
174,572
193,522
$155,381
$2,663,583
584,968
$2,133,255
599,338
$2,078,616
$1,533,918
Other income (net)
Balance.;
.
January....
February
Includes operations for the entire period of systems acquired Aug. 25,
b Federal income taxes for the taxable year 1939 were substantially
reduced as a result of the redemption of series C bonds on July 31, 1939,
—-V. 150, P.2099.
a
1938.
Haloid
April
May...
June
July
August
September..
October
November.
.
December..
Total.
56,938
63,771
76,142
78,525
71,676
72,596
61,826
34,752
16,469
92.890
159,573
150,005
70,901
49,674
216,606
199,532
180,085
162,390
187,869
157,000
58,181
136,370
153,184
108,232
1,364,426
March
935,163
from
1,680,024
1940
January
February
120,809
March
174,625
June
July
August..
September..
October
November..
December..,
...
63,069
62,831
100,022
103,534
92.593
76,071
78,758
64.925
40,796
68,896
131,387
118,888
92,998
51,600
196,095
198,146
178,521
153,866
163,818
156,322
88,564
107,216
117,387
89,682
1,364,761
...
May...
Total
Vj
88,865
83,251
142,062
132,612
129,053
124,618
102,031
76,120
56,789
110,471
162,881
156,008
123.874
April
.V '
1937
1938
1939
1,001,770
1,594.215
-V. 150, p. 2254.
General Public Service
Corp.—Earnings—
12 Mos.End
Period Ended March 31—
Dividends on stocks..
Interest
on
1940—3 Mos.—1939
$32,355
4,403
4,950
bonds..
....
Revenue from lapsed options
Total.
Expenses
...
Taxes
ture indenture
-
^,318
Debenture interest and Federal and
State taxes payable under deben¬
Net loss
$52,680
18,364
3,393
$244,565
65,228
15,150
147,678
52,552
$4,261
$21,630 prof$16,509
Comparative Bdlance Sheet March 31
Assets—
1939
1940
Liabilities—
Investments:
Accounts
$3,594
33,769
Pref, divs. payable
Deb. Int. accrued.
Bonds.
Taxes accrued
Special deposits.__
238,450
334,317
18,800
Accts. receivable-.
12
614,646
Preferred stocks..
2,084*143
14,733
26,035
Common stock...
669,886
Capital surplus...
2,546
terest receivable
2,828
Earned surplus...
35,378
204,378
equipment
(less depreciat'n)
Total
29,612
6,661
1,004,843 Unadjusted credits
3,425
5% conv. deben.. 2,369,000
138*232 5H% debentures-
Dlvs. & accrued in¬
Office
1939
1940
payable.
Common stocks .$4,475,920 $4,521,350
Preferred stocks
355,069
734,448
Cash
§5,439,847 $7,042,383
Total...
*7,267
33,769
52,039
6,181
2,369*000
1,631,000
2,084,143
669,886
35,378
153,720
the only dividend paid during that year.—V.
Represented by 22,320 shares $6 dividend pref. and 210 shares $5.50
(entitled to $110 per share upon redemption
voluntary liquidation, or $100 per share upon involuntary liquidation,
plus accrued dividends).
Total preferred stock authorized 47,6x0 shares,
of which 23,690 shares of $5.50 pref. are reserved for conversion of 5%
debentures.
Junior pref. stock authorized 10,000 shares of no par value,
of which no shares nave been issued,
b Represented by 669,886 shares
a
or
no
par
value.
Asset Values
Mar. 31 *40 Dec. 31
.'>
'39 Mar. 31 '39
Market value of assets
Debentures outstanding......
$4,453,840
2,369,000
$4,510,479
2,369,000
$5,601,454
Balance for preferred stocks
Asset value per $100 of debentures
Asset value per share of pref. stock
$2,084,840
$188.01
92.54
$2,141,479
$190.40
95.05
$1,601,454
$140.04
—V. 150, p. 1600.
General
4,000,000
71.08
Telephone Corp.—Removed from Dealings—
been removed
from dealings by the New York Curb Exchange.—V. 150, p. 2254.
Gettysburg & Harrisburg Ry. Co.—Abandonment—
The Interstate Commerce Commission on March 19 issued a certificate
permitting abandonment by the company of part of its line of railroad
known as the Hunters Run branch, extending from a point approximately
1.99 miles west of thejunction switch of said branch with the main line at
Hunters Run to Pine Grove Furnace, approximately 5.54 miles, all In Cum¬
berland County, Pa., and abandonment of operation thereof by the Reading
Co.—V. 141, p. 750.
(H, W.) Gossard Co.—Earnings—
3 Months Ended—
Feb. 29. '40 Feb. 28, '39
Net prof, after depreciation, provision
for bad debts A Fed. inc. taxes, Ac.
$56,998
$54,178
per
share
p.
840.
•
common
stock payable April
13 to holders of record April 6.
This compareswith
75 cents paid on Jan. 13, last, $1 paid on Oct. 14, last; 75 cents paid on
July 14, 1939 and 63 cents paid on April 14, 1939.—V. 150, p. 279.
Hayes Mfg. Corp.—Acquisition—
Acquisition by the corporation of all the outstanding capital stock of the
McCauley Steel Propeller Co. of Dayton, O., was announced April 8 by
John W. Young, President.
This acquisition definitely places company in the fiell of airplane equip¬
ment
manufacture.
Hayes has long been known
as
one
of the principal
builders of automobile bodies.
The manufacture of such bodies will be
continued.
.
The transaction includes an exclusive license from Ernest G. McCauley
for Hayes to manufacture, use and sell, in this and certain
foreign countries,
McCauley solid steel propeller, and the services of Mr. McCauley
development of airplane
propellers and hubs. Mr. McCauley invented the propeller named for him
and It is standard equipment on U. S. Army Air Corps training planes.
It
the famous
who is joining Hayes to aid in tne production and
has been used on the Stearman trainers since 1936 and orders on the books
include orders from the U.S. Army Air Corps, Fairchild Engine A Airplane
Co., Stearman Aircraft Corp., and the U. 8. Navy.
In announcing the acquisition, Mr. Young stated that for the time
being the McCauley Steel Propeller Co. would be operated as a wholly
owned subsidiary with production continuing at Dayton.
Additional
equipment will be installed, and present production at least tripled.
He
added:
"In
analyzing present-day
aircraft possibilities and in line with the
announced intention of our company to enter this field, we have found
that there is a bottleneck in the propeller field.
In this connection we
have formed the opinion that the propeller of today and of the future must
be steel.
During the last three years, the McCauley steel propeller has
been through a period of engineering,
designing and testing to the point
where it is ready for large-scale
production. The present established
for this propeller is, broadly speaking, in diameters of 7 feet to 9 feet.
field
For
solid steel propeller has been sought because of Its superior
repairability, durability, smooth operation, economy and safety factors.
Lack of vibration is a futher important factor.
We feel that the McCauley
design has accomplished a comparable weight ratio to other metal pro¬
pellers that insures an increasingly wide acceptance. The toughness or the
solid steel blade, with its extremely hard chromium surface, practically
eliminates the tremendous wearing effect of rain, snow and hail and salt
water spray and corrosion.
During the recent proving period it became a
common occurrence to straighten severe bends ranging up to 90 degrees,
not once but several times, and put a propeller back into service in perfect
condition and balance.
"With the additional equipment and
personnel supplied by the parent
90 days deliveries which are now
enabling the company to accept
company, it is hoped that within the next
behind schedule will be caught up, thus
additional business."—V.
150,
p.
2256.
(Walter E.) Heller & Co.—Earnings—
3 Mos. End. Mar. 31—
Net income
Shares
common
Earnings
x
per
stock...
share....„•
1940
$131,038
251,022
$0.41
After all charges incl. provision for
1939
$113,864
246,068
$0.35
1938
$119,965
245,473
$0.38
Federal income tax.
1937
$118,751
243,742
$0.37
,
Notes Called—■'
Company on April 8 called for redemption on May 10, 1940, at 102 and
interest, all its outstanding 16-year 4% notes, due Oct. 1, 1946.
The
original issue was $2,500,000.
Term loans of $2,400,000 to replace these
funds at lower interest rates, the company reports, are being placed privately
with a group of its regular banks.—V. 150, P. 1768.
(Cha$. E.) Hires Co.—30-Cent Dividend—
Directors have declared a dividend of 30 cents per share on the new
capital stock, payable June 1 to holders of record May 15. Initial dividend
of like amount was paid on March 1, last.—V. 150, p. 1137,
(A.) Hollander & Son, Inc.—Files Stipulation in SEC
Action-—
i
The $3 convertible preferred stock, without par value, has
Earnings
150,
Haverhill Electric Co.—To Pay $1 Dividend—
Directors have declared a dividend of $i per share on the
x
$5,439,847 $7,042,383
dividend pref., of no par value
of
2256.
many years a
29,037
...
......
$190,509
22,153,
31,903
p.
Directors have declared a dividend of 25 cents per share on the common
stock payable April 30 to holders of record April 16.
Last previous pay¬
ment was the 50 cent distribution made on Dec. 27, 1939, this latter
being
Mar. 31 '40
$38,917
13,762
$41,708
14,613
....
.....
Co.—Listing and Registration—
listing and registration.—V. 150,
Hammermill Paper Co.—25-Cent Common Dividend-
"
Sales to Consumers in United States
_,
The New York Curb Exchange has removed the common stock, par $5,
116,964
115,890
142,743
126,275
112,868
124,048
71,803
7,436
47,609
129,821
180,133
188,839
164,925
160,458
181,066
.
Balance for common stock and surplus.....
1937
1938
1939
....
Interest A amortization.
Sales to Dealers in United States
1940
$67,171
*;
—V. 148, p. 3847.
for the first three months of 1940 totaled 506,449 compared with 375,597
for the same three months of 1939.
Sales to consumers in the United States totaled 174,625 in March com¬
January
February
2425
(W. T.) Grant Co.—Sales—
com¬
on common
stok..
»0.26
$0.25
Feb. 28, *38
$54,223
$0.05
—V. 150, P. 435.
(H. L.) Green Co.—Sales—
Period End. Mar. 31—
1940—Month—1939
Sales—
$2,904,866
$2,442,437
Stores in operation
—V. 150, p. 2099.
1940—2 Mos.—1939
$4,998,311
$4,401,889
132
133
Stipulations were filed April 9 In the action of the Securities and Ex¬
change Commission to determine whether the capital stock ($5 par value)
of the company should be delisted in the public interest.
The SEC had held
that, in view of the fact that certain activities of the company and its con¬
trolling stockholders had not been set forth in a registration statement, the
stock should be delisted.
The
stipulations will avoid the expense of costly hearings.
basis briefs will be filed and the
case
turned
over to
On their
the Commission itself
for final decision.
and the exhibits attached to it
became a public company In
1925, Michael Hollander, Albert Hollander and Benjamin W. Hollander,
who control it, have been allowing its patents, trade-marks and trade
secrets to be used without remuneration oy A. Hollander A Son, Ltd., of
Canada.
The Canadian company is not a subsidiary, but is owned out¬
right by the three Hallanders.
When the three acquired the concern in
1923, the stipulations declared, it had a net worth of $25,000.
On
Dec. 14, 1939, the net worth was about $703,248.
The stipulations assert that the services and expert employees of the
United States company and its French subsidiary have been freely at the
disposal of the Canadian concern.
It describes various deals between the
registrant and other companies in which members of the Hollander family
had interest, such as the Hollander Securities Co., Inc.; the City Theatre
of Newark, Inc.; the Ritz Holding Co. and the Capital Securities Corp.
In the two last, according to the stipulation, A. H. and Henry S. Puder,
senior partners of Puder A Puder, the firm of accountants which audits
the Hollander books, are also investors.
The stipulations list various
The document filed with the SEC April 9
revealed that, ever since Hollander A Son
The Commercial & Financial Chronicle
2426
1939
$
S
S
Invest, in road and
Hotel Drake Corp.—Earnings—
1939
$23,197
6 Months Ended Dec. 31—
Net loss after all charges
.
_
1938
$49,111
146, p. 915.
& Power Co.—Earnings—
Houston Lighting
Capital stock
7,600,000
equipment
22 ,862.209 22,769,870
Improves, on leas'd
102,429
132,640
railway proper.
Misc. phys. prop. 1 ,288,674
1,297.070
In vs. in affil. cos—
248,358
247,468
Fd. debt unmat'd,
9,225,000
7.600,000
9,250,000
Other
"*
1940—12 Mos.—1939
1940—Month-—1939
Period End. Jan. 31—
$993,251 $12,277,589 $11,600,926
360,694
5,519.436
4,469,717
135,605
1,570,960
1.531,647
146,278
1,312,348
1,506,151
$1,033,557
527,149
Operating revenues
Operating expenses
123,574
Direct taxes..
51.706
Prop, retire, res. approp.
$4,093,411
1 9,395
$3,874,845
26,034
$350,674
844
revenues$331,128
160,628
7,212
Special deposits
Govt. grant in
rec—
bals.
158,068
928,497
601,014
Audited accts. and
payable..
718,659
Misc. accts. pay..
154,585
83,804
Int. matured unpd.
197,135
197,585
1,189
294,601
1,189
wages
104
Unmat. int. accr'd
Unmatured
143,154
103,416
receiv.
rents
accrued
receiv'le
from agents
248,921
1,177,693
balances payable
Traffic A car-serv.
balances
aid
construction.
of
Traffic A car-serv.
7,212
3 ,768,254
Loans A bills
Liabilities—
17,304
3,494,294
64,156
16,304
investments
Cash
Net
Net oper.
1938
1939
1938
$
Assets—
—V.
31
Comparative Condensed Balance Sheet Dec.
Hollander & Son, Inc.,
participated.—V. 150, p. 1937-
securities deals in which the three main officers of A.
and the two accountants
April 13, 1940
Other
and
Gross income
Int.
on
919
--------
liabs—
curr.
$351,518
80,208
13,504
$332,047
80,208
13,473
—
bonds.
mortgage
Other int. & deductions.
$4,112,806
962,500
156,535
$3,900,879
962,500
171,390
351,375
265,004
Other def. liabs—
384,644
393,851
Tax
914,613
Material and suppl
418,208
Other
curr. assets.
193,321
443,866
145,626
Working fund advs
1,381
2,158
165,522
234,154
1,182
206
conductors..
Other def. assets
Net incomeDividends applicable to
.$2,993,771
315,078
$238,366
$257,806
$2,766,989
preferred stocks for period315,078
paid in advance.
Balance
$2,678,693
$2,451,911
-
—
150, p.
1601.
137,539
Ins. A casualty res.
5,710
6,412
3,306.673
(equipment)
Other unadjusted
credits..
637,851
3,142,869
Acer, depre.
(road)
deprec'n
through inc. and
173,592
164,182
65,926
debt
Other unad). debits
83,944
170,166
5,570,569
180,277
surplus
5,278,710
Profit A loss—bal.
Hudson Motor Car
542,722
—
Add'ns to property
fund.
on
liability
Accrued
Rents A ins. prems.
Discount
—V.
227,591
619,961
658,680
127,017
253,384
Misc. accts. rec'le.
Other income
Co.—•Sales Up 87%—
Reporting the fastest spring upturn in retail sales ever recorded by the
George H. Pratt, General Sales Manager of the company, an¬
nounced on April 3 that total retail sales of new Hudson cars for the week
ended March 30 amounted to 2,376 units, representing an increase in the
United States alone of 29% over the previous week and a gain of 87% over
30,332,542 29,886.250
Total
the same week a year ago.
"Not only were sales for the week of the 30th the best for any comparable
week in three years, but the increase of 29% coming on top of an increase
for the previous week represents the fastest acceleration in spring
business on company's records," Mr. Pratt declared.—V. 150, p. 1768.
of 20%
Hutching Investing
Corp.—Accumulated Dividend—
of $1 per share on account of accumu¬
lations on the $7 cumulative pref. stock, no par value, payable April 15
to holders of record April 5.
Like amount was paid on Jan. 15, last; 65
cents paid on Dec. 22 last and dividends of $1 per share paid on Oct. 14
last and in preceding quarters.—V. 150, p. 436.
Total
30,332,542 29,886.250
-
Earnings for Month of February and Year to Date
company,
1940—2 Mos—1939
$2,024,526 $1,707,538
1,426,726
1,154,372
1940—Month—1939
Period End. Feb. 29—
Railway
Railway
$949,315
679,396
223,398
$553,166
154,990
152.140
$106,361
2,545
$214,057
5,258
$246,036
5,573
$90,013
3,225
37,113
income
$597,800
160,345
$108,906
3,090
36,947
$219,315
6,442
74.248
$251,609
6,034
73,892
$49,675
Net ry. oper.
73.853
71,589
2,374
Net rev. from ry. oper.
Railway tax accruals.i
Equip. & jt. facility rents
$251,803
$87,639
expenses
oper.
$817,578
565,775
$269,919
75,247
107,033
oper. revenues
$68,869
$138,625
$171,683
Other income
Directors have declared a dividend
Total income-*—^—.
Misc. deduc. from inc..
Total fixed charges.
..
_
Net income after fixed
Huyier'8 of Delaware, Inc. (& Subs.)—Earnings—
Feb. 29, *40 Feb. 28, '39 Feb. 29, '40 Feb. 28, '39
$9,374
$13,577
$19,469
$37,249
for 77 B administration.—V. 150, p. 1938.
Period—
x
Loss..
x
charges
—V. 150, p.
2 Months
Month
After expenses
1769.
Illinois Bell
Telephone Co.—Earnings—
Feb.
Period End.
1940—Month—1939
1940—2 Mos.—1939
$7,738,163
$7,165,938 $15,810,059 $14,711,510
22,689
25,093
45.222
50,317
29—
Operating revenues..-.
Uncollectible oper. rev..
Idaho Power Co.—Earnings—
1939—12 Mos.—1938
1939—Month—1938
Period End. Dec. 31
41,600
$453,354
234,074
37,500
$6,127,874
3,3.58,179
4 75,000
$5,725,714
2,800,987
450,000
$186,382
Dr2,099
$181,780
6,616
$2,294,695
7,803
$2,474,727
8,918
$184,283
56,250
12,992
Cr 1,291
$188,396
$2,302,498
$2,483,645
56,250
675,000
112,010
115,067
$514,771
286,789
Net oper. revenues...
$2,501,835
1,330.091
$2,272,857
1,228,991
$5,224,094
2.666,670
$4,716,571
2,465.882
income. $1,171,744
$1,043,866
$2,557,424
$2,250,689
890,489
2,279,016
1.943,689
Net oper. revenues—.
Operating taxes
Other income (net)
Net operating
1,036,136
Netincome
Gross income
mortgage bonds.
Other int. and deducts,_
Int.
on
Int. charged to construct
Netincome...
Divs. applicable to
$7,140,845 $15,764,837 $14,661,193
4,867,988
10,540,743
9,944,622
Operating revenues— $7,715,474
Operating expenses—__
5,213,639
675,000
Operating revenues
Oper. exps.,incl. taxes,.
Prop, retire, res. approps
12,633
Crl,291
-
$116,332
$119,513
pref. stocks for the period-..-
CV597
$1,516,779
414,342
$1,694,175
414,342
-
1769.
—V. 150, P.
Indianapolis
Exempted—
Co.—Sale
Light
&
Power
Stocks
of
.•
and Exchange Commission on April 2 issued an order
issue and sale of 2,500 shares of 6% cumulative preferred
and sale of 68,855 shares of common stock
(no par) from the provisions of Section 6 (a) of the Public Utility Holding
Company Act of 1935 (subject, however, to certain terms and conditions).
The SEC further ordered that the application of Charles True Adams,
trustee of the estate of Utilities Power & Light Corp. for the approval of the
sale of 645,980 shares of Indianapolis Power & Light Co. common stock
to the underwriting group heade
by Lehman Bros., Goldman Sachs & Co.
and The First Boston Corp., at $22 per share be granted (subject also to
Securities
The
the
exempting
stock (par $100), and the issue
$1,102,437
Balance
—V.
149, p. 4176.
$1,279,833
,
Illinois Central
RR.—Equipment Trust Issue—
applied to the Interstate Commerce Commission for
$4,734,000 2M % equipment trust certificates, to finance
in part the purchase of 2,000 freight cars from American Car & Foundry Co.
The equipment, costing $5,420,000 was acquired by the railroad in 1938
under a lease agreement with the manufacturer.
Under the new trust,
interest payments will amount to $562,000 over 9 years, whereas under the
existing lease, interest would amount to $1,604,000 over a remaining term
of about 14 years.
By issuing the equipment obligations the carrier thus
The company has
authority to issue
will
effect
a
substantial saving in interest payments.
and the amount
will be paid in cash by the railroad.
The difference in the purchase price of the equipment
of the equipment trust
Company is asking bids for the purchase of the equipment issue.
Bids
will be received until April 15 (noon) at company's office 26 Liberty St.,
N. Y. City—V. 150, p.
The agreement in regard to the issuance and sale at $104 per share of
shares of 6% cumulative preferred stock provides, among other
things, that Lehman Pros., Goldman, Sachs & Co., The First Boston Corp.
shall purchase the stock from the company for resale to "a limited number of
persons."
This stock may be repurchased by the company at any time
within six months from date of closing, provided that the company shall
have published at least one notice of its intention to rede'm all the out¬
standing shans of 6% cumulative preferred stock, within said six months
period. See also V. 150, p. 2256.
2256.
Transfer Agent—
Imperial Chemical Industries, Ltd.—Final Dividend—
Directors have declared a final dividend of 5%
on
the common stock for
1939 making total of 8% less tax the same as in preceding years.—V. 149,
p.
certain conditions).
2,500
Manufacturers Trust Co. is
stock of this
2086.
Indiana Harbor Belt RR.—Annual
1939
Calendar Years—
Railway oper. revenues.$11,^491,522
1939
1937
1936
$9,065,487 $10,395,196 $10,479,637
EXT)6TIS€S-—~
road
in
Inv.
yards,-
General
for
inv.—credits
627,975
1,046,667
576,309
855,399
772,537
919.780
705,255
949,952
56,255
51,851
55,667
4,145,117
107,885
4,643,091
90,764
4,265,505
94,319
289,998
2,318
117,736
301,360
133
258,820
39
on
2,800,942
Ref. A impt. mtge.
$7,098,016
4,393,506
(61.77)
Railway tax accruals..1,000,991
$6,024,923
3,040,563
(66.46)
813,693
$6,779,252
3,615,944
(65.22)
811,395
$6,352,897
4,126,740
(60.62)
1,048,608
Railway oper. income $3,392,515
Equip, rents, net Dr—
804,619
Joint facil. rents, net Dr.
333,529
$2,226,870
499,309
408,955
$2,804,548
776,227
318,778
$3,078,132
676,486
320,515
$1,318,606
$1,709,543
$2,081,130
expense
rev. from ry. opers.
Percent, of exp. to revs.
Net
bonds, series B_
59,284
65,836
364
581
7,679,000
7,708,000
Traffic A car-serv.
4,044
65,837
and securities
Other
581
construction
Sinking fund—cash
381
bal.
3,987
payable
4,413
Misc. acc'ts pay..
2,362
7,915
211,625
Unamt'd int. accr.
89,588
89,927
385,720
Investments
Cash
Total
2,806,645
leased
property-—
1,436.375
of
Grants
Inv. in affil. cos
ry.
aid
9,872,759
Misc. phys. prop.-
284,025
68
Improv.
$
1,436,375
Capital stock
In
1938
$
Liabilities—
a
9,859,598
4,873.610
Transportation
Miscell.—stock
$
and
167,765
Traffic
1939
1938
$
Assets—
equipment
Maint. of way & struc__
Maint. of equipment-.-
Trans,
appointed registrar for the common
company.—V. 150, p. 2256.
Indianapolis Union Ry.— Balance Sheet Dec. 31-
Report—
1938
transfer agent for 714,835 shares common
stock of this company.
The New York Trust Co. has been
Audited acc'ts and
73,958
62,643
424,011
285
75
16,426
Special deposits
14,387
balances
wages
payable.
-
Int. mat'd unpaid-
Traffic A car-serv.
receiv.
285
Deferred liabilities
85,745
85,745
330,566
319,112
Tax
Net bal. rec. from
liability
75
agents A cond's.
717
535
fd. debt.
19,558
20,057
Misc. acc'ts receiv.
165,427
176,812
162,369
58,059
148,265
58,299
Acer. depr.—equip
Mat'l A supplies—
Oth. unadj. credits
42,806
41,973
Other curr. assets.
1,810
1,673
Add. to prop. thru.
323
333
2,192
198
226,289
227,683
Deferred assets
Net ry. oper.
income. $2,254,366
Non-Oper Income—
839
17,933
18,261
4,658
4,612
4,692
4,260
108
899
11,943
1,439
7,128
5,970
848
income-,
673
1,465
1,552
1,658
1,933
1,768
1,115
Total non-oper. inc.-
$28,870
2,283,236
$44,789
1,363,396
$40,264
1,749,807
$26,363
2,107,493
38,658
67,998
5,846
394,521
24
38,326
28,134
5,381
397,021
62
37,877
25,770
401,271
74
41,014
29,327
6,599
405,521
313
9,410
3,072
9,608
3.030
10,001
3,039
10,399
3,032
Miscell. non-oper.
sical property
839
846
Income from fund, secur.
and accounts
Gross income
924
Deductions—
Rents for leased roads._
rents
Miscell. tax accruals
funded debt
Int. on unfunded debt..
Amort,
of discount on
funded debt
Miscell. income chargesInt.
on
8,562
'
13,854,597 13,625,124
Total
108
Income from unfund. sec.
Miscellaneous
debt
829,273
829,273
2,069,974
87,720
2,040,974
926,006
783,615
red.
Sinking fund res..
unadjusted
debits
and surplus
thru Inc. A surp.
Profit and loss
32,077
phy¬
Dividends income.
Miscellaneous
Other
inc.
on
Funded
Rents A ins. prems.
paid in advance-
22,745
Income from lease of road
Miscell. rent income
839
20,227
..
—
Prem.
a
13,854,597 13,625,124
Total
Represented by five "certificates of ownership" designated as
capita1
stock, which are held by the Pittsburgh Cincinnati Chicago & St. Louis
RR. and Cleveland Cincinnati Chicgao & St. Louis Ry., through owner¬
ship 60% and 40%, respectively.—V.
Inland
Steel
184,
p.
1962.
Co.—Bonds Offered—Further financing of
company,
for refunding purpose^, was announced
April 10 with the public offering of $36,000,000 1st mtge.
3% series F bonds, due April 1, 1961, by a banking syndi¬
cate headed by Kuhn, Loeb & Co.
The bonds were offered
by means of a prospectus at $102 and accrued interest to
date of delivery.
The issue has been oversubscribed.
the
Dated April
1,1940; due April 1,1961.
Int. payable A & O.
Company
the State of Pennsylvania any Penn.
will reimburse to owners resident in
Total deductions
Netincome
Dividends
—
$519,530
$481,561
$486,596
$496,205
1,763,706
881,835
1,263,211
1,611,288
(26)1976,000 (10)760,000 (20)1520000 (21)1596000
-
property taxes not exceeding five mills on each dollar of the
principal amount in any year.
First National Bank, Chicago, and Roy C.
Osgood, trustees.
Series F. bonds will be red. at any time at the option of
personal
Volume
whole, or in part from time to time in amounts of not less than
$5,000,000, on 30 days' notice, at following red. prices:
106 to and incl.
April 1, 1945; 150 thereafter to and incl. April 1, 1948; 104 thereafter to and
incl. April 1, 1951; 103 thereafter to and incl. April 1, 1954; 120 thereafter
to and incl. April 1, 1957; 101 thereafter to and incl. April 1, 1960; and 100
thereafter; in each case together with accrued interest.
Series F. bonds will also be red. in part for the sinking fund on any interest
date, on 30 days' notice, at the following redemption prices: 103 to and incl.
April 1, 1945; 102M thereafter to and incl. April 1, 1948; 102 thereafter to
and incl. April 1, 1951; 1013^ thereafter to and incl. April 1. 1954; 101
thereafter to and incl. April 1, 1957; 100M thereafter to and incl. April 1,
1960; and 100 thereafter; in each case together with accrued interest.
As a sinking fund for the retirement of series F bonds, the company agrees
to deliver to the corporate trustee and (or) redeem and pay $720,000 of
series F bonds in the year 1947 and each year thereafter.
Of the $1,000,000
principal amount of outstanding 1st mtge. 3% serial bonds, series C, which
will mature in each of the years 1941 to 1946 incl., $700,000 principal amount
will be in lieu of sinking fund on series F bonds during such period, all as set
forth in the 10th supplemental indenture.
Company also agrees to deliver
to the corporate trustee and (or) redeem and pay $20,000 of series F bonds
in each of the years 1941 to 1946 incl.
company as a
Listing—Company has agreed to make application in due course for
listing of the series F bonds on the New York Stock Exchange and
their registration under the Securities Exchange Act of 1934.
the
for
(approximately $35,849,720). will be used, to"
amount of treasury funds of the company, to
redeem, at 105, the $35,000,000 outstanding 1st mtge. 3H% bonds, series D.
due Feb. 1, 1961, requiring therefor the sum of $36,750,000.
Purpose—Net proceeds
gether
with
the
necessary
Wrilson &
Co. owns and maintains
Bennett Mfg.
warehouses
and
2427
Chronicle
The Commercial & Financial
ISO
feet
of floor
space.
freight vessels which have an estimated
of approximately 45,000 tons.
and addresses of the principal underwriters
principal amounts of series F bonds underwritten by them, respec¬
Company
owns
four Great Lakes
aggregate carrying capacity
Underwriters—The names
and the
tively,
follows:
are as
Schroder
Blyth & Co., Inc
Bonbright & Co., Inc
Drexel&Co
1,000,000
1,000,000
H. M.
»_
Lehman Brothers
and
numerous
allied specialties, including metal
the fabrica¬
wholly-owned subsidiary, is principally engaged in the
manufacture of metal products, consisting primarily of sheet steel building
materials, and the sale of such and similar products.
Wilson & Bennett Mfg. Co., a wholly-owned subsidiary, is principally
engaged in the manufcature and sale of steel drums, barrels and pails.
It is estimated that approximately 60% of the finished steel products
capacity of the company and its subsidiaries is available for the production
of the so-called "light" products, such as sheets, strip, tin plate, bars, and
the like, and 40% of such capacity is available for the production of the so- ■
Milcor Steel Co., a
called
"heavy" products, such as shapes, plates, rails
and the like.
extent
-
250,000
250,000
250,000
250,000
250,000
Blair, Bonner & Co...
..
Byllesby & Co., Inc
Central Republic Co
Eastman, Dillon & Co
1,000,000
750,000
Hayden, Stone & Co....
750,000
Lee Higginson Corp
750,000
Glore, Forgan &Co
500,000
Kidder, Peabody & Co.......
500,000
Ladenburg, Thalmann & Co..
500,000
....
250,000
Estabrook & Co
250,000
250,000
250,000
First of Michigan Corp__
Hallgarten & Co.
F. S. Moseley
...»
_
& Co
250,000
200,000
E.H. Rollins & Sons, Inc
The Illinois Co. of Chicago
Lazard Freres & Co
500,000
U nion Securities Corp ....
500,000
400,000
A. C. Allyn &
400,000
200,000
150,000
Bacon, Whipple & Co
Starkweather & Co
Stone & Webster
Co., Inc
Co
Laurence M. Marks &
Hemphill, Noyes & Co
..
Whiting, Weeks & Stubbs, Inc.
350,000
350,000
350,000
300,000
Harris, Hall & Co. (Inc.)
Stern, Wampler & Co., Inc...
150,000
150,000
150,000
Emanuel & Co
and Bldget,
Inc
Dillon, Read & Co
Morgan Stanley & Co., Inc
150,000
2,500,000
3,500,000
Capitalization Without Giving Effect to the Issuance and Sale of the Ser. F Bonds
Authorized
Outstanding
1st mtge. bonds (issuable in series)
1st mtge. 3% serial bonds, series
$100,000,000
C,
10,000,000
a$6,000,000
35,000,000
b35,000,000
10,000,000
c9,700,000
Capital stock (no par)
1,650,000 shs.
1,624,265 shs.
a After deducting $1,000,000 bonds which matured Jan.
1, 1940, funds
for the payment thereof having been deposited by the company prior to
1940 to 1946.
1st mtge. 3%% bonds, series D,1961-1st mtge. 3% bonds, series E, 1952
-
Dec. 31, 1939.
b Company
intends to call all the series D bonds for redemption not
the date of delivery by the company of the series F
later than 75 days after
bonds, and prior to or concurrently with such delivery the company will
have taken, or will have granted to the corporate trustee under the Its mtge..
irrevocable power to take, all steps necessary for such redemption.
c After deducting $100,000 redeemed on Jan. 15, 1940, funds to effect such
redemption having been deposited by the company with the corporate
trustee prior to Dec. 31, 1939.
Calendar Years
1937
1936
$'
$
74,058,924 110,744,037 98,903,896
Consolidated Income Account for
1938
$
1939
■
$
-.......-.115,346,665
sold, incl.
Net sales
Cost of goods,
sell.,
The
and its subsidiaries does not to any substantial
depend upon patents, or upon any patent licenses, not generally
available to the other principal producers in the industry on reasonable
business of the company
_
_
Dean Witter & Co
1,000,000
...
300,000
300,000
300,000
Inc
Shields & Co...
Mellon Securities Corp
A. G. Becker & Co., Inc
White, Weld & Co
solder,
Co.,
&
Blair & Co., Inc
Goldman, Sachs & Co..
Smith, Barney & Co..
First Boston Corp
blooms, billets and slabs, sheet bar and skelp, structural shapes, sheared
plates, universal and floor plates, bars, special sections, black and gal¬
vanized sheets, cold rolled sheets, hot and cold rolled strip, tin mill black
plate, tin plate and light manufacturing terne plate, heavy teel rails, track
spikes and track bolts, angle splice bars and tie plates, steel sheet piling,
reinforcing bars, small shapes, fence posts manufactured from rail steel
quality material, and coke and certain of its byproducts, including tarproducts; (b) the mining and quarrying of iron ore, coal and limestone,
chiefly for the use of the company, although a portion thereof is from time
to time sold to others; and (c) the operation of four freight vessels on the
Great Lakes chiefly for the transportation of raw materials for the company.
Joseph T. Ryerson & Son, Inc., a wholly-owned subsidiary, is principally
engaged in the purchase, and sale and distribution direct to consumers for
immediate delivery, principally from warehouses, of a broad line of finished
steel products, including bars, shapes, plates, sheets, tubes, bolts, cold
finished steels, tool and alloy finished steels, stainless metals, brass, copper,
metal,
....
Rockefeller
2,000,000
2,000,000
1,250,000
1,000,000
1,000,000
Harriman Ripley & Co., Inc..
Clark, Dodge & Co
working machinery and hand tools, and, to a small extent, in
tion of structural steel for building construction, bridges. &c.
W. E. Hutton & Co
$7,000,000
Kuhn, Loeb & Co
Amount
$300,000
Name—
Amount
Name—
History & Business—Company was organized Feb. 6, 1917 in Delaware.
Company is primarily an operating company and with its subsidiaries,
constitutes an integrated unit in the iron and steel industry.
Company,
directly or through certain of its subsidiaries, is engaged in (a) the manufac¬
ture and sale of the following among other products:
pig iron, steel ingots,
babbitt
manufacturing plant'
Industrial District, outside of, but near
City, N. J., and New Orleans,
approximately 445,000 square
the Clearing
in
the city limits of Chicago, 111., and at Jersey
La.
These plants and warehouses contain
admin. & all
gen.
'
operating expenses...
93,738,202
61,488,670
87,602,811
77,170,633
Net earnings........
Other income
21,608,463
12,570,254
23,141,225
21,733,264
21,953 ,444
177,891
142,499
264,105
21,786,354
12,712,753
23,405,331
Depreciation & depletion
6,463,424
4,800,470
5,215,036
Bond interest-
1,839,554
2,609
1,872,507
4,326
220,181
terms.
Properties—The general character and location of the principal plants and
properties of the company and its subsdiaries are as follows:
Indiana
Harbor Plant Located at
Indiana Harbor, Ind.—Principal
operations are carried on at Indiana Harbor, Ind., where the company owns
approximately 550 acres of land, with frontages on the southern shore of
Lake Michigan and the Government ship canal.
There are located at the
Indiana Harbor plant by-product coke ovens with an estimated annual
capacity of approximately 1,150,000 gross tons of coke; five blast furnaces,
with an estimated annual capacity of approximately 1,300,000 gross tons of
pig iron; 36 open hearth furnaces, with an estimated annual ingot capacity
of approximately 2,760,000 gross tons of steel; together with rolling and other
finishing facilities for converting the steel produced into certain semi¬
and
finished
Res. for loss
in
Chicago Heights Plant Located at
Chicago Heights, 111.—This plant is
located on approximately 14 acres of land and consists of a re-rolling mill,
at which bars, fence posts, reinforcing bars, &c., are manufactured, and has
estimated annual capacity
of approxiimately 90,000 gross tons
investm't
on
profit..
._
Surplus for year
Previous surplus.
— —
Restored from reserve..
.
Misceli.
2,683,035
825,414
1,819 ,501
373 ,512
4,916,203
3,940,693
12,665,317
7,682,375
12,800,545
6,657,000
4,457,383
975,510
33,151,831
4,982,942
Profit & loss surplus..
•
■
par)..
dwelling houses).
Wisconsin, a
38,516,030
1,624,265
34,098,108
33,151,831
1,573,950
$3.12
1,573,950
$8.05
Consolidated Balance Sheet
a
Patents, goodwill, &c
2,021,104
Inv. & advs
sec.
1
38,015
+
Invest.
Cash...
67,102
17,360,984
2,091,984
52,101
16,793,450
receivable-...
6,493,068
750,595
10,505,089
216,090
secure.
Other assets
.
T. Ryerson & Son. Inc., operates warehouses (mostly singlestory buildings; in 10 important steel consuming centers of the United
States.
Joseph T. Ryerson & Son, Inc., also maintains structural fabrica¬
ting facilities, located in its warehouse buildings, at Chicago, 111.
Such
facilities have an estimated annual capacity for fabricating approximately
25,000 gros tons of steel for bridges, buildings and other structures.
Milcor Steel Co. owns and maintains manufacturing plants and ware¬
houses at Milwaukee. Wis., and Canton, Ohio, and also maintains ware¬
houses (two of which are leased), located at Chicago, 111., Kansas City, Kan.,
Baltimore, Md., New York and Rochester, N. Y., and LaCrosse, Wis.
These plants and warehouses contain approximately 1,050,000 square feet
of floor space.
5,259,384
1,289,790
2,620,746
2,434,557
Res. for Fed. tax
Accident
p
29,282,078
1,499,000
$8.54
1938
$
57,464,602
51,800,000
5,356,091
3,462,920
903,861
1,121,619
2,127,330
comp.
yable
with¬
30,308,822
24,018,598
Earned surplus.
1,078,576
70,601
90,939
65,559
101,476
38,516,030
34,098,110
in 1 year
Def'd liabilities.
733,705
Deferred charges
166,811,739 156,506,609
Total
5,297,424
Curr. sals., &c_.
84,653
Due from empl's
Total
...
166,811,739 156,506,609
Represented by 1,573,950 no par shares in 1938 and 1,624,265 no par
in 1939.
b After reserves for depreciation and depletion of $60,797,700 in 1938 and $66,895,812 in 1939.
c After reserves for doubtful
a
shares
balances, claims and allowances
—
V.
150,
p.
of $314,422 in 1938 and
$586,649 in 1939.
2256.
International Great Northern
RR.—Committee—
Commission on March 26
authorized Edmund
Leon D. Sterling and Peter E. Kassler to serve as a protective
committee for series A 6%. series B 5% and series C 5% first mortgage
bonds of the International-Great Northern RR., and to solicit authoriza¬
Wright,
—V.
mately 50 acres of lana at Milwaukee, Wis.
The mills formerly located
on this land are no
longer operated, and have been disposed of or dis¬
Joseph
Operating & con¬
tingent res'ves
Accts. payable..
460,230
617,103
106,141
....
Inventories
60,537,310
50,700,000
debt
Accruals
Notes & accts,
Market,
Capital stock.
Funded
„
$
Liabilities—
&
•
•
1939
$
.......104,492,713 105,028,225
mines
Dec. 31
1938
$
520,022
.
498,571
the holders of these
2101.
tions to represent
wholly-owned suosidiary, owns approxi¬
2,428,417
....
$6.73
f-
b Land, plants
approximately 800 acres of vacant land in Porter County,
Inland Steel Co. of
736,005
31,960,495
2.j0,000
30,968
The Interstate Commerce
used for
34,386,407
39,463
1939
requirements.
wholly-owned subsidiary, owns approxi¬
mately 300 acres of land at Indiana Harbor, Ind., near the Indiana Harbor
plant, the greater portion of which 300 acres is vacant (the balance being
6.143,545
25,209,307
------
;
share
Assets—
c
119,387
2,000
34,129.076
38,555,493
to 1st mtge. bds. called
Misceli. deductions
Oth.
29,282,078
1,735
34,098,110
Bond disct. and exp. and
retirem'ts prem. appiic
ore
Indiana Harbor Homes Co., a
---
...—
credits
Total surplus.
Prov. for contingencies.
Ind.
mantled
1,120,523
10,931,016
6,473,633
..
-
Common dividends
properties of company and sub¬
rights in actively operated properties in Iron and
Marquette Counties, Mich., and Crow Wing and Itasca Counties, Minn.,
which rights are owned in fee or held under mining leases or arrangements;
and ore rights in properties in St. Louis County, Minn., Iron County,
Mich., and Jackson County, Wis., being held as iron ore reserves, which
rights are owned in fee or held under mining leases or arrangements.
Corpo¬
rations in which the company has stockholdings, not in excess of 50%, have
iron ore rights, both in active and in inactive properties, which rights are
owned in fee or held under mining leases or arrangements.
The coal properties of the company consist of:
coal mining rights in
actively operated properties in Floyd, Knott and Pike Counties, Ky., a
small portion of which rights in Floyd and Knott Counties are owned in fee
and the other of which rights are held under coal mining leases; and coal
mining rights (together with certain oil and gas rights) in undeveloped
property located in Jefferson County, 111.
Coal mining rights of Inland
Collieries Co., a wholly-owned subsidiary, in actively operated property
in Allegheny County, Pa., are subject to the provisions of an indenture
dated June 1,1936, and indenture supplemental thereto dated Oct. 29, 1936,
granting to another corporation not affiliated with the company the right
to mine such coal and the option to purchase such coal mining rights.
Inland Lime & Stone Co., a wholly-owned subsidiary, owns actively
operated limestone properties near Manistique, Mich.
Company makes
payments to certain individuals on limestone shipped from these properties.
Company believes that its interests in iron ore, coal and limestone prop¬
erties constitute appropriate reserves for its iron ore, coking-coal and lime¬
Company owns
31 ,202
6,016
2,551,680
Federal tax..
Shs. cap. stk. (no
stone
1,803
7 ,370
■.
94,723
—
Pro v. for Fed. surtax—
of such
Material Properties—The iron ore
5,117 ,881
,433
8,447
Cr1,277
Cr7,949
capital assets
Earned per
Raw
.
sale of cap. stock
Loss on market, sees....
products.
sidiaries consist of:
1,884,026
29,331
Underwriter's comm. on
Net
ndiana
Harbor plant.
firiate to itself, approximately 200 acres of submerged land, adjacent to the
...
Other interest
finished products.
Certain subways, viaduct sites, rights of way, trackage rights, and
approximately 42,000 square feet of land at Indiana Harbor on which is
located a portion of the office building of the company, are leased, and the
fee of such leased property is, or may be, subject to mortgages antedating
the
company's leases thereof.
Certain other relatively unimportant
property at Indiana Harbor is also leased and the fee of part or all of such
leased property also is, or may be, subject to mortgages antedating the
company's leases thereof.
Company has permission from the U. 8. Govern¬
ment and the State of Indiana entitling the company to fill in, and appro-
an
Total income
150,
p.
International
Metal
bonds, without the deposit thereof.
Industries,
Ltd.—Accumulated
Dividend—
Directors
have declared a
dividend of $7.50 per share on account
of
accumulations on the 6% cumulative convertible preference stock, and
the convertible preference class A stock, both payable May 1 to holders of
record
April
15.
Accruals on both issues after
share.—V. 150, p. 692.
the current payment will
amount to $22 per
International Mining Corp.—Asset Value—
of Dec. 31 asset value equal to $11.86 per share
stock, compared with $13.02 a share on Dec. 31,1938.—V. 150,
The company reports as
of common
p.
1603.
The Commercial & Financial Chronicle
2428
International
Telephone & Telegraph Corp.—Argen¬
Subsidiary Floats Debenture Issue—
tine
The
corporation announced April 10 that Its telephone operating sub¬
sidiary In the Argentine, the United River Plate Telephone Co.. Ltd., has
entered into an underwriting agreement with an Argentine
banking group
providing for the public offering and sale on April 11, 1940, of Argentine
pesos 7,000,000 in principal amount of the company's 5H % floating charge
debenture bonds, Argentine series 3, due Aug. 1, 1962.
These bonds will
form part of a new authorized Issue limited in amount to
Argentine pesos
25,000,000, secured by an indenture generally similar to the indentures
securing the debentures of Aug. 1, 1937.
The proceeds from the sale of these debentures will be applied for the
purchase of telephone apparatus and equipment required by the growth of
the company and to liquidate
present indebtedness to the International
Telephone & Telegraph Corp.
Since Aug. 1, 1937 the date of the existing
United River Plate Telephone Co., Ltd., debentures, a total of 70,320 tele¬
phones and other plant facilities at an aggregate net cost of more than
Argentine pesos 38,000,000 have been added to the company's network,
which comprised 391,548 telephones in service as of Feb. 29,
1940, or an
increase of almost 22%.
The United River Plate Telephone Co. operates
approximately 90% or the total telephones in Argentina.—V. 150, p. 2257.
International Utilities
Corp.—Reorganization Plan—
The
Securities and Exchange Commission announced April 5 that a
public hearing has been set for May 7, on the application and declaration
(File 70-10) filed under the Public Utility Holding Company Act of 1935 in
connection with a proposed plan of reorganization of the
corporation.
The following is a brief summary of the proposed
plan:
Corporation has outstanding the following securities: 98,969.95 shares of
$3.50 prior preferred stock, 66,652.56 shares of $1.75 preferred stock
(net of
5,115.40 shares of such stock originally issued, reacquired by the corpo¬
ration and held in its treasury), 88,126 shares of class A stock and
1,252,272
shares of class B stock.
Each has preference in the order above set out.
Voting power is normally lodged in the holders of the class B stock, but at
the present time it has been extended to the $1.75
preferred stock and the
class A stock by virtue of defaults in the
payment of dividends.
Dividend
arrearages as or Dec. 31, 1939, amounted to $9.98 and $28.72
per share on
the $1.75 preferred stock and the class A stock
respectively.
It is proposed that the terms and characteristics of the $3.50
prior pre¬
ferred stock and the $1.75 preferred stock will not be
changed except that
additional voting rights are to be afforded to such two classes and
except
that after the consummation of the plan, dividends
accruing on the $1.75
preferred stock may only be declared or paid out of earned surplus.
The
5,115.4 shares of $1.75 preferred stock reacquired and held in the
corpo¬
ration's treasury will be retired and canceled. The dividends
accumulated
on the $1.75 preferred stock will be
paid in cash out of capital surplus.
The issue of 1,000,000 shares of new common stock
$5 par value will be
authorized and it is proposed to
reclassify each share of class A stock now
outstanding with the dividends accumulated thereon into five shares of
common
a
stock, and each share of class B stock
now
share of
prior preferred stock, 66,652.56 shares of $1.75 preferred stock and
524,114.80
all
on
shares of common stock.
Each share of stock will have'one vote
matters
required to be submitted to the stockholders for their ap¬
proval. On the above basis the voting power will be distributed as follows:
$3.50 prior preferred stock, 14.3499%; $1.75
preferred stock, 9.6634%;
new common stock issued in
place of present class A stock,
63.8838%;
new common stock issued in
place of present class B stock, 12.1039%.
It is intended to reduce the amount of the
capital stock liability and to
restate the accounts so as to
segregate the capital stock liability between
the several classes of stock. The amount
by which the capital stock liability
is reduced will revert to
capital surplus. The present deficit in earned surplus
is to be written off against
capital
surplus.
Ultimately, the plan will be submitted together with the proposed charter
amendments and the proposed reduction in
capital stock liability to the
stockholders at a meeting called for the
purpose.
The matters before the Commission include
a declaration with
respect to
the issuance of the new common
stock, approval of the reduction of capital
stock liability and other
changes, and approval of the payment of accumu¬
lated dividends on the $1.75
preferred stock out of capital surplus.
The corporation also has
requested a report by the Commission on the
5)lan and has with the ultimate submission of the the solicitation of proxies
connection filed a declaration with respect to
plan to stockholders.—V.
n
150,
p.
General Statistics for Calendar Years
1939
2101, 1938.
—V. 150, p. 1770.
1940—Month—1939
$2,028,455
$1,892,736
$3,165,675
Passengers carried
Pass, carried
p. 4032.
Net oper. earnings
Other income
$130,524
3,152
;
Total net earnings
Interest on mtge. bonds
Int. on other funded debt
.
Amortiz. & other deduct.
$132,134
4,059
40,807
$136,193
58,520
12,559
7,840
$1,497,398
701,108
150,550
91,367
$1,362,052
45,616
$1,407,668
702,234
150,830
96,261
Traffic
charges
Prov. for legal fees
Miscell. operations
General
Net income.
$57,274
$55,625
$57,274
Total oper,
Net
p.
210,583
124,395
$15,740
1,426,336
2,066,885
596,638
4,172,606
41,038
750,480
Cr5,946
3,868,122
59,397
689.467
Cr26,320
CV7.680
3,822,877
25,169
808,463
Crl2,353
$8,379,970
$8,375,551
$9,048,038
$8,726,243
$4,604,897
1,180.682
$5,126,796
cl,081,485
$5,105,534
1,137.000
$3,758,919
14,241
137,555
$3,424,215
$4,045,311
$3,968,534
8,642
10.631
13,060
145,721
164,941
85
79
105
146,920
107
22,191
44,421
21,128
43,403
21,570
43,664
19,048
36,224
75,030
167,088
87
166
157
164,974
197,745
204,399
16,780
1,318
3,230
Dr4,708
16,750
8,383
7,062
113,449
7,271
Operating income
Rent from equipment..
Joint facility rent income
Inc. from lease of road..
Miscell. rent income
M isc. non-op. phys. prop.
15,105
18,066
Dividend income
Inc. from funded secur.
Income from unfunded
& accounts.
"
Inc. from sinking & other
reservefunds...
Release of premiums
on
funded debt
Miscellaneous
20.206
449
819
$409,247
$467,631
$529,477
$3,833,463
$4,512,942
$4,498,011
$472,118
$561,567
30,356
257,331
$721,786
20,818
260.747
15,500
$423,312
30,911
257,539
15,500
15.500
15,500
640
601
604
609
4,822
2,681,122
Gross income
405
$521,618
$4,280,537
Total non-op. income-
713
2,513
2,709,076
31,892
18,244
3,110
2,815,090
29,599
22,398
Deductions—
Hire of fr t cars, deb. bal.
Rent for equipment
Joint
facility rents
Rent for leased roads
Miscellaneous rents
Miscell. tax accruals
funded debt
on
1,219,844
2,281.604
580,638
$5,004,919
1,246,000
expenses.
Taxes
Int.
1,140,605
148,313
$14,174,834 $13,831,778
605,765
640,887
revenue
securities
1,123,604
1,330,455
1,830,025
1,979,023
Int. on unfunded debt..
Amort, of disc, on fd. dt.
2,681.510
28,354
17,867
GY16.366
19.015
Maint. of invest, organ'n
Misc. income charges
22,655
250.782
83
908
21
27,802
29,798
42,821
36,085
deductions
$3,486,218
$3,486,189
$3,670,815
$3,917,636
Net income
Preferred dividends
$794,319
$347,274
$580,375
210,000
210.000
$842,128
315,000
$584,319
$137,274
$527,128
$370,375
Total
Balance, surplus
md,
m,
mm
m.
~
210.000
c Includes
credit adjustment of $165,000 on account of
repeal of the
Carriers' Taxing Act of 1935.
d Due to the inclusion of accounts of the
Arthur Canal & Dock Co. in 1937
report figures for the year 1936
have been
correspondingly adjusted, resulting in transfer of $152,597
from "rent of leased roads" to "interest
on funded debt—fixed interest"
and other accounts.
Port
Assets—
1938
$
$554,373
41,968
$458,342
$512,404
1939
Liabilities—
$
Inv. in road and
123,951,187
Misc. phys. prop.
Inv.inaffil.cos.:
$
29,959,900
21,000,000
Grants in aid of
construction
1,120,856
1,062,153
1938
%
Common stock. 35,959,900
Preferred stock. 21,000,000
prop.
sold
647,924
371,954
64,212,000
1,278,000
bonds
2,503,000
.
Mtge. bonds
1,046,280
Equip, oblig'ns.
9,548,356
2,030,915
30,602
768,217
2,030,915
Advances
Other investm'ts
2,327,215
3,590,354
Cash
1,737^723
2,126,107
3,726,658
1,251,081
311,305
64,212,000
852,000
Traffic & car-ser.
Bonds
Notes
Coll. trust
Time drafts and
deposits
30,602
100,000
Net bals.
rec..
820,289
172,450
218,371
253,608
payable
1,364,689
1,070,080
Misc. accts. pay.
60,314
Int. matd. unpd.
Divs.matd. unpd
609,058
27,406
68,041
578,917
10,854
269,000
215,050
466,604
466,604
wages
155,259
179,570
515,288
124,438
rec. fr.
agts. Acondtrs
Misc. accts. rec.
bals. payable.
Audited accts. &
Funded debt
905,507
ma¬
tured unpaid.
Unmatured int.
accrued-
Unmatured rents
accrued
Other
12,851
Matl. & supplies
Int. & divs. rec.
1,141,378
352,437
1,364,290
46,305
45,384
Rents receivable
liab.
Other def. liab.
Tax liability
3,314
74,055
17,237
33,619
21,858
18,069
32,406
40,508
12,435
Accrd. deprec.—
Oth. curr. assets
Other def. assets
Prem.
Rents and ins nr.
on
Other
191,455
150,198
$458,342
353,033
440,226
29,503
5,159,966
5,620,857
297,504
216,506
570,210
569,676
unadjust.
prop,
through inc.&
surplus
209,849
104,440
520,017
42,341
credits
171,423
112,718
816,586
funded
Add'ns to
funded
Other unadjusted
debits
on
equipment
prems. paid in
advance
curr.
debt..
13,395
A pprop. surplus,
not
specifically
invested
Profit
a And other
expenses in connection with plan of
recapitalization ($28,604)
and other special
charges.—V.
150,
1,131,416
246,472
1,160,008
Transporta'n for invest.
debt
$55,625
1,277,098
189,540
655,982
3,923,239
47,150
Transportation
Dlsct.
Net inc. before
special
a
12,357,700
Operating Expenses—
Maint. of way & struc..
Maint. of equipment
Work'g fund adv
$133,676
58,060
12,509
7,482
131,155
12,995,423
Gross revenue..._—$13,384,888 $12,980,448
balance,
1940—12 Mos.—1939
$4,264,725
$4,085,348
2,416,135
2,363,296
392,000
360,000
$1,456,590
109,431
12,088,324
Traffic & car-ser'
Del.—Earnings—
30,000
105,220
15,012,509
Mail, express, &c..
Incidental & joint facil..
Spec, deposits..
34,500
_
$16,130
tocks
Investment Foundation, Ltd.—Accumulated Dividend—
Gross oper. earnings....
Oper.exp..maint.& taxes
Prov. for retirements...
mile.
Comparative Statement of Operations for Calendar Years
Operating Revenues—
1939
1938
1937
dl936
Freight....
$11,642,968 $11,373,222 $12,598,015 $12,315,663
Passenger.
275,281
229,338
242,631
227,197
mtged.
The directors have declared dividends
totaling $2 per share (not 75 cents
per share, as stated in the "Chronicle" of
March 30, page 2101) on the
cum. pref.
shares, $50 par value, payable April 15 to shareholders of
record March 30.
Dividend of $1.25 was paid on Jan.
15, last.
After
the current payment the arrears
will total 50 cents per share.—V.
149,
1940—Month—1939
$380,818
$360,846
215,794
198,712
one
Rev. per pass, per mile.
1.834 cts.
1.897 cts.
1.867 cts.
1.839 cts.
No. of tons carried (frt.)
5,122,305
4,945,744
5,855,444
5,553,445
Rev. frt. carried 1 mile.'l 196223,075 1218926,315
1317083,094 1176496,535
Rev. per ton per mile
0.973 cts.
0.933 cts.
0.957 cts.
1.047 cts.
Rev. per mile of road...
$15,231
$14,771
quioment.. .123,603,580
Deps. in lieu of
Investment Co. of America—Asset Value—
Period End. Feb. 29—
1936
879
General Balance Sheet Dec. 31
The company reports net asset value on
March 31, last, with securities
owned at market
prices, was $20.01 a common share, against $10.74 on
Feb. 29 and $16.61 on March
31, 1939.—V. 150, p. 692.
Iowa Southern Utilities Co. of
1937
879
1939
1940—2 Mos.—1939
$3,413,090
1938
879
operated
Statistics—
Interstate Department Stores, Inc.—Sales—
Period End. Mar. 31—
Sales
879
Miles
outstanding into 1-15 of
common stock.
All the foregoing is to be effected by amendments to the
charter of the
As a result there will be outstanding 98.969.95 shares of $3.50
corporation.
April 13, 1940
and
1,431,998
2258.
1,389,938
11,498,258
10,992,989
loss
credit balance
Total.
Island Creek Coal
Co.—Production—
Month of-Coal mined
March 1940
423,795
„
(tons)
—V. 150, p.
1770.
Feb., 1940
448,717
Mar., 1939
340,181
(W. B.) Jarvis Co.—Earnings—
3 Months Ended March 31—
Net profit after
Earns. per
—V.
150,
deprec., Fed. income taxes, &c.__
sh. on 300,000 shs. of capital
stock...
p.
1770.
$5,637,519 for
a
like period in 1939,
an
1940
1939
$219,144
$0.73
$216,491
$0.72
,
$6,194,979 as compared with
increase of 9.89%.—V. 150, p. 1770.
were
Kansas City Southern
Ry. Co.—Annual Report—
Company acquired 59,840 shares of prior preferred stock and
40,000 shares
eiTj stock, 6% series, of Louisiana & Arkansas Railway, as of Oct. 1,
1939; and
on
Oct. 20,
1939 acquired
company, representing all the
160 shares of prior preferred stock.
(2) The company is guarantor, jointly with other
proprietary companies,
of 1st mortgage 4% bonds of the Kansas
City Teriminal
Ry. in the face
amount
Jewel Tea Co., Inc.—Sales—
Coi?P^ reports that its sales for the four weeks ended March 23, 1940,
were $2,110,463 as
compared with $1,895,706 for parallel weeks in
1939,
an increase
of 11.33%.
the first 12 weeks of 1940
148,635,763 138,894,948
Total.
148,635,763 138,894,948
Notes 1—The foregoing balances include the
accounts of the Texarkana &
Smith Ry., Kansas
City & Grandview Ry., the Maywood & Sugar
Creek Ry. and the Port Arthur Canal & Dock
Co.
Fort
160,000 shares of common stock of
capital stock outstanding,
excepting
of $50,000,000; of the 1st
mortgage 4H% bonds of the Joplin
Union Depot Co. in the face amount of
$650,000; and of 5% certificates of
Texarkana Union Station Trust in the face
amount of $1,500,000 of which
$285,000 is included in the funded debt unmatured.—V.
150,
p.
1939.
Kansas Power &
Light Co.—Stock Priced at 103—
Company proposes to offer its 139,169 shares of 4H% preferred at
103
and accrued
dividends, Allen Van Wyck, Vice-President, told the Securities
and Exchange Commission
on
April 10.
Of the stock being
offered, 96,380 shares are being offered first to holders
of the company's
outstanding preferred. Any unsold portion of this offering,
together with 42,789 shares, will be offered to the
public. Mr. Van Wyck
said that he expected the
exchange offering to be open April 15-17.—V.
150, p. 2102.
Kennedy's, Inc.—New Directors—
At the recent annual stockholders
meeting, the membership of the board
was increased from nine to
eleven, the two new directors being
John A. Lyons of Boston and Bernard L.
of directors
p.130.
Cleary of Providence.—V. 150,
Volume
The Commercial & Financial Chronicle
150
Keystone Custodian Funds—Dividends—
Directors have declared a dividend of 85 cents per share on the B-2 shares
payable April 15 to holders of record April 5.—V. 150, p. 1604.
Operating
Operation
1,571
2,044
2,495
$196,342
60,929
17,718
25,522
29,933
$183,099
55,254
14,477
19,944
25,918
$5,533
$8,137
$62,239
52
Dr729
Dr444
$67,506
Dr7,125
$5,585
1,979
$7,408
2,059
$61,795
23,130
$60,381
23,372
$3,606
$5,349
$38,665
24,374
$37,009
24,374
$14,291
$12,635
$19,729
6,325
2,069
3,039
2,763
revenues
T
Maintenance.
Depreciation
Taxes
$19,396
Net oper. revenues
Other income (net)
Balance
Interest & amortization.
Balance
directors consider particularly objectionable
adversely affecting the interest of your corporation and its stockholders,
"The provisions which your
as
those which
"(1)
1940—12 Mos.—1939
1940—Month—1939
5,150
Preferred dividend requirements
while giving support to the principle of
appropriate Federal legislation.
are
Key West Electric Co.—Earnings—
Period End. Jan. 31—
2429
of the bill which appear unsound,
affiliations of the management
the virtual elimination from the
which has managed and directed
Would require major changes in the
of your corporation and might require
affairs of yout corporation of the group
it since its foundation;
"(2)
"(3) Might unduly complicate the payment of dividends;
"(4) Would delegate to the Securities and
Exchange Commission in
many instances very far reaching power to make general rules and regula¬
tions and specific orders concerning detailed aspects of your corporation's
operations; and
(5) Would, in their cumulative effect, tend to impose seriously damaging
limitations upon the association with your corporation's directorate of
personnel experienced in financial affairs."
Net asset value of the corporation's capital stock as of March 31, 1940,
the report shows, was approximately $32.53 per share on
of stock outstanding.
Net asset value as of June
shares
Balance
—Y. 150, p. 2103.
King Oil Co.—15-Cent Common Dividend—
Directors have declared
:
dividend of 15 cents per share on the common
a
stock, payable May 1 to holders of record April 13.
Previously regular
quarterly dividends of 10 cents per share were distributed.
In addition,
extra dividend of 10 cents was
an
paid
Dec. 21 last.—V. 149, p. 3876.
on
ly.
H.
Locke
pany.—V. 150,
has
p.
Executive
elected
been
693.
1940—Manth—1939
1940—3 Mos.--1939
$12,895,241 $11,142,419 $32,559,435 $29,952,518
March 31, last, totaled 734, of which 674 were
American and 60 were Canadian.
A year earlier stores in operation totaled
741, of which 683 were American and 58 were Canadian.—V. 150, p. 1604.
Stores in
operation
on
1937
1938
1939
$631,243
of
stk.
$613,756
$783,931
1,440,000
com.
on
1,440,000
2,748
1,440,000
3,075
$2,056,505
134,878
59,491
59,753
12,605
3,109
$2,227,006
132,740
56,244
56,173
12,563
2,865
18,328
211,796
13,774
610,633
27,350
S.
S.
Kresge Co
■
2,402
Interest and other income.
$2,073,645
135,590
61,361
60,620
9,951
2,365
11,200
Total income
Rents paid
Taxes paid or accrued
Salaries and wages
gross assets.
stocks
the
on
(real estate)
Fuel, water and light
...
Insurance paid
Repairs and renewals
Depreciation and amortization
Miscellaneous expenses and supplies..
Interest paid or accrued
18,714
230,306
15,660
596,431
29,960
1,334
10,291
231,812
16,017
567,711
20,944
1,681
2,156
Amortiz. of debt discount & expense.
Taxes paid for account of noteholders
Expenses of registering stock
$883,972
3,172,004
6,097
$952,235
3,842,916
Balance, surplus
Surplus at Dec. 31
on
coll. trust notes reacquir.
Curb Exchange composed
•
Dr392
$4,062,073
219,158
$3,316,536
144,532
$3,842,916.
$3,172,004
Comparative Balance Sheet Dec. 31
1939
1938
1939
Liabilities—
1938
$
Assets—
$
$
Cash in banks
b840,672
a568,361
f Accrued Interest.
61,896
77,001
'
x
Real est., lease¬
Deferred expenses.
13,401,918 13,537,150
148,566
172,790
of U. S. Steel, 6,000 shares of Burlington
Carbide.
Income Account
3,993,000
4,088,000
4,757,000
5,026,000
5,036,000
Deferred credits..
12,778
12,778
Trust fund:
$58,050
139,107
1,371,325
147,788
1,968,296
y101,133
171,310
2,543,097
xl08,781
$2,056,472
$1,605,559
$2,304,275
$2,969,825
capital stock taxes
Registra'n transfer, cus¬
tody & securities, legal
and auditing expenses
115,307
102,036
107,675
116,221
37,251
Other oper, expenses
307,904
41,288
313,252
65,028
329,000
59,961
322,766
$106,498
$95,127
129,151
1,797,076
b23,746
.
On other bonds, loans,
.
,
Taxable divs. in
securs__
88,587
Miscellaneous income
Prov.
for
..
franchise and
$1,596,009
1,619,830
Balance of income
Net realiz'd loss
on
inv.
$1,148,983
355,660
50,216,371)
32,270,867 32,270,867
4,572,448
3,842,916
50,314,122 50,216,371
Total
of interest due Jan. 1,
1939 on 4% collateral trust notes,
b Includes $101,540 held by trustee for
payment of interest due Jan. 1, 1940 on 4% collateral trust notes and $142,800 held by trustee for redemption of 4% collateral trust notes,
c Approx.
quoted market value at Dec. 31, 1939 was $29,710,144 and Dec. 31, 1938
was $25,852,850.
d After deducting depreciation,
f Includes real estate
taxes,
x To be redeemed through proceeds of $8,500,000 3%
coll. trust
notes and $3,000,000 serial coll. trust notes sold to public March 29 last.
—V. 150, p. 2258.
Includes $104,400 heid by trustee for payment
(S. H.) Kress Co.—Sales—
Period End. Mar. 31—
Sales
—V. 150, p.
1940—Month—1939
1940—3 Mos.—1939
$6,897,199
$5,968,735 $17,800,670 $16,186,733
1602.
Lake of the Woods Milling Co.,
Ltd.—Common Div.—
Directors have declared a dividend of 50 cents per
share
on
21,540
$824,607
2370.
Lane
Bryant, Inc.—Sales—
Period End. Mar. 31—
1940—Month—1939
$1,389,581
$1,276,647
Sales.
1940—3 Mos.—1939
$3,227,442
$3,170,504
—V. 150, p. 1604.
(F. & R.) Lazarus & Co.—25-Cent Dividend—
share on the common
stock, no par value, payable April 25 to holders of record April 15.
Extra
of 75 cents in addition to regular quarterly dividend of 15 cents was paid
on
Jan. 25, last.—V. 150. p.
998.
Corp.—Quarterly Report—Adverse Effects of New
Bill Feared—Diiectors Support Principle, Deplore
Provisions of Proposed Legislation—
Lehman
Wagner
bill to regulate the investment company business, hearings
are being held before the Senate Banking and Currency Com¬
"goes far beyond the limits of proper regulation," stockholders of
the corporation are informed in the corporation's report for the nine months
ended March 31, issued April 11.
Although asserting that directors of the corporation are favorable to
Federal legislation looking to appropriate and constructive supervision
and regulation of the investment company business, the report declared:
"There are many provisions of the bill, which, if they become law in
their present form, would, in the opinion of your directors, have a seriously
adverse effect upon the operations and management organization of your
The proposed
on
which
mittee,
...
C°1^herefore,
at the
an
appearance on
hearings, for the purpose
$1,134,222 $13,368,185
•
1,675,000
State income taxes
Prov. for compen. accr'd
under mgt. agreement
Bal. profit for
a
period."
$824,607
loss$2,280
behalf of your corporation will be made
of expressing opposition to certain parts
$1,134,222 $10,949,275
compensation accrued for the nine months
1939 or 1938.
b Taxable dividends paid in
taken into income, the basis being the market value
the ex-dividend dates.
x
Only dividends
743.909
a
a
a
No liability for management
securities have been
of such securities on
„
,
paid in securities which are taxable have been
taken
into income, the basis being the average market quotations for such securi¬
ties on the ex-dividend dates,
y Dividends paid in securities which are
the basis being the proceeds from sale
market value as of March 31, 1938 for those secur-
taxable have been taken into income,
of such securities or the
The amounts so taken into income were
amounts charged to surplus by the distributing companies,
on
held.
still
ties
the basis or average cost.
less than the
z
Computed
,
,
The net unrealized appreciation of the corporation s assets
on March 31,1940, based on market quotations, or, in the absence of market
quotations, on fair value in the opinion of the directors, was approximately
$1,158,776.
The net unrealized depreciation on June 30, 1939 computed
on the same basis, was approximately $5,819,334.
(2) Taxable dividends paid in securities have been taken into income,
the basis being the market value of such securities on the ex-dividend dates.
Notes—(1)
Statement of Surplus
Nine Months Ended March 31
1939
1940
1938
1937
Balance, June 30
$83,673,396
Miscellaneous credits—
$83,673,396 $81,739,884 $81,338,741
yl,933,512
401,143
Balance, March 31-$83,673,396
$83,673,396 $83,673,396 $81,739,884
x
Profit <fe Loss Acct.—
June 30-$17,847,279 $17,327,536
/I A/1
Profit for 9 mos. ended
March 31
(per state¬
loss2,280
824,607
ment above)
Balance (loss)
m
Directors have declared a dividend of 25 cents per
7,691
20,328
31,284
loss$2,280
Total income
the common
stock, payable June 1 to holders of record May 15,
Last previous common
dividend was the 80-cent distribution made on Dec. 1, 1930.—V. 149,
p.
$1,802,572
$2,470,877
688,678pfl0,889,617
on
of 1940,
50,314,122
'
$87,058
Contributions by
a
1937
1938
1939
1940
On U. S. Govt, secure.
Provision for Federal and
10-yr. 4% collat¬
founder
for Nine Months Ended March 31
Interest earned—
real est. l'ns"
written off in prior yr_
10-yr. 314% coL.
Surplus
Mills and 4,000 shares of Union
Among the preferred stocks there was a decrease of 2,500 shares of Elec¬
tric Power & Light $6 cumulative.
Among the more important additions to the list of stocks held are 7,000
shares or American Airlines, 3,290 shares of Pan American Airways, 5,000
shares of Marine Midland, 3,000 shares of California Packing, 3.000 shares
of Snider packing, 2,500 shares of Swift & Co., 2,600 shares of Copperweld
Steel Co., 20,000 shares of B.-M. T., 8,100 shares of Consolidated Edison,
8,000 shares of Middle West Corp. and 2,500 shares of Crown Zellerbach.
Only important change in the holdings of bonds was the sale during the
quarter of $717,000 Cities Service Co. 5% debentures.
z
Real estate mtges. 4,250,000
x
Northern Pacific, 2,700 shares of Ameri¬
Locomotive, 3,500 shares of American Steel Foundries, 4,000 shares
can
Recovery
eral trust notes.
Total
March 31, 1940
on
5,400 shares of Goodyear Tire & Rubber Co., 4,700 shares of United States
Rubber, 5,000 shares of Yellow Truck & Coach "B," 4,300 shares of Ameri¬
Radiator, 3,600 shares of General Electric, 5,400 shares of U. 8. Foil
"B," 4,900 shares of Allied Stores, 4,600 shares of Aluminium Co., 2,000
shares of Phelps Dodge, 2,000 shares of Standard Oil of Indiana, 2,600
shares of Tide Water Associated Oil, 5,000 shares of Western Union, 7,300
208,811
1,112
trust notes
holds & improve¬
ments
189,030
taxes.
Securities owned35,861,070 35,861,070
d
$1,158,776
?
Accrued real estate
Other receivables.
c
of all
compared with $1,148,738 three months before.
&c_—„
$1,083,694
2,229,357
3,485
$4,572,448
Balance at Dec. 31
79.3%
can
846
$4,794,759
222,311
Total surplus...
represented
76.14% of the corporation's gross assets, with
S. Government obliga¬
Net unrealized appreciation was stated at
as
Total income
Contributions paid
which
securities traded in over-the-counter at 7.32%, U.
tions 4.02%, and cash and receivables 10.98%.
Cash dividends
Discount
hand,
other
31, 1939 and had a value of $54,421,113, showed a net reduc¬
tion to 75.4%, with a value of $51,579,836 at the quarter's end.
Securities traded in on the New York Stock Exchange or the New York
shares of Atchison, 3,900 shares of
Kresge Foundation—Earnings—
Years Ended Dec. 31—
Income—Rentals
Dividends
Examination of the corporation's portfolio as of March 31, 1940 shows
a moderate increase in casn, receivables and TJ. S. Government obligations
during the quarter, produced largely by a decrease in the amount of common
stocks held.
As of the year-end, cash and governments had a value of
$7,406,717, representing 10.8% of the corporation's assets, whereas on
March 31, 1940 these holdings had increased to $10,256,524, or 15% of
Decreases in holdings of stocks include 5,700 shares of Deere & Co.,
6,300 shares of International Harvester Co., 4,500 shares of Chrysler,
(S. S.) Kresge Co.—Sales—
Period End. Mar. 31—
the 2,081,580
30, 1939 was
share.
per
assets on Dec.
Vice President of this com¬
Kirkland Lake Gold Mining Co., Ltd.—Production—
Company reports bullion production for three months ended March 31
at $504,968, against $523,847 in quarter ended Dec. 31, 1939, and $364,639
in first period of 1939.—V. 150, p. 2103.
Sales.
approximately $29.79
Common
(G. R.) Kinney Co.—New Official¬
judgment
Would restrict the freedom of investment and operating
an essential characteristic of successful management;
which is
CI
$15,112,203 $17,819,375
«vi
1,134,222
10,949,275
$17,849,559 $16,502,929 $13,977,981
Dividends declared-.
1,248.948
1,248,948
2,081,580
Add'l Fed. taxes pr. yrs.
26,690
$6,870,100
6,176,303
—
Bal. (loss) Mar.
.
$19,125,197 $17,751,877 $16,059,561 $13,046,403
31
1937, 1938, 1939 and 1940 is applicable to shares
stock.
y As follows: (1) Excess of proceeds over $1.66 2-3 per share (the value
assigned to capital stock) with respect to 16,515 shares of previously un¬
issued
shares
delivered under the management agreement,
$542,256,
x
Of which $87,710 in
of treasury
(2) Amount transferred from capital stock account representing the differ¬
between $1.66 2-3 per share (the value assigned to capital stock) and
ence
the
new
par
value
SI 391 256
Note—The balance
of $1
par
share
on
2,086,884 shares outstanding,
(debit) at March 31, 1940 is made up as follows:
Dividends declared by the corporation from date of organization
to March 31, 1940
. — -$28,360,295
Accumulated income and profit and loss (profit) from date of
-
organization to March 31, 1940
Balance
—
9,235,098
$19,125,197
2430
The Commercial & Financial Chronicle
Balance Sheet March 31
1940
1939
1940
Assets—
$
%
Becur. owned--.55,976,211
49,871,447
Casta
7,098,382
Liabilities
x
x
U.S.Govt.secur.
2,760,984
7,837,399
9,320,125
x
Inv. in real est.,
975,688
975,688
Dividends
Pay. for
416,316
1
& taxes
122,130
83,673,396
17,751,877
Profit & loss def_,.19 ,125,197
126,247
Directors have declared two dividends of 25 cents
per share each on the
stock, one payable May 1 and the other Aug. 1 to holders of record
April 19 and July 18, respectively.—V. 150, p. 2259.
common
309,455
286,584
Loose-Wiles Biscuit Co.—Common Dividends—
304,584
83 ,673,396
Capital surplus
se¬
curities sold-,.-
1,999,174
416,316
128,278
sec. pur..
expenses
equities
payable
representing the group, that the Court could not jeopardize the Seiden bid
by waiting until the members attempted to raise more money.
The sale
to Mr. Seiden calls for full
payment oy April 1, 1945, with a cash payment of
$205,000.—V. 147, p. 1492.
%
1 999,174
Reserve for accrd,
Real estate loans &
Receivable for
1939
%
Capital stock-
327,478
Dlvs. receivable &
Interest accrued.
Total
x
Louisiana & Arkansas Ry.—Annual
..67,214,096 68,641.593
b Par $1
At cost,
cost of
Total
p.
1939
Operating
Operating
at
998.
Lehigh Valley RR .—Interest Paying Agent—■
The
York
New
win act
as
Stock
interest
Exchange
has
been
notified
"Net
this
that
paying agent for the following securities
Lerner
Stores
Corp.—Sales—
Period End. Mar. 31—
1940—Month—1939
$3,711,816
$3,145,334
Sales
—V.
150,
1940—2 Mos.—1939
$6,034,562
$5,280,027
2259.
p.
expenses..-.-
revenue
$2,666,575
253,181
368,332
Railway operating income
Net
...
.....
railway operating income.
Income from funded securitiesIncome from unfunded securities and
Miscellaneous income
on
on
on
934
$1,654,300
11,551
800,000
$1,435,759
13,923
20,954
13,578
800,000
62,109
8,143
13,987
16,103
$737,630
180,000
120,000
$521,835
180,000
.30,000
70,84 1
.......
0600
_.
funded debt.
.....
....
...
on 6% prior preferred stock
preferred stock 6% series
on
45,703
30,709
Dividends
Divs.
326,382
33,579
;
unfunded debt...
Amortization of discount
Other deductions
$1,358,413
3,993,917
261
...
first mortgage bonds
other fundeddebt
on
$1,643,615
285,201
accounts
Total income.
Rent for leased roads.-...
Interest
Interest
Interest
$2,1,54,637
184,640
$1,597,885
22,575
..
$6,148,554
$2,045,061
447,175
from railway operations........
Net rents—debit.
1938
$7,136,688
4,470,113
......
Net income.
Libbey-Owens-Ford Glass Co.- -Earnings3 Mos. End. Mar. 31-
revenues..
Feoeral taxes
Other taxes...
company
in lieu of J. P.
Morgan & Co., effective April 1, 1940:
Lehigh Valley Harbor Terminal Ry. Co. first mortgage 5% guaranteed
gold bonds, series due 1954.
Lehigh Valley RR. Co. general consolidated mortgage 4%,
4H%, 5%
bonds, series due May 1, 2003 (assented and
unassented).
business on the company's records," Mr. Pratt declared.—V.
150, p. 1768.
1
Lehigh Valley Rail Way Co. first mortgage 4 lA% gold bonds, due July 1,
1940 (assented and unassented).
Lehigh Valley Terminal Ry. Co. first mortgage 5% gold
bonds, due
Oct. 1, 1941 (assented and unassented).
Lehigh & New York RR. Co. first mortgage 4% gold bonds, due
Sept. 1,
1945.—V. 150, p. 2103.
Report—'
Comparative Income Account Years Ended Dec. 31
67,214,096 68,641,593
after deducting 5,304 shares held in
treasury,
$87,710.—V. 150,
April 13, 1940
In overruling the efforts of the
group of members to bid in the property
on the basis of a
pledge of $58,000, Justice Smith told Samuel A. Feir.
1940
1939
and mfg. expenses
Less depreciation
$4,726,869
453,522
$3,392,190
538,286
Net mfg. profit-,.
$4,273,347
297,325
$2,853,904
189,768
$508,799
124,350
$3,072,618
171,379
first six months of 1936. The accounts ol the Texas line
show a net loss of
$30,294 for the six months ended June 30,1939, including the above
interest,
exclusive of net charges to profit and loss
$4,570,672
$3,043,672
$633,149
$3,243,997
vision has been made in the accounts of the
Louisiana & Arkansas Ry. for
its proportion thereof.
1938
1937
Mfg. profit after deduct¬
ing mat'ls used, labor
\,A..
The income account for the
year 1939 includes the results of operations of
Louisiana Arkansas & Texas Ry
(Texas line) subsequent to July 1, 1939,
as of which date such
properties were acquired by Louisiana & Arkansas
Ry,, and interest received of $22,500 on the bonds of the Texas line for the
.
Other income
r
Total income
$1,070,6954 g'$3,610,018
561,896
537,399
Sell., adv., adm., experi¬
mental &
devel.
ac¬
counts, conting., &c_-
1,036,587
636.133
Federal taxes
Net profit
Earnings
$2,897,952
$1.15
—
per share
Comparative General Balance Shed Dec.
xl ,004,676
916,794
404,098
$1,722,780 loss$371,527
$0.69
748,961
474,050
$2,020,985
Nil
$0.80
Includes provision of $325,000 for purchase of
patents.
x
Employee Stock Purchase Plan—
At the annual meeting April 10 stockholders reelected
all directors and
voted to make 66,000 shares of stock, now
unissued, available to the em¬
ployee stock purchase plan.—V. 150, p. 1284.
Link-Belt Co. (&
Subs.)—Earnings—
Calendar Years—
SalesCost of
1939
19.38
1937
1936
$22,949,981 $18,518,084 $26,643,840 $20,789,475
sales, incl.deprec 20,839,341
17,363.679
22,639,683
18,298,612
Operating profit
$2,110,640
254,340
Other income
Total income
Unrealized Joss
$4,004,157
313,250
$2,490,863
297,790
$4,317,407
133,173
263,863
$2,788,653
161.063
196,549
x821,171
x406,213
of Speeder Mach.Corp
1,446
Net profit
Preferred dividends.
$1,106,041
$501,883
$2.23
..
def$170,342
$993,816
$1.33
$4.47
Surplus
Eauns. per sh.on com.stk
Impr. onleqsedry.
property......
Deps.
In
lieu
of
$3,232,373
211,838
2,026,719
263,023
1,013,360
$2,221,376
213,099
1,688,932
$319,345
$2.97
x Includes
$113,000 ($13,677 in 1936) provision for Federal surtax
undistributed profits,
y Unrealized
loss arising
from fluctuactions
Canadian exchange rates.
1939
Assets—
x
Inventories
Securities
Accounts payaole.
Pref. stk. div. pay.
3,176,762
Com, stk. div. pay.
Acer, wages & com.
-
3,878,550
owned,
Acer.
at cost
2,074,804
2,987,626
15,103
18,581
Acer. int. receiv'le
securities
y Prop., plant and
eqpt., at cost...
Invs. in affll. co__
z
in
for
7,593,587
129,600
6,745,722
129,600
for
24,788
67,121
670,000
225,000
92,185
453,570
3,446
19,945
1,500
709,833
519,499
Advances
16,500
571,720
23,000
428,979
21,870,479 20,404,0591
Mr.
a
18,363
16,375
el37,193
Acer,
173,461
Acer, deprec. eqpt.
Oth. unadj. credits
Additions to prop,
90,238
paid in advance.
Dlsc't on fd. dt___
14,883
23,064
Surplus approp'd-
342,149
348,492
Profit & loss......
79,329
150,961
231,143
34,836
deprec., road
35,708
260,751
1,792,731
235,615
33,537
1,685,507
174,961
69,244
4,711
through
inc.
&
surplus.
Other unadj. debits
Total....
38,032,594 36,643,010
54,004
Total
Louisiana Power & Light Co.
Period End. Jan. 31-
Operating
Operating
revenues
res.
approp.
Net oper. revenues
50,943
260,091
5,178,283
4,795,556
409,828
38,032,594 36,643,010
-Earnings-
1940—Month—1939
$755,101
$641,042
391,915
316,096
92,812
83.668
67.170
61,500
$203,204
1940—12 Mos.—1939
$7,758,979
$7,134,652
4,021,559
3,678,071
950,386
878,232
774,685
710,500
$179,778
1,146
$2,012,349
658
11,017
$1,867,849
'
20,275
108,743
134,668
134,668
Int.
on
Net
5,855,306
3,277,800
10,584,739
5,366,253
$203,862
72,947
$180,924
72,960
$2,023,366
875,420
$1,888,124
875,534
6,259
4,454
82,595
04,030
59,318
Cr8,881
$1,069,381
356,532
$962,153
356,532
$712,849
mortgage bonds.
$605,621
Other int. & deductions.
Int. charged to constr'n.
pref.
income
...
CV805
$125,461
$103,510
Divs. applic. to preferred stock for the
period
Balance
-V.
150, p.
1604.
treasury
21,870,479 20,404,059
Louisville & Jeffersonville Bridge
Co.—Transfer Agent
dDr525,932bZ>r625,532
Total
Company has notified the New York Stock Exchange that, effective
March 20, 1940, first mortgage
4% gold bonds due March 1, 1945 will be
registered, transferred and released to bearer at the office of the
company,
in lieu of J. P. Morgan & Co.—V. 127,
p. 679.
McCrory Stores Corp.—Sales—
Period End. Mar. 31—
1940—Month—1939
Sales.
$3,887,954
$3,196,036
Stores in operation
1940—3 Mos.—1939
$9,653,302
$8,469,106
202
202
Registers with SEC—
p.
2694.
See list given on first page of
McKesson
&
this department.- -V.
Robbins,
Inc.—To
Pay
150,
p.
1604.
Small Creditors
in Cash—
Merchandise
Ocean, Inc. (Lido Club) —Resort
creditors
whose
"frozen"
balances amount
to
more
than
$100 and less than $1,000 will be paid in cash without interest in full settle¬
of their claims, according to an order filed
April 8 in the Federal
ment
Queens.
Justice Smith ruled out an offer for
of Lido Club members as being
representative group
Seiden plans to continue
operation of both the hotel and golf course
m communication with a
former member of the club to formu¬
agreement whereby a private
membership club may be organized to
take over the course with a reservation to
permit use of it by guests of the
hotel.
The sale to Mr. Seiden had been
approved
of New York, trustee, in a foreclosure action.
District Court.
The order, expected to involve payment of about
$511,000, was made on
petition of the merchandise creditors' committee who told the Court
through their counsel, Gerdes & Montgomery, that by making these
pay¬
ments the company would effect a
saving in administration expense and
that the action would tend to expedite
reorganization.
The
an
inc.
Other def'd assets.
Rents <fc ins. prem.
Gross income
and has been
late
Fed.
209,590
Approval of the sale of the Lido Club Hotel and
golf course at Long
Beach, L. I., to Frank Seiden, operator of the Hotel
Floridian at Miami
Beach, Fla., for $960,000 was given March 25
by Supreme Court Justice
Smith in Jamaica,
for
tax
Other tax liability-
4,213
Groceterias, Ltd.—Stock Sold—
property by
"too indefinite."
22,500
Other income (net)
$260,000.—V. 149,
the
41,252
195,634
810,739
"
assets.
Prop, retire,
Company, which originally held 37,944 shares of
Loblaw Groceterias,
©dual to 11%, has disposed of its entire
holdings in this company,
R. G. Meech,
Secretary-Treasurer, has announced.
This stock was carried
on the balance sheet at a book
value of
Peter P.
58,223
32,977
curr.
8,060
5,457
was
Changes Ownership—
liabs..
Deferred liabilities
Res.
276,762
restricted in 1938,
through acquisition of treasury stock,
at cost and
33,604 shares common stock at cost,
Represented by 718,066 (709,177 in 1938) no
par shares,
d33,604, shares
common stock at cost,
e Provision for
unemployment compensation and
old-age benefits taxes.—V. 150, p. 1940.
the
from
Wkg. fund advs..
b 830 shares preferred stock
on
8,086
31,455
87,871
Other
168,893
c
Long Beach
82,545
332,276
I"cl«des deferred charges,
Loblaw
132,616
car serv.
expenses
Direct taxes
After
$625,532
49,632
104,692
After reserve for receivables of
$313,459 in 1939 and $288,770 in 1938.
reserve for depreciation of
$8,176,284 in 1939 and $8,031,128 in 1938.
a Of which $525,932 is restricted in 1939 and
y
£
195,500
380,716
406,825
869,021
$
Btock
x
246,279
525,363
&
6,834
5,629
97,914
213,888
of
se¬
Earned surplus..
Stock reacquired &
Total
payable
wages payable..
accts,
74,369
448,800
stock (par $100) 3,180,000
Common stock..10,690,745
as
car-serv.
balance
Audited
407,575
404,420
a
held
Loans &
17,939,517 17,791,177
bills pay.
88,120
Misc. accts. pay..
Int. mat'd unpaid.
319,431
Reserves
c
un¬
Unmat'd int. acc'd
agts. & cond'rs.
Misc. accts. ree'le.
capital
cum.
dt.
418,098
576,170
stock taxes
6H%
327,205
.
fd.
1,022,571
receiv'le..
curr.
1,454,080 1,041,576
T, 491
1,404,785
422,356
Cash.,.
Special deposits
rec.
of
...
matured
Traffic &
Bonds....
Net bal.
aid
Reorgan iz. adj usts.
of capital.
Total
...
bals.
in
on
Federal
curity taxes....
stk. pur. trusts.
Other assets
4,000,000
Grants
65,130
local
Prov. for social
employees'
4,000,000
'
32,887
103,352
171,116
income taxes
Prov.
2,000,000
construction
805,646
& Cndn. taxes..
Prov.
.
State,
2,000,000
59,619
1938
$
3,015,239
4,376,145
4,212,445
ceivable, &c
Int.
Liabilities—
2,880,574
Accts. & notes re¬
on
1939
$
Preferred stock
-V. 150, p. 1940.
1938
$
3,000,000
Common stock
•Notes & advs...
Other investments;
Stocks
X
3,000,000
5,268,166
74,975
Stocks.....
1938
*
Prior pref. stock..
26,151,030
mtgd. propfcsold
Consolidated Balance Sheet Dec. 31
Cash
1939
TAnhiWip*
Misc. phys. prop..
Inv. In affll. cos,;
Other
$1,733,059
206,705
1,024,471
Common dividends
§
Mat'ls & supplies.
Int. & dlvs. ree'le.
382,063
;
r
pro¬
31
1938
$
Investment In road28,201,652
Investm't in eqpt. 5,261,674
Traffic &
$1,435,762
y61,231
Federal taxes
Dlvs. paid on pref. stock
1939
AssctS"***
Miscellaneous
$1,154,404
281,358
$2,364,980
187,182
Sundry debits
(
no
The operating expenses include provisions for
depreciation of $201,312,
and $212,496, for the years 1938 and
1939, respectively.
exp.,
for doubtful
prov.
(surplus) of $8,377, but
by the Mortgage Corp
petition was supported by William J. Wardall, the trustee.
He
explained, however, that it might be some time before payments under the
order could be completed,
owing to the necessity of reconciling cred¬
itors' claims with the company's books.
A similar order was made
by the Court on Jan. 27, permitting payment
new
of
"frozen" balances of $100 or less.
More than $100,000 has been so
disbursed to date.
When all payments are completed under both
orders.
Volume
the claims of
more
Edward
Mr. Wardall stated that total cash on hand as of
March 29 was approxi¬
Court Will Not Reconsider Sale of
Hunter Distillery—
Distillery Inc., McKesson & Robbins subsidiary, to Browne Vintners Co.,
Inc. for a cash price of $2,000,000. After hearing arguments under a show
order asking that the sale be vacated because of a larger offer of
$2,250,000 made by Schenley Distillers Corp., Judge Coxe said that he
saw nothing in the arguments requiring reconsideration of the deal.
The
matter came before him on a motion of the committee representing the
cause
stockholders of McKesson.
of 1940 were 4.95% above the
correspond¬
ing period of 1939 according to preliminary figures released on April 12 by.
William
J. Wardall, trustee.
Sales for the quarter were $37,497,770
compared to $35,730,257 in 1939.
The drug and sundries department accounted for $28,283,506, an increase
of 6.31% over sales of $26,605,073 in the 1939 quarter, according to the
preliminary figures.
Liquor sales were $9,214,264 against $9,125,184 in
the 1939 quarter, an increase of 0.98%.
McKesson's March sales declined
2% as compared to March, 1939, being $12,735,082 against $12,995,268.
—V. 150, p. 2260.
a dividend of $7 per share on account of accumu¬
stock, payable March 28 to holders
clearing up all back dividends on the issue.
Directors also declared an initial dividend of 75 cents per share on the
class B common stock, likewise payable March 28 to holders of record
March 25.
Last previous common dividend was the $10 payment made on
the old $100 par common shares on May 1, 1931.—V. 150, p. 696.
Marine Midland
Mississippi Power & Light Co.—-Earnings-
[Incl. Constituent Bank and Trust Companies
Combined net
xl939
xl940
and Other Affiliates]
xl938
xl937
res. approp.
$713,809
409,983
79,839
65,000
$669,838
371,851
83,217
63,333
Net oper. revenues...
Other income (net)
$158,987
3,261
$151,437
$162,248
66,667
8,428
$ 151,487
Prop, retire,
$736,314
on
$734,273
$792,452
$0.13
sh.
$0.12
$1,523,117
817,700
$76,610
Dividends applic. to pref. stock for period.
$456,749
403,608
$628,485
403,608
$53,141
$224,877
Net
complete charge of the manufacturing division, and James L.
Palmer, formerly Assistant to the President, was elected to the other new
Vice-Presidency and will take over the newly created post of general oper¬
ating Manager of the retail stores in Chicago and suburbs.
Albert B. Dick Jr., was elected a director of this company to fill the
vacancy caused by the death of James Simpson.—V. 150, p. 1605.
Marshall Field &
Dividends
accumulated
May Department Stores Co.—May
150, p. 1605.
Operate Radio Station
corporation by permitting the establishment and
operation of broad¬
radio and television, and matters
operations, it was made known in a statement
asking
forproxies.
The management explains that
it regards the operation of a radio and
television broadcasting station in connection with its Los Angeles store
as desirable, and that the company has filed with the Federal Communica¬
tions Commission an application for a license to operate such a station in
that city.—V. 150, p. 282.
Corporation, trading as Thorn McAn of New York, has agreed in a
stipulation with the Federal Trade Commission to cease misrepresenting
the manufacture of its shoes; that its shoes will
correct foot troubles, need no breaking in and
which is not due to ill-fitting shoes. It is also agreed
that the respondent will cease advertising its women's hose as made of pure
thread silk, when they contain any material other than silk no matter how
prevent foot burning
located at St.
Joseph, Mo.
totaled $908,000, an increase of 19% over the $763,000
1939, it was officially announced on April 12.
In the
bookings totaled $2,694,000
compared with
$2,166,000 reported in the same period of 1939, or an increase of 24%.
Mengel billings in March were $817,000, an increase of 21% over March,
1939. billings of $675,000, while first-quarter billings amounted to $2,424,000, or 26% higher than the $1,929,000 billed in the corresponding
quarter of 1939.
Unfilled orders on Mengel's books at the end of March amounted to
$2,341,000, or 48% above the $1,583,000 unfilled orders at the close of
March, 1939.—V. 150, p. 2260.
Inc.—To Pay Common Dividend—
dividend of $1 per share on the common
stock, payable April 17 to holders of record April 12.
This will be the first
dividend paid on the common shares since January, 1938.—V. 148, p. 131.
declared
Mexican Petroleum
fair and proper operating conditions.
Terminal Shares, Inc., recently
Co., Ltd.— Unable to Submit Report—■
Company in its annual report, to stockholders states that it is unable to
submit a balance sheet and income account because the Mexican Govern¬
ment continues to retain possession of its properties and records.
by the company in Mexican courts in 1938, in which recov¬
ery of Mexican Petroleum's assets was sought, has not yet come to trial,
according to E. Holman, President of the company.
"Although the trial
date has been set several times," Mr. Holman says, "the suit has been
The suit filed
postponed each time, either at the behest of the Government or by the Court
itself.
The most recent trial date, set for March 15, 1940, was again post¬
An early decision
Your bo-rd will continue to press for a hearing.
unlikely fince the Mexican courts are
who treats the oil 'expropriation' as a political
Joseph,
Missouri Pacific.
,
(1) Termination of
favorable to the prop¬
regulatory bodies for
Missouri Pacific to build a connecting bridge line over the Burlington
tracks to the Terminal properties.
Burlington is seeking to prohibit the
Missouri Pacific from making a direct connection with the terminal prop¬
erties and currently is receiving a charge of $1 per car for switching.
The
price to be paid for the North Kansas properties would amount to $6,000,000
of which $600,000 would be payable in cash and balance of $5,400,000 in
dominated by the Executive,
question."—V. 149, p. 2519.
eight-year 3 M % notes.
Missouri Pacific already
as
a
Milwaukee.
represents the merger of the Ideal Shoe Manufacturing
Booth Shoe Co.
See also V. 150, p. 1940.
number of
Company
Co. and the Walter
Minnesota Power & Light Co.—Earnings1940—12 Mos.—1939
1940—Month—1939
$6,789,426
$6,161,824
$622,351
$551,810
Operating revenues—_ _
1,967,875
1,772,138
143,730
212,029
Operating expenses. .
997,161
1,146,090
107,457
100,508
Direct taxes
550,000
608,333
41,667
50,000
Prop, retire, res. approp.
.
limited-term
573
investments
$259,241
$2,835,744
.92
1,401
1,038
$258,477
134,642
6,531
C'r86
135.429
5.993
$3,061,664
617,643
$2,836,782
1,627,093
70,916
846,366
715,526
617,405
$2,852,89.5
1,448,929
$2,863,291
1,457,174
178,072
87,511
139,326
085,504
41,042
139,326
03,226
19,537
$1,262,633
$994,908
$1,396,291
510,802
510,802
7% pref. stock.
510,803
6% pref. stock.
292,048
common stock.
156,819
Consolidated Balance Sheet Dec. 31
$1,209,438
510,776
Divs.
on
Divs.
on
Divs. on
$118,190
$117,085
period
Other int. & deductions_
chgd. to construct'n
....
applicable to pref. stocks for the
Balance
150, p. 1286.
:
70,660
Crl,825
0.30
$1,375,186
__
990,825
$384,361
5
equipment
54,516,424
investments
53,373,567
21,172
684,181
22,353
662,208
at cost
Cash
Receivables
1,459,385
....
Inventories of ma¬
Due from
296,585
affiliated
1,352
companies
Constr. materials.
148,500
Deposits with trus¬
under mtg.
tees
requirements
&
oth. spec, dep's.
Cash In closed bks.
to
uated
sec.
48,115
990.836
1938
$
22,000
of
company......29,500,000 29,500,000
500,000 3,500,000
1,376,849 Notes pay. banks. 1,000,000 1,000,000
Accounts payable.
284,016
426,774
116,438
114,373
237,361 Payrolls accrued.^
Taxes accrued
694,854
575,758
379,341
378,815
946 Interest accrued..
127,701
127,701
163,000 Divs. on pref. stks.
Due to affil. cos
97,881
100,761
Misc. curr. liabs..
8,800
8,150
Customers' depts.
297,481
291,210
22,084
21,186
16,828 Oth. def. liabs
14,521
6,975
Long-term debt
Open, acc't indebt.
Res.
for renewals,
retlre'ts &
Res.
employ's
—
73,498
71,164
Deferred charges..
2,886,203
Contrib.
3,024,657
depl.
for contlng..
Res, for
by life insur¬
claims, <fcc
in
aid
5,153.548
89,023
100,795
4,815,904
232,307
86,451
of
180,563
169,751
7% cum. pref. stk. 7,297,550
Com. stk.($15 par) 11,761,470
7,297,550
1,318,356
1,191,489
1,028,965
504,332
construction
Capital surplus...
Surplus account..
$1,140,452
$149,616
21,000
subs..
superan-
policies
$
Liabilities—
22
204,434
Long-term debt of
plant &
Misc.
a
1939
1938
$
Crl,679
__
139,326
033,503
—
1939
ance
Interest on mtge. bonds.
—V.
$3,060,263
36
Gross income
Net income
$258,385
$259,277
Other income...___
Divs.
6,781
6,865
876,413
1,274,950
744,469
1,338,780
$2,720,519
1.441,717
Loans
Net oper. revenues—
Int.
571
3,9.58,360
751,891
1,118,300
1,002.061
Gross income
terials, &c
Period End. Jan. 31-
_
43,010
$9,309,247
$3,051,070
Interest on funded debt.
1,441,125
Interest—other
89,2/2
Amort.of disc't & exp—
139,326
Int. charged to construe.
Cr]4,944
retirement
Property,
distributing plant in Wisconsin and makes and distributes a
nationally known lines of men's, children's and misses' shoes.
50,768
786,847
renewals,
& depletion
Assets—
a
51.773
59,825,502 $10,002,946
4,175,366
4,283,161
for
Reserved
$9,266,237
$9,952,178
1,510,000
Taxes
service April 1, a
with 5,940 in February and 6,593 in
week of an issue of 41,634 shares of common
Company operates four factories and
Offering is expected next
stock bv Loewi & Co.,
4.030,549
Operating expenses
Maintenance
Co. (& Subs.)
1936
,773,729
Net income
Co,—Offering of Stock—
of the
1937
1938
1939
$10,328,904
51,623
—$10,380,527
Gross earnings
whole had 761,345 telephones in
Mid-States Shoe
has paid $3,200,000 toward purchase
Monongahela West Penn Public Service
Calendar Years—
Operating revenue
Non-operating income.
Co.—Gain in Phones—
April 1 company had 399,839 telephones in service in Detroit and
adjoining suburbs, a gain of 3,487 during March, compared with 3,186
in February and 3,120 in March, 1939.
On
gain of 6,804 in March, compared
March. 1939—V. 150, p. 2261.
North Kansas properties depend on:
properties and is suing to collect this sum from the Terminal company and
its own directors.
Under the terms of the contract the suit against the
directors and other parties interested in the litigation will be brought to
an end.
This litigation started some four years ago and three times ques¬
tions involved have been before the U. S. Supreme Court.—V. 150, p. 2108.
Miscellaneous
Michigan Bell Telephone
signed a contract with the trustee of
for sale of its terminal properties in
Mo. and North Kansas City, Mo. to the carrier.
Amount
involved is around $10,000,000 or about half of the sum in the original
contract which has been disaffirmed after the Missouri Pacific's bankruptcy.
Upon approval of the transaction by the court of jurisdiction and the
ICC, Terminal Shares would immediately receive $1,050,000 for the St.
Joseph properties.
Of the sum paid $650,000 would be withdrawn from
cash now held by this Terminal Co. and the balance would be paid by
a
seems
is designed to settle long standing litigation over
which the Missouri Pacific contracted
purchase the St. Joseph properties and other facilities at North
Kansas City for $20,000,000.
Under the proposal placed before the ICC, the Missouri Pacific will pay
Terminal Shares, Inc., which owns the St. Joseph properties, $400,000 in
cash in part payment for the properties.
The stock and open accounts of the Union Terminal Ry. have an estimated
value of $3,200,000, while the St. Joseph Belt Ry. securities are valued
at $400,000 the M. P. trustee told the iCC.
It is essential to the efficient and reconomical operation by the Missouri
Pacific of its properties that it own facilities at St. Joseph, the trustee told
the ICC, as in no other way can there be an assurance that such facilities
wilt continue available for use by M. P. on reasonable terms and under
litigation by the Chicago, Burlington & Quincy RR.
erties and (2) Permission from the ICC and other
Mengel Co.—Bookings Up 19% in March—
Mercantile Stores Co.,
Acquire Terminal Units—•
between the
which the railroad will acquire
*
The trustee for the Missouri Pacific has applied to Interstate Commerce
Commission for authority to acquire control through stock purchase of the
Union Terminal Ry. and the St. Joseph Belt Ry. terminal properties
Purchase of the
used.-—V. 150, p. 2107.
Directors on April 5
Missouri Pacific RR.—To
The Federal Court at St. Louis has approved the agreement
company and Terminal Shares, Inc., under
terminal properties of Terminal Shares.
St.
the grade of leather used in
fit perfectly, eliminate or
first three months of this year,
Co.—Bonds Called—
Missouri Pacific RR., in bankruptcy,
Corp.—Agrees to End False Claims—
Melville Shoe
Missoula Gas & Coke
in 1930 to
meeting on April 23 will vote on an amend¬
of incorporation extending the purposes and powers
casting stations of every kind, including
of
1940, amounted to
the Terminal Shares contracts under
Stockholders at their annual
Amort,
unpaid to Jan. 31,
and
76,932
$521,327, after giving effect to dividends amounting to $2 a share on $6
preferred stock, declared for payment on Feb. 1, 1940.
Dividends on this
stock are cumulative.—Y. 150, p. 1941.
The purchase agreement
Co.—Registers with SEC—
first page of this department.—V.
ment to the certificate
company
$87,153
income....
first 7s of 1944 have been called for redemption on
May 1 at 102 and accrued interest.
Payment will be made at the City
National Bank & Trust Co., Chicago, 111.—Y. 127, p. 3540.
and placed in
The
.
__
All of the outstanding
,i
Marshall Field & Co.—Personnel—
March bookings
$1,384,2.54
816,225
111,280
$0.14
interests.—V. 150, p. 1605.
Hughston M. McBain, First Vice-President has been appointed General
Manager of the company's retail stores in Chicago and suburbs; Wilbur
C. Munnecke was elected to one of the two newly created Vice-Presidencies
booked in March
68,142
6,735
Gross income.
on mortgage bonds.
Other int. & deductions.
x
$800,190
$0.14
Adjusted to March 31 minority
incidental to such
$1,521,372
1,745
50
cap.
stock
See list given on
$1,379,428
4,826
Int.
x
\
1940—12 Mos.—1939
$7,402,215
$7,327,783
4,356.945
4,174,669
904,175
908,409
761,667
723,333
Balance....
"
earnings,
after taxes
poned.
1940—Month—1939
Period End. Jan. 31-
Operating revenues
Operating expenses
Corp.—Earnings—
3 Mos. End. Mar. 31—
of the
the $7 cumulative preferred
on
of record March 25, thus
,
x
Valley Canning Co.—Pref. & Com. Divs.—
Minnesota
Direct taxes
Sales—
Net sales for the first quarter
per
nominated a director of this railroad to
Harkness.—V. 149, p. 1921.
has been
Directors have declared
lations
Judge Alfred C. Coxe of the Federal District Court has denied a motoin
to reconsider the sale of the principal assets of Hunter Baltimore Rye
Earns,
Greene
B.
succeed the late Edward E.
than $2,000,000.
mately $14,325,000.
common
Michigan Central RR.—New Director—
approximately 6,700 McKesson creditors will have been set¬
tled, leaving only larger claims to be taken care of in a plan of reorganization.
The trustee had been previously authorized to pay secured bank claims
amounting to
2431
The Commercial & Financial Chronicle
ISO
Total..
a
60,142,391 58,963,459
After reserve
for doubtful accounts
$157,611 in 1938—V. 149, p.
1482.
*
8,761,470
Total.
60.142,391 58.963,459
and notes of $153,997 in 1939 and
The Commercial & Financial Chronicle
2432
Mode
O'Day Corp.—To Pay 2o-Cenl Dividend—
Directors have declared
Mutual Investment Fund—Asset Value—
dividend of 25 cents per share on the common
a
The company reports for quarter ended March 31, 1940, net asset value,
after all expenses and reserves, was $10.87 a share comparing with
stock, payable April 15 to holders of record March 29.
This compares with
15 cents paid on Oct. 13, last; 10 cents paid on June 27, 1939; 15 cents paid
on May 1, 1939; 25 cents paid on Jan. 16. 1939; 15 cents paid on Oct. 31,
1938, and 20 cents per share paid on June 27, 1938.—V. 149, p. 2238.
Monarch Machine Tool
April 13, 1940
$9.98
a
share
on
March 31, 1939 and $10.70 a share on Dec. 31, 1939.—V. 150,
440.
P.
National Cylinder Gas Co.
Co,—Earnings—
Years Ended Dec. 31—
Net sales
(& Subs.)—Earnings—
1939
1938
1937
Cost of goods sold
$4,135,181
2,286,039
$4,372,507
2,215,555
$2,413,876
76,802
$1,849,142
68,367
$2,156,952
79,353
Gross profit from operations
Sell., delivery, & admin, expenses
$2,490,678
1,634,197
$1,917,509
1,589,772
$2,236,305
$856,481
406,923
$327,737
269,222
$953,990
$1,263,404
$302,558
$4,944,767
2,530,891
Other operating income
Earnings for 3 Months Ended March 31, 1940
Net profit after depreciation and Federal income taxes
Earnings per share on 150,079 shares common stock (no par)
—V. 150, p. 1444.
$596,959
66,902
$1,318,745
52,716
$2.01
—
Montgomery Ward & Co,—To Offer Rights—
Holders of common stock will receive rights to subscribe to additional
stock at $40 a share in the ratio of one share for each 6% shares
held, directors of the company decided April 11.
common
The additional stock represents approximately the difference between
the authorized 6,000,000 shares and the 5,217,147 shares now outstanding.
Its sale would provide about $31,000,000 of increased working capital to
finance
Other income
of
Issuance
Securities and
the additional stock depends upon the approval of the
Exchange Commission, with which a registration statement
Earns"
1939
1939
..
784,628
341,029
-
2,476
customers' deposits
4,334
32,877
631,935
309,827
880,535
72,463
611,051
271,325
Rentals
815,925
138,876
65,858
.
receivables.
18,453
use as
128,379
$902,055
253,706
x
30,604
After
reserve
150,
38,723
Property, plant & equipment 28,226,783
25,344
Capital
surplus
Earned
surplus..
.$30,104,179
-
Total
National Gas & Electric Corp.
Operating
$113,743
65,125
3,397
10,492
$1,492,702
818,315
56,530
146,215
$1,309,810
757,386
70,229
107,306
$44,509
$34,730
Dr595
D;343
$471,642
3,614
$374,888
Dr 1,744
$43,913
18,019
$34,386
$475,255
15,367
197,162
$373,144
148,452
Gross income
Int. & amortiza'n, &c__
$25,894
7,891
$19,019
8,154
$278,093
95,410
$224,692
.100,391
$18,003
$10,865
$182,683
$124,301
Balance
...
income
Dividends declared
Earnings
Bosworth, Chanute, Loughridge & Co., Denver, has
prepared a circular
Company. The brokers are offering stock at 5% per share.—V. 149,
share
150, p. 2262.
—V.
per
ment
Co.
(Minn.)—$252,000 Settle¬
Accepted n'n $5,000,000 Suit—
A settlement of
$252,000 in the $5,000,000 suit of stockholders
against the
Northern States Power Co. of Minn, and
Delaware and H. M. Byllesby &
Co. holding
corporation, was approved April 5 by District Judge Frank E.
Reed, at Minneapolis.
The suit was brought in
October, 1938, by five stockholders who com¬
plained that the Byllesby corporation
bought securities of individual power
companies and then sold them
through its chain of subsidiaries until they
reached Northern States Power.
They charged that the company paid
exorbitant prices for the securities.
suit, which named 36 officers of the
company, asked removal of
those found guilty of breach of
trust in the
transactions, as well as restoration
to stockholders of profits
proved to be
gained illegally.
The Byllesby
<x>rporation recently offered the
$252,000 settlement with2? • ^mission of responsibility.
This settlement was approved by the
And
9u t?e t(^a ' *200.000 is to go to Northern States Power
$52,000 to the law firm of
Leonard, Street & Deinard for fees and
expenses.
Rate Reductions—
Company has
put into effect as of last April 1 rate
reductions of $180 600
according to announcement by Ormond R.
Bean, Oregon Public
Utilities Commissioner.
The rate cut results from
informal conferences
between the Utilities
Commissioner and company officials.—V.
150, p. 2261.
Mueller Brass
„
x
y
Co.—Earnings—
^¥°JltI'fiiEnded~
Feb. 29, '40 Feb. 28, '39
Net profit..
Earnings
$183,733
$0.69
per share.
ea^l^kf^S&v^'p^r
4C'
$120,045
$0.45
Feb. 28, '38
$2,192
$0.01
National Sugar Refining Co.—New
Hoehn,
Vice-President, and A. J.
Treasurer.—V.
-
-
-
-
-
--
--
-
Stores in operation
—V. 150, p. 1606.
1940—Month—1939
$4,069,347
New
ono
*
———
W
$8,642,310
'
oni
201
p.
2262.
a
director to succeed
England Telephone & Telegraph Co.—Earnings—
Period End. Feb. 29—
1940—Month—1939
rev..
$6,363,829
18,132
1940—2 Mos.—1939
$6,079,143 $12,850,122 $12,338,806
22,943
27,108
33,412
Operating revenues...
Operating expenses
$6,345,697
4,463,887
$6,056,200 $12,823,014 $12,305,394
4,258,640
9,102,310
8,800,264
Net oper. revenues...
Operating taxes.
$1,881,810
738,585
$1,797,560
674,619
$3,720,704
1,456,012
$3,505,130
1,320.517
Net oper. income
Net income
$1,143,225
741,729
$1,122,941
$2,264,692
1,422,523
$2,184,613
Operating
revenues
.
723.379
—V. 150. p. 2109.
1,345,844
(J. J.) Newberry Co.—Sales—
Period End. Mar. 31—
Sales.
—V.
1940—Month—1939
$4,223,835
$3,432,255
1940—3 Mos.—1939
$10,489,080
$9,229,882
150, p. 1606. 1142.
New Orleans Public Service Inc.—
-Earnings—
Period End. Jan. 31—
Operating
Operating
Property retirement re¬
serve appropriations..
Net oper. revs
Other income (net)
Gross income
Int. on mortgage bonds
1940—Month—1939
$2,007,635
950,287
333,049
revenues
1940—12 Mos.—1939
$1,749,063 $19,223,433 $18,349,864
827.517
8,895,395
8,821,430
309,024
3,384,314
3,192,461
197,086
177,000
2,369.900
2.124,000
$527,213
$435,522
$4,211,973
9,815
$4,221,788
2,397,718
250
.
.
712
$4,573,824
1,091
$527,463
184,031
35,276
$436,234
193,323
36,822
$4,574,915
2,274,746
251,031
249.085
Cr 56,103
Net income
$308,156
$206,089
Divs. applicable to pref. stock for the period—
Balance.
1940—3 Mos —1939
$3,204,625 $10,286,137
150,
National Tea Co.—New Director—
x
Period End. Mar. 31—
Sales
Meeting—
Chairman, &c.—
Burt J. Dickens, Vice-President, has been elected
F. H. Massmann, resigned.—V. 150, p. 2263.
y0n 265'516 share8
(G. C.) Murphy Co —Sales—
$0.40
Charles D. Bruyn was elected Chairman of the Board at the
organization
meeting of directors held March 26, and Ellsworth Bunker, Executive VicePresident, was elected President, Earl B. Wilson,
expenses
Direct taxes
ay®ar'
$0.59
A meeting of holders of prior lien bonds of National RR. Co.
of Mexico,
due 1926. will be held at the office of the Central Hanover Bank &
Trust
Co., trustee, on April 30 at 2 p. m.—V. 150, p. 1446.
Uncollectible oper.
Power
62.066
J
National Rys. of Mexico—Bondholders'
on
p. 2373.
.......
Net
Tooele.
™£on?,pany has gathering lines aggregating 31 miles, transmission lines
530 miles and distributing lines 871 miles.
During the year ended Dec. 31,
1939 there were added to
properties net capital expenditures amounting to
$563,512, as compared to $1,439,750 for the previous
year.
The large
expenditures in 1938 included the cost of 53 miles of
18-inch line built to
Increase main line capacity.
1940—12 Mos.—1939
$134,480
72,974
5,134
11,864
Retirement accruals
$30,104,179
As of Dec. 31, 1939, 43 wells were
connected to the company's pipe lines.
Operated acreage amounted to 37,037 acres and
prospective acreage not
yet drilled amounted to 47,794 acres.
Gas reserves are estimated by the
company to be adequate for 20 years.
(& Subs.)—Earnings—
1940—Month—1939
Net oper. revenues
was
States
'
revenues
Non-oper. income (net).
6,584,305
19,899,025
2,185,971
973,164
incorp. in Utah May 7, 1935. as a successor by consolida¬
tion and merger of various
gas utility companies, and is engaged in the
production, transmission and distribution of natural gas, serving 19 cities
and towns in Utah and three towns in
Wyoming.
The principal cities
served are Salt Lake City and Ogden.
By-product coke-oven gas is pur¬
chased from the Columbia Steel Co.
plant and is sold in Provo, Springville
and Spanish Fork.
In addition to a large domestic demand
for house
heating and cooking, the company supplies a large volume of
gas for indus¬
trial and commercial
purposes, principally to the copper and smelting indus¬
tries.
It also serves large smalters at
Garfield, Mid vale, Murray and
$6,921,632 $6,579,871
p.1485.
100,712
Reserves for deple. & deprec.
Common stock (par $10)
Total
1776.
National Food Products Corp.—Sales—
$141,412
55,286
164,313
_
45,042
for depreciation of $2,689,542 in 1939 and $2,509,471 in
p.
Taxes
payable
941,000
4,453,543
553,365
4,438,197
1,084,221
Corporation reports that the combined sales of its two subsidiary com¬
panies, David Pender Grocery Co. and Southern Grocery 8tores, Inc., for
the eight weeks ended Feb. .24,
1940, were $6,391,989 compared with
$5,548,072 for the similar period in 1939, an increase of 15.21%.—V. 148,
Liabilities—
Accounts
941,000
-----
$6,921,632 $6,579,871
Operation..
Maintenance
Accrued taxes......
Federal taxes on income (est.)
Deferred credits
4,167
$1)
Capital surplus
1
1938.—V.
Balance Sheet Dec. 31, 1939
633,104
advance
242,528
Period End. Feb. 29—
Assets—
8,627
145,382
in
3,993,135
Total
$758,026
Net profit
5,051
311,842
billed
Earned surplus
Deferred charges..
715,230
93,815
65,972
$137,053
Accrued accounts.
own
Patents
$1,633,043
766,603
13,116
required..
for
Property,
plant
and equipment. 3,893,436
x
3,064
$1,810,153
Total profit
Provision for depletion and depreciation
Non-productive wells
Provision for Federal income tax (estimated)
or
$250,000
227,952
Accounts payable.
Customers' depos.
Inventories......
$1,629,979
1938
Common stock (par
Other
4,135
$1,791,701
Operating profit
Sundry income (net)
1939
bank
Investments
$2,827,945
142,832
737,320
308,704
4,975
.
pay.,
loans
conditional sales
81,969
accounts
418,513
Liabilities—
Notes
Notes receivable &
1938
$3,074,477
150,310
-
$761,712
1938
$462,543
$2,745,976
86,001
purchasedOperating and general expenses
Taxes—other than Federal income.....
Mountain
$34,993
$1.17
$749,834
resale
$2,988,476
Total gross revenue
Total
$94,754
$0.50
Includes the
Equip. & parts for
Gas
Deferred charges
$530,856
$1.06
stock (par $1).
hand and
on
in banks
Earnings—
Calendar Years—
Gross revenue—Gas sales
Other operating revenue
receivable..
1,045,345
Consolidated Balance Sheet Dec. 31
•
Cash
376,303
19,691
above statement
Assets—
Cash
1940—Month—1939
1940—2 Mos.—1939
$38,842,199 $35,729,869 $69,372,546 $60,693,976
1941,1606. 1449.
Appliances, stores & supplies.
Sundry acc'ts & securities.._
166,000
$1,100,029
470-451
on com.
Accts. receivable.
Mountain Fuel Supply Co
Uncollectible
59,000
$471,057
following provisions for de¬
1939, $387,176; 1938, $372,466, and 1937, $250,395.
preciation:
'
-
Company
sh.
contracts
Sales—
Accounts
per
Note—The
Period End. Mar. 31—
on
210,000
are
holders pursuant to the warrants.
p.
,,364,755
$1,001,307
included in the plan.
Under the first
stockholders will pay the full subscription price at the time the
rights
are exercised.
Under the other they will pay one-half when exercised and
the remainder in two equal payments by Oct. 10, 1940, and Jan.
10, 1941.
Stock certificates, the announcement said, will not be Issued,
however,
until the subscription is fully paid.
Until subscribers have received their certificates they will not
get any
dividends or be entitled to exercise any of the privileges of stockholders
with respect to the shares.
The company reserves the right to sell at the same price
any of the
stock offered for which rights to purchase are not exercised
by the stock¬
Sales.
—V.150,
1,282,315
in¬
Preferred dividends.
Common dividends.
e
of purchase
52.097
on
(est.)
come,
mailed
Eroceduresto stockholders about May 27, it was explained. prospectus will
the subscription warrants and copies of the
methods
.
—
Income charges
Prov. for Federal taxes based
according to the announcement.
The rights will be offered to holders of record of May 20 and will
expire
on July 10.
If the registration statement becomes effective under usual
Interest
_
rapidly expanding operations.
will be filed soon,
Two
.
-
$2,049,138
544,586
$1,631,088
544,586
$1,504,552
$1,086,502
Dividends accumulated and unpaid to Jan. 31, 1940, amounted to
$2,496,019.
Latest dividends, amounting to $3.50 a share on $7 pref.
stock, was paid on Dec. 23, 1939.
Dividends on this stock are cumulative.
—V. 150, p. 2263.
x
Volume
New
The Commercial & Financial Chronicle
ISO
England
Gas
Association—System
Electric
&
Output—
a
Operating
2.82% above production of 7,749,308 kwh. for the corresponding week
Gas output is reported at 101,242,000 cubic feet, an increase
cubic feet, or 6.72% above production of 94,870,000 cubic feet
sponding week
ago.—V. 150,
a year
New York Air Brake Co.-
share
capital shares
Taxes..,
Provision for income taxes
15,808,992
5,336,257
$35,097,364
10,394,846
Net operating revenues.
1937
1938
1940
1939
$107,803
Interest
-V. 150, p.
on
$45,492,210
14,006,189
funded debt
Amortization of bond discount and expense
Other interest charges
$1.59
Nil
$0.42
non-operating revnues
Gross income
x$412,692
loss$92,268
on
$2.09
14,624,593
Total
Earnings—
Before Federal surtax on undistributed profits.
x
$124,602,281
45,915,634
7,819,441
;
Appropriations for depreciation reserves.
of 6,372,000
in the corre¬
2263.
$541,417
Quar. Ended Mar. 31—
Net prof .after all charges
per
p.
Feb. 29,1940
expenses
Maintenance
year ago.
Earnings
(& Subs.)—Earnings—
Consolidated Income Statement for the 12 Months Ended
Total operating revenues
For the week ended April 5, New England Gas & Electric System reports
electric output of 7,968,042 kwh.
This is an increase of 218,734 kwh.,
or
2433
North American Co.
Interest during construction charged to property and
1288.
1,202,475
78,936
Cr85,664
5,739,318
1,591,079
—
plant...
Preferred dividends of subsidiaries
New York Central
Net
oper.
oper.
1940—Month—1939
from ry. op__
rev.
1,744,977
Other deductions
1940—2 Mos.—1939
revenues_$28,000,768 $24,827,653 $59,737,346 $52,330,816
expenses. 21,788,051
20,161,754
45,238,456
41,198,584
Period End. Feb. 29—
Railway
Railway
Minority interests in net income of subsidiaries
RR.—Earnings—
56,212,717
3,055,215
1,154,660
Railway tax accruals
Equip. & jt. facil. rents.
$4,665,899 $14,498,890 $11,132,232
2,921,653
6,179,281
5,934,711
1,182,595
2,520,671
2,488,865
'
*
Balance for dividends and surplus
$2,002,842
1,241,604
$2,708,656
2,430,417
$5,798,938
2,585,410
$561,651
1.187,435
1940 (Company Only)
Income Statement for the 12 Months Ended Feb. 29,
Dividends:
$12,493,466
On stocks of subsidiaries consolidated
On stocks of Washington Ry. & El. Co., an affil. not
On common stock of Pacific Gas & Electric Co
On
Net ry. oper. income.
Other income
$21,214,900
consol.
3,139,465
4,005,540
1,466,778
capital stock of Detroit Edison Co
2,606
110,245
521,613
77,289
3,152
Other
Interest:
On advances to subsidiaries consolidated
On bonds of subsidiaries consolidated
Total income
$3,244,446
Misc. deduc. from inc..
175.283
Total fixed charges
$1,749,086
124,851
$8,384,348
321,322
$5,139,073
259,062
4.003,909
7,881,584
7,995,214
3,915.508
Other
$21,820,153
459,673
Total income
Salaries
Net deficit after fixed
$3,115,203
x$181,442
2,379,674
,345
charges
Profit.
x
On bonds and notes of affiliates not consolidated
Legal
68,640
.....
55,850
231,025
405,000
Rentals
General
Federal income tax
Applies for Issue of Notes—
The company has applied to the
Interstate Commerce Commission for
authority to issue $16,000,000 of promissory notes.
The road has $20,000,000 of 4% notes maturing on April 30, and it proposes to pay 20%
of this amount in cash, and give new notes for the unpaid balance.
Half
of the new notes will bear interest of 3%, and the rest 3 M %,
^Company announced April 4 that it had made satisfactory arrengements
in connection with the maturity on April 30, 1940, of its $20,000,000 bank
loans which are held by First National Bank, Guaranty Trust Co., Irving
Trust Co., J. P. Morgan & Co., Inc., and Chase National Bank.
K Company proposes to make a ratable payment in the amount of $4,000,000
on April 30 and to extend the balance of the loans, $8,000,000, for a period
of two years maturing May 1, 1942, with interest at the rate of 3% per
annum, and $8,000,000 for a period of four years maturing April 30, 1944,
with interest at the rate of 3%% per annum.—V. 150, p. 2109.
New
York
Life
Insurance
Co.—Chairman
Buckner
Celebrates 60th Anniversary with Company—
What is believed to be a unique event in American business history took
place April 7 when Thomas A. Buckner, Chairman of the Board of the com¬
pany, celebrated his 60th anniversary of service with the company.
Mr.
Buckner started as a 15-year-old office boy In the New York Life's Mil¬
waukee, Wis., office on April 7, 1880.
His entire career has been
with
the New York Life, and he has served the company for a longer period than
any other employee now on the company's rolls.
J*Mr. Buckner is credited with a number of significant contributions to the
development of the life insurance business in America.
Early i n his career
he was instrumental in reorganzing the New York Life's agency organizartion into a system of branch offices.
In 1896 he introduced "Nylic for
Agents," a plan of benefits for persistent and able field representatives
which has helped to establish permanency of service.
More than 44 years
ago he started the first "sales clubs" for leading agents.
Today practi¬
cally every life insurance company has adopted the idea of "sales clubs"
for agents and a great many corporations in other lines of business have
somewhat similar organizations.
Mr. Buckner has often been referred to
"the father of the sales club idea."
as
Mr. Buckner was elected President of the New York Life Insurance
New York & Long
Calendar
1939
1938
1937
1936
$514,108
$545,619
255,847
$551,575
261,713
$590,000
224.335
$289,773
$289,773
$289,862
$320,065
150
150
150
150
Railway tax accruals
Gross income
Miscellaneous rents.
Miscell. tax accruals..
Int.
on
on
269,935
394
401
474
698
128,820
..
funded debt.
128,820
128,820
128,820
unfunded debt..
1
"
409
"402
"41.8
395
$160,000
$160,000
$190,000
160,000
160,000
$160,000
160,000
Miscell. income charges.
Dividends
190,000
Liabilities—
1939
1938
$7 ,492,891
Road.__
$7,501,149
Gen'l expenditures
9,280
9,280
Misc. phys. prop..
Securs. owned (bk.
21,264
21,750
and trust cos.)..
8,516
128,534
Cash
N.
Y.
Trust
1938
1939
(par
$17,350,455
Northeastern Water & Gas
'41.
*41.
192,000
192,000
308,000
2,308,000
8.546
Cons. mtge. 5s, '79
538,000
adv. for construe
Co
225
Pa. RR. advance.
Traffic &
2,650
44
46
33,274
45,413
Mat'l and supplies
57,903
29,217
43,093
34,474
Misc. accts. pay..
Misc. accts. rec
207,865
203,736
254,488
Northern States Power Co.
Net
27,276
26,802
balance
Central
rec'le
wages
April
6,
Unmat'd int. accrd
Northwest Airlines,
263,686
188,158
Other unad) .credits
Pa. RR.—rental..
183,874
188,158
assets.
17
90
Wkg. fund, ad vane
100
100
2,841
Northwestern Electric
Total
-V. 148, p.
$8,266,710 $8,160,806
330,331
36,128
300,000
23
18,010
$137,030
17,554
$1,368,400
213,108
$1,248,528
209,731
$111,167
$119,476
$1,155,292
3,588
$1,038,797
442
$1,158,880
333,394
$1,039,239
335,288
Net oper. revenues
Rent for lease of plant..
$129,177
Operating income.
Other income (net)
226
Dr51
Int.
on
on
$111,393
$119,425
30,292
26,860
mortgage bonds.
10,500
2,273
debentures
17,189
$8,260,710 $8,160,808
telephones in the January-
Norfolk Terminal Ry. in the City of Norfolk, Va.—V. 150, p. 2110.
Telephone Co.—SI .75 Dividend—
Directors have declared a dividend of $1.75 per share on
the common
Dividend of $2.25
October, 1939, and dividends
April, 1939.—V. 149, p. 2374.
holders of record March 28.
$75,303
Cr257
$616,876
334,188
$472,990
334,182
—V. 150, p.
$138,808
1608.
Continental Bank &
Co.—Registrar, &c.—
Trust Co. of New York has been appointed
registrar for the $3 non-cumulative no par preferred stock of this company.
Effective April 1, 1940, the Lawyers Trust Co. was appointed transfer
agent of the $3 non-cumulative preferred stock.—V. 150, p. 1781.
transfer agent for 192,507 shares
preferred stock of this corporation.
City has been appointed asaeexchange
agent to effect distribution of securities of this corporation to holders of
securities of Utilities Power & Light Corp., pursuant to the plan of reor¬
ganization.—V. 150, p. 134.
Manufacturers Trust Co. is New York
of 5%
The First National Bank of Jersey
Ohio Bell
Telephone Co.—Director—
director of this company to succeed
150, p. 2264.
Robert W. Gillispie has been elected a
Co.—Preferred Stock Offered—A new issue
shares of 5% prior preference stock was offered
Ohio Finance
issued a certificate
permitting abandonment of operation, under trackage rights, by Morris S.
Hawkins and L. H. Windholz, receivers, over the line of railroad of the
paid in December, 1939; one of $1.75 in
of $1.50 per share were distributed in July and
231". 218
CY174
pref. stocks for the period..*
John Uprichard, resigned.—V.
Norfolk Southern RR.—Abandonment—
The Interstate Commerce Commission on March 29
175,534
Ogden Corp.—Transfer Agent—
Phones—
M»For the first quarter the aggregate net gain was 29,339 instruments,
compared with 22,740 added in the first three months of 1939, addition of
7,604 telephones in the first quarter of 1938, increase of 38,172 in the
similar portion of 1937, and addition of 22,053
March period of 1936.—V. 150, p. 2263.
17", 262
$282,688
Divs. applic. to
NY PA NJ Utilities
in
33,250
GY21
$68,349
Net income
The
Total
.
53,313
like 1936 month.
24
Balance
17,189
53,313
thru inc.<fc surp.
Profit and loss
Telephone Co.—Gam
was
300,000
25,000
25,000
25,605
Company reports a net increase of 10,187 telephones in operation in
March, compared with a gain of 9,418 a year ago, 2,602 two years ago,
13,961 increase in March, 1937, and an addition of 9,406 stations in the
stock, payable April 15 to
-
Porp. retire, res. approps
Amortiz. of limited-term
Int. charged to construct
10,780
Northern Ohio
....
Co.—Earnings—
1940—Month—1939
1940—12 Mos.—1939
$4,351,116
$4,807,653
$406,488
$430,124
2,066,839
173,850
2,367,770
201,170
735,726
771,459
70,608
74,777
Other int. & deductions.
2129.
New York
Jan. 31—
Operating revenues
Operating expenses
56,831
13,675
33,973
2,841
16,518
Other def'd assets.
Other unad). debits
Inc.—Earnings—
—V. 150. p. 283.
98,544
'
Addition to prop'y
curr.
stock,
1940—Month—1939
1940—7 Mos.—1939
<>249,958
$158,660
$2,076,394
$1,394,584
30,930
61,532 prof.191,313
257.559
Period End. Jan. 31—
Total oper. revenue.
Net loss
Gross income
408,665
h-N. J.—rental
Other
Inc.—Dividend—
Northland Greyhound Lines,
payable April 24 to holders of record April 15.
This compares with $3
paid on Nov. 25, last; 80 cents paid on Dec. 21, 1938, and $2.50 per share
paid on Nov. 15, 1938.—V. 149, p. 3271.
Int.
121,433
58,833
13,675
33,973
payable..
Int. mat'd unpaid.
Tax liability
of
RR.
car-serv.
balances payable
from agents
(Del.)—Weekly Output—
Northern States Power Co. system for the week
1940, totaled 27,920,274 kilowatt-hours, an increase of
8.1 % compared with the corresponding week last year.—V. 150, p. 2264.
Electric output of the
ended
258,617
Audited accts. and
rec..
rec
declaration (File 67-17) under the Holding
538,000
Cent. RR. of N.J.,
car-serv.
balances
a
$4 ,000,000 $4,000,000
$100)....
Gen. mtge. 5s,
Gen. mtge. 4s,
2,525
Traffic &
1
Corp.—Finances Subs.—
Exchange Commission announced April 5 that corpo¬
Company Act
with respect to the extension of credit to 22 subsidiary companies in a maxi¬
mum aggregate amount of $295,500.
These loans are a temporary financing expedient, the application states,
and will be refunded through the issue of additional bonds or stock by the
borrowing companies ay such future times as the amounts involved warrant
the expense of refunding.
The loans are for the purpose of financing addi¬
tions to plant and property of the subsidiaries during the year 1940.
The names of the borrowing companies and maximum amount of the loan
proposed to be made to each are: Consumers Water Co. of Montrose, Pa.,
$3,000; Dawson Springs Waterwroks Co., $4,000; Edwardsville Water Co.,
$20,000; Guilford "Water Co., $1,000; Hampton Water-Works Co., $10,000;
Hartland Water Co., $2,000; Hazleton Water Co., $50,000; Latrobe Water
Co., $25,000; Limestone Water & Sewer Co., $7,000; Louisa Water Co.,
$2,500; Mars Hill & Blaine Water Co., $3,000; Maryland Water Works Co.,
$20,000; Massachusetts Water Works Co., $5,000; Norway Water Co.,
$5,000; Oxford Water Co., $4,000; Penobscot County Water Co., $5,000;
Presque Isle Water Co., $58,000; Riverton Consolidated Water Co., $25,000;
Skowhegan Water Co., $12,000; Southwest Harbor Water Co., $14,000;
West Helena Water Works Co., $10,000; West Penn Water Co., $10,000.
The Securities and
ration had filed
investments
120,247
spec. dep. int. fd
Loans & bills
Capital stock
54,597
64,407
Net income
Direct taxes
General Balance Sheet Dec. 31
Assets—
2,637,500
i
:
-V. 150. p. 1943.
Period End.
Net income-
463,005
......
....
Directors have declared a dividend of $1 per share on the common
Branch RR.-—-Annual Report—
Years—
Joint facility rent income
Interest
Co.,
Dec. 9. 1936.
March 11, 1931. and Chairman of the Board.
Other taxes.,
on debentures
Interest
Amortization of discount and expense on debentures
Other interest charges
;
of 10,000
April 10 at $100 per share and div. by a group of under¬
writers headed by McDonald-Coolidge & Co., and including
Whitaker & Co.; Stevenson, Vercoe & Lorenze, and The
First Cleveland Corp.
Proceeds from the
financing are to be used in making loans and purchasing
receivables in the regular course of business, which is conducted through
The Commercial & Financial Chronicle
2434
offices
20
in
Illinois, Indiana,
Pennsylvania and Wisconsin.
The
shares
Michigan,
Missouri,
New
York,
Ohio,
redeemable at $105 a share until May 1, 1943, $104 a
May 1, 1946, and $103 a share thereafter.
Each share
shares of common until May 1, 1942, 4H shares
of common thereafter to May 1, 1945, and 4 shares of common thereafter
to May 1, 1950.
Oompahy had net income, after all charges, of $605,886 in 1937, $590,625
in 1938 and $610,031 in 1939.
At the end of 1939 total outstanding instal¬
ment notes and accounts receivable were $12,031,538, comparing with
$9,670,866 at Dec. 31, 1938, and $9,494,336 at Dec. 31. 1937.
Before the
new
are
field.—V.
150, p.
1609.
Period End.
Operating
Operating
Jan.
31—
expenses
Direct taxes
Ohio-Midland Ry.—Stock—
The company was incorporated Dec. 8, 1939, in Ohio for the purpose,
among others, of leasing and operating the electric railway properties owned
and operated by the Onio-Midland Light & Power Co., connecting Grove-
port, Obetz and Midway, Ohio, with the Picway Power Plant, located in
Pickaway County, Ohio.
The applicant will interchange freight traffic with two trunk line rail¬
roads but will not carry passengers, classifying its proposed operations as
those of a common carrier of freight rather than as a street, suburban or
interurban electric railway.
The common stock has been fully subscribed for by the lessor (Ohio
Midland Light & Power Co.), and will be paid for in cash at the par value
of $100 a share.
The proceeds will be used for the payment of organization
expenses of $1,500, to provide material and supplies of $3,500, and for
working capital of $5,000.
Oldetyme Distillers Corp. (& Subs.)- -Earnings—
Calendar Years—
1939
Cost of sales
Gross profit on sales..
1937
$2,642,862
14,604
$2,630,107
97,281
income^^— $2,657/,465
$2,727,389
Other operating income.
Total
1938
1936
and
$13,247,780 $13,098,429 $16,572,204 $13,236,487
10,604,918
10,468,321
13,178,045
10,346,052
lling, general & admin-
•
istrative expenses....
■<>
$3,394,159
178,683
$2,890,435
145,996
$3,572,841
$3,036,430
t" -ft
.
2.164,280
2,454,724
2,982,058
2,531,304
$493,185
$272,664
80,098
134,983
12,584
$590,784
105,459
$505,126
39,480
75,913
50,386
$301,610
$45,000
49,640
$325,613
40,351
$339,347
64,144
$301,610
$94,640
$365,963
$403,492
50,000
xl7,776
118,000
110,000
$251,610
$76,864
$247,963
$293,492
Operating profit
Idle plant
Interest expense
91,852
96,868
....
Miscell. deductions
2,855
Profit......
OtheCincome..
150.932
8,780
Net profit before Fed¬
eral
taxes
Federal income & undis¬
tributed profits tax
Net
profit..
Provision for Federal and State of Kentucky income tax
only.
x
Consolidated Balance Sheet Dec.
Assets—
1939
Cash.
a
Receivables
$176,778
18,010
Accounts
mach. & equip..
978,301
1,046,895
21,993
21,993
37,255
44,717
Mtge. receivable..
and
$193,761
rec., claims
and investments
Res.
85,417
c
marks
185,575
185,575
1
1
96,651
$7,481,264
236,342
C'r2,575
$91,121
$95,049
$881,831
458,478
$896,106
458,478
$423,353
$437,628
$2,143,443
Dr2,845
$2,176,305
Gross income
$2,140,598
1,025,000
$2,176,665
1,025,000
255,559
Int. on mortgage bonds.
Other int. & deductions.
Int. charged to construct
Net income.
17.554
73
Divs. applic. to pref. stocks for the period
Balance..
209,730
360
150, p. 1450.
Pacific
Telephone & Telegraph Co.—Earnings—
Period End. Feb. 29—
$.5,914,602
18.800
°
1940—2 Mos.—1939
$5,596,033 $11,987,198 $11,353,329
18,730
39,600
37,430
Operating revenues.-. $5,895,802
Operating expenses
4,285,865
$5,577,303 $11,947,598 $11,315,899
3,892,368
8,719,088
7,991,599
Operating
revenues.
—
1940—Month—1939
.-
Net oper. revenues.,.
$1,609,937
$1,684,935
$3,228,510
$3,324,300
814,493
70
791,236
1,633,256
1,578,543
$893,769
1,484,114
$1,595,254
2,869,913
Rent from lease of oper.
prop
Operatingtaxes.
Net operating income. ,
Net income.-_
'
—V. 150, p. 1782,
Panhandle
,
$795,444
1,441,613
'
...
141
$1,745,898
2,890,456
-
\
Producing & Refining Co.—Proxies Asked—
The management
opposition to
has sent a letter to stockholders asking for proxies in
previous solicitation by L. S. Carter & Co. for votes for W. R.
a
Davis and two of his associates.
Mr. Davis is head of Davis & Co., Inc.,
22% of the company's stock.
B. Jones, Panhandle President, it is stated
objection whatever to these gentlemen. It is
not a question of men but of principle.
The management does not deem
it wise for four men, connected with or representing one concern, to serve
on the Board even though that concern
may have control of 22% of the
stock of the company.—V. 149, p. 2983.
which
owns
In the letter signed by Roy
that "the management has no
Pantepec Oil- Co. of Venezuela, C. A.—Meeting Post¬
poned—
47,130
36,657
800,000
3,141.680
def44,380
p. 446.
513.101
886,919
Federal
Common stock.
.
800,000
3,141,680
207,230
was
proposal
to
126,791
Total .........$6,067,284
17,472
$1,966,575
51,807
102,019
930,301
payable
income taxes
Brands and trade¬
8,5,417
17,223
131
$1,930,334
213,109
stockholders scheduled to be held April 4, in Caracas,
adjourned until May 2 due to lack of a quorum.
be voted on by stockholders, an increase in capital by
transferring to capital account a part or all of the surplus of the company,
will not involve any increase in authorized capital which is at
present 3,000 ,000 shares, of which 2,856,872 are outstanding.
"The transfer to capital account." states William F.
Buckley, President,
"is desired solely by reason of certain requirements of Venezuelan law
placing limitations on the borrowing power of companies in relation to the
amount of their capital."
He said that no financing plan has been agreed upon or even considered.
The authorization is requested solely for the purpose of
permitting the
directors to act promptly when the drilling program is agreed upon.—V.
148,
$768,285 $2,100,157
taxes....
for
$197,938
136
Other income (net)
A
1938
to
accruals...
Accrued
Misc.
$197,865
863,772
694,700
65,961
payable
others
Land, buildings,
$180,311
„
Operating income
Venezuela,
1939
Notes pay. to bks.
Notes
80,501
57,908
$194,788
Dr 1,027
investments
—V.
1939
$5,867,114
2,341,936
Annual meeting of
31
Liabilities—
$909,565 $1,069,573
1,122,775
1,281,170
2,715,167
3,704.547
.
Inventory
b
1938
$6,035,745
2,520,384
889,991
694,900
82,802
Uncollectible oper. rev._
Sales,
less
freight
allowances, &c
1940—12 Mos
$518,259
199,539
57,908
Prop.retire.res approps
Amortiz. of limited-term
working capital.
Sub.)—Earnings
.1940—Month—1939
$536,562
219.074
revenues.:
Net oper. revenues
Rent from lease of plant-
The Interstate Commerce Commission March 18 authorized the company
to issue not exceeding 100 shares of common stock (par $100) to be sold at
par and the proceeds used to pay organization expenses and to provide
1940
i
Pacific Power & Light Co. (&
Jerred stock, 160,531 shares Of common and $2,500,000 ofshares of 6% prepresent financing the company had outstanding 25.302 4>£ % debentures
1949.—V. 150, p. 2264.
13,
value to Pan American in meeting the aggressive
future competition of the large foreign-flag air systems in the international
share thereafter to
is convertible into
due in
April
affairs would be of great
Gold will..
...
Deferred charges..
Capital surplus.._
Earned
surplus...
(David) Pender Grocery Co.—Class B Dividend—
After
a
ciation.
I
Total
.....$6,067,284 $7,481,254
of $16,141 in 1939 and $21,424 in 1938.
Represented by shares of $1 par.
reserve
c
b After depre¬
Settles Government Claim—
Directors have declared a dividend of 50 cents per share on the class B
stock, payable June 1 to holders of record May 20.
This compares with
$1 paid on Dec, 18, last: and 50 cents paid on Dec. 29, 1938 and on Dec.
22, 1936 —V. 150, p. 1782.
Penn
The U. S. Government has just
agreed to accept the sum of
$65,000 in
$3,600,000, for
compromise
of the Government's claim, originally for
excise taxes alleged to be due from American Solvents &
of Calif., acquired by
Chemical Corp.
Oldetyme Distillers Corp. in 1932 and subsequently
resold to the Commercial Solvents
Corp. under an indemnity agreement by
which Oldetyme Distillers
Corp. agreed to indemnify the purchaser. Com¬
mercial Solvents Corp., against certain liabilities of the American
Solvents
& Chemical
Corp. of Calif.
The taxes were alleged to be due by reason
of transactions in 1929,
by the American Solvents Co., with which Olde¬
tyme Distillers Corp. was in no way connected.
The litigation
involving such taxes has been pending for six years.
I. J. Seskis, President of
Oldetyme Distillers Corp., stated that the
directors deemed the settlement desirable to end a
litigation already pro¬
longed, and to eliminate the contingent liability represented by it, at a cost
which Jay Leo Rothschild, counsel for the
company, believed would not be
substantially in excess of what the continuation of the litigation would
entail.—V. 150, p.
1940
1939
$5,078,773
$4,866,048
profit
x
1938
$5,416,775
131,254
$5,420,320
260,810
with
violation
of the
Manufacturing Co., Westinghouse Electric Elevator Co. and the Na¬
tional Elevator
Manufacturing Industry, Inc.; Jesse H. Van Alstyne,
Glover
Bearsley.Leroy A. Petersen and Walter E. F. Bradley, officials of
Victor S.
Beam
and
Alva
B.
See,
officers
The complaint accuses the
defendants of conspiring to restrain the
elevator trade in the United
States, interfering with free competition in the
business and controlling
98% of the trade in the country—V. 150, p. 698.
Pacific Finance Corp. of
Calif.—Earnings—
2 Months Ended—
y
Earnings
y
On
on
April 18.
a
$126,732
$0.16
1449.
Co—Accumulated Dividend—
dividend of $1
per
share-on
account
of
ac¬
Juan
the Board.
174
38
$8,340,878 $10,532,518
$9,187,470
Gross income
$10,460,386
Deductions—
Tax accruals
on
,
922,647
1.931,666
bonds...
Maint. of invest, organ.
Miscell. income charges.
10,083
500,000
Sinking fund approp
Balance transferred to
credit of profit & loss $7,083,312
Previous surplus
Adjust, of tax accruals.Profit
on
sale of securs.
734,824
77,821,916
1.008,893
1,951,666
16,393
25,421
500,000
12,678
1,971,667
15,214
3,957
500,000
$5,112,573
$7,032,788
72,341,996 a65,316,455
322,173
755,751
1,994.607
16,971
4,439
500,000
$5,915,702
59,626,985
249,286
.
Sundry net credits
34,849
Total surplus
45,173
24,482
Sundry
$84,940,077 $77,821,916 $72,349,244 $65,816,455
b7,247
debits
Profit and loss
Dec. 31
After
surplus
$84,940,077 $77,821,916
$72,341,997 $65,816,455
adjustment of $500,000 for funded debt retired through income
and surplus, charged to 1936 accounts,
b Incl. $7,239 net loss on sale of
a
an
Balance Sheet Dec. 31
1939
Assets—
$
1938
Stocks
4,698.887
Cash..
Common
$
1938
$
stock .124,625,000
124,625.000
28-yr.4%sec.bds.
227,623,899 225,730,195
12,700,731
8,457,709
931,000
931,000
Bonds
Notes
1939
Liabilities—
$
4,734,431
14,822,687
due Aug. 1 '63
48,000,000
Misc. accts. pay
Int. bonds ma¬
54,637
18,999
42,520
800,000
41,264
808,333
1,036,391
745,031
tured unpaid
13,667,255
rec.
2,956
3,753
Int. & divs. rec.
Standley,
1,118,536
1,006,677
Deferred charges
68,882
65,068
Unmat. int.
Accrued
.
accr.
taxes
Def'd credits
48,500,000
4,497
Sink. fd. approp.
accrued
500,000
500,000
Funded debt..
2,000,000
1,500,000
Prof. & loss bal.
84,940,077
77,821,916
a
6
T. Trippe, President, in
announcing the election, said that while
Standley and General Kilner did not represent any special stock¬
interests, their wide experience in aviation and in international
Admiral
holder
282
149
Misc. accts.
Airways Corp.—New Directors—
H.
formerly Chief of Naval Operations,
United States Navy, and General W. G.
Kilner, formerly Chief of Staff
or the G. H.
Q. Air Force, United States Army, were on
April 3 elected
directors of this company at the
monthly meeting of directors, filling
vacancies on
2,722
144
Securities owned:
6preferred stock, payable April 29 to holders of
Like amount was paid on Jan. 25, last.—V.
148, p. 1971.
William
216.756
21,222
Real est. owned.
the
Pan American
Admiral
150, p.
Cement
Directors have declared
cumulations
record
255,699
18,393
Feb. 28, '39
$152,551
$0.24
stock.—V.
Pacific Portland
407,261
Income from fund,
.
securities.
Feb. 29, '40
charges
per share
common
1936
secur.
...
of the
|0Use °n?anizations, an(i John McArdlg, Executive Secretary of
Net income after
1937
$8,060,770 $10,308,326
3,037
4,539
5,982,571
4,293
200,285
Interest
&
Nation
1938
$10,025,910
8,678
Miscell. rent income
1937
Sherman and Clayton Anti-Trust
Laws, the Staley Elevator Co., Inc., of
New York, field suit in the United
States District Court at Trenton, N.J.
April 1 for $1,500,000 damages and petitioned also for an
injunction to
halt the conspiracy it
alleges to exist.
Listed as defendants are the Otis Elevator
Co., Westinghouse Electric
Reed,
Annual Report—
1939
Miscellaneous income
Charged—
Charging four companies and eight individuals
Frank C.
Pennsylvania Co.
Calendar Years—
Dividend income.
_
41,354
136,427
After charges, but before Federal income taxes.—V.
149, p. 3567.
Otis Elevator Co.—Elevator Combine
Otis;
approximately $29.50 per share.
Louis H. Bieler, President, states that only semi-annual, rather than
quarterly, audits will be made.
No audited report will be sent to stock¬
holders for the period ended March 30, 1940.—V. 149, p. 4038.
was
Income
Oppenheim, Collins & Co., Inc.—Earninos—
*
1940 the company had cash of $64,606 and securities
having a market value of $276,674.
The only liabilities, in addition to
capital stock and surplus, were such tax accruals and reserves as the audi¬
tors might set up.
Without taking such items into consideration, the asset
value applicable to the preferred stock outstanding in the hands of the
public
from
unfunded
securities & accounts
1781.
6 Mos. End. Jan. 31—
Net sales.............
Investment Co.—Asset Value—
As of March 30,
Total
a
262,003,123 254,560,544
Total
262,003,123 254,560,544
Retired through income and surplus since Aug. 1, 1935.—V. 149,
p.2701.
Volume
The Commercial & Financial Chronicle
150
(J. C.) Penney Co.—Sales—
Sales for the month of March. 1940
$18,732,810 for March, 1939.
This is
Pmchm Johnson & Co., Ltd.—Final Dividend—
were
an
$21,468,666
as
compared with
increase of $2,735,855 or 14.60%.
Total sales from Jan. 1 to March 31, 1940 inclusive were
$55,791,055 as
compared with $49,873,314 for the same period in 1939. This is an increase of
$5,917,740 or 11.87%.—V. 150, p. 1783.
Pennsylvania Co. for Insurances
on
Lives & Granting
Directors have declared a final dividend of 6% on the American shares
payable May 10 to holders of record April 9.—V. 149, p. 3419.
Pittsburgh tic Lake Erie RR.—Famines—
Period End. Feb. 29—
Railway
Railway
Annuities—Comparative Balance Sheet—
Net
Mar. 30 '40
J\.SSCtS
Dec.
30
'39
jjj
Cash & amount of deposit with Fed. Res. Bank.__ 147,268,835
United States Government securities
State, county and
Loans upon
municipal
collateral
___
bonds..
...
Investment securities.
Commercial loans
35,050,110
6,576,478
38,384,323
17,010,030
38,999,711
5,575,427
136,977,604.
41,353,437
Interest accrued
Banking building, vaults and equipment
Other real estate
$83,863
135,681
Crl98,118
$518,998
366,593
Cr476,847
$181,961
280,770
Cr420,439
$146,300
$629,252
41,473
$321,630
31,316
$160,615
50,050
31,864
3,499
$670,725
113,887
3,535
6,955
$352,946
58,519
7,141
$246,538
$125,252
$549,883
$287,286
$199,902
175,744
Cr255,019
_
'
Net ry. oper. income
Other income
37,514,102
23,992,455
$2,484,944
2,302,983
$300,123
from ry. oper.
Railway tax accruals.
Equip. & jt. facil. rents
Total income
36,931,935
5,683,558
Misc. deduc. from inc__
Total fixed charges._
11,063,233
1,940,584
695,019
77,046
192,805
liability account letters of credit issued
and accepted, executed
Net income after fixed
L
charges
150, p. 2113.
...
1,950,311
4,834,423
Pittsburgh Plate Glass Co.—Officer Resigns—
Hugh A. Gait retired
308,132,577 303,129,466
■
_______
Liabilities—
on
April 4
as
years of service with the company and its affiliates.
relinquished his position as President of the Southern Alkali
and the Columbia Alkali Corp. subsidiaries of Pittsburgh Plate
also
Corp.
Glass, and
Capital.
Surplus
_____
Undivided profits
Reserve for dividends
Unearned interest
____
8,400,000
12,000,000
2,534,079
8,400,000
12,000,000
2,624,394
336,000
933,005
920,350
Reserve for building, taxes and expenses
435,294
332,305
Miscellaneous liabilities
56,518
2,138
Letters of credit acceptance executed for customers
77,046
192,805
Deposits
280,623,570 276,000,539
Reserve for contingencies....
2,646,751
2,411,248
as general manager of the Columbia Chemical Division and,the
Columbia cement plant of the company.—V. 150, p. 2266.
Pond Creek Pocahontas Co.—Production-
336.000
Month of—
Portland Gas & Coke Co.-
__
___
_
—
_—308,132,577 303,129,466
—V. 150, p. 442.
Perioa End.
Operating
Operating
Finance
Co.,
Inc.—Indicted by Federal
31—
_
expenses
■_
jury at Philadelphia, April 10 indicted the company,
its wholly owned subsidiary, First National Finance Corp. and 11 indi¬
viduals on charges of using the mails to defraud in the sale of the
preferred
and common stocks of the Pennsylvania Finance Co.
Amortiz. of limited-term
Investments
Pennsylvania RR.—Operation—
The Interstate Commerce Commission
on
March 23 issued
a
Net oper. revenues
Other income (net)__
158
1,745
5,149
$54,653
$759,122
$760,915
Period End. Mar. 31—
1940—March—1939
$1,948,538
$1,859,621
1940—3
Mos.—1939""
$5,358,333
—V. 150, p. 2264.
Peoria & Eastern
Ry.—Financial Adjustment—
March 27
granted authority
in furtherance of a proposed plan for modification of maturity, dated
Jan. lu, 1940, to modify the provisions of not exceeding $8,586,000 of
1st consol. mtge. 50-year 4% bonds, pursuant to the provisions of Chapter
XV of "An Act to Establish a Uniform System of Bankruptcy Throughout
the United States," as amended and supplemented; $210,000 of the bonds
now pledged as part of the collateral
security for the company's note for
$500,000 to be issued to the Securities Corp. of the New York Central
RR., the holder of the note, in partial payment thereof as provided in the
plan.
on
Operatiny Agreement, etc.—
The Interstate Commerce Commission on March 27 approved the oper"
ation by the Cleveland, Cincinnati Chicago & St. Louis Ry. and the New
York Central RR. of the properties of the Peoria & Eastern
Ry., under
modified operating agreement.
Authority was granted to the Cleveland Cincinnati Chicago & St. Louis
Ry. and the New York Central RR. to assume obligation and liability, in
of the interest on not exceeding $4,722,300, reduced principal
amount, of extended first consolidated mortgage 50-year 4% bonds of the
Peoria, including extended bonds of the denoms. of $50, $500, and $1,000
issuable for purposes of exchange.
respect
Pepsi-Cola Albany Bottling Co., Inc.—Stock Offered—
Public offering of a new issue of 19,000 shares ($4 par)
common
stock of the company by means of a prospectus
was made April 12
by F. J. Young & Co., Inc., New York.
The stock is priced at $5 per share.
formed March 29, 1940 under New York laws, to
under an -exclusive appointment to manufacture,
Pepsi-Cola and to distribute other non-intoxicating
beverages.
The company will also operate as exclusive sub-distributor for
Risedorph Beverages, Inc., in the sale of the Mission Dry line of soft drink
beverages, and may also act as a distributor of an assorted line of root beer,
company
was
sodas and similar soft drinks.
•>.
The
company will commence distribution on April 15, 1940 and It is
anticipated that bottling of Pepsi-Cola will be commenced at the new plant
about June 15, 1940.
Operations will be conducted from a new building
to be erected between Albany and Troy, in which the company will install
modern bottling equipment providing initial capacity of 1,800 cases of
Pepsi-Cola daily, or 468,000 cases annually.
Proceeds from the present financing will be used for purchase of bottling
equipment and its installation in the new plant, for purchase of six trucks
as well as bottles and cases, and for working capital.
It is further contem¬
plated that during June and July this year about $9,000 will be spent for
additional bottles and cases.
Capitalization of the
completion of this sale of stock will
consist of an authorized 30.000 shares ($4 par) common stock, of which
25,000 shares will be outstanding.
The company has no outstanding funded
company upon
debt.
$11,917
Dividends
Corp. (& Subs.)—Earnings—
9 Months Ended Dec. 31—
Net income after ail charges
Earns, per
—V.
share
on
1939
1938
$103,418 loss$271,172
$0.95
Nil
108,425 shares.
Corp.—Asset Value—
The company's report as of Feb. 29, 1940, states that, on basis of market
estimated valuations of investments on that date, net assets were $16,-
after deducting accrued dividends on preferred stock.
This is
equal to $213.45 a share on 77,306 shares of $3 conv. pref. stock, and after
deducting liquidating value of preferred stock ($50 per share) balance of
net assets were equal to $15.15 a share on 833,769 shars of common stock.
This compares with net assets on Feb. 28, 1939, of $11,587,288, equal to
500,865
$149.89 a share on preferred stock and $9.26 a share on common stock, and
$11,016,062, or $142.50 per share of preferred and $8.58 per share of com¬
mon
stock
on
Aug. 31, 1939.—V. 150,
p.
700.
$217,153
430,167
$213,014
cumulative.—V. 150, p. 1784,
Tobacco
Co.—Amended Plan
of
Reorganization—
The
amendment to the plan
of reorganization for the company which
Gordon Auchincloss, trustee, indicated was to be made, concerns a tentative
offer of the Consolidated Cigar Corp. to
was
buy the assets of the company, it
learned April 8 in Federal Court.
Consolidated
Cigar's offer, it was said, involves the assets of Puerto
Rican as well as those of the Congress Cigar Co., about 82% of the stock of
which is owned by Porto Rican.
Payment would be mqde in the form of
10-year notes for $4,000,000 bearing 4% interest.
Details of the reported offer include the dissolution of Porto Rican
American Tobacco Co. of Del., a wholly owned subsidiary, and the Congress
Cigar Co.
An inter-corporate claim of $204,000 by Congress Cigar is not
involved in the plan, but Consolidated Cigar would assume other liabilities
of Congress Cigar, it was said.
Another point was reported to be a provision by which recipients of
Consolidated Cigar notes would be enabled to turn them in to the corpo¬
ration for 90 % of their face value.
Earnings jor Month or February
Profit after oper., reorganization and advertising exps., prov.
for Fed. cap. stk. & N. J. franchise taxes, Fed. unemploy¬
ment ins. & old age taxes
$318
—V. 150, p. 2266.
Telegraph, Inc. (& Subs.)—Earnings—
Month of
February, 1940—
Telegraph and cable operating revenues
$1,605,225
123,386
199,273
.101,151
1,271,839
48,778
42,648
Repairs.
Depreciation and amortization.
a
All other maintenance
Conducting operations.
Relief departments and pensions
All other general and miscellaneous expenses
....
—
—
Nefrteiegraph & cable operating loss...
Uncollectible operating revenues.
$181,850
_____________
5,000
87,300
Taxes assignable to operations—
Operating loss
Nonoperatmg income
$274,150
1,757
_,
—
Loss before deductions
$272,393
15,363
1
Deductions
Net deficit.
.
_
,
$287,756
Depreciation has been computed on full Straight Line Basis according
Engineers' Reports, and is $39,414 Sreater than preceding month.—V.
150, 0. 2113.
a
to
Price Bros. &
Co., Ltd.—Earnings—
Earnings for 9 Months Ended Dec. 31, 1939—
Net profit after int., deprec., depl. & income taxes
Earns, per share on 547,857 shares common stock
—V. 150, p. 1784.
Public Service Co. of
$387,453
$0.23
Colorado—Definitive Bonds Ready
Dept., 140
Broadway, is prepared to exchange 1st mtge. bonds 3H% series, due Dec. 1,
Guaranty
Trust Co.
of New York at its Corporate Trust
1964, in definitive form, for outstanding temporary bonds.
Ten ders—
Trust Co., New York City, will until April 20 receive bids
for the sale to it of sufficient 4 % sinking fund debentures,
to exhaust the sum of $400,000 at prices not exceeding
interest to June 1,
Public Service Co. of Indiana
__
$869,487
Dr60,405
$4,546,402
Dr249,526
$4,433,364
Dr295,464
$830,740
405,697
$809,082
$4,296,876
2.767,043
$4,137,900
2.891,861
Jm $425,042 m $335,144$1,529,833
$1,246,038
Gross income
Int. and other deductions
Net
income..
2113.
$2,957,526
2,085,058
$872,468
Dr41,729
income
Other income
-V. 150, p.
Earnings—
1940—12 Mos.—1939 1
$2,703,827 $16,479,223 $14,846,340
1,834,341
11,932,821
10,412,976
1940—2 Mos.—1939
Operating revenues..
Oper. expenses & taxes..
Net oper.
due Dec. 1, 1949
103 and accrued
1940.—V. 149, p. 3726.
Period End. Feb. 29—
or
are
Rican American
149, p. 3725.
Phoenix Securities
_
_
CV635
$222,532
430,167
$9,058
•
$207,635
these stocks
on
The Irving
Pettibone Mulliken
54,803
CY554
accumulated and unpaid to Jan. 31, 1940, amounted to
Latest dividends, amounting to $1.25 a share on 7% pref.
stock and $1.07 a share on 6% pref. stock, were paid on Oct. 1, 1938.
and
operate
bottle and distribute
$758,571
487,250
Dividends
Postal
Company has filed its plan of capital adjustment with the U. S. District
Southern District of New York.
A special court of three
judges, consisting of Circuit Judge Learned Hand, District Judge JohnM.
Woolsey and District Judge Murray Hulbert, was convened, approved the
petition as properly filed, and set the matter down for hearing on April 29,
1940.
To date holders of over 70% of the bonds have assented to the
plan.—V. 150, p. 2113.
Court for the
The
4,897
Dr2,344
Dr335
$758,787
487,250
49,559
$2,512,175.
Files Plan with Court—•
acquire
40,604
723
Divs. applicable to pref. stocks for the period.
Porto
Interstate Commerce Commission
Dr94
$54,559
40,604
Netincome
x
$5,637,200
75
$53,244
Balance, deficit.
Peoples Drug Stores, Inc.—Sales—
437,799
275,000
275,000
t
x
1,967.517
1,971,135
447,103
10
Gross income.
Int. on mortgage bonds.
Other int. & deductions.
Association of St. Louis in East St. Louis. Jll.—V. 150.
p. 2113.
Sales
186,358
42,466
22,917
$53,169
.
certificate
authorizing the company to operate, under trackage rights, over the Muni¬
cipal Bridge and approaches across the Mississippi River between St.
Louis, Mo,, and East St. Louis, 111., and over lines of the Terminal Railroad
■Earnings—
213,651
42,887
22,917
res. approps
Jury—
The Federal grand
114,708
1940—Month -1939
1940—12 Mos.—1939
$332,634
$306,552
$3,454,105
$3,446,380
Direct taxes
Prop, retire,
Pennsylvania
Jan.
revenues
Mar. ,1939
Feb., 1940
1 44,570
Mar., 1940
135,117
Coal mined (tons)
—V. 150, p. 1784.
_
The
Vice-President of this company after
than 40
more
He
Total.
14,315
—V.
.
__
Customers'
_______
rev.
1940—2 Mos.—1939
$3,550,394
3,031,396
$279,177
20,946
oper. expenses
of "cash balances in
trust accounts"
Miscellaneous assets.
Total,
1940—Month—1939
$1,665,368
$1,210,735
1,465,466
1,126,872
oper. revenues
9.622,013
2,026,993
754,127
1,997,925
4,789,559
_____
First mortgages owned
Reserve fund for protection
2435
473,938,
The Commercial & Financial Chronicle
2436
*
Procter & Gamble Co.—Extra Dividend—
Directors on April 9 declared an extra dividend of 50 cents per share in
addition to the regular quarterly dividend of 50 cents per share, both pay¬
able on the common shares on May 15 to holders of record April 25.
Extras
of 25 cents were
paid
on
Feb. 15, last, and
Public Service Co. of New
on
Nov. 15,1939.—V. 150,
$574,744
321,584
municipal taxes.
Social security taxes
Fed. (incl. inc. tax) taxes
75,662
5,394
17,502
$154,602
Non-oper, income (net).
$6,092,7.54
2,866,231
907,239
65,089
288,849
275,000
913,538
63,568
270,537
76,131
Net operating income.
$6,543,647
3,251,949
$528,745
252,179
1938
to
700.
1940—12 Mos.—1939
1940—Month—1939
Period End. Feb. 29—
Operating revenues
Operating expenses
Extraordinary exp.
p.
Hampshire—Earnings—
due
storm
State &
'
5,097
26,401
The
is
$2,030,521
377
$154,979
58,361
$170,309
58,361
$2,030,625
700,338
$1,703,880
25,655
104
13, 1940
an
employees of the company during the course of the strike.
While company does not make public an estimate of the liability for
back wages required by the order, T. Al. Girdler, Chairman, said in the
latest annual report that "liability of the corporation for back pay will be
only a smail part of the amount carried in news reports," which ranged
from $5,000,000 to $7,500,000.
Officials Sued for Strike Cost—
A minority
$168,937
1,372
April
outgrowth of the violent 1937 strike at the company's
plants during which the Governor of Ohio called out the National Guard
to maintain order.
Several of the striking employees were subsequently
convicted of criminal actions during the course of the strike.
The NLRB order also directed the company to reinstate with back pay
certain discharged employees, to withdraw recognition from certain other
labor organizations which were allegedly company dominated, and to
reimburse Government relief agencies for the amounts paid out to former
case
stockholder's suit that seeks to compel TomM. Girdler and 15
other officers and directors of this corporation to reimburse the corporation
for losses,
allegedly in excess of $12,850,000, resulting from opposition to
the unionization of its
Gross income
Bond interest
427
565
9,056
9,514
112,067
693,307
020,391
120,831
$87,992
Other interest
$102,007
55,816
$1,217,655
669,797
$935,788
633,392
(net)
Other deductions
Net income
Pref. div. requirements.
—V. 150, p.
$1,729,535
Cr430
...»
55,816
2266.
Puget Sound Power & Light Co
Period End. Jan. 31—
Operating revenues..
._
Operation
Maintenance
Depreciation..
Taxes.
(& Subs.)—Earnings
1940—Month—1939
1940—12 Mos.—1939
$1,463,864
$1,436,671 $16,389,024 $15,819,741
522,416
466,482
5,693,711
5,498,579
85,771
88,143
971,753
1,101,039
121,759
123,639
1,379,443
1,470,701
208,129
197,465
2,329,982
2,196,237
Net oper. revenues..
Other income (net)
$6,014,134
Drl74,659
$5,553,185
Drl60,956
$545,751
318,999
$5,839,475
3,677,786
$5,392,229
3,840,475
$222,469
Balance
$560,942
Drl5,191
$515,638
293,169
Balance
$226,752
$2,161,690
550,000
$1,551,754
550,000
Prior preference dividend requirements...
Balance
f.';
...
was
^
individual defendants."
concerns itself entirely with the labor policies pursued
Tt charges that the individual defendants caused Republic
Wagner Act, engage in labor espionage and other unfair labor
practices, thereby precipitating a strike in 1937.
It also accuses Republic
officials of wasting corporate funds by refusing to accept a National Labor
Board decision directing the reinstatement, with back pay. of 5,000 strikers
and by contesting the decision in the Federal courts.—V. 150, p. 1947.
The complaint
by Republic.
to violate the
$525,790
Drl0,152
Int. & amortization
employees by the Congress of Industrial Organiza¬
was filed on April 9 in New York Supreme Court.
A similar action
reported instituted in the Ohio courts,
The plaintiff is Miss Minnie Friedman, described as a textile worker
in the Bronx, who has owned 10 shares of Republic common stock since
1930.
She is represented in the action by Arthur Newman and the law
firm of Liebman, Bobbins, Pressman & Leider, which numbers among its
partners the general counsel for the C. I. O. and the counsel for the State
C.
I. o.
In the complaint she asks that Mr. Girdler, Chairman of the Republic
board, and the other directors "be required to pay all such damages as
may be found to have been, or which will be suffered by Republic as a
result of the negligent, improper and unlawful acts Of the defendants herein
above set forth, and the loss sustained by it as a result of the diversion,
spoliation, waste, mismanagement and misconduct on the part of the
tions,
$1,611,690
1,583,970
...
Preferred dividend requirements
$1,001,754
1,583,970
Reserve
Directors
-V. 150,
$27,720 def$582,216
p.2114.
Pullman
Co.—-Earnings—
(Revenues and Expenses of Car and Auxiliary Operations]
1940—Month—1939
1940—2 Mos.—1939
car operations—
Total
revenues
$4,894,887
$4,721,357 $10,497,139 $10,299,796
Total expenses..
4,334,421
4,258,018
8,878,535
8,609,590
Period End. Feb. 29—
and
Net revenue..
$560,465
$463,339
$1,618,605
$1,690,206
$192,083
150,215
$180,004
145,626
$414,326
310,756
$381,516
296,088
$41,868
$602,333
349,083
$34,377
$497,716
346,270
$103,570
$1,722,175
811,176
$85,428
$1,775,634
861,644
$253,250
$151,446
$910,999
$913,990
Auxiliary operations—
Total revenues.
Total expenses
Net revenue.
.
Total net revenue
Taxes
accrued..
Operating income
150, p. 1946.
—V.
(George) Putnam Fund of Boston—Asset Value-—
The company's report for the quarter ended March 30,
1940, states that
liquidating value of the fund on March 30, last, was equal to $13.84 per
share on the outstanding 206,380 shares of capital stock.
This compares with $14.04 per share on 173,175 shares on Dec.
31, 1st,
and with $13.19 a share on 116,502 shares on March
31, 1939.—V. 150,
p. 851.
Radiomarine Corp. of
Period
End.
Feb.
29—
Total oper. re venues
Net oper. revenues
Net
income
transfd.
America—Earnings—
1940—Month—1939
$73,105
$77,977
11,651
20,474
1940—2 Mos. -1939
$151,035
28,271
19,717
Dec. 22 and
surplus..
—V. 150, p. 1947.
17,757
on
.;
Investing
Inc.—Court
Co.,
Authorizes
In¬
Federal Judge Guy L. Fake at Newark, N. J., Aprii 10 signed an order
authorizing reorganization trustees to engage counsel in Richmond, Va.,
to seek
accountings from several former officers and directors.
The trustees
are
under court order to submit to the Securities and Ex¬
change Commission an amended plan of reorganization.
In a hearing before Federal Judge Guy L. Fake, March 30, John Gerdes
and James D. Carpenter Jr., trustees, said the company would retire at
least $350,000 of its debentures by April 1, 1941: at least $900,000 by
April 1, 1942, and other amounts in 1943 so that only $1,719,500 eventu¬
ally would be outstanding.
The trustees said other reductions in principal
are planned before 194.5.
Under the plan, the company upon liquidation would be capitalized at
$3,439,000, principal amount, of 5% debenture maturing April 1, 1946;
9,915 shares of new preferred stock and additional shares of common stock.
—Y. 150, p. 852, 1004.
Rheem
Mfg. Co.—Sales—
Company reports gross sales for the first quarter of 1940 of $2,499,600.
Comparable sales for the first quarter of 1939, adjusted to eliminate sales
of the then Australian subsidiary, amounted to $1,786,000.
The 1940
figures, therefore, represent an increase of approximately 40% over those
of 1939.—V. 150, p. 2114.
Rhokana
Corp., Ltd.—Earnings—
The company reports for six months ended Dec. 31, 1939, estimated
profit of £1,229,000 after debenture interest, depreciation, development
reserves,
&c., but before taxes.
At present rate of income and excess
profits tax company estimates taxation on above profit will amount to
approximately £552,000.
Earnings do not include any dividend from
company's shareholdings in Mufulira Copper Mines/—V. 148, p. 744;
V. 146, p, 765.
Roan
29,416
Antelope Copper Mines, Ltd.—Earnings—
to
earned
dividend of $1.25 per share on account of
payable April 15
8imilar payments were made on Jan. 15, last,
Oct. 14, 1939, and in preceding quarters.—V. 150,
a
April 5.
$153,790
36,010
on
Corp.-rf,Accumulated Dividend—
declared
the $7 cumul. pref. stock, no par value,
286.
Reynolds
vestigation—
Sleeping
....
on
to holders of record
p.
Balance
Investing
have
accumulations
10,492
6 Months Ended Dec. 31—
Estimated profit-.,.V-.
—V. 149, p. 3570.
Railway Express Agency—New Directors—
Francis J. Gavin, was on April 3, elected a director of this
company at
its annual meeting to succeed Ralph Budd.—Y. 150,
p. 2266.
Rand's, Inc.—Sales—•
Company on April 4 reported March sales of $138,243, up 19.15% from
sales of $116,034 in March of 1939.
Sales for the first quarter totalled
$380,174, an increase of 11.15% over sales of $333,032 in the first quarter
last year.
Both the March and first quarter sales were at record highs in
the company's history.—V. 150, p. 1785.
Russell
1939
1938
£813,000
-——
£711,500
Mfg. Co.—Earnings—
Earnings for the Fiscal Year Ended Nov. 30, 1939
Net sales....
Net income..
...
Depreciation
—
Prov. for Federal capital stock and 8tate excise taxes
Provision under management contract for the purchase
common
stock of the company..
__
$3,466,058
137,333
73,940
2,862
of
3,765
...
,
Net profit
R. C. A.
Communications, Inc.—Earnings
Month of
Jan., 1940
$629,967
164,842
Net
income
to
Month of
Feb., 1940
$580,363
149,986
128,387
Period—
Totai oper. revenues
Net oper. revenues
111,484
-2 Mos.
Earnings per share
End,
1940
Feb. 29—
1939
$1,210,330
314,828
$886,567
130,644
239,871
63.652
transferred
earned surplus
—V. 150, p. 1947.
Reading Co.—Acquisition of Control—
The Interstate Commerce Commission on March
23 approved the ac¬
quisition by the Reading Co. of control of the Chestnut
Hill RR. by pur¬
chase of its capital stock.—V. 150,
p.
Reed
2114.
Drug Co.—Sales—
March amounted to $202,766, a
gain of 6.04% over sales o
$191,205 in the comparative month of 1939, the
company reported on Apr 4
First quarter sales totaled
$577,578, up 6.06% over sales of $544,579 in
the first quarter of 1939.
The March and first quarter sales
figures were
at new all time high records in the
company's history.
Company operates a chain of retail drug stores in Wisconsin and Illinois
•—v.
115, p. 2114.
•,
(Robert) Reis & Co.—Sales—
r,9^mbine»^°^^ales of company and
1940,
an
were
increase
Reo
or
subsidiaries for first quarter of
$602,906 as compared with $559,384, in like
period a year ago
of $43,522 or 7.8%.—V.
150, p. 2267.
—...
the common stock voting trust
certificates.—V.
Republic Aircraft Products Corp.
p.
as
follows:
Capital stock 46,240 no par shares at stated value of $12.50, $578,000.
Capital surplus; balance Nov. 30, 1939, $451,973, amount resulting from
the reduction of the par value of the capital stock $578,000, total $1,029,973.
operating deficit since Nov. 30, 1936, Dr.$108,381, resulting in capital sur¬
plus of $921,592.—V. 149, p. 3882.
Rutland RR.—Annual
(Detroit)—Earnings
®qo
Earns, per share on 150,000 shares
-3>oo,/uu
-----
7on
149. p. 2525.
on
NLRB
Appeal—
This corporation was on April 8 denied
Supreme Court review of a Na¬
tional Labor Relations Board order
directing it to cease discouraging memberehipin the Steel Workers' Organizing Committee ,aC.I.O .-affiliated union.
The high Court s action amounted to an
affirmation of the NLRB since
the Board's order was
upheld Dy the lower
court.
Report—
Traffic Statistics for Calendar Years
Tons
rev.
1938
rev.
Tons
2267.
$2.45
...
Assets—Cash in. banks and on hand, $51,074; accounts receivable (less
provision for uncollectibility), $419,054; cash surrender value of life insur¬
ance policy, $83,693; inventories, $822,007; fixed assets (less provision for
depreciation since Nov. 30, 1936 of $199,229), $772,516; patents, trade¬
marks and goodwill, $1; other assets, $26,594; prepaid insurance, interest
and deferred charges, $9,516; total, $2,184,456.
Liabilities—Notes payable (banks), $325,000; accounts and acceptances
payable, $300,301; salaries and wages, $20,934: local city taxes, $17,698;
accrued Federal and State taxes, $20,930; capital stock, common (par $50),
$1,156,000; capital surplus,
$451,974; operating deficit, Dr.$108,381;
total, $2,184,456.
Note—Stockholders on Dec. 19, 1939, voted to change the authorized
capital stock from 48,000 shares ($50 par) to 100,000 shares (no par) and
to exchange two no par shares for each $50 share.
Stated value of the no
par shares was fixed at $12.50 per share.
Had these changes been applied
retroactively to Nov. 30, 1939, the capital structure would have appeared
1939
150,
Earnings for 6 Months Ended Jan. 31, 1940
Net income after all charges
Republic Steel Corp.—Loses
—
$56,767
Balance Sheet Nov. 30, 1939
Motors, Inc.—Co-Transfer Agent—
Guaranty Trust Co. of New York has been appointed
co-transfer agent
—V.
—
freight carried
1,371,402
1,125,583
carr. 1 mi.176,258,149
146,279,509
Tons rev. freight carried
1 mile per mile of road
359,153
432,758
Total freight revenue— $2,335,037
$1,943,883
Average amount received
for each ton of freight$1.73
$1.70
Aver. rev. per ton per m.
1.329 cts.
1.325 cts.
Rev. passengers carried.
260,939
251,919
Rev. pass, carried 1 mile 15,758,229
14,732,740
fr't
Rev. passengers carried 1
mile per mile of road.
_
Total passenger revenue
1937
1936
1,427,619
1,373,479
177,219,258 164,394,207
435,118
$2,320,324
403,629
$2,333,898
$1.63
1.309 cts.
$1.70
1.420 cts.
303,343
18,029,062
278,116
16,491,607
38,690
$350,960
36,173
$337,039
44,266
$390,342
40,491
$380,603
$1.39
2.23 cts.
$1.29
2,29 cts.
$1.29
2.17 cts.
$1.37
2.31 cts.
Average amount received
from each passenger.
Av.
rev. per
pass, per
_
mi.
The Commercial & Financial Chronicle
Volume ,150
Income Account for
Consolidated Balance Sheet Dec. 31, 1939
Calendar Years
1937
1936
22,204
$2,320,324
390,342
750,765
22,203
$2,333,898
380,603
729,761
21,608
$2,955,226
$2,335,037
350,960
Mail, express, &c
747,682
Incid. and joint facility23,160
$3,483,634
$3,465,870
652.099
Liabilities—
Assets—
1938
$1,943,883
337,039
1939
Freight revenue
Passenger revenue
2437
Accounts receivable, trade
225,297
Customers'
Inventories, at cost
392,918
Federal & State taxes payable-
600
Salaries and wages payable...
Investments
Total ry. oper. rev
$3,456,840
Operating Expenses—
Maint. of way & struc__
Maintenance of equip..
167,602
2,966
124,712
.,716,471
126,799
3,038
Transportation expenses
General expenses
Transp. for invest.—Cr.
$3,261,559
222,075
313,864
471,296
682,393
126,209
1,703,181
660,081
Traffic expenses
483,323
728,933
129,092
1,733,866
190,073
3,728
$3,147,714
defl92,488
328,823
428,516
491,129
$15,000
$27,933
2,307
Notes payable.
Marketable securs. at cost
Cash
Fixed assets
(net)...
Intangibles (net)
459,316
57,168
...
Deferred charges
34,621
68,297
Accounts payable, trade
197,585
deposits
3,329
Unearned tuitions
Premium
127,104
on
375,000
277,529
capital stock
Earned surplus....
1,671,151
...
173,182
Total—
3,094
$1,200,1591
27,755
20,318
57,308
Mortgages
Capital stock (par $1)
682,269
44,192
Accrued expenses
113,845
.$1,200,159
Total.
—V. 150, p. 1613, 1948.
Total ry. oper. exps__
Net railway oper. rev..
Railway tax accruals
$3,053,541
403,299
240,321
$3,141,741
324,128
223,040
St.
Joseph Stockyards Co.—Earnings—
Earnings Year Ended Dec. 31, 1939
Gross earnings
Railway oper. income
Equip, rents, net—Dr..
Joint facil. rents, net-Cr.
5,602
27,305
23,067
$101,088
29,335
27,751
def$70,088
$99,504
def$91,789
$162,979 def$521,311
50,600
33,481
24,115
Expenses and taxes
Net income
def$530,677
$135,445
Earnings
per
share.
Non-Operating Income—
23,958
21,881
22,148
5,611
15,000
182
190
5,450
41,000
8,449
45,080
5,081
4,194
476
896
1,604
880
782
755
755
1,699
1,079
1,106
1,046
$175,684
15,000
Assets—Cash
Misc. non-oper. physical
property,
Dividend income
lin
Income from funded
Income
from
sec.
unfunded
securities & accounts.
Income from sinking and
other
reserve
funds
Miscellaneous income.
_
Gross income-
15,055
$4,448
15,005
136
Int.
on
127
137
unfunded debt..
391,595
392,741
395,491
198
137
136
of
discount
.-
46
224
4,382
4,812
5,967
$891,797
$408,608
$241,375
Miscell. income charges.
Net deficit
Assets—
$
.
1938
1939
1938
Liabilities—
$
S
$
J
'117,800
117,800
Preferred stock...
26,357,417
Impt. on leased ry.
8,962,500
Equip, obligations
Mortgage bonds..
8,962,500
55,000
9,216^666
9,216,000
Common
stock
25,659
25,659
property sold...
550
9,381
Misc. phys. prop..
163,968
163,968
Stocks.
467,000
467,000
wages payable..
Bonds
100,000
100,000
Misc. accts. pay..
5,193
17,385
20,240
1,790
20,366
Int. mat'd unpaid.
Divs. mat'd unpd.
1,157,432
8,482
780,021
2,300
463,253
258,162
64,503
52,393
59,000
242
Safeway Stores, Inc.—Preferred Stock Offered—Offering
pref. stock ($100 par) at $108
share plus accrued dividends from April 1, 1940, was
Merrill Lynch, E. A.
& Co., Inc.; Harriman
Ripley & Co., and The First Boston Corp.
Total dollar
amount of the offering is approximately $15,950,304.
Sale of the 5% pref. is subject to prior subscription by
holders of the 7% and 6% pref. stocks at the same price
as the new shares are offered to the public, on the basis of
one share
of 5% pref. for each share of 7% or 6% pref.
held by them.
These holders have until 3 p. m. April 13
made April 9 by a group headed by
Pierce & Cassatt, and including Blyth
458
Dep. in lieu of mtg.
Advances
Cash
Special deposits—
Traffic
and
service
Traffic
and
service
car
balances
59,942
66,975
417,729
441,503
Audited accts. and
Inv. in affil. cos.:
Other investm'ts—
Funded
debt
72,972
Unmat. rents accrd
28,183
26,580
Other curr. liabils.
rec.
160,266
136,896
Deferred liabils
Mat'l & supplies
Int. & divs. receiv.
330,697
272,998
Tax
balances
Miscell. accts.
64,064
Other
6,023
6,006
assets.
643
413
Deferred assets...
28,384
28,632
curr.
472
paid In advance.
117
8,321
The 5% preferred stock offered is of the same series as the shares now
outstanding and listed on the New York Stock Exchange.
Said series is
entitled to cumulative dividends at the rate of 5% per annum, and is entitled
to the benefits of a sinking fund.
It has a preference on liquidation and
is entitled on redemption to $110 per share plus accrued dividends.
The
holders have no voting rights except in case of certain dividend arrearages,
but the consent of the holders of at least two-thirds of the preferred stock
of all series will be necessary for the validation of certain corporate action.
The stock has no conversion, preemptive, or subscription rights.
Purpose—It is estimated that the net proceeds to be derived from the
sale of the shares will amount to $15,356,096 after allowing for under¬
writing discounts and for the estimated expenses of the company which
expenses are expected
to approximate $151,143.
Upon receipt/of the
proceeds, the company will use $13,922,627 thereof to pay in full the re¬
demption price of all the issued and outstanding 7% preferred and 6%
11,275
167,264
57,183
liability
70,202
50,583
46,598
(equip.) 2,864,343
unadjusted
credits
104,053
2,809,872
Insur. & cas. res..
Appropriated
2,050,661
2,050,661
2,867,341
and
3,091,571
loss,
balance
28,285,199 28,057,909
Total....
28,285,199 28,057,909
84,590
sur¬
plus
Profit
Total
subscribe^ to the 5% pref. stock through the purchase
Chase National Bank, New York, or the sub-purchase
agent, Walker Bank & Trust Co., Salt Lake City.
3,750
3,750
274,643
Acer .depr.
56,650
58,663.
to
agent,
Other
Rents & Ins. prem.
Other unadj. debits
8,482
ma¬
tured unpaid
Unamt. int. accrd.
car
Agts. & cond. bals.
Earnings for Month of February and Year to Date
Period End. Feb. 29—
Railway
Railway
$251,251
235,382
oper. expenses
Ereferredfor the on July 1, 1940. The remainder of said net proceeds is to
used
stock general corporate purposes of the company.
1940—2 Mos.—1939
1940—Month—1939
oper. revenues
$234,837
254,152
$532,527
488,946
e
$495,271
512,752
from ry. oper.
$15,869
Railway tax accruals
Eqpt. & joint facil. rents
20,507
x$19,315
24,127
2,194
Cr273
$43,581
43,546
1,261
Net ry. oper. deficit
$6,832
2,280
$43,169
2,217
$1,226
6,766
$67,109
8,473
x$4,552
x$40,952
Company—A Maryland corporation incorporated March 24, 1926.
Is a
holding company and all of its operations are carried on through subsidiary
corporations which are engaged in the operation of a chain of approximately
2,834 retail food stores, in 19 States of the United States west of the Missis¬
sippi, and in Maryland, Virginia, the District of Columbia and in the five
western
Provinces of Canada.
In connection therewith there are con¬
x$17,481
48,255
1,373
Net
rev.
April 4 the resignations of A. O. Samuels, Presi¬
on April 2.
Both will
directors.—V. 150, p. 2115.
of 147,688 shares of 5% cum.
56,000
property
as
per
General Balance Sheet Dec. 31
1939
Inv. in rd. & equip.26 ,300,839
Corp.—Officials Resign—
on
318
6,101
«T
.
Samson United
Directors announced
dent, and H. L. Samuels, Vice-President, effective
continue
on
$221,202
funded debt
;
on
hand and
in
banks, $76,266; accounts receivable,
inventories, $17,646;
investments and sundry asses, $13,1C0;
fixed assets (less reserves), $3,035,718; deferred charges, $13,802; total,
$3,167,068.
Liabilities—Accounts
payable,
$9,498;
accrued
casualty insurance
premiums, $746; accrued payroll, $5,954; accrued taxexs, $21,546; 1st
mortgage 3H% 12 year sinking fund bonds, $500,000; deposits of option
contract for sale of real estate, $2,900; common stock (37,500 no par shares),
$1,875,000; capital surplus, $529,887; surplus arising from revaluation of
real estate and equipment,
$133,416; earned surplus, $88,121; total,
$3,167,068.—V. 149, p. 2097.
$10,536;
147
390,531
1,023
funded debt
on
Amort,
def$480,396
$191,589
15,000
Rent for leased roads
Miscellaneous rents
Int.
37,500
$2.22
_
Condensed Balance Sheet, Dec. 31, 1939
22,424
5,664
15,000
4,748
income
rent
$83,340
.....
Dividends paid ($1 per share).
Net ry. oper. income.
Miscell.
$495,307
411,967
...
__
certain parts of the territory
general wholesale grocery business consisting of the operation of
ducted warehouses and other facilities, and in
Other income....
672
333
Total fixed charges..
33,672
33,886
$5,540
1,023
67,340
$38,896
$75,171
$62,823
$127,089
Total income
y
Net def .aft. fixed chgs.
x
Deficit,
—V.
owned by subsidiaries of the company consist of properties
or proposed to be used for, warehouses, manufacturing
throughout the
territory served.
Retail food stores are, with relatively few exceptions,
operated in premises held under lease.
The properties
used for,
684
now
67,769
facilities and retail stores and are located in various localities
Includes interest accrued on outstanding bonds but unpaid.
150,p. 2115.
Capitalization Outstanding as of Dec. 31, 1939
y
Preferred stock (par $100):
fGeorge D.) Roper Corp.—Registers with SEC—
See list
a
warehouses and distributing facilities and the sale of merchandise to both
affiliated corporations and to customers not identified with the company.
x$58,636
Misc. deducts, from inc
served
given
on
first page of this department.—V. 122, p. 3095.
Rose's 5, 10 &
25-Cent Stores, Inc.—Sales—
1940—Month—1939
Period End. Mar. SI—
Saies.
$338,845
$452,764
Stores in
operation
—V. 150, p. 2267.
1940—3 Mos.—1939
$1,119,858
$925,708
110
104
Ryan Aeronautical Co.—Withdrawas Unsold Stock—
Company
has
from
withdrawn
sale the
unsold
portion
of its
recent
Securities and Exchange Commission authorization for sale of 125,000 shares
of stock.
The unsold portion withdrawn amounted to 60,0000 shares.
Employees took up approximately 5,000 shares and 60,000 shares were sold
publicly at 5 M %. The stock was offered by A. O. Allyn & Co., Chicago and
Chester Allen & Co., Inc., Jersey City.
~
7% (cumulative) preferred, 73,206 shares (outstanding 72,527 shares, in treasury 679 shares).
$7,320,60.
6% (cumulative) preferred, 53,366 shares (outstanding 52,178 shares, in treasury 1,188 shares)
5,336,600
5% (cumulative) preferred, 42,312 6-10 shares (outstanding
40,941 9-10 shares, in treasury 1,370 7-10 shares)..
4,231,260
Common stock, 806,624 shares, no par (outstanding 806,559
shares, in treasury 65 shares—excluding 13,360 shares charged
at cost to paid-in surplus, of which 10,000 treasury shares
reserved for options to President)
9,795,648
Bank loans (as at Dec. 31,1939)
—a14,000,000
(made for the purpose of retiring $13,300,000 of 10-year
sinking fund debentures) evidenced by promissory notes, all dated
1939, with interest at 2M% per annum maturing on Aug. 28 of
each year as follows: 1940 and 1941, $1,200,000; 1942 and 1943, $1,400,000;
1944 and 1945, $1,500,000; 1946, $5,800,000.
Underwriters—The names of the principal underwriters and the number
of shares to be purchased by each are as follows:
a
Term loans
4%
Aug. 28.
Shares
Shares
Statement
of Consolidated Income
Gross sales, less returns and allowances
Cost of goods sold
Year Ended Dec. 31, 1939
$845,856
736,540
...
Merrill
Lynch,
E.
Pierce
A.
$109,317
105,953
trading and manufacturing
Operating revenues (net)..
...
2,000
2,000
25,000
Blyth & Co., Inc...—
10,000
Wertheim & Co..
2,000
Barney- Johnson & Co
1,000
Boettclier & Co..
1,000
10,000
3,000
The First Boston Corp
A. G. Becker & Co., Inc
Dean Witter &Co
G. H. Walker & Co
10,000
—
.Rarrlman, Ripley & Co., Inc
Gross profit from
Smith, Moore <fe Co..
&
Cassatt
3,000
.
.
Bosworth, Chanute, Loughrldge &
Co
—
1,000
—
... —
-
- -
-
-
-
—__
~
*
—
$215,269
116,053
3,000
3,000
3,000
3,000
3,000
3,000
Wm. Cavalier & Co
1,000
Courts & Co
1,000
Shields & Co
3,000
White, Weld & Co
3,000
Alex. Brown & Sons
Gross profit.
Expenses
Glore, Forgan & Co
Hallgarten & Co
Paul H. Davis & Co—
1,000
John Kormendi Co....
1,000
McDonald-Cool idge & Co
1,000
Mitchum, Tully & Co
1,000
Pacific Capital Corp
1,000
Schwabacher & Co
1,000
2,500
Scott & String fellow
1,000
2,000
Stern Brothers & Co
1,000
2,000
Baker, Watts & Co
500
2,000
Ball, Coons & Co
500
Eastman, Dillon & Co
2,000
El worthy &
Hornblower & Weeks
2,000
2,000
Ferris & Hardgrove
W. E. Hutton & Co
G. M.-P. Murphy & Co.
2.000
Stein Bros & Boyce
Rtter&Co
2,000
Stix&Co
2,000
Merrill Lynch & Co., Inc
Hay den, Stone & Co
$99,216
Net operating profit
Other income
—
14,524
—....
Hemphill, No yes & Co.
Kidder, Peabody & Co
Lee Higginson Corp
Net income
Federal income taxes
—
..$113,741
23,011
$90,729
$0.24
During February of 1939
75,000 shares of stock were issued through
"rights" to stockholders netting the company $245,125 additional capital
and increasing the outstanding shares to 375,000.
As of Jan. 1, 1940, the backlog of unfinished business for the company
and its subsidiary totaled over $1,500,000, and as of Feb. 14, 1940, had
increased to $1,679,433. This compares with approximately $300,000 as of
Net income for period
Earns, per
—
share on 375,000 shares capital stock
Blair & Co., Inc
Bodell&Co
Domlnick
<fe
-
Domlnick
,
Jan. 1,
1939.
E. H. Rollins & Sons, Inc
O
—
Co
500
500
—
Mackubin, Legg & Co..
500
500
*.
500
19,688
The Commercial & Financial Chronicle
2438
Consolidated Income Account Years Ended Dec. 31
1939
1938
$
Gross sales—Retail
a
"Wholesale
1937
$
St. Louis National
Stockyards Co.—Earnings—
for Year Ended Dec. 31, 1939
Earnings
Cost of sales.
385,882,083 368,254,991 381,868,220
.307,966,688 295,203,112 309,220,997
-
—
Gross profit
Maintenance and repairs..
73.051,879
996,459
3,789,845
3,723,555
5,724,160
71,116
72,647,223
1,146,195
3,772,889
3,360,010
5,518,776
96,584
52,548,661
166,870
77,915,395
1,019,097
3,741,382
Taxes other than Fed. & Canadian inc
3,818.896
Rents
5,643,353
41,263
Royalties
—
Other sell., gen. & adminis. expense- 54,685,588
Provision for doubtful accounts
178,770
...
Depreciation and amortization...—
54,317,814
140,552
...
8,787,044
32,117
Other interest
Loss on property, &c. abandoned
Provision for loss on investment, &c_
Premium & expenses debs, purchased
on miscellaneous investments—
Loss
4,294,400
252,259
6,099,633
574,071
91,692
23,520
173.094
120,674
4,546.659
315,000
49,784
158,698
179.674
8,647
19*678
Total income
Interest on debenture and note Issues
Debt discount, red. premium, &c
6,031,211
68,422
8,819,151
532,760
117,864
16,196
118,201
Net operating profit
Other income
9*72",569
b696,223
of income accruing
to
minority stockholders in a Canadian
Proportion
subsidiary
3.829
Net income
6,268,360
507,917
313,068
115,091
2,026,809
1,602,860
$6.61
—
7% preferred dividends.
6% preferred dividends
5% preferred dividends..-.-..Common dividends—cash
Stock.
Earns, per sh. on avge. No. com. shs.
Less
a
company
4,132,140
3,134,805
526,052
560,443
323,369
327,339
113,123
78,501
1,613,097
1,205,398
—...803,328
$4.02
Consolidated Balance Sheet Dec. 31
Assets
a
$2.62
discounts, returns and allowances (after elimination of inter¬
sales),
b Includes surtax on undistributed profits ($6,421).
"
Cash in banks and
on
°
1939
hand
1938
...$10,932,978 $11,669,188
—2,455,401
2,875,081
■,
Accounts receivable—trade
Government accounts receivable and State, county
Prepaid
expenses
Expenses.
-------
—
-
768,572
24,139.739
Investments.
b Property, plant and equipment
27,341,709
988,719
Debt discount, redemption premium and expense.
-
Net profit
-
-—-
per
—
$76,717,087 $71,937,945
—
Balance
Notes payable—banks...
Accounts payable—trade
Debenture sinking fund payable current
State sales taxes.
Accrued expenses
Dividends payable
-
349,921
2.421,361
236,767
1,721,577
12,800,000
-
Prov. for Federal & Canadian income taxes
Notes payable to banks.
10-year 4% debentures
7% preferred stock
13,300*666
—
-
7,320,600
5,336,600
4.231,260
9,795,648
11,763,791
12,955.407
Dr327,973
-
-----
6% preferred stock.
5% preferred stock
c
—
Common stock
■;
....
Paid-in surplus
Earned surplus
Treasury stocks.
;
Total
a
5,701,132
827,000
311,555
2,064,677
236,548
1.089,559
7,619,500
5,454,900
2,325,900
9,795,648
11,800,481
11,902.782
Dr4 91,736
$76.717,087 $71,937,945
After
reserve
of $122,896 in 1938 and
$127,519 in 1939.
b After
in 1938 and $20,050,287 in 1939.
by 806,624 no par shares.—V. 150, p. 2115.
for depreciation of $19,338,054
resented
reserve
c
Rep¬
St. Croix Paper Co .—Balance Sheet Dec. 31, 1939—
Assets—
Liabilities—
Cash and securities
$311,60«
Accounts payable.-
!
$86,598
Notes & accounts receivable536,187
Advance to loggers
68,377
Reserve tor deprec. and taxes.
4,253,044
Surplus...
2,294,644
Invest, in other companies...
Inventories
395,600
Preferred stock
761,995
Commonstock..
„
Deferred expense
Liabilities—Notes
payable, $114,000; accounts payable, $10,955; divi¬
dend payable, $109,647; accrued local taxes, payroll, &c., $104,703; Fed¬
income taxes, $80,500; debenture notes, $200,000; reserves, $71,294;
eral
stock, 73,098 no par shares,
total, $7,840,088 —V. 146, p. 3969.
Plant, timberlands, Ac*-Treasury stock...
Total
St. Louis-San Francisco Ry.—Decision
Total
2115.
.
V;
:1
1939
.$15,359!478
13.401,121
797,175
expenses
Provision for depreciation
Operating income
—
.—
taxes
1938
$12,722,896
11,564.184
800 384
$358,327
40,994
51,550
8,619
64,877
49,045
1939
ings
revenue
No. of pass. carr. 1 mile,
Total pass, re venue
Avge. amount
Gross income
Interest charge
retirement of property, equipment"
a Loss on sale or
liquidation of investments
Other charges
on
&cl 11
Net income before provision for income
taxes.
_
_
1 rovision for Federal
income taxes
Provision for Canadian and other
foreign inc. taxes
sGtaidtoy:::::::
share...
consolidated.
$1,263,575
370,026
28,163
20,031
79,224
$574,658
$766,132
$9,979
81,435
98 750
66 711
398,145
61,709
46.459
58,366
70,454
$eTAl1 ,OS8*«
Nil
investment in foreign subsidiaries not
Note
The
equity of the company in net income of foreign subsidiaries
consolidated and foreign associated
companies exceeded the net credits
to income (consisting of dividends from
such companies less provision for
9,473*
72.63
$304,220
11.233
18,576,896
71.96
10.513
78.03
$354,457
$313,310
$1.3675
$1.3129
$1.3161
$0.0188
$0.0182
$0.0169
5,204.123
5,270,654
6.304,401
1957,399303
5,303,862
1671,162217
1,131,739
945,773
No. of tons carried of frt.
earned
revenue
No. of tons
No.
carr.
of tons
1 mile. 1642737.108 1611238,798
1 mile
car.
.
per mile of road......
Average distance haul of
1 ton (miles)
Total freight revenue.
Avge. amt. rec.,from
ton of
—
970,145
944,703
315.66
$
18,423,520
305.70
$
1 7,414,757
,
310.48
315.08
$
19,845,445
18,297,037
$
ea.
freight
3.5402
3.3041
3.1479
0.0112
10,880.31
Frt. rev.
6.0330
Operating revenues
19.609,965
Oper. revs, per mile of rd
11,580.98
Oper. revs, per train mile
4.4475
0.0108
10.210.64
5.7267
0.0101
0.0109
11,474.34
10,354.98
5.0022
5.6160
18,492,202
10,842.37
21,115,983
12,208.95
19,363,508
Avge.
Frt.
rec. per ton per m.
mile of road
per train mile._
rev. per
Operating expenses15,597,771
Oper. exps. per mile of rd
9,211.52
Oper. exps. per train mile
3.53/5
Net operating revenue—
4,012,195
Net oper. rev. per mile of
road
2,369.47
-
—
.
Net oper. rev.
3.4498
4.2424
4.0319
10,958.53
4.3959
13,564,474
7,953.14
15,854,525
13,199,346
7.470.00
3.1119
9,166.85
3.0273
4,927,728
5,261,458
6,164,162
2,889.23
3.042.10
1.1305
1.0046
per train
mile.-
»
0.9100
2.9965
3,488.53
•
1.3994
Consolidated Eearnings for Calendar Years
—_
Expenses—
Traffic
Consolidated Balance
in
Shjeet Dec. 31, 1939
Assets—Cash, $2,609,003; special deposits, $3,520; notes and
accounts
inventories. $3,066,149; cash surrender
$327,269; sinking fund for retirement of
debentures, $47,636; accounts, notes, and claims receivable
(not current
cincluding $284,559 due from subsidiaries not
consolidated), $342 360"
investments, $22,931,268; fixed assets (less reserves for
depreciation'and
depletion of $13,143,347). $27,278,344; patents, licenses and
trade-marks
(less amortization), $45,978; deferred charges.
$332,707; total, $59,122,514
Mobilities—Iaxm on life insurance policies, $180,611; other notes payable,
$2,406; accounts payable, $1,150,155; funded debt
maturing in 1940 in¬
cluding sinking fund instalments (less $11,000 in
treasury), $129,000"
§403,032; demand bank loans, $6,500,000; funded debt,
$1,399,000; deferred credits, $1,159; reserves
(self-insurance, &c.), $250,720"
preferred capital stock of subsidiary, $874,300; 7% preferred
cumulative
$18,492,202 $21,115,983
$19,363,508
-
expenses
Transportation
General, &c-
——
3,946,836
3,507,467
998,477
6,219,787
925,204
Total oper. expenses._$15,597,771
2,561,576
2.710,248
980,355
6.410,412
901,884
3,412,747
3,538,578
956,939
7,001.483
944.779
2,461,053
3,103,121
909,684
5,852,143
873,345
$13,564,474 $15,8.54.525 $13,199,346
4,927.728
5,261,458
6,164,162
Net earnings
4,012,195
Tax accruals
1,338,310
1,249,409
1,002,888
1,127,119
$2,673,885
$3,678,319
$4,258,569
$5,037,043
20,991
1,216
22,542
2,645
19,632
facility rent income
19,515
3,287
10,651
292,988
8.241
285,550
9,410
277,705
261,763
Total ry. oper. income
$3,000,326
$3,994,317
$4,570,872
$5,334,763
Deduct, from Ry. Oper.
Income—
Hire of freight cars.1,064,546
1,214,873
1,511.879
3,418
1,275,325
Operating income
Other Ry. Oper. Income
Rent from locomotives._
Rent from pass .train cars
Rent from work equip—
Joint
Rent for locomotives
ifvio8
y approximately $106,000 in 1939 and approximately $66,000
1939
1938
1937
1936
$18,423,520 $17,414,757 $19,845,445 $18,297,037
330,834
304,220
354,457
313,310
554,047
562,479
593,161
541,562
301,563
210,746
322,918
211,599
Total oper. revenue..$19,609,965
Maint. of way & struc—
Maint. of equipment—.
Jount
16,156,722
238,066
$0.0184
Rent for pass, train cars,
Rent for work equip
a
1936
269,976
19,428,775
pass.
not
receivable (less reserves), $2,138,278;
value of life insurance policies,
1937
222,465
$1.4623
..
per
58,909
$0.06
on
1938
226,240
17,955,661
..."
10.604
79.37
$330,834
from
rec.
each passenger.
Avge. receipts
per mile.
—
-
provision for loss
Report—
Traffic Statistics Years Ended Dec. 31
Freight revenues
Passenger
Mail, express, &c_
Indicental, &c
$1,161,182
23.598
21,131
-----
Dividends on investments
Rental property income (less expenses)
Adjustments of prior years' provisions for inc.
per common
•
^
No. of pass, carried earn¬
Revenues—
Earnings for Years En/led Dec. 31
a
-,
St. Louis Southwestern Ry.—Annual
$9,634,287
Regis Paper Co.—Earnings—
Earnings
Approved hy Court
The Appellate Division of the New York Supreme Court unanimously
approved April 5 without comment a decision of Supreme Court Justice
Louis A. Yalente
dismissing a
$10,000,000 accounting action brought
by trustees of the company against Edward N. Brown, Chairman of the
road's board, Speyer & Co. and J. & W. Seligman & Co., the road's bankers.
In their complaint, the trustees alleged that the defendants had domi¬
nated and controlled the road and had used their position and Frisco funds
to advance their own interests.
They particularly assailed the acquisition
by Frisco of a controlling stock interest in the Chicago Rock Island and,
Pacific Ry. and the prices at which this stock was bought.
At the trial, several defendants testified that they felt a merger of Frisco
and Rock Island would be beneficial to Frisco and that they were con¬
cerned lest control of Rock Island pass into the hands of a competing trans¬
portation system.
Financial records introduced at the trial also showed
that Frisco could have made a substantial profit by selling its Rock Island
holdings for several years after the purchase in 1926.
In dismissing the suit on its merits, Justice Valente ruled that acquisition
of the Rock Island stock was proper and asserted that "the purchase now
presents itself for reexamination only because of economic adversity which
was not and could not have been fairly foretold or envisioned."—V. 150.
of tons of company freight carried
(not included in
freight in this table) during year ended Dec. 31, 1939 was 933,474
tons, 1938, 759,001 tons; 1937, 1,278,503 tons; 1936, 951,549 tons.
Net sales, royalties and rentals...........
Cost of sales, sell., admin, and general
Loss
$3,493,987;
revenue
53,960
122.
Other income
surplus,
Note—Number
7,471,197
......SO,634,287
—V. 149, p.
St.
— .
2,500,000
$3,655,000;
common
—
500,000
....
36,362
....
1939
Assets—Cash, $12,974; accounts receivable, $45,209; inventories, $32,470;
S. Government securities (at cost), $10,756; investments, $414,192;
plant and investment property (less resirva), $7,313,698; deferred and
prepaid charges, $10,789; total, $7,840,088g
mile of road
Avge. dist. carr. (miles).
1,200,000
6,912,126
—
Sheet Dec. 31,
$396,633
438,588
$5.21
U.
per
T 4nM 1414 on*—.
—, -
*
share.
No. of pass. carr. 1 mile.
Total
—
Dividends paid and declared-
Earnings
744,667
559,453
*
—
—
Provision for Federal income taxes.
1,598,660
390,107
29,192.477
576,374
—
998,368
311,959
32.583,803
527,777
$1,277,497
735,018
54,983
10,571
80,291
—
Allowance for depreciationInterest charges
p.
and municipal warrants...
Sundry accounts receivable
Inventories
Gross earnings
11.871
79,612
1.666,488
Prov. for Fed. & Canadian inc. tax..
1940
3679.
8
—
—
13,
par), $4,428,300; common ($5 par), $20,603,570; capital surplus,
$21,336,597; earned surplus, $1,857,663; total, $59,122,514.—V. 146, p.
.321,251,251 290,215,439 285,130,965
64,630,832
78.039,552
96.737,256
—
April
($100
facility rent deduct
Net ry. oper. income..
Total non-oper. income.
1,808
64,386
8,351
2,019
29,102
5,505
718,635
722,795
60,379
9.037
758,980
$1,142,599
$2,020,021
$2,227,179
7,779
8,546
3,129
55,121
9,470
720,470
80,506
82,871
93,921
$1,223,105
$2,102,892
$2,321,100
$3,343,907
18,745
2,301
3.049
2,670
3,061
2,391
2,844
346
Gross income
$3,271,248
72.659
218
216
4,110
2.941,255
257,479
4,433
2,065.163
3,688
2,087,955
3.358,000
946,964
1,157,653
21,341
6,229
10,961
114
254
152
7,157
10,047
4,734
*2,018,321
$926,877
$944,163
$48,942
•
Deduct, from Gross Inc.
Rent for leased R. & E—
Miscell. rent deductions.
Miscell. tax accruals
Separately
Int.
on
Int.
on
oper. pro.
funded debt
loss
-
unfunded debt._
Maintenance
of
1,499
223
4,056
invest¬
ment
organization.
Miscell. income charges.
Net deficit
'
—-
Volume
The Commercial & Financial Chronicle
ISO
Condensed Balance Sheet (Entire System) Dec.
1939
Assets—
Road and
mtge. prop, sold
In v. in affU. cos.
Other investm'ts
notes and accounts
19,893,600
19,893,600
$479,267; inventories, $1,435,602; cash surrender value of life insurance,
$22,070; indebtedness of officers and employees, $21,609; investments in
and receivable from foreign subsidiaries not consolidated, $376,062; accounts
receivable, $105,702; investments in securities of other companies (at cost,
less reserve), $70,037; fixed assets (less reserve for depreciation of $1,508,424), $1,433,172; patents at cost (less amortization), $19,589; deferred
charges to future operations, $102,725; total, $4,781,492.
Liabilities—Accounts payable,
$36,871; accrued expenses, $102,723;
accrued taxes, $80,250; reserve for Federal income taxes, $139,701; minority
stockholders' interest in capital stock and surplus of domestic subsidiary
company, $31,557; common stock
(278,000 no-par shares), $2,224,000;
capital surplus, $347,841; earned surplus, $1,818,548; total, $4,781,492.
—V. 149, p. 3728.
Grants in aid of
93,065
18,911,671
Loans
145,370
and
143,457
and
Traffic
MisceU.accts.__
rec_
4,000
130,173
119,557
690,414
10,065,561
8,078,643
1,969,235
555,885
107,017
112,553
146,954
149,754
1,675.074
1,526
payable
_____
Accts. & wages.
531,998
4,000
Mat'l & supplies
Other curr .assets
'
Miscell. accts-__
738,415
1,919
4
car
balances
Int. mat. unpaid
128,465
760,123
-
biUs
payable
serv.
bals.
5,913,785
Non-negot. debt
778,698
Loans & bills rec
18,858,335
5,864,778
7,010,045
252,382
Traffic, &c„ bal
52,754,500
_
Bonds.
toaffll.cos
.
25,431
52,281,179
construction
4,408,447
2,303,294
Special deposits
Agents and con¬
641
Unmatured
Unmatd.
Savannah Electric & Power
rents
advances
5,128
Other unadjusted
debits
Tax
46,866
67,295
Other curr.liabU.
25,649
6,358
24,084
569,588
562,847
liabUity
Prem. on funded
7,626
7,626
8,693,816
8,268,862
268,621
183,732
debt
205,718
246,505
_
Accrued deprec.
Other unadjusted
accounts
184,561
Add'ns
to
187,957
17,204,367
17,203,569
1,093,551
70,914
1,093,551
164,980
164,980
14,278,233
Other def. liab__
Funded debt re¬
tired
thru
in¬
&surp__
Misc. fund res__
come
Other
Deficit.
a
_
-139,420,625 140,098,468
Total
—139,420,625 140,098,468
$2,236,667
67,638
8,671
24,450
25,469
843,116
139,636
328,680
312,575
816,307
124,250
247,476
282,755
$70,698
$75,406
Drl,708
$724,755
$765,878
Dr360
2,972
Drl 1,325
$70,338
31,193
$73,698
31,229
$727,726
375,184
$754,553
377,673
Balance.
$39,144
Debenture dividend requirements
$42,469
$352,542
149,115
$376,880
149,115
$203,427
$227,765
60,000
revenues.
__
_
Operation
Maintenance.
_
Depreciation
Taxes
_
.
_
__
Net oper. revenues.
Other income (net)
_
Balance________
Interest & amortization
70,914
approp'd
surplus
Bal ance
'
Preferred dividend requirements
Balance for
stock and surplus
common
1940
Income Account
Ended Dec. 31
Year
.-A'-'w'.
1938
1939
$1,359,507
881,309
$1,290,315
849,257
~
Net operating income
income:
108,475
$441,057
102,589
$586,673
72.833
84,111
24,874
$.543,647
76,300
71,789
24,960
$478,198
Other
__
Net income.
___
_
_
_w_
Interest paid and other charges.
Federal income taxes
State income taxes_____________________.
with last year
$404,853
475,003
__ _
$2.03
share
$370,597
300,000
$1.85
Sagamore Mfg. Co.
Debts rec., cloth, cotton, treas¬
ury stock and prepaid Items.
Cash and U. 8. Govt, securities
Total
-V.
Profit from
$517,982
Gross income
On
common.
•
920,467
269,817
$5,391,998
Total
$2.01
1940
1939
$8,522,427
3,087,118
623,592
1,355,000
429
1,181,090
235,325
revenues
_ _
Maintenance and repairs..
_______
_ _
Amortization of limited-term investments
Taxes.____
Provision for Federal income taxes._
1,044,615
258,368
460
$2,024,418
$2,153,273
2,196
Liabilities—Notes
,
4
1939
$600,000;
payable,
payable and accrued
payable
accounts
$462,885; Federal income tax (est.), $83,000; mortgage
accounts,
$2,153,810
620,000
61,954
Crll,974
8,291
61,954
Cr5,093
8,270
$1,348,343
$1,468,679
•
___.
and
warehouse land
on
1786.
150, p.
-N :
■
Corp.—Hearing Adjourned—
Schulte Retail Stores
A hearing in the reorganization proceedings of the corporation has been
adjourned to April 29 in Federal Court.
A plan of reorganization for the
corporation was approved last month by Judge John C. Knox.—V, 150,
p. 2268.,:■,.<
,y-^' /;y y y
(& Subs.)—Earnings—
Earnings for Year Ended
Costs and expenses
Total income.
_
_
_
-
_
—
_
_
-
-
.
_
—_____ —
___________
-
-
-
Debenture charges—_
— i _ - - Federal, State, foreign income taxes,
Provision for contingencies. ______ _ _ - - — _______
Adjustment of foreign branch net working asset
accounts from foreign to U. S. currency
_
Net
Earnings per
funded debt
•*;
Amortization of debt discount and expense
Other interest
''net)
Miscellaneous deductions—
__
-V. 150, p. 1294.
Cash____
Marketable securs.
a
Accts.
&
al939
Calendar Years—
sales to foreign
consolidated)
Cost of sales and operating expenses
Provision for depreciation
Amortization of experimental costs
$4,594,109
3,586,814
132,310
25,860
$849,123
115,111
125,877
$1,041,785
39,182
134,800
_
$8,111,787
6,738.487
y218,849
loss$31,920
261,710
Nil
$
1,773,319
998,489
1,771,905
1,015,596
plant
and equipment. 17,804,224
2,595,620
7,216,013
728,908
taxes
505,372
and
1,335,443
debs- 7,850,000
reserves--
conv.
458,008
150,603
Accrued payrolls._
Contingency
18,019,427 514%
987,249
7,850,000
Capital stock (par
Excess of cost of
in
accr'd
&c
1,302,569
&c.,
794,396
State,
oper.
Property,
licenses,
expenses,
Fed.,
7,953,916
1,067,525
7,439,749
Investment..
Accts. pay.,
J
1938
$
1939
$
Liabilities—
Liabilities—
7,439,749
645,924
401,112
*25)
—26.170,950 26,170,950
3,926,314 3,728,878
683,562
380,279
Surplus.
patents,
&c____
—_______
253,110
7,337
45,256
1938
3,295,410
-
Other assets......
Int.
subsidiaries
_
$686,007
457,917
249,590
10,420
_________
notes
receivable
c
bl938
$3,066,175
457,917
574,194
220,000
—— —
$
Assets—
b
Sangamo Electric Co.—Earnings—
$540,527
145,479
Consolidated Balance Sheet Dec. 31
Inventories
Net income
24,950,672
$2,903,721
162,453
$1,768,808
1,308,548
share-——--—$1.69
profit for year
Dividends paid—
1938
$25,491,199
31,347,606
—
Net income from operations.
Other income (net)—
1939
Gross income
Dec. 31
Calendar Years—
1939
Sales—Products, services and sundry, (less disc'ts,
returns and allowances, transportation, &c.)_--_$34,251,327
5.37
$2,026,614
620,000
Net operating income.
not
Federal income tax.
Balance Sheet Dec. 31,
Scovill Mfg. Co.
$8,662,210
3,102,722
738,374
1,379,851
Years Ended Jan. SI—
Net sales (incl. $66,414
185.625
share____
Includes provision for estimated
Assets—Cash, $265,550; accounts receivable
(less reserve $24,000),
$259,326; inventories, $3,090,768; advance on merchandise purchase
contract, $14,754; cash on deposit for redemption of 7% preferred stock,
$2,645; Ohio sales-tax stamps on hand, $4,687; other assets, $130,705;
fixed assets (less reserve for depreciation), $694,753; deferred charges,
$83,695; total, $4,546,883.
7'.' San Diego Consolidated Gas & Electric Co.—Earnings
on
42,213
...
—V.
v-
$3,000,000
34,014
Surplus and reserve for deprec. 2,357,984
Company has been authorized by Quebec Provincial Electricity Board,
(1) to convert its preferred shares into common shares, (2) to change its
common stock from $100 par shares to no par value shares, (3) to reduce
the share capital represented by the outstanding common shares so converted
and (4) to issue to Saguenay Power Co., Ltd., 3,000 common shares for
consideration of $300,000 to be applied against present indebtedness of
Saguenay Electric Co. Saguenay Power.—Y. 126, p. 415.
Interest
$34,321
5J^% preferred.
per common
$265,179
$48,685
59,916
148,000
$1.05
$375,048
Net profit for year
Dividends paid—cash; On 7% preferred
a
$367,460
102,281
142,934
Other deductions
Earnings
$338,724
28,737
Capital stock
150, p. 702.
Other income
$482,331
35,651
operations.!
Other income
Saguenay Electric Co.—Change in Capitalization—
Depreciation
1938
$12,611,874
12,117,715
147,110
155,435
Accounts payable
.$5,391,998
Operating
Operation
,
_
1939
Depreciation and amortization—
On
Balance Sheet Dec. 30, 1939—
Liabilities—
Real estate
Years Ended Dec. 31
building—due June 20, 1940, $30,000; payments
due in 1940 on mortgage payable on leasehold, $2,700; liability for out¬
standing 7% preferred stock called for redemption, $2,645; mortgage pay¬
able, $68,400; rental income, $2,708; 5H% preferred stock, cumulative
($100 par), $767,500; common stock (148,500 no par shares), $869,000;
earned surplus, $1,625,729; capital surplus, $32,316; total,
$4,546,883.
Assets*-*
$4,200,714
& tenement houses
1,000
compared with
of $2,409,193.. This was a gain of 8.52%.
Earnings for
Consolidated Balance Sheet Dec. 31,1939
Assets—Cash, $173,523; marketable securities, $65,000; accounts re¬
ceivable, $41,226; inventories, $85,357; investments, $167,399; railroad
property and equipment leased to Chicago Great Western RR. Co. (less
reserve for depreciation of $338,014), $1,606,542; miscellaneous securities
and non-current receivables at cost, $24,083; property, plant and equip¬
ment
(less reserve), $4,795,016; deferred charges and prepaid expenses,
$23,576; total, $6,981,724.
Liabilities—Accounts payable,
$8,233; salaries and wages, $14,518;
interest on bonds, $16,862; taxes other than income taxes, $124,662;
Federal and State income taxes, $109,569; miscellaneous expenses, $429;
5% sinking fund gold bonds, $1,339,000; capital stock (200,000 no~par
shares), $3,000,000; capital surplus, $1,508,521; earned surplus, $859,927;
total, $6,981,724.—Y. 146, p. 3969..
Construction
as
Net sales._____________
_________.$13,379,697
Cost of sales, selling and administrative expenses— 12,750,255
a
Net income
$1,236,339
weer
sales for March, 1939 of $1,173,308.
This was a gain of 5 37%.
Sales for the three months period this year were $2,614,468 as compared
Co.—Earnings—
Operating income..
Operating expenses.
_
V':--
•
Sales for the month of March,
per
$167,765
$143,427
—
Schiff Co.—Sales—
St. Paul Union Stockyards
Dividends paid.
60,000
__
_
—V. 150, p. 2268.
—V. 150, p. 2115,
Earnings
1940—12 Mos- ■1939
$2,348,762
76,129
13,552
26,825
25,754
12,031,154
prop.
thru income..
Co.—Earnings—
1940—Month—1939
$201,635
$212,958
Period End. Jan. 31—
Operating
9,766
accrued
Other def. assets
1,239,719
int.
accrued
fund
Total
$304,074;
$10,390).
17,186,100
26,429
4,436,461
6,975,145
133,979
1,111,890
property
Cash
Working
banks and on hand, $411,584; investments,
receivable (less reserve for doubtful items of
in
17,186,100
Miscell. physical
divs*
Assets—Cash
Preferred stock.
Deps. in lieu of
Int. &
$
Common stock.
122,774,389 122,134,372
ductors'
Only)
[Including Domestic Subsidiary
193S
S
Liabilities—
S
equip¬
ment
Consolidated Balance Sheet Dec. 31, 1939
31
1939
1938
$
2439
256,765
74,750
Deferred charges__
Total
41,379,672 39,851,059
Total
.41,379,672 39,851,059
Less reserve of $99,394 in 1939 and $86,913 in 1938.
b After reserve
depreciation of $25,434,350 in 1939 and $24,687,635 in 1938.
c In
stock of A. Schrader's Son, Inc., over book value of net tangible assets
at date of acquisition.—V. 150, p. 1455.
a
Net profit from operations.
Other income
Other expenses
Provisions for Federal income tax___
Proportion of net profit of subsidiary applicable to
minority interest in common stock
89,283
for
Sears, Roebuck & Co .—Sales—
Period End. Mar. 31—
x
$947,420
share
including
extraordinary
278,000
x$2.50
$1.87
for April 22 in the Securities and Exchange Com¬
offices, on an application (File 70-16) filed by corpora¬
approval of the declaration and payment out of capital or unearned
surplus of dividends at the rate of $1.75 per share on its $7 cumulative
preferred stock, and at the rate of $1.50 per share on its $6 cumulative
preferred stock.
There are 1,843 shares of the $7 cumulative preferred
Securities
■
of $251,199.
y Includes
subsidiary,
a Includes domestic
domestic subsidiaries.
income
$6,530 dividends on preferred stock of
subsidiary only,
b Includes foreign and
$519,725
486,500
__
per common
Before
$84,668,131
—V. 150, p. 2268.
251,199
Consolidated net profit
Earnings
1940—2 Mos.—1939
$519,725
$696,221
income
Extraordinary income—proceeds of life ins. policies
Consolidated profit before extraordinary
Dividends
1940—Month—1939
$50,899,000 $49,767,587 $91,734,743
Sales
Corporation General—Hearing on Divs., &c.
A hearing has been set
mission's Washington
tion for
The Commercial & Financial Chronicle
2440
of the $0 cumulative preferred stock
The aggregate amount of the dividends will be $3,225.25
$7,096.50, respectively.
•
At the same time, a hearing will be held on the declaration (File 70-34)
filed by corporation regarding the following proposed transactions:
(1) The elimination of the existing deficit in earned surplus account by
a charge against capital sun>lus.
(2) A change in the stated value of the $6 and $7 cumulative preferred
stock, no par value, from $50 per share to $100 per share.
(3) A change in the outstanding common stock from a no par common
stock with a stated value of 50c. per share to a par value common stock
with a par value of 50c. per share.
stock outstanding and 4.731 shares
outstanding.
and
,
_
(%1/UC'""""
of Dec. 31, 1939, on basis of quoted market
prices on that date, net assets were equal to $2.13 per share of common
stock, compared with $2.43 per share on Dec. 31, 1938.—V. 150, p. 2268.
held April 9.
The amount to be redeemed, at $112 a share and accrued
dividends, represents about 50% of the stock held by the public. The
company proposes to borrow $1,600,000 and to meet the balance of re¬
demption costs from its own funds.
•
.
'
William M. Neal has been elected Secret air of this company.
Mr. Nea
will also serve as Assistant Treasurer, W. 8. Wilson has been elected Treas¬
urer and Assistant Secretary.—V. 150, p. 1949.
...
Soss Manufacturing
Scranton Lace Co. (& Subs .)*—Earnings—
Calendar Years—
Rales
*„¥$?***
—$3,073,525
quarterly dividends of 1234 cents per share were distributed.—V. 149, p.
South American Gold & Platinum Co.—10-Cent Div.—
653,940
79,893
Cr 1,899
$192,511
$429,796
Operating profit,.—
Other income (net)—-~
18,078
——
Directors have declared
,
18,806
income—
$447,874
65,054
$211,317
25,989
Net income--.-.
Inventory reserve-.
$382,820
12,000
Net income
Earned surplus at beginning of year--,
$370,820
716,769
$172,628
680,443
dividend of 10 cents per share on the common
South
Utilities Corp.—Foreclosure-
American
City Bank Farmers Trust Co., as trustee under an indenture dated
Jan. 1, 1934, of the corporation, April 4, brought suit in Federal court for
the foreclosure and sale of the securities posted for $4,432,950 in notes under
the indenture.
„
.
The notes, bearing fixed interest of 2% and contingent income interest at
5%, matured Jan. 1, 1938,. The indenture provides that after maturity the
interest on the notes should accrue and become payable at 7%.
The petition of the indenture trustee states that defaults have occurred
with respect to principal and interest, amounting as of Jan. 1,1938, to the
total of the notes outstanding, and as of April 1, 1938, to $1,830 in interest,
both with interest at the rate of 7 %.—V. 149, p.2098.
$185,328
12,700
i——
Provision for State and Federal income taxes
Gross
a
stock, payable May 16 to holders of record April 29.
Like amounts were
paid on Nov. 28 and May 10, 1939, Dec. 20, 1938, and on Nov. 24, 1937.
—V. 149, p. 3421.
$2,806,087
1,881,642
goods sold
1,909,544
Soiling, general and administrative expenses..639,226
Provision for depreciation—
—.83,417
Loss on plant assets disposed of
—.
—
11,541
Cost of
Co.—-Common Dividend—
Directors have declared a dividend of 6 y*. cents per share on the common
stock, payable April 25 to holders of record April 15.
Previously regular
The company reports as
Gross
April 13, 1940
Southern Pacific Co.—Par Value Changed—New Directors
The Interstate Commerce Commission has authorized the company to
3,772,763 shares of common capital stock of
without par value.
The change is designed
financing by the issuance of stock when such is practicable.
Stockholders approved the change of the stock of the company to no par
value from $100 par previously at their annual meeting held on April 3.
Henry L. Corbett qf Portland, Ore., and Harvey S. Mudd of Los Angeles,
Calif., were elected directors to succeed Calrence Stanley and the late
Edward S. Harkness.—V. 150, p. 2117.
v
'
substitute for its outstanding
$ 100 par a like number of shares
to facilitate
Gross
$1,087,589
6,163
214,518
11,740
$853,071
16,793
107,259
12,250
end of year-----—-.--—-$855,168
common share-—---------------$3.40
Consolidated Balance Sheet Dec. 31, 1939
$716,769
surplus.---—
Preferred dividends--dividends-
-
-
-
-
-—- -
-
Common
Premium
on
-
-—------
—--------
preferred stock redemption. -
-—
Earned surplus at
Earnings
per
,
Southern
$1.45
Assets—Cash, $611,754; accounts receivable (less reserves of $14,211),
$398,662; inventories, $553,397; other assets, $26,697; land, buildings,
machinery and equipment (less reserve for depreciation), $1,366,786;
deferred charges, $48,838; total, $3,006,135.
Liabilities—Accounts payable, $5,337; accrued payrolls, $54,808; accrued
ip sh-Hrcs)
taxes, $109,084; reserves, $72,342; common stock (107,259 no
$1,072,590; paid-in surplus, $836,805; earned surplus, $855", 168; total',
$3,006,135.—V. 150, p. 1455.
Ry.—Earnings—
—Fourth Week of March
1940
1939
Gross earnings
(est.)
$3,569,793
Jan. 1 to March 31—
1940
Spicer Mfg. Corp. (& Subs.)—-Earnings—
Earnings for 6 Months Ended Feb. 29, 1940
Profit...
1939
$1,063,461
— --
Cost of sales, selling and administrative expenses.
Provision for depreciation of fixed assets—------
Net profit from operations^
Interest, discount and sundry income—
Earnings
per
$136,569
on
$181,953
—
10,563
1,547
26,160
—
$99,847
$143,656
31,013
74,887
$1.13
class A stock
class B stock-------—------
30,337
49,924
share on the class B stock.—-
$0.69
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash in domestic banks and on hand, $94,814; cash in banks
and on hand in foreign countries, $80,099; accounts, notes receivable (less
reserve), $184,559; inventories, $84,109; prepaid expenses, $14,245; sundry
accounts and notes receivable, $33,462; sundry investments and advances,
$19,147; fixed assets (less reserve for depreciation of $173,216), $145,364;
intangible assets, $703,752; total, $1,359,553.
Liabilities—Accounts payable, $27,188; customers' credit balances, $11,485; accounts payable (sundry), $834; dividends payable, $169; commissions
accrued, $13,374; wages, taxes and other accruals, $13,688; provision for
income and profits taxes, $42,800; reserve for contingencies, $4,462; class
A stock (16,059 no par shares), $341,254; class B stock (99,849 no par
shares), $409,462; capital surplus, $330,374; earned surplus, $186,840;
class A stock purchased for sinking fund purposes and in excess of sinking
fund requirements (999 shares, at cost), Dr22,378; total, $1,359,553.—V.
150, P. 1948.
Silex Co.—Extra Dividend—
Directors have declared
an extra dividend of 5 cents per share in addition
quarterly dividend of 30 cents per share on the common stock, no par
value, both payable May 10 to holders of record April 30.
Similar amounts
were paid on Feb. 10, last, and on Nov. 10, 1939, and compare with extras
of 5 cents and regular quarterly dividends of 25 cents paid on Aug. 10 and
Feb. 10, 1939, and on Nov. 10, 1938.
to a
Calendar Years
Net sales.—----------—-----Cost of sales
1939
1938
$2,473,173
1,389,127
Selling, administrative and general expenses
591,625
Depreciation on property, plant and equipment-_
22,936
Amortization of patents
2,332
—
-
Net operating profit
Other income (net)
Net income before taxes
$2,379,052
1,378,164
584,411
16,672
2,018
;
__
,
- -----
_
$467,153
___
—------
Operating profit
Other income (net)
Total income!
Idle plant expense.
$397,787
6,893
746
-
$1,251,695
...
—
Net profit
Earns, per share on
—V.
.
_.
115,886
—
$1,367,581
9,203
245,500
.
—
;
—
...
300,000 shares
common stock
_;
$1,112,878
$3.36
150, p. 2269.
Spiegel, Inc.—Sales—
Period End. Mar. 31—
Sales
—V.
——_.
.
Federal income tax
36,750
_——
on
$172,770
9,183
6,762
—
——
Provision for income and profits taxes—
Net income
$1,136,361
953,165
10,427
$129,807
—-
sundry charges.
1938
921,823
11,831
------
Total income—
Cash dividends
Cash dividends
446,675
331,879
...
(& Sub.)—Earnings—
Calendar Years—
Net sales..-
Deduct
■
$2,030,249
— -
Selling, admis. & general expenses.-—
Depreciation
Shaler Co.
1939
$3,623,757 $33,608,079 $31,312,124
—V. 150, p. 2117.
150,
P.
'
.
.';j ' #
1940—Month—1939
1940—3 Mos.—1939
$5,418,121
$5,387,129 $12,080,554 $10,477,290
.
.
1788.
(E. R.) Squibb & Sons .—Final
Preferred Dividend—
Company has declared a final dividend of $1.50 per share on the $6 first
preferred stock, payable May 1. This stock has been called for redemption.
—V. 150, p. 2117.
,
-
Standard Gas & Electric Co .—Acts Under
—-Plan to Sell San
Holding Ban
Diego Unit—
The management of the company has made the first definite move by a
major holding company toward voluntary compliance with Section 11, or
the integration provisions, of the Public utility Holding Company Act, it
was learned April 8.
Leo T. Crowley of Standard Gas, Chairman; Bernard W. Lynch, Presi¬
dent, and Victor Emanuel, Chairman of the company's Finance Committee,
have been authorized by the board of directors to enter into negotiations with
outside interests relative to the eventual sale of the San Piego Consolidated
Gas & Electric Co., a Standard Gas subsidiary serving San Diego, Calif.,
and contiguous territory.
Divestment of ownership of the San Diego property, it is understood,
represents the first operation In a program under consideration by Standard
Gas to dispose of its other properties along the Pacific Coast and in the
Pacific Northwest in compliance with Section 11, the so-called "death
sentence," which requires that holding company systems confine their
operations to one, and perhaps one additiohal, single integrated region.
Standard Gas recently was cited by the Securities and Exchange Com¬
mission with a show-cause order on integration, and has until April 16 to
submit a reply. It is believed, however, in view of the program now reported
to be under way, that the company will seek an extension of the hearing
date.
As
a collateral feature of the plan to sell San Diego Consolidated, it is
Gas intends to apply the
proceeds from the sale to a reduction of the outstanding funded debt of the
top company.
Standard has outstanding $72,227,500 of 6% debentures
maturing in various amounts from May 1,1948, to Dec. 1,1966.
understood that the management of Standard
Weekly Output—
on
income.—-
$467,899
Provision for Federal and State income taxes—.
$404,680
75,838
93,639
Net income
$374,259
$328,842
Common dividends.
258,000
225,750
Earns, per sh. on 215,000 shs. of com. stk. (no par)
$1.74
$1.53
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash in banks and on hand, $317,760; accounts receivable
(less
reserve for doubtful accounts of $21,084),
$138,372;
Electric output of the public utility operating companies in the Stand¬
ard Gas & Electric Co. system for the week ended Apr.
6, 1940, totaled
118,617,237 kilowatt hours, an increase of 11.3% compared with the cor¬
responding week last year.—V. 150, p. 2270.
—
inventories, $263,439;
investment, $4,362; property, plant and equipment (less reserve for de¬
preciation of $89,390), $246,957; patents and trademarks, $26,574; prepaid
expenses and deferred charges, $26,687; total, $1,024,150,
...liabilities—Accounts payable, $73,156; bonuses and commissions payable,
$13,127; accrued liabilities, $26,123; provision for Federal and State income
taxes, $93,683; common stock (215,000 no par shares), $215,000; paid-in
surplus, $83,181; earned surplus, $519,879; total, $1,024,150.—V. 150, p.
1948.
*
-
»>***
(A. O.) Smith Corp.—Earnings—
3 Months Ended Jan. 31—
xl940
_
""""
1939
$907,181
274,775
$651,704
263,135
$632,406
Operating income
Depreciation
$388,569
6,254
Non-operating income-
Standard Paving & Materials, Ltd.—Initial Pref. Div.—
Directors have declared an initial dividend of 31M cents per share on the
participating convertible preferred stock payable April 25 to holders of
record April 15. Arrears on April 1 amounted to 62J4 cents per share.—V,
141, p. 935.
Sterling Aluminum Products, Inc.—Earnings—
2 Months Endedr—
Net sales...-—
x Net profit
—
-
Feb. 29, '40 Feb. 28, '39
$381,729
$289,731
——
-
55,795
—
Superior Oil Co., Los Angeles—Names Underwriters—
Company has named 26 underwriters for its proposed $10,000,000 offering
of 3H% debentures, due
each will underwrite are:
1950.
Dillon, Read & Co...
Mellon Securities Corp—
The underwriters and the amounts which
$1,400,000 Hemphill, Noyes & Co
1,200,000 Laurence M. Marks A Co
Lehman Bros.—.
$651,572
179,556
Net income
Earns. per share on 498,800 shares capital
x
stock!
$472,016
$0.94
-
Includes results of wholly-owned subsidiary.—V.
SIoss~Sheffield Steel & Iron
Co.-
149,
p.
To Redeem
Emanuel A Co..—
Whits* Weld & Co—
1,000,000
Wm. R. Staats Co
Kidder, Peabody & Co
$343 708
Lee Higginson
Riter & Co
$0.69
Preferred
Stock—New Secretary—
Company plans to redeem 28,646 shares of its preferred stock on May 25
Hugh Morrow, President, said after a meeting of the board of directors
1,000,000
$394,823
51,115
3729.
41,095
Earnings per share
— —
$0.22
$0.16
x After depreciation, Federal and State income taxes, &c,
y On 246,500
shares of capital stock.—V. 149, p. 3730.
y
Corp
—
E. H. Rollins & Sons, Inc...-
400,000
400,000
Brush, Slocumb & Co..
E. W. Clark A Co
Inc
Eastman, Dillon A Co
—V. 150, p. 2270.
Whiting, Weeks A Stubbs, Inc
El worthy
Stone A Webster and Blodget,
Spencer Trask & Co
—
Tucker, Anthony & Co—.—
Union Securities Corp
-
G. M.-P. Murphy A Co
400,000
400,000
250,000
250,000
_
400,000
& Co
Ferris A Hardgrove
400,000 O'Melveny-Wagenseller A
Durst—
400,000
400,000 Pacific Co. of Calif—
300,000 Schwabacher A Co
200,000
200,000
150,000
150,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
Volume
The Commercial & Financial Chronicle
150
Notes—$139,000 of notes payable to bank are collaterated by pledge of
inventories, equipment, patents and trademarks.
In
Superior Water, Light & Power Co.—Earnings
1940—Month—1939
Period End. Jan. 31—
Operating
Operating
$94,912
$100,635
61,563
revenues
expenses
Direct taxes
57,942
14,226
14,658
Property retirement
appropriations
accounts receivable,
1939
1940—12 Mos
$1,055,155
$1,093,403
647,554
673,009
155,617
161,712
res.
4,000
4,000
48,000
48,000
$20,414
Net oper. revenues
Other income
$18,744
$210,682
$203,984
250
115
$20,414
454
$18,744
mtge. bonds,
454
$210(797
5,450
Other int. & deductions.
7,121
7,091
83,671
$204,234
5,450
97,342
CrS5
Cr67
$121/761
35,000
$101,509
35,000
$86,761
$66,509
Gross income
Interest
on
,
Int. chgd. to construct'n
.*
Net income
$11,199
$12,839
Divs. applicable to pref. stock for the period
Balance.
—V. 150, p. 1297.
capital stock and notes payable, the latter in the
principal amount of $1,090,000, of Auto-Ordnance Corp. owned by Thomp¬
son Automatic Arms Corp. are pledged as collateral.
Auto-Ordnance Corp. has entered into a contract with a manufacturer
for the production of Thompson submachine guns.
At Jan. 31, 1940 the
corporation had deposited $100,000 thereunder (as shown above).
It has
since paid an additional $100,000, and is obligated to make further sub¬
stantial payments upon delivery of the guns to the corporation.—V. 150,
p. 2271.
addition the outstanding
Texas
3 Mos. End. Mar. 31—
earns,
before
after all
1937
1939
1938
$67,295
1940
$79,603
less than 20 years.
The bonds were originally
offered in June, 1936, at par, by a syndicate
The bonds are callable at any time on 30
days' notice at 103 to June 15, 1941.
The proceeds of. the sale of the
debentures, together with other funds, were used to redeem the con¬
vertible debenture 5s due Oct. 1, 1944.—V. 150, p. 1952.
headed by Dillon, Read & Co.
Teck-Hughes Gold Mines, Ltd.—Earnings—
Feb. 29, '40 Feb. 28, '39 Feb. 28, '38
Net profit...
Earns, per share
x
After
charges and taxes,
y
Feb. 28, '37
$1,179,255
$0.24
$845,231
$0.18
$715,283
$0.15
$1,107,882
$0.23
V. 150, p. 446.
J.
-v'yf
'
\
1937
1938
deprec., Federal
Tennessee Central
$34,665
$33,892
$0.15
the public interest
and
Corp.—Five Cent Dividend—
Thompson Automatic Arms Corp.—Report to Stockholders
Russell Maguire, President, in
1940, the bank loan, of $539,000 effected by company
July 21, 1939, has been reduced to $100,000.
Company is committed to
pay $100,000 within the next few days in connection with current produc¬
tion of submachine guns, and it is contemplated that this money vail be
borrowed and repaid out of the proceeds of orders presently on hand., *
p [In our issue of Aug. 8, 1939 we stated that private financing for the
acquisition of ownership of Auto-Ordnance Corp. was arranged through
Russell Maguire & Co., Inc.
We stated that this was done through the
private sale of $250,000 shares of capital stock to a group of individuals
for a consideration of $539,000.
This evidently was a misstatement of the
on
According to the remarks of President Maguire, the financing had
a bank loan of $539,000.]
July, 1939, Auto-Ordnance Corp. had on hand an inventory of ap¬
proximately 4,700 guns, together with a substantial inventory of parts and
accessories.
Much of this merchandise had been in inventory for a number
facts.
accomplished through
In
All of the guns and most of the remaining inventory has now
liquidated and company is presently taking orders for current pro¬
of years.
duction.
Consolidated Income Account
10 Months Ended Jan. 31, 1940
$564,516
206,046
Gross profit from sales
Operating, selling and general administrative expenses
Profit from operations
$358,470
_
6,250
Other income— dividend from investment-
$364,720
_
on notes payable to bank,
$12,119: amortization of
organization and financing expenses, $103,844; provision for
taxes on income, $60,000; provision for Connecticut
taxes
on
income, $7,500; provision for reserve for contin¬
Interest
gencies, $5,000
188,463
—
x$176,258
period
Corporation was incorp. in March, 1939 and thereafter acquired the
promissory notes and the capital stock of Auto-Ordnance Corp.
The ef¬
fective date of acquisition of control by the parent company was con¬
sidered to be March 31, 1939; accordingly the earned surplus of $176,258
represents the consolidated net income from such date of acquisition as to
the subsidiary company and from the date of inception of operations as to
the parent company.
At March 31, 1939 the subsidiary company had a
deficit of $2,100,777 which amount (together with its promissory notes
and capital stock) has been eliminated in consolidation against
the in¬
vestment made by the parent company.
Consolidated Balance Sheet Jan. 31, 1940
(less res)..
$57,849
58,670
1,610
Advances tor expenses
;
160,210
facturing contract
Other deposits
Investment—at cost.
Equipment—at cost
Office furniture & fixtures...
...
Deferred charges
100,000
425
63
26,420
29,746
___
Comm. & royalties payable.-
369
Accrued payroll.
Other accrued taxes
12,471
payable
Reserve for contingencies
Capital stock (par $1)
Earned surplus
.
67,500
4,131
5,000
252,955
176,258
890
R.
P.
Total
$737,430
amortization, $481,611; remainder—unamortized, $25,515; patents and trade-marks—at nom¬
Development expenses, $507,127; less reserve for
1, $63: excess of consideration paid by parent com¬
ledger value of assets of subsidiary at date of acquisition (in¬
inal values—see note
cluding $53,500, representing 53,500 shares of the parent company's capi¬
tal stock issued at par value for services rendered in connection with the
acquisition of the subsidiary), $259,818.
T.
reorganization had
made continuance of
and that if it were allowed to remain in existence
sustain heavy losses through a depreciation in
would
also
I.
on
C.'s answer,
filed by Attorney Bernard J.
Kelley, and which is
behalf of six officers and directors who were named as co-defendants
and that P. R. T. employees and other stock¬
holders would suffer if the business was brought to an end.
(Philadelphia
"News Bureau.")
Tubize Chatillon
Corp.—Class A Dividend—
a
dividend of $1 per share on the class A stock
of record April 19.
Divi¬
being the first dividend on
1937, when a payment of $1.50 a share was made.—
this issue since Oct.,
V. 150, P. 1618.
Twin States Gas & Electric
(inch income
_
$218,591
$2,593,713
153,685
15,869
1,659
141,147
15,839
1,900
1,728,971
190,957
18,263
$2,536,063
1,706.996
184,468
17,906
tax)
11,629
11,515
119,957
112,047
$47,790
taxes
$48,190
$514,646
1,992
134
201
$535,565
3,454
$47,924
11,161
6,652
3,281
Net oper. income
Gross income
Bond interest
Other interest
1940—12 Mos.—1939
$230,632
Social security taxes
Fed.
Co.—Earnings—
1940—Month—1939
Period End. Feb. 29—
Operating revenues
Operating expenses
$48,391
11,161
6,753
2,607
(net)
$539,019
133,936
87,203
40,410
$516,638
133,936
87,695
48,759
Other deductions
Pref. div. requirements.
—V. 150, p. 2273.
$26,830
20,790
$27,870
20,790
$277,470
249,475
$246,248
249,475
Ulen & Co.—Exchange
Seeks Delisting of Stock—
The Board of Governors of the New
York Stock Exchange at its meeting
April 10 approved the recommendation of the Committee on Stock List
that application be made to the Securities and Exchange Commission to
strike the common stock of company from listing and registration, in view
of the small size of the assets available to the issue and in view of its small
total indicated market value.
Company was incorporated in Delaware Feb. 10, 1922 as success to
Ulen Contracting Corp., which was founded in 1900 as Ulen Contracting Co.
Company is a service company, performing engineering, construction and
management services.
A large proportion of this work has been done in
foreign countries.
From 1931 until 1938 the company itself suspended
solicitation of new business and devoted itself to completion of work on
hand, although some new business was apparently obtained by subsidiaries.
Earnings for recent years have, for the most part, consisted of fees, interest
from bonds which were received in prior years in financing construction
,
_
projects, and profit on redemption of such bonds.
In 1938 the stockholders
approved a proposed expansion plan whereby the company would increase
its activities in the domestic field of construction.
A recent communica¬
tion sent by the company to its security holders stated that the situation
in Europe and unsettled conditions in the United States retarded the com¬
pany's endeavors in reestablishing itself in active business and in over¬
coming the inertia of seven years almost complete inactivity.
The latest annual financial statement issued is that for the fiscal year
1938.
The Exchange has been advised that the company
and mailing of the 1939 annual report
until
such time as the outcome of its debt arrangement proceedings under Chapter
XI of the Federal Bankruptcy Act, now pending in the U. S. District Court
for the Southern District of New York, is ascertainable.
The book value
of the common stock, as
of Dec. 31,1938, after deducting current
liabilities,
debentures at par, the two presently outstanding preferred stock
liquidating values, arrearages on the preferred stock issues,
dividends on both of which are cumulative, and certain miscellaneous
the 6%
issues at their
items, amounted to $215,811 for the entire issue, or 80 cents per share for
the 270,072 shares outstanding in the hands of the public.
Among the
assets included in ascertaining this book value are $7,519,000 par value of
fund bonds of 1925-1926,
they are carried in the report by
National Economic Bank of Poland 3% sinking
extended to 1967, at the value
at which
the company, namely $6,015,200.
Based on the average of the bid
11,
1940, the
total
and asked price at 11:0C a. m. on March
approximate indicated market value of the 270,072
hands of the public amounted td
asked iji).
The last sale through March 11 was at
$321,000 (bid 1
1 y$ on March 9.
At its regular
meeting held March 12, 1940, the Committee on Stock
List announced a public hearing to be held on April 4, to consider the advis¬
ability of making application to the SEC to strike the Common stock of
Ulen & Co. from listing and registration.
The hearing was held at that
time and an officer of the company, counsel for the company and five stock¬
holders attended.
Counsel for the company stated that it takes a neutral
position and that it believes that it is a matter for the Exchange to decide,
and that it believes those facts
of public knowledge at this time by virtue of the various papers
and communications which have been sent to stockholders and (or) filed
with the SEC and the exchanges on which the company's securities are
listed.
Only one stockholder had any comments to make and he was con¬
cerned about a possible loss of the market for the securities.
At the hearing it was pointed out that the total market value as of April 2,
1940, based on the mean of the 11:00 a. m. bid and asked price (bid 7-16
asked 8-16), amounted to $127,000 for the issue and that the last sale
through April 2, 1940 was at % on April 2nd.
After consideration of the matter at its regular meeting held April 9,
after consideration of all the various facts,
are matters
285,397
45,896
$737,4301
Total
$189,000
Notes payable—bank
Accounts payable
Acer. Fed. & State inc. taxes.
Deposit made under a manu¬
pany over net
the
that
unnecessary
shares of common stock outstanding in the
Liabilities—
Assets—
Cash on deposit and on hand
a
suit
C.
ended Dec. 31,
x
Intangibles
stockholders
intends to delay the publication
Federal
a
I.
Net income.
►As of March 11,
Sarent company.
Inventories
his
T.
Non-oper. income (net).
letter to stockholders states:
Corporation, on July 21, 1939, acquired the stock and notes of AutoOrdnance Corp., which had been engaged in business since 1921.
Prior to
July 21, 1939, Auto-Ordnance Corp. had outstanding certain notes secured
by a chattel mortgage in the principal amount of $1,090,000 with accrued
interest thereon.
These notes were acquired and are now held by the
rec.
in
State and munic. taxes.
Company paid a dividend of five cents per share on its common stock, on
April 1 to holders of record March 27. Dividend of 8 1-3 cents was paid on
March 1, last.—V. 148, p. 892.
Gross income
Corp.—Answers Receivership Suit—
S. District Court April 1 asking for a dismissal
by Henry Orth, Camden, N. J., a stockholder,
for appointment of a receiver to liquidate its business, corporation (formerly
Mitten Bank Securities Co.) declares that such an action would greatly
impair the investment of more than $14,000,000 by Philadelphia Rapid
Transit Co. employees in T. I. C. stocks.
Mr, Orth, who claims to own 3,000 shares of T. I. C. pref. stock, contended
Directors have declared
Ry.—Extension of RFC Loan—
be in need of financial reorganization in
Trade accts.
filed in U.
an answer
of the company, payable May 1 to stockholders
dend of $2 was paid on Dec. 2^, last, this latter
approved the extension of time of payment for a period ending not later
than April 1, 1944, of a loan by the Reconstruction Finance Corporation
to the company, in the amount of $5,000,000, maturing April 1, 1940.
—V. 150, p. 2117.
Net income for
In
of the suit filed March 7
x$0.15
The Interstate Commerce Commission on March 27 found the company
been
Inc.—Asset Value—
asserts the contrary is true
taxes, &c
$30,259
$15,909
Earns. per sh. on 226,600
shs. com. stk. (par $5)
$0.13
$0.07
x Based on 228,760 shares.—V.
150, p. 1951.
been
Pay¬
Conversion
This compares with $73.47 per share on Dec.
Transit Investment
T.
1939
1940
Net profit after develop,
Texamerica Oil
accrued dividend.
9,8S6tS
Telautograph Co.—Earnings—
"not to
Tobacco & Allied Stocks,
its
On 4,807,144 shares of capital stock.—
;i.
3 Mos. End. Mar. 31-rexps.,
preference stock has been called
Cleveland.
privilege of called stock expires on May 6.—V. 150, p. 2271.
$177,407
x Equal
after preferred dividend requirements to 24 cents a share on
322,056 shares of common stock.—V. 150, p. 1007.
y
Inc.—Preferred Stock Called—
A total of 550 shares of convertible prior
for redemption on May 11 at $105 per share plus
ment will be made at the National City Bank of
31, 1939.—V. 149, p. 4043.
x$96,821
reserve
6 Months Ended
whereby
refund its $60,000,000 of 3H% debentures, due
realization of appreciation.
ex¬
and taxes, but
x
special meeting April 8 formulated a plan
a
The company reports that as of March 18, 1940, net assets were equal
to $76.80 per share, before deduction for such taxes as may be payable upon
(James) Talcott, Inc.—Earnings—
penses
at
15, 1951, by the issuance of new $60,000,000 debentures, due in not
June
Thompson Products,
Feb. 29, 1940, states that, with securities
date, net assets were $8,239,459, equal to
$9.88 a share (par $1) on 834,018 shares of capital stock.
This compares with net assets on Dec. 31, last, of $8,569,779 equal to
$10.19 a share on 841,392 shares.—V. 150, p. 1297.
The company's report as of
market quotations on that
Net
Corp.—To Refinance 3^2% Debentures—
The directors
the corporation plans to
Supervised Shares, Inc.—Asset Value—
at
2441
1940, the Committee on Stock List was of the opinion that the common
stock of the company did not appear eligible for continued listing on the
The Commercial & Financial Chronicle
2442
Underwriters—The underwriters and the principal amount of debenture
Exchange and that application should be made to the SEC to strike this
stock from listing and registration in view of the small size of the assets
available to the issue and in view of its small total indicated market value,
the Board of Governors
and recommends to
filed.—V.
150,
p.
that such an application
be
1953.
Union Premier Food Stores,
Inc.—New Directors—
was
appointed
Vice-President at the meeting of the board following
Herman Silver.—V. 150, p. 2274.
a
to be
purchased by each
follows:
are as
Goldman, Sachs & Co
$1,200,000 Smith, Barney & Co
Lehman Brothers
650,000
Blyth & Co., Inc.
Kidder, Peabody & Co.
Bonbright & Co., Inc
The First Boston Corp..
650,000
650,000
500,000
500,000
500,000
_
At the annual meeting of stockholders held April 9, three directors were
elected to fill vacancies, as follows: Harold W. Scott, Arthur Rosenberg
who
April 13, 1940
HarrimanRipley&Co.,Inc
W. E. Hutton & Co_._._
Piper.Jaffray & Hopwood
100,000
Kuhn,Loeb&Co—700,000
Consolidated Income Account Years Ended Dec. 31
the annual meeting; and
1938
1939
United
Corp.—Stock Offered—
Arthur Wiesengerger & Co. on April 11 offered 2,300 shares
of $5 pref. stock (no par) at $30 per share and 4,000 shares
of common stock (par 10 cents) at IK per share.
The
offering is for foreign liquidation account.—V. 149, p. 3279.
Cigar-Whalen
United Corp.
(Del.)—Earnings—
3 Mos. End. Mar. 31—
Dividends received
Taxes
-
•
72,095
expenses
$2,128,081
Divs.
paid on $3
preferred stock
1937
1938
$2,241,3 26
y104,907
79,901
$2,283,621
y83,445
—
_
$2,290,739
x74,114
93,294
$2,303,340
x76,836
62,710
$2,123,331
$2,163,794
1,866,521
$2,056,518
1,866,521
cum.
Balance for period
$2,056,518
$256,810
$297,273
513,287
$2,128,081
Bal. of earned surplus at
Dec. 31
12.947,827
12,627,208
■
Gross sales, less discount, &c
Cost of goods sold
Depreciation
Taxes (other
income)
475,247
91,958
Sell., delivery, gen. & admin, exps—
Prov. for doubtful accounts (net)
504,026
84,681
394,052
78,856
6,682,678
6,531,076
25,194
26,849
$1,597,201
$1,584,146
43,053
$1,288,302
205,249
$1,493,552
238,125
13,347
299
$1,627,199
230,816
13,347
53,101
7,049
274,729
17,912
$1,093,964
76,636
459,054
$2.08
Operating profit
6,474,745
24,827
$1,030,245
76,986
527,912
$2.07
Other income
59,710
Totai income
Interest on debenture bonds—
-
Amortiz. of disct. & expense of debs..
Interest on bank loans, &c_i
Miscellaneous other charges
Prov. for Fed. & State income taxes.
_
$1,656,912
223,125
13,347
58,681
5,339
262,156
14,529.491
14,529,491
14,529,491
$0.01
$0.02
$0.02
14,403
24,354
250,248
Cr8,286
,
$2,569,805 $13,204,637 $12,924,481
standing (no par)
14,529,491
Earnings per snare..$0.02
$9,225,665
459,023
505,858
510,299
State
—
Subs, losses not consolidated
Earn, surp.at Mar. 31a$2,128,081
Shs. common stock out¬
$9,676,447
435,369
$9,846,983
433,196
541,508
&
Federal
than
1937
$22,994,099 $23,431,062 $24,740,259
13,147,116
13,754,614
15,514,593
Gross profit from operations
Maintenance and repairs
;
Rents
1939
1940
•
Current
Stores
$500,000
350,000
350,000
350,000
Giore, Forgan & Co
Harris, Hall & Co. (Inc.)
Netprofit...
Does not include any
provision for estimated Federal surtax on un¬
Includes $71,456 provision for Federal income tax.
Subject to adjustment, the Securities and Exchange Commission in an
order dated Dec. 9, 1939 authorized the payment of the arrears of dividends
on the $3 cumulative preference stock and the charging of $2,521,002 to
capital surplus, being the portion of such arrears of dividends for which
earned surplus was not available.
This order provides that subsequent
dividends on the $3 cumulative preference stock may be paid out of net
income or other net credits to earned surplus and that the excess of such net
income over dividends charged thereto is to be credited back to capital
surplus until the foregoing amount of $2,521,002 is restored.
To Dec. 31,
1939 $317,835 had been so credited back to capital surplus.
At Dec. 31,
1940
any excess of net income or other net credits to earned surplus for the
year 1940 over dividends on the $3 cumulative preference stock declared in
that year will be similarly credited to capital surplus.—V. 150, p. 704.
x
distributed profits,
Preferred dividends
Common dividends
Earns, per share on common
Balance Sheet Dec. 31.
y
a
United Fruit Co.-
1940
1939
1938
1937
except Fed.taxes(est.)
Shs. common stock out¬
$3,071,000
$3,508,000
$2,526,000
$3,396,000
2,896.600
$1.06
share
2,896,600
$1.21
x Excluding 19,000 shares held in
treasury,
held in treasury.—V. 150, p. 1007.
United
Biscuit
Co.
of
y
y2,896,000
$0.87
x2,906.000
$1.16
Excluding 28,400 shares
Other members of the
offering groups are: Lehman Bros.,
Blyth & Co., Inc., and Kidder, Peabody & Co.
Dated April 1, 1940; due April 1, 1955
Coupon debentures in denom.
to principal only.
Prin. and int. (A & O), payable
in New York.
Red. at option of company at any
time in whole or in part on at least 30
days' notice, otherwise than for
sinking fund at 105% prior to April 1, 1944, and for sinking fund at 103%
prior to April 1, 1942, with reductions in the redemption prices on these
respective dates and periodically thereafter in each case with accrued
interest.
Manufacturers Trust Co., New York., trustee.
Pennsylvania
and Connecticut personal property taxes not
exceeding 4 mills per annum on
as
at office of fiscal agents
income tax not exceeding 6%
of
proper application.
Listing—Company has agreed to make application in due course for the
listing of the debentures on the New York Stock Exchange.
History & Business—Company is engaged principally in the manufacture
of varied lines of crackers, cookies and
busciits, and their distribution in
package and in bulk.
The territory served by the company includes most
of the trading areas of the United
States, except the Pacific Northwest,
N. Y. City, and certain districts in California and in the
Gulf States.
Company was incorp. in Delaware in November, 1927, and at that time
and during the next two years acquired the
capital stocks of 15 biscuit com¬
panies and a company engaged in the manufacture of paper cartons and
containers.
As a result of a corporate simplification
program completed
Dec. 31, 1938, the company took over the
operations formerly conducted
by these subsidiaries, which then became operating divisions of the com¬
pany.
Company is now primarily an operating company and has only
three active subsidiaries which are of minor
importance and conduct a
purely selling business.
Approximately 5,000 people are employed by the
company.
.*
Company operates in the main inder a decentralized system, in which the
executives associated with the various units
before thair acquisition by the
company have for the most
part remained in charge of the corresponding
local identities of these divisions and their trafe names,
Zi8!0?8,
which have been built up over a considerable
period of years, have thus been
preserved.
At the same time each division
obtains, through the central
office at Chicago, the benefit of the
operating experience and methods of
the other divisions.
Company
a
n,.i.
is
operates 15 plants for the manufacture of
crackers, cookies and
and one plant for the manufacture
All of the
leased.
of paper cartons and containers.
are owned by the
company, except the St. Louis plant whicn
The principal St. Louis plant leases
expire on Dec.
plants
31, 1942.
®fi*Qo,To^r~'Neit pr,?Yee<i8 ^ ke
be
$6,888,272, and will
(1)
To redeem
on or
i1®,.
To repay on
received by the
company will amount to
applied as follows:
about May 13, 1940, at 105,
5% deb. bonds
about April 12, 1940, atYhVirface
aVnount",
the $1,600,000 bank loans
incurred April 15, 1938 and due
serially April 15, 1940-42
#(3) To be used
,
.
S.
Accts.
as
working capital, &c__
.
,
.
■
Common stock (no par)
268,488
364,459
25,268
commissions, &c
Acct. pay. to sub.
(net)..
988,142
1,003,731
1,951,458
1,769,904
33,650
Authorized
$7,000,000
9,798 shs.
a750,000shs.
19,247
675,496
not consolidated
9,797
Bank loans
Racks, containers,
&c_.
Invests. & advs
1,200,000
1,600,000
5%
4,400,000
4,550,000
59,823
debentures
Reserves
126,929
(at
assets
17,147
616,830
59,692
7% pref. stock
979,800
7,925,650
Common
8,802,156
Paid-in surplus...
exps. & de¬
ferred charges..
of life
in¬
210,197
239,639
204,663
8,068
7,899,243
1,467,765
4,875,822
1,479,765
Earned surplus
4,325,047
Com. stk. in treas_Z>r921,954 Dr921,954
183,287
12,834
16,503
stock
1,099,800
7,899,243
7,683,071
8,031
Value
policies
Notes & accts.
ceiv.
due
_
re-
from
employees
Total
x
21,272,630 21,550,927
Represented
shares
common
Total
by 488,320 shares
(no
21,272,630 21,550,927
par),
y
Represented by 29,266
stock at cost.—V. 150, p. 2118.
United Gas Corp.
Period End. Jan. 31—
(& Subs.)—Earnings—
1940—3 Mos.—1939
1940—12 Mos—1939
Total oper. revenues
$13,323,729 $11,435,748 $42,089,910 $40,920,334
Oper. exps. (excl. taxes).
5,213,518
4,975,150
19,297,461
18,559,680
Taxes.
1,307,350
995,776
4,159,052
3,630,418
Prop, retirement & depl.
reserve appropriations
2,843,312
2,452,771
9,196,549
8,885,853
Net oper. revenues
Other income.
Other
income
$3,959,549
$3,012,051
207,069
47,072
$9,436,848
360,091
$9,844,383
410,224
deductions
including taxes
106,637
73,869
364,054
391,950
$3,899,984
Interest on mtge. bonds.
75,570
Int. on coll. trust bonds.
48,750
Interest on debentures..
405,063
Other
interest
(notes,
loans, &c.)
488,327
$3,145,251
77,370
$9,432,885
304,980
$9,862,657
369,210
49,445
405,063
195,000
1,620,250
1,620,250
494,856
185,568
C'r5,807
1,930,059
Gross income
...
Other deductions.....
Int. chgd. to construct'n
Pref. divs. to public, sub.
.
26,885
Cr4,580
199,444
1,952,431
222,168
Cr21,733
55.514
Crl0,392
212
212
847
847
80,079
26,359
162,771
93,602
$2,779,678
$1,912,185
$5,173,856
$5,426,438
Portion applicable to mi¬
nority interests
Bal'ce carried to
cons,
earned surplus
Income Account of Company Only
Period End. Jan. 31—
Oper. revs.—natural
Operating expenses
1940—3Mos.—1939
•
Taxes
Prop, retire,
$3,277,109
2,300,844
212,697
1940—12 Mos.
1939
res. approp.
$9,084,456
6,547,758
750,990
652,100
$8,260,820
223,600
$2,968,364
1,989,808
183,220
215,600
$539,968
2,183,307
gas
$579,736
2,754,522
$1,133,608
6,545,912
$1,000,832
6,745,032
5,938,694
667,294
654,000
Net operating revs.—
natural gas
Other income
Other income deduct'ns,
including taxes
85,643
54,449
264,162
297,237
$2,637,632
Interest on debentures.
501,525
Int. on notes & loans.__
443,517
$3,279,809
501,525
443,517
$7,415,358
2,006,100
Gross income.
Other interest
8.448
Other deductions
1,923
9,377
1,369
1,759,604
35,912
6,259
$7,448,627
2,006,100
1,759,604
41,231
5,763
$1,682,219
$2,324,021
$3,607,483
$3,635,929
.
_
Summary of Surplus for the 12 Months Ended Jan. 31, 1939
Total
Capital
Earned
$39,006,147 $14,467,819 $24,538,3?8
Surplus, Feb. 1, 1939
to capital
surplus of
gen, reserve appropriated therefrom
—
i
000 000
Add restoration
4,464,591
4,464,591
Total
Outstanding
$7,000,000
9,798 shs.
459,054 shs.
conv.
7%
Sinking Eund—Indenture will provide for a
sinking fund under which the
company will be required to retire by redemption or
purchase on or before
Junei 1 of each year, commencing with 1941
and ending with 1954, 3% of
the total principal amount of
debentures issued prior to the preceding
April 15 if the consolidated net ezrnings
applicable to dividends for the
year ended on the preceding Dec. 31 have been
less than $1,200,000, 4%
of such amount of debentures if such
oarniDes for that vear have been at
lease $1,200,000 but less than
$1,500,000, and 5% of such amount of deben¬
tures if such earnings for that
year have been $1,500,000 or more.
The
debentures are to be redeemable for the
sinking fund, upon at least 30 daysnotice, at 103% if red. prior to April 1, 1942, with
successive reductions in
the redemption price of M % of such
principal amount on April 1, 1942 and
on each April
1 thereafter to and including April
1, 1953, and thereafter
at their principal amount,
together, in each case, with interset to the
Accounts payable.
Div. pay. on pref.
1,546,773
Net income
'668,272
a 24,495 shares reserved
for issuance upon conversion of
the
cumul. preferred stock.
date.
$400,000
Accruals, payrolls,
Inventories
Fixed
$
$400,000
25,233
and
27,347
rec.
1938
(curr.)
1,228,864
Govt,
or
3K % debentures due April 1,1955
Conv. 7% cumulpref (tock
(par $100)_
redemptnon
in
deps.
municipal sees..
®4 020 000
Capitalization After Giving Effel to Present
Financing
,,/w
Bank loans
banks
now outstanding in the principal amount
of $4,400,000
(2>
mand
TJ.
1939
Liabilities—
$
Misc. other assets.
America—Debentures
each dollar of taxable value, and Mass.
interest per annum, refundable on
1938
hand & de¬
Prepd.
Offered—
Goldman, Sachs & Co. headed an underwriting group that
offered April 9 $7,000,000 3%% debentures due
April 1,
1955, at 102% and accrued interest from April 1, 1940.
of $1,000, registerabie
on
surance
standing (no par)
per
Cash
cost)..
3 Mos. End. Mar. 31—
Net earns.after all chgs.,
Earnings
1939
Assets—
Intangible assets.. 8,802,156
-Earnings-
$961,361
85,036
734.486
$1.90
$43,470,738 $18,932,409
Deduct miscellaneous adjust'ts (net).
4,444
C-r230
Balance
...
$24,538,32*8
4,675
.$43,466,294 $18,932,640 $24,533,654
Net income for the 12 months ended
Jan. 31, 1940..
3,607,483
Total
Dividends
on
3,607,483
...$47,073,776 $18,932,640 $28,141,136
3,823,487
3,823,487
$7 preferred stock
...
Surplus, Jan. 31, 1940
—V. 150, p. 2119.
$43,250,289 $18,932,640 $24,317,649
.
United Gas Improvement
Co.—Weekly Output—
The electric output for the U. G. I. system companies for the week just
closed and the figures for the same week last year are as fellows;
Week
ending April 6, 1940, 102,877.465 kwh.
Same week last year, 93,997,387
an increase of 8,880,078 kwh. or 9.4%.—V. 150, p. 2274.
kwh.
United
Illuminating Co.—Plan Filed with SEC—
Application for approval of
and Illuminating Shares
Trust
plan under which United Illuminating
Co. would divest themselves of control
a
V-olnme
of United
The Commercial & Financial Chronicle
150
Illuminating Co.
filed
with
the Securities and Exchange
Commission March 28 by the two
companies.
United Illuminating Co. would become an
independent electric utility
operating wholly within the State of Connecticut.
The plan also provides for the transfer
by the Trust to the Shares
was
Veeder-Root, Inc.- -Earnings—
8 Weeks Ended—
Net earnings after all charges
shares
Feb. 24.
of capital
stock of the United Illuminating Co.
The Shares
company will exchange these securities for 1,159,302 snares
of its
outslanding class A stock on the basis of one share for each two
shares of class A stock.
Certificates representing interests in the cash, if
any, of the Shares
company remaining after the payment of its expenses
and liabilities will be issued to holders
of its class A stock.
Consummation of the plan, it is stated, will be subject to votes
passed
by holders of at least 80% of the outstanding class A stock of the Shares
Assess—
Feb. 24,'40
Liabilities—
Feb. 25,'39
Cash & U.S. Govt,
Feb. 24,'40
Curr. accts. pay..
New
&
Power
Set-Up Will Be Sent
Co.—Plans
Invs.
in sub. cos.,
208,203
shs.
207,843
Earned
to the SEC Soon—
Total..
2,500,000
701,334
Operation
DepreciationTaxes
1,128,694
147,009
$5,212,564 $4,866.59
-Earnings-
1940—Month—1939
1940—12 Mos —1939
$1,730,865
$1,594,260 $19,490,631 $18,250,569
651,371
592.500
7,4 0,133
7,101,949
134,952
115,051
1,513,629
1,474,086
195,000
178,833
2,256,409
2,159,474
235,822
209,354
2,632,595
2,024,545
Manufacturers,
Inc.—50
$507,951
147,314
$489,226
141,743
$5,590,319
1,743,548
$5,384,064
1,853,027
$347,483
$3,846,772
1,171,596
$3,531,037
1.171,420
$2,675,176
$2,359,617
Balance for
150,
Wagner Baking Corp. (& Subs.)—Earnings—
52 Weeks
Period Ended—
Dec. 30 '39
Income from operations$307,324
United Paperboard Co. (&
'40
$1,960,307
72,160
100,003
"• 1,542
.
Total incomex Net profit
6 Months Ended—
Feb. 29, '40
$137,916
$0.96
Feb. 28, '39
$52,278
$0.36
—V. 149, p. 4188.
United States Plywood Corp.—To
Pay 30-Cent Common
Dividend—
Directors have declared a dividend of 30 cents per share on the common
stock, payable April 20 to holders of record April 13.
Like amount was
paid on Jan. 31, last, and previous payment on this issue was made on April
25, 1938 and totaled 12 ki cents per share.—V. 150, p. 704.
United States Steel
Corp.—March Shipments—
See under "Indications of Business Activity" on a
preceding page.
Refund $95,000,000 Debentures—
The corporation, it is said, is considering the filing of a new
registration
statement
covering the proposed public offering of new obligations, the
proceeds of which will be applied to refunding $95,000,000 10-year 3H%
debentures.
The issue originally totaled $100,000,000.
The.3^% debentures are dated June 1, 1938, and were due June 1,1948.
Beginning June 1, 1939, and semi-annually thereafter through Dec. 1,
1947, the sinking fund requirement called for the sum of $2,500,000.
The debentures are redeemable in whole or in part on any interest date
on 30 days' notice or on
any other date on 60 days' notice at 103 until
June 1, 1941, and at varying lower prices thereafter until
maturity.—
V. 150, p. 2119.
4,500
46,500
58,012
21,593
$111,093 loss$l09,466
515,781
720,819
$306,894
710,750
14,792
$393,036
672,615
y$549,463
3,196
192,872
x$651,389
1,099
177,650
—
$626,874
capital assets dis¬
of
Add'l Fed. & State taxes,
prior years
Divs. on 7% pref. stockDivs. on 2d pref. stock--
$611,353
$1,032,437
$1,065,650
prof. 1,712
4,839
25,105
10,151
2,639
82,377
18,213
162,710
20,572
9,735
89,789
26,612
218,613
on
posed
79,524
15,972
81,921
8,620
Divs. on common stock.
Miscell. deductions
Specialties Co.—Earnings—
52 Weeks
1938 Jan. 2 1937
18,850
taxes
Jan. 1
contingencies-
Total surplus
Loss
Feb. 25, '39
$1,524,771
33,038
62,998
loss 15,292
After depreciation. Federal income taxes, &c:—V. 150, p. 856.
Net profit after Fed. inc. taxes, deprec., int., &c_.
Earns, per sh. on 143,000 shs. com. stock (par $1).
for
Profit for period
Previous earned surplus.
Adj. affecting prior yrs_
Subs.)—Earnings—
Feb. 24,
Profit after expenses
Prov.
52 Weeks
2,172
167,010
8,199
...
Cent
52 Weeks
Dec. 31 '38
$115,040
3,980
179,069
• 36,957
Interest paid
Depreciation
Inventory write-down.Federal capital stock and
Dec. 1,1937.—V. 150, p. 2275.
9 Months Ended—
Preferred Stock
and Exchange Commission announced April 8 that the
Stock Exchange filed an application to strike from
listing and
registration'the 5% non-cumulative convertible preferred stock B ($100 par)
of the company.
The application stated that in the opinion of the Com¬
mittee on Stock List the outstanding amount of this stock has been so
reduced as to make further dealings therein on the
Exchange inadvisable.
A hearing on the application has been set for
May 7.—V. 150, p. 2130. •
income
Net sales
stock and surplus
Wabash Ry. —To Delist
Directors have declared a dividend of 50 cents per share on the common
stock, of which 25 cents per share will be paid on June 15 to holders of
record, June 1, and the balance of 25 cents will be paid on Dec. 16 to holders
of record Dec. 2.
Last previous distribution made on the common shares
on
common
2276.
New York
Common Dividend—
the 25-cent dividend distributed
p.
-
The Securities
Discussing the problem of integration under the provisions of the Public
Utility Holding Company Act, Mr. Woolfolk said that it is" hoped that
the institution of formal integration
proceedings will cause no delay in the
consummation of the plan of recapitalization and the
management believes
that recapitalization should proceed as
promptly as possible and inde¬
pendently of the integration proceedings."
The company must answer
an SEC show cause
integration order on or before April 18.
Consolidated net income of the company and subsidiaries in 1939,
according to the report, were $4,598,654, compared with $3,091,506 in
1938, an increaseof $1,507,147.
Gross revenues were $91,141,673, against
$87,096,005 previously.
Last year's consolidated net income was equal,
after preferred dividend charges, to 29 cents a share on
3,476,768 combined
class A and B common stocks.—V. 150,
p. 2130.
&
$5,490,515
Drl06,451
—V.
developing its plan it has endeavored
a plan which will be fair
tolmaintain strict impartiality and to formulate
and equitable to all stockholders."
Merchants
$5,607,865
Drl7,546
Balance
$360,637
Preferred dividend requirements
-
.
Dr9,295
Balance
Interest and amortiz
of dividends to shareholders.
$513,720
Dr5,769
$498,521
Other income (net)--_.
"Your management fully realizes that its duties and responsbilities are
owed to all stockholders and not to those of
any particular class," Mr.
Woolfolk wrote.
"For that reason in
May
1,208,755
190,532
a
While Mr. Woolfolk did not disclose the terms of the
recapitalization
plan under consideration, it is understood that it contemplates the elimina¬
tion of preferred stock and the
placing of the company on an all-common
stock capitalization basis.
United
revenues
Maintenance
recapitalization plan, Mr. Woolfolk said, is necessary
to bring the company's affairs into
harmony with existing Federal regula¬
tion, to dispose of the unpaid dividends accumulated on the preferred stock
in some proper and acceptable manner
and, in so far as earnings permit,
x
8 weeks
Total
Virginia Electric & Power Co.
Period End. Jan. 31—
Operating
and that a continuity of earnings and dividends
may be
Viewed in all its aspects, he added, "it appears that
nothing
complete and possibly drastic readjustment of the capital stock
of United Light & Power Co. will
produce these results."
was
$5,212,564 $4,866,596
earns.
2,500,000
701,334
-V. 150, P. 1621.
a
United
38,821
be¬
surp.,
ginning of year.
Net
rates
to resume payment
99,012
without par
value)
Capital surplus
Capital Changes—
maintained."
The formation of
194,290
49,528
183,612
Cap. stk. (200,000
cost
William G. Woolfolk,
President, has announced in his annual report to
a comprehensive plan of
recapitalization of the corporation
was
being formulated by the management and would be submitted to the
Securities and Exchange Commission for
approval "at a very early date."
In drafting a plan of
recapitalization, Mr. Woolfolk said in the report,
"Your management has felt its first
duty to be to the corporation itself
that it may emerge with so sound a
capital structure that a strong credit
rating will be insured, that future financing may be done at the lowest
money
$57,436
298,229
-
shareholders that
short of
Feb. 25,'39
$80,574
$1,898,338 $1,829,416 Acer, taxes, pay'le
Notes &accts.rec.
this year.
304,308
327,630
Inventories
803,600
770,629 Acer, taxes, pay'le
next year
Fixedassets.net-- 1,876,379
1.81G.939
Other assets
121,736
120,139 Reserves, miscell-
-
Light
'39
$147,009
obligations
company approving the plan and authorizing its consummation and
ap¬
proving a vote by four-fifths of the trustees to terminate the trust.
United
'40 Feb. 25,
$190,532
Comparative Balance Sheet
com¬
pany of 579,651
2443
""193
193
Earned surplus end of
period
$533,091
$515,781
104,681
$720,818
$710,751
104,681
104,681
$0.15
Nil
$1.97
$2.77
x Includes other income of
$7,168.
y Includes refund of processing taxes
paid in prior years amounting to $15,914.
z Includes processing taxes paid
in prior years amounting to $2,995.
Shares
common
Earnings
per
stock
104,681
share
Balance Sheet Dec. 30, 1939
Assets—Demand deposits and cash on hand, $264,514; accounts receiv¬
(less reserve for doubtful accounts of $13,683), $116,032; inventories,
able
$456,835;
life insurance policies
(cash
surrender
value),
$19,422: invest¬
$80,967: note receivable (officer), $25,803; property, plant and
equipment, $1,538,545; deferred charges and prepaid expenses, $20,047;
total, $2,522,166.
Liabilities — Notes
payable
(bank),
$75,000;
accounts
payable,
$89,098; dividends payable, $35,420: accrued liabilities, $101,799; drivers'
security deposits, $31,984; reserve for contingencies, $34,306: 7% preferred
cumulative stock (par $100), $1,108,100; 2d pref. stock, $3 cumulative
(5,324 no par shares), $212,960; common stock (104,681 no par shares),
$104,681: capital
surplus,
$195,726; earned surplus, $533,090; total,
$2,522,166.—V. 150. p. 1790.
ments,
Walgreen Co.—Sales—
Period End. Mar. 31—
Sales..
1940—Month—1939
1940—6 Mos.—1939
$6,391,787
$6,000,583 $37,866,732 $36,420,009
—V. 150, p. 1621.
Wellington Fund, Inc.—Asset Value—
The
Universal Pictures
13
Co., Inc.-'-Earnings—
Weeks Ended—
Jan.
27, '40 Jan. 28. '39 Jan. 29, '38
Net profit after all charges but before
providing for Federal income taxes.
—V. 150, p. 1299.
Utah
Radio Products
$460,631
$157,990 loss.$388,797
Co.—Shipments—New Director—
G.
H. Beasley, President of this company, said at the annual meeting
April 2 that shipments in the first quarter were $695,290, against $624,132 in the 1939 period.
Fred R. Tuerk was elected a director ro replace
M. M. Corpening.—V. 149, p. 2385.
on
Utilities Power &
Holders of 30-year
Light Corp.—New Securities Ready—
5% gold debentures, 5H% 20-year gold debentures
and 7% cumulative preferred stock are being notified that the securities of
Ogden Corp. (the new corporation formed to acquire the assets of Utilities
Power <fc Lignt Corp. pursuant to the plan of reorganization of Utilities
Power & Lignt Corp. confirmed by the United States District Court for the
Northern District of Illinois, Eastern Division, by order dated Jan. 2, 1940)
will be ready for delivMry on April 15, 1940.
In order to receive the
securities the debentures and preferred stock
certificates of Utilities Power & Light Corp. must be surrendered to one of
new
the following exchange agents: American
National Bank & Trust Co. of
Chicago, 33 North La Salle St., Chicago, 111.; the New York Trust Co.,
100 Broadway, New York, N. Y., or the First National Bank of Jersey
City, 1 Exchange Place, Jersey City, N. J.—V. 150, p. 857.
Val Vita Food
Products, Inc.—Price of Debenture—
Company will offer its $600,000 of 5% sinking fund debentures, due
1952, to the public at 99 and accrued interest, according t-o an amendment
filed with the SEC.—V. 150, p. 2130.
Van Norman Machine Tool
12 Weeks Ended—
Co.—Earnings—
Mar. 23. '40 Mar. 25, '39 Mar. 26, '38
Mar. 27, '37.
Net profit after all chgs.
F & Federal income tax.
Earns.per sh.on com. stk
—V. 1.50, P. 1009.
$105,868
$1.19
$58,565
$0.66
$117,334
$1.32
company reports for the three-months' period ended March 31,
total assets of $5,308,013, equivalent to $14.40 per share, after
payment of dividends on March 30 of $73,950 or 20 cents per share, com¬
pared with $5,168,592 or $14.49 per share as of Dec. 31, 1939.
According to Walter L. Morgan, President, operations for the threemonths' period resulted in a profit of $142,787 or 39 cents per share.
Of
this amount 10 cents per share was derived from ordinary income and
29 cents per share from security profits.
The report points out that the
principal changes in the portfolio during the three-months' period reflected
1940,
$77,048
$0.87
a
reduction in Government bonds and
utility holdings and
an
increase in
cash reserves.—V. 150, p. 1621.
Washington Gas Light Co.—Stock Priced at $103—
Company has filed with the Securities and Exchange Commission an
amendment to its registration statement disclosing that underwriters will
offer its 24,400 shares of $4.50 cumulative convertible preferred stock at
$103
a
share.
The preferred stock will be offered to the company's holders of common
stock of record at the close of business on April 15, at a rate espected to
be 15-2,000ths of one new preferred share for each share of common stock
held.
The subscription price will be $103 a share, and rights to subscribe
expire at 3 p.m. Eastern Standard Time on April 29.
to the stock will
The
following is
a
list of the
names
of the underwriters and the percentage
of unsubscribed shares to be purchased by each firm:
Auchincloss, Parker & Redpath.20%
Y« E. Booker & Co
20%
Brown, Goodwyn & Olds
10%
—V. 150, p. 2130.
West Indies
Folger, Nolan & Co
Johnston. Lemon & Co
W. W. Mackall & Co
20%
20%
10%
Sugar Corp.—Plan Effective—
The plan of recapitalization and exchange of securities was
approved by
the stockholders at their special meeting on Jan. 15, 1940.
The plan of
recapitalization was carried into effect on March 28 last at which time the
following transactions occurred:
(1) $5,000,000 first mortgage collateral bonds (5% series) due 1947 were
issued in exchange for an equivalent amount of the
outstanding 6% bonds,
which were accordingly canceled.
(2) 32,066 shares ($50 par) of 5% cumulative convertible preferred stock
and 128,264 shares of ($1 par) common stock were issued in
exchange for
32,066 snares of 8% preferred stock of Barahona Sugar Corp.
-
The Commercial
2444
A registration
statement was filed with the Securities
effective on March 16, 1940.
and Exchange Com¬
mission and was declared
redemption on June 7 all
outstanding first
collateral bonds 6% convertible series, due 1947, at 104 and
There are only $9,500 of the bonds outstanding and
subject to the call.
There were $5,000,000 of the bonds exchanged for
mortgage
accrued
new
interest.
150, p. 2278.
5s.—V.
West Penn Power
The
banking syndicate headed by W.
First Boston Corp.; Bonbright &
shares of common stock at
$27
a
share.
stock is as follows:
To Be
,
3% (due March 1, 1970)
Promissory notes (1
to 3%, due in equal
annual instalm'ts on July 25, 1940 to 1946)
Series K,
$12,500,000
27,000,000
17,000,000
3,500,000
t
$3,200,000
2,240,000
b300,000 shs.
297,077 shs.
Prpfprrftd storlc*
b200,000 shs.
None
4,529,230 shs. c2,935,000 shs.
Unclassified
Common stock (no
par)
issuable in series. The amount of bonds authorized is un¬
limited except that additional bonds may be issued only under the terms of
are
the indent ure and that the aggregate
indebtedness of the company is
limited
$150,000,000.
.
'
'
.
31, 1939
22,000 shares of the then authorized but un¬
classified preferred stock have been classified as 4 H % preferred stock so
that at present 322,000 shares are classified as 4H% preferred stock, and
178,000 shares are unclassified.
At Dec. 31, 19.39, there were authorized
and outstanding 2,106 shares of 6% cumulative preferred stock and 5,239
shares of 7% cumulative preferred stock, funds for the redemption of
at present to
b Since
,
Dec.
,
which on Feb. 1, 1940, were on deposit with a redemption agent.
c 1,909,000 shares of the common stock are owned of record and bene¬
ficially by West Penn Electric Co. and $66,000 shares by West Penn Rys
Earnings for Calendar Years
1939
1937
1938
$22,622,315 $20,846,322 $23,021,598
11,385,414 10,787,370 11,632,600
for income taxes
1,277,720
697,640
1,324,800
for renewals and retirements
1,888,000
1,732,000
1,561,000
Total operating revenues...
a
Operating expenses
Provision
Provision
$7,629,311
292,454
$8,603,198
629,767
$8,484,718
2,122,500
18,456
$7,921,765
$9,232,965
2,022,951
69,699
1,970,000
52,013
304,956
306,302
307,795
$8,071,181
413,536
Gross income
mortgage bonds.
Other interest
Amortiz. of debt disct., prem.
on
—
(net) &
expense.....
.
Net income
Dividends paid on
preferred stock
Divs. paid per share of com.
Crl51,556
96,661
$5,509,619
$6,958,051
1,909,539
$3,600,080
$5,048,512
$1.29
$1.81
1.27
1.66
$4,483,323
preferred divs
Earned per share on 2,775,000
common stock outstanding
Cr53,269
66,462
1,559,561
construction-credit
Miscellaneous deductions
Cr52,595
48,517
$6,042,884
Interest charged to
Balance after
1,909,539
shs. of
$1.61
1.56
stock
The annual interest requirement on
the first mortgage bonds to
be out¬
standing after issuance of the first mortgage bonds, series K, amounts to
$2,227,500. The interest requirement during the year 1940 on the promissory
notes will be $33,600.
The annual dividend requirement on the 4M % pref.
stock now outstanding amounts to $1,336,846.
each
the
months
43
per share.
Based on a continuance of present net income it is the present
intention of company to pay quarterly dividends at the rate of 37 H cents
Company has paid dividends on
its common stock at various rates
dividend paid
year since its incorporation in 1916.
The average
over
last five years was $1.57 per share per annum. During the first three
of 1940, company paid dividends on its common stock aggregating
cents
share for the remaining three quarters of 1940.
History & Business—Company was incorp. in Pennsylvania March 1,
1916, as a merger and consolidation of 53 electric light and power com¬
per
panies.
Is
now
engaged in business in certain localities in Allegheny, Arm¬
Centre, Clarion, Clinton, Elk, Fayette, Greene,
strong, Butler, Cameron,
Huntingdon, Indiana, Jefferson, Lycoming,
and Westmoreland Counties, Pa.
McKean, Potter, Washington,
Pittsburgh.
Underwriters—The name of each
principal underwriter of the $3,500,000
series K, 3% offered, and the respective amounts
W. G. Langley & Co., $175,000; The First
Boston Corp., $800,000; Bonbright & Co., Inc., $800,000: Halsey, Stuart
& Co., Inc., $700,000; Blyth & Co., Inc., $500,000; Mellon Securities
Corp., $350,060; Moore, Leonard & Lynch, $100,000; Singer, Deane &
first
mortgage bonds,
underwritten are as follows:
$75,000.
of each principal underwriter of
and the respective amounts
name
offered
Rys., which
latter company owns 28.189% of the voting stock of the
American Water Works & Electric Co., Inc., owns
West Penn Power Co.
and Exchange Commission, April 9, made effective the
covering the public offering of $3,500,000 of
bonds, 3%, due in 1970, and 160,000 shares of common stock
The Securities
first mortgage
(no par).
The only unusual condition
attach
to
imposed required the company to physically
the portions of the Commission's opinion
its stock prospectus
"Property and Investment Account," which discusses certain
"inflated" values carried on the company's books, "ratios to property and
headed
which discusses the ratio of debt to assets on various
"certain adverse factors," which relates that the company is
Pennsylvania rate case, that it may be required to increaes its
depreciation requirements and that West Penn had reported an amount of
more than $12,000,000 as representing the excess of book value of its prop¬
erty over original cost.
The most unusual feature of the opinion was the SEC taking note of the
fact that West Penn is a major part of a holding company system (American
Water Works & Electric) which has been passed upon by the Commission as
physically integrated under Section 11, the "death sentence" of the Holding
Company Act, and which, nevertheless, cannot obtain funds it needs for
plant expansion from its parent, but must publicly offer its own securities.
"To raise funds for normal expansion purposes it would seem," the
Commission said, "that in such circumstances it would be appropriate for
the holding company in the exercise of its holding company functions to
contribute such necessary cash to its subsidiary.
However, American
Water Works is in no position to make such contribution, which demon¬
strates that the complex problems involved in the regulation of holding com¬
panies are not solved, even though the system as a whole meets the physical
integration requirements of the Holding Company Act.
West Penn, in
these circumstances, is thus forced to raise cash for expansion purposes by a
public offerings of its securities."—V. 150, p. 2278.
investment accounts,"
involved in
a
(& Subs.)—Earnings—
West Penn Rys.
area.
During the 12 months ended Dec. 31, 1939, approximately 31% of the
operating revenue from the sale of electric energy was derived from resi¬
dential customers, 16% from commercial customers, 46% from industrial
and 7%
from other classes of customers.
Industrial service
coal mines, iron and steel
industries, and glass manufacturers which, respectively, accounted for
approximately 17%, 13% and 4 lA% of total revenue from the sale of
electric energy.
A substantial portion of the industrial revenue is derived
derived principally from bituminous
a relatively small number of large customers.
Practically 100% of its
operating revenues is derived from the sale of electric energy.
The principal subsidiary is Monongahtla West Penn Public Service Co.,
74.48% of whose common stock is owned, the remaining common stock
being owned by American Water Works & Electric Co., Inc., parent com¬
pany.
The business of this subsidiary is also chiefly that of the production,
distribution and sale of electric energy.
from
physical property of company includes nine electric generating
stations having an aggregate generating capacity of 420,855 kw., the larger
part of which has been installed since 1920.
The company owns six step-up substations
(at generating stations
having a total transformer capacity of 504,300 kva. and 12 substations
having an aggregate transformer capacity of 288,500 kva. supplying the
25,000 and 44,000 volt systems and interchange substations,
in addition,
the company owns 281 substations having a total transformer capacity of
400,067 kva., supplying its distribution systems and certain large power
customers.
(54 additional substations, with a total transformer capacity
of 189,336 kva. are owned by customers and connected to the company's
25,000 volt lines.)
The company owns approximately 1,531 pole miles of high voltage lines,
of which 155 miles were constructed since 1929, 308 miles during 1925 to
1929, 425 miles during 1920 to 1924, 474 miles prior to 1920, and the balance
of 1,69 miles, representing short branch lines, at various times for the most
The
1920.
Of these 1,531 pole miles of line, 254 miles are
operated
$681,931
1,368,079
--
—
—
.
- .—
.
Maintenance
—
.
Federal income taxes
—
_
Other taxes.
Reserved for renewals and retirements
Gross income
Interest on funded debt
■---
Amort, of discount
Miscellaneous deductions .....
Net income
$777,226
1,117,406
$2,050,010
577,195
18,000
8,738
42,700
$1,894,632
658,990
186,119
5,041
27,132
46,348
$1,256,536
248,450
1,868
28,005
_
Total earnings
Operating expenses
1938
1939
12 Months Ended Dec. 31—
Operating revenue.__
Non-operating income
$971,002
248,450
1,868
28,456
146,841
$978,213
1
V
$692,228
-V. 149, p. 3128.
Western Auto
Supply Co.—Sales—
194C—Month—1939
$2,869,000
Period End. Mar. 31—
$3,183,000
Sales.
—V. 150, p.
1940—3 Mos.—1939
$9,086,000
$7,451,000
1791.
(& Subs.)—Earnings—
Western Public Service Co.
1940—Month—1939
'
$181,665
$184,600
Period End. Jan. 31—
Operating revenues....
Operation.
1940—12 Mos.—1939
$2,127,053
990,719
$2,211,506
1,031,896
140,018
228,751
86,939
9,844
21,758
18,318
Balance
Balance
dividend
$619,685
Dr71,322
Dr71.480
$50,291
$468,638
$548,201
30,889
323.583
348,788
$14,006
Net oper. revenues
Other income (net)
$539,960
23,291
j..„
$56,216
Dr5,925
$42,298
Depreciation
Taxes
83,084
9,561
19,364
16,375
$44,806
Dr2.508
Maintenance
Preferred
part since
SEC—
Issues Sanctioned by
8,770 square miles in Pennsylvania and has a population estimated to exceed
1,070,000.
The territory includes many of the small industrial cities and
towns in the general vicinity of Pittsburgh, which is the center of a large
customers,
Penn Electric Co., including all
95.061% of the voting stock of The West
of the common stock of such company.
Interest and amortiz
revenue was
,
,
the 160,0C0 shares of common
underwritten are as follows:
W. C. Langley & Co., 8,000 shs.; The First Boston Corp., 36,500 shs.;
Bonbright & Co., Inc., 36,500 shs.; Blyth & Co., Inc., 22,500 shs.; Mellon
Securities Corp., 16,000 shs.; Moore, Leonard & Lynch, 5.000 shs.; Singer,
Deane & Scrioner, 3,500 shs.; Dillon, Read & Co., 32,000 shs.
Management & Control—West Penn Power Co. and its subsidiaries form
an important part of the American Water Works & Electric Co. system.
The company is a direct subsidiary of West Penn Electric Co. which owns
62,140% of its voting stock and 100% of the voting stock of West Penn
The
stock
Company is engaged in the production, distribution, and sale of electric
It is authorized to conduct business in certajn localities in the
counties referred to above.
The territory served covers approximately
energy.
industrial
„
-—
Operating income....
Non-operating income
Interest
„
Registrars—Upon the issuance of the shares of common
York and Pittsburgh transfer agents are to be
respectively, agents of the company, at 50 Broad St., New York, and at 14
Wood St., Pittsburgh; the New York and Pittsburgh registrars are to be,
respectively, Chase National Bank, New York and Union Trust Co. of
offered, the New
now
bases, and
(par $100)
% Pref. stock cum.
a.Bonds
Service Co.
stock
declaration of the company,
Outstanding
Authorized
bonds:
(due March 1, 1963)..
3}4% (due Jan. 1, 1966)
3l|% (due Aug. 1, 1908)--.-.--
Series I,
Series J,
miles at 25,000 volts. The company also owns distri¬
bution systems in various cities, towns, and rural areas which served a total
of 225,549 customers at Dec. 31, 1939, including certain power customers
served directly from the 25,000 volt system.
Its transmission lines are
connected at several points with those of neighboring non-affiliated electric
companies and also with its subsidiary, Monongahela West Penn Public
Scribner,
the bonds of series K are to be issued is a
real estate, fixed property and franchises now
owned by the company, and will oe a direct mortgage lien on all such
property hereafter acquired.
There are now outstanding and secured by
the indenture $56,500,000 of bonds heretofore issued which will be secured
equally with the series K bonds. The series K bonds are red. at 109 to and
incl. March 1, 1943; at 108, to March 1, 1946; 107 to March 1, 1949: 106 to
March 1, 1952; 105 to March 1, 1955; 104 to March 1, 1958, and 103 there¬
after to March 1, 1961; 102 to March 1,1964; 101H to March 1, 1967;
101 to March 1,1968; at 100H and thereafter at 100% to March 1, 1969.
Purpose—The net proceeds (after deducting estimated expenses and
excluaing accrued interest) from the sale of the securities are estimated at
$7,516,500 and will be applied to the completion or construction of improve¬
ments, additions, and betterments to its plant and property.
..
Capitalization—The capitalization outstanding after giving effect to the
proposed issuance of the first mortgage bonds, series K, 3% and the com.
The indenture under which
direct first mortgage on all
First mortgage
Series E, 5%
of 50 miles, are on steel towers,
four miles at 33,000 volts, and
132,000 volts and, with the exception
miles are operated at 44,000 volts,
141
Transfer Agents and
Stock Offered
Co.—Bonds and Common
C. Langley & Co.;
Co., Inc.; Blyth &
Co., Inc.; Mellon Securities Corp.; Moore, Leonard & Lynch,
and Singer, Deane & Scribner, on April 10 offered to the
public S3,500,000 1st mtge. bonds, series K 3%, due March 1,
1970, at a price of 1041/2 and accrued interest, and 160,000
—A
at
the balance of 1,132
Bonds Called—
Corporation has called for
April 13, 1940
& Financial Chronicle
$19,403
$145,056
119,453
$199,417
119,452
$25,603
$79,965
requirements
Balance for common stock and surplus
124,280
260,830
211,264
191,156
-V. 150, P. 2279.
Telegraph Co., Inc .—Earnings—
Western Union
Period End. Feb. 29—
1940—Month—1939
cable oper. revs. $7,482,839
Repairs
488,095
Deprec. and amortiz
686,360
All other maintenance
430,304
Tel eg. &
1940—2 Mos.--1939
$6,869,848 $15,210,735 $14 ,037,910
178,999
4,350,831
184,393
988,605
1,372,653
926,194
9,317,349
368,147
161,843
170,703
345,936
345,246
teleg. & cable op¬
erating revenues
$1,051,491
$575,109
$1,891,851
60,843
$1,056,693
Conducting operations._
Relief depts. & pensions
All other general & mis¬
.
cellaneous expenses
483,242
684.634
420,936
4,485,747
986,391
,369,278
868,487
,041,875
369,940
Net
975,369
56,152
965,613
$74,964
89,274
$855,639
202,858
$34,928
190,992
$629,743
$164,238
590,114
592,593
$1,058,497
1,185,763
1.191.343
$39,629
x$428,355
x$127,266
x$965,423
Uncoil, oper. revenues._
Taxes assignable to oper.
29,931
485,109
27,480
472,665
Operating income
Non-operating income..
$536,451
93,292
Gross income
...
Deducts, from gross inc.
Net income
x
Deficit.—V.
150,
Westinghouse
p.
$225,920
2131.
Electric
&
Manufacturing
Co.—Op¬
erations—
George H. Bucher, President of the company, told stockholders at the
meeting held April 10 that the outlook for business was "very
encouraging."/
annual
Volume
Orders
The Commercial & Financial Chronicle
ISO
booked
by the Westinghouse company during the first three
months of 1940, he said, were more than
30% higher than during the same
period last year; a total of $65,250,000 for the first quarter of 1940 as com¬
pared with $50,121,000 in January, February, and March of 1639.
Mr. Bucher also reported that;
The companj's backlog of unfilled orders was
approximately $83,000,000
on March 31; a peak
figure in the company's history. The inventory was
about $66,000,000 on that date, as compared with $53,840,000 on March
31,
last year, at which time unfilled orders were
$46,900,000.
The payroll may reach $95,000,000 this
year, at present rates.
As of
March 31, there were 51,000 employees; more than at
any time since the
autumn of 1937.—V. 150, p. 1791.
White Motor Co. (&
Calendar Years—
(F. W.) Woolworth Co.—SalesPeriod End. Mar. 31—
Sales
1938
1940—3 Mos.—1939
.
(Wm). Wrigley Jr. Co. (& Subs.)—Earnings—
Calendar Years—
1939
1938
Net profit from oper. __c$22,898,525c$21,702,760
Sell., gen. & adm. exps. 11,545,289
11,848,530
Depreciation
income
...
Common dividends._
1936
...
1937
$8,650,976
y8,327,722
$7,653,780
b7,347,990
$8,743,591
b8,327.722
$8,378,713
z6,858,124
$305,790
$3.82
$415,869
$4.37
$1,520,589
Net sales
____.$23,512,020 $19,393,219 $30,684,564 $28,769,876
Cost of goods sold.
17,471,453
15,441,193
23,212,796
21,447,604
Deprec'n on mfg. bldgs.
and equipment
268,224
234,689
287,951
290,025
Surplus
y
Sell.,gen. & adm.
344,774
5,489,531
exps.
Net loss from oper
Other income
447,071
5,406,260
$2,189,256
406,800
6%
debs,
of
for
Fed.
taxes
for
Fed.
White Mot.
Prem.
on
$765,516
58.887
a
42,250
on
of
$65,854
$0.10
$681,628
$1.09
"7,780
$107,473loss$ 1825275
$0.17
Nil
stk.
Notes
1937, and $261,084 in 1936.
Note—The net profit for 1939 shown above is after absorbing net loss of
$63,437 for the Canadian subsidiary for the year an
charge of $42,250
resulting from reduction of its part current assets to rate of exchange in
effect at Dec. 31, 1939.
1938
$
$
Liabilities—
$
Cap. st'k (par $1).
625,000
Acc'ts pay. (trade)
Other acc'ts pay.,
2,349,101
1,124,667
3,109,449
4,059,014
658,948
504,552
11,356,847
Other Investments
z137,450
G'dwill, pats., &c_
1
8,856,583
and notes
receivable
Inventories
Unamort.
cost
157,647
1
accr. exp__
827,625
469,940
Fed.
154,818
special tools
252,073
for
725,000
—V.
804,138
804,138
Contingent
175,498
Res. for adj .to val.
resen e
of branch land &
buildings
Res.for insurance.
Total
x
Net profits
Gross income.
Interest
this order
was
costing $3,completed last month.—V. 149, p.
was
elected
meeting held April 4.—V. 150,
Willson
director of this company at the annual
a
p.
290.
Products, Inc.—Earnings-
3 Mos. End. Mar. 31—
1940
count and expenses
Expense of idle property
Special expenses, &c
Gross sales
1937
$43,550
$338,483
30,074
$260,613
loss$14,363
$350,359
73,288
$0.34
Net profit
x
1938
x
stock
outstanding
$0.23
Nil
After charges
ity
p.
2279.
Willys-Overland Motors, Inc. (& Subs.)—Earnings—
3 Mos. End. Dec. 31—
1939
Net
x
$36,291 loss$413,189
profit
Water taxes, depreciation and interest.—V.
1938
150, p.
1937
$10,642
in an amendment filed with Securities and Exchange Com¬
has altered the proposed offering terms of its preferred and common
The amendment increases the dividend rate on the com¬
Company,
mission
stock
,
issues.
pany's preferred stock from 4M% to 454%, eliminates the conversion
privilege of the new preferred stock, reduces the public offering price of the
new preferred from $104 a share to $100 a share, and reduces the
number
of shares registered to 262,098 of preferred and 382,098 of common.
The
company had originally registered 282,098 preferred and 1,551,539 common
shares
•
All of the
preferred and 262,098 common shares will be offered by
the company to holders of its outstanding 6% preferred stock, issue of
1921,
for exchange on the basis of one share of new 4 54 % preferred stock and
one new common share (together with a dividend adjustment of
31M cents)
for each share of 6% preferred, issue of 1921.
The exchange offer will
expire on April 29 if more shares of outstanding preferred stock, held by
others than the North American Co., accept the
exchange (whereupon
North American Co. will deposit 20,000 shares on the above basis, and an
additional 20,000 shares for 120,000 shares of common stock
plus 31 ^
cents per share of such 20,000 shares) and if the
prin&pal underwriters buy
the balance of the new preferred (a maximum of 81,355
shares) not re¬
quired for the exchange.
The underwriting syndicate for the preferred stock was not
changed
by the amendment and will be headed by The Wisconsin Co., Edgar,
Ricker & Co., and The Milwaukee Co.—V. 150, p. 2131.
new
Surtax
on
26,322,224
6,949,866
2.694,266
22,380,134
6,837,763
3,668,336
235,668
285,658
567,707
176.688
935,649
291,029
157,230
532,378
Co.—Earnings—
651,266
128,556
Cr847
849",666
349",606
5,004,484
825,000
loss658,934
825,000
12,190,649
x2,268,750
5,204,004
10,564,501
x2,268,750
4,717,895
1,675,008
8,295,751
1,384,752
$6.79
$7.03
1,675,008
$2.50
1,675,008
Nil
21,654
yl,576,181
1,876,500
323,500
14,807
510", 676
4,229
Includes regular
dividends, $5.50 per share ($825,000), and $9,625 per
($1,443,750) on account of accumulations,
y
Includes $550,000
charged to reserve for contingencies, provided by charges to income during
the current year.
*
Consolidated Balance Sheet Dec. 31
1939
$
Assets—
Cash
U. S. Government securities, at cost
Restricted cash balances
Accounts and notes receivable, less reserves.
Due from officers and employees
....
Balance receivable on purchase contracts....
Investment—stocks, bonds, notes and advances:
Mining and affiliated companies
Public utility, oil, &c.. companies
Bank stocks and partic. ctrs. in bank secure
Company's shares held in treasury
Property accounts
Deferred charges
Total
15,234,557
65,000
28,590
23,390,797
42,029
47,519,614
616,861
*938
$
26,136,174
197,512
30,166
20,134,868
49,089
47,111,324
711,109
10,744,694
10,750,786
646,246
716,998
612,943
627,091
76,415
154,139
144,896,612 131,034,185
3,780,653
4,066,230
247,655,013 241,719.671
Liabilities—
Accounts payable
Dividends declared
Ore received in excess of payments...
Accrued interest
Accrued taxes
5,610,134
...
Other accrued liabilities.
First 4s "C," to be redeemed May 1__
Minority shareholders' equity in subsidiaries
Reserve for relining, rebuilding furnaces, &c—
Reserve for insurance
4% 1st mortgage sinking fund bonds
Convertible 4% debentures
5H% cumulative preferred shares
a
Common shares
Earned surplus
Total
a
Represented by 1,675,008
no par
Zenith Radio Corp. (&
Period End.
x
-
.
share
Jan.
Profit
x
Woodward Iron
10,632.394
6,630,932
2,908,877
4,179,484 defl ,483,934
Surplus.
a
April 28, 1938.—V. 144, p. 1624.
$
17,345.626
6,895,239
3,503,944
undistr. prof.
Com. shs. outstanding..
Earns, per share on com.
dividend of two cents per share on the common
stock, payable April 10 to holders of record March 30. Dividend of one-half
cent was paid on Dec. 15, last and one of one cent per share was
distributed
on
1936
127,674,517
107,738,793
3,925
Net profit
Preferred dividends
Wolverine Natural Gas Corp.—Two-Cent Dividend—
Directors have declared
1937
19,935,724
2,444,410
Inventories
1796.
Wisconsin Electric Power Co.—Alters Finance Plan—
out.
24,328,816
1,993,408
subsidiaries
Fed. income tax of subs.
$0.57
including Federal income taxes.- -V. 150,
wiped
9,193,924
1,438,470
Strike expense
Earns, per share on com¬
mon
be
Profit accrued to minor¬
x
1939
would
$
$
84,664,566 144,288,797
75,470,642 119.959,981
Common d i vidends
(H. F.) Wilcox Oil & Gas Co.—New Director—
Hunter L. Martin
par
Amortization of bond dis¬
Present order follows one obtained last November by the
company from
the French Government for 1,500 smaller transport trucks
on
no
15,916,644
1,428,982
Other income
Deprec. and depletion..
1343.
stockholders
1938
$
sales
117,027,997
Cost and expenses......101,111,353
Receives Large Truck Order—
Company has obtained a $1,250,000 order from the French Government
for 145 heavy-duty trucks to be delivered by June 1.
Equipped with 18,000-liter tanks for petrol transport service in France,
each truck will weigh more than 25 tons and will be of the six-wheel
type.
Each unit has two driving axles, five speed transmissions and
equipped
with tires of the largest standard truck size.
They are being built to
operate under extremely adverse road conditions over long distances despite
their huge size.
Present
assets.
1939
Net
Total.
23,968,408 22,935,670
for depreciation of $10,944,025 in 1939 and
$10,629,861
y After reserves, zlnvestments and other assets
Delivery
1,761 shares of
Youngstown Sheet & Tube Co. (& Subs.)—Earnings—
reserve
000.000.
$1,000 of
141, p. 2132.
Calendar Years—
....23,968,408 22,935,670
After
each
296,151
297,917
Capital surplus
20,180,150 19,748,278
Earn. sur. of subs.
431,873
Deficit
2,305,145
2,412,618
in 1938.
Valley Ry.—Files Plan—
a proportionate share of new stock.
New common stock will
be issued in ah amount representing the difference between the $1,159 000
of new bonds and the total assets of the company on the basis of 10 shares
210,455
323,631
225,479
62,271,829 61,977,561
bond, plus
725,000
279,069
Total
stock.
334,791
75,000
Deferred income..
Deferred charges..
2,263,544
2,263,544
...36,907,051 36,638,934
Under the reorganization plan, $1,159,000 new 1st
mtge. 4% bonds will
be issued and holders of each present $1,000 bond will receive a new
$500
taxes on inc.
est
78,064
sur pi us
with accrued and unpaid interest of $289,750, and
500,000
349",609
Accrued taxes
Earned
61,977,561
common
Notes pay. to bks.
ot
dies &
patterns,
incl.
reserves
Paid-in surplus...
Company has filed with the Interstate Commerce Commission and the
Federal Court at Los Angeles a plan for reorganization under section 77 of the
Bankruptcy Act.
The line has been in trusteeship since Dec. 19, 1936.
The present capitalization consists of $2,318,000 1st
mtge. 5% bonds,
625,000
1,520,801
489,866
2,661,611
a After deducting
$10,705,752 reserve for depreciation in 1939 and $10,250,768 in 1938.
b 2,000,000 shares of no par value,
c 38,333 (40,535 in
1938) shares at cost,
d Accounts receivable only.—V. 150, p. 2279.
$
7,842,495
y Acc'ts
Other
Total .........62,271,829
1938
7,551,186
1,308,928
489,866
receiv., not
current
Yosemite
1939
645,541
2,817,173
Federal taxes
co.'s
Deferred charges..
Consolidated Balance Sheet Dec. 31
1939
$
594,194
Res. for general &
Inventories
Including depreciation on general office and branch buildings and
equipment amounting to $188,606 in 1939, $206,442 in 1938, $232,404 in
Plant & equipm't
In
1938
$
Commonstock.,19,200,000 19,200,000
Accounts payable.
Dividends payable
1,822,604
1,925,992
11,396,060 10,430,592
Stocks and bonds.13,970,263 16,645,164
Other investments 1,664,631
1,343,786
25,000
y
Cash
to
value,
1939
b
ownstock
36,000
Net profit
x
amount
conversion
Liabilities—
Invest.
c
p
tax
1938
Real est., bldgs.,
mach. & equip.. 9,633,125
9,690,588
G'dwill, pats., &c. 6,063,638
6,063,638
Cash
14,624,892 12,820,700
Accts. & notes rec.d 1,799,052
2,902,282
59,066
Rlty. Co.
Assets—
above
Consolidated Balance Sheet Dec. 31
1939
47,652
75,000
on cap.
of foreign subsidiaries included
deducting provision for decline in
Assets—
35,039
red. of debs
Earn, persh.
1936.
profits
after
*"
,
income estimated
Prov.
Note—Net
$1,088,336
$265,027.
on
Whitei
Motor Realty Co
Int. exps. & discount onL
instalm't contr. sold..
Prov. for Can. exchange.
Prov.
$149,507
$4.19
1938) other income,
y Includes
$2,449,330 declared and paid in 1939.
z Includes extra
extra dividends of
$ 158,304prof $462,672
307,811
302,844
5283,7881oss$1782456
Int. & amort, of disc't
386,615
6,182,959
dividends of $979,732 declared and paid in
$61,962
345,750
*
333,837
7.061,547
$4.32
No provision was necessary for surtax on undistributed
profits,
b In¬
cludes extra dividends of $1,469,598 declared and paid in 1938
($2,449,330
in 1937).
c Includes $539,922 ($649,658 in
a
Amort. of dies, patterns
and special tools
$323,254
Earned per share...
1936
$21,098,003 $21,049.227
10,287,700
10,644,885
611,889
604,639
595,063
1,588,561
al,462,074
al,430,567
652,930
2,049,332
Federal taxes....
Net
1937
1940—Month—1939
$27,544,919 $23,104,232 $70,173,624 $63,442,737
—V. 150, P. 1623.
Subs.)—Earnings—
1939
2445
31—
4,767,879
206,250
476,878
'
782,794
2,570,593
1,176,484
224,000
32,807
3,318,080
345.592
288,354
55,500,000
57,000,000
30,000,000
30,000,000
15,000,000
15,000,000
105,074,076 105,056,800
24.022,975
20.818,752
206,250
960,783
780,260
3,103,618
1,675,109
1,500,000
29,031
3.847,184
247,655,013 241,719,671
shares.—V. 150, p. 2131.
Subs.)—Earnings—
1940—3 Mos.—1939
$221,156
$381,673
1940—9
Mos.—1939
$598,852
$1,030,056
After depreciation, excise taxes and reserves but before Federal income
taxes.
'
3 Mos. End. Mar. 31—
x
Net profit
Earns, persh. on cap. stk
x
p.
1930
$392,076
$1.36
1939
$180,121
$0.66
1938
$287,390
$1.06
1937
$400,166
$2.25
After depreciation, depletion, interest, Federal income taxes.—V.
150,
1955.
SI DividendDirectors have declared a dividend of $1 per share on the common stock,
payable April 25 to holders of record April 15. Like amount was paid on
April 24, 1939, and a dividend of 50 cents was paid on Oct. 30, 1937.—V.
149, p. 3734.
The Commercial & Financial
2446
Chronicle
April
1940
13,
Crops
The Commercial Markets and the
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
May
July. ™::::::'
September
Friday Night, April 12, 1940
closed nominally un¬
futures
6th inst.
the
Coffee—On
complete
standstill today.
There were no sales in either of the con-4
tracts, Rio or Santos.
Although the official estimate of June
1, 1939 for the 1939-40 Brazilian coffee crop remains un¬
changed at 21,861,300 bags plus the carryover of 700,000
bags from the previous crop, it appears
that the present crop
reduced by bad weather and that the official
has been greatly
according to
estimate will not be reached,
report to the
a
Commerce from the American Consulate
Sao Paulo.
It is stated, however, that no later
Department of
General in
which
considered readable have been made.
are
Santos contract 500 bags
In the
quiet and unchanged.
On the 8th inst. futures closed
of May, 1940, contracts were ex¬
points—the prices
being presumably 5.87c. for May, 1940, against 6.27c. for
March, 1941.
Actuals were quiet and unchanged.
It was
changed for March, 1941, contracts at 40
from Brazil to the United
announced that the freight rate
States would remain
Santos
unchanged for May at 70c. per bag from
United
the
to
Atlantic
States,
Gulf
and
ports.
Registered spot sales in Santos last week were 122,000 bags
for the United States and 27,000 bags for Europe against
225,000 bags and 33,000 bags
respectively for the previous
On the 9th inst. futures
closed 6 to 9 points net lower.
week.
Santos coffee futures broke
totaled 76 lots.
Transactions
sharply
Santos contracts
the European news.
on
off
were
points during the early trading, with most positions
new seasonal lows.
May was selling at 5.79c., off 8
5 to 9
at
Trading during the first three hours totaled 17,250
points.
still
bags, not a large amount, but
than
more
was
done all of
Hedging by trade sources made up the bulk of
last week.
while most of the demand was short covering.
were
"nominal" in tone pending developments.
the selling,
Actuals
Scandinavian Countries normally consume overl ,500,000 bags
of coffee, thus the
adverse reaction to the latest news.
Santos contract,
was
were
On
points net lower for the
the 10th inst. futures closed 5 to 7
futures
Santos coffee
with sales totaling 40 lots.
off 3 to 5 points to new seasonal lows again. May
selling at 5.75c., off 4 points and within 18 points of the
all-time low for Santos futures made in' May, 1938.
were
easier.
Hedging
Brazilian cost and freight
by trade interests was lighter.
offers
generally unchanged, but milds for shipment
Manizales
were
zilian destruction, first
were
said to have been sold, for April
shipment, at 8Mc. and offered, unsold, at that price.
half of Mar.,
52,000 bags last half of Feb.
was
Bra¬
49,000 bags against
The grand total is
now
68,615,-
On the 11th inst. futures closed 9 to 11 points net
higher,
totaling 33 lots, all in the Santos contract.
coffee market
was
The
stronger today, even though trading was
In Santos Brazil at last night's close, official
relatively light.
spot prices on hard 4s and type 5, Rio, were off 100 reis per
10
kilos.
Today mild coffees
blocks of Manizales for
834c. after that price and possibly
done.
premiums
Brazilian offers
considered, it
above
were
was
the
openly
said.
net lower for the Santos
The market
at 6.13c.
low
as
8.20c. had been
a
prices.
lower, bids of less
While
being
Today futures closed 8 to 10 points
were
contract, with sales totaling 10 lots.
was
dull with prices irregu¬
opened 2 points higher to 3 points lower with
off 3 points.
next few hours.
with
as
Large
said to be offered at
"shipment"
no
Trading in Santos coffee futures
Dec.
were
Jobbing lots and choice selections still commanded
sizable
lar.
again easier.
were
shipment
Nothing
Mild coffees
were
was
done during the
said to be
a
bit steadier
good demand for Manizales reported at 834c.
Re¬
ports from Brazil said one Danish boat put back to port
on
business
the record total of
prices closed
-
as
follows:
4.12 D ecember
4.12 March..
4.11
4.10
_
many
Nearly
Record
other fields
quiet during
was
1,379,052 bags, nearly topping
1,392,891 bags delivered in January, 1937,
grades reached
Brazilian
than
a
new
772,349
Exchange's announcement, issued April 6, fur¬
606,703
of
bags.
other
of
deliveries
high
New York Coffee &
In fact, one record did topple when
Sugar Exchange, Inc.
The
Brazilian deliveries
bags.
were
ther said:
'■'?[
Deliveries
con-
This contrasts with
1938-39, and 9,184,899 bags two
the same period of
ago.
The
American
Pan
the improved consumption to
which is promoting the
attributes
Exchange statistician
of r the
efforts
of
actual
to
July, 1939, through March, 1940.
10,349,298 bags in
seasons
approach
nearest
record total of 10,424,015 bags during the nine months
a
the coffee year,
States—the
United
the
in
stimption—reached
of
Coffee "Bureau,
the
use
nation-wide advertising which explodes the myriad
regarding coffee's injurious properties.
In addition, it is
pointed out that this country, always famous for its ability to brew good
coffee, continues to make progress along those lines.
Finally, American
roasters are each year improving the blend and grind and, what is more,
are offering coffee which can be sold at the lowest retail prices in history.
coffee
mistaken
through
beliefs
Cocoa—On the 6th inst. futures closed
Transactions totaled 138 lots
higher.
or
1 to 2 points net
1,849 tons.
To¬
gether with continued trade and speculative buying, a better
undertone
Accras
some
are
Bahia
asking
the
in
a
spot
lent firmness
market
grades
are
providing for the
common
British colonial cocoa, as part of the
between the two allies.
an
inst. futures closed 2 to 4
totaled
106 lots.
sale of French and
general policy of collab¬
Local closing: May, 5.50;
points net lower.
Trading in
prices
were
afternoon stood 1 to 2
futures
cocoa
cocoa
is
moving.
house
stocks
were
Primary markets
about 700,000 bags behind
are
corresponding period of 1939.
gradually.
They
changed today from Saturday, when the total
hags.
A
year ago
On the 9th inst.
12 to 14
304
11
to 7
In
lots.
sharpest rise of the
points.
was
Ware¬
were
un¬
1,063,607
warehouse stocks totaled 1,181,074 bags.
futures closed
totaled
futures had the
moderate
being advanced, but not much
decreasing
are
was
points lower, with May selling at 5.48c.
Arrivals
the movement for the
On the 8th
Transactions
The market during early
easier.
Up to that time 100 lots had been sold.
reported that prices
Reports
agreement had
July, 5.58; Sept., 5.65; Oct., 5.69; Dec., 5.75.
in volume and
While
also offered at that level, many dealers
2 to 5 points premium over the Accras.
been reached
oration
futures.
to
reported to have sold at 5.80c. today.
were
from both Paris and London stated that
year
points net higher.
active
It
was
buying
cocoa
when prices advanced
May delivery sold at 5.60c.
afternoon totaled 300 lots.
Sales to early
believed manufacturers
had been
buying spot cocoa as a result of which dealers re¬
hedges.
Wall Street also was credited with buying.
overnight increase of the
year when they jumped 18,300 bags.
They now total 1,081,582 bags compared with 1,181,074 bags a year ago.
Local closing: May, 5.57; July, 5.65; Sept., 5.70; Dec., 5.80;
Mar., 5.92.
On the 10th inst. futures closed 2 points up
to 1 point net lower.
Transactions totaled 249 lots.
After
baclring and filling for several hours, the cocoa futures market
during early afternoon stood exactly unchanged from last
night's closing prices, with May quoted at 5.57c.
Sales
moved
Warehouse stocks had the largest
to that time were 100 lots.
The members of the trade
were
trying to figure out just what the effect of the war's spread
would be
on
the
cocoa
traffic.
Warehouse stocks decreased
2,700 bags.
They now total 1,079,293 bags compared with
1,181,074 bags a year ago.
Local closing: May, 5.59; July,
5.64; Sept., 5.71; Dec., 5.81; Mar., 5.93.
On the Uth inst. futures closed 10 to 8 points net
Transactions totaled 502 lots.
Cocoa futures
were
higher.
bid up to
high prices since last January, presumably owing to
of an ocean freight shortage due to intensification of
All types of buying were witnessed, including the
trade, manufacturers and the public.
Prices were 6 to 8
points higher during early afternoon on a turnover of 420
lots with May going to 5.66c.
Warehouse stocks decreased
1,200 bags. They now total 1,078,050 bags against 1,257,151
bags a year ago. Arrivals so tar this month totaled only
new
the
Rio coffee
States
United
in
according to original statistics of the
tears
May
July
September
in
the United States aggregated
Other reports
with coffee until the situation had been clarified.
6.06
6.12
March, the deliveries of coffee into consuming channels in
orders and would transfer the coffee cargo to another
ship.
said certain boats would definitely not sail
Coffee
of
Surpassed
While
1
—
5.94)
Deliveries
Transactions
000 bags.
with sales
March
follows:
as
5.741 December
5.85 March..... —
;
The coffee futures market here was at a
changed.
estimates
prices closed
Santos coffee
COMMERCIAL EPITOME
war.
Volume
The Commercial & Financial Chronicle
150
79,123 bags against 232,576 bags in the comparable period
of last year.
Receipts are about 700,000 bags behind last
year's arrivals so far this year.
Local closing: May 5.68;
July 5.74; Sept. 5.79; Jan. 5.93; Mar. 6.01. Today futures
closed 5 to 6 points net lower. Transactions totaled 446 lots.
Hedge selling weighed
as
2447
mestic contract,
the cocoa futures market, with the
portion of yesterday's gains was erased. Pre¬
sumably sales were against actuals purchased in primary
countries.
The selling was absorbed fairly well, but never¬
theless the market lost 3 to 5 points.
Warehouse stocks
decreased 900 bags overnight.
They now total 1,077,117
bags compared with 1,260,214 bags a year ago. No cocoa is
afloat to this country at present from either West Africa or
result that
on
a
Brazil.
Arrivals so far this month have totaled only 88,281
bags"compared with 249,556 bags a year ago. Local closing:
May 5.b3; July 5.69; Sept. 5.73; Oct. 5.77; Dec. 5.77;
Mar. 5.95.
*
with sales totaling 559 lots.
The world
contract closed unchanged to 1 point net higher, with
sugar
sales
the
totaling 179 lots.
Domestic
fourth consecutive
follow.
session,
futures advanced for
prices failed to
sugar
but
world
The advance in the domestic market carried
as
much
5
points in the July and Sept. positions before profit
taking halted the rise.
In the early, afternoon Sept. was
selling at 2.04c., up 4 points.
Trading was active.
The
turnover during the first hour was more than four-hundred
lots.
Raw sugar also was strong.
It was revealed today that
a sale of
Puerto Ricos, June arrival, had been made to a
southern refiner at 2.90c. a pound and that the American
Sugar Refining Company had paid the same price for 2,000
tons ot Philippines,
May-June shipment. Today an operator
bought 2,000 tons of Philippines, July shipment, at 2.95c.
a
pound.
"■
Prices closed
as
follows:
Sugar—On the 6th inst. futures closed 1 point higher to
point lower for the domestic contract.
The market ruled
fairly steady on a small volume of business.
Sales were only
May
July
September
70 lots.
Lard^-On the 6th inst. futures closed unchanged to 2
points higher. The opening range was 2 to 5 points lower.
Trading was light with fluctuations narrow. Hog quotations
at Chicago today remained
very steady.
Prices were nomi¬
nally unchanged from Friday's finals. Western hog market¬
ings totaled 17,100 head, against 13,100 head for the same
day last year. No lard exports were reported from New York
today.
On the 8th inst. futures closed 2 to 5 points net
higher. The opening range was 2 to 7 points higher, with the
improvement extending 7 to 10 points above Saturday's
closings on covering of shorts.
An item helpful to the
market was the report that the Government
purchased 14,761,965 pounds of lard for relief distribution. Lard exports
1
Much
of the
trading
was
in switching, and
was
without particular significance.
The world contract, how¬
ever, was active on sales of 219 lots, and prices were un¬
changed to 1% points lower at the close.
Much of the sell¬
ing was reported to be for European account.
It was taken
by Cuban interests.
There was some liquidation of May and
the
usual
amount
from Amsterdam
of
on
switching by operators. A report
Saturday said that the reported inten¬
Sugar Syndicate to export 200,000
tion of the British Indian
tons of sugar
national
is considered here
a
flat violation of the Inter¬
Convention,
which, it is pointed out, prohibits
British Indian exports of sugar.
In the market for raw
sugar it was reported that late on Friday Refined Syrups
bought 6,000 bags of Puerto Ricos, which cleare don Satur¬
day at 2.77c.
On the 8th inst. futures closed 2 to 3 points
net lower, with sales totaling 324 lots for the domestic con¬
tract.
The world sugar contract closed
% point lower to
Domestic sugar
active but irregular.
May held at 1.85c.,
but later deliveries were about one
point lower, with July
selling at 1.90c. in early afternoon.
In the raw sugar market
a
parcel of Puerto Ricos, clearing this week, was on offer at
2.80c.
Other raws, including Puerto Ricos, Cubas and
Philippines, were held at 2.82 to 2.87c., according to position.
Some lots were believed
subject to concessions.
Refined
sugar conditions were extremely unsettled.
Cuban pro¬
duction of sugar this season to Mar. 15 was 1,696,748
tons,
against 1,778,048 tons to that date a year ago.
A cargo of
Cubas, May shipment, was believed done to France at 1.50c.,
f.o.b.
The SS. Kyma was booked for
May, Cuba to Bor¬
deaux, at $21 a ton.
On the 9th inst. futures closed 2 to 4
points net higher for the domestic contract, with sales
totaling 237 lots.
The world sugar contract closed 1 to 2
points net higher, with sales totaling 228 lots.
Sugar mar¬
kets responded to the foreign news with sharp rises which
were largely held this afternoon.
In the domestic futures
trading the opening was 3 to 4 points higher.
Spread of
the war caused nervousness and general
buying, but on the
rise selling orders in volume caused a recession from the
tops.
During early afternoon the market stood 2 to 3 points higher.
Raws were steady, but no trades were
reported.
Refiners
withdrew offerings pending further
developments.
Sixtyeight Cuban mills have finished grinding sugar cane, leaving
90 still operating.
In the world sugar market the opening
was 3%
to 6 points higher.
Much of the rise was lost
under heavy offerings, but the market still stood
1% to 2
points higher during early afternoon.
On the 10th inst.
futures closed 1 to 3 points net
higher for the domestic
contract, with sales totaling 343 lots.
The world sugar
contract closed % to 2 points net
higher, with sales totaling
161 lots.
The sugar markets were strong today.
In the
domestic market prices this afternoon were 3 to 4
points net
higher following yesterday's gains in active trading, estimated
at 300 lots during the first three hours.
An active and
higher raw market brought hedge lifting against actuals,
which was supplemented by new outside buying and some
covering of shorts.
The raw sugar market was also active.
Operators bought three lots—a cargo of Cubas, loading
Apr. 13, at 1.93c. a pound; 5,000 bags of Puerto Ricos,
clearing Apr. 18, at 2.80c., and 1,000 tons of Philippines due
May 22 at 2.8.5c.
In addition the American Sugar Refining
Co. purchased 1,500 tons of
Philippines, due in mid-May,
at 2.85c.
The tone of the refined sugar market improved.
On the 11th inst. futures closed 1 to 2 points net higher.
% point higher, with sales totaling 54 lots.
futures
.
-
were
Transactions
totaled
455
closed % to 1% points net
lots.
The
world
sugar
contract
higher with sales totaling 247 lots.
Sugar futures advanced tor the third successive day.
The
domestic market was 1 to 3 points higher curing most of the
afternoon.
Active positions now are up 7 to 8 points from
the lows of last Monday.
The advance today was in sym¬
pathy with active and higher raw sugar markets. The spot
sugar price advanced 6 points late yesterday wnen the
American Sugar Refining
Company paid 2.83c. a pound
for 3,200 tons of Philippines due April 27th.
The same re¬
finer also paid 2.82c. a pound ror 5,000
bags of Puerto Ricos
clearing April 18th.
Today operators bought three lots of
Philippines as follows: 1,000 tons of May-June shipment
sugar at 2.89c. a pound, 1,000 tons of late April shipment at
2.85c., and 2,000 tons of April May shipment at 2.89c.
Today futures closed 1 point up to 1 point down for the do¬
—1.92 November
1.96 January
;
2.01 March
_
_
.2.06
2.03
2.06
*
,
from the Port of New York
today were 60,000 pounds. Hog
receipts at the principal markets in the West totaled 63,900
head, against 53,500 head for the same day last year. Prices
on hogs at
Chicago closed 10c. to 20c. higher, the top price
being $5.35. Sales ranged from $4.75 to $5.35. On the 9th
inst. futures closed 20 points net higher.
The opening range
was 17 to 20
points net higher on speculative coveiing, but
additional support came into the market influenced
by the
strength in other markets. A the highs values were 20 to 22
points over the previous closings. There was a fair amount
of profit-taking on the bulge but the market stood
up well
under the pressure, and closed at about the tops of the day.
There
were no
clearances of lard from the Port of New York
reported today.
Chicago hog prices closed 5c. to 10c. lower
owing to the heavier marketings than expected.
Receipts
at Chicago totaled 26,000 head.
Western marketings totaled
95,200 head against 51,200 for the same day last year. Sales
of hogs ranged from $4.80 to $5.20.
On the 10th inst. futures
closed 2 to 5 points net lower.
Opening range was 2 to 5
point3 net higher. Trading was relatively quiet, and without
particular feature. No improvement in the export trade was
reported here. Chicago hog prices were firmer and closed
10c. to 15c. higher, with sales
ranging from $4.60 to $5.30.
Western hog receipts were quite heavy and totaled 83,200
head, against 52,200 head for the same day a year ago.
On the 11th inst. futures closed 12 to 15 points net higher.
This market was firm, influenced largely by the firmness of
other commodity markets, especially grain and hogs. There
were no export
shipments of lard reported from the Port of
New York today.
Chicago hog prices were very steady and
scattered sales were reported throughout the day at prices
ranging from $4.65 to $5.40.
Western hog marketings
were
moderately heavy and totaled 70,100 head against
58,300 head for the same day a year ago.
Today futures
closed 5 points net higher.
Trading was very quiet like a
number of other commodity markets, traders
seemingly
awaiting the outcome of the great sea battle otf the coast
of Norway.
DAILY
CLOSING
PRICES
OP
LARD
FUTURES
Sat.
Mon.
Tues.
May
July
September
5.77
5.82
6.02
6.00
5.97
6.20
6.02
6.20
6.22
6.22
6.42
6.42
October
6.27
6.30
6.50
6.52
Wed.
IN
CHICAGO
Thurs.
6.15
6.35
6.57
6.65
Fri.
6.20
6.40
6.62
6.70
December
Pork—(Export), mess, $18.75 (8-10 pieces to barrel);
family (50-60 pieces to barrel), $16.25 (200 pound barrel).
Beef: (export), steady.
Family (export), unquoted.
Cut
meats: quiet.
Pickled hams: picnic, loose, c. a. f.—4 to 6
lbs., 9%c.; 6 to 8 lbs., 9c.; 8 to 10 lbs., 9c. Skinned, loose,
c. a. f.—14 to 16
lbs., 13 %c.; 18 to 20 lbs., 13%c. Bellies:
clear, f. o. b. New York—6 to 8 lbs., 10%c.; 8 to 10 lbs.,
10c.; 10 to 12 lbs., 9%c.
Bellies: clear, dry salted, boxed,
N. Y.—16 to 18lbs., 6%c.; 18 to 20 lbs.,
6%c.; 20 to 25 lbs.,
6%c.; 25 to 30 lbs., 6%c. Butter: creamery, firsts to higher
than extra and premium marks: 27 to 28c.
Cheese: State,
held '38, 21 to 22c.; held '39, 20 to 20 %c. Eggs: mixed
colors,
checks to special packs: 15% to 19%c.
Oils—Linseed oil crushers
again quoting linseed oil
car shipments.
Quota¬
Chinawood— tanks, spot—23% to 25He.;
tanks,
shipment—23% to 24c.; drums: 24% to 26%.
Coconut:
crude: tanks—.03%; Pacific Coast— .02% hid.
Corn: crude:
West, tanks, nearby—.06% nominal bid.
Olive: denatured:
drums, spot, afloat—90c. bid.
Soy bean—tanks, West—
.05% to .05%; New York, 1. c. 1., raw—.075 bid. Edible:
coconut, 76 degrees—.08% bid.
Lard: ex. winter prime:
8% offer; strained 8% offer. Cod: crude: Norwegian, dark
on
a
tions:
were
basis of 10.2c. inside for tank
The Commercial & Financial Chronicle
2448
.58
offer; light—.70 offer; Japanese
Turpentine: 34 to 36. Rosins: $5.60 to $7.50.
filtered—.64
Cottonseed Oil sales,
contracts.
yesterday, including switches, 138
Crude, S. E., val.
6.75®
April
.
Prices closed as follows:
Ausruat------
-—
-_6.95®
n
6.81® 6.83
September-.
—
June
6.84®
October
—
July
6.90®
May
*
offer.
n
November-
Rubber—On the 6th inst. futures
6.95®
n
closed 16 points higher
unchanged.
The May delivery on the Exchange gained
points, while the July position was unchanged from the
previous final price.
Transactions totaled 550 tons. De¬
mand came mostly from dealer sources.
The strength in
the securities market was also a bullish influence in the
to
16
Certificated rubber stocks
1,260 tons.
Local closing: Apr., 18.50; May, 18.42; July, 17.80; Sept.,
17.67; Dec., 17.45.
On the 8th inst. futures closed 2 points
down to 2 points net higher.
Transactions totaled 99 lots.
The tone of the rubber futures market was firm.
There was
speculative and dealer buying of nearby deliveries.
Com¬
mission houses were buyers of forward months.
However,
trading was moderate, totaling only 550 tons to early after¬
noon.
At that time May rubber was selling at 18.50, and
July at 17.90, up 8 and 10 points, respectively.
Statistics
indicate that world consumption of rubber is being well
maintained despite the war.
London and Singapore closed
unchanged to fid. higher.
Imports of rubber into Malaya
in Mar. totaled 17,565 tons.
That would make net ship¬
ments from Malaya in Mar. 47,704 tons, compared with
45,507 tons in Feb.
Local closing: May, 18.40; July, 17.82;
Sept., 17.65; Dec,, 17.45.
On the 9th inst. futures closed
3b to 47 points net higher.
Transactions totaled 329 lots.
rubber market's improvement.
in licensed
The
rubber
Exchange warehouses decreased to
markets
reacted
in various
ways
to the war
opened 20
A large speculative demand Aade
its appearance, which readily absorbed a wave of profittaking and hedge selling that poured into the market on the
sudden rise.
During early afternoon the market was holding
gains of 33 to 43 points, with May selling at 18.73c., July
at 18.25 and Sept. at 18.05.
Sales to that time totaled 260
lots.
The spot rubber market in the meanwhile advanced
50 points to 19c. a pound.
In London prices also were
stronger, the market closing Y$ ;to 3-16d. higher.
How¬
ever, the Singapore market declined 5-32 to 3-16d.
Local
closing: May, 18.82; July, 18.32; Sept., 18.12; Oct., 17.95;
Dec., 17.90.
On the 10th inst. futures closed 16 to 4 points
net
lower.
Transactions totaled
171
lots.
Speculative
buying of rubber futures was active on the opening and
forced prices up 7 to 13 points.
However, in the later
trading dealer liquidation and hedge selling wiped out the
initial g^tins.
During the early afternoon the market was
about 2 points net lower.
May then stood at 18.80c., July
at 18.30c. and 8ept. at 18.10c.
Transactions to that time
totaled 126 lots.
The London market closed unchanged
to
5-16d.
higher.
Singapore also was higher.
Local
closing: May, 18.66; July, 18.25; Sept., 18.01; Dec., 17.86.
On the 11th inst. futures closed 6 points net higher to 6
points net lower.
Transactions totaled 132 lots.
Easy
primary markets caused the rubber futures market to open
4 to 6 points lower, but prices firmed up a little in the later
trading. During early afternoon May stood at 18.70, up 4
points. Other positions were 1 to 3 points net lower on a
turnover of 21 lots to that time.
Akron was credited with
buying a little rubber, but the general disposition was to
wait and see before acting.
London closed 3-32 to 3-lGd
lower. Singapore also was easier. Certified stocks of rubber
are
down to 1,230 tons.
Local closing: May 18.72; July
18.20; Sept. 18.00; Dec. 17.80; Mar. 17.74. Today futures
closed 12 to 20 points net lower.
Transactions totaled 200
lots.
Liquidation in rubber futures, possibly prompted by
the weakness of the Singapore market, failed to off set factory
buying and other demand, with the result that prices were
off 13 to 16 points this afternoon.
Trading was active,
totaling 137 lots to early afternoon. July sold at 18.07, and
Sept. at 17.84. The London market was unchanged to l-16d
higher, but Singapore declined l-32d to l-16d.
Dealers'
stocks of rubber in Singapore decreased moderately during
March.
Local closing: May 18.60; July 18.05; Sept. 17.80;
The New York future market promptly
news.
to 40
buying absorbed prof it-taking and hedge selling.
Spot hides
were
reported to be firm.
Local closing:
June, 14.12;
Sept., 14.42; Dec., 14.70; March, 15.00.
On the 10th inst.
futures closed 9 to 10 points net lower.
Transactions totaled
112 lots.
Raw hide futures opened 7 to 22 points lower.
Prices
_—-
6.95®
6.80@ 6.96
points net higher.
Dec. 17.60.
April 13, 1940
strengthened during the morning in quiet trading.
early session.
The
Transactions totaled 56 lots during the
improvement was due to strength of spot hides and short
covering.
In the later trading the market developed con¬
siderable weakness and closed at about the lows of the day.
Certificated stocks of hides in warehouses licensed by the
Exchange decreased by 1,796 hides to a total of 925,664
In the domestic spot market 900 April light
cows
sold at 133^c.
Local closing:
June, 14.03;
hides in store.
native
14.32^;:^S^& JV
Sept.,
.V:
12 points net higher.
Raw hide futures opened
On the 11th inst. futures closed 19 to
Transactions
totaled
136 lots.
points lower in the June delivery, other months 10 to 16
points higher.
The market advanced further during the
morning and at a late hour gains of 22 to 29 points were
registered. June sold at 14.31, up 28; Sept. at 14.61, up 29;
and March at 15.02, up 22 points.
The advance was in
2
sympathy with the strong spot situation and the firm tone of
the stock market. Sales totaled 74 lots.
In the domestic spot
market sales totaled 30,000 hides, including Feb.-March
heavy native steers at 12 %c. and April branded cows at
12%c. Local closing: June, 14.22; Sept., 14.46; Dec., 14.69;
Mar., 14.92.
Today futures closed 9 to 5 points net lower.
Transactions totaled 84 lots.
Raw hide futures opened un¬
changed to 6 points lower.
Prices were steady during the
morning in quiet trading.
Transactions totaled 56 lots.
Sept. sold at 14.45, oxf 1 point.
Trade and local interests
sold, while commission houses were on the buying side.
Certificated stocks of hides in warehouses licensed by the
exchange increased by 5,853 hides to a total of 933,289 hides
in store.
Local closing: June, 14.13; Sept., 14.41.
Ocean Freight—Because of the confused state of affairs
resulting from war, actual chartering came close to a stand¬
still.
London cables reported owners marking time for the
present.
Charters included: Grain: New York to Antwerp
(berth), April, 75c.
Australia to North Atlantic, $17 per
ton.
Buenos Aires to Antwerp, $27.75 per ton May. Buenos
Aires to north of Hatteras (linseed), $9 per ton paid full
A steamer River Plate to Marseilles or Genoa, May,
ton.
A steamer, River Plate to Antwerp, May,
$27.75 per ton.
A steamer, River Plate to Antwerp, May,
cargo.
$20
per
$27 per ton.
Time charter: West Indies trade, $5.25 per
trip east coast South America, April 25-30;
$5 per ton.
Round trip west coast South America, April, $4
per ton.
Round trip West Indies trade, prompt, $3 per ton.
Sugar: Philippines to United States Atlantic, $12 per ton.
Brazil to Antwerp, $26 per ton.
San Domingo to Marseilles,
$20 per ton.
San Domingo to Casablanca 95s per ton.
Cuba to Bordeaux, $21 per ton.
San Domingo to Nantes,
$20 per ton.
ton.
Round
Coal—Spring schedule prices for wholesale anthracite coal V
announced, showing reduction of 50c. per ton on line
delivery points and only 15c. lower at tidewater landings.
These new prices are effective as of April 15th, the line com¬
panies report.
The new quotations on the line deliveries on
egg, stove and nut will be $5.75 per ton, a reduction of 50c.
per ton.
Buckwheat will be $3.50, rice $2.75, barley $2 and
pea $4.25 per ton.
At tidewater points egg, stove and nut
sizes will be quoted at $5.60 per ton, a decline of only 15c.
Buckwheat will be offered at $3.50, pea $4.10 and barley $2.
Rice coal will be advanced 25c. per ton to $2.75 when the
new schedule becomes effective April 15.
It is stated that
independent coal companies will be permitted to sell line
delivery coal 15c. per ton under the line prices above. Tide¬
water deliveries by independent producers will be indentical
with the tidewater quotations, it was further reported by
anthracite producers.
The demand for anthracite coal is
reported as generally quiet.
'
..
were
Wool Tops—On the 6th inst. futures closed quiet and
steady at 7 to 9 points net decline.
Spot tops were un¬
Local closing: May, 94.8; July,
changed to $1 a pound.
93.5; Oct., 93.0; Dec., 92.8; Mar. (1941), 92.8.
On the
8th inst. futures closed steady and unchanged to 2 points
Spot tops were unchanged at II a pound.
Local
closing: May, 94.8; July, 93.3; Oct., 93.0; Dec., 92.6; Mar.
(1941), 92.6.
On the 9th inst. futures closed 18 to 24 points
net higher.
Spot tops were advanced 1c. to $1.01 a pound.
Spot domestic wools in Boston were very slow.
Good
combing spot South African merino wool was sold at around
90c., scoured basis, including duty.
Boston dealers were
reported as making scattered purchases of new wools in some
producing areas of the West.
Local closing for spot wools:
May, 96.6; July, 95.6; Oct., 95.1; Dec., 95.0; Mar. (1941),
94.5.
On the 10th inst. futures closed steady at 2 points
lower.
Hides—On the 6th inst. futures closed 14 to 20
points net
higher.
Transactions totaled 2,840,000 pounds.
The open¬
ing range yras unchanged to 8 points up.
Trading was
fairly active, with the undertone firm during most of the
session, though prices closed b to 8 points off from the top
levels of the day.
No important developments were re¬
ported in the domestic spot hide situation today.
Local
closing: June, 13.80; September, 14.02; December, 14.24.
On the 8th inst. futures closed 6 to 8 points net higher.
The opening range was 6 to 3 points higher.
Transactions
totaled 160 lots, or 6,400,000 pounds, of which 280,000
Spot hide prices
actual volume of
spot trading was restricted to a few lots of light native cows
by one of the smaller packer firms at 13c. for March-April
take-off.
Local closing:
June, 13.85; Sept., 14.10; Dec.,
14.32; March (1941), 14.54. On the 9th inst. futures closed
27 to 46 points net higher.
Transactions totaled 521 lots.
The opening range was 24 to 40 points net higher.
Prices
held firm throughout most of the session.
Broad speculative
were exchanged for physical hides.
continued to firm up today, although the
pounds
points decline.
Spot tops rose 3^c. to $1,013^
Reports from Boston state that inquiries for wools
were
showing a broadening tendency on the Boston wool
market, but there were only a few inquiries that resulted
in actual sales.
Country packed bright three-eighths and
quarter blood fleece wools, offered from producing areas,
were sold at 34 to 35c. in the grease, delivered to mills.
A
few sales were closed on foreign wools at steady prices.
Local closing for wool tops: May, 96.5; July, 95.5; Oct.,
95.3; Dec., 94.9.
advance to 1
a
pound.
Volume
The Commercial & Financial Chronicle
ISO
2449
On the 11th inst. futures closed very
net
higher.
Spot tops
steady at 4 to 8 points
unchanged at $1,013^ a pound.
were
lower.
With
offerings fairly
and demand light,
numerous
Srices with thetop futures turnedto midday estimated in was
ght, of wool volume of sales easier today. Trading the
trade at
only approximately 175,000 pounds of tops. Prices
on the New
York exchange around noon were 3 to 5 points
below the closing levels of the
previous day. Local closing:
May 96.9; July 96.0; Oct. 95.5; Dec. 95.3; Mar. 94.9.
Silk—On the 8th inst. futures closed 8c. to 13c. net
Transactions
totaled
Japanese buying
stimulus.
184
gave
Prices
lots, all in the No.
the silk futures market
higher.
1 Contract.
considerable
a
bid up as much as 10p£c.
were
and held
strong in spite of profit taking on the advance. During early
afternoon May silk stood at $2.50 a pound, up 10p£c.
The
price of crack double extra silk advanced 113^c. in New
York spot market to $2.67 a pound.
Sales of futures to early
afternoon totaled 69 lots.
The Yokohama Bourse closed 96
to 126 yen higher, while the price of spot
advanced 60 yen to 1,450 yen a bale.
Local
yen
April, 2.52^;
2.32; Nov., 2.33. On the 9th inst. futures closed
12^c. to
17c. net higher.
Transactions totaled 280 lots all in the
contract:
No.
1
contract.
Japanese silk markets reacted favorably
to the European news,
prices on the Yokohama Bourse
advancing 20 to 71 yen. That rise caused futures here to
jump sharply. Initial gains were 5 to 13Kc. higher. During
early afternoon the market stood 10to 13c. net higher.
Trading was heavy, sales to early afternoon aggregating 195
lots, all on the No. 1 contract.
The price of crack double
extra silk in
$2.77
a
the New
pound.
York spot market
advanced 10c. to
were tendered on contract.
In
D silk declined 7]/2 yen to 1,4423^
bale.
Local closing: April, 2.65; May, 2.65%; July,
2.56; Aug., 2.53; Sept., 2.49; Oct., 2.48; Nov., 2.47. On the
10th inst. futures closed
unchanged to 2c. net higher.
Transactions totaled 120 lots. ' Silk futures were
actively
purchased by Japanese and other interests, with dealers and
importers supplying the demand on a scale up. Sales to early
afternoon totaled 81 lots, all on the No. 1 contract.
June
stood at $2,643^,
July at $2.62%; 30 bales were tendered
on contract.
The price of crack double extra silk in the
yen a
New York spot market advanced 8c. to $2.85
Yokohama Bourse was strong,
pound. The
prices rising 71 to 113 yen.
Spot grade D silk advanced 122 3^ yen to 1,565 yen a bale.
Local closing: No. 1 contracts:
Apr., 2.67; May, 2.653^;
July, 2.58; Sept., 2.49; Oct., 2.48; Nov., 2.47^.
On the 11th inst. futures closed
53^ to 6%c. net lower.
Transactions totaled 38 lots.
Japanese cables were lower
with the result that the
opening here in the silk futures mar¬
ket was 2 to 7c. lower, with near months
relatively weak.
Some local liquidation was absorbed
by trade and dealer
buying.
During early afternoon May stood at $2.62, off
33^c., and Sept. at $2.46, off 3c. The turnover to that time
a
24 lots.
In the uptown spot market crack double
extra silk declined 3c. to $2.82 a
pound.
The Yokohama
Bourse closed 31 to 50
yen lower.
Spot Grade D silk de¬
clined 15 yen to 1,550 yen a bale.
Local closing: No. 1
Contracts:
April, 2.60; May, 2.58; July, 2.50^5 Sept.,
2.433^; Oct., 2.39K; Nov., 2.383^.
Today futures closed
unchanged to 13^c. net higher. Transactions totaled 35 lots,
all in the No. 1 contract.
Commission house buying based
stronger cables advanced silk'futures as much as 63^c.
early, but gains were not fully held.
During early after¬
noon
prices were only 1 to l%c. net higher, with July at
$2.51 y2 and Oct. at $2.41. Sales to that time totaled 12 lots,
on
all in the No.
delivery
on
1 contract.
Ninety bales were tendered for
the April No. 1 contract, making 780 bales so
far.
The price of crack double extra silk closed 15 to 41
yen
higher, while spot Grade D silk was 15 yen lower at 1,535 yen
a bale.
Local closing: June, 2.53;
July, 2.51; Aug., 2.443^;
Oct., 2.41; Nov., 2.40.
This
Since Aug
Week
1 1939
Week
1 1938
Houston
Corpus Christi-_
Beaumont
New Orleans
1,954
Mobile.
530,497
720",015
636",888
'109
992,954
289,883
16,678
772,541
59,933
11,203
1,872
34,020
15,833
38,743
12,234
13,932
40,344
91,560
731,765
99,472
76,998
1.447
120,301
28,711
4,218
10,026
25,576
46,312
31,796
522,355
57,010
z4,038
1,578
147,831
34,069
5,726
15,303
28,422
1,920
20,709
7^019
577
200
17,826
2,244
_
Pensacola & G'p't
22
Charleston
Lake Charles.
...
53
____
Norfolk
6",472
2,302,599
155,930
54,564
1,869
62,348
38,462
45,954
8,678
19,066
Jacksonville
Savannah
Wilmington
687,166
66,930
27",996
2,403
353
""28
19
500
100
1,485
1,275
2,269
1,225
New York
Boston
...
__
Baltimore
Totals
54,785 6,640,752
21,385 3,217,178 2,640,859 2,065,419
Receipts included in Corpus Christi.
x
1939
1940
936,643
2,485
5,349 1,669,581
41,153
16,953 1,976,985
14
178,807
Brownsville
Gulfport not included.
z
In order that
comparison may be made with other years,
give below the totals at leading ports for six seasons:'
we
1939-40
Receipts at—
Galveston
1937-38
1936-37
1934-35
1935-36
_____
2,485
7,019
6,472
2,403
5,902
3,784
12,425
1,803
6,305
5,135
20,422
7,397
5,783
7,305
16,373
2,394
2,594
4,122
22
Orleans.
Mobile.
1938-39
5,349
16,953
27,996
2,244
Houston
New
28
339
830
739
249
"349
"""579
Savannah
Brunswick
7,324
147
~
1,328
"""917
25
10
""109
287
293
57
1,954
1,143
561
540
All others
""214
"2",869
"""815
"l~622
""L393
""264
Total this wk_
54,785
21,385
26,976
42,828
34,922
15,829
Charleston
r"""53
Wilmington
Norfolk
:
Newport News
Since Aug. 1__
6,640,752 3,217,178 6,806,841 5,927,504 0,284,001 3.817,232
The exports
Friday Night, April 12, 1940
Crop, as indicated by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 54,785
bales, against 72,250 bales last week and 87,760 bales the
previous week, making the total receipts since Aug. 1, 1939,
6,640,752 bales, against 3,217,178 bales for the same period
of 1938-39, showing ar increase since
Aug. 1, 1939, of
3,423,574 bales.
France, 12,360 to Italy, 7,284 to Japan, 400 to China,
5,647 to other destinations.
In the corresponding
last year total experts were 45,243 bales.
For the
season to date aggregate exports have been 5,302,438 bales,
against 2,889,87b bales in the same period of the previous
season.
Below are the exports for the week:
week
Week Ended
Exported to—
April 12, 1940
Great
Exports from—
Ger¬
Britain
France
Japan
3,545
China
750
8,245
2,888
1,001
2,520
~913
"450
Angeles
19,946
Total
Total
Total
1938
...
6,313
12,360
3,232
4,212
25,749
913
95
"400
5", 368
7,284
400
5,647
54,812
6,292
7,158
9,175
1,792
1939...
13,190
7,235
11,364
25,513
4,947
8,162
45,243
81,591
2,138
5,850
From,
Exported to—
Aug. 1,1939 to
April 12, 1940
Exports from—
Britain
Galveston
350,640 141,176
Great
Ger¬
France
Corpus Christi
..
—
Orleans.
630,375
405",264
Lake Charles.
16,290
1,135
4,339
—
-
-
-
-
-
3,922
— -
27,922
185
4,309
— -
-
585
-
56,234
Mobile
18,329
4,334
---
---
------
-
8,169 185,743
78,647
491
4,179
2,631
19,494
--
—
"
Sat.
Mon.
Tues.
Wed.
Fri.
Thurs.
Total
60,343 210,767 1579,308
9,324
31,419
601
10,510
03,809
----
•
Jacksonville..
550
Pensacola, &c.
6,182
42,314
26,235
6,773
Savannah
Charleston...
Wilmington
..
Norfolk
—
211
-
75
----
—
486
1,575
-
—
-
------
1,704
11,507
196
11,267
8,837
100
70,109
'------
------
-
1,271
-
-
....
------
....
------
....
-
-
--
7,004
'
16,869
York—
New
'
--- ---
1
50
Boston
^
-
-
-
-
-
199
------
_
100
-
.
1,050
100
------
....
■
....
284
8,500
6,037
1
27,073
60,878
325,357
1,336
------
Los Angeles..
48,783
Francisco
17,231
San
40,886
5,562
13,956
78,971
200
7,821
—
Seattle
221
Houston
997
Corpus
Christi._
New Orleans
2,512
3,671
723
902
455
536
5,349
2,009
1,729
1,463
7,084
16,953
14
-
....
-
12
....
....
1768,710 752,444
33,456 514,089
1938-39 415,627 375,706
1937-38 1509,445 714,398
398,922 275,226
768,593 453,895
—
Savannah
6,534
898
Mobile
3,285
867
28
9
5
Wilmington
Norfolk
2,470
77
312
.
1
23
148
11
1,022
7
21
158
496
Baltimore
Totals this week.
The
4,365
1,799
62
27,996
2,244
22
j
9
763,541
517,304
76,754 584,100 2889,876
76,276 891,865 4931,776
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for—
Apr. 12 at—
Great
Ger¬
Britain France
Galveston
Orleans.
Coast¬
Foreign
wise
5,200
Houston
New
Other
many
_
1,400
22,700
Leaving
Total
21,300
30,979
3,446
1,522
3,000
29,500
24
32,403
3.024
27,668
Charleston
10,360
10,344
5,337
4,553
Norfolk.
Other
Stock
657,666
687,612
704,097
120,301
28,711
99,472
25,576
227,853
ports.._
119
1,954
Total
1940..
Total
1939._
Total
1938._
29,300
9,790
6,259
933
2",656
55,725
17,436
6,710
10,376
39.480
1,522
7,575
5,620
89,571 2,551,288
38,390 2,027,029
68,445 2,698,841
53
200
11,816
12
788,700 361,064 1084575 5302,438
14
.
9,543
6,287
1
180,388
■V
^
21,235
11,791
26,618
214
'
Baltimore-...
27,810
6,773
....
------
-
----
811
2,708
2,106
11,170
•
1,825
50
'
'
5,498
11,135
Gulfport-
—
Mobile
Galveston
Total
50,381 391,903 1251,081
217,587 185,260 345,403 1530,541
37,586
10,390 25,452 200,731
190,698
8,257 177,345
10,242
Other
China
Japan
286 125,997
400
Beaumont
Italy
many
447,338 149,351
71,308 27,424
8,496
6,861
Houston
Brownsville
New
10,764
22,556
11,746
2", 520
-
Norfolk..
Los
Total
Other
1,916
2,108
2,007
2,500
14,116
Houston
New Orleans—_
Mobile
Italy
many
2.680
3,310
Galveston
Savannah
Receipts at—
total
and
Total
the
a
to
Total
Movement of
for the week ending this evening reach
of 54,812 bales, of which 19,946 were to Great Britain, 9,175
Total
COTTON
The
Since Aug
Eighty bales
Yokohama spot Grade
totaled
This
Galveston
grade D silk
closing: No. 1
May, 2.49^; July, 2.42
Sept.,
Stock
1938-39
1939-40
Receipts to
Apr. 12
Local closing: May 97.1; July 96.3; Oct. 95.8; Dec. 95.5;
Mar. (1941) 95.1.
Today futures closed 2 to 3 points net
200
12.375
54,785
Speculation
in
cotton
for
future
delivery
was
moder¬
ately active during the past week, with prices more or less
irregular.
The highly momentous happenings abroad ap¬
following table shows the week's total receipts, the
peared to have little effect, though developments are being
total since Aug. 1, 1939, and the stocks tonight, compared
with last year:
watched with the closest attention, it being generally realizd how vast an influence the outcome will have on world
The Commercial & Financial Chronicle
2450
trade.
Spot sales in
the
South show
up
compared with last year's sales for the
On the 6th inst. prices closed
well
very
same
when
Trading
period.
though
due
unchanged to 4 points off.
Drought-breaking rains in Texas and Oklahoma brought
liquidation into the cotton futures market today and prices
eased from early moderate gains which had been due to
sharp rally in
New Orleans
lower.
The opening range
partial
$1
trading.
points
3 to 6 points higher in a
new
New
were
Sales
cotton.
at
Southern
spot
bales, compared
with 1,396 bales last year.
Spot prices
were
unchanged to 6 points higher, ranging from 10.07 to
10.87c.
On the 9th inst. prices closed 3 to 12
points net
higher.
The widening of the theatre of war brought general
foreign buying in cotton today and prices slowly advanced.
The advance, however, was checked
by heavy selling in
old crop months by leading spot
houses, with sales estimated
at 25,000 bales.
The opening was active.
Bombay and
Liverpool brokers were credited with buying about 15,000
bales, mostly new crop months.
Liverpool futures advanced
the 25 points permissible limit, and there was
buying at
these limits.
Bombay futures also were strong. Part of
the advance abroad was attributed to weakness in
sterling
and to higher freight rates and war risk
insurance.
Con¬
siderable spot house hedging in
May and July against equities
and spot cotton in the South carried the entire
list back to
unchanged to 5 points higher.
Stocks and other
commodities eased from the
morning
levels
highs,
bringing in
profit-taking in the cotton ring from local traders.
route
to
In the
was believed that there is little
cotton en
Scandinavian ports.
Sales of spot cotton totaled
11,425 bales compared with 3,885 last
year.
Prices
were
York market each
New York
1940
10.89c.
1932
8.63c.
1931
8.98c.
1930
1937 -...-14.13c.
1929
—
1936— -.11.72c.
1935 -----12.00c.
1934
12.10c.
1933
6.85c.
1928
—
1927
1926
Liverpool and Bombay, and opened unchanged to 3 points
eased 1 to 3 points further and turned
quieter.
Foreign selling, mostly in Oct., supplied the contracts, but
the volume of sales, estimated at around
7,500 bales, was not
sufficient to make much
impression.
Spot houses, which
have been conspicuous sellers of
May this week, did little or
nothing during yesterday's session and Southern
reports
only liquidate contracts
higher for May.
Sales in the
leading Southern spot markets totaled 21,021 bales, com¬
pared with 3,817 last year.
Prices were unchanged to 5
points higher, ranging from 10.10 to 10.93c.
On the 11th inst.
prices closed
lower.
unchanged to 6 points net
Persistent demand from cotton houses with
South¬
mill connections offset
hedge
dation
in
cotton
ern
selling and foreign liqui¬
Liverpool cables were sharply
higher, based on a rise in "free"
sterling, but the local
market paid less attention to
foreign markets, and opened
1 to 3 points net lower.
Bombay prices were lower, but
the Bombay selling was confined
to small lots of
July and
October.
After easing a few
points from opening levels in
today.
mid-afternoon, the
few
South
market
became listless.
There
were
a
American
hedges in July, but these were ab¬
by New Orleans and trade brokers.
New crops were
less active, but the weather is
now
receiving more atten¬
sorbed
tion and there
or
are
yet
definite indications as to
acreage
prospective planting conditions. Toward the
close South¬
ern
no
selling developed,
but no£ enough to bring about anv
The selling was absorbed
by leading spot houses fixing
prices in May and July.
Sales
of spot cotton in the Southern
spot markets totaled 7,454
bales, compared with 2,032 bales last year.
Today prices closed 1 to 13 points net
higher.
Cotton
futures held modest gains this afternoon
in a narrow mar¬
ket, which moved within a range of 3 to 5
points all dav.
serious
break in
Tue«.
Wed.
Thurs.
10.88
11.08
10.93
10.92
10.88
10.89
11.13
11.12
11.08
11.09
Fri.
1924
30.40c.
1923 -—28.75c.
1915
11.95c
10.15c*
1914
13.10c.
.20.75c.
_20.5Oc.
12.40c.
.—11.65c.
1911
14.85c.
1910
.--.15.10c.
1917 -—--20.85c.
1909
.
at
Spot
Old
-
—
Contract
New
-10.45c.
New York
Old
Total
New
Old
600
-
New
600
-
"466
"400
600
-
600
200
4-
200
1,801
W
-
1,801
Total week
Since
1913
1912
-
-19.45c.
—
Market and Sales
Saturday
Monday..
Tuesday
Wednesday--Thursday
Friday
1916
17.75c.
1921 --12.00c.
1920
43.00c.
-14.5Cc.
.
on
1922
-10.30c.
-16.35c.
---.
1925—. -24.30c.
—
3,601
Aug. 1
'1
93,652
59,800
.
<*'«*
---
+
3,601
»
2,000 153,452
2.000
Futures Market Clos d
Spot Market Closed
Old
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Nominal
Nominal
Nominal
Steady
Nominal
------
New
Steady
Steady
Steady
Steady
Steady
-
Nominal
.
Nominal
Steady
Steady
Steady
Steady
Steady
-----
Steady
Premiums and Discounts for Grade and
Staple—The
table below gives the premiums and discounts for
grade and
staple in relation to the base grade.
Premiums and discounts
grades and staples are the average quotations of 10
markets designated by the Secretary of
Agriculture.
for
Old Contract—Basis
liveries
on
Middling %-inch, established for de¬
on
April 17, and staple premiums
over J^-inch cotton
contract
represent 60% of the average premiums
10 markets
April 10.
on
Middling 15-16 inch,established for
on
April
17, and staple premiums
and discounts represent full discount for
%-inch and 29-32inch staple and 75% of the average
cotton at the
10 markets
On
premiums
April 10.
Old Contract
over
15-16-inch
New Contract
H
15-16
1
Inch
Inch
and
.54 on
.65
on
.73
on
.36
on
.45 on
.54
on
.59
.49 on
.59
on
.68
on
.31
on
.39
on
.49
on
.54 on
.60
.43
on
.53
on
.62 on
.25
on
.33
on
.43
on
.49
on
.54 on
.30
on
.41
on
.50
on
.13
on
.21
on
.30
on
.36
on
.41
on
.20
on
.18 off
.10 off
Basis
.06
on
.12 on
.30 off
.65 off
.58 off
.50 off
.45 off
.39 off
In.
K
Up
29-32
15-16
31-32
1 In.
Inch
Inch
Inch
Inch
and Up
While—
Mid.
Fair
Good Mid—.
St
Good
St.
Mid
Mid
Mid
Basis
.11
St
.48 off
.38 off
Low Mid
on
.65 on
on
on
Low
Mid
1.03 off
.93 off
.87 off 1.20 off 1.14 off 1.05 off 1.01 off
.97 off
Good Ord_. 1.52 off 1.4 > off 1.41 off 1.70 off 1.66 off
1/8 off 1.56 off 1.53 off
Ord
2.12 off 2.02 off 1.99 off 2.23 off 2.20 off 2.13 off 2.11 off
2.09 off
Extra White—
•St.
•Good
Good Mid
.43
on
.53
on
.62
on
.25
on
St. Mid
.30
on
.41
on
.60
on
.13
on
Mid
Even
.11
on
.20
on
.18 off
St. Low Mid
Low Mid
•Good Ord
.33 on
.21
on
.10 off
.43
on
.49
on
.54
on
.30
on
.36
on
.41
on
.06
on
.12 on
Even
.48 off
.38 off
.30 off
.65 off
.58 off
.50 off
.45 off
.39 off
.93 off
.87 off 1.20 off 1.14 off 1.05 off 1.01 off
.97 ort
1.52 off 1.45 off 1.41 off 1.70 off 1.66 off 1.58 off 1.56 off 1.53 off
2.12 off 2.02 off 1.99 off 2.23 off 2.20 off 2.13 off 2.11 off 2.09 off
1.03 off
•8t. Good Ord—
Spotted—
Good Mid
.08
on
.18
on
.27
on
.11 off
.02 off
.06
St. Mid
.07 off
.03
on
.12
on
.25 off
.16 off
.07 off
Mid
.60 off
.49 off
•St
Low Mid
•Low Mid--
.12
on
on
.01 off
.17 on
.04
on
.42 off a.77 off a.69 off a.60 off a.55 off a.50 off
1.22 off 1.14 off 1.08 off 1.39 off 1.35 off 1.26 off 1.24 off 1.19
off
1.87 off 1.82 off 1.80 off 2.05 off 2.03 off 1.97 off 1.95 off 1.93 off
Tinged—
Good Mid
.49 off
.41 off
.35 off •.67 off •.62 off ♦.54 off *.51 off *.46
.69 off
.62 off
.56 off *.87 off *.83 off •.75 off *.72 off ♦.37
1.26 off 1.22 off 1.20 off 1.42 off 1.41 off 1.37 off 1.36 off 1.34
•8t Low Mid— 1.83 off 1.81 off 1.81 off 1.99 off 1.98 off 1.96 off 1.96
off 1.96
•Low Mid
2.32 off 2.31 off 2.31 off 2.49 off 2.49 off 2.49 off 2.49 off 2.49
Yellow StainedSt.
Mid
•Mid
Good Mid
•St.
Mid
•Mid
the price level.
the
Mon.
1919 ——28.70c.
1918 —-32.20c.
lower,
indicated that spot houses would
on
the basis of 10.75c. or
6.40c.
.
...
1939
New Contract—Basis
deliveries on contract
influenced by lower cables from
in
Quotations for 32 Years
1938
at the
was
cotton
day for the last week has been:
quotations for middling upland at New York
April 12 for each of the past 32 years have been as follows:
10th inst.
the session the market
im¬
noon
done.
was
2 to 5
points higher, ranging from 10.10 to 10.92c.
On the
prices closed 2 points lower to 1 point higher.
Uncertainties regarding developments in
Europe tended to
restrict trading today in the local cotton
market, and prices
were very little
changed from the previous close.
Early in
freezing
news, caused
The
trade it
cotton
possibly
That
was as much as 8 points higher.
On the move¬
good deal of switching from «>ld crop positions into
a
April 6 to April 12—
Sat.
Middling upland % (nominal) „10.84
Middling upland 15-10 (nom'l). i.1.04
1,436
special types of
markets totaled 6,431
with
Hie official quotation for middling upland
received.
market could be traced to similar conditions in the
Southern
spot markets.
Here new business is light, except for a small
amount of buying by domestic mills for
pres¬
the market
by the recent heavy textile business.
Opening
proved to be the best for the day, with the market
Spot sales today totaled 13,194 bales, compared
bales a year ago.
Middling -quotations were
unchanged to 3 points lower, and ranged from 10.01c. up to
10.83c. at the 10 designated spot markets.
On the 8th inst.
prices closed 2 to 7 points net higher.
The opening range
was 2 to 5
points higher, when Bombay and Liverpool brokers
absorbed about 7,500 bales of July, Dec. and Mar.
Bombay
brokers were buying here against sales in their
market.
Prices eased 2 to 5 points from the
opening highs on local
selling and scattered liquidation in May.
Spot houses were
small sellers of May early, but later this
selling fell off.
The local selling was attributed to more favorable
rains in
Texas and Oklahoma, following those which occurred
last
Friday.
More rains fell, also, in the Eastern belt, where
they were not particularly needed.
The listlessness of the
failed to
proved demand for futures, with the result that before
price fixing
reports of the extent of the Western rains
prices here
opening, owing to
During the forenoon the character of the trading
a change following the publication of a weather
calling for cold weather
temperatures in parts of the belt.
ment
with
close,
underwent
to rallies at Bombay equivalent to more than
Bombay and Liverpool sources were buyers of
as
York
forecast
stimulated
easing
Al¬
sure, combined to hold the market in check during the early
bales here and trade interests also were initial
pur¬
chasers in old crop months in a continuation of
soon
operations.
11 to 22 points higher than
sales.
re¬
several
levels
night's New
1940
Opening quotations were only 1 to 2 points
Selling by New Orleans brokers believed to have
been liquidation, scattered foreign selling and hedge
pres¬
response
bale.
a
was
switching
13,
higher.
a
Selling pressure from local and
fell off somewhat toward the close of
the market, however, and final prices showed
partial
coveries from the low, being net
unchanged to 4
last
of
were
worth-while response on the
a
of
sure
largely
Liverpool cables
on
make
Bombay.
sources
consisted
April
1.01 off
off
off
off
off
off
/
.94 off
.87 off *1.18off *1.15off *1.06off *1.04off •.98 off
1.36 off 1.35 off 1.34 off 1.54 off 1.53 off 1.52 off 1.51 off 1.50 off
.S 1.86 off 1.85 off 1.85 off 2.03 off 2.03 off 2.03 off 2.03 off 2.03 off
Gray—
Good Mid
St. Mid
.60 off
.52 off
.43 Off •.77 off ♦.73 off *.65 off, •.61 off •.54 off
.74 off
.66 off
.58 off
.92 off
.88 off
.79 off
.75 off
.68 off
1.25 off 1.18 off 1.14 off 1.43 off 1.39 off 1.32 offll.29 off 1.27 off
.
•Mid....
•Not deliverable
on
future
contract,
Middling spotted shall be tenderable
only when and If the Secretary of Agriculture establishes a type for such grade.
-
Futures—The
a
highest, lowest and closing prices at New
York for the past week have been
as
follows:
Volume
The Commercial & Financial Chronicle
150
Saturday
Monday
Tuesday
April 6
April 8
April 9
Thursday
April 10
Friday
April 11
Wednesday
April 12
Apr.(1940)
(old)
Range...
Closing.
10.73ft
10.77n
10.82n
10.83ft
10.80ft
10.79ft
Apr. (new)
Range..
Closing. 10.90n
10.95ft
10.99ft
10.96ft
10.99n
(old)
Range__ 10.58-10.68 10.61-10.68 10.07-10.75 10.68-10.73 10.69-10.73
10.63
10.67-10 68 10.72
Closing
10.69-10.70
10.73
May (new)
10.97ft
May
70-10.74
70
.
Range.. 10.80-10.86 10.79-10.85 10.85-10.90 10.86-10.89 10.86-10.88
87-10.89
Closing
87
10 80
.
10.85
10.89
—
10.89
10.86
«
2451
April 12—
1939
1940
1938
1937
Stock in Bombay, India
1,244,000 1,118,000 1,092,000 1,181,000
Stock in Alexandria, Egypt.*
352,000
399,000
267.000
386,000
Middling upland, Liverpool
4.93d.
4.89d.
8.12d:
7.47d.
Egypt, good Giza, Liverpool
H 61d.
Broach, fine, Liverpool.
3~.88d~.
~4.10d~
7.21d.
~6.20d~
Peruvian Tanguis, g'd fair, L'pool
5.08d.
6.04d.
8.67d.
9.02d.
C. P. Oomra No. 1 staple, super¬
4.13d.
fine, Liverpool
4.17d.
6.10d.
7.18d.
At the Interior Towns, the movement, that
is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding periods of the previous year—is set out in
detail below:
June
(old)
Range..
Closing. 10.51ft
10.56n
10.60n
10.55ft
10.57«
10.60ft
June (new)
Range..
10.67ft
Closing
10.72n
10.76ft
10.72ft
10.74n
10.75n
July
(old)
Range.. 10.35-10.46 10.38-10.45 10.45-10.53 10.43-10.48 10.42-10.47
43-10.48
Movement to April
Towns
Movement to April 14, 1939
12, 1940
Ship¬
Stocks
ments
Apr.
Receipts
Week
Week
Season
Receipts
Ship¬
Stocks
ments
Season
Week
12T
Apr.
Week
14
.
10.38-10.40 10.45
.
Range__
10.48
—
—
10.42-10.43
45-10.46
10.56-10.56 10.63-10.65 10.61-10.64 10.61-10.61
10.60ft
10.63 —
10.58»
10.62
10.54ft
_
10.48
59-10.62
Range__
10.50ft
10.53n
16,225
143
8,782
731
74,259
463
65,933
27
119
169,720
2,515
141,710
87
32,162
834
40,185
100
67,246
40,982
1,500
40,976
Ark., Blythev.
City
Little
Range..
10.19ft
10.25ft
10.24ft
Pine
10.29ft
10.22»
Range..
9.80- 9.91
9.84-
Closing.
9.87
9.89
9.89
9.94- 9.99
9.94- 9.96
9.95-
9.89
—
9.96
9.96
—
9.98
98-10.07
06-10.07
—
9.82 ft
9.66- 9.74
9.69-
9.70
9.75
9.90ft
9.80- 9.85
9.81- 9.84
9.82-
9.84- 9.85
9.84
9.99ft
9.89«
9.82ft
9.91ft
«.
Bluff.
.
9.75
-
1
-
38,632
318
27,716
78
134,961
1,353
77,795
466
-
62,703
Oa., Albany-
183
Closing
9.69-
9.77- 9.77
9.69
9.80n
9.81
9.77ft
9.61«
9.65ft
9.76ft
9.76ft
9.73 ft
13,298
557
31,528
535
1,798
139,769
3,308
155,948
1,053
99,231
144,730
3,289
126,527
1,882
3,557
13,200
200
30,400
600
112,569
115,678
10,400
27,223
16,786
85,847
130,773
27,529
197,202
32,531
5,174
2,270
20
142,092
34,500
30,259
32,762
577
78,253
100
49
328
31,314
144
100
37,742
30
1,335
62,719
8
789
159,716
1,946
47,858
288
Columbus..
4
19,838
820
35,023
316
Greenwood.
889
234,306
4,895
68,381
501
77
33,703
650
7,258
56
16,839
14,437
98
27,291
217
17,523
Rome
37,088
9.53- 9.62
9.56-
Closing
9.56ft
9.60ft
.
9.60
9.67-
9.73
9.72
9.72
9.72
9.69ft
1940—
May
2,170
281
5,385
197
1,800
327,080
7,743
107,549
2,458
37,727 3121,087
52,983
710,498
338,432
1,173
83,127
16,112 1856,425
1,417
2,902
29,140
271,980
2,780
205,580
74,123
21,979
31
12,530
9
Texas, Abilene
26,929
mm
-
■
58
9,961
-
-
1
7,406
3
1,725
12
5
15,678
25
1,472
21
243
49,641
228
34,217
161
160
75,637
811
24,832
2
6,518
\
10.58
New
June
.
.
Apr.
10.79 Apr.
6 10.75 Apr.
8 10.90 Apr.
7.54
9
9
May 17 1939 10.95 Feb. 26 1940
old
10.35 Apr.
New
10.50 Apr.
7.63
1 1939 10.60 Jan.
1 1939 10.82 Jan.
8.08 Aug. 31 1939
9.54 Dec.
6 10.48 Apr. 12
8 10.65 Apr.
9
7.90
August
September
Sept.
Sept.
3 1940
3 1940
7 1939
56,117
48
Waco
5
13,674
*
9.80 Apr.
6 10.07 Apr.
1 1939 10.14 Jan.
12
8.25 Nov.
9.66 Apr.
b
9.94 Apr.
12
9~28 "jan." 29~ 1940 I6?07 "jan.
January
February |__
9.69 Apr.
8
9.90 Apr.
12
9.07
March
9.53 Apr.
3 1940
.
December..
31940
1941—
....
9.80 Apr.
6
9.33
12
Mar. 18 1940
9.90 Apr.
above
The
9.80 Apr.
Commodity
delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
which
are
we
have compiled the following table.
given in bales of 500 lb. gross weight.
5
totals
show
that
same
'mm
8
27,037 4410,464
.mm
729
mi
38
2,421
35,438
23,061
10
64,206 2870,759
the
interior
stocks
1939-40
Since
have
The
Via St. Louis
Apr. 5
Apr. 6
Apr. 9
Apr. 10 Apr. 11
Week
300,240
3,215
226,375
1,945
3,540
.10,394
7,678
141,003
663,342
5,020
22,007
.26,732
1,348,666
32,287
984,853
200
17,848
7,273
276,595
1,920
7,657
21,020
7,641
333,522
Via Rock Island
110,028
;
Louisville
Via Virginia points
Via other routes, &c
"268
.
—
Total gross overland
Deduct Shipments—
Overland to N. Y., Boston, &c.
Between interior towns.
209
.
.14,385
Contracts
Aug. 1
152,084
148,821
2,714
6,964
138,508
535,762
.
:■
Apr. 8
Aug. 1
8,530
4,000
.
Via Mounds, &c
Via
1938-39Since
Week
Shipped—
Total to be deducted
"loo
209
1940—
May—Old
20,700
16,000
46,900
22,100
24,900
1,900
300
300
30,000
19,800
3,300
52,500
2,200
38,400
July—Old
16,800
.1,100
New
18,000
23,500
200
400
2,000
New
200
October—Old
__
New
9,786
362,183
22,501
200
.
415,600
22,800
♦
622,670
Including movement by rail to Canada.
i
527,100
39,800
10,400
5,700
December—Old
32,400
17,500
334,000
■
m
4,700
6,000
-
—
-
8,300
18,600
7,300
1,200
100
14,900
5,400
-
-
600
5,400
-
8,000
^
mm
mm
mm
mi
149,900
1941—
Receipts at ports to April 12
54,785
Net overland to April 12
11,938
Southern consumption to April 12-145,000
Total marketed
January
100
March
_
1,900
6,200
3,600
11,100
49,700
Interior stocks in
of
Excess
211,723
*43,620
excess
Southern
Since
Week
Aug. 1
6,640.752
1.046,950
Aug. 1
5,245,000
21,385
22,501
135,000
12,932,702
97,055
178,886
*37,169
862,534
....
-
.
Total all futures
74,500
200
—
70,000
57,000 169,100
Came into
sight during week..
Total in sight April 12
168,103
Open
Apr. 3
Apr. 4
Apr. 5
Apr. 6
Apr. 9
Apr. 8
*
Contracts
7,350
6,400
New
2,250
2,650
8,-500
76,250
12,450
1,400
74,400
3,800
2,800
100
July—Old
13,750
New
10,950
mm
October—Old
—
-
4,400
_
-
—
-
—
5,250
'.
-
New
13,892,291
28,925
1,312,253
....
9,637,046
36,952
1,055,638
Decrease.
3,500
-
Movement into sight
in previous
Bales
1938—April
1937—April
1936—April
15
16
17—
108,971
163,064
*.—131,863
years:
Since Aug. 1-
Bales
1937—
13,782,912
-.13,098,711
12,169,393
1936—
1935
New Orleans Contract Market
4,950
8,600
1,000
2,900
1,900
1,100
600
750
450
•
10,250
60,600
2,750
17,650
200
Saturday
April 6
1941—
January
100
—
m
„
50
700
100
—
May
100
700
1,650
1,850
■
—
March
8,000
850
100
800
Total all futures
27,200
27,450
9,200
11,350
9,250
25,900
244,550
New
...
New
cotton statistics
are
therefore
not
war
conditions,
permitted to be sent from abroad.
obliged to omit
our
usual table of the
..
...
October
Supply of Cotton—Due to
..
Tuesday
April 9
Wednesday
April 10
Thursday
April 11
Friday
April 12
10.81
January
March
_.
...
10.83
10.86-10.87
10.876
10.936
10.956
10.986
10.83
10.85
10.49
10?55
10.57
10.58
10.956
10.976
10.616
10.676
10.696
10.706
10.53
9.91
9.94
10.02
10.026-.03a 10.656
10.676
9.896-9.90a 10.01
10.10
December. 9.746-9.76a 9.786-9.80a
1941—
9.676
9.596-9.60a
9.716
9.64
9.876
10.55-10.56
9.886-9.89a
9.98
9.806
9.845-9.85a 9.836-9.840
9.756-9.76a 9.766-9.77a 9.746-9.75a
9.88
9.936
Tone—
Spot
supply of cotton and can give only the stock at
prices at Liverpool.
Alexandria and the spot
Monday
April 8
1940—
May old.. 10.75
July old
are
141,717
_
December
The Visible
.
Week—
Apr. 9
1940
May—Old
8,352,848
917,866
78,000 1,550,200
71,700
North, spinn's* takings to April 12
New Orleans
-
366,332
months—
August. 1940
3,217,178
622,670
4,513,000
mill
takings
consumption to March l._
over
1938-39
Since
Week
Takings
14,106
•
1939-40-
.
In Sight and Spinners'
_
6,100
New.
301,716
1,047,950
'
'
■
.14,794
..14,794
Leaving total net overland *...11,938
Apr. 11
visible
mm
13,306
27,265
54,402
week last year.
Open
New York
We
41,085
42,587
Overland Movement for the Week and Since Aug. 1
12 1940
for future
►
6,477
-
2,948
190
during the week 43,620 bales and are tonight
343,665 bales less than at the same periQd last year.
The
receipts of all the towns have been 32,774 bales more than
12 1940
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
Inactive
-
1
59,811 6003,405 103,431 2527,094
Apr. 12—
figures
-
4,662
32
Includes the combined totals of 15 towns In Oklahoma.
in the
23 1940
Jan.
Volume of Sales for Future Delivery—The
from
tm
1
15,469
14,717
45,120
63,167
1,282
67,958
720,000
decreased
.
October
November
24,877
4,090
hmm,mm
Tot., 56 towns
New
July old
577
69
*mm-
3 1940
1 1939 11.07 Jan.
8.05 Sept.
....
36,773
1
_
Marcos
Texarkana.
old
3,365
100
1,185
Tenn., Mem's
San
46,355
4,518
mm
.
Robstown.
New
20,452
304
3,215
2,976
mm mm
Paris
April old...
37,412
16,122
5,627
<m
83
Dallas
Range Since Beginning of Option
21
600
34,678
Austin
Range for Week
244
'
557
8. C.. Gr'vllle
Brenham
Option for—
-
8,530
15 towns ♦.
Range for future prices at New York for the week ended
trading began on each option:
2,490
68
Oklahoma—
Jan. 00, 1940, and since
51,714
38,809
85,518
662
47,878
N.C., Gr'boro
Nominal.
1,706
303,532
Mo., St. Louis
.80
9.69-
9.71-
—
.71- 9.80
9.72
9.69-
739
8,494
Yazoo City.
Range..
3
300
7,841
28,500
45,341
152,185
Vlcksburg..
Mar.—
5
64
16,527
9.85ft
29
822
103
Natchez
.
88
136
14,086
Jackson
Closing
214
160,508
50,277
52,594
47,640
34,805
131,321
40,040
118,814
40,997
15,906
37,151
1
41,530
107,903
Range..
139
524
500
15
Feb.—
8,710
71,515
74,643
274
453
90
9.70ft
172
3,128
14,872
79- 9.90
9.79- 9.81
41,795
39,898
Athens
147
93
9.66w
.
37,134
_
La., Shrevep't.
Miss., Clarksd
83- 9.94
9.84
(1941)
Range..
m.
22
Macon
Range..
Closing
~
28,168
132,738
575
Columbus..
Dec.—
mm
191
2,323
Augusta
9.78 ft
.
'm.
9,251
106,718
AUanta
Range..
35,383
7
Walnut Rge
Nov.—
m
mm mm
688
Rook
Newport
Closing. 10.15ft
102
84
ml-m
.
4,015
60,202
38,923
19,315
104,121
40,174
134,527
48,551
25
28,421
70,801
12,789
85,922
44,123
131,516
38,923
73
60,883
164
Jones boro„
10.52n
10.48ft
10.52ft
Oct.—
»
112
672
Hope
10.44ft
.
Sept.—
Closing
381
20,695
1,349
Montgom'y
Helena
Closing
48,969
Eufaula
Forest
62
Aug.—
Jan.
148
Selrna—
Closing
July) new)
Closing
Ala., Birm'am
Quiet
Quiet
Quiet
Quiet
Quiet.
Quiet.
Old futures
Steady
Steady
Steady
New fut'es
Steady
Steady
Steady
Steady
Steady
Steady.
Steady.
Steady.
Steady.
The Commercial & Financial Chronicle
2452
Quotations for Middling Cotton at Other Market*—
are the closing quotations for middling cotton at
April 11
Receipts at—
principal cotton markets for each day of the week:
Monday
Saturday
Week Ended
Apr. 12
15-10
%
15-16!
in.
In.
In.
In.
%
Thursday I
Wednesday
j Tuesday
%
,15-16
H
In.
In.
%
15-10
In.
j In.
\
In.
...
Augusta
....
Memphis
Houston
.
....
Exports
from—
15-16
In.
1939-10-
1?000
1937-38-
1938-39—
4010.25 10.45
,6810.40 10.60
1937-38-
a
Texas—Galveston
Rainfall
Inches
High
Low
Mean
2
0.83
76
48
02
4
3
4
1.00
3.02
1.48
0.01
78
80
80
87
13
35
25
47
46
86
47
67
4.03
1.75
72
79
80
80
83
82
83
68
82
67
73
80
83
87
87
32
42
34
44
34
47
40
26
34
30
32
34
42
42
47
52
61
57
62
59
65
62
47
58
44
53
57
63
65
67
83
38
,
Amarillo
—
-'
-—» —
...
Brownsville--
—
-..I-.—-,-
1
-
Corpus Christi
.
Dallas---
Dei
EI
Rio
-----
Paso—
dry
3
1
-
dry
,,
-------
San Antonio---—
Oklahoma—Oklahoma City—
Arkansas—Eldorado--------Fort Smith------------Little Rock.—
Pine Bluff—
-----j..
3
2
2
1
4
4
2
4
.
2
Houston
Palestine
Port Arthur
-
Louisiana—Alexandria
Amite———
—
—
——
New Orleans------
— --—
Shreveport
-
3
2
2
2
1
2
1.88
1.89
0.96
3.46
1.76
0.43
2.54
3.38
2.28
1.48
1.04
61
58
78
37
80
39
80
49
1939-40—
1
1
0.17
0.26
74
79
2
1
3
2.78
0,57
3.92
84
81
75
38
44
50
56
62
67
59
50
70
63
-
2
2
82
82
63
49
73
66
--------
2
2.94
0.70
0.68
1.43
0.01
81
39
82
80
39
40
0.61
0.55
1.00
0.96
49
35
40
34
33
68
59
59
52
54
75
.36
eo. ooo
72,000
43,000
261,000
180,000
560,000
354,000
295,000
206,000
147,000
442,000
a
24,000
22,000
41,000
19,000
a
a
1862,000
800,000 1596,000
506,000 1172,000
a
535,000
486,000
'
Not available.
a
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
4,000
bales.
Exports
from all
India ports record a
decrease of 12,000 bales during the week, and since Aug. 1
show
an
increase of 266 bales.
Alexandria
Receipts and Shipments—The following
receipts and shipments for the past week and for the
corresponding week of the previous two years, as received
by cable:
are
the
1939-40
Alexandria, Egypt,
1937-36
1938-39
April 10
(Receipts Cantars)—
This week-.
90,000
7,826,308
—
Since Aug. 1
This
Week
130,000
8,944,837
105,000
6,929,722
Since
This
Week
Aug. 1
Since
This
Since
Aug. 1
Week
Aug. 1
5,600
9,900
750
151,989
142,012
571,064
22,545
797.538 16,250
887,610
Exports (bales)—
167,802 5,700
140,016 5,900
486,559 11,000
39,328
6,000
7,000
To Liverpool-........
To Manchester, &c. . .
To Continent & India. 14,000
To America—.......
2,000
61
60
86
83
78
69
74
901,000
a
128,127
137.296
512,013
20,102
60
51
Tampa
Georgia—Savannah
—
730,000
500,000
a
30,000
17,000
a
7*000
2,000
60
66
Miami.--
-------——--
—
South Carolina—Charleston...
Greenwood-.-.--
1
1
„
dry
Charlotte
2
2
2
2
Raleigh
2
0.33
— -----
Columbia
North Carolina—Asheville-
Weldon
.
1.20
Pensacola
Macon.--
.
1.76
1.79
----—
Birmingham-- — ------Montgomery
------Florida—Jacksonville
Augusta--.-
w.
0.40
1.18
58
53
67
3
Mississippi—Meridian
Vicksburg-----------Alabama—Mobile----------
Atlanta---
—Thermometer-
800,000 1036,000
Total all—
1938-39—
Rain
961,000
181,000
191,000
33,000
51.000
17,000
Days
Total
a
55,000
26,000
7?000 23?000
10.25 10.45 10.25 10.4510.30 10.5010.35 10.5510
10.35 10.55 10.40 10.6010.43 10.0310.43 10.6310
by Telegraph—Telegraphic advices to us this
China
Other India:
1939-40—
Returns
Japan &
nent
42,000
41,000
19.000
5,000
2,000
.50,10.40 10.60
.04! 10.90 11.05
evening denote that germination is generally good in the
south of Texas and cotton is coming up in the central portion,
In the north central districts the soil is in fine condition
and some cotton is being planted in this section.
Conti¬
9,000
a
a
1938-39—
1937-38-1
Abilene
Great
Britain
Total
Bombay—
10.35 10.45 10.35 10.4510.40 10.5010.40 10.5010
10.83 10.98 10.87 11.0210.92 ll.07ll0.93 11.0810
4510.25 10.45
little Rock.. 10.20 10.40 10.20 10.4010.25 10.4510.30 10.50 10
Dallas...... 10.01 10.21 10.07 10.2710.10 10.30110.10 10.3010 4010 2410.07 10.27
Austin
nent
72,000 1,831,000
57.000 1,719,000
Since Aug. 1
Jarfndc
China
Conti¬
Great
Britain
Aug. 1
Week
Aug. 1
For the Week
Friday
%
In. j In.
15-16
10.34 10.54 10.40 10.6010.43 10.6310.43 10.6310 .37 10 .5710.40 10.60
Galveston
.7310.65 10.75
New Orleans 10.45 10.05 10.51 10.7110.53 10.7310.56 10.76 10
.54.'10.45 10.55
Mobile...... 10.38 10.48 10.42 10.6210.47 10.5710.48 10.5810
6910.55 10.70
10.48 10.63 10.52 10.6710.67 10.7210.58 10.7310
Savannah
.90:10.70 10.86
10.65 10.80 10.70 10.8510.75 10.9010.75 10.9010
Norfolk
Montgomery
Week
Aug. 1
53,000 1,825.00C
Closing Quotations for Middling Cotton on—
Since
Since
Since
Week
1937-38
1938-39
1939-40
Below
Southern
April 13, 1940
-
-
Wilmington
Tennessee-^-Memphis
—- —-
Chattanooga
s.—.
Nashville
— ---
-
Total exports
...
29.000J 833.705 22,600
Note—A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended April 10 were
90,000 cantars and the foreign shipments 29,000 bales.
received
We have also
the figures below
for the week
ended March 20:
1939-40
1938-39
1937-38
164,000
7,500,698
Alexandria, Egypt,
Mar. 20
180,000
6,544,722
200,000
8,444,837
Receipts (cantars)—
This week
—
Since Aug. 1
-
—
1
0.82
76
35
51
This
Since
This
Since
This
Since
2
4
1
0.89
1.37
0.19
81
75
76
44
42
34
63
55
55
Week
Aug. 1
Week
Aug. 1
Week
Aug. 1
1
0.34
69
30
50
9,800
113,627
120,396
458,113
17,402
5,300
1,500
153,802 2,900
117,416 5,700
443,678 11,450
36,418
50
600
140,089
129,412
532,614
19,795
17,200
751,314 20,100
709,538 21,950
821,910
has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
The following statement
April 12, 1940 April 15.1939
Feet
Above zero of gauge.
4.0
30.3
14.9
18.7
15.5
To America.
Total exports
16",050
Egyptian bales weigh about 750 lbs.
24.1
Shreveport
Above zero of gauge.
Vicksburg-—-—Above zero of gauge.
5,906
This statement shows that the receipts for the week ended Mar. 20 were
164.000 cantars and the foreign shipments 17,200 bales.
15.7
21.6
Above zero of gauge.
Liverpool
To Manchester, &c
To Continent & India.
Note—A cantar is 99 lbs.
Feet
Memphis--.----—-Above zero of gauge.
Exports (bales)—
To
18.0
36.3
New
Orleans---
Nashville------
Receipts from
the Plantations—The following table
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Manufacturers are generally com¬
plaining.
We give prices today below and leave those for
previous weeks of this and last year for comparison:
•
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
1940
1939
Cotton
32s Cop
Week
Receipts at Ports
Stocks at Interior Towns
8H Lbs. Shirt¬
ings, Common
Middl'g
Twist
to Finest
Upl'ds
Receipts from Plantations
Jan.
12- 181,553
19- 190,077
20. 149,70S
1939
1938
1940
1939
d.
1938
1940
1939
38,827 121,714 3189.004 3369,048 2613,016 105,463
37,387 110,840 3127,764 3329,120 2629,639 135,437
94,692
43,199 120,588 3072,688 3291,719 2628,795
1938
7,605 128,497
Nil
133.463
5,798 119.744
Feb.
2. 137,632
9. 108,065
10. 177,019
23. 122.734
85,646 104,958 3016,68/
29,078 112,608 2950,982
25,081 101,785 2897,286
21,337 86,337 2845.482
3246,632
3212,973
3174,825
3138,203
2598,040 81,531
2676,215 108,900
2570,224 117,323
2543,310 70,930
Nil
Nil
NU
Nil
88,704
Nfl
87,700
49,955
82,552
36.348
38,925
NU
32,436
21,973
19,979
82,658 2795,204 3096,661 2500,609
92.663 2737,778 3051.323 2479,799
57,994 2705,278 3012,260 2460,874
47,032 2666,756 2986,570 2431,771
44,595 2017,890 2951,233 2397.991
NU
39,957
71.853
49,069
17,929
10,815
72,250
54,785
11,788
21,385
61,480 2570,714 2907,928 2362,621
20,970 2527,094 2870,759 2338,818
25.074
NU
16,110
11,165
NU
25.736
27,264
15. 115,052
21. 74,870
NU
NU
Apr.
12.
12
3
@12
19..
20..
Nominal
12
3
@12
Nominal
12
134@12
AH
Unquoted
Unquoted
Unquoted
Unquoted
12
1J4@12
12
114 @12
12
1J4@12
IH@12
d.
s.
d.
d.
d.
s.
d.
s.
d.
Cotton
Middl'g
Upl'ds
4
*
.98
8
d.
8
9
@
9
5.18
8.30
8M@ m
8H® 9H
8 H® 9 H
8
9
@
9
6.10
AH
8.29
8H@ m
8
9
@
9
5.13
AH
AH
8.29
8H® 9H
8
9
@
9
8.12
8
9
@9
5.15
AH
8.04
8H® 9M
8 H® m
8
9
@
9
5.15
e
8.7(5
1034 @ 9
1H
5.19
Feb.
3..
17..
23..
12
5.07
Mar.
1—
14.54
12
1H®12
AH
7.99
9
@
9
14.54
12
AH
8.03
8H@ 9H
834 @ 9H
8
8„
8
9
@
9
15—
14.18
12
3
7.68
9
9
@9
3
7.55
8
3
7.70
W
m
@10
® 9H
@ m
8
10H® 9
9
@ 9
21..
14.20
12
29—
14.31
12
1M @12
@12
@12
@12
5..
14.40
12
3
@12 6
12—
14.55
12
3
@12
5.29
5.40
3,173
1. 138,982
8. 107.381
5-
Nominal
to Finest
jan.
9..
74,203
135,433
96.794
69,413
Mar.
29.
s.
i2
1940
Cop
Twist
/
■
End.
32s
8H Lbs. Shirt¬
ings, Common
The above statement shows:
(1) That the total receipts
from the plantations since Aug. 1,1939, are 6,796,215 bales;
in 1938-39
they were 4,392,943 bales, and in 1937-38 were
8,383,174 bales.
(2) That, although tjie receipts at the
outports the past week were 54,785 bales, the actual move¬
ment from plantations was 11,165 bales, stock at interior
towns having decreased 43,620 bales during the week.
India Cotton Movement from All Ports—The
receipts
of Indian cotton at Bombay and the shipments from all India
and for the season from Aug. 1,
have been as follows:
ports for the week
for three years,
as
cabled,
3
1H
5.27
5.10
4.95
Apr.
Cotton
York
7.84
6
8H® w
8
9
8.12
8H® 9H
8
734® 8 1034
@
9
4.92
4.93
Freights—Current rates for cotton from New
longer quoted, as all quotations are open rates.
are no
Foreign Cotton Statistics—Regulations due to the war
in Europe prohibit cotton statistics being sent from abroad.
We are therefore obliged to omit the following tables:
World's Supply and Takings of Cotton.
Liverpool Imports, Stocks, &c.
Shipping News—As shown on a previous page, the
exports of cotton from the United States the past week
have reached 54,812 bales.
The shipments in detail, as
made up from mail and telegraphic reports, are as follows:
Volume
The Commercial & Financial Chronicle
ISO
Bales
Bales
GALVESTON—
NEW
To Great Britain--.
To
15
To Spain
To South America
1,916
750
.
2,500
8,245
To Italy
To South Africa.
2.108
Japan
To Sweden
ORLEANS—
To France
3,310
2.680
To France
To Italy
732
254
HOUSTON—
To Great Britain
To France-
14,116
,
3,545
Italy
Norway
To France.
2,007
_;
To
To
ANGELES—
LOS
To Japan
To China....
500
To Sweden
To Manila
2,388
...
450
5,368
—400
MOBILE—
50
2
.
To Canada
To Great Britain
To South America
2,520
43
Total—
913
__
54,812
—
Liverpool—The tone of the Liverpool market for spots
and futures each day of the past week and the daily closing
prices of spot cotton have been
Spot
Saturday
Monday
City 3% to 4c. higher and at Winnipeg 1% to 2c.
The Winnipeg market was aided by Manitoba wheat
up.
sales of around 8,000,000 bushels to the United
Kingdom
and the Continent.
On the 10th inst. prices closed
to
1
ksc. net lower.
Wheat lost more than a cent of yesterday's
gain at times today, as war fever ebbed in the pit and rain
fell in parts of the hard winter wheat belt.
Buying interest
in wheat was much smaller than
yesterday, when futures
purchases totaled 59,872,000 bushels, compared with 14,226,000 a week ago and 18,784,000 a year ago.
Liquida¬
tion of loan wheat contracts
NORFOLK—
To Spain.
2453
at Kansas
as
follows:
Tuesday
Thursday
Wednesday
Friday
the
Chicago Board and in
during most
overnight in Kansas
light to good rains in Oklahoma.
Colder weather was
on
other domestic markets gave wheat an easy tone
of the session.
Light rains were received
and
forecast
for
Nebraska.
The
Government's
weekly crop
precipitation had benefited
and weather summary reported
Texas but
that conditions in
Nebraska were
extremely
unchanged in Kansas, with more rain
needed generally.
Export wheat trade was limited to only
a few
scattered loads of Manitobas sold
overnight to the
Continent, following yesterday's liberal Canadian sales.
variable and about
Market,
I
\
i
12:15
P.
M.
Quiet
Mid. UDl'ds
CLOSED
Quiet
7.95d.
8.12d.
8.12d.
8.12d.
Quiet
Quiet
Quiet
8.12d.
On
Futures
i
\
I
Market
opened
Barely st'y
1 to 5 pts.
Steady at
9
advance
Market.
pta.
Quiet but
4
M.
pts,
Prices of futures at
5 to 8 pts.
limit,
adv.
pts.
4
to
Quiet
at
4 to 6 pts.
25.
pts. 2 to 4 pts.
advance
Barely st'y; Q't but st'y
8 to 10 pts. 6
decline
decline
adv.
6
Quiet:
advance
advance
adv.
Buyers at
st'y, 4 to 6
P.
12
to
Steady:
Barely st'y
Liverpool for each day
are
7
to
pts.
advance
given below:
the
11th
inst. prices closed % to %c. net
higher.
supplied the theme of grain market action again
today as traders, although confused by European develop¬
ments, bid wheat prices up about lc. a bushel.
Persistent
profit-taking and hedging sales against acquisition of wheat
War
news
that has been stored for loans
kept the market under sell¬
ing pressure much of the time and reduced gains, but prices
maintained
Sat.
April 6
Mon.
Attention
centered
was
on
Southeastern
*
7.87
7.82
8.04 n8.07
8.03
8,01
8.03
7.93
8.02
8.00
*
7.92
7.87
8.09 n8.12
8.08
8.06
8.06
7.97
8.06
8.03
7.89 nl .62
7.88
7.87
7.86
7.83
the
Wed.
Thurs.
Fri.
to
Close Noon Close Noon Close Noon Close Noon Close Noon Close
April 12
,s.
New Contract
d.
May (1940)
July
d.
*
October
December
d.
d.
d.
7.67
n7.83
7.78 n7.81
7.77
7.76
7.75
7.66
7.74
7.72
hard
winter wheat belt, where the crop already
delayed and plants are weak, caused, some uneasiness.
7.56
7.52
7.74 nl .11
7.73
7.72
7.70
7.62
7.70
7.68
hard
7.47
nl .12
7.67
7.58
nl .61
7.63
7.54
m
*
*
n
d.
d.
7.58
*»
♦Closed,
d.
7.66
#
July
d.
7.71
*
May
d.
7.60
*
March
d.
*
Jan. (1941)
7.42
----
7.77
7.85
7.68
7.78
7.74
„
m
7.64
m
7.61
Nominal.
BREADSTUFFS
Friday Night, April 12, 1940.
Flour—After the heavy business booked in flour on Wed¬
nesday, consumers were more or less inactive during the
sessions
following,
purchases
During
strong undertone.
a
developments in
Europe, which might pos¬
sibly involve the Danube wheat-growing region, where much
of Europe's head grain is raised.
Gains of as much as l%c.
at one stage lifted prices to within lc. of the
peaks scored
Tuesday.
Prospects of freezing temperatures in parts of
Tues.
were
the
and very few,
if
first
half
took advantage of the
of
this
week
Kansas
and
A
Nebraska, with
cold weather extending into parts of Texas and
Oklahoma.
Today prices closed unchanged to %c. lower.
The wheat
pit was relatively quiet today, and prices wavered above
and below previous closing levels,
finishing with little net
change.
The market, notoriously sensitive to war, digested
conflicting reports coming from Europe without unusual
excitement.
The
cold weather
and
war
the
over
domestic
grain belt inspired some buying that lifted prices as much
as
%c. at times, but profit-taking and hedging of loan
grain coming into trade channels for the first time caused
frequent setbacks.
consuming
cheap prices and booked ahead
where from 30 to 00 days.
for
large additional
or
the
forecast
was
jobber accounts.
any,
made either for baker
freeze
is
Grain markets
were
trade
any-
higher
While traders spent much of their time
a general disposition to act with
extreme caution in spite of the new character of the hostili¬
scanning war
re¬
ties
cently, but no flour price changes were made by the leading
mills as prices showed only fractional gains.
bulletins
9
this
Wheat—On the 6th inst.
prices closed 1 % to 2^c. net
Unexpectedly heavy rain and snow in southern
parts of the hard winter wheat area and prospects for more
moisture, tumbled wheat prices nearly 3c. a bushel at times
today.
A flood of selling poured into the pit at the opening,
July contracts, representihg the new crop, selling at $1.02^,
down 2JJc. from the previous close.
The opening range for
the July delivery was $1.04 to $1.02^, but pit brokers re¬
ported bulk of the trade Was executed between $1.03 and
$1.02]/%.
The market rallied more than a cent, but followthrough buying failed to develop and prices closed
to
2Mc. net lower.
Steadying factors were European war
developments and strength at Buenos Aires, where wheat
futures closed 1}^ to l^c. higher, extending gains for the
last three sessions to about 6}Jc. a
bushel.# Official and
private reports indicated moisture fell in the most important
wheat areas of Texas and Oklahoma and in parts of Kansas
—where it was badly needed.
On the 8th inst. prices closed
3^c. lower to JJe. higher.
Improved wheat belt moisture
conditions disturbed the grain market again today, but
prices closed with little net change for the session.
Declines
of as much as %c. reflected week-end rains at times although
the sharp slump Saturday
largely discounted the precipita¬
tion.
There were frequent rallies, however, and at one stage
prices were as much as
above the previous close, due
principally to buying inspired by strength in securities and
European war news.
Over-night precipitation was reported
lower.
in the soft winter wheat
well
area
and in Kansas and Nebraska
the Pacific Northwest.
However, clearing weather
with frost and freezing
temperatures in some Oklahoma, Kansas and Missouri
districts.
Some buying was credited to milling interests.
Buenos Aires wheat, after last week's sharp advance, de¬
clined about 2c.
On the 9th inst. prices closed 33^ to 4
net higher.
European war news gripped North American
wheat markets today, skyrocketing prices nearly 6c. a bushel
at times.
Biggest gains were scored in the opening trade,
prices reacting later in sympathy with a downturn in se¬
curities.
At the close, however, gains still ranged to better
than 4c. a bushel.
Word that German troops had invaded
Denmark and Norway and other reports of intensified war¬
fare, boosted opening wheat prices on the board of trade
as
was
as
forecast for most of
than 5c.
the belt,
orders to
buy—including short covering—
poured into the pit.
July and Sept. contracts, new crop
deliveries, reached $1.08J4, up 5M and 5^sc., respectively,
new season
highs and best for the months in nearly three
years.
Wheat at Minneapolis finished 3to 3%c. higher,
more
as
prevailed throughout the trade.
Veteran brokers said
was due partly to the fact that there was no
immediate
change in the outlook for any European demand for United
States wheat, especially in view of the large Canadian sur¬
plus quoted at prices considerably below the domestic mar¬
ket.
Open interest in wheat totaled 100,670,000 bushels.
DAILY
CLOSING PRICES
OF
WHEAT
Sat.
No. 2 red
DAILY
Mon.
124%
CLOSING
PRICES
OF
Sat.
May...
.
Season's High and
July
September
DAILY
109%
-.108%
108%
...
CLOSING
—
Mon.
104%
103%
103
YORK
Wed.
Thurs.
Fri.
127%
127%
126%
102%
104%
Tues.
107%
107%
107%
IN
Wed.
106%
106%
106%
CHICAGO
Thurs.
Fri.
107%
106%
106%
106%
107%
106%
When Made
I
Season's Low and When Made
Dec. 19, 1939(May
...63%
July 24,1939
April
9, 19401 July
77%
Oct.
9,1939
April
9, 19401 September
92%
Feb.
1,1940
—
PRICES
OF
WHEAT
Sat.
May—..
July.....
127%
NEW
FUTURES
103%
.
—
July
September
May
124%
WHEAT
IN
Tves.
FUTURES
Mon.
-
October
88%
90
91%
—
88%
90
„
91%
Tues.
90%
91%
93%
IN
Wed.
89%
90%
92%
WINNIPEG
Thurs.
89%
91%
92%
Fri.
90
4
91%
92%
Corn—On the 6th inst. prices closed 3^c. to Kc. net lower.
Corn futures eased under scattered commission house
selling,
but the undertone was steady.
Purchases to arrive totaled
70,000 bushels.
Corn futures at Buenos Aires closed % Jo
y&. higher. On the 8th inst. prices closed
off to 3Jc.
up.
Steadiness of corn prices reflected the firm spot markets,
receipts of 100 cars and bookings of only 27,000 bushels to
arrive, with half that much sola by shippers. The 12 prin¬
cipal terminals received only 439,000 bushels, compared with
488,000 bushels a week ago and 711,000 bushels a year ago.
Iowa producers were reported to have stored more than
143,000,000 bushels of 1939 corn under loans.
On the 9th
prices closed %c. to ll^c. net higher.
Corn prices
maintained a firm tone despite hedging sales encountered at
an
advance of about a cent.
Bookings to arrive totaled
about 200,000 bushels, largest for any one day in four
months.
Sales by local shippers totaled 80,000 bushels.
On
the 10th inst. prices closed
%c., to lc. net higher. Corn
was in demand and after a
slight opening dip, quotations
inst.
advanced
more
than
a
cent
a
bushel to their best level since
January, despite bookings totaling 150,000 bushels on top of
yesterday's 200,000. May contracts reached 593^c., up 1%,
before backing down partly.
On the 11th inst. prices closed
prices
were
up
about lc. at
one
% to %c. net higher. Corn
stage, September reaching
6234c., the highest for that contract since mid-1938, while
May and July corn were at the best levels in three to four
months.
Spot prices were % to lc. higher, but shippers sold
only 5,000 bushels. The price upturn since Tuesday attract¬
ed increased country
sales, with 91,000 bushels booked today
The Commercial & Financial Chronicle
2454
April
13,
1940
to arrive.
Today prices closed Vs to %c. net lower. Strength
light receipts and continued advance in
hog prices, which some dealers attributed to war develop¬
in
reflected
corn
ments, indicating British importers may be required to de¬
pend on North America for
CLOSING
DAILY
pork supplies.
more
PRICES
CORN
OP
NEW
IN
Receiptt at-
Flour
Wheat
Corn
Oats
bbls 19616s
bush 60 lbs
bush 56 lbs
bush 32 lbs
Chicago
No. 2 yellow
Mon.
Tues.
175,000
73%
-73%
74%
Thurs.
Milwaukee.
75*4
Fri.
PRICES
Sat.
May
July
September.---
Mon.
76%
76%
594
Thurs.
58*4
604
614
Season's Low and
,,
CHICAGO
IN
Wed.
58
59*4
60%
Sept.
7, 1939 May
Dec. 19, 1939 July
April 11, 1940 September
63%
61*4
624
—
Tues.
57 %
584
57
584
59%
Season's High and When Made
Mayj
JulySeptember
FUTURES
CORN
OP
Fri.
59 %
594
60*4
61%
60*4
61%
When Made
42
524
55%
July
Oct.
Feb.
26, 1939
23. 1939
1, 1940
Oats—On the 6th inst. prices closed y2 to %c. net lower.
Oats followed the downward trend of wheat and corn, with
trading very light.
On the 8th inst. prices closed y to %c.
higher.
This market was dull, with prices moving very
slightly in either direction.
On the 9th inst. prices closed
fs to lKc. net higher. Oats reflected the advance in other
grains.
Cash interests were credited with supporting the
market.
On the 10th inst. prices closed unchanged to ye.
off.
Trading was light and without special feature.
bought
interests
oats.
%c. off to %c.
Trading
light, however,
Today prices closed %c. lower
There was little interest in this market.
was
very
with the undertone steady.
VsC. higher.
to
CLOSING PRICES OF
DAILY
OATS
Sat.
May
July-September
Season's High and
May-——- 43
July
37%
September
34%
OF
CHICAGO
Wed.
41%
37%
34%
Thurs.
41%
37%
34
-
-
FUTURES
Mon.
38%
37
35
—
—
—
October
33
OATS
Sat.
May
July.
Tues.
41
36%
IN
41%
37%
34%
Fri.
41%
37%
34%
When Made
I
Season's Low and When Made
Mar. 11, 1940[May.27%
July 24, 1939
April 11. 19401 July.
30%
Oct.
9,1939
Feb. 23, 19401September
31%
Feb.
1,1940
CLOSING PRICES
DAILY
Mon.
40%
36%
32%
—
—
FUTURES
Tues.
38%
39%
37
38%
35
IN
WINNIPEG
Wed.
36%
Thurs.
39%
38%
35%
39%
38%
36
Rye—On the 6th inst. prices closed % to l^c. net lower.
The bearish weather reports and the strong reaction in
wheat values had a depressing effect on rye futures, and
professionals became active on the short side of the market.
However, there was a rally of % to 3^c. towards the close.
On the 8th inst. prices closed y to %e. net higher.
Rye
steadiness was attributed partly to reports that Scandinavian
countries
are in the market for 2,000 to
3,000 tons of United
States rye, although cables pointed out that Argentina is a
competitor, shipping rye to Eastern United States ports for
reshipment to Europe.
On the 9th inst. prices closed 2%
to 2net higher.
Rye scored sharp gains in early trading,
some selling being attributed to northwestern elevator in¬
terests.
The rye market took these offerings
readily, and
closed just slightly off from the top levels of the
day.
The
rye market maintained a strong undertone throughout most
of the session, influenced of course by the war news and the
strong action of the wheat markets.
On the 10th inst.
prices closed y, to %e. net lower.
The opening range was
*/% to ye. lower.
Trading was relatively light and fluctua¬
591,000
123,000
38,000
5,000
299,000
84,000
44,000
5,000
Indianapolis
51.000
271,000
82,000
2,000
118,000
149,000
290,000
116,000
10,000
83,000
46,000
11,000
296,000
100,000
4,000
88,000
Kansas City
Omaha
24,000
1,034,000
251,000
10,000
179,000
97,000
67,000
204,000
38,000
32,000
40,000
Louis.
St,
Joseph-
Wichita
35,000
27*.000
3,000
39,000
Sioux City.
Buffalo
262,000
63,000
—
Tot. wk. '40
5,802,000
7,000
2,000
27,000
401,000
391,000
2,832,000
1,052,000
Same wk '39
3,470,000
3,099,000
1,453,000
388,000
209,000
Same wk '38
351,000
2,108,000
8,087,000
1,010,000
75,000
1,457,000
1,342,000
1,218,000
Since Aug. 1
1939
15,647,000 268,863,000 174,459,000
1938
76,072,000 22,350,000 91,662,000
82,136,000 21,184,000 78,652,000
88,493,000 23,080,000 81,562,000
16,217,000 255,359,000 200,780.000
1937
13,789,000 235,627,000 220,680,000
—
Total receipts
of flour and grain at the seaboard ports for
Saturday, April 6, 1940, follow:
the week ended
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
New
Rye
Barley
bush 56 lbs bush 48 lbs
York.
183,000
4,000
8,000
2,000
2,000
Phiiadelphla
32,000
655,000
Baltimore.
14,000
397,000
26*5*666
*52*666
136*.000
1,000
15,000
100,000
18,000
_
New Orl'ns*
365,000
24,000
Galveston—
15,000
463,000
Boston
46,666
„—
Halifax
—
Tot. wk. '40
11",000
148,000
352,000
St. John W.
8,000
99,000
115,000
293,000
2,410,000
309,000
97,000
138,000
217,000
3,502,000
32,629,000
11,875,000
2,544,000
1,308,000
1,062,000
Since Jan. 1
1940
Week
—
1939.
311,000
724,000
231,000
47,000
10,000
4,176,000
17,256,000
7,106,000
891,000
279,000
Slnce Jan. 1
1939
Fri.
39
38
35%
329.000
224,000
25,000
23,000
201*666
Cash
up.
8,000
215,000
Peoria
net
On the 11th inst. prices closed
299,000
55,000
60,000
14,000
Toledo
St.
CLOSING
DAILY
1,005,000
96,000
Duluth
YORK
Wed.
Barley
2,709,000
948,000
199,000
Minneapolis
'
Sat.
•
Rye
bush 56 lbs bush 48 lbs
607,000
*
Receipts do not Include grain passing through New Orleans for foreign ports
through bills of lading.
on
The exports from the several seaboard ports for the week
ended
Saturday, April 6, 1940,
shown in the annexed
are
statement:
«
Wheat
Corn
Flour
Oats
Rye
Bushels
New
Bushels
Barrels
Bushels
Bushels
Bushels
York
391,000
Boston
79,610
178,000
160,000
Philadelphia
Baltimore
—
Houston
New
587,000
122.000
1,199,000
.
1,040,000
1,000
—
Orleans
St, John West
"e'ooo
463,000
Halifax
352,000
Total week 1940—
Same week
a
9*9*666
115,000
4,193,000
122,000
1,370,000
1939
ii",66o
—
304,000
a85,610
140,055
11,000
178,000
214,000
12,000
Complete flour export data not available from Canadian ports.
The exports of flour, wheat and
since July 1, 1939, is as below:
Flour
•
corn
for the week and
Wheat
Corn
Exports for Week
and Since
'
Week
Week
Since
Week
Since
Apr. 6
July 1 to—
narrow.
Since
July 1
Apr. 26
July 1
Apr. 6
July 1
1940
tions
1939
1940
1939
1940
1939
Barrels
Bushels
Bushels
Bushels
Bushels
On the 11th inst.
prices closed % to %c. net higher.
The
of uncertainty concerning the war news and the
grave developments abroad caused many traders to take
feeling
to
the
sidelines
and await
further
developments.
therefore was light and fluctuations
narrow.
closed Vs to
was
Trading
%c. net lower.
Trading
Today prices
light and without
feature.
DAILY
CLOSING PRICES
OF
RYE
Sat.
May
July
September-.
—
Season's High and When Made
May
July
September
77%
--
—
—
Dec.
76
Dec.
75%
Dec.
67%
RYE
Mon.
69%
70%
70%
71%
71
—
PRICES
OF BARLEY
Sat.
52
July
50%
48%
October
Closing quotations
68%
70
70%
70
were as
72%
72%
73
50%
48%
Tues.
53%
52%
50%
67%
67%
When Made
Aug. 12, 1939
Oct.
Feb.
IN
9, 1939
2,1940
WINNIPEG
Wed.
71%
71%
72%
FUTURES
Mon.
May
Tues.
IN
Wed.
Thurs.
70%
71%
Fri.
70%
71%
72%
WINNIPEG
Thurs.
Fri.
53%
53%
52
52
50%
50%
53
51%
50%
_
-
The
140,055
visible
supply
5.40 @ 5.60
Oats good
3.05
Cornflour
2.15
of grain,
comprising
122,000 25,039,000
304,000 63,760,000
the
stocks in
and
at principal points of accumulation at lake
seaboard ports, Saturday,
April 6, were as follows:
GRAIN
,
Wheat
United States—
Bushels
Boston..
STOCKS
New York
Rye
Barley
Bushels
Bushels
67,000
135*666
"l~,666
110,000
284,000
52,000
4,000
3,000
837,000
13,000
20,000
1,000
898,000
269,000
2,000
6,462,000
182,000
167*666
9,000
2,426,000
5,329,000
2,138,000
20,148,000
Baltimore
2,000
-
Orleans
Galveston.
2,314,000
—...
Fort Worth
—
—
Wichita
Hutchinson
St. Joseph
Kansas City
61*6*, 000
13,000
108,000
15,000
1,577,000
59,000
479,000
10,000
2,225,000
452,000
170,000
21,000
400,000
262,000
37,000
9,000
3,386,000
1,054,000
154,000
3,000
128,000
679,000
1,072,000
266,000
162,000
104,000
4,244,666
Omaha
Sioux
Oats
Bushels
340,000
376,000
„
Philadelphia
New
Corn
Bushels
187,000
103,000
-
16,340,000
1,264*666
96*2*666
199,000
1,096.000
1,765*666
2,831,000
3,146,000
1.224,000
5,654,000
886,000
City
St. Louis
Indianapolis
Peoria
Chicago—
561,000
266*666
15,631,000
5,056,000
1,720,000
Duluth
21,651,000
4,953,000
2,000
1,301,000
5,000
2,000
1,210,000
434,000
496,000
121,000
95,987,000 38,375,000
95,605,000 38,518,000
73,639,000 41,544,000
6,622,000
235,000
Detroit..
Buffalo---
80,000
3,274,000
-
18,000
6*2*666
550,000
afloat
557,000
516,000
5,844,000
300,000
842,000
361,000
Barley goods—
Nominal
Coarse
Prices Withdrawn
Fancy pearl (new) Nos.
1.2-0.3-0.2
4.50@6.90
Corn, New York—
No. 2 yellow, all rail
4,193,000 109,769,000
1,370,000 109,040,000
Minneapolis--
5.90@6.10
6.10@6.35
Wheat, New York—
No. 2 red, c.i.f., domestic.
.127%
Manitoba No. 1, f.o.b. N. Y.104'
f.104
3,365,436
4,229,409
granary
Milwaukee
Rye flour patents
5.05@5.30
Seminola.bbl., bulk basis.6.60@
Total Apr.
6, 1940-Total Mar. 30, 1940-Total Apr.
8,1939.-
Note—Bonded
GRAIN
Oats, New York—
No. 2 white
Rye, United States, c.i.f
j Barley, New York—
,
40 lbs. feeding
76%
Chicago, cash
I
|
55%
85%
66%
53-64N
All the statements below
regarding the movement of grain
—receipts,, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce
Exchange.
First we give the receipts at Western lake and river
ports
for the week ended last
Saturday and since Aug. 1 for each
of the last three years:
85,610
—
afloat
FLOUR
Hard winter patents
H ard winter clears
1940
Total 1939.
follows:
Spring pat. high protein..6.10@6.35
Spring patents
5.90 @ 6.10
Clears, first spring
Hard winter straights
Total
Fri.
69
43%
52%
64%
FUTURES
Thurs.
67%
68%
Season's Low and
-
DAILY CLOSING
69%
70%
Barrels
CHICAGO
IN
Wed.
68%
67
Sat.
October.
Tues.
65%
26, 1939 May
18, 1939 July
26,1939 September..,
DAILY CLOSING PRICES OF
May
July-
FUTURES
Mon.
65%
—66%
67%
-
4
Barley
Exports from—
not
Included
6,754,000
11,814,000
7,524,000
7,495,000'
above:
Oats—Erie, 26,000 bushels: Buffalo,
170,000; Buffalo afloat, 174,000; Baltimore, 35,000; to p1, 405,000
bushels, against
none In 1939.
Barley—New York, 217,000 bushels; Buffalo, 893,000; Baltimore,
156,000; total, 1,260,000 bushels, against none in 1939.
Wheat—New York,
524.000 bushels; Boston, 1,125,000: Philadelphia, 1,911,000; Baltimore,
3,561,000;
Portland, 953,000; Buffalo, 2,163,000; Buffalo afloat, 283,000; Duluth,
2,731,000;
Erie, 662,000; Albany, 7,598,000; total, 21,511,000 bushels, gaainst 1,567,000 bush¬
els In 1939.
Wheat
Canadian—
Bushels
Corn
Bushels
Lake, bay, river & seab'd 37,038,000
Ft. William & Pt. Arthur
Oats
Rye
Barley
Bushels
Bushels
Bushels
1,343,000
323,000
581,000-
80,272,000
2,847,000
1,191,000
1,810,000
Other Can. & other elev_ 172,049,000
7,749,000
1,650,000
6.120,000
11,939,000
3,164,000
3,125,000
8,511,000
8,633,000
6,645,000-
Total Apr.
6,1940—289.359,000
1940.-288,392,000
8, 1939.-137,231,000
Total Mar. 30,
Total Apr.
1
grain
9,771,000 11,118,000
9,788,000 11,857,000-
—
11,878,000
9,333,000
2,177,000
Volume
The Commercial & Financial Chronicle
ISO
Summary—
American
95,987,000 38,375,000
Canadian
289.359,000
9,771,000 11,118,000
6,622,000
3,164,000
11,939,000
Total Apr.
6, 1940..385,346,000 38,375,000
Total Mar. 30, 1940..383.997,000 38,518,000
Total Apr.
8, 1939..210,870,000 41,544.000
8,511,000
12,935,000 19,629,000
18,632,000 12,913,000 20,490,000
21,147,000
9,701,000 14,140,000
18.561,000
The world'8 shipments of wheat and corn,
as
furnished by
Broomhall to the New York Produce Exchange for the
ended
week
April 5, and since July 1, 1939, and July 1, 1938,
following:
are
shown in the
Wheat
Exports
Week
Since
Apr. 5,
Corn
Since
Week
Since
Since
July
Black Sea-
ArgentinaAustralia
July 1,
1939
1938
1940
1939
1938
Bushels
No. Amer.
Apr. 5,
1940
Bushels
Bushels
Bushels
Bushels
Bushels
July
1,
July
1,
5,034.000 157,641,000 187,577,000
352.000 33,372,000
77,895,000
4,070,000 128,371,000
62,712,000
11,293,000
-
India
139,000
26.000
3,496,000
1,
25,110,000 68,093,000
14,417,000
3,327,000
86,708,000 102,442,000
78,765,000
7,344,000
Other
countries
Total
264,000
19,472,000
28,432,000
9,720,000 350,149,000 442,725.000
729,000
36,448,000
36,207,000
4,390.000 151,593,000 221,159,000
Agricultural Department Report on Winter Wheat,
Rye, &c.—The Department of Agriculture at Washington
on
we
April 10 issued its
crop report as
of April 1, 1940, which
present below:
amount of corn now sealed on farms.
Winter Wheat—The prospective 1940 winter wheat crop is placed at
426,215,000 bushels, on the basis of April 1 reports from crop correspondents
and analysis of weather records.
This production is lower by nearly a
fourth than the 1939 crop of 563,431,000 bushels, and the 10-year (1929-38)
average production of 571,067,000 bushels.
The prospect is for the smallest
winter
wheat
production
since 1933.
Although conditions improved
generally since December, there still is much uncertainty in some areas,
where the outcome of a considerable acreage of late sown,
ungerminated,
and poorly rooted wheat is dependent upon the moisture supply received
during the next few weeks.
This situation is most acute in the heart of
the hard winter wheat area, centering in Nebraska, Kansas, and
Oklahoma,
and parts of Colorado and Texas.
The preliminary Indication of the acreage remaining for harvest indicates
abandonment of about 29% of the seeded acreage.
With this heavy aban¬
donment the acreage remaining for harvest would be about 31,900,000 acres,
16% under the 37,802,000 acres harvested in 1939, and closely approxi¬
mating the 10-year average harvested acreage.
The indicated yield per seeded acre is 9.5 bushels per acre.
This is 2.7
bushels per acre lower than the 1939 seeded yield, and 2.5 bushels per acre
ybelow the 10-year average.
Yields lower than last year and lower than
average are indicated in nearly all States east of the Mississippi River.
In
the Great Plains States yield prospects are very uncertain, and are below
average by 1.0 to 5.0 bushels per acre.
Winter rains resulted in marked
improvement in conditions in West Coast States extending eastward to
Montana, Utah, and New Mexico.
Rye—The condition of rye on April 1 was 69% of normal compared with
79% a year ago, the 10-year (1929-38) average of 77%.
Improved surface
April
1 reports show light crops of winter wheat and rye in prospect,
with about average prospects ahead, fruits in
notwithstanding some winter injury and the
general crop and moisture situation not greatly different from the average
at this season during recent years but somewhat less promising than in
decades prior to 1933.
Prospects for crops, pastures, and ranges appear good to excellent rather
generally west of the Rockies and in Montana as a result of favorable
winter and spring rains and mild weather.
Prospects were quite uneven,
averaging only fair, in most of Great Plains area where a large acreage of
winter wheat failed because of drought last fall and where prospects for
spring sown crops are somewhat clouded by the lack of subsoil moisture
even though most areas, except western Kansas and southeastern Colorado
have a fair supply of surface moisture at present.
The-Cotton Belt and the
early vegetable areas of the Southeast suffered from a severe winter. Crops
and pastures there have a late start but as yet the lateness is not serious.
While there was some damage to fruits in the South the condition of
southern peach trees is still above average and prospects for the 1940 crop
of citrus fruits in Texas and Florida do not appear to have been much
reduced by the cold weather.
In nearly the whole northern area east of the Missouri River, March was
cold, and up to April 1 the spring was late but winter grains and meadows
appear to have been little damaged by the severe cold of January.
Most
fruit trees in this area also escaped with little damage up to April 1 but from
Missouri eastward into Ohio many peach buds were injured.
On the basis of conditions as they were on April 1, the United States
winter wheat crop is estimated at 426,000,000 bushels.
This is about
27,000.000 bushels more than seemed probable last fail but it would be
about 145,000,000 below the 10-year (1929-38) average and nearly as much
below production last year.
Since the expansion of wheat production
during the World War only two winter wheat crops have been smaller.
Rye. like winter wheat, suffered from drought last fail.
The usual acreage
could not be planted and the condition reported on April 1 averaged 69%,
the lowest for the date in more than 60 years with the exception of 1934. <
Fruit and nut trees came through the winter with little or no injury from
the low temperatures.
Prospects on April 1 indicate that fair to good
supplies of most fruits will be available for the 1940 season.
Winter and
spring freeze damage to prospective 1940 crops, to April 1, was negligible,
except in some of the Central States, notably Ohio, Indiana, Illinois,
Missouri, Kentucky, and Tennessee, where peach buds were damaged
severely by the January-February cold wave.
The April 1 condition of
peaches in the 10 Southern peach States is slightly higher than that of a
year ago and is well above average.
Peach prospects in California on April 1
were favorable.
In most commercial apple-producing areas it is too early
for definite indications as to the forthcoming crop, but conditions, to date,
have been favorable.
Some growers in States which had relatively large
apple crops in 1939 expect lighter crops this season.
pastures a little late but
about
average
condition
Stocks of Grain, April 1
on April 1 are estimated at 157,484,000
188,408,000 bushels on that date last year and the
10-year (1929-38) average of 124,866,000 bushels.
Stocks of wheat were
particularly large in most of the northern plains States where spring wheat
production is important and where relatively large quantities or wheat
remained on farms on April 1 under Government loan and- are included in
stocks of wheat on farms.
The indicated disappearance of all wheat from
farms during the Jan. 1-April 1 quarter was 81,501,000 bushels compared
with 91,680,000 bushels during the same period last year and the average
of 91,620,000 bushels.
The April farm holdings of wheat by classes were
approximately as follows:
Hard red winter, 54,622,000 bushels- soft red
winter, 24,702,000 bushels; white (winter and spring combined) 12,367,000
bushels; hard red spring 51,583,000 bushels and durum, 14,210,000 bushels.
Wheat—Farm stocks of all wheat
bushels compared with
Corn Stocks—Stocks of corn on farms April
average.
Farm disappearance during the past quarter (Jan. 1-April 1) was 645,309,000 bushels.
Disappearance during the corresponding period a year
ago was 599,107,000 bushels.
The 10-year (1929-38) average disappearance
for the Jan. 1-April 1 quarter is 572,692,000 bushels.
of oats on April 1, 1940 are estimated at
about 17% below April 1, 1939 stocks of 414,866,000
bushels and 8% less than the 10-year (1929-38) average stocks of 376,357,000 bushels.
Present oats stocks amount to 36.9% of the 1939 pro¬
duction as compared with April 1, 1939 stocks of 38.8% of the 1938 pro¬
duction and the 10-year average of 36.1%.
The disappearance of oats from farms during the past three months,
Jan. 1 to April 1 was 248,524,000 bushels.
This was 12% or 32,305,000
bushels less than the disappearance during the corresponding period in
1939 and 3% or 7.843,000 bushels under that of the 10-year average.
In the Pacific Coast States, the season is earlier than usual for nearly all
fruit crops, therefore there probably is a greater-than-usuai chance that
these crops will be damaged by late spring frosts.
In California rains during
biossom time probably interfered with proper pollination to some extent in
pear, cherry, and almond orchards, but It is too early to definitely determine
whether or not damage has been serious.
In the Northwest some growers
report that development of buds m apple orchards is so early that it has
not been possible to apply adequate dormant sprays.
Late spring and early summer supplies of citrus fruits will be smaller
than last season due to severe freeze damage to those portions of the Florida
orange and grapefruit crops which would have been marketed during that
time.
But the 1939-40 California Valencia orange crop, which win supply
the summer orange market, is indicated to be about 6% larger than last
year; and the marketing season for the current California-Arizona grape¬
fruit crop, the comoined production of which is about 10% larger thaa last
year, will extend well into the summer months.
Oats
Stocks—Farm stocks
or
moisture this spring accounts for some improvement in condition over the
Dec. 1 condition of 64%.
Soil moisture was very deficient last fall and a
.
shortage still exists which accounts for the below-average condition.
The
few exceptions, where conditions are above average, are the Pacific North¬
west States, Michigan, Maryland, and South Carolina.
For the leading
rye States the condition is much below average in Minnesota, the Dakotas
and Nebraska (ranging from 9 to 21 points), and slightly below in Wisconsin.
Because of the prolonged adverse soil moisture situation and the com¬
paratively backward spring season, growth is short with numerous thin
stands.
Pastures—Farm pastures appear to have gotten off to a slow start this
weather delaying the growth of grass over most of the
For the country as a whole, pasture
April 1 as reported by crop correspondents average 71 % of
normal compared with 79% on April 1 last year and a 1929-38 average of
74.2% for the date.
The low condition of pastures at this season of the year appears to reflect
injury to winter grazing plants and delayed development of early grass in
the South, very little pasturage available from fall-sown grains in the central
and lower Plains States, a shortage of old feed carried over in some limited
areas where fall drought and close grazing depleted pastures at the end of
last season, and prospects for a late start of pastures in the northern areas
where grass usually does not furnish much feed for livestock for several
weeks after this date.
Moisture supplies have been much improved by
winter snows and rain and in most areas appear sufficient to start new
grass, so the condition ol pastures in the next month or two may improve
greatly with the coming of warmer weather.
In the South where late winter and early spring this year have been
marked with subnormal temperatures, snows, and late freezes, pasture
grasses on April 1 were much behind their usual stage of development.
In
the Southern States east of the Mississippi and in Louisiana moisture
supplies on April 1 were generally ample and, with the warmer weather
which has prevailed in the closing days of March and in early April, rapid
development may be expected,
in Oklahoma, Arkansas, and the northern
two-thirds of Texas lack of sufficient moisture has tended to retard spring
growth, but the rather general rains coming in the first 10 days of April are
expected to be very beneficial to pasture development in the next few weeks.
Pastures and ranges west of the Rocky Mountains, which have been
favored with moderate temperatures and ample moisture supplies, appear
to have gotten an early start with good prospects for new reed.
In the
Pacific Coast States, pasture conditions and propects improved materially
during the winter and the reported condition on April 1 was more than 20
points above that on Nov. 1 last year.
In eastern Wyoming, eastern
Colorado, western Nebraska, western Kansas, and Oklahoma, old feed was
generally short, but in most of the eastern Rocky Mountain and Great
Plains area, except in western Kansas, there appears to be sufficient surface
moisture to start new feed.
Over much of this territory, however, subsoil
moisture is lacking and additional rainfall will be needed to insure continued
growth.
In this area wheat and rye pastures are furnishing very little feed
season
with cold
country east of the Rocky Mountains.
conditions
on
for livestock this year.
In the North Central
eastern States,
States east of the Great Plains and in the North¬
where reports on pastures at this season reflect prospects for
feed being secured, the grass this year, where started,
appears to be from 10 days to 2 weeks behind schedule.
In the more
northern States frost was still in the ground on April 1, and much pasture
pastures rather than
was
either covered
with snow or only recently exposed.
In most parts of
last fall, snows and winter rainfall have improved
and, while pastures may be later than usual, they
this area that were dry
moisture
should
conditions
soon
be supplying
sufficient feed.
WINTER WHEAT
1, 1940 were estimated at
1,285,505,000 bushels.
These were the largest stocks for any April 1 since
1926 when April 1 estimates of stocks were first reported.
Stocks on farms
a year ago were 1,220,603,000 bushels.
Current April 1 stocks are 64% or
over 500,000,000 bushels larger than the 10-year (1929-38) average stocks
of 783,487,000 bushels.
The estimates relate to total stocks on farms
including carry-over of previous crops and corn under seal.
For the country as a whole April 1 stocks of corn on farms are equal to
54.5% of the 1939 production of corn for grain as compared with April 1,
1939 stocks of 53 % of the 1938 crop and the 10-year average of 39 %. 8tocks
are unusually heavy in the Corn Belt where large holdings were carried over
from the 1938 crop.
In Iowa April 1, 1940 stocks amounted to 80% of the
1939 production and were over twice as large as the 10-year average stocks.
April 1 stocks were also unusually heavy in Illinois and were equal to 65%
or the 1939 production of corn for grain in that State.
In Minnesota this
year's April 1 corn stocks on farms were over three times as large as the
SlO.lOO.OIMlbushels
2455
Estimates of stocks of grain on farms show about 157,000,000 bushels of
wheat, a quantity about half way between the large holdings a year ago
and the average for April 1 during the previous 10 years.
Stocks of oats
and corn, including much corn sealed under Government loans, show a
total tonnage about 2% above holdings a year ago.
The rate of "dis¬
appearance" dining the first quarter of the year was slightly greater than
in the same quarter of last year and about normal for a season of
large
supplies.
With no change in the rate of disappearance indicated the sup¬
plies on farms on July 1 at the beginning of the new crop year seem likely
to be about the same as they were last July and above average
by about the
Held per heeded Acre (bushels) Production (Thousand Bushels
Indicated
Aver aye
Stale
1939-38
20.3
New York
1939
23.1
1940
Aver aye
1929-38
20.0
5,317
—
Pennsylvania
20.8
16.7
18.5
19.0
New Jersey-----
20.4
18.5
1,226
19,033
Indicated
1939
1940
6,274
1,170
5,880
1,332
19,236
37,070
27,450
17,630
34,510
24,848
Ohio
19.4
18.2
17.5
40,042
Indiana
16.7
17.0
16.0
Illinois
16.5
20.1
16.5
30,138
35,180
38,409
30,014
Michigan
19.9
20.3
20.0
16,460
15,120
15,520
Wisconsin.-
16.4
14 .0 '
15.5
633
600
698
Minneapolis
16.6
16.1
13.5
2,520
Iowa.-
16.7
14.6
14.0
Missouri
13.0
15.5
13.0
2,160
4,844
22,763
7.9
4.3
7.0
11.6
9.3
6.5
9.6
8.0
4.6
Delaware
17.0
17.3
17.0
3,247
7,009
25,457
1,381
42,867
135,801
1,568
Maryland
18.6
18.6
17.5
8,518
7,352
Virginia
13.9
13.9
13.0
8,735
West Virginia
14.4
13.4
13.0
North Carolina
10.4
11.5
10.0
2,080
4,661
South Carolina
9.3
11.2
9.5
Georgia
8.4
9.0
7.5
Kentucky
13.2
8.8
10.0
7,511
2,102
5,100
2,415
1,770
4,071
4,410
Tennessee--
4,117
3,392
South Dakota
Nebraska
Kansas
1,175
1,134
5,366
4,241
5,950
29,205
912
35,432
111,619
1,296
1,260
20,631
59,400
1,292
7,070
7,189
1,976
4,430
2,138
1,620
10.6
10.6
9.5
Alabama
9.6
10.3
9.5
54
72
Arkansas
7.9
8.0
7.0
534
390
294
Oklahoma
9.6
12.5
5.0
46,763
5.0
32,958
25,470
20,770
16,238
66
Montana
10.6
18.2
14.0
9,669
60,438
27,650
21,980
Idaho
18.5
21.8
23.0
13,166
14,280
Wyoming
6.7
7.1
6.0
1,313
1,720
Colorado
6.4
7.2
4.5
9,003
9,922
5,607
New Mexico
6.2
8.0
11.0
2,565
2,740
4,136
22.2
23.0
7.4
Texas
18,984
1,434
-
i.«-—
22.0
841
805
836
15.4
Arizona
Utah
Nevada.
7.1
11.5
18.0
3,059
2,240
4,032
25.6
29.0
27.0
70
87
135
26,818
426,21*
Washington
19.4
24.6
23.0
24,342
Oregon
16.2
20.9
20.0
12,974
California-
15.7
14.9
16.0
12,489
30,218
13,640
10,548
12.0
12.2
9.5
571,067
563,431
United States
13,060
13,328
The Commercial & Financial Chronicle
2456
Weather
feneral summary of the weather bulletin influenceby the
issued of the
)epartment of Agriculture, indicating the
The week
was
follows;
characterized, in general, by moderate temperatures and
widespread substantial to heavy precipitation.
The weekly mean temper¬
averaged above normal in nearly all sections from the Mississippi
Valley eastward, with the greatest plus departures, 4 to 7 degrees, from the
Ohio Valley southward.
The Northeast and Lake region had about-normal warmth, which was
also the case in central and southern sections west of the Rockly Moun¬
tains.
Between the Mississippi River and the Rocky Mountains relatively
atures
,
,
weather
cool
.
..
.
prevailed, with tempertures throughout most of the Plains
averaging decidedly below normal.
In the northern part of this ares the
week was from 4 to 8 degrees colder than normal.
In Atlantic sections freezing weather did not extend farther south than
southern New England, but in the interior the freezing line extended to
extreme southern Indiana, central Missouri, and extreme northwestern
The lowest temperature
Texas.
N. Dak., on April 5,
though
a
with germination
generally good, and some
favor rapid growth of that already planted
coming up in central; conditions
in extreme south.
Much truck
planted; considerable already up in coastal areas
and some on market.
Ranges need rain in extreme west, but elsewhere
improved and in fair to good condition.
Livestock fair to good condition;
stock water generally ample.
Fruit trees generally good.
Considerable
rice planted; and conditions for germination very good.
and
reported was 12 degrees at Devils Lake,
THE DRY GOODS TRADE
heavy rainfall, the heaviest
occurring in the middle Atlantic area and from southern Oklahoma
southward; the heaviest reported in Oklahoma was 6.9 inches at Ardmore.
Southeastern New Mexico and most of Texas had heavy rains.
Over the
eastern half of the country it was the wettest week, in general, that had
in a long time.
West of the Rocky Mountains, there was
little precipitation in central and southern sections, but falls were
rather frequent in the north.
Widespread rains of the week brought mostly ample moisture for present
needs to large areas of the country, though the amounts were inadequate
and droughty conditions continue in parts of the Great Plains.
The
drought had been at least temporarily relieved over a large southwestern
area.
At present, there is ample topsoil moisture in Montana, the Dakotas,
Minnesota, Wisconsin, Iowa, the eastern third of Wyoming, the eastern
third of Nebraska, all of Oklahoma, except the extreme northwest and
extreme southwest, most of eastern New Mexico, and rather generally in
Texas, except the extreme southern and extreme western portions.
In much of Nebraska, where March rainfall was heavy, strong winds
prevailed and the soil dried out rapidly, while western Kansas and some
adjoining sections, including extreme northwestern Oklahoma, had but
little precipitation.
As a whole, however, the weather of the week brought
material improvement in moisture conditions to the critical midwestern
been experienced
very
''
general rule, farm work was not active during the week, principally
because of the frequent rains and wet soil.
The Western mountain snow
storage was decidedly below normal at the close of March in most sections,
especially in the Southwest.
It is reported that available water storage
a
River watersheds in Arizona is the lowest for the
the Salt and Verde
in
season
since reservoirs were constructed.
In California the flooded
areas
the Sacramento Valley are drying out slowly; seasonal crops on lands
that were inundated will be almost a total loss.
in
In the Central and Eastern portions of the country the season is generally
late, in many places as much as two weeks or more.
In the Eastern States
temperatures were fairly favorable for growth of vegetation, but in a wide
north-south
belt of the Midwest, warmer weather was needed.
Some
light frost was reported as far south as the northern portions of the East
Gulf States.
Small
*
New York, Friday Night, April 12, 1940.
Hampered by rather adverse weather conditions prevailing
Grains—Precipitation
wheat in the southwestern
winter
small
of wheat varies greatly, rapging from poor
fairly good, generally below normal, but the increase in moisture will
be helpful.
In Texas the crop has been greatly benefited by recent timely
rains, and the outlook is now fairly favorable.
In Oklahoma the im¬
proved moisture situation should be beneficial, although poor progress
was reported previously, with much abandonment, and the
general con¬
dition still ranges from poor to only fairly good.
In Kansas condition and progress of the crop are substantially un¬
to
changed,
while in Nebraska
variable, ranging from
eastern
progress
was
fair,
with condition extremely
to fairly good.
It continues dry in south¬
In Montana and areas west of the Rocky Mountains
Colorado.
poor
the general outlook continues decidedly favorable.
A little spring wheat was seeded during the week,
but farm work was
the spring wheat belt because of wet soil and low tempera¬
Practically the entire belt has ample topsoil moisture for present
meeds.
Oat seeding made fair progress in the Eastern States, and
very
good advance in the Midwest.
Seeding has been nearly completed in
inactive in
tures.
southeasternn Iowa and is half to three-fourths done in Illinois.
and
barley
are up to
Roth oats
fairly satisfactory stands in the southern Great Plains.
Rice sseding made good advance in Texas and Oklahoma.
Corn and Cotton—Corn planting has not yet become general, and in
considerable areas preparations were inactive because of wet soil.
How¬
ever plowing and disking were started in much
of the upper Mississippi
Valley, where in considerable sections more than the usual amount of
plowing
was
completed
as
Texas
A
extent.
better
popular-priced
attracted
country
a
demand
consumer
apparel
lines
and
increasing attention.
over
made
itself
felt
home-furnishings,
for
too,
Department store sales the
for the week ended March 30, according to
the Federal Reserve Board, fell
20% short of the correspond¬
ing week in 1939, when pre-Easter buying reached its peak.
New York and
Brooklyn stores recorded a loss of 13.6%,
while in Newark establishments the decline reached
28.8%.
Trading in the wholesale dry goods markets showed
improvement due to somewhat increased willingness
a
mild
on the
part of retail merchants to replenish their stocks of
spring
merchandise.
Wholesalers, on the other hand, continued
their
waiting attitude notwithstanding the greater activity
displayed by some of the major
primary markets.
Business in silk goods remained
spotty,
although more interest was shown in sheer fabrics.
Trading
and stronger price trends
in
rayon
though
revealed little abatement in activity.
moderate seasonal decline in the call for
yarns
a
Al¬
is
yarns
was believed that producers would hold thier
output to current levels.
Rayon weaving mill
while
done late last fall.
In the Plains States seeding is about
far.north as southeastern Oklahoma.
cotton
some
is
being planted as far north as north-central
in fine condition; genmiration is generally
is coming up in the central portion of this
State.
Some cotton was planted in the earlier districts of Arkansas.
In
most of the southeastern belt work was not active, but
seeding is becoming
general in southern South Carolina.
districts, with the soil
good in the South and
now
some
operations,
showing
small letdown,
a
still very considerably
are
above last year's level.
grains made fair to good progress, although there were reports of
undersized plants.
In Missouri the condition
In
during part of the period under review, retail trade made
spotty showing, although various special sales events staged
by a number of stores helped to keep up volume to some
anticipated, it
during the week was decidedly helpful
belt, although there was no relief
from the drought in some west-central plains sections.
In the central
and eastern portions of the belt the week was generally favorable and
for
being
Tennessee—Nashville: Progress of winter wheat excellent; condition
mostly good; some poor stands.
Grass and clover growing rapidly.
Farm
backward.
Corn
and
cotton
planting slow progress.
Planting
potatoes and gardens progressing.
Tobacco beds good condition.
Peach
orospect8 fair.
Fears and plums good.
low of 19 degrees occurred at RLkins, W. Va.,
^Lante^reas of the country had substantial to
As
vegetables
work
amounts
ciJ*<S2i»
1940
benefited and materially improved by general rains which came in ample
time; condition fairly good.
Oats up to fair stands and improving after
being revived.
Corn greatly improved by recent rain; in south condition
good and growing rapidly; in north some is up to small stands, but most
yet to be planted.
Some cotton planted in north-central where soil in
fine condition, but none reported up yet; planting continues in south
Report for the Week Ended April 10—The
weather for the week ended April 10,
April 13,
Domestic Cotton
Goods—Following the previous week's
trade
activity, trading in the gray cloths markets slowed down
during the early part of the period under review, but subse¬
quently another buying wave made its appearance and prices
scored further advances.
users
endeavored
to
It
was
cover
held significant that many
th£ir
requirements
through
buying move¬
as well as bag
manufacturers and industrial
users, were the growing belief
that an upturn in trade is at
hand, and predictions that the
the second quarter.
ment, which
was
Chief
causes
of the
new
participated in by converters
extension and intensification of
hostilities abroad may result
in another
flurry in commodity markets in general.
While
print cloths received most attention, a substantial amount of
buying went into sheetings, twills,
osnaburgs and drills.
Late in the week mills
greatly strengthened by the quick
absorption of their available stocks, displayed
growing re¬
luctance to accept forward
commitments at current price
levels.
Business in fine goods failed to show the
expected
improvement in line with the growing
activity in the coarse
goods markets, chiefly, however, because of the
unwilling¬
ness of mills to concede
the current low priee bids.
Medium
twist voiles moved in moderate volume and
some
interest
developed in carded piques.
Closing prices in print cloths
as
follows: 39-inch 80s,
6%c.; 39-inch 72-76s, 6%c.;
39-inch 68-72s, 5%c.;
38M-inch 64-60s, 5c.; 38^-inch 60-48s,
were
The
weather
bulletin furnished
the
following
resume
of
conditions in different States:
4%c.
South
Carolina—Columbia: Sunshine
and
favorable warmth,
except
nights too cold last few days; adequate rains on 7th; too much locally.
Much ground prepared and cotton planting becoming
general in south;
beginning in central, germinating on coast.
Early corn germinating
locally.
Small grains, truck, fruit, berries, gardens and pastures good
progress.
Oats beginning to head in extreme south.
Southern asparagus
shipments begun.
Vegetation about two weeks late.
Georgia—Atlanta: Favorable warmth at beginning, unfavorably cold at
end; adequate rains and clay soils still too wet for cultivation.
Cotton
and corn planting fairly active in south;
up to good stands in few places.
Favorable for sweet potato and tobacco beds,
truck, wheat, oats, and
pastures.
Peach bloom nearly over; big crop set.
Florida—Jacksonville: Favorable warmth; adequate rain; soil moisture
ample.
Cotton planting slow progress.
Corn doing well; plant¬
continues.
Setting out tobacco plants; some blue mold reported.
Truck mostly good.
Citrus and tung trees in full bloom.
Sugar cane
doing well.
now
ing
Alabama—Montgomery: Adequate rains; too much locally in north and
middle.
Cotton planting fairly active in south and
middle; some coming
in south.
Planting corn well to north; coming up locally in middle
generally in south.
Pastures improving; good, except in north.
Oats and clover crops fair on coast.
Potatoes and truck good condition.
up
and
more
Strawberries
ripening.
Mississippi—Vicksburg: Favorable
warmth until 4th, then nights too
damage in lowlands of central; slight frost dam¬
Adequate rains in extreme north, elsewhere locally
flooding rains on 4th to 5th.
Cotton planting begun
on uplands of central and south first half.
Some corn large enough to
cultivate in south and central, but soil too wet.
Alfalfa ready to cut
locally in central.
Practically all tomatoes in fields,
Louisiana—New Orleans: Favorable, except too cool near
end; rainfall
adequate to locally excessive.
Cotton planting under way in most sections;
some coming up.
Planting early corn about done; stands good; being
cultivated.
Good progress planting rice; some up.
Progress and condi¬
tion of potatoes, truck, strawberries, gardens, oats and winter cover
crops
good.
Shipping strawberries in car lots.
Cutting alfalfa.
Pastures fair
to
good.
Cane making slow recovery; condition fair to
locally poor..
Crops damaged locally in northeast by flooding rains on 4th.
cold; local frosts with
no
age in north on 9th.
too much to occasional
Texas—Houston:
in
extreme
south
Favorable
and extreme
warmth;
west
generally
where
more
adequate
needed.
rain, except
"Winter wheat
Woolen
somewhat
Goods—Trading in
as
the
men's
higher trend in
raw
wear
fabrics expanded
wool values induced
by
Europe, caused clothing
jobbers to abandon their previous
the intensification of the warfare in
manufacturers
as
well
waiting attitude and
ments.
A
as
enter the market for forward commit¬
contributing factor
of retailers to the
new
was
the satisfactory response
lines of fall
clothing just introduced.
Continued interest
developed for overcoatings. Reports
from retail
clothing centers revealed a moderate improve¬
ment in sales
although comparisons with last year continued
to make a poor
showing, because of the then prevailing in¬
fluence of Easter
buying. Business in women's wear ma¬
terials remained in the between-season
stage.
A revival in
trading is confidently anticipated, however, as soon as the
new fall
collections are formally introduced, inasmuch as
inventories are believed to be in
very sound condition, and the
stiffening trend in wool prices may induce prompt covering
of nearby needs on the
part of garment manufacturers.
Foreign Dry Goods—Trading in linens remain inactive
as
the unsettled situation abroad continues to
hamper opera¬
Reports from foreign primary centers stressed the
high prices have caused many buyers to turn to
substitutes, especially in medium and fine handkerchiefs.
Business in burlap broadened
materially and prices rallied
sharply under the influence of better reports from Calcutta,
where the intensification of the
European war has raised
hopes for additional large sandbag orders.
Domestically
lightweights were quoted at 5.65c., heavies at 7.50c.
tions.
fact that
Volume
2457
The Commercial & Financial Chronicle
150
and is backed, as are all obligations of the city, by our general
on which it has the first claim.
The corporate stock of the
York is in
Specialists in
no
taxing power
City of New
legal respect different from the bonds issued
by
Sets Date for Unification—The
Transit Commission, at a meeting held on April 9, formally
designated June 1 as the day on which the city will take over
the subway, elevated and surface lines of the BrooklynManhattan Transit Corp. and its subsidiaries.
The Com¬
mission also voted to declare the B. M. T. unification plan
Illinois & Missouri Bonds
Stifet, Nicolaus & Cojnc.
Board
314 N. Broadway
DIRECT
WIRE
ST.
Formally
operative, thereby making the transaction binding on all
parties, barring such contingencies as an abnormal decline
in the value of city securities or a change in the condition of
Founded 1890
CHICAGO
or
other American cities."
Transit
105 W. Adams St.
practical
LOUIS
the B. M. T.
properties.
city is paying $175,000,000 for B. M. T. system and $151,000,000
R. T. system.
Title to the B. M. T. properties will vest in the
city at midnight of June 1. and at the same time the Board of Transporta¬
tion will take over operation of the trains.
The Board will begin operating
the I. R. T. trains on midnight of the day to be designated for the con¬
summation of the Interborough unification plan.
The
for the I.
News Items
Iowa—Mayor Views Court Ruling on Bonds
as Aid to Citf—In connection with the report given in our
issue of April 6, that the State Supreme Court had invali¬
dated the issuance of "limited levy" bonds by the city, we
Des
Moines,
article which appeared in the Des
of April 5, dealing with the reaction of
Mayor Conkling to the court's decision:
quote herewith from an
Moines "Register"
Mayor Mark Conkling on Apr. 4, said the State Supreme Court decision
stopping the city from issuing more bonds may be a "blessing in disguise."
"We've been highjacked on our bond issue interest r&tes long enough,"
Mayor Conkling said, "and this should give us an opportunity to get the
city on a businesslike basis."
The decision has the further advantage, he said, of forcing the city to
pause and see
"This thing
where it is going before it "goes on piling up debts."
simply couldn't go on forever," Mayor Conkling said,
The city is proceeding to
elevated lines in
Cuthell, special counsel to the Transit Commission, said the city
day preceding consummation of the I. R. T. unification plan.
The law
also requires that operation of these sections shall cease with the vesting
of title.
"and
decade ago.
Even if county
could then be used for current
to finish the
One
way
another,
a
of
621,930.
Mr. Harris cited as another indication of
over longer
These funds
to the
Conkling believes the 2,500 city WPA
York, N. Y.—B. M. T. Unification Set for June 1—
on Stock Exchange—Details of the largest
.
Lehman vetoed
of the City of New
York
permitted deduction of State and New
City cigarette tax payments from
personal income tax
will sign, after April 15, a pending
instalments—April 15 and June 15—
payable in full on the earlier date.
Immediately upon executive approval
and, the Governor said, "To sign it
...
in the midst of our 1939
income tax collection season
would greatly complicate problems
Simultaneously he announced he
to permit payment in two
measure
June 1 and immediately
Comptroller said that no definite announcement could be
weeks. Altogether the exchange will
involve $315,000,000 in city securities.
Payment Measure to Be Signed—Governor
April 9 what he termed a "poorly drafted"
returns.:,....
unification on
begin the exchange of approximately
$175,000,000 in bonds.
Although the city hopes to con¬
summate the I. R. T.-Manhattan plan shortly thereafter,
on
bill that would have
made public on April 7 by Comptroller Joseph D.
McGoldrick with the announcement that the city will take
M. T.-B. Q. T. properties under
r.
the State Treasury's increased
State—Governor Vetoes Cigarette Tax Deduction
Bill—Income Levy
were
title to the B.
report.
New York
single financial operation in the history
aggregated less than
operations the number of special funds in the custody of the Treasury, some
solely and some jointly with the Comptroller.
There were 22 such funds
20 years ago and 29, 10 years ago. Now there are 69. of which 14 have been
added within the last few years.
The Commissioner of Taxation and
Finance and the Comptroller now are responsible for about a half billion
dollars in collateral and Investment securities held oy the State, according
Bonds to Be Listed
York
previously this Department's expenditures
$2,300,000. Compared to a $7,282,225 apportionment to schools in 1919 and
<>76,189,742 in school State-aid payments in 1929, the support of common
schools in the last fiscal year accounted for disbursements aggregating $120,-
workers will be "taken care
New
was
Ten years
the
spending—including the purchase of materials
Mayor
of."
$
explained by Frank S. Harris, Deputy Commissioner of Taxation
and Finance, in charge of the Treasury, that the increases over the 20-year
period were due mainly to broadening of State-Federal and State-local fiscal
relations. He pointed out that Federal funds received by the State Treasury
for disbursement 20 years ago amounted to only $140,000.
Ten years ago
they approached a total of $40,000,000.
In the last fiscal year the corre¬
sponding figure, including the unemployment insurance fund benefit
account was approximately $129,500,000.
Observing that the influence of "State aid" to localities in the Treasury
business expansion was also marked, Mr. Harris noted that relief and old-age
security payments, for example, accounted for the bulk of more than $79,000,000 of Social Welfare Department expenditures in the last fiscal year.
It
airport.
or
1938-39
111.642,032 295,215,212 555,947,161
79,347,139 228,987,545 362,823,059
General fund disbursements
issues.
Longer Periods
Under this plan principal payments would be stretched
periods, freeing funds now used for such principal payments.
$
120,970,506 287,652,263 648,434,713
80,922,080 243,942,221 441,019,139
Total disbursements (all funds)
city would like, however, Mayor Conkling believes the city airport, for
one project, can be finished.
The Mayor said it will take between $150,000 and $200,000 to finish
the airport.
The city legal department is now checking to see if some of
this money cannot be made available through the refinancing of present
bond
1928-29
$
board of supervisors
county funds for this purpose.
such quantities as
funds are not made available in
The comparative totals show:
1918-19
Meet with County
council expects to meet with the county
general,
Total receipts (all funds)
General fund receipts
projects.
The city
figures include payments Into and withdrawals from all
These
sinking, trust and special funds of the State. They represent a turnover of
receipts and disbursements five and a half times that of the 1918-19 fiscal
year of 20 years ago, and more than double that of 1928-29 fiscal year of a
as
in the near future in an attempt to get
State—Treasury
1939.
market.
projects sponsored by the city within the next 30 days, unless
of funds other than bond issues is found to finance the city's end
>
:
Dealings Mounted Heavily
During 20 Years—The annual report of the division of the
Treasury, New York State Department of Taxation and
Finance, made public on April 6, showed total receipts of
$648,434,713 and total disbursements of $555,947,161 in
Treasury transactions during the fiscal year ended June 30,
buyers were afraid to bid because of the unsettled question over the city's
right to issue the bonds.
Thus, city officials estimate the city will have paid $750,000 in interest
"unnecessarily."
Becasue of these and other bond issues the city last year paid out $899,754.34 on its debts, includingN$267,254.34 in interest alone, according to
Mrs. Lillian Clemons, city auditor.
The board of water works trustees last year paid out another $215,100 in
interest on debts of the municipally owned water works.
The immediate effect of the Supreme Court bond decision will be to stop
these
..
York
New
High
Iowa bond-buyers, however, took these issues at interest rates more than
twice as high as the rate in the open market.
County bonds, for instance, have sold on the open market at 1%%
interest rates while city limited levy bonds were sold at around 4% because
no bids for the bonds were received except from Iowa bond buyers.
Outside
WPA
would take
by the condemnation statute.
It is probable that the city will take title to the sections of the Second
Avenue and Ninth Avenue elevateds to be condemned on midnight of the
$4,000,000 worth of bonds
to finance Works Progress Administration projects.
Before these bonds
are paid back the city will have paid out $1,500,000 in interest.
These bonds are all of the "limited levy" type involved in Tuesday's
Supreme Court decision, and because of the cloud over the city's right to
issue such bonds in excess of the constitutional debt limit, these bonds
source
take title by condemnation to three B. M. T.
Brooklyn and to the Second Avenue elevated, between
Street, and the Ninth Avenue elevated, between
129th
title to the Brooklyn lines on midnight of Friday, May 31, the day before
unification.
At that hour the operation of trains must cease, as required
is as good a time as any for it to stop."
It is estimated the city has issued more than
Twice
and
South Ferry and the Polo Grounds.
The three Brooklyn Els are the Fulton
Street and Fifth Avenues lines and the Broadway Ferry spur.
Chester W.
now
could not be sold in the open bond
Street
60th
-
the 1% emergency income tax now
The measure would be effective
.
.
,
the
of the tax
made for two or three
Pointing out that income tax blanks, issued weeks ago, cannot be recalled
and "many thousands of payments have already been made," the Governor
He
also
disclosed that
the city would break an 18-year
precedent by
listing the unification bonds on the Stock Exchange as a convenience to
the small investors who will receive city bonds in exchange for the securities
of the private
transit companies.
This is being done at the
invitation of
he said, and the formal papers to accomplish it will be filed
April 15.
,
,
The securities which the city will issue will be corporate stock bonds of a
the Exchange,
on
.
40-year maturity
and will bear interest at the rate
McGoldrick.
The bonds issued in the
Manhattan exchange will be identical in
of 3%, according to Mr.
B. M. T.-B. Q. T. and I. R. T.¬
all respects whether or not the two
plans are consummated simultaneously, the Comptroller stated.
"For the purpose of closing title to the lines, the city will issue its se¬
curities in large denominations to the depositaries and trustees of the
companies," Mr. McGoldrick declared.
"At the same time, however, we
will be prepared to issue in exchange for these large pieces, the actual
corporate stock bonds in coupon denominations of $1,000, as well as interim
certificates in smaller denominations.
Definitive $500 and $100 certificates
to replace the interim certificates will be ready within 60 to 90 days. Regis¬
tered bonds in definitive form will be available in denominations of $100,
$500 and $ 1,000.
They will also be issued in
unlimited amounts in multiples
°f
Comptroller also clarified the meaning of the term
which he said hae confused some investors who had not
The
city securities.
He said:
"corporate stock"
heretofore owned
,
.
stock' is an historical accident resulting from the
New York City issued its first obligations in the early 1800's
the present day distinction between stocks and bonds had not yet crystal¬
lized.
The city at that time adopted the terminology which was then and
still is current in England for the obligations of municipal corporations.
The corporate stock of the City of New York is not a stock; it is a bond.
It is a general obligation backed by the full faith and credit of the city. It
is in no way dependent upon the earnings of the rapid transit properties,
"The name 'corporate
fact that when
department."
dxidod*
bill after April 15 so that it may be
1940 income tax returns."
cigarette tax deduction proposal, Gov. Lehman explained
the saving by withholding from income tax returns the two-cents-a-pack
State and penny-a-pack New York City cigarette tax payments would be
♦'less than 25 cents a year to the average (income) taxpayer."
"I
intend, therefore, to sign the
effective with respect to
In vetoing the
Public Authorities
Statements Required—The Governor ap¬
April 9 the Moffat bill requiring public authorities
and commissions created and continued by the Legislature to
make an annual financial report to the Legislature.
proved
on
Bill Signed—The Governor's office
April 8 that Mr, Lehman had signed the bill
of Senator Frederic R. Coudert Jr., Republican, Manhattan,
which reduces from 10 to 7% the interest rate on unpaid real
estate taxes in New York City which become due and payable
from Jan. 1, 1934, to May 1, 1937, if they are paid before
Dec. 31, 1940.
Real Estate Tax Payment
announced
on
Approved for Insurance Housing Funds—Governor
on April 10 signed the Moffat bill which permits
domestic life insurance companies to invest in housing
Bill
Lehman
projects under the public housing law.
The bill to allow
saving banks to make similar investments also passed the
Legislature and is awaiting the Governor's action.
2458
The Commercial & Financial Chronicle
The
insurance bill, sponsored by
Assemblyman Abbott Low Moffat,
Manhattan Republican, specifically provides that the
insurance companies
may invest in "stock and debentures, or either, of
any housing company
organized under the public housing laws of this State,
home owners are relieved from
financial condition of these funds.
such conditions as may be authorized by the Superintendent of
Insurance, provided all of the stock of such housing
company has been or
originally issued to one or more insurance companies,"
The savings bank bill, with similar provisions, was
sponsored by Senator
C.
Desmond,
Payroll
Tax
Newburgh
on
Republican.
Roth
measures
thd closing day of the 1940 session.
Reduction
Measure
Twenty-Four Cities Show Less
Approved—Governor
The average percentage of taxes still to be collected in these
24 cities at
the close of 1939 was only 4.7%,
Ten of the 24 cities with the best tax collection records are in
California,
three in New York and three in Connecticut, with the others
scattered else¬
where in the country.
Fresno and San Jose stood at the top of the
list,
each with 1% outstanding in current taxes, while San
Francisco had 1.3%,
according to the report.
The 24 cities with notably low
delinquency records were the
Executive approval of the measure indicated a possible veto for
meritrating bills before the Governor which would reduce the tax for employers
with low labor turnover to as low as one-half of 1
%,
New
York State—Cities Reduced Debts in 1939—The
State's 59 cities, exclusive of New York, set a
10-year record
for debt reduction in 1939 by trimming $11,093,753 off
The
the
the last six
cities'
1.0
3.4
San Diego. Calif
3.5
3.7
-___1.3
Berkeley, Calif
Oakland, Calif-.
Mobile, Ala
Sacramento, Calif.-
on
Peoria, 111
1.0
San Jose, Calif-San Francisco, Calif
decrease, bringing their total debt down to $356,581,601 last
Jan. 1, was reported by the State Mayors' Conference.
The organization
attributed the improvement, in the face of $16,000,000 of new
home and
work relief indebtedness, to:
1. A modified pay-as-you-go policy for cities urged
by municipal officials
through the conference.
2. Constitutional and statutory municipal debt restrictions and
regula¬
Of
following:
Fresno, Calif
ac¬
3%
tions initiated
Tax Delinquency
V.,.,'-:-
Government."
an
Than 5%
quencies of less than 5%, the Municipal Finance Officers'
Association noted on April 12 from a report by Frederick
L. Bird.
Mr. Lehman said the measure would effect a "substantial
reduction of
taxes for all small employers and many of the larger
employers who are now
required to pay a total tax in excess of 3% to the State and Federal
cording to
April 10.
the
upon
End of i939—While tax
delinquencies for 150 of the major
cities of the country declined to a "new low"
average of
9.2% at the end of 1939, at least 24 cities showed delin¬
Lehman signed the Washburn bill on
April 11, reducing the
State unemployment insurance payroll tax from 3 to
2.7%.
heavy borrowings for relief,
Associated Press dispatch from Albany
depends
In Louisiana and Oklahoma,
the decrease amounted to nearly
10%.
finally
funded obligations despite
taxes
Alabama,
Arkansas, Florida, Georgia and Mississippi.
is to be
Thomas
property
A noticeable drop in
property assessment values took place in many of
the States following adoption of the homestead
exemption and preferential
tax laws, the Federation said.
A drop of 16 to 20% occurred in
to the extent and
upon
passed the Legislature
April 13, 1940
which
1.6
2.1
2.2
2,3
2.7
Cedar Rapids, Iowa
Bridgeport, Conn
Buffalo, N. Y
Long Beach, Calif
Denver, Colo
2.9
3.2
3.2
Davenport. Iowa—
Birmingham, Ala
Niagara Falls, N. Y
Schenectady, N. Y
Hartford, Conn
Cincinnati, Ohio
Pasadena, Calif
Los Angeles, Calif-Fort Wayne, Ind
Waterbury, Conn._
3.8
3.8
3.9
4.0
4.2
4.2
4.4
4.7
3.3
4.7
A total of 119 of the 150 cities in the
report showed a lower percentage of
delinquency for 1939 than for 1938.
The 1939 delinquency record of
years.
tax
total
existing debt, $88,099,632
public schools and $89,563,478 for relief needs.
Thirty-eight cities reduced obligations last year.
has
been
borrowed
for
9.2% was 1.5% lower than that of 1938, and indicated a general decline
compared with 26.3% in 1933. and 10.1% in 1930.
Most of the 31 cities which did not improve their tax collection
records
last year fell short only by a fraction,
according to the report.
Eighty-six
of the 150 cities reduced their
year-end delinquency below the level of 1930.
Tax delinquency records are considered the best
barometer of municipal
fiscal ability, the Association said.
Debt increased in 18.
The conference also reported a 2% drop in 1939 in the debt of
130
of all classes, for a total 7% decline in 10 years.
villages
Pennsylvania—Changes in EligibU Trust Investments—
following information is taken from the April 8 issue of
the "Pennsylvania Bankers Association Protective
Bulletin,"
regarding the most recent changes in trust investments for
The
Virginia—Bridge
Authority Bill Signed by Governor—
approved a bill authorizing the State
Highway Department, effective in June, to take over and
construct eight bridge and
ferry projects in Tidewater, Va.,
at no cost to the State.
The projects will be financed
by
tax-exempt toll revenue bonds which place no obligation on
Governor
that State:
(Disclaimer—The Committee on Trust Investments of the
Pennsylvania
Bankers Association submits the following changes in the list
of investments
believed to be legal investments for trust funds under the
provisions of
Section 41 (a) of the Fiduciaries Act of June 7, 1917, P. L.
447, as amended
by the Act of July 2, 1935 (Act No. 206) and the Act approved
July 2, 1935
(Act No. 204),
Although the changes stated below are based upon data
which has been carefully prepared and which is believed
to be accurate,
neither the Committee on Trust Investments nor the
Pennsylvania Bankers
Association assumes responsibility for any errors in the
the funds
made
statement of any
such changes or for any omission to include other
changes. The Committee
the Association call attention to the fact that
every trustee must
exercise his or its own judgment in regard to
any investment made by such
as
Price
or
has
the credit of the State.
to the gross amount
Bond Proposals and
and
trustee.)
Removals—New
England
Power
Co.
Queens Elec. Light & Power Co., 1st &
1st
3 Ms,
cons.
A, 1961.
3Ms, 1965.
New
York
&
Additions—(Privately issued)—Bangor Hydro-Electric Co. 1st 3 Ms, 1963.
Bridgeport Hydraulic Co., 1st 3Ms, 1974.
Brooklyn Edison Co., Inc.,
3s, 1968.
Central Illinois Light Co. 1st & cons.
3Ms, 1963.
Con¬
necticut Light & Power Co. 1st & ret. 3 Ms, 1968.
Consolidated Gas Electric
Light & Power Co. of Bait, 1st & ref. 3Ms, O, 1968.
Rochester Gas &
Electric Corp. gen. 3Ms. G, 1966.
Southern California
cons.
Edison Co., Ltd.,
3Ms, 1964.
Wisconsin Public Service Corp. 1st
4s, 1963.
New
England Telephone & Telegraph Co. 1st 3Ms, C, 1968.
New York Tele¬
phone Co. refunding 3Ms, C, 1964. Bridgeport Hydraulic Co.
1st 3Ms, H,
1968.
New Haven Water Co. gen. ref.
3Ms, A, 1962.
West Penn Power
Co. 1st, 3 Ms, J, 1968. Central Hudson Gas &
Electric Corp. 1st & ref. 3 Ms.
1967.
1st & ref.
As a result of improved earnings, the
Pennsylvania, Philadelphia & Read¬
ing, Louisville & Nashville and Great Northern railroad
companies have
again become qualified railroads, and certain of their
underlying obligations
have been restored and added to the list of
securities believed to be
eligible
for legal investments.
For a complete list of these, it is
suggested that
reference be made to the new legal list published as
of April 1, 1940.
Rhode Island—List
of Legal Investments Prepared—The
Department of Business Regulation has just prepared, for the
first time, a list of securities
legal for savings bank invest¬
ments in Rhode Island.
are
As the funds of that
limited, the list has
distribution.
With
DALLAS COUNTY (P. O.
Selma), A1 a.—MA TURITY—It is now
reported by the Clerk of the Court of County Revenues that the
$250,000
refunding bonds sold to Marx & Co. of Birmingham, and associates, as
2Mb, at 100.79, as noted here on Feb. 24, are due: $5,000 in 1941
and
1942, $6,000 in 1943 to 1947, $7,000 in 1948 to 1953,
$8,000 in 1954 to
1957, $9,000 in 1958 to 1961, $10,000 in 1962 to 1964,
$11,000 in 1965 to
1967, $12,000 in 1968 and 1969, and $13,000 in 1970.
MONTGOMERY, Ala.—REPORT ON PROGRESS OF BOND REFUND¬
ING—The "Wall Street Journal" of
April 8 carried the following report on
the debt program of the above
city:
"With the signing last week of
$10,427,000 new bonds, the City of Mont¬
gomery's refinancing plan moved another step toward consummation.
The
plan contenplates the saving in interest of
approximately $100,000 per
for the next 30 years; and
according to terms of the contract with the
bankers and investment houses, the
city has set up a special fund here to
the interest and retire the bonds.
Fiscal agents announced that more than
$4,000,000 of the old bonds
have already been placed with the First National
Bank of Montgomery,
trustee, for exchange.
"When the entire $10,427,000 has been
annum
pay
exchanged, the city will be re¬
quired to deposit each month with the trustee bank the sum of
$50,000.
At the end of 30 years the entire bond issue involved in the
been
contract will have
retired.
"The new bonds
maturing in 1 to 29.years are 4s and those payable in
30 years are 4Ms.
Some or the largest holders of this city's bonds reside
in New York, Pennsylvania and Ohio.
Substantial blocks of these bonds,
it was announced, are included in the
$4,000,000 already signed for ex¬
change.
The fiscal agents are now confident that other bonds will be
brought into the plan at an accelerated pace because the new and more
liquid
bonds
are
available for the first time."
Department
not been made available for
general
the
permission of the
ARIZONA BONDS
Department,
Bodell &
Negotiations
ALABAMA
Removals
(Redemptions)—Bridgeport Hydraulic Co., 1st 3 Ms, G, 1971.
Brooklyn Borough Gas Co,, gen. & ref. 5s, A, 1967. Connecticut
Light &
Power Co., 1st & ref. 3Ms. E, 1965. New York
Telephone Co. 1st & gen.
4Ms, 1939.
Rochester Gas & Electric Corp., gen. 5s, E, 1962.
Southern
California Edison Co., Ltd., 1st & ref. 4s, 1960.
Girard Point Storage Co.
1st 3 Ms, 1940.
No estimate has yet been
of projects involved.
Co. of Providence have
prepared a booklet con¬
taining the entire list of eligible investments, copies of which
will be supplied to interested
Marketa in all Municipal laauca
parties.
United
States—Income, Sales, Other
''Homestead"
Revenue—Most of the
13
Taxes
States
stead
Replace Lost
with
REFSNES, ELY, BECK &, CO.
home¬
exemption and preferential property tax laws are
attempting to replace revenues lost through such concessions
with revenues from State
income, sales, liquor, public
utility and intangibles taxes, the Federation of Tax Admin¬
istrators said
on
April 10.
Where local governments of these
States also suffer loss because of the
is
exemptions, replacement
being sought through municipal sales and
gasoline taxes,
license fees,
or
local property tax increases.
PHOENIX, ARIZONA
ARIZONA
PHOENIX, Ariz.—BOND
SALE—The $292,000 issue of funding bonds
on April 5—V. 150, p. 2143—was awarded to a
syndicate
composed of Stranahan, Harris & Co., Inc. of Toledo; Boettcher & Co. of
Denver; and Refsnes, Ely, Beck & Co. of Phoenix, paying a premium of
offered for sale
$204.90, equal to 100.07, a net interest cost of about 2.06%, on the bonds
as follows: $147,000 as
2M«, due on Jan. 1: $31,000 in 1942; $29,000
1943 to 1946; the remaining $145,000 as 2s, due $29,000 on
Jan. 1 in
divided
All of the laws which either
exempt homesteads or grant them
preferential
were enacted between
1933 and 1938,
although a few revisions
have been made since.
Some of the exemptions are
from both State and
local taxes, while others are from
State taxes only.
These are sample replacement
plans in the various States:
Alabama, where State property tax revenue
decreased $1,000,000 after
the exemption law went into
effect, levies a 2% "luxury" or sales
tax
which replaces the amount lost to
the public school fund
Wyoming takes $300,000 annually from the State sales
tax to reimburse
municipalities, counties and school
districts, which formerly secured that
revenue from the
tax rates
in
1947 to 1951.
ARKANSAS BONDS
Markets in all State, County & Town Issues
property tax.
Oklahoma
assumes
exemption losses to school districts.
the exemption, average property
t°J|2.24 per $100 assessed valuation, and the
?s
In the localities
tax rates went up from $1.97
aggregate tax levy increased
2.45%, with the non-exempt property
bearing the brunt of the cost.
Another effect of preferential taxes
and exemptions on homes has
been
the transfer of
governmental functions from local to
State
Federation said.
®,
? n^™e,?™Vir,?irii-i State aid to schools
$11,000,000 when the reduced tax
revenues.
The
State
also
took
addition to main highways.
In Iowa and
ment
rate on
over
was
cut local government
of
secondary roads in
Louisiana, special funds are set up from
proceeds of replace¬
taxes—income, sales, liquor and public
utility—and the extent to
LANDRETH
BUILDING, ST. LOUIS, MO.
jurisdictions, the
'
increased from $1,000,000 to
homesteads
construction
SCHERCK, RICHTER COMPANY
ARKANSAS
DUMAS, Ark.—BONDS SOLD—It is reported that the following bonds
aggregating $12,000, approved by the voters on Feb. 27, were purchased on
April 5 by the Southern Securities Co. of Little Rock: $8,000 fire
station,
and $4,000 city hall bonds.
Volume
The Commercial & Financial Chronicle
150
Ll i 'l LE
ROCK, Ark.—BONDS VOTED—At the election on held April 2
the following bonds aggregating
$155,000, were approved: $75,000 airport
purposes; $50,000 fire department purposes, and $30,000 municipal audi¬
torium bonds.
All of the bonds were passed by substantial
margins, it is
reported.
BOND OFFERING—Sealed bids will be received until May 6,
by H. C,
Uranam, City Clerk, for the purchase of the following bonds, taken from
the above total:
$25,000
auditorium bonds.
fire department; $75,000 airport, and $30,000
2459
in these columns last June, Myrtle P.
as follows:
Enking, State Treasurer,
"On June 24,1939, the sale was held and the notes
Spokane & Eastern Trust Co* of Spokane,
were
now
report8
awarded to the
high bidder, whose figure was
as
par, plus $300, at 1k %.
Later their attorneys questioned the validity of
the notes, and the matter was placed before the Supreme Court of the
State of Idaho.
,
"On March 21, 1940, the court handed down a decision which held that
the said sale of notes was a legal one, and in accordance with the decision,
Governor Bottolfsen has instructed me to deliver the notes to the Spokane
& Eastern Trust Co., high bidder as before set out."
California
Municipals
ILLINOIS
ARTHUR, 111.—BOND ISSUE DETAILS—The $17,000
and plant bonds purchased last year by the
BANKAMERICA COMPANY
San Francisco
Los
BERWYN, \\\.—WARRANT SALE DETAILS—The $170,000 l%%
anticipation warrants purchased by Enyart, Van Camp & Co. of
Chicago—V. 150, p. 2295—were sold at par plus a premium of $5.
They
are in $1,000 denoms. and will be called co-incident with receipt
by the
City Comptroller of 1940 general taxesffrom the Township Collector and
the County Treasurer.
Other bids for the issue came from John Nuveen
& Co., R. E. Herczel, Rogers & Tracy, Inc.,
George F. Ryan & Co.,
Assessment Bond Service and H, G. Speer & Sons Co.
tax
Angeles
New York Representative
82 Wall St.
Telephone WHitehall 3-3470
CALIFORNIA
CALIFORNIA, State of—BOND OFFERING—Sealed bids will be
ceived until 11
re¬
May 9 by Charles G. Johnson, State Treasurer,
$30,000 issue of 2 % % State Park, Act of 1927 .coupon
semi-annual
bonds.
Denom.
$1,000.
Dated Jan. 2, 1939.
Due on
Jan. 2, 1957.
Prin. and int. payable at the State Treasurer's office or at
the fiscal agency of the State in N. Y. City.
No bid at less than par and
accrued interest will be accepted.
These bonds are executed under and in
pursuance to an Act of the Legislature approved by the Governor May 25,
1927, and approved by the electors of the State at the general election held
on Nov. 6, 1928, and known and cited as the "California State Park Bonds
Act of 1927."
The proceedings for the issuance of the bonds having been
taken prior to June 5, 1933, the bonds and coupons will bear an endorse¬
ment referring specifically to the provisions of Public Resolution No. 10
of the 73rd Congress of the United States, adopted June 5, 1933,
relating
to the issuance of obligations payable in gold coin.
Enclose a certified
check for 10% of the amount of the par value of the bond or lot of bonds bid
for, payable to the State Treasurer.
;
;
a.
m.
on
for the purchase of a
CALIFORNIA, State of— WARRANT SALE— The $3,500,000 issue of
unemployment relief registered warrants offered for sale on April 5—7
V. 150, p. 2294—was awarded to Weeden & Co., and Heller, Bruce & Co.,
both of San Francisco, jointly, at 2H%, plus a premium of $3,000.
Dated
April 9, 1940.
Due on or about May 28, 1941.
V
CALIFORNIA, State of—WARRANTS SOLD—An issue of $2,599,108.26 general fund registered warrants was offered for sale on April 9
and was awarded to R. H. Moulton & Co. of Los Angeles, at 2k %, plus a
premium of $289. The warrants are dated April 12, 1940, and will mature
on or about May 28, 1941.
FRESNO COUNTY (P. O. Fresno), Calif.—SCHOOL BOND OFFER¬
ING—Sealed bids will be received by E. Dusenberry, County Clerk, until
10 a. m. on April 16, for the purchase of an issue of $120,000 Fresno City
High School District bonds.
Interest rate is not to exceed 5%, payable
A-O.
Dated April 1, 1940.
Denom. $ 1,000.
Due $30,000 April 1, 1945
to 1948.
Prin. and int. payable at the County Treasurer's office.
These
bonds are part of an issue of $638,000. authorized at an election held on
Sept. 27, 1938.
Enclose a certified check for $5,000.
KERN COUNTY (P. O.
Bakersfield), Calif .—SCHOOL BOND OFFER¬
ING—It is stated by R. J. Veon, County Clerk, that he will receive sealed
bids until 11:30 a. m. on April 22, for the purchase of a $95,000 issue of
5%
coupon
Denom. $1,000.
semi-ami. Beardsley School District bonds.
Dated March 25, 1940.
Due $19,000 on March 25 in 1941 to 1945 incl.
Prin. and int.
(M-S), payable in lawful money at the County Treasurer's
office.
Bids will be received for one or any number of the bonds.
A cer¬
tified check for at least 10% of the amount of the bid, payable to the
Clerk,
p.
is
County
BLOUNT TOWNSHIP (P. O. Potomac), III.—BOND ISSUE DE¬
TAILS—The $12,000 road improvement bonds purchased at par by the
O. Speer & Sons Co. of Chicago—V. 150,, p. 1313—mature Dec. 1 as
follows: $1,000 from 1941 to 1948, incl. and $2,000 in 1949 and 1950.
H.
M
SAN MATEO
COUNTY
CARROLLTON
TOWNSHIP
(P.
O.
Carrollton), III.—BONDS
VOTED—Charles Bishop, Township Clerk, reports that the voters au¬
an issue of $50,000 2 k % road bonds on April 3 by a count of 661
to 213.
They were previously sold at par to the White-Phillips Corp. of
Davenport—V. 150, p. 1969.
Due $5,000 annually from 1941 to 1950,
thorized
incl.
CARTHAGE
originally scheduled for April 15—V. 150,
.
(P.
.
O.
Redwood
City),
Calif.—SCHOOL
DISTRICT,
PARK
payable at the First National- Bank,
Chapman & Cutler of Chicago.
VENTURA COUNTY
(P.O.Ventura), Calif.—SCHOOL BOND SALE
Saticoy Grammar School District semi-annual bonds of¬
April 10—V. 150, p. 2294—were awarded to Blyth & Co.,
of Los Angeles, paying a premium of $345.25, equal to 101.38, a basis of
about 1,53%.
Dated May 15, 1940.
Due $5,000 on May 15 in 1941 to
on
1945 inclusive.
COLORADO
DETAILS—,,
Chicago.
Legality approved by
CHICAGO PARK DISTRICT, III.—TENDERS WANTED—Milton E.
Connelly, Acting Secretary of the Board of Park Commissioners, will receive
1938, until 2 p. m.
on April 23.
A sum or about $28,000 is available for purchase of such
instruments at the lowest price, but not to exceed par and accrued interest.
CHRISTY, 111.—BOND ISSUE DETAILS—The $8,000 road improve¬
ment
1939 to the First National Bank of Sumner—
3589—were issued as 4s, at a price of 104.175, a basis of about
Jan. 1 from 1942 to 1949 incl.
bonds sold late in
V. 149, p.
3.17%.
Due$1,000on
GRIDLEY SCHOOL DISTRICT NO.
410, 111.—BONDS SOLD—The
$20,000 building bonds authorized by the voters last March
Ballman & Main of Chicago,
MARSHALL
were
sold to
TOWNSHIP
(O. O. Marshall), 111.—BOND ISSUE
DETAILS—The $20,000 road bonds sold to the White-Phillips Corp. of
Davenport, as 3ks, at a price of 100.78—V. 149, p. 3005—mature $2,000
on
Jan.
1 from 1941 to
ORANGEVILLE,
1950 incl.
III.—BONDS
VOTED—Glen
E.
Bolender,
Village
Clerk, reports that an issue of $8,000 3% street Improvement bonds was
authorized at an electiion on April 2.
Due In 1948.
'
;j-'
111.—BOND
ISSUE DETAILS—The $98,000 2k%
coupon
general obligation refunding bonds sold at par and accrued Interest to the
H. C. Speer & Sons Co. or Chicago—V. 149, p. 4200—mature Jan. 1 as
follows:
$4,000 in 1941; $6,000, 1942 and 1943; $7,000, 1944; $8,000, 1945
to 1952 incl.; $9,000 in 1953 and $2,000 in 1954.
Prin. and int. (J-J),
payable at the City Treasurer's office.
Legality approved by Chapman &
Cutler of Chicago.
SHELDON TOWNSHIP
The $25,000 2%
ISSUE
sealed tenders of funding bonds of 1938, dated Dec. 1,
bonds.
fered for sale
111.—BOND
The $20,000 road improvement bonds sold-to the H. C. Speer & Sons Co.
of Chicago—V. 149, p. 3436—bear 4 k % interest, are dated Oct. 15, 1939,
in $1,000 denoms. and mature Jan. 1 as follows: $1,000 in 1941; $2,000
from 1942 to 1949, incl. and $3,000 in 1950.
Principal and interest (J-J)
PEKIN,
one
BOND ELECTION— It is stated by the Superintendent of Schools that an
election has been called for June 7 in order to have the voters pass on the
issuance of $435,000 in San Mateo Union High School District construction
(P. O. Sheldon), III.—BONDS SOLD—The
Township Clerk informs us that the voters approved a $30,000 road im¬
provement bond issue on March 26 and that the securities have already
been sold.
SHILOH
VALLEY
TOWNSHIP
(P.
O.
Belleville),
DEFEATED—An issue of $30,000 highway improvement
feated by the voters at an election on March 27.
111.—BONDS
bonds was de¬
SIDNEY, 111.—BOND ISSUE DETAILS-—The $24,000 4% water
bonds sold last year to Doyle, O'Connor & Co. of Chicago, at a
price of 92.25—V. 149, p. 3589—are dated June 1, 1939 and mature Dec. 1
as follows: $500 from
1941 to 1946, Incl.; $1,000 from 1947 to 1959, incl.
and $2,000 from 1960 to 1963, incl.
Principal and interest (J-D) payable
at the City National Bank & Trust Co., Chicago.
Legality to be approved
by Chapman & Cutler of Chicago.
revenue
BUENA
that
CALHOUN C.OUNTY COMMUNITY IrilGH SCHOOL DISTRICT
NO. 38 (P. O. Hardin), 111.—BOND ISSUE DETAILS—The $9,000 3
H%
operating expense bonds reported sold in V. 150, p. 1472, were purchased
by the White-Phillips Corp. of Davenport, at par.
required.
(This offering supersedes the
2294.)
sewer system
White-Phillips Corp. of Daven¬
port—V. 149, p. 2724—bear 4% interest.
VISTA, Colo.—BONDS SOLD—It is stated by the Town Clerk
$10,000 street oiling bonds approved by the voters last May, have been
sold to the First National Bank or Salida.
CREEDE, Colo.—BONDS SOLD—The Town Clerk states that $30,000
4 k% water system bonds approved by the voters on April 2, have oeen
purchased by Brown, Schlessman, Owen & Co. of Denver.
Due in 15
years; optional after one year.
GLENWOOD SPRINGS, Colo.—BONDS SOLD—It is stated by the
City Clerk that $26,000 3% semi-ann. water extension refunding bonds
have been purchased at par by Amos C. Sudier & Co. of Denver.
These
bonds were authorized by the City Council last September.
Denom.
$1,000.
Due on Oct. 1 in 1942 to 1953.
'
INDIANA
Ind.—PURCHASER—The $5,000 3k% apparatus bonds
1 at a price of 103.50, a basis of about 2.92%—V. 150,
2295—were purchased by the First National Bank of Fremont.
ANGOLA,
awarded April
p.
ATTICA, Ind.—-BOND OFFERING—Morris Blout, City Clerk-Treas¬
will receive sealed bids until 2 p.m. on April 26 for the purchase of
$7,000 not to exceed 4k % interest direct obligation watercourses improve¬
ment bonds,
Dated April 1, 1940.
Denom. $500.
Due $500, July 1,
1941; $500, Jan. 1 and July 1 from 1942 to 1947 incl. and $500 July 1,
1948.
Bidder to name a single rate of interest, expressed in a multiple
of k of 1%.
Principal and interest (J-J) payable at the City ClerkTreasurer's office.
Legal opinion Matson, Boss, McCord & Ice of In¬
dianapolis will be furnished the successful bidder.
urer,
FLORIDA
LAKE
WORTH, Fla.—BONDS SOLD—It is reported that $75,000
4 k % semi-annual electric revenue bonds were purchased recently by
Wiley R, Reynolds, President of the First National Bank of Palm Beach,
for personal investment.
Dated Nov. 1, 1939.
Due as follows: $6,000
in 1940 and 1941; $7,000, 1942 to 1944; $8,000, 1945 to 1947, and $9,000
in 1948 and 1949.
MIAMI, Fla.—BOXD CALL—It is stated by A. E, Fuller, Director of
Finance, that various refunding bonds, aggregating $28,075,000, are being
called for payment as of July 1.
Dated Jan. 1, 1934. Due on Jan. 1,1964.
Payment of the principal amount of said bonds will be made on presenta¬
tion of the bonds in negotiable form accompanied by all Jan. 1, 1941 and
subsequent coupons at the Chemical Bank & Trust Co., New York City.
Interest ceases on date called.
BEACH, Fla.—BOND SALE—The $495,000 issue of general
improvement, issue of 1940, semi-annual bonds offered for sale on April 9—
V. 150, p. 1969—was awarded to a syndicate composed of the West Palm
Beach National Bank, Thomas M. Cook & Co. of West Palm Beach, and
of Miami, as 2.30s, paying par, according to the Town
Due $100,000 in 1947 to 1950. and $95,000 in 1951.
Natco Corp.
Treasurer.
BONDS OFFERED FOR
INVESTMENT—The successful bidders reof-
fered the above bonds for public subscription at prices to yield from 2.00%
to
2.20%, according to maturity.
IDAHO
GOODING
COUNTY
SCHOOL
DISTRICT
NO.
21
(P.
O.
BIi.«)
Idaho—BONDS DEFEATED—The Clerk of the Board of Education states
that the proposal to issue $25,000 in school construction bonds failed to
receive the required majority at the election held on March 29.
HANSEN, Ida ho—BONDS .SOLD—It is stated by the Village Clerk
$12,000 water system bonds approved by the voters last October
purchased by Sudier, Wegener & Co. of Boise.
Due in 20 years.
that
have been
IDAHO, State of—NOTE SALE VALIDATED—In connection with
bridge acquisition and treasury notes to the
Spokane & Eastern Trust Co. of Spokane, as 1 k». at 100.062, reported
the sale of the $482,000 toll
LAWRENCEBURG FLOOD CONTROL DISTRICT, Ind.—WAR¬
OFFERING—Leo W. Johnson, Executive Secretary of Board of
Commissioners, will receive sealed bids until 8 p. m. on April 12 for the pur¬
chase of $70,000 not to exceed 5% interest warrants.
Dated April 1, 1940.
Denom. $1,000, or in larger amount If requested by the purchaser.
Due
on or before April 1, 1941.
Interest payable at maturity.
The warrants
will be awarded to the bidder offering to purchase the same at the lowest
actual interest cost to the District.
The District is a special taxing district
established under the provisions of Chapter 23 of the Acts of the Indiana
General Assembly for the year 1939, by decree of the Dearborn Circuit
Court entered on July 5, 1939.
The warrants are being issued in accordance
with the provisions of the act, and pursuant to a resolution adopted by the
Board of Commissioners on Feb. 16, 1940, as approved by an order of the
Dearborn Circuit Court entered on March 25, for the purpose of obtaining
funds to facilitate the carrying out of the preliminary proceedings of the
District, and to provide funds for the payment of expenses prior to the issu¬
ance of bonds under the provisions of the act, including the acquisition of
certain lands, rights-of-way and easements required for the construction of
flood control works, which works are to be constructed by and at the ex¬
pense of the Federal Government.
The warrants are payable from the
proceeds of Flood Control Distrist bonds to be hereafter issued under the
provisions of the governing statute;
.The statute provides that special ad
valorem taxes shall be levied and collected on all of the taxable property in
the District to maintain the District and provide for the payment of its
bonds. The opinion of Matson, Ross, McCord & Ice, Esqs,, of Indianapolis,
RANT
PALM
the
CLARKS HILL, Ind.—BONDS SOLD—Doyle, O'Connor & Co. of
Chicago purchased $30,000 4k% water revenue bonds.
Dated March 1,
1940.
Dehom. $1,000.
Due March 1 as follows: $1,000 from 1943 to
1968 incl. and $2,000 in 1969 and 1970.
Prin. and int. (M-S), payable at
the City National Bank & Trust Co., Chicago.
Legality approved by
Chapman & Cutler of Chicago.
will be furnished.
r
The Commercial & Financial Chronicle
2460
LIBERTY
CIVIL
TOWNSHIP
(P.
O.
Waldron),
Ind.—
SALE—The $32,800 community building bonds offered April 10—V. 150,
p. 2145—were awarded to Browning, Van Duyn, Tischler & Co, of Cin¬
cinnati, as 2s, atpar plus a premium of $48.64, equal to 100.148, a basis of
about 1.98%.
Dated March 6, 1940 and due Jan, 1 as follows: $2,000
from 1942 to 1956, incl. and $2,800 in 1957.
Second high bid of 100.036
for 2s was made by T. J. Grace & Co.
MARION COUNTY (P. O.
Indianapolis), Ind.—PROPOSED BOND
ISSUE—County Council met April 12 to discuss a proposed issue of $550,000
relief advancement fund bonds.
Allowing for 30-day public notice of
poor
intention to issue the bonds, the call for bids cannot be issued until about
June
April 13,
1.
LOAN OFFERING—Glenn B, Ralston, County Auditor, will receive
sealed bids until April 16 for the purchase of $200,000 welfare fund tem¬
porary loan.
to the Commissioner of Finance.
(This notice supersedes the offering report which appeared in our issue
Of
April 6—V. 150.
2296.)
p.
The loan will be dated April 30, 1940.
Denom. $5,000.
Due June 15,
1940.
Principal and interest payable at the County Treasurer's office.
Rate of interest not to exceed 5%.
The warrants and interest thereon are
MAINE
payable out of taxes heretofore levied for the county welfare fund and in
of collection.
Opinion as to validity of the warrants shall be fur¬
nished by the bidder.
A certified check for 3% of the warrants, payable
to order of the Board of County Commissioners, is required.
BIDDEFORD,
Me.—REFUNDING
ISSUE APPROVED— The City
Council passed an order April 1 authorizing the Treasurer to issue $25,000
not to exceed 2% interest refunding bonds.
course
WELLS, Me.—BOND SALE—Y. W. Home & Co. of Hartford pur¬
chased $28,600 2% elementary school construction bonds.
Dated May 1,
1940.
Due May 1 as follows:
$2,000 from 1941 to 1954, incl. and $600 in
1955.
Principal and interest (M-N) payable at the National Bank of
IOWA
BUCKEYE INDEPENDENT SCHOOL DISTRICT (P. O. Buckeye)
Iowa—BONDS SOLD—The District Secretary states that $8,000 2%%
refunding bonds have been .purchased at par by Vieth, Duncan & Wood of
Davenport.
Due in from 1 to 10 years.
MARYLAND
CAMANCHE, Iowa—BONDS SOLD— It is stated by the Town Clerk
$7,500 4% sewer construction bonds have been purchased by the
Due in 15
OAKLAND,
Md.—BOND
ISSUE DETAILS—The $25,000 3H%
community building bonds so^d at par to the First National Bank of Oak¬
years.
land—V. 150, p. 2296—are dated April
Callable after five years. Interest A-O.
CRAWFORD COUNTY
(P. O. Denlson), Iowa—PRICE PAID—We
are now informed by the County Treasurer that the $82,500 coupon refund¬
ing bonds awarded on April 1 to a group headed by the Harris Trust &
Savings Bank of Chicago, as lj^s, as noted here—V. 150, p. 2295—were
purchased for a premium of $915, equal to 101.109.
Dated April 1, 1940.
Due in 1941 to 1950 incl.
Interest payable M-N.
DALLAS
bonds offered
received
(P. O. Storm
ASHLAND,
on April 1 as follows: $1,000
in 1943 to 1948; $7,000 1949 to 1953, and
$9,000 in 1954.
A certified check for $1,000 is required with bid.
BOARD OF REGENTS OF EASTERN KENTUCKY STATE TEACH¬
ERS' COLLEGE (P. O.
Richmond), Ky.—BOND OFFERING—It is
stated by J. W. Brooker, Chairman of the Board of
Regents, that the said
Board will receive sealed bids until April 27 at 9 a. m. for the
purchase of
approximately $35,000 3 A % dormitory
revenue
bonds.
The exact amount
of bonds will not be determined until the date of sale.
A statement of the
conditions of sale can be obtained from G. M. Brock, Business
terms and
Agent of the College.
O.
Taunton),
Mass.—NOTE SALE—The
m.
a.
on
April 16, for the purchase at
METHUEN, Mass.—BOND OFFERING—1Tom Longworth, Town Treas¬
will receive sealed bids until 11 a. m. on April 16 for the purchase of
$75,000 coupon municipal relief bonds.
Dated April 1, 1940.
Denom.
$1,000.
Due April 1 as follows: $8,000 from 1941 to 1945 incl. and $7,000
from 1946 to 1950 incl.
Bidder to name one rate of interest in a multiple
of K of 1%,
Prin. and int. (A-O), payable at the First National Bank of
urer,
,
Boston.
The bonds are unlimited tax obligations of the town and the
approving legal opinion of Ropes, Gray, Boyden & Perkins of Boston, will
be furnished the successful bidder.
•
>
*
■
NORTH ADAMS, Mass.-—BOND SALE—The $60,000 coupon munciipal
relief bonds offered April 9—V. 150, p. 2296—were awarded to the Second
National Bank of Boston as Is at a price of 100.014, a basis of about
0.997%.
Dated April 1, 1940, and due $6,000 on April 1 from 1941 to
incl.
Second
high bid of 100.65 for lMs
was
made by Ii. L. Day
& Co. of Boston.
RANDOLPH, Ma as.—P tlRCIIA SER—The $25,000
at
revenue notes sold
0.19% discount—V. 150, p. 2296—were purchased by the First National
Bank of Boston.
$120,000 coupon municipal relief
Co. of Boston .as Is, at a price
Dated April 1, 1940.
Denom. $1,000. *
to 1950 incl..
Prin. and int. (A-O),
payable at the National Shawmut Bank of Boston, or at the City Treasurer's
office, at the option of the holder.
Legal opinion of Storey, Thorndike,
Palmer & Dodge of Boston furnished the successful bidder.
The following
other bids were for 1% bonds, except that of Halsey, Stuart & Co., Inc.,
SALEM, Mass.—BOND SALE—The
bonds offered April 5 were awarded to Tyler &
of 100.433, a basis of about 0.92%.
Due $12,000 on April 1 from 1941
which
FRANKFORT, Ky.—BONDS SOLD—It is stated by M. Parrent, City
Clerk, that $75,000 refunding bonds were awarded by the City Council on
April 8 to Almstedt Bros, of Louisville, and associates.
(P.
will be authenticated as to genuineness and validity by the aforementioned
bank, under advice of Storey, Thorndike, Palmer & Dodge of Boston.
1950
Ky.—BOND OFFERING— It is reported that the City
Auditor will offer for sale at public auction on April 15, at 2 p. in., a
$50,000
issue of 3% semi-ann. school improvement bonds.
Denom. $1,000.
Due
COUNTY
HAVERHILL, Mass.-NOTE OFFERING—Gertrude A. Barrows, City
KANSAS
^
named
rate
a
of
1
}£%■, according to Charles G, F. Coker, City
Treasurer:
Bidder—
'
/
Hornblower & Weeks-.-.-—-
_
—
Rate Bid
-100.415
—
Graham, Parsons & Co., and Chace, Whiteside & Symonds
—BONDS SOLD—We
T
are
informed
by
John
R.
Lindsay, Director of Finance, that the following 6% semi-ann. street im¬
provement bonds aggregating $18,887.96, were offered for sale on
April 4
and awarded as described herewith:
$9,769.94 series GO-79 bonds to the Citizens Union National Bank o^
Louisville, at par. Due on March 25 as follows: $1,000 in 1941;
$1,100 in 1942 to 1946; $1,000,1947; $1,100 in 1948, and $1,169.94
in
1949.
1,574.09 series GO-80 bonds
at Par-
-
/
,543.93
series
Due
GO-81
to the Breslin Construction Co. of
on Mardh 25 in 1941 to 1949 incl.
bonds to Dering & Co. of Louisville,
Sremium of $2, equal to 100.026,
Louisville,
basis of about 5.99%. Due
a
larch 25 in 1941 to 1949 inci.
Dated March 25, 1940.
Bonds may be called in whole
interest payment date on or after March
25, 1944.
or
a
on
in part on any
RJ-^SELL, Ry*—BOND OFFERING—Sealed
2
bids will be received
on April 16, by Clyde S. England,
City Treasurer, for the
$6,000 4% coupon semi-ann. water works revenue bonds.
Due April 1, as follows: $2,000 in 1952, and
$4,000 in 1953.
1 he bonds are
payable as to both principal and interest solely from and
s®cured
r
a *irs£ ^en on and pledge of a fixed amount of the gross revenues
of the water works
system and are further secured by a statutory mortgage
Ven on the system as provided by Chapter 133 of the Laws of Kentucky,
1926, as amended by Chapter 109 of the Laws of
Kentucky, 1932, and
Chapter 81 of the Laws of Kentucky, 1936, and all other statutes
and laws
relating thereto.
Enclose a certified check for $500,
payable to the City
until
p.
purchase
m.
of
Denom. $1,000.
1 TcftSUTGr
*
LOUISIANA
CONCORDIA PARISH SCHOOL DISTRICT NO. 5
(P. O. Vidalia),
La«—BOND OFFERING—It is reported that sealed bids will
be received
until 9 a. m. on April 26, by J. S.
Burris, Secretary of the Parish School
Board, for the purchase of $25,000 not to exceed
5%. School Bonds, payable
?,enom- $500.
Due.on May 1 as follows: $2,000 in 1941 to
1943: $2,500 in 1944 to 1947, and $3,000 in 1948 to 1950.
A certified check
not less than 5% of the amount of bonds
bid for, is required.
(This notice supplements the offering report given in our issue of
April
6—V. 150, p. 2296.)
-
100.384
Second National Bank of Boston
100.379
Naumkeag Trust Co. of Salem
Newton, Abbe & Co
H. C. Wainwright & Co
L. F. Rothschild & Co
Goldman, Sachs & Co
Bond, Judge & Co
R. L. Day & Co
100.341
.
-
100.34
~
—100.332
——100.323
100.234
-100.19
—— —
—
100.361
-
-
-
—
-
.
—100.37
—
Merchants National Bank of Salem
Estabrook & Co
paying
sealed
discount basis and no telephone offers will be considered.
Treasurer, will receive bids until 11
CRAWFORD COUNTY
k
receive
discount of $500,000 revenue anticipation notes of 1940.
Dated April 18,
1940 and payable $300,000 each on Dec. 10 and Dec. 23, 1940, at the
National Shawmut Bank of Boston.
Denoms. to suit purchaser.
Notes
WAPELLO COUNTY (P. O. Ottumwa), Iowa— WARRANT OFFER¬
ING—It is reported that bids will be received until May 1, by the County
Treasurer, for the purchase of $55,000 funding warrants.
-
April
CANTON, Mass.—PURCHASER—The $150,000 revenue notes sold at
0.08% discount, as reported in V. 150, p. 2296, were purchased by .the
Merchants National Bank of Boston, and are dated March 26, 1940. Other
bids: Second National Bank of Boston, 0.086%; Norfolk County Trust Co.,
0.097%; Chace, Whiteside & Symonds, 0.10%; First Boston Corp., 0.187%;
Frederick M. Swan & Co., 0.19%; Blair & Co., Inc., 0.19%.
150, p. 2296—were awarded at public auction to Paine,
Webber & Co. of Chicago, as 1Mb, paying a price of 101.23, according to the
Secretary of the Board of Directors.
Dated April 1, 1940.
Due on April 1 as follows:
$17,000 in 1947 to
1951, and $15,000 in 1952, giving a basis of about 1.61%. Legal approval
by Chapman & Cutler of Chicago.
*1
Mass.—NOTE-
will
dike, Palmer & Dodge of Boston.
April 8—V.
»
Taunton),
Treasurer,
April 18 for purchase of a $10,000 tax anticipation
19, 1940 and payable Dec. 19, 1940.
Bids will be
count
Lake), Iowa—BOND SALE—The $100,000 building bonds offered for sale
KENTUCKY
1,
F.
D.
No.
Andrews, Town
G.
surer,
ORANGE CITY, Iowa—BOND SALE—The $7,OCO sewer replacement
bonds offered for sale on March 27—V. 150, p. 1970—were purchased
by
Jackley & Co. of Des Moines, as 2Ms, paying a premium of $20, equal to
100.285, according to the Town Clerk.
Registered bonds, dated April 15,
1940.
Denom. $1,000.
Due serially, beginning May 1, 1941.
Interest
payable M-N.
Fizzell A Rhodes of Kansas City.
R.
O.
BROCKTON, Mass .—NOTE OFFERING—Leo V. Clancy, City Trea¬
will receive bids until 11 a. m. on April 16, for the purchase at dis¬
of $500,000 revenue anticipation notes of 1940.
Dated April 17,
1940 and payable $300,000 Jan..15 and $200,000 Feb. 14, 1941, at the
National Shawmut Bank of Boston.
Legality approved by Storey, Thorn-
Logan), Iowa—BONDS TO BE SOLD—
It is reported that Vieth, Duncan & Wood of Davenport have agreed ten¬
tatively to purchase $24,00G 2% semi-annual funding bonds,
(P.
O. Girard)
Kan.—BONDS SOLD—A
$70,000 issue of 2H % semi-ann. public assistance bonds has been purchased
by the Ranson-Davidson Co. of Wichita. Denom. $1,000/ Dated April 1,
1940.
Due $7,000 on Feb. 1 in 1941 to 1950 incl.
Prin. and int. (F-A)
payable at the State Treasurer's office. Legality approved by Bowersock,
•
$137,000 notes offered April 9—V. 150, p. 2296—were awarded as follows:
$12,000 industrial farm to the Bristol County Trust Co. of Taunton, at
0.149% discount. Dated April 10, 1940 and due April 10, 1941.
125,000 tuberculosis hospital to Jackson & Curtis of Boston, at 0.108%
discount.
Dated April 10, 1940 and due April 10, 1941.
CONSOLIDATED SCHOOL DISTRICT (P. O. Fertile),
Iowa—BOND SALE—The $11,000 building bonds offered for sale on April 5
—V. 150, p. 2295—were purchased as 2lAs, paying a premium of $23, equal
to 100.209, a basis of about 2.22%. according to the District
Secretary.
Dated March 1, 1940.
Due on May 1 in 1944 to 1950 incl.
STORM LAKE INDEPENDENT SCHOOL DISTRICT
on a
BRISTOL
FERTILE
on
Dated
note.
BONDS REOFFEIIED—Sealed bids will again be received by the above
Clerk for the purchase of the said bonds, this time until April 25.
HARRISON COUNTY (P. O.
Denom. $1,000.
bids until 12:30 p.m. on
April 8-1-
on
(P.
OFFERING—Francis
CENTER, Iowa—BONDS NOT SOLD—It is stated by L. A.
sewer
1, 1941 and mature April 1, 1965.
MASSACHUSETTS
BERKELEY
,
Fox, Town Clerk, that the $17,039.57
V. 150, p. 1970—were not sold.
Legality approved by Chaplin, Bukett & Knudsen
Commerce, of Portland.
of Portland.
that
White-Phillips Corp. of Davenport.
1940
La .—CERTIFICATE OFFERING— Sealed bids
will be received until 8 p. m. on April 15, by J. C. Bouchereau, City Secre¬
tary, for the purchase of $7,000 not to exceed 6% semi-ann. paving cerfiticates.
Dated May 1, 1940.
Denom. $500. Due May 1, 1941 to 1950.
No bid at less than par will be considered.
These certifica5es are payable
from funds derived from the levy and collection of the local and special
assessments on real property abutting the streets paved.
The properties so
affected abut four of the principal streets in the city and consist almost
entirely of residences. In the opinion of the Commission Council of the city
these certificates are thoroughly reliable and are amply secured by the
assessments levied.
The approving opinion of Charles & Trauernicht, of
St. Louis, and a copy of the certified transcript of record, as passed upon,
will be furnished the purchaser. Enclose a certified check for $250, payable
DONALDSONVILLE,
—
100.11
-
Halsey, Stuart & Co., Inc
.---—100.825
WALTHAM,
Mass.—NOTE OFFERING—H. W. Cutter, City Trea¬
sealed bids until 11 a. m. on April 16, for the purchase at
for the current year, dated
April 16, 1940 and due $200,000 Nov. 6 and $100,000 Nov. 15, 1940.
Notes will be authenticated as to genuineness and validity by the First
National Bank of Boston, under advice of Storey, Thorndike, Palmer &
Dodge of Boston.
surer, will receive
discount of $300,000 revenue anticipation notes
WATERTOWN, Mass.—BOND SALE—The $120,000
coupon
municipal
relief bonds offered April 11 were awarded to Bond, Judge & Co. of Boston
as 0.50s at 100.0456, a basis of about 0.49%.
Dated April 1, 1940.
De¬
nomination
$1,000.
Due $24,000 on April 1 from 1941 to 1945, incl.
Principal and interest (A-I) payable at the Second National Bank of Bos¬
Legality approved by Storey, Thorndike, Plamer & Dodge of Boston.
Other bids: For %%—Second National Bank of Boston, 100.721; Chace,
Whiteside & Symonds & Co., 100.634; Merchants National Bank of Boston,
100.619: Tyler & Co., 100.55; Rothschild & Co., 100.41G9; Estabrook &
Co., 100.22; Burr & Co., par plus $50. (For 1%)—R. L. Day & Co., 100.15.
ton.
WEST BOYLSTON WATER DISTRICT (P. O. West Boylston),
Mass.—BOND SALE—The $135,000 coupon water bonds offeree! April 4
were
awarded to
101.919,
a
the
First
Boston
basis of about 2.10%.
Corp., Boston, as 2^s, at a price of
Dated April 1, 1940.
Denom. $1,000.
Due April 1 as follows:
$5,000 from 1943 to 1965 incl. and $4,000 from
1966 to 1970 incl.
Prin. and int. (A-O), payable at the First National
Bank of Boston.
Legality approved by Storey, Thorndike, Palmer &
Dodge
Water
of Boston.
The bonds will be valid general obligations of the
District, exempt from taxation in Massachusetts, and all taxable
i property in the
District will be subject to the levy of unlimited ad valorem
Volume
The Commercial & Financial Chronicle
ISO
taxes to pay
both principal and interest
Estates receiving no benefit from
supply system, however, may be exempted from such taxes.
the water
.
Other bids
were
as
follows:
Bidder—
Rale Bid
Rale
Int.
Whiting,Weeks & Stubbs, and Perrin.West &Winslow2 M %
First National Bank of Boston
2 M %
R. K. Webster & Co., Inc____
2M%
Worcester County Trust Co
2H %
Newton, Abbe & Co.
2M%
Smith, Barney & Co
....
2M%
Bond, Judge & Co...
..2 H%
Tyler & Co......
——__-„_____2M %
Estabrook & Co
2M %
101.58
101.40
101.26
101.25
101.165
100.76
100.345
101.666
101.19
—
WILBRAHAM, Mass.—NOTE OFFERING—Bids will be received until
on April
17 for the purchase at discount of $50,000 notes, dated
April 15, 1940 and due Dec. 2, 1940.,
noon
WORCESTER COUNTY (P. O. Worcester), Mass.—NOTE OFFER¬
ING—Alexander G. Lajoie, County Treasurer, will receive bids until noon
April 16 for the purchase at discount of the following:
$200,000 tuberculosis hospital maintenance notes,
19,000 hospital funding notes.
Both issues will be dated April 18, 1940 and are payable April 18, 1941 at
the Second National Bank of Boston.
Notes will be authenticated as to
genuineness and validity by aforementioned bank, under advice of Ropes,
on
Gray, Boyden & Perkins of Boston.
LYON RURAL SEPARATE SCHOOL DISTRICT (P. O.
AVON
AND
TROY
SALE—The $2,000,000 issue of
offered for sale on April 9
Speed Co. of Jackson,
paying a premium of $115, equal to 100.0057, a net interest cost of about
2.69%, on the bonds divided as follows: $600,000 maturing $100,000 Feb.
and Aug. 1, 1946 to 1948, as 2Ms; $400,000 maturing $100,000 Feb. and
Aug. 1, 1949 and 1950, as 2Ms; $700,000 maturing $500,000 Aug. 1, 1958;
$200,000 Feb. 1, 1959, as 3s; $100,000 maturing Feb. 1, 1959, as 2Ms;
TOWNSHIPS
SCHOOL
FRACTIONAL
DIS¬
NO.
11 (P. O.
Rochester), Mich.—TENDERS WANTED—
Bradbury, District Secretary, will receive sealed tenders until
8 p. m. on April 22 of series A and B certificates of indebtedness, dated
May 1, 1938.
Tenders should fully describe the certificates offered and
state price at which they will be sold to the district.
BAY CITY, Mich.—NOTE OFFERING—O. A. Kasemeyer.City Comp¬
troller, will receive sealed bids until 7 p. m. on April 15 for the purchase of
$45,000 not to exceed 3%/ interest tax anticipation notes.
Dated April
1, 1940.
Due Sept. 27, 1940.
Interest payable at maturity.
Notes
payable at the City Treasurer s office.
City will furnish notes and the
buyer is to furnish the legal opinion, if one is desired.
A certified check
for 2% of the issue is required.
CLINTON, Mich.—BOND ELECTION—An election will be held May 7
on the question of issuing $40,000 sewage system and disposal plant bonds.
GLADWIN COUNTY (P. O.
RAPIDS
GRAND
GRADED
SCHOOL
Mich.—BOND
Gladwin), Mich.—BONDS EDFEATED
courthouse
AND
PARIS
DISTRICT NO.
bonds
defeated
was
3
(P.
O.
by the
FRACTIONAL
TOWNSHIPS
Grand Rapids),
East
SALE—The
$18,000 coupon refunding bonds offered
2146—were awarded to the First National Bank &
Trust Co. of Grand Rapids as 2 Ms at par plus a premium of $77, equal
to 100.427, a basis of about 2.20%.
Dated May 1, 1940, and due $1,000
on May
1 from 1941 to 1958 incl.
Second high bid of 100.353 for 2Ms
April 8—-V.
was
made
150,
p.
by Crouse & Co. of Detroit.
v
MICHIGAN (State of)—BONDS TO BE REDEEMED—Miller Dunckel,
State Treasurer, has announced that the State will redeem the $3,000,000
highway improvement bonds maturing May 1.
This is part of the $5,~
419,000 of bonds maturing in the present year.
Between now and 1944
the bulk of a $50,000,000 issue voted in 1919 will mature.
FISCAL
AGENT ON
BONDS—Effective
May 1,
bonds
1940,
of the
State will be serviced in New York City by the Chemical Bank & Trust Co.,
165 Broadway; in Detroit by the Wabeek State Bank; and in Lansing by
the State Treasurer.
MUSKEGON TOWNSHIP (P. O. Muskegon), Mich.—BOND OFFER¬
ING—The Township Clerk will receive sealed bids until May 6 for the
purchase of $140,000 sewer and water revenue bonds.
ROYAL
OAK
Berkley Branch,
—In connection
TOWNSHIP
Royal Oak),
ST.
DISTRICT NO. 7
(P. O.
Mich .—CERTIFICATES PURCHASED
SCHOOL
with the call for tenders of 1937 certificates of indebted¬
ness,it is reported that $13,437 50
were
purchased at
an average
price of 64 61,
LOUIS, Mich.—BONDS DEFEATED—The proposed issue of $20,000
street and sidewalk bonds
SOUTHFIELD
was
defeated at the election
TOWNSHIP
of—BOND
State
MISSISSIPPI,
coupon semi-ann. highway, sixth series bonds
—V. 150, p. 2297—was awarded to the Leland
and $200,000 maturing Feb. 1, 1959, as 2s.
The bonds are callable in inverse numerical order on
any interest payment date thereafter at par and
premium of 1 %.
on
a
SCHOOL
on
April 1.
DISTRICT
NO.
9
(P.
O-
Detroit), Mich —CERTIFICATES PURCHASED—In connection with
the call for tenders of 1938 certificates of indebtedness. District Secretary
Mm. Ollie Kallman reports the purchase of $1,711.65 worth at 54.
BONDS OFFERED FOR INVESTMENT—'The successful
96.25 and 94.00, respectively.
Miss.—BOND OFFERING—We are informed by H.
Deputy City Clerk, that the Mayor and Board of Aldermen
Due
1940.
Bidders
the
on
Jan. 1
are to name
as
follows:
$5,000 in 1941 to 1949, and $10,000 in 1950.
Bids for the bonds are to include
and printing,
must be
accompanied by
19653280-
a
certified check for 5% of the bid.
MISSOURI
KANSAS CITY
SCHOOL
O. Kansas
(P.
DISTRICT
1949, incl. and $1,758 in 1950.
Rate or rates of interest to be
expressed in multiples of M of 1%.
Principal and interest (A-O) payable
at the White Pigeon Branch of the First Commercial Savings Bank of
Constantino.
The village is authorized and required by law to levy such
ad valorem taxes on all of its taxable property as may be necessary to
provide for payment of principal and interest on the bonds.
A certified
check for 2% of the bonds, payable to order of the Village Treasurer, is
required.
Bids shall be conditioned upon the opinion of Roy J. Wade,
approving the legality of the bonds.
Village will pay for said opinion and
bear the expense of printing the bonds.
Harris Trust & Savings Bank of Chicago, as
'
w
noted in detail in our issue of
f*
April 6—V. 150, p. 2297:
,
:
-
Prem
.
O. 718 53rd Ave.,
Minneapolis).
27, by W. C. Peter, Village Clerk, for the purchase of $5,681.54 improve¬
*
ment warrants.
Minn.—CERTIFICATE OFFERING—Bids will be re¬
ceived until 8 p. m. on April 19 by T. A. Thoreson, Village Clerk, for the
purchase of $10,000 5% semi-annual certificates of indebtedness.
Denom.
MONTROSE,
550
invited
t675, in 1955. $550. Due July 1 asand requested, but 1941 required, also
one for Bidders
follows: $675 in not to 1954, and
are
give a bid on the basis of the buyer's paying all cost of printing and
engraving certificates.
The certificates are payable from a water main
special assessment fund and in event such fund at any time be insufficient
therefor then such certificates are to be payable out of any funds in the
village treasury.
•
to
.
Minn.—BOND SALE—'The $35,000 issue "of semi-annual
water, light and heat plant bonds offered for sale on April 9—V. 150,
p. 1971—was purchased by a group composed of the American Exchange
National Bank, the First National Bank, and the State Bank, all of Virginia,
as 3s, paying a premium of $35, equal to
100.10, a basis of about 2.99%.
Dated April 1, 1940.
Due on Jan. 1, in 1943 to 1952 inclusive.
VIRGINIA,
MISSISSIPPI
LOUIS, Miss.—BONDS SOLD—A $25,000 issue of 4% semi¬
annual water works improvement bonds is said to have been purchased
jointly by the Max T. Allen Co. of Hazlehurst, and J. G. Hickman, Inc.
of Vicksburg.
Dated March 1, 1940.
Legality approved by Charles &
BAY ST.
Trauernicht of St. Louis, Mo.
DISTRICT (P. O. Jackson),
bonds have been
purchased by the Capital National Bank of Jackson, as 2Ms, paying a
price of 100.30.
BOLTON CONSOLIDATED SCHOOL
Miss.—BONDS SOLD—It is reported that $15,000 school
ELLISVILLE, Miss.—BONDS OFFERED—It is reported that sealed
were received until Aprill2, for the purchase of $30,000 industrial
bids
' '
for each $1,000 Bd.
Rate 2%%
Harriman Ripley &
Northern Trust Co.; MercantileCommerce Bank & Trust Co.; First National
Bank of Chicago; Commerce Trust Co.; City
National Bank & Trust Co., and Stern Bros.
Inc.;
Co.,
*5.59
& Co
& Co.; Farwell, Chapman & Co.; F. L.
Dabney & Co.; Martin, Burns & Corbett, Inc.;
R. D. White & Co.; Paine, Webber & Co.;
C. F. Childs & Co; Boatman's National Bank;
Mississippi Valley Trust Co.; R. L. Day & Co.;
Illinois Co. of Chicago; Charles Clark & Co.;
Phelps, Fenn & Co.; F. S. Moseley & Co.; Gold¬
man, Sachs & Co., and Estabrook & Co
---
Soden
2.88
Inc.; Bankers Trust Co.; Lazard
Smith, Barney & Co.; Stone &
Webster and Blodgett, Inc.; Union Securities
Corp.; Schoelkopf, Hutton & Pomeroy, Inc.;
Wells-Dickey Co., and Callender, Burke &
Blyth & Co.,
&
Freres
Co.;
MacDonald
,-■"
10.00
----
Halsey, Stuart & Co., Inc.; Stranahan, Harris &
Co., Inc.; B. J. Van Ingen & Co., Inc.; Central
Republic Co.; Otis & Co.; Baum, Bernheimer
Co.; Milwaukee Co., and Mullaney, Ross & Co_
*
14.81
Successful bid.
OFFERED
FOR
INVESTMENT—The successful bidders
reoffered the said bonds for public subscription at prices to yield from 1.60%
BONDS
to
2.20%, according to maturity.
a
C. W. Allendoerfer, District Treasurer,
and 5% bonds are being called
at the Guaranty Trust Co., New York City, or at
Kansas Cit>.
Presentation may be made through
CALL—It is stated by
BOND
that
total of $5,000,000 outstanding 4M %
for payment at this time,
the First National Bank,
Due on July 1, 1941.
your own bank.
In connection
supplied:
with
the
above
,
_
.
information, the following data is also
•
Kansas City School District Bonds Outstanding (as of March 1, 1940)
(After giving effect to the refunding of $5,000,000 par vaiue of bonds due
Term Bonds
Bonds
Year
$160,000
194311 IiriZIIIII
205[000
1945"""""""II"
310,000
310,000
350,000
630,000
630,000
630,000
630.000
630,000
630,000
630,000
663,000
630,000
630,000
630,000
630,000
630.000
19461-"--
— --
—
-
1947---1948.
1949
1950---
April 1, 1948-60)
Serial
Calendar
—------
1955---
North,
Minn.— WARRANT OFFERING—Sealed bids will be received until April
.
Rate 2%%
Names of Bidders—
Harris Trust & Savings Bank;
1954.---
MINNESOTA
City), Mo.—
LIST OF BIDS—The following is an official tabulation of the bids received
for the $5,000,000 refunding bonds awarded to a syndicate headed by the
1941
Dated April 1, 1940.
Denoms. $1,000 and $500, and one bond
Due April 1 as follows: $1,000, 1941 to 1945, inch; $1,500 from
1946 to
of validating, and legal
expense
for approval. The Board reserves the right to reject any and all
bids, and to sell the bonds at publuc auction, or at private sale. Each bid
expenses
bonds.
(P
C.
will
the rate of interest.
of lithographing
cost
July 1, 1941 into serial 2M% bonds to mature
BROOKLYN CENTER
bidder offered
to 2.80%
priced at
the above bonds for public subscription, priced to yield from 2.00
on the 1946 to 1959 maturities, while the 2Ms and 2s of 1959 are
PIGEON, Mich —BOND OFFERING—Theodore DTMusse'r,
Village Clerk, will receive sealed bids until 8 p. m. on April 16 for the
purchase of $12,758 not to exceed 4% interest coupon street improvement
WHITE
for $758.
Feb. 1, 1945, and
accrued interest, plus
OXFORD,
M.
—The proposal to issue $30,000
voters at an election on April 1.
Pascagoula),
bonds is said to have been
purchased by J. G. Hickman, Inc. of Vicksburg, paying par on the bonds
as3Msand3s.
Mi88.—BONDS SOLD—A $35,000 issue of school
receive seated bids until 7:30 p. m. on April 16, for the purchase of $55,000
electric generating system revenue bonds.
Denom. $1,000. Dated Jan. 1,
MICHIGAN
TRICT
construction bonds.
in school
Bell,
Paul
2461
SCHOOL DISTRICT
(P.
O. Jackson),
Miss.—BOND ELECTION—It is stated that an election is scheduled for
May 3 in order to have the voters pass on the proposed issuance of $465,000
SEPARATE
JACKSON
1956
1957-----
-
-
—
-----
Serial bonds.. __-$10,013,000
2,000,000
2,992,000
All due Jan. 1, 1943
i$1,000,000 due Jan. 1, 1946
1 1,000,000 due July 1, 1946
All due Jan. 1, 1947
;
.
^
_
$9,980,000
Term bonds.
Total bonded debt
$4,998,000
—
$19,993,000
LOUIS, Mo.—BOND OFFERING—It is stated by Louis Nolte,
City Comptroller, that he will receive sealed bids until 10 a. m. (CST), on
April 23, for the purchase of a $465,000 issue of coupon publicbuildings and
improvement bonds. Denom. $1,000. Dated May 1, 1940. Due on May 1
as follows:
$95,000 in 1958; $210,000, 1959, and $160,000 in 1960. Bidder
is to name the rate of interest in any multiple of M of 1 %.
Prin. and int.
ST.
(M-N) payable at the Guaranty Trust Co., New York.
The bonds are
registerable as to principal, or as to principal and interest, and are ex¬
changeable for fully registered bonds in the denominations of $10,000,
$50,000 and $100,000, as may be requested.
Full registered bonds may
again be exchanged for coupon bonds in the denomination of $1,000 on
payment of $2 per thousand. No bid at less than par and accrued interest
will be considered.
The aggregate amount of bonds authorized to be sold
at this time is $1,000,000, of which amount $500,000 is being reserved fdr
purchase by the Police Retirement System of the city, $35,000 is being
reserved for the "Trustee of the St. Louis Public Schools Foundation," and
the remaining $465,000 is being offered for sale now. These bonds are part
of an authorized issue of $16,100,000.
The full faith, credit and resources
of the city are pledged to the punctual payment of the principal and interest
of these bonds, which are payable from the proceeds of an unlimited ad va¬
lorem tax authorized by the Constitution of the State, to be levied upon all
of the taxable property in the city.
The purchasers will be furnished the
legal opinion of Charles & Trauernicht, of St. Louis, approving these
bonds as valid and binding obligations of the city.
Each bid must be sub¬
mitted on a form to be furnished by the City Comptroller.
Enclose a
certified check for 1% of the par amount of bonds bid for, payable to the
City Comptroller.
>
plant bonds.
GREENWOOD, Miss.—BOND SALE—The $30,000 sewer system bonds
150, p. 2297—were awarded to the Union
National Bank & Trust Co. of Memphis, as 1 Ms, paying a premium
of $210, equal to 100.70, a basis of about 1.62%.
Dated April 4, 1940.
Due in 1941 to 1947 incl.
offered for sale on April 4—V.
Planters
MONTANA
BELT, Mont.—BOND SALE—The $5,200 semi-ann. refunding bonds
offered for sale on April 4—V. 150, p. 1972—were awarded to the Belt
Valley Bank of Belt, as 4s, at par. according to the City Clerk.
The Commercial & Financial Chronicle
2462
CUT BANK SPECIAL IMPROVEMENT SEWER DISTRICT NO. 14
(P. O. Cut Bank), Mont.— BOND OFFERING— Sealed bids will be
received until 8 p. in. on April 15, by Alice Rush, City Clerk, for the
chase of $1,400 not to exceed 6% annual sewer bonds.
on
pur¬
Denom. $50.
Due
Feb. 1, 1948.
1
$1,250,000
1,270.000
1,280.000
1,300,000
1.320,000
1947
1,340,000
1,360,000
1,380,000
MISSOULA COUNTY SCHOOL DISTRICT NO. 1 (P. O.
Missoula),
Mont.—BOND HALE—The $137,000 refunding bonds offered for sale on
April 4—V. 150, p. 1813—were purchased by Foster & Marshall of Seattle,
as
paying a premium of $910, equal to 100.664. Dated June 1, 1940.
The $50,000 refunding bonds offered for sale on the same date—V.
150, p.
1813—were purchased by Grande & Co. of Seattle, as
lMs, paying a
premium of $338, equal to 100.676. Dated July 1, 1940.
It
stated subsequently that the said bonds were sold for a
premium
of $25, equal to 100 02, a net interest cost of about
1.54%, on tne bonds
as follows:
$61,355.46 as Is, due on July 1:
$12,555.46 in 1941,
and $12,200 in 1942 to 1945; the remaining $61,000 as
lMs, due $12,200
on July 1 in 1946 to 1950.
was
divided
PARK COUNTY SCHOOL DISTRICT NO. 7 (P. O.
Gardiner),
Mont.—BOND SALE—The $20,660 building bonds offered for sale on
6—V. 150, p. 1813—were awarded to the State Land Board, as
2Jis, according to the District Clerk.
April
The purchaser paid
for the bonds
par
turity.
The next best bid was
Writer & Christensen of Denver.
TETON
COUNTY
an
on
offer
the amortization plan of ma¬
3Ms. submitted by Peters,
on
SCHOOL
DISTRICT NO. 30 (P. O.
Power),
Mont.—BOND OFFERING—Sealed bids will be received until 8
p. m. on
April 30, by E. H. Mills, District Clerk, for the purchase of a $17,000 issue
of not to exceed 6%, seml-anual refunding bonds.
Dated June 1, 1940.
Amortization bonds will be the first choice and serial bonds will be the
second
choice of the school board.
If amortization bonds are sold and issued, the
entire issue may be put into one single bond or divided into several
bonds, as
the board of trustees may determine upon at the time of
sale, both
principal
and interest to be payable in semi-annual instalments
during a period of
10 years from the date of issue.
If serial bonds are issued and sold
they
will be in the amount of $100 each, the sum .of
$1,700 of the serial bonds
will become payable on July 1, 1941, and the sum of
$1,700 will become
Spayable on the same day each year thereafter until all of such bonds are
aid.
The bonds, whether amortization
or
serial bonds, will be redeemable
i full on any interest
payment date from and after five years (half of the
term for which the bonds are issued) from the date of issue.
The
bonds will
be sold for not less than their par value with accrued
interest, and all bidders
must state the lowest rate of interest at which
they will purchase the bonds
at par.
Enclose a certified check for $250,
payable to the District Clerk.
1950
NEBRASKA
April 2
on
the voters
are
the primary election
reported to have rejected the issuance of
$54,000 in refunding bonds.
BROKEN
BOW, Neb.—BONDS DEFEATED—It is stated by the
City Clerk that at the election held on April 2 the voters rejected the
pro¬
posal to issue $33,500 in municipal auditorium bonds.
SCOTIA CONSOLIDATED SCHOOL DISTRICT
(P. O.
Neb.—BOND REFUNDING CONTRACT—It is reported that
&
Co.
of
Omaha,
Scotia)
Greenway
have
contracted
to
refund-
Due in 15 years.
70,000
bonds
at3M%.
BELKNAP COUNTY (P. O.
Laconi.), N. H.—MATURITY—The
$100,000 tax anticipation notes awarded recently to Lincoln R.
Young &
Co. of Hartford, at 0.25% discount—V. 150,
p. 2297—mature Dec. 27,
1940.
BERLIN, N. H,—NOTE SALE—F. W. Home & Co. of Hartford were
on April 8'the following revenue note issues
aggregating $200,000:
discount, and $100,000 maturing
SCHOOL
DISTRICT,
N. J .—TENDERS WANTED—
The Peoples Trust Co. of
Bergen County, Hackensack, fiscal agent under
the plans of composition of the debts of
the Borough of Fort Lee and the
school district, announces that it has
$25,293.90 available for the retirement
of 3M%-4% achool refunding bonds, due June
1, 1979, at a price not ex¬
ceeding par and accrued interest.
The Trust Department will receive sealed
tenders of such bonds until 3
p.m. on April 29.
Notice of acceptance of
tenders will be mailed the
following day.
Call is made in accordance with
the provisions of Resolution
III, Article VI, Section 4 of the debt reorgani¬
zation plans.
In the event that
a
—
greater amount of bonds is tendered at
price that can be purchased with the applicable
moneys (after all
bonds.tendered at lower price, if any, shall have been
purchased), then
any of the school refunding bonds so tendered at said
price shall be pur¬
chased at said price in such manner
and order as the fiscal agent shall
prescribe.
HADDONFIELD, N. J.—BONDS TO BE RETIRED—J. Ross Logan,
Borough Clerk, has announced that the borough will redeem and retire
bonds of the total
principal sum of $427,000 heretofore issued pursuant to
Chapter 233 of New Jersey Laws of 1934, as follows:
Bonds of the following total
principal sums maturing on the respective
dates hereinafter stated:
$12,000, June 1, 1949 and 1950: $9,000, June and
§12,000, Dec. 1, 1951: $12,000, June and Dec. 1, 1952: $10,000, June and
$11,000, Dec. 1, 1953: $12,000, June and $11,000, Dec.
1, 1954; $13,000,
June and Dec. 1, 1955:
$13,000, June and $14,000, Dec. 1, 1956: $8,500,
Juneand $9,500, Dec. 1, 1957:
$14,000, June and $13,000, Dec. 1, 1958:
$16,000, Dec. 1
1961: $16,000. June and $15,000, Dec. 1,
1962; $17,000,
£V?««J?dJ*16'000' £ec- l> 1963= #17,000. June and $18,000, Dec. 1, 1964;
$i8,000, June and Dec. 1, 1965; $18,000 June and
$16,000, Dec. 1, 1966;
and $19,000, June and
$12,000, Dec. 1, 1967.
The redemption and retirement of
bonds as aforesaid will take place on
April 19, at 10 a. m., at the Haddonfield National
Bank.
Tenders of such bonds, at the lowest
price (which must be less than par
and accrued interest) at which the
bonds tendered will be
surrendered,
called for and invited. All tenders
must be made at or before the time
stated above for the
redemption and retirement of bonds.
The bonds to be redeemed
and retired will be selected from the
bonds
tendered in accordance with the terms of
notice, preference being given to
the bonds tendered at the
lowest price; and the bonds so selected will
be
redeemed and retired at the
respective prices at which they shall have been
tendered.
are
Year
......
1.2 SO ,000
1943
1944
2%
Amount
Year
$1,220,000 ......1943
1 250.000
.1944
1,290,000
1945
1.270,000
.1945
1,310,000
.1946
1,300,000
1946
1947
1948
1,320.000
1947
1.350.000
1.380.000
1948
1.320,000 .:
1.330.000
1,340.000
_.i.___
1949
1,360,000 ______1950
1949
1.410,000 ......1950
1945
...
...1946
.1947
1948
.... —
1949
1950
The bonds will not be sold at less than par and accrued
as will mature after May 1,1943, will be
subject
three months' notice, at any time after three
years from date of issuance.
The bonds will be issued in coupon form in the
denomination of $1,000 each, with the privilege of registration as to prin¬
cipal only, and will be exchangeable for fully registered bonds which will be
available for such exchange in denominations of $1,000, $5,000,
$10,000,
$25,000, $50,000 and $100,000.
Fully registered bonds will be exchange¬
able for coupon bonds.
The successful bidder will be required to take up
and pay for the coupon bonds within a reasonable time on three days' notice
by the State Treasurer, the delivery and payment to take place at the First
Mechanics National Bank of Trenton, Trenton, N. J., or at such other
place as the State Treasurer may designate.
Both principal and interest of said bonds will be paid at the
banking
interest.
price.
All of such bonds
to call for redemption, upon
house of the First Mechanics National Bank of Trenton.
All of the bonds will be a direct obligation of the State of New
Jersey
and the faith and credit of the State is pledged for the payment of the inter¬
est thereon as the same shall become due and the payment of the principal
at maturity.
The principal and interest of such bonds will be exempt from
taxation by the State or by any county, municipality or other
taxing district
of the State.
The opinion of the
Attorney General of the State of New Jersey, approv¬
ing the validity of the bonds, will be furnished the purchaser.
The validity
of the bonds will also be approved by Messrs. Hawkins, Delafield &
Long¬
fellow, N. Y, City, whose opinion will state that said bonds are valid,
general obligations of the State, for the payment of the principal and interest
of which the full faith and credit of the State are
pledged, and that the Act
creating the debt (1) appropriates in the order following: (a) the surplus
of any highway extension sinking fund, whether principal or
interest, re¬
maining after the retirement of highway extension bonds, (b)
de¬
revenues
rived from pari-mutuel betting at race meetings when legislation therefor
shall be enacted, (c) from the receipts of the tax on motor
fuels, as
provided
by sub-title 6 of title 54 of the Revised Statutes, such funds as the issuing
officials shall deem necessary, and the State Treasurer is
thereby authorized
to retain such amounts; (2) in the event that funds so
appropriated
prove
ensuing calendar year from the tax collected under and by virtue of the
alcoholic beverage tax law and the State Treasurer is
thereby authorized
to retain such amounts from the receipts of such tax as shall be so
required;
(3) in the event that funds so appropriated be insufficient or are not avail¬
able, authorizes an ad valorem tax without limitation as to rate or amount,
on the taxable real and personal
property upon which municipal taxes are
or shall be assessed, levied and collected; and
(4) in order that the funds for
payment may be in hand, authorizes such general property tax to te as¬
sessed, levied and collected for and in the year prior to the year of payment.
A certified check for 2% of the bonds,
payable to order of William H.
Albright, State Treasurer, must accompany each proposal.
COUNTY
(P. O. Trenton),
N.
J.—BOND SALE— H.
B.
were successful bidders at the
offering April 9 of
$329,000 coupon or registered improvement bonds—V. 150, p.
2147—taking
$328,000 bonds as 1 Ms at a price of $3.29,220.59, equal to 100.372, a basis of
about 1.71%.
Dated April 1, 1940 and due April 1 as follows: $15,000 from
1941 to 1954, incl.; $20,000 from 1955 to 1959, incl., and $18,000 in 1960.
Reoffered by the bankers to yield from
0.25% to 1.80%, according to
maturity.
Other bids:
<
No. Bds.
Int.
Bid For
Rale
Bidder—
C. P.
Dunning & Co
J.
B.
327
Buckley
Co., John B, Carroll &
Co.
2%
2%
100.55
100.40
2%
100.095
2M%
2M%
2M%
2M%
2M%
2M%
2M%
2M%
2M%
327
and
Bros
& Co
Harriman Ripley & Co., Inc., and First Boston
Corp. 327
B. J. Van Ingen & Co., Inc., and J. S. Rippel & Co.. 328
Blair & Co., Inc., andMacBride, Miller & Co_.__._. 328
Ilalsey, Stuart & Co., Inc
328
Lehman Bros, and Charles Clark & Co..
328
.....
Colyer, Robinson & Co
....!
329
M. M. Freeman & Co
329
Stranahan, Harris & Co. and Hemphill, Noyes & Co. 329
Kean. Taylor & Co., H. L. Allen & Co. and Van
Deventer
Bros
1,280,000
1,300,000
1,320,000
1.350,000
1.370,000
1,390,000
1
ear
1943
1944
1945
1946
.1947
1948
.1949
1950
100.659
100.57
100.515
100.31
100.26
100.243
100.157
329
2M%
100.05
326
....
Schmidt, Poole & Co. and Butcher & Sherrerd—
OCEAN
GATE
SCHOOL
2M%
2M%
101.01
328
100.55
DISTRICT,
N. J.—PROPOSED SALE—
Mrs. O. E. Whitehead, Clerk of the Board of
Education, reports that the
$16,000 school building bonds authorized at the Nov. 7, 1939, election will
be offered for sale in the
near
future.
'.rTuj^
RAHWAY,
Counsel to
on
J .—PROPOSED BOND ISSUE—James F. Patten,
the Board of Water Commissioners, will confer with
City Council
plans for
an
N.
issue of $253,500 water department bonds.
WALDWICK,
N. J.—BONDS SOLD—The State
mission has purchased $22,000 3M% water bonds.
NEW
SANTA
Sinking Fund Com¬
MEXICO
FE, N. Mex.—BONDS DEFEATED—At
the election
held
on
April 2, the voters
are said to have defeated the issuance of the following
bonds, aggregating $135,000:
$70,000 street improvement, $35,000 sewer,
$15,000 airport, and $15,000 parks and playgrounds bonds.
Municipal Bonds
-
Government Bonds
Housing Authority Bonds
Tilney
76
&
BEAVER STREET
Company
NEW
YORK, N. Y.
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
NEW
^
101.54
100.579
Bacon, Stevenson & Co. and Roosevelt & Weigold,
2M%
Amount
51,230 000
1,260,000
Bid
329
..
100.75
100.63
Harris Trust & Savings Bank and
Dougherty, Corkran
Rate
2%
2%
324
Hanauer &
ber, 1939.
The first instalment of bonds
was awarded in
December of
A syndicate headed by Shields & Co. of New York, on a bid of
100.52 for 1 Ms, a basis of about
1.07%—V. 149, p. 4065.
The bonds now
up for award will be dated
May 1, 1940.
Interest payable M-N.
The
interest rate and maturities will be
determined upon the
receipt of bids,
the
maturity of such issue depending upon the rate of interest at which the
bonds are sold.
The bonds will mature on
May 1 in each year and the
interest rates and maturities
upon which bidders may bid are as follows-
1%
—1944
take all the bonds of this issue at the lowest rate of interest, or as between
bidders offering the same lowest rate, to the bidder offering to pay the high¬
est additional
NEW JERSEY (State
of)—BOND OFFERING—Sealed bids addressed to
Secretary Christopher H. Ellin will be received
by the issuing officials until
11 a. m. on April 23 for the
purchase of $10,500,000 coupon or
registered
unemployment relief bonds, constituting the unsold
portion of the
$21,000,000 issue authorized by the voters at the
general election in Novem¬
Amount
...
as to interest rate and
maturities, bidders
required to name a single rate of interest which all the bonds of this
are to bear and the bonds will be awardkl to the bidder who offers to
Inc
$1,270,000
1943
...
series
Blyth & Co., Inc., Minsch, Monell & Co. and Julius
A. Rippel, Inc
328
Barclay, Moore & Co. and Princeton Bank & Tr. Co. 328
JERSEY
the same
1.300,000 ......1946
1,320.000
1947
1,340,000
1948
1,350,000
1949
1,370,000
1950
E. H. Rollins & Sons, Inc., and Stroud & Co...
.
LEE
...1945
Within the above limitations
are
awarded
8100,000 due Dec. 26, 1940, at 0.433%
April 18, 1941, at 0.463%.
FORT
$1,210,000
1,240.000
1,270.000
1,300,000
1.320,000
1,350,000
l,3vf0,000
1.420.000
1944
1,290.000
Boland & Co. of New York
HAMPSHIRE
NEW
1.270.000
1949
r MERCER
NEW
1943
1944
..1945
1946
1948
1940
2M%
in any year to be insufficient, appropriates, and the Treasurer shall in such
year set aside for such purpose, such sums as may be required for the next
BENKELMAN, Neb.—BONDS DEFEATED—At
held
M%
$1,260,000
..1943
MISSOULA COUNTY HIGH SCHOOL DISTRICT (P. O.
Missoula).
Mont.—BOND SALE—The $122,355.46 issue of refunding bonds offered
for sale on April 4—V. 150, p. 2146—was awarded to a
syndicate composed
of the First Security Trust Co., Edward L. Burton &
Co., both of Salt
Lake City, and Kaiman & Co. of St. Paul, according to the
County Clerk.
April 13,
1
H%
YORK
ALBION (P. O. Altmar), N. Y.—OTHER BIDS—The $7,000
coupon or
registered funding bonds awarded April 3 to Tilney & Co. of New York,
as 2.20s, at a price of 100.11, a basis of about
2.16%—V. 150, p» 2298—
were also bid for as follows:
Bidder—
C. E. Weinig Co..
Manufacturers & Traders Trust Co
State Bank of Parish
Lincoln Bank-
Int. Rale
-
....
—1
2.40%
2.50%
2.90%
3.50%
Premium
$17.17
8.33
26.44
Par
Volume
The Commercial & Financial Chronicle
ISO
AMHERST COMMON SCHOOL DISTRICT NO. 18
(P. O.
N*
X/—ORDINAL AWARD CANCELED—'The
NIAGARA
Snyder),
or
Buffalo.
f8 the
2-6Cs, at 100.22—V. 150, p. 2298, was canceled* and the issue then sold
to
Buffalo Savings Bank, as 2Hs, at par.
•
2463
BRIDGE
COMMISSION,
N.
Y.—BILL
PRO¬
VIDES FOR TAXATION OF BONDS—The Senate passed and sent to Presi¬
dent Roosevelt on April 9 a measure (H. R, 9016) providing for taxation
of bonds and income and the transfer of property in connection with con¬
award of $10,000 debt
equanzation bonds, originally made to the Marine Trust Co.
FALLS
struction of the new International
Bridge at Niagara Falls.
FULTON, N. Y.—BOND OFFERING--Harold
A. Fielding, City Chambcrlam, will receive sealed bids until 3:30 p. m. on April 25 for the purchase of
$132,000 not to exceed 6% interest coupon or registered bonds, divided
as
POUGHKEEPSIE, N. Y.—rBOND SALE—The $350,000
coupon or regis¬
tered bonds offered April 11—V. 150, p. 2298—were awarded to Hemphill,
Noyes & Co. and Tucker, Anthony & Co., both of New York, jointly, as
follows:
$81,000 home relief bonds.
Due April 15 as follows: $7,000 in
from !942 to 1948 incl, and $9,000 in 1949 and 1950.
1.40s, at
1941; $8,000
51,000 public works (sewer and paving) bonds.
Due April 15 as follows:
$6,COO in 1941: $5,000 from 1942 to 1944 incl. and $6,000 from
1945 to 1949 incl.
from 1947 to 1950 incl.
•
i.90%
R. D. White & Co
—
Halsey, Stuart & Co., Inc
Union Securities Corp
A. C. Allyn & Co., Inc
_-
....
Roopevelt & Weigold, Inc
.
Fori H% Bonds
First National Bank; Chicago---------.:---:...&
_100.537
Co., jomtly--..--
-100.519
A. G. Becker & Co. and Hallgarten & Co., jointly----..-—-.100.384
Harris Trust & Savings Bank, Chicago; Roosevelt & Weigold, and
Geo. B. Gibbons & Co., Inc., jointly--,- —-------__---___._100.359
Par
Harriman Ripley & Co.,
Inc., and Goldman, Sachs & Co., Jointly.,100.209
Kidder, Peabody & Co. and B. J. Van Ingen & Co., jointly.-----100.1499
Michigan Corp., jointly-.-.100.149
$64.00
106.60
Lazard Freres & Co. and First of
67.75
51.25
■i-.v
12.16
Union
—
'
For 1.60% Bonds
:
32.00
Securities
Corp.,
New York,
and
Equitable
100.609
C. F. Chuds &. Co.: Paul H. Davis & Co., and Sherwood & Co.,
Jointly ----T
——_.100.57
Marine Trust Co., Buffalo, and R. D. White & Co., jointly—-.100.419
H. L. Alien & Co.; Minsch, Monell & Co., and F. W. Reichard
HEMPSTEAD (P. O. Village of), N. Y.—BOND SALE—The $53,000
"
2.20%
Weigold, Inc
Manufacturers & Traders Trust Co.-_
2.40%
.
Hempstead Bank
2.40%
2Yt%
•
100.53
100.179
101.07
Bidder—
100.839
100.788
100.63
:
—
———
—
—
-,---U-—
100.60
100.54
100.288
100.279
100.356
2.20%
Campbell, Phelps & Co., Inc., and Sherwood & Co. 2.20%
B. J. Van Ingen & Co., Inc
2H%
Union Securities Corp., and Roosevelt & Weigold,
Inc
2H%
Halsey, Stuart & Co., Inc
2H%
——
—
100.34
—
100.119
——
ROCKLAND
FIRE
DISTRICT
(P.
O.
Roscoe),
BEACH, N. Y.—FUNDING PROPOSAL UPHELD—'The city
issue $373,000 bonds to fund certain unpaid judgments, the Court of
Appeals ruled April 9, with an opinion by Chief Judge Irving Lehman.
Nathan M. Cherey, a taxpayer, sought to stop the issue on the ground that
the Legislature had not accorded enabling jurisdiction to the city.
This
was corrected, however,
in a measure enacted this year and known as
Chapter 92. •"
^
The new statute left open only the question whether the proposed bond
issue contravened provisions of the State Constitution.
Judge Lehman in
his opinion made the first interpretation of the new constitutional
provision
relative to maturity of the bonds and sketched the action of tne recent
Constitutional Convention relatiye to such an issue.
The convention
amended Section 12, Article VII, as to the "probable life of the work or
purpose" for which bonds were to be issued.
"No safeguards imposed by Constitution or statute can give to the
public perfect protection against misuse by public officers of powers con¬
ferred upon them," the opinion read in part.
"For such wrong the only
remedy .often lies in the ballot.''
.V;."r'-v,-:
issue of $4,500 fire apparatus purchase bonds
by
a
Y.—BONDS
N.
authorized an
VOTED—District Clerk reports that the voters on April 9
LONG
count of 91 to 6.
ROTTERDAM (P. O. Vin«wood Ave., R. D. 5, Schenectady), N,
Y.—
BOND SALE—The $356,397 coupon or registered bonds offered April 9
—V. 150, p. 2148^—were awarded to Halsey, Stuart & Co., Inc., New'York,
as 2.10s at par plus a premium of $242.35, equal to 100.068, a basis of
about 2.09%.
Sale consisted of:
•
•
$75,000 improvement bonds.
Denom. $1,000.
Interest A-O.
Due on
April 1 as foUows: $8,000 in 1941: $9,000, 1942; $11,000 in 1943 and
1944; $6,000 from 1945 to 1950, inclusive.
225,000 Sewer District No. 2 bonds.
Denom. $1,000.
Interest J-J. Due
Jan. 1 as follows: $7,000 from 1941 to 1944, incl.; $8,000, 1945 to
1948, incl.; $9,000 from 1949 to 1953, incl., and$10,000 from 19o4
to 1965, incl.
General obligations of the town payable primarily
from taxes and assessments upon the lots and parcels of land within
the district especially benefited by the improvement, but if not
paid from such levy, then all of the town's taxable property will be
subject to levy or unlimited ad valorem taxes in order to pay
,
YORK
principal and interest on the issue.
'
56,397 home relief bonds.
One bond for $397, others $1,000 each.
Int.
A-O.
Due April 1 as follows; $4,397 in 1941, $5,000 in 1942 and
1943, and $6,000 from 1944 to 1950, incl.
(State ot)—NOTE SALE— State Comptroller Morris 3.
April 8.an issue of $75,000,000 notes at 0.15% interest.
As in past operations of this
nature the Comptroller received subscriptions to the issue from various
banks, bond houses and trust companies throughout the State.
Allotments
numbered 93 with amounts varying from $100,000 to $2,000,000.
Mr.
Tremaine explained that this is the first borrowing against appropriations
for the coming fiscal year and that in all likelihood this issue would supply
,
on
Dated April 9, 1940 and due Nov. 23, 1940.
BONDS PUBLICLY OFFERED— Halsey. Stuart &
Other bids:
Bidder—
are now out¬
„
Int. Rate
Rale Bid
Inc.,
100.149
2H%
Manufacturers & Traders Trust Co., George B. Gibbonds & Co., Inc., and Adams, McEntee & Co.,
Allotments follow:
maturity.
■
E. H, Rollins & Sons, Inc., A. C. Allyn & Co.,
and B. J. Van Ingen & Co., Inc-
before the end of the current fiscal year.
,
Co., Inc., made public
reoffering of the bonds to yield from 1.90 % to 2.30 %, according to
standing $175,000,000 in short-term notes, all of which will be liquidated
100.87
2.20%
2.20%
2.20%
2.20%
2.20%
—
& Co—
Shields & Co---_-----
may
$2,000,000 Each—Chase National Bank; National City Bank; Bank of the
Manhattan Co.; Bankers Trust Co.; Central Hanover Bank & Trust Co.;
First National Bank; Guaranty Trust Co.; Manufacturers & Traders Trust
Co., Buffalo; Marine Trust Co., Buffalo; J. P. Morgan & Co., Inc.; Barr
Bros. & Co.; Harriman, Ripley & Co.; Lehman Bros.; Salomon Bros, and
Hutzler and Smith, Barney & Co.
$1,500,000 Each—Chemical Bank & Trust Co.; Empire Trust Co.;
Public National Bank & Trust Co.: J. Henry Schroder Trust Co.: Blair &
Co., Inc.: C. J. Devine & Co.; First Boston Corp.: Phelps, Fenn & Co.,
and R. W. Pressprich & Co.
$1,000,000 Each—Brooklyn Trust Co.: City Bank Farmers Trust Co.;
Continental Bank & Trust Co.; Kings County Trust Co.; Manufacturers
Trust Co.: National Commercial Bank & Trust Co., Albany; State Bank of
Albany, Albany; Blyth & Co.; C. F. Childs & Co.; Eastman, Dillon & Co.;
Emanuel & Co.- Goldman, Sachs & Co.: Halsey Stuart & Co., Inc.: Ladenburg, Thalman & Co.; Lazard Freres & Co.; Stone & Webster, and Blodget,
Incorporated.
:r-" ;~T"
' " :
$500,000 Each—Bank of New York; Bronx County Trust Co.; Com¬
mercial National Bank & Trust Co.: Irving Trust Co.; Liberty Bank,
Buffalo; New York Hanseatic Corp.; Sterling National Bank & Trust Co.;
Trust Co. of North America; Bacon, Stevenson & Co.: Darby & Co.;
Gertler, Stearns & Co., Inc.; Geo. B. Gibbons &, Co., Inc.; Kidder, Peabody
& Co.; Merrill Lynch, E. A. Pierce & Cassatt, and H. L. Schwamm & Co.
$300,000 Each—Federation Bank & Trust Co.: Fifth Avenhe Bank of
New York; First Trust Co., Albany; Lawyers' Trust Co.; South Shore
Trust Co., Rockville Centre; Swiss American Corp.; A. C. Allyn & Co.;
Baker, Weeks & Harden- Dominick & Dominick; Eldredge & Co.; Ernst
& Co.: First of Michigan Corp.; Glore, Forgan & Co.: Hannahs, Ballin &
Lee; Harris Trust & Savings Bank; Heidelbach, Ickelheimer & Co.; Hemp¬
hill, Noyes A Co.; Lee, Higginson Corp.; G. M.-P. Murphy & Co.; Otis &
Co., and United Securities Corp.
$100,000 Each—Brown Bros. Harriman & Co.; Fiduciary Trust Co, of
New York; Fulton Trust Co. of New York; U. S. Trust Co. of New York;
Dick & Merle-8mith; Francis I. du Pont & Co.; Harvey Fisk & Sons, Inc.;
Hallgarten & Co.; Mackenzie & Co., Inc.: Robert C. Mayer & Co.: Mellon
Securities Corp.; Paine, Webber & Co.; Riter & Co; L. F. Rothschild &
Co.; Shields & Co.; Stern, Lauer & Co., and White, Weld & Co.
Rate Bid
E. H. Rollins & Sons, Inc., and A. C. Allyn & Co.,
Inc-
Principal and interest (A-O)
payable at the Village Treasurer's office or at the Central Hanover Bank
& Trust Co., New York City.
Legal opinion of Edward R. Waite, Village
Attorney.
E. H. Rollins & Sons, Inc., bid for 2s, and Roosevelt & Weigold,
Inc., named a rate of 2.20%.
He said there
,
2.20 %
Co., and Adams,
George B. Gibbons & Co., Inc., and F. W. Reichard
dated April 1, 1940.
the State's needs until well into the autumn.
Traders Trust
Kean, Taylor & Co., and Estabfook & Co_
sewer bonds.
Due April 1 as follows:
$800 from 1941 to 1945
incl., and $1,200 from 1946 to 1950 incl.
20,000 general bonds of 1940.
Due April 1 as follows:
$1,800 from
1941 to 1943 incl.; $2,400 from 1944 to 1948 inci., and $2,600 ,n
NEW
&
McEntee & Co., Inc
Blair & Co., Inc
$10,000
Tremaine sold
Int. Rate
Manufacturers
^HUDSON FALLS, N. Y.—BOND SALE—The Manufacturers & Traders
are
—100.56
Marine Trust Co. of Buffalo .and R. D. White & Co.
Trust Co. of Buffalo was successful bidder for the $30,000
coupon bonds
offered
April 12, naming an interest rate of 1.70%, plus a small premium.
Sale consisted of:
,
;
All of the bonds
1.70% Bonds
price of 100.4099, a basis of about 2.07%.
Dated April 1, 1940, and due
April 1 as follows: $4,500 in 1941 and 1942; $5,000, 1943 and 1944, and
$6,000 from 1945 to 1970, incl.
Other bids:
100.217
100.21
—100.4003
RIPLEY CENTRAL SCHOOL DISTRICT NO. 1 (P. O. Ripley),
N. Y.^—BOND SALE—'The $175,000 coupon or registered school bonds
100.066
2.30%
——— —
offered April 8—V. 150, p. 2298—were awarded to Kidder, Peabody & Co,
and Bacon, Stevenson & Co.. both of New York, jointly, as 2.10, at a
100.04
2^%
Tilney & Co..
For
100.10
2.20%
g. L. Allen & Co^
S«D*
& Co
Roosevelt &
2.10%
2.20%
2.20%
2.20%
—
Bankers Trust Co., New York and Bacon, Stevenson & Co., jointly 100.369
100.15
100.05
100.30
'100.189
2.10%
—
Paine, Webber & Co
Rate Bid
Int. Bid
_
Blyth & Co. and Kean, Taylor & Co., jointly
100.40
Halsey, Stuart & Co--...—— .—100.129
of 100.299, a basis of
..>..
-
Jc Co., jointly-—.——_ — ....i.
awarded to Adams, McEntee & Co., Inc., New York, as 2s, at a price
about 97%.
Dated April 1, 1940, and due April
l.as follows: $11,000from 1949 to 1952, incl,, and $9,000 in 1953.
Reoffered to yield from 1.65% to 2%, according to maturity.
Other bids:
were
--
Securities
Corp., jointly
44.80
44.80
coupon or registered refunding bonds offered April 10—V. 150, p. 2298—
Bidder—
V'
\
Manufacturers & TradersTrust Co., Buffalo, and Adams, McEntee
—
Bacon, Stevenson & Co
Union Securities Corp
George B. Gibbons & Co., Inc
Halsey, Stuart & Co., Inc.
Campbell, Phelps & Co., Inc., and Sherwood & Co.i.
A. O Allyn & Co., Inc....,_._........
1
v..For 1,40% Bonds
•
GREECE (P. O. 2505 Ridge Road West, Rochester), N. Y.—BOND
$32,000 coupon or registered home relief bonds offered April 11
150, p. 2147—were awarded to Sherwood & Co. of New York, as
1.90s, at par plus a premium of $65, equal to 100.203, a basis of about
1.86%.
Dated April 1,1940 and due April 1, as follows: $3,000 from 1941
to 1948, incl. and $4,000 in 1949 and 1950.
Other bids:
Bidder—
Premium
Int.Rate
2%
2.10%
2.10%
2.10%
2.10%
" " *
2.20%
2.50%
2.50%
May
on
May 1, 1940 and were reoffered to yield
1.60%, according to maturity.
Other bids:
Biddtr— :
:
: Rate Bid
A. C. Allyn & Co. and E, H. Roilins & Sons, jointly.
100.267
First Boston Corp.........>>»._»>>.>„i»_>i>>.>.>».>.>.100.15
—v.
-
Due $10,000
from 1941 to 1960 incl.
All of the bonds bear date of
from 0.15 to
SALE—The
—
,
.
for, payable to order of the City Chamberlain, must
1.
Sale consisted of;
■
accompany each bid.
—
basis of about 1.36%.
200,000 series of 1940 general refunding bonds.
■
nations of the city and the approving legal opinion of Caldwell & Raymond
Sage, Rutty & Co...
E. H. Rollins & Sons, Inc
a
100,000 series II general bonds for home relief.
Due May 1 as follows:
$8,000 from 1941 to 1944 incl.; $10,000 in 1945 and 1946 and $12,000
S New York City will be furnished the successful bidder. A certified check
Genesee Valley Trust Co
Blair & Co., Inc
price of 100.317,
from 1947 to 1950 incl.
*
.
All of the bonds will be dated April
15, 1940. Denom. $1,000. Rate of
interest to, be expressed in a multiple of fi or 1-lOth of 1 %. Different rates
may be named on the respective Issues, but all of the bonds of each issue
must bear the same rate.
Principal and interest (A-O payable at the Con¬
tinental Bank & Trust Co., New York.
The bonds are unlimited tax obli
for 2% of the bonds bid
a
$50,000 series I general bonds for WPA projects.
Due May 1 as follows
$4,000 from 1941 to 1944 incl.; $5,000 in 1945 and 1946 and $6,000
_
2.30%
Inc—-----Marine Trust Co. of Buffalo and R. D. White & Co-
2.40%
195-33
199*1^
Blair & Co., Inc., and Roosevelt & Weigold, Inc__--
2.50%
100.60
—-------
-
STAMFORD HEIGHTS FIRE DISTRICT, Towns of NUkayuna
and Colonie (P. O. Schenectady), N. Y.—BOND SALE—The Schenec¬
tady Trust Co. was awarded on April 8 at par as 2s the following described
bonds, aggregating $10,000:
$2,500 fire apparatus bonds.
Due $500 on Sept. 1 from 1940 to 1944, incl.
7,500 fire house bonds.
Due $500 on Sept. 1 from 1940 to 1954, incl.
All of the bonds will be dated March 1, 1940.
Denom. $500.
Principal
and Interest (M-8) payable at the Schenectady Trust Co., with New York
exchange.
Legality approved by Dillon, Vandewater & Moore of N. Y.
City.
Other bids:
Bidder—
Int. Rate
Rate Bid
Manufacturers National Bank of Troy
2.40 %
100.205
R. D. White & Co
2.40%
100.181
Manufacturers & Traders Trust Co.-----------2.40%
100.088
C. E. WeinigCo.2.60%
199-08
Roosevelt & Weigold, Inc
2H%
100.15
——
—
.
—
-
-
-
-
-
/
TROY, N. Y.—BOND OFFERING—Edward J. Ronan, City Comp¬
troller, will receive sealed bids until 11a. m. on April 15 for the purchase
$755,000 not to exceed 4% interest coupon or registered bonds, divided
of
as
follows:
■
$175,000 public works bonds, series of 1940.
Due April 1 as follows:
$32,000 in 1941 and 1942; $35,000, 1943; $36,000 in 1944 and
$8,000 from 1945 to 1949, incl.
„
„
335,000 refunding bonds, series of 1940,
Due April 1 as follows: $15,000
from 1941 to 1953, incl., and $20,000 from 1954 to 1960, incl.
Bonds to be refunded mature in 1940.
150,000 public welfare, home relief bonds.
Due $15,000 on April 1 from
1941 to 1950, incl.
95,000 debt equalization bonds, series of 1940.
Due April 1 as .follows:
$10,000 in 1944; $55,000 in 1945and $30,000 in 1946.
The Commercial & Financial Chronicle
2464
All of the bonds will be dated 11 Aprl,
1940.
Denom. $1.000.
Bidder
a single rate of interest, expressed in a multiple of M or l-10th of
Principal and interest (A-O) payable at the City Treasurer's office.
The bonds will be general obligations of the city, payable from unlimited
taxes.
A certified check for $15,100, payable to order of the city, must
accompany each proposal.
Legal opinion of Dillon, Vandewater & Moore
of New York City will be furnished the successful bidder.
to name
1%.
UTICA.
Y.—BOND
N.
OFFERING— Thomas J.
Nelson, City Comp¬
troller, will receive sealed bids until noon on April 18 for the purchase of
*038,361.08 not to exceed 4% interest coupon or registered bonds, divided
as
follows:
$5,000 series A public impt, bonds.
Due $1,000 April
1 from
1941
to
1945, incl,
B public impt, bonds.
Due $1,000 April 1 from 1941 to
1945, incl.
18,000 series C public impt. bonds.
Due April 1, as follows: $4,000 from
1941 to 1943, incl., and *3,000 in 1944 and 1945.
10,000 series D public impt. bonds.
Due $1,000 April 1 from 1941 to
1950, incl.
160,000 series E public impt, bonds.
Due $16,000 April 1 from 1941 to
1950, incl.
300,000 home relief bonds.
Due $30,000 April 1 from 1941 to 1950, incl.
140,361.08 funding bonds.
Due April 1, as follows: $14,361.08 in 1941,
and $14,000 from 1942 to 1950, incl.
5,000 series
All of the above bonds will be dated April 1, 1940;
At Purchaser's
request, the city will purchase for its sinking fund the $361.08 funding bond
at a price no higher than that paid to the city for all of the offering.
Bidder
to name a single rate of interest, expressed in a multiple of M or l~10th of
1%.
Principal
with
and
interest (A-O),
payable at
City
Treasurer's office,
York
A certified check for $12,767.22, payable to order of the City
Comp¬
troller, must accompany each proposal.
Legal opinion of Thomson, Wood
& Hoffman of New York City, will be furnished the successful bidder.
Bonds are unlimited tax obligations of the city.
figure since 1936.
CAROLINA
has not yet been finally approved, figures from the Mayor's estimate
1940 expenditures of roundly $55,230,000 an increase of 14% over
expenditures of $48,272,000 last year.
Receipts are estimated at
$63,353,000 this year, a gain of 6% over $59,535,000 last year.
General
year
show
actual
fund operating expenditures for 1940 are estimated at $17,981,000 or 5%
more than
the $17,138,000 actual expenditures in 1939 and the highest
figures since 1937 when $20,348,000 was spent for general fund operations.
Seeking additional funds to balance scheduled budgetary requests for
operations during the current year, the Cleveland Board ofEducation
will submit to voters at the general primary election on May 14, a one mill
levy for a period of two years.
*
Requiring only a simple majority vote for approval, the levy is expected
to provide sufficient funds to offset the impending deficit in this year's
budget of the School Board, caused in part by payment of salaries for the
last five weeks of 1939 out of 1940 funds.
Earlier this year, voters rejected
a proposed issue of $1,250,000 delinquent tax bonds, the proposal receiving
only a 61.7% majority vote when a 65% majority was needed.
CLEVELAND
Barnardsville Public School District Refunding Bonds dated July 1,1936.
Beech Special Tax School District Refunding Bonds dated
July 1, 1936.
Black Mountain Special School Tax District Refunding Bonds dated
July
1, 1936.
•Emma Special School Tax District Refunding Bonds dated
July 1, 1936.
Fairview Townsip Special School Taxing District Refunding Bonds dated
July 1, 1936.
Flat Creek Special School Taxing District Refunding Bonds dated
July
1,1936.
Consolidated School
District Refunding Bonds dated July
1, 1936.
GlL9368PeCial Sch°o1 Tax District 5 M % Refunding Bonds dated July 1,
Haw Creek Special School Tax District Refunding Bonds dated
July 1,1936.
Johnson Special School Tax District
Refunding Bonds dated
July 1, 1936.
Oakley Special School Tax District Refunding Bonds dated July 1, 1936.
Hill-Jupiter Special School Taxing District Refunding Bonds dated
-July 1,1936.
Reems Creek Township Special School Tax District
Refunding Bonds
dated July 1, 1936.
Sandy Mush Special School Taxing District Refunding Bonds dated July
Oak
1
1936.
Swannanoa Consolidated
1
,
School District 6%
Refunding Bonds dated July
1936.
Swannanoa Consolidated School District 5%
Refunding Bonds dated
July
1,1936.
Springs Special School Taxing District Refunding Bonds dated
1936.
Venable Special School Tax District Refunding Bonds dated
July 1,1936.
Weaverville Public School District Refunding Bonds dated
Valley
July 1,
July 1, 1936.
School Tax District 6% Refunding Bonds dated
July 1,1936.
Woodfin Special School Tax District Refunding Bonds dated
July 1, 1936.
Beaverdam Water & Sewer District Refunding Bonds dated
July 1, 1936.
East Biltmore Sanitary Sewer District
Refunding Bonds dated July 1. 1936.
Caney Valley Sanitary Sewer District Refunding Bonds dated July 1, 1936.
Fairview Sanitary Sewer District Refunding Bonds dated
July 1, 1936.
Hazel Ward Water & Watershed District
Refunding Bonds dated July 1,
West Buncombe Special
YOUNGSVILLE,
N.
Refunding Bonds dated July 1, 1936.
C.—BONDS SOLD—It
is
reported
that
the
bonds offered for sale without success
$28,000 semi-annual water and sewer
on March 19, as noted here—V.
150, p. 1974—were purchased on March 26
by R. S. Dickson & Co. of Charlotte, as 6s, paying par.
Dated April 1,
1940.
Due on April 1, in 1942 to 1960, inclusive.
Ohio—BOND
ISSUE
DISTRICT,
Ohio—NOTE SALE—
CUYAHOGA FALLS, Ohio—BOND OFFERING—H. O. Bolich, City
Auditor, will receive sealed bids until noon on April 29 for the purchase of
$453,000 3% coupon refunding bonds, divided as follows:
$117,000 series B-65 bonds.
Due as follows:
1941 and 1942; $8,000 June 1 and
$8,000 June 1 and Dec. 1 in
9,000 Dec. 1 from 1943 to
1947 incl.
336,000 series B-66 bonds.
in
Due $21,000 on June 1 and Dec. 1 from 1941
1948 incl.
May 1, 1940. Denom. $1,000. Bidder may
different rate of interest provided that fractional rates are expressed
multiple of M of 1%.
a
each issue of bonds.
to order of the
DETAILS—'The
$3,000 coupon
delinquent tax bonds awarded to Fox, Einhorn & Co., Inc., of Cincinnati—
V. 150, p. 2298—bear 5% interest.
Interest J-D.
Bids must be for all or none of
A certified check for
2% of the bonds bid for, payable
City Treasurer, is required.
-
DEFIANCE, Ohio—BOND ELECTION—At the primary election on
May 14 the voters will consider an issue of $246,500 construction bonds.
GIRARD,
Ohio—BOND
ISSUE
APPROVED—City
Council
auth¬
orized during March an issue of $7,500 3% fire apparatus purchase bondsDated April 15, 1940.
Denom. $1,500.
Due $1,500 on Oct. 1 from 1941
1945 incl.
to
Principal and interest (A-O) payable at the First National
Bank of Girard.
I
RONTON, Ohio—BOND OFFERING—Ralph E. Mittendorf, City
Auditor, will receive sealed bids until noon on April 24 for the purchase of
$82,000 6% refunding bonds. Dated May 1, 1940.
Denom. $1,000. Due
May 1 as follows:
$9,000 from 1947 to 1954 incl.
Bidder may name a
different rate of interest, expressed in a multiple of M of 1%.
Interest
M-N. The purchaser is required to accept and pay for the bonds, in accord¬
ance with terms of bid, within 10 days after the transcript of proceedings
has had the approval of counsel.
A certified check for $820. payable to
order of the city, must accompany each proposal.
LANCASTER, Ohio—BOND SALE—The $100,000 2% sewage treat¬
plant, interceptor and storm sewer bonds offered April 5—V. 150,
Mayer, and Pohl & Co., Inc.,
premium of $205.56, equal to
100.205, a basis of about 1.98%. Due as follows: $1,000 April 1 and $3,000
Oct. 1, 1948; $3,000 April 1 and Oct. 1 from 1949 to 1964, incl.
Ellis &
Co. of Cincinnati, second high bidder, offered a price of 100.111.
ment
p. 1974—were awarded to Seasongood &
both of Cincinnati, jointly, at par plus a
t
MARY ANN RURAL SCHOOL DISTRICT (P. O. Newark),
Ohio—
BOND SALE—The $16,000 building bonds offered March 30—V. 150, p.
2149—were awarded to Seasongood & Mayer of Cincinnati, as 2 Ms, at par
plus
a
premium of $97.85, equal to 100.611, a basis of about 2.42%.
Dated
$530 May 1 and Nov. 1 from 1941 to 1954,
Feb. 1,1940, and due as follows:
inc].; $530 May 1
and $630 Nov. 1, 1955.
MIDDLETOWN, Ohio—BOND OFFERING—C. H. Campbell, City
Auditor, will receive sealed bids until noon on April 30 for the purchase of
$100,000 3M% coupon street improvement bonds.
Dated April 15, 1940.
Denom. $1,000.
Due $10,000 on April 15 from 1942 to If 51 incl. Bidder
may name a different rate of interest provided that fractional rates are
expressed in a multiple of M of 1%.
Interest A-O. A certified check for
$1,500, payable to order of the city, is required.
The bonds will be sold
subject only to the approving opinion of Thomas M. Mider Esq., of Colum¬
bus.
(,
MINERVA VILLAGE SCHOOL DISTRICT, Ohio-—BOND ELECTION
be considered by the voters
—An issue of $38,000 construction bonds will
at the primary election on May 14.
NEW
BOSTON,
Ohio—BOND
SALE
POSTPONED—The sale of
originally
$37,200 4% poor relief and street and alley improvement bonds,
scheduled for April 9—V. 150, p. 2149—Was postponed to May 2.
an
NORWOOD, Ohio—BONDS AUTHORIZED—City Council authorized
issue of $5,000 4% park improvement bonds.
Dated April 1, 1940.
Due
on April 1 from 1941 to 1945, inclusive.
$1,000
PLAIN CITY, Ohio—BONDS AUTHORIZED—The Village Council
on
March 28 adopted an ordinance authorizing an issue of $78,000 5% electric
and power system improvement mortgage revenue bonds.
Dated March 1, 1940.
Denom. $l,6o6.
Due March 1 as follows:
$4,000
from 1941 to 1946, incl.
and $6,000 from 1947 to 1955, incl.
Principal
and interest (M-S) payable at the Village Treasurer's office.
light,
heat
PORTSMOUTH, Ohio—PLANS REFUNDING ISSUE— City plans to
issue $168,000 refunding bonds pursuant to an amended ordinance passed
by Council
OHIO
BETHESDA,
SCHOOL
April 5—V. 150, p. 1816—were awarded
Columbus, as 2s, at par plus a premium
of $30.
Due Dec. 1, 1941, and subject to call after Nov. 30.
Other bids:
George T. Lennon & Co., 2% and $27.55: Ohio National Bank, 2% and
$5; Union Savings & Trust Co. of Warren, 2.90%.
1936.
Skyland Sanitary Sewer District Refunding Bonds dated July 1, 1936.
South Buncombe Water & Watershed District
Refunding Bonds dated
July 1, 1936.
Swannanoa Water & Sewer District
CITY
The $48,341 refunding notes offered
to the BancOhio Securities Co. of
name a
Broad
Rate this year is 31.95 mills, comparing with 30.20
All of the bonds will be dated
BUNCOMBE COUNTY (P. O. Asheville), N. C.—BOND TENDERS
INVITED—It is stated by Curtis Bynum, Secretary of the Sinking Fund
Commissioners, that, pursuant to the provisions of the respective bond
orders and ordinances authorizing their issuance, tenders will be received
until noon onApril 16, for the purchase by the respective sinking funds, in the
name of and on behalf of the issuing units, of the
following bonds:
County of Buncombe Refunding Bonds dated July 1, 1936.
County of Buncombe Refunding Bonds Series 2 dated July 1, 1936.
County of Buncombe Funding Bonds 8eries 2 dated July 1, 1936.
City of Asheville General Refunding Bonds, dated July 1, 1936.
City of Asheville Refunding Bonds Series 2 dated July 1, 1936.
City of Asheville Funding Bonds Series 2 dated July 1, 1936.
City of Asheville Water Refunding Bonds dated July 1, 1936.
Asheville Local Tax School District Refunding Bonds dated July 1, 1936.
French
IS, 1940
mills last year, 28.30 mills in 1938, 28.60 mills in 1937, and 32.00 mills in
1936.
While an appropriation ordinance for the city's budget for the current
to
NORTH
April
on
March 20.
RAWSON, Ohio—BOND OFFERING—H. R. Hartman, Village Clerk,
on April 27 for the purchase of $10,000
will receive sealed bids until noon
4%
general obligation waterworks bonds.
$500.
Due $500 on
Dec.
1
from
Dated June 1, 1940.
Denom.
Bidder may name a
1941 to 1960 incl.
different rate of interest
CANTON,
Appeals
on
Ohio—BONDS
April 8 authorized
APPROVED— The
an
State
Board
of
Tax
issue of $175,000 delinquent tax bonds for
poor relief purposes.
CINCINNATI, Ohio—B0ArD ISSUE DETAILS—'The $50,000 2H%
playground bonds purchased by the Board of Sinking Fund Trustees—
V. 150, p. 2298—mature $10,000 on
Sept. 1 from 1941 to 1945, incl.
provided that fractional rates are expressed in a
multiple of M of 1%.
Principal and interest (J-D) payable at the Village
Treasurer's office.
Legal opinion of Squire, Sanders & Dempsey of Cleve¬
land may be obtained by the successful bidder at his own expense. A certified
check for $200, payable to order of the village, is required.
SANDUSKY, Ohio—PROPOSED BOND ISSUE—City intends
$160,000
general
CLEVELAND,
Ohio—TOTAL
DEBT
REPORTED
HIGHEST
IN
FIVE YEARS—The "Wall St. Journal" of
April 11 contained the following
report from its Cleveland Bureau:
A check of this city's current financial
picture reveals a total indebtedness
of April 1, that was the
highest for any similar date during the past
five years; a tax rate that also establishes a
four-year record high, and
estimated expenditures 14% above last year.
as
sewer
election
TOLEDO,
indebtedness
to seh
bonds of the issue of $747,000 authorized at the
November, 1939.
system
on
Ohio—BOND SALE—The $235,000 coupon or registered
liquidating bonds offered April 9—V. 150, p. 1974—were
awarded to the BancOhio Securities Co. of Columbus,
as 2Ms, at par plus
premium of $1,050, equal to 100.446, a basis of about 2.18%.
Dated
April 1, 1940 and due $47,000 on April 1 from 1945 to 1949, incl.
Second
high bid of 100.18 for 2Ms was made by Floyd R. Weber & Co. and asso¬
a
ciates.
In round
at
figures the total indebtedness of Cleveland on April 1, stood
$116,492,000.
This item is composed of bonds, tax
anticipation
poor
relief notes, delinquent tax script, and delinquent tax
outstanding
of that date.
as
On the
in 1938
in 1936 $116,659,000.
While the total indebtedness
same
date in
notes,
bonds and notes
1939 the comparable
*111.860,000; in 1937 $112,240,000; and
as of April
1 of the current year is the
similar date during this four-year period, the amount of
indebtedness has been higher at other
dateg due to issuances of new bonds
and maturities of old ones.
However, comparison of indebtedness as of
the same dates for the five-year
period, illustrates the rising trend of the
municipality's debt.
Net debt, or the total indebtedness less certain
self-supporting itpms such
highest for
any
as water debt,
sinking funds and temporary indebtedness, amounted to
roughly $85,271,000 on April 1.
This item has also shown a rising trend
during the past five years.
Payment of both principal and interest on its indebtedness will cost the
city some $57,697,000 for the remainder of 1940 and the next four years.
Of this
total,
1940
$11,493,000;
debt service requirements will
be
$12,578,000; 1941,
1942, $12,568,000; 1943, $11,146,000; and 1944, $9,912,000.
Tax rate for the city for the current year, likewise has risen to the
highest
OKLAHOMA
COWETA, Okla.—BOND OFFERING—It is stated by Marian Dunn,
Town Clerk, that she will receive bids until April
15, for the purchase of
the following 4% semi-annual bonds aggregating $4,500: $3,500 town hall,
and $1,000 fire fighting equipment bonds.
Due in eight years.
These
bonds
were
approved by the voters at an election held on March 18.
ELK
CITY, Okla.—BOND ELECTION—It is stated by P. E. Bald¬
win, City Clerk, that an election will be held on April 23 in order to vote on
the issuance of $194,250 in gas system purchase bonds.
EL RENO. Okla.—BOND OFFERING—It is stated by Ethel Dowell,
City Clerk, that she will receive bids until April 15, at 2 p. m. for the pur¬
$30,000 issue of sewage disposal plant bonds.
Due $4,000 in
1943 to 1949, and $2,000 in 1950.
The bonds shall be sold to the bidder
offering the lowest rate of interest the bonds shall bear and agreeing to pay
par and accrued interest.
The bonds are issued in accordance with Sections
5929 and 5930, Oklahoma Statutes, 1931, and were authorized at the elec¬
tion held on March 26, by a vote of 379 to 78.
chase of a
Volume
The Commercial & Financial Chronicle
150
OKLAHOMA, State of—SPECIAL TAX PETITIONS UPHELD—
Secretary of State C. C. Childers has upheld as sufficient signatures to the
and trans¬
all present
State and subdivision revenues and pay old age pensions and other govern¬
initiative petitions which seek to levy a 2% natural resources
actions taxes in the State.
The proposed taxes would replace
mental costs.
Dr. J. M. Ashton, Director of Research for the State Chamber of Com¬
said appeal would be taken to the State Supreme Court.
for the two petitions is uncertain, however, because
merce,
Prospects
Childers
amend
several
the
months
ago
ruled
insufficient
as
a
Mr.
petition seeking to
so as to authorize a
tax levy and pension
His position has been recommended to the Supreme Court by
State constitution
payments.
the referee.
Because of the previous ruling, the tax petition may be ineffective, even
by the people unless the Supreme Court overrules Mr. Childers
the amendment petition or unless new amendment
petition is circulated.
SHATTUCK, Okla.—BONDS SOLD—It is stated by the City Clerk
that $4,695 4 A % semi-annual town hall bonds approved by the voters on
April 5, have been sold.
Due $1,000 in 1943 to 1946, and $995 in 1947.
SHAWNEE, Okla.—BONDS SOLD—It is stated by J. C. Coleman, City
Clerk, that $13,000 street improvement bonds have been purchased by the
Federal National Bank of Shawnee.
•?
cipal and interest payable without deduction for any taxes (except succes¬
sion, gift or inheritance taxes) levied pursuant to any present or future
law of the Commonwealth of Pennsylvania.
A certified check for $2,000,
payable to order of the City Treasurer, must accompany each proposal.
Successful bidder will be furnished with the approving legal opinion of
Burgwin, Scully & Churchill of Pittsburgh.
Principal and interest (M-N)
payable at the Logal National Bank & Trust Co., New Kensington.
Pay¬
able from ad valorem taxes to be levied on the city's taxable property
within the tax limitations prescribed by the
NORTHAMPTON
Northampton),
RAINIER, Ore.—BONDS SOLD—It is reported by the City Recorder
$17,500 refunding bonds have been purchased by the State Bond
as 3s, at a price of 100.74, and they mature on May 1 in 1941
that
AGENT—The
Pa.—PAYING
recent issue of
on
1940 and due
AUTHORITY
Marine
Midland
(P. O.
Trust
on
$1,000,000 2A% water revenue bonds, dated March 1,
1941 to 1970, incl.—Y. 150, p. 2149.
March 1 from
O'HARA TOWNSHIP (P. O.
Aspinwall), Pa .—BOND SALE DETAILS
sold to Singer, Deane &
150, p. 2149—are dated
March 1, 1940, in $1,000 denoms. and mature March 1 as follows: $5,000
in 1945, 1950, 1952, 1957, 1962 and 1965.
Bonds due in 1950 and there¬
after are callable March 1, 1945 or on any subsequent interest date.
In¬
—The $30,000 2 A % coupon improvement bonds
Scribner of Pittsburgh, at a price of 100.886—V.
M-S.
READING
METZGER WATER DISTRICT (P. O. Metzger), Ore—BOND SALE
DETAILS—It is stated that the $26,000 water improvement bonds sold to
Camp & Co. of Portland, at par, as noted here—V. 150, p. 2299—were
purchased as follows:
$10,500 as 2Ms, due on July 1 as follows:
$1,000 in
1946 and 1947: $1,500 in 1948 to 1951, and $2,500 in 1952; the remaining
$15,500 as 3s, due on July 1:
$2,500 in 1953 to 1957, and $3,000 in 1958.
Commonwealth of Pennsylvania
MUNICIPAL
BOROUGH
Co. of New York has been appointed paying agent for principal and interest
terest
OREGON
Bidder to name a single rate of interest
expressed in a multiple of A of 1%.
Prin¬
1953 and 1954.
for the entire $100,000 bonds,
"
if voted
on
and $25,000 in
2465
SCHOOL
DISTRICT,
Pa.—TEMPORARY FINANCING
—The Reading Trust Co., Berks County Trust Co., Reading; City Bank
& Trust Co., Reading; and Union National Bank of Reading, joined in
making the district
1, 1940.
SOUTH
a
loan of $340,000 at 0.875% interest.
WILLI AMSPORT
VOTED—Charles Y.
Sherwood,
Payable Aug.
Pa.—BONDS
Borough Secretary, reports that the pro¬
of 1,737 to
Williamsport),
O.
(P.
posal to issue $35,000 flood protection bonds carried by a vote
71 at the election on April 9.
Issue will not be offered for sale
for at least
six months.
Commission
to 1953.
dauqua).
Board
the
PENNSYLVANIA
ALLEGHENY
ING—Robert
until 11
divided
a.
as
G.
m.
on
COUNTY (P. O. Pittsburgh), Pa—BOND OFFER¬
Woodside, County Controller, will receive sealed bids
April 23 for the purchase of $3,900,000 coupon bonds,
follows:
1
„
$2,325,000
500,000
300,000
300,000
300,000
100,000
road bonds, series 46.
~k
bridge bonds, series 28.
park bonds, series 9.
warehouse bonds, series I.
tunnel improvement bonds, series 7.
road bonds, series 47.
75.000 juvenile home bonds, series 7.
All of the above bonds will be dated May 1, 1940.
Denom. $1,000.
Due annually on May 1 as follows: $140,000 from 1941 to 1945, incl.;
$145,000, 1946 to 1950, incl.; $125,000, 1951 to 1955, incl.: $130,000, 1956
to 1960, incl. and $120,000 from 1961 to 1970, incl.
Bidder to name a
single rate of interest, expressed in a multiple of A of 1%.
Interest M-N.
Registerable as to principal only.
County will pay or refund any tax
which may be legally levied or assessed upon the bonds or upon the debt
secured thereby under any present or future law of the Commonwealth.
The sale of these bonds is subject to the approval of the proceedings au¬
thorizing the bonds by the Department of Internal Affairs.
Proposals
must be made upon blank forms which will be furnished by the County
Comptroller upon application.
The opinion of Burgwin, Scully & Churchill
of Pittsburgh, approving the legality of the bonds, will be furnished the
purchaser.
Enclose a certified check for 2% of the par value of the bonds.
CHESTER, Pa .—BOND SALE—The $150,000 funding and improve-,
bonds-offered April 9—V. 150, p. 2149^were awarded to SchinidtPhiladelphia as 1 As, at par plug a premium of $1,167, equal
to 100.778, a basis of about 1.35%.
Dated April 1, 1940 and due $15,000
on April 1 from 1941 to 1950, incl.
Second high bid of 100.449 for 1 Ms was
made by Halsey, Stuart & Co., Inc.
ment
Poole & Co. of
CHESTER
SCHOOL
Pa .—BOND OFFERING— Thomas
Keare, Secretary of Board of School Directors, will receive sealed bids until
8 p. m. on April 22 for the purchase of $450,000 1, VA, 1M, 1 %, 2, 2M,
2%, 2% or 3% coupon, registerable as to principal only, school bonds.
Dated May 1, 1940.
Denom. $1,000.
Due $18,000 on May 1 from 1941
to 1965, incl.
Bidder to name a single rate of interest for all of the bonds,
payable M-N.
Bonds will be issued subject to favorable legal opinion of
Townsend, Elliott & Munson of Philadelphia.
A certified check for 2%
of the bonds bid for, payable to order of the District Treasurr, must ac¬
company
DISTRICT,
each proposal.
•
DISTRICT
TOWNSHIP
SCHOOL
DUBOIS
SCHOOL
DISTRICT, Pa .—BOND SALE— The $40,000
registerable as to principal only, improvement bonds offered
April 10—V. 150, p. 2299—were awarded to M. M. Freeman & Co. of
Philadelphia, as 2s, at par plus a premium of$ 208, equal to 100.52, a basis
of aoout 1.94%. Dated May 1, 1940 and due May 1 as follows: $2,000 from
1941 to 1955 incl. and $10,000 in 1956.
Second high bid of 102.02 for 2Ms
was made by Hemphill, Noyes & Co. and Phillips, Schmertz & Co., jointly.
Other bids:
of School Directors, will receive
ISLAND
RHODE
NEWPORT, R. I.—NOTE SALE—The $300,000 revenue anticipation
notes offered April 11—V. 150, p. 2299—were awarded to the Boston Safe
Deposit & Trust Co., Boston, at 0.10% discount, plus $7 premium.
Dated
April 16, 1940, and due Sept. 9, 1940.
Other bids: Chace, Whiteside &
Symonds, 0.097%: First National Bank of Boston, 0.14%; Bond, Judge
& Co., 0.153%: Lee Higginson Corp., 0.165%.
SOUTH
KINGSTOWN
(P.
O.
Kingstown),
R.
Barclay, Moore & Co
Halsey, Stuart & Co., Inc
Glover & MacGregor
Singer, Deane & Scribner_Mackey, Dunn & Co
$464.00
215.20
163.60
35.20
628.00
611.00
575.60
2M%
2M%
2A%
2A%
2lA%
2A%
2%A%
-
*
EDGEWORTH SCHOOL DISTRICT (P. O.
Edgeworth), Pa .—BOND
OFFERING—Charles
J. Hatton, District Secretary, will receive sealed
April 22 for the purchase of $60,000 coupon, registeronly school building bonds.
Dated May 1, 1940.
Denom. $1,000.
Due $3,000 on Nov. 1 from 1941 to 1960, incl.
Bidder
to name a single rate of interest, expressed in a multiple of A of 1 %.
Prin¬
cipal and interest (semi-annual) payable without deduction for any taxes
(except gift, succession or inheritance taxes) levied pursuant to any present
or future
law of Commonwealth of Pennsylvania.
Bonds will be sold
subject to approval of proceedings by the Pennsylvania Department of
Interest Affairs.
A certified check for $1,000, payable to order of the
district, is required.
Legal opinion of Burgwin, Scully & Churchill of
Bonds are payable from
Pittsburgh will be furnished the successful bidder.
ad valorem taxes to be levied on all of the district's taxable property within
the tax limitations prescribed by Pennsylvania statutes.
bids until 8 p. m. on
able as to principal
ED WARDSVILLE,
Pa.—BOND SALE POSTPONED—The proposed sale
on April 19 of $35,000 not to exceed 4%
interest funding and operating
revenue bonds—V. 150, p. 2149—has been postponed.
FOLCROFT
SCHOOL
DISTRICT,
SOUTH
CAROLINA
LEE
COUNTY,,
CENTRAL
LEBANON,
Greenville,
$40,000
to
$50,000
6%
m.
on
improvement
H.
Biely,
City Clerk,
April 22 for the purchase of from
bonds.
Dated
April
12,
1940.
ST.
as
noted here—V. 150, p. 2299—were
stated by the Town
F. Coley & Co. of
purchased as 3 As.
ANDREWS SCHOOL
NO. 10 (P. O. Charleston),
received until noon on April
DISTRICT
by the Board of Trustees for the purchase of $14,000 building
Denom. $1,00Q.
Dated April 15, 1940.
Due $2,000 on April 15 in
1951.
NESCOPECK SCHOOL DISTRICT, Pa.—BOND SALE—The $30,000
school bonds offered April 10—V. 150, p. 2299—were awarded to the
Berwick National Bank, First National Bank and the Berwick Bank, all
of Berwick, in
joint account, at a price of 101.125.
Dated March 1, 1940.
KENSINGTON, Pa.—BOND OFFERING—L. G. Heinle, City
Clerk, will receive sealed bids until 8 p.m. on April 23 for the purchase of
$100,000 not to exceed 3% interest coupon, registerable as to principal
only, bonds, including $50,000 series of 1940 city improvement and$50,000
series of 1940 funding issues.
All of the bonds will be dated May 1. 1940.
Denom. $1,000.
Due May 1 as follows: $10,000 from 1945 to 1949 incl.
NEW
bonds.
1945 to
,
SPARTANBURG
COUNTY
(P.
O.
Spartanburg),
S.
C.—BOND
SALE—The $20,000 issue of Woodruff School District No. 33 bonds offered
for sale on April 9—V. 150, p. 2299—was awarded to the Arthur State Bank
of Union, and the Merchants and Planters National Bank of Gaffney,
jointly, as 3s, paying a price of 100.075, a basis of about 2.99%,
Due on
April 1 in 1941 to 1955. incl.
The $27,500 issue of Whitney School District No. 44 bonds offered for
sale on April 9—V. 150, p. 2299—was purchased by a group composed of
Frost, Read & Co. of Charleston, McAlister, Smith & Pate of Greenville,
and Hamilton & Co. of Chester, as 3 Ms, paying a premium of $12.67,
^
^
^
„
Due on April 1 in 1941 to 1954,
equal to 100.046, a basis of about 3.24%.
inclusive.
WOODRUFF, S. C.—BOND SALE DETAILS—It is now reported that
the $83,000»(not $85.0C0) consolidated refunding bonds sold to McAllister,
Smith & Pate, Inc. or Greenville, as noted here—V. 150, p. 1975—were pur¬
chased as follows: $19,000 as 3 Ms, due on Dec. 15: $2,000 in 1942 to 1946
and $3,000 in 1947 to 1949; the remaining $64,000 as 3Ms, due on Dec. 15:
$3,000, 1950 and 1951; $5,000. 1952 to 1962, and $3,000 in 1963.
Denom.
$1,000.
Dated March 15, 1940.
Legal approval by Nathans & Sinkler
of Charleston.
SOUTH
DAKOTA
COLTON, S. Dak.—BOND OFFERING—It is stated by L. J. Johnson,
City Auditor, that he will receive bids until 7 p. m. on April 22, for the
purchase of $16,000 water system bonds.
Due a*from 3 to 20 years.
These bonds were approved by the voters on March 29.
Bison), S. Dak— BOND TENDERS IN¬
AImen, County Treasurer, that she will
of refunding bonds of the issue of
1938, dated Jan. 1, 1938, in the amount of $1,000, for the redemption and
cancellation, at less than par and accrued interest.
PERKINS COUNTY (P. O.
VITED—It is stated by Agnes E.
receive
sealed
tenders until May 20,
TENNESSEE
BENTON COUNTY (P.
O. Camden). Tenn.—BOND SALE DETAILS
is reported that the $50,000 electric plant bonds sold jointly to the
Thomas H. Temple Co., and the Commerce Union Bank, both of Nashville,
—It
as
2300—are dated Jan. 1, 1940.
1943 to 1947; $3,000, 1948 to
basis of about 2-90%.
Principal and
(J-J) payable at the Central Hanover Bank & Trust Co., New
Legality approved by Chapman & Cutler of Chicago.
3s, at 101.00, as noted here—V. 150, p.
1 as follows: $2,000 in
and mature on Jan.
1959, and $4,000 in 1960, giving a
interest
KNOXVILLE, Tenn.-REPORT ON PROGRESS OF DEBT REFUND¬
ING—The following letter was sent to us
Director of Finance:
on
.
April 8 by A. P. Frierson,
-
of Knoxville is at the present time engaged in the refunding of
$3,500,000 of its outstanding net bonded debt, which totals $18,788,986.
The refunding is being handled by a local syndicate composed of Cumber¬
land Securities Corp., Fidelity-Bankers Trust Co. and Booker & Davidson,
Inc.
Approximately $2,100,COO of the amount being refunded consists of
bonds maturing from 1940 to 1945, and the balance is made up of the city's
callable bonds maturing in 1958.
The purpose of the debt readjustment program is to level off unusually
high "peaks" in the city's annual maturity schedule and to reduce interest
rates on the outstanding bonds which carry coupon rates of 4M% to 6%.
These bonds are being refunded into bonds bearing 4% and maturing from
1951 to 1969.
$2,688,000 of the $3,500,000 has been refunded to date.
The City
Denom. $100.
is
1,
1,
S. C.—BONDS OFFERED—Sealed bids were
York.
bidder.
Pa.—BOND OFFERING—George
SCHOOL
SIMPSON VILLE, S. C—INTEREST RATE— It is
that the $15,000 refunding bonds sold to W.
Clerk
Pa .—BOND OFFERING—E. P.
17
purchase of $12,000 coupon, registerable as to principal only, school
building bonds.
Bidder to name one of the following interest rates: 1A,
1*A, 2, 2 H, 2 A, 2H. 3, 3 A or 3A%^ Dated May 15, 1940.
Denom.
$500.
Due $500 on May 15 from 1942 to 1965, incl.
Prin. and int.
(M-N 15) payable at the Interboro Bank & Trust Co., Prospect Park.
A certified check for $250, payable to order of the District Treasurer, must
accompany each proposal.
Legal opinion of Morgan, Lewis & Bockius of
Philadelphia, and Lutz, Ervin, Reeser & Fronefield of Media, will be fur¬
will receive sealed bids until 10 a.
HIGH
CONSOLIDATED
DISTRICT (P. O. Bishopville), S. C.—BONDS EXCHANGED—It
reported that $33,000 refunding bonds, bearing 4M % interest, dated Dec.
1939, are being exchanged for a like amount of 6A% bonds, dated June
1926.
Legal approval by Nathans & Sinkler of Charleston.
Roulston, District Secretary, will receive sealed bids until 8 p. m. on April
the successful
the proposed
bonds.
GREENWOOD, S. C.—BONDS SOLD—A $200,000 issue of IA%2 3A% semi-ann. refunding bonds is said to have been purchased by the
Trust Co. of Georgia, of Atlanta, and associates.
Denom. $1,000. Dated
April 1, 1940. Due July 1, as follows: $6,000 in 1944 and 1945, $12,000 in
1946 to 1952, and $13,000 in 1953 to 1960.
The bonds bear interest at
1A% to Jan. 1, 1941, and 2A% thereafter to maturity,
Prin. and int.
payable in New York City. Legality to be approved by Storey, Thorndike,
Palmer & Dodge, of Boston.
for the
nished
I.—BONDS DE¬
FEATED—At the election on March 26 tne voters defeated
issue of $163,000 trunk line sewer system
;
Premium
Int. Rate
Bidder—
(P.
10
coupon,
E. H. Roilins & Sons, Inc„
Moore, Leonard & Lynch-
O.
HokenPa.—BOND OFFERING—Thomas E. Frederick, Secretary of
sealed bids until 4 p. m. on April
22 for the purchase of $59,000 I A. 1H. 2, 2A, 2 A, 2% or 3% coupon,
registerable as to principal only, refunding bonds.
Dated May 1, 1940.
Denom. $1,000.
Due May 1 as follows: $8,000 from 1941 to 1944,
incl.
and $9,000 from 1945 to 1947, incl.
Bidder to name a single rate of interest,
payable M-N.
Bonds will be issued subject to favorable legal opinion of
Townsend, Elliott & Munson of Philadelphia.
A certified check for 2%
of the bonds bid for, payable to order of the District Treasurer, is required.
WHITEHALL
The Commercial & Financial Chronicle
2466
The local syndicate Is handling the refunding without fee and is paying
all costs of the bond exchange, including the premipm on the callable bonds
and premiums on bonds purchased in the market.
The syndicate's con¬
tract for
refunding runs until Aug. 31 of this year.
OBION
'
price of 105.016,
a
(P. O. Union City), Tenn.-BONDS AUTHOR
I ZED—The County Court is said to have approved the issuance of the
following not to exceed 234% bonds aggregating $140,000: $75,000funding
and $65,000 school improvement bonds.
First National Bank of
Memphis, and the Nashville Securities Co. of Nashville, are offering for
general subscription at prices to yield from 1.00% to 2.50%, according to
maturity, a total of $140,000 254% semi-annual school and funding bonds.
Dated
April 1, 1940.
Denom. $1,000.
Due April 1 as follows: $5,000
in 1942; $7,000 in 1943: $9,000 in 1944 to 1947; $10,000 in 1948 and 1949,
and $12,000 in 1950 to 1955.
Principal and interest payable at the County
Trustee's office at Union City.
The bonds are valid and legally binding
obligations of the county, secured by and payable from a direct and un¬
limited ad valorem tax, irrevocably levied against all taxable property
within the county.
Legality approved by Charles & Trauernicht of 8t.
Louis.
HAMPTON, Va .—LIST OF BIDS—The following is an official list of
bids received for the $106,500 semi-annual funding bonds that were
on April 4, as reported in our issue of April 6—V. 150, p. 2300:
Peoples Nat. Bank, Charlottesville, Va. (purchaser)
2%
$106,902.78
Scott & Stringfeller, Richmond
2%
106,881.95
R. S. Dickson & Co., Richmond
2%
106,839.73
COUNTY
(P. O. Springfield), Tenn.—BOND OF¬
by Byron Johnson, County Judge, that he will
offer for sale at public auction on April 18, at 10 a. m., an issue of $232,000
234% coupon semi-ann. funding bonds.
Due on April 1 in 1941 to 1955,
«
tax
TENNESSEE,
of—BOND
OFFERING—It is announced by
State Funding Board will receive
for the purchase of the following
coupon or registered bonds aggregating $2,844,000:
$1 ,715,000 charitable and penal institutions bonds.
Due on Dec. 1, 1956.
785,000 institutional bonds.
Due on Dec. 1, 1956.
344,000 consolidated bonds.
Due on Dec. 1, 1950.
Denom. $1,000.
Dated April 1, 1940.
Biddirs are requested to stipu¬
late the rate or rates of interest in multiples of 34 of 1%.
Different rates
of interest may be stipulated for such issues but the same rate of interest
must be stipulated for all bonds of the same issue.
Bidders may bid for
all issues or for one issue and may condition their bid upon the award to
them of all or no part of the bonds bid for:
Prin. and int. payable at the
fiscal agency of the State in New York City or at the State Treasurer's
office.
The bonds are direct general obligations of the State for the pay¬
ment of which the full faith and credit of the State are pledged, and as
additional security therefor, there is also pledged the annual net revenues
of all toll bridges now operated by the State or any State agency, the first
Governor
State
Prentice
Cooper
that
the
m.,
$307,500 of the annual receipts of any tobacco tax heretofore
or hereafter
levied until and including the fiscal year 1946-47, the annual proceeds of a
tax of 5 cents per
gallon upon gasoline, the annual proceeds of all fees for
inspection of volatile substances provided for by Section 6821 of the Code
Tennessee, one-half of the annual proceeds of motor vehicle registration
fees now or hereafter required to be paid to the State and the entire annual
proceeds of franchise taxes imposed by the Franchise Tax Law, being
Chapter 100, Public Acts of Tennessee, 1937, and all of said bonds are
entitled to the benefit of the proceeds of the foregoing taxes, fees and reve¬
nues and to share therein with any other obligations of the State that
might
be entitled to share therein as provided by Chapter 165, Public Acts of Ten¬
nessee, 1937.
The bonds will be awarded to the bidder offering to take
them at the lowest rate of interest at a price not less than par and accrued
interest to date of delivery, unless a bid for all issues is received which
of
will result in
of all
issues
a
lower interest cost to the State
than
any
combination
of bids
over
Boston Corp. purchased
Due Dec. 1, 1940.
/
106,500.00
an
issue of $10,000
WASHINGTON
ELUM,
Wash.—BOND OFFERING—It is reported that
at an election held on March 23.
sealed
"
Wash.—BOND OFFERING—Sealed
LAKE,
bids will be re¬
ceived until 2 p. m. on April 27, by W. E. Bunnell, Town Clerk, for the
purchase of $1,485 not to exceed 6% semi-ann. general obligation bonds.
Due on May 1 as follows: $185 in 1941, $200; 1942 to 1946; and $300 in
1947.
•
WHITMAN COUNTY SCHOOL DISTRICT NO. 258 (P. O. Colfax),
Wash.—BOND SALE DETAILS—We are now informed by the County
Treasurer that the $63,000 coupon and registered school bonds awarded on
April 3 to the Spokane & Eastern Branch of the Seattle First National Bank,
as noted here—V. 150, p. 2300—were sold for a total premium of $15, equal
to 100.023, on the bonds divided as follows: $27,000 as 2s, $17,000 as 2Ms
and $19,000 as 2 348 5^' Due in from 2 to 7 years after date of issue.
v
WEST
WEST
VIRGINIA,
VIRGINIA
State
of—BOND SALE—The $500,000 issue of
road bonds offered for sale on April 9—V. 150, p. 2300—was awarded to
a
syndicate composed of the Northern Trust Co., the Harris Trust &
Savings Bank, both of Chicago, the Boatmen's National Bank of St. Louis,
and Braun, Bosworth & Co. of Toledo, paying a premium of $105, equal to
100.021, a net interest cost of about 1.81 %, on the bonds divided as follows:
$80,000 as 4s, due $20,000 on Sept. 1 in 1940 to 1643; the remaining $420,000
as 134s, due $20,000 on Sept.
1 in 1944 to 1964, inci.
OPTION GRANTED—The
until 1 p. m. on April
same
12,
above
on an
group was also awarded an option
additional block of $500,000 bonds at the
price and rates.
BONDS OFFERED FOR REINVESTMENT—The successful bidders reoffered the initial block of bonds for public subscription at prices to yield
from
0.25% to 2.00%, according to maturity.
OPTION
EXERCISED—The
above
exercised its
the said terms.
syndicate
April 10, taking the additional $500,000 bonds
on
option
on
the life of all bonds
for separate issues,
in
which
WISCONSIN
event such bid will be
accepted and no bid at less than par will be accepted.
between bidders naming the same rate of interest the amount of pre¬
mium bid will determine the award.
The statutes prescribe a maximum
rate of 3 % for the charitable and penal institutions bonds and institutional
As
bonds, and 5% for the consolidated bonds, and accordingly higher rates
be considered.
The approving opinion of Thomson, Wood &
Hoffman, of New York, will be furnished.
Enclose a certified check for
2% of the bonds bid for, payable to the State Treasurer.
cannot
KENOSHA, Wis.—BONDS DEFEATED—At the election held on
April 2 the voters are said to have rejected the proposal to issue $200,000
in funding bonds.
LUCK, Wis.—BOND SALE—The $20,800 semi-annual general obliga¬
tion refunding bonds offered for sale on April 8—V. 150, p. 2300—were
to Paine, Webber & Co. of Chicago, according to the Village
Clerk.
Dated March 15, 1940.
Due on March 15 in 1941 to 1958.
awarded
It
TEXAS
were
BELTON, Texas—BOND TENDERS ACCEPTED—In
the call for tenders of
107,128.35
106.606.50
106.793.94
107,148.59
bids will be received until 8 p. m. on April 15, by John J. Wargo, City Clerk,
for the purchase of $115,000 water revenue bonds approved by the voters
MOSES
sealed bids until April 22, at 10 a.
3%
First
anticipation notes.
CLE
■
COUNTY (P. O. King.port), Tenn .—NOTES OFFERED
—It is stated by T. R. Bandy, County Judge, that he will receive bids on
$15,000 tax anticipation notes.
Due on or before March 1, 1941.
The
notes will be sold on the basis of the lowest interest bid.
107,422.00
106,988.85
WASHINGTON, V&.-r-BOND SALE—Ballou, Adams & Co. of Boston
purchased $20,000 234% refunding bonds at a price of 101.516, a basis
of about 2.34%.
Dated April 1, 1940.
Denom. $1,000.
Due $1,000 on
April 1 from 194l(to 1960 incl.
incl.
SULLIVAN
234 %
2 34 %
234%
234%
234%
234%
Stranahan, Harris & Co., Toledo
Halsey, Stuart & Co.. New York City_„
Scott, Horner & Mason, Lynchburg
Citizens National Bank, Hampton
Shields & Co., New York City.
Investment Corporation of Norfolk, Norfolk
Old Point National Bank, Phoebus^.
stated
is
Due on
awarded
NOTE SALE—The
ROBERTSON
FERING—It
1940
Dated Feb. 1, 1940.
the
COUNTY
BONDS OFFERED FOR INVESTMENT—The
April 13,
basis of about 2.92%.
Feb. 1 in 1947 to 1964, incl.
a
connection with
refunding bonds, series of 1937, it is stated by W. M.
of $1,300 bonds were purchased at
Ferrell, City Secretary, that a total
37.00 and $20,000 at 38.00.
DIALVILLE INDEPENDENT SCHOOL DISTRICT (P. O.
Dialville),
Texas—BONDS SOLD—It is reported that $10,400 4% semi-annual re¬
funding bonds have been sold at par to Walker, Austin & Wagener of Dallas.
EASTLAND, Texas—BOND TENDER ACCEPTED—In
connection with
tenders of tax-supported bonds and warrants, it is stated
by
Mayor C. W. Hoffman that the city purchased one bond at 23.90 flat.
was
sold
stated subsequently by the Village
as
234s, for
a
premium of $651,
Clerk that the above bonds
equal to 103.129, a basis of
about 2.15%.
MILLTOWN UNION FREE HIGH SCHOOL DISTRICT (P. O.
Milltown), Wis.—BONDS NOT SOLD—It is reported by J. M. Hammer,
District Clerk, that the $36,000 not to exceed 234% semi-annual refunding
bonds offered on April 9—V. 150, p. 2300—were not sold.
Dated April 1,
Due
1940.
Feb. 1 in 1941 to 1956, inclusive.
on
RICHLAND
COUNTY
(P.
O.
Richland Center), Wis.—BOND
by T. M. Pease, County Clerk, that he will
April 25, for the purchase of the following
highway bonds, aggregating $135,000:
OFFERING—It
is
stated
the call for
receive bids until 1:30 p. m. on
FARMERS BRANCH INDEPENDENT SCHOOL DISTRICT (P. O.
Farmers Branch), Texas—PRE-ELECTION SALE—It is
reported that
George L. Simpson & Co. of Dallas, have contracted to purchase, subject
to an election scheduled for April 13, a
$30,000 issue of 5% semi-annual
building bonds.
$55,000 series H bonds.
Due on May 15, 1942.
80,000 series I bonds.
Due on May 15 as follows:
$50,000 in 1943, and
$30,./00 in 1944.
Denom. ,>500.
Dated May 15, 1940.
Bidder is to name the rate of
interest.
The purchaser will furnish the bonds and the legal approving
opinion.
",
"•
FISHER COUNTY (P. O. Roby). Texas—BONDS SOLD—It is re¬
ported that $45,000 414% semi-annual court house refunding bonds have
been sold
recently.
LANCASTER INDEPENDENT SCHOOL DISTRICT
(P. O. Lan¬
caster), Texas—BONDS SOLD—The State Board of Education is said to
have purchased $12,000 334% semi-annual construction
bonds,
LEXINGTON, Texas—BOND SALE DETAILS— It is stated that the
$54,000 water works and electric system mortgage revenue bonds sold to.
benner
&
Beane of New
Orleans,
as
noted here—V.
150, p.
2300—were
4s* at Par- are dated May 1, 1939, and mature as follows:
$1,000 in 1940 and 1641; $1,500 in 1942 to 1945; $2,000, 1946 to
1950;
$2,500, 1951 to 1956, and $3,000 in 1957 to 1963.
88
LIBERTY
COUNTY
(P.
O.
Liberty).
$54,000 issue of 3% serai-annual road bonds
is
recently by A. W. Snyder & Co. of Houston.
Texas—BONDS
SOLD—A
said to have been purchased
MELISSA
INDEPENDENT SCHOOL DISTRICT (P. O.
Melissa),
Texas—BONDS SOLD—It is reported by the
Secretary of the Board of
Education that $12,000 4% semi-annual school bonds were
sold to the
State Board of Education at par.
Due $400 on May 1 in 1940 to 1969, incl.
ODESSA, Texas—BOND TENDERS LACKING—It is stated by L. L.
Anthony, City Secretary, that no tenders have been received of
refunding,
of 1936, bonds,
although bids were requested on such obligations now
series
outstanding.
ORANGE
GROVE
INDEPENDENT
SCHOOL
S50?
194* to 1947.' $1,000 in 1948 to 1954; $3,500, 1955;
$4,000, 1956 to 1958, and $4,500 in 1959 and 1960; optional after 1948.
^
VERMONT
HYDE PARK.
Vt.—BOND OFFERING—The Board of Selectmen will
p. m. on April 18 for the purchase of $35,000
coupon refunding bonds.
Dated April 1, 1940.
Denoms. $1,000 and $500.
Aprill as follows: $2,000 from 1941 to 1950, incl., and $1,500 from
1951 to 1960, incl.
Bidder to name rate of interest in multiples of
34 of 1%.
Principal and interest (A-O) payable at the National Shawmut Bank of
Boston
exceed
234% semi-annual bonds aggregating $23,800. offered on April 10
23C0—were not sold as all bids received were rejected: $13,800
refunding and $10,000 building bonds.
Dated April 1, 1940.
Due on
April 1 in 1941 to 1955 inclusive.
—V. 150, p.
It is said that these bonds will be reoffered
VILLAGE
LUCK
OF
AND
FREDERICK
CLAM
(P. O. Frederick),
bids until 2
Legal opinion of Storey, Thorndike, Palmer & Dodge of Boston
will be furnished the successful bidder.
VIRGINIA
COLONIAL HEIGHTS, Va.—BOND SALE—The
$40,000 issue of
334 % semi-annual water and sewer bonds offered for sale on
April 8—V
150, P. 2150—was awarded to The Richmond Corp. of
Rhichmond,
paying
JOINT
soon.
TOWNS
OF
SCHOOL
WEST SWEDEN,
DISTRICT NO. 3
coupon semi-ann.
refunding bonds offered for sael on April 8—V. 150, p. 2300—were awarded
to
Kalman & Co. of Minneapolis, as 2 34s, paying a premium of $751,
equal to 102.503. a basis of about 1.89%.
Dated March 15, 1940.
Due
on March 15 in 1941 to 1953, incl.
Paine, Webber & Co. of Chicago, offered a premium of $250 on 2s,
according to the Principal of Schools.
WAUSAU, Wis.—BONDS DEFEATED—At the election held on April 2
proposal calling for the issuance of $585,000 in
the voters turned down the
school
construction
bonds,
according to report.
CANADA
TORONTO,
BOND
Ont.—OFFERS' ALTERNATIVE
INTEREST
IN
UNITED
STATES
TO
PAYMENT
FUNDS—'The
OF
following
report appeared in the "Monetary Times" of Toronto of April 6:
The city has offered the holders of its outstaqding three-way pay bondan alternative to receiving the regular interest in American funds.
Because
of the size of the premium on American funds the costs to the city of meet¬
ing interest on some $80,800,000 of such securities would amount to as
much as $717,991 annually.
A similar situation faces a numoer of other
Canadian municipalities which have bonds with coupons payable in Ameri¬
can funds.
About 42% of the Toronto bonds are held by Canadian finan¬
cial institutions, but coupons have been forwarded to New York for pay¬
ment ever since the Canadian dollar went at a discount in terms of American
dollars.
The city is offering to pay all coupons of
at the rate of 104.50% in Canada.
three-way pay issues as they
The offer includes coupons
The result to the Canadian bondholders is the same as
if coupons had been presented in New York, since there is a Dominion tax
of 5% on all interest paid to holders in the United States.
The effect of
the plan is to divide the losses with the Dominion Government since the
latter will lose their 5% tax revenue.
The present plan is expected to be
more acceptable to Canadian bondholders who did not respond t« the
city's
first appeal to take their interest in Canadian funds.
tfg
mature
maturing April 1.
FALLS,
AND
Wis.—BOND SALE—The $30,000
DISTRICT
«
sealed
VILLAGE OF BRUCE AND TOWN OF STUBBS, JOINT SCHOOL
DISTRICT NO. 1 (P. O. Bruce), Wis.—BONDS NOT SOLD—It is stated
C. Bender, Clerk of the School Board, that the following not to
by W.
-
(P. O.
Orange Grove), Texas—MATURITY—It is stated by the
Superintendent
that the $35,000 building bonds sold to Rauscher, Fierce & Co.
of San Antonio, as 3 Ms, at par, as noted
here—V. 150, p. 2150—will mature
receive
STODDARD, Wis.—BONDS SOLD— It is stated by the Village Clerk
that $20,000 water system bonds approved by the voters on April 2 have
been sold.
@FedFRASER