The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
?0
faff!
financial
Tin-
Ditimerria
COPYRIGHTED IN 1941 «Y WILLIAM 8. DANA COMPANY.
NEW YORK.
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879, AT THE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
NEW YORK, APRIL 19, 1941
VOL. 152.
BROOKLYN TRUST
CHASE
THE
BANK
COMPANY
NO. 3956
'SS®
NATIONAL
BANK
Chartered 1866
of the city of new york
OF
George V. McLaughlin
President
Broaden your customer
BROOKLYN
NEW YORK
service with Chase
Member Federal Deposit Insurance
correspondent
YO R K
Corporation
facilities
Member Federal Deposit Insurance
Corporation
Hallgarten & Co,
Established 18S0
United States
NEW
YORK
Government
London
Chicago
City of
Securities
Philadelphia
Bonds
■
Announcing
"Guide to Railroad
Reorganization Securities"
The New and
Improved 1941 Issue
Containing all New Plans of Reorganiza¬
tion and all the changes in prior plans,
together with
detailed maps of each
system.
•;
.:'.,-VC:;VV,
There will be only one
"v."
printing
Subscriptions now being received at
$5
7*he
FIRST BOSTON
CORPORATION
philadelphia
BOSTON
NEW YORK
CHICAGO
per copy
SAN FRANCISCO
PHILADELPHIA
(Including New York City Sales Tax)
Moncure Biddle & Co.
AND OTHER PRINCIPAL
CITIES
Publication date about May 1st
Pflugfelder, Bampton & Rust
Members
New
Riter
Bell
New York
Teletype—NY 1-310
The
Members New York Stock Exchange
.
Members
New York Trust
Company
Chicago Stock Exchange
New York Curb
48 Wall
Capital Funds
.
$37,500,000
(Incorporated)
^
cleveland
PHILADELPHIA
IOO
BROADWAY
Morriatown
St. Paul
Milwaukee
Rochester
OTIS & CO.
Established 1899
Exchange (Associate)
Street, New York
CHICAGO
New York
Co.
&
York Stock Exchange
Broadway
Telephone—DIgby 4-4933
61
Hartford
Easton
Com. of Pa. Turnpike Rev. 3%s,
'68
City of Philadelphia Bonds
Chicago
Lehigh Vail. Coal 5s, 1954, '64, '74
Strawbridge & Clothier 1st 5s, '48
madison avenue
R. H. JOHNSON & CO.
and 40th
street
Phila. & Read. Term. 1st
33^8, 1966
Lehigh Coal & Nav. Fdg. 4s, 1948
Phila. Electric Co. Common Stock
INVESTMENT
SECURITIES
United Gas Imp. $5
64 Wall
Street
PHILADELPHIA
BOSTON
Pref. Stock
New York
one east
57th street
Yarnall & Co.
1528 Walnut Street,
Philadelphia
Canadian Securities
CarlM.Loeb.Rhoades&Co.
61
BROADWAY
Member
NEW YORK
'London
.
Gonova
Buonos Aires
of the
Federal Deposit
Insurance Corporation
HART SMITH & CO.
62 William St.
Montreal
NEW YORK
Toronto
The Commercial A Financial Chronicle
II
April 19, 1941
Meetings
NORFOLK AND
WESTERN
RAILWAY
COMPANY
Roanoke, Virginia, April 4, 1941.
NOTICE
ANNUAL MEETING
OF
OF
STOCKHOLDERS
New
The
England's Oldest and Largest Banking Institution
Annual
Meeting of the
Stockholders
of
Norfolk and Western
Railway Company will be
at the principal
office of the Company in Roanoke, Virginia, on
Thursday, May 8, 1941, at 10 o'clock A. M., to
held, pursuant "to the By-laws,
elect
a
Board of eleven
"FIRST
meeting.
Stockholders of record at the close of business
NATIONAL BANK
April 18,
meeting.
of
1941,
will be entitled to vote at such
L.
BOSTON
1784
W.
COX,
Secretary.
Dividends
1941
T3cmle4t6
banking offices in boston
23
Directors, and to transact
such other business, not known or determined at
this
time, as properly may come before the
Foreign Branches
in
Argentina
and
Cuba
Common Dividend
No. 12?
«#T<>
A
CONDENSED STATEMENT of
CONDITION
An
Covering all Offices and Foreign Branches
as
of April
1 941
4,
.
.......
business May
$475,585,868.94
.
United States Government Obligations
State and Municipal
Other Securities,...,
The Borden Company
15,919,136.91
E.
2,010,000.00
.
Loans and Discounts
264,471,966.92
5,773,953.53
Banking Houses...
Other Real Estate.
2,787,529.54
Total
The Board of Directors has declared dividend
No.
840
of thirty-seven
and
one-half cents
($.37 H) per share of $12.50 par value Capital
Stock, payable April 25, 1941 to stockholders of
record 12:00 o'clock Noon, April 19, 1941.
$933,772,970.75
LIABILITIES
Deposits
...
Reserve for
pany,
,$10,468,935.68
Less: Held for Investment.... 1
.3,809,279,26
Foreign Branches
Interest, Taxes, Dividend and Unearned
Discount
2,659,726.66
2,350,422.89
Reserve for Contingencies
8,701,823.45
Capital
VANADIUM
$27,812,500.00
Surplus
.15,805,953.17
Total
82,805,953.17
420
Lexington Avenue, New York, N. Y.
$933,772,970.75
At.
figures of Old Colony Trust Company, which is beneficially
by the stockholders of The First National Bank of Boston,
included in the above
Member
a
meeting of the
April 17, 1941.
Board of Directors
heid today a dividend, for the first quarter
of tnis year, of twenty-five cents per share
was declared payable May 5, 1941, to stock¬
holders
owned
not
CORPORATION
OF AMERICA
39,187,500.00
Undivided Profits.......
are
CLARK, Secretary.
April 1, 1941
971,020.66
Other Liabilities
The
A.
R.
6,659,656.42
.
will be mailed by Irving Trust Com¬
Dividend Disbursing Agent.
Checks
$829,624,367.50
..............
COMPANY
Dividend No, 840
1,668,272.54
Other Assets
MINING
HOMESTAKE
12,387,817.07
........
Items in Transit with
NOETZEL, Treasurer
L.
18,776,544.75
.
Customers1 Liability for Acceptances.
Acceptances Executed
Checks will
1941.
1?,
be mailed.
134,391,880.55
Securities.
Stock of Federal Reserve Bank
thirty cents
Company, payable June 2, 1941, to
stockholders of record at the close of
RESOURCES
Gash and Due from Banks
dividend of
interim
(30^) per share has been declared on
the outstanding common stock of this
of
record
P.
statement.
of the Federal Deposit Insurance Corporation
3:00
at
o'clock
J.
STOCK
COMMON
dividend
M.,
GIBBONS, Secretary.
National Power & Light
A
P.
Checks will be mailed.
April 28, 1941.
of fifteen
Company
DIVIDEND
cents
per
share
on
the
Common Stock of National Power & Light Com¬
has been declared for payment June 2,
1941, to holders of record at the close of business
May 2, 1941.
pany
ALEXANDER
NORTHERN
CURRENT
NOTICES
—The
name
of
the
Chicago invest¬
department, under the management of ment firm of Brailsford & Co. has been
Anderson Bowers, to deal in United changed to Brailsford,
Rodger & Co.
States
Bowers
Government^ securities.
will
be
assisted
by
Mr.
Leon
The
firm
has
also
been
admitted
is
all of whom have been in the investment
now
associated
with the firm in their municipal depart¬
ment.
Mr. Foster was formerly mana¬
of the municipal
Spencer Trask & Co.
ger
department
business
on
of
La
Salle
Street
for
many
years.
—Robert W.
Tyson Jr. has become
Blair & Co., Inc. in
their
Government
bond
department.
Mr. Tyson was formerly a Vice-Presi¬
dent in the firm of J.'R. Smith & Co.,
Inc., specialists in United States Govern¬
ment securities, and prior to that was
of associated
—Newbold Morris, President of the
Council of the City of New York, will
be the guest speaker at the next meeting
with
The Municipal Bond Club of New
York, scheduled for Friday, AprJ 25, with C. J. Devine & Co.
at the Bankers Club.
the
The members of
—Manufacturers Trust Co. has been
City Council will also be present and designated Paying Agent for the General
be introduced at the meeting by Refunding Bonds of OkeechobeeCounty,
Mr. Morris.
Okeechobee, Fla., dated June 1, 1940.
will
York, April 18,1941
dividend of Fifty (50) Cents per share has
the Capital Stock ($10.00 par
value) of this Company, payable June 2, 1941 to
stockholders of record at the close of business
May 16, 1941.
J. R. FAST, Secretary.
J.
with C. J. Devine & Co.
James/ Foster
COMPANY
been declared on
to
membership in the Chicago Stock Ex¬
Bader, as head trader and William change, the membership being held in
Tobin.
All three were formerly associ¬ the name of Arthur T.
Rodger. Other
ated with Chas. E. Quineey & Co., and partners include Walter R. Brailsford,
more
recently, Mr. Tobin was associated Roy Iverson and Hubert S. Conover,
R.
LINE
Broadway
New
A
—Shields & Co. have opened a new
PIPE
26
CURRENT NOTICES
SIMPSON, Treasurer.
BANK
ADVERTISING
MAN
Thoroughly
experienced
in
the creative and production
ends of all types of financial
advertising. An expert in de¬
veloping and securing pub¬
licity. Alert to the necessities
of
modern
banking. Salary
requirement during proving
period moderate, but oppor¬
tunity must exist for service
that will ultimately justify
substantial earnings.
Box
F.
The Commercial
Chronicle,
25
Spruce St., New York, N. Y.
&
K.,
Financial
financial
W
nittmprriHl f
Vol. 152
APRIL 19, 1941
No. 3956
CONTENTS
Editorials
The Financial Situation
....2434
Less Than Inferior?.
Norway
...2446
..-2447
Comment and Review
Week
on
the European Stock
Exchanges
Foreign Political and Economic Situation
2438
2438
Foreign Exchange Rates and Comment
...2443 & 2495
Course of the Bond Market
—
..2451
Indications of Business Activity
2452
Week
on
the New York Stock
2436
Week
on
the New York Curb Exchange
"?
-
~ *
2:
2492
News
t=zi
Exchange
Current Events and Discussions
Bank and Trust
General
.....2470
Company Items
2490
Corporation and Investment News
2538
Dry Goods Trade...
2585
State and
2586
Municipal Department..
Stocks and Bonds
Foreign Stock Exchange Quotations
___._2493 & 2495
Bonds Called and Sinking Fund Notices
2493
Dividends Declared
2500
Auction Sales
New York Stock
..2499
Exchange—Stock Quotations
■"New York Stock
New York Curb
2506
Exchange—Bond Quotations.2506 & 2516
Exchange—Stock Quotations
2522
•New York Curb Exchange—Bond Quotations
Other Exchanges—Stock and Bond Quotations
2528
Canadian Markets—Stock and Bond Quotations
2532
2526
Over-the-Counter Securities—Stock & Bond Quotations.2534
Reports:
•.
Foreign Bank Statements
2442
Course of Bank Clearings
2493
Federal Reserve Bank Statements
2470 & 2503
General Corporation and Investment News
2538
Commodities
The Commercial Markets and the
Cotton.
Attention
<■ *.«
2576
2579
Breadstuffs
*
Crops
2583
Is directed to
the
column Incorporated In our tables
on New York Stock Exchange and New York
CurblExchangelbond quota¬
tions pertaining to bank eligibility and rating.
new
/
The Financial Situation
enemies" by officialdom.
evince the queer attitude
which embraces at one and the same time a horror
of becoming involved in another titanic struggle
and a willingness to acquiesce in, if not applaud,
formally designated as "our
WHETHER the realisms of substantialweek or
the past degree
have served in
Already we had begun to
any
two
bring the thinking of the American people about
our
relations with the rest of the world down to
to
to be certain. There
but little evidence of such an
awakening, and, it must in all candor be added,
that if what has now occurred and is now occurring
does not have such an effect we are likely to continue
earth it is perhaps too soon
public utterances
is, however, as yet
imagine
to
a
vain thing until a very
and other policies which plainly
invite involvement.
The
war
in
did nothing to
1939
while it for a time added vigor to our
For the past five
or
six
our
course
least,
at
years,
as
regards for¬
relations has been
strangely idealistic, illogi¬
eign
we
years
apparently made no
have
in developing a
realistic train of thought
progress
on
on
but have
appeared
this subject,
the contrary
we
with
the
had
originally
situation,
of the
realities
invasion of
the
since
touch
what
lose
to
low countries
a
tude
has to most
year ago our
sionate observers
be
atti¬
dispas¬
appeared
undecipherable
an
It
paradox.
to
the
little less
a
than
to
seems
still
that, even
be precisely
Before
when
seemed
events
little escape
eventual general war,
promise
from
attitude
our
Steel is
appeared to be
spite the fact that
albeit
a
appeared, extra charges have been increased,
and in some cases premiums have been ob¬
tained.
addition
In
escalator clauses
add
certain contracts have
which enable producers to
additional
certain
to
costs
contract
we
should, de¬
spite outselves, be sucked
Re¬
the maelstrom.
membering the cause,
or
accurately the occa¬
and price
dustry thus
mined.
cannot
immediately
deter¬
be
Under such circumstances a
general
reasonably be justified
present.—Leon Henderson in announcing
price increase cannot
at
an
newly created office of Price
and
Civilian Supply
pur¬
order of the
Administration
quarter
fatalistic
a
cost
what
firm de¬
a
and
relationships in the in¬
The net effect of the defense program
the
porting
determination
with
fear that
more
published base prices have
unchanged, concessions have dis¬
remained
None
"freeze"
levels.
to
of
these
•
steel
things
prices
to
seem
first
at
occur
to
Washington when the price
of labor is raised!
What is sauce for the goose is evidently in
the officials
termination to "keep out,"
into
of the
item
chiefly
was
characterized by
tinged
practically
element of cost in
an
defense program.
It is
also an element of cost, direct or indirect,
in virtually every item of civilian
consump¬
tion.
The market place looks to the price
of steel as sheep look to the bell-wether.
A rise in steel prices would inevitably be
followed by rises in prices of very other basic
commodity.
These increases would in turn
be reflected in rising prices of manufactured
goods.
Presently the ultimate
consumer
would find that he must pay more for what
he buys, and so the foundation would have
been laid for a dangerous upward spiral of
prices in general—which would mean, briefly,
boosting the cost of living.
There
has
not
been time for accurate
measurement
either of production or dis¬
tribution factors in the steel industry.
De¬
large scale hostil¬
ities developed in Europe
to
prices.
at
Washington not also sauce for the
All Mr. Henderson now has to
suggest to Mr.
gander!
do
is to
Morgenthau the proper taxes
replace those which otherwise would be
collected from the steel companies.
But it is the same old
New Deal story.
to
Truckling
to
from
groups" and then
vainly—to prevent nature
"pressure
trying—usually
taking its course.
first World War in
we
"neutrality"
which in much larger
degree embodied the surrender of what have, the
memory of man runneth not to the contrary, been
considered the rights (if not the duties) of a neutral
than
an
assurance
enactment
of
our
own
neutrality in any war
the future.
of the
United States (apparently with full approval of
most of the people of the country, or at the very
least, without any clear indication of disapproval
by them) was initiating his campaign of excoriation
>of sundry foreign powers which today are all but
then
Yet
being waged or to be waged in
even
during that period the President
"aid"
rather
us
when the campaigns
and
of
a
to help beat
"dictators"
the
most
not
to
match
to
to
al¬
rose
our
desire
We
clung
fight.
policy of sedulously
our
(and at
price
a
never
we
been
have
before
to
got under
ago
year
way our urge
willing
pay) avoiding the things
which
we
thought
sponsible for
in
ment
were re¬
involve¬
our
1917, but it did
not
require
for
the
great while
a
situation
velop to
a
de¬
to
point where it
was
difficult to
our
position from that of
a
distinguish
full-fledged
that
save
belligerent
our
was
navy
actually shooting and
not
such
our
army,
was
inactive.
had,
as we
Through the
political campaign last
this
autumn
attitude
ran
paradoxical
like
scarlet
a
The major
thread.
other in promising
aid to
allies; each took
pains to
ican
be
assure
her
and
Britain
Great
can¬
each
with
vied
didates
great
the Amer¬
people that there need
no
would
us
and
if he
was
fighting by
be
none
Both
received
record-breaking
support.
elected.
the election
official
emphasis has been
1917,
proceeded to enact what was termed
legislation,
arouse
greater desire to aid
a
Since
sion, of our entry into the
it
involvement,
the so-called democracies,
prices.
today.
but
began to
to
confidence that the steel in¬
dustry, which has patriotically cooperated in
the defense program, will continue to cooper¬
ate in the task of maintaining these selling
every
these
During
the Goose
Sauce for
I have every
inconsistent.
and
cal
of
soon
dreams.
fear
from our
us
arouses
On
thinking.
the inconsistencies of our
the contrary,
harsh hand
of
outbreak
eliminate
than upon avoidance
upon
of actual hos¬
tilities, but there is little reason to believe that the
rank and file look with less deep-seated reluctance
to
participation by the United States in the
any
actual
fighting.
But
our
declared
and
now
well-established
policies are steadily pushing us closer to the actual
fighting as events one after another reveal the
full
implications of our policies, and public officials
appear
to be relentlessly endeavoring to prepare the
public mind for active participation.
have had
In this they
ample assistant from the turn of events
during the past few weeks.
Not only that, but it
Volume
must
growing clearer even to the wayfaring
a British victory or even the
be
now
that to underwrite
man
continued
of
existence
unimpaired
British
the
empire is not merely to agree to lend, lease, or give
the British billions of dollars worth of a wide
variety of goods, or even actually to make them at
enormous cost and deliver title.
It has always, of
been obvious that war material
course,
or
other
goods needed in England and elsewhere among the
so-called democracies would be of little value as
long
if
or
The
they remained on this side of the
as
Atlantic
they found their way to the bottom of the sea.
so-called "battle of the Atlantic" is now defi-
nitely raising the question whether getting these
„
supplies to Great Britain may not be quite as much
of
problem
a
vast deal
the manufacture of them—and a
as
dangerous—and raising such a ques-
more
tion before
is
get into our stride making them.
we
It
certainly not improbable that the American people
—if
they
given
are
opportunity to make a choice
have to reach a deci-
an
—will
before
sion
to whether "aid short of
as
such
stances would
bring
war" includes acts
of
war as many
have done, but
would
acts
moons
many
convoying which not only in normal circum-
as
our
previous
invite and almost cer-
Even to this moment,
tainly bring direct attack.
however, the American people have apparently not
been able to decide whether peace or
Britain" is
matter
are
"aid to Great
paramount in their desires—or for that
to
come
even
almost
understanding that both
an
certainly not within their reach.
But while the
public in this country continues to
in semi-darkness on this vital question events
grope
daily presenting more conclusive evidence of
are
what should in any
that
even
event be the rather obvious fact
really effective aid to Great Britain is not
nearly
simple
so
matter as furnishing supplies—
a
delivered—to the United
really the
nerve
political, economic
tinue
its
tively
serve
protect
It can con-
and it can effec-
in the role we assign it as a buffer to
only if it
ordinated
world
can
retain its status as a central
empire
boasted, the
even
in
and
the
ship
Great
that
a
wide
which,
upon
sun never
best
empire
demanded
and its
sense.
system of a vigorous and more or less co-
nervous
braces
England is
from the machinations of continental
us
of that
military
or
independent existence,
dictators
been
Kingdom.
center of the vast far-flung British
Such is its status whether considered in a
Empire.
peace
diversity of
has long
times has for decades
most
vigorous statesman-
produce.
could
Britain
as
The maintenance
sets.
races,
It
em-
climates and ideas,
lines
the
know-
it
anchored,
as
Suez Canal
producing
may
the Western
(1)
are
it
Mediterranean
and the
and
sec-
were,
controling the
and the Canal
areas
Mediterranean
to Gibraltar; (2) the Eastern
upper
itself;
approach to the
(3) the vast oil
of the Near East, notably in Iraq,
transportation lines through which the oil
be brought to the points where it is vitally
needed; (4) Far Eastern Areas of vast extent centering strategically at Singapore.
With the possible
exception all these areas are now in one degree or
another
Many
rather
or
it may mean little—in view of the light regard
in which international obligation are held these
days it may mean almost nothing—in relation to the
Far Eastern interests of the British Empire. But
it is clear that questions are arising for the British
Empire in this part of the world which may become
urgent in proportion as the Germans are successful
iu and adjacent to Europe.
What is clear is that if we are to keep Great
Britain going strong as a first line of defense for
ourselves we cannot permit the British Empire to
disintegrate or be split asunder by^ outside forces,
an<* ^hat making certain that the British Empire remain in vigorous working order is a world wide undertaking which may well require the services of a
&00(* many men as well as supplies and ships. It
may we^ ^ave ^>eei1 such facts as these which led
^ie Secretary of War to tell a Senate Committee on
-April 15 that "we have been faced with the task of
training to full completeness forces armed with new
an^ comPlex weapons; trained in new and comPleated technique; and to do it all within the
United States. Furthermore, our forces must be
PrePared f°r the possibilities of war in many and
vaiaed terrains, it being quite uncertain in what
part of North or South or Central America, or even
possibly other regions it ultimately may be necessary to use them in the defense of this country and
its possessions." At any rate the facts of the situa^.on are as ou^ne4? an4 the sooner they are candidly an(* fully faced by us all the better,
Federal Reserve Bank Statement
^\FFICIAL banking statistics again were affected
of communications
ondary centers essential to the life of the Empire as
we
heard that Gibraltar will not
As a result we are beginning
to hear that Great Britain needs not only supplies
and ships but men. It is being said that British
authorities are finding it necessary not only to
spreads its naval forces out very "thin," but also its
man power.
The reverses in North Africa are laid
to the "necessity" of sending men who really could
not be spared to Greece, while what appears to be
impending failure in Greece is explained or excused
by pointing to the need of keeping large forces in
the immediate Suez region. The situation in Iraq
is far from clear, but does not appear to be very
favorable to the British cause, and if much is needed
to set the Iraqi house in order still more men will be
needed. In the Far East the mere presence of our
navy has apparently been sufficient so far to repress
any schemes which may have been hatching against
the British Empire, but no one can' be certain how
long this will continue to be the case. The recently
concluded Russo-Japanese accord may mean much
predictions are being
long remain immune.
functioning depends upon a number of vital
geographical "life-lines."
Among
and
2435
The Commercial & Financial Chronicle
152
in
observers
definitely
one
way
appear
and
to
or
another threatened,
believe that
seriously
they
threatened,
are
and
vy to a considerable degree, in the statement week
ended April 16, by the enormous outlays of the United
States Treasury,1 which now are becoming common
under the defense and aid-to-Great Britain programs.
The Treasury general account with the 12# Federal
Reserve banks fell $278,951,000 in the weekly period,
and the funds rapidly accumulated in member bank
resejve balances.Almost entirely because of this
factor, excess reserves of member banks over legal
requirements advanced $230,000,000 to $6,260,000,-
Such changes
000.
are
temporary, of course, and are
interesting chiefly because of the rapid growth of the
weekly variations.
Other items affecting the statistics
were
tary
of relatively little significance.
The mone-
gold stocks of the country increased $8,000,000
The Commercial & Financial Chronicle
2436
in the
week, to
fresh record of $22,421,000,000.
a
Owing to the return of hand-to-hand
banks, after the Easter holiday,
tion showed
of its
one
money
in circula-
currency
declines.
rare
to the
But the drop
only $4,000,000 to $8,989,000,000, and it
was
may
be noted that this recession is much under normal
indicates further expansion in business loans.
condition statement of New York City weekly re-
showed
commercial, industrial and agricultural loans
Loans by the
$11,000,000 to $2,095,000,000.
banks to brokers and dealers
same
lateral fell
on
security col-
$7,000,000 to $337,000,000.
The Treasury
cates with the
deposited $13,450,000 gold certifi-
regional banks in the statement week,
raising their holdings of these instruments to $20,-
124,731,000.
Other cash of the 12 Federal Reserve
banks also increased and their total
$23,939,000
circulation
$6,206,272,000.
Total
banks advanced
moved up
reserves
Federal
$20,461,225,000.
to
actual
hi
notes
gained
Reserve
$9,349,000
deposits with
the
to
regional
$67,541,000 to $16,276,271,000, with
the account variations consisting of an increase of
member bank
account
balances by
reserve
$13,979,130,000;
of
a
$323,595,000 to
decrease of the Treasury general
by $278,951,000 to $533,715,000;
a
decrease
foreign balances by $22,454,000 to $1,243,299,000,
and
increase of other
an
$520,127,000.
91.2%.
The
deposits by $45,351,000 to
reserve
ratio fell to 91.0% from
Discounts by the regional banks dropped
$3,748,000 to $1,218,000.
up
Industrial advances
$74,000 to $7,470,000,
make such advances
were
while commitments to
gained $62,000 to $8,508,000.
No open market operations are reflected in the state-
ment, as holdings of United States Treasury securities
again
were
abandonment of only 13.9% of the seeded
as
compared with 17.5% in 1940 and the 10-year
of 18.6%.
average
acre
reported at $2,184,100,000.
0PASMODIC downward readjustments were the
r
this week in trading on the New York Stock
Exchange. The financial markets were inactive at
all times for war news from Europe and domestic
political developments were alike unfortunate. Little mcentive was seen for elther purchases or sales of
securities, but the balance in the thin market was on
^ e selling side, and price levels receded. Leading
stee and m°t(f st°cks
rather hard ^ for the
week as a fhol,e" Net de«lmes of 2 to 4 P°mts,were
note(^
the close yesterday, as against the closing
levels before the Good Friday suspensions last week,
Other industrials varied to a more modest degree, and
the 8reat railroad and utility groups of stocks also
were fairly steady. The trend in all departments
was downward, however, and many issues touched
*ows ^or
year. The market in effect slid along
the bottom of the trough in which it has been
traveling for many months. Turnover on the New
York Stock Exchange failed to reach the modest
500,000-share figure in any session of the week.
The rapid successes of the Germans in the Balkan
campaign naturally proved to be a depressing factor
in our financial market. Nor was any satisfaction to
be gained from a survey of the North African military
situation, or the possibility that the intensified Battle
°f Britain may take the turn soon of a German invasi°n attempt. These developments mean, of
course> that the Position of the United States will be
troublesome
Nor
under
were
tion
web, and there is certainly
would exceed both last
bushels and
417,000.
near as
the
year's output of 589,151,000
produced in
crop
the peak
as
size
10-year 1930-39 average, of 569,-
The current
large
of this
1930,
crop
whole industries
only half
a
cover
European War, and
when
or
so
was
a
the
carryover
season
Last
are
of 284,088,000 bushels.
there will be
a
to
July 1
At
substantially
greater carryover, according to present indications,
While a •winter crop of
proportions
added to
haps
an
average
or
are
forecast,
spring harvest, would be
100,000,000 bushels
consume
now
more
than
we
per-
normally
Increasingly exorbitant demands
are
the rule in
vast industrial
our
discouragement of the
no
are
strange apathy
a
threatened
an
all-
Naturally enough,
marginal producers promptly began to
advance
price
The
possibilities,
Administration
exceptions
expenses
a
terminated last Monday with
down" and ordered
tain
being noted with
In the steel industry
increase for labor.
of the
some
offset.
carryover,
channels.
was
pay
study
how additional surpluses of wheat
the start of next
round
"good" does
forth—it is not entirely clear
their way into useful
there
large
dispute
Considering
are
all aspects of the situation.
circumstances—the
present
find
that prospects
aid-to-Great
labor leaders in Administration circles. Even the
strikes which are tieing up many plants and even
in Washington.
no
dozen crops have been larger than that now
forecast,
in the past 22 years.
not
increases
where
but, nevertheless,
Of course, to say
wage
of 825,396,000 bushels
estimate is
the
signs lacking of the ulti-
mate significance of these things to American enter-
for
crop
^
-
*7
the-Department of Agriculture, which places producA
?
,
prise and industry.
616,128,000 bushels.
seeded
little below last
The New York StQck Market
w
at
per
area
year's 13.4 bushels, but* considerably higher than
Britain program.
'INTER wheat crop prospects are especially
good
this year, according to the April 1 forecast of
a
the 11.8 bushels average for 10 years.
increasingly
Winter Wheat Crop
The estimated yield
of 13.3 bushels, however, is
The
porting member banks for the period ended April 16
up
an
The demand side of the credit picture
expectations.
April 19, 1941
a
as
a
promptly
necessary
"cracked
freezing of steel prices, with
possible
after
study.
for labor, which cannot
now
cer-
The higher
be taken out
in increased prices, necessarily will have to be made
good through scarifices by
owners
of the plants, to
the degree that costs cannot be curtailed in other
directions.
All
indications
pointed,
moreover,
to
sharp increases of the tax burden,
The listed bond market
was
less affected than the
equity section by the depressing
sequence
of events,
presently exporting annually.
crop, it may be remembered,
was
planted under particularly propitious weather
con-
cations that defense financing will be done to a ren¬
nature
tively modest degree through ordinary market flota-
The
current
ditions and
the
April report indicates that
United States Treasury securities managed to make
continued to favor the crop over the winter months,
It is
reported that winter killing, in general, was
relatively low and that preliminary estimates indicate
small net gains for the week, largely because of indi-
tions of
new
securities.
came
into
better
bonds
were
steady.
Outstanding Treasury issues
demand.
High-grade
corporate
Speculative railroad issues
were
Volume
The Commercial & Financial
152
Chronicle
2437
dition to this, the estimate furnished by the Secretary of the Treasury, totaling $3,500,000,000 in new
partment, German and Italian obligations rallied a
taxes to be levied next year, was not in itself enlittle, while other issues merely marked time.
The couraging. At the start the trend was mixed, but
commodity markets were dull as might be expected
steel shares lost more than a point. Around noon
in view of the price-freezing efforts by the Adminisequities rallied a bit, only to meet with further liqui¬
dation.
Wheat and other leading grains were hardly
dation in the closing hour, which left steel issues
changed for the week.
Changes in base metal prices close ; to their lows of the day.
Other groups
are
of course virtually taboo under Washingtonaffected were aircraft, motor, rubber and electrical
policies. Foreign exchange trading was quiet, save
equipment issues. Stocks moved lower from the
for a better level of the Canadian dollar.
outset on Friday and struck their lowest levels late
On the New York Stock Exchange 17 stocks
in the day. War shares were hardest hit, as declines
touched new high levels for the year while 359 stocks
ranged to two points. Included in this group were
touched new low levels.
On the New York Curb Exthe steel, airplane and motor issues, which touched
change 29 stocks touched new high levels and 155
bottom levels for the current year. Generally lower
stocks touched new low levels.
prices were the rule this week, as may be seen by a
Call loans on the New York Stock Exchange recomparison of closing levels on Friday of this week
mained unchanged at 1%.
with final figures on Thursday of last week.
On the New York Stock Exchange the sales on
General Electric closed yesterday at 30 against
Saturday were 290,390 shares; on Monday, 458,900
31% on Thursday of last week; Consolidated Edishares; on Tuesday, 453,400 shares; on Wednesday,
son Co. of N. Y. at 19% against 20; Columbia Gas &
436,500 shares; on Thursday, 401,490 shares, and on
Electric at 3 against 3%; Public Service of N. J. at
Friday, 485,180 shares.
24% against 25%; International Harvester at 44
On the New York Curb Exchange the sales on
against 45%; Sears, Eoebuck & Co. at 69 against
Saturday were 50,555 shares; on Monday, 70,900
70%; Montgomery Ward & Co. at 32% against
shares; on Tuesday, 75,470 shares; on Wednesday,
35%; Woolworth at 29% ex-div. against 29%? and
59,925 shares; on Thursday, 62,855 shares, and on
American Tel. &Tel. at 156% against 159%.
Friday, 98,670 shares.
Western Union closed yesterday at 19% against
The market on Saturday of last week dipped
20% on Thursday of last week; Allied Chemical &
lower and completed the brief session around its
Dye at 148% against 150%; E. I. du Pont de Nemid-February levels.
Opening quiet and mixed,
mours at 140% against 142%; National Cash Regisprices gave up fractions to a point in a few promiter at 12 against 12%:; National Dairy Products at
nent issues.
Heaviness held the market in check
13% against 13; National Biscuit at 16% against
irregular and other bonds with a speculative interest
fluctuated variously.
In the foreign dollar bond de-
17; Texas Gulf Sulphur at 33 against 34%; Loft,
Inc., at 16% against 17%; Continental Can at 33%
against 36%; Eastman Kodak at 128% against 132;
Westinghouse Elec. & Mfg. at 88% against 91%;
Standard Brands at 5% against 6; Canada Dry at
11% against 11%; Schenley Distillers at 8%
against 9, and National Distillers at 20 against
20%.
In the rubber group, Goodyear Tire & Rubber
closed yesterday at 17 against 17% on Thursday of
last week; B. F. Goodrich at 11% against 11%, and
United States Rubber at 20% against 22%.
Railroad stocks slumped further the present week,
Pennsylvania RR. closed yesterday at 23 against
23% on Thursday of last week; Atchison Topeka &
Santa Fe at 24% against 25%; New York Central
at 11% against 12%; Union Pacific at 76 against
throughout and values finished around their low
Initial dealings on Monday
prices dropping to their lowest levels
figures of the session.
resulted in
for the year,
in the steel
but
the news that large producers
on
industry had granted pay increases to
employees, thus averting further labor trouble,
their
values
stiffened, and from then on general improvein.
set
ment
creased their
Mixed
By the afternoon leading shares in-
price levels from one to two points.
changes, with quotations at the day's best,
featured the close.
with
contend
The market
unfavorable
Africa and the Balkans,
own
of
war
on
Tuesday had to
news
from
North
plus the warning by our
Secretary of War that the Army has in course
preparation a five-year training program which
may
relegate to second place civilian requirements.
Some evidence was noted of the list's inclination to
77; Southern Pacific at 9% against 9%; Southern
Railway at 12% against 12%, and Northern Pacific
at 5% against 6.
pull itself out of the rut that holds it, but the
nature of the
this end.
day's news furnished no incentive to
Easiness characterized the start of trad-
ing, followed shortly by a show of strength.
midday
a
and with the arrival
erted
on
groove on
make any
of the final hour pressure ex-
key shares brought an irregularly lower
closing to the list.
narrow
Steel stocks again sold off this week. United
States Steel closed yesterday at 50% against 53%
on Thursday of last week; Crucible Steel at 37%
against 36%; Bethlehem Steel at 69 against 73%,
and Youngstown Sheet & Tube at 31 against 31%.
In the motor group, General Motors closed yesterday at 39 against 41% on Thursday of last week;
Chrysler at 57% against 60%; Packard at 2%
against 2%; Studebaker at 5% against 5%, and
After
repetition of the morning period followed,
Prices were again confined to a
Wednesday as traders refused to
material commitments, due in part to de-
pressing reports of the war in North Africa and the
Balkans.
Stocks influenced by special situations
enjoyed modest gains, just as equities affected by
the war suffered more than usual declines for the
day.
paper
At the close improvement was noted in steel,
and rails shares.
Trading volume on Thurs-
day was the smallest of any previous sessions of the
week and values remained around their low figures
of the year.
result
of
Steel shares came in for pressure as a
price-fixing by the Government.
In ad-
*
Hupp Motors at % against 7/16.
Among the oil stocks, Standard Oil of N. J. closed
yesterday at 34% against 34% on Thursday of last
week ; Shell Union Oil at 13 against 12%, and Atlantic Refining at 23 against 22%.
Among the copper stocks, Anaconda Copper
closed yesterday at 22% against 23 on Thursday of
last week; American Smelting & Refining at 34%
Tize Commercial & Financial Chronicle
2438
against 37%, and Phelps Dodge at 27 against 26%.
In the aviation group,
Curtiss-Wright closed
terday at 7% against 8%
yes-
Thursday of last week;
on
Boeing Aircraft at 13% against 13%, and Douglas
Aircraft at
Trade
64% against 67%.
industrial
and
situation, to
a
week
ending
today
Iron
and
estimated by American
Institute
at
98.3%
of
capacity
against 99.3% last week, 99.4% a month ago, and
Production of electric
year.
for the week ended April 12 was reported by
power
Edison
Institute
Electric
because the German and Netherlands markets now
closely integrated. Dutch colonial issues were in
heavy demand, at times, but profit-taking also was
in evidence on occasion.
are
United Mates Policy
Steel operations for the
were
60.9% at this time last
market the principal trend was upward, possibly
reports reflect the strike
degree.
Steel
April 19, 1941
at
2,720,790,000
kwh.
O APID changes in the European military
XV
scene
tended to overshadow, this week, the official
United States program of all possible material
sistance
to
Great Britain
and
various
the
as-
other
countries which currently are under attack by ag-
Only
gressors.
a
few days after they
were
extended,
against 2,778,628,000 kwh. in the previous week and
last week, the events in Yugoslavia seemed to set at
2,417,994,000 kwh. in the corresponding period of
naught the several assurances by President Roose-
last year.
Car loadings of revenue freight in the
week ended
April 12
were
reported by the Associa-
tion of American Railroads at
tion
from the
increase
the
cars, a
reduc-
previous week of 3,594 cars, but
the similar week of last year
over
The
cars.
679,808
an
of 60,703
continuing bituminous coal strike
was
principal factor in the relatively modest
car
loadings.
As
yesterday
of the commodity mar-
course
90%c.
at
against 90%c. the
Thursday of last week.
May
close
on
yesterday
President Roosevelt made it known, late last
week, that the delineation of "combat zones" under
to permit American merchant ships to enter
manner
the Red Sea.
This
accompanied by intimations
gether with the strides of the Axis forces toward
Thursday of last
on
price for cotton here in New York closed
11.45c.
at
against 11.52c. the close
on
The spot price for rubber
yesterday at 23.00c. against 22.75c. the close
Thursday of last week.
Domestic copper closed
yesterday at 12c., the close
Thursday of last
on
week.
the Suez Canal, over the North African route, this
for American
day at 23%
obviously in mind,
the close
Thursday
on
week, and spot silver in New York closed
terday at 34%c., the close
the matter of
London
yes-
Thursday of last week,
foreign exchanges, cable trans-
closed
$4.03% the close,
on
on
yesterday at $4.01 against
Friday of last week.
press correspondents asked Mr.
afforded
merchant
vessels.
European Stock Markets
The
President is
re-
ported to have commented that protection of Ameri-
ships is matter of law.
Such verbal exchanges fail to clarify the
question, which
now
convoy
is being debated with increas-
ing vehemence, owing to heavy British merchant
shipping
losses
and
appeals
thorities for American naval
by
in convoying
ing
0n
use
London
a
proposed resolu-
no
reports
were
au-
The Senate
of American
shipping, but took
this matter
the
convoys.
discussed throughout the week
tion prohibiting the
;
With
Roosevelt, Tuesday, whether protection would be
price of bar silver closed yester-
pence per ounce,
pointedly the question of protection
ships entering the Red Sea.
the moot question of convoy by American warships
can
London the
on
was
that Danish ships recently seized in American har-
bors will be utilized in the supply of British Empire
Thursday of last week.
fers
to
aspect of affairs was pushed steadily in Washington.
seemed to pose
The spot
of last
aid
But
forces in Eastern Africa and possibly in Egypt. To-
on
week.
closed
unhappy country.
Thursday of
38%c. against 37%c. the close
In
that
May oats at Chicago closed yesterday at
last week.
In
to
Great Britain, of course, is another matter, and that
closed yesterday
corn
67%c. against 67%c. the close
on
supplies and other materials will be made
available
the amended Neutrality Act would be altered, in a
indicating the
kets, the May option for wheat in Chicago closed
at
velt and Secretary of State Cordell Hull that American war
war
vessels
action.
Bear-
that the United
LITTLE business the leading this week on stock the Irish Free State would make representations to
States Government for
exchanges in was done
European financial
of ports in that country
i
use
centers, where prices turned largely
the
All the markets
war news.
on
the
closed
were
pivot of
Mon-
on
by
the British Navy.
Secretary Hull denied,
Wednesday, that any such step was contemplated,
day, in the traditional lengthy observance of Easter.
The public discussion of the
When
gests a belief, in most quarters, that full military
participation in the war almost certainly would fol-
business
was
resumed,
developments already had
that
a
German
the London Stock
of
prices
stocks all
took
made
victory would
southeastern Europe.
Tuesday,
it
be
fairly
Exchange, where
place.
changes
of
rapid military
tration
of
in
slow recession
a
Gilt-edged
and
were
modified,
of little consequence.
progress in
Greece, to
industrial
During the
was
somewhat stimulated
was
up
Naturally enough, this subdued
joined in the downward drift.
Berlin Boerse
evident
chalked
later sessions of the week this trend
and price
Balkan
some
by the
Yugoslavia and
distance.
The
news
problem
low positive action by the United States.
sug-
Rumors
circulated persistently that Mr. Roosevelt and his
New Deal advisers might lead up to the convoying
ships to Great Britain by apparently inocuous
convoys to
Greenland
or
Halifax.
But
no
official
support was given to such statements. Secretary of
War Henry L. Stimson declared publicly on Tuesday> 011 the other hand, that the United States faces
all
a grave emergency which may be very prolonged,
and which possibly will require defensive action not
pene-
Almost
convoy
prices
were
buoyant at Berlin, and gains of 1 to 3
only in North and South America, but also in "other
points
were
reported day after day in leading stocks,
regions."
A diplomatic conflict of
But not much
the
business
was
prospect of complete
tinent
by the
domination of the
Nazi legions.
done, notwithstanding
On
the
Con-
Amsterdam
no
great immediate im-
portance developed with respect to the Washington
announcement of April 10 to the effect that the pro-
Volume
tective
military wings of the United States had been
spread
Danish Government
oped last Saturday that the
at
It devel¬
the icy wastes of Greenland.
over
Copenhagen had not been consulted by the Dan¬
ish Minister to
when
hb
Washington, Henrik de Kauffmann,
this
made
with
agreement
States Government in behalf of the
mark."
the
2439
The Commercial & Financial Chronicle
152
But Mr. de Kauffmann
the
United
"King of Den¬
stoutly reaffirmed
arrangement and made it known that he would
consultation with Berlin and
that Berlin
to
conclusion.
a
Italian
to
of the
Berlin claimed
Russo-Japanese accord.
in the
see
bringing the pact
from the German and
Reports
capitals suggest, indeed, a degree of elation
the
over
Rome, and it may be
instrumental in
was
occurrence
"functional verification"
a
Tripartite understanding between Germany,
First and foremost among the
Italy and Japan.
effects, German spokesmen maintained, will be a
disregard orders from Copenhagen for his immedi¬
check upon
ate recall.
Anglo-Saxon Powers to extend the scope of the war.
It
Denmark is
the
was
pointed out in Washington that
completely occupied and dominated by
Secretary of State Hull noti¬
fied Mr. de Kauffmann,
tinue
be
to
tude with
he had
Monday, that he will con¬
recognized
President Roosevelt
any
Danish
the
as
Minister.
emphasized the American atti¬
respect to Greenland by disclosing that
signed
congressional resolution opposing
a
transfers of sovereignty
sions in the Western
over
Hemisphere.
foreign
posses¬
The controversy
regarding the United States seizure of Axis
chant
a
mer¬
ships continued, meanwhile, with Italy taking
vigorous stand against the American action.
third Italian
protest
was
A
lodged with the State De¬
partment, Monday, but it was quite evident that
the views
of the Fascist Government
Congress
began
Roosevelt's
will not
im¬
With the Easter recess ended.
Washington.
press
week
this
consider
to
President
request for authority to purchase for¬
eign ships held in American ports, and early action
was
Rome echoed such sentiments.
In
military forces of Nazi Germany, and in view
of that circumstance
what Berlin alleges is the effort of the
Washington and London the treaty occasioned
obvious
sized
disappointment, which was merely empha¬
by strenuous efforts to modify the importance
of the
new
it
pointed out that the treaty is a most advis¬
was
for
able
one
man
Nazi attack
Russia, which
Japan
Hull
ernments
a
have
shattering effect
a
upon
cer¬
tain aims of the British and the United States Gov¬
In
effect, the two archenemies of the
agreed to resolve
runs
followed
Russia
the
by
a
conflict with others.
a
for five
automatic renewal for
was
their differences and
military attacks in the event either contract¬
ing party engages in
treaty, which
years
further
a
This
and is subject to
period of five years,
"frontier declaration" in which
agreed to respect the territorial integrity of
puppet-State
Japanese
of
Manchukuo,
and
Japan agreed likewise to respect the recent but less
well
publicized Russian occupation of Outer Mon¬
The mutual recognition of territorial con¬
golia.
quests at the expense of China would be startling
enough, in
ture
circumstances.
any
of world
At the present junc¬
affairs, however,
ment is overshadowed
existed
effect
time
descriptive of
between
might
countries for
the two
some
He added that the
even
that arrange¬
by the agreement to maintain
party is attacked by others.
It is
quite possible,
commentators
ton
as
be politely disregarded if it so pleases either
Neither Russia
party.
their
cent
But the
years.
pact probably does have a
bearing
fairs.
It not
attack
by Japan in the event of involvement in a
upon
the critical state of world af¬
only frees Russia from the threat of
European war, but also frees Japan from a threat
of Russian attack if
world
Axis
struggle.
Japan becomes involved in the
Since Japan is bound, under the
pact, to enter the war if the United States
declares
war
upon
the European Axis partners, the
agreement between Moscow and Tokio may be ac¬
cepted
the
as a
grim reminder that Russia will not join
struggle
United
on
States.
the side of Great Britain and the
In recent weeks both
at
manner
lengthy journey
un¬
'Moscow, Berlin and Rome by the Japa-
Foreign Minister.
Mr. Matsuoka, it will be re¬
Washington
making public overtures for
support of Russia.
Consternation
Foreign Commissar Vyacheslaff Molotoff for Rus¬
highly successful
Japan have added to
direct
sia, and by Foreign Minister Yosuke Matsuoka for
a
nor
reputations for observance of treaties in re¬
among
It terminated in
both London and Washing¬
suggested, that the treaty is an
arrangement of convenience for the moment, which
may
pact was signed in Moscow by Premier and
for the Tokio Government the
no
admitted that it
importance in certain
to have great
come
was
circumstances.
the
nese
would
London held that the accord has
if either
dertaken to
"The agreement
situation which has in
a
significance, but it
peaceful and friendly relations and avoid hostilities
Japan.
declared, Monday, that
past," Mr. Hull remarked.
and London have been
The
But Secretary of State
nevertheless
be overestimated.
can
to be
seem
neutrality treaty which is of global importance, and
which well may
avoid
prior intima¬
no
pact comes as no surprise and that its signifi¬
cance
immediate
HIGH officials of thein Moscow, last Sunday,
signed Russian and Japanese Gov¬
East
her Far Eastern
such agreement between Russia and
contemplated.
was
Cordell
unchanged.
Russo-Japanese Treaty
Far
In the event of any such assault,
Department had received
tion that any
the
the oil fields of
Washington dispatches made it clear that
State
our
or
is assured of peace on
now
border.
have to face a Ger¬
may
the Ukraine
policy of the United States Government remains
predicted.
ernments.
on
European Russia.
Russia
Appropriately enough,
understanding.
was
occasioned
by the agreement
the officials of China's Nationalist regime
Chungking.
The Government of Generalissimo
Chiang Kai-shek early this week was said to have
applied to Moscow for clarification of the Russian
Assurances
attitude.
cording to
the
Chungking
quickly
were
dispatches
assistance rendered
extended,
ac¬
of Wednesday,
China
called, stopped off at Moscow both on the journey
that
to and the return from the Axis
during the years of Japanese aggression will be con¬
Since
Japan is
it
be
can
national
a
regarded
capitals in Europe.
full-fledged member of the Axis,
as
But these reports
offset only slightly the
unlikely that the newest inter¬
stunning effect upon China of the Russo-Japanese
effected without prior
agreement to respect the territorial conquests each
arrangement
tinued.
by Russia to
was
Tize Commercial d
2440
China. Internal
apolitical dissension has appeared in recent months
among various factions fighting the Japanese invad¬
ers
of China, and Communists were prominent
among those who tended to depart from policies
country has made at the expense of
The possibility must
adopted by Chiang Kai-shek.
China
that the interior troubles in
considered
be
from Moscow,
perhaps
were
ordered
nary
prelimi¬
to the Soviet-Japanese understanding.
as a
Wash¬
ington reports on Tuesday indicated that American
aid to China
will be augmented.
now
matic observers saw in the accord a
tion
soon
to extend the scope
Some diplo¬
Japanese inten¬
of the
by attacks
war
Netherlands and British possessions in the
upon
financial Chronicle
British
capital, where they sent down a myriad of
destructive
Among the smaller countries of the European
Continent and the Near East the new
treaty
seems
until well
ish
payment by the Nazis for a British bomb attack
against Berlin last week, in which famous land¬
cow
suggested growing apprehension in Mos¬
the German
over
ministered
clear that
alliance,
the first of these,
was
authorities subsequently
made it
they sympathized with the Yugoslavians
objected to the Hungarian move against areas
of the
on
Bulgaria, when that small country
Axis
the Russian
and
and
to
the
entered
The rebuke ad¬
aggressions.
country attacked by the Nazis.
the other
invaded
hand, failed to
heavily
of the German
effect
adverse
to
sort of agreement
some
Italy, but such reports
were
with Germany and
punishment of Berlin in
bers
the German
over
Great Britain
over
the London
moves
bombing
awaited.
was
intensification
of raiding,
the other and
excusing its
Bristol
taliatory basis.
in the week
with each side blaming
own
bombings
British fliers pounded
British
don
ports of France and the Low Coun¬
It is to be
noted, sorrowfully, that the great
economist, Lord Stamp, was killed in Lon¬
during the night raid, Wednesday.
at
war
sea,
over a
upon
depend,
widespread
which the fate of Great
was
area
continued vigorously
by the Germans.
was
soon
may
attempt an
The belief that
new
fostered by the German
Greece.
likelihood of
an
Obviously enough,
by the Germans in the
a
new war area
Europe would free vast
masses
of
forces, the Germans apparently sank or
Occasional reports
recent weeks.
York maritime circles about the
circulated in New
sinking of specific
British, allied and neutral vessels.
The weekly Ad¬
miralty report of Tuesday was awaited with keen
interest, but the figures of aggregate weekly sink¬
ings
were
not made available.
Instead, the Ad¬
miralty announced, sinkings would be made known
May 15, to cover the month of April.
practice of bombing docks
warehouses, however, it also
Chancellor
Hitler
this
was
is
contended this
placing his main
the bombing raids and the shipping
raids, which unquestionably
effect.
Heavy losses
were
are
having
a
serious
sustained by the British
week, and retaliatory action against the Reich
promptly developed.
Since Herr Hitler has
ised the Germans
many
will
in
end
Utiliz¬
ing their coordinated airplane, surface raider and
hereafter
that
away
only at the German cities, but also at the so-
damaged a large tonnage of British shipping during
also in
reliance upon
on a re¬
bombed heavily early
was
by the Nazis, and Belfast, in Northern
Ireland, also suffered.
not
All in all, these
In view of the Nazi aerial
week
were
more
promise only the terrible prospect of steady
troops for service directly against Great Britain.
and
the
observers in London to the
developments impend
of southeastern
Fresh air raids
squadrons
submarine
conquest of Yugoslavia and the
success
on
noted this week in various
invasion of the British Isles.
success
and
was
conclusion that German Nazis
Axis
manner,
many
directions, leading
rapid
disap¬
were
southerly cities of England, while the reaction to
and
DRASTIC intensification of the great Battle of
like
a
city.
the Reich
by
essayed
Britain well may
Battle of Great Britain
morale
The demand everywhere in England was
Thursday night British fliers were reported in num¬
The
denied at Ankara.
have entertained of an
may
British
upon
called invasion
Turkey might
destroyed
sprayed London thoroughly, but
expectations they
any
tries.
Rumors circulated to the effect that
were
capital.
Germans
by Soviet and Turkish officials.
week
this
Moscow for advice in
upon
monuments
along and near Unter den Linden, the main street
Fresh conversations were under¬
foreign affairs.
come
But Turkey,
when Greece was
by the Germans, and it is no secret that
Ankara leans
taken
move
historical
and
marks
for
kans had
But the Germans stated at the
was merely a fantastic re¬
time that the raid
same
readily be forecast
Various
Immense
populace called loudly for retaliatory action
of the reaction cannot
with respect to the Bal¬
signal did not sound
Thursday's small hours.
against Berlin.
pointed.
moves
into
damages were occasioned, and the embittered Brit¬
effect, but the precise nature
diplomatic
The bombing raid was
continuous and the "all-clear"
destined to have some
Russian
explosive and incendiary bombs, until
early on Thursday morning.
The
Far East.
April 19, 1941
on
prom¬
occasions that the
1941, the conclusion
was
war
accepted in
monthly, with the next report due about
London dis¬
patches failed to indicate any overall Admiralty
figure for March losses.
made
on
of
gree
sea
sunk while
authorities
among
announcement was
warfare intensification.
fast British cruiser
German
An
Tuesday, however, which suggested the de¬
on
The
new
and
Bonaventure, of 5,450 tons,
was
convoy
duty, it
was
indicated. British
claimed, in turn, the sinking of several
ships,
an
oil tanker of about 10,000 tons
The action against the German mer¬
them.
London that "all-out" German warfare would be the
chant
rule
of the North Sea.
this
spring, with the aim of terminating the
ships took place, of course, in coastal waters
conflict within Herr Hitler's time schedule.
German
aerial
raids
attained
an
week, not previously witnessed in the United King¬
dom.
London
man
fliers
said
by
on
many
was
particular target of the Ger¬
Wednesday night, and that raid
was
observers to have eclipsed anything
previously known.
man
a
Soon after darkness fell Ger¬
bombing planes appeared in droves
Yugoslavia and Greece
intensity, this
over
the
BATTERED bytroops and aerial squadrons, Yugo¬
mechanized tremendous onslaughts of German
slavia fell this
week, and Greece tottered.
All
re¬
ports agree that fighting was extremely savage in the
two
Southeastern European States which, on April 6,
were
invaded
by the merciless legions of Fuehrer
Volume
The Commercial & Financial Chronicle
152
Adolf Hitler.
The
Yugoslavians stood alone,
for such occasional assistance
could render
cations.
gents
as
through bombing of German
Greece
save
the British Air Force
com muni-
aided by such British contin-
was
General Sir Archibald P. Wavell could
as
spare
in Albania
that
the
2441
confirmed last Sunday, and this meant
was
Yugoslavs
external supplies.
were
completely cut off from
In the mountains around Bitolj,
in Southern Yugoslavia, British units endeavored to
hold
the Germans and
up
from the Nile Army, and latest dispatches suggest
that the number of British effectives transferred
heavy damage
probably did not exceed 75,000.
said to have inflicted
are
whe'ming odds.
was
the
on
side
the
of
drubbing administered
Italy, of
course,
Germans, but the
to the Italians by
in previous months makes it evident that the Italians
of little
were
weeks.
two
last
importance in the battles of the last
The
Hungarians joined the Germans
Sunday, probably in the effort to gain
share of the
Budapest to
invasion of
bad
plunder, and little heed
paid at
was
Yugoslavia had created "a particularly
impression" in Russia.
tion,
sizable
a
warning from Moscow that the fresh
a
Central, in this situar
the swift and weighty German military
was
drive against
is
hardly
Yugoslavia and Greece, and the result
comforting one.
a
Although the fighting
Greece for
a
few
days
German
the
considerations.
influence in
appear to
a
a
losses
severe
said to have suffered in
be heedless of such
miracle
the end
occurs,
further extension of German
might have seemed
a
a
future
spring
possibility.
the Nazis
upon
Such
outcome,
an
military expert realized at the start of the
every
in South-Central
Indeed, they
the outskirts of the
on
But the German drive continued relentlessly,
town.
claims of the High Command
tion of what
clear indica-
gave any
happening in the interior of the
was
Sarajevo, to which the Yugoslav Govern-
country.
ment is said to have retired, fell to the Germans on
There
Wednesday, according to Berlin.
of
were rumors
request for an armistice, but Berlin said nothing
a
had been heard officially along that line.
celebration
Finally,
advanced yesterday in Berlin that
resistance
ordered
was
had ended,
throughout
and
conflict, will
mean an
indefinite prolongation of the
greater struggle between Britain and Germany,
of
a
Reich.
the
British authorities conceded that the position of the
Yugoslav
moved
occupy a
the
in
forces
across
was
Hungarian
grave.
troops
the border last Saturday, in order to
small
area
that
War
World
was
given to the Yugoslavs
settlement.
motorized
Italian
Europe and the loss to Britain of the only * units apparently sped down the Dalmatian Coast
toehold from which
as
pile further
over-
and by the middle of the week only the German
Yugoslav
longer is in doubt,
time
one
organized
are
Unless
of the conflict will be
reported at
were
was
Nazis may
campaign, but they
of Skoplje,
Serbia, last Monday and Tuesday.
the claim
no
in the face of
made by the Yugoslav forces to
were
weeks, the outcome of the
or
those which they
upon
Brave efforts
retake the key city
continue stubbornly in
may
struggle in Southeastern Europe
The
extended positions were given up
severe
the Greeks
the advancing Nazis, but the
upon
short distance.
Yugoslavia
are
If
accurate, it is possible that the Nazi
lines of communication to the battle
be
can
a
the German statements about
shortened.
In that
area
in Greece
also,
event,
German
troops and aerial squadrons can be transferred from
which the Balkan battles may be considered an off-
Yugoslavia to Greece, and the outlook for Greece
shoot.
can
that
The reservation needs to be
the
direct
course,
fighting between Britain and the
Reich also may end quickly, if
exceedingly black
an
seems
destined for military occupation by the Axis
forces, and perhaps for partial division
among
and Italy, and their satellite States.
suffer
severe
Ger-
Greece,
territorial and other losses,
if the battle ends with the defeat of that valiant
coun-
try and the expulsion of British forces.
That the
and
Yugoslavians put
likely to
are
through
guerrilla
warfare
the war, however, the
apparently
up a
^
was
made
plain
in
all
In the second week of
German tank and aerial units
the Yugoslavian armies into
cut
t
fierce resistance
continue the battle indefinitely
reports from that country.
seg-
of
equipment
was
huge inverted V
area
mechanized
as a
sorties
foreign
doubt-
conqueror
was
A
at first formed by the British
Under the
were
units,
withdrawn
seemingly
gave
final retreat
pressure
of the German
the Anglo-Greek troops slowly
from
that
advanced
This
line.
the Germans the impression that
was
in progress, for taunts
were
a
leveled
at the British from Berlin and the prediction confi-
dently made that another Dunkirk
But the Anglo-Greek lines merely
and
as
cover
their
was
were
the fighting developed into
their
long
thrown recklessly by the Nazis
at the apex and down to the battle
line in Albania.
the mountain fastnesses from which
as
of the
and Greek forces, stretching from Mount Olympus to
the Bitolj
Germans tried to
just
course
against the stoutly held lines of the defenders.
ments, which were either overcome or chased into
less will be made
available of the
troops, and they show clearly that an iipmense weight
provided England with
may
are
struggle between the Anglo-Greek forces and the Axis
Yugoslavia, under the German dispensation,
also,
reports
the current accelera-
week,
many
hardly be regarded with optimism,
Full
Altogether, the Balkan
tion of activities is continued.
events
made, of
error
a
in prospect,
straightened,
bitter phase the
by claiming that
rapid advance had forced the British to turn
and fight.
From the top of the inverted V-shaped
From all sides of Yugo-
defense line, the Germans advanced some 60 miles
slavia, giant German armies poured into the country,
into Greece from Yugoslavia and the Italians to the
and
west also were enabled to "recapture" some of the
attempts to hold
drove
ever
sway.
deeper into vital
reached by the Germans late last
week,
was
by the Nazis last Sunday, and the blow
one
be
even
though the capital
defended.
slavian
Few
defenders
direct
were
Belgrade,
areas.
never was
occupied
was a severe
expected to
reports from the Yugo-
available
after
the
Nazi
occupation of Belgrade, but from neighboring counts
ries reports
territory in Albania which they lost to the Greeks
after their wanton attack
last October.
upon
that small country
The real defense line of
some
150 miles,
from the Mount Olympus region to the Adriatic Sea,
was
established by Tuesday, and thereafter the fight-
ing developed rapidly.
That
The struggle became sanguinary in the extreme,
the Germans had driven completely across southern
with the Greeks and British holding out stubbornly
Yugoslavia and established contact with the Italians
against
of bitter fighting
were
plentiful.
ever
greater masses of German troops.
At
The Commercial <£ Financial Chronicle
2442
their
great sacrifice the Nazis managed to force
way
tinual assaults
by the Germans and Italians.
vast
of
Ger¬
man penetration of the plains of Thessaly seemed to
throw the Anglo-Greek defense into some jeopardy
yesterday.
But the British Empire forces on the
right of the line coolly pounded the advancing Reich
troops and destroyed many tank and other units.
Accounts of the fighting in the Mount Olympus area
indicated, unofficially, that the Germans lost the
equivalent of two divisions in casualties there.
Re¬
ports circulated at times that the British forces might
it
be evacuated in order to reinforce the
hard-pressed
Fascist
in Egypt and the eastern tip of Italian Libya.
Tripoli.
position in Albania aroused particular concern
bottom,
through
army
The
few
a
and the threat of
narrow passes
a
yesterday, for the withdrawal of the Greeks finally
the Italians
gave
opportunity and
an
indicated that the Italian drive
Greek High
some accounts
The
continuing.
was
Command admitted the gravity of the
Ankara, the Turkish capital, suggested yester¬
of Yugoslavia and Greece
reserves
have been moved to
of
bombardment
the
The
Navy finally were
Axis
Bardia
of
area
Libya,
supply route
re¬
Port Capuzzo, in the
ported, beginning Thursday.
shelled by the British
was
warships, after German and Italian troops retook
the town.
Perhaps the most effective action of this
campaign
miralty
During the previous night,
Wednesday.
appeared,
meted
reported, however, by the British Ad¬
was
on
naval force encountered and sank
a
naval
from
route
en
convoy,
Italy
a
to
Three Italian destroyers were sent to the
similar
it appeared, and
out
five
to
Fascist
treatment was
transports, aggregating
In this engagement the British suf¬
20,000 tons.
fered the loss of the
but most of the
destroyer Mohawk, 1,870 tons,
rescued.
were
crew
Discount Rates of
Foreign Central Banks
THERE have been no changes this week central
of
of the foreign in the
discount
banks.
Egypt for safekeeping.
British
the
brought into play, in this situation, with continued
situation, but exhorted the populace to remain calm
steady nerves.
Reports
day that the gold
resources
naval
and await the outcome with
from
April 19, 1941
rates
Present
any
the
at
rates
leading
centers
are
shown in the table which follows:
African Campaigns
1INES of battle hardened this week in the North
of the
conflict between
African
Great
theater
Britain
and
vast
while in
Germany,
East
the
Date
vious
Effective
Rate
3H
Mar.
2
Jan.
3
Aug. 29 1939
2
Hungary
4
Aug. 29 1935
4H
India
3
Nov. 28 1935
Italv
British victors
the
con-
■s>
their
tinued
mopping
operations.
up
The battles
Canada
2H
Chile
3
Dec
161936
4
Japan
4
July 18 1933
6
Java
3
Jan.
11936
3H
Morocco
...
Danzig...,
4
Jan.
21937
5
4H
May 22 1940
Eire
3
England...
of
in
Italian
Eritrea, Somaliland and Ethiopia have
been conclusive.
cent
Hardly
effort
an
was
made in re¬
2
days by the scattered Italian forces to oppose
the British
There
Empire drives from
dozen directions.
a
indications, indeed, that the Italians at
were
sible
the
concerned
were more
retaliatory
measures
prospect of
complete
..
3
Jan.
14 1937
4
6
July
15 1939
7
6H
May 28 1935
Norway....
4H
3K
5H
Poland
4H
Sept 22 1939
17 1937
Dec
3K
4
Mar. 31
1941
4H
Oct. 26 1939
3
Portugal
Rumania...
3H
May
5 1938
4K
3X
May 15J1933
4H
5
..
....
...
Oct.
11935
5
South Africa
Deo.
81934
4K
Spain......
Mar. 17 1941
2
Sweden....
3X
Apr.
6 1940
4
6
..
Greece
5
3.65
7 1936
1
Germany
3H
May 18 1936
Apr.
June 30 1932
Jan.
4 1937
7
4H
*4
4H
5
Mar. 29 1939
3 H
Switzerland
1H
Nov. 26 1936
Yugoslavia
5
Feb.
3
May 17 1940
1
2
1935
6K
Not officially confirmed.
over pos¬
Bank of England Statement
by the natives than over
domination
3.29
4
...
France
•
outposts in Ethiopia
mmm
Lithuania
...
Estonia
Finland
4K
Italy
'
Czechoslo¬
vakia
Rate
Holland
Colombia..
colonies
vious
7
Aug. 15 1935
Mar.11 1935
Denmark
African
Date
Effective
2H
5 1940
6
Country
11936
...
Bulgaria...
Belgium
Effect
Apr 18
Effect
Apr 18
Argentina.,
Pre¬
Rate in
Pre¬
Rate in
Country
by
British
forces.
Washington indicated
belief that the East
THE Bank's addition statement as of April cir¬
weekly of £3,485,000 in note 16
showed
African
struggle has ended, by declaring that Amer¬
culation, which raised the total outstanding to a new
ican
ships
now may
a
enter the Red Sea.
But the de¬
veloping conflict in North Africa between British
forces
and
the
reinforced
German-Italian
gents overshadowed the British
ward.
The
divisions
rapid
toward
advance
of
Axis
to the east¬
mechanized
Egypt stirred the British
many
historic.
matter of
few weeks the Germans
a
divisions,
was un¬
swept
over
In
that the British
were
over
The obvious inference
taken
a
terri¬
tory that British mechanized forces captured
period of two months.
was
by surprise, after hav¬
ing withdrawn most of their effectives from Italian
Libya for the campaign in Greece.
of
firmed
a
group
this
The German cap¬
of British general officers
impression.
con¬
The rolling German divisions
easily halted, and they swept past the
British-occupied port of Tobruk, and actually
trated
a
short distance into
Fighting
was
£106,215 respectively.
severe,
this week, at the Egyptian town of Solum,
German
Below
discount rate.
with comparisons for
BANK OF
in
reserve to
we
furnish the different items
previous years:
ENGLAND'S COMPARATIVE
STATEMENT
Other deposits
April 20,
1940
1939
1938
Arpil 21,
1937
£
Public deposits,
Arpil 19,
1941
Circulation
Arpil 17,
£
£
£
£
622,203 000 537,477, 467 485,004 032 495 ,577,068 464,024,031
18 ,026,000
25,585,596
14,871, 000 28,654, 206 22,128, 735
168,656, 633 154,694, 489 135,303 201 142 ,586,454 130.050,209
96,473 161 106 ,461,146
38,830 040 36 ,125,308
91,181,522
38,868,687
132,687 ,838 129.444 068 101,976, ,164 117 ,616,164
59,180 293 27,897, 700 30,967 366 29 ,055,594
28,607,932
Banker's accounts. 115,145, 622 114,958 166
39,736, 323
Other accounts
53,411 Oil
Other securities
40,783 ,799
Securities
18,396 494
9,230 000
Coin and bullion
1,433, ,076
6,742 ,265
24,225 ,101
26.7%
2%
94,064,314
8 ,231.988
19.70%
2%
4,594,387
20 ,823,606
24,013,545
50,669,319
43,679 702 42,174 ,588 31 ,644,341
1,157 ,169 227,178, 620 327 ,221,409 314,693,350
4,946 946
22,950 754
Proportion of reserve
columns
British
The proportion of
April 16,
were
halted.
Tobruk
to liabilities
Bank rate,:
remained
"bankers' accounts" and
5.0%, the lowest on record, com¬
pared with 6.8% last week and 23.8% a year ago.
Government security holdings showed an addition
of £4,715,000, while other securities were lowered by
£45,980.
The latter includes discounts and ad¬
vances, which rose £870,704 and securities, which
declined £916,684.
No change was made in the 2%
Reserve notes & coin
where the
£5,169,372 in other deposits
£3,849,000 in public deposits.
liabilities fell off to
Disc't & advances.
Egypt.
rose
loss, the eighth
The total of re¬
accounts," which increased £5,063,157 and
Govt, securities
pene¬
of
of
deposits comprise
foe, and
major engagement began to develop west of Tonot
decrease
But the British Empire
forces hastened into the desert to meet the
bruk, late last week.
An increase
a
"other
supporting Italian troops, plainly
a
£9,230,000, is the lowest on record, com¬
Other
prove
appears
Gold holdings
registered
weeks, of £3,333,000.
reserves
pared with the previous low, £12,397,049, June 5,
along the border of Egypt and Italian Libya
battle
expected by the British Command in Egypt.
were
as
serves,
1940.
a
The swift movement of German Panzer
a
in
offset
and the
ture
high of £622,203,000.
£151,551 while
into
which may
a
record
to be in prog¬
action, however, and
ress
successes
contin¬
an
hands, notwithstanding
con¬
Gold ,val. per fine oz.
5.0%
2%
168s.
23.8%
2%
168s.
148fl. 6d. 84s.
ll^d. 84s.
32.50%
2%
ll^d.
Volume
The Commercial &
152
Bank of
Germany Statement
inancial Chronicle
to and including 90 days are %% hid and 7-16%
up
asked; for bills running for four months, 9-16% bid
THE Bank's statementinfor the first quarter of
April showed
drop
note circulation of 162,-
and
845,000 marks, which lowered the total outstanding
9-16% asked.
a
to
14,025,433,000 marks, compared with the record
high, 14,188,278,000 marks, the previous quarter and
11,946,915,000 marks a year ago. Bills of exchange
and
checks
after
a
now
loss of
proportion
a
gold
ord.
Gold
marks to
at
now
month ago and
and
exchange to note
0.55%, compared with 0.56%
0.53%, Dec. 31, the lowest
and
foreign exchange
total of
a
foreign
%% asked; for five and six months, %% bid and
The bill-buying rate of the New York
Reserve Bank is %% f°r hills running from 1 to 90
days.
Discount Rates of the Federal Reserve Banks
marks,
15,105,463,000
261,970,000 marks in the quarter. The
of
circulation is
aggregate
2443
on rec¬
fell off 276,000
THERE have been of the Federal Reserve banks;
no changes this week in the
rediscount
rates
recent advances
on
Government obligations are shown
in the footnote to the table.
schedule of rates
The following is
the
in effect for the various classes
now
of paper at the different Reserve banks:
77,523,000 marks, while invest¬
DISCOUNT RATES
OF
FEDERAL
RESERVE
BANKS
ments, other assets, and other daily maturing obli¬
Rate in Effect
gations declined 4,387,000 marks, 51,424,000 marks
and
138,076,000
furnish
the
previous
marks
Below
we
comparisons
for
respectively.
years:
various
items
with
Date
Previous
April 18
Established
Rate
Federal Reserve Banks
Boston
1
New York
1
1, 1939
Aug. 27. 1937
Philadelphia
l
Sept.
Sept.
X
IX
Cleveland
IX
IX
4, 1937
2
May 11, 1935
2
IX
Aug. 27. 1937
2
Aug. 21, 1937
2
Chicago
*1X
*1X
Aug. 21, 1937
2
St. Louis
*IX
2, 1937
Aug. 24, 1937
2
3, 1937
Aug. 31, 1937
Sept. 3, 1937
2
Richmond
Atlanta
REICHSBANK'S
COMPARATIVE
STATEMENT
Minneapolis
Changes
!:.
for Week
April 7, 1941
April 6,
1940 Apr. 6, 1939
IX
Kansas City
Dallas
*1X
*1X
IX
San Francisco
Assess—
Reichsmarks
Gold and foreign exch.
Reichsmarks
Reichsmarks
•
77,523,000
77,722,000
76,397.000
—261,970.000 15,105,463,000 12027182,000 7,778,362,000
al70,586,000 c535,510,000
120,832.000
a21.402,000
c30,693,000
37,811,000
—4,387.000
27,897,000
141,204,000
992,610,000
Silver and other coin..
Advances
Investments
Other assets
—51,424,000
2
Sept.
2
2
Reichsmarks
—276,000
Bills of exch. <fc checks.
Sept.
Advances
Government obligations bear a rate of
on
1%, effective Sept. 1, 1939,
Chicago; Sept. 16. 1939, Atlanta. Kansas City and Dallas; Sept. 21, 1939, St.
Loulsa
Course of Sterling Exchange
1,194,152,000 1,739,060,000 1,427,952,000
Liabilities—
Notes In circulation
—162,845,000 14,025,433,000 11946 915,000 8.165,177,000
—138,076,000
1,988,478,000 1,679,351,000 1,059,758,000
a452,760,000 c776,503,000
544,587,000
Oth. daily matur.oblig.
Other liabilities
Propor'n of gold & for.
curr. to note clrcul'n
a
—0.03%
Figures as of Feb. 22, 1941.
0.94%
0.65%
0.55%
present easier tone reflects the thin character of the
market due to the Easter
Figures^as of March 30, 1940.
c
FREE market sterlingduring the past week. The
has been showing a definitely
easier undertone
tax program
Foreign Money Rates
for free
IN LONDON open market discount rates for short
Thursday
1 1-32%,
against
bills
1
1-32%
on
on
were
Friday of last week, and 1 1-32@1 1-16%
for three months'
on
on
as
bills,
as
Friday of last week.
Thursday
against 1 1-32@1 1-16%
Money
on
call at London
between
range
sight, compared with
$4.02% and
a range
$4.03% last week.
The
$4.03%, compared with
a
range
of between
$4.03 and $4.03% a week ago.
1%.
was
The
for cable transfers has been between $4.00%
range
and
and to the extreme
sterling this week has been between $4.00%
and $4.03 for bankers'
of
season
which faces Great Britain.
Official rates
quoted by the Bank of England
con¬
tinue
unchanged: New York, 4.02%-4.03%; Canada,
4.43-4.47(Canadian official,90.09c@90.91c perUnited
New York Money Market
A LTHOUGH the supply
of bankers' bills and
mercial paper now tends to
ajl
com-
increase, dealers
States
dollar); Australia, 3.2150-3.2280; New Zealand,
3.2280-3.2442.
American commercial bank rates for
report modest activity in the New York money mar¬
registered sterling continue at 4.02 buying and 4.04
ket.
selling.
Rates
The
wrere
unchanged in
Treasury in Washington sold on Monday
ther
issue of
an
average,
annual bank discount basis.
the New York
Stock
computed
Call loans
on
Exchange held to 1% for all
transactions, while time loans again
60 and 90
fur¬
a
$100,000,900 discount bills due in 91
days, and awards were at 0.093%
on
all departments.
were
1%% for
days, and 1%% for four to six months'
datings.
In London
Italy
or any
New York
vaded
exchange is not quoted
exchange is not quoted
on any
In
of the in¬
European countries, but German official marks
nominally quoted around 40.00 and registered
are
marks at 13.55.
Italian lire
are
pegged in New York
at 5.05.
The pressure on
New York Money Rates
Germany,
on
of the invaded European countries.
week
this
financial London is again indicated
by the increase in note
circulation of
£3,485,000 to
DEALING in detailfrom day toloan rates on the
with call day, 1%
Stock Exchange
the
was
ruling quotation all through the week for both
loans and renewals.
continues
up
quiet.
maturities.
1%% for four to six months'
The market for prime commercial paper
been little change in
rates
are
the demand
or
There has
supply.
with the previous high of £618,718,000
new
The market for time money
continued moderately active this week.
This compares
on
Rates continued nominal at 134%
to 90 days and
a new
Ruling
on
April 9 and with the earlier record of £616,904,239
Dec.
25.
Under
normal
conditions
Bank
of
England circulation might be expected to reach its
peak around the Christmas
bank
holiday.
season
and the August
Holiday observances of all kinds,
including Easter,
Christmas and the August bank
holiday, have been practically suspended since the
beginning of the
%@%% for all maturities.
all-time peak of £622,203,000.
war.
At this time of the
year
circulation of the Bank of England should not greatly
Bankers'Acceptances
exceed £300,000,000.
THE market for prime bankers'this week. The
acceptances has
been somewhat
active
more
supply of prime bills has improved, but the volume
of business is still small.
Dealers' rates
as
reported
by the Federal Reserve Bank of New York for bills
the World War
1918,
but
Bradburys)
was
currency
were
The highest circulation during
£64,900,000 reported in Nov.,
notes
then
outstanding
£293,790,000.
The Bank's ratio of
reserves
to liabilities
(the
'4
on
April 16
fell to 5.00%, the lowest on record, and compared
The Commercial A Financial Chronicle
2444
with
23.8%
Increased industrial
earlier.
a year
pay¬
rolls, higher prices and the holding of larger cash
by private individuals are responsible for the
reserves
circulation
the fact
in
seen
Corporation
to
on
position is increasingly appre¬
A partial indication of this is
that the Reconstruction
Finance
April 16 announced its first big loan
British-owned company to enable it to place
a
the necessary
expansion.
this side.
on
dollars at the
%%.
1
Canadian
refer
of the British-American Tobacco
Through the transaction the British Treasury
Co.
receive
will
$25,000,000 in cash from the British-
The market believes that many
other directly held
official
and
The British will use the money received
munitions here. The RFC
is
desired
If
matter of
a
as
until the loan is paid.
policy, the Corporation
eventually could sell to private buyers, on the assump¬
tion that British interests are
unlikely
ever
to rein¬
However, banking opinion in
state the investment.
New York
regards the transaction, regardless of its
legal form,
as
governed essentially by the purpose to
no
to
Jones, Federal Loan Administrator, said that
loans had been made by
the RFC to institutions
help them purchase British assets, but that the
Defense Plant
of
Corporation had made commitments
$50,000,000 to buy British-owned munitions plants
Total defense commitments
United States.
in the
thus far by
000,000.
Of this $408,000,000 has been made for
of
purchase of metal, $200,000,000 for the purchase
rubber, and $775,000,000 for loans and construc¬
tion of
and
Washington
are
seeking
a
a
method of
This
was
few weeks ago in official quarters, but since
King, has been in conference with President Roose¬
other
and
Washington leaders,
tourist demand for the Canadian dollar
Montreal funds
discount
a
of
ranged during the week
12%% and
discount of
a
The amounts of
follow
are
gold imports and exports which
taken from the weekly statement of the
United States Department of Commerce and cover
the week ended April 9, 1941.
GOLD
EXPORTS
AND
IMPORTS
APRIL
TO
3
A
APRIL
Imports
Ore and base bullion..
Total
United Kingdom
.'
3,021,770
Mexico
548,699
Venezuela..
£
3,729
New Zealand
*
Chiefly
38,075
$167,552
Canada,
$149,435
Nicaragua,
and financial
$100,356
$416,393 Chile, $726,357 Peru, $164,866 Venezuela.
Gold held under earmark at the Federal Reserve banks
and
was
$4.03@$4.03% for cable transfers.
the range was
were
was
was
On Tuesday
$4.02@$4.02%; cable transfers
$4.02%@$4.03.
On Wednesday bankers' sight
$4.01@$4.02 and cable transfers
On
On Monday
$4.02%@$4.03 for bankers' sight and
sight
4.02%.
Thursday
the
range
were
$4.01 %@
was
$4.00%@
$4.01% for bankers' sight and $4.01@$4.02 for cable
transfers.
On Friday the range was $4.00%@$4.01
for bankers'
sight and
$4.00%@$4.01% for
cial
exchange in four to six months and the
some
or
kind of stabilization agreement.
goods, normally obtains accommodation loans in this
but the
country,
assistance
Neutrality Act
impossible
as
The Dominion has increased its
the
war
a
belligerent.
purchases here since
started and is running short of dollar ex¬
change because the trade balance between Canada
,
It is believed that Canadian
prefer to obtain
a
loan.
banking circles would
legislation.
Bank¬
ing authorities in Montreal and Ottawa point to the
fact
that
Canada has
bought much
more
in the
longer quoted.
The
British foreign
acted promptly
exchange control has seldom
with respect to international political
So it happens that on April 15 the New York
bankers Foreign Exchange Committee reported the
events.
receipt of cable advices from London as follows:
"Effective April 8,
Hungary, including the portion
of
Transylvania ceded to Hungary by Rumania, is
declared to be enemy territory."
Recent Amsterdam
Aid from the Stabilization
Fund could be extended without
Commer¬
NOTHING new of importance can be said regard¬
ing the Continental foreign exchange and
and the United States is normally unfavorable to
Canada to the amount of $400,000,000 annually.
cable
Friday were $4.00%
financial situation.
has made such
Canada is
on
Continental and Other Foreign Exchange
through
Canada, the second largest purchaser of American
Closing quotations
sight bills finished at $3.98; 60- and 90-day bills
are no
Minister, it is believed, is in Washington to
loan
on
$4.02%@$4.03 for bankers' sight
for demand and $4.01 for cable transfers.
out
Mexico,
increased
Referring to day-to-day rates sterling exchange
Saturday last
question of bringing the Cana¬
run
was
during the week ended April 9 by $3,553,007 to $1,909,978,973.
Canada is expected to
a
$575
$198
Canada
dian dollar to par.
seek accommodation in the form of
$575
$5,642,313
cussion has been the
Prime
INCL.
Exports
3,612,471
transfers.
dollar
9,
;■■■'.
*$2,029,842
Refined bullion and coin
banking opinion holds that the chief subject of dis¬
of
the
premium of 10% buying
$4.02%@$4.03% for cable transfers.
April 16 the Canadian Prime Minister, Mackenzie
velt
a
bankers'
stabilizing the Canadian dollar at par.
in
90.09c and 90.91c, respectively.
or
being asserted again in financial circles that
Ottawa
Most of the
done
is
plants.
It is
denied
Canada
ii%%.
the Defense Plant Corporation are $1,470,-
the
slightly
Detail of Refined Bullion and Coin Shipments—
extend financial assistance to Great Britain.
Jesse
a
important factor giving firmness to the free
an
the loan to pay for
will in effect own the company
1-32%, four-months' bills
with
business
11% selling,
between
position.
against
market, where the Canadian authorities quote
market.
on
money
Changes in the Canadian rate
the United States dollar at
method will be found to ease the British dollar
a
1
Call
unchanged, with two-
only to the so-called free market.
commercial
British investments here are also due for relief and
that
are
exchange is steady, showing
undertone.
At present
American Tobacco Co.
having
easy,
3-32% and six-months' bills 1%%.
$40,000,000 for 10 years.
Co. of Louisville, Ky., wholly-
demand.
Bill rates
and three-months' bills
firmer
k Williamson Tobacco
market continues
slight firmness which reflected the
end of the fiscal year
bills is
disposal of the British Treasury without
owned subsidiary
financing.
receded from the
change of the company's ownership.
The loan is for
The borrower is the Brown
Great Britain and say that
United States than in
this situation cannot continue unless Canada obtains
The London money
The strained British
ciated
April 19, 1941
of
The
dispatches shbw that the Bank
Netherlands gold reserve has decreased by
24,600,000 guilders to a total of 1,071,100,000 guild¬
ers.
Advances by the Bank are off by 12,400,000
Volume
The Commercial & Financial Chronicle
152
guilders, but there
increase of 40,100,000
an
was
guilders in bills due and Treasury
sundry debtors
Bankers balances showed a re¬
guilders.
400,000
cession
of
The item
paper.
18,600,000 guilders at 230,-
was up
21,300,000 guilders, totaling 165,700,000
Gradual
economy
absorption
In December tariff bar¬
proceeds steadily.
a
in
On March 29
drastic
were
virtually elimi¬
official decree
an
the Reich
Holland into
of
riers between the two countries
nated.
EXCHANGEbe aheld steady by the various national
r the Latin-American countries con¬
tinues to
placed under
licensing system the entire Dutch trade
controls.
exchange
announced
Boston
National
First
The
week the
last
Bank
of
receipt
of cable
advices from its branch in Buenois Aires
outlining
the
guilders.
2445
in
foreign exchange regulations now in effect
new
It pointed out that the official
Argentina.
ex¬
change market continues unchanged, with the buying
for the peso at
rate
for the
335.82 for $100 and at 13.50
The selling rate is 373.13
pound sterling.
for $100 and 15 to the
pound for preferred exchange.
The selling rate is 422.89
and
foreign goods and credits with non-residents. Can¬
cellation of the last restrictions on foreign exchange
secondary official exchange.
and 17, respectively, for
Under the new "auction
market" system
inaugurated
transactions and
products of United States origin for which
exchange,
foreign
gold, /foreign
payments between the Reich and
Netherlands
occupied
securities
resulted
territory
early
in
of clearing accounts for
April in the liquidation
Restrictive
affecting
measures
transfers
American
armament
after the
shares,
most American se¬
as
total Netherlands
a
with market restrictions,
license
general
official
unofficial
or
Dutch certi¬
possible only
quotations will be
accepted
allowed and the certificates will not be
as
collateral for Bourse loans.
contingent
has
Argentine products in the United States.
Argentine corporation to promote these sales
will
be
The organization is
started to function.
now
called the
Argentine Promotional Corporation.
The
non-profit-making.
financed by an assessment or export tax on
to the
United States
modities
which
on
a
shipments
selected number of
com¬
$12,000,000 annual business is
The
done.
being
now
on
It
will be
company
Government is
Argentine
point, since trading in that unit ceased last May
were frozen by executive
which will establish minimum standards of quality.
of the most
April 10 prohibiting foreign banks in Brazil from
The
franc
was
rate
cross
Switzerland
on
Swiss
Swiss
The
franc.
franc
formerly
New
in
one
Latest advices indicate that the
active currencies.
is
10
current
York is
French francs to
quotation for the
around 23.22
cents,
bringing the French franc equivalent to about 2.33
In the
early stages of the German invasion
of France the French rate here declined to a low of
cents.
When the freezing order was issued,
1.80J/£ cents.
President
United
The
States
Treasury in issuing licenses
for withdrawals from frozen
invariably
granted
foreign funds has almost
applications
where the money
released benefits United States creditors.
recent
of
that
a
banking
group
here which seeks
$10,000,000
banking credit. Several smaller applications relating
to Balkan credits are pending.
Germany, whose
payments owed by Hungarian banks on a
funds in this country are not
regularly
still credits owed here.
ment
does
not
"frozen," continues to
its estimated $31,000,000 of stand¬
on
The current standstill agree¬
expire until the end of May, and
there appears to
be little doubt that it will be ex¬
tended.
on
the invaded European countries is
The German official mark
is quoted
around 40.00 and registered marks at
13.15.
Italian lire are pegged in New York in a
quoted in New York.
nominal market at 5.05.
Swedish kronor in limited
steady around 23.85, against 23.85.
(commercial) are steady at 23.19,
against 23.213^.
Exchange on Finland closed at
2.05 (nominal), against 2.05
(nominal). Spanish
pesetas are nominally quoted at 9.25 against 9.25.
trading
Swiss
South American
are
francs
Ten leading
of the
Bank of New York.
Constitution of Nov.
that shareholders in banks of
It
ians.
foreign
gives
In Brazil
Dec.
had
the London
are
Bank, the Royal Bank of Canada,
and the National City
145
on
having branches
some
The three largest
throughout Brazil.
a
Article
10, 1937 declares
deposit must be Brazil¬
banks
of deposit already
"reasonable time" to comply,-
48 national banks carried
1, 1940 of $585,000,000.
deposits
as
of
The 10 foreign banks
deposits of $100,000,000.
•—
The Federal Reserve Bank of New York reports
that for the second consecutive month bankers' dollar
acceptances issued to finance exports increased
sub¬
The gain in bills due to exports
$5,610,000 in March.
It is understood
stantially in March.
amounted to
that the increase in export
South
America,
business
reflecting
was
The
at
■
;
"■
Bank
•
Argentine unofficial or free market peso closed
23.65,
have
chiefly with
Export-Import
credits.
long
closed at
Exchange
affected,
are
decree
a
accepting deposits after July 1, 1946.
foreign banks
One of the
applications about which there is some specula¬
tion is
Brazil issued
of
Vargas
established in Brazil
trading in the franc ended at 2.18 cents.
not
with the
possibility that the determining factor may be the
backing the project and has set up an organization
order.
pay
direct negotiations between the im¬
porters and the exchange control board,
when French accounts here
one
on
a
York is at
Interest in the French franc in New
low
The importation of such items will be
machinery.
The
ficates for American securities will be
no
ber; and (3) trucks, automobiles, and agricultural
against American collateral
After May 1 trading in
Bourse loans.
official
no
machinery and
Building materials,
categories: (1)
sale of
still constitute about 35% of the
March 7,
on
exchange is available have been divided into three
regulations be held until
new
Loans
war.
liquidation, especially of
some
curities will under the
while
an
securities, to take effect May 1, re¬
sulted this week in
under
of
575,000,000 guilders of Dutch certificates
for American
was
parts; (2) miscellaneous items from jewelry to lum¬
merchandise and other transactions.
estimated
which
nominally
Argentine official pesos
Brazilian milreis
5.15, against 5.15.
Chilean exchange is
against 23.30.
held at
been
29.78.
quoted at 5.17, against 5.17.
nominal at 16.00.
The Mexican
peso
Peru is
is quoted at
20.75, against 20.75.
♦—
EXCHANGE on the Farimportance from those of
features of Eastern countries presents
no
recent
new
weeks.
Quite
all
these units
sterling bloc.
The Japanese yen
are
steady,
through the
continues to be held
being allied to sterling either directly or
The Commercial & Financial Chronicle
2446
steady in terms of the United States dollar by the
1941
April 19,
Less Than Inferior?
Japanese control, but it is increasingly evident that
the financial strain
on
undecided
are
reported
as
It is to wonder
Local fi¬
Japan is growing.
nancial circles in Tokio
cautious and
following the signature of Japan's neu¬
to Leon Henderson in his new
trality pact with Soviet Russia, and as expecting
istrator
that
of
Russo-Japanese trade agreement will follow
a
From the commercial standpoint Japanese
promptly.
business
regard the promotion of trade between
men
the United States and Japan as of
vastly
im¬
more
just what rank, dignity and im¬
portance President Roosevelt considers as attaching
.
Office
an
.
.
Civilian
and
capacity
"admin¬
as
appointed by the President" to be "the head
Price Administration
of
and
Supply," just created by executive order
assigned
of the units "in the Office for
as one
Emergency Management of the Office of the Presi¬
portance, and of this there is little or no prospect.
dent."
Japanese circulation has been increasing sharply since
quoted from the presidential order itself, carry sug¬
the beginning of
gestions of high potentiality, at least planned and
to
foreign
This is
the Chinese invasion, while exports
countries has declined severely.
currency
especially in the Japanese cotton and
seen
In the past year
silk trade.
Japanese shipping facili¬
ties have been curtailed and it has become more and
difficult to import essential war
more
well
as more
normal economic goods.
believed that
be
not
on
materials
as
It is generally
trade account alone the yen could
The Chinese Government at
a
task of
expanding China's foreign
view to
obtaining
also handle the
ucts
for
the
foreign exchange.
raw
prod¬
Current Government
are
obligations
commensurate with the
seem
wordy designations, although the specified
are
sketchily
so
amount
to
generally
and
posely avoided in
tainty could not
a
on
yen
checks this week
Friday of last week.
against
23.46,
executive
apparently considered
within
to
23.46,
were
Hongkong
243^; Shanghai
5.50,
at
at 47}^, against 473^; Bombay at 30.31, against
make
use
the
hardly
of the
supervision
of
any
mere
closely ensconced and
interrupted vigilance
ever
continuously enabled to
highest prerogatives of the presi¬
Constitutionalist, if
once
any
remains in America,
confronted by the doubts
concerning Mr. Henderson's status adverted to in
the
opening sentence of this article.
of
the
Constitution
tained grave
ment
fears
as
of
the
United
The Fathers
States
enter¬
to the stability of any govern¬
by the people unless the misuse of patronage
subvert
the
liberties
effectively prevented.
Gold Bullion in European Banks
an
of such
.
The
to
30.31, and Calcutta at 30.31, against 30.31.
the
of the Chief Executive and
dency.
as
superlative significance that it could
entrusted
Cabinet officer but must be
held
But
the face of
upon
order, is placed at the head Of
office
immediate and
be
to
uncer¬
be excluded.
to
seem
Henderson, by the terms and
not
as
realm where doubt and
even
Mr.
executive
powers
described
implication that precision was pur¬
an
must find himself at
against 5.50; Manila at 49.80, against 49.80; Singa¬
pore
hoped for, and the broad specifications as to func¬
tions and
meeting only one-quarter of
efforts.
Quotations for
at
It will
wood, oil, tungsten, antimony and tin,
war
against 23.46
a
supplies, including exports of
war
it is said,
the cost of
closed
more
payment of loans.
revenues,
organ¬
with
commerce
growing barter of Chinese
foreign
United States
and
Chungking has
trade ministry which will take over the
new
resounding and accumulating titles,
the
kept from declining in terms of the dollar
and the pound.
ized
These
misgovernment
the
people
could
They knew that their
under
bribery by the King,
of
as
George
III
rested
be
own
upon
England's chief executive,
THE following table indicates the amounts of gold
(converted into pounds sterling at the
of
British statutory rate,
portion of whose members had obtained their places
bullion
the
in
84s. 113^d.
European banks
principal
dates of most recent statements,
special
per
as
fine ounce)
of respective
reported to
cable yesterday (Friday); comparisons
shown for the
by
us
are
corresponding dates in the previous
in
of
Germany
Spain
1940
1939
1938
£
France y
£
£
£
*724,707
x.
*585,180
242,451,946
3,876,150
63,667,000
..
242,447,900
3,370,350
63,667,000
17,440,000
100,379,000
129,286,000
16,602,000
97,714,000
Italy
NetherlandH
132,857,000
84,758,000
41,994,000
6,505,000
Nat.Belg..
Switzerland
Sweden
Denmark
Total week.
Note—The
from many
87,429,000
£
327,221,409
314,693,350
293,720,843
2,447,000
87,323,000
42,575,000
76,626,000
103,723,000
89,665,000
101,957,000
75,092,000
as
France
27,844,000
25,655,000
6,542,000
7,442,000
6,602,000
6,505,000
6,667,000
696,491,430
676,237,163
862,301,759 1.064,754,202 1,097,360,090
867,749,539 1,064,223,816 1.097.854,279
In Europe has made It Impossible to obtain up-to-date reports
of the countries shown in this tabulation.
Even before the present
were not obtainable from Spain and Italy, figures for which
1938, and Mar. 20, 1940. respectively.
The last report from
7; Switzerland, Oct. 25; Belgium. May 24; Nether¬
reoeived June
lands, May 17; Sweden, May 24; Denmark, March 29; Norway. March 1 (all as of
1940), and Germany, as of April 18
1941.
•
Pursuant to the Currency and Bank Notes Act, 1939, the Bank of England
March 1, 1939, and since have carried the gold holdings of the
statements for
Bank at the market value current
of the statement date, instead of the statutory
the basis of value.
On the market price basis (168s.
the well-established
former periods as
well as with the figures for other countries In the
show English holdings In the above in statutory pounds.
xOold holdings of the Bank of Germany as reported In 1939 and
the Constitution of 1787 vested
the Senate and the President.
alone,
to
as to
"offi¬
States," in the joint control of
The
President, acting
allowed to "nominate" such officers, but
appoint them he must receive "the advice and
was
consent
of
the
Senate."
He
was
empowered
"commission all the.officers of the United
but unless
they
Constitution
that
class,
Congress by
as
mitted, without
make
an
of the class designated in the
"inferior officers"
and, even as to
were
only after receiving the authority
an
act of legislation, he was
express senatorial
appointment
office.
There was,
by
very
the
to
States,"
even
acquiescence, to
to the most
indeed,
one
of
not'per¬
insignificant
exception: he
was
carefully restricted language of the
tabulation,
third clause of Section 2 of Article II
of the Con¬
194Q<&iolude
stitution, permitted temporarily to "fill up" vacan¬
cies occurring
during any recess of the Senate, but
"deposits held abroad" and "reserves In foreign currencies."
y The Bank of France gold holdings have been revalued several times In recent
years; on basis of latest valuation (23.34 mg. gold 0.9 fine equals one franc), Insti¬
tuted March 7, 1940, there are per British statutory pound about 349 francs;
prior to March 7, 1940, there were about 296 francs per pound, and as reoently
as September, 1936, as few as 125 francs were equivalent to the
statutory pound.
Fordetails of changes, see footnote to this table in Issue of July 20,1940.
permanently and completely,
of the United
chief
against identical abuse of the
that power
cers
was a
system.
power,
as
price which was formerly
per fine ounce) the Bank reported holdings of £1,433,076. equivalent, however
to only about £724,707 at the statutory rate (84s.' 11 MSd. per fine ounoe). accord
lng to our calculations.
In order to make the current figure comparable with
we
in
appointing
6,550,000
war
of April 30,
was
House of Commons by
buying the support
majorities among their constituents, and that
bribery through the misuse of patronage
83,537,000
33.111,000
6,555,000
8,222,000
war. regular reports
are
Parliament the preponderating
the
347,628,740
2,521,950
87,323,000
25,232,000
122,150,000
40,339,000
697,816,803
697,763,963
Prev. week.
*129,968,888
295,815,871
3,010,000
63,667,000
23,400,000
109,166,000
1937
85,805,000
6,667,000
Norway
a
To defend America
1941
England...
majority in
element
four years:
Banks of—
a
all such
temporary appointments were made
pire at the end of the Senate's next session.
to
ex¬
Volume
The Commercial & Financial Chronicle
152
Among the
fact
that the
of this meticulous safe-
No doubt the intention is the highly laudable one
of Federal patronage is the
of protecting the public against the natural tenden-
consequences
guarding of the
power
public of the United States
served, through its central government,
classes of public servants.
of
the United
These
can
(1) "officers
are:
States," who must be confirmed by
commence
ployment under
the heads of
but
be vested
"officers"
mere
in
employees,
"inferior
nor
or
officers,"
tionaries who must
accept responsibility for every-
thing done by these aides within the
Certainly
scope
of their
in this third class
no person
lawfully be entrusted with
discretionary
any
function, either of administration
within those
or
categories of discretion almost, if not quite,
narrow
inseparable from high executive functions.
As
Henderson's
Mr.
designation
"administrator" of the
istration
mitted
Senate
the
to
new
Civilian
and
Office of Price Admin-
Supply" has not been subfor
confirmation,- that is to
the President considers that his
rank, dignity, and
"officer of the
powers
suffice to constitute him
United
States." V As the President has
from
Congress authority to
at his
discretion and
own
an
name
by his
plemented by senatorial advice
declared to be
so
such
has not become
dinate
two
and
and
minor
being
an
as
any
These
intendments, it is
elude that the
new
White
as
House,
ployee—not
that of
necessary
to
con-
position is regarded, within the
having the status of
a mere em-
officer at all.
an
This conclusion leads
diminish with
save
"inferior officer," within
an
constitutional
to difficulties that do not
"Emergency Management"
ently intended to be entrusted
to the
appar-
"Adminis-
trator" and "head" of the "Office of Price Administration and Civilian
ably this could not be accomplished under
Prob-
any con-
ditions within the conceiving of finite intelligence;
probably if those conditions could be conceived they
could neither be created
probably
age
an
nor
maintained; still
more
people would have the consistent cour-
no
and the undeviating resolution to achieve such
end
were
all the mechanisms readily recognizable
But the "objective" is easily brought
and at hand.
within
a
noble generalization and, having seen what
another alphabetical melange with large aims
up
sketched out in terms that
are
"high, wide and hand-
some," and with hazily-defined authority lays the
amorphous bundle
upon
He is not made
officer of the United States, not
even
an
carry
an
Mr. Henderson's door-step,
inferior officer; he is not designated to
out or assist in carrying out a legislative
no
policy in
aspiration against which all the fundamental forces
of industry and economics have been arrayed by the
action of the Administration extended
over
a
long
period of time; and he undertakes the almost, if
not
completely, impossible without being clothed
with the
robes and
dignity of
tionally created or filled.
might need
or
any
office constitu-
Any authority that he
desire to exercise would become at
the least questionable from the beginning by denial
of the technical status of
an
officer of sufficient
dignity and importance to call for
sanctioned by the Senate.
an
appointment
But the Senate and the
House of Representatives have had no real part in
this newest enterprise and, in the sequel, the absence
scrutiny of the metes and bounds of
functions of
the
of that subor-
grade and significance.
something less than
at prices to which it has been accustomed.
policy, for Congress has formulated
office," it must
other possibility
a
the premises; he represents a sweeping and elusive
consent, and
even
supply, desires to have both bread and cake and
few et ceteras in quantities at least not reduced and
officer
action unsup-
own
or
"inferior
officer
an
no
its cake and to
sought
categories of public employment being excluded
there
as
an
furthermore be considered settled that Mr. Henderson
well
not
Congress has not empowered him thus to fill
office
America, having been led
as
the public would like to have, the White House sets
"head" and
as
for its "advice and consent," it cannot be that
say,
its thread
consume
of capital and labor devoted to replenishment of the
may
assistants to the superior func-
can
to
greatly diminishing the proportion of its resources
act of congres-
some
or
employment.
disorderly destruction.
such by
departments"; and (3)
clerks
the
appointments); (2) "inferior
as
something obviously less than either, i.e., just
necessary
productive effort from
essentials of orderly existence to the essentials of
increase its appetite for both while at the same time
alone, in the courts of law,
neither
are
employ-
cies of what the public is doing in diverting the
major portion of its
to temporary em-
as
legislation, whose appointment
"in the President
who
(except
recess
officers," set apart
sional
be
may
by three
the Senate of the United States before their
ment
2447
Supply."
"The Administrator
of
complicity
may
strengthen the position of both
in the governmental system.
Government at Washington
Meanwhile, the
comes
increasingly
personal and
a
be-
one-man govern-
ment, and obviously such a government must minimize legislative participation, even at the risk of
shall," reads the executive order, "take all lawful
sacrificing effectiveness,
steps necessary or appropriate
acter.
.
.
.
to prevent
to
...
growing out of the
hoarding
stimulate
of materials
provision of the
terials and commodities
provide
...
residual supply
mands."
and
commodities; to
supply of
necessary
required for civilian
and after the satisfaction of
to
emergency;
AfAri/v* v
^
prevent speculation, accumulation, withholding
and
ma-
use
for the equitable distribution of the
.
There is
among
competing civilian de-
.
.
a
good deal
more
of verbiage and
elaboration, but the foregoing extracts elucidate,
far
as
...
military defense needs
elucidation is
as
possible, the main design elabo-
rated in the executive order.
It is
a
large design,
largely portrayed, and one in which the details of
the intended methods and
discover
or
to trace.
capacity
are
difficult to
it would lose its char-
==========
price spiraling, rising costs of living, profiteering
and inflation
or
With a population a few thousand short of three
million—being in that respect the smallest of the
four Scandinavian countries—Norway has an area
a little larger than New England, New York, New
Jersey and Delaware combined. The extreme width
is 260 miles, though the average is only 00. The
straight length'is 1,100 miles, while the coastal line
is about 2,110 miles, although when the greater
islands and the fjord indentations are included it
is probably some 12,000 miles long. About 74% of
the land area is alpine in character and consists of
barren unproductive fell regions. Nearly all the
remainder,
or
about
23%
of
the
total
area,
is
The Commercial &
2448
The cultivated area is
53% spruce.
only 3% of the
whole.
vast
The
majority of the population
has been
coast and fjords—many
of trans¬
dwelling along or near the
communities the main means
in isolated
port-communication with which is by the sea route.
During the forty years, or so, up to 1890 there was
a
emigration—chiefly to the United
heavy
very
estimated that about 900,000
It has been
.States.
since the middle of last
Norwegians have emigrated
there are about two million Amer¬
century, and that
Normally some 400,000
Norwegian descent.
icans of
outside the boundaries of their
country. While the flow of very large scale emigra¬
tion continued, the drift into the towns was less
marked than in many other countries, but it revived
in the nineties as the tide of emigration ebbed.
A#
deliberate effort was begun early to keep the ex¬
Norwegians
are
panding industries located
tricts and check
The results obtained
For example, in 1920
not inconsiderable.
appear
within the rural dis¬
this tendency.
1,864,000 were living in rural districts, and
some
In 1937 the corresponding
786,000 in towns.
about
828,000 respectively.
occupational distribution of the population is
well balanced, as indicated by the figures, for 1930:
30% were engaged in agriculture and forestry, 7%
in fishing and whaling, 27.6% in mining, industry
and handicraft, 10.1% in commerce, 9.6% in ship¬
ping and other forms of transportation, and 15.8%
figures were 2,079,000 and
The
:in
population is racially very homogeneous, ex¬
Finns in the far
cept for some 11%—Lapps and
The
north.
is
income
national
very
evenly
dis¬
of living is on the whole
The standard
tributed.
:good, the people being generally well nourished and
well clad.
Illiteracy is practically unknown. The
newspapers
widely read—averaging two sub¬
are
Important issues are well
There are some 6,000 public
scriptions per family.
-ventilated in the press.
libraries.
school
and
books
.some
-every
and
Most Norwegian ships
that
valley
a
been
four books a year,
or
fjord, however small the
or
population, is without its library and bookstore.
When
is
forestry
included
as
an
agricultural
pursuit, the largest occupational division is agri¬
culture, engaging the activities, as we have seen, of
30%
of
occupied.
those
is
There
logic in
some
-classifying the two occupations together. Only about
10% of the forest
is owned by the State—
area
mostly in the north and consisting mainly of
very
*
meager
mountain forests.
The communities and
cor¬
porations engaged in manufacturing timber prod¬
each
ucts
approximately
own
portions of the forests.
similar
aggregate
The major part, or over
70% of the timber lands,
-densely populated
are
and
areas
located in the
are
more
privately owned,
chiefly by the agricultural population—almost all
-
of
it
being divided into small plots.
The typical
Norwegian farm is, in fact, apt to consist of
forest and
the
hilly
form
a
some
pasture land, in addition to the cultivated
fields, and in
many cases
and
has employed some 80,900 craft in her
Since their operations consist to a con¬
Norway
fisheries.
these last, particularly in
mountainous
regions of the coast,
comparatively small part of the holding.
fishing most of them are
siderable extent in coastal
60 gross tons, but Norway has
motor boats of 15 to
The fishing operations are
fishing steamers.
many
exploitation profitable.
long found their
has
man
mainly carried on by the owners or part owners of
the craft and outfit.
Including those occasionally
120,000
employed,
about
fisheries.
Norway
total
herring
the
leading fish-producing
about 30% of the
Cod and
European fisheries.
of the
yield
in
occupied
are
the
is
country in Europe, contributing
the principal fish caught.
are
bomb-harpoon introduced by the Norwegians
The
hunting—making it possible to
revolutionized whale
exploitation
the
commercially
undertake
of
the
large fin whales, long after the old whaling industry
based
the
on
fined
right whale had dwindled to almost
At first the new undertaking was con¬
nothing.
the
to
and did not
north-eastern Atlantic
of the
waters
develop to any very important extent.
But when in the season of 1904-05 the
Polar ice Cap,
and
it
Norwegians
around the South
transferred it to the vast regions
became a large scale industry,
soon
important factor in the world's supply of
an
fats, chiefly used in the margarine and soap in¬
The hunting is conducted
dustries.
whalers of 290 tons or less, which
been sent
a
The bulk of the crude whale oil has
directly from the whaling grounds to Ger¬
little is refined and
southern
the
while
almost
ducted
but
by sturdy, fast
feed large float¬
Great Britain, Netherlands, &c.—though not
many,
by the
ried on,
employed in Norway.
whaling operations
For
were
a
con¬
entirely under the Norwegian flag,
of 1936-37 only 37%
season
though
were so car¬
the foreign outfits continued
even
to be manned and
managed to
a
great extent from
Norway.
Norway has considerable mineral wealth.
aspects the
some
most important
From
the pyrite
are
deposits, valuable for their sulphur content.
In 1937
Norway ranked third among the producers of the
world.
•
The hardy Norwegian fisher¬
richest of the world.
have
estimated
has
It
aboard.
Norwegian reads three
hardly
the
in
elsewhere
ing factories.
sundry pursuits.
The
banks off the coast of Norway and
North Atlantic, are among the
The fishing
which 28% are pine and
with forests, of
covered
April 19, 1941
Financial Chronicle
The iron
in 1937
in
are
seventh
was
ducing Nations.
her
deposits
ore
Norway
also extensive and
the chief
among
production of both of these mineral
the
of
case
ores,
though,
chiefly in the form of
iron,
She also
centrates.
pro¬
She has been exporting most of
has been
con¬
large exporter of
a
molybdenum ore—an important alloy of steel, of
which her
production is second only to that of the
United States.
other
ores
are
The
resources
considerable.
however, has to
her
of
In spite of the large coal
Spitzbergen
islands,
being developed, and her vast water
Norway has been
The
tion
an
nickel and
Norway's lack of coal,
extent limited the scope of her
some
metallurgical industry.
deposits
of copper,
which
were
power resources,
extensive importer of coal.
Norwegian industries, especially in their rela¬
to
the
have been based largely
export trade
upon
her timber wealth, her fisheries and her avail¬
able
water
coniferous,
The
power.
(5
annually
is
million
amount
tons),
substantially
of timber
83%
equal
of
to
felled
which
the
is
annual
"
Most farms
-
of them
gage
are
cover
in fishing
operated by their owners, and 62%
25
acres
as a
or
less.
Many farmers
subsidiary occupation.
en-
growth.
purposes.
Less than
a
Somewhat
third of it
over
making the products of the
goes
for household
one-fifth is employed in
saw
mills, and most of
Volume
the
The Commercial & 1
152
is
rest
consumed
by the
and plupwood
paper
sels have been
of the world
industry.
The
Inancial Chronicle
industries
siderable.
The
based
fisheries
the
on
are
con¬
canning factories exported, in 1937,
products valued at $9,500,000.
In the
the
same year
2449
conveying each
goods
only half of their country's
In order to meet the
her
979 tons.
importer not only of
duced,
&c.
well
as
While
of fresh
•of
the
of
fish
oil
also pro¬
are
large quantities of herring meal,
as
Norway catches and sells
great amount
a
fish—especially herring (her 1937 exports
latter
amounting to
100,000 tons)—a
over
large part is dried, salted and otherwise processed.
Norway's
waterfalls
many
lavishly with hydraulic
•could
be
utilized
to amount
by
are
kind
economically they
Europe.
has
Less than
been
capacities.
use
far
so
These
of the
resources
transformed
of the
po¬
actual
in-
into
But Norway has
they
estimated
are
one-sixth
her
as
potentially to 12.1 millions k.w.
tentialities
good
supplied
In
resources.
far the largest potential
in
staled
have
been making
and
but
imports.
Over 50% of her exports have been prod¬
forests.
Metals
States
fourth
after
The
ferro-chrome,' ferro-silicium
Some native
ported.
The
ore.
industry,
ores are
ex¬
are
The
would
and
have
at¬
Kingdom,
of
trade
has been
The United
1937, and the
Germany and
dividend
of
to
and
gold transactions
of
Nor¬
her merchant
from
ad¬
were
average
an
estimated
years.
However,
$19,700,000 for those
much
a
$55,200,000.
was
debtor Nation and the international
a
to her to the extent
returns
consistently ad¬
import balance for the four
1934-1935-1936-1937
balance
her
not
United
average
has been
way
used, especially iron
however,
the
balance
interest
manganese,
ranked
Sweden in 1938.
verse
zinc, ferro-
the third best customer in
was
which include
copper,
thereof
agriculture and animal husbandry, &c.
ported and after treatment most of the products,
aluminum, nickel,
(including whaling) and of her
and manufactures
next, and then ores, minerals, and the products of
years
im¬
ranked,
1938, fourth after the United King¬
ucts of her fisheries
metallurgical and electro-chemical industries.
For
her in¬
stuffs, cattle feed, and
dom, Germany, and Sweden as a source of Norway's
verse.
are
materials
by
The United States
manufactured articles.
in 1937 and in
raw
needed
goods
of food
also
of the
many
semi-manufactured
dustry,
of her cheap water power, access to the sea,
ores
direct foreign trade.
own
requirements of modern liv¬
people, Norway has had to be a relatively large
shipping and port facilities especially in the electroinstance, large quantities of foreign
than 19%
ing at the standard to which she has accustomed
exports of medicinal cod liver oil amounted to 10,Various kinds
year more
transported, though carrying
so
marine, above all,
smaller extent from
tourists, emi¬
tained its actual importance had it not been for the
grants' and sailors remittances, &c., have been
opportunity to acquire, treat and redeliver foreign
large
ores
net
economically.
1905 in
Norway pioneered
as
early
as
manufacturing nitrogen from the air. About
utilized in
duce about
this
and
process,
100,000 tons of
a
pure
capacity to
pro¬
nitrogen has been
attained.
Norway's other industries mainly
the domestic
serve
community, though she has also been
Since
rected
who
1935
controled
its
that
said it has
tion.
Since the last
portance, for
utilization.
small
so
as
fishing, whaling
relative
The
im¬
country, of her industrial
a
and
kept in
more
4,247 industrial establishments with
tions
salaried
of
gross
a
and
other
a
total of
149,-
employees produced goods
value of about $477,000,000.
activities,
especially
internationally,
decidedly
revolu¬
first
power
parties.
war no
by
When,
Norway
by proportional representa¬
party has gained a
Governments
$
as
are
ma¬
formed
working alliance of
one or
the result of the 1927 elec¬
the Labor Party bebame the largest, for the
time, its then leader attempted to form
ernment, but it lasted a little
Undoubtedly, the most interesting of Norwegian
occupational
Parliament
jority of the members.
development is indicated by the fact that, in 1937;
550
at least those who
or
displayed
long disliked to be reminded.
useful in her
specialities, such
so
estimated
tionary, anti-capitalistic sympathies, of which it is
its
power
an
Up to about 1930 those
party,
programs,
elects
water
in
Norway's Government has been di¬
by the Labor Party.
providing the world with appliances and machinery
and
same years
balance of payments of $13,100,000 in
average
wrote
Most of
to result for the
Norway's favor.
one-quarter of the total developed hydraulic power
is
as
Gov¬
a
fortnight,
over a
as
the other
parties found its
series
Conservative, Liberal, and Farmer Party
of
program
too radical.
A
is their fine modern merchant marine from which
combination governments
they derived from 10 to 15% of their national in¬
Nygaardsvold, the present Prime Minister, took of¬
and which
come
was
built up
without subsidies. On
fice.
From 1935 until after the invasion his Gov¬
July 1, 1938, Lloyd's Register recorded 1,965 Nor¬
wegian ships exceeding 100 gross tons and aggregat¬
ernment
ing 4,614,000
within 5
gross
tons.
The gross tonnage was3
At
followed, until Mr. Johan
the
composed of Labor Party members.
was
last
or
election—that
6
1936—Labor
of
places of obtaining
a
recently estimated by the Norwegian Minister of
majority, but had to continue to depend,
Shipping to have been 4,999,000, of which 45%
on
less
than
ten
years
old.
Two-thirds of the
was
ocean
going tonnage
was motor
feature
large number of ships designed for
is
the
special trade.
propelled.
A distinctive
One-half of the tonnage, not employed
along the coast, is made
up of tankers.
More than
18% of the total tanker tonnage of the world is Nor¬
wegian.
Norway's fleet also includes special fruit
boats.
than
in
Another
distinctive
feature
is
that
more
85% of the total tonnage has been employed
international transportation in
the world.
Britain
many
parts of
Norway has been second only to Great
as an
international carrier.
Norwegian
ves-
Farmer
lacking
as
Party
or
Liberal votes, which
as
before,
were
not
the Government proceeded to gain and to
retain the confidence of the
Since
came
parliamentary
1930
extremists
people.
have
appeared
to appeal
progressively less and less to the perceptions of the
well
informed, intelligent Norwegian public.
1930
election
Members of
removed
the
last
of the
The
Communist
Parliament, and the followers of Major
Quisling have
never
elected
member.
a
general elections they got in
no
In the last
constituency
even
25% of the votes required to
secure
Parliament.
leadership the Labor
Party
Under its present
has for
many
years
dropped
a
delegate in
all
trace
of
The Commercial & Financial Chronicle
2450
democratic processes
believes to be
on
The Germans have been treating Norway as con-
to gradually work out what it
quered land with all the attendant restrictions and
depending
proclivities,
revolutionary
broad program
a
rather
of social benefits and
improvement.
been
opposition had not
vinced that the Labor
Party
con-
the right track,
was on
The Norwegians have been forced to
humiliations.
pay
conservative
The
April 19, 1941
the costs of the German occupation, including
those of maintaining an army of 250,000 men and
Nazi Gestapo force of 10,000, amounting
$400,000,000.
accusing it of too strictly dominating the activities
month
of
destroyed during the hostilities have not been to
its
members,
that the Labor
contending also
about
to
The
reconstructed—materials
a
to last
up
houses
many
extent
lessly caused prices to increase, and had neglected
requisitioned for projects of greater military import
the Germans.
preparations for the defense of the country in its
to
desire to
region
The Government,
develop social reforms.
however, continued its course confident that, at any
be laying plans to
rate, the domestic problems could be adjusted as
way
they arose, and the majority appeared to concur.
dustrial establishments for her
As to the last criticism it must be admitted that
like
Norway,
but
all
two
three of
or
the
other
democracies of the world had not paid great atten-
of
In 1939 her army consisted
to her defenses.
tion
approximately 15,000 officers and
However,
of 1,500.
navy
broke out in
make up
war
September 1939, Norway endeavored to
for lost time in defense preparations, the
of the Nation which eventually attacked her
power
was
almost
see
what
beyond
astronomically greater.
would
more
have
absence of
critics
had
been
actually received.
that
in
the
from friends than
At all events though taken
Nation
outline, brief
though the
it is, it will be
as
Norwegians
form
a
small
an extremely rugged country they
high degree of prosperity, under no
a
Out of
the 1941 herring catch, Norway is to deliver to Germany
150,000 tons, which is approximately equal to
all of what is caught in
a
year,
under the most
favorable conditions.
Food is rationed, and meat is almost unobtainable.
The Norwegians find the rations scanty, but
the Germans
say
that they
twice
are
much
as
as
their public got during the latter part of the last
All buying is in fact rationed.
Coal,
so es-
way's exports during the first six months of the
occupation
were
cut 50% and her import,
vital
so
to the well-being of her people by 70%.
Since September the central administration
of
Norway has been not merely German controled but
day.
living in
had attained
Huge
own purposes.
quantities of fish have been requisitioned.
sential in those northern latitudes, though promised
by the Germans does not, it is said, arrive.
Nor-
by vertiginous surprise the Norwegians resisted the
From the above
of Nor-
war.
invader for two months-—almost to the
seen
power
in developing at the cost of the latter large in-
accomplished—
followed,
effective support
more
Germany is said to
the hydraulic
use
It is difficult to
been
brief further delay—if the advice of the
a
Government's
was
though after the
even
her
men, and
being
Many especially in the Narvik
still living in tents.
are
and
labor
any
Party administration was extravagant, had need-
actually German in every substantial respect. It
requires little imagination to picture the real sentiments towards such
regime of
a
a
people
proud
so
sound basis
and independent that prior to their separation from
Sweden in 1905 they had long been restive at the
services useful to their economy and that of the rest
restrictions of their mild yoke with their fellow
of the world.
Scandinavians.
circumstances, by rendering
easy
We have referred
on a
often in these columns to the
so
contributions of the Scandinavion countries to
any
movement
adjust
system of law
or
or
conduct
likely to
mitigate the asperities and disputes of international relations, that it does not seem necesor
to deal here at any length with Norway's part.
sary
She has taken her stand
countries in
fested
by the side of her sister
such activities since 1905.
She mani-
her
disapproval of despotic aggression by
participating in the sanctions of the League of
Nations
against
though to do
able
so
scarifice of
what
the
Italy
she
her
the
over
had
to
Ethiopian affair,
incur
no
foreign trade.
Scandinavian
countries
inconsider-
Disturbed at
regarded
as
the
vacillating conduct of the Great Powers nominally
favoring the principles of collective security, Norway
rely
joined the rest of Scandinavia
in preparing to
the principles of neutrality in the event of a
on
great European
Wlien the
City of Flint
prepared
neutral.
to
came
case
Norway demonstrated in the
against Germany that she
perform
fearlessly
her
With less fruit she took
a
duties
when
without
the
British
mined
was
as
a
similar stand
against England jn the Altmark case,
did
Norwegians
the sovereign independents and
as
Norwegian
notice, the night before that of
she also
waters,
the invasion
on the earth.
Not only did Norway resist the invader for
months until all hope
it
their maritime
journey
seems
a
her
troops had
few days before,
two
were
few hours after their attack began the
a
Germans started to make
use
of the radio to
sum-
home the widely scattered Norwegian merThe ruse, however, failed 85% of the
tonnage escaped the German clutches. Exclusive of
nion
chant fleet.
whalers 873 ships of almost 3,800,000 gross tons
plying the high
are
under the Norwegian flag and
seas
Government control in support of the Allied
cause
and in charge of some 25,000 Norwegian sailors,
300,000 tons were lost during the first ten months
after the invasion.
The sailors
agreed to deductions from their
mitted through Sweden.
agreed to
wages
an
have voluntarily
wages
for the sup-
The money is
re-
They have also voluntarily
additional deduction of 10% of their
in favor of
a
Norwegian
Seaman's
Relief
Fund for Norway.
The Germans, and
some
of the Norwegians they
direct, have taken the position that the King of
Norway is
no
longer such because of his absence
third parties familiar to
on
lost, but steps
Germany from bases outside the occupied territory.
Within
against
started
was
quickly taken to participate in the activities against
from the country for
nehtral since
jealous of
country as any
by Germany, which however, could not validly claim
to
have
been
anticipated in aggressive tactics
a
are as
integrity of their
port of their families in Norway.
war.
war
The
more
than the constitutional
period without the permission of Parliament.
some extent with the
To
posi-
tion, the reply that the permission of Parliament
Volume
actually given in conformity with the Constitu¬
was
and
tion
affected
be
cannot
officials controled
by the
by later decisions of
enemy
of
Norway will, happily, be in charge of her own
people again.
Constitution authorizes the
The Course of the Bond Market
fighting forces, without Parliamentary
permission,
even
he must stay abroad,
so
The real decision
well taken.
will be made
by the victorious side in this war.
In the
ernment
carrying out
with much
authoritative mission
an
greater substance behind them than most
Governments situated outside their countries.
with
cabinet
otherwise the
is with the
additions
three
same as
and
two
The
changes—
it has been for some years—
This Government is
King in England.
recognized by all the Nations of the world, except
Germany and her associates,
as
the Government of
The flag is flying over Norwegian terri¬
Norway.
Troops and an
tory—the islands of Spitsbergen.
air
force, with constant accessions, are being trained
and
some
A navy,
the
destroyers acquired through the British, is also
great, modern, efficient merchant marine, on its
title, is assisting the allied cause, throughout
own
the
From
world.
the
of this
proceeds of the operations
fleet, and from the rescued gold reserves the
Norwegian Government has been financing its war
against Germany, servicing all its foreign obliga¬
tions in allied and neutral
countries, especially the
Norwegian State's foreign loans and loans of the
Government
ing
upwards on
against the future when the destiny
Most
Treasury
Friday upon announcement of
plans for increased taxation and a
ruling that commercial
Sav¬
purchase the proposed new issues of
ings Bonds.
have
but
high-grade rail prices has been frac¬
general trend of
The
tionally downward.
shown
a
Lower-grade rail bonds have receded
good undertone.
Northern Pacific 4s,
Pacific 3%s, 1946, were un¬
Central 5s, 2013, closed at 63, off
1%.
Defaulted rail bonds, in contrast with lower stock
prices, improved fractionally as the week closed.
1997, lost % at 78%; Southern
changed at 62; New York
All
a
sections
of
the
utility bond
market have displayed
of fractions in
good tone this week, and price recovery
high grades to several
points in speculative issues has been
Exceptions have been noted only in relatively
Westchester Lighting 5s, 1950, and
experienced.
inactive issues such as
Cincinnati Street Railway 6s,
1955, which lost 3% and 2%
points, respectively.
been the rule among indus¬
changes of a point or better
confined to but a few of the lower-grade issues.
In the
latter classification the Hudson Coal 5s, 1962, gained %
trial
bonds
this
week, with
General Steel Castings 5%s, 1949,
Steel, oil and meat packing com¬
pany obligations have been generally steady to fractionally
higher, excepting the Otis Steel Co. 4%s, 1&>2, which lost a
point at 28%, and the
were up % point at 87.
point at 83%.
Although the general trend in foreign bonds has been
toward lower levels, price fluctuations have kept within
narrow limits.
Canadian and Australian loans have con¬
while bonds of invaded Scandinavia firmed up
Italian issues improved, with Rome 6%s adding
another 4 points gain to last week's advance.
Among Latin
American issues Haitian 6s moved up 4 points while Pan¬
ama 5s rallied after early weakness.
Japanese Government
loans churned around last week's closing levels, while some
tinued soft,
slightly.
of the utility
guaranteed to banks, as well as build¬
up reserves
spurted
Mixed fractional changes have
being added to, and is operating against the enemy.
A
bonds
enemy.
small perhaps, but well trained, including
armed ex-whalers and trawlers and four of our
many
old
of them have already met
standstill all week.
have been almost at a
ages
negligible this week.
and better grades of corporate group aver¬
of the medium
banks could not
meantime, it is clear the King and his Gov¬
are
Movements in bonds have been
King to remain at the
head of his
if to do
.
in occupied terri¬
tory, and that, in any event, another clause in the
seems
2451
The Commercial & Financial Chronicle
152
issues lost several points.
yield averages
Moody's computed bond prices and bond
are
given in the following
tables:
MOODY'S BOND YIELD AVERAGES t
MOODY'S BOND
(Based
rfiMiv
17. S.
Avge.m
f Dally
Govt.
rate *
PRICES t
(Based on Individual Closing Prices)
Average Yields)
1941
Daily
Averages
Corporate by Group s*
Corporate by Ratings ♦
A
Aa
Aaa
Baa
P. U.
R. R.
Corpo¬
rate
P. U.
3.40
2.83
3.03
3.37
4.35
3.97
3.16
3.40
2.83
3.04
3.39
4.35
3.97
3.17
4.35
3.97
3.17
3.08
3.08
Aaa
Aa
'
105.86
116.41
112.56
106.39
90.91
96.54
110.15
112.00
17.. 117.89
105.86
116.41
112.37
106.04
90.91
96.54
109.97
105.69
116.41
112.19' 106.04
90.91
96.54
109.97
111.62
15.. 117.55
105.69
116.41
112.00
106.21
90.91
96.54
14.. 117.48
105.69
116.22
112.19
106.04
90.91
96.54
109.79
111.81
12.. 117.40
105.69
116.41
112.00
106.04
90.91
96.54
109.79
Apr.
112.00
16.. 117.69
111.81
11—
109.97
3.06
3.06
111.62
3.41
2.83
3.05
3.41
2.83
3.06
3.38
4.35
3.97
3.17
3.41
2.84
3.05
3.39
4.35
3.97
3.18
3.07
3.39
3.06
2.83
Exchan ge Clos ed
3.38
3.05
2.83
4.35
3.97
3.18
3.07
14
3.41
12
11—
Stock
3.07
3.97
3.18
3.40
2.83
3.05
3.38
4.35
3.97
3.17
3.07
8
3.40
2.83
3.04
3.38
4.34
3.96
3.17
3.07
7
3.39
2.82
3.04
3.37
4.33
3.95
3.16
3.05
3.41
10
105.69
116.41
112.19
106.21
90.77
96.54
109.79
111.81
116.41
112.19
106.21
90.91
96.54
109.97
111.81
9—.
105.86
8.. 117.47
105.86
116.41
112.37
106.21
91.05
96.69
109.97
111.81
7- 117.45
106.04
116.61
112.37
106.39
91.19
96.85
110.15
112.19
5.. 117.48
106.04
116.80
112.37
106.21
91.34
96.85
109.97
112.19
4.. 117.55
106.04
116.80
112.37
106.21
91.48
97.00
109.97
112.19
3.. 117.57
106.04
116.80
112.37
106.21
91.34
97.00
109.97
112.19
2.. 117.66
106.04
116.61
112.37
106.21
91.19
96.85
109.97
1.. 117.72
106.04
116.61
112.19
106.21
91.34
Apr.
R.
15
117.42
9..
Baa
3.39
10- 117.36
|
A
16
Exchan ge Clos ed
Stoek
Indus.
R.
18
17
Indus.
Apr J 8.. 118.28
Corporate by Groups
Corporate by Ratings
Avge.
Average
Corpo¬
Bonds
on
4.36
5
3.39
2.81
3.04
3.38
4.32
3.95
3.17
3.05
3.39
2.81
3.04
3.38
4.31
3.94
3.17
3.05
4........
3
3.39
2.81
3.04
3.38
4.32
3.94
3.17
3.05
2
3.39
2.82
3.04
3.38
4.33
3.95
3.17
3.06
112.19
3.39
2.82
3.05
3.38
4,32
3.95
3.17
3.06
2.83
3.05
3.39
4.34
3.97
3.18
3.07
3.02
Apr.
96.85
109.97
112.00
1
111.81
Mar. 28
3.40
21
3.38
2.80
3.01
3.36
4.36
3.97
3.46
112.75
3.38
2.78
2.99
3.36
4.38
3.97
3.17
2.99
WWM
Mar.28— 117.80
105.86
116.41
112.19
106.04
91.05
96.54
109.79
21..
106.21
117.00
112.93
106.56
90.77
96.54
110.15
W
117.85
14- 117.77
7.. 116.90
106.21
117.40
113.31
106.56
90.48
96.54
109.97
113.31
14
►
3.37
4.40
3.99
3.17
3.00
96.23
113.12
2.99
106.39
109.97
2.78
113.31
90.20
3.39
117.40
7
106.04
4.43
4.01
3.18
3.02
Feb. 28— 116.93
105.86
117.20
112.93
106.21
95.92
Feb. 28
3.38
112.75
3.01
109.79
2.79
89.78
3.40
3.02
3.39
4.45
4.03
3.19
3.02
106.04
95.62
109.60
112.75
2.80
112.75
89.52
3.42
105.52
117.00
21
21.. 116.06
3.38
4.44
4.01
3.19
3.00
113.12
106.21
95.92
113.12
14
3.00
117.60
109.60
2.77
105.86
89.64
3.40
116.24
3.37
4.40
3.97
3.18
2.99
7- 118.52
106.21
117.80
113.31
106.39
90.20
95.54
109.79
113.31
2.99
Jan. 31.. 117.14
106.39
118.00
113.70
106.39
90.48
96.85
109.79
24- 117.64
106.56
117.60
113.89
106.56
90.77
97.16
109.97
r"
fe
14-
»
7..
3.38
2.76
31..
3.37
2.75
2.97
3.37
4.37
3.95
3.18
2.97
24
2.77
2.96
3.36
4.36
3.93
3.17
2.98
113.50
3.36
17
3.36
2.74
2.96
3.36
4.38
3.96
3.16
2.96
113.89
10
3.36
2.74
2.94
3.36
4.39
3.96
3.16
3
3.37
2.73
2.93
3.37
4.43
4.01
3.16
2.93
3.42
2.84
3.06
3.39
4.47
4.03
3.20
3.08
3.35
2.72
2.91
3.35
4.31
3.92
3.14
2.92
113.70
Jan.
106.56
118.20
106.56
90.48
96.69
110.15
10.. 118.03
106.56
118.20
114.27
106.56
90.34
96.69
110.15
114.08
3„ 118.65
106.39
118.40
114.46
106.39
89.78
95.92
110.15
114.46
High 1941 119.05
106.74
118.60
114.85
106.74
91.48
97.31
110.52
114.66
1941 115.89
105.52
116.22
112.00
106.04
89.23
95.62
109.42
111.62
High 1941
Low 1941
3.78
6.24
4.68
3.42
3.36
115.04
106.74
96.07
110.88
High 1940
3.19
119.00
114.85
3.06
106.74
89.92
3.81
High 1940 119.63
4.42
4.00
3.12
2.91
Low 1940 113.02
99.04
112.19
109.60
99.5?
86.38
Low 1940
3.36
106.56
2.90
105.52
2.70
79.37
3.35
1 Yr. Ago
Apr.18'40 116.15
4.76
4.35
3.24
3.06
90.91
Apr. 18, 1940—
3.60
102.46
112.00
3.00
113.12
108.70
2.84
116.22
85.33
3.55
103.30
3.86
3.04
3.23
3.97
5.18
4.69
3.52
3.35
17- 118.06
Low
113.89
2 Yrs.Aoo
*
These
112.37
98.25
Apr.18'391115.04
Year Ago—
1
2
108.88
96.54
prices are computed Irom average
80.08
86.24
103.80
yields on the basis of cue
106.74
Years Ago—
Apr. 18, 1939...
"typical" bond (3H % coupon,
level o* the average movement of actual price quotations.
Ti.ey merely serve
of yield averages, the latter being the true picture of the bord market.
The latest complete list of bonds used In computing these Indexes was published
average
maturing 1Ini 25 y®ara)'
comprehensive way
2.95
show either the
relative levels and the relative
not purport to
to Illustrate in a more
movement
t
THE
STATE
OF
TRADE—COMMERCIAL EPITOME
Friday Night, April 18,
Business
tracted
week
activity
strike
in
ended April
again
the
1941.
showed the effects of the pro¬
bituminous coal
industry.
For the
12 the "Journal of Commerce" business
In the Issue of July 1<5, luiu, page iou.
index
dropped to 109.0 as compared with a revised
previous week and 94.0 for the same
of 113.2 for the
a
year ago.
Since April 1 this indicator has
figure
period
declined 12.1
points.
The European war news
ing influence, and
continues to be the overshadow¬
this is reflected in the continued down-
The Commercial & Financial Chronicle
2452
ward trend of the securities market, which decline has
under
way now for almost
been
is
near
supplying additional worries for in¬
are
The wage rise in the steel industry, with its conse¬
vestors.
quent advance in operating expenses, is expected to be fol¬
lowed
and
by price increase for certain
soon
oil
Prices
classes of steel,
been
have
this
steadily in
rising
pointed out, since the outbreak of the
war,
25%,
of
and
which
are
can
is
there
evidence
real
no
country,
it
is
being up about
development
any
Prices
about 50% in Great Britain since the outbreak of
up
the war
and,
the Cleveland Trust Co. pointed out in its
as
monthly review, Tuesday, that country W on the verge
of
fiat money.
The
general wage increase of 10c.
industry
products
some
labor
to
The survey
earnings, which
dustry,
the
lower
direct
higher
the
a
added
cost
steel
the
creases,
asserts
that
on
indirect
and
labor
producers
strike
been
has
for
fully
averted
uninterrupted
integrated
reduction
of
by
the wage
production
is
in¬
Carnegie-Illinois
halted
at
Steel
Corp.,
for
because of the coke shortage;
example,
ing, and two other furnaces in the Valleys
The
of
March
the
displacing
ment
some
that
bookings
new
tonnage, which
for many producers.
precariously
are
be forced out this week.
may
estimates
survey
ahead
is
been
have
Republic furnace
one
Youngstown has been prematurely blown out for relin-
short of coke and
was
a
running
are
record-breaker
In addition to defense business, which
commercial steel tonnage, railroad equip¬
Power production declined for
from
the fifth
2,778,628,000 kwh. in the preceding period
to
make
themselves
Electric Institute report shows.
felt,
seasonal
as
the Edison
This compares with 2,397,-
626,000 kwh. in the 1940 week.
Loading of
totaled
much
roads
with
according to reports filed by the rail¬
cars,
the
Association
This
of
American
Railroads
preceding week this year, 60,703
two years ago.
This total
than the
more
111.74% of
was
and
decrease of 3,594 cars from
was a
sponding week in 1940, and 132,629 above the
corre¬
period
same
average
loadings
the
The weather
ranged
to
shift to
and
had
marked reaction from the
a
obtained
New
York
City
the
end
temperatures
area
of
the
be¬
week, and clear
Friday
on
between
northeast
54
winds
clear and mild
was
degrees and
77
as
tempera¬
degrees.
Light
prevailed, the tendency being to
moderate southerly direction on Saturday.
Low¬
thermometer readings Friday night both for the city
est
a
and suburbs were
placed at 55 degrees, increasing to a high
degrees on Saturday.
Probable showers are
forecast for Saturday and continuing into
Sunday.
Overnight at Boston it was 52 to 65 degrees; Pittsburgh,
55 to 75; Portland, Me., 44 to 56;
Chicago, 54 to 67; Cin¬
cinnati, 61 to 85; Detroit, 49 to 67; Milwaukee, 43 to 52;
of
about
78
Charleston, 66 to 86; Kansas City, Mo., 62 to 80; Spring¬
field, 111., 56 to 76; Oklahoma City, 63 to 83; Salt Lake
City, 27 to 40, and Seattle, 35 to 60.
Engineering
308,000,
week,
construction
24%
are
the 33d
have
reported
awards
higher than
in
consecutive week
exceeded
their
Special Railroad Fares for Military Personnel
Special railroad fares of 1M cents per mile for the uniformed
personnel of the Army, Navy, Marine Corps and Coast
Guard will be established
President
for
the
in
the
respective volumes of
by "Engineering News-Record."
a
year
The
1940
values
ago
total,
gain 42%
ago, but are
50% lower than
week's
a
as
over
week ago.
total
brings 1941 volume to $1,735,721,000, an increase of 116% over the 16-week period in
1940.
Private construction is 67%% higher than last
year,
and public is 142%
higher as a result of the 878% gain in
Federal work.
sented
82.2%
of
total
the
86
reporting
operating
carriers
of
revenues
all
Class
independent retail stores amounted to $31,409,859,000 in 1939, or 74.7% of the total retail store sales vol¬
ume of $42,041,790,000 in
that year, it was announced
by
Vergil D. Reed, acting director of the census,
Department
Chain
105,825,000,
21.7%
or
store
of
sales
the
in
total
1939 amounted to
retail
volume
in
$9,that
while other types accounted for the
remaining $1,526,-
106,000,
3.6%.
Reports, Inc., estimated today that the ouptut of
or
Ward's
automobiles
99,945
assembled, and
Ward's
said
and
units.
a
trucks
Last
year ago
production
for
the
week
current
99,260
would
would
vehicles
this week the total
levels
week
move
was
up
the Ford operations moved into final
output stages.
tail sales, it added, are
rates, reducing stocks of finished
cars
at
were
103,725.
next
as
"progressing
as
the
30-day limit, and will expire
Prior to the expiration date, consideration
given to the possibility of extending these rates.
Army, Navy, Marine Corps and Coast Guard officers and
men
of
may
an
purchase these special fare tickets
upon
presentation
official
from the
furlough-fare certificate which can be obtained
commanding officers at all military establishments.
Moody's Commodity Index Slightly Lower
Moody's Daily Commodity Index declined from 186.5 a
week ago to 186.3 this
Friday.
The principal individual
changes were the increases in hide and rubber prices, and
the decline in
hogs.
The movement of the Index
(Dec. 31, 1931
Sat.
Mon.
Tues.
Wed.
Thurs.
April
April
April
April
April
April
April
11
12
14
15
16
186.9
187.1
185.1
181.9
162.8
171.8
149.8
Month ago, March 18
Year ago, April 18
186.6
1940 High—Dec. 31
187.3
186.6
17
18
follows:
100.00)
Two weeks ago, April 4
Holiday
_
was as
—
Low—Aug. 16
1941 High—April 16
Low—Feb. 17
186.3
187-3
17 i. 6
I
of
of Commerce.
to
repre¬
railroads.
Sales
an¬
Oct. 31, 1941.
Fri.
said
Railroads
the necessary authorities can be obtained. As soon
tariffs become effective, the tickets will be on sale.
The special fares will carry a
Fri.
,
Eighty-six Class I railroads had estimated operating rev¬
enues of $339,001,334 in
March, compared with $268,805,257
in March, 1940, the Association
of American Railroads
reported.
The Association
May 1, J. J. Pelley,
American
how¬
is 52% below last week.
Private construction is 9% lower than in the 1940
week,
and 57% under last week.
Public awards
current
of
as
•
The
about
or
any member of the Nation's military forces
traveling in uniform on furlough at his own expense.
Tariffs are now being prepared and will be filed as soon
ever,
a year
on
Association
on
available
$66,-
week,
current
the
will be
corresponding
which
of
April 16.
The special fares will be good for
round-trip travel in
coaches between all points in the United States and will
be
on
for the corresponding week of the 10
preceding years.
new
that
cooler toward
tures
nounced
freight for the week ended April 12
revenue
679,808
made public today.
total
States
skies prevailed.
successive week
April 12, dropping to 2,720,790,000 kwh.
influences continued
year,
12% and 16%.
buying has been increased sharply.
in the period ended
the
In
progress.
im¬
Three blast furnaces
the increase for the
year ago,
for a long time to
abnormally high temperatures over the eastern half, made
conditions outstandingly favorable for agricultural inter¬
ests.
From the lower Mississippi Valley eastward
generally
fair
weather
prevailed, and farm work made excellent
north
coal mines, the magazine points out.
a
two exceptions, was general over the East.
generally abundant soil moisture over the western
or
The
came
paired by the continuance of the shutdown of bituminous
of
one
persistent coolness
great
over
the past
week,
especially as concerns the New York City area, was the
high temperature that prevailed for two successive days,
the maximum being 83 degrees, two degrees above the pre
vious high for April 15, reached in 1938.
On April 15, last
year, it was 30 degrees, an all-time low.
The heat, with,
half of the United
compensating price increases.
are
outlook
show
impressive gains
up
whole country being estimated at between
One of the features of the weather
issued
summary,
while
costs,
will
were reported to have increased on fillpurchasing.
Industrial production was generally steady
at peak levels; statistical barometers of general business
activity were a little irregular.
Prices also appeared nerv¬
ous.
Food prices continued to advance.
Trade again rolled
the basis of 1040
on
about $300,000,000 for the entire in¬
were
profits unless there
While
steel
of the higher cost producers will barely break
some
with
even
and
offset
costs, according to the "Iron Age"
yesterday.
in the
hour
an
be followed promptly by price advances
may
Bradstreet, Inc., reported today.
The credit agency spoke
this condition as "an unexpected show of strength" by
the retail trade.
Spring goods were being cleaned out of
stores without resort, in most instances, to marked down
clearance prices or promotions* and buying of summer goods
was getting under way.
of
in
the trend, some authorities state.
reverse
Buying rush of the pre-Easter season this year carried
in considerable measure into the current week, Dun &
Wholesale orders
report prices firming in their industry.
men
1941
over
two weeks.
Rising prices for commodities and the growing belief that
inflation
April 19,
abnormally
in dealer hands.
week
Re¬
high
Freight Car Loadings Totaled 679,808 Cars for Week
Ended April 12, 1941
Loading of
revenue
freight for the week ended April 12,
totaled 679,808 cars, the Association of American Railroads
announced
cars
or
April 17.
This was an increase of 60,703
9.8% above the corresponding week in 1940 and an
on
increase of 132,629 cars or
24.2% above the same week in
1939.
Loading of revenue
was
a
freight for the week of April 12
five-tenths of 1% below the
decrease of 3,594
preceding
week,
due
cars or
to
Coal
Strike.
The
Association
further reports:
Miscellaneous freight loading
cars
below the preceding week,
corresponding week in
a
decrease of 1,275 cars
of 13.366
cars
an
347,354
cars,
a
decrease
of
943
increase of 83,573 cars above the
1940.
Loading of merchandise less
cars,
totaled
but
than
carload
lot
freight totaled
below the preceding week, but
above the corresponding week in
1940.
an
161,667
increase,
Volume
amounted to 31.592 cars, a decrease of
Coal loading
week in
27,249 cars below
of 82,050 cars below the
the preceding week, and a decrease
of 1,709
above the
corresponding week in 1940.
In the Western Districts alone, grain and
grain products loading for the week of April 12 totaled 19,936 cars, a decrease
of 1,404 cars below the preceding week, but an increase of 403 cars above
10,788
cars, a
decrease of 49 cars below
In the Western Districts alone, loading
8,713
Chicago Burlington & Quincy RR.
14,296
Chicago Mllw. St. Paul A Pac.Ry.
19,682
20,081
3,774
of 83 cars below the preceding
week in 1940.
Forest products loading totaled 39,282 cars, an increase of 600 cars above
the preceding week, and an increase of 8,108 cars above the corresponding
week in 1940.
27,713 cars above the
above the corresponding
loading amounted to 45,951 cars, an increase of
preceding week, and an increase of 33,412 cars
--
Chesapeake A Ohio Ry
week in 1940.
Chicago & North Western Ry
Gulf Coast Lines
M
13,161
43,740
6,023
New York Central Lines..
N. Y. Chicago A St. Louis
Norfolk & Western Ry
Ry__.
7,982
63,651
6,607
6,964
30,397
5,945
...
Pennsylvania RR
Pere Marquette Ry
Pittsburgh A Lake Erie RR
Coke loading
below the
above the corresponding week
amounted to 9,478 cars, a decrease of 682 cars
preceding week, but an increase of 2,152 cars
in 1940.
Southern Pacific Lines
Wabash Ry—
.....
compared with the corresponding
with the corresponding week
week in
reported increases compared
x
5,498
19,819
7,710
10,101
13,945
9,984
7,117
9,022
9,655
17,982
7,991
13,965
10.346
2,857
1,542
1,708
2,361
9,262
11,991
1,775
11,812
7,232
6,930
9,036
1,264
2,431
3,339
2,286
10,683
10,959
37,350
4,876
31,429
10,425
42,341
8,167
35,618
17,690
5.085
5,235
4,215
55,148
40,931
6,171
5,548
27,330
4,954
5,169
3,252
10,853
44,943
6,424
4,716
36,660
6,340
11,352
10,672
8,323
7,983
x
7,573
30,072
6,098
12,940
8,699
9,057
4,824
289.667 189,693 225,545 176,362
301,666 319,658
Total
All districts reported increases
1940 except the Pocahontas and all districts
7,090
16,912
22,543
13,804
6,882
issoufl-KanBaa-Texas RR
Missouri Pacific RR
Apr. 5 Apr. 13"
1941
1940
66,438
1,845
International Great Northern RR
17,658
28,437
20,336
31,152
12,592
15,165
20,127
17,067
3,650
1,877
4,348
13,988
45,706
5,974
10,613
20,744
28,061
Atchison Topeka & Santa Fe Ry.
corresponding
increase of 225 cars above the corresponding
an
1941
of live stock for the
week, and a decrease of 358 cars below the
week of April 12 totaled 8,011 cars, a decrease
week, but
Weeks Ended—
Apr. 5 Apr. 13 Apr. 12
1941
1941
1940
Apr. 12
Baltimore A Ohio RR
Live stock loading amounted to
week in 1940.
Received from Connections
Loaded on Own Lines
Weeks Ended—
but an increase of 2,500 cars
the corresponding week in 1940.
the preceding
CONNECTIONS*
(Number of Cars)
products loading totaled 33,696 cars, a decrease
below the preceding week,
Ore
AND RECEIVED FROM
REVENUE FREIGHT LOADED
corresponding
1940.
Grain and grain
cars
2453
Financial Chronicle
The Commercial &
152
Not available.
in 1939.
TOTAL LOADINGS AND
RECEIPTS FROM CONNECTIONS
(Number of Cars)
1939
1941
1940
4 weeks of January
2,740,095
2,557,735
2,288,730
4 weeks of February
2,824,188
2,488,879
3,123,916
2,282.866
602,835
534,952
619,105
547,179
Weeks Ended—
3,817,918
683,402
5 weeks of March
Week of April 5
679,808
Week of April 12
Total
....... ........
8,630,382
9,392,470
10,745,411
April 12, 1941
April 5, 1941
April 13, 1940
26,365
33,212
27,180
33,276
13,832
14,033
21,911
28,537
11,985
73,409
2,976,655
71,489
62,433
Chicago Rock Island A Pacific Ry.
Illinois Central System
St. Louis-San Francisco Ry
...
Total
major railroads to report for the week ended
The first 18
April 12, 1941, loaded a total of 301,666 cars of revenue
freight on their own lines, compared with 319,658 cars in
the preceding week and 289,667 cars in the seven days
ended April 13, 1940.
A comparative table follows:
REVENUE FREIGHT LOADED AND
Freight Loaded
from Connections
1941
1939
1940
Eastern District—
580
581
568
1,412
1,232
2.355
8,392
1,963
1,681
220
197
6,706
7,306
Chicago Indianapolis A Louisv.
1,215
1,244
1,544
14,028
2,496
10,261
2,218
Detroit A Mackinac
Grand Trunk Western
v
266
4,156
4,076
14,296
10,431
2,574
258
216
2,598
1,680
6,089
2,390
4,041
1,716
2,075
8,176
2,503
1,504
8,402
3,993
46,332
11,779
1,082
5,974
1,265
8,007
1,763
1,084
6,487
3,098
502
312
233
13
34
26
A North Western
Great Western
Mllw. St. P. A Pacific
St. P. Minn. A Omaha
Duluth Mlssabe A I. R
482
429
390
546
342
0,104
6,662
8,220
5,420
34,857
16,191
12,683
Elgin Joliet A Eastern
Ft. Dodge Des Moines A South
549
472
486
158
191
2,292
12,940
1,615
4,933
6,424
1,672
9,574
Great Northern
10,478
8,994
8,512
3,740
2,976
519
474
475
699
597
1,422
4,387
Lake Superior A Ishpemlng
1,624
1,648
4,881
9,395
144
129
69
59
1,632
4,400
9,279
1,544
4,194
2,308
2,622
4,073
1,870
2,229
4,850
4,802
386
432
4,215
5,123
555
22
45
53
359
172
214
225
725
850
134
2,344
1,486
5,596
635
541
3,682
4,893
3,230
2,346
1,163
10,672
4,208
8,498
2,954
157,153
133,234
127,966
190,946
151,199
4,918
Green Bay A Western
Minneapolis A St. Louis
Minn. St. Paul A S. S. M
Northern Pacific
Total
432
31,152
27,817
20,669
14,317
1,792
1,333
Cambria A Indiana
2,474
986
5
201
300
2
376
Bessemer A Lake Erie........
1,176
1
15
...
762
1,037
19,819
4
11
10,893
3,372
81
114
324
263
2,431
1,627
1,669
1,795
1,473
86,676
71,245
67,848
53,046
41,674
20,366
3,277
17,244
2,634
18,342
2,631
7,090
2,720
5,367
1,921'
612
Spokane Portland A Seattle...
..........
444
280
101
83
15,165
13,789
1,815
10,056
9,655
7,572
899
761
Central Western District—
Atch. Top. A Santa Fe System
452
7,982
115
Spokane International
Alton
592
"
1,041
627
6.098
........
Buffalo Creek A Gauley
149
Duluth South Shore A Atlantic
41,601
5,819
6,067
2,586
7,039
3,407
1,316
Wheeling A Lake Erie
Ohio
3,827
11,859
210
Alleghany District—
Akron Canton A Youngstown..
256
Northwestern District—
Chicago
Chicago
Chicago
Chicago
33,248
Wabash
Total
Total.
942
240
Pittsburgh A West Virginia
Southbound
36,959
9,076
6,882
Pittsburgh A Shawmut
Winston-Salem
10,259
498
Pittsburgh 8hawmut A North..
Southern System.........
3,412
10,883
7.356
A Western.
657
945
121
9,674
2,338
Pittsburgh A Lake Erie...
Pere Marquette
515
17,067
2,506
19,788
3,46)4
1,470
99
558
N. Y. Chicago A St. Louis—.
9,735
2,642
1087808
296
2,813
1,512
New York Ontario A Western.
11,991
3,156
9,262
152
274
217
N. Y. N. H. A Hartford
12,576
2,386
17,059
3,113
135
Seaboard Air Line
Tennessee Central
1,661
8,031
New York Central Lines
13,866
2,353
17,777
3,098
353
45
2,034
7,128
7,258
11,489
Montour
67,581
9,605
20,745
536
67
2,602
9,906
8,473
256
Monongahela
86,050
10,475
24,107
14
1,310
10,695
4,756
Maine Central...........
90,059
371
4,671
434
Lehigh A Hudson River...
Lehigh A New England
Lehigh Valley
635
98,766
326
20
1,862
.........
646
863
396
1,338
14,038
6,437
Detroit A Toledo Shore Line...
646
143
Richmond Fred. A Potomac..
4,282
6,850
1,355
Detroit Toledo AI ronton
382
Piedmont Northern
428
13
Delaware Lackawanna A West.
9,545
18,885
2,760
1,433
460
......
2,731
1,198
4,723
4,710
14,196
2,997
1,211
535
A St. L.
1,471
4,928
8,912
...
Delaware A Hudson....
Bingham A Garfield
Chicago
Chicago
Chicago
Chicago
Colorado A Southern
2,197
13,582
1,743
10,010
2,376
682
Burlington A Quincy.
A Illinois Midland
Rock Island A Pacific
A Eastern Illinois
729
715
1,840
1,989
1,735
717
11,983
2,622
10,487
3,228
1,361
2,983
7,478'
2,472
1,168
2,628-
7,380
14,373
527
84
51
Denver A Rio Grande Western.
195
44
44
49
Denver A Salt Lake
290
273
303
12
17
56
66
21
34
29
Fort Worth A Denver City
1,013
841
979
759
Ligonier Valley
....
...
Long Island—
Penn-Reading Seashore Lines..
6,076
428
123
Cumberland A Pennsylvania...
6,252
648
Central RR. of New Jersey
Cornwall
503
584
3,212
2,962
1,410
37,272
16,590
Illinois Terminal
1,792
1,647
1,891
1,010
1,493
1,255
902
474
346
1,607
1,007
939
66,438
Pennsylvania System
Reading Co
Union (Pittsburgh)
Western Maryland.....
53,205
46,165
12,203
10,281
1,547
15,565
19,903
2,636
12,218
13,277
3,141
1,753
44,943
20,725
3,984
7,764
2,017
6,506
149,826
122,412
100,675
119,581
94,206
Union Pacific
1,565
16,797
3,592
7.035
5,697
1,134
24,770
41,257
13,866
12,592
10,613
Norfolk A Western....
Virginian
Total
20,868
Atl. A W. P.—W. RR. of Ala..
1,605
4,298
1,133
17,341
14,678
Atlantic Coast
936
811
211
155
220
841
1,795
-1,129
6,645
4,016
1,573
2,274
1,510
1,017
5,057
3,451
1,248
Line...
...
Central of Georgia
Charleston A Western Carolina
726
586
540
12,093
10,272
4,889
Atlanta Birmingham A Coast..
3,975
10,384
3,886
517
457
452
2,255
International-Great Northern
...
Durham A Southern....
Florida East Coast
GalnsvlUe Midland.
Georgia
...
Georgia A Florida
Gulf Mobile A Ohio
Kansas City
Southern
Louisiana A Arkansas
...
6,428
1,451
12,799
12,936
9,227
4,726
1,229
6,931
195
142
1,292
1,449
2,636
2,007
92,200
92,195
01,854
47,371
150
214
132
198
208
3,650
1,877
2,848
3,102
1,704
1,775
2,431
1,367
2,152
2,220
2,190
1,562
230
298
859
759
1,909
1,691
1,738
1,530
2,573
1,878
1,802
1,349
252
316
273
962
934
Midland Valley
487
412
636
308
275
Missouri A Arkansas
169
164
162
407
334
4,348
3,570
11,938
3,638
11,332
3,339
13,416
10,959
2,703
8,605
1,476
1,058
304
336
321
352
Missouri-Kansas-Texas Lines
224
160
175
496
376
Missouri Pacific
,1.435
1,296
1,009
881
Quanah Acme A Pacific
44
28
28
128
94
1,186
814
77
95
118
St. Louis-San Francisco.....
7,253
6,034
5,804
2 673
2,180
5,487
3,286
3,899
4,446
4,389
2,646
126
73
1,713
St. Louis Southwestern..
379
318
285
607
562
Texas A New Orleans....
7,814
6,650
3,874
3,352
18,747
19,289
xl,510
18,164
3,206
Texas A Pacific
3,956
3,800
136
122
166
78
82
22
8
31
24
28
14,087
3,450
12,868
7,936
2,006
6,256
3,558
651
352
50,962
43,721
42,343
43,004
34,187
1,076
21,550
Nashville
17,753
2,016
Macon Dublin A Savannah....
180
131
99
925
Mississippi Central
180
153
137
478
287
Litchfield A Madison
271
Illinois Central System
Note—Previous year's figures
20,217
260
223
Kansas Oklahoma A Gulf
1,233
Columbus A Greenville
0
20,979
Southwestern District—
1,635
CI inch field
0
105.207
Total
Gulf Coast Lines
237
37
143
Burlington-Rock Island.....
271
388
13
9,247
10,101
5,735
Southern District—
Alabama Tennessee A Northern
137
412
1,562
Western Pacific
Chesapeake A Ohio
177
650
15,104
System
988
609
393
Peoria A Pekin Union
Southern Pacific (Pacific)
755
1,640
575
24,240
...
1,921
6
Northern
North Western Pacific........
Utah
Pocahontas District-
880
904
Missouri-Illinois
Nevada
Toledo Peoria A Western
Total
Louisville A
1940
1941
3,558
1,098
1,470
6,373
6,157
18,064
3,570
1,223
Nashville Chattanooga
Norfolk Southern
239
Central Indiana
Central Vermont
Baltimore A
from Connections
1939
1940
1941
1940
Bangor A Aroostook..
Boston A Maine
Rutland
Total Loads Received
Freight Loaded
Railroads
Southern District—(Concl.)
Ann Arbor
Erie
ENDED APRIL 5
Total Revenue
Total Loads Received
1941
N. Y. Susquehanna
compared with the same week last year.
RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK
Total Revenue
Railroads
In the following we undertake to show also the loadings
for separate roads and systems for the week ended April 5,
1941.
During this period 99 roads showed increases when
revised.
• Previous figures.
*
9,204
5,648
Wichita Falls A Southern
Wetherford M. W. A N. W...
Total
Gulf Mobile A Northern only.
2,731
3,705
The Commercial & Financial Chronicle
2454
Selected ^Income
FThe
Bureau
Railways for January
Statistics
of
Commission has issued
the
of
statement
a
Interstate
Commerce
showing the aggregate
ment
in
recent
year,
and Balance Sheet Items of Class I
Steam
in
the
The
until
railways in the United States for the month of January.
These figures are subject to revision and were compiled
from 131 reports representing 136 steam railways.
The
present statement excludes returns for Class A switching
and terminal companies.
The report is as follows:
TOTALS
FOR
THE
UNITED STATES
Income
(ALL REGIONS)
it
ending
totals of selected income and balance sheet items for Class I
steam
defense
of
budgets
the
for
country that operates
any
bank
deposits
and
the
of
amount
The existence of this enlarged
it will circulate slowly, and the
for then
depression prevails,
eagerly meet each demand.
of
excess
competing offers of goods will
great that
However, when
recovery
and expanding
comes
various lines to approach capacity outputs, the buyers
goods, and prices will advance.
Because of the
in
the
for
compete
the year
in
need not result in serious and progressive price advances
money
productive capacity will be so
will
1932
$10,000,000,000
least
clearly shows that in
history
industry begins
Items
at
in circulation will steadily increase.
money
if
to
from
1942.
unbalanced
with
stock
amount
a
through 1940.
the rate of deficit spending
June,
ended in
has suddenly stepped up
probably
in June of
Financial
long
that
years
program
will
Deficit spending averaged about $3,000,000,000
years.
fiscal
April 19, 1941
abnormally large supplies of money in existence the prices may mount far,
All Class I Railways
For the Month of Jan.
1941
1940
$
$
62,357,402
11,861,952
46,012,812
11,749,878
74,219,354
2,429,769
57,762,690
2,372,998
71,789,585
55,389,692
12,257,219
Net railway operating Income.
Other Income..
*
11,045,890
38,449,050
131,672
and
meanwhile
if
Income available for fixed charges.
strife
Rent for leased roads and equipment.
Interest deductions.a
Other deductions
37,724,202
120,677
-
holding
Total fixed charges.
50,102,098
1,982,828
5,763,080
1,965,778
19,704,659
Contingent charges
3,797,302
17,656,804
-
Net lncome.b.
need
...
536,436
16,871,615
3,375.463
3,420,879
1,794,411
...
Federal Income taxes
1.43
1.12
6,758,128
...
Dividend appropriations—On common stock
2,615,981
On preferred stock
Ratio of Income to fixed charges.e
Selected Asset
and
Liability Items
Class I Railways Not in
All Class I Railways
Receivership
Balance at End of January
1941
Selected Asset Items—
Invest.
In stocks,
or
Trusteeship
Balance at End of January
1940
1941
1940
$
$
$
bonds,
Ac., other than those of
affiliated
companies...
559,761,865
'622,533,319
480,101,317
541,322,194
650,569,042
Cash
530,196,040
49,879,620
421,445,621
46,174,663
81,631,089
23,962,338
1,652,297
101,394,932
1,287,143
490,384,413
67,219,257
75,304,378
1,234,054
28,360,578
26,502,050
26,233,853
agents and conductors.
Miscell. acc'ts receivable.
54,145,071
134,423,674
Materials and supplies...
Int. A diva, receivable...
343,116,821
12,471,772
1,190,677
48,945,244
127,160,294
342,920.103
14,393,478
1,101,116
4,188,353
Temporary cash invest's..
73,318,514
Special deposits
96,521,184
__
Loans and bills receivable-
Traffic
balances—Dr
Net
bal.
1,065,191
car-service
and
receivable
from
Rents receivable
40,866,538
104,010,923
37,380,882
267,706,494
99,375,494
265.431,632
10,100,777
12,195,468
848,507
606,665
3,488,126
2,872,619
1,401,479,044 1,247,968,373 1,087,397,320
992,141,662
Other current assets
5,709,414
Total current assets...
the
Unless
can
we
operating,
defense
our
for
much
agree
supply
reality.
a
in business,
been
never
With
the
Industrial
the
of
passage
is greatly
ourselves sufficiently to keep our
among
Since 1775 April has been
but its demands for the best that
history,
labor,
efforts.
larger volumes of production
cannot effectively help other democracies that
we
fighting for their freedoms.
our
and in
willingness
our
to
we
are
fateful month in
a
have in leadership,
work for
our
in
salvation
own
greater than in April of 1941.
Commodity Price Indexes of Ten Countries Compiled
by General Motors and Cornell University
General
Depredation (way and structures and equipment).
money
49,626,612
21,687,487
-
back
bill
increased.
have
Income after fixed charges
increase the
to
not yet solving our problems of labor relations.
we are
is
lease-lend
factories
Fixed charges:
continues
Noting that "so far in this emergency we have not suc¬
cessfully solved the problems of the mass production of
munitions," the company says, in part:
Clearly
Total Income.---
Miscellaneous deductions from Income.
Government
the
through progressive borrowing, uncontrolled inflation may become
Motors
Corp.
and Cornell University, which
had collaborated in the publication
of a world commodity price index, have resumed issuance
of international price statistics, but on a different basis than
before the war.
Instead of a composite index of world
prices, these organizations now are publishing the informa¬
tion only as individual country indexes.
The index is built upon 40 basic commodities and the list
is the same for each country in so far as possible.
Each
commodity is weighted uniformly for each country, accord¬
ing to its relative importance in world production.
The
actual price data are collected weekly by General Motors
Overseas Operations from sources described as "the most
responsible agencies available in each country, usually a
government department."
The commodities involved in¬
clude "a comprehensive list of several groups, including
grains, livestock and livestock products, miscellaneous foods
(coffee, cocoa, tea, sugar, &c.), textiles, fuels, metals, and a
list of other miscellaneous materials (rubber, hides, lumber,
newsprint, linseed oil, &c.)." Weights assigned in the index
to the different commodity groups are as follows: Grains, 20;
livestock and livestock products, 19; vegetable fats and other
foods, 9; textiles, 12; fuel, 11; metals, 11; Miscellaneous, 18.
The indexes, which are based on prices expressed in the
currency of each country, were reported April 14 as follows:
prior to the European
war
(August, 1939=100)
Selected Liability Items—
Funded
debt
within
maturing
Argen¬
slx.months.c—
103,646,212
192,860,225
70,417,005
Loans A bills pay able, d__
Traffic
and
car-service
81,890,420
158,701,492
21,977,683
78,683,791
46,318,897
43,936,704
31,594,145
29,428,243
Aus¬
Can¬
tralia
ada
land
Interest matured unpaid.
Divs. matured unpaid
Unmatured Int. accrued..
Unmatured divs. declared
Unmatured rents accrued.
Accrued tax liability
Other current liabilities..
Swe¬
Zeal'd
den
112
Switz¬ United
erland
States
1940—
May
233,545,894
47,484,690
36,423,974
4,909,058
79,327,963
4,312,816
18,347,510
233,380,305
37,813,808
231,136,971
59,993,491
19,474,182
5,021,170
80,655,923
3,435,316
18,610,153
208,189,822
29,501,846
180,617,763
36,329,783
30,749,928
178,697,033
48,112,203
14,681,375
4,653,223
61,408,586
3,435,316
15,656,015
4,542,222
60,273,178
4,312,816
15,511,186
194,734,091
27,093,829
167,994,318
20,122,856
120
118
120
131
132
112
June
118
118
120
144
116
113
114
131
136
109
118
118
120
145
115
112
114
132
140
August
118
119
120
150
115
111
120
132
144
109
September-
116
120
121
145
116
110
122
135
153
111
October
113
123
122
145
117
110
120
139
158
114
823,755,335
858,657.070
143
116
113
109
November..
113
125
124
146
118
111
118
142
164
118
December..
113
126
126
149
120
111
119
144
168
118
January
114
127
126
150
121
111
119
144
171
120
February...
114
126
127
150
121
113
119
147
171
120
128
171
rl20
1941—
1941—
end.;
Weeks
Total current liabilities.
New
ico
Java
July
balances—Cr
Audited accounts A wages
payable
Miscell. acc'ts payable-
Mex¬
Eng¬
tina
150,932,578
accr. tax
U. 8. Govt, taxes
125,932,486
92,941,668
113,755,862
80,447,186
^ Other than U. S. Govt,
taxes
a
107,447,819
AcyiwBuw
acuruuw,
115,248,154
inciuuing me amount in
80,978,229
87,547,132
report.
d Includes obligations which mature not
more than two years after date of Issue.
For railways in receivership and
trusteeship the ratio
was as
follows:
1941, 0.87; January, 1940, 0.53.
Commenting
on
resented
in
Large Volume of Idle Money as Rep¬
Bank Deposits, Cleveland Trust Co.
Pointing out that "corporations and individuals have
large amounts of deposits in the banks that represent
April 15
have
buying
power," the Cleveland Trust Co. in its
"Business Bulletin" observes that "while deposits
been
increasing steadily in recent years the rate of
deposit turnover at commercial banks has steadily declined."
It adds that "a large portion of the
deposits is relatively
inactive and it constitutes
a
tinuing, the company
in part:
The
has
small
rise
in
some
of
consumers'
as
already acted
plies of
says,
a
threat of higher prices."
goods
prices
This
is
Con¬
in
recent
The
this
increase
country,
122
114
119
153
128
150
122
115
119
153
171
123
129
*151
123
114
119
154
*171
MaIt. 22-
119
121
129
*153
123
114
120
154
29..
119
120
130
*152
124
114
119
157
123
Apr.
5—
*119
120
131
*152
124
114
119
157
124
Preliminary.
to
with April 1 a year ago.
ing
show
of
The latest quotations, -while show¬
of 6.6% compared with the 1939-40 low, still
decline of 1.9% below the 1937 high.
Under date
gain
a
a
April 14 the Fairchild advices further said:
While
piece
also
infants'
goods,
vanced
during
gained
wear
men's
as
the
remained
apparel,
unchanged,
women's
month.
Each
of
the other four major
apparel
the
showed
the
5.4%.
Men's apparel,
greatest gain.
Women's apparel
with
a
an
groups,
furnishings,
infants'
year
ago.
ad¬
wear,
Com¬
increase of 6.7%,
followed with
an
increase of
however, still showed the greatest decline from the
high of 2.3%.
every
the
sup¬
the
of
food
and cotton piece
commodity
included
in
the
or
month
gains
home
including
groups,
pared with the 1939-40 low, home furnishings,
1937
and
compared with the corresponding period
increase
deposits is largely the result of the large flow of gold
and of the huge deficit spending of the Federal Govern¬
Revised.
100), compares with 94.5 for the previous month, a gain
of 0.3%.
Prices also show an increase of 2.2% as compared
unchanged
case
120
Retail prices have advanced for the seventh consecutive
month, according to the Fairchild Publications retail price
index.
The index on April 1, at 94.8 (Jan. 3, 1931, equals
however,
especially true in the
121
rl22
Retail Prices in March Continued to Gain, According
to Fairchild Publications Index
electrical
in
r
months,
products.
to
149
124
Practically
strong incentive to producers
these goods.
125
113
January,
Says That With Continued Increases in Money
Supply by Government Through Progressive Bor¬
rowing Inflation May Result
dormant
114
rll3
*
derault.
b For railways net in
receivership or trusteeship the net income was as foUows:
January, 1941, $22,367,548; January, 1940, $11,332,113.
► c Includes payments of principal of long-term debt (other than long-term debt In
default) which will become due within six months after close of month of
e
1..
Mar
622,872,959
8—
Mar. 15-
607,736,624
liab.:
Mar.
Mar.
Analysis of
advanced during the month.
as
compared with the previous month
goods, sheets and pillow
household
have
been
furniture and
appliances and china.
very
marked
floor coverings.
for
such
The
index
greatest
were
either
remained
increases during
recorded
by woolen
furs, men's hats, furniture,
Compared with a year ago the
cases,
items
as
woolens,
blankets,
furs,
The Commercial & Financial Chronicle
Volume 1S2
Despite
the
gain
in
retail
for
prices
the
consecutive
seventh
month
quotations are still below replacement.
There are indications that prices
higher levels before the end of the year, according to A. W.
Zelomek, economist, under whose supervision the index is compiled.
2455
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY COMMODITY GROUPS
Five-Year Average 1935-39=100
will reach still
THE FAIRCHILD
Jan. 3,
1941
May 1,
Apr. 1,
Afar.
1933
1940
Composite index
69.4
92.8
93.9
Pleoe goods
Men's apparel..
65.1
86.0
87.0
87.3
87.6
Mar. 12
14,
1941
88.9
89.3
89.3
89.3
91.9
92.5
93.0
93.3
93.6
97.9
1940
97.8
95.0
95.0
94.9
Feb.
1,
1,
Apr. 1,
1941
1941
1941
94.2
94.5
94.8
76.4
96.9
97.6
97.6
97.6
97.6
70.2
94.4
95.7
95.8
96.0
96.5
57.4
...
67.9
69.1
69.3
69.7
97.9
102.5
102.5
101.1
91.0
104.4
105.1
102.3
83.0
85.0
97.4
97.1
95.6
93.3
99.4
98.1
96.3
93.4
101.0
Canned...
92.5
b91.8
91.4
92.8
101.1
Fruits and vegetables
Fresh
81.5
Dried
99.3
b99.5
99.6
Beverages
93.5
91.5
90.9
93.9
Fats and oils
81.3
81.1
80.3
83.5
8ugar
98.1
96.0
95.3
98.4
69.8
Preliminary,
a
Silks...
95.6
104.6
Dairy products
Eggs
89.4
71.8
98.4
87.8
70.7
Women's apparel
Infants' wear
Woolens
Jan.
Cereals and bakery products
Meats
Jan. 2,
1941
_
a
All foods
1931=100
Copyright 1941 Falrchild News Service
Home furnishings.
Pleoe goods:
Feb. 18,
1941
Afar. 18,
Commodity Group
PUBLICATIONS RETAIL PRICE INDEX
...
69.2
87.0
88.5
89.4
89.8
90.1
Cotton wash goods.....
68.6
103.2
103.4
103.3
103.3
103.6
65.0
94.1
93.6
93.6
93.8
94.6
Blankets A comfortables
Women's apparel:
72.9
110.8
116.8
117.2
117.2
117.2
Hosiery.
Aprons A house dresses.
59.2
76.5
73.3
73.2
73.3
73.2
75.5
105.8
106.4
106.6
106.6
106.7
Corsets and brassieres..
83.6
93.0
92.9
92.9
92.9
92.9
b Revised.
Domestics:
Sheets
Commodity
April
Higher in Week Ended
National Fertilizer Asso¬
Price Average
According to
12
ciation
The
wholesale
commodity price
by The
index compiled
National Fertilizer Association registered its fifth consecu¬
tive weekly advance last week.
This index in the week
Furs
66.8
99.5
108.8
110.3
111.7
113.5
Underwear
69.2
87.6
85.9
87.0
87.0
87.0
Shoes
76.5
88.8
88.0
88.0
88.0
88.0
Hosiery
64.9
87.6
87.5
87.4
87.3
87.3
on
Underwear
69.6
92.0
92.0
92.0
92.0
92.0
Shirts and neckwear
74.3
86.4
86.0
86.0
86.1
86.1
than at any time since
83.4
83.5
Men's apparel:
Hats and caps
69.7
82.5
83.5
83.8
Clothing, incl. overalls..
70.1
91.3
92.1
92.3
92.3
76.3
93.6
94.7
94.7
94.7
94.7
Infants'
The
Socks
74.0
102.0
103.8
103.6
103.6
103.6
1935-39
most
Underwear
74.3
95.0
95.2
95.2
95.2
95.2
quotations.
80.9
93.6
93.9
93.9
93.9
93.9
Furniture
the
101.0
103.2
104.3
104.8
105.3
79.9
124.0
127.8
127.7
127.8
128.0
Musical instruments
50.6
54.7
53.7
53.5
53.5
53.5
important
Luggage
60.1
76.1
76.0
76.0
76.0
76.1
Elec. household appliances
China
72.5
82.0
79.7
79.7
79.8
80.5
81.5
94.0
94.9
94.4
94.8
96.1
Major
aggregate,
Indexes
group
are
for
registered
were
drop
0.5% Between Feb. 18 and March 18
between
Feb.
March
18 and
to
first
Costs
1%,
18, Commis¬
decline
clerical
workers
costs
have
of
food
shown
typically
net
a
such
groups,
cereals,
as
oils, beverages and
Changes
bakery
sugar,
products,
lower this
are
2.9%,
mainly
fruits
and
March than
vegetables,
oil
An
average.
less
were
increase
in
The
the
index
fertilizer
representing
material
index
the
was
prices
also
wool
quotations.
were
were
fats
41 advances and 11
41 advances and
WHOLESALE COMMODITY
declines;
15 declines.
PRICE INDEX
(1935-1939=100*)
Latest
Preced¬
Month
Year
Week
ing Week
Ago
Ago
April 12,
April 5,
Mar. 15
April 13,
1941
Croup
1941
1941
1940
Total Index
Foods
98.4
23.0
93.7
92.4
80.0
75.8
99.7
_
98.4
96.0
Cottonseed oil
94.0
80.2
78.0
93.6
Farm products
100.2
98.6
93.8
88.5
Cotton...
105.5
106.5
99.1
99.1
91.5
91.5
86.5
100.5
98.0
93.3
81.4
Grains
and
Livestock
98.9
17.3
more
Fuels
102.2
102.2
102.1
106.0
10.8
last.
Miscellaneous commodities..
Textiles
u
113.9
113.7
112.8
112.6
119.8
119.9
116.5
105.8
8.2
Percentage Change
February,
1941
1940
+2.9
—1.4
Pork
White bread
Sugar
+2.2
—0.3
+ 0.8
+0.8
Butter
+0.5
+ 11.5
+ 5.3
Oranges
+ 0.4
+2.6
of
cost
sweet
of
the
fresh
fruits
potatoes
carrots,
6%
rose
spinach
and
0.0
—0.3
..
the
usual
seasonal
trend
at
advance
this
time
and
of
the
+ 12.8
Potatoes
—1.3
—22.9
Eggs
—2.4
vegetables
advanced
in
the
of shorter supplies
bananas
Beef
that
prices
about 19%
in
any
the
total
between
about 13% higher than
were
higher than
a
year ago,
March during the past six
Costs
of
dairy
products
were,
Prices
areas.
this
of
Prices for
year.
and vegetables,
fruits
was
ago.
were
offset
the month.
for
Pork prices, while
with that exception, lower than
slightly
increased
between
mid-February
and
butter in 26 cities and for fresh
The net increase for butter for the country as a whole
is
usual
2%
for
between
that
Feb.
period,
18
and
and March
were
2%
18,
considerably
higher
than
in
for
flour,
which
have
October, 1940 (except for
been
moderately
advancing
Retail
trend
They
prices of coffee and sugar advanced 2%
between
begun
are
1.4% and
Retail
in
6Ugar
prices
in
reported
for
to 3%
and mid-March,
mid-February
January
in
a
ago.
101.4
99.2
1926-28 base
were:
4 from
1926-28 average to 1935-39 average as 100.
April 12,1941,81.2; April 5, 80.8; April 13,1940, 76.3.
Wholesale
and industrial grades
Livestock and poultry
prices and
Prices
Noted
Index
During
over
are
now
more
as a group
up
than 50%
sharply during the
higher than
a
year
averaged more than 8% higher than
largely because of advances of about 15% in hog
10% for poultry, occasioned by the announcement of the
Department of Agriculture's new policy "to stimulate production through
the support of
prices."
seven
of the ten major commodity groups advanced while
three remained unchanged at last week's level.
The increases range from
0.1% for building materials and miscellaneous commodities to 3% for farm
this
continuing
the upward
year,
by 0.3%.
of
fats
wholesale
shortening
and
were
At
6teady,
retail
oleomargarine,
only
notwithstanding
fractional
while
prices
a year ago,
marked
changes
for
dressing and peanut butter remained unchanged for the month.
1% higher than
as a
the past 3H
rose
result of the pronounced rise in prices for agricultural
materials group index advanced
raw
years.
lard,
were
salad
Lard prices
and other fats and oils 1% to 6% lower.
Semi-manufactured
by about 1 %.
Grains
because of higher prices for barley, corn, oats and rye.
also higher for flour, rice and corn meal.
markets.
Hogs
were
up
more
0.7%
rose
Quotations
were
Marked gains occurred in livestock
approximately 15%; poultry, over 10%; calves,
than 3%, and cows, over 2%.
Meats followed the general
as
com¬
1.6% to a new peak for
and manufactured commodities
Prices for most agricultural commodities advanced.
nearly 7%; steers,
oils
markets.
and
Largely
modities the
widespread
reflecting higher wholesale prices.
lower at retail than in March, 1940, coffee by
of
still somewhat
increases
were
103.7
on
Speculative buying forced prices of fats and oils
week,
but steadily
slight decline in February of this year),
a
up
movement
104.2
All groups combined
104.8
products.
1% the past month and higher than at any time since last July,
but were still at a level 7% lower than last March.
were
100.4
in the first week in April
1940.
Prices
since
102.8
99.8
The indexes for
than
March,
102.1
99.8
A sharp advance in prices for livestock, particularly hogs,
together with further gains in prices for fats and oils largely
accounted for an increase of 0.9% in the Bureau of Labor
Statistics' index of wholesale prices during the week ended
April 12, Commissioner Lubin reported on April 17.
"This
represents the seventh consecutive weekly increase and it
brings this index, which includes nearly 900 price series, to
82.9% of the 1926 level, the highest point since late in
November 1937," Mr. Lubin said.
The Bureau's announcement goes on to explain:
0.5%.
Egg prices declined
less
fish
March 18, with
unchanged
year
a
18 and
years.
mid-March because of increased prices for
milk in two cities.
105.8
102.0
99.8
Commodity
Week Ended April 12
mid-
4Y2% higher, contrary to
of canned
remained
bill
meat
106.4
102.0
of
Apples and oranges showed
moved
Prices
year.
2%
growing
by declines for beef, veal and lamb between Feb.
result
106.9
Fertilizers
Farm machinery.......
Further Advance in Bureau of Labor Statistics'
beans and cabbage still showing the
Small advances in the retail price of pork, chickens and
the
100.2
Base period changed Jan.
+ 1.8
price.
same
104.0
Indexes
although advancing 1% during the past month, were selling slightly lower
than last March.
Prunes were 3% lower than a year ago, and navy beans
were
104.0
+ 12.2
—1.0
and white potatoes declined.
the
104.3
100.0
1940
+ 18.9
—3.7
Round steak
green
because
104.2
Chemicals and drugs...
Fertilizer materials
.3
March,
+ 0.3
chops
Rib roast
weather conditions
rainy
101.1
117.4
.3
1941
Milk, fresh (avge.)
Roasting chickens.
The
103.4
115.3
.3
*
effects
103.4
118.0
Compared with
Coffee
February and mid-March, with
103.4
March, 1941,
Item
March,
+ 0.6
Metals
Building materials
1.3
Percentage Change
March, 1941,
Compared with
February,
7.1
6.1
Item
of
higher
The textile average registered its
advancing for 10 consecutive weeks, the net result of a
Each Group
Bears to the
higher
in prices during the month and since last March for the
foods were as follows:
important
linseed
and
for organics.
Per Cent
and
earners
due to
pine
the
good demand for alcohol, with
a
Fats and oils
wage
number of
Hides, rubber, and linseed meal price advances
preceding week there
Costs for all other major food
eggs.
Southern
for
thereby
declined,
group
large
a
the building material
increase
an
and
WEEKLY
25.3
by
bought
of
rise
prices for meats, dairy products and
after
cotton
in
drug index reflected
by
livestock
remained unchanged, since several of
Complied by The National Fertilizer Association.
missioner's announcement further stated:
March
in
commodities.
the second
in
sioner Lubin of the Bureau of Labor Statistics reported on
last
prices
with the
Cotton and grain prices
offset by advancing
than
increases
Rising
advancing prices
in
in farm products,
was
the year.
for
more
declined; in the preceding week there
April 9.
Continued moderate advances for pork, sugar and
coffee, as well as higher prices for butter, canned vege¬
tables, and some of the fresh fruits and vegetables, were
responsible for this increase.
Preliminary
reports
for
April 1 from 18 cities indicate further advances.
The Com¬
Since
higher
now
During the week 35 price series included in the index advanced and 14
Retail costs of food in large cities advanced by 0.5 of
average,
were
upturn
an
the chemical and
due
Retail Food
index is
The
last week
high
new
the effect of
items.
miscellaneous
Statisticslndex of
100.
as
food price average
counterbalancing
in
a
but
the price tendency upward.
Note—Composite index is a weighted
arithmetic averages of subgroups.
the
lower,
The
responsible
on
average
heavily weighted items included in the
more
69.4
Floor coverings
Advanced
a
important change
slightly
were
Shoes
Bureau of Labor
104.2, compared with 103.7 in the pre¬
month ago, and 99.2 a year ago, based
was
index rising to
group
wear:
April 12
the
November, 1937.
The Association's
report, under date of April 14, went on to say :
92.4
Shoes...
ended
ceding week, 101.4
Lambs
were
lower.
rise in livestock markets and advanced 2.9%;
higher prices were reported for cured and fresh pork, veal and dressed
poultry.
Apples and lemons advanced seasonally and eggs were up, due to heavy
buying.
Fruits
and
vegetables
declined
fractionally
because
of
lower
The Commercial & Financial Chronicle
2456
Canned vegetables and most dried
prices for oranges, onions and potatoes.
fruits,
Sharp advances occurred in prices for
the contrary, were higher.
on
lard, tallow, edible vegetable oils, cured fish, peanut butter
while
raw
and tea.
market continued to advance because of the heavy
The cotton textile
Burlap prices also rose further
demand created by the defense program.
silk declined more than 3%.
yellow pine lumber, particularly
dimension, finish and flooring, accounted for a decline of
Weakening prices for several types of
No.
2
boards,
10.41% for March, 1041, over March, 1940.
Excluding the
two mail order companies, 25 other chain store companies
reported an increase in sales of 3.85%.
Sales for the 27 companies showed an increase of 11.70%
for the three months of 1941 over the three months of 1940.
reported an increase in sales of 7.61%.
Month
P. C.
3 Months
1941
Chains
P. C.
3 Months
Month
No. 3 yellow pine boards, drop siding, lath and
0.3% In the lumber index.
the two mail order companies, 25 other chains
Excluding
Primary metal markets were steady.
April 19, 1941
1940
Change
1941
1940
$
$
Change
timbers, and maple and oak flooring were higher.
for industrial fats and oils, stearic
In addition to the advance of 8.6%
transportation costs.
also higher for gasoline, cylinder
during the week largely because of higher
than 39%
Quotations were
Tankage was up 9 Vi %.
6 Apparel
1940 and the percentage changes from a
1941
1941
Apr.
Apr.
Mar.
5,
1941
1941
1940
78.0
+0.9
+2.5
+6.3
70.9
68.0
73.2
74.9 72.7
Farm products
74.3
70.8
76.4
77.6 76.7
Foods
Hides and leather products. 103.9 103.9 103.5 102.8 102.1
77.2
71.9
79.2
80.4 80.1
Textile products
+3.0
+ 5.6
+ 10.1
+ 1.0
+4.3
0
+ 1.1
+ 1.8
+0.4
+ 11.8
+0.3
+4.1
+ 1.1
All commodities..
80.9
82.0
82.2
82.9
1940
1941
1941
6,164,673
11,320,000
297,345,222 269,313,104 + 10.41 789,469,042 706,796,294 + 11.70
..
March
12, 1941 from—
Apr.
13,
15,
29,
6,
25.987,676
3,191,000 +29.e0
Changes to
Percentage
Apr. Mar. Mar.
+ 8.84
—9.59
80,851,874 + 10.05
+8.93
23,858,106
+6.59
5,783,296
9,094,000 +24.50
88,976,944
+7.61
+ 3.85 511,304,900 475,157,261
186,479,383 179,571,905
89,741,199 +23.54 278,164,142 231,639,033 +20.09
Companies
7
Apr.
12,
2,751,066
4,135,000
+ 5.46
2 Mail orders.. 110,865,839
April 5 to April 12,
1941-
Commodity Groups
(1926=100)
9,078,325
supply.
25 Chains
week ago, a month ago, and a year
(2) percentage changes in sub-group indexes from
ago;
+9.38
+4.08
32,505,332
8,340,844
3,014,939
—
1 Auto
(1) index numbers for the principal groups of
March 16, 1941, and for April 13,
+9.88 180,914,390 165,393,468
—2.62 197,941,217 190,176,517
2 Drug
1 Shoe
commodities for the past 3 weeks, for
57,095,240
75,424,550
34,278,869
11 5<fe 10-Cent_.
oil, paraffin wax and soap.
The following tables show
$
$
62,736,405
73,499,718
4 Grocery
Prices for nux vomica rose more
also advanced.
and oleic acid and copra
15,
.
Apr.
13,
+9.5
+ 1.2
73.4
97.8
73.2
72.6
72.6
72.5
Metals and metal products.
97.8
97.9
97.8
95.4
0
0
Building materials
99.9
99.8
99.7
99.4
99.8
+0.1
+0.5
Chemicals «fc allied products.
81.7
80.9
80.6
79.2
76.6
+ 1.0
+3.2
+6.7
House furnishing goods
Miscellaneous commodities.
91.5
91.5
91.2
90.8
89.9
0
+0.8
10%
Increase
chain organizations, as measured
by the "Chain Store Age" index, were equal to 126 of the
1929-31 average as 100, an increase of 10% over seasonally
adjusted results for the same month of 1940.
While trade in the different business divisions last month
varying results as compared with February, due to
influence, basically trade continued highly
showed
Easter
the
favorable.
+ 1.8
78.1
Store Sales
Chain
March sales of leading
Fuel and lighting
materials
+2.5
+ 7.7
78.0
77.8
77.0
76.6
76.2
76.3
74.5
72.0
+0.1
+ 1.6
+ 1.4
77.4
+3.9
84.9
84.6
84.4
82.7
79.2
+0.4
+ 2.7
+ 7.2
Manufactured commodities.
85.6
85.1
84.8
84.0
+0.6
+ 1.9
+5.4
of sales for March for the different groups
follows:
+ 2.0
+7.5
Seml-manufact'd articles...
The indices
compare as
Raw
materials
81.2
farm
84.7
products
84.4
84.0
83.1
80.3
+0.4
+ 1.9
+ 5.5
85.9
85.8
85.4
84.9
82.7
+0.1
+ 1.2
+3.9
All commodities other than
farm products and
foods..
APRIL
IN SUB-GROUP INDEXES FROM
CHANGES
PERCENTAGE
TO APRIL
12,
1941
0.4
0.2
Other building materials
Livestock and poultry
8.3
Paper and pulp
Meats
2.9
Other miscellaneous
Cotton goods...,
Other foods......
1.3
Brick and tile
1.1
Anthracite........
Cereal products
0.8
Chemicals
Petroleum products
0.8
Drugs and pharmaceuticals
—
....
..............
..i-
0.1
Furniture
Leather........
0.6
Woolen and worsted
-
Paint and paint materials
3.2
0.1
0.1
goods
0.5
Silk
0.1
0.1
0.1
0.7
0.7
Fertilizer materials.
Grains
0.2
0.2
...
.........
Other textile products
-
154
149p
117
136
154
149
133
108
119
142
128
128
March, 1941
Other farm products...
0.3
-
1.5
Lumber
0.3
1.3
Rubber, crude
Fruits and
vegetables.--....-..Plumbing and beating
0.2
0.2
Hides and skins
0.1
0.8
0.6
...
Agricultural implements.
March, 1940.
-
144
Preliminary.
p
March Sales of Department Stores in New
Reserve District Increased 5% Above
York Federal
Year Ago
department stores in the Second (New York)
District during March
increased 5%
of
Sales
Federal
Reserve
a year ago, it was announced April 16 by the Federal
Reserve Bank of New York. Stocks of merchandise on hand
above
6% more
department stores at the end of March was
in
than at the end of March, 1940.
The
Decreases
Dairy products
Cattle feed
Drug
132
5
Increases
8.6
Oils and fats
Variety
119
February, 1941
All commodities other than
Apparel
Shoe
Grocery
ported
with
a
apparel stores in the New York Reserve District re¬
a gain of 1% in net sales in March as compared
year ago.
Apparel stores' stock on hand at the
end of the month
The following
was equal to a year ago.
is the tabulation issued by the Bank:
DEPARTMENT STORE TRADE BY MAJOR LOCALITIES,
SECOND FEDERAL RESERVE DISTRICT
Department Store Sales Increased Seasonally,
Reports Board of Governors of Federal Reserve
System
MARCH 1941—
March
Board
The
a
of the Federal Reserve System
Governors
of
Percentage Changes from
Year Ago
Stock
Net Sales
Department Stores
on
announced
on
April 11 that department store sales increased
seasonally in March, and the Board's adjusted index was
maintained at the relatively high level of 103 reached in
index, which makes allowance for the
changing date of Easter, is shown below for the last three
months, and for March, 1040:
February.
The
INDEX OF DEPARTMENT
STORE SALES
Poughkeepsie
1941 Mar. 1940
1941 Jan.
Mar. 1941 Feb.
103
103
103
89
94
82
79
86
Without seasonal adjustment
Syracuse
+ 14
Year
Districts
April
March
March
March
April
March
March
Feb. 1
April
1
29
22
15
5
29
1
1
5
Boston
+ 19
+43
—6
+ 1
+ 13
+8
+ 21
+8
+ 11
New York
+ 21
+ 25
—5
0
+ 10
+-12
+8
+8
Philadelphia...
+ 39
+4
+ 10
+61
—6
+ 17
+25
+ 15
+ 13
+ 14
+1
+ 51
—2
+8
+ 11
+ 12
+ 15
+ 11
+ 55
0
+8
+21
+ 13
+ 17
+ 19
+ 17
Atlanta..
+ 17
+39
—2
+6
+ 13
+ 10
+8
+ 15
"+2
+8
+ 11
+ 19
+•17
~+9
+28
+ 17
+24
+ 10
+ 16
+9
+23
+ 17
+21
+45
+ 18
+16
+ 13
+3
+ 19
+4
—4
—1
+9
+ 12
+9
+2
+5
+7
+6
+ 1
.......
Chicago
+ 19
r+26
+5
+ 13
+ 15
+ 11
+ 13
+ 11
Buffalo
Niagara Falls *
Rochester
All department stores *.
Apparel stores
*
+ 11
+ 31
...............
Western New York State *
+ 11
Richmond
—3
+7
+ 13
+2
+ 11
+ 29
Cleveland
+4
+2
+8
+26
....
Bingham ton
Elmlra.......
Change from Corresponding Period a Year ago (Percent) b
Reserve
+15
+7
Northern New York State
Federal
Four Weeks Ended—
+ 15
—1
Southern New York State *
One Week Ended—
+8
+ 11
+ 14
...
....
Upper Hudson River Valley...
Albany
Central New York State
Mohawk River Valley
Adjusted for seasonal variation
+6
+ 11
Bridgeport
+7
+4
Westchester and Fairfield Counties.
+5
+6
.......
.............
Month
+2
(Includes Brooklyn).
Newark..
Mar.
+17
New York City
Northern New Jersey
End of
Mar.
Lower Hudson River Valley
a
(1923-25 Average=100)
Hand
Jan.-
Louis
—1
+8
+9
+ 12
♦
*
+ 13
+8
+8
+ 19
+9
+ 15
+32
—8
0
+8
+4
+9
+ 13
+39
+ 30
—7
+1
+ 14
+5
+ 10
+ 15
+26
—1
+7
+ 13
+9
+5
+ 12
+34
—2
+7
+ 13
+9
+ 12
+ 11
+ 11
FEDERAL
STORE
SALES
AND
STOCKS—SECOND
RESERVE DISTRICT
(1923-25 average=100)
+ 11
+ 17
DEPARTMENT
+ 11
+23
OF
+ 10
Dallas
Subject to possible revision.
INDEXES
+ 12
Minneapolis..
Kansas City
+ 37
St.
San
Francisco.
U. S. total..
r
Revised.
0
+3
*
*
* Not shown separately
+8
it
made for
a
is estimated
WEEKLY
1941—Apr.
that
in
comparisons
INDEX,
with
last year allowance should
ADJUSTMENT,
1940—Apr.
be
1935-39=100
5
131
6
112
Mar. 29
117
Mar. 30
88
Mar. 22
Ill
Mar. 23
113
Mar. 15
105
Mar. 16
99
March
Chain
Store
order
Gain
10.41%
compilation made by Merrill Lynch, E. A.
store companies, including two
companies, reported an increase in sales of
According to
a
Pierce & Cassatt, 27 chain
mail
Sales
1941
81r
78
79
84
88 r
99
97
98
Stocks, unadjusted
and for a corresponding increase for
SEASONAL
Mar.,
1941
81r
73
80
87
81r
81
85
86
Sales (average daily), seasonally
r
adjusted
Revised.
Electric Output for
Week Ended April 12, 1941, Totals
2,720,790,000 Kwh.
whole.
WITHOUT
Feb.,
1941
Stocks, seasonally adjusted
but included in United States total,
reduction in March of about 6%
the month of April as a
Jan.,
1940
Sales (average dally), unadjusted
a Monthly Indexes refer to daily average sales in calendar month; March,
1941,
figures estimated from weekly sales.
► b During March and April changes from a year ago reflect in part the fact that
Easter was on March 24 last year, while this year it will be on April 13.
On this
account
Mar.,
The Edison
Electric Institute, in its
current weekly re¬
port, estimated the production of electricity by the electric
light and power industry of the United States for the week
ended April 12, 1941, was 2,720,790,000 kwh.
The current
week's output is 12.5% above the output of the correspond¬
ing week of 1940, when the production totaled 2,417,994,000
kwh.
The output for the week ended April 5, 1941, was
estimated to be 2,778,628,000 kwh., an increase of 16.7%
over
the like week
a
year ago.
Volume
The Commercial & Financial Chronicle
152
PERCENTAGE INCREASE FROM
PREVIOUS
2457
YEAR
Change from Feb. 1940 to Feb. 1941
Major Geographic
Week Ended
Regions
April 12, 1941
New England
Apr. 5, 1941
14.6
Middle Atlantic
U
New non-residential
13.0
12.4
16.9
20.8
20.0
,v.
10.0
12.1
13.8
Total
9.8
5.0
6.0
16.7
15.7
Permits issued during February,
;
~"12.5
15.9
these,
RECENT
WEEKS
(THOUSANDS
OF
was an
1940
projects.
Compared with February, 1940, there
increase of 7 % in the total number
1940, provided 3,917 dwelling units.
The
1929
1932
1937
1941
changes occurring between January and February, 1941, inithe per¬
from
4
mit valuations of the various classes of building construction are
1940
Jan.
in the
1,619.265
1,542,000
11
2,704,800
2,834.512
2,473,397
2,592,767
+9.4
Jan.
18
2,843,962
2.572,117
+ 10.6
2,244,030
2,264.125
2,256,795
1,598,201
1,736,729
Jan.
15
2,829,959
2,829,690
2,565,958
2,541.358
+ 10.3
2,214,656
1.588,967
1,717,315
+ 11.3
2,201,057
2,823.651
2,522.514
+ 11.9
2,199,860
1,726.161
New residential
2,211,818
2,207,285
1,588,853
1,578,817
1,545,459
1,718,304
New non-residential
1.612,158
1,699,250
Additions, alterations and repairs
1
Feb.
8
Feb.
15
mm
Mar.
1
8
Mar. 22
mm
Mar. 29..
mm
5
Apr.
Apr. 12
+ 13.5
2,455,285
+ 14.9
2,479,036
+ 14.0
1,538,452
All Cities
1.702,670
2,460,317
2,424,350
+ 14.5
2,211,052
1,537,747
Excl. N. Y. Citv
—0.5%
—11.1%
+0.3%
+ 5.2%
—8.5%
-0.3%
1,682,229
1,514,653
1,480,208
+ 16.7
2,200,142
2,146,959
2,176,368
1,683,262
2,422,287
2,381,456
+ 15.9
+ 15.7
1,465,076
1,679,589
1,663,291
+ 12.5
2,173,223
1,480,738
1,469,810
1,454,505
1,696,543
1,709,331
1,699,822
»'«
2,778,628
mm
Apr. 19
Apr. 25
of Construction
1,706,719
+ 15.1
2,199,967
2,212,897
1,519,679
2,463.999
2,802,255
mm
2,475,574
2,817,893
2,808.915
mm
Change from Jan. 1941 to Feb. 1941
Class
1,728,203
2,835,321
mm
Mar.
1,733,810
2,810,419
mm
Mar. 15
1,602,482
2,820.161
2,825,510
mm
Feb. 22
+9.3
indicated
following table:
Jan.
Feb.
Pub¬
of dwelling units provided.
licly financed projects for which contracts were awarded during February,
Change
1941
January
projects financed from public funds.
in
were
in publicly financed
KILOWATT-HOURS)
Percent
WeerEnded
5,215
1941, provided 24,193 dwelling units.
permits in these cities provided for 24,309 dwelling units, of which 2,490
were
FOR
+34.0%
10.9
Of
DATA
+83.7%
—7.0%
Additions, alterations and repairs
8.1
Total United States.
—3.1%
+ 21.6%
13.8
20.2
/'
10.2
+23.6%
+ 62.3%
13.2
19.5
13.3
Rocky Mountain
Pacific Coast
+ 9.2%
13.4
,
14.7
Southern States
Exd. N. Y. Citv
All Cities
New residential
;
20.3
21.7
'•
>16.4
West Central
Construction
1941 Mar. 22, 1941
19.4
21.6
9.3
Central Industrial
Mar. 29,
Class of
Week Ended
Week Ended
Week Ended
2,720,790
2,417,994
2,421,576
2,397,626
mm
mm
2,188,124
2,193,779
Total
—1.1%
—*•4.6%
The changes occurring between the first two months of 1941
period of 1940
are
and the like
indicated below, by class of construction:
Change from First 2 Mos. of 1940
to First 2 Mos.
Class
of 1941
of Construction
All CUies
Construction
Has
Since
March
construction
$479,903,000
in
37
March, 1940, and
First
Largest
was
States,
76%
of
first
quarter
$1,055,481,000
report of F. W. Dodge
compared with
$668,943,000 in the
$1,252,330 in the first quarter
1940 and
of
_
...
,
Non-residential building showed an increase of 110% over
the first quarter of
this
1940, reaching
valuation total of $410,-
building,
Residential
year.
a
624,000,
showed
an
increase
increase of 36%.
of 37%.
~
contracts awarded
and municipal
collected by the
valued
at
$375,-
Public works
and
$269,584,000, showed
an
Statistics includes
by Federal and State governments in addition to private
construction.
For February, 1941, Federal and State con¬
933.000, and for February, 1940, $23,337,000.
Permits
projects:
were
issued during February for the following important building
In Braintree, Mass., for a turret building at a steel plant to cost
$650,000, in Boston, Mass., for
in Everett,
Mass., for
a
cost
a
pier at the Navy Yard to cost $725,000;
supercharger at an electrical plant to cost $1,260,-
a'graving dry dock for the Navy Department
to
$8,600,000; in New York Oity, in the Borough of the Bronx, for apart¬
ment houses to cost $1,004,000; in the Borough of Brooklyn, for apartment
houses to cost
$1,156,000; in the Borough of Manhattan, for apartment
houses to cost $2,165,000; in the Borough of Queens, for apartment houses
$1,638,000, and for 1-family dwellings to cost
over
$1,283,-
000; in Philadelphia, Pa., for 1-family dwellings to cost nearly $744,000;
in
Pittsburgh, Pa., for stores to cost approximately $514,000; in Chicago,
111., for 1-family dwellings to cost nearly $1,182,000 and for factories to
;
ownership construction continues to consist
pre¬
in
$521,000; in Indianapolis, Ind., for public works to cost $1,000,000;
Dearborn, Mich., for 1-family dwellings to cost in excess of $553,000,
dominantly of defense projects for army, navy and air force.
in Detroit, Mich., for
Deficiencies in housing facilities for enlisted personnel and
industrial workers are being met simultaneously by govern¬
for
mental
in
agencies and by private builders, assisted or unas¬
sisted by Government aid.
+49.1%
Bureau of Labor
struction in the 2,185 cities totaled $42,573,000; for January, 1941, $37,-
cost over
Public
+43.2%
+86.7%
+3.5%
+4.9%
+ 33.7%
to cost less than
utilities construction, amounting to
+26.4%
,
+64.4%
000; in Bayonne, N. J., for
of 1929.
273,000
.
The information
building and engineering contracts awarded amounted to a
total
resid^ntlftl
Total
over
In the first three months of 1941
April 15, 1941.
on
New
New non-residential
dollar volume of
a
increased
the culmination of the largest first
quarter since 1929, according to a
Corp.
Volume
Additions, alterations and re pairs
with
contracts,
Eastern
Quarter
1929
Exd. N. Y. City
In the first quarter of 1941 the
fact that
84% of residential building and 59% of the dollar
valuation of all building and engineering contracts awarded
were for private
ownership indicates that private capital
is flowing into construction in increased volume.
a
1-family dwellings to cost
more
than $3,887,000 and
supply warehouse for the War Department to cost less than
motor
$630,000, in Cleveland, Ohio, for 1-family dwellings to cost over $556,000,
Dayton, Ohio, for factories to cost nearly $512,000; in Washington, D. O.,
for 1-family dwellings to cost
cost
nearly $635,000 and for aparement houses to
$702,000; in Miami, Fla., for 1-family dwellings to cost nearly $674,000;
in Baltimore, Md., for
1-family dwellings to cost almost $985,000; in Annis-
ton, Ala., for an ordnance depot for the War
Department to cost less than
$8,492,000; in Oklahoma City, Okla., for buildings at the air base for the
War Department to cost
nearly $1,459,000; in Corpus Christi, Tex., for
public works to cost $625,000; in Houston, Tex., for 1-family dwellings
to
February Building Permit Valuations Featured by 62%
Gain in
Non-Residential Activity, Secretary of
Labor Perkins Reports—Total Building Construc¬
tion Was 22% Above Year Ago
An increase of 62% over
valuations for
February, 1940, in the permit
non-residential buildings featured building
new
permit reports for February, 1941, Secretary of Labor Frances
Perkins
reported
valuations for
on
new
March 29.
during the corresponding month of
she said.
"There was, however, a
the preceding year,"
decrease of 3% in the
value of additions, alterations
and repairs.
Total building
measured by permit valuations, was 22%
higher during the current month than during February,
1940," Miss Perkins said.
"All geographic divisions except
the Middle Atlantic, South Atlantic and West South Central
construction,
as
more
in San
a
Diego, Calif., for 1-family dwellings to cost nearly $696,000 and for
000, in San Francisco, Calif., for 1-family dwellings to cost $1,120,000 and
for institutional buildings to cost
in
Portland, Ore., for factories to cost $672,000; and in Seattle, Wash.,
for
1-family dwellings to cost over $715,000.
were awarded
during February
Contracts
financed
cost
new
$1,456,000
United States having an
$2,459,000 (658 d.u.), in Washington, D. O., to cost
(169 d.u.); in Jacksonville, Fla., to cost $1,502,000
cost
(708
$222,000
$343,000 (150 d.u.);
(75 d.u.); in Columbus, Ga., to cost
in Kinston,
N. O., to cost nearly $369,000 (142 d.u.); Alexandria, Va., to
cost almost
$765,000 (240 d.u.); in Norfolk, Va., to cost $45,000 (20 d.u );
Phoenix, Ariz., to cost nearly $55,000 (24 d.u.); in Denver, Colo., to
$390,000 (125 d.u.); in Bremerton, Wash., to cost less than $686,-
000 (240 d.u.); and in Seattle,
Wash., to cost $2,176,000 (690 d.u.).
PERMIT VALUATION OF BUILDING CONSTRUCTION, TOGETHER WITH
THE NUMBER OF FAMILIES PROVIDED FOR IN NEW DWELLINGS,
IN
2.185 IDENTICAL CITIES IN
NINE REGIONS OF THE UNITED
1941
STATES, AS SHOWN BY PERMITS ISSUED, FEBRUARY,
and repairs.
These data
are
based
on re¬
New Residential
aggregate'population, according
No.
to the 1940 census,
Percentage
of
Permit
CUies
Geographic Division
Valuation,
Feb., 1941
Dining the first two months of 1941 permits were issued in reporting
cities for buildings valued at
1940.
Permits for new residential build¬
ings during the first two months of 1941 amounted to $179,422,000, an
corresponding period of the preceding year.
Com¬
All divisions
—
253
population of 1,000 or over:
for 2,185 cities
1940
—0.5
—31.3
South Atlantic
permit valuations from February, 1940, ot
Feb.,
1941
—5.6
16,778,652
210
The percentage changes in
Jan.,
Feb.1941
—19.4
555
481
West North Central
.... -
for
1940
5,229,067 + 100.5
Middle Atlantic—
East North Central
England
Feb.,
140
valuations of new non-residential buildings.
New
Jan.,
$86,830,315
paring the same two periods, there was an increase of 64% in the permit
February, 1941, by, class of construction, are given below
Percentage
Change from—
Provided
2,185
6,759,500
16,677,534
Department's announcement further said:
Change from—
No. of
Families
1940
$351,960,000, an increase of 34% as compared
with the corresponding period of
increase of 26% over the
Buildings
of LaborlStatlstics from 2,185 cities of the
of 64,613,000.
a
(1,000
An increase of 0.3 of 1% was shown in permit valua¬
tions for additions, alterations
having
following publicly
d.u.); in Pensacola, Fla., to cost $256,000 (100 d.u.); in Augusta, Ga., to
This was brought about by a decrease of 1% in the
ports received by the Bureau
The Labor
the
(500 d.u.); in Belleville, 111., to cost less than $371,000
over
almost $631,000
residential buildings and of 11 % in the value of new non-resi¬
dential buildings.
for
In Hartford, Conn., to cost $3,597,000
(100 d.u.), in Moline, 111., to cost nearly $622,000 (184 d.u.), in St. Louis,
Mo., to cost
cost over
than during January.
housing projects:
d.u.); in Boston, Mass., to cost $292,000 (90 d.u.); in Camden, N. J., to
in
value of
nearly $534,000, in Pendleton, Ore., for
buildings at the airport for the War Department to cost nearly $1,166,000;
shared in the
Building permit valuations during February, however, were 5% lower
Denver, Colo., for 1-family dwellings to
$2,642,000 and for apartment houses to cost nearly $790,000,
dry dock at the destroyer base for the Navy Department to cost $2,800,-
New
gain, the most important increases being in the
England, East South Central and Pacific States."
Secretary Perkins added:
than $731,000; in
nearly $543,000; in Los Angeles, Calif., for 1-family dwellings to cost
in excess of
"February, 1941, permit
residential buildings were 9% higher than
cost
cost
13,250,544
1,655,032
—0.5
+6.6
+9.2
24,193
+ 59.2 + 137.6
—26.8
+58.6
1,693
4,122
3,497
—8.6
+62.3
+98.3
1,385
+ 101.9
+ 90.0
+4.1
+ 18.6
4,387
+ 15.1
+20.8
+70.0 + 127.2
—33.1
East South Central.
81
—26.9
—33.0
762
—8.9
—21.5
West South Central
125
—51.0
1,806
—29.8
—47.8
106
5,087,326
2,416,718
—31.3
Mountain
+ 52.3
+75.0
757
+42.8
+41.8
Pacific
234
19,075,942
+ 5.3
5,784
+6.5
+34.2
+36.61
The Commercial St Financial Chronicle
2458
reported for the corre¬
At hanks in New York City
compared with the corre¬
sponding period a year ago, and at the other reporting
centers there was an increase of 18%.
These figures are
as reported on April 14,
1941, by the Board of Governors
496,000,000,
Total Building Construction
Buildings
Population
Permit
Division
Percentage
Permit
Change from—
(Census
of 1940)
Valuation,
Valuation,
Feb.,
Jan.,
Feb.,
1941
Feb., 1941
Feb.,
Jan.,
1941
1941
1940
1940
14% above the total
of 10%
System.
was
of the
an
FEDERAL RESERVE DISTRICTS
SUMMARY BY
$
$
—4.6
+62.3 173,747,745
—11.1
New England.
6,309,470
MlddleAtlantlc 14,359,375
+49.2 +267.5
+42.2
+44.4
E. N. Central.
8,268,793
—68.3
+45.0
W. N. Central
1,464,932
3,647,692
+ 69.6
—1.6
7,958,297
+61.2
—60.6
—60.1
19,209,743
—20.5
9,854,698 + 187.2 + 911.6
—19.0
+ 15.7
W. So, Central
4,683,634
—63.3
+ 13.2
758,274
Mountain....
+ 46.5 + 159.4
Pacific
14,965,093
12,046,721
11,149,423
+89.3 +216.5
Atlantic
E. So. Central.
13,900.235
38,133,761
29,699,390
(In Millions of Dollar*)
+21.6 64,612,735
All divisions.. 63,211,761
South
ago.
increase
Federal Reserve
there
Change from—
Percentage
Geographic
or
sponding period a year
(Including Alterations
and Repairs)
New Non-Residential
April 19, 1941
5,617,311
—6.2 19,488,946
+43.0 15,424,679
4,830,104
+29.2
+41.3 + 124.1
—1.2
—38.3
—15.7
—22.3
—29.9
—6.4
+45.7
3,824,100
37,826,075
+57.3
+ 19.7
5,807,282
2,162,395
3,744,484
1,431,929
6,115,609
April 9,
April 10,
April 9,
April 10.
1941
1940
1941
1940
3,546
3,382
483
414
620
460
—
357
283
—
.......
New York...........
Pbuadelphla
....
Cleveland
Report
on Trend of Business in
Increased 7% Over Year
244
222
Ago
18,873
3,740
2,051
3,643
3,088
10,129
Minneapolis...................
158
152
Kansas City...
274
239
224
193
697
594
$8,811
3,243
4,794
$7,673
773
649
San Francisco
Horwath
&
in
the February increase
state that
Horwath
.....
of the trend of business in hotels,
In their monthly survey
corresponding month of last year, 7%,
total sales over the
Total, 274 reporting centers....
New York City *
......
140 Other leading centers
133 Other centers
February
the increase would be almost
The
firm's announcement added:
Bales,
rates continue to lag in spite of rises in many com¬
Philadelphia, Washington and Detroit had an aver¬
room
2% in rates.
New York City and the Pacific Coast section had rises of four points each
in occupancy and none in rates.
Unquestionably if there were not some
rise of
weakness
in
room
points, or 12%, in occupancy, but one of only
seven
in
the
in practically all
rates
room
sales would
keep
of the
the increases
groups,
with those of the restaurant.
faster than food sales, as has been
pace
Beverage sales continued to increase
the
since
case
rate
last
it
better
was
sponding months
slightly better,
For the
month
group
of
TREND
summer.
continues
situation
while
Imports and Exports for United States forJTwo Months
Ended February, 1941—Geographical Distribution
Figures of the foreign trade of the United States for the
two
were
in
below the
February of last year, was
1937 and 1938.
but the average occupancy
"all others," the occupancy,
1941,
according to
They
are
OF
UNITED
DIVISIONS
FOR THE
AND
STATES
WITH
GEOGRAPHIC
CLASSES,
1941
States Merchandise
(Value In Thousands of Dollars—000 Omitted)
Manuf'd
COMPARED
Crude
Foodstuffs
Total
Materi¬
Foody-
& Bev¬
Man u-
Manu¬
Exports
als
stuffs
erages
factures
factures
Geographic Division
Bever¬
Feb.
1941
1940
+7
69
55,386
1,922
18,704
9,550
42,150
11,692
42,168
983
65
South
America
1,235
88.250
1,752
7,052
151
8,453
2,199
396
4,710
22,139
66,706
'
101,002
Asia
or
146.557
5,819
975
12,087
62,112
57,961
2,950
7,855
123,914
Southern North Amer.
Feb.
ages
Food
216,852
Northern North Amer.
(.Percent)
Total
Restau¬
Europe
Rate
Room
Occupancy
Decrease (—)
Rooms
Finished
Semi-
Crude
and
Country
1941,
% of
Inc. (+)
Sales—Percentage of Increase (+)
Total
Commerce,
(Corrected to April 8, 1941)
WITH
or
Foreign Trade
BY ECONOMIC
COUNTRIES
ENDED FEBRUARY,
Exports of United
corre¬
TRADE
FOREIGN
LEADING
TWO MONTHS
Philadelphia hotels are doing
for the month was only 53%.
at 68%, is the highest for the
HOTELS IN FEBRUARY,
FEBRUARY, 1940
IN
and destination,
presented in the tabulation below:
February since 1931.
OF BUSINESS
divided into several
source
issued April 15, 1941, by the Division of
VALUE
to
than
February,
Statistics of the Bureau of Foreign and Domestic
commencing to show increases, although the
remain far from satisfactory, and occupancy,
in 1936,
ended
months
economic classes and
New York City are
Sales in
available to 1919.
Centers for which bank debit figures are
of Various Classes of Merchandise
and services.
modities
56,704
8,798
42,456
10,269
usual, increased less than food and beverages, this being
as
partly because
age
$107,958
66,710
11%, which
improvement in almost four years.
would be the best
Room
•
$123,496
46,516
3,122
3,903
shorter by one day; on the basis of the same
was
of days,
number
And this
month in almost two years.
is the largest for any
3,868
3,405
16,067
3,119
1,975
3,294
2,691
8,683
4,049
1,076
277
.......
Dallas
Sales
Hotels—February
6,613
6,949
302
—.—...—
Louis.
46,419
1,335
Atlanta
Chicago....
St
$5,876
$6,967
50,936
6,581
8,629
4,810
$415
.......
Boston..:
$537
Richmond...
Horwath & Horwath
13 Weeks Ended
Week Ended
Federal Reserve District
+5
Dec. (—)
12,420
923
14
236
41,940
675
7
689
2,091
4,836
35,733
9,156
616,200
31,327
5,727
24,029
124,398
430,720
10,457
250
10
79
410
7
153
3,201
1,471
0
+4
+2
+8
+7
+ 14
68
68
+2
Philadelphia
+ 18
+ 17
+20
+ 18
+25
53
46
+2
Washington
Cleveland
+ 15
+4
+ 16
+2
+ 14
+ 12
+ 20
75
69
+6
Argentina
+7
+5
+ 11
74
75
+4
Australia
9,727
+ 13
+4
+ 11
+6
+ 16
+3
+ 13
+21
+1
67
59
—2
Belgium
a
60
66
0
Belgian Congo
6
Texas..
+5
+3
+8
+9
+4
75
74
+2
Bolivia
1,01'
1,53:
A11 others.........
+7
+5
+9
+7
+ 13
68
66
+3
Brazil..
17,87'.
898
+7
+5
+9
+7
+ 11
69
66
+2
New York City
+6
Chicago...
Detroit
....
Pacific Coast......
.
+8
+4
Oceania
Africa.
rant
+3
Total
.....
British East Africa.
Total
Malaya
Canada.
of
5%
3%
Ordinary Life Insurance in February
Above
Year
Ago—Two Months' Volume Is
Ahead
of Last
Chile
February of this
the United
in
ance
above the volume
monthly
year
February, 1940, according to the
issued by the Life Insurance Sales Research
survey
Bureau, Hartford, Conn.
sales record
sales
the sales of ordinary life insur¬
$537,557,000, or 5%
States amounted to
sold in
was
The Bureau reports that the best
achieved in the New England States, where
117% of the
month of
All other
sections, with the exception of the Mountain States, also
showed increases.
The record of sales for the year to date
(January and February) shows 1941 3% above the same
period of 1940, with sales for the two months aggregating
$1,000,319,000.
were
Sales
volumes
the Bureau
as
and
same
ratios for all
a year ago.
sections
were
given by
follows:
389
723
8,101
12,030
2,921
1,706
18,603
87,288
1
7
70
154
30
1,538
4.35B
6
531
1,334
9,795
Sales
Ratios
Volume
1941
Volume
1941
in
f.'
;
•
to
in
to
$1,000
•
1940
$1,000
1940
195
966
303
27
6,316
1,464
5
9
217
243
990
437
230
4,448
2,195
8,702
2,145
16
94
445
144
1,446
(Netherlands
Curacao
Indies)
799
1,078
6
115
146
Ecuador
1,259
13
a
148
.131
968
Egypt
6,248
319
a
154
707
5,068
778
6
54
114
589
1,028
242
Dominican
Republic-
El Salvador
Finland
11
14
385
2,623
France
376
French Indo-Chlna
661
7,155
65
92
38
Germany.
rn'm'mm'm
■
mm,
m
m
m
^
w-
903
1
69
376
69
mmm
1
430
Austria.
Czechoslovakia,
■
Poland
'
a
Gold Coast
mm
m
Greece
a
mmmmmm
1,522
104
46
6,968
43
21
349
2,234
3
2,647
Guatemala
125
305
11
1,078
Honduras
1,031
11
9
78
237
696
Hongkong
Iran (Persia)
Iraq..
3,945
374
36
306
784
2,444
1,327
12
13
98
1,204
■
Netherlands Indies...
252
mmmmm —
3,022
1,072
17,718
Netherlands
11
43
148
23
265
mmmmmm
22,297
Mexico
a
126
1
981
994
a
Kwantung
338
497
a
.
m
—
292
13,384
m
527
63
449
8,052
517
3,138
mmmrn
13,894
10,727
12
618
—
240
2
926
432
a
mmmmmm
■■mrnm
2
mmm
3,173
9,683
Newfoundland and
Labrador
New England
215
1,789
7,806
Japan
Year to Date
Ratios
11,145
183
33
16,011
Italy
Sales
267
:
3,137
2
10
Ireland
February, 1941
1
785
6,l4f
Colombia
West
1,202
12,913
1,195
9,25/
13,45/
China
Cuba
In
247
3,863
231
Costa Rica
Year
75
166
a
13
1,47'.
819
69
37
9
15,25
Ceylon
Sales
7,685
117
3
122,54!
British India
British
6,918
a
mmmmmm
216
5
513
99
74
29
58
1,357
609
957
1,314
$46,549
117%
$89,989
110%
New Zealand...
Middle Atlantic
148.981
102
300.299
100
East North Central
Norway...
Panama. Republic of.
3,341
9
50
315
356
10,695
7
249
1,273
1,943
3,875
58
4
113
657
3,043
13,922
163
254
2,023
1,078
10,405
2,184
426
19
546
1,193
1,178
1,575
_
.
126,136
104
247.300
West North Central
49,509
106
96,472
102
Panama Canal Zone..
South Atlantic
50,217
104
99.690
102
Peru.
20,201
112
39,408
109
39,829
113
75.802
104
Philippine Islands
Portugal
Spain
East South Central
.
West South Central
102
2,515
1
mmrn — —
mm mm*
12,481
97
24,829
97
Pacific..
43,654
106
86,530
108
United States total
$537,557
105%
$1,060,319
103%
1,798
2
3,576
1,714
481
Thailand
1,390
1,810
21
Sweden
(Slam)
Trinidad and Tobago.
842
Turkey
Bank
Debits
for
Week
Above
Ended
a
Year
April
9,
1941,
14.8%
ago
Union of South Agrlca
the
week
as
reported by hanks in leading centers for
ended
April 9 aggregated $8,811,000,000.
Total
debits during the 13 weeks ended April 9 amounted to $123,-
108
511
472
441
mmmmmm
232
221
mmmmmm
;
mmmmmm'
2,611
7,223
285
716
43
94
2
27
179
1,180
1,582
10
78
753
2
293
3,003
20,360
9,075
128.633
a
2
23,878
1
Union of Soviet Social¬
ist Republics
United
Bank debits
73
mmmmmm
63
1,025
Switzerland
Mountain
a
m
Kingdom
Uruguay
Venezuela
a
Less than $500.
32
101
2,635
188,658
5,254
1,006
3,643
50,122
1,720
6,483
50
4
12
519
1,135
46
58
1,190
490
4,699
11,843
..
„
—
—
w
-
Volume
The Commercial & Financial Chronicle
152
Imports of Merchandise for Consumption
previously
(Corrected to April 8. 1941)
past
Crude
Crude
only
Manufd
Foodstuffs
Finished
Semi-
and
Total
Materi¬
Food¬
& Bev¬
Manu-
Imports
als
stuffs
erages
factures
at
39,626
7,520
69,256
10,224
6,012
3,905
450
Northern North Amer.
5,734
15,441
Southern North Amer.
11,086
14,559
27,493
21,901
1,617
from
...
7,771
44,837
98,250
29,919
6,527
17,377
2,865
12,808
6,110
11,101
27,917
11,124
54
374
748
90
3,412
153
4,885
182
189,438
61,537
43,493
89,340
56,445
100
1,884
1,521
80
industrial
176
747
63
second
7
1,528
3,795
172
18,346
9,714
440,253
Africa
,
735
17,361
based
are
Argentina
21,582
17,997
Australia
10,422
9,435
Belgium
1,709
1
Belgian Congo
4,268
156
317
1,126
27,150
1,109
8,229
8
Bolivia
Brazil
1
",V";
.
9
160
571
367
3
tion, tabulation and analysis of these data.
1,630
17,468
27,380
173
5,769
33,368
1,548
6
22
67,113
9,747
5,709
3,499
6,609
5,330
1,197
1
63
8,135
British Malaya
Canada
1,047
204
104
6,758
23
3,353
505
380
2,939
2,688
360
Ceylon
Chile
-
China
9,866
7,888
Colombia
1,298
16
1
Cuba
2,560
Curacao
30
20,778
18
868
2
112
16,532
154
342
1
2,567
211
7,415
1,269
20,455
Costa Rica
a
13
(Netherlands
'
13
2,791
1,152
750
319
37
29
176
470
5
66
146
854
Republic.
17
872
West Indies)
Dominican
819
4
24
in
_—
■'mmrn-m
14
990
France
1,725
24
79
French Indo-Cnina...
5,649
5,520
1,167
2,337
3
1,005
El Salvador
m
W
had
_
M
their
firms
firms
in
Men's
in
480
and
of
the
and
food
industries.
these
printing and paper goods, clothing
tobacco,
millinery and furs, leather and rubber goods groups reported gains in
forces.
The stone,
clay, and glass, and water, light and power industrial
in the city reported losses.
groups
741
407
24
30
Buffalo
6
47
New York
6
Mar., 1940 to Mar., 1941
Per Cent Change
Feb. to Mar., 1941
53
1
reported losses that were
In New York City
Syracuse and Albany-Schenectady-Troy
branches
2
13
not
were
Syracuse reported losses.
Buffalo and
Printing firms in
65
1,850
1,753
2,050
2,922
Greece
the gains
Rochester, Utica and Troy
firms in
apparel
Per Cent Change
City
Payrolls
Employment
Payrolls
Employment
Gold Coast
all
in
Albany, Buffalo, Rochester and Syracuse and wood products
Germany,
Austria,
Czechoslovakia,
Poland
noted.
industries
Chemical, shoe and textile firms
goods industries
the consumers'
955
a
been
have
gains
machinery
and
districts.
all
of
contrary to the State-wide gains in
all
229
75
in
operations.
Food
365
324
widespread
metals
passed the peak of their spring production in March and were reducing
343
-
'
the
1
1
M
'
such
that
months,
widespread.
as
16
430
Finland
busier
also
month
further improvement.
reported
Among several
quite
payrolls were reported by all seven
February to March.
This marks the
and
the State from
of
recent
Industrial Districts
in All
employment
districts
most
districts
were
both
in
consecutive
6
Ecuador
Egypt
As
7,366
469
50,893
British India
Gains
2
66
17,823
647
16,378
British East Africa—
factories
representative
2,362
Increases
Total
covering the
State.
These
of March and
and Informa¬
for the collec¬
tabulations
preliminary
on
throughout the
employed 528,363 workers during the middle week
paid out $16,549,415 in wages.
The Division of Statistics
tion, under the direction of Dr. E. B. Patton, is responsible
89,456
Oceania
wage
risen
factories
48,316
Asia.
week
rates.
statements
returns
earnings have
work
average
many
overtime
162,863
12,390
America
South
advanced approximately 11%.
Not
during the past year, but there
rate increases and a great deal of overtime paid for
average
the
These
Europe
the
of
power
1%,
has
have been
factures
purchasing
fact that while the cost of living has gone
by the
Manu¬
Country
the
in
improvement
The
is revealed
year
about
up
1
Geographic Division
reported.
employed factory worker in the State that has taken place in the
average
(Value In Thousands of Dollars—000 Omitted)
2459
Albany-Schenectady-Troy.
+ 4.3
+4.1
+32.8
+ 50.5
Utica.
+3.4
+ 5.2
+ 24.8
+ 60.7
+2.4
+ 5.7
+35.5
+ 54.9
+2.3
+4.6
+ 14.4
i.
City
+ 20.9
387
2,481
Honduras
975
5
947
23
Syracuse
+2.3
+4.1
+ 20.2
+31.2
Hongkong
310
21
78
115
17
79
Rochester
+2.0
+ 3.2
+ 11.7
+ 18.9
Iran (Persia)—
1,209
694
76
23
3
412
Iraq.——
202
22
17
Blnghamton-EndicottJohnson City
+ 1.5
+ 5.8
+ 5.7
+ 23.7
31
185
1,457
3,990
Guatemala
a
_
1,249
1,008
Ireland
336
256
J—...
66
Italy
Japan
413
50
7
140
19,039
12,385
13
626
581
159
5
153
1
13,872
4,180
5,489
241
3,324
638
65
25
2
10
14
15
29,133
22,143
2,336
1,110
2,401
Mexico
309
25
1,162
11
465
1,450
21
198
Netherlands
Netherlands Indies...
Manufacturing Hourly Wages at Peak, Department of
Labor Reports—Decline in Working Hours
1,143
1,972
1,680
Kwantung
•
-
.
«•
..
W
-
-
-
Average
hourly
industries
manufacturing
in
earnings
Newfoundland and
Labrador...
New Zealand
66
Norway
52
1
1
1
12
•
11
'
a
26
20
950
a
33
2,353
1,498
89
92
655
19
15,451
2,507
46
10,213
1,240
1,445
2,176
541
107
501
944
83
124
173
804
101
185
1
25
446
157
702
3,659
1
185
70
998
Panama. Republic of.
82
Panama Canal Zone..
Peru
Philippine Islands
Portugal..
Spain
....
1,387
471
Sweden
-
m
a
^m
49
_
4,556
38
668
412
275
6
197
Turkey
2,154
1,979
7
2
163
3
Union of South Agrica
6,548
5,663
53
19
719
94
2,625
1,943
2,223
9,239
4,193
17
622
42
3,594
5,323
8,155
Switzerland
Thailand
(Slam)
Trinidad and Tobago.
—
m
-
71
a
19,342
9,399
United Kingdom
Uruguay
9,455
Venezuela
a
a
level
high
new
Labor Frances Perkins
47
135
21
4
1
1,417
68
3,776
reported March 22. "Increased em¬
ployment in the higher paid defense industries was a factor
the
in
of 0.9%
gain
gain of nearly 3c.,
a
January
according to B. W. Dyer & Co.,
Latest advices
of Feb. 1, 1941, were approximately
economists and brokers.
indicate that stocks
as
hours were
$27.69
three
4.1% above January. 1940.
Weekly earnings of
January were down 0.8% from December, but
substantial rise of 7.8% over the year interval.
in
a
but
bid for
For example, it is reported that
business with Greece was done, with the cost of freight
seriously hamper business.
recent
about double the f.
o.
to say:
Dec.
in
than
January
showed
16
and
in
15
were
and all
month,
preceding
the
reported by
of the 33,257 manu¬
453
in Janu¬
workers
received
increases
pay
num¬
(71,674),
automobiles
were
and
Durable
decline
worsted
goods
industries
1.6%
from
of
in
employment
averaged
December,
hours
40.6
well
(3,480).
per
sustained
week
January,
in
operations
b. Java price of the sugar.
goods industries.
Non-durable goods industries
Continue
Expand
to
in
March
against
as
Key
tools
increase of only 1.3%
an
defense
showed
industries
the
in non-durable industries.
continued
highest average
ployment and payrolls was continued in March.
Frieda
Commissioner
April
reported
11,
Miller,
S.
in
operate
to
hours
per
levels.
high
at
Machine
week, 50.4 in January.
gains of 2.6%
released
in employment and of
4.7% in payrolls from the middle of February to the middle
of
March.
confined
gains
The
this
month,
it
is
orders,
defense
with
firms
to
44.7
stated,
were
not
where the largest
The rise
stantially
were
shared
by the great majority of plants throughout the State.
in
All
industrial
11
gains
reported
groups
in
and all
employment
seven
from
industrial districts
February
to
March.
Miss Miller's statement further said:
The
York
New
ment, based
reached
was
in
the
were
20%
higher.
of
Labor's
index of
factory employ¬
The corresponding payroll index, at 118.9,
past 17 years.
higher than
when
Department
the 1925-27 average as 100, was 109.9, the highest point
on
the
State
any
figures
on
record except for a few months in 1920,
more
Average
in
failed
show
to
weekly
the
foods
10.6%
above
in
gains
firearms,
48.8
hours;
&c.,
45.3
hours;
44.0
hours;
turbines,
products,
copper
Weekly
January,
for
factory
workers
January,
in
Only five of the 90 manufacturing industries
the
preceding
earnings
1940,
Three of these five
year.
durable goods
in
compared
to
an
increase
industries
2.6%
of
in
were
were
the
non-durable goods group.
in
industries
earnings
1940.
weekly
earnings
surveyed.
in
The
Hours
and
occurred
mining
weekly earnings
relatively high level
a
in
year-to-year
anthracite coal
year
ago.
in
most
of
the
comparison
were
24.9%
that
non-manufacturing
that
indicated
lower
industry,
A rise of 11.8%
in
than
however,
over
the
weekly
January,
were
year
at
a
interval
for
weekly earnings in quarrying and non-metallic mining indicates the
improved level of operations in that industry.
Weekly earnings in wholesale trade were $30.60 in January, 1941, a
gain of 3.9% over January, 1940.
Average hours declined 0.4%, but
average
hourly earnings
$21.28, showed
a
Compared with March, 1940, there
Private
building
1940 levelB.
rose
4.7%.
gain of 1.8%
workers employed this March on a payroll that was 33%
and
envelopes
pay
over
group.
here also
weekly earnings at $31.32 were higher than any figure
bronze,
brass,
engines,
hourly earnings and the longer work week resulted in sub¬
larger
(2.4%)
price level was at its peak.
hours;
50.3
hours;
1941, than in January, 1940.
Gains
part of the recent upsurge has occurred, but
hours;
accessories,
45.6
products,
The
opera¬
foundry and machine-shop products,. 42.9 hours; electrical machinery, 42.8
hours; shipbuilding, 41.8 hours, and abrasives, 41.8 hours.
Industrial
statement
a
machine-tool
were:
screw-machine
aircraft,
upward trend of New York State factory em¬
The recent
aver¬
Compared
rise of 6.8%
with January, 1940, average hours in durable goods showed a
tions
Factories
State
a
and increased
defense industries partially offsetting reduc¬
number of
a
other durable
in
(5,245), and chemicals
goods
length of the work week in other industries with extensive overtime
York
saw¬
(17,070), engines (12,273), machine tools (9,163), foundries (8,299),
woolen
tions
Some of the industries in which substantial
covered.
earners
of
aged 37.3 hours in January, a decline of 2.6% from December.
Although the war risk insurance rates to Red Sea ports,
Egypt and Palestine were reduced, the increasing shortage
of ships is expected to continue to reduce exports.
New
but
General wage-rate increases
the year.
gains over
Jan.
These increases averaged 4.9% and affected 193,296 of the 6,397,101
wage
scarcity of ships and high freight rates
a
on
facturing establishments which supplied employment information
ary.
mills
Middle East and Far Eastern markets continue to
earnings
industries
between
bers
902,000 short tons.
Javan sugars,
for inventories and repairs.
owing to shutdowns
decline, however, was less pronounced than the
usual December-January decline.
In January, 1941, average
hourly
from Java amounted to 74,118 short tons
during January, 1941,
per
or
Sixty-seven of the 90 manufacturing industries surveyed reported higher
Scarcity of Ships Hampers Javan Sugar Exports
New York, sugar
68.9c.
4.7% over January, 1940.
"The average number of hours worked per week declined
from 39.8 in December to 39.0 in January, a decrease of
2.0%.
There is usually a reduction in hours worked in
hour,
Secretary Perkins went
sugar
earnings from December,"
in hourly
"This increase brought the average to
she said.
showed
Less than $500.
Exports of
of
Secretary
January,
during
The current
Union of Soviet Social¬
ist Republics
reached
were
over
Retail trade, with weekly earnings of
this period.
responsible for
construction
continued
the
to
Gains in hourly earnings
larger weekly
show
increased
pay
envelopes.
earnings
over
TTze Commercial & Financial Chronicle
2460
HOURS AND EARNINGS IN
April 19, 1941
MANUFACTURING AND NON-MANUFACTIRNG INDUSTRIES—JANUARY,
Average Weekly Earnings
Avge. Hrs. Worked per Week a
a
Pet.
Pet. Change front-
Industry
Avge. Hourly Earnings a
Pet. Change front-
Change from—
Jan.,
Jan.,
Jan.,
1941
1941 (PRELIMINARY)*
Dec.,
Jan.,
1941
Dec.,
1940
1940
{cents)
1940
—2.0
+4.1
68.9
Jan.,
1940
1940
—0.8
40.6
—1.6
+ 6.8
75.8
37.3
—2.6
+ 1.3
62.0
31.90
Non-durable goods
—0.4
22.61
—
—1.8
+ 2.6
1940
+4.7
+4.9
+3.0
Goods
Durable
Iron and steel and their
39.0
+7.8
+ 10.6
527,69
All manufacturing
Durable goods
Jan.
+0.9
+ 1.1
+0.5
1941
Dec.,
Bolts, nuts, washers and rivets
.....
—2.8
+6.1
78.6
+3.1
+0.7
31.49
—2.3
+ 9.1
39.8
33.66
—3.0
+ 7.9
39.1
—3.2
+ 5.2
86.2
+0.4
+2.8
29.58
products, not Including machinery
mills........—.......
Blast furnaces, steel works, and rolling
—7.1
+ 15.6
41.9
—5.9
+ 11.7
70.6
—1.2
+3.4
—4.2
+22.0
40.1
—6.3
+ 16.0
62.6
+2.3
+5.8
65.2
—0.1
'25.42
Cast-iron pipe
—4.0
40.5
+ 11.8
+2.9
+8.9
Cutlery (not Including silver and plated cutlery) and edge tools.
Forgings, Iron and steel
—-———
——
25.90
36.61
+0.9
+ 14.5
44.6
—0.1
+7.9
82.5
+ 1.1
+6.0
Hardware
28.30
+ 1.3
+ 9.8
40.8
—0.4
+ 5.4
69.5
+ 1.7
+4.3
26.91
—4.0
+ 7.6
38.0
—3.8
+2.2
70.3
—0.2
+5.2
39.5
........
Plumbers' supplies
—3.2
+5.3
66.8
Steam and hot-water heating apparatus and steam fittings
31.88
+0.2
+ 18.6
42.5
—1.1
+ 12.9
73.2
+ 1.4
+ 5.8
+5.3
Stoves
26.07
—4.5
+ 11.4
38.7
—4.5
+7.4
67.8
—0.8
+2.8
+ 11.7
+ 1.9
Stamped and enameled ware
—
-—
cans
+ 1.1
30.75
+0.1
41.7
+0.2
+ 9.7
74.2
—0.1
25.29
—1.5
+ 8.8
39.8
—1.2
+4.9
63.2
—0.4
29.01
—0.8
44.8
—1.5
+8.0
65.6
+0.9
+ 5.6
28.27
—1.2
39.7
—3.4
+2.4
+4.8
—0.1
43.2
—1.1
+0.4
+7.0
71.2
33.34
+ 14.3
+ 5.4
+ 12.9
76.8
+ 1.0
+ 5.0
+0 6
+ 2.4
81.3
+3.5
machine tools, flies, and saws)..
......
—
Machinery, not including transportation equipment—
Agricultural implements (including tractors)
—-—....—
Cash registers, adding machines, and calculating machines......
Electrical machinery, apparatus, and supplies..
Engines, turbines, water wheels, and windmills
............
Foundry and machine-shop products...
——
32.22
34.78
+ 1.1
+ 1.7
33.00
—
b
„
39.7
+3.6
+ 2.4
+ 9.6
41.4
+0.7
+6.4
84.9
+0.4
+ 1.0
+ 13.4
42.8
—0.8
+8.1
77.3
+0.8
+4.8
+ 5.0
39.12
+2.9
+ 15.2
45.3
—0.2
+ 6.5
86.6
+3.2
+7.8
32.51
—1.1
+ 11.8
42.9
—1.6
+6.6
75.7
+0.4
+4.6
79.6
+3.8
40.08
—
Radios and phonographs
and parts
—
—
50.4
—0.6
—4.8
+ 10.0
38.2
—5.9
+2.9
63.7
+ 1.1
+7.8
30.13
+4.1
+ 13.1
44.6
+ 4.2
+9.5
67.7
+ b
+3.4
—6.2
+ 12.4
67.5
+3.1
+ 5.6
91.1
+ 1.2
77.6
+2.8
+4.8
96.6
+ 1.5
+4.5
56.8
+ 1.2
+0.3
+4.5
+ 10.2
+ 6.0
26.40
Aircraft..
—
——
——;—————
.
Cars, electrlo- and steam-railroad.-
—
—3.3
+ 18.7
39.1
36.56
+ 1.8
+ 12.7
40.4
+0.4
+8.6
34.13
+2.7
+ 16.6
44.7
—0.1
+7.7
37.61
Typewriters and parts.——
Transportation equipment... —
Automobiles
+ 1.3
24.08
Machine tools
Textile machinery
+ 11.6
—
and other tinware——
Wlrework
—1.7
—........—-—-
Structural and ornamental metal work..
Tin
Tools (not Including edge tools,
26.59
+2.6
+ 11.0
39.0
+ 1.2
+6.2
29.21
—2.9
+2.4
+ 16.2
38.1
—4.0
—2.6
+ 1.8
80.3
+3.3
+ 12.6
+ 19.2
41.8
—1.8
+ 10.6
89.7
+0.1
+7.3
—2.5
+ 12.5
41.4
—3.0
+ 5.9
74.1
+0.4
+6.4
30.40
—1.4
+ 10.3
40.9
—2.6
+3.7
74.3
+ 1.3
+6.6
35.18
—1.4
+ 16.1
44.0
—0.9
+8.1
80.4
—0.1
23.90
—4.0
+ 5.5
38.9
—4.6
+ 1.8
61.4
+0.6
+3.7
22.92
—8.3
+ 4.4
38.5
—7.2
+3.7
58.9
—1.6
+0.9
28.19
—1.4
+ 14.3
39.3
—3.4
+ 8.4
71.7
+2.1
+ 5.3
27.37
—13.7
+ 10.9
41.4
—2.3
+ 1.7
34.13
..........
Aluminum manufactures
Jewelry
Lighting equipment
+ 1.4
—1.7
30.62
—
Shipbuilding
Brass, bronze, and copper products..
Clocks and watches and time-recording devices
42.5
37.90
Locomotives-......—
Non-ferrous metals and their products
...
—
-f-
—
——
+3.2
+7.6
—11.6
+5.9
66.6
Smelting and refining—copper, lead, and zinc.—.-..-———.—-
29.30
—2.4
+ 4.2
38.6
—3.1
—0.6
75.2
+0.8
+4.9
Lumber and allied products.---
20.72
—1.5
+9.3
38.9
—1.5
+5.4
52.9
+0.5
+4.2
21.42
—5.6
+8.8
39.0
—5.2
+3.9
55.2
0.0
+5.1
+3.6
Silverware and plated ware
Furniture.
—.....——...
...........
Lumber—Mill work
55.4
+0.6
—1.8
+ 7.3
19.69
+ 1.6
+ 10.5
38.5
+0.9
+6.3
51.0
+0.7
+4.0
25.12
—1.1
+ 7.4
36.5
—4.7
+4.2
68.4
+0.7
+2.8
21.74
—3.3
+ 10.6
+ 8.0
36.9
—4.1
+7.5
58.7
+ 1.1
+3.4
+0.1
+ 1.1
22.51
...
Sawmills
+5.2
—
————
Stone, clay, and glass products...
Brick, tile, and terra cotta
—...........
........
—6.5
40.5
+3.4
—2.4
37.9
70.9
Cement.....-..........——.—.—--—----—---—-—'
26.82
—6.5
+ 6.8
Glass..
28.00
—2.6
+ 7.2
36.4
—3.5
+3.7
77.0
+0.9
23.99
—0.7
+ 12.1
34.5
—5.6
+9.5
70.3
—1.1
+2.4
23.03
—5.9
+ 3.2
35.7
-6.3
—3.1
64.9
+ 1.7
+ 5.5
—
Marble, granite, slate, and other products-....--..—-—-——
Pottery...
+3.2
Non Durable Goods
18.12
Carpets and rugs
Cotton goods
Cotton small wares...
+ 2.1
51.2
—1.9
+ 5.7
36.9
—2.7
+2.4
49.2
+0.7
+2.9
—1.7
+ 3.6
37.4
—1.5
+ 1.7
67.4
—0.3
+ 1.9
15.60
...—
—2.0
17.93
25.18
Textiles and their products
Fabrics
—1.3
+ 3.8
37.2
—2.1
+ 1.4
41.9
+0.8
+2.2
+3.7
+ 5.8
35.7
—2.9
+0.9
+3.1
19.74
—0.9
+ 8.7
39.3
—1.7
21.65
—1.0
+ 5.6
39.3
—2.4
+4.0
55.1
+ 1.2
+ 1.7
26.93
+ b
+ 4.3
35.9
+0.7
+ 1.7
74.9
+0.3
+4.9
Hosiery.....—
18.44
—5.1
+ 2.4
38.7
—5.7
+ 1.3
55.0
+0.7
+0.9
Knitted outerwear.........
Knitted underwear
17.65
—1.7
+ 5.9
35.8
—1.4
+ 3.7
48.9
+0.7
+ 1.8
16.06
—0.6
+ 9.3
36.0
—1.7
+2.4
44.6
+ 1.2
Knitted cloth
Silk and rayon goods
19.90
+ 1.7
+ 9.8
37.9
—3.7
+ 1.1
50.3
+ 1.0
+4.5
16.53
—3.0
+ 4.3
35.7
—4.0
+2.1
46.1
+0.9
+2.0
—1.8
+ 10.9
57.6
+0.7
Dyeing and finishing textiles. .......—.....—
Hats, fur-felt
——.—-
——
.
+0.9
+4.1
+ 5.3
—
Clothing, men's
Clothing, women's
+ 5.8
33.3
—3.3
+ 1.5
55.2
+ 1.3
+3.4
+ 5.1
33.5
—0.7
+0.7
60.5
+0.2
+2.8
—3.2
+ 5.8
33.2
4.2
+ 1.3
55.3
+2.2
+4.3
■
.
+4.5
+5.7
17.24
—
-
........
Shirts and collars
Leather and its manufactures
—4.9
+ 6.4
35.6
—4.6
+4.3
48.2
—0.2
14.33
—11.2
+ 12.8
33.3
—8.8
+ 5.8
42.2
—1.7
+ 7.5
22.04
Corsets and allied garments
Men's furnishings
Millinery
—2.5
—2.2
—0.1
19.47
—
Wearing apparel
37.9
18.70
20.36
Woolen and worsted goods
21.78
50.3
+8.1
—0.8
30.5
+2.8
—6.1
64.6
+ 1.5
+ 3.1
—7.0
+6.7
33.1
—6.0
+2.5
42.1
—0.1
+2.7
13.71
+ 3.0
-
+2.9
+ 5.6
37.3
19.58
+ 5.3
+ 6.2
37,0
+ 3.9
+1.3
53.0
+0.4
+6.1
25.27
—3.2
+2.5
38.3
—3.7
+ 0.2
66.2
+0.3
+2.4
24.91
—2.5
+ 1.1
39.0
—3.9
—1.6
64.9
+ 1.3
+2.2
26.44
+0.2
+ 3.4
41.1
32.96
—2.0
+ 3.1
37.2
—2.4
+0.1
89.1
+0.5
+2.8
22.84
+ b
+ 3.9
44.6
—1.6
+2.1
50.9
+2.2
+2.9
Canning and preserving
Confectionery
16.73
—2.8
—1.5
32.9
—4.2
—7.6
51.3
+0.4
+ 3.6
19.27
—2.4
+ 3.2
37.6
—6.5
—1.1
52.1
+4.7
+ 3.6
Flour.
25.27
+0.2
+ 1.1
41.0
+0.1
—0.2
60.8
—0.1
Ice cream.
29.85
—1.0
+ 3.0
44.1
—1.7
—0.2
66.6
+ 1.3
+2.5
Slaughtering and meat packing.
Sugar, beet.
Sugar refining, cane.
26.84
—6.4
—3.3
39.3
—6.9
—4.4
68.1
+0.2
+0.9
22.85
—21.4
—1.7
36.7
—31.0
+■9.1
64.0
+ 13.3
—6.6
22.73
—11.0
+ 0.8
35.0
—10.1
+2.2
65.0
—0.9
—1.4
17.76
—5.1
+ 8.7
35.7
—6.4
49.8
+ 1.4
18.60
—5.1
+ 8.1
34.9
—5.8
+ 7.6
+4.7
53.7
+0.3
+3.6
17.57
—5.3
+ 9.2
35.8
—6.5
+ 7.9
49.3
+ 1.4
+ 1.8
79.6
—0.4
+ 3.3
20.67
Boots and shoes-..-...—.———
Leather..
—-———.
...
—
Food and kindred products
-
Baking...rf.
Beverages—
w—■—.
—
.
Butter
—
Tobacco manufactures.
Chewing and smoking tobacco and snuff.
Cigars and cigarettes.
Paper and printing
Boxes,
-
b
—
+ 1.1
i
+ 1.1
55.5
64.3
+0.3
+ b
+ 5.5
+2.3
+0.3
+ 1.7
—2.1
+ 3.2
22.32
—4.1
+ 6.7
38.8
—5.7
+ 3.2
57.8
+ 1.6
26.99
—0.6
+ 6.9
40.8
—0.7
+ 1.6
66.2
+0.2
+ 5.2
31.87
—1.4
+2.9
39.8
—0.3
+ 1.5
81.2
—0.3
+ 1.4
37.55
—3.3
—0.4
34.9
—2.7
—2.1
102.7
—1.1
29.64
paper
Paper and pulp
Printing and publishing—Book and Job
Newspapers and periodicals
—
Chemical, petroleum and coal products-.
38.6
—1.8
+ 1.2
+3.5
+ 1.9
30.39
—
-
Paints and varnishes
+1.4
76.9
+0.4
+2.9
—4.3
+0.3
97.0
+0.2
+0.9
—1.0
+ 5.4
39.9
—1.5
+ 1.5
70.4
+ 4.5
—1.2
40.3
—1.5
+ 1.2
82.2
+0.6
+0.3
—3.2
+4.1
45.3
—4.7
+0.9
33.9
+ 1.2
25.35
—0.3
+ 3.2
39.7
+0.2
—0.3
61.1
—0.1
+4.9
35.97
—
—2.1
35.7
15.79
Druggists' preparations
Explosives
38.9
+ 1.2
33.10
Cottonseed—oil, cake, and meal
+ 4.1
—4.3
28.88
Chemicals
—1.7
34.46
Petroleum refining
Other than petroleum refining...
Fertilizers
+2.2
—1.4
+ 12.8
40.5
—2.2
+ 5.9
88.9
+0.8
+ 6.5
14.94
—3.5
+ 3.9
34.7
—1.7
+2.7
42.9
—1.8
40.3
+ 1.3
+2.4
+ 5.2
+4.2
+ 1.8
29.86
—1.2
+ 4.5
—1.2
+2.3
74.1
Rayon and allied products
27.40
+0.9
+4.8
39.2
+0.3
+ 1.5
69.9
+0.7
Soap...
................ ...
29.58
+0.1
+ 5.2
40.0
^0.8
+ 1.5
74.0
+0.9
+3.7
...—
30.68
—1.4
+ 7.4
39.2
—1.3
+ 6.6
78.0
—0.6
+0.8
+22.0
41.9
—4.5
+ 16.3
63.9
+0.4
+5.0
——....—
Rubber products
Rubber boots and shoes
b
—
+3.2
26.76
—1.2
Rubber tires and inner tubes
36.32
—0.8
+6.9
38.1
+0.8
+7.6
95.7
—1.5
—0.3
Rubber goods—other
24.97
—1.6
+6.6
39.4
—2.3
+2.8
63.9
+0.7
+3.6
25.13
—8.9
—24.9
27.0
—9.4
—20.8
92.5
+0.6
Non-Manufacturing
Coal mining—Anthracite
Bituminous
;
+0.6
25.78
—5.0
+ 1.8
29.8
—4.0
+2.9
87.7
—1.1
+0.4
Metalliferous mining
30.20
—3.5
+ 1.4
40.6
—3.9
—1.8
74.7
+0.3
+3.1
Quarrying and non-metallic mining
Crude-petroleum production
21.95
—6.3
+ 11.8
+ 1.6
38.0
—5.0
+ 9.4
57.8
—1.6
+ 1.9
37.9
+2.8
—0.4
88.9
—0.5
+ 1.4
—0.3
+ 1.1
40.0
+ 1.1
+ 1.8
79.7
—1.8
—1.1
+0.3
+ 2.1
39.1
—0.1
—1.2
90.5
+0.1
33.98
—2.7
+ 3.6
45.6
—3.7
+ 1.9
73.2
+0.3
+ 1.8
30.60
—2.1
+ 3.9
40.4
—2.5
—0.4
76.1
+0.6
+4.7
34.61
Public utilities—Telephone and telegraph
Electric light and power
+ 1.9
31.80
35.46
Street railways and buses..
Trade—Wholesale
.
Retail....
21.28
+ 1.8
42.7
Food...
24.57
+0.5
+ 2.3
43.4
General merchandising.
17.97
+4.9
—1.2
38.7
>•
Apparel
21.94
+3.0
—0.5
—
b
—3.3
—0.8
+2.9
54.4
+4.3
+0.2
52.9
+ 1.0
+2.0
—1.3
46.2
+7.9
—0.7
+2.4
+ 1.6
39.0
—1.4
56.5
Furniture
28.14
—4.2
+ 2.5
43.2
—3.5
—1.8
67.5
—1.3
+2.6
Automotive
<
28.47
—2.6
+ 5.2
46.4
—2.1
—1.1
61.7
—0.8
+ 5.5
Lumber
25.85
—1.8
+ 1.3
41.4
—2.2
—4).8
63.9
+ 1.1
+ 2.5
—0.6
—0.9
33.9
—0.1
.....
Hotels (year-round)
Laundries
+4.6
+ 1.5
—0.3
+ 2.1
43.0
—0.3
+0.4
42.6
—1.0
+ 4.1
42.1
—0.8
+ 5.1
48.5
—0.1
36.91
—2.1
—0.7
c
c
c
c
c
37.30
—
—0.7
18.30
Insurance
+0.7
19.88
—
Dyeing and cleaning
Brokerage
Building construction
+5.4
+ 1.0
+ 2.2
c
c
c
c
c
32.10
—1.9
+6.6
32.6
—3.7
+ 5.6
98.6
+2.0
15.66
45.5
—
b
+2.9
+2.5
+ 1.6
—1.1
c
c
+ 1.0
Volume
The Commercial & Financial Chronicle
152
2461
♦
Average hours, average weekly and hourly earnings compiled monthly by the
Bureau for industries and Industry
groups conceal many Important differences be¬
tween individual plants and between
individual employees in the same establish¬
ments.
This latter type of
information—i.e., individual differences in hours and
earnings—is secured at irregular intervals for certain of the
The Bureau
presenting
has
been
not
combined
able
industry
to
im portant industries.
more
compile such data regularly,
averages
each
These
month.
being limited to
averages
with a year ago an increase of
February's production and shipments ratios had
been, respectively, 72.9% and 71.1%.
The advices quoted
Since not all reporting firms furnish man-hour
data, average hours and average
are based on reports from a smaller number of establishments than
weekly earnings,
b Less
c
than
Canadian
Not
1%.
In
of
available.
the
States
Industrial
Employment and Payrolls In
January to February Less Than Usual.
Illinois from
first
tons
in
number of
and
from
January to February, 194:
increase of 1.8% in total payrolls for wage earners
an
wage
earners
in these establishments.
for
February, the
March 20.
on
The
ments
The
relative
increases
in
with
employment
and
a
payrolls
for
the
month
by
recorded from
The
the
'•
month's
current
decline
January to February for Illinois industry in 11 of the
years.
from
change
December
previous
to
preceded by
was
January,
eight months,
and
an
approximately normal
than
greater
usual
from May through December,
or
increases
for
1940.
The
February, 1941, indexes of employment and payrolls for all-reporting
were
113.7 and 129.0, respectively.
(Average 1935-89 equals
100.)
These indexes are 9.5% and 15.8% higher, respectively, than the
indexes for February, 1940 ; 19.4% and 29.8% higher,
respectively, than
industries
the indexes for
for
February,
the
indexes
The
February, 1939; 15.7% and 30.8% higher than the indexes
1938, and only 4.4% and
for
0.8%
14.7%
higher,
year
1.2%.
29,434
For
tons,
the
showed
shown
in
of
higher, respectively, than the indexes for
February, 1937.
The
for
declines of
the
less
0.7%
combined
than
the
4,048
previous
in
employment and lees
1/10%
than
reporting non-manufacturing
12-year
January
average
in payrolls
establishments
to February
were
declines
of
1.0% and 0.7% for non-manufacturing industries.
The February, 1941, indexes of employment and payrolls for
reporting
non-manufacturing industries were 103.1 and 112.3, respectively.
These
indexes are
3.6% and 4.8% higher, respectively, than the indexes for
Lumber production
during the week ended April 5, 1941,
was 4% less than in the previous week;
shipments were 4%
less; new business 9% less, according to reports to the
National Lumber Manufacturers Association
from regional
associations covering the operations of representative hard¬
wood and softwood mills.
Shipments were 4% above pro¬
duction ; new orders 6% above production.
Compared with
the
corresponding week of 1940, production
was
14%
17% greater, and new business 17%
industry stood at 124% of the average of
production in the corresponding week of 1935-39 and 127%
of average 1935-39 shipments in the same week.
The Asso¬
shipments
greater. ^-The
100%,
so
STATISTICAL
ments
1941
were
to
reported:
new
14 weeks of
shipments
of unfilled
compared with 22%
business
year
ago;
gross
orders
to
to date was 17% above
20% above the shipments,
was
For the 14
11% above production and ship¬
gross
were
stocks
36%
was
Unfilled orders
a year ago.
stocks
were
on April 5, 1941,
43% greater than a
14% less.
1940—Month
Record for the current week ended April
and
for
the
corresponding
week
ACTIVITY
MILL
of
5, 1941, for the previous week
year
a
Remaining
Percent of
Activity
Tons
Current
167,240
137,631
129,466
70
69
70
193,411
70
70
247,644
76
72
79
73
72
73
Cumulative
May
508,005
July
August
September
544,221
579,739
453,518
449,221
456,942
624,184
509,781
587,339
487.127
72
.71
71
470,228
October
468,870
670,473
236,693
196,037
162,653
163,769
648,611
184,002
79
73
November
488,990
509,945
161,985
77
73
464,537
479,099
151,729
71
73
673,446
608,521
652,128
629,863
202,417
75
648,579
571,050
261,650
81
337,022
82
101,099
130,847
134,135
130,750
133,032
133,091
153,111
161,994
77
69
168,364
78
72
185,003
202,417
219,026
78
74
79
75
79
75
234,260
247,271
81
76
261,650
82
77
138,165
277,115
80
78
1431,748
300,378
82
78
141,874
147,263
146,578
150,259
322,605
337,022
368,304
393,732
82
78
452,613
December
-
1941—Month
January
February
72
73
74
73
of-
L
March
Week Ended—
1941—
4------...
Feb.
1.
Feb.
100,798
137,150
138,863
147,634
149,001
8.
Feb.
150,012
154,624
15
Feb. 22
Mar.
Mar.
8
Mar. 15
Mar. 22
Mar. 29
Apr.
5
12....
Apr.
138,549
148,723
155,262
154,001
168,701
167,430
161,996
183,264
181,778
1
135,763
141,176
59
80
77
84
79
83
79
85
80
Note—Unfilled orders of the prior week plus orders received, less production, do
necessarily equal the unfilled orders at the close.
Compensation for delinquent
not
reports, orders made for or filled from stock, and other Items made
necessary adjust¬
ments of unfilled orders.
♦
of
Labor
Statistics'
Index
of
Cost
of
Living
Reports Secretary of Labor Perkins
Living costs
ago
follows,
in
thousand
affected
by
variety of price move¬
mid-February, and the
Statistics cost of living index rose by 0.1
of 1% to 100.8% of average costs in 1935-39, 2.2% above the
August, 1939, level. Secretary of Labor Perkins reported on
March 17.
The Secretary further reported:
Bureau
The
were
between
ments
a
mid-January
and
fresh vegetables,
and certain food staples
of Labor
of pork,
cost
month,
and
men's
clothing,
also higher.
were
however, these increases
were
sheets,
blankets,
and
rose
during
other
some
house-
In the budgets of average large-city families,
offset by lower prices for other foods such as
beef, and fish; declines in coal and fuel oil prices from their seasonal
eggs,
peak in December and January; and February-sale prices of women's coats.
in
Hardwoods
Softwoods
connection
1941
1941
1940
Week
1941 Week
1941 Week
Week
Previous
Week
{Revised)
465
465
486
100%
238,654
209,795
11,552
101
249,279
212,273
247,394
260,143
12,499
109
254,063
216,648
280,430
98
227,180
100%
11,474
Shipments
237,727
241,564
105
106
Production
Increased in
and
Shipments
March
Canadian newsprint mills operated at
of
during March to produce 275,769 tons, an increase of 9.7%
a year ago, according to figures issued April 13 by the
Newsprint Association of Canada and contained in the
Montreal "Gazette" of April 14, which states that shipments
totaling 265,724 tons were equivalent to 72.8% of capacity
over
coffee,
program,
although
was
not
much
in midwinter.
move
and lard were moderately higher, and some fresh
because of rainy weather in winter vegetable-producing
areas.
Pork prices again went up sharply.
After declining last fall, they
have been rising steadily since December.
The recent increase brings the
vegetables
were
sugar
up
pork price in large cities to
a
point 1.3% above the August, 1939,
level.
These advances in the food bill were
largely offset by the very
large seasonal decline in egg prices, which fell from an average of 84.9c. on
Jan.
75.5% of capacity
there
defense
because few tenants
family food budget cost a little more in February than in January,
about 2% more than last November, and 4.7% more than in August,
1939,
just before the outbreak of war, when food prices were generally quite low.
average
Newsprint
activity has increased
the
over
The
Prices
385
Production.
few of the cities where industrial
a
with
Softwoods and Hardwoods
change the country
Canadian
of the
statement each
production, and
Orders
Tons
June
April
Rents advanced in
Orders
a
PRODUCTION,
Production
528,155
420,639
429,334
520,907
682,490
furnishings
feet:
Mills
includes
program
of—
March
the
Softwoods and Hardwoods
board
this Association represent 83%
Received
January
February
1941
were
8% above production.
ratio
accord¬
the period.
Advanced 0.1 of 1% Between Jan. 15 and Feb. 15,
Supply and Demand Comparisons
The
for
Tons
Bureau
21% above the orders of the 1940 period.
date
to
quarter's production, at 1,128,206
a
similar percentage gain was
net change in mill stocks,
tons
REPORTS—ORDERS,
Period
Year-to-Date Comparisons
weeks of
gain
tons.
activity of the mill based
These figures are advanced to equal
that they represent the total industry.
25.
were
to 21,481
2.2%.
a
March
in
the time operated.
on
Jan.
Report of Lumber Movement Week Ended April 5, 19^1
production for the
50.6%
by
week from each member of the orders and
also a figure which indicates the
18.
orders
compared
as
gain of
a
while
tons,
43,779
industry, and its
11.
new
5.9%,
March
loss of 1.6% and
a
increased
the
combined
in
shown
was
down 16.4%
were
of
2.6%
there
production
of
The members of
total
Jan.
Reported
increased
activity in the paperboard industry.
Jan.
and
7%, while domestic ship¬
111., in relation
to
Jan,
corresponding weeks of 1940;
ago
Weekly Statistics of Paperboard Industry
♦
ciation further
year
We give herewith latest figures received by us from the
National Paperboard Association, Chicago,
February, 1940, and 2.5% and 10.2% higher, respectively, than the indexes
February, 1937.
for
greater,
an
United
to
a
Unfilled
5.7% and 17.3%
are
shipments
exceeded
tons,
by
rose
respectively,
1,074,427
increase
an
590,489
Orders
employment and payrolls for manufacturing industries
in February were 119.3 and 138.3 (1935-39 equals 100).
These indexes
are 12.7% and 21.0% higher,
respectively, than the indexes for February,
1940, and
increase
Canadian
tons.
at
States
shown,
countries
an
782,674
totaled
10,045 tons, and on the quarter there was
the quarter
on
shipments at
production
ago,
customers
United
were
but shipments
three
year
than 2%.
Newfoundland's
tons,
a
33,811
more
while
ago,
of
increase in employment and
indexes
increased
respectively, than
1.7% and 3.7%, respectively, for manufacturing industries.
were
The
customers
overseas
Canadian
year
quarter,
overseas
shipments there
2.6% increase in payrolls from
January to February for manufacturing industries were both less than the
previous 18-year average increases for the January to February period,
which
to
the
1937.
February,
and
are
year.
Average percentage increases
employment and payrolls from January to February for the previous 18year period were 0.7% and 2.0%, respectively.
Increases in both series
in
previous 18
States
while the quarter's shipments
expansion of 8.4%.
On the month there whs
of
the
little
a
in
In
slightly less than usual for this time of
were
for
those
rose
ingly, being
Department's announcement further said:
the
over
an
stocks
customers
by 9.2%;
The reports from the 6,418 estab¬
lishments covered 686,961 wage earners
Illinois Department of Labor announced
showed
mill
Production
Reports from 6,418 Illinois manufacturing and non-manu¬
facturing establishments showed an increase of 0.3% in the
of
quarter
increase in mill stocks of
increase
Increases in
United
to
increase of 6.6%
an
748,863
an
.
shipments
13.9% and 11.1%, respectively, while those to domestic customers increased
by 5.2%.
tons,
l-10th of
to say:
go on
hourly earnings
average
showed in comparison
12.9%.
vary
may
slightly from month to month owing to changes in the size and composition of the
reporting sample but they are considered adequate for measuring levels and trends.
a
and
14
to
30c.
on
Feb.
18.
Beef
and
fish
prices
also
declined
sub¬
stantially.
In
the
last
two
weeks
of
February preliminary reports
from
18
cities
indicate declines in prices of beef, still lower
quotations for eggs and butter
and scattered reductions in flour and milk.
Higher prices are again re¬
ported for the staples—coffee and sugar—and for chickens and
The
prices of
orders and
men's
overalls
and
work
shirts,
the needs of newly-employed industrial
affected
oranges.
by large
workers, continued,
army
dur-
last fall. Advances
In a number
of cities prices of men's wool suits were higher in February than during
the January sales, but women's coats were still reported at sale prices in
February.
In the calculations of total clothing costs to wage earners
ing January and early February, the rise which began
general in the price of men's hats and women's shoes.
were
6ale prices for women's coats more than counter¬
and lower-salaried workers,
prices for these other articles of clothing.
Rent increases occurred in nine of the 20 cities for which monthly data
balanced increases
in
less
activity, particularly in the
shipbuilding and aircraft industries, has been increasing rapidly^and where
employment has risen approximately 30% over the last year, an advance
of 1.3% occurred in average rents.
In most of the cities the average
increases were slight, as there are usually few rent changes at this time
The
obtained.
are
than
$30
a
for dwellings renting for
advances were
largest
In Seattle, where defense
month.
usual at this season of the year,
although the price of bituminous coal increased in four of the 33 cities
from which reports were received.
Fuel oil showed a substantial drop in
slightly,
Average fuel costs declined
purchased by wage earners and lower-salaried
Prices for housefurnishinge
workers
went
between mid-January and
up
the January
of
is commonly used.
10 cities where oil
of the
as
mid-February.
With the end
sales, prices of sheets rose, in most cases to a point above
Furniture and blanket prices continued the advances of
December levels.
After declining last year,
earlier months.
electric refrigerator prices went
between mid-January and mid-February, and down in
others, but recent reports from trade sources indicate that there was a
rather general rise in refrigerator prices in the latter half of February.
in
up
cities
some
Jan. 15 to Feb. 15, 1941, in
the cost of goods purchased by wage earners and lowersalaried workers in 20 large cities of the United States, and
for the large cities combined, are presented by groups of
items in Table 1.
Table 2 presents estimated indexes of
these costs, as of Feb. 15, 1941, based on average costs in
the years 1935-39 as 100.
1—PERCENTAGE CHANGE FMOM JAN. 15, 1941, TO FEB. 15
1941, IN THE COST OF GOODS PURCHASED BY WAGE EARNERS
AND LOWER-SALARIED WORKERS IN 20 LARGE CITIES OF THE
UNITED STATES, BY GROUPS OF ITEMS
Food
Items
Area and CUy
Elec¬
ing
Rent
tricity
and Ice
level
1933.
still 23.6% below those prevailing in
Living costs
March, 1929.
were
The Board's advices further state:
39.9% above the January, 1934, depression
low, and only 4.7% below the March, 1929, level.
Clothing prices rose 0.1% in March, reaching the March, 1940, level.
They were 20.6% above the depression low, and 25.0% below the March,
the 12-month period,
over
were
1929, level.
of
1.6%
March,
March
since
They were
of last year.
1929.
from February to March, bringing it to a
The cost of sundries rose 0.1%
level 1.4% above the same month of 1940;
and
9.0% above that of June, 1933,
only 2.2% under the March, 1929, level.
The
with
Living
compared
117.9c. in March, 1940; 100.8c. in March, 1929,
in February;
in
100c.
in March as
value of the dollar was 115.9c.
purchasing
116.1c.
and
1923.
March
in
costs
the
in
56
which
cities
the
Conference Board
each month rose in 44 cities, declined in seven cities, and remained
surveys
The largest February-to-March increase was 1.1% in
clothing and housefurnishings were respon¬
unchanged in five.
Denver.
the
costs of food,
Rises in
sible
for
change.
Percent of
Indexes of the Cost of
Relative
Inc. (+) or
Living—1923=100
Importance
Dec. (—) from
in
Item
Family
March
February,
Feb., 1941, to
Budget
1941
1941
Mar., 1941
23
79.2
78.8
+0.5
87.7
87.7
0.0
73.2
73.1
+0.1
I 80.6
80.4
+0.2
IX'-- XXXX::rX.
Food
a
Housing
20
Clothing
12
: :
,
,
Men's
65.8
65.7
+0.2
86.4
86.4
0.0
| 86.7
86.7
85.9
85.9
0.0
98.2
+0.1
Women's
1
5
Fuel and light
Coal
Gas and
electricity b
p
30
Sundries
98.3
r
o.o
86.3
86.1
+0.2
115.9
100
116.1
—0.2
Miscel¬
furnish¬ laneous
ings
March, but had
7.3% below the level
prices remained unchanged between February and
Coal
risen
__
House
They bad risen 1.3%
the February level.
March remained at
in
Rents
Weighted avge., all Items.
Purchasing value of dollar
Fuel,
Cloth¬
All,
Board's
the
brought
and
increases
index, which is based on 1923 costs, up to 86.3, or to a
1.8% above March, 1940, and 20.4% above April,
Estimated percent changes for
TABLE
April 19, 1941
fractional
of
month
of year.
seven
Chronicle
The Commercial A Financial
2462
Bureau of Labor Statistics for
Based on food price indexes of the United States
a
Feb. 18, 1941 and March 18, 1941.
•
prices of 35 kilowatt hours of electricity, 1,000 cubic feet of
2,000 cubic feet of manufactured gas,
b Based upon retail
natural gas, or
New England:
Boston
+0.3
+0.3
+ 1.1
c
c
—0.6
c
—
c
c
c
c
c
—0.1
+0.2
c
Revised.
r
♦
Middle Atlantic:
Buffalo
-——
—0.1
+0.1
+ 0.1
+0.2
Chicago...
—--0.1
—0.4
c
c
+0.2
c
—0.3
—0.5
—1.5
c
c
+ 1.0
—0.1
c
—0.3
+ 0.2
c
—0.1
c
+0.1
+0.1
+0.1
Philadelphia...
Pittsburgh
East North Central:
+0.9
—0.1
New York
—1.1
c
+0.1
c
c
+0.7
—0.1
c
—0.2
c
+ 1.2
+0.1
—
Cincinnati
+0.4
+0.1
+0.4
c
c
+ 1.3
—0.4
+0.1
c
+0.2
+ 1.5
—0.3
c
c
—0.6
+0.1
+0.1
c
+ 0.1
+0.2
c
c
+ 0.9
—0.4
+0.4
+ 0.3
c
c
+ 0.3
c
—0.5
—0.4
—2.0
c
c
—0.5
—0.3
—0.1
...
+0.2
+ 0.2
Detroit
+0.3
+0.2
+0.3
+0.4
Cleveland
—0.4
c
+0.3
c
+0.2
c
Secretary of Labor Perkins Reports Non-Agricultural
Employment Reached Record High February Level
—Manufacturing Gain Was Greater-than-Usual
Due to Work in Defense Industries—Employment
on
Public
Construction
and
Regular
Federal
Services
West North Central:
Kansas City...
Minneapolis..
St. Louis
......
Baltimore.......
Savannah
....
Birmingham
West South Central:
industries last month
record, Secretary of
reported on March 27. "An increase
approximately 265,000 workers from January to February
Employment
non-agricultural
in
non-agricultural employment to
raised the estimate of total
■
t
c
—0.5
+2.0
c
c
—0.1
—0.2
—0.2
—0.4
c
+0.1
c
+ 0.6
—0.3
—1.0
—2.8
0.6
—1.4
+ 0.6
—0.1
c
+ 0.3
+0.3
+0.1
c
Houston
which is 2,218,000 greater than in February of
36,584,000,
year and 1,350,000 above the previous February peak
35,226,000 recorded in 1929," she said.
"This is the
consecutive month in which employment exceeded
last
Mountain:
Denver
...
Pacific:
Los
Relief Programs
Labor Frances Perkins
of
East South Central:
1
on
reached the highest February level on
South Atlantic:
►
but Jobs
Advanced,
Decreased—
c
Seattle
c
c
+ 0.3
Angeles
San Francisco
+0.4
+0.2
+0.1
+ 0.1
+ 1.3
+ 0.1
of
fourth
the levels
corresponding months in all previous years."
of
Secretary Perkins added:
Average large cities...
a
Includes 51 cities,
+0.1
a
+ 0.1
—0.3
b Includes 33 cities.
+ 0.1
b—0.2
+ 0.3
c
GOODS PURCHASED BY WAGE
20 LARGE CITIES
15. 1941
the
of
which
cNo change.
TABLE 2—INDEXES OF THE COST OF
Each
major
in
was
workers
was
gain
The
the usual February increase and brought
EARNERS AND LOWER-SALARIED WORKERS IN
the February level
OF THE UNITED STATES, BY GROUPS OF ITEMS, FEB.
employment
in
Fuel,
Food
Items
Area and CUv
Elec-
Cloth¬
All
ing
Rent
tricUv
and
\
New
Ice
House- Miscel¬
furnish¬ laneous
99.2
96.2
98.0
100.5
106.7
96.9
100.9
102.0
100.2
99.2
107.1
99.8
99.8
103.0
New York
101.3
100.4
99.3
102.7
100.7
95.9
103.0
99.2
94.9
100.0
103.6
99.7
101.7
101.8
100.8
97.5
100.3
105.7
103.8
102.5
100.8
101.2
97.9
98.4
109.1
100.5
101.9
101.0
East North Central:
Chicago
99.6
96.5
101.0
102.3
99.4
100.6
101.0
Cleveland
102.1
99.2
101.4
108.4
108.9
101.4
100.6
Detroit
101.1
97.2
100.1
108.7
98.3
99.2
101.8
100.2
103.0
100.7
99.0
100.0
Cincinnati
West North Central:
City
Minneapolis
98.5
93.6
101.8
100.5
98.8
108.0
96.8
100.6
102.2
St. Louis
100.8
99.3
100.6
101.6
103.1
96.4
102.2
Kansas
South Atlantic:
Baltimore
101.1
98.3
101.5
105.7
100.8
102.5
101.4
Savannah
100.8
100.1
97.5
105.0
96.9
104.2
100.9
95.1
98.9
117.7
94.0
99.3
101.2
101.9
102.1
100.0
107.6
93.2
104.6
100.4
Houston
Mountain:
99.4
94.4
98.6
106.8
97.4
101.9
99.0
102.8
106.9
94.2
100.8
102.8
Los Angeles...
....
San Francisco
102.1
99.6
103.0
104.1
91.5
100.6
105.0
Seattle
102.4
101.1
102.5
108.4
94.9
97.8
103.2
100.8
Average large cities
These
at this
estimates
a97.9
99.9
105.1
bl00.9
100.1
101.9
b Includes 53 cities.
armed
the
The cost of living of wage earners' families in the United
States
ing
to
was
the
Division
0.2% higher in March than in February, accord¬
monthly survey released on April 11 by the
of Industrial Economics of the Conference Board.
The Board
points out that this was the fourth consecutive
because of
projects,
substantially increased
employment increased
by
trade establishments increased by
to
rise
of
The
for
non-agricultural employment and do not
Corps, the Work Projects Administration,
1.9%,
or
larger than
weekly
in
175,600, in the number of factory wage earners
seasonal
wages
was
(1.6%), while the gain of 4.7%,
about
equal
to the
or
expected seasonal
4;8%.
February,
the
and
year.
civil
forces.
somewhat
1941,
1923-24-25
the
a
levels
on
ago.
employment index was 117.7 (on the basis of 100
period), a gain of 12.1% from February, 1940,
base
corresponding
year
payroll
Both
index
employment
was
and
126.4, an increase of 27.3%
payrolls were at the highest
record.
Employment
Cost of Living Advanced Slightly in March Conference
Board Reports
time last
relate
The increase of
since
Includes 51 cities,
year,
wholesale and retail
in
include the Civilian Conservation
$10,826,000,
Pacific:
this
construction
February.
This gain,
generally declines
101.3
101.8
in
employed than
was
Denver
years,
while small, is noteworthy because trade
at this season.
The combined mining
industries were employing 5,000 more workers than in the preceding month;
transportation and public utilities, 3,000 more workers; finance, service,
and miscellaneous services, 13,000 more workers, and the Federal, State,
and local government service, 29,000 more workers.
All
groups
showed increased employment over February,
1940, the
gains of 972,000 workers in manufacturing industries and 718,000 in con¬
struction accounting "for the major portion of the 2,218,000 increase over
the year.
Construction employment showed the larger percentage gain over
the year, however, since manufacturing industries employ about six times
as
many workers as are engaged in construction.
Employment in trade
establishments was 144,000 greater than in February, 1940, and in the
Federal, State, and local government service, 236,000 more workers were
or
West South Central
12
Federal
employment
101.1
East South Central:
Birmingham
last
on
Employment
5,000
Buffalo
Philadelphia
Pittsburgh
construction projects has declined from January to February
on
the
of
to an all-time record.
34,000.
ings
■
England:
Boston
10
employment
Middle Atlantlo:
a
Steadily expanding employment
greater-than-seasonal gain. Whereas
in defense industries accounted for this
(Average 1935-39=100)
i
employment gains, the largest of
of more than 176,000 factory
reported
groups
manufacturing.
slightly larger than
in
the
durable
goods
group
of
manufacturing
industries
expanded 2.1% since January and 21.8% since February of last year, the
corresponding payroll increases being 5.1% and 41.7%, respectively.
increases
much
4.3%
in
less
the
The
groups over the month and year were
1.8% and 3.8%, respectively, for employment, and
for payrolls.
The February, 1941, employment and
non-durable goods
pronounced,
and
11.5%
(120.8 and 138.6) were con¬
recorded peaks, while employment in the
was about equal to previous highs reached
payroll indexes for the durable goods group
siderably
above
all previously
non-durable goods group
(114.7)
Volume
last
fall
The Commercial & Financial Chronicle
152
and
payrolls
(112.6)
at
were
the-highest
levels
Septem¬
since
ber, 1929.
Of
manufacturing industries surveyed, 127 reported more workera in
February than in January, and 138 reported larger payrolls, most
of the gains being either larger than seasonal or contraseasonal.
Defense
industries
listed
are
Employment
the
the 157
in
which
substantial
employment gains
shown
were
below:
reported
on
'•
'
number
Industry
b
Wage
a
Earners
Gain
150,900
10,000
Shipbuilding
138,700
84,900
74,700
7,900
Firearms
12,500
800
3,900
Ammunition-
11,300
800
Of
3,500
Abrasives....
12,200
500
45.000
2,900
Explosives
9,400
500
Machine tools
Engines
Machine-tool accessories
Gain
28,200
1,600
of
Employment
remained
at
from the preceding month.
work
at
all
on
while
fell
projects
Sizable gains
to
were
of
types
projects,
both
defense
and
all
on
types of projects
Payroll
$11,221,000
were
than in February, 1940.
more
low-rent projects of the United States Housing Authority
on
about
these, 6,000
the
level
same
in
as
January.
Approximately 42,000
during the month ending Feb. 15.
housing projects
on
employed
were
defense
on
employed in February represent
men
733,000,
to
the corresponding period in 1940.
over
$112,185,000
working
were
103,000
construction
to 874,000 in the month ending Feb. 15, a gain of 89,000
January and 670,000
men
Earners
products
by
increased
non-defense
on
greater than in January and $90,267,000
Aircraft
Industry
projects
14,000
men
■
b
Screw-machine
of
rose
disbursements
-f1'
_
Wage
of
work
at
men
defense building, naval vessel and airport construction projects.
non-defense,
over
a
of
loss
a
The
defense
on
number
141,000,
2463
housing projects.
increase of
an
12,000
The
42,000
the
over
same
month in 1940.
Estimated number, February, 1941.
b Gain from January to February.
Payroll disbursements amounted to $4,114,000, an increase
$13,000 from January and $1,333,000 from February, 1940.
of
The Labor Department's announcement goes on to state:
Other
manufacturing
showing
large
industries
employment
machinery (10,100),
gains
steel
stamped
and
enameled
(3,000),
and
affected
orders
war-material
automobiles
were:
(6,900),
by
foundries and
(14,100),
machine
and
electrical
(6,700),
shops
Construction
men
employed in the
(3,600), brass, bronze, and copper products
(1,800).
Among the few industries showing reductions in employment were: meat
packing
(7,400), canning and preserving (4,400), beet sugar (3,500),
(3,300), and agricultural implements (2,700).
trade a slight contraseasonal employment gain of 0.1%
accompanied by a payroll increase of 0.4%.
The 12-year averages of
centage changes for February in this industry are decreases of 1.3%
typewriters
In
retail
employment and 1.5% for payrolls.
1930.
supply
and
in
Employment
3.4%;
stores,
in
shoe
in
in
The
was
trade
and
hardware,
0.9%;
dry
were
goods
increased
in
4.7%,
automobile
in
and
payroll
gains
of
0.1%
payroll
a
and
1.7%;
apparel,
machinery,
Jan.
payrolls
mines
were
February, 1937, while the
February index since 1931.
payroll
index,
3.1%.
WHOLLY OR PARTIALLY
employment increase of 0.6% was accompanied
17.4%, reflecting materially increased production
employment was 2% less than in February, 1940,
37% above the level of that month.
Bituminous coal mines
highest
since
point
States,
mines
copper
accounted
1930.
for
73.0% of the 1929
Increased
the
gains
accompanied
was
by
payroll gain
a
average,
was
at
the
activity,
largely in the Southern
quarrying of 1.4% and payrolls by
in
2.9%, the latter increase bringing the payroll level 23% above February,
1940.
In crude petroleum production an
employment loss of 0.8% was
accompanied by
payroll
gains
0.8%
of
payroll index, 86% of the 1929 average,
since
and
April, 1931.
payrolls also
cleaning
panied
plants
by
cleaning,
and
any
2.2%
higher than
was
reported.
were
1941
Jan.,
Feb.,
1941
1940
a
1941
1940
$
Financed by regular Federal ap¬
propriations. b
874.0
Defense
141.0
Housing Authority _c—
employment gain of 0.2% was accom¬
increase of 1.4%.
In laundries and in dyeing and
employment and payroll levels were the highest for
of the 11 years covered by the Bureau's survey of these
firms
reported a decrease of 2.1% in employment
In this industry employment and payrolls are 13%
of February, 1940.
Insurance companies showed a small
substantially less
(6.1%).
than the
The level
The current employment reduction
February
average
decrease of the 1932-40
of employment in
February, 1941, was 36.5%
higher, and weekly payrolls 51.9% higher, than in February, 1940.
Em¬
ployment declines over the month occurred in all of the geographic divisions
largely responsible for
A
States, where increases of 1.0%
sharp reduction in Minnesota (35.4%) was
12.8%
drop in the West North Central States,
during the reporting week in California con¬
tributed to a contraseasonal decrease of 1.6% for the Pacific
States, the
first February decline in eight years.
In all, 33 States and the District of
a
unusually rainy weather
224
reported decreased
ployment
the
Jan.
establishments
information
affected
which
in
the
(2,775),
manufacturing
in
42,118 of the
tries
foundries
employment from January to February.
rate increases between
27,440
wage
of
February.
4,982,770
These
wage
largest numbers
steel
(2,637),
15
and
Feb.
increases
earners
15
which
least
than
The
five
10%.
in
States
and
the
District
Maryland, with 19%
February,
New
England,
in
these
1940, showed
West
South
extent
non-defense
struction
to
—9,082
+ 118
+ 171
+93
211
129.0
+ 25
—3.0
10,288
-7.0
—284
+689
for the calendar month; February, 1941, figures are estimated,
c Payrolls
the totals for the months ended Jan. 15 and Feb.
15; employment represents the
number employed during any one week in the
corresponding month,
are
d Employment and
payrolls
are for
the calendar month; February, 1941, figures
are
estimated.
Employment in Regular Federal Services
Employment
the
in
executive
service
of
the
Federal
Government
rose
30,000 in February, bringing the total number of persons employed up to
1,181,000.
Payroll disbursements of $178,011,000 were $207,000 less than
in
January and $36,087,000 greater than in February, 1940.
187,000 in the number of men in the armed forces
An increase of
United
ments
States
were
lifted
the total
to
1,145,000 in February.
of the
Payroll disburse¬
$69,325,000.
EMPLOYMENT
AND
PAYROLLS
IN
REGULAR
FEBRUARY.
FEDERAL
SERVICES,
1941
(In Thousands)
Employment
Service
Payrolls
Change from
Change from
Feb.,
Feb.,
1941
Jan.,
Feb.,
1941
Jan.,
Feb.,
a
1941
1940
a
1941
1940
S
Executive-
$
$
covered.
of
6.9%
Columbia
Judicial
2.5
0
+0.1
676
Legislative
6.0
0
+0.1
1,314
a
raises
showed
increases
and
'
1
■
Employment
Reaching
regions
also
which
activities
is
defense
shown
on
of
1,374,000
$92,435,000
by
persons
engaged
$9,234,000 less than in January.
by the Work Projects
activities
to
defense
being given precedence
February employment figures on
but there
work.
employed totaled $3,583,000.
employment was reported
of
Youth
Administration.
The
both
PAYROLLS
Administration
a
shift
program
a
un¬
1,000
to
the
65,000
financed
by the
payments
programs
was
of
student-work program
15,000 and the out-of-school work
AND
Wage payments cf
Employment on Federal
was
Wage
on
defense projects
on
activities.
financed
from January to February,
National
crease
working
were
in non-defense
Increased
showed
from
an
in¬
gain of 63,000.
OJj RELIEF PROGRAMS, FEB., 1941
(In Thousands)
*
Employment
Program
Payrolls
Change from
Feb.,
Jan.,
Feb.,
a
1941
1940
WPA program:
1941
Jan.,
a
1941
S
Federal
agency
WPA.b
Defense--
projects
65
28
Other
;
0
—27
-
------
NYA projects:
Student work program.c
Out-of-school work program_c_.
+9
1,374
—13
459
+ 15
+2
488
+63
+ 152
312
+ 14
—25
—413"
+ 398
$
+ 416
1,882
—1
—4
3,583
1,701
+1
37
1,837
463
—
Defense
-
S
Feb.,
1940
under
—
Projects operated by WPA.c
Other
Change from
Feb.,
1941
showed
—18
—848
92,435 —9,234 -19J)40
d
d
2,800
+32
—326
9,290 + 1,325 +3,147
+397
—938
13,725
over
con¬
projects financed from appropriations to regular Federal agencies.
were
projects
agency
work relief, 463,000
on
were
Civilian Conservation Corps.e
are
Relief Programs
on
a
employed
persons
and
at
Public Construction
activities
+ 12
winter peak in January, the relief load lightened slightly in
Februaiy with a decrease of 4,000 in the number of persons employed on
work relief projects of the Work
Projects Administration.
Of the 1,837,000
were:
employed in February, 1941,
any other State.
Pacific
0
Preliminary.
Among the indus¬
pay
—207 +36,087
+ 9,811 +37,479
+35
+ 96
69,325
and
improvement than
Central,
+30.0 +242.0 178,011
1,145.0 + 187.0 +695.0
machinery
more persons
more
1,181.0
-
Military
EMPLOYMENT
areas.
Employment
The
—152
413
202
b Payrolls are the totals for the months ended Jan. 15 and
Feb. 15; employment represents the maximum number
employed during any one
week in the corresponding period.
Employment and payrolls on Federal-aid roads
em¬
large increases, with Rhode Island, Texas, and Washington having the best
records
1,732
+ 1.2
+0.6
Preliminary,
reported
supplied
averaged
of workers received
electrical
were
(2,480), sawmills
(1,939), and dyeing and finishing textiles (1,668).
The wage rate changes
reported for non-manufacturing industries were negligible.
Every State had a higher level of employment in February, 1941, than a
year ago,
the most pronounced gains being in the South Atlantic region,
where
-94.0
+0.6
1.8
State roads.d
non-defense
General
—2.0
3.6
...
and West South Central
by
—69
15.0
Other
reported.
Columbia
3,566
+ L333
+84
—1.0
1.8
and
and
548
Defense
except the East
were
—1,203
+ 15
4,114
+T6
36.0
Other
changed
4.1%
14,541
+ 12.0
6.0
Financed by PWA.c
Financed by RFC.c
a
—14.0
42.0
Defense
payroll level
any
contraseasonal
February and weekly payrolls 0.9%.
was
period
+ 89.0 + 670.0 112,185 + 11,221 + 90,267
+ 103.0
97,644 + 12,424
733.0
Other
U.S.
The
employment gain of 0.7%, accompanied by a payroll increase of 1.3%.
Private building construction employment decreased
2.6% from January
to
Change from
Feb.,
Feb.,
a
2.6% in payrolls.
level
Payrolls
Jan.,
Employment in laundries declined seasonally by 0.4%
less than seasonally by 0.2%.
In dyeing and
Brokerage
below the
1941
declined
a
both
February in
industries.
and
payroll
a
FI¬
1941
a
and
PROJECTS
FEDERAL FUNDS AND
Change from
slight payroll gain (0.1%).
Employment declines of 0.9% and 0.4% occurred in electric light and
power and in
street railways and buses, while a small employment in¬
crease of
0.2% was shown in telephone and telegraph.
In hotels seasonal
employment
FROM
Feb.,
While
The employment level,
CONSTRUCTION
Employment
are
an
in iron and in
mainly
the
and
all projects totaled $413,000.
on
ON
by
defense
on
maximum
of
gain
15.
of
any
took on 0.7% more workers and payrolls were increased
by 3.7%. February
employment and payrolls in this industry were at 91% of the 1929 aver¬
ages.
An employment pickup of 0.7% in metal mining which occurred
of
PAYROLLS
financed
evenly
and
0.5%; lumber and building materials, 1.1%;
furniture and house furnishings, 0.7% iron and steel
exception
the
anthracite
since
Wage payments
AND
projects
divided
were
Program
supplies,
higher than
was
2,000
was
decline cf
a
(In Thousands)
1.1%,
groceries and food specialties, 1.0%, and agents and brokers reduced their
forces e<?asonally by 5.0%.
The February employment index for wholesale
trade, 91.3% of the 1929 average, was at the highest February level since
with
construction
on
Corporation
farmers'
dealers,
1.2%; farm supplies, 6.8%, and assemblers and country buyers took
more
employees.
Employment declines were most pronounced
dealers in farm products, 8.1%; general merchandise, 1.6%;
80.8%,
This
and
$1,732,000, off $152,000 from
at the highest February levels
are
stores
1.4%;
employment
ending Feb. 15.
preceding month
were
ON ROADS FINANCED FROM STATE FUNDS,
FEBRUARY,
4.8%
by
Finance
;
slight
increase
equipment
In
employed
men
NANCED
for
reported between Jan. 15 and Feb. 15, in contrast to the average
0.5% in employment and 0.4% in payrolls shown in this
for February.
Among the wholesale lines contributing to this
industry
1930,
3,600
non-defense projects.
per¬
of
employment
among
Payrolls
January payments.
Reconstruction
EMPLOYMENT
were
declines
on
in the month
0.9%.
stores,
wholesale
scrap,
number
The principal employment declines occurred
in men's apparel, 3.2%; in women's apparel,
in jewelry, 2.1%, and in fuel and ice, 1.7%.
0.7%;
0.4%
variety
groceries,
department stores, 2.3%
In
the
The employment and payroll indexes,
90,6% and 84.0% of the 1929 averages,
since
than
94,000 from February, 1940.
chemicals
ware
projects financed by the Public Works Administration gave
employment to 15,000
less
a Preliminary,
b Payrolls are the totals for the months ended Jan. 15 and
15; employment represents the maximum number employed during any one
week in the corresponding month,
c Figures are for the calendar months ended
Feb.
The Commercial & Financial Chronicle
2464
break-down not available, e Figures on employ¬
the month; payrolls tor the entire month.
ESTIMATES
•
EMPLOYMENT
NON-AGRICULTURAL
TOTAL.
OF
1941
January,
January,
1941
to
Feb.,
February,
CPrelim¬
1940
building
mining,
manufacturing,-
for
dyeing and cleaning cover wage earners only;
construction,
1940,
to
mainly supervisory.
officers, executives, and others whose work is
Employment
a
Total
non
-
laundries,
those for railroads cover
employees, while the data for water transportation cover employees on
vessels of 1,000 gross tons or over in deep-sea trades only.
The data
for other industries exclude proprietors and
firm members, corporation
Feb., 1941
Feb.. 1941
inary)
and
all
Change
Change
February,
data
The
d Payroll
Jan. 31 and Feb. 28.
ment are tor tbe last day of
April 19, 1941
Payrolls
agricultural
36,684,000 36,319,000 +265,000 34,381,000 +2,218,000
employment--.
—
Employees In non-agricul-
3,016.000
6,170,000
4,155,000
—
Trade....—...
Finance, service A misc.
Federal, State and local
3,012,000
6,165,000
4,142,000
Feb.,
+ 5,000
+ 13,000
+ 144,000
Jan.,
Feb.,
1941
Jan.,
Feb.,
*
1941
1940
♦
1941
1940
(1923-25=100)
+74.000
2,941,000
6.026,000
4,084,000
+3,000
% Change from—
1941
Manufacturing
Transportation A public
government
Index
% Change from—
Feb.,
establishments...... 30,441,000 30,176,000 +266,000 28.238.000 +2,218,000
+972,000
10,671,000 10,495,000 + 176,000 9,699,000
Manufacturing..
+ 5,000
+3,000
854,000
852,000
867,000
Mining-...
+718,000
+34.000
939,000
1,657,000 1,623,000
Construction
utilities
index
Industry
al26.4
all7.7
+ 1.9
+ 12.1
100.9
—
+ 1.1
+ 3.5
c
+0.1
+ 1.2
80.8
+27.3
+4.7
(1935-39=100)
Class I steam railroads .b
c
c
+71,000
(1929=100)
3,916,000
1,145,000
——
3,695,000
+236,000
450,000
+29,000
958,000 + 187,000
3,887,000
+695,000
91.3
Trade—Wholesale
+0.4
+4.8
The estimate
first
non-agricultural employment," given on the
table, represents the total number of persons
above
separately
each of
for
seven
industry groups.
Tables
the period from January,
major
for each group, by months, for
1929, to date, are available on request.
giving figures
the number of persons working at any time during
the week ending nearest the middle of each month.
The totals for the
United States have been adjusted to conform to the figures shown by the
1930 Census of Occupations for the number of non-agricultural "gainful
workers" less the number shown to have been unemployed for one week
at
more
+ 1.8
c
+0.5
c
c
+ 1.3
c
—8.1
c
c
—3.8
c
c
c
I
c
—0.7
c
—0.2
d90.6
c
c
+0.1
—1.1
c
c
+0.5
d84.0
+ 4.1
c
c
+0.4
+6.2
+ 1.4
+ 1.5
97.1
+0.6
+ 3.2
merchandising.
d93.8
—0.2
+ 6.7
d86.0
—0.6
+6.4
77.5
—1.3
+2.6
73.3
—1.6
75.0
+0.3
—1.6
66.5
+0.5
+ 1.5
Automotive
86.7
+0.6
+ 6.4
83.6
+3.3
+ 12.8
Lumber & bldg. mafia—
Public utilities-
71.6
—1.5
+ 3.2
67.7
—1.2
+ 5.0
Telephone and telegraphElectric light and power-
d80.5
+0.2
+ 6.1
dl02.9
—1.0
d89.6
—0 1
+ 0.5
dl04.9
—0.2
d68.0
—0.4
—1.0
d70.6
50.6
+0.5
—2.0
45.2
+ 17.4
104.6
—
General
Mining—Anthracite...
with
+ 5.8
+6.2
+2.7
—1.3
f
+37.3
90.8
+0.7
—0.9
91.0
+3.7
+4.6
73.0
+0.7
+ 10.1
72.7
+3.1
+ 13.2
42.3
+ 1.4
+ 10.6
37.9
+2.9
+23.1
60.0
—0.8
—4.8
56.3
+0.1
—4.7
93.7
+0.8
+ 1.8
H86.0
+2.2
101.0
—0.4
+ 5.4
89.6
—0.2
+ 7.8
101.2
+0.2
+ 8.0
74.3
+ 1.4
+ 15.4
c
Bituminous
—2.1
—2.6
—12.7
coal——
Metalliferous
Quarrying A non-metallic
.
Crude petroleum produc'n.
Services—
Hotels (year-round)
Laundries
percentage changes from January, 1941, and February, 1940.
three-year average, 1923-25, is used as a base in computing the
indexes fcor the manufacturing industries and the five-year average, 1935-39,
1941,
c
Food..
and
employment
c
Apparel.---Furniture A furnishings.
the time of the census.
of
+ 1.7
Retail
payrolls for all manufacturing industries
combined, Class I steam railroads, and for those non-manufacturing indus¬
tries for which information is available, are shown below for February,
Indexes
c
c
.
The figures represent
or
c
—1.2
Street railways A busses.e.
projects, and enrollees in CCC camps.
in non-agricultural
establishments" excludes also proprietors and firm
members, self-employed persons, casual workers and persons in domestic
service.
The estimates for "employees in non-agricultural establishments"
shown
+0.3
c
products
Automotive-
non-agricultural industries,
employed on WPA or NYA
The series described as "employees
engaged in gainful work in the United States in
excluding military and naval personnel, persons
are
c
c
Mach., equip. A supplies
Farm products
Petrol. & petrol, prod'ts
(incl. bulk tank sta'ns)
of "total civil
the
of
line
c
—1.0
Dry goods and apparel—
b Includes
the National Guard inducted into the Federal service by Act of Congress.
members of
——0.1
c
Food
of total non-agricultural employment,
included in estimates
Not
a
c
Groceries A food spee'les
naval forces.
b Military A
-
Dyeing and cleaning.
+3.9
...
c
+0.7
+ 2.0
c
+ 1.3
+ 5.2
c
Insurance
—12.9
c
Brokerage
Building construction
Water transportation
—2.6
+36.5
c
—0.9
+51.9
+0.7
c
c
h77.4
c
c
The
as
base
a
Bureau's
in
Class
for
I
steam
for
information
industries
records,
and
the
For the
prior to
12-month
1929
average
numbers.
index
the
computing
railroads.
years
not
available from
1929
These indexes
used
is
are
not
as
the
base
a
adjusted
Preliminary,
Interstate Commerce Commission,
series—Retail-trade
Indexes to 1937
census,
e
Indexes
c
Not available,
adjusted
to
for
1935
census,
P Cash payments only; value of
f Less than 0.1 of 15,
board, room, and tips cannot be computed,
estimates prepared by the United States Maritime Commission.
on
EMPLOYMENT AND PAYROLLS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES—ADJUSTED TO
MANUFACTURERS, EXCEPT AS INDICATED IN FOOTNOTES
Employment
a
AND b.
1937
CENSUS
(Three-Year Average 1923-25=100.0)
Payrolls
Employment
Manufacturing Industries
public utilb**
Covers street railways and trolley and motor-bus oper¬
ations of subsidiary, affiliated and successor companies,
h Based
OF
Revised series—adjusted to preliminary 1939 census figures,
b Source:
seasonal variation.
INDEX NUMBERS OF
a
d Revised
other non-manufacturing
is
for
*
Payrolls
Manufacturing Industries
*Feb.,
Jan.,
Feb.,
*Feb.,
Jan.,
Feb.,
Feb.,
1941
*Feb.,
Jan.,
1941
1940
1941
*Feb.,
Jan.,
1941
Feb.,
1940
1941
1941
1940
1941
1941
1940
110.0
106.4
91.3
Durable Goods
Non-durable Goods
Iron and steel and their products,
not
124.8
Including machinery
122.1
106.7
136.3
130.7
100.9
Textiles and their products
Fabrics...
rolling mills
Bolts, nuts, washers and rivets.
Cast-iron pipe....
—
133.0
131.3
117.4
144.3
139.9
138.9
114.3
182.5
170.5
125.8
89.8
87.6
75.6
97.3
93.2
67.6
sliver and
plated cutlery) A edge tools..
Forglngs, Iron and steel
109.0
107.7
104.0
111.8
106.9
90.6
94.5
91.1
71.9
127.8
123.6
84.1
Hardware.......
114.8
112.8
101.3
134.6
130-4
100.9
Cutlery
(not
103.7
95.1
99.7
95.5
98.3
93.1
84.0
82.1
82.2
79.2
74.7
70.6
102.3
100.7
95.5
100.9
96.9
87.4
95.0
91.6
84.8
99.9
92.7
75.2
139.8
134.9
130.1
129.2
120.2
109.2
84.1
82.3
91.5
92.1
80.0
84.4
Hosiery
142.6
150.8
Carpets and rugs
Cotton goods
Cotton small wares
110.2
145.3
105.5
101.6
Dyeing and finishing textiles.
Hats, fur-felt
Blast furnaces, steel works and
Incl.
....
-
84.2
142.9
145.3
156.2
148.9
Knitted outerwear..
68.8
66.2
67.9
60.4
56.0
Knitted underwear.....
Knit cloth
78.3
76.9
77.0
76.4
73.4
68.9
142.3
139.7
135.1
120.6
125.0
107.7
54.2
....
56.6
99.4
Stamped and enameled ware...
Steam and hot water heating
apparatus A steam fittings..
Stoves.
—-
....
98.0
81.9
95.0
90.8
70.7
199.4
188.6
161.4
232.4
213.4
161.6
69.0
55.8
52.6
102.7
99.9
84.9
107.2
100.0
93.6
102.7
Silk and rayon goods
Woolen and worsted goods-
84.4
114.6
108.1
75.6
116.8
123.7
108.0
94.5
93.2
99.8
86.0
96.5
87.1
74.5
114.4
109.5
110.2
96.2
87.3
85.9
172.6
161.5
176.2
142.6
119.5
93.4
Wearing apparel......
Clothing, men's..
Clothing, women's.........
124.1
100.3
96.0
Plumbers' supplies
71.6
134.4
93.7
89.0
60.3
Corsets and allied garments..
114.6
112.0
115.5
127.0
115.8
118.1
93,0
Men's furnishings..
118.3
107.5
120.9
123.7
103.2
112.6
88.4
74.9
89.5
77.0
55.2
77.2
124.5
118.7
125.0
117.5
103.9
108.3
96.9
93.4
99.3
91.1
83.3
82.6
Structural A ornamental metalwork
Tin cans and other tinware
102.5
99.8
92.7
112.4
112.4
Tools (not Incl. edge tools, ma¬
chine tools, flies and saws) —
125.8
120.9
96.2
151.1
140.1
96.4
Wlrework
207.4
205.5
162.0
253.5
237.7
175.3
Leather and Its manufactures
Boots andshoes.......
142.3
139.9
113.1
174.9
167.5
119.3
Food and kindred
...
Machinery, not Incl. transporta¬
tion equipment
...
Agricultural Implements, (Incl.
mach's
machines....
Electrical machinery, apparatus
and supplies...
Engines, turbines, water wheels
and calculating
95.1
149.6
141.1
173.5
180.9
163.8
139.6
135.6
127.9
167.7
151.3
130-5
101.6
171.6
163.0
111.6
Flour
223.2
133.0
345.2
331.4
171.6
117.4
97.6
Slaughtering and meat packing
134.9
128.7
94.2
Machine tools..
300.0
286.2
Radios and
phonographs......
Textile machinery and parts...
142.3
147.0
92.7
Typewriters and parts....
107.2
...
204.8
126.3
449.0
414.0
270.7
143.9
144.3
113.0
89.3
85.9
104.9
97.9
81.4
130.8
117.5
120.7
141.0
110.0
158.5
152.6
116.1
191.7
176.1
120.1
5389.4
5031.2
2302.6
6525 3
5912.2
«iO o.v
131.8
equipment b
Aircraft b_..........
128.3
119.1
80.1
80.2
92.1
86.7
83.3
119.3
120.0
115.5
140.5
142.3
137.7
134.5
132.4
283.9
254.4
292.0
288.5
91.6
88.6
80.7
80.1
90.5
91.5
76.1
78.9
78.0
87.0
86.7
84.0
89.9
86.7
80.6
76.9
79.3
73.0
72.2
75.7
73.7
68.3
...
cane.........
Tobacco manufactures..
67.9
66.8
60.1
59.1
57.1
110.5
116.3
108.6
113.1
119.7
110.9
53.4
95.9
37.9
51.7
84.7
44.3
88.8
87.6
92.0
73.3
70.3
76.6
63.9
....
Sugar, beet
Sugar refining,
255.8
85.3
76.6
„
cream
86 6
118.8
91.3
130.1
119.1
88.5
85.8
121.2
254.7
....
...
134.6
Foundry A machine shop prods.
98.3
87.8
Canning and preserving......
Confectionery
Ice
91.4
71.7
142.7
Baking..
BeVerages
Butter
65.0
119.1
products
234.3
and windmills
Transportation
Shirts and collars
Leather...
143.7
tractors).....
Cash registers, adding
...
Millinery
66.5
60.8
61.7
61.9
59.3
54.0
56.4
57.7
62.1
63.0
66.5
69.3
Chewing and smoking tobacco
and
snuff......
.....
Cigars and cigarettes.........
Paper and printing..
64.8
113.1
160.4
147^5
Cars, electric A steam-railroad.
68.6
69.3
59.0
65.9
63.5
54.3
Locomotives
53.4
49.4
61.7
55.0
27.2
255.0
240.4
Book and Job......
142.7
335.0
308.2
149.9
134.4
131.2
107.2
151.4
146.2
103.4
Aluminum manufactures
212.3
212.6
171.3
270.4
265.5
194.8
Brass, bronze and copper prods.
Clocks and watches and time-
176.0
171.5
128.3
226.3
220.6
136.4
61.5
61.7
58.3
52.0
117.0
114.6
116.8
115.5
108.6
118.4
114.8
135.9
131.8
119.4
116.9
Printing and publishing:
28.9
61.1
117.5
118.8
Boxes, paper......
Paper and pulp
Automobiles
......
....
Shipbuilding
Nonferrous metals and their prod.
recording
107.7
106.3
...
103.1
96.6
...
110.8
76.3
devices
Jewelry..............
Lighting equipment
Silverware and plated ware
91.2
123.4
115.0
1
90.3
108.0
88.0
104.7
74.7
70.8
72.1
91
94.5
Chemicals..
82.4
69.2
98.6
70.8
70.8
59.4
Cottonseed—oil, cake A meal
Druggists' preparations
Explosives
.
.
_
....
Fertilizers
........
132.0
127.5
101.2
92.9
95.1
87.0
117.3
116.4
115.4
109.6
107.9
107.5
127.9
126.1
121.0
144.4
142.1
131.4
119.1
120.9
131.6
132.2
130.1
127.8
121.1
148.3
145.2
130.4
152.0
136.1
194.0
188.2
159.7
106.9
115.6
97.7
100.0
113.7
119.6
116.4
119.4
133.9
131.1
130.4
159.9
150.7
105.5
205.3
198.8
127.5
104.2
109.3
110.2
90.6
85.9
134.4
89.1
83.7
99.5
Lumber and allied products
Furniture
...
97.8
87.0
104.4
101.4
85.9
71.7
Paint and varnishes........
128.8
126.3
123.2
71.3
142.0
137.4
66.7
128.3
70.0
68.1
60.0
Rayon and allied products...
Soap
Rubber products...............
317.5
313.5
313.3
337.0
335.9
321.3
90.3
96.1
93.7
89.0
89.9
84.2
76.8
69.7
70.4
60.7
57.9
57.7
47.0
62.5
62.5
59.1
59.6
59.2
52.0
Rubber boots and shoes..
Rubber tires and inner tubes.
86.5
85.8
75.5
81.5
79.4
65.3
Rubber goods, other
Lumber:
Mill work
........
113.0
103.6
155.0
products....
Petroleum refining
115.7
119.0
Newspapers and periodicals.
CbemtcalB. petroleum and coal
Other than petroleum refining.
Smelting and refining—copper,
lead and zinc
117.2
102.9
......
Sawmills
Stone, clay and glass products...
Brick, tUe and terra cotta
Cement
Glass...
63.2
64.8
52.9
53.4
54.6
....
85.9
84.4
114.0
107.7
100.3
100.8
98.8
88.0
113.9
111.0
88.4
67.6
68.0
66.8
75.0
79.2
78.8
77.9
73.0
98.4
96.9
80.6
175.0
168.9
145.3
185.4
173.5
135.2
39.6
65.8
64.8
55.4
62.3
61.1
48.1
115.0
114.3
102.5
135.2
131.2
108.3
42.0
38.8
42.0
30.2
26.8
29.1
Durable goods.*
92.9
99.7
94.4
84.3
Non-durable goods
Summary
All Industries,*......,
117.7
115.5
105.0
126.4
120.7
99.3
120.8
118.3
99.2
138.6
131.9
97.8
114.7
112.7
110.5
112.6
108.0
110.0
Marble, granite, slate and other
products
Pottery.—,
•
108.1
104.6
53.4
a
February 1941, indexes preliminary; subject to revision,
a Adjusted to preliminary 1939 Census
figures,
b Revised on basis of complete survey of aircraft Industry
In August, 1940.
Indexes not comparable to indexes appearing in press releases dated earlier than November, 1940. Revised figures available in
form
mimeographed form.
Volume
152
The Commercial & Financial Chronicle
Automobile
Financing in February
2465
TOTAL MONTHLY
The dollar volume of retail
financing for
the 400 organizations amounted to
FLOUR
PRODUCTION
v
(Reported by Mills Producing 65% of the Flour Manufactured In the U. S.)
February, 1941
$158,693,166, an
increase of 7.8% as
compared with January, 1941; an in¬
crease of
43.8% as compared with February, 1940; and an
increase of 93.7% as
compared with February, 1939. The
volume of wholesale
financing for February, 1941 amounted
to $248,288,062, an increase of
4.8% compared with January,
1941; an increase of 32.4% as compared with
February,
1940; and an increase of 93.4% as compared with
February,
for
March,
Southwest
2,159,714
1,110,793
2,037,215
873,962
819,150
885,288
858,897
544,449
268,828
468,629
248,583
531,120
528,777
272,077
287.583
338,556
Southeast
121,887
126,182
North Pacific Coast...:...
633,104
546,958
136,589
658,184
159,109
691,438
*374,172
476,753
5,775,885
5,337,961
5,610,102
5,919,391
5,489,828
Eastern Division
Western Division
Totals
*
Retail Financing
Year
Storage Capacity in 24 States Reported at
947,000,000 Bushels—Preliminary Returns of Sur¬
vey Cover Area Estimated to Have Three-Fifths
of
nation¬
wide grain storage capacity and stocks survey were
reported
April 10 by the United States Department of Agriculture.
returns, as of March 1, show a rated bulk storage
capacity of 694,000,000 bushels, a sacked capacity of 245,000,000 bushels, and corn-crib space of a little over 8,000,000
on
The
either
i
in
Total
New Cars
Unclassified
Thousand
Number
in
of
Thou¬
Cars
sand
Volume
Cars
Dollars
Number
in
Volume
Number
in
of
Thou¬
of
Thou¬
Cars
*
sand
Cars
sand
Dollars
Dollars
Dollars
$947,000,000 bushels.
the
Agriculture
which likewise
The survey covers
ties
Volume
of
according to the
ment,
Volume
total
New construction
under
way
or
contemplated in these
States on
March 1 will have an estimated capacity of 50,000,000 bush¬
els,
.
.
■
that
could
Department's
announce¬
said:
all commercial storage facilities, including idle facili¬
in operation. ; Neither farm storage nor
readily be placed
storage capacity of steel bins owned by the Commodity Credit Corpora¬
tion
is
the
included.
States
total.
In
previous estimates
reported
accounted
on
The returns
for
the combined storage
about
three-fifths
capacity in
the
of
Nation's
are
practically complete for the important early winter
marketing States of Texas, Oklahoma and Kansas, for the Dakotas,
fox. the Pacific Coast States.
wheat
1941—
January
236,870
February.
248,288
323,220
a346,450
147,186
158,693
and
112,588
80,738
210,632
66,448
125,094
89,540
221,356
69,152
The survey is
its
Total (2 mos.
ended Feb.
485,158
669,670
field
It
305,879
237,682 170,279
431,988 135,600
1940—
forces
189,184
246,240
105,276
February
187,466
264,028
110,371
89,313
92,024
59,160
156,927
46,117
60,395
172,004
49,975
Total (2 mos.
ended Feb.
376,650
510,268
138,899
128,377
206,239
81,751
67,312
209,512
81,914
66,364
215,648
181,337 119,555
328,931
96,092
138,927
143,148
39,178
1939—
January.......
February
42,573
42,157
mission
Of this
267,276
number
415,751
36.1%
163,666
133,676
84,730
282,075
78,935
cars,
63.5%
were used
cars,
and 0.4% un¬
;•
v
March
1940
1941
March
the
8
%
%
1,180,906,448
1,208,702,083
_
be
made
various
of
bushels
are
reported
Agricultural
for
working
no
March
on
commodities,
Group
Estimates March,
612,150 Units
Factory sales of motor
cars
and
trucks
1941,
Sales
at
since
and
a
by June
reported
the
of
5.5% over the previous month of February,
according to figures appearing in the April, 1941, issue of
"Automobile Facts," a publication of the Automobile Manu¬
facturers Association.
available.
few
for
failed
into
This is
net
out-movement
of
probably
grain
The
account,
apparently reported
give any information.
to
When
date
to
these stocks
partially filled bins to which,
be added.
can
operators
a
unoccupied space
only
as
353,000,000
minimum
only
space
figure,
how¬
available
for
Operators estimated that
would be sufficient
bushels, also probably
a
to
increase
minimum figure.
Transfer
to
Other
Countries
Under
Lease-
Lend Act
The U.
S. Department of Agriculture announced on
April 14 the purchase of the following food supplies during
the period April 1 through April 12:
Commodity—
Quantity
Dry beans-
The March estimate of 512,150 units is 20.9% above the
corresponding month a year ago, which totaled 423,620 units.
The previous month of February, 1941, showed a total of
485,523 units compared with 404,032 units for the corre¬
sponding month of February, 1940, or an increase of 20.2%.
Figures for the month of February appeared in our issue
of March 22, 1941, page 1819.
All
soy¬
Department of Agriculture Reports Food Purchases
from April 1 Through April
12—Supplies Available
United
States for March, 1941, were estimated at 512,150
units, an
some
the
1
for
in
grain.
flaxseed,
there is a remainder of 493,Not all of this is available storage
Service cautions.
Allowances
this
this available space to 406,000,000
December..
for
rice,
represented by returns
as
and
grain
takes
1
1,114,526,850
1,137,469,965
1,166,050,596
November..
space
rye,
Marketing
space
more
rent
October
barley,
capacity,
unoccupied space.
the
reasons,
reported
all
1,116,928,055
1,097,627,143
September..
oats,
reported at 454,000,000 bushels.
the
August
971,940,670
increase
for
bushels
however,
space,
of
are
from
887,096,773
1,021,533,732
Car-Makers'
stocks
States,
ever,
1.063.638.452
........
1
24
1,105,275,234
April
V
corn,
July...
918,645,709
May
wheat,
876,699,079
-
June..—-
storing
subtracted
are
1940
%
construction, and by the Commodity
new
determining available storage
beans, dry beans, and grain sorghums are covered by the
survey.
The
include elevators, warehouses, flour and feed
mills, corn,
soybean and flaxseed products mills, malting plants, breweries, distilleries,
bean cleaning plants, and rice mills.
as
1941
in
establishments
must
RETAIL AUTOMOBILE RECEIVABLES OUTSTANDING END OF
MONTH
AS REPORTED BY 214 IDENTICAL ORGANIZATIONS
the certification of
Corporation
000,000
were new
classified.
January
February._
and
establishments
in
end. Feb..
for use by the National Defense Advisory Com¬
formulating policies with respect to distribution of vital com¬
in
Credit
39,757
Total (2 mos.
being made by the Agricultural Marketing Service, through
those of the Agricultural Adjustment Administration.
and
planned primarily
was
modities
January
a
Nation's total Capacity
Preliminary returns from 24 States covered in the
Used and
ing
and
Month
Includes Indiana, since 1938 under Central West, Eastern Division.
bushels—a
Financ¬
293,442
Grain
\
Wholesale
1938
1,271,823
2,095,373
Central West—
organizations.
Figures of automobile financing for the month of January,
1941, were published in the April 5, 1941, issue of the
"Chronicle," page 2156.
The following tabulations on automobile
financing for 400
organizations and on retail automobile receivables for 214
organizations for February, 1941, were released on April 16,
1941 by Acting Director
Vergil D. Reed, Bureau of the
Census, Department of Commerce.
:
March,
1,267,928
1,925,054
Buffalo
outstanding
February, 1941, as reported by the 214 organiza¬
tions, amounted to $1,208,702,083.
These 214 organiza¬
tions accounted for
94.6% of the total volume of retail
financing, $158,693,166, reported for that month by the 400
:
1939
1,148,026
1,989,958
809,625
The volume of retail automobile
receivables
|
March,
1940
1,173,941
at the end of
Summary for 400 Organizations
March,
M onth
Northwest
1939.
AUTOMOBILE FINANCING
Previous
1941
Canned
9,160,000 lbs.
grapefruit
Commodity—
Cheese—
175,000
cases
Eggs
*
Dry skim milk
528,335
cases
Evaporated milk
seg-
rnents
Canned grapefruit Juice..
Fresh grapefruit.....
1,109 tons
Oranges—
33,264 boxes
9,540,000 lbs.
Pork products-.
6,045,500 lbs.
150,529 bush.
White flour
White potatoes
272,998 bush.
Oats
*
75,444 cases
1,760,000 lbs.
75,000 cases
Lard
Fresh appleB
Raisins
Quantity
696,000 lbs.
153,000 bbls.
178,000 bush.
15,000 tons
In
addition, 2,741,250 pounds of dry skim milk
Products Marketing Association for distribution.
was
donated by the Dairy
The
Flour Production
Takes Big Stride
with
Forward in March
Major Sections
the Red Cross for
Flour production during March—5,775,885 barrels, accord¬
ing
to
reports
to
"The
Northwestern
Miller"
from
representing 65% of the national output—represents
of
crease
mills
an
in¬
about
440,000 barrels over that of the previous
month and 165,000 over the production for
March, 1940.
The three major producing sections accounted for the large
share of the increase, with the northwestern gain over the
previous month amounting to almost 26,000 barrels, the
southwestern 170,000 barrels, and that of Buffalo 67,340
barrels.
The March figures for the southwestern also were 235,000
barrels greater than those of a year ago, and the Buffalo
increase over the March, 1940, output was about 55,000
barrels.
Last year's
March production in the Northwest,
however, was 94,000 barrels larger than the current figure.
Another section
making
a
large
gain
over
the
February
output was the eastern
diana
and
Central West, including Ohio, In¬
mills, which together turned out an
Michigan
increase of almost 76,000 barrels
record.
over
their previous monthly
A detailed table appears below:
Agriculture Department explained that these food
can be used for domestic distribution to public aid
families and for free school lunches, to meet
requests from
supplies
shipment to war refugee areas, for trans¬
under provisions of the Lend-Lease
Act, or for release upon the market when this is desirable.
The purchase of commodities during the last two weeks
of March was referred to in these columns
April 12, page 2324.
fer
to
other
countries
Petroleum
and Its Products—Industry Watches Near
East Developments—Shell Union Head Hits AntiTrust Suits—Higher May Allowable Seen in Texas
—Oil Compact Group Meets—Daily
Average Crude
Output Jumps—Oil Companies Raise Wages
The
darkening
aroused
war
considerable
clouds
over
interest
in
the Near East oil fields
the
American petroleum
industry as oil executives sought to weigh the possible
bombing or capture of Near East oil areas by Nazis. Another
factor causing discussion was the recent political
coup in
Iraq which placed a reportedly pro-Nazi government in
power.
It is
unlikely that there will be widespread bombing of
areas in the Near East by the Nazi air
British-controlled oil
of the dominant
objects of Hitler's Eastern
important oil fields in that
area.
A ruined oil field is of no value, and only last-minute
desperation would see Nazi bombers dropping incendiaries
and bombs, it seems probable.
While the domestic industry is "able and anxious" to meet
all demands for direct and indirect defense purposes without
forces since
one
civilian supplies, recent legal activity of the
against it has not "facilitated" its talk of meet¬
Government
ing all current demands, both defense and ordinary civilian,
R. G. A. van de Woude, President of the Shell Union Oil
Corp., told stockholders at the annual meeting this week.
"The task of solving the problems confronting the oil
industry and meeting the prospective requirements," he
said, "has not been facilitated by the various anti-trust suits
to which the industry has been subjected.
Cooperation in
its truest sense is of primary importance for the successful
fulfillment of the national defense program.
This means
cooperation between industry and Government on the one
hand and between industry and labor on the other hand.
"In this direction lies the way to a better understanding of
each other's difficulties, and this understanding is absolutely
vital at the present moment, when the nation is faced with
critical issues of momentous import.
We are living in times
of great change; and some find it easier to adjust their views
than others.
But the essential appears to be cooperation of
industry and Government must work more
closely than has been the case in the past, and it is hoped that
from this
will emerge a better understanding of, each
other's problems."
The State-wide proration meeting held in Austin by the
Texas Railroad Commission on Monday brought forth indica¬
tions that market demand during May would justify an in¬
crease
of more than 30,000 barrels daily in the State's
elements;
all
production allowable.
This increase, should it be granted,
would be brought about mainly by readjustments of allow¬
proration formula of fixing allowables which has
by the Railroad Commission for quite a while
came in for criticism by some operators because of alleged
inequalities in the distributiion of the allowables.
Tnis
formula for production is based on well depth, acreage and
types of crude produced.
Nominations of purchasers of
crude for May filed with the Commission totaled 1,772,323
The
Oil Compact Commission met in New
week to discuss a committee report on the
form of the agreements to extend the compact from its expira¬
tion date next Sept. 1.
Under the Constitution, Congress
must give the States permission to organize and then the
Legislatures of the various member States of the Com¬
mission must also make the necessary legal moves of approval.
Several States have already taken the necessary steps.
Extension of the agreement to take in oil-producing States
The
Interstate
Orleans during the
not
members
presently
of
the
Commission is
planned.
Louisiana, whose Legislature has approved joining the Com¬
mission, had State Minerals Director J. L. McHugh at the
meetings,
representing Governor
Sam Jones.
Present
members are
Texas, Oklahoma, Kansas, New Mexico,
Michigan, Colorado, Arkansas ana Illinois.
In addition to
Louisiana, California also Has shown renewed signs of
willingness to sign with the Commission.
A snarp rise in daily average production of crude oil in
Texas lifted the total for tne nation 89,350 barrels during
April 12, output totaling 3,603,650 barrels,
the mid-week report of the American Petroleum Institute.
Despite the sharp advance, however, daily average flow of
crude oil was again far below the estimated April daily
average market demand figure of 3,709,300 barrels set by
the week ended
the United States Bureau of Mines.
A
gain of 79,950 barrels in Texas lifted the daily average
barrels while California was up 23,400
barrels to a daily total of 632,600 barrels.
Illinois showed a
gain of 3,300 barrels with a daily total of 320,950 barrels.
Sharpest contraction of production was in Oklahoma where
the daily average slumped 23,100 barrels to 398,950 barrels.
Kansas was off 2,900 barrels at 206,950, and Louisiana off
flow there to 1,282,150
2,700 barrels at 303,200 barrels.
Inventories
of
domestic
and
foreign crude oil
were
off
647,000 barrels during the initial week of April, dropping to
265,540,000 barrels, according to the United States Bureau of
Mines.
Holdings of domestic crude oil were off 685,000
barrels during the April 5 week but this was partially offset
by an increase of 38,000 barrels in stocks of foreign crude.
Crude-oil stocks in California, not included in the "refinable"
crude stocks, totaled 11,936,000 barrels, off 27,000 barrels
from the March 29 week.
An
Corning, Pa
Eastern Illinois
East Texas, Texas, 40 and over
Kettleman HUls, 39 and over
Pecos County, Texas
Md-Cont't. Okla., 40 and above..
1.15
Lance Creek, Wyoming
Smackover, Heavy
.76
1.05
SignalHill, 30.9 and over
Rodessa, Ark., 40 and above
.85
.82
1.14
a
gallon
in kerosene and
City, most of Westchester County north to Ossining
There was no change made in
York
Suffolk counties on Long
prices in Nassau and
kerosene
Island.
Under the
new
price schedule, No. 2 fuel oil, tank car,
gallon at Staten Island and 4.8 cents
advanced to 4.7 cents a
a
gallon at Long Island City, which is within 2-10ths cent
1940-41 winter season high.
Earlier this year, the
of the
Long Island City tank car market had sunk as low as 4.0
a gallon.
The strength in fuel oil prices is due to higher
tanker rates from the Gulf Coast and the improving statis¬
cents
position of this refined product.
Wednesday announced
that it had advanced its tank car price for No. 2 fuel oil in
the New York harbor area 2-10ths cent a gallon to 4.7 cents.
tical
Standard Oil Co. of New Jersey on
10 cents a barrel on April 16 at Atlantic
from New York northward, the New York
harbor price going to $1.95 a barrel and Boston to $1.85 a
barrel.
^v,;•, ;V '•'/./...':■
"'.V; - •,
Because of fears that defense neeas will curtail available
stocks of fuel oil along the Atlantic seaboard during the
1941-42 season, purchasers in the New York area were re¬
ported to be casting around for fresh sources of supplies.
Reports were heard in tne trade of the probability that heavy
consumers would be limited to approximately the same totals
for tne 1941-42 season than they contracted for during the
Diesel oil moved up
seaboard ports
;
1940-41
season.
Added uncertainty in the
of the transportation
cause
fuel oil picture is created be¬
problem since the East Coast
dependent upon ocean transportation for its fuel oil, most
shipped here either from the Gulf Coast or from
South America.
Only factor that would alleviate possible
tightness due to high tanker rates would be the possible reentrance of Mexican fuel oil into the Atlantic Seaboard
market picture, but here again the transportation problem
is
of which is
looms large.
Rising demand coupled with increased tanker transporta¬
prices up 10 cents a barrel
tion sent Grade C bunker fuel oil
April 18 when Standard Oil of New Jersey lifted postings
north Atlantic Coast ports.
An advance of 5 cents a
on
at
Coast ports was posted by the company at
Grade C bunker fuel oil demand has bene¬
barrel at Gulf
the
time.
same
from defense activities.
sharp improvement in gasoline prices during March
was revealed in the survey of 50 leading cities throughout
the country by the American Petroleum Institute.
The
I average net dealer price on April 1 was 8.78 cents a gallon,
against 8.62 cents a month earlier and 8.46 cents a gallon
on
Dec. 1, 1940, lowest since 1934.
The average retail
prices, before taxes, was 12.42 cents on April 1, up 15
points from the March 1 figure.
The consumer price was
18.32 cents, including taxes, against 18.17 cents a month
fited materially
A
earlier.
stocks of finished, unfinished and
gasoline pared holdings during the April 12 week
a
fractional gain in refinery operations.
The
Seasonal drains upon
aviation
despite
American
Institute report disclosed
Petroleum
that hold¬
ings of motor fuel on April 12 were off 458,000 barrels, to
Since
his total includes 6,696,000
98,654,000 barrels.
barrels of aviation fuel, stocks of motor fuel were only
approximately 92,000,000 barrels, which is nearly 7,000,000
barrels less than the total reported for the comparable
.period a year ago.
.■ ;v:
;
Refinery operations gained nearly a full point, refineries
operating at 84.4% of capacity, against 83.5% in the April
5 week.
Daily average runs of crude oil to stills were up
30,000 barrels to hit 3,630,000 barrels.
Stocks of gas and
distillate fuel oils showed a contra-seasonal contraction of
443,000 barrels but holdings of residual fuel oils showed a
normal spring rise in gaining 100,000 barrels.
Imports of
gasoline, which have become more apparent in recent months,
totaled 310,000 barrels during the week, making the April
1-12 total 522,000 barrels.
Price changes follow:
15—Socony-Vacuum
April
liveries
2-10ths
cent
effective April 16.
a
advanced kerosene and Mobilheat, all de¬
gallon
in New
York City and surrounding area,
Kerosene prices in Nassau and Suffolk counties were
by the change.
April 16—Standard of New Jersey advanced tank car prices of
fuel oil, New York harbor,
on
10 cents a barrel from
Atlantic Seaboard points, New
York City moving
SI.95 and Boston to SI.85.
April
18—Standard of New
Jersey lifted
cents a barrel at north Atlantic ports
U.
Grade C bunker fuel oil
Tank Car Lois, F.O.B. Refinery
Other Cities—
New York—
$.0625
.068
Tide Wat. Oil
10
and 5 cents at most Gulf Coast ports
S. Gasoline (Above 65 Octane),
Socony-Vac
$.073
Texas
069
Shell East'n
.073
*
No. 2
2-lOths cent a gallon.
April 16—Diesel fuel oil prices were advanced
New York northward
up to
x
...$1.15
1.19
cent
and east to Stamford, Conn.
St. Oil N.J
(All gravities where A. P. I. degrees are not shown)
$2.30
1.17
1.07
2-10ths
all methods of delivery, was posted for
and the surrounding area on April 15,
effective the following day, by Socony-Vacuum Oil Co., Inc.
The area covered in the increase covers Long Island, New
New York—
Prices of Typical Crude per Barrel at Wells
IM¬
GAIN
of
advance
PRICES GAIN IN
DROP—GASOLINE
STOCKS
Mobilheat prices,
New York City
not affected
Approximately 60,000 oil workers in Texas, in the office,
production, pipeline and refining branches of the industry,
received an increase in their pay amounting to 5% on April
14, retroactive to April 1.
The increase, given because of
increasea living costs, was initiated by Humble Oil & Refining
and followed by other major companies.
There were no crude oil price changes.
Bradford, Pa
AGAIN
PORTS
ADVANCES FUEL OIL PRICES—
ALSO LIFTED—GAS
FUEL
MARCH—MOTOR
new
barrels.
OIL PRICES
DIESEL
ables in different fields.
been in effect
April 19, 1941
REFINED PRODUCTS—SOCONY
thrust is to obtain control of the
curtailing
Chronicle
The Commercial & Financial
2466
$.05-.05 %
Chicago
Gulf Coast...
.05-.O5K
.05-.05H
Okla
Branded.
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
(Bayonne)
INorth Texas.-----—
S.05 (Los Angeles
$.04(New Olreans. S.05K-05H
.03H-.051 Tulsa
.04>£-.04^
The Commercial & Financial Chronicle
Volume 152
Fuel Oil, F.O.B.
N. Y. (Harbor)—
Bunker C
.
Refinery
Terminal
or
California 24 plus D
$1.251 Gulf Coast.
$1.35
Diesel....
Gas Oil, F.O-B,
N. Y. (Bayonne)—
7 plus.
Refinery
1.25
to be
b
Terminal
or
[Chicago—
$.041
28.30 D
...
S.85-.90
__
Phila., Bunker C
|
1.751
$.053]
Daily Average Crude Oil Production for Week Ended
April 12, 1941, Gains 89,350 Barrels
The
American
Petroleum
Institute
estimates
the
that
daily average crude oil production for the week ended
April 12, 1941, was 3,603,650 barrels.
This was a gain of
89,350 barrels from the output of the previous week.
The
current week's
figures were below the 3,709,300 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
oil-producing States during April.
Daily average produc¬
tion for the four weeks ended April 12, 1941, is estimated
at 3,636,400 barrels.
The daily average output for the week
ended April 13, 1940, totaled 3,853,800 barrels.
Further
details as reported by the Institute follow:
Imports of petroleum for domestic
United
a
States ports
daily
of
average
use
and receipts
for the week ended April
299,571
barrels,
12
in bond at principal
totaled 2,097,000 barrels,
compared
with
daily
a
of
average
357,429 barrels for the week ended April 5, and 314,286 barrels daily for
the four weeks ended April 12.
These figures include all oil imported,
whether
bonded
or
for
domestic
but
use,
it
impossible
is
make
to
the
separation in weekly statistics.
There
were
no
receipts of California oil at either Atlantic
indicate
that the
companies
lines
pipe
industry
as
a
whole
unfinished
panies
had in
storage at refineries, bulk terminals,
gasoline.
is estimated
The total
and
gasoline
12,111,000 barrels
Mines
that all
in transit
98,654,000 barrels of
amount of
to have been
Bureau of
a
daily during the week,
of the end of the week,
as
to stills, on
ran
3,630,000 barrels of crude oil
basis,
and
finished
produced by all
ENDED
APRIL
Crude
com¬
12,
Daily average crude oil production registered a small in¬
Po¬
District
Stills
30,000
Stocks
Fin¬
of
ished <t
Gas
of Re¬
Avia¬
Unfin¬
Oil
sidual
tion
P. C.
fineries
P. C.
a
Stocks
Stocks b Stocks
a
ten¬
Re¬
lnd.
ished
and
Fuel
port¬
Daily Oper¬
Natural
Gaso¬
Dis¬
Oil
line
ing
Aver.
Blended
line
East Coast
643 100.0
Appalachian..
Ind., Hi., Ky.
583
90.7
156
743
91.0
127
89.4
428
90.2
529
79.0
420
76.9
291
90.1
1,606
7,190
366
432
2,081
20,633
3,236
18,875
2,260
Missouri—
2,863
1,064
8,653
1,215
1,947
the
over
8,897 E. C'st
619
59.6
139
83.2
634
89.2
895
93.7
2,911
2,266
15,965
164
97.6
139
86.9
351
3,610
5,131
1,038
No. La. & Ark
101
51.5
f53 101.9
135
597
307
592
Rocky Mtn__
121
56.0
54
79.4
209
1,687
157
480
California
836
87^3
490
67.1
1,347
16,182
9,892
68,591
1,585
86.2
3,300
84.4
10,766
91,704
27,891
93,831
330
1,345
6,950
490
1,640
daily average production in February was distributed
3,630
3,600
12,111 e98,654
28,381
95,471
11,972
28,824
95,371
where the steady
The increase in daily average crude rims to stills did
production, hence the balance of supply and demand
not absorb all the new
for crude
oil
1,200,000
barrels
again reversed,
with
was
that crude oil stocks increased about
of about 800,000 barrels in
so
compared
decline
a
January.
Refined Products
The
lack
weather in
of
pressure
on
February had
distillate
The
heating
because
oils
the
of
relatively warn
on yields of the major prod15.4% in January to 14.7% in
marked influence
a
fuel
yield fell from
February, whereas the gasoline yield rose from 42.8% to 43.3%.
The
Feb.
the
for motor
fuel
continued
to
28.
The domestic demand for February was
heavy shipments.
barrels,
17%
or
finished
of
above
a
unfinished
and
Although this
estimates
exceed all
and market conditions
major factor, weather, industrial activity,
favorable to
Stocks
year
ago
gasoline
represents
a
a
on
rose
daily average basis.
95,646,000 barrels
to
gain of about
on
5,300,000 barrels
for
month, it left stocks in much better shape than a year ago, particularly
a
on
demand
domestic
every
days' supply basis.
demand
domestic
for
distillate
fuel
oil
in
February,
1941,
was
slightly higher than last year as the influence of more heaters in opera¬
tion and larger demand for gas oil and Diesel oil for industrial purposes
factor.
'
Bureau of Labor Statistics, the price index for
petroleum products in February, 1941, was 50.0, compared with the same
in January and 50.9 in February, 1940.
The crude oil
capacity represented by the data, in this report was
the
to
6,696
6,527
unreptd.
Illinois,
Michigan's daily average tell
1937.
Exports of crude oil continued to slump, but imports recovered from the
250
Est.
892
1,362
6,410 G. C'st
2,257
The
40,000 barrels for the first time since July,
6,446
Reported
335
but nearly
decline, starting last summer, was continued.
According
280
Louisiana Gulf
January,
outweighed the weather
Inter'r
1,071
Inland Texas.
Texas Gulf
in
average
all the major producing States except
The
Kans,,
Okla.,
barrels
The increase in the
among
tillates
ated
United
Mines,
of
The daily average out¬
Bureau's report further showed:
Gaso¬
tial
Rate
Bureau
150,000 barrels below the average of February, 1940.
42,253,000
Gasoline
Produtin
the
states
put in February was 3,599,700 barrels, an increase of about
as
at Re¬
to
February,
States Department of the Interior.
1941
Crude Runs
Daily Refin¬
in
crease
was
ing Capacity
Products, February,
1941
ucte.
(Figures in Thousands of Barrels of 42 Gallons Each)
Petroleum
and
Petroleum
in
CRUDE RUNS TO STILLS: PRODUCTION OF GASOLINE AND STOCKS OF
FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL OIL
WEEK
d Recommendation of Conservation Committee of California Oil Producers.
Note—The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
and
during the week.
for week
are
6, 12, 13, 19, 20, 26, 27 and 30; schedule for rest of State same as East Texas but
with one additional day, April 9.
Exemptions are few.
decline of January.
Reports received from refining companies owning 86.2% of the 4,535,000estimated
daily potential refining capacity of the United States
barrel
Nebraska, Mississippi and Indiana figures
Kansas,
April 9.
basic 30-day allowable!as of April 1 but experience indicates
that it will increase as new wells are completed, and if any upward revisions are
made.
Panhandle shutdown days are April 6, 13, 26 and 30; East Texas, April 5,
Gulf Coast
or
12.
a. m.,
This is the net
c
below
during the week ended April
ports
produced.
Oklahoma.
ended 7
iTulsa....... S.03H-.03K
2467
April.
As requirements may be supplied either from stocks, or from new pro¬
duction, contemplated withdrawals from crude oil Inventories must be deducted
from the Bureau's estimated requirements to determine the amount of new crude
3,350
Calif.
4,345,000 barrels, hence the operating ratio was 83%, compared with 83%
in
January and
81% in February, 1940.
SUPPLY AND
DEMAND OF ALL
OILS
(Thousands of Barrels)
♦Est.tot.U.S,
4,535
4,535
Apr. 12, '41
5, '41
99,112
Jan. to
Jan. to
Feb.,
Jan.,
Feb.,
Feb.,
Feb.,
1941
Apr.
1941
1940
1940
1940
*U.S.B. of M,
c3,566
Apr. 22, '40
*
dll,379 103,656
Estimated Bureau of Mines basis,
a
23,822 102,694
4,880
At refineries, bulk terminals, in transit
pipe lines,
b Included In finished and unfinished gasoline total,
c April,
1940, dally average,
d This Is a week's production based on the U. S. Bureau of
Mines April, 1940, daily average,
e Finished 91,030,000 bbl.; unfinished, 7,624,000
and
bbl.
f Temporarily district appears to be running above rated capacity.
DAILY AVERAGE CRUDE OIL
W
New Supply—
Domestic production:
Crude petroleum
100,791
3,600
4,565
Daily average
Natural gasoline
._
Daily average
9,449
221,808
3,697
8,450
313
231
593
603
105,636
115,844
3,737
113,078
221,480
3,899
3,754
230,761
3,846
3,297
2,712
2,343
6,009
4,007
155
286
4,935
2,502
235,081
4,052
2,994
3,984
242,100
4,035
Imports b:
for domestic use
bond
domestic use
Refined products in bond
Total new supply, all oils
—
Crude petroleum
Four
B.of M.
Weeks
State
Enoea
from
Allow¬
April 12.
Previous
ments
ables
1941
Week
Week
Ended
Change
lated
Require¬
Ended
April
81
2,410
121,929
3,933
2,731
1,553
119,705
4,128
e4,823
12,600
e4,431
8,276
126,752
4,089
107,105
3,693
239,512
233,824
4,060
3,897
1,342
f4,190
1,687
5,531
3,327
3,029
5,765
9,721
7,529
12,491
42,253
6,484
17,720
30,917
1,798
45,344
7,769
20,998
33,338
2,367
37,557
6,263
1,522
87,597
14,253
38,718
64,255
4,165
110
135
61
245
186
593
977
629
1,570
1,318
1,276
Daily average
74
112,760
4,027
Refined products for
c2,525
d 1,620
113,152
4,041
392
Crude petroleum in
Actual Production
Week
211,438
3,584
280
Total production
(Figures in Barrels)
Calcu¬
108,668
3,747
4,179
3,773
Benzol, a
PRODUCTION
110,647
3,569
4,884
1,136
788
2,411
1,609
882
12, April 13,
1941
1940
Increase in stocks,
all oils...
{April)
Demand—
Oklahoma
429,300
.
400,000
200,700
4,300
-
Kansas
Nebraska
210,700
b398,950
b206,950
—23,100
—2,900
b4,300
409,550
211,100
4,300
400,850
176,400
Total demand
—-
Dally average
.
Crude petroleum_
80,600
99,600
West Central Texas.
_
F.fwt. T«xp.<»
Southwest Texas
Coastal Texas
—850
374,350
175,150
236,250
_
West Texas--
East Central Texas.
+2,900
74,700
-
+ 10,000
+ 550
30,300
211,200
Panhandle Texas
North Texas--
+ 76,750
225,400
76,450
372,800
—16,450
+6,750
244,350
+300
76,550
81,300
100,450
30,400
97,250
196,700
34,300
282,100
87,950
396,950
254,350
260,300
1,355,300 C1373359 1,282,150
+79,950 1,323,100 1,494,500
.
Refined products.
...
Domestic demand:
Motor fuel
r
Kerosene
—
Distillate fuel oil
Residual fuel oil
Lubricating oil...
Wax
-
Coke
Total Texas
—
Exports b:
— -
.
Asphalt—
17,623
27,123
77,927
13,905
40,085
59,596
3,576
64
125
68
189
200
4,960
5,349
5,392
10,309
10,914
Miscellaneous—
232
242
35
474
275
Losses
822
1,754
952
2,576
4,213
107,228
3,830
119,534
3,856
98,013
3,380
226,762
213,804
3,843
3,563
264,432
263,251
11,839
244,417
13,408
277,894
4,757
270,464
264,432
11,886
5,311
277,894
244,417
5,490
278,551
270,464
559,523
139
559.131
137
533,046
144
559,523
138
533,046
137
Road oil—
70,600
Coastal
Louisiana—
+200
232,600
North Louisiana
—2,900
70,600
234,350
69,350
217,400
—2,700
304,950
286,750
+300
71,250
18,700
323,500
68,900
299,700
300,893
303,200
75,700
20,300
336,000
Total Louisiana
72,024
71,600
b21,400
320,950
b22,000
+3,300
+3,000
91,450
+ 300
90,400
36,900
78,800
—200
37,450
75,750
18,750
3,850
Still gas
Total
Arkansas
Mississippi
TlUnnlR
Indiana
23,700
Eastern (not incl. Illi¬
nois and Indiana). _
Michigan..—
Montana..
Colorado
New Mexico
20,650
domestic demand
Daily average
7,650
421,750
8.350
Stocks-—
Crude
petroleum:
Refinable in United States
100,700
44,000
88,700
21,300
4,300
109,000
Wynmlng
+ 4,150
-
110,000
19,500
3,850
109,050
2,971,050
Total East of Calif. 3,113,000
+3,350
+ 500
109,000
97,150
62,150
Natural gasoline
64,200
11,886
Refined products
17,500
3,900
112,550
+65,950 3,022,300 3,222,600
Heavy in California.
Total, all oils
Days' supply
a
-
-
*
..I.,
From Coal Economics Division,
5,311
Total United States
a
3,709,300
d571,500
632,600
3,603,650
+23,400
631,200
+89,350 3,636,400 3,853,800
of domestic crude
certain premises outlined in its detailed forecast for the month of
These are Bureau of Mines' calculations of the requirements
il based upon
614,100
merce.
c
Exclusive
d Exclusive of
f Exclusive of
ofiForeign andjDomestlc Com¬
territories,
of 43,000 barrels imported into non-contiguous
121,000 barrels imported into non-contiguous territories,
e Decrease,
11,000 barrels exported from non-contiguous"territories but inclusive
shipped from United States.to^terrltories and inclusive of 115,000
witbdrawnjtromibond for export.
of 623,000 barrels
barrels
4,757
b Imports of crude as reported to Bureau of
Mines; all other imports and exports from Bureau
596,300
California
13,408
The Commercial & Financial Chronicle
2468
PRODUCTION
CRUDE
OF
BY
PETROLEUM
STATES
AND
FIELDS
(Thousands of Barrels)
Daily
•i'-';,"''
KH
Daily
BEEHIVE
TO
OS
1941
:
Average Average
/.
1940
1,950
1,094
69.6
2,010
39.3
1,183
42.3
41.8
1,477
1,305
4,108
2,312
2,478
Wilmington
2,308
82.4
81.5
12,572
17,157
449.0
446.5
609.1
4,834
26,414
36,038
..—————-—
100
3.6
3.6
85
211
178
Illinois...----———.
9,069
323.9
332.0
11,727
20.5
19.9
235
19,362
1,191
23,227
574
5,575
199.1
197.0
5,108
11,684
10,403
387
13.8
13.7
422
811
805
6,321
225.8
221.1
6,136
13,176
■'
...
California—Kettleman Hills
...
Rest of State..-—
Total California
Colorado.—
Indiana..—
—
-—-———
Kansas
...
Kentucky..
—
—
69.6
2,733
428
456
16.3
15.5
626
936
12,476
1,272
54.2
52.7
1,400
3,154
2,830
296.3
289.3
8,162
17,266
16,578
1,070
38.2
40.4
1,870
3,918
603
21.6
17.5
189
Rodessa
Rest of State
Total Louisiana—
561
Montana
20.0
19.3
518
102.5
101.1
3,365
6,004
6,823
372
—
2,322
1,144
1,158
2,870
Michigan
Mississippi
13.3
13.7
430
796
888
—
New Mexico
New York
306
245
8.7
8.5
234
508
441
96.3
97.8
3,091
—
103.5
101.1
3.482
223.4
218.0
6,081
13,014
11,85)
1,231
423.2
416.9
12,654
44.0
45.7
1,505
24,774
2,647
337.1
331.7
10,096
6,325
Seminole
225.9
213.4
9,993
356.9
354.8
6,715
11,869
—
2,897
6,256
—-—
Rest of State
Total Oklahoma
....
Pennsylvania.......
Texas—Gulf Coast...
West Texas
East Texas,..—
.-....
68.8
1,926
Panhandle
60.7
2,284
—
430
15.4
15.3
685
8,236
294.1
303.9
8,742
—
36,350 1,298.2 1,279.8
—
United States total...
Daily average...
a
— .
25,200
1,658,100
537,000
4,200
137,200
22,867
74,600
12,433
20,221
6,549
1,650,600
20,129
dredge coal, and coal shipped by truck from authorized
colliery fuel,
c Adjusted to comparable periods in the
Includes washery and
b Excludes
operations,
three years.
ESTIMATED
WEEKLY PRODUCTION OF COAL. BY STATES
based on railroad carloadlngs and river ship¬
from district
(The current weekly estimates are
subject to revision on receipt of monthly tonnage reports
and State sources or of final annual returns from the operators.)
ments and are
(In Thousands of Net Tons)
Week Ended—
Mar.,
Stale
3,027
Mar. 29 Afar.22 Afar. 30 April 1 Afar. 30
1940
1929
1941
1939
1941
13,889
Avge.
1923
e
24,440
4,635
Alaska——..*—————
"f-A
4
2
1,417
17,422
17,656
Total Texas...—
655,000 1,084,000 689,000 14,506,000 13,160,000 19,365,000
fuel.a
25,796
904
—
c
Comm'l production.b. 622,000 1,030,000 655,000 13,782,000 12,502,000 17,971,000
Beehive Coke—
21,026
Rodessa.
1929
c
7,109
12,387
19,724
12,941
20,991
3,808
Rest of State—-——.—
1940
Total including colliery
6,300
5,730
6,030
9,440
Oklahoma—Oklahoma City
1941
1940
Pa. Anthracite—
1,050
2,697
Ohio
1941
1941
Year to Date
April 6
April 5 Mar. 29
36,603
1,519
8,296
Louisiana—Gulf Coast
Calendar
Week Ended
2,972
AND
ANTHRACITE
COKE
(In Net Tons)
"
■
4,964
25,934
612.8
2,365
12,496
17,643
VU'
■
4,108
39.1
Long Beach-
Arkansas
;
PENNSYLVANIA
OF
PRODUCTION
ESTIMATED
„*>
1941
Total
holiday.
Jan. to Feb.
Jan.,
February, 1941,
1941
Note that most of the supply of petroleum
pound of coal.
as a
PRINCIPAL
April 19,
products is not
directly competitive with coal.
("Mineral Yearbook, 1939," page 702.)
c Sum
of 14 full weeks ended April 15, 1941, and corresponding 14 weeks in 1940 and
1929.
d Average based on five days.
"Eight-hour Day," April 1, is recognized
per
Alabama.———————
377
370
295
56
Colorado
40,391
76,024
82,829
143
301
535
535
Georgia and North Carolina
Illinois
f
f
13
34
95
99
*
423
305
282
28
73
175
Arkansas and Oklahoma
1
140
*
9.2
77
195
t
f
1
1
1,515
1,350
1,032
783
890
1,684
615
595
367
289
303
575
74
72
55
59
53
122
Kansas and Missouri.
184
200
135
99
103
144
Kentucky—Eastern——
8.9
249
West Virginia
931
925
734
583
543
560
215
406
14.5
14.6
413
868
858
1,770
63.2
65.6
1,400
3,805
2,993
Indiana
2,176
77.7
80.2
1,813
4,663
3,851
Iowa
106
3.8
2.8
6
192
14
Wyoming—Halt Creek
Rest of State
Total Wyoming
Other.a
————
—
—
(4),
Tennessee
(1),
211,438
and
221,808
Utah
(—)
In
February, 1941.
February Natural
The
daily
+
Gasoline
Production
Statistics
production of natural gasoline for
0,848,000 gallons, according to a report pre¬
pared by the Bureau of Mines for Harold L. Ickes, Secretary
of the Interior.
This is 231,000 gallons above the average
for January and 9% more than the average for February,
HMO.
The outstanding changes occurred in the Panhandle,
average
and Texas Gulf districts and Louisiana.
205
37
45
52
12
6
11
32
60
76
46
37
46
28
29
17
25
38
53
38
55
45
21
f21
f34
668
632
387
410
327
740
2,865
2,775
2,023
1,825
2,504
3,249
148
147
119
125
67
118
9
8
12
13
18
95
82
41
36
84
68
357
356
285
249
204
230
continued
to
decrease;
total
the
..————
—
Pennsylvania bituminous
Tennessee
Texas
Utah
Virginia
hand
on
at
the
68
19
38
28
28
41
74
2,180
1,757
1,371
1,420
1,172
844
835
586
525
586
717
142
105
77
99
136
2
1
11,400
8,420
...
West Virginia—Southern a
Northern
40
2,258
140
Washington.
b
Wyoming
*
Other Western States.c
end of the month was 223,062,000 gallons, compared with
230,580,000 gallons in storage Jan. 31, 1941, and 199,794,000
a
129
31
13
Ohio
was
Stocks
178
40
15
Western...——...———
Montana—
February
255
42
New Mexico..-.-
(101),
Nebraska
Michigan
North and South Dakota
Missouri
Includes
263
Maryland...—.......
a
3,599.7 3.569.3 108,668
100,791
Total United States
11,800
Total bituminous coal
*
f3
f7
8,090
7,118
10,764
1,084
Total, all coal
1,105
901
814
1,071
2,040
12,884
Pennsylvania anthracite.d
12,505
9,321
7,932
9,161
12,804
year ago.
a
PRODUCTION AND
STOCKS OF NATURAL GASOLINE
Includes operations on the N. A W.; C. A O.; Virginian; K. & M.; B. C. A G.I
B. & O. in Kanawha, Mason, and Clay Counties.
bRest of State,
and on the
(In Thousands of Gallons)
including the Panhandle District and Grant, Mineral and Tucker Counties,
c In¬
cludes Arizona, California, Idaho, Nevada and Oregon,
d Data for Pennsylvania
anthracite
Production
Stocks
for
rate
from
Jan.-
Jan.,
Feb.,
Feb.,
At
1941
1941
1941
1940
Refin¬
At
eries
WITH
At
Plants
&
f Alaska,
Jan. 31, 1941
PRODUCTION
ESTIMATED
Jan.-
Feb.,
Ter¬
At
Refin¬
minals
AND
Plants
eries
&
TOTAL
OUTPUT
3,234
.
8*502
minals
Appalachian
111., Mich., Ky..
9",291
17*793
17,172
168
6,885
168
5*882
Kansas
Texas
4,412
4,854
9,266
4,258
3,486
819
3,150
798
28,498
6,712
Oklahoma
31,516
60,014
63,088
2,520
22,240
2,100
21,472
80,399
9,126
2,530
Louisiana
Arkansas
Rocky Mountain
California
7,059
44,492
6,851
13,563
11,656
83,773 164,172 128,625
9,275
18,401
18,010
5,436
2,906
3,249
14.935
7,876
13,267
48,786
93,278 95,575
84
811
126
705
3,864
74,000
5,418
77,589
252
2,103
168
2,616
294
276
336
326
3,444
1,697
3,738
1,923
96,894
BY
STATES,
TWO
FIRST
IN
MONTHS
FEBRUARY.
OF
1941,
1940,
(Figures are preliminary estimates based on railroad carloadlngs and river ship
coke, supplemented by direct reports from a number of
local coal operators'
mining companies,
duction statistics compiled by the State
associations, and detailed monthly pro¬
Mine Departments of Colorado, Illinois,
Pennsylvania, Washington, and West Virginia.
In making the estimates, allowance
is made for commercial truck shipments, local sales, and colliery fuel, and for small
1,862
94,962
COAL,
(In Thousands of Net Tons)
Ter¬
5,418
OF
FOR
1937
ments of coal and beehive
East Coast
Bureau of Mines,
e Average weekly
Georgia, North Carolina and South Dakota
* Less than 1,000 tons.
records of the
published
month,
entire
Included with "other Western States."
Feb. 28,1941
1,814
trucking mines producing over 1,000 tons a year.
The estimates here given are based upon the latest information available,
differ in some
cases
from
the current figures
and
previously published In the weekly
coal report.)
Cal. Yr. to End of Feb.
Feb., 1941
Jan.,
Total
191,730 205,128 396,858 354,900 112,308 110,754 117,516 113,064
Daily average...
6,848
6,617
6,726
5,915
Net
■.
% of
Tons
Stale
■
Feb.,
1941
1940
Total
1941
1940
1937
Total (thousands
of barrels)...
Dally
4,565
4,884
9,449
8,450
163
158
160
141
2,674
2,637
2,798
2,692
'
average..
~
«*
15
Alabama
—
Colorado..,
—
....—
weekly report of the Bituminous Coal Division
United States Department of the Interior, showed that
the total production of bituminous coal for the week ended
April 5 is estimated at 3,300,000 net tons.
More than
70% of this tonnage was mined on Monday, March 31,
before the suspension of operations in the
major producing
States
The average weekly rate of output
than 11,000,000 tons.
Mines reported that the
was more
Bureau
of
estimated
production of Pennsylvania anthracite for the
week ended April 5 was 655,000 tons.
This was a decrease
of 429,000 tons (about
40%) from the preceding week.
In comparison with the
corresponding week of 1940 there
was a
decrease of 34,000 tons.
ESTIMATED
UNITED
COMPARABLE
STATES
DATA
ON
Iowa.
PRODUCTION
OF
SOFT
CRUDE
COAL.
2,805
2,647
2,397
359
766
898
753
610
1.46
673
1,355
1,603
1,771
4
6
7
745
0.01
3
11.94
5,313
5,090 10,294 11,070 11,484
4.64
2,163
1,894
0.58
287
295
4,096
531
4
3,614
4,001
675
1,003
707
1.69
773
754
1,480
1,715
1,664
3,336
8.00
3,494
3,498
6,830
7,348
5,370
975
2.34
967
970
1,942
2,290
1,364
153
0.37
157
158
310
325
323
46
0.11
52
60
98
126
168
Montana..:
280
0.67
326
253
606
551
638
New Mexico
100
0.24
107
102
207
227
367
212
553
532
652
Kentucky—Eastern...
.
—
....
Western.--—-.-....--..—.
Maryland
.
—
.....——
Michigan
249
North and South Dakota
Ohio.
—
Pennsylvania bituminous
2,265
10,333
568
Tennessee
0.60
304
5.43
2,178
24.78 10,940
1.36
567
1,900
4,443 3,992
4,789
8,822 21,273 18,721 21,308
567
937
1,135 1,161
Texas
30
u.07
34
Utah.
350
0.84
424
270
774
696
1,020
1,343
3.22
1,417
1,289
2,760
2,725
2,343
134
320
316
464
Virginia
153
Northern.b..
0.37
167
19.03
8,192
6.96
3,002
478
West Virginia—Southern.a
7,935
2,900
Washington
1.15
572
3
0.01
78
3
147
64
124
7,544 16,127 15,984 14,650
5,902 5,371
5,538
477
1,050
1,335
1,102
2,546
1
6
3
2
WITH
Total bituminous
PETROLEUM
Pennsylvania anthracite.d
(In Thousands of Net Tons)
Total, all doal
Week Ended
1,317
446
244
.
Kansas and Missouri...
Other Western States.c
OF
17
1,420
1,933
Wyoming
PRODUCTION
20
3
Illinois
The current
The United
0.77
32
4,981
Georgia and North Carolina
Weekly Coal Production Statistics
during the month of March
3.32
10
.
»
Arkansas and Oklahoma
districts of the country.
17
320
_•
0.04
1,385
Alaska
Calendar Year to Date
41,695 100.00 44,070 39,277 85,765 84,253 84,099
4,432
4,977 3,546
9,409
9,168 7,907
46,127
49,047 42,823 95,174 93,421 92,006
c
Includes operations on the N. A W., C. & O., Virginian, K. A M., B. C. & G.,
on the
B. & O. in Kanawha, Mason, and Clay counties.
bRest of State,
including the Panhandle District and Grant, Mineral, and Tucker counties,
c In¬
a
and
April 5 Mar. 29 April 6
1941
Bituminous Coal
1941
1940
1941
1940
1929
Total, including mine fuel
3,300
Daily average
11,800
d660
1,967
5,630
6,001
6,953 138,719 126,450 150,110
dl,363
1,692
1,541
1.809
Crude Petroleum b—
Coal equivalent of weekly output.
—
production
W.
of
lignite,
cludes Arizona, California. Idaho, Nevada, and Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau of Mines.
a—
va.
uwiunvui
b Total
barrels
vuuii/miov/u
produced
equivalent coal, assuming 6,000,000 B. t.
u.
5,998
ttUU
80,554
DLttUJI/lUttl
during
the
83,354
UUI1 VCIUtJUCe
week
per barrel of oil and
59,541
LUG
converted
to
13,100 B. t.
u.
Anthracite
Shipments
During
March,
48,398 Net Tons
1941,
Gain
Shipments of anthracite for the month of March, 1941,
as
reported to the Anthracite Institute, amounted to 3,856,734
Volume
net
tons.
The Commercial & Financial Chronicle
152
This is
an
increase,
compared with shipments
as
during the preceding month of February, of 48,308 net tons,
or 1.3%,
and when compared with March, 1040, shows an
increase of 648,761 net tons, or 20.2%.
Shipments by originating carriers (in net tons) were reported as follows:
prices given, however, are as follows: April 10, spot, £268)4,
three months, £265)4; April 15, spot, £269%, three months,
£267%; and April 16, spot, £270%, three months, £268.
Lead.
Consumers bought lead in good volume during the last week with con¬
fidence
March,
Reading Co
February,
March,
February,
1941
1941
1940
1940
904,549
849,993
696,703
636,461
619,189
381,190
289,859
301,812
513,255
539,937
439,934
463,950
355,887
Dela., Lackawanna A Western RR.
Delaware A Hudson RR. Corp
Pennsylvania RR
334,451
320,721
395,556
314,215
256,274
74,760
86,961
Lehigh A New England RR..
205,600
191,552
170,973
3,808,336
3,207,973
3,162,602
the week
pre¬
Sales during the last
New York, which
also the
was
settling basis of the American Smelting & Refining Co., and at
In
commenting
the lead situation, P. H. Brownell, President of Federal
on
Mining & Smelting Co,, told stockholders that based on current conditions
it
179,726
3,856,734
Total...
levels.
current
5.70c., St.* Louis.
266,577
82,833
N. Y. Ontario A Western
Ry
quotations at
The quotation remained firm at 5.85c.,
302 670
317,852
90,886
maintain
to
contract
275,326
390,052
332,622
Erie RR..
of Leon Henderson,
following the request
price changes,
no
seven-day period involved 8,648 tons, against 8,213 tons in the week before.
678,592
706,919
375.036
"
of
Commissioner of Price Stabilization, made to producers in
vious,
692,772
Lehigh Valley RR
fCentral RR. of New Jersey..
2469
his
was
including foreign lead supplies, there is enough
opinion that,
lead for all United States needs at the 5.85c. per pound, New York, figure.
■;
'• v' z^nc
....
'■.
■'
'
'
•'
♦
•
Non-Ferrous
.
The plan under which
'
Metals—Copper Industry Awaits Decision
Price Stabilization—Tin Advances
on
Mineral Markets" in its issue of April 17
reported that except for a sharp warning on cadmium prices,
directed chiefly at dealers, the week was
relatively free of
news from
Washington having a direct bearing on non-ferrous
metals
The question of establishing a 12-cent
ceiling for
the entire domestic copper
industry has not yet been settled.
Tin was more active, and
prices averaged a little higher for
The situation in both lead and zinc
of
consumers
shows
no
change.
the
"Metal and
the week.
needs
about
was
unchanged.
Quicksilver eased on freer offerings from dis¬
couraged longs.
Leading producers of cadmium have been
quoting 90 cents a pound, but in the so-called outside market
as high as S1.65 has been
paid, which, it is believed, brought
on the price
warning.
The publication further reported:
producers hope that
some form of subsidy to make operations
profitable should the 12-cent basis become official.
Also, the custom smelt¬
believe that
amounts
they will be
to a small
permitted
premium.
Business
continue
to
to
operate
tonnages
involved
light.
were
Large mine
operators
held
Sales reported by the
industry for the Week amounted
making the total for the month so far 49,444 tons.
Until Louis S.
to
cents.
22,464
tons,
30,
a
pound
The Act states in
graph headed "Continuation of Excise Tax" that the
brief para¬
a
measure
of 1939 has
by "striking out '1941' wherever appearing therein and in¬
serting in lieu thereof '1945.' "
.
■
mil—■■^^11 II
The items affected
were not
Increases May Be Followed by Some Com¬
pensating Price Advances
The "Iron
Age" in its issue of April 17 reported that the
granted on April 14 by the
United States Steel Corp. and the Bethlehem Steel Co. and
immediately adopted by several other steel companies may
be followed by price advances on some products to offset
the higher and direct and indirect labor costs.
The "Iron
Age" further reports:
Chairman Irving S. Olds of
careful
study is now being made to determine what the effect of these
additional
heavy costs may be upon earnings, prices,
If there
to be
are
price advances, products which may be left untouched
rails and tin plate, both of
are
There
been
have
which
pipe is up $6
and the extra on galvanized nails has been raised 25c.
a ton
commodity strip on a higher level.
On the basis of last year's
earnings, which for the entire industry were
about $300,000,000, some of the higher cost
even
producers will barely break
with the added labor costs, while the fully integrated and
lower cost
producers will show great reduction of profits unless there are compensating
price increases.
While
a
steel strike has been averted by the wage increases,
bituminous
Steel
Corp.
Three blast furnaces of the
coal mines.
have
Republic
one
prematurely blown out for relining, and
may
be
Even if coal mining is resumed this week, it may
be
12-cent Valley basis during March.
two other furnaces in the
is
forced out this week.
present the complete picture of supplies on hand.
strike and coke has
Valleys
precariously short of coke and
are
because beehive coke drawers are on
late to avert further shutdowns
too
Carnegie-Illinois
banked because of coke shortage,
been
the outlook
continuance of the shutdown
for uninterrupted production is impaired by
of
About 56,000 tons of
foreign metal will be delivered during April, the trade believes.
notably
Galvanized
A reclassification of cold rolled strip extra places some gages on
100 lb.
furnace at Youngstown has been
In view of the fact that foreign copper
moving into the country for domestic consumption in volume, the stocks
of 89,873 tons of duty-free metal held here at the end of the month did not
sold on long-term arrangements.
galvanized products, in which the zinc shortage is a factor.
of 134,333 tons, the record tonnage
including metal of foreign
origin released during the month by the Metals Reserve Co,
Based on the
the
are
price adjustments within the past week,
some
consumers
on
&c., of the Steel
corporation."
official figures,
31,200 tons of duty-paid copper were idstributed
the wage announcement said that "a
the U. S. Steel Corp. coincident with
mentioned.
The March statistics of the Copper Institute showed deliveries to domestic
moderately, to 93,198
■' '
10 cent per hour wage increase
on
1945, few in the industry knew
Sales of
Shipments for the last week
In the week previous.
tons
Steel Wage
per
Cates, President of Phelps Dodge, informed stockholders
that this change had actually occurred.
been amended
12
to
that under the Revenue Act of 1940 the
import tax of 4 cents
copper had been extended until June
6,341
»<»""
what
at
booked here during the last
was
week at above 12 cents by custom smelters and small
producers, though the
St. Louis.
totaled 5,024 tons, and the backlog again dropped
It is significant that a statement issued by
the Government will grant them
and the market situation
to be functioning,
tons.
Copper
The copper industry is
awaiting news from Washington about the pro¬
posed price ceiling of 12 cents. Valley.
Some high-cost
ers
appears
Prime Western continued at
grades for the week ended April 12 amounted to 4,065 tons,
common
against
the zinc industry is operating to supply urgent
There might be a
been drawn from the ovens.
not
further loss of production for a
week or 10 days.
Ingot production has suffered a setback in the Pittsburgh district as a
Tin
Prices for
Straits tin
closed
higher
tin-plate manufacturers entered
Tin-plate
opera¬
capacity.
Chicago, however,
will
Kingdom to the United States will
not be
granted during
May.
a new
industry is down
a
Notwithstanding that
was
as
follows:
April
51.625
April 10
May
June
July
that some are declining to take business
running ahead of the March tonnage which was
In addition to an increasing volume
record-breaker for many producers.
of defense
railroad equipment buying has
increased sharply, totaling 8,600 cars and
31 locomotives, and tin plate business
is running at a rate which is expected
51.500
51.375
51.125
51.750
51.625
51.500
51.250
April 12
51.750
51.625
51.500
51.250
for fabricated structural steel for defense
April 14
51.875
51.750
51.500
51.250
in all other departments
April 15
52.000
51.875
51.750
51.250
April 16
52.250
52.125
51.875
51.375
Chinese tin,
99%, spot,
nominally
was
as
follows: April 10, 51.250c.;
April 16, 51.875c.
DAILY PRICES
OF METALS ("E.
Electrolytic Copper
Strain
A M. J."
Tin
QUOTATIONS)
Zinc
Lead
to exceed that of last year
Dom.,Refy. Exp., Refy.
New York
81. Louis
St. Lcmis
April 10
11.775
10.950
51.750
5.85
5.70
7.25
April 11
11.850
10.950
52.000
5.85
5.70
11.850
10.950
52.000
5.85
5.70
7.25
April 14
11.825
10.950
52.000
5.85
5.70
7.25
April 15
11.775
10.950
52.000
5.85
5.70
7.25
April 16
11.775
10.950
52.375
5.85
5.70
7.25
11.808
10.950 |
52.021
5.85
5.70
7.25
It appears that the crest of ths demand
plants may have been passed, but
upward.
assembly plant at Tulsa,
Okla., which calls for 26,000 tons of structural steel.
Tighter Government control over industry, particularly prices, is fore¬
shadowed by the creation of the Office of Price Administration and Civilian
Supply, which has been invested by President Roosevelt with broader
powers than existed under the Price Administration Division of the National
Defense Advisory Commission, which it supersedes.
While Price Adminis¬
trator
open
of steel business the volume is unabated or
Leon
public statement under the new set-up was
Hendrson's first
have been left
increases may be
against steel price increases, the door is believed to
for the industry to prove by its studies that some
necessary.
7.25
April 12
by 20%.
Among new defense projects is an airplane bomber
to declare
New York
steel tonnage,
business, which is displacing some commercial
April 11
April 11, 51.500c.; April 12, 51.500c., April 14, 51.500c., April 15, 51.500c.,
The average rate
steel companies can take very little additiona
business for delivery this year and
a
contracts
The Price Administration has ameliorated the situation on scrap
by extending the time limit for their completion to
called upon to iron out some
British want 75,000 tons of
May 10, and may be
The
disparities in prices as between districts.
steel scrap for May shipment and may encounter
difficulty in getting it because the formula for export prices does not
Average..
high enough offers to compete with domestic mills near
Nickel steels have been placed under strict
Average prices for calendar week ended April 12 are: Domestic copper
f.o.b.
refinery.
11.833c., export copper f.o.b. refinery,
10.950c.,
Straits
tin, 51.792c., New York lead, 5.850c., St. Louis lead, 5.700c., St. Louis
zinc, 7.250c., and silver, 34.750c.
for ship
as
They are reduced to
the basis of cash, New York or St. Louis, as noted.
All prices are in cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin Quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered basis; that Is,
delivered at consumers' plants.
As delivery charges vary with the destination,
the figures shown above are net prices at refineries on the Atlantic seaboard.
De¬
livered prices in New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic
seaboard.
On foreign business, owing to the European War, most sellers are
restricting offerings to f.a^. transactions, dollar basis.
Quotations, for the present
reflect this change in method of doing business.
A total of .05 cents Is deducted
from f.ajs. basis (lighterage. Ac.) to arrive at the f.o.b. refinery quotation.
on
serious obstacle to ship
THE
Due to the European
prices is not available.
the usual table of daily London
Prices on standard tin, the only
war
April 15, 1941, 2.261c. a Lb.
„
One year ago...
AGE"
COMPOSITE PRICES
Steel
(Based on steel bars, beams, tank plates,
wire, rails, black pipe, sheets and hot
2.261c. I
rolled strips.
These products represent
2.261c.I 85% of the United State output.
2.261c.]
Hioh
2.261c.
2.286c.
1940..
1939...
1933
2.512c,
2.512c.
2.249c.
2.062c.
....2.118c.
1.953c.
1932
1.915c.
1938
1937
1936
1935
1934
-
immediately
construction than plates.
"IRON
Finished
One month ago
Priorities
lack of sufficient heavy foreging equipment is a more
sales reported by producers and agencies.
One week ago
permit
seaboard.
priority control.
plates are under consideration, but may not be applied
it appears that
The above Quotations are "M. A M. M.'s" appraisal of the major United States
markets, based
A
Ford steel furnaces
that plant.
half point this week to 98.5%.
some
for 1942, new bookings are
Straits tin for future arrival
points to 99%.
high of 102% was attained.
at mid-week after the strike at
resume
of the
The British Board of Trade announced last week that licenses to export
tin from the United
The rate there is off 3
result of the coke situation.
as
the market during the week for a good tonnage of metal.
tions are estimated to be continuing at 85% of
2
Jhu
3
May 17
Jan.
Mar
9
Dec. 28
Oct.
1
Apr. 24
Oct.
3
Sept. 6
Low
2.211c.
2.236c.
Apr. 16
2.211c.
2.249c.
2.016c.
2.056c.
1.945c.
1.792c,
May 16
Oct. 18
Jan.
4
Mar. 10
Jan.
8
Jan.
2
May 2
1.870c.
Mar. 15
The Commercial & Financial Chronicle
2470
Pig Iron
1935
Low
High
1941
$23.61
Mar. 20
$23,45
Jan.
2
19346
23.45
22.61
Dec. 23
22.61
Jan,
2
Sept. 19
20.61
1938
23.25
23.25
19.74
18.84
June 21
19.61
9
20.25
Sept, 12
July
6
Feb. 16
Nov. 24
May 14
1937...
-
1936
*
1934
-—
I
Steel
One year ago
1
16.90
Jan.
27
13.56
Jan.
3
imposed,
Jan.
5
13.56
Dec.
6
or
No.
on
1
melting
heavy
-
16.00
—
-
—
1932-..——-
Iron
Steel
and
Mar. 13
Aug.
8
Jan. 12
8.50
-
-
American
Apr. 10
Apr,
9
May 16
14.08
11.00
12.92
12.67
10.33
Nov.
Mar.
Dec.
Dec.
21.92
17.75
13.42
13.00
12.25
——
1933...
June 7
Nov. 10
June 9
Apr. 29
Sept. 25
Jan,
8
July
5
9.50
6.75
6.43
Institute
April 14
on
an-
which it had received in¬
96%
nounced that telegraphic reports
dicated that operating rate of steel companies having
steel
the
capacity
of
the
will
industry
98.3%
be
of
capacity for the week beginning April 14, compared with
one week ago, 99.4% one month ago, and 60.9% one
year ago.
This represents a decrease of 1.0 point, or 1.0%,
from the preceding week.
Weekly indicated rates of steel
operations since March 4, 1940, follow:
99.3%
1940—
1940—
1940—
Mar.
4..
June
-.-04.6%
17..
Mar. 11Mar. 25..
1..
Apr.
8..
Apr.
15..
1941—
9.. ...91.9% Dec. 23..
and
branch
offices
merely
are
turning them into main offices.
orders
defense
may
filing
Producers
schedules
upset
and
was
such
7...
—99.3%
initiated last week.
In
and
delivery
postpone
now
business for both mills and warehouses
new
which i3
for
decidedly welcome.
company
a
which
ready to book them,
steel
it
is
wage
Since
soon.
had
Where orders
refused
thus releasing
fourth
flood
a
and steel price situation
one
believed
some
net yet
until
later
are
lighter
is in
increasing it is
quarter
points at
of what
is expected to
prominent independent has raised
that
90%, and at Cincinnati % point to 94. Declines
and two points in New England
Pittsburgh at 102, Chicago at 101%, eastern
Commodity
three
at
composite price
groups
of "Steel"
finished steel at $56.60,
$38.15,
U. S. Steel is estimated at 95%, against 97%
99%
weeks
two
ago.
Leading independents
Iron and
at $19.16,
in the week before, and
are
credited
with
99.5%,
with the nearest corresponding week of previous years, together with the
wages
per
10c.
cold-rolled strip,
hour
1940
61
...
1938
a
sound
—1
58
—2
48 X
+
1934
53
+4
42
+1
62
1933
24*;
+4X
22
+3 X
27 X
discounts
1932
22
merely cold-rolled strip, thus eliminating
1931
49
gage
and
heavier,
on
which
1930
In the
23
51
—1*;
—2
—2
47 X
Additions
decreases
of
to
+3
75
+2
100
+4
96
90
+ 1
80
+
77
+ 3
98
other
1927
+1
—2X
84
-
91H
Treasury deposits with Federal Reserve banks, $4,000,000
in circulation, and $3,000,000 in Treasury cash,
$51,000,000 in Reserve Bank credit, $8,000,and $3,000,000 in Treasury currency,
gold stock,
Total Reserve Bank credit
deposits and other Federal Reserve
on
April 16
approximately $6,260,000,000,
an
accounts.
were
Excess
re¬
increase of $230,000,000
+3,000,000
Member bank reserve balances...—13,979,000,000
+323,000,000
-
April 16 will be
2404 and 2405.
Changes in member bank reserve balances and related
items during the week and year ended
April 16, 1941, follow:
pages
Increase (+) or Decrease
Since
April 16, 1941 April 9, 1941 April
$
Bills discounted
U. S. Govt, direct obligations
XT. S. Govt, guaranteed obligations.
Industrial advs.
1,000,000
2,179,000,000
5,000,000
S
--4,000,000
17,
(—)
—
of
Member
Banks
in
New
York
City
and
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
Reserve
System for the New York City member
banks and also for the
rent
Chicago member banks for the
week, issued inTadvance of full statements of the
cur¬
mem¬
ber banks, which will not be available until the coming
Monday:
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
1940
IN CENTRAL
%
RESERVE
—3,000,000
+58,000,000
CITIES
(In Millions of Dollars)
—1,000,000
—278,000,000
New York City
—5 000 000
+54,000,000
—228,000,000
+3,790,000.000
+124,000,000
+1,222,000,000
».
Returns
Apr. 16 Apr.
Assets—
Loans and Investments—total..
Chicago
9 Apr. 17 Apr. 16
Apr. 9 Apr. 17
1941
1940
$$$$$$
1941
7,000,000
93,000,000
(—
April 17,1940
$
———
(not incl. $8,000,000
commitments, April 16)
Other Reserve Bank credit—
X
Money In circulation
8,989,000.000
—4.000,000 +1,453,000,000
Treasury cash.
2,269,000,000
—3,000,000
—44,000,000
Treasury deposits with F. R. banks.
534,000,000 —279,000,000
+21,000,000
Non-member
deposits
and
other
F. R. accounts
2,052,000,000
+24,000,000 +1,033.000.000
Federal
The statement in full for the week ended
$
3,116,000,000
Treasury currency
+2
or Decrease
Since
+ 51,000,000
+8,000,000
estimated to be
for the week.
(+)
1941 April 9, 1941
2,286,000,000
22,421,000,000
Gold Stock
offset in part by an increase of $24,000,000 in non-member
on
—IX
Increase
April 16,
reserve
in
+2
81
85
$279,000,000
+6X
—2
+2
1928
member
+ 1X
78
-
of
case
In
21
$
from
of member banks
+5
43
in money
and increases of
+ 1X
+1
$323,000,000.
arose
+ 5X
49 X
+2
46*2
91^
The Week with the Federal Reserve Banks
increased
96 X
74 X
X
—2
64
1935
During the week ended April 16 member bank
reserves
—3X
29*;
32^
...
*;
—2
52 X
35
85^
1937
—
x
+4
galvanized pipe the higher costs of zinc motivated the change.
balances
99 X
63
—
70
is behind any change in extras.
reason
Independents
—2
51
—
1939
Steel
.
95
—1
1936
.071
as
U.
Industry
98
1929
Usually
found
scrap
approximate changes, in points, from the week immediately preceding:
1941
discounts.
serves
unchanged:
are
and steelworks
figure for the preceding week.
compared with 100% in the preceding week and 100%% two weeks ago.
head
sees
has been reclassified
in
Louis at 98,
Steel ingot production for the week ended April 14 is
placed at 98% of capacity, according to the "Wall Street
Journal" of April 18.
This compares with 99% in the
previous week, and 100% two weeks ago.
The "Journal"
further reported:
a
to
come
readjusted "extras" imposed, which actually mean
higher prices.
Last week discounts on one to three-inch galvanized pipe
were reduced
three points to 57V2% off list, an increase of $6 per ton.
000
of capacity,
Were
had been only
the entire
Nearly each week
bank
98%.
unchanged at
was
Cleveland to 98^%
but is
orders
industry must follow.
Whether such action
would bring about higher base prices remains to be seen.
existed,
rate last week
production
potential business.
The
steel, other than scrap, in
and
drop of 19% from the longer month
The following table gives a comparison of the percentage of production
Generally
usually
a
Youngstown at 97.
The
14... ..98.3%
"orders"
tons,
further at Detroit to 61,
Unchanged
the revised
quarters.
volume,
points
steel
warning, too, that priority
are
13
Mar. 31
year
away
steel
national
Mar. 24...
However, sucli selling is more theoretical than actual or practical.
cases
gross
Pennsylvania at 96, Wheeling at 88, Birmingham at 90, St.
April 14 stated:
on
is a rare exception.
Exports of iron
525,862
production advanced 2%
90.
to
"Steel" of Cleveland, in its summary of the iron and steel
Selling of steel into first quarter of next
were
Mar. 17.
Apr.
far.
so
Motor Co. strike shutdown
Ford
shortage, but such action
Buffalo two points to
were
2......96.9% Mar. 10
Apr.
their importance from A to B-8.
other priority item
for automobile production for last week, 99,260 units, a
all-time high.
an
February
3
Sept.
markets,
tons,
10
Sept. 23......92.5%
any
of January.
27.
Sept. 16......92.9% Dec. 30...
on
Shipments of steel by United States Steel Corp. in March were 1,720,366
Feb.
9...
84.0%
against a coke
Feb.
10...
than
intricate
more
drop of 20,795, the output for a like week of 1949 having been 101,940.
At least one blast furnace has been banked as a precaptionary measure
Jan.
Dec.
are
the predictions
4...
Dec.
according to the American
above the short month of
March, 1940.
for producers and warehouse distributor* of
over
Reflecting strikingly the effect of the
are
28...
Dec.
3__ ...80.3%
Controls
21...
2_.
14%
was
Needs will be graded in order of
ment.
Oct.
Sept.
total
The
general priority system
86.8% Oct.
Aug. 19..
63%
February and
A
100% of rated capacity,
to
Institute.
Steel
...
.
markets have been confused and
some
cases
dealers have based
pig iron prices at various consuming points.
nickel-bearing steel has been adopted by the Office of Production Manage¬
Steel
Aug. 26..
May 27..
and
at
Nov.
equivalent
Iron
13
6..
June
is yet to be wrecked, or where material is located
is not possible, as at a northern shipping port
ingot production established a new record of 7,146,372 net
March steel
tons,
20
May 13..
May 20..
June 10—
delivery
by ice.
Pending better clarification steel scrap
undefined for several weeks.
In
Jan.
Nov. 11...
Feb. 17
Nov. 18......96.6% Feb. 24
3
Nov. 25......96.6% Mar.
May
source
scrap
delivered scrap prices on
14...
5..
Aug.
May
prompt
The
6
Jan.
Aug. 12..
Apr. 22—
Apr. 29.. ...01.8%
by
often
Oct.
1—
July
8„
July 15..
July 22—
July 29..
Apr.
where
Jan.
July
Even further extensions are granted where it is impractical
10 upon showing of proper affidavits, as where a
May 10.
deliver
Sept. 30Oct.
7_.
June 24..
Mar. 18..
to
to deliver scrap at prices above maximums now
to April 3
extension of a month has been granted to wind up contracts,
an
potential
Low
$19.17
16.04
Dec. 30
Oct.
3
22
30
21
10
21.83
22.60
1937.
1935......
entered prior
blockaded
7
Jan.
—
—
1938
on
'
—....
1939—..
steel
and Chicago.
stabilization committee at Washington has liberalized somewhat
steel strap prices and dates.
Thus where contracts were
restrictions
to
quotations at Pittsburgh, Philadelphia,
strike.
coal
the
operations somewhat.
down
slow
to
The price
5
High
1940.—
iron,
5
Aug. 11
still being well
are
steel consumers have been
Some finished
supplies.
to
as
consumers
In rare cases foundries
been on the point of closing down because they could not get pig
blast furnaces in turn being unable to get coke, and that because
have
of
of
the higher costs of pro¬
the base grade.
despite tight conditions,
whole,
care
May
$22.00
1941
taken
Dec.
Nov.
Based
$19.17
20.33
16.08
One month ago.—
the
18.73
17.83
Scrap
April 15, 1941, $19.17 a Gross Ton
One week ago---.
Mar.
17,90
16.90
14.81
-
-
1932
of
On
compared with
as
compelled
1940........—.
1939.....
The
duction
.
prices did not reflect ^completely
previous
cases
Based on average tor basic Iron at Valley
April 15, 1941, $23.61 a Gross Ten
furnace and foundry Iron at Chicago,
—$23.61
Philadelphia,
Buffalo,
Valley,
and
One month ago................. 23,61
Southern Iron at Cincinnati.
One year ago
—
22.61
One week ago
April 19, 1941
11,155
1941
11,132
1940
9,165
1941
2,629
2,636
2,24
Volume
The Commercial & Financial Chronicle
152
Apr. 16
Apr.
1941
Assets—Concluded
1941
S
Loans—total..
Commercial, Industrial
9 Apr. 17 Apr. 16 Apr. 9 Apr. 17
1941
1940
1941
1940
$
*
S
$
3,226
3,225
2,967
773
777
575
2,095
2,084
1,691
554
548
400
and
agricultural loans
Open market
-Chicago-
New York City
y
93
96
110
25
24
18
Loans to brokers and dealers—
Other loans lor purchasing or
carrying securities
337
344
479
44
55
30
164
165
159
54
55
65
Real estate loans—
111
112
119
20
20
14
30
396
30
394
367
"76
"75
"~49
345
318
165
351
364
1,359
3,173
892
136
136
2.562
833
827
913
1,580
1,258
1,321
126
126
142
410
406
354
1,037
936
996
Loans to banks————
—
Other loans
...
Treasury bills
Treasury notes
United States bonds
42
ment, also stated that the significance of the treaty "could
overestimated," and that the agreement was "descriptive
of a situation which has in effect existed between the two
be
countries for
The
to
1,477
6,315
6,246
effect existed
84
81
27
26
29
whether
116
332
120
332
83
267
262
240
42
43
38
10,941
10,994
9,106
2,034
1,937
1,746
746
758
664
502
502
503
,
—....
The
Liabilities—
Demand
deposits—adjusted
Time deposits.
U. 8. Government
deposits
18
18
45
100
103
84
3,947
Inter-bank deposits:
Domestic banks...
3,836
3,680
1,077
1,071
593
583
655
7
7
8
283
284
279
"16
"17
the
1,510
1,495
266
266
Government,
policy of this
of
Member
Banks
of
the
Federal
Preceding Week
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
NEUTRALITY PACT
A
compiled.
following will be found the comments of the Board
of Governors of the Federal Reserve System
respecting the
returns of the entire body of
reporting member banks of
the Federal Reserve System for the week ended with the
close of business April 9®
The condition statement of
weekly reporting member banks in 101 lead¬
ing cities shows the following principal changes for the week ended April 9:
BETWEEN THE UNION
His
Emperor
the
Majesty
balances with Federal Reserve banks, and $337,000,000 in demand
Molotoff,
Chairman
Commissar
For
for
His
the
of
decrease of $175,000,000 in deposits credited to
Japan,
of
of Soviet Socialist Re¬
by a desire to
guided
Comindssars and
People's
of
People's
Foreign Affairs.
Majesty the
Class;
and
Yosuke Matsuoka, Minister of
Emperor of Japan,
Plenipotentiary
the
U.
S.
S.
R.,
Fourth
Kite,
form, agreed
proper
San
Ju
and
Min,
First Class, and the Order of the
Class.
Who, after the exchange of their credentials,
and
E'xtraordinary
Lieutenant-General,
the Order of the Rising Sun,
Cavalier of
Golden
in
Ambassador
Tatekawa,
Yoshitsugu
the
on
which
were
found in due
following:
Article I
Both
contracting
between
relations
inviolability
undertake
parties
them
and
maintain
to
peaceful
friendly
and
mutually respect the territorial integrity and
the other contracting party.
of
Article II
Should
the
on
will
part
of
observe
the
of
one
one
contracting parties become
or
several
third
neutrality throughout the
duration
object of hostilities
the
the
Powers,
other contracting
of the
party
conflict.
Article III
and
$7,000,000 at all reporting member banks, and increased $22,000,000
in the Chicago district.
Holdings of United States Treasury bills Increased $68,000,000 in New
$33,000,000 in the Chicago district, and $126,000,000 at all
The present
pact
both contracting parties
of the
the
into force from the day of its ratification by
comes
and remains valid for five years.
contracting parties denounces the pact
reporting member banks.
$24,000,000
holdings
"other
of
securities"
increased
domestic
banks
pact is subject to ratification as soon as possible.
ratification shall
confirmation
in
pact
present
Done in
decreased
$101,000,000
in
be
whereof
two
Moscow
the Fourth Month
Time deposits increased $16,000,000.
neither
exchanged in Tokio also
the
copies,
above-named
drawn
up
in
representatives
the
Instru¬
possible.
signed the
as soon as
Russian
and
Japanese
languages, and affixed thereto their seals.
000,000 at all reporting member banks, and decreased $32,000,000 in New
to
present
ments of
$22,000,000.
credited
case
Article IV
The
In
Demand deposits-adjusted Increased $265,000,000 in the Chicago district,
$15,000,000 each in the Philadelphia and Cleveland districts, and $337,-
In
before expiration of
years.
Holdings of United States Government bonds
and
one year
it will be considered automatically prolonged for the next five
term,
York City,
Deposits
OF SOVIET SOCIALIST
Foreign Affairs, Ju San Min, Cavalier of the Order of the Sacred Treasure,
First
Commercial, industrial, and agricultural loans increased $11,000,000 in
New York City and $29,000,000 at aU reporting member banks.
Loans
to brokers and dealers in securities decreased $26,000,000 in New York
City
York City.
in
Soviet of the U. S. S. R., Vyacheslaff
Council
domestic banks.
increased
it
say
their representatives:
as
For the Presidium of the Supreme
$126,000,000 in holdings of United States Treasury bills, $113,000,000 in
*
to
strengthen peaceful and friendly relations between the two countries, de¬
cided to conclude a pact on neutrality, for the purpose of which they
appointed
Increases of $29,000,000 in commercial, industrial, and agricultural loans,
a
doubt
existed
has
agree
of course, remains unchanged.
The Presidium of the Supreme Soviet of the Union
In the
deposits-adjusted, and
not
and the declaration, as announced
by the Soviet official news agency—Tass—and reported in
Associated Press Moscow advices of April 13, follows:
252
Reserve System for the
reserve
there
would
The texts of the treaty
publics and
As
although
or
REPUBLICS AND JAPAN
Capital accounts
Returns
would
governments
two
.....
Other liabilities
Complete
surprise,
no
"~17
1,510
....
to be descriptive of a situation which has in
for some time past.
seem
as
945
Foreign banks...
Borrowings
comes
writing.
349
would
between the two countries
therefore
It
81
Balances with domestic banks..
Other assets—net—
reported in the press today, could be overestimated
as
The agreement
Reserve with Fed. Res. banks..
Cash In vault
Mr. Hull's statement follows:
time."
some
significance of the pact between the Soviet Union and Japan relating
neutrality,
Obligations
guaranteed by the
United States Government
Other securities—
Soviet Union to respect the territorial
integrity of Manchukuo and pledging Japan to respect the
Mongolian People's Republic.
Commenting on the signing
of the pact between Soviet Russia and Japan, Secretary of
State Hull said on April 14 that the policy of the United
States remains unchanged.
Mr. Hull, in a formal state¬
160
1,586
1,458
6,354
laration pledging the
300
1,366
3,174
paper
2471
of the 16th Year of Showa.
Signed by:
the
April 13, 1941, which corresponds to the lZth Day of
v-
-"v*
■
Chicago district $98,000,000 in the New York City, and $175,000,000 at
MOLOTOFF,
all
YOSUKE
reporting member banks.
Deposits credited to foreign banks increased
YOSHITSUGU
$11,000,000.
A summary
of the principal assets and liabilities of
porting member banks, together with changes for the week
ended April 9, 1941, follows:
In
increase
Apr. 9,1941
Assets—
$
or Decrease
Since
(—)
Apr. 10, 1940
S
Investments—total..—27,138,000,000
Loans—total
(+)
Apr. 2, 1941
$
conformity with the spirit of the neutrality pact concluded April 13,
1941, between the U. S. S. R. and Japan, the Governments of the U. S. S. R.
and
v
Japan,
between
to
9,846,000,000
+18,000,000 +1,215,000,000
5,494,000,000
+ 29,000,000
in
the
respect
the
two
the
interests
of
ensuring
countries, solemnly
territorial
peaceful
inviolability
of
347,000,000
Open market paper
........
+1,101,000,000
+8,000,000
Signed
on
behalf of the Government of the U. S. S. R. by:
MOLOTOFF.
Loans to brokers and dealers In
loans
497,000,000
purchasing
—13,boo",000
—133,000,000
carrying securities
Loans to banks
Other loans
1,786,000,000
868,000,000
2,181,000,000
7,677,000,000
...
United States bonds
Obligations guaranteed by United
States Government
2,751,000,000
+ 1,000,000
+8,000,000
+ 126,000,000
—2,000,000
—2,000,000
+ 372,000,000
+22,000,000
+ 113,000,000
+297,000,000
+817,000,000
+48,000,000
+254,000,000
Balances with domestic banks
3,439,000,000
+30,000,000
—149,000,000
Liabilities—
23,430,000,000
Time deposits
U. S. Government deposits
5,457,000,000
414,000,000
+337,000,000 + 3,968,000,000
+ 16,000,000
+ 97, 00,000
—6,000,000
—164,000,000
Inter-bank deposits:
Domestic banks
...
...
Russia
9,168,000,000
644,000,000
5,000,000
-175,000,000
+ 11,000,000
+840,000,000
—78,000,000
+ 5,000,000
+4,000,000
and
Japan Sign Neutrality Pact—Both Coun¬
Pledge to Respect Manchukuo and Mon¬
golia—Policy of United States Unchanged with
Signing of Pact, Says Secretary Hull
tries also
A
five-year
Japan
was
neutrality
pact
signed in Moscow
between
on
Soviet Russia
April 13.
and
Accompanying
the
pact, which was signed by Vyacheslaff Molotoff, Soviet
Premier and Foreign Commissar, and by Yosuke Matsuoka,
Japanese Minister of Foreign Affairs, was
of the Government of Japan by:
YOSUKE
a
frontier dec¬
MATSUOKA,
YOSHITSUGU TATEKAWA.
Italian Government
Again Protests Legality of United
Ships
States Action in Seizing Merchant
+24,000,000 + 1,148,000,000
3,815,000,000
Other securities
Foreign banks
Borrowings
behalf
—19,000,000
+49,000,000
—10,000,000
+219,000,000
+281,000,000
+359,000,000
Reserve with Fed. Reserve banks. .11,428,000,000
Cash in vault
521,000,000
Demand deposits—adjusted..
On
or
Real estate loans
Treasury bills
Treasury notes
—7,000,000
455,000,000
1,228,000,000
39,000,000
.
for
and
MoscoiA, April 13, 1941.
cultural loans
Other
Manchukuo,
inviolability of the
Mongolian People's Republic.
Commercial, Industrial and agri¬
securities
friendly relations
S. S. R. pledges
and
declare that the U.
integrity and
pledges to respect the territorial integrity and
Japan
+ 186,000,000 + 3,672,000,000
TATEKAWA.
':yi FRONTIER DECLARATION
re¬
and the year
Loans and
MATSUOKA,
The Italian Government, through its Ambassador in
Washington, Prince Colonna, delivered to the State De¬
partment on April 14, a "most vigorous protest for the
arbitrary action" taken by the United States in seizing
28 Italian merchant ships in American harbors for alleged
sabotage and taking into custody their officers and crews.
This was the third note of protest which the Italian Am¬
bassador had transmitted to Secretary of State Hull.
Re¬
jection of the two previous communications was reported
in these columns April 12, page 2313.
The latest note in
regard to the matter was sent after receiving instructions
from Rome and contained five points challenging the legality
of
the American action.
Associated
Press Washington
advices of April 14 described these points in the note as
follows:
'■/>;
:
Citing that section of American law under which the seizure was made
as
referring to intent to endanger the "safety" of a vessel, its cargo or
persons
aboard, the note said:
"None of the damage and injury allegedly found on
vessels could affect or
vessels
to
or
was
board the Italian
intended to affect in any way the safety of
of the cargo or of persons aboard," nor could it
the
constitute a danger
citizens, property or the harbors of the United States.
destroying
other equipment
carried
No claim has been made, the note contended,
vessels
"themselves
were
or
destroyed
their
injured," but only
or
Signing of
Greenland a^eement wras
12, page 2314.
the
♦
machinery
To incriminate officers or crew members for acts against the
ships, the note said, "is in conflict with the principles of international
anchored.
Further, the master of the ship "Is the legitimate representative of the
legitimate owner of the ship" and his acts as such are an exercise of the right
the Italians contended.
and crews "for violation of the im¬
Action against the Italian officers
migration laws
without legal ground," the note said,
also to be
seems
Gulf of Aden to
compelled to take
of war. The section
of immigration law upon which the men were held was intended to apply
only to "seamen who have deserted their ships."
The Italian officers and crews "were requested and did register their
presence here as aliens under the Alien Registration Act many months ago,
and their presence here had been at all times since a notorious public fact
to which not the slightest objection was taken by any one connected with
They lived on board their ships, and the vessles were
by declaring that it shall no longer he unlawful
for American vessels to proceed into or through the Red Sea
and the Gulf of Aden.
On June 11, 1940, following Italy's
European war, the President barred this
to American
shipping as a combat zone under terms of
area
referred to in our issue of June 15, 1940,
His present proclamation reopens this area but
Mediterranean Sea.
The following is
the Neutrality Act,
3753.
page
does not include the
the
of
text
the
MODIFICATION
the President of
'.
■
■
v' •'1
Recognize
to
:^
v;rr;„
•
Washington on April 9 of the
agreement whereby the United States assumes responsibility
for the defense of the Danish island of Greenland, the
signing in
Copenhagen on April 12 declared
the agreement to be void and announced the recall of the
Danish Minister to the United States, Henrik de Kauff-
Danish Foreign Office at
Denmark has been occupied by German
the invasion of that country
this
of
fact,
Department
State
the
troops since
April 9, 1940, and, in view
on
Washington
at
on
April 14 informed Mr. de Kauffmann that it will continue
to recognize him as the accredited Minister to the United
States.
Mr. de Kauffmann, who had signed the Greenland
agreement on behalf of the King of Denmark, notified Sec¬
retary of State Hull on April 13 of his recall by the Foreign
Office and the
been taken "under
duress," and that he considered it to be invalid "both from
the point of view of Danish and of generally recognized
common law."
In his reply Mr. Hull agreed with Mr. de
Kauffmann's position in the matter and said this Govern¬
ment would continue to recognize him.
The text of the
made public by the State Department
notes exchanged was
April 14, together with a statement explaining the events
led to the signing of the agreement.
This formal
which
statement follows:
26, 1939, the President received 'Mr. de Kauffmann's letters of
On Aug.
credence
Danish
as
in
recognized
Minister
that capacity
United
the
to
and
States
he
has
been
since
official representative of the Kingdom
the
as
of Denmark.
On
that
April
date
9,
remained
Danish
Government
occupying
foregoing,
has
the
only be regarded
can
under duress and which is
The
at
can
Since
German
of the
taken
be
save
United
the
has
States
holds, that the Government
now
free agent.
a
was
insure
to
emergency
the security and
whereas
AREA
PROCLAMATION
joint resolution of Congress approved Novem¬
the
June
11,
1940.
in accordance
I issued a proclamation
of law quoted above defining a combat area.
United States
conferred on me
by section 3(c) of the joint resolution of Congress approved November 4,
1939, do hereby modify my proclamation of June 11, 1940, defining combat
Now, therefore, /, Franklin D. Roosevelt, President of the
America, acting under and by virtue of the authority
of
areas
as
be unlawful, except under such rules
into which it shall
tions
be
shall
American
vessel,
prescribed, for
whether
a
any
and regula¬
citizen of the United States or any
to proceed,
surface vessel or an aircraft,
by
eliminating from the scope of that proclamation the combat area defined in
the second numbered
section thereof
as:
"Beginning at the intersection of the North Coast of Italian Somaliland
the meridian of 50 degrees longitude east of Greenwich;
north to the mainland of Arabia;
"Thence eastward along the coast of Arabia to the meridian of 51 degrees
east longitude;
.V
v '
"Thence due south to the mainland of Italian Somaliland;
"Thence westward along the coast of Italian Somaliland to the point of
beginning."
And I do hereby proclaim that it shall no longer be unlawful for any
with
"Thence due
citizen
vessel
United
the
of
or an
any
American
vessel,
set my hand
whether a
surface
and caused the seal
States of America to be affixed.
City of Washington this tenth day of April, in the year of
Done at the
Lord
or
whereof, I have hereunto
of the United
our
States
aircraft, to proceed into or through the area defined above.
witness
nineteen
States
of
hundred
America
and
the
forty-one, and of the Independence of the
one
hundred
(SEAL)
and
sixty-fifth.
FRANKLIN
D.
ROOSEVELT.
as
of Greenland as
integrity
on
the provision
United
by this Government,
COMBAT
the United States of America
1939, provides as follows:
And
with
into by the Secretary of State and by
ir.to
of
2321.
or
aircraft, or both.
"(b) In case of the violation of any of the provisions of this section by
any American vessel, or any owner or officer thereof, such vessel, owner,
or officer shall be fined not more than
$50,000 or imprisoned for not more
than five years, or both.
Should the owner of such vessel be a corporation,
organization, or association, each officer or director participating in the
violation shall be liable to the penalty hereinabove prescribed.
In case
of the violation of this section by any citizen traveling as a passenger,
such passenger may be fined not more than $10,000 or imprisoned for not
more than two years, or both.
.
•
"(c) The President may from time to time modify or extend any proc¬
lamation issued under the authority of this section, and when the con¬
ditions which shall have caused him to issue any such proclamation shall
have ceased to exist he shall revoke 6ueh proclamation and the provisions
of this section shall thereupon cease to apply, except as to offenses com¬
mitted prior to such revocation."
In
Government which is patently acting
a
sense
entered
or
act
no
made clear
time, because of the desire of the United States in this time of
that
world
Minister
no
200,000
and
3
OF A
page
vessels
result of its dictation.
of
Government
as
entered
agreement recently
Danish
the
in
taken
been
power or as a
consistently held since April 9, 1940, and
of Denmark
total
to
that country,
of
that time
since
the
of
view
understood
subjugation
in
the consent of the
In
invaded by the German Army.
was
occupation,
of
army
has
with
Denmark
1940,
an
troops,
12,
"(a) Whenever the President shall have issued a proclamation under the
authority of section 1 (a), and he shall thereafter find that the protection
of citizens of the United States so requires, he shall,
by proclamation,
define coimbat areas, and thereafter it shall be unlawful, except under such
rules and regulations as may be prescribed, for any citizen of the United
States or any American vessel to proceed into or through any such combat
area.
The combat areas so defined may be made to apply to surface
repudiation of the agreement, explaining in a
note that he believed this action to have
on
Whereas section
ber 4,
of which was
the issuance
proclamation,
noted in these columns April
A
Danish
Minister in Washington—Copenhagen Government
Had Ordered Recall for Signing Greenland Agree¬
ment
10 modified his proclamation
President Iioosevelt on April
By
Continue
to
Following the
and
of last June
immigration laws.
States
United
Sea
Red
Reopening
American Vessels
entrance into the
presenting these arguments:
refuge in United States waters owing to the exigencies
the enforcement" of
Zone Restrictions
Proclamation
—Issues
jurisdiction of the State" in which the vessel Is
not come under the
of property,
President Roosevelt Modifies Combat
foreign merchant vessels do
law in force of which acts performed on board
mann.
mentioned in
these columns April
equipment.
of their
barred from his post by
according to United Press
royal resolution on April 16,
advices from Copenhagen.
a
that the
machinery
engine
removing
or
aboard his vessel."
seized
owner's dismantling,
to cover the case of an
"was never intended
April 19, 1941
de Kauffman was declared
Mr.
Further, said the note, the law prohibiting destruction or injury to the
vessel
Chronicle
The Commercial & Financial
2472
By the President:
CORDELL
a
HULL, Secretary of State.
part of the Western Hemisphere, and at the same time to assist the local
authorities
colony
Greenland
of
that
so
powers
The
Government
full
might
world
and
of
the
people
United
confident
feels
States
will unquestionably
recognize
that
that
Danish
the
measures
by this Government have been taken in their interest and will
can
once
of Denmark
be freely
more
exercised
Greenland
over
by
free
a
and
well
as
that
as
sov¬
independent
Government.
Merchant shipping was warned by Germany on April 6
against entering the waters of the Eastern Mediterranean,
including the Aegean, which it has declare4 to be a war
zone, it is learned from
Berlin advices, April 6, by the
Associated Press, which reported the official announcement
as
follows:
Because of
ranean
The Minister's note to Secretary Hull stated, in part:
»
believe
I
in
the action
taken in
Copenhagen with regard to
duress.
Consequently I consider
view
Danish
I
of
the work that
to
was
Washington by
the
of
of
and
generally
recognized
In
entrusted to
me
King and
my
when
I
both from the point of
was
country to
my
the other
carry on
appointed Danish Minister
a
members
of the
Danish
Foreign
Service stationed
in the
States.
Acknowledgement is made of
the Government in
of
that
statement
German
honor
in
to
you
your
Minister
Cognizance
consider this
13, 1941, advising that
have recalled you from your post
ha6
likewise
been
action to have been
taken
taken
of
under
your
duress
Danish and of generally
law, in view of the existing occupation of Denmark by
military forces.
respect is acting under duress and in consequence I
advise that it continues
of
be taken into consideration which exclude
'
Every ship which traverses this
other martial
Denmark
in
liberation of Denmark.
to recognize you as
Washington.
It
which have become
zone.
area
invites destruction by mines and
means.
of the dangerous area which ajoins the eastern boundary of that
involved
in the Italian Government's declaration of Feb. 4, 1941, and comprises all
the Eastern
Mediterranean, including the Aegean to the coast, boundaries
of Turkish territorial waters.
In view
of current operations, neutral ship
navigation must confine itself to Turkish territorial waters.
Regulation of
remains
under con¬
♦
note of April
Denmark purports to
Denmark.
common
this
operations
:
My Government considers it to be the fact that the Government in Den¬
mark
an
sideration.
and to be invalid both from the point of view of
Teoognized
must
merchant ships from safe navigation in these waters,
navigation in the above-designated operations area
replying, Secretary Hull said
Minister
military action in Greece, operations in the Eastern Mediter¬
and the Aegean
Therefore, the German Government urgently warns against navigation
law.
common
free Danish Government and to let myself be guided by
principles as hitherto.
This attitude of mine has the full support
same
all
United
as
it to be invalid
believe it to be my duty toward
recall and
instant to have been taken under
to the agreement of the 9th
respect
my
Including
Eastern Mediterranean,
Aegean, as War Zone
Defines
Germany
Govern¬
the
hope and belief that the time is not far distant when
ereignty
Danish
has passed the
emergency
be enabled to exefcise fully its sovereign
once more
the
recognition of the sovereignty
with
Danish
preserving intact the territory of that
that territory.
over
Government
undertaken
in
the present
once
ment of Denmark
renews
its
have the
the duly authorized
hope for the
speedy
Member
Trading on New York Stock and New York
Exchanges During Week Ended April 5
Curb
The Securities and Exchange Commission made public
yesterday (April 18) 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 mem¬
bers of these exchanges in the week ended April 5, con¬
tinuing a series of current, figures being published weekly bv
the Commission.
Short sales are shown separately from
other sales in these figures.
i
Volume
152
The Commercial & Financial Chronicle
Trading on the Stock Exchange for the account of mem¬
bers during the week ended
April 5 (in round-lot trans¬
actions) totaled 527,510 shares, which amount was
18.09%
of total transactions on
the Exchange of 3,415,050 shares.
This compares with member
trading during the previous
week ended March 29 of
433,285 shares or 15.85% of total
trading of 2,765,530 shares.
On the New York Curb Ex¬
change member trading during the week ended
April 5
amounted to 80,710
shares, or 16.42% of the total volume
on that
Exchange of 500,805 shares; during the preceding
week trading for the account of
Curb members of 84,265
shares was 13.83% of total
trading of 504,150 shares.
a
In
2473
Shares in members' transactions
calculating these percentages,
as
cent of twice total round-lot volume.
the total of members' transactions is
per
compared
with twice the total round-lot volume on the
Exchange for the reason that the total
members' transactions Includes both
of
purchases
volume Includes only sales.
b Round-lot short sales which are
rules are included with
c
Sales
and sales,
while the Exchange
exempted from restriction by the Commission
"other sales."
marked "short exempt" are Included with "other sales."
Changes in Amount of Their Own Stock Reacquired
by Companies Listed on New York Stock and
New
York
Curb
Exchanges
The
Commission made available the
following data for
the week ended April 5:
:
,
The data published
today are based upon weekly reports filed with the
New York Stock Exchange and the
New York Curb
Exchange
by
respective members.
These reports
are
classified
their
New York
New York
Stock
1-
Reports showing transactions as specialists*!"!""
Reports showing other transactions initiated on
2.
Curb
Exchange
Total number of reports received
Exchange
1,072
209
220
69
603
Note—On the New York Curb
Exchange, odd-lot transactions
are
by
the number of reports received
entries in more than
one
classifications
because
a
handled solely
may
total
more
single report may carry
classification.
TOTAL
ROUND-LOT STOCK SALES ON THE NEW
YORK STOCK EX¬
CHANGE AND ROUND-LOT STOCK
TRANSACTIONS FOR ACCOUNT
OF MEMBERS *
Per
iCent
Week
Total sales
the floor—Total purchases
Total sales
199,430
5.93
100,310
Short sales-.*
8.260
Other sales.b.
607,360
71,590
556,020
...
_
—
334,607
349°306
—
700
3,045
7,936
3,217
9,336
15
—
...
—...
preferred
_
Loose-Wiles Biscuit Co. common.
preferred....
10,697
4,522
41,600
el,823
600
21,734
101^020
68,448
g37,703
^
48.101
f
19
18
10,982
20,573
87,600
6,254
130
16,982
f
88.700
7,554
2,001
328
330
1.663
1,746
96,600
90,900
78,650
3,700
29,724
h.3,581
78,586
3,700
30,374
2,900
6,000
13,700
o,880
3,300
7,000
19,100
5.920
3,716
——
—......
John R.
Thompson Co. common
.
.......
Twentieth Century-Fox Film Corp. $1.50 pref
United States & Foreign Securities Corp. $6 cum.
sales.
627,610
ROUND-LOT
AND
The United States
STOCK
STOCK
SALES
ON
THE
TRANSACTIONS
NEW
FOR
YORK
ACCOUNT
18.09
CURB
OF
EX¬
MEM¬
(SHARES)
"Leather Co*, prior preferred
—
The S. S. White Dental Manufacturing Co. capital..
a 20 128
shares canceled,
b Initial report,
c 100 shares
reacquired
canceled,
d 42,699 accepted pursuant to tenders and canceled,
Reacquired 21 shares and sold 60 shares,
f Canceled and retired
g Acquired since Jan.
1, 1940.
h Reacquired 30 shares and disposed of
165 shares,
i Acquired and canceled 22,198 shares.
and
e
Total for
Week
Per
Cent
a
Total round-lot sales:
Short sales
The New York Curb Exchange announced
8,095
492,710
Other sales.b
Total sales.
the
Shares
...........
Previously
Reported
Name and Class of Slock—
54,545
5,115
54,245
Other sales.b.
A optional
1,670
Conv. A
1.790
dividend series 1936.... — —
optional dividend series—
—.
$2.50 div. series preferred
$2 dividend series preferred
....
2. Other transactions initiated
59,360
11.37
Common
on
the floor—Total purchases
Short sales
10,600
Carman & Co., Inc.,
7,425
Total sales..
7,425
3. Other transactions initiated off the floor—Total put chases
1.80
.......
5,441
27,170
...
Dejay Stores, Inc., common
— ...
Dennison Manufacturing Co. debenture stock......
Prior preferred
A common
—
Other sales.b.
Total sales
18,590
Fedders Manufacturing Co., Inc., common..
Fruehauf Trailer Co. common
13,925
Total—Total purchases.
---
Detroit Gasket & Mfg. Co. 6% preferred
Fanny Farmer Candy Shops, Inc., common.
1,180
12,745
Short sales
3.25
83,735
159
4,331
320,164
5,444
28,082
5,877
4,482
318,036
31o,036
class A_.
1,892
2,090
4,081
..............
....
Art Metal Works, Inc., common—
Blue Ridge Corp. $3 conv. preferred
0
Other sales.b.
-
.....
Klein (D. Emil) Co., Inc., common.
Knott Corp. common.
5,867
4,397
840
887
1,352
7,363
10,075
9,264
35,598
6,609
3,235
10,000
12,455
25,850
3,841
1,462
10,475
35,698
6,509
3,595
4.400
12,755
25,835
3,941
821
Short sales
6,295
Other sales.b.
74,415
Total sales.
80,710
Odd-lot transactions for the account of specialists:
Customers' short sales
16.42
0
Customers' other sales.c
39,475
Total purchases.
39,475
May McEwen Kaiser Co. $4 preferred
Merritt-Chapman & 8cott Corp. 6J4 % A preferred.
Midland Oil Corp. $2 conv. preferred—
Nehi Corp. 1st preferred
New York Merchandise Co.. Inc.. common
Niagara 8hare Corp. of Md. B common
Root Petroleum Co. $ 1.20 conv. preferred
Selected Industries, Inc., $5.50 div. pr. stock
Southern Phosphate Corp. capital
...
term
Latest
Report
109
American General Corp.
Total sales
The
Shares
per
American Cities Power & Light Corp.—
Short sales
Total sales
April 16
500,805
they are
4.
on
following list of issuers of fully listed securities which
Round-lot transactions for the account of members:
1. Transactions of specialists in stocks in which
registered—Total purchases
*
10,253
4,506
39,600
1,862
2,000
3,731
100,820
718
57,513
28,303
47,501
d700
880
Outboard, Marine & Manufacturing Co. common...
Paramount Pictures, Inc., 1st preferred
The Peoples Gas Light & Coke Co. common
Petroleum Corp. of America capital
Plymouth Oil Co. common.
Republic Steel Corp. 6% preferred
Rustless Iron & Steel Corp. comnlon
Safeway Stores, Inc., 5% cum. preferred
United States Rubber Co. common
Vick Chemical Co. common
...
Week Ended April 5, 1941
C.
100
i
Short sales
Other sales.b
B.
6,450
The Florsheim Co. class A common
Swift & Co. capital
Total—Total purchases.
6,350
1,000
2,616
1,213
71,199
9,200
W. A. Sheaffer Pen Co. common
3.36
129,360
a400
46,133
23,400
bl8,500
b326
b5,823
2,651
1,163
73.699
9,700
—
.
-
_
Frank G. Shattuck Co. common
121,100
Total sales..*
A.
— —
-
National Department Stores Corp. 6%
The New York Air Brake Co. common
19,970
179,460
3. Other transactions initiated off the floor—Total
purchases
BERS *
8.80
205,430
_
Other sales-b
CHANGE
common
Kayser, Julius & Co. common
Keith-Albee-Orpheum Corp. 7% cum. conv. pref..
The Lehman Corp. common
298,820
Short sales
Total
Co.
524% convertible preferred
7% preferred
Davega Stores Corp. common
5% preferred
Kaufmann Department Stores 5% cum.
43,360
255,460
2. Other transactions initiated on
TOTAL
The Cuban-American Sugar
10,701
20,528
46,733
19,300
—
Household Finance Corp. common
Insuranshares Certificates, Inc., common
301,620
Total sales
4.
.....
Commercial Investment Trust Corp. common
Consolidated Oil Corp. common
-
Round-lot transactions for account of
members, except for
the odd-lot accounts of odd-lot dealers and
1
8,562
Bucyrus-Erie Co. 7% preferred
Carriers & General Corp. common.....
The Goodyear Tire & Rubber Co. $5 conv. pref
The Greyhound Corp. 524% conv. preferred
Hecker Products Corp. common
Other sales.b.
613
8,962
10,791
preferred—
General Shoe Corp. common
Gimbel Brothers $6 cum. preferred-.
Short sales
,
-
cum.
70
common
Gaylord Container Corp. 524% cum. conv. pref
General Motors Corp. common
—
General Realty & Utilities Corp. 6% preferred
specialists:
Transactions of specialists in stocks in which
they are
registered—Total purchases
600
774,593
18,064
303
...
3,413,050
________
737
3,447
10,510
257
762,492
13,764
Associates Investment Co. 5% cum. preferred
Atlas Corp. common
Barnsdall Oil Co.
Lates1
Report
2,447
6,200
Allied Stores Corp. 5% preferred..
Alpha Portland Cement Co. common
The American Rolling Mill Co. 4 H % cum. conv.
pref.
6% preferred
Barker Bros. 5K%
Shares
per
837
104,040
3,309,010
Other sales.b
1.
common
Federated Department Stores, Inc., 4 \i% conv. pref.
a
Total round-lot sales:
Short sales
Shares
Previously
Reporlea
.
_
Total for
B.
The following is the list made available by the
April 17:
The Detroit Edison Co. common
Edison Brothers Stores, Inc., common—
Eureka Vacuum Cleaner Coj) common
(SHARES)
Week Ended April 5, 1941
A.
on
...
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
two exchanges.
than
Exchange
1
specialists In the stocks in 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
various
A previous list appeared in our issue of March
22,
1834.
Company and Class of Slock—
Allegheny Ludlum Steel Corp.
35
572
in the
page
98
3. Reports showing other
transactions initiated off the
of reports
Exchange issued on April 17 the
monthly compilation of companies listed on the Exchange
reporting changes in the reacquired holdings of their own
796
188
the
floor
The number
New York Stock
stock.
follows:
as
The
Starrett Corp. v. t. c. common
23,215
..
"members"
Includes all
partners, Including special partners.
their
firms and
32,985
2,272
930
980
4,450
5,050
712
13,730
80,181
15,630
81,081
2,300
100
350
850
18,870
18,463
22
Sterchi Bros. Stores, Inc., 5% 2d preferred
Tobacco & Allied Stocks, Inc., capital
Exchange members,
846
32,585
2,170
their
23
150
265
160
100
62,097
Utility Equities Corp. $5.50 div.
pr.
stock..
52
6.390
6,715
Acceptances
Outstanding
Increased $5,447,000 During March—Total March 31 Reported
Bankers'
added:
March loans were up 20%
During March the volume of bankers' dollar acceptances
increased $5,447,000 to $217,312,000 from $211,865,000 on
Feb. 28, according to the monthly report of the Acceptance
Analysis Unit of the Federal Reserve Bank of New York,
issued April 14.
As compared with a year ago, the March 31
total is $12,393,000 below that of March 30, 1940, when the
acceptances outstanding amounted to $229,705,000.
The increase in the volume of acceptances outstanding
on March 31 from Feb. 28 was due to gains in credits drawn
to
a
shipments were above March 30, 1940.
report for March 31 as issued by the
The following is the
Reserve Bank:
BANKERS' DOLLAR ACCEPTANCES
—BY
OUTSTANDING—UNITED STATES
months which has been noted every year
March, 1940, was 170%.
closed the quarter with 304 local institutions using its funds,
The increase over
The bank
Total volume of
$2,000,0000 more
that regular con¬
amortize long-term loans occasioned the repayment
had loans a year ago.
however, is $23,337,325, about
exactly the same number which
funds
than
they are using,
a
This rise is noted in spite of the fact
year ago.
tractual payments to
of
$2,250,293 In the course of the month.
Extend All Possible Aid to Home
All-out aid to the home
Urged to
Associations
Loan
and
Building
Savings
Building Industry
building industry
urged upon
was
4,000 savings, building and loan associations and cooperative
banks on March 22 in a 15-plank platform of policies for
1941 sent to them by the United States Savings and Loan
The policies are the combined work of the League's
carrying the signature of Paul Endi-
League.
RESERVE DISTRICTS
FEDERAL
from February's dollar volume, going contrary
fall-off between these two
since 1935.
for imports, exports, and dollar exchange, whereas in the
year-to-year comparison only credits for imports and domes¬
tic
The bank's announcement
President.
ing to A. R. Gardner,
$217,312,000—$12,393,000 Below Year ago
at
April 19, 1941
Chronicle
The Commercial & Financial
2474
officers and directors,
March 31,
Federal Reserve District
1
Boston
2
March 30,1940
$28,486,000
New York--.
3
Feb. 28. 1941
1941
Philadelphia
Cleveland
...
$26,511,000
$22,989,000
143,243,000
165,253,000
11,553,000
2,896,000
1,426,000
2,403,000
4,255,000
9,684,000
2,848,000
cott, Pomona, California, President of the League,
head of the list. The League's communication said in
6
Atlanta
7
Chicago
8
St. Louis...
9
Minneapolis
147,002,000
11,761,000
3,455,000
1,310,000
2,396,000
4,380,000
444,000
613,000
10 Kansas City
11 Dallas
"""m'ood
""238",000
135,000
17,294,000
18,141,000
19,852,000
$217,312,000
$211,865,000
5229,705,000
4
-
5 Richmond
...
-
So far
they soundly can, associations should
as
workers
those
for
homes
1,388,000
lending hazards are
442,000
5,430,000
384,000
through
757,000
,
1,086,000
1
for whom the hastened
Grand total
emergency
study the advisability of using them.
Decrease for year $12,393,000.
$5,447,000.
ACCORDING TO
Bank funds.
the
Where circumstances make it
of the property.
associations may at this
lending policies in making home
for immediate home ownership
percentage of their
top
...
Dollar exchange
on
$118,567,000
18,383,000
10,740,000
31,408,000
6,835,000
$89,827,000
47,157,000
8,620,000
40,187.000
24,733,000
Domestic shipments
Domestic warehouse credits
March 30,1940
23,993,000
10,191,000
30,486,000
7,680,000
25,932,000
29,815,000
$120,229,000
Imports
Exports..
Based
Feb. 28. 1941
1941
14,099,000
goods stored In or shipped
between foreign countries
to repay
time go to
ownership
their ability and willingness
possible for families whose records show that
March 31,
well be given to the
the obligation, alongside
emphasis than has been customary may
Greater
ability and willingness of the borrower to repay
necessary
NATURE OF CREDIT
associa¬
soundly used for home financing
tions should use Federal Home Loan
the test of the actual value
Increase for month,
assist in providing new
industrial recovery is
ownership possible. Where abnormal
involved but where private enterprise can function
governmental assurances, associations are urged to
making housing necessary and home
Where additional funds can be
San Francisco
12
656,000
at the
part:
their obligations can be relied upon.
variations in
made more flexible
Loan plans should be such
the association to adjust to the borrower's needs by allowing
rates, variations in the maximum percentage of loan to value
of property,
and variations in the length of loan term
Wherever possible loan
and serviceable and less
as
to enable
plans and policies should be
rigid and rule bound.
and consequently in
the size of the monthly payment.
♦
BILLS HELD BY ACCEPTING
BANKS
$107,433,000
Own bills
MARKET
ON
RATES
APRIL
Dealers'
PRIME
14,
ACCEPTANCES
Dealers'
Dealers'
Days—
Buying Rates Selling Rates
Days—
BANKERS
1941
Dealers'
Buying Rrate Selling Rales
7-16
Yx
90
The following
of
volume
the
9-16
150
180
%
%
9-16
1938—
$
269,561.958
Nov. 30
Dec. 31
iaiq
«
July 31
Aug. 31
Sept. 30
188,350,000
but neither approaches the tax
181,813,000
176,614,000
Dec. 30
31
186,789,000
Nov. 30
196,683,000
232,644,000
Oct.
31
229,230.000
Dec.
Apr. 29
May 31
Feb.
29
Mar. 30
233,015,000
229,705,000
Jan.
June 30
237,831,575
246,574,727
244,530,440
Apr. 30
223,305,000
Feb. 28
31
236,010,050
May 31
213.685.000
Mar. 31
255,402,175
July
1940
31...."
208,659,000
1941—
31
212,777,000
211,865.000
217,312,000
March 31 Increased
$263,300,000, Reports New York Federal Reserve
Commercial Paper Outstanding on
to
Bank
The Federal Reserve Bank of New York announced
on
that reports received by the Bank from com¬
mercial paper dealers show a total of $263,300,000 of open
market paper outstanding on March 31, 1941.
This com¬
pares with a total of $240,700,000 outstanding on Feb. 28
and with $233,100,000 outstanding on March 30, 1940.
In the following table we give a compilation of the monthly
figures for more than two years:
April
17
1941—
Mar. 31
Feb.
28
Jan.
31
$
263,300,000
240,700,000
232,400,000
31
Nov. 30
Oct.
31
Sept. 30
Aug. 31
238,600,000
233,100,000
Feb. 29
226,400,000
31
219,400,000
217,900,000
231,800,000
252,400,000
Nov. 30
250,700,000
Oct.
Dec. 30
31
Sept. 30
June 29
232,400,000
224,100,000
Aug. 31
July 31
May 31
234,200,000
June 30
*
31
1939
May 31
188,500,000
191,200,000
209,900,000
214,400,000
205,300,000
209,300,000
201,100,000
194,200,000
180,700,000
Feb.
28
31
191,900,000
195,300,000
195,200,000
1938—
Dec. 31.....
186,900,000
Nov. 30
206,300,000
213,100,000
Oct.
31
Sept. 30
Aug. 31.
July
31
212,300,000
209,400,000
210,700,000
Revised.
be made now,
activity, the State
will be set for a vast expansion in home owning, such as this country has
never seen before and such
as few even believe possible.
Therein lies
insurance for the preservation of our American system that is unbeatable.
so
that in the period that
Chicago Home Loan Bank Had Record Loan Volume in
Quarter
Chicago had the largest
first quarter loan volume in any year of its existence, accord¬
ing to an announcement made April 12.
Its $2,146,485 of
advances to Illinois and Wisconsin savings, building and loan
associations in the past three months were approximately
two and a half times the volume during the same period of
1940, and continued an expansion period in the Bank's
transactions which has run a full 12 months already, accord¬
urged that builders, real estate men and mortgage
Mr. Hill
communities is great and will require all the
counsel and skill available.
He further said:
Here
we
If private
ment
will.
have
a
great opportunity to render an
fullest
many
experienced
important patriotic service.
enterprise cannot provide adequate defense housing, the Govern¬
We do not want any more of that than is necessary and neither
does the Government.
+
Federal Reserve Bank of New York
Problem of Country Bank Deposits In
In Annual Report
Discusses
City
Larger
Re¬
Banks—Reserve Bank's Foreign
lations
With respect to excess reserves
held by large city
and the volume of deposits
banks for correspondent banks, the
situa¬
tion, says the Federal Reserve Bank of. New York, suggests
that "the reserve position of the various classes of member
banks would be clarified if the country member banks car¬
surplus funds more largely in their reserve ac¬
their
ried
counts in the
Federal Reserve banks."
This observation is
of the New York Reserve Bank
made in the annual report
presented by President Allan Sproul to the stockholders on
April 8 and made public April 12.
An extract from the re¬
on the effect of the European war on the
market was given in our issue of a week ago, page
Discussing "Interbank Deposits and Excess Reserves,"
bearing
port
The Federal Home Loan Bank of
follows the accelerated defense
bankers support the defense housing program to the
extent because the need for emergency housing in
money
First
load now
reexamination of property taxes ought to
A nation-wide
?
Apr. 30
Mar. 31
Jan.
1939—
*244,700,000
July
$
Apr. 30
Mar. 30
Jan.
1940—
Dec.
1940—
after all charges,
being carried by real estate all over
the nation.
Oct.
Jan.
31
crushing
that industry's taxes have become a
equal payrolls and exceed the net income
221,115,945
222,599,000
269,605,451
Feb. 28
said, adding:
It is all very well to say
burden when they
248,095,184
Mar. 31..... 245,016,075
Jan.
he
1940—
206,149,000
273,327,135
31
of
of
Cincinnati, in connection
with the opening of the organization's third 1941 Mortgage
Clinic.
Property taxes alone are taking from 15% to 20%,
June 29
235,034,177
215,881,724
Nov. 30
instead of the 10% to 12%. of
30% of their gross income
31, 1938
Aug. 31
Sept. 30
1939—
If property owners were now issuing annual reports for
1940, as industrial corporations are doing, they would show
that national, State and local taxes took between 25% and
America, declared on April 5 in
table, compiled by us, furnishes a record
bankers' acceptances outstanding at the
31
Oct.
9-16
of
close of each month since Oct.
Owners Issued Annua
Reports, 1940 Statements Would Show Taxes Tak
ing Between 25 and 30% of Gross—Much Higher
than Industry Pays
g'oss sales industry is paying in taxes, Dean R. Hill
uffalo, President of the Mortgage Bankers Association
H
7-16
60
120
7-16
30
Hill Says if Real Estate
R.
$170,052,000
6,089,000
Total.
Increase for month
CURRENT
D.
62,619,000
Bills of others..
2318.
the report
One
excess
tion
says:
aspect of the situation
reserve
to
as
unprecedented
principal
uniform
banks
tive
classes
of
ownership
volume
banks.
spondent
which must be considered in discussing the
problem, because it has tended greatly to confuse the situa¬
actual
of
Published
of
distribution
member
of
data
on
excess
reserves,
is
the
banks for corre¬
excess reserves held by the three
in December, 1940, indicate fairly
held
banks
excess
bank
member
deposits
reserves,
by
large
although
city
Central
Reserve
City
appeared to have slightly larger proportions of excess reserves rela¬
to
their
reserve
requirements
than
did
Reserve
City and
"country"
Volume
banks.
Indicated
for
ments
86% for
The Commercial & Financial Chronicle
152
excess
Central
Reserve
"country"
City banks,
with
against them,
normal
the city
require¬
reserve
85% for Reserve City banks, and
in
however, is that Central Reserve City banks had
of deposits of other banks, which were
the form
excess
working balances
banks, and
maintained
represented
some
Some
reserves.
by
reserves
of
these
deposits
other member banks
of non-member banks.
substantial part, however, represented idle funds of other member banks
A
had been
that
deposited with city correspondents rather than with Federal
Reserve
banks.
"Country" member banks had net amounts due them by
city banks well in excess of their reserves with Federal Reserve banks.
A
considerable
of
part
regarded
were
these
deposits
with
city
correspondents
undoubtedly
by country
banks as the equivalent of excess reserves.
In
study made by this Bank in December, 1940, indicated that there
many country banks in this district that followed the practice of
fact,
a
were
maintaining
their
requirements,
most of
their
of
idle
tion
required
excess
funds
reserves
the
balances,
of
only
above,
banks
in
as
a
excess
that the actual
of
by
the
data
published
of
of
part
disadvantages
are
after
1936
The many
the
and
dangers
or
requirements
reserve
inherent
surplus
figures
eral
spring of
this
in
situation,
as
was
1937
double
to
the
basic
requirements.
"country" member banks that
carry most of their surplus funds
correspondent banks, rather than with their respective Fed¬
banks, withdrew funds from the city banks and deposited
Reserve
them in. the Reserve banks
the
large
increases
York
in
city
their
to cover the
banks
own
increases
sustained
their required reserves.
in
withdrawals
requirements.
reserve
of
funds,
the
In
well
as
of
case
caused
and
them
to
liquidate
of
some
their
excess
The
assets.
as
New
the
City banks this pincer action absorbed practically all of their
reserves,
was
result
abrupt tightening of money market conditions and an exaggerated
upon
the Government security market, even though aggregate
an
influence
funds
reserve
of
all
This situation
such
suggests
be
funds
more
not,
As to
of
if
the
banks
carried
accounts in
foreign
accounts
their
established correspondent
relations,
inter¬
Bank and
year
the
bal¬
substantially, standing at
$1,130,945,000 as compared with $397,380,000 at the end of 1939 and $199,211,000 at the close of
the end of the year at
1938.
The report goes on to say:
These
1940.
deposits reached
Gold
high level
the total
held
Dec.
on
the
which
seasonal
a
four
had
10,
been
the
series
a
in
of
to
the
February,
likewise
this
the end
$1,807,673,000
foreign
by gold
element
absorb
as
of
a
central
totaling
bank
in
$5,020,000
for
banks,
in
which
excess
application.
however,
It went
precautionary
provision
was
reserves
a
seasonal
and
the
Federal
Advisory
It recog¬
to suggest for consideration
on
the
program,
most
important
increased Federal Reserve
for
to
powers
202.
page
Intermediate
Credit
Banks
solidated
Sell
$29,950,000
Con¬
Debentures
The Federal Intermediate Credit Banks offered $27,150,-
%%
sold
consolidated
debentures
publicly
additional $1,800,000 within the
of $29,950,000.
The public
an
total
April
15
and
system,'making
a
sale
offering included
$9,695,000 bonds dated May 1, due Nov. 1, 1941 and
$18,455,000 dated May 1, due May 1, 1942. An additional
$1,200,000 of the six months bonds together with an issue of
$600,000 31-day bonds were placed within the system.
The offering was made late in the afternoon of April 15
through Charles R. Dunn, New York, fiscal agent, and the
books were closed the following day.
The issue was priced
at slightly above par.
Maturities May 1 amount to $27,000,000 and at the close
of business that day a total of $226,975,000 bonds will be
outstanding.
Dividend
Payments
the
year
to
meet
14 Insolvent National
During March
in
During the month ended March 31, 1941, authorizations
issued
were
to
receivers
National
for
banks,
payments
it
ized
will
effect
total
distributions
claimants who have proved claims
or
an
tails
percentage payment
given as follows:
average
were
of dividends in
Beginning in
$1,357,000
(including
April 10 by
Dividends so author¬
of $2,006,000 to 70,986
aggregating $31,174,400,
of 6.43%.
and
secured
by
gold
Further de¬
The smallest and largest individual dividend percentages authorized were
4.28% and 12%, respectively, while the smallest and largest receivership
distributions
authorized
$6,800 and $562,100, respectively.
were
five
for
were
dividend
regular
month
ended
31,
dividend
Dividend
payments.
March
1941,
PAYMENTS
TO
BANKS AUTHORIZED
were
payments
as
so
and
nine
authorized
for
were
during
the
follows:
CREDITORS
DURING
Of the 14 dividends
payments
THE
OF
INSOLVENT
MONTH
ENDED
NATIONAL
MARCH
31,
1941
its
Total
Distribution
Percent.
Amount
Date
of Funds
Author'd
Claims
Authorized
by Div.
Divs.
Proved
Authorized
Name and Location of Bank
August,
$410,000
14
announced
was
Comptroller of the Currency Delano.
made to the
was
Banks
Authorized
compared with
1939
$1,000,000,
requirements
the
if and when such action should be required.
An additional
totaling
of
parts
existing situation.
outstanding at
amount of
all
This report was given in our Jan. 4 issue, page 37.
The
statement of the Bank for Dec. 31, 1940, which is
embodied in the report, appeared in these columns Jan. 11,
final
were
the
loans
Reserve
drew attention to the
new
fully repaid early in 1940.
were
to
concern
annual
earmarked at this bank,
1940, and repaid in May.
short-term
marked at
a
in
Congress,
DIVIDEND
secured
loans
two
these
nature,
renewals),
At
Nov. 28,
on
also attained
accounts
$1,831,346,000.
loans,
extended
same
bank
same
foreign
previous.
year
requirements,
of
for
1940, at
short-term
the end of that year;
loan
earmark
earmarked gold amounted to
of
$1,163,004,000
Of
record high level of $1,166,232,000
a
under
Federal
the
report
rather than for present
of
insolvent
in these accounts increased
ances
of
monetary measures are probably of secondary importance in
controlling the situation with which we may be faced, and are for future
relations
the report indicates
this
at
of
This
surplus
activity during the whole
maintained
matter
a
that
the Federal Reserve banks.
since the present abnormally large
considerable
was
was
be
not essential to the maintenance of such relations.
Bank's
the
must
member
country
reserve
disturb long
course,
are
foreign
ample.
requirements,
city and country banks,
that "there
continued
applied.
It also
position of the various classes of member banks
largely in their
need
between
banks
reserve
reserve
clarified
bank deposits
in
in
that the
would
member
suggests the caution with which overall control measures,
increases
as
This
Presidents
Council.
excess
on
with their city
Thus
the
nized
working
successively increased in the latter
were
of the situation if and when such action might beoome
condition
System, and led to the drafting of a special report to the
Congress, presented jointly on Dec. 31, 1940, by the Board of Governors,
000
There
This
Reserve
against
reserves.
evident
desirable.
of war-time inflation, and that the
System lacked adequate powers to deal with the monetary
and credit aspects
Federal
in the business and monetary
present
were
of this country potentialities
Reserve
on
claims
of normal
excess
their
to
amount
for
allowance
deposits by other banks in
overstated
relative
group
by the published
after
and
banks,
City
slightly
with city correspondents
therefore, that the actual propor¬
It appears,
to
Reserve
greatly
was
Bank
depositing
"country"
referred
form of
this
of
considerably understated
was
Central
of
them in
with
and
surplus funds.
reserves
funds
balances
reserve
reserve
position
2475
therefore, that there
apparent,
Federal
larger in total amount than their
represented
93% of
banks.
The fact of the matter,
claims
at that time were
reserves
To Date
of
ear¬
The First Nat. Bank of Odin, 111
3- 6-41
aggregate of these loans outstanding at the end of the year was $947,000.
554,800
93.53
$79,900
Old-First Nat. Bank & Trust Co. of
Fort Wayne, Ind
The First Nat. Bank of Linton, Ind.
56,800
3-24-41
the
All of these
the
of
loan
Board
itself and
bank,
operations
were
Governors
of
other
granted to
was
of
effected by this
the
Federal
participation
extended to the
banks
central
Bank with the approval
Reserve
System,
in
behalf
of
the
National
and
the
Federal
banks
of
in
the
credit
originally
Hungary in 1931 jointly by a
International
Settlements.
group
The
original participation in this credit had amounted
$5,000,000, but had been reduced to $1,830,000 by the end of 1939.
Balances
held
behalf and
from
the
amount,
in
of
end
of
1940
by
this
Bank,
its
in
to
substantially unchanged
were
the equivalent of $46,700; of this
$25,800 is repayable in United States dollars and the remainder
currencies.
No
commercial
held at any time
were
liquidated by October,
bills
during the
the small
report,
denominated
year;
amount
as
in
foreign
cur¬
mentioned in this bank's
of such
bills
formerly held had
and credit
conditions
States
completely altered business
during the year 1940."
and prospects
The report says:
The
of
active
more
Denmark
phase of the
starting with the German occupation
war
and
Norway in April and continuing with the invasion of
Holland, Belgium and France in May, and the subsequent attacks on Great
Britain and on British shipping, gave purpose and
impetus to a greatly ex¬
panded program
affected
started
of national
defense
United
States, which
directly
the domestic business situation and outlook.
A revival in
business
in
and
May
gained
rapidly and pointed toward
increased.
Commodity
.
.
Demands
for
during
the
the
defense
latter
the
currency
reserve
further
employees in
many
firmer.
months.
The
industries proceeded
rapid diminution of the
prices became
industries
but
also
half
strengthen somewhat.
and
a
the
during the autumn
problem of
Demands
for
unem¬
bank
credit
.
on
national
in
momentum
hiring and training of additional
ployment.
of
The
outstanding
of
in
the
this
for
the
money
country
civilian
year,
money
was
far
position of the banks
increase
37,900
95.27
538,600
88,400
85
884,400
Flint,
3-21-41
Nat.
Bank
First
Nat.
562,100
95.59
5,308,000
3-25-41
First
106,000
72.5
1,413,700
3-14-41
43,300
3-13-41
3-19-41
of Rochester,
Bank
of
Shores, Mich
St.
Clair
M
68.78
493,700
244,200
10.28
5,706,600
54,500
61.45
521,400
3-31-41
38,400
94.98
550,700
3-18-41
...
56,400
87
470,100
1,631,700
1,601,400
Chelsea-SecondNat. Bank & Tr. Co.,
Atlantic City, N. J
.........
Mechanics Nat, Bank & Trust
Co., Mlllvllle, N. J
The
Seneca
Seneca
Nat.
Bank
of
West
N. Y
The Clearfield
Nat" Bank"."ciearfie'ld",
Pa
Central Nat. Bank of Spartan¬
3- 7-41
81,600
95
First Nat, Bank of Spartanburg,B.C.
3- 7-41
80,100
67
The First Nat. Bk. of Keyser, W. Va,
3-22-41
51,500
85.86
burg, S. C
879,300
1939.
United
the
in
The
The
At the outset of the report it is stated that "the
progress
the war in Europe and the development of the defense
program
3-26-41
Mich
The
own
year-end level, namely,
previous annual
been
the
at
behalf of other Reserve banks,
in
1939
foreign
rencies
abroad
of
Federal
The
11,095,100
Campbells-
.
Mich
Reserve
Bank of
Bank
vllle, Ky
90
3-22-41
The Taylor Nat. Bank of
First Nat. Bank & Trust Co. at
complete repayment of the remain¬
banks'
Reserve
of
Reserve banks.
The year under review witnessed the
ing
Latin American central bank;
a
for
their
consumption,
and
commodity
output,
not
increased
prices
only
rapidly
tended
to
supply in the form of demand deposits
larger than in any previous year, and
was
such
supply
as
to make
through
credit
possible
a very
expansion.
It
large
was
New
Offering of $100,000,000 of 91-Day Treasury Bills—
Will be Dated April 23, 1941
Tenders to
offering of 91-day Treasury bills to the
or thereabouts, to be sold on a
competitive bidding, were invited on
April 18, by Secretary of the Treasury Morgenthau. Ten¬
a new
of $ 1C0,000,000,
amount
discount basis
under
ders will be received at the Federal Reserve banks, and the
branches thereof, up to 2 p. m. (EST) April 21, but will not
be received at the Treasury Department, Washington.
The
Treasury bills will be dated April 23 and will mature on
July 23, 1941, and on the maturity date the face amount of
the bills will be payable without interest.
There is a
maturity of a previous issue of Treasury bills on April 23
in amount of $100,078,000.
Mr. Morgenthau in his
announcement
of
the
offering
further said:
They (the bills) will be issued in bearer form only, and in denominations
of $1,000,
value).
$5,000, $10,000, $100,000, $500,000 and $1,000,000 (maturity
Each tender must be for
offered must be expressed on the
decimals,
e.g.,
99.925.
an even
multiple of $1,000, and the price
basis of 100. with not
Fractions may not be used.
more
than three
The Commercial & Financial Chronicle
2476
Tenders will
trust
be received
without deposit from
incorporated
banks and
Treasury Department Outlines Regulations Governing
companies and from responsible and recognized dealers in investment
of the
face amount
of
Treasury bills applied for, unless the tenders
of Series E
are
trust company.
•,
,
issued
,
Immediately after the closing hour, tenders will be opened at the Federal
Reserve Banks and
Branches, following which
public announcement will
be made by the Secretary of the Treasury of the amount and price range of
Those submitting tenders will be advised of the acceptance
accepted bids.
or
rejection thereof.
right to accept
in
or
The Secretary of the Treasury expressly reserves the
reject any
or
all tenders, in whole or in part, and his action
such respect shall be final.
any
Payment of accepted tenders at the
prices offered must be made or completed at the Federal Reserve Bank in
cash
immediately available funds on April 23, 1941.
or
The income derived from Treasury bills, whether interest or gain from
the sale
other disposition of the bills, shall not have any exemption, as
or
such, and loss from the sale or other disposition of Treasury bills shall not
have any
special treatment,
The bills shall
enacted.
as
such under Federal tax Acts nor or hereafter
be subject to estate,
inheritance, gift,
Federal
The
accompanied by an express guaranty of payment by an incorporated bank
or
or
or
bills
originally sold by the
are
AGENCIES
GOVERNING
REGULATIONS
SAVINGS
DEFENSE
TREASURY
Fiscal Service
1
Section
as
Received to Offering of $100,-
000,000 of
91-Day
Treasury
Bills—$100,439,000
Accepted at Average Price of 0.093%
Secretary of the Treasury Morgenthau announced on
April 14 that the tenders to the offering last week of $100,000,000 or thereabouts of 91-day Treasury bills totaled
$252,594,000, of which $100,439,000 was accepted at an
price of 0.093%.
The Treasury bills are dated
April 16 and will mature on July 16, 1941. Reference to the
offering appeared in our issue of April 12, page 2319.
The following regarding the accepted bids for the offering
is from Mr. Morgenthau's announcement of April 14:
average
Total applied for
Total accepted, $100,439,000
$252,594,000
Range of accepted bids:
99.990 Equivalent rate approximately 0.040%
High,.
Low
._
--
Average price..
...
Authority to designate issuing agents.
(a)
22
of the
Second Liberty
Bond Act,
as
amended by
the
Public Debt Act of 1941, (Public No. 7, 77th Congress), provides, in part,
+
Tenders of $252,594,000
DEPARTMENT.
Washington, April 15, 1941.
Division of Deposits
v'..
OF
Office of the Secretary,
Bureau of Accounts
Treasury Department Circular No. 418, as amended, and this notice,
_
ISSUE
1941
United States shall be considered to be
Tv';-N>.' a
THE
Department Circular No. 657
prescribe the terms of the Treasury bills and govern the conditions of their
-VW-.
FOR
BONDS
Series E
,
interest.
issue.
April 15
Reserve District outlining the Treasury Depart¬
regulations governing agencies for the issuance of
United States Defense Savings Bonds of series E, which
are intended for the small investor.
Secretary Morgenthau
has
designated all banking institutions throughout the
country, and the members of the Federal Home Loan Bank
System, and various other instrumentalities as agents for
the sale of these bonds, which begins on May 1, conditioned
upon certain requirements for qualification.
His circular
explaining these requirements follows:
For purposes of taxation the amount of discount at which Treasury
ity.
on
ment's
other
the possessions of the United States, or by any local, taxing author¬
York
New
Federal
hereafter imposed on the principal or interest thereof by any State,
any of
Bank of
Reserve
circular to all financial institutions in the Second
a
excise taxes, whether Federal or State, but shall be exempt from all taxation
now or
Defense Savings Bonds
Issuance of
Agencies for
Tenders from others must be accompanied by payment of 10%
securities.
April 19, 1941
99.975 Equivalent rate approximately 0.099%
follows:
22 (a)
The Secretary of the Treasury, with the approval of the President,
to issue, from time to time, through the Postal Service or
is authorized
otherwise, United States savings bonds
2
....
Designation of issuing agents.
All banks,
mutual savings banks incorporated by
trust companies and
special law or organized under the general laws of the United States, the
District of Columbia, or any State,
all Federal Savings and Loan Associa¬
Home Loan Bank System, and
tions and all other members of the Federal
all instrumentalities of the United States and other agencies
laws of the
which, by the
United States, may be employed to act as fiscal or financial
agents of the United States Government, are
the provisions
hereby designated, subject to
of this circular, for employment as issuing agents for the
E, issued
sale and issue of United States Defense Savings Bonds of Series
pursuant to Treasuy Department Circular
No. 653, dated April 15, 1941.
Provided, however. That no issuing agent shall perform or make any effort
perform any of the acts included in such employment, or advertise in
to
any manner
that it is authorized to perform such acts until it has been duly
certified by the Federal Reserve
Bank of the district as having qualified so
to act.
99.976 Equivalent rate approximately 0.093%
3
(97 % of the amount bid for at the low price was accepted)
Qualification of issuing agent.
(a)
Declaration
of
Any
Intent.
issuing agent
designated hereunder,
desiring to qualify for employment as such an agent, shall file an Applica¬
Subscriptions
Totalled
$600,000,000 RFC Note Offerings
$6,206,000,000—Allotments Amount
to
Over
subscription and allotment figures with respect
offering on April 9 of two issues Reconstruction Finance
Corporation notes of $300,000,000 each was announced on
April 16 by Secretary of the Treasury Morgenthau.
The
subscriptions for the %% Series U notes aggregated $2,646,551,000, with allotments totaling $319,895,000, while the
subscriptions for the 1^% notes of Series V totaled $3,560,515,000,
with
allotments
amounting to $324,397,000.
The Treasury Department had offered the notes on behalf
of the RFC.
Mr. Morgenthau had explained on April 14
that subscriptions for the Series U notes were allotted 12%
and for the Series V notes 9% but not less than $1,000 on
to the
any one
subscription.
to in our
The offering of the notes
was
referred
issue of April 12, page 2320.
Subscriptions and allotments were divided among the
several Federal Reserve Districts and the Treasury as follows:
Series U
Series V
"
Federal Reserve
Total
Total
Total
Total
District
Subscriptions
Subscriptions
Subscriptions
Subscriptions
Received
Allotted
Received
Allotted
$185,864,000
Boston.
1,300,426,000
New York
Philadelphia.
161,063,000
Cleveland
206,766,000
81,861,000
Richmond
87,021,000
Atlanta
267,556,000
66,643,000
31,608,000
44,704,000
60,670,000
145,769,000
Chicago
St. Louis
Minneapolis
Kansas
City..
Dallas
San Francisco
$22,371,000
156,165,000
19,368,000
24,885,000
9,879,000
11,759,000
32,354,000
$251,620,000
1,661,002,000
192,542,000
278,846,000
113,334,000
122,733,000
469,759,000
81,895,000
52,568,000
56,276,000
71,894,000
8,186,000
3,848,000
5,421,000
7,362,000
17,505,000
200,446,000
$22,793,000
149,789,000
17,457,000
25,302,000
10,388,000
12,711,000
42,734,000
7,726,000
4,847,000
5,186,000
f 6,681,000
18,099,000
6,600,000
Total
792,000
7,600,000
684,000
$2,646,551,000
Treasury
$319,895,000
$3,560,515,000
$324,397,000
Treasury Did Not Complete Any Market Transactions
Government
in
Accounts
No
Securities
for
Its
Investment
During March
1939—
May
$387,200 purchased
June
-
934,000 purchased
July
July
No sales
or
purchases
August
August
No sales
or
purchases
September
September
October
...
November
...
December
...
$300,000 sold
1,201,000 sold
October
2,844,350 sold
November
February
March..
April
the
3,157,000 sold
December
1,139,000 sold
...
...
...
$9,475,000 sold
20,801,000 sold
January
February
1,636,100 sold
March
$2,785,000 purchased
11,950.000 purchased
—No sales or purchase?
and its
circular.
charter, to act as an
issuing agent under the
The amount of the qualification shall be based upon
the maturity value of the aggregate amount
of Defense Savings Bond stock,
Series E, which the issuing agent desires to
have on hand at any one time.
(b)
Security Required.
(1) Banking institutions which are, and continue to be, insured by the
Federal Deposit Insurance Corporation may qualify to obtain an aggregate
stock, Series E, of not more than $6,500, maturity
of Defense Savings Bond
value, at any one time, without the pledge of collateral security.
The
of $6,500, maturity value, referred to represents $4,875, issue
price, the latter amount approximating the Federal Deposit Insurance
Corporation guaranty.
If qualification is desired in excess of $6,500,
maturity value, eligible collateral in the amount of 75% of the maturity
amount
value of such excess must be
pledged.
(2) Designated issuing agents which are not insured by the Federal
Deposit Insurance Corporation may qualify to obtain such stock by pledg¬
ing eligible collateral (except as may be otherwise specifically authorized
by the Secretary of the Treasury) in the amount of 75% of the approved
qualification.
(3) Collateral security eligible for pledge hereunder shall consist of United
States bonds or other direct public debt obligations of the United States,
or obligations which are unconditionally guaranteed as to both principal
and interest by the United States.
All of such securities pledged must
be in negotiable form and will be accepted at face value.
United States Savings Bonds of any issue registered in the name of the
issuing agent pursuant to the provisions of Treasury Department circulars
governing the registration thereof will, notwithstanding any provisions of
such circulars restricting the pledge thereof, be eligible as collateral security
hereunder and will be acceptable at the issue price of such bonds.
In all
such cases an irrevocable power of attorney shall be executed on behalf
of the issuing agent by a duly authorized officer thereof authorizing the
Secretary of the Treasury to request payment, and payment of the bond,
or bonds, will, if it becomes necessary, be made upon such request at the
then appropriate redemption value.
All of the foregoing security shall be pledged under the terms and con¬
ditions of the Application and Pledge Agreement, Form No. 384, and all
collateral required to be pledged must be delivered to the Federal Reserve
Bank of the district or, with the approval of such bank, to any branch
thereof, before or upon delivery of the bond stock to the issuing agent.
Upon approval of the Application and Pledge Agreement, the Federal
Reserve Bank will issue a certificate of qualification to the issuing agent
on
Form No. 385.
The Federal Reserve Bank, as fiscal agent of the
United States, may certify, in whole or in part, the qualification applied
for.
If the qualification applied for is not certified., appropriate notice
thereof will be transmitted to the issuing agent making application.
Accounts, forms and details of operation.
(a)
Each
quired to
banking institution qualified
open
and maintain
or
as
issuing agent will be
an
deposit account for the proceeds
re¬
continue for the account of the Federal
Reserve Bank of the district, as fiscal agent of the
United States,
a separate
of all sales of Defense Savings Bonds,
Series E, to be known as the "Series E, Bond Account."
agent shall be required to remit the balance of such
Each such issuing
account or any part
thereof and render reports of transactions in accordance with instructions
issued directly by the
Secretary of the Treasury or through the Federal
Reserve Bank of the district, as fiscal agent.
in funds
All remittances must be made
immediately available at the Federal Reserve Bank point.
Any incorporated bank
or
trust company qualified as a special depositary
under the provisions of Treasury Circular No.
1941—
5,700,000 sold
Federal supervising agency to the effect that
desiring to qualify possesses appropriate authority under
State law
terms of this
as
...
institution
relevant
4,400.000 sold
284,000 sold
1940—
transmit with its Application and Pledge Agreement to
qualify hereunder, a certification by the duly designated agent or repre¬
sentative of the appropriate
4
1940—
...$40,367,200 sold
May..
June...
January
will be required to
market
transactions in Government securities for
Treasury investment accounts were completed in March,
1941, Secretary Morgenthau said on April 16.
During
February there were net purchases of $11,950,000.
(b) hereof: Provided, however, That each
other than a banking institution, organized under State law
institution,
The final
No. 384 with the Federal Reserve Bank
and pledge collateral security of the amount and classes and
at the rates set forth in subsection
$644,292,000
to
tion and Pledge Agreement on Form
of the district,
as
fiscal
Deposit Account"
of
92, revised Feb. 23, 1932,
supplemented, may be authorized by the Federal Reserve Bank of the
district,
agent, to
up to any
existing deposits.
make payment by credit in the
"War Loan
amount for which it shall be qualified in excess
Volume
The Commercial & Financial Chronicle
152
(b) All other qualified issuing agents, except as they may be otherwise
specifically authorized from time to time by the Secretary of the Treasury
X.
the Federal Reserve Bank of the district
or
to such Federal Reserve Bank the entire
fiscal agent, shall remit daily
as
proceeds of sales of Defense Sav¬
ings Bonds of Series E, received by such issuing agents, and shall render
reports of transactions in accordance with instructions issued directly by
the Secretary
district,
as
of the Treasury
or
fiscal agent.
vation
was
THE
F.
or modification of the qulaification of issuing agents.
Secretary of the Treasury, or the Federal Reserve Bank of the
district as fiscal agent, may modify or terminate the qualification of any
issuing agent at any time, without previous demand or notice, and require
'
HOUSE
WHITE
i
'V.
'
WASHINGTON
: .!;
Dear Mr.
Wiley:
,
Hearty congratulations oa the completion of 100 years of continuous
by ybur paper.
survival through
Its
ample witness to its usefulness in the field which it
full century
a
is guaranteed in the fundamental law of the land.
In our own land it is reassuring to know that
disappearance in others.
freedom of the press is not threatened from without.
or
of this priceless heritage
sold.
the district to
modify
or
6'Miscellaneous.
So
long
depends upon the press itself.
its heart remains sound,
as
No. 653.
as
';;;-
fiscal agent,
or
Great
must be exercised in the
care
legibility of the
which
in
address (or addresses), the date as of which issued and,
of the
as to
inscribed, the
finally, the imprint
dating stamp of the issuing agent.
Nothing herein shall be held to apply to the Post Office Department
the Postal Service.
or
The provisions of Treasury Department
Circular No.
tions and Federal Credit Unions
as
fiscal agents of the United States for
the purposes of taking applications and
forwarding remittances for, and
making delivery of, United States Savings Bonds, for their members,
.
As fiscal agents of the United States, Federal Reserve Banks
ized to perform any necessary acts under this circular.
the
Treasury
The Secretary of
hereunder designated, the employment of which shall be subject to qualifi¬
cation
as
herein
provided, except
by the Secretary.
draw this circular
any
as may
be otherwise specifically authorized
The Secretary of the Treasury
as
a
whole,
of the terms hereof,
or
or
may, at any
time, with¬
from time to time, supplement
of any amendments
or
Savings Bonds, Series E, and refuse to sell
to
any
or
Defense
permit to be sold, any such
going will be promptly furnished to issuing agents through the Federal
^'■■■
V
V
r;.V-HENRY MORGENTHAU
■
the
century
to
be
still is the
and
Cincinnati
publication day.
Had the
"Enquirer" desired to do
proclaimed June 23,
Inquisitor
1818,
Cincinnati
and
As
weekly.
Advertiser"
"Advertiser," the
the
it might have followed precedent
so
its natal
as
day, for it was
made
its
first
"The
then
appearance
as
a
"Advertiser and Phoenix," and the
"Advertiser and Journal," a semi-weekly in 1823 and a daily in 1838, this
continued uninterruptedly until April 1, 1841, when its assets
newspaper
and
goodwill
sold by Moses Dawson to John and Charles H. Brough,
were
from Marietta,
brothers,
At this late day it is probably not
Ohio.
an
indiscretion to reveal that the purchase price was $1,500.
On
tenth
the
issued from the
same
thereafter the
day
same
with
press,
office and plant,
Typographically, it
editorial
of
"Daily
"Enquirer"
Cincinnati
Fifth Street, east of Main,
was
the
on
few fonts of new type.
a
was a counterpart
publishers declared their intent
lines
JR.,
"Enquirer" published its first issue Saturday, April 10,
through
"Enquirer"—in all that time having missed an issue on but one regular
Information in connection with any of the fore¬
person.
Reserve Banks,
The Cincinnati
1841, continued
supplements thereto,
withdraw from sale, refuse to issue or to permit to be issued, any
bonds
amend
or
the
100th
and
author¬
are
time, designate issuing agents other than those
may, at any
Cincinnati "Enquirer" observed on April 10
anniversary of its publication under its present
name, the paper was originally started on June 23,
1818,
as
"The Inquisitor and Cincinnati Advertiser," a weekly.
In explanation of this, Harry Pence, librarian of the "En¬
quirer," in the paper's issue of April 10, said:
the
are
hereby revoked, effective at the close of business April 30, 1941.
J
Cincinnati, Ohio.
568 dated Sept.
15, 1936, governing the employment of Federal Savings and Loan Associa¬
FRANKLIN D. ROOSEVELT
(Signed)
The Cincinnati Enquirer,
While
inscription of the bonds, both
hearty
W. F. Wiley, Esq., Publisher,
through the Federal Reserve
name (or names)
the press upholds truth,
Very sincerely yours,
covering the sale, issue. Inscription and
validation of the bonds and the disposition of registration stubs.
correctness and
as
extending congratulations to you as publisher,,may I add
greetings to all of your readers.
Issuing agents must follow all regulations and instructions issued
Bank of the district
long
so
In
No issuing agent shall have authority to sell any Defense
Savings Bond
hereunder otherwise than as provided in Treasury Department Circular
directly by the Secretary of the Treasury
The preservation
justice and fair play, no external influence can curtail its heritage of freedom.
1
terminate its qualification.
'''
its complete
nessed the curtailment of this freedom in some countries and
issuing agent for sale to the public and
Any qualified issuing agent which shall have fully complied with the terms
of its employment may at any time request the Federal Reserve Bank of
press
The world has wit¬
the immediate surrender of any part, or all of the bond stock, held by such
part or all of the proceeds due from such bond stock issued
bears
serves.
By the wisdom of the Fathers of the Constitution freedom of the
The
not theretofore issued or sold and any
April 5, 1941
.
publication
qualified issuing agents.
5 Termination
,
"depends upon the press itself."
April 5 and was addressed
Wiley, publisher of the "Enquirer."
The letter
given as follows in the April 10 issue of the "Enquirer":
W.
to
necessary
Reserve Bank of the district as fiscal agent to
2477
freedom
this
The President's letter was dated
through the Federal Reserve Bank of the
..
:
•
(c) Application forms, bond stock, report forms and all regulations and
instructions relating thereto will be furnished by the Federal
of
principles
of the "Advertiser," and its new
"to continue the paper" along the same
and
title
Its
policy.
strip
bore,
opposite
"Vol. I—No. 1" the words "New Series."
Secretary of the Treasury.
»
President
It
Be
annual
be
no
Newspaper
Control
Is
Editors
Planned
April
on
Government
convention of the
,
17
gave
control
military information." In
American
No
Unless
Military Data
Roosevelt
will
be of vital
Press
Vital
on
President
"there
Tells
Roosevelt
Government
an
that
assurance
of
news
unless
it
read to the
Society of Newspaper
The day on which the "Enquirer" missed publication of
issue was March 22, 1866, when fire destroyed the office
and
plant of the paper.
The paper issued its first Sunday
1848, and today the Sunday "Enquirer" claims
the distinction of being the oldest paper of its kind in the
edition in
country.
Service
"free speech and a free press are still in the possession of
the people of the United States," adding that "so far as
The text of the letter, dated
April 16 and sent to Tom
Wallace, President of the Society, and Editor of the Louisville
"Times," follows:
The
I would
assurance
Editors, if it
bring to The American
possible for me to greet them in
were
free speech and a free press are
Society of Newspaper
would be that
person,
still in the possession of the people of the
is in undisputed possession of publishers
and
editors,
of
reporters and Washington correspondents; still in the possession of maga¬
zines, of motion pictures and of radio; still in the possession of the all means
intelligence, comment and criticism.
remain there for that
censorship of
am
own
as
I
am
concerned it will
spiritual needs of the soldiers, sailors and defense workers.
The President's statement, calling for "united support,
in financial contributions and in personal effort," follows:
the mortal weapons that dictatorships
Government control of
no
news
As far
as
I
unless it be of
vital military information.
Like all of
our
a mere
meaning—whatever meaning the press itself gives it.
afford
a
It has
a
living
Government and
negative protection against interference with
freedom of speech but its care, its nurture and its use are responsibilities of
the press itself, which has never prized it so much as it should prize it now.
How that freedom should be used, what contributions it should make to
national defense, national interest and national morale, are
questions for
publishers and editors themselves to decide.
It would be
a
shameful abuse of patriotism to suggest that opinion should
be stifled in its service.
desire, bears
no
Unified national sentiment, which all of
resemblance to
a
us
should
totalitarian regimentation of opinion and
I cannot better close this message to the
a
American Society of Newspaper
final assurance that those who disagree with what is
being done, and with the manner in which it is being done, are free to use
their freedom of speech.
+
President
of
Message to Cincinnati "En¬
quirer," Declares Freedom of Press Depends on
Press Itself—-Sends Message of Congratulation to
Paper on Observance of Centennial
Roosevelt,
in
In a message of congratulation to the Cincinnati "En¬
quirer," which celebrated its centennial on April 10, President
Roosevelt declared that although
"freedom of the press is
guaranteed in the fundamental law of the land," the preser¬
and women who have answered—and
defense, the six-member organizations
national
the
of
U.
0.
S.
are
essential and patriotic duty.
an
The
American shares.
Federal Government
is doing
It
its part.
squarely behind the U. S. 0. program and Congress has been asked
stands
to
will answer—the call
duty—of maintaining morale on the home front—is one in which
This
every
and defense
providing for the recreation, welfare and spiritual needs of
In
men
provide
building and equipping
for
money
club houses
necessary
which
private organizations
The national
community centers.
the
have
incorporated the U. S. 0. as an over-all planning body—the Y.
the
W.
Board,
C.
the
Y.
Salvation
A.,
the
Catholic
Army,
Community
and
the
Service,
Travelers
the
Aid
M. C. A.,
Jewish Welfare
Society—are
to
be
the practical common sense of their
plans for staffing and operating these 300 odd service centers.
In local
communities, both public and private organizations are preparing to
congratulated
on
their vision and
on
cooperate to the fullest extent in this nation-wide effort.
But
imperative
Service needs,
of
individual
every
all this is, it is only the groundwork.
What United
the active personal support
as
if it is to become a reality, is
citizen.
That is
a
duty
in which
we
all
share—in
which, I know, .we all are glad to share.
The
treatment of news.
Editors than with
young
and
liberties, liberty of speech and of the press is not a mere
form of words, a constitutional abstraction.
juridical process can
announced their program of service to soldiers, sailors
Defense
workers.
fulfilling
peoples and direct against the world.
concerned there will be
phrase,
the United
This group,
Defense.
composed of six private organizations, was formed in New
York on April 7 to provide for the recreation, welfare and
remain there, for suppression of opinion
news are among
against their
So far
is where it belongs.
It is important that it should
direct
Organizations for National
Yesterday, in New York, the United Service Organizations for National
Free speech
and
statement on April 8 calling
a
the American people to actively support
Service
United States.
of
People to Support United
Urges
Organizations for National Defense
President Roosevelt issued
upon
concerned it will remain there."
am
Roosevelt
President
Editors, assembled in Washington, the President said that
I
.
a message
United Service Organizations should and
will have
port—in financial contributions and in personal effort.
our
united sup¬
To facilitate their
conference of community leaders,
17, is being sponsored by Federal Security
Administrator Paul V. McNutt, with the cooperation of the Secretaries of
work
throughout the country a national
to be held
and
War
in Washington, April
of
the Navy.
I understand that invitations to several hundred
Community leaders were wired yesterday.
I
am
certain
that
the
American
people will
get
behind
this
United
characteristic whole-heartedness.
I know of no
enterprise more vital to the well-being of the millions of young people
who are rallying to the country's call.
Service
At
program
the
with
meeting
in
Washington, on
April 17,
mentioned
above, Mr. McNutt read a further message from the
Presi¬
asserting that "in times of emergency like the present,
complacency is a luxury which we must cast aside."
dent
The Commercial & Financial Chronicle
2478
President
Italy on One Side and
Other—Also Declares Hungary at
Germany and
Yugoslavia
War
War Existing
State of
Proclaims
Roosevelt
Between
on
With
Yugoslavia
Italy on the one hand and Yugoslavia on the other hand.
Acting under the Neutrality Act of 1939, the President said
the proclamation is necessary in order "to promote the
security and preserve the peace of the United States and
to protect the lives of citizens of the United States."
Previ¬
ous reference to his signing of this proclamation was made
in our issue of April 12, page 2321.
The President on April 16 also proclaimed that a state
of war existed between Hungary and Yugoslavia, criticizing
Hungary for attacking Yugoslavia "without justification."
The former proclamation follows:
ITALY,
OF
ON
A
ONE
THE
HAND
OTHER
•
section
I
Roosevelt, President of the United States
1941, as National
Employment Week, and Sunday, May 4, 1941, as National Employment
Sunday.
I urge all churches, civic organizations, chambers of commerce,
boards of trade,
veterans' organizations, industry, labor, public-spirited
citizens, radio, and the press throughout the United States to observe that
week as National Employment Week, to the end that interest in the
NoW, therefore, I, Franklin D.
is
to protect
or
shall
issue
a
13 of the said joint reso¬
provided by section
is further
whereas it
And
to
necessary
President
that
lution
Done
of
our
the
at
(SEAL)
America,
authority
of the
virtue
conferred
on
Germany and
joint resolution, do hereby proclaim that,
by the said
me
and by
under
the one hand, and Yugoslavia, on the other hand,
necessary to promote the security and preserve the peace
that
and
of
it
is
United
the
on
and
States
to
protect
lives of citizens
the
of the United
United
do
hereby enjoin
upon
all officers of the United States, charged
diligence in preventing
the execution of the laws thereof, the utmost
with
violations of the
ment
power
made
joint resolution and in bringing to trial and punish¬
offenders against the same.
any
And I do
any
said
States to
order to
specifically delegated by Executive
of this Government, and
inconsistent
not
any
In
the
States
Done at the
Lord
our
with
the
law
power
as
other officer
and
be necessary
may
to be
to carry
proper
has
authorized
annually
of
hand and caused the seal of
hundred and forty-one,
America the
one
hundred and
year
PROCLAMATION
and
requested
617),
President of the United States to issue
the
proclamation setting apart May 1 as Child Health Day:
a
the children of the Nation, do hereby designate the first day
strength of
of
May of this
that
day to
nutritious
which they are providing for children
effective health supervision, and
the extent to
recreation,
healthful
care,
and to plan how such protection can be extended
children.
our
also call
I
the people of each community of the United States on
review
food,
Child Health Day.
as
year
upon
adequate medical
children to take full advantage of their opportunity to
upon
in health and strength and to share in protecting the health of other
grow
boys and girls.
witness whereof I have hereunto set my hand and caused the seal of
In
the
United
States
Done at the
Lord
of
America
be
to
affixed.
City of Washington this seventh day of April in the year of
hundred
nineteen
and
United States of America the
Independence of the
forty-one and of the
one
hundred
and sixty-fifth.
" V:V''
(SEAL)
■
of
FRANKLIN
the Independence of the
and of
DAY—1941
United States of America
Now, therefore, I, Franklin D. Roosevelt, President of the United States
America,
in recognition of the vital importance of the health and
our
my
that day "the extent to which
on
HEALTH
A
out
affixed.
as
Whereas the Congress by joint resolution of May 18, 1928 (45 Stat.
agency
or
City of Washington this tenth day of April, in the
nineteen
States of
United
America
of
some
to promulgate such rules and regulations
of its provisions.
witness whereof, I have hereunto set
United
review
CHILD
to all
authority conferred on me by the said joint resolution, as
by this my proclamation issued thereunder, which is not
or
1
are
By the President of the
hereby delegate to the Secretary of State the power to exercise
effective
May
Day
providing for children nutritious food, healthful
recreation, effective health supervision and adequate medi¬
cal care."
The proclamation, issued on April 7, follows:
they
And I call
I
ROOSEVELT.
D.
In a proclamation designating May 1 as Child Health
Day, President Roosevelt has called upon the people of the
States.
And
Health
Child
Italy having wantonly attacked Yugoslavia, a state of war exists between
Germany and Italy,
Proclaims
Roosevelt
President
may,
acting
sixty-fifth.
'
FRANKLIN
Now, therefore, I, Franklin D. Roosevelt, President of the United States
of
this second day of April, in the year
and of the Independence of the
City of Washington
Lord nineteen hundred and forty-one
United States of America the one hundred and
from time to time, promulgate such rules and
regulations, not inconsistent with law as may be necessary and proper to
carry
out any of the provisions of this joint resolution;
and he may
exercise any power or authority conferred on him by this joint resolution
through such officer or officers, or agency or agencies, as he shall direct."
President
"The
whereof I have hereunto set my hand and caused the seal of
witness
In
the United States of America to be affixed.
By the President:
CORDELL HULL, Secretary of State.
promote the security or preserve the peace of the
the lives of citizens of the United States, the
proclamation naming the states involved; and he
shall, from time to time, by proclamation, name other states as and when
they may become involved in the war."
it
United States
working, and especially the worker over 40,
now
THE
"That whenever the President, or the Congress by concurrent resolution,
shall find that there exists a state of war between foreign states,
and
that
those not
be stimulated and employment be extended to them.
4, 1939, provides in part as follows:
ber
all
welfare of
may
United States of America
of the
do hereby declare the week beginning May 4,
of America,
AND
ON
desire to encourage a
I
persistent problem.
■
.
to that appeal; and as
continued Nation-wide interest in this
the whole-hearted response
for
grateful
am
joint resolution of Congress approved Novem¬
of the
1
' ;,'.y/,
and particularly of employers
thousands of workers
groups,
PROCLAMATION
A
Whereas
GERMANY
YUGOSLAVIA,
AND
HAND,
•
By the President
BETWEEN
WAR
OF
STATE
public-spirited
many
throughout the land, resulted in the employment of
past 40, among them many veterans.
President,
Asserting
that
"Germany and Italy have wantonly
attacked Yugoslavia," President Roosevelt on April 10 pro¬
claimed that a state of war exists between Germany and
PROCLAMATION
government,
April 19, 1941
D.
ROOSEVELT.
By the President:
sixty-fifth.
|
CORDELL HULL,
Secretary of State.
(SEAL)
FRANKLIN
D.
ROOSEVELT.
By the President:
CORDELL
President
HULL, Secretary of State.
.
as
Proclaims
tion in Behalf of
of
In
Week
Beginning May 4
Employment Week—Urges Considera¬
National
Unemployed Worker
over
40 Years
a
observe
that
day and week.
President
Roosevelt
said
that observance of the
week is necessary "to the end that
the welfare of all those not now working, and
interest in
especially the worker over 40, may be stimulated and em¬
ployment be extended to them."
The President's proclama¬
Management.
appeared
below the
A
of
lack
World
a
problems of older workers,
place in industry.
War
veterans,
men
Among these
who
now
are
average
a
48
many
considerable
years
of
age,
and
who, I feel, have a special appeal to our national sense of responsibility
particularly during this time of national defense preparation.
The United States Employment Service—a Nation-wide network of 1,500
offices operated
jointly by the State and
special efforts in behalf of workers past 40
Federal governments—has
years
to
assure
that these
valuable
workers
barred
not
from
employ¬
abilities and skills which fit them for employment in nearly every
they have a definite contribution to make at this
our
of increasing shortages
national
man-power
A
and
women
in middle
life
of work and that
time
defense effort
that
we
It
fully and effectively
is
use
important
in
the available
of the Nation.
year ago
asked
of experienced workers.
that
all
I designated
our
citizens
a
National Employment Week during which
give
particular and
problem of older workers who lack employment.
which
We
give
describes
in
board:
new
ORDER
to
in
by
me
define further the
the
Constitution
functions
and
and
supply
the equitable
and
unwarranted price
8,
1939, for the
rises,
distribution
purpose
and of facilitating
of
materials
and
and finding that the stabilization of prices is in
of
defense
and
that
this
Order
is
necessary
the
of
the
emergency
of avoiding
an
adequate
commodities
civilian use,
national
and
duties
to
for
the interest
increase
the
efficiency of the defense program, it is hereby ordered:
1.
There shall be
in
the Office of
tive Office of the President
an
Emergency Management of the Execu¬
Office of Price Administration and
Supply, at the head of which shall be
President.
The
Administrator
shall
an
Civilian
Administrator appointed by
receive
compensation at
such rate
the
as
necessary
possess
line
2322.
page
order
Emergency Management with respect to the national
and
are
men
12,
executive
declared by the President on Sept.
of age, including veterans.
We know
available facts that
the setting up of this office
on
April
the authority vested
in order
President shall
ment.
from
of
the
interest of utilizing all possible skills in our defense program, I
that employers review carefully their standards of physical qualifica¬
tions
the
of
EXECUTIVE
made
the
In
urge
of
text
profiteering
Despite great expansions in employment resulting directly and indirectly
from our vast National Defense Program, the State and Federal govern¬
continue to be concerned with the
issue
Establishing the Office of Price Adm&nistraiidn and Civilian Supply in the
Executive Office of the President and Defining Its Functions and Duties
Office for
PROCLAMATION
A brief item
our
detail the duties and functions of the
as
whom still
in
statutes, and
By the President of the United States
of
Adminis
Henderson as its head.
Designed to prevent price
spiraling and inflation caused by the diversion of large
parts of the Nation's resources to the defense program, the
new agency is
made a part of the Office for Emergency
Management, which also includes the Office of Production
By virtue
NATIONAL EMPLOYMENT WEEK
number
Price
of
President Roosevelt signed an executive order on April 11
establishing a price control agency to be known as the
Office of Price Administration and Civilian Supply, with
tion follows:
ments
Office
Leon
Age
proclamation issued on April 2 setting aside the week
beginning May 4 as National Employment Week and naming
Sunday, May 4, as National Employment Sunday, President
Roosevelt requested "all churches, civic organizations, cham¬
bers of commerce, boards of trade, veterans' organizations,
industry, labor, public-spirited citizens, radio and the press"
to
Creates
Supply—Functions and Duties
of New Agency Outlined in Executive Order
-i'
♦
Roosevelt
President
Roosevelt
tration and Civilian
active
The
attention
to
concerted efforts
I
the
of
determine
and, in addition, shall be entitled to actual
transportation, subsistence, and other expenses incidental to
the performance of his duties.
2.
may
Subject to such policies, regulations, and directions as the President
from time to time prescribe, and with such advice and assistance as
be necessary from the other departments and agencies of the Federal
Government, and utilizing the services and facilities of such other depart¬
ments and agencies to the fullest extent
compatible with efficiency, the
may
Administrator
a.
shall:
Take all lawful steps necessary
or appropriate in order (1) to prevent
spiraling, rising costs of living, profiteering, and inflation resulting
market conditions caused by the diversion of
large segments of th«
Nation s /resources
to
the defense! program,
by interruptions to normal
sources of supply,
or by other influences growing out of the emergency
(2) to prevent speculative accumulation, withholding, and hoarding of
price
from
The Commercial & Financial Chronicle
Volume 152
materials
supply
and
of
commodities;
materials
(3) to stimulate provision of
commodities required for civilian
and
the
necessary
use,
in such,
requirements of the War, Navy, and
other departments and agencies of the Government, and of foreign govern¬
ments, for materials, articles, and equipment needed for defense
(such
requirements are hereinafter referred to as "military defense needs") ; and
(4) after the satisfaction of military defense needs to provide, through
the determination of policies and the formulation of plans and programs,
for the equitable distribution of the residual supply of such materials and
commodities among competing civilian demands.
manner
not
as
Make
b.
to
conflict
studies
of
with
the
Nation's
tne
requirements for materials and
commodities, the supply of goods and services, the status and trend of
prices and factors thereof, and the impact of the defense program upon
civilian living standards; exercise the powers of the President in requesting
such studies pursuant to Section 336(a) of Title III of the Tariff Act of
1930
(Title 19, U.S.C., Sec. 1336(a)) ; and conduct such investigations,
hold such hearings, and obtain such reports as may be necessary or desir¬
able to carry out this Order.
c.
Determine
and
publish, after proper investigation, such maximum
prices, commissions, margins, fees, charges, or other elements of cost or
price of materials or commodities, as the Administrator may from time
to
time deem fair and reasonable; and take all lawful and appropriate
steps to facilitate their observance.
agencies,
purchase
or acquisition of materials and commodities
by the Government, the prices
to be paid therefor, and in respect to
such of their other activities as
may affect the price of materials and commodities.
e.
Inform the Office of Production Management of the amount, character,
and
Establish
f.
the
of
and
maintain
Government
liaison
with
and
such
with
other
such
public
and agencies
agencies and
desirable to carry out
departments
or
private
persons as the
the provisions
Administrator may deem necessary or
of this Order.
Formulate programs designed to assure adequate standards for, and
the most effective use of, consumer goods; stimulate the utilization of
substitutes by civilians for consumer goods and commodities of limited
supply; develop programs with the object of stabilizing rents: and promote
civilian activities which will contribute to the purposes of this Order.
h. Recommend to the President the exercise of the authority vested in
him by the following named Acts, whenever, in the opinion of the Admin¬
istrator, such action by the President will enable the Administrator to
carry out and secure compliance with the provisions of Section 2a and 2c
g.
this
of
Order:
(1) Section 9 of the Selective Training and Service Act of 1940 (Public
783, Seventy-sixth Congress).
(2) Section 120 of the National Defense Act (Title 50, U.S.C., Sec. 80).
(3) Section 1 (15) of Title 49, U.S.C.
(4) The Act
of
October
10,
1940
(Public No.
829,
Seventy-sixth
Congress).
i. Perform the functions and exercise the authority vested in the Presi¬
dent by the following named Acts, in so far as and only to the extent
that the authority conferred by such Acts will, in the opinion of the Ad¬
ministrator, enable him to carry out and secure compliance with the pro¬
visions of Section 2a and 2c of this Order:
Section 7l3(a)-7 of Title 15,
U.S.C., Supp. V; Section 4 of the Act approved June 7, 1939 (Title 50,
No.
U.S.C., Supp. V., Sec. 98c); and Section 5 of the Reconstruction Finance
Corporation Act, as amended by the Act approved June 25, 1940 (Public
No.
664,
Seventy-sixth
Congress): subject to the
disapproval by the
Secretary of War or the Secretary of the Navy of each proposed action
thereunder.
j.
Advise upon proposed or existing legislation, and recommend such
legislation as may be necessary or desirable, relating to prices,
or the increase in supply and the equitable distribution of materials
additional
rents,
and
commodities for civilian
k.
may
the Office of Price Administration
of
appoint such
may
formance
obtain
his
of
advisory committees
duties
the President's
and
responsibilities.
4.
shall
There
be
Civilian
per¬
in
the
appointment of the heads thereof.
Office
Price Administration
a
Chairman
the
of
Price
Administration
of
alternate
each
as
the
Federal
Trade
Civilian
and
Commission, the Director General and
subsequently appoint.
may
request by
the
in
commissions, margins,
materials
or
make findings
respect
to
President
employ
necessary
as
other
it
maximum
an'd
as
may
Supply
make
However,
prices,
price of
be appropriated to the Office
be allocated to it by
or as may
Budget,
provision
the Administrator
for
necessary
informational,
general business services and facilities
as
an:l
fiscal, personnel,
be made available
may
through the Office for Emergency Management
may
supplies,
the Office of Price Administration
such statistical,
use
or
provided under paragraph 2c above.
personnel
Supply shall
such
and submit recommendations
establishment of
the Bureau of the
and services.
facilities,
Civilian
through
or
the President
fees, charges, and other elements of cost
commodities
of Price Administration and Civilian
the
the
Within the limits of such funds
5.
as
The Committee shall from time to time, upon
the Administrator,
Administrator
Management,
designate, and such other members
may
or
transfer
other agencies
of
Ships
Cargo
Commission announced
to
British
the
on
ships for
cargo
Government under the
"lease-lend" Act.
The four ships
and will be manned
by British officers and crews, the Commission said.
United Press Washington advices April 17 explained;
This is the first transfer under the law.
involved will sail under the British flag
One of the ships, the Robin Doncaster, of the Seas Shipping
Line), has been delivered to the British at Baltimore.
and
delivery
The
was
other
Exemplar,
Co., (Robin
It is a new vessel
made upon completion.
ships
are
the Almeria
of the American
Export
Lykes, of the Lykes
Lines,
and
Bros Co.; the
the Nightingale,
of the
Grace Lines, all of which are in the process of delivery.
The Almeria Lykes is a C-3 cargo
and the
Nightingale is
a
vessel of Maritime Commission design
C-2 commission vessel.
The Robin Doncaster and the Exemplar were of private design.
The Maritime
Commission would not
disclose the amounts it
paid to
the companies which owned the vessels.
Senate Committee to Consider Anti-Convoy Resolution
on
April 30—Senator Tobey Asks President Roose¬
to State His Position on Issue—Navy Heads
velt
Deny Reports Convoys Are Already in Use
Action
introduced by Senator Tobey,
Hampshire, prohibiting the use of
American vessels to convoy merchant shipping into Euro¬
pean war zones is expected to be taken by the Senate Foreign
Relations Committee at its next meeting on April 30, it was
indicated on April 16. Meanwhile on April 17 Senator Tobey
in a telegram to President Roosevelt asked for "a frank,
informative and unequivocal statement" of his position on
the issue of convoys.
Senator Tobev's telegram said in part;
the resolution,
on
Republican
New
of
In this hour when the
for
statement
a
men
from you,
informed
on
the vital
and women of the United States are asking
their national leader, in this hour when it is
imperative in the national
interest that the prople be
issue
of convoys,
enlightened and
which holds in the balance the
question of our involvement in the war, I respectfully urge that you give
me
at
this time
a
frank, informative and unequivocal statement of your
position on the issue of convoys.
the President for replies to
The Senator also asked
the
following questions;
or
At any time duiing the past
naval
otherwise
vessels
used
or
in
Coast
several weeks have United States aircraft
Guard cutters been
conjunction
used to
convoy,
escort or
with merchant vessels carrying goods to
belligerent countries?
employed?
2.
Are any such aircraft or vessels now being so
3.
Is there contemplation of such use of such aircraft or
near
4.
or
vessels in the
future?
What instructions have been given to the officers of any such
vessels with regard to action in the event that any of these
vessels carrying goods to belligerents are attacked
Committee
Associate Director General of the Office of Production
to
immediate
shall
Administrator
consisting of the Administrator
as
Chairman, the Secretary of the Treasury, the Secretary of Agriculture,
the Federal Loan Administrator, the Chairman of the Tariff Commission,
and
The United States Maritime
man¬
the
Four
Transfer
to
Under "Lease-Lend" Law
April 17 that it has acquired four American
and
to
necessary
The
and
Supply,
approval for the establishment of the principal sub¬
divisions of the Office and the
Supply
finds
he
as
and
Commission
to Britain
1.
The Administrator may provide for the internal organization
3.
agement
the
Maritime
use.
Keep the President informed in respect to progress made in carrying
Order; and perform such other related duties as the President
from time to time assign or delegate to him.
this
out
to
National Defense Mediation Board.
relative
importance of materials and commodities needed for civilian
use;
and advise and consult with the Office of Production Management
with reference to its procurement, production planning, priority, and other
actions the effect of which may be to diminish the supply of materials
and commodities available for civilian use.
i
Management; Sidney Hillman, AssociatelDirector of the
O. P. M.; John D. Biggers, Production Director of the
O. P. M., and William H. Davis, Vice Chairman of the
civilian
d. Advise and make recommendations to other departments and
whenever the Administrator deems it appropriate, in respect to the
2479
aircraft
merchant
?
The President at his press
conference on April 15 said that
required by law to protect its mer¬
chant vessels wherever they go, so long as they do not enter
combat zones.
This question came up with reference to the
reopening of the Red Sea, which is elsewhere referred to in
our issue today.
With regard to reports that the Navy is now convoying
shipments of war materials, Majority Leader Barkleyfof
Kentuckv told the Senate yesterday (April 18) that he had
been authorized by Secretary of the Navy Knox and|by
Admiral Stark, chief of Naval Operations, to say that "not
a single ship, American or foreign, carrying war materials
had been convoyed or is being convoyed" and that
"no
orders had been given by anybody in authority to convoy
such shipments anywhere in the world."
A previous item on the question of convoys appeared in
our issue of March 29, page 1999.
the United States
was
Government.
FRANKLIN D.
The White Hovse, April 11,
House
to
Authorizes
1941.
Its
Military and Naval Committees
Defense Program—Military Group
Investigate
Hears Situation
The House
ROOSEVELT.
on
Defense Strikes
April 2 by a vote of 327 to 1 directed its
Military Affairs and its Naval Affairs Committees to in¬
vestigate the progress of the national defense program.
Each group is authorized to make separate inquiries to de¬
termine whether the defense program is being carried for¬
ward "efficiently, expeditiously and economically."
The
lone dissenter to the study was Representative Marcantonio,
on
American-Laborite of New York.
The resolution
sored by Representative Vinson, Democrat of
is head of the Naval Affairs group.
was
Director
General
of
the
Office
of
Inquiry Armed Forces
Must
Be Prepared for
Possibility
of
War
Outside
Americas—UnderSecretary of War Patterson Testifies
Secretary of War Henry L. Stimson told a special Senate
committee on April 15 that the country
today is not only "facing a dangerous emergency but there is
strong evidence that this emergency may oe very prolonged
and that we may have to continue our effort for a long
time."
The Secretary added:
defense investigating
To meet all these contingencies we are now planning a program
which will cover many
of training
successive military units and many successive In¬
stalments of men, and which In the agrgetae may last for five years.
spon¬
Georgia, who
Appearing as the first witness before the special Senate
investigating the defense program and the awarding
of defense contracts Secretary Stimson also said that "our
forces must be prepared for the possibilities of war in many
and varied terrains, it being quite uncertain in what part of
North or South or Central America, or even possibly otner
regions it ultimately may be necessary to use them in the
defense of this country and its possessions."
Mr. Stimson presented to the committee a statement
giving "a general picture of what the War Department has
group
The Military Affairs Committee, which is headed by
Representative May, Democrat of Kentucky, heard testi¬
mony in its inquiry on April 7, 8 and 9.
The discussions
mainly concerned labor disputes in defense industries and
the opinions expressed were that no new labor legislation be
enacted at the present time.
Among those appearing before
the group were Secretary of Labor Perkins; William S.
Knudsen,
Secretary of War Stimson Says Emergency Facing
Country May Be Prolonged—Tells Senate Defense
Production
The Commercial &
2480
thinness of those markets.
faced it, and the ways on
overcome."
Stating that he believes the adoption of
Europe,
represented in the Congress, rather than laws conceived behind the closed
doors of commissions and bureaus or of self-serving financial interests.
It involved the creation in this country of a
enhancement of bureaucratic power or
This is fundamental, and unless we do
problem.
of Its training.
course
The
their way to
eight to twelve months ahead of our 1917-18 experience.
am
that
April 15, also appeared as a witness on the following
He disclosed that the Army is planning to
build 28 more camps capable of accommodating between
800,000 and 1,000,(XX) men in addition to the present
program.
This move, he explained, "is merely planning
against the possiblity that we will need more men."
With regard to Mr. Patterson's remarks on April 15,
United Press Washington advices stated:
group on
(lay (April 16).
last
stable and liquid securities markets
our
Secretary Stimson did not touch
on
so
Chairman Edward
the defense labor situation,
While
his
negotiated
contracts
are
approval; that all important contracts
subject
approval
to
Director
resorted
Donald
by
Nelson,
Office
and
he denied
gnored in the defense program
centrated in
(those
Production
of
that
small
April
by
14
certain
laws
have
amendments
introduced
was
York.
sale
in
the
effects
of
the
I gather that certain
and
provisions of
needlessly
our
U.
as
they
affect
the
are
little
The expense of complying with the requirements for registering a
even
attempting to put
their
securities
Some have given up the attempt entirely,
whenever they can get
securities
a
small group
an
of such institutions.
ties has become an
regretted.
them, and
privately—generally to
a
upon
some
the
public
a
This private placement of
outstanding feature in recent
markets!
years
bank
new
I find also that some of the regulations and practices of the
Commission extend, in my judgment, considerably
a
of reign of terror over
sort
strange
their
honest
men
having the result of establishing
who, fearful of the whims and
interpretations of the Commission,
are
afraid to go
ahead with
enterprises lest they be pilloried before the public and their reputa¬
tions injured.
of the
causes
In short, the replies I have received point at least
for the steady
and
to some
discouraging decline in the volume of
the views
of
as
many
We
Congress
are
we
New York
smaller exchanges.
other interested groups
as
we
We
could
the National Association
nearing the end of the job.
shall see that Representative
reviewed in joint conference
securities business.
Our
week.
Supreme Court Reverses Decision of 1918 Up¬
holding Conviction of Newspaper for Criticizing
Court Proceedings in Civil Contempt Case
S.
person can
Douglas
The
delivered
the
Chief
decision.
Justice
Hughes
and
Roberts dissented.
majority opinion reversed the contempt of court conviction of R. H.
Nye and L. C. Mayers of Lumber ton,
N. C., in connection with their
alleged attempts to persuade W. H. Elmore of Conway, 8. C., to drop a
$30,000 damage suit against the B. C. Remedy Co. following the death of
or to
securi-
and is greatly to be
Securities and Exchange
are
been working constantly on the
We have had almost weekly conferences
the National Associa¬
conference is scheduled for Friday of this
Justice
larger number resort to selling their
beyond the intent of the Congress and
agreement, we have
Dealers, the New York Stock Exchange, the
Justices Stone and
depend upon bank loans
insurance company or to
Repre¬
Supreme Court in ruling on April 14 holding that
be punished for civil contempt of court only if
the acts alleged to have obstructed justice occurred within
the physical proximity of the tribunal, reversed an 1918
decision which upheld the conviction of a Toledo, 0., news¬
paper for criticizing court proceedings concerning
street
railway affairs.
The Associated Press, in reporting this from
Washington on April 14, added:
security for sale to the public, and the long delays which frequently attend
that effort, have discouraged a larg8 number of firms, especially small firms,
from
problem of amendments
Lea's Committee and is
The U.S.
a
laws.
Jaws and of the regulations
especially
onerous,
Com¬
this
with the above mentioned representatives of the
the replies received to this investigation Mr.
Wadsworth explained in the House on April 14:
exceedingly
that
Wadsworth's suggestions are fully and carefully
to the various
the House on
securities
with
proposals to Congress.
of Chairman
member
But before we make a report to
Representative
and
a
of State Securities Commissioners, &c.
Regarding
fellow.
sought
In
securities
of
is
contact, such as the American Bar Association,
Wadsworth, Republican, of
introducing the measure Mr. Wadsworth
explained that he had directed an inquiry among men
"solely engaged in the conduct of productive business' to
find out their experiences in obtaining capital through the
New
agreed
Committee,
representatives of the various groups within the
Curb Exchange and representatives of the various
next
proposing
to
tion of Securities
Amendments
securities
Commerce
securities laws before bringing our
Pursuant
already overburdened localities.
bill
Foreign
with officials of the Investment Bankers Association,
Changes in Federal Securities Laws Proposed in Bill
Offered by Representative Wadsworth—Designed
to
Remove
Discouragements to
Investment
of
Capital—SEC and Securities Groups to Study
A
It will be recalled that Chairman Lea, Chairman of the House
and
problem since last September.
+,
Federal
of Representative Wadsworth's
the text
therefore presumably aware of that agreement.
are
being con¬
are
yet seen
securities business, that we should jointly study the
being
are
not
sentative Wadsworth
Purchsiang
concerns
of the Securities and Ex¬
glad to have an opportunity to study his views jointly
industry before making our proposals
are
mission and the accredited
subject
$500,000)
over
Management
that defense industries
or
are
have
Congress.
Interstate
only when
to
Eicher
the representatives of private
with
to
expedite work; that all cost-plus-fixed-fee contracts
necessary to
to
that
W8
proposals, we
to the
testified
C.
securities laws:
"The shelter, clothing and rations provided for troops are the best the
Army has ever provided.
The barracks are comfortable and have been
built to last for many years.
The clothing is of high grade, far better than
the grade issued in 1917.
The same is true of rations."
also
the legitimate private enterprise from functioning
change Commission made the following comment upon
receipt of information that Representative Wadsworth had
introduced a bill calling for amendments to the various
far.
truthfully be made that:
can
prevent
the powers and
1,500 employees, so
of administrative power
efficiently and in the interest of the people.
comparison with present and past preparedness
He said the statement
will not
and
March 1
"Management and labor have in general cooperated heartily with the
War Department to expedite the defense program, but every strike that
occurs in plants having defense contracts impedes our defense program and
we cannot afford impediments."
a
and its approximately
of the Commission
active,
for the protection of all investors and
economic system and to place proper limitations upon
discretion
Mr. Patterson observed that:
Mr. Patterson also drew
flow of capital into private industry,
that these laws will safeguard citizens from abuse
estimated $6,062,000,000.
for which contracts have been placed
amendments are to eliminate from these
fully protecting investors; to foster and encourage orderly,
white
dollar standpoint, he said, ships and airplanes account for 51%
of the entire program
protection of investors,
police these markets to prevent fraud and other abuses.
The underlying purposes of the
the figure has jumped to $6,000,000,000.
for the eight months ended
to
laws unnecessary impediments to the
He said the Army spent $66,000,000 in 1937 for equipment and facilities
Mr Patterson revealed that
as
With respect to the purposes of the amendments, which
apply to the Securities Act of 1933, the Trust Indenture Act
of 1939, the Securities Exchange Act of 1934, the Invest¬
ment Company Act of 1940 and the Investment Advisers
Act of 1940, Mr. Wadsworth stated:
testimony before the Senate
the Army made about 739,000 contracts worth an
well
as
formed.
and that for the current fiscal year
aggrieved
Securities Exchange Act
and foster orderly,
By an amendment to the preambles of the
8.
active, stable and liquid securities markets for the
against the value of the time saved and the size of the task per¬
Mr. Patterson, who began his
be published
the Commission is instructed that its duty is to encourage
confident that it will
will appear quite insignificant
of those mistakse
the total
I
when set
He
be adopted without giving the persons
obtain relief within the Commission.
and pressure under which
be found
efforts.
may
by any arbitrary or unreasonable act or ruling of an officer or employee
of the Commission, with an opportunity to appeal to the courts if he cannot
firms to advance the delivery of
when the work of this committee is completed,
While
(during which an offer¬
from 20 days to 7 days.
Provision is made to give prompt relief to persons injured or
7.
equipment, but their contrbituions to date
the manufacture of
a
involved in registration.
by the Commission until proven.
performed, it is inevitable that some mistakes have been made; but,
From
regulations
or
procedure
of the needlessly complicated registration
Charges of wrongdoing and of violation of law may not
6.
services and the War Department will continue
With the magnitude of the task and the speed
was
No rules
5.
supervise, coordinate, inspect and supply technical information in connec¬
will have made it possible for commercial
it
safeguards
to
adversely affected a fair opportunity to be heard.
The officials of the supply
the equipment some
adequate
subject
ing must be delayed after filing with the SEC)
industry.
tion with
publication,
Reduction of the statutory "waiting period"
4.
performed under the
From this point forward, the
chief responsibility for the speedy completion of the equipment will rest upon
greatest pressure and at very high speed.
to
the
of
and the reduction of the excessive costs now
coming forward steadily and in substantial quantities.
American
Simplification
3.
training well ahead and his heavier equipment will be
All of the work necessary to bring this about has been
detail now
misleading statements, of simple descriptive newspaper
advertisements informing the public of security offerings.
No soldier will lack the basic weapons
being fully equipped.
sufficient to carry his
of unimportant
mass
against false or
this summer the forces in training will be well on
have been completed and
voluminous
the
eliminating
Authorization
2.
phases of the War Department's production responsibility
initial
and
required.
By the middle of this summer the Army will be assembled, housed and in the
full
than the present form by reducing the requirements to essen¬
to investors
tials
the more out¬
be more comprehensible
Provision for a form of prospectus which will
X.
large highly, mobile force, and
responsibility of meeting this problem.
The War Department had the full
this we shall fail in our duty.
Representative Wadsworth summarized
standing of his proposals as follows:
equipping it for modern combat.
it involved training, housing and
information out among the
benefit alone, rather than for the
for the advantage of special interests.
them the Congress should seek its
In writing
people and should legislate for their
successful tacitcs of an aggressor nation in
suddenly faced last June with a new and difficult
was
.
laws stemming only from the people as
It is imperative that we enact
changed conditions of war¬
To summarize—the War Department, due to
his bill "will help
to fortify
put both dollars and men to work, and thus
our free institutions," Mr. Wadsworth added:
to
testifying before the Senate committee which is headed
by Senator Truman (Dem., Missouri), was Under-Secretary
of War Robert L. Patterson, who explained the War Depart¬
ment's procurement program.
Secretary Stimson, in summarizing his lengthy, prepared
statement, said that the delivery of equipment under present
conditions will be advanced eight to twelve months ahead
of the World War experience.
His summary follows:
Also
fare and to the unexpectedly
public markets, as well as for the jittery
securities passing in and out of the
do, the difficulties and obstacles which
which those obstacles have been
been called upon to
April 19, 1941
Financial Chronicle
•'
Mr.
Elmore's
Justice
son.
Douglas said that under a section of the Federal judicial code
"The fact that in purpose and effect there was an
obstruction in the admin¬
istration of justice did not bring the condemned conduct
of the court in any
"It is not misbehavior in the vicinity of the court
order
or
within the vicinity
normal meaning of the term."
disrupting to quiet and
actually interrupting the court in the conduct of its business."
Justice Dougals added that if the defendants
could be "punished for their
misconduct it must be under the criminal code where they will be afforded
the normal safeguards surrounding criminal
prosecutions."
Volume
2481
The Commercial & Financial Chronicle
152
Justice
He said that "we may concede that there was an obstruction in the ad¬
Black
criminal and
in
countered
dissenting opinion that the right to bring
a
dency" to obstruct justice constituted civil contempt would have supported
for the
purchaser,"
"many deplorable instances in our history" demonstrate that "the
Government as a purchaser of goods" needs the same protection as other
the conviction of the North Carolina defendants.
buyers.
ministration of justice, as evidenced
by the long delay and large expense
which the reprehensible conduct of petitionres entailed."
the opinion in the Toledo newspaper case holding that a
He added that
"reasonable ten¬
protection of the public, rather than for its self-protection as a
and that
Justices Reed and Douglas
But, Justice Dougals said, "That decision must be overruled."
Today's
hinged
case
HOyear old law giving Federal courts power to
on a
in the presence of the said courts
persons
misbehavior of any person or
thereto
or so near
obstruct
as to
the administration of justice "
Suit
that the phrase "so near thereto "could only refer to "geographical
and that it ignored
been
assumed
Court.
the
Both
dismissed
Court
District
the
and
Government's
the
Southern
the
in
filed
the damage
times
$1,053,474—three
recover
suit
on
New
Federal
the
claimed to have
York
Federal
that it
ground
•
Companies
B.
Goodrich
F.
Firestone
the
Tire
,
New
not
was
a
■:
Rubber
Co., and the Goodyear Tire & Rubber Co., Inc.
included
involved
District
Court at
Circuit
"person."
position"
"the entire history of the judicial intepretation of the
to
sustained—was
York
The dissenting opinion by Justice Stone said that the majority
Justice Murphy did not
joined in the dissent.
participate.
punish summarily for contempt and providing that this power "shall not be
construed to extend to any cases except the
injunctive proceedings was "given to the Government
&
Co.,
the
statute.
"'Near' may connote
proximity in casual relationships
as
well
as
Previous reference to this suit will be found in our issue
proxim¬
of Nov.
ity in space," Justice Stone said.
23, 1940,
3019.
page
"It is not denied," he wrote, "that the distance of the present contemptu
actiion from the court in miles did not lessen its injurious effect, and
ous
that
it
sense
drawn between summary
was
in
or
without adjournment of the pending proceedings as
the exigencies of the case may
require."
RFC
by
Brown
to
&
Williamson
Tobacco Co.
punishment for contempt and
contempt by a criminal procedure which would have to await the indictment
of the offender "with
Loan
$40,000,000
justice."
'near' enough to obstruct the administration of
was
A distinction
Announcement of
loan of $40,000,000
a
by the Recon¬
struction Finance Corp. to the Brown & Williamson Tobacco
wholly owned subsidiary of the British
made on April 16 by Jesse H.
Jones, Federal Loan Administrator, who was reported in
Washington advices to the New York "Times" as stating
at his press conference that day that the loan would be used
by Brown & Williamson as follows:
Corp. of Louisville,
a
American Tobacco Co., was
U.
S.
Supreme Court Rules Against Government in
Against Labor Organizations for Alleged
Actions
Violation of Anti-Trust Act
The United States
Supreme Court on April 7 upheld dis¬
by lower courts of actions against three labor organ¬
izations for alleged violations of the Sherman Anti-Trust Act.
Regarding these actions, the Associated Press said:
labor
The
in
the
involved
cases
The Building and Construction Trades
building trades.
of New
composed of 21
Orleans,
Sherman Act in moves against
Orleans Trucking
Council
locals and the United Brotherhood of
due British-American
notes
Tobacco Co., Ltd.;
$4,000,000 to retire all of the preferred stock of Brown & Williamson now
by British-American Tobacco; $5,500,000 to purchase from British-
held
American Tobacco shares of stock of Export Leaf Tobacco Co. and Smith
Paper, Inc.; $5,000,000 to permit a distribution by Brown & Williamson
British-American Tobacco, and $15,000,000 to
from its paid-in surplus to
off notes held by the Guaranty Trust Co. of New York.
pay
conspiracies
Joiners in Chicago were accused of unlawful
Carpenters and
under the
A. F. L. organizations
prosecutions against
to retire
$10,500,000
missals
On
CI. O. employees of the New
April 16, Mr. Jones was reported as stating:
The loan is made in line with the policy of the Federal
Association and the Harbor Plywood Corp., of Hoquiam,
Government to
Wash., respectively; the International Hod Carriers Building and Common
require the liquidation of British-owned American investments for the
Laborers District Council of Chicago and vicinity and a local of the Inter
pose
Union of Operating
national
Engineers were accused of unlawful acts in
be to the British owners if these American investments were sold
efforts to combat the mixing of cement in trucks during its transportation.
The Supreme Court in upholding lower courts'
delivered
no
the 5-2 decision of Feb. 3 in a similar
written opinions, but cited
involving the A. F. L. carpenters' union at the Anheuser-Busch brewery
case
in St. Louis.
The
long
This also
the basis for the lower courts' actions.
was
majority opinion in that
by Justice Frankfurter, said that "so
case,
distinguished
the Tightness
by
wisdom or unwisdom,
suffer no disturbance.
portant to our own economy, will
Associated Press accounts, in quoting Mr. Jones as above,
likewise stated:
,
No similar transaction is pending,
British government is
Technically,
stock of the American firm, but will pledge these securities to the
common
Supreme Court Upholds Lower Court on Ruling
Exempting Lease—Mine Coal From Provisions of
by
recent decision the United States
vote of 4 to 4, held that
a
which obtained coal
operated by others under
from price-fixing provisions of the
Act.
Regarding the decision,
handed down on March 31, Associated Press accounts from
Washington on that date said:
The action
the
Fourth
No announcement
The ruling by the
Co.
an
from
the
was
made
"affirmed
was
to how the
as
Supreme Court, "approves
told the
Department
device through which any large consumer can
purchase coal at prices below those established under the Act."
The Justice Department said the
nine
or
ten cents a ton
the land
or
mineral rights, and the remainder of
Coal "consumed by the producer" is exempt
the price of the coal to a
independent contractor."
under the Act.
The Justice
Department contended that the independent contractors, and not Seaboard,
the producers.
were
Increasing Income Taxes One-third—Plans
Raise
Following
a
conference
on
April 17 with Senate and House
leaders, Secretary of the Treasury Morgenthau indicated
that $3,500,000,000 would be sought in new taxes incident
to the financing of the defense program.
It was noted in
Associated Press accounts from Washington on April 17 that
while details of the tax
Seaboard company "arranged to pay
royalty, under a contract of lease, to the owners of
mine operator engaged under a contract as an
manufactures some well-known (Raleigh) tobacco
tax
justices voted.
the Justice
provisions,
a
plans remained to be worked out,
Secretary Morgenthau was authoritatively reported to have
advocated raising all present tax rates—income, excess profits,
excise, etc.—from 25% to 50% higher than existing levels.
The present basic individual income tax rate is 4%; the basic
corporation income tax is 24%.
Mr. Morgenthau is indicated as saying:
♦
I am
Supreme Court Rules United States Cannot Sue for
Triple Damages—Decisions Says Government Is
Not "Person" in Meaning of the Anti-Trust Law
States
Supreme Court ruled March 31 that
to sue alleged price-fixing
combinations for triple damages under the Sherman anti¬
United
The
Government is not entitled
the
trust
law,
collect
a
as
private individual or corporation can.
The
blocks a Justice Department suit to
We reached this figure on the basis
$1,053,474
from
17
manufacturers
tire
accused
of
We figure expenditures
about
Two-thirds of that is $12,667,000,000.
$19,000,000,000.
figure that existing taxes,
ing his further
tration has opposed it in the past
into available purchasing money,
case
hinged
upon
the meaning of the word "person" in Section 7 of
"any person who shall be injured
50-year-old Act providing that
outlawed
damages
combinations)
by him
may
sustained
sue
and
.
and
.
.
the
shall
of suit,
costs
recover
including
a
reasonable
States
majority
is
contracts
the
a
whom
they
opinion,
by
juristic person
made
Sherman
with
Act
are
it
or
"created
Justice
conceded that "the United
that it has capacity to sue upon
Roberts,
in the sense
in
vindication
new
rights
.
of its property rights,"
.
.
but that
available only to those
on
conferred by the Act."
ment
and
decision
to
that
act
said that other sections
against
combinations
Congress intended Section
in
because it believed the tax, by cutting
might seriously retard recovery from the
"
The Administration also is
>:
known to desire a sharp upward revision of the
excess-profits tax on corporations, and has been
estate and
The Adminis¬
general sales tax entered the scheme.
discussing higher rates for
gift taxes.
of
employers would withhold certain
percentages of wages and turn the money over to the government.
Mr. Morgenthau went on to explain how the figures were arrived at, and
finally asserted that while he did not know how the program would compare
with previous tax legislation he felt it safe to say that it might be the largest
a
pay
of revenue raising there also has been talk
roll levy, a system under which
the world has known.
Interprets Congress Intent
The
a
In addition to other means
attorney's fee."
The
of
depression.
(by
three-fold the
the following regard¬
jcomments:
states:
The
raise.
$3,444,000,000 short of the amount of taxes we ought to
From the Associated Press we quote
The possibility
We
after adding $1,000,000,000 to previous esti¬
of better business, will bring us $9,223,000,000, leaving
mates on account
us
and one-third by borrowing.
in the coming fiscal year, beginning July 1, will
conspiring to fix "collusive prices" in 1936 and 1937.
The
Associated Press, in dispatches from Washington, further
the
unanimous approval to this program.
that we ought to raise at least two-
thirds of our expenditures by taxation
be
Democratic and Republican leader¬
happy to say that the combined
ship of the Senate and the House gave
decision
four-to-three
interest basis, and Jones
Two-thirds
by an equally divided
Circuit Court exempting the Seaboard Air Line Railway
price fixing
4%
$12,667,000,000 Through Revenue to Meet
of Estimated Expenditure of $19,000,000,000—President Roosevelt Expected to
Bring
the Subject Before the Nation
to
order, which merely said that a judgment of
Court
Circuit
-..v."
court.".
Favors
Coal
taken in
was
Federal
10-year,
a
Secretary Morgenthau Indicates New Taxation Program
after
Conference
with Congressional Leaders—
exempt
was
Bituminous
Federal
made on
was
Supreme Court,
a company
from mines it leased, but which were
contract,
loan
predicted the loan could be repaid from current earnings of the Brown &
Williamson Co., which
Bituminous Coal Act
a
The
RFC.
of debts and purchase of certain
The British company will still own the
stocks from the parent company.
U. S.
In other cases, the
Brown & Williamson will transmit the $25,000,000 to its
parent British company by the retirement
which the particular union activities are the means."
Under
Mr. Jones said.
selling outright some of the British investments in
Recently it sold the American Viscose Co. for $100,000,000.
this country.
the selfishness or unselfishness of the end of
wrongness,
or
(under the Sherman Act) are not to
regarding the
judgment
any
outright,
These American companies, which are im¬
the companies liquidated.
or
union acts in its self-interest and does not combine with non-
a
as
labor groups, the licit and the illicit
be
dismissals of the actions,
pur¬
of providing funds for the purchase of supplies in this country, the net
proceeds of the loan being estimated to be what the net realizable sum would
of the law
criminal and
"An
empowered the Govern¬
injunctive proceedings
7 only for the use of the public.
ideal
way
to
of the new tax bill
"would be to increase
Nevertheless, he indicated that a portion
have paid no direct
raise this money," he said,
everybody's tax by one-third."
would be paid by individuals who
Federal taxes in the past.
The Commercial & Financial Chronicle
2482
He asked that he not be pressed at this particular
that score was "a
good question."
appropriation
agricultural
$450,000,000
over
President
increase
remarks
United Press dispatch
a
Roosevelt's
Congressional leaders at the meeting told reporters that Mr. Morgenthau
would speak for them and gave no independent comments.
included Senators Walter F. George, of Georgia; David I.
Walsh, of Massa¬
Robert L. Doughton. of North Carolina, Chairman of the House Ways
and Means Committee, and Representative Jere Cooper, of Tennessee,
Thomas H. Cullen, of New York, Democrats; Allen T. Tread way, of Massa¬
gan,
chusetts, and Frank Crowther, Republicans, of New York.
1.
Failure to empower the mediation board to
Failure
2.
provide
to
Said the Associated Press:
While the major purpose of the new taxes will be to pay for
expenditures,
Mr. Morgenthau said that another and very important reason was to pre¬
rapidly rising prices and a consequent inflation.
more money
He meant that the
the Government takes away from people in the form of taxes,
the less money
people will have available for competitive purchases which
stated that Chairman
Doughton
expressed the belief that tax increases "all along the line"
would be necessary to provide as much as $3,500,000,000 of
new revenue.
This, he said, would entail increased income
taxes, higher and "more" excise taxes.
As for the sales tax,
he said that
no
was
method of taxation had been "ruled out."
He added:
am very
reasonably
as
definitely of the opinion that
can to pay
we
should raise
every
April 10 designated 146 localities
as defense housing areas where
shortages exist.
Under Title VI of the National
Housing Act, an insurance fund is set up to underwrite
mortgages on family dwelling units in these defense areas;
approval of tnis legislation was reported in our' issue of
March 29, page 1997.
United Press Washington advices of
April 10 also said:
on
in 41 States and territories
acute
Just how much
we can
as
little
raise without dis¬
President Roosevelt,
according to Secretary Morgenthau,
approved the plans to raise $3,500,000,000 in new taxes,
and is soon to bring the matter before the Nation.
Mr.
Morgenthau said that "the President will cloose his own
time and place for discussing this with the people."
has
President Roosevelt Extends Export Licensing System
to Additional Products and Machinery
President Roosevelt
further extending the
on
Mortgages covering 90 per cent on $4,000
single-family homes; $5,000
two-family homes; $8,000 on three-family
on
homes, and $10,500 on four-family homes will be covered by the Federal
Housing Administration.
Defense
programs
Housing Co-ordinator C. F. Palmer pointed out that housing
already
under
are
in the
way
NATIONAL SUMMARY OF DEFENSE CONTRACTS AND EXPENDITURES
Based
on
press
releases of July 1, 1940-March 31, 1941
July 1-
the
House
Naval
Committee
Affairs
April 15, Secretary of the Navy Frank Knox urged that
Congress enact legislation providing a compulsory "cooling
off" period before strikes could be called in a defense in¬
dustry. Secretary Knox appeared before the group to give
his views on the bill by Committee Chairman Vinson of
Georgia providing compulsory mediation of labor disputes
in plants working on naval orders and "freezing" the present
status of labor for the duration of the national
emergency.
Mr. Knox also testified before the Committee on April 16.
Regarding his remarks
ington advices said:
on
April 15, United Press Wash¬
to blame for the strike situation.
our
national
sense
Some employers,
of danger
not
6,489,838,926
Emergency Ship Program
Department of Agriculture—
Farm Security Administration
Department of Commerce—
33,374,500
appear
to
tage the Nation."
their position
again if Germany should put a "fifth column"
group to work here.
He warned that, if Congress moved in accordance with the mildest
sug¬
gestions of labor critics, it would "enact legislation to forbid strikes, which
is just what you mustn't do."
"Our most important ground to occupy in this crisis," he said, "lies in
the field of providing an
opportunity for both sides to cool off and listen to
and calculate all th8 consequences of action before they take that
action."
He proposed that an effort be made to extract promises from the American
Federation of Labor and the Congress of Industrial Organizations to call
jurisdictional strikes during the emergency.
He believed that such a
promise could be obtained if leaders of the two organizations were called
to the White House.
no
He also advocated that labor organizations be
required to take out "some
kind of organization papers."
tion in
a manner
He stressed that he did not mean incorpora¬
that would put "organizations of human beings on a par
April 16, at the concluding session of hearings on the
bill, Secretary Knox suggested the bill be revised to provide
universal "cooling off" periods and that its other features
opposition to using
military force to intervene in labor disputes.
Opposition
to the bill was also expressed by spokesmen for the American
Federation of Labor and the Congress of Industrial Organiza¬
tions on April 16.
This
sum
for 31
auxiliary
Is not available on
a
vessel contracts awarded,
sum will
for which
State basis.
a
$10,000,000 for unnamed manufacturers of machine tools; excludes
(Total as of Jan. 31.)
Levels—Action Taken to Prevent
Spiraling—Way
Left
Open
for
Adjustments—Bituminous Coal Order Eased
Quarter
General
Price
The first major announcement by the new office of Price
Administration and Civilian Supply was made on April 16
Leon Henderson ordered steel prices
prevailing during the first quarter of 1941.
The action was necessary, Mr. Henderson explained, since
a rise in steel prices would have laid the foundation "for a
dangerous upward spiral of prices in general—which would
mean, briefly, boosting the cost of living."
He further said
that the effect of the defense program upon the steel industry
would be appraised and if price increases are warranted the
necessary adjustments can be made.
This announcement
followed the recent wage increase granted to steel workers
by major companies.
In issuing the order, Mr. Henderson made the following
when
Administrator
frozen at levels
announcement:
I have every confidence that the steel industry, which has
cooperated in the defense
On
He also expressed his
133,049,171
Department has allocated approximately $1,000,000,000
Price Administrator Henderson Freezes Steel Prices at
with organizations of dollars."
be abandoned.
46,293,665
443,150,894
supplementary appropriation of $30,485,375 for defense training with
emphasis on metal and mechanical work experience.
d Includes $100,315,682, release of March 20, 1941, for 239 small auxiliaries and
patrol craft, not available on State basis.
e $6,908,734 deducted, due to duplication; see recapitulation sheets for New York
Ohio and Pennsylvania,
f Includes $35,213,851 for unnamed manufacturers of machine tools,
recognize that certain sub-
He said that although the labor situation has improved
grow worse
7,089,711
26,867,713
1,254,333
Includes $35,354,306 for defense training and records; in addition, the NYA has
verside elements, "small in proportion to the population, are
trying to sabo¬
recently, it might
39,203,954
naval vessels being constructed in private yards.
$265,766,500
break-down of
received
First
not
266,323,350
23,642,580
53,297,702
in "Navy Contracts" as orders are placed for materials.
b Includes
c
7,130,250
416,283,181
131,794,838
(f)
Reconstruction Finance Corp. (£)---
on
1,400,000
46,167,452
Federal Security Agency—
Office of Educa'n Defense Training
In addition, the Navy
1,518,050
266.323,350
22,242,580
Agency—
Projects (c)
Federal Loan AgencyDefense Plant Corporation
a
324,800
497,050
1,021,000
WPA Defense
for armament
276,374,500
243,000,000
324,800
USHA Defense Housing Projects..
Public Buildings Administration..
against collective bargaining."
But, he said, it would be "fatuous"
128,482,361
5,486,641,636
<1208,244,865 <16,698,083,791
entirely
he said, "are taking
to strengthen
March 31
U. S. Maritime Commission—
g Includes
was
July 1-
March 31
e5,358,159,275
Army contracts
Navy contracts (a) (b)
cancellations.
Secretary Knox told the Naval Committee that labor
March 16-
March 15
Federal Works
Testifying before
Total
Defense spending in the second half of March totaled
$128,482,361 for the Army, $208,244,865 for the Navy, and
$287,563,857 for miscellaneous agencies. The total of defense
contracts and expenditures in the period July 1, 1940 to
last March 31 of all agencies and departments aggregated
$13,428,700,139 according to the semi-monthly report of
the Office of Government Reports, issued April 14, which
we give below:
list of articles under the export licensing
Secretary of Navy Knox Favors "Cooling Off" Legisla¬
tion for Defense Disputes—Testifies Before House
Naval Group on Vinson Bill
for workers.
Defense Spending in Second Half of March Raises
Since Last July to $13,428,700,139
Civil Aeronautics Administration..
reason
for other income groups.
♦
system.
advantage of
areas
Defense activities in the areas, he continued, are beyond the capacity of
April 15 issued two proclamations
The first proclamation, effective April 15, places
construction and conveying machinery and certain mine,
well and pumping machinery under the control system,
whereas the second order, to become effective on May 6,
covers six products, including some vegetable fibers, caffein
and casein.
Previous extension of the licensing system was
referred to in our issue of April 5, page 2171.
in- the
President were for defense workers
by the
approved
$1,800 to $3,000 income class.
dollar we
the expenses of the Government and pass on
possible to future generations.
shop.*
in 41 States and Territories
local industry's financing methods to provide suitable homes
turbing the national economy I can't say.
on
they become
before
Roosevelt Names 146 Defense Housing Areas
President Roosevelt
Projects
advices it
of disputes
Failure to deal with "the strike-breeding question of the closed
3.
might cause price rises.
same
mediation
for
strikes.
President
Morgenthau is reported as stating that even after
the unprecedented new taxes are levied, the Treasury will
have to borrow about $500,000,000 a month to meet the
huge expenditures for defense and the lease-lend program.
deal with jurisdictional
';'v
disputes.
Mr.
I
said:
remedy them all, in so far as naval contractors are concerned:
Those present
chusetts, both Democrats; Arthur H. Vandenberg, Republican, of Michi¬
In the
April 15 urging
existing
With respect to his
on
Representative Vinson cited three such defects and said his bill would
budget.
vent
the first witness
was
the enactment of his bill to correct "defects" in the
defense labor mediation machinery.
Mr. Morgenthau expressed opposition to Congressional efforts to
the
Chairman Vinson
time on the question
of the sales tax, but did say that a reporter's inquiry on
April 19, 1941
of
program,
patriotically
will continue to cooperate in the task
maintaining these selling prices.
Steel is
It is also
an
an
element of cost in practically every item of the defense program.
element of cost, direct or indirect, in virtually every item of
civilian consumption.
The market place looks to the price of steel
as
sheep
look to the bellwether.
A rise in steel prices
every
in
would inevitably be followed by rises in prices of
other basic commodity.
These increases would in turn be reflected
rising prices of manufactured goods.
Presently the ultimate
consumer
would find that he must pay more for what he buys, and so the foundation
would have been laid for
a
dangerous upward spiral of prices in general—
which would mean, briefly, boosting the cost of living.
There has not been time for accurate measurement either of
distribution factors in the steel industry.
or
production
Despite the fact that published
throughout the negotiations for an adjustment."
A joint statement issued
in behalf of
the board and the parties pointed out that several years
would
charges have been increased, and in
In
some
cases
in
the
industry
circumstances
thus
immediately
cannot
relationships
Under such
be determined.
increase cannot reasonably be justified at
general price
a
The action taken today to freeze steel prices at levels prevailing
summarily
steel price ceiling for the duration of the emergency or for any set
Rather, it is
an
effort designed to be
as
during
a
period.
helpful to the industry and its cus¬
tomers, of which the Federal Government is the largest, as to the economy
which
Act,
a
cooling off period during which
be
This action also forecloses arbitrary or precipitate action on
be
the
part of any member or group of members of the industry looking toward
price boosting and eliminates premiums for advanced delivery which a few
companies have already begun to exact.
"We
are
to
cost
as
immediately taking steps to resolve the prevailing uncertainties
factors, production requirements and distribution, both as to
defense and civilian needs.
If facts
Meanwhile, prices should not be advanced.
developed which show that
are
It cannot be too strongly emphasized that any steel price increase now
put us on the road to a series of economic maladjustments having their
climax in
a
Earlier
disastrous inflationary movement.
April 16, Mr. Henderson modified the bitumin¬
price schedule to avert hardship by offsetting any
wage-cost rises for mines where work had been resumed
under retroactive wage agreements during strike settlement
negotiations.
Bituminous coal prices were frozen on April 2 at or below
the prevailing level on March 28; this was referred to in our
issue of April 5, page 2171. Further details as to the present
action was explained in Washington advices of April 16 to
ous
on
company
over
reinstatement in
demanded
positions and back pay
their
far back as October, 1937.
The complaint, which
most important lodged with it during its three
as
considered
the
charged
also
operation,
the
that
union and discriminated against the C. I. 0.
M.
a
and
recorded
its
Workers of
Metropolitan maintained a
union.
Herzog, a member of the SLRB, presided at 154 hearings
period of two years.
More than 23,500 pages of testimony were
of
years
Professional
and
against
testimony
been
had
defense
the
When
exhibits
1,000
than
more
the settlement
the
came
the
company
presented.
.
.
were
received in evidence.
Board had completed
the introduction of
and about half of the Metropolitan's
.
stipulation of settlement
signed last night the company
was
Samuel Seabury and his associate, George Trosk, and
the union was represented by Sidney E. Cohn of the law firm of Boudin,
Cohn & Glickstein.
The Labor Board was represented by all three of its
represented by
was
members, the Rev. Dr. John B. Boland, Chairman of
the Board; M. Herzog,
Cassidy.
George
New York State
holding that
insurance agents are subject to the State labor law appeared
in our issue of April 11, 1939, page 2200.
The Metropolitan
Life Insurance Co. had challenged the validity of the law.
item
regarding the
of
ruling
the
Court of Appeals, handed down two years ago,
coal
the New York "Herald Tribune"
Coal sellers operating
as
purchasers to enable them to obtain, for coal
mined after the price schedule
is revoked and there has been substantial
resumption of production, an agreed sum equal to the maximum price set
in the schedule plus the increase in costs necessitated by the retroactive
wage agreement.
Iron
Steel
and
Industry Committee Created to Work
With OPM
Formation of
Defense Problems
on
Steel Industry
Iron and
Under present plans, the work of the committee will be
specialized
subcommittees
dealing with
various
Are Not in Interstate Commerce
of the owners of loft buildings
engaged in tue production of goods for
interstate commerce were held on April 2 to be covered
where
tenants
by the Fair Labor Standards Act in the case of the Wage
and Hour Division against A. B. Kirschbaum Co. of Phila¬
delphia.
The company was enjoined against further viola¬
tion, according to the Wage and Hour Division of the
Department of Labor, which on April 8 said:
Judge William
Federal
carried
on
through
including pig
products,
sary
of scrubwomen,
Union in
loft buildings housing light
executive subcommittee
An
has
been appointed,
consisting of Messrs.
Fairless; T. M. Girdler, Chairman of Republic Steel Corp.; E. G. Grace,
President of Bethlehem Steel Co.; E. L. Ryerson, Chairman of
Inland Steel
and time and a half their
under this construction of
The Act applies to all those employed "in any process or occupa¬
the Act.
The exact procedure
by which the work of the committee will be carried
crystalized, Mr. Fairless stated, but a definite plan will be
out has not been
developed shortly.
The committee has appointed Walter S.
Tower, President of American
Iron and Steel Institute, to act on behalf of the committee
in coordinating
its efforts with those of O. P. M.
Officers of the committee in addition to Mr. Fairless, the
Chairman, are:
C. V. McKaig, Vice-Chairman; George S. Rose, Secretary.
Chairman Fairless has notified ali members of the industry
tion of the committee and has asked for the full cooperation
of the industry in furnishing necessary
of the forma¬
of each member
information and in performing all
other services the committee may request.
For the convenience of members of the industry, offices
Steel
of the Iron and
Industry Defense Committee will be at 350 Fifth Avenue, New York.
NT. Y., adjacent to the offices of the American Iron and
"It
has
been
Complaint Brought Before New York State Labor
voluntary
Board
of
settlement
the
Division's
position that such
proceedings against the
maintenance workers
engaged in occupation necessary to the production
across
lines, regardless of the fact that they may
State
building landlord who himself is not the producer
General Philip B. Fleming, Wage and Hour
■
Administrator,I de¬
.
The Department reports that General Fleming was in
receipt of the opinion of Judge William H. Kirkpatrick and
called attention to these
paragraphs:
judg¬
intended for interstate
commerce manufactured by the tenants of the building, and
I so find.
The definition of 'necessary' given by Chief Justice Marshall is fairly ap¬
plicable.
'To employ the means necessary to an end, is generally under¬
stood as employing any means calculated to produce the end, and not as
being confined to those single means, without which the end would be en¬
tirely unattainable.'
The employees involved here cannot be excluded
from the operation of the Act unless the word necessary Is interpreted to
mean indispensable.
So to do would be to deny a liberal construction to
a remedial act, contrary to the fundamental canon for the interpretation of
statutes.
I find no basis for the defendant's interpretation which
in effect would limit the employees subject to the Act to those who work
upon or have physical contact with the article which will later move into
ment,
necessary
involved in this case are, in my
to the production of the goods
...
commerce.
..."
Referring to the defendant's argument that
Steel Institute.
Voluntary Settlement Reached Between Metropolitan
Life Insurance Co. and C. I. O. Union Incident to
Relations
the
of goods which move
be paid by the
of the goods.
Other¬
wise avenues of evasion of the law would be opened up and its protection
would be denied hundreds of workers, many of whom are in the low-wage
are
as a
A
the production" of goods for interstate commerce.
tion necessary to
"The activities of the employees
Co.; and E. T. Weir, Chairman of National Steel Corp.
and heavy manufacturing are
regular rate for overtime after 40 hours a week
clared.
stainless steel.
intended for interstate commerce manu¬
building."
janitors, and watchmen in every State of
entitled to the 30 cents an hour minimum wage
class,"
aluminum,
wire and wire products,
service establishment, the Judge said:
Unquestionably,
most if not all of the
his employees were exempt
Industrial
State
Organizations
the offices of the New York
The New York "Times" of
at
Labor Relations Board.
April 11, in noting this, said:
Under
the
agreement
the
union
all the
work done by the employees in this
servicing.
But the defendant's business
is primarily leasing a building for manufacturing purposes.
It sells or
rents space.
In order to promote its business it offers certain services to
be rendered by some of its employees.
.
.
.
However, the defendant's
business may be classified, it is not in my opinion a service establishment.
case
could be properly described as
Abner Brodie and Ernest
Votaw, attorneys, represented the
Administrator
in the trial of the case.
and
agents
allegedly discharged for
its
claim
for
union activity.
the
were
reinstatement
with¬
of
43
The company promised to
lump sum of $86,000, or $2,000 each, out of which they
were
to defray their own legal expenses and all other charges.
The SLRB, which has spent two and one-half years hearing the case,
commended both sides on "the spirit of fairness with which they acted
pay
the agents
a
Two rulings
in the matter were handed down on
April 2
by Judge Kirkpatrick, in the United States District Court
in Philadelphia, as to which Associated Press accounts
from Philadelphia said:
^
The
charges against the company
surrendered
drawn
n
.
______
Metropolitan Life Insurance Co., alleging unfair labor prac¬
tices, was reached on April 10 by attorneys for the company
and the Industrial Insurance Agents of the Congress of
in
to the production of goods
Thousands
the
Kirkpatrick held In his opinion that the
that other maintenance employees were "neces¬
factured by the tenants of the
nickel, zinc, and
products,
H.
employed by the owner of the building were engaged
interstate commerce and
iron, scrap, bars, plates, sheets, strip, structural shapes, tin plate, tool steel,
tubular
are
elevator operators
Defense Com¬
mittee to work in cooperation with the Office of Production
Management in the solution of iron and steel problems
arising in connection with national defense was announced
April 18 by B. F. Fairless, President of United States Steel
Corp. and Chairman of the new organization.
The com¬
mittee was formed by members of the industry at the request
of officials of the O. P. M.
Membership of the committee
consists of 30 chief executives of representative companies
producing the various kinds of rolled and finished steel
products. Further details were announced as follows:
an
Employees of Owners of Loft Building Held by Phila¬
delphia Judge to Be Covered by Wage and Hour
Act When
Tenants Are Engaged in
Interstate
Commerce—Federal Judge Woolsey in New York
Holds That Employees of New York Loft Building
Maintenance employees
follows:
such conditions will be permitted to sign
under
collateral agreements with
up
they
Office
They
union.
0.
SLRB
An
the necessary adjustments can be made.
can
unfair
United
the
said also that their discharges con¬
labor practices under the New York State Labor Relations
I.
the
and
increase might be warranted,
an
C.
a
and
When
Estimates and guesses are not enough when the Nation's welfare may
with
periods running
rationally appraised.
at stake.
Locals
for
Paul
Today's action establishes, if you like,
of the same date
asserted that they were discharged for activities
30 and 70 of the Industrial Insurance Agents,
agents
with
affiliated
is
America,
in general.
the effect of the defense program upon the industry and its cost factors may
former
connection
in
stituted
present.
the first quarter of 1941 should not be interpreted as fixing
■
43
The
The net effect of the defense program and the cost and price
York "Herald Tribune"
take the following:
we
producers to add certain additional costs to contract prices.
carried to a final deter¬
required if the case had been
by the State agency and then tested in the courts.
From the New
premiums have been ob¬
addition, certain contracts have escalator clauses which enable
been
have
mination
base prices have remained unchanged, concessions have disappeared, extra
tained.
2483
The Commercial & Financial Chronicle
Volume 152
trator
rulings were made in a test suit filed by
of the
Law, against the A. B.
Philip B. Fleming, Adminis"
Kirschbaum Co., owner of a
loft
13 porters for the Pennsylvania Greyhound
of $28,657.20 under the minimum wage standards.
building here, and in the suit of
Lines for back wages
In the case of the bus
the lines were primarily
line employees. Judge
Kirkpatrick said that while
regulated by the Interstate Commerce
regulation of the hours and wages of their workers is a matter
between the Commission and the Court under the labor law.
Commisison,
of discretion
The Commercial & Financial Chronicle
2484
In
sale
announcing that it has won the case brought by the
an attempt
to make the Wage and Hour
building service employees, the Realty Ad¬
visory Board on Labor Relations, Inc., of New York City,
under date of April 11, said:
post offices, banks and other places of business
May 1.
The Treasury said that the "Minute Man,"
symbol of the average American's stand against tyranny
of all kinds, will also appear on posters and other educa¬
tional
material
in
the
defense
savings program.
The
Treasury's announcement further said:
Government in
Act apply to
Federal Judge Woolsey, in the United States District.Court for the South¬
ern
District of New York,
in
decision rendered today, holds that the
a
The Government
employees of the Arsenal Building—a loft building at 463 Seventh Avenue—
are
building constitutes
and he also holds that the operation of such
The albums,
a
States
"service establishment" within the exception con¬
a
D.
Rawlins,
to
*The
suit
an
1938.
The
are
following extracts from Judge
by Mr. Rawlins:
AND
WAGE
HOUR
.
,
ARSENAL
Woolsey's
decision
The
&
The
Labor
Act,
./.*•
Standards
extend
Act
the limit
'
'
does
ington;
"production of goods for
com¬
not,
jurisdiction
to
any
an
obviously
After referring to the history of the Act
.
in Congress,
.
Judge Woolsey
Favor
not
Resolutions
•
.
am aware that a
...
in
the
case
.
.
different view has
of
Fleming against
that the real
question in this cause is
whether or not the facts that the defendants are "service stablishments"
within the exception contained in Section 13a-2 of the Fair Labor
Standards
Act of 1938.
„
.
.
It seemed to me
.
as
the trial progressed that the Government had in its
attempt to tie-up the employees of the defendant with "production of goods
for commerce" proved
beyond any per-adventure that the defendant.
Arsenal Building Corp. and Spear &
Co., Inc., as its agent, were "service
establishments" all of whose servicing was In intra-State commerce and I
find.
8o far
so
merce
It is difficult, if not impossible, to Imagine a more localized
employment
than the maintenance and operation of a loft or office
building.
President
Green of A. F. of L. Pledges
Support to
Treasury's Defense Savings Program—Tells Secre¬
tary Morgenthau of His Organization's Plans
William F. Green, President of the American Federation
of
Labor, on April 9 promised Secretary of the Treasury
Morgenthau that his organization would put its whole¬
hearted support behind the sale of Defense
Savings Bonds
and Stamps.
The new bonds and stamps will be ready for
distribution and sale on May 1.
Mr. Green said that he
an
endorsement
of the
Defense
Savings
all the A. F. of L. unions, and through them to
their 4,000,000 members.
In addition, he offered to dis¬
tribute pamphlets, posters and other information to all
program to
A. F. of L. members, and to include
Savings
news
of the Defense
in A. F. of L. publications.
Mr. Green
told the Secretary that he considered the
financing of the
defense program a "noble cause," which would
appeal to
the workingmen of America.
The Treasury Department's
Secretary.
If
would wish to buy Savings bonds with their union funds
and
Secretary Morgenthau assured Mr.
employers
would
used
be
on
Green
that
none
Manufacturers,
Relations.
The
statement,
:
are
of
moans
tried
and
settling
fail,
disputes
and
without
legislation
stoppages
then
seems
in
defense
necessary,
That
a.
strike is
least
at
majority of
a
the
employees of
any
unit
in
we
which
a
intended must have,
by properly safeguarded secret vote, indicated
strike.
b. That the Government may maintain appropriate actions in the courts
of the United States to prevent or terminate any strike or lockout
in
their
desire
violation
c.
to
of
out
go
such
act.
sunitable
That
on
should
means
be
provided for the prevention of juris¬
dictional
disputes.
d. For
making
forth
herein
mandatory the various recommendations we have set
voluntary settlement of disputes without stopping
the
for
production.
The Association recommended
Government with
that
those
charged by the
the
responsibility of mediating between
employers and employees should adopt a clear national
policy, similar to that adopted by the National War Labor
Board during the last war,
approved by outstanding repre¬
sentatives of organized labor and
organized industry.
should, in the opinion of the N. A. M.
Board, establish certain basic principles for the handling of
industrial disputes during the present emergency, including:
This national policy
1.
A
provision
that before strikes
record of negotiation
2.
A
declaration
that
both
reasonable effort to settle
which
ness
may
occur
Provision
which
or
between the parties
lockouts
over
a
occur,
there should be
a
reasonable period of time.
employers and employees should make
every
amicably, by mediation or conciliation, differences
between them.
that
affects
the
term
national
"national
defense
defense"
production
shall
whether
include
or
not
any
busi¬
such rela¬
tionship is directly with the United States.
would also
of the
pressures
employees during the 1917-1918 Liberty Loan sales
in
the present Defense Savings effort.
The buying of
Defense Bonds and Stamps, he
said, must be entirely voluntary.
At the end of their 15-minute
talk, Mr. Morgenthau said that he thought
Mr. Green's offer was highly
encouraging for thr success of the Defense
The N. A. M. Board in its resolutions proffered the Labor
Board
the
wholehearted
cooperation
of the
Mediation
N. A. M. and its Employment Relations Committee in facili¬
tating uninterrupted defense production.
Causes,
Savings program.
Today's meeting
of
believe such legislation should provide:
encourage their members to buy as individuals.
exerted by
Association
Employment
on
voluntary
production
3.
national psychology at this time," Mr. Green
He added that he was sure the A. F. of L. unions
National
the
the N. A. M. directors, declared that "every
avoidable interruption or obstruction of defense work is a
calamity. The gravity of the crisis demands that employers
and
employees voluntarily settle their disputes without
stopping production."
The manufacturers' group expressed
their basic opposition to enactment of any compulsory legis¬
lation to forbid strikes and lockouts in defense industries,
respect to the meeting also said:
Nothing could be finer for
said to the
of
Committee
program
announcement with
emphasizing that "national defense requires
use of all the skill and man-power the
authorized by
proper sense.
intended to issue
in
5 by Thomas Roy Jones, Presi¬
dent of American Type Founders and Chairman of N. A. M.'s
the
in any
Lockouts
and
made public on April
but declared
...
elevators were concerned which perhaps was the most
arguable point of the plaintiff's case I think that, if considered as
engaged
in any commerce, they were
engaged in a vertical intra-State commerce and
could not have been considered to have been engaged in Inter-State com¬
as
Strikes
Bar
to
country possesses" and pledging active cooperation with the
National Labor Mediation Board, approved by the Board of
Directors
however, although I
Laws
uninterrupted
were
.
and
Defense Industries
Act of 1938. The acts of these employees might "affect
commerce," but I
find that they did not function in the "production of goods for commerce"
even under the broad definition of
"produce" given by the statute.
.
James Monroe,
$5,000,
of
seems perfectly clear to me that the employees of the de¬
fendant are not to be considered as included within the Fair Labor Standards
to me,
Cleveland;
$1,000,
of Manufacturers Proposes Out¬
Legislation to Reduce Defense Strikes if
Voluntary Means of Settling Disputes Fails—Does
the
sequently, it
seems
$500,
$100, Wash¬
.
This Indicates quite graphically that when the Fair Labor Standards Act
of 1938 was passed the intent of Congress was that its ambit
should be
narrower than the ambit of the National Labor Relations Act
and, con¬
It
will bear the following portraits:
bonds
Association
line
than the words "affecting
continued:
been taken by Judge Kirkpatrick
A. B. Kirschbaum Co.
George
Cleveland;
...
narrower concept
used in the National Labor Relations Act.
as
G
$500, Jefferson:
National
of goods for commerce."
$25.
are:
Grover
Act
pro¬
This involves
bonds,"
$100,
does the National Labor
as
Federal
The limitation of the Federal jurisdiction under the Fair Labor Standards
Act is extended only to employees "engaged in commerce or in the
duction
"baby
or
In another item in our issue of today we give the rules
governing agencies issuing defense bonds of series E.
"affecting commerce."
commerce"
E,
Jefferson,
Thomas
$10,000, Theodore Roosevelt.
INC.
of the
$50,
F and
Series
CORPORATION
must determine what the words
Fair
savings program.
series
on
Woodrow Wilson, and $1,000, Abraham Lincoln.
DIVISION
COMPANY,
Those
Washington,
merce" used in the Fair Labor Standards Act connote.
Relations
An ade¬
Treasury also announced the portraits which wiU appear on the
bonds.
new
vs.
BUILDING
SPEAR
we
the Bureau of Engraving and Printing
presses at
running day and night on orders for the bonds and stamps.
quate supply is assured in every part of the country for the opening day
United States Department of Labor
Here
S
10-cent stamps may be pasted on a card containing spaces for 10.
of business in the defense
made available
AND
10 cents, red; 25 cents,
album is filled with stamps it will be exchangeable for one of the
an
Treasury officials said
bankruptcy.
The
of charge,
When the card is filled, it may be exchanged for a $1 stamp.
The burden would have been unbear¬
able for many buildings and unquestionably would have resulted in their
are
the front
on
the back, will be given, free
on
defense savings bonds.
new
increase in operating costs and the payment of retroactive wages for over¬
time worked since October,
eagle bearing the American flag
an
50 cents, blue; $1, grey, and $5, brown.
When
because
had the Government's contention been upheld it would have entailed
initial order
an
purchasers of any savings stamp higher than 10 cents in value.
green;
saying:
of tremendous importance to real estate owners
was
battleship and
The stamps will appear in the following colors:
Executive Secretary of the Board,
who made the above announcement is also quoted as
on
with attractive cover designs in color featuring a United
and the "Minute Man" statue
tained in Section 13a-2 of the Fair Labor Standards Act of 1938.
William
Printing Office has been working
for 30,000,000 pocket albums in which purchasers may paste the stamps.
neither engaged in interstate commerce nor in the production of goods
for interstate commerce,
April 19, 1941
in
Effects
and Preventives Against
Inflation
by E. A. Goldenweiser of Federal Re¬
System, Who, However, Sees No Evidence
Discussed
was
the first time that Mr. Green had
ever
visited any
serve
Secretary of the Treasury.
Treasury to Make First Shipment of Defense Savings
Stamps to Post Offices Today—Will Go on Sale
May 1
Will Bear Likeness of Statue of "Minute
Man"
First shipments of defense
savings stamps bearing like¬
nesses
of Daniel Chester French's famous
statue of the
"Minute Man" will be dispatched to
post offices throughout
the country today (April 19), the 166th
anniversary of the
Battle of Lexington, as a result of
arrangements completed
on
April 15 by the Post Office and Treasury Departments.
The stamps and defense
savings bonds will be placed on
of
Inflation
While stating that
tion
in
this country,"
"there is
E. A.
so
far
no
evidence of infla¬
Goldenweiser,
Division of Research and Statistics of the
System,
says that
"this is
a
Director of the
Federal Reserve
good time, however, to recognize
the characteristics of inflation and to be prepared to prevent
its development in the very early stages."
According to
Mr.
Goldenweiser, "inflation occurs when the volume of
actively bidding for goods and services increases
than the
available supply,
when the growth of
money
faster
national income in money
in
physical units.
foundation for
an
units is greater than its growth
A vast supply of idle money may lay a
inflation but, in and of itself, it does not
Volume
produce
threat
It is when this
one.
of
inflation
becomes active that a
Goldenweiser dis¬
money
Mr.
real."
becomes
the subject in the
cusses
System, and in
letin'
the
Board
Mr.
Governors."
of
statement
a
other values at
a
makes
Goldenweiser
"the first essential for
that
credit inflation is
or
in the 'Bul¬
writers, and not necessarily those of
signed articles published
in
those of the
are
article it is noted that
to his
footnote
a
expressed
the
of
development
the
strong and persistent demand for goods
time when credit is freely obtainable."
He goes on to say that "at the present time in this country
there is a great demand for goods for defense purposes and
an
also
an
public
There is
of the continuance of this demand.
assurance
of
amount
enormous
funds
in
of
hands
the
the
in the hands of the banks.
There is, however, still a large amount of unused capacity
in many industries."
Stating that "a general widespread
and
lending
of
power
inflation is not likely to develop so long as this is the
case,"
Mr. Goldenweiser adds:
Shortages
in
advances
have
however,
still
occurred
while
others
may
that they
scattered
so
industries
of
The
leading commodities
It
can
because
development of
neither
plant
capacity
shortages
of
unskilled
capacity
workers
in
without
So
lines.
long
are,
clear-cut line at which
no
supply
into
over
passes
a
many
full capacity,
completely
is
industries
some
mobile.
not prevent great
may
others, and the presence of large numbers of
jobs may not prevent grave shortages in many
these
as
instances
shortages
of
scattered
are
and
relatively few the situation is not properly described as inflation and can
handled
be
by
available
must
supply
meet
of goods
But it
general long
become
may
It should be kept in mind that it is the
is achieved.
and
not
possible supply
theoretically
the
that
growing demand in order to prevent inflation.
a
Goldenweiser
Mr.
remedies.
non-monetary
before full capacity
than after
a
"an
that
contends
inflationary
move¬
its early stages
amenable to control in
ment is much more
speculative spirit is abroad and growing costs
and admonitions
cease
to deter from unwise
can
undertakings."
In
general, he says, "inflation temporarily favors the rich
as
against
the
economic
the
and
they can stop things, but
them function well.
they can slow things down,
they can't coordinate them and make
f
that to the extent that they
details of the economic transactions of the country
of the country, they can make turmoil, they
activities
economic
make confusion,
can
agents out over the country,
from Washington, guide and control and regulate and
activities of 130,000,000 people?
The answer is that
undertake to go into the
and free labor,"
Speaking in support of "free enterprise
said:
Anderson
Dr.
We have used
radically different method of directing and coordinating
during the 150 years of our existence as an inde¬
a
activities
economic
our
pendent country.
laborers
work.
to
kind
this
and
many
into that kind of
for their labor, the best
themselves the best employment
employment for their capital.
We
We have relied upon the prices of goods
dollars to guide and to control our industrial
markets.
the
upon
measured
services
so
the self-interest of our people to seek
employment for their land, and the best
relied
and
work
of
rather relied upon
for
out
We have not had a government deciding whether shoes
produced and in what amounts, directing so many
into
go
We have
find
and
be
should
hats
or
in
activity.
them
made
When
votes
by
goods
produced
in
the ballot box, but we
The ballots have been
place.
market
the
at
are
by votes at
decisions
these
made
not
have
We
have
the
proportions—too much
wrong
thing—prices and profits very
quickly tell the story.
Falling prices for one commodity with rising
prices for another, make it worth while for men to shift from those activi¬
ties where prices are
falling to those where prices are rising.
With
declining demand for buggies and rising demand for automobiles, free
enterprise and the free and voluntary movement of labor makes the needed
response.
Production of automobiles is expanded; production of buggies
of
is
thing
one
and
little
too
of
another
contracted.
And
in
economic
an
kind the control and
of this
life
the guidance of
of economic life comes readily
who are most skilled and most
efficient in gauging the trends of demand and supply,
in coordinating
labor and resources in such a way as to produce the maximum of goods
with the minimum of costs, in using those methods which reduce costs,
in producing the proper amount of goods and getting them with a mini¬
mum of
friction to the Tight places and into the right hands.
We need no central brain, no central planning board, no authoritative
commands from above to make this system work.
And in this fact is its
particular enterprises and of particular parts
naturally into the hands of those men
and
the
Individuals, seeking their own advantage and studying
that affect their own particular actiivties, work
guided by moving prices in open markets.
doubt in my mind that in time of peace, at all events, a
merit.
greatest
factors
particular
social coordination
out the
There
the poor," and he adds:
"Inflation favors the
because the rapid rise
afford the speculator an
sitting at Washington with
men
they can't; that they are not qualified; and
non¬
priorities;
number of bottlenecks in
a
labor
nor
The existence of unused capacity in
skilled
by
be the introductory phase of a general inflation.
may
How
dollars.
long before the entire country is operating at
occur
They
of this discussion.
scope
mentioned, however, that there is
general inflation.
price
some
be handled
should
increasing number of bottleneck advances in prices
an
and
in the future.
come
and
can
exist
direct limitation of price advances,
as
rationing, which lie outside the
It should be
already
He continued:
subject to direction
run
life of a vast country such as
running the economic
ours?"
have
groups
methods, such
monetary
and
some
and
April issue of the Federal Reserve
''Bulletin" of the Board of Governors of the Federal Reserve
"views
2485
The Commercial & Financial Chronicle
152
is
no
enterprise and free labor, guided
free
speculator as against the investor,
system of
in securities and commodities may
by changing prices and
changing wages in the distribution of
opportunity to reap large profits, while the investor in fixed
interest-bearing obligations finds the buying power of his
revenues declining."
Discussing preventives against infla¬
tion Mr. Goldenweiser has the
Means
of preventing inflation
depend increasingly
sale
been
From
at
Government
the
to
banks.
the
diminish
United
the
pressure
States
larger part of
make
banks
speculative
the
new
coordinated
the pitfalls of
defense
ruptive
to
bank deposits
This
line
of
and
fiscal
Such
and
readjustment
banks
to
and
an
outlets
find
would
for
the
avoid
extension
of
further
restrain
in
funds
their
placing of
a
It would also
credit for unsound
growth
in
the
or
already
deposits.
can
to
monetary
after
for the
policy
purpose
of avoiding
contribute a great deal to the effectiveness of
the
possibility of
the
objectives
a
of
gradual and less
more
this
effort
will
have
dis¬
been
■
Through Free Enterprise
and Free Labor Seen by
Benjamin N. Anderson, Jr.,
Than Could Be Accomplished Through Any Gov¬
ernment Planning Board
Using
as
the theme of an address "Democracy and Eco¬
nomic Life in the United States," Benjamin
Ph.D., declared
a
on
N. Anderson Jr.,
democracy, seeking directly to regulate production
would in its political compromises make
heavy inroads on the accumulated stocks, the capital of the
gr®up, and would consume more than it produced, with a
deterioration of its productive resources and its standard
life."
Dr.
and efficient
Anderson
further
economic life
are
economists
and statisticians
Headed Toward Inflation of Euro¬
Not
States
Taxation
over
Although inflation possibilities grow as
the United States
proceeds towards higher levels, "the post-World
War experience of some European countries is hardly likely
in any foreseeable future in this country," Henry H. Ileimann,
Executive Manager of the National Association of
Credit Men, declared in his monthly review of business re¬
leased on April 15 in advance of the Association's 46th
annual National Credit Congress to he held in New Orleans,
debt rapidly
Concern over taxation and inflation—and the
in such investment hedges as farm
property ownership—are significantly noticeable through¬
out the country, Mr. Heimann says.
He added:
With the post-1929 deficits and the current defense program require¬
ments, renewed attention to taxes and living costs is as desirable as it is
May 11-15.
heightened
interest
asserted
that
"democracy
impersonal and automatic machinery for guiding and
controlling
the community's
productive activities—some
machinery which makes it to the interests of the individuals
in the system
understandable.
to do the things that bring about an economic
Dr. Anderson, who was formerly economist
of the Chase National Bank of New York, and who is now
Professor of Economics at the University of California, at
equilibrium."
Los
Angeles, delivered his address before the university.
He essayed that "our democracy has been and is a turbulent
and restive democracy, impatient of governmental restraint
unless
fully convinced that the restraint is necessary.
It
of imposing a
sweeping restraint in an impulse of strong idealism or at a
time when it is strongly moved by anger."
"What qualifications," he asked, "has a democracy such
as I have described for guiding and directing and controlling
democracy which is perfectly capable
The
few
next
will
months
witness
whether our Federal
simplified or whether the forthcoming tax
legislation in Congress will only add to the complexities, inequities and
tax
system will be improved and
burdens
of
present tax laws.
depend largely on the extent to which
The outcome of the situation may
business
men
devote attention
to this vitally important
themselves about their tax problems
in
gram
needs additional
Government
Federal
and
that will
matter and express
Representatives and Senators
the
desire to
to the
find
legislation sponsored
realization in Washington as to
rationalization of the tax system, and an apparent
way to handle the tax problem without adding unduly
of
importance
for the defense pro¬
will bear the brunt of the added tax
is interesting to note a growing
it
load,
revenue
be the basic purpose of any tax
by the Administration.
While it is likely that business
some
burdens of business.
Congressional hearings
tions and business
In
to their
Congress.
The
compatible only if there is
some
a
ablest
Post-World War Type, in view of H. H. Heimann of National Association of Credit Men—Con¬
April 14 that "one thing almost certain
and consumption,
is
the
,
•
Better Results in Peace Time
of
of
up
pean
policy has
absorption would
facilitate the
made
board
a
do it.
United
through
into required reserves
the absorption
with non-banking investors.
would
and
inflation
effort
to
achieved.
is that
possibly
a
cern
securities
issues
careful
more
purposes
the
on
Government
ample volume of bank
A
as
Such
point of view of banking authorities this policy may require
portion of the idle funds held by the banks.
a
the
securities
of additional
could
nor
organized
any
wisdom does
The
people in the aggregate and to direct their activities for the satisfaction
of these wants and desires.
The ablest economist could not possibly do It,
by the Government.
appropriate time in the future
an
of
of
adopted
so
whereby necessary borrowing
come out of existing invest¬
program
a
for the most part
ment funds and not out of the creation
the
fiscal policy
a
the national income advances.
as
policy would be supplemented by
by the Government should
following to say:
include
taxation
on
than
result
its activities, produces a far better
possible government planning board could accomplish.
not exist to anticipate the wants and desires of a great
approaching
First,
present
men
proposed tax hills will give business organiza¬
opportunity to request changes in our tax laws.
on
an
this matter two important facts should be kept in
the Government needs more tax revenue, and an
tax load
have
will
to be
mind.
increase in the
faced; secondly, all recommended tax
supported by convincing evidence
changes submitted to Congress should be
of the need for the change.
Discussing the financial side of domestic defense
policies,
Mr. Heimann states that "nevertheless, the manner
of our
the defense program will have a con¬
siderable influence on our financial record after the war.
deficit financing for
"If
most
individuals
of
the
and
rather
which have been the main source
raised
absorbed by
by the hanks
of the Government's funds
securities
Government
corporations,
are
than
by bonds in the past decade, then credit inflationary
can he reasonably well controlled.
It behooves
tendencies
every
American
citizen to do his part to help direct
this
The Commercial & Financial Chronicle
2486
financing along sound lines and to share in the new bond
program."
Secretary of State Hull Urges People of Western
Hemisphere to Rededicate Themselves to Defense
and Preservation of Freedom and Justice—State¬
ment
Industrial
Vast
Sees
Day—Vice-President Wal¬
Expansion in Latin
American
Pan
on
lace
America
Wallace went
on
April 19, 1941
that "the young men who have given up jobs
to say
5 times, or 20 times that which they are now
which paid them 3 times,
getting in the Army will not hold guiltless those who are impeding produc¬
tion in the hope of coming out of the current war with a net profit greater
than that which they normally
enjoy."
Advertisers Association to Issue
Financial
So-Called
Pay-as-You-Go
Survey
on
Checking Accounts
made in Chicago on April 7 by Preston
Vice-President of the Financial Adver¬
tisers Association, that the Association would make avail¬
able on April 15 a survey on the so-called no-minimum-bal¬
ance, pay-as-you-go checking accounts.
The study, the an¬
nouncement said, is now being completed by a committee of
which Horace F. Conklin, Vice-President and Cashier of the
Security National Bank of Battle Creek, Mich., is Chairman.
Announcement
was
E. Reed, Executive
On the
of the observance of Pan-American Day, April
eve
14, Secretary of State Hull called upon the people of the 21
American Republics to rededicate their thoughts and energies
"to the defense and preservation of those high principles of
freedom, justice, and order under law, upon which the in¬
dependent Nations of the New World were founded." In a
formal statement Secretary Hull, noting the "brutal dis¬
regard of international morality in some sections of the
world," said that Pan-American day" affords the people of
the Americas an opportunity to reafirm their unswerving
sanctity of
devotion to those ideals of mutual respect and
the
pledged word
which
America relations."
constitute the keystone of inter-
21
republics of the Western Hemisphere
and
sciousness
developed
a
renewed
con¬
appreciation of the high concept of international relations
the
in
joining in the annual observance
are
Americans
the
under
of
aegis
this great international
these days of
In
of
affords
the
the
a
new
mutual
sec¬
some
significance
and
to reaffirm their
opportunity
an
ideals of
those
to
acquires
Day
people of the Americas
devotion
swering
Pan-American
un-
of
the
and
respect
sanctity
pledged word which constitute the keystone of inter-American relations.
On this memorable anniversary, may the people of the United States
join with their brothers in the other American republics in rededicating
their
ticipated
upon
which
the
the
Western Hemisphere.
In Washington Vice-President
Henry A. Wallace, addressing a luncheon at the Pan-Ameriican Union, said that Latin America faced in the next 50
years a period of industrial expansion comparable to that
experienced by the United States from 1860 to 1910.
Reporting his remarks, an Associated Press Washington
dispatch of April 14 added:
"Based
the
on
experience of the United States,"
Union,
hence will have
"it
is
quite
possible
that
capital investment in industry
which she has today.
"It
is quite
a
possible that her
and the value of manufactured
The
in
Vice-President
Europe, adding that "we
Well
are
50
years
16 times."
or
conditions
building
Wallace told the
America
than ten times that
increase by three times,
wage earners may
output 10
contrasted
Mr.
Latin
more
the
in
New
World
with
those
impenetrable defense, moral
an
as
material," against dangers from abroad.
as
"As always, the New World is building up, not tearing down," Mr. Wal¬
lace
continued.
be protected
economic
"We
are
building ourselves
a
structure
wherein
from
abroad.
We
intend
toI
that
encourage
mercial^ intercourse which arises out of good faith and peaceful
and which is conducted
plan
we
In
we
may
from economic disturbance at home and be less vulnerable to
disruption
are
openly and fairly.
Against
commerce on
com¬
purpose
other
any
forewarned."
Havana
the
Cuban
by
in
This
covers
same
subject.
285
The literally thousands of facte and figures gathered have
$1.00
a
held
a
session
to
honor
President Roosevelt at which the title of "eminent citizen of
America" was conferred on him.
A special scroll was
presented to George S. Messersmith, the American Am¬
bassador, by Vice-President Dr. Gustavo Cuerva Rubio for
transmission to President Roosevelt.
is made to banks not members
Additional copies
copy
of the Financial Advertisers Association.
of the pay-as-you-go survey are
rate.
same
^
supplied to members at the
% • / .;
Lord
(Sir
Josiah)
Stamp,
Internationally Known
Economist, Killed in Air Raid on London—Was
Director of Bank of England and Headed England's
Largest Railway System
Lord
Stamp, a leading economist, director of the Bank
England, and head of England's largest railway system
—the London Midland & Scottish Ry.—was killed on
April 16 in a German air raid on London.
Killed along
with Lord Stamp—who had taken refuge in a reinforced
shelter in the cellar of his home along with other members
of the household—were Lady Stamp and their eldest son,
the Hon. Wilfrid Carlyle Stamp.
Lord Stamp, who was
60 years old, had occupied the post of Chief Economic
Adviser to the war Cabinet since October, 1939.
The New
York "Times" of April 18, in reporting on Lord Stamp's
death, pointed out that his position as director of the Bank
of England and Chairman of the Board of the London
Midland & Scottish Ry., among other important director¬
ships, made him one of the most powerful financial figures
in the empire.
Lord Stamp was better known in the United
States as Sir Josiah Stamp, having been raised to the peerage
only three years ago.
From Associated Press advices
appearing in the New York "Sun" we take the following:
of
Lord Stamp was born June 21,1880, in Bexley, a town in
embracing the world
war
worked
Vice-President Henry A. Wallace, in
addressing on April
12 the annual stockholders
meeting
Loan Bank of Winston-Salem,
S.
of the Federal Home
C., called upon the
American people to hasten production
during the coming
months "so that we can turn the scales toward a
speedy
peace for the world."
The Vice-President issued a warning
to those who are
engaged in industrial sabotage and sabotage
of the national morale, and declared that "the
public cannot
hold guiltless those who seize the current situation to settle
ancient, regional, personal and jurisdictional grudges and
in so
doing put sand into the bearings of our industrial
Further remarks of Mr. Wallace
follows by
as
the Associated
Winston-Salem, April 12:
Press
in
were
The last five years of his Government service*
1
Bureau.
His entry into the business world was as secretary
inspiring enough."
cooperation can do better," he con¬
is to
in
an
"They will do better if they know how exceedingly important it
bring about
so
a
rapid increase at
discourage the German leaders
almost perpendicular ascent.
once
as
in
our
to see our
Nothing will do
production.
Nothing
production advancing
more to encourage
the
British.
"The speed
determine
existence.
of
our
whether
If
or
production during the next "few months may well
not the United States must
eventually fight for
production is sufficiently speed, peace may com8 to
Europe several years sooner than would otherwise be the case.
our
.
"The course
of world events will be determined
management and labor to cooperate at
States and civilization.
sabotaging
our
once
to the great
,
.
by the willingness of
in the service of the United
Foreign agents know this.
labor organizations
and director of Nobel
Industries, Ltd., 1919-1926.
Then he went to Imperial Chemical Industries
and from there to dozens of
places in British commercial life.
included the chairmanship
His posts
of the London, Scottish & Midland Railway,
member of a board of experts
appointed by the reparations commission to determine Germany's capacity
to pay
In June, 1924, he helped draft the Dawes plan
for the world war.
for collection of German payments and
five
years
later represented Great
Britain at the reparations conference in Paris which evolved the
and the Bank for
Young plan
International Settlements.
A tribute to Lord
Stamp
came as
follows
on
April 17 from
Thomas W. Lamont:
The
raid
of the death of Lord Stamp and his wife in last night's
news
over
Stamp
London is sad reading for his many
was an
education,
a
Josiah
extraordinary British product, of modest lineage but of high
constant student of economic and financial problems
executive of outstanding achievement.
his memory
bombing
American friends.
and an
His American friends will cherish
first of all because of his extraordinary kindliness, his straight¬
forwardness, his fidelity to ail engagements and the whimsical humor which
rendered his natural ability as a negotiator so
like this that brings home to us the
tortured streets of London.
effective.
It is a personal loss
tragedy that hangs over the torn and
-
-
summar¬
advicesx from
Citing instances of increased production for national defense, he said
will
in the
until March,
Death
of I William"* R.
Satterfield,
AssistantlGeneral
Counsel of RFC
"these figures are inspiring but
they are not
"Labor and management by close
tinued.
on taxes
period, he was Assistant Secretary of the Revenue
In December, 1923, he was named British
machine."
of
Inland Revenue and, except for the years 1898-1900, when he was
marine department of the Board of Trade, he
which paid $75,000 a year.
Vice-President Wallace Calls Upon Nation to
Speed-Up
Production—Addressing Stockholders of WinstonSalem Federal Home Loan
Rank
Says Coming
Months May Determine Length of Present Conflict
ized
Kent, England.
At 16, as Josiah Charles Stamp, he won a clerkship in the Department
1919, a stretch of 23 years.
Senate
These have been
convenient examination.
interestingly interpreted through accompanying text.
exhaustively but
in¬
Special ceremonies incident to the 51st anniversary of the
founding of the Pan-American Union wiere held throughout
Pan-American
detailed four-page questionnaire, the survey was par¬
banks, using every variety of pay-as-yon-go plan.
eight times as many banks as any previous survey on the
very
a
been arranged in many charts for
thoughts and energies to the defense and preservation of those high
principles of freedom, justice and order under law
dependent Nations of the New World were founded.
data
generally.
spite of
A charge of
brutal disregard of international morality in
world
extensive
the offer of collaboration ex¬
accepted
Creek,
Advertisers Association, when it became evident
which he had compiled would be invaluable to
by the Financial
bankers
organization.
tions
bank at Battle
own
the
In
These celebrations bring each year
Day.
of his
tended
that
continued, in part:
Conklin, who last November had initiated the survey for the benefit
Mr.
His statement follows:
Today, the anniversary of the founding of the Pan-American Union, the
of Pan-American
announcement
The
That is why they are
disadvantage of labor itself."
William R. Satterfield, Assistant General
Reconstruction Finance Corporation,
Johns Hopkins Hospital, Baltimore.
was
born
Kennett, Mo., 67 years# ago, was named
Drainage, Levee and Irrigation Division of the
near
counsel of the
RFC when that division
1938, he
Counsel of the
died on April 11 in the
Mr. Satterfield, who
was
was
established in 1933.
Death of Robert S. Parker, President of
Bank of Atlanta
The death
On June 27
named Assistant General Counsel of the RFC.
on
Federal Reserve
March 28 of Robert S. Parker, President of
the Federal Reserve Bank of Atlanta, is noted in the April
issue of the Federal Reserve "Bulletin," publication of the
Volume
The Commercial & Financial Chronicle
152
Board of Governors of the Federal Reserve
System,
said:
which
as
its General Counsel, Mr. Parker
He continued
as
was
a
partner in the legal firm
1936, when he
Counsel.
He served in that capacity until Feb. 20,
appointed President.
for the
appointed First Vice-President and General
Recently he
was
1939, when he was
Death of S. W. Page, former Vice-President and Director
Batten, Barton, Durstine & Osborn, Inc., New
Advertising Agency
York
Stacy W. Page, former Vice-President and director of
Batten, Barton, Durstine & Osborn, Inc., advertising
agency, New York City, died on April 16 in St. Luke's
Hospital, New York, following a long illness. He was 60
years old.
Mr. Page, who retired from the firm last year
because of ill health, was born in Brooklyn and attended
schools there and in Montclair, N. J. He entered the employ
of Austin Nichols & Co., as a clerk and five years later became
a buyer for Procter & Gamble.
He was connected with the
latter firm from 1905 to 1909 and
in
various
salesman,
.
.
will
own
vile
so
thing
a
again from 1911 to 1917
capacities, including retail salesman, jobber
branch manager and assistant general sales
are
Harry
best defenders,
provided that
Hopkins
Page joined the Boston office of the George Batten
Co. in 1919 as an account executive, and was transferred
to the New York office four years later as head of new busi¬
ness.
When the company was merged with Barton, Durstine
& Osborn, Mr. Page continued as new business head and
later was in charge of a division specializing in the promotion
of package goods.
He also had been associated formerly
with the Curtis Publishing Co. in Boston.
With
Prime
the President had dissolved the liaison committee established
Dec. 6, 1939 to coordinate foreign military purchases
with the domestic defense program. This group was headed
on
by Secretary Morgenthau and was abolished at the Secre¬
tary's suggestion.
Mr. Hopkins, former Secretary of Commerce, recently
made a fact-finding survey in England of Britain's war needs
as personal representative of the President; his return to this
country was noted in our issue of Feb. 22, page 1223.
Associated
Press Washington advices
concerning the
appointment said:
Mr.
Roosevelt wrote:
"Purchasing operations by all countries in the lease-lend area will be
supervised by Harry Hopkins, and such operations by all other countries
which must necessarily involve consideration of foreign policy
cessed
King of Canada—Joint Defense Board
Completes Plans
will be
pro¬
by the Department of State."
House
White
Stephen Early said
Secretary
Hopkins would
that Mr.
supervise acquisition of all equipment for Britain and her Allies as well as
actual purchasing operations by these countries.
any
The
liaison
committee handled
,
approximately 2,000 requests between
More than 1,000 were British and some 700
July, 1940, and March, 1941.
Dutch, with the balance representing the American repubUcs and a
were
Minister
Mackenzie
Operations
Appointment of Harry L. Hopkins as supervisor of the
purchasing operations under the lease-lend program in
behalf of Great Britain and other countries resisting aggres¬
sion, was officially disclosed in Washington on April 14.
In an exchange of letters between President Roosevelt and
Secretary of the Treasury Morgenthau, it was revealed that
Portugal and Iran.
few other countries, such as Russia,
Confers
Purchasing
Supervise
to
Under "Lease-Lend" Program
Mr.
Roosevelt
our
they constantly inspire our action with their own resolution.
manager.
President
the Nazi system has shown
as
.
and our own faith
reappointed President of the bank
5-year term beginning March 1, 1941.
of
Our
the bank's General Counsel until
March 1,
was
down before
go
itself to be.
For many years prior to his retention by the Atlanta Bank on May 1,
1930,
retained by the bank.
vitality,
2487
Creation of the liaison committee
columns Jan. 27,1939, page
was
reported in these
619.
President Roosevelt and Prime Minister W. L. Mackenzie
King of Canada conferred at the White House
April 16
However,
there were reports that the subject of financial aid to Canada
was considered.
The Prime Minister visited Secretary of
State and Secretary of the Treasury Morgenthau on April 17
and left that night for a short vacation at Virginia Beach,
Va.
He is expected to again see the President early next
but the nature of the discussion
was
on
week before his return to Ottawa.
The last time the President and the Prime Minister met
at Ogdensburg, N. Y., in August last year.
There de¬
veloped from this meeting the establishment of a joint
States
Defense
Board
to
consider
the
defense of the North half of the Western Hemisphere; this
was mentioned in our issue of Aug. 24,
1940, page 1067.
This Board
April 17, at the conclusion three-day meeting
on
in Ottawa, announced the completion of plans for the defense
of the coasts of the two countries.
The following is taken
from
joint statement issued by the co-chairmen, Mayor
Biggar
a
Henry Bruere, President of the Bowery Savings Bank,
New York, has been appointed liaison officer to coordinate
Treasury Department defense financing plans with a program
of
cooperation with mutual institutions, Secretary Morgen¬
and Myron F. Converse, President of the National
Association of Mutual Savings Banks, said on April 16, in
a joint announcement.
Previously, Mr. Bruere has acted as
thau
>
was
Canadian-United
Bruere Named Liaison Officer to Coordinate
Treasury's Defense Financing Plans With Mutual
Institutions Support
Henry
not disclosed.
Fiorello H. La Guardia of New York and Col. 0. M.
adviser to the Government in railroad rehabilitation and
an
Mutual Savings banks will do their fuU part
naturally take
a
public in the purchase of these securities, giving the Treasury
+
Highway
Committee—Will Recommend Limited
System of National Highways Designed to Improve
Transportation
Roosevelt
President
Nothing is left to be done but to put the plan into operation.
advisory capacity
President
Halifax
Expresses Confidence in Ultimate
of
Great
Britain—British
Ambassador
Says Sea Power Will Probably Play Most Important
regional
Part
pletion
British Ambassador to the United States,
April 15 that although the present situation in
Viscount Halifax,
on
the Balkans and North Africa "is not free from anxiety" he
confidence in the ultimate outcome.
Speaking in New York at a dinner of the English-Speaking
Union, the Ambassador expressed the gratitude of his coun¬
trymen for the aid being extended by the United States and
This
and
is
review
to
a
data
existing
limited
am
in
serve
review will report
appointing
an
a
National Inter¬
advisory capacity to you.
and
and upon
surveys,
not later than Oct.
of national highways
to me
system
interregional transportation.
asking the following persons to accept membership on this com¬
i
^G.
MacDonald,
H.
Donald
of
Commissioner
Public Roads,
Federal
Works
Lansing, Mich.
Kennedy, State Highway Commissioner,
Bibb Graves, former Governor of Alabama.
H. Pursell, State Highway Engineer, Sacramento,
C.
Calif.
Delano, Chairman National Resources .Planning Board.
Bartholomew, City Planner, St. Louis, Mo,
Rexford Guy Tugwell, Chairman New York City Planning Commission.
Frederic A.
The President has
Harland
just taken action in three directions of great practica
Most of the members of this committee have both an extensive
First, he has added to our anti-submarine forces an invaluable group ol
United States Coast Guard cutters, and may I add that with your rapidly
growing Navy I trust that your officers will not long remain without the
of which the transfer of these ships deprived them.
seagoing command
Second, he has taken steps to make available for use the foreign shipping
lying idle in the ports of the United States.
Red Sea
com¬
1, outlining
designed to
for improved
basis
a
am
Thomas
value.
no
And third, he has declared the
longer to be within the combat area/because of the fact that
recent British victories
have removed the danger in which American shipping
might otherwise there have been involved by reason of belligerent activities.
Whether at any time it may
meet the situation as it
be within your power to take further action to
develops, it is not for
me to say.
Expressing the belief that "sea power will play the largest
part in bringing down the pillars of the Nazi temple," Lord
Halifax went
on
mass
complete confidence in the ultimate out¬
of practical facts, some of which I have outlined.
These take time to make their weight felt, but in the end must be decisive.
over
and above all this I find my mind constantly turning back to
that which is cardinal and matters most of all.
for freedom
as
a
problem and a sympathetic interest in its solution.
which
created
this
United
The
same
spirit, the
same
States, which created the
British Commonwealth of Nations, cannot, so long as it retains its true
upon the conclusion of our defense
productively some of the man-power and industrial
to construct a national system of interregional
This will permit us,
specifications.
utilize
program,
to
capacity
then
available
highways.
The
for
the
Federal
Works
efficient
Agency will
functioning
of
furnish such staff as will be necessary
and will compensate its
this committee
members for travel expenses incurred.
President
Roosevelt Names 10
Alternates
to
National
Defense Mediation Board
Ebb and flow must always mark the tide of war, but there are two main
First, the
that
knowledge
It is my hope
our national needs will be paramount in their deliberations and that
result of their recommendations we can prepare detailed plans and
the
of
to say:
lines of thought which give me
thirst
of its
to
mittee:
added:
But
Committee
conversations, I
Committee
recommending
I
M. Carmody, Administrator of
In a letter to Mr. Carmody the
says;
Highway
provide
has complete
come.
Highway
to John
Agency.
In accordance with our
Victory
14 appointed a seven-man
Committee to serve in an
April
on
National Interregional
our
the Federal Works
declared
Appoints Seven-Man Interregional
President Roosevelt
realistic view of conditions and there-
becomes necessary to defend either the Eastern or Western coasts of
Viscount
Department
complete support.
keeping these plans up to
fore'the plans have been prepared with minute detail in the event that it
countries.
They will assist the
largest sum of deposits in their 125 years of operation.
date to meet changing conditions, said the announcement.
The Board must
in supporting the Defense
Mutual institutions now hold more than $10,000,000,000, the
program.
of Ottawa:
The Board from now on will devote itself to
Mr. Bruere had the following to say:
other matters.
President Roosevelt issued
an
executive order on April 4
naming 10 men to serve as alternates on the National De¬
fense Mediation Board.
These alternates, who will serve
whenever
any
of
the
original
members
are
unavailable,
represent the public, employees and employers.
Appoint¬
ment of the regular members was reported in our issue of
March 22, page
1852.
The executive order follows;
The Commercial & Financial Chronicle
2488
EXECUTIVE ORDER
Amending
Executive
Alternate
Order No.
8716
By virtue of the authority
is
shall
vested in
assure
me
by the
that all
work
proceed without interruption and
hereby ordered
Dear Mr. President:
the Appointment
Provide for
Constitution
necessary
on
and the
for national
with all possible speed,
at the close of
I find
8716 of March 19, 1941, entitled "Establishment of
Mediation Board," is hereby amended so as to provide for
appointment of alternate members of the National Defense Mediation
Board, each of which alternate members shall be designated as alternate
for a regular member of the Board named in connection with his appoint¬
ment.
Any alternate member shall be authorized
to serve, when the
regular member for whom he is designated as alternate shall for any
reason
be
unavailable for such service, upon any division of the Board
designated by the Chairman of the Board under the provisions of Section 3
of said Executive Order No. 8716, and to perform in connection with such
service the duties and functions of a member of the Board with respect to
any matter before such division.
An alternate member^ shall receive com¬
pensation and expenses during any period of such service in like manner
as
regular members of the Board.
Executive Order No.
of your
FRANKLIN
the
D.
ROOSEVELT.
White House, April 4, 1941.
named
indicated
were
as
follows
in
Order
Board
No.
8716
the following
alternates for the Defense
as
provided for in the executive order
Provide for
to
the
"Amending Executive
Appointment of Alternate Members of
the National Defense Mediation Board" issued April 4:
Massachusetts,
for
nate
George
(Alternate
I.
of the A. F. of L.
(Alter¬
Pennsylvania, President United Hosiery Workers, C. I. O.
for Philip Murray).
Golden of Pennsylvania, Steel
Workers
(Alternate for Thomas Kennedy).
0.
agri¬
as
I
Defense.
am
delighted to do this.
I hope there
be other
may
ways
that X very much want to do so..
Sincerely yours,
The
,
CHESTER C. DAVIS.
;
President, in accepting Mr. Davis' resignation, wrote;
April 12, 1941
Dear Chester:
unfortunately, no
which will govern
future activities I have,
your
but to accept, effective at the close of business
recourse
April 15, 1941, your resignation as a member of the Board of Governors
Nevertheless,
You
I
System, tendered in your letter of April 11.
contemplate
called to
were
time of grave
assume
your
withdrawal
with
very
real
regret.
the responsbilities of a high public trust in
You have discharged
emergency.
also to wish you
undertake.
every
a
duty with vision,
Organizing Committee,
appreciation of all that
happiness and
success
in the
Very sincerely
yours,
FRANKLIN
A.
have done I decire
you
new work you are about to
■
;
W.
Clinton
C.
serve
also in which I can continue to serve you and that you will keep in mind
D.
ROOSEVELT.
United States Aid
Given Rank of Minister
Expediter of
Harriman,
Special Representative of the A. F. of L.
Meany).
Emil Rieve of
for the
you
and my appreciation
understanding that you wish me to continue to
Great Britain,
(Alternate
for George M. Harrison).
James Wilson of Ohio, Special Representative
me
cultural member of the Advisory Commission to the Council of National
In assuring you of my
Representing Employees
Watt of
discussion
ability and fidelity to the public interest.
Representing the Public
George Stocking of Texas, Economist of the University of Texas (Alter¬
nate for Clarence A. Dykstra).
Charles
Wyzanski
of Massachusetts,
Attorney-at-Law
(Alternate
for
William Hammatt Davis).
Walter P. Stacy of North Carolina,
Chief Justice, Supreme Court of
North Carolina (Alternate for Frank P. Graham).
Robert
personal
April 15.
of the Federal Reserve
has appointed
President
reached in
never-failing thoughtfulness and considerateness during the eight
It is my
on
White House announcement:
The
Mediation
understanding
myself unable to express adequately my gratitude to
Because I know of plans
alternates
as
the
I have had the privilege of working with you and for you.
years
the
Those
with
opportunities and responsibilities you have given
National Defense
The
accordance
Feb. 26, I hereby tender you my resignation as member of the Board
of Governors of the Federal Reserve System and ask that it become effective
it
follows:
as
In
of
the National Defense Mediation Board
Members of
statutes and in order further to
defense
to
April 19, 1941
who
W. Averell Harriman
was
sent to London
as
to
Defense
Expediter to coordinate the British-aid program, has been
given the rank of Minister, it is learned from Washington,
Associated Press, advices of April 11.
The United States
has two Ministers in London (as well as an Ambas¬
sador—John G. Winant), the ministerial rank having been
now
Representing Employers
Gerard
Swope of New York (Alternate for Walter C. Tcagle).
John E. Connelly of New York (Alternate for Ro?er D.
Lapham).
Charles E. Adams of Pennsylvania, President Air Reduction Corp. (Alter¬
nate for Eugene Meyer).
+
H.
F. Bright Appointed Manager of Publicity Bureau
of Merchants' Association of New York—Succeeds
F.
L.
Hopkins
ciation's
Who
Becomes
Assistant
to
Asso¬
of the Association.
lias
aid
to
England,
reference
page
Expediter of United States
newly created post, on Feb. 18, and
a
thereto
was
made in these columns
1223, and March 15,
page
Mr.
Bright succeeds Frank L. Hopkins,
appointed Assistant to the Association's
been
of
Feb.
22,
1689.
♦
Secretary
The appointment of H. Frederick Bright as
Manager of
the Publicity Bureau of the Merchants' Association was
announced on April 13 by Thomas Jefferson Miley, Secretary
who
given in February to Herschel V. Johnson, Counseler of the
United States Embassy in London; this was noted in our
issue of Feb. 22, page 1225.
Mr. Harriman was appointed
Secretary.
•
Mr. Bright has resigned his
post as Managing Director
the Broadway Association, which he held
during the
past two years, and assumed his new duties April 15.
For
several years, he was engaged in the real estate business in
of
New York and has had extensive
experience in newspaper
work and
community publicity in this city and the West
General
Chu
Appointed Chinese Military
Attache at Washington
Shih-Ming
General Chu Shih-Ming, head of the intelligence and
publicity department of the Ministry of Foreign Affairs of
China, has been appointed Military Attache at Washington,
according to a wireless dispatch from Chungking, China,
April 15, to the New York "Times" of April 16.
The
advices added:
General Chu will leave by plane for the United States within the next week.
He
educated at Norwich Military Academy and later attended the
was
Army Staff School at Fort Leavenworth.
He
was
at one time military
Attache in Moscow.
/"•'
Coast.
R.
T.
Seward
Appointed
National
President
J. J.
Roosevelt
McCIoy
as
Names
R.
A.
Lovett
and
Assistant Secretaries of War
President Roosevelt sent to the Senate on
April 10 the
nominations of Robert A. Lovett and John J.
McCIoy,
both of New York, to be Assistant Secretaries of War.
The
President stipulated that Mr. Lovett would be Assistant
Secretary of War for Air.
Both men have been serving
as
special assistants to Secretary of War Stimson since
last December.
The White House said that
Defense
Executive
Mediation
Secretary
Board
of
•
The appointment of Ralph T. Seward of New York City
as Executive Secretary of the National Defense Mediation
Board
announced
in
Washington on April 15.
Mr.
new position on April 16, has
been Chairman of the Board of Immigration Appeals of the
Department of Justice since November, 1939.
Prior to
was
Seward, who assumed his
that he
was
General Counsel of the New York State Labor
Relations Board.
Secretary
Stimson recommended both
promotions.
OPM Lists 140 Dollar-a-Year Men
Working
on
Defense
Program
Chester
C.
Davis
Governors
of
Resigns
Federal
as
Member
Reserve
of
Board
System—Was
of
Re¬
cently Elected President of St. Louis Reserve Bank
-—President
Roosevelt
Accepts
Withdrawal
I
"Very Real Regret"
i>%?s^en/ R°oseyelt
of Chester C. Davis
of
m
on
as a
the
April 12 accepted the resignation
member of the Board of Governors
Federal Reserve
which he said, "I
very
System in
contemplate
real
regret."
Mr.
with
Davis
a
letter to Mr.
your
wrote
withdrawal
the
Davis
with
President
on
April 11, requesting that his resignation be accepted effective
April 15, so that he might assume his new duties as President
of
the Federal Reserve Bank of St.
Louis,
he was elected in
February.
institution,
Davis
father
of
Mr.
the
a post to which
As President of the St. Louis
succeeds
William
McC.
Martin,
former
President of the New York Stock
Exchange, who retired from the Reserve Bank presidency
on
Feb. 28 under the
pension regulations of the Federal
Reserve System.
Mr. Martin's retirement and the election
of Mr. Davis as his successor was referred
to in these columns
March 8, page 1513.
In his letter of
resignation to President Roosevelt, Mr.
Davis advised the President that he would continue to
serve
to
as
the
agricultural member of the Advisory Commission
of National Defense.
Mr. Davis' letter,
April 11, follows:
Council
sent under date of
The Office of Production Management made public on
April 9 a list showing that there are 140 dollar-a-year men
working in its various divisions for the National defense
program.
Not included in the list are William S. Knudsen,
Director General; Sidney Hillman, Associate Director, and
other defense heads, since, it was explained by officials,
they were appointed under a 1917 law, under which they
do not receive any compensation but are entitled to expenses
incidental to the performance of their duties.
W. J. Lockwood Succeeds T. E. Colleton
Director of FHA—Latter
as
New Jersey
Resigned to Head Newark
Bank
Announcement
made
in Washington April 8 that
Englewood, N. J., was named that
day as State Director of the Federal Housing Administration
in New
Jersey, succeeding Thomas E. Colleton.
Mr.
Colleton, who held the post for the past 6^ years, has
resigned, effective May 1, to become President of the
Clinton Title & Mortgage Guaranty Co. of Newark, N. J.
As President of the company Mr. Colleton succeeds Joseph H.
Wood, who has become Chairman of the Board.
Mr. Lockwood joined the FHA in 1934 and for two years
was
Warren J. Lockwood of
was
chief underwriter of the New Jersey FHA.
He has
recently been Deputy Administrator in the Middle West
Zone.
Volume
M.
Robert
The Commercial & Financial Chronicle
152
Cooper
Resigns
Federal
The
Assistant
as
Counsel
General
to
Communications
announced
Commission
April 3 that it had accepted that day the resignation of
Robert M. Cooper as Assistant to the General Counsel.
Mr. Cooper has been with the Commission for about two
years, and during that time has been active in connection
with litigation, the chain broadcasting inquiry, the proposed
telegraph merger, and other important matters, the Com¬
mission's announcement said, adding:
on
Mr.
Cooper has had several offers of other employment
his
announce
plans for the future.
which
matters
have
been
He
will
following
2489
nominated
were
continue
Department
by the
specially assigned to him
did not
but
handle several
to
of Justice.
+.
Employees of New York Stock Exchange Present Scroll
to
Retiring President Martin—Is Inducted into
Army—Board of Governors Also Honors Him at
Dinner
Roy E. Bard of Sutro Bros. & Co.; George E. Barnes of Wayne Hummer
& Co.; Joseph P. Brown; John J. Bryant, Jr., of Jas.
John C. Stewart; Reuben Thorson of
and
illuminated
and adtrying
conditions," was presented on April 15 to William McC.
Martin Jr., retiring President of the New York Stock Ex¬
change, by employees of the Exchange and its affiliated
companies.
Norman T. Burke acted as spokesman for the
employees at the presentation ceremony.
The scroll also
acknowledged the employees' recognition of Mr. Martin's
efforts to improve the services and to broaden the public
of
his
scroll,
understanding of the Exchange,
personnel's best wishes
"appreciation
expressing
leadership under the most
gallant
and extended to
Charles
Swift
nominated
was
Mr.
Martin has resigned the presidency of the Exchange,
tive April 10, when he was inducted into the United
effec¬
States
Army as a private. An item with reference to this appeared
in these columns April 12, page 2330.
A group of executives
of the Exchange also presented Mr. Martin on April 15 with
appropriately engraved desk set at
an
held
in
Stock
the
dinner in Mr.
Exchange
Martin's honor
Club.
given
was
parting luncheon
A farewell
a
Luncheon
April 14 at the
on
River Club by the Board of Governors.
to
serve
Leeds
for
Stott
Nominated
York Stock
Chairman
as
Board
of
of
New
William T.
were:
The others all
membership in the Exchange.
nated.
the constitution
to
ment
York
are
the first nominees under a recent amend¬
of the Exchange,
The nominating committee which
making non-member partners
P.
worth
Mackenzie,
Sutro
Bros.
presented the reports consists of Went&
Co.,
Chairman;
nominated
was
Chairman
as
of Wagner, Stott & Co.,
a partner
of
Board
the
succeed
to
Charles B. Harding, a partner of Smith, Barney & Co.
Stott,
member of
a
Mr.
Exchange since 1929, has been a
1935, and has served on most of the
the
Governor since May,
Exchange's committees.
Floor
on
Procedure
Committee.
He is Chairman of the Committee
and
Vice-Chairman
of
Executive
the
Mr. Stott is also
a member of the special com¬
appointed by President Martin last month to make
^
mittee
recommendations looking to the election of a new President
and to further improvement of the Exchange's government.
Of the 12 Governors whose terms of office expire with
the
coming
election three were renominated.
They are
Beckers, a partner of Spencer Trask & Co.;
Coleman, partner of Adler, Coleman & Co., and
Joseph Klingenstein, a partner of Wertheim & Co.
The two
retiring trustees of the Gratuity Fund—Laurence M. Marks
William
John
K.
A.
of Laurence M. Marks &
Perrill & Co., and Robert F. Schenck, Jr.
New
Securities, Commodities, Banking and Allied Sec¬
Organiza¬
tion of New York Board of Trade Holds
tion
Meeting
The
organization meeting of the Securities, Commodities,
Banking and Allied Section of the New York Board of Trade,
Inc., was held on April 15 at Fraunces'Tavern in New York
City.
The meeting was called to order and addressed by
Arthur Snyder, President of the New York Board of Trade,
Inc.
Marshall Pask of Maekay & Co. acted as temporary
Chairman of the meeting and was later elected Chairman of
the section.
By-laws were adopted and the following were
elected
as
members of the executive committee:
Pask, H.
Horace S.
O. Rousselot, of Orvis Bros. & Co.; Emmett Corrigan,
The following
L.
Co., and H. Gates Lloyd of Drexel &
is the list
of nominations:
(for the +erra of
Oliver J.
Stott, Wagner, Stott & Co.
Six Members of
the Board of Governors, Members of the Exchange
the term of three years)—John A.
K. Cook, at
Joseph
Trask
Co.
&
&
(for
Coleman, Adler, Coleman & Co.; Charles
Scholle Brothers; Henry Upham Harris, Harris, Upham & Co.;
Klingenstein,
weather
Wertheim
&
(For the term of
Co.;
John
K.
Starkweather,
year)—William
one
K.
Stark¬
Spencer
Beckers,
Co.
Three Menders
of the Board of Governors, Allied Members
bers of the Exchange
York, who
business
Non-Mem¬
or
residing in the metropolitan
general
are
or
involving direct
area of the City of New
limited partners in member firms engaged in a
contact with the public (for the term of three
years)—Francis T. Ward, Clark, Podge & Co.; Albert H. Gordon,
Peabody &
Thomson
Co.
(For the term
of
year)—Richard
one
F.
Kidder,
Teichgraeber,
McKinnon.
&
Three Members
provided in the by-laws.
shortly name a nominating committee to sug¬
gest four Vice-Chairmen to represent securities, commodities,
banking and allied lines, respectively.
Among others attending the meeting were:
to add four additional members as
Crawford W. Wheeler, Chase National Bank;
Non-Members of the
of
the City of
firms having
or
Members
Allied
Exchange residing outside of the metropolitan
New York, who
are
general
or
area
limited partners in member
their principal places of business outside of said metropolitan
area
and
(for
the term
engaged
of
in
involving direct contact with
business
a
three years—Allan
Crary, E.
H.
F.
Hutton
the
&
public
Co.,
Los
Angeles, Calif.; Charles C. Renshaw, Mitchell, Hutehins & Co., Chicago, 111.
(For
the
Boston,
Two
term
of
one
of
the
year)—James
J.
Minot
Jr.,
Jackson
&
Curtis,
Mass.
Trustees
Laurence
M.
Marks.
M. L. Seidman of Seidman
Hansen, Robert Dennlson & Co.; John B. Maher,
& Seidman; Erick Wm.
Charles H.
Carlisle, Mellick & Co.; W. Wallace Gibson, A. H, "Whan & Co.;
Sugar Refining
Homans & Co.; Charles Milbauer, National
Bamberger,
Co.; Peter P. McDermott, Peter P. McDermott & Co.; A. C. Khies,
Vilas &
Hickey; E. H. Lindberg, W. R. Grace & Co.; Henry L. Brown, Doremus
&
&
Co.; Henry P. Cole, L. A. Mathey & Co.; H. V. B. McKeezer,
Goodbody
Harold W. Davis, Laird, Bissell & Meeds; Wm, T. Van At ten,
Co.;
Dun
&
Bradstreet's;
John
K.
Mills Jr., Peter Morgan &
Reuhl, the Park Co.; Frank Hope, Paine, Webber & Co.;
Wm. T. Devlin,
C. Weitzman, the "Wall Street Journal," L.
Dow, Jones & Co.; H.
Cameron, L. B.
Co.; Alvin F.
Cameron & Co.; John A. Gilbert, Arthur C,
B.
Vang, and
Robert Cameron Beadle.
Plans for the formation of this section were
issue of
April 5,
V.
McNutt
vention
Collection
to
be
to
of
noted in
our
2175.
page
New York Safety Con¬
York April 22-25—
Fighting Prints to be
Speak at
Held
Rare
in
New
Fire
Shown
Paul'V. McNutt, Federal Security Administrator, Wash¬
ington, will be the principal speaker at the Annual Dinner
at the Twelfth Annual Safety Convention and Exposition in
Hotel Pennsylvania, April 24.
Mr. McNutt will discuss the
need for speed and uninterrupted production in the National
defence
program.
Prevention
of
accidents
which
keep
from their machines, will be stressed as an
important factor in assuring continuous production in the
Nation's defense industries.
"No Time To Waste" will be
workers
away
the title of Mr. McNutt's address.
of the Board of Governors, Members
or
Troster, of Hoit, Rose & Troster.
Mr. Pask will
Paul
year)—Bobert
one
Inc.; Matthew G. Ely, of
Ely & Co.; Penn Harvey, of W. E. Burnett & Co.; Howard
The executive committee has been invested with powers
Co.—"were renominated.
Chairman of the Board of Governors
Ralph Chapman,
Farwell, Chapman & Co.; Francis O. McDermott, Alger, Perrill, Alger
Stock Ex¬
announced on April 14 the nominations for the
Board of Governors to be filled at the annual election on
Robert L. Stott,
renomi¬
eligible for governorships.
change
May 12.
are
The announcement of the Stock Exchange also says:
and Col.
Committee of the New
Bacon of
Bacon, Whipple & Co.; John R. Burdick, Jr., of Morton D.
Cahn, and Joseph A. Rushton of Goodbody & Co.
Messrs.
Bard, Barnes, Brown, Thorson and Swift are not now mem¬
bers of the Board.
They succeed William T. Bacon,
Richard W. Phillips and Herbert M. Weil, and Laurence H.
Armour and Thaddeus R. Benson, who recently retired from
Froelick, of DeCoppet and Doremus; Harold Bache, of J. S. Bache & Co.,
Exchange—Other Nominations
The Nominating
the
on
Mitchell, Winthrop, Mitchell & Co., was nominated
the 1942 nominating committee.
Other
Vice-President of Albert Frank-Guenther Law,
L.
year
Chairman of
nominations of the committee
Mr.
R.
one
Board.
him the
he enters military service.
as
H. Oliphant & Co.;
Jackson & Curtis; Alfred E. Turner,
Hugh H. Wilson.
Messrs. Bard and Barnes
An
miration
to serve three years as
members of the Board of Governors:
FCC
of
The
Gratuity
Laurence
M.
Fund
the
(for
Marks
&
Co,
term
(For
of
three
the
term
years)—
of
two
Davis, Representative in Congress from Ten¬
will be toastmaster at the dinner.
The Safety Con¬
vention, April 22-25, is sponsored by the Greater New York
Clifford
nessee,
Safety Council and 67 cooperating agencies.
There are 52
on the Convention program, and 200 speakers will
take part.
All phases of accident prevention—in the homes,
the schools, the industrial plants and on the streets and high¬
ways—will be studied in the four-day meeting.
The Con¬
sessions
vention
has
for
its
central
theme
"Safety—Defense—
years)—H. Gates Lloyd, Drexel & Co.
Liberty."
Arthur M.
collection of old prints and lithographs portraying
American fires will be shown at the Convention.
It is announced
Betts
Chairman
of
Nominated
to
Serve Fourth
Term
Board
of
Governors of
Chicago
the
as
Stock Exchange—Other Nominations
Arthur M. Betts, senior partner of Alfred L. Baker & Co.,
was nominated on April 16 to serve his fourth consecutive
that the first public showing
of
a rare
historical
The col¬
the Greater New York Safety
Council as a tribute to the National Board of Fire Under¬
writers and as a feature in the fire preeention campaign with
which the Board is celebrating its 75th anniversary.
The
lection will be exhibited by
nominees for all offices to be filled at the annual election of
prints and lithographs, it is stated, comprise the famous
Kennedy collection including all the Currier and Ives pyro¬
technic series showing famous fires in New York, Chicago.
the Exchange, to be held June 2 next.
Boston and Richmond.
term as
Stock
Chairman of the Board of Governors of the Chicago
Exchange.
The nominating committee has posted its
The Commexfiial & Financial Chronicle
2490
A
previous item with respect to the meeting appeared in
1855.
issue of March 22, page
our
♦
of America to Be
The annual meeting of the Actuarial Society of America
will be held at the Hotel Waldorf-Astoria, New York City,
May 15 and 16, it was announced on April 15 by Walter
Klem, Secretary, who is also associate actuary of the Mutual
Life Insurance Co., New York.
J. M. Laird, President of
the
Society, and Vice-President and Secretary of the Con¬
Hartford, will preside
necticut General Life Insurance Co.,
The business to be transacted at
at the sessions.
Schumann Jr., President General Motors Acceptance Corp.;
C. Boushall, President Morris Plan Bank of Vir¬
Thomas
ginia, and Charles H. Watts, President Beneficial Manage¬
ment Corp., Newark, N. J.
.
Annual Meeting of Actuarial Society
Held May 15 and 16
April 19, 1941
the two-
day meeting includes election of officers and members of
Council, presentation of new papers, discussion of papers
presented at the previous meeting, and informal discussion of
topics of current interest.
Topics to be discussed during the sessions include State
legislation for consumer credit standards, direct financing,
operating costs of consumer credit departments, personal
loans, interviewing, credit investigation and collection, ac¬
counting and operating procedure, automobile loans, and
promotion and advertising.
A unique feature of the threeday meeting is that the bankers attending will be divided
into small groups for the working sessions of the confer¬
ence, at which the same subjects will be discussed simul¬
taneously in each group.
This procedure is being followed,
Mr. Cravens explained, in order that the sessions may be
conducted as
informally as possible, with a maximum
amount of discussion of each topic and ample opportunity
for each banker to profit as much as possible for each
discussion.
.+
Policyholders
Service
of
Bureau
Insurance Co. Issues Report on
Metropolitan Life
"Inventory Control
Conferences
Methods"
Suggestions designed to be helpful to companies in the re¬
of their inventory control
practices are contained in a report entitled "Inventory Con¬
trol Methods" recently issued by the Policyholders Service
Bureau of the Metropolitan Life Insuranc
Co. The report
is based on data contributed by a number of industrial com¬
panies that are believed to have developed sound practices
of controlling inventories of supplies, direct materials, and
finished goods, says the Bureau.
It is not intended to cover
the control of work-in-process inventories, nor does it apply
to the merchandise control policies of retailers and whole¬
salers.
The announcement issued by the Bureau also says:
examination and reappraisement
The report summarizes specific advantages of a formal system of inventory
control, from the financial and operating points of view, and outlines six
basic elements which
normally part of a formal system.
are
Methods of
classifying inventories and records employed for identification and account¬
ing control purposes
are
described.
■
calls for consideration.
are
the pricing policy to be used.
tively
as
The four commonly-used inventory pricing
methods
described in detail, as are the various factors to consider in deciding
upon
and
pricing stock withdrawals
new
as
for
the replenishment
The question of determining time
of individual
stock
items
is
covered
as a means
in connection with
also
made
of
inventory control activities.
This should be of special
inventory adjustment
Mention
procedures and of provisions
for
review of stocks to guard against obsolescence.
A copy of
the report is available to executives who address
on their business
stationery.
Address Policy¬
holders Service Bureau, Metropolitan Life Insurance Co.,
the
Bureau
1 Madison
Avenue, New York, N. Y.
-
'■
'
1
•
■
m
Committees Named for Convention
Buffalo May
27 of New York State Bankers Association
at
26
Perry E. Wurst, Executive Vice-President, Manufacturer8
and Traders Trust Co., Buffalo, N. Y., and Chairman of the
Convention Committee of the New York State Bankers
Association, has announced the appointment of a general
convention committee and various special committees to
handle the Buffalo arrangements.
The convention will be
held in Buffalo at the Hotel Statler on May 25, 26 and 27.
Serving with Mr. Wurst on the General Convention Com¬
mittee
Bankers
Association
St.
Trust
Louis
in
by the Amer¬
August and November of this
it is announced by Carl W. Fenninger, President of
Division, who is Vice-President of
the Provident Trust Co. of Philadelphia.
The first of these
will be the 19th Regional Trust Conference of the Pacific
Coast and Rocky Mountain States, which will be held in
Seattle, Wash., on Aug. 6, 7, and 8, 1941.
Local arrange¬
the
Association's Trust
ments will be in
Men and the
charge of the Seattle Association of Trust
Corporate Fiduciaries Association of Washing¬
The second conference will be the 12th Mid-Continent
ton.
Trust Conference, which will be held in St. Louis, Mo., on
Nov. 6 and 7, 1941.
The Clearing House Association of St.
Louis and the
will
act
will
be
as
Corporate Fiduciaries Association of St. Louis
Local
hosts.
appointed in the
committees
near
for
both
conferences
future to complete plans for
two conferences.
The St. Louis conference will attract special interest be¬
cause the Trust Division of the American Bankers Associa¬
tion
organized in St. Louis 45 years ago.
was
ITEMS
Inc.
ABOUT
BANKS,
are:
TRUST
COMPANIES,
&c.
membership in the New York Coffee & Sugar Exchange,
was sold April 16 at $2,200 up $300 from the last sale.
of minimizing the record keeping and expense involved
interest to companies with relatively small inventory investments.
is
Hold
to
and
year,
A
the practices followed in this connection.
A section of the report discusses mechanical or visual unit control, em¬
ployed
Seattle
There is special discussion of the rela¬
"last-in, first-out" method.
amount
well
in
Two regional trust conferences will be held
ican
these
v
The method of evaluating inventories and of
Association
Bankers
American
*
Gilbert
T.
Stephenson, Director of the trust research
department of the Graduate School of Banking, a section of
the American Bankers Association, was scheduled to address
a
personal trust round table meeting of the New York
Chapter of the American Institute of Banking last evening
(April 18) at chapter quarters in the Woolworth Building.
According to an announcement April 17 by Edgar R. Shumway, Secretary of the group, Professor Stephenson was to
discuss the question, "Will Standardization Solve the Small
Trust Problem."
The legal phases of the problem were to
be reviewed by Joseph Trachtman, attorney for the maga¬
zine
Trusts
and
Estates.
Edgar B. Landis, trust officer
Co., the announcement said,
of the Chemical Bank & Trust
was
to
preside.
♦
On
April 16 the board of directors of the Corn Exchange
Bank Trust Co., New York City, elected Herbert J. Stursberg as a member of the board. Mr. Stursberg is President
of Herbert J. Strusberg & Co. and Treasurer ana a director
of the Livingston Worsted Mills, Inc., of Holyoke, Mass.
George F.
Rand, President. Marine Trust Co.; lewis G. HarrimanPresident, Manufacturers and Traders Trust Co.; G. G. Kleindinst, Presi"
dent, Liberty Bank of Buffalo; Herbert J. Vogelsang, President, Niagara
National Bank; Howard F. Klaiber, President, Lincoln-East Side National
Bank; Victor Holden, President, Buffalo Industrial Bank; E. A. Rick,
President, Adam, Meldium and Anderson State Bank; Charles Diebold,
Jr., President, Western Savings Bank; Robert M. O'Hara, Managing
Director, Buffalo Branch, Federal Reserve Bank of New York; John N.
Garver, Vice-President, Manufacturers and Traders Trust Co.; Charles
L. Gurney, President, Buffalo
Savings Bank, and Dean R. Nott, President
Erie County Savings Bank.
*
The
following
are
the chairmen of the other committees
Entertainment, Frank S. Hershey, Vice-President, Marine Trust CoGeorge J. Kloepfer, Vice-President, Liberty Bank of
Educational, Fred C. Sprickman, Secretary, Western Savings
Henry Hornblower,
of the
of the oldest members
become
a
Stock Exchange in point of service, having
member of that Exchange in 1888.
A native of
Lawrence, Mass., Mr. Hornblower entered the investment
business in 1879
as a
clerk in his father's firm of Hornblower
& Page.
In 1888 he left this firm to form a partnership with
the late John W. Weeks.
With this firm—Hornblower &
Weeks—Mr.
retirement
Co.
was one
Boston
Transportation,
Golf, Jack A. Ahern, Assistant Secretary, Manufacturers & Traders
Trust Co.
Finance, August G. Haselbauer, Comptroller. Marine Trust
of the founders of the investment
At the time of nis retirement he
Buffalo.
Bank.
one
and brokerage firm of Hornblower & Weeks, died of heart
disease on Apiil 11 at Pinehurst, N. C.
Mr. Hornblower,
who was 77 years old, retired from the firm on Jan. 1, 1936.
Hornblower
was
actively associated until his
Jan. 1, 1936.
He was a member of the Board
of Governors of the Boston Stock Exchange, and a Director
of the
on
Bangor & Aroostock RR., Heywood-Wakefield Co.,
Association and other corporations.
New England Power
Previous reference to the convention
columns of March 1, page 1370.
was
made in these
credit conference to be held
John F. Harris, Senior Partner in the New York Stock
Exchange firm of Harris, Upham & Co., New York City,
died on April 14 at his home in Palm Beach, Fla., at the age
of 78 years.
While maintaining an apartment in New York,
Mr. Harris had made his permanent residence in Florida
since 1924, and from 1932 to 1939 had served as Republican
ciation
National Committeeman from that State.
Program for A. B. A. National Consumer Credit Con¬
ference to Be Held in St. Louis
April 23-25
Completion
of the
program
for
the
national
consumer
by the American Bankers Asso¬
the Hotel Statler, St. Louis, on
April 23-25, is
announced by Kenton R. Cravens, Chairman of the Associa¬
tion's
in
Consumer
Credit
Council, who is Vice-President of
the Cleveland Trust Co., Cleveland.
Four general sessions
and six group sessions on various phases of consumer credit
will feature the program.
Speakers at the general sessions
Davis, President of the Federal Reserve
Louis, who until recently was a member of the
include Chester C.
Bank of St.
Board of
Governors of the Federal Reserve
System; J. J.
Mr. Harris
University
-was
born in Boston and
was
educated at the
of Nebraska.
Following his graduation, he
entered the grain business in St. Paul, as a country buyer
and shipper, and a fewr years later went to Chicago and
became a member of the Chicago Board of Trade.
At the
turn of the century, he came to New York and became a
partner in Harris, Gates & Co., and in 1907 founded the firm
of Harris, Winthrop & Co.
This firm was dissolved in 1929
Volume
The Commercial & Financial Chronicle
152
when Mr. Harris became senior partner
& Co.
of Harris, Upham
of
Queens, it is
2491
from the Department's
learned
"Weekly
Bulletin" of April 11.
■.
Joseph C. Rovensky, director of the Division of Finance
and Industry on the staff of Nelson A. Rockefeller, Coordi¬
nator of Commercial and Cultural Relations between the
Council of National Defense,
addressed the Bankers Forum of New York Chapter, Amer¬
American
Republics
the
on
ican
Institute of Banking, at a dinner meeting held in the
Drug and Chemical Club on Thursday evening, April 17.
Mr. Rovensky discussed "The Economics of the Good Neigh¬
bor Policy Among the American Republics."
Shepard Mor¬
gan, a Vice-President of the Chase National Bank, presided
at the meeting.
Mr. Rovensky, who is also a Vice-President
of the Chase National Bank, has been prominent in foreign
trade and banking circles for many years, and was elected
President of the Bankers Association for Foreign Trade at
the national convention
a
Since last September
ago.
year
in connection with the
he has been serving at Washington
national program for developing
Pan-American unity.
De¬
the prin¬
cipal speaker at the annual Presidents' Night Dinner of the
Savings Bank Women of the New York Metropolitan Area,
which was held the evening of April 16 at the WaldorfMrs.
Vera
Dean, Director of the Research
Micheles
partment of the Foreign Policy Association,
Hotel.
Astoria
Presidents
of
officers
executive
and
was
the
banks represented in the membership of
guests of honor.
Mrs. Dean's subject was
"What Next in Europe?"
Miss MabdlF. Thompson, Direc¬
tor of the Service Department of the Union Dime Savings
various
savings
the group were
Bank
Chairman of
and
seated
Savings Bank; Philip A. Benson,
Brooklyn and past President of
of New York and President of the Bowery
the
of
the
Kinsey,
Henry
President
Andrew
the
Savings
Bank and
New
York;
Elizabeth
Miss
Bond Club
of the Association of
Division
the
Miss Hilda Hoffman, Statis¬
Bowery Savings Bank and Chairman of the Middle Atlantic
Bank Women, and Mrs. Edith R. Theiss of
the
of
tician
Bank, Vice-
of the Chase National
Grover
of Bank Women;
President of the Association
Flushing Savings Bank, Chairman of the Program Committee.
of Bank
Women were entertained at a tea by the Chase National
Bank of New York at its head office, 18 Pine Street, last
night (April 18), at which Miss Elizabeth S. Grover, man¬
ager of the women's department of the Forty-second Street
branch of the Chase and national Vice-President of the
Association, presided.
Women of the New York press were
guests of honor.
Miss Kathleen McLaughlin of the New
York
"Times," President of the New York Newspaper
a
President
of
been
President
' •"
.
meeting preceding the affair.
Altman & Co.,
President of B.
Burke,
was
on
his
Yale
from
graduation
Burke has
1912 Mr.
in
served
continuously with Altman's and has been President
of
company
the
He is also President of the
since 1931.
Foundation, and
Foundation and of the Friedsam
Altman
Avenue Associa¬
has been an officer or director of the Fifth
Retail
tion,
Association
York.
New
of
Association,
Goods
Dry
He
is
a
and
tion
trustee
of
Franklin
of
At
meeting of the Board of Trustees of the Bank of
a
New
York, held
elected
was
and
dent
President
on
April 15, Langbourne M. Williams Jr.
Mr. Williams is Presi¬
trustee of the bank.
a
director
and
of
the
director
Freeport
of the
and also
Sulphur Co.,
Cuban-American
Manganese
Corp.
His other directorships include the Sulphur Export
Co., the B. F. Goodrich Co., and the United States Guaran¬
Co.
He is also a member of the Executive Committee
tee
of the
personal loan service, with or without co-makers,
has been established by the Hellenic Bank Trust Co., 139
new
Street, New York, it was announced on April 16 by
Hardaloupas, President of the bank.
rates for loans
is
on
a
co-maker
announced, which,
it
is
or
Annual discount
collateral basis
said, is the lowest
are
per
3%, it
annum
being offered for accommodations of this type.
Pro¬
vision is also made for automobile financing with discount
rates at 4% per annum, and only the inexpensive fire and
rate
theft insurance coverage are
is under
the
required. The new department
supervision of Albert Benston, formerly with
the Merchants Bank of New York and the Morris Plan Bank.
The
Empire Trust Co., New York City, on April 4 received
authorization
ment
to
Airport
from
the
New
York
State
Banking
Depart¬
open a branch office at the New York Municipal
(LaGuardia Field), North Beach, in the Borough
of
assets
■
■
;
D.
Flanders,
York,
President
of
of the
trustee
a
as
Lawyers Title
bank to fill a
,.,4';
♦
L.
Van
Wie, a former partner of the New York
Stock Exchange firm of Jas. H. Oliphant & Co., died on
April 10 at his home in Montclair, N. J.
He was 69 years
old.
A native of Greenfield, Ind., Mr. Van Wie had been
associated with the firm of Oliphant & Co. since 1908.
He
retired
from active business at
the end of 1940.
•—
.
■
'i
■
The
Brooklyn Trust Co. of Brooklyn, N. Y., on April 14
marked the 75th anniversary of the beginning of its corpo¬
existence.
rate
On
1866—exactly
April 14,
one year after
special Act incor¬
porating the Brooklyn Trust Co. was passed by the New
York State Legislature, which was the only method by
the assassination of Abraham Lincoln—a
which trust companies could be organized at that time.
Act,
other
among
things,
authorized
the company
The
act
to
executor and trustee—a novel
function, it is pointed out,
for a banking institution at that time, for as late as 1875,
when statistics were first compiled, there were only 35
trust companies in the United States.
The original incor¬
porators named in the Act were :
as
J.
Carson
Brevoort,
Daniel Chauncey, Dr.
Cullen,
Henry J.
Daniel F.
Fernald, Jasepr W. Gilbert, William M. Harris, William B. Lewis, Alexander
iMcCue, Henry E. Pierrepont, John H.
J.
Prentice, John T. Runcie, Cornelius
Sprague, William Wall, James Weaver and Alfred M. Wood.
However, before the company actually commenced busi¬
in June, 1868, 10 of the original incorporators had
resigned, and their places were taken by:
ness
James
0.
D.
Low,
Fish, John Halsey, Edward Harvey, Martin Kalbfleisch, Joeiah
Ethelbert
S.
John
Mills,
P.
Rolfe,
Henry
William
Sanger,
S.
White.
These latter, together with Messrs. Brevoort, Chauncey,
Cullen, McCue and Pierrepont of the original incorporators,
Ethelbert S. Mills
constituted the first Board of Trustees.
President, serving from 1868 until 1873.
the first
was
The
original office of the company was at the corner of Court
and Joralemon Streets, but was moved in 1873 to the present
location of the company's Main Office, at 177 Montague
Street.
From
a
sketch
of
the company's development
furnished by the institution we quote:
the adverse economic conditions
Under
1874,
about
six
years
after
of $1,180,670.
total deposits
had
posits
which prevailed during the years
the Civil War the early growth of the company was slow.
30,
business
commenced,
the
On
company
By the end of 1880, however,
de¬
$2,233,033, and capital was increased to $400,000.
institution was well "on its feet," which fact
by continuous payment of dividends on its capital stock
to
grown
By
that
time the young
has
been
borne out
1879
from
Branch
the present
to
time.
1
;
which has
development,
played
an
important part in the com¬
pany's growth, began in March, 1903, when a branch office was opened at
Fulton
a
Bedford Avenue,
Street and
opened
which
was
merger,
of the
Brooklyn.
1907, the
In May,
company
the corner of Wall Street and Broadway,
1924 to its present location at 26 Broad Street.
In
Manhattan office at
moved in
1913, the Long Island Loan & Trust Co. was absorbed through a
January,
and in July of the same year Edwin P. Maynard (now Chairman
Board) was elected President of the company.
Meanwhile
reached
of
75th
and
1926,
mounting, and by April 1, 1916, had
In 1921 a branch was opened at Fifth
the Bay Ridge section of Brooklyn, and in
been
had
deposits
total
a
$37,272,209.
in
Street,
at Church and Ocean Avenues, was
the Flatbush office,
opened.
1, 1927, Mr. Maynard became Chairman of the Board of Trustees
On Dec.
and
George V. McLaughlin, formerly Superintendent of Banks of the State
was elected President of the company.
The succeeding three
of New York,
In
January,
merger,
the
1928,
Bank
of
Coney
while in February, 1929, the Mechanics Bank,
and oldest
the
expansion in the company's history.
Island was absorbed through a
one of the largest
banking institutions in Brooklyn, was merged with
marked the greatest period of
years
commercial
Brooklyn Trust Co.
were
These
E. T.
■■■.•{■
In January,
1930, the Guardian National Bank of
Brooklyn and the State Bank of Richmond County, Port Richmond, Staten
National Industrial Conference Board.
William
New
Frank
Island,
A
reports
•
vacancy.
September,
;'■:
•
/V:
♦
William
of
Avenue
Savings Bank.
/v-'v'V
1940.
The bank
53,000 accounts.
Dollar Savings Bank
City of New York, announced on April 16 the elec¬
Corp.
Merchants'
the
Nosworthy has
since 1913 and Executive Vice-
Howell T. Manson, President of the
of the
following
April 15 elected a director of Bankers Trust Co. of New
York, it was announced by S. Sloan Colt, President of the
bank, after a meeting of the Board of Directors.
Mr.
Burke has been a member of the Advisory Committee at
the Fifth Avenue office of the bank for the past 10 years.
Since
July,
over
Mr.
Board.
the
of
the bank
\
reported
S.
since
$45,000,000 and
/
York
Nosworthy as
succeeding T. Tasso Fischer, who
bank,
trustee of
a
June
John
the
Chairman
elected
was
Savings Bank of New
Bronx
they have elected T. Arthur
Tisdale and Alexander M.
The Middle Atlantic Division of the Association
Women's Club, spoke at
that
the
a
Pepper of the National City Bank, President of the Women's
of
of
member of the State Banking Board;
Mills, President of the Dry Dock Savings Bank and Vice-President
National Association of Mutual Savings Banks; Miss Catherine
Williamsburgh
of
of
Association;
Bankers
American
Bank
Savings
Dime
of the State
of the Savings Banks Association
President
Bruere,
President
Among those
presided.
the dais were:
on
Henry
the group,
The trustees of The
announce
merged.
mergers
added
branch offices to the company's system.
16
In
addition, the company established 10 other new branches in various sections
of
Brooklyn
number
of
Queens
and
in
offices operated to
since
four
have
and
one—the
been
Port
1928,
1929
and
1930,
bringing the
total
31 at the end of the latter year.
Of these,
with other neighboring branch offices
consolidated
Richmond
office—has
been
sold
to
another
banking
institution, the total number of banking offices now being 26.
the growth
That
marked
over
of deposits,
The
which
trust
and progress of the company has been
65 years is indicated by the figures
the past
on
March 31, 1941, stood at $143,603,620.
business
of
the
company
also
has
grown
steadily, and while figures are not published, it is under¬
stood that the value of assets held in various fiduciary
capacities is greater than the company's banking resources*
The
Federal
Reserve
Bank
of New
York announced
on
April 14 that the Bank of Huntington & Trust Co., Hunt¬
ington (Long Island), N. Y., has become a member of the
Federal Reserve System.
This is the 20th banking institu-
The Commercial & Financial Chronicle
2492
tion in the Second
(New York) District to join the Reserve
28th since
September.
of April 4,
the Board
System since the beginning of the year and the
the present increase in membership began last
The new member bank reported total assets, as
of $4,863,000.
Douglas Conklin is Chairman of
of the bank and Addison W. Sammis is President.
1
condensed
its
In
of condition as
statement
$475,585,869 (comparing with $490,407,523
loans and discounts stand at $264,471,967 (against $272,530,595) ; United States Government
obligations are shown as $134,391,881 (compared with $126,986,186), and State and municipal securities, $15,919,137
(against $13,025,755).
No change has been made in the
bank's capital, which stands at $27,812,500, but surplus and
undivided profits have risen to $54,993,453 from $54,848,544
on Dec. 31, 1940.
The figures of the Old Colony Trust Co.,
which is beneficially owned by the stockholders of The First
National Bank of Boston, are not included in the above
from banks total
earlier date);
statement.
♦
In
its
profits.
Directors
already approved by the Comptroller of the Currency of the
States, who gave permission to form the bank on Jan. 18, include
Bissell, David Bright, President of Pioneer Gen-E-Motor Co., Chicago,
United
Mr.
John
L.
Clarkson,
of
March
31, 1941, the
Pennsylvania Co. for Insurances on Lives and Granting
Annuities of Philadelphia, reports total resources of $312,272,901 (comparing with $317,476,797 on Dec. 31, last), the
principal items of which are:
Cash and due from banks,
$136,649,447 (against $155,251,147 on the earlier date) ;
commercial loans and loans
upon
collateral, $96,676,327
(against $88,871,407), and United States Government securi¬
ties, $38,484,668, an increase from $31,193,292 on Dec. 31.
as
On the debit side of the report
total deposits are given as
$289,266,288 three months
$283,980,265
ago).
The
(comparing with
company's capital and surplus remain un¬
changed at $8,400,000 and $12,000,000, respectively, but un¬
divided profits have increased to $2,791,303 from $2,717,660
on
the previous date.
Vice-President,
directors
by the bank.
Heights
deposits of $134,443,598 and total assets of $152,375,346 are reported by the Corn Exchange National Bank &
Trust Co. of Philadelphia, Pa., in its condition statement
as of March 31,1941, comparing with
$139,429,661 and $157,149,572, respectively, on Dec. 31, 1940.
The chief items
comprising the resources in the present statement are:
Cash
and
due
from
banks, $47,071,094 (comparing with
31, last); United States Government
securities, $35,622,319 (comparing with $34,592,956) ; bills
discounted, $19,542,093 (against $19,743,266); demand loans,
$11,352,656 (against $12,353,356), and other securities, $11,032,192 (against $10,264,670).
The bank's capital remains
at $4,550,000, but surplus and undivided
profits account is
now $9,605,039,
against $9,430,432 on the earlier date.
Dec.
on
The election of Bladen Jackson
Darnielle, of the National
City Bank of New York, as President of the Suburban
National Bank, Silver Spring, Md., was announced on
April 12 by T. Howard Duckett, new Chairman of the Board
of the Suburban National.
Mr. Darnielle, a native Washingtonian, was manager of the Yorkville Branch of the Na¬
tional City Bank for four
years, and for the last year and a
half
has
been
in the
bank's
main office with the branch
administration division. Mr. Darnielle was elected President
of the Suburban National at a
special meeting of the
directors,
at which Mr.
Duckett, formerly Chairman of the Executive
Committee, was elected Chairman of the Board.
Other
changes made at the meeting included the promotions of
Fred L. Lutes from Cashier to Executive Vice-President
and
George Day from Assistant Cashier
At
a
meeting held
to Cashier.
April 1 the Board of Directors of
on
the
Metropolitan Trust Co., Chicago, 111., voted to transfer
$100,000 from undivided profits to its surplus account, thus
raising the surplus to $500,000 and increasing the invested
capital of the company to $1,000,000, of which
$500,000 is
represented by its capital stock.
The foregoing is learned
from the Chicago "Journal of
Commerce" of April 2, from
which
In
a
ment
is
the
following is also
Chicago
total
the
which
of
by
there
are
that
have
59
the
company
only
a
17
taken:
other
banks
capitalization of
pointed
out,
and
trust
$1,000,000
adding
that
the
only independent trust
company in the Federal
it
loans.
admitted
was
It
was
in
announced
1937,
that
that
the
neither
company
accepts
will
companies
out
of
a
state¬
Metropolitan
Trust
or
more,
Reserve
System, to
deposits
nor
serve
as
makes
depositary
the
securities
and
for
that it will
carry out the ministerial functions of that office.
and
personal
property
the
firm
insurance
of Bartholomay
handled
by
the public
administrator,
Mr.
two
Bank
Federal
Bank
officers,
McDaniel
now
is
Co.
/
with
way
of
as
,
directors.
as
Four
Chicago.
has
of
manager
Federal Reserve
the
trust
President
additional
In
approved
now
addition
the
is
an
loans
of
to
the
Assistant
American
it
was
learned
authoritatively the day previous.
The corporate structure
should be completed in the immedi¬
ate future and doors are
expected to be opened for business
between May 15 and June
1, the paper quoted said, adding:
More than $200,000 in stock
subscriptions has been paid in and deposited
with a loop bank,
according to Cushman B. Bissell, member of the law
firm of Lord, Bissell &
Kadyk, and treasurer of the
bank's
committee.
expected
to
The
be
$65,000
paid
in
balance
within
the
to
complete
next
two
the
capital
National
H.
Bank
,
not sponsored
by and will have no affiliation
finance company or other financial
bank,
institution
aside from
its
membership in the Federal Reserve System,
according to the organization committee.
It will be Chicago's first new
hank
since
the South Shore National started Jan.
21,
1939.
Assets totaling $190,624,593 are revealed in the .statement
of condition of the Manufacturers National Bank of
Detroit,
as
at the close of business
on April 4, 1941,
March 26, 1940.
The cur¬
following main items in the assets:
comparing with $162,553,259
rent statement lists the
on
Gash, balances with other banks, including
reserve balances,
collection, $87,204,195 (against
$71,231,814 on March 26, 1940) ; United States Government
obligations, direct and guaranteed, $54,471,431 (comparing
with $48,245,085), and loans and
discounts, including over¬
drafts, $34,917,303
(against $30,016,395).
Total deposits
and cash items in process of
are
listed in the statement
$153,004,585
as
$180,800,630 (comparing with
ago).
Capital continues at $3,000,000,
but surplus is now $4,500,000 (against
$3,000,000 last year),
and undivided profits amount to
$1,374,623
a
year
compared with
$2,007,446
March 26, 1940.
on
THE
Trading
CURB
MARKET
the New York Curb Exchange the presen
week has been quiet and unsettled with the drift downward
of
most
on
the
time.
There
have
been
some
movements
against the trend but the advances
were not maintained as
the market continued to sag day after
day. Aircraft shares
have been weak and held close to their low for the
year,
public utility preferred stocks have registered moderate
gains and the industrial specialties with only occasional
exceptions have worked downward.
Paper and cardboard
issues have
been quiet, oil shares have moved
irregularly
shipbuilding stocks have held to a narrow range.
Declining prices marked the dealings during the abbre¬
viated session on Saturday.
There were occasional move¬
lower and
ments
were
against the trend, but most of the trading favorites
on
the side of the decline
standing
as
the market closed.
Out¬
the advances was Public Service of Indiana
$7 pref. which forged ahead 5 points to 120
3^> and Lane
Bryant pref. which worked up to a new peak with a gain of
2Yi points to 104.
In the aircraft section Bell moved up a
point to 183^ while new lows were registered by Solar Air¬
craft, Beech, Ryan and Brewster.
Oil issues moved within
a
narrow
range, .mostly
downward, and the industrial
specialties were off from fractions to a point or more. Paper
among
and cardboard shares
were unsettled.
Recessions again predominated on the New York Curb
Exchange
on
Monday but the changes
and without special significance.
was
slightly higher
than the
were generally small
The volume of transfers
preceding full sessiop,
and
while there were a dozen or more issues that closed on the
side of the advane, these were
largely among the less active
stocks and had little effect on the
general list.
Oil issues
moved fractionally lower and several of the
trading favorites
the industrial specialties declined to new lows for
Paper and cardboard stocks were soft and the air¬
craft shares moved sharply downward.
Brill pref. was
particularly weak and slipped back 3 points to 37 and
Draper Corp. declined 2lA points to 69.
The market again moved downward on
Tuesday, and
while the changes were less
pronounced than during the
preceding session, they were apparent along a broad front.
Montgomery Ward A registered a major decline as it tumbled
among
1941.
downward 4 points to 160 at its low for the day.
In the
public utility preferred group Cities Service Power & Light
$6 pref. advanced 3 points to 95 and Virginia Public Service
pref. forged ahead 1points to 96.
Aircraft shares were
active shares
ex¬
against
75,040
ments
the preceding day.
There were occasional move¬
against the trend, especially in the public utility
on
preferred
the
advances including among others
(6), \lA points to 66; North
Light & Power pref. 2l/i points to 78; Long Island
Lighting pref. B, 13^ points to 223^; and Kansas Gas &
group,
Electric
American
the
registered modest gains but the declines
ceeded the advances.
Lower prices again prevailed on
Wednesday, the volume
of transfers dipping to
approximately 60,295 shares
organization
is
paper
and cardboard stocks were, for the most
part, unchanged.
In the industrial specialties
group a number of the more
structure
weeks, following which
these
W.
of
generally unsettled and the
that
later
approving
appointment
.
and
Bank of Chicago.
division
.
is
other
any
was
the
McDaniel
Mr.
The Northwest National
any
formerly
Comptroller
Examiner.
in
also
officer in
an
Trust
&
the
Cashier.
as
and
Reserve Agent of
Heitmann
National
and
later, including two from the neighborhood served
weak with most of the active stocks down to their low for
the year.
Oil issues were
n^w
banking institution will be opened
shortly in
Chicago to be known as the Northwest National Bank
of
Chicago, the Chicago "Journal of Commerce" of
April 4
said
&
Mr. Prugh now is Executive Vice-President of the Chicago
National
Assistant
respectively,
to be named
are
♦
Total
$55,358,977
partner of
George A. Prugh and W. II. Heitmann have been approved
and
Detroit, Mich.,
of condition
statement
undivided
in
of April 4,
posits of $829,624,367 and total assets of $933,772,971, as
compared with $837,063,044 and $939,646,451, respectively,
on Dec. 31, 1940.
In the present statement, cash and due
the
building will be rehabilitated, Mr. bissell disclosed.
The capital structure
of $200,000 in stock, $40,000 in paid in surplus, and $25,000
Clarkson.
1941, covering all offices and foreign branches, the First
National Bank of Boston, Boston, Mass., reports total de¬
on
1941
will consist
and
♦
April 19,
Bond & Share pref.
Volume
The Commercial & Financial Chronicle
152
Electric pref.
(7), 1
points to 118.
Aircraft issues were
again weak with Vultee, Bellanea and Ryan down to their
low for the year, while Bell was
unchanged. Oil stocks were
fractionally lower, aluminum issues were unchanged,
and
cardboard
stocks
paper
shares
unsettled
were
and
COMMON
April
5—First National
$30,000 to $60,000
shipbuilding
against the trend, they had little effect
Aircraft stocks continued to
within
move
the
on
a narrow
channel, Vultee, Brewster and Beech closing fractionally
higher, while Bell was down and Republic was unchanged..
In the industrial specialties
group, Chicago Flexible Shaft
weakened and slipped back 3 points to a 1941 low at
60;
Pennsylvania Salt was down 3 points to 170 and Draper
Corp. declined 3 points to 66. Public utilities were fraction¬
ally lower with the exception of Columbia Gas & Electric
pref. which forged ahead 2 points to 56. Shipbuilding stocks
were down,
paper and cardboard shares were unsettled and
oil issues were irregular.
Curb market prices continued to work lower on
Friday
with the public utility issues
leading the decline. The losses
ranged from fractions to 4 or more points and included among
others Electric Bond & Share pref.
(6), 434 points to 6034;
Kings County Lighting pref. B, 4%_ points to 6934 and
Central N. Y. Power pref., 234 points to 86.
The note¬
worthy declines among the industrial specialties were Bickfords pref., 3 points to 37; Fanny Farmer; 2
% points to 2154;
Pepperell Manufacturing Co., 154 points to 86 and American
Book Co., 154 points to 2534Aircraft shares were fraction¬
ally lower, shipbuilding issues were quiet and most of the
paper and cardboard stocks were unchanged.
As compared
with Friday of last week prices were lower, Aluminum Co.
of America closing last night at 13134
against 135 on Friday
a
week ago; American Cyanamid B at 3534
against 36;
American Gas & Electric at 26 against 27 J4; Creole Petroleum
at 1354 against 14; Humble Oil
(new) at 53 against 5434;
Standard Oil of Kentucky at 18 against 1834 and United
Shoe Machinery at 53 J4 against
5654TRANSACTIONS
AT
THE
NEW
YORK
Slocks
CURB
Bonds (Par
EXCHANGE
Value)
Bank
of
Avril 18, 1941
Shares)
Foreign
Government
Domestic
Foreign
Corporate
Total
Saturday
Monday
Tuesday
Wednesday
Thursday
50,555
$682,000
$6,000
$688,000
70,900
3,000
1,008,000
1,000
Friday
98,670
1,005,000
1,229,000
923,000
1,156,000
1,374,000
75,470
59,925
62,855
Total..........
418.375
Sales at
$4,000
1,000
16,000
1,173,000
12,000
$6,369,000
Week Ended
7,000
1,230,000
934,000
1,386,000
$5,000
April 18
$45,000
$6,419,000
Jan. 1 to April 18
New York Curb
Exchange
1941
Stocks—No. of shares.
1940
1941
1940
418,375
1,606,520
7,904,542
15,005,014
$6,369,000
$7,004,000
$85,132,000
621,000
REDEMPTION
Foreign government
Foreign corporate
i
5,000
45,000
273,000
953,000
same
THE
day
$86,706,000
AND
SINKING
FUND
a
list of corporate bonds,
notes, and
number
the
gives the location in which the details
were
give in
Chronicle/'
Company and Issue—
Alabama Power Co. 1st mtge. 5s
Alliance Investment Corp. series A pref. stock
American European Securities Co. 5% bonds
Date
Page
Apr 25
Apr. 30
MTay 1
2227
1
1
1
2059
2231
2232
Birmingham Gas Co. 5% bonds
..May
1
(William) Carter Co, preferred stock
June 16
Chesapeake & Ohio Ry. 3 5* % bonds
Apr. 28
Chesapeake & Ohio Ry. 35* % bonds
May
2
Cincinnati Union Terminal Co. 5% preferred stock
July
1
Congress Square Hotel Co. 1st mtge. 5 5*s_.
...May
1
♦East Tennessee Light & Power Co. 5% bonds
Aug.
1
*6% refunding bonds
.Nov.
1
General Aniline & Film Corp. 55*% debs
May
1
General Water Gas & Electric Co. 15-year bonds
May
1
♦Gorham, Inc., $3 preferred stock
..May
2
Indiana Gas Utilities Co. 1st mtge. bonds..
July
1
Iowa-Nebraska Light & Power Co. 5% bonds series A_»_June
4
5% bonds series B
..May
5
Lehigh Valley Coal Co. 6% notes
Apr. 26
♦1st mortgage bonds
Apr. 26
Libby, McNeill & Libby 1st mtge. bonds
May 10
Lincoln Gas & Electric Light Co. 5% bonds
Immediately
Macon Gas Co. 1st mtge. 45*8-June
2
Minnesota Transfer Ry. Co. 35*% bonds.
June
1
Monongahela Ry. 1st mtge. 4s
May
1
♦National Power & Light Co. 6% debentures._
....May 19
National Tool Co. 6% bonds
..May 29
♦New England Power Co. 1st mtge. 3 5*s
....May 15
New York Shipbuilding Corp. 1st mtge. 5s
May
1
Niagara Share Corp. or Md. 55*% debentures
May
1
North American Car Corp. 45*% ctfs., series I
May
1
North American Car Corp. equip, trust ctfs. series J
..June
1
North American Light & Power Co. 55*% debs
May
9
1st mortgage 4s
May
1
Pennsylvania Water & Power Co. 35£% bonds
May
1
*Potrero Sugar Co. 7% bonds
...Apr. 23
Republic Steel Corp. gen. mtge. bonds
May
1
Republic Steel Corp. purchase money bonds...
May
1
Richmond-Washington Co. 4% bonds
....June
1
San Jose Water Works 1st mtge. 3 5*8
June
1
Sevilla-Baltimore Hotel Corp. 1st mtge. bonds
June 30
Shawinigan Water & Power Co. 35* % notes
May 15
Southeastern Power & Light Co.—See Commonwealth &
Southern Corp.
2232
1275
American I. G. Chemical Corp.—See General Aniline & Film.
Antilla Sugar Estates 20-year 6% debs
May
Autocar Co. 1st mtge. 7s
May
Beford Pulp & Paper Co., Inc., 65*% bonds—
June
Southern Counties Gas Co. of Calif.
Swift & Co. 1st mtge. 35*s
1st mtge. bonds
1591
May
1
May 15
July
1
Unified Debenture Corp. debentures
United Telephone & Telegraph Co.—
55*% bonds
May
6% bonds
May
(Hiram) Walker Gooderham & Worts, Ltd 10-yr. bonds .June
Washington Railway & Electric Co. 4% bonds
June
Watauga Power Co. 1st mtge. 6s
June
Westmoreland Water Co. 5% bonds
June
Wheeling Steel Corp. 1st mtge. 45*8
May
1902
2230
1
1
1423
2062
2234
983
2550
2550
1591
2240
2553
2397
2398
2398
2399
2399
2399
2399
2074
2075
1597
2560
2402
2561
1926
1761
838
43
1927
1140
2248
2566
1930
2249
1604
2083
1930
1931
1586
845
2252
276
2255
1
2255
2089
1608
2257
1939
3
1939
1
1
1
Announcements this week.
$112,615,000
were
1,166,000.
LONDON
Sat.,
Mon.,
Apr. 12
Apr. 14
Tues.,
(ord)
received by cable
Wed.,
Apr. 16
Apr. 15
35/3
83/9
British Amer Tobacco.
Total
EXCHANGE
as
Thurs.,
Frl.,
Apr. 17
Apr. 18
35/3
35/3
83/9
35/3
83/9
93/9
>
£60 ^
£61
£61
£61
£1114
Central Min&Invest-
£1114
35/
£1114
35/
29/3
Courtaulds S & Co
De Beers
Distillers Co
£5
61/9
Electric A Musical Ind.
CLEARINGS
year ago,
Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, April 19)
clearings from all cities of the United States from which it
is possible to obtain weekly clearings will be 14.7% above
those for the corresponding week last year.
Our preliminary
total stands at $6,937,092,830, against $6,050,382,180 for
the same week in 1940.
At this center there is a gain for
the week ended Friday of 9.6 %.
Our comparative summary
a
for the week follows:
Closed
ImpTobA OB4 I.—
Ry
Metal Box
70/
£65*
£75*
:
Rolls
...
Vlckers
Clearings—Returns by Telegraph
Week Ending April 19
New York
7/3
17/3
23/9
90/6
Kansas
.
Chicago
Boston
City
70/
£65*
£65*
Pittsburgh....
£7
73/9
41/3
22/75*
15/
£115*
70/
1
£7
Detroit.
73/9
40/9
22/6
15/
Per
1941
Philadelphia
£115*
£7
73/9
41/3
22/75*
15/
United Molasses
61/6
7/3
17/3
23/9
90 /
£115*
£65*
Rand Mines
35/6
29/3
£4%
61/3
£5
61/9
7/3
17/7)4
24/
90 /
7/3
17/73*
23/6
90 /
£115*
70/
Ford Ltd
35/6
29/3
29/3
£5
RloTlnto
BANK
£1114
Cons Goldfields of S A.
Closed
OF
Bank clearings this week show an increase compared with
Figures hpve been revised.
STOCK
Drugs
HudsonsBayCo
CALLS
760,000
Domestic bonds for April 7th should have read 1,555,000.
Royce.
Shell Transport
From
2,311,000
$7,292,000
15,000
Quotations of representative stocks
each day of the past week:
London Mid
_
Pa.
30,000
Below will be found
*
$6,419,000
....
Cable & W
Export,
preferred stocks called for redemption, including those called
under sinking fund provisions.
The date indicates the re¬
demption or last date for making tenders, and the page
COURSE
Total
Boots Pure
Export,
NOTICES
$109,544,000
Bonds
Domestic
Correction:
of
—
(Number
Week Ended
of all bonds for
$25,000
—-
Public utilities and industrial
specialties were the weak
DAILY
Amt. of Increase
From
April 5—The Rochester National Bank, Rochester, Mich.
$25,000 to $50.000
spots on Thursday as the market worked irregularly lower.
The transfers were
slightly higher, and while there were some
market.
STOCK INCREASED
quiet.
were
movements
2493
CAPITAL
72/6
40/9
22/6
15/
gt. T oui«
San Francisco-
.
.....t,w..........
Cleveland
.
Baltimore
Eleven cities, five days
1940
$2,949,887,443
343,208,307
471,000,000
248,697,068
105,219,810
101,700,000
156,432,000
$2,691,521,021
272,236,691
341,000,000
164,886,521
82,710,028
85,000,000
133,221,000
99,576,884
92,781,129
101,983,452
152,056,344
141,257,155
137,328,362
94,382,708
Cent
+ 9.6
+26.1
+38.1
+ 50.8
+27.2
+ 19.6
+ 17.4
+ 52.7
+ 52.2
+ 34.7
70,366,752
+ 34.1
Witwatersrand
Areas
£3
NATIONAL
£3
£3
$4,901,169,197
879,741,495
$4,135,283,478
848,039,885
+ 18.5
Other cities, five days
Total all cities, five days..
All cities, one day
West
$5,780,910,692
1,156,182,138
$4,983,323,363
+ 16.0
1,067,058,817
+ 8.4
$6,937,092,830
$6,050,382,180
+ 14.7
£3
BANKS
Total all cities for week
The
following information regarding National banks is
Comptroller of the Currency, Treasury
Department:
from the office of the
COMMON CAPITAL
STOCK
REDUCED
Amt. of Reduction
April 5—The National Bank of Newburgh,
From $400,000 to $200,000.
Newburgh,
N.
Y.
—
VOLUNTARY
$200,000
LIQUIDATIONS
Amount
April 9—The National Bank of Colchester, 111
Effective March 27, 1941.
Liquidating agent, Raymond L.
Stone, care of the liquidating bank.
Absorbed by "The Union
National Bank of Macomb," Illinois, Charter No. 1872.
$25,000
April 11—The Hopkinton National Bank, Hopkinton, Mass
Effective March 31,
1941.
Liquidating agent, J. Howard
Leman, care of the liquidating bank.
No absorbing or suc¬
25,000
ceeding association.
+ 3.7
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all
cases
has to be estimated.
In the elaborate detailed statement,
however, wrhich we
present further below, we are able to give final and complete
results for the week previous—the week ended April 12.
For that week there
was a decrease of 2.1%, the aggregate
clearings for the whole country having amounted to
$5,588,629,366, against $5,708,179,537 in the same week in
1940.
Outside of this city there was an increase of 11.4%,
of
The Commercial & Financial Chronicle
2494
this center having recorded a loss of
the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals register a loss of 12.1%, and in the
Philadelphia Reserve District of 6.1%, but in the Boston
April 19, 1941
the bank clearings at
12.9%.
We
group
Reserve District the totals record
a
Week Ended AprU 12
Clearings at—
Inc.or
1941
r
gain of 9.7%.
In the
an expansion
Grand
Cleveland Reserve District the totals show
of
25.9%, in the Richmond Reserve District of 13.7%, and
20.9%. In the Chicago
Rapids.
Banning
Ind.—Ft. Waym ;
in the Atlanta Reserve District of
Reserve District the totals are larger by 13.0% and in the
St. Louis Reserve District by 18.9%, but in the Minneapolis
District the totals are small by 5.8%.
In the
City Reserve District the totals show an improve¬
ment of 19.5%, in the Dallas Reserve District of 16.1%,
and in the San Francisco Reserve District of 13.4%.
1939
S
%
*
417,631
131,361,044
3,640,210
1,709,638
1,706,830
19,591,000
0,190,254
23,608,556
1,231,217
10,052,881
Terre Haute..
Wis.—MIlwauk<
3
j
Kansas
4,101,494
Sioux City
111.—Bloomingtoi l
Chicago
1938
$
al Reserve D istrlct—Chi cago—
2,054,752
Reserve
In the
Dec.
6
r
1940
470,159
323,255
—3.8
438,591
95,397,537
2,728,388
1,411,237
1,085,009
79,959,395
2,593,286
1,234,525
986,397
—1.2
17,917,000
16,123,000
+0.1
1,795,093
5,341,922
1,378,916
4,538,489
21,002,303
1,095,617
18,770,862
10,588,012
8,957,084
3,665,729
354,587
3,708,217
311,355
268,065,194
330,475
97,781,178
3,218,002
1,491,020
1,773,386
19,834,000
2,051,929
5,407,865
+24.1
+34.3
21,081,322
+8.9
1,104,371
10,325:534
3,992,822
410,568
314,450,042
+ 11.5
+3.2
+ 10.2
+ 18.7
+ 13.2
+2.7
+ 14.5
+8.1
1,12|5,782
1,758,331
following
we
furnish
Decatur
by Federal Reserve
a summary
districts:
1,400,818
+25.5
305,417,059
897,612
4,214,808
1,114,575
1,284,901
556,578,840
492,332,710
+ 13.0
475,751,180
415,170,041
85,600,000
34,334,826
19,784,090
81,700,396
339,844,469
1,603,615
4,864,941
1306,112
1,049,120
4,601,054
1,363,204
+ 52.8
+5.7
+32.5
1,006,264
3,717,053
1,065,969
1,305,598
SUMMARY OF BANK CLEARINGS
Total (18 cities)
Inc.or
Week End. AprU 12,1941
1940
1941
1939
Dec.
1938
1 Reserve Dls triet—St. Lo uis—
Boston
2d
New York._ 13
3d
"
I
253,659,606
+9.7
248,234,777
3,282,127,636
—12.1
3,317,665,263
2,580,122,304
-6.1
391,358,348
333,867,896
99,800,000
43,248,528
26,271,223
222,781,152
"
PhlladelphialO
$
7°
278,360,085
2,884,984,642
12 cities
1st
$
%
Federal Reserve Dlsts.
390,130,775
415,329,391
4th
Cleveland..
7
"
347,895,071
276,286,980 +25.9
284,124,843
260,034,720
6th
Richmond..
6
"
159,687,673
136,383,069
119,579,235
170,420,469
III.—Jacksonvilh
85,800,000
+16.3
32,346,436
+33.7
24,309,190
+8.1
X
X
x
X
703,000
586,000
+20.0
170,022,751
143,041,620
+ 18.9
Qulncy.
Atlanta....10
"
200,383,824
140,426,954 +13.7
165,722,731 +20.9
7th
Chicago.... 18
492,332,710 +13.0
475,751,180
St. Louis
170,022,761
143,041,626 +18.9
140,336,916
9th
Minneapolis 7
100,866,170
107,100,468
—5.8
104,472,484
154,830,538
129,566,941 +19.5
122,129,490
122,017,534
6
"
77,238,180
69,866,439
65,025,456
Minn.—Duluth..
2,846.830
3,004,030
—5.3
12th San Fran...10
"
267,650,817
66,520,634 +16.1
236,063,860 +13.4
231,518,712
220,718,812
Minneapolis...
71,859,079
25.295,403
2,273,034
—9.5
Mont.—Billings.
65,008,971
25,430,336
2,121,326
701,969
1,084,126
Total (7 cities).
15,942,963
X
613.000
87,715,558
10th Kansas City 10
"
°
"
"
656,578,840
8th
618,000
32,168,715
0th
4
11th Dallas.....
122,616,920
,
Total (4
cities).
415,170,641
'
Total.......113 cities
.....32 cities
Canada
We
add
now
our
5,688,629,366
5,708,179,537
—2.1
6,692,261,980
4,680,081,302
2,822,934,951
City
2,534,098,175 +11.4
2,486,003,558
2,208,427,861
313,474,712 +10.7
347,091,626
236,377,080
+0.5
+33.5
3,072,612
+ 18.3
100,860,170
107,100,408
—5.8
104,472,484
87,715,558
92,154
73,939
140,515
2,358,266
28,202,527
1,046,544
3,068,836
—6.7
—6.7
Reserve Dls trict—Kans as
1940
$
First
Federal
Reserve Diet rlct—Boston
N.H.—Manches'r
036,687
2,953,972
239,569,393
817,465
451,404
813,813
3,568,373
2,712,773
9,403,480
3,633,175
13,208,500
591,050
Total (12 cities)
278,360,085
Me.—Bangor,
Postland
Mass.—Boston..
Fall River
Lowell
or
Lincoln
1939
1938
541,740
+ 17.5
504,133
1,938,966
+52.3
1,870,312
216,312,841
+ 10.8
213,079,049
723,279
399,970
728,154
3,445,104
2,135,679
12,583,146
4,231,567
+ 13.0
627,978
+ 12.9
368,775
—14.1
10,104,500
+30.7
514,654
515,561
1,873,405
190,643,669
576,741
686,234
+3.0
+27.0
+ 14.8
3,176,234
1,791,225
11,139,209
4,633,414
9,838,100
520,114
253,659,606
+9.7
248,234,777
222,781,152
Feder al Reserve D istrlct—New
York-
Worcester
Conn.—Hartford
New Haven...
R.I.—Providence
...
—25.3
Colo.—'-Col. Spgs.
Pueblo
3,497,913
103.093,260
3,021,775
641,056
792,617
Total (10 cities)
154,830,538
Mo.—Kan. City.
St. Joseph
Eleventh Fede ral
Second
11,626,354
6,614,694
Binghamton...
984,156
1,415,671
Buffalo
37,400,000
32,200,000
Elmlra
714,882
463,357
Jamestown
992,035
898,006
New York.
2,765,694,415 3,174,081,302
Rochester
9,198,907
8,215,545
5,281,632
Syracuse
4,179,882
Westchester Co
3,837,578
4,040,480
Conn.—Stamford
4,951,944
4,158,750
N. J.—Montclalr
357,118
478,090
Newark.......
17,056,377
18,871,072
Northern N. J.
26,457,729
26.941,636
Total (13 cities) 2,884,984,642 3,282,127,636
Third Federal
Pa.—Aitoona
Bethlehem
Chester.
Lancaster.....
Philadelphia...
Reading
Scranton
Wilkes-Bar re..
York........N. J.—Trenton..
Total (10 cities)
Fourth
Reserve Dlst rict—Phllad
+ 75.8
+43.8
+ 10.1
+ 54.3
+ 10.5
—12.9
+ 12.0
+26.4
—5.0
+ 19.1
448,225
—9.6
17,870,092
25,813,357
—13.9
415,329,391
283,679
16,244,079
22,347,971
—4.5
+8.7
—7.3
—62.1
—6.1
434,658
583,316
352,613
1,362,381
376,000,000
1,714,094
2,184,566
930,909
1,273,811
6,522,000
405,463
429,399
1,259,731
323,000,000
1,315,139
2,131,707
391,358,348
333,867,896
2,142,892
268.009
_
.
Cincinnati....
Cleveland.....
Columbus
Mansfield
Youngstown...
Pa.—Pittsburgh
.
3,354,725
68,548,483
117,245,174
12,829,100
2,126,767
3,987,178
139,803,644
2,346,285
56,073,056
90,107,999
10,521,400
1,678,818
2,487,863
113,071,559
347,895,071
276,286,980
Fifth Federal
W.Va.—Hunt'ton
Va.—Norfolk
Richmond....
S. C.—Charleston
Md.—Baltimore.
140,426,954
—2.2
2,058.009
53,223,611
2,127,115
49,204,115
7,1?5,533
+ 12.9
906,422
+21.2
3,278,703
—5.1
2,581,000
1,031,328
3,846,958
5,726,264
3,546,000
1,103,963
3,317,999
Total (6 cities).
77,238,180
66,520,634
+ 16.1
69,866,439
65,025,456
Wichita Falls-
Twelfth Feder al Reserve D istrlct—San
Franc!
51.129,042
1,110,924
37,588,077
1,100,285
+36.0
Ore.—Portland..
40,051,632
34,011,911
+ 17.8
Utah—S. L. City
17,579,820
4,727,084
3,489.376
142,320,000
2,934,214
1,626,825
2,681,294
14,890,556
3,713,553
+ 18.1
Wash.—Seattle..
Yakima
Calif.—L'g Beach
Pasadena.
San
Francisco.
San Jose
Santa Barbara.
+43.0
+22.2
57,044,075
+30.1
+23.0
94,295,891
10,781,500
1,706,609
3,127,305
115,026,571
+25.9
284,124,843
200,034,720
+26.7
+60.3
cities)
total
+ 1.0
SCO—
33,915,688
1,179,087
30,026,016
11,814,967
32,657,579
Total (6 cities)
.
Sixth Federal
Tenn.—Knoxvllle
+54.9
+71.5
+21.2
374,865
2,526,000
34,980,788
1,825,915
70,023,754
26,651,747
319,397
2,189,000
33,174,440
1,055,617
59,749,023
23,091,758
+13.7
136,383,069
119,579,235
+31.4
—9.0
3,925,411
Nashville
20,443,299
74,600,000
1,683,894
Augusta
Macon
1,463,074
Fla.—Jacks'nville
25,090,000
Ala.—Birm'ham.
26,087,078
2,438.953
►
Mobile
Miss.-—Jackson—
x
1
152,249
Vicksburg
La.—NewOrleans
Total (10 cities)
+2.1
+27.3
4,411,843
3,331,142
+4.8
134,779,000
2,997,778
1,509,706
+5.6
—2.1
3,998,151
139,533,000
2,851,335
2.141.852
+25.2
1,728,889
2,059,736
4,145,948
3,720,132
131,593,000
2,308,719
1,795,419
1,894,399
236,063,860
+ 13.4
231,518,712
220,718,812
+7.8
267,650,817
5,588,629,366 5,708,179,537
—2.1 5,692,261,980 4,680,081,302
Outside New York 2,822,934,951 2,534,098,175
+ 11.4 2,486,003,558 2,208,427,861
cities)
Week Ended AprU 10
Clearings at—
Inc.
or
1941
Montreal
Winnipeg
—
Vancouver
-
Ottawa
—
Quebec
Halifax..
Hamilton
St. John..
Victoria
—
Regina
1940
Dec.
1939
S
Canada—
$
%
$
97,636,881
89,159,512
31,230,516
18,365,233
60,737,897
4,620,561
3,167,288
5,976,574
6,204,641
2,270,749
1,845,356
2,318,135
4,422,385
3,981,348
325,157
578,437
Brandon
Lethbridge..
89,533,500
95,577,794
+9.1
79,937,497
—6.7
35,217,054
—11.3
16,069,601
34,488,267
4,437,789
2,691,190
4,773.871
4,541,892
1,923,379
1,803,995
+ 14.3
72,616,204
22,220,256
12,106,924
14,674,848
3,364,307
1,804,072
3,807,435
4,124,056
1,582,837
1,313,207
1,824,809
3,057,792
2,710,429
247,760
455,474
970,228
+76.1
+4.1
+22.2
+25.2
+36.6
+ 18.1
+2.3
2,364,950
—2.0
3,755,442
3,090,379
296,790
+ 17.8
+28.8
482,104
+20.0
+4.8
+9.6
44,499,866
200,383,824
4,019,215
19,725,750
60,300,000
1,416,109
998,050
19,367,000
16,482,070
1,792,562
—2.3
+ 18.9
4,515,293
19,969,168
04,900,000
1,357,517
3,129;779
16,636,468
52,700,000
1,075,064
+46.6
962,674
792,485
+3.0
+23.7
+29.6
+58.3
+36.1
16,773,000
19,816,635
1,693,966
+5.9
149,299
115,286
+7.3
40,282,907
12,865,218
170,420,459
165,722,731
+28.0
+9.3
531,141
Fort William
903,583
684.130
+32.1
New Westminster
796,623
367,954
605,525
830,923
967,439
649,379
243,247
+22.7
537,992
546,307
414,282
843,772
982,778
2,515,125
325,143
+46.2
Moose Jaw
Peterborough
Sherbrooke
Kitchener-
—
3,110,519
371,332
Windsor.
Prince Albert
Moncton
780,856
074,058
697,072
122,616,920
x
143,764
41,478,151
572,135
905,069
1,195,957
447,036
827,691
1,253,179
Saskatoon
Medicine Hat—
Reserve Dlst rlct—Atlant
Ga.—Atlanta
910,501
27,809,661
13,817,454
(113
Toronto
1,695,530
56,724,066
85,727,756
11,361,100
1,409,831
2,356,780
100,759,657
+21.9
Grand
Edmonton
159,687,673
District—Da lias—
Brantford
D.C.—Washing'n
82,755,110
2,455,271
802,921
453,605
+ 16.8
London
2,434,000
31,914,746
*1,700,000
70,621,122
27,224,581
—1.5
+27.6
-Richm ond—
824,984
4,174,000
41,932,669
1,547,739
78,208,169
33,000,112
+4.8
1,837,410
532,505
Reserve Dist rict
122,017,534
+7.7
+ 19.1
5,919,674
1,937,000
Calgary.
Total (7 cities).
122,129,490
752,420
1,486,228
2,819,800
Feder al Reserve D istrlct—Clev eland-
Ohio—Canton.
+ 19.5
+26.0
+22.8
52,641,425
Fort Worth..
Total (10
elphia
2,068,382
982,445
390,130,775
+7.6
129,566,941
—4.3
-12.1 3,317,665,263 2,680,122,304
+7.4
460,682
587,976 + 132.1
+ 11.7
343,813
+3.4
1.284,128
—4.0
394,000,000
1,366,423
4,668,300
736,614
145,456
2,820,822
28,486,023
2,449,222
2.744,030
81,152,464
2,885,083
620,948
726,088
3,131,176
30,231,244
1,905,420
3,247,087
86,541,549
2,884,723
651,331
1,797,831
Dallas
Stockton
501,087
1,364,821
384,040
1,328,333
376,000,000
1,466,944
1,536,432
2,401,734
904,061
1,474,065
12,329,900
Reserve
City
+29.1
94,966
82,831 + 101.1
La .—S hre veport.
11,713,737
16,950,808
1,184,567
1,030,728
33,600,000
31,200,000
461,929
609,267
850,423
737,513
3,206,258,422 2,471,653,441
7,789,010
7,183,475
4,374,996
4,274,039
3,914,606
3,860,583
3,740,121
3,385,899
—25.4
—1.8
1,687,828
606,892
699,159
2,442,309
01,486,222
7,555,513
2,187,000
1,098,912
3,112,702
Texas—Austin..
Galveston
N. Y.—Albany..
2,412,727
.
Wichita
+ 11.8
Springfield
Omaha
Kan.—Topeka.
_%
387,253
730,971
2,995,238
1,726,090
9,172,863
3*960,411
9,757,900
441,444
New Bedford—
122,601
166,540
2,996,786
38,084,663
Hastings
Dec.
3,330,044
56,383,707
22,565,619
752,502
811,866
3,103,354
N. D.—Fargo...
8. D.—Aberdeen.
Neb.—Fremont.
Clearings at—
1941
2,671,343
67,991,919
years:
Week Ended April 12
Inc.
130,431,074
27,008,526
2,612,641
740,903
729,507
2,711,645
287,528,463
detailed statement showing last week's
figures for each city separately for the four
140,336,916
Reserve Dls trict—Minne apolis-
St. Paul
Outside N. Y.
^
130,431,074
16,953,000
16,936,355
1,413,265
x
+20.9
Kingston
—
+51.3
—1.5
—1.6
+23.7
+ 14.2
+ 12.9
604,271
673,981
+ 11.5
—7.2
Sarnia
625,210
488,515
Sudbury
992,036
412,020
1,010,231
+ 18.6
—1.8
347,091,626
313,474,712
+ 10.7
Chatham
Total (32 cities)
*
Estimated.
xNo figures available.
674,336
207,976
461,113
555,204
806,920
2,263,752
190,969
522,575
412,736
516,590
425,594
1938
$
98,238,939
87,316,315
26,523,907
14,704,847
16,942,516
4,409,107
2,178,113
5,117,337
4,581,484
1,657,388
1,557,894
2,383,721
4,018,537
4,620,013
308,714
434,721
1,176,211
593,843
808,569
680,185
660,911
188,077
573,317
688,774
981,816
2,687,882
295,932
658,400
470,446
516,676
396,922
899,740
1,098,949
236,377,080
287,528,463
Volume
The Commercial & Financial Chronicle
152
FOREIGN
EXCHANGE
RATES
Pursuant to the requirements of Section 522 of the Tariff
Act
of
1930, the Federal Reserve Bank is
2495
TREASURY CASH AND CURRENT LIABILITIES
The cash
j
the items stood
as
set in the following.
The figures are
entirely from the daily statement of the United States
Treasury March 31, 1941.,
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
holdings of the Government
March 31, 1941,
certifying
now
are
taken
We
.
give below
foreign
a
record for the week
exchange
rates
just passed:
certified
bank to treasury
by
CURRENT
federal
under tariff act
of
reserve
Gold (oz.
v ""..-t.'.'-''
'/:vapril 12, 1941, to april is. 1941, inclusive
Unit
Europe—
Belgium, belga
Apr. 14
$
Apr. 15
Liabilities—
$
$
$
a
a
a
a'
a
a
a
a
a
a
a
Czechoslov'ia, kornua
Denmark, krone
Engl'd, pound sterl'g
a
a
a
a
$
■
a
a
a
ury notes of 1890 are also secured
a
a
4.035000
4.035000
4.035000
4.035000
4.035000
4.035C00
4.028125
4.027500
4.025000
4.012500
4.006562
4.002500.
.020100
.020100
.020100
.020100
.020100
France, franc
a
a
a
.399700*
a
.399800*
a
a
a
.050471*
a
a
.040025
.040000
a
a
a
a
a
a
v.;;.
a
a
Total.....
.050471*
.050471*
a-i
a
)',;>■ '.'V
a
a
■.
235,025,325.04
a
a
.050471*
a
a
.040025
.040025
a
Assets—
1
Silver (oz.
1,096,535,993.1)
382,063,118.0)...
a"
-
a
.091300*
.091300*
.091300*
.091300*
$1,417,743,506.30
493,980,597.00
.238237
.238242
.238250
.238264
.238214
.238257
Switzerland, franc...
Yugoslavia, dinar...
.232075
.232107
.232085
.232057
.232021
.231885
a
a
a
a
a
Total
.091300*
$1,911,724,103.30
Liabilities—
Silver certificates outstanding
Asia—
$1,890,077,768.00
1,161,372.00
20,484,963.30
Treasury notes of 1890 outstanding.....
China—
Silver in general fund
Chefoo
silver
Silver dollars (oz.
•
.091300*
(yuan) dol'r
a
Hankow (yuan) dol
a
a
Shanghai (yuan) dol
\.:\'
a
a
.052450*
Tientsin
.245250
.245250
.301283
.301283
Japan,
.234387
.234387\
.471006
.471066 !
yen
Settlem'ts, dol
Australasia—
a
.052325*
a
Total
a
.051687*
.$1,911,724,103.30
.051737*
Assets—
C;:
GENERAL FUND
a
a
.244656
.244500
.243781
8
.243343
.301283
.301283
.301283
.301283
.234387
.234387
.234387
.234387
.471066
.471066
.471066
.471066
v.\
Subsidiary coin (oz. 2,725,051.6)
Bullion—At recolnage value (oz. 1,203.7)
At cost value (oz. 1,345,710.125.7) a...
-
L
Gold (as above)
Silver—At monetary value (as above)....
i
■,
Australia, pound—
..J...
a
-
a
.052450*
a
" v:'
a >
a
.052450*
(yuan) dol
Hongkong, dollar.
India (British) rupeeStraits
$22,307,012,099.13
a
.040025
a
Spain, peseta.......
Sweden, krona
...
$143,097,981.25
91,927,343.79
...
.399600*
a
a
.050483*
a
a
a
$22,131,986,774.09
Gold In general fund:
Balance of Increment resulting from reduc¬
tion In the weight of the gold dollar.....
In working balance
.020100
.399500*
.399600*
a
r "
1,800,000,000.00
by silver dollars in Treasury.
Exohange stabilization fund..
Free
Germany, relchsmark .399600*
Greece, drachma
a
Hungary, pengo
a
Italy, lira..
.050471*
a
Netherlands, guilder.
a
Norway, krone.....
a
Poland, zloty
■
Portugal, escudo
.040040
Rumania, leu..
>•:a
$2,879,283,229.00
17,286,835,805.80
9,828,308.36
156,039,430.93
and
a
Official
Finland, Markka
'
Note—Reserve against $346,681,016 of United States notes
$1,161,372 of Treasury notes of 1890 outstanding.
Treas¬
a
'
a
•■f.
jU'
;i
....
$
a
Bulgaria, lev
Apr. 18
Apr. 17
Apr. 16
$22,367,012,099.13
$22,367,012,099.13
Gold certificates—Outstanding (outside of Treasury)..
Gold certificate fund—Board of Governors, Fed. Res.
System.
Redemption fund—Federal Reserve notes
Gold reserve........
.V
Apr. 12
GOLD
639.057,488.5)
Total
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
Country and Monetary
Assets—
•••
1930
ASSETS AND LIABILITIES
$235,025,325.04
.....
20,484,963.30
3,767,135.44
1,664.00
664,985,623.53
3,299,935.52
3,170,392.00
....
Minor coin
Official
3.228000
3.228000
3.228000
3.228000
3.228000
3.228000
United States notes
Free
3.209791
3.208958
3.207500
3.195833
3.192083
3.189166
Federal
New Zealand, pound. 3.222500
Africa—
3.221666
3.220000
3.208541
3.204791
3.201708
Reserve
notes
12,874,370.00
Federal Reserve bank notes....
National bank notes.
South Africa, pound. 3.980000
North America—
94,920.00
.........
.....
3.980000
3.980000
3.980000
3.980000
3.980000
.909090
.909090
.909090
.909090
.909090
.872500
.871796
.878906
.882187
.882589
.882578
To credit of Treasurer United States
.205280*
.205475*
.205475*
.205475*
.205475*
.205475*
To credit of other Government officers.....
Unclassified—Collections, Ac..........................
Deposits in—Federal Reserve banks
Canada, dollar—
Official..........
.909090
Free
Mexico,
peso.
i
.........
...
Special depositaries account of sales of Government securities..
National and other bank depositaries:
J
v
Newfoundl'd, dollar-
54,483,952.17
50,051,528.77
..................
Official
.909090
.909090
.909090
.909090
.909090
.909090
Foreign depositaries—
To credit of other Government officers
Free
.870156
.869375
.870562
,879843
.880156
.879843
Philippine treasury—To credit of Treasurer United States....
Official...
.297733*
.297733*
.297733*
.297733*
.297733*
.297733*
Free
.237044*
.237044*
.237044*
.237044*
.237044*
.237044*
338,649.50
23,861,329.17
1,244,822,615.59
560,049,000.00
194,252.05
1,289,386.84
South America—
Argentina,
Total
peso—
Brazil, mllreis—
$2,884,795,042.92
Liabilities—
Treasurer's checks outstanding
Official
.060575*
.060575*
.060575*
.060575*
.060575*
.060575*
Free
.050000*
.050600*
.050000*
.050600*
.050600*
.050600*
Official
.051660*
.051660*
.051660*
.051660*
.051660*
.051660*
Export
.040000*
.040000*
.040000*
.040000*
,040000*
.040000*
Uncollected items, exchanges,
$5,935,942.71
13,079,590.97
Deposits of Government officers—Post Office Department.
Board of trustees, Postal Savings System:
6% reserve, lawful money...........
Other deposits..
Postmasters, clerks of courts, disbursing officers, Ac....
Chile, peso—
59,300,000.00
4,228,272.44
78,073,844.18
...........
Colombia, peso
Uruguay, peso—
Controlled
.569850*
*
Nominal rate,
a
.569850*
.569850*
.569850*
.569850*
.658300*
.658300*
.658300*
.658300*
.658300*
.397200*
Non-controlled
.569850*
.658300*
...
.397200*
.399375*
.399680*
.400660*
.404250*
....
Ac...
9,177,903,22
......
$169,795,553.52
Balance today—Increment on gold (as above)
$143,097,981.25
601,642,250.16
1,970,259,257.99
Seigniorage (sliver) (see Note 1)
No rates available.
Working balance.........
....
2,714,999,489.40
Total
$2,884,795,042.92
THE BERLIN STOCK EXCHANGE
a
Closing prices of representative stocks
each
as
received by cable
Apr.
Apr.
12
14
Apr.
Allegemelne Elektrlzltaets-Gesellschaft(6%)
,
|
Apr.
16
17
163
18
104
202
194
195
198
149
and under the President's proclamation dated Aug. 9, 1934.
Note
2—The
amount
to
the
today was $3,345,177,593.45.
credit of
disbursing
^
Holl
151
151
day
clay
149
149
149
194
193
194
194
127
127
127
127
...
...
151
and
certain
agencies
v< -;;
c.:
151
149
282
280
281
145
145
145
TREASURY MONEY
Tlio
281
145
........
Verelnlgte Stablwerke (6%)
officers
::;v\
150
Holi-
Dresdner Bank (0%).
Siemens AHalske(8%)
tificates issued on account of silver acciulred under the Silver Purchase Act of 1934
165
149
Commers Bank (0%)
Deutsche Bank (0%)
Apr.
of Par
164
(8%)
and the monetary value of silver bullion revalued and held to secure the sliver cer¬
Apr.
15
Percent
Farbenlndustrle 1. G. (8%)....
Relchsbank (newshares)..
1941.
Note 1—This item of seigniorage represents the difference between the cost value
day of the past week:
Berliner Kraft u. Llcht
The weight of this item of silver bullion is computed on the basis of the average
cost per ounce at the close of the month of February,
HOLDINGS
following compilation, made
ernment
statements,
shows
the
up
from the daily Gov¬
holdings
money
of
the
Treasury at the beginning of business on the first day of
COMPARATIVE PUBLIC DEBT STATEMENT
February, March and April, 1941; also
$
$391,064,756
685,472,251
Net United States notes..
$
Apr. 1, 1941
Net sliver coin and bullion
Aug. 31, 1919,
Highest War Debt
$
Gross public debt
Gross public debt per capita
the first day of
3,170,392
338,650
12,874,370
94,920
3,767,135
27,161,264
Feb. 1, 1941
Apr. 1,1940
$330,428,008
685,645,007
2,542,409
521,134
$338,139,322
$489,014,100
687,293,229
2,376,446
14,538,140
46,369
5,441,031
23,038,050
14,802,590
141,103
5,328,146
22,313,995
Mar.
1,
1941
Lowest Post-War
Pre-War Debt
Holdings in U. S. Treasury
Net gold coin and bullion.
Dec. 31, 1930,
Mar. 31, 1917,
on
April, 1940:
(On the basis of dally Treasury statements)
Debt
1,282,044,346.28 26,596,701,648.01 16,026,087,087.07
12.36
250.18
129.66
2.395%
Computed Interest rate.c..
4.196%
3.750%
Net National bank notes.
Net Federal Reserve notes
Net Fed. Res. bank notes
Obligations of governmental
Net subsidiary sliver....
agencies guaranteed by
Minor coin, Ac.........
680,844,789
2,553,719
170,386
772,494
13,016,643
170,242
7,276,263
18,932,649
the United States:
Total cash In Treasury. *1123943,738
Unmatured principal.d_.
Less gold reserve fund....
Matured prin. A Int.e...
General fund balance.e
74~216,460"05
1,118 "l09,534" 7 6
Mar. 31, 1940
A
Last Month
Mar. 31, 1941
This Month
$
$
Feb. 28, 1941
Year Ago
$
Gross public debt...
Gross public debt per capita
306,803,319". 5 5
42,540,013,233.04 46,089,669,333 14 47,172,888,619.22
a323.08
.
b347.89
2.542%
967,904,307
912,760,717
914,314,619 1,062,812,635
Government securities.
566,049,000
Dep.In Fed. Res. banks.. 1,244,822,016
Deposited In National and
477,125,000
385,135,510
479,333,000
702,000,394
58,087,827
47,470,090
1,360,646
tories account of sales of
To credit Treas. U. 8
54,483,952
52,327,642
To credit dlsb. officers.
50,051,529
1,289,387
194,252
43,874,547
Cash In Philippine Islands
the United States:
Deposits in foreign depts.
General fund balance.e
a
not
Revised,
5,623,816,130.28
42,752,259.87
2,513,667,895.73
b
5,901.125,205.28
15,753,737.77
1,700,831,239.42
Subject to revision, c Computed
Include obligations owned by the Treasury,
of the
United States tor the
payment
5,904,623,205.28
13,529,514.52
2,714,999,489.40
Net
cash
In
e
1,516,048
183,404
186,535
45,014,725
37,601,286
1,707,005
296,281
Treasury
and in banks
Deduct current liabilities.
Interest-bearing debt, d Does
Cash is held by the Treasurer
on
2,884,795,043 1,872,922,874 2,202,740,001 2,695,771,243
182,103,347
177,715,502
172,091,035
169,795,554
2,714,999,489 1,700,831,239 2,025,024,499 2,513,667,896
of outstanding matured principal of and
nterest on guaranteed obligations and is included In the general fund balances.
814,481,000
733,858,311
other bank deposltarles-
2.529%
agencies guaranteed by
Unmatured principal.d..
Matured prin. a int.e
1.068800,148 1,070,354.050 1,218,852,066
156,039,431
156,039,431
156,039,431
Deposit in special deposi¬
b355.86
2.597%
Computed Interest rate.c.
Obligations of governmental
Cash balance in Treaa.
156,039,431
*
as
Includes
on
April
I, $664,987,288 silver bullion and $3,299,936 minor coin,
indicated In statement "Stock of Money."
The Commercial & Financial Chronicle
2496
MONTHLY
REPORT ON
GOVERNMENTAL
CORPORATIONS
AND
April 19, 1941
1941
CREDIT AGENCIES AS OF FEB. 28,
The monthly
report of the Treasury Department, showing assets and liabilities as of Feb. 28,. 1941, of governmental
corporations and creait agencies, financed wholly or in part by the United States, was contained in the Department's "Daily
Statement" for March 31, 1941.
was
As now computed, the Federal Government's proprietary interest in these agencies and corporations, as of Feb. 28,
$3,665,501,789, and that privately owned was $418,069,935.
SUMMARY OF COMBINED STATEMENT OP ASSETS AND LIABILITIES
UNITED
OF
GOVERNMENTAL CORPORATIONS
STATES. COMPILED FROM LATEST REPORTS
THE
AND CREDIT AGENCIES OF
, 1941
RECEIVED BY THE TREASURY*—FEB. 28
Assets d
Investment
Real
Securities
Accounts
Estate
United
Guaranteed
and Other
and Other
States
by United
All
Receivables
Business
Securities
Slates
Other
Preferred
Leant
Cash
Capital
Stock, Ac.
e
Total
Other
Property
%
Reconstruction Finance Corporation.....
1,057,001,126 442,225,040
241,308,934
108,184.088
Commodity Credit Corporation.
Export-Import Bank of Washington.....
Federal Crop Insurance Corporation.....
Federal Deposit Insurance Corporation. .
Tennessee Valley Authority
.........
*3,687,480
h46 037,504
312,497
1*73813,421
7,322
39,390,028
7,099,908
10,295,220
7,427,870
57,405.355
8,300,000 *20,009,307
49,929,600
2,707,870
413,643",308
6,343,116
422.893 40,764,119
0,674,529 608.145,789
80,400
11,102
10,550,288
41*666 28,100,074
19,243
301,104,210
Public Works Administration........—
91,039,520
United States Maritime Commission.....
35,507,542
Rural Electrification Administration.....
261,071,482
Home Owners' Loan Corporation
1,929,345,817 1*182677000 222,199,055
Federal Savings A Loan insurance Corp..
228,174
Federal Home Loan banks.............
150,899^221
92,004,835
Federal Housing'Administration.
13,008,831
Federal National Mortgage Association..
187",001*252
United States Housing Authority........
24,065,009
1210,050,032
Farm Credit Administration............
27,121,609
253,439,038
Federal Farm Mortgage Corporation
643,269,425
58,407,454
Federal Land banks x
647,971,048
1,842,003.089
Federal Intermediate Credit banks
216,301,756
23,499,174
Banks for cooperatives..
15,037,125
73,944.297
Production credit corporations
616,334
5*075*200
16,154,333
Regional agricultural credit corporations..
War emergency corporations and agencies
(In liquidation):
Navy Dept.(sale of surplus war supplies)
Sec. of Treasury (U. S. RR. Admin.)..
4,065
United States Housing Corporation
607,930
United States Spruce Production Corp.
72,738
..........
40.512,383
20,861,620 105,220,367
10,707.129
26,399,965
40,977,398
14,430
556" 200
""220
4,678",691
761,880" 110
83,144,290
36,999,584
19,978,035
30,140,750
20,7*81*988 31,653*232
4,252,394
6,898,422
2,681,129
880,300
24,641,242
h3,736,471
2,927,676 345,695*625
1,130*143
22,554
4,470*237
5,767^448
2,038,498
20,038",208
72,129,023
10,000
199,367
10,002,251
1,119,016
1,977.544 127,524,091
92,433
48,248,432
1,432,479 165,600,297
10,029,030
127,973,097
59,900
1,343,894
493,347
390,820
43,693
11,530,431
83,055,407
55,273
199,980
34,669
70,682
1,628,460,165
904,934,032
182,407,508
18,257,518
554,942,185
374,894,446
91,639,526
256,488,842
265.323.876
2,689,643,049
129,007.290
301,674,316
75.202,852
192,495,493
308,902,147
285.123.877
1,623,401,852
2,229,034,058
277,894,285
147,831.075
109,457,816
22,291,101
4,483,133
4,483,133
16,592
123,678
64,921
44,204
1,195,521
455,002
"54"312
1L300
1,832,069
652.923
22,668,572
14,342,467
423,977,525
9.661,371
905
Other:
361,293
20,327,600
13,902,606
394,002,357
InlaDd Waterways Corporation
National Defense Corporations
417,935
19,145,292
4,281,041
hll 888,220
t
295,501
10,130^885
.....
RFC Mortgage Co
Valley
3,886,765
573,344
1,200,818
052*690
432,076
Puerto Rican Reconstruction Admin..
4,111,037
1,151
409,185
'
-Oh
-
-■
39,749,429
1,566,843
hi,983,855
1,219,000
08,250,601
—
413,4.50
257,642
374"022
33,825
294,879
2,201
1,211
27,546,311
for Industrial loans..
23,711*900
■25721*2",578
Railroad loans (Transp'n Act, 1020).
Securities received by Bureau of Inter¬
received
from
the
27,546,311
23,711,900
25.212,578
172,151
172,151
in settlement of tax llab's.
nal Rev
2,588,157
24,966,941
94,568,340
50,878,906
0,897,480
71,029,079
Reserve banks
Federal savings and loan associations
Securities
37", 907
82,680,120
233,906
Cooper¬
Associated
atives, Inc.t.
Treasury Department:
Advances to Federal
201,467
39,132
4,347
27588*157
Interior Department (Indian loans)...
Tennessee
17,943
28,741,824
887,119
1,000
Federal Prison Industries. Inc........
Panama Railroad Co.
1*2,134,252
21,494
3,080,609
Disaster Loan Corporation....
Electric Home and Farm Authority...
Farm Security Administration........
RFC
under Act of Feb. 24,1938.......
2,122,963
2,122,963
Inter-agency Items: m
Due from governmental corporations
or agencies...............
Due to governmental corporations or
agencies......................
7,902,827,902 049,772,090 594,679,425 730,158,450 126,932,182 911,221,147 524,073;834 000,246,864 1391168620 13,436,980,58q
Total.
Proprietary Interest
Guaranteed
by
Guaranteed by
UnitedStatesq
Total
332,870,908 1,431,587,803
808,331,372
110,654,589
4,505,795
265,642,628
15,483,314
105,730*048
United States Maritime Commission.....
k2628383",iO0
Federal Savings & Loan Insurance Corp..
.....
12,764,518
Federal National Mortgage Association..
United States Housing Authority........
Farm Credit Administration............
Federal Land banks
x.............
Federal Intermediate Credit banks......
banks for cooperatives
Production credit corporations
2207480,221
1,281,739*494
Federal Farm Mortgage Corporation
...
Regional agricultural credit corporations..
War emergency corporations and agencies
(In liquidation):
105*.730*048
13,751,723
289,299,657
359,411,131
91,639,626
150,758,794
265,323,876
12,907,353
127,405,172
181.050,150
56,886.430
103,708,523
137,068,251
92,079,631
197,075,444
48,3*52",590 2,070*,735*.096
1,602,118
120,024,166
5,651,904
88.786,970
5,353,675
193,044,346
1,602,118
120,024,166
18,316,422
88,780,970
231,833,896
193,044,346
*44,586,914 1,326,326,408
1,807,490,702 1,807,490,702
206.574,428
200,574,428
8,046,690
3,046.690
470,328
470,328
1,540,608
1,540,608
of Treasury
(U
8
RR
Electric Home and Farm
Farm Security
Authority...
Administration.......
Federal Prison Industries, Inc.......
Interior Department (Indian loans)..
129,474
13,200,608
26,861,410
410,086
129,474
13,200,608
26,861,410
410,080
*794*,196
Panama Railroad Co.„t
*794*190
1,287,208
1,678,264
Puerto Rlcan Reconstruction Admin..
1,741*124
RFC Mortgage Co..............
Tennessee
Valley
Associated
56",909* 150
217,449.787
71,319,857
144,784,385
4",411*441
108,987,488
20,750,493
600,000,000 *194,352,767 b497,480,405
196,872,362
c3.396.740
96.603,260
100,000,000
175,000,000
182,180,820
7,180.820
b248,277
14,000,000
13,751,723
150,000,000
150,000,000
55,855*631
359,411,131 a303,565,500
•91,639,626
91,639,526
bl0,451,744
150,758,794 •161,210,638
152,852,512
205,323,870 •112,471,304
200,000.000
c87,092*,647 blOO.OOO.OOO
12,907,353
27,405,172
100,000,000
127,405,172
124,741,000
124,741,000
•56.886.430
66,886,430
85,831",709
7,876.814
103,708,523
10,000,000
1,000,000
136,068,251
137,068,251
a92,079,531
92,079,531
b2,924,556
197,075,444
200.000,000
b8,364,209
145,225,633
67.226,145
204,087,669
bl2,569,081
23,888,938
60,000,000
71,319,857
12,569,081
18,803,863
109,000,000
140,372,944
3,987,488
105,000.000
108,987,488
15,750,493
5,000,000
20,750,493
64,921
•4.483,133
•64,921
1,832,069
652,923
34,080,554
100,000
c32,248*,485
22,639,098
24,000,000
850,000
1.141,859
397,110,115 •381,621,575
•4,113,380
9,251,285
•2,588,157
2,588,157
12,000,000
24,172,745
93,281,078
23,000,000
49,200,642
7,000,000
•0,897,480
6,897,480
69,287,955
25,000,000
cl,460,902
294,186
1,74*1424
22,539,098
1,141,859
397,116,115
9,251,285
2,588,157
24,172.745
93,281,078
49,200,042
6,897,480
69,287,955
4,483,133
294,879
....
Federal savings and loan associations
from
the
1,000
27,546,311
23,711,900
25,212,578
172,151
172,151
•172.151
2,122,963
2,122,963
•275,951,851
....
2497
b2,327
5,1*37*,905
12.172^745
C448.517
70,729*595
43,846.167
bl,645,525
*
880*474
43,407^481
293,879
...
1*275,951,851
•24,806,426
.....
5,945,761,017 3,407,647,839
see page
—
15.494,540
a2.122.963
Inter-agency Items: m
Due from governmental corporations
or agencies.....
Due to governmental corporations or
Total...
■
RFC
under Act of Feb. 24,1938.....
agencies......
*356*666
202,923
•27,540,311
23,711,900
•25.212,578
23,711,900
25,212,578
Railroad loans (Transp'n Act, 1920).
Securities received by Bureau of Inter¬
nal Rev. In settlement of tax llab's
received
294,879
27,546,311
Treasury Department*
Advances to Federal Reserve banks
for Industrial loans..
For footnotes
139,299,557
Interests
Cooper¬
atives, Inc.t
Securities
Interagency
Surplus
64,921
1.287,268
1,678,204
Inland Waterways Corporation
National Defense Corporations _r
Stock
1,832,069
652,923
Admin.).
United States Housing Corporation....
United States Sprues Production Corp.
Other:
Disaster Loan Corporation........
United States
421.537,356
4,483,133
Navy Dept.(sale of surplus war supplies)
Seo
Capital
Owned
182,180,820
Rural Electrification Administration.
Federal Housing Administration
Owned by
196,872,302
96,603,260
220,688
226,688
4,505,795
Public Works Administration...........
Federal Home Loan banks
Liabilities d
205,642,628
15,483,314
697,676,783
Export-Import Bank of Washington.....
Federal Crop Insurance Corporation.....
Federal Deposit Insurance Corporation..
Tennessee Valley Authority............
Home Owners' Loan Corporation....
Distribution of United States Interests
Privately
United States
Reconstruction Finance Corporation..... kl098716,896
Commodity Credit Corporation.........
*Over
Not
9,353,408,85614,083,571,724
24,800,426
418,069,935 3.665,501,789 3,694,521,562
518,721,227 n447,741,000
The Commercial & Financial Chronicle
Volume 152
FOOTNOTES
FOR TABLE
ON
2497
CONTINGENT LIABILITIES OF THE UNITED STATES, DEC. 31, 1940
PAGE 2496
*
Complied from Latest Reports Received by the Treasury
These reports are revised by the
Treasury Department to adjust for certain
Inter-agency items and therefore may not agree exactly with statements Issued by
the respective agencies.
a
Non-stock
b Excess
c
d
Amount of Contingent Liability
(or includes non-stock proprietary Interests),
Detail
Matured
inter-agency assets (deduct).
Deficit (deduct).
■
lnter-agency assets and liabilities (except bond Investments and
deposits with Reconstruction Finance Corporation),
e
Excludes unexpended balances of
appropriated funds,
g Adjusted for inter-agency items and items in transit,
includes deposits with the RFC and accrued interest thereon.
I Shares cf State building and loan
associations, 137,370,410; shares of Federal
savings and loan associations, $145,206,660.
J Also excludes contract commitments.
As of Feb. 28,
1941, the United States
Housing Authority had entered Into definite contracts calling for maximum advances
of $1,067,792,000.
Advances have been made In the amount of $204,222,350 as
of Feb. 28, 1941, against loan contract commitments amounting to 1690,905,000.
The Housing Authority has also agreed to
disburse $271,515,000 on additional
loan contract commitments
amounting to $376,887,000
securities Issued by local housing authorities.
now
Guaranteed by V. S.
Unmatured Obligations—
being financed by
k Excluded are the
■
•
3,685
696,252,000
696,255,685
858,324 835,943,924
144,453 94,823,053
186,922 236,663,122
21,401 103,168,901
835,085^600
94,678,600
236,476^200
103,147,500
3)4% bonds of 1944-64..
3% bonds of 1942-47—
2H% bonds of 1942-47,.
Total
*
343 202,553,343
1,690 204,242,690
1,650 289,459,650
202,553,000
204,241,000
289,458,000
Federal Farm Mtge. Corp.:
3% bonds of 1944-49—
■■■''j
a
$
$
Commodity Credit Corp.:
H% notes, ser. D, 1941.
1% notes, series E, 1941.
H % notes. Series F, 1943
f Also Includes real estate and other
property held for sale,
h Also
Interest
Principal
.v
Exclusive of
1,269,387,900
1,211,101
4,524,855
135
750,850
133
1,270,599,001
Federal Housing Admin.:
Mutual Mtge. Ins. Fund:
following amounts in bonds and notes held by the Secretary
the Treasury, which are shown as
lnter-agency liabilities: Tennessee Valley
Authority,
$56,772,500;
Reconstruction
Finance
Corporation, $218,477,250.
3% debs., series A—
2)4% debs., series B—
Also excludes $75 bonds of Home Owners' Loan
Corporation held by that Corporation
2)4% debs., series B—
of
Uncalled.
pending cancelation.
Represents lnter-agency holdings of capital stock and paid-in surplus Items
which are not deducted from the capital stock and
paid-in surplus of the corre¬
sponding organizations.
Housing
p
j:
45,900
6,327,850
Includes accrued Interest.
12,945,505
> v
Does not include balances of loans amounting to $4,485,600 made to four
carriers whose assets have been completely liquidated.
Upon the final liquidation
of these corporations and endorsers where the notes were
endorsed, there were not
sufficient assets to meet the claims of the United States In the above amount.
*
Includes
the
as
of Dec.
31, 1940.
Figures
as
assets
and liabilities
of the
Federal
banks
of
211,460,000
299,339,000
310,090,000
275,868,000
Louisville,
bl
c
from
the
figures of
Treasury's
a year
official
earlier
are
Comparative
report.
debt
also shown:
CASH AVAILABLE TO PAY
MATURING
226,266,000
2,419
5,901,357,155
2,598,768
Settlement
on
on
1,928,454,976
5,903,955,923
Matured Obligations—
Federal Farm Mtge. Corp.:
233,000
587
"12,997",175
13,591
451,295
5,570
1 H% bonds of 1939
4% bonds of 1933-512)4% bds.,ser.B, 1939-49
2% bonds, series E, 1938
1)4% bonds, ser. F, 1939
%% bonds, ser. K, 1940
2,476,160,943
—25,444,225
2,471,091,858
68,708,431
270,269,695
3,367,090
1,461,428
79,685,114
199,694,058
3,422,320
76,000
108,850
1,864,400
—5,069,085
....
War Savings certificates
wanrant checks......
....
233,587
13,691
13,448,470
81,570
109,688
1,864,640
838
140
15,517,860
el5,046,425
471,435
Total matured securities
al5,279,425
472,022
15,751,447
Total, based on guarantees.
5,916,636,580
3,070,791
5,919.707,371
1,112,571
1,296,136,746
36,097,432
On Credit
of U. S.—
Secretary of Agriculture...
Savings System:
Funds due depositors
Postal
Total
343,796,644
Balance, deficit (—) or surplus (+)....
283,914,063
+
1,559,214,107 + 2187,177,795
Interest Dec. 31, 1940
Title of Loan—
3s convertible bonds of 1946-1947
49,800,000
28,894,500
9,500,000
..........Q-J
Special:—4s Adjusted Service Ctf. Fund—Ser. 1941
2Hs Unemployment Trust Fund—Series 1940..
4Treasury bonds of 1947 1952
A-O
4s Treasury bonds of 1944-1954
J-D
3)4s Treasury bonds of 1946-1956.
..M-S
3HS Treasury bonds of 1943-1947.............J-D
3)48 Treasury bonds of 1940-1943.........
J-D
3Hb Treasury bonds of 1941-1943
...M-S
3>4s Treasury bonds of 1946-1949.....
...J-D
3s Treasury bonds of 1951-1955
M-S
3)4s Treasury bonds of 1941.....
F-A
4)40-3)48 Treasury bonds of 1943-1945
...A-O
3)4s Treasury bonds of 1944-1946
A-O
3s Treasury bonds of 1946-1948
J-D
3)48 Treasury bonds of 1949-1952........
J-D
2)4s Treasury bonds of 1955-1960..
...M-S
2)48 Treasury bonds of 1945-1947
..M-S
2)4s Treasury bonds of 1948-1951
...M-S
2)48 Treasury bonds of 1951-1954....
J-D
2)4s Treasury bonds of 1956-1959
M-S
2)48 Treasury bonds of 1949-1953.17-7.7.7.-7.J-D
2)4s Treasury bonds of 1945 ................J-D
2Hr Treasury bonds of 1948
M-S
UUUUB U1
2)4s Treasury bonds of 1958-1963...
J-D
2)48 Treasury bonds of 1950-1952
M-S
2)4s Treasury bonds of 1960-1965
.J-D
2s Treasury bonds of 1947.—.....—.—.—...J-D
2s Treasury bonds U1 A bxC7"OU
A ICaSUl/
UUllUf) of 1948-50
....——...J-D
2)4s Treasury bonds of 1951-53
...J-D
2)4s Treasury bonds of 1954-56
—J-D
2s Treasury bonds of 1953-55
....
J-D
U. 8. Savings bonds, series A, 1935...
U. B. 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.
U. S. Savings bonds, series D, 1940....—......
...
.........
-
......
Unclassified sales.
—.—
3s Adjusted Service
bonds of 1945......
—
4)4s Adj. Service bds.(Govt. Life Ins. Fund ser. 1946)
2)4s Postal Savings bonds
J-J
Treasury notes......
....
Treasury bills
Interest..—
Matured, interest ceased........
no
—
......
"
"
.
14,800,000
1,509,000,000
758,945,800
1,036,692,900
489,080,100
1,945',366'000
75s
945*800
'
1,036,692,400
489,080,100
454,135,200
544,870,050
818,627,000
755,432,000
834,453,200
1,400,528,250
faisfol'm
1,035,873,400
491,375,100
2,611,092,650
1'91!'49s'or.n
1223495 850
fi87 150
A,osi,89ft
ssn
MS'lS'Sn
540,843,550
450,978,400
918,780,600
-I
1 OK
QA1
701,074,400
571,431,150
f
tin
ajti
1 aa
ion'«Q9''^n
680,692,350
724,677,900
cl72,940,717
c315,303,000
c410,042,149
c494,515,659
c819,027,627
^3Ibs'298
485,323
249,373,969
®00,157,956
"fill
nnr>
641,000
1,310,345,000
49,800,000
28,894,500
454,135,200
352,993,450
544,870,050
818,627,000
.
755,432,000
834,453,200
Total, based
on
Deduct Treasury surplus or add Treasury
Net debt
36,097,432
a
......
.
15,921,302,042
'
«.
«.
m
-
*
1,340,534,179
*m
United States for payment
obligations guaranteed by the United
Funds have been deposited with the Treasurer of the
of outstanding matured principal and Interest
States.
$22,804,250 face amount of 1% notes, series Q-2, due Jan. 1,
b Does not Include
1942, held by the Treasury and reflected in the public debt.
c
$66,772,500 Issued
Theifollowing bonds having an aggregate face amount of
under the Tennessee Valley
Authority Act of 1933, as amended, are held by the
1,400,528,250
1,518,737,650
1,035,874,400
Treasury and reflected in the public debt; under section 15-a 2)3% bonds, series A,
due Dec. 15.1948, $272,500; under section 15-c, 1 %% bonds of 1943-51, $10,000,000;
2bonds of 1947-57, $15,000,000; 2%% bonds of 1951-63, $15,000,000; 2)4%
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
540,843,550
450,978,400
918,780,600
1,185,841,700
1,485,385,100
bonds of 1955-69, $16,500,000.
701,074,900
571,431,150
1,090,963,100
$10,000,000 face amount of %% bonds, series O, due Oct, 15-
d Does not Include
1941, held by the Treasury and reflected in the public debt.
e
.
.
$114,100 face amount of bonds In transit for redemption 011
Does not include
Dec.31,1940.
/'v.'"
./
77
7
Figures shown are as of Oct, 31, 1940—figures as of Dec. 31, 1940, are not
Offset by cash in designated depository banks and the accrued Interest
amounting to $38,676,590.66, which is secured by the pledge of collateral as pro¬
vided in the Regulations of the Postal Savings System, having a face value of $37,773,306, cash In possession of System amounting to $66,949,297.47, Government
and Government-guaranteed securities with a face value of $1,218,526,330. and
h
available.
other assets.
I Held by
7,7'"
.77*
the Reconstruction Finance
\.:'V
7
Corporation.
actual circulation, exclusive of $9,692,237.94 redemption fund deposited
in the Treasury and $325,655,865 of their own Federal Reserve notes held by the
Issuing banks.
The collateral security for Federal Reserve notes Issued consists
of $6,379,500,000 in gold certificates and in credits with the Treasurer of the United
States payable in gold certificates, and $1,688,000 face amount of commercial paper
1 In
175,759,484
321,630,745
420,145,697
507,236,814
695,452,650
ENGLISH
FINANCIAL MARKET—PER
CABLE
1087421",479
270,591,169
500,157,956
117,673,020
The
as
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
*45,039,037,827 41,960,699.407
+2187,177,795
——43,479,823,720 39,773,521,612
a Total gross debt Dec, 31, 1940. on the basis of dally Tteasunr statementt. wM
$45,024,631,488.41, and the net amount of public debt redemption and recelpts in
transit, &c., was $14,406,338.26. c Amount issued and returned includes accruea
discount; amounts outstanding are stated at current redemption values.
Mon.,
Tues.,
AprU 12
8,410,137,900
1,454,743,000
44,471,127,091 41,465,161,214
398,408,358
377,395,345
97,129.835
190,515,391
deficit..+.1,559,214,187
1,304,436,746
Other Obligations—
Fed. Res. notes (faceamt.)-
AprU 14
April 15
Closed
Closed
Gold, p. fine oz.
168s.
Consols, 2)4%- Closed
Closed
British
British
168s.
23^d.
168s.
£.77 X
Wed.,
April 16
23Hd.
168s.
£77 H
Thurs.,
April 17
Fri.,
April 18
23 Hd.
23Hd.
168s.
168s.
£77 H
£77 X
3)4%
Closed
Closed
£103 13-16 £103)7
Closed
Closed
£112%
£103)7
£10311-16
£U2H
£112)4
4%
1960 90
The
States
8,300,000
credit of the
United States..
W. L_._
Total debt——..———..—.--—.—
5,300,000
18,300,000
31, 1939
Silver, p. oz_—
Aggregate of Interest-bearing debt
3,000,000
3,000,000
5,300,000
2)$% bonds, ser. A.—
2)4% bonds/series B...
$
Q-M
Certificates of indebtedness:
•o
Dec.
Payable
3s of 1961...
hi 332,234,179
Tennessee Valley Authority:
—
INTEREST-BEARING DEBT OUTSTANDING
Bearing
226,258,419
mm-el+ii*
:
Disbursing officers' checks..
Discount accrued
Total unmatured securities.
$
1,903,010,751
Deduct outstanding obligations:
Matured interest obligations
\':r
U.S. Maritime Commission
Dec. 31, 1939
■
Balance end of month by dally statements
Add or Deduct—Excess or deficiency of receipts ovei
or under disbursements on belated Items..
1,096,764,399
7,399
f..
2,410 114,159,419
112,099,000
H% notes, series E, 1941
OBLIGATIONS
$
■
4,055 299,343,055
806 310,090,806
2,322 275,870,322
Home Owners' Loan Corp.:
Dec. 31, 1940
>
2,601,132,644
214 211,460,214
114,157,000
112,099,000
1 H% notes, Ber. B, 1944.
following statement of the public debt and contingent
liabilities of the United States, showing also the Treasury's
surplus position, all as of Dec. 31, 1940, has been extracted
''.v- ''
,096,757,000
Tennessee Valley Authority
U. S. Housing Authority:
COMPLETE PUBLIC DEBT OF THE UNITED STATES
The
12,945,774
779,744,670
875,541,602
190,840,839
755,005,531
1,373,894
d2,599,758,750
J4% notes, series N
14% notes, series P
H% notes, series R
1% notes, series 8
of Feb. 28f, 1941, are not
Land
1,166,470
102,977
2,939
101,506
Reconstruction Fin. Corp.:
1
Ky., and Houston, Texas, which have retired the capital stock and paid-in surplus
previously held by the Federal Government.
269
778,578,200
875,438,625
190,837,900
754,904,025
a
are
45,900
6,327,850
Fund:
3% bonds, ser.A, 1944-52
2)4% bds., ser. G, *42-'44
i4 % bonds, series L, 1941
1X% bds.. ser. M, '45-47
r Includes Metals Reserve
Company, Rubber Reserve Company, Defense Plan¬
ning Corporation and Defense Supplies Corporation and Defense Homes Corporation.
t Figures shown
available.
1,296,050
Home Owners' Loan Corp.:
Includes cash in trust funds,
q
Insurance
2%% debs., series O..
2)4 % debs., series D_.
n
750,983
1,296,050
Fourth called
m
Represents lnter-agency assets and liabilities of the Treasury Department
and of Government agencies, which agencies are not included in this statement.
4,524,991
£112)4
price of silver per ounce (in cents) in the
on the same days has been:
United
BarN.Y.(for'n)
34H
34)3
34H
34)7
34%
34)3
"(nCTlymS)
71.11
71.11
71.11
71.11
71.11
71.11
The Commercial & Financial Chronicle
2498
GOVERNMENT RECEIPTS AND EXPENDITURES
Through the courtesy of the Secretary of the Treasury we
are enabled
to place before our readers today the details
of Government receipts and disbursements for March,
1941 and 1940, and the nine months of the fiscal years
Trust
on
April 19, 1941
July 1 to Mar. 31-
-Month of March
Increment
Accounts,
1941
1940
1940-41
1930-40
%
Gold, &c.
Receipts—
led. old-age and survivors Ins
$
*
%
trust fund:
Appropriations...
J495.947.883
2,568,404
—
409,000,000
141,000,000
Transfers from general fund
Leas reimburse, to gen. fund..
2,125,984
6,182,681
20,231,032
6,182,681
462,420
134,817,319
475,716,851
402,817,319
1940-41 and 1939-40.
General & Special Accounts:
Receipt*Internal Revenue:
tax
Income
MUceU. Internal revenue
Month of March
—July 1 to Mar. 31
1941
1940
1940-41
" 1939-40
$
$
$
$
1,207,512,892
665,486,756
2,415,316,049
1,573,720,741
273,046,971
192,010,463
2,203,577,637
1,789,641,212
8oclal security taxes:
Interest
Net
241,263
Unemployment trust fund:
Deposits by States
132,295
873,559
132,295
703,686
Investments.....
on
receipts
134,949,614
476,590,410
402,949,614
15,137,753
649,268,901
652,303,265
14,325,663
45,746,716
13,140,675
»
'
1
'
!
■'
»
Employment taxes........
Tax on employers ol 8 or
2,588,404
2,254,011
a498,361,829
443,466,806
917,548
1,213,039
36,996,193
94,587,747
28,950,733
more
25,405,602
101,472,992
88,505,882
1,674,790
1,608,556
28,701,747
5,082,433
263,395,616
3,300,204
267,758,807
Taxes upon carriers and their
employees
ance
Insur¬
unemployment
Railroad
contributions..........
39.949,643
Customs
Miscellaneous receipts:
~-
Panama Canal tolls. Ac
148,342
1,154,571
Seigniorage
3,178,082
2,595.467
47,153,616
76,865
167,656
60,899,001
17,836,013
35,388,208
Other miscellaneous
7,748,825
6,803,362
65,571,108
61,468,563
Principal—forelgrn obliga's.
Interest—foreign obllga'ns.
—
ance trust
Net
to
approp.
survivors
and
old-age
—
6,387,358
1,742,129
—-
96,996
144,572,197
16,221,975
934,208,490
5.847,818,641
4,436,817,705
462,420
..........
475,716,851
receipts
from
June 25.
1,566,408,381
934,208,490
5,372,101,790
4,436,817,705
Transfers from States
June 25.
lnsur.
Departmental
Department of Agriculture:©
Agrlcul.adjust program...
65,005,425
65,195,585
612,187,785
604,829,643
102,363,735
104,943,426
826,707,488
837,421,591
Com, Credit Corp.—Resto¬
101,373,464
fund
(Act
7,500,000
46,961
Transfers from general fund..
Interest on investments..
Other trust accounts
4,846,654
5,112,799
©45,337,515
C3,636,172
Fed. Farm Mtge
2,945,378
2,021,915
6,688,476
5,380,322
C78,624,209
21,414,731
Corp.g..
2,380,590
499,257
Farm Security Admlnlstra'n
5,953,723
22,480,395
46,894,438
100,713,634
Farm Tenant Act
1,391,523
4,878,884
24,673,061
27.658,037
1,491,747
3,430,093
19,874,195
26,289,337
346,872
295,703
6,401,413
9,374,982
6,764,352
7,706,627
62,701,503
74,085,540
20,040,213
30,001,945
1,412,892,927
618,779,161
Federal Land banks
.....
Rural Eleo. Admin.g
Forest roads and trails....
Department of the Interior:©
Reclamation projects......
Post Office Dept. (deficiency)
Navy Dept. (national defense)
.......
185,446,283
73,491,012
Department:©
Military (national defense).
543,715,947
64,321,508
2,156,783,653
474,017,142
Canal
15,073,050
13,688,549
3,155,304
...
10,000,000
22,718,482
17,500,936
44,520,197
116,000,000
25,045,177
97,150,000
342,629,112
259,670,260
Increment
resulting from
re¬
duction In weight cold dollar
25,278
27,454
322,813
312,820
Seigniorage.......
1,065,339
4,016,994
16,456,166
40,655,104
84,566,093
193,633,493
1,778,606,064
1,516,013,118
159,800,000
135,000,000
423,200,000
393,000,000
6,717,961
1,282,549
43,410,449
8,865,193
mio,000,000
11118,000,000
367,300,000
355,000,000
34,042,000
44,760,000
343,342,841
331,626,000
2,521,610
1,914,642
Expenditures—
Fed. old-age and survivors 1ns
fund—Investments..
Investments
........
State accounts:
Withdrawals by States
Transfers
Ins.
RR.
to
acct.
unempl.
(Act June 26,
1938)
101,373,464
RR. unemploy. Ins. account:
Benefit payments....
Repayment
of
2,727,818
174,641,069
166,140,813
25,677,561
15,536,943
National defense funds for the
14,413,650
Investments
15,000,000
..........
Benefit payments......
Other trust accounts 1
Other funds and accounts:
PWA revolving fund
June 21, 1938)..
10,610,180
(Act
adv,
June 25. 1938)
Railroad retirement account:
6,000,000
.
10,000,000
10,258,179
9,661,934
89,922,904
83,814,926
31,244,608
22,576,632
293,606,103
231,021,711
134,500
....
C615.500
C3,219,772
C7.521.918
1,822
3,016
(Act of
Chargeable against Increment
gold—Melting losses, &o.
Special deposits (net).l......
on
River and harbor work and
flood control
130,838
Other funds and accounts:
bll9,599,918
ration of capital lmpalr't.
Farm Credit Admlnlstr'n.f
Panama
adminis.
Railroad retirement account:
trust
War
(Act
1938)
1
Transfers from RR, unempl
Unemployment (rust fund:
relief):
recovery A
30,471,119
15,000,000
Benefit payments
Expenditures—
General (lncl
15,063,957
(Act
Treasury
1938)
..........
Fed.
Insur¬
fund.d.........
tirement Board
Adv.
Total receipts...
1,666,870,801
Total receipts....
Deduct—Net
Re¬
Interest
curities:
Other
Railroad
by
Oct. 10, 1940)....
on Investments
Govt .-owned se¬
Proceeds of
Deposits
Subtotal
252,303,503
12,823,683
2,818,850
10,715,459
175,658
175,658
150,211,080
145,811,844
686,422,943
657,346,467
Refunds of taxes A duties..
8,913,200
8,660,690
64,494,788
65,295,486
6,000,000
6,000,000
Com, Credit Corp......
Fed. Housing Admin
5,458,509
3,403,414
Home Owners Loan Corp.
Reconstrue. Fin. Corp..
1,431,418,108
1,000
C289.458.000
C200.620.000
gov'm'tl agencies, Ac. (net):
Sales and redemptions of obli¬
Department:©
Interest on the public debt.
1,710,566,647
Transactions In checking accts,
Emergency ship construction,
U, 8. Maritime Commission
196,780,257
61,246,885
Selective Service (adm. exps.)
31,145,166
17,584,645
President
Treasury
Dlst.of Col. (U. S. share)....
Federal Loan Agency:
gations In market (net):
Guaranteed by the U. S.:
k
Admin.:g
Reconstruct Fin. Corp.g..
356,976
C272.131
4,217
1,996,487
5,027
5,993,777
105,393
153,854
954,789
908,033
22,498,546
23,896,049
197,982,680
215,927,817
Fed. Farm Mtge. Corp..
Not guaranteed by U. S.:
Home Own. Loan Corp..
14,043
2,492,000
13,669,700
20,399,125
29,961,375
C600.000
C276,468,000
cioo.ooo
U. S. Housing Authority
Other. 4
18,150
2,208,575
Fed. Home Loan banks..
Fed. Housing
....
Federal Security Agency:
Civilian Conservation Corps
18,011,840
10,443,084
90,876,883
64,041,482
35,374,624
27,488,119
328,974,318
282,097,256
8,941,942
1,648,849
97,513,847
44,581,330
Public Bldgs. Admin......
5,500,868
5,371,464
56,391,317
58,305,677
Public Roads Admin
7,966,078
6,899,702
144,496,750
132,982,401
Commodity Credit Corp
Export-Import Bk. of Wash
Fed, Housing Admin
Federal Land banks
El. Home A Farm Auth
.
.
Other transactions (net):
Federal Works Agency:
Publlo Works Admin.t
5,585,967
23,157,866
90,873,115
231,596,703
U. 8. Housing Authority.4.
2,773,070
76,237
5,173,494
1,591,623
Work Projects Admin.....
112,588,017
976,714,355
1,103,678,502
134,434,740
672,171
19,141
1,320,525
654,982
Railroad Retirement Board..
530,871
654,262
4,659,344
5,767,939
Tennessee Valley Authority..
4,794,089
3,084,209
33,991,436
29,555,038
46,209,025
46,644,793
413,954,922
C112,099,000
10*608,600
25,000
10,000
200,500
10,650
8,425
54,000
C42,332,000
5,000
950,000
National Youth Adraln....
Social Security Board.....
Other
807,043
""212,000
6,968,000
12,481,000
c90,000
C240.000
C73.000
C935.000
36,618,070
C4,105,815
272,535,803
170,309,994
c98,972
C496.406
244,476
C385.287
339,660
7,947
C6,020,027
CI,070,751
c26,646,i42
C19.468.341
C183,097,369
1,913,828
62,525
|
...
Home Owners' Loan Corp..
Rural Electrification Adm.
C376.269
Cl,9V7,975
CI,601,758
Corp.I_
63,605,950
2,105,044
318,090,465
34,482,738
U. 8. Housing Authority...
24,912,798
16,669,192
151,713,292
72,602,706
c32,3ii,2i6
C22,403,683
C41,830,552
9,575,292
68,566,452
C14,393,163
95,239,738
C138.270.695
320,889,955
182,187,094
1,805,806,385
1,293,147,413
Reconstruction Fin.
c856,07i
416,679,662
Other
;
Veterans' Administration
Other
Subtotal
1,387,736,748
815,962,880
Revolving funds (net):
Farm Credit Administration.
Subtotal
8,550,799,102
C206.784
C229.166
C59,604,634
C5,064,890
Works Administration
1,605,591
5,862,343
18,593,235
48,595,875
1,398,807
5.633,177
C41.011.399
43,530,935
6,454,020,165
Total expenditures......
Public
Subtotal
Excess of receipts.......
Excess of expenditures........
...
11,446,398
222,865,706
27,200,321
236,323,862
Summary
Excess of rets.
(+) or exps. (—):
Fed. old-age and survivors Ins,
Transfers to trust accts., Ac.:
Fed. old-age
+9,909,961
+1,084,421
*402,817,319
Unemployment trust fund...
+ 1,687,984
+919,612
+177,608
+3,039,140
97,150,000
Railroad retirement account..
—258,179
—9,661,934
+ 20,077,096
+3,335,074
Other trust accounts
+ 13,275,589
+2,468,544
+49,023,009
Other funds and accounts
—16,628,528
+4,659,947
—11,148,256
+28,649,550
+ 48,486,826
*134,817,319
116,000,000
10,000,000
+ 424,097,457
Railroad uneinpl. Ins. admin,
funds transferred to unempl
trust fund (Act Oct. 10 *40)
July
June 25,
1939
5,
—165,814,275
—1,332,935
Transae's In checking accts. of
7,500,000
Railroad unempl. Ins. acct.:
Adv.
fund
trust
A survivors Ins.
trust fund.h
Railroad retirement account.
governmental
agencies,
Ac. (net):
(Act
15,000,000
gations In mkt. (net)....
Repayment of advance Jan.
20, 1940
..........
Sales A redemptions of obli¬
—3,022,375
—13,675,168
+ 414,448,375
C15,000,000
1938)
Other transactions (net)...
—65,564,077
+28,068,331
—509,688,113
—285,826,761
—236,323,862
+11,446,398
—27,200,321
+222,865,706
.........
701,181,000
402,540,000
4,217,070,000
4,069,417,000
Treasury notes...........
Treasury bonds
554,422,795
10,694,000
1,235,115,145
671,431,150
131,961,202
105,992,245
799,902,659
915,438,674
Govt, empl's' retirement funds
(U. S.share)....
..........
Subtotal
92,715,000
87 203,400
10,000,000
Total expenditures
Excess of receipts
134,817,319
216,215,000
587,170,719
1 539.100
49,958,200
44,626,250
70,486,900
1,400,674,655
Debt retirements (skg. fd„ Ac.)
1,006,371,576
8,770,628,953
7,155,208,769
165,733,726
Excess of expenditures..
72,163,086
3,398,527,163
2,718,391,065
of expenditures
(+)
or
U.
S. savings
bonds
Less public debt retirements..
(lnol.
unclassified sales)
(+)
1,539,100
or
retirements)
Trust accts., Increment on gold,
Ao„
excess
of expenditures
( + ) or receipts (—)
49,958,200
44,626,250
70,486,900
Subtotal
Total excess Of expenditures..
1,290
1,387,564,997
519,226,245
5,656,830,126
Adjusted service bonds......
+236,323,862
194,350
623,300
1,806,200
7,219,700
Exchanges—Treasury notes..
Treasury bonds..........
65,039,700
718,014,200
66,802,500
1,516,231,100
2,286,840,900
1,018,051,100
718,014,200
2,353,643,400
2,534,282,200
9,800,000
15,300,000
7,000,000
457,300,000
435,000,000
141,000,0()0
493,000,000
399,000,000
+ 22,204,886 +3,353,900,912 + 2,647,904,165
—11,446,399
+ 27,200,321
1,562,163,000
—222,865,706
69,051,036
10,758,487
3,381,101,233
+163,901,566
+ 824,256,348
—324,557,637
1,627,202,700
2,425,038,459
general
+1,014,168,250
Special Issues:
AdJ. service ctf. fund (ctfs.)..
(—) In the gross
public debt
+1,083,219,286
Qross publlo debt at beginning
Unemploy
Inc. (+) or dec.
Of month or year
Gross public debt
7,417,990,904
?
—167,272,826
Subtotal
fund balance
542,012
+ 72,163,086 +3,398,527,162 + 2,718,391,065
receipts (—) (excl. public debt
Inc. (+) or dec. (—) In
1,165,903,100
national bank notes
—165,733,726
of expenditures
Treasury bills
Deposits for retirement of
receipts (—)
Excess
Public Debt Accounts
Receipts—
Public Issues—Cash:
Treasury savings securities
Summary
Excess
Total
46,089,669,333
this date... 47,172,838,619
+174,660,053 + 4.205,357,581 +2,100,480,822
42,365,353,180
42,540,013,233
42,967,531,038
47,172,888,619
40,439.532,411
42,540,013,233
trust fund (ctfs.).
Fed. old-age and survivors Ins.
trust fund (notes) h
| Railroad retire, acct.
171,000,000
(notes)
Civil service retire, fd. (notes)
For. serv. retire, fund (notes)
6,000,000
37,000
10,000,000
92,830,000
84,800,000
830,000
389,000
Volume
The Commercial & Financial Chronicle
152
Public Debt Accounts
-Month of March1941
1940
Receipts—(Concluded)
$
—July 1 to Mar. 31—
1940-41
$
$
UNITED
Special Issues (Conceded):
Canal Zone retire, fund (notes)
Alaska RR. retire, fd.
(notes).
200,000
175,000
15,000.000
15,000,000
3,500,000
3,400,000
..........
'
...
..
*
'«'«i
•
..
Public
(notes)
Fed. Dep Ins. Corp. (notes).
Fed. Savs. & Loan Ins.
'
(notes)
-
375,000
j
200,000
13,133,500.00
117,407,880.00
$196,102,380.00
.
1,385,863,745
414% bonds of 1947-52
4% bonds of 1944-54
3 % % bonds of 1946-56
3H% bonds of 1943-47—
9,227,869,026
10,890,989,504
./<
$758,945,800.00
1,036,692,400.00
489,080,100.00
454,135,200.00
2%% bonds of 1946-49
Public Issues—Cash:
Treasury bills
397,040,000
Certificates of Indebtedness
Treasury notes
Treasury bonds
17,000
77,006,033
22,127,132
2*4% bonds of 1955-60
784.250
2*4% bonds of 1945-47
2,273,150
2*4% bonds of 1948-51
2*4% bonds of 1951-64
2*4% bonds of 1956-59
2*4% bonds of 1949-53
2*4% bonds of 1945
2*4% bonds of 1948
2*4% bonds of 1958-63
2*4% bonds of 1950-52
2*4% bonds of 1960-65
2% bonds of 1947
560.350
50,406,250
360,100
28,761,800
18,500
11.495.050
76,589,750
■
60,594,550
*
13,454.888
9,558,118
1,970.650
17,434.619
431.800
95,500
1,973,800
177,750
305,200
.......
106.055,722
1,482.618
1,875,950
Adjusted service bonds....
First Liberty bonds
Fourth
Liberty bonds...
Postal Saving bonds
■
bank
60
80
176,040
191.760
18,410
35,511
300,529
192,026
1,532,685
1,782,683
13,954,162
19,894,798
453,596.061
Other debt Items
460,265,492
4,122,142,522
4,264,522,004
...
notes
and
Fed. Res. bank notes
Subtotal
Exchanges:
Treasury notes
Treasury bonds
1,141,004.700
....
2,534,282,200
487,960,800
:
1,627,202,700
,
.1,865,682,600"
718,014,200
486,198,000
713,014,200
2.353,643,400
818,627,000.00
755,432,000.00
834,453,200.00
3% bonds of 1951-55
3*4% bonds of 1941.
3*4% bonds of 1943-45
3*4% bonds of 1944-46
3% bonds of 1946-48
3*4% bonds of 1949-52
4,065,103,000
3,890,435.000
396,093,000
27,945.800
.....
U. S. saving bonds.....
Subtotal
$49,800,000.00
15,761,000.00
...
Treasury bonds:
1,029,537,000
1,117.549,000
148,000,000
3,186,574,047
National
1,400,528,250.00
1,518,737,650.00
1,035,873,400.00
—
491,375,100.00
2,611,092,650.00
981,826,550.00
540,843,550.00
450,978,400.00
918,780,600.00
1,185,841,700.00
1,485.384.600.00
701,072,900.00
2*4% bonds of 1951-53
2*4% bonds of 1954-56...
2,534,282,200
2%
,
Adj. servicectf. fund (ctfs.)..
Unemploy trust fund (ctfs.).
Fed
'
11,300,000
10,000,000
22,500,000
90,000,000
25,000,000
571,431,150.00
1,118,051,100.00
-
-
trust
fund
(notes) h
11,200,000
Railroad retire, acct (notes).
Civil service retire, fd. (notes)
For. Serv. retire
fund
(notes)
(notes).
Canal Zone reltre. fd
6,000,000
69,800,000
l",900,000
"18.400,000
24,000
201,000
6,000,000
.
—
;
U. 8. Savings bonds (current redemp. value):
Series A-1935
21,000
$172,253,308.25
313,854,585.75
Series C-1937
141,000
Series C-1938
Series D-1939
.
814,890.482.02
Series D 1940
1,017,893,007.75
213,088,087.50
165.897,215.44
36.500,000
Series D-1941
98,000,000
20,000,000
+
492,281,842.00
243,000
71.500,000
Fed. Dep. Ins. Corp. (notes).
"■
408,387,751.00
145,000
35,000
Postal Savings System motes)
Govt. life Ins. fund (notes)
•
rf■
29,531,881,445.00
Series B-1936
;
(
724,677,900.00
1,115,023,800.00
1,001.561,995.00
"l5,700,000
"
1,300,000
'-G;,
680,692,350.00
-
bondH of 1953-55...
2% of 1948-50 (Mar. 1941)....
2*4% of 1952-54.—
80,000,000
old-age and survivors Ins.
V
:
.
1,786,130.150.00
2% bonds of 1948-50 (Dec. 1939)
......—.
;
-.
1,214,428,950.00
1,223,495,850.00
1,626,687,150.00
'
Special issues:
31, 1941
follows:
as
3% Conversion bonds of 1946.-......—-.3% Conversion bonds of 1947
2%% Postal savings bonds (21st to 49th ser.)
66,000,000
3,250,000
171,612,000
Expenditures—
675,000
Corp.
1
MARCH
Issues—Bonds—
3% Panama Canal loan of 1961
34,000,000
J—
STATES
Treasury statement, is
National Service life Insurance
fund
THE
OF
STATEMENT
The preliminary statement of the public debt of the Urited
States March 31, 1941, as made up on the basis of the daily
473,000
1,164,000
Postal Savs. System (notes)..
Govt life Ins. fund (notes)
DEBT
1939-40
$
2499
PRELIMINARY
Unclassified sales......
...
...
3,598,546,279.71
Subtotal
(+)
or
public
dec.
in
.
1,211,203,692
6,685,6 1,922
7,127,388,204
1,083,219,286
(—)
debt:
323,584,000
209.846,000
2,103,354,761
Excess Of receipts
Excess of expenditures
Inc.
32,924,000
174,660,053
4,205,357,582
2,100,480,722
gross
■.
,
rC,,..*'
v
;"...
•
Public Issues*
Treasury bills
+304,141.000
Certificates of Indebtedness
+6,447,000
—17,000
Treasury ootes
+1,719,050,431
Other debt Items
bank
—18,410
notes
+326,635,000
+4,314,000
—560,350
—360,100
—18,500
—1,087.460.050
Bonds
National
Adjusted service bonds of 1945...............
Total bonds.__
Total public debt expends..
:
22,556,000
;
—50,406,250
-661.759,800 —1,094,640.650
+105,379,997 +3,647,593,422 +2,509,758,294
—35,511
—300,529
+349,985
and
Fed. Res. bank notes
—1,532.685
—1,782,683
—13,954,162
+934,163.288
Special Issues
+149.056,000
Treasury Notes—Regular Series—
1H%
1 H%
1*4%
2%
1*4%
1*4%
14%
series B-1941, maturing June 15,1941..
$24,783,500.00
series C-1941, maturing Dec. 15,1941..
series A-1942, maturing Mar. 15, 1942..
series B-1942, maturing Sept. 15, 1942..
204,425,400.00
series C-1942. maturing Deo. 15,1942..
15,1943..
232,375,200.00
629,113,900.00
15, 1943..
420,971,500.00
15, 1943..
279,473,800.00
series A-l943, maturing June
series B-1943, maturing Deo.
1%
series C-1943. maturing Sept.
54% series D-1943, maturing Mar.
*4% series A-1944, maturing June
1%
series B-1944, maturing Mar.
1%
series C-1944, maturing Sept
H% series A-1945. maturing Mar.
Total
+1,083.219.286
+ 907,703,000
+174,660,053 +4,205,357,582 +2,100,480,822
Net of reimbursement for administrative
expenses under Section 201
Social Security Act amendments of
1939, amounting to $6,182,681.
(f) of the
a
Includes 52,413,946.05 for the fiscal year
representing receipts from "Socla*
security taxes—Employment taxes," collected prior to July 1,
1940, which are not
available for appropriation to the Federal
old-age and survivors insurance trust
718.023.200,00
(deduct).
1939 but not appro¬
GG
Such net amount is reflected as net appropriations to the Federal oldand survivors insurance trust fund below.
expenses.
e
Additional expenditures
are
f Additional transactions are Included In
revolving funds, stated separately below,
ft Additional transactions are Included under "Transactions In
checking accounts
of governmental agencies, Ac.
(net)," below.
h
Includes transactions formerly classified under the
caption "Old age reserve
account."
i Exclusive of receipts amounting to $2,413,946.05, reflected above, for the fiscal
year 1941, representing social security taxes collected prior to
July 1, 1940, and
therefore not available for appropriation to the Federal
old-age and survivors insur¬
ance
trust
,
Adjusted service bonds (Govt, life Insurance fund series)
fund,
k The balances in the accounts of the Treasurer of
the United States as special
agent for the redemption of obligations of governmental
corporations were carried,
prior to Sept. 30, 1939, as liability accounts in the daily Treasury statement under
caption "Postmasters, clerks of courts, disbursing officers,
Ac.," and conse¬
quently the redemption of the bonds was not reflected In the expenditures above.
Issues—Treasury
Special
Guaranteed by
United States
Federal Housing Administration
Home Owners' Loan Corporation
...l.
Federal Farm Mortgage Corporation
banks
Federal Home Loan
Federal
$21,150
99,014,400
41,505.666
.
1 Includes transactions
Corporation,
$677,000
118,525,225
on
account
National
of RFC
Mortgage
Mortgage Company, Disaster Loan
Association,
Metals
Reserve
Company.
Rubber Reserve Company, the Defense Plant
Corporation, and Defense Supplies
Corporation.
m
Excess of redemptions (deduct).
;-+:Tv
1941 to 1944
ance trust
$1,343,400,000.00
fund series, maturing June 30
817,900,000.00
Railroad retirement account series,
turing June 30. 1942 to 1945
Civil service retirement fund:
ma¬
85,400,000.00
4% series maturing June 30,1941 to 1945..
3% series maturing June 30, 1944 and 1945.
4%
Foreign
Service
4%
630,000.00
4,611,000.00
Canal Zone retirement fund series, ma¬
turing June 30, 1941 to 1945
4%
624,000,000.00
retirement fund series,
5,247,000.00
Alaska Railroad retirement fund series,
maturing June 30. 1941 to 1945....
2%
Postal
Savings System
series,
967,000.00
maturing
2%
Government
life
maturing June 30,
111,500,000.00
Insurance fund series,
1943 to 1945.....
7,759,000.00
3% National Service life Insurance fund series,
maturing June 30, 1945
2%
675,000.00
,..
Insurance Corporation
1,1943 to 1945
90,000,000.00
2% Federal Savings and Loan Insurance Cor¬
poration series, maturing June 30, 1946...
3,250,000.00
Federal
Deposit
series, maturing Dec
..
Certificates of Indebtedness—
Adjusted service certificate fund series,
maturing Jan. 1, 1942
2*$% Unemployment trust fund series, ma¬
turing June 30, 1941
AUCTION SALES
following securities
............
V
$9,800,000.00
2,077,300,000.00
2.087,100,000,00
Total interest-bearing debt
Matured Debt
on
outstanding....................$46,680,812,461.11
Which Interest Has Ceased—
debt
1917
matured—Issued prior to April
(excluding Postal Savings bonds)
1,
2*4% Postal 8avlngs bonds
3*4%.
4%, and 4%% First Liberty Loan
bonds of
4%
and
1932-47
4*4%
9,109,10). 0
Second Liberty Loan bonds
of 1927-42
1,128,600.00
4*4% Third Liberty Loan bonds of 1928
4*4% Fourth Liberty Loan bonds of 1933-38.
354% and 454% Victory notes of 1922-23...
3*4 Treasurv bonds of 1940-43
354% Treasury bonds of 1940-43 and 1941-43.
Ctfs. of indebtedness, at various interest rates
Treasury bills, regular series..
on
Wednesday
41,497.050.00
3,350.250.00
67,701,000.00
40,148,000.00
177,925.00
1
Boston
5
Public Service Go. N. H., $6 preferred
$300
Debt Bearing No Interest—
United States notes...
............
Less gold reserve
$346,681,016.00
156.039,430.93
$190,641,585.07
$ per Share
565.500.00
41,497,050.00
Deposits for retirement of National bank and
Stock
12 Gloucester National Bank, Gloucester, par $10
5 Monarch Life Insurance Co., par $25
34 units Washington Ry. A Electric...
par
1,821,950.00
12,928,400.00
Treasury savings certificates..
sold at auction
By R. L. Day & Co., Boston:
Athenaeum,
$3,739,340.26
36,980.00
219,592,695.26
were
of the current week:
Shares
3,095,339,000.00
4%
National defense series
The
5,722,338,000.00
1,603,946,000.00
2M% Federal old-age and survivors Insur¬
Old
Not Guaranteed
by the United Slates
+
^
3% old-age reserve account series, maturing
■
Corporation— '
^
500,157,956.40
Notes—
the
The redemptions of such bonds from July 1 to
Sept. 30,1939, were as follows:
.
Fed.old-age and survivors insurance trust fund:
June 30. 1942 to 1945
I The expenditures classified as "Special
deposits (net)" were included prior to
Jan. 2, 1941, in the clarification "Other trust accounts."
Such expenditure? from
July 1 to Dec. 31, 1940. aggregating a net credit of $17,325,643.95, have been
deducted from "Other trust accounts" and are reflected in
"Special deposits (net)."
Transactions prior to the fiscal year 1941 were not
segregated and, consequently,
the figures are not available.
530.838,700.00
Special Issues—Bonds—
maturing June 30, 1941 to 1945
Included in "Departmental" above,
$635,064,400 .00
Treasury bills (maturity value)..
3%
d Represents
appropriations equal
to "Social
security—Employment taxes"
collected and deposited as provided under Sec.
201 (a) of the Social Security Act
amendments of 1939 less reimbursements to the
general fund for administrative
age
_
10 *£
54
...
;
$4,556.434,900.00
1944 and 1945
,
v
$1,165,903,100.00
June 30,
Excess of credits
•
283,006,000.00
15.1945..
S
415,519,000.00
515,210,900.00
15.1944..
i
65.039,700.00
15,1944..
15,1944..
54% series D-1944, maturing Sept. 15,1944..
54% series B-1945, maturing Dec. 15,1945—
fund.
c
G
342,143,300.00
15, 1943..
+ 700,953,000
*
b Represents capital impairment
applicable to fiscal year
priated by Congress until Aug. 9. 1939.
1
426,349,500.00
—19,893,508
+ 59,584,053 +3,297,654,582+1,399,527,822
+115,076,000
$33,671,931,504.71
...
National Defense Series—
Subtotal
245,401,400.00
....
....
15
Federal
Reserve bank notes
Old demand notes and fractional currency...
Thrift and Treasury savings Btamps, unclassi¬
fied sales, Ac
176,044,961.50
2,028,284.28
3,768,632.00
372,483,462.85
..205
105%
Tota
gross debt...
1
$47,172,888,619.22
CHANGES
NATIONAL BANK
IN
Per
Name of
tender deposits)
(all of which are secured by legal
afloat
North American Car Corp. $6 1st
Tender Notes—
1
......
Net decrease during March
1941
$156,262,010
1,206,335
6% preferred (monthly)
5% preferred (monthly).
A% preferred (quar.)..
1940
Okonite Co
6%
aUoat April 1
—-—
preferred
(quar.)
Onomea Sugar Co. (monthly)
Ontario & Quebec Ry. Co. (s.-a.)
$172,081,172
Note— $2,203,796.60 Federal Reserve bank notes outstanding April 1,
1941,
secured by lawful money, against $2,203,796,50 on April 1, 1940.
Amount of bank notes
$155,055,675
5% perp. debenture stock
Owens-Illinois Glass.-
June
20c
O'Connor, Moffatt & Co. class AA
Ohio Public Service Co. 7% pref. (monthly)
$173,467,182
1,386,010
(s.-a.)
—
Pacific Portland Cement 6% preferred
tllH
May
$1H
SIX
25c
June
Parker Rust-Proof (quar.)
25c
$1'A
%\A
May
May
May
May
May
May
50c
Apr.
(quar.)
$6 preferred (quar.)
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
show the dividends previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
Dividends
are
Extra
Preferred
(semi-annual)
—...
__
preferred (quar.)
Puget Sound Pulp & Timber
Pullman, Inc. (quar.)
Quincy Market Cold 8torage & W'house pref
Randall Co. class A (quar.)
Raymond Concrete Pile
6%
in our "General Corporation and Investment
Department" in the week when declared.
The dividends announced this week are:
News
Per
Share
25c
25c
75c
—
$1
Allen
Industries
25c
-—
Alpha Portland Cement
Altorfer Bros. conv. preferred—________
American Book Co..----— American General Corp. $3 pref. (quar.)
...
$2A preferred (quar.)_.
$2 preferred
(quar.)..
American Chain &
Preferred
—....
:—
50c
Apr. 30 Apr.
May
May 15 May
May
1 Apr.
June
2 May
June
2 May
June
2 May
5
June
June
15 June
15 June
June
14 May 28
50c
f$lA
May
May
May
1 Apr. 21
1 Apr. 21
1 Apr. 21
22 Ac
Apr.
Mar. 25
62Ac
37Ac
May
25c
May
25c
25c
Aug.
Aug..
25c
May
12Ac
.....
May
May
Apr.
Apr.
Apr.
May
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
July
July
Apr.
Apr.
Apr.
May
Apr.
May
Apr.
Apr.
1 Apr.
31c
May
May
$1
June
30c
June
16c
May
Apr.
May
May
May
May
May
May
May
May
_
—
18c
25c
SI A
25c
SIX
SI A
50c
Canadian Insurance Shares, Ltd
Castle (A. M.) & Co.
Extra
Quarterly
(quar.)
—
Extra
Celotex Corp.
(quar.)
Extra
Preferred
(quar.)
Central Arizona Light & Power $7 pref. (quar.).
$6 preferred (quar.)
$1 %
SIX
SIX
25c
Cherry-Burrell Corp
Preferred (quar.)
Colt's Patent Fire Arms.
SI A
$1
Connecticut
Sl'A
June
20c
June
$1
June
t$3 A
t$3
May
May
30c
June
30c
May
May
July
Mfg. (interim)
Light & Power Co. preferred (qu.)_
Cook Paint & Varnish (quar.)
Preferred (quar.)
Cudahy Packing 7% preferred
6% preferred
Detroit Gasket & Mfg. pref. (quar.)
Diamond Shoe Corp
.....
25c
Dixie-Vortex Co
62 Ac
50c
Class A (quar.)
Faber, Coe & Gregg, Inc. (quar.)
7% preferred (quar.)
Federal Bake Shops (quar.)
Preferred (s.-a.)_.i
Ferro Enamel Corp
Fulton Industrial Securities Corp.—
$3 A cum. preferred (quar.)
General Cigar Co. preferred (quar.)
General Foods Corp. (quar.)
Gisholt Machine Co
June
June
June
June
May
12Ac
U5c
June
25c
June
Sl'A
t75c
75c
May
May
Apr.
May
May
May
May
May
May
May
May
t$134
Harris (A.) & Co. 7% preferred (quar.)
IIearn Dept. Stores preferred
June
Hilton-Davis Chemical
Hooker Electrochemical Co
20c
Hormel (Geo. A.)
Preferred class A (quar.)..
Home (Joseph) Co. 6% preferred (quar.)
Humberstone Shoe, Ltd. (quar.)
50c
30c
SIX
$1 A
25c
(quar.)
15c
Huston (Tom) Peanut Co. (quar.)
25c
preferred (quar.)
Indiana Gas & Chemical Corp. $3 preferred
International Harvester Co. preferred (qu.)
conv.
June
Ironer
10c
Preferred (quar.)
Kentucky Utilities 7% junior pref. (quar.)
Kings County Trust Co. (quar.)
Klein (D. Emil) Co
Preferred (quar.)
20c
87Ac
$20
25c
_
62
Knickerbocker Fund
Lionel Corp. (quar.)
^c
15c
Lowell Bleachery, Inc
Louisiana Power & Light $6 pref. (quar.).
75c
.
Macy (R. H.) & Co
Mclntyre Porcupine Mines
Meier & Frank Co., Inc. (quar.)
Mercantile Stores, Inc., 7% preferred (quar.)..
_
50c
May
May
Apr.
Merchants & Manufacturers Insurance
_______
June
June
_
Monigomery & Erie Ry. Co. (s.-a.)
I
Moody's Investors' Service part. pref. (quar )"
Morris & Essex Extension RR. Co. g d. (s.-a.)
Muskogee Co. 6% cum. preferred (quar.)
II
Nashua Mfg. Co. 1st pref.
National City Lines (quar.)
$3 preferred (quar.)
_I
Class A (quar.)
National Funding Corp. (Calif.) class A (qu.)_
Class B (quar.)
May
May
May
May
July
May
May
May
Apr.
May
17 Ac
75c
$2
May
May
May
SI A
f$2A
June
25c
June
75c
35c
Aug.
Aug.
Apr.
Apr.
Sl'A
June
50c
May
May
50c
35c
May
Apr.
June 20
Apr. 21
Aprl
May
Apr.
Apr.
May
May
May
Apr.
Apr.
Apr.
May
Apr.
May
Apr.
May
July
July
30
10
10
17
9
1
1
30
21
30
1
18
15
23
31
19
19
Preferred
(quar.)
25c
SIX
SIX
25c
50c
50c
6
1
1
May 24
Apr. 21
10 June 20
June 20 May 31*
Sept. 20 Aug. 30*
Dec. 20 Nov. 29*
June
1 May 23
5 Apr.
May
May 20 Apr.
May 15 Apr.
June 13 May
June 10 May
Apr. 30 Apr.
May
$2
May
May
May
t$2 A
SIX
2
15
July
i62Ac
28
30
25
15
27
21
15 May
1 Apr.
1
15
18
21
Apr. 30 Apr. 23
1 Apr.
1 Apr.
give the dividends announced in previous weeks
we
not
yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Per
Share
Name of Company
50c
50c
June 30 June
15
50c
Dec. 31 Dec. 15
June 30 June 15
20c
Adams-Millis
25c
Co., 7% pref. A (quar.)
7% preferred A (quar.)
7% preferred A (quar.)
American Equitable Assurance (N. Y.) (quar.)_
American Envelope
American Radiator & Standard Sanitary—
Preferred (quar.)
June 14 June
Sl'A
$1H
SIX
six
25c
Sl'A
25c
$1
Co
7 % preferred
American Smelting & Refining 7% pref. (quar.)
American Stove
American Thermos Bottle
(liquidating)
preferred
American Woolen Co., Inc.,
Amoskeag Co. semi-ann
$4 A preferred (s.-a.)
Anaconda Wire & Cable (irregular)
Anglo Canadian Oil Ltd. (initial interim)
Anglo-Canadian Telephone Co., pref. (quar.)
5A% pref. (qu.)
Appalachian Electric Power Co.—
4 A % cumulative preferred (quar.)
A. P. W. Properties, Inc., class B
Arcade Cotton Mills preferred (s.-a.)
Argo Oil Corp
Asbestos Manufacturing Co., preferred
Preferred
Sept. 30 8ept. 15
Dec. 31 Dec. 15
75c
$1
SIX
7% preferred (quar
American Safety Razor
American Shipbuilding
Sept. 30 Sept. 15
1 Apr. 16
May
Apr. 30 Apr. 14
May 15 Apr. 24
Apr. 19 Apr. 12
May 1 Apr. 11
50c
30c
37 Ac
SIX
SIX
(quar.)
American Paper Co. 7% preferred (quar.)
i:
7% preferred (quar '
American Toll Bridge
Sl'A
Sl'A
Sl'A
12 Ac
20c
American Home Products (monthly
American Light & Traction (quar.)
,
25c
SIX
12 Ac
50c
15c
American Colortype (quar.)
Preferred
Holders
15
15
18
23
18
8
21
50c
Adams (J.
D.) Mfg. (increased)_quar
Corp
Addressograph Multigraph Corp. (quar.)
Alabama Power Co. $5 pref. (quar.)
Alaska Juneau Gold Mining Co. (quar.)
Aloe (A. S.) Co. (quar.)
;
Aluminum Manufacturers, Inc. (quar.)
Quarterly.
Quarterly
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Amalgamated Sugar pref. (quar.)
Amerada Corp. (quar.)
American Can Co. (quar.)
Amer. Car & Form., 7 % non-cum. pf. (qur.res'd)
Amer. Cities Power & Light, $3 cl. A (quar.)
Payable in cash or class B stock.
When
Payable of Record
Apr. 25 Apr.
1 Apr.
May
1 Apr.
May
May 10 Apr.
1 Apr.
May
1 Apr.
May
1 Apr.
May
Abraham & Strauss
_
$7
Sl'A
30c
50c
37c
t$2
75c
S2A
50c
4c
68Xc
t68Ac
S1A
Associated Telephone Co., Ltd., pref. (quar.)
Atlantic City Electric, pref.
(quar.)
1 May 25
1 Aug. 25
Dec.
1 Nov. 25
Apr. 25 Apr. 15
1 Apr. 14*
1 Apr. 15
1 Apr. 15
Ma>
May
May
16 June
Sept. 15 Sept.
Dec. 15 Dec.
June
June
1 May
May 15 Apr.
1 Apr.
May
1 Apr.
May
Apr. 30 Apr.
1 Apr.
May
1 Apr.
May
1 Apr.
May
Apr. 30 Apr.
3 June
July
3 June
July
Apr. 21 Apr.
1 Apr.
May
1 Apr.
May
1 Apr.
May
May
June 30 June
31 He
S1A
6
5
5
26
22
18
18
4
17
24
10
21
21
21
11
19
15
15
1 Apr. 11
1 Mar. 31
Oct.
$3
15c
t35c
4
Sept.
June
30c
35c
(quar.)
Mar. 31
Mar. 31
Corrected announcement.
National Lead Co. class A preferred (quar.)
New Process Co
Below
and
19
May 14
Apr. 26
Apr. 26
Apr. 23
Apr. 16
Apr. 21
May
5
May
5
May 21
May
5
Apr. 21
Apr. 21
May
1
Apr. 25
50c
50c
SIX
16
19
20
24
1 Apr. 23
June
2 May 15
May 15 Apr. 25
May 15 Apr. 25
June
2 May 10
May 15 May
1
May
50c
June
July
Apr.
Apr.
Apr.
May
May
June
$2 A
Zenith Radio Corp
Apr. 25
Apr. 16
Apr. 21
May 17
May 15
Apr. 25
Aprl 29
25c
25c
Whiting Corp. 6 A% preferred
May 16
May
Apr.
Apr.
(quar.)
Walker & Co. class A
Apr. 15-1
June
45c
WJR, the Goodwill Station (quar.)
5
50c
50c
SIX
Walton (Chas.) & Co. 8% preferred (quar.)
Westmoreland Water Co. $6 preferred
14
June
10c
37iic
Weston Electrical Instrument
May 15
Apr. 191
June 14|
June
SIX
Preferred (quar.)
Triumph Explosives, Inc. (quar.)
United New Jersey RR. & Canal (quar.)
United States Pipe & Foundry Co. (quar.)
Quarterly
Quarterly
United Wall Paper Factories prior pref. (qu.)__
Vanadium Corp. of America (quar.)
Western Cartridge 6% pref. (quar.)
West Virginia Pulp & Paper Co. 6% pref. (qu.)_
Westinghouse Air Brake Co
10
May
87 Ac
$1%
Hale Bros. Stores (quar.)
Ironrite
Apr.
Apr.
Apr.
May
May
May
Apr.
Apr,
May
Apr.
May
30
30
30
26
26
26
15
15
24
24
17
15
20
20
26
26
17
21
11
22c
Texas Pacific Coal & Oil (quar.)
Trane Co
22
22
15
15
30
30
Sl'A
25c
6% preferred (quar.)
Preferred
75c
20c
62 Ac
25c
Sterling, Inc., preferred (quar.)
Stewart-Warner Corp
Superior Portland Cement class B
Straw bridge & Clothier prior pref. (quar.)
Tampa Electric Co
10
15
30
15
19
19
75c
25c
_
May 15 Apr. 30
May 26 Apr. 23
2 Apr. 26
May
May 2 Apr. 26
1 Apr. 20
May
1 Apr. 20
May
7 Apr. 25
May
1 Apr. 24
May
June 30 May 31
**«*..
South American Gold & Platinum Co
25
21
21
25c
Republic Insurance of America (quar.).
Granby Consol. Mining Smelting & Power Co..
$3
June
5
SIM
Globe &
Hussman-Ligonier
May
June 14 June
50c
«.
Surety Co
Shawinigan Water & Power (quar.)
Signode Steel Strapping
Preferred (quar.)
Smith Agricultural Chemical Co
15
15
15
40c
%1'A
30c
25c
Seaboard
1
18
SIX
....
Appleton Co—............ —
—
Preferred (quar.).
— ...
American Zinc, Lead A Smelting Co. prior pref..
Associated Electric Industries. Ltd.—
Am. dep. rec. ord. r*g. (final)
—
Atlantic Rayon Corp. $J A Prior pref. (quar.)..
Atlas Plywood Corp. (quar.)—
Preferred (quar.).
Bendix Aviation Corp
Borden Co. (interim)
—
...
Boston Fund (quar.)—
Boston Metal Investors, Inc
Broadway Department Stores—
......
Preferred (quar.)
Buckeye Steel Casting
Jh-eferred (quar.)
Calgary Power Co., Ltd., 6% preferred (quar.).
Camden Fire Insurance Assn. (s.-a.)
Scotten Dillon & Co
Seaboard Oil Co. of Del. (quar.)
25
31
June 25
_
1
July
1
Aug.
1
May
1
May
1
May
May 15
{cjUctr )
Republic Investment Fund pref. A & B (quar.)_
Rich's, Inc. (quar.)
Rose's 5-10 & 25c. Stores, Inc. (quar.).
St. Louis Car Co. preferred (quar.)
Holders
Payable of Record
75c
......
—s
75c
62^c
-
-
Cable.—.....
(quar.)
American Meter Co..
25c
$1
50c
19
19
22
15
10
May 15
May 10
May 10
May 10
Apr. 24
Apr. 21
Apr. 21
Apr. 25
May 26
Apr. 17
Apr. 18
Apr. 19
Apr. 19
Apr. 19
1 Apr. 21
June
25c
(quar.)
19
Apr. 21
May
May
May
May
May
May
50c
Extra
Preferred
P/6f6rr6d
When
35c
\%6A
Reed-Prentice Corp
Name of Company
25c
10c
Peninsular Grinding Wheel.
Potomac Edison Co. 7% preferred (quar.)
name
pany
—-
—.
2
23
21
16
28
19
1
1
26
25
Apr. 21
May
May
Parker Pen Co
Pacific Power & Light 7% pref.
*
DIVIDENDS
Holders
When
Payable of Record
2 May
Apr. 30 Apr.
1 Apr.
2 May
50c June
t37Mc May 15 Apr.
Apr.
58 l-3c May
50c
Apr.
May
41 2-3c May
Apr.
Apr.
May
$1^
Apr.
$1A May
June
May
SIX
10c
Apr.
Apr.
May
t$3 June
May
%2A% June
50c
May
Apr.
Apr.
t«l Apr.
15c
________
pref. A and B
Northern Pipe Line
1941 and 1940:
National Bank Notes—A 11 Legal
Share
Company
National Power & Light (quar.) —
New York Fire Insurance (quar.)
beginning of March and April, and the amount of the
decrease in notes afloat during the month of March for the
at the
Amount afloat March
April 19, 1941
NOTES
following shows the amount of National bank notes
The
years
Chronicle
The Commercial & Financial
2500
16
May 15 Apr. 15
Apr. 29 Apr. 15
Apr. 29 Apr. 15
May
1 Apr. 15
May
1 Apr. 11
Atlantic Coast Line RR. Co.—
$1X
14 May 29
1 Apr. 18
1 Apr.
18
5% Dcn-cum. preferred (special)
Atlantic Macaroni Co., Inc
Atlantic Refining preferred (quar.)
$2.50
$1
$1
May 10 Apr. 23
May
1 Apr. 30
May
1 Apr.
4
The Commercial & Financial Chronicle
Per
Name of
Company
When
Share
Axelson
1 Apr. 18
May
2 May 10
June
Apr. 22 Apr. 10
Apr. 20 Apr. 15
1 Apr. 21
May
Apr. 21 Apr. 15
Apr. 21 Apr. 15
1 Apr. 10
May
Manufacturing Co. (irregular)
Babcock & Wilcox Co.
(irregular)
Badger Paper Mills, Inc., 6% pref.
(quar.)
Baldwin Rubber Co
Extra
Bangor Hydro-Electric (quar.)-.
Bank of America
(quar.)
June 30 June
June 30 June
.
Preferred (s.-a.)
Bathurst Power & Paper A
(interim)
Beatty Bros. Ltd., 1st pref. (quar.)
Bensonhurst National Bank
(quar.)
Extra
Best A Co
June
Biddeford & Saco Water
(quar.)
Birtman Electric Co.
—
May 15
Apr. 15
1
62m
25c
—
—
Canadian Converters
a
Canadian Foreign Investment Corp
Canadian Industries A & B (quar.)
Canadian Investment Fund,
Ltd., special shs__
Ordinary shares
Canadian Investors Corp., Ltd.
(quar.)
37 Xc
37Xc
37 Xc
June
J25c
tux
-
Class A (quar.)
Canada Northern Power Co.
(quar.)
Canadian Bronze Co., Ltd.,
pref. (quar.)
Common (quar.)
preferred (quar.).-
(semi-ann.)
15
15
15
15
15
15
Apr.
10
1
15
16
31
Apr. 22
15
11
23
7
15
15
26
30
30
15
4
16 June
2
Sept. 15 Sept.
1
Dec.
1
15 Dec.
25 Mar.
1
1 Apr. 21
May
1 Apr. 21
May
Apr. 30 Apr. 10
1 Apr. 15
May
Apr. 30 Mar. 31
1 Apr. 15
May
1 Apr. 15
May
1 Apr. 18
May
June
1 Apr. 15
May 15 May
1
May 15 May
1
Apr. 21 Apr. 10
37Xc
J50c
t70c
mx
t4c
t4c
10c
J4c
tl2Hc
X12Xc
MX
$1X
MX
Carolina Clinchfield & Ohio Ry.
(quar.).
Carter (Win.) Co. 6% pref.
(quar.)
Case (J. I.) Co., 7%
10
1 Apr.
May
1 Apr.
May
Apr. 30 Apr.
June
2 May
1 Apr.
May
May
1, Apr.
May 29| May
May 15 Apr.
May 15 Apr.
1 Apr.
May
Apr. 25 Apr.
25c
5% preferred (quar.)
Camden Fire Insurance Assoc.
(s.-a.)
Campbell Wyant & Canncn Foundry (irreg.)—
Canada Foundries & Forgings, class A
(quar.)—
6
May
--
Calhoun Mills (quar.)
California Packing Co
25
May
Apr. 25 Apr.
Apr. 30 Apr.
Apr. 30 Apr.
Apr. 25 Apr.
1 Apr.
May
May 15 May
1 Apr.
May
1 Apr.
May
Apr. 19 Mar.
-—
Celanese Corp. of America—
7% cum. 1st part, preferred
1st pref. (semi-ann.)
14
15 Apr.
20 Apr.
1 Apr.
1 Apr.
May
—
Canadian Marconi Co
Canadian Oil Companies (quar.)
Extra
1
May
Apr.
————
(quar.)
(quar.)
Bloomingdale Bros., Inc
Bon Ami Co., class A
(quar.)
Class B (quar.)
Booth Fisheries, 2d preferred
Boston Edison Co. (quar.)
Bourjois, Inc., S2X preferred (quar.)
Brentano's Book Stores,
Inc., A (quar.)
British Columbia Telephone 6
% 2d pref. (qu.).
Bronlan Porcupine Mines, Ltd.
( mar.)
Buffalo Ankerfte Gold Mines
(Interim)
Buffalo Niagara & Eastern
Power,—
First preferred (quar.)
SIX
Bullocks, Inc. (Los Angeles), 5% pref. (quar.),
SIX
Business Capital Corp. class A
(quar.).
12Xc
Butler Bros., 5% conv.
pref. (quar.)
37 Xc
Byers Co. (A. M.), 7% pref
t$2.10
Calgary Power Co., preferred (quar.)
Preferred
Class A (quar.)
2
May
14
June 30 June 30
June 30 June 30
■
-
Holders
June
16 June
16
June
12
June 30 June
17
July
$3X
June 30 June 17
S3X
7% cum. prior preferred (quar.)
MX July 1 1 June 17
Central Hudson Gas & Elec.
20c
(quar.)
Mar. 31
May
Central New York Power
Corp., 5% pref.(qu.).
MX
May
Apr. 10
Central Power & Light, 7
% preferred
1 $1,16 2
May
Apr. 15
7% preferred
May
Apr. 15
6% preferred
May
Apr. 15
6% preferred
May
Apr. 15
Century Ribbon Mills, pref. (quar.)
June
May 20
Cerro de Pasco Copper
May
Apr. 15
Chain Belt Co. common
Apr. 25 Apr. 10
Cine. New Orl.A Tex.
Pac.Ry., 5% pref.(quar.)
June
May 15
5% preferred (quar.)
Sept.
Aug. 15
Cincinnati Union Terminal,
5% pref. (quar.)
June 28
July
City Baking Co., 7% pref. (quar.)
Apr. 25
| May
City Title Insurance Co. (quar.)...
Apr. 20 Apr. 15
Cleve. Cin. Chicago & St. Louis,
pref. (quar.)..
Apr. 30 Apr. 19
Coast Breweries, Ltd.
(quar.)
May
Apr. 15
Coca-Cola Bottling Co. (St. Louis)
25c
(quar.)
Apr. 20 Apr. 10
Cochenour Willans Gold Mines, Ltdt3c Apr. 25 Apr. 10
Cohn & Rosenberger
(irregular)
75c
Apr. 21 Apr.
3
Colgate-Palmolive-Peet
12Xc May 15 Apr. 18
Colorado Fuel & Iron
25c
May 28 May 14
Columbia Gas & Electric Corp.—
6% cum. preferred series A (quar.)
May 15 Apr. 19
5% cum. preferred (quar.)
May 15 Apr. 19
5% cum. preference (quar.)
May 151 Apr. 19
Columbia Pictures Corp., S2X conv.
pref. (qu.)
May 15
ay
1
Columbus & Southern Ohio Electric—
6X% preferred (quar.)
May
Apr. 15
Commercial Alcohols, Ltd. (irregular)
May
Apr. 15
Commonwealth Edison Co
May
Apr. 14
Commonwealth International Corp., Ltd
May
Apr. 15
Commonwealth Investment Co. (quar.)
May
Apr. 14
Commonwealth Utils. Corp. 8X % ptd. 0
(qu.).
May
May 15
Concord Gas Co., 7% preferred
May
Apr. 30
Confederation Life Association (Toronto) (qu.).
June
June 25
Sept.
Sept.25
--
.
_
_
—
—
Djc.
Extra
May 12
May
Apr. 15
May 15
June
14
Dennison
Extra
Dow Chemical Co.
Corrugated Paper Box, 7%lpref
Coty, Inc
May
Apr.
Apr.
June
—
4
May 15
Apr. 21'
Apr. 16*
Apr. 15
May
Apr.
Apr.
Crown Cork & Seal Co., Inc
Crown Drug Co
Crum & Forster 8%
pref. (quar.)
June
5X% preferred (quarterly)
6% preferred (quarterly)
Cuneo Press common
——
SIX
MX
37 Xc
6X% preferred (quar.)
Cunningham Drug Stores (quar.)
6% pref. (quar.)
-—
Davenport Water Co., 5% pref. (initial)
$1
7Xc
;
Class A (quar.)
Decca Records, Inc.
(quarterly)
Deiay Stores, Inc
Delnite Mines, Ltd
Dennison Mfg. Co. 8% debenture (quar.)
Dentists' Supply Co. (N. Y.)
7% pref. (quar.)
7% preferred (quar.).
7% preferred (quar.).
20
July
22
May
May
May
Aprl
Apr.
19
19
Apr. 19
M.12X June 1
25c
Apr. 2
MX
MX
SIX
Dallas Power & Light 7%
pref. (quar.)
$6 preferred (quar.)
June
Aug.
Culver & Port Clinton RR. Co.
(s.-a.)
Cumberland Co. Power & Light Co.—
May 31
Apr. 15
Apr. 21 ;Apr. 15
May
May
May
1 Apr.
1 lApr.
17
17
1 Apr.
11
Apr. 2i Apr. 10
May 1 Apr. 17
May
—
—
Apr.
May
Apr.
Apr. 30 Apr.
Apr. 30 Apr.
Apr. 30 Apr.
May 15 May
May 15 May
Apr. 25 Apr.
May
Apr.
May
Apr.
Apr. 25 Apr.
Apr. 21 Apr.
May
Apr.
Aug.
July
Nov.
Oct.
Apr. 30 Apr.
-
_
1 Apr. 17
Apr. 29 Apr. 15
May
1 Apr. 15
Apr. 30 Apr.
5
May
1 Apr. 18
July
1 July
1
Oct.
Dec.
1 Oct.
1
23 Dec. 23
17
15
15
1
1
10
7
7
_
—
-
10
14
25
25
25
_
-—
MX
MX
Corp. $5 pref. (quar.)—
$5 preferred (quar.)
$5 preferred (quar.)
Farmers & Traders Life Insurance (quar.)
16
June
13
June
13
June
July
July
July
30ci Apr.
50c May
June
SIX
SIX
Sept.
Dec.
SIX
S2X
July
13
Apr.
Apr.
19
15
14
Sept. 15
June
Dec.
15
June
10
Oct.
-—....
Federal Machine & Welder Co
Federated Department Stores (quar.)
4% convertible preferred (quarterly)
Fibreboard Products, Inc.—
6% prior preferred (quarterly)
Fidelity & Deposit (Md.) (quar.)
Fidelity Fund, Inc. (quar.)
—
15c
35c
Sept. 10
Apr.
Apr.
Mar. 17
Apr.
May
Apr.
Apr.
—
Fiduciary Corp. (quar.)
May
Philadelphia (s.-a.)
May
$1
20c
25c
May
Apr.
$2X
19
Apr. 15
Apr. 16
Apr. 21
Apr. 10
Apr. 15
Apr. 15
Apr. 18
Apr. 21
Apr.
5
25c
Apr.
Sl.lSX Apr.
Firemen'8 Insurance!Co. (Newark) (s.-a.)
—
Firestone Tire & Rubber Co
First National Bank of Chicago (quar.).——
First National Bank of Jersey
City (quar.) —
Fitzsimmons Stores, Ltd. 7% prer. (quar.)
19
Apr.
Sl.QQX Apr.
Filene's (Wm.) Sons
Preferred (quar.)
Fire Association of
,JuJy
June 25
June
Sept.
Dec.
Foote Bros. Gear & Machine Co., pref. (final) -
Preferred (initial quar.)
Froedtert Grain & Malting Co. (quar.)
$1.20 preferred (quar.)
—
General Electric Co
General Foods Corp., preferred (quar.)
General Investors Trust (Boston)
Beneficial interest (irregular)
May 20
Aug. 20
Nov. 20
Apr. 22 Mar. 22
June 30
July
May
Apr. 19
May
Apr. 15
May
Apr. 15
May
Apr. 15
Apr.
7
Apr.
May
Apr. 21
Mar. 14
Apr.
(quar.)—------
Franklin Telephone Co. (semi-ann.)
Gardner-Denver Co. (quar.)
$3 convertible preferred (quar.)
June 20
June
—
May
—
General Mills (quar.).
General Motors Corp., pref. (quar.).
General Outdoor Advertising, class A.
I1J
Preferred (quar.)
CJass A (quar.).
(quar.).
Apr.
10
Apr. 21|Mar. 31
May
1 Apr. 10*
May
1 Apr.
May 15 May
May 15,May
Aug.15 Aug.
Nov. 15 Nov.
Preferred (quar.)
Preferred (quar.)
Aug. 15 Aug.
Gillette Safety Razor, preferred (quar.)
General Shoe Corp
Georgia Railroad & Banking (quar.)
Gimbel Brothers $6 preferred (quar.)
Gorham Manufacturing Co
Nov. 15 Nov.
May
1 Apr.
—
Apr. 30 Apr. 15
July 15 July
1
Apr. 25 Apr. 10
—
i
June
2
8
May
May
May
Gunnor Gold Mines, Ltd
Halle Bros.
Apr. 24
Apr. 15
June
Green (H. L.) Co.. Inc. (quar.)
Greenfield Gas Light Co. 6% preferred (quar.)..
Griesedieck Western Brewery (quar.)--
Hallnor Mines Ltd. (quar.)
Hamilton Watch Co
16 June
Apr. 21 Apr.
—
Goshen & Deckertown RR
Great Lakes Engineering Works—
May" 15"
May
Apr. 15
Apr. 30 Apr. 25
June
2 May 10
——
June
Preferred (quar
J
Harbison-Walker Refractories Co., pref. (quar.)
Harris (A.) & Co.
June
Apr.
May
7% preferred (quar.)
16 May 31
2
May 16
7
25
15
21 Apr.
Apr.
May
Apr.
May
Apr.
May
Apr.
Apr. 30 Apr.
Apr. 25 Apr.
May
Apr.
May 15 May
Hartford Electric Light Co. (quar.)
Hartford Times, 5X% pref. (quar.)
—
Hat Corporation of Amer., QX% pref. (quar.)—
_
Hawaiian
Pineapple Co. (quar.)
Hayes Industries, Inc
Hecker Products Corp
Hercules Powder 6% preferred (quar.)
Hibbard, Spencer Bartlett & Cc. (monthly)-—.
15
18
19
4
10
2
Apr. 25 Apr. 15
May 29 May 19
_
June 27 June
17
1 June 17
Hlbernia National Bank (N. O.) (s.-a.)
Hires (Chas. E.) Co
July
June
May 15
Apr. 22 Apr.
8
Apr. 22 Apr.
8
Hollinger Consolidated Gold Mines (monthly)—
Extra
Holly Development Co. (quar.)..
Holly Sugar Corp
Preferred (quar.)
Home Insurance (Hawaii) (quar.).
Quarterly
Quarterly
Homestake Mining Co. (monthly)
Horder's. Inc. (quar.)
Horn (A. O.) Co., 7% non-cum. prior partic. pref
6% non-cum. 2d participating pref. (quar.)..
Horn & Hardart Co. (N. Y.) (quar.).Houston Lighting & Power, 7% pref. (quar.)—
$6 preferred (quar.)
Howey Gold xtjkuuv0f Ltd
Mines, jl
Idaho-Maryland Mines (monthly)
Idaho Power Co., 7% preferred (quar.).----—
$6 preferred (quar.)
Imperial Life Assurance.Co. of Canada (quar.)—
Quarterly
Quarterly..
Incorporated Investors
Indiana Gas & Chemical Corp., $3 pref
Inspiration Mining & Development Co.------Interchemical Corp
Preferred (quar.)
International Products Corp
jul v/ n
26
26
_
Mcnthly
June
——
15
May
Monthly
May
5
May 24*
Apr. 18
Apr.
Apr. 21 Mar. 31
May
Apr. 26
Engineers Public Service Co.—
$6 div. cum. preferred (quar.)
$5X div. cum. preferred (quar.)
$5 div. cum. preferred
(quar.)
Esquire, Inc
16
Apr. 21
May 20
May
Employers Casualty Co. (Dallas), (quar.)
Quarterly
Quarterly
Employers Group Assoc. (quar.)
7% preferred (quar.).
7% preferred (quar.).
Flambeau Paper Co. 6%
pref.
May
5
May 13
Aug. 12
June
$5 preferred (quar.)
Electric Household Utilities Corp.
Empire District Electric Co. preferred
Quarterly
June
Sept.
May
common
Eureka Pipe Line Co
Fansteel Metallurgical
6
6
5
5
May
5% preferred (quar.)
-
Dec. 20
May
Aug.
June
duPont (E. I.) de Nemours, pref.
(quar.)
Electric Bond & Share Co. $6 preferred (quar.)
Apr. 15
June 20
June
June
Cumulative preference (quar.)
Sept. 15
May 20
Apr.
5
May
May
—
Extra
June
18
Jan.
Dominguez Oil Fields (monthly)
Dominion Oilcloth & Linoleum Ltd. (quar.)
ay
1 Apr.
June
common
Quarterly
15
12
12
15
21
Mar. 28
May
June
5% preferred
Diamond Match Co., common
Preferred (semi-annual)
Di-Noc Manufacturing Co
6% preferred (quar.)
Distillers Corp .-Seagrams,
pref. (quar.)
Payable in U. S. funds.
Dome Mines, Ltd
Domestic Finance Corp. (quar.)
Apr.
Apr.
Apr.
Apr.
Apr. 17
Holders
Payable of Record
Apr.
July
—
Quarterly
Oct.
Corn Exchange Bank Trust
(quar.)
Corn Products Refining Co
:
MX
Semi-annually
Quarterly
July
—
Manufacturing Co., prior pref. (qu.)_
Detroit Michigan Stove Co.,
Class A
When
Share
Detroit Gasket & Manufacturing
Detroit Hillsdale & Southwestern RR.
(s.-a.)
Apr.
May
(quar.)—
Company
Represents two quar. divs. of 75c. each for
first two quarters of 1941.
Denver Union Stock Yards pref.
(quar.)
June
Consolidated Oil Corp. (quar.)
Consolidated Paper Co. (quar.)
Consolidated Retail Stores, 8% pref.
8% preferred (quar.)
Consolidated Royalty Oil (quar.)
Container Corp. of America
Continental Can Co. (quar., interim)
Davidson Brothers. Inc
Dayton Rubber Mfg. Co
Name of
May
May
May
Apr.
Apr.
May
•
Dec.
June
Connecticut River Power Co., 6% pf.
(quar.)—
Consolidated Chemical Industries, class A
(qu.)Consolidated Cigar
Coiy., 7% cum. pref
6X % cum. prior preferred.
Consolidated Edison of N. Y. pref. (quar.).
Consolidated Laundries pref. (quar.)
Consolidated Lobster, Inc. (quar.)
Per
Payable of Record
Atlas Powder Co. preferred
(quar.)
Aunor Gold Mines, Ltd.
(.interim)
2501
Apr. 25 Mar.
May
June 14 June 11
Sept. 15 Sept. 12
Dec. 15 Dec. 12
Apr. 25 Apr. 19
May
8Xc
Apr. 21
May 15
June
June
May 1
May 1
Mayl
May
1
Apr. 21
May; 1
May 11
July
2
vjvlu
——————
31
Apr. 15
Apr. 15
May
t$3X
17c
Oct.
Jan.
May 15
Apr. 11
Apr. 15
Apr. 15
Mar. 31
Apr. 10
Apr. 15
Apr. 15
June 30
1 Sept. 30 i
2 Dec. 31 i
Apr. 30 Apr. 3
May?- 1 Apr. 21 ]
May 30 May
1
May
1 Apr. 21
May
1 Apr. 21
May
1 Apr. 23
April 19, 1941
& Financial Chronicle
The Commercial
2502
I
When
Share
Company
t$3
six
$1X
International Metal Industries, pref
Preferred (guar.)
International Nickel Co. of Canada,
pref. (quar.)
Holders
When
Per
Name of
May
May
May
1 Apr.
"
National Casket
15
$3
mM
.—
May
May
Quarterly
Quarterly
—
Apr.
Apr.
Apr.
Mar. 31
June
30c
30c
Sept.
Dec.
National Food Products class A
Mar. 31
15
May
Apr.
May 25
July
Kaufmann Department Stores
20c
15c
July
May
Apr.
22
Apr. 18
Apr. 10
Apr.
Apr.
Apr.
Apr.
June
May
New York Merchandise
Newberry (J. J.) Realty pref. A
Preferred B (quar.)
-----
SIX
SIX
special oreferred (quar.)
Kendall Co. $6 preferred A (quar.)
Par tic.
preferred A
Kennedy's Inc. (irregular)
Preferred (guar.),
SIX
$1 X
Sept.
20
Aug. 20
Dec.
Nov. 20
June
June
May
May
Apr.
May
Apr.
Apr.
May
Mar. 31
lc
May
Mar. 31
Apr.
Apr.
Apr.
18
11
May
Apr.
Apr.
May
9
SIX
SIX
July
Aug.
June
17
July
19
19
SIX
5c
,
if
f}8
Apr.
15
thOc
June
June
3
3
Dec.
Dec.
3
Apr.
Apr.
14
$1
July
May
June
14
Quarterly
Quarterly-------
July
Nov.
Oct.
25
June
Sept.
May 24
Aug. 25
$1.10
Dec.
Nov. 24
50c
June
50c
Sept.
May 24
Aug. 25
50c
Nov. 24
May
Apr.
May
Apr. 29
Apr.
Mar. 21
June
May 20
June
Sept.
20
Aug. 20
Aug. 20
Dec.
Nov. 20
Dec.
(quar.)
Dec.
15c
SIX
(quar.)
Nov. 20
20c
-
-
May
May
(quar.)
Aug.
July
May
July
(quar.)
Lunkenheimer Co. 6H%
(semi-ann.)
preferred (quar.)---
—
6H% preferred (quar.)
6H% preferred (quar.)
Lyon Metal Products Inc. 6% pref. (quar.)
McCall Corp. (quar.)
McClatchey Newspaper, 7% preferred (quar.)
19
June
18
Apr.
18
19
June 21
Sept. 20
Oct.
23
Jan.
McOrory Stores 5% preferred (quar.)—(quar.)
-
0% preferred (quar.)
Magnin (I.) & Co. pref.
-
Nov. 28
Apr.
Apr.
Apr.
Apr.
May
Aug.
May
(quar.)
Aug.
(quar.)
(quar.)
18
19
11
Apr.
Melville Shoe Corp
Preferred (quar.)
-
Apr.
Apr.
May
May
-
Mercantile Acceptance Corp. 6% pref.
Mar. 31
May
—-
-
Apr.
Apr.
15
15
18
18
May 31
Aug. 30
June
(quar.)
5% preferred (quar,).
Sept.
5% preferred (quar.).
6% preferred (quar.)
Dec.
Dec.
May 31
Aug. 30
June
Sept.
6% preferred (quar.)
6% preferred (quar.)
Messenger Corp
Michigan Gas& Electric, 7% prior"lien
$6 prior lien
Mid-Continent Petroleum Corp
1
Dec.
Dec.
May
May
May
5
Apr.
June
Apr.
May
15
Mid-West Rubber Reclaiming (quar.)
Minneapolis Brewing Co
May
Apr.
21
Apr.
Apr.
10
Mississippi Power & Light, $6 preferred
Monroe Loan Society 5H% prof, (quar.)
Monsanto Chemical Co., $4.25 pref. A (s.-a.)-$4.25 preferred B (semi-ann.)
Montana Power $6 preferred (quar.)
Montreal Light, Heat & Power ConsoJ. (quar.)_
Moore Drop Forging class A (quar.)
Moore (W. R.) Dry Goods Co. (quar.)
Quarterly
May
Apr.
15
June
May 27
-
June
Mt.
cum.
10
11
May
July
Apr.
July
Oct.
"
Oct.
Dec.
21
1
1
31
-
5% preferred (quar.)
Munising Paper Co., 1st preferred
1st preferred (quar.)
Muskegon Motor Specialties, class A (quar.)
Apr.
Mar. 29
53 He
Diablo Oil Mining & Development Co
common
10
Mar. 31
Jan.
preferred (initial)
Mountain States Power Co.
Apr.
1
May
Apr.
-
Quarterly
Morrell (John) & Co
Morris (Philip) & Co., Ltd., Inc.—
4H%
May
May
June
May
lc
June
Apr. 15
May 15
Apr.
19
Mar. 31
Apr.
19
Mar. 31
37Hc
62Hc
t75c
25c
50c
May
1 Apr. 20
May
1 Apr. 20
May 31 May 15
Mutual Chemical Co. of America—
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
Narragansett Electric 4H% pref. (quar.)
National Bearing Metal Corp
7% preferred (quar.)
$1H
$1H
$1H
June 28 June
19
Sept. 27 Sept.18
Dec.
27 Dec.
56 He
May
June
2
$15*
May
1 Apr.
18
1 Apr.
30c
75c
15
May 16
16
Apr.
18
Apr,
18
Apr.
15
Apr.
15
Apr.
15
Apr. 30
Apr. 30
Apr.
19
.00 H Apr.
15
1
May 20
May 10
Apr.
5
$1
Apr.
Mar. 20
31 He
75c
viay
May
SIX
May
Apr. 21
May
5
Apr. 21
5l»c
July
June
50c
Oct.
5uc
Jan.
Sept. 15
Dec. 15
32 He
luc
—
--
Apr.
Apr.
May
SIX
J 6c
June
Apr.
June
14
35c
May
Aug.
5
Aug.
Nov.
Nov.
5
Feb.
Feb.
5
May
Apr.
15
May
-
May
35c
35c
35c
*
Apr.
18
$1H
Pennsylvania Power Co. $5 pref. (quar.)
Petroleum Corp. of America stock dividend
One share of Consol.
5 shs. of Petroleum
Corp. of America capital stock
Pfeiffer Brewing Co. (quar.)
5
distribution:
Oil Corp. com. for each
50c
30c
Philadelphia Co. (quar.)
Cum. preferred (s.-a.)
Philadelphia Electric $5 preferred (quar.)
Common (reduced)
Phillips Screw Co
Piedmont & Northern Ry. (quar.)
7% preferred (quar.)
7% preferred (quar.)
—
(quar.)
Extra
Prosperity Co. preferred (quar.)
Public Service Co. of Colorado 7% pref. (mo.) —
6% preferred (monthly)
5% preferred (monthly)
Public Service Corp (N J.). 6% pref. (monthly)
Preferred
—
—.
1 Sept. 15
1 May 20*
Apr. 25ADr. 15
Apr. 21 Mar. 21
10c
Apr. 25 Apr. 15
June 15 June 15
SIX
Sept. 15 Sept. 15
SIX
Dec. 15 Dec. 15
SIX
June
2 May 15
25c
50c
May 15 Apr. 25
50c
May 15 Apr. 25
1
July 15 July
$1H
1 Apr. 21
58 l-3c May
1 Apr. 21
50c
May
Apr. 21
41 2~3c May
50c
May
Apr. 15
15c
Apr. 15
May
Apr. 21
$2
May
S1H
June
25c
15c
Pittsburgh Screw & Bolt
Pleasant Vailey Wine (irregular)
Pollock Paper & Box Co., 7% pref. (quar.)
Reading Co. (quarterly)
Reed (C. A.) Co. class A
Regent Knitting Mills pref. (quar.)
Preferred (quar.).
Oct.
25c
Pittsburgh Bessemer & Lake Erie (s.-a.)
Pittsburgh Coke & Iron Co., $5 pref. (quar.) —
Randall Co.. class A (quar.)-
75c
10c
35c
Pittsburgh Forgings Co
Quarterly Income Shares (reduced)
Radio-Keith-Orpheum 6% pref
Railroad Employees Corp., class A & B
Apr. 30 Apr. 10
1
Apr. 25 Apr.
1
Apr.
May
Apr. 10
May
Apr. 10
May
Apr. 15
Apr.
Apr.
5
Apr.
Apr. 25 Apr. 12
25c
$1H
$1H
Pierce Governor Co
15
May
1
May
May
May
May
May
May
May
May
$1H
37Hc
34Hc
10
15
15
17
Apr. 15
1
Apr.
Apr. 15
5
May
Apr. 14
Apr. 18
May
SIX
Six
16 He
(monthly)
Patchogue Plymouth Mill, common
Pearson Co., Inc., 5% pref. A (quar.)
Penman's, Ltd. (quar.)--Preferred (quar.)
Peninsular Telephone (quar.)
Quarterly
Quarterly
Preferred A (quar.)
Preferred A (quar.)
15
May
Massachusetts Investors Trust (irregular)
Maytag Co.. $3 preferred (quar.)
Paracale Gunams Consol. Mining
Procter & Gamble Co.
May 20
Mar. 31
May
Apr.
May
May
20c
Parkersburg Rig & Reel, $5H pref. (quar.)
Pamour Porcupine Mines, Ltd
I
Nov.
Mar. 31
Apr.
May
50c
Pressed Metals or America
Apr.
Apr.
75c
—
5H% preferred (quar.)
Pacific Gas & Electric, 6% pref. (quar.)
5H% preferred (quar.)
Pacific Lighting Corp. (quar.)
Pacific Public Service Co.. 1st pref. (quar.)
Park Utah Consolidated Mines Co
5
Nov.
Apr.
Apr.
Apr.
Apr.
30c
Preferred C (quar.)
5
Apr.
------
22
Sept. 21
25c
(quar.)
preferred (quar.)
Second preferred (quar.)
Pacific Finance Corp. pref. A (quar.)
Special
June
Sept.
Apr.
May
May
Apr.
SIX
First
Preferred A (quar.)
Preferred A (quar.)
June
$1H
Outlet Co.
11
June
Marshall Field & Co. (quar.)—
Martin (Glenn L.) Co..
(quar.)
Apr. 15
Apr. 15
May 30
Aug. 29
May
May
May
May
-
-
-
Dec.
May
May
May
Aug.
McLellan Stores Co., pref. (quar.)
$6 preferred
7
Apr.
Apr
1 July
Nov.
7% preferred (quar.)
7% preferred (quar.)
Preferred
18
May 20
Apr. 30
25c
(quar.)
Oliver United Filters class A
wiay
Sept.
-----—
Quarterly
Lumbermen's Insurance Co.
16
Apr.
$1.10
-
-
Longhorn Portland Cement Co.—
5% par tic. pref. (quar.)
5% partic. pref. (partic. div.)
5% partic. pref. (quar.)
5% partic. pref. (partic. div.)
5% partic. pref. (quar.)
5% partic. pref. (partic. div.)
Lord & Taylor 2nd pref. (quar.)
Loose-Wiles Biscuit Co.
June
25
26
30c
30c
Original capital
Original capital
Special guaranteed (quar.)
Special guaranteed (quar.)--Special guaranteed (quar.)
Loew's Boston Theatres
July
May
Aug.
$1.10
-
Loew's, Inc., $6H cum. pref.
June
May
Apr. 21
May
9
May 29
Apr. 21
May
9
1
iune
May
37 He
Occidental Insurance, (quar.)
Apr.
May
1
1
Nov.
20c
Apr.
May
Aug.
Nov.
5c
Shoe Co
35c
75c
May
Aug.
7Hc
Nunn-Bush
37Hc
May
15c
Northwest Engineering Co
Nu-Enamel Corp
15
15
Apr.
15c
6% preferred (accumulated)
7% preferred (accumulated)
May
30c
little Miami RR.. original capital
Preferred
Sept.
5
Apr.
May
$1
(N. H.) (quar.)
5
15
17
17
Apr.
May
six May
Six
SI
Northern States Power (Del.)—
Dec
16
SIX
Northern RR.
5
Sept.
16
50c
North American Oil (quar.)
Northern Illinois Finance Corp.Preferred (quar.)
6
25c
OH % preferred (quar.)
Lincoln National Life Insurance Co. (quar.)
six
)
Quarterly
Mar.
June
May 10
16
50c
Apr.
June
June
Dock—
(guard--*
Dec.
HP
25c
Apr.
14
21
5uc
June
SIX
preferred (quar.)
io
Sept.
June
six
six
May
May
Sept.
May
May
May
Apr.
Apr.
Apr.
Apr.
six
A & B (quar.)
SIX
SIX
t50c
f50c
15
May
(quar.)
Jane
50c
87 He
LIbbey-Owens-Ford Glass
McGraw Electric Co.
Apr.
A
May
1 Apr. 18
Aug. 15 July 31
2
May
1 Apr.
May
1 Apr. 22
15
$1H
Noranda Mines, Ltd. (interim)
Norfolk & Wester.. Ry. adj. pref. (quar.)
Nor ma-H Bearing Corp. (quar.)
18
June
Class
20
1 Apr. 21
5t.c
15c
1900 Corp., class A (quar.)
Class A (quar.)
50c
12c
Kroger Grocery & Baking (quar.)
—----6% preferred (quar.)
7% preferred (quar.)
7% pref. (quar.).
K W Battery Co., Inc. (quar.).
Landis Machine Co. 7 % pref. (quar.).
7% preferred (quar.
7% preferred (quar.
Lane Bryant, Inc. 7% preferred (quar.).
Langiey s, Ltd., 7% conv. pref
7% conv. preferred
7% conv. preferred
Lazarus (F. & K.) & Co. (irregular)
Lebanon Valley Gas, 6% preferred (quar.) ---_
Lehigh Portland Cement Co. (quar.)
4% preferred (quar.)
Lerner Stores Corp. 4H% pref. (quar.)_.
Le Tourneau (li. G.), Inc. (quar.)--;
Lincoln Printing Co.,
Link Belt Co. (quar.)
May
Second preferred
12
May
15
21
22
Apr.
pref. (qu.)
pref. (quar.
Apr.
1 Apr.
Co. (quar.)
Niagara Hudson Power Co., 5% 1st
Oct.
1 Apr.
1
1 July
30 Oct.
May
May
5% pref. A (quar.)
10
May
May
Aug.
SIX
six
--
———--
Newport News Shipbuilding & Dry
Preferred (quar )
June 30
15c
Kootenay Belle Gold Mines, Ltd. tquar.)
Kress (S. H.) & Co. special pref. (quar.)
_
Apr.
12Hc
SIX
Y.) (quar.)
6% pref. (quar.)
Knickerbocker Insurance (N.
Apr.
July
5c
————
$1
May 15 Apr. 30
1 Apr. 15
May
1 Apr. 15
May
1 Apr. 15
May
S1.1SH May
(quar.)
Preferred A
10
10
12
15c
Mining (s.-a.)
-
New York Air Brake,
8
5c
King Oil Co. (quar.)
Preferred
8
31Xc
Kerr-Addison Gold Minos (interim)--
Lone Star Gas
preferred (s.-a.)
New England Water, Light & Power,
6%
95c
20c
7%
$1H
SIX
$1X
Neisner Bros. 4X% pref. (quar.)—
Neon Products of West Canada, Ltd.—
SIX
(quar.)—
50c
—
National Lead Co. class B pref. (quar.)
National Paper & Type Co. 5% pref. (s-a.)-—
National Power & Light Co. $6 pref. (quar.)—
National Savings & Trust Co. (Wash., D. C.)._
June
Kellogg Switchborard & Supply Co
Preferred (quar.)
Kemper-Thomas Co., 7% special pref.
7% special preferred (quar.)---
2c
National Funding Corp—
See div. announced this week.
May 10
Aug.
9
Nov. 10
10c
15c
2c
2c
(s.-a.)
Mar. 31
75c
-
Kokomo Water Works,
50c
Quarterly
Quarterly
Apr. 17
SIX
Extra.
50c
------------
Life Insurance (s.-a.)
Kalamazoo Stove & Furnace
Jefferson Standard
Kirklaud Lake Gold
75c
products (quar.)
-Electric Welding Machine Co (quar.)-
National
Apr. 21
30c
Iron Fireman
Knitting Mills
5% preferred (quar.)
15c
(quar.)
pref. (quar.)
National Distillers
87Hc
$3.50 prior preferred
SIX
Interstate Dept. Stores. Inc., 7% pref. (quar.)—
Iowa Electric Light & Power Co. 7% pref. A— t87Hc
Jantzen
50c
(semi-annual)
National City Lines
Class A (quar.)
Holders
Payable of Record
Company
National Chemical & Mfg. Co.
1 Apr. 15
1
1 Apr.
Payable in United States funds.
International Utilities Corp.—
6H% preferred B
6% preferred C
Mfg. Co. (quar.)
Name of
Payable of Record
20c
May
25c
t50c
May
May
40c
June
Mar. 31
Apr.
50c
„
Apr.
Apr.
18
10
1 Apr.
Sept.
40c
Dec.
Nov. 15
15c
(quar.).
Reliance Manufacturing Co
19
May 15
Aug. 15
May
May
Apr.
40c
10%
19
Mar. 14
Remington Rand. Inc. stock dividend
Republic Investors Fund, Inc.15c
May
1 Apr.
6% A & B pref. (quar.)
20c
Apr. 25 Apr.
Republic Natural Gas (s.-a.)
May
1 Apr.
Revere Copper & Brass 5 X % pref
1 $1.31H
May
1 Apr.
tsix
7% preferred
50c
May 15 Apr.
Reynolds (R. J.) Tobacco Co. (quar. interim.)-1 Apr.
31Hc May
Rheem Mfg. Co. 5% cum. pref
$1
May
1 Apr.
Rhode Island Public Servide A (quar.)
50c
May
1 Apr.
$2 preferred (quar.)sbi
Richmond Fredericksburg & Potomac RR.
May
1 Apr.
$3
7% gtd. preferred (s.-a.)
May
1 Apr.
6% guaranteed preferred (s.-a.).
15c
May
1 Apr.
Richmond Insurance of N. Y. (quar.)
3d
May 19 Apr.
Roan Antelope Copper Mines (interim)
25c
Apr. 19 Apr.
Rochester Button Co. (quar.)
May 31 May
37Hc
Preferred (quar.)
18c
May
1 Apr.
Rockland Light & Power Co. (quar.)
May 15 May
:i5c
Holland Paper Co.. Ltd. (quar.)
•
15
15
10
10
15
15
15
15
"
Preferred
(quar.)
Ruud Mfg. Co. common
Saguenay Power, Ltd.. preferred
St. Lawrence Flour Mills (quar.)
(quar.).
June
2 May
15
six
May
1 Apr.
15
June 16 June
6
25c
SIX
25c
50c
Extra.
Preferred
(quar.)_
"1M,ines, Ltd. (s.-a ).
Aatonio Gold
'
San
9
20
15
4
ttlX
(quar.)
Roos Bros. $6.50 preferred
30
30
10
19
7c
3c
Extra
Sharp & Dohme. Inc., pref. A
$1X
(quar.).
87 He
May
1 Apr. 15
May
1 Apr. 19
May
1 Apr. 19
May
1 Apr. 19
5
Apr. 21 Apr.
Apr. 21 Apr.
5
May
1 Apr. 18
Volume
The Commercial & Financial Chronicle
152
Per
Name of
Company
Share
Scott Paper Co. $4H cum. pref. (quar.)
$4 cum. preferred (quar.)
Silbak Premier Mines Ltd
When
2503
Condition of the Federal Reserve Bank of
Holders
New York
Payable of Record
The
following shows the condition of the Federal Reserve
Bank of New York at the close of business
April 16, 1941,
in comparison with the
previous week and the corresponding
Preferred (quarterly)
Sport Products Inc. (quar.)
20c
Squibb (E. R.) & Sons $5 pref. series A (quar.)—
Standard Brands. Inc pref. (quar.).
SIH
SIH
Apr.
May
Apr. 19
Apr. 19
Apr.
4
Apr. 30
Apr. 19
Apr. 19
Apr. 20
Apr. 20
Apr. 30
Apr. 15
July 12
Apr. 15
May 31
Apr. 15
Apr. 15
June
June
2
Total reserves
Bills discounted:
—
S1H
}4c
Silex Co.
(quar.)
Simpson (R.) Co.. Ltd. 6% preferred (s.-a.)
Simpson's, Ltd., 6H% preferred
Southeastern Greyhound Lines
(quar.)
30c
183
81H
37Hc
35c
15c
May
June
37Hc
120c
$1.20
.
Southern Indiana Gas Sc Elec. 4.8% pref. (qu.)_
Southwestern Life Insurance Co. (Dallas)
(quar.)
Spiegel, Inc
Standard Fire Insurance Co. of N. J.
(quar.)
Standard Wholesale Phosphate (quar.)
Apr. 16, 1941
United States
16
June
5
Secured
May
May
May 17
direct
Apr.
30
SIH
SIH
SIH
June
Tune
Sept.
Dec.
Sept.15
Dec.
15
May
Apr.
7
7% preferred (quar.)
7
1
I75c
Apr.
May
SIH
May
May
May
Apr.
May
May
Apr.
May
10c
5c
Anr.
Apr.
10
May
Apr.
15
10c
June
SIH
SIH
May
May
May
May 16
Apr. 15
Apr. 15
Apr. 30
Apr.
1
Apr. 22
Apr. 22
Apr. 15
Apr. 15
Apr. 15
Apr. 21
Apr. 21
Apr.
5
Apr. 19
Apr. 19
Apr. 15
Apr. 30
Apr. 10
Apr. 30
Apr. 15
Apr. 15
Apr. 15
May 15
56 He
25c
Sturgeon River Gold Mines, Ltd. (irreg.)
4c
Sun Ray
Drug Co
6% preferred
Supermold Corp. of California (quar.)
Tacony Palmyra Bridge pref. (quar.)
Tampax Incorporated
Telautograph Corp. (interim)
Texas Gulf Producing Co..
Texas Power & Light, 7% pref. (quar.)
$6 preferred (quar.)
May
25c
Stein (A.) & Co. (quar.)
Stouffer Corporation, A (quar.)
Class B
20c
37Hc
50c
......
Thatcher Mfg. conv. preferred (quar.)...
Tivoli Brewing (quar.)
90c
%:■; 5c
t3c
J2c
(quar.)
Toledo Edison, 7% pref. (monthly)
6% preferred (monthly)
5% preferred (monthly)
Trade Bank & Trust (N. Y.) (quar.)
Trans-Lux Corp..
Traux-Traer Coal Co. (irregular)
58 l-3c
50c
412~3c
15c
5c
Mar. 17
Apr.
May
May
May
Apr.
81
Tung-Sol Lamp Works, 80c. pref. (quar.)
Udylite Corporation
Union Elec. of Missouri $5 preferred (quar.)
Union Oil of California (quar.)
United Corp., Ltd., $1H class A (quar.)
United Drill & Tool Corp. class A (quar.)
May
May
May
May
May
May
20c
10c
SIH
2 5c
J37c
15c
Class B ('nitia').—
United Light & Railways 7% pref. (monthly)..
7% preferred (monthly)
7% preferred (monthly)
May
May
58 l-3c May
10c
58 l-3c June
June
6.36% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
United Merchants & Manufactures, Inc.,
53c
53c
15
15
June
June
July
May
50c
June
50c
July
June
June
16 June
2
50c
25c
25c
30c
50c
United States Sugar Corp. pref. (quar.)
Universal Leaf Tobacco Co., Inc
SI "4
$1
i
West Point Mfg. Co
Westminster Paper Co., Ltd. (s.-a.)
Weston (Geo.). Ltd. pref. (quar.)
Westvaco Chlorine Products (quar.)
81H
81H
SIH
62 He
%IV<
81H
SI H
37 He
37 He
SIH
10c
SI
25c
37 He
SIH
82 H
SIH
>
Apr. 15
May 15
J3c
SIH
SIH
81
10c
t$l H
50c
25c
Winsted Hosiery Co. (quar.)
Extra
SIH
SI
82 H
82 H
...
Quarterly
Quarterly
Quarterly
SIH
Extra. 1
SI
Quarterly.
S2H
Quarterly
M
xtra
Wisconsin Electric Power Co. 6% o»*ef (quar.).
Wisconsin Public Service. 5% preferred
Wood. Alexander & James, 1st pref
Woodall industries Inc
Wool worth (F. W.) Co. (quar.)
Wrlgley (Wm.) Jr. Co. (extra)
St H
81H
ttSl H
10c
60c
25c
Monthly
25c
..Monthly
25c
Monthly
Monthly
Monthly
Wurlitzer (Rudolph)
Young (L. A.) Spring & Wire
Zeller's, Ltd. (initial quar.)
Preferred (quar.)
Zion's Cooperative Mercantile Institution (qu.).
Quarterly
Quarterly:
■
;
——<
...
15
15
10
2,040,000
389,312,000
400,969,000
234,163,000
338,532,000
577,000
623,475,000
Bank premises.....
Other assets
...
623,475,000
739,501,000
625,617,000
17,000
2,238,000
291,717,000
9,699,000
12,718,000
.......
Federal Reserve notes of other banks...
Uncollected Items
629,555,000
742,118,000
17,000
17,000
1,812.000
175,766,000
9,699,000
13,089.000
1,319,000
195,229,000
9,840,000
16,696,000
Total assets....................... 10502,945,000 10480,287,000 9,152,354,000
Liabilities—
Y'
.
F. R. notes In actual circulation
Deposits—Member bank
U.
reserve
1,640,338,000 1,633,285,000 1,287,810,000
acc't.. 7,172,852,000 7,099,980,000 7,013,375,000
8.
Treasurer—General account—.
Foreign
Other deposits
...
211,194,000
728,890,000
367.965,000
....
Total deposits..
366,302,000
745,153,000
352,831,000
120,396,000
137,541,000
288,397,000
8,480,901,000 8,564,266,000 7,559,709,000
252,273,000
181,710,000
153,303,000
1,119,000
1,048,000
1,161,000
Deferred availability Items
Other liabilities, Incl accrued dividends.
Total liabilities
10374,631,000 10352,015,000 9,030,277,000
Capital A ccounts—
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts
51,591,000
56,447,000
.
51,075,000
51,573,000
56,447,000
7,070,000
13,182,000
;
7,070,000
13,206,000
53,326,000
7,109,000
10,567,000
Total liabilities and capital accounts. 10502,945,000 10480,287,000 9,152,354,000
Ratio
F.
of
R.
total
reserve
to
deposit
and
note liabilities combined
Commitments
to
make
94.5%
Industrial
...
Reserve bank notes.
These
x
25c
25c
25c
10c
81
20c
37 He
50c
92,5%
1,500,000
853,000
A7,
arc
100 cents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
2
Weekly Return of the New York City
Clearing House
28
21
10 May 31
Sept. 10 Aug. 30
10 Dec.
1
May
Apr.
Aug.
July
Apr. 19 Apr.
19
19
10
June 16 May 20
June 16 May 23
June 16 May 23
1 Apr. 15
May
May 10 Apr. 30
Tune
2 May 15
Tune
2 May 15
2 Apr. 21
May
The
weekly statement issued
Clearing House
STATEMENT
OF
ASSOCIATION
on
MEMBERS
AT
by the New York
OF
CLOSE OF
THE
NEW
BUSINESS
*
YORK
17,
APRIL
Time
Undivided
Deposits,
Deposits,
Profits
Members
Average
A verage
;
S
Bank of New York
14,195,100
237 ,537,000
17,552,000
26,989,700
599 058,000
39,014,000
80,993,400 a2,702 ,310,000
825 ,817,000
58,009,600
187,236,100 62,351 ,760,000
779 ,071,000
40,986,600
167,764,000
77,032,000
105,303,000
75,370,100 cl,171 050,000
338 ,874,000
79,217,000
28.253,000
77,500,000
City Bank
20,000,000
May 15 Apr.
May 15 Apr.
1 Apr.
May
1 Apr.
May
Hanover Bk&Tr Co
90,000,000
41,748,000
21,000,000
18
Corn Exch Bank Tr Co.
15,000,000
First National Bank...
10,000,000
108,726,400
830 ,246,000
Irving Trust Co
50,000.000
4,000,000
53,792,700
757 ,276,000
Continental Bk & Tr Co.
4,511,100
73 ,051,000
Chase National Bank...
100,270,000
6.755,000
20,258,800
15
15
1 Apr. 15
May
1 Apr. 15
May
1 Apr. 15
May
1 Apr. 26
May
1 Apr. 26
May
4
May 15 May
1 Apr. 15
May
1 Apr. 24
May
1 Apr. 15
May
1 Apr. 15
May
1 Apr. 15
May
1 Apr. 15
May
1 July
15
Aug.
1 July 15
Aug.
1 Tuly 15
Aug.
Nov.
Nov"
1 Oct.
15
1 Oct.
15
Nov'
1
Oct.
June
15
Trust Co.
Manufacturers Trust Co
Cnt
Fifth Avenue Bank
Bankers Trust Co
25,000,000
Midland Tr Co.
5,000,000
York Trust Co.—
12,500,000
Comm'l Nat Bk & Tr Co
Public Nat Bk & Tr Co.
Totals
*
1,297,000
52,236,000
3,882,000
83,878,300 el,240 ,709,000
15 362,000
1,073,300
6,000,000
Marine
P 710,000
4,519,000
139,538,700 (13,302 ,432,000
59 694,000
4,279,500
500.000
Title Guar & Trust Co..
New
$
6,000,000
20,000,000
Bank of Manhattan Co.
Natlonal
1941
Net Demand
15
15
18
HOUSE
CLEARING
THURSDAY,
Surplus and
Capital
Clearing House
Guaranty
City
Friday afternoon is given in full below:
1 Apr.
2 May
Anr. 30 Apr.
1 Apr.
May
1 Apr.
May
Apr. 30 Apr.
June
2 Apr.
1 Apr.
May
June
2 May
1 June
July
1 July
Aug.
Sept. 2 Aug.
Oct.
1 Sept.
May 31 May
Apr. 25 Apr.
1 Apr.
May
1 Apr.
May
Federa
reserve notes or a bank's own
%'>'%
certificates given by the United States Treasury for the gold taken
from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
17
June
Dec
■
94.6%
1,426,000
ad¬
vances..
28
67,476.000
2,284,000
142 ,422,000
3,043,000
470 ,760.000
50,145,000
7,000,000
10,061,400
28,039,600
8,843,900
138 ,540,000
2,045.000
7,000,000
10,714,100
,347,000
53,678,000
957,498,400 16,134,316,000
762,205,000
518,518,000
As per official reports: National, March 31,
1941; State, March 31, 1941; trust
companies, March 31, 1941.
Includes deposits in foreign branches as follows:
a 8285,239.000 (latest available
date); 6 861,448,000 (latest abailable date); c §3,018,000 (April 17); £(882,399,000
(latest available date); e $21,330,000 (March 31).
1
15
15
Stock
15
15
Below
21
19
20
are
the
and
as
Bond
daily closing
stocks and bonds listed
20
on
Averages
averages
of representative
Exchange
the New York Stock
compiled by Dow, Jones & Co.:
19
20
Stocks
Bonds
20
21
15
15
10
15 June
Sept. 15 Sept.
50c
Defe.
5
20
15
Total
10
First
Second
10
Rail¬
mux-
65
Indus¬
Grade
Grade
Utili¬
40
trials
roads
ties
Stocks
trials
RaUs
RaUs
ties
Bonds
To at
5
50c
10
30
Indus¬
Date
15
15 Dec.
5
Transfer books not closed for this dividend,
t On account of accumu'ated dividends.
j Payable in Canadian funds, and in the case of non-residents of Canada
deduction of a tax of 5% of the amount of such dividensd will be made.
4,342,000
1,738,000
16
June
July
Tune
SIH
SIH
Wilson-Jones Co. (interim)
Winchester Paper (s.-a.)
522,000
404,000
1,738,000
direct and guaranteed
Total bills and securities..
Due from foreign banks
29
43 "Ac
35c
...
55,000
117,000
Government securities,
Chem Bank & Trust Co.
SIH
Will & Baumer Candle Co., Inc
Wilson & Co. 86 preferred
15
1-2-42 Dec.
May
t25c
Wheeling & Lake Erie, 5H% pref. (quar.)
Prior lien (quar.)
May
1 Apr.
May
1 Apr.
May
1, Apr.
Apr. 19 Apr.
Apr. 30 Apr.
fuly 15 July
May
II Apr
July
1 June
—
Oct.
1 Sept.
17Kc
90c
84.50 preferred (quar.)
4,225,000
discounted
Total U. 8.
over
..
265,000
139,000
...
Bonds
Apr. 30 Mar. 31
6SHc
....
...
bills
t "Other cash" does not Include Federal
Extra
United States Plywood Corp
United States Rubber Co
....
obligations
16
25c
Upper Michigan Power & Light Co. 6% pf. (qu.)
6% pref. (quar.)
6% pref. (quar.)
Utica Knitting Co. 5% prior pref (quar.)
Vapor Car Heating Co., pref. (quar.)
Preferred (quar.)
Preferred (quar.)
Virginian By. preferred (quar.)
Preferred (quar.)__
Vulcan Detinning Co. pref. (quar.)
Waite Amulet Mines (interim)
Walker (H.) Gooderham & Worts (quar.)
Preferred (quar.)
Washington Gas Light Co
84.50 conv. preferred (quar.)
Wash. Ry. & Elec Co. 5% pref. (s.-a.)
5% preferred (quar.)
Wendigo Gold Mines, Ltd
West Michigan Steel Foundry Co.—
7% prior preferred (quar.)I
81.75iconv. preferred (quar.)
West Penn Electric 7% pref. (quar.)__.
6% preferred (quar.L-
Govt,
Industrial advances...
U. S. Govt, securities, direct and guar¬
anteed:
com.
preferred (quar.)
S.
389,312,000
234,163,000
Total
16
50c
voting trust certificates
United Profit Sharing preferred (s.-a.)
United States Hoffman Machinery Corp.—
U. S. Industrial Alcohol (resumed)
9,560,939,000 9.650,349.000 8,187,135,000
U.
Other bills discounted
16
Apr.
May
58 l-3c July
53c
May
6.36% preferred (monthly)
6.36% preferred (monthly)
by
and guaranteed
Notes
Apr. 23
Apr. 15
Apr. 15
Apr. 15
Apr.
8
May
May
May
May
25c
.
Tubize Chatillon Corp. class A
$
-y'
14
175c
5% preferred (quar.)
5% preferred (quar.)
To burn Gold Mines, Ltd
Extra
Apr.
-
$
9,480,450,000 9,563,990.000 8,078,757,000
780,000
1,064,000
1,678,000
79,709,000
106,700,000
85,295,000
Other Cash f
Apr.
31 He
Steel Co. of Canada, Ltd. (quar.)
hand and due from
on
Treasury_x
Redemption fund—F. R. notes
June
Apr. 17, 1940
Apr. 9, 1941
$
Gold certificates
40c
Stanley Works pref. (quar.)
V:%'
Assets—
75c
Stecher-Traung Lithograph Corp. 5% pref. (qu.)
*
date last year:
40c
Extra.
conv.
Apr.
May
May
May
July
$1H
Southern California Edison Co. (quar.)
Southern Canada Power Co
5H%
May
May
Apr.
May
May
May
110.28
27.75
18.12
39.73
106.21
95.18
52.35
108.65
90.60
Apr. 17.
118.16
28.27
18.45
40.40
106.23
95.15
52.86
108.50
90,69
Apr. 16.
118.60
28.22
18.49
40.50
106.05
94.96
52.73
108.36
90.53
Apr. 15.
Apr. 14.
118.59
27.95
18.56
40.43
106.11
95.04
52.44
108.43
90.51
118.89
28.06
18.62
40.55
106.16
95.00
52.65
108.61
90.61
Apr. 12.
118.60
27.89
18.69
40.44
106.23
95.14
52.49
108.69
90.64
Apr. 18.
The Commercial & Financial Chronicle
2504
April 19, 1941
Weekly Return of the Member Banks of the Federal Reserve System
Federal Reserve System, giving the principal
Following is the weekly statement issued by the Board of Governors of the
Items of
resources
These figures are
leading cities from which weekly returns are obtained.
and liabilities of the reporting member banks in 101
alwavs
a
week behind those for the Reserve banks themselves.
The comments oj the Board of Governors of
the figures for the latest week appear in our department of "Current Events and Discussions
the Federal Reserve System upon
Chicago reporting member banks for a week later,
immediately preceding which we also give the figures of New York and
WEEKLY REPORTING MEMBER BANRS IN 101 LEADING CITIES BY
ASSETS AND LIABILITIES OP
DISTRICTS ON APRIL 9, 1941
(In Millions of Dollars)
Kansas
Chicago
St. Louis
apolis
City
Dallas
%
%
$
$
S
$
S
5
2,072
733
706
3,957
851
447
743
594
691
3,608
499
835
305
376
1,209
391
221
353
321
2,392
1,037
357
2,220
258
380
146
198
756
227
118
213
219
402
109
35
11
11
5
46
15
3
23
2
13
350
25
15
3
7
59
4
2
4
3
12
30
20
14
11
68
12
6
10
12
42
36
382
Open market paper
347
74
Loans to brokers and dealers In securs.
497
13
455
18
212
1,228
81
Commercial, Indus, and agrlcul. loans
Other loans for purchasing or
securities
carrying
50
United States
132
60
12
31
24
1
1
118
148
72
80
72
60
185
6
365
58
12
27
31
48
180
101
228
•
4
30
1,786
144
495
868
Other loans
42
318
...
......
1
....
-
8
•
1
1
-
-
83
—
1
2,181
40
1,400
28
153
66
51
255
37
20
48
33
50
7,677
.......
bonds
345
3,441
389
668
237
104
1,211
184
116
103
110
769
1,670
81
135
300
65
37
187
3,815
137
1,626
273
273
70
116
617
116
46
131
62
348
11,428
645
6,492
602
772
271
168
1,318
195
108
216
149
492
55
2,751
Obligations guar, by U. 8. Govt
Other
192
39
Loans to banks.....
Treasury bills
Treasury notes
-W
■
Real estate loans
$
l
1,270
1,310
Loans—total
$
S
Francisco
12,063
27,138
9,846
6,494
Loana and Investments—total...
Cleveland Richmond
delphia
$
S
ASSETS
New York
Boston
San
Minne¬
Atlanta
Phila¬
Total
Federal Reserve Districts—
securities
-
Reserve with Federal Reserve Bank..
53
55
81
32
27
521
149
107
24
51
27
17
66
14
7
18
14
3,439
190
262
199
375
281
262
595
190
112
315
306
352
1,197
67
433
81
90
40
50
75
22
15
21
31
272
23,430
1,434
1,648
604
480
3,014
549
328
591
546
232
11,758
1,121
1,203
5,457
259
749
208
191
1,006
192
114
146
136
1,275
1,103
414
12
37
13
33
28
37
134
14
2
10
28
66
9,168
389
3,928
463
520
373
383
1,409
414
177
455
289
368
644
22
584
6
1
2
9
761
23
290
""is
20
""39
13
""22
~~6
3,844
Cash In vault
248
1,635
217
389
100
97
417
97
—
Balances with domestic banks
Other assets—net
LIABILITIES
Demand deposits—adjusted...
Time deposits
.!—
United States Government deposits..
1
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings.
■
Other liabilities
Capital accounts
18
1
1
.....
....
320
3
385
90
108
61
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 17,
showing the condition of the 12 Reserve banks at the close of business on Wednesday.
for the System as a
week last year.
The second table shows the
Reserve agents
The Federal
and liabilities separately for each of the 12 banks.
The comments of the Board of Governors of the Federal Reserve System upon the
and the Federal Reserve banks.
for the latest week
appear
in
our
department of ilCurrent Events and Discussions."
COMBINED RESOURCES AND LIABILITIES
OF THE FEDERAL RESERVE BANRS AT THE CLOSE OF
Apr. 9,
1941
1941
Apr. 2,
1941
Mar, 26,
1941
Mar. 19,
1941
%
Apr. 16,
Three Ciphers (000) Omitted
$
$
Mar.
%
ASSETS
12,
BUSINESS APRIL 16, 1941
Feb.
Mar. 5,
Feb. 19,
1941
26,
1941
1941
1941
Apr. 17,
1940
3
$
reserves
20,111,281
20,101,279
20,102,279
20,030,246
19,961,281
19,902,778
10,488
315,517
10,570
341,056
10,914
327,660
10.244
323,880
20,103,281
10,914
332,163
20,103,279
10,488
319,789
9,244
337,781
339,441
387,927
20,461,225
Redemption fund (Federal Reserve notes)
20,124,731
10,507
325,987
Gold ctfs. on hand and due from U. S. Treaa.x.
Otber cask
Total
resources
(third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve note statement
returns
Th^ ±irst table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
20,437,286
20,435,647
20,453,905
20.446,358
20,441,853
20,360,279
20,308,306
20.251,381
16,686,178
9,162
16,288,976
9,275
Bills discounted:
Secured by
U. S. Government obligations,
736
...
Total bills discounted
4,587
612
882
808
941
1,653
2,092
1,645
632
482
379
429
416
363
411
591
625
623
1,831
1,218
dlreot and guarantejd
^ Other blls discounted
4,986
1,041
1,298
1.171
1,352
2,244
2,717
2,268
2,463
7,881
7,715
7,840
7,854
9,852
1,337,495
1,129,225
7,470
7,396
7,820
7,957
7,894
1,363,800
820,300
1,363,800
1,363,800
1,284,600
899,500
1,284,600
1,284,600
820,300
1,334,800
849,300
1,284,600
820,300
1,334,800
849,300
899,500
899,500
899,500
2,184,100
2,192,788
2,184,100
2,196.462
2,184,100
2,192,961
2,184,100
2,193,355
2,184,100
2,193,165
2,184,100
2,193,333
2,184,100
2,194.059
2,184,100
2,194,657
2,184,100
2,194,222
47
47
47
47
47
47
47
47
47
23,898
20,594
744,711
21,956
813,701
19,461
763,669
41,625
57,606
20,672
859,348
39,952
53,200
837,999
47,285
21,563
888,648
39,896
54,238
23,389
39,983
48,326
21,513
984,149
39,926
46,203
21,874
861,916
39,896
46,775
20,089
772,538
39,902
46,791
52,298
58,082
23,869,087
23,487,389
23,551,425
23,526,627
23,731,361
23,616,525
23,558,730
23.476,182
23,399,335
20,048,097
6,206,272
13,979,130
533,715
1,243,299
6,196,923
13,655,535
812,666
1,265,753
6,159,227
13,505,824
1,044,871
1,148,403
6,063,061
13,740.639
912,814
1,174,707
6,047,336
14,210,842
5,943,080
4,931,115
14,020,569
12,757,391
512,521
474,776
555,458
546,721
1,163,143
585,202
6,039,650
14,136,067
390,686
1,121,057
651,245
5,976,775
14,174,724
520,127
6,079,444
13,632,769
906,276
1,168,152
619,609
16,276,271
16,208,730
16,254,556
16,326,806
1,011,076
4,116
705,775
762,787
745,190
4,752
3,775
4,087
16,374,881
918,773
3,688
16,380,610
811,340
6,364
23,497,735
23,116,180
23,180,345
23,155,527
23,360,403
Capital paid in
140,010
139,795
157,065
157,065
26,785
157,065
26,785
47,492
139,875
157,065
26,785
47,484
139,809
Surplus (Section 7)
Surplus (Section 13-b)
47,421
23,869,087
23,487,389
91.0%
8,508
Industrial advanoes
U. S. Govt, securities, direct and
guaranteed:
Bonds
Notes
Total
U.
8. Govt, securities,
direct and
guaranteed
Total bills and securities.........
...
Due from foreign banks
Federal Reserve notes of other banks..—
Uncollected
Bank
Other
Items
1,104,388
premises..
39,966
assets..
Total assets
...........
39,828
2,466,720
2,479,035
47
39,999
1
LIABILITIES
Federal Reserve notes In actual circulation..
Deposits—Member banks'
reserve
account...
^United States Treasurer—General account..
Foreign
Other
^
deposits
'Total deposits.
Deferred availability Items
Other liabilities, incl. accrued dividends
Total liabilities
...
1,132,043
479,393
1,130,080
619,386
655,332
377,569
16,299,055
16,294,040
14,031,710
845,896
831,037
3,360
3,561
16,285,374
797,036
3,102
23,245,650
23,187,961
23,105,413
23.028.592
19,695,584
139,717
139,671
157,065
26,785
47,455
157,065
26,785
47,354
139,629
157,065
26,785
139,586
157,065
26,785
47,391
47,290
47,333
139,550
157,065
26,785
47,343
23,551,425
23,526,627
23,731,361
23,616,525
23,558,730
23,476.182
23,399,335
20,048,097
91.2%
91.2%
91.3%
91.1%
88.0%
7,315
7,288
5,893
1.2%
5,066
91.1%
7,260
91.1%
6,561
91.1%
8,465
5,125
8,805
980
1,796
2,211
1,644
421,423
367,887
384,229
728,857
3,902
CAPITAL ACCOUNTS
Other capital accounts
Total liabilities and capital acoounts
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Commitments to make Industrial advances...
26,785
.
136,132
151,720
26,839
37,822
Maturity Distribution of Bills and
Short-Term
Securities—
858
1-15 days bills discounted
832
4,700
779
984
846
16-30 days bills discounted
79
58
46
69
108
83
37
83
146
105
31-60 day3 bills discounted
67
71
56
71
71
112
196
185
210
1,139
151
61
58
53
49
72
99
103
117
142
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
89
76
102
121
97
105
116
135
151
219
1,218
4,966
1,041
1,298
1,171
1,352
2,244
2,717
2,268
2,463
1,355
1,363
1,426
961
880
1,186
1,198
1,311
1,054
1,417
16-30 days industrial advances
173
200
295
273
184
464
337
148
132
61
31-60 days Industrial advances
131
117
113
143
163
138
155
396
402
271
61-90 days industrial advances
149
139
168
123
111
125
79
114
121
689
6,056
6,080
6,058
6,220
6,125
6,100
5,727
5,827
5,836
7,405
7,470
7,396
7,820
7,957
7,894
7,881
7,715
7,840
7,854
9,852
1-15 days industrial advanoes
Over 90 days Industrial advanoes
Total Industrial advances
Volume
The Commercial & Financial Chronicle
152
Three Ciphers (000) Omitted
Apr. 16,
April 9,
April 2,
Mar. 26,
1941
1941
1941
1941
Mar. 19,
1941
$
$
$
%
Maturity Distribution of Bills and Short-Term
Securities (Concluded)
U. 8. Govt, securities, direct and guaranteed:
1-15 days
.
5
Afar.
>
2505
Mar. 5,
1941
12,
1941
$
Feb. 19.
1941
April 17,
1941
t
S
$
>.;v; $
74.800
.
16-30 days
Feb.
Ksob
I-IIII
61-90 days
58" 300
Over 90 days
1940
74,800
■■
31"«0 days..
26,
74"806
58",300
2,184,100
2.125,800
2,109~366
2,109*,300
2,109.366
2,lb~9",30d
2,46*6,720
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,466,720
6,513,752
6,486,643
289,720
6,444,451
285,224
6,387,733
308,289
6,369,331
306,270
6,347,243
299,907
6,327,123
287,473
6,259,262
282,487
6,240,928
297,848
5,239,294
307,480
6,196,923
6,159,227
6,079,444
6,063,061
6.047.336
6,039,650
5,976,775
5,943,080
4,931,115
6,581,000
4,775
6,534,000
6,504,000
1,138
6,497,000
1,013
6,455,500
1,206
6,432,500
2,085
6.386,500
2,549
6,366,500
2,089
5,375,500
884
6,636,991
In actual circulation
2,125,800
991
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
2,184,166
6,636,000
....
2,184,166
6,206,272
.......
Total U. S. Government securities, direct
and guaranteed
6,585,775
6,534,884
6,505,138
6,498,013
6,456,706
6,434,585
6,389,049
6.368,589
5,376,294
308,179
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
hand and due from U. S. Treasury
on
By eligible paper
Total collateral.
*
z
"Other cash" does not Include Federal Reserve notes.
These
v
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
are
cents on Jan.
.
794
59.06
31, 1934, these certificates being worth less to the extent of the difference, the difference Itself having been appropriated as profit by the Treasury under pro¬
visions of the Gold Reserve Act of 1934
v-'--v.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL
16, 1941
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Phila¬
Total
certificates
hand
on
from United States
and
Other cash »
5
$
Minne¬
delphia
•Q.
Cleveland Richmond
$
$
$
20,124,731 1,200,268 9,480,450 1,152,061 1,465,400
Chicago
'\U $
s
Kansas
apolis
City
St. Louis
San
Dallas
Francisco
$
$
%
672
780
1,226
1,000
1,559
24,332
79,709
26,584
23,373
18,424
20,461,225 1,225,272 9,560,939 1,179,871 1,489,773
652,080
461,781 3,021,038
10,507
325,987
....
Total reserves..
...
632,097
435,641 2,978,258
1,067
1,382
25,073
41,398
notes..
,
Atlanta
due
Treasury
Redemption fund—Fed. Res.
New York
%
ASSETS
Gold
Boston
449,870
302,908 1,252,641
465,036
473
195
215
887
1,051
16,808
6,738
16,793
14,846
31,909
482,317
317,034
466,878
310,101
318,641 1,285,601
Bills discounted:
Secured by U. 8. Govt, obligations,
'
direct and guaranteed..
Other bills discounted
736
Total bills discounted
30
""11
404
30
23
53
44
47
48
57
210
5
10
53
32
124
142
69
174
124
69
7,470
Notes...;
....
Total U. 8. Govt, securities,
direct and guaranteed
805
1,738
2,314
264
848
241
337
348
71
276
228
1,363,800
98,544
59,273
389,312
108,110
136,462
75,859
59,247
66,277
54,979
114,043
65,027
82,079
45,627
35,637
63,283
38,062
41,178
234,163
156,506
94,136
24,769
39,863
33,068
68,596
2.184,100
157,817
623,475
173,137
218,541
121,486
94,884
250,642
101,345
65,947
106,140
88,047
182,639
2,192,788
U. S. Govt, securities, direct & guar.:
Bonds
158,652
625,617
175,504
218,849
122,544
95,182
251,032
101,345
66,419
106,385
88,392
182,867
820,300
....
..
Total bills and securities..
Due from foreign banks
47
3
18
5
2
4
•:H
6
l';
See
1
f
1
4
1,758
4,042
2
3,040
1
1,485
3,244
2,545
881
1,486
598
76,509
127,360
106,484
40,962
153,027
4,550
2,586
2,871
1,981
1,977
3,023
5,087
5,050
36,775
1,204
1,977
2,076
57,514
4,618
22,103
1,360
!,432
38,444
4,002
54,917
2,309
2,015
23,869,087 1,489,055 10502945 1,441,994 1,847,381
890,609
604,925 3,426,420
645,449
409,229
618,349
Fed. Res. notes of other banks
23,898
2,238
98,576
291,717
2,819
9,699
46,775
premises
505
1,104,388
39,966
Uncollected Items
Bank
210
265
139
1,218
Industrial advances
Other
30
482
...
3,228
12,717
assets....
Total assets...
■
V
a
2,995
2,160
2,822
4,259
447,588 1,535,143
LIABILITIES
F. R. notes in actual circulation
6,206,272
505,762 1,640,338
430,669
571.635
298,329
205,230 1,330,497
234,850
163,695
215,025
99,589
510,653
13,970,130
779,206 7,172,852
771,904
983,228
410,834
288,709 1,738,798
26,924
66,444
27,829
95,414
288,347
164,575
294,922
22,577
27,217
27,249
835,164
22,519
23,854
17,493
23,058
17,154
10.577
7,223
8,744
250,591
24,494
23,058
3,866
349,191 1,917,810
345,355
216,508
353,973
302,009
947,856
Deposits:
Member bank
account
reserve
U. 8. Treasurer—General account.
Foreign......
...
Total deposits.....
15,975
533,715
16,909
211,194
32,646
1,243,299
520,127
...
Other deposits
58,778
8,048
728,980
367,965
77,126
39,567
73,151
34,190
24,910
26,697
9,499
906,586 1,122,643
470,498
16,276,271
Deferred availability items.....
Other liabilities, incl. accrued diva...
862,941 8,480,901
5,729
60,458
29,715
252,273
69,921
118,327
105,510
36,827
140,186
53,412
19,217
38,002
34,429
48,755
525
1,119
336
421
352
106
488
128
137
139
150
215
23,497,735 1,463,445 10374631 1,407,512 1,813,026
Total liabilities
94,217
874,689
591,354 3,388,981
633,745
399,557
607,139
3,005
1,011,076
4,116
436,177 1,507,479
CAPITAL ACCOUNTS
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b).
Other capital accounts
140,010
51,591
11,891
56,447
15,144
2,874
7,070
47,492
7; 2,480
13,206
4,393
3,054
14,323
1,007
4,548
5,428
"Other cash" does not Include Federal Reserve notes,
14,724
5,725
713
22,824
1,429
2,001
2,337
4,267
4,925
633
3,152
1,000
4,506
3,613
1,138
8,462
1,979
2,515
1,953
890,609
604,925 3,436,420
645,449
409,229
618,349
890
n
Total liabilities and capital acc'ts.. 23,869,087 1,489,555 10502 945 1,441,994 1,847,381
Commitments to make Indus, ad vs..
323
175
8,508
1,655
1,426
♦
4,796
5,247
3,244
14,477
10,906
26,785
....
9,350
157,065
......
6
275
43
35
11,711
4,264
3,974
10,785
2,121
3,047
1,263
1,910
447,588 1,535,143
21
3,659
Less than 5500.
a
RESERVE NOTE
FEDERAL
STATEMENT
1
Three Ciphers (000) Omitted
Federal Reserve Bank, of—
phitaTotal
Issued to F. R, Bank by F. R. Agent
New York
S
Federal Reserve notes:
Boston
s
8
!-
telphia
Cleveland
'lichmond
*
*
.
528,258 1,723,684
22,496
83,346
450,846
20,177
593,286
313,799
21,651
15,470
6,206,272
505,762 1,640,338
430,669
571,635
6,636,000
In actual circulation
Chicago
8
550,000 1,740,000
460,000
596,000
St.Louii Minneap. Kan. City
&
5
307,480
6,613,752
Held by Federal Reserve Bank
Atlanta
8
8
Dallas
%
San Ft an.
8
S
224,419 1,357,709
248,584
168,741
223,247
13,734
5,046
8,222
110,034
10,445
571,145
27,212
298,329
205,230 1,330,497
234,850
163,695
215,025
99,589
510,653
325,000
230,000 1,380,000
259,000
171,000
225,000
116,000
584,000
124
170
171,124
225,170
116,000
584,000
19,189
60,492
Collateral held
by agent as security
for notes Issued to banks:
Gold certificates
on
hand and due
from United States
Eligible
Treasury
991
paper
Total collateral
6,636,991
United States
30
404
550,030 1,740,404
460,053
210
53
325,210
596,000
230,000 1,380,000
259,000
Quotations for U. S. Treasury Notes—Thurs., April 18
Treasury Bills—Friday, April 18
Figures after decimal point represent
one or more
32ds of a point.
Rates quoted are for discount at purchase.
Int.
r'"J
Bid
Natl Defense series
April 23 1941
Asked
Bid
0.06%
June
11 1941
0.06%
June
18 1941—..
May
7 1941..
May 14 1941
0.07%
0.07%
0.07%
0.07%
0.13%
June 25 1941
June
...
4 1941......
United
States
July 2 1941
July
9 1941
July 16 1941
Government
York Stock Exchange—See
Securities
following
page.
the
15 1941...
Mar. 15 1942...
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
on
Rate
Maturity
Dec.
Treasury Bills
April 30 1941......
May 21 1941
May 28 1941
Asked
3ept. 15 1942
Dec.
—
15 1942...
tMar. 15 1943..
June
151943...
Sept. 15 1943...
New
1
H%
IH%
2%
l H%
H%
Ui%
1%
Transactions
Int
Bid
Asked
101.17
101.19
102.7
103 12
Rate
Maturity
Bid
Asked
15 1943...
1X%
102 3
102.5
102 9
Mar. 15 1944...
101
June
1%
H%
101.15
103.14
100 22
100 24
103.3
103 5
Sept. 15 1944
101.22
101.24
100.26
100.28
1%
H%
100 19
100 21
H%
%%
99.29
99.31
99.20
99.22
Dec.
Mar.
15 1944...
—
15 1945...
101 28
101.30
Nat. Defense Nts
101.22
101.24
tSept. 15, 1944
t Dec. 15,1945
17
at
the
New
York
Stock
Daily, Weekly and Yearly—See page 2521.
Exchange,
April 19, 1941
2506
Sales—New York Stock Exchange
Stock and Bond
DAILY, WEEKLY AND YEARLY
Pages—Page One
Occupying Altogether Sixteen
deferred delivery sales are disregarded
taken of such sales in computing the range for the year.
Cash and
account is
Securities on the New York Stock Exchange
in Treasury, Home Owners' Loan and Federal Farm Mortgage
United States Government
Below
we
furnish
daily record of the transactions
a
during the current week.
32ds of a point.
Corporation bonds on the New York Stock Exchange
Quotations after decimal point represent one or more
Daily Record of U. 8.
Apr. 15 Apr. 10 Apr. 17 Apr. 18
Bond Prices Ayr. 12 Apr. 14
119.24
(Close
Total tales in $1,000
(High
112.1
Total tales in $1,000
units.
2Mb, 1950-52
101.21
108.3
108
108.3
"...
108
-
m
mmmm
m
....
....
.mmmm
....
mmmm
,
m'mrn'm
103.19
mmmm
mm m
m
^
^
'■
m
103.8
mm
m
mm
m
■
•■■.Jim
104.26
Urnrnm
mmmm
'-m
'
mmmm
.
mmmm
103.8
m m m
m
10
"mmmm
....
"mmmm
mmm
m mm
....
'mm
m
....
mm
»
1
1
t
1
1
I
•
1
1
>
1
»
1
t
1
«
1
'
1
110.24
m-mm
m
■
Total sales in $1,000 units...
110.20
■
(High
m
mmmm
mm m
110.24
110.20
110.24
(Close
1
mmmm
1
Total sales In $1,000 units...
2s, Dec. 1948-50
(Low.
113.2
_
....
mmmm
10L9"
(High
Low
(Clos
101.22
101.9
101.9
2s, March 1948-1950
101.20
mmmm
mm mm
•'
■
m'rn'mm
mmm
m
101.22
mmmm
103.15
mmm
103.15
mmmm
103.15
..m'mm
'
+
•-■'■mmmm
2
■
.
.
llm l
....
mmmm
mmmm
mmmm
109.27
m
mmmm
m
'rn
(High
'mmmm
^
mmmrn'
■
■
■'■'■mmmm
mmmm
.mmmrn
'mmmm
mrnmm
■mmmm
f mmmm.
m
mm
mmmm
■mrnmm
"m
mm
(Close
....
m
mmmm
'mmmm
....
(Low.
2a, 1953-65
....
m
2
Total sales in $1,000 units
....
.
109.27
—
5
mrnmm
109.27
....
.
1
1
(Close
108.1
m
mm
m
mmmm
mmmm
m
5
■
Total sales in $1,000 units..
I
mm
mm
'.■mm
mmmm
mm
'
'
Ill" 20
Ill" 12
'mm mm
111.20
mmrnm
111.20
"
111.11
111.11
m
m
m
m
....
3Mb. 1944-64
mmrm
'
'
4
*.
109.30
110.2
110
110.4
109.19
109.30
109.28
109.30
110.4
110.16
Close
109.19
110.4
110.22
109.30
109.30
3
109.30
12
9
(High
mmmm
mi
106.31
106.31
■'
m
.«...
.mmmm
mm
mm mm
.
;
-
m
m
m
'•
.
m mm
+ mm~
m
10
I
*
1
»
....
I
1
»
....
(Close
1
Total sales in $1,000 units...
1
mmmm
mm mm
....
....
1
II
til*
•
1
«
(High
....
(High
mmmm
mmmm
'
(Low
3s, 1942-47
108.8
Total sales in $1,000 units...
mmmm
(High
108.8
(Close
....
....
—
m
106.31
Total sales in $1,000 units
108.8
Low.
mmmm
i
(Close
6
5
....
Total tales in $1,000 units...
'
m
1
_.(Low.
3s, 1944-49
-
106.28
(High
110.22
109.19
106.28
Total sales in $1,000 units...
....
mmmm
106.28
(Close
■'
mmmm
1
mmmm
(High
(Low.
Federal Farm Mortgage
....
■
Low.
(Low.
2Mb, 1942-47.
..Low
i Close
-r —
....
...
(Close
Total sales in $1,000 units
Total sales in $1,000 units...
106". 19
....
109". 10
108~30
(High
(Low.
mm'
mm
(Close
mm
m
mmmm
....
....
(High
Low.
106.18
m
m mm
mmmm
108.30
Close
106.18
mmim-rn
.mmmm
40
Total sales in $1,000 units...
3
(High
102.14
(Low.
102.14
(Close
102.14
Total sales in $1,000 units...
1
25
m
m
Low.
m
'
....
110.3
15
10
mm
109.5
109.20
109.5
109.20
110.2
m
m.rn
109.5
mmmm
m
.
.
..
109.21
mm
109.21
109.23
Low.
107.22
(Close
10.722
....
im mm**
mmmm
mm mm
mmmm
'----
106.19
*2
mmmm
•
mmmm
m
mm m
102.16
-m
m
"m
102.16
m
102.13
mm m
102.16
■
102.13
1
102.13
m
1
*1
mmmm
....
.'mmmm
....
table
above
t Cash sale,
includes
Transactions in registered
bonds.
only
bonds
sales
of
coupon
were:
■
....
mm mm
mmmm
mmmm
mmmm
mmmm
....
mmmm
.mmmm
....
mrnmm
■
1
Total sales in $1,000 units.. J
'
"
107.22
■
'mmmm
t Deferred delivery sale,
Odd lots sales,
Note—The
10
mmmm
'
(High,
*
110.24
-
110.24
1
17
....
mmmm
m
"mmmm
106.19
mmmm
mm
mmmm
(Close
110.24
mmmm
109.21
109.23
'.mmmm
m
m.m
otal Tsales in $1,000 units
8
5
109.19
^
mm -
(Low.
1Mb. 1945-47
110.8
109.20
1
m
mmmm
+ m mm
'm-
(High
110.8
mm
....
•» m mm
Total sales in $1,000 units...
109.22
109.22
1
....
1
m
109.10
109.10
m
'
Low.
-
m
mm
m
108.26
Close
m
....
Low.
Close
(High
mm
mm m
2Mb. 1942-44...
110.3
'
mm
3s, series A, 1944-52
110.3
....
108~26
108.26
Total sales in $1,000 units...
109.22
109.10
Close
106.18
(High
109.12
109.12
..
....
Home Owners' Loan
108.30
mmmm
■mm mm
m-m
.
..........
....
m
....
110.20
'
2Mb, 1945
mm'rn
'm^m
40
2
"J~.
Low
2Mb, 1960-05
M
3
mm m
•
mmmm
mmmm
(Low.
2s, 1947
113.2
Close
(High
,
"mmmm
104.26
104.26
110.16
^
Total sales in $1,000 units...
A'"
mm m
m
(High
113.2
Close
(High
"'■«*
mmmm
mm mm
110.16
1
Low.
(High
2
2
mmmm
mm
mmmm
mmmm
mmmm
10
(High
Total tales in $1,000 units...
2Mb. 1958-63
102.30
,
mmmm
-
Total tales in $1,000 units...
2Mb, 1960-59
102.30
17
mm
m
'
110.15
Close
Total sales in $1,000 units.
102.31
(Clos
108.1
Low.
Ms, 1951-54
102.20
....
110.15
IIII
High
2
102.30
26
110.16
2
mmmm
mm
mmmm
mmmm
5
Low.
IClose
2Mb, 1948-51
102.30
102.30
Total sales in $1,000 units...
108.1
mmmm
110.15
(High
2 Ms. 1946-47
102.30
102.28
(Low
2Mb, 1954-66
1
mmmm
mmmm
-■
''■mmmm
108
108.3
Close
2Mb, 1965-60
102.31
■
'
107.5
3
Low.
v
5
....
(High
107.5
107.2
(High
Total sales in $1,000 units.
2
$1,000 units
107.5
107.2
Low.
Close
3s, 1961-66
107.20
mmmm
mmmm
■
Total sales in $1,000 units.
3s, 1940-48
107.20
mm m
mmmm
(Close
Total sales in
107.2
(High
3H8.1949-62
mrn+m
106.30
(Low.
2Mb, 1951-53
101,21
2
Total tales in $1,000 units.
106.30
106.26
(High
101,21
3HS, 1940-49
107120
106.30
106.29
102.20
(Close
Close
units.
■mmmm
|
■.mmmm
1
Total sales in $1,000 units...
Low.
Total sales in $1,000
1
»
....
m
106.26
(Low.
2Mb, 1952-54
units—
«Mb. 1944-46
t
1
■
..
(High
3 Mi, 1943-46
>
....
_
Close
Total sales in $1,000
1
1
2
Total sales in $1,000 units...
3Mb. 1941
II"
m'mm
106.21
113.10
Low.
1943-47
1
Jl
106.21
'mmmm
mmmm
m
(High
3 Mb,
m<m+~
102.22
113.10
Low.
(Close
3 Ms, 1946-60
V
....
mmmm
-
108.12
106.21
(High
(Low.
113.10
(High
....
108.12
mm
mmmm
■mmmm
Total sales in $1,000 units
4
1
3
units...
2Mb, 1949-53
111.30
111.30
112
Close
Total sales in $1,000
111.30
112
Low.
4s, 1944-64
mm
mrnmm
—
(High
(Low.
(Close
112.1
111.30
112
mmmm''-
$1,000 units..
Total scuts in
3
units...
108.12
(High
(Low.
(Clos
2Mb, 1948
119.22
| Low.
4MB. 1947-62
Apr. 18
Daily Record of U. 8. Bond Prices Apr. 12 Apr. 14 Apr. 15 Apr. 16 Apr. 17
Treasury
119.24
(High
Treasury
of the day, No
in the day's range, unless they are the only transactions
'■
NOTICE
'
mmmm
1 Treasury 4Mb,
...119.18 to 119.18
1947-52...
New York Stock Record
NOT PER
SHARE,
STOCKS
NEW YORK 8TOCK
the
CENT
EXCHANGE
HIGH
Monday
Apr. 14
Tuesday
Apr. 15
Wednesday
Apr. 16
Thursday
Apr. 17
Friday
Apr. 18
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
48%
48*4
♦115
118
*39%
47%
*4758
*115
48
4'8
"115
118
483s
118
*3884
4738
*3834
*4312
4512
*4312
4512
512
♦19%
5%
538
5i2
*43i2
514
2114
*1934
1314
2II4
1314
*1934
*13%
*13
30i8
13l2
37
37
36
74
74i2
4%
7i«
7
*67
"~4%
*14
•%
8
*7%
.
4%
7i«
*4%
8
7%
*7%
%
7%
18%
19
19%
9
*17
18%
4%
4%
*73
19
534
*73
75%
27
27%
12
4712
1412
*934
47
47
10
10
*978
48
48
47l2
1458
14%
14l2
45
4534
45
44U
534
6'8
4414
4414
6i8
11
13%
534
13
13%
3,300
Allied Mills Co Inc
5,500
Allied Stores Corp
73%
73%
*73
74
27
27%
26%
*1434
26%
1
*%
""800
13
*10%
1%
12%
46%
47%
1,900
*14
12
*1034
1
47%
15%
47%
14%
14%
15
15%
1434
1434
46%
*45%
4634
46
46
6%
44%
6%
46
6%
443g
4534
6%
*44%
57„
6%
534
534
on
this day.
*44%
*o34
46
0
6%
6%
46
J In receivership,
0%
conv
7
Jan
Jan
9% Jan
21% Apr
25% Jan
11% Jan
7
24
Dec
15% May
634 June
Am
No
4
Jan
6% preferred
Def. delivery,
Bof=ch
n New stock,
Jan
Mar
6
10
June
1034
Apr
8
93,
Jan
79
Jan 28
Jan
4
1734 Jan
10
Apr 12
41% Feb 14
par
Apr
7% Jan
37
Feb 13
Apr
14
80
1
1234
182
8% May
7
1
Jan
20% May
135% June
Jan
11% Mar 17
14% Mar 13
Mar
Jan
Dec
2184 May
41%
8
1% Jan 4
15% Jan 15
11
18
18
Apr
52
38% May
68%
Apr
Apr
4
June
1% May
9% May
23,
Jan
Nov
Jan
12% May
21
Jan
Feb 19
58%
Jan
75
Apr
Jan
2
8
4134
6% Apr 14
42% Jan 2
8%
6
June
12'4
Apr
50
American Bank Note
American
May
26% Apr 18
73
par
Mar
6
35
June
50
Jan
1
5% Feb 11
Jan
2
14% Feb 28
40
Am Airlines Inc
110
14
May
% June
4% May
55
May
AgricChem (Del)..No par
.10
1,900
1,200
165
1134 Feb 3
5% Feb 14
50
preferred
Amerada Corp
2,100
6
a
No par
Cem__ATo
Amalgam Leather Co Inc
100
46
*5%
100
Allls-Chalmers Mfg
Alpha Portland
700
5
5% preferred
100
5,200
15
6%
Allied Kid Co
Jan
1%
14%
12%
6
1
rl44%Mar
10% Feb
No par
15%
sales
18% Apr 18
8
Apr 16
No par
584
5%
46%
no
10
.1
Allen Industries Inc
Allied Chemical 4 Dye.No par
500
6%
Bid and asked prices
700
2,200
11
15%
1%
47%
8%
8%
11
150
46%
578
6%
47
8%
No par
148% 149
149
*1478
4534
638
4414
*614
"10
8%
Allegheny Corp
May
% Mar
534 June
4% May
5
Feb 15
18%
5%
*1
Mar
Alghny Lud Sti Corp..No par
18
18%
11
*14%
77
300
18
19
13%
15%
114
12
58%
4,400
8
18%
1834
534
*1
36%June
% May
7%
*7%
18%
13%
*14%
4% Apr 9
% Feb 26
Jan
42% Jan 17
% Jan 14
60
10
Apr
19%
5% Feb 17
11%
1
Alaska Juneau Gold Mln
27%
12% June
5M% Pf A without war. 100
$2.50 prior conv pref.No par
13
1
10
No par
16% June
200
13
*1458
Air Reduction Inc
Air Way El Appliance..No par
Alabama & Vlcksburg Ry.100
Jan
7
13
1
*14%
Address-Multigr Corp
Jan
Nov
15% Jan
% Jan
10% Jan
13
5%
2234
9
Feb 14
127„
6
75%
2734
19% Feb 20
13% Mar 18
36
Apr 14
ri9 Apr 7
Apr
4% May
7
9
534
No par
Feb
40%
Jan
5M% pf A with $30 war.100
152
27%
734
2,400
8
*73
~l"866
5% Apr 15
147
00
2,000
*11
578
May
34% May
u
*150
2734
15%
May
30
7%
11
76
110
No par
Highest
share $ per share
49% Dec
70% Feb
per
Jan
Adams Express
Corp
$
43% Fen
6134 Jan
120
%
151
27
3
7%
11
*73
4%
Apr
716
19
7%
4,100
74
4%
Mar 21
8%
150
2734
1512
4%
38
44% Apr 17
%
11
76
27
%
300
716
115
25
Acme Steel Co
Lowest
% per share
Jan
2
63
Adams-Millis
3,900
*67
$ per share
46
Feb 21
8%
716
8
74
11
*834
%
*7i»
*67
""360
""360
21%
13%
363.i
74
*67
4M% conv preferred
100
Abraham 4 Straus
No par
36%
*19%
13%
Abbott Laboratories...No par
10
13%
21%
5%
*19%
36%
300
36
4438
53s
13%
Par
Year 1940
Lots
Highest
Lowest
49
45
44%
5%
21%
13%
44%
5%
36%
On Basis of 100-Share
118
*47%
118
*38s4
45
44%
12
*17
48%
118
*3834
53s
45
*5%
*1934
*13%
36%
48%
*115
0i8
6
*
*44
45
1314
13
*6
48%
118
*3834
III4
*11
1
13^>
3034
74
4%
'19
8
7i2
734
*7
8
*7i8
7i2
19
*17i2 18i2 *17l2
1918
1914
18%
19U
*8%
9%
*834
9
150
15012 *14914 151
7%
45i2
5i2
2H4
*714
'14
14
"4U
3614
*7
*4734
*115
473S
Range for Previous
Range Since Jan. 1
Sales
for
SALE PRICES—PER
LOW AND
Saturday
Api.Yl
Corp
40
r Cash sale,
x
Ex-dlv.
y
173< Jan 10
47
8%
Jan
5% June'
9% May
Ex-rlghts. K Called for redemption.
New York Stock Record—Continued—Page 2
Volume 152
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
CENT
Sales
STOCKS
for
NOT PER
NEW YORK STOCK
the
EXCHANGE
Saturday
Apr. 12
Monday
Apr. 14
Tuesday
Apr. 15
Wednesday
Apr. 16
Thursday
Apr. 17
Friday
Apr. 18
$ per share
S per share
$ per share
5 per share
5 per share
$ per share
Shares
Range Since Jan. 1
On Basis of 100-Share Lots
Week
30%
3H2
297g
31
124i2 yl22% 12334
*123
%
Us
h
19
*106
108
*7i4
*6%
*5
11%
86
1%
*4%
13,
"16
214
12i2
2i4
12i2
*28
*46*4
48
*47
134
*2012
134
2H2
378
134
*20i2
37g
134
21l2
378
13
*12i4
*4712
1214
4878
1214
487S
12i8
82%
12
4!
10%
*116
119
25
25
*155
1%
333g
3
3
4H
1658
*2434
H4
33%
160
6%
160
13i2
14
160
135g
65
*6i8
6i4
8
35%
3634
3734
*142
14312
*4514
46
*14734 14834
2084
21
IOI4
10%
*1034
1134
*1434
16
*86
88
*12i4
13
15634 15978
67i8
67%
*68%
69
14978 14978
4%
5
478
5
*8978
6%
92%
65s
54%
*514
55
512
*45
22%
*27i4
12
1378
6%
6%
*734
8ig
353g
3678
35
36%
144
45
45U
54
5l4
/
56
*6
*734
3512
363s
*4478
55
*3
*28
*46*2
134
*20*4
47l2
IS4
2U2
*46%
4
4
*334
13
50
*12%
*47%
11
12
4878
12*2
*12*4
♦473s
11*2
85
*82
1178
163
1418
6434
6*4
8*8
35i2
3634
146%
4534
514
5*4
56
534
23%
2278
233g
26*2
26*2
12
*12
31%
1214
12
12
*45
*110
*50
62
277g
714
*27U
277g
714
5
*7%
*4%
*86
6%
52
*110
62
82
34*4
3%
29%
47%
15s
21*4
3
28
53
5
*33*2
3
134
21*2
4
13
*157
135g
64%
6
15s
21*4
*81%
11%
4%
16%
118%
25%
1*4
37*4
32%
6
*157
163
1334
65
6
2*2
13
33*4
22%
*26%
*9
10
10l2
2
2
*n2
29i4
*27% 2914
*110
110i2 *110
110i2
4i2
4%
4%
4i2
53
53
52%
52%
*78
135s
*2
*12
28
*45
94
2*4
12*8
34
34
53
63g
2i8
12
1334
64%
6%
*7%
£35%
*2%
13
33
1,100
200
1,000
3,400
163
14
65
6%
33%
600
46%
46%
*9
1%
1%
21%
4
12%
10
2
29*4
62
27*2
2778
7*4
7*4
5
*412
*86
65
*110
56*2
56%
♦11
11%
6*4
91
6*2
27*4
*7
*4*2
*86
*50
2712
8
5
9034
63s
6:
*78*2
82
2734
*7
*4%
*86
6%
62
2734
8
5
90*4
6%
82
*50
2634
6%
*4%
*86
700
1,000
15,800
10
Jan
0
9
May
6% 1st preferred
American
Amer Hawaiian SS Co
6%
American Home Products...1
American Tee
No par
6%
500
6% preferred
American News Co
American Snuff...
156
American Tobacco—.....25
67
Common class B........25
1,500
400
2,300
11,700
6% preferred
Anaconda W A Cable.-No par
600
Anchor Ho-k Glass Corp 12.50
"""206
$5 dlv preferred
No par
Andes Copper Mining.....20
100
A P W Paper Co Ino
100
Archer Daniels Mldl'd.No par
100
9,800
ArmourACo(Del)pf7% gtdlOO
86
1,800
"MOO
27%
7
600
900
1834
22
21,300
1,900
4,200
6,100
26
*24
26
23*2
8
8
8
7*2
*7*4
734
30*2
8
8*8
8
*7
7*4
*714
*30
30i2
8%
213g
295s
*2212
*103
*103
*28l2
*112
712
*1112
33i2
19i2
*55i2
27
72
*12112
*25
*17
7l2
*1514
*11%
*77%
•
8i4
*5
*25
*30
8%
734
31
83s
*30
8*4
8*2
*7
30
8*4
213g
6
5*2
24%
8
7*4
30
Bid and asked prices; no sales on
jt
22% *20*2
26% 27
2734
23
23%
23*4
23%
*10678 108*2
*106% 108
634
634
634
684
*49
49%
49%
49%
63
63
*62% 6434
*111
113
1113411134
634
684
6%
2
2
*1*2
*1%
27*2
6
*0
24
758
*7
*29%
6*4
5%
24
*5
*22
this day.
....
33%
*19%
*55%
*27%
70*2
33%
19%
56*2
2734
71%
122
*2434
1734
7
122
25
1734
7*4
33
6
300
90
*77%
t In receivership,
Jan 21
Jan 10
1,100
"
6
,500
1,300
200
300
600
300
3,500
300
30
14% Jan
108*4 Jan
8
33%
Jan
145g
Apr
23%
Feb
93
Feb
18
Mar
68*4
9
Feb
152l2 May
12*4 May
70*8 Dec
11% May
May
Deo
175% Mar
89*2 Apr
Dec
91*4
June
153*2
101%
Apr
12
Apr
6
May
8
Jan
4
54
Jan
3
35
June
01% Dee
8% Nov
54% Geo
27*4 Jan
6
18
May
32
Apr
6
20
May
41%
Apr
35
Jan
14% Jan 11
113
Mar
4
12% Jan
7
2% Jan 17
30
Jan 13
111% Jan 16
5% Jan 25
12*2 May
107
June
8
"May
1*4 June
23
4
May
May
58
Jan 27
35
60
Jan 20
58%
87g Jan 13
6*4 Jan 10
Jan 14
7% Jan
9
8
87
Jan
Feb 19
99
Jan 18
29
Apr 18
35*8 Jan 23
96% Mar 12
9
June
97% June
Jan
22% May
6% May
3% May
96*2 jan
4% May
65
22% Mar
113% Aug
1678 Nov
4% Apr
35% Feb
111% Deo
7% Apr
04% Apr
68
Apr
43*4
Apr
Apr
11
9%
July
9
Jan
Aug
84
49*2 May
29*2 June
95
Deo
45
Mar
82
May
25%
04%
23*2
22%
22*2
50
No var
*100
20% Apr 3
23% Apr 15
29
Apr 7
24% Jan
110% Jan
7% Jan
r20*4 Feb 20
1077s Apr 7
0 % Feb
14
47*2 Feb 14
No par
(The)..3
100
Barber Asphalt Corp
Barker Brothers...
No par
5H% preferred..
50
5
Barnsdall Oil Co
Bath Iron Works Corp
1
14
Feb
7
4
57
Jan
5% Jan
2% Apr 17
13
Apr 18
3% Mar 3
4% Feb 15
5*8
Jan
19
4
7*2 Apr
6
6% Apr
23% Apr 16
7% Apr 16
6*2 Jan 8
28
28*2
113%
7%
10%
—5
82.50 dlvser'SSNo par
Best A Co
No par
Bethlehem Steel (Del) .No par
7% preferred
100
Blgelow-Sarif Carp Inc.No par
Black A Decker Mfg Co No par
Blaw-Knox Co
No par
Bliss A Laughlln Inc..
5
Bloomlngdaie Brothers.No par
Blumenthal A Co pref——.100
r Cash sale,
33
2
12%
2*4
3%
4*4
24*2
8*2
May
4
4
Mar 20
247g Mar 17
31% Mar 24
Feb 17
Apr 9
Feb 19
Pr pfd
Aug
9% Jan 10
4
Feb
May
8% Mar 25
31
24*4
103
5
104
31%
120
Jan 11
Mar 10
Feb
6
Jan
3
Jan
6
8% Jan 24
13
Jan 14
Feb 14
37*4
Mar 17
Jan 28
19*4 Jan 31
55*2 Apr 15
207s Jan 10
27
32
607g Jan 13
Apr 14
69
Apr 18
121% Feb 20
23% Apr 18
17
Feb 17
Jan 16
89*2 Jan 3
131% Jan 28
28
Mar 11
21% Jan
10% Jan
Feb
4
10% Jan 10
Jan 20
May
10
2978 Mar 20
7% Feb 19
18*4 Feb 3
27l2 Feb
Jan
1%
May
0
4% Jan 10
Feb 17
Beneficial Indus Loan. .No par
May
112*2 June
Mar 10
No par
Belgian Nat Rys part pref
June
7
118% Jan
22
Beldlng-Hemlnway
May
102
Feb 19
104
...50
20
June
11134 Apr 18
103
Beech Creek RR
May
June
43% June
No par
25
No par
Bayuk Cigars Inc
Beatrice Creamery...
May
49*2 Apr
72% Jan
63
Jan
102
May
1
Apr
Oct
6% Nov
12% Jan
25*2 May
4% May
87
Jan
Jan
2% May
6% May
83% June
130
60*s Jan 13
70
17%
66*2
7% Jan 10
99% Jan 11
Apr
dpo
May
145
74% Jan
8% Jan
9% May
Deo
54
13
5% preferred
New stock,
139
41%
39%
9%
8*8
9%
18%
...100
...50
100
10
n
Deo
Mar
165*2
4
4% preferred
d Def. delivery,
49%
May
3
Baltimore A Ohio
Bendix Aviation..
122
Jan
18*2 Nov
74*2 Nov
12*4 Mar
ll*i Feb
Apr
Beech-Nut Packing Co
"""700
May
May
30% May
163
Apr
85 preferred w w
10
5
23
11
90
Preferred x-warrants.No par
800
June
9*2 May
48% May
6*4 Dec
28
Baldwin Loco Works v t C..13
Conv
Jan
70
preferred
85 prior A
10%
2
pref series A—100
5
Aviation Corp of Del
Jan
Jan 13
Jan 14
90
79% Mar
Jan
64
May
19*2 May
34% Jan 10
Jan 14
63%
Jan 10
26*4 Apr 18
678 Apr 18
4% Feb 19
5% Feb 19
34*4 May
28% May
4*4 May
2
13% Feb 14
13*2 Feb 15
16*2 Jan 2
Atlas Powder
conv
Jan 20
5%
18
6% preferred....
70
3,500
6,500
900
*77%
109% Mar 24
4% Apr 18
47*t Jan 3
Mar
May
60*4 Jan
Atlas Corp—.1
5%
Feb 20
Mar
20
2
Fe..l00
..100
Coast Line RR...100
conv
Feb 24
121
90
5
5% preferred..........100
Atlantic Refining
...25
4%
8
1% Feb 27
60
150*2
28*2
11%
13*2
July
20% June
92*4 Feb
Bangor A Aroostook
15,500
*11*4
3
20% Jan 11
7034
*15%
54
Jan
Feb 14
122%
23*4
24*2
*16%
1734
12%
154
27S Jan 11
69
15
15
2
45% Jan 13
1% Apr 15
19%
56
27%
*11%
Jan 13
Jan
Jan
Jan
Mar
100
Atl G A W I 8S Lines
3,300
30
7
16
12
90
7
8% Jan 28
40
Apr
25
12*4 May
135
Jan
6
2,500
122
162
Jan 10
No var
19%
*55%
*27%
6%
5% preferred
Atlantic
"""180
-33%
7%
Jan 13
No par
5*8
25*2
*11%
39
Atlas Tack Corp...
2,100
7
*11%
Atch Topeka A Santa
50
734
*29%
46*4 Jan 13
Austin Nichols
3%
7
1*4 May
600
13*4
7*2
5% Apr
19i2 Jan 10
121
Apr 4
25*4 Feb 13
3% Jan 13
900
40,300
6,700
7*2
Investments Co.No par
5% preferred......
50
284
734
30
7% 2d preferred
700
100
1
100
100
6% 1st preferred.
Assoc
300
4,600
16
8%
8*4
8%
8%
83g
20% 21%
21*2 2134
217g
2934
28%
*29%
29% *29
22
22
*22*2
24
24
105% *103*4 105*8 *103% 105%
105*8 *103*4 105% *103*4 105%
30%
30*2
33*s
*29%
33%
116% *114% 116%
116*2 *114
*7*2
734
*7*2
734
734
217g
21%
2134
21*4
22
29
30
29% *29
2878
2934
22
22
23
23
*23*2
22i2
105*8 *103*4
10518 *103
105lg *103
105is *103
105*8 *103*4
105i8 *103
*29
33i8 *28% 33% *2878
33*8
116i2 *112
116l2 *113*2 116*2 *114
7i2
*7l2
7*2
7*2
*7*2
734
*11*2
*1H2
*11*2
33
33
3378
333s
3334
335s
34%
195g
19%
19*2
195g
1934
195s
195s
55*2
55*2
*55*2
56*2
56i2
*5512 56%
27
27% 275g
*2718
28
273g
27%
73
71l2 7334
70*4
72
71%
73
122
122
123
122% 12212 122% 122*2
25
25
26
*24i2 25%
25%
2514
18
*17
18
18
18
*17%
18
7*4
7*4
7*4
6%
7%
7%
73g
*15
15
15*2
16
15*8
*15lg
16
*11*4
12%
11*2
11*2
*11%
12%
1234
*75
90
*77%
90
90
♦77*2 90
30,600
9
26
Associated Dry Goods......
100
2578
26
.,...100
7% preferred
5,600
66%
26
No par
Artloom Corp...
484
177g
3*2
5*4
..100
Armstrong Cork Co
No par
Arnold Constable Corp..—6
9034
66
13
prior pref....No par
7% preferred
24%
13%
3%
conv
5
Apr
22% Feb 14
26
Apr 18
11% Apr 18
111% Jan 29
5
Armour A Co of Illinois
62
19%
1334
35s
Apr 18
89*4 Feb 27
6*4 Feb 24
250
26*4
67*4
2%
147g
3*8
Jan
Apr 18
81%
*15
May
Jan
5
18%
2%
Jan
13*4
7
50
25%
67%
16
Deo
159
25
$5 prior conv pref
24l2
66%
1712
215g
2634
23%
2%
13%
3%
Feb 15
Anaconda Copper Mining..50
2534
67i2
18*2
2314
28*2
23*4
*15
Jan
92
Apr 18
2~3~300
24*2
3
22*4
May
Mar 14
Feb 14
67
278
1338
35g
534
67*4
147%
4%
4%
51
253s
15*2
May
10
73*2 Jan
Apr
..100
Amer Zinc Lead A Smelt
1
6712
1778
178
1512
No par
Preferred......
130
*1*2
No par
$6 1st preferred
American Woolen.
12% Apr 14
Apr 14
2,400
2,100
93*2
2334
...100
Am Type Founders Ino
10
Am Water Wks A Elec.No par
200
1,900
93
108
100
Amer Telep A Teleg Co...100
93%
634
634
49l2 49*2
*6212 6434
112% 1125s
65s
6%
10
4
600
93%
108
referred
6% Jan
13*2 Aug
38
6
Apr 18
138*4 Mar 13
Apr
Apr
Mar
Jan
157g Jan
Feb 14
35
Apr
17% Jan 10
7334 Jan
7*2 Apr 18
37g
93
117a Feb 19
9,800
93*2
634
*49
4934
*62*2
6434
112*2 112*2
*6%
634
1*2
134
*15*8
16*2
3
3*8
13*2
1334
3*2
35s
578
6*8
*5
5*2
17i
38
66%
67
63
Apr 18
5% Mar 4
Jan
7% Jan
24% Jan
60*2 May
6% Apr
12% Sept
41% May
Jan
Mar19
93*2
108
Feb
13% Jan 27
Mar 27
93*2
634
June
19
94
22*2
4% Jan
3
93
94
108
18
Jan
94
.
Feb 14
1%
22% Jan
Feb 19
*9384
2284
Jan 24
May
Dec
May
13
r
Preferred
100
108
178 Mar 29
81
300
108
45*2 May
100
94
634
684
6:
49i8
49% 49%
*62i2
68
*6212 6434
*11212 115
*112i2 115
684
634
*65s
67g
*1%
184
134
I84
*15
16
16
*15%
318
314
3%
3i8
135s
1334
13%
1334
3%
35g
3i2
35g
5%
55s
55g
6%
6
*5
*5i8
534
155
Am Sumatra Tobacco..No par
29
225g
Jan
American Sugar Refining.. 100
6%
Amer Steel Foundries..No par
100
29
108
6
200
*85
684
4918
25
51
11% Feb 28
94
2212
..........100
Preferred
May
May
No par
32%
*107
25
100
3
23
600
6%
22
Mar
32% Feb 20
conv preferred
23
No par
*85
27
23*4
Feo 14
May
Sept
1% May
3*2 June
84 Dec
Jan 23
American 8tove Co
*29
27
7
8
30
81
15 preferred
.No par
Am Rad A Stand San'y.No par
Preferred
100
4H%
28%
2% May
9% May
60
1*8 Apr 18
3634 Apr 18
American Rolling Mill
10*4 May
4% May
17% Jan 18
38*2 Jan
4% Jan 10
American Stores
94
2712
No par
Jan 18
Mar 20
1% Jan
12% Mar 19
48*2 Apr 8
11*4 Apr 18
Feb
Feb
3% Jan 13
5
21
100
32%
93*2
23
100
Feb 14
3% Feb 18
13
75
700
*85
22%
26«4
223s
Locomotivepar
20
Amer Power A Light...No par
$6 preferred
No par
20
2,900
*29
27
...50
Feb 14
27t Feb 15
Apr 16
46*4 Feb 14
1% Feb 20
28
5*2 May
Nov
9*4 Apr
8% Jan
15% Apr
91% Mar
3% Mar
6% Apr
2% Jan
4434 Apr 17
14734 Apr 14
19% Apr 18
97t Feb 19
94
22
conv preferred
Preferred
200
30
26i2
100
pref
non-cum
29
34
30
21%
2*8 Apr 16
117a Apr 15
Amer Smelting A Refg.A'o par
*86
18%
2l5g
50
2
84 Mar 26
4,700
*78
67
10
Leather...f
conv preferred
7
6
14% Feb 15
No par
American Hide 3c
Jan
1*2 Feb
334 Jan
preferred A ...No par
$6 preferred
9
9*2 Feb 19
78
European Sees. _N0 par
Amer & For'n Power
No par
$7 preferred
No par
$7 2d
Apr
30
323g
25l2
100
Encaustic Tiling.. 1
Amer
Amer Ship Building C0.N0 par
82
17*4
2278
Jan
8*4 Jan 23
0% Jan 11
14*2 Mar 19
86*2 Apr 7
178 Jan 0
American Safety Razor..18.50
American Seating Co..No par
94
17
23*2
12
200
800
*87%
24%
*6634
13*2 May
7
810
*78
25l2
6712
17i4
Jan
9% Mar 27
111
*29
1714
23%
Nov
4% Feb 17
100
90
67
18*2 Apr 18
3
7
Am Comm'l Alcohol Corp__20
American Crystal Sugar
10
70
30
245s
65
16
150
5%
49%
23*4
26%
11%
81%
May
No par
30
*80%
34
Amer Metal Co Ltd
90
82
Apr
11*4 Apr 18
2% Feb 15
9,000
54%
6*4
33% May
69
Feb 15
1,300
9
62
May
56
Amer Mach 3c Fdy Co .No par
Amer Mach A Metals..No par
*1*2
27l2
*50
Deo
18
140% May
800
*110
*110
...
26
185
Jan 11
115
570
5
2*4 July
Jan
110%
31%
May
3,400
8,400
22%
May
23% Apr 18
2,400
4,700
1334
*44
Oct
Dec
104
May
5%
65%
6*4
5*4
1%
85%
7
100
American
163
50*2
23%
28%
11%
Jan
112
Amer Internat Corp...Nopar
Amer Invest Co of III..
1
13%
*47%
23*8
*26%
1*4 Jan 13
3
100
63
5*4
5*4
523s!
23*4'
26*2
115s
Jan
June
Apr 10
Jan
No par
2,000
6
£52%
share
Jan 21
1,100
*9
*9
9
984
9%
*1*4
134
2
1*2
1*2
*27*4
2 912 *27%
29*2
27*2
*110
111
110
*110
110
111
llllg *110
4*4
412
412
4*2
438
4%
4%
412
51
52
52
52l2
5134 53
52i2
53
*1*2
*27*8
*50
91
5*4
*4738
225g
26*2
1158
55
per
45*4
135
121
400
7*2
7*2
8
734
734
34
35%
*3434 36*2
35%
34
36
34%
35*2
36%
365s
*145
147%
144l2 144l2 *144% 147
4434
4484 *4334 44%
*4434 4534
55
May
May
Highest
i
115
100
*6
28
128
Mar
95% Jan 10
185
share
per
7
Apr 12
3,000
*157
Feb 15
Apr 18
Jan 13
S
107% Mar
1,400
6
Mar 18
1
share
108
400
2%
14*4
3
*20%
*384
100
1
82
175
var
5% conv preferred
American Chicle
360
4
*12%
13
48% *47% 48%
12*4
lll4
1134
845g
81% 82
11%
11%
11*2
4%
4%
4%
16
16%
16%
*116
119
118*2
25%
25*4 *25
138
1%
1%
3684
37
3734
33
32% 32%
6%
Am Chain 3c Cable Inc.No
1,100
29%
3
*27
per
38
100
Year 1940
Lowest
Am Coal Co of Allegb Co NJ25
American Colortype Co
10
400
149
*139
*139
149
149
*139
149
14734 14734 *139
20%
21
2012
21
19% 20%
20*4
205g
20%
2034
*10
10%
10%
10*8
10*8
*10*4
10%
10% *10*4
10*2
*10%
*11%
12
1134
1134
1134
*11*2
12
*11%
12
15%
15%
15%
15%
15*2
15%
*15*2
16
15*4
1534
*86
*86
87
87
88
*85%
87
8634
8684 *86
1214
1214 *1214
1212
12*2
*12%
13
12*2
*12%
13
156
158
158
15734 159
158*2
157% 15884 156% 158
67
67
*67
67%
68
"67%
6734
67%
67*2
67*2
68
68*2
683g 683s
68*4
68%
68*4
6834
6884
68*4
150i4 150% *149% 152
15034 15034
*149*2 151*2
150*4 150*4
4%
4*2
*45g
5i8
434
434
*45s
4%
4%
434
5
5%
47g
5
4%
434
434
5
4%
4%
*90
91
91
9012
9012 *90l2 92
91%
*90»4 92*8
638
6%
6%
678
6*4
6%
638
638
6%
683
*1%
*43g
12
*144
144
*9
*86
384
*12i4
*473g
64%
*27%
2784
"718
*2034
•
3*8
29*2
47%
2278
31
*112
*50
15s
*157
65
*734
35%
47
2i4
12%
84ig
11*2
115s
4i2
412
4i2
45g
16%
17l8
17*8
16*2
16*2
11812 *116
118*2 *116
118*2
25
25
25
25
25
138
1%
13s
1*4
1*4
39
38% *37
37*4
37*4
33i8 *32% 3334
3234 3234
6
6'
6*8
63s
6*4
*116
65
*28
*8178
11%
4i2
12
*37i2
612
13
83
12
33
3312
3%
2978
473s
82
39
33t2
2%
1178
9
130
American Car 3c Fdy. .No par
Preferred
.100
""206
,
2%
share
297$ Apr 14
...
Preferred
900
per
Ranoefor Previous
Highest
100 zl22% Apr 14
he Apr 14
pre!
Araer Cable 3c Radio Corp__l
American Can
25
2,100
1,900
.
13
coav
Rights
300
34
6%
he
3,600
3%
2978
1%
*37%
32%
514%
2,800
*1#
8
Am Brake Shoe 3c Fdy-No par
560
1
1
1%
H4
1%
1%
Us
1*8
1*8
1*8
84
8 518
8634 87
86% 8634
83%
8 334
85% 8634
179
175
1757g 17578 *172
*172
179
1755g 1755g 175
25
24
24
245g 25
23%
24
2478
24l2 2478
2434
61
62%
61
*61% 63
62
61%
63% 65
6312 64*8
19
19
19
*19lg
19%
18%
18%
*185g
19
187S
1878
115
*105
lis
*107
*107
115
11512 *107
*107
115
115
108
*108
*108
108
108
11U2 *107% 109
*106*2 108
111%
11
*714
11
*7%
11
*7*4
11
*7i4
11
*7*4
11
714
*6%
714
*612
7*4
714
*6%
7*4
*6%
*6*2
7%
5
5i4
5
5
5
5
434
4%
*478
5
*478
12
12
12
12
11%
12
123g
12*4
12%
*12l4
1212
85
85
86%
83
83
*83% 85
8234 83
83*8
85
1%
1%
1®8
1*2
1*2
1%
1%
*1%
1*2
1*2
l7s
5
5
*4i2
*458
5
*4*4
4»4
484
4i2
*414
4%
»
lal«
«ie
is,j
34
78
34
34
34
34
34
34
15
16
15
17
15%
15
15
1434
15
15%
16
*3
4%
16%
Par
29,770
33%
12
*i« *--
hi
*28
378
*12i4
*4712
1178
82%
*
Lowest
1,700
3134
32
*30*4
32i8
32% 32*2
123*8 123*8 *122i2 123*4 *122% 123*4
%«
87
62i4
*2»4
32
li»
179
24%
*12
31
1233g 1233s
%
Us
87
*172
15%
ht
2507
May
May
Deo
Deo
4
May
May
20
Deo
100% Mar
Jan
Deo
Jan
Apr
Apr
27% May
111
Deo
978 Mar
51
80%
124*4
8%
5*2
32*8
8%
197i
6%
Feb
May
Jan
Mar
Mar
Mar
Apr
May
Jan
8
Jan
147S
52*2
16%
Apr
Jan
Jan
8%
Jan
May
30%
Dec
7*8 June
Dec
13%
25*4
Dec
20% May
36*4
Apr
18*2 May
May
112%
23*2
105
102
June
29*2 May
102
May
7% June
10
24*2
17%
49*8
22*2
63*2
109*2
Nov
May
May
June
May
May
May
14
May
15
May
35*4
105
32%
127
Jan
Apr
Apr
May
Oct
Jan
9% Apr
67*2 Apr
36% Apr
22% Mar
66*4 Jan
39
Jan
93% Nov
134
5% May
34*2
22*2
11%
Nov
Jan
18% Jan
9
4
8
13% May
23%
Jan
11% Mar
3
15
9
11
May
10
Apr
80
7
90
Mar 13
54
June
95
Nov
6% Apr 18
15
Apr 15
x
Jan
Ex-dlv.
y
Jan
Apr
Jan
Ex-rlghta. If Called for redemption.
New York Stock
"2508
AND
LOW
HIGH
SALE PRICES—PER
Record—Continued—Page 3
SHARE, NOT PER CENT
Tuesday
Wednesday
Thursday
NEW YORK STOCK
the
Friday
STOCKS
lor
Monday
Saturday
Sales
EXCHANGE
Apr. 12
Apr. 14
Apr. 15
Apr. 16
Apr. 17
Apr. 18
$ per share
$ per share
$ per share
$ per share
$ per share
Range Since Jan. 1
Shares
On Basis of
Week
$ per share
13%
13%
131«
1312
13i2
1378
2714
2714
275g
27%
*27'4 28%
10412 10412 2:10212 10212 *102% 104%
46
46
2:4518
45% *45% 46%
*1834
19
19%
19
19
19%
16^4
17%
I6I2
1634
16%
*1%
1%
1%
1%
32
*1%
32%
19
,19
*3012
*3012
32
*37g
3%
3%
9%
19%
*34i4
*3814
19
4
914
1914
35%
40
978
9
19i2
19
3714
*3414
*3812
1
18%
*2%
40
2i4
6
6
III4
HI4
31
2134
21
*30
2078
914
6
9%
9%
56i2
5%
5%
25
25
30%
30%
*16%
16%
*50
52
8%
8%
2%
2%
16%
16%
*4%
*19%
4%
20%
3%
*8%
3%
8%
85
85
9%
*19%
19%
*51%
52%
9%
1
1
578
*11%
12
*35
19
19%
*18%
16%
1%
16%
16%
1%
32%
31%
*3%
317g
89
26%
26%
2%
47%
2%
46%
*112
*31%
*3%
9%
37g
3%
19%
19%
20
8%
74
20
68%
18%
3%
26
25%
19
300
Bower Roller Bearing Co
19
9%
19%
2,800
4,200
36%
40
38
21
9%
2%
2%
*2%
9%
1
1
1
,
May
1
200
40
2,800
3%
560
56
5%
2,100
1,100
24%
*50%
52
8%
2%
17
8
11%
*35
2%
16%
434
20
Bush
300
1,100
4%
200
*19
*51%
1
200
19%
54
5% preferred
Callahan Zinc-Lead
12%
11%
11% Apr 18
11% Feb 14
5,900
10
Canada Southern Ry Co.. 100
37/
8,400
500
Canadian Pacific Ry
Cannon Mills
100
Capital Admin class A
3%
367g
2%
38%
86%
25%
2%
*26
26%
25%
2%
117
117
40
*2%
2%
1,600
44%
44%
500
40
20%
*20%
119%
Q
9
68
18%
116
*111% 116
40%
21
40%
183g
9%
93g
68%
18
18%
18%
*1%
1%
134
1%
111% 111% *111% 112%
*2
2%
*2
*4%
5%
*4%
3
*2%
*88
100%
28%
28%
28%
3%
3%
3%
25%
*16%
25
20%
1%
5%
*4%
*2%
3
120
No par
100
1%
1,200
70
Central 111 Lt 4^% pref.,100
200
f Central RR of New Jersey 100
5
100
Central Vloleta Sugar Co
Century Ribbon Mills.No par
Cerro de Pasco Copper.No par
3%
25%
3%
22%
3%
25
1,900
Certain-teed
105
18
*17%
*12%
14
*12%
14%
234
*12%
14
*2%
38%
*2%
2%
*2%
234
*12%
2%
39
38%
38%
38%
38%
38%
38
97%
38%
*97%
38%
*97% 100
38%
97%
98%
98%
*98
*16%
17%
*104
105
12%
13
2%
"'"26
200
17%
100
12%
2%
100
38%
*2%
6,400
200
100
100
...
1
Products
6% prior preferred
Chain Belt Co...
17%
105
17%
19
Preferred
100
No par
Cham Pap & Fib Co 6 % pf. 100
Common
Checker Cab Mfg
...No
par
.5
tChesapeake Corp
Chesapeake & Ohio Ry
Preferred series A
No par
25
100
7
Jan
2
66% Feb 14
18
Apr 17
1% Apr 18
111
Mar 29
May
15%
Jan
267g
Feb
53
Jan 24
1% Jan 6
7% Jan 6
1478 Jan 10
12% Feb 14
2% Jan 13
Apr 18
9734 Apr 14
%Mar 3
4% May
11
May
11% De
Jan
7
34
1
3
6
2% May
29% May
3%
41
Jan
Jan 17
125
Jan
2
50% Jan
2838 Jan
9
6
120«4 Jan 29
10
July
27g
36%
75%
22%
2
May
3234 May
June
42% May
May
105% May
May
Aug
l%May
106
June
1% Dec
6% Mar 11
4
3% Jan 13
Apr 2
Apr
6% M?j
40% Jan
Apr
June
4
Anr
o
May
5
Apr
23i»
6
17
3
Feb
Feb
Apr
17g
92%
48
2% Jan 13
8%
19%
45
Jan 13
115% Jan 29
52% Mar
Dec
May
20
Nov
Aug
39% May
100
82
June
Jan 14
2234 Mar 25
7334
34% Jan
38
50% July
1
May
4% Apr
3978 Apr
27
103% Jan 3
17% Feb 15
May
1334 Jan 14
97
3% Apr 16
22% Apr 18
aT734 Apr 9
39
40
2% Jan 9
4% Feb 3
2% Feb 19
91
Apr 10
Feb 19
Sept
13'4 Jan
May
Apr 12
5% preferred.
5
9
20
Central Agulrre Assoc .No par
Central Foundry Co
..1
2% May
6% May
14
Apr 14
1,000
Jan
Apr
2134Mar 29
40
11634 Mar 19
7%
23%
9
Caterpillar Tractor
No par
Celanese Corp of Amer.No par
100
Oct
4% May
17% May
6
Mar 18
7% prior preferred
Celotex Corp
Apr
1634
8
112
.
Jan
5%
5% May
Jan
....100
Preferred
12%
Jan
59% Jan 10
3,100
18
Mar 28
Apr 8
Feb 25
Apr 18
Jan
Dec
May
12
Feb 14
Co
29%
105
Jan 29
Oct
35% Nov
1134 Jan
Apr 16
Case (J I)
29
19
Feb 13
36
21%
85
43
5
1
Carriers & General Corp
18%
730
Mar 17
4
100
Carpenter Steel Co
29
106
100
4,400
3
5% Feb 19
4% Jan
91% Jan 13
30% Jan 14
3% Jan 29
3
100%
*18
*12%
1
10
Carolina Clinch & Ohio Ry 100
*88
100%
*17
*104
No par
2%
*2
*105
19
340
111% 112
2%
19
*16%
5,100
3,500
118% 118%
9%
9%
68%
68%
9%
*87
10
4012
20
118% 119
68
18%
*2%
600
26
2%
46%
♦112
25
$3 preferred A
'"126
2%
403g
203g
2%
*44%
44
Feb
3%
36%
12%
26
2%
44
2%
1
38%
26
*2 %
1
Calumet & Hecla Cons Cop..5
Campbell W & C Fdy_.No par
Canada Dry Ginger Ale
5
90
*98
Mar 11
51
600
40
99%
Feb 19
Feb 14
8
Feb 20
Apr
2,300
90
14
7%
76%
9%
1634
2,400
*38%
19%
Apr 16
1
.
Jan
Jan
12% May
2
5%
89
25
50
8% Nov
6%
17% May
19% Apr 14
Byron Jackson Co —...No par
California Packing
No par
7234 Nov
20
.
10
...6
May
"7%
3
Dec
May
3% May
30
5% conv preferred
1234 Nov
May 119
3
21
334 Jan 10
Butler Bros
97
834 Jan 16
11%
38% *-..-
9
Feb 25
5%
12
6
Jan 17
5% Jan
68% Jan
2:734 Jan
34% Jan
3334Mar
7% Feb27
50
11%
*
12% Jan
118
1%
18% Jan
53% Jan 13
57g
40
26
Feb 14
11%
89
33g
61
57g
*38%
*88
Apr
23% Jan 27
5% Jan 6
21% Jan 13
Byers Co (A M)......No par
Participating pref erred.. 100
90
10%
89
119
29%
*11%
38%
*23g
20%
119%
1434 May
6% May
2% Apr 18
800
83%
*88
403g
Apr
23% Mar 21
15% Jan
4% Feb 17
8
8
*9%
*38%
117
Jan
37%
Feb 19
1
Butte Copper & Zinc
88%
2%
25%
May
3
7% pf 100
900
40
27
Terminal
Bush Term Bldg dep
33g
*82
1
1,200
20
3
36%
2%
41
44%
2434 Sept
27
20
Burroughs Add Mach—No par
Apr
30% Jan
30
200
Mar
Jan 16
Brown Shoe Co.
4,000
7
1334
Jan
10% Apr 18
Burlington Mills Corp
1
Conv pref $2.75 ser__No par
May
Dec
Brooklyn Union Gas ..No par
Budd Wheel
Dec
8
1234
2% Jan 13
6% Jan 14
7% preferred
4%
Jan
Jan
14% Jan 13
44% Jan 13
Budd (E
May
24% Mar
z534 Nov
Apr 18
2% Jan 3
5% Feb 14
27% Feb 15
16% Feb 15
31
Jan
9
4
Bklyn-Manh Transit—No par
No par
19
*2%
38
17« Apr
41% Nov
5334 Apr
4% Nov
Bullard Co
105
2%
38
500
*18
*16%
Bristol-Myers Co
.5
Brooklyn & Queens Tr.No par
500
1,300
105
*18%
2C0
11,100
1,300
17%
19
*104% 105
May
Bui ova Watch
1
68
25
27
5%
Q
26
8
11%
12
*65
33g
41
29%
36%
3%
Apr 16
29%
*16%
36%
2%
183g
36
5% Apr 15
24
Apr 18
36%
9
68%
18%
No par
No par
No par
36%
20%
Brlggs & Stratton
9% Apr 18
38
2%
*119
2634 Nov
110% Mar 27,
3% Feb 14
*36%
40
13% May
5
3%
40%
6
100
No par
.100
3%
*112
25% Jan
7% preferred
G) Mfg
3%
2 34
4434
2
Apr 14
Bucyrus-Erie Co
3%
*26
12% Jan
19
3,000
3%
*2%
Brewing Corp. oi America...3
Bridgeport Brass Co
No par
Briggs Manufacturing.No par
9%
3%
*38%
88%
3834 Nov
9%
312
3%
37%
2%
40
88%
26%
2%
46%
26
200
111% 111%
24
June
Apr
39% Jan 6
4% Jan 23
6
1,100
5%
29%
2578
2 34
400
38
3%
53%
May
127g May
% Dec
20%
9%
70% Mar
19
17
20%
9%
Jan
51% Dec
2
Jan 10
21
21
Apr
Nov
Jan
No par
Bruns-Balke-Collender. No par
9%
28%
34
123%
20%
30
21%
Jan 18
May
20%
10%
9%
54
22% Jan
1234 Aug
19«4May
99
Apr 18
10%
*30
*20%
9
7g Feb 19
30
Apr 8
334 Mar 20
9
Apr 14
16
107g
21%
Jan
111% Jan 23
18% Feb 19
6
30
18% Jan 27
35
Highest
15
5
2%
31
Lowest
I per share $ per share
100
(The)....
*10%
6%
11
5%
*11%
9
6
31
1
Co
Apr 18
2%
10%
*30
11%
Inc
Stores
13
2634 Apr
102% Apr 16
4334 Apr 18
18% Apr 18
6
11%
6
.No par
1
Class B
Bond
$ per share
2%
*6
9%
9%
120
Highest
$ per share
6
6
*134
1%
1%
I84
1%
17g
*111% 113
*111% 113
*111% 112%
*2%
2%
2%
2%
23g
2%
4%
4%
*4%
5%
*4%
5%
*2%
3
*2%
3
*2%
3
*88
10058 *88
100% *88
100%
30%
29
30% 229%
29%
30%
3%
32%
3%
*38
*30
„
119
Borg-Warner Corp
Boston <& Maine RR
40
11
30
21%
20%
119
Borden
500
*38
2%
Bon Ami Co class A...No par
5,700
*35%
39
5
& Brass...5
Bohn Aluminum
4,400
36
6
Boeing Airplane Co
1%
36
*2%
30
19%
16%
36
39
2%
6,
117
40
40%
20
20%
119% 119%
8%
9
40%
*17
1%
36
*34%
12
2%
25%
16
9%
19%
38
*44%
3%
19%
16%
1%
32%
500
400
9%
1178
37%
*2%
*38%
88%
*18%
19%
16%
*13g
*31%
8,100
27%
102
Range for Previous
Year 1940
100-Share Lots
Lowest
Par
44%
18%
19%
38
38%
2%
40
*68
19%
3%
18%
9%
38
*35
38%
*111% 120
1%
4334
19
19%
36%
11%
3%
26%
19
45%
19%
57g
1178
12%
40
13%
378
11%
12
3%
*2%
46%
*18%
57g
89
45
*45
18%
19%
11%
12
3%
*38%
13
14%
*111% 112
*111% 112
111% 111% *111% 112
3%
3%
3%
3%
3%
3%
3%
378
54
55
56
56
55
56
.5%
55
5%
5%'
57g
5%
i>H
5%
6%
67S
26
25%
25%
24% 25%
25% 25% *25
*29% 30%
29%
30
*29%
*29%
30%
30%
17
17%
16%
16%
17
17%
16% *16%
50
50
*50%
52
*50%
52
*50%
52
8%
8%
8%
8%
8%
8%
8%
8%
*2%
2%
*2%
2%
2%
23g
2%
2%
17
17
16%
167g
167g
16%
167g
17
4%
434
4%
434
434
4%
47g
4%
*20
♦20
20%
19%
20% *20
20%
19%
3
3%
3%
3%
3%
*3%
3%
3%
*8
8
8
83g
8%
8%
8%
8%
*81
82% 827g
83% *82% 83% *82% 83%
*9
*9l2
10%
10%
*9%
10%
934
9%
*19
20
*19%
20%
19% *19
*19%
19%
*51%
54
*5134
54
*51% 54
*5134
54
*11114 112
3i2
3l2
55%
13%
14
3%
9%
III4
30
2%
13%
27% 27% *27% 27%
27%
104% *100
102% 102% *101
April 19, 1941
88
May
Dec
3% Nov
75
126
56%
35%
121
Jan
Dec
Jan
Apr
Dec
12%
72
Feb
May
26%
3%
Apr
Jan
114% Mar
57g
Apr
1134May
Oct
6
Mar
100
Apr
9
Sept
22% May
5% Jan 13
3% May
8%
Feb
37% Jan 14
21% Jan 4
106% Feb 10
15% May
3834
Dec
May
22
Oct
99% June
106
May
20% Jan 10
17% May
3034
107g June
29% Mar
18
Jan
2
Jan 16
3
44% Jan 13
102% Feb 3
1
1%
1
1%
1%
1%
1%
1%
3%
3%
3%
3%
3%
3%
1%
3%
1%
3%
3%
3%
3%
1%
3%
3,400
40
1% Mar 12
1% Apr
4% Apr
1%
6%
1%
134
6%
134
134
134
6%
1%
2,200
Chic Great West RR Co—50
lln Mar 20
2% Apr
6%
6%
6%
9,700
*6%
67g
*63g
6%
6%
6%
6%
6%
6%
300
8% Jan 10
11%
2,500
37g Mar 20
6% Apr 8
9% Feb 19
2%
Oct
478
Jan
Apr
Apr
30% May
44
Dec
84% June
101
Dec
3
6%
5% preferred
...50
Chicago Mail Order Co
5
Chicago Pneumat Tool-No par
$3 conv preferred
No par
Pr pf ($2.50) cum div No par
tChic Rock Isl & Pacific.. 100
8% Apr
*6%
15
41%
1
6%
1%
6%
*1%
6%
1%
6%
1%
6%
1%
6%
2%
12%
12
12
12
38%
38%
38%
38%
*48%
49%
*48%
49%
*37%
*48%
*%
%
*%
%
*%
*%
732
32
8%
11%
8%
*734
*11%
*1%
60
9
11%
1%
1%
26
*24
60%
59%
9
*8%
12%
1%
11%
1%
26
*24
*31
*140
93
33
111
26%
*82
*49
32%
31%
32%
30%
146% *140
93
*130
80
111
92%
*31%
26%
83%
...
32
31
'
75
*25%
*82%
*49
31%
30%
*144
92%
*
9134
27
83%
...
32
30%
...
92
8%
98%
2%
*31%
33
*130
...
*
270
*43
27%
83%
26
*82%
...
317g
*29%
31
*144
*143
9134
91%
*60%
1%
*1
1%
*17g
*1%
*17%
2%
1%
17%
*1%
17%
*17%
1778
*17%
3%
3%
3%
*74%
78
*76%
*71
74%
*71
*72
76
4%
*21%
27
4%
22%
27%
*99
101%
3234
33%
*102
105
73
4%
2%
1%
17%
1778
3%
77%
74%
73
*1
1%
*1%
1%
*1734
1%
1%
18
17%
17%
*1%
*1%
17%
17%
50
27g
400
*31%
32%
100
*130
...
91%
10%
9%
718
%
1%
..No par
6H% preferred
100
City Investing Co...—
100
City Stores.........
.....5
Clark Equipment
No par
CCC & St. Louis Ry Co... 100
*29%
30%
500
Cluett Peabody & Co..No par
28% Feb 18
"3,100
""560
10
400
Mar 17
62% Jan
103 % Apr
100
110
3
Colo Fuel & Iron Corp.No par
14
Apr 18
Collins & Alkman
No par
5% conv preferred
Colorado & Southern
""380
100
4% 1st preferred
4% 2d preferred
100
100
*1%
1%
""600
17%
3%
17%
17%
17%
17%
,17%
1,100
Columb Br'd Sys Inc cl A.2.50
Class B
2.50
3%
5%
*72
75
74
*72
72
26%
27
26%
26%
26%
26%
26%
Bid and asked prices; no sales on this day.
1
3
Columbian Carbon Co.No par
72
900
Columbia Pictures
200
$2.75
conv
Commercial
Feb 18
Apr 16
74% Feb 26
64
200
4%
2
5
17% Apr 18
17% Apr 16
100
preferred..
Jan
7g Jan
1% Feb
Mar
4
Apr 18
8
4% Apr
No par
21% Apr 17
preferred-No par
26
4" 700
Comm'l Invest Trust.-No par
Apr 18
99% Apr
31% Apr 18
100
2,400
Credit
4H % conv preferred
"
10
100
13
Jan
48
99% May
141
Mar
7
56
May
63
10% May
20
94
114
Mar 19
108
20
Jan 10
12% May
178 Jan 13
»u Dec
234Mar31
Mar 31
June 102%
16% May
May
1%
1%
Dec
Oct
26% Apr 18
Del. delivery,
n New stock,
r
Cash sale,
z
Es-dlv.
y
5
Feb
May
Apr
Apr
Apr
26% Mar
21
6
16
May
26% Mar
Jan
4% Jan 9
82% Jan 25
67% May
7%
93%
Apr
Apr
72
2
59
June
79
Jan
80% Jan 17
67s Jan 6
247g Jan 16
71
May
98'4
31
Mar
7
27% June
104
Jan
6
95
JuDe
108%
Feb
377g Jan 10
32
June
56
Apr
June
113
Mar
110
Apr
414 May
3% May
1434 May
Jan 15
97
11% Apr
3
8
lli« Jan
2
257g June
Commonwealth Edison Co-25
434
534
May
30% Jan 11
8,000
24
16
42
26%
112%
Feb
Apr
6
61% Mar 20
26%
35%
Feb
Dec
2134 Jan
104% Apr 16
8% Feb 15
$6 preferred series—No par
Apr
2
Commonw'lth <fc Sou..No par
1,900
Apr
Dec
$4.25 conv pf ser '35.No par
Commercial Sol vents.. No par
55%
45%
Dec
Mar
145
131
2
9
2
83%
41%
Nov
May
Mar 18
30% Jan
133
25% May
25% May
6,300
54%
a
z60
46% May
100,400
% Mar 25
49
Jan 30
J In receivership,
9
Jan
60
6% preferred series A...100
27%
34
11% Feb 14
10034 Feb 15
22
Apr 18
Columbia Gas & Elec_.No par
27
4
No par
Colgate-Palmolive-PeetNo par
$4.25 preferred
No par
*1%
56%
35% Apr
Jan
130
56%
Mar 11
106
100
56
83% Jan 29
Feb 19
18,100
56
3334 Jan 10
50
87
74%
56
8
No par
77
56%
Apr
Coca^-Cola Co (The)
*67%
56
40%
Jan 31
17%
;
May
Class A__.......
1/366
91%
1%
%
24
145
2%
7i«
56%
26%
3734 Jan 13
Jan 22
1%
17%
%
Apr
143
*1%
716
56%
4%
-100
Preferred
"
*75
716
May
May
Feb 14
74%
72%
■
10
Sept
2
Jan
May
77
9%
3g
Feb
44
4
3
74
*75%
7i«
Apr
Jan
26
*67%
10
98
Nov
Apr 10
27
*21%
22
*21% 22
21%
21%
26
26
26% 27%
26% 26%
101%
*99% 100% *100
101% *100
32
32
32
31%
31%
32%
*102
104%
105
104% 104% *102
9%
10
9%
10
9%
10
87g Oct
85
Sept
91%
14%
25
Co (The)
5,700
4%
1034 Feb 5
10034 Jan 31
46% Feb 20
5% Mar
34
Clev Graph Bronze
32%
72
Aug
53% May
400
31%
5
1% Aug
20
2
7434 Nov
*1%
5
Jan 27
Jan 27
114% Jan
43% Mar
Jan 30
3
27
72% Jan
Jan
Apr
July
Jan
3%
16%
May
May
49
2%
11% Mar
9
9
June
83
*1
77g May
Jan
56
Special gtd 4% stock
50
Climax Molybdenum__No par
91%
Jan 29
Jan
124
Clev & Pitts RR Co 7% gtd.50
*143
%
108
83%
*82%
%j Dec
Jan 24
17%
4%
43% Apr 14
2% Mar 7
31% Feb 15
a pr
Jan 18
%
9%
13%
2%
Jan 15
2%
134
4%
3
Dec
%
s4
85
71%
*72
Jan
51%
%«Dec
114
77
4%
95
May
%i Dec
Jan 15
71
4%
8% Mar 20
10% Feb 7
41
6
3g Jan 17
*u Feb
Feb 14
77
4%
6
Dec
85
17%
3
Jan
Dec
110
3%
78
3
4
Jan
15%
44%
6% May
100
-
74%
3%
3g
56%
*
*1
8
Jan
1% Mar 26
City Ice & Fuel
5% preferred.
*49
32%
31
8
Jan
%
12%
8% May
23% May
Clev El Ilium $4.50 pf. No par
75
111% *111% 112
*25
26%
26%
83%
52% Jan 13
Apr
%i
9
220
.
*
49
23% Feb 14
57% Apr 18
87g Apr 14
5
15% Mar 18
44% Jan
25
Chrysler Corp
1
3
37% Feb 15
No par
Chile Copper Co
*76%
22
*21%
22
27%
27%
27% 27%
*99% 101% *99% 101%
32%
32%
32% 32%
*104
105
105% *104
%8
1%
1,600
Childs Co
10
*71
99
97g
*1
60
45%
*60
<32
*60% 62
*6034 62
62
*60%
62
62
11%
ii7g
11%
H7g
1134
12
11%
12%
11%
117g
2:1134
12
*10134102% *101% 102% *101% 102% *101% 102% *10134 102% *101% 102%
*22%
24
*2234 23%
22
22%
2234
23
*22% 24
*22%
24
*112%
*112% 113% *112% 113% 112% 112% *112% 113% *112% 113%
15%
15%
*14%
*14
14
15%
*14
14%
*14%
15%
15%
15%
*1
1,100
*2%
33
*49
32
*87g
2%
75
111
112
*82
91%
*60%
*43
2%
*25%
*29%
98%
45%
*49
31
98%
57%
75
111% 111% *111
20,800
59%
8%
981
45%
*2%
33
*130
*
*43
23%
58%
9
*90
1%
58%
9
2%
Chickasha Cotton Oil
23%
*8%
98%
*2%
100
800
24
9%
98%
45%
27g
9
11%
1%
*8
24
*8%
Class A
11%
*1%
9
""160
Tjn
32
26
9
""166
%
%
Chic & East 111 RR Co .No par
7% preferred
100
6% preferred
100
Chicago Yellow Cab—No par
7
12
*1%
200
%
732
*8
1%
11%-
*%
*11
59%
33
84
9
1%
*24
26
*S32
11%
58%
*31%
34
26%
11%
60%
*43
32
*7%
11%
1%
59%
44
26%
507g
60%
43%
*2%
*83
*49
%
%2
45%
2%
*49
49%
*%
*%
*632
*44
80
*48%
%
12
1,800
39
*%2
'
*90
112
*37%
%
99
♦111
40%
*%
*%
97%
*
12
*37%
87g
9
*125
49%
1134
*48%
97%
*32
113g
*38%
40%
49%
97
2%
12
40%
*%
*%
*%2
*24
11%
1%
Ex-rlghts.
May
%
Dec
May
Apr
8% Mar
26
48
16%
Dec
Jan
Apr
134 June
73%
Jan
33
Apr
If Called for redemption.
Volume
LOW
AND
New York Stock
152
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Record—Continued—Page
CENT
Sales
for
Saturday
STOCKS
NEW YORK STOCK
the
4
EXCHANGE
Tuesday
Apr. 15
Wednesday
Apr. 12
Monday
Apr. 14
Apr. 16
Apr. 17
Apr. 18
$ per share
$ per share
$ per share
$ per share
$ per share
Range Since Jan. 1
Shares
334
•153s
24i2
1214
334
15%
25i4
15%
378
153s
25
334
153g
2434
25
1214
12
12
*1178
87%
96
*803g
8712
*8038
95%
95i8
95%
6is
6%
6i8
15?8
*80
*95%
6is
334
*35s
25
*1514
247g
15i2
25
12
12
12
86
♦803s
*94i8
86
9512
20
20
20%
20%
104l2 104% ►104
105
*%
34
%
%
8
*714
714
714
*2%
25s
*2%
25s
5%
5%
z5%
*7,
*% ;: 1%
1%
3%
3%
*33g
312
■
*10258 10312
1334
13%
13%
12
12%
12%
3<
%
7g
95
17
93
36%
778
37%
3%
19%
*9112
*16
17
*1438
52%
45%
147g
53
*16i2
*1412
*5212
45U
17
103
*16
18
103
*13%
12
3/(
*92%
3614
*734
37i2
*9134
3578
*734
37%
36%
8
37%
3
3%
3
19%
17%
19%
*1534
*143s
19
15
*53
53%
4578i
46%
*4538
46%
173
*41S
*"l«
1414
104
4%
78
1414
14
110
*40l8
*4014
41l8
43
1134
86%
1134
*85
117g
86i2
1134
85%
117g
85%
36%
36%
3612
85
3512
83i2
*212
25g
5l2
2%
512
1,000
14,400
*%
*338
1
1
100
Consol Oil Corp
Consol RR of Cuba
3i2
33s
3%
18
*16
*16% 18
103
103
103%
*102% 103% *103
13
135g
13%
135s
*13% 1334
12
11
11%
12%
113g
1134
ni8
7S
78
%
7g
7g
700
Consolidation Coal Co
100
5%'conv preferred
5i2
1%
3i2
18
93
*92
93
93
35%
8
37
37
3
193g
3
3i8
19
37
5234
5234
*52%
45
45
$44%
45
45%
45
45%
1438
14
170
*16
*1334
172
170
4%
4%
%
4
78
13%
13%
*10178 103
*1634
5%
22
1678
558
23
*40%
*40%
1178
*85%
41%
43
117g
88%
36
*2%
39%
86%
3
4
4
84
34
172% *167
xA
4%
13%
102% 102%
*1634
17
5%
5%
*22
84
*76
84
*76
84
*77
*46%
4812
*46l2
*1234
*217g
138
48i2
1312
22iz
13g
*46%
13%
*2178
48%
*41
*43
47
*43
45
*43
45
3134
77g
2558
*74i2
3134
818
*31%
32%
734
2534
*74%
*47%
1578
8
2534
86
32l2
32%
8iS
8
26
32%
734
2534
*74i2
*4714
26
*74i2
*4714
15l8
86
—
.
153g
*3
1512
4
4
634
*110
111
8>8
257g
86
-
—
16%
:'':;':4:.
*15
15%
1512
*614
13g
45
32%
678
*110
257g
86
*4714
*155s
—
16
*3
678
111
4
15
16
15
*65g
6«
111
111
2034
2878
2OI4
28%
2038
28i8
20l8
28
203g
28%
1534
*155s
1578
1578
16
9l2
278
9%
914
9
3
3
3
e%
27g
9
3
2134
*3j8
•
22
2134
;
*«ie
22
2H2
i
2178
22%
1%
1%
*77
*21.2
l3g
48%
1278
21%
1%
32
32
*31
734
8
86
4
*3
4
*14%
*6%
157S
6
*111
111
.
6%
*111
20%
20
20%
*2734
28%
28%
16%
*15%
10
934
16
9%
278
10
21%
20%
28
16
21%
21%
21%
13'8
3634
*7
1334
2434
3634
7i8
*14i8
37
7%
775s
*734
*34
37
7lg
14i2
7758
*74
200
30
5,200
800
6,200
8:
*734
13%
13%
13%
13%
13%
450
2334
23
23%
*23
24
800
37%
36%
37
*36
37%
500
*7%
14%
734
14%
76%
15
7%
14%
1,200
*14%
*74
*74
76%
8!
*734
*734
834
35
35
*34
35
35
35
*34%
*18
1834
*18
18
18
18
*15i4
18i2
1478
18
16
1434
66i2
1478
1478
65%
1478
66%
67
124
18i2
*4.I4
*7
1478
6734
65i2
66i2
6738
12378 12418 *123i2 126
I8I2
1834
185g
1858
124
1858
5
*43g
5
7i2
*67g
71*
*11358 114
*11358 114
14058 1425g 14034 141 lo
124
124
123% 123%
*115
26
*314
116
11514
2634
3%
25i2
'■»
*314
132
132
132
*175
180
*175
30l2
30%
16
16
27i8
2738
14i8
1378
*12
*175
14%
%
7
it
7 it
1
*1
*34
1%
2
31%
31
31
i 17% Dec
3% May
Feb 24
2
6
No par
43
45
Jan
9
31
No par
31% Apr 15
7% Feb 14
24% Feb 20
Prior preferred
1
Class A
1
~~.No par
42% Feb
No par
15
5
15
20
Dlesel-Wemmer-Gllbert.._.10
100
Apr 18
9
No par
Apr 15
6%
10978
18%
27%
15%
Dayton Pow & Lt 4 H % Pf-100
Preferred...-
Feb 26
21
*73
78
33g
*3
6I4
*25i2
26%
6%
25%
25»g
%
%
*334
4i8
37
195s
*36
20
23%
Jan
578
Jan
84
Jan
12% May
257g May
32
May
23%
3638
43%
Apr
86
Dec
Apr 18
*25%
2578
37
*1934
2034
12%
12I2
*11
12%
*11
96
*92
96
*92
*2112
*1114
22%
*2112
22%
12
12
*214
*l2
234
*1U4
*23g
*2134
*11%
22%
12
25g
*2134
*11%
2%
»i«
%
21%
965g
*20%
*94l2
9634
13
*1134
3714
3738
*9434
*12
3714
*
3714
13
*9434
*1134
37%
%
*334
*36%
197g
9534
22%
12
2%
%B
*20%
95%
*1134
3634
718
21
95%
1234
37%
Bid and asked prices; no sales on this day.
*716
334
*%e
334
*11
20%
96%
13
37%
Elec & Mus Ind Am shares.-
% Jan
Electric Power & Llght.iVo par
$7 preferred
1
$5 preferred
No par
65
Feb 26
S5H preferred——Wo par
70
Feb 14
88%
680
$6 preferred
ht
7,200
Equitable Office Bldg—No par
1,500
X Erie Railroad
100
75% Feb 14
% Apr 12
% Feb 20
100
100
78 Feb 15
%Mar 1
3%
458
37
20
3
50
75
Feb 28
5
3
Feb 19
Evaas Products Co
5
5% Feb 19
25
Ex-Cell-O Corp
3
Erie & Pitts RR Co
25
5
*718
700
100
19%
Fairbanks Co 8% pref——100
Fairbanks Morse & Co.No par
36
Fajardo Sug Co of Pr Rico. .20
19%
11%
95%
2i%
1078
2%
197S
300
%
95
95
*11%
36%
t In receivership,
21
12%
36%
3% Apr 16
Federal Light & Traction—15
$6 preferred
No
par
2
100
Federal Mln & Smelt Co.
200
800
Federal-Mogul Corp
.5
Federal Motor Truck..No par
Federal Water Serv A..No par
100
Federated Dept Stores-No par
300
AM% conv preferred
a Def. delivery,
New stock,
r
Cash sale.
Feb 15
Apr 10
Mar
113
120
Jan
7
146% May
189%
Apr
May
34
Jan
6
Oct
1334
Jan
3
May
4
117
June
16684
Jan
182% Jan 9
3678 Jan 10
155
June
180
Dec
May
10% May
25
May
10% May
37
Apr
5% Jan 23
142
Jan
16
Mar 28
Jan 10
6
% Jan 23
4% Jan 11
37% Apr
3
33
4
Apr
34%
Jan 13
31
Jan 10
44%
Jan 13
111
Feb
7
6
Jan 11
22
3g
3
Dec
May
18% May
15% May
3-2478 June
26
May
35
May
May
102
6% May
1
Apr
Mar
12%
Jan
83
Jan
May
89
Jan
8734 Apr 4
% Jan 30
1% Apr 4
77
Dec
97
Jan
138 Jan
9
1% Apr
3
75
Feb 28
3% Jan
2
884
Jan
8
3034 Jan
6
%
Jan
7
7% Jan 23
45% Jan 3
2478 Mar 10
%
Dec
% May i
84 Dec
% May
67% Aug
2% Dec
5
May
20% Jan
3g Oct
3% June
29%June
17% May
11
May
13
Mar 17
100
Jan 27
85
June
2534 Jan 23
16
July
7
3
34 Apr 1
21% Jan 14
%sMay
15
May
Feb 14
97% Jan 15
79
June
14% Mar 14
38% Jan 9
10
May
27% May
y
46
112
May
12% Aug
2% May
Ex-dlv.
33% May
4178 Jan
66
14% Jan 14
93
36% Nov
63
11% Feb 1
34% Feb 19
1
17% Jan
4134 Apr
18% Apr
134 Jan
8% Jan
4078 Nov
4
Apr 18
Apr 16
6% Nov
4
80% Apr
83% Apr
Feb 15
18% Jan
Fidel Phen Fire Ins N Y.$2.50
n
Feb 14
% Apr 18
100
Ferro Enamel Corp
%500
9
Jan
% Jan 20
200
1,100
1,400
22%
11%
2-%
95%
12%
36%
Exchange Buffet Corp .No par
Apr 18
4
22%
1078
2%
%
*197g
21
25
36
*3%
36
12%
716
4% 1st preferred..
4% 2d preferred
Eureka Vacuum Cleaner
95%
2%
No par
;
"306
78
3
*11
1134
....
1,900
*73
*92
36%
100
100
12%
*12
5% preferred
Engineers Public Service
300
9.534
22%
*l97g
a;95%
50
79%
*92
*7o
27% Feb 19
23% Feb 19
30% Apr 16
26% Feb 19
39% Feb 14
108% Apr 12
4
Apr 17
79
*11
*2134
*11%
*2%
$6 preferred-
4
178Mar26
No par
No par
*84
67g
25%
Jan
164%
17% Jan
%
*92
20%
29% Feb 17
*78%
78
9% June
3378
«u
6%
25%
Mar
6
12% Feb 14
79
*3
Apr
10
5
Jan
14% Feb 14
25% Apr 18
80
*73
30
8
9%
5
76%
6%
Feb 13
165
.2
*7834
*85%
3%
9478 May
Apr
171
6% Jan
...3
(The)
*75
78
127% Nov
1434 Jan
117
1
Feb 15
3% Apr 18
125% Feb 19
100
4
7834
85%
12
21
cum preferred
77
*36
9i«
6%
*75
6%
9
4
Jan 10
Feb
Apr
Jan
11884 Jan
44% May
111
*3
Jan
Jan
22
Apr
24%
2378
2534 June
10834 10834 *108
4
4
4%
*73
79
14134
14%
38
112% May
10834 10834
4%
4%
33g
63g
25%
%
4%
3634
197S
Jan 27
Dec
2
Endlcott Johnson Corp.
300
23% Jan 28
9
30% May
14 ; May
11% May
65% July
6
300
1%
1
8
117% Feb
42
1%
*%
Jan
Feb 19
*39
%
Jan 30
434 May
12% May
56% May
Mar 24
1
Eastern Rolling Mills.---—.5
Eastman Kodak (N 3).No par
42
16
Feb 19
6
25
Eastern Airlines Inc
*39
1
9
Jan
Jan
Feb
10% Feb
20% Nov
115
Duquesne Light 5% 1st pf.100
41%
600
3
129% Dec
41%
1
Jan 11
Jan
May
Elec Storage Battery...A^o par
El Paso Natural Gas
3
1
297g
41
114
600
1%
Apr 18
7
45% Mar 18
17% Jan 10
12578 Jan 16
300
*%
Apr 17
2378 Apr
28% May
1938 Apr
23% Apr
17
140
var
30%
1
Nov
%s Dec
June
12078 Feb 14
No
27
*%
114
8% May
2% Dec
1338 May
$4.50 preferred
Electric Boat
100
June
»i8 Feb 26
9
113% Mar
Electric Auto-Lite
5,700
107
5% Mar
18% Nov
83g Apr
8% preferred--—..
.100
Co...20
Du P de Nem (E I) &
Edison Bros Stores Inc
2.100
May
1178 May
17% Feb 18
4% Feb 19
678 Feb 25
par
3
1334 May
3% May
2
37
122
Dec
6% July
51
18% Jan
3
63% Feb 19
1
500
300
9
Jan 24
June
13% Jan 10
334 Apr 4
14% Mar
No par
5,200
5,100
2,400
734 Jan
114
8
17% Apr 18
No par
*26%
96
*7x«
7
No par
Eaton Manufacturing Co
%
Oct
3% Jan 15
17% Jan 10
Apr
700
2
31%
28%
May
23
Apr
*30%
2034
*23g
1,400
Mar
60
8
30%
*92
25g
%
200
92
Sept
34
28%
2034
*11%
197g
70
2,400
Apr
June
No par
27%
1%
6i4
25%
*l2
600
17
2938
4%
14% May
...JVo par
3034
1%
*3i8
5,700
Dec
4% Jan
87g May
91% Feb
45% Dec
42
4734 Mar 29
19% Jan 8
10% Jan 10
18% Jan 11
27
*34
3%
"""30
47% Dec
z99
21% May
86
No
21% May
95% May
2934
Apr
International
Jan
Apr
34% Feb 10
934 Jan 9
14% Apr
Duplan Silk
Nov
29% Jan 10
75
Doehler Die Casting Co No par
Dome Mines Ltd
No par
Dunhlll
106
Apr
Apr
Jan
Feb 19
13% Apr 12
2
Douglas Aircraft
1%
24%
21
36% Mar 27
Distil Corp-Seagr's Ltd No par
Dresser Mfg Co
Dec
7%
2934 Jan 24
23
Dow Chemical Co
184
Feb
Jan
May
35% Oct
1138 Mar
3238 Mar
'm Jan
.25
Class A
Apr
Feb 14
Feb 19
Devoe & Raynolds A..Ao par
Diamond Match
No var
Diamond T Motor Car Co
Jan
33
25% May
70
May
61% Jan
65% Jan
22% Jan
45% Mar 18
6% partlc preferred
25
Feb 19
2% Feb 19
20
new
Apr 18
3% Feb 19
25
Davison Chemical Co (The)
Detroit Edison
Jan 20
17g
7% pref- .100
Deere & Ce
97% Jan
49% Apr
9% Apr
4078 Mar
434 Feb
75
par
Curtlss-Wrlght
2334 Nov
108% Deo
19% Apr
1538 Jan
1% Apr
Dec
Jan
72
3% Mar 7
5% Mar 10
Jan
Apr
Apr
8% Apr
2% Jan
5% Nov
45%
May
Jan
Feb 18
Apr
1%
10%
4%
Dec
25
9
Apr
Feb
110% Mar
45%
July
30% June
12
May
75
7
Deo
978
3278
36
Jan 25
4,000
%
Jan 15
:
Jan 16
15% Jan
16
99% Deo
100
Feb
25
14
1
9
Jan
Feb
Apr
Apr
183g June
21% Mar 10
1% Feb 26
No
29
87
Jan
6%
2438
31%
3234
734
387g
92
3% Feb 15
,5
Curtis Pub Co (The)
Preferred
30%
27
1%
June
4
Mar 11
16
4%
75
Jan
Jan 16
Mar 11
26
l7g
June
16%
13%
*%
31
13
63
16
2%
78 Jan 14
1978 Jan 10
Dec
May
May
%8Sept
88
25%
32
4
11% Apr 18
Apr 18
10
100
*28
*1
•6%
500
10
30%
May
40%
FeD 15
Sugar
30%
*27%
1
6i2
30%
May
41
165
3
28
1
34
%
180
8
6
31%
28%
7834
85%
%
1%
*3i8
37g
2%
2
31%
1
36
I
2
27%
78
*16
32%
29
1%
*73
*30%
2
Us
h
3058
31%
28l2
27%
41
*3912
4U8
41%
41%
109
*108
10834 *108
10834
4%
414
414
4%
4%
78
*75
77
79t2 *74
78
78
7934 *7714
7934
87
86%
*84i2 86i2
86%
«!•
%
14
14
%
1
30%
115% 115%
*25% 26%
3%
3%
128% 130%
*175
177
14%
31
19
11334 114
*113% 114
14134 142%
140% 141%
1237g 12378 *123% 124%
26
*1
*20%
7%
16
28
%
4%
*7
14%
2834
31l4
434
*4%
26%
285g
*30i4
37
19
7%
*7
177
180
126% 126%
19%
4%
1334
*3s
*27
*12
65%
*1834
43g
16
V-. 1
*4i8
19
26
1
37
6478
130
*126
125
1458
5S
78
15
17
28
*73
15
27%
29%
3112
%
15%
66%
1,000
1,200
3,500
1,400
1,400
14U
42
218
87
18
26l2
*16
32%
*76i2
7934
17%
14l2
17
2
W4'4
18
2758
32
10834
40
1334
2
41
35
*147g
66%
Jan 24
52% Jan
Jan
Dlxle-Vortex Co
8%
35
27
*16
-V
33
28
*175
*7%
2
16% June
18% May
15% Mar
47
May
Jan 24
Jan 10
40
5% pref. with warrants. .100
35
31%
16%
263S
*3012
2
*30
180
500
77%
18
414
414
4%
4%
*7
*778
712
7%
11334 11334 *1135g 11334
14034 14214
140% 142
124
12418 *1237g 124%
3H4
*32
29
18%
834
,
*34
115l2 *11512 116% *115% 116
*115% 116
27
2612
265g 27
26% 27% *26
3%
*314
312
*3%
33g
3%
3%
132
132
132
131
130
13178 130
180
*3018
124
*734
7
14%
*74
May
4% May
2778 May
47% Jan 13
182% Jan 16
;■ 478 Jan
4
Jan
3,600
37%
734
56
Dec
June
33
6%
27%
45%
45%
85
Delaware Lack & Western. .50
2334
*7%
%
70
8
98%
Delaware & Hudson
14
*74
7% May
Mar 29
Jan
May
May
4178 Feb 20
12% Apr 18
600
37i2
714
15
7758
7i8
*1412
2
May
19
21% Apr 14
40% Feb 14
5
Davega Stores Corp
Conv 5% preferred
24
13%
Apr
1% Mar 31
47%
""266
14
*36%
13
98
2
Cutler-Hammer Inc
24
1312
2434
1412
15
*74
1312
*24
106% Jan 22
1578 Jan 2
Dec
May
107
Detroit Hillsdale & S W RR100
*24
8
Jan
4
JDenv & R G West 6% pf.100
21
5%
78
2%
8%
93%
978
1
82
"l",900
*316
27g
2
21
16% Feb 24
4% Jan 6
par
2,500
278
%
4
1-% Apr
4% Jan
35% Apr 14
Cushman's Sons
4
9%
3%
*318
27g
*a18
21%
3
19%
6% Apr
conv preferred
100
Cudahy Packing Co.......30
1,700
6%
*27%
16
*2734
16%
;
19,000
112
20
7
100
Cuban-American
"~466
1578
Jan 13
6% preferred-... 100
conv preferred
$8 preferred
*14%
7
"3" 100
86
*3
1578
7
Apr 18
100% Feb
par
No par
Preferred
500
778
15
Jan
3%
Cuneo Press Inc
~3~500
3238
15
I57g
Mar 31
13
w.-No par
w
%
5%
2%
8
97%
May
May
May
May
May
Aug
May
May
May
May
75% Oct
134 May
3% Aug
60
May
45% Dec
978 May
19%June
1% Oct
5%
Cuba RR
2578
758
25%
*74%
*47%
2534
Feb 18
% Jan
Crucible Steel of Amer.iVo par
700
45
*43
pref
Crown Zellerbach Corp
$5 conv preferred
No
84
*46%
12%
*3
111
11,200
4
45
2534
*74%
*47%
15%
~2~500
50
37fi
*43
1578
11%
conv
Pref ex-warrants
3
4%
$2.25
84 Mar 27
Jan
4%
2138
23% Jan 14
187g Jan 2
170
No par
70
7%
7% Mar 19
23% Jan 13
107% Jan 9
Apr 10
43% Apr 18
5% conv preferred
100
Cream of Wheat Corp (The) .2
Crown Cork & Seal
75
2% May
May
17% June
8% Feb 7
39% Mar 26
4% Jan 2
20% Jan 11
52
25
2,200
63
Jan 15
Feb 3
Feb 14
Feb 14
Feb 24
1
No
Jan 28
103
Highest
share $ per share
14
40%
378 Feb 17
Crosley Corp (The)
Feb 8
Jan 9
Jan 16
Apr 18
3
43% Apr 18
100
> 700
85
*2%
84
730
800
.
43
85
*1458
*6%
111
20U
*28l4
*1558
*3i«
:
41%
*40%
11%
*46% 48%
13%
*12%
*21% 22
1% :;-E 1%
23
23
38
*76
138
*43i2
Crane Co
85%
4818
13
23i2
1%
*2178
3,700
36%
85
13%
Coty Internat Corp
Jan 10
18%
29%
1578
9734
Jan
13% Apr 18
50
Preferred....
4
17
Corn Exch Bank Trust Co._20
Corn Products Refining
25
2,800
84
*46l2
*1212
*217g
13s
5% series
$ per
33%
6%
35%
278
17%
Continental Oil of Del
Continental Steel Corp .No par
Copperweld Steel Co
5
Conv pref
Lowest
share
79
Continental Motors
%
39
T2
7% Feb 19
% Jan 2
100
Coty Inc.:
13
3
12% Feb 15
par
_Aro par
1,500
87
*76
4lg
610
15% Feb 4
101% FeD 27
Continental Can Inc
20
Continental Diamond Flbre.5
Continental Insurance
$2.50
300
2,900
278 Feb 15
Co.cl A No
4
3734
4
"l",500
3:5% Apr 14
% Feb 15
25
100
.
210
87
4
2,300
10,800
10,800
3
%
86
4
Class B
172
13ie
13%
1334
10134 10134
1678
1678
*5%
534
23
23%
*41
41%
*40% 43
1134 12
*85
20%
16%
13%
53%
44%
44%
300
No par
per
2
7% Apr 14
2% Mar 20
6% pf.100
8% preferred
Mar 28
% Jan
Consumers Pow $4.50 pflVo par
Container Corp of Amerlca_25
Continental Bak
300
6,300
578 Feb 14
19% Apr 18
$2 partlc preferred
No par
Consol Laundries Corp
5
1,400
778
37%
278
197S
*16%
13%
*52%
43%
43%
500
800
6,700
91%
34%
77g
3
17
*16%
3
91%
33%
1934
167S
143g
54%
44%
19%
*2%
13
104
2%
5%
3
13
$5 preferred
No par
Consol Film Industries
1
25g
*212
4%
Feb 15
300
3714
8312
3
Apr 17
1,300
514
*%
9
Apr
92
5»
*314
*16l2
15
22% Feb 19
11% Mar 3
84
7%
2l2
Feb 19
100
71#
3634
10234 103
1678
1714
*5i2
558
2214
2278
*40%
41%
*4014
43
7% preferred
7%
2%
5%
37
414
78
14
2,300
21,100
1,100
3
$
6J£% prior pref
100
Consol Coppermines Corp
5
Consol Edison of N Y>.iVo
par
12
54
4I4
*34
13i2
6%
19<2 1978
10478 105
No par
Inc .No par
Consol Aircraft Corp
Consolidated Cigar
No par
7l2
*778
45i2
457g
172i2
6
400
l2
5g
8
22i8
3512
20
95
*734
*53s
2134
*83
»4
93%
3434
1714
55g
2218
41%
43
85
84
95
353g
558
2218
4118
*4014
1134
*84%
*83
84
94
2,400
7%
1514
170
55s
117g
345g
17
4534
103l8 10334
*17i4
17i2
15%
24
117g
3%
8
*12
*73g
375g
31s
195g
3
1914
14l4
15
2234
12i8
*3%
Highest
$ per share
Congoleum-N alrn
I5I4
247g
8
37
700
15i8
245g
3512
*734
453s
46i4
172iS 172i2
414 ■?; 414
»I«
7g
104%
171.1
35
46
173
93
Conde Nast Pub Inc
334
6i8
6l8
6I4
6i8
197S 20
1978
20
10434 10434 *104% 10478
£%
53g
*78
1%
3U
33g
*1614
18
1025g 1027g
135s
135g
1H2
12i8
78
7g
Lowest
Par
400
*3i2
84
35g
955s
6%
20
20%
104% 10478
*%
8
*714
2%
2%
Friday
1
*1134
3%
6I4
Thursday
Range for Previous
Year 1940
On Basis of 100-571aro Lots
Week
$ per share
\
2509
4%
Jan
Ex-rlghts.
78
I84
Jan
Jan
3% Jan
1% Apr
67% Aug
5
Feb
11% Apr
3434 May
1
Jan
8% Mar
Apr
Apr
1878 Apr
49%
31%
102
Mar
29%
15%
478
Jan
1
Jan
25
Jan
98%
Dec
Oct
Jan
20
Jan
40%
Feb
f Called tor redemption.
New York Stock Record—Continued—Page 5
2510
April 19, 1941
AND
SALE
HI OH
Range for Previous
$ per share
*10234 103%
35% 3514
1214
12i4
*31
*11
12%
*31'4
25% *23i2
412
5
*2212
25
26i4
26%
1057s *10578
3134
*23%
*4i2
*22i2
20i4
lOSfy
1334
*115
1334
124
*238
2%
*33
43
•35i2
36%
1%
1%
157s
18*2
1%
li4
*15>8
18
13%
*115
3'4
*31
43
36
36
15s
*ll4
1578
*J8*e
1«8
1%
1578
19
106l2 106i2 *106l4 10612
4
4
4
4's
0'8
*6%
*03g
7
*11
11'4
*1034 11
65
*61
45g
*100
4%
104
Apr. 18
Week
$ per share
$ per share
8 per share
$ per share
Shares
*11%
20%
12%
1234
1212
31%
31%
3134
25i2 *23% 25%
4%
4%
4%
*22% 24%
25
20i4 *26% 2634
1O012 *105% 106%
14
14
1334
124
*238
55
*51
4%
412
104
*100
♦115
124
*23«
3
42
*31
36%
*1%
1%
36%
16
16
19
19
134
1%
*11%
20%
20%
*11%
20% *11%
15%
15%
*15%
16
*15%
15%
104
102% 102% *110a4 103% *103
•37
37%
37%
37%
36%
37
12%
12%
12%
12%
12%
12%
*30%
31
3084
3034 *30% 31
*23% 25% *23% 25% *23% 25%
*4%
4%
*4%
4%
4%
4%
*22
23
22%
23
*22% 2434
27
26%
26% *26
26% 26%
*100
106
106%
*105% 106% 106
14
14
14
14%
13%
13%
*115
123
115% 115% *115% 123
2%
2%
2%
2%
*2%
3
35%
*1%
1%
*?7%
*18%
35%
134
1%
1%
8
18%
107
106% 106% *106% 107
6%
4
*6%
11%
*51
55
4%
*100
*83%
*125
40%
*125
%
*i«
8612
127
*u
85
85
*83%
86
12034
*126
*83%
126
*3%
*0i2
*105%
*%
11%
102
%
*18
2038
10
64%
*19%
11%
*18%
*102%
10%
3
*35
0%
40
1,900
10
600
*4%
*100
104
*100
*16
*16
84
84
83%
126
83%
126
*16
6%
6%
*16
400
"""600
30
34,100
3,760
100
2,000
110
83
83
83
83%
300
I20: 126%
230
63s
3934
36,000
125%
1,400
41%
300
"""460
109
%
11%
"l'ioo
900
10434
1038
2%
68
43
41%
1%
41%
*40%
1%
*1%
134
2%
86
1134
60
17%
79%
500
~~5,100
*1
26%
26%
*25
1%
27
%
"""loo
4%
4%
12%
10%
10%
30
4%
*10%
9%
9%
30%
12%
10
9%
30%
24
*23
24
61%
17%
61%
17%
16%
*8034
8134
*8C34
*1
*22
1%
27
*lli«
*4%
*10%
*10%
10
1734
17%
80%
81
*1
1%
27
"u
4%
12%
10%
10
30
30
*23
24
*10%
10
»934
29%
*23
17%
6034
17%
%
4%
60%
17%
60%
17%
17
80
*80
80%
80
*1%
*25%
1%
27
*1%
*25%
1%
27
*1%
*25%
4
12%
4%
*10%
4%
12%
9%
*9%
10%
*4%
*10%
*9%
"
"16
4%
*10%
9%
*934
2934
*23
79%
%
10
2934
*934
22
14
24
31%
1034
*11%
1334
*1%
10%
11%
13%
*13
15
2%
13
1%
2%
13%
31
11%
300
1334
1,000
1484
3%
14
14
15
14
1484
31
1434
13
1%
15%
2%
1438
*34
*146
*5%
149
6
*93% 100%
*146
*5%
2
2
86
*84
*74
6%
79
*155% 162
6
*93% 100%
2
*85
6%
149
638
75
2%
86
638
75
*155% 158%
*146
149
*5%
5%
*9338 100%
2%
85
2%
85
6%
6%
*71
77
158
158
*146
*146
149
*5%
6
*93% 100%
•
*89% 100%
*146
200
2,000
3%
15
4,700
3,600
400
30
*155% 158% *155% 158% *155% 158%
%
%'
11%
68
68% *67%
*126% 128
*126% 128
53%
*51%
53%
♦5134
*10834 110% *10884 110%
15
*14%
14%
14%
*16%
1634 *16%
1634
26
25%
25% *25
6%
6%
6%
634
*33
12%
12%
45%
11%
45"
45
10
1,400
200
'""406
900
1,200
2,300
10%
500
11
1,700
*56
59
56
56
*107
109
*107
109
700
200
3%
334
3%
3%
2,400
29%
2934
%
3%
29%
*7i«
29%
1,800
*234
18%
3%
17%
33s
1734
3%
*716
*284
*17%
3
38
t In receivership,
3
%
a
par
16%
79%
par
1%
26%
%
No par
5% May
100
June
% Nov
984 June
86% Jan
% Dec
13% July
Feb 14
19% Jan
preferred
Jan
Jan
"
Dec
»ii
Apr
18%
Apr
Jan
Jan
Jan
De°
7
July
90
2034
12% May
24%
Apr
Jan 27
69
June
97%
1% Jan 10
28% Jan 22
1% Jan 11
25
Dec
May
4%
71%
Feb
Feb
Jan
Jan
90
6% Jan
6
13«4 Jan
13% Jan
1284 Jan
7
6
2
36% Jan 16
25% Jan 22
1534 Jan 4
28% Jan 11
Mar 11
16% Apr
4
5
33
7
Feb 18
38
29
33
Mar
Jan
Mar 28
preferred
140
100
preferred
94
2
25
Hecker Products Corp
Apr 12
7
6% Apr 10
84% Mar
1
Helme (G W)
Mar 31
2
100
...
Hazel-Atlas Glass Co
25
Preferred
Jan
5% Apr 18
1
75
100
158
Motors
No par
11
Hercules Powder
No par
May
I684
May
3034
May
May
May
25%
18%
30
Nov
Jan
6
7
7% Jan 13
55
Jan
23
May
35%
Apr
9% May
1734
9
May
30
95
130
No par
No par
108
Feb 21
14% Feb
4
16
Hires Co (C E) The
Holland Furnace (Del)
10
17
5
17
..10
25% Apr 17
5
6% Apr 12
June
May
83% June
2
5
29
Apr 16
100
100
preferred
38 Mar
2% Feb 18
16% Feb 28
1,300
Hud Bay Mln A Sm LtdNo par
Hudson Motor Car
3,200
{Hupp Motor Car Corp
No par
Cash sale,
3
3
z
Jan
167
Dec
Jan
21%
Apr
69
Dec
100%
126%
Aug
133%
Apr
Jan
12% May
June
67%
Apr
115%
Jan
1834
Jan
19
35%
Apr
Mar
Jan
64
111
50
5
9
Jan 15
4% Jan
6
37% Jan
8
% Jan 22
3% Jan 6
May
4% July
34
May
Dec
16%
Apr
54% May
101
June
3% May
Apr
Dec
%
Jan
Aug
28
50%
Feb
Dec
1%
Feb
7%
Feb
2% May
May
3
May
Ex-rlght.
71%
112
Jan
6%
12
6
Apr
Mar
8'4 May
5
Jan
934 Nov
16%
110
60%
3834
Jan 13
19% Apr
4%
y
Apr
12% July
Jan*24
9
Apr 16
Ex-dlv.
Apr
94% May
3034 Jan 10
38 Feb 15
1
104
Apr
Jan
28
Howe Sound Co
9%
Apr
May
3% Feb 14
138
110
35
56
Apr 14
109% Apr 14
Jan
28%
June
Dec
May
100
Dec
Apr
6%
May
No par
Jan
106
4%
8
preferred
Jan
106%
113%
11%
103
Houston Oil of Texas v t C..25
Jan
Feb
17
8
Jan
preferred
Household Finance
Apr
37
20%
Aug
14% Mar 10
9
par
34%
89% June
100 zl07% Apr 14 2-107% Apr 14
Homestake Mining
12.50
52% Jan 8
43% Feb 14
33
39
Jan 27
Apr 15
Houdallle-Hershey cl A.No par
Class B
No par
1334 Jan 6
10% Apr 18
No
Feb 14
May
2% Nov
14% Nov
Jan 14
56% Jan 18
115
10
Mar
Apr
5% May
155
preferred
3%
30%
16% May
Jan 10
77% Jan 11
128% Jan 8
Jan
Aug
1% Dec
8% Nov
29% June
166
9
Jan
12
25%
May
1%
11
7
16% Jan
Feb
Apr
Apr
1484 June
86
Feb
Jan
27% July
Jan 16
Feb 10
29%
142
Jan 13
Apr 18
May
12%
June
xl23
107
3% Jan
Apr
10
10% May
100% June
95
1%
9%
14%
21%
113s
15%
18%
Jan 24
101
Apr
26
15
25% Jan 10
Sept
69% Mar
Jan
Dec
Apr
Apr
July
Jan
9% June
6% June
9% May
Hlnde A Dauch Paper Co
Hollander A 80ns (A)
% May
4% May
90
Chocolate
100
1%
Apr 14
67% Feb 19
124% Mar 12
5234Mar 28
cum preferred
45
8
16% Jan
Feb 25
104
3%
Apr
Apr
May
May
Feb 14
10
Printing Co.
4%
10
19
3
2
Dec
May
77
l%Mar 10
4
I84
Jan 10
26% Mar 19
2
4% May
1434 Jan 10
65% Jan 13
20% Jan 10
91
3
9
Jan
6«4 Mar
51% Mar
45
3% Apr
var
23%
May
1% Feb 19
25
Water
Jan
Oct
Jan
Apr
May
30
Jan 13
1% Feb
10% May
3
Sept
3034
13%
23%
106
9
Jan
2% Jan 25
2% Jan 2
Mar 26
13
Feb
Jan
42
Jan
98
Nov
Mar 26
11
13% May
9
Jan 15
25
No
r
Jan
1%
19%
106%
1934
143
42
100
preferred
New stocfc
Apr
65
138% Mar 26
Gulf MobUe A Ohio RR No var
n
7%
10
110
May
13% Feb 15
5%
Apr
Deo
May
Grumman Aircraft Corp
1
Guantanamo Sugar
No par
5%
60
11
12% Jan 10
11% Jan 24
17% Jan 9
7%
56%
127% Mar
43
34
Holly Sugar Corp
Dec
9
10% Apr 18
3,100
Def. delivery,
May
32% June
3% June
Apr
131
46
9
13% Feb 18
100
Hudson A Manhattan
%
37% May
116
Jan
101
9
29% Feb 14
conv
May
9
1
$4
118
1484 Jan
Greyhound Corp (The) .No par
5H% conv preferred
10
Hershey
100
100
34
*33
par
Green (H L) Co Inc
Hercules
Jan
Jan
%
44
7% Jan
x67% Jan
Feb 24
Feb 25
Apr
Jan 10
3% Jan 13
Feb 21
12%
40%
1%
2%
82%
11%
59%
Great Western Sugar..No par
Preferred
100
6%
10
♦107%
34
11%
*12
13
6% Feb 14
60
Granite City Steel.....No par
Grant (W T) Co
10
6H%
100
12%
37% Jan 15
...100
Hayes Mfg Corp
77
*107%
z45%
10% Apr 18
2% Apr 18
Jan 3
3434
14984 Feoll
6% Jan 23
1,500
11
Mar 17
No par
preferred
6
21%Mar 19
104% Jan 17
102
No par
Preferred
4
9
3
7
11%'
18% Apr 16
No par
Hat Corp of Amer class A
100
Jan
Apr
118%
2434 Mar
""206
"4,500
Dec
49%
Dec
111% May
% May
28
Sept
7784 May
33«4
65% Nov
Jan
Jan
Jan
1,400
2
Nov
41
May
preferred
No
Goodyear Tire A Rubb.No
$5 conv preferred
No
6%
22
120
14
Jan 10
17%
5%
*89% 100%
1284 May
May
26% May
102
I684 May
784 May
6%
Hall
Jan
Apr
89% Nov
14%
8
106'4 Jan 16
87
11%
68%
Brothers
Hackensack
4% Sept
11%
29%
July
Gobel (Adolf)..
1
Goebel Brewing Co..
1
Gold A Stock Telegraph Co 100
Goodrich Co (B F)..
No par
$5
Jan
Jan
Jan
145
10
No par
preferred
8%
57%
8%
11%
61%
22%
16%
Glldden Co (The)
No par
4 H% conv preferred
50
5%
Apr
Dec
105
3384
100
Without dlv ctfs
134 May
4% May
H84 May
48% Feb
Apr
May
784
May
preferred
w
June
3534 May
5% May
118
May
14%
51
20
Mar
104% Apr 18
17
Apr 14
149
*71
'uMar 27
0% preferred
100
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrac.No par
2
77
$6
Sept
20
preferred
Glmbel
Apr
20
105% Mar
29% Jan 11
40
*84
*71
2
104"%
2
77
*ti Jan
20
16% Apr 16
Hamilton Watch Co ...No par
87
*71
106% Jan 15
400
5%
*63s
Feb 19
8
1384
2
6%
% Jan 27
16% Jan 10
102
Dec
3% Sept
5% Apr
20% Apr 14
Shoe Corp
conv
3
11% Apr 12
par
Gen Theatre Eq Corp..No par
Gen Time Instru Corp .No var
$5
Feb
12% Apr 14
13% Apr 14
*84
6%
% Apr
Apr
Dec
39%
No par
7% preferred class A
2
6%
4
7% Jan 15
109
""166
87
6%
43s Jan
3
2
Jan 30
37%
123s
2
Bid and asked prices: no sales on this day
5%
12,000
*84
12
12
12%
12%
1134
11%
11%
11%'
*68
70
69
69
*67% 69%
*67% 70
*126% 128
*126% 128
*126% 128
*126% 128
*51
*51%
53%
*51%
53%
*51%
53%
53%
*10834 109
10834 10834 *10834 110% *10834 110%
*14%
16
*14%
16
*14%
15
*14%
15
*15%
17
*15%
17
*15%
1634 *16%
1634
20%
26%
*25% 26
2534 2534
*25%
2534
6%
6%
634
*634
7%
*634
7%
13
13
12%
21234
1234
12%
12%
1234
*109
2107% 107% *10684 _.j. *107%
453s 45%
4584 46%
453s 45%
45% 45%
33
33
33
33
*3334 35
*33% 35
11
11
11
11
11
11
*1034 11%
56
68
58
1
56
*56
59
56%
56%
*109
109
110%
109% 109% *107
109% *107
3%
3%
*3%
384
334
334
3%
334
"
31
29
29% 293g
*30% 31% *30
29%
*7i«
*%
*716
*%
%
%
*234
3%
*234
3%
*234
334
*234
3%
17%
18
*1734
18
*1734
18
17%
18
3
3%
3%
3%
*3%
3%
3%
3%
%
149
5%
1%
15
*13
30
30
30
31
*2834 31
*2834 31
*29%
*34
*34
37%
37%
37% *35
37% *35
37% *35
*12
*12%
1234
12%
12%
1234 *11%
*1134
12% *11%
12%
14
13%
13%
13%
13%
1334
1334 *13%
14
*13%
1334
*106
*105%
*106%
*106%
*106%
*106%
*100% 105
*100% 10434 *100% 10434 *100% 10434 *100% IO484
104%
17
18
*17%
17%
17%
17%
17%
17%
17% *17%
17%
*2834
400
13%
1%
3
7
107
6%
Green Bay A West RR
11%
*1%
No
2
Mar
No par
Gen Railway Signal
6
Jan
48
3% Apr
6% Jan
1
No par
Gen Public Service.
48% Jan
126
22
1,700
14
*13
1%
Printing Ink
preferred
2
Feb 14
40
Gr Nor Iron Ore Prop ..No par
Great Northern pref. ..No par
1,600
8,000
14
3
General
Jan
123% Mar 19
No par
No par
Mar 12
11%
15
Apr 18
10
No par
23
10%
3
*1%
39
Motors Corp
preferred
86
20
800
31
*13
$5
Gen Outdoor Adv A
Mar 19
132% Jan 28
"""700
1038
3
Feb 27
Apr 10
10%
31
3
80
126
91
4%
100
*13
General
Mar 17
2
No par
preferred
Mar 19
6
.....100
General Mills
6%
Jan
Jan
38
pref series A.No par
1134
9%
934
29%
1,200
3
conv
114
8
1
1034
11%
10%
$0
Grand Union
31%
*31
U
Gen Gas A Electric A..No par
Gotham Silk Hose
23
15
234
14%
31%
10%
11%
14%
112% Jan
5
600
30
*13
10%
*11%
No par
dlv ctfs.No par
4,500
23
1134
14%
1%
31%
11
11%
14%
138
1434
33% Feb 15
Graham-Paige Motors
200
30
*3038
10S4
11%
13%
*1%
preferred
130% Apr 7
35% Jan 14
3934 Jan 6
Granby Consol MSA P
23%
1034
$4.50
19% Jan 28
6
1,900
10%
31%
General Foods Corp...No par
Jan
Apr 17
2,200
900
30%
*3038
1034
*11%
*1334
*1%
30
434
12%
22%
31%
122
Feb 13
Mar 24
Apr 18
Feb 19
Feb 14
Apr 18
Mar 10
Apr 14
Apr 17
Apr 14
Mar 26
Apr 15
Apr 18
Apr 14
13%
13%
1334
13%
13%
1334
1384
13%
13%
13%
24
24
25
24
24%
24%
24%
23%
2434
22
22
22
22%
22%
2134 22
*2134 22
223s
*138% 141%, *138% 141% *138% 141% *138% 141% *138% 141% ♦138% 141%
*42
52
1 *42
52
I *42
52
I *42
52
*42
*42
52
52
*1334
2334
200
25
30
*23
24
100
No par
preferred
Gillette Safety Razor..No var
*41%
1%
*59
No par
7%
General Electric Co
General Tire A Rubber Co.. .5
1%
*60
8634 Jan 10
General Cigar Inc..
73% Feb 19
173s Feb 27
4,800
*1%
6
100
"2", 000
5,800
Jan
preferred
cum
0%
600
36
Mar 20
6%
15% Jan 10
46% Jan 30
18% Feb 14
11% Feb 19
300
8
Apr 18
5
6
Gen Steel Cast $6 pref ..No par
General Telephone Corp...20
*41%
2%
7% Jan
Apr 17
200
45
134
2%
85%
12
61%
17%
8I84
1%
*78%
11%
*59%
Jan
4
6
1034 Apr 17
940
43
2%
3%
No par
Jan
..No par
19%
43
86
12%
Cable Corp
A
55
19
3% May
141
9% Mar 24
1,300
45% June
55
6
1
860
12
134% Jan
General
600
*2%
0
6
...No par
General Bronze Corp
.5
100
13%
45
*78%
Baking
General Refractories
62
12
60%
Apr 16
Feb 10
Feb 14
94
preferred
1,400
13
2%
86
18
6%
41
Mar 21
53s Jan 10
Apr 16
48
10% May
Dec
118
5% Mar 21
8
No par
1,000
61
II84
*58%
preferred
General
4
No var
1,100
13
*2%
June
50
7i«
64
*78%
8
conv preferred
17%
13
2%
June
20%
9i
11%
Dec
97
preferred
100
Gen Realty A Utilities
1
$6 pref opt dlv serles.No par
10
102
1% May
2
Apr 17
$6
*61
85%
12
7
107
Common.
3%
6%
13%
•
6
10484 Mar 26
7%
64
2%
*78%
11%
Mar
2% Jan
Gannet Co conv S6 pref No par
Class
*1284
11%
2
4
May
General
*61
*78
2434 May
12
400
13%
44
2%
4
Jan 28
1.4C0
65
12
Jan
22
16
*13
86
39
1% Feb
Gen Am Transportation.....5
*61
2%
Fep 15
May
17% Apr 18
"l.500
10
May
2% Aug
No var
Gen Amer Investors
1,500
61
18% Feb 28
"6,600
104
Apr
1% Apr 10
U84 Feb 18
61i%
4%
21%
20
47% Jan 21
*4%
Apr
9% May
10
S3
Jan
107»4
7
52
Gabriel Co (The) cl A ..No par
Galr Co Inc (Robert)..
1
Nov
June
102
Jan
11% Jan 15
4%
35
33
10
8% Nov
32
18% June
46
3% Apr 9
683 Apr 18
55
May
6% Sept
Sept
6
1034 Jan 30
Free port Sulphur Co
19
22
Jan
1
13
11%
3«4 Feb 28
2% Feb 17
84
43
7% pf.100
5
64
*82
7
Jan
7
10
13
*41%
*1%
2%
Feb 19
105
No par
No par
7
132
13% Feb 14
5% preferred
Gaylord Container Corp
100
63
1%
107% Jan
20% Jan
105% Jan 24
Francisco Sugar Co.
2
Gar Wood Industries Inc
63s
13%
1%
Jan
4
200
*51
6%
32
Jan
1,900
*3%
55
6%
26% Apr 16
100
preferred
conv
Jan 13
4
4
6%
64%
038
17
......
7
29
.....10
preferred
conv
4
3
140
400
13%
*62
4H%
Foster-Wheeler
25% Apr
Jan
4% Apr 16
100
10
Machinery Corp
38% Mar
25% Apr
8
107
107
*51
126%
Food
preferred
2434 June
33% Jan
240
55
126
conv
Apr
17%
18%
*51
%
6%
500
5%
Jan
21%
22% Apr 17
Follansbee Steel Corp......10
Jan
46
preferred
Gamewell Co (The)..
39
40
40
403s
39%
40%
40%
39%
40%
4U4
125
125% 125% *125
125% 125
125% 125% *125
41
*41
41
41
*41
42
42%
42%
42% *41
*3%
3%
*3%
*3%
4
*3%
4
*3%
4
4
*6%
6%
*6%
634
6%
6%
6%
6%
684
6%
*105% 109
*105% 109
*105% 109
*105%
*105% 109
109
%
*%
%
*%
%
*%
%
%
h
H
11%
11%
11%
11%
11%
11%
11% ,11%
11%
11%
*99
*99
*99
'*99
*99
102
102
102
102
102
%
716
*%
7i«
*%
%
*%
7i«
*%
ht
17
18
18
19%
17%
16%
1634 *16%
17%
1734
20%
20%
20%
20%
20%
20%
20% 20%
20%
20%
10
*9%
*934
*934
10
10
'*9%
10
*934 10
54
54
55
54
56
56%
54%
6434
5434
65%
19%
19%
*19%
19% *19%
19% *19%
19% *19%
19%
12
12
12
12
11%
11%
11%
11%
12
1134
19
19
1934
19%
19% *18%
20
18%
18% *18%
10434 *102% 10484 *102% 10484 *102% 10434 *102% 10434 ♦102%
10%
10%
10%
10% *10
10%
10%
10%
10%
1034
3
3
3
3
3
3
3
3
3
2%
*35
30
36
*35% 36%
35%
36
3584
3534 *35%
6%
200
Jan
Jan
10% May
2,700
1,500
125l2
*41
Florsbelm Shoe class A .No par
""600
21«4
32% May
Jan 13
22
No par
22%
15
1%
11
85
85%
Florence Stove Co
14
Sept
12% May
42% Jan 13
12% Apr 12
3034 Apr 16
par
734
6%
®i«
No
(The)
Highest
share $ per share
106
1%
*1084
8434
*83%
85%
200
Flintkote Co
per
May
Jan 10
7%
17%
7
*18
126
First National Stores..No par
18% Jan 10
""800
11
89%
®I«
*85
6% preferred series A... 100
1,000
2,200
F'k'nSlmon&Co Inc
48
48
48
48
48
48
49%
49%
4934 4934
4934
6%
6%
6%
6%
*6%
6%
*6%
0%
6%
6%
6%
141
141
*139% 148
*139% 148
*139% 148
*139% 148
*139% 148
4
4
3%
3%
*384
37S
384
384
*334
4
*378
4
4
4%
*4%
4%
4%
4%
4%
4i4
4i4
11
11
12
11% 11%
1034
1034 *10%
*11%
1234
*11%
13
*74
*74
81
82
81
*78
*78
81
*79
81
82% *74
18
18
18%
18%
17%
17%
*17%
18
*17%
18
*17%
18
*128
130
rl29
129
130
130
130
*128
130% *128
130% *128
30
30
30%
30%
30%
30%
30%
31%
3034 31%
3034
31'4
36
35%
30
35%
35%
36
30%
36%
35%
36%
3578
30
114
114
*112% 115
*112% 116
*112% 114
*112'4 116
*112% 116
89%
Firestone Tire & Rubber... 10
300
35%
1%
*6%
104
105
FUene's (Wm) Sons Co.No par
""500
*34%
1%
*10«4
4%
15% Apr 17
101% Mar 7
34% Feb 27
%
35%
1%
1%
11
4
488
*100
104
$ per share
42
11
7%
$ per share
*31
107
4
4
4%
6%
4
*11
Par
Highest
8%
35%
1%
8%
19
Year 1940
Lowest
Lowest
42
*31
42
*31
*4914
6l2
*i»
*85
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
Thursday
Apr. 17
1534
1534 *1534
16%
102i2 102i2 *102% 104
36
36%
3518 35i2
12i2
STOCKS
NEW YORK STOCK
the
CENT
Friday
Apr. 15
Apr. 14
$ per share
12%
1578
NOT PER
SHARE,
Wednesday
Apr. 16
Tuesday
Monday
*11%
1578
PRICES—PER
Sales
for
LOW
Saturday
Apr. 12
% May
27
Jan
6%
Feb
1
Jan
^ Called for redemption.
Volume
LOW
AND
New York Stock
152
HIGH
SALE PRICES—PER
SHARE,
NOT PER
Record—Continued—Page
CENT
6
2511
Apr
12
Apr
$ per share
634
14%
*41*4
*3*2
Monday
6'8
15
42*2
4
Tuesday
Apr 15
Wednesday
Apr 16
Thursday
$ per share
$ per share
$ per share
14
$ per share
684
634
7
684
Apr
7%
684
1334
14%
14%
14*4
*1438
4184
*40*8
42*4
*41
7*4
1434
*41 a4
42
3%
3%
1434
♦41
*3%
19%
334
*3%
384
19*4
19*8
19%
19%
*5%
6
*584
6
*5%
6
*5%
6
6
*23%
24
23%
97*4
23%
23*8
*23*4
19
*98
*156
74
9%
19
99*2
....
74
934
6
6
*20%
21*2
8
*1*4
*3234
*160
1*4
7%
3*2
26
*127
1%
36
45
163
1*4
7%
3*2
26*8
135
134
36
39
39
29*4
29%
2%
*7%
*7*4
*28%
*126
984
3%
*35
*88
7334
10
*6
6%
7%
*1*4
34*s
61*8
2
98
mm-m
73
9%
9%
*6
3*2
61
*31
73%
334
12*4
*100
*96
*156
73%
8%
12%
*1*2
98
2334
6%
23
96
*3%
19
96
*156
96
__
♦71*4
934
9%
6
*156
73%
6
73*2
934
34*8
108
*3%
1%
34%
149% 149*2
4484
*159
45
7%
7%
3%
3%
162
*157
1
1
7
7%
26%
26%
*127
135
7*4
l
7%
3*4
26%
*127
135
384
19%
2584
7%
*3*4
3%
*3*4
26
20*4
*127*4 135
3,100
1,400
30
*3%
334
19*8
19%
700
6
5%
578
400
24
*22*2
96
'mm
mm
73%
9%
110
95*2
45
50
10
3,000
6%
20%
xllO
300
400
110
3*4
7%
1*4
32%
60
3%
300
7%
3,800
200
1*4
44
7%
6*2
3%
*3*4
25%
7%
3%
*128
6,300
500
62
61
6284
61*4
6234
63
64*4
61
1%
1%
3434
28*2
*30%
*100
*39
28*2
*2784
29
27
33%
108
2%
2
7%
7%
*88
2%
28%
13384 *127
2%
2*8
8
28%
94
8
*28*4
10*8
37*4
37%
55
56
35%
*95% 105
*35%
10*4
38%
*35%
38
*55
56*4
55*2
56
10*8
10*4
10
*36
55*2
No par
27
34%
500
International Silver—
*95% 105*2
100
*32
2
*2
8%
28*4
*28
*7
10
10
37
*36
55*2
5534
5% convpreferred..
100
InternatRys of Cent AmNo par
5% preferred
100
No par
2%
7%
94
*7
28*4
28
94
""206
8%
28
13384 *128
400
13334
35*2
36
400
56*2
55
55
1,200
9%
10
99*4
97*4
97*4
99
99
99
99
11%
*984
11%
*9%
11%
*9%
11%
*119
*12
12 34
*12
mm- —
4
4*2
1234
4
*119
*119
12
...
118
40
1,200
119
20
4%
18%
12
"4%
4
4
700
18*2
4
*17
12%
*12
12634 12684 *125% 127
m — — m
4
18%
18%
18*2
18*4
18*4
300
1284
12
12
100
*12
*100*4 100:%
104
*101
100*2 100*2 10034 10034 *101
104
104
*101
7*4
7*4
*7
7
7%
7*4
*7
7*4
*7*4
7%
7*4
7*4
109% 109% *110
117% *110
117*4
117*2 *110
117*4 120
120*2 121*2
15
*14
*14*2
14*2
14%
14*2
14%
*13%
13%
13%
13%
*13*4
*6
6%
*6
*6*8
*6
6%
*6*8
6*2
634
6
6
6*2
*103*4 105
*103*4 105
*103*4 105
*103*2 105
103*2 10384 *103% 105
32*4
3234
32%
32%
3234
33
32% 3234
32
32%
32%
32%
13
13
12% 12%
13
12%
13%
13
13
13%
13%
12%
*30
31
*2
*25*2
23*2
2
30
*28
2
29%
2%
*2
26%
2634
23%
*28
*27
31
2*4
2*4
2%
267s
26*4
26*4
23%
23%
2*4
*26*4
27
23%
3%
31
2334
2334
29
26%
2334
23%
22%
22%
22%
22%
22%
2284
*3%
22*2
25%
25%
25%
25%
25*4
25%
25%
25%
22%
25%
578
0
*5*2
6%
22
*19
12%
*5*2
6%
*5*2
684
6
*18
22
20*2
20*2
*18
*12
12%
12
12
12%
12%
12*4
*6*2
*534
8
2234
2334
19*4
20
*112*2 11384
*2%
2%
%
%
*%
34
*%
*234
20*4
*2 84
3*8
19%
20*8
12%
22
20*2
20*8
*12
12%
12
*21
22
*20*4
33
32*2
33%
5%
*33*4
5%
5%
*33%
34%
*82
83*2
84%
*179
*19*2
22
*30*2
*9%
*1434
84*4
181
21%
84
*20
21
21
21
200
32%
33*4
32
33
4,100
5*4
5%
5*4
5*4
5%
5*8
5*4
*33%
34*4
*33*4
34%
5%
*33*4
3334
*33*4
3334
*82
84
83%
84
*82
84
84*4
85
8584
10
U84
1434
21*4
29%
30*8
20%
29*2
2934
*107% 108*2 *107% 108*2
16
17
16%
17%
*155
18
158
18%
67%
6734
28
28
*133
*155
18
*67%
*26
*133
25
25*4
24*8
24%
24%
24
*12
12%
*12
*23
24
1%
134
24
134
86
37%
2%
1434
mm--
mm
Class B
20
20
*12
1,800
1300
12%
8434
10,600
""460
25
100
1
29% 30%
107% 107% *107% 108
1634
17%
1678
16%
36
36*8
35*2 36%
*2*2
2%
2%
2*2
3,700
Loews Inc
158
18%
6734
67%
*26
*133%
27%
-
*155
I884
67%
*20%
*134
-
158
156
19*4
6734
2534
25*4
24%
24%
24*4
12%
*24
134
*133%
25%
24
12%
08
27
27*2
:mmmm
25
24
*1834
25
24
156*2
19%
68*2
27
m — mm
25
1,600
26*2
500
mmmm
mmm——m
2434
1,900
No par
1
145sMar
1984 Apr
29l2 Apr
107i4 Jan
14
7% preferred
108
10
17
100
17
Louisville A Nashville.—_ 100
MacAndrewsA Forbes
60
10
6% preferred
100
Mack Trucks Inc
24
24%
1,500
13
*12
12%
300
Madison Sq Garden
*23*4
200
Magma
1%
25*4
1%
400
*5%
*12%
7%
500
13%
100
No
Copper
Manatl Sugar Co
6%
*6*4
6*2
6*4
6*4
*12%
*%
13%
*12*2
13%
*12%
1
*%
1
*%
1
*%
1
*78
1
4%
884
4%
4*4
8*2
4%
4%
4%
6,800
884
834
8*2
8%
770
14*4
14%
14*2
14%
14%
2,500
26*2
26
26%
2534
5,500
Martin
8
3,800
Martin-Parry Corp
434
4%
4%
4*2
4*2
8%
8%
8%
884
884
9
14%
14%
114%
14*2
14%
1434
26*4
2634
2534
26%
26
2 684
8
8%
2234
8
*2134
8%
2234
2134
*2134
*25
*174
48%
*2*2
*26*2
*105
25%
176
49
2%
27
107
26
25
25
25
25
25
176
*174
176
*173
176
*173
176
48
48
48
48
46
48
*2*2
Z2534
48%
26
26
*105*2 107
1334
13*4
7*4
22%
8%
*8
33
7%
3
2634
♦
105
3384
3
20%
*25
13%
26%
8*4
21%
*174
*13%
*7*2
8*4
21%
25
48%
234
13*2
*33
8*8
22
176
48*4
1334
22%
8
*21%
25
13*2
*22
8*4
2134
*174
13
*103% 105%
8
7*4
105
22%
884
33
734
3%
3%
26%
2034
*2*2
48*2
234
26
*105*2 107
*13%
13*4
13%
2%
2%
♦2*2
3
2584
2584
25*2
25*2
*105*2 107
*13%
*13
1384
1334
*2*2
*25%
Bid and asked prices; no sales on this day,
t In receivership,
"MOO
3
100
600
50
300
1,500
100
Midland
Corp
6
pref__100
14
31
(Glenn L) Co
23
1
No par
Mathleson Alkali Wks.No par
May Department Stores
Maytag Co
100
10
4
1®8 May
Jan
25
Dec
11078
Dec
4
Jan
1%
Jan
% Dec
2
May
15*4 May
9*2 May
18*8 May
29
9
30
June
533s
Jan
7'8 Jan 23
5
May
9*4
Apr
33
May
4
2238 Jan 22
12% Jan
24
39
8
Jan 13
4538 Jan
Jan 18
87
484 Nov
247g Nov
14
45
Feb
Jan
Apr
$6 1st cum pref
No par
0% conv preferred
McGraw-Hill Pub Co..No par
r Cash sale,
19i2Mar 11
20i2 May
97
May
153a May
40
9
29
3
2
109
Jan
3i2 Jan
1558 Jan
6
3
9
Feb 14
162
Jan
2
193s Jan 10
7O84 Jan 27
3158 Jan 21
138
18% Mar
4178 Apr
37% Mar
109%
Apr
39*4
Apr
June
46*2
Jan
May
13*2 June
105U May
4*4
1834
Apr
17*4
Dec
138*2 May
15*8 May
38
May
2534 May
Jan 21
128
Sept
33% Jan 10
17
May
27
Jan 14
14%
Apr
Dec
Apr
Apr
Jan
109*2 May
25%
103%
21 *2
05
35
Apr
Dec
Jan
Nov
Jan
136*2 May
3I84
Dec
20*2 May
87g June
31
7
30i2 Jan 2
23s Mar 10
2U2 May
1*2 Aug
38
078 Mar 22
4
May
11*2 May
84 May
77g Mar
I6I4 Jan
3*2
278
834
2084
5*4
1384
12i2 Apr
14i2 Jan 13
1% Apr
4
514 Jan 14
ID4
15«4
3034
1214
28i2
Jan
30
8
Jan 27
Jan
6
Jan
6
Jan 13
May
May
May
June
I 6*8 May
21«4 June
1284
4%
Apr
Jan
Mar
Apr
1*2 May
Oct
Dec
10*2 Nov
47*4 Apr
1484 Apr
407s Jan
Jan 22
21
June
3234
Apr
160
June
173*2
53%
Dec
53*4 Jan 23
4%
30*8
Feb
Apr
2*8 Feb 24
25
Jan
8
103% Jan 23
1258 Jan
13
7
Mar 29
1035s Feb 20
21% Apr 9
7% Feb 19
31
3
7
Apr
9
3
s
Feb
Feb 18
24
J McKesson A Bobbins, Inc..6
$3 series conv pref
No par
New stock,
3
Feb 18
Mar
May
176*4 Feb 10
Mclntyre Porcupine Mines..5
McKeesport Tin Plate
-.10
1
6
Jan 29
19% Jan 15
Mar
16
Feb 19
1
100
4
Apr 18
No par
McCrory Stores Corp.
Jan
46
No par
McCall Corp
2078 Apr 14
174
..No par
$3 preferred
»
9
110i2 Jan 18
7i2 Apr 18
20i2 Apr 18
24l2 Feb 15
No par
500
d Def. delivery.
2514 Jan
116i2 Jan
1
Feb
7i2 Feb 18
13i2 Jan 17
Masonite Corp
300
2,800
8*4 May
Jan
9*2 Jan
21i2 Sept
10% Jan
7*2 Nov
3534 Jan
May
4% Apr 17
Market St Ry 6% pr
McGraw Elec Co
3,800
May
9
84 Jan 14
600
2,800
Apr
4
283g Jan
3438 Jan
1
No par
Shirt..
7% preferred
_
2734
105*2 105*2 *105*2 107
1334
1334
1334
*13%
13%
700
25*2
13
13
13%
*102
105
*102
105
*102% 104
*102% 104
21
22%
22% 22*2
*22*4
*2184 22*2
22%
8
8
8
8
8
8
8
*7*2
*32 34
33
33
3234
32*2
32*2
3234
*32%
8
734
734
734
7%
734
734
7%
3
3
3
3
3%
3%
3%
3%
27
2634 2 684
27%
27*4
27*4
2634
27%
13%
400
8
18
1% Feb 4
584 Jan 3
125s Apr 17
Maracalbo Oil Exploration
Marine
8i2 Jan
9
Feb 17
11
Marshall Field A Co...No par
25%
1378
25*2
7%
20%
4*2
Feb
10*8 May
22*4 July
25
Mandel Bros
Manhattan
4
29*2
34*2
8
Feb 19
23i2 Apr
10
1
13%
7%
9
10% Jan
235g Feb 14
par
*6*4
12%
7
297g Jan 10
24
2434 Apr 18
Macy (R H) Co Inc...No par
*12*2
*5%
Feb
23*2
3034
26% Apr 18
134
No par
24
12%
Apr
26
41
15534 Apr 18
Louisville Gas & El A__No par
25*2
6*4
318 Apr
27% Jan
Apr 18
100
5% preferred
Lorillard (P) Co
*12
2
Apr
234
3D4
May
212 Apr 12
1384 Jan 30
*23%
13%
Jan 13
Jan
15% Nov
46%
18*4 May
Long Bell Lumber A...No par
Loose-Wiles Biscuit
25
210
May
27
35% Apr 18
1,400
10
27«4 May
3714 Jan 14
113s Jan 6,
par
3,400
15534 156*2
18»4
1834
69
*67*2
26*2
No par
Corp No
12%
1
9
Jan 10
Apr
Dec
387s
30
—
24
*%
133s Jan
38
978
106
21% Apr 18
30i2 Apr 18
95s Apr 15
$0.50 preferred
Loft Inc.
12
*134
484 May
87*4 June
2418 May
2
Apr
Lone Star Cement
10
17
*133%
2434
Mar 26
1,400
*108*4
17
81
2
2,400
24
■
4
Mar 26
373s Jan
Jan
Apr
187g Nov
Apr
Dec
...No par
12*4
2
8i2 Jan
100
15i2
109
109
Liquid Carbonic Corp..No par
Corp
1
25*4
2
8*2 May
188%
*134
0*4
*134
2
109*2
Lockheed Aircraft
18%
Jan
May
Lion Oil Refining Co
400
9,200
*155
Jan
18
May
700
14%
20%
17%
Dec
Jan
June
10
m—-m
33% Apr
..No par
1934
17%
May
7
95
8
Apr
87
Belt Co
14%
*108%
92
6
121% Apr 18
7%
20*4 Nov
15*2 Jan
104i2 Dec
169
Lily Tulip Cup Corp
*9%
17%,
11
3
*14%
m-mm
Mar
4
3
No par
Lima Locomotive Wks.No par
17%
121
5% Jan 10
2034 Apr
2
Link
*108*4
Apr
Jan
100
17%
Jan
Dec
Jan
400
-m- —
Feb 19
Jan
98
400
■
Jan
Mar
90i2 Jan
197s
14%
17%
17
52
16
4
5
Jan
132
Jan
1
Dec
109i2
34 Jan
Apr 18
Deo
4812 May
97g June
11758 May
3*8 May
3
9
11% Feb
33
130
122*4 May
3 >8 Apr
21
Jan
Feb 11
2
3H4 Mar 29
Jan
Dec
77*2
June
3*4 May
1638 May
15*8 May
100*4 June
Jan
Jan
44
2714 Jan 10
Apr 16
434
478
10%
92*8
85s
9
May
3484 May
ll78 Dec
Jan
Dec
189
30*2
10
*108*4
Feb 15
Nov
8284 Mar 27
21*4
400
June
Jan
30
109
178% Apr 18
18i2Marll
19*2
14%
122
36*8
Jan
25
21*4
*14
5*4 May
20*8 May
538
Apr
______100
30*2
14%
74i2 June
73
110% Jan 9
125s Jan 10
121% Mar 12
i2 Feb 13
2)S Feb 14
1978 Apr 12
50
2234
114%
4% May
8
I84
No par
31%
1434
Dec
878 Jan 13
112
50
Series B
100
Feb
39%
2178 Apr 14
19% Apr 12
5
Preferred
17,100
56*4
3
7
Corp
5
No par
Llbbey Owens Ford Gl.No par
Llbby McNeill & Libby
7
Life Savers Corp
6
Liggett & Myers Tobacco. _25
700
June
26's
Lehn & Fink Prod
200
37
2678 May
25
May
13*2 May
9713 Jan
134 May
178 May
1*2 May
100
Jan
21*4 May
17i2 May
19*2 May
2
May
2212 Aug
23*2 May
Lerner Stores Corp
8434
Jan
133
10*8 May
40*2 May
184 May
23gMar 10
No par
No par
Jan
Dec
Jan
June
2914 Jan 25
Feb 15
173
387a
195# June
109
I84 Jan 21
278 Feb 15
*22*8 Mar 3
Dec
Jan
22
1
62»4
Apr
2314 Feb 15
Feb 14
44
191i2 Mar
7
10414 Jan 27
Apr 18
Mar
6*8 Nov
1278 Jan
2i2 Deo
14i2
Jan 22
6
113
5U May
3*2 May
Apr 16
98i2 Feb 21
Apr
7i2 Nov
47s8 Mar
538
Mar 19
13i2 Apr 17
1578
Dec
1
Lee Rubber & Tire
178% 178%
15g
7
10
No par
4% conv preferred
J Lehigh Valley RR
1
May
18*8 May
par
Kresge Dept Stores
Lehigh Portland Cement
June
2*4 July
6*2 May
104i8
Feb 14
5% preferred
91
100
12
Lambert Co (The)
Nov
9
295s Mar 24
*22
*14%
128
Jan
94
14i2 Jan 10
par
*30*2
14*2
7
Apr
Jan
Apr 16
Keystone Steel AWCoNo par
20%
3034
14%
Jan
Jan 16
29
Jan
Nov
Apr
12
Kimberly-Clark
No
Kinney (G R) Co
$5 prior preferred—. No
Kresge (S S) Co
31%
*9%
9
Feb 14
22%
10
5
31
*31
10
7
9«4
118
May
May
1
*21%
21%
Feb
1534 Jan
Kendall Co $6 pt pf A,_No par
Kennecott Copper
No par
14%
2534
24
Feb 14
20*4
3Q34
69
28*2
Apr 18
4
15*4
18%
mm
118
City P & L pf ser BNo par
City Southern.No par
4% preferred
100
Kaufmann Dept Stores
1
5% conv preferred.
100
Kayser (J) <fc Co
5
Keith-Albee-Orpheum pf_.100
Kelsey Hayes Wh'l conv cl A_ 1
2()34
19%
30*2
2934 30*2
29%
*107*2 108*2 *107% 108*2
16%
16%
167g
10%
36
36
36%
36%
2%
2%
2%
2%
17%
158
Kan
11
Kansas
15*4
9%
Jan 10
14
3178
934
20*2
33
133U Feb
63i2 Jan 13
22
*14%
9
44
6% conv preferred
Lehman Corp (The)
*12%
84
Jan
978 Aur 18
800
278
12%
84
3
318 Jan 10
8% Apr 4
9412 Jan 17
8% Mar 15
55
Lehigh Valley Coal
33%
15*4
*14*8
108*4 108*4 *108*4
17*2
17*2
17%
284
40
21%
21*8
14
3
*8434
Mar 26
35i2 Apr 18
400
3234
21
14
1,800
21%
22
2*2
112% 112% *112
113
234
234
*2%
284
*%
%
%
%
*1134
84*4
102
Jan
500
*178*2 180*4 *178*2 180*4 *178*2 180
20
20%
20
*19% 2034
*19*2
20*4
2)8 Jan 16
3934 Jan 2
4H4 Jan 10
3U4 Jan 30
35% Mar 21
1
Lane Bryant
12%
84
68% Mar 19
Jan 13
1,200
7
"i'ooo
179
4
13
10
12
*6%
83%
,
Jan
26
2134
12
20*4
20
15)8
12
*18
22%
21
Jan 13
614 Feb 14
1714 Jan 2
22%
2%
131
6*2
23
Jan
158
May
6
Jan
Apr
72
145
Jan
218 Jan 10
9% Jan 4
37fi Jan 4
28l2 Apr 4
No par
9714 Apr 16
1638 May
May
May
66% May
7% May
4% June
21*4 Aug
133s
24*8
43*2
140
170
No par
12412 Mar 20
May
May
Johns Manvllle
Preferred
100
Jones & Laughlln St'l pref.100
Kalamazoo Stove & Furn___10
Dec
5
June
Jarvls (W B) Co—
Jewel Tea Co Ino
Feb 14
Dec
20
38
Laclede Gas Lt Co St Louis 100
7
*19%
284
Mar 21
284
June
136
30
*5%
23%
284
Apr 18
124
3
Jan 16
24
20*2
2%
%
28
1
2% Jan
49
5% May
May
12
31
16712 Jan 10
53'4 Jan 10
Kress (S H) <fe Co
23%
112*2
1
2
Kroger Grocery & Bak_ No par
*19*4
%
Island Creek Coal
Feb 14
Jan
4,400
20*2
234
7
No par
Feb 24
Jan 28
Feb 28
2,600
33*2
*30*2
2%
20*2
87
Jan 14
22%
22
33
31%
2%
7%
Intertype Corp
514 Feb 19
25%
11314
4%
11%
6
25%
*20*2
21%
37
12
100
3%
Jan 10
22%
*12*4
20%
21%
3734
2134
3%
101
25
20*2
12%
*30*2
37%
*6%
3%
230
1,300
*20
32
9%
300
500
20*4
22
10%
2,400
2*4
34%
83%
179
30
10,800
23*4
*22
112
h
3
12
7*4
*6%
21%
21%
22% 22*2
19*2
19%
*19%
19*2
112% 112% *112% 113
2%
2%
2%
2%
3
5%
8
*6%
3
32*2
3%
*3*8
22
*18
8
*7
*3*8
300
200
2384
22%
3%
150
27
2334
25
*3*8
230
1,500
29
*2
26%
2334
3%
22%
*3%
*27
2%
26*2
Teleg.
$6 preferred
"2" 100
10*8
36*2
*9%
18%
3
Feb 17
98
mrn-m
Jan
Feb 13
126
♦4
95
2
1184
*16%
2514 Feb 15
100
2
99
*119
Feb 19
Feb 19
Apr 16
Apr 14
Feb 21
Apr 16
No par
127
4*2
Feb 19
8
Apr
Foreign share ctfs.__No par
Interstate Dept Stores.No par
Preferred
100
*9%
18
Apr 18
Apr 15
Inter Telep &
99
*4
Apr 15
1,000
126
*16*2
Apr 18
1,000
10*2
*119
Feb 19
2,800
99
126
Apr 18
7%
*9%
126
50
7% preferred
Apr 10
2%
*86*4
8%
190
2
7%
99
126
012
314
2338
127U
Intnational Salt
2%
*8614
1
Inter Paper & Power Co——15
500
1
Apr 18
157l2 Feb 20
International Shoe
*2
94
44
100
2%
7%
No par
Preferred
100
Int. Hydro-Elec Sys class A.25
Int Mercantile Marine.No par
Apr
3% Feb 17
7%
1%
32i2
140i4
900
2*4
7%
109
2734
2734
1%
111% Jan 22
1912 Apr 16
5,800
3434
Jan 10
Interchemlcal Corp. ___No par
6% preferred
100
Intercont'l Rubber
No par
Interlace Iron
..No par
40
*1*4
3484
*39
26
2
6
107g
5712
li8
3484
38i4
2
28*2
28*4
13334 *128
13334 *128
13334 *127
10*2
*7
27%
34*2
33*4
7%
*86*4
1%
3434
40
27*2
100
*2
734
*1*4
3434
*39
27%
2
*88
8%
10*2
33
100
2%
*7%
94
*7
32
105
*31%
*100
1*4
3434
40
4% Mar 31
21% Jan 27
0% Apr 3
9
14,900
63
4
7
6% Jan
26~800
26%
83s Jan 10
175s Apr
43% Apr
Highest
$ per share $ per share
90% Jan
1312 Jan
Internat'l Mining Corp
1
Int Nickel of Canada..No
par
Preferred
__100
132
share
Feb 25
Internat'l Harvester
~i~7o6
1
Apr 15
per
9% Apr 18
2,600
162
1
73
Year 1940
Lowest
Inspiration Cons Copper___20
Insuranshares Ctfs Ino
1
Internat Agricultural. .No par
Prior preferred
100
Int. Business Machines.No
par
200
4484
60%
40
22% Feb 19
par
1,000
32%
149
148
13*4
3434
Feb 13
No par
*6
*19
12%
1%
Feo19
5
95% Apr 18
1334
3434
Ingersoll-Rand.
19
10
155% Feb 10
13%
*39
2
par
100
13*2
134
27g Jan
1000
Indianapolis P & L Co.No
Refining.
Industrial Rayon
.No
Indian
No par
12*2
35
6
6% preferred
13%
40
RR Sec ctfs series A
34% Jan
Inland Steel Co
12%
*1%
Feb 18
13
100
20
12*2
3434
0% Feb 15
100
500
95%
12%
*39
100
$
500
1
26%
Illinois Central RR Co
6% preferred series A
Leased lines 4%
400
23
$ per share
Par
Range for Previous
Highest
7234
*71*4
9%
161% *157
*127% 135
Lowest
156% 156*2
8
1
7*4
15
4
162% *159
3*4
26
6%
41%
7%
45
1%
Shares
14
1*4
*1*4
1%
34
34
*32*2
*32%
150
149*2 149% *149
4434
share
41*2
*3%
7%
1*4
per
7%
6
110
4
Week
15
20%
45
4584
1
1%
2
*125*2 127
1%
34
150
162% *157
734
8*8
734
1%
2
29
*3%
8
150
4484
2%
2%
92
4
7%
*1%
*32%
8
$
18
42
6
20
*20*2 21%
19%
*109*2 11034 *109% 110
*109% 110
On Basis of 100-Share Lots
EXCHANGE
Apr
20%
20%
149*2 149%
45
*23%
*150
20%
*109*2 HI
*3*2
*19
Range Since Jan. 1
NEW YORK STOCK
the
Friday
17
STOCKS
for
Saturday
Sales
Feb 19
Ex-dlv.
y
27g Jan 14
Apr 8
28
108% Mar 25
14*4 Apr 7
1478 Jan 6
lllTi« Jan30
25% Jan 11
3038 May
2*4 May
20
May
90i2 June
10i2 May
10
93
May
105
16*4
17*8 May
29
Jan
9
5
June
9*4
Apr
2
20
June
47*2
9
Jan
378
Jan
6
4
Ex-rlght.
Jan
Apr
May 111 "it Dec
9
984
Mar
177g
35
2934 Apr
Jan
5*4 May
Apr
Apr
Jan
Dec
1278
884
Apr
17*2 May
32*2
Apr
33s
Jan
t Called for redemption.
New York Stock Record—Continued—Page 7
2512
■
■
i.
April 19, 1941
■
$ per share
$ per share
*6%
*103
7%
*72%
*63%
| 29
3%
'
14
Apr
*6
6%
*103
105
63s
105
8
74
74
69
*63%
69
29
29
29
3%
23%
25
30%
30%
7
7
14%
29%
♦115
119
41
41
*65
*9%
*«!«
6
6
*103
110
*7%
72%
*63%
2934
Range for Previous
3%
62
103s
%
8%
72%
69
*6
6%
*10312 HO
7%
7%
78
*72%
*63%
69
2984
23
2978
29
31
30%
29%
30%
7
7
14%
31
118
*3012
678
14%
*29%
115
%
%
2934
3%
$ per share
678
14%
31
23%
14%
30%
14%
*29%
115
41%
115
"3%
61
9%
41
10
10
234
%
6%
104
7%
*72%
*63%
*2834
*3%
23%
28
*29
67g
14%
*29%
7%
73
69
30
378
.
18
6
6
600
8%
73
700
Mengel Co
210
3,300
27%
30
30
14%
14%
28
29
115
116
41
600
*108
•234
*54
10
2%
234
800
%
10%
%
2%
2%
2%
2%
2%
%2
%
%
*%
*%
2%
%
%
*%a
%
*%
*7m
234
%
2%
hi
2%
*%
2%
%
%
*%»
%
*%i
%
7a
14%
14%
80%
*14%
14%
14%
14%
14%
*1334
14%
80
80
80
*1334
*79%
900
1,400
%
*1334
80%
15
80
80%
80
113
113
115
*113% 115
11678 *115
1167g
1167s *115
33
34
34%
33%
3334
34%
40
*38
41% *38
41% ♦38
26
25%
2534
26%
*2534 26%
8%
8%
8%
8%
8%
8%
15
15
*1434
1434
15%
1434
19%
19%
19%
19%
19%
19%
*3%
3%
3%
3%
3%
3%
54
*50
51
49%
49%
*49%
10%
*10%
*10%
1034
10% *10%
63
*62
63
62%
*61%
*6178
*113
115
*115
11678 *115
34%
*113
35
*38
41%
*25%
26%
*8
8%
153s
*15
19%
3%
*49%
*10%
19%
3%
56
10%
62
113
678
*47
I7
*7
6
7%
174
12%
Mulllns Mfg Co Class B
1
3
.No par
Munslngwear Inc.....No par
13
12%
9%
9%
7%
7%
8%
1634
8
17
534
7%
8%
1678
16%
5%
7%
8
8
*7%
*8
17
578
0
*8
9
*8
9
2034
153s
*20%
2034
20%
*13%
20%
20
14%
♦133s
6
5%
534
5%
5%
*8
167g
*5%
*8
834
20%
14%
6%
*13%
578
83
*78
15
15
15%
1478
15%
172
172
174%
174% *170
154
154
150% 150% *150
*17
18
18%
♦17%
17%
17%
27
27
29
27%
27%
*2678
14
6%
6%
63s
83
*80
84
600
8
7%
167g
*162
*160
165
166
166
*160
165%
166% *160
12%
*12%
12%
12%
12%
*12%
12%
12%
12%
88
*86
88
88
*86
88
*86
87% *86
16
16
16
16
16
*15%
*15%
16%
*15%
12
12
12%
12%
12%
12%
12%
12%
12%
9
9
9%
9%
9%
*9%
9%
9%
9%
13
13
13
13%
1278
13%
13%
1278
127g
1678
1278
5%
14
1,600
5%
7%
7%
8%
16%
5%
8
17
4
4
6%
*80%
6%
6
*80
83
20
16%
5%
5%
834
20%
14%
*8
20
14%
6%
1,400
4,400
100
6
4,500
*4.50
18%
28
6%
634
53%
5334
4%
*8%
4%
9%
47
46%
46%
*47
60%
49%
*334
934
9%
49%
4%
49
4
634
54
4%
9%
6%
53
4%
*8%
5334
4%
52%
4%
*8%
5234
4%
52%
484
*8%
52%
50%
51%
2,000
National 8teel Corp..
434
9%
434
434
4,000
*8%
9%
*47
48
*47
48%
*49
50
*49%
50
37g
378
378
934
9%
10
9%
*9%
15
*14
15
803s
*7034
803s
*70'4
80%
*7034
40
*39
40
*39
40
*39
15
1097g *108
10978 ♦108
10978
24% 24%
24%
24%
6%
6%
6%
22
2178
2234
2238
*107% 108% *106% 10934
*3378
35% ♦33%
35%
12
123s
1178
12%
13
*13
12%
13%
6%
21%
22%
108% 108%
*34
12
'
29%
29
6%
1278
36
12%
1278
*13%
10
14%
80%
3934
63s
8
8%
*110% 112
*24
6
100
8
*110
112
*110
112
*110
115
*110
115
*734
58
«i«
%
%
»%
26%
2578
25%
25%
14
55
*54%
13%
♦96%
55%
6
6
13%
97%
%
%
26%
25%
*%
*%
*%
2534
*52%
*%
%
25%
%
*%
2634
*96%
578
97%
6%
*96%
6
97%
26
6%
97%
97%
6
6
37
37
37
2
2
2
*25
30
*12%
7%
13%
*12%
7%
13%
*12%
7%
13%
7%
15%
15
15%
15%
15%
7
7%
7
7
7
97
97
97
*3
15%
7%
99%
3%
1434
15
15
15
15
15
150
*147
148
*147
148
51%
*116
*97%
*3
7%
42%
*20
*51
98
3%
7%
2%
41
*7i2
♦3
7%
3%
7%
7%
42%
21%
*3978
41
*20
21%
51%
*116
41%
%
%
2634
2534
*51
7%
61%
*116
41%
7%
2%
41%
7%
2
11
2%
10%
10%
*10%
5
4%
4%
*1034
1078
*1034
26%
26%
27
3478
35
26%
347g
3478
*4%
1034
26%
35%
12%
12%
*12%
13
13
1078
*96%
97%
6%
37
2
30
7%
*52%
63g
111% 111% *109% 113
*110% 112
9
9
*9%
9%
934
*884
*25
20%
8%
8%
2,700
*%
25%
*2458
26
147g
15
7%
40%
*2034
7%
40%
21%
*51
51%
*116
42
7%
2034
51%
7%
*116
42%
*7%
2%
1278
5%
7%
4278
2034
*50%
*2
10%
*4%
1034
*10S4
26%
26
35%
35
13
12%
42%
7%
284
10%
6
107g
26%
35%
12%
day
42
7%
2
8,300
40
700
2,200
30
7
15
3,000
20
7%
3,600
43
300
20
20
200
*50%
41%
7%
2%
1034
26%
4%
*347g
35
*12%
13
Nov
8%
10%
Apr
54
Apr
4
4
5
Feb
6
3%
10%
Jan
4
7% May
8% Oct
4%
10%
26
*34%
*12%
a
8
107
4
Feb 19
9
106% Mar 8
32*4 Feb 18
1134 Apr 18
11*4 Feb 19
N Y Chic 4 8t Louis Co... 100
6% preferred series A
Feb 17
23l2 Apr 18
6*4 Apr 18
2034 Feb 14
No par
25
100
NYC Omnibus Corp..No par
Dock..
No par
Feb 14
1884 Apr 18
4i2 Feb 15
8
Apr 12
No par
978 Apr 18
87s
Jan
73*4
9*4
Jan
Jan
14% May
25% Mar
Jan 18
14
79% Feb 10
45% Jan 16
72
July
91
36
May
53%
Jan 17
100
June
16
110
May
Apr
10% June
Apr
110
Apr
Jan
23% Nov
30%
14%
27*4
110
Jan
6
105*4 Nov
110%
45
Jan
6
30% May
15%
157s
Jan 10
Jan 10
9% May
187s
Jan
878 May
15
May
21%
Jan
39
20% May
33% Mar
Jan
8
20% July
Jan
2784 Jan
6
2
6% May
31*4
8*4
33% Apr
24% Jan
6*4 Jan
12
4
6
7
Jan 10
3% May
484 May
60
Dec
Dec
Feb
Dec
*an
Jan
8%
12%
Apr
Apr
50
109
Mar
112
Jan
7
104
50
112
Apr
115
Feb 24
110
Apr
115% Mar
117% Aug
N Y Lack 4 West Ry Co.. 100
47
Jan
54
Jan 24
45
June
58% Nor
non-cum pref
1NYNH4 Hartford
Conv preferred
May
Jan
Jan 13
*u
Dec
•u Jan
100
100
North
American
6
% Jan 10
3184 Mar 17
3234 Jan 8
%
Oct
*11
Dec
%
Jan
13%
31*4
357s
Dec
20
Jan
May
*t!
North Amer
*1!
1% Feb
%
2
Jan
Jan
117
Dec
13% Apr 16
1
May
17% Jan 10
14% May
23
Jan
58*4 Jan
6
47% May
47% May
59
58
Jan
15
26*4
97%
Jan
12i2 Feb 14
7
534 Feb 14
50
96% Mar
100
51%
North States Pow *5 pf No par
Northwest Air Lines ...No par
Northwestern Telegraph
60
111
34
Jan 15
Norwalk Tire 4 Rubber No par
Preferred
60
2
Feb 15
24i8 Mar
12
2*4
27
Apr 16
Jan 9
Feb 1
Mar 17
Jan 11
Jan 11
13*4 Feb
7
8% Apr
4
1334 Feb 19
612 Apr 17
9518 Mar 17
18% Jan
9
10
6
8% preferred A
Oppenhelm Collins
100
3
No par
Otis Elevator........No par
6% preferred
J5.50
conv
1,000
150
140
10%
26%
5,000
Pacific Coast Co
Sept
27
May
39
Nov
Jan 11
2% May
25% Aug
11
Dec
5% June1
10% May
7% May
95
May
2% May
11% June
12484 June
5% Jan
42% Jan
16% May
8*4 May
23% Apr
14% Mar
112
57s
18%
150
7
May
12%
21
May
47
19
June
32*4
Mar 26
40% Feb 20
7% Apr 9
2
Apr 15
1012 Apr 8
4% Apr 17
10U Feb 14
...No par
2d preferred
No par
Pacific Finance Corp (Call). 10
Pacific Gas 4 Electric
25
Jan
114
10% Jan 10
51
Co. 12 60
10
1st preferred
9%
Deo
May
53% Jan 10
26% Jan 6
Apr 18
Jan
6
120
Pacific Amer Fisheries Inc...5
4%
4% May
Jan
101
Apr 18
7
20
100
42%
7%
2%
Jan
104% Jan 7
3% Jan 10
17*4 Jan 8
150
84% June
40U Apr 16
No par
1st pref..No par
Outboard Marine 4 Mfg....6
Outlet Co
..—No var
Glass
Feb 19
145s Apr 18
145% Feb 20
100
Otis Steel Co
Mar 31
May
Mar 31
Oliver Farm Equip
No par
Omnibus Corp (The)....
6
Owens-Illlnols
300
7
97%
7%
113%
10%
39%
6*4 Feb 19
Co..2.50
2,200
470
3
Jan
8*4 Apr 18
57% Jan 20
175s Jan 10
No par
Pharmacal
Ohio OU Co
Apr
545s Apr 15
53
Apr 16
10
Aviation
Northern Central Ry Co
Northern Pacific Ry
Jan
24i2 Feb 14
2514 Apr 14
50
50
Co.....
11%
*10
{ In receivership,
49%
Jan
4912 Apr
Feb 14
No par
Preferred
7%
1034
26
20
*38
2
Nov
Aug
May
Feb 19
Norwich
100
600
*116
10%
48
34
8
35s Apr 18
No par
54 pref series
150
14%
*147
42~~
10%
4%
26% May
May
4% May
43
N*portNewsSblp4DryDock 1
600
3%
*39
48
5% May
41
New York Central
3884 Sept
68*2 Jan 6
65s Jan 10
10i2 Jan 10
Apr
6% preferred series
967g
15%
Dec
60i8 Apr 18
43s Apr 12
8i2 Feb 19
Apr 18
Feb 14
200
*3
147
y28*4
226% May
*96
147
3
75g Mar 20
May
3%
147g
148
Jan
Feb 19
Feb 19
105
1,800
7
31
13% May
175
14%
*3
Jan
Jan 10
2
14%
6%
96%
3%
27
23*2
Jan
1434
67g
96%
97
Dec
Jan 25
13,900
7
Dec
153*4
13
preferred
Apr
176
100
N Y Air Brake
22%
May
117
7%
14%
678
14% May
June
1734
215
13%
1584
Jan
Feb 25
25%
14
Jan
June
Feb 19
7%
7%
Jan
12%
96
5% May
66
Oct
Apr
109
25%
*12%
7%
157s
200
*12%
13%
7*4
2678
100
13%
7%
25%
June
7% June
17
100
2
25%
*147
2
18% Apr
7% Nov
5% May
Adjust 4% preferred
10,100
37%
117g June
3
May
Norfolk 4 Western Ry
20
6%
57g
*110% 112
87g
834
2
99% Apr
20% Jan
16% Jan
13% Mar
Oct
400
11,800
10
*35
Nov
934 May
6
May
15%
100
9,400
28
*12%
7%
*3
37%
86
{N Y Ontario 4 Western.. 100
N Y Shlpbldg Corp partstk__l
Noblltt-Sparks Indus Inc
5
97%
*96%
Apr
132
39
10%
%
%
*%
19
100
N Y 4 Harlem RR Co
2,000
Dec
zl60
76
50
56
8% Jan 13
937s Jan 10
12%
2
1
5% preferred
Jan 16
Jan
Dec
6
...No par
30
2
*25
Rid and asked prices: no sales on this
*35
400
16
Apr
176
6
4*4% Conv serial pref.-.100
Newberry Co (J J)....No par
5% prefserles A
100
Newmont Mining Corp
10
Newport Industries
1
conv
87s Mar 20
2414 Jan 11
16%
24%
June
155
26
40
5 4% Prior preferred
6% prior preferred
$5
Jan 15
Dec
Jan
Jan 15
17% Apr 15
New York
6
hi
*%
*25
30
43
58
*%
%
26
*25
7%
10
*%
%
%
*4%
25%
25%
*24% 25%
*24%
207
207
205
206
211
*206
*206% 212
*206% 211
113
113
*113
113
113
*113
117%
117% *113
117%
13%
13%
13%
1334
13%
13%
13%
13%
1378
13%
5434
55%
*54%
5434
*54%
55%
54%
54% *54%
55%
53
54%
54% *5334
53%
53%
53%
54%
5384
*53%
13
13
13%
13%
13%
1278
12%
13%
13%
13%
*111% 113
*111% 112%
*9%
934
9%
9%
*37
39
*37%
37%
*2
*2
2%
2%
5
5,800
1834
112
115
2%
10%
2934
1834
8
*51
41%
*7%
29
*110
*110
*51
600
9
53
7%
12%
112
115
43
24,100
*8
63
*20
12%
9
*110
*147
1134
12%
29
55
117%
100
34
*18%
*4%
115
206
9,700
34
1378 Mar 20
June
Dec
8*4 Sept
10
Sept
Jan
300
10
175% Jan
13% Feb 24
88 % Jan
6
17»2 Jan 15
Apr
Feb
Jan
Nehl Corp......
Nelsner Bros Inc
300
9
16%
7%
22%
23*4
154
600
300
*51
*97%
39
Jan
Jan
Dec
176
978
13%
8034
106% 106%
♦110
7
13%
*7034
7% June
Jan
1078
11
Jan
53
Jan 28
39
14%
13%
Mar
87s Nov
Feb 13
9% Feb
6
634
Mar 24
No par
19%
30%
19%
Jan 30
June
18%
Feb 15
Feb 14
Natomas Co
97g
9
3*4 May
11
5% July
7% Jan
6i2 Jan 14
600
938
4
14% Jan 10
No par
9%
803s
3934
1
Apr
Jan
Apr 12
National Tea Co
29%
*18%
*4%
*7%
*u
%
160
1,000
21%
106% 106% *106% 108
35
*33%
*33%
35%
1178
12%
12%
12%
*12%
13%
*12%
13%
29%
29%
30%
30%
19
*1834
19%
*1834
*4%
*4%
684
634
58
%
200
334
97g
1,500
2,200
115
*i«
13%
*54%
50
*10634 108
*10634 108
23%
23%
24%
24%
*2334
:
6
6
634
6%
6%
22
22
22
21%
2178
*52
206
*39
47
108
108
*110
*113
*73
47
*49
Feb 14
1478 Apr 15
25
*2 conv preferred
3%
*9%
37g
110% 110% *110
19%
*4%
*%
2534
*25%
334
9%
9%
*13%
Feb 14
6%
83
111%
145
National Supply (The) Pa.. 10
50
Feb 17
8%
Jan
5% Nov
56% Nov
15-% Mar
172
No par
6,000
*39
24%
National Pow 4 Lt
6%
4734
Apr 18
534 Apr 18
80
Nat Mall 4 St'I Cast Co No par
National OH Products Co
4
6%
*7034
9%
12
10
6%
37s
3
1934 Apr 18
..100
100
6%
934
*9%
♦13%
934
938
400
No par
6%
*934
*9%
*14%
978
400
10
6%
9%
20% Jan 28
23% Jan
86
1
634
9
June
12i8 Apr 12
No par
7% preferred A
8% preferred B
May
41
166
...No par
National Lead Co
30
8% May
56
97% May
51i2 Jan 27
7
preferred. No par
conv
Feb 19
May
712 Apr 18
16% Apr 18
6
10
Nat Enam 4 Stamping No par
Nat Gypsum Co
1
100
lli4 Jan 23
71% Jan 16
112
4
5i2 Feb 15
100
Nat Distillers Prod
Jan 15
2% May
20
May
4514 Feb 24
4
Apr 8
100
Nat Dept Stores
Jan
Jan 11
514 Apr 18
10
Nat Dairy Products
100
15%
preferred
6% preferred
3,900
2834
Feb 20
8*4
127s
4%
7iz
15%
1478
15%
172
174% *170
151
151
151%
17%
177g
*17%
18%
26%
26%
27%
*26%
*18
67
National Cylinder Gas Co
900
12,300
*15
6%
Feb 19
15i2 Feb 13
12
Apr 18
*170
15%
conv
5% prefserles A
*150
*24
Feb 19
Nat Bond & Share Corp No par
Nat Cash Register
.No par
*167
*108
May
100
2,500
*150
4
Apr
15
12
Nat Bond & Invest Co.No par
154
*46%
*49%
Apr
24% Jan 13
4i2 Jan
18%
267s
2678 Apr
9
400
173
4%
*8%
Feb
16
May
10
1
7% preferred
200
80
534
80
Co
Nat Aviation Corp.....
National Biscuit Co
884
1934
*13%
6
83
5%
900
*150
54
307s
12
4
Apr
'617s Apr 17
110*4 Mar 3
Nat Automotive Fibres Inc.,1
400
4,800
*167
6%
21%June
878 May
46
$7 preferred....
Acme
Oct
17% Jan
Jan
8
1434 Apr 15
19
Apr 18
5
16
*5%
4
88i2 Jan
23
60
Corp
National
*15%
*27%
Feb
16
*84
12%
*17%
45
6
16
15%
Jan
33% May
No par
167g
92
6%
56
*5%
*14
*80
31*4 May
3214 Apr 18
3812 Mar 19
par
167g
*84
20*4
July
39i2 Jan
4312 Jan 23
Montg Ward & Co. Inc.No
600
100
Jan
May
334
51%
46%
Jan
122
*3%
46%
19%
119
1
49
9% May
119
5%
7%
17
6
*46
Jan
Feb 18
Nov
Mueller Brass Co
1,800
%
May
900
5%
% June
113% May
19%
5%
6
Jan
110
19
5%
%
z79
6
14i4 Jan
49
*46
5%
Jan
Dec
Jan
Nashv Cbatt & St Louis... 100
5%
Jan
%»
Jan 31
Motor Wheel
100
Nov
1%
4*4
120
Motor Products Corp ..No par
100
11*4
*i« Dec
117
340
400
7% May
Feb 14
600
10%
62%
Deo
Mar
700
112
6478
Mar 27
1434
62%
May
26
Dec
4
*11 Jan 14
Apr
15
Jan
Apr
1%
s4 Mar 31
14
Apr
4*4
2% May
77
2534
8%
*10%
4
Dec
110
115
2534
8%
1434
112
Jan
Deo
54
112
500
49
5%
62
113
11
45
124%
10
6,500
*46
5%
617g
*112
Jan 13
67
June
Jan
Feb
28% May
x38% Dec
12% Apr
17% May
No par
17%
49%
5%
113
*112
Jan 11
95
26
No par
17%
5%
113
414
May
33% May
6%
Preferred series B
4%
18%
»
*112
Jan 16
23% May
103
34% Mar
14.50 preferred
17%
*12%
*14
20
4%
12%
*8
% Jan 9
13is Feb 15
17%
1634
166
1278
*5%
10%
2
4
113
45'2 Jan 10
4
70
90
Jan 14
125
Mar
7% preferred series A...100
{Missouri Pacific RR
100
5% conv preferred
100
Morrell (J) & Co
Morris & Essex
51
6% May
11% May
li2 Jan
..
17
1634
12%
*9%
10%
53
May
6
3
9
3
conv
4%
8
17
*165
*51
Apr 15
17%
17%
*5%
7%
8%
17
3%
Apr 18
4
4 1
17%
*8
1434
19%
3%
24
Jan
95s
110
100
12,100
6
28
*17
*46
17
*5%
1,700
Jan 15
15% Apr
38i2 Jan
37
Mar
40% Mar 28
par
Aug
Feb 17
6% Apr 18
13
2% May
10
30*4 Apr
115
Mohawk Carpet Mills
Monsanto Chemical Co
May
11% May
Feb 14
4%
5%
4
17
80
79%
1167g 117
33%
32%
*38
40%
19%
300
*111% 115
11678 H67g
34
33%
40
*38%
26
26%
*8
87g
14%
200
May
82
255s Jan 10
2
4%
Murphy Co (G C)
No par
5% preferred
100
Murray Corp of America.. 10
Myers (F & E) Bro
No par
Nash-Kelvlnator Corp
5
*112
57g
49%
H
80
112
2,800
85
Feb
24% May
pref series B
100 rl07ig Feb 19
Minn Mollne Power Impt__.l
25s Apr 16
56
Feb 14
$6.50 preferred.
.No par
Mission Corp
10
9*8 Feb 3
Mo-Kan-Texas RR
No par
*8 Jan 4
4%
Feb
53%
Jan 10
Jan 3
4
9% Jan
108% Dec
14% May
64
Jan 16
Feb
100
1st pref
cum
May
33%
16% ! 16%
17%
17%
62
*112
112
8%
Minn-Honeywell Regu .No
.
2%
*%i
•v
20
62
10%
%
%
-
*54
62
10
%
3%
300
May
7% May
75
No par
Midland Steel Prod
120
41
2%
k
6
1,700
5
90
70
Apr 12
29
5
Miami Copper
9
Highest
share * per share
3
Mar
14
Mid-Continent Petroleum..10
41%
*%«
»
Mesta Machine Co...
Jan
Jan 13
3% Feb 15
2ia4 Feb 15
...1
50
2,000
400
678
9
per
70% Mar 19
5% conv 1st pref
Merch & M'n Trans Co.No par
27
7i2 Jan 15
66
1
(The)...
Apr 17
29
$5.50 pref serBw w.No par
Melville Shoe Corp
IO914
$
f per share
7h Apr 12
(6 preferred series A.No par
10
23
14%
100
..No par
$ per share
6
Feb 15
104
1
preferred
conv
700
23%
6%
6%
Mead Corp
30
29%
30%
*29
500
69
3%
23%
7
McLellan Stores Co
20
*103% 105
*73g
*72%
*63%
*28%
3%
Par
Shares
Year 1940
Lowest
Highest
Lowest
Week
$ per share
ei4
104
*108
62
34
Apr
$ per share
*40%
108
2%
*54%
17
Range Sines Jan. 1
On Basis of 100-Share Lots
EXCHANGE
*115% 120%
115
40%
108
%
37g
.
STOCKS
NEW YORK STOCK
the
CENT
Friday
Thursday
Apr
28
3%
*40%
41%
*40%
108% 108% *108%
x2h
*234
278
*54
62
*54%
9%
9%
9%
*108
*2?g
$ per share
16
.
23
7
14%
*29%
29%
*115
Apr
2934
334
23%
30%
678
14%
15
28
23%
27%
30%
.
3%
23%
3%
25
*2234
Apr
*7%
*72%
7%
Wednesday
Tuesday
Monday
NOT PER
SHARE,
SALE PRICES—PER
AND HIGH
Sales
for
LOW
Saturday
Apr 12
55
Jan 17
120
Mar 26
May
55
115% May
120
47
Apr
Jan
Dec
Jan
Nov
Apr
Jan
Jan
June
64%
Jan
6
6
4*4 June
2
May
10%
Apr
6*4
Jan
Jan
6
8
May
23*4
Feb
77g Jan
6
3% May
9% May
12%
Jan
14
25% May
34%
Apr
Apr
49% Jan
8
9% Jan
3% Jan
16
255« Feb 15
11% Jan 28
287g Jan 24
42
Mar
35
700
Pacific Ltg Corp...
No par
3478 Apr 12
40
Jan
8
33
May
50
Jan
13
700
Pacific Mills
No var
11
Feb 19
14
Jan 10
8
May
16%
Jan
Def. delivery.
»
New stock,
r
Cash sale.
*
Ex-dlv.
y
Ex-rlghts.
1 Called for redemption.
Volume
LOW
AND
Saturday
HIGH
$ per share
S per share
*11812 122
*118i2 122
151
148
3i4
314
*6%
684
,: 284
2%
.
-1084
33g
*6i2
234
1034
*83$
1114
10
*838
%
%
*28
*27
9814
10%
10%
1534
Wednesday
Apr. 16
$ per share
$ per share
*27
30
30
*27i4
*H2
134
27i2
1812
*84
8iS
7(,
8ig
778
778
714
714
6%
7
778
*634
*457>
4712
79i2
214
2i4
38i4
*4512
4612
4612
2i4
*2
*3714
*1214
113i2
2314
23%
*22is
22i2
40
*178
*9
51
28I4
*2
*2
*365s
*1214
23ig
22l2
39i2
214
9
50
2734
*22%
678
26
45
45
*85
86
85
ioi2
IOI4
75
76
110 "
*5's
634
26i8
*4412
10612 *106%
57g
62
v2
3734
234
*53s
3734
234
»
*62
i
3712
*2i2
*45
46
45
*2H2
22
*2U2
*75
*75
*434
*32i2
11
*6i8
*70i2
11
5
34i8
678
74
46i2
80i8
2%
2i8
*45
*273g
47
*2l8
578
*538
578
67
62
62
3734
3
3714
*212
3778
314
45
*45
51
2134
*2U2
76i2
*45g
32i2
*578
*7012
2134
76*2
<
434
32i2
434
32i2
*57g
*70i2
6I4
75
11
11
6%
32l2
6I4
75
11
5%
*59
38
*212
*45
215g
67
3834
314
5%
514
514
514
♦63s
;
684
6l2
65g
49
49
31
30
3034
62
*9i2
60
60
51
53g
70i2
578
3014
*58
*10
50
47
31
29
63
*58
**%
145s
"34
1434
1434
1434
143s
*1712
*55s
1934
*17i2
1934
*1712
634
934
103s
634
978
7
*634
934
*934
10i8
34
34
1034
54
150
♦1145s 116i2
26i2
2678
-Sty
*97i2
87
10l2
814
8%
9814
8712
1012
83$
4
4
*80
*32
IOI4
*158*4
6
10%
35
934
*158i4
*5g
3:534
7
97g
*934
*30
6
57$
7
634
912
10
1012
35
*95g
*33
5714
1912
*125g
*2414
HI4
...
*80
57
57
234
*25s
4314
1912
4312
234
43i2
193a
*125s
19i2
13%
*42i2
*1912
*125s
*24
25
*24
5714
1234
253s
14%
*80
5i8
7
*2318
8
11
*7U
8
*1018
11
834
*57i2
*58l4
87g
6U2
6H2
*8i2
9
*7
10
*7U
*10i8
10
11
83$
*5712
61%
*58U
70
*57i2
*58l4
8l2
61
70
8;
61
8%
*57%
60%
34
*57
17i2
1778
IOOI4 IOOI4
1714
1778
IOOI4 IOOI4
34
34
34
34
84
17*2
185s
17i2
18
1734 18%
1001410014 '100% 1003g *100% 100%
*87
*87
*87
90
814
8»4
90
*8ig
8%
8
87
89
83«
*18
23
*16
23
*16
23
*102
108
104
104
104
61
*60
*85
8
*8
104
61
87
8
*61
6212
11
11
89
89
*7U
3H4
75g
3H2
*52
10l2
*85
8I4
8I4
*6i2
612
714
*1612
*10%
4512
*»ii
2912
*u
5%
1712
1034
4512
1
»i«
%
*214
2%
*5
8
3534
3684
IIU4 111%
*41
*
42
714
3134
56
8I4
*6l2
8I4
*5ig
*16i2
105g
*4414
534
*9i«
3034
3g
r
31
*52
57
1034
89
714
29U
*i«
7U
17i2
1034
4834
1
30
'H
%»
23s
*5ig
8
355g
355g
11H2 111*2
*3g
*214
4134
4134
7lg
3II4
31i2
IOI4
*52
56
*60
*1034
*86%
7ig
3U8
*52
8 734
7%
7%
56
*52
5%
1634
11
*%
rlt
*16
1634
11
107g
*4414
11
*l07g
4834
*44%
4834
1
1
*ht
2912
%
*2
214
2U
*5ig
8
3612
36i2
11H2 IIH2
4134
42*4
29
*%
k
12
i2
*214
23g
*5i8
8
3612
36«4
llll2 11134
40lg
4118
Bid and asked prices; no sales on this day.
46%
1
*»«
29
29
*%
7
5%
16
1034
*44%
*»i«
29%
29
1,600
4,500
_4~, 000
tt
*%
711
%
2%
2%
8
*5%
35% 36%
112
112
4034
42
*5%
35%
112
40
41
t In receivership,
"2",200
2,800
Apr
Mar
Apr
114% Oct
16% May
Oct
118
Jan
116% Feb 15
22% Feb 14
—7
-
*94
Feb 14
Mar
7
8334 Feb 15
10% Jan
8% Apr
4
Feb 16
Jan
Jan 11
Jan
28
„.Apr 3
9% Apr 4
101% Jan 8
90% Jan 10
11% Jan 11
10
66% Mar 21
60
234
38%
18%
12%
24%
12%
23%
60
21
1
50
5
Mar 24
Mar 14
Feb 14
112% May
28% Dec
9
Jan 17
4% Jan
4
100
-
84
May
9
June
Feb
4% May
90
Apr
90
Apr
69
62% Jan
2
48% May
334 Jan
2
3
34
46
Apr
June
20
Jan 23
17
Jan
28% Jan 14
24
Feb 14
15% Apr
Jan
8
26
Jan 10
7
24
Jan 13
17
Jan 27
4
1% Jan 11
2834 Feb 4
9% Jan 7
734 Jan 21
Apr
7
1% Jan 11
2234 Jan 6
May
June
6% May
8
Aug
6
May
13734 June
50
May
1
May
14
May
Mar 18
87
Apr 16
97
Jan 13
60
8
Feb 19
11
Jan
3
Jan
2
7% May
17% July
70% May
May
19
Apr
8
24
....100
100
Mar
4
113
Jan
8
70
June
60
Apr 17
73
Jan
8
39
May
10
Feb 15
13% Jan
9
8% May
75% Mar
85% Mar 27
Feb 19
10% Jan
6
30% Mar 21
34% Jan
7
62
No par
No par
53% Jan 13
Jan 17
7% Feb 14
6
Apr 15
4% Mar 8
15% Jan 30
1
934 Feb 15
1
'liMar 11
10
100
...No par
100
Savage Arms Corp....No par
r
Cash sale.
94% Jan 16
Apr 15
%• Jan
%
2%
434
35%
109%
37
*
Jan
9
4%
Dec
100
101% Feb 10
27
23
May
184 May
6
6% May
55
13
:
10%
63%
Dec
Jan
69
Jan
2
Apr
24% Nov
10534 Sept
97% Dec
1434 Jan
30%
117
Apr
Nov
74% Deo
15% Feb
96% Apr
11% Nov
52
Dec
44
May
May
30%
56
Oct
Jan 22
6% May
9% Jan 27
484 May
9% Nov
7% Jan
5»4 Jan 16
3% Aug
11% May
12% Dec
45% Oct
t$ Deo
22% Apr
15% Nov
48% Nov
1% Feb
26
42
1734
13%
48»4
%
38%
Mar 20
Jan 3
Jan 14
Apr
5
Jan 10
June
12
Feb
Jan
%«
Dec
3g
4
% Apr 15
%
Oct
%
3
Feb
3
434 Mar 20
45
2
3
Jan
Deo
5
34
May
53
112% Jan 11
96
May
111%
Feb 19
50% Jan 15
17
May
Ex-rlghts.
Jan
Jan
May
434 May
Jan 13
Feb 17
Ex-dlv.
Jan
Feb
8
Apr 18
Jan
Mar
884 Nov
% Feb
Mar 20
Oct
Feb
13%
7
Jan 18
Apr
Deo
Dec
23
Apr
29% May
37% May
17% Apr
15% May
13% May
25
Feb
Apr
43%
9% May
19»4 June
»4 Apr 10
.........10
384
2% Nov
Feb 18
2
May
15%
15%
7%
Jan
7
89
June
9% Sept
Apr 16
1% Apr 9
22% Mar 12
par
32% Jan
nrfMay"*
97% May
73% May
100
5% preferred...
New stock,
June
128
Apr
110
Jan 29
10
Safeway Stores
n
53
165
6% preferred
;.
100
|8t Louis Southwestern... 100
5% preferred
100
d Del. delivery,
May
145
25
tSt Louis-San Francisco
220
21
May
3
Mar 19
29
8
35%
112
14% Jan
1434 Jan
45% Nov
7184 Apr
118% Jan
43% Apr
115% Jan
6% May
63g May
6
Jan 2
Jan 22
Deo
Jan
July
143
Mar
42% Mar
10
8
158% Feb 11
117% Jan 25
Apr 17
52.50 conv preferred.No par
JRuttand RR 7% pref
100
1.300
*2%
%
*2%
Jan
20%
1234
8
Mar 12
St. Joseph Lead..
400
%
8% Mar 28
13% Jan 6
148
1
Rustless Iron & Steel Corp
20
12% Jan
6% May
434 Oct
8% Jan 10
13%
4034
58%
119%
29%
Feb
May
June
200
1
%
15
2
Deo
16% Apr
151% July
1% Mar
2234 Feb
126
5%
300
7
Ma. j
151% July
Deo
110% May
Rltter Dental Mfg
"2',900
Jan
57
May
Jan
4
Roan Antelope Copper Mines.
Ruberold Co (The)
No par
4834
Jan 10
Oct
Jan
11
May
137
100
Richfield OH Corp
1,200
5
123% Jan 15
700
'
May
8%
4
7
29
Apr 18
Apr 18
51% Feb 21
100
preferred
Common
1034
178
129% Mar
...100
Reynolds Metals Co...No
56
16
June
116%
243g
101%
115%
5M% conv preferred... 100
Reynolds Spring
1
Reynolds (R J) Tob class B.10
90
700
%
■
10
33
6% conv prior pref ser A.100
Revere Copper & Brass
5
10%
*85%
1612
Deo
16% Nov
154
4% May
Mar 31
1634 Feb 14
lli8
8734
7ig
3II4
*6
13'%
164
61
5X%
'
85%
May
167
1
Feb 19
7% preferred...
7
Apr 31
Feb
7% Jan 6
9% Jan 10
Feb 13
60
*6%
*5%
*16
Feb 19
181
61
62
634
5i2
5
Apr 17
60
*60
*6%
*5i8
5
1
11
6i2
8
12% Jan 7
10% Mar 10
67% Jan 23
60
6
Mar
9% Feb 19
No par
Class A
8%
Jan
6% Mar 26
9% Feb 27
8% Feb 4
60
8%
15
8
62
8%
May
5% May
6434 May
13% Nov
164
100
60
31%
16
2
57
Manhsttan.No par
22
8%
2
7% Nov
46% Dec
9% Nov
154
1st pref..No par
104
8U
*»u
conv
*95
31%
Dec
Jan 30
60
,
conv preferred
*16
*52
Apr
75
No par
22
56
28%
May
3% May
100
104
31%
May
35
Mar 28
100
*95
31
22
78
Republic Steel Corp...No par
6% conv preferred
100
340
7
Jan
100
*16
8I4
29
1st pref
23
8I4
107S
*44U
conv
Remington-Rand
1,900
19,800
11%
86%
Feb
23% Jan 11
Preferred with warrants..26
Rensselaer & Sara RR Co..100
Reo Motors v t c
1
"l",600
100
7
Feb
66
2% May
May
Deo
4134
6%
36
84
Rels (Robt) & Co 1st pref.. 100
900
11%
86%
7
Apr
49
7
46% Jan
884 Jan
Reliable Stores Corp...No par
Reliance Mfg Co
...10
200
8
Fen
434 Feb 14
9% Feb 19
Preferred
87
3% Feb
50
734
Jan
27% May
% Jan 6
16% Jan 17
4% 2d preferred...
Silk Hosiery
8
Dec
May
30
2
Apr 18
Jan
Jan
87% Deo
14% Nov
97% May
3% May
69% Jan 18
41% Jan 2
21
Real
*84
8%
8I4
*5*8
16*2
"if
1734
100% 100%
7
Jan 17
17% Feb 18
5% Apr 18
104
*16
6212
IOI4
88i2
73g
*85
87
34
June
10
No par
Reading Company
4% 1st preferred.....
400
10
17
7
% Feb 14
14% Mar 3
6%
""906
62
60%
70
Feb
47
108% Apr 18
734 Jan
578 Apr 16
100
7% pf 100
Radlo-Kelth -Orpheum
27%
8%
*57%
9
5
$3.50
900
1%
73$
11
8%
61
6
Jan 21
Jan
10%
40%
25% June
37% May
73%
6% preferred
5% conv preferred
1,000
10
73$
6% May
2
Mar 29
Jan
Apr
Apr
8% Nov
Deo
41»4 Nov
Raybestos
*7
35% Jan
24
May
534
16% May
10
May
Rayonler Inc....
53 preferred....
*934
15
4
19
100
10
Apr
Jan
Apr
Deo
8
900
8
11
17% May
11% May
8
100
*7%
*934
Nov
4%
13%
4634
29%
7
2,200
*7
8
200
23
2534
*233$
Nov
43
Jan
234
*2%4
*1%
*23%
1®8
27%
*1
23
May
1% June
5% May
65
Pub Ser El & Gas pf 55.No par
Pullman Inc
No par
Pure Oir iTHOrr...—-No par
12,600
257g
.
May
23
Jan
43% Jan
75% Jan
43%
*25%
*1%
*23%
*1
50
58
23
Jan 27
Jan 23
2% Apr 9
10% Apr 4
31% Feb 17
Radio Corp of Amer...No par
26
25% Nov
28% Apr 18
17,800
26
May
15
45% Feb 14
200
*>2
15
1
100
6% preferred
7% preferred
8% preferred
100
24%
'
*2134
4
70% Apr 18
pf.100
9%
14
Mar
Apr
....100
pr
5% pf (ser of Feb 1 *29). 100
700
20%
12%
14
Dec
6
4% Feb 19
Purity Bakeries...
No par
Quaker State Oil Ref Cor p.. 10
*23
Feb
46%
16%
Jan
13%
112%
25%
24%
43%
6% Feb 15
800
*19%
*11%
12 34
26
*714
*10i8
»xa
19%
58
1% May
1134 May
934 June
4
Mar 17
44
5
55 preferred B
2 34
*40-3
1% May
2
174
10%
24%
1478
23
lSg
255g
*7
"it
*14
*2134
10
34
*24
14
*2514
*7
834
6H2
61i2
78
125g
2412
234
44
2534
23
15g
10
158
12
*aJ7$
57%
234
*42%
19.4
*12%
61
62% Jan
96% May
4% Jan
2
2
100
4%
4
21% Mar
Mar
No par
No par
Pub Serv Corp of N J._No par
55 preferred
No par
300
87
2
Mar
May
guar preferred
5%
*80
25i2
*7
734
4
10%
*9%
Jan
3534 Feb 20
No par
20
131
*8 534
10%
9%
4%
14
*2378
11
86
14
26
,*7U
86
preferred
6% conv 2d pref
Procter & Gamble
lizlioji
*10%
*8%
52
2
Nov
Jan
68
4
Mar 28
5% Jan
Pressed Steel Car Co Inc
2,200
*148% 151
*114% 116% *114% 116%
24% 25
.—8*2
8~—8k
*96% 98% *96% 99
*80
20l2
*130
June
Apr
3% Jan
7234 Feb
100
3,000
*148% 151
57%
*2338
2578
131
284
44
23
15g
54
*130
573$
2534
*1
200
1,300
5,000
118
71
Nov
234 Jan
Postal Teleg'h Inc pref.No par
1
200
53%
Dec
Pond Creek Pocahontas No par
Poor & Co class B
No par
""600
24% 24%
10334 10378
116% 116% *116% 117
43
1134
234 Mar 18
Plymouth Oil Co
1,800
2478
7
Feb
2%
44%
23%
2-%
12%
10%
5% June
6
12% Jan 10
105
25
Pittsburgh & West Va
*%
*117
9% Jan
Deo
18
34 May
5-% May
80
*38% Feb 14
Pit Youngs Asht Ry
Plttston Co (The)
103
Feb 20
100
7% pref class B
5% pref class A
5%5% 1st ser conv
160
10
4
Deo
Nov
11%
Pitts Screw & Bolt..
100
33
118
24%
conv
Apr 12
.........6
Flour Mills
Pittsburgh Steel Co
140
33
Jan
10% Apr 14
Pittsburgh Forglngs Co
1
Pitts Ft Wayne & C Ry Co. 100
320
11
118
...
$5
7%
35
103
1
934 Jan 10
Apr 15
Apr 4
Jan 23
6% Apr 18
10%
May
6% May
29% Deo
13% May
33%
23%
7.%
77$
Pirelli Co of Italy "Am shares"
600
54
54
Hosiery
Preferred
Plllsbury
2,000
6%
15
Sept
4% May
Mar 31
No par
3
Corp
Phoenix
100
9%
Jan 31
Jan
57
Phillips Jones Corp....No par
7% preferred
100
Phillips Petroleum
No par
200
9%
10
*33
*10
571$
*2134
200
18
558
35
234
*4214
*1912
14
900
10%
99
20% Feb 14
21
Jan 31
Philip Morris & Co Ltd
10
Preferred 4%% series...100
■*'
64
42% Feb 15
Phlleo
7
Dec
100
1,000
■5
105%
100
*6% Apr 17
Jan
Apr
99
30% Jan 10
20% Jan 6
87
14%
6
2
June
1
45%
May
1% May
79
14%
634
97g
978
Jan
Feb 16
10
26% June
7
46
*17%
5%
6%
18
3634
100
Jan
% May
Mar 28
2
40% Feb 18
500
34
14%
Feb 14
16 preferred
*158%
*%
Feb 14
1,200
58
14%
22
21
May
634
Jan 11
1234
99%
1134
15%
26
47
*17%
*534
6%
112% Jan 28
...50
7% Jan
8% Nov
4% Mar
25% Apr
Jan 10
Jan 9
106
PhUadelphla Co 6% pref...50
10
9%
10
12
1% Mar 17
37% Jan 10
800
28%
1934
578
634
97g
10i2
Jan
6% preferred
100
Pitts Coke & Iron Corp No par
58
4
5,500
130
47
34
1434
Feb 20
12
200
28%
6
Pet Milk Co..........No par
170
0
Jan
Apr
Petroleum Corp of Amer
5
Pfeifler Brewing Co...No par
Phelps-Dodge Corp
25
500
30%
3% Jan
16
300
600
10
10%
36
.100
2% June
5% Oct
2% May
3
10
87
1% Mar 24
6
60
734 Apr
7434 Feb 20
134 Feb 15
7
70%
47%
Deo
4% Jan 10
No par
Pittsburgh Coal of Pa
60
Mar
160
Jan
Marquette Ry Co
5% prior preferred
5% preferred
20
30
139
June
48
400
30l4
May
144
2,600
4%
60
115
Jan 10
4
Feb 19
share
per
Jan 27
43% Mar
2
Highest
share $
per
126
No par
{Peoria & Eastern Ry Co.. 100
1,470
2,290
$
160
84 Feb 21
734 Apr 18
634 Apr 18
Pere
*172
__
17% Feb 14
31
47
10%
*158%
2.50
100
60
47
10i2
1
Peoples Drug Stores Inc....5
Peoples G L & C C (Chic) 100
300
234
'
1
300
22%
■
FeD
1% Feb 19
25% Feb 14
5% preferred
Pennsylvania RR
700
__
7
10
95% Feb 14
10% Feb 3
1434 Apr 9
Lowest
share
Penney (J C) Co
17,000
45
5
Feb 27
Penn G1 Sand Corp....No
par
6
7
Feb 15
Penn Coal & Coke
Corp
10
Penn-Dixie Cement
No par
$7 conv pref ser A ...No par
200
70%
5%
per
Penlck & Ford
100
50
\
29
101
Patlno Mines & Enterprises. 10
7«800
4%
7
% Feb 15
Parmelee Transporta'n.No par
Pathe Film Corp
l
39
*28
3
7% Jan
1
Parker Rust Proof Co
67
234
Mar
No par
Davis & Co
1,300
5%
45
5
10% Apr 18
10
1~600
~
*160
5
5714
*2518
*101s
884
*5712
Park
600
6
*614
3
43*2
20i2
13*8
25i8
2534
2234
15s
*1
600
share
5% Feb 18
234 Feb 14
100
1,800
1,000
38
1H2
234
14i2
*2134
6% 1st preferred.
6% 2d preferred
Park & Tllford Inc..,
Park Utah Consol Mines
100
5%
*58%
74
57ig
14ig
*25
3H2
6
*70%
*17314
5418
537g
54
5334 5418
*117
118
118
*116*2 118
25
2434 25
2434 2478
10334
10334 10334 10312 103i2
117
117
117
117
117
130
130
*130
131
130l2
150
150
148% H8I4
*148i4 152
♦1145s 116l2 *1145g 116l2 *1145g 116i2
2634 27l2
2634 27*4
26i4 26i2
——-8%—8%
8% ..858 „,.„8%_—&%
97
97
*97i2 98i2
975g 975g
8612 86i2
87i2 88
86I2 86I2
IOI4
IOI4
IOI4
10i2 *10i4
105s
*814
914
*8*2
912
*812
9l2
4
4
4
4
4ig
4i8
*80
*25s
*4134
200
3,700
1,100
*21%
3
Panhandle Prod & Ref
1
Paraffine Co Inc......No par
4% conv preferred
100
Paramount Pictures mc
1
19,700
2%
2%
*75
*160
...
54
54'8
*116i2 118
*11612
25
25
247g
*103
10334 103l2
*11612 11712 *1163g
*12912 131l2 *12912
150
100
1,300
per
■
Year 1940
Highest
116% Feb21
147% Apr 8
Packard Motor Car
No par
Pan Amer Airways
Corp
5
Pan-Amer Petrol & Transp..5
5,300
80%
5
*10
11
5i8
*612
1934
6is
34
200
47
5
6% preferred
..100
Pacific Tin Consol'd
Corp_..l
Pacific Western OH
Corp...10
16,600
*2%
2%
*36%
*12l4
45
22%
*75
70i2
1478
*17i2
20
600
79%
3914
314
*43i
*30i4
3212
10i2
*14%
6
*46
67
45
*45g
*31*2
578
*10
57g
*2158
*75
1012
*158i4
10i2
*5s
*45
2l4
214
38
*53g
*58l2
38%
*2l2
2158
*172
*158i4
Par
Pacific Telep & Teleg.....l00
90
734
634
634
81
*2
2*8
734
47
*80
2
2
*160
30i2
Lowest
30
*27%
8%
678
*45
2
*17312
*60
30
67g
*160
52
Shares
6%
*172
51
$ per share
*634
*160
514
$ per share
*734
*160
634
Week
8*8
*175
514
Apr. 18
*3634 38
*36 5g
*3658 38
38
15
*12i4
13i2 *1214
13i2
*1214
13l2
13%
113
*112
11312 *112
*112
113
11212 *112
112%
23%
233g 2378
2312
23
2334
2334
z4%
2378
22l2
22i2 23
22
*2214 23*8
*2214
23%
22%
39
39i2 *39
39
3912
*3884 40
*3834
40
214
*15g
2%
*112
212
*l5g
212
*H2
2%
9
*8i2
~
9
9
*812
914
8l2
812
52
52
53
53i2
52
5112 52l4
5412
53%
2914
28
28I4 2934
29
29
30t2
2834
29%
23%
2312 23i2
23
2214
22*4
*2214
*22%
23
678
634
678
6
65g
678
#5%
534
534
634
7
6%
7
634
*612
634
6%
6%
2634
27
26ig 26l2
26i4
2678 2714
2634
27%
44
4512
44
44l8 4412
44
4314
44%
44%
85
*85
88
*85
87
*85
87
*85%
87
IOI4 *103g
1034 *1038
1034
*1012
1034
10%
10%
76
75
75i2
74
75i8 75i2 *7478
76i2
7478
IO6I4 *10634 10812 *107
108i2 10714 10734 108% 108%
*11
6I2
EXCHANGE
_
634
7
265s
:i%
80is
23g
2%
38
*112
212
912
5234
28i2
80
*2
*2
40
:
*$2%, 2312
684
*684
7912
15
*112
the
8
714
•
On Basis of 100-Share Lots
NEW YORK STOCK
Friday
*
1
1
Range for Previous
Range Since Jan. 1
'
8
2513
i «
STOCKS
Thursday
Apr. 17
*118i2 121
*118i2 121
II8I4 118%
148
*148
151
*148*2 15H8 *14812 151% *148i2 151 i8
33s
*33g
3i2
*3%
3*2
*3%
312
33g
33g
7
7
*612
684
7
7
•65s
634
634
234
234
234
278
234
278
234
234
10i2 1078
1012
10 4
1034
1012
1034
1012
10
*9
*83g
9i2
*9
9
9
934
V
934
7S
7S
78
*iij, ••••••
78
78
71
78
7S
30
8
Sales
*118i2 121
*27i8
*18*8
•»
Record-Continued—Page
CENT
1023a *101
1023g *101
102% *101
10238 *101
102%
IH4
1158
11%
12
11
lll4
1112
11%
lli2
11%
98i2 9812
*9814 9914
99
*98*4 99*4
*98i4
*98%
99%
IOI4
105g
1012 1078
10i2
105g
105s
1034
10%
10%
15
15
*15
*15
*15
1534
1534
1534 *15
1534
*H2
1^8
*ll2
1&8
1%
1*2
H2
1%
1%
1%
27
27
27
27
2712
2714 2714
27
27
27l2
18
18
18%
*18
18%
18
1834
18i2
1812
187g
*34
78
*34
78
*34
7s
*34
7S
*34
78
11%
9814
*15
NOT PER
for
Tuesday
Apr. 16
10238 *101
III4
79'
SHARE,
if
•It
30
*101
SALE PRICES—PER
Monday
Apr. 14
Apr. 12
*148
New York Stock
152
43
Mar
Dec
Dec
f Called for redemption.
New York Stock Record—Continued—Page 9
2514
AND
LOW
Sales
stocks
Range Since Jan. 1
On Basle of 100-Share Lots
Thursday
Friday
JOT
the
new york stock
Apr, 15
Wednesday
Apr. 10
Apr. 17
Apr. 18
Week
$ per share
$ per share
$ per share
$ per share
Shares
SALE PRICES—PER
HIGH
Saturday
Monday
Tuesday
Apr. 12
Apr. 14
$ per share
$ per share
9
9
*84
86
♦37
39*2
8*4
*113*8 115
*108*2 110*2
%t
*i«
%
H
13
13*8
*2
2*2
70*4
69*4
9
9*8
8*2
8%
86
*84
84
8*4
84
8%
SHARE.
8
8%
82
86
*82
39*2
11*2
lCSg
10%
10%
10%
10%
10%
*6412
66
64
64*2
04*2
65
63
65
3*4
3*4
55
5*4
*5*8
3*4
3*4
55
*53
5*8
3%
*53
5*2
37
36
30*4
12
12*8
12*8
4*2
4*2
17*4
17
17
*1*2
1*4
*23
*36
17
*1*2
12*2
4*2
12*2
13
*4%
*1*2
16*4
1*4
2278
23*2
22% 23
23%
101*2 102*2 *101*2 104
*112
112
*23
*15*4
10%
*12
12*4
*12
13
*13*4
14*2
14
14
8*4
15*4
878
178
16*4
17*4
17*8
178
144
144
25
24*2
9*2
978
25*4
8%
8%
*80
13*2
8*2
2
17*2
144
24*2
Servel Inc
13%
4%
17*4
1*4
25*4
36
*35*4
12%
110
17
Shell Union Oil
Silver King Coalition
900
1*4
......
*12
*13*4
2
2
2
1,800
*15%
15%
17%
*14*4
15
700
16*4
17
1,200
139*2 140
210
140
Skeily Oil Co
8*4
28,500
24%
9*2
10%
814 June
8i2 May
par
312 Apr 18
51l2 Feb 27
55*4 Jan 14
40% Aug
558 Apr 18
4*4 May
par
13% Apr 17
15
100
Snider Packing Corp—No par
25
23
22*4
23*2
21%
23
13,000
27
27
500
1%
*3*4
.
1*2
1*2
1%
1%
1,500
*3*4
1%
4
3*4
*3*4
3%
100
5% preferred
Mobile & Ohio stk tr ctfalOO
Wlthington—No
Sparks
par
1
No par
Spencer Kellogg A Sons No par
Sperry Corp (The) v tc
1
Spear <fe Co
$5.50 preferred
18*2
18*2
32
32
3158
3178
00
*58*4
*18*8
18*4
*18*8
18*4
32
32
32*2
31
*31*8
31*2
*31*8
31*2
58*4
58*4
*58*4
00
2:5%
5*2
5%
19
31
*58*4
18*4
31%
*18%
31%
18*4
30%
29%
30*2
4,200
31%
*18*4
30*4
30*2
30%
30*4
600
*58*2
59*2
*58*4
30*4
59*4
5*4
5%
5%
6*4
3,000
18*4
00
200
55S
50*4
51
32*4
33*2
*112*8 113
0
6
*111*4 112*8
»16
2*4
5%
6%
5%
10
50
50
*50
51
50
50*8
48% 48%
33
33
32%
32*4
32*4
*32%
33*4
32%
112*2 112*2
112% 112% 112% 112% *112%
0
6
6
6
5%
5%
0*8
5%
5%
6%
111*4 111^4 *111*4 113*2 *111% 113% *111% 113% *111% 113%
»ie
*2
*2
%
%
*2
*2
**2
*2
»»
3
3
3
3
2%
2%
*2%
2*4
2%
2%
17
17
16%
16*2
*16*4
*10*4 17
16%
16% *10
50
330
50*8
33*2
1,300
112*8 112*8
60
*32*2
*10*8
278
17*8
18
18*2
17%
18
18
18
18
18
*18*4
19*2
19*4
20
20*4
19*4
19*4
20
27*4
7,700
2,700
18
18*4
19%
20
19*4
20*4
8,300
27*8
27*4
27%
28
28
28*4
27*4
28
15,200
35
27*4
34%
28
34*4
*35*2
35%
35
34*4
35*4
34%
35
34*4
34%
22,400
30*2
36
36
36
36
*35*2
30*2
36*4
36*4
36
36
*30
37
*35*4
37
*36
37%
*35*4
37*2
*35*4
55
55
53
54
53
*0*4
7
4*4
6
6
5*4
51*2
5*4
51*4
116*4 116*4
8*8
8*8
*15*8
10*2
1*2
1*2
12
rll58
21
21
*4
54
6%
7%
7*4
6%
3*4
4
3%
5%
5*2
*50*2
6
0
5*4
6%
5%
51
50
110*4 116*4
8
51%
♦51
Stone A
8,700
Studebaker Corp (The)
51%
1,000
Sun Oil Co
15%
*15*4
16*4
15%
15*4
1%
1%
1%
1%
1%
1%
1,600
11*4
20*4
11%
20*4
11*4
*5*2
*4
*4
5%
*4
5%
21*4
21
21*4
20%
21*4
21
5%
21
18*4
17%
18
18%
18%
*18
18%
6%
5*4
*5*2
6
4-'%
34&8
*33*2
33s
*3*8
*7*2
5%
*5%
2:3%
*4*8
4%
38
8
7%
30'%
*3%
7%
37
36*2
*4%
*33*2
37%
7*4
37
4%
35*2
*4*8
4*2
100
35%
3%
100
7%
1,100
37%
3*4.
11,200
1,200
3%
3%
33*4
34%
3*8
3*8
3*8
3*4
35*4
34%
*5%
35%
34%
5%
5%
5%
34*4
*5%
34%
6
*378
4
3%
3%
4
4
4
4
10
10
10
10
10
10
*0
7
*6
*33
30
*278
*39
35
33
33%
5%
3,100
3*8
4*8
*6
6%
*34*2
*2%
40
36
*34*2
3*4
4%
*2%
*39
40
4%
*35*4
36
*35
3
3
3
36
3%
*0*4
*34%
*2%
*39
40
4%
36
27s
6*2
9*4
9%
9
9%
4,600
6*4
*6*4
6%
100
4%
36
*33*4
3%
2%
4%
4%
"4%
35
35
2%
36
36
35
3
3
3
3
*4*2
4%
35*4
1*8 Feb 27
*2%
3%
100
39*2
Co
4% Mar 25
32
7i2 Apr 10
33
4*4
1,300
4%
No par
818
35
.....No par
100
.1
30
Tompson-Starrett Co.No par
$3.50 cum preferred.No par
Tide Water Associated Oil.-10
8g Apr 16
*34
*13%
9%
9*4
9*2
9%
3,400
96*4
*96*4
28*4
96*4
96%
*94*4
97%
*94%
97%
200
28*4
27%
28*2
28%
29
*94*4
28%
97%
28%
96%
28%
28*4
4,300
$4.50 conv pref
Timken Detroit Axle
42
4214
41%
42%
42%
42*2
42%
42*2
41%
42*4
1,800
Tlmken Roller Bearing.No par
4*2
4%
4*2
4*2
4%
4%
4%
4*4
4%
4,100
Transamerlca Corp
12
11*4
11*4
1,400
2
Transcont'l A West Air Inc__6
8
*7%
7%
300
Transue A Williams St'l No par
1*8
1*4
10,500
71%
71%
40
*4
10
6
*16*4
8
1*4
72
4;%
10
6
18
12
12
7%
1*4
1*8
71*?
*71%
*4
5*4
*16
1%
*16
17*2
10*2
10*4
62*4
63*4
7*8
10*2
62%
113
17*2
7*8
30*2
10*2
62%
114^
*13
13*4
13*4
76*8
70*2
77
8234
82*4
82
*26*4
1058
11*4
35
*12
12*8
*110
111*1
43*4
*17
*4
22*4
*5*4
16*2
16%
*15%
*7%
*30%
30*2
10%
62%
7%
11
63%
114
71%
*71%
1*8
72
4%
*4
*16*4
7%
30
4%
4%
*4
10%
*9%
10%
10
6
6
*1%
1%
17
*15*2
*7
7%
10%
62%
1%
17
30%
10%
10%
63*2
113%
13%
77
77%
*13%
76%
81
81%
*81*4
76%
82%
*12
12*2
*12
12%
*26*2
27
13%
10*4
63%
64*4
113% 113%
13%
*13%
76*4
77*4
*81
82
12*2
5%
1%
*1%
10*2
7 % preferred
12,400
60
Union Bag A Paper
81%
800
13
100
11
11%
10%
11
6,200
Un Air Lines Transport
22%
22%
22%
22%
21%
22%
21
*4
21%
United Carbon Co
-.No par
32,200
6,900
United Corporation
$3 preferred
4
1
111
No par
43
Jan
2
Mar 27
17*4 Apr
8
»uMar25
Unlted-Carr Fast Corp.ATo par
*4
Mar
1.100
5% preferred
20*4
**14
20
United Biscuit Co
600
18
*17
18
5
May
7
Dec
36
4
Jan 18
Dec
2*8 June
•30
June
Maris
3
May
36
Mar 28
20
June
Jan 10
1*4 Jan 18
18
Jan
9
10i2 Apr
May
8
May
May
18
2
May
4% May
10U May
412 May
1*4 May
Jan
Jan
64
Aug
3% May
5is Jan
Jan 16
Jan
Jan
Jan
1
35's May
5U Jan 13
714
Feb
8*4 May
Jan
6D4 Jan
75
4
25*4 May
81
Jan
2
2*4
014 May
6
5
May
7
14
May
li2 Jan 10
1*8 May
Jan 10
137g May
6% May
21%June
9*4 May
697g June
24
9i8 Jan 13
34% Jan
12*4 Jan
6
707g Jan
6
4
Jan 15
105
May
14i2 Jan 14
857g Jan 10
112
May
71
May
8514 Jan 13
13i2 Jan 2
70
June
13
Dec
22*4
115
12
11
*4
3*4 July
Jan 23
12U Apr
9
10%
*17
267s May
6*8 Oct
17% Jan
11*4
18%
4
31% July
10*4
*4
414 May
May
2i2 May
33
9
10%
*17%
4ig May
28*2 May
2% Dec
44*8 Jan
10*4
*12
"16
3*4 May
29*4
United Aircraft Corp
18*4
2
12U Apr
80
Aug
4*4 May
255g Feb 19
5,200
*4
Jan
1658
34i2 Apr 18
IOI4 Apr 14
12
Apr 10
500
35*2
*17
Jan 24
*17% May
6
5
20*2
34*2
*4
8
2
Oct
No par
Union Tank Car
26*4
35*4
18%
Jan 30
76igMar28
...100
27
%
12*4
100
35*2
*17
60
25
36*2
18',
9*4 Feb 14
Feb 14
No par
4% preferred
Mar 25
678 Apr 18
FeD14
Union Prem Food Stores,Inc. 1
700
Jan
May
4i2 Feb 27
6% Apr
195«
Union El Co of Mo $5 pfNo par xlll%
UnloD Pacific RR Co
2,300
38
10
30
Union Carbide A Carb.No par
Union Oil of California
76*4
12%
12%
12%
12%
*12% 12*4
12%
111%
111% *110
111% *110
111% *110
43
43
43
43
43*4
*42*4 43%
Feb 19
16*2 Feb 20
1
Under Elliott Fisher Co No par
1,100
76
Jan
3*8 Jan 10
6*4 Feb 19
Feb 14
100
Twin Coach Co
3,300
64*4
9ig
40% Jan
9i2 Jan 30
1
35
12
4
No par
10
35*4
43
Feb 17
17
10%
7
68I4 Feb 17
26%
12%
6
414 Feb 18
No par
63*4
*12
Corp
$1.50 preferred
113% 113%
13*4
13*4
8
3*4 Jan 16
3414
Twin City Rapid Tran.No par
1,500
4*4 Jan
35l2 Apr
27i2 Feb 19
39
20th Cen Fox Film CorpNo par
900
7
30%
Apr
46*2
May
Feb 28
No par
35
43%
3
4
99*4
100
10
17
6%
30
29
May
May
7
8*4 Jan
26%
111*2 *110
20
1714 Jan
35%
*42%
2
67gMar 25
1
Apr 16
27
*110
Jan
11*4 Apr 18
34%
*26*2
23%
Mar 17
3,500
81%
12%
6
1
Truscon Steel Co
17%
*17
*15%
7%
30*4
30*8
*113
17%
Truax-Traer
9% Mar
10
$6 preferrred
100
12is Apr 15
96
No par
Trl-Contlnental Corp
300
4%
10
5*4
6
*17
17*4
13%
43*.
22*;
71%
*1%
13
26*4
1*8
1%
8212
26*4
34*4
*7%
1
6*8
18
*16*4
13*2
77*4
*12
8
1
*9%
114
113
13
4*2
12
12
*7*4
10*8
*1%
*113
*12
72
12
6
5%
1
30*2
7%
1*4
*9%
17*4
*16
7*8
31
*4
4*2
10
10
1
*7
12
7%
1*8
71*2
*1
31
12
7*8
Jan
Jan 10
1*4 Jan
6
600
*4
12
17
Jan
*4
9%
1*4
*71*2
Jan
Jan
Jan
Aug
6
*4
300
Jan
22*4
2018
May
May
34
*'l6
12%
4*2
46*4
118*2
7ig
12i2
1*8
9ig
4
3
4% Mar
26
Thompson (J R)
13
Jan
6*4 May
6
Jan
2712 Apr 18
Thompson Prods Jnc.-No par
13
2034 May
2978 June
Jan 22
6
800
5
%
4%
7
Jan
27*2
9%
4212
85g Jan
58*4 Jan
4'8
27%
*12*4
29
36i2 Jan 11
Oct
5
Jan 17
2% Apr 12
5
14*4
4
4
27g Jan 14
Feb
4
10
..100
....
$3 div conv preferred
Third Avenue Ry.
*4
28
16'4
45
2%
9%
*4
14
5
28
2U4 Apr
28*4 Apr
10%
38i2 Jan
12%
*%
*12*2
28
4
2i2Mar
*%
5
28*2
12% May
40i2 Jan 21
Apr
Preferred
Thermold Co
4
28%
*4*2
1,000
pref
The Fair
230
36
conv
9*2
*7*4
Apr 18
Jan
Apr
12%
12
6
4
6
9%
2878
Jan
314 Apr
100
9%
*42*8
4*2
Feb 15
6
No par
Thatcher Mfg
100
35
4
612 Feb 14
Sulphur...No par
958
*96*4
Feb 28
4
27g Feb 14
*4*2
*4
Apr
34i2 Feb 19
*28*2
1212
*9*2
Apr 14
Texas Gulf Produc'g Co No par
5*4
*4%
22*4 Mar 21
18*2
Apr
Dec
29*4
*4
1212
28%
2% May
97g May
2*8
712
May
*4*2
5
45gMar 20
2li4 Mar 21
5
*28*4
29*4
6
8% Jan 10
6% Apr 18
2%
*4*2
3
113
May
Jan
5*4 Apr 17
60
Texas Corp. (The)
$3 50
39%
2%
40
40
40
May
June
1
1%
4
...9
Tennessee Corp
34*2
36
5
98
05g Jan
4i2 May
.._6
-—5
26
Texas A Pacific Ky
Dec
6
H3ig Feb 14
5)8 Jan 28
5*4 Mar
6*4
*34*2
6%
Apr
Apr
Dec
8*4 Jan 10
Symington-Gould Corp w w.l
1
Without warrants
Texas Gulf
66*2
Dec
4
3*4 Feb 18
4
May
4
Texas Pacific Coal A Oil—10
4
46
2678 May
6% Mar
Texas Pacific Land Trust—1
5%
Dec
Jan
3*4 Mar
900
5%
4%
6818
11%
4*4 May
3
400
5%
*3%
5%
Apr
4514 May
4012
112*2
7%
Apr
'
42*8
4*8
10
3*4
Feb
38*4
112
39
1
100
5M,% partic pref
Telautograph Corp
*3%
7%
36%
3%
9
34U Feb 19
60
Talcott Inc (James)
*33%
3%
7%
25i2 Mar 6
33
Feb 14
9
Jan 24
19i8 Jan 14
7*4 Jan 2
67g Jan 7
*3*8
37*4
10i8 Feb 19
12i2 Feb 14
177g Mar 4
675g Jan
36i2 Jan
116
24U Jan 27
*4*8
7%
Jan 24
%Mar21
2i4 Feb 15
47
May
19
6
Jan
May
May
33
07g Jan
Apr
7
Apr
38% Jan
z37*4 Jan
58*4 Jan 21
3'8
72
23*4
14*8 May
17*8 Mar
*33*2
3%
578 Apr 14
111
Oct
20% Jan
2078 Apr 16
1,100
37*4
Mar 28
1% May
3*4 June
26
5*2
8
31% Feb 19
May
6078
Swift International Ltd
5*4
37*4
48*8 Apr 18
xll2
Jan
Mar
21
5%
30%
3%
29% Apr 18
2
4i2 Jan
00
15% Apr 16
5%
7*4
18i2 Apr 12
116
Superior Oil Corp—
0
37%
5
Swift A Co
5%
3%
Mar
60
Superheater Co (The).-No par
6
4*4
Jan
9
5%
38
39
127
5%
4*4
17i2 Nov
7
6
3*8
3514
*55g
*95g
*4
20%
17%
*3*8
*7%
Jan
Jan
29% Jan 13
778 Apr 18
5%
*33%
20i2
3478
100
5%
3%
13 U May
No par
preferred
5*4
4%
4
1
Sunshine Mining Co
17%
5*4
38
20is Apr
No par
Webster
6*8
6
3%
5%
15*8
8
19% Feb 14
23U Mar 13
1% Feb 18
3% Apr 8
1,100
1,200
19*4
18
6*4 May
4
2,900
19
Jan
4
Apr
.100
6%
2314 May
Apr
30i2 May
14
21*4
20*4
21
5*2
5*8
*4*8
*33*2
3
Jan
152i2
IU4 Apr
Jan
1,000
12*4
*4
20*4
*11%
18*8
5*8
28*8 Jan
2
8
Superior Steel Corp.
Sutherland Paper Co
10
Sweets Co. of Amer (The).-50
12*4
*11%
May
lli2 Apr 14
19
Apr 18
20
11*4
*2014
-
700
21
21
*1778
700
15*4
11*4
20*4
Stokely Bros A Co Inc
50
1*4
128
2i2 Mar
16*8
30*4 May
May
6,400
15*4
Mar 31
66
5%
1*4
150
Jan 11
6
15*4
Aug
1*8 July
66
5%
1%
16
1
5*4
16*2
MarlO
6
Corp
5%
1%
May
21
Apr 16
Stewart-Warner
4,100
7ig May
10
52
Sterling Products Inc
8
3
2i2 Apr 1
15*4 Jan 23
10
1,900
2,200
51%
9i2 Apr
Feb
Jan
May
6
7%
Jan
24*4
1212
23
6%
51
11*2
Dec
4
700
8
May
14
Jan
4
8
6
8
40
52%
116% 116% *116% 116%
Oct
3
Jan
Feb 14
6*4
8
Apr
15*4
34
*3*4
8
22
13*4 Apr
S-.No par
Starrett Co (The) L
7
*15%
11*2
20*2
No par
Standard Oil of Indiana
25
Standard Oil of New Jersey.25
Standard Oil of Ohio.......26
4
8
8
Standard Oil of Calif
51*2
6
5%
51%
116*2 116% *116% 116%
8
m *
No par
pref....No par
prior pref
No par
6%
3%
6
*.
No par
10% May
HU Feb 15
Co. No par
*3*4
7%
3%
5%
5*2
52%
m.»
$7 cum
Jar. 30
19*8 Mar 17
z24% Apr 17
branch;.....No par
5*4
6*4
*3*4
7
37
*35*4
53
53
52*8
52
37
500
1
100
$6 cum prior
2,900
20%
28%
35%
*3*4
I0i2 Feb 14
preferred
$4
200
18%
2
Feb 19
5% Apr 18
No par
$4.60 preferred
Standard Gas A El
3,000
8
60% Mar 19
5% conv preferred
Standard
114U May
2
Square D Co
100
120
No par
Spiegel Inc
Conv $4.50 pref
2314 May
May
May
30U Apr 18
"
5%
Jan
Apr
Nov
67
No par
Spicer Mfg Co
$3 conv pref A
12U June
2i2
105
3
135
No par
100
2412 Apr 17
Feb
Jan
65g Nov
6
1% Jan
100
8% preferred
Southern Calif Edison
22
1%
1318
Jan 27
8*4 Mar
13
Southern Ry
3%
75$ June
358 May
Apr
7% Mar
Jan
Jan
9
Southern Pacific Co—No par
1*2
50
40%
114
13% Feb 28
Lines. 5
So Porto Rico Sugar...No par
10,900
3*2
Jan
16% Nov
112
5
1412 Feb 19
Socony Vacuum Oil Co Inc. 16
South Am Gold & Platinum _1
S'eastern Greyhound
2,100
44,000
1*2
16*8
73% Nov
5*4 Jan
Feb 15
112
12%
4
Apr
May
4
Jan
88
Feb
95
No par
10
t c-No par
10%
*60
Jan
Jan
27g Nov
31
24*4
*25
1%
20
24
9%
27
Jan
Jan
Dec
15g May
173s May
12%
*25
5
Jan
111*2
*8
12i2 May
24%
*25
Apr 18
34
Dec
115i2
2i8 Jan 20
2712 Jan 28
12*4
25*4
27
4
Jan 30
May
49
21*8 Jan 10
10%
26*4
3
8
10% Jan 21
24*2
22%
47g Feb
40
9%
22
Jan
par
12%
22%
107g Jan 21
4% Feb 19
36
Apr 12
par
*24%
21%
0U4 May
61U Aug
12*2
225g
1*2 Sept
4
10%
22*8
2512
May
14
24%
12
Oct
%
11
71*4 Jan 17
9%
12%
is May
Feo 19
24%
12
1117g Jan 10
14 Jan 3
% Jan 9
15*8 Jan 10
14*4 Mar
88
16*4 Apr 16
-
Smith & Cor Type v
8%
107i2 June
101U June
2% Mar 11
78*4 Jan 2
Apr 12
May
ll2Mar 28
23% Mar 28
1878 Feb 19
$6 preferred
Smith (A O) Corp
""800
34
10
SIoss Sheffield Steel & Iron.
300
7i2 May
July
645jj
38% Mar 28
115i4Mar27
--No par
Simmons Co
Simrns Petroleum
120
2
8*4
9
Highest
share $ per share
105,, Feb 20
Mines.5
110
13
14
"4",400
12i2Mar 3
I7g Apr 16
68«4 Feb 14
per
61
Sim ends Saw & Steel--No par
25*4
9
% Jan 20
117s Jan 10
87% Jan 2*
16
6,600
2,000
17%
*1%
Feb 14
t
share
per
par
No par
4%
*23
4
% Jan
.-1
Corp
conv
13%
4
8*2
140
$5
*25
24%
9%
*3*4
36
17%
12*2
1%
3,700
400
17%
9*8
4
Sears Roebuck & Co—No par
3,400
1%
15*2
1178
*1*2
6,100
2,400
8%
140
No par
-
5%
8*2
12
*3*4
Seagrave Corp
3*2
*13*4
141% *138
140
300
52%
5%
8*4
17%
Seaboard Oil Co of Del-No par
52
5*2
14*4
17*4
100
4-2%
500
preferred
No
Sharpe & Dohme
No
$3.50conv pref ser A.No
Shattuck (Frank G)—No
Sbeaffer (W A) Pen Co.No
14
17*4
preferred
300
108
par
Sharon Steel
13
17*2
1,400
111% Jan
par
500
14
15%
20
par
230
*12
15*2
34
11
14
12
25*4
1 *2
*1%
*23
82
par
65*4
13
1%
*15%
24*4
*17%
1*4
40
$
8% Apr 15
Apr 17
Jan 23
100
No
No
$4 preferred
No
tSeaboard Air Line—No
preferred
Co
$4.50 preferred
5^%
Scott Paper
11
3%
Year 1940
Lowest
Highest
$ per share
Schenley Distillers Corr .—-6
65*2
3*2
*12
2
2
144
10*4
2534
15%
*15
4%
100
11%
13
15*4
8*4
178
13
4*2
Par
200
15*4
~'
*12
85g
*1%
*23
*35*4
Lowest
67
53
Raw* for Previous
exchange
A,700
84
24
24
23%
24*2
23*4
24%
101% 101% *101% 107
*101% 108
112
112
112
112
*112%
*15*2
10*4
16*4
*15%
15*2
15*2
112*2 *112
16*4
5*2
4*2
*102*2109
*16*4
*3*2
*52*8
5%
12*4
*23
22 5g
3%
53*4
5%
36
26
25%
3%
36
17
17
1*4
6%
36*4
*36
11*8
*65*4
53*4
3*4
54
*5%
12*4
4*4
*412
8*4
82
40
*37*4
*113% 115
*10%
*53*4
NOT PER CENT
40
37*2
37*2
*37%
*37*2 38
xlll% 113% *111% 115
*113% 116
*113*8 115
110*2 *109
110% 110% *109
110%
*108*2 110*2 *108*2 110*2
*»«
**!•
**16
Hr
*4
*4
*4
to
*2
*%
*2
*2
*2
*%
*%
*2
*2
*13
*13
13*4
13*4
13%
*13*4
13%
*13*4
*12*4 13*4
2
*2
*2
*2
2*4
2%
2%
2%
2%
1%
70
69
69
69%
69%
69*4
69%
69*4
69*4 70*4
9
9
9
9
9
9*4
9%
9*8
9%
9%
*37*4
April 19, 1941
No par
20
No par
Apr 18
14
Jan 10
Jan
May
Jan
9
113% Feb
6
12*t May
1087s Nov
5012 Jan 10
4212 May
20i2 Jan 15
U2 Jan
7
30*4 Jan 10
12
1*4
26
May
Dec
Dec
"
•
Bid and askedlprices; no sales on
this day.
J In receivership,
a Del.
delivery,
n
New stock,
r Cash sale,
x
Ex-dlv.
y
Ex-rights. ^ Called for redemption.
Volume
LOW
AND
New York Stock Record—Concluded—Page 10
152
HIGH
SALE PRICES—PER
CENT
Monday
Tuesday
Wednesday
Apr. 14
Apr. 15
Apr. 16
Thursday
Apr. 17
$ per share
$ per share
$ per share
$ per share
$ per share
3%
*21*8
334
2%
25
*2Hg
384
2x4
25
334
3%
384
3«4
*35%
36*4
*35%
60*4
62%
6034
*2
334
*2
6O84
734
8
IIU4 111*4
Vg
8
*110% IIH4
0
Q
*284
*2%
*84
*10
8%
58*2
36
9
*2H8
3%
3514
61%
7*2
111
3
87
*10
11%
*84
1034
*8*2
9
*8*2
3%
2*4
23%
3%
35*4
62%
7%
11H8
8%
*284
2%
3
*84
88l2
1H4
8%
*2
9
*2X2
*2%
3%
3
334
334
2
*2
*21%
22%
*21%
*334
3512
3512
62
384
63
4
312
35%
6284
7%
6%
712
111% 111%
9
884
3
2%
86*2
11%
*2%
*2%
3
884
*2%
3
2%
*84
86%
*11%
12
9
*8%
*5
*84
9%
8%
58
58
58
58
*58
60
58
172
172
*172
177
*170
177
*170
*5
*35*2
22
37%
6I2
*21
4
*3%
612
6%
5%
36%
37i2
21
36*2
22
*3*2
5*2
4
21%
*3%
5%
37%
21%
4
6*2
*6%
6%
70
*65
27%
*31
*65
69
27%
27l2
*30%
1834
1*8
20%
27*2
31*4
I8S4
3114
18%
1*8
19
1*8
22ig
89i2
67
*60
1%
2I84
8712
6284
70l2
52%
120*4
*69%
72
24
25
24
*43*4
*1%
44
21
87
87
62
*60
70i2
52
120
*»!«
4518
*13
52%
119% 120
24%
*43*4 44
1*4
1%
*uM
uu
1%
»16
*45
45%
15
♦27*4
30%
*1884
24X2
*12
24
24
*12
24
*115
116
*23*2
*22
*56%
20
134
32*2
*93*4
*132%
*14
*2
*8*2
1934
*100
4%
27%
*13%
*3%
30%
24
25%
*23*2
*115
24%
13
12
24
*56%
—-
*22
*
85
...
23*2
1%
134
—
—-
14
13%
4
13%
*13%
*334
*%
14
4
3%
59i2
*%
%
8
14%
*8
8is
*25
29
*25%
9I2
29
*21%
*14%
16%
*2%
*80
21%
*20X2
21
15%
163s
*14%
16%
15
*80
*284
*80
...
20 %
20*2
72%
3
203s
16%
3
...
20%
20%
*70
*70
72%
72i2
*100% 104
100% 100%
110*2 110% a 110% 110%
*102% 106
*102% 104% *102% 104
II484 11484 115% 115%
115% 115%
16
16
1534
1534
1584
1584
*105
106% *105
106% *105
106%
*100*4 104
*110% 111
2534
2534
2%
6*4
%
20%
I884
91
135
30
*26
2%
7*4
*6
*6
•u
19%
18%
90%
91
*130
26%
2%
2534
2%
30
*130
*28%
*28%
9i«
*1#
20*2
18*2
1934
1834
903S
91
132
26%
2%
*130
30
*28i2
3
7%
*16
20%
1834
91%
135
30
*28*2 30%
28%
27% 28
*105
107
*105
107
*105% 107
*55
*55
76*2 *55
76%
76%
*9584 96
*9534 96
*9534
96
23% 23«4
22*4 23*2
23i8 24
*67
*68
*68*2 72
71%
70%
*11%
12% *11%
12%
*11%
11%
13
13
13*2
13%
I384
13%
*5
*5
5
5
5*2
5*2
4
*4%
4x4
4%
414
4ig
*50
60
50
50
*45
51%
*22% 24
22*2 2212
*2234 25
134
134
*134
2
*134
2
1%
1%
1%
I84
1%
1%
3*2
3%
3%
3%
3%
3%
*90
56
*58%
87
*68
18%
12%
*116
434
4%
71
*67
*110%
26*4 ♦25*2
29%
29%
19
18%
100
*
4%
4*2
67
*67
27
26
29%
29l2
1834
19%
24%
*12%
*23%
25%
13%
""600
700
*2l"
*88
100
*13%
*334
*%
14
14
14
100
384
%
149
149
*>11
20
%
15
15
23%
*12%
40%
200
10
24%
13%
3,700
300
300
10
40%
56%
14
14
334
334
*57
62
34
*8
*%
778
334
14
37g
61%
«4
778
500
85
*20
22
*13%
1,700
20%
72%
*115% 116%
15%
*105
106%
*2534 26%
*9i«
9534
*23X2
*67
*1134
13
20%
18%
907g
30
2734
105
7612
95S4
24%
6912
12%
13%
5
4%
*25%
2912
18%
*88
4%
67
3
3
3
Walgreen Co.
190
100
26
29%
19
100
100
170
10
140
30
*28%
28I2
28l2
27%
27% *2734 28%
107
105% 105X2 *106
*55
76% *55
76%
Westvaco Chlor Prod..No par
30
54.50 preferred
No par
Wheeling A L E Ry Co
100
95
94
94
24
24
21%
23%
69%
12%
""266
13%
3,700
434
4%
200
600
White Sewing Mach Corp
69X2
*11%
12%
1384
1384
*484
*4%
4%
5
4X2
51%
25
2
1%
3%
4%
*68
70
116
*2534
2684
29%
29%
I884
19%
100
*67
11%
13%
*4%
4%
50
50
22%
*134
H2
22%
2
1%
3%
4X2
6784
200
200
4%
2,700
400
1834
*88
25I2
29%
I884
100
*58%
61%
*58
61%
*58
*59
61%
*58%
61%
88
*87
95
*88
93
*88
95
*86
88
*86
95
69%
18*4
12%
*67
70%
*68
70%
*68
18%
*17
18
*16
12%
1212
70%
18%
12%
*68
19
70%
18%
13i8
*68
*18
118%
117
93
14
14
14
14
14
1438
14%
1%
14lg
134
14%
1412
134
134
IOI4
3H2
*88X2
10%
3334
92X2
14%
14%
1%
Bid and asked prices; no sales on
10
3U2
*88%
13%
14%
134
10%
3234
92i2
137g
14%
134
this day,
70%
18%
12%
12%
12%
12X2
*117
118% *117
II8I2
10
10
934
934
31% 3284
30%
3134
86
86
87»2
87%
14
14
13%
13%
14X2
14%
13%
14%
1%
l%
1%
t In receivership,
134
300
20
""400
6,500
70
1,100
11,500
200
1,300
4,300
1,700
d Def. delivery,
10
r
22X2 June
July
39% Mar
117% Apr
35*2 May
49X2 May
Fob
112
19
Jan
62
Oot
Aug
May
56%
60
Aug
1% May
May
May
6
May
14
109
36i4 June
28i2 May
31% Mar
4ig Jan
31% Jan
120
15i2
48
Nov
Apr
Jan
35
Jan
71
May
110
Nov
120
June
135
May
x4
Oct
1%
Jan
•t«
Deo
2Xg
Jan
514 May
16*2 May
9%
23x2
104%
8i2
May
13%
Jan
9
10
6
1
17%
Jan 22
Jan
6
3% Apr 17
Mar 21
Jan
2
9% Apr
3
30
Jan
9
Feb
5
16%
9%
Jen
1%
Jan
1312 Aug
2
May
30
May
x2 May
3% May
22
May
25ig
Jan
Feb
Deo
Sept
Sept
Nov
Feb
14
24
May
2ig May
80
Dec
15Xg May
JanlO
96Xg May
107% Jan 18
117% Jan 3
80
7
105% Feb 10
28X4 Jan 2
3*4 Jan 22
7% Mar 28
•1# Apr 14
22% Jan 10
22% Jan 10
105
141
Jan
2
Mar 22
84% JanlO
36
12%
13% May
May
115
Jan
4%
60i2
2>8
34i8
28%
20%
20
58*4
18
Feb
June
3i2 Dec
% May
22% Apr 4
74x2 Jan 18
106i2 Jan 25
4%
Apr
Jan
Feb
80
Deo
29%
Apr
75
Jan
110%
115
Apr
Apr
June
198
Jan
108% May
120
91
Aug
June
11
May
100% May
21
June
Oct
25% May
105
40%
Apr
Apr
2»4 May
6
Jan
4»g May
8%
Apr
1
Jan
28%
Jan
Jan
x8 Dec
14i2 May
15% May
76
May
110
May
26
Jan
3
110% Jan
6
108
Jan
27% May
Dec
28%
118
Jan
140
Nov
37% May
38Xg Feb
109% Deo
80
Oot
Nov
35%
Apr
Feb 14
76
Jan 14
51
Jan 22
17%
Jan
74%
III4
17%
11%
7»4
67%
24%
Nov
12
Apr
9
7% Jan 13
5% Jan 10
50
Apr
8
25X2 Mar 28
2i8 Apr 6
2% Jan 11
614 Jan 13
5*4 Jan 26
74
Apr
4
33i2 Jan
7
34i2
7
Jan
58
Feb 13
par
87
Apr 12
par
64% Mar 14
18% Apr 9
12% Apr 18
2212 Jan 8
17% Jan 10
Maris
Jan 30
114
Feb 26
9% Feb 19
3012 Apr 18
Apr 18
13% Apr 16
12% Feb 16
1% Apr 18
100
Cash sale.
43% May
103
54% Feb 17
86
Youngst'n Steel Door. .No par
New stock,
19
May
18% May
93
Zenith Radio Corp....No par
ZonJte Products Corp......
n
Apr
3
85
.No par
ser A
%
Jan
25% Apr 18
Apr 18
16i2 Feb 19
Young Spring A Wire..No par
6)4% preferred
Jan
Deo
30
*29
25
Yellow Truck A Coach cl B..1
Youngs town 8 A T
Jan
128
June
241* Jan 9
99% Mar 27
92
Apr 3
6OI4 Jan 28
6414 Jan 28
101% Jan 9
100
June
7%
7i2
4%
3i2
38
May
Aug
May
Mar
May
Jan
14% May
*
Ex-dlv.
y
80
120
12%
42%
94X4
18%
Jan 11
Jan 10
Jan 11
Jan 6
Jan 91
Jan 6
15% Apr
2% Jan
Ex-rights,
Apr
Deo
Apr
May
Mar
May
1%
ltg
Oct
Jan
3%
Jan
3Xg
Apr
3
Jan
6%
Apr
3% May
45
June
116
Yale A Towne Mfg Co.
Preferred...
59
18% Nov
70
159
May
43g Feb 14
66X2 Feb 15
.
Wright Aeronautical...No
Wrigley (Win) Jr (Del).No
12i2 May
45
May
134% June
May
20% Feb 14
1% Feb 18
li2 Apr 16
3% Apr 18
7% preferred A.....
100
6% preferred B........100
Prior pref 4)4% series.
100
Prior pf 4)4% conv series 100
.
Deo
85
5
No par
W) Co
Apr
Apr
63%
10% Jan 7
12% Feb 14
Worthlngt'n PAM(Uel)No par
Wool worth (F
2%
June
2
69
Wisconsin El Pow 6% pref.100
Woodward Iron Co
...10
8,800
2,000
1
41
2*4
21% Apr 18
Wilson A Co Inc......No par
"""BOO
Deo
Dec
May
60
10
56 preferred.
Apr
50
Jan
Feb 16
6734
Nov
39x4
100
4
preferred
1>4
130
Apr 18
94
41
3%
25i2
229
Apr 17
28% Apr 18
2714 Apr 17
105
Apr 16
1
58
10%
32%
130
6
*55
*10%
30%
18i2 Feb 13
I8I4 Apr 18
88l2 Apr 18
1
Wilcox Oil A Gas Co...
♦111
1
8
Feb 14
Willys-Overland Motors
58
*88
%t Feb
1
100
conv
6
No par
20
54 conv preferred
Prior preferred..
6%
Jan
6
Wheeling Steel Corp...No par
55 conv prior pref...No par
White Dental Mfg(The SS).20
White Motor Co......
3
2% Feb 14
preferred....100
3,900
3,200
*56
1134
23i2Mar
White Rock Mln Spr C0N0 par
*66
2,700
6
15x2 Feb 19
104% Jan 9
100
900
conv
3
Feb 20
*94
58%
61%
93
1634Mar
65% Mar
IOOI4 Apr 16
109i2 Apr 16
Mar 31
""400
5)4%
6
100
6% preferred
...100
Western Auto Supply Co...10
""36
Feb
112
West Va Pulp A Pap Co No par
3,400
Feb 14
100
West Penn Pow Co4H%
Weston Elec Instrument. 12.60
*125
20%
18%
89%
4
Feb 19
pf-100
340
*73x2 Deo
76% Nov
3
80
800
May
18>4 May
"
80
100
....100
May
42
89
10i4 Apr 9
2% Apr 12
7% preferred..
6% preferred...
60
6
2
15
20
130
19I2
18%
88i2
Feb
Apr 17
Wayne Pump Co
300
2034
I884
*55
—
31%
6
4
23% Jan 13
lOXg'Jan 6
2014 Jan 6
4% Jan 7
7% preferred...
Jan
Jan
Apr
67% Nov
6
1
25
..1
1%
41%
117
Jan
63
2034 Apr 16
No par
Apr
Nov
0ig Jan
30i2 Jan
2
Jan
par
Webster Elsenlohr
Jan
39
Nov
May
Deo
Nov
35% Jan
% Mar 11
par
1,100
8,400
2,700
18%
18
19
par
9i«
*88
117
53
24
....No
*7i#
5712
*117
53 preferred
38Xg
24
6X4 Jan
13
Warren Fdy A Pipe
.No
Washington Gas Lt Co.No
9u
*56
118
5
preferred .....No par
No par
f Warren Bros Co
4% 2d preferred........ 100
Western Pacific 6% pref...100
Western Union Telegraph. 100
WeHtlngbouse Air BrakeNo par
Westlnghouse El A. Mfg
50
1st preferred
60
56
117
53,86
*12% Feb
3«4 Feb
%Mar
1334 Apr
2«4 Feb
Jan
Waukesha Motor Co........6
""400
92%
118
Warner Bros Pictures
Western Maryland...
*86
12*2
....100
100
92%
12%
...No par
800
*86
*17%
.No par
Ward Baking Co cl A..No par
74
4
4
22x4
2534 Mar 24
par
Apr
105% Jan
4% Feb 14
Div redeem pref
Mar 26
9% Apr
193s Apr 17
10038 Apr 15
Waik(H)Good A W Ltd No
2
9
% Jan 10
»n Jan 17
Jan
4H% pref with warrants 100
7%
90
136
18 Apr 15
>ii Jan
8
Walworth Co.........No par
600
ig May
May
15
25
33i 2 Feb 5
100
Mar 12
Mar 27
3
92l2
61%
135
*6
*86
56
..100
7%
20%
42
Feb 15
*6
82%
57
89
West Penn El class A ..No par
*86
*86
100
100
200
109% 110
102
102% 102%
116
116
116%
116%
15l2
15% *15X2
16%
*105% 107
*105% 107
26%
*2578
25%
25%
3
31% Mar 29
Wesson Oil A Snowdrift No par
54 conv preferred....No par
*111
...
1% Apr 14
Feb 16
500
Deo
68ig M ay
3914 May
4
24% Jan 15
2% Jan 2
2714 Jan 11
117X2 Feb 1
20i2 Jan 2
1934 Apr 16
115% Feb 17
3,800
25%
20i2
15
110
57
Mar 13
Apr
20
*227g
*134
1%
3%
3%
20"
12
No par
...No par
Dee
60
40
Vulcan Detlnnlng Co
Preferred
35
28
Apr
6
115X2 Jan
4414 Jan
Mar 26
...25
100
25
1%
67
25
Jan
182% May
6Xg Mar
Apr
May
Jan
Jan 15
Nov
89
Mar 17
26
Deo
11
Aug
Jan
15
May
12tg
48
»«• Nov
12
June
9
34lg
40% Mar 10
tWabash Railway Co..... 100
5% preferred A
.100
...
20
17
Apr 18
5% pf 100
"f.ooo
21
% Jan
12
Feb 13
70
*23
2
15
2
114
Waldorf System..
150
*80
MarlO
16% JanlO
69% Jan 15
23% Apr 18
100
100
6% preferred
4
Jan 10
168
*22
20
*45
4%
6634
Va Iron Coal A Coke
1% Jan
Apr 10
Feb 14
Victor Chemical Works
6
Va-Carolina Chem
.No par
6% div partlc preferred. 100
Va El A Pow $6 pref...No par
7
Jan 21
•11 Jan
5
non-cum pref...
1% Jan
97
12%
29i2 Dec
42i2 June
4
13% Mar
7»g Apr
7ig Jan
May
33% Jan 13
Jan
Jan
Deo
6
103X2 May
157
5
7% 1st preferred...
6
5%
7%
22
50
Jan 17
May
Mar
651* Mar
3X2 May
Jan 13
48
2
100
Van RaaJte Co Ino__
Jan
14
21% June
2714 June
13
Apr 14
48% Apr 17
Apr 9
100
Vick Chemical Co
70«4
May
2% May
25i2 July
6
6518 Apr 4
70i2 Jan 29
130
June
7
34 Apr 15
Apr 9
Vanadium Corp. of Am. No par
Van Norman Mach Tool..2.60
600
100
16%
3
Jan
4
Jan 11
25X8 Apr 4
94% Jan 11
45
133
Preferred......
34ig Feb
Jan
25x2
1%
Mar 27
li4
Jan
6
1
81% Jan 11
23% Mar 25
42
Universal Pictures 1st pref-100
Vadsco Sales.........No par
400
34
7
253g
Feb 24
3
8i2 Jan
69
Apr
Feb 15
Mar 13
148
56,300
63
4i2
Apr 18
117
165
Jan
Apr 16
28% JanlO
Apr 12
Feb 18
Feb 14
May
5ig May
50
40
50% Apr 18
100
101
51%
1%
3%
400
6X8
Jan
5
Jan 14
183
Feb 19
6
3i« Deo
80
8
69i2 Jan
3% Apr 17
No par
70
*45
*134
20
Apr 10
6
10% Jan27
4% Feb 17
1
101
130
132
5
4%
United Stockyards Corp
United Stores class A...
9i«
3
6%
*6
105
25
71
20%
*70
109% 110% *110
*101
*10212 104
*55
""600
Jan
172
No par
*100% 103
20
*70
*28%
27X2
U 8 Tobacco Co
Virginian Ry Co
100
14
*%
*14%
16X2
*2%
*130
100
334
*58
15%
1934
18%
90%
Preferred
7% preferred
*14%
*16*2
*27g
70
Jan 17
14
57ig Apr 18
...No par
800
*19
1584
Corp
9
90
Mar
70
5%
400
3X2 Jan
4
9% Feb 19
8i2 Mar 4
84
100
Preferred
U 8 Steel
Class B
29
*100i4 103
May
50
U
100
21
*80
June
3
10
8% 1st preferred..
8 Smelting Ref & Mln
400
*20%
*80
6
50
U 8 Rubber Co
%
1334
*25
3
Jan 13
3% JanlO
18%
1%
17%
80%
55%
4%
20%
15%
16%
17
11
2% Apr 10
2% Ffeb 19
27% Apr 16
30x2 Apr 18
*%
1334
3X2
29
*284
8X2 Apr 18
Plywood Corp
....1
JU S Realty A Imp....No par
*3i2
20%
*14%
10i2
3
Oct
9i2
Jan 22
U S
Vloks Shreve A Pac Ry
...
*-_-.
*25
*284
Jan
May
117
U S Pipe A Foundry.......20
U 8 Playing Card Co...
10
8% preferred
24
%
*%
*111
2634
29%
19
4%
3%
*59
*13%
15
118
6% Apr 16
5412 Feb 24
Universal Leaf Tob
116
22%
1%
Jan
Dec
107x2 June
Jan
Sept
26x4 Dec
11034 Mar 28
Universal-Cyclops Steel Corp 1
51
153
24
85"
85%
100
300
*47
*115
*56%
85
41
60
5
$6 conv preferred ....No par
24
4034
251* May
cl A ...No par
100
116
*40%
2% May
8
Feo 10
200
92%
92%
11%
1%
4%
69
*111
31
*88
2434
12%
Jan 11
70% JaniO
10% Jan 15
Apr 18
14
•»
%
*86
16
5
42
33
45
...
*%
1834
*15
Mar 20
Apr 15
Apr 12
20
7% preferred
190
3%
57%
29%
2,300
600
%
8%
27i8
21%
15*2
16%
2%
26
%
%
16
22
54,200
1,700
116
%
434
22
300
300
50%
52
11934 120%
23%
24
*4334
43%
1%
138
*34
%
*148
477b
153
148% 148%
40%
70
2,000
21,700
1,100
*19%
*1384
*69
*40%
*56%
...
314
57%
*111%
48%
24
115% 115% *115
40%
1%
2O84
87%
60%
Apr
Jan 11
oonv preferred.....50
conv
6
32
U S Industrial Alcohol .No
par
....No par
*13
14
*148
*2312
116
40%
1434
*2
1984
*18%
50
153
300
SH%
share
7>4
2
Apr 10
V S Leather Co
*4284
*13
3%
57%
6%
34
*42
*12
1%
87X2
1,100
1,700
20%
70
14
*15
19
*59
47
16
30X2
19
71
%
*48%
27i2
30X2
60
*13
*148
27X2
60
*42
40*2
...
2734
31%
20
1%
2134
89X2
*70
14
*1331
20l8
1%
21%
*88
45
%
14%
334
61%
*70
19%
52%
51%
5234
120% 120% *119% 120%
24%
24%
24%
24%
*43%
43%
*43%
43%
*1%
*1%
138
34
%
14%
3%
57%
2%
2734
*3012
21
45
3%
*16
27%
30%
900
per
3% May
21X8
3%
35%
0014
5
Prior preferred...
70
*64
65
65
71
*%
*1414
200
69
60%
3%
*8%
Partlc A
51
%
*25
600
*70
*%
*21*4
6%
1*2
1%
1%
1%
1%
1%
20
20
20
20
20%
1984
20
*1934 20%
116% *116
118% *116% 118% *116% 118% *116% 118%
*13
15
*13%
1434
1434
13%
1334
133s
13% *13
1434
43
*40
*40% 4U2 *40%
41
41% *40
41% *40%
41
33
32% *32
33
*32i2 33
3212
32X2
*31%
*32%
33
100
*93% 97
*93
100
*93% 100
*93% 100
*92% 100
*132*2
*135
*13434
135% 136
*13434
139%
t
*4
*4
*i«
%
%
%
%
*%
*%
*16
%
*%
*%
*%
*%
%
*%
9U
9
*8%
834
*8%
834
834
884
8%
8i2
8%
884
19%
19% 19%
*19x2
20
1912
1934
19%
19% *19
19%
102
*100
102
*97
101
*95
101
100% 100% *97
101%
4*2
4*2
4%
4X2
4X2
4%
4%
4%
4%
4%
4%
27*4
27% 27%
28
28
2714
27%
27%
27%
*2714
28
20
*40
6%
*60%
22
1%
*116% 117
*13%
6%
53%
120
120*4
24%
24%
*43%
43%
*1%
1%
85
22
23*2
1%
6%
73%
24
116
40%
*
85
6%
60
*15
13%
*115
40%
*56*2
*
140
27%
51%
25
2434
13
40%
17
100
U S Hoffman Mach Corp
300
154
154% *148
154% *148
*%
%
38
%
*%
h
*15
1,600
434 Jan 13
3% Jan 11
Highest
Mar 27
20
7% preferred
40
*148
17
U S Gypsum Co
6%
50
*15
1,000
Foreign Secur. .No par
56 first preferred.
No par
U S Dlstrlb Corp oonv pref.100
U S Freight Co........ No par
21%
3%
60
153
500
3%
88
50
""lio
$ per share 3
2
U. S. A:
40
1%
21l2
*148
""800
85 preferred
No par
United Mer A Mann Inovtc 1
United Paperboard
10
10
5%
5%
United Fruit Co
....No par
United Gas improv't
No par
20
1%
50
177
400
3,600
32,000
1,400
2,300
213s
33g
88
153
57%
57%
"i~,666
Lowest
5 per share
3% Apr 18
10
Preferred
100
United Electric Coal Cos....5
United Eng A Fdy
5
41%
2034
*49
22
3%
35%
62%
7
7%
110% 111
8i2
8%
3
*2%
234
2*4
*84
86X2
11%
11%
8X3
Year 1940
Highest
per share
5
5
Corp
338
1%
*148
*21%
3%
35%
62%
United Dyewood
2138
88
50
300
Par
United Drug Inc..
40
*20
153
3%
3%
3,200
21%
3%
27%
30%
20
50
Shares
Range for Previous
of 100-Share Lots
Lowest
*3%
21%
1%
$ per share
Range Since Jan. 1
On Basis
Week
*170
5%
EXCHANGE
40
*65
*148
*148*2 154X2
*88
%
58%
*13
13
11%
8%
177
534
*40%
87i2
*21
45X2
13
5%
8%
3%
2%
STOCKS
NEW YORK STOCK
the
Friday
Apr. 18
21%
67
*69%
51%
*5%
384
35X2
6284
7%
86I2
11%
69
5i2
384
2%
22
110% 111
173
*172
•
3%
2
>
Sales
for
NOT PER
SHARE,
Saturday
Apr. 12
2515
Jan
16*4 May
May
30
13% May
7%
70
Apr
Mar
121% Mar
34% Nov
42% Apr
24% May
June
102%
60
July
95
Oct
29
June
58
Nov
39
June
65%
91
June
129
Oct
Apr
73
May
93
Apr
15% May
9% May
98
May
6% June
25
Jan
55
26>4 June
80
May
12i2 May
3
8% May
6
2
Mar
Oct
19>4 Jan
126% Sept
14
Apr
48X4 Jan
99ig Dec
28<2 Jan
17% Apr
4%
Apr
t Called for redemption
■I
2516
April 19, 1941
Bond Record—New York Stock
Exchange
FRIDAY, WEEKLY AND YEARLY
NOTICE—Prices
are
"and interest"—except for income and defaulted bonds.
week's range, unless they are the
in the week in which they occur.
Cash and deferred delivery sales are disregarded in the
only transactions of the week, and when selling outside of the regular weekly range are shown In a footnote
No account is taken of such such sales in computing the range for the year.
The italic letters in the column headed "Interest Period" Indicate in each
Week's
Range or
Range
Sale
~
STOCK EXCHANGE
Week Ended Apr. 18
Y
Friday
Last
"
BONDS
N.
Friday's
Since
Price
1947-1952 A
1944-1954 J
1946-1956 M 8
1943-1947 / d
A
34s
1941
O
3V£b—
1943-1945
O
34s
1944-1946
d
3 48.
1946-1949
D
34s
1949-1952
d
3a
.—1946 1948
8
3s
1951-1955
2^8
1955 1960 y s
m S
24s
1945 1947
248
1948 1951 m S
24s.
1951-1954 J d
24s
1956 1959 m 8
24a...
1958-1963 J D
248
..,1960-1965 j D
2 4s
1945 J D
24s-1948 m 8
2Vis,....
1949-1953 J D
2 Vis......
1950-1952 M S
2Vis.,..
1952-1954 m S
2Vis
......-1951-1953 J D
d
2Via
—_.,1954-1956
2s
1947 J D
2s....,Mar 15 1948-1950 AT 8
2s
Dec 15 1948-1950 j D
2s
1953-1955 / d
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
&
.
£
Asked
High
Jan. 1
NO.
Low
High
119.24
3
119.4
111.30
112.1
8
111.30113 18
113.10
2
113.4
113.10 113.10
♦106.22 106 26
101.21
10121
121.26
115.7
106.26107.25
"~2
101.21102.18
107.5
107.2
107.5
4
107.2
108.6
1081
108
108.3
8
108
109.9
110.24 110.15
110.24
113.2
113.2
113.2
»109.27rel09.27
14
112.15114.9
1
109.24111.21
110.4
111.11
111.20
6
110.22 109.19
110 22
36
108.8
108.8
108.8
1
♦109.10 109.16
_
109 J 2 108.30
109.16
110.3
109.10
110.3
110.8
108.26
110.11112.12
5
113.2
107.14111.9
108
109.24
107.27110 9
"65
107.2
109.31
110.22
26
107.1
110.8
15
106.31110.8
110.24 109.19
110 24
28
107.8
107.22
107.22
1
107.22 108.14
108.12
108.12
1
107.16109.22
110.24
Week's
Last
Range or
EXCHANGE
Friday's
Week Ended Apr. 18
Price
♦6s assented
Jan
104
*114
104
114
1963
1957
♦64s assented
♦Sink fund 64s of 1926
♦64s assented
♦Guar sink fund 6s
1957
94
"94
♦Guar sink fund 6s
1962 MS
11
1951 J D
♦Cologne (City) Germany 6 4a. 1950 M 8
Colombia
103.8
103.19
99
102.8
103.19
103.5
105.14
"40
103.5
105.9
*105.2
103" 15
103.15
Oct 1961 a
o
♦6s of 1927
Jan
1961 J
100.24 101.22
♦Sinking fund 7s of 1927
Copenhagen (City) 5s
5
101.24103.15
1944-1964
8
106.28
106 28
1
1944-1949 y n
106.31
106 31
10
3s
1942-1947 j
j
*102.11
102.15
1942-1947
8
*102.11
102.15
102.15103
106 18
106-19
106.17107.26
94
104
11
84
13
12
114
104
114
"94
84
114
94
104
84
11
104
84
104
94
84
104
114
104
194
264
334
24
30
34 4
334
7
30
234
1
224
234
234
1
234
23 4
22
.1952 J
334
*234
.
344
22 4
234
25 4
24
244
6
25
26
5
214
234
26
224
D
234
2
21
244
244
25
9
214
25
V"j
744
744
1
72
744
1951 mat
1944 y 8
164
174
7
164
1953 MS
102.10103.3
2*48
114
124
114
84
114
94
94
84
33 4
334
With declaration
25-year gold 44s
3 4s
3s
124
234
234
j
4
Federal Farm Mortgage Corp—
124
12
-ors
*
1947 A O
1946 m N
1947 F a
♦Colombia Mtge Bank 64s
♦Sinking fund 7s of 1926
104.12 106.7
104
1
High
(Republic of)—
♦6s of 1928
104.28106.28
105.6
103.15
.
94
104
♦94
♦Chinese (Hukuang Ry) 5s
107.30
Low
104
94
♦6s assented
.......1962 MS
♦Chilean Cons Munic 7s
1960 M 8
♦78 assented
1960 M 8
107.23
101.22
15
104
*11
1961
Jan.
10
1
13
94
1961
♦6s assented
1
104
105.2
101.22 101.9
114
104
5
11
105.4
105.10
"164 ""6
♦94
1
104.26
84
104
84
104
11
1C
104.26
17
1961
107.20
*105.5
114
10 4
1961
106.21
*105.19 105.23
No.
♦114
104
D
Sines
S3
*11
If N
J
106.21
102.20
114
104
1963 y n
♦6s assented
♦Chile Mtge Bank 6 4s
Range
fa
Asked
High
&
114
1961 J
♦Extl sinking fund 6s..Sept 1961 m 8
♦6s assented
Sept 1961 m 8
♦External sinking fund 6s
1962 A O
♦6s assented
1962 A O
♦External sinking fund 6s
Bid
Low
Foreign Govt. & Mun. (Conf.)
Chile (Rep)—Concluded—
♦Ryextl.sf 6s...
Jan 1961 J
107.20 106.26
-
.4/
Friday
2 "8
BONDS
N. Y. STOCK
119.22
Treasury 4 4s
Treasury 4s
Treasury
BUI
Low
U. S. Government
Treasury 348
Treasury 348----.
the month when the bonds mature.
case
M
106.26107.28
106.28108
Home Owners' Loan Corp—
3s
series
1944-1952 y n
A,...
,1942-1944
...1945-1947
24s series G
1 Vis series M
j
j
j
d
102.16 102.13
*102.9
With declaration
Cordoba (Prov) Argentina 7s,.1942
♦Costa Rica (Rep of) 7s
Cuba (Republic) 5a of 1904
External 6s of 1914 ser A
1949 F
102.16
102.14103
External loan 4 4s
101.29 103.2
44s external debt
1977
♦Public wks 5 Vis
City
Govt.
Foreign
1980
J
d
102 4
1004
102 Vi
357
100
1034
Municipal
&
76
A
*234
1948 4
o
*23 4
*25
1951
♦94
1952
24
25
234
224
244
40
23
23
External g 44s
With declaration
y
8
j
/
74
74
94
Dominican Rep Cust Ad 54s..1942
/
*7
8
74
94
♦External
s
f 7s series C
1945 j
/
*7
8
♦External
s
f 7s series D
1945 j
j
74
84
74
}♦ 1st ser 5 48 of 1926
__1940
{♦2d series sink fund 54s
1940
Customs Admin 54s 2d ser..1961
♦External
s
f 7s 1st series
1957 a
o
74
74
♦External
sec s
f 7s 2d series. 1957
4
O
74
7 4
f 7s 3d series. 1957
a
o
*7
j
d
*15
♦External
sec 8
1958
:
74
7*4
74
7 4
74
20
14
94
84
84
84
1948 m N
1971 m N
8 f external 4 Vis
8 f extl conv loan 4s Feb
1972
F
8 f extl conv loan 4s Apr
1972
4
Australia Com'wealt
■
a
794
"604
o
External g 4 Vis of 1928
♦Austrian (Govt) s f 7s
1957 j
♦Bavaria (Free State) 6 Vis
With declaration
1945 f
Belgium 25-yr extl 6 Vis
1949 m
78
35
65
604
78
584
60
47
57
584
65
574
57
58
33
684
534
534
49 Vi
49
504
44
64
1
/
64
A
8
50
59 Vi
~57 4
1957 m 8
1956 MS
External 6s of 1927
794
67
594
J
1955 j
5s
784
66 4
*12
154
62
11
24
64 Vi
624
69
68
71
694
1955 J
With declaration
|.
External 30-year s f 7s
1955
j
694
694
1
}~d
70
3
73
1
70
70
73
With declaration
1
o
♦External sinking fund 6s..,1958 /
d
164
1941 J
d
19
4
O
16
f 6 Vis of 1927... 1957 a
♦7s (Central Ry)
1952 J
o
16
d
184
♦Brazil (U 8 of) external 8s:
♦External s f 6 Vis of 1926
♦External
1957
a
48
16
35
16 4
76
174
184
36
57
57
Sinking fund gold 5s
20-year sf6s
1958 f
1950 J
d
*60 "
♦Budapest (City of) 6s..
1962 J
d
5
a
a
1
f
60
8
F
a
1961
..1977 M 8
44-448
60
"4
5
5
*55
27
434
434
434
434
494
484
72
26
624
83
814
844
85
264
26
174
154
154
164
19 4
67
64
17
184
524
574
5
614
65
6
61
52
46
4
454
624
464
464
47 4
55
46
514
48
33
37
*304
354
♦Secured sf7s
1967 J
j
♦Stabilization loan 7 Vis
1968 m N
64
74
Bulgaria (Kingdom of)—
O
924
924
1952 MS
63
10-year 2 Vis
25-year 34s
7-year 24a
30-year 3a
Aug. 15 1945
j
j
944
834
944
j
82
814
82
9
93
1968 m N
(City) 8s
♦Cent Agrlc Bank (Ger) 7s
Loan
A
1944 J
1967 J
30-year 3s
♦Farm
100
f
1961 J
♦Carlsbad
s
1954 J
j
1950 M
S
f 6s.-July 15 I960 j
J
♦68 Oct coupon
♦7s assented
o
♦Extl sinking fund 6s...Feb 1961 F
...Feb 1961 F
a
♦6s assented
For footnotes see page
2521.
104
"16 4
944
5
34
884
8
47
48
23
31
48
52
57
634
2
524
58
A
O
534
2
524
m
8
53
534
5334
1969 a
1969 a
o
53
53
1948 J
1967 J
1945 m
/
*52
55
2
58
*524
664
624
594
524
22
52
594
16
54s 2d series..
o
♦Dresden (City) external 7S.—1945 m N
♦El Salvador 8s ctfs of dep
♦Estonia (Republic of) 7s
Finland
84
27
8
84
"So" "514
*504
164
15
92
264
734
264
914
92
92
84
97 4
*784
694
84
*80
63
92
*70~"
644
67
With declaration
French Republic 74s stamped. 1941 /
With declaration
74s unstamped
External 7s stamped
With declaration
d
-..1949 J
D
1949
♦54s of 1930 stamped
1965 J d
♦54s unstamped
.,1965
♦54s stamp(Canadlan Holder)'65
♦German Rep extl 7s stamped..1949
ao
♦7s
92
1941
7s unstamped
GermaD Govt international—
unstamped
84
21
/
(Republic) ext 6s
8
♦Frankfort (City of) 8 f 64S---1953 MS
104
74
6
"l24
27
94
"il4
114
315
74
114
84
84
1949
17
54
84
"14"
175
11
*7
♦7s part paid......
♦Sink fund secured 6s
♦6 part paid
1964
1968
*
*104 "l44
64
15
15
84
264
*12
12
y
12
12
a
o
1
"94 "124
94
*8
44
"16"
1968
♦Haiti (Republic) 8 f 6s ser A..1952 a
♦Hamburg (State 6s)
1946 a
With declaration
384
66
224
224
26
26
27
26
27
494
494
48
10
•
25
o
♦Heidelberg (German) ext 7 4s 1950
Helsingfors (City) extl 64s
1960
■
J
J
A
O
*49
57
1945 J
J
*5
7
1946 J
J
*5
*54
Hungarian Cons Municipal Loan
♦78 secured
s
f g
f g.
5
6
84
64
7
5
54
54
*5
94
5
*12
Irish Free State extl s f 5s
1960 m N
♦Italy (Kingdom of) extl 7s....1951 J D
♦Italian Cred Consortium 7s ser B'47 M 8
♦Italian Public Utility extl 7s.. 1952 J
Japanese Govt 30-yr s f 64s_._ 1954 F
194
78
97
89
95
85
26
794
874
♦Lower Austria (Province) 74s 1950 J
954
32
92
83
33
83
20
764
764
9
1
1
1014
65
87
35
75
26 4
22
25
18
60
60
61
35
60
71
434
414
434
67
414
18
294
194
~~8
6
8
*7
28
194
(Colombia) 64s
1954
*64
9
7
1954
*66 4
70
61
154
24
♦44s stamped assented
1943 mat
♦Mexico (US) extl 5s of 1899 £.1945
Q /
264
25
154
14
264
14
14
14
12 4
11
104
84
114
10
124
114
124
9
9
84
964
Mendoza (Prov) 4s readj..
Mexican Irrigation—
104
554
264
D
♦Medellln
9
6
234
464
304
294
*224
844
16
"16 4
29
18 4
844
94
14
10 4
*74
34
J
A
Extl
20
6
114
104
*114
104
s
♦Hungarian Land M Inst 7 4s. 1961 MS
♦Sinking fund 74s ser B
1961 MS
Hungary 74s ext at 44s to...1979 P A
slnklDg fund 54s
1965 MS
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
♦Leipzig (Germany) s f 7s
1947 F A
16
"I4"
a
74
74
16
♦114
*104
o
54
64
924
1004
934
154
k
1942 Vf A7
♦External sinking fund 6s... 1960 4
♦6s assented
1960 4
11
16
k
1960
1942 M N
on
7
154
16
♦6s July coupon on
1960
♦Farm Loan s f 6s—Oct 15 1960 KO
♦Chile (Rep)—Extl a f 7S
274
524
49
A
9
17
49
*48
1960
47
534
26
45
J
Canada (Dom of) 30-yr 4s
48 4
s
♦(Cons Agrlc Loan) 64s
1958 / d
♦Greek Government 8 f ser 7s__1964 ma/
11
1984 j
3% external s f $ bonds
474
33 4
German Prov & Communal Bks
34
1976 A o
1975 M n
44-448
294
3
O
264
48
454
External readj
f 4 4-4 4s
384
4
y
73
46 4
48
1976
s
10
48 4
46 4
47
48
54s 1st series
♦74s secured
M
54 4
54 4
474
'
Refunding s f 44-4 Vis
External
634
84
(Prov of)—
♦6s stamped
External
61
164
194
184
154
164
1957 M 8
Brisbane (City) s f 6«
Buenos Aires
61
26
...
9
44 4
A
18
204
1950
314
53
O
26
4
♦Berlin (Germany) a f 6 Vi8
With declaration
With declaration
6
824
704
644
644
19 4
26
644
624
With declaration
External sf6s
47
1
10
17
Argentine (National Government)
8 f external 4 Vis
76
84
9
42
53
104
73
474
F"I
Apr 15 1962 A
1945 J
9
101
49 4
48
1955
f 7s series B
■
42
J
544
External gold 54s
With declaration
s
74
"2
♦94
1942 J
103
101
134
♦Czechoslovakia (Rep of) 8s
♦Sinking fund 8s ser B
♦External
Akershus (King of Norway) 4s,1968
♦Antioqula (L)ept) coll 7s A..,1945
Antwerp (City) external 5s
76
212
107
June 30 1945
With declaration
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 6s..
1947 f
♦Gtd sink fund 6s
524
*103
Denmark 20-year extl. 6s
Transit Unification Issue—
3% Corporate stock...
52
18
1034
96
1
101
101
103
*994
524
Sinking fund 5 4s_-,Jan 15 1953
New York
103
*1034
1949
102.13
103
a
12
124
12
♦Assenting
♦Assenting
♦Assenting
{♦Treas 6s
5s of 1899
4s of 1904
1945 Q
/
1954 J
D
4s of 1910
1945
of *13 assent
1933
"54
j"j
♦MIlaD (City. Italy) extl 64s—1952 A
Mlnas Geraee (State)—
O
♦Sec extl
s
f
64s
1958 M 8
♦Sec extl
s
f 64s
1959 m 8
1952 J d
♦Montevideo (City) 7s
♦6s series A..
54
44
1959 MA/
54
44
54
54
54
15
44
54
23
44
54
33
34
34
44
26
184
21
25
34
39
94
94
1
94
94
2
*60
*94
94
70
54
"34 "54
8
84
54
54
54
30
104
104
54
104
62
63
60
Volume
New York Bond Record—Continued—Page 2
152
BONDS
N.
Y.
STOCK
Last
EXCHANGE
Price
Foreign Govt. & Mun. (Concl.)
New So Wales (State) extl 5s
1957
External s f 5s
Apr 1958
Norway 20-year extl 6s
1943
Low
A
A
O
F
A
*52
F
A
*53
1956
61 H
28
56 H
22
54 H
A
1963
Oriental Devel guar 6s
Extl debt 5Hs
1953
M
1958
Os
1955
A
1963
1963
1955
D
x
aa
D
x
aa
D
x
aa
104H
54
51 H
55
Rocky Mtn Div 1st 4s
1965
J
x
aa
*101 H
35H
32 H
36 H
38 H
38 H
33 H
34 H
31
40
38H
33
32
34 H
39 H
34 H
39 H
31H
28
21H
27
21
39
46
29
37
43
24 H
70
27 H
30H
(Rep) extls f 5s serA
♦Stamped assented 5s
♦Ctfs of deposit (series A)
♦Ctfs of deposit (series B)
8
f 6s 1st ser
♦Nat Loan extl
s
f 6s 2d ser
*18
25H
87
♦4Hs assented
♦External sink fund g 8s
♦4 Ha assented
89
90
75 %
75 H
M
15
61
81
77 H
32
61
88H
8
75
91H
74
8
6 H
%
-
23
13
3H
5
3%
4H
3H
4H
8H
8H
8H
8H
8
8
8
8H
9
*9H
WN
8H
O
27
*7
24
27
27
95
M
8
1946
A
O
8 H
1953
F
A
6%
"n
8
7H
16
9%
8H
D
♦Rome (City) extl 6Hs
♦Rouraanla (Kingdom of) 7s.
A
O
F
A
♦February coupon paid
♦Saarbruecken (City) 6s
1953
J
J
1964
A/
S
55
'
21
27
1st mtge g (lnt at 4% to
Oct 1 1946) due July 1948 A
7%
38
319
Ref A ger ser C(lDt at 1 1-5%
to Dec 1 1946) due...1995 J
Ref A gen ser D (lnt at 1%
D
z
to
Sept 1 1946) due..2000 M 8
Ref & gen ser F (lnt at 1%
to Sept 1 1946) due..1996 M 8
Feb
1
1960 V
-
8H
169
cc
3
34 H
24 H
38
z
34H
25H
ybb 3
56 H
z
Bangor A Aroostook 1st 5s—1943 J
x
Con ref 4s
1951 J
y
6
25 H
1st A ref 5s aeries C
♦Berlin City EI Co deb 6 Ha. 1951 J
With declaration
9H
13H
8H
12H
♦Debenture 6s
63
11
48
"~54H
93
16
53H
55
88
88
bb
46 H
47 H
14
"46 H
46H
48
10
U0H
110H
J y bb
D y bb
.
*40
z
b
z
27
44
26
29
♦Berlin Elec El A Undergr 6 Hs'56 A
z
19H
_
16H
cccl
17H
3
17
20
Beth 8teel 3Hs conv debs—1952 A
x
bbb3
16
19
15H
43 H
18 %
Cons mtge 3Hs ser F—
Consol mtge 3s ser G
1959 J
1960 F
53
Consol mtge 3Ha ser H
1965
F
Big Sandy 1st mtge 4s
1944
J
Blaw Knox 1st mtge
1950
F
45 H
46 H
10
J
D
22 M
J
D
26H
26 H
26 H
1955 A
x
A/ N
6H
6H
6H
6H
4H
2
4H
1
A/N
1958
1958
J
D
J
D
♦Sllesian Landowners Assn 6s...—1947
F
A
Sydney (City)
F
A
*60~~
J
*37H
J
—
;
4H
,
6 H
6H
9
4H
4H
1962
1st M 5s series II
6
26
8H
8H
1st g 4Ha series JJ
1st mtge 4s series RR
3H
5
3H
20
20 H
5H
26 H
65
¥
61
70
41
39 H
45 H
58
103H
58
103
103
109
109
109
1
100
6
b
76
2
85
85
1960 J
y
J
y
♦Inc mtge 4Ha ser A.July 1970 A/N
{♦Boston A N Y Air L 1st 4s. 1955 F A
bbb3
99H
bb
ccc3
1st Hen A ref 6s series A—1947 A/N
x
"l"07H
bbb3
21H
3
19
42
44 H
50
42
64
Debenture gold 5s
1950 J
V
A
*50
55
69
1st lien A ref sefles B
1957 A/N
A/N
*49
50 H
54 H
39%
44H
41 H
40 H
44 H
a
D y bb
x
Buffalo Gen Elec 4 Ha B
*42
H
41
20
•
20
9H
t
A
.
_
...
44 H
Bank
'J
17 H
9
44 H
"1
3H
3H
28
12H
3H
4H
7
44 H
57 H
7
4
;
4
O
1
9H
A
35 H
35 H
41 H
36 H
"H"
J
O
N
"n
39
38
A
90
44
*38H
D
Elig
45H
109H
109H
*111H
90H
105
90 H
111H
91H
105H
111H
bbb3
aa
4
111H
aa
4
z
b
2
z
cc
Week's
Last
Range or
3
Sale
Friday's
s-S
Price
a
Bid
a
Asked
Range
,
Since
Jan. 1
COMPANIES
{{♦Abltlbl Pow A Pap 1st 58.1953 J D * cc
Adams Express coll tr g 4s
1948 A/ 8 y bb
Coll trust 4s of 1907
1947 J D j bb
z
1943
x
x
y
----
b
x
bbl
x
107
b
y
1
----
*104 H
aa
Albany Perfor Wrap Pap 6s. 1948
12
103 H
101H
aa
1943
45 H
101H
*102
cc<
Ala Gt Sou 1st cons A 5s
44
44
bb
10-year deb 4Hs stamped. 1946
♦Adriatic Elec Co extl 7s
1952
modified (Interest
3% to 1946) due
1957 A/N
Stamped
at
{Burlington Cedar Rapid A Nor
{♦1st & coll 5s
1934
♦Certificates of deposit
Bush Terminal 1st 4s
1952
O
z
5H
y
b
73H
72H
..1966
x
a
107H
107H
1962
Calif-Oregon Power 4s
x
bbb3
Canada Sou cons gu 5s A
bbt
*19
29 H
----
43 H
50 H
99 H
102 H
101 H 103H
100 H 107 H
80
96 H
aa
20
25
O
F
conv
99H
99H
100H
i4
100H
100H
101
22
101
101H
34
aa
98 H
aa
aa
97 H
aa
96 H
Can Pac Ry 4% deb 9tk perpet... J
/
bbb2
8
a
J
/x
aa
2
J
Dx
a
2
M
aa
J
a
96 H
96 H
58 H
2
59H
30
82 H
"~58H
26
106H
3
31
97 H
107
83
102H
75H
71H
75
71
59
Carriers A Gen Corp 5s w w—1950 MN
b
49 H
----
40
54 H
b
3
83 H
Cart&Adir 1st gu gold 4s... 1981 F
Celanese Corp of America 3s. 1955 F
A
81H
A
a
2
79
80
Celotex Corp deb 4 Ha w w__1947 J
D
bb
4
93 H
D
ccc2
*22H
26
*37 H
41H
10H
3H
12H
4
18
3H
*9H
3H
54
*5H
105H
11H
106H
107 H
J
Carolina Clinch A Ohio 4s_ —1965 M
82 H
83
82
15
----
93 H
94 H
50
90H
97H
♦Cent Branch U P 1st g 4s
82 H
80 H
82 H
38
78
86
54 H
62 H
{Central of Georgia Ry—
♦
1st mtge 5s
Nov 1945
69
70
56
70
70
56
121
70
54 H
10
1022,3i
104 H
102 H
104 H
104 H
17
107 H
107 H
107 H
45
66 H
55 h
56 H
3
114
*40
ccc3
S
a
4
'106H
106H
*101
102H 104
102
104H
106H 108
52
60 H
{♦Consol gold 5s
1945
♦Anglo-Chilean Nitrate deb—1967
{Ann Arbor 1st g 4s
1995 Q
c
O
z
c
♦Chatt Div pur mon g 4s—1951 J
♦Mobile Div 1st g 5s
1940 /
D
z
z
cc
3H
3H
x
x
aaa4
z
b
100H 103
{♦Central of N J gen g 5s
5s registered
J
z
102 H
53
102 H 104*u
106 H
106 H
107 H
92
107
43
106H 110
106H 109 H
103 H
109 H
109 H
110H
104 H
105 H
------
*27 H
101H
102
H
107
bbt
bbb2
cc
11H
cc
J
2
1966 A O
{♦Cent New Engl 1st gu 4s..1961 / J
100 H
bb
32
2
20
8
....
7
103 H
1987 J
1987
108
♦General 4s
1987
4s registered
Central N Y Power 3 Ha
Cent Pac 1st ref gu gold 4s.
aaa3
1987
1962 A
ccc3
35
99 H
99 H
1
105 H
105 H
64
105
aa
2
106
106 H
10
105 H 106H
aa
2
107H
109
98
9H
20
110
18H
15H
12
15H
9
107%
""l5
31
*13
31H
99 H
57
15
107 H
71 H
A
105 H
21
17H
15
ccc3
A y bb
2
22
93 H
"43
a
Guaranteed g 5s
aa
98
61 H
x
1949 F
Through Short L lstgu 4s. 1954 A
bb
102 %
15
ccc3
106
1960 F
"16
60 H
z
O
46
106H
50 H
"97H
*109
ccc3
z
108H 111
..
106 H
2
z
V'j
103 H
bbb4
72H
O y bb
y
b
Central RR A Bkg of Ga 5s. 1942 A/N yb
Certain-teed Prod 5 Ha A
1948 A/ 8 yb
68
"50H
50 H
*73 H
86
73 H
3
69
51 H
240
76
100 H 110H
88 H
92 H
A
1957 J
J
1
Atchison Top A Santa Fe—
General 4s...
1995 A O
Adjustment gold 4s
1995 Nov
x
x
bbb3
.....1995 MN
x
bbb3
54 H
109
------
88
52 H
54 H
91
91
88
90 H
I
50
49
98 H
88
56
100
106
'"83 H
83 X
85 H
"22
106 H
11
Champion Paper A Fibre—
8 f deb 4Hs (1935 Issue)... 1950 M
8
x
bbb3
8 f deb 4Hs (1938 Issue) ...1950 M
8
z
bbb3
106
106
♦103H
104M
93
Attention is directed to the column incorporated in this tabulation pertaining
cc
*
98
ccc3
z
47
100 H
/
1964 A/
1955 F
2521.
z
z
Cent Hud G A E 1st A ref 3 Ha *65 M 8
2
24
8
Ark A Mem Br A Term 5s
Armour A Co. (Dei) 4s B
1st s f 4s ser C (Del)
see page
A
O
103 H
O
O
F
MN
♦Ref A gen 5 H" aeries B—1959 A
♦Ref & gen 5s series C
1959 A
Cent Illinois Light 3Ha
100 *»»
107 H
Jan
For footnotes
..1948 J
...
Anaconda Cop Mln deb 4Ha 1950 A
Stamped 4s
.
100 H 104 H
100
1002Sis
104
102 H
1
20-year sinking fund 5HS-1943 M Af
3Hs debentures...
.1961 A O
1966 J
10
72
54
109H 110H
Amer Telep A Teleg—
3Hs debentures.....
51
22
76
----
100
J
Am Type Founders conv deb. 1950 I
Am Wat Wks A Elec 6s ser A. 1975 M N
4
102 H
58
103 H
b
16
107
----
94
b
5 Ha
y
9
97 H
*46 H
8 y b
1949 A/N
1949
J
5Hs, 1949 /
100
2
*
A y bb
2030 Af
5
30
107
82 H
y cc
......1950
y bb
1998
1942 A/ S x aa
Allied Stores Corp 4Hs debs.1951 F A y bbt
Allls-Chalmers Mfg conv 4s. 1952 M a x a
♦Alplne-Montan Steel 7s
1955 M 8 y b
5 Ha 'called bonds)
Am Internat Corp conv
5
*46 H
♦5s stamped
Amer IG Cbem
22
84
*109 H
107
«•
Allegh & West 1st gu 4s
Allegb Val gen guar g 4s
Am A Foreign Pow deb 5s
75
107H
97 H
■
A
,
aa
A
D
1946
5s equip trust ctfs..
1944
Coll trust gold 5s...Dec 1 1954
Collateral trust 4 Hs
1960
{♦Carolina Cert 1st guar 4s. 1949
5H
69 Vs
.43 H
aa
Guaranteed gold 5s...Oct 1969
Guaranteed gold 5s
1970
Guar gold 4Hs—June 15 1955
Coll trust 4 Ha
6H
5H
42
81
:vW-
*66 H
b
Bldgs 5s gu..—1960
42
bb
y
42
*4H
cc
y
..1955
Consolidated 5s
Bush Term
A
Guaranteed gold 4 Ha
A
1956
Guar gold 4 Ha
Sept 1951 M 8
Canadian Northern deb 6 Hs. 1946 J
/
RAILROAD and INDUSTRIAL
..1949
10
20
*109H
1981 F A
Buff Nlag Elec 3 Ha aeries C.1967 J D
Canadian Nat gold 4 Ha
1957
Guaranteed gold 5s.-July 1969
Friday
i
Rating
See
42 H
40H
A/N
J
.
y
3
37
107H
107H
Buffalo Rochester A Pgh Ry—
42
M V
H-4 H* extl read)
1978 F
3 Hs extl readjustment
1984 J
♦Venetian Prov Mtge Bank 7s—.—1952 A
♦Vienna (City of) 6s
1952 M
♦Warsaw (City) external 7s
1958 F
♦4 Hs assented
1958 F
Yokohama (City) extl 6s
—1961 J
Coll & conv 5s......
169
16
*103
3
3
53
■'72%
26H
25H
16
bbb3
aaa4
75
"72"
72 H
25H
cccl
x
20
99H
*
Bklyn Edison cons M 3Ha.-1966 A/N
Bklyn Union El 1st g 5s
1950 F A
Bklyn Un Gas 1st cons g 5s—1945 A/N
8
4-4
1946
3Hs registered
1946
Alleghany Corp coll trust 68.1944
4
103H
75
C
*49
101
aaa2
x
A
A/N
73
100
'lOOH
105H
3
a
M
25
a
105H
103H
1955 A/N y b
1961 A O y b
3 Ha
6
7H
—
19H
105H
a
x
Boston & Maine 1st 5s A C—1967 M
M N
assented.....1948
32
"98 H
b
26 H
17
31
131
130H
*104H
*
10
O
warr
85
110H
1
11H
A
6s with
45
*80
98
12H
1940
♦Saxon State Mtge Inst 7s
1945
♦Sinking fund g 6Hs
1946
Serbs Croats A Slovenes (Kingdom)—
Alb A Susq 1st guar 3 Hs
4
_
D y aa
D z b
A
58 H
'
bbb2
ybb
1951 J
26 H 1552
57
47
b
11 H
3
y
2
*UH
23
Week Ended Apr. 18
142
cc
A/ N
16 H
EXCHANGE
ccc4
z
A/N
16 H
BONDS
183
37 H
S'west Div 1st M (lnt at 3 H %
to Jan 1 1947) due—..1950 J
Toledo Cin Div ref 4a A..1959 J
♦Deb sinking fund 6HS—1959 F
With declaration
16 H
...—
7
4
22 H
64 H
10
3Ha-4-4Hs ($ bonds of *37)
external readjustment
1979
3H-4-4HS ($ bds of *37) ext conv 1979
3 H-4 H-4».« extl conv
1978
44
34
aaa3
8
1960
1964
39H
34
x
J
—
MN
40 H
J
5
'55""
:
A
ccc4
z
Belvldere Del coas 3H8
1943 J
Beneficial Indus Loan 2H8--1950 J
9 H
32
73
68 H
34 H
aaa3
19
9
*6 H
70
66 H
x
J
guar..........1961
♦Uruguay (Republic) extl 8s
1946
68
66 H
34H
O
M
External s f 5H8
68
68
67 H
1960 A
8
'•an—.......1968
Taiwan Elec Pow s f 5Hs—
Tokyo City 5s loan of 1912
5
3
aaa3
♦7s extl water loan..........—.1956
1955
1971
1952
100
bbb4
♦6s extl dollar
f 5Hs
10
CCC4
bb
x
17H
extl
92
z
x
27
of) extl 7s
97
104
z
J
J
♦4Hs assented
4
92 H
103H
D
O
J
With declaration
63
O
Bell Telep of Pa 5s series B..1948 J
J
1962
37
(lnt at 1%
Battle Cr A Stur 1st gu 3S..1989 J
Beech Creek ext 1st g 3H8--1951 A
J
♦.88 secured extl
24
89
to Dec 1 1946) due...1995 J
Ref A gen ser A
9H
1936
f 7s..._
34 H
32
3
8 H
♦8s external...1950
1st cons 4s series B
3
10 H
8
27
*4H
{♦San Paulo 8s extl loan of 1921
Y.STOCK
O y bb
O y bb
..1948 A
8H
10
*7
Santa Fe extl s f 4s
N.
July 1948 A
7H
12
J
♦Sao Paulo (City of. Brazil) 8s—..1952
♦6 Ha extl secured s f_—
....1957
70
100
104
a
9H
23
9H
8H
1967
1952
1959
loan
f 6s
8H
6H
16
8H
8%
8%
D
M N
9%
8H
AO
J
15
78 H
65H
85 H
74 H
33H
"92 H
J y b
/ y bb
4s stamped
1946
100H
31
1941 J
Pgh L E A W Va System—
Ref g 4s extended to. .1951
96 H
66
1966
5
"99H "_23
Baltimore A Ohio RR—
♦Conv due
59
g........————-1968
'~34 H
J y b
x
110
73 H
8
27
87
♦7s extl loan of 1926
2
1953 M
27
17
s
Atlantic Refining deb 3s
Austin & N W 1st gu g 5s
17H
150
♦External
Second mortgage 4s
1948 J
Atl Gulf & W I SS coll tr 53—1959 J
26 H
15
95
f 6s
85
15
....
65
s
85
15
8
--
93H
♦External
64H
yb
13 H
63
s
100 H
77 H
65
7H
O
sec
78
6
"4H "1%
A
♦7s series B
100H
bbb3
64
.....
A
♦Silesia (Prov
bbb3
x
6H
6 H
F
8
x
1st mtge gold 4s
4s registered
5
Rio Grande do Su! (State of)—
♦8s extl loan of 1921
iiiH
*99
Stamped modified bonds—
5
♦Rio de Janeiro (City of) 8s._ —
♦Extl sec 6Hs
/
4s.July 1952 M 8
cons
8
*12H
*4 H
*
1st
....
99H
7H
7H
5
1952
~99H
6H
*4H
f 7s
bbb3
6H
1941
s
x
6H
*4 H
f 6s
J
2
25-year external 6s
—.1947
♦Rhlne-Maln-Danube 7s A.—.
1950
Queensland (State) extl
aa
2
*4H
M
a
116
1961
1966
1952
1951
--
Coast
1
18
104H
111H
109H
aa
x
General unified 4 Ha A
1964 J D y bb
10-year coll tr 5s..May 1 1945 Af N y bb
L & N coll gold 4s
Oct 1952 MN y bb
Atl & Dan 1st g 4s
1948 J
J
10
96
x
109H
4
99H
96
x
7
1950
-
Atl
99H
8
6H
.1963
♦Prussia (Free State) extl 6 Ha
With declaration
J
99H
D
Cal-Arlz 1st A ref 4Hs A..1962 M
6H
*7
...1968
♦Prague (Greater City) 7Hs
Trans-Con Short L 1st 4s..1958
Atl Knox A Nor 1st g 5s
1946 J
Atl & Charl A L 1st 4Hs A.. 1944 J
1st 30-year 5s scries B
1944 J
6H
6H
1947
♦Porto Alegre (City of) 8s
♦Extl loan 7Hs
.
6H
6H
1961
.
—
—
NO. Low
81
87 H
8
M
76 H
74 H
87 H
M N
1940
1958
f 7s
s
38
40 H
39
"88 H
1960
{♦Poland (Rep of) gold 6s
♦4Hs assented
39 H
O
1959
♦Nat I-oan extl
26
40 H
39
8
1963
1963
1947
♦Pernambuco (State of) 7s
♦Peru (Rep of) external 7s
*7
A
4H8
§1
cqo5
97
1960
31H
WN
f 4Hs
♦Panama
{♦Secured
97
aa
32
M N
♦7s municipal
x
1948
27 H
F
f
D
1955
High
Conv deb
D
1952
8
(Cont.)
Atch Top & Santa Fe—(Concl.—
Conv gold 4s of 1910
f"A
J
Asked
A
Low
Indus. Cos.
Conv gold 4s of 1909
Friday's
Bid
Conv 4s of 1905.
32
f 5s
8
♦Nuremburg (City) extl 6s
♦6s extl
Price
Range or
Sale
See A
53
With declaration
s
Last
Rating
52 %
~55~"
*32
O
1970
f extl loan
♦External
Elig. A
55
H
With declaration
Municipal Bank extl
♦Stabilization loan
&
Sr
c s
NO,
51
38 H
f 4H8
s
64 H
67
Railroad
Apr. 18
52
With declaration
(City)
EXCHANGE
*32 H
A/"s
1965
o
High
64 H
STOCK
Week Ended
38H
External sink fund 4H8
With declaration
s
1
51H
...
External
4s
No. Low
59 H
55
1944
declaration
s
Jan.
$5
59
54
05
63
With declaration
20-year external 6s
With
High
F
63
N. Y.
Since
Asked
A
BONDS
Range
Friday's
Bid
Week's
Friday
Bank
Range or
Sale
Week Ended Apr. 18
2517
Week's
Friday
to bank
eligibility and rating of bonds.
See A.
High
New York Bond Record—Continued—Page 3
2518
bank
BONDS
N.
Y. STOCK
Elio. A
Last
Rating
Price
a
Low
Railroad & Indus. Cos. (Cont.)
Chesapeake A Ohio Ry—
General gold 4 34« —
1®92
Ref A lmpt mtge 3348 D..1996
Ref A lmpt M 3 34» ser E..1996
Potto Creek Br 1st 4s
1946
Since
Asked
High
BONDS
Range
Friday's
Bid
N.
No. Low
High
13034
13034
34
x
aaa2
103 34
103
10334
38
F
x
aaa2
10334
10334
10334
33
J
x
aaa2
R A A Dlv 1st con g
J
x
aaa.l
2d consol gold 4s
J
x
aaa3
a
x
ccc3
16
14
17
j
x
aa
9234
9234
9334
48—1989
...1989
1949
Chic Burl A Q—111 Dlv 334» 1949
3 34s registered...
1949
Illinois Division 4s
1949
4s registered
1949
General 4s
...1958
1st A ref 434« series B
1977
1st A ref 5b series A
1971
Cmlcago A Eastern III RR—
♦Gen mtge fnc (conv) —..1997
Chicago A Erie 1st gold 5s..1982
Chicago Gt West 1st 4s ser A. 1988
♦Gen Inc mtge 4 34s
2038
{♦Chic Ind A Loulev ref 6s..1947
M
8 x aas4
A
12034
11934
i
"98"
i
J
x
aa
x
aa
8
x
a
x
bbb4
F
F
x
"98"
♦
"84 34
bbb4
12234
11934
9834
8534
7434
"56
T
z
MS
22 34
24
c
x
a
J
18
19
y
J
y
71
2434
♦11134
bb 4
ccc2
*67
34
35
3534
~68
"48
36
6634
36
z
ccc3
*2234
2534
J
z
ccc3
*22
24
J
z
ccc3
MS
z
cc
2
3
z
cc
2
9
j y bb
2
70
70
3534
3734
36
3634
36 34
3634
—1987
4s registered.
1987
♦Stpd 4s n p Fed lnc tax. 1987
♦Gen 4 34s stpd Fed lnc tax 1987
1987
♦Gen 5s stpd Fed lnc tax.. 1987
♦4 34s stamped.......
1987
registered
J ♦Secured 634»
1st ref g 5s
♦
z
z
ccc3
z
Chic A West Indiana con
1st A ref M 434s
Chllds Co deb 5a
80
7834
88
2234
27
10934 1H34
79
934
29
2
3034
4034
28
2434
634
634
1134
11
118
2934
36
4
2834
38
68
3734
67
3734
5
3034
3034
3034
40
3934
4034
4034
4034
"3634
37
3
834
8
9
504
434
2
234
2
234
341
1
M N
M N
M N
M N
MN
m N
M N
^N
j D
ccc2
ccc2
z
z
z
2134
*1734
ccc2
2134
2134
2134
2334
29
"31
ccc2
"22
ccc2
34
I
ccc2
2334
*15"
ccc2
1034
334
1434
2434
2234
16
2534
56
to 1946 3
extended
Curtis Publishing Co 3s deb. 1955 a
Del Power A Light 1st
1st A ref 434s
4)4s—1971 3
1969 J
1969 J
J
1965
Detroit Edison 4s ser F
G. 196"
♦Second gold 4s
1995
Detroit Term A Tunnel 4 34s-1961
M N
16
2534
M
25
1950
Dul Miss A Ir Range Ry 3 34s 1962
22
18
26
1634
1934
1034
Dow Chemical deb 234s
9
934
11
c
934
134
c
134
J
d y bbb2
/
d y bbb2
10
161
138
aa
cccl
z
4934
*10434
*10434
97
9
108
11
1034
234
134
734
734
12
11
ddd2
134
14
2
1034
1134
82
734
11
10334 105 34
10834
106
126
11)4
2
10334 109
4634
5434
107
10834
21
1034
ddd2
z
10634
11
cccl
z
a
z
c
z
cc
x
MM* WO*
~
734
1
*52
104
aaa3
x
a
1
x
A
O
x
aa
M N
x
30
4
99
9834
99
32
....
*25
3M
43
43
30
102)4
102 34
37
98)4 102
101
104)4
10634
10234
1J634
10
106
1
21
21
bbb3
x
aaa4
Dlv 1st 4a 1948
1956
Ed El 111 (N Y) 1st cons g
1965
1134
1334
1234
734
19
1634
1234
6
1134
M
A
..1965
5s stamped
ccc2
xa
x
aa
O y bb
O y bb
4
3
2
ccc2
z
j
z
j
z
m
cccl
z
cccl
o
z
9934
m
104
104
1634
10734
24
734
1334
♦Gen
634
39
34
1134
234
♦{Ref A lmpt 5s of 1927-.1967 MS
♦iRef A lmpt 5s of 1930..1975 A O
J
♦Erie A Jersey 1st a f 6s.. 1955 3
J
♦Genessee River 1st s f 6s. 1957 3
♦N Y A Erie RR ext 1st 4a. 1947 MS
M 8
z
1
mm —
1
*57
7
61
«
-
-
10
11
-
88
44
84
84
4
48
4934
10834 108 34
93
100 34
50)4
98
150
10134
10334 10534
56
61
5534
«
8634
88
105)4 109
150
9934
104)4
6034
......
cccl
cc
96)4
*150
cccl
z
o
1953
4s perles D—.1953
*» —
ccc2
o
♦Series B
—
2
z
—
9634
•»
15
10834
*107
2
j
1953
108
108
aaa4
j
{♦Erie RR 1st cons g 4s prior 1996
Prior 4s registered
1996
♦1st consol gen lien g 4a...1996
Gen 4s registered...
1996
♦Conv 4s series A
S
z
38
252
56
8034
89)4
84
84
4034
53
42
52
4234
4434
54
36
47 34
4234
44 )4
24
36
48
to--
4434
4434
*39
•
-«»--
bb
*75
77
73
76
j
D y bb
3
"4834
4834
4834
2
J
D y bb
3
6334
64
7
5534
65
2
49
4934
10
44 J4
conv
38
42
z
c
199
16)4
c
2234
2134
2134
23)4
z
23 34
199
1634
z
b
89
87
89
6
82)4
25)4
2534
8934
z
b
109
21
y
bb
2
2234
10834
10834
-----
103
110
101
1<U
5334
m 8 yb
"4634 "5134
1938
♦3d mtge 434s
*101
♦Ernesto Breda 7s_...
10634
106
J
J
x
aaa3
100
4s. 1952
J
J
x
a
3
92 34
92
93 34
46
m
8
x
a
2
95
93 34
95
33
A
O y ccc3
9934
3134
3034
58
10734
10634
10
32
100
3134
44
1534
4...
2
*14 34
f
A
x
aaa4
10734
108
J
WN
cc
16
d
x
aaa4
10934
10934
5
m N
x
aaal
*10534
MS
x
aaa4
10934
10934
"4
F
x
aaa4
112
112
95
95
7834
79 34
*86 5f
8934
J
a
j y bb
112
2
10634 109 34
105
10734
9834 104
8934
9334
95
9134
36
2734
934
1534
10734 10934
109
110
10534 106
F
a
bb
J
d
x
a
3
Federal Light A Trac
M
8
x
bbb2
M
S
x
bbb2
M
8
x
bbb2
M
8
x
bbb3
General 6s series B
.1993
d
x
bbb3
7834
2
/ y b
Ref A lmpt 4 Ms series E, .1977
J y bb 3
CId Wab A M Dlv 1st 4s. .1991
St L Dlv 1st coll tr g 4s_- 1990 m N y bbb2
5534
x
aaa4
10534
Cleveland Elec Ilium 3s— .1970 j
5534
*52 %
*77
bbb2
1954
1956
1st 5s..1942
5s International series..1942
1st lien s f 5s stamped
1942
1st lien 6s stamped
1942
30-year deb 6s series B
1954
Firestone Tire A Rub 334B--1948
1943
{Florida East Coast 1st 4348-1959
{♦Fla Cent A Pennin 5s
1974
♦1st A ref 5s series A
11034
111
11334
2
89
95
D y bb
o
x
a
4
J
3
z
72
80
Francisco Sugar coll trust 6s.
85
105
M
d y bb
S z cc
x
aaa2
x
aaa2
1942 J
x
aaa2
x
aaai
Series D 3 Ma guar
1950 F
A
x
1977
A
x
aa
2
Gen A ref 4 Ms series B__
1981
J
x
aa
2
4 Ms
1961
O
x
bbb3
Cleve Union Term gu 634b. .1972
1973
1st s f 6s series B guar..
O
x
bbb3
o
x
bbb3
1977
o
x
bbb3
.1945
d
x
aaa2
A
x
bbb3
Colo Fuel A Iron gen a f 6s. .1943
47
10534
10434 10934
10534 10534
10334 10334
10734 10734
*10534
"865-4"
9
18
8734
7634
77
8
69
70
28
10534
7934
11
78 34
1934
22 34
369
bbb3
x
x
bbb3
x
bbb3
Columbus AH V 1st extg 48.1948 a
o
x
5
x
aaa4
Columbus A Tol 1st ext 4s.. 1955 t
4
x
10534
5
aaa3
Columbus A Sou Ohio El 3)4s 1970 m
10334
10334
10334
10334
10334
10334
10334
10334
49
10634
105"
10634
"24
aaa4
"80" "8834
8434
7434
90
68
73
7934
10334
86
13
*110
10534 106 34
77 34
8534
13
26
10334 106
10334 106
10334 10534
11434 11434
10434 108
113
113
♦Commercial Mackay Corp—
Apr 1 1969 May y b
Commonwealth Edison Co—
1
75
*234
*234
3
134
234
134
51
39
32
32 34
3534
f deb 6s
MS
z
30
cccl
3
J y b
3
3
z
3
J
z
a
o
z
3
D
x
bbb3
87
Grays Point Term lstgu 5S-.1947 3
Gt Cons El Pow (Japan) 7a—1944 F
1950 j
8834
2
*12
cccl
*19
c
D y bb
1
J yb
10634
9034
10634
75
10
1334
2334
18
23
2734
33
10634
76
29
5
*100
10434 10634
75
8134
95
10034
100««10134
100"u 100««
*95
1
4
35 34
8434
30
3
a y b
35
30
41
1634
Gotham Silk Hos deb 5s w w_1946 M S y bb 4
Gouv A Oswegatchle 1st 5s-.1942 J d y b
2
J x aaa2
Grand R A I ext 1st gu g 4 34s 1941 j
1st A gen s f 634s
8634
cccl
3
36
39
35
1948
1949
{♦Georgia A Ala Ry 5s.Oct 1 1945
{{♦Ga Caro A Nor 1st ext 6a. 1934
♦Good Hope Steel A Irsec 7s. 1945
Goodrich (B F) 1st 434s.. —1956
s
234
3
5234
95
95
64
64
63
73
65
64
6534
65
80
Great Northern 4)4s ser
General 5 34s series
General 5s series C
B
107
109
103 34
10834
A—1961
3
x a
1952
J
x
bbb3
10434
10734
10434
10734
10534
1973 J
x
bbb3
101
100
101
12
x
bbb3
93
93
11
3
x
bbb3
92
44
89
9534
3
x
bbb3
10134
10134
10334
87
100
105 34
j
x
bbb3
9734
9734
9834
89
95
99)4
j
x
bbb3
8234
8334
22
80
8734
64
64
1976
.1977
G..1946
Gen mtge 4s series H
1946
Gen mtge 334s series I
1967
♦Green Bay A West deb ctfs A—
General 4 Ms series D
General 4 34s series E
General mtge 4s series
♦Debentures ctfs B
3
Feb y bb
Feb x c
d3434
d3434
43
37
3434
4334
1st mtge 5s series
C.1
1950
a
o y bb
o y bb
1073-4
91
83
9234
91
_
*60
63
8
......
8
*9034
3
"8634
97
86.34
88
"13
9734 104)4
95 34
89)4
5
834
87
92 34
"6
79
88
Gulf Mobile A Ohio 4s ser B 1975 J
1st mtge 3 Ms series I
i
aa
4
Conv debs 3 Ms
x
a
3
i
bbb3
1968
1958
Conn A Pasump Rlv 1st 4s..1943
Codo Ry A L 1st A ref 4)48.1951
Stamped guar 4 34s
1951
Conn Rlv Pow 8 f 334s A
1961
1034
*
Gulf Mob A Nor 1st 5 348 B..1950 a
Income deb w w
1134
634
6534
*10434
2034
j
734
28
With declaration
Gen Steel Cast 534s w w
7834
O
84
cccl
3
Jan 15 1961 J
"1
934
cccl
z
3
Debenture 5s.....Apr 15 1952 A
100
10234
10334 105
43
4334
*120
z
O y b
Columbia G A E deb 6s.May 1952 MS
3
10
5734
1034
aaa3
x
1945
Colo A South 4 Ms series A. .1980 MS y b
1970 A
104
7134
934
51
{♦Sinking fund deb 634s—1940
10834 108 34
8634
102
10
2
♦Gen Elec (Germany) 7s
10734
69
c
Gas A El of Berg Co cons g 5s 1949
*10734
*7634
100
10334
2
7134
"7134
z
56
54
10934
86
z
61
*
8634
10434
*20
mm y ccc3
7734
aaa2
Gen 4 Ms series A
1956
7534
*10234
j
1948 M IV
101
10434
1
7734
*104
Series C 3 34" guar..
100
103
100
104)4
1
cc
5134
*10534
0
10134 103
102
10334
91
69
♦20-year
O
1942
2
z
5534
Cleveland & Pittsburgh RR
.1942
*10234
102j4
ccc2
J
36 34
3634
10434 107
10634
10234
*100
3
a
40
{Fonda Johns A Glover RR—
(Amended) 1st cons 2-4a..l982
13
y
j
♦Certificates of deposit
108
14
57
*2934
10634
10234
1
Fairbanks Morse deb 4s
{♦Proof of claim filed by owner. mm
♦Certificates of deposit.
x
3
x
aa
x
a
aa
111
10934
11
10734 ho
11234
52
111
11934
*10034
119"
I
x
10854
112""
3
119
*10934
10834
A
O
x
aa
1946
1948
1956
A
O
x
aa
4
A
O
x
aa
4
3 34» debentures
1958
3
J
x
aa
4
J
3
x
cccl
Consol Oil conv deb 3 34s...1951 J
d
x
bbb3
6734
6634
6734
22
62
70
J y cc
43
41
43
65
36
4434
*85
100
104 34
10434
5
10334
164)4
10834
10834
25
108 34
11134
128
128
Gulf A
3
y
b
119"
"2
109"
"~8
119" 119""
10934 10934
10834 10934
Gulf States Steel sf4348
1961 a o
Gulf States Utll 3 34s ser D..1969 MS
♦Harpen Mining 6s
1949 J 3
x
bbb3
x
a
z
cccl
J
x
aaa4
O
z
bb
2
{{♦Housatonlc Ry cons g 5S.1937 MAT
1954 MN
Hudson Coal 1st s f 5s ser A. 1962 J d
z
b
2
8534
6034
y
bbb2
10234
y
ccc2
Hocking Val 1st cons g 4 34s. 1999
4
3 Ms debentures
3 348 debentures
J y bb
A
2015 3
Ship Island RR—
ref Term M 5s stpd—1952 3
♦Gen mtge lnc 5s ser
1st A
Consol Edison of New York—
104 34
8
10554
10634
23
104 34
106
29
10334 10534
104*4 10634
10334 10634
108"
10734
108
22
10634 10834
10434
10334
"99
10234 10634
10434
10534
♦Consolidated Hydro-Elec Works
J
Hoe (R) A Co 1st mtge
A
Hudson Co Gas 1st g 5s
*7
24
10434
15
22
1944
Houston Oil 434 s debs
1949 MN
Hudson A Manhat 1st 5s A..1957 F
♦Adj Income 5s
Febl957
a
x
2
3
b
ccc2
3
8534
61
10234
"4434
11
2734
29
*12134
2834
aaa3
a y
o
z
10834
5
1
3
5
35
125
44
4434
"67
1034
1134
51
12734 12934
8534
9234
56
l
Attention la directed
to the column
65
10134 103 34
2634
3134
12134 127
44
4834
1034
1334
A
234
634
25
3
60
234
106
For footnotes see page 2521.
1334
1334
2)4
27
*35
;
3
11
107
7s. 1956
17
28
3
z
1234
3
6s. 1952
9734
10434
51)4
3
{{♦Dul 801' Shore A Atl g 5a. 1937 J
Duquesne Light 1st M 334a.-1965 J
EI Paso A 8 W 1st 5s
1634
99 34
9734
10334
3
aa
S xaaa2
o x aa 4
49
2034
1734
"1634"
96
97)4
10434
5034
D y b
D z ccc2
3834
1434
1634
1934
16
1834
10234 105)4
J
D
6
"934
16)4
1834
13
Detroit A Mac 1st lien g 4s__1995 J
D
1634
_
24
J
1034
^
1534
104
234
ccc2
*16
■
-----
109)4
1634
*1334
18
1654
-----
11034
134
ccc2
18
-
1
1734
1734
1834
103
1034
192
2034
10934
112
39
1634
11034
1534
1834
1534
1734
4
19
aa
14
1634
1534
14)4
ccc2
1534
3834
1634
17
aa
J
17 H
92)4
41
*17
*1434
102
9734
19
x
3
3834
97)4
94)4
18)4
1734
1534
1834
16
10
9934
x
5a_1995
Elec Auto-Lite 234s debs
1950
Elgin Jollet A East Ry 3348-1970
1
10434
10534 10834
107
11134
104
106
z
East T Va A Ga Dlv 1st 5s..
bb
10734
31
8
East Ry Minn Nor
z
10834 110)4
38
O
1734
1654
2
22
M
3034
134
10734 10934
110)4
A
11
2
109
1334
7)4
72)4
77
10834 HI
109
11134
1970 j
Gen A ref 3s ser H
aa
x
{{♦Den A R G 1st cons g 4a.-1936 J
{♦Consol gold 4 Ms
1936 J
{♦Denv A R G W gen 5s. Aug 1955 F
f
♦Assented (subj to plan)
♦Ref A lmpt 5s ser B.Apr 1978 A
3
{♦Des M A Ft Dodge 4s ctfs. 1935 J
{♦Dee Plains Val 1st gu 4348-1947 M 8
x
x
48
2
18
1
3 vaaa3
Dayton P A L 1st mtge 3S..1970 J
Del A Hudson 1st A ref 4a—1943 MS bb
2
176
81
2
b
z cccl
D y ccc2
o x a
3
1534
d
of Upper Wuertemberg
series B
1534
.1993
3348 debentures
♦Deposit receipts
♦6s
2734
c
z
.1
14
c
8034
10634 10834
10634
*9934
92)4
ccc2
2734
14 34
MS
2534
104
......
9234
b
15
cc
2
bbb3
z
15
1
43
2534
107
0
x
z
2
z
aa
x
J~~D
♦Deposit receipts
♦734» series A extended to 1946
2
cc
107)4
1734
18
7534
10554
2
cc
ccc2
14
18
10934
10734
1
cc
O
1
*10734
11034
106)4
2
b
ccc2
z
a
b
z
*33
x
107)4
3
y
z
2734
x
aa
z
—1952 J
*22
26
x
J
♦Deposit receipts
ccc2
General sr 4n
Debenture 5b
3
5
5
2134
7634
10634
76
22
2134
7534
3
aa
z
aa
—
aa
x
24
15
"24"
ccc2
A
15
Cleve Cin Chlo A St Louis Ry-
♦6s Income mtge
x
-
23
aaa3
Coal River Ry let gu 4s..
3
ccc2
x
1st s f 4)4s series C
aa
z
x
3348--1966
1st mtge 334s.
1967
Cln Leb A Nor 1st con gu 4s. 1942
Cln Un Term 1st gu 3 34s D..1971
1st mtge gu 334s ser E
1969
Clearfield A Mah 1st gu 5s..1943
Cleve Short Line 1st gu
x
May 1 1965 MS
1st mtge 3 34s
1967 m N
1st mtge 3348
1970 m N
1st mtge 334s
1966 m N
1st mtge 3348
1969 m N
D
Continental Oil conv 234a—1948 3
Crane Co 2*4s s f debs
1950 a o
Crucible Steel 334s s f debs—1955 J D
♦Cuba Nor Ry 1st 534s
1942 J D
1st mtge 334s
1634
"23" "io
8
—
ccc4
14
/
Cincinnati Gas A Elec
Series A 4)4s guar
z
2134
I
High
2534
26
1834
72
m
Series B 334s guar
/
Consolidation Coal s f 5s
72
69
j
Gen 4 Ms series B
1960 J
21 34
cccl
Since
Jan.
NO. Low
High
2134
cccl
z
fQ&a
2134
cccl
z
J
Range
fa
Asked
A
'
64
20
1963
1951
1963
series D..1962
1943
{♦Choctaw Ok A Gulf con
7134
c
z
1960
1960
z
J
■S
Friday's
Bid
Low
/
Gen A ref mtge 3 34s ser
♦Certificates of deposit..
1st 5s.
Income guar 5s
Dec 1
Chicago Union Station—
1st mtge 334s series E
3 34s guaranteed
1st mtge 334s series F
8834
cc
{♦Secured 4 34s series A...1952 m"«
Chic THA So'eastern
97
83
z
cc
1960
Ch fit L A New Orleans 5s..1951
Gold 3 34s
June 15 1951
Memphis Dlv 1st g 4s
1951
3634
ccc3
registered.—.1988
♦Conv g 4 34s
93 34
9634 10034
z
F
A
{{♦Chicago Railways 1st 5s stpd
Aug 1940 25% part pd.,1927 F
1934
94 34
2134
6
2134
934
9
ccc3
ccc3
{♦Chic It I A Pac Ry gen 4S..1988
4s registered
.1988
♦Certificates of deposit...
4s ctfs
ccc3
z
1st A ref 4 34s
{♦Refunding gold 4s
♦Certificates of deposit
2134
_
j
J
j
...May 1 2037
stpd May 1 2037 j d
♦
1st A ref 434s C-.May 1 2037 j
d
♦Conv 4348 series A
1949 MN
♦
Price
k
1955 /
1956 /
♦Debenture 4s
♦Debenture 4s
1st mortgage 4348
z
1987 M N
♦General 4s
4 34 s
J
1®£7 M N
registered
See
Railroad & Indus. Cos. (Cora.)
♦Cuba RR 1st 5s g
3
3 34s
91
97
"18
8434
♦Refunding g 5s series
♦General g 334s
12034 12234
112
11934
834
1834
90
75
82
8334
65
100
84
75
174
92 34
x aa
M
13034 13234
10234 106
10234 10534
Sale
Rating
Apr. 18
Range or
Last
Elig. A
EXCHANGE
Consumers Power Co—
♦Refunding 4s series C
B..1947
1947
♦st A gen 5s series A
1966
♦1st A gen 6s ser B__May 1966
Chic Ind A Sou 50-year 4s..1956
{Chic Milwaukee A St Paul—
♦Gen 4s series A
May 1 1989
♦Gen g 3348 ser B.May 1 1989
♦Gen 4 34s series C.May 1 1989
♦Gen 4 34s series E.May 1 1989
♦Gen 434s series F.May 1 1989
{Chic Mllw St Paul A Pac RR—
♦
Mtge g 5s series A
-.1975
♦Conv adj 5s
Jan 1 2000
{Chicago A North Western Ry—
STOCK
Week Ended
{♦Consol Ry non-conv deb 4a 1954 J
130 34
m N
♦Chic A Alton RR ref 3s
y.
Jan. 1
Week's
Friday
Bank
Range or
Sale
See a
EXCHANGE
Week Ended Apr. 18
April 19, 1941
Week's
Friday
Incorporated in this tabulation pertaining to bank and eligibility rating of bonds. See *.
Volume
New York Bond
152
Bank
BONDS
Week Ended Apr. 18
Railroad &
,t|
See
Range
Sale
Rating
i Nift,
2%s
ser
A. 1981
J
x
101
aaa4
Range
or
Bonds Sold
Asked
A
Low
J
No. Low
High
100 x
32
101
BONDS
N
Since
Jan. 1
1951 j J
—.1951 J J
1951 j J
Extended 1st gold 3 %s.^..1951 a o
x
bbb4
*93
4s registered
x
bbb4
1st gold 3%b.__
*
bbb4
*85 X
*87
—
High
100X X02 X
X
m n
Refunding 5s...
m n
1953
1955
40-year 4%s
...Aug 1 1966
Cairo Bridge gold 4s——1950
Litchfield Div 1st gold 3s.. 1951
Loulsv Dlv A Term g 3X8-1953
Omaha Div 1st gold 3s
1951
St Louis Div & Term g 3s.. 1951
r
a
J
D
j
J
j
F
J
Gold 3%8
—....1951 J
J
3 %s registered
... 1951
Springfield Dlv 1st g 3 Ha. 1951 j
Western Lines 1st g 4s_—1951 F
j
J
a
39
41X
41X
50 X
42 X
51 X
38
77
47X
45 X
54 X
41
42 X
160
35 X
78
45 X
80 X
59 X
58 X
62
43 X
43 X
47
49
51 X
x
bbb4
*
bbb3
*
4
64
58X
iw-
m.
m.
~
~
41
*40~~
4
*
62 X
....
—
—
-
-
95
■
*70
—
—
-
-
3
47
Six
.....
65
C.—1963
♦Ilseder Steel Corp 6s....—.1948
Ind 111 A Iowa 1st g 4s.—1950
{♦Ind A Louisville 1st gu 4s 1956
Ind Union Ry 3Xs series B.1986
Inland Steel 1st mtge 3s ser F1961
Inspiration Cons Copper 4s.1952
Interlace Tron conv deb 4s..1947
{♦Int-Grt Nor 1st 6s Ser A..1952
♦Adjustment 6s ser A.July 1952
D ybb
D
1st A ret 4%s series
2
45 a
44 X
42X
41X
j ybbb2
j z ccc2
Kan City Sou
1st gold 3s
-
—
103 x
78
15X
-
—
20 H
106 x
106 x
102X 107 X
"43
99 %
08X
99 X
99 X
40
98
101
3 \
98 X
98 X
62
97
X 103
13 X
14
56
8
cc
1
------
13X
IX
IX
20
cccl
13
13 X
19
X
8H
cccl
12X
17
8
16
y
b
13X
46 X
13
-----
83 %
at n y bbb2
f A ybb 3
44 X
82 X
t
51
84 X
12
103 x
104
40
103
104
114
78 X
78 X
*85 X
------
89 X
6
16 X
IX
------
d y bb
2
*1
------
J
x
a
a
O
x
bbb4
------
A
O
z
b
1
------
x
b
1
------
AO
x
bbb3
2 i.:
3
x aaa4
x
96 x
g
95 x
80 x
85
*
74%
*
—
106 x
106 x
110x
aa
3
110%
bbb3
------
ddd2
------
z
cccl
------
*54
_
—
-
-
106^
m 8
z
ccc3
—————
/
—
103
42
63
33%
20
—
J
z
ccc3
——--
*27 x
z
cc
2
------
8x
z
c
2
q
f
z c
j
x
cccl
{♦1st cons 5s
1938 J
j
z
cc
j
z
z
cc
1
♦25-year
s
X
CC
2
...1949 m
5X8
X
2
93 X
32 X
95 X
♦Cum adjust 5s ser
32
44
63 X
68 X
73
66X
16
71X
22
16
69
-
3
4
— —
*63 x
85
------
-
—
'■
2
33%
34%
27%
23%
24 x
10 x
-
,
1965 f
♦1st A ref 58 series A
A
ccc2
♦Certificates of deposit
4s
1975 ms
12%
176
11
30%
20%
171
11x
28%
11%
290
3%
u%
21%
21x
1%
22%
21%
77
cc
1977 m s
22%
2
""i x
19%
19%
2
110
271
21%
♦Certificates of deposit...
♦Conv gold 5X8
....1949 mn
♦1st A ref g 5s series H
1980 a o
cccl
102
102
103
109 X
109
10954
77 x
90 X
73
88
88
81H
86
106 X
106h 108%
107 h 108
103'»» 105h
102 h 105 h
4
3h
102
102 x
103
X
4
■
*93 h
97
94
h
— -
-
— -
21x
ix
22 x
22%
-
22%
cccl
1981
♦1st A ref 6s series I
2
ccc2
f"a
ccc2
♦Certificates of deposit...
163 x 168 h
*102 x
c
♦Certificates of deposit
~77X "8 i%
86
cccl
{♦Mo Pac 3d 7s ext at 4% July '38 mn
fll
Monongahela W Penn Pub Ser-—
1st mtge 4Xa
O
...1960
b
2
b
Moh'k A Malone 1st gu g 4s. 1991 m
"22 x
—
-
21%
*21%
*81x
— ——
2
------
0
D
105
68 debentures
j
f 5s series A.-.1955
O
b
Gen A ref
s
f 5s series B—1955
O
bb
Gen A ref
s
f 4Xs series C.1955
f 5s series D—1955
O
O
bb
D
bb
y
b
2
69
59
1
50
62
Constr M 4X8 series B—1955 mn
Mountain States TAT 3X8.1968 / d
b
34
34
bbb3
87
87
bb
3
*98
100
95
98
a
2
94
94
92
a
2
91H
91H
88)4
28
28H
82
88
j ybb
x
2
bbb3
a y b
x
3
—
-
-
95"
95
23
38 x
38x
40
5
95
x
b
x
b
43 x
V
A
z
b
------
z
b
41
41
41
1
a
z
b
40x
40%
40%
42 x
2
7~i
z
b
z
b
91
91
91
y
bb
45
45
45%
z
bb
z
Louisiana A Ark 1st 5s ser A. 1969 j
a
M
— ---
-
-T-
-
-
44
*41
"""0"
49%
43 x
*41
b
y cc
1
2521.
3
a
2
83 h
J d
M 8
a O
' D
m n
aa
33 h
69x
6654
96
36
45
debs—1960
1949
National Steel 1st mtge 3s...1965
Natl Supply 3X8——
1954
{♦Naugatuck RR 1st g 4s.—1964
Newark Consol Gas cons 5s.1948
27 h
6254
6054
— —
-
-
-
-
—
-
—
-
Nat Distillers Prod 3Xs
35 h
32
4554
39)4
44
{♦New England RR guar 6s. 1945
♦Consol guar 4s
1945
New Eng Tel A Tel 5s A—1952
1st g 4Xs series b__
..1961
N J Junction RR guar 1st 4s. 1986
N J Pow A Light 1st 4X8—1960
44
New Orl Great Nor 5s A
33
46
50
----
59
41
"37" "43%
79
36
41%
30% 38%
107% 109%
2
115% 117
100»i>100Mm
40%
36%
108%
76
64
08%
•a
2
a
4
b
....
7
68
"163"
102%
103
85
102
104%
103%
102%
104%
103%
104%
101%
102 x
16
39
104 x
104%
80 x
103%
101%
103%
82%
121%
104%
106%
106 x
85%
124
3
*83
*120
122
6
....
J
D
aaa3
J
J
cccl
54 x
54
54x
2
J
J
cccl
54
53 x
65 x
31
/ D
aaa2
123
123%
8
124
124%
------
....
—
— -
36 h
44
37h
35
123 x
124 x
124
4
107
4
07
108%
78%
71x
21
65
71%
------
aa
2
------
bb
4
bb
1983 J
j
85h
N O A N E 1st ref A Imp
3
*75
......
91
New Orl Pub Ser 1st 5s ser A. 1952
bbb3
"foe"
35
43
49
1965
bbb3
------
1953
bbb2
46
46 x
32
43
52
24 x
28x
348
16
------
23 x
24 x
8
%
14)4
29 h
28
20 x
31x
30%
30%
34%
50
51
*116
118
28x
181
i
l
y
cc
1
y
bbbl
z
a
x
bbb4
105
105
105
z
aaa4
119x
119x
119x
22
104 h 106 H
119
123
124
124
124
50
124
131
98
2
95
98
3
*
"33""
------
------
97
------
*100
------
25 x
93
------
y
bb
3
------
y
bbb2
—
104 x
104 x
bbb3
x
bbb3
x
aaa3
x
aa
*
3
x
aa
-
-
-
-
6
—
—
—
— —
105
70
-----
4 Xs A'52
1st A ref 6s series B—
New Orleans Term 1st gu 4s.
ccc2
3
35
117
57
120
104"" 105""
30 x
93
96 h
1
86
16
109%
19h
4854
22
124
109 x
*107 x
28)4
1
85
119
31x
7
124
96
17)4
20
95 h
98)4
9554
3
96
99 h
99 h
19
--
103
98
98
119
122 H
124
128
--
22
10
....
*92 H
O x bbb3
87%
O x bbb3
J x a
3
Jx
I
A x bbb2
85H
103
99 %
93 H
88
10
25
♦1st 5s series B——_—1954 a
o
b
1956 FA
b
1956
af
b
♦1st 5Xs series A
1954
♦Certificates of deposit
0~a
1
ccc2
♦Certificates of deposit
j
z
ccc2
b
x
aaa2
1
34%
68
70
30
36 x
33 x
1
30
36 x
38
*
33 x
38%
7
34%
43%
3
34
40
-
38
45
------
"37"
...»
35%
43
37
5
32
39 x
36
6
32 x
42
42
....
40
50
33%
33%
39%
"38%
45
36%
------
38
11
32
40
36
37%
*
38
—
24
....
105% 108%
105% 106%
33 x
36 x
"39%
19
74
72
*33
------
1
z
Newport A Cincinnati Bdge Co—
Gen gtd 4 Xs
1945 j
100%
73
------
4
106
1
ccc2
♦Certificates of deposit
♦1st 4Xs series D
1
ccc2
♦Certificates of deposit—...
♦1st 5s series C
82 X
87
10854 110
10754 109)4
N Y Cent RR 4s series A—1998 f
A ybb
A
O ybb
A
O yb
10-year 3Xs sec s f—
1946
4 Xa series A..2013
Ref A lmpt 5s series C
2013
Conv secured 3%s
..1952
N Y Cent A Hud River 3X8-1997
Ref A lmpt
*100
107
....
102
97 %
10554
101
104%
19
105%
106
21
105H
105 H
5
85H
85 H
4
A
O
y
j
62%
93 x
93%
94
161
50 x
58%
454
171
62%
63
3Xs registered—
1997
30-yr deb 4s 1912...
1942
Lake Shore coll gold 3Xs—1998
x
a
y
bb
y
ybbb2
y I>hb2
63
85
85 x
bbb2
3 X» registered
Mich Cent coll gold
64%
62
85
a
63
------
b
mn y bb
J
registered
...1998
3Xs—1998
...1998
_
80%
ioox
------
80%
100%
67x
*.
80%
100 x
67 x
68
"02""
63
*56
62 x
48
71
8
31
»
1
2
3
8 y bb
3
59%
59
a x bbb2
92 x
92 x
94
60%
89%
55%
61x
69%
83%
80%
100
69%
95 x
03 x
69%
07x
87 x
83
100x
1
64%
70
17
60%
59%
64%
68
59
bb
o ybb
y
42
64
56 x
3
3
x
57
65
66%
54%
86%
75%
64
93%
New York Chicago A St Louis—
Ref 5X8 series
A.
92
17
104 H
104 H
3
a
1
b
♦Certificates of deposit
71%
105%
106
76
-
7
119
96
109 x
aa
10
97%
90%
96 x
119x
90 x
------
3
x
93
25 x
93 x
------
x
----
60
00%
127%
131%
14
aaa2
bbb2
A
O
45%
123
al08% al08%
75%
75%
75%
mn
f
A
85h
82)4
-
4
50
72
44
86
3Xs
9654
Ref 4X« series C—
8754
9154
4s collateral trust..
1974 a
1978 m
.1946 f
103 h 105 x
105 x 109x
extended to 1947
3-year 6% notes
—1941
105 x 106x
85 x
88
6s debentures
1st mtge 3Xs
bbb3
A
O
A
O yb
x
69
1950 j
d ybb
N Y Connecting RR 3Xs A—1965 A
O x aa
2
"96 x
1
84 x
3 1 00
72 x
69
96
84x
99%
Attention is directed to the column Incorporated In this tabulation pertaining to bank eligibility and rating
1
....
115%
4
cc
y
3s...1980 Af 8 x
see page
"65"
108%
115%
115%
bb
y cc
O x bbb3
For footnotes
2
A
20 x
O x bbb3
8t Louis Div 2d gold
40
------
•
{{*N O Tex A Mex n-c lnc 5s 1935
I
2003
2003
1st A ref 3Ha series E
2003
Unif mtge 3 Ha ser A ext.. 1950
Unif mtge 4s ser B ext
1960
Paducah A Mem Dlv 4s..1946
110% 113
102% 106%
75% 85
68 x
>ai2
Nash Chatt A St L 4s ser A—1978 f
46 x
y cc
2003
1st A ref 5s series B
*40"
"46"
91x
Louisville A Nashville RR—
1st A ref 4 Ha series C
1st A lef 4s series D.,
14
60
....
'
*88 x
85 x
8
*41
------
J xbbb3
Louisville Gas A Elec 3 Ha.. 1966 m a
108% 111
bbb3
80
A
1951 f
4s„1945
65x
95
f
♦Long Dock Co 3%s ext to—1950 a o
Long Island unified 4s
1949 m 8
Guar ref gold 4s—
1949 m 8
4s stamped....
1949 m 8
Lorlllard (P) Co deb 7s.
1944 A O
Lou A Jeff Bridge Co gu
8
~
*
------
*85
debenture......
debenture
28
b
z aaa4
1951 f
ybb 3
Lion Oil Ref conv deb 4Ha.. 1952 a
Little Miami gen 4s ser A
1962 MN x aaa3
Loew's Inc sl deb 3 Ha
1946 f a x aaai
Lombard Elec 7sseries A..—1952 J D z cccl
53
3X8—2000
Nat Dairy Prod 3Xs
Dec y cccl
j
J ybb 2
58—1954
Lehigh Valley NY4Hs ext—1950
Lehigh Valley RR
4s stamped modified...—2003 af n
4s
registered
2003
4Ha stamped modified...2003 m n
4Ha registered..
2003
5s stamped modified
2003 mn
Leh Val Term Ry ext 5s
1951 A O
Lex A East 1st 50-yr 5s gu—1965 A
Libby McNeil A Libby 4s..l955 )
Liggett A Myers Tobacco 78.1944 A
5s
Gen A ref s
Morris A Essex 1st gu
Mutual Fuel Gas 1st gu 6s. 1947 mn
Mut Un Tel gtd 6s ext at 5 % 1941 mn
h
Lautaro Nitrate Co Ltd
Leh Val Harbor Term gu
57
12
95
x
85%
53
111
79
Coll tr 6s
x
24%
81h
46
38%
x
25
19
6
46
40
y
24
19%
86%
*40
46
b
Lake Erie A Western RR—
20
b
s
Constr M 5s series A——1955 mn
92 h
26
3
139
112%
105%
60
58
7
25
ix
20
....
105
56h
67H
94
19%
H
83
22%
*79%
1965
Montana Power 1st A ref 3X8 '66
Montreal Tram lRt A ref 5s.. 1941
26
16
23
110x
112x
104%
110x
112x
19
20
2
1%
19%
55
55
49
94
59
14
57
22%
23 x
21x
1%
23 x
♦Certificates of deposit
25
24%
2%
25
24%
3
23
22 x
112
5
2
69%
85%
38%
563
21.x
*108
12%
29x
23
106 X
13%
25
1
♦5s stamped.——
77%
24%
22%
170
2
2
2
12%
26 x
7
y
bb
53
188
22 x
4
y
2
85
ccc2
*163
103
13
47
36%
ccc2
,
8%
7%
8%
1%
%
52
65
cccl
18X
*73 X
*88
8
175
10%
3
8x
cccl
♦General
107 X 109
18X
1
....
ix
1978 mn
----
ix
24 x
21
24
♦Sec 6% notes extended to 1943
♦6s stamped
1943
31%
6%
4
{Missouri Pacific RR Co—
109 X
*25
ybbbl
y
25
2
22 x
58h
1974
1974
....
45
*80
a
-
59 H
f 5s
65%
30%
22%
5
♦1st A ref 5s series G
102
a
x
—
-
56
s
15
10%
lix
10 x
*10
a
x
-
1962
I
ir c
1978 j j yccc2
A—Jan 1967 AO* cccl
♦1st A ref 5s series F
-----
a
x
4%
ix
5
Prior lien 4Xs series D
108 X
10
lox
ccc2
A........1962
40-year 4s series B
8
11x
——————
35%
8x
: 2%
ix
*10
——————
aaa4
x
ser
58 X
40
108
Prior lien 5s
d y b
9%
58
♦1st A ref
45%
RR—
98
29
70X
108
IX
/ ybb
J z b
2
■
10
cccl
j
95 X
93 X
66
2
{♦1st cons 5s gu as to Int..1938 J
♦1st A ref 6s series A—.1946 J
♦1st A ref 5X« series B—1978 J
2%
*1x
2%
56
1964
28h
59%
26%
09%
70x
107
76
1
21
2
1964
3
....
33%
2
f 5s
70
33
2
8
88
106%
42%
b
♦5s stamped
6
30
64
—
69
6
30
67
——
96
b
♦let A ref
55
----
12
m s
89
52
41
X
40
66X
71X
bb
x
m
28
----
73%
79%
105% 107
109% 112%
"le
MN
51X
11
93 X
bbb3
x
o
6
97 x
*
—
3
67 x
------
-——
-
97 x
-
3
-
66%
105 x
------
-
4%
30
*
S ybb
98%
74%
100%
llix
60
*3%
——————
4s Int gu '38 J
61
52 X
97
40
bbb3
x
j
27 x
96 h
z
44
102X 104
101X 104 x
79
76 X
IX
52 X
95 X
------
J
a
25
88 x
b
.1975
Lehigh Coal A Nav s f 4 Ha A 1954
Cons sink fund 4H» ser C.1954
Lehigh A New Eng RR 4s A.1965
Lehigh A N Y 1st gu g 48—1945
Lehigh valley Coal Co—
♦5s stamped
1944
♦1st A ref s f 5s
1954
♦5s stamped....—..—1954
44
86
y
♦1st mtge Income reg
36 x
86 x
44
3
y
registered
80
52%
28
93
Coll tr 6s series A
3Ha
111%
74 x
48
93
ccc2
{♦Mo-Ill RR 1st 5s series A.1959 j
Mo Kan A Tex 1st gold 4s... 1990 j
to..—1947
1941
3 Ha—1997
1997
105 x
103
86
--
Coll A ref 5Hs
2d gold 5s
18
I65"
------
x
71
:
Gen A ref
6s extended at 3%
7
72
*17
97
96 h
65
6454
Lake Sh A Mich So g
-
----
6
ccc2
Missouri-Kansas-Texas
C...1953
series D...1960
1942
series B—.
1942
90
93
b
45 X
Coll A ref 5%s series
88
109% 111
93
x
90
1942
—
"l29
91
*36 x
—
z
47 X
(Rudolph) Inc—
|
x cccl
stmp (par 3645) 1943]
stmp (par $925) 1943 mn
♦Ctfs with warr (par $926) 1943
Keith (B F) Corp 1st 6a
1946 m*s ybb 3
j x a
Kentucky Central gold 4s—1987 J
x bbb3
Kentucky A Ind Term 4X8-1961
Ref A ext mtge 5s
112
93
I
2
— —
33%
—
—
z
83 X
30 X
5s 1939
bbb4
—
3
3
....
50
32 x
------
o
32 X
J ybb
| ♦Laclede Gas Lt ref A ext
79%
*
-
—
d
156
m N
105 x
109 x
*76 x
------
x
d
108%
48x
d
a
247
m
*105"
"169"
j
X
Koppers Co 4s series A..——1951
m 8
Kresge Foundation 3% notes 1950
b
z
14
89
111x
------
J
43 X
J
1959
{{♦Mid of N J 1st ext 5s
1940
{{♦Mil A No 1st ext 4X8—1939
♦{Con ext 4Xs—
—1939
{♦Mil Spar A N W 1st gu 4s. 1947
{{♦Milw A State Line 1st 3 Xs-'41
{♦Minn & St Louis 5a ctfs—1934
♦1st A ref gold 4s..
1949
r ♦Ref A ext 50-yr 5s ser A—1962
41
j
{♦Kreuger A Toll 5s ctfs
f 7s. .1956 j
41X
J
J954
b
2
ccc3
*
40
1961
Plain
—...1961
4 Ha unguaranteed
1961
Kings Countv El L A V 6s...1997
Kings Co Lighting 1st 5s
1954
b
z
43
—
1
ccc2
y
41
1950
Apr 1950
1st A ref 6 Ha
s
89
High
112
*110%
1
y a
z
y
j y ccc2
w w
Stamped—
y aa
J
f 6s..1947
A y ccc2
m 8 z cccl
f
w w
♦Ctfs
ccc2
No. Low
High
112
------
2
y
Mead Corp 1st mtge 4X8—1955 M 8
Metrop Ed 1st 4 Hs series D.1968 MS
Metrop Wat Sew A D 5X8—1950 a o
{{♦Met W Side El (Chic) 4s.l938 f a
{(♦MStPASSM con
Karstadt
♦Ctfs
b
Since
Jan. 1
Asked
16
z
48—1960,
Ref A lmpt 5s
—
2
45 X
Kansas Cltv Term 1st
74
1
-
--
z
j
2
33
z
J
2
y
Stamped
{♦Market St Ry 7s ser A Apr 1940
(Stamp mod) ext 5s
—1945
♦Mlag Mill Mach 1st
"89"
2
ybb
1st gold 3HB—
—1952 mn x a
Ref A lmpt 4X8 series C—1979 j
J ybb
Michigan Consol Gas 4s
1963 m 8 x a
cccl
103 X
104
{{♦K C Ft 8 & M Ry ref g 4s 1936
♦Certificates of deposit
.1
s
a
yb
45 X
bb
3
5s B.1972
1st Hen A ref 6XS--1947
Int Telep A Teleg deb g 4 Ha 1952
Debenture 5s.
1955
{♦Iowa Cent Ry 1st & ref 4s. 1951
James Frankl A Clear 1st 4s. 1959
Jones A Laug' lln Steel 3Xs.l96l
Kanawha A Mlcb 1st gu g 4s 1990
x
49
bb
1941
y ccc4
A A B. 1947
ybb 3
-.1955 m a y b
3
Ref 8 f 6s series A
O
37X
z
IntMerc Marines f 6s
Int Rys Cent Amer 1st
—
ccct
25
18
*14X
*106 X
103 H
102 X
------
Marion Steam Shovel
A
*106
aaa3
40X
y
..1956
Hydro El deb 6s...1944
Internat Paper 5s ser
74X
------
— —-
bbb2
z
Mich Cent Det A Bay City—
Jack Lans A Sag 3X8—-1951 m
29 X
74 X
*18
------
x
x
{♦McKesson A Robblns 5Xs 1950 u a
Maine Central RR,4s ser A.1945 J D
Gen mtge 4Xs Sfcrlee A... 1960 J D
Manatl Sugar 4s s f_..Feb 1 1957 mn
Manila Elec RR A Lt s f 58—1953 m a
Manila RR (South Lines) 4s. 1959 MN
{{♦Man G B A N W 1st 3X81941 j
Bid
3
a
162
60
y
♦1st g 5s series C._
Internat
cccl
M S x aaa2
A O x aa 3
......1956
♦1st 5s series B
x
South Ry Joint Monon 48.1952 J
j
Atl Knox A Cine Div 4s..1955 m n
♦Lower Aust Hydro El 6Xs-1944 f
McCrory Stores deb 3)48.-1955 4
Range
or
Friday's
Sale
Price
a
Low
60
43
a
a
58
46 X
2
ybb
z
60
111 Cent and Chic St L A N O—
Joint 1st ref 5s series A—1963
Railroad & Indus. Cos. (Cont.)
Louisville A Nashville RR (Concl)
Mob A Montg 1st g 4 Xs—1945 m s
4
62X
*58
— -
61X
See
Range
Last
A
Rating
Apr. 18
111
ybb
—
X
44
47 X
43 X
Elig
EXCHANGE
....
3
------
—
49 X
49
------
------
—'
—
45
49 X
------
4
bb
bbb3
..
58X
*--.
4
~
.
47
38 X
39
6
80 X
ybb
-1951
4s registered
76
50X
41X
x
91X
-----
43 X
41 X
42 X
y
X
-----
42 X
2
j ybb
J
89
—
70
43X
2
2
94
38
2
bb
— —
—
90
"43
b
y
—-
44 X
y
y bb
—
42 X
ybb
j ybb
a
-
94X
88
89 X
—
94
*30
ybb
X
'
43 H
Collateral trust gold 4s
Collateral trust gold 4s
'
94"
*87
bbb4
...1951 m 8 X bbb4
1952 a o ybb 2
Refunding 4s.
1955 mn ybb 2
j ybb 2
Purchased lines 3 Ha——1952 J
1st gold 3s sterling
92
94
W—
y. STOCK
Week Ended
Illinois Central RR—
1st gold 4s
2519
Week's
Friday
Bank
Friday's
Bid
Price
a
Cot. (CotU.)
Indus.
Illinois Bell Telep
Last
JFliff. A
STOCK EXCHANGE
N. Y.
Record—Continued—Page 4
Wcck't
Friday
54
61%
93 x
175
94 x
22
90
96 x
85
81
90
94%
98
11
79
85
31
98% 101
100
of bonds.
9
See t.
New York
2520
Railroad & lndu«.
gold 4s
F
A
A
A
Erie RR
Gas El Lt HA Pow g 58.1948 J
y
b
O
0
O
y
ccc2
x
aaa4
aaa4
Purchase money
High
19
55
63#
Peoples Gas LAC cons 8s.. 1943
64#
15
60
67
107#
23
106# 108#
Refunding gold 5s
Peoria A Eastern 4s ext
108
16
107# 110#
♦Income 4s
D
x
x
aaa4
121
113#
aaa4
gold 4a—1949 F A
114#
121
114#
1
36
120# 125#
113# 118#
St
1947
O
8
1960 A
O
Apr 1990 Apr
5#S..1974 F A
J
MN
cc
x
aa
bbb2
103#
52#
4#s series C__
I>-80
Phelps Dodge conv 3 #s deb. 1952 J D
Phlla Bait A Wash 1st g 4S..1943 MAT
J
Branch gen 4S..194J
t*N Y New Hav A Hart RR—
♦Non conv deb 4s__——1947
•Non-conv debenture 3 Mb 1947
♦Non-conv deb 3 Ms
-.1954
N Y A Long
4s__1955
♦Non-conv debenture 4s..1956
♦Conv debenture 3 #•
1956
♦Conv debenture 6s—...1948
6s registered
-—-1948
(♦Collateral trust 6s
1940
♦Debenture 4s
--196/
♦1st A ref 4 Mb ser of 1927.1967
t*Harlem R A Pt Cb 1st 4s 1964
♦Non-conv debenture
(♦N Y Ont A West ref g
4s.. 1992
1956
♦General 4s
{♦N Y Prov A Boston
1942
4s
4s. 1993
N Y A Putnam 1st con gu
Lt A Pow 3 mb '65
Y Rys prior Hen 6s stamp. 1958
Y A Rlchm Gas 1st 6s A.. 1951
N Y Queens El
N
N
t5*N Y Susq A W
cccl
22
22
J
cccl
23
23
23v*
21
cccl
23
36
J
22#
cccl
22#
22 M
23 M
14
cccl
J
23 #
26
25
26 #
193
O
J
cccl
M N
M S
6
3
2
5#
1#
*98
x
bbb4
x
bbb3
x
aa
4
1st ref 58.1937
J
J
z
cc
2
1937
—1940
F
A
z
c
2
*14
F
5s——1943
1967
Rock 1st 6s.——.1946
1946
f §*N Y West A Boet 1st 4 mb 1946
Niagara Falls Power 3 mb—1966
Nlag Lock A O Pow 1st 5s A. 1955
Niagara Share (Mo) deb 5#s 1950
tl^Norf South 1st A ref 6s_.1961
A
z
cc
1
MN
z
bb
x
aaa4
J
J
D ybb
16
2
2
100#
c
2
3#
M
8
x
aaa3
A
O
x
a
2
z
c
1
2
aa
19
2
z
aaa4
84#
15
61#
16
98
93
16#
97
95# 101#
6#
2#
3#
109
111
109
108# 109#
103 M
102# 104
19
32
12#
19
19
3
12#
71
19
00#
125#
104#
90#
21
120#
31
106
13
104#
105#
9
104#
105#
42
A
A
x
a
4
F
A
x
a
4
F
A
x
a
4
M 8
x
aa
2
*115#
M
8
x
aa
2
*113
115
A
0
z
ccc3
*71
82
cellation of guar an tee). 1946 A
O
z
z
x
bbb2
104#
..
105#
1975
MN
1977 J
J
±
M
A
O
b
aa
3
aa
3
3
110
1
110# 112
110
111#
119
1
118# 120#
1st mtge 4 #s series B
4#s
A. 1958
A
1959
1st mtge 4 #s series C
1960
ser
■«.
—
«.
«.
mm
23
109# 113#
no#
5
103#
28
109# 113#
102
105#
15
99# 100#
25
m
99#
*108#
53
1946
♦1st mtge g 6s
....
12
19
77
93#
125# 127#
104# 107#
104
106
104# 107
123
123
113# 115
North Pacific prior lien
4s... 1997
1st gen 6s series B
1962
F
A
1st gen 5s series C
1974 J
D
aa
3
aa
J D
1st 4Mb series D
1977
M 8
Port Gen Elec 1st 4 #s
1960
j
1st 5s extended to .......1950 J
J
J
Potomac El Pow 1st M
3
"119"
1
1
1
aaa4
3#8.1966
1
«
1
119
F
A
J
(Minn) 1st A ref M 3#s_.1967
M 8
(Wise) 1st mtge3#s
1964
1
106# 107
107
Pressed Sttal Car deb 5s
1951
J
J
bb
95%
95#
cc
^♦Providence Sec guar deb 4s 1957 MN
^♦Providence Term 1st 4s... 1956 M S
Public Service El A Gas 3#s 1968 J
1st A ref mtge 5s
2037
1st A ref mtge 8s
Pub Serv of Nor 111 3#s
3
1
b
J
*4
*80
3
*108
aaa4
aaa4
mm m —
aaa4
2037
1968
Purity Bakeries a f deb 5s...1948
Reading Co Jersey Cent coll 4s '51
aa
4
bbb3
mmrnmmm
bbb2
m>
*142
*218#
108#
105#
67#
42
42
39
44#
♦Rheinelbe Union
52#
52#
53#
48
50#
58#
66
65
67#
188
62#
69#
♦3#s assented
♦Rhine-Ruhr Water Serv 68.1953 J
58#
58#
58#
11
55
62
59#
11
1
54#
61#
109#
no
108#
109#
109#
55
108# 110
110
13
109# 110#
*95
z
c
x
aaa3
x
a
4
1st mtge 4s
1967 M 8
x
a
4
1st mtge
1972 J
J
x
a
4
Oklahoma Gas A Elec 3#s_. 1966 J
1946 J
4s debentures
D
x
a
4
D
x
bbb4
Ontario Power N F 1st g 6s_. 1943 F A
Ontario Transmission 1st 5s. 1945 M N
x
aa
3
x
aa
3
x
aaa2
3#s
Oregon RR A Nav cod g 4s_. 1946
Ore Short Line 1st cons g 5s. 1946
aaa2
y
bb
1st mtge A 4#s_. 1962
Pacific Coast Co 1st g 5s
1946
Pacific Gas A El 4s series G.1964
D y b
1
110
19
107#
I
*107#
103
103
103
11
108#
114
3
113# 117#
113#
6
106#
20
18
105# 107#
83
89#
83
84#
3
*64
65#
D
x
aaa2
112#
110#
1st A ref mtge 3 Mb ser I
D
x
aaa2
108#
A
z
bb
2
J
z
b
3
O
x
aaa4
107 #
D
x
aaa4
108#
J
x
aa
2
1960 MN
x
a
60
65#
3
(♦Pao RR of Mo 1st ext
|*2d ext gold 5s
Pacific Tel A Tel 3#s
g
ser
1966
4a.l938
1938
B..1966
Ref mtge 3#s series C....1966
Paducah A 111 1st ef g 4#s__1955 J
Panhandle East P L 3s B
-
112#
110#
108#
112#
28
110#
36
110# 111#
109
25
108# 110#
83#
—
84
24
*83
107#
108#
*104#
85
■»
-
110«sill3
83#
70#
84#
19
78#
83#
104#
104#
96
s
f g 3s loan ctfs
A y b
80
85
109
53#
14
52
55#
95#
8
94
96#
45#
69
70
-
-
~
»
-
-
-
-
4
1942
D
x
aa
Guar 3 Mb trust ctfs D
1944
D
x
aa
3
*104#
*104#
Guar 4s ser E truBt ctfs...1952 MN
x
aa
3
*107
110
x
a
3
103#
*105#
104#
Pennsyl Glass Band 3Mb-
.I960 J
Pa Ohio A Det 1st A ref 4 Mb A '77 A
4#s series B
1981 J
D y bbb3
O
x
a
3
104
41#
123# 126
69
70
103#
-
-
-
7
-
41
104
104# 104#
104# 105#
106
108#
103# 107
105
105#
103# 105
J
x
a
3
1969 F
A
x
a
4
108#
108
108#
41
108
1974 F
A
x
bbb4
108#
108#
109
31
Pennsylvania RR cons g 4s__1943 MN
x
aaa2
106# 110#
107# 107#
Consol gold 4s
1948 MN
4s sterl stpd dollar May 1 '48 MN
x
aaa2
x
aa
2
Gen mtge 3#s series C
1970 A
Consol sinking fund 4#s_.1960 F
O
x
a
3
A
x
aaa2
General 4#s series A
1965 J D
x
a
3
105#
General 6s series B
1968 J
x
a
3
113
Debenture g 4#s
1970 A O x bbb4
3
1981 A O x a
3
J x a
1984 J
1952 A O xbbb4
Penna
4Mb
Pow
A
Lt 3Mb
debentures
General 4 Mb series D
Gen mtge 4Mb series E
Conv deb 3 #8
For footnotes see page 2521.
D
*105
-
<«
«
-
-
*107
111#
111#
96
95
111#
111#
16
96#
72
5
110
111# 115#
111# 114#
93
98
121
23
106#
61
120# 125#
104# 108#
113
16
111
102#
102
103
53
102#
102
1C2#
3S
89#
89
90#
96
Attention is directed
5
Richfield Oil
s
z
....
z
....
15#
15# 4.: 2
*7#
O
z
1952 M 8
x
bbb3
b
1955 A
m
mm
mmmm
1955 F
1939 J
A
z
D
z
z
7
ccc2
j
{(♦Rio Gr West 1st g 4s...1939 J
♦1st con A coll trust 4s A..1949 A O
M S
Roch Gas A El 4
106#
ccc2
s f
7s
tf*Rlo Gr June 1st
gu
5s
#a ser D...1977
M
8
Gen mtge 3#s series H...1967
Gen mtge 3#s series I
1967 M 8
Gen mtge 3#s series J
1969 M 8
f (*R I Ark A Louis lst4#8.1934 M 8
♦Ruhr Chemical s f 6s
1948 A O
z
cc
x
20
16
9
2
aa
mmmm
26#
26#
107
105
2
8
6#
9
40
45
42
35
47#
22
7
10#
46#
42#
9#
131
107"
13
11#
"_2
14#
26
cc
z
cccl
j
z
c
2
J
z
cc
2
Saguenay Pow Ltd 1st M 4#s *66
x
a
2
St Jos A Grand Island 1st 4s_1947
x
aaa2
St Lawr A Adlr 1st g 5s
2d gold 6s.
1996
y
bb
2
*59
64
1996
y
b
3
*35
,90
z
bb
68
66#
z
bb
67
z
ccc2
*7
\
——
107#
z
f♦Rut-Canadian 4s strap.
1949 J
{♦Rutland RR 4#s stmp.._1941 J
2
106#
mm
aa
x
41#
8#
15#
aa
x
*38
42#
aa
x
1
mm
"19" ~27
m**m
Corp—
f conv debentures
m
106#
96# 101
19
28#
27#
33
19
26#
167"" 116"
10#
15#
31
mmm'mm
__
31
6#
7
5
6#
6#
7#
6
92#
4
90
94
2
112
112
3#
4#
9
96#
143
to the column
92
92
112
112
mmmm
....
9#
60
70
60
20
St Louis Iron Mtn A Southern—
♦(Rlv A G Dlv 1st g 4s...1933 MN
♦Certificates of deposit
65
64#
70
67
68#
67#
23
64#
{♦St L Peor A N W 1st gu 5s 1948 J
j
69#
32#
32#
1
2
"69#
69
*41#
2
16
70
25
36#
67#
74
41#
39
43
j
1950 J
J
♦Certificates of deposit
♦Con M 4 #s series A
1978 MS
♦Ctfs of deposit stamped
z
cccl
iim
11
12
9#
13#
z
1950 J
cccl
11#
10#
11#
32
9
13
z
cccl
12#
11#
12#
42
9#
14#
z
cccl
12
il#
12
14
9#
14
z
cccl
13
12#
13#
703
9#
14#
z
cccl
12#
12
13
254
9#
14#
136
{♦St Louis-Southwestern Ry—
1989 M JV ybb
b
J
♦1st 4s bond ctfs
1
J
♦Gen A ref g 6s series A
1990 J
St Paul A Dul 1st con g 4s. .1968 J
{•St Paul E Gr Trk 1st 4#s.l947 J
J
cccl
A
cccl
J
aaal
m
{(♦St P A K C Sh L gu 4#s_1941 F
St Paul Un Dep 5s guar.....1972 J
*43 #
m
22"
bbb2
J
mm
cccl
D
73
74
2
(♦1st term A unifying 5s..1952 J
ccc2
22
13#
13#
*
~8#
113
33
69
76
'm-mmrn
35#
54
17#
48#
27
17#
65
14#
100
*3#
'
75
46
24
8
113
mmm*
6
9#
78
mmmm
22
113
3#
5#
15
8#
81
2#
10 i
112# 114#
105# 106
120#
105#
112#
95#
96
103
19
22
♦2d 4s Inc bond ctfS-.Nov 1989 J
Guar 3 Mb trust ctfs C
A
103# 105#
15
29#
{♦St L-San Fr pr lien 4s A
Pennsylvania Company—
1963 F
17
34
97#
20
104# 105#
.....
95#
70
105#
104#
96#
*7#
St L Pub Serv 1st mtge 5s
1959 M 8 y b
j y b
St L Rocky Mt A P 6s stpd.. 1955 J
125
2
105#
103#
*7#
107# 110#
52
3
105#
103#
*7
107
*120
1942 M 8 y b
102# 104#
....
17
aaa3
28-year 4s
1952 MN
1953 F A
32
44
♦Paullsta Ry 1st s f 7s
103# 104#
89
19
108#
*43
x
1
103#
z
♦Certificates of deposit
2
103#
102 7#
z
z
102# 104#
*90
"102#
z
107#
Paramount Pictures 3#s deb *47 M S x bbb3
Parmelee Trans deb 6s
1944 A O y ccc3
Pat A Passaic G A E cons 5s. 1949 M 8
J
J
♦Prior lien 6e series B
1955 F
103#
103#
89#
Paramount Broadway Corp—
1st M
1946 J
1946 /
♦Direct mtge 6s
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
106
104
113# 117#
2
1st A ref mtge 3#s ser H..1961
108# 112#
105#
105#
aaa2
103#
108#
113#
113#
__
x
107# 110#
107# 109#
105
106#
100# 104#
106
108#
D
106# 108
108# 110#
109#
*105
*102
9
21
109#
102#
3#
107# 107#
17
108#
aaa2
x
3
110
107#
7
107#
MN
J
4s
6#
107#
107#
7
aaa2
x
1961
Ore-Wash RR A Nav 4s.
x
1946
Guar stpd cons 5s
Otis Steel
D
2
3#s 1960
f 7s
108# 109#
82#
bbb3
♦Rhlne-Westphalla El Pr 78.1950 M N
♦Rima Steel 1st
J
tl+Og A L Cham 1st gu g 4s. 1948
Ohio Connecting Ry 1st 4s.. 1943 M 8
1965 M N
Ohio Edison 1st mtge 4s
s
4
106
152
142
218# 222
82
bbb4
Revere Copper A Brass
5#s.l954
27
82#
97#
80#
76#
47#
conv
+ m
mmmm
78
bbb3
72#
42
1st M
m'm
109#
65#
bbb2
10
69
mon
145
mm-mm
4#
mmmmm
109# 111#
24
MN
75#
44
Pur
-----
110#
26
M N
75#
Gen mtge 4#s series C...1956
90
'
bbb3
43
4
97#
2#
....
84
76
"79# "69
4#
69#
bbb3
4
109#
93#
83
m
bbb2
aa
20
95#
83#
m rnmm
A
aa
"77# "85#
bbb3
Gen A ref 4 #s series A...1997
Gen A ref 4 #s series B...1997
MN
bbb3
x
119
2
Rensselaer A Saratoga 6s gu.1941
Republic Steel Corp 4 #s ser B '61 F
x
117"
1
119
*99#
108
45
x
61#
107
52#
Northern States Power Co—
Northwestern Teleg 4 Mb ext 1944 J
52
mm
'82# "82
45
58#
mm
107#
46#
58#
_
"80#
\P*
ccc2
43#
9
53#
■.
107
»00 1-4
ccc2
"78#
m
61#
t
bbb3
"78#
mmm
61#
52
~I08~~
bbbl
bbb2
1
1
1
I
Remington Rand deb 4#s w w '56 M 8
4#s without warrants
1956 M 8
x bbb3
1997
Geo Hen ry A Id g 3s Jan—2047 Q F ybb 2
3s Registered2047 Q A y bbb2
ybb 2
Ref A Impt 4 Mb series A—2047
ybb 2
Ref A Impt 6s series B
2047
ybb 2
Ref A Impt 6s series C
2047
ybb 2
Ref A Impt 5s series D
2047
m
51#
6
53#
#1
53
83
4s Registered
100#
54
*104#
71
——
(stamped can¬
♦Certificates of deposit
m mm
mmrnrn'm.
53
53#
t Northern Ohio Ry—
♦1st gtd g 68....
119
119
m
il'6#
109#
102#
2
D
112
2
Pitts Y A Ash 1st 4s ser A... 1948 J
a.
100
2
b
-
103#
aaa2
O
112" "io
109#
«,
bbb2
b
112" 112"
112
110
*119
aaa2
Pitts Steel 1st mtge4#s
1950 J D
Pitts Va A Char 1st 4s guar. 1943 M N
J
D
Pitts A W Va 1st
110# 110#
119
112
......
aaa2
1963
106#
106
...»
19
F
125#
4#s
aaa2
103"i«104#
107#
in"
87
108# 111#
101
17#
ccc2
x
9#
9#
mm
108#
O
4s...1996
North Arner Co deb 8#s
1949
Debenture 3#s
1954
Debenture 4s
1959
North Cent gen A ref 6s
1974
Gen A ref 4#s series A....1974
Norf A W Ry 1st cons g
40
101# 104#
112
"Il2"
2
26
99# 100#
36
mm mm
*1fiQ
^XUt7
2
aa
105
54
102#
*105#
aaa2
aa
108#
104# 105#
18
aaa2
O
103
17#
2
c
z
deposit
♦Ctfs of dep (Issued by reorgan
Ization manager) 5s.—1961
♦Ctfs of dep (Issued by reorgan¬
ization manager) 5s..—1941
♦Certificates of
aaa2
A
108# 109#
100
*101Ilie
aaa2
D
109
103 M
1945
Series E 3#s guar gold.—1949 F A
Series F 4s guar gold
1953 J d
MN
Series G 4s guar
1957
F
A
Series H cons guar 4s
1960
F A
Series I cons
1970 J
*110
4
MN yb
F A z c
Series D 4s guar
1964
5
5#
m
99#
*
MN
Gen mtge 6s series A
GeD mtge 6s series B
Gen 4 #s series C
34
3#
2
101#
102#
bbb3
Series J cons guar 4 #s
105# 108#
......
x
54#
5
20#
6#
6#
76
5#
Pittsburgh Cine Chi A St Louis-
99
24
100#
3#
aaa2
3#
4#
5#
*3#
1#
"io
*95
bb
y
aaa2
4#s A '52
1
99
105#
16
z
O
M N
16#
5#
aa4
48#
106
*58
J
6s stamped..-----
A
conv
cc
"~3
106#
108#
Pitts Coke A Iron
101
20
5#
z
3
106
1
J
x
8
7#
109#
34
7
105
106 M
j"J
M
7
50
J
t (♦Philippine Ry 1st s f 4S..1937
♦Certificates of deposit
Petrol l#s debs..1951
4#
100
50
109#
*105#
27
85#
2
aaa4
26#
27
78
3
x
Phillips
108#
19
5#
1
2
M N
1
15
c
107#
108# 110#
cc
5#
1#
O y b
106
cccl
83#
O y b
109#
78
43
z
27#
A
108
107
110#
z
20
A
1
106
108#
z
158
D
mmmm
110
J
1942
26
74
26
28#
2
120
115
74
64
106
J
1942
5#
1%
18
20#
63
106# 107#
108# 109
118# 120
113# 115#
110
1949 M B
♦Conv deb 6s
Series C 4#s guar
28
J
z
26
Series B 4 #s guar
6#
23#
83#
cc
26#
D
19#
27
"41
5#
25
b
z
aaa4
45#
41#
40
1
cc
2
bbb4
x
33#
3#
--
*40#
cccl
D
aa
x
1967 J
Phlla Electric 1st A ref
22
cccl
A
M N
J
3#s ser B.
3
O
M N
J
♦Terminal 1st gold
N Y Trap
A
19
11
x
3#s_1967 M 8
J
:♦ Phlla A Read C A I ref 5s. 1973 J
17#
17#
18#
18#
107#
108#
D
Phlla Co sec 5s series A
-7
aaa3
15
*113#
General g 4#s series C
General 4 #s series D
9#
83#
72#
37
108#
*118#
98
14
c
67
69#
2
89
23#
107#
a
54#
4#
59
78#
107
2
88
General 6s series B
49
107# 110
68#
x
115# 118#
11
67
bb
aa
95
22 M
23
"75#
High
111
109
110
aa
92
22
"78"
Low
67
8#
*
x
5
22#
cccl
8
8#
cc
a
x
1
22
cccl
i
No
49#
49#
yb
x
J
93
100
9
A
98
64#
59
15
Hloh
1977 J
1981 J
99#
49#
53#
109#
115#
...1974 F
9
4
MN
(♦2d gold 4 Ha(♦General gold 5s
N Y Telep
M S
1st 3#s.._1963 J
N Y Steam Corp
J y bb
M 8
J
100# 103#
53#
57
98
98
M 8 y bb
.-.—--1973
50
99#
♦N Y L E A W Dk
Coal A RR 8 #0 42
A Impt 6s 1943
1
103#
26#
♦90
57
4#s series B
14
a
y
Since
Jan. 1
Asked
109
aa
v
Pere Marquette 1st ser A 58.1956
y bb
J
1st 4s series B
1956 J
ybb
m s
1st
55
52#
MN y bbb2
M N z b
♦N Y L E A W
47
44#
2
y
47
2
z
22
A
115#
x
J
g
(♦N Y A Greenwood Lake 5sl946
N Y A Harlem gold 3#s
2000 IN
M N
N Y Lack A West 4s ser A—1973
•8
Friday's
Bid
Low
A
M
Range
Range or
Sale
Price
See a
Railroad & Indus. Cos. {Cont.)
61
Peoria A PeklD Un
N Y A Erie—See
N Y
No. Low
High
sa.
107#
107#
107#
-
Last
bs Elig A
St Rating
EXCHANGE
8TOCK
Week Ended Apr. 18
64#
107#
x
—
N. Y.
Jan. 1
CQt
60
60#
A
3
Since
Asked
A
Low
Co«. (Cont.)
1951
Conv 5% notes
1947
Y Edison 3#s ser D
1965
1st lien A ref 3#s ser E...1966
N Y Dock 1st
N
See a
18
Week Ended Apr.
bid
BONDS
Range
Friday's
Sale
Price
April 19, 1941
Week's
Friday
Bank
Range or
Rating
EXCHANGE
Y. STOCK
Last
Elig. A
BONDS
N.
Bond Record-Continued—Page 5
Week's
Friday
Bank
90
116
97
99# 105
100
87#
104#
8 A A Ar Pass 1st gu g 4s
1943 J
86#
aaa2
*105#
aaa3
122#
122#
70#
92#
105# 106#
5
121# 124#
106#
x
83
88#
x
J ybb
Santa Fe Pres A Phen 1st 5s. 1942 M 8
1989 mn
Scioto V A N E 1st gu 4s
3
87
{ Seaboard Air Line Ry—
(♦lstg 4s unstamped
(♦4s g stamped
♦Adjustment 5s
z
ccc2
O
z
cccl
9#
10#
91
8#
A
z
c
2
1#
1#
1
#
0
z
cccl
3#
4#
54
z
cccl
*3#
4#
1959 A
♦Certificates of deposit
♦1st cons 68 series A
m"s
z
cc
2
z
cc
4s
z
cccl
4#
1
1933 ms
1946
♦Certificates of deposit
gu
9
5
11
O
1950 A
(♦Refunding 4s
{ (*Atl A Birm 1st
11
.1950 A
Oct 1949 F
"~"6#
6#
130
5#
65
*13#
16#
6#
1#
3#
5
2#
5#
mmrnm-m
13#
13#
4#
4#
6#
17#
91#
incorporated in this tabulation pertaining to bank eligibility and rating of bonds.
7#
3#
10#
See.
a
Volume
New York Bond Record-Concluded- Page 6
152
Bank
N. Y
STOCK
Lad
Range or
EXCHANGE
Week Ended
Rating
Apr. 18
See
Railroad & Indus. Cos. (Corn.)
t*Seaboard All Fla 6s A ctfl?_1935 F
A
z
A
z
S lie
c
2%s s f debs
Shlnyetau El Pow 1st 0%s
x
97 %
14
51%
bbb3
25
45
x
aaa4
x
a
103 %
7
101%
104 %
5
103 %
120
94%
97
99%
97%
54
15%
39%
44
1
120
120
x
bbb3
102
x
bbb4
105 %
28
103%
104%
102%
29
103
108%
4
104
106
102
bbb3
106 %
105%
aaa3
x
105%
104 %
104%
,
3
106% 108%
101% 102%
Southern Natural Gas—
1951 A
1st mtge pipe line 4%s
Southern Pacific Co—
4b (Cent Pac coll)
0
1949 J D ybb
4s registered
1949
3
ybb
1946 J
2
1950 A
O
1st 4s stamped
Southern
""50 %
"50%
J
Ry 1st cons g 5a.. 1994
85
bbb3
x
"92 %
92%
59%
78%
1956
O ybb
1996
J y bbb2
St Louis Dlv 1st g 4s
1951
8o'we8tern Bell Tel 314s B.. 1964
1st A ref 3s series C
1968
J y bbb2
D
_
83
aaa4
110%
J
cccl
aaa4
104
J
aaa4
104
J
1961
105
105 %
D
bb
2
105 %
bbb3
99 %
|*Spokane Internat 1st g 5s. 1955
1953
2lis debenture
Studebaker Corp conv deb 6s 1945
O
Superior Oil 3lis debs
1950
Swift A Co 1st M
1950
N
Tenn Coal Iron A RR gen 5s. 195'
Term Absd St L 1st cons 5s.. 1944
J
A
29
30 %
aaa4
J
x
aa
Texarkana A Ft S gu 614s A.
1950;F A
Texas Corp 3s deb
1959 A O
8a debentures
1965 M N
x
Texas A N O
con
gold 5s
1st 6s dollar series
1953 J
Tol A Ohio Cent ref A Imp 3 %a '60 J
Tol St Louis A West 1st 4s.-1950 A
aaa4
104%
aaa4
104
34
100% 109
102^32
2
123%
110%
111%
92%
104%
4
Trl-Cont Corp 5s conv deb A. 1953 /
1952 F
3%a__.
a
3
107%
106%
x
bbb3
73 %
71%
107%
74
8
14
6
12
99%
102%
123%
110%
102% 106%
16
46
94
78
62%
71
73
75.
62%
72%
73
22
62%
100%
J y b
2
J ybb
3
D y b
D
1
bbb3
x
O y bb
1962!J
100%
3
x
x
aa
x
aaa3
x
39
19
3
94%
70%
3
1947 J
4s
4s registered
J
1947
..
1980 J
Ref mtge 3)48 ser A
D
x aa
3
x
aa
aaa3
United Biscuit 3Ms debs... 1955 A O x a
United Clgar-Wbelan Sta 6a. 1952 A O yb
United Drug Co (Del) 6s
1953 M 8 ybb
106""
105% 107%
20% 20%
23
63%
107
107%
102
*105»i«
102
111%
110%
*110
"97%
15
15
63%
62
90
107%
4
x
10 5253J107
102%
1 1941 M N
x
111%
97
103%
105%
65%
103%
105%
"86"
85
aa
*108%
56
cc
"12%
12%
13%
"95
cc
11%
11%
145
45%
7%
7%
cc
11%
11
12%
11%
121
7%
cc
11%
11
12%
112
103%
2
O ybb
O y b
x
103%
bbb2
81%
2
y
55%
10
92%
96%
57
55%
*31%
20
51%
61
34%
67
32
39%
*65
70
65
108
"
*
108% 108%
110%'
aaa4
124%
125
I
6
x
aa
108
108%!
4
x
aaa3
113
113
2
J
x
aaa3
110%
111%
D
x
a
102
102
92%
102%
106%
21%
21%
93%
103%
104
106%
16
bbb3
1977 J
bbb3
A.. 1946 M
22%
23
39
22
15
76
22%
77%
70
76
58
81
81
82
54
71%
73%
80
79%
I 81%
59
74
83%
82%
*7%
f
2
bb
bb
1949 M
aa
1955 J
bbb3
O
bb
103%
114%
1
103
2
114
32%
34%
86
27
31%
10%
10%
10%
31%
10%
10%
109%
106%
15
109
106%
4
106%
2
1948 M 8
x
x
112% 115
105% 107%
104
114%
37%
28% 36%
5
4
13
7
2
11%
7%
108% 109%
5
106% 100%
*4
a
D___i960 MN
a
...
ser
62
12
3
c
1st 4 %s. 1943
Youngstown Sheet A Tube—
46%
106%
103%
1
a
|*Wor A Conn East
56%
4
2
cccl
aa
27
50%
49
112%
cccl
cc
15
"22
"33%
3
ccc2
Wisconsin Elec Power
3%s..l968
Wise Public
Service3%s
1971
25%
80
52
17
112%
105%
103%
114%
112%
105%
aaa2
deposit
25%
49
"si"
bb
B 1st 4s._.1960 J
J
i*Wls Cent60-yr 1st gen 4s.. 1949 J
J
♦Certificates of deposit
l*Su A Du dlv A1 er 1st 4s. 1936 M N
15
51
b
bb
2301 J
3%s
95%
90%
104%
106% 107
100
cccl
Winston-Salem 8
f
101% 104%
8
ccc2
2361 J
...1947 A
124% 128%
107% 109%
112% 114
109% 111%
bb
8
30-year 5s
1900 M B
♦Westphalia Un El Power 6s. 1953 J J
of
92%
2
aa
♦5s assented
1945 M 8
Western Union
Teleg g 4%s.l950 Af N
25-year gold 5a..
1951 J D
s
4
1952 A
Wilson A Co 1st M 4s A
Conv deb 3%s
108
84
96%
91
95
*-.
3
105%
77%
96
95
b
7%
103
44
82
'
J95%
8 y bb
8 z cc
A
103%
81%
101%
'"96%
102%
96%
101% 103%
96% 103%
97
104
105%
110% 114%
111
~~6
29
r Cash
sale; only transaction during current week,
a Deferred delivery sale; only
traasacllons during current week,
d Ex-interest,
n Odd lot sale; not included in year's
♦
7
104% 107
10
86
71
.....
Bonds selling flat
e
102% 107
66
under
^♦Friday's bid and asked price. No sales traiisacted_durlng_current week,'
112%
96
100%
96% 101%
59
.
,
Odd-lot sale sold during the current week and not Included in the
'Home
year's>ange;
Owners 2%s 1942-44 Apr. 16 at 102.13.
65%
82%
76%
90%
108% 108%
a Bank Eligibility and Rating Column—x Indicates those bonds which we believe
eligible for bank investment.
*99%
*99%
Nov
1 1941 MN
x
75s
May
aa
*100
Nov
1 1942 M N
1 1942 MN
x
8763
x
aa
*100
.May
Nov
1 1943 MN
1 1943 MN
x
aa
*100
x
aa
*100
May
1 1944 MN
1 1944 MN
x
aa
*100
x
aa
*100%
625s
1.00s
1.125s
1.25s
1 375s
Nov
1.60b
May
1.625s
Nov
1 75s
May
1.80s
aa
100%
y
100% 100%
101%
1 1945 MN
1 1945 MN
1 1948 MN
x
aa
*100%
aa
*100
100
100
x
aa
*100
101
101
102%
100%
z
1 1946 MN
x
aa
*100%
May
1 1947 MN
1 1947 MN
x
aa
*100%
101%
100%
Nov
x
aa
*100
101
1 1948 MN
1 1948 MN
x
aa
*100
100%
100%
100
100
ately following shows the number of agencies so rating the bonds.
In all cases the symbols
will represent the rating given by the majority.
Where all four agencies rate a bond
differently, then the highest single rating is shown.
100
101%
100% 102
100% 102%
100% 103%
2 OOe
Nov
x
aa
2 05s
May 1 1949 MN
x
aa
2.10s
Nov
1 1949 MN
x
aa
*100%
2.15s
May
1 1950 MN
x
aa
*100
2.20s
Nov
1 1950 MN
x
aa
*100%
2.25s
May 1 1951 MN
x
aa
*101%
2.30s
Nov
1 1951 MN
x
aa
*100%
aa
*100
100
100
2 35s
May
2 40s
Nov
1 1952 MN
1 1952 MN
x
x
aa
*100
2.45s
May
1 1953 MN
x
aa
*100
2 60s
Nov
x
aa
2 65s
May
Nov
1 1953 MN
1 1954 MN
x
aa
*100
1 1954 MN
x
aa
*100
x
aa
2 60s
2.65s
May 1 1955 MN
♦On Steel Wks Corp6 Ma A.. 1951 J D
1951
♦3%b assented A
b
z
z
♦3Ms assented C
1951
z
1951
f 6 Ms series C
101%
100%
100%
102
1
1947
z
103% 103%
100% 104%
102% 103%
102% 104%
102
102
100% 103
103%
103%
100% 104%
Transactions
100
101
100
York
104%
21%
33
33%
Tuesday..
Stock
Exchange,
w w__ 1951
x
bbb3
Utah Lt A Trac 1st A ref 5a. 1944
x
bbb2
102%
102%
95%
102%
29
x
bbb3
104%
103%
104%
39
Vandalla cons g 4s aerlee A..1955 F A
Cons 8 f 48 series B
1957 MN
x
aa
*110%
110
110
x
aa
*110%
109
110%
18
_
States
Bond
For'n Bonds
Bonis
Stale
$3,133,000
4,731,000
6,574,000
712,000
Sales
$40,000
95,000
5,049,000
458,900
453,400
$274,000
415,000
$3,447,000
42,000
27,000
5,241,000
7,328,000
5,749,000
430,500
401,490
6,217,000
673,000
588,000
485,180
6,182,000
595,000
106,000
6,863,000
6,883,000
2,525,860
| Total
$31,886,000
$3,257,000
$368,000
$35,511,000
Week Ended April 18
Sales at
1
Total
Municipal
Bonds
290,390
United
Mis celt.
Number of
Shares
Wednesday.
Thursday...
Friday
31% 31%
31
33%
21% 33
91%
97
102% 104%
102% 105%
Utah Power A Light 1st 5a.. 1944
Railroad dk
Stocks
Week Ended
April 18. 1941
33
30%
"95%
New
102%
Saturday..
Monday
40
95%
the
at
Daily, Weekly and Yearly
104
100% 104
25
*
cccl
All issues
lower are In default,
100
36%
z
ccc or
102%
101%
101%
101%
101%
101%
101%
100%
100%
100%
100%
100%
37
....
b
r"
A great majority of the Issues bearing symbol
bearing ddd or lower are in default.
25
*
....
z
1947
♦Sink fund deb 6 Ma Ber A
♦334b assented A
United Stockyds 4Mb
Indicates Issues In default. In bankruptcy, or In process of reorganization.
102
Nov
May
we believe are not bank eligible due either to rating status
provision in the bond tending to make lt speculative.
The rating symbols In this column are based on the ratings assigned to each bond
by the four rating agencies.
The letters indicate the quality and the numeral Immedi¬
100% 100%
100% 101
x
1 90s
1.95s
Indicates those bonds
or some
1.85s
♦Sec
7%
X Companies reported as being In bankruptcy, receivership, or reorganized
Section 77 of the Bankruptcy Act. or securities assumed by such companies.
101% 105%
43
110%
& 97%
96 %
aaa4
May
37
9%
*53
67%
18%
11
50%
13%
12%
12%
12%
12
18%
9%
b
D
1941 M
Wheeling A L E RR 4s
20%
49%
52%
O
1948 M
Registered.
60%
13
30
69
*15
9%
cc
44
5 Negotiability Impaired by maturity,
t The price represented Is the dollar quota¬
tion per 200-pound unit of bonds.
Accrued interest payable at the exchange rate of
$4.8484.
debentures—
60s
31
x
range.
105% 107%
111
96%
4
1944 M 8
U N J RR A Canal gen 4a.
United States Steel Corp—
Serial
5
128
18%
50
"95% "9§"~
30
3
x
34-year 3%s deb
19701A O
35-year 3%s debenture... 1971 M N
50%
55%
17%
*42%
*64%
106% 108%
78
"95%
Onion Pac RR—
1st A land grant
""38
*120
aaa3
1959
aa
107%
48%
97%
82
97
aaa4
UDlon OH of Calif 6a series A. 1942
69%
107
101%
cccl
x
100
42%
*104%
95%
89%
65
24
9
78
1
z
17%
84%
8
Conv deb 4s
100%
76
*105%
J
66
8
D
65
95%
cccl
O
19
64%
88%
68%
D
96% 101
56
39
*
z
46
54%
Weatcheater Ltg 5s stpd gtd.1950 J
ser
High
108% 110
1
Gen mtge
3%s_._T.
1967 J
West Penn Power 1st 6s
E..1963 M
1st mtge 3%s series I
I960 J
West Va Pulp A
Paper 3s...1954 J
1st mtge
57
95 %
1
b
1
100%
42
1
z
A
18
18
100 %
3
J y bb
V
74%
73%
73%
17%
Washington Cent 1st gold 4s. 1948 Q M y b
Wash Term 1st gu
aaa3
3%s
1945 F A
1st 40-year guar 4s
1945 F A x aaa3
♦Certificates
106% 108%
4
60
O
Warren RR 1st ref gu g
3%s.2000 F
101%
106%
128%
113%
55%
1955 A
West Shore 1st 4a guar
87, 102% 106%
—
2
56
34
108% 111%
93
88
a
M S y b
J|*Unlon Elev Ry (Chic) 6s. 1945 A
3s debentures
104
90
x
♦Tyrol Hydro-El Pow 7)48—1955 M N
Union Electric (Mo)
103%
103%
56
20%
107%
cc
A
1965 A
X* Western Pac 1st 5s
104% 109
26
*86
4
O y cccl
80
109% 110%
17
105%
100%
92
Tol W V A Ohio 4s series C..1942 M 8]x aaa2
4
Toronto Ham A Buff 1st g 48.1946 / r x a
Trenton G A El 1st g 5s
1949 M 8 x aaa3
8 f 7a__. 1945
73%
23
No. Low
High
88%
2
1945 J
Warner Bros Plct 6s debs
:♦ Warren Bros Co deb 6s
109%
*63
b
8
Jan. 1
Asked
60
ccc2
gold 4a_.1943 A O
104
111
x
S x
♦AdJ Income 5s
Jan 1960 A
|#Thlrd Ave RR 1st g 5S...1937 J
Tokyo Elec Light Co Ltd—
UJlgawa Elec Power
84
Ox bbb3
1960 J
♦Guar sec 8 f 75
89
78
D x bbb3
1980
Ave Ry 1st ref 4s
79
6
103% 106%
103
105%
O
Tex Pas Mo Pac Ter 614s A. 1964
Third
113
7
110%
111
Convertible deb 4%s
Western Maryland 1st 4s
1st A ref 5 %s series A
West N Y A Pa
gen
24
D
Texas A Pacific 1st gold 5s.. 2000
Gen A ref 5s series B
1977
Gen A ref 5s series C
1979
84
M
Since
A
109 %
b
64%
30%
102%
123%
x
J y bb
1943
Gen A ref 6s series D
4
94%
57
75
104%
bbb3
1953'J
f g 4s
76%
110%
105%
90
146
104%
99%
4
aa
80
181
103%
103%
aaa3
s
12
109
84
*68
aaa4
x
J
93%
60%
80%
85%
82%
78
Mem
83
60
O ybb
Gen refund
48%
65%
O y bb
3lis
67%
39%
83
1956
Standard Oil N J deb 3s
71
57%
537
527
64%
4s. 1941
g
6s debentures
46%
63
51%
51%
51%
64%
85%
44%
205
60%
Devel A gen 4s series A... 1956
5s
187
Dlv
Bid
Low
♦Ref A gen 5s series B
1976 F
♦Ref A gen 4 %s series
C—a 1978 A
♦Ref A gen 5s series D
1980 A
Walker (Hiram) G a W—
49
J y bbbl
1955
1st g
"241
62%
46%
..irtT.ole(Jo 4 Chic
Walworth Co 1st M 4s
37%
34%
48%
47
62
64 %
J y bb
75
40%
39%
47%
2
Devel A gen 6s
Devel A gen 614s
Dlv
49
47
bbb2
x
51%
47 %
J ybb
So Pac RR 1st ref guar 4s... .1955
46%
Price
b
Range
Friday's
Sale
See A
$♦ Wabash Ry ref A gen 5 %s A *76 M 8
105% 107%
47
48 %
1981 M N yb
10-year secured 3%s
San Fran Term 1st 4s
45%
3
1st 4%s (Oregon Lines) A.1977 M~8 ybb
Gold 414s
1968 M 8 yb
Gold 414s
1969 M N y b
Gold 414s
46
Range or
Last
Rating
I* 1st gold 5s
1939 iWN
1*2(1 gold 5s
...1939 F A
♦1st lien g term 4a
1954
♦Det A Chic Ext 1st 5a
1941
§*Des Moines Dlv 1st 4s.. 1939
♦Omaha Dlv 1st g 3%s.._1941
103% 107
103
x
Ellg. A
yfr&talan
102% 103%
101% 104
Week's
Friday
Railroad & Indus. Cos.
(Concl.)
71
119
t
Va Elec A Pow
3%s ser B...1968 M 8 x aa 2
Va Iron Coal A Coke
1st g 5a. 1949 M 8 y ccc3
Va A Southwest 1st
J y bbb2
gu 6s.._2003 J
1st cons 5s...
1958 A O y bb 2
Ry 3%s aeries A...1966 M 8 x aaa2
J Wabash RR Co.—
27
106%
aaa3
x
1
102 %
101%
3%
3%
47%
101%
bbb2
*
High
2%
45
45
BONDS
STOCK EXCHANGE
Week Ended Apr. 18
2%
97
♦14
x
3s debentures
1979
Southern Colo Power 6s A-.1947
Southern Kraft Corp 4%a
1946
28
*40
y cccl
South A Nor Ala RR gu 5S..1963
South Bell Tel A Tel 3%a...l962
No. Low
3%
45
*
N. Y.
Jan. 1
95*4
97 %
aa
z
Socony-Vacuum Oil 3s debs. 1964
3%
95
95 %
z
i960
High
3
D y b
Slleslan-Am Corp coll tr 7s__194l
Simmons Co deb 4s
1952
Since
Asked
*2%
x aa
♦Siemens A Halske deb 6%a_1951 M 8
♦Blleela Elec Corp 6 Ms
1946 F A
Skelly Oil 3s debs
A
Low
1961 J
1952 J
Bank
Range
Friday's
Bid
Price
a
c
♦6sSeries B certificates...1935 F
8befl Union OH 2%a <Iebe.__1954 J
2521
Week's
Elio. A
BONOS
Friday
58,000
Jan. 1 to April
18
New York Stock
1941
Exchange
Stocks—No. of shares
1940
2,525,860
6,523,120
1941
39,722,599
1940
65,925,098
Bonds
Government
...
State and foreign
Railroad and industrial
Total.
Attention Is directed to the column incorporated
$368,000
3,257,000
$7,353,000
$12,563,000
5,344,000
50,042,000
31,886,000
27,317,000
644,985,000
75,914,000
433,801,000
$35,511,000
$33,379,000
$702,380,000
$522,278,000
$718,000
in this tabulation pertaining to bank eligibility and rating of bonds.
See note a above.
New York Curb
2522
Exchange—Weekly and Yearly Record
April 19, 1941
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
of the regular
weekly range are shown in a
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange
beginning on Saturday last (April 12, 1941) and ending the present Friday (April 18, 1941).
It is
compiled entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether
stock or bond, in which any dealings have occurred during the current year.
In the
for the week
Last
Sale
Par
STOCKS
Price
of Prices
High
Low
Low
110
19
18n
1
1
A Ins worth Mfg common..6
Air Associates Inc (N J)—1
Air Investors new com—2
new conv pref
-—*
Class A
"bx
Class B
Par
High
20
Jan
Feb
22 n
Jan
Bel! Tel of Canada
6N
Feb
614
6n
Jan
Bell Tel of Pa 6
Jan
Benson A
12n
in
25n
Jan
1614
Mar
514
5n
500
4N
10
10
"106
1
1
300
Feb
Apr
1
Apr
20
"i
10
Feb
Jan
Mar
*«
Mar
75 n
Jan
103 n
94 n
Jan
111N
Mar
Jan
103
Mar
N
Mar
in
Apr
Warrants.
Ot Southern..60
pf-*
96
f6 preferred
10
108
108
*
Alabama Power Co 17
97 X
160
Jan
88
Apr
1514
Class A conv com.....26
2
15n
19
18X
114
2c0
131n
com-*
134"
130"
11514 11514
100
100
1
27x
25n
Mar
113n
156
Feb
116
Mar
12
*250
480
03n
150
n
Blumentbai (8) A Co
Feb
Jan
96
'1.
Fe
Apr
25n
Apr
Feb
N
6N
Jan
N
Mar
Jan
*i«
Jan
Apr
63
N
11N
08 N
*11
Jan
J*n
Jan
Mar
Jan
Jan
Feb
28n
Feb
20 n
Feb
Apr
N
Jan
Jan
Jan
Feb
38 n
38
Jan
Feb
000
8,100
16 X
500
14
900
9%
10 n
100
lOo
hon
$2 conv preferred.. ....1
27n
2H
28
20
hon 110N
2%
2%
27 n
20 N
$2.60 conv preferred... 1
28
28
18
18n
19 X
600
2,400
Amer Hard Rubber Co—60
400
36*
31
16n
n
9n
26
109 n
n
n
31
6n
"~n
5014
4%
*
1st $0 preferred
"06"
60
10
$0 series preferred.....*
"214
Angostura-Wupperman ..1
Apex Elec Mfg Co com...*
150
3,400
300
"""166
6%
2,500
18 n
Apr
Mar
30*
60*
6n
2n
Jan
N
Apr
Feb
N
16N
Feb
17 N
11N
38 N
38 N
100
30 N
Feb
40 N
Jan
18n
18n
500
18 N
19N
95 n
Feb
Mar
Mar
Feb
6n
87
Jan
Cable Elec Prod com
7,«
7,,
♦
60c
Vot trust ctfs
Am dep 6
60c
Calamba Sugar
Feb
Calllte Tungsten Corp
Apr
Mar
Apr
IN
IN
8n
Jan
Jan
Class A
Mar
96
8n
ClaRS B
Jan
Canadian
Mar
0
6n
11N
Jan
Apr
Mar
Mar
3
Class A
*
Jan
N
Jan
Jan
N
Jan
1
Feo
IN
Jan
IN
Jan
2
Jan
*it
Assoc Laundries of Amer •
Assoc Tel A Tel class A..*
71
100
2n
Atlantic Coast Line Co..60
71
10
2N
21n
2N
500
21N
300
1
Jan
65
71
Apr
2n
voting
non
Apr
Feb
Feb
Feb
N
Feb
Jan
Feb
Mar
Jan
12
9
100
9
IN
500
IN
Feb
IN
Jan
3H
Jan
14 N
3
Apr
18N
Jan
Feb
5
Jan
13
Jan
15
Mar
7% preferred
Canadian
3H
3N
400
Jan
Jan
IN
Feb
Mar
Feb
"11
Jan
117 N
IN
IN
*
...100
Marconi
Capital City
117N
..1
Products
117N 117N
10
«ie
700
N
.
114 N
N
8N
»
In "In
26c
Jan
IN
Jan
Jan
3,500
"m
Apr
Jan
9
Mar
IN
Apr
7N
Apr
Carman A Co class A...
36
36
7n
100
36 n
7n
*
Carnation Co common...*
200
7
Jan
35
Feb
39
Jan
Feb
113
Apr
Jan
HON
ION
Feb
20
110N
109 n 109 n
30
109
113
113
Carolina P A L $7 pref
$6 preferred
*
1
7n
7n
7n
900
Carter (J W) Co oommon. 1
Caseo Products
..»
6N
Apr
Feb
6n
6n
17n
6n
17 n
100
0N
Mar
8
Jan
50
17N
Apr
20
Apr
3n
500
2N
Jan
Castle (A
•
109 n
M) common..10
3n
Jan
3
Apr
Mar
Celluloid Corp common. 16
n
»ie
4,600
Jan
»!•
Jan
6n
6n
300
6n
Jan
6N
Jan
15n
Mar
15n
400
14 n
3
3n
700
2n
in
in
100
1
Mar
2n
Mar
4n
IN
3n
""3n "~314
Auburn Central Mfg.....*
Automatic Products
6
"""£66
Feb
Automatic Voting Mach..*
Avery (B F) A Sons com.5
6% preferred w w
26
15
15
50
26
n
n
200
16
Jan
Mar
Jan
Mar
35
36
110
"1,766
3H
26
Babcock A Wilcox Co....*
Baldwin Locomotive—
"25N
27 N
Cent N Y Pow 6% pref. 100
Cent Ohio Steel Prod
1
Jan
150
200
17n
Jan
Cent States Elec oom
Apr
Feb
4
11
6N
3N
106
86
Feb
Jan
N
Jan
6%
7%
8n
700
11
Apr
10
106
Apr
106
150
Apr
95
8n
6C0
82 X
8N
36 n
Apr
Feb
4n
Mar
31N
Jan
preferred
Conv pref opt
ser
13N
10
116N
hi
1
25
Jan
N
Jan
«»»
Feb
N
in
n
IN
N
Apr
25
N
Mar
N
2N
N
N
1,200
3N
Apr
4N
3N
®i«
100
Conv preferred
Apr
Mar
115
100
preferred...
5N
46
110 X
86
11N
82 n
100
Feb
134
106
11
106
35N
Cent <S South West Util 50c
16
121
96
50
Cent Pow A Lt 7% pfd 100
Jan
Feb
25
Ayrshire Patoka Collieries 1
Cent Hud G A E com....*
Cent Maine Pow 7% pf 100
Mar
33
4n
36 n
•
Jan
N
4n
36 n
•
4h
Tobacco—
10
preferred
1st partlo pref
Apr
3n
15
15
Warrants
Jan
$7 dlv
121
121
7% 1st partlo pref...100
4
3n
n
7N
Celanese Corp ol America
24
Jan
n
Feb
125
n
in
n
n
3n
4n
'29.100
Cessna Aircraft Co
100
Feb
Cbamberlln Metal Weather
3N
Purch warrants for com.
3n
34
30
4n
34
2,200
250
Baldwin Rubber Co com.l
32
Apr
7N
Jan
FeD
3N
37 n
Mar
5N
2n
1
2n
2,400
Feb
6H
Jan
■u
Jan
2N
Apr
1
X
1,300
n
Apr
IN
Jan
6
ion
ion
150
9N
Jan
10n
Apr
6n
6N
100
Seellg Mfg—
Strip
Co
6
Charts Corp oommon
10
Cherry Burrell oommon..6
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach
4
Chief Consol Mining
Chllds Co preferred
Baumann—Bee "Ludwlg"
Beau Brummeil Ties Inc..
6N
Jan
7N
Jan
60
60
8n
$0
preferred
4N
Feb
60c
Apr
$0 preferred BB
4n
Beech Aircraft Corp
2527
4n
5
1,300
4n
Apr
7N
Jan
5
Mar
HON
Apr
73 N
60
8N
75
Apr
N
7
Feo
10
3N
Feb
5N
09 N
63N
500
48
Feb
5
Mar
60
63 N
50
48
Feb
preferred B
10
Jan
62
4N
14 n
Mar
5,900
4n
Jan
150
300
14 N
7N
4N
7N
Mar
Mar
8n
5N
Feb
»i«
7n
4n
4n
20
63
Mar
103 N
100
12 N
Beaunlt Mills Inc com.. 10
4N
4N
11N
Cities Service oommon.. 10
Basic Dolomite inc com..
For footnotes see page
*».
N
N
•
vot
Jan
17
6n
Atlas Drop Forge com...6
Atlas Plywood Corp.....*
A com
Feb
Apr
3N
Catalln Corp of Amer.... 1
Atlanta Gas Lt 0% pref 100
Atlantlo Coast Fisheries..1
Barium Stainless Steel
>ti
Carrier Corp common
1
Bardstown Distill Inc
Jan
200
N
11%
IN
.1
.
Class B
(Associated Gas A Elec—
$6 preferred...
700
Industries Ltd
Carlb Syndicate
Associated Elec Industries
300
12 N
1
Mar
Mar
9
1
Can Colonial Airways
Jan
>i«
Apr
N
Canadian Dredg A Dock.*
Canadian Indus Alcohol-
Mar
1
11N
N
Estate..20
Jan
5n
£1
95N
200
N% pref she £1
Jan
00
Jan
4n
11n
99 N
200
1,100
Cables A Wireless Ltd—
12
Apr
7n
IN
13
200
95 n
'is
$6 1st preferred..
Apr
9
1,000
Assoc Breweries of Can..*
26
7% partlopreferred...26
6n
800
$1 00 preferred
n
n
IN
34 N
Canadian Car A Fdy Ltd—
614
50
Buckeye Pipe Line
60
Buff Niagara A East Pow—
Jan
..10
5
100
"34
2N
10
*
Feb
Mar
n
Aro Equipment Corp
1
Art Metal Works com....6
4N
12 n
"34"
•
1
in
Feb
4X
12h
preferred
Jan
500
Mar
1
L) Co oommon..5
IN
Canada Cement Co Ltd..*
in
Ashland Oil A Ref Co
IN
7 n
Camden Fire Insur Assn..6
2N
"""lOo
$0
Jan
Mar
89
500
7n
Brown Forman Distillers.!
Jan
Apr
2N
IN
6 n
x24N
in
in
1
•
8
4n
200
500
87
"26
in
.
Class A preferred
3n
2N
400
2,400
Arkansas P A L $7 pref...*
n
1
Brown Fence A Wire com
Burry Biscuit Corp..12No
3n
3
V
ft
7N
Mar
Apr
Mar
Mar
Feb
Jan
Jan
Feb
2N
200
14
32 n
Jan
Apr
IN
15
95 n
11N
n
»n
Jan
n
in
7n
100
*
n
Jan
50 n
\
10s
100
11N
7
200
52N
4n
100
Burma Corp Am dep rets..
00
Feb
n
n
Bunker Hill A Sullivan 2.60
Feb
"~X ""'32 "4,000
50N
4n
Am dep rets ord reg..
Jan
Apr
in
pref
8N
Feb
Feb
in
conv
Jan
Feb
Feb
in
$1.60
Jan
7N
23 n
n
in
conv
8N
Am dep rets ord reg._.£l
British Celanese Ltd—
80
Jan
in
$1.20
Jan
Mar
in
7% preferred
8N
N
300
Amer Tobacco—
21
Common cl A non-vot—*
common
12N
Am dep rets ord bearer £1
British
Feb
Arkansas Nat Gas com...*
0% preferred x-w
Mar
*
Bruck Silk Mills Ltd
~63~~
5X
3
American Thread 6% pf--6
Anobor Post Fence
2
Atlantic Rayon Corp
Atlas Corp warrants...
31
400
30 N
11
Jan
11N
N
N
36
*
.....
Co
Bruce (E
79n
31
Amer Seal-Kap common. .2
Am Superpower Corp com *
Atlanta Birmingham A
Coast RR Co pref...
11N
11N
Class A._
Jan
*h
Amer Potash A Chemical.*
....
11N
12
Jan
Amer Pneumatic Service.*
Amer dep rets reg
N
50 N
20
Jan
IN
Jan
Feb
Apr
3
Jan
Apr
15n
36
Feb
IN
Apr
15 n
28 n
Feb
600
2
2
•
Brown Rubber Co oom
Feb
30
Apr
11N
Jan
Mar
Apr
1
7N
30
Jan
un
in
Apr
30
800
100
28
16n
5N
Feb
150
3n
26 n
*
•
...
29 n
33
10
N
Mar
25
30
1
preferred
100
Brillo Mfg Co common...*
Apr
250
7n
30
7%
2N
1,800
N
6
Mar
37
Class B
26 n
13n
N
3N
6N
30
7n
•
700
79 x
19
Jan
»N
UN
...100
Feb
20
Barlow A
2,100
113n
19n
13n
Class A
7n
Apr
79 x
Axton-Flsher
2,100
200
25
0H
Feb
Apr
3
2,000
Brill Corp class A
IN
27
38 N
5N
7n
Machine
Apr
Mar
200
4n
Bridgeport
Mar
19N
400
7
Apr
Feb
100
3N
4
(Brown Co0% pref
Jan
"0"
7
Aeronautical... 1
Feb
N
"i"
British Col Power cl A
Apr
40
21
4n
Jan
13X
1
38 N
7 N
1
Jan
79 x
Amer Meter Co
Feb
*
Jan
26
18n
35N
6N
...»
•u
26
100
N
400
Breexe Corp common
12 N
30 n
20
.100
20 N
Feb
Mar
3N
Feb
Brazilian Tr Lt A Pow
19n
Amer Lt A Trac oom
Amer Maracalbo Co
Mar
N
•
100
Mar
Amer Laundry Mach
Common
1st preferred
$5 2d preferred
Bridgeport Gas Light Co.*
Apr
16n
n
~26~~
3N
13 N
700
33
....
com
7°7<
Brewster
25
16 N
10
100
1,500
1
19 x
100
Jan
20
Export Lines com.-l
Amer Fork A Hoe com...*
•»
36 n
•
Jan
35
350
X
3n
15
(H C) Co com...*
Bourjols Inc
3.50
H
36
*
7% 1st preferred
Bowman-Blltmore
Jan
Jan
Apr
Apr
26
n
Amer Foreign Pow warr...
0% preferred
3n
n
2614
30 n
Republics
8N
14 n
25
35 n
American
Feb
n
26
26
35 h
Preferred
Apr
7
14 n
British Amer Oil
10
Amer Mfg Co common.
37
1
Jan
70
100
A..10
preferred
100
.._*
common
Jan
18N
7N
75n
»u
1
Class B
6%
38
Borne Scrymser Co.....25
10
26
preferred
37
Bohack
H
Class A with warrants.26
Amer General Corp com
37
*i«
1,500
*
1
Amer Cities Power A Lt—
4N%
*
Jan
Jan
Jan
10c
American Gas A Elec
Jan
Apr
A common....10c
Class Bn-v
X
13 X
40 N
4N
rl20
Jan
Jan
10 n
50
Jan
Jan
27 N
84
Apr
2214
"0OO
Jan
117N
13
'it
Foundry
A Machine Co com
Blauner's
Jan
Apr
*
common
$2.50 preferred
Blrdsboro Steel
Jan
5H
111
100
Jan
$3 preferred
Amer
Bickfords Inc
Preferred
n
Jan
Mar
Mar
13
n
n
Blue Ridge Corp oom
American Capital—
63
3N
101N
50 xllOH
23 N
24 N
13
Feb
Amer Box Board Co com.l
*
$5.60 prior pref
—*
Amer Centrifugal Corp.-.l
500
Apr
Feb
13
Berkey A Gay Furniture. 1
Apr
100
"2 bli
17 N
32
18N
4h
American Book Co.... 100
Class A...
110'tt UO'M
High
Low
3,600
60
106
Hedges com...*
14
0N
"72"
"n"
18n
4
Shares
Conv preferred
100
......
American Beverage com..
Amer Cynamid class
100
100
100
14
14
Ltd oommon.*
Common class B
3n
A pi
2
93
Aluminum Goods Mfg...*
6% preferred
17 n
100
N% pf-100
4n
*
Aluminum Co common...*
Altorfer Bros com
6% preferred
17n
1
$3 opt conv pref....
$3 conv pref
—.*
Allied Products (Mich)..10
Class
1
High
Bliss (E W) common
N
Allied Intl Investing—
Aluminum Industries
Bell Aircraft Corp com
Range Since Jan. 1, 1941
for
Week
of Prices
Low
Price
Feb
Alles A Fisher Inc com..
Aillancdnveetment
Aluminium
Sale
21n
18n
Week's Range
Last
(Continued)
Week
Shares
Supply Mfg—
Alabama
STOCKS
Range Since Jan. 1,1041
for
Bellanca Aircraft com
Acme Wire Co common-10
Aero
Week's Rang*
Sales
Friday
Sales
Friday
0N
70
Jan
Jan
Apr
Volume
New York Curb Exchange—Continued—Page 2
152
Friday
STOCKS
Week's Range
Last
Sale
(Continued)
Par
Cities 8erv P 4c L17 pre!.*
preferred
•
City Auto Stamping
Price
97%
80
89
95%
94)4
95)4
110
z 89
5%
5%
100
~i(T
Cleveland Tractor
*
com
Emerson Eleo Mfg
*
*eb
Mar
ex
Jan
Jan
ex
Feb
17 X
Mar
Feb
X
Jan
Jan
6)4% preferred.....100
7% preferred
...100
Jan
7
Apr
8%
Apr
41
Jan
4%
4%
300
434
Apr
5)4
Jan
3
Feb
IX
Mar
2%
Jan
600
"T"
"ioo
Jan
8
X
2)4
70)4
100
55
1
1
2%
700
71)4
300
2)4
7034
9
Mar
Jan
1%
Mar
Apr
Apr
4X
82%
1)4
1
Feb
1%
Jan
Jan
ht
19)4
Jan
6%
Feb
10 x
Jan
7%
Feb
8)4
Jan
127 X
Apr
Jan
Am dep rets ord reg.._£l
Ford Motor of Canada—
200
1)4
Apr
IX
Jan
60
1,100
117
90
59 X
116X
Apr
Mar
1)4
59H
1)4
59 X
117
IX
Feb
105
"l% "154
"uoo
•
Class B voting
2
Jan
2)4
Feb
Jan
Fruehaof Tra'ier Co
Fuller (Of o A
Conv
partic pref
4%
100
Jan
5)4
6X
1,400
120
95
5X
Feb
1
6)4
6X
600
7X
7H
200
30 X
200
4)4
4%
450
7)4
30
105
Apr
1)4
8)4
Jan
Jan
5% preferred
H
Mar
sx
11)4
Jan
Gen Flreprooflng oom
Feb
11
Jan
Gen Gas A El $6 prefB..*
37
Jan
Mar
Jan
Mar
Gen Pub flerv 66 pref
Jan
83 X
Mar
Jan
Feb
.1H
Apr
4)4
5)4
8
A or
Courtaulds Ltd—
66
preferred
434
4X
400
*18
X
1)4
300
1
4H
25c
"4% ~~4%
*h«
26
*
Crystal OH Ref oom
""500
400
6
400
6
5
Darby Petroleum oom
Feb
Jan
Jan
Gen Water G A E
Apr
4
500
6
~9X "i6"
1
X
Jan
IX
Feb
1)4
4 X
Jan
Jari
2)4
Jan
4)4
Mar
15i«
Apr
Feb
IX
22)4
Apr
Gilchrist
Apr
34
Jan
Feb
Glen
Feb
5)4
5
Jan
ex
Apr
1
Mar
Mar
Jan
IX
Jan
3X
Feb
5%
Apr
Feb
"""266
9)4
Feb
Mar
20
Jan
12
r_*
preferred..
65
Gilbert (A C) oommon
Preferred
*
Co
Alden Coal
*
B
Class
•
preferred
67
50
Mar
53
94
20
90
Jan
95
Apr
Feb
Apr
52%
Mar
55%
100
%
)4
Anr
Feb
1)4
Jan
%
1)4
Jan
4)4
4%
500
15
15
85
80
Gorham Inc class A..
63
25%
%
7i#
)4
10
40)4
106)4
40%
106
5%
5X
200
Jan
Dennison Mfg el A com..6
IX
2%
1,100
2)4
1)4
25
Feb
60
100
35
Jan
99X
Feb
Derby Oil A Ref Corp oom*
1
32
Jan
29X
"ioo
17 X
9
17)4
"17%
55%
Mar
Apr
1)4
8)4
Sx
30
Gt Northern Paper
Greenfield Tap A Die
40%
106)4
300
25
5%
200
11
Jan
50
"m "m
com__l
"ioo
Dobeckmun Co common.!
Apr
null Oil Corp
Jan
7%
♦
..10
100
Dubiller Condenser Corp.l
66
69
40
22
22
100
21
Jan
Apr
11
Apr
12%
JaD
Mar
IX
Mar
Feb
6)4
Jan
Mar
534
Jan
11)4
154
5X
Durham Hosiery
Apr
2)4
10
2)4
"2*66
7)4
5X
Mar
Jan
Jan
3}4
Feb
Feb
Feb
9)4
25
Feb
99
'""ioo
4H
49
,
Apr
Mar
7%
Mar
Jan
*i«
Jan
hi
1)4
22%
28%
Jan
100
134
Mar
Apr
1,850
14X
Jan
1)4
2234
100
28%
Apr
35%
Mar
Apr
4
Apr
Jan
6
Jan
6X
Jan
99%
99X
131)4 132
%
%
39%
39%
Apr
128%
Feb
132
X
Jan
Feb
105
50
11,600
25
97
Apr
X
Mar
50
38
Feb
42
8
300
8
Apr
10%
Jan
1)4
100
1)4
Mar
Apr
*11
Mar
1%
34
33%
Mar
110)4
Feb
1,300
120
29)4
5)4
21
20%
55X
5)4
21%
55%
100
29
Mar
109
30
113)4 115
30
Mar
Jan
Jan
115
Jan
Jan
111%
2X
Mar
*H
2X
8)4
Mar
Apr
Feb
25%
Jan
Apr
65
250
20
10
55
Jan
Jan
Feb
"is
Jan
!
1%
Apr
IX
Mar
5
Mar
5X
26)4
Jan
Haxel tine
Jan
Hearn Dept Stores oom..5
Jan
111
Jan
B
non
6%
1
vot common
19%
.*
Corp
conv preferred
50
25e
2
23%
5%
21%
2
23%
5%
300
19X
1%
100
20
400
1,200
Apr
Mar
Feo
Jan
25
ex
5X
1034
Apr
Feb
12
10
Apr
10)4
Jan
Hecla Mining Co
76 X
Jan
Helena
Mar
Mar
1)4
7X
Jan
Jan
Heller Co common......2
10)4
Jan
4 %
Apr
Hewitt Rubber oommon..5
11)4
Apr
Feb
77 X
Apr
3
Rube ostein
7)4
Apr
1%
Apr
A
*
Preferred
Preferred
2
3X
49%
49 X
52
300
49)4
Feb
58%
Jan
Heyden Chemical
31
31
33
550
31
Apr
42
Jan
Hoe (R) A Co class A. ..10
Apr
13)4
Jan
Jan
Hoiophane
Feb
15X
Mar
Border's, Ino
14
2X
Economy Grocery Stores.*
Elec Bond A Share com..6
2%
2%
58%
60)4
400
Feb
15%
Mar
65
preferred....
•
58 X
66
preferred
*
60)4
3)4
Jan
Jan
\2%
4%
Jan
Horn
2,500
3,900
51)4
65%
Apr
59)4
Feb
70
Apr
Hubbell (Harvey) Ino
Mar
13
Jan
Humble OH A Ref
*
*1#
Mar
1%
Feb
11)4
Feb
28
Jan
12%
32H
Mar
Jan
....♦
preferred
2527
Jan
Jan
126
8 34
Feb
10 X
Jan
8)4
Jan
Jan
9X
Apr
11)4
14
Apr
13
2)4
29%
2)4
200
29%
29)4
""75
53
"53"
"54"
3,200
400
Apr
13
Apr
33)4
234
Feb
33 X
Feb
Mar
2%
Feb
Apr
31 %
Jan
Feb
Feb
113%
Feb
29%
113%
16 34
53
Apr
6X
Feb
34
Jan
Feb
534
Mar
7
♦
......1
V t c for 1st pref.......!
Feb
700
Hummel-Ross Fibre Corp 5
Hussmann-LIgonler Co..
Jan
5
13%
200
..100
Huyler's com
65
26
Feb
8%
8)4
8%
5
5%
A Hardart
Jan
26)4
Jan
25
07%
Horn A Hardart Baking..*
Jan
Mar
Mar
Jan
Mar
9
Apr
Feb
8%
♦
2%
Feb
66J4
8%
Co common..•
16,500
warrants.......
1
16
""SO
26
Horn (A C) Co common.. 1
2%
9
*
26
Hormel (Geo A) A Co com*
Apr
*i«
12
2%
62
66
26
Bollinger Consol G M....5
•11
14
2%
100
834
10
Apr
"200
*
10%
25
ex-warr
Jan
11
10%
25
ww
300
*
5X
♦
Jan
Jan
2
Mar
2)4
600
300
25
Apr
X
24
8
IX
For footnotes see page
Mar
1
Feb
7)4
%
*
»
Option
10
21X
200
66 preferred series B
Eiectrographlo Corp
Mar
Mar
1)4
...6
Paper
Jan
7
%
Easy Washing Mach B
Elgin Nat Watch Co
Mar
100%
6X
8
Eleo Light—..25
Hartford Rayon v t 0
Harvard Brewing Co
Class
......
pref A
Lamp Co
Hammer mill
Hartford
Jan
7
434% prior pref.....100
6% preferred
100
Eleo PA L 2d
Hall
6
East Gas A Fuel Assoc—
67 preferred series A
99%
«
76
%
6H
%
Duval Texas Sulphur.
Eastern Malleable Iron
preferred
66
Apr
el B com *
Eastern States Corp
25
Mar
73
Duro-Test Corp common. 1
Common
Mar
110
Jan
Henry Holt A Co part A..*
2 34
100
Eagle Plcher Lead
43
Jan
1
Guardian Investors...
66
111
preferred
Duke Power Co
Apr
98
Hat Corp of America—
Dominion Steel A Coal B 26
Driver Harris Co
40%
"5% "1%
G ilf States UtU 65.50 pf.*
Dominion Bridge Co Ltd.*
Draper Corp
Jan
Feb
8)4
19)4
200
*
X
6 34
11)4
61
105
4)4
25
IX
2%
4
11)4
234
Apr
Mar
2,500
Gypsum LimeAAlabastlne*
..10
Mar
101%
9)4
8)4
1)4
Grooery Sts Prod oom._25o
De Vllblss Co common..10
Dlv co-Twin Truck
•
Jan
Jan
Apr
Li a u ore
Jan
>18
53%
z
95
...100
1st preferred
Jan
Jan
preferred
7%
Apr
Feb
Diamond Shoe common.. *
Mar
Jan
X
200
Greater N Y Brewery....1
18
X
17)4
7%
Non-vot com stock
Apr
10
IX
Distilled
Jan
Tu
210
102%
1G
32
1)4
Detroit Steel Prod
Jan
31
Great Atl A Pac Tea—
Jan
1
10
J Detroit Paper Prod
107
Gray Mfg Co
Mar
Mar
Det Mich Stove Co oom_.l
Detroit Gray Iron Fdy
2%
50)4
Mar
Mar
10
32
1
55 X
83
Feb
Jan
x3X
19)4
3%
•
Jan
45
28%
3%
20
1
34
90
53%
102
...»
..1
w w
Jan
Mar
25%
%
400
Grand Rapids Varnish...1
A conv preferred
Apr
Mar
78
Mfg common.. 10
preferred
Gorham
6% preferred
4%
16)4
91
52%
25%
.*
Jan
Detroit Gasket A Mfg
Jan
Apr
Jan
Jan
Mar
%
*
Apr
66 prior pref
1434
40
60
ex
3%
8% debenture
4X
300
83
83
Mines..!
Goodman Mfg Co
28%
Stores
Mar
28
25
•
Feb
Dejay
Mar
34%
34
225
50)4
__.*
Mar
30
45
100
34
...»
5)4
25
Feb
Feb
43)4
50)4
Godohaux Sugars class A.*
*i«
Apr
preferred
4,600
25
5X
Mar
Jan
Jan
Gladding MoBean A Co..*
20 X
63
Georgia Power 66 pref...*
634
36
oonv
20 X
22 )4
18
100
1
oom
Jan
Apr
)4
5)4
Class A
Decca Records oommon._l
Apr
300
9
700
100
1
18H
5X
9)4
Apr
500
18%
General Tire A Rubber—
Goldfleld Consol
5%
Feb
8%
18)4
19)4
n
..*
6% preferred A
IX
53*
Davenport Hosiery Mills.*
Dayton Rubber Mfg
2)4
15X
1
Curtis Ligbt'g Ino oom 2.60
Curtis Mfg Co (Mo)
Feb
6
6
Mar
Jan
94
1
Mar
100
*
Cuban Tobacco oom
Jan
Feb
%
%
33
*|
Common
12)4
900
50
*18
xi#
10
6
preferred
Cuban Atlantic Sugar
66
**18
22
22
800
*
66 conv preferred
1
23
X
Gen Outdoor Adv 6% pflOO
2)4
Milner A Co
11
Apr
General ShareholdlngsCorp
pref erred.... 60
Crocker Wheeler Eleo....*
Feb
19
Gen Rayon Co A stock...*
%
4,500
100
40
50 X
•
X
1
14%
Apr
19
9
Amer dep rets ord reg.£l
IX
70
13 34
Apr
11%
General Investment com.l
Jan
Jan
10
13%
1%
Jan
Gen Eleotrlo Co Ltd—
Feb
Feb
Feb
1
£1
Jan
9X
*
Mar
200
200
78
1)4
400
18
..100
1
General Alloys Co
98
)4
34
IX
78
1,300
18)4
GamcwelJ Co 66 oonv pf..*
Gatlneau Power Co—
4X
X
IX
*
IX
%
•
1(H)
Apr
6X
10
30
Jan
10)4
10
Co com...!
oonv preferred
Apr
)4
*
69
19
19
1
Mar
Jan
89
Feb
Feb
1)4
15
Gellman Mfg Co com
94X
62X
111%
1054
9
Common
Jan
63 conv Hu>ck
6
550
Froedtert Grain A Malt—
Jan
73
119)4
110)4
Jan
Feb
119)4
*
Fox (Peter) Brewing Co_.fi
Franklin Co Distilling
1
Jan
1)4
119)4 122)4
(Phlla>.10
♦
Feb
1%
23)4
*
7% oonv preferred
Jan
•
13%
Mar
-.1
Crown Drug Co com
Jan
Apr
Mar
•
Crown Cent Petrol (Md).6
Crown Cork Internal A..*
Jan
Ford Motor Co Ltd—
1
Crowley,
3
25%
Florida P A L 67 pref
IX
Croft Brewing Co
Jan
Jan
Apr
Fire Anooiation
X
.....6
28%
20)4
Jan
33)4
—100
Adrs ord reg stock
Mar
Jan
300
Jan
100
Creole Jetroleum
Mar
Jan
Feb
Cornucopia Gold Mines 6c
"onv
3%
7
X
2
Mar
•
*>°7,
Jan
Jan
24 X
3H
Coeden Petroleum oom__
Jan
2X
21X
3)4
Jan
6%
Jan
♦
$t)
20 X
600
Jan
25X
Reynolds
preferred A
Apr
6)4
21)4
Apr
Jan
OorrooD A
13
1,125
1,900
6)4
20)4
1%
Feb
Copper Range Co
X
8
4X
19%
Mar
preference
Jan
Mar
Feb
250
Continental Gas & Elec Co
prior
Mar
X
4,400
Flat Amer dep rets
3
com
2234
_fi
Mfg Co
1
Roll A Steel
Mar
Mar
2%
500
13
20
(V»nso' Royalty
$3
Fedders
Jan
Mar
Cooper-Bessemer
Mar
95 X
1.000
21)4
X
Cook Paint 4c Varnish
97
Jan
2)4
11%
1
Cont
Mar
Feb
72
10%
1
1,400
Consol Mln A Smelt Ltd. .6
Continental Oil Of Mex
95
68
Feb
Fanny Farmer Candy
Fansteel Metallurgical
Mar
1
7% prior pref
Feb
"75
2X
7X
6)4
33)4
Oil,... 10
Consolidated Steel Corp.*
Mar
100
X
1)4
19%
100
100
preferred
95
8)4
1
•
Consol Retail Stores
Feb
X
Mar
8)4
2%
Falstaff Brewing
*
Consol Gas Utilities
Feb
67 X
70
..1
com
Class A non-vot
4%% series B pref
4% pref series C
8%
Eversharp Ino
Jan
60X
1
ConsolG ELPBalteom.*
81
Eureka Pipe Line com..50
2%
Conn Gas A Coke Secur—
Consol Biscuit Co
92
14
13
3
3
...1
Fairohlld Eng A Airplane. 1
Compo Shoe Mach—
Conn Telep A Elec Corp..]
Apr
Fed Compress A W'h'se 25
Distribution..!
preferred
13)4
1
Jan
Feb
Community Water Serv__l
S3
preferred
conv
8)4
53
*84
Common
4
20
~90X
X
X
1
90
56
Warrants
V t c ext to 1946
63
100
Falrchlld Aviation
Community Pub Servloe 25
91)4
Equity Corp common.. 10c
1H
High
Feb
200
Emsoo Derrick A Equlp_.fi
Jan
Commonwealth A Southern
Coramonw
89
"90"
50
Columbia Gas A Eleo—
Columbia Oil A Gas
preferred
37X
T
Patent Fire Arms .26
Low
2
125
2%
Empire Power part stock.*
X
Esquire Inc
Colorado Fuel 4c Iron wan-
Range Since Jan. 1, 1941
for
Week
Shares
22%
5%
89
...100
15X
£1
6% preferred
preferred
2,100
Colon Development ord_.
Colt'
6%
'""150
Cocksbutt Plow Co com..*
6% oonv preferred
of Prices
High
80
5X
36%
IX
Cohn A Rosen berger Inc.*
Week's Range
Low
2X
2X
4%
Sales
Empire Dlst El 6% pf 100
Empire Gas A Fuel Co—
X
5%
97
Price
4
x
Clinch field Coal Corp..100
Club Alum Utensil Co
Jan
Jan
100)4
37 X
*
Elec Ilium
Mar
Par
"16)4
x
Clayton A Lambert Mfg..4
Cleveland
High
6%
Claude Neon I Igtats Ine._l
Sale
(Continued)
Low
94
City 4c Suburban Homes 10
Clark Controller Co
..1
Last
STOCKS
Rang tSince Jan. 1, 1941
for
Week.
Shares
97%
•
96
of Prices
High
Loto
2523
Friday
Sales
5%
5%
50
18
Jan
63
Jan
ex
7%
*u
7
Jan
Jan
Jan
Jan
New York Curb Exchange—Continued—Page 3
2524
Last
Week's Range
for
Sale
of Prices
Low
High
Price
6% cony preferred
arrear
1%
"i%
50
ctfs
"i %
•
10%
Imperial Chemical Indue—
Am dep rote regis
£1
Imperial Oil (Can) coup..
0%
6%
.—...*
Imperial Tobacco of Can
Imperial Tobacco of Great
1%
200
Par
High
Feb
1%
1%
Feb
2,400
4
Apr
7%
Jan
10%
700
9%
Apr
1214
Jan
Metal Textile
6%
6%
0%
2%
5%
6%
7Vs
4,500
0%
400
3%
35
Jan
Jan
Mar
2%
Mar
Jan
7
Apr
Feb
7%
Apr
Feb
9
Apr
$0
20
9
Jan
3%
Jan
Jan
24
Jan
Jan
Vs
Mar
Jan
%
Mar
200
78
5 94
Jan
94
Mar
9194
Apr
94
194
Jan
3394
100
Apr
Apr
Feb
Mar
FeD
3J<
Apr
Jan
94
194
40
Jan
Jan
Jan
300
10894
94
Jan
Feb
10994
94
Jan
Vs
594
300
5
Apr
6 94
Jan
94
»x«
200
94
Feb
594
594
100
394
Jan
194
594
Mar
Mar
5
Feb
694
Jan
294
Apr
394
%
5
Jan
Midland OH Corp—
Preferred
10
294
294
600
Jan
Class A
v
t c
1
Class
v
t 0
..1
ht
ht
300
*n
Feb
*!•
Jan
Middle West Corp com..5
594
594
2,400
4 94
Mar
694
Jan
B
%
Jan
12 %
Jan
73%
20%
Jan
Mid-West Abrasive
71
71%
19
19
1,350
64 %
Feb
200
08%
17%
Mar
$2
non cum
4%
Internet Industries Inc..
4%
1%
400
4%
Apr
200
1%
4%
"i'% "i%
Pref $3.60 series.....60
8*600
1%
Jan
Feb
Feb
4%
1%
Internet Metal Indus A..*
A Pow warr
TVs
2%
Jan
Jan
5%
Apr
Mining Corp of Canada.
Minnesota Mln A Mfg
2%
Jan
9%
*
*
Coupon shares...
Registered shares
9%
9%
3%
9%
9%
4
1,100
9
3%
10 %
Jan
Mar
8%
100
300
914
Feb
414
Apr
Feb
Mar
Jan
hi
Feb
4%
Mar
Internet Safety Razor B.*
Vs
International Utility—
*
Minnesota P A L 7% pf 100
Mississippi River Power0% preferred
100
Missouri Pub Serv com..*
•
Class B
1
ht
%
1,100
$1.76 preferred
*
12%
12%
150
3%
"3% "~3%
"l%
Monroe Loan Hoc
Apr
3%
Apr
Jan
Jan
400
Jan
10
Jan
300
11
Apr
12
Mar
1%
%
16%
10%
125
1
Apr
%
9%
1,000
~~2%
~~2~% ~~2%
Jones A Laughlln Steel. 100
25 %
3%
Montgomery Ward A
Montreal
*
%
15%
Feb
Vs
Jan
18%
Mar
Apr
Feb
14
Jan
Mountain City Cop com.5c
Mountain Producers
10
Fe b
"'900'
2%
%
%
Apr
3%
Jan
Jan
1%
Feb
Mountain Sts Tel A Tel 100
Murray Ohio Mfg Co
*
Muskegon Piston Rlng.294
Muskogee Co common
*
Mar
97%
Apr
99
80
98
Apr
104
Apr
104 94
110
Jan
60
27
1,500
2594
23%
110 %
Apr
37%
Jan
Feb
Jan
118
Apr
7
Feb
9
Jan
Feb
4%
Apr
%
Feb
National Container (Del).l
National Fuel Gas
•
26%
lis"
""50
7%
200
4
100
■
3
Feb
23 %
%
200
*i«
Jan
69%
69%
10
69 %
Apr
76
Mar
63
63
63
10
51 %
Feb
64
Jan
1%
1%
2
2
"l3~
9%
Kleinert(I B) Rubber Co. 10
1,200
500
0%
preferred
"l3~~
""200
9%
100
1
*
1
Feb
*
Nat Mfg A Stores com
♦
National P A L $6 pref...*
1%
2%
Jan
National Refining com
Jan
Feb
Apr
%
Jan
Nat Rubber Mach
.♦
National Steel Car Ltd...*
13
♦
Apr
9%
3%
10
14
Feb
50
Apr
Feb
10 %
Jan
Jan
National
Apr
3%
10
Mar
104 %
Transit
Nat Tunnel A
4%
4%
400
40
1,400
4
4
10
13
4
1,000
104
Lakey Foundry A Mach..l
40
12%
Lane Bryant 7% pref.. 100
Lane Wells Co common.. 1
104
10
4%
Mar
Apr
1
Apr
1394
594
Jan
Apr
Nebraska Pow 7% pref. 100
Nehl Corp 1st preferred—*
Nelson (Herman) Corp
5
Jan
42
Jan
Neptune Meter class A
*
Feb
14%
Jan
594
Jan
Apr
Apr
Jan
Mar
Jan
Feb
.
....*
7%
7%
7%
100
.»
2%
%
2%
%
20%
2%
%
27
1.3C0
7%
300
Llpton (Thos J) Ino—
0% preferred
...26
Lit Brothers common....*
Locke Steel Chain.......6
Lone Star Gas Corp.....*
Long Island LightingCommon
*
104
10 94
Jan
15
Jan
6%
2%
""%"Feb
Jan
794
Jan
3
Apr
Apr
4G0
»u
Jan
•i»
Jan
500
23 %
7
Feb
Apr
2994
8 J4
Jan
Mar
19
Feb
13%
8%
16 %
50
1%
Jan
1%
300
13%
14
9%
450
2,000
8
16%
Mar
1%
13%
Feb
8%
Apr
1
N Y
1494
500
1494
100
N Y Merchandise
94
Jan
26%
24%
Apr
3194
Jan
N Y
22%
24%
22%
1%
975
$6
22%
125
21
Apr
1%
4%
200
1 %
Jan
28 94
2
Jan
Apr
1,000
Feb
108%
Apr
25
Feb
21%
350
19
Mar
Apr
4
94
10994
2754
2594
24
Apr
Feb
Feb
Jan
Jan
Mangel Stores
l
$6 conv preferred
*
Manlscbewltz(The B) Co.*
Mapes Consol Mfg Co...*
1%
Mar
154
Jan
Apr
38
Mar
49
"25"""
Apr
2%
994
2J4
Apr
Jan
ht
Feb
1%
Feb
2894
Feb
33
59 94
300
Jan
Feb
"~2694~"ian
Marconi Intl Marine
preferred
4
10
3%
10
4%
200
2,100
Massey Harris common..*
29
29
29%
""450
May McEwen Kaiser Co—
$4 preferred
McCord Rad A Mfg B
•
McWilliams Dredging...*
1 %
7%
*
~4%
Mercantile Stores com..-*
2527
7%
8%
128% 130
4%
4%
19%
20
994
Mar
894
3694
Jan
94
Mar
94
Jan
Apr
Mar
294
1194
Mar
156
Feb
1494
Apr
Mar
174
Jan
Jan
Jan
1894
Jan
26
Jan
Jan
Jan
294
2,500
2 94
Apr
394
Jan
594
300
594
Jan
594
Jan
1194
1194
100
1494
....
"16% "l0%
"166
94
800
94
Feb
1,400
5%
Jan
20
12894
4 94
Apr
1594
Mar
400
200
Feb
Apr
1594
1294
1794
1094
%
16 94
694
Mar
Jan
Mar
140
7
Jan
594
67
1094
Mar
Mar
1094
12
.....
"166
67
Mar
Jan
Apr
Jan
Apr
1094
Apr
Mar
94
Jan
Jan
1194
300
1194
1154
2,100
Jan
694
Apr
Mar
14 94
Jan
42
1194
1794
Apr
1394
Mar
4494
Mar
Jan
12J4
1294
294
9994
"9694
"1%
"9494 "9894
2^450
10 94
11
-
Feb
294
1194
Feb
Feb
87
Jan
Jan
Apr
Mar
494
494
1,000
494
Jan
494
2494
2494
75
20 94
Mar
2594
Jan
794
894
800
794
Apr
694
Feb
Mar
Mar
294
94
111"
111
Jan
""2OO
1094
Jan
994
894
1294
294
1,000
294
Feb
394
Jan
"i *
400
94
994
Jan
94
Apr
112"
"""56
"1694 "l094
Feb
1194
Apr
111
11694
mm
Jan
Apr
Mar
mmmtm
Jan
394
594
Apr
8
Feb
394
Apr
K, %
-794
7 94
7 94
Apr
294
Jan
Vs
Mar
4
Mar
~
6394
1
5
Founders Shares
119""
"""50
"1*494 "l594
"360
6494
1,150
117"
6394
1
1
preferred
New York Transit Co
100
5
N Y Water Serv 0% pf.100
1594
1594
10794 10894
10294 10294
5% 1st preferred
100
5% 2d preferred.—100
1894
Feb
117
Mar
Mar
12994
594
1594
Mar
1394
6394
Feb
Jan
Jan
Apr
Feb
6894
Jan
Jan
1
194
2994
Mar
Apr
Jan
394
Apr
Mar
Jan
Mar
6
300
15
Feb
"~"~50
794
107
Apr
11694
Jan
10294
Apr
10594
Jan
Mar
30
105
Apr
1994
Jan
Jan
"36" "36"
2494
100
23
Jan
2994
220
105
Apr
10794
Jan
Jan
8
Mar
"3094
'""96
30
Apr
42
294
294
Jan
294
4,200
694
67
67
7094
60
60
61
Mar
125
294
6094
40
5994
Feb
*•4
Fen
Class A opt warrants
Class B opt warrants
394
Jan
Mar
7994
Jan
Mar
65 94
Jan
Jan
Feb
Niagara Share—
Class B
common
...5
100
*
Ti«
Noma Electric
394
394
1,500
*5194 "5194
"260
394
2 94
Jan
Jan
Nor Amer Lt A Power—
Common
1
5994
Jan
$0 preferred
North Amer Rayon cl A
294
994
Mar
Class B
0%
common
Jan
4
Feb
89
"5l" 94
Jan
92
Apr
5194
Apr
60 94
Jan
Jan
10 94
Jan
%
Jan
394
9
""800
I
Apr
Mar
10594
2494
10594
5
20
Feb
7
1594
Nineteen Hundred Corp B1
Jan
5694
*x«
10
Nlplsslng Mines
494
Apr
•in
Common
NUes-Bement-Pond
Jan
4194
694
Jan
594
3994
Jan
Niagara Hudson Power—
Apr
Jan
200
594
Jan
2994
394
1
694%
Apr
Feb
148
"560
Jan
4
117
"1594
"3994 "41%
325
36 94
14
""3994
3994 -41
Shipbuilding Corp—
Jan
10
100
50
""3994
•
Class A preferred.
Communication Co Ltd.
10
Jan
Feb
294
New York State El A Gas—
4%
25%
Apr
Apr
137
"il94
7% pref..100
Feb
25
Jan
494
594
294
10
%
20%
11694
J-*1
794
594
6
400
19
Jan
Mar
F«b
94
•
com
ht
4%
11594
394
19
Warrants
%
25
5594
93
Apr
City Omnibus—
NY4 Honduras Rosarlo 10
Mar
New Jersey Zinc
26
New Mex A Aria Land—1
New Process Co
*
Jan
94
For footnotes see page
New Haven Clock Co
•
New Idea Ino common...*
1094
Jan
Memphis Nat Gas com..5
•
preferred
100
$2 preferred..
__*
New England Tel A Tel 100
14J4
Ti«
1
Pow Assoo
0%
Jan
Jan
Manatl Sugar opt warr...
Margay OH Corp
*
Marlon Steam Shovel....*
Mass Utll Assoc v t o
1
10
4% non-eumlOO
cum
ht
Ludwlg Bauman A Co com*
Conv 7% 1st pref—.100
Conv 7% 1st pf v t o.lOO
Lynch Corp common....6
Mead Johnson A Co
3%
N Y Pr A Lt
Loudon Packing
*
Louisiana Land A Explor.l
Louisiana P A L $0 pref..*
Master Electric Co
Common..
N Y Auction Co
10%
......
7% pref class A.—.100
0% pref class B
100
7
7
Feb
Apr
Feb
Nevada-California Elee—
4
9894
-
26%
4594
1,300
Nestle Le Mur Co cl A...*
New Engl
....6
300
16494
160
_.*'
50
12 %
15
Leonard OH Develop
26
Le Tourneau (R G) Ino-.l
161
30c
37
9%
*
....—*
300
Jan
Jan
1494
94
1194
*
Nat Union Radio
Langendorf Utd Bakeries—
Class A
300
1,400
""%
12.60
Mines
Jan
Navarro Oil Co
Apr
12%
13
Jan
Jan
3394
National Sugar Refining.*
National Tea 5 94 % pref.10
Mar
100
Kress (8 H) special pref. 10
1
894
594
894
"5%
Nat Bellas Hess com....1
National Breweries com..*
National Candy Co
*
%
94%
Kreuger Brewing Co
494
100
1 %
100
Lackawanna RR (N J). 100
Lake Shores Mines Ltd
1
Feb
National City Lines com.l
$3 conv preferred
50
Jan
%
69%
Kelin (D Emil) Co com..*
8
»
common.
104
4
1%
Feb
(Mountain States Power-
7%
Klrby Petroleum........1
Klrkl'd Lake G M Co Ltd.l
7
1,100
Mtge Bank of Col Am ahs..
Feb
9%
98
"lis"
Kimberly-Clark 0% pf.100
Kingsbury Breweries....1
Kings Co Ltg 7% Pf B.100
5% preferred D
.100
Kingston Products
1
194
Moody Investors part pf.*
Moore (Tom) Dlst Stmp.l
Nachman-Sprlngfilled
Ken-Rad Tube A Lamp A *
4994
494
Lt Ht A Pow..*
Jan
93%
6
11794
100
2
104
Julian A Kokenge com..*
Kansas G A E 7% pref. 100
Jan
Apr
Apr
125
A
300
*
'98%
Mar
Montana Dakota UtU...10
400
Vs
Jersey Central Pow A Lt—
694% preferred
100
6% preferred.......100
7% preferred
—100
Johnson Publishing Co.. 10
Knott Corp common
1494
34 %
9%
16
~~9%
1
Italian Superpower A....*
Jacobs (FL) Co
.....1
Irving Air Chute
Kobaoker Stores Ino
Mar
49%
"4%
Monogram Pictures oom.l
11%
1
Iron Fireman Mfg v t o—*
Kennedy's I no
Jan
1
9%
Interstate Hosiery Mills..*
Jeannette Glass Co
*i«
11
Interstate Home Equip..1
Interstate Power $7 pref.*
Investors Royalty...
3%
9%
8
18
Monarch Machine Tool..*
Feb
10%
"*300
1
Jan
6
Jan
29
$3.60 prior pref..
•
International Vitamin... 1
Feb
Feb
89
4994
Mock Jud Voehrlnger—
Common
2.60
Molybdenum Corp
Class A—...
694
Midwest Piping A Sup...*
International Petroleum-
International Products...*
10
194
794
1694 1694
10894 HO
194
194
794
7%
1894
10894
194
zl3 94
110
60c
Midwest Oil Co
Internet Hydro Elec—
♦
dlv shares
150
Ti«
Mid vale Co J
Jan
Insurance Co of No Am.10
850
$2 conv preferred
•
Midland Steel Products—
Feb
Line Material Co
Feb
28
494
2994
Middle States Petroleum
Mar
Lefcourt Realty corn
Conv preferred
25
MIcromatic Hone Corp_..l
Jan
Jan
21%
14%
20
Jan
Apr
»i»
Lehigh Coal A Nav..
8894
%
1%
*
preferred
9%
Class B._
8894
94
lVs
Mar
Metropolitan Edison—
100
1st pref
8894
Michigan Bumper Corp.
Michigan Steel Tube..2.60
Michigan Sugar Co
*
common.....—-1
conv
1,100
Corp—.25c
%
20
International Cigar Mach *
4%
100
4%
94
pref erred... 100
A
13 %
30
Industrial Finance—
Koppers Co 6% pref
Kresge Dept Stores—
28
4%
.....
6%%
H
19
.......
Internet Paper
28
494
Merrltt Chapman A Scott
Warrants...,
2%
19
1
Non-voting class A
preferred
394
Mesabl Iron Co
9%
Apr
Jan
Jan
High
Low
Shares
1
8
794
pf.100
preferred—..—100
o
Price
Participating preferred.*
4
1%
38
Indian Ter Ilium Oil—
V t
Merchants A Mfg cl A
Apr
Feb
Range Since Jan. 1,1941
Week
27
1,400
Britain A Ireland—.£1
Indiana Sendee 6%
7%
for
of Prices
Low
High
600
31
150
Indiana Pipe Line
Class B
Week's Range
Sale
Partlc preferred...... 15
Registered
7%
Last
1 Vs
34
1%
27%
4%
1%
33%
1%
27
.....
Illinois Zlne Co.....
Low
Shares
Jan
Hydro-Electric Securities *
Hygrade Food Prod
6
Hygrade Sylvanla Corp..*
XlllDola Iowa Power Co—*
Dlv
STOCKS
(Continued)
Range Since Jan. 1, 1941
Week
Par
Sales
Friday
Sales
Friday
STOCKS
{Continued)
April 19, 1941
%
Feb
394
394
200
394
Apr
94
94
500
*x»
Mar
•
7994
7594
94
7994
475
70
Feb
84
Jan
*
1894
1894
19
500
1894
Apr
2394
Jan
1894
1894
100
1894
Apr
2394
Jan
51
51
10
5094
Feb
5294
Jan
94
Jan
394
Jan
%
3Vs
Apr
_•
prior preferred...60
No Am Utility Securities. •
Nor Central Texas Oil...6
"*394 ""394
""166
4
Jan
%
Jan
Jan
Volume
New York Curb
152
Friday
STOCKS
Last
(Continued.)
Sale
Par
Price
Week's Range
of Prices
Low
High
Nor Ind Pub 8er 0% pf.100
102 K
102 X 104 *4
7% preferred
100
Northern Pipe Line
10
Northern Sts Pow cl A--25
Northwest Engineering..*
112 J*
112H 113
8
7
7
"~23~"
2K
4
com
for
Week
Ohio Brass Co cl B com..*
Ohio Edison $0 pref
*
102 X
40
com.
preferred.
"23"
214
21
21
107
107
$5*4
Apr
110
Feb
119
Par
Jan
Royallte Oil Co Ltd
isx
48%
Jan
Royal Typewriter
Apr
9*4
Jan
Apr
9K
Mar
Feb
23 %
Jan
Russeks Fifth Ave
2 X
Ryan Aeronautical Co._.l
Ryan Consol Petrol
•
'23%
'"260
23
Apr
30
Jan
2%
200
22
107K
125
1,125
18*4
49K
2*4
20*4
3K
Jan
Jan
23 X
Apr
Apr
Pacific Lighting $5 pref..*
"i6B"
34
Jan
Feb
Mar
118*4
Jan
Salt Dome OH Co
Feb
110 X
Jan
6
Jan
6
Jan
30%
Savoy OH Co
,
18
100
48 *4
Apr
21*4
Jan
Apr
54
Jan
Jan
2K
Jan
Scovlll
34 K
Jan
11
5H
Parkersburg Rig A Reel.-l
Patchogue-PIymouthMlll8*
11
50
0
300
31
31
50
60c
83
Jan
87*4
Mar
Mar
16
Apr
18K
Jan
67*4
Jan
2K
Feb
3K
Mar
Jan
3
Jan
Selby Shoe Co
11
Apr
13
Jan
Selected Industries Inc—
Common
Mar
6K
Mar
Mar
Mar
33
Feb
35*4
Jan
31
Apr
32 *4
Apr
Mar
Mar
K
Apr
2*4
Apr
2K
2%
3,200
2K
Jan
2*4
Mar
11 K
900
9K
Apr
14K
Jan
64K
Mar
66
Apr
38 K
38 K
25
Feb
40
Mar
Pennsylvania Edison Co—
*
38
Pennsylvania Qas & Elec—
$0
preferred
K
113
170
60
com
100
Perfect Circle Co
175
173
1
111*4
Philadelphia Co common.*
Feb
Jan
2%
Jan
1
Jan
IX
Feb
Peb
Jan
Mar
Feb
3X
Mar
%
Jan
Jan
%
Mar
Feb
13X
300
%
14%
12
2,300
425
6i#
10
25X
25X
Re
200
Jan
Jan
25X
114
Feb
'Rs
Jan
Mar
9
13%
Jan
Feb
29*4
115%
Jan
Feb
Mar
19 X
85 X
86
83
22
Jan
83
100
Mar
Mar
115
9X
X
Jan
9X
Apr
14*4
Jan
lbs
Apr
Mar
1*4
%
Jan
Mar
Jan
37 X
Apr
X
Apr
"11
Apr
Mar
3X
Jan
9
Jan
37 X
36
100
X
37X
800
X
X
100
1,100
•is
9X
*
com
2%
19
2%
3
3
500
3
*
Selberllng Rubber
8
8
50
8
X '
X
IX
47 X
IX
500
X
1%
100
Jan
Feb
%
2 *4
Jan
Jan
Jan
41
800
49
...
FeD
60
Mar
42
$6.50 prior stock
25
Allotment certificates
Jan
50
Mar
Selfrldge Provlnc'l Sts LtdAm deprcts ord reg
X
Feb
X
X
1%
Jan
Jan
X
Feb
Feb
IK
Mar
1
Sentry Safety Control
X
X
1
Serrlck Corp class B
X
700
1
Shattuck Denn Mining...5
Shawl nig an Wat A Pow..*
com..25
115
Feb
Jan
"5"
~~3X
"~5K
"266
3X
800
3X
5
109
Jan
113
Apr
SUex Co common
75
170
Apr
182
Jan
14
Jan
Feb
Jan
Jan
~G9~X
112
Jan
"750
68
40
*68~
112
68"
7
4*4
11
Mar
Apr
109
Jan
80*4
115*4
Jan
Feb
6*4
Feb
eX
Jan
Simmons-Boar dm an Pub—
Jan
Apr
3
10 X
Sherwin-Williams of Can. *
52
350
52
Feb
57 K
86
86
50
85
Feb
92
23K
50
23
Apr
28
2%
2%
200
6
"2H
IX
70
100
400
10 x
13X
X
6% cum pref ser AAA 100
23K
..*
Pharls Tire A Rubber
13 X
10 X
Securities Corp general...1
Seem an Bros Inc
...*
Jan
X
Apr
62
86
Feb
2,900
.
2X
X
50
20
Penn Water A Power Co.*
Pepperell Mfg Co
112H 113K
112
112H
2
81
Warrants
13*4
...»
Penn Salt Mfg Co
Pennsylvania Sugar
Water Service $0 pref..*
Scullln Steel Co com
*
bherwln-WUllams
...*
*
Mar
X
Seton Leather common...*
*
%
Feb
X
5
5K
9%
K
IX
1
\ Convertible stock
Jan
K
2*4
2
4 X
2X
100
80
25
Jan
32*4
2*4
Penn Pr A Lt $7 pref
Mfg
Feb
30
Peninsular Telephone com*
$1.40 preferred A.....25
Class A common
..25
31*4
Mar
Jan
3%
100
Scranton Elec $6 pref...
Scran ton Lace common.. •
Scranton Spring Brook
Conv preferred
3
9,100
2X
X
2X
Segal Lock A Hardware.. 1
Paramount Motors Corp.l
Parker Pen Co
10
$5 series pref
$2.80 series pref
Schlff Co common.......*
Schulte (D A) com..
1
Feb
4
57
Feb
Apr
Feb
5
67*4
3 K
American shares..
Mar
3
IX
2
108K
105
10
100
52
"800
X
81
Feb
10
86
16
50
~~3K
2X
1
Apr
105
High
3
5
Feb
1*4
32 K
29 X
105
16
54
"3"
..100
preferred
Mar
1,900
Page-Hereey Tubes
_.*
Pantepec Oil of Venezuela-
Penn Traffic Co
7%
4
*
Pennroad Corp com
1
Penn Cent Airlines com.l
St Regis Paper com
116*4
6*4
Apr
Jan
100
Low
Samson United Corp com. 1
Sanford Mills
*
86
Pacific P & L 7% pref.. 100
Pacific Public Service
*
Shares
pref..50
110K
5*4
33 *4
30 X
Range Since Jan. 1, 1941
for
Week
High
*
112
100
33K
Range
of Prices
1
Jan
Pacific Can Co common..*
Penn-Mex Fuel
oonv
_
Apr
112
*
$1.30 1st preferred
Ryerson A Haynes com_
St Lawrence Corp Ltd
Class A $2
Week's
Low
54
...*
107
100
1
Pacific Q4E 0% 1st pf.25
6 K% 1st pref erred... 2 5
Price
*
7
prior pref...*
conv
Sale
High
111K
7*4
ICO
200
15
Overseas Securities
;
109*4
113K
108*4
50
Omar Inc
'
,
1,100
6% 1st preferred
100
Ollstocks Ltd common
6
S3
Last
STOCKS
(Continued,)
Low
120
Ohio Oil 6% preferred..100
Ohio P 8 7% 1st pref...100
Oklahoma Nat Qas
Range Since Jan. 1,1941
Shares
7%
8
2525
Sales
Friday
20
8
Novadel-Agene Corp....*
Ok den Corp
Exchange—Continued—Page 4
Sales
6
200
2*4
$3
conv
*
Mar
13
Jan
Apr
23 *4
Jan
Jan
Mar
Simmons H'ware A Paint.*
2
X
2X
100
2%
Jan
2*4
Jan
IX
IX
500
IX
Jan
1*4
Jan
190
104J4
Apr
130*4
Feb
2
Jan
2*4
Mar
104
Jan
Jan
Simplicity Pattern com__l
Simpson's Ltd B stock...*
4%
Apr
1
22 X
*
pref
Jan
Singer Mfg Co—
100
5*4
Feb
6*4
Mar
*
113*4
Mar
118 X
Jan
Phlla Elec Pow 8% pref. 25
31 X
Jan
31 X
Jan
Sioux City G A
Feb
3K
Jan
Skinner Organ
104*4 108
E 7% pf 100
2%
104 X
6
Phlla Elec Co $5 pref
Phillips Packing Co
*
Phoenix Securities-
Amer dep rets ord reg_£l
Smith
1
5
5
Conv $3 pref series A. 10
33
33
34
200
31
Feb
39
12
12
100
12
Feb
18K
Jan
Common
Pierce Qovernor
Singer Mfg Co Ltd—
*
common.
Pioneer Gold Mines Ltd-.l
5H
2,700
4*4
Feb
7K
Jan
Mar
,_.*
Pitts Bess ALE RR
2X
2X
2H
800
X
X
IX
M
IX
1,600
2*4
X
Apr
Apr
300
1*4
Jan
IX
1%
37X
400
1
37 X
300
37
150
23
Apr
90
40
Apr
IX
2,100
IK
Feb
IK
Jan
6
6*4
1.100
6
Feb
6K
Jan
South
Jan
45 X
Feb
45
4
1
1
IK
60
7*4
Solar Aircraft Co
1
Boss Mfg com
Penn
OH
25
Jan
"66"
67 K
'".360
70
Jan
15X
400
Mar
~8o"
12 K
16K
Apr
500
76*4
Mar
96 X
Pleasant Valley Wine Co.l
a*r:
Mar
Mar
Feb
3*4
IK
39 X
30 X
Jan
Mar
Jan
Jan
46 X
Feb
Mar
23
23
40
41X
29 X
29 X
29 X
500
29*4
Apr
31X
Jan
29 X
29X
300
29
Feb
29*4
X
FeD
Southern Calif Edison—
14 X
80
Jan
*4
IK
41X
Southwest Pa Pipe Line. 10
66
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
37%
Feb
Mar
3
1
South Coast Corp com___l
Meter
Feb
Solar Mfg Co
6 %
Pltney-Bowes Postage
Jan
OX
(II) Paper Mills...*
Sonotone Corp....
104
Pittsburgh A Lake Erie. 50
Plough Inc
Pneumatic Scale
com...
Polaris Mining Co
Potero Sugar common
Powdrell A
3X
1,000
9%
9X
100
10
25c
IX
3X
2*4
6
Alexander...6
Power Corp. of Canada..*
3
8*4
Mar
Jan
5*4% pref series O—26
Jan
Southern Colo Pow el A.25
12 *4
Jan
Jan
5% original preferred.25
0% preferred B
26
10K
Apr
11
7.50
com
80
3
63
Jan
4
Feb
IX
4
..C;,K
K
3*4
Feb
IK
Mar
1,200
Mar
4K
Jan
2X
100
2*4
Feb
3*4
Mar
500
'Rs
Apr
0% 1st pref erred ....100
Pratt A Lambert Co
7% preferred
Mar
165
6
100
4*4
Jan
6
ex
ox
100
6*4
Mar
2X
2%
200
2*4
Mar
3
20
Feb
22
5
Jan
5*4
Jan
*4
5*4
Apr
Apr
IK
7*4
Jan
Jan
1
Feb
Jan
Mar
Southern Union Gas
100
10
..*
23 X
Jan
Southland Royalty Co...5
Premier Gold Mining....1
K
Jan
X
Jan
Spalding (A G) A Bros
Producers Corp of Nev
"1% ~~4%
*
*100
7*4
1
Prosperity Co class B
1st preferred
100
Providence Gas
...»
Prudential Investors. ..4.*
Public Service of Colorado
0% 1st preferred
7% 1st preferred
2H
2X
2%
105X 107
100
1.300
20
100
Public Service of Indiana—
$7 prior preferred
.»
$0 preferred
121
115% 121*4
1,800
Apr
8%
Rs
Jan
Spencer Shoe Corp..
8%
2K
105*4
113*4
95*4
Feb
Stahl-Meyer
Feb
K
4
?:■: 5%
Apr
Standard Brewing Co
Jan
8%
Mar
Mar
9%
Jan
Jan
Jan
107
Mar
Apr
Inc...
5X
5%
5%
600
X
X
5X
X
200
5X
50
IX
IX
100
Rs
16
Tooo
13 X
1
—*
»
121*4
Apr
58 X
Feb
Standard Pow A Lt
13
13
...1
52
52
57
1,700
45
Jan
»
98 X
90X
99X
625
95
Feb
$6 preferred
*
48 X
48
50 X
1,900
44
Feb
67K
Jan
Common class B
x 17X
16M & 7%
400
14*4
Feb
18K
Apr
Preferred
8K
Feb
8K
Feb
Standard Products Co
7*4
6*4
80
80
82 X
148X 150
112
Jan
Apr
Standard Silver Lead
80
Mar
105
Jan
Mar
159 *4
Jan
Standard Steel Spring
Standard Tube cl B
Feb
9K
Jan
Starrett
8
R«
Feb
K
Feb
7*<
Jan
Jan
Rs
Jan
Jan
5X
10
300
5
R«
Raymond Concrete PileCommon
preferred
com
*
13*4
15
550
13
Jan
17
Jan
50
50
50
10
44
Jan
50
Apr
,2
Feb
19X
19 X
IX
*
Reeves
IX
100
*
common.
20
Rheem Mfg Co
Radiator
Rio Grande
500
3X
"5"
3X
"5"
IX
com
5
pref
Rossla International
conv
14 X
Jan
10X
Mar
Feb
20 K
Jan
3,200
18
75
107*4
*
Apr
Re
25%
8%
Re
50
Jan
28 *4
700
18%
8X
Re
18
600
19
7%
X
18
IK
K
100
4*4
Feb
Sun Ray
Jan
K
16*4
Jan
Sunray OH
Jan
4X
5,500
Feb
5K
Jan
Mar
'"166
14*4
Jan
~"s"~
IX
600
Jan
5
Jan
IK
Mar
Jan
Jan
Rs
Jan
105
25
Feb
104
Feb
104 X
Feb
107
Feb
Drug Co
12
8X
*
For footnotes see page 2527
Jan
Rs
27*4
Jan
Apr
2
"is
Jan
2%
38*4
Jan
12
4%
9X
200
X
100
IX
1,300
"x
X
IX
...
Feb
40 *4
7
50
0%
Jan
9K
6*4
X
1*4
Apr
8*4
Feb
K
IK
3
9X
0%.
9X
Apr
4
Feb
Feb
Re
200
Rs
13
11%
150
12*4
Apr
100
11K
Mar
"i'x "1%
12%
"566
IK
38*4
22*4
12%
11%
10
5X% conv pref
.60
Superior Oil Co (Calif)..26
Superior Port Cement—
Class B common..
9
12
1
Swan Finch Oil Corp
Feb
Rs
Apr
Re
500
200
2
1
Apr
Mar
110
Feb
'«
X
•
(Hugo) Corp
Jan
Re
100
5
Stroock (S) Co
SuUlvan Machinery
~26~
~26K
"266
1
•
6
15
6
300
Jan
9*4
2*4
22*4
14*4
10 *4
Jan
1*4
Mar
39 *4
Mar
28
Apr
12
Mar
6
Rs
15
Apr
7*4
3K
Technicolor Inc common.*
8%
Texas P A L 7% pref—100
2,600
8X
8%
2,100
8*4
Apr
9*4
40
111*4
Apr
114*4
Mar
3*4
Mar
,19*4
400
2
6
2%
23%
2K
23 X
2X
22%
U1X nix
2X
Taggart Corp com
1
Tampa Electric Co com..*
Texon OH A Land Co
20
Stlnnes
Jan
Jan
11K
4K
IK
"Vox "ilx
""106
Mar
Feb
13 *4
Jan
Thew Shovel Co
8X
IX
IX
9X
300
8K
Apr
10K
Jan
TUo Roofing Inc
1
6*4
Feb
2
200
IK
Mar
2*4
Jan
Tisbman Realty A Constr *
X
IX
200
1
Jan
Jan
Tobacoo A Allied Stocks..*
5
5
200
4K
Jan
IK
5K
Apr
Tobacco Prod Exports...*
X
Jan
V: %
Jan
Todd Shipyards Corp....*
25
Jan
■-
Jan
600
•
1 IK
104
105
1
$1.20
Jan
Mar
2
x
2
1
21
Re
6
Root Petroleum Co
Sterling Inc
Stetson (J B) Co com
Re
Rochester G A El 0% pfClOO
Corp
1
Jan
1
0% preferred D
100
Rochester Tel 6K % prflOO
Roeser A Pendleton Inc..*
Rome Cable
50
20
Feb
4
1
Roosevelt Held Inc
0% 1st preferred
5% 2d preferred
Feb
17*4
Valley Gas Co-
Voting trust ctfs
'fix
Sterling Aluminum Prod.l
15*4
3K
...1
Rice Stlx Dry Goods.....*
Richmond
12*4
7%
*
"166
Retter Foster Oil Corp.50c
Reliance Elec A Engln'r'g 5
1
Sterchl Bros Stores
"is
*
Reed Roller Bit Co
Republic Aviation
Jan
Jan
50
,110
25%
...1
Rs
60c
Red Bank Oil Co
(Daniel)
Jan
15 K
100
it
(The) Corp v t o.l
A Co common..*
Sterling Brewers Inc
*
Raytheon Mfg
5K
Feb
Stein (A)
600
Railway A Util Invest A.l
conv
Mar
12*4
Rs
5
147
Railway A Light Sec—
$3
110
X
1
90
*
warrants
New voting com
1
210
Radio-Kelth-Orphuem—
Option
Apr
3*4
200
18%
18
18
*
100
Rs
8%
8X
*
Puget Sound Pulp A Tim *
Pyle-Natlonal Co com...5
sx
100
5% preferred
0% preferred
Quebec Power Co
Jan
Standard Oil (Ohio)—
Jan
*
$5 prior preferred
Pyrene Manufacturing.. 10
Re
Standard Dredging Corp—
Common
1
$1.60 conv preferred..20
Puget Sound P A L—
Quaker Oats common....*
Jan
1X
IK
1*4
13
10
Standard Invest $5 X pref *
Standard OH (Ky)
10
8
500
4
4
Standard Cap A Seal com.l
Conv preferred
c
1
*
*
Mar
114*4
Jan
2X
25
Apr
7X
156
6
Southern Pipe Line
South New Engl Tel
19*4
7X
Jan
Southern Phosphate Co. 10
Preferred A
7X
Jan
100
*
Prentice-Hall Inc com...*
Pressed Metals of Am.._l
*4
com
50
■49
3X
89
51
3X
89
270
500
20
16
43
3*4
82
Mar
Mar
Jan
8*4
X
53
4*4
98
New York Curb Exchange—Continued—Page 5
2526
Last
Week's Range
for
Sale
of Prices
Low
High
Week
Par
Price
Toledo Edison 0% pre! 10c
Low
Share*
10
10G
7% preferred——100
"""ht
106
Apr
108%
Feb
114
Trl-Contlnental warrant*
Truns Pork Btoree Inc—*
....—
Tnbiie Chatlllon Corp—1
6
---1
Class A
Price
Jan
Jan
♦Ert 6%s strap
1952
♦German Con Muuto 7s '47
conv
__
'Hanover (City) 7s...1939
•Hanover (Prov) 0%s_1949
Lima (City) Peru—
5%
""260
5
Apr
400
35
Feb
36
Jan
Mtge Bk of Bogota 7s. 1947
♦Issue of May 1927—
Feb
Jan
%
Jan
3%
3%
3%
2,200
3
%
Jan
Series B
3%
100
Jan ""4% "Feb
3%
Union Gas of Canada—
8
Union Investment com..
9%
Feb.
Mar
8%
United Chemicals com—♦
S3
cum
£00
9
9%
20C
ht
"8%"Feb
"70C
9
Apr
8ts—10c
%
%
%"~Feb
United Corp warrants...
»i«
106%
Feb
112%
600
%
Jan
%
81
%
30
%
80
Mar
%
2,300
"76"
*
85
Mar
2,600
hi
Jan
"76"
""26
1949
$10%
%
mm
Mar
7%
Jan
%
Jan
%
Feb
%
Jan
Jan
Jan
%
10%
6%
mm
1,000
1,000
15
Apr
Elig. A
Rating f
BONDS
See k
Price
Alabama
Power
1946
X
a
1
106% 106%
2,000
x
a
1
x
a
1
104% 104%
108% 103%
18,000
1956
3,000
106% 107%
103% 106%
102% 105%
103% 103%
101% 101%
7,000
17,000,
103
105%
101% 103%
70
70
Mar
Apr
Mar
53%
Apr
ht
Jan
1st A ref 5s
1908 y bbbl
—...
1967 .y bbbl
101%
American Gas A Elec Co.—
875
56
44%
8%
80
43%
Mar
400
7%
Feb
1,200
5
4%
Apr
Mar
2%ssf debs
aa
2
103%
103% 103%
ll,00o!
103% 106%
3%ss f debs
1950
..I960
x
Jan
x
aa
2
107
107
34.000
45%
Jan
3%s sf debs
—..1970
x
aa
2
106
108%
107% 110%
10
Jan
Am Pow A Lt deb 6s
2016 y bb
4
Jan
App&lac Power Deb 0s
2024
x
bbb3
Arkansas Pr A Lt 5s
"T%
53%
44%
7%
4%
1956
x
bbb3
Associated Elec 4%s
1953 yb
5%
61
5%
Jan
Mar
%""jan
20
28%
U 8 Radiator com...
1
1%
0 8 Rubber Reclaiming..*
3
28%
1%
2%
28%
1%
3%
50
28%
Jan
29%
Jan
300
1%
Mar
Jan
2,500
2%
Feb
2%
4%
Mar
%
Jan
3%
U S Stores common....60c
14%
15%
15%
15%
15%
15%
15%
65%
$106% 107
107% 108%
48,000
87,000
10,000
6,000
dddl
Atlantlo City Elec 3%s
Jan
72
6%
3,300
1964
45
"T%
1
1
5
i
26
2
3
108
6e with warrants
1947 y bb
101
1
Jan
5s without warrants
1947 y bb
$98
96
9
1
Waco Aircraft Co...—..»
*
7%
Mar
23
Jan
27%
Feb
14%
Jan
21
Feb
15%
2%
3,100
300
17%
2%
83%
%
%
Jan
14%
1%
Apr
72
Apr
Jan
Mar
*ii
Feb
Apr
Jan
Mar
5e series
z
b
2
110
110
x
aa
3
111
78.000
...I960
x
aa
3
111%
110% 111%
111% 111%
1998
x
aa
2
149
150
.1968
x
bbb3
102
103%
8.000
36,000
C
Bethlehem Steel 6s
Birmingham Elec 4%s
92
92
88%
x
a
1968
x a
1
1%
90C
%
Mar
1%
Jan
Cent States Elec 5s
1948 y cc
16%
y cc
17%
97%
14
50
3%
96%
16,800
9
9%
700
5
600
3%
100
7%
7%
200
2%
94%
290
49
14
Apr
%
85%
Jan
3%
Apr
Feb
99%
Mar
9
Apr
11
4%
3%
7%
Apr
8%
Jan
Mar
4%
Jan
Cities Service 5S—
Mar
Conv deb 5s_.
Feb
""260
%
500
4%
%
%
13%
22
Jan
Jan
9
5%s
1964
' 1%
300
2%
3
3%
3%
2,000
200
20
Cincinnati St Ry 5%sA
..1952
6«series B_.
1966
20
17
17
100
Debenture 5s
1952 yb
'"98""
95%
98
95%
Jan
Cities Serv PAL 5%B
Jan
13%
2%
Feb
Jan
Apr
1%
Mar
Jan
1%
102
«%s
x
aaa4
(Bait) 3%s ser N
1971
x
aaa4
1969
x
aaa4!
Conn Lt & Pr 7s A
...1951
Feb
Mar
3%
5%
Jan
Jan
1st ref mtge 3s ser P
1st ref M 2%8 ser Q
Jan
4%
Feb
58%
Feb
Jan
17
Mar
Jan
Jan
Jan
500
5%
Feb
4%
100
4%
Mar
2
IOC
1
10%
Jan
Mar
7
Feb
114
300
101
97%
109% 127%
105% 111%
106% 112%
156
149
101% 103%
102% 104
81%
73%
82%
69%
105
107%
16%
30%
17%
31
93
98%
37%
49
7.00C
86%
91%
3,000
90%
83%
80%
87%
80
88
90%
102%
108% 108%
105% 106
101% 102
10,COO
95
90
87%
79
88
99%
88%
99%
98% 103 H
54,000
127% 130
$128
105%
1976 * »aa4
70
4.000
Mar
20
19%
14%
6%
6%
5%
3
Jan
Mar
Feb
Mar
x
aaa4
123
124
6.OOO;
1943
y
b
102
102%
107% 111%
105% 111
101
103
5,000
Cont'l Gas A El 6a
97
1958 y bb
Cuban Tobacco
1944 y b
5«
Cudahy Packing 3%s
1965
Delaware El Pow 5%s ..—1969
l"6I%
101
101%'
x
bbb4
104
104
105%
Eastern Gas A Fuel 4s.
1956
y
bb
2
86%
Elec Power A Light 5s
2030
Elmlra Wat Lt A RR 5e_.1956
y
b
4
89%
x
a
4
Empire Dist El 5s
1952
♦Eroole Mareill Eleo Mfg—
x
bbb2
cccl
Mar
8%
Jan
5%
Jan
;
...1963
1967
z
Mar
x
a
3
4%
Mar
Jan
Mar
Federal Wat Serv 6%s
1964
y
b
4
Jan
6%s series A
Erie Lighting 5s
109%
102%
87
86
23,000
8,000
96% 102%
89%
97%
$45
45%
109% 109%
102% 102%
60
53%
101
102%
104
107
'103,000
87%
90% 213,000
$120% 122
105
105%
6.000
128%
123
97% 249,000
59
|
a
Jan
11%
117
96%
$56
x
Apr
Mar
32,COO
1954
stamped
4%
*4% ""4%
104%
Consol Gas Utll Co—
2
"400
101
Consol Gas (Bait City)—
5%
4%
"8% "~8%
107%
Oonsol Gas El Lt A Power—
2%
3%
3%
6
7% pf 100
102%
Feb
Jan
86
87
1949 y b
Community Pr A Lt 5e— .1967 y bb
Feb
85%
87%
Apr
11%
5%
89%
'87
103% 103%
77%
76%
80
80%
106
106%
18
16%
17%
18%
...1968 y b
1969 yb
%
%
13
.10
38%
b
5%
Feb
6b ser A
Westmoreland Coal—...20
y
80
106%
1950 y b
Gen mtge 4%s
67%
y
Feb
Western Maryland Ry—
67
2
Cent States PAL 5%s._ .1953 y b
|*Chlc RysSsctfs
1927 z bb
Apr
1%
4%
69
107% 109%
20,000
88% 508,000
I 83,000
88
I
87
1,000
99% 478,000
99% 75,000
1942
Cent 111 Pub Serv 3%s
>
101
*
89
bbb3
Canadian Pac Ry 6s
1%
Williams OU-O-Mat Ht—•
Wilson Products Ino
1
88
x
Jan
Apr
_
Weyenberg Shoe Mfg
1
Wichita River Oil Corp. _lu
Williams (R O) A Co
♦
bb
Canada Northern Pr 5s ...1953
hi
1%
Wayne Knitting Mills...6
Wellington Oil Co.—
1
....
39
"77%
Jan
Jan
%
67
96%
37%
3
Feb
Mar
44
17,000
2,000
5,000
11,000
28,000
44,000
32,000
34,000
40,000
..1964 y bb
Broad River Pow fia
1%
100
""5% ""5%
Western Tablet A Statlon'y
Common
*
102""
111,000
1956 y bb
Jan
""300
1
_
15%
15%
64%
100% 102
1957
1%
45
3,000
—I960
Convertible 6s
Bell Telep of Canada—
1st 60 series B
1%
44
♦
I
12%
12%
106
"15,666
113
100
100
100
Debenture 6e_.
1.26
15%
15%
12%
Baldwin Looom Works—
Jan
loo
*
15%
12%
12%
16,000
101%
103%
7
Jan
17%
4%
3%
7% pref—100
Vogt Manufacturing..
•
89%
86
91
78%
119% 126
104
106
44
45
6,000
108% 109%
3,000
101% 103
4%
Petroleum
1
Woolworth (P W) Ltd—•
Amerdeprots
...5s
Jan
6%
4%
cccl
Apr
5%
Jan
Florida Power 4s ser C
1961
1966
y
4
Woodley
Wright Hargreaves Ltd..*
aa
Jan
74%
72
14
"2%
Va Pub Serv
Wolverine Port! Cement. 10
Wolverine Tube com
2
x
Feb
%
7
7% 1st preferred—..100
3
5%
""166
36.60 priority stock
1
Utility A Ind Corp com..6
46,000
Avery A Sons (B F)—
10c
Co
z
Jan
2%
•
Utah Radio Products... .1
corn
1977
Feb
6
1
♦Conv deb 6%S
%
Utah Pow A Lt 37 pref
Western Air Lines, Inc
dddl
•iz
Utah-Idaho Sugar..
West Texas Utll 36 pref..*
W Va Coal & Coke new..5
z
1%
5%
15
Class B
1968
Feb
1
Waltt A Bond class A
♦Debenture 6s
Apr
*
Walker Mining Co.—
dddl
1
com
o
dddl
z
3%
%
Universal Produots Co
Vultee Aircraft Co....
dddl
z
1950
'""966
Jan
Feb
5
26
130
106% 107%
51
44%
54,000
14%
14%
15%
64%
z
1949
"""26
5%
25%
17%
8
20~66G
15%
15%
15%
65%
1948
""i%
*
5%
100% 109%
128
130
106% 107
46%
47%
15%
15%
♦Conv deb 4%s
"T
Universal Corp v t 0—1
Petroleum
108% 109% 340,000
$129
"46%
•Conv deb 6s
"3% "3%
*
109%
7,000
1 Associated Gas A El Co—
AssocT AT deb 5%sA—.1955 y b
Atlanta Gas Lt 4%s
1955 x a
United Stores oommon.fiOo
United Wall Paper.
2
Universal Cooler class A..*
107%
108%
108
3
♦Conv deb 4%s
3
SI % conv preferred
Venezuelan
1
Co—
1951
4%
Valspar Corp com...
34 oonv preferred
Since
Jan.
8
1st A ref 5s
61 %
....
Range
for
1st A ref 5s
Jan
Insurance
High
1st 5a
Jan
Feb
Class B—
Low
Sales
Week
Mar
50%
pref
1
Friday
Week's Range
Last
Sale
of Prices
Mar
5%
63%
.♦
Wisconsin P A L
Apr
29%
U 8 Plywood Corp—
Wilson-Jones
18
25
S51st pref with warr—♦
U S Lines pref
Westmoreland Ino
Mar
Apr
Jan
Apr
Feb
Western Grocer
Mar
Feb
%
Went worth Mfg
40
Apr
6
7% preferred
Feb
Jan
[J s and Int'l Securities-.*
Wagner Baking v t
Apr
30%
8%
®i«
1st A ref 4%s—
United Specialties com—1
U S Foil Co class B—.1
U S Graphite corn..
.
11
8u
%
26
Conv preferred.
23%
Feb
19%
700
25%
24
....10
Utility Equities com
22%
Apr
23%
%
•
Preferred..
Universal
Mar
Mar
16
7%
Bank
Mar
%
United Shoe Macb com.26
Universal Pictures
rn.m~m.~m.
®u
Jan
United Profit Sharing..26c
conv
Jan
9%
_
$6%
%
Jan
200
United N J RR A Canal 100
1st 17
Feb
9%
Jan
Mar
B,,—♦
—
Jan
14%
Jan
®i«
United Milk Produots—*
...
7%
5,300
81
United Lt A Pow com A-.*
16 let preferred
ht
Jan
110% 110%
%
100
10% preferred
6%
Feb
7
22%
18
34
15
1921
♦Santiago 7s
Feb
Mar
13%
«
Jan
%
'it
ht
Option warrants
United Gas & Elec Co—
S3 oartto pref
Jan
"~% "jan
Apr
United Oas Corp com
1
1st S7 pref. non-voting.*
7% preferred
27
23%
40
♦Russian Govt 0%s..1919
Mar
7%
United Elastic Corp
Common class
16
11%
Feb
Jai
*
A Dart pref
Un Clgar-Wbelan
9
Jan
2,000
$16
Mar
-
34%
$25
♦Issue of Oct 1927
♦Mtge Bk of Chile 68.1931
Mtge Bk of Denmark 6s '72
Jan
9
10%
Jan
27
5%
»
7
$22%
$22%
$10%
—
♦5%S
1
United Aircraft Prod
7
♦Parana (State) 7s....1968
♦Rio de Janeiro 6%s.l969
Un Stk Yds of Omaha..100
-
6%
Jan
Feb
-
1,000
14%
Jan
Feb
6%
3%
$5%
Jan
1%
300
«•
$13%
2%
7%
4%
200
15
1958
40%
1%
7%
7
27
Apr
20
♦Medellin 7s stamped. 1951
1%
»
22
Jan
Apr
13%
22
13%
♦0%s stamped.....1958
♦Maranhao 7s
7%
pref.——.*
Unexcelled Mfg Co.—..10
Jan
Jan
8
High
15
18
13%
$13
$13
Jan
Mar
1
Low
%
7
$3%
$13
1947
2%
%
8%
600
36
♦Secured 6s.
Mar
Jan
Mar
Jbd
%
2%
%
8%
100
'ie
1%
preferred
iUlen A Co ser A pref
1,200
2%
Week
Danzig Port A Waterways
Jan
7%
1
•
Udyllte Corp—-1
Tung-Sol Lamp Works
80c
%
of Prices
Low
High
ht
%
2%
hi
Range Since Jan. 1,1941
Week'9 Range
Sale
Jan
100
5
Transwestern Oil Co——10
Last
High
Tonop&h-Belmont Dev. 100
Tenepab Mining of Nev "
Trans Lux Corp.——1
BONDS
(Continued)
Range Since Jan. 1,1941
112
106
106
Sales
Friday
Bales
Friday
STOCKS
{Concluded)
April 19, 1941
x
bbb3
105%
Apr
4%
Jan
Florida Power A Lt 5s
1954
x
bbb3
105%
3,000
41% 42%
8,000
105% 105%
105% 106% 102.000
41% 42%
104% 106
3%
1944
y
bb
101
101
8,000
100% 101%
Finland Residential Mtge
Banks 6s-5s stpd
3%
"3% ""3%
2,400
104% 106%
Gary Electric A Gas—
6s ex-warr stamped
FOREIGN
AND MUNICIPALITIES
Sales
for
BONDS
..1961
Bogota (see Mtge Bank of)
♦Cauca Valley 7s
1948
Cent Bk of German State A
}22%
$23%
J13
....
25
♦6 series A........1962
$13
For footnotes see page 2527-
21%
Jan
23
Feb
22%
Jan
24
Mar
Gobel (Adolf) 4%s
Grand Trunk West 4s
y
b
4
z
b
....
$33
$24%
Mar
26%
Jan
Mar
17%
7%
8 %
Jan
..1965 y bb 3
1941 y ccc4
x
Gr Nor Pow 5s stpd..—1950
x
x
1945
Guantanamo A West 6s...1958
y
27
Jan
Guardian Investors 5s
24
22
Feb
22
Feb
♦Hamburg Eleo 7s
52
Jan
81
Jan
"30"
25
Mar
26
Jan
♦Hamburg El Underground
A St Ry 5%s
—1938
new
80%
$108% 110%
106
$103
64%
$63
b
Apr
aa
1948 y c
1935 z dd
z
cccl
85
80%
b
y
Grooery store Prod 6s
80
80%
$99% 102
98% 100 I
65
$45
100% 100%
81%
79%
$13
84% "85"*
81
a
1963
"85""
a
1950
13
Attention Is directed to the
81
I
Green Mount Pow 3%s
$6%
$13
5%8—
-.1965
Ext 6s..——.1963
100%
Glen Alden Coal 4s
♦Prov Banks 6s B..1961
Danish
1943 y bbb2
Georgia Pow A Lt 5s..——1978
•Gesfruel 6s ............1953
$
♦Baden 7s
"99%
Gen Wat Wks A El 5s
Week
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
♦20-year 7s
Jan 1947
80
Oatlneau Power 3%s A... 1969 x a
General Pub Serv 6s
1953 y b
Gen Pub Utll 6%s A
1956 y bb
♦General Rayon 6s A
1948 z ccc2
GOVERNMENT
101
20%
$20
20%
14,000
78
83
100
102
16",000
98% 102%
is'ooo
99% 100%
33.000
58,000
12,000
2,000
72
23
80%
85%
49
85
81%
75%
107% 108%
103% 106%
58
23
20%
82%
23
64
17%
5,000
27
20
29%
$23%
$15
column in this tabulation pertaining to bank eligibility and
rating of fronds.
See
4.
Volume
New York Curb Exchange—Concluded—Page 6
1S2
Bank
Friday
Elig. A
BONDS'
Rating
{Concluded)
See
Houston Lt A Pr 3Ha
Last
Sale
Price
i
1966
x
aa
3
'Hungarian It&l Bk 7%s,—1903
z
c
Hy grade Food 6e ▲
6s series B
2
for
of Prices
High
%
$110% 110%
Range
*3
71 %
72
72
71H;
72
I
3,000
70%
74
1967
x
108H
108H 108H
111 Pr A Lt 1st 6s ser A
1953
i
bbb3
107 H
107 %
107%
14,000
1st A ref 5 %s ser B
1954
x
bbb3
12,000
105
1st A ret
106%, 106% 107 %
'
33,000
104% 106%
9854 103
5s ser O
a a
1956
*
bbb3
8 f deb 6%s—May
1957
y
bb
Indiana Hydro Eleo 5s
1958
y
bbbl
Indiana Service 5s
1950
y
b
2
"~76~~
1st lien A ret 5e
1963
y
b
2
76 %
'Indianapolis Gas 5s A
1952
Indianapolis Pow A Lt 3%sl970
t
bb
1
x
a
3
y
3
106
100
5,000
3,000
10524 106
98 % 100
40,000
100% 101
74%
76%
6,000
12,000
100%
72%
75
7624
20,000
71%
91
91H
4,000
80%
$10 524 107
105
108
101%
79%
78%
92%
109
tinternational Power 8eo—
♦6 Hs series O
1955
b
1
♦7s series E
1957 y b
1
♦7s series F
1952 y b
17%
Debenture 6s
$21%
1
23 H
y
b
3
67 H
66H
y
ccc2
28 H
2454
x
aa
Iowa Pow A Lt 4 Ha
1958
♦Isaroo Hydro Elec 7s
1952 x cccl
Italian Superpower 6s
1963
Jacksonville Gas
v
cc
3
1
6s stamped....
*
b
3
x
a
4
1960
x
aa
2022
x
a
2
Lake 8up Diet Pow 3 %8—
1960
x
a
4
♦l^eonard Tlets 7 Ha
1946
t
6s
eo
Long Island Ltg 6s
1945
x
1957
x
a
44
106 H
18 000
25, 000
$103% 106 H
'125""
42%
48
105% 107%
106
106
10654 107
$15
40
11 ,000
10554 106
4
"5 ,000
"4 1666
104% 106%
12 ,000
107
123
128%
106% 107%
Mln A Smelt—
.....1941 tdd
mrgesf
1
15
35
78%
+
79%
25
25
77
90
McCord Rad A Mfg—
1948
y
b
Memphis Comml Appeal'
Deb 4 He
—1952
x
bbb2
1947
y
b
Metropolitan Ed 4a E—-.1971
x
aa
Mangel Co cony 4 Ha
4s series G
3
78 H
9854
x
aa
108
l#4fi
1943
y
bb
$101
y
bb
Mllw Gas Light 4%«
1907
1978
x
bbb2
x
bbb3
103 %
.......1956
x
bbbi
10624
105 H
106 H
53
Mississippi Power 6s
1955
x
bbbi
Miss Power A
bbb3
1957
x
Mlse River Pow 1st 6s
1951
x
aa
1960 y bb
4
bb
105%
2
Missouri
2
Lt 6s
Pub Serv 6s
Nassau A Suffolk Ltg 5s
1945
Nat Pow A Lt 0s A
~I6o%
2026 y bbb2
x
..2030
y
|*Nat Pub Serv 6s ctfs—1978
x
bbbi
%
Nebraska Power 414s
Deb 6s series B
1981
10624
10824
2
2022
x
aa
x
bbb3
Nevada-Calif Eleo 6a
1966
y
New Amsterdam Gas 5s—1948
N E Gas A El Aasn 6a
3
97 24
x
aaa2
11724
y
bb
b
4
60 H
5s
1948 y b
4
59 H
Conv deb 5s
1950
y
b
4
1901
1948
1964
x
aaa3
y
bb
y
bb
1947
New Eng Power 3%s
New Eng Pow Assn 5s
Debenture 5Hs
108%
3
93 H
95 %
20"666
101% 103%
98%
95%
107
109%
110%
100
102%
107
104
51 %
53
i3"666
50%
105 H
103 54
106
11.000
103%
106
104
15,000
14.000
102%
105
100 H
10754
105% 105%
106% 10654
110% 111
100% 101
102 54 10254
110% 110%
106% 10654
108
9.000
15,000
2,000
17,000
2.000
17,000
24,000
26
$21
aaa2
Nelsner Bros Realty 0s ....1948
6sserld8 A
14,000
+106% 107
1905
Minn PAL 4%s
7,000
$102% 104%
2
Middle States Pet 0Hs
Midland Valley RR5s
1st A ret 5o
108%
11954
106
108%
103% 105%
102% 106%
109
119
11,000
108% 108%
1,000
9754 287,000
96%
10.000
11754 11754
60
61% 106.000
61
59%
18,000
61%
59%
49,000
10654 10654
8,000
93%
9454
38,000
97
95%
73,000
111
96% 101%
..1949 T bb
♦Income 6s series A
York
4
$103
1st mtge 3Ha
1904 x a
2
4
4
2004 x aaas
1964 x aa 3
Debenture 5s
1953 y b
Nippon El Pow 6HS
2
4
105H
105%
102H
102%
10854
10354
$114
41%
103
1952 y bb
4
84
90%
1953
z
b
1
$15
17%
28%
1958
z
cccl
$13
14
14
1979
x
aa
Joaquin L A
Pub
Wks 0s
z
1951
z
cc
b
2
8hawlnlgan W A P 4%s.—1907
x
bbb3
1st 4 %s serlee D
Sheridan Wyo Coal 6s
Sou Carolina Pow 5s
y
Sou Counties Gas 4 %■
8ou Indiana Ry 4s.._.
1908
x
aa
1951
So'west Pow A Lt 6s
2022
S'west Pub Serv 6s......1946
y
bb
2
y
bb
4
109%
x
bbb4
104%
cccl
94% 100
133% 138%
15
~41~~
$39
20
36%
37%
1,000
70
87%
30,000
84
90%
89
89
5,000
85%
1947
95
95%
4,000
93
97%
104% 104%
2,000
103
104%
b
2
1957 y bbb2
Spalding (A G) 5s.
3
1989 ib
1948 y b
$101% 102%
57
3
57
108% 109%
103% 104%
36%
36%
2
~4766O
90%
101% 102%
60
50%
18,000
101
10,000
103% 100
3,000
34%
109%
46
Standard Gas A Electric—
Conv 6s (stamped)..
1948 y b
Debentures 6s...
1951 yb
Debenture 6s
Deo 1 I960 yb
0« gold debs
1957 y b
86%
86%
86%
86%
3
3
3
85%
85%
85%
85%
3
86
69%
69%
88%
87
86%
28,000
70
88%
88%
88%
73,000
70
86%
44,000
68%
88
21%
2,000
20
25%
28%
32%
y
cccl
50%
7
cccl
$26%
y d
1
x
bbb4
1
a
2
y
30
48%
7,000
43
53%
21%
4,000
13%
20%
107
107%
107% 108
108
50%
21
21%
107%
2022 y bbbi
Tide Water Power 5s. ....1979
75,000
21
1946
1950
65,000
87
85%
1946 z
Power A Lt fis
88%
86%
86
7-48 3d stamped
6s series A
09
21
z
7-4s 2d
Texas
87,000
3
1950
Certificates of deposit
♦Ternl Hydro El 6%s
1953
Texas Eleo Bervloe 5s...... I960
86%
ccc2
1957 yb
♦Starrett Corp Inc 6s
Stinnes (Hugo) Corp—
30,000
120
bb
120
14,000
3,000
100% 107%
107
108%
118% 121%
97%
98
10.000
96
99%
59%
60
26,000
59
62%
Tietx (L) see Leonard—
Twin City Rap Tr 6%s.._1952 y b
»*Ulen A Co—
Conv 6s 4th stp
United Elec N J 4s
...1950 z d
...1949
x
1941
z
1945
z
59%
1
8%
1
21%
1,000
7
9%
114
114
aaa4
.1956 y bb
1,000
114
118%
23
12,000
8%
16%
30
"37660
15
30
127,000
95%
98
29,000
95%
98%
12.000
103% 104
cccl
b
1
23%
30%
85
99%
88
99%
25
$15
15%
15%
United
1974
y
b
2
2
5%s._ ..1959 * »>bb3
Un Lt A Rys (Del) 6%s ..1952 y bb 3
United Light A Rys (Me)-
97
98%
cons
6s serlee A
bbb3
1952
Deb 0s series A
'973 yb
2
Utah Power A Light C<»—
'
1st Hen A gen4%s
...1944 1
« t>3
Deb 0s series A
2022|x bb 2
"99%
99% 100
120
119% 120%
96
101
102
22,000
13,000
103
109
10.000
102% 103
6,000
100% 102
101%
102%
102% 102%
101%
101% 101%
103
106%
114
114
40
45
121
6,000
i
129
83%
105
3
—1946 v b
117
101
1946|y be
Debsf6s
12,000
93% 100
29,000
1950 y bb
Va Pub Service 5% A
1st ref 6s series B
94,000
103% 108%
97%
101%
105%
101% 101%
Weet Penn Eleo 5s..
..2030
West Penn TraotloD fis
1960
Western Newspaper Union—
41%
"I~66o
103
103
4,000
104%
7,000
5054
106
13,000
1941 * aaa2
103%
103% 10354
"9954
10954
32T666
4%s—.1977
x
bbbi
1979
x
bbbi
.1971
x
aa
1962
x
aa
2
1947
...1954
x
aa
aa
2
2
10554
10454
106
105
98%
101% 102
♦fie
Income
deb
1954
z
c
1
1951
x
aa
4
$109
x aa
2
108
108
157666
x
bbb3
107
107
4,000
109%
105% 108%
106
108%
x
aa
7.000
116%
2
65
65%
1941
1
aaa2
...1966
Wise Pow A Light 4s
*
bbb3
I'York Rys Co fis stmp...l937 z bb
♦Stamped 5s...
.1947 y bb
4%
$100
106%
4,
5%
108
6,000
59
101
101
"wo
106
107%
~3766O
65%
99
105
105% 106%
$95%
98
I
2
17,000
110%
116% 117%
1944
Wheeling Elec Co 5s
4%
4%
99
97%
67%
99
100%
109
8,000
9,000
108% 109%
106% 108%
103% 106%
4,000
7,000
99%
34,000
103% 104%
105
106%
95
99%
35%
10554
1,000
29,000
104% 105%
10654
3,000
10554
105
99
35%
10554
106%
10454
10954
HO
13,000
17,000
108
2
x
105
102% 103%
104
105%
49%
54%
109% 113%
2,000
Pacific Gas A Eleo Co—
6s series H
106% 109
1970 x bbb3
Washington Water Pow 3%s'64
Pacific Ltg A Pow 5s
..1942 x aaa4
Paclflo Pow A Ltg 58
1955 y bbb2
Park Lexington 3s
.....1964 z ccc2
Penn Electric 4s F
67,000
89%
Wash Ry A Eleo 4s
10354
1st 5s
2,000
88%
107% 109%
50
Okla Nat Gas 3%s B
1955 x bbb3
Okla Power A Water 6a_..1948 x bb 4
1st 6s series B..._._
87
89%
1st lien A
106% 109%
92
97%
98% 101%
76
Debenture 0%s
66%
63,000
76
124
66%
102%
98% 103
76
109%
66%
162
100
100% 107%
134%
2
y
119
59%
150
19,000
102%
100% 101%
$130
$15
1937
106
69%
12,000
66,000
102
106%
..1861
Inc 3s
101% 105%
102% 106
$110% 111
10654
1902 x
4s
3
155%
101% 102
86%
P 6s B...1962 x aaai
103% 105
10654
109% 109%
10654 10654
10354 10354
6s series D
5%s series A
♦Ruhr Gas Corp 0%s
♦Ruhr Housing 6%s
8afe Harbor Water 4%s
105%
6,000
104% 102,000
10854
1,000
104%
5,000
104
...1946 y bb
3HS_...1908 * aa
Penn Pub Serv 6s G__
3
6s unstamped
6Hs series A
...1956 y bb
No Boat Ltg Prop 3HB...1947 x aa
Nor Cont I Util 6HS
1948 y b
Penn Cent LA P
bb
111%
No Amer Lt A Power—
Ohio Public Serv
v
155
155%
101%
102%
101%
Waldorf-Astoria Hotel—
196 xa
1980 x a
N YA Westch'r Ltg 4s
Ohio Pow 1st mtge
3
Light A Pow CoDebenture 0s
.1975 y b
60
106%
3
110% 114
105% 109
98
88%
117% 121%
26
105% 109
105% 107
bb
♦United Industrial 0 %s
♦1st ■ f 6s
107
20
13,000
9,000
bb
105
Penn A Ohio—
♦Ext 4%s stamped
N YState E A G4HS
Ogden Gas 1st 6s
aa
y
1st A ref 5s ser C
1960
1st A ref 4%s ser D
1950
Queens Boro Gas A Elec—
♦United El 8ervtoe 7s
26
76%
y
Puget Sound PAL fi%8—1949
100% 102%
21
19^666
59%
New Orleans Pub 8erv—
New
x
Standard Pow A Lt 6s
6e stamped..
1
70
3
6s (stamped)
108%
Since
v aa
43
108 H 108%
107
debs 4s
6% perpetual certificates...
2454
125
125
1949 xbbb4
Range
Jan.
Publlo 8ervlce of N J—
♦Schulte Real Est 6s
35%
44
106H
■ f
106% 106%
106% 106%
Scullln Steel
17
20
$13
73
11,000
I
73
1
25%
18
$69%
2
23%
20
2
a
1904
15%
105%
Week
High
1964 ib
15%
103
x
for
of Prices
Loto
1st mtge 3%s
66%
15%
H
1959
Week's Range
La$t
Price
a
Public Service Co of Colo—
♦Saxon
"17666
42
Power Corp (Can)4 % sB
♦Prussian Electric6s
San
22
106
See
Sales
Sale
Rating
(Concluded)
21
17
18
bbb3
Louisiana Pow A Lt 5s
♦7s
....
9,000
71H 243,000
84,000
29
14%
22
cccl
Mansfeld
}
23 H
$107% 10754
2
1942
Pow 3 %s
Kansas Gas A E
2,000
—
Jersey Cent Pow A Lt3%s_1905
nansas Eleo
26
21
1957
1952
interstate Power 6s
17H
BONDS
1
110 H 11054
Friday
Eltg. A
Since
Jan
70%
72%
107% 108%
106% 108
Idaho Power 3%s_
2527
Bant
Week
Low
2
3
Week's Range
I
1
1949 y b
1949 y b
Sales
108
1,000
$109% 110
35
38
106
107%
104% 106%
10 % 110
106% 109
108
108%
Peoples Gas L A Coke—
4b series B..........
1981
x
bbbi
4s series D__
1961
x
bbbi
1972
1962
Pledm't Hydro El 6HS—1960
x
Elec
104%
10354 104%
103% 104%
113
112
113
14,000
21,000
19,000
108
106
2,000
102
104%
102% 104%
aa
3
y
bb
4
y
b
23%
17%
4
b
$1654
1953
1
2
29%
$13
25
22%
26%
...1940
z
bb
2
.1950
z
bb
2
x
a
4
Phila Elec Pow 6Ha
Phlla Rapid Transit 6s
♦Pomeranian
104%
6s
109
115
102%
106
Portland Gas A Coke Co—
5s stamped
fie stamped extended
Potomac Edison 5s E
1961
a
4
4Hs series F.
1901
Potrero Bug 7s stamped—1947 y ccci
t
97
97
7,000
92%
92
110
▲
I
♦
8.000
110
2,000
$110% 112
90
95
II'OOO
93%
86%
98
92%
109
110%
109% 111
50
95
No par value,
Interest,
n
a Deferred delivery sales not included In year's range,
tf Ex
Under the rule sales not Included In year's range, r Cash sales not In
eluded In year's range,
x
Ex dividend.
^Friday's bid and asked price.
♦
No sales being transacted during current week.
Bonds being traded flat.
I Reported In receivership.
e
Odd-lot sales transacted during the current week and not included In
weekly or
yearly range:
Treasury 4s 1944-1954, Apr. 8 at 112.2.
V
/
Under-the-rule sales transacted during the ourrent week and not Included In
or yearly range:
weekly
No sales.
v
Deferred delivery sales transacted
weekly
or
during the current week and not Included In
yearly range:
No sales.
Abbreviations
Used
Above—"cod," certificates of deposit; "cons," consolidated,
"cum," cumulative, "conv," convertible; "M," mortgage; "n-v," non-voting stock;
"v t c," voting truat certificates; "w
I," when Issued; "w w," with warrants; "x w,
without warranto.
A
Bank
Eligibility and Rating Column—x
Indicates those bonds wolch
we
believe eligible for bank investment.
y
Indicates those
status
z
or some
bonds
we
believe
are
not
bank
due either to rating
provision In the bond tending to make It speculative.
Indicates Issues in default, In
bankruptcy,
or
In
eligible
process of
reorganization.
The
rating symbols In this column are based on the ratings assigned to each
bond by the four rating agencies.
The letters Indicate the quality and the numeral
Immediately following shows the number of agencies so rating the bond.
In all
cases the symbols will represent the
rating given by the majority. 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 all In de
Issues bearing ddd or lower are in default
Attention ia directed to the
new
column In this
tabulation pertaining to bank
elegiblllty and rating of bonds.
See note
A aboae.
The Commercial & Financial Chronicle
2528
April 19, 1941
Other Stock Exchanges
Baltimore Stock
Exchange
Range Since Jan. 1, 1941
JjOSt
Par
Stocks—
*
Bait Transit Co com v t c •
1st preferred v t
Week's Range
for
Sale
Arundel Corp
of Prices
Low
High
Week
Price
.*
4
30c
31c
21
2.00
"59%
100
100
%% pref B
4% preferred C...
2.50
2,551
1.65
59 %
60%
115% 116
459
106
t c_. 1
Ga Sou & Fla 1st pref.
_
Houston Oil pref
Mar
2.60
71 %
Feb
Apr
Jan
115A
Apr
118%
110
Apr
7%
Jan
10 %
Mar
Friday
81
113%
Apr
1205*
Jan
Last
Week's Range
for
9%
Jan
9%
Mar
Sale
of Prices
Week
50
9A
Apr
14%
Apr
18
17%
17%
15 %
Feb
1.60
1.75
122
1.00
Feb
1.75
Apr
27%
29%
142
15
Feb
29%
Apr
Belden Mfg Co com
29
29
28 %
Feb
29%
Jan
Bendlx Aviation
Apr
Berghoff Brewing Corp
1
Bliss & Laughlln Inc com.5
255
10
70
72
17%
72
48%
17 A
50
47 %
Mar
48A .Mar
258
16%
Mar
18
67
94 %
Jan
97 A
Jan
21
Jan
23 %
34 %
Mar
17 A
2
Jan
Stocks
(Continued)
Par
Price
76
Feb
Backstay Welt Co
96%
O 8 Fidelity A
21A
96%
21%
375
34%
34 %
35
33 A
Feb
flatl976
37%
33%
Mar
43%
38%
44
$9,000
1975
1975
101
5% 1945
5%.....1948
102
2
Guar
*34%
Western National Bank.20
Feb
Bonds—
Bait Traslt Co, 4s
A 5s flat
B 5s
64%
Ga A South Fla Ry
Interstate Co
101
64%
102
4,250
40
Jan
1,000
3,000
1,000
100
Jan
64%
Apr
102
Apr
Low
High
5%
*
com
10
6
com
Borg Warner Corp—
Common
10%
33
7%
Range Since Jan. 1,1941
Low
Shares
39
Apr
46%
Mar
102
Feb
High
65%
Mar
102
Apr
5%
Apr
11
150
10
Jan
34
925
32.%
Apr
11%
37%
Jan
450
7%
Mar
8%
Jan
Jan
7%
Jan
16
145
15
Apr
18%
615
16
Apr
20%
7%
11%
7%
12
250
7%
Apr
9%
Jan
12
500
10%
Jan
Mar
14
14
14
100
13
13%
15%
Bunte Bros com
10
10
Common
Mar
17
Brown Fence & Wire cl A pf
Bruce Co (E L) com
5
Cent 111 Pub Ser $6 pref..*
Central 111 Securities pref.*
7%
4%
15
16
Campb Wyant & Can Fdy *
Castle & Co (A M) com .10
10%
32%
20
5%
16
6
Butler Brothers
Northern Central Ry—60
Sales
Apr
48%
100
National Marine Bank..30
CHICAGO
255
1.60
New Amsterdam Casualty2
La Salle St.,
S.
Jan
Mt Vernon Woodb Mills—
Preferred
10
"l7%
27 A
Municipal Dept. OGO. 621
Trading Dept. OGO. 405-406
Jan
13
7% pf 25
Principal Exchanges
Teletype
Bell System
Feb
Apr
250
7%
9%
9%
9%
40c
Jan
6%
5%
113 % 114
113%
Jan
59 A
Members
Feb
106
50
6%
Paal H.Davis & Go*
High
17
Mar
13
100
100
Maryland fx Pa RR com 100
Merch fx Miners Transp..*
Monon W Pen P S
5
15
106
m
Fidelity & Deposit
20
Finance Co of Am A com.5
155
16%
6%
Davison Chemical Co com 1
Eastern Sugars com v
Low
Shares
15 X
28c
15%
15 %
c—-100
Consol Gas E L A Pow
UnlUted
Listed and
Sales
Friday
SECURITIES
CHICAGO
Apr. 12 to Apr. 18, both inclusive, compiled from official sales lists
7%
Mar
4%
11%
4%
600
11%
50
19
19
19
50
4%
11%
17%
86
86
88
280
86 %
5%
200
5%
Jan
hi
150
hi
Feb
%
950
5%
1
5%
».«
•ii
hi
Feb
Jan
Jan
5%
Jan
Feb
14%
Jan
Feb
Apr
21
Jan
95%
Jan
6
Jan
%
Mar
Central fx S W—
Common
Boston Stock
Exchange
Apr. 12 to Apr. 18, both inclusive, compiled from official sales lists
Sales
Friday
Last
Par
for
Sale
Stocks—
Week's Range
of Prices
Low
High
Range Since Jan. 1,1941
Shares
Low
High
38
Apr
47
Jan
10
105
Mar
112
Jan
Central States Pow & ot pf*
13
~28~
410
25c
Feb
45c
Jan
1%
50
1%
J an
2
Feb
Cities Service Co com...10
155%
155% 159%
3,108
155%
104
"27%
100
Boston
A
104
87%
Boston Edison Co (new) .26
Boston Elevated
10
89%
29%
398
Apr
168%
Jan
Jan
100
104%
97%
34%
60%
19%
Apr
Jan
Consolidated Oil Corp
Jan
41%
Apr
18
Jan
27%
41%
46
852
19
18%
19
60
Apr
Feb
Mar
Maine—
Preferred
100
Prior preferred
100
%
2%
2%
12%
12%
19
*
Calumet A Hecla..
40
45
%
6%
1%
1%
11%
12%
5%
300
4%
390
144
19
...6
Copper Range...
%
6%
1%
2%
12%
100
Boston A Providence
5%
1%
1%
Class D 1st pref std. .100
Boston Pers Prop
5%
4%
*
100
100
55
5%
4%
Jan
Mar
%
Jan
7
*
1%
1%
58
1%
50
50
50
60
311
100
100
30%
32
169
Common
100
1
1st preferred
100
79
1%
82%
11
11
11
100
22%
Apr
Feb
7
FeD
5%
4,195
Employers Group
Gillette Safety Rasor
.__*
22
22
22%
190
2%
64
2%
34
Hathaway pref.........*'
32c
2%
33%
32c
34
65
Jan
Mar
Mergenthaler Linotype..*
NarraganHettRacgAssnlncI
18%
6%
New England Tel A Tel 100
N Y N H A Hart RR..100
118
20c
18%
9c
100
Certificates of dep......
Pennsylvania RR
...50
Qulncy Mining Co
25c
19
23
1
1
Reece Button Hole Co.. 10
"9%
Shawmut Association tc. .*
Stone A Webster
....»
Jan
Apr
73
Jan
70%
Mar
73
Apr
8%
Mar
495
57%
Apr
9%
72%
450
3%
Feb
5
11,750
1,513
26%
Apr
30
5%
Feb
Apr
Jan
25%
3%
Jan
Jan
Feb
33
Apr
Apr
2%
Mar
6%
Apr
22
2%
Feb
38
Jan
35c
Jan
Apr
1%
Jan
Feb
13%
Jan
8%
9%
5%
4
Eleo Household Utll Corp.6
Elgin Natl Watch Co
15
com
36
39%
2%
Apr
"17%
20o
Apr
52c
Jan
Jan
35
hi
Jan
hi
Feb
26c
800
20c
Apr
37c
Jan
10c
200
9c
Jan
6%
Apr
Jan
25c Mar
Jan
19%
Jan
80%
Jan
Apr
19
160
7
Feb
22%
Jan
Apr
19%
7%
Indep Pneumatic Tool cap*
Indianapolis Pr fx Lt com.*
2,050
4%
30%
2%
250
1,250
250
8
9%
Jan
3%
28%
2%
Mar
36
Apr
Feb
Jan
Apr
5
100
17%
Jan
19
Jan
49%
210
47%
Apr
65%
Jan
250
Jan
2%
Jan
39%
48%
Jan
3%
20%
10%
17%
16%
Jan
2
265
Feb
39%
235
2%
198
3
33%
1,600
36%
41%
16%
Apr
Mar
Feb
Feb
10
50
9%
16
350
12%
158
14%
11%
Feb
Apr
6%
Jan
150
8%
Mar
90
37%
Feb
41
180
11
Fet
13%
Jan
17%
17%
100
15%
Feb
17%
Jan
"11
hi
300
*11
Mar
6%
2%
200
7%
703
2%
6%
~19"
19
19
150
19%
3%
72%
Feb
Feb
24
660
24
3%
2%
6%
50
24
3%
72%
Apr
85
Apr
Feb
Jan
Jan
4%
1,000
4
Jan
100
100
100
100
40
100
Apr
Jan
Ken-Rad T fx Lp com A__*
4
4
4
300
3
Jan
Apr
30%
Jan
Ky Utll Jr cum pref
Feb
40
6
36 %
36%
37
51
*
62%
60%
60%
Apr
70%
Jan
6% preferred
100
Kingsbury Brew Co cap__l
53%
63%
56%
714
53%
609
53 %
Apr
60%
Jan
La Salle Ext Univ com
44%
44%
45
Mar
45%
Jan
43c
43c
300
35c
Apr
52c
Mar
8%
170
8
Feb
9%
Apr
100
7%
Jan
Feb
Apr
Mar
4%
50%
Feb
7%
4%
8%
101%
106%
Mar
Jan
Jan
Leath & Co—
8%
Jan
Apr
Jan
8%
United Shoe Mach Corp.26
4
Jan
14
11
Union Twist Drill Co
Jan
90%
63%
10
United Fruit Co
Mar
Apr
Apr
26%
33%
3*
8%
29%
21%
Apr
Feb
7%
Jan
10
Apr
7%
Jan
44
8
4%
Jan
950
9%
5%
4%
Jan
9%
273
110
44
10
10
8
74%
45%
10%
662
27%
Jan
Jan
300
Jan
26
Jan
Mar
7%
1%
26
Jan
8%
Feb
»
Jan
38%
11%
%
Torrlngton Co (The)
Jan
11
"H"
Preferred
Jan
4
International Harvest com*
Kellogg Switchboard com*
Jan
250
Jar vis (W B) Co cap
Katz Drug Co com
Jan
Feb
4%
17%
Apr
Jan
Apr
Feb
Feb
295
1
5%
17%
7%
8%
3%
1
3
300
11%
Indiana Steel Prod com..l
Inland Steel Co cap. J.
•
1
J*
33%
6%
10c
450
Feb
45%
6%
15%
*
Illinois Brick Co cap
10
Illinois Central RR oomlOO
50
8
25%
22
Jan
Jan
Feb
Jan
4c
100
857
Jan
96
16%
Feb
5c
24%
6%
50
50
10
Hubbell, Harvey Inc com 5
Hupp Motor Car com
1
26
16
Apr
17
38
17%
129
35%
39%
Harnlschfeger Corp com. 10
Helleman Brewing cap... J
Hibb-Spencer Bart com.25
Feb
Jan
Jan
Feb
13
2
2
Great Lakes DAD com..*
Hall Printing Co com
10
12%
Feb
4%
12%
50
37
4
•
Houdaille-Hershey cl B
Apr
6
General Foods
Gen Motors Corp com. .10
Gillette Safety Razor com *
Goodyear T fx Rub com..*
Gossard (H W) com
*
Apr
18%
8%
10%
3%
30
2%
*
com
5%
4%
117
1
3%
30%
1
com.
Jan
157
Apr
70
892
20%
8
*
17%
47%
Feb
Jan
6%
85
5%
13%
14%
92%
16%
20%
•
com
Common
Gardner Denver Co com.*
General Amer Trans com .5
Gen Finance Corp com
1
1%
3%
Jan
Jan
Jan
Dixie Vortex Co—
Apr
594
5c
23
25
30
Jan
10
7
Jan
75c
678
6
6%
117% 118%
%
%
25c
..2.50
Old Colony RR
Jan
50
8%
7
Jan
%
12%
96
25c
1
10
North Butte
Deere & Co
16%
41%
7
50
92
Apr
200
16
92%
pref.*
conv
30%
%
16
13
6%
12%
cum pref.......100
5
13%
13
Four-Wheel Drive Auto. 10
Fuller Mfg Co com
1
Apr
25
5%
Jan
31c
5
27%
5%
58%
25
5
26%
Feb
32c
...100
26%
5%
50
Maine Central—
v
Jan
1
8%
300
4%
Fairbanks Morse
%
Isle Royale Copper Co..15
Loew's Theatres (Bos)..25
Common
14
Feb
Feb
550
60
Jan
12%
..*
8%
57%
4%
3%
Apr
2%
6%
*
Feb
Feb
%
27%
62%
"3",200
73
28
Apr
1%
11
5
Class B
Cudahy Packing 7% prflOO
Jan
Jan
100
300
2%
6
25
Feb
1%
87%
14%
2%
100
4%
Cunningham Drg 8tores2 %
Apr
.._*
Adjustment...
57%
.
Deep Rock Oil
79
Eastern 88 Lines
Mass. Utll Ass
.
com
Jan
Jan
Apr
75
1,057
•
Apr
Eastern Mass 8t Ry—
Preferred clB...
73
8%
V t c pref part shares
50
Container Corp of Amer.20
Eversharp Inc
Common
4%% prior pref
6% preferred..
25
2%
2%
12%
Jan
East Gas A Fuel Assn—
5%
Capital
Crane Co
Class A 1st pref std_.100
62%
%
28%
62%
Consumers Co—
Mar
3,992
87%
27%
41%
*
6
12
100
6%
13
Commonwealth Edison-
104
6
13
%
*
com
45c
-—100
Boston Herald Trav
6%
Cherry Burrell Corp com .5
Chicago Corp common
1
1%
100
Amer Tel A Tel
Boston A Albany
Jan
40
108
40c
60
Blgelow Sanf Cpt Co pf 100
%
38
108
Chicago Yellow Cab Corp.*
Chrysler Corp common..6
45c
*
Common
Jan
38
*
Chicago Towel Co
Amer Pneumatic Serv Co—
6% cum pref.--
%
*
Prior lien pref
Convertible preferred
*
Chic Flexible Shaft com..5
Week
Price
%
...50c
Preferred.......
6%
cum pref
25
Utah Metal A Ton Co
Waldorf System
"~43c
1
*
295
44
Mar
Bonds—
50
4s
I960
4%
1970
71
72%
26%
$4,400
106% 106%
1,600
25%
Eastern Mass 8t Ry—
Series B 5s
1948
29,000
66%
Cumulative pref
*
LlbbyMoNetllALibby com7
74
Mar
Lindsay Lt fx Chem
Jan
28%
Mar
106%
Apr
Loudon Packing Co cap..*
Lynch Corp com
5
18%
102
Apr, 12
Apr. 18, both inclusive, compiled from official sales lists
*
corn
Last
Sale
Stocks—
Abbott Laboratories
Par
Sales
Week's Range
of Prices
Low
*
47%
25
44%
9%
com
Acme Steel Co com
Price
Adams Mfg Co (J D) com.*
Adams Oil & Gas com
*
3
High
48%
44%
9%
Range Since Jan. 1,1941
for
Week
Shares
Low
215
46
1
McWllliams Dredg com .*
Mer & Mfrs Sec cl A com.l
Feb
190
44%
Apr
550
8%
Mar
3
100
2%
Mar
63%
51%
Jan
11
Jan
40
25%
3%
Jan
Minneapolis Brew Co
com
3%
12%
Jan
Jan
Modlne Mfg com
Monroe Chemical Co
com
Jan
27%
3,850
5
Feb
7%
1%
1,500
1
Feb
1%
30
16
Jan
21
Mar
Jan
8
Apr
Apr
11%
Apr
16%
35
100
1%
Feb
2
18%
18%
20%
200
18%
Apr
23
Jan
25
25
50
24%
Feb
26
Apr
14
14%
650
13%
Jan
35
35
35
Apr
15%
37%
8%
Mar
4%
Apr
5%
Feb
"14"
"~7%
200
5%
4
100
3%
Jan
Mar
50
4%
5%
1,500
4%
4%
Feb
6%
Jan
6%
4,250
3%
Feb
7
Apr
%
Apr
3%
12%
5
Apr
11
11
250
10%
13
Jan
Montgomery Ward
19%
15%
50
19%
14%
Apr
23
Jan
Feb
16
Mar
Muskegon Mot Spec cl A_*
Natl Cylinder Gas com
1
27
19%
15%
27%
27
Apr
36%
Jan
National Standard
90%
91
40
90%
Apr
94
Jan
Noblltt-Sparks Ind cap__5
950
156%
Apr
168%
Jan
North American Car oom20
6
1,600
4%
Apr
5%
Jan
Northern Paper Mills com *
Jan
2%
35%
Jan
Apr
Jan
Northwest Bancorp com
North West Utll—
3%
Jan
Armour & Co common
6
"4%
Asbestos Mfg Co com
1
Associates Invest Co com.*
1%
29
Athey Truss Wheel cap...4
3
"2%
For footnotes see page 2531.
29
30
600
150
1%
29
2%
%
Automatic Washer com..3
Aviation Corp (Del)
156% 160
4%
4%
1%
1%
2%
%
150
2%
Apr
200
%
Apr
3%
1,900
%
2%
Jan
2%
Apr
5%
Jan
7% preferred
7% prior lien
Omnibus Corp com
8%
.10
6
100
%
Feb
100
3
Jan
240
10
Jan
14%
Mar
5
100
5
Apr
25%
150
6%
27%
Jan
Jan
1%
50
1%
39%
27%
Feb
Jan
Jan
25%
Apr
5
Feb
"25"
""16%
59%
25%
1%
33%
24%
8%
27%
35
500
33%
Apr
24%
9%
27%
10
24%
Mar
100
8%
Apr
11
150
27%
Apr
32
25
25%
390
25
Apr
32%
6
200
Jan
8
Mar
11
100
5%
10%
Jan
12
Jan
10
10%
300
10
Apr
14
Jan
10%
.*
...100
100
%
3%
13%
11
*
*
Jan
6
Apr
Feb
*90%
Jan
5%
2%
American Pub Serv preflOO
Amer Tel <fc Tel Co cap. 100
Jan
4%
%
Jan
Jan
Mar
6
11%
com
50
7%
100
105
100
1
7%
3%
200
Allls-Chalmers Mfg. Co..»
9%
5%
100
com
Jan
1%
2%
50
100
Jan
14%
11%
15%
20
Feb
1%
2%
..10
26
7%
11%
Common
Jan
5%
Aetna Ball Bear Mfg com.l
Allied Products class A. .25
Jan
Jan
5%
25%
Advanced Alum Castlngs.6
Allied Laboratories com..*
%
1
9%
14%
*
100
101
1%
1
6% preferred A
7% prior lien
10
Jan
6%
9%
14%
Miller A Hart conv of.. 24
Jan
Apr
7%
Miokelberry's Fd Pr com.l
Middle West Corp cap
5
Midland United conv pf A*
Midland Utll—
High
Apr
%
19
McQuay-Norrls Mfg com.*
.
Friday
%
50
46%
1
25%
5%
*
Marshall
Chicago Stock Exchange
to
800
1
*
com
Mapes Consol Mfg cap
Field
%
""%
Lion Oil Refining Co cap.*
Liquid Carbonic com
*
Mar
Mar
150
5
Lincoln Printing Co com.*
$3.50 preferred
*
Boston A Maine RR—
47% 48
102% 102%
48
10%
50
10%
Mar
13
59%
59%
30
54%
Feb
6%
6%
10
6%
Apr
1
Jan
63
10
Jan
Jan
Jan
Jan
Feb
Jan
Volume
The Commercial & Financial Chronicle
152
Friday
Sales
Last
Stocks (Concluded)
Par
Week's Range
of Prices
Friday
for
Sale
Week
Price
Low
Parker Pen Co (The) comlO
Penn Gas & Elec A com..*
11
Range Since Jan. 1, 1941
Low
117*
150
5*
11
5*
60
237*
24
737
22
407*
347
367*
Jan
110
Perfect Circle
(The) Co..*
Poor & Co class B
24
*
Pressed 8teel Car
1
com
57*
9%
Process Corp (The) com..*
Quaker Oats Co common.*
~80~
Preferred
29*
30
2%
Apr
77*
Apr
30
Jan
357*
Jan
Reliance Electric
57*
5
Apr
67*
Jan
c
17*
650
15*
Apr
2
Jan
13
277*
287*
821
127*
257*
Mar
5*
67*
X
500
5*
Jan
Jan
Weinberger Drug Stores.. *
Apr
197*
245*
Jan
White Motor
Feb
40
45*
Mar
105*
400
10
564
Mar
Apr
12
705*
_.5
Feb
105*
Apr
17
Jan
597*
Apr
2,250
507*
Apr
695*
705*
"lX
Convertible preferred..7
Westn Union Teleg cm. 100
17*
197*
197*
Walgreen Co
*
com
Jan
New
Mar
1
Jan
Detroit Stock
*16
Mar
700
17*
Feb
7*
17*
197*
Apr
225*
27
19
Feb
227*
5
905*
Feb
1047*
100
57*
Feb
7
Williams Oll-O-Matic
2
27*
300
1
Jan
49*
900
37*
Apr
37*
55*
47*
500
47*
Apr
5
657*
Mar
2
47*
237*
677*
Wrlgley (Wm Jr) Co cap.*
Yates-Amer Mach cap
5
Zenith Radio Corp com..*
4
14
69
200
47*
145*
14
Cincinnati Stock
Friday
450
Champ Paper & Fiber
Churngold.
795*
57*
Cincl Gas & Elec pref.. 100
Cincinnati Street—
50
Cincinnati Telephone
Crosley
Dow
103X
17 X
Apr
25
3
73
Gibson Art
1
292
Feb
27*
Apr
1077*
Feb
4
Jan
99
Jan
103?*
Jan
305
3
94
Apr
Apr
57*
55*
2
650
Jan
47*
30
2
Mar
Jan
8X
450
75*
Apr
105*
20 5*
20%
27X
20 X
15
207*
Apr
23
277*
195
29
*
*
1
12
Kahn
OH
*
100
105
*
preferred
Mar
7*
Feb
17*
Jan
Jan
67*
Mar
15
57*
137*
Feb
42
1027*
Jan
558
247*
197*
707*
Feb
30
Feb
22
Apr
727*
Apr
*
58
Jan
Jan
37*
197*
Apr
22
90
707*
50
637*
53 A
257*
217*
707*
*
P&G
267*
18
25
Lunkenhelmer
547*
37*
197*
591
...»
27*
50
19 H
Mar
100
1
OH
ex
137*
13X
104?* 105
25
Kroger
US Printing
Preferred
Jan
67*
27*
Mar
*
1st preferred
Jan
Jan
70
3X
Jan
4
7%
.
535
515*
17*
Feb
199
15
Feb
Jan
Feb
137*
105
Apr
Jan
Jan
Apr
Unlisted—
American Rolling Mill..25
City Ice
Columbia
.
.
_
_
137*
3
Gas
50
14
9
*
.
3J*
117*
51
97*
27*
387*
Mar
Apr
5
Jan
57*
87*
127*
Apr
Apr
Feb
7
Jan
87*
125
135
100
Jan
Apr
Feb
Apr
Apr
Apr
Apr
Apr
Mar
Jan
Jan
Jan
34
Jan
97*
Jan
70?*
Jan
Jan
67*
107*
Jan
175*
Jan
New York Curb Associate
Chicago Stock Exchange
Feb
Apr
Apr
9
522
27*
DETROIT
Exchange
Sales
Last
Stocks—
Par
Week's Range
for
Sale
of Prices
Week
Price
Low
Atlas Drop Forge com
Auto City Brew com
1
com
*»
Jan
M
-
67*
920
18c
100
57*
197*
597
55*
Feb
197*
473
197*
Apr
82c
82c
120
75c
Jan
97c
342
440
77*
157*
Feb
157*
87*
157*
Apr
85*
167*
Feb
66c
75c
200
60c
Mar
80c
Mar
3
—
3
m
65*
m «.
mm m
m
8
mmmmmm
157*
mmmmmm
Continental Motors com__l
3
6
Feb
27*
Jan
57*
Jan
69*
Jan
17c
Feb
20c
Jan
Jan
67*
24
Jan
Mar
Jan
325
3
Feb
4
1
1
1,000
1
Apr
17*
Mar
10
83c
80c
85c
2,410
68c
Jan
94c
Mar
(new). 100
Det-Michlgan Stove com.l
217*
27*
217*
227*
2,994
27*
167*
680
215*
19*
Apr
27*
165*
Jan
27*
Apr
300
155*
Apr
177*
Jan
17
17
100
17
Apr
21
Jan
Apr
29
Mar
Apr
14
Jan
Crowley Milnercom
*
Det & Cleve N av com
mm
Det Edison com
mm
Detroit Steel Corp com
Detroit Steel Prod
com
.
.
mmmmmm
Durham Mfg com
1
Ex-Cell-O Corp com
Federal Mogul com
3
117*
com *
1
com
257*
100
117*
27*
416
117*
4
Apr
45*
Mar
154
65*
Apr
8
Mar
mmmmmm
2
100
2
Mar
27*
407*
1,900
397*
Apr
487*
Jan
27*
700
27*
Mar
Jan
11
Feb
27*
137*
Apr
47*
Apr
45c
Jan
Mar
15*
Apr
37*
35c
150
11
37*
1
50c
37*
310
37*
35c
40c
800
35c
17*
17*
100
1
1,300
Jan
Jan
Jan
50c
50c
46c
Feb
60c
Jan
4
4
150
4
Apr
5
Jan
15*
Lakey Fdry & Mach com.l
17*
550
19*
17*
Feb
2
Jan
2
1
2
397*
.27*
11
11
*
com—1
Masco Screw Prod com
Jan
250
Kingston Products com—1
Jan
Jan
Jan
27*
227*
4
mmmmmm
LaSalle Wines com
Apr
67*
10
Feb
Apr
Jan
4
Apr
17*
19
Jan
15*
4
Hudson Motor Car com..*
Hurd Lock & Mfg
100
27*
215
Apr
67*
....
Houdaille-Hershey B
100
2
19
17*
19
23
4
1
General Motors com
257*
17*
257*
Jan
67*
10
General Finance com
Goebel Brewing com
100
17*
mmmmmm
Gar Wood Ind com (new) .1
Preferred
17*
117*
27*
mmmmmm'
Frankenmuth Brew com..l
Fruebauf Trailer
17*
mmmmmm
*
Federal Motor Truck
Kinsel Drug com
157*
107*
47*
487*
m
1
1
High
2
1
com
Low
100
18c
5
com
Range Since Jan. I, 1941
Shares
27*
67*
Briggs Mfg com
Brown McLaren
High
27*
Consolidated Paper com .10
Mar
207*
207*
Feb
7%
Prior preferred
507*
4?*
37*
100
Friday
Consumers Steel
..10
Hatfield
258
225
Detroit Stock
Burroughs Add Machine.*
High
Feb
167*
177*
37*
17*
95
2
*
67*
37*
57*
Allen Electric com
Low
100
5%
Formica Insulation
Mead
20
94
Corp..
Eagle-Plcher
Shares
3%
IX
IX
103 X 104«*
50
Drug
High
197*
Cincinnati Ball Crank...5
50
al27* al37*
Jan
155*
Range Since Jan. 1, 1941
17 X
3%
3 5*
*
252
65
1,528
Building
Jan
Feb
125*
Week
*
317*
17*
167*
225*
357*
?*
157*
167*
307*
277*
Apr. 12 to Apr. 18, both inclusive, compiled from official sales lists
Baldwin Mubber
for
of Prices
Amer Laundry Mach...20
Mar
26
54
Jan
Sales
Week's Range
Low
Jan
Telephone: Randolph 5530
Jan
Jan
Exchange
Sale
Price
27*
Jan
Feb
4
1,700
Last
Par
Jan
Mar
118
Exchange
Ford
Mar
Apr. 12 to Apr. 18, both inclusive, compiled from official sales lists
Stocks—
235*
15*
Jan
207*
67*
4 7*
167*
Mar
365
317*
17*
157*
Exchange
Jan
905*
45*
Stock
Jan
506
67*
Wisconsin Bankshrs com.*
York
Jan
17*
195*
••
905*
Woodall Industries cap
Jan
155
9
Members
130
Westnghs El A Mfg com.50
*
36 7*
WATLING, LERCHEN fit CO.
Jan
Feb
Wieboldt Stores Inc com.*
com
Jan
Apr
Apr
87*
50
5*
500
Jan
387*
7
31
35*
57*
57*
Jan
ht
Jan
Jan
615*
750
Apr
Apr
Jan
7
117
28
Jan
207*
17*
Jan
67*
220
99
Jan
Jan
207*
175*
Feb
Utility A Ind Corp—
Common
*
com
*
345*
""H
1
U S Steel
Feb
1
45
a277* 0285*
07 X
a67*
a507* 0527*
57*
57*
*
100
50 X
a277*
067*
O507*
Mar
236
al77* al8
325*
305*
1
364
627*
647*
105*
115*
597*
597*
507*
537*
1197* 1205*
7*
7*
1
Van Dom Iron Works
1,600
OVA
*
Twin Coach
Vlchek Tool
5
10
Thompson Prod Inc
Upson-Walton
217*
10
30?*
Jan
377*
5
29
197
Jan
0.17 X
Apr
367*
300
*
17
26
2
17*
Apr
47*
38
100
31
29
*
c
35
Jan
195*
Jan
100
0167* al67*
36
207*
'
Mar
77*
Apr
18
20
com
7*
85*
Jan
Jan
Mar
195*
157*
com
41
Jan
2
Apr
117*
437*
Mar
0297*
87*
47*
26
157*
37*
85*
Jan
Feb
337*
31
Jan
Jan
Feb
75
1
Jan
145*
207*
487*
1065*
Feb
33
5
com
27*
227*
75*
260
*
Republic Steel
Richman Bros
Apr
147*
285*
Feb
57*
18
100
Utah Radio Products
65*
150
297*
20 H
25
pref
1,400
29
18
United States Steel com..*
cum
77*
6
57*
Jan
Jan
104
195*
87*
31
..*
Mar
Mar
153
Feb
Apr
Apr
195*
..1
287*
75
.High
Feb
47*
367*
Refining (new).*
297*
"ex
Onion Carb A Carbon cap *
United Air, Lines Tr cap..6
7%
Prior pref 6%
National Tile.
60
2
com
National
630
26
Gypsum Co
National Acme
850
~29X
195*
45*
028
Apr
295*
10
195*
47*
32
417*
a28
27*
317*
50
41
*
Miller Wholesale Drug
*
Monarch Machine Tool--*
5
25
08
1
Jan
Jan
104
«7T*
1
Feb
17*
15
*
Jan
27?*
26
U S
47*
227*
30
15*
Sunstrand Mach T'l com.6
Swift International cap. .16
Swift A Co
Jan
Apr
685*
200
447*
47*
47*
0227* a23
*
97*
785*
13
6
Texas Corp capital
107*
102
297*
Sterling Brewers Inc com.*
Thompson (J R) com
Trane Co (The) com
Metro Paving Brick
Midland Steel Prod
197*
27*
30
Medusa Fortland Cement *
50
923
86
...»
5
26
com
Feb
Apr
100
77*
27*
Standard Dredging com_.l
Preferred
20
Storkline Furn
McKee (A G) B
31
2
Stewart Warner
Lamson A Sessions
Feb
197*
447*
19
36
Jan
Feb
Feb'
Low
104
17
a
*
17*
Apr
Range Since Jan. 1, 1941
Shares
117*
167*
*
2
297*
Sou Bend Lathe Wka cap.6
Standard Oil of Ind
Jaeger Machine
Interlake Steamship
High
all?* al27*
017
al75*
447* 447*
_.*
Industrial Rayon com..*
Interlake Iron com
*
Jan
95*
70
Low
pref *
Jan
5*
1
1017*
08 X
common
Jan
20
77*
68*4
27*
Spiegel Inc
Mar
300
197*
"~7~X
1
3
105
3
Schwitzer Cummins cap__l
Serrick Corp cl B com
Feb
102
Sears Roebuck & Co cap..*
Slgnode Steel Strap—
Preferred
c
1
10
27*
*
com
200
10
102
100
c
Jan
Mar
15*
80
200
17*
10
Rollins Hosiery Mills com 4
Sangamo Elec Co
1
17*
Jan
Feb
Week
Cooperage A..*
Jan
Apr
100
Greif Bros
8
27
Apr
57*
97*
290
Goodyear Tire A Rubber.*
13
237*
25*
Feb
Apr
Mar
for
of Prices
*
Hanna (M A) $5 cum
Harbauer Co
50
815*
1
50c
Reliance Mfg Co com...10
Apr
800
57*
10
80
Raytheon Mfg Co 6% pf.5
Common
24
57*
95*
25*
5*
Week's Range
Price
Par
Goodrich (BF)
435*
Feb
387*
237*
{Concluded)
Jan
137*
7*
257*
Apr
Peoples G Lt&Coke cap 100
RR capital
Stocks
High
100
Penn
Sales
Last
Sale
Shares
High
2529
10
387*
405*
485
387*
Apr
Jan
17*
100
1
21c
20c
21c
2,000
16c
Jan
25c
Mich Steel Tube com..27*
General Motors
67*
57*
57*
200
57*
Apr
67*
Jan
88c
88c
200
60c
Jan
1.25
Mar
17*
17*
87*
157*
17*
Mar
240
57*
360
...
McClanahan Oil com
Michigan Sugar com
*
Mid-West Abrasive com50c
Ohio Listed and Unlisted Securities
mmmmmm
IX
Motor Products com
*
mmmmmm
Motor Wheel
com
5
m
Murray Corp
com
10
Mich Die Casting
57*
19*
Packard Motor Car com-.*
Members Cleveland Stock Exchange
27*
Parke Davis
mm'm
Parker-Wolverine
27*
com...*
Union Commerco Bidding, Cleveland
*
1
com
Reo Motor com
5
Rickel (H W) com
A. T. & T. CLEV. 665 & 566
187*
*-
2
River Raison Paper com
.
.
*
Sales
Stocks—
Par
for
of Prices
Addressograph-Mul com 10
Week
Price
Akron Brass Mfg
Amer Coach A
c
a 137*
Low
High
Amer Home Prod com__l
*
Preferred
.100
Brewing Corp of Amer...3
City Ice A Fuel
37*
Range Since Jan. 1,1941
Shares
Ci Cliffs Iron pref.
Cl Elec HI $4.50 pref
*
Cl Graphite Bronze
com
Low
1
High
Walker & Co cl A
Colonial Finance
c
General Elec
see
*
page
35*
87*
Mar
47*
107*
Feb
Jan
1007*
Jan
200
237
99
52
16
2
78
110
18
95
157*
727*
Jan
Feb
110
Feb
267*
25
Apr
28
147
265*
Feb
125*
125*
137*
841
125*
117*
55
117*
""87*
117*
87*
Apr
Apr
87*
a30T*
30
37
77*
297*
61
50
222
30
a30
o30
50
o30
2531.
a30
51
a31T*
11
Jan
Jan
Jan
17*
Jan
Apr
7
Feb
Feb
17*
Jan
75c
Apr
1.25
2
Apr
25*
Jan
17*
Feb
19*
Jan
37*
17*
15*
37*
27*
340
Mar
47*
Jan
2,000
Mar
400
Mar
27*
17*
Apr
15*
37*
19*
17*
55c
55c
150
50c
Jan
66c
Feb
37*
37*
400
3
Feb
47*
Jan
mmmmmm
47*
49*
Jan
5
Jan
8
47*
87*
100
mmmmmm
400
8
Apr
10
Jan
1
1
600
1
Jan
28
28
100
28
2
mmmmmm
Apr
Jan
Jan
17*
Jan
28
Apr
Mar
37*
1
Feb
17*
Jan
700
2
Jan
3
Feb
Wolverine Brewing com._l
12c
12c
100
10c
Feb
13c
Feb
Wolverine Tube
47*
47*
215
Jan
Apr
Feb
87*
17*
65*
17*
Jan
1
com
mmrnmmm■
17*
27*
29*
Apr
Jan
265*
1
com
For footnotes
Jan
Jan
182
Jan
127*
127*
209*
1,225
Wayne Screw Prod com..4
51
Feb
17*
27*
Apr
Feb
Feb
37*
67*
97*
Apr
Apr
Feb
Apr
Jan
17*
27*
Jan
85*
87*
Apr
29*
259*
177*
Apr
37*
Warner Aircraft
467*
Jan
100
*
*
Jan
177*
87*
17*
37*
307*
230
mmmmmm
1
320
Jan
11
Apr
657
1
*
505
17*
15*
Apr
157*
55*
15*
75c
mmmmmm
*
300
67*
Jan
27*
17*
17*
mmmmmm
United Specialties
Universal Cooler cl B
17*
169
8
Mar
15*
75c
1
Jan
Mar
87*
17*
65*
17*
495
Jan
2
1
157*
28
__5
Commercial Bookbinding. ♦
Eaton Mfg
*
Elect Controller
*
8
150
27*
Tom Moore Dist com
Apr
3
6
a9
1117* 1117*
137*
47*
614
157*
1117*
100
Cliffs Corp com
100
76
*
Cleveland Ry
392
98
100
1
c
37*
84
a87*
*
Preferred
Clark Controller
6
87*
87*
a477* a475*
9
87*
87*
87*
5
Apex Elec Mfg
137* al35*
6
50c
Body
a
185*
87*
1
Class B
c
187*
mmmmmm
1
United Shirt Dist com
Week's Range
Sale
481
rnmmmmm
Udylite...
Last
1,200
mmmmmrn
Tivoll Brewing com
Exchange
100
17*
27*
mmmmmm
StdTube clBcom
Apr. 12 to Apr. 18, both inclusive, compiled from official sales lists
350
277*
«
Sheller Mfg com
Friday
57*
15*
27*
Peninsular Mtl Prod com.l
Pfeiffer Brewing com
Cleveland Stock
87*
157*
27
Prudential Invest
Telephone: OHerry 6050
mm
com
Parker Must-Proof com
GILLISI <1 RUSSELL co.
17*
mmmmmm
25
Jan
2
com
Mar
49*
49*
Mar
Jan
Los Angeles Stock
Exchange
Apr. 12 to Apr. 18, both inclusive, compiled from official sales lists
17
Jan
Friday
797*
Apr
Last
Week'8 Range
for
Jan
Sale
of Prices
Week
114
337*
327*
175*
13
"
9
Jan
Stocks—
Par
Price
Sales
Low
High
Range Since Jan. 1,1941
Shares
Low
High
Mar
Jan
Aircraft Accessories
Jan
Bandinl Petroleum Co...l
Feb
50c
Feb
367*
Jan
Barker Bros Corp com
Blue Diamond Corp
Apr
Apr
58
Jan
Bolsa-Chica Oil cl A
357*
Jan
Class B
com
com
*
15*
25*
o67*
15*
25*
067*
15*
1,490
17*
25*
645
27*
o67*
24
Mar
Jan
27*
35*
Jan
Jan
7
Feb
7
Feb
200
17*
Jan
Feb
Jan
Jan
27*
19*
Feb
75c
Apr
2
10
2
9
9
15*
17*
15*
1,125
17*
10
75c
75c
75c
160
60c
The Commercial & Financial Chronicle
2530
April 19,
Sales
Friday
Range Since Jan. 1, 1941
Last
Par
California Securities
Chrysler Corp-
Established
.
Shares
Price
*
32
Prior preferred
STOCKS—BONDS
MEMBER
Telephone VAndlke 1071
Los Angeles Stock Exchange
Bell
System Teletype LA
(n y) com
Range Since Jan. 1, 1941
Sale
Stocks (Continued)
High
Low
Low
Shares
High
Jan
4X
095*
4?*
a95*
875
3%
Apr
6X
37
10'*
Mar
11X
Jan
11
11
135
9?*
Jan
11?*
Apr
68?*
Mar
6?*
Apr
a57?*
5%
.6
*
a57?* aGO
5?*
5?*
63
175
Mar
5?*
335
Feb
Consolidated Steel Corp..*
6
6
6
225
Feb
8
Jan
*
Electrical Products Corp.4
Exeter Oil Co cl A com.-.l
19
19
19
800
17
Feb
20?*
Jan
9
9
9
820
9
Feb
9*4
Jan
ol7c
al7c
al7c
500
19c
Mar
25c
Feb
.10
39?*
39?*
40
1,118
6
140
Preferred
General
Motor* com
.
6
General Paint Corp com..'"
6
Gladding McBean & Co..*
Goodyear Tire A Rubber •
Hancock Oil Co cl A com.*
al7X
6?*
30 X
50c
Holly Development Co.-.l
Lane-Wells Co
1
6?*
6?*
al7?* 017?*
30?*
30?*
50c
*
4?*
Pacific Finance Corp com 10
10?*
26?*
Pacific Gas a Elec com..25
.2
10
033?*
*
035?*
Republic Petroleum com 1
6?*% preferred
60
1.25
6% 1st pref
Co
Pacific Lighting com
9?*
Apr
10?*
20o
Jan
46c
30?*
Apr
34?*
Apr
48?*
31?*
Jan
2?*
2?*
600
Apr
Feb
3?*
Feb
2?*
2?*
300
1?*
Jan
3
Apr
63*
6?*
Feb
8?*
28
Apr
2,725
1?*
Feb
2?*
Mar
5c
5c
3,000
5c
Apr
7c
Apr
4?*
ion
Apr
4?*
Feb
616
Feb
U?*
Jan
283
26
Feb
28?*
Jan
33?*
Feb
34 3*
Apr
39
Apr
40?*
Mar
035?*
1.25
211
353*
Apr
40
1.35
960
1.25
Apr
10
30
oc
is?
10
3
215
100
39
035
3
Jan
30
Jan
Feb
Jan
103*
10?*
Feb
3
100
a35?* a35?*
Jan
93*
1,571
33*
1?*
7?*
Apr
4?*
Jan
30
66
OC
10
Jan
1,450
Feb
25
Safeway Stores Inc.
*
Security Co units ben Int..*
035?*
32
32
32
100
303*
Feb
38
Jan
Signal Oil & Gas Co clA..*
Solar Aircraft Co
1
26?*
2?*
26
26?*
258
25?*
Feb
26?*
Apr
2?*
2?*
100
23*
So Calif Edison Co Ltd..26
24?*
24?*
1,459
25
6?*% pref cl C
25
6% pref cl A 25
29?*
28?*
32?*
24?*
29?*
283*
29?*
910
28?*
32?*
33
6% pref B
So Calif Gas
Southern
10
*
Pacific Co
Standard Oil Co of Calif..*
Sunray Oil Corp
Superior Oil Co (The).
1
2
028?*
4?*
25
13?*
1X
1
.
4?*
.25
Transamerica Corp
Onion Oil of Calif
Vega Airplane Go
Vultee Aircraft Inc
Mining
19?*
1?*
4?*
95*
19?*
1?*
Apr
4
Jan
24 3*
Apr
28
Jan
29?*
28?*
Apr
324
32?*
Apr
30?*
293*
34?*
Mar
511
Jan
11?*
Apr
21?*
1?*
Apr
Mar
1,615
Feb
10?*
20
2,251
83*
18
Feb
1?*
200
IX
Jan
a28?* a28?*
4?*
4?*
13}*
13?*
4?*
6?*
4?*
5?*
27?*
Jan
Feb
5?*
Jan
14?*
Jan
Feb
4?*
13
915
Jan
Jan
25
15
1,446
Jan
750
4?*
Apr
8?*
Jan
435
4?*
Apr
sx
2%
115 h
30?*
Scott Paper
*
25
2,606
2
Jan
7?*
2?*
Mar
1,791
22
Feb
25?*
Apr
55
170?*
Feb
30
113?*
Apr
Apr
182?*
115?* 116?*
31
30?*
118
Jan
497
Mar
31?*
10?*
50
25?*
It?*
Apr
12?*
Jan
1
Feb
Feb
15?*
25?*
Apr
Apr
Apr
14?*
10
25?*
50
37?*
37?*
128
33?*
51?*
51?*
83
51?*
Jan
38?*
100
hu
Mar
Feb
58?*
Hi
ht
Mar
*i«
210
'u
Mar
hi
Feb
H
525
llie
Mar
IX
Jan
619
20?*
Apr
30?*
Jan
26,019
6?*
Apr
10?*
303
Apr
117?*
32
110?*
11?*
Jan
19
Apr
90
13?*
Jan
19?*
Apr
"w
20
*
73*
*
Preferred.
110 H
10
Westmoreland Tnc
Jan
ht
.
United Gas Imp com
?*
23?*
Hi
51?*
10c
Transit Invest Corp pf._25
uni ted Corp com
*
*
Mar
6?*
23
Tonopah Belmont
Preferred
Jan
2?*
24?*
170?* 170?*
J*
10?*
14?*
25?*
*
Sun Oil
523
31?*
20
22
8?*
6?*
110?* 111?*
13?*
13?*
Jan
Jan
19
.20
Westmoreland Coal
19
Jan
Pittsburgh Stock Exchange
Apr. 12 to Apr. 18, both inclusive,
compiled from official sales lists
Sales
Friday
Range Since Jan. 1,1941
Last
Par
for
Sale
Stocks—
Week's Range
of Prices
Week
Price
Low
High
High
Low
Shares
25
10?*
Jan
8?*
Feb
11?*
Jan
5?*
Apr
7?*
Jan
3
Apr
18?*
18?*
19?*
321
6?*
7?*
580
*
8?*
6?*
6?*
8?*
6?*
18?*
6?*
8?*
50
6?*
100
Byers (a m) Co com
Clark (d l) Candy Co...*
Columbia Gas & Elec Co.*
5
Copperweld Steel
10
Devonian Oil Co...
3?*
594
13?*
14?*
25
13
3
13?*
13
100
10
261
3
9?*
Duquesne Brewing co—5
Electric Products
*
Apr
175*
Jan
13
Feb
14
Feb
9?*
Apr
12
Jan
75
3
700
1
4?*
Jan
1?*
Jan
17?*
94?*
Apr
Apr
20?*
Mar
85*
5?*
Apr
Mar
10?*
1,676
6
Jan
80c
572
80e
Mar
7H
7?*
120
7?*
Jan
1?*
7?*
Feb
1
1
400
1
Mar
1?*
Jan
Apr
3
15*
Harbison WalkerRef com _*
17?*
17?*
100
94?*
94?*
*
85*
5?*
85*
9
1,337
55*
5?*
80c
Koppers Co pref
Lone Star Gas Co com
10
Natl Fireproofing Corp—*
Natl Radiator Corp.....10
Pittsburgh Brew com
*
"7?*
Preferred.......—...*
"28?*
28?*
Pittsburgh Forgings Co_.l
10?*
80?*
10?*
80?*
Pittsburgh Plate Glass..25
5
Pittsburgh Screw & Bolt..*
Shamrock Oil & Gas com.l
Air Brake
.
.
*
5
1?*
175*
95?*
355
82
Jan
Jan
31?*
Jan
Apr
12?*
Feb
Mar
96?*
Jan
488
5
Apr
7?*
2?*
Jan
3
Jan
Mar
40
Feb
Apr
22?*
Jan
Jan
2?*
Jan
245
60
419
28?*
10?*
2?*
600
37?*
18?*
37?*
170
37
18?*
433
18?*
2?*
18?*
Jan
105
76
29?*
10?*
80?*
5?*
2?*
Vanadium-Alloys Stl Cp._*
Westl nghouse
Jan
Apr
?*
3
1?*
Mt Fuel Supply Co
Jan
5
13?*
..1
Fort Pitt Brewing
.
Jan
Apr
Apr
Allegheny Ludl Stl conv..*
Blaw-Knox Co....—...*
2?*
25
Jan
Unlisted—
1
Pennroad Corp vtc
Jan
-
Jan
1
3c
3c
3c
Apr
5c
Cons Chollar G & S Mng.l
1.50
1.25
1.50
300
1.10
Apr
1.50
Feb
1
3c
3c
3c
1,000
2?*C
Mar
3c
Mar
Amer Smelting & Refg
Amer Tel A Pel Co. ..100
036?*
a36?* o37
158
Cardinal Gold Mining
Zenda Gold
Unlisted
3c
1,500
St. Louis Listed and Unlisted Securities
—
83
158
158
656
157 X
Jan
23
23
23
477
27?*
Jan
25?*
25
Jan
Atlantic Refg Co (The) ..25
96
22?*
18?*
21?*
Feb
Atchsn Topk A S Fe RylOO
Feb
26?*
21?*
Apr
Feb
134
2?*
Apr
4?*
18?*
Jan
Mar
Anaconda Copper..
...60
635
Aviation Corp (The) (Del)3
023?*
2?*
255*
a223* a23?*
2?*
2?*
Baldwin Loco Wks
al3?*
al3?* ai3?*
30
a33
a33
a69?*
16?*
a693* a70X
163*
16?*
03?*
a8?*
a46?* 046?*
v t c._.
5
Bendlx Aviation Corp
Bethlehem Steel Corp....*
Borg-Warner Corp
6
Canadian Pacific Ry....25
Case (J I)
a3?*
a46?*
100
Columbia Gas A Elec
*
*
a40?*
a3?*
Commercial Solvents
*
a9?*
Continental Oil Co (Del) .5
019?*
Caterpillar Tractor Co
1
Curtis-Wright Corp.
Class A
*
25
—-.3
Jan
1?*
10
1
Apr
7
4?*
4?*
10?*
10?*
26?*
26?*
a333* 033?*
2%
6 ?*
Mar
20
Jan
Jan
39?*
Jan
Jan
30
30
Roberts Public Markets..2
A frmuti'al Co
Feb
53*
39
39
Rlctifleld Oil Corp com...*
Ryan
57 ?*c
405
Feb
29?*
2?*
Reading rr
..50
1st pref...^..—^--50
Feb
Mar
300
540
5c
Pacific Indemnity
33?*
: 63*
1?*
1?*
Clay Products
Apr
50c
21
Menasco Mfg
Pacific
303*
12,405
34 X
142
23 x
pref
Jan
160
36c
6?*
Co
1934
50c
Jan
Jan
46
32
Mar
Feb
9?*
6?*
Nordon Corp Ltd
73*
Feb
183*
30c
Los Angeles Investment.
10
_._.l
1
63*
5?*
10
9?*
20
Jan
Feb
104
100
20
47?*
Feb
30c
Lockheed Aircraft Corp.. 1
39?* Apr
6
9?*
Lincoln Petroleum Co._10c
5?*
71X
IX
1,746
Phil Electric of Pa $5 pref.
Phil Elec Pow
Apr
Feb
41
*
Philco Corp
11
*
100
Chrysler Corp
Consolidated Oil Corp
Week
4?*
a9%
Broadway Dept Store..—*
Byron Jackson Co..
of Prices
Price
Par
Central Investment
for
58?*
1?*
31?*
29?*
30 X
c._—1
50
Pennsylvania rr
Week's Range
220
39 j*
Penn Salt ManufacturingoO
Last
556
1?*
29 k
Natl Power & Light
Sale*
60?*
29?*
-
Lehigh Valley
Pennroad Corp v t
Friday
7X
*
*
50
.
Lehigh Coal & Nav
23-24
Jan
Feb
"393*
General Motors
h orn & Ha rd
31X
High
Low
5?*
5?*
10
Electric Storage Battery 100
Street, Los Angeles
639 South Spring
Week
325
5X
1X
5H
-
Curtis Pub Co com
1921
for
of Prices
Low
High
58?*
*
Budd Wheel Co
Akin-Lambert Company
Week's Range
Sale
Stocks (Concluded)
1941
7X
a33?*
a40?* a40X
9?*
Jan
Feb
Friday
32?*
Feb
T*
Jan
Last
Week's Range
for
35?*
Mar
36?*
Mar
Sale
Week
X
100
X
Apr
X
Apr
of Prices
Low
High
70
a 32
a32
a 30
McKesson & Robblns
5
a2?*
Montgomery Ward A Co *
032?*
X
50
a23?*
*
all?*
Radio Corp of America
•
4
4
Socony-Vacuum Oil Co..15
o69?*
8?*
Standard Brands Inc.....*
a5?*
Standard OH Co (N J)...25
034?*
•
Studebaker Corp
Swift & Co
25
21?*
Texas Corp (The)
26
037?*
Tide Water Assoc Oil...10
a5?*
1
Feb
26
34
"~2X" Jan
80
~"~2~X
Mar
275
33?*
30?*
Mar
33 X
Feb
Feb
32 X
Feb
Feb
39
Jan
nx
12?*
al2?* al3
Pure Oil Co
Sears Roebuck A Co
26
o2)*
a2?*
a3J*
032?* a34X
2X
2X
al3?*
a7?*
a25*
all?*
a23?*
all?*
al7?*
95
032?*
a30?*
al?*
a30
Republic Steel Corp.....*
Exchange
50
*
RR...
St. Louis btock
255
a36
Loew's Inc
Pennsylvania
43*
145
Kennecott Copper Corp..*
Paramount Pictures Inc._l
Apr
593
Jan
Feb
3?*
a.t.t. Teletype stl
Associate
Jan
a25?* o26?*
a25*
all?*
43
Jan
a25?*
alX
Packard Motor Car Co...*
Mar
11
Intl Nickel Co of Canada.*
a7?*
43
20?*
International Tel & Tel...*
al3?*
New York Curb Exchange
Feb
X
013
Apr
Mar
17?*
7?*
Motors...1
*
3?*
66
a30?* a31?*
»
4?*
8
13
CEntral 7600
Postal Long Distance
al9?* al9?*
7?*
7?*
0253* a26
a36
North American Co..
Mar
Chicago Stock Exch.
Chicago Board of Trade
Associate Member Chicago Mercantile Exchange
Jan
o36
Ohio Oil Co
St. Louis Stock Exchange
Apr
11
a30?*
No American Aviation... 1
Jan
18?*
95
a25?*
12?*
35?*
83?*
Apr
25
•
2?*
Phone
Jan
Mar
16?*
70
ST. LOUIS
Members
New York Stock Exchange
76
a3?*
l
Mountain City Copper..5c
New York Central RR...*
.
205
a9?*
*
X
Established 1922
Boatmen's Bank Building,
Jan
a3
General Electric Co
Graham-Paige
Edward d. Jones & Co.
35
195
92
Feb
Apr
09?*
General Foods Corp..
_
14
158
53
230
3?*
500
2?*
Apr
508
11?*
Apr
15
17?*
17?*
Jan
Jan
88
13 3*
Feb
85
14?*
Apr
a7?*
90
6?*
Feb
8
Apr
a2?*
45
Mar
3
Jan
all?*
a23?*
50
2?*
10?*
Feb
11?*
Jan
165
22?*
Feb
24?*
Mar
all?*
13
7?*
Mar
8?*
Jan
Feb
4X
Jan
Feb
22 X
Jan
Jan
452
al7?* ol8?*
069?* a703*
83*
8?*
a5?*
a6
a343* a35?*
18?*
124
72
72X
Apr
8?*
Apr
94
Jan
6
Feb
6X
Jan
198
34
JaD
35 X
Jan
Mar
8X
Jan
120
Union Carbide A Carbon.*
alO?*
a623* a63?*
o 10?* alO?*
United Aircraft Corp
6
United Corp (The) (Del).*
a34?*
a34?* o35?*
Jan
135
20?*
21?*
a36?* 037?*
United Air Lines Trans...5
Jan
166
20
95*
063?*
4
229
o53*
95*
37
al3?*
4
o5?*
73
94
6?*
Feb
Apr
23
Jan
37
Jan
Mar
10
Jan
20?*
37
93*
95*
100
60
64 J*
Feb
66
100
13?*
Feb
13?*
Feb
110
36?*
Feb
Mar
363*
Feb
X
X
X
100
X
Apr
10
22?*
22?*
22?*
200
213*
Feb
24
Apr
•
60?*
50?*
547
603*
Apr
68?*
Jan
Warner Bros Pictures Inc 5
3?*
865
2H
Feb
3?*
Apr
Willys-Overland Motors.. 1
al?*
3?*
al?*
61?*
3?*
al?*
14
1?*
Mar
1?*
Apr. 12 to Apr. 18, both inclusive,
Par
Stocks—
1
American inv com
50
5% pref
Price
12X
48
High
Low
12?*
•79
12)*
48
72
48
30?*
36
Mar
Jan
13?*
Apr
50
Feb
Mar
Mar
30
30
27
55
29?*
26?*
Jan
26?*
Apr
28
24?*
24?*
100
24?*
Apr
27
Jan
5
10?*
10?*
100
20
Feb
*
Columbia Brew com
Dr Pepper com
13?*
2?*
6?*
13?*
2?*
65*
100
13
Feb
12?*
15?*
Feb
20
21
49?*
49?*
Emerson Elec com......4
1
Falstaff Brew com
Griesedieck-West Br com.*
2?*
6?*
20
Hussmann-Llg pf ser *36.50
35
Hyde Park Brew com—10
Hydraulic Pr Brick pref 100
International Shoe com—*
Feb
4
Jan
7X
Jan
Apr
25
Jan
3
50
Feb
50
Feb
35
Apr
38
Mar
10
Mar
1.00
1.00
405
1.00
Apr
1.10
27?*
29?*
490
27?*
Apr
31?*
36
50
36
Apr
38
Jan
100
1
100
Apr
100
Apr
14
14
105
13?*
16
16
100
13?*
19
30
Feb
6?*
100
600
4?*
114
75c
Feb
Apr
Mar
Mar
5?*
Apr
Jan
114
28
111
Jan
10
1
Apr
1?*
70c
Apr
1.55
1
70c
15
16
22?*
7?*
6
6?*
1
Jan
Jan
6?*
114
75c
Feb
Mar
18
5?*
6?*
...100
.....
Apr
20
19
St Louis Pub Serv com a.l
Scullln Steel warrants
2?*
6?*
30
100
Natl Bearing Metals com.*
*
com.*
35
50
115
Jan
36
1.00
28
McQuay-Norris com
*
Meyer Blanke pref.—100
Midwest PIpg & Sply com *
Mot Port Cement com..25
1st pref
12 x
48
Range Since Jan. 1, 1941
Shares
26?*
Burkart Mfg Co
1
Coca-Cola Bottling com._l
Natl Candy com...
Sales
31
*
Brown Shoe com
Rice-Stix Dry Goods
compiled from official sales lists
200
Apr
Mar
Jan
*
36
36
25
36
Apr
38?*
Jan
Stix Baer & Fuller com..10
9
9
50
9
Apr
9?*
Mar
1.15
Mar
Securities Inv com
Apr
U S Rubber Co
U 8 Steel Corp
...
.
Jan
1?*
Vardaman Shoe com
15
Friday
Last
Sale
*
American Stores
American Tel & Tel
Budd (E G) Mfg
Preferred
Price
Par
Stocks—
Co
10?*
100
*
100
For footnotes see page
""3?*
2531.
1964
Incomes
of Prices
Low
10
High
San
Mar
28
70
55,000
68 ?*
Jan
74
Jan
12?*
1,000
11?*
Jan
12?*
Apr
compiled from official sales lists
Sales
Friday
Last
Stocks—
High
Aircraft Accessories
Par
Week's Range
for
Sale
Low
of Prices
Low
High
Price
60c
1.70
1.70
1.70
Shares
1.60
9X
Feb
11 J*
Apr
156?* 159?*
3?*
33*
1,890
1503*
Mar
Apr
1683*
Jan
ADglo Calif Natl Bank..20
7?*
7?*
7?*
730
Jan
Assoc Ins Fund Inc
10
4X
4?*
43*
450
7
7?*
245
55
10
3?*
55
Mar
5?*
63
Apr
Atlas
Imp Diesel Engine
5
Low
525
249
55
Range Since Jan. 1,1941
Week
10?*
55
Jan
Francisco Stock Exchange
Week
Shares
Apr
24?*
Apr. 12 to Apr. 18, both inclusive,
Range Since Jan. 1,1941
for
1.00
336
12?*
St Louis p Ser 1st 5s__1959
Sales
Week's Range
200
25?*
70
25
Bonds—
Philadelphia Stock Exchange
Apr. 12 to Apr. 18, both inclusive, compiled from official sales lists
1.00
25
1.00
1
Wagner Electric com
High
Mar
2.10
7?*
Apr
9?*
4?*
Mar
5
Jan
6?*
Feb
8
Mar
Jan
Jan
Volume
The Commercial & Financial Chronicle
152
Friday
Sales
Last
(Concluded)
Week's Range
for
Sale
Stocks
of Prices
Low
High
Week
Price
Par
2531
Range Since Jan. 1.1941
Low
Shares
Canadian Markets
High
(Continued from
Bank of California N A..80
Bishop Oil Co.
107
2
1.15
Calamba Sugar com
20
Calif Cotton Mills com. 100
8%
7*4
Calif Ink Co cap
*
Calif Packing Corp com..*
Preferred.-
Apr
Friday
891
17
Feb
Mar
Last
Week's Range
for
51%
Jan
52%
Jan
Sale
of Prices
Week
26
Apr
27%
Jan
17c
Jan
760
13c
Apr
2.65
Apr
25 %
28%
40
28%
Apr
5%
11%
5%
500
5%
11%
Mar
84 %
84%
86
67
100
1,828
326
84%
Stocks (Continued)
Jan
Ventures
28%
Jan
Waite-Amulet
6%
Apx
Jan
Walkers
Jan
Par
Wendigo.
4
Apr
15%
Apr
92
i
Sales
Low
Price
3~20
3.10
3.20
275
♦
1
Preferred
.
21c
22c
6*4
6*4
6%
144
6
Jan
8
Mar
Westons..
*
9*4
4%
864
3%
Jan
6%
Mar
Winnipeg Electric pref. 100
4*4
4*4
265
18
Feb
19%
Apr
Wood-Cadillac
1
42
100
19
42%
225
41
Feb
44%
Jan
Wright Hargreaves
1.15
1.15
315
96*4
1.15
101
Feb
100
Mar
Jan
War Loan
39
General Paint Corp com..*
Gladding McBean & Co..*
15
10
15
Apr
17
Feb
18%
99
20*4
100
40%
39
5%
*
14*4
*
"49c
10
Jan
8
Feb
Jan
26c
Jan
215
10
r
11
Feb
9
Jan
40
4*4
Apr
7*4
Jan
6*4c
6*4c
Mar
9c
Jan
5.50
3,045
5.40
Apr
7.00
Jan
101*4 101*4
81,550
Feb
101*4
98*4
32,900
Feb
99*4
Mar
Feb
98*4
98*4
101
98*4
Toronto Stock Exchange -Curb Section
39
Apr
48 %
500
5
Jan
6%
Feb
8%
8%
Feb
Mar
Friday
Jan
Last
6%
9%
14*4
10
14%
1,316
31
Jan
100
13%
Jan
100
31
Apr
7%
10%
16%
32%
Apr
55c
48c
Feb
1.00
Apr. 12 to Apr. 18, both inclusive, compiled from official sales
Apr
49c
100
49c
85c
400
Jan
Mar
Sales
Week's Range
Sale
Feb
Stocks—
Par
1
Canadian Marconi
Week
of Prices
High
Shares
Low
Price
65c
......
Range Since Jan. 1,1941
for
High
Low
100
650
65c
Apr
85c
Feb
Jan
10
T.OO
3.00
3.00
900
1.90
Feb
3%
Mar
Consolidated Paper
*
2*4
3
827
2*4
Feb
4
Langendorf Utd Bak cl A.*
15*4
18%
5%
40%
5%
19%
18%
388
14 %
Jan
16%
Mar
Dalhousie
*
26c
26c
1,200
23c
Feb
30c
8%
161
Jan
5%
Feb
Kirkland Townsite
1
8c
8c
2,000
8c
Apr
10c
40%
270
4%
39%
Feb
43%
Jan
Langley's pref.
8%
21%
610
Jan
Montreal Power
Jan
Oils Selections
95c
1.00
17
1.78
Preferred
ClassB
*
Leslie Salt Co..
..10
40 %
Libby McNeill & Libby..7
Lockheed Aircraft
Corp..l
Mugnavox Co Ltd
1
5%
19 %
~17
March Calcul Machine...5
Menasco Mfg Co com____l
1.75
National Auto Fibres com 1
N American Invest com 100
5%
2c
2c
1,000
1*4
Mar
2*4
Pend-Orellle............ 1
1.20
1.35
2,275
1.20
Apr
2.10
Jan
17%
736
15%
Feb
18%
Mar
Rogers Majestic A
5*4
5*4
1,345
2%
Jan
5*4
Mar
1.80
200
1.75
Apr
2.35
Jan
8%
450
5%
Feb
6%
Jan
10
1.28
Apr
Apr
1.80
Jan
22*4
-
55
19
10
19
Feb
20*4
Mar
9*4
27*4
*
Jan
8
Jan
104"'
3%
3%
*
24
..25
1.25
8%
Roos Bros pref series A. 100
Ryan Aeronautical Co...l
15
Signal Oil & Gas Co cl A. .*
33
9%
6
*
Standard Oil Co of Calif..*
Tide Water Ass'd Oil com 10
Preferred
19%
9%
Transamerlca Corp
1.30
Mar
1.05
Jan
28%
Feb
28*4
Jan
1,493
32%
Feb
34*4
Jan
Apr
39*4
Jan
Apr
107*4
Feb
Apr
4*4
Jan
83%
104
3%
673
104%
120
4
245
120
77
119
29
195
3%
1.00
3%
34%
104
3%
115%
29
30
268
90c
3
Feo
14%
Feb
20*4
Jan
12%
Apr
16
24
179
24
Apr
28
Jan
Jan
Notes of Bank of Canada
1.25
1.30
836
1.25
Apr
8%
8%
580
7%
Feb
108 *4 108 *4
3
15
108%
1.50
V 9
Apr
700
3
Feb
4%
152
5%
Jan
7*4
Mar
12%
110
12*4
Apr
125
10%
25%
Feb
26
Feb
26*4
Jan
32%
9%
6
19%
20
100%
33
10%
6%
20
635
28
188
3,205
19%
100
32 %
96
Apr
Anr
Feb
Apr
Feb
21
Jan
10*4
99
Jan
5%
3%
14%
Apr
5%
5%
100
3%
14%
4%
254
149
4%
200
28%
18%
28%
40
18%
24
24
5
531
22%
18%
20
21%
Feb
Apr
Mar
Apr
9*4
Mar
5*4
14*4
4%
4*4
2.25
2.50
Atchison TopASanta FelOO
Aviation Corp of Del
3
Bendix Aviation Corp
5
"24%
24*4
25*4
2%
2*4
2*4
a33*4 a33J4
ColumblaRivPackers Assn*
Jan
1
5
•
15*4
Jan
Jan
Apr
8*4
Jan
Feb
28*4
Mar
Mar
22*4
Jan
Jan
25*4
Apr
,«..„*
Elec Bond A Share Co...5
General Electric Co com. •
Hawaiian Sugar Co
Honokaa Sugar Co
20
0
159*5
175
220
22
Feb
Feb
Feb
Feb
Jan
28
Apr
2*4
Apr
5
Jan
10
35*4
Mar
37*4
1 35
Jan
Apr
12*4
Jan
Bank
Apr
Apr
84
10
84
Mar
83*4
86*4
Feb
5*4
Jan
8
8
a5%
7*4
28
200
a5%
57
.500
8
10
28
8
Mar
30*4
4*4
34*4
Jan
27*4
5*4
6*4
34*4
Jan
Mar
17*4
17*4
320
14*4
Feb
5*4
Mar
Jan
Feb
31*4
Feb
7c
2,500
6c
Jan
8c
Jan
a33*4 o34*4
230
36*4
Feb
39*4
Jan
2*4
Apr
20
20
Feb
17*4
Jan
Jan
20
Apr
50
254
457
22*4
Jan
notice or on a fixed day in Canada...
Jan
Apr
Jan
7*4
Apr
Deposits elsewhere than in Canada.
Loans
from other
banks in Canada,
31*4
Mar
28
Jan
Jan
200
30
30*4
24*4
24*4
a29*4 a29*4
28*4
28*4
220
29
830
24*4
40
29*4
Feb
225
28*4
Mar
35*4
5*4
200
35
35*4
145
35*4
1.05
1.20
2,300
1.00
53*4
1,221
51*4
5*4
Jan
35*4
Mar
Apr
8*4
Jan
Apr
42*4
Jan
payable
after
,687,027,047 1,668,130,4151 1,658,990,498
455,502.677
410,058,386
409,859,602
8,633,572
Jan
1.30
Feb
Acceptances
Apr
51*4
70*4
Feb
2*4
2*4
900
1*4
Jan
2*4
Mar
3*4
3*4
300
3
Feb
3*4
Apr
pref-1
70c
70c
100
70c
Feb
81c
Jan
6*4
6*4
10
6*4
Jan
6*4
Apr
Admitted to unlisted
trading privileges,
d Deferred delivery,
t Cash Bale—not included in range for
x Ex-dividend,
v Ex-rights,
z Listed,
t In default.
1 Title changed from
in
Canada
and
United Kingdom
and letters of
standing
credit
Total liabilities
35,179,422
234,481
74,113,832
69,907,357
60,006,231
6,563,908
6,666,866
2,793,352
4,837,515
2.228,275
133,750,000
145,500,000
out-]
-
Dividends declared and unpaid
Capital paid up
27,740,684
11,575
the
....
Liabilities not incl. under foregoing heads
Rest or reserve fund
54,125,271
15,079
than
10,707,352
26,294,134
28,220,733
ents in the United Kingdom
Elsewhere
10,443,455
22,338,377
correspond-]
Bills payable
5
public,
banks and banking
Jan
6*4
United States Steel com..*
year,
the
other banks in Canada
Due to
29*4
Utah-Idaho Sugar com...5
e
by
Feb
Warner Bros Pictures
b Ex-stock dividend,
Deposits
Apr
0
199
Apr
Apr
89
35*4
The Wahl Co. to Eversharp, Inc.
50",400",357
765,571,533
Deposits made by and balances due to
31
7*4
6%
66,920,339
secured, Including bills redlscounted..
Apr
Feb
7*4
5*4
Jan
mand In Canada
3*4
25*4
4*4
7*4
Mar
5*4
6*4
35
3*4
Jan
a2*4
23*4
a6
90,360,156
296,908,856
Deposits by the public, payable on de¬
a2*4
a5%
81,456,155
128,429,198
75,453,803
Balance due to Provincial governments.
17*4
300
5
2,320,950
,051,429,537 1,009,223,202
Jan
14
7*4
Odd lot sales,
5,073,232
11,209,776
82,439,057
35
7*4
a
2,192,899
.
174,902,868
Notes in circulation
60
Riverside Cement Co cl A.*
Schumach Wall Bd com..*
No par value,
4,837,050
11,068,576
Liabilities
Jan
Mar
ducting adv. for credits, pay-lists, Ac.
Advances under the Finance Act
4
•
4,837,050
Balance due to Dominion Govt, after de¬
162
West Coast Life Insur
72,126,235
60,006,231
Apr
3
5*4
130
4
"i.os
70,716,778
69,907,357
3,919,290,189 3,802,395,172 3,780,985.877
Total assets
100
4
~~8%
going heads
489
23*4
Standard Oil Co of N J--25
Jan
5*4
a2%
"a8%
70,763,895
Jan
5*4
5*4
a31*4 a32*4
6c
25
8,121,391
7,692,358
4,046,999
Other assets not Included under the fore¬
17%
25
5,892,347
7,216,907
3,555,292
2,156,158
7*4
Shares of and loans to controlled cos
Apr
~24]1
5,759,967
7,112,199
3,562,559
10.969,189
for the security of note
Jan
Jan
27*4
2*4
*
Minister of Finance
circulation
the
with
Deposit
14,867,551
107,291,208
74,113,832
credit as per contra
6
30
20
than cost
off
9*4
500
"~8%
more
Feb
670
2*4
Mar
11,075",436
82,603,240
of customers under letters of
Feb
30
2*4
8
not
at
less amounts (if any) written
Liabilities
5*4
30
Pennsylvania RR Co—60
Westates Petroleum
premises...
Mar
Packard Motor Co com..*
United Aircraft Corp cap.5
U 8 Petroleum Co
1
vided for
Real estate other than bank
.75
Radio Corp of America...*
1
12,582,217
estimated loss pro¬
Non-current loans,
premises
56,607,819
48,780,397
981,919,791
145,693,002
35.828.880
84,472,919
11*4
4*4
176,687,398
115,425,872
municipalities
83*4
1,070
Studebaker Corp com
cities, towns,
and school districts
to
20
2*4
2*4
al2*4 al5
*
Loans to the Government of Canada
300
2%
534% pref..
cover
Elsewhere than In Canada
1,912
310
145,312,005
deben¬
and other securities of
marketable value to
75c
4*4
143,882,419
38,396,972
998,650,175
131,108,031
sufficient
a
Jan
Jan
4,588,725
34,753,711
33,932,073
38,662,435
Other current loans A discts. In Canada- 1,006,445,346
132,830,274
Else where
tures, bonds
11*4
a!2%
0% preferred..
Jan
2,982,074
35,398,740
In Canada on stocks,
loans
83*4
Mountain City Copper..5c
Nor American Aviation. _1
Onomea Sugar Co
.20
Standard Brands Inc
3.00
2,759,697
41,388,894
144,967,456
98,452,967
Loans to Provincial governments
2.25
123,069,124
141,646,402
97,231,399
Railway and other bonds, debs. A stocks
and short (not exceeding 30 days)
Jan
19*4
2,351,069
29,179,535
Call
Loans
507
a33*4
26
Jan
545
Montgomery Ward A Co.*
...
Jan
and
foreign
ish,
curities other than Canadian
Jan
300
a 32
Preferred
27*4
5*4
Jan
Kennecott Copper com...*
M JAM AM Consol
1
So Calif Edison oom
7*4
168
4*4
30
20
Idaho Mary Mines Corp_.l
5
135
621
,
Mortgages on real estate sold by bank..
4*4
Dominguez OH Co.
67,274,822
210,527,442
3,993,090
33,045,811
117,161,364
225,551,602
1,548,885,103 1,433,790,207 1,345,866,224
...
84
7%
78,771,417
73,077,482
213,074,761
2,342,064
28,883,184
131,427,173
Provincial
75c
8
9,986,351
securities and Brltcolonial public se¬
Canadian municipal
Jan
Jan
and
Government
Government securities
11*4
83*4
a 5%
10,948,514
139,985,443
United Kingdom
Dominion
Jan
14%
7*4
Unlisted—
Anglo Nat Corp cl A com.*
Argonaut Mining Co
.5
and balance due
Canada
banking correspond
ents in the United Kingdom
Due from banks and banking correspond¬
ents elsewhere than in Canada and the
from other banks in
Jan
9%
96
Apr
Cities Service Co oom..10
4,436,892
Due from banks and
Apr
Apr
17
11
100
5,549,459
7,553,324
3,395,190
with
made
Deposits
Apr
13
5
11
Jan
6
212
Blair A Co Inc cap
1
Bunker Hill A 8ulllvan_2 %
Cal Ore Pow 0% pf n-c.100
1940
$
including bills redlscounted
Jan
8%
foreign currencies
Cheques on other banks..
Loans to other banks in Canada, secured,
Jan
18
1,888
14%
United States A other
Feb
34*4
320
6,276
5
23*4
102
Apr
2,673
501
9%
Am Rad A St Sntry
6*4
6%
*
American Tel A Tel Co. 100 al86% al56*4 al59*4
Anaconda Copper Min..60
a 28%
a22*4 a23*4
Curtiss-Wright Corp
Notes of other banks
Jan
6%
4%
Consolidated Oil Corp....*
Deposits with Bank of Canada
Jan
108*4
11
a33%
Feb. 29,
Dominion notes
13%
1..50
1941
Jan
24
4%
18%
Jan. 31,
10,388,366
Total.
60
11
Western Pipe A Steel Co. 10
DOMINION
7,214,166
3,174,200
—
224
13%
"3%
THE
$
In Canada......—.....—
Elsewhere
12%
4%
1
1941
coin-
Jan
5
BANKS OF
THE
Feb. 28,
19
11
1 *4
OF
Assets
Current gold and subsidiary
Mar
Jan
CONDITION
OF
OF CANADA
Jan
1.00
13%
5
Preferred.5
6% pref 1927
STATEMENT
Jan
37*4
Jan
2
ser
120
Apr
25
Vultee Aircraft
1
Waiaiua Agricultural Co-20
YellowCheck Cab
820
3,369
96
*
Union Oil Co of Calif
United Air Lines Corp
Vega Airplane Co
Victor Equip Co com
and Feb. 29, 1940:
,
Jan
1.40
100
100
So Cal Gas Co pref ser A.25
Southern Pacific Co...100
Spring Valley Co Ltd
Apr
26%
33%
35
19%
Pulp Co com..5
Preferred
Jan
4%
12%
6%
Canadian Banks
8
26
.....
Schlesinger (B F) 7% pf.25
Sound view
Jan
Jan
Mar
Comparative Figures of Condition of
12%
Republic Petroleum com.l
Richfield Oil Corp oom
•
com
5
3%
Jan
No par value.
19
1
....
26%
*
In the following we compare the condition of the Canadian
banks for Feb. 28, 1941, with the figures for Jan. 31, 1941,
1.40
1.00
..100
com
Shell Union Oil
578
29
119
*
Preferred
Preferred
96
4%
34%
100
Plg'n Whistle pref
RE&RCo Ltd com
Rayonler Inc
6%
4%
Jan
26 %
*
com
Pacific Tel A Tel com
Parafflne Cos com
26%
6%
*
Pac Pub Ser
56
26%
~33*4
Jan
...»
Mar
1,525
*
Jan
1.15
8
25
29*4
28
19
com
Apr
Jan
8
Corp
20*4
Jan
Apr
Apr
19
0% 1st preferred
25
80c
100
Pac Light
$5 div
243
Feb
770
5*4% pref...
100
North American Oil ConslO
1.40
21*4
15
660
1.25
Pacific Coast Aggregates.5
Pac G A E Co coin
25
20*4*
100
25
7
19
4*4
10
25
Apr
1.25
Occidental Insur Co....10
O'Connor Moffatt cl AA. .*
Oliver Utd Filtered B....*
8c
5%
19%
19
0% pref
lists
Mar
49c
75c
1
20*4
Mar
5.40
101*4
(1st)
1,214
31
9%
Feb
15o
500
5~40
6
105
.
*
19*4
Jan
6%
18%
6%
Apr
6%
Jan
75
4*4
""
War Loan, 2d._
15
18%
25
Corp cap._2*4
Jan
48
Bonds—
Apr
1.30
Jan
4.10
Apr
Mar
6*4c
•
99% 100
3.10
38
4,500
20
9*4
4%
High
4.25
Feb
3.10
750
40*4
40
*
_
Low
250
39*4
19*4
...
18%
10
3.40
3.25
•
Range Since Jan. 1, 1941
Shares
High
4%
.
Exchange
Feb
40%
21%
2,070
12
Toronto Stock
9%
Jan
13c
26
Jan
Apr
2.90
Galland Merc Laundry...*
.
11%
Apr
2533)
Jan
40
13c
Fireman's Fund Ins Co..25
Foster & Kleiser com...2 *4
Holly Development
Hunt Brothers com
8%
7%
page
Feb
100
125
2.85
Emporium Capweil com..*
Preferred (w w)
50
Hancock Oil Co of Cal A.
1.75
"~2~85
Di Giorgio Fruit pref
100
El Dorado Oil Works.. _.*
Golden State Co Ltd
Hale Bros. Stores, Inc
Apr
51 %
26
*
com
245
Apr
1.15
19
Creameries of Amer com__l
Crown Zelierbach com...6
General Motors
9
7*4
40%
19*4
51%
259
112*4
105
51 *4
26
Central Eureka Min com.I
Coast Count G<feE 1st pf 25
Preferred
1.20
10
19
Calif Water Service pref.25
Carson Hill Gold Min cap.l
Gen Metals
8*4
7*4
40%
...50
Preferred
107
2,282,334
133,750,000
145,500,000
133,750.000
145,500,000
|3,902,728,57613,787,126,38ll3,764,302,679
Note—Owing to the omission of the cents in the official reports, the footings in
the above do not exactly agree with the totals given.
The Commercial & Financial Chronicle
2532
April 19, 1941
tj«E=
Canadian Markets
LISTED
Industrial and Public
AND
UNLISTED
Montreal Stock Exchange
Utility Bonds
Closing bid and asked quotations, Friday, Apr. 18
Friday
(American Dollar Prices)
Last
Bid
Bid
Ask
Abltlbl PAP ctfa 50_.1963
42
43 H
Alberta Pao Grain fle__1946
66
68
1948
70
72
1949
Federal Grain 6s
Algoma Steel 6e
Ask
66 H
67
69
Gt Lakes Pap Co 1st 6e '55
62
Gatineau
69
Gen Steel Wares 4 Ha.1952
64
5%
1961
58 H
62 H
65
McCoU-Front Oil 4 Ha 1949
69 H
71
N Scotia Stl A Coal 3 Ha '63
57
59
Power Corp of Can 4 Ha *69
70
73
Price Brothers 1st 5a.. 1957
64
66
70
5Hs
71
73
Canada 88 Llnea 50...1957
67
34
35 H
Dom Bteel A Coal 6H> 1955
71H
73
Dom Tar A Chem 4 H
69 H
1961
1962
1966
50
51H
Famous Players 4Ha_.1951
69
68 H
73
H
75
71
4s
Saguenay Power—
4Hs series B
Jan
2H
2%
Mar
3H
Jan
1
12H
Mar
30
.*
"~2%
9%
Indust Accept Corp
*
*
15
26
75
24H
Closing bid and asked quotations, Friday, Apr. 18
Ask
Mar
Mar
26 %
Apr
Feb
Jan
14
Jan
Jan
7
10H
Feb
11H
300
Jan
18H
«*'**■'
+>
~
m
-
Jan
"32"
13
13
50
12 H
Mar
7%
15H
14H
15
25
14H
Apr
16H
Jan
23
m m
m
7
23
10
23
25
Jan
32
32 H
1,343
31
Jan
14
14
Mar
Feb
13 H
Mar
2H
10
Feb
15H
3H
84H
5
2H
84 H
Apr
89
4H
4H
35
4H
Mar
20 H
100
*
"21%
Jan
36 H
340
84H
14
2H
Jan
Jan
Mar
Jan
5%
20 H
22
3,889
Apr
29
40
26
26
5
27
Mar
30
Jan
100
Montreal Telegraph
Montreal Tramways
28
28
90
25
Mar
51
Mar
23H
24
190
23 H
Mar
27H
National Breweries...
Province of Ontario—
590
Jan
13
Feb
9
2,030
5
7
*
Mont L H A Power Cons.*
(American Dollar Prices)
9%
12H
9H
*
McColl-Frontenac Oil
Apr
11
12
£1
International Bronze
522
11
26
"26
13
11
Imperial Oil Ltd
*
Imperial Tobacco of Can_6
Preferred
2%
12%
13
*
Hudson Bay Mining.....*
Intern Power pref
Bid
4
3
International Power
Municipal Issues
Ask
Mar
3
Intl Petroleum Co Ltd
province ol Alberta—
Feb
*
Intl Nlokel of Canada....*
Bid
Jan
56
70
International Bronze pref25
Provincial and
93 H
Mar
5
3
Howard Smith Paper..
Jan
Mar
54%
2H
70
55
3
Holllnger Gold Mines....6
Feb
6H
89
89
55
2%
Jan
80 H
Feb
4H
9H
Feb
80
10
89
89
High
Feb
7H
5
4H
*
Hamilton Bridge
70
1966
Quebec Power 4a
Donnacona Paper Co—
495
80
4H
Low
Shares
Gypsum Lime A Alabas
71
^
"*4H
100
7%
Range Since Jan. 1, 1941
for
Week
Gurd (Charles)
69
Canadian Vlckers Co 6a '47
Canada Cement 4 %b .1951
Wares..... *
Preferred..
7H
80
..100
Goodyear T pref lnc '27.50
60
Massey-Harrls 4Ha~.1954
67
preferred
7H
»
...
of Prices
High
Low
Price
Par
General Steel
Lake St John Pr A Pap Co
British Col Pow 4HB-1960
Stocks {Concluded)
Sales
Week's Range
Sale
*
Jan
Jan
fie
Jan
1 1948
41H
43 H
60
Oct
1 1942
101
102
Natl Steel Car Corp
*
"37
34
37H
1,795
31
Feb
38
Jan
4 Ha
Oct
1 1966
40 H
42 H
6s
Sept
16 1943
102
103
Noranda Mines Ltd
*
53
53
375
49 %
Feb
58
May
1 1959
100
101 H
Ogllvle Flour Mills.
*
53 %
21
520
20
Feb
57%
21H
Jan
*
10
9
Mar
10
Jan
2
50
Apr
Prov of British Columbia—
60
July
4 He
Oct
60
June
87
90
4a
June
1 1963
82
84
4 Ha
Jan
60
92
1 1941
16 1964
70 H
73 H
2 1969
70 H
73H
80
93 H
96 H
98 H
Penmans
*
50
50
49
(Jan
*
4
4
4
275
4
Apr
5H
Price Bros A Co Ltd
•
9H
9H
9%
235
9
Feb
12 H
Jan
10
65
Mar
67 H
Apr
78
89
91
83
85
preferred...
Quebec Power
1 1961
84
86
Holland Paper v t
83
80
Deo
Apr
4Hs
15 1960
16 1961
4 He
Apr
Province of Nova Scotia—
May
5%
*
5a.
June
Sept
16 1962
89
91
5 Ha
Nov
50
Mar
1 1960
92
95
4 Ha
15 1943
Oct
"iok
73
71
16 1946
71
1 1951
60
74
103
100
....
1.90
15
10%
205
1.90
10
Mar
95
Jan
104 H
Jan
107
2
Jan
15
Apr
55
19
25
110
93 H
5
1.90
80
205
19
19
19
110
110
Jan
17
Jan
Mar
22
Apr
Feb
112
Feb
34H
34%
34H
279
34H
Apr
13
13
13H
527
13
Apr
17
8H
70
Southern Canada Power..*
Co of
Steel
Bid
Canadian Pacific Ry—
4s perpetsal debentures.
Ask
Canada
*
Preferred
4 Ha
Preferred...........100
102 H 103
Dominion Government Guaranteed
Bonds
__*
.100
Montreal
Canadian Northern
98 H
4HB
June 16 1955
4 Ha
Feb
1 1956
4 Ha
July
1 1957
97 H
6a
July
1 1969
60
Oct
1 1969
100 %
6a
Feb
1 1970
100 H
6 Ha
99 H 100 H
97 H
98 H
1 1946
4s
3a...
1 1962
93
94H
....Jan
1 1962
73
75
Week's Range
of Prices
Low
High
Bell
Telephone
100
Braiilian Tr Lt A Power.*
Brit Col Power cl B
*
Bruck Silk Mills
~*
Building Produota
A
155
5
Canada Cement
Preferred
*
loo
Cndn Car A
60
5H
Preferred
Canadian
Celanese
Converters..100
Bathurst Pwr A Ppr Co B *
Beauharnols Power Corp.*
110
90
Apr
15
6
Mar
46
Mar
15 %
90
14 H
Jan
10 H
10%
153H 155
130
10 H
Feb
13
Jan
259
153 H
Apr
160
Jan
14H
Jan
46
Mar
18 H
Apr
15H
Apr
4
Feb
105
Feb
1.50
224
1.90
Feb
8%
9H
2,730
Mar
Feb
Jan
7H
Jan
115
Jan
2.50
Jan
10
Jan
18H
Jan
12%
Jan
Jan
Jan
97
Apr
30
22
Feb
25
Jan
180
Feb
207
175 H
Jan
175H
17
16 %
22 H
135
17
*
181
183
57
7% cum pref
.100
CndnVlckers7%cum prflOO
167
167
1
12
12
5
Commercial Alcohol pref .5
Consolidated Div Sec A..*
5%
514
5H
2c
2c
50
Jan
Jan
Jan
Apr
12
5%
3c
75
Apr
15
Jan
Mar
6
rJan
3c
Feb
8
Apr
8
2%
Feb
4
Feb
2.50
Preferred
8
8
30
3
3
928
10
10
50
10
Mar
10%
Feb
51
1.25
Mar
1.75
Feb
5H
5H
Jan
Apr
Dominion Woollens
1.50
*
1.50
1
4H
Feb
Donnacona Pap Co Ltd A *
3%
3%
50
3
Feb
15
15
15%
Jan
Donnacona Paper B
3
3
50
3
Apr
200
13H
16H
Feb
18
Feb
19
Apr
4H
Feb
7
100
4
195
Apr
Jan
Eastern Dairies Ltd—
6
5H
209
6
6%
Apr
Mar
*
98
98
118
96
Feb
100
Jan
7% cum pref
Fleet Aircraft Ltd
72
2
72
Feb
72
Feb
Ford Motor of Can A
»
7
65
7
Jan
Jan
Fraser Cos vot trust
Lake St
7
*
8H
100
*
4
276
Feb
5H
Jan
18
18
536
17 H
Feb
21H
Mar
Mackenzie Air Service
34 H
6
34 H
25
34H
Mar
35H
Feb
MacLaren Pwr & Ppr
6H
140
10H
Jan
20%
360
20H
Apr
Apr
27%
Jan
Massey-Harrls 6%cmpfl00
McColl-Frontenac OH
21H
335
21H
3H
6
Jan
JohnP^P
4
15H
4
15H
8
5H
Feb
3 %
Apr
9
Jan
Jan
5%
Jan
115
15
Jan
16
Apr
410
15H
8
7
Feb
10H
Jan
8
Mar
11
Jan
10
8
8
.*
.
1.00
*
20
17
Apr
Apr
28 H
17
18H
Feb
11
75
10
Jan
11
Apr
105
3
104
Jan
105
Mar
595
2
Feb
3
Jan
2
Feb
2%
Jan
Quebec Tel & Pwr Corp A*
Rogers-Majestic cl A
*
4H
Feb
6H
Jan
Jan
50
1.00
Jan
1.00
13H
15
11
Feb
15H
32H
32H
15
26 H
Feb
37
Mar
96 H
9H
47%
Mar
5
Mar
95
Jan
Jan
Southern Canada Power—
5H
32 %
1.00
13H
_
17
2H
2H
150
2,423
4H
4H
5
4H
35H
320
34H
Apr
39
Jan
21
21
21
Apr
28
Jan
*
24
24
24H
165
Feb
27 H
25
19
18
19
130
17H
Feb
20H
Jan
115
115
115
.....
155
155
6% cum pref
100
Mitchell (Robt) Co Ltd..*
Moore Corp Ltd
_*
Provincial Transport Co..*
Mar
Dominion Coal pref
Dominion Glass
22 H
120
200
5%
105
95
1.75
34%
7
25
95
118
7H
1,362
115
148 H
7
5
5
1,400
74
4H
""ok*
6
105 H
1.50
5%
105
85c
5
Mar
21
"l52"
High
Feb
96 H
22 H
1.50
*
1
Low
55c
35H
96 H
350
Distillers Seagrams
Dominion Bridge
»
550
38
1.75
2
Electrolux Corp
75c
for
Week
Shares
27
Jan
5H
Dryden Paper
of Prices
High
Low
Range Since Jan. 1,1941
Mar
7H
2
5
official sales lists
Sales
Week's Range
Mar
Feb
5
Jan
33%
5H
4H
*
Jan
23 H
105
*
166
30
604
5
100
Feb
20
5H
2
Dom Tar A Chemical
150
295
6%
_*
Dominion Textile
58
75c
Consolidated Paper Corp.*
David A Frere Limltee A_*
Pacltio Ry___25
ps Preferred
152
12%
Cndn Industries B
90
Canadian
100
Jan
152
35 %
Jan
10
p* Class B
Preferred..
100
Dominion Steel A Coal B 26
284
26 H
Mar
Feb
2%
"35H
193
Mar
11%
11
*
Mar
277
50
26
21H
17
171
29
150
11H
*
7H
7
Jan
4,100
H
Jan
Apr
11
278
1.50
26 H
Brit Amer Oil Co Ltd
97 H
525
107%
18H
17
162
149
178
278
6H
15 %
11H
Jan
Mar
Cndn Foreign Invest prf 100
Cndn Ind Alcohol..
*
Consol Mining A Smeltlng5
*
20H
*
Price
Canada Malting Co
*
Can Nor Pw7%cum prflOO
Canadian Breweries pref.*
17%
3%
18
Cndn Foreign Investm't..*
Cockshutt Plow
.100
cum pref
Aluminium Ltd..
7
25
Canadian
Par
72
98
"~6%
Foundry..
High
10
15
17 H
Canada Iron Fdrys pref 100
Can North Power Corp..*
Canada Steamship (new).*
6% preferred
Canadian Bronze
15
Low
44 H
6
(new) *
Bulolo
Last
1.75
5%
Apr
Canada A Dom Sugar Co. *
Week
Shares
6
I
Jan
H
British Columbia Packers *
Range Since Jan. 1, 1941
for
15%
Associated Breweries
I*
Batnurst Pow A Paper A.*
10
Friday
6%
44 H
18H
152
Abltlbl Pow A Paper Co..*
105H
106H 106 H
8H
8H
6
*
Jan
10 H
Jan
Jan
176
150
"278"
Sale
Sales
90
10 H
Jan
Montreal Curb Market
Stocks—
Friday
Asbestos Corp
7
Apr. 12 to Apr. 18, both inclusive, compiled from
..Jan
Apr. 18, both inclusive, compiled from official sales lists
....100
100
106 % 107 H
Montreal Stock Exchange
Preferred
Apr
64
Ry—
July
101%
101 %
Amalgamated Electric...*
Anglo-Can Tel Co pref__50
4%
8H
'
Ask
Grand Trunk Pacific Ry—
98 H
100 %
100
Royal
Bid
4
100
Nova-Scotia
(American Dollar Prices)
Ask
9%
Jan
Banks—
Commerce
Closing bid and asked quotations, Friday, Apr. 18
*
1.00
100
B
Zellers..
Algorna Steel
1.15
Apr
10 H
1 1944
Agnew-SurpassShoe preflOO
Apr
75c
24
July
Sale
75c
4H
60
Price
Jan
139
4
73H
Par
FJan
11H
75c
77
72
Stocks—
3%
Jan
75c
76
1 1960
Last
Feb
11H
75c
1 1954
July
to
73
2H
20
75c
Dec
4 Ha
100
Feb
80
9%
*
60
70 H
07%
106
3
9%
*
80
69
Canadian National Ry—
4 Ha
Sept
1 1951
68
3
25
70
Winnipeg Electric cl A
79
15 1944
Jan
Apr
Mar
*
15 1942
Mar
9H
59 H
United Steel Corp
Weston (Geo)
Deo
10H
25
192
Ask
Sept
Jan
10
83 H
4 Ha
Apr
Jan
65
9H
82
6s
109
12 H
115
63
11946
*
Mar
68
9H
65
Bid
60 H
8H
40
109
109
Sept
Canadian Pacific Ry—
59 H
Bid
8H
Sher Williams of Can prflOO
Preferred
...100
(American Dollar Prices)
Jan
40H
Shawinlgan Wat A Power.*
Closing bid and asked quotations, Friday, Apr. 18
Jan
2H
St Lawrence Paper pref-100
Railway Bonds
Jan
14H
Feb
10
10
110
Jan
Mar
15
93 H
103
15
15
Apr
10H
9
9
St Lawrence Corp
*
St Lawrence Corp A pfd.50
St Lawrence Flour Mills. _*
Preferred
10 H
93 H
100
Saguenay Power pref.. 100
Prov of Saskatchewan—
65
65
100
Preferred
4 He
^pr. 12
Jan
92
1 1962
15 1965
Province of Quebeo—
4 Ha
..Mar
2 1950
4s
Feb
1 1958
Prov of New Brunswick—
60
9
Power Corp of Canada
12 1949
Aug
9
Ontario Steel Products
Province of Manitoba—
4 He
20H
74
150
73
152
152
3
150
40
4
4
6%
4H
0%
3H
6%
Apr
Mar
119
Feb
Feb
155
Mar
Apr
Feb
9H
Jan
5%
Mar
Mar
82
Jan
155
Feb
Apr
6H
8
Jan
Mar
93
93
8H
8H
135
25
7H
41H
Feb
Feb
6X
6>
25
6
Mar
7
4
4
10
4
Jan
4
5%
*6H
5%
20
4H
Jan
5%
Jan
Jan
Mar
aan
100
97
98
22
97
40
40
20
38 H
Mar
47 H
Jan
19 %
19 *4
25
19 %
Feb
20H
Jan
10c
10c
6%
cum pref
jA W J1 cum pref *
Apr
105
Apr
Walk-Good & W Ltd(H).*
Walk-G-
Mar
Mine*—
Aldermac Copper Corp
*
Feb
16c
Jan
1
4c
4c
3.202
1,000
10c
Arutfield Gold Mines
4c
Mar
8c
Feb
Beaufor Gold Mines
1
6c
6c
100
5c
Feb
9c
Jan
2c
500
Bouscadillac Gold
1
Dome Mines Ltd
*
10c
2c
22
2.40
East Malartlc Mines
Jan
*
Jan
8H
45
45
No par value,
r
Canadian market.
22
2.50
130
1,000
2c
22
2.40
Jan
2He
Feb
Mar
24 H
Jan
Apr
2.90
Jan
Volume 152
The Commercial & Financial Chronicle
2533
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Friday i
Par
Eldorado Gold Mines
Week
Price
*
Kirkland Lake Gold
of Prices
Low
1
Lamaque
Range Since Jan. 1,1941
Shares
Low
Stocks
High
35c
100
32c
Feb
52c
Jan
40c
41c
200
38c
Apr
55c
Jan
85c
85c
500
85c
Apr
85c
Apr
Apr
(Continued)
Par
Goodyear
*
Preferred
for
of Prices
Week
Price
Low
68
1
4.40
4.40
4.40
333
4.25
4.40
Apr
3.70
3.70
3.80
300
3.50
Feb
4.30
Jan
65c
60c
65c
150
65c
Apr
1.10
Jan
Great West Saddlery
5c
500
4 He
Mar
8Hc
Jan
Gunnar
Pend Orlelle M & M Co-.l
1.15
1.15
50
1.55
Feb
2.00
Jan
Gypsum
1
1.30
1.30
3,200
1.30
Apr
1.65
Jan
Halcrow-Swayzle
2.95
3.00
90
2.75
1.30
220
53 H
Jan
55 H
Apr
2c
6,000
1H
Mar
2H
Mar
80
Jan
Feb
3H
16H
16H
13
14H
Feb
19H
Jan
4c
4Hc
292
2c
Jan
5o
Feb
23c 23Hc
3
3
12
2
Jan
2,400
23c
Apr
370
3H
1
1
55H
Mar
"l6H
3H
410
SH
Jan
5c
800
2 H
lHc
Feb
5c
*
Perron Gold Mines
Presto*-East Dome
High
67H
2c
1
Pandora Cadalllc Gld Mnsl
*
Low
10
68
55
*
Preferred
Range Since Jan. 1, 1941
Shares
"""2c
*
5c
High
68
»._50
Graham Bousquet
Great Lakes vot trust
1
...
Gold
Week's Range
Sale
35c
40c
Sales
Last
1
...
Mines
Macaasa
O'Brien
High
Exchange
Friday
for
1
Francoeur Gold
Week's Range
Sale
Stock* (Concluded)
Toronto Stock
Sales
Last
Mar
5c
Apr
Jan
5c
Jan
Feb
3.35
Jan
Hard Rock
1
San Antonio Gold
78c
75c
1
2,260
75c
Mar
1.10
2Hc
2Hc
100
2.12
Feb
2.25
Feb
Sherritt-Gordon
Holllnger Consolidated..,5
12 H
12H
12M
552
1
12H
Feb
55c
55c
2
13H
72c
Mar
84c
Jan
Home Oil Co
•
Siscoe Gold
1.65
1.60
1.69
1
3,900
1.60
2.54
Jan
55c
Apr
56c
1,000
53c
Feb
69c
Mar
Howey
1
Sladen-Malartic Mines...1
24Hc
800
24c
Feb
23c
30c
Jan
23c
4,300
23c
Apr
33c
Feb
Hudson Bay
*
Sullivan Cons
24c 24Hc
26
26
290
300
Mar
26 H
56
Jan
58c
24 H
52
Mar
58c
55c
1
58c
Feb
65c
Huron & Erie
100
3
Apr
3.45
Jan
Imperial Bank
100
Apr
1.75
Apr
Imperial Oil Co
*
6H
Mar
8Hc
Jan
5
5.30
Apr
7.00
Jan
Imperial Tobacco ord
Inspiration
Intl Met cl A
*
7H
International Nickel
»
32H
13H
Teck Hughes Gold
1
Upper Canada Mines
Wood-Cadillac Mines
1.73
1.75
800
1.73
1
6c
6c
200
Wrlght-Hargreaves Mines*
5.55
5.55
100
3
1.00
3
100
Oil-
Anglo-Canadian OH
*
Dalhousle Oil Co Ltd
*
Home Oil Co Ltd.
*
53
53
195
195
200
58c
59c
200
65c
Mar
76c
Jan
International Petroleum._•
22c
22c
50
25c
Feb
26c
Jan
Jason Mines
12
1.61
1.64
1,850
1.61
Apr
2.55
Jan
J M Cons
Feb
Apr
31
192
Feb
9
Feb
10H
Feb
13 H
Jan
205
Jan
Jan
12H
650
11H
30c
1
1.62
5
Jan
1,710
9H
30c
500
20c
Jan
33c
Apr
7H
1
22c
78c
8H
100
Feb
Jan
Jan
32
292
13H
Mar
37c
13 H
40c
9H
36 H
15H
3,700
37c
Mar
46c
Apr
He
3.50
He
3.75
500
He
Mar
lHc
Feb
4,965
3.05
Feb
37c
3.65
1,326
13 H
l
32 H
6H
31H
Feb
Jan
Kerr-Addison
Jan
35c
40c
2,000
20c
Jan
420
"~85c
Apr
1
83c
85c
2,490
83c
Apr
1.05
Jan
Lake Shore..
Apr. 12 to Apr. 18, both inclusive, compiled from official sales lists
3.95
1
Kirk Lake
Exchange
1
Kirk Hud
Toronto Stock
1
18H
18H
13H
19
480
18H
Mar
21
Jan
13H
50
12
Feb
13
H2 Apr
4.40
4.40
109
4.25
Feb
5.15
Last
Sale
Stocks—
Par
Price
Sales
Jan
6Hc
for
of Prices
WppIc
vv cca
High
Range Since Jan. 1, 1941
65c
Abitlbi pref
6%
100
Ajax O <fc G
Aidermac Copper
8c
...I
*
'9 He
Algoma Steel
Anglo Canadian..
37
...»
Arntfleld
1
Jan
9
100
7
Jan
12
Jan
48c
4,800
45c
Feb
60c
*
1.75
1.70
1.83
3,850
1.60
Apr
2.06
Feb
90c
Jan
Little Long Lac__
Loblaw A
»
25H
25
25H
255
24
Feb
8
Jan
22H
23H
335
5Hc
Mar
llHc
Jah
Macassa
Mines
1
3.75
3.75
3.80
.....1
1.80
1.75
75
55c
4
500
12c
Mar
4,400
9Ho
Jan
B
*
Jan
Mar
27
Jan
22H
Apr
26
Jan
560
3.45
Feb
4.30
Jan
18c
Feb
McL Cockshutt
1.88
6,550
1.70
Feb
2.35
Jan
Apr
17c
Jan
Madsen Red Lake..
1
62c
59c
65c
10,500
50c
Feb
70C
Apr
153
7
Feb
9H
Jan
Malartic (G F)
1
98c
98c
1.000
6,600
90c
Feb
1.17
Jan
5
8H
37
Apr
"Th
8H
1H
8H
1H
226
2H
350
37
56c
61c
3,600
66c
4c
4Hc
25,800
37
Apr
Maple Leaf Gardens
*
81c
Feb
4c
25
46c
12Hc 12Hc
10c
9Hc
37
10H
•
1,000
56c
Jan
Apr
""•48c
'
9c
8
American Cyanamld cl B 10
Jan
Maple Leaf Mill...
*
M assey-Harrls
16
Mar
8H
Apr
1.25
8
Feb
2.75
Jan
2H
Mar
9c
Feb
4c
4c
4c
500
3Hc
3Hc
Apr
1
Feb
5Hc
Jan
1
1.75
1.70
1.80
4,700
1.63
Feb
2.45
Jan
5Hc
500
8c
Jan
McKenzie
1
1.02
1.05
2,650
1.02
Apr
1.32
Jan
Jan
McWatters
*
20c
21c
3,700
17C
Feb
24o
Feb
Jan
Mining Corp
*
78c
78c
510
60c
Feb
83c
Apr
45
45H
180H 183
570
Ashley
Aunor
8c
12 He
9
1
'
65
4
Mar
276
Leltch
Low
'
6
6
Acme Gas.._^__-_—___*
3,700
9H
9
9
3
High
Shares
65c
9c
9
8 He
.....1
Laura Seoord (new)
Legare pref
J
Abltibl
*
Lapa-Ca dillac
Week's Range
Low
*
Lamaoue Gold
Friday
Lake Woods
Gold Mines
Bank field
1
Bank of Montreal
Base Metals
5Hc
100
176
»
....
Bear Exploration
100
8,500
1.05
1.08
1,850
25
100
Bldgood Kirkland
101H
154
1
Big Missouri
8c
1
Blue Ribbon pref
50
Bobjo
4c
35
4c
32
1
Bralorne.
365
8Hc
16,600
4H c
50
7c
10c
9.80
9.80
9.90
1,301
21H
21H
21H
24
British American Oil
*
17
23
6
555
23
24
90
11c
Mar
15c
Jan
Moore
Feb
1.20
Jan
Moore Corp cl A
100
Feb
102 H
Feb
2H
Apr
160H
13HC
Jan
Jan
Murphy
Jan
2H
32
Corp
*
182
33
60
25
Jan
37
92
"i"05
92
5
90
Apr
98
268
2c
41c
Feb
Mar
Jan
47 H
Jan
65
179
Mar
188
Jar
10
268
266
Mar
279
Jan
2c
2Hc
11,900
2HC
Feb
3c
1
Jan
3H
32
100
152 H
Moore Corp cl B_
M orrls-Klr klan d
1.04
3c
10 000
2c
Feb
7Hc
Jan
4c
Mar
5c
37 H
11c
Jan
9.50
Feb
10.50
Apr
Jan
21H
Apr
Friday
Week's Range
for
of Prices
Low
High
Jan
Jan
6c
60
Feb
Apr
Mar
Week
32
20
665
17
5H
193
100
101
3,500
Brantford Cordage pref25
Brazilian Traction...
.»
Mar
Mar
7c
1,500
35
6c
5H
4Hc
171
1,000
11c
101H
152 H 155H
1.05
8c
10c
10 He
1
Beattle Gold
10
8c
1
Beatty 1st pref
Bell Telephone Co
179
»
...
Preferred
McColl-Frontenac OH pflOO
5
15H
*..
.
_
.
.
1
i
Toronto Stock
Feb
7H
Jan
Last
Feb
18H
Jan
Sale
26
Jan
Brit Col Power clA
*
British Dominion Oil
*
6Hc
6 He
1,000
Apr
llHc
82c
85c
21,350
71c
Feb
1.10
Jan
...1
3.80
3.60
3.80
550
3.45
Apr
6.95
Jan
National Grocers
B uffalo-Canadlan.
*
4HC
4c
4Hc
10,500
2Hc
Mar
60
Apr
National Petroleum.
Building Prod
*
14H
15H
1,390
13 H
Feb
15H
Apr
National Steel Car
8H
8H
40
7H
Feb
10H
Jan
Exchange
Sales
Range Since Jan. 1, 1941
Jan
1
~~85c
6HC
Broulan-Porcupine
3He fJan
B uffal o-A nkerl te
.
B urlington Steel
...»
8H
23
Mar
Stocks
(Concluded)
Par
National Brew...
Price
*
24
*
.
.
Naybob
25Hc
Newbec
Calgary & Edmonton
Calmont
1.11
*
1.19
1,500
1.11
Mar
1.49
18Hc 18Hc
_.._.^...l
Canada Bread.
2,000
18Hc
Apr
24 He
2
Apr
2H
4H
Feb
7
2
Canada Cement..
*
Canada Malting
*
Can Permanent Mtge..l00
Canada Steamships pref_50
Canada Wire cl A
Canadian Breweries
5H
36H
121
17H
*
Cndn Bk of Commerce. 100
5y
155
36H
35H
121
17H
57 H
150
18H
8H
*
Canadian Car & Foundry.*
Canadian Dredge
5
75c
150
Canadian Canners cl A..20
Canadian Canners cl B
2
6H
20
255
34
Feb
39
128
27
121
Apr
136
18
179
17
Feb
58
75c
160
50
100
28
Mar
38 H
Mines
*
Omega
21Hc
Feb
31c
Jan
500
lHc
Apr
2c
Mar
53
35c
1.10
600
1.00
Feb
1.18
Jan
53 %
755
49H
Feb
35c
35c,
500
35c
Apr
57 H
50c
Feb
13c
1,300
2,500
llo
Feb
18c
Apr
2Hc
53
Jan
Pacalta Oils
Jan
Page-Hersey
•
2Hc
95H
95H
67
95 H
Apr
Pamour
*
1.27
1.32
1.07
Mar
*
Porcupine
2Hc
2Hc
3Hc
4c
3Hc
Apr
19c
20c
6,500
19c
Apr
280
Jan
Perron
1.30
1.28
1.36
6,600
1.28
Apr
1.69
Jan
61
1.00
Jan
Mar
Partanen-Malartlo..
Paymaster
Cons
.
Jan
20
8H
Apr
10
Jan
Pioneer
1.99
1.99
2.07
2,150
1.99
Apr
2.30
Feb
6H
10
67c
Mar
1.04
2H
260
100
8H
53c
*
53c
53c
25
4H
4H v., 5
10
18H
Cariboo
1
72C
Powell-Rouyn
Power Corp
-
Jan
Prairie Royalties
2
Mar
1.50
8
8
Feb
3H
Feb
5c
92c
1
Jan
Premier
Feb
Pressed Metals
Jan
Preston E Dome
-.1
58c
Apr
Royal Bank..
100
6H
Jan
Russell Ind
100
3
1.75
9
Mar
4
Apr
.....
San Antonio
1
1
3.40
Jan
151
23
149 H
Feb
166H
Jan
16
160
2.18
2.28
2.03
Feb
2.65
Jan
5c
5c
1,000
4c
Mar
7Hc
Jan
42Hc47Hc
13 H
13H
22,300
36c
Feb
59c
25
13H
1 He
Apr
150
2~20
43c
200
2.35
Jan
1.65
Feb
1.95
..1
15Hc
14 He
16c
12,900
9c
Jan
17c
1
1.30
1.29
1.35
4,522
1.26
Feb
1.74
Jan
Sheep Creek
Sherritt-Gordon
16c
16c
16c
100
12c
Feb
19c
Apr
Sigma
1
68c
68c
70c
4,150
68c
Apr
1.04
Jan
Silverwoods
*
4
4
*
4H
4H
20
4H
Mar
5H
Jan
Preferred...
*
5H
5H
Coniagas
5
1.50
1.50
260
1.60
Apr
1.55
Feb
Simpsons class A
*
9
9
Coniaurum
*
1.27
1.27
300
1.25
Mar
1.55
Jan
*
4
4
Apr
Apr
14
Jan
Simpsons B
Simpsons pref
94
94
39H
Jan
Siscoe Gold
1
Sladen-Malartic
1
Cockshutt
......
Consolidated
Cons
Bakeries
Smelters
Consumers
*
d
100
Gas
Cosmos
1.27
9
"35""
127
Cub Aircraft
..*
55c
Delnite__...........__.l
1
*
22
100
Dominion Foundry
Dominion Steel cl B
...
•
25
9
34H
127
129
23
30
50c
30 H
60c
350
50c
Apr
90c
3,400
90c
Apr
3Hc
~30"~
Dominion Bank
75
240
90c
100
Dome
35
23
*
Crows Nest Coal
DenLson
9H
34 H
3Hc
500
2Hc
Feb
22
22
385
21H
Mar
187H 191
"W6
Apr
Mar
7.15
Apr
3
Feb
4H
5H
Apr
6H
10
9
Apr
11
66
3H
Mar
5
100
100
145
Jan
Feb
25
Mar
Slave Lake
1
31
Feb
Standard Paving
1.05
Jan
Steel of Canada
1.25
Jan
3HC
Feb
Mar
17
Feb
7H
4H
127
5
155
24 H
Jan
Straw Lake
Feb
5H
Mar
4
Mar
5
Apr
22c
23c
5,700
22c
Apr
43c
Jan
9Hc
12c
11,700
9Hc
Apr
19HC
Feb
60c
60c
5
50c
Mar
90c
63
65 H
185
59 H
Mar
67
68
Apr
3c
1,000
3c
Apr
5Hc
Jan
Sullivan—
1
58c
58c
58c
1,000
57Hc
Feb
65c
Mar
Sylvanlte Gold
1
2.40
2.50
2.55
1,650
2.50
Feb
2.90
1
3.00
3.00
3.05
1,727
3.00
Apr
3.75
Jan
1
1.20
1.20
1.20
200
1.00
Mar
1.25
Apr
16Hc
Jan
Teck
Apr
2.95
Jan
Texas-Canadian
13H
Jan
Toronto Elevator—
Apr
Feb
Feb
Fanny Farmer
1
22H
22H
24 H
52c fJan
2.60
Hughes
*
20
20
10
19
Feb
21H
70
70
1
70
Apr
80
Feb
75
80
56
75
Apr
82
Mar
1,360
23 H
Jan
4c
4c
700
3Hc
Feb
6c
Jan
Trans
Resources
.*
1
2Hc
2Hc
1,000
Apr
6 Ho
Jan
Tuckett Tobacco
..100
Fleet Aircraft
*
Jan
•
4H
15H
275
Ford
3H
15H
1,022
2H
3H
14 H
Feb
16H
Apr
Uchi Gold
Union Gas
3 He
4Hc
2,000
3Hc
Apr
8c
Jan
United Fuel A pref .—.50
39c
40c
2,850
36c
Feb
Jan
22
79 H
Jan
lHc
25Hc
Apr
Apr
United Fuel cl B pref
United Steel
2c
Jan
Upper Canada
Feb
39c
Jan
10c
Towagmac..........—1
1
a
4H
15H
Foundation Petroleum.25c
Francoeur
•
Gatineau Power pref
Glenora
God's Lake
Golden Gate....
Gold Eagle
"~40c
80
1
_......*
27c
80
lHc
100
lHc
1,500
27c
27c
2,600
Mar
6
54o
90
....1
6Hc
7c
5,000
5c
Mar
13c
Jan
1
4c
4Hc
2,700
4c
Mar
10c
Jan
Jan
.50
Toronto Mortgage
Federal Kirkland.
28
Jan
Toronto General Trusts..*
Jan
Fernland
Apr
Feb
3c
Apr
33c
3Hc
1
2.40
1.97
40,600
Jan
Sudbury Contact
8Hc
9HC
4Hc
1.78
Mar
6,200
40
4c
Jan
Mar
24c
13,490
40
81c
1.65
2.55
3,150
9,150
Jan
4Ho
9Hc
36c
1.03
73 H
Jan
2.40
2.30
95c
4He
Jan
70
Apr
67
Apr
8Hc
11H
'"97c
80
17o
2.40
2.30
65
Mar
1.10
9Hc
11H
33Hc
Jan
Jan
"lie
69c
100
1
2.30
Feb
Feb
58c
100
1
1
91H
6IH0
Jan
18c
Duauesne Mining
East Malartic
*
10
6,890
Jan
Feb
1.18
*
Eldorado
Jan
18c
Dominion Tar
Falconbridge
Jan
1.18
24
4
Jan
87c
1
Sturgeon R
Sudbury Basin
Jan
85c
8.90
.*
Jan
Feb
9H
*
130
Jan
66c
25
Steep Rock Iron Mines...*
200
Mar
•
43
3c
Jan
58c
*
*
.*
80c
62c
1,075
Apr
Dominion Stores.....
Eastern Steel
2,300
4,688
Apr
385
7
80c
67c
7.30
30
4H
4H
7
80c
lHc
Jan
Jan
7.15
22
185
17
65 He
lHc
Jan
Apr
67c
127
7
16
80c
5
290
3,000
Jan
1
99
18H
7H
18H
*
1,975
14
-.1
50c
101
Preferred.
Jan
94Hc
9H
Feb
1,710
1
Feb
Feb
2.70
1.71
Jan
88c
8
35
2.53
Shawinlgan
Jan
10,525
1.66
Shawkey.......—
9c
8H
2.52
Jan
Jan
Jan
6
Apr
3.00
i
1.71
Jan
Apr
4c
2.85
1
Jan
4
15H
2.96
1
Senator-Rouyn
94c
1,000
3,400
8H
*
Sand River
5Hc
20 H
2.91
Apr
500
25
4
4
*
9
V
Feb
Feb
18
-
72c
72c
25c
4H
20
Jan
Mar
220
1,382
15
18
10H
21
Apr
47c
850
4
*
Mar
Mar
15H
100
9
*
Canadian Wirebound
6
210
Feb ;:■/
Feb
4
Canadian Wineries
1.
Jan
3.00
1.95
Cochenour
Feb
3Hc
19Hc
163
Apr
Apr
2H
Central Porcupine
6c
Jan
2.40
8H
Chestervllle
Jan
Jan
105
Apr
Mar
Mar
3,855
1.95
Chromium
4c
1.66
Apr
2,782
9,500
21H
2.55
*
....
Jan
2.40
Canadian Locomotive....*
Central Patricia
Jan
7,200
lHc
13c
1
*
Jan
v
2.48
5
9
30 H
Pickle-Crow
10
9
365
Jan
19
Canadian Wallpaper cl B.*
34H
37 H
24Hc 25Hc
Feb
20
214
C P R
5c
6
Jan
19
Canadian Malartic
Feb
18H
214
2H
Mar
5c
50
*
Class B
60c
No ran da
Northern Canada..
Mar
3H
1.05
5
Nlplssing
Jan
Feb
25H
19H
8H
Cndn General Electric..50
Cndn Indust Alcohol cl A.*
55 H
149
Jan
High
Apr
30
4
lHc
Jan
Low
24
1,000
4
5c
36H
50
24
5c
,
.25c
—-*
Shares
*
1
»
25c
170
16c
12
1
500
700
170
16c
17c
11H
12
33
25
*
10c
25c
25c
170
33
3H
3
1.77
3
1.67
3H
3H
1.77
50
2,500
1,065
on
page
16c
Apr
Apr
1 Jan
14c
50c
170
Jan
Jan
Apr
39C
Jan
Apr
Apr
14H
Jan
Apr
38 H
Jan
Apr
5H
1,120
2H
2H
Mar
4
30,670
1.27
Feb
29
25
No par value.
(Concluded
10c
25c
149
Jan
2531)
11H
33
2.28
Jan
Jan
Jan
The Commercial & Financial Chronicle
2534
Quotations
Over-the-Counter Securities—Friday April 18
on
New York City
a2%s July
«3a
aSa
16 1969—
1977—-
101
June
1
1
1976—
a3%« May
1
1954...
a3%s Nov
a3%« Mar
1
1954—
1
1900—
103% 105
m m
—
~
m m m
16
1976—
a 4a
May
1
1967—
o4a
Nov
1
1958—
mm m
a 4a
May
1
1969—
tmm —
a4a
May
1
1977—
mmm
a 4a
Oct
I
1980—
1
1960
1
1962...
a4%s Sep*
a4%s Mar
101%
101% 102
1980.__
«3%s July
o3%s Jan
100
99
1
Jan
m
mm
mmm
— mmm
Chicago & San Francisco Banks
Bonds
Bid
Ask
Bid
108% 110
118%
119%
118%
119%
1964
120
1
1966
American National Bank
16 1976
120% 122
121% 123
122% 124
123% 124%
Bank A Trust
33 1-3
81
1977
123% 124%
First National..
.100
271
Apr 16 1972
1 1974
June
Feb
1
Jan
121%
115
a4%s Nov 16 1978
1981.
a4%s Mar
1957.
a4 %s May
116
o4%s Nov
1967.
116%
119%
a4%s Mar
1963.
1965.
120%
a4%s
a4%s
«4%s
a4%s
July
1967.
Dee
Deo
15 1971.
126
127%
1979.
130
131%
109%
109%
120
120%
June
1
Atk
Bid
Par
Ask
Bid
Par
At*
1
Mar
Apr
a4%s
a4%s
a4%S
a4%s
a4%s
108% 110%
108%
108%
113%
114%
114%
April 19, 1941
Harris Trust A Savings .100
100
A Trust
243
233
311
.100
525
Northern Trust Co
S3oo
Continental Illinois Natl
FRANCISCO—
35%
w
Bid
Bk of Amer N T A 8 A 12%
277
Atk
$
124% 125%
126
126%
119% 121
119% 121%
123% 124%
SAN
New York Bank Stocks
124% 125%
125% 127%
Par
Atk
Bid
Par
Bank of Manhattan Co.10
Bank of York town ..60 2-3
42
Bensonhurst National... 50
85
13.65
Commercial National..100
National Bronx Bank.. .50
29%
mmm
46
50
National City
15%
14%
25%
27
13
16
12%
National Safety Bank. 12%
100
'
Chase
New York State Bonds
Bid
Ask
Bid
3a 1974
61.95
3a 1981
62.00
...
61.15
Improvement—
4s Mar A Sept 1958 to'67
137
Impjis JAJ '60 to '67
to'71
62.05
Highway Imp 4%b Sept *63
Canal Imp 4%s Jan 1964..
144%
1965
141%
6a Jan A Mar 1964
Can A High Imp 4%a
—
112
Canal
144
690
San
Bankers
Atk
Bid
102%
8%ssf revenue
1*70
3%s2ndserMay
1980
102% 103%
8s serial rev 1953-1975-.
104
105
4th ser Deo 15 '76
2%s serial rev 1946-1952
61.40
1.00%
2.40%
100% 100%
3%s 5th ser Aug 15 '77
3s
0th series...1975
62.40
102% 103%
3s
Bronx
53%
Guaranty
19
Irving.....
66%
71%
Kings County.
92
Lawyers..
Manufacturers.
100
89
20
Central Hanover..
Clinton Trust...
Colonial
25
35
11%
1600
26
26
29
20
34%
50%
36%
52%
91
94
20
New York
1%
12
2%
10
Trade Bank A Trust.. —10
17
21
44
Underwriters
100
80
90
45%
...
Title Guarantee A Tr.
14
43
20
Corn Exch Bk A Tr
12
12%
Continental Bank A Tr.10
Empire
45%
30
275
10%
1550
Preferred
43%
60
10
218
270
100
...
Atk
198
100
15
51%
Bid
Par
Fulton
359
..—35
......
County..
48%
United States
—
.100 1380
1430
100% 100%
Telephone and Telegraph Stocks
United States Insular Bonds
U S Panama 3s June 11961
Philippine
Government—
4%a Oct
1969
105
104
100
126
108
4%s July
124
Bid
Par
Aft
Ask
Bid
Ask
Ask
Bid
Par
Bid
1952
Companies
Atk
Bid
Chemioal Bank A Trust.10
Trlboreugh Bridge—
General A Refunding—
27
351
Brooklyn........
102
109%
Port of New York—
25
100
10
Bank of New York
Pennsylvania Turnpike—
3%s August
1908
108 %
1535
New York Trust
Ask
Franclsoo-Oakland—
4a 1976
Sterling Nat Bank A Tr 26
150
...
Authority Bonds
California Toll Bridge—
30%
...
...
Bid
49
28%
730
100
Par
Public
45
137
Barge C T 4%s]Jan 11945.
mmm
Highway
Canal & Highway—
First National of N Y..100 1495
Merchants Bank
100 130
Fifth Avenue
4%s April 1941 to 1949.
17
60
17%
Public National
Atk
World War Bonus—
14
Peoples National
176
170
10
Penn Exchange
31%
Am Dirt Teleg (N J)
100
6% preferred
Govt of Puerto Rico—
6a
Apr
1965....
100
101
4%s July 1952
118
Feb
1962
107
110
5s
106
108
5 %B Aug
1941
100% 101%
110
111
18%
31%
34
30
33
121
6b
16%
98% 103% Pao A Atl Telegraph—25
»
110% 112% Peninsular Telep oom
Preferred A......
25
com.*
July 1948 opt 1943.
U 8 conversion 3s 1940
Hawaii—
4%s Oct 1956 Apr '46..
113
110
Conversion 3s 1947
111% 112%
Rochester Telephone—
Emp A Bay State Tel..100
48
Franklin Telegraph
100
28
Int Ocean Telegraph... 100
80
85
20
25
New York Mutual Tel..25
$0 .60 1st pref
.
113
100
16
25
Sou New Eng Telep... 100
So A Atl Telegraph
19
150% 155
Federal Land Bank Bonds
Bid
Bid
A$k
Ask
3b 1955 opt 1945
38 1966 opt 1946
JA J
/AJ
108% 108%
108% 109
3%s 1955 opt 1946..MAN
JAJ
3b 1956 opt 1946
ATAN
109% 109%
4fl 1964 opt
J&J
Chain Store Stocks
108% 109 %
4fl 1946 opt 1944
110% 110%
109% 110%
1944
Par
Joint Stock Land
Bid
Atlanta %s, l%a
99
mmm
Atlantic 1 %s,
99
mmm
l%s
B/G FoodsIno common..*
Bank Bonds
Burlington
r9
Chicago
r2%
2%
Denver l%s, 3a
First Carolina—
99%
Ask
Bid
Ask
99
Lafayette %s, 2a__
Lincoln 4%s
mmm
1%
2%
Kress (8 H) 0%
common...•
7% preferred
100
1%
1%
Reeves
Bohack (H C)
Ask
13
89%
(Daniel) pref... 100
United Cigar-Whelan Stores
7
Fisbman (M H) Co Inc..*
93
Lincoln 6%s
12
pref... 100
22
19
90
Lincoln 6s
Bid
Pai
Atk
Bid
$5
8%
-
preferred....
17
_*
18%
94
mmm
11
New
99
l%fl, 2s
mmm
First Montgomery—
York 5s
87
North Carolina %s, Is
,
99
3s, 3%s
89
99% 100
r39
Oregon-Washington
41
SPECIALIZING
mmm
First New Orleans—
Pennsylvania l%s, l%s...
99%
mmm
F.H.A. INSURED MORTGAGES
'
99
mmmi
Phoenix
5s
101
First Texas 2s, 2%s
First Trust Chicago—
99
...
Phoenix
4%s
101
IB, 1 %8
Fletcher %s, 3%s
Fremont 4%s, 6%s_.
99
la. 1 %s_.
■
■■
mmm
"Hedge" security for Banks and Insurance Co'a.
The beat
99
72
Illinois Midwest 4%s, 5s..
I ndlana polls 6s
99%
mmm
mmm
mmm
100
mmm
98
Iowa 4%s, 4%s
r23
St. Louis..
.
mmm
San Antonio %s, 2s
25
Circular
on
request
99
Southern Minnesota
rl4%
Southwest (Ark) 6e__
Union Detroit 2%s...
92
Virginian Is
99
15
STORMS AND CO.
...
99
PITTSBURGH, PA.
Commonwealth Building
...
Phone Atlantic 1170
Joint Stock Land Bank Stocks
Par
Bid
Atlanta
100
88
Atlantic
100
67
Dallas..
100
80
Denver
100
67
Ask
92
Par
Lincoln
Bid
5
.
Ask
FHA Insured Mortgages
8
New York
100
1
5
85
North Carolina..
100
103
108
72
Pennsylvania
100
39
43
Bid
Bid
Asked
Asked
102% 103%
43
18
2
5
North Carolina 4%a
102
102
103%
101% 102%
Pennsylvania 4%s
Rhode Island 4%s
South Carolina 4%s
102
Louisiana 4%s
102
103
102
103%
Tennessee 4%s
101% 103
Massachusetts 4%s
102
103
TcxfiS
Michigan 4%s
102
103
Minnesota 4%s
47
14
101% 103
101% 102%
Maryland 4 %s
Fremont....
Georgia 4%s
Illinois 4%s
Indiana 4%s
100
....100
.....100
First Carollnas
New Jersey 4%s
Florida 4%s
Dea Moines
101% 102%
101% 102%
102
103%
101% 102%
102
103%
101
102%
102% 103%
101% 102%
101
102%
101% 103%
Alabama 4%s
San Antonio
117
Virginia
3
122
3%
Arkansas 4%s
6fl
Delaware 4%s
District of Columbia 4%s.
Federal Intermediate Credit Bank Debentures
Bid
ill;
%% due
May 1 1941 b .25%
%% due
June 2 1941 b .25%
t%%due
July 1 1941 6 .30%
%% due.....Aug 1 1941 6.30%
%a due
Sept 2 1941 6.30%
tH% due
Sept
Bid
Ask
%% due..... Oct 1 1941 6.35%
%% due
Nov 1 1941 6 .40%
1941 6 .40%
%s due
Dec
1
1 % % due
%»due
Jan
A servicing tec from
*
Obligations of Governmental Agencies
Bid
Ask
Commodity Credit Corp—
%%
Aug
11941 100.8
100.10
1%
Nov 15 1941 100.16 100.18
%%
May
11943 100.14 100.16
Bid
Atk
maturities.
%a
2s
Apr 15 1942 100.8 100.10
Apr
11943 102.22 102.28
Federal Natl Mtge Asan—
2s May 16 1943—
Call May 16 *41 at 100% 101.16 101.20
l%s Jan 3 1944—
July 3 1941 at 101% 101.22 101.26
insured Farm
« Interchangeable.
Nominal quotation,
«< When Issued
te-s
%%
Jan
Mtges4%s
...
Virginia 4%s
102
103%
6 Basis price,
r In
d Coupon,
a Ex Interest.
reoeivorsblp. Quotation shown Is for all
x Ex-dtvldend.
on
New York Stock Exchange.
Quotation not furnished by sponsor or Issuer.
} These bonds
are
subject to all Federal taxes.
15 1942 100.16 100.18
July
103%
102% 103%
With stock,
Now listed
1 1941 100.13 100.15
1%
103%
Now selling on New York Curb Exchange.
*
Nov
103%
102
%% to %% must be deducted from interest rate.
s
100.2
Corp—
%%
n
York" State" 4 % a——!
Virginia 4%s
V
Home Owners' Loan Corp
%8
May 15 1941 100
Reconstruction Finance
No par value.
/Flat prloe.
%% notes July 20 1941 100.10 100.12
Federal Home Loan Banks
103
101% 102%
101% 102%
102
4%s
New
West
2 1941 6 .40%
—
N Y (Metrop area) 4%s._
2 1942 6 .50%
2 1942 6.45%
Feb
104
58
New Mexico 4%s
t%%-
Oct
1 1942 100.27 100.29
15 1942 100.13 100.15
Jl%%
July
151943 100.26 100.28
U 8 Housing Authority—
%%
notes Nov 1 1941.. 100
100.2
T Chase Natl. Bank announced on Deo. 31 a distribution at the rate of 877.50
on
each original $1,000
ciple and $1.50
1%% notes Feb 11944.. 101.30 102
I
principle amount of debentures; $75.98 on account of prin¬
on aocount
6% on Sept. 25, 1939
of Interest.
Previously paid 5% on July 7, 1939, and
Volume
The Commercial & Financial Chronicle
152
Quotations
Over-the-Counter Securities—Friday April 18—Continued
on
Guaranteed Railroad Stocks
Railroad Reorganization Securities
(When Issued)
3oscpb Walker $ Sons
Mjrmitrt 7\[ru> Y*rk Sttxk
120
Bear, Stearns & Co.
Excksugt
Dukriia
Broadway
Members New York Stock Exchange
Tel. RE ctor
GUARANTEED
NEW YORK
New
2-6600
STOCKS
v
2535
York
Chicago
.
Since 1855
mi—J
>y,fi
Reorganization Rail Issues
Guaranteed Railroad Stocks
(When,
and If Issued)
as,
(Guarantor In Parentheses)
Bid
Dividend
Bid
Par in Dollars
Alabama A VIcksburg (Illinois Central)
100
Albany A Susquehanna (Delaware A Hudson)...... 100
Allegheny A Western (Buff Roch A Pitts)
....100
Beech Greek (New York
Central)
50
Boston A
Albany (New York Central)
Boston A Providence (New Haven)......
Canada Southern (New York Central)
Stocks—
72
68)4
108)4
6.00
...
10.50
112)4
6.00
76
80
2.00
29)4
87)4
31)4
100
8.76
...100
8.50
20
24
...100
3.00
37
40
Carolina Cllnchfleld A Ohio oom (L A N-A O
L)
Cleve Gin Chicago A St Louis pre! (N Y
5.00
100
Central).. 100
100
9.00
50)4
67
149)4
38)4
153)4
600
800
4.00
60.00
50
51
84)4
63
5.60
..
Michigan Central (New York Central)
Morris 4c Essex (Del Lack A Western)
>
2.00
Fort Wayne A Jackson pref (N Y Central)........100
Georgia RR A Banking (L A N-A O L)
100
Lackawanna RR of N J (Del Lack A Western)
100
90)4
74)4
48)4
2.00
41)4
3.875
.....
52
55)4
4.00
100
Northern Centra) (Pennsylvania)
....50
Oswego A Syracuse (Del Lack A Western)..........60
Pittsburgh Bessemer A Lake Erie (U S Steel)
60
Preferred
60
25)4
6.00
New York Lackawanna A Western
(DLiW)
96
98 H
26)4
4.60
35)4
39)4
1.60
44
47
3.00
Pittsburgh Fort Wayne A Chicago (Penna) pref.... 100
Pittsburgh Youngstown A Ashtabula pref (Penna).. 100
87
92
7.00
173)4
163)4
7.00
Rensselaer A Saratoga (Delaware A Hudson) ......100
St Louis Bridge 1st pref (Terminal RR)
100
Second preferred
.........100
177)4
169
58
6.64
6.00
62
70
...100
6.00
140
10.00
247)4
6.00
44)4
8)4
3
X
6
...
Common (no par)
IH
5% preferred A (par $100)
Certificates ben Interest In
2M
23)4
3H
-j
24)4
3 54
stock..
common
...
Norfolk & Southern RR—
Common (no par)
Ctfs of beneficial interest in J L Roper Lumber Co
3
2H
24
28
Bonds—
Chicago Milwaukee St Paul A Pacific RR—
First mortgage 4s
General mortgage Income A 4)48
General mortgage lncone convertible B 4J4s
1989
2014
78
76)4
/36)4
/26J4
2039
...
Chicago A North Western Ry—
First general mortgage 2)4-48
Second mortgage convertible income 4)4s
.1989
1999
28
21)4
1957
......—1995
2015
38
61)4
62)4
22)4
mv»
Erie RR—
First mortgage 4Ms A
First mortgage 4s B.._.
—
General mortgage Income convertible 4)4s A
Norfolk Southern Ry—
251
Chenango A Susquehanna (D L A W)
...100
Valley (Delaware Lackawanna A Western)
100
Vlcksburg Shreveport A Pacific (Illinois Central)..100
2
...
96
97)4
78
78 M
45)4
1998
67
2014
5s
/16
68
1654
144
100
8
■
...
Common (no par)
Chicago & North Western Ry—
5% preferred (par $100)
First mortgage 4Ms
General mortgage convertible Income
145
140)4
3.00
Chicago Milwaukee St Paul A Pacific RR—
5% preferred (par $100)
Erie RR—
49
3.50
.......
90)4
88)4
70)4
82)4
5.00
Cleveland & Pittsburgh (Pennsylvania)............50
Betterment stock
............60
Delaware (Pennsylvania)
25
Asked
Asked
Tunnel RR St Louis (Terminal RR)
United New Jersey RR A Canal (Pennsylvania)
Utica
73
Industrial Stocks and Bonds
48)4
mm
58
61
Alabama Mills Ino
*
6.00
60)4
63)4
American Arch
•
31
34
60
3.60
20
23
Amer Bern berg
*
14
16
...60
Warren RR of N J (Del Laok A Western)
West Jersey A Seashore (Penn-Readlng)
55
...100
Preferred
6.00
6.00
3.00
54
57)4
American Cyanamld—
11M
12
National Radiator......10
7 M
11M
11M
HM
n%
New Britain Machine....*
„
.
Bid
Par
rn
A
oom
2d
3d
Equipment Bonds
Bid
Ask
Bid
Ask
Atlantic Coast Line 2Ms..
Baltlmore A Ohio 4 Ms
b 2.20
1.70
61.75
1.25
Bessemer A Lake Erie 2Mb
Boston A Maine 6s.
61.70
1.25
62.25
1.60
Canadian National 4Ms-5e
64.50
3.75
b
Nash Chat A St Louis 2)4b
New York Central 4Ms...
2Ms and 2Ms
Canadian Pacific 4Mb
Central RR of N J 4 Ms..
64.40
3.75
N Y Chlo A St Louis 48
62 50
1.75
61.60
1.00
N Y N H A Hartford 3s...
62.25
1.65
64.00
Central of Georgia 4s
Missouri Pacific 4 Ms-5s.-.
61.75
1.25
62.25
2s-2)4s and 3)4s
1.65
62.15
1.65
61.85
1.30
62.25
1.75
3.25
Northern Pacific 2Ms-2Ms
61.90
1.40
Chesapeake A Ohio 4Ms._
61.65
1.25
No W Refr Line 3Ms-4s...
63.25
2.50
Chlc Burl A Qulncy 2 Ms
Chic Mllw A St Paul 6a
61.70
1.25
62.35
1.65
.
.
.
Pennsylvania 4Mb series D
61.85
1.50
4s series E
62.15
1.65
61.20
2 Ms series G A H
Del Lack A Western 4s
62.60
1.75
Denv A Rio Gr West 4 Ms.
Erie 4 Ms
62.00
1.50
61.75
1.25
1.50
62.15
1.60
Pere Marquette—
13
2MS-2MS and 4Ms
62.00
1.50
Reading Co 4 Ms
Growers Express
4s, 4Ms and 4 Ms
61.70
1.25
St Louis-San Fran 4s-4 Ms.
Fruit
Grand Trunk Western 6s
0.80
62.00
Chlo A Northwestern 4 Ms
Cllnchfleld 2Mb
61.85
1.30
61.65
.
1.25
St Louis S'weetern 4 Ms
61.75
64.00
3.25
Shippers Car Line 6s
61.90
1.30
61.70
.
Great Northern Ry 2s
Illinois Central 3s
1.25
Southern Paciflo 4 Ms
61.80
1.25
1.25
62.25
1.70
Southern Ry 4s and 4 Ms..
61.70
1.25
61.75
1.25
61.90
1.50
1.35
Texas A Pacific 4s-4Ms
Union Paciflo 2Mb
61.80
1.40
62.00
1.50
Western Maryland 2s
62.00
1.50
Western Pacific 5s
62.00
1.60
West Fruit Exp 4Ms-4Ms.
__
1.60
62.25
62.00
Kansas City Southern 3s
61.80
1.30
Wheellng A Lake Erie 2Mb
61.75
Lehigh A New Engl 4Mb
Long Island 4Mb and 5s._
62.00
Louisiana A Ark
2MB
_
62.50
1.75
series
series
...
Amer Distilling Co 5%
Malse
Ask
40 M
16M
91M
4M
28M
8M
42 M
*
8M
10M
52
Pan Amer Matoh Corp..25
10M
Par
National Casket
...»
Preferred
87 M
Nat Paper A Type oom...1
preferred
3M
60
Ohio Match Co
25M
O
pflO
A'/i
•
49 M
25
American Enka Corp
American Hardware
Amer
Bid
14M
3M
5%
5% conv pref 1st ser__10
Railroad
Ask
2M
21M
22 M
Pepsi-Cola Co
♦
16
18
Perm 11 tit
1
5M
79M
83
1
8
*
Products
American Mfg 5% pref 100
Arden Farms com v 10
M
1M
2%
40 M
Co
Petrol eum
Conversion
...
170
Merchants
Despatch
2 Ms, 4 Ms & 5s
61.75
1.30
1.50
1.30
1'A
2M
2
2M
8M
42 M
Pilgrim
35
38
Pollak
Art Metal Construction. 10
15M
J6M
Autocar Co com.......10
12M
13M
Botany Worsted Mills ol A5
2M
3M
$3 partlo preferred
Mills
Arlington
100
10
4
Brown A Sharpe Mfg...50
177
$1.26 preferred
4M
182
Exploration.....1
Manufacturing...*
7
Remington Arms oom
•
Safety Car Htg A Ltg_.„50
49
Soovlll
24M
Manufacturing..25
Singer Manufacturing.. 100
Skenandoa Rayon Corp..*
104
5
19M
Standard Screw
20
Chic Burl A Qulncy
Chilton Co common
35
39
Stanley Works Ino
26
36M
44 M
10
4M
City A Suburban Homes 10
Coca Cola Bottling (N Y) *
Columbia Baking oom
*
63M
5M
5M
Strom berg-Carlson
*
•
4M
5%
Sylvama Indus Corp
18M
20M
5
43
46
1
2
*
9M
12
14
Talon Inc
26M
Tampax Inc com
Taylor Wharton Iron A
.....*
56M
59
*
20 M
23
Cuban-Amer Manganese. 2
7M
Crowell-Colller
Pub
8M
oom
Steel common
•
Tennessee Products
Thompson Auto Arms—1
*
Time Ino
3
Akron Canton A Youngstown 5Ms.__
6s
.1945
...
.1945
f5Q
/56
Asked
68
50M
53 M
14M
15M
5
11 Vs
Dictaphone Corp
...*
Dixon (Jos) Crucible... 100
28M
32M
31
Trico Products Corp
*
30 M
35
Triumph
Explosives
2
3%
Domestic Finance cum pf
*
28M
31M
United Artists Theat oom. •
•
65
69
United Drill A Tool-
*
33 M
36
1%
10M
12M
~5M
Veeder-Root Ino oom
Weloh Grape Juice com
_
Chicago St Louis A New Orleans 5s
Chicago Stock Yards 5s
104
.1956
..,
68 M
59
94
68
"72"
74
78
Machine Tool
.1961
.
Cleveland Terminal A Valley 4s
104
62~
.1995
59
.1951
111
Cuba RR improvement and equipment 5s
.1960
/17
Dayton Union Railway 3Ms..
.1965
100
4M
.1945
86
88
Oarlock Packings com
•
Gen Fire Extinguisher... ♦
50
52
15M
16M
23M
25
2
Good Humor Corp
Graton A Knight oom
13M
2M
1
*
Preferred
4
15
Florida Southern 4s
.
.
Hoboken Ferry 6s
Illinois Central—Louisville Dlv A Terminal 3Ms.
Indiana Illinois A Iowa 4s
.1946
50
53
.1953
56
59)4
.1950
73
77
Kansas Oklahoma A Gulf 5s
.1978
96
98
Memphis Union Station 5s..
.1959
113
_
Monongahela Railway 3 Vis
.1966
100 H
New Orleans Great Northern lnoome 5s
.2032
f 14
New York A Harlem
.2000
ioo M
103
3Ms
New York A Hoboken Ferry 5s
.1946
New York Philadelphia A Norfolk 4s
Norwich A Worcester 4Ms__
.1948
101
"35 r
17
3M
5M
100
58M
~42"
Great Lakes SS Co com__»
39M
38 M
42
13,
14M
l M
5
1
Interstate Bakeries com..*
100
..1949
60
..1966
96
*
22 M
24M
8M
9K
23 M
$5
preferred
Lawrence Portl Cement 100
8M
5M
M
100
7%
1%
•
M
2%
57 M
_..*
2M
19M
17M
21M
100
preferred
55
107 M
19
mmm
6
7
6
8M
100
47
York Ioe Machinery
*
2
100
7% preferred...
H
35M
3M
37M
74 X
76 M
/42M
44 %
94M
96 M
/56M
59M
Stamped
Koppers Co 3 Ms
1961
53...I960
101 M 101M
76 M
75 M
15M
Minn A Ont Pap
17
Motion Coal 5s
83 M
♦
1
12M
86M
13M
1 NY World's Fair 4s. 1941
Old Ben Coal 1st mtg 6s '48
52 M
54 M
Panhandle Eastern 3s. 1960
26 M
27 M
Scovlll Mfg3Ms deb..1950
Swift & Co 2Ms———1961
99M 100
Western Auto Sudp
96
97 M
91M
92
Merck A Co com
preferred
6s_.1961
A.. 1946
.1948
Deep Rock Oil 7s
1937
Carrier Corp 4Mb
16
*
MaUory (P R) A Co
$6
21M
13 M
Bond*—
Amer Writ Paper
Brown Co 5Ms ser
100
Long BeU Lumber
$5 preferred
1
.100
117
11
96 M
-.1947
4M
118
...1955
/II
8
14
9
48 M
50 M
16 M
27 M
V
mmm
63
Pbiladelphta A Reading Terminal 3 Ms
Pittsburgh Bessemer A Lake Erie 5s.
:
H
41
King Seeley Corp oom
1
Landers Frary A Clark..25
Muskegon Piston Ring. 2)4
.1947
Pennsylvania A New York Canal 5s extended to.
*
62 M
Marlin Rockwell Corp
103
Class B
United Piece Dye Works.*
Worcester Salt
Harrisburg Steel Corp
*19"
7
Wlckwlre Spencer Steel..*
Wilcox A Glbbs oom
50
Great Northern Paper..25
-
*
Common
Preferred
27
Gen Machinery Corp oom •
Connecting Railway of Philadelphia 4s
..
2M
%
12M
32 M
4M
Vs
Class A
Glddlngs A Lewis
.1951
;
30
Tokheim Oil Tank A Pump
Warner A Swasey
57
93
.1955
Chicago Indiana A Southern 4s
*
Foundation Co Amer shs *
.1944
.
com
Federal Bake Shops
Preferred
.1943
Baltimore A Ohio 4s secured notes
Boston A Albany 4Ms
Cambria A Clearfield 4s
10M
3M
2M
34 M
35M
121M 126M
Dentists Supply oom...10
Devoe A Raynolds B com *
Dun A Br ad street
Bid
46 M
6M
23 M
$3 oonv pref
40
68
*
$1 cum preferred
Consolidated Aircraft—
51M
26M
106
4
18M
100
5H
4M
Buckeye Steel Castings. _*
Draper Corp
Railroad Bonds
6M
20
Petroleum Heat A Power.*
Farnsworth Telev A Rad.l
3 Ms
Maine Central 5s
HM
179
...
12M
3M« '55
Wheeling Steel 3MS..1966
Portland Terminal 4a
..1961
Richmond Terminal Ry 3Ms
..........
Tennessee Alabama A Georgia 4s.
Terre Haute A Peoria 5s
97
104
.1957
.1942
57
6s
105 M
.1967
101
103
.1957
107
110
.1946
86
95
VIcksburgh Bridge 1st 4-6s
Washington County Ry 3Ms........
...
West Virginia A Pittsburgh 4s
106
...1968
-
A8t
77
80
1954
44
61
63 M
n8
6s
1947
Haytlan Corp 4s.....1954
5s
1989
54
/33M
/13
Nlquero Sugar—
3 Ms
1940-1942
Par
Bid
Ask
20
6M
7M
—1
22M
M
23 M
Preferred
*
Punta Alegre Sugar Corp.*
Savannah Sugar Refg—1
Haytlan Corp com
56
/25
15)4"
For footnotes see page 2534.
5M
29M
1M
6
31M
Vertlentes-Camaguey
Sugar Co
48
1990
1951
Stocks
Eastern Sugar Assoc oom.l
B&raqua Sugar Estates—
New
..T1951
....
Bid
AntUla Sugar Estates—
Toledo Peoria A Western 4s.....
Toledo Terminal 4Mb
United New Jersey Railroad A Canal 3Ms
Bonos
105)4
Toronto Hamilton A Buffalo 4s
.....
Sugar Securities
"92"
93
..1965
..........
88
..1947
...
Provldenoe A Worcester 4a
West Indies Sugar
5
Corp..l
2M
2M
3M
4M
April 19, 1941
The Commercial & Financial Chronicle
2536
Quotations on Over-the-Counter Securities—Friday April 18—Continued
"Public Utility
Bought
Investing Companies
Preferred Stocks
Sold
•
Par
♦Amerex Holding
Bid
6.75
2.37
Corp—*
14*
2.59
2.84
Series B-2
6.29
0.94
Series B-3
Series B-4
7.29
Series K-l
14.22
15.59
Series K-2.
10.72
11.81
11.27
12.37
7.29
8.04
2.78
3.10
1
5.29
5.83
13*54
Manhattan Bond Fund Ine
7.06
Maryland Fund Inc... 10c
Aviation Capital lno—.1
15.58
4*
16.93
9.53
10.25
Axe-Hough ton Fund Inc..
Bankers Nat
Series 8-2
3*
Boston Fund
5
4
.......
♦6% preferred
....
Basic Industry Shares..10
New York City
...
Series 8-3...
Investing—
5*
Series 8-4
.......
Knlckbocker Fund
3.11
12.59
lno
15.22
13.86
6.63
4
♦Common
115 Broadway
1
Series B-l
Assoc Stand Oil Shares...2
Exchanges
24.16
Keystone Custodian Funds
2.16
12*
Amer Foreign Invest Inc..
ESTABLISHED 1879
Principal Stock and Commodity
Members
8.34
31.47
21.98
Investors Fund C
8.15
28.73
7.34
Amer Business Shares
Jackson & Curtis
Atk
Bid
Par
Atk
1*
Affiliated Fund Inc
Quoted
•
Securities.—
Aeronautical
A... 1
Broad St Invest Co Inc..5
1
Bullock Fund Ltd
Public
Bid
$7 pref._
0% pref.25
I>t 7% pf—*
Atlantic City El 0% pref.~
4*
Amer Utll Serv
86*
Arkansas Pr A
120
Century Shares Trust...*
Par
Atk
106* 108*
Alabama Power
Canadian Inv Fund Ltd..1
Utility Stocks
5*
89
123
National Gas A El Corp. 10
85*
Birmingham Gas—
52*
13.60 prior preferred..60
53*
97
5*% pf-«
14
16
40
42
—*
♦
$6 prior lien pref
36 cum preferred
•
New Orleans Pub Servloe-*1
♦
New York Power A Light—
Light—
♦
preferred
7% pf 100
Central Maine Power—
90 preferred
100
7% preferred
100
Cent Pr & Lt 7% pref.. 100
Community Pow A Lt._10
Cent Indian Pow
Consol Eleo 6c Gas 90 pref.*
Consumers Power 96 pref-*
112* 115
110* 112*
95*
97*
105* 107*
111
8
113*
9*
7*
8*
103* 106
Continental Gas 6c Eleo—
7%
94
96*
58*
100
preferred
Derby Gas A El 97 pref—*
61
38*
39*
•
96 oum preferred
preferred
36 cum preferred
♦
7% cum preferred—.100
N Y Water Serv 6% pf .100
90.60 cum preferred.—*
41
42
34 preferred
Northern States Power—
(Del) 7%
•
100
pref
0%
7%
100
100
100
preferred
preferred
Okla G A E
7% pref
Panhandle
7% pf-100
Eastern
•
Penna Edison 35 pref
*
Penn Pow A Lt 37 pref...*
Hartford Electrlo Llgbt.26
54* 56*
114* 115*
21* 23*
Peoples Lt A Pr 33 pref.25
Philadelphia Co—
35 cum preferred
*
*
10*
22*
110* 113*
101* 103*
107
29*
109*
32
59*
80*
62*
108* 110*
114* 116*
116* 119
81*
84
33*'
35*
65*
67*
112* 114
20*
80*
22*
82*
Pub Serv Co of Indiana—
27
Jamaica Water Supply—.*
30
Jer Cent PAL
7% pf-100
Kansas Power & Light—
101
102
71
..♦
37 prior Hen pref
120* 122*
104* 106*
4*% preferred
100
Kings Co Ltg 7% pref. 100
Long Island Lighting—
74
7%
0%
.100
24*
26*
15*
*
16*
82
27*
84*
91*
5*
Rochester Gas A Eleo—
100
*
Southern Nat Gas com.7*
76*
79*
4*
5*
Texas Pow A Lt 7%
United
pf.100
Pub
7.79
28
14*
Mountain States Power
29*
45
47
136
139
32.75 pref
♦
.*
23
71
Washington Ry A Ltg Co—
Participating units
14*
55*
West Penn Power com...*
19*
22*
West Texas Utll 36 pref..*
Bid
Amer Gas A Pow 3-6s. 1953
63*
92*
Amer Utility Serv 08—1964
Appalach El Pow 3*s 1970
23*
24*
73*
22
15*
22*
100* 103
Associated Electrlo 6s. 1961
Assoc Gas A Eleo Corp—
Income deb 3*s___1978
Income deb 3*s__.1978
Income deb 4s
1978
Income deb 4*8—1978
Conv deb 4s
1973
Conv deb 4*s_—1973
Conv deb 5s
—1973
Conv deb 5*8
1973
8s without warrants 1940
/14*
n 4*
/15
8.48
9.17
3.15
3.42
2.01
Bid
Ask
104* 105*
64*
94*
.1965
4*8.
15*
15*
15*
no* 111*
105* 106
103* 104*
62*
64*
105
1.91
102*
109
109*
25
/25
26*
59
64
/25
/54
27
96
Low
/10
11*
2.26
24*
Cram A Forster Insurance
♦Common B shares.
_.
10
100
♦7% preferred
Cumulative Trust Shares.*
28
6.18
6.83
3.99
4.42
8.53
9.40
7.63
8.42
Building
4.72
5.22
Agriculture
...........
supplies......
Electrical
I6~28
6.14
0.78
9.23
equipment...
Insurance stock
10.17
Machinery
Metals
5.76
6.37
1
3.05
Oils
6.33
6.99
2.50
4.45
5.05
Railroad
2.74
3.02
Dividend Shares......25c
.96
1.06
Deposited Insur Shs A... 1
Diversified Trustee Shares
C
...
Balanced Fun.d—.....
Stock
16.72
17.81
No Amer Tr Shares 1953.*
1.83
10.42
Series 1955
1
23.65
Series 1956
—1
13*
Series 1958
1
1.78
14.36
15.45
5.06
5.61
Bank stock series.__ 10c
2.09
2.32
series. 10c
2.89
7.93
30
.35
11.53
12.33
4.90
5.80
Republlo Invest Fund
2.78
3.x2
.
3.23
Fixed Trust Shares A—.10
Plymouth Fund Inc...10c
Putnam (Geo) Fund
Insurance stk
Scudder, Stevens and
Foundation Trust Shs A.l
3.15
3~65
75.47
76.99
Fundamental Invest Inc. 2
13.88
15.21
Selected Amer Shares..2*
7.26
7.91
Fundament'l Tr Shares A 2
3.96
4.72
Selected Income Shares.. 1
3.41
»
3.63
Investors... 10c
Spencer Trask Fund
•
5.22
5.79
12.19
12.83
Standard Utilities Inc. 50c
.20
♦State St Invest Corp.—•
55*
1.97
Clark Fund lno
Sovereign
•
24.23
26.05
General Investors Trust. 1
4.21
4.59
3.93
3.7°'
Aviation shares
6.10
6.7i,
Building shares
4.33
4.77
Chemical
5.22
5.75
Super Corp of Amer AA..1
Group Securities—
Agricultural shares
Automobile
shares.....
shares
♦Series
C
1
1.96
♦Series
D
1
1.89
Trustee Stand Oil Shs—
♦Series
A
1
4.83
♦Series
B
.1
4.35
6.85
7.53
3.53
3.90
2.33
2.58
4.32
4.76
4.49
4.95
Trusteed Industry Shs 25c
.66
3.71
4.09
U 8 El Lt A Pr Shares A—
13*
RR Equipment shares..
2.95
3.26
4.07
4.49
3.91
4.31
shares
Mining shares
Petroleum
shares
shares
Tobacco shares
♦Huron Holding Corp
.10
1
.18
Income Foundation Fd Inc
1.20
12.81
13.77
1.84
2.06
Trusteed Amer Bank Shs—
Aviation Group shares..
Bank Group shares
11.99
13.14
.86
.96
Insurance Group shares.
1.11
1.22
Investm't Co of Amer.. 10
15.32
25c
Class B
Wellington
1
Fund
Investment
12.31
Bid
*
♦First Boston Corp
10
13*
15*
10c
*
*
2
♦Schoellkopf Hutton A
Pomeroy lno com
Bid
101
1st A ref 5s
1950
1st consol 4s
1948
1st consol 5s.
1948
102
1948
104
Pittsburgh Sub Water—
,
5s
1951
105*
102*
107* 109*
103*
Richmond Water Works—
104* 105*
5*s series B
1946
87*
92.*'
101* 102*
6s series A
1940
90
94
Community Water Service
1st 5s series A——1957
Rochester A Lake
Water 5e
87
109
Parr Shoals Power 68.1952
101* 101*
106* 107*
Cent Ark Pub Serv 5s. 1948
101
103
Central Gas A Eleo—
Wat A Pow 3*s
3*s
94*
96*
98*
1904
1970
1950
Pub Serv of Indiana 4s 1909
96*
104* 105
Pub Serv of Okla
106* 107*
1966
106
78
Ontario
1951
105*
101
105* 106*
Indianapolis Water—
1st mtge 3*s
Cities Service deb 6s..ll
4*8—
m
87*
106
1*
88*
106*
Sioux
—-
-
1947
City~G
91
93*
70
72*
1st 5s series A
1957
105*
102
Spring Brook Wat Supply
Sou Calif Gas
104* 104*
3*8—.1970
101* 102*
51*
94*
96*
Southern Count Gas 3s *71
53*
100* 101*
56*
58
H'western Gas A El 8 *s '70
104* 105*
58
S western Lt A Pow 3*s'69
61*
63*
Tel Bond A Share 6s. .1958
82*
Texas Public Serv 58—1961
106*
Toledo Edison 1st 3*sl968
1st mtge 3*s
1970
Crescent Publle Service—
106
96*
98*
103* 104*
Inland Gas Corp—
71
74*
105* 106*
105
1st 5s series A
1958
5s
1950
Monongahela Valley Water
5*s
1950
Morgantown Water 5s 1905
100
103*
105*
102
102*
s f
debs 3*s
1960
United Pub Utll 6s A. 1960
Utlca Gas A Electric Co—
6s
1657
76*
103* 104*
108
108*
1950
105
5s
104
126
West Texas Utll 3*8.1969
Western Public Servloe—
106* 107*
5*8
I960
Wisconsin Public 8 3*s '71
103
104
Union Water Service—
5*s
.1951
105*
103*
Western N Y Water Co—
1st 4s
1905
1st 5*8 series A
1961
107*
1950
104
.1950
102
101
1st conv 5s—
1951
99
102*
deb 6s extended
1950
94
5s series B
1950
101
5s series C
5s series B
..—I960
6s series A
1949
1st 5s series B
5*8 series A
1951
98
1951
100
Wichita Water—
New York Water Service—
1951
99
101*
101* 102*
V
69*
108
West Va Water Service—
Muncie Water Works—
fis
105
102
1965
102*
105*
105* 106*
74*
1950
Springfield City Water—
105*
New Rochelle Water—
80*
Gen Mtge 4*s_.
5s
4s A
105* 106*
56
5s.
Consol E A G 6s A—.
4*8.1959
100
102*
South Bay Cons Water—
6s
Kankakee Water
1907
Shenango Val 4s ser B. 1961
Joplln Water Works—
Monmouth Consol Water—
103
A E 4s-I960
Sou Calif Edison 3s —1965
Sou Cities Utll 5s A—1958
100
1st A ref 5s A
18*
fl 6*
107* 108
102* 103*
Kokomo Water Works—
1951
Collateral 5s
103
Water Servloe 58.1961
107*
8t Joseph Ry Lt Ht A Pow
Central Public Utility—
Income 5*s with stk '52
3*8-1971
1948
Pub Utll Cons 6*s
Scranton Gas A Water Co
4*8
1958
Scranton-Spring Brook
105
105* 106*
Republlo Servloe—
105* 106*
Cent III El A Gas 3*s. 1964
73
Portland Electrlo Power—
6s
1st lien coll tr 6*s.. 1946
1st lien oollt rust 6a. 1946
inn
1948
1st 5s
Ohio Valley Water 58.1954
Ohio Water Service 4s. 1964
Oregon-Wash Water Serv—
5s.
1957
For footnotes see page
108*
107* 108*
99
2534.
1102
1*
22
1
Peoria Water Works Co—
104
14.10
20
Prior lien 5s
Atlantic County Water—
5s
1958
mi-mm
♦Central Nat Corp cl A—♦
♦Class B
•
Atk
105*
me
Banking
Water Bonds
1958
.75
•.
Corporations
♦Blair A Co
16.56
5s
.49
.44
1.66
B
1.31
Investors..6
orthwest Pub Serv 4s '70
Calif Wat A Tel 4s... 1969
59
Trustee Stand Invest Shs—
Electrical Equipment...
Food shares
10
101* 101*
.23
4.33
3.37
General Capital Corp
Gulf Coast Water—
Blackstone Valley Gas
A Electrlo 3*8
1988
Boston Edison 2*8—.1970
....
Quarterly lno Shares.. 10c
First Mutual Trust Fund..
Fiscal Fund lno—
108* 109*
84*
——
2.17
12*
—-
2.22
21.99
...
Public Service 3*8.1909
10
6.18
5.59
39*
9.81
Fund
Equit Inv Corp (Mass)..5
Equity Corp S3 conv pref 1
Fidelity Fund Inc
♦
5.38
4.87
Railroad equipment
No Amer Bond Trust etfs.
Eaton A Howard—
105* 105*
10
7.58
6.87
2.53
Calif Water Service 4s 1981
.1905
8.07
7.31
Chemical
3.82
15.06
Delaware Fund
30*
112
10
/8
10.57
Automobile
26*
117*
/8
rs
/8
5.21
9.80
N Y Stocks Inc—
Butler Water Co 6s... 1957
4s.
1986
4.55
4.73
priced bond scries..
1
New England Fund
Ashtabula Water Works—
56
1983
5.08
4.11
Income series
1.91
l"08
.95
4.72
Series—
2.26
97*
1961
3*.
26
Sink fund lno 5-6s—1986
3.13
(Colo) ser B shares
•
(Md) voting shares. _25c
National Investors Corp.l
Bank stock
100
♦8% preferred
106
102
Utll—
16
/23
/24*
Sflnc4*s-5*s
8.65
8.41
Nation .Wide Securities—
94* 97
104* 105
/15
Sink fund lno 5s
7.92
National Security
Institutional Securities Ltd
Atk
A88oo Gas A Eleo Co—
Cons ref deb 4*s.—1958
Sink fund lno 4*s__1983
25.33
Independence Trust Shs.*
Utility Bonds
105* 105*
53
51*
23.56
Mass Investors 2d Fund..
Aviation
♦Cram A Forster oom„ 10
Incorporated
Public
3.10
Steel
21*
Utah Pow A Lt 37 pref—_♦
54*
Narrag El 4*% pref_..60
Nassau A Suf Ltg 7%pf 100
11.95
2.30
3.85
17.73
1
Merchandise
112*
16
*
Mountain States T A T 100
10.90
2.95
Mass Investors Trust
Investing shares
110
Utilities Corp
33 pref
16
103* 106
19* 20*
11* 12*
104* 106*
94
26*
Monongahela West Penn
5% preferred
4*
S'western G A E 5% pf.100
6% oonv partic pref..60
Mississippi Power 90 pref.*
97 preferred
*
Mississippi P A L 90 pref.*
Missouri Kan Pipe Line..6
7% pref
17*
Sierra Pacific Pow com
Mass Utilities Associates—
Pub Serv
15*
2
preferred
0% preferred D
preferred
.....1
Series ACC mod
..I
B
Republic Natural Gas
Mass Pow A Lt Associates
92
.1
Series AA
Accumulative series... 1
Series AA mod
Queens Borough G A E—
100
preferred.
Corporate Trust Shares.. 1
D
82*
Pipe
Line Co
122*
Interstate Natural Gas
67*
8*
19*
1
Chemical Fund
Commonwealth Invest...1
.17
20.80
Steel
120
%—100
68*
65
Ohio Publlo Service—
Florida Pr A Lt 97 pref—*
Ind Pow A Lt 6*
67
Northeastern El Wat A El
Pacific Pr A Lt
Federal Water Serv Corp—
4*
New Eng Pub Serv Co—
17
Carolina Power 6c
3*
Atk
New Eng Pr Assn 0% pf 100
New Eng G A E
%7 prior Hen pref
83*
Birmingham Eleo 97 pref.
Bid
.07
19.24
16.49
7.82
Mutual Invest Fund... 10
British Type Invest
Teletype N.Y* 1-1600
Tel.BArclay 7-1600
W'msport Water 5s—1952
105
102
103*
Volume
152
The Commercial & Financial Chronicle
Quotations
Over-the-Counter
on
Securities—Friday April 18—Concluded
If You Don't Find the Securities
Quoted Here
which you have Interest,
y«u will probably find them In
our monthly Bank and
Quotation Record. In this
publi¬
stocks and bonds.
The
classes
Bid
Bid
/36
toy
7 X
nox
19 X
mmm
Companies—
1948
64
3s
Municipal Bonds—
Domestic (New York and
Out-of-Town)
Cheseborough Bldg 1st 6s '48
Canadian
Canadian
1st 4s (w-s)
1948
Court A Remsen St Off Bid
1st 3)48
i960
Dorset 1st A fixed 2s..l957
Foreign Government Bonds
Railroad Bonds
Industrial Bonds
Railroad Stocks
Industrial Stocks
Real Estate Bonds
Insurance Stocks
Real Estate Trust and Land
Investing Company Securities
Eastern Ambassador
Hotel units
Eqult Off Bldg deb
Stocks
Joint Stock Land Bank Securi¬
Title Guarantee and Safe Deposit
Stocks
ties
Mill Stocks
U. S. Territorial Bonds
07 y
The Bank and
Quotation Record
is published
12
nox
32)4
35
47
5)4s
5)4 s
SHs
6)4 s
49
monthly and
Your subscription should be sent to
Dept. B, Wm, B. Dana Co., 25 Spruce St., New York
City.
33
Fuller Bldg debt 6s...1944
1st
2)4-48 (w-s)
1949
25
AX
series C-2
31
A0X
32H
series F-l
66
64
29
30
Sec s f ctfs iXa (w-s.'58
28
30)4
22
Prudence Seour Co—
15
5)4s stamped
1961
Realty Assoc Seo Corp—
13 X
5s
fBH
7X
35
Income
38 with stock
16 X
30X
mmm
32
8herneth Corp—
1st 5X b(w-b)
15
616 Madison Ave—
3s with stook
Syracuse Hotel
28
30
44
47
BRAUNL
S2 William
Lexington Hotel units
Lincoln Bldg lnc 6)4s w-s
due 1952 (1500 paid)...
A CO., INC.
St., N. Y.
1951
3)4s with stook
1st A gen 3-4s
38
50
20X
21
mmm
1968
79
m m m
23 X
25X
29 X
/26
43 X
46
31X
3s
1950
Wall A Beaver St Corp—
1st 4)4s w-s
1951
10
12
X
17 X
19 X
Westlnghouse Bldg—
1952
Foreign Unlisted Dollar Bonds
mmm
18
Walbrldge Bldg (Buffalo)—
London Terrace Apts—
Tel. HAnover 2-5422
1957
.1955
Trinity Bldgs Corp—
1st 5)4s
1939
mmm
36
11X
(Syracuse)
Textile Bldg—
1st 3-5e
48
toy
16
2 Park Ave Bldg 1st 4-5s'46
44)4
X
10
29
1950
1st 3s
mm
8X
61 Broadway Bldg—
37
1st 4s
57
1956
81X
«
55
1956
60 Park Place (Newark)—
1st 3)48.
1947
mmm
37)4
64 X
1957
1st mtge 4s
Savoy Plaza Corp—
38
35X
....
61X
Roxy Theatre—
37
tux
/25
59
1943
35
Lefoourt State Bldg—
1st lease 4-6)4 a
1948
Lewis Morris Apt Bldg—
48)4
1951
103 E 57th St lBt 6s...1941
165 Broadway Building—
2
J*
Hotel St George 4s
Inactive Exchanges
68
46 X
n
77 y
13
1948
18 X
47
33
1st 4-58
69
16 X
series BK
30
1950
Lefoourt Manhattan Bldg
66
3
Graybar Bldg 1st lshld 5s '46
Harrlman Bldg 1st 68.1951
Hearst Brisbane Prop 6s' 42
Foreign Stocks* Bonds and Coupons
75
1945
series Q
Ollcrom Corp v to
1 Park Avenue—
2d mtge 6s
36
18
42 Bway 1st 6s
1939
1400 Broadway Bldg—
1st 48 stamped .....1948
■ells for $12.50 per year.
20
Deb 5b 1962 legended...
60 Broadway Bldg—
1st income 3s
1946
600 Fifth Avenue—
Film Center Bldg 1st 4s '49
40 Wall St Corp 6s...1958
1951
N Y Majestio Corp—
4s with stock strop. .1956
N Y Title A Mtge Co—
/34
62d A Madison Off
Bldg—
1st leasehold 3s. Jan 1 '52
46
N Y Athletic Club 2s.1955
5s 1952
6)4s (stamped 4s)..1949
U. S. Government Securities
Mining Stocks
1947
S f deb 5s
Colonade Construction—
Public Utility Bonds
Public Utility Stocks
Federal Land Bank Bonds
1957
Chanln Bldg 1st mtge 4s '45
Domestic
1st 5s (Bklyn)
1st 5s (L I)
mmm
Brooklyn Fox Corp—
Banks and Trust
Ask
Ludwlg Baumann—
Metropol Playhouses Ido—
28
are:
Mortgage Certificates
Ask
Alden Apt 1st mtge 38.1957
Beacon Hotel lno 4s. .1968
1st leasehold 3)4-5s 1944
Broadway Motors Bldg—
all active over-the-counter
of securities covered
Real Estate Bonds and Title Co.
B'way Barclay lnc 2a..l956
B'way A 41st Street—
In
cation quotations are carried
for
2537
1st mtge 4s
1948
36
mmm
Insurance Companies
Due to the European situation some of the
quotations shown below are
nominal.
Par
Bid
Anhalt 7s to
1946
Antloqula 8s
1946
Bank of Colombia 7
mmm
/50
mmm
%. 1947
/23
1948
/23
1964
/31
78
Barranqullla ext 4s
Bavaria 614s to
1945
Bavarian Palatinate Cons
Cities 7s to.
1946
Bogota (Colombia) 614 a '47
88
1946
Bolivia (Republic) 8s. 1947
7s
Ask
/13)4
rnm~
mm.
'Housing A Real Imp 7s '46
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7)4s '32
Hungarian Discount A Ex¬
change Bank 7s
1936
Ask
P3X
r*
f3
mmm
mmm
mmm
mmm
Jugoslavia 5s funding.. 1956
Jugoslavia 2d series 58.1966
Koholyt 6)4s
50 X
18)4
Land M Bk Warsaw 8s '41
4)4
Leipzig O'land Pr 6)4s '46
Leipzig Trade Fair 7s. 1963
Luneberg Power Light A
fAH
rm
4X
1969
68
1940
/v
8
4 X
Water 7s
1948
Aetna Life
25X
Agricultural
73)4
10
American Equitable... ..6
6s
1940
British
754
713)4
713)4
1962
Brown Coal Ind
1953
Caldas (Colombia) 7)4s '46
Call
(Colombia) 78—1947
mm
5
8
Nassau Landbank 6)4s '38
Nat Bank Panama—
(A A B) 4s...1946-1947
(C A D) 4s.„ 1948-1949
Budapest 7s
-.1953
f3
1946
83
Cordoba 7s stamped.. 1937
m
712
Colombia 4s
Costa Rica funding 5s. '51
Costa Rica Pac Ry 7)4s *49
68
1949
Automobile
MX
OX
36 X
Baltimore American... 2)4
92 X
95
Bankers A Shippers
Boston
.25
100
15)4
76 X
1945
East Prussian Pow 6s. 1953
Electric Pr (Ger'y) 6)4 a '50
6)48.
1963
European Mortgage A In¬
vestment 7)4s
1966
7)4s Income
1966
78
Poland 3s
1956
7)4
1941
73
73
13)4
35
730
1948
713)4
1938
713)4
mrnm
8s
1948
8s ctfs of deposit. 1948
mmm
mmm
mm
mm
m
mmm
mmm
mmm
German Central Bank
Conversion
Funding 3a
German scrip
Graz (Austria) 8s
Guatemala 8s
723)4
72
1954
f6
1948
38
1953
Hamburg Electric 6s
For footnotes
Office
1967
see
.1938
27)4
23 X
29 X
Eagle Fire
2)4
Employers Re-Insurance 10
X
39)4
42 X
my
my
my
sax
my
24)4
'
mmm
8X
mm
43
35
713)4
8
112
116 X
61
03 X
'•r
ts
too
tioy
6)4s
2.50
National .25
25
Franklin Fire
tsx
my
1951
my
24
22)4
122)4 127
Paclflo Indemnity Co..-10
118
40
37)4
82
10
...
Preferred Accident
5
Pro vld ence-Wash lngton. 10
6
General Reinsurance Corp 5
.10
Georgia Home
Gibraltar Fire A Marine .10
36
38 X
St Paul Fire A Marine..26
22 X
2-1X
Seaboard Fire A Marine. 10
22X
24 X
Glens Falls Fire
40 X
42 X
Seaboard Surety
Security New Haven
86
14)4
17
23
35
6)4
7)4
28)4
24)4
27)4
23
2)4
240
4
250
6)4
7)4
10
33)4
35)4
10
32
34
Globe A Republic
..5
Globe A Rutgers Fire.. .15
X0X
7
10
2d preferred
Great American
58
62
4
5
2AX
25X
215
250
10
12
392
402
16
-.5
Great Amer Indemnity. ..1
Halifax
10
10X
ox
22)4
82
mmm
Hartford Steam Bolier. .10
116)4 120
45)4
U S Fidelity A Guar Co..2
11X
47)4
I
21
22)4
24
51
44)4
46)4
85
72)4
74)4
33)4
53
(
31)4
mmm
Mutual Savings Bank Mortgage
714
Activity Shows
Moderate Gain in Last Half of 1940
—
A moderate rise in home
ownership for the last six months
new
that
period, according to
mortgage loan activities during
an announcement
made April 14
by the National Association of Mutual Savings Banks.
10
9
12
9X
my
Saxon State Mtge 6S..1947
Stem A Halske deb 6s. 2930
14)4
4)4
98)4
114
Phoenix
y 102 y Reinsurance Corp (N Y).2
x8X
9X Republic (Texas)
10
20 X
Revere (Paul) Fire
28X
10
.10
6
to
/8
3 X
94)4
99
Hartford Fire...
toy
tkl
Santander (Colom) 78.1948
Sao PauJo (Brazil) 6s. 1943
North River
47 X
12)4
5
12.50
Northwestern
18)4
33)4
45)4
31)4
43)4
5
Paclflo Fire
9X
45
mmm
■
institutions which make up this group
of mortgage
loans held by
During the last half
year
any
The
have the largest total
group
of American banks.
of 1940, mutual savings institutions,
representing 94% of total savings bank assets, made
mortgage loans of $194,418,575.
new
This figure compared with
...
$165,766,681 of such loans in the first six months of 1940.
180
Mtge Bk Jugoslavia
6s
1956
no
15
1956
no
The Association's announcement further said:
15
Stettin Pub Utll 7s... 1946
Total book value of mortgage investments of mutual savings banks last
my
3 )4
—
6
.10
10
Northern
IX
7
Santa Fe 4s stamped-1942
1947
New Brunswick
Northeastern.
.10
Hanover..
Toho Electric 7s
1955
Tollma 7s
1947
-
-
57
/17 x
Uruguay conversion scrip..
713)4
page 2534.
35
2d series 5s
mmm
Water Wks
6s
Haiti 68
mmm
Santa Catharina (Brazil)—
State
...1946
mmm
to
4s scrip
Land-
bank 6)48
21X
of 1940 is indicated in
7s ctfs of deposit..1957
73
mmm
my
Saxon Pub Works 7s.. 1945
Agricultural Oa
City Title
Connecticut Gen Life.. .10
Continental Casualty.. -.5
my
8%
A
mm
Salvador
18
716
German Atl Cable 7s__1945
New Hampshire Fire...10
Fireman's Fd of San "
■
PX
fl3X
Rio de Janeiro 6%
1933
Rom Cath Church 6)4s '46
R C Church Welfare 7s '46
7s 1957
8
151
17
New York Fire
9
67)4
7
146
21X
8
51
7 X
26)4
X
23)4
55)4
2
29 X
X
47
2
20
New Amsterdam Cas
21
Ftre Assn of Phila
(Ger¬
1936
6s
/3
Baarbruecken M Bk 6s.'47
mmm
713)4
1967
Farmers Natl Mtge 7s. '63
Frankfurt 7b to
-.1945
French Nat Mail 88 6s '52
32
1968
608
-
19 X
mmm
/54
many) 7s
1946
Prov Bk Westphalia 6s '33
.
28 X
mmm
mm,
.10
National Liberty
National Union Fire
20X
City of New York
Federal
/13X
6s
713)4
713)4
1967
76 Income
Hanover Hara
—
7)4
10
Rhode Island
1952
Protestant Church
14
713)4
713)4
713)4
German
mmm
/3
1946
Porto Alegre 7s
712
Dortmund Mud UtU6)4s'48
Duesseldorf 7s to
1945
German Building
mmm
■
588
Maryland Casualty
10
Carolina
mmm
my
mmm
65
National Casualty
National Fire
Firemen's of Newark...
1945
mmm
14
713)4
6)48.-1969
Dulsburg 7% to
mmm
4
47)4
mmm
City Savings Bank
3
45 X
OX
Fidelity A Dep of Md.. .20
Panama City 6)48
Panama 6% scrip
713)4
2
.1
25
flZX
Oberpfals Eleo 7s
1934
9
1
American Surety
Oldenburg-Free State—
7s to...
x8
6
...
/3
39)4
5
...5
mmm
m
too
2)4
62
3
Central German Power
Madgeburg 6s
Lincoln Fire
Merob A Mfrs Fire N Y..6
my
Hungary 7)48
1962
Nations! Hungarian A Ind
Mtge 7s
1948
P
flX
Knickerbocker
11
X
4 X
Mass Bonding A Ins.. 12)4
Meroh Fire Assur oora
6
Nat Central Savings Bk of
/3)4
Jersey Insurance of N Y.20
10X
o
mmm
my*
8
1947
21X
18X
13 X
mmm
/13 X
Municipal Gas A Elec Corp
Recklinghausen 7S..1947
18
Central Agrlc Bank—
sec German Central Bk
Cundlnamarca
1945
n
1946
Ceara (Brazil) 8s
m
71)4
20
70%
36)4
12 X
/35
Munich 7s to
/17
7)4s_-_ 1944
Cauca Valley 7)4s
mmm-
15
19
10
.10
Excess
Burmelster A Wain 6s. 1940
Callao (Peru)
---
713)4
/45
17)4
Ins Co of North Amer
42 X
Cqrp—
6)48
Buenos Aires scrip
10
70 X
nx
my
Munlo Bk Hessen 7s to '46
/3
27 X
11X
f20
Montevideo scrip
30)4
40 x
'
mmm
Ask
29)4
1%
American Re-Insurance .10
American Reeerve
10
/13)4
Merldionale Elec 7s-.1957
Rid
10
15
/13)4
Mannheim A Palat 78.1941
37
Hungarian Bank—
7)4a
113)4
736
6
Home Fire Security
Homestead Fire
American of Newark... 2)4
Camden Fire
Brandenburg Elec 6b. 1963
Brazil funding 6s__ 1931-61
Brazil funding scrip
Bremen (Germany) 78-1936
Par
Home
52X
American Home
/13)4
/3
/13)4
1943
Ask
Bid
116 X 120 X
15
no
no
fl2
1958'
.10
Aetna
Amer Fidel A Cas Co com 5
/13)4
/18
/17)4
74
Aetna Caa A Surety.
American Alliance
13
33
78
_
hid
|
Untereibe Electric 6s..1953
Vesten Elec Ry 7s
1947
Wurtemben? 7s to
1945
my
my
my
...
was
$4,509,012,725.
mmm
mmm
mmm
On Jan, 1, 1941 mutual savings banks reported
mortgage loans of $4,530,323,890.
It Is believed
/35
«...
mmm
July 1
62
by mutual savings bank officers that the cumulative effect
of more wide-spread employment and better
payrolls has not yet made its
influence manifest in the home building field.
trend will
develop in the months just ahead.
But they believe that this
General Corporation
and Investment News
UTIUTY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
RAILROAD—PUBLIC
In exact alphabetical order.
UNDER
REGISTRATION STATEMENTS
SECURITIES ACT
to
amount
The
1933.
of
Act
Securities
involved is approximately
Commission under the
Securities and Exchange
$120,509,000.
Consolidated Balance Sheet-
Co.
Adams Express
Mar* 31*41 Dec.
f
Assets—
following additional registration statements (Nos.
4738, both inclusive) have been filed with the
The
4736
Cash———.
Acer. int. and dlvs.
Amount
31'40
$
3,428,980
2,753,428
57,438
36,292
1,870
19,725 Ten-year 4 % deben., due 1946. 6,883,500
a Secur. at cost...38,645,682 40,807,356
Amount
pay.
for
Property & equip.,
less
secur.
5,956
5,866
depreciation
stock (no
obligations, $15,000
and sales
President. Filed,
The last
in
previous list of registration
issue of April 12, page
our
Abraham & Straus,
Years Ended Jan. 31—
Net sales
statements was given
2376.
Inc.—Earnings—
1941
1940
$24,167,486 $23,426,486
1939
1938^
$22,827,119 $23,511,561
Cost of sales, sell., oper.
22,292,398
21,725,761
21,306,172
21,931,446
$1,875,088
$1,700,725
$1,520,947
Dr20,053
Dr 1,905
Dr5.740
$1,580,115
Pr51,3l0
$1,855,035
48,165
&c., expenses....
$1,698,820
$1,515,207
$1,528,806
70,972
102,621
461,652
115,860
435,400
& Net profits
Other income
Total Income—
..
Interest paid
417,261
402,925
Depreciation
Loss on N. Y. World's
Fair debentures
1,302
17,446
Prov. for Federal taxes.
330,000
185,000
146,000
147,000
28,000
$1,072,643
$1,008,142
$804,934
101,935
543,042
105,635
465,465
110,695
310,310
$802,546
118,750
$427,666
155,155
$0.26
$437,042
$383,929
155,155
$5.82
155,155
Surtax
on
undist. profits
Net .income.
Preferred dividends
Common dividends
465,465
$4.47
Balance Sheet Jan. 31
Assets—
a
Land, buildings,
equipment,
5,179,428
&c. 4,863,447
4% % cum. pf. stk. 2,136,700
c Common stock-1,405,325
2,173,900
1,000,000
1,350,000
585,294
618,158
expenses—.——
367,292
264,203
Accrued interest..
10,000
18,000
Long-term debt
not used
$
$
IAabUtties-
$
Real est.
1940
1941
1940
1941
859,685
874,817
Accounts payable-
l
1
Accrued salaries &
1,463,090
3,479,413
Sundry debtors...
106,794
1,231,159
3,286,569
2,472,909
Investments
71,988
2,335,578
78,757
1,405,325
in operations
Goodwill
„
b Cash
Accts, & notes ree.
80,172
Inventories
Misc.
239,157
231,361
Deferred charges..
Surplus
13,305,6361
185,000
330,000
Federal taxes
34,946
31,517
86,325
148,047
7,592,806
7,111,485
Sundry creditors.Res .for cont'g., &c
—
—13,548,088 13,305.036
b Includes demand deposits,
c Represented by
13,648,088
Total
Acme Steel Co.
sales
of sales.
Cost
Sell., adm.& gen.
12,823
Other income...Profit
Interest
Loss
on
$3,044,405
10,264
$4,197,625
' $4,210,448
—
$3,054,669
12,154
1,305
18,620
23,928
a38,012
632,997
3,201
paid
sale of equip.,
&c
Canadian exch. losses
682',583
Prov. for depreciation.
Amortization of patents.
_
2,837
for Federal
and
Canadian inc. taxes.
Years
1937
$19,837,288
13,738,285
3,226,727
$1,063,915
$2,872,275
20,884
15,064
$1,084,799
34,243
$2,887,339
20,733
595,685
3,250
546,393
3,270
b882,533
518,604
c429,302
b83,454
345,352
d73,500
$2,110,432
$1,908,609
656,216
328,108
$5.82
$368,168
410,135
$1,898,091
1,312,432
328,108
$1.12
Dividends paid
No. of shs. outstanding.
.
984,324
328,108
>.43
_
Includes unrealized loss of
a
d Surtax
on
—
.
b Includes $596
Earnings
per
share—
_
$963,474
$2.94
1940
$384,255
$1.17
1941—12 Mos.—1940
$1,959,914
$2,689,652
$8.20
$5.97
profits
in banks,
$
727,567
Inventories
352,044
1,832,722
4,863,039
1,781,533
b
Property,
4,262,370
55,044
9,210,114
8,219,881
Construction <fc ex¬
in process
116,017
145,663
43,158
40,154
stock
167,411
159.367
Traffic
—
Transportation
Miscell. operations
General
—
Transp. for in v.—Cr
Interest accrued.
(estimated)
Long-term notes
Capital stock
a
for
p.
$7,677,582
$6,796,233
$7,328,179
990,918
979,934
1,636,074
153,742
2,293,835
52,114
215,496
51.964
41,830
16,883,546
A
219,838
50
617
from oper—
$2,746,503
$2,461,678
$1,750,933
Net
rev.
715,185
Cr342,815
154,019
Cr,532,898
154,005
$1,997,600
673,845
081,823
152,835
$1,697,157
..
882,224
174,165
150,265
;Taxes-...
.
Hire of equipment
Joint facility rents
Operating income
$1,768,249
$1,414,642:
$1,252,744
20,258
232
1,145,815
13,374
219
865,604
20,695
50
1,073,245
174
17.094
175
613,080
1,019,626
18,159
35
19,887
26,404
110
25
$2,884,209
$2,665,640
$2,062,635
$2,316,068
19,649
1,068
19,664
975
14,400
528
16,355
Income from funded and
unfunded securities
Miscellaneous income
Gross Income ....... .
14,742
Deductions—
19,660
19,579
18,173
547
931
14,902
4,528
423,840
86.195
423,840
93,207
423,840
102,595
423,840
32,260
income- $2,338,528
$2,111,051
540,856
Rent for leased road
Miscellaneous rents
Int. on unfunded
debt..
Miscell. income charges.
Int. on equip,
debt
obligat'ns.
Net corporate
Preferred
608,463
939,600
dividends
Ordinary dividends
carried to
$790,464
1940
$1,820,665
405,642
469,800
473,249
1,096,200
$787,195
$620,737
$251,216
and
1940
Liabilities—
equipment.37,493,372 37,309,716
5,830
6,596
Advances.
Other invest'ts.
Cash....
balance receiv..
750
1,375
1,400,541
9,518,000
9,518,000
Eauip. trust oblig.
Govt, grants In aid
of construction.
3,060,000
3,315,000
123,396
123,396
294,673
Traff. & car serv.,
418,850
10
2,488,873
10
payable
Audited accts. and
481
3,810
2,283,207
5,697
187,384
219,444
assets..
Deferred assets
Unadjusted
debits
balaces
wages
payable. .
Misc. accts. pay..
Int. mat'd
unpaid.
Divs.mat'd unpaid
Unmat'dint. accrd
287,110
51,209
55,521
210,284
2,602
48,354
57,189
28,411
deprec'n
3,294 Accrued
on eauipment.. 3,815,036
70,941
518,859
194,755 Oth. unadj. credits
3,398,977
438,354
16,444
447,545 Deferred liabilities
299,808
7,119
242,105 Taxes
12,350 Operating reserves
219,249
60,370
282,761
239,050
1,815
337,528
467,534
20,357
427,357
5,520
6,478
106,930
28,123
324,123
586,494
130,209
Other current llab.
429,595
curr.
S
Funded debt
1,633,483
Agents' & conduc¬
Int. & divs. receiv.
1939
7,830,000
3,380,350
396,648
Notes
$
Ordinary stock--- 7,830,000
Preferred stock— 3,380,350
1,633,483
481
619,672
Bonds
Othr
31
1939
$
S
601
$1,496,179
Balance Sheet Dec.
Assets—
952
783,000
profit
and loss
Mat'ls & supplies.
126,896
Add'ns to property
50,816
50,858
bal—13,713,480 13,477,650
thru.Inc. & sur.
Profit & loss
200,000
Total
8,202,700
5,510,711
8,202,700
4,384,603
Allen
43,816,220 43,158.824
Total
Industries, Inc.—25-Cent
43,816,220 43,158,824
"Dividend—
of 25 cents per share on the common
holders of record April 25. Dividend of 50 cents
Directors have declared a dividend
Total...
16,883,546 14,877,284
b After reserve
1940 and $6,717,582 in 1939.—V. 152,
After reserves of $65 910 in 1940 and $57,608 in 1939.
depreciation of $7,258,155 in
972.
227,886
425
$5,330,578
127,320
20,596
14,877,284'
975,394
1,548,755
154,521
2,096,276
50,563
2,208.723
2,346,980
55,412
228,712
4,895
stock, payable April 30 to
Total
515,528
Drl6,287
481,651
$5,045,299
tors'balances...
(par
825)
'
1937
$6,095,624
733,313
$5,215,904
Misc. accts. receiv
Fed. and Canadian
$22,760
$5,478,497
450,000
_
1.71 cts.
4,651,655
676,272,148
0.90 cts.
660.57
Total oper. expenses..
1,081,691
and
local taxes
Earned surplus...
Prepaid insurance,
int., taxes, &c._
1,577,470
500,000
1,086,703
payable to bank
perimental work
Patents
984,847
1,700,030
_
_
315
C'r6,643
taxes on income
plant
& equipment...
$
Accrued Fed. cap¬
ital
49,099
Other assets
$8,225,000
Operating Expenses—
& struct.
Maintenance of equip—
Maint. of way
182,142
Accounts payable-
Trade notes and
acc'ts receivable
1939
$
Notes payable
in
funds
(net)..
:
Traffic & car serv.
Liabilities—
transit and office
a
575,867
521,121
Drl8,318
654,159
541,603
ZM8.996
Mail, express, &c
Incid. & jt. facil.
Special deposits...
1940
1939
$
$6,598,912
$7,048,233
Freight
Passenger wi i -w i
.
1938
$5,681,371
626,567
1939
1940
Operating Revenues—
Stocks
Consolidated Balance Sheet Dec. 31
Cash
1.62 cts.
1.69 cts.
5,466,063
4,761,433
4,020,364
lmile.773,017,847 678,142,455 589,156,980
Rate per ton per mile
0.91 cts.
0.97 cts.
0.96 cts.
Av. train load, rev. tons
837.52
831.78
740.71
Oper. revenue per mile—
$25,564
$23,858
$21,054
Income Statement for Calendar Years
In v. in affil. cos:
After
Assets—
431,974
42,944,416
Misc. phys. prop..
interest, depreciation, Federal taxes including excess
tax in 1941.
b On 328,108 shares of capital stock, par $25.
a
1937^
315
291,234
31,834,754
1.97 cts.
Rev. rons carried
In 1940 and $7,480 in
overprovision
12 Months Ended March 31
1941—3 Mos.—1940
a?j.
Net profit
1938
315
319,932
33,984,016
Investment in road
c After deducting $798
undistributed profits.
Consolidated Earnings for the 3 and
b
1939
315
354,200
40,444,750
Rate per pass, per mile.Revenue tons carried
$5.78
adjustment
$16,181 representing exchange
nft«speJt of assets in Canada,
a
1940
Average miles operated.
Passengers carried--.-..
Passengers carried 1 mile
Bal.
1938 underprovision for prior years,
for prior years,
Traffic Statistics for
328,108
Excess profits taxes
Net earnings per share.
Southern RR«-—Annual Report—Calendar Years
Alabama Great
Int. on funded
Prov.
Net profit
Total
42,139,837 43,622,757
Total
42,139,837 43,622,757
a Market
value—March 31, 1941, $22,278,081, and at Dec. 31, 1940,
$23,843,063.
b Represented at March 31, 1941 by 1,465,000 no par shares
and at Dec. 31,1940 by 1,500,000 no par shares.
Notes—The excess of cost over market value of the companies' securities
at March 31,
1941 was $16,367,600 as compared with $16,964,293 at
Dec. 31, 1940.
■
Earnings for the three months ended March 31, 1941 appeared in the
••Chronicle" of April 12, page 2376.
Misc. non-op. pbys. prop
Dividend income
1940
1939
1938
$20,690,303 $17,400,062 $11,029,174
12,716,003
11,093,602
7,508,121
exps..
3,776,675
3,262,054
2,457,137
Operating profit—..
stock. 1,465,000
Capital surplus
26,647,516 28,005,431
4,141,886
Earned surplus... 4,226,586
Non-oper.Income—
Consolidated Income Account for Calendar
Net
b Common
Miscell. rent income
(& Subs.)—Earnings—
30,437
155,150
1,500,000
153,896
Res. for contingen.
Total
a After depreciation,
155.155 no par shares.—V. 152, p. 2227.
159,741
32,239
expenses
Total oper. revenues. .
$218,331
155,155
$4.41
90,506
Interest—.
-
_
Balance, surplus
"
Shs. com. outst. (no par)
Earns, per sh. on com..
115,113
Accrued taxes and
„
„
9,094
claimed matured
A-l) Philadelphia has
Corp. (2-4738, Form
pur.—not
received
Filed April 11, 1941.
registration statement covering 4,600 shares of common
par) to be sold at $10 per share. Proceeds: $15,000 for
for machinery and equipment, and $5,500 for administrative
expenses.
No underwriter named.
O. J. Wi&sing is
April 14. 1941.
a
6,883,500
Acer. int. incl. un¬
total of
Industrial Improvement
filed
1,375,500
1,375,500
.
delivered
Corp. (2-4736. Form A-2) has filed a regis¬
$120,000,000 debentures. Filed April 10, 1941.
(Further details on subsequent page).
Elm Street Trust (2-4737, Form D-l) of Chicago, III., has filed a regis¬
tration statement covering registered certificates of deposit for $463,000
1st mtge. bonds of 1941.
The certificates are to be issued under a plan of
readjustment whereby bondholders will receive 50% in cash and 50% in
income bonds.
1,256,000
4% bonds,
due 1948
sold—not
secur.
1,256,000
due 1947
Coll. tr.
for
rec.
Mar. 31'41 Dec. 31*40
%
;
S
■
Liabilities—
Coll.tr. 4% bonds,
Columbia Gas & Electric
tration covering a
1941
mechanical reasons it is not always possible to arrtnc* companies
However, they are always as near alphabetical position as possible.
NOTE—For
FILING OF
April 19,
& Financial Chronicle
The Commercial
2538
paid on Dec. 30, and on Oct. 31, last, and compares with 25 cents
paid on July 29 and April 25, 1940; 37)4 cents on Dec. 26, and Nov. 6,
1939; and with 25 cents on Aug. 15, 1939 and on Dec. 4, 1937.—V. 152,
p. 1416.
was
Volume
The Commercial & Financial Chronicle
152
Alabama Water Service
Co.—Earnings—
Calendar Years—
1940
Total operating revenues 11,119,318
Operation
Gen.
exps.
charged
1938
1937
$1,073,838
410,760
413,403
$1,075,104
372,997
to
construction
Crl6,281
51,166
Crl4,055
37,834
Crl8,487
65,154
126,733
111,213
123,350
117,699
12,643
127,867
118,772
9,489
119,172
114,395
19,503
replacements
_
Prov. for Fed. inc. taxes
Surtax
on
•
undist. profits
earnings
2,860
$407,446
Other income—net
5,263
Gross income
Int^on long-term debt—
Miscellaneous
interest.
$412,709
243,109
8,108
_
Amort, of bd. disc. & exp
Net income
Preferred dividends
__
16,167
$145,323
45,312
Common dividends
$418,318
4,070
$357,639
4,314
$399,105
4,842
$422,388
263,493
6,875
1,586
$361,954
263,553
2,955
1,586
$403,947
263,613
2,664
1,586
$150,434
40,758
15,000
$ 93,860
40,758
75,000
$136,084
40,758
Pittsburgh, Cincinnati, Louisville, St.
Louis, Memphis and New Orleans.
Patrick Calhoun Jr. is President of the
Andrew Calhoun is Vice-President and General Manager.
American
Alleghany Corp.—Plans to Adjust Bond Indentures—
The corporation is ending to bondholders an announcement of their pro¬
posed plan to readjust the indentures of the three bonds issue. The corpo¬
ration now seeks the approval of the various bondholders to
bring about the
proposed changes.
Under the terms of the plan approval of
The main features of the proposal are to make the 1944s convertable into 22
shares of Chesapeake & Ohio Ry. common stock per $1,000 bond prior to
Feb. 1, 1943 and 21 shares of C. & O. common to date of maturity.
The
plan also provides for the freezing of certain collateral under the 1944s
contingent interest basis.
At the
same
time
excess
placed
laws
was
elected
a
director of this company at the annual
election filled a vacancy.—V. 152,
Mr. Jacobs'
adopted indemnifying officers and directors against costs and
in connection with any action, suit or proceeding to
may be made a party by reason of being or having been a director
or officer of the
company except in relation to matters as to which they shall
have been finally adjuged to have been derelict in the performance of duty.
—V. 152, p. 1902.
(Del.) (& Subs.)
April 3 *41 Mar. 28 '40 Mar. 30 *39 Mar. 31 *38
Gross profit from oper.. $1,464,430
$1,114,062
$1,031,287
$1,681,458
Gen. oper. & adm. exps.
605,656
617,422
614,625
599,723
a Provision for loss
127,091
102,370
92,989
107,249
Deprec. of plants and
depletion of mines—
471,182
473,265
452,561
488,306
Res. for self-insurance._
27,29.5
25,093
24,066
23,790
Prov. for Fed, inc. tax..
80,000
35,000
_
a
On
time
$153,207
sales
418; V. 151,
p.
American
p.
x$104,088
x$152,955
$427,390
on shipments made
during period.—x Loss.—V.
2338.
American Colortype Co.—Sales—
American Commercial Alcohol Corp.—Transfer Agent—
Corporation has notified the New York Stock Exchange of the appoint¬
Agent of its common
stock, effective April 14, 1941.—V. 152, p. 2058.
American Machine & Metals, Inc.—Earnings—
12 Weeks Ended
Company carried 69,450 revenue passengers in March compared with
February, and 54,840 in March, 1940 according to Charles A.
Rheinstrom, Vice-President in charge of sales.
Revenue passenger miles flown in March totaled 25,194,761 as
compared
with 22,366,395 in February, and 21,256,647 in March, 1940.—V. 152,
p. 2229.
Line
Co.—F.
Eberstadt
&
Co., Inc.,
Acquires
Control—Recapitalization
Planned—Stock
to
Be
Publicly Offered—To Place Bonds Privately—
F.
Eberstadt &
company, one
Mar. 23 '40
$1,347,101
898,465
158,459
$657,609
479,329
144,061
—
Cost of sales (incl. depreciation and depletion)—
Selling and advertising expenses-.
General and administrative expenses
42,458
Interest
$14,101
37,452
40,000
funded debt and notes payable,
sales and miscell. deductions
Provision for Federal income tax (estimated)
32.577
$197,385
$0.64
loss$18,476
loss$0.06
cash
on
discounts
loss$4,279
18,380
$274,837
Other income.
38,498
$247,719
27,118
Operating profit
on
Net profit
—
Earnings per share
152, p. 110.
—
....
—
—V.
American Maize Products Co.—Earnings—
Calendar Years—
1937
1940
1939
1938
Grossprofits
Selling expenses, &c
$2,273,417
1,222,096
$2,397,305
1,113,432
$1,804,765
973,372
Operating income
$1,051,321
5,187
$1,283,873
9,276
$831,393 loss$297,868
3,408
43,471
$1,056,508
261,466
165,000
110,328
$1,293,149
242,694
181,000
91,792
$834,801 loss$254,397
218,197
192,258
100,000
14,130
36,957
$519,714
$777,663
Other income
Total income
Depreciation
Federal taxes
Other deductions
Net Income
;
Preferred dividends.
Common dividends
$622,679
920,547
843
892
375,000
375,000
$502,474 loss$483,612
950
1,029
225,000
75,000
$143,871
$401,771
$276,524 def$559,641
$1.73
$2.59
Earns. per sh. on 3 00,000
shs.
com.
stk.
(no par)
$1.67
Nil
Balance Sheet Dec. 31, 1940
Assets—Cash, $534,266; accounts receivable (net), $721,027; inventories,
$1,104,795; investments & advances, $158,518; property, plant and equip¬
ment
(net), $3,562,952; trade-marks, formulas, processes, &c., $1; de¬
ferred charges, 147,806; total, $6,229,365.
Liabilities—Accounts payable, $221,608; accrued wages and salaries,
$44,632; accrued taxes, $253,578; preferred stock, $11,400; common stock
(300,000 no par shares), $3,000,000; suplrus, $2,698,147; total, $6,229,365.
—V. 152, p. 110.
American Public Service Co. (&
1939
1938
1937
$5,664,056
1,918,275
302,453
875,667
656,844
$5,546,394
$5,546,359
1,822,865
331,750
877,721
502,411
$5,375,492
1,767,487
$1,910,797
$1,989,364
103,540
89,459
$2,011,611
90,791
$2,039,567
57,236
$2,014,337
790,679
12,542
129,112
$2,078,823
934,275
15,556
116,300
$2,102,403
1,114,778
15,245
78,214
$2,096,803
1,149,728
14,411
80,818
Co., Inc., have contracted to purchase control of this
of the largest independent barge lines operating on the inland
United States, from the trustees and heirs of the late
waterways of the
W. C.
Kelly, founder and former principal
owner of the company.
With
holdings obtained from other stockholders, the purchase will
approximately 85% of the outstanding common stock.
Sub¬
stantially all of the balance is owned and will be retained by the present
additional
280,841
9,792
282,168
22,219
283,986
21,673
291,962
18,423
$791,371
558,222
$708,305
279,111
$588,506
199,365
$541,459
139,555
Operating revenues
Operation
Maintenance
Depreciation
Taxes
Net oper. income
Other income (net)
Gross income
Int.
long-term debt--
on
General interest
Amort.of bd. disc.& exp.
Div. paid pref. stock of
sub.
co.
Subs.)—Earnings—
1940
Calendar Years—
Airlines, Inc.—Operations—
Barge
Mar. 22 *41
Net sales-..
152,
63,514 in
American
incurred
Sales (orders booked) for the first quarter of 1941 are $2,567,076 as com¬
pared with $2,436,381 for the same quarter of 1940.—V. 152, p. 1579.
9 Months Ended—
Netprofit
Indemnify
they
Surplus
American Agricultural Chemical Co.
Inc.—To
Co.,
was
expenses
income of the other two
Amalgamated Leather Co., Inc.—New Director—
Stanley R. Jacobs
Cable
on a
issues would be allowed to flow to the 1950 for payment of interest on this
issue, virtually assuring payment of the full 5% coupon on the basis of the
present C. & O. common dividend rate.—V. 152, p. 2227.
meeting of stockholders
&
At the recent annual meeting of stockholders an amendment to the by¬
60% of the 5% bonds, 1944, and
1949 is necessary and 75% of the holders of the 1950 issue.
The plan has
the support of the corporation and the trustees of each of the three bond
issues.
Provision also is made to have the 1950 issue
Chain
Officers—
ment of the Bank of the Manhattan Co. as Transfer
Balance Sheet Dec. 31, 1940
Assets—Utility
plant
(incl.
intangibles),
$8,541,314;
Investments,
$41,196; Cash, $263,221; accounts and notes receivable, $136,261; accrued
utility revenues, $17,785; materials and supplies, $66,107; prepaid taxes
and insurance, $16,632; deferred
charges, $361,952; total, $9,444,467.
Liabilities—$6 cum. pref. stock (10,598 shs., stated at minimum liquida¬
tion value of $100 per sh., less 162 shs. held in
treasury), $1,043,600;
common stock (6,000 shs., no
par), $600,000; 1st mtge. bonds, 3%% series
due 1965, $4,200,000; municipal bonds assumed ($1,000 prin. amt. due
In 1941), $11,000; accounts payable, $45,156; customers' deposits and ac¬
crued int. thereon, $31,753; accrued items, $i21,368; customers' advances
for
construction
($52,264) and unearned revenue, $67,741; reserves,
$1,490,394; contributions in aid of construction, $7,340; capital surplus,
$1,822,461; earned surplus, $3,655; total, $9,444,467.—V. 151, p. 2930.
and the 1949s.
carrier issued by the Interstate Commerce Com¬
common
The company maintains offices in
which
Net
as a
mission.
Cr20,423
67,496
for retirements &
General taxes
Necessity
company.
MaintenanceProv.
1939
$1,106,549
439,042
2539
The company is the holder of a Certificate of Public Convenience and
held by public
Misceil. income aeduc'ns
1 808,322
298,648
877,391
572,669
260,255
847,720
460,463
involve
management, which will not be changed.
Plans are under way for recapitalizatioiTof the company,
upon comple¬
tion of which its authorized capital will consist of $2,250,000 first
mortgage
serial bonds and 330,000 shares of common stock
($5 par).
In connection
with the recapitalization the company will issue 300,000 shares of common
stock and $2,000,000 of first mortgage serial bonds.
A banking group is being organized to underwrite and distribute
approxi¬
mately 235,000 shares of common stock available for public offering.
The
Net income
Preferred dividends
Consolidated Balance Sheet Dec. 31
TAabllilies—
1
39,278,453"
39,113,070
Invest. & advances 2,348,776
2,305,481
Utility plant
pense
Prepayments
A registration statement covering the new securities will be filed
with the Securities and Exchange Commission.
Specirl deposits...
shortly
The company reports that 1940 income from operations amounted to
$3,293,991 compared with $2,869,725 in 1939 and approximately $1,895,000
in 1938.
Net profit for 1940 amounted to $716,853 compared with $665,289
in 1939 and $337,199 in 1938.
The company has paid dividends every
year without interruption since 1933.
The company, incorporated in Delaware In 1927, is one of the
largest
privately owned carriers engaged in the transportation of commodities by
water on the Ohio and Mississippi River systems.
Its barge service links
the important industrial and agricultural areas of the Central and North
Central States with ports on the Gulf of Mexico and the oil
fields, sulphur
deposits, and sugar and cotton producing areas of the Gulf States and
Texas.
Cash
U. 8. Treas. bills..
a
Receivables
Mat'ls & supplies.
the
of 1941.
Jeffersonville
Boat & Machine Co., a wholly-owned subsidiary,
shipyard located on the Ohio River opposite Louisville, and is
engaged in the construction and repair of boats and barges for the company
and others.
In addition to its normal business, it is presently
building a
a
Coast Guard Cutter for the
United States
construction of four submarine chasers for
mately $2,500,000,
was
Government.
Its bid for the
an aggregate price of
approxi¬
recently accepted by the U. S. Navy Department,
and it expects in the near future to commence construction of the first of
such vessels.
■
•
1,001,598
900,000
1,873
1,109,314
293,978
1,989,431
25,282
984,746
700,000
1,982
959,880
280,511
$
7,714,720
4,133,761
4,088,932
Long-term debt..-21,385,000 21,813,000
Customers depos..
262,877
211,617
Accounts payable.
195,115
227,398
Accrued interest..
96,678
69,777
Misc. curr. liabil..
15,174
Deferred liabilities
10,217
Reserves
2,727,430
Pref. divs. sub. cos.
in
111,026
378,374
1,481,834
46,627,595 46,360,385
for
Statements
uncollectible
and
notes,
b Par
of Income Years Ended Dec. 31 (Company Only)
1940
Dividends
on
106,354
375,589
1,242,046
46,627,595 46,360,385
Total
accounts
2,224,986
aid of
Capital surplus...
reserve
137,178
87,608
70,542
14,773
7,236
134,817
Accrued taxes
Earned surplus...
After
7,714,720
of West
....
Total
7,974,600
Texas Util. Co-
construction...
a
summer
The
owns
1,663,197
30,407
Contrib.
The company operates a fleet of nine tow
boats, of which six are diesel
powered, and more than 180 barges with an aggregate capacity of 125,000
net tons of dry cargo and 260,000 barrels of liquid cargo.
Among the cities served are Pittsburgh, Wheeling, Cincinnati, Louisville,
Evansville, and Cairo on the Ohio River, and Minneapolis, St. Paul, St.
Louis, Memphis, Vicksburg, Baton Rouge, and New Orleans on the Missisippi River.
Other important ports served by the company on tributaries
of the Ohio and Mississippi Rivers are Chicago, Charleston, West
Va.,
Nashville, Wilson Dam, Tenn., Calion, Ark., and Monroe, La.
The com¬
pany also provides services on the Intra-Coastal Canal extending presently
southwest of New Orleans to Port Arthur, Galveston, Freeport, and Hous¬
ton, Texas, and which are expected to extend to Corpus Christi, Texas, in
$
pref. stk.
(par $100)
7,974,600
cum.
Pref. stk.
in process
of amortization.
7%
b Common stock..
Bond disct. and ex¬
$2,000,000 of first mortgage serial bonds issued in connection with the
recapitalization, together with an additional $250,000 of the same issue,
which will be sold directly by the company to provide for the
repayment of
an existing term bank loan, are to be placed with an insurance
company.
1939
1940
1939
1940
A 3 SCt 3
1939
stocks of West Texas Utilities Co:
$153,858
Common
377,000
Divs. on com. stock of Public Service Co. of Okla..
106,616
Other.-.—-—5,529
Preferred
$230,787
79,962
6,656
-
Income taxes
...—
Net income
Preferred dividends
$643,003
18,462
1,621
22,391
$317,405
11,775
1,462
7,901
$600,528
558,222
Total
General and miscellaneous
Taxes, other than income and excess profits
$296,265
279,ill
Balance Sheet Dec. 31, 1940 (Company Only)
and advances to subsidiary companies (West
Texas Utilities Co.), $15,048,322; other susbidiary companies (not con¬
solidated), $25,002; other investments, $1,404,055; cash, $130,947; divi¬
dend receivable on preferred stock of West Texas Utilities Co., $38,464:
Assets—Investments
in
prepayments, $517; total,
$16,647,309.
The Commercial & Financial Chronicle
2540
Liabilities—Common stock (par $80). $7,714,720; 7% preferred stock,
(par $100), $7,974,600; accounts payable, $4,082; accrued taxes, $23,840;
other, $8,976; reserve for profit on security transactions "with West Texas
Utilities Co., $346,603; capital surplus, arising principally in quasi-reorganization, $378,374; earned surplus, since Feb. 1, 1937, $196,114; total,
$16,647.309.—V. 152, p. 668.
American Stores Co.—Sales—
Period End. Mar. 29—
Sales
_
1941—4 Wks.—1940
1941—12 Wks.—1940
$10,889,606
$9,746,884 $33,276,108 $31,029,846
—V. 152, p. 2058.
American Telephone
& Telegraph Co.—Quarterly
Report
Walter S. Gifford, President, states:
During the first quarter of this year the Bell System had a net gain of
about 371,500 telephones, the largest for any quarter in the history of the
business.
The gain for the corresponding period of 1940 was 260,000.
There were approximately 17,855,000 telephones in service on March 31,
1941, which is 6.3% more than at the end of March, 1940.
The number of toll and long distance conversations for the quarter was
about 12% greater than for the corresponding period last year.
The in¬
crease in the number of longer haul calls was particularly marked—being
24
April 19, 1941
z
_
$
—
and commission
of capital stock. _————
Unamortized redemption premium
and expense on sale
Other deferred charges.
a
-.419,058,968 405,753,636
Net oper. income
$7,752,575
$5,401,186 $20,053,126 $17,751,478
43,435,615
2,031,611
Other income—net.....
259,045
43,120,357 180,218,876 170,631,047
1,543,805
7,380,925
6,608,269
158,979
691,788
539,958
Dividend income
$53,478,846 $50,224,327 $208344,715 $195530,752
5,108,04 6
4,147,851
17,706,359
16,592,099
Total income
Interest deductions.
$48,370,800 $46,076,476 $190638,356 $178938,653
42,045,287
42,045,287 168,181,146 168,181,146
Balance
$6,325,513
& T, i
T.
$4,031,189 $22,457,210 $10,757,507
$10.20
$2.47
$2.59
$9.58
a Subject to minor changes when final figures for March are available,
b Does not include the company's proportionate interest in undivided profits
or deficits of subsidiary companies.
•
'
Bell System Consolidated
Earnings Report
[American Tel. & Tel. Co. and its principal telephone subs.]
1941—3 Mos.—1940
1941—12 Mos.—1940
$
$
$
$ '
Operating revenues
308,446,178 284,558,085 1189520,702 1119522,013
a
Operating expenses... 197,396,745 187,180,286 774,426,126 739,334,740
Taxes
48,876,749
41,316,017 189,944,073 158,833,039
Period End. Feb. 28—
"'
'■
Payrolls accrued
Net oper. income.... 62,172,684
b Other income (net)...
56,061,782 225,150,503 221,354,234
14,730 915
76,903,599
11,392,577
Interest deductions
payable—*:
8,392,498
42,880,918
28,793,630
c
65,511,022
2,345,609
63,165,413
d Net income
Per share—Am. T. & T.
Co. stock
Long-term debt of
Includes
$11.55
419,058,968 405,753,636
Total
deducting reserve for uncollectibles of $502,788 in 1940 and
$523,989 in 1939.
y Represented by 2,343,105 shares no par, after deduct¬
ing 9,845 shares held in system,
z Represented by 200,000 shares $6 cum.
After
preferred stock.
Income Account
declared
dividend
on
the
American Zinc Lead & Smelting
34,776
57,420
69,167
623,820
474,618
768,493
10,380
749,912
10,548
708,654
10,599
655,614
11,257
Total earnings
$4,659,900
Salaries, rents, taxes and
$4,845,670
$3,814,727
$5,456,815
1,573,398
1,399,987
66.871
1,509,447
75,957
59,451
1,383,631
51,411
$1,506,526
$1,433,490
$1,340,536
$1,332,219
13,870
10,670
61,515
110,063
$1,520,396
$1,444,160
$1,402,051
$1,442,283
$3,139,504
861,227
$3,401,509
878,036
$2,412,675
892,719
$4,014,532
768,385
92,921
92,921
companies. ___
notes & accts.
Management & service
charges to sub. cosOther income
x
Company through its wholly owned subsidiary, Holland-Rieger Corp.,
Sandusky, Ohio, has acquired the Sweeper-Vac Co. of Worcester, Mass.
While terms of acquisition were not announced, tentative plans call for
removal of Sweeper-Vac manufacturing operations and sales offices to
Sandusky, Ohio, or vicinity.—V. 150, p. 2180.
—
Prov. for losses of certain
sub.
not consol—•
cos.
Net earnings
Int.
on
Int.
long-term debt—
accts.
on
payable to
sub. companies
___
dividend of 50 cents per share on the new com¬
Paym'ts under tax cove¬
16,591
14,642
17,496
15,303
$2,168,766
$6 series 1st pref. divs._
1,200,000
$2,415,911
1,200,000
$1,409,540
$3,137,481
1,200,000
1,882,360
nants on
bonds
Net income
Balance Sheet as of
1940
American Water Works & Electric Co.,
(Including
1940
Total oper.
Non-oper.
Inc.—Report—
Subsidiaries) for
1939
Calendar
1938
Years
1937
revenues—-$57,886,457 $53,590,457 $50,004,300 $53,222,011
689,544
626,696
586,492
696,948
income
Assets—
S
Total earnings
$58,576,001 $.54,217,153 $50,590,792 $53,918,959
Operating expenses
19,109,184
18,416,018
17,879,879
18,779,891
Maintenance—
4,231,173
3,822,879
3,758,881
4,372,146
Federal income taxes—
3,580.964
1,991,431
1,372,603
xl,691,398
Federal excess profits tax
548,455
Other taxes
6,148,492
5,784,144
5,227",462
5,478,198
Reserve for renewals, re¬
tirement & depletion5,887,470
z5.519,819
4,758,850
4,492,704
Gross income
Interest
$19,070,262 $18,682,863 $17,593,115 $19,104,620
Amortiz.
count
7,637,554
of
debt
y7,735,981
852,236
5,509,004
841,212
5,737,101
y7,604,058
dis¬
Minority interest
deductions..
824,417
5,710,073
454
347
350
167,769
180,253
210,844
Dedu^rai-ArnVwaVer $°'0U'920 M'412'218 $3'098'221 84-7»4'877
Wks.
&
Elec.
1940
Liabilities—
85,876
87,969
1,672,007
7,508,335
1,734,292
6,034,939
619,413
991,845
Other invest, see..
Deferred
charges.
Cash
Accts.
(curr.)
accts.
Int.
3,853
and
divs. receivable.
154,065
156,468
Other curr. assets.
3,595
3,708
Co.,
Inc.—
861'227
878'036
892'719
768'385
92,921
16,591
92,921
14,642
92,921
17,496
92,921
15,303
$4,041,182
1,200,000
70,884,395 70,768,900
48,989
69,206
146,971
Accrued liabilities.
340,880
627,235
284,251
Divs. declared
300,000
300,000
44,396
149,025
Total
$3,426,617
1,200,000
$2,095,085
1,200,000
$3,,878,267
1',200,000
Balance, surplus—
com. outst. (no par)
Shs.
Earned per share
x
Includes
Federal surtax
1,874,399
_
provisions
$2,841,182
2,343,105
$1.21
of
$2,226,617
2,343,105
approximately
$895,085
2,343,105
$0.95
$45,000
$0.38
to
cover
$803,868
2,342,999
$1.14
estimated
y After
undistri buted profits of consolidated subsidiaries.
reduction of interest charged to construction
on
amounting to $73,473 in 1940.
70,884,395 70,768,900
Output
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended April 12, 1941, totaled 53,968,000
the output of 51,321,000 kilowatt
corresponding week of 1940.
Comparative table of weekly output of electric energy for the last five
years follows:
Week Ended—
1941
1940
1939
1938
1937
Mar. 22
61,356,000 51,267,000 44,045,000 39,791,000 51,680,000
Mar. 29
62,571,000 50,632,000 45,840,000 38,212,000 48,157,000
hours for the
_
.55,919,000 49,708,000 40,686,000 39,779,000 49,946,000
53,968,000 51,321,000 41,992,000 38,685,000 49,814,000
Apr.
5
Apr. 12
New Director—
ings, resigned, while other directors were
Asbestos Mfg.
Net income.
First pref. dividends
Common dividends—
pay.
payable-
Accts.
Harold E. Butler has been elected a director
and expenseMiscell.
deductions-count
320,000
(Del.
instal.
Other curr. liabs..
Total
4,439,687
320,000
Earned surp.
Notes
Matured int. pay-
4,926
receivable
Accrued
560,894
1,969,101
5,423,662
decessor co
to bank
Miscell. notes and
560,894
1,969,101
Earned surplus pre¬
company)
from
rec,
cos.
1939
$
$
dt.18,200,000 18,520,000
1st pref. stock
20,000,000 20,000,000
Common stock...23,529,500 23,529,500
Tot. long-term
kilowatt hours, an increase of 5.2% over
and expense.
dividends._
Preferred
Miscell.
y7,741,184
853,048
5,202,614
216,929
148,196
________
Dec. 31 (Company Only)
subsidiary.—54,832,568 54,469,670
Open acct. and in7,286,155 Capital surplus
debt. of sub.cos. 6,003,610
sub.
Deductions—Subs.—
chargeable to American
1939
$
of
Account
1,200,000
dividends
Proportion of head office salaries and expenses
Water Works Construction Co. (a subsidiary).
Securities and notes
stock.—V. 152, p. 817.
Income
92.921
92,921
x
mon stock, payable May 1 to holders of record
April 21. Initial dividend of
25 cents was paid on the larger amount of common shares now outstanding
on Feb. 1, last.
Stock was split up on a three-for-one basis.
In 1940 dividends totaling $4.25 a share were
paid on the old common
Consolidated
441
—
count and expense.
Common
Appleton Co.—50-Cent Dividend—
a
1_
Deductions
Amortization of debt dis¬
Apex Electrical Mfg. Co.—Acquisition—
Directors have declared
1937
$4,241,765
4,392
490,291
on
of sub. cos
Co.-Pref. Dividend—
Directors have declared a dividend of $1.25 per share on the $5 prior
pref. stock, payable May 1 to holders of record April 21.
Same amount
was paid in each of the five preceding quarters, the Feb. 1, 1940 dividend
being the first dividend paid since Nov. 1, 1937, when $1.25 per share was
also paid.—V. 152, p. 2059.
1938
$2,408,584
5,647
33,642
Int.
other expenses
preferred stock of $2 per
share, on account of arrears, payable April 30 to stockholders of record
April 21.
This compares with $4 paid on Dec. 24, last, and $3 paid on
Feb. 10, 1940.—V. 152, p. 1417.
a
1939
$3,552,718
7,425
1940
452,182
$10.61
current
have
Years Ended Dec. 31 (Company Only)
Divs. from subs. co__ $3,379,583
15,619
Other dividend income
Interest on bonds of
American Woolen Co., Inc.—Dividend—
Directors
2,454,487
credits.———
147,187
Reserve for depreciation, damages, &c
44,020,153
Contributions in aid of construction
1,811,591
Premiums on sales of preferred capital stock
462,939
Capital surplus
560,894
Earned surplus
19,846,499
sub.
$2.76
...
Consumers' deposits
Deferred liabilities and deferred
53,788,031 224,872,238 207,513.835
2,188,798
9,052,142
9,293,346
51,599,233 215,820,096 198,220,489
$3.38
92,550
1,303,115
116,000
258,352
—
subsidiaries due currently
Miscellaneous current liabilities
64,454,280 268.031,421 250,147,864
10,666,249
43,159,183
42,634,029
maintenance,
depreciation,
traffic,
commercial,
general and miscellaneous expenses and operating rents,
b Includes pro¬
portionate interest in earnings or deficits of Western Electric Co. and all
other controlled companies not consolidated (partly estimated),
c Ap¬
plicable to stocks of subsidiaries consolidated held by public,
d Applicable
to American Tel. & Tel. Co. stock.—V. 152, p. 2378.
a
623,331
—■—
—
Dividends declared, preferred stock
Earnings
Total net income
Net income
——————
Accrued interest
1st
Total income
_
Accrued taxes
x
.
168,901
8,000,000
3,000,000
7,520,000
175,086,000
1,729,747
2,970,000
392,898
5.447,072
627,235
1,912,137
92,325
1,305,725
116,000
70.937
2,488,128
233,227
42,078,036
1,743,397
437,747
560,894
18,056,178
1,695,811
2,806,000
464,164
7,616,043
2,001,893
payable
(current)
Dividends accrued
;
v
Co.—per share
20,000,000
23,431,050
88.286,000
178,595,500
Funded debt subsidiaries
Accounts
Matured interest
Earns, of Am.
$
$
stock
20,000,000
y Common stock
—*———— 23,431,050
Preferred stocks of subsidiaries.
—.—
90,187,050
Minority stockholders' int. in common stock and
surplus of subsidiaries
2,364,360
6% debentures
8,000,000
5% debentures
3,000,000
Notes payable._ *—
7,200,000
First preferred
z
Notes payable
b Net income
Dividends
1939
1940
Liabilities—
1941—12 Mos.—1940
Operating revenues
$35,089,777 $29,882,477 $126351,041 $115177,898
Oper. exps. incl. taxes... 27,337,202
24,481,291 106,297,915
97,426,420
Interest income..
2,464,027
649,718
2,106,232
614,502
—
Telegraph Co.
1941—3 Mos.—1940
a
»
Plants, property and equipment
.364,390,301 359,998,015
1,767,870
Inv. in sec. of C. W. S. Co.—non-consol. sub. co__
1,767,870
Investments in and advances to assoc. and other
3,717,446
non-consol. sub. cos. & miscell. investments
3,607,59o
252,111
Loans to superannuated employees.
-256,014
Cash on hand and in banks
21,526,567 12,094,058
278,785
Special deposits and cash on dep. with trustees. —
384,686
5,950,738
x Accounts, notes, &c., receivable
—
6,343,811
1,458,384
Materials and supplies
—
2,944,189
1,208,476
Oth er assets
- - - - - 798,290
Prepayments
866,832
Unamort. debt, discount and expense
14,250,367 15,115,717
Total
Period End. Mar. 31—
1939
1940
%
°'
Earnings of American Telephone &
Includes
in 1939, $147,298 in 1938 and $260,013 in 1937.
in i940 and
$806,700 amortization of electric plant adjustments of $928,011
$806,700 in 1939.
Consolidated Balance Sheet Dec. 31
$78,118
Directors
replacing Wilbur L. Cumm-
re-elected.—V. 152, p. 2379.
Co.—Accumulated Dividend—
a dividend of 70 cents per share on account of
cum. conv.
pref. stock, payable April 29 to holders
Dividend of 35 cents was paid on March 28 and Feb. 1,
Nov. 15, 1940.—V. 152, p. 2380.
have
accumulations
declared
on
the
of record April 15.
last, and
on
Associated Gas & Electric Co.—Weekly Output—
The Atlantic Utility Service Corp. reports that for the week ended
April 11, net electric output of the Associated Gas & Electric group was
105,379,695 units (kwh.).
This is an increase of 9,908,695 units or 10.4%
above production of 95,471,000 units a year ago.—Y. 152, p. 2380.
Volume
The Commercial & Financial Chronicle
152
Anaconda Wire & Cable Co.
Calendar Years—
Profit on mfrs. opers
Aviation
-Earnings—
1940
$5,151,044
1,774,510
$3,352,331
1,835,999
$2,329,437
1,727,468
$5,069,106
1,788,679
25,558
$1,516,332
13,770
$601,969
21,426
$3,280,427
22,024
$3,402,092
$1,530,102
$623,395
$3,302,451
734*624
711*252
704*676
695,000
255,000
170,000
16,500
632,737
445,000
$1,717,468
632,971
$648,900
loss$97,781
$1,985,242
2,004,410
421,981
$4.07
exps
1939
$3,376,534
Selling & admin,
421,981
421,981
421,981
Other income.
Red. to mkt. quotations
of excess copper invent
Deprec. chgd. off dur.yr.
Fed.
profits tax..
excess
Net income
Dividends paid
Shares
stock
com.
b42,500
Consolidated figures.
b Surtax
$4.70
Nil
$1.54
$
$
1940
c
Pats., proc., &c.
31,442
120,026
227,395
149,540
8,663,605
5,136,132
1,361,211
6,587,820
3,469,327
891,707
210,082
Raw materials, &c.
Notes Aaccts.rec.
Cash
Prepd.exps. & chgs
Total..
Capital stock...16,879,240 16,879,240
1,392,148
534,001
spools and
Reels,
35,219
183,193
cases
returnable
Capital surplus
1,680,796
Earned surplus
2,007,004
p.
684,617
1,139,210
1,680,796
922,507
'
Total
26,108,763 21,840,372
1937
1938
$445,421
294,462
$450,277
288,007
$133,643
$150,959
$162,270
1,633
2,455
$153,414
3,233
$135,276
81,900
3,233
3,233
$164,700
81,900
3,233
Cr3,042
Cr286
Cr532
02,931
$45,538
$50,428
75,000
$68,813
75,000
$82,498
75,000
Int. and overhead ch'ges
to
construction
Balance of net income
Dividends
56.250
Deficit
$10,712
749,039
81,900
$24,571
756,510
$0.60
Total surplus
x Earns, per sh. of
cap.
$0.67
stock
Includes capital adjustments,
y
$6,187
781,081
sur$7,498
788,116
$0.91
$1.10
After adjustments and refunds.
Comparative Balance Sheet Dec. 31
Assets—
1940
Total fixed
Cash
on
in
bank
hand
Accts.
1939
Liabilities—
assets_$3,823,404 $3,677,995
and
36,418
17,512
....
Investments
and
91.564
17.565
notes
recelable
89,903
75,963
Deferred items
Total
577,818
248,224
$1,477,206
386,528
$655,629
376,087
$923,527
$326,042
$1,863,733
$1,031,716
1,240,065
1,519,396
1,282,158
972,389
178,362
245,908
129,248
d326,310
g4,100
31,262
Total income
Selling, advertising,
& administrative
gen.
exps
State, local & Fed. taxes,
Prov. for depreciation.
Federal normal tax
_
4,000
59,515
20,381
aCr468,404
c600,043
Other deductions
Extraordinary items.
91,472
1940
1939
indebted.$l,365,000 $1,365,000
Curr. liabilities...
83,247
39,758
Deferred items
157,820
157,575
Reserves
938,095
893,190
a Capital stock
750,000
750,000
Surplus
749,039
756,509
..$4,043,201 $3,962,033'
Represented by 75,000 shares,
p.1926.
Net profit
$88,350 x$2,238,049
$0.02
Nil
Earns, per sh. on cap.stk
no
Total
par
$4,043,201 $3,962,033
value.—V. 152,p. 2381; V. 150,
Auburn Automobile
Wayne, Ind.
With the parent company in the proceedings, were the
Lycoming Manufacturing Co. and the Auburn Automobile Sales Corp.
of the
assets
old
Automobile Sales
the
Auburn
parent
was
Central
concern
Manufacturing Co. acquired all
and assumed all its liabilities.
Auburn
wholly liquidated.—V. 151,
p.
1426.
..b Excluding depreciation, amortization and taxes aggregating $275,767
($361,830 in 1938).
c
and
Consists of write-off of deferred engineering and experimental expenses
patterns, dies and jigs applicable to models on which production
orders
of
are no longer anticipated of $464,903; loss on sales of securities (net)
$80,814 and provision for Federal income tax of $54,327.
Thejpro-
vision for Federal income tax
arose from the sale of the net assets or the
Vultee Aircraft Division for stock in Vultee Aircraft, Inc. which resulted
in
a taxable profit in excess of the loss from other items although no profit
is recorded in the consolidated accounts in respect of this transaction.
d Depreciation and amortization of fixed assets,
sale of securities previously segregated for
.
Shipbuilding Corp
$542,640,000
94,000,000
14,790,000
2,190,000
Vultee Aircraft, Inc.
Aviation Manufacturing Corp
Republic Aircraft Products Division
addition
turing
Corp.
to
will
this
total,
the
business of
be considerably enhanced
the
by
e
from
Auburn
certain
Central
orders
Manufac¬
for
defense
Excess of net proceeds
distribution to
special
stockholders in compliance with the Air Mail Act of 1934, over writtendown book value thereof as determined by directors at Dec. 31, 1932.
f Additional Federal income tax assessments covering prior years,
g In¬
cluding surtax
on
undistributed profits,
x
Loss.
Note—Effective Dec. 1, 1939, the corporation and its consolidated sub¬
sidiaries revised their form of profit and loss statement so that the following
items, which were formerly shown separately,
profit and loss captions to which they apply:
are now
included under the
Profit and Loss Caption
Under Which
Total for
Items formerly Shown
Separately
Engineering & experimental
Cost
now
Year End.
of
Sales
Nov.30 *40
$199,619
$199,619
Taxes, other than income taxes..
212,950
133,713
Depreciation and amortization of
fixed and intangible assets
281,689
250,358
$5,713
30,598
$6,446
$583,690
$694,258
$104,122
Consolidated Balance Sheet Nov. 30
Assets—
Cash in banks and
Cash in
1940
on
1939
$1,419,562
1,136,299
$1,769,652
774,378
hand
special bank accounts
357,568
65,780
124",665
Marketable securities
Notes and accounts receivable (net)
Due from Vultee Aircraft, Inc
Due from Auburn Central Manufacturing
109,761
46,321
1,997,270
122,971
7,606,408
1,774,008
207,604
38,098
131,627
997,804
Corp..
Other notes and accounts receivable (net)
Investments
Fixed assets (less depreciation)
Patterns, dies and jigs (less amortization)
—
Construction work in progress
a
Land
b Emergency plant facilities
Property and equipment leased—
Prepaid taxes, insurance, &c
Deferred engineering, &c., expenses—
Miscellaneous deferred charges
Goodwill
Patents and licenses (less amortization)
Trade name
.,
•
/
«
,
$1,250,000
1,090,047
128,345
117,955
1,791,749
60,871
42,600
Customers'depositsDue to Vultee Aircraft, Inc
Purchase money obligation
Reserve against properties and contingencies—._
Capital stock (par $3)-.
13,010,001
Capital surplus
5,559,511
Earned deficit
4,706,826
Sundry accrued expenses
...
Total..
be rented
It
to
the Division.
a
50,883
25,000
$18,344,253 $12,100,658
..v.
Accrued taxes (including income taxes)
present emergency plant facilities contracts include one in the
of approximately $4,200,000 between the U. S. Government and
Aircraft, Inc.; another in the amount of approximately $1,550,000
between the U. S. Government and Aviation Manufacturing
Corp.; and a
third such contract between the U. S. Government and the
Republic Aircraft
Products Division of corporation in the approximate amount of
$530,000.
The Defense Plant Corp. recently contracted with the latter
Division to
build an additional plant at a cost of
approximately $1,500,000 which will
339,026
39,437
608,500
27,856
25,000
——
Total
Liabilities—Notes payable to banks
Accounts payable
The
63,697
1,285,845
270,159
5,417,634
1,434,673
182,731
65,412
30,469
764,155
30,875
1,103,788
work.
Vultee
$73,524
733
Financial Problems—The problem of financing has been
met, in part
through bank loans repayable from and secured by emergency plant facili¬
ties contracts with the U. S.
Government; in part through the use of cash
working capital of corporation either directly or by advances to subsidi¬
aries ; and in part through satisfactory contract
arrangements.
The emergency plant facilities contracts provide for reimbursement of
costs of construction or equipment over a period of five
years with an
option to buy from the Government at the price fixed by formula in the
contracts or by negotiation.
amount
Included
Selling &
Qen'l&
Advertising Admin.
Expense
Expense
exps.
Inventories
Victor E'mnnuel, President, in report to stockholders states:
The consolidated net profit for the fiscal year ended Nov. 30, 1940, was
$88,350 after all charges and taxes,
which compares with a loss of
$2,238,049 in the previous year.
Under the "plan of exchange" recently approved by stockholders, corpo¬
ration has acquired voting control of New York
Shipbuilding Corp. and
control of Auburn
Central Manufacturing Corp. from Aviation & Trans¬
portation Corp.
Backlogs of Operating Companies—Total backlogs on Jan. 31, 1941, of
the
companies in which corporation has large investments approximate
$653,620,000, calculated as follows:
In
Nil
$119,577; balance, $468,404.
Accrued interest and dividends receivable
Aviation Corp.—Annual Report—
New York
x$437,327
$0.07
of aircraft engine purchase contract, $36,760; total, $587,981, less
write-down of unimproved airport sites to estimated realizable value,
Co.—Reorganization Completed—
Reorganization of the company and its subsidiaries, which began more
than three years ago, is now completed and the concern has been released
from jurisdiction of the Federal Court
by Judge Thomas W. Slick, at Fort
plan
$187,909
ment
Total, j
the
*461
222,893
eCrl54,254
f57,000
...
Funded
83,436
a
Under
91,691
181,609
f
Portion applic. to minor¬
2,429
$127,629
81,900
Net income
Interest on funded debt.
Amort, debt disc. & exp.
x
1939
$436,608
302,965
$124,946
2,683
Other income.
$721,463
202,064
Other income
Consists of profit on sale of property and equipment leased to others,
$436,079; profit on liquidation of various non-aviation assets acquired in
1939, $115,141; commission received from Vultee Aircraft, Inc. on assign¬
Co.—Earnings—
1940
$438,492
313,546
'
$3,987,362
3,331,733
a
Atlantic City Sewerage
Calendar Years—
Total gross earnings
Oper. exps. and taxes
1937
$6,373,762
b4,896,556
ity interests
2059.
y
1938
$3,301,779
b3,223,961
Add'l Fed. income tax—
...26,108,763 21,840,372
shares.—V. 152,
1939
$5,235,440
4,513,976
other than income tax
802,393
Accounts payable. 3,347,183
by customers
a After reserve for
depreciation of
,337,400 in 1940 and $5,712,386 in
1939.
b After reserve for depreciation,
c Represented
by 421,981 no
par
Consolidated Income Account Years Ended Nov. 30
Net sales
Cost of sales
S
255,603
hand..
on
$
Accrd. liabilities—
10,358,871 10,267,963
Supplies
1939
Liabilities—
Ld., bldgs., ma¬
chinery, equip.,
Investments
held.
Gross prof, from sales.
1939
Assets—
b
shares
Corporation also entered into an agreement with Aviation & Transporta¬
Corp. whereby that company will take up 429,595 shares of Aviation
Corp. capital stock offered to it as a stockholder.
Moreover, it will take
up at the subscription price an additional 868,992 of the total number of
shares offered to other stockholders and not subscribed for by them.
(For further details see V. 152, pp. 974, 1272 and 1419.)
tion
undistributed profits.
on
Balance Sheet Dec. 31
&c
three
1940
1940
a
& Transportation Corp.
A majority of stockholders approved the
plan of exchange and also the offering to stockholders.
Previously the plan had been exempted by the Securities and Exchange
Commission from the provisions of the Investment Company Act of 1940.
At the same meeting, stockholders approved an increase in capital stock
from 5,000,000 shares each of $3 par value to 7,500,000 shares.
To carry out the plan the corporation offered to
its stockholders of
record Feb. 24 a total of 1,445,555 shares of its authorized but unissued
capital stock at $3.50 a share and on the basis of one new share for each
out¬
standing (no par)
Earnings per share
a
al937
al938
196,971
Federal income tax
2541
,
$316,249
112,101
77,805
34,701
42",600
328,991
11,729,001
4,650,325
5,191,114
$18,344,253 $12,100,658
Unimproved airport sites, at estimated realizable value,
b For U. S.
national defense orders (construction in progress).
Government
Co-Transfer Agent—•
Corporation has
.
notified the New York Stock Exchange that
it will
co-transfer agency at the office of the corporation in Chicago
and that the First National Bank of Chicago has been appointed co-registrar
maintain
a
of its capital stock.—V.
152,
p.
2381.
is
expected that further plant expansion may in part be financed
through additional emergency plant facilities contracts or that plants will
be constracted directly by the Government
through the Defense Plant Corp.
Corporation also hopes to be able to facilitate such expansion by the use
of its own capital as heretofore.
During the fiscal year approximately $2,200,000 in cash was advanced
by the corporation to its wholly-owned subsidiary. Aviation
Manufacturing
Corp.
The funds assisted in financing the rapidly expanding business of
that subsidiary which manufactures aircraft
engines and propeller blades,
and in financing the first unit of its then Stinson division
plant at Nash¬
ville, Tenn.
This plant subsequently became the Nashville plant of Vultee
Aircraft, Inc.
Operations of Aviation Manufacturing Corp. are now on a
profitable basis and this subsidiary is negotiating for an additional large
volume
of
Bangor Hydro-Electric Co. (& Subs.)—Earnings
Period End. Mar. 31—
Gross earnings
Taxes accrued
Depreciation
Net operating revenue>
Fixed
charges
Special Meeting, Feb. 17, 1941—At the special meeting, Feb. 17, stock¬
approved the plan for acquiring substantially all of the assets of
holders
—
Surplus
Dividend
on
Dividend
on common
pref. stock.
business.
Balance
-V. 152, p. 1739.
1941—Month—1940
1941—12 Mos.
1940
$204,235
65,167
41,626
19,891
Operating expenses
stk
$196,965
66,511
36,000
14,698
$2,482,796
734,467
474,402
244,194
$2,308,228
730,098
390,000
184,863
$77,550
26,542
$79,754
25,470
$1,029,732
308,887
$1,003,266
305,770
$51,008
25,482
21,702
$54,284
25,482
21,702
$720,844
305,794
260,424
$697,495
305,794
260,424
$3,823
$7,099
$154,626
$131,277
The Commercial &
2542
-
1940
$608,540
1938
$522,871
$523,556
$1.20
Earnings per share,..
$1.55
$1.39
$1.20
x After charges and estimated Federal income tax and excess profits tax
in 1941.
y On 437,524 shares common stock (par $20).—V. 152, p. 1739.
y
RR.—Annual Report—Daniel Willard,
President, states in part:
Results for the Year—Company shared proportionately In the revival
of trade and Industry that prevailed throughout the year and Its gross
earnings from transportation were the largest of any year since 1930,
reaching an aggregate total of $179,175,464.
The net railway operating
income reached a total of $30,618,531.
The Income available for fixed
charges, $37,175,042, was a sum equal to the charges on all the company's
obligations outstanding, and a net income or surplus of $5,549,496.
The
operations for the year were exceptionally free from Interruptions to traffic
Investments in:
and other conditions.
v
the interest fixed under the "plan for modification of
interest charges and maturities" there remains income available for other
purposes of $16,909,831.
The available net Income as ascertained and
adjusted by the President and directors, in accordance with the provisions
of the supplemental Indentures, Is $16,895,097.
From this available net
income there may, In the discretion of the President and directors, be
deducted an amount not to exceed 21^% of railway operating revenues of
the year for capital fund, to be applied to or to reimburse the company's
treasury for capital expenditures.
Pursuant to this provision the President
and directors appropriated for capital fund $3,985,265, leaving $12,909,832
to be applied to the payment of contingent interest payable May 1, 1941,
in accordance with the priorities of the respective mortgages.
due to weather
After deducting
31,1940, the unpaid contingent
interest account stood as
Unsecured
Secured
.'
,
Accrued and unpaid to Dec.
Accrued during year 1940
'
,
Contingent
Interest
7,098,940
—
Leaving balance of contingent
terest
7,318,865
10,463,200
10,463,200
42,780,619
37,763,500
9,418,904
4,023,946
583
11,771
42,702,233
37,763,500
6,965,103
4,052,360
415
11,804
91,306,225
7,122,994
3,225,091
12,242,495
93,400,080
7,251,731
3,811,677
8,553,705
contra)
Inv, in sub. & affil. cos.
separately oper.:
Unpledged
.
■
$41,106,213 $1,621,365
Bonds
37,763,500
Miscellaneous.
4,249,209
6,200,015
Investment In other misc. phys. property
Investment in sinking funds
Deposits In lieu of mortgaged prop. sold.
Investments in other companies:
Pledged
Unpledged
Stocks
$90,352,893 $1,230,450
Bonds
6,945,208
31,549
42,727,578
37,763,500
3,394,894
3,544,894
8,806,601
10,449,224
3,891,492
314
178,210
91,583,333
6,970,756
...
150,000
Misoeilanous.
Cash
Cash reserved
secured
1941...---—
payment of
for
contingent Interest due
12,909,832
4,866,751
Special deposits
...
......
...
Loans and bills receivable.
.......
Traffic and car service bal. receivable—
from agents &
Net bals. receiv.
conduc'rs
Materials and supplies
dividends receivable
28,777
assets.1,875,837
Unadjusted debits......
......
2,986,713
1938
$
256,295,348
58,863,137
$
256,295,348
58,863,137
$
256,295,348
58,863,137
oblig.820,418,017 147,437,100
Dayton & Mich.
:
672,980,917
Int.-bear.
Com. stock..
general level of wages established
Board
In
1937 through the offices of the National Mediation
continued effec¬
The average number of employees in service during 1940 was 41,007,
an increase over 1939 of 3,701 or 9.92%, with total compensation of $81,-
tive.
456,591, compared with $74,825,272 In 1939, an increase of $6,631,319 or
8.86%, and the average annual compensation per employee for 1940 was
$1,986.
Taxes—Railway tax accruals for 1940 aggregated $11,645,695, to which
should be added miscellaneous tax accruals of $135,671, making the total
tax burden for the year $11,781,366, an increase over 1939 of $797,866
1,211,250
Capital stock
Mtge. bonds.
2,000,000
Statistics for Calendar
1940
,
Years
4933
1939
1D37
3,828,051
4,049,282
4,887,913
540,507,840 504,573,240 611,624,626
Avge.miles per passenger
138.22
141.20
124.61
125.13
Avge. rate per pass, mile
1.846 cts.
2.008 cts.
2.093 cts.
1.49 cts.
Tons rev. frt. handled.. 86,048,712
74,571,712
61,141,393
85,099,147
Rev. passengers carried.
4,162,557
Rev. passenger miles...575,345,025
Rev.tonm.
17,568,124
204.16
(000 omitted)
Average miles per ton...
Average rate per ton mile
„
9.00
(mills)
942.16
Rev. tons per train mile.
15,399.385
206.50
9.12
918.50
Income Account Years Ended
1940
6,292.88
♦Avge. miles operated..
Ry. Oper. Revenues—
Freight.
Passenger
12,678,994
207.37
16,845,283
9.10
850.82
8.74
903.74
Dec. 31
1939
6,307
1938
6,345
$
$
$
158,106,838 140,455,928 115,426,378
10,619,307
10,856,060
10,561,495
3,288,703
Mail
197.95
3,151.329
3,089,654
1,315,894
2,029.042
2,299,866
Express..
1,690,993
1,711,921
Other transport, revenue
Miscellaneous revenues.
2,584,060
2,885,564
2,270,366
2,584,647
1937
6,371
$
147,212,330
11,918,602
3,225,200
1,750.329
2,443,098
2,886,877
Totalry. oper. revs._.179,175,465 161,030,252 134,722,330 169,436,436
Railway Oper. Expenses—
17,769,083
40,223,128
15,172,308
35,857,609
12,231,721
28,817,489
4,969,121
4,748,994
4,444,050
62,090,777
1,574,393
57,007,080
1,491,128
52,957,967
1,440,234
5,986,684
Maint. of way & struc..
Maint. of equipment...
5,636,871
5,114,367
Traffic..
Transportation
Miscell operations
General
.
...
Transp. for Invest.—Cr.__
12,387
Totalry. oper. exps..l32,600,799
Net rev. from ry. oper.. 46,574,666
16,947,206
38,069,094
4,950,084
61,195,717
1,769,679
5,936,657
8,921
21,806
119,901,075 104,984,021 128,859,516
12,915
41,129,177
29,738,309
40,576,920
74.01%
74.46%
77.93%
76.05%
Charges—
11,645,695
Railway tax accruals
2,644,440
Equip.rents (net debit).
1,665,999
Jt. facil. rents (net debit)
10,767,991
3,084,547
1,751,538
10,412,774
2,577,237
1,896,503
10,918,554
2.628,942
2,120,798
8,244,714
15,604,077
25,525,100
4,647,564
14,886,515
14,851,794
4,207,959
15,668,294
24,908,625
6.554,711
38,863,245
30,172,664
19,059,753
31,463.336
Interest, rent for leased
roads & other charges. 21,953,413
20,421,656
32,184,283
32,184.031
9,751,008 yl3,124,530
y720,695
Ratio
of oper.
exps,
to
operating revenues
Total other oper. chgs.
Net ry. oper.
Other Income
income
Gross income
Net
15,956,134
30,618,531
profit.
Contingent Int. Chgs.—
Secured int. charges
Unsecured int. charges—
Net income
*
y
Excludes passenger
Loss.
16,909,832
7,098,940
4,261,395
5,549,497
7,111,821
4,261,395
yl,622,207 yl3,124,530
y720,695
trackage rights between Phila. and Jersey City
3,193,300
2,000,000
2,000,000
-
3,193,300
2,000,000
Clearfield & Ma-
hon.Ry.Co.:
Capital stock
650,000
—
payable.
Interest matured unpaid
......
Dividends matured unpaid
Funded debt matured unpaid
Unmatured Interest accrued
Unmatured rents accrued
Other current
...
liabilities
liabilities..
Premium on funded
debt
Insurance reserve
unadjusted credits
-
non-negotiable accounts.
Approp. surplus not
565,314
7,751,008
specifically Invested
33,728,272
3,355,721
13,524,880
through inc. and surplus
sale of common stock
Add'ns to prop,
Premium on
Profit and loss balance....-..—-------
1,231,320,567
Total
10,342,896
2,328,350
3,684,592
83,581
i
17.300
6,453,244
41,017
628,373
497,376
1,785,171
----------
1,787,247
96,777,711
4,018,580
15,039,864
527,583
7,751,008
29,702,585
3,355,721
14,246,284
320,990
102,020,374
3,317,398
15,013,758
-----
-----
depreciation—equipment
Accrued
----------
----------
3,812,174
41,017
722,167
11,424,274
1,650,629
129,736
liability
899,350
650,000
3,276,149
9,603,327
2,623,116
1,715,682
83,420
1£,300
3,707,412
41,017
657,038
12,785,526
1,813,567
-
Other deferred
Tax
650,000
3,761,602
4,076,008
12,909,832
8,261,632
3,177,741
1,822,842
82,897
service balance payable..
Secured contingent interest due 1941...
Audited accounts and wages payable..
Traffic and car
Miscellaneous accounts
899,350
899,350
650,000
650
900,000
Mtge. bonds...
„
1,762,165
91,530,444
2,904,400
13,669,819
488,415
27,707,258
S,Sb5,T2l
28,786,335
1,206,747,080 1,198,813,785
the endorsement of the
viz.; Kentucky & Indiana
Richmond-Washington Co.
guaranteed collateral trust mortgage bonds, $9,000,000; Washington Terminal Co.
1st mtge. bonds, $11,915,000; Cincinnati Union Terminal Co. 1st mtge. bonds,
Note—As of Dec.
31, 1940 the
following securities bear
Ohio RR. Jointly with other companies,
Terminal RR. 1st mtge. sterling bonds, $7,041,777;
Baltimore &
series E,
Monongahela Ry.
mtge bonds,
$1,366,590.—-V. 152,
$11,901,000, and 1st mtge. bonds series D, $24,000,000;
series A, $11,418,000; Dayton Union Ry. general
Co. 1st mtge. bonds
$3,900,000, and solely
p. 2060.
Bell
For
guarantees Alton RR. Co.
Telephone Co. of
the first
quarter of
note for
Canada—Gain in Phones—
increase of nearly
1941, company reports an
than for the corresponding
14,000 telephones in service.
This is 5,100 more
1940 period.
Total telephones in service exceed
in the first quarter were more than
in the like 1940 period.—V. 152, p. 1274.
838,000.
distance messages
Total long
16% greater than
Bendix Aviation Corp.—To Pay $1 Dividend—
have declared a dividend of $1 per share on the common
stock, payable June 2 to holders of record May 10.
Like amount was
paid on March 1, last and compares with 75 cents paid on Dec.
Sept. 3 last; 50 cents paid on June 1 and March 1,1940; $1 paid on
1939; and 25 cents paid on Sept. 1 and on June 1, 1939, this latter
the firso dividend paid since Dec. 13, 1937, when a similar distribution was
made.—V. 152, p. 820.
Directors
2 and
Dec. 11,
being
Boston
Metal Investors,
Inc.—lS-Cent Dividend—
declared a dividend of 18 cents per share on the common
April 25 to holders of record April 15. Dividend or
was paid on Jan. 25, last; one of 20 cents paid on Oct. 24, last;
cents on
July 25,1940; 18 cents on April 25,1940, and 40 cents paid on Jan.
Directors have
stock, payable
Boston
25
Personal Property
31—
securities--
3 Mos. End. Mar.
Income from
Deductions.
Accrd. Fed. income tax.-
35 cents
25,1940.
Trust—Earnings—
$46,216
4,027
1,180
4949
$45,510
3,713
942
i?29OCn
$42,282
3,775
1,016
S37.490
1941
$43,802
3,698
348
£§9,755
$41,009
1
Total.
Dividend declared
Surplus inc. at Mar.
31
$40,855
411,128
395,019
384,150
384,928
$452,138
41,738
Net income
Surplus income at Jan.
Other Oper.
•••-:' -v v"'.v"'-.-
J'y'V'1-vr'J.'
3,200,000
6,700
3,193,300
Sinking fund reserves
^
99,350
99,350
99,350
650
100,000
qj •
jjy
Inter-company
under the Railroad Unemployment
Insurance Act at the same rate, but limited to all compensation not in
excess
of $300 per month.
These two taxes, which are denominated
"payroll taxes," aggregated $4,987,307 In 1940 and $4,217,819 in 1939,
an increase of $769,487 or 18.24%, mainly due to the increased rate for
Railroad Retirement Tax, and in part to increased employment and pay¬
rolls.
Railway tax accruals of $11,645,694 for 1940 absorbed 6H cents
of every dollar of total operating revenues and 25 cents of every dollar of
net railway operating revenues, against which taxes are a first charge.
total compensation was taken over
2,396,950
1,211,250
;-.V;
Allegh. & West.
Other
on
2,396,960
1,211,250
1,211,250
Home Ave. RR.
Co. cap. stk.
444,622
673,357,870
2,396,950
5,000
2,401,950
Pref. stock..
■ >
666.703,621
ft- ■
-V• -v..
.j-./5 / .V4
RR* Co
4,421,187
5,022,801
5,022,301
aid of constr.
April 10, 1941.
With the application of the available net income as stated, there remains
unpaid secured contingent Interest in the amount of $1,301,351, and con¬
sequently no unsecured contingent Interest will be paid on May 1, 1941,
on the first mortgage 5% bonds, Southwestern Division bonds and 30-year
convertible bonds of the company.
No payment will be made on May 1,1941, Into the sinking fund provided
for by the supplemental indentures.
1,198,813,785
_
$
6,752
1,136,863
i
Govt, grants in
";.w'
2,424,118
1939
Issued
$
stock.250,302,100
Preferred stock. 60,000,000
-
„
2,935,814
1940
1
Liabilities—
$1,301,351
67,200
1,731,426
1,551,227
3,148,270
7,345,299
1,181,959
2,971,995
1,231,320.667 1,206,747.086
Held by or
for Co.
Total
209,226
715,356
154,605
2,193,051
2,436,773
4,263,363
6,507,981
1,767,156
51,610
3,371,234
210,452
2,535,035
2,644,979
5,031,453
8,277,176
652,148
receivable
Miscellaneous accounts
Common
12,909,832
^
^
Pledged
•
Stocks
Deferred
$9,404,391 $10,705,742
The payment authorized by the President and directors will be made
against the surrender of the secured contingent interest coupons due May 1,
1941, from Baltimore & Ohio RR.'s refunding and general mortgage bonds,
series A, O, D and F, Buffalo Rochester & Pittsburgh Ry.'s consolidated
mortgage bonds, and Cincinnati Indianapolis & Western RR.'s first mort¬
gage bonds, and such coupons may be presented for payment on or after
Employees and Compensation—The
401,999,915
7,284,811
leaseholds—capitalized (per
Perpetual
$9,404,391 $23,615,573
in¬
unpaid and carried in
deferred liability.
bal. sheet as
400,830,078
held
for transportation purposes
Total
Total accrued and unpaid to Dec.
31, 1940
$14,211,183
On Feb. 19, 1941, the President and
directors appropriated
$3,985,265
for capital fund, and directed that
there should be applied in part pay¬
ment of unpaid secured contingent
interest the remaining available in¬
come amounting to.....
12,909,832
400,571,132
;
Other current assets...
Total
$5,142,996 $12,255,238
4,261,395
11,360,335
31,1939- $7,112,243
245,209,649
306,679,283
247,214,755
8,123,553
physical properties
Miscellaneous
Interest and
Contingent
Interest
'
follows:
253,450,741
Equipment
Subsidiary companies operating as constituent parts of the companies
•
1938
$
;/
10,463,200
Road
Baltimore & Ohio
On Dec.
1940
"!l!i-.-*S
310,704,825
Assets—
1939
1941
$678,681
3 Mos. End.Mar. 31—
Net profit
*
v 1
1939
$
■
310,581,097
31,
General Balance Sheet Dec.
}'">//■, .-A,3'
Co.—Earnings—
Beech-Nut Packing
April 19, 1941
Financial Chronicle
$435,874
41,738
$421,640
41,738
$424,683
41,738
$379,903
$382,945
$410,400
Balance Sheet
$394,137
March 31, 1941
$22,023; investments in
and deferred charges,
Assets—Cash, $73,561; dividends receivable,
securities (at cost), $4,225,454; prepaid expenses
$416; total, $4,321,455.
■
.
ments
owned was
$3,740,133.
On that basis the net
.
of the invest¬
worth of the trust at
per share of the
152, p. 821.
amounted to $3,785,091, and the net asset value
260,860 shares outstanding was $14.51 per share.—V.
that date
...
$7,529; sundryshares), $3,953,025;
(net), Dr$332,904
Liabilities—Dividend payable, $41,738; tax liability,
accrued, $1,776; capital shares (260,860 no par
Paid-in surplus, $239,890; loss on sale of securities
surplus income, $410,400; total, $4,321,455.
Note—The approximate market value at March 31, 1941,
expenses
Volume
The Commercial & Financial Chronicle
152
Bradford Electric Co.—New President—
Hugh C. Thuerk,
was on
He
April 15 elected President of this company.
149, p. 3547.
$45,000,000 in leaf tobacco now being aged, with current liabilities of
$14,000,000.—V. 135, p. 2835.
succeeds B. M. Kirsch—V.
1940
Directors have declared
1939
1937
1938
Gross sales, less returns,
&e
$31,426,085 $19,998,348
Cost of goods sold
J. 26,434,208
17,387,720
about
Buckeye Steel Casting Co.—25-Cent Common Dividend—
Bridgeport Brass Co.—Earnings—
Calendar Years—
2543
$13,132,125 $21,047,799
11,840,221
18,671,098
$2,376,701
185,861
1,177,391
43,283
64,422
41,383
$1,291,904
201,638
1,125,656
27,185
Net profit from opers- $2,979,494
Other
income—Interest
$926,426
loss$62,574
$970,166
58,694
40,770
37,117
$967,195
127,430
185,898
loss$25,457
65,528
112,613
quarterly dividends of 25 cents per share were
$1,084,399
distributed.—V. 152, p. 977.
114,233
$3,038,188
130,248
229,314
dividend of 25 cents per share on the common
a
stock, payable May 1 to holders of record April 22.
Dividend of 75 cents
was paid on Dec. 18, last; $1 was paid on Nov. 1, last,
and 50 cents was
paid on Dec. 28,1939 and on Nov. 1,1939, this latter being the first dividend
paid since Dec. 23,1937 when an extra of 25 cents per share was distributed.
Dividends of 50 cents was paid on Nov. 1, 1937 and previously regular
$4,991,877
Depreciation
494,293
SU. & admin, expenses__
Prov. for doubtful accts.
&
discount,
earns.,
1,453,668
&c.
Gross income
Interest expense
Cash discounts allowedProv. for ioss on metal
$2,610,628
401,208
1,241,611
Bullock Fund,
Directors have declared a dividend of 10 cents per share on the common
stock, payable May 1 to holders of record April 15.
Like amount paid on
Feb. 1, last, and previously quarterly dividends of 10 cents per share was
distributed.—V.
commitments
140,000
a63,391
Other charges
1,828
185,390
1940
151*5 00
156"666
653*458
profits tax
dl2,500
563,000
Dividends.
Balance
Shares of capital stock-
Earnings
per
$459,058 def$251,900
939,790
926,990
$0.49
Nil
$551,534
942,990
$1.34
-
share
$733,181
667,133
1940
$
986,278
480,549
358,753
363,228
Customers' depos.
52,839
303,763
85,710
Dlvs.pay.on pf.stk
Indebted to atflls-
151,000
96,711
12,693
rec-
Mat'ls & suppliesOther curr. assets
.
Investments
12,798
Utility plant
38,182,717 37,154,422
Deterred charges.. 1,642,504
2,549,176
exp.
1940
1940
$
1,032,982
2,688,326
5,015,340
2,052,020
4,534,288
current)
Prepaid expenses <fc
71,770
80,008
defd oharges—
546,307
326,398
Invest. & advances
112,405
549,286
495,223
6,398,881
6,122,250
Accts. & notes
rec.
Inventories
a
Accts.
Liabilities—
45,889
2,883,000
Prov.
loss
367,230
413,102
18,847,889
15,116.747
Serial
reserve
c
e376,000
7,914,654
2,338,498
Capital stock
Earned surplus
d Represented by 942,990
a
$82,413
$69,440
on
468
$82,413
15,042
$69,909
15,623
$58,532
16,330
$73,991
69,948
capital stock--
$67,371
60,372
$54,286
56,967
$42,202
42,382
(or) loss
on
Balance Sheet March 31
1941
Assets—
1940
1941
1940
$71,680
$62,131
4,997
9,185
1,397,260
5,517,409
18,587
1,511,530
Due for cap. stock
Special deposits for
Due for sec.
Divs.
receivable_-
71,680
28,284
62,131
26,098
repur. for
Reserve
for
expenses,
retir._
purch.
<fec
Surplus...
a
.$7,000,532 $7,854,706
1740.
Total
6,246,257
-$7,000,532 $7,854,706
based on market quotations as at March 31, 1941,
$5,294,512, or $1,290,626 less than cost,
b Par. $5.—V. 152,
1
Co.—English Concern to
RFC Loan—To Pay $25,000,000 Debt to British-American
b Preferred stock-
payable
35,164
35,563
4,702,840
Bank loans, secur.
1,600,000
1,600,000
2,115
10,096
3,070,765
9,258
3,171,624
c
143,405
2,400
Class A stock
d Class B stock...
Recelv. for securi¬
Dividends
1,424
Invest, (at
$434,000
$640,857
19,104
17,806
ties sold
cost)--a4,681,805
Due for securities-
Special deposits for
35,563
35,164
Res.
for expenses,
&c
Surplus
$5,295,830 $5,398,364
Total
1940
$434,000
143,405
2,400
1941
Liabilities—
1940
1941
$559,630
Divs. & Int. recelv.
$5,295,830 $5,398,364
Total
Investments, based on market quotations as at March
the absence thereof, on
31, 1941, or, in
their then fair value in the opinion of the corpora¬
tion, amounted to $4,096,597, or
$10 par value,
c Shares of $1 par
Carriers & General
$585,207 less than cost,
b Shares of
value, d Par 1 cent.—Y. 152, p. 978.
Corp.—Asset Value—
with securities at market quotations
This compares with assets of
$5,340,763 on Dec. 31, 1940. Net asset value on the same date was equal
to $5.36 per share compared with $5.52 at the end of 1940.
During the quarter, pursuant to requests for tenders, 20,128 shares of the
corporation's common stock were repurchased and retired and $71,000
principal amount of outstanding debentures were acquired and cancelled.—
V. 152, p. 822.
Total
assets
of the corporation
amounted to $5,083,383 on March 31, 1941.
(A. M.) Castle & Co.—Extra Dividend—
share In addi¬
quarterly dividend of like amount on the common stock,
payable May 10 to holders of record April 30 and similar extra and
quarterly dividends payable Aug. 10 to holders of record July 30.
Like
amounts were paid on Feb. 10, last, Nov. 10 and Aug. 10, 1940.—V. 152,
p. 1275.
tion to the regular
both
Celotex
declared an extra dividend of 12 y2 cents per share
the regular quarterly dividend of 25 cents per share on the
The regular dividend will be paid on May 1 and the extra
dividend of May 10, both to holders of record April 26.—Y. 152, p. 1741.
common
some
The
/
has been found to allow Great Britain to retain ownership of
of its direct assets in the United States while using them as collateral to
That
a way
for its armament commitments in this country prior to tbe lease-lend
indicated by the announcement that the Reconstruction Finance
Corporation had authorized a $40,000,000 loan to the Brown & Williamson
Tobacco Co., a wholly-owned subsidiary of the British-American Tobacco
Co., Ltd.
Jesse Jones, Federal Loan Administrator, said that the loan would be
used by Brown & Williamson as follows:
$10,500,000 to retire notes due
British-American Tobacco Co., Ltd.; $4,000,000 to retire all of the preferred
stock of Brown & Williamson now held by British-American Tobacco;
$5,500,000 to purchase from British-American Tobacco shares of stock of
Export Leaf Tobacco Co. and Smith Paper, Inc.; $5,000,000 to permit a
distribution by Brown & Williamson from its paid in surplus to BritishAmerican Tobacco, and $15,000,000 to pay off notes held by the Guaranty
pay
was
Trust Co. of New York.
By this procedure British-American Tobacco will receive from its Amer¬
subsidiary, the Brown & Williamson Tobacco Co., $25,000,000 in
stock.
Central Electric & Telephone Co.—Trustee—
Guaranty Trust Co. to Be Redeemed—
The New York "Times" of April 16 bad tbe following:
Corp.—Extra Common Dividend—
Directors on April 16
in addition to
Tobacco Co.—Issue Matures in 10 Years—$15,000,000 Notes
Held by
bill
$21,540
32,550
Directors have declared an extra dividend of 25 cents per
Brown & Williamson Tobacco
Get
$33,136
32,550
Investments,
amounted to
p.
$34,980
32,550
Balance Sheet March 31
taxes,
b Capital stock-—
Total
39,534
32,550
dividends
Assets—
11,971
4,230
Liabilities—
Dividends payable
a$6,585,139 $7,012,730
Cash In banks
313,841
745,528
Rec. for sec. sold.1,588
8,219
Invest, at cost
dividends
$43,179
21,639
Before
Cash
$48,930
9,601
$87,892
13,901
Before profit and
$54,817
21,681
1938
$87,892
Net income-
$55,575
20,595
taxes,
1939
sale of securities.
'
Corporation reports net assets of $5,624,043 on March 31, 1941.
The
asset value of capital stock on that date was $20.12.
On Dec. 31, 1940 the
asset value was $21.05.
a
$35,186
7,992
profit and (or) loss on sale of securities.
Company reports net assets before deducting bank loans of $4,665,362
on March 31, 1941, as compared with $4,827,444 on Dec. 31, 1940.
These
assets were equivalent to $70.63
and $74.36 respectively per share of
preferred stock and $6.24 and $7.37 respectively per share of class A stock.
a
a
a
$49,443
5,374
Net Income-
Preferred
dividends
1940
Interest income
Divs.
$51,405
4,170
$59,514
19,980
Deductions
Corp.—Earnings—
1941
Deductions
$56,131
3,383
Interest income
$61,112, in 1940 and $76,728 in
1938
1939
1940
1941
3 Mos. End. Mar. 31—
Dividend income
Total income.--
$3,250,000 10-year 3-434% serial debentures through the borrowing of
$3,000,000 for 10 years at 3%. This refunding represents, over the period
involved, a substantial saving In interest charges.
In addition to fixed
annual amortization payments of $252,000 the company has agreed to the
application of additional payments in reduction of the principal of this
loan in an amount equal to 10% of the published earnings of the company
for the preceding year.
Company has also agreed that during the term of
the loan no dividends shall be paid which would reduce earned surplus
below $2,000,000 or net working capital below $5,000,000.—V. 152, p. 2233.
Total income
$1,247,233
T
1,786,964
18,847,889 15,116,747
Total
no par shares in 1940 and 939,790 no par shares in 1939.
e On Jan. 20,1941,
the company entered into a loan agreement with its commercial bankers by
the terms of which provision is made for the refunding of its outstanding
Broad Street Investing
Increase
$4,097,320
Capital Administration Co., Ltd.—Earnings—
250,000
3,250,000
645,541
7,898,654
reserve for depreciation of $4,908,755 in 1940 and $4,525,340
Includes $1,215,000 Federal income and excess profits taxes in
3 Mos. End. Mar. 31—
Dividend income
$5,344,553
140,000
debentures-e2,874,000
715,523
1940 and $156,000for Federal income tax in 1939.
'Chronicle"
Earnings for the Week Ended April 14
1941
1940
debentures
Reserves
for doubt-ul accounts of
Represented by 82,061 no par shares.
Note—The income account for calendar years was given in
of Feb. 22, page 1275.—V. 152, p. 2061.
—V. 152, p. 2385.
b After
1939.
in 1939.
x
1,641.672
1,976,088
41,946.059 41,455,375
Total
41,945,059 41,455,375
Gross revenues
on
d
In progress
After
1,389,409
due curren ly
Construction work
Earned surplus—
284,035
metal commit--
60,476
Serial
trucks
a
for
5,703,200
6,847,100
series of
Canadian National Ry.—Earnings—
& other contact
equity In auto &
x
sales
Advances on
b Bidg., mach'y &
Total
1,425,131
State taxes
Land
$
1,000,000
cum.
1927
1939
748,713
252,841
1,000,000
pref. stock
5,703,200
($100 par)
Common stock-- 6,847,100
($100 par)
6%
cRes. for Federal &
(not
rec.
$
2,802,803
59,839
construction
6% cum. pref. stk.,
$0.79
1,250,647
424,028
Accounts payableAccruals
49,823
2,987,794
Reserves
-
$66,048
Total
1939
§
3,098,345
88PtS~~~m
Cash-
896,196
7% cum. pref. stk.
($100 par)
2,883,000
615,867
926,990
Dec. 31
140,997
1,023,807
Contribs. In aid of
on
capital stock...
Development and experimental costs written off. b Loss on dismantle¬
ment of furnace $23,810 and development costs written off,
$15,000.
c Consists of
$26,064 loss from hurricane damage and $22,237 machinery
and equipment changes resulting from the change-over to the new mill and
other extraordinary items,
d Surtax on undistributed profits.
Sheet
144,732
302,001
2,104
3,220
Funded debt
19,000,000 19,000.000
Deferred liabilities
139,573
113,655
a
Balance
$
555,264
deposit
&
1939
$
Liabilities—
Accounts payableAccrued liabilities.
Cash on hand and
Disct.
$459,058 loss$251,900
$1,258,776
707,242
Co,—Bal. Sheet Dec. 31—
1939
$
Assets—
Accts. & notes
b38l810
c48,302
Prov. for Fed. inc. taxes
Prov. for Federal excess
152, p. 977.
California Oregon Power
on
Extraordinary charges--
Ltd.—10-Cent Dividend—
Marine Midland Trust Co.,
New York has been appointed New
York paying agent for interest on $5,000,000 first mortgage and collateral
lien sinking fund bonds, series B, Z%%, due March 1, 1966.—V. 152,
p.
2234.
.
Central Maine Power Co.—Earnings—
1941—Month—1940
Period End. Mar. 29—
Federal
1941—12 Mos.—1940
$7,574,989
2,700,718
755,585
3,897
40,692
48,475
377,605
48,288
487,459
$301,631
2,505
$294,949
$4,038,044
35,426
$3,582,939
defl,104
$304,136
123,552
and State
766,541
$293,845
128,411
$4,073,470
1,914,153
$3,620,903
$180,584
112,264
$165,434
108,099
$2,159,317
$2,140,383
1,322,181
1,297,182
$672,458
240,023
64,114
Operating revenues
Operating expenses
State and munic. taxes
Social security taxes—
.
Federal taxes (incl. inc.)
Net oper. income
Non-oper. income (net).
Gross Income
Deductions
$626,237
4,126
,
1
62.564
223,145
63,554
$8,007,362
2,776,697
37,964
1,480,520
ican
and use in meeting com¬
mitments for purchases in this country.
The Guaranty Trust Co. will be
permitted to take a participation in the loan.
cash, which the British Government will take over
stock of Brown &
Williamson under the arrangement, but it will be pledged with the RFC
until the loan is repaid. Brown & Williamson will not be American-owned,
but will be American-controlled until that time.
Brown & Williamson employs directly or indirectly more than 7,000
persons and affects the employment of many thousands more in agriculture
through its purchase of approximately $18,000,000 of leaf tobacco annually.
The corporation has current assets of approximately $70,000,000, including
Net income
Pref. div. requirements-
—V. 152, P. 2387.
British American Tobacco will still own the common
Central
Manhattan
Properties,
Inc.—Trustee
and
Registrar—
The Empire
Trust Co. has been appointed trustee of the 3%
income
bonds, and registrar and transfer agent for the units and share certificates,
and also agent for the exchange of the company's securities.—V. 141, p.
742.
The Commercial & Financial Chronicle
2544
Utilities Co.—Annual
Central & South West
Gail Belden, President, States in part:
Pursuant to orders issued by the Securities and
Report—
Exchange Commission.
Middle West Corp. in May, 1940, that
corporation's subscription for 71,000 shares of Southwestern Gas & Electric
Co. common stock.
To purchase this subscription, the company used
$100,000 of its cash resources plus the proceeds from a $1,200,000 four-year
3 % % bank loan.
The bank loan was collateralized by pledging the 71,000
shares of Southwestern Gas & Electric Co. common stock which was purthe company acquired from the
chased
On Dec. 4, 1940, the company reduced the principal of its bank loans to
$950,000 by a payment of $250,000.
At about this flame time, as a result
of negotiations with /the bank, the company secured a reduction in the
interest rate of the note from 3% % to 2% % per annum.
A further reduc¬
tion in the principal of the bank loan to $800,000 was effected on March 19,
1941, by a payment of $150,000.
Refunding Operations
1940
Investments
annum.
March, 1941, Public Service Co. of Okla. sold $16,000,000 3X % first
mortgage bonds, series A, due Feb. 1, 1971, at 101A and 83,500 shares of
5% cum. pref. stock ($100par) at $102.25 per share, and used the proceeds
together with other treasury funds to retire $16,000,000 first
mortgage 4% bonds, series A, due Feb. 1, 1966, and $8,350,000 of 7%
and 6% prior lien stock.
therefrom
Proposed Consolidation with American Public Service Co.
declaration
setting
forth
the
proposed
Debt discount & expenses in process of amortiz—
Pref. stk. refinancing exp. in process of amortiz..
Public hearings before the trial examiner
during September and November,
concluded in Washington, Feb. 11, 1941.
Before the proposed consolidation may become effective, the requisite
orders of the SEC must be entered and an agreement of consolidation must
be adopted by the affirmative votes of the holders of such number of shares
of the capital stock of Central & South West Utilities Co. and American
Public Service Co., respectively, as in the opinion of the boards of directors
of said companies will render feasible the consummation of the consolidation.
It Is not possible to state at this time when the companies will be in a position
to submit an agreement of consolidation to stockholders for their vote or
what changes, ir any, may be made in the proposed agreement, as filed with
the Commission, before its submission to the stockholders for their vote.
At the time the proposed plan of consolidation of Central & South West
pending before the SEC.
were
Utilities Co.
and
American
Public Service Co.
filed
with the Com¬
Intergration Proceedings
In
May, 1940, Central & South West Utilities Co. and its principal
subsidiary operating companies filed answers in the integration proceedings
begun by the SEC against the Middle West Corp. and its subsidiary com¬
panies under Section 11 (b) (1) of the Public Utility Holding Company Act
of 1935.
The company was named as a party to the proceedings since a
majority of its stock is owned by the Middle West Corp.
Since June 29, 1940, extensive hearings in this matter have been held
before the trial examiner designated by the Commission, at which testimony
has been presented to show that the electric properties owned by South¬
western Gas & Electric Co., Public Service Co. of Okla., Southwestern
Light & Power Co., Oklahoma Power & Water Co., West Texas Utilities
Co., Pecos Valley Power & Light Co. and Central Power & Light Co.
constitute a single integrated electric system, and that the non-utility
businesses conducted by those companies and certain
non-utility affiliates
are reasonably incidental or economically necessary or appropriate to tbe
operation of such integrated public ucility systems.
Hearings in this matter
have not been completed.
1937
Operating revenues
$33,111,755 $32,179,365 $31,025,738 $30,415,304
Operationg expense11,104,650
10,138,500
9,907,084
9,731,123
1,756,260
1,656,733
1,638,671
1,743,271
Depreciation..........
4,426,060
4,520,458
4,169,024
4,013,182
Taxes......
3,195,295
3,089,466
2,994,023
2,798,530.
Income taxes.-...
1,054,231
908,653
1,100,504
981,353
Charges in lieu of inc. tax
953,050
436,473
*
Excess profits tax......
45,000
Maintenance expense...
$11,216,432 $11,147,845
33,251
63,228
Gross income
....$10,605,541 $11,460,692
Int. on long-term debt..
3,466,018
4,140,176
Amort, of bond disct. &
$11,249,683 $11,211,073
4,617,001
4,711,698
729,511
591,908
503,296
522,719
99,200
112,749
30,229
100,208
66,790
56,117
72,662
92,128
61,897
2,844,561
2,770,325
2,677,710
2,625,184
expenses...,
Amort, of pref. stock re¬
financing expenses
General interest (net)
Other income deductions
Prov. for year's divs. on
pref. stocks of sub.
cos.held by public—
Bal'ce of year's div. re¬
quirements not paid
declared
2,598
295,986
406,018
479,103
Net income
$3,320,675
Divs.on prior lien pf.stk.:
$7 dividend series
821,800
$6 di vidend series
69,000
$3,495,298
$2,916,880
$2,718,343
821,800
821,800
821,800
69,000
69,000
69,000
Note—Consolidated net income amounting to approximately $1,003,000,
$980,000, $685,000 and $670,000 for 1940,1939,1938 and 1937, respectively,
....
is not available for distribution to Central & South West Utilities Co. be¬
of prior years' dividend arrearages
subsidiary companies.
>
cause
on
Special deposits.
Notes, accounts and warrants receivable.
Prepayments..
-
234,596
3,601,468
180,523
187,552
3,439,885
175,528
1,436,208
1940
Total
1937
-..$1,540,889
100,305
$1,082,795
34,691
Provision for taxes.
59,221
42,679
$1,351,461
26,532
22,575
47,063
$1,203,783
32,818
37,757
42,140
Interest, &c. deductions
44,191
$1,005,425
890,800
$1,255,292
890,800
$1,091,067
890,800
Administrative expense.
Investment
Net income
$1,337,171
Prior lien stock dividend
890,800
Liabilities—
1940
.....
1939
s
expense..
$
291,762
2,051
117,467
Liabilities—
185,267
11
117,467
Accounts payable.
Taxes accrued
Misc. curr. liab
1939
S
$
27,847
59,585
21,622
8,506
60,798
17,403
1,482,970
Reserves
1,470,037
...29,324,273 28.023,742 Long term debt...
950,000
171,048
173,002 a $7 prior lien pref.11,367,526 11,367,526
3,122
2,550 b $6 prior lien pref. 1,058,000
1,058,000
c Cum. pref. stock
12,240,182 12,240,182
e Commonstock—
1,686,241
1,686,241
Capital surplus
68,171
68,171
f Earned surplus..
960,512
512,243
Other investments
Prepayments.
Total
y
Common stock
stock & surplus of subs
—
Long-term debt
1,686,241
68,171
7,310,288
68,182
5,872,643
43,641,705
-
Preferred stock of subsidiaries..
com.
12,240,182
1,686,240
-
.
Min. int. in
1,058,000
12,240,152
Cum. pref. stock—$7 div. series
x
11,367,526
1,058,000
Capital surplus
-Earned surplus (since Feb. 1, 1937)
45,080,098
20,066
16,422
95,842,801
86,900
Deferred liabilities.
Accrued interest..
Preferred stock dividends
payable
—
in aid of construction
Reserves
—
above,
e
See note
y
Central Vermont Ry.,
c
above.—Vt 152,
1,951,778
121,419
658,877
22,038,695
p.
673.
Inc.—Earnings—
1941—Month—1940
Period End. Mar. 31—
351,722
1,892,259
.205,995,092 203,510,798
-
-
------
See note
2,152,130
1,133,455
225.147
147,382
710,255
24,725,258
Miscellaneous current liabilities—
x
96,469
1,070,976
2,497,184
1,232,250
Customers'deposits
Contributions
96,668,912
1,120,544
Accounts payable
Accrued taxes...
1941—3 Mos.—1940
$615,718
456,367
$510,337
392,178
$1,709,696
1,290,692
$1,535,559
1,223,400
$159,351
23,877
$118,159
23,528
$418,995
71,772
$312,159
70,(522
$135,474
40,808
$94,631
38,035
$347,221
126,970
$241,636
109,325
$94,635
2,395
$56,596
$220,253
$132,3ti
2,059
8,694
3,400
...
$97,060
103,305
$58,655
103,762
$228,947
310,173
$135,711
310,833
$6,244
$45,108
$81,225
$175,122
Railway oper, revenues.
Railway oper. expenses.
Net
rev.
from ry. oper.
Railway tax accruals
Railway
oper.
income.
Hire of equip., rents, &c.
Net railway oper. inc.
Other income
Income
available
for
charges.
Fixed charges..
—V. 152, P. 1908.
Charleston
(W. Va.) Transit Co.—Earnings—
1940
Calendar Years—
$727,030
84,484
306,095
89,823
2,270
79,750
78,167
307,148
74,858
2,025
90,120
Amortization—
inc.tax)
of leased
carrier
property..
—...
Loss
on
$174,712
5,930
$189,176
30,061
2,821
$125,359
35,586
$180,642
37,146
9,542
30,391
8,607
19,588
$129,050
26,376
interest..
$117,961
7,398
7,135
62,769
funded debt
$185,624
3,551
$234,801
28,286
7,559
Total income..
on
$116,362
26,490
$81,166
26,610
$123,907
27,030
abandonments of
ways and structures..
Other
21,882
$232,976
1,825
Operating income....
Non-operating income..
Miscellaneous
1937
$680,384
64,319
303,120
72,263
2,306
87,461
Operation expenses.....
Depreciation
Rental
1938
$737,006
71,940
308,188
85,439
2,455
122,441
revenues
Maint. of road & equipt.
Taxes(incl.Fed.
1939
$823,438
Operating
deductions
Net inc. for the year..
Divs.—-preferred stock..
.29,909,723 28,502,040
Balance Sheet Dec. 31, 1940
$107,395: working funds, $8,946; certificates of deposit,
$100,000; United States Treasury bills, $200,009; note receivable, $4,000;
interest receivable, $530; accounts receivable, $3,265; material and supplies,
at cost, $6,909; securities, called for redemption on March 1, 1941 and
accrued interest, as annexed, $599,597; land, buildings and equipment,
busses and bus equipment
(less reserve for depreciation of $349,173),
$454,463; non-operating property (less reserve for depreciation and amorti¬
zation, $1,440,050), $1,672,223; intangible property (less reserve), $286,585;
investments, $69,484; special funds, $20,763; unadjusted debits, $20,149;
reacquired securities, $223,456; nominally issued securities, $675,000; total,
$4,452,766.
Liabilities—Audited vouchers and accounts payable, $16,263; unredeemed
tickets, $23,152; accrued items, $67,226; equipment obligations payable
(currency), $46,121; funded and unfunded debt called for redemption,
$1,179,726; equipment obligations payable (not current), $128,689; funded
debt, $1,208,300; unfunded debt, $3,451, reserve accounts, $187; 6%
cumulative participating preferred stock ($100 par), $611,200; common
stock (no par), $750,000; capital surplus, arising from reorganization;
balance, $25,690; earned surplus, since date of reorganization, Jan. 12,
1935, as annexed. $392,759; total, $4,452.766.—V. 152. p. 1908.
Chesapeake-Camp Corp.—Initial Dividend—
Directors have declared
common
an
initial dividend of 37 lA cents per share on the
stock, payable May 1 to holders of record April 15.—V. 152, p.
2062.
1940
Miscellaneous
revenues.
Total
29,909,723 28,502,040
1938
1937
.$17,554,702 $16,185,052 $15,139,646 $14,890,231
62,002
59,503
60,558
54,955
oper.
rev.
Total operating rev. .$17,492,700 $16,125,549 $15,079,088 $14,835,276
3,066,910
Depreciation
2,594,852
8,141,413
expenses-_
Traffic expenses.
Commercial expenses—
Operating rents
—_
Gen. & miscell. expenses
Taxes
1,566,140
186,108
1,470,581
2,648,229
Net operating income- $2,818,465
Net non-oper. income..
62,573
Income
fixed
Interest
available
Dividends
on com.
2,558,359
2,291,860
2,945,282
1,443,992
206,601
1,241,219
2,365,054
2,308,244
198,291
1,181,667
2,192,828
2,328,084
2,152,949
2,678,196
1,334,446
205,398
1,154,562
2,125,738
$3,073,180
$2,856,979
31,744
$2,855,902
4,365
14,111
2,155,873
2,805,880
1,379,325
for
charges
deductions.
Net income
Total..
Represented by 117,400 shares of no par value,
b Represented by
11,500 shares of no par value,
c Represented by 133,150 shares of no par
value. e.RepresentedJby 3,371,232 shares, par $0.50. f Since Feb. 1,1937.
1939
$12,528,828 $11,734,278 $11,430,305
3,001,016
2,812,714
2,889,751
738,606
655,208
592,654
570,175
Local service revenues._$13,593,591
Toll service revenues..3,222,505
Current maintanance—
1940
Invest, in sub. cos.
consolidated
_
11,367,526
$7 div. series, 117,400 shares, stated value
$6 div. series, 11,500 shares, stated value
Uncollectible
Comparative Balance Sheet Dec. 31 (Company Only)
receivables.
-.205,995,092 203.510,798
Chesapeake & Potomac Telephone Co. (Bait.)—Earns.
1938
Curr.
... —
—
Calendar Years—
1939
Cash...
1,322,602
Materials and supplies
the preferred stocks of certain
Earnings for Calendar Years (Company Only)
Organlz.
8-226
"""Assets—Cash,
Net operating income.$10,577,210 $11,429,080
Other income (net)
28,331
31,611
Assets—
„
5,838,812
1,565,000
-----
—
——
.
Calendar Years—
Total income
9,504,797
4,576,268
2,400,000
—
Fixed int.
Consolidated Income Account for Calendar Years
1940
1939
1938
or
A
Balance, deficit......
was
mission it was, and still is, the opinion of the management of the two com¬
panies that the carrying out of the plan would meet all the requirements of
the Public Utility Holding Company Act.
Divs. paid or declared
-
1,417,491
United States securities
of
of the Commission were held in Chicago
1940, and
1,485,614
8,380,309
460,801
-
Other deferred charges
Cash..
Total
plan of consolidation
Central & South West Utilities Co. and American Public Service Co. into
a new Delaware corporation to be known as Central & South West Corp.
is still
$
183,342,462 179,937,299
Cumulative prior lien preferred stock: 1
1940, refunded its $16,000,000 first mortgage 4% series D bonds of 1960 with $16,000,000 of first
mortgage 3H % bonds, due Feb. 1, 1970.
At the same time, the company
sold 75,000 shares of 5% preferred stock ($100 par) and $1,300,000 of
common stock (no par) and used the proceeds, together with other funds
of the company, to retire $8,834,600 7% preferred stock.
Public Service Co. of Okla., on April 10, 1940, called for redemption
$1,000,000 4 % serial debentures and refinanced these debentures with serial
bank loans due in semi-annual instalments of $100,000 each beginning
Aug. 1, 1941, and bearing interest at the rate of 2%%per annum, except
the first two instalments, which bear interest at the rate of l%% per
The
1939
-$
Assets—
Plant, property, rights, franchises, &c
Southwestern Gas & Electric Co., in February,
In
April 19, 1941
Consolidated Balance Sheet Dec. 31
stock
$2,881,038
374,948
$3,087,291
392,485
$2,888,723
426,432
$2,860,267
305,759
$2,506,090
2,500,000
$2,694,806
2,800,000
$2,462,291
2,500,000
$2,554,507
2,475,000
def$105,194
$7.70
def$37,708
$79,507
$7.29
a
Bal. transf. to surp
Earnings per share
$6,090
$6.02
$7.04
Volume
The Commercial & Financial Chronicle
152
Comparative Balance Sheet Dec. 31
1940
$
Telephone plant.
Other
phys.
Common
40,000,000 35,000,000
stock
2.558
3,046
327,158
3,046
183,802
Notes soldto trustee
12,127
8.559
of pension fund.
671,354
1,767,776
241,089
510,645
1,623,461
92,416
82,391
prop.
.
funds
Mat'l & supplies..
,
Accts. receivable
__
Prepayments
Other def'd debits.
238,516
Adv.
from
Amer.
Tel. & Tel. Co..
Customers'
&
8,200,000
8,100,000
1,724,030
1,839,488
393,829
357,934
1,859,526
1,207,642
1,081,102
Accts. payable and
liabil
cur.
Acer. liab. not due
Deferred
988,236
4,254
13,118
credits..
Unapprop. surplus 2,530,353
-V.
68,670,720 61.884,402
Total
68,670,720 61,884,402
152, p. 2388.
Cash
Mat'ls & supplies.
Accts. receivable..
Prepayments
1941—Month—1940
$208,233
$194,736
revenues
from
$
20,000,000 20,000,000
Amer.
Tel. & Tel. Co
15,775,000 10,525,000
Notes sold to trus¬
2,112,983
tee of pens,
fund 2,044,787
Cust. deposits and
adv. billings
263,677
116,304
12,139
444,720
1,579,123
196,086
52,415
266,014
Accts. pay. & other
current liabilities 2,079,433
1,087,603
531,503
5,259
11,685,962
4,717,632
339,932
6,774
Acer. liab. not due
Deferred credits
Deprec'n reserve..12,634,564
Unapprop. surplus 4,730,900
Total.
58,275,068 50,931,955
Total
58,275,068 50,931,955
Chesapeake & Potomac Telephone Co. of W. Va.—
1941—12 Mos —1940
118,369
134,169
1,456,964
15,512
13,117
181,432
170,571
1,502
14,372
1,533
6.810
19,515
179,079
18,349
121,372
$58,478
$39,107
74
$681,849
4,619
Social security taxes—
Federal and State
Fed. tax (incl. inc. tax).
income
Calendar Years—
Local service revenues__
Toll service revenues...
$645,080
66
expenses
$2,369,702
1,414,330
State & munic. taxes
Non-oper. income (net).
$2,518,839
4,529
Miscellaneous
Gross income.
$58,544
23,643
$39,181
$34,901
18,928
$15,547
$686,468
285,205
$649,609
$401,263
227,136
23,634
$360,866
227,136
288,743
Traffic expenses
Commercial expenses
Pref. div. requirements.
18,928
Gen. & miscell. expenses
Taxes.
—V. 152, p. 2387.
Chesapeake & Potomac Telephone Co. of Virginia—
Calendar Years—
Net oper. income
$6,426,859
$7,214,399
1,365,649
1,103,545
1,192,150
484,243
170,947
622,908
1,019,494
$6,677,543
1,209,700
1,069,697
1,135.193
$6,392,805
1,139,556
$1,186,739
$1,111,081
11,995
8,956
$1,106,222
Dr2,815
$1,258,775
259,676
$1,198,734
$1,120,037
187,228
$1,103,407
130,333
$999,099
972,000
$972,342
972,000
$932,809
$973,074
972,000
$27,099
expense
$6,704,696
27,153
3,313
Total oper. revenues..
Current maintenance
1938
$4,277,886
1,817,381
331,591
$1,255,462
Uncoil, oper. revs
1939
$4,436,195
1,940,056
$7,235,319
20,920
revenues.
Operating rents
income
$342
$6.00
$1,309
$5.76
Net non-oper. income
1940
1939
1938
$7,689,309
2,546,935
488,465
$7,183,658
2,345,252
469,770
$6,816,092
2,294,172
461,992
Interest.
$11,856,175 $10,724,710
34,247
30,809
$9,998,680
39.946
$9,572,256
37,228
Divs.
Total oper. revenues. $11,821,927 $10,693,900
$9,958,733
1,606,637
1,553,878
1,576,443
806,566
$9,535,028
1,624,045
1,430,217
1,468,276
762,516
328,44 5
£6,374,194
21,207
34,054
£6,352,988
1,201,688
1,014,798
1,101,344
472,360
151,391
526,038
779,143
1,043,509
1,105,876
477,880
484,341
156,507
559,015
876,350
160,786
519,846
834,269
1937
$8,382,805
2,925,175
548,194
1937
$4,160,812
1,896,296
317,086
1940
$4,760,086
2,139,834
335,400
Total
Depreciation
Deductions
Net
209,374
44,331
Other def'd debits.
Central Vermont Public Service Corp.—Earning
Net oper.
199,533
12,561
437,048
,997,161
Adv.
1939
$
Liabilities—
Common stock
-V. 150, p. 2087.
Period End. Mar. 31
Operating
Operating
$
11,974,515
2,538,872
Deprec'n. reserve. 12,742,220
Total
1940
1939
$
Telephone plant. .55 ,332,614 48,488,722
Other Investments
14,000
14,000
Miscell.
physical
property
28,444
28,444
Working funds
depos.
adv. billing..
other
1940
Assets—
$
$
2,548
Cash & spec. deps.
Working
1939
1940
Liabilities—
65,553,204 59,231,422
investm'ts
Misc.
Comparative Balance Sheet Dec. 31
1939
$
Assets—
2545
Local service
revenues..
Total service
revenues..
Miscellaneous
revenues.
Total
Uncollectible
oper.
rev.
Current maintenance...
2,105,786
1,987,394
1,806,057
918,044
239,273
958,883
1,470,392
1,771,240
1,726,929
1,645,476
850,123
227,481
805,588
1,297,965
$2,336,094
55,671
$2,369,098
46,080
Depreciation expensej_.
Traffic
expenses
.
Commercial expenses.-.
Operating rents
Gen. & miscell. expense.
Taxes
225,059
758,556
,
Income
avail,
for
Net income
on
bds. &
of
56,666
424,539
1940
Assets—
5,438
investments
18*627
23,027
$2,196,335
12,447
Cash & spec. deps.
63,630
159,950
Tel. & Tel. Co..
Working funds—
4,722
Notes sold to trus¬
Mat'ls & supplies.
782,144
339,468
6,023
701,602
293,891
Customers'
Subscr. to Cap. Stk
2 ,800,000
65,000
225,251
$2,208,782
194,167
7,578
9,114
9,488
790
807
187,635
$1,905,122
1,860,000
$2,117,339
1,920,000
$1,842,651
1,800,000
Prepayments
$45,122
$7.94
$197,339
$8.82
$42,651
$7.68
$16,683
$7.57
1936 includes $15,836 surtax on undistributed earnings; the company
did nob consider that it had any undistributed earnings in 1937 in respect
a
of -which provision for surtax
Assets—
$
$
investments
Cash & spec, dep.
169,690
Working funds
Accts. receivable..
10,424
1,294,504
670,312
225,310
Mat'l & supplies..
Deferred debits...
53,097
101,207
231,086
8,222
1,131,214
547,948
228,101
1939
1940
Liabilities—
Common
$
$
stock...24,000,000 24,000,000
3,000,000
4,000,000
Serial notes
Adv.
from
Amer.
Tel. & Tel. Co..10,575,000
5,500,000
Notes sold to triostee of pension fd.
Customers'
1,020,494
1,058,161
348,186
314,294
d®pos.
& adv. billing...
Accts. pay. & other
Acer. liab. not due
737,394
Deferred credits..
6,760
Deprec'n reserve. 6,521,122
1,088,321
5,150
593,550
13,394
6,203,862
Unapprop. surplus 1,962,382
1,958,557
current liabilities
1,369,666
Mat'd funded debt
Total
49,541,003
44,735,2911
Total.
.49,541,003 44,735,291
—V. 150, P. 3042.
Chicago Corp.—To Purchase Insurance Stock—
The corporation
Casualty Co., of which Glore, Forgan & Co. is principal underwriter.
Chicago Corp. owns 24,000 shares, representing 6% of outstanding com¬
mon stock of the casualty company (which see).—V. 152, p. 2388.
Chicago Indianapolis & Louisville Ry.—Second Trustee
creditors, L. P. DeRamus, Chief Executive Officer and
Operating engineer of the road, was appointed April 17, a co-trustee by
Federal Judge Michael L. Igoeat Chicago. Ilolman D. Petti bone, Chairman
of the Chicago Title & Trust Co. had been sole trustee since 1938.—V. 152,
p. 2062.
At the request of
Chesapeake & Potomac Telephone Co., Washington,
Total
1938
$9,936,844
884,445
600,692
1937
$9,703,504
890,709
577,361
.$13,359,665 $12,247,901 $11,421,981 $11,171,575
43,012
42,067
34,108
42,131
to
Total oper. revenues.. $13,316,654 $12,205,833
$11,379,850 $11,137,467
2,064,933
2,003,788
1,636,690
1,634,887
2,460,630
2,331,32.5
1,240,605
1,196,556
42,261
44,235
796,166
816,148
1,099,393
980,044
2,548,075
1,832,265
2,688,608
1,342,473
43,343
986,019
1,419,653
2,243,376
1,721,851
2,504,854
1,283,710
51,730
845,761
1,251,668
$2,456,215
79,131
$2,302,885
28,677
$2,082,135
44,777
$2,087,515
51,062
fixed charges
Interest
$2,535,346
$2,331,561
$2,126,913
$2,138,577
672,349
526,019
418,781
268,892
Net income
Divs. on common stock.
$1,862,997
1,850,000
$1,805,543
1,800,000
$1,708,131
1,800,000
$1,869,685
$12,997
$5,543
$9.03
def$91,868
$8.54
$69,685
Current maintenance—.
Depreciation expense...
.
Traffic expenses
.
Commercial expenses._.
Operating rents
Gen. & miscell. exps
Taxes
.
Net operating income.
Net non-oper. income
Income
available
Balance to
4,525,000
834,953
856,911
220,432
60,986
Accts. pay. & other
current liabilities
credits—
210,214
616,306
777,554
26,038
472,691
4,491,447
Unapprop. surplus 1,480,509
Total
32,347,242 28,748,918
reserve--
642,783
28,376
4,285,892
1,527,049
32,347,242 28,748,918
Total
During 1940 stock increased from $17,000,000 to $30,000,000; addi¬
2,800,000 sold at par to American Tel. & Tel. Co., parent, and to be
issued as of Jan. 1, 1941.—V. 150, p. 2088.
x
tional
Paul & Pacific RR.—Equip¬
Trusts—
ment
The Interstate Commerce Commission on April 7 authorized the company
obligation and liability in respect of not exceeding $3,120,000,
equipment-trust certificates, series V, to be issued oy the Continental
Illinois National Bank & Trust Co. of Chicago, as trustee, and sold at
100.053 and accrued dividends in connection with the procurement of
to assume
certain equipment.
The report of the
Commission states in part:
The certificates were offered for sale through
in addition requests for bids were sent to
competitive bidding, and
109 bankers, banks, trust com¬
panies, and life insurance companies, the bids being required to name the
rate of dividends to be borne by the certificates in multiples of H of 1 % per
annum and to be made either on certificates maturing in 20 or in 30 semi¬
annual instalments, or both.
In response thereto three bids representing
parties were received.
The best bid, 100.053 and accrued dividends
on a rate of 2lA% per annum for certificates maturing in 20 semi¬
instalments, was made by a group comprised of Drexel & Co.,
Harris, Hall & Co., and the Illinois Co. of Chicago, and has been accepted,
subject to our approval and the approval of the court.
On this basis the
average annual cost of the proceeds to the railroad trustees will be ap¬
proximately 2.10%.—V. 152, p. 2388.
14
based
annual
Chicago Surface Lines—New President—
The
joint
board of management and operation of this company has
He will succeed Guy A. Richard¬
elected Charles W. Chase as President.
son,
who resigned in February.—V. 152, p.
982.
Chrysler Corp.—To Indemnify Directors, &c.—
the by-laws to provide
and directors against personal liability
performed in their official capacity.
A voluntary retirement income plan for salaried employees earning more
than $250 a month, to supplement Federal Social Security Act benefits,
was also
approved by stockholders.
Eligible employees number about
1,550.
Initial costs of the plan, which will be based on insurance annuities,
will be about $5,000,000 if all eligible employees participate.
Annual
Stockholders recently approved an amendment to
for the indemnification of officers
for acts
e
1940
1939
$11,494,881 $10,644,210
Toll service revenues1,204,996
973,677
Miscellaneous revenues.
659,788
630,023
revenues
Uncollectible oper. revs.
4,900,000
fund
deps.
Eremiums will by the corporation and 50% by participants.and they will
paid 50% cost about $300,000, the company estimates,
Except for
C.—Earnings—
Calendar Years—
Local service
tee of pens,
Deferred
exempted by the Securities and Exchange Com¬
was
mission April 9, under provisions of the Investment Act of 1940, in connec¬
tion with the purchase of 6,000 shares of common stock of Continental
D.
67*689
Chicago Milwaukee St.
1939
53,112
104,773
Amer.
should be made.
Telephone plant..47,012,877 42,434,414
Other
from
Accrd. liab. not due
Balance Sheet Dec. 31
1940
phys. prop.
68,101
29,213
Other def. debits..
Adv.
& adv. billing
$1,816,683
1,800,000
Balance, surplus.-
$
stock...16,200,000 16,200,000
Cap. stk. subscrbdx2,800,000
Deprec'n
Earnings per share
1939
$
Liabilities—
Common
$2,269,216
41,088
10
Net income
Divs. on com. stock
$6.00
1940
1939
$
Telephonfe plant..28 ,241,335 27,426,021
Misc. phys. prop9,728
on
funded[debt
$1,074
Balance Sheet Dec. 31
733,296
al ,092,491
$2,310,304
171,457
286,292
Other fixed charges
Misc.
$6.16
931,500
1,162,377
$2,415,178
ser. notesi
discount
stock._
226,392
Accts. receivable..
Other interest
Amort,
on eommn
Balance, surplus
Earnings per share
227,851
fixed
$2,391,766
Int.
for
.
Other
Net non-oper. income
Inc.
available
for
surplus
Earnings per share
$9.31
1,800,000
$9.35
three
specified officers, maximum retirement benefits will be $1,800 a
month.—V.
152, p.
1277.
Cincinnati & Lake Erie RR.—Properties Sold—
Company (in receivership), is no longer operating a railroad for under
order of the U. S. District Court all assets in the hands of the receivers
representing the remaining operating property was sold as of April 1, 1941
to a new corporation known as "Dayton & Suburban Railway.'
Within
a short period of time it is probable that the receivers for Cincinnati &
Lake Erie RR. will be discharged.
The receivers are Thomas Conway Jr.
and John C. Durfey.—V. 150, p. 3197.
Cincinnati & Suburban Telephone
Co.—Plans Offering
of Common—
The directors have adopted resolutions authorizing action to be taken in
connection with the offering of additional common shares at par ($50 per
share) to shareholders of record May 12, 1941, on the basis of one share for
each 10 shares held, and to issue subscription warrants to shareholders.
Registration statement covering the proposed offering is being filed with the
Securities and Exchange Commission.
Subject to registration statement becoming effective and to other con¬
ditions, according to A. J. Allen, President, it is anticipated that warrants
representing subscription rights will be distributed about May 29, 1941,
with subscription privileges to expire on July 2, 1941. Application will be
made to admit the warrants to trading on the Cincinnati Stock Exchange.
The shares. If offered, will be from previously authorized but unissued
shares, there are 1,000,000 shares of common stock of which 549,768 are
outstanding.
Gain in
Phones—
operation by this company, as of March 31, 1941, totaled
202,743, a gain of 1,267 over the preceding month and 10,662 over the
192,181 telephones operated in March, 1940.—V. 152, p. 1909.
Stations in
For the first time in over a decade the company
preferred
shareholders,
vided for the redemption
collateral trust SV2%
has no mortgage on its
and was approved by them.
This
of the outstanding $10,400,000 first
sinking fund bonds due Feb. 1, 1961,
of
to
plan pro¬
mortgage
and pay¬
outstanding bank loans aggregating $2,000,000.
Funds for these purposes were obtained by borrowing from seven banks an
aggregate of $11,000,000, the remaining amount necessary being provided
from
cash in
the company's treasury. . The plan
was consummated on
Dec.
12, 1940, by the issuance of notes aggregating $4,654,000 bearing
interest at the rate of 2%, and payable in nine equal annual instalments
beginning one year after date, and notes aggregating $6,446,000 bearing
interest at the rate of 2and payable Dec.
12, 1950.
This is the
third time that the long-term debt of the company has been funded in
the past six years, each time the interest charges being materially reduced.
The funded debt of the company, which at its high point amounted to
ment of the balance of the
$26,277,750 (exclusive of $7,250,000 necessary to retire the preferred stock
of McKinney Steel Holding Co.), was reduced as of Dec. 31, 1940, to
$11,000,000.
This reduction has been accomplished in part from earnings
and in part by the sale of securities owned.
During the year Cleveland-Cliffs Iron Co. leased to the Negaunee Mine Co.
undeveloped mining property north of the City of
an
Negaunee Mine Co. is owned equally by
land-Cliffs Iron Co., the latter acting
The
Ishpeming.
Bethlehem Steel Corp and Cleve¬
as
and
manager
The
operator.
shaft, which it is contemplated will be sunk to an initial depth of 2,900
feet, is already under construction.
It is anticipated that the productive
capacity of this shaft will be 1,600,000 tons a year and that the mine,
barring unforeseen occurrences, will be in operation about Jan. 1, 1944.
The cost of putting the mine into operation, including equipment, is esti¬
mated to exceed $3,000,000.
At the close of 1940 approximately $430,000,
contributed equally by the two interests, had been expended in developing
this property.
The lease provides for further development of the property.
The Piqua Munising Wood Products Co., in which Cleveland-Cliffs Iron
Co. owned approximately a 75% 6tock interest, was engaged in the manu¬
facture of various wood products, an extremely competitive industrv.
Last
year it became apparent that that company could not meet its obligations.
In
September, 1940, it became necessary for that company to file a
petition in bankruptcy and subsequently the properties were sold by the
trustee.
In the absence of any reasonable bids by others. Cleveland-Cliffs
Iron
Co. purchased the assets in order to protect its interest.
A new
company lias been organized to operate such of the properties as it seems
advisable to operate, and the remainder of the properties are being liqui¬
dated.
Cleveland-Cliffs Iron Co. sustained a loss of approximately $450,060
in connection with its investment in the debentures, and preferred
and
common
stock, and the open account indebtedness owed to it by Piqua
Munising Wood Products Co.
This loss to Cleveland-Cliffs Iron Co. was
fully covered by reserves previously set up.
Consolidated Income Account for Calendar Years
5
a
Gross sales
b Cost of goods
1937
1938
1939
1940
$31,235,909 $23,340,824 $13,806,965 $26,300,094
bowL— 24,103,412
18,095,642 11,124,706
19,127,685
Gross profit
Sell.,gen. &acLm. exps_.
$7,132,498
1,371,108
$5,245,182
1,256,003
$2,682,259
1,027,553
$7,172,409
1,124,986
Profit from operations
$5,761,390
1,587,639
$3,989,178
1,315,221
$1,654,706
582,109
$6,047,423
1,710,851
$7,349,029
404,394
$5,304,399
482,058
$2,236,815
657,651
$7,758,274
753,209
110,017
49,960
7,071
35,265
63,133
64,693
51,746
238,793
100,000
f500,000
,790,637
350,000
263,821
50,000
137,664
200,000
632,426
72
1,300
-
Gross income--
charges
Interest
Bad
charged
accts.
off
and provided for
Taxes in connection with
issue of bonds-.
Amort of bond discount-
"*8*538
bonds purch.Miscellaneous charges-Group annuity prem's-Retire. fund payment-Prom,
on
Prov. for
contingencies--
Prov. for Fed. inc. taxes.
Prov.
refunding mortgage bonds, series A, due July 1, 1947.
.
Corporation will pay the accrued interest on its debenture
the notes of the Ohio Fuel Gas Co. and United Fuel Gas Co.
funds.
The Cincinnati Newport and Covington Ry. will pay
funds the accrued interest on its bonds.
^
bonds and on
out of other
out of other
Fed.
for
excess
cl67,762
5,227
profits taxes
tinder-provision for prior
years' taxes
Amort, of investment—
deple. & deprec.
411
2,255
50,000
624,643
Prov .for
t
the
proposed issue and sale of debentures by Columbia should not, because
of its size and for other reasons, be excepted from Rule U-12F-2 stating
that it is a party in interest in the pending declaration of Columbia.
l
A hearing on such matter held on April 17 at the SEC office, Wash¬
ington, D. C.~v. 152. p. 2389.
the
-
Balance, surplus-
$4,382,079
2,436,190
$3,378,394
1,948,952
$755,759
$1,429,442
expenses
$5,020,903
3,167,047
$1,853,856
b And operating
c
Federal surtax
el939
dl940
el939
dl940
'
$
Assets—
Cash
—
8,054,774
U.S.Treas. bills..
Rec'les less res've.
Invent's
of
4,101,906
'
Liabilities—
$
$
$
3,767,829 Accounts payable- 2,264,901
506,000
1,499,880 Notes payable
4,029,259 Accr'd taxes, &c— 1,545,218
Deferred
prod's
5,627,402
6,957,802
Inv., ad vs., &c_—19,513,230 20,213,693
a Properties
27,563,293 28,950,381
Deferred assets—
258,573
374,169
and supplies
-
-
-
--ii--
Depreciation and
-- -- -
-
r-
credits..
.
1,772,770
500,000
1,806,162
107,978
b $5 cum. pf.
Profit for
$1,487,686
tax. The
adjusted in this
determining the income consicered as subject to the excess profits
earnings previously reported for the 1940 quarter have been
respect.—V. 152, p. 2389.
Total oper. revenues
Operation.-----------Prov.
$12,950,374 $12,347,409
4,410,420
4,243,851
791,009
721,913
State,
-
Total net earnings-.--
i;067,364
IntonloS-t^m debt I
Amort,
of debt discount
Net income
Preferred dividends_---
Conmion
(Svidmicls—II
of
as
55,964
;
_
1940
1,295,943
1,811,435
1,598,148
869,670
7,638
934,775
apply
funds
$
8,360,153
8,360,153
6H% cum. ser. B
pref. stock ($100
3,153,531
receivable
847,517
charges and
241,936
be necessary, as follows:
(a) $51,500,000 to redeem at 103% all of its outstanding $50,000,000
principal amount of 5% 25-year debenture bonds, due May 1, 1952.
(b) $4,707,821 to redeem on Oct. 15, 1941, at 103%, all of its outstand¬
1939
$
553,060
543.854
Prepaid insur., &c.
may
5,280
31
Liabilities—
S
$
After reserve for depletion and depreciation of $37,093,005 in 1940 and
According to the registration statement, the company intends to
the proceeds from the sale of the debentures, together with such other
64,329
subsidiary companies merged
1939
62,321,963 61,848,738
872,566
The interest
,OQ
aA
1937 has been restated to include
6% cum. 1st pref.
stock ($100 par)
Utility plant
Accts.
Cr37,241
1937, in order to reflect the results
of Columbus & Southern Ohio Electric Co.
Balance Sheet Dec.
a
$3,915,340
1,040,000
:
x$2,500,577 $2,805,731
827,548
8o4,626
1,201.088
1,201,088
share in 1940; $13.96 in 1939 and
1940
Cash
69,404
438,745
x$2,900,435 x$2,924,137
827,548
827,548
1,201,088
1,201,088
operations for those years
presently constituted.
Assets—
AnA
n„.
CV90.526
24,088
the applicable income and expenses of certain
with the parent company as of May 13,
prepaid accounts
1961, and $28,000,000 of serial debentures, due 1942-1951.
rates are to be furnished by amendment.
$3,572,739
1,040,000
x Equivalent to
$13.80 per common
$XX'' 14 in 1938
■ v;•.
Note—The foregoing income account tor
Del'd
Corporation on April 10 filed with the Securities and Exchange Com¬
mission a registration statement (No. 2-4736, Form A-2), under the Se¬
curities Act of 1933, covering $92,000,000 of sinking fund debentures, due
$3,908,470
6,870
__
46,468
and expense.
——_
Miscell. deductions (net)
Invest. & advances
Corp.—Registers with SEC—
$3,563,746
8,993
v
0
Materials & supp's
Columbia Gas & Electric
17,864
$3,990,294
1,100,719
$4,038,356
-
(net)
990,000
$36,119,472 in 1939.
b Represented by 487,238 shares of no par value,
c Represented by 408,296 shs. of $1 par value,
d The consolidated state¬
ments include the accounts of the company and all its fully owned subsidi¬
aries except two minor subsidiaries (their total assets aggregate approxi¬
mately $35,000).
Four partly owned subsidiaries are not consolidated
due to the large percentage of minority interest or to their relative unim¬
portance .
The proportionate share of accumulated net profits not taken up
as at Dec. 31,
1940, applicable to investments in all subsidiaries uncon¬
solidated amounted to approximately $679,412.
e The consolidated statements include the accounts of the company and
all of its fully owned subsidiaries except one minor subsidiary (its total
assets aggregate approximately $29,000).
Five partly owned subsidiaries
are not consolidated due to the large percentage of minority interest or to
their relative unimportance.
The proportionate share of accumulated
net profit not taken up as at Dec. 31, 1939, applicable to investments in all
unconsolidated subsidiaries, amounted to $214,431.—V. 152, p. 1909.
as
$3,972,430
557,629
$4,031,991
6,365
Net earns from oper—
Due from affll. cos.
a
640,986
1,451,880
1,191,848
tax—800,000
990,000
Total
740,805
1,625,273
1,121,898
409,583
n
reserve.1,634,662
local, &e., taxes1,282,291
tirement
Federal income
$11,496,335 $11,607,117
3,975,188
4.035,028
1,681,088
1,170,497
& re-
for deprec.
1937
1938
1939
1940
65,119,178 65,793,013
65,119,178 65,793,013
,
Co.—Earnings
Southern Ohio Electric
Calendar Years—
13,991
Total
.
Columbia Pictures Corp.—Borrows from Banks—
The corporation has informed the Securities and Exchange Commission
that on April 2 it borrowed $1,000,000 from three banks to retire the remain¬
ing $1,000,000 of 4M% debentures then outstanding.—V. 152, p. 1909.
Surp. arising from
9,045,469
$0.75
1,716,277 shares of $2.50 par value stock either
29, 1941 or to be outstanding upon completion of
exchange of old $5 par value stock.
Note—The provisions for Federal income and excess profits taxes for both
quarters shown above have been calculated under the Second Revenue Act
of 1940 as amended on March 7, 1941; for purposes of such calculation,
one-fourth of the estimated annual excess profits credit has been used in
Calculated upon the
a
Paid-in surplus...
surp.10,635,109
...
— -
$1,284,331
$0.87
taxes
$1,921,886
473,755
163,800
outstanding at March
408,296
Profit & loss
$2,358,948
585,462
285,800
-
period.
408,296
adjust, of prop..17,149,522 17,892,829
IfllZ
6,295
Earnings per share--.
Common stock—
c
$1,914,173
$2,352,653
-----—
Provision for Federal taxes—Income
Excess profits taxes
a
167,878
190,827
i
Profit
18,139,
~v<
— -
(net)
15,150
1,528,634
1,472,817
Stk.19,489,520 19,489,520
---w—. -
Profit--
Long-term debt—10,494,000 12,400,000
Reserves
5,753,090
2,065,bzt
amortization
Miscellaneous income
3,858.406
4,960,482
1,862,171
13,954
4,305,431
—
Operating expenses and cost of goods sold
Selling, general and administrative expenses
Interest
*12.777,065
record
and agency commissions,
allowances and discounts
discount
returns,
$755,759
less returns and allowances.
of lake cargo vessels and electric power plants,
and excess profits tax.
v
''v;^
-tr''
Consolidated Balance Sheet Dec. 31
And operating revenues,
a
.
--?Ul4.685,767
Time
50,000
651,963
System, Inc. (& Subs.)—
Mar. 29, '41 Mar. 30/40
Broadcasting
Columbia
"**13 Weeks Ended—
°
Other income
50,000
395,905
Inc. has filed with the SEC an application (by
for a decision by the Commission as to whether
Morgan Stanley & Co.,
letter dated April 4, 1941)
2,618
1,893
.
50,000
494,045
$1,945,889
Net profit
Divs.paid—preferred.--
names
and the
Columbus &
90,984
68,327
public,
price at which the new debentures are to be offered to the
of the underwriters, the underwriting discounts or commissions,
redemption provisions are to be furnished by amendment to the
registration statement.
-■
_
The prospectus states that to facilitate the offering, it is intended to
stabilize the prices of the debentures.
This is not an assurance, it states,
that the prices of the debentures will be stabilized, or tbat the stabilizing,
if commenced, may not be discontinued at any time.
^
^
The hearing on the declaration and application filed with the Securities
and Exchange Commission concerning the proposed issue and sale of
$120,000,000 of debentures and other related transactions which was
scheduled for April 14 has been postponed until April 22.
The
the
Maintenance
Prov. for State taxes—-
and
the
of
•
84,817
132",445
68,419
12,536
10,000
144,683
Other income
serial notes, due
principal amount of 4% guaranteed
1942 to Jan. 1, 1946, of the Ohio Fuel Gas Co., a subsidiary,
outstanding $3,750,000 principal amount of 4% guaranteed
serial notes, due Jan. 1, 1942 to Jan. 1, 1946, of United Fuel Gas Co., a
subsidiary,
.
•'-,r- ■ !(*.
•'./ ■■
(e) $3,402,090 to make a capital contribution to its subsidiary, the Cin¬
cinnati Newport and Covington Ry. to enable that company to redeem on
July 1, 1941, at 103%, all of the outstanding $3,303,000 6% first and
Jan. 1,
property and has no pledge of its securities.
A plan for the refinancing
the long-term debt of the company was submitted in November, 1940,
the
bonds, due
$50,000,000
of 5% series debenture bonds, due Jan. 15, 1961.
to purchase from existing holders, at 101%, all the out¬
principal amount
(d) $7,575,000
ad
The annual report for 1940 states:
and
ing $4,570,700 principal amount of 5% 23-year debenture
April 15 1952.
'
(c) $51,500,000 to redeem, at 103%, all of its outstanding
standing $3,750,000
Cleveland-Cliffs Iron Co.—Annual Report—
April 19, 1941
Chronicle
The Commercial & Financial
2546
5,014,440
par)
5,014,440
7,506,800
7,506,800
Long-term debt
29,000,000
Deferred liabilities
62,656
Customers' depos.
27,836,000
b Common stock--
123,533
521,827
320,505
428*872
Accr'd gen. taxes-
631,149
607,115
743,536
Accounta
payable-
Accrued interest--
Fed'l Income taxes
491,944
Pref. stk. div. pay.
206,636
Miscell. curr.llabs.
56,776
11,924,117
Paid-in surplus
2,243,404
c Earned surplus._
2,950,894
Reserves
Total
a
-
69,291,302 67,623,465
Less reserve of
Total
$157,037 in 1939 and $183,687 in
by 150,136 no par value shares,
c
186,943
206,636
34.491
9,131,118
5,243,404
2,200.425
69,291,302 67,623,465
1940. b Represented
Since May 13, 1937, date
of recapitaliza¬
tion.-^. 152, p. 1278.
Columbia Oil & Gasoline
Corp.—SEC Attorney Charges
Attempt at Delay by Company—
Ambrose Selig,
attorney for the
■■ ■ ■
Commission,
attempting deliberately to delay a
Securities and Exchange
charged April 15 that corporation was
SEC decision on its status under the Utility Act in order to prevent the
refunding of $10,000,000 6% preferred stock of Panhandle Eastern Pipeline
Co. on July 1.
Mr. Selig said that if this stock is not called for redemption July 1 on
30 days' notice, a premium of 10%, or $1,000,000, will have to be paid
thereafter.
This premium would go to Columbia Oil as owner of the stock.
The attorney said Columbia Oil, despite allegations to the contrary, effec¬
tually controls Panhandle and has consistently refused to permit the ro¬
unding during the past two years.
Volume
The Commercial & Financial Chronicle
152
The SEC attorney's
charges were made at oral argument before SEC on
a petition
by Columbia Oil for a trial examiner's report of finding and recom¬
mendations in connection with
pending applications of Columbia Oil,
Columbia Gas & Electric
Corp. and Panhandle for SEC orders declaring
them not to be subsidiaries.
The practical effect of SEC approval of the
254r
Commercial Mackay Corp.—Interest—
Payment of interest of X % will be made on May 1, 1941, to holders of
debentures, due 1969 (with warrants), of record at the close of
on April 21, 1941.—V.
152, p. 2235.
income
business
application would be
to exempt Columbia Oil and Panhandle from
regula¬
under the Utility Act of 1935.
The SEC ordered an expedited schedule for the case so
that a decision
Commonwealth Edison Co.—Weekly Output—
tion
rendered well in advance of June 1.
The SEC staff is to file recom¬
mended findings within five days, Columbia Oil is to
reply within 10 days
thereafter, and final oral argument is to be held five
days later.
[See also Missouri-Kansas Pipe Line Co. below.]—V. 150, p. 3656.
may De
Combustion Engineering Co., Inc.
(& Subs.)—Earns.
Calendar Years—
1940
Net profit from opers
$2,629,392
Other inc. (less miscell,
1939
1937
1938
$422,524
$456,790
85,417
$56,383
65,821
$522,611
236,924
deductions)
Net profit before Fed.
income tax
$2,629,392
Pro v. for depreciation..
$56,383
$507,941
285,576
266,413
Exchange loss
b41,516
255,200
Net profit
a
102,308
17,300
a940,022
Prov. for led. inc. tax._
2,302
c4,922
$1,121,266
d32,511
x$380,242
Includes provision for Canadian and
190,600
39,686
e23,407
95,442
49,340
$64,236
$31,994
income taxes,
State
and U.
S.
excess
profits tax amounting to $440,531. b Exchange loss (unrealized) on
net current assets in Canada, c Provision for
Federal and Canadian income
taxes,
d Provision for Federal and
State income taxes, e Includes $12,386
Federal surtax on undistributed
profit,
x
Loss.
Consolidated Balance Sheet Dec. 31
1940
Assets—
Cash
—Kilowatt Hour Output—
1941
1940
Week Ended—
Apr. 12...
Apr.
5
Other assets.
Prepaid expenses and deferred charges
b Property, plant and
equipment
Patents, trade-marks & goodwill, at nominal value.
Total
1939
$1,167,605
1
Inventories....
Mar. 22
1
Liabilities—
1940
Due to the Superheater Co
1939
$2,447,966
1,239,144
591,877
c948,019
103,985
Accounts payable
Accrued wages, commission, taxes, &c
Reserve for Federal, Canadian & State inc. taxes..
Advance payments by customers
Reserve for losses on installation contracts in
progress & additional costs on completed con-
430,842
20,391
298,887
Total
23,589
5,444,000
89,501
154,830
1,121,266
2,248,638
Earned surplus
2,248",638
.
Earnings for Year Ended Dec. 31, 1940
$13,125
6,992
Interest earned
Total income
Operating
Net income
$2,279
29,399
Previous surplus
Earned surplus, Dec. 31,1940
profits tax.
New Directors—
on the series A debentures of the
company, at the
per annum in accordance with the provisions of the additional
indenture dated June 15,1934, is not reflected in this statement.
5%
Assets—Investment securities (preferred and common stock of The
Inland Telephone Co. and Illinois Communities
Telephone Co.), $2,780,487;
advances to sub. company, $10,000; cash,
$66,101; special deposits, $750
and expense, $92,185; other deferred charges,
$16,323; total, $2,965,846.
>_ Liabilities—Cumulative
participating stock
(25,000 shs., no par),
$625,000; common stock ($1 par), $30,000; convertible debentures, series A,
due Jan. 1, 1949, $1,300,000; accounts payable,
$183; taxes accrued, $836;
capital
unamortized debt discount
surplus, $978,148; earned surplus, $31,679; total, $2,965,846.—
Consolidated Edison Co. of New York,
S. Walker, formerly General Sales
Manager,
has been elected Vice-Presi¬
was his assistant.—V.
General Sales
as
150,
p.
Consolidated Edison Co. of New York announced production of the
electric plants of its system for the week ended April 13, 1941,
amounting
to 142,400,000 kilowatt hours,
compared with 142,700,000 kilowatt hours
for the corresponding week of 1940, a decrease of
0.2%.—Y. 152, p. 2391.
Community Water Co.—Annual Report—
were
year
1940 the following securities of subsidiary companies
refunded at substantial savings in annual interest charges:
Bonds
Principal
Company—
Amount
New Jersey Water Co
Wllliamstown Water Co
146,000
Corp...
Commercial Credit
Co.—Supreme Court Grants Company
Chrysler Reviews in Auto Financing Case—
The Chrysler Corp. and the Commercial Credit Co. have been
granted
reviews by the U.S. Supreme Court in their attempt to prevent an amend¬
ment of a consent decree in the auto
financing anti-trust cases in which the
companies agreed to remain apart provided the Government won a final
decree in a similar case against General Motors and General Motors
Accept¬
ance Corp. by Jan. 1, 1941.
The General Motors case in the auto financing suit is still
pending but
the Government won a modification of the consent decree with Chrysler
in the lower court
whereby it would have to remain segregated in business
relations from Commercial Credit until Jan. 1, 1942.
The Chrysler Corp. contends that in extending the date in the consent
Refunded
Int.
MaRate
$1,593,000
turity
5%
6%
8-1-50
5-1-40
7,600,000 4K%
706,500
5%
600,000
5%
The Ohio Cities Water Co...
Dedham Water Co
11-1-66
400,000 4M%
The Marion Water Co
Manager
3044.
5-1-55
7-1-53
7-1-53
$11,045,500
Int.
Ma-
Rate
$1,550,000
4%
turity
2-1-65
144,000
4%
5-1-65
7,600,000
4%
700,000 3H%
600,000 3*^%
400,000 3H%
6-1-65
10-1-65
10-1-65
11-1-65
$10,994,000
1940.
bond
Sufficient funds were advanced by the parent company and no new
issue was created.
Ohio
Cities
Water
Corp. retired all of its outstanding first mortgage
bonds, in the principal amount of $1,425,000, and
indebtedness, funds for such purposes being
obtained by the liquidation of its investment in the bonds of its subsidiary.
collateral trust
reduced its open
account
The Marion Water Co., and its investments in the bonds and preferred
stock of its subsidiary, The Ohio Cities Water Co.
Comparative Income Account for Calendar
Years (Company Only)
1940
1744.
Commercial Investment Trust
Earnings—Dividends from subsidiary companies..
Interest from subsidiary companies
Corp.—Options—
Corporation reports that options evidencing the right to purchase 50,787
Other
shares of common stock of the corporation were in existence as of March
31,
1941.
No. of Shares
Under Option
Bonds Issued
Principal
Amount
Greenwich Water System, Inc., sold at a premium an additional $244,000
collateral trust 4% bonds, series A, and Lexington Water Co. sold at a
premium an additional $50,000 first mortgage bonds, series A, 4%, to
provide funds needed in the operations of these companies.
The mortgage and refunding bonds of the Wannacomet Water Co. in
the principal amount of $36,500,
bearing 6% interest, matured Aug. 1,
decree another year the Government is subjecting it to a serious competitive
a
'
Inc.—Weekly
Output—
Penna. State Water
;=:
Harold H. Berry, Vice-President and Treasurer of the company, and
William B. Given, Jr., have been elected directors of this
company.
Donald
dent in charge of sales, and has been succeeded
$31,679
Note—Cum. interest
$14,578,652 $10,467,276
After unearned billings on installation contracts and reserve for bad
debts and allowances, b After reserve for
depreciation of $4,203,862 in 1940
and $3,933,841 in 1939. c
excess
$70,117
6,315
11,523
expenses and taxes
Amortization of debt discount and expense
During the
a
p.
10.4
..
Dividends received
570,572
;
189,425
5,444,000
89,501
154,830
Capital surplus
disadvantage.—V. 152,
10.3
—V. 152, p. 2389.
$1,186,025
,
tracts
1st mtge. bonds (held by the Superheater Co.)
Min. int. in cap. stock of a sub. consol. herein
Capital stock (par $1)
by H. G. Ebdon, who
7.9
16.7
Balance Sheet Dec. 31, 1940
2,475,698
3,088,659
19,661
207,559
3,508,091
$14,578,652 $10,467,276
Including
P. C.
Increase
140,937,000 130,668,000
147,953,000 126,762,000
144,923,000 131,400,000
145,631,000 131,941,000
Mar. 29
rate of
$1,069,839
23,159
5,000,957
4,645,802
11,614
207,996
3,619,285
Marketable securities
a Receivables
and
utility companies:
Community Telephone Co.—Annual Report—
295,603
Interest on funded debt.
Other interest charges__
Company has furnished us with the following summary of weekly kilowatthour output of electrical
energy adjusted to show general business con¬
ditions of territory served
by deducting sales outside of territory to other
$33.33
32.00
40.00
35.00
on
7,126
$1,451
funded debt
797
$407,332
32,236
311,825
3,817
48,878
6,194
on accounts payable to sub. cos
Amortization of debt discount and expense
$4,380
Dec.
150
-V. 152, p. 1744.
931
$393,470
27,320
311,825
earnings
Interest
Dec.
300
300
Interest
$387,926
18,608
income
Total
Salaries, taxes and other expenses
Expiration Date
of Options
Dec. 31, 1941
Dec. 31,1941
Price
1,800
7,200
41,037
1939
$381,731
10,807
45.00
Payments under tax covenants
21,1943
31,1942
Dec. 31, 1942
Dec. 31, 1942
45.00
on
45,747
bonds, &c
Net income
Balance Sheet as of Dec. 31, 1940
(Company Only)
$8,091,873; accounts receivable from subsidiary
companies, $337,718; cash in banks, $97,076; deferred charges, $419,162;
total, $8,945,830.
Liabilities—Funded debt, $5,413,000; current liabilities, $83,653; $7 cum.
first pref. stock, $3,619,582; common stock (par $1), $i, 124,555; deficit,
$1,294,959; total, $8,945,830.
Assets—Investments,
Commonwealth Petroleum Corp.—Two-Cent Dividend—
Directors have deciared
a
dividend of two cents per share on the common
stock, payable June 2 to holders of record May 10.
dividend paid in some time.—V. 148, p. 3217.
This will be the first
Commonwealth & Southern Corp.—Weekly
Output—
The weekly kilowatt hour output of electrical energy of subsidiaries of
Southern Corp. adjusted to show general business
The Commonwealth &
conditions of territory served for the week ended
April 10, 1941, amounted
to 183,704,217, as compared with 151,073,218 for the
corresponding week
inJ1940, an increase of 32,630,999, or 21.60%.—V. 152, p. 2389.
Community Power & Light Co.—EarningsPeriod End. Feb. 28—
1941—Month—1940
Opera tin g revenues
Operation
$436,804
179,548
19,141
21,089
35,851
181,175
Dr2,312
Maintenance
Fed. & State income tax.
Other taxes
a
...
Utility operating inc.
_
Other income—net
$402,531
180,064
17,995
5,662
34,540
164,269
Drl,318
1940
Total oper. revenues
$5,248,779
2,145,052
$4,919,092
2,081,377
260.347
227,189
121,706
4G2.944
2,085,875
8,467
Retirement
res.
44,502
$162,951
42,831
$2,211,436
511,821
$2,094,343
496,045
$134,362
$120,120
$1,598,297
16,380
792,915
$178,864
accruals
F* Gross income
Int.
on
Int.
on
66,076
66,076
$1,699,617
15,230
792,915
7,349
98,245
70,778
1,027
2,753
bonds, public.
bonds, parent co.
1.365
1,027
2,308
12,326
30,914
12,327
30,447
$54,685
on
1,250
8,571
Int.
$41,995
$749,983
$675,450
102,178
1,791
106,208
$646,015
$567,398
adv. from parent
company
Amortiz. of debt disc. &
$5,737,235
1,722,375
325.534
$5,658,060
1,705,209
216,287
195,695
599,904
323,311
$2,678,068
$2,731,315
$2,617,653
$2,684,469
1.412,458
1,479,725
1,542,594
1,564,323
106,176
113,040
522,679
13,361
117,542
523,131
10,720
Federal income taxes...
254,113
599,195
325,989
taxes
Provision for retirements
Gross income
stocks
To public
To. parent company
317,855
Subsidiaries' deductions
Interest
of debt
Amort,
disc't
prem. (net) & exp..
Preferred dividends.
526,389
Minority, interest
Miscell. deductions...
11,056
28,771
x
119,580
33,349
23,894
$593,318
$569,161
$399,771
$441,525
311,825
314,271
315,867
325,199
45,747
7,126
48,878
6,194
48,878
6,044
48,878
5,869
$228,619
Balance
519,870
12,690
26,481
$199,817
$28,982
$61,578
Community Water Serv.
Interest
1,843
expense
Miscell. deductions...
Net
income
x Includes provision of $13,644
in each year for cumulative preferred
dividends not declared or earned by a subsidiary company,
y Adjusted
to exclude the accounts of the Woodbridge Building Corp., which was sold
to non-affiliated interests on
Balance applicable to parent company
a
265,210
134,602
612,724
Amort, of debt disct. &
Other income charges—
preferred
$5,833,616
1,771,155
238,965
186,098
580,548
1,819,824
Co. deductions
pm expense
NetTincome
Dividends on
yl937
$5,650,171
87,065
283,822
1
Gross income
1938
$5,777,566 z$5,578,442
56,050
z79,618
$5,961,010
Total earnings
Operating expenses
Other
1939
$5,954,460
6,550
Non-oper. income
Maintenance
1941—12 Mos.—1940
232,272
416,305
2,194,803
16,632
Consolidated Income Account for Calendar Years
Before retirement reserve accruals.—V. 152, p. 2063.
Note—The consolidated
sidiaries with exception
Apr. 1, 1938.
z
Reclassified.
income accounts include operations of all sub¬
of the accounts of New Rochelle Water Co.
The Commercial & Financii 1
2548
f
Funded dt. of subs.32,070,300 31,972,300
1,353,518
1,111,468
43,695
858,571
887,512
414,988
18,234
declared
on
pref. stocks pay.
coal
A other supplies
Oper. rnat'ls,
70,610
75,554
182,500
121,583
119,730
after Dec. 31...
43,970
Current maturities
Cash, notes A sec.
depos. In sink,
with
472,755
17,234
accrued..
accrued....
Dlvs.
Interest
accts. receivable
fund
16,609
601,556
Divs.
and
notes
311,600
183,983
22,337
606,392
Taxes accrued
45,394
trustees A others
misc.
54,464
130,000
bks.
Accounts payable.
Payrolls accrued..
Cust. accts. and
a
debt..... 5,413,000
Notes pay. to
Cash deposits with
7,992,766
5,413,000
8,188,766
of subs......
Funded
27,363
consolidated)
hand
$
Pref. capital stocks
not
Cash in banks and
on
1939
%
Liabilities—
54,756,917
Prop., plant A eq .55,559,869
Misc. invest, (incl.
inv. in sub.
1940
1939
%
Due to sub.
tees, Ac
Cash in closed bks.
29,705
89,237
Other current and
materials
308,605
1,009
253,700
Cust. security and
Constr'n
569,766
559,172
88,819
11,322
6,331,167
6,045,620
561,589
550,787
constr. deposits.
Prepaid Insurance,
Def'd
29,653
21,335
Ac
taxes,
21,020
liabilities..
accr.
liabilities
1,453,935
1,711,324
174,643
count & expense
Reserves
179,133
Contrlb. in aid of
construction
Unamort. commis.
A ex p. on
sale of
pref. stocks
Unamort. rate case
—
b Min. int. in com,
stk. A surplus
of
352,857
323,370
3,619,582
Com. stk. (par $1) 1,124,555
Capital surplus...
18,244
Deficit
87,901
16,156
3,619,582
1,124,555
subsidiaries
17,676
32,397
32,045
expense
Other def. charges
c
$7 cum. 1st pref.
stock...
....
17,764
183,306
casinghead plants, $650,000Marketing expenditures total $5,570,000, for the acquisition and modern¬
tanks, pumps and other marketing
equipment.
the previous
over
Gross
Mexican Settlement
an agreement, we succeeded in coming to an understanding with the
Mexican
Government whereby that Government purchased all of the
corporation's wholly-owned subsidiaries in Mexico for a cash consideration
of $8,500,000.
This sum is payable in installments over a period of 2K
years.
Four installments of $1,000,000 have been punctually paid on the
dates when due.
The Mexican Government has scrupulously observed its
obligations under this agreement.
The agreement is in compliance with
the dicta of both our own State Department and the courts of Mexico in
that it recognizes the sovereign right of Mexico to expropriate provided
prompt, adequate and effective compensation is paid.
of
$72,939
123,977
20,895
2,097
2,970
2,908
112,385
19,858
2,188
2,439
2,359
15-year 6% cum. income notes
Bond discount and expense
Int. on
.............
....
$8,490
Net loss
"■
'$
income--.218,974,531 215,337,553 214,760,351 241,750,281
& gen. exp_189,874,652 183,645,760 183,293,310 198,023,964
31,691,792
31,467,041
43,726,317
3,099,440
3,088,582
4,700,710
105
7,980
32,530,179
2,586,909
34,791,233
2,688,007
34,555,518
2,164,191
48,419,047
1,952,319
25,640,937
24,157,092
24,230,995
24,220,874
c509,730
405,253
422,619
1,436,559
3,792,602
7,540,881
7,737,712
20,809,295
18,186,509
21,644,546
25,470,164
270,205
17,462,196
21,979,111
29,185,426
10,998,917
32,937,672
226,263
11,066,863
38,271,491
279,291
8,891,537
13,087,574
18,186,509
21,644,546
25,470,164
Earns. per share on com.
shares
$0.28
29,099,879
Operating income
Int. & divs., prof, on sale
ofsecurs.&misc. (net)
Less Excess of cost over
value of co.'s pref.
stock retired or held
par
1937
1940
$7,329,679
6,890,553
1939
$7,382,249
6,743,971
1938
$7,509,794
6,823,845
Depreciation
329,075
347,859
368,682
432,626
$110,051
29,381
$290,418
37,562
$317,267
29,864
$391,612
$139,433
32,634
4,012
3,955
$327,980
55,710
15,625
35,854
$347,131
76,141
2,296
21,649
$428,109
110,324
11,133
25,188
12,100
Calendar Years—
Profit from operations
Other income
...
Gross income
Interest
Other income charges
Federal income tax
$7,801,565
6,977,326
Federal surtax
for extraord. loss
uncoil, notes receiv.
36,497
Prov.
on
I
in treas. for retirement
Total income
b Interest..
Deprec.,
depletion
and
Provision for U. S. Fed¬
eral income tax..
Net profit
Previous
surplus
Miscellaneous charges
Common
Years
Cost of sales.
Net sales
3,430,299
Preferred dividends
Subs.)—Earnings—
Consolidated Income Account for Calendar
124,493
dividends
$0.54
$1.46
transportation charges
b Includes amortiza¬
No provision made for excess profits
$0.53
tion of debt discount and expense,
tax.
c
.
Note—Equity in undistributed current gains of controlled companies not
included in consolidated statement, $269,099 in 1940, $137,830 in 1939,
$225,470 in 1938 and $66,722 in 1937.
Consolidated
Balance
Sheet Dec. 31
$98,832
26,148
$220,792
26,148
$247,045
26,148
$144,872
26,149
Surplus
$72,684
$194,644
$220,897
$18,722
388,568
$0.19
392,168
$0.50
392,168
$0.56
392,168
Shares
com.
stock
out¬
standing (par $5)
Earnings per share
$0.30
Fiscal Periods
Mar. 23 *40 Mar. 25 '39 Mar. 26 *38
Consolidated Earnings for First Three
3 Months Ended—
Mar. 22 '41
loss after deprec.,
interest and taxes
$43,528
$41,877
$16,060
$1,665
A
accts.
1,272,481
321,690
1,253,413
56,943
Inventories
Ac........
Labor
77,817
77,817
10,344
MIscell. assets
de¬
equlpm't
64,186
money
payments
53,550
2,772
Pref. stk, dlv. pay.
d Purchase money
6,537
payments
481,400
mtge.
119,347
cum.
3,643,169
1
1
Good-will
75,972
$5,714,502 $5,768,218
reserve,
b After
reserve
28,550
3,955
6,537
513,787
114,088
pref.
348,600
348,600
Com. stk. (par $5) 1,942,840
Capital surplus...
818,549
1,942,840
stock
3,604,642
Deferred charges..
100,213
cabinets
After
155,294
64,225
deposits.
Purchase
$7.50
machry.,
a
186,151
....—
Reserves
bldgs.,
Total
Ac
mtge.
with N. Y. State
and
147,941
Fed. income taxes.
bonds on deposit
livery
$100,000
175,195
Accrd. int., wages,
c
U. S. A municipal
b Land,
$50,000
Salesmen's A other
Mtges., invests.,
Dept. of
(at cost)
Mar. 22 '41 Dec. 31 '40
Notes payable....
Accounts payable.
49,412
281,872
receivable
a
$336,400
$320,534
Notes
Liabilities—
Mar. 22 '41 Dec. 31 '40
Assets—
a
Earned surplus...
818,549
1,523,890
$5,714,502 $5,768,218
Total
for
1,465,336
depreciation of $5,619,714
c Due within one year,
March 31, 1941 and $5,557,264 at Dec. 31, 1940.
d Due after one year.—Y. 152, p. 1587.
Consolidated Oil Corp.—Annual Report—
H. F. Sinclair, Chairman, states in part:
should,
through
its
majority
ownership
Petroleum Co., benefit from the development of a property in
of crude oil.
Plans for such development are under
including the location of a pipe line and the improvement of a deepalready owned, about 100 miles northwest of the
discovery well.
Oil can be transported from this terminal to the New York
area in less time than it can be brought from Houston, Texas.
We have
at this time an extensive market for Venezuela crude, including the require¬
ments of our large Atlantic seaboard refinery.
It should be pointed out that with respect to pipe-line transportation of
crude oil company is in a strong position, and can operate as economically
and efficiently as Its competitors.
It has lacked an adequate number of
tankers.
The distribution of its refined products has not been on the most
economical basis.
Beginning this year, we shall obtain advantages from the
delivery of new tankers.
These vessels, ordered in 1940 at an approximate
of this prolific source
■
■
'■
■
Invest, in and advs. to
controlled cos. not consol'd.
Cash
Marketable securities
c Amount due within one year
Notes and accounts receivable.Inventories—crude and refined oils..
Materials and supplies
Long-term notes and accounts rec.,
c Amount due in 1942
Deferred and unadjusted items
5,920,192
b23,055,618
43,504,004
1,129,092
2,637,509
15,413,341
45,929,565
5,131,911
—
4,180,850
23,776,220
56,931,412
1,129,092
16,736,985
41,684,190
5,429,477
299,196
387,517
2,500,000
3,216,855
Ac
5,766,432
343,575,908 352,764,651
$
$
Liabilities—
_
71,094,175
71,094,175
Capital surplus..
159,027,921
e Common stock in treasury.....
Dr35,002
Earned surplus
13,087,574
Res. for property abandonment, contingencies, &c.
8,769,595
15-year convertible ZH% sinking fund debentures. 43,852,500
12-year 3 5-6% sinking fund debentures
25,000,000
165,404,476
—.——
......
Dividend^ payable....
....—.—
Interest, taxes and miscell, accruals
Dr5,084,167
.....
178,127
17,729,969
18,186,509
8,950,483
45,296,500
25,000,000
184,929
17,692,164
3,179,859
Purchase money obligations
Accounts payable
3,289,911
I,691,l9l
2,749,671
343,575,908 352,764,651
a
Real estate, oil and gas leases, oil wells and equipment, pipe lines,
steamship, tank cars, terminals, refineries, distributing stations and facili¬
ties, &c., at values determined by directors as of Jan. 31, 1932, with sub¬
sequent additions at cost, less reserves for depreciation and depletion,
b Other investments are stated at values determined by the Board of
Directors as at Jan. 31, 1932 with subsequent additions at cost.
Other
investments consist of $6,798,915 investment in Petroleum Corp. of Amer¬
ica (a substantial portion of whose assets consists of stock of Consolidated
Oil Corp.), $7,654,668 Richfield Oil Corp. and other investments of $8,602,035.
c From Mexican Government in respect to sale of wholly-owned
subsidiaries,
d Represented by 13,537,915 no par shares in 1940 and
14,218,835 no par shares in 1939.
e Represented by 6,000 shares (467,109
Total
shs. in
To
1939)
at cost.
Change Directorate—
Stockholders at their annual
of Venezuelan
the State of
Monagas, Venezuela. On a concession of about 24,000 acres there has been
brought in the first well which indicates the discovery of a field of major
importance.
Its successful development would place corporation on a
competitive basis with those companies who have enjoyed the advantages
Corporation
'''
194,838,625 196,742,476
d Common stock.
Consolidated Balance Sheet
Cash
''
a
Total
Net
1939
1940
"*
Capital assets
Other investments
Net
12,522,036
Excluding inter-company sales, inter-company
8. Federal and State gasoline and oil taxes,
a
and U.
a
profit
Preferred dividends
1937
1938
Gross oper.
Total.
1941, $43,083.—V. 151, p. 2348.
Consolidated Laundries Corp. (&
Years
Foreign]
Including Subsidiaries—Domestic and
1940
1939
abandonments
$79,910
a Including
expenses applicable
to non-operating periods, &c. (less
miscellaneous income),
b On retirement of fixed assets, obsolescence,
operating of dwellings, &c.
c Before provision for Federal income taxes.
Note—Charges included in the above profit and loss accounts and in
finished cement inventory for depreciation and depletion were as follows:
Three months ended March 31,1940 ,$43,596; three months ended March 31,
c
Calendar
Consolidated Income Account for
Balance at Dec. 31—
$227,897
154,958
$130,741
profit on sales
Int.
b Loss......
1940
1941
$405,211
274,470
Selling, general administrative expenses...
on 15-yr. 1st mtge. 6% cum. income bonds—
year.
Following the expropriation of American-owned oil companies in Mexico
in 1938, a settlement was sought by corporation directly with the Mexican
Government.
In the face of widely-expressed doubts as to the possibility
Costs, oper.
and allowances
Cost of goods sold, incl. freight on shipments.
$3,620,000 on
68,000,000 barrels in 1940, as compared with
69,628,000 barrels in 1939.
Casinghead gasoline production during the
year amounted to 145,000,000 gallons, an increase of 13,500,000 gallons
The refineries processed
Consolidated Cement Corp.—Earnings—
3 Months Ended March 31—
expenditures include advance payments of
account of tank ships.
a
shares.—V. 151, p. 2937.
mainly for
ization of service stations, notor vehicles,
accounts receivable of $68,458
in 1940 and $65,264 in 1939.
b Including accrued dividends in arrears
on the preferred stock of a subsidiary in hands of the public, amounting to
$134,006 in 1940 and $105,741 in 1939.
c Represented by 39,063 no par
Gross sales, less discounts
,
and improvements totaled $1,621,000,
Wyoming and Texas and for additional gathering lines.
Additions and improvements to manufacturing facilities amount to
$5,158,000, this sum representing capital expenditures at nine refineries and
13 casinghead gasoline plants.
Some of the items in the total are: wax plant
at Houston, $1,700,000; alkylation plant at East Chicago, $1,000,000;
After reserves for doubtful notes and
a
a
$6,220,000.
Pipe line additions
extension of lines in
59,610,378 59.428,452
Total
59,610,378 59,428,452
Total
and rentals,
A
deferred credits.
Unamort. debt dis¬
existing
entire requirements.
$29,180,000, or about
$9,000,000 more than in 1939.
Of this total, $13,167,000 was related to
production.
The principal items were for drilling and other capital ex¬
penditures on oil and gas properties, $6,780,000; lease purchases, renewals
than 140.000 tons to our now
fleet, and provide tonnage necessary to handle our
Gross additions to capital assets in 1940 totaled
Other capital
Aaffll.
not consol.
cos.,
trus¬
April 19, 1941
cost of $24,400,000, will add more
Consolidated Balance Sheet Dec. 31
1940
Assets—
Chronicle
meeting on May 21 will be asked to amend
provide that the directors shall be divided
the certificate of incorporation to
into three classes and that not
shall be elected annually.
asked to fix the number of directors for
less than one-fourth
Further, the stockholders will be
eight. The management proposes that these be Sheldon
Clark, R. L. Clarkson, Samuel L. Fuller, George MacDonald, William P.
Philips, E. W. Sinclair, H. F. Sinclair and Alvin Untermyer, all of whom
are now members of the board.—V. 152, p. 1126.f
the ensuing year at
way,
water terminal property
Consolidated Steel
Corp., Ltd.
D. G. Henderson, President, has
(Calif.)—Asks Proxies
directed a letter to stockholders request¬
ing them to sign and return at once proxies for the annual meeting
Angeles April 18 to insure retention of the present management.
in Los
Approximately 140,000 of the 383,806 shares of Consolidated stock out¬
standing are held in the New York area.
Several weeks ago the management mailed its regular proxy form and
statement to stockholders.
Soon thereafter stockholders received a proxy
solicitation from Kirby L. Vidrine, of Phoenix, Ariz., business man, and
nine others, asking that they be elected in place of present directors.
Volume
.
The Commercial & Financial Chronicle
152
In his special letter, which he descri bed as' 'a
message of vital importance,''
Air. Henderson said that "a number of our stockholders
have been confused"
because the Vidrine proxy form "so closely resembles" that of the
Continental Telephone
Calendar Years—
Gross earnings
manage¬
ment.
To guard against error
an
additional proxy form accompanied the
Henderson letter.—V. 152, p. 2064.
2549
1939
America—Earnings—
1941
aNetprofit
1940
b$497,042
64,369
25,000
5,000
$318,686
64,966
5,000
$107,731
Net earnings
Int. on funded debt
1938
1989
b$472,418
$24,199
loss$53.198
$225,814
120,339
$228,595
125,000
$248,720
125,000
Amortization of debt dis¬
After all charges including interest, depreciation, reserves for
year-end
adjustments and provision for Federal income taxes and excess profits tax
a
in 1941.
count and expense
b Equivalent to 64 cents per share in 1941 and 60 cents
per share
in 1940.
Net income
Preferred dividends.
Earnings after 24 % Federal income tax but before Federal excess profits
taxamounted to $563,122 or $0.72 per share which compares with
earnings
of $472,418 or $0.60 per share for the
corresponding period in 1940.
Shipments for the three-month period totaled $8,071,000 or an increase
of 24.6% over the same period in the
previous year.—V. 152,
16.442
...
10,147
9,765
9,765
$91,288
88,625
$95,328
88,625
$93,830
$113,955
88,625
20,947
88,625
Common dividends.
Balance Sheet Dec. 31, 1940
Assets—Investments, $2,231,979; deferred expense in process of amortiza¬
tion, $197,314; cash in banks, $264,092, special deposit, $68; total, $2,693,-
2064.
p.
1937
$297,965
40,513
Amt.approp.forgen.res
Container Corp. of
3 Mos. End. Mar. 31—
1938
$291,328
39,952
Operation and taxes
'
Co.—Earnings—
1940
$147,683
453.
Continental Can Co., Inc.—Interim Dividend—
Directors have declared the second quarter interim dividend of 50 cents
the common stock, payable June 16 to holders of record
May 24.
The
amount
was
paid March 20.
"In accordance
with
the
previous
practice of the company," the company states, "the Board of Directors
intends that future dividends declared on the common stock shall be
pay¬
able quarterly.
However, because of the
accruea
on
of
Casualty
Co.—Stock
Coos Bay Lumber
capital
offering price was $25 per share.
The remaining 5,841 shares will be taken
up by Glore,
Forgan & Co. and Blair, Bonner & Co. and associates under
their underwriting agreement but without
public offering.
Non-operating property
x
Outstanding
.
1938
Underwriting inc.—Netprem. earned$24,683,793 $22,326,545 $20,345,542
Net losses & expenses incurred
23,485.246
21,375,462
18,944,440
on
958,535
129,312
768,502
121,656
$863,840
$829,223
2,062,387
249,107
1,780,306
265,000
2,047,948
270,000
Net investment income
Net profit before realized profits and
losses on investments—:
Provision for income taxes.
Net profit before realized profits &
losses on investments
$1,813,280
$1,515,306
Net profit per share on 500,000 shs..
$3.63
$3.03
After reflecting the net amount of realized profits and losses
which
on
record April 26.
Like amounts were paid on Dec. 23, last and prior thereto
last dividend on both these issues was paid on May 1, 1937.—V.
151,
3836.
invest¬
to $3.62 per share for the calendar year 1938, $3.06
per share for the calendar
year 1939, and $2.96 per share for the calendar year 1940.
Dividends—Company has paid dividends on its capital stock in each year
1902 to date, with the exception of the one year
1933, in which no
dividends were paid.
During the past three calendar years, cash dividends
have been paid quarterly at the rate of $1.20 per share
per annum, and
extra dividends of 40 cents a share in 1938, 30 cents a share in
1939 and 30
cents a share in 1940 were paid on capital stock
outstanding at the dates
of declaration.
During 1939 a stock dividend representing one share of
stock for each seven shares outstanding at the date of declaration
was
1941—Month—1940
Operating revenues
Operating expenses
State and municipal taxes
Social security tax—Fed¬
eral
and
health
insurance.
covering
In
1915 the company began issuing insurance
policies
compensation,
automobile
liability,
automobile
workmen's
damage and collision, liability (other than automobile), and
damage and collision (other than automobile).
Burglary and
theft and plate glass insurance were added in 1920 and
fidelity and surety
bonding and steam boiler and machinery insurance in 1923.
From 1919
property
property
to 1933 company -wrote non-cancellable accident and
health insurance, but
only renewal business of this kind has been written since 1933.
Company
has never written mortgage guarantee surety bonds.
Since its incorporation in 1897 the
company
has written
Insurance
producing net premiums of approximately $391,000,000, and has paid net
losses aggregating approximately $166,000,000.
Underwriters—The
of the several underwriters which has
agreed
to purchase of any shares of capital stock
being offered which are not
purchased upon the exercise of subscription warrants, are as follows:
names
Glore, Forgan & Co., Blair, Bonner & Co., Harris, Hall &
Co., Inc.;
Harriman Ripley & Co., Inc.; Bacon, Whipple &
Co.; Mackubin, Legg
& Co.; Lee Higginson Corp.; Alex. Brown &
Sons; Huff, Geyer & Hecht,
Inc.; G. M.-P. Murphy & Co.; Laurence M. Alarks & Co.; Paine, Webber
& Co.; Whiting, Weeks & Stubbs,
Inc.; The Wisconsin Co.; The Milwaukee
Co.; Wells-Dickey Co.; Farwell, Chapman & Co.; and Stern, Wampler &
Co.. Inc.—V. 152, p. 2064.
32,241
$5,151,176
2,800,559
395,027
$4,847,403
2,795,357
393,836
3,797
38,456
3,882
22,876
45,120
484,780
46,682
317,381
$128,376
$99,490
9,316
$1,425,690
112,304
$1,294,147
117,345
State
Net oper. income
Non-oper. income, net..
240,571
6,194
Gross income
$134,570
Deductions..
52,687
$108,806
53,638
$1,537,994
632,098
$1,411,492
602,545
Net income
$81,883
$29,164
$55,168
$29,164
$905,896
$349,972
$808,947
$349,973
Pref. div. requirements.
-V. 152, p. 2392.
Davenport Water Co.-—Initial Preferred Dividend—
Directors
preferred
p. 825.
declared
have
stock,
payable
initial
an
May
1
to
dividend
holders
'
mon
Corp.—Listing of Additional Com¬
Stock—
The
Securities
and
decision that Morgan
April
the 5%
11.—V. 152,
an
absence of "arm's
length bargaining" between them in arranging the company's $25,000,000
bond issue last year.
The decision requires the investment firm to return
to the utility an impounded underwriting fee of $100,000.
The decision was reaffirmed after there had been placed in the record
of the case, by stipulation, facts relating to the financing of the Common¬
wealth & Southern Corp. system. This was done because in its prior decision
SEC referred to the C. & S. relationship with Morgan Stanley & Co., Inc.,
without evidence of record in this particular case.—V. 152, p. 2237.
Deep Rock Oil Corp .—-Reorganization Review Not Ap¬
proved by Supreme Court—
The U. S. Supreme Court denied, April 14, the petition of the Standard
Electric Co. for a review of a plan of financial reorganization for
Gas &
Deep Rock.
Standard
vestment
contends
the adjustment fails to recognize the net cash in¬
that Standard placed in the first Deep Rock
of $20,567,763
company and gives inequitable
of Deep Rock notes.
The
Tenth
Circuit
Court
participation in the
new company to
holders
of Appeals
upheld the reorganization plan
approved by the District Court, saying that it was fair and equitable.—V.
151, p.844.
(The) Detroit Edison Co. (& Subs.)—Earnings—
Gross earnings from utility
a
operations....
Utility expenses
Interest
Less interest charged to construction
Amortization of debt discount and expense
share of
per
Exchange Commission on April 16 reaffirmed its
Stanley & Co., Inc., was "affiliated" with Dayton
Power & Light Co. to an extent which made possible
to the certificate of incorporation, as
amended, creating a new class
of preferred stock of an authorized issue of
125,000 shares (par
vertible into common stock on the basis of five shares of
common stock
for each share of preferred, and on the same date the directors
authorized
the issuance of 300,000 shares of common stock
upon the exercise of the
conversion privileges of the $1.25 cumulative convertible
preferred stock.
—V. 152, p. 2391.
$1
record
Dayton Power & Light Co.—Morgan Stanley Decision
The New York Stock Exchange has authorized the
listing of 300,000
additional shares of common stock (par $1), upon official notice of
issuance,
company's $1.25 cumulative convertible preferred
stock, making the total amount applied for 3,300,000 shares.
The stockholders at a meeting held on
April 7, authorized an amend¬
$20) and
increasing the authorized common stock from 3,000,000 shares (par
$1)
to 4,000,000 shs. (par $1).
The preferred stock is issuable in series.
The
directors at a meeting held on April 7, 1941, authorized the issuance
of the
first series of such preferred stock, consisting of
60,000 shares, to be desig¬
nated $1.25 cumulative convertible preferred
stock, which shares are con¬
of
Reaffirmed by SEC—
Income from utility operations
Other miscellaneous income.
upon conversion of the
ment
of
:-v
12 Months Ended March 31—
Continental Motors
1941—12 Mos.—1940
$399,060
Fed. tax (incl. income).
paid.
incorp, under the name of Con¬
tinental Assurance Co. of North America on Nov.
29, 1897, under the
laws of Indiana.
On Nov. 1, 1900, the name was
changed to Continental
Casualty Co.
Its principal executive office is located at 910 South
Michigan
Ave., Chicago, Illinois.
Company is empowered by its articles of incorporation, as amended, to
carry on the business of accident and health insurance,
casualty insurance
and surety and fidelity bonding.
Company has engaged since its inception
in the business of writing personal accident and health
insurance.
For a
number of years it has also written a small volume of
group accident and
was
Co.—Earnings—
$453,540
249,802
33,109
from
History and Business—Company
p.
;
(Including Cumberland Securities Corp.)
Period End. Mar. 31—
$3.55
on
$1,810,795, $1,532,543
1938, 1939 and 1940, respectively,
the 500,000 shares of capital stock to be
outstanding is equivalent
;
Cumberland County Power & Light
$1,777,948
ments, the net profit before surplus adjustments was
and $1,483,061 in the calendar years
$762,046
Cudahy Packing Co.—Dividend—
$646,846
...
630,360
$757,876
Directors on April 16 declared a dividend of $3 per share on the
6%
cumulative preferred stock, and $3.50 per share on the 7% preferred stock,
both on account of accumulations and both payable May 1 to holders of
$1,401,102
bonds990,772
126,932
816,125
$717,946
Balance Sheet March 31, 1941
Summary of Profit and Loss Statement for Calendar Years
Investment expenses
54,078
844,048
Assets—Cash, $97,884; accounts and notes receivable (less reserves),
$198,843; inventories, $188,558; timber and lands Uess depletion), $3,881,887; operating plants and equipment, $2,529,237; non-operating property
and equipment, $34,582; deferred charges, $34,789; total, $6,965,780.
Liabilities—Due bank, $850,000; accounts payable, &c., $98,517; accrued
payrolls, $42,350; accrued property taxes, $81,913; reserve for Federal,
State and capital stock taxes, $57,742; accrued property taxes due 1942 to
1954, $203,203; capital stock (63,500 no-par shares), $6,350,000; deficit,
$717,946; total. $6,965,780.—V. 152, p. 1429.
Capital stock ($5 par)
500,000 shs. 500,000 shs.
The company is its own transfer agent and First National
Bank, Chicago,
is registrar.
accrual of discounts
1,909
x$39,893
19,756
5,323
66,714
Loss
to the
$951,083
Cr3,316
Cr80,648
expense
Deficit at March 31
Capitalization—Upon the issue and sale of the capital stock, the capital¬
ization of the company will be as follows:
Total profit from underwriting
$1,198,547
Investment income—Income from in¬
vestments after amort, of prems. &
33,531
378
$24,043
23,625
40,311
x$5,679
20,036
Loss from disposal of assets
legal investments for casualty insurance companies organized under the
1939
$195,117
12,650
.
Provision for Federal & State taxes..
Deficit at beginning of period
balance will be allocated to surplus.
It is expected that part or all of such
proceeds will be invested by the company in securities qualified as
1940
$31,882
4,030
34,724
Profit from operations
Interest paid or accrued (net)
net
1939
1941
$229,842
Depletion
Depreciation
Application of Proceeds—The gross proceeds to the company from the
sale of the 100,000 shares of capital stock will be
$2,500,000.
Of such
proceeds, $500,000 will be allocated to the capital stock account and the
1940
Denent
Co.—Earnings—
3 Months Ended March 31—
Profit from operations
The
Authorized
employees
Chairman, reported following the recent annual meeting.
Unfilled orders at the beginning of the year amounted to $6,847,678 and
1940 totaled $8,351,926.
W. C. Heath was added to the Executive Committee.—V. 152, p. 2064.
Offering—Company
as
.aii;
$36,782; earned surplus, $172,219;
net sales billed in
that its shareholders through exercise of warrants
have subscribed for 94,159 of the 100,000 shares of
laws of the State of Indiana.
No determination has been made
securities which may be purchased.
payaDie,
Cooper-Bessemer Corp.—Operations—New Official—
announces
stock recently offered.
aiviaenas
During the first quarter orders of the corporation continued in excess of
production so that at resent the company's backlog of unfilled business is
more than double
the total at the beginning of 1941, B. B. Williams,
1940
Continental
$»u,aoo;
$8,533; capital surplus,
total, $2,693,453.—V. 151, p. 3742.
provisions of the Excess Profits
rendering it inadvisable that dividends be paid in the
first
60
days of any calendar year, such quarterly payment dates for
dividends declared will be the 15th
days of March, June, September and
December, unless and until changed by further action of the board."—
f.
152, p. 2064.
Law
Tax
taxes,
fund reserve,
same
Gross
corporate income
on
funded and unfunded debt
Net income
1941
1940
$68,080,418 $60,931,432
50,669,399
44,847,149
$17,411,018 $16,084,283
163,817
95,812
$17,574,836 $16,180,096
6,058,369
5,786,641
044,700
068,149
524,145
367,252
$11,037,022 $10,094,351
Including all operating and maintenance charges, current appropria¬
to retirement
(depreciation) reserve, and accruals for all taxes.—
V. 152, p. 2065.
a
tions
Dexter Co.—To Delist Stock—
The Securities and Exchange Commission, April 16, announced a public
hearing on May 13, at its Chicago Regional Office, on the application of
the company to withdraw its common stock ($5 par), from listing and
The Commercial
2550
registration on the Chicago Stock Exchange.
The application states that
because of the inactivity and small volume in this stock on the Chicago
Stock Exchange, its continued listing and registration
is not in the
public interest.—V. 151, p. 411.
Diamond State Telephone
1940
$1,781,121
777,750
130,844
Years End. Dec. 31—
Local service revenues..
Toll service revenues
Miscellaneous revenues.
$2,689,715
Total
4,545
Uncollectible oper. revs.
Totaloper.revenues..
Gen. and miscell. exps_.
$1,665,451
$1,571,986
693,428
124,401
628,572
118,212
$1,512,259
636,249
113,616
$2,483,280
6,531
$2,318,770
10,026
156,149
Traffic expenses
Commercial expenses—
Operating rents
33,502
Social security tax
Other (principally State
and local) taxes
5,758
$2,256,366
523,851
394,434
253,940
148,791
49,135
176,808
*83,215
23,102
45,137
188,713
87,363
31,416
102,877
94,580
94,228
70,695
$620,413
5,453
Net oper. income
Net non-oper. income—
$616,508
$550,761
6,920
$532,393
$557,681
103,478
$533,237
64,978
2,356
(Texas)
Earnings of El Paso Electric Co.
1941—12 Mos.—1940
1941—Month—1940
$263,141
$301,116
104,970
115,627
15,081
17,414
Period End. Feb. 28—
$3,443,577
1,365,594
$3,171,389
193,153
404,070
133,622
374,660
179,796
400,378
62,870
349,651
$972,478
13,025
$905,376
638
$83,448
32,261
$74,495
36.209
$985,503
451,562
$924,469
437,746
$51,187
$38,286
$533,942
$486,723
1,806
Operating revenues
Operation
47,700
72,422
$36,481
$486,242
$414,301
46,710
33,232
6,238
29,764
34,717
18,835
33,499
Depreciation
Federal income tales
Other taxes
Balance
(public)-
Int. & amortiz.
Balance
Int.
$73,857
£<N
(El Paso Elec. Co.,
Del.)
$618,864
101,302
1,966
$625,866
105,935
1,972
$51,187
Preferred dividend requirements
Balance
Balance applicable to
51,775
El Paso Elec. Co. (Del.)
_
Note—The company does not consider that it has any liability
Excess Profits Tax Act of 1940 as amended March 1941.
$517,959
Divs.
794
4"0?)",666
400.060
stock.
$468,259
32,500
400,000
$453,409
25,725
400,000
$515,596
pref. stock
on common
Prepayments
Other def. debits..
10,551,088
44,004
$470,760
171,048
290.235
Common stock
Funded debt
6.000,000
3,000,000
245,980
257,773
7,900 Notes sold to trust.
of pension fund.
248,593
159,640 Advs.fromA.T.&T
33,595 Advance billing for
service and cus¬
9,317
tomers' deposits
50,369 Accts. pay., <fcc.,
281,001
180,698
62,013
11,993
54,397
and expense
I
Directors
declared
have
dividend
a
of
$3
share
per
1941
Net profit of operating units before
78,244
188,801
238,630
3,300
121,023
Real estate used in department store operations.
Real estate not used in department store opers.
1,601,309
1,058,156
12.197,258 11,302,738
Total
Inc.—1 %-Cent Dividend—
Dividend Shares,
Directors have declared a dividend of 1 Yn
1 to holders of record April 16.
paid on Feb. 1, last, and dividend of 1.0 cents a share
V. 152, p. 2393.
Vortex
Dixie
Dividend of 2 cents
paid Feb. 1, 1940.—
share on the common
Like amount was paid
with 50 cents paid on
Directors have declared a dividend of 25 cents per
Dec. 26, 1939 , 25 cents
paid
on
Oct. 20 and Jan. 17, 1939, and on July 1,
of 37cents per share
1938, and previously regular quarterly dividends
distributed.—V. 162, p. 1912.
were
Dominion Oilcloth & Linoleum Ltd.—Extra
Directors
to
common
stock,
V.
162,
Dividend—
declared an extra dividend of 10 cents per share in
regular quarterly dividend of 30 cents per share on the
both payable April 30 to holders of record April 15.—
118.
p.
East
Tennessee
Light
& Power
Co.—Bonds
Called—
redemption on or before Nov. 1, 1941, all of the
at
Federal
excess
81,500
profits taxes
Adjustment or Federal and State taxes for prior
Cr97
Common
202,500
15,106
722,493
Earnings
per
share
on common
$3.37
Balance Sheet Jan. 31
1941
Assets—
and
1,220,198
Accounts payable.
3,384.058
Taxes
2,747,446
10,213
109,634
Instal.
Real
0,216,893
estate
in
store
follows:
6,156,933
not
Amount
15,623,000
5,357,000
8,556,000
P. C.
12.9%
9.1%
10.6%
The above figures do not include the system Inputs of any companies not
appearing in both periods.—V. 152, p. 2393.
Eitingon Schild Co., Inc.—Meeting Adjourned—
Due to lack of quorum the adjourned annual meeting of
was
stockholders
was
fixed for the adjourned j
1720.
Electric Boat Co.—To Protect
Officers in Suits—
Stockholders at their annual meeting held April 15 voted to change the
company's by-laws to provide that the business of the company shall be
managed by a board of not less than eight nor more than 12 directors.
Also,
that the number of directors shall be fixed from time to time by the board
of directors and that each director shall be
a
shareholder.
It was further voted that the by-laws contain a provision that each
director and officer shall be indemnified by the company against expenses
(other than any amounts paid in settlement) reasonably incurred by
in connection with any action, suit or proceeding to which he may
him
be a
party or with which he shall be threatened by reason of his being, or having
been, a director or officer of the company.—V. 151, p. 2939.
Electrol, Inc.—Government Loan—•
8,593
one year
Funded debt
300,000
250,000
1,634,000
-
2,284,000
306,815
53,776
5,275,081
Deferred income..
51,224
48,170
1
300,704
1
7% cum. pref. stk.
($100 par)
215,800
215,800
4,500,000
4,500,000
6,880,883
6,880,883
1,630,925
1,654,196
1,237,992
value)..
Deferred charges..
280,245
Cum.
(par
pref.
850)
stock
Common stock.
Paid-in surplus
Earned
19,108,514 19,184,409
After
reserve
b After
surplus
_
1,630,925
19,108,514 19,184,409
and $57,668 in
Total
for doubtful accounts of $60,406 in 1941
reserve
for depreciation and amortization,
c
Represented
by 412,853 no par shares.—V. 152, p. 425.
Equitable Office Building Corp.—Protective Committee—
Savings Bank, Jeffrey Granger
of Sulzbacher, Granger & Co., members of the New York Stock Exchange
and Harry Thompson, Vice-President of Continental Bank & Trust Co.,
have consented to act as a committee for the
protection of holders of 35-
5% sinking fund debentures of the corporation.
filed a voluntary proceeding for reorganiza¬
tion under Chapter X of the Bankruptcy Act in the U. S. District Court.
The outstanding debentures, about $4,750,000, are subject to the lien
of the first mortgage on the land and building at 120 Broadway, approxi¬
mately $17,000,000, which is held by the Equitable Life Assurance Society
year
On April 10,1941, corporation
of the United States.
Inasmuch as present earnings are claimed to be insufficient to meet
interest, amortization, sinking fund and tax payments, the committee is
urging the holders of the debentures to unite to protect their interests in
the court proceedings.
Paul Bauman, 110 William St., is Secretary tor the committee, and
Wagner, Quillinan & Rilkind, 120 Broadway, are counsel.—V.
152, p. 2394.
Family Loan Society, Inc. (& Subs.)—Earnings—
Period End. Mar. 31—
1941—3 Mos.—1940
$1,089,403
$957,012
Operating charges.16,167
16,44 1
Operating expenses
518,307
441,518
Gross income collected..
$554,930
33,719
Gross profit
Interest
Depreciation
Oper. bad debt
$499,054
30.097
1940—9 Mos.—1940
$3,147,593 $2,722,055
58,576
63,739
1,490,514
1,320,043
$1,598,503
95,653
$1,338,273
88,385
141
V. 152, p. 1128.
Elm Street Trust,
Chicago—Registers with SEC—
first page of this department.
net.
69",163
53",688
Fed. income tax reserve.
143,092
83.054
204,649
362,390
160,502
217,877
$311,957
$332,215
$935,669
$871,508
Common
$400,000 of Federal funds has been made available
made on April 15 by Stanley H. Brown, President.
Of this sum $325,000 is being advanced by the Defense Plant Corp. to taice
over the properties of the Appollo Magneto Corp. at Kingston,
N. Y.,
which have been leased to Electrol.
The balance will go for equipment.—
Announcement that
to this company was
See list given on
259,935
operations 4,721,167
(nominal
Goodwill
1940.
583,560
6,557
funded
Reserves
debt,
Milton W. Harrison, trustee of the Bowery
Increase
I
on
debt, due within
equipment
used
245,083
estimated
Accrued accounts.
other
98,139
v
$
1,338,297
223,000
Fed. taxes on inc..
b Prop., flxts. and
b
$
1,352,510
Liabilities—
$
1,180,780
aAccts.rec. (trade) 3,853,091
Merch. inventories 2,731,427
Marketable secur.
6,312
1940
1941
1940
S
Cash
a
of client operating
companies of Ebasco Services, Inc., which are subsidiaries of American
Power & Light Co., Electric Power & Light Corp. and National Power &
Light Co., as compared with the corresponding week during 1904 were as
No definite date
$2.74
stock
deducting $147,842 in 1941 and $136,043 in 1940, amount
prorated to operating units,
b Exclusive of interest borne by operating
units.
'
After
a
Total
Inc.—Weekly Input—
For the week ended April 10, 1941, the system inputs
p.
202,500
15,106
165,141
dividends
Light & Power Co. first
series A bonds due Jan. 1, 1966.—V. 152, p. 2393.
meeting—V. 151,
$1,350,116
Preferred dividends..
for $4,800,000 principal amount of East Tennessee
further adjourned until the fall.
169
$1,609,939
Net profit
Preference dividends
been appointed trustee
Operating Subsidiaries of—
1941
1940
American Power & Light Co.136,573,000 120,950,000
Electric Power & Light Corp. 64,356,000
58,999,000
National Power & Light Co_ 89,634,000
81,078,000
256,106
7,709
profits taxes
c
Ebasco Services
$1,606,391
494,351
excess
Boston.
mortgage
$2,193,402
Federal normal income taxes
Federal declared value
bonds, series A, due May 1, 1955, of its pre¬
Electric Co. amounting to $703,000,
105% and accrued interest to Nov. 1, 1941.
Payment will be made at
the First National Bank of Boston.
The company also will call on or before Aug. 1, 1941, the outstanding
$1,952,500 first mortgage 5% gold bonds, due Feb. 1, 1943, of the Tennes¬
see Eastern Electric Co. at 101.44% of face value and accrued interest to
Aug. 1, 1941.
Payment will be made at the Old Colony Trust Co. of
decessor company, Tennessee Eastern
The Marine Midland Trust Co. of New York has
10,278
78,000
1,186
Rental allowance to operating unit
b Interest expense
assets
6% refunding mortgage gold
462
General administration expense
a
Invest,
Trustee—
P Company has called for
2,396
$1,695,856
18,283
Total income
have
the
addition
1,623
$2,212,148
Other income (net)
years
Co.—Dividend—
stock, payable May 20 to holders of record May 1.
on
Dec. 19 and on May 15, 1940, and compares
3,158
Net profit before Federal taxes on income
cents per share on the common
payable May
$1,619,358
98,330
Ioss24,228
income—
2,517
—V. 152, p. 264.
stock,
$2,023,817
183,550
Department stores
183,656
12,197,258 11,362,738
1940
Federal taxes on
85,693
Deferred credits..
the 6%'cumul.
on
Emporium Capwell Co.—Earnings—
Years Ended Jan. 31—
current liabilities
Dividend— *•
pref. stock, payable on account of accumulations on April 21 to holders of
record April 14.
Like amounts were paid on Dec. 26 and June 29, last;
Dec. 27 and Oct. 31, 1939; Dec. 27, 1938, and on Dec. 30, 1937.—V. 151,
p.
3745.
405,000
Acer. liab. not due
Total
$251,804
Empire District Electric Co.—Accumulated
Deprec'n reserve.. 1,855,171
Surplus
1,174,621
Unamort. deb. dis.
$434,776
182,972
$299,713
...
Balance for common stock and surplus
1939
$
$
5,000,000
3,000,000
Liabilities—
$
$
27,565
$467,578
32,803
—V. 152, p. 2238.
1940
1939
1940
Telephone plant.. 11,554,754
48,351
Cash & spec. deps.
8,050
Working funds...
Mat'l & supplies..
72,422
32,597
Expenses and taxes.
Comparative Balance Sheet Dec. 31
Accts. receivable..
$367,591
47,700
Earnings of other subsidiary company applicable
to El Paso Electric Co. (Del.)
...
$35,759
$27,684
undistributed earnings.
$115,596
$117,959
ferred to surplus...
Includes $1,000 estimated surtax on
Assets—
1940
1941
$434,467
Preferred dividend requirements
Income balance trans¬
x
under the
(Del.)
Earnings of El Paso Electric Co.
Earnings of El Paso Electric Co. (Texas)
Note interest deducted from above earnings
)
on
$367,591
$434,467
$514,764
Amort .of dt. disc. & exp.
Dividends
19.093
>
12 Months Ended Feb. 28—
Interest
1,273,319
1
V* 00
Net oper. revenues
Other income (net)
843,
for
available
Income
$2,262,124
$2,308,744
493,011
422,060
246,515
149,536
$2,476,749
534,888
434,529
259,999
156,193
41,870
200,953
104,518
32,709
445,541
293,160
176,971
44,548
258,254
Federal income tax
1937
(Del.) (& Subs.)—Earnings-
El Paso Electric Co.
Maintenance
1938
588,172
Depreciation expense
Co.—Earnings—
1939
$2,685,170
Current maintenance—
April 19, 1941
& Financial Chronicle
32,638
9,375
198,360
33,281
9,375
197,503
98,799
28,125
593,901
100,182
12,942
572,679
Balance to surplus
$71,584
$92,057
$214,844
$185,705^
res.,
Net profit
Dividends paid:
Preferred, series A
Preferred series B
—V. 152, p. 677.
Volume
The Commercial & Financial Chronicle
152
Federated Department Stores, Inc. (& Subs.)—Earns.
Consolidated Income Account for Years Ended Jan. 31
1941
.
Net
sales-.
Other
(net)—...
income
•'
'
g
•
1938
1939
g
1940
,<§
g
114.657.245 110.114,135 105.908,984 107,672,940
Dr37,641
16,747
4,837
Dr61,074
Total—
114,619,604 110,130,882 105,913,821 107,611,866
103,242,572 100,248.178 102,102,104
1,479,742
1,414,044
1,286,841
Depreciation
1,565,821
Federal taxes
a1,348,200
757,200
647,000
941,000
Surtax on undist. profits
103,000
Interest
402,791
289,135
270,040
439,805
N. Y.
on
World's
Fair debentures
"
4,952
94,031
92,240
361,797
94,684
498,824
96,487
352,554
97,072
396,590
3,192,099
470,170
1,399,405
3,340,224
486,427
1,150,571
937.293
$2.90
920.898
2,756,223
505,551
1,150,204
920,163
$2.45
2,709,219
524,149
1,608,532
920,163
$2.37
Subsidiary pref. divs
Minority interest
Net profit
Preferred dividends
Common dividends
Sh8.com.stk.out. (no par)
Earnings per share..
a
Includes $40,000 for
excess
.$3.10
profits tax.
Consolidated Balance Sheet Jan. 31
1941
Assets—
1940
$
Cash
$
4,167,434
S„ State and
municipal secu¬
$
2,620,674
Notes pay.,current
300,000
1,375,250 Long-term dt., cur.
274,818
Sundry creditors..
254,991
Acer. sals. & exps. 1,129,513
806,751
acc'ts
notes
1940
$
trade credit
rities
&
Liabilities—
3,033,862 Accounts payable,
U.
Customers'
1941
'
rec.,
less reserves:
2,619,190
600,000
160,647
190,350
960,912
Res've for Federal
9,125,793
income taxes... 1,348,200
8.598.569
941,000
7,041,046
6,384,797 Divs. on pref. stks
2,146
Sundry debtors...
335,421
239,841 Reserves
570,665
574,203
Mdse. on hand...11,867,003 11,068,765 Real estate mtges. 10,295,413
9,583,360
Mdse. in transit
877,235
827,904 Pref. stks. of subs. 1,914,800
1,914,800
Mis cell, assets
2,621,922
2,595,055 Min. int. in com.
Fixed assets
stocks of subs.. 5,578,295
.25,001,377 25,383,562
6,147,898
Deferred charges..
902,515
829,951 4X% cum.pf. stk.10,935,000 11,225,000
Goodwill
4 :.;i7
4 a Capital
116,250
116,250
Reg. retail terms
Instal.
First Mortgage Bonds—Will be secured by a first lien on substantially
The bonds will be issued under and secured
an existing indenture dated Jan. 1, 1939, and a supplemental indenture
dated Dec. 1, 1936, executed by declarant to Guarantee Trust Co. of
New York and Henry A. Thels, as trustees.
The new bonds will be sub¬
all of the company's assets.
by
Cost of sales & expenses.107,651,703
Loss
2551
turity, of 1% if red. between 10 years and five years before their maturity
and without premium if redeemed within five years of maturity.
terms...
ject to the same conditions as the bonds now outstanding.
The indenture
provides that additional series of bonds may be Issued to the extent of 70%
of the cost or fair value of additions or extensions to the physical property.
In connection with this, the 8EC states: "In line with our recent opinions
we consider such provision as being excessive and as not meeting the stand¬
ards of the Act.
Accordingly, our order permitting this declaration, as
amended, to become effective under the existing Indenture should not be
construed as countenancing the issuance of bonds for additions or extensions
to the extent permitted by the indenture."
The order of the Commission
conditions,
as
(1) That no dividend shall be paid or declared by corporation on its
common stock, except out of earnings subsequent to Jan. 1, 1941, and then
only after deducting from such earnings the sum of (a) an amount sufficient
to provide on a monthly accrual basis for the dividends on the preferred
stock, plus (b) an amount equal to $25,000 for each month elapsed subse¬
quent to Jan. 1, 1941; provided, however, that for any calendar year
beginning Jan. 1, 1941, the total dividends so paid on its common stock
shall not exceed the amount by which the earnings during such year exceed
the sum of the preferred stock dividends, paid or accrued, plus $300,000.
This restriction shall continue so long as any of the securities which are the
subject of the declaration, as amended, are outstanding or until Florida
Power Corp. has filed with the Jommlssion a certificate of notification
that the ratio of its debt (excluding current obligations) to its net property
is not greater than 50%; provided, however, that such restriction shall not
terminate, except by order of this Commission, upon its own motion or
upon application of Florida Power Corp.
(2) That corporation will, during each year, expend or appropriate
from income an amount equal to not less than 15% of its total operating
revenues for maintenance and for providing a reserve for renewals, replace¬
ments, and retirements on its property, except and unless upon modification
or revocation in whole or in part of this requirement by this Commission,
upon its own motion or upon application of the Florida Power Corp.
—V. 152, p. 1432.
<
.
Florida East Coast Ry.—Annual
Paid-in
Total
62,746,503 60,337,5621
Total
62,746.503 60,337,662
a Arising1'out of conversion of preferred shares into common stock,
b Represented by 937,293 (920,898 in 1940)
no-par shares.—V. 152, p. 2238.
.
Fidelity Assurance Co., Wheeling, W. Va.—Receiver¬
ship—
The company
placed in receivership, April 11, by court order to
permit reorganization of this annuity concern into an insurance corporation
as the "only solution" to its problems.
State Auditor Edgar E. Sims, of West Virginia, ex officio insurance
Commissioner, said the concern cannot meet certain requirements of the
Federal Investment Company Act of 1940.
Fidelity, whose name was changed from the Fidelity Investment Asso¬
ciation on Dec. 31,1940, operates in 28 States and the District of Columbia,
and in a 29th State through the wholly-owned Fidel, Inc., of New York.
It has more than 200,000 contracts outstanding, It is said.
Appointed co-receivers were State Budget Director H. Isaiah Smith and
R. B. Thomas, Charleston attorney.
was
1940
685
Aver, miles operated
Tons freight carried
Fifth Avenue Coach Co.
Income Account for
Maintenance
Depreciation
Traffic & trasnp. exps—
1938
1937
$4,454,637
661,296
442,532
2,189,500
450,020
$4,318,542
492,477
466,444
2,204,146
400,218
683,788
General expenses
Net operating
Other income
Net
inc.
revenuei
$652,573
230,452
2,524,622
683,788
$795,399
345,919
$711,289
322,957
$755,256
298,092
$883,025
$1,141,318
$1,034,246
10,199
848,588
$1,053,348
18,836
793,844
741",543
681,694
equip,
purch.
obligations, &c_
1937
$5,558,444
2,716.170
738,543
290,048
$10,748,838
$9,261,367
$9,694,391
$9,303,205
3.749,215
1,517,975
1,957,590
3,169,291
1,177,996
1,754,377
3,177,842
1,216,090
1,824,426
1,116,903
3,081,009
1,308,421
1.799,211
944,904
900.935
904,945
$8,341,683
2,407,155
810,657
$7,133,544
2,127,822
781,483
$7,002,699
2,591,792
916,199
$7,123,303
2,179.903
901.160
$1,596,498
80,568
$1,346,339
90,968
$1,675,693
87.888
$1,278,743
94,525
$1,677,066
$1,437,308
$1,763,481
$1,373,268
591,058
20,221
2,837,502
142,215
592,638
10,002
2,831,251
94,448
619,936
26,165
2,869.160
213,745
519,912
17,253
2,902,307
115,747
$3,590,996
1,913,930
Expenses—
Transportation
$3,528,339
2,091,032
$3,729,006
1,965,525
$3,555,222
2,181,950
.
Maint. of way, &c
Maint. of equipment
.
.
Taxes--
...
.
Other income.
.
Deduct—
Hire of equipment
Joint facility rents
Int.
funded debt
on
Total deductions
Dividends paid
Earns, per sh. on 240,000
shares capital stock
39,543
68,670
87,063
59,750
$49,639
480,000
$213,860
480,000
$205,640
480,000
$293,068
480,000
$0.20
$0.89
$0.85
$1.22
1940
Si
A
Cash.....
Q
1,159,604'
812,242
Accts. receiv., IdcI.
accrued interest.
&
173,034
187,668
68,455
92,944
supplies
at cost—
Accts.
tncl.
accrued payroll.
Fed. inc. tax accrd
Other accrd. taxes.
Accrued Interest.
Intangibles..
Defd.
charges
&
prepaid expenses
.
Equipment purch.
5,399,613
obligations-.—.
190,551 Reserves..
1,226,381 Deferred Income..
10,855,333 11,081,844 Cap.stk. (par 526)
439,470
439,549 Earned surplus...
144,638
234,418
312,516
19,985
$
102,735
1,161
104,904
103,052
1,383
1,171,288
5,363,869
3,360,206
6,000,000
2,846.021
1,632,239
4,836,550
3.665,666
6,000,000
3,066,347
Bonds
425,808
Advances
Cash
Special deposits.
Loans & bills rec
52,338
1,301,857
15,100
3,101
Agts. & cond'rs.
Misc. accts. rec.
60,251
343,027
1,791,728
403
4,943
Other def. assets
113,285
113,285
Oth. curr.
49,113,426
assets
3,876
UnadJ. debits..
Total
...19,157,018 19,639,334
-V. 152. p.
Total
99,776
226,177
723,221
175,541
626,716
21,387,100
69.379
Aud. accts., &o.
x Int.
matured,
unpaid
y
19,139,635
54,077
803,280
6,596
807,111
11,962
48,857,265
7,638,597
618,656
66,984
ma-
tured unpaid
Unmat'd
5,000
.
int.
accrued
55,919
256,740 Other curr. llab.
1,759,413 Other def. llab
363 Acer, depr.eqpt.
4,620 Tax liability.—
47,901,072 Oth.unadJ.cred's
2,616 Add'ns to prop.
2,317,112
thru.inc.&sur.
0,267,641
7,930,639
317,271
186,268
905,460
903,065
Corp.—Sale of Securities Approved—The
Exchange Commission on April 14 approved
the corporation's plan to issue and sell to John Hancock
Mutual Life Insurance Co., Boston, $1,000,000 first
mortgage
4% bonds, series C, due Dec. 1, 1966, and $2,000,000 3^%
serial debentures, due Feb. 1,1956.
The proposed securities
are to be sold at a private sale to the insurance
company at
104 1-5 for the bonds and par for the debentures.
proceeds from such sales are to be used to redeem all of the out¬
standing 5% sinking fund debentures, due Dec. 1, 1946, being in the
principal amount of $1,933,000; to pay premium of 2%, amounting to
$38,660, on these debentures; to repay a bank note in the amount of $600,000
and after allowing for estimated expenses, the balance of approximately
$440,340 for construction and other corporate purposes.
The bank note
had been used to finance the declarant's construction, begun in 1940.
452
110
41,141,800
39,068,956
Misc. fund.
1590.
Florida Power
res.
Prof. & loss def.
...19,157,018 19,639,334
Securities and
The
65,117
2,282,622
1,900,000
114,105
pay-
17,704 Funded debt
139,898
prior year's Fed.
1,900,000
Misc. accts. pay
balances
.
bal. receivable
Work, fund adv.
affil.
Traf. & car serv.
Traf. & car serv.
Mat'l & supplies
Int. & divs. rec.
95,256
to
18,522
602,001
37,500,000
1,770,000
12,000,000
45,000,000
negotiable
781,823
602,001
407,586
52,497
1,270,432
781,823
Other investm'ts
-
cos
Govt, grants
Stocks
229,193
Non
1939
S
$
37,600,000
Equip, obllgat'n
1,296,000
1st mtge. bonds. 12,000,000
1st &ref.m.bds. 45,000,000
debt
Inv. in affil. cos.:
194,828
116,919
1940
Liabilities—
19,985
1939
Claim for refund of
income tax.
81,924,981
320,473
Impts. on leased
railway prop.
pay.,
Long-term rec. fr.
Omnibus Corp.. 4,949,802
Special deposits...
178,760
Investments..... 1,074,654
Fix. assets at cost.
equipment.-- 82,160,571
Depos. in lieu of
68,657
property
5
Liabilities—
$
Common stock.
1940
1939
1939
$
Inv. in road and
Misc. phys. prop
Consolidated Balance Sheet Dec. 31
1940
.
General Balance Sheet Dec. 31
Assets—
Mat'ls
.
Deficit--
on
Net income.
Calendar Years
1938
$6,115,901
2,470,335
754,334
253,821
-
before taxes
and interest
Federal income tax
General taxes
Int.
675,086
1937
685
1939
$5,833,618
2,409.072
745,998
272,678
1940
.
1939
$5,393,508
714,614
1938
685
$6,443,330
3.093,802
817,960
393,746
Freight
Passenger
Mail, express, &c
Incidentals, &c
(& Subs.)- -Earnings-
1940
$4,878,874
680,141
657,881
2,304,491
Years
1939
685
1,747,098
1,463,965
1,422,692
1,426,941
Tons carried one mile—404,515,642 347,378,266 336,913,501 342,844,161
Av. rev. per ton per mile
1.693 cts.
1.679 cts.
1.815 cts.
1.621 cts.
Passengers carried
629,139
439,038
394,326
536,738
Pass, carried one mile-.175,987,771 121,180,839 108,760,697 138,847,387
Av. rev. per pass. p. mile
1.758 cts.
1.988 cts.
2.272 cts.
1.956 cts.
.
Calendar Years—
Gross operating revenue.
Report—
General Statistics for Calendar
b Common stock..
9,372,927
9,208,980
surplus...l0,518,361 10,007,279
Earned surplus... 7,513,058
6,089,084
provides certain terms and
follows:
Totalx
139,491,788
138,005,4391
Total
139,491,788 138,005,439
Includes interest due Sept. 1, 1931, and subsequent interest dates and
unpaid on 1st & ret. mtge. 5% gold bonds, series A, amounting to $21,375,000 at Dec. 31,1940, and $19,125,000 at Dec. 31,1939.
y Includes interest
accrued since Sept. 1 on 1st & ref. mtge. 5% bonds, series A, amounting
each year to $750,000.
Trustees
Approved—
The Interstate Commerce Commission Issued an order ratifying the
appointment of Scott M. Loftin and Edward W. Lane as trustees of the
property of the company.—V. 152, p. 2238.
Franklin Savings & Loan Co., Chattanooga,
The Securities and
Tenn.—
Exchange Commission and the Department of Jus¬
tice reported April 14 that prison sentences have been imposed on two officers
and a stock salesman of the Franklin Savings & Loan Co., an industrial
bank and small loan company of Chattanooga.
Francis M. Cox, former
President, was sentenced to a term of eight years' imprisonment and fined
$10,000.
Edward L. Kenyon, stock salesman, was given a prison sentence
and fined $4,000.
Three years' imprisonment and a fine of
Serial Debentures—The serial debentures will be Issued under an indenture
dated Nov. 1, 1940, executed by the company to Chemical Bank & Trust
of five years
Co.,
company.
A Jury in
may
as
trustee.
The
maximum
principal
be Issued under indenture is $2,000,000.
serial maturities
and ending Nov.
amount
of debentures
that
The indenture provides for
in 30 semi-annual instalments beginning May 1, 1941,
as follows; $62,500 of debentures, each instalment
1,1955,
from May 1, 1941, to Nov. 1, 1945, incl.; $67,500 from May 1, 1946 to
Nov. 1, 1950, incl.; $70,000 from May 1, 1951 to Nov. 1, 1955.
Such
payments will be made in cash.
The debentures are redeemable upon
payment of a premium of 2% if red. more than 10 years before their ma¬
$2,500
were
imposed upon F. Marion Johnson, former Secretary of the
TJ. S. District Court at Chattanooga had found Cox and Kenyon
guilty of violating the fraud provisions of the Securities Act of 1933 and
Section 215 of the Criminal Code in connection with the sale of the capital
stock of the company.
Johnson bad pleaded nolo contendre before the
trid/l stftrtcd
The two Indictments alleged that the defendants paid semi-annual divi¬
dends for the purpose of stimulating the sale of tne company's securities,
The Commercial & Financial
2552
though there had been large operating losses which resulted in the
impairment of the company's capital.
The indictments further charged
that large sums of money were diverted from the company's treasury and
that the books of the company were manipulated.
even
Florida Power & Light
Co.—Earnings—
Operating re venues...—
Operating expenses, excl.
561,762
230,723
579,369
171,453
6,158,364
1,915,409
6,182,474
1,388,705
appropriations..
158,334
116,666
1,841,668
1940
*939
$28,894,230 $26,911,315
9.747,717
10,971,086
576,809
698,836
31—
Operating expenses
Electricity purchased for resale....
Net oper. revenues—
$674,356
$633,971
$5,983,071
$5,248,453
221
221
2,650
2,650
Provision for
—
Direct taxes
Property retirement
serve
Rent from lease of
....
(net)
bonds
Int. on debenture bonds.
Other int. & deductions.
Int. charged to construe.
on
mtge.
$5,985,721
$5,251,103
14,561
435,730
443,919
$648,753
216,667
110,000
15,136
$6,421,451
2,600,000
1,320,000
218,727
Cr49,568
$5,695,022
2,600,000
1,320,000
218,430
$306,950
the period. .
$2,332,292
1,153,008
$1,556,592
1,153,008
$634,192
110,000
17,261
Cr9,233
$353,297
Net income
Divs.
applicable co pref. stocks for
$1,179,284
$403,584
x Dividends
accumulated and unpaid to Jan. 31, 1941, amounted to
$5,862,585.
Latest dividends amounting to $2.19 a share on $7 preferred
stock and $1.87 a share on $6 preferred stock, were paid on Jan. 2, 1941.
Balance
excess profits tax since
that no such tax will be payable.—V. 152, p. 1750.
Fonda Johnstown & Gloversville
1940
1941—Month31
RR.—Earnings
$50,519
*32,733
$48,134
35,500
$139,565
97,612
$136,053
105,255
Railway tax accruals—
$17,787
2,267
$12,633
3,029
$41,954
6,989
$30,798
9,055
Railway oper. income
$15,519
$9,604
606
$34,965
1,392
$21,743
521
$14,999
$8,697
$19,935
1,286
$21,221
3,887
Railway oper. revenues
Railway oper. expenses
from ry. oper.
rev.
Net rents—Dr
626
Total income
449
$9,446
1,227
$35,436
2,733
899
Miscell deduc. from incIncome avail, for
1,808
$33,573
1,863
$15,625
income-
Net ry. oper.
Other income
i-
246,146
166,705
425,667
110,031
Cr88,925
Crl4,050
440,001
816,090
440,001
816.265
$1,195,768
$1,615,797
39.972
bonds..
39,957
72,917
from associated cos...
miscellaneous long-term debt
Interest on advances
Interest on
Amortization of debt discount
$17,334
1,925
493
$32,703
1,712
34.996
1,478
$4,496
$5,483
$21,078
$8,219
$14,725
charges
550
550
11,670
11,673
493
prof$2,013
Interest deductions
deductions
Net loss
Galveston-Houston Co. (&
1941—12 Months—1940
43,889
2,083
41,798
Federal income taxes—
Other taxes
53
Depreciation
$879,317
3,148
$934,780
364,003
$882,465
373,212
$62,623
539
$69,994
29,613
$63,162
Other income (net)
Gross inc. before depr.
$3,766,878
$932,781
1,999
757
38,023
$69,941
Oper. inc. before depr.
$3,894,200
1,900,372
545,474
19,619
495,954
150,393
42,861
152,223
Maintenance
35,009
1,478
-Earnings—
Subs.)
1941—Month—1940
$294,657
$309,933
Period End. Feb. 28—
Operating revenues
Operation
30,976
1.862,560
552,368
18,051
454,582
$40,380
$32,187
$570,777
$509,253
$13,502
2,992
$158,645
$161,686
eqpt. notes, &c._
$12,622
3,615
51.320
Amort. of debt expense-
226
242
2,844
charged to construction
Dividends paid or accrued on preferred stocks..
Prov. for divs. not being paid on cum, pref. stks.
Interest
Balance
General Gas & Electric Corp.—
Interest
on
Interest on
interest-bearing scrip and notes
Federal income tax settlement—
Dividends
on
$5 prior preferred
406,849
150,000
Net income
Dividends declared on
b$357,968
b$308,677
58,415
a$15,45l
a$23,917
common stock.
43,811
$15,210), net income of Houston Electric Co.
dividends.
b Includes $298,317 (1940, $257,196). net
income of Houston Electric Co. restricted as to dividends.—V. 152, p. 1750.
to
299.923
for Federal excess
government,
A year ago. Imperial Chemical Industries,
General Motors Corp. common stock.
Under
Ltd., held 215,000 shares of
the vesting order of Dec. 15,
General Motors stock in the list of American securities
held by British nationals to be taken over by the British government, the
latter now has taken title to the stock formerly owned by Imperial Chemical
Industries, Ltd.—V. 152, p. 2396.
General Shareholdings
3 Months Ended March
Income—Interest
Dividends
Corp.—Earnings—
General American Oil Co. of Texas—Initial
Capital stock tax
Other taxes
$177,559
Net income
Cash div. paid on
stock...
share
preferred stock.
Balance Sheet March 31
1941
%
1,079,041 1,477,282
secur._al8,108,681 19,352,650
Int. and divs. rec.
30,045
131,852
8,219
deps.
30.156
40.627
dividends
in
59,076
3,775,000
stock. 2,268,750
2,268,750
purch.
Bank loans
4,230
Surplus
1,602,406
1,602,419
11,694,132 13,261,360
Total
19,390,247 21,000,977
Com. stk.
19,390,247 21,000,977
($1 par)
owned on Dec. 31, 1936 are carried at the lower of cost or
Subsequent purchases are carried at cost. Investments,
based on market quotations, or, in the absence thereof, on their then fair
value in the opinion of the corporation, as at March 31, 1941, amounted to
$11,228,642 or $6,880,039, less than the amount shown, b Represented by
90,750 no par shares.—V. 152, p. 1130.
a
Investments
market at that date.
Investigation of Drug Trade—
The officers of the corporation states
that the report It was among the
companies whose books and records had been
56,905
27,414
3,700,000
taxes, &c_.
Due for sec.
for
30,156
contin.
for
gencies, expenses
132,670
Rec. for sec. sold-.
Special
40,627
Divs. payable, &c.
Res.
$
$
Liabilities—
-"t
Cash in banks
Invest, in
1940
1941
1940
$
Dividend—
Implicated
Corp.—Not
$120,331
$6 cum. conv. pref.
bl36,080
cl35,841
136,125
a Before profit and
(or loss) on sale of securities, b Includes $1.36 paid
in common stock, 1,364 shares at par value of $1 per share,
c Includes
$8 paid in common stock eight shares at par value of $1 per share.
Corporation's net assets before deducting bank loans amounted to
$12,385,261 on March 31, 1941, as compared with $13,246,672 on Dec. 31,
1940. These assets were equivalent to $95.70 and $105.19 respectively per
Total
Film
&
Aniline
1,700
5,274
21,824
18,523
1,750
2,172
$173,751
25,088
18,665
1,700
7,966
$125,456
$221,828
Total income
General expenses
1939
$2,094
171,657
$176,018
24,282
19,306
211,733
Interest
a
1940
$9,575
166,443
1941
$10,095
31—
Company paid an initial dividend of 10 cents per share on its common
stock, on April 1 to holders of record March 20.—V. 149, p. 2512.
General
$1,203,000
Co.—Annual Meeting April29—Imperial
b Preferred
Government1 s
$1,502,923
Chemical Industries No Longer Stockholder—
The Imperial Chemical Industries, Ltd., of England, now does not own
any stock of General Motors Corp., it is revealed in the notice mailed to
stockholders of the annual meeting to be held in Wilmington, April 29.
However, Lord Harry McGowan, Chairman and Managing Director of
Imperial Chemical Industries, Ltd., has been nominated for reelection as a
member of the board of directors of General Motors Corp.
The entire
directorate has been nominated for reelection.
Stockholders will vote on a proposed amendment to the bonus plan which
would provide that employees who are eligible for bonus awards will share
in such awards under certain conditions in the event that they enter the
armed services of the United States or Canada or employment of either
A sscts
Includes $19,596 (1940,
as
$1,005,796
299,930
stock.
Note—No provision has been considered necessary
profits tax for 1940.—V. 152, p. 1591.
35,909
2,982
Gross income.
Int. on bonds. H. E. Co.
restricted
and expense
Miscellaneous
107,322
1940, which included
fixed
Rent for leased roads...
a
321.627
183.624
164.757
Interest on mortgage
General Motors
1941—3 Mos.—1940
Period End. Mar.
on
4,016,173
362,424
83.649
Deductions:
$705,866
Dividends on these stocks are cumulative.
jYole—No provision has been made for Federal
Int.
4,128,789
124,346
...
present indications are
Other
$8,122,835
159,962
Other interest
Gross income
Net
$7,821,876
Subsidiary Companies—
$687,992
216,667
Operating income
Other income
Int.
$7,998,489
Interest on debentures
$674,577
13,415
2,840,813
$7,661,914
Operating income
Gross income
plant
3.489,468
711,562
1,263.859
2,999,953
Federal income taxes
Other taxes..
1,546.457
1,858,412
3,440,170
depreciation of fixed capital
Other income
re¬
„
^
Total operating revenues
1,416,666
direct taxes
%
Corp. (& Subs.)—Earnings—
General Gas & Electric
12 Months Ended Dec.
Maintenance
1941—Month—1940
1941—12 Mos.—1940
$1,625,175 $1,501,459 $15,898,512 $14,236,298
Period Ended Jan. 31—
April 19/1941
Chronicle
subpoenaed in connection
with the Government's investigation of the drug and pharmaceutical trade
was an error.
There has been no such subpoena and the corporation's only
connection with this field is its half interest in the stock
of the Winthrop
Chemical Co.—V. 152, p. 2239.
General Time Instruments Corp. (& Subs.)—Earnings
for First Quar.1941
1940
1939
1938
$3,635,396
$2,874,713
$2,353,145 $2,250,960
Oper. costs & expenses—
2,927,972
2,440,619
2,197,191
2.096,765
Earns,
Net sales.
General Capital
Corp.—Earnings—
1941
$37,030
Expenses and taxes
Prov. for Fed. tax
on
1938
1939
1940
$36,994
6,707
3 Mos. End. Mar. 31—
Income: Dividends
7,730
b$36,120
8,854
$25,646
9,365
operating income-
$707,424
6,363
$434,094
Dr4,427
$155,954
5,045
$154,195
Other income, net of exp.
$713,787
$429,666
$160,999
$157,365
a286,555
78,761
35.723
Net
658
inc.
Consol. net income
$30,323
$27,266
$28,605
$16,280
26,785
Net income
Net loss from sales of sec.
69,396
$481
loss$53,116
35,927
Pension fund loss
Prov. for Fed. & Canad.
income taxes
Net profit
a
Exclusive
a$30,323
of gains
or
a$28,605
losses, realized
and
unrealized,
on
securities,
b Includes $219 interest income.
Note—Above net profit for 1941 is considered not subject to liability
Federal income or excess profits taxes.
Statement of Assets, Liabilities and Net Assets March
for
$427,232
$350,905
a Including $112,750, provision for Federal and
taxes.—V. 152, p. 1752.
Consol. net income...
Georgia & Florida
$1,316; cash dividends receivable, $11,892; investments, $2,701,445; total
RR.—Earnings—
__
1940
1939
1938
$85,949,194 $68,537,269 $65,086,557
120,664,614
charges
Net inc. from sales—
75,915,604
63,070,709
59,822,751
$9,196,093 $10,033,590
$5,466,560
$5,263,806
Oth. inc., less int. paid&
2,181,876
1,917,860
1,906,871
1,811,933
Profit avail, for divs._$11,377,969
$11,951,450
$7,373,431
$7,075,739
$0.41
$0 26
$0.25
sundry charges
—V.
per
share
152, p. 2396.
$0.39
1941
1940
$25,175
$22,175
1
$3,549
to April 7
1940
$339,526
$292,440
Giant Portland Cement Co.—Time Extended—
Harrington, of Wilmington, Del., April 9,
extended to April 23 the deadline for answer to the petition of William H.
Brown and Katherine S. Murray, stockholders, attacking the validity of
the election of directors
Gimble Bros.,
at the annual meeting of
set.—V. 152, p. 2396.
shareholders on Feb. 24.
Inc.—Capital Reduced—
Stockholders at their recent annual
meeting authorized a reduction In
capital in the amount of $312,500, through the elimination of
preferred stock now held in the treasury.—V. 152, p. 2069.
Gisholt Machine Co.—25-Cent
Directors have declared a dividend
on
stock
(est.)
No date for hearing was
Costs, expenses & other
common
-Jan.
Chancellor William Watson
Co.—Earnings—
3 Mos. End. Mar. 31—
1941
Net sales billed
$129,860,707
1941
Operating revenues
—V. 152, p. 2239.
Increase
$31,476
$35,025
—Week Ended April 7—
Liabilities—Accounts payable, $5,706; provision for accrued Federal
capital stock and State taxes, $3,381; dividend payable, $30,378; total
liabilities, $39,465; net assets (represented by 121,514 shares of stock -with¬
out par value; stated value, i.e., amount capitalized with respect to said
shares, $1,817,135), $3,093,501.—V. 152, p. 2069.
Earnings
1940
1941
Operating revenues (estimated)
S3 132 967
General Electric
19,158
$102,280
Canadian excess profits
$125,276
Earnings for Week Ended March 31
31, iy41
Assets—Cash in banks, demand deposits, $418,313; accounts receivable,
assets
3,170
Dividend—
of 25 cents per share on the common
stock, payable April 30 to holders of record April 16.
35 cents was paid on Dec.. 16, last.—V. 152, p. 1283.
/
3,125 shares
Initial dividend of
Volume
The Commercial & Financial Chronicle
152
(Adolf) Gobel, Inc.—Comparative Balance SheetAssets—
Oct. 26
a
Accts.
'40
Oct. 28, '39
$183 017
$180,466
333, 141
380, 464
Cash
393,473
Notes payable
367,205
Bank loans
and notes
Inventories
as
secur.
dep.
Guar,
16, 527
23,395
9, 952
guarantees
10,252
Sundry invests, at
eq.
deposits
conv.
series
$124,638
118,762,
17,225
192,466
on
7,982
219, 585
223,835
2,092, 114
2,183,442
36 615
b Fixed assets
33,920
.
due
1,086,000
1,086,000
982
30,000
430,989
430,989
2,417,288
1,155,723
2,340,593
933,280
pur. of equip...
Mortgage payable.
Com. stk. (par
ranging from 104)^ prior to May 15, 1944, to 100 on and
after May 15, 1961, plus accrued interest in each case.
The
serial bonds are not redeemable before maturity.
Guaranty—The
issue
is
unconditionally
guaranteed
as
to
principal,
interest and sinking fund payments by an agreement and by endorsement
by Western Maryland Ry.
The issue, guaranty and sale of the bonds are
subject to authorization by the Interstate Commerce Commission, and to
approval by the directors of Western Maryland Ry.
debs.,
A,
Instalment note for
D. C—
_
15,469
212,466
May 1,1941
of pl't in Wash.,
Deferred charges
$105,825
120,137
cust's' accounts.
4H%
cost.
Land, bldgs. &
Accounts payable.
Accrued liabilities.
receivable
Cash &
Oct. 26, *40 Oct. 28, *39
Liabilities—
2553
$1).
Capital surplus
Deficit
8,594
30,000
Purpose of the Issue—The proceeds to be received by the company from
bonds ($1,993,700 exclusive of accrued in¬
terest), together with funds provided by the company, will be deposited
with the respective trustees under the mortgages securing the bonds men¬
the sale of the first mortgage
tioned below in order to effect the cancellation of such mortgages and will
be used by such trustees for;
(a) Redemption at 100% on or before July 15, 1941, of $1,585,000
first mortgage 5s due July 15, 1944, with accrued interest to July 15,
1941,
and
Total
$3,271,416 $3,415,989
$3,271,416 $3,415,988
Total
After deducting $13,668 in 1940 and $28,092 in 1939 reserve for bad
debts,
b After deducting reserves for depreciation.
a
Earnings for the
year
ended Oct. 26, 1940, appeared in the "Chronicle"
of Feb. 8, p. 985.
(b) Redemption on or before July 15, 1941, at 100% of $650,000 West
Virginia Midland extension first mortgage 5s due Jan. 15, 1954, with
accrued interest to July 15, 1941.
Company—Company was incorporated in West Virginia on Sept. 27,
1910, to conduct the railroad operations of West Virginia Pulp & Paper
In 1914 the company was authorized to operate as a common carrier.
In 1927 Western Maryland Ry. purchased from West Virginia
Pulp & Paper
Co. the entire outstanding capital stock and assumed liability for its first
mortgage 5% bonds, due July 15, 1944, and leased the railroad property.
In 1929 Greenbrier, Cheat & Elk acquired from West Virginia Midland
Ry.
(incorporated in West Virginia on Aug. 12, 1905) the mileage from Bergoo
to Webster Springs and Western Maryland leased this additional
mileage
and assumed liability for $650,000 West Virginia Midland extension first
mortgage 5% bonds, due Jan. 15, 1954.
The property of Greenbrier is located in Randolph, Pocahontas and Web¬
ster Counties, W. Va., consisting of a line of standard gauge railroad from
Cheat Junction, W. Va., where connection is made with the Western
Maryland, to Webster Springs, W. Va., comprising 86 miles of track, ex¬
clusive of branches and sidings.
^ .J**** Jl
Co.
Meeting Adjourned-—
The adjourned annual meeting of stockholders has been further adjourned
until April 28.—V. 152, p. 985.
Gorham, Inc.—To Retire Preferred Stock—
Company has appropriated $250,000 for the purchase and eventual
retirement of its $3 cumulative preferred stock at not in excess of $23 a
share. Stockholders wishing to sell their shares are requested by the company
to submit sealed offers to Bankers Trust Co. at its New York office on or
before 3p.m. May 2, next. The lowest offer or offers at prices not exceeding
$23
a
share will be accepted uncil the $250,000 is exhausted.
All offers
a flat price without any adjustment for accrued dividends.
must be made at
—V. 151, p. 2044.
-
Graybar Electric Co.—New Vice-President—W.
J.
elected
a
Drury, Eastern District Manager for the company, has
Vice-President.—V. 151, p. 3889.
been
Earnings—The property of the Greenbrier being leased to and operated
by the Western Maryland, no separate earnings of Greenbrier are available.
However, the Western Maryland has made an estimate of the net revenue
accruing to it from traffic originating or terminating on Greenbrier for the
year 1940 as follows:
Grumman
Aircraft
Engineering Corp.—No Action
on
Incentive Plan—
The recent annual stockholders meeting
adjourned without taking action
proposals to institute an incentive plan for key employees and a proposed
amendment to the by-laws which would have reduced the quorum necessary
for purposes other than the election of directors to 40 % from the present
on
60%.
were
not
Securities and Ex¬
used for voting purposes with
Stockholders approved an amendment to the by-laws permitting indem¬
nification of officers and directors for legal expenses at the discretion of
the board of directors.
Directors
were
were:
Gulf States Utilities
Period End. Feb. 28—
Co.—Earnings—
1941—12 Mos—1940
$896,488 $10,763,199 $10,568,459
272,145
3,316,732
3,305,640
49,497
577,824
569,021
121,208
1,473,380
1,434,063
39,200
735,400
186,929
81,645
1,017,236
913,562
$285,148
Drl,119
$332,793
Drl,037
$3,642,628
Other income (net)
15,328
$4,159,245
11,736
Interest & amortization.
$284,029
105,608
$331,756
107,054
$3,657,956
1,277,045
$4,170,981
1,410,085
$178,421
$224,702
$2,380,911
584,967
$2,760,896
584,968
$1,795,943
$2,175,928
revenues
Maintenance
Depreciation
„
I*
_
Federal income taxes.
Other taxes
Net oper. revenues
Balance
...
"
Preferred dividend requirements
Balance for
common
stock and
surplus
Company does not consider that it has any liability under the Excess
Profits Tax Act of 1940 as amended March, 1941.
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. 152, p. 2240.
a
Halle Bros. Co.—To
Pay 35-Cent Dividend—
Directors have declared a dividend of 35 cents per share on the common
stock, payable April 30 to holders of record April 25.
This compares with
50 cents paid on Dec. 10, last; 25 cents paid on April 30, 1940; 50 cents on
Dec. 20, 1939 and 20 cents paid on April 29, 1939, this latter being the first
dividend paid since April 30, 1938; 50 cents was paid on Jan. 26, 1938,
1938 and 25 cents paid on Oct. 31, July 31 and April 30, 1937—V. 151,
3397.
(M. A.) Hanna Co. (& Subs.)—Earnings—
Quar. End. Mar. 31—
Operating profit
Interest-
1941
1940
1939
1938
Deprec. & depletion
Federal taxes
Net income
$955,675
4,219
109,501
94,745
$505,936
7,554
74,914
33,229
$279,630
9,278
84,028
14,218
$136,295
10,450
52,004
16,279
$747,211
,
$390,239
$172,106
$57,562
$0.58
$0.23
$0.10
loss$0.10
Earns, per sh. on 1,016961
shs.
com.
stock
(no par)
—V. 152, p. 1752.
Hearn
Department Stores, Inc.—Preferred Dividend—
Directors have declared a dividend of 75 cents per share
cumulative convertible preferred stock, par $50, payable
May
on the 6%
1 to holders
April 29.
Like amounts were paid on Jan. 30, last, Nov. 1,
Aug. 1, May 1 and Jan. 26, 1940 and on Nov. 1, 1938.—V. 152, p. 679.
of record
Greenbrier, Cheat & Elk RR.—Bonds Offered—A bank¬
group comprising Dick & Merle-Smith, Salomon Bros. &
Hutzler and Stroud & Co., Inc., on April 14 offered $2,000,-
ing
000 of
3%, 3H% and 4% first mortgage bonds. The offer¬
ing consisted of $875,000 of serial bonds and $1,125,000 of
sinking fund term bonds.
Of the serial bonds, $500,000 are
3s, maturing from 1942 to 1946, and are priced to yield from
0.75 to 2.50%, and $375,000 are 3}^s, maturing from 1947
to 1951, and priced to yield from
2.75% to 3.50%.
The
$1,125,000 of sinking fund term bonds are 4s, due May 15,
1966, and are priced at 101 and accrued interest.
The term bonds are entitled to the benefits of a sinking
fund, the provisions of which call for the retirement of at
least $75,000 principal amount of the bonds annually from
1952 to 1965, inclusive.
The term bonds are redeemable for the
sinking fund at a
price of 100H on or before May 15,1956, and 100 thereafter,
case plus accrued interest.
Other than for the sink¬
ing fund, they are redeemable as a whole, or in part by lot,
at any time upon not less than 45 days' notice, at prices
in each
this traffic
$2,103,185
270,091
886,767
23,318
$923,009
-
based on actual expense records
period of six months in 1939.
Western Maryland's
operating expenses on this traffic are obtained by applying the system
operating ratio, exclusive of Greenbrier to a share of the gross pro-rated as
between
for
a
Greenbrier and the remainder of Western Maryland
by each
on
this traffic.
system
on
Taxes shown
15, 1941, Western Maryland Ry. will substitute
the present lease with a lease of all the property of Greenbrier for a term
of 25 years.
The rental payments and advancements to be made under
this lease will be sufficient to pay the interest on Greenbrier first
mortgage
bonds, the principal instalments on the bonds as they fall due, and the
sinking fund payments
1941—Month—1940
$904,217
289,764
44,675
129,433
67,200
87,997
Operating
Operation
revenue on
Lease—Effective May
directors
They
tonnage
represent actual payments.
were elected on April 14 by the stockholders of this
E. A. Stephens of New Orleans, N. Stockhammer of
New York and Charles B. Stout of Memphis.—V. 152, p. 2396.
new
on
Estimated expenses of Greenbrier are
maintained
the basis of ton-miles actually made
reelected.—V. 152, p. 2240*
Gulf Mobile & Ohio RR.—New Directors—
Three
railroad.
p.
revenues
of Western
Maryland system
originating on Greenbrier, Cheat & Elk—
Net
Out of deference to the opinion of Counsel for the
change Commission, the proxies
respect to these two proposals.
a
Gross
Estimated expenses Greenbrier, Cheat & Elk
Estimated expenses incurred on the balance of Western Mary¬
land system to handle this traffic-Taxes paid
the
lessee
also
on the term
bonds.
Under the terms of the lease
to pay all taxes and assessments and expenses of
company's corporate existence, and to maintain and
operate the property and, at the termination of the lease, to return the
property in as good condition as when received by it.
The lease further
provides that all payments made by the Western Maryland for the purpose
of paying the principal of the bonds of Greenbrier shall constitute advances
by W estern Maryland to Greenbrier and shall remain a debt of Greenbrier
to Western Maryland subordinated, however, to the Indebtedness evidenced
by the first mortgage bonds of Greenbrier.
The lease will be subject to
termination by the trustee of the new first mortgage at any time if the
Western Maryland shall default under the lease.
maintaining
agrees
the
Capitalization—Upon the retirement of the $1,585,000 Greenbrier first
mortgage 5% bonds due July 15, 1944, and $650,000 West Virginia Mid¬
land extension first mortgage 5s due Jan. 15, 1954, and upon the issuance
and sale of the new first mortgage bonds, the capitalization of Greenbrier
will be
as
follows:
3% bonds due serially $100,000 each May 15, 1942-1946, incl__
3 Vz% bonds due serially $75,000 each May 15, 1947-1951, inclSinking fund 4% bonds due May 15, 1966
Advances
-
Capital stock (par $100) all owned by Western Maryland Ry.)_
$500,000
375,000
1,125,000
2,226,506
256,000
—V. 140, p. 2186
Heat Elements, Inc., Buffalo, N. Y.—Stock Offered—
Offering of a new issue of 50,000 shares of capital stock ($1
par) of the company at $6 per share was made April 15 by
MacBride, Miller & Co., Inc., New York, and McKnew &
Co., Ink., Washington, D. C.
25,000 additional shares
registered are being reserved for the exercise of stock pur¬
chase warrants, and 5,000 more shares will be offered by the
underwriters for their own account, when and if they become
available to them.
Transfer agent: Continental Bank & Trust Co., New York.
Bank of The Manhattan Co., New York.
Registrar:
History and Business—In June, 1940, the company acquired by assign¬
ment a patent license agreement covering the manufacture and sale in the
United States of products manufactured under a number of patents.
The
group of products covered by the patents is known as "Black Heat."
The agreement covers issued patents and applications for letters patent.
The general field to which these patents relate is that of electric heating
elements which differ from heating elements now generally used in that
they operate at lower temperatures.
Since lower temperature heating
elements usually require much longer resistance wires, the forming of the
resistance wire, together with non-conducting threads or cords, into a
woven fabric, solves the problem of how to handle conveniently the long
resistance wires.
These low temperature heating elements have a number
of advantages, including that of greatly reducing the fire hazard.
These patents and applications for patents cover certain applications
and adaptations of the low temperature heating principle to various types
of heaters, and while these patents cannot, of course, entirely exclude all
competition, and may not be considered basic, they may be helpful in at
least keeping competitors from approaching very closely to the articles
shown in these patents and applications for patents.
Furthermore, the company considers it would be hazardous for it to enter
the field of electric heaters of this kind without the protection of these
patents.
"Black
Heat" is
a
non-luminous electric heating element.
One of its
principal features is that it is manufactured on a loom, thus reducing the
amount of hand labor usually required for other heating elements.
In
the loom operation spun glass or asbestos is used for warp, thus utilizing
a non-conductor of high resistivity to hold the electric wires in a fabric form.
Another principal feature is that over a spun glass or asbestos insulation,
further insulation of the wires is attained by treating the woven element
in various chemical compounds.
This envelops the element with a glasslike coating,
thereby providing a maximum degree of safety through the
resulting high insulation resistance.
From August to December, 1940, the company completed an order for
12,000 portable household heaters equipped with Black Heat heating ele¬
ments.
This included the manufacture of the heating elements and the
assembly of the heater.
Company plans to continue the production of
portable household heaters and to create and develop new models or designs
in order to increase their attractiveness, utility and efficiency.
It is also
intended that additional sales and promotion efforts will be carried on with
respect to this product.
'
The company was incorporated Jan. 8, 1940, to take over the assets of
its predecessor Condor Products, Inc.
The latter company was incor-
The Commercial &
2554
The name was changed from Con¬
Inc., on Nov. 9, 1940. The prin¬
located at 315 Niagara Street, Buffalo, N. Y.
porated in New York on Jan. 7. 1930.
dor Products Corp. to Heat Elements,
cipal office of the company is
Outstanding
45,000 shs.
if entire amount
to be offered to
In addition, if all
of the 25,000 warrants are issued and exercised, the company will receive
$150,000 or more.
Company will receive no part of the proceeds of $30,000
which may be received by the underwriters through the sale by them, and
for their own account, of 5,000 shares which may be received by them from
Authorized
250,000 shs.
Capitalization—
Capital stock (par $1)
Purpose—Net proceeds from the sale of 50,000 shares,
is sold, will amount to $240,000, representing the stock
the public at $6 a share to net the company $4.80 a share.
Herbert K. Stroud.
.
proceeds to be received from the sale of the 50,000 shares will be
(if to liquidate the notes payable of the company in the sum of $58,000;
(2) to pay an obligation of $4,399 to the Tacoma Funding Co.; (3) to pay
estimated expenses in connection with the registration of $11,358; (4) to
advance to Condor Co., Inc. (wholly owned subsidiary) $25,000 for work¬
ing capital; (5) to purchase new machinery and equipment in the sum of
$15,000, and (6) the balance of $126,242 for working capital and general
corporate purposes.
Any additional proceeds received by the company
upon the exercise of warrants or options would be used for general corporate
The
used
^X^d^writers—The
principal underwriters are
Inc., New York, and
McKnew & Co., Inc., Washington,
commitment has been
MacBride, Miller & Co.,
Income Account for
Period from Jan. 9,1940 to Dec.
ties
$77,440
$41,516
34,870
27,919
62,790
$1,052
$13,596
$14,649
36,182
ly set forth below)
Gross profitSelling, general,
Combined
$35,923
& allowances)
(excl. of exps. specifical¬
Gross sales (less returns
—-
administrative, &c., expenses
Gross loss
w...—
$21,532
«►»".
69
Other income
i
$21,463
3,248
Total loss
deductions.
Other
loss..
Net
152, p.
—V.
Co.—Earnings—
1939
1938
$113,864
$119,965
252,172
246,068
245,473
$0.36
$0.35
$0.38
provision for Federal income tax.—V. 152, p.
aNetincome
stock
Shares common
Earnings per share
incl.
After all charges
1940
$131,038
251,022
$0.41
1941
$120,215
31—
Inland Telephone Co.—Bonds Sold—Earnings&c.—
issued $1,400,000 first -lien collateral trust 4)4
which, In conjunction with an advance made from
Co., were used to retire the $1,411,000 of first lien
6% bonds previously outstanding.
Incidental thereto the unamortized
debt discount, premium and expense was increased by $13,479 the increase
consisting of the expenses of redeeming the first lien 6 % bonds reduced by
the net premium received on the sale of the first lien 4)4% bonds.
The
issuance of these 4)i% bonds will result in an annual saving in interest of
approximately $24,500.
However, the trust indenture under which the
4 )i% bonds were issued requires that an amount equal to 2% of the principal
amount of bonds authenticated be deposited annually with the trustee, of
which 1% is for a redemption sinking fund and the remaining 1% may,
under certain conditions, be withdrawn to finance the subsidiaries for
necessary plant additions.
On the basis of total bonds currently au¬
thenticated an annual deposit with the trustee of $28,000 will be required,
which from a cash standpoint is $3,500 in excess of the interest savings.
However, the bonded indebtedness will be gradually reduced each year,
which in the course of time will result in reduced cash outlay for the comDuring 1940 company
"
$129,286
$2,560—7,646
$1,352; total income
—
Operating expenses, $5,085; taxes,
Interest on 6% bonds, Jan. 1. 1940, to Aug. 28, 1940, $55,969;
interest on 4bonds, Aug. 29, 1940, to Dec. 31, 1940,
$20,164; other interest, $6,804; amortization of debt discount
and expense,
Telephone Co.—Annual Report—
—
$94,500
Interest earned
4,035
Operating expense and taxes
80,970
9,103
Interest on bonds
Amortization of debt discount and expense
$392
Net income
Balance Sheet Dec. 31, 1940
in common stock and note of Illinois Central
$2,145,144; cash, $19,254: special deposits, $41,517; un¬
discount and expense, $72,821; other deferred charges,
$3,230; total, $2,281,967.
Liabilities—$7 preferred stock (3,500 no par shares), $322,000; common
stock (6,050 no par shares), $550,000; funded debt, $1,349,500; accounts
payable, $26; taxes accrued, $165; bond interest accrued, $40,485; capital
surplus, $19,399; earned surplus, $392; total, $2,281,968.—V. 151.p. 1724^
Assets—Investments
Telephone Co.,
amortized debt
The New York Curb
Exchange has approved the application of company
of 10,000 shares of its capital stock (no par) upon
for the additional listing
official notice of issuance, for cash, upon
and
the exercise of options to officers
employees.—V. 152, p. 830.
$56,973
1940
Balance Dec. 31,
Balance Sheet Dec.
Assets—Investments
in
and
$14,885,195 $13,825,085 $13,181,753
$12,984,951
60,847
shares), $379,210; first lien
Aug. 1, 1960, $1,400,000; due
$450,800; common stock (5,834 no par
collateral trust 4X% bonds, series A, due
42,758
49,146
Uncollec. oper. revenues
company—note payable, $10,000;
bond interest accrued, $24,792;
$56,9/3; total, $3,366,891.—Y.
to affiliated
International Telephone &
Telegraph Corp. (& Subs.)
—Earnings—
(Excluding Certain Important
Ended Dec. 31—
Subsidiaries as Indicated in Note
for
subs
(incl.
provision
43,877,095
depreciation of $2,214,315)
sales....
......
_ — —
Telephone & radiotelephone oper. revs$26,254,374
Gross profit on
—
$26,967,967
Dividends—
e
600,000
Others
-
—
(net)
481,368
2,695
339,545
490",690
—
290,700
Depreciation expense
Traffic expenses
Commercial expenses
Operating rents
Gen. & miscell. expenses
Taxes
Net operating
income. $3,479,764
$3,286,558
25.252
$2,713,476
9,168
$2,669,153
43.842
34.244
Net non-oper. income
Oper., selling & general expenses
Maintenance and repairs
earns, before profit or loss on
foreign exchange
on foreign exchange (net)
available
$2,722,644
361.237
1,840,628
390,126
119,337
Other interest charges
Divs. declared or accrued
Divs.
$2,913,548
2,640,000
$2,335,932
2,310,000
$2,361,407
2.392,500
terest of parent company
Interest Charges of Parent Company—
Interest on funded debt
Amortization of debt disct. & expense
$314,113
$273,548
$25,932
def$31,093
Other interest charges
Comparative Balance Sheet Dec. 31
1940
S
Assets—
50,928
573,755
Working funds
Mat'l & supplies.Accts. receivable..
Prepayments
1,488,242
118,869
Other def. debits..
128,638
54,129
502,483
1,382,832
113,293
126,188
$
$
Uabllilies—
5
Telephone plant..53 ,743,825 51,674,925
Other investments
857,071
1,643,360
Misc. phys. prop..
54,269
151,286
Casn
206,528
128,202
1939
1940
1939
37,000,000 37,000,000
Common stock
Advs. from Amer.
T.&T.Co
3,409,323
4,629,966
1,795,592
fund 1,708,833
Cust. deps. & adv.
billing &
345,400
373,914
pay.
Accts. pay. & other
648,746
1,005,317
Acer. liab. not due 2,379,979
curr.
liabilities..
Deprec.
Surplus
8,608,772
8.625,868
reserve.res.
2,015,548
50,503
49,180
Deferred credits..
against
"
600,000
contingencies
Unapprop. surplus 1,546,086
Total
..57,319,143
55,679,6811
Total.
294,062
Net
Net
a
income
before
deducting
in¬
$4,965,228
$8,027,592 $10,065,172
$4,736,500
389,462
1,713
$4,749,925
$4,749,925
391,454
29,302
391,454
29,302
$4,894,491
b Restated on 1940
published including subsidiaries
$2,856,911
loss$162,447
income
Excluding subsdiaries as indicated
for comparative purposes,
c As
basis
in note d.
excluded in 1940.
d Conditions in Europe, where an
^
.
important part of the activities cf sub¬
carried on, make it necessary to submit the
report on a restricted basis.
No figures are obtainable from certain of the
European subsidiaries and as to many there are no quotations for dollars in
the currencies in which their operations are conducted.
Accordingly, the
accounts of the following important subsidiaries have not been consolidated
sidiaries of the corporation are
Notes sold to trus¬
tee of pens,
741,474
61,647
equity in
$3,274,113
2,960,000
Surplus.
731,021
hands of public
$2,703,397
stock.
491,346
541,056
pref.
subs, consol. outstdg in
$3,311,810
398,262
on common
111,289
on
$3,523,606
249,493
367,464
2,665,376
291.919
Cr27,344
& expense
Amortization of bond disct.
2,091,435
491,912
debt
fixed charges
Interest
deductions
>
$11,314,903 $14,798,486
226,797
Consolidated—
com.
stkhldrs.
net income (net)
for
$11,458,285 $15,568,287
loss 143,382 1088769,801
$7,779,887
Net earnings
Charges of Subs.
Interest on funded
Minority
Income
$7,553,090
Profit
of
4,701,319
7,120,120
9,336,696
3,276,727
1,609,751
7,074,716
3,184,157
1,844,255
7,235,141
Provision for depreciation
stock
822,502
268,407
759,164
933,340
$27,870,041 $31,682,275 $£5,667,954
8,053,398
8,262,796 18,941,532
Total gross earnings
Net
$13,782,327 $13,120,905 $12,942,064
2,260,954
2,001,328
1,991,921
2,003,702
2,049,514
2,046,475
2,094,023
1,944,186
2.003,897
2,060,803
2,145,491
908,493
911,914
948,428
1,007,701
215,480
224,675
230,328
240,905
956.502
1,193,906
988,972
1,088,583
1,939,270
2.066,518
2.228,841
2,593,065
Total oper. revenues..$14,836,049
Current maintenance
2,186,516
$15,533,268
31,615,010
5,736,263
3,600,000
148,718
3,586
372,673
Electric Corp
consolidated
Int'l. Standard
Other subs, not
d)
«1?39
$59,410,363
bl939
al940
Years
Sales by mfg. & sales
Cost of goods sold
Taxes
Total
subsidiary companies, $3,-
accounts payable, $25; taxes accrued, $186;
capital surplus, $1,044,904; earned surplus,
151, p. 1282.
42,887
$9,850,717
3,383,674
590,694
to
$49,644; special deposits, $52; interest receivable, $367;
discount, premium and expense, $66,572; total, $3#*
Royalties
1937
$9,185,928
3,257.568
541,454
1939
31, 1940
advances
debt
366 S91
Miscell. & non-oper. income
1938
$9,544,148
3,064,176
573,428
1940
Local service revenues-.$10,592,457
Toll service revenues
3,642,604
Miscellaneous revenues.
650,134
Calendar Years—
$70,098
13,125
cumulative preferred stock
Interest
Telephone Co.—Earnings—
Indiana Bell
surplus
Total surplus
Dividends paid on $7
Cable & radiotelegraph oper. revs
Co.—Additional Listing—
Illinois Zinc
$33,185
36,914
...
Liabilities—$7 preferred stock,
1940
Earnings for Year Ended Dec. 31,
88'456
$5,518
Net income
unamortized
Illinois Communities
.
issued 1,150 shares
value of $92 per share and 834
$65 per share in exchange for
$160,000of 7% demand notes then owned by the Community Telephone Co.
Earnings for Year Ended Dec. 31, 1940 •
Dividends on common stock of subsidiary companies, $52,049;
interest on obligations of subsidiary companies,
$75,884;
amortization of discount on subsidiary company bonds owned,
of the bonds, the company
of $7 cumulative preferred stock at a stated
shares of common stock at a stated value of
250,255; cash,
1131.
with SEC—
bonds, the proceeds of
Community Telephone
Previous earned
1283.
(Walter E.) Heller &
a
$24,711
------
3 Mos. End. Mar.
Industrial Improvement Corp.—Registers
first page of this department.
See list given on
Incidental to the refunding
Special-
Products
Indiana Gas & Chemical Corp.—Accumulated Div.—
have declared a dividend of $1.50 per share on account of
on the preferred stock, payable May 1 to holders of record
April 21.—V. 151, p. 3241.
Directors
accumulations
pujiy
31,1940
Black Heat
Cost of goods
No firm
D. C.
made.
April 19, 1941
Financial Chronicle
1,205,798
.57,319,143 55,679,681
in the report for
1940:
_
.
■
.
,
.
.
„
subsidiaries (principally
countries.)
(1) International Standard Electric Corp. and
manufacturing subsidiaires located in various European
(2) Manufacturing subsidiaries in Germany.
(3) Telephone operating subsidiary in Rumania.
There have also been omitted from the consolidated statement the
frc
accounts of American Cable & Radio Corp. and its subsidiaries in which
„„
& Cable Corp.)
the
(as part of the plan of reorganizarion of Postal Telegraph
corporation acquired certain investments including 66 2-3 % of
com¬
stock of the parent company.
Two of the subsidiaries of American
Cable & Radio Corp., namely AH America Cables & Radio, Inc., and
Sociedad Anonima Radio Argentina, which were formerly direct subsidiaries
of the International Telephone & Telegraph Corp., were included in the 1939
consolidated statement as published.
In addition the accounts of the
the
mon
—V.
1769.
150, p.
Indianapolis Water Co.—Earnings12 Months Ended March 31—
1941
1940
1939
$2,844 609
$2,744,577
Oper., maint. & retire, or deprec. exps
870^930
All Federal and local taxes
685,658
849,337
624,799
$2,622,959
811,069
577,406
75'929
$1,270,441
483,945
112,373
$1,234,483
483,945
125,118
$712,857
$674,123
$625,421
Gross revenues
-
Spanish Telephone Co. and Mexican subsidiaries have been excluded as
previous reports.
,
,
For comparative purposes, the acounts for 1939 have been restated
exclude the
Net income
Interest charges..
Other deductions
Balance available for dividends...
-V. 152, p.
2241.
$1,288,021
499 235
earnings, expenses and
fixed charges of the
in
to
subsidiaries not
consolidated in 1940.
Accordingly, there have been included in the 1939
accounts as restated, only dividends, interest and other income received
from such subsidiaries.
,
x
e Dividends in the amount of $600,000 were received from International
,
Standard Electric Corp. during 1940 as compared with $3,600,000 for 1939.
This dividend was declared during the first quarter of 1940 and it is improb-
The Commercial & Financial Chronicle
Volume 152
able that any further dividends will be declared by this subsidiary
during
companies, $10,672; organization expense of parent corporation, $6,099
cash, $342,406; cash deposited with trustees, $102; for interest payments,
Most of the subsidiaries of the corporation operate in foreign
and in the foregoing statement of consolidated income accounts
earnings, expenses and charges of the subsidiaries consolidated
$60,402; other cash deposits, $46,484; working funds, $19,100: notes
receivable, $59; due from customers and agents, $41,785; miscellaneous
accounts receivable, $6,496; less reserve for uncollectible accounts, $6,697;
material and supplies, $264,629; other cm-rent assets, $194; prepaid ac¬
counts and deferred charges, $97,068; total, $7,810,400.
Liabilities—Capital stockf(39,535 no par shares), $395,350; collateral
trust 3% bonds due July 1, 1961, $3,718,000: Platte Valley Telephone
Corp. first mortgage 4H% serial bonds, $436,000; accounts payable,
$75,397; customers deposits, $2,454; advance billing and payments, $2,924;
other current liabilities, $23,049; bonds called for redemption but not yet
the duration of the
war.
Notes (1)
countries
the
gross
have
2555
translated into United
been
States
dollars in
the
with
accordance
principles of translation of foreign currencies outlined in 1939 annual report.
There have been included in the income account for 1940, all profits or
losses on foreign exchange of the corporation and its subsidiaries consolidated.
During 1939 a net amount of $766,786 of extraordinary losses on foreign
exchange was charged to the reserve for foreign exchange and the remainder
of net losses on foreign exchange was charged to income.
Remittances
from many of the foreign subsidiaries are subject to foreign exchange
restrictions.
Accordingly, those
amounts contained in the foregoing
presented
for
$102; interest accrued, $54,417; taxes accrued,
payment,
exchange regulations and restrictions applicable to the countries in which
$108,397; depreciation and amortization reserve, $531,203; reserve for
adjustment of assets acquired in reorganization, $1,967,376; other deferred
credits, $43,055; donations, $16,835; capital surplus, $35,619; reserved
surplus, $3,756; earned surplus, $396,459; total, $7,810,400.—V. 151,
such income originates.
page 555.
statement of consolidated income accounts which are translated from foreign
currencies are subject to the effect of foreign exchange fluctuations and to
(2) The consolidated income accounts for 1940 and 1939 (restated on
1940 basis for comparative purposes) include dividends, interest, manage¬
ment fees, &c., amountingto $740,366 and $952,550, respectively, received
from Societatea Anonima Romana de Telefoane (Rumanian Telephone Co.).
This company was sold to the National Bank of Rumania in January, 1941
and payment has been received in United States dollars amounting to
$13,655,000.
This covers the approximate amount of the corporation's
investment in capital stock and its equity in the undistributed earnings of
Societatea Anonima
Romana
de
Telefoane, as well
the corporation of all of its receivables therefrom.
Other subsidiaries
Other
2,537.216
_
31,979
Drl7,251
$3,749,330
$7,226,992
2,101,105
1,829,512
...
30,000
period
Reversal of U.
Federal income tax accruals
8.
Cr230,000
245,911
10,663
655,339
1,198,618
782,382
2,988,905
Management & service fees charged to subs
Rent & portion of exps. charged to subs
Net earns, before profit on foreign exchange
Profit on foreign exchange (net)
306,961
$2,395,866
1,575,000
2,500,000
661,500
389,462
4M % gold debenture bonds.
Interest on 5% gold debenture bonds..
Interest on 4M% notes.
Amortization of debt discount and expense
on
Interest to subsidiaries
Other interest charges
9,201
254,466
47,083
682,220
1,366,774
797,570
6,506,462
231,771
$6,738,233
1,575,000
2,500,000
674,925
391,454
8,154
29,302
-
172
...
...
$l,839,469prf$1559,398
.....
3 Months End ed March 31—
1940
1941
Net loss
$35,011
39,319
$24,375
xl8,956
$22,996
x59,941
$4,308
159,603
investments..
on
$38,382
x$43,331
179,531
x$82,936
180,321
$222,862
51,709
$263,258
53,829
$171,152
$209,429
1,857
...
Profit & loss surplus, balance Dec. 31
Dividends.
$107,850
x
1939
$41,265
3,052
13,838
$155,295
47,446
Profit
Net realized loss
-
2,683
12,704
Profit.
Balance Sheet March 31,
Iowa Southern Utilities Co.
Period End. Jan. 31—
Gross oper. earnings
exp.,
maint.
Net
$417,009
$4,437,082
$4,244,753
a233,834
34,500
a2,634,681
447,000
a2,410,735
387,500
$136,758
3,132
Total net earnings
mortgage bonds.
other funded debt
Amort. & other deducts.
b Prov. for legal fees.
$148,674
3,134
$1,355,400
34,816
$1,446,518
41,714
$139,890
43,308
12,500
13,167
$151,809
$1,390,217
603,737
150,009
135,036
$1,488,232
701,568
150,599
91,724
a
58,151
12,509
7,486
Balance Sheet Dec. 31
Assets—
Cash...
Working
Acc'ts
$70,914
$73,662
$501,435
$.502,371
Restated for comparative purposes,
b And other expenses in
with plan of recapitalization, and other special charges.—V.
connec¬
152
d
2398.
Investors
1940
Total oper. revenues... $1,340,306
Total oper. exps. and tax
798,282
Depreciation..
240,858
...
for
1938
1937
$1,262,604
758,682
251,373
$1,183,084
699,595
247,045
$1,167,560
702,252
245,150
funded
Platte
Valley
$301,167
536
$252,549.
$236,444
372
$220,157
15
$252,564
$236,816
$220,918
18,778
235
19,075
30,998
29,869
1,186
73
151
4,693
4,770
5,643
403
5,239
360
debt
and expense
Other fixed charges
85
funded debt
of investors Telephone
Co.
after
deducting
int.
on
sub.
Deferred
7,345
and
.
-
■
1,743
Deferred debits...
13,994
130,610
Capital stock
24,697
50,000
111,478
66,606
240,193
2,092,851
109,664
114,239
74,761
17,953
246,486
2,210,772
Contrib's in aid of
12,112,359
149,393
183,753
143,790
12,290,898
12,112,359
183,753
24,697
12,290,898
credits..
Reserves
398
accrued assets..
exp.
Total
construction
Earned surplus...
Total
151, p. 2048.
Represented by 100,000 shares no par value.—V.
Johns-Manville
Corp.—Pension Plan Voted—
has been adopted by
their approval at the
,
.
.
completed two years of service with the com¬
permanent basis, are eligible to participate in the plan.
No
director is eligible solely in his capacity as a director, but all officers are
eligible.
Normal retirement age will be 65.
As their share, employees will contribute to the retirement fund approxi¬
pany
on
a
mately $355,000 a year.
After setting aside a sum sufficient to retire
employees over the age of 63 who have not had an opportunity to parti¬
cipate in a retirement plan,
it is estimated by an independent actuary
that the annua) cost to the company will be about $520,000 for the first
15 years and about $420,000
thereafter.
Reduced by salary savings, as a result of the retirement of older employees,
and by tax savings, it is expected the net cost to the company will be not
more than approximately $197,000 a year under present conditions.
authorizing directors to retire the 17,500 shares of cumula¬
7% preferred which were redeemed on Jan. 1, 1941. also will be sub¬
152, p. 1754.
A proposal
tive
Kansas City
102,968
106,595
111,148
114,499
$175,029
$120,851
$88,551
$70,800
cos
Consolidated Balance Sheet Dec. 31, 1940
Assets—Telephone plant, $6,732,163; other investments, $328; miscel¬
physical property, $17,859; founded debt of parent corporation
held by the
subsidiary companies, $166,350; miscellaneous special funds
$5,000; notes receivable from officers and employees of the subsidiary
laneous
1941—Month—1940
Net
rev.
1941—3 Mo.s.—1940
$4,036,888 $3»552,651
2,484,885
2,198,404
i
$1,460,075
884,550
$1,212,966
730,399
$575,524
110,000
$482,567
103,000
$1,552,003
330,000
$1,354,247
$465,524
65,001
$379,567
47,749
$1,222,003
$1,055,267
179,206
140,665
8,778
Ry. operating revenues.
Ry. oper. expenses
14,603
23,314
30,673
$391,745
$317,214
$1,019,483
$883,909
from ry. oper.
Ry. tax accruals
Ry. oper. income
Equip, rents—net dep..
Joint facility rents—net
Net ry. oper. income.
—V. 152, p. 1921.
299,000
Kansas-Nebraska
Natural
Gas
Co.,
Inc.—Bonds Of¬
fered—A syndicate headed bv Central Republic Co. (Inc.)
and including Coffin & Burr., Inc., E. H. Rollins & Sons,
Inc., A. C. Allyn & Co., Inc., and Stern, Wampler & Co.,
Inc., on April 15 offered $3,000,000 1st mtge. sinking fund
bonds, 4% series A, due April 1, 1957, at 103.
The issue
has been oversubscribed.
Preferred Stock Offering
Concurrently with the offering of $3,000,000 first mortgage sinking fund
bonds, 4%, series A, company is offering under a separate registration
statement and prospectus, part of an issue of 10,000 shares of $6 cumulative
preferred stock (no par) (less a maximum of 1,462 shares reserved for issu¬
ance in exchange for shares of the company's old preferred stock).
Com¬
has entered into an underwriting agreement similar in form, contents
to the underwriting agreement with the underwriters of the
now
offered, but with a separate underwriting group.
The $6
dates
bonds
cumulative
preferred stock is being offered to the public at $100 per share,
is to receive $94 per share from
plus accrued dividends, and the company
the underwriters, plus accrued dividends.
preferred stock underwriters, pursuant to the terms
of the under¬
writing agreement, will receive options to purchase 20,000 shares of the
company's common stock at $6 per share at any time until March 31, 1942,
and 20,000 shares at the same price until March 31, 1943.
Provision wilt
be made to prevent dilution occasioned by stock dividends or splitting up
of sti<&r©6 of stiock
options on each 20,000 shares are to be
Lincoln, Lincoln, Neb
Paul, Minn.
Estes, Snyder & Co., Inc., Topeka, Kan
The United Trust Co., Abilene, Kan
Rauscher, Pierce & Co., Dallas. Texas
Beecroft, Cole & Co., Topeka, Kan.
Bigelow-Webb, Inc., Minneapolis, Minn
Harold E. Wood & Co., St.
issued as follows:
-—
5,554 shs«
3,332 shs.
2,784 shs.
2,776 shs.
2,222 shs.
1,666 shs.
1,666 shs.
and Business—Company was incorp. in Kansas, May 18, 1927,
under the name of Kansas Pipe Line & Gas Co.
By amendment to the
charter, filed April 9, 1941, the name was changed as above.
The principal
office of the company is located in Phihipsburg, Kan.
Company is an operating public utility company engaged in the pur¬
chase, transmission and wholesale and retail distribution of natural gas in
the State of Kansas and in the transmission and sale of natural gas at
wholesale and to industries and institutions in the State of Nebraska.
Company also sells and rents gas appliances.
Concurrently with the present financing the company will purchase all
of the property and business of Nebraska Natural Gas Co., engaged in the
History
bonds held by
Net income..
Southern Ry.—Earnings—
Period End. Mar. 31—
First Trust Co. of
Other interest deducc'ns
Amort, of debt discount
on
Interest accrued..
71,694
8,022
Other current
The
of
Telep.
Corp
Interest
761
fixed
charges
on
Taxes accrued
53,300
103,370
Prepayments
and
1939
$301,703
avail,
Inc.
348,569
utility revs.
(not billed)
Mat'ls & supplies.
The
operating income
Other income (net)
Int.
1,500,000
5,745,000
Long-term debt
670
^
337,296
1,500,000
5,745,000
250,000
Accounts payable.
134,162
Customers' deps..
101,522
Common
Notes payable
Acer,
pany
Telephone Co. (& Subs.)- -Earnings-
Calendar Years—
Net
funds
receivable.
1,715,941
a
1,000
31,369
245,734
52,817
1,715,941
stock.
Preferred stock..
11,196,971
76,940
Special deposits...
$
Liabilities—
$
plant
11,671,019
Mis cell, invest'ts.
1,000
1939
1940
1939
1940
41,968
..
Net income
tion
1941—12 Mos.—1940
250,339
40,000
Net oper. earnings
on
Cr611
60,867
(Del.)- -Earnings—
$427,098
Other income
on
$417,615
100,000
133,890
income
Common stock dividends.
Preferred stock dividends..
debit
and
Prov. for retirements
Int.
$400,786
175,000
88,820
Income taxes—Federal
Other taxes.
1941
1941—Month—1940
taxes
Int.
$385,972
200,000
75,000
39,877
mitted to shareholders for their approval.—V.
Assets—Cash on deposit in Irving Trust Co., $102,436; securities held by
Irving Trust Co., as depositary, at value based on closing market quotations
March 31, 1941 (cost—$5,166,780), $4,063,940; accunts receivable, broker
for securities sold, $2,316; dividends receivable, $15,565; prepaid taxes
(New York State franchise), $1,049; total, $4,185,306.
*
Liabilities—Accounts payable for shares repurchased, $1,311; accrued
taxes, $4,460; compensation to Investors Management Co., Inc., payable
quarterly under terms of management contract (for quarter ended March 31,
1941), $10,460; dividend payable, $47,446; capital stock ($1 par), $474,461;
paid-in surplus, $4,642,158; profit and loss surplus, $107,850; unrealized
depreciation on securities, Dr$t 102.840; total, $4,185,306.- -V. 152, p. 831
Oper.
$737,319
215,437
Cr7,754
51,765
$695,317
annual meeting May 9.
All employees, who have
10,460
Taxes other than income taxes
215,437
Cr7,754
12,546
03,696
82,058
10,754
$690,855
215,437
Cr7,754
27,904
Cr 2,081
46,850
9,715
—
A retirement plan for employees of this company
will be submitted to stockholders for
$47,329
Management compensation
$697,442
—
directors and
Investors Fund C, Inc.—Earnings—
Dividend income
$685,466
5,390
...
Amortization of premium on debt—
Other interest charges
Interest charged to construction
a
Net deficit
—V. 152, p. 2071.
$695,317
revenues
Fixed
made in prior years
Other (incl. foreign taxes on divs. & interest)
Provision for depreciation
Rent to Intl. Tel. Bldg. Corp
Net income before deducting interest charges
1,085,276
27,282
59,177
General expenses
Taxes—U. 8. Federal income tax—Provision for
Int.
2,670
1,121,304
3,566
Miscellaneous income (net)
current
$3,600,000
2,492,987
517,392
Total earnings
$1,803,719
1,106,277
$1,770,741
1,079,936
Net operating revenues
Interest
1938
1939
1940
$1,775,254
Total oper. exp. and general taxes—
Gross corporate income
Interest on long-term debt
1939
1940
$600,000
Interest—Subsidiaries
Other...
:
Co.—Earnings—
revenue
reimbursement to
as
Preliminary Statement of Income {Parent Company Only)
Calendar Years—
Dividends—International Standard Electric Corp.
Jamaica Water Supply
Calendar Years—
Gross
Chronicle
The Commercial & Financial
2556
purchase, transmission and wholesale and retail distribution of natural
gas and the sale and rental of gas appliances in the State of Nebraska, and
will proceed with new construction involving the expenditure of approxi¬
mately $1,000,000.
Company was affiliated with other utility companies prior to 1936 and
its operations and earnings were largely based upon contracts with such
companies.
Its former properties had been gradually disposed of or written
down, and the contracts with affiliated companies cancelled when the
present management acquired an interest in and recapitalized the company
as of March 31, 1936.
On that date the tangible property (excluding any
1936 construction) stood on the books of the company at the cost of con¬
struction of $194,202 and, including intangibles, at $271,909.
The balance
of the company's present properties have been constructed since that date,
mostly in 1936 and 1937.
Its property and plant account, as of Dec. 31,
1940, stands at $2,666,024.
March 31, 1936, consisted of supplying
the town oorders of 12 towns in south central
population of about 27,500.
Subsequently the
company constructed a pipe line to the Otis Gas Field in Rush County,
Kan., and extended its transmission lines to supply natural gas at whole¬
sale at the town borders of 24 additional towns in southwestern Nebraska
and to 17 towns in western and central Kansas.
Company also con¬
structed distribution systems and now distributes natural gas at retail in
13 of said towns in Kansas.
In the late summer of 1940, the company
extended its transmission lines some 25 miles to serve at wholesale, at the
town borders, the towns of McCook, Indianola and Barley, in Nebraska.
As of Dec. 31, 1940 company supplied natural gas at wholesale to 39
towns in Nebraska and to 4 towns in Kansas, and distributed natural gas
The business of the company on
natural gas at wholesale at
Nebraska with a comoined
at retail in 13 towns
in Kansas.
The combined population
served is approxi¬
the company s
mately 64,000 and there are about 10,100 meters attached to
lines, of which some 7,940 meters are served at wholesale and
Kentucky Utilities Co. (&
Subs.)—Earnings-—
1939
1938
1937
Operating revenues
$10,589,224
Oper.exp.,incl. taxes— x7,132,433
$9,949,688
6,142,137
$9,259,937
5,851,968
$8,855,919
y5,594,495
$3,456,791
1,059
$3,807,550
2,120
$3,407,969
63,641
$3,261,424
160,221
$3,457,850
1,673,219
$3,809,670
2,067,426
$3,471,610
2,194,315
$3,421,645
$1,/84,631
Preferred dividends
834,790
Common dividends
411,784
Shs. com. out. (no par)__
102,946
$1,742,244
$1,277,295
834,790
205,892
942,967
$1,227,499
956,501
102,946
102", 946
$9.22
$8.81
$4.30
1940
Calendar Years—
Netearnings.
Miscellaneous income.__
Gross incomeInterest charges, &c
Net income
Earns, per sh. on com—
Includes
x
profits
excess
tax.
distributed profits tax.
y
Including provision for
.
;'
■
%
,,j
:
■
1,305,847
Cash
<fe
Notes
935,291
1,116,744
1,180,569
351.807
accts.
receivable.
_____
346,693
417,792
Mat'l 6c supplies..
deposit—
Special
expense
132,658
&
discount
Bond
Prepayments
725,418
1,943,437
6,940
678,283
Invest. & advs
260,043
281,038
cess
of amortiz..
2,317,607
10,313
7,601,100
7,601,100
7%
Junior
pref. stock
5,409,800
5,409,800
3.603.110
$600,000 indebtedness due to North American Light & Power Co.
The properties of the Nebraska Natural Gas Co. include approximately
257 miles of transmission pipe lines and 56 meter and regulator stations
and meters and other equipment necessary in the conduct of the natural
part of the
ook cost, as
gas business. of Dec. 31, 1940, of
Its properties were
constructed about 10 years ago at a
$2,714,568.
Capitalization—The capitalization of the company to be
upon completion of the present financing, is as follows:
outstanding
To Be
••yv/■■■
Authorized
Outstanding
Unlimited
$3,000,000
10,000 shs.
bonds
1, 1957 (new bonds)
pref. stock (no par)
Common stock ($5 par)
cum.
$3,000,000
10,000 shs.
a$,900,295
$1,750,00(3
a Company has outstanding as of Dec. 31,1940, options issued to certain
underwriting securities heretofore issued (and to stockholders
exercising preemptive rights) for the purchase of 18,755 shares of common
stock (aggregate par value, $93,755) at $6 per share up to and including
Dec. 31, 1941.
In connection with the proposed issuance of 10,000 shares
of new preferred stock, the underwriters of the preferred stock will receive
options to purchase up to 20,000 shares of common stock at $6 per share,
on or before March 31,
1942, and 20,000 shares at the same price on or
before March 31, 1943.
The options contain provisions designed for
protection against dilution on account of stock dividends and stock split-ups.
persons
Combined Earnings for
Calendar Years
1940
revenues
Cost of gas
Other expenses-
________
Maintenance.
1939
Accrued liabilities.
$1,454,464
625,836
145,744
$1,324,109
585,643
130.902
$1,243,030
556,678
117,670
18,078
15,892
13,674
____________
51,865
51,192
50,003
612,941
194,846
540,480
190,286
505,005
146,430
$418,095
$350,194
$358,575
Net operating revenue
Provision for depreciation
Net operating income (before interest
and income taxes)
Keystone Steel & Wire
Net income
y
Earns. per share
Maximum annual interest requirements upon the $3,000,000 first mtge.
follows:
exchange for shares of outstanding old preferred stock.
$3,000,000
_____
_
To purchase assets of Nebraska Natural
S3,802.000
Gas
Co.
at
approxi¬
mately depreciated book value, contract price, 81,700,000;
less excess of its current assets over its current liabilities as of
Dec. 31, 1940, $120,000
1,580,000
____
For construction proposed in
1941, including connection with
Hugoton Gas Held, $1,000,000, less $335,000 of pipe purchased for this purpose and on hand Dec. 31, 1940
lor estimated expenses in connection with financing, including
premiums on calling outstanding bonds and notes
Total.
$9,513,763 in the same period a year ago, a gain
compared with sales of
proposed ^
Key West Electric
Co.—Earnings—
^
$25,277
6,140
Maintenance
1,784
Depreciation
3,281
$199,114
$244,411
70,794
18,847
$20,900
2,222
3,039
revenues
895
18.065
1,924
25,844
63,088
18,847
26.518
8,218
22,109
$5,800
$74,417
$60,335
211
3,331
554
$9,490
2,508
$6,011
2.400
$77,749
23,809
$60,889
23,147
$6,982
Preferred dividend requirements
$3,611
$53,939
$37,742
a
taxes
Net
7,019
2,333
2,447
Federal income taxes.
Other
—
$9,293
197
operating revenues
Other income, net
Balance
Interest and amortizat'n
Balance
Balance
a
36,444
24,374
24,374
$29,565
$13,368
—
-
....
has any liability under the Excess
amended March, 1941.—V. 152, p. 2398.
Company does not consider that it
Profits Tax Act of 1940 as
Kimberly Clark Corp.—Earnings—
1941—3 Mos.—1940
Period End. Mar. 31—
Nrhant^alS^
$7,708,944
— --—
6,357,846
Cost of sales
707,565
General and selling exps.
Total income
$904,923
205,823
Other income.:
300,772
478,098
$3,339,561
81o,113
$1,205,695
94,350
213,500
1,205,517
$4,154,674
347,947
713,741
93,280
388,804
644,000
174,119
$849,355
88,750
244,500
—
Bond interest
Federal income taxes—
$2,727,420
2,800
Net loss of subs
Net
1941—12 Mos.—1940
$7,384,384 $29,646,757 $28,197,922
5,817,230 24,150,565 22,415,997
662,231
2,768,771
2,442,365
$643,532
operation.
$895,045
149,445
150,000
5,050,549
597,780
$2,947,750
$595,600
$1,452,769
$2,199,970
$0.75
stk.
Reserve for contingencies
$516,105
149,445
$366,660
after taxes
Prov. for divs. on pf.
common
stock
Amount earned per
$1.22
$2.97
on
—V.
common
$4.51
share
597,780
150,000
stock.
152, p. 1922.
Koppers Co.—Syndicole
Closed—
closed on the issue of $22,000,000 3H% bonds due
offered publicly last week by a syndicate beaded by the
Securities Corp.—V. 152, p. 2399.
in 1961 which were
/T
Underwritten
,
Central Republic Co. (Inc.)
Coffin & Burr, Inc
A. C. Allyn & Co., Inc
Stern, Warn pier & Co., Inc
Harold E. Wood & Co
450 000
~~
~
450 000
365! 000
HI
"
275 000
111111-1
;
The First Trust Co. of Lincoln, Neb
Bigelow-Webb, Inc
Estes, Snyder & Co., Inc
Beecroft, Cole & Co
Rauscher, Pierce & Co., Inc
150 000
I
125 000
"
100 000
HI
-1111111111HIIIIIII
11111111111111111
75,000
60,000
50,000
Pipe l ine & Gas Co.—Name Changed, &c.—See
Kansas Nebraska Natural
Lake Superior
District Power
1939
1938
1937
$2,373,688
1,674,530
$2,239,388
1,597,914
$2,064,955
1,412,174
$1,999,420
1,418,218
$699,158
2,191
641.474
28.881
$652,781
33,046
$581,203
41,268
$701,349
226,521
$670,355
$685,827
232,328
244,775
$622,471
245,077
$474,827
236,115
137,696
$438,027
$441,052
236,717
91,797
236.717
30,599
$377,394
236,717
20,000
$101,017
$109,513
$173,736
$120,677
30,599
$7.80
Net operating income.
Non-operating income..
Gross income
—
Int. & miscell. deduct'ns
Net income
Preferred
Co.—Earnings—
1940
Operating revenues
Oper. expenses & taxes._
dividends
Common dividends
30,599
30.599
$6.58
$6.67
30,599
$4.60
$900,000
________
E. H. Rollins & Sons, lnc
Inc.—Earnings—
1941—Month—1940
1941—12 Mos.—1940
$1,237,924
$670,165 $12,904,115 $7,947,890
a Net income..........
217,681
171,192
2,174,612
1,890,406
b Earns, per share
$0.48
$0.38
$4.83
$4.20
a After provision for depreciation and Federal income taxes, and in 1941
includes excess profits tax. b On 450,000 shares.—V. 152, p. 2072.
Period End. Mar. 31—
Net sales
'Glance of approximately $38,000 required to
e
Arrount
Kansas
1941—12 Mos.—1940
1941—Month—1940
Period End. Feb. 28—
Operating
Operation
50,000
effect these purposes, in excess of the estimated proceeds of the present
financing, will be furnished from available working capital of the company.
underwriting—The name of each principal underwriter of the bonds and
the respective amounts severally underwritten, are as fellows:
A
of
19%.—V. 152, p. 1285.
Calendar Years—
665,000
$3,840,000
.
~
$i.28
$i.29
charges, including provision for Federal income taxes and
profits tax in 1941. y On 757,632 shares capital stock.
Sales for the nine months ended March 31,1941, amounted to $11,362,696
After all
x
Mellon
is
^
1941—9 Mos.—1940
$979,512
$971,797
$0.37
excess
802,000
_____
proposed that these proceeds will be applied approximately as follows:
lo retire principal amount of funded debt outstanding as of
Dec. 31, 1940
$1,545,000
„
Co.—Earnings—
$0.54
(R. G.) Le Tourneau,
It
60,810,981 58,585,844
The books have been
Proceeds of $3,000,000 1st mtge. sinking fund bonds, ser. A, 4%
Proceeds of 8,538 shares of $6 cum. pref. stock not reserved for
Total
227,625
stated at $35 per share.—V. 151,
•'
'H
1941—3 Mos.—1940
$410,137
$279,385
Period End. Mar. 31—
x
1.140J30
58,046
aid of
Total. —
.60,810,981 58,585,844
Total
1,719,836
4,649,107
Net amount earned on
sinking fund bonds, series A, 4%, due 1957, to be outstanding upon com¬
pletion of present financing, will be $120,0(30.
Purpose of Issues—The net proceeds of the present financing are estimated
as
in
114,016
314,791
233,449
500,000
1,650,615
Misc. curr.llabll..
x Represented by 102,946 shares (no par)
p.3564.
1938
Taxes (other than income)
_
371,381
329,782
65,548
1,358,251
5,563,842
depos.
Earned surplus—
Profit from
[Summary of combined earnings of company and Nebraska Natural Gas Co.]
Gross
divs.
stock
payable
Customers'
construction
with the present financing, the
will acquire the property and
Light & Power Co. which owns all of its capital stock. None of its securities
ever been outstanding in the hands of the public.
The contract
covering the purchase of the property and business, including current assets,
of Nebraska Natural Gas Co. provides for a purchase price of $1,700,000
as of Dec. 31,
1940.
As of that date, the current assets exceeded the
current liabilities,
which the company will assume, by approximately
$120,000.
The purchase price of the fixed property as of Dec. 31, 1940
is therefore $1,580,000.
Company will be entitled to all net income of
Nebraska Natural Gas Co. subsequent to Dec. 31, 1940, less a sum calcu¬
lated from that date at the rate of $9,750 per month in lieu of interest and
dividends.
The liabilities to be assumed by the company will consist of
the current and accrued liabilities and the liabilities, if any, under the
contracts and franchises to supply gas service, but will not include any
$6
3,603.110
Long-term debt___33,755,900 33,376,926
Accounts payable.
352,444
337,613
33,143
Deferred liabilities
15,758
Paid-in surplus...
Co., a subsidiary of North American
have
First mtge. sinking fund
Series A, 4%, due April
cum.
Common stock__
x
Contrib.
to
S
6% pref. stock
Pref.
In pro¬
Other defd. chges..
1939
$
Liabilities—
S
&C_.54,310,523 53,075.822
under the present
JSebra.vcu Natural das Co.: Concurrently
Kansas-Nebraska Natural Gas Co., Inc.,
Federal un-
1940
1939
1940
Assets"*™
Utility plant,
Reserves
business of Nebraska Natural Gas
102.946
$3-81
_
of the towns.
For the 12 months ended
March 31, 1937, the first full year of operation
management, the gross business of the company amounted
$269,212, with an operating net (before depreciation, interest and income
taxes) of $153,495 and net income, after all charges, of $112,406.
For the
12 months ended Dec. 31, 1940, company's gross business amounted to
$561,617, with an operating net of $324,510 and net income, after all
charges, of $120,252.
The earnings for this year do not fully reflect the
added load to be realized by the extension in September, 1940, to the towns
.of McCook, Indianola and Bartley, Neb.
2,194,14)6
Balance She. Dec. 31
2,160 at retail.
Company furnishes natural gas for heating, power and cooking to large
State institutions at Norton, Kan., and at Kearney, Neb.
All of the towns
are served with natural gas and there are no competing gas systems in any
April 19, 1941
GasjCo., Inc.—V. 152,
p.
2071.
Surplus for year
Shs.
of
com.
outst.
(par
$75)—
Earns, per
sh. on com..
Balance Sheet Dec. 31, 1940
Assets—Utility plant, $12,883,263: investments, $283,298: cash, $303,031;
special deposits, $3,152: accounts and notes receivable (net), $310,620:
materials and supplies, $189,532; prepayments, $15,244: debt discount and
expense in process of amortization, $410,036; other deferred charges, $2,398;
capital stock commissions and expenses in process of amortization, $137,468;
total, $14,538,043.
Liabilities—Common stock (par $75), $2,294,925; 7% cum. pref. stock
($100 par), $2,501,700; 6% cum. pref, stock ($100 par), $999,400; long-
Volume
The Commercial & Financial Chronicle
152
term
debt, $5,600,000; accounts payable. $126,525; customers' deposits,
$34,936; accrued taxes, $280,422; accrued interest, $58,439; other. $10,499;
deferred liabilities. *14,389; reserves, $1,962,277: contributions In aid of
ronstraction
$45,311; earned surplus, $609,217; total, $14,538,043.—
V. 152, p.
2557
Louisville Gas & Electric Co.
(Ky.) (& Subs.)—Earns.
Years—Ended Jan. 31—
Operating
Operation
1285.
1941
Maintenance
Exchange Commission
on
April 15 issued
an
advisory
report in respect of a plan to consolidate Liberty Share Corp. and "Western
New York Securities Corp., both of which are closed-end
,
_
1,148,049
management
220,210
$4,294,704
1,030,450
160,227
6,831
$4,341,418
1,030,450
250,000
20,789
250,000
37,000
Cr 5,895
23,247
—"$2,813,457
$2,809,124
......
Interest on funded debt
Amortization of debt discount and expense
outstanding stock of the respective companies must approve
Other interest
the plan in order that it may be carried out.
$4,121,208
224,425
Gross income....
That management is soliciting proxies for the approval of the
plan. The
notice of the stockholders'
meeting shows that the holders of at least two-
650,900
$4,070,278
Net operating income
Other income
investment companies registered with the Commission under the Invest¬
ment Company Act of 1940.
thirds of the
reserve.
Amortization of limited-term investments
Taxes (other than income taxes)
Prov. for Federal & State income taxes.
Voluntary Reorganization—
The Securities and
.
Appropriation for retirement
Liberty Share Corp.—SEC Issues Advisory Report on a
Plan of
_
Amortization of flood and rehabilitation expense.
Amortization of contractual capital expenditures.
Interest charged to construction.
Miscellaneous
_
Capitalization and Assets of the Reorganizing Companies
Liberty Share Corp.—This corporation was organized in New York on
April 2, 1929 under the sponsorship of the Liberty Bank of Buffalo as a
consolidation of three existing investment companies. The activities of the
corporation in the early years included brokerage, underwriting and trading.
More recently its activities have been confined to investment in securities
and the ownership of an oil property.
In 1929, Liberty caused the formation of Western New York Securities
Corp. and assisted in the distribution of its securities to the public. It also
152,
was
changed
so
$209,486
29,856
151,947
$186,065
29,856
151,947
$157,021
29,856
151,947
$40,999
$0.63
$27,683
$1,2C2
def$24,782
$0.59
$0.51
se¬
v
As of Dec. 31, 1940, Western had outstanding 220,022 shares of capital
stock all of one class and alike in all respects.
Of these shares 65,865
shares are owned by Liberty and their ownership vests in Liberty working
control of Western New York Securities Corp.
As at Dec. 31, 1940,
Western had total assets of $637,734 valuing its portfolio securities at their
market prices as
of that date and valuing its holdings of 2,057 shares of
Liberty at their underlying asset value.
At the same date the net assets
of Western had a value of $636,883 and the per share value of the stock
was $2.90.
•
.
The proposed
McGraw-Hill Publishing Co., Inc. (&
x
Net profit..
y
Earnings
x
will register under the Investment Company Act of 1940, immedi¬
its inception, as a closed-end non-diversified management
Although the management states the new company
in the purchase and sale of securities, it also con¬
templates the possibility that it may engage in the business of under¬
writing securities and trading in commodities.
Neither of the consolidating
companies are presently engaged in the latter activities and the new com¬
pany will obtain the approval of a majority of its outstanding shares before
engages in either the business of underwriting or trading in commodities.
The authorized capitalization of the new company will consist of 350,000
shares of capital stock (par $1) and alike in all respects.
The new company
will issue one share of its stock for each share of the outstanding stock of
the consolidating investment companies after eliminating inter-company
holdings.
The shares issued by the new company will have an asset value
equivalent to that of the share of stock of the existing companies equalized
in the following manner: In order to equalize the per share asset value of
the stocks of the existing companies, any difference between the net asset
value per share of their stocks will be eliminated by a pro rate cash pay¬
upon
Subs.)—Earnings
1941
1940
1939
1938
$310,421
$0.52
$238,580
$0.40
$155,723
$0.26
$174,499
3Mos.End.Mar. 31—
per share
After interest taxes and all other charges incl. deprec.
shares
capital stock,
no
y
$0.29
On 600,000
par.—V. 152, p. 1756, 1595.
McKesson & Robbing. Inc.—*Sales—
Net sales for the first quarter of 1941 increased 10.01% over the corres¬
ponding period of 1940, according to preliminary figures released on
April 12 by William J. Wardall, trustee.
Sales for the quarter were $41,253.938 against $37,501,139 in 1940.
The drugs and sundries department
accounted for $31,188,603, an
increase of 10.26% over the first three months of 1940, while sales of
$10,065,335 in the liquor department, represented an increase of 9.24%
over the previous year.
■
McKesson's sales for the month of March, according to the trustee s
,
_
„
,oo
preliminary figures, were $14,481,072 against $12,738,451 in March,
an increase of 13.68%.—V. 152, p. 2400.
Magma Copper Co.—Earnings—
investment company.
will engage primarily
I-
Directors have declared a dividend of 60 cents per share on the common
stock, payable May 1 to holders of record April 19.
Previously regular
quarterly dividends of 25 cents per share were distributed.
In addition,
extra dividend of $1 was paid on Dec. 27, last; 25 cents on Nov. 1, last,
and 75 cents paid on Dec. 27, 1939.—Y. 152, p. 1923.
plan is to consolidate Liberty Share Corp. and Western
company
ately
in 1941.
McGraw Electric Co.—50-Cent Dividend—
Proposed Plan of Reorganization
New York Securities Corp. to form a new corporation to be organized in
New York and to be called Western New York Fund, Inc.
The new
$0.41
After expenses and Federal income taxes and excess profits tax
—V. 151, p. 3894.
a
were
that its assets today consist principally of diversified
curities.
1938
1939
1940
1941
Surplus
Earns.persh.oncom.stk.
affiliation with the common management of the investment companies.
The securities of Western New York Securities Corp. are carried on the
books of Liberty at $1 a share.
capital stock.
For a time after the organization of the company, its investments
3 Mos. End. Mar. 31—
Net profits
$222,802
29,856
151,947
a
.
concentrated in the stocks of banks; but the investment policy subsequently
2400.
Preferred dividends....
Common dividends
the entire properties of MacKenlee is only $40,492
The value assigned to
the note of MacKenlee is derived from an appraisal of its assets made as of
Jan. 1, 1941 by L. S. Panyity, an expert on oil properties who has no
Liberty Share Corp. and Liberty Bank of Buffalo.
Liberty Share Corp.,
at the Inception of Western, made a substantial investment in the securities
of that corporation and now holds 30% of the outstanding shares of its
p.
MacAndrews & Forbes Co.—Earnings—
engaged in the production of oil. Liberty owns all of the outstanding stock
of MacKenlee which has no value in view of the fact that the note receivable
owned by Liberty has a face value of $244,950 and the appraised value of
Western New York Securities Corp.-—This company was Incorp. in New
York on Sept. 5, 1929.
Company was organized under the auspices of
37,265
Note—Provision for excess profits tax unaer the Second Revenue Act of
1940 was made for the calendar year 1940 in the amount oi $154,000.—Y.
Cy'sof Buffalo, asset valuemarket holdings its stock of Western New York
ik total assets based on for its value of of holdings of stock of Liberty
value of the company's stock was $3.25.
The MacKenlee Corp., whose note is appraised at $40,442, is a company
160,227
37,000
Cr24,050
...
Net income—
made a substantial investment in the securities of Western and at present
holds 65,865 shares or approximately 30% of the outstanding capita! stock.
As at Dec. 31, 1940 Liberty had
outstanding 90,124 shares of capital
stock all of one class and all with equal rights and privileges.
The com-
Securities Corp., and appraised value of a note receivable from a company
owning certain oil properties was $293,202. The net assets of the company
at the same date were approximately $293,068 and the
per share asset
1940
$12,098,620 $11,181,578
3,798,819
3,383,645
589,833
637,096
1,361,500
1,281,000
1,428
1,427
1,128,713
1,106,301
revenues
"3
1941
Months Ended March 31—
'
-
1939
1940
■
9,345,613
8,967,013
11.7443c.
Copper produced—pounds
Average net selling price per pound..
a Avge. net production cost per pound
Income from mining operations
Other income (incl. railroad)
1940,
9,608,545
11.7549c.
10.302c.
7.6803c.
$324,318
16,987
7.550c.
$221,666
24,229
_$387^193^
b Total net income..
7.0940c.
$373,756
13,437
$341,306
$245,895
sTThe
after deducting gold and silver
operating costs, Arizona taxes,
Federal social security taxes, depreciation and administrative expenses,
but does not include any allowance for mine depletion, capital stock tax
or Federal income tax or excess profits tax in
1941.
b After deducting
estimated capital stock tax, Federal income tax, and excess profits tar in
average cost of producing copper is
and zinc concentrate values, and includes all
1941.—V. 152, p. 1756.
(R. H.) Macy & Co., Inc. (&
52
reeks
Feb. 1,'41
$
Period Ended—
Net sales:
Subs.)—Earnings—
53 Weeks
Feb. 3, '40
52 Weeks
52 Weeks
29, '38
Jan. 28, '39 Jan.
$
$
ment.
The amount of the cash payment will be this difference between
the per share asset values of the stock of the respective companies on the
date of the consolidation.
To illustrate the meaning of this provision in
L. Bamberger & Co..
Lasalle & Koch Co. &
33,230,938
84,973,550
31,783,594
82,758,268
30,104,428
the plan, as at Dec. 31, 1940, the asset value of Liberty Share Corp. stock
was $3.25.
The asset value of the shares of the stock of Western at the
same date was $2.90 a share.
Assuming Dec. 31, 1940, to have been the
Davison-Paxon Co.
14,450,490
13,676,542
12,361,212
13,254,145
Total
...135,323,578 130,433,687 125,223,909
135,871,800
R.H.Macy& Co.,Inc. 87,642,150
-
90,980,960
31,636,695
date of the consolidation
the asset value of the two companies' stocks
would have been equalized by the payment of 35 cents a share to the stock¬
holders of Liberty.
This cash payment would be in no sense a dividend
derived from earnings of the company.
Rather it woul d be in effect a partial
return of the shareholders' pro rata interest in the assets of the company.
adntinistrative'exps- .127,445,445
Depreciation.—
Portion
The date as of which the assets will be valued to determine the amount
of the cash payment, if any, will be the date of consolidation.—V. 143,
3847.
p.
N.
Years End. Dec. 31—
1940
Uncollectible oper. revs.
Net oper. revs.
Maintenance
Depreciation
*
Commercial
General & miscellaneous
Taxes
...
Net oper.
1939
1938
1937
$2,669,895
6,675
$2,654,065
11,678
$2,678,625
12,310
$2,752,512
13,762
$2,663,220
511,170
406,453
401,595
270,939
Operating revenues
$2,642,387
499,763
404,860
395,501
286,567
210,419
213,756
$2,666,315
$2,738,750
527,647
532,880
410,300
423,826
306,715
217,269
206,432
218,873
197,541
410,228
404,712
291,412
208.033
216,868
$656,649
20,940
$631,521
306,000
$607,415
78,691
$641,328
109,290
Federal inc. tax prov
$677,589
11,532
145,177
96,323
$937,521
275,072
156,348
45,100
$686,106
8,051
162,066
55,449
$750,618
8,834
163,126
67,743
Net income
Divs. pd. of provided for
$424,557
398,653
$461,001
444,581
$460,541
462,223
$510,916
462,032
income
Other income
Total income
Misc. deducs. from inc..
Fixed charges.
Balance Sheet Dec. 31, 1940
property, rights, franchises, &c., at cost, $12,914,049;
investments in other telephone companies and miscellaneous investments,
at cost, $388,126; cash, $569,667; accounts receivable, less reserve, $157,820:
material and supply inventories, at cost, $271,473; officers, 'employees'
and other notes and* accounts receivable, $114,202; deferred charges and
prepaid expenses, $299,947; total, $14,715,286.
Assets—Plant,
Liabilities—5%
ing
cum.
pref. stock, $4,500,000; class A cum. & participat¬
stock (28,479 no par shares), $949,300; class B common stock
shares), $1,051,233; 1st mtge. 30-year 3 M % bonds, series C,
due May 1, 1969, $3,500,000; demand notes, payable to trustee of pension
fund, $561,800; 6% cum. pref. capital stock called for redemption on Jan.
10, 1940 (incl. premium), $14,590; accounts payable, $205,867; advance
common
(63,074
est.
loss
no par
billing and payments, $91,889: accrued taxes, interest, &c., $225,379;
depreciation reserve, $3,169,059: suspense, $37,353; contingent reserves,
$110,304; surplus, $298,509; total, $14,715,286.—V. 152, p. 2243.
487,703
2,800,835
2,839,079
171,442
al,368,000
143,186
820,000
580,000
871,000
4,000
Fair
World's
Y.
423,963
377,442
2,680,188
on
debs. written off
Prov. for Federal tax—
Surtax on undistr. profs.
(The) Lincoln Telephone & Telegraph Co.—Earnings
Traffic
of
123,025,546 119,348,531 128,045,945
294,426
2,649,456
Interest paid
—
3,394,808
664,605
3.387,326
632,505
2,032,336
b Other income
427.429
3,662,317
631,732
Net profit
4,059,413
4,019,831
2,459,765
4,294,049
DrlQl,881
Drll3,192
Drl09,538
Drll4,090
3,957,533
3,906,639
16,646,477
e7,919
2,350,227
17,536,361
c315,000
21,535,984
3,316,383
3,523
d20,568
20,561,035
3,314,123
Cr35,398
18,859
19,886,588
3,313,807
Cr61,521
Crl2.175
Operating profit.....
Int. of min. com. stock¬
holders in profits and
loss of subsidiaries
—
Net applic. to common
stock of R. H. Macy
& Co.,
Inc
17,263,451
Previous balance.
Adjustments
Tota!
m
m
m
mm
mm
mm
Cash dividends
Fluctuation
....
..
..
.
Miscell. deductions...
4,179.959
16,463,210
f926,023
21,569,192
3,158,653
870.585
g3,593
17,536,361
1,655,618
$2.52
™~a Provision for excess profits tax is not required, b Income from securi¬
ties, from radio broadcasting and from miscellaneous non-trading sources
(net),
c Reduction of reserve for Federal taxes on income as a result or
Balance, surplus
18,195,509
Shs.com.stk.out.(no par)
1,659,554
Earnings per share
$2.38
17,263,451
1,657,574
$2.36
loss realized on liquidation of marketable
&
16,646,477
1,658.824
$1.42
securities owned by R. 11. Macy
Co., private bankers; the loss referred to was
charged against earned
as security price declines in prior years,
d Arising in
with issuance of treasury stock as compensation to officers and
surplus
connection
employees,
Credit arising from repurchase of 4,400 shares of the corporation s common
stock at prices below the average stated amount of capital per share,
f aoe
justments to give effect, retroactively from the
29, 1938, to the revision in the policy of
Jan.
beginning of the year enaea
accounting with respect to
securities owned by R. H. Macy & Co., private bankers.
Profits and losses
on sales of securities are now reflected in the earned surplus, the reserve
for variations being adjusted annually.
Accordingly, the reserve or $750,OUU
previously provided out of earned surplus has been added back thereto as
of Jan. 30, 1937, as well as $176,023 due from the private bankers as of
date because the market prices of its securities exceeded cost less
that
reimbursements made by the
corporation in earlier years, g Charges arising
compensation to employees, and from
from issuance of treasury stock as
other capital
stock transactions.
hand and demand deposits
Marketable securities
Cash
on
Notes & accts. rec.—customers of
a
Regular retail
—.—.
$6,016,317
; ■
14,381
$5,252,882
2,266,615
5,099,308
5,313,640
3,162,102
15,640,202
245,020
645,245
1,315,930
743,000
120,342
106,273
129,853
454,581
44,002,978
4.863.276
335,341
274,315
1.190.277
112,915
143,186
7,000,000
subsidiaries—
——
-
—
5,5/3,183
—
b Instalment terms
Merchandise
_
'Auo
hand
on
to
18*
Merchandise in transit
Sundry debtors
——
c Land, bldgs. A equipment.not used in store
Investment in Macy's bank
N. Y. World's Fair debentures at cost
Loans to employees
Deposit with mutual insurance companies
Miscellaneous assets-d Land & buUdings on land
oper.
Goodwill
N. Y. World's Fair debs.
39",901
4,801,500
303,197
ol2,4l5
1,340,758
95,040
,
------
„
$94,028,079 $93,317,974
Total
Feb.
Liabilities—
Accounts payable—Trade creditors
Trade creditors for merchandise in
1, '41
Accrued liabilities
Dividends payable:
$2,816,379
283,184
3,059,474
829,777
533,772
Miscellaneous credit balances
245,020
2,628,813
828,787
421,351
9,936,500
8,924,500
Long-term debt
Reserves—For decline in prices of securities
R. H. Macy A Co., private bankers,
held by
deposit
For insurance..
811,976
731,022
129,626
57,959,427
Drl3,443
18,195,509
For vacation salaries.
134,608
57,959,427
Dr82,578
17,263,451
1
-$94,028,079 $93,317,974
b After
Total
After reserves of $299,100 in
31,699
353,493
50,000
513,318
50,000
for prior years.
Minority interest in subsidiary company
h Common capital stock
i Treasury stock
—
Earned surplus
a
of $425,300 in 1941 and $271,625 in 1940.
c After depreciation of
$144,550 in 1941 and $137,743 in 1940.
d After depreciation and amortiza¬
$21,590,269 in 1941 and $20,186,598 in 1940 and $18,879,150 In
reserves
1939.
Less depreciation of $6,091,647 in 1941 and $5,852,866 in 1940.
depreciation of $277,075 in 1941 and $237,292 in 1940.
g At the
e
paid for one-half interest in 1914.
h Represented by 1,659,939 no-par
shares,
i 385 shares in 1941 and 2,365 shares in 1940.—V. 152, p. 2400.
rate
—
1940
$6,033,899
4,327,586
706,247
500,000
416,000
——!
——
Appropriation for retirement reserveTaxes (other than income taxes) — — —
$6,413,738
4,551,156
717,719
500,000
424,000
$84,067
5,735
...
—
Interest on funded debt
Amortization of debt discount and expense
—
$220,864
6,520
$89,801
253,261
Net operating income.------Other income
$227,384
334,304
13,899
20,659
1,138
88,526
3,827
$219,933
-
-j
--
--
71,273
$249,770
-
$
U. 8.
Other income deductions
Net loss
-V. 152, p. 2243.
Accr'd
5,653,685
359,042
-
Mtge.
1938
1939
1940
1941
Net prof, from opers—
336,250
131,250
Capital surplu8._.10,037,854 10,037,854
Tress,
stk.,136,956
shs. at
After
1,369,560
par—Dr.
depreciation and amortization.
of capital stock reserved in 1926 for
there remain 30,426 shares available for subscription
Note—of the 56,000 shares
employees,
per
1,369.560
67,896,233 61,039,695
Total
67,896,233 61,039,695
Total
28,480,625 26,202,173
Earned surplus
1
Ac
names,
Mathieson Alkali Works
(Inc.)—Earnings
1938
1939
1940
1941
$1,059,516
31—
3 Mos. End. Mar.
sale to
at $55
;V
share.—V. 152. p. 2075.
444,808
31,193
180,000
$908,505
437,307
24,844
82,212
$652,534
435,645
16,432
38,510
$670,208
439,801
16,794
41,212
$403,515
Total earns, from oper.
$364,142
$161,947
$172,400
A depl.
Income charges (net)
Prov. for deprec.
—
Prov. for Fed. taxes
Net inc. trans, to surp.
8hs.com.stk.out.(no par)
828,171
828,171
828,171
828,181
Earnings per share
$0.44
$0.39
$0.15
$0.16
Sales for the first quarter were 16% above the first quarter of 1940 and
based upon orders in hand, company is looking forward to the next quarter
for a continuance of this increase over the previous year.
Net income before Federal taxes for the first quarter was 31% above the
increased tax rates effected by legislation passed in the
in part to anticipated further increases in the year
835.
part of 1940, and
$5,875,270
158,778
$8,911,394
.6,155,077
$3,540,511
2.608,591
$4,360,711
3,395.046
$2,756,317
$931,920
9,873
$965,665
10,021
26,456
latter
1941.
—V. 152, p.
(& Subs.)—Earnings—
Mead Corp.
Mar. 22 '41 Mar. 23 '40 Mar. 25 '39
12 Weeks Ended—
$6,570,166
income
Gross
Depreciation. ...
Interest and expenses on
funded debt-
355,559
44,209
Other income
3,805,339
376,715
$911,313
39,124
$573,953
36,898
$989,870
Operating profit
$4,734,851
4,326,588
434,832
$945,661
Selling and administrative expenses..
$5,614,616
5,189,673
Net sales, less discounts
Cost of sales
$950,437
366,106
91,137
345,270
109,865
20,695
93,748
23,348
$610,852
367,780
117,917
30,322
11,855
5,867
$362,037
625,000
$357,511
619,374
$77,110
619,374
$0.41
$0.40
18,095
146,365
Other deductions
6,131
Shares of common stock
.$17,063,147
11,187,877
Other income
pay.
one year.
600,000
12,955,105 11,758,158 Bank loans
Inventories
14,685,942 14,345,712 Res. for outst. tr.
300,140
338,589
stamps A coup.
448,160
Other curr. assets.
602,549
244,616
352,846
Other assets
2,265,300 2,263,853 Sundry creditors..
329,724
Reserves
455,915
a Fixed assets
26,400,926 25,568.635
6,749,350
8,945,600
642,449 Long-term debt
Deferred charges..
763,327
Cap.stk.(par $10).13,673,520 13,673,520
Goodwill,
trade¬
Net income
Net sales incl.royalties &
license fees
instal.
1,770,790
2,764,839
acc'ts rec'ble
Minority interest
(Glenn L.) Martin Co.—Earnings—
Cost of sales...
liabilities.. 4,098,544
within
Customers' notes &
Federal and State income taxes
3 Mos. End.Mar. 31—
$
Accounts payable. 2,151,049
9,870,090
Govt, oblig.
352,992
hand
%
Liabilities—
/
Cash in banks and
on
1940
1941
1940
$
in part to
1941
Operating revenue
Operation — — — —
— — — — ———
Maintenance and repairs
O ther interest
Consolidated Balance Sheet Jan. 31
1941
Assets—
first quarter of last year.
Provision for Federal taxes in the first quarter
of 1941 shows a substantial increase over the first quarter of 1940, due
Market Street Ry.—EarningsYears Ended Feb. 28—
Gross income
interest on U. S. Government obligations, less
of premium; $29,146 for dividends and sundry interest;
$65,856 net profit from land and buildings not used in store operations;
total, $100,508, less provision for loss on investment and net loss from sale
of fixed assets of $3,606; balance (as above), $96,902.
e Includes
dividend of 75 cents per share paid Jan. 22, 1940, which
was in lieu of dividend that would have been paid on March 1, 1940.
f After deducting net loss from land, buildings and leaseholds not used in
store operations of $16,803 in 1938 and $22,489 in 1939, and investments
considered worthless and net loss from sale of investments and fixed assets
of $57,397 in 1938 and $363 in 1939.
The 1939 figure includes non-recur¬
ring income (refund of services purchased) amounting to $278,242.
1941 and $288,100 in 1940.
tion of
f After
Less shares in treasury.
d Consists of $5,505 for
amortization
a
966
account department
For possible assessments of taxes
Feb. 3, '40
$2,746,991
transit
and $5,000 for investment
(as above), $83,733.
-
7,000,000
——
-
745,188
42,822,940
owned and leased- — -
f Delivery equipment
Inventory of supplies-Unexpired insurance, prepaid taxes, Ac
Unamortized serial note and mortgage expenses-—
g
1,300,158
124,690
386,965
-
Def. portion of est. loss on
684,134
-
Store fixtures
e
Feb. 3. '40
from demolition of building
lees $14,002 for loss
in inactive subsidiary companiee dissolved; balance
b Including $350,000 for excess profits tax.
c
Balance Sheet
Feb. 1, 41
Comparative Consolidated
Assets—
April 19, 1941
Chronicle
The Commercial & Financial
2558
outstanding.
Earnings per share of common
152, p. 2401.
stock..
Nil
—V.
Inc.—Offering Postponed—
Merck & Co.,
As
conditions in the general securities markets the
decided to postpone for the time being the
result of present
a
directors of its company have
163,167
103",675
55,792
$975,686
15,319
54,866
Federal income taxes.
Prov. for contingencies
1,467,000
515,000
170,600
272,700
and additional taxes..
2,500,000
42,091
32",905
"4*238
Total income
$6,034,048
$2,782,773
$941,793
Interest
*
~
Depreciation...
~
Prov. for normal State A
Miscellaneous
Netprofit
Earnings per share
$1,861,790
$1.70
public offering of common stock of the company.
Accordingly, the com¬
pany is not requesting the Securities and Exchange Commission to make the
company's registration statement under the Securities Act effective as
originally planned.—V. 152, p. 2401.
Minnesota Power &
'
~1~,428
$2,162,670
$1.98
$682,497
$0.62
$628,563
$0.72
The company's backlog
of unfilled orders as of March 31, 1941, was
$327,856,853 in firm orders, plus approximately $130,000,000 in letter
orders and letters of intention.—V, 152, p. 2401.
$6,789,426
212,029
100,508
2,354,254
1,401,789
1,967,875
1,146,090
54,167
50,000
654,167
608,333
579
573
6,894
6,865
$278,287
$259,241
$3,033,618
$3,060,263
—
Property retirement
serve
re¬
appropriations.
of
Amort,
_
limited-term
—
Corp.—Suit Filed—
Corporation has filed suit in United States district court here against
United States Gypsum Co. alleging infringement of its patents covering
manufacture of fibre boards from vegetable products.
Such patents have
heretofore given Masonite a virtual monopoly in the manufacture of socalled "hard boards" made from wood fibre.
Masonite charges that the patent infringement has occurred in the last
and asks an injunction restraining UDited States Gypsum Co. and
and accounting for profits and damages.—V. 152, p. 2074.
six years
Net oper. revenues—
Other income
Int.
1941
1940
1938
1939
94,247,724
97,479,061
545,783
462,053
90,486,593
464,110
l.§89,761
1,842,468
1,841,647
i,578,148
d96,902
$4,859,530
f362,396
$6,681,755
f8,116
b2,024,000
$7,899,265
$6,675,050
991,500
$5,221,926
810,000
$6,689,871
864,000
exps. on mtge
debt
Net cost of additions to
291,258
272,668
281,455
356,691
furniture, fixtures, &c.
537,209
1,007,987
320,595
525,408
19,000
7,000
1,401
133,850
134,642
6,531
72,580
Cr4,805
$3,061,664
1.617,643
70,660
Crl,825
$1,359,802
$1,375,186
990,825
990,825
6,742
Crl57
CY86
$137,865
$118,190
pref. stocks for the period--
$368,977
$384,361
Note—Includes in the 12 months ended January, 1941, provision of
$50,000 for Federal excess profits tax applicable prior to Jan. 1, 1941,but
includes no subsequent provision for such tax since no. excess profits are
-
1,612,606
$7,815,532
a83,733
1,320
$3,034,938
1,607,361
charged to construe.
Balance
sales.--------—$112,954,904 $103905,199 $98,411,263 $107030,180
Costof goods sold, Ac. .101,725,208
Maintenance A repairs.
707,157
36
$259,277
Interest on mtge. bonds.
Other int. & deduction's.
Dividends applic. to
(& Subs.)—Earnings—
Consolidated Income Account for Years Ended Jan. 31
13
$278,300
Gross income
Net income
May Dept. Stores Co.
Net
$7,450,722
taxes
Direct taxes
1941—12 Mos.—1940
1941—Month—1940
$643,300
$622,351
188,561
121,706
Period End. Jan. 31—
Operating revenues
Oper. exps., excl. direct
investments
Masonite
Light Co.—Earnings—
"
Taxes.
------
Deprec. & amortization.
Net profits
Other income.
„
—
Total.
Federal
income
-
taxes...
817,245
774,806
759,382
710,975
Int. A amort, of disc't A
Prov. for Federal surtax.
Prov. for
excess
prof, tax
indicated.—Y. 151, P- 3894.
Missouri Edison
Calendar Years—
$5,046,799
2,768,346
$4,402,895
e4,613,910
$3,809,877
2,768,345
$4,917,771
4,613,903
Balance, surplus.
$2,278,453 def$211,015
cCap.shs.outst. (par $10)
1,230,396
1,230,396
Earned per share
$4.10
$3.58
$1,041,532
1,230,396
$3.09
$303,868
1,230,396
$3.99
1939
1940
1938
$257,658
114,790
7,636
1937
$264,412
126,229
Depreciation
Taxes—State, local, AcFederal & State income.
$278,385
131,052
10,155
25,072
16,796
6,196
24,654
16,043
8,345
from oper.
$75,854
$89,113
$86,190
189
222
266
$89,566
1,487
130
$89,335
35,750
1,456
.$86,456
35,750
2,496
$91,053
35,750
3,056
3,408
3,419
3,419
3,419
645
431
525
610
$36,408
12,866
$48,279
12,866
$44,266
12,866
$48,218
35,381
revenues
Maintenance
Net
earns,
Other income (net)
Total
Netprofit
Common dividends
Co.—Earnings—
$260,846
125,358
8,489
25,138
17,172
8,834
Operationg
Operation
net
earnings
Int. on long-term
General
debt..
interest
$76,044
35,453
6,945
19,459
15,515
y6,698
Amort, of debt discount
a
Consists
§mortization
a
of
$5,501
interest
on
U.
S.
Government
obligations
less
of premium; $26,541 for dividends and sundry interest!
65,308 net income from land and buildings not used in store operations;
5,385 for net profit from sale of fixed assets and investment; total, $102,735-
and expense
Misc. inc. deductions
Net income
Divs.
on
Common
y
pref. stock
dividends
10,000
Includes provision for Federal undistributed
profits tax.
Volume
The Commercial & Financial Chronicle
152
Balance Sheet Dec. 31, 1940
Assets—Utility plant, $1,355,056; cash, $35,413; special deposits,
$9,198; accounts receivable (net), $43,362; materials and supplies, $10,659;
prepayments, $438; debt discount and expense in process of amortization,
$23,331; other deferred charges. $1,689; total,
$1,479,149.
Liabilities—Common stock (2,400 no par shares), $240,000; cumulative
dividend preferred stock, $183,800; long-term debt, $638,300;
payable, $19,125; customers' deposits, $4,920; accrued taxes,
$15,880; accrued interest, including $3,863 covered by special deposit,
$6,865; preferred stock dividend payable Jan. 2, 1941, covered by special
deposit, $3,216; other current liabilities, $1,009; reserve for depreciation,
$122,857; contributions in aid of construction, $1,093; capital surplus,
$121,018; surplus, $121,064; total. $1,479,149—V. 151, p. 2804.
,
,
Calendar Years—
Local service
Toll service
Missouri Gas & Electric Service
Co.—Earnings—
Years Ended Dec. 31—
Operating
Operating
1940
revenues
1939
$638,114
528,911
S140.599
$115,674
$109,202
54,799
1,808
55,297
1,686
55,769
1,618
$83,990
50,620
InSLt Dedu?t4om—me
$58,691
50,539
$51,816
50,487
Interest on long-term debt...
General interest...
Net income
Common dividends
Balance Sheet Dec. 31, 1940
Assets—Utility plant, $2,930,417; property not used or
useful, $6,123;
investments and other assets,
$5,787; cash, $76,908; special deposit for
Payment of bond interest, $4,003; accounts and notes receivable (net).
$121,267; materials and supplies, $37,514;
prepayments, $2,163; deferred
charges, $5,510; total, $3,189,692.
/
sfcock (25,375 no par shares), $873,042; long-term
debt, $1,355,800: accounts payable, $38,774; customers'
deposits, $31,899;
accrued taxes,
$49,301; accrued interest, including $4,002 covered by
special deposit, $20,286; other current
liabilities, $2,161; reserves, $716,430;
^
$3ni89
692
—
Missouri-Kansas Pipe Line Co.—Federal Court Remands
Mokan Suit to Delaware
Chancery—
Judge William H. Kirkpatrick of the Federal Court for the
Eastern
District of Pennsylvania has remanded to the
Delaware Court of Chancery a
suit filed by the
company to restrain Columbia Oil & Gasoline Corp. from
exercising its voting powers as holder of Panhandle Eastern
Pipe Line Co.
Holding there is no ground to sustain Federal jurisdiction of the
action.
Judge Kirkpatrick declared that the suit had been instituted to
prevent
Columbia Oil from blocking
refinancing of Panhandle Eastern's preferred
stock.
He stated that to grant Mokan the
right to'have the District Court
modify terms of a consent decree under which Columbia Oil's
holdings of
Panhandle Eastern stock were trusteed with
Gano Dunn, would mean that
the Federal Bench had taken over full
charge of Panhandle's internal affairs.
According to Judge Kirkpatrick, the decree was designed to
prevent
Columbia Oil and its affiliates from
dominating and controlling Panhandle
Eastern in such a way as to
monopolize interstate commerce in natural gas
in certain sections of the
country.—V. 152, p. 990.
Missouri-Kansas-Texas RR.—Covers Fixed
Charges—
Matthew S.
fixed
Sloan, Chairman stated April 17 that the road earned its
charges in March before adjustment bond interest, which is on a
contingent basis. This is the first time
fixed
in seven
the road has covered
charges in March. "April earnings continue to show
growing improve¬
ment over a year ago," Mr. Sloan said.—V.
152, p. 2402.
Montana Power
Operating revenues
Operat l ng expenses, excl.
438,170
381,268
Property retirement and
depl. res. approp'ns..
Net oper.
mtge. bonds
on
1,804,790
debentures..
Other int. & deductions.
on
Int. charged to construe.
$748,271
def3,956
$6,721,647
$612,556
$156,835
44,125
39,845
Cr3,lll
Gross income..
Int.
149,246
5,351,490
3,956,829
$614,803
def2,247
revenues...
Other income (net)
Interest
403,611
252,308
155,755
Traffic expenses
Commercial expenses
Operating rents
General and miscellaneous expenses-
-
Net operating revenues
Federal income taxes
$7,702,084
640,644
2,658,020
$8,577,229
739,693
382,708
2,561,871
$4,846,904
33,324
$4,892,957
Pr29,453
$4,316,715
54,078
$4,863,504
975,000
17,305
3,487
$4,370,793
Amortization of debt expense
$4,880,229
975,000
146,601
3,498
Net income
Dividends on
$3,757,130
3,363,479
$3,867,712
3,363,479
$3,265,061
3,363,479
$393,651
$504,233
x$98,418
$8,987,475
1,089,023
-
Social security taxes
Other taxes
393,528
Net non-operating income
Income available for fixed charges.
Interest
on debentures
Other interest
Balance.
x
stock--
common
_
376,258
2,368,467
531,309
572,303
2,119
Deficit.
Balance Sheet Dec. 31
1940
Assets—
1939
1939
1940
$
Liabilities—
Telephone plant 115,707,015 111,340,738
Misc. phys. prop
92,795
7,756
Inv.ln affll.cos.
107,580
94,580
$
5
Common stock
48,049,700
par)
Prem.on cap.stk
78,574
30-yr.3^% debs 30,000,000
($100
Other investm'ts
256,288
264,089
Cash & spec, dep
958,166
861,243
59,356
Customers' deps
Adv. billing and
78,574
Adv. from Amer.
17,823
48,049,700
Working funds-
65,466
Notes receivable
Accts. receivable
17,361
2,478,051
Mat'l & supplies
1,414,665
2,253,657
1,359,402
243,232
232,464
95,904
99,402
Insurance fund.
36,342
36,342
Oth. def. digs..
100,333
93,960
Tel. & Tel-
36,806
34,170
631,905
607,240
Accts. pay.&oth.
XJnamortlz. debt
liabil
curr.
expense
4,650,000
for serv.
pay.
30,000,000
Acer,
1,635,805
Def'd
1,852,328
3,759,620
3,368,615
liabilities
not due
86,852
84,383
30,840,118
31,219,909
1,425,893
credits
Deprec. & amort.
reserves
Unapprop.
Total
121,573,199 116,720,812
1,803,825
surp.
121,573,199 116,720,812
Total
"
Earnings for Month of February and Year to Date
Period End. Feb. 28—
Operating
1941— Month—1940
1941—2 Mos.—1940
$2,277,486
8,651
$2,102,805
6,650
$4,590,801
15,968
$4,265,044
Uncollectible oper. rev-.
Operating revenues
Operating expenses.
$2,268,835
1,465,031
$2,096,155
1,420,488
$4,574,833
2,984,856
$4,248,610
2,879,090
Net cper. revenues
$803,804
"$675,667
318,902
$1,589,977
735,232
$1,369,520
367,714
$436,090
336,290
$356,765
278,486
$854,745
651,101
$723,030
563,494
Feb. 28, '41
Feb. 29, '40
revenues.
Operating taxes
16,434
$744,315
$157,976
44,125
.v
35,643
$6,722,918
$1,888,365
529,495
485,108
Crll,265
-----
Net income
$374,862
$506,572
Divs. applicable to preferred stock for the period-
Net oper. income
Net income
646,490
—V. 152, p. 1596.
1941—Month—1940
1941—12 Mas.—1940
$1,589,996
$1,553,436 $17,834,756 $15,388,942
direct taxes..
Direct taxes....
$26,946,932 $25,527,313 $24,360,802
4,663,200
4,001,110
4,225,310
3,640,787
3,569,565
3,707,363
4,423,456
4,332,205
4,350,575
2,279,470
2,447,542
2,275,149
434,986
473,371
461,192
2,244,524
2,011,120
2,027,333
Depreciation & amortization expenses
years
Co.—Earnings—
Period Ended Feb. 28—
Total operating revenues
maintenance
Current
Prepayments.—
W20fpC01924UCtl0n' $3,201; earned surplus' $98-798; total,
V
'
Net operating income
$666,736
551,062
1938
1939
$27,038,804 $25,596,056 $24,477,841
"
91,871
68,743
117,039
Uncollectible operating revenues
1938
$653,189
512,591
expenses and taxes
revenues
Total
accounts
Directors have declared a dividend of 40c.
per share on the common
stock, payable June 2 to holders of record
May 1.
Like amount was paid
^ an<* on June 1,
1940, and compares with 35c. paid on Dec. 1,
1939; 25c. paid on June 1, 1939; 35c. on Dec. 1. 1938; 25c. on June
1, 1938;
$1 on Dec. 1. 1937, and 50c.
paid on June 1, 1937.—V. 152, p. 2401.
1940
$18,243,872 $17,261,862 $16,516,692
7,645,699
7,245,216
6,887,283
1,149,233
1,088,978
1,073,865
revenues
revenues
Miscellaneous
non-par $7
Mid-Continent Petroleum Corp.—40-Cent Dividend—
2559
Mountain States Telephone & Telegraph Co.—Earns.
1,271
$3,831,215
957,534
4,767,664
2,654,390
1,647,535
$6,319 353
defl,644
$6,317,709
$1,903,030
529 495
439 503
Cr8,527
$3,454,208
957,529
Balance
$2,873,681
$2,496,679
Note—Includes provision of $69,340 and $579,548 for
Federal excess
profits tax in the month of February, 1941, and in the 12 months
ended
Feb. 28, 1941, respectively.—V. 152, p. 2244.
Murray Corp. of America—Earnings
6 Months Ended—
Gross nrofit from sales, before
deducting provision
for
_
_
$1,312,153
26,277
$1»101,791
43,199
depreciation..
Discounts on purchases
23,566
4,950
$1,168,556
Sell, service, gen. & adminis. exps. & corporate tax.
502,656
Idle property expenses and miscellaneous deduct'ns
20,367
Provision for Federal taxes on income
173,000
$1,343,379
464,339
93,309
126,000
Miscellaneous income
Total income
—
-
$472,532
Net profit
Earns, per share on common stock.
Note—Provision for depreciation
$340,737 in 1940.—V.
National Bond
to
$659,731
$0.49
$316,289 in
$0.69
1941 and
152, p. 1288.
& Share Corp.—Earnings-
on
1940
1939
1938
$75,399
1,136
563
$72,113
3,681
$55,225
7,790
$66,427
5,801
bonds
1941
$65,291
3 Months End. Mar. 31
Dividends
Interest
—— --
amounted
$75,962
5,859
$75,794
6,095
$63,015
6,314
"
Moore-McCormack Lines,
Named—
Inc.—Principal Underwriters
Total
Expenses.
—
Prov. for Fed., State &
other taxes.
E. H. Rollins & Sons, Inc., and Schroder
Rockefeller & Co., Inc., are
as the principal underwriters in the
group which plans to offer later
this month 30,000 shares ($100 par) $5 cum.
pref. stock (convertible until
Dec. 31, 1950) and 85,000 shares of common stock
Vice-President and Treasurer—officers and directors
associated with
company since its
incorporation in 1927, retain together about
the
the
72%
of
stock, or 36% each.
On Dec. 31, 1940, they sold to Kuhn,
Loeb & Co.; Beavan Corp., and Schroder Rockefeller &
Co., Inc., 30,000
shares of $5 no par pref. stock and 2,150 shares
(no par) common, which
have since been converted into 30,000 shares
($100 par) pref. and 107,500
shares ($1 par) common,
It is understood that Kuhn, Loeb & Co. are
retaining 22,500 of such common shares as an investment.
Moore-McCormack Lines, Tnc., has heretofore been a
closely held cor¬
poration.
With the public sale of these portions of the pref. and common
common
stocks the company will become, in part, a
publicly owned enterprise
operating, through the American Republics Line and the Pacific Republics
Line, the only regular southbound and northbound services under
the
American flag from United States North Atlantic
ports and United States
Pacific ports and Canadian Pacific ports, to ports on the east
coast of
South America
A total of 28 oil-burning vessels are
operated in the
.
two
services, 13 of which
vessels.
Of
United
States
Mormactide,
seven
company-owned and 15 of which are chartered
ships that have been under construction for the
are
new
Maritime
a
cargo
Commission
and
for sale to the company, one—the
of 7,800 tons—was delivered
passenger vessel
to the
was
4,677
3,545
$65,021
$53,156
764,408
800,020
820,624
801,442
$820,580
Dec. 31
($1 par).
McCormack,
5,580
$64,523
Surplus income—Balance
named
The proposed offering will represent about
17% of the outstanding
common stock
of Moore-McCormack Lines and
approximately 55% of
the pref. stock.
Albert V. Moore, President, and Emmet J.
4,454
$56,172
Net income
$864,543
$885,645
$854,597
54,000
54,000
54,000
45,000
$766,580
$810,543
$831,646
$809,597
L
surplus income.
Surplus
ance,
Income
bal¬
March 31
i
Notes—a Realized net loss on sales of securities (computed on the
basis of average costs) carried to profit and loss on
securities sold
--.$117,551
b Aggregate unrealized depreciation in value of securities
as compared with cost;
Depreciation, March 31, 1941
Depreciation, Dec. 31, 1940
owned
-.$629,002
339,122
Deprec. during the 3 mos. ended Mar. 31, 1941_.$289,880
Balance Sheet March 31
1941
1940
banks._-.$2,045,957 $1,700,994
Cash In
but not delivered
rec.
&
14,173
25,151
7,193,064
company April 10 ready for service.
Another, the Rio de Janeiro,
launched April 12 at Chester, Pa.—V. 152,
p. 2244.
$54,000
54,000
29,800
Capital stock--- 4,500,000
27,387
4,500,000
5,025,291
766,580
5,025,291
810,543
Dlv. pay. April 15
Res. for taxes....
a
Capital surplus—
Surplus Income
Prof. & loss
Manufacturing Co .—Accumulated Dividend—
Directors have
declared
dividend
Nation-Wide Securities Co.—Dividend—
'
Directors have declared
dividend of three cents per share on the series B
May 11 to holders of record April 15.
Dividend of
a
certificates payable
eight cents was paid on Feb. 1, last; 4 cents paid on Nov. 1, last; 5 cents on
Aug. 1,3 cents on Mayjl, and 9 cents paid on Feb. 1,1940.—V. 152, p. 1135.
profits
since Mar. 1,
'31Dr2075839 Z)rl538,113
of
$2.50 per share on account of
accumulations on the first preferred stock and on the "C" preferred
stock,
both payable May 1 to holders of record April 23.
Dividends of $1.25
were paid on April 1 last, these latter being the first dividends
paid since
December, 1939.—V. 152, p. 1288.
a
...
on sec.
sold& divs. paid
from sec.
Nashua
r
$54,275
but not received
int.
21,084
Sees, owned at cost 6,232,790
Furn. & fixtures,.
1
accrued...
1940
Pay. for sees. pur.
Rec. for sees, sold
Divs.
1941
Liabilities—
Assets—
Total
a
—$8,299,832 $8,933,383
Total
-—$8,299,832 $8,933,383
Represented by 360,000 no par shares. —V. 152, p. 1288.
National Can Co.—New Vice-President—
E
D. Murphy, in charge of general line
sales has been elected a Vice-
President
S. Carle Cooling, Safes Manager of the Sanitary Can Division,
G. Hopkins, formerly Chief Engineer also have been elected Vice-
and A
Presidents.
G. F. Doriot has been reelected President.
The conipany re¬
cently changed its name to National Can Co. from McKeesport Tin Plate
Corp.—V. 144, p. 1792.
(Conde) Nast Publications,
«
Net
profit
share
$0.53
$0.56
b On 340,000 shares of
--
and Federal income taxes,
152, p. 126.
After depreciation
Net income..
$129,844
$0.78
The excess profits
for excess profits
$191,339
$0.97
-
stock
No provision included for Federal excess profits tax.
tax amendments of 1941 canceled the provision of $39,000
a
Products Corp —New President—Retire-
National Dairy
ment Plan
H.
1940.—V. 152, p. 1760.
tax in the year
Voted—
founder of the corporation and its President
for the last 18 years, was on April 17 elected to the new post of Chairman.
L. A. Van Bomel, formerly Executive Vice-President, was chosen President.
Stockholders approved a retirement annuity plan for employees receiving
compensation exceeding $3,000 annually, and adopted a by-law providing
for the indemnification of officers and directors against expenses of litigation
in certain instances.
They approved the retirement of 8.633 shares of
common stock held in the treasury and authorized an amendment to the
charter eliminating reference to the class A and B preferred stocks pre¬
viously redeemed and canceled.—V. 152, p. 2245.
Thomas
Years
Statement of Income for Calendar
Included)
earnings
and taxes
Expenses, gas purchased
Reserves for deprec.,
$4,720,271
26,417
Profit and loss adjustments
—.
$4,693,854
4,168,005
Net profit
Dividends paid
,
$3,951,661
4,176,941
45,577
1940
$
bonds, debs,. &c.
of discount and
Jan.15
payable.
952,546
952,546
898,009
deposits..
6,044,500
6,512,000
Accts. receivable
2,638,566
83,595
2,286,352
Int. & taxes pay.
1,513,914
84,352
375,158
interest
1,957,222
27,482
5,176
Securities
2,004,480
111,501
1,890,145
2,323,231
125,000
125,000
27,561,752
26,909,609
360,120
360,120
90,263,457
liability
Res. for deple.,
89,597,870
369,019
Prop., pl't &eq.
355,438
Def'd assets
depreciation &
amortization.
Prem.
11,111
4,001
$338,431
$431,685
$732,977
10,399
21,784
27,476
68,672
54,317
43,399
Crl4,753
$570,252
$305,898
157,534
$415,762
315,069
$816,403
735,161
(net)
,
Earned surp., excl. of
Items set
forth
in
of consolsurplus
pref. stock
summary
Divs.
on
a
Revised
figures.
Consolidated Balance Sheet Dec. 31
1940
account
and surplus.. 75,494,005
Cur. <fc accr. assets
10,302
2,598,618
285,416
75,102,378
&C-980,559
Prem. rec. on pref.
15,268
3,076,258
50,004
1,334,036
trustees
Discts.
on
debt,
.
17,374
stock of corp—
funded
on
220,422
property
7,272,098
for
x
34,854
20,946
3,810.183
$1.12
$0.95
Profit and loss adjustments
profit
Dividends....
Earnings
per
share
...
2,307,345
Div. pay. Jan.15
952,546
952,546
5,663,774
6,040,283
Accts.
payable.
762,913
644,443
2,335,699
2,027,133
Int. & taxes pay.
1,396,149
887,127
76,473
74,540
431,098
1,763,275
Consum's depos.
Def'd credits...
353,727
1,801,815
1,731,907
Time deposits..
Accts.
receiv
Int. & rents
$
$
Liabilities—
S
$
3,422,776
rec.
Mat'ls & suppl's
Prop., pl't&eq.
80,581,064
79,983,860
351,150
depreciation &
Deferred assets.
stock..
Capital
23,592.821
23,009,670
360,120
360,120
68,517,980
_
68,179,242
94,581,564
capital
on
......
acct.
&
surplus—
3,810,183 shs.
96,076,013
-V.151, p.
94,581,564
par)...
Total
National Public Service Corp.—Sale
Nebraska Natural Gas Co.—Sale
Exchange Commission
of Assets—
on
April 11
an
order
1941—Month—1940
$728,703
$703,641
Operating revenues
Operating expenses, excl.
_____
1941—12 Mos.-—1940
$8,709,237
$8,411,283
314,184
111,164
3,811,947
1,488,648
52,500
638,400
630,000
Amortization of Limited-
800
1,800
11,600
23,050
$232,169
2,427
$223,993
$2,758,642
3,365
$2,797,622
2,119
mtge. bonds
debenture bonds
$234,596
$61,875
17,500
$224,110
$61,875
17,500
$2,799,741
$742,500
Other int. & deductions.
11,157
Cr 229
8,886
CrS 27
$2,762,007
$742,500
210,000
114,987
Cr3,840
$144,363
$136,176
$1,698,360
499,100
S50.456.965
9,003,570
7,413,703
8,710,035
8,403,624
4,425,895
4,277,492
Operating rents
General and miscellaneous expenses--
4,815,293
Traffic expenses
-
409,274
$17,878,914
Net operating revenues
2,893,249
Federal income taxes
a
Social
Other
security taxes
(principally State & local) taxes
Income available for fixed
Excluding
$1,199,260
$1,236,349
"
Net oper. revenues
Other income
'
Gross income
Int.
on
Int.
on
Int. charged to construe.
Dlvs. applicable to preferred stocks for the period
Balance..-.Note—No provision
resent
----
210,000
110,997
def795
has been made for Federal excess profits tax since
no such tax will be payable.—V. 152, p. 1760.
indications are that
$8,770,695
430,203
charges. $9,329,935
$9,661,006
294,196
$9,200,899
$9,366,809
7,350,000
$8,650,634
7,000,000
128,869
...
stock
...
$9,201,065
7,000,000
transferred to surpl. $2,201,065
$123,849 charged construction in
1938.
550,264
$2,016,809 $1,650,634
1940, $121,726 in 1939,
Comparative Balance Sheet Dec.
1940
*\.sscts
§
Telephone plant.219,590,212
20,602
Misc.phys.prop.
19,958
54,600
158,015
689,516
598,019
56,123
55,898
Accts. receivable
5,175,081
2,256,439
4,739,472
2,285,415
Prepayments
466,786
Other def. chgs.
229,758
342,401
179,470
Mat'l & supplies
1940
1939
S
LiaMlUUs—
S
214,779,923 Capital stock. ..140,000,000 140,000,000
Working funds.
Cash
31
1939
§
1 ~
Other investm'ts
117
_
Net income
4,943,378
$16,503,491 $15,432,032
1,755,205
1,689,675
786,630
774,576
4,614,129
4,197,085
313,480
Net income.
a
740,093
416,135
4,438,947
$48,523,102
8,711,926
7,312,867
8,093,083
4,167,126
429,391
4,376,674
$9,347,526
Interest deductions
on common
_
15,666,2ol
1,422,838
$9,302,194
27,740
income
Net non-operating income
Income balance
1938
_
Total operating revenues
$53,218,392
Current maintenance.
9,379,311
Depreciation & amortization expenses
7,599,669
$1,735,449
499,100
term investments
1939
16,240,181
1,431,960
$53,332,298 $50,590,784 $48,742,813
113,906
133,818
219,710
Total
Uncollectible operating revenues
3,661,822
1,298,789
56,700
_
1940
.
and $116,786 in
307,971
131,063
direct taxes
Direct taxes
Property retirement re¬
serve appropriations.
Co.—Earnings—
16,739,324
1,504,833
Calendar Years—
Local service revenues
Toll service revenues.
Dividends
Co.—Earnings—
Period Ended Feb. 28—
ago.—V. 152, p. 2402.
Jersey Bell Telephone
Net operating
issued
granting the application of North American Light & Power Co. regarding
the proposed sale by its wholly owned subsidiary company, Nebraska
Natural Gas Co., of all of its assets (other than cash) for $1,700,000 (with
minor adjustments) to the Kansas Pipe Line & Gas Co., not affiliated
with any public-utility or holding company.—V. 145, p. 3778.
Nebraska Power
New
Commercial expenses
Postponed—
The New York Trust Co., trustee for the company's debenture, has
postponed from April 22 to June 24 the sale at public auction of a single
block of 712,411 shares of Jersey Central Power & Light Co. common
stock, collateral supporting the debentures.
The stock was originally
scheduled to be auctioned on Sept. 10.1936, but the sale has been postponed
from time to time.—V. 152, p. 1288.
Securities and
& Electric Association
This is an increase of 2,313,8,062,523 kwh. for the corre¬
sponding week a year ago.
•
Gas output is reported at 103,053,000 cu. ft., an increase of 8,214,000
cu. ft., or 8.66% above production of 94,839,000 cu. ft. in the corresponding
Miscellaneous revenues
Co.—Bonds Called—
Company has called for redemption on May 19. 1941, all of its out¬
standing 6% gold debentures, series A, due Aug. 1. 2026, at 110% and
accrued interest.
The bonds will be redeemed, at the principal office of
Central Hanover Bank & Trust Co., 70 Broadway. New York.
Holders
of the bonds may present same for redemption at any time on or after
April 19 and receive the same redemption price with interest to May 19,
1941.—V. 152, p. 271.
The
reports electric output of 10,375,651 kwh.
128 kwh., or 28.69% above production of
week a year
1903.
National Power & Light
Association—System
Electric
&
April 11, New England Gas
stock
com.
(no
Gas
Output—
For the week ended
96,076,013
amortization
England
New
liability
Prem.
Total
New Bedford Rayon Co.—IB-Cent Dividend—
dividend of 75 cents per share on the class A
stock, payable June 2 to holders of record May 22. | This compares with
$1 paid on March 15 last: 50 cents paid on April 25, 1940, and $1.25 paid
on Jan. 27, 1940.—V. 152, p. 1599.
4,291
113,027
Res. for deple'n,
340,692
26,729
113,027
1,931,888
112,548
contracts.—V. 152, p.
'
Directors have declared a
Res. for casualty
111,354
Securities
Other assets
1,474,949
1939
1940
1939
1940
Assets—
261,413
8,877,106
53,657,255 53,740,584
sold under long-term
For losses on appliances
2402.
—
Total
53,657,255 53,740,584
Total
x
Consolidated Balance Sheet Dec. 31
Cash
286,512
—
Surplus..
Net
156,234
of
$3,601,477
3,810.183
construction
35,544
$4,283,237
in aid
50,727
164,220
Reserve....
Other mis. reserves
Contrib.
162,415
con¬
tingencies, &c._
$3,637,021
,597
163,919
Res. for deprec.__
Reserves
270,756
credits
Suspended
to
173,162
270,756
Def. credit items..
Omitted)
Years Ended Dec. 31—
1940
1939
Total earnings.
$15,591,937 $13,653,468
Expenses, gas purchased and taxes.
9,866,465
8,805,813
Reserves for deprec., depletion and amortization..
1,421,290
1,210,633
$4,304,182
17,374
pref. stock Dr620,700 Drll26,291
Long-term debt—24,843,700 25,731,821
871,222
Cur. & accr. liab__
777,261
Dis.
Consolidated Statement of Income (Minority Interests
Net income
$
_
Total .......107,307,986 105,592,139
105,592,139
1939
S
1939
1940
TAabUUies—
$
$
8,468,300
846,830
49,173,493 48,687,866 Common stock.
Preferred stock—10,502,300 10,502,300
Invests, in, & adv.
to, controll. co.'s
608,867
577,152 Com. stk. of sub.
605
companies
605
Bd. redemp. funds
Plant
Def. debit items.-
Capital
107,307,986
84,621
11,112
4,223
arising from retirem't of bds. & debs.
Miscell. debits to surplus
with
stock
Total
83,786
11,430
2,272
Profit
capital
on
81,604
12,000
1,703
Assets—
Res. for casualty
112,695
80,188
—
452.758
Mat'ls & suppl's
deps.
Def'd credits--.
.
$2,186,850
1,354,140
Miscell. income deduct's
963,017
Int.& rents rec.
Other assets—.
$1,923,636
1,392,829
expens s on securitiesTaxes assumed on bond
721,536
Consum's
$1,788,801
1,355,065
dated
DIv. pay.
Accts.
Time
$1,943,200
1,312,050
Cr32,993
on
Amort,
S
TAabUUies—
$2,090,889
95,961
$537,259
Int.
1939
$
2,430,055
3,835,647
40,271
607,565
•
1939
$
Assets—
Cash
37,978
625,104
1,887,269
_
Other income.
Consolidated Balance Sheet Dec. 31 (Minority Interest Included)
1940
252,147
565,019
2,224,745
572,946
Depreciation
$3,990,939
39,278
--
$5,705,748
a282,679
579,092
32,241,242
599,517
deduct.
Other oper. rev.
$5,278,581
1,287,642
Net income.
1937
$5,585,895
250,892
567,787
2,209,962
588,127
198,964
(incl, Fed. taxes)
Taxes
1939
$6,226,514
depletion and amortization..
1,506,242
Net income
1938
$5,38*7,590
$5,216,526
Operating revenues
Maintenance
$17,119,708 $14,956,649
10,893,194
9,678,068
.
-
1939
1940
Calendar Years—
{.Minority Interest
1940
Total
Subs.)- -Earnings
Nevada-California Electric Corp. (&
Mclnnerney,
National Fuel Gas Co.—Earnings—
Consolidated
164,844
35,000
72,000
and State inc. taxes
Earnings per share of common
stock, no par.—V.
common
1940
$958,190
SI,218,783
263,339
--
Earnings before income taxes
a Provision for Federal normal
$191,692
$181,490
»
b Earnings per
a
.A?,4!Lo
1941
31
Quarter Ended March
Net sales of products
Subsidiaries)
31—
3 Months Ended March
Corp.—Earnings—
Nehi
Inc.—Earnings—
(Including Domestic
April 19, 1941
Chronicle
The Commercial & Financial
2560
Adv. from A. T.
2,700,000
& T. Co
Adv. billing
Accts.
1,343,406
KS1
payable &
liabs.
1,531,718
3,125,392
19,329
65,343,612
7,570,114
not
due
Deferred
2,266,210
4,196,478
20,000
68,221,436
oth. curr. liab.
Accr.
4,225,000
1,439,870
and
cust's' deposit
credits
Deprec. & amort
reserves
Surplus
Total
-V. 152, p.
228,539,118 223,158,5741
1136.
Total.
9,695,125
.228,539,118 223.158,574
Volume
152
The Commercial & Financial
Chronicle
New England Power
Co.—Bonds Called—
Calendar Years—
Total income
New
1941
1940
1939
revenues —.—820,613,338
319,298,984 $18,665,720 $18,044,147
14,074,849
13,625,499
13,368,663
13,040,083
expenses
: ,502,090
4,410
$2,020,608
605,217
33,961
642,936
567,490
628,390
$835,201
1,000,000
$825,193
1,000,000
$824,728
1,000,000
$178,518
Profit for year
$164,799
..
Dividends
1938
$1,444,829
$821,482
1,000,000
charges
1939
$1,430,646
4,659
604,504
tax accruals...
England Telephone &
Telegraph Co.—Earnings—
Operating
Operating
RR.—Earnings-
1940
Railway
Interest
3 Mos. End. Mar 31—
2561
New York & Harlem
A total of $96,000 first
mortgage series A, 3^% bonds due Nov.
15. 1961
has been called for
redemption on May 15 at 103% and accrued
interest.
Payment will be made at the
New England Trust
Co., Boston, Mass.—V.
X51, p. 3z47.
..
Deficit
1938
1937
$6,538,488
2,575,573
$5,673,485
2,207,471
$5,297,057
1,996,388
$5,004,064
1,935,583
$3,962,915
$3,466,014
50,433
65,990
90,716
62,064
$3,300,668
85,477
$3,068,481
76,801
59,326
$174,807
$175,272
Condensed General Balance Sheet Dec.
31, 1940
Assets—Total investments, $22,640,620;
cash, $29,127; interest and
dividends receivable,
$2,863; rents receivable, $570,000; total,
$23,242,609.
Liabilities—Common stock, $8,656,050; preferred
stock, $1,343,950;
total long-term
debt, $17,841,097; current liabilities,
$573,116; profit and
loss (debit
balance), $5,171,605; total, $23,242,609.—V. 144, p. 3512.
Income available for
fixed charges
Bond interest.
Discount on funded debt
Other interest
$3,947,358
1,050,000
$3,494,666
$3,085,957
1,050,000
42,043
169,642
$3,323,843
1,050,000
42,042
156,999
Stockholders Defeated in Equity Move at Annual
Meeting—
^et income
$2,662,483
$2,232,981
2,333,551
$2,074,801
2,000,187
$1,848,574
2,000,187
x$100,570
$1.67
$74,614
$1.56
x$151,613
Net oper.
revenues—
Operating
taxes
Net oper. income
Otherincome
Miscellaneous deduct'ns.
New
42,042
192,832
Dividend appropriations
2,333,552
Balance, surplus
Earns, persh.
x
$328,931
on cap.
62,303
stk
$2.00
Deficit.
995,833
41,709
199,840
$1.39
.three months of the current
year the company had a net gain
o£ f^ASl telephones as compared with a net gain of 11,515 telephones during
the three months of
1940.—V. 152, p. 1761.
New Rochelle Water
Co.Calendar Years—
Operating Revenues—
-Earnings-
1940
1939
1938
bl937
Water sales:
Domestic <fc comm'l
_
$754,413
54,528
50,556
174,112
5,083
9,180
b$807,908
b39,785
b55,102
$1,047,870
$1,078,797
2,453
$1,026,128
4,019
6,483
1,030.147
59,201
2,628
$1,081,250
420,784
35,953
159,087
58,578
19,629
380,877
39,103
150,163
56,610
32,000
$1,003,398
443,836
49,610
134,757
56,000
32,000
$386,853
316,080
$387,219
316,080
~~2~, 970
$371,392
316,080
1,468
1,439
$287,190
316,080
3,701
3,639
25,039
5,880
25,038
5,485
25,038
5,394
_
Industrial
Other water
Municipal
Miscellaneous
Other oper.
revenues
Total oper. revenues..
Non-operating
income.
25
_
1,047,895
408,873
38,666
151,674
expenses
Maintenance
a Taxes
Prov. for retirements
Regulatory
comm. exp__
Gross income
Interest on funded debt.
Int. on construct'n
(CY.)
Other interest
Amort, of debt discount
1,886
1,903
and expense
25,039
Miscellaneous,.
6,067
Net income
a
$996,915
on
Haven
152,
$39,651
.....
the company's
Calendar Years-—
as
Assets—Property, plant and equipment, $10,372,323; cash in banks
25-kand, $217,769; special deposits, $1,121; accounts receivable,
operating
2^orr£s.sets' fl«597;
and
1940
Depreciation
Operating income
Non-operating
materials
rent,
and
supplies, $63,416;
$853; deferred charges,
$5,875,000; accounts payable and sundry
accruals, $53,793; taxes accrued,
$8,895; interest accrued, $55,433; due to
affiliated companies,
$8,779; customers' deposits,
$33,206; customers'
advances for construction,
$187,289; reserve for depreciation, $1,010,790;
in aid of
construction, $171,155; 7% cum. preferred stock,
$1,950,000: common stock (50,000 shares—no
par), $1,000,000; capital
surplus, $599,239; earned surplus,
$255,778; total, $11,209,359.—V. 151.
New York Central
The
_
CY89.598
deductions
$7,385,265
$7,100,138
4,336,378
Cr7,208
107,632
Cr22,399
$7,497,764
3,902,158
CY23.242
$7,387,892
4,452,797
Cr8,413
129,683
22,371
64,606
64", 396
$2,621,130
1,012,473
576,528
$2,749,429
576,528
$1.98
$0.97
per share on com. stock.--.
1,012,47.3
1,057,895
$1.09
Balance Sheet Dec. 31
1939
$
Special
deposits
Investments
1940
§
Fixed assets....136,808,379
44,080
1,416,940
1,445,692
1,496,767
1,513,091
772
1,098
1,220
Accts. receivable
2,020,873
1,042,230
1,289
1,928,940
Cash
Notes receivable
Mat'ls & suppl's
Prepayments...
Other
curr.
Deferred
1,124,769
72,344
180,903
assets
charges
1939
TAdbUities—'
135,351,572
49,529
882,968
1,189,063
729*079
a
$
$6 pref. stock.
9,608,800
9,608,800
14,463,900
b7% pref. stock 14,463,900
c Common stock
8,937,107
Long-term debt. 66,582,000
8,937,107
66,582,000
Advs. from affil.
companies—
Long-term
20,550,000
20,550,000
3,109,923
3,109,923
2,107,458
2.408,035
liab.
relating to SacandagaReser
Accts. payable.
Consumers' dep.
Accrued llab
Deferred
400,442
719,407
915,620
855,910
2,793.837
credits
2,187,975
Res. for deprec'n 13,693,595
Other reserves..
RR.—Prepays Promissory Notes—
company announced April 17 that with the
consent of the National
City Bank and the Reconstruction Finance
Corp. it had repaid $5,000,000
three-year secured promissory notes, which were to
have matured on
Sept. 12, 1941.
The company also announced the
payment of $1,100,000
of equipment trust
certificates, Issued under its first 1929 equipment trust.—
V. 152, p. 2402.
2,627
$3,686,074
576,528
1,012,473
1,481,053
Net income
Divs. on $6 pref. stock
Divs. on 7% pref. stock
Divs. on common stock
Earnings
1938
$7,101,879
Drl,741
14,941
Amortization of debt disc't and exp.
Amort, of premium on debt
Miscellaneous
1939
$7,512,705
income (net)
Gross income
Interest on long-term debt..
Interest charged to construction
Int. and divs...
construction
prepaid insurance and
$408,705; total, $11,209,359.
Liabilities—Funded debt,
RR.—Independent
$25,993,024 $25,345,184 $25,242,211
10,709,988
10,836,201
10,208,703
1,480,369
1,273,206
1,155,205
3,019,000
2,975,000
2,945,000
3,270,963
3,158,897
3,548,039
expense
Maintenance expense.
A. ssctS'mm^m
of Dec. 31, 1940
Hartford
Light Corp.—Earnings—
revenues
1940
Balance Sheet
$143,575;
&
2403.
p.
New York Power &
Operating
Operating
$37,251
$24,817
def$59,259
estimates, there was no taxable net income for
Federal income and excess
profits taxes,
b Restated.
Based
normal
$741,155
46,931
44,199
163,260
1,368
36,832
48,967
167,712
1,560
168,920
b4,520
2,563
New
An independent
group of stockholders conceded defeat April 16 in
their
campaign, through proxies, to unseat the 15 incumbent
directors.
The
group had sought to elect a new board
dedicated "to give whole-hearted
support to the stockholders" in the
system's reorganization proceedings.
At the annual
meeting of stockholders this independent group turned in
proxies, which, it is understood, represented
491,491 shares of common and
preferred stock, the holders of which wanted a new
directorate.
Of the
more then
2,000,000 shares of the New Haven's stock
outstanding, about
490,367 are 7% cumulative preferred shares and
1,571,186 common shares.
When the ballots were cast
Edward G. Buckland, Chairman of
the
Board, announced that the result of the voting would be
announced April 19.
On the contention that the
present directorate lacked interest in what
equity would be granted to stockholders in current
reorganization proceed¬
ings, the independent group was led at the
meeting by Harry W. Harrison
and Robert E.
Smith, both of New York City.
The amended plan of
reorganization of the Interstate Commerce Commis¬
sion which soon is to
have a hearing in the Federal
Court, calls for liquida¬
tion of the equity of the
stockholders, although the road contends that there
would be some equity for them if the
system's $48,000,000 interest in the
Grand Central Terminal and the New
York & Harlem RR. were included
in the plan.—V.
Taxes
Total earnings
Operating
$771,054
York
11,945,049
809,012
52,239
Contrlb.inaidof
construction
759,902
.
Earned surplus.
840,317
309,343
of
Total
a
New York City Omnibus
Corp, (&
Calendar Years—
revenues....
expenses
1940
1939
1938
1937
Net oper. revenues...
Taxes..
$4,645,856
2,396,922
$4,715,448
2,190,070
$4,722,106
2,103,542
$4,652,672
1,952,315
Net earns.from oper'ns
Other income (net)
$2,248,934
40,500
$2,525,379
37,662
$2,618,564
38,296
$2,700,357
25,642
$2,656,860
446,086
210,774
238,618
$2,256,620
$1,755,261 c$l,952,131 c$l,972,156
1,583,639
1,939,994
1,906,864
$2,024,951
2,239,744
281,021
Net income.
Prov. for such amortiz'n
a
b Net income........
Dividends.
$2,008,412
253,151
$2,563,041
365,133
$2,197,908
245.778,;
469,379
231,669
a Before
provision for amortization of "amount to be
amortized on basis
of the recapture contract in
monthly instalments."
b After provision for
such amortization,
c
Earnings per share
1940, $4.01 in 1939 and $4.10 in 1938.
on
capital stock
was
$3.60 in
Represented by 96,088 no par shares,
b Represented by shares of
c Represented by
1,057,895 no par shares.—V. 151,
New York & Richmond Gas Co.Calendar Years—
Gross income
Oper.
$2,725,999
Gross income..
..$2,289,433
Int. & other deductions-
144,209,279 143,092,322
2950.
Subs.)—Earnings—
.$12,890,292 $12,780,696 $11,959,573
$11,552,019
8,244,436
8,065,248
7,237,467
6,899,347
Total
$100 par value,
p.
Operating
Operating
144,209,279 143,092,322
exp., taxes,
Net income
cum.
pref. divs
Balance
_
——
1939
1938
1937
$1,206,110
$1,186,216
894,714
863,887
$1,157,324
892,322
$342,553
176,392
$311,397
163,494
$322,329
158,541
$265,002
147,336
$166,161
40,526
&c
Gross income..
Int. & other inc. charges
6%
Earnings—
1940
$1,242,584
900,031
$147^903 ""$163,788
$125,635
$147,903
During 1940, several changes have been made
financial structure of the company.
$117,666
28,953
$163,788
$88,713
in the accounts and the
On Sept. 20,
1940, there was filed in the office of the Secretary of State
Albany, N. Y., with the authorization of stockholders and the approval
P. S. Commission, a certificate reducing the capital represented
by
common
stock from $1,500,000 to $850,000.
The entire reduction of
$650,000 was applied to the reduction of the balance in acquisition adjust¬
ment account from $1,050,000 to $400,000, in accordance with a
previous
at
of the
decision by the P. S. Commission.
On Dec. 20, 1940, a plan of capital adjustment was consummated
by the
a certificate in the office of the Secretary of State, with the auth¬
orization of stockholders and the approval of the P. S. Commission,
pro¬
_
filing of
Consolidated Balance Sheet Dec. 31, 1940
Assets—Cash, $744,718; marketable municipal
securities at cost (quoted
value, $206,642), $193,819: receivables,
$18,697; inventory of
gasoline, oil, &c, $5,787; prepaid insurance,
taxes, licenses, &c.,
$59,431;
special deposits, $933,352; investment in and
advances to affiliated com¬
panies, at cost, $275,208;
property and equipment, $15,187,434; amount
tojbe amortized on basis of recapture contract in
monthly instalments com¬
mencing on Jan. 29, 1935 and ending on Dec. 26, 1958, stated
on basis of
amount which, less
prior amortization, is provided to be paid
by City of
New York in event it shall elect
to exercise right granted
by Recapture Con¬
tract (less amortization from Jan.
29, 1935 to Dec. 31, 1940,
$1,394,796),
$6,105,204; payment ($475,000) to the City of New York under
Franchise
contract of EighthVAvenue Coach
Corp., less amount ($245,740) amortized
to date,
$229,260; organization expense, &c., for which a reserve is
being
provided, $304,021; deferred and unadjusted
items, $26,789; total, $24,083,717.
market
Liabilities—Accounts
payable (including accrued payroll),
$192,732;
accrued Federal income taxes
(subject to review by U. S. Treasury
Dept.),
$942,465; accrued State, local and miscellaneous Federal
taxes, $185,045;
accrued interest (less deposit for
payment of interest due Jan. 1,
1941,
$84,064), $12,553; equipment purchase obligation,
2.25%, payable in
monthly instalments ($1,224,135 due in 1941); secured by motor
coaches,
$2,704,121; bonds assumed (originally issued by New York Rys.
Corp.),
$2,852,921; reserves, $5,912,637; capital stock (487,872 shares, no
par),
$3,198,379; deferred credit, $79,260; credit in respect of amount to
be
amortized on basis fof Recapture
contract, $6,105,204; capital surplus
$1,666,769; earned surplus, 1S231,631; total, $24,083,717.—V. 151,
p. 3405.
viding for:
•
(1) Changing 150,000 shares of common stock into 15,000 shares.
(2) Elimination of 4,302 shares of 6% cumulative preferred stock which
was
donated to the company by common stockholders, resulting in a
,
,
,
„
....
.
reduction of the capital represented by preferred stock in the amount of
$430,200.
(3) Authorization of 30,000 shares of 6% cumulative prior
preferred
stock, having full voting rights, of which 15,000 shares were
reserved for issuance in conversion, share for share, of 6% cumulative
preferred stock, at the option of the stockholders.
In pursuance of the plan, new stock certificates were issued to evidence
the change of common shares and the conversion of preferred shares, with
the result that the company had outstanding at the end of the year 15,000
shares of common stock, 13,677 shares of the new prior preferred stock and
1,323 shares of old preferred stock.
On Jan. 1, 1941, prior preferred dividends No. 1 and 2 for the quarters
ended Sept. 30, 1940 and Dec. 31, 1940, respectively, were paid to holders
of prior preferred stock who had tendered their preferred stock for con¬
version
on or
before Nov. 26, 1940.
Prior preferred dividend No.2
was
also
paid to holders of prior preferred stock who had tendered their preferred
stock for conversion between Nov. 26 and Dec. 31, 1940.
Balance Sheet Dec. 31, 1940
Assets—Plant, property, and equipment, $5,336,146; other physical
(not used in operations), $130,756; cash (incl. working funds,
$2,000),
$205,310;
special
deposits,
$41,526;
accounts receivable,
$186,196; inventories, $109,283; deferred charges, $15,084; capital stock
expense, $3,000; total, $6,027,301.
property
The Commercial & Financial
2562
Liabilities—6% cumulative prior preferred stock. $1,367,700; 6% cumula¬
preferred stock, $132,300; common stock (15,000 shares no par),
$850,000; first refunding 6% mortgage bonds, due May 1, 1951, $2,125,000;
Consolidated Balance Sheet
1940
$465,238;
liabilities,
for depreciation, $572,418;
reserve
York
New
&
Light & Power Co,—
Queens Electric
$26,616,220 $24,059,695
501,868
510,113
$28,018,951 $27,118,088 $24,569,808
15,844,740 15,812,002 14,305,033
Total operating revenues
Operating expenses
$4,404,986
1,083,542
137,649
2,831,970
3,901",355
$
Liabilities—
$
Common stock__35,575,565 35,575,565
Funded debt.
30,993.000 32,177,000
405,689
Accounts payable.
525,635
Advs. to affll. cos. 4,657,800
4,657,800
Customers
84,428,196 83,834,274
capital
Interest on long-term debt
b Other interest
207,900
10,881
Miscellaneous items
22,059
Capital stock exp.
Investments
162,746
51,660
Cash....—...... 3,449,683
3,165,797
deposits..
Special
Notes
606
724
reoelv
1,195
1,195
1,470,989
1,253,353
Materials & suppl.
191,543
181,502
Prepayments
374,134
381,637
Int. & divs. rec
Accounts recei v.—
Other curr. assets-
y
200,522
2,547
1,823
1,165,872
687,592
accrued..
361,814
375,837
Other liabilities—
97,924
10,100
99,049
deps—
Taxes accrued
Interest
Def.
credits
1,904
Res. for deprec. of
capital-.—12,780,236 12,068,869
161,977
Miscell. reserves.
101,500
fixed
.
141,091
aid of
in
Contrib.
13,263
Deferred charges..
50,050
construction
5,535,602 5.535,602
surplus—10,605,699 10,478,640
Capital surplus—
Earned
97,804,824 97,570,272
Total
$5,100,545
1,200,000
120,712
1939
1940
S
Assets—
Fixed
$4,389,926
15,060
$4,606,392
1,200,000
1,556
Gross Income
c
$4*602,969
3,423
$5,098,989
Operating income...
Non-operating revenues (net).
4.174,147
4,403,117
4,775,222
-
1,700,702
2,300,000
2,300,000
_
Taxes
a
1938
1939
1940
Calendar Years—
Oper. revenues—Sales of electricity ..$27,542,901
Other operating revenues
476,050
Depreciation
deferred
construction, $335,653; surplus,
2247.
$6,837; contributions in aid of
$172,155; total, $6,027,301.—V. 152, p.
credit,
Dec. 31
1939
$
tive
current
April 19, 1941
Chronicle
97,804.824 97,570,272
Total
151, p. 3405.
Represented by 742,241 no par shares.—V.
y
Financing
& Gas Corp.—Plctns
New York State Electric
Corporation has filed with the New York P. S. Commission a petition
permission to issue $35,393,000 first mortgage bonds carrying not
more than 3M% interest and $10,000,000 of preferred stock paying divi¬
dends of not more than 5%.
.
...
Proceeds of the bond issue will be used to retire like amounts of 4M
and 4% bonds of the company, while proceeds of the preferred stock will
be used to retire $6,000,000 of 5M % preferred stock and to finance $4,000,000 of new construction.—Y. 152, p. 1926.
for
$3,187,611
$3,779,833
Net income
$3,183,795
104,590
74,381
104,582
3,411,482
3,412,090
3,410,352
b Amortization of debt
a Including provision for
Federal income tax.
discount and expense and miscellaneous deductions, including write-off in
1939ofinvestmentinNew York World's Fair bonds of $147,674. c Charged
Dividends—preferred
Common
to
...
...
surplus on the books of the company.
Income Statement for
1940
1939
$7,397,252
4,213,253
603,000
$7,255,049
4,022,900
631,000
1,273,808
1,159,422
$1,307,191
Dr373
$1,441,727
Dr5,134
$1,306,818
$1,436,593
300,000
24,740
300,000
171,363
$982,078
Operating expenses
Depreciation
.......—
Taxes (incl. Federal income tax provision)...*...
$965,230
Operating income..
Non-operating revenue
Gross income
Interest
long-term debt..
on
Other int., amortization of debt expense,
&c
Net income
Sales of electricity—Kwh
Alfred H. Schoellkopf,
1940
"
$
Utility
ital stock
Advances from as¬
1,199,764
3,081,839
Accts. payable and
sociated cos....
2,500,000
2,000,000
644,750
sociated cos
446,581
732,635
Customers' depos.
514,262
Taxes accrued
1,400,534
Interest accrued..
223,693
497,565
1,066,199
227,642
accruals
sundry
2,728
1,623,301
230,725
236,725
82,228
302,558
Payables to asso¬
ciated companies
11,460
819,739
85,228
613,447
Special deposits &
funds
Prepaid insurance,
rents, <fec
Deferred debits...
712,252
Cust'm'rs advances
17,168
for construe.,
22,189
&c
Reserve for deprec.
of utility plant.. 4,461,049
3,447,858
Injuries & damages
563,991
of
064,693
77,776
77,776
26,316,031
provi¬
dent reserve
Contrib'ns
553,978
664,693
reserve.
Employees
in
aid
construction.
Earned surplus...26,550,518
groups,
an
96,759,262 94,437,293
Total..
96,759,262 94,437,293
,
.
,
.
both electric and gas.
7% over 1939.
$91,492,000,
Total operating revenues were
increase of
$80,031,000, an increase of
9% over 1939.
This revenue was derived from the sale of 7,800,000,000
kwh. of electricity, an all-time high fugure and an increase of 18% over the
Electric Revenue—System electric revenue was
previous
year.
Gas Revenue—System gas revenue was
$10,964,000, a decrease of 4 % from
1939.
This revenue was from the sale of 7,100,000,000 cu. ft. of manu¬
factured gas, an increase of 5% over 1939; 23,600,000 therms of
gas,
an increase of 17%; and 14,000,000 therms of straight natural gas, a decrease
83 %
This decrease resulted from the
suspension by a non-affiliated company
by Central New York
supply of excess natural gas for resale
Corp. for large industrial consumption.
-V. 151, p. 2655.
Power
Operation Expenses—Operation expenses were $32,194,000, an increase
of 9% over 19.39.
The principal causes of this net increase were:
(1) An Increase of $2,552,000 for coal consumed in steam-electric
generating stations.
(2) An increase of $102,000 for electric energy purchased from non¬
affiliated companies.
(3) An increase of $369,000 incurred in connection with changing
customers' electric equipment to standard frequency.
(4) An increase of $147,000 for natural gas
Other increases in operation expenses
(5)
purchased for mixing.
which resulted largely from
higher costs of labor and materials.
These increases
were
partially offset by:
(1) A decrease of $747,000 in the purchase of
(2) A decrease of $624,000 in administrative
natural gas for re-sale.
and general expenses.
Depreciation—Depreciation provided for by the companies during 1940
amounted to $11,526,000, of which $11,256,000 was charged directly to
income and the remainder to certain clearing accounts.
Taxes—System taxes for 1940 were $17,457,000, an all-time high figure,
equivalent to 19% of the year's operating revenue.
The rise in the ratio of taxes to operating revenues:—as well as in dollar
amount—is set out in the following six-year table:
Ratio
Total Taxes
Oper. Revenues
$76,059,000
$11,233,000
H-%%
80,866,000
12,532,000
1937
87,562,000
14,583,000
1938
—'
82,371,000
15,231,000
1939
-L
85,414,000
15.571,000
18.2%
1940
91,492,000
17,457,000
19.1%
Taxes for 1940 increased about $1,886,000 or 12% over 1939 and were
equivalent to $1.82 on each share of the corporation's common stock.
Electric Facilities—The Niagara Hudson System has 88 hydro-electric
plants, with a total rated capacity of 991,814 kw.; 6 steam-electric plants,
with a capacity of 664,850 kw., and contracts of 378,430 kw. with neigh¬
1935
Total
■
of its
3Ms, due 1905-25,000,000 25,000,000
3Ms, due 1908—10,000,000 10,000,000
58,150
Recelv'les from as¬
Mat'ls & supplies.
2,091,800
shares, no par).21,311,672 21,317,750
1st <fc consolidating:
24,001
investments
$8,719,000, compared with $7,324 ,-
Improved business conditions resulted in a substantial increase in in¬
dustrial activity throughout the area served by Niagara Hudson System
companies.
Sales of System services increased in virtually all important customer
of
Com. stk, (426,233
of as¬
58,150
8,001
Cash...
948,143
Accts. receivable— 2,885,335
$
5% pref, stock... 2,091,500
plant
90,260,522 88,047,955
70,364
Capital stk. exp__
70,364
288,621
221,202
sociated co
1939
$
Liabilities—
Other phy. prop'y.
Investment In cap¬
Other
Consolidated net income for 1940 was
mixed
1940
1939
o
.
I
President, states in part:
000 in 1939, an increase of 19%.
.-.229,587.926 217,948,819
Comparative Balance Sheet Dec. 31
A
Corp.—Annual Report—
Niagara Hudson Power
Three Months Ended Dec. 31
Total operating re venues..
-
.
1936
-.
New York Water Service
Corp.—Earnings—
—
---.
[Incl. Rochester & Lake Ontario Water Service Corp.]
Calendar Years—
1939
Net
1,855,661
1,761,133
1,762,831
$1,173,619
34,035
$1,164,980
30,872
$1,169,695
780,419
$1,205,418
[764,333
1 33,458
12,365
13,662
$1,207,654
767,818
35,750
15,081
13,134
$1,195,852
773,711
14,896
29,313
4,944
on
funded debt. 1
Interest
on
serial notes..
/
Amort, of dt. disc. & exp.
Taxes assumed on int...
on
$2,927,811
$1,175,688
29,730
Gross income
Interest
Indebtedness
Fed. Water
1937
$2,934,752
$1,138,965
30,730
earnings
Other income
Int.
1938
$3,031,349
1940
Operating re venues
$2,996,886
Operating expenses, de¬
preciation and taxes..
1,857,922
12,022
13,653
12,760
to
Cr95
218
5,208
CV3.231
9,381
13,769
15,253
5,000
Crl8,642
40,094
$354,314
$362,666
^358,640
3338,719
Serv.Corp.
Int. chgd. to constr'n
Miscell. int., &c
boring electric systems.
All electric facilities of the companies are
Income
Consolidated Balance Sheet Dec. 31, 1940
ctility plant (incl. classified intangibles aggregating $2,441,596),
328,371,406;
cash and materials held*for special construction project,
and investments in subsidiary companies not consoli¬
dated, $1,021,408; miscellaneous investments and fund accounts, $72,747;
cash, $334,651; accounts receivable (less reserve of $21,745), $463,758;
$255,963; loan to
due from affiliated
companies and subsidiary companies not consolidated,
$4,202; accrued utility revenues, $144,325; materials and supplies, $101,182;
prepaid taxes, insurance, &c., $25,258; deferred charges, $112,106; comsale of preferred stock, $498,482; total, $31,405,488.
Ltabites—6% cum. pref. stock ($100 par), $4,653,200; common stock
)• $2,601,500; long-term debt, $15,361,500; accounts payable,
$51,19/; customers- deposits and accrued interest thereon, $116,990;
accrued liabilities, $387,703; deferred liabilities, $130,485; reserves, $3,119,740; contributions in aid of construction, $523,227; capital surplus, $2,353,Y
6 SePt' 15' 1926' $2'106'275: tota1' $31,405,488.—
i5Trpe28S06
Niagara Falls Power Co.—Earnings—
Calendar Years—
Operating
Operating
1940
expense—
Maintenance
Depreciation
Taxes
New York State water charge.
Operating income
Non-operating income (net)
Gross income
Interest
on
.
—
$3,272,131
309,145
$3,862,900
308,742
$4,100,021
1,091,662
11,224
16,756
$3,581,276
1,128,038
$4,171,642
1,137,255
13",921
12,570
$3,002,828
1,929,827
$2,439,316
2,226,723
$3,028,788
3,154,524
$4.04
$3.29
$4.08
_
funded debt
deductions.
Net income
-—
Common dividends.
Earns, per sh. on 742,241 no par shs.
of common stock...
1938
-$3,838,176
261,845
Interest charged to construction.
Miscellaneous
1939
$13,741,486 $11,083,595 $11,112,969
4,949,682
3,410,059
2,961,457
304 707
339,670
—
—
359,641
1,109,240
1,075502
1,068,654
2,438,155
3,173 418
2,573,110
401,546
400 000
400,000
revenues
Cr6,97i
interconnected system to
facilities of the individual
companies.
_
.
„
Construction—System companies spent $22,000,000 during 1940
construction, extension and improvement of necessary facilities.
The first 80,000-kw. unit of the new Oswego steam-electric plant was
placed in service late in the year.
,
,
The responsibility for public utility service entails long-range planning.
The first essential of this planning is to provide adequate generating
New
for
the
New steam turbines, boilers and generating equipment must
two years before they are needed; other construction work
prepared for at least a year ahead.
During 1939 the System anticipated an increasing demand for electric
service and ordered the construction of the second 80,0004cw. steamelectric generating unit at Oswego.
This unit will be placed in operation
capacity.
be
Net
,
.
„
connected to form a single
operating system.
They are operated as an
utilize most economically all the power supply
ordered
must be
this summer.
„
_j_
...
,
.
addition
growth
Early in 1941 the System began construction of an 80,000-kw.
R. Huntley steam station at Buffalo to meet further
in demand.
This unit will be ready for service in the fall of 1942.
Construction of a new water gas plant in Syracuse with a daily
to the Charles
rated
the
capacity of 11 million cubic feet is planned for 1941 as an addition to
System's gas manufacturing facilities.
•
„nn
.
,
The companies expect to spend about $21,000,000 in 1941 for con¬
struction, of which $13,000,000 will be used to meet anticipated future
load requirements, $5,000,000 for improvement of service, and
for routine construction.
$3,000,000
Financing
York Power Corp.—On
sold to Equitable Life
Central New
Power
Corp.
Jan. 24, 1941, Central New York
Assurance Society $5,000,000 gen.
bonds, 3M% series due 1965, at 101 and accrued interest.. The
proceeds are to be used for construction, of which the principal project Is
the second generating unit at Oswego.
Niagara Hudson Power Corp. proposes to acquire from its subsidiary.
Central New York Power Corp., from time to time before Nov. 1, 1941,
not exceeding 16.415 additional shares of the pref. stock 5% series ($100 par)
of that corporation at $100 a share.
.
•
„
.
_
mtge.
Of these
shares,
7,415 were
iork Power
reacquired by Central New
The
reimburse
Corp. as a result of the consolidation forming that corporation.
proceeds from the proposed sale of 7,415 shares are to be used to
Central New York Power Corp. for part of the reacquisition cost of
such
sliErcs
issue by Central
are for additional
with the operations of the Oswego steam-
remaining 9,000 shares are to be an additional
New York Power Corp. and the proceeds from their sale
The*
working capital in connection
electric station.
■
■
,
.
tn
„
proposed sale of the pref. stock has been approved by the*P. S.
applications under the Public Utility Holding
Company Act of 1935 are pending before the Securities and Exchange
The
Commission and the required
Commission.
Buffalo Niagara Electric
Corp.—On March 5, 1941, the
tures due
1951 at
P. S. Commission
deben¬
agreed
Corp. to sell $7,200,000 2%%
100 and accrued interest.
The corporation has
authorized Buffalo Niagara Electric
Volume
The Commercial & Financial Chronicle
152
to sell
$4,000,000 of these debentures to Metropolitan Life Insurance Co.
and $3,2000,000 to Equitable Life Assurance
Society.
Of the proceeds $6,804,000 will be used for
construction, principally
for the new generating unit at tbe Charles R.
Huntley station.
The
remaining $396,000 will be used to pay at or before maturity on Feb. 1,
1942, a like amount of Buffalo & Niagara Falls Electric Light & Power Co.
lstmtge. bonds assumed by Buffalo Niagara Electric Corp.
The Public Service Commission's order, which has been accepted by
the corporation, provides that from March 1, 1941, to Feb. 1,
1951,
inclusive, the corporation shall set aside monthly from income, before the
payment of dividends, not less than $40,000 which shall be used for the
payment for net additions to utility plant, or for the acquisition or re¬
demption of the corporation's bonds.
The required application under the Public Utility Holding Company
Act of 1935 as to the proposed sale is pending before the SEC.
Proposed System Consolidation—Hearings
held during the year before
the P. S. Commission in connection with the proposed consolidation of the
Buffalo Niagara Electric Corp., New York Power & Light Corp., Niagara
Lockport & Ontario. Power Cost The Lockport & Newfane Power & Water
Supply Co. and Central New York Power Corp. and the acquisition by
the consolidated corporation of the entire capital stock of the Niagara
Falls Power Co.
j
Because of changes in economic conditions caused in part by the national
defense program, the companies have requested that further hearings be
postponed until the situation becomes
Niagara Share Corp. of Md. (& Subs.)- -Earnings3 Mos. End. Mar. 31Dividends and interest.
Other income
$251,035
700
$273,564
1,270
Gross income...
General expenses.
$251,735
32,734
Expenses
Taxes
Interest
Other deductions
Net income..
1939
1938
$4,539,719
821,047
$6,371,605
853,527
$5,787,674
544,668
599,819
363,843
265,444
...
$5,360,766
517,549
464,716
375,847
$7,225,132
480,735
541,116
264,567
$4,002,654
$5,938,714
1940
1939
expense
Maintenance
Depreciation
Taxes
Operating income
Non-operating income (net).
...-$24,885,693 $24,007,610 $23,989,978
828,576
774,953
824,082
_.
Gross income..-.
$25,714,269 $24,782,563 $24,814,060
long-term debt & other int.
9.653,559
10.131,432
10,246,824
Interest charged to construction.....
Cr481,087
Cr415,387
Cr433,505
Amort, of debt discount & expense
183,481
291,537
319,035
Amort of premium on debt...
Cr89,597
0 22,399
Miscellaneous deductions
371,986
116,819
129.387
Interest
on
,
—
Bt lance
Divs.
on
—
pref. stocks of sub.
cos
$280,699
174,164
$232,989
172,087
Net
$85,224
1,272,480
$96,521
1,161,759
$106,536
1,265,947
1.264,702
$1,258,281
$1,372,482
$1,325,604
302
301
875
41*265
42,599
45,000
45,240
$1,215,381
$1,327,182
$1,279,489
income........
Earned surplus Jan.
1
—
-
.$16,075,927 $14,680,562 $14,552,319
7.356,801
7,356,799
7,356,799
adjust, applic. to
prior years..........
on cl. A pref. stock
Divs.
-V.
152,
p.
1761.
Ry.-—Annual Report-
2,190
56,061,773
Rev. 1 mile (000 omit.). 15,482,984
Rev. 1 mile per m. of rd.
7,067,661
Av. per rev. ton per mile
0.648 cts.
Av. rev. per mile of road $45,787.36
No. rev. pass, carried—.
1,159,154
No.
rev.
rev.
pass, car'd 1 m_
103,148,389
per pass. mile..
Av. pass. rev. perm. rd_
Net op. rev. per m. road
share
1937
2,197
39,736,795
10,940,838
4,978,132
2,202
51,304,416
14,211,600
6,453,043
0.666 cts.
0.632 cts.
0.661 cts.
$40,791.64
$33,169.36
1,238,648
1,574,856
85,838,986 108,746,366
$40,421.08
1,047,732
83,096,181
2.291 cts.
2.263 cts.
2.092 cts.
$1,728.47
$19,170.64
$1,654.26
$14,010.60
$1,903.03
$18,959.27
Years
1940
1939
1938
--.$100,305,450 $88,549,647 $72,898,946
1,942,334
1,903,724
2,093,904
~
Mail
1,245,285
1,363,809
1,321,994
Express
303,758
409,145
405,942
All other transportation
380,345
324,564
359,117
lucid. & jt. fac. revs
448,053
675,968
574,704
Total---..-.-
—
1937
.
Freight
Passenger
$89,835,838
2,274,594
1,306,575
429,632
352,720
662,142
.$105,228,621 $93,115,128 $77,162,942 $94,861,503
Operating Expenses—
Mafnt. of way & struc. -$10,693,142
Malnt. of equipment.—
Traffic-.--.
20,831,412
1,760,293
Transportation
21,922,182
Miscell. operations
224,197
General
2,296,271
Transp. for invest.—Cr.
147,174
$8,078,287
15,128,096
1,666,576
19,220,704
200,056
2,123,587
$9,266,189
17,436,573
1,712,475
20,378,629
210,858
2,173,218
ft::;: 59,556
46,588
$9,850,867
17.450,617
1,632,689
21,584,624
218,303
2,399,087
28,866
...
Net income
per
1938
2,190
47,841,955
13,400,567
6,117,081
2.030 cts.
$1,847.79
$21,750.46
Operating Revenues—
Years
1939
Aver, mileage operated.
Revenue tons carried
Total-------. —.$57,580,323
Earnings
$60,902
Tax
Income Statement for Calendar
1938
$91,492,306 $85,413,678 $82,370,607
32,194.416
27,455,827
29,650,827
5,841,982
5.474,145
4,955,771
11,256,469
10,951,200
10,977,044
17,313,746
15,329,896
14,991,986
revenues....
$240,551
144,029
$219,001
133,777
&c.
reserves,
Statement of Conolsidated Income for Calendar Years
Operating
Operating
$271,063
38,073
$1,316,438
Int., taxes,
Av.
$4,013,900
—
$313,644
32,944
....
1940
$4,965,865
821,809
Total income
$274,834
34,283
$1,357,703
.
Operating Statistics for Calendar
1940
1938
$261,920
9,143
Norfolk & Western
clarified.
1939
$309,117
1940
4,527
income before interest,
taxes, &c-
Statement of Income for the Year Ended Dec. 31 (Parent Company)
Income from subs, companies
Other dividends and interest
1941
were
more
2563
on common stock.
$8,719,126
$0.91
$7,323,763
$0.51
$51,118,388 $46,370,719 $53,107,322
$7,195,520
$0.50
Net revenue from
oper$47,648,297 $41,996,740 $30,792,223 $41,754,181
11,485,030
13,035,513
13,459,336
18,167,944
Tax accruals—
—
Consolidated Balance Sheet Dec. 31
1940
Assets—
::ft.ft'1939:ftft'
$
$
.555,883.606 543,733,449
Fixed capital
Capital stock
expense
Investments
.....
Funds held for future construction
.
.,
Sinking funds and special deposits.
.
.
.
Cash
.
ft
Notes and accounts receivable
Interest and dividends receivable.
Marketable securities
Materials and supplies.
Other current assets
.
181,080
24,650,103
2,067,724
1,635,149
15,787,242
7.515.050
96,795
...
...
...
Prepa yments
Unamortized debt discount and expense.
a Amount
equal
......
!
.
.
—
.
Retirement work in progress
Other deferred charges
.
.
5,629,861
244,138
1,973,548
3,197,963
6,363,147
1,208.941
1,035,873
26,227", 569
7,203,538
2,363,892
15,983,210
6,992,204
98,883
85,000
Total oper. income—.$29,480,352
Non-Oper. Income—
/•■■y-
$3,889,569
Cr45,164
Joint facil. rents (net).. Drl60,854
Total
$3,773,879
_
Miscell. rent income
4,62.4,843
2,024,280
3,382,060
6,628,590
514,966
1,745,196
Inc. from funded
Dividend income
—
37,887,500
9,028,100
9,028,100
1,564,900
1,564,900
95,810,083
95,810,085
126,664,049 126,664,055
224,333,900 227.507,400
c4.733,907
4,750,746
7,656.250
8,750,000
2,493,750
2,750,000
1.728,000
4,160,347
3,947", 173
803,695
1,473,251
5,208,424
3,561,765
2,398,985
2,383,861
1,306,094
1,306,094
194,365
334.615
2,270,927
2,877,514
59,372,334
54,935,848
607,095
1,970,685
1,441,246
25,314,917
26,499",590
12;50l!352
7,604,499
.
Common stock ($10 par)
Preferred stocks of sub. companies.
Funded debt of sub. companies.
b Long-term liability
Long-term notes.
Notes payable to banks
Funded debt of subs, maturing in 1941
AccDunts payable
Consumers'deposits
Taxes accrued
Interest accrued
Dividends
preferred stocks
on
Other accrued liabilities.
Deferred credits
Reserve for depreciaiion
MiscfllIan*M)U8 reserves
Contributions in aid of construction
Paid-in surplus, less charges
Earned surplus
&c.,
reserve
Income
$2,415,095
$3,996,614
99,768
89,387
82,034
75,028
32,641
9,872
funds
138,374
12,105
10,578
11,261
95,017
9,934
unfunded
from
securities & accounts.
$34,142,263 $32,795,565 $22,764,558 $34,271,307
120
240
240
240
2,366
2,131,154
46,818
577,829
2,336
2,136,840
5,383
649,527
2,522
2,142,256
26,989
578,862
2,592
2,145.801
14,124
309,268
$2,758,287
$2,794,328
$2,750,871
$2,472,025
Rent for Leased roads
Miscellaneous rents
Int. on funded debt
Int.
unfunded debt.
on
_
Misc. income charges—
Total
~
$31,383,976 $30,001,238 $20,013,686 $31,799,281
Dividends on adjustment
919,692
916,500
pref. stock (4%)
913,380
913,720
22.503,728
14,064,830
Common dividends——- 21,097,245
21,097,245
Net income
.
Balance, surplus-*— $9,373,351
Com. shs. out.(par$100)
Earns, per sh. on com—
1940
$
A 8 sets—
Invest,
&
in
Sheet
Company)
10,884,975
Other Investm'ts 10,455,879
Cash...— 26,182,135
683,107
Special deposits.
3,750
Loans & bills rec.
11,637,720
12,013,727
21,828,092
824,712
272
Traf. & car. serv.
1940
,
,ri»^V>•"
• ^
Investments in and advances to sub. companies... 159,543,200
Other investments
17.223,702
Organization
expenses
Cash...
„
Accounts receivable
Interest aDd dividends receivable
Marketable
j|>.
669,816
4,878,771
7.532,691
336
422
417,647
414,555
securities
Total
1939
160,908.116
17,339,146
85.000
bals.
4,257,407
3,743,796
385,565
2,699,857
7,686,729
266,784
2,566,331
54,238
1,405
185,970
receiv—
ag'ts & cond'rs
Misc. accts. rec.
Mat'l supplies..
23,381
Int. & divs. rec.
Other cu. assets
Deferred assets.
Unadjust. debits
'/.-'■ft
;
,
981,229
7,024,463
69,889
4,331,956
1,446,186
f
Liabilities—
5% series B
Common stock ($10 par)
Long-term notes
Notes payable to banks
Accounts payable, i.
Taxes accrued
Interest accrued
Dividends on preferred stock
Reserve for adjustments of investments
Miscellaneous
reserves
Paid-in surplus, less charges
Earned surplus
.
-
p.
2403.
1939
$
—.
Audited acct. &
wages
4,614,144
105,420
payable
Misc. accts. pay.
Relief fund (cash
held In trust).
Divs .mat'd unpd
Unmatured divs.
declared
Unmatured int.
— .—
70,172
175,988
99,050
27,916
358,142
228,345
228,345
505,914
accrued——
73,517
Other accr.liab.
31,344
Deferred llabUUnadjust. creds. 92,654,265
Sink. fd. reserve
3,307,761
37,887,500
37,887,500
9,028,100
1,564.900
95,810,085
8,750,000
2,750.000
58,746
335,523
13,611
606,006
surplus
182,733,473
186,279,929
506,372
145,134
3,706,236
83,736.654
2,758,239
t
through Inc. &
9,028,100
1,564,900
95,810,085
7,656,250
1,093,750
17,900
463,058
13,611
606,006
265.444
109,108
25,314,916
2,902,843
4,626,960
388,426
221,276
Fund, debt ret'd
1st psf. stock ($100 par)
2d pref. stock ($100 par), 5% series A
$21.96
22,834,500
Common stock.140,648,300 140,648,300
265,324
Govt, grants
466,026
51,794,932
Long-term debt. 51,737,532
Traf. & car. serv.
173,546
107,710
bals. payable.
Int. mat'd unpd. ft
Net bal.rec.from
.182,733,472 186,279,929
1940
$
22,834,500
Liabilities—
equlpment.506,914,311 491,719,242
2,362,128
2,904,785
4,180,629
4,024,072
$8,375,861
1,406,483
31
Preferred stock.
Inv. In affil. cos.
Balance Sheet Dec. 31 (Parent
Dec.
1939
$
road
To the unamortized debt discount and expense and premiums on bonds
refunded by a subsidiary company,
b Relating to reservoirs and other
property,
c Includes $268,490 due in 1941.
a
1,406,483
$20.68
$21.66
Misc. phys. prop
.
$5,032,357
1,406,482
$13.57
$7,990,273
1,406,507
Balance
627,480.221 621.607.681
152,
$3,121,813
a
secur..
Sinking funds..
Total.
Total
$4,158,089
Dr6,980
Drl54,495
04,006
Income from sink, fund,
Gross income
37.887.500
_
-V.
Dr160,707
$31,659,216 $21,722,288 $32,715,282
3,491
2,208
2,057
55,328
95,330
59,779
89,040
72,346
55,533
62,404
79,552
36,493
35,921
36,448
335,879
*
908,999
749,401
706,487
568,207
Misc. non-op. phys. prop
Liabilities—
'
$2,571,797
.627,480,221 621,607.681
1st pref. stock 5 % series < $ 100 par)
2d pref. stock ($100 par) 5% series A..
o% series B
ft:
$3,274,159
031,900
/Jr184,247
Net ry. oper. income.$33,254,232
Inc. from lease of road.
1,763
Miscellaneous income
Total
$28,537,404 $19,307,193 $28,718,667
■■■'
Hire of freight cars (net)
Hire of other equip, (net)
76",527
26,499,590
2,899,340
_....-
Add'ns to
i
47,234,000
47,234,000
44,900,699
44,879,210
prop,
through inc. &
surplus......
Profit
and
loss
► *
<
balance
Total
-V. 152, p.
578,305,416 564,039,309
168,399,603 159,616,922
Total—
.578,305,416 564,039,309
2247.
North American Car
Corp.—Accumulated Dividend—
j
Directors have declared a dividend of $1.50 per share on account of
accumulations on the $6 first preferred stock, class A and B, payable May 1
to holders of record April 21.
Like amounts paid on Dec. 30 and March
25, 1940.—V. 152, p. 2403.
Operation
_
_
.
.
Maintenance:
tion
Earnings—
North Penn Gag Co.-
1939
1938
1937
$2,293,719
$2,534,955
1,332,721
$2,524,418
$2 ,641,566
1,472,244
1 ,492,964
80,333
110,429
123.692
305,000
298,000
„„al ,297,470
82,100
Provision for retirement
and
267,689
298,000
drilling
109,702
37,889
73.327
75.637
65,218
81,851
127,429
113,013
$392,733
$585,255
"$448,096
189,750
1,092
189,750
189,750
839
816
$549,132
198,417
1,869
11,298
11,298
11,298
13,178
$190,593
135 112
35,000
$383,369
136,003
220,000
62,174
_
...
Net earnings
Interest
Int.
__
funded debt.
on
unfunded debt
on
Amort, of bond discount
and expense.
,114
$4,796,644
205,534
71,084
25,000
2,510,400
766,802
325,000
2,592,492
$94,278
—
Prop, retire, res. approp.
Amortiz. of limited-term
$4,549,166
79,065
25,000
taxes
$399,219
207,771
Operating revenues.
Oper. exps., excl. direct
$97,601
$946,940
V."I
Preferred d iv idends
: .:I
deducting $127,051 (net) representing gas
Consolidated Balance Sheet Dec. 31,1940
Common dividends
After
a
$246,231
$335,668
136,525
136,974
100,000
250,000
placed in storage.
Net oper. revenues...
Other income (net)..—
def74
500
bonds.
$94,204
22,333
$947,214
283,918
Interest on debentures..
9.975
$54,410
$4 68,256
the period....
franchises, &c., $12,951,690; investments,
and notes receivable, $304,369; gas held
Assets—Plant, property, rights,
in
$127,051; materials and supplies, $89,361; prepaid lease and
rentals ($33,427), &c., $46,482; deferred charges, $237,986; total,
storage,
well
$14,306,880.
334,199
Gross income
—
Interest on mtge.
$272,879; accrued interest on long term debt, $31,625; customers' security
deposits and accrued interest thereon, $11,733; accrued general taxes,
$60,876; Federal and State income taxes, $145,598; dividends payable on
preferred stocks ($33,724) and miscellaneous, $51,845); deferred liabilities,
$16,185; reserves, $5,931,158; contributions in aid of construction,
earned surplus, $571,371; total, $14,306,880.—V. 151, p. 2806.
$5,884;
$4,127,580
$3,939,838
$3,613,986
118,573
48,411
32,606
$4,202,134
Int. on long-term debt..
1,745,717
10,344
General interest (net)...
310,826
Amort, of bd. disc. <fc exp
26,748
Miscell. inc. deductions,
Prov. for divs. on pref.
$4,246,153
1,817,720
15,972
299,302
25,249
$3,988,249
1,836,495
14,757
336,666
43,278
$3,646,592
1,841,657
20,746
361,828
13,999
Gross income........
1,395,215
1,280,283
1,119,232
13,656
130,144
286,039
277,768
$677,482
$351,781
$11,336
de¬
not
x
paid
income
Net
2,771,107
7%
1,550,000
Special deposits...
4,400,000
cum.
pref.... 6,075,500
2,010,000
Net
in proc.of amort.
3,296,566
3,264,387
Other def. charges
72,706
1,812,304
79,845
........
97,152
Special deposits...
2,960,761
283,256
1,234,671
715,987
Deficit
61,699
Prepayments
629,331
4,400,000
6,075,500
Pref. stks. of subs.
public..21,028,700 21,094,200
held by
in
Int.
stock
1,198,442
88,736
Mat'ls & supplies.
Common stock
Mln.
Accts. and notes
receivable......
__
126,928
160,651
1,134,639
1,0» 1,624
173,643
331,000
272,786
48,058
140,264
333,790
284.507
82,848
32,554
——
$757,540
35,605
&
$827,524
$818,020
20,616
8,629
$768,474
8,606
$793,144
339,774
8,300
$848,140
388,370
9,557
$826,649
395,884
8,969
$777,081
398,100
9,423
34,593
6,902
24,339
8,628
24,788
8,550
24,901
$403,573
> 297,477
191,470
$417,246
259,623
166,554
$388,459
109,884
$336,954
171,969
109,884
def$8.931
$106,627
$55,101
from oper.
earns,
Other income (net)
Gross income
Int.
on
long-term debt..
interest...
General
— .
>
Amort, of bond discount
and expense
inc. deductions..
Misc.
Net income
7% pref. dividends
6 % pref. dividends
Balance Sheet Dec. 31,
Assets—Utility plant, $11,642,348;
$1,550,000; cash, $211,240; special
171,948
7,703
1940
investments, $96,191; special deposits,
deposits, $3,875; accounts receivable
(less—reserve for uncollectible accounts of $54,950), $409,163;
and supplies, $162,783; prepayments, $11,676; deferred charge,
total, $14,819,922.
materials
$732,645;
shares). $1,694,875; 7% series,
$2,396,600; 6% series, cumulative
stock ($100 par),
preferred stock ($100 par), $1,812,800; long-term debt, $6,500,000; accounts
payable, $150,755; customers' deposits, $138,909; accrued taxes, $281,899;
accrued interest, $116,640; customers' advances for construction, $4,500.
reserves, $1,158,001; contributions in aid of construction, $167,624; capital
urplus, $11,268;earned surp. $386,050; total, $14,819,922.-—V. 152, p. 273;
2,010,000
d260,531 bl3694,825
1,285,128 15,459,730
$6 cum. preferred.
Bond dlsct. & exp.
Cash
prior lien
cum.
preferred
4,023,959
$
$
Liabilities—
%
%
1
plant.....74,987,481 75,155,209 7%
Investments
for depreciation
Federal income taxes—
$2,836,238
Liabilities—Common stock (52,150 no par
1939
1940
1939
1940
y\ sscts
134,949
1,152,410
154,893
342,160
278.687
91,129
State and local taxes
cumulative preferred
31
Consolidated Balance Sheet Dec.
Utility
104,926
1,144,818
132,689
317.559
259,909
103,659
..— .
1937
$2,920,998
$2,981,752
Maintenance expenses..
Prov.
Earnings—
1938
$2,853,656
for resale
Operation expenses
Co.-
1939
1940
Total gross earnings
Power and gas purchased
Minority common stock interest in net income.
x
a
Northwestern Public Service
Calendar Years—
1,119,255
$699,626
Div. paid or declared.
Bal. of curr. div. re¬
or
............
....
cos.
held by public;
quirements
Crl74
$592,799
334,188
def$85,374
Net oper. income..--- $4,034,133
168,001
Other income
clared
163.940
$134,057
$258,611
jVo/e—No provision has been made for Federal excess profits tax since
present indications are that no such tax will be payable.—V. 152. p. 2404.
taxes
$13,056,777 $12,554,275 $12,063,022
8,929,197
8,614,437
8,449,035
Operating revenues
$13,509,854
Oper. expenses & taxes,.
9,475,721
sub.
i
Charges in lieu of income
1937
1938
1939
' 1940
Calendar Years—
of
applicable to pref. stocks for
Divs.
Subs.)—Earnings—
North West Utilities Co. (&
$59,464
Net income
24
■
$1,137,142
336,827
43,750
123.988
71.765
CY713
Crl42
x
.
„
stock (6,111 shs. no par),
$611,100; $7 cumulative preferred stock (13,160 shs. no par), $1,316,000;
common
stock
(100,000 shares, no par), $1,823,500; long-term debt,
$3,457,125; accounts payable (incl. $76,639 to associate companies),
stocks
2,574
construct'n
Int. chgd. to
prior preferred
Liabilities—$7 cumulative
/;
$1,132,980
4,162
274
$98,101
30,292
10,500
2,899
Balance.
$407,893; cash, $142,049; accounts
771,148
300,000
24
in vestments... v.
Other int. & deductions.
V.
Net income
12 Mo.?.—1940
1941
1941—Month—1940
28—
Direct taxes.
General taxes.
Federal and State income
Co-Earnings-
Northwestern Electric
Period End. Feb.
112,560
depletion reserves
Amort, of non-producing
taxes
amounted to 37H cents per share.
1938, and also
made on Feb. 15,
152, p. 435.
was
—V,
1940
C'alendar Years—
Total gross earnings
April 19, 1941
Chronicle
The Commercial & Financial
2564
Ohio Water Service Co.— -Earnings—
Operating revenues.$754,693
Oper. expenses & taxes.
336,082
$674,719
325,671
$594,914
308,078
$672,154
313,023
Net earnings _»
income, net..
$418,611
4,194
$349,048
3,873
$286,836
3,023
$359,131
4,164
Gross income
$422,806
$352,921
191,000
4,791
$289,859
191,000
$363,295
191,000
1,09.3
com.
surplus
222,756
Funded debt--.41,350,000 43,352,746
33,625
Deferred liabilities
41,710
2,066,920
Current liabilities. 2,270,659
Reserves
9,704,533
9,802,777
236,253
of subsidiaries..
1937
1938
1939
1940
Calendar Years—•
Other
long-term debt..
184,655
Miscellaneous interest-_
4,607
Int.
on
827
........
Amort, of debt discount
Contrlbs. In aid of
424,441
c
Total
...86,626,711
6,174
Capital surplus..
86,626,711 87,656,888
Total
87,656,888
Net income
1939.
b Par value $1.
Outstanding 260,531 shares, stated at amount originally assigned to no par
value shares,
c
Arising from preferred stock reacquired by subsidiary
company,
d Par $1.—V. 151, p. 3248.
Less
a
reserve
Northeastern
Water
Electric
&
(&
Corp.
Subs.)—
1940
1939
1938
1937
$2,529,218
1,051,119
165,844
$2,487,773
1,052,854
135,543
$2,155,011
925,994
120,236
$2,172,982
959,869
139,710
215.357
238,465
138.953
5,494
223,529
229,381
89,361
171,600
213,528
94,547
149,656
213,631
39,442
$713,985
181,957
$757,104
181,891
$629,106
287,069
$670,672
420,342
$895,942
$938,997
195,263
193,444
$916,175
221,406
3,103
$1,091,014
305,708
3,285
44,376
8,234
2,781
Years—
exp
Maintenance
cl. A
Net operating income.
Other income
Gross income.
on
stock
com.
funded debt
Int. on unfunded debt..
Amort, of debt discount
Miscell. deductions
Min. int. in net earns...
on
Divs.
on common
$4 pref. stock._
10,805
6,022
2,913
and expense
Divs.
10,648
$160,554
113,462
1940
Assets—Property, plant and equipment (including intangibles), $7,445,149; miscellaneous investments, at cost, $1,650; deferred municipal
receivable in process of amortization over the periods specified
accounts
in
rate agreements effective at various dates, $102,080; current
$330,395; deferred charges, $240,398; total, $8,119,673.
_
(40,522 shares, no par), $3,155,898;
related
assets,
long-term debt, $3,800,000; current liabilities, $96,818; reserve for retire¬
ments and replacements, $511,760; contributions in aid of construction,
$30,106; capital surplus, $213,900; earned surplus, $311,191; total, $8,119,673 —V. 151, p. 2359.
30,642
2,000
5,567
5,024
1,877
$684,113
366,317
189,459
$727,062
366,317
86,118
$651,572
848
7.743
1,710
366,317
86,117
$726,628
366,309
172,235
Ohio Bell
Telephone Co.—Earnings—
revenues..$36,448,147 $33,689,159
Toll service revenues—
9,575,987
8,793,578
Miscellaneous revenues.
2,126,850
2,045,452
1 938
1937
$31,847,067 $31,531,099
7,973,175
8,581,945
2,056,409
1,888,746
$48,150,984 $44,528,191
$41,S76,651 $42,001,791
Total.
,040,710 $44,446,338
8^557 [34 2
7,920,272
Depreciation expense.__
6,797,206
5,848,579
6,605,912
5,505,205
3,541,120
415,325
3,495,083
431,500
6,478,870
5,8/0,064
3,368,0,2
444,122
484,4.59
1,376,374
513,213
1,421,909
495,555
1,361,787
485,418
1,273,914
605,244
393,048
394,090
369,509
317,485
260,068
245,624
251,083
669,101
359,879
619,176
320,912
Cr239,659
§oo4§o
323,862
Cr212,lll
6,413,037
4,702,951
589,256
353,636
Cr222,818
5.695,692
.
Traffic expenses
Commercial expenses—
Operating rents
Gen. & miscell. expenses:
Exec. & legal depts...
$25,320; current and accrued assets,
$1,436,422; deferred debits, $108,896: total, $19,860,825.
Liabilities—$4 preferred stock
(91,579.3 shs., no par), $4,578,965;
common
stock (par $1), $172,235; minority interest in subs., $30,511;
bonds of subs.,
$4,739,650; current and accrued liabilities, $433,277;
deferred credits,
$99,873; reserves, $2,937,978; contributions in aid of
construction
(non-refundable),
$169,073;
capital surplus,
$6,363,306;
earned surplus, $335,956; total, $19,860,825.—V. 152, p. 1762.
benefits
;
reciev.
(Del.)—Weekly Output—
Other general exps
Exps. charged constr.
Cr308,522
8,051,952
Taxes..
Net operating income_$ll,325,165
Net non-oper. income.
210,954
available
O'Connor, Moffat & Co.—Accumulated Dividend—
Directors have declared a dividend of 37M
sof accumulations
on
the
cents per share on account
class A A stock, payable May
15 to holders of
Like amount paid on Feb. 15 last and previous distribu¬
:
on common
„
$10,786,631 #10»301,651
171,060
282,200
$11,536,119 $10,957,691
231,305
193,000
$9,797,756
252,512
stock.
$10,583,851 $10,050,268
597,817
250,127
1,304,815 $10,764,691
11,400,000
10,500,000
$9,986,033
9,100,000
$9,800,141
9,750,000
def$95,185
1,500,000
$264,691
1,400,000
$886,033
1,400,000
$7.53
$7.69
$.50,141
1,300,000
•54$7
Net inc. avail, for divs$l
Divs.
6,700,077
5,683,456
3,278,121
442,583
for
fixed charges.
Interest deductions
ended April 12,
1941, totaled 31,184,760 kilowatt hours, as compared with
28,446,375 kilowatt hours for the corresponding week last year, an increase
of 9.6%.—V. 152, p. 2404.
.
under
license contract
Income
Northern States Power Co.
Electric output of the Northern States Power Co. system for the week
.
F
.
Services
3;Won, $3,464,186; special funds,
81,651
$41,669,721 $41,920,140
7,312,050
7,222,454
Total oper. revenues..
Current maintenance—
parent's equity in combined net assets of subs, as showrn in books of the
latter, $3,855,186), $14,826,001; investments—at cost or companies' valu-
Consolidated Balance Sheet Dec. 31, 1940
Assets—-Plant other physical property, &c. (Less difference at acquisition
investments in subs, as shown in parent's books, and
206,930
81,853
110,273
Uncollee. oper. revenues
between combined
stock.
1939
1940
Calendar Years—
Local service
Acct'g & treas. depts
Prov.
for
employees'
service pensions.
Employees'
sick,
acci¬
dent,
death & other
ecord April 28.
10,648
$87,383
113,462
;
121.566
Balance Sheet Dec. 31,
for retire., renew.
and replacements
General taxes
Federal income taxes
Federal excess profits
Int.
on
10,648
$146,483
Liabilities—Glass A common stock
Operating revenues
Oper., gen. & admin,
Prov.
Divs.
of $150,172 in 1940 and $148,938 in
EarningsCalendar
13,801
$219,744
141,827
and expense
455,339
11,268
construction
Income balance trans¬
ferred
to
surplus
Shares stock outstanding
Earned per share
$7.13
Volume 152
The Commercial <& Financial Chronicle
Comparative Balance Sheet Dec. 31
1940
.
1939
Invest,
In
trolled
1939
1940
s
Telephone plant 198,210,951
Liabilities—
189,810,178
$
$
Common stock. 150,000,000
con¬
156,568
Misc. Phys. prop
Cash
156.568
1,438,713
1,878,125
2,930,040
Other investm'ts
1,498,981
Working funds.
Notes
2,211,769
sold
to
Prepayments.._
4.900,164
896,942
OtheTr def, debits
3,366,057
1,390,104
3,118,156
3,065,766
6,462,723
4,979,035
214,156
Accts. payable &
880,910
190,250
Accts. receivable
"
3,199,409
1,461,375
;
slonfund.—
Accrd. liabll. not
176,357
advance
pay.
other curr. llab
due-...
Deferred
..
—
credits
reserve.
135,609
40,811,592
38,763,133
Unapprop. surp.
7,575,609
7,754,988
Deprec.
212,764,473 202,933.239
1940
1941
stock in 1941, and on 427,395 shares of common
1941
Assets—
1940
$
s
v
Cash......
Gross
income
Miscellaneous
Cr5,524
37.918
Net income
$2,541,472
Federal
$4,546,746
1,633,917
265,130
73,834
...
Other interest
Interest charged to construction
_
-
255,255
1,178,621
2,816,201
loans and repos¬
owned subs
185,000
Furniture, fixtures
and equipment.
Deferred charges..
2
2
157,125
152,060
Oklahoma Power & Water Co.—Earnings—
Calendar Years—
1940
Grossearnings
Oper.
1939
$1,279,368
842,788
expenses &
taxes.
918,183
Net oper. income
$1,262,564
842.784
1937
$1,341,434
885,142
$436,579
393
$1,348,891
$419,779
$456,292
1,686
290
$430,708
Other income
177
1938
Total
$430,885
$456,582
316,440
$421,465
310,047
$147,830
6% pref. dividends
$137,331
$111,418
$140,414
106,500
inc?n?e---
*
$436,973
299,642
283,056
106,500
24,000
106,500
115,000
Common dividends
5,311
Balance Sheet Dec. 31, 1940
$8,510,308; cash. $49,564; U. S. Treasury bills,
deposits. $1,255; Accounts and notes receivable, (less
$340,000; special
for uncollectible accounts and notes of
reserve
and
$6,109), $104,846; materials
supplies, priced at average cost, $78,221; prepayments, $4,240; debt
discount and expense in process of amortization,
$157,285; total, $9,245,719.
Liabilities—Common stock (60,000 no-par shares). $539,099; 6% pref.
stock (par value $100),
$1,775,000; long-term debt, $5,197,000; accounts
accrued taxes,
$109,150; accrued interest, $87,732;
deposits, $82,047; customers' advances for construction, $5,332;
reserves, $1,306,316; contributions in aid of construction, $46,091; earned
surplus, $56,889: total, $9,245,719.—V. 151, p. 2951.
payable,
$41,062:
customers
Omnibus
Corp.—Earnings—
1940 '
Calendar Years—
Divs. from subsidiaries:
1937
1938
p. 1928.
;x< J.-,.-
$675,000
$625,000
$719,625
$734,500
36.000
10,000
442,454
970,368
442,454
970,368
9,000
553,067
1,069,537
Coach Oo-
442,454
N.Y.C. Omnibus Corp
788,424
Total divs. received
$1,941,878
$2,047,822
$2,132,447
$2,366,105
(credited direct tosur.) Dr319,689
ZM79.797
Z>r202,855
£>r427,125
348
9,471
$1,929,940
$1,948,452
46,663
49,251
72,245
v";\
^
.
25, 1940.—V. 152,
—V.
150,
2264.
p.
Panhandle Eastern Pipe Line
the office of City
—V. 152, p.
Fifth
Producing
Co.—To
Change
An amendment to the certificate of incorporation to change the number
nor more than nine, and to reduce
of directors from 11 to not less than three
of office
the terms
151,
from three years to one year, has been approved by
Cumulative voting at elections also has been eliminated.—V.
3898.
p.
x
Gross
Oper.
and all taxes -
exp.
Co.,
a
$1,868,025
73,211
48,316
Interest
subsid.
1938
1937
$2,535,144
918,671
419,751
142,388
$2,376,726
$2,285,495
863,522
398,223
155,740
806.842
charges
394,406
157,826
and expense.
__
18,870
403,415
18,625
389,529
18,525
388,872
19,032
382,189
$653,943
140,000
301,474
$646,180
173,004
267,976
$551,844
171,500
267,976
$525,199
171,500
267,976
— —
Res. for accrued deprec.
160,864
174,179
187,846
$1,572,318
$1,623,186
$1,654,809
495,931
749,259
495,930
749,260
a,550,530
Net income
200,814
$1,346,218
a568,729
1,123,889
$8 per share
Div. paid op com. stock.
Common
x
811,698
dividends—.
Balance Sheet Dec. 31, 1940
(less reserve of $15,441), $14,224;
investments in stocks of subsidiaries, $18,280,162; intangibles
(organization
expense, not being amortized), $96,749; total, $18,641,064.
Liabilities—Accounts payable, $25,369; dividends payable Jan. 1, 1941,
$123,983; accrued Federal income taxes, $65,135; accrued State and mis¬
cellaneous Federal taxes, $13,589; accrued interest on long-term payable
to subsidiary, $12,375; long-term payable to Fifth Avenue Coach Co.,
$4,949,802; Preferred stock ($100 par), $6,199,144; common stock ($6 par),
$3,746,297; capital surplus, $177,553; earned surplus, $3.39,7 817: total,
$18,641,064.—V. 152, p. 1600.
Owens-Illinois Glass Co. (&
A s sets
$9,293,769
598,320
49,000
Other income
b Cash proceeds
Total income
$9,941,089 $10,846,074
2,627.584
1,926,555
16,501
35,452
income tax
foreign income ta
10,346,578
462,893
36,603
ces
profit for period____.--__^.._w-_____
Earnings per share
....
.
$7,297,003
2,661,204
$2.74
Mat'ls & supplies.
353,198
Prepayments.....
49,857
48,621
$3.34
a Royalties paid,
patent development and other operating expenses (in¬
cluding depreciation of manufacturing plants and amortization of leased
Com.
stock
$
100
140
Common stock..
2,716,121
2,716.080
b Preferred stock.
2,500,000
2,500.000
debt.. 3,731,000
a
Long-term
(scrip)
228,741
Def'd credit items-
3,789,000
159,578
342;258
17,259
Accounts payable.
Accrued liabilities.
233,805
17,892
Del. debit items..
7,415
4,303
&c
80,072
Res. for deprec... 3,814,125
Capital stock exp.
226,301
257,801
Donations38,359
68,395
3.609,425
35,393
273,699
296,587
Surplus
20,000
614,305
445,341
14,102,343
13,635,051
Unamortized debt,
Total
a
-
.
_
.
133,988 shares (no par).
b $25
1940
Calendar Years—
$1,284,439
Operating revenues
Oper. exps. & taxes (incl.
Fed. income tax)
938,815
Net incomeon
p.
pref. stock...
1929.
1939
1938
1937
$1,152,982
$1,054,682
$1,035,876
846,328
798,414
776,202
$306,654
$259,674
Dr 1,277
$258,397
155,926
Dr4,504
$302,150
155,607
$261,539
155,819
9,879
14,011
$167,533
63,000
long-term debt. of debt disct. &
expense
Divs.
class A.- -V. 152,
9,879
12,572
—
Miscall, deductions
x
par
14,102,343 13,635,051
Dr278
Gross income
on
Total.
;
$345,347
155,364
Other income
Int.
unapprop.
$256,268
5,271
$122,653
21,000
$345,624
Net earnings
Amort,
Res. for storms,
Pension for employ
'
disct. & expenses
"8'204
13,768
$97,515
$88,703
21,000
115,500
$42,000 of this dividend charged to capital surplus in 1938.
$8,884,066
2,661,204
160,393
$
Liabilities—
§
180,497
524,666
1939
1940
1939
(less
reserve)
x
Number of shares outstanding at end of period
income.
§
T
Receivables
Subs.)—Earnings—
Profit
Includes non-operating
Telephone plant..12,141,534 11,702,014
65,123
Invest., advs., Ac.
131,544
Marketable securs.
47,500
55,300
Cash
699,511
511,528
12 Months Ended March 31—
1941
1940
Net sales, royalties and other operating revenues__$92,184,885 $84,253,596
a Cost of sales
73,054,285
64,484,824
Manufacturing profit & net operating revenues..$19,130,600 $19,768,772
Selling, general and administrative expenses
8,423,096
7,705,196
Interest on debentures
293,338
384,889
Other interest
315
8,829
Provision for management bonus
48,644
188,750
Cash discounts on sales
813,698
745,179
Provision for bad debts
157,073
86,085
Sundry expenses and losses
100,673
303,266
dividends
Balance Sheet Dec. 31
Including $54,600 in 1938 and $72,800 in 1937 paid to Chicago Motor
$249,928; receivables
stk.
1940
Coach Co.
normal
1939
$2,761,923
1,090,643
462,607
132,446
Amort, of debt discount
Div. paid on pref. stock
Assets—Cash,
Co.—Earnings-
1940
revenue
Preferred
Net
Refining
&
Directorate—
Avenue
income..
State and
Bank Farmers Trust Co., corporate trustee.
1929.
Maintenance
Federal
Co.—Definitive Bonds—
Definitive first mortgage and first lien 3% bonds, series B, due Nov. 1,
1960 are now ready for delivery in exchange fcr outstanding temporary
Peninsular Telephone
$1,622,189
51,650
Prov. for Fed. inc. taxes
63,457
Int. on long-term pay¬
a
435.
Exchange Commission April 11 to be exempt from provisions of the Invest¬
ment Company Act of 1940.
It was incorporated in Maine in 1926.
The SEC found the concern's capital stock consisted of 100,000 shares of
common stock ($100 par), of which 10,016 shares were outstanding as of
Dec. 31,1939, and 30,000 shares of class B stock ($18 par), of which 19,472
shares were outstanding as of the same date.
Of the common stock 42% is owned by the Felix M. and Frieda Schiff
Warburg Foundation and the estate of Felix M. Warburg, and 92% of
the class B stock by the American Jewish Joint Distribution Committee.
Calendar Years
Total income.
Coach
p.
of divs. ree'd
Gen'lexps. & misc. taxes
Net
X.. iv■
.
Palestine Economic Corp.—Ruled Exempt by SEC—
76% of its assets in four wholly owned and one
majority owned subsidiaries and 26% in six other operating companies all
engaged in furnishing aid to Palestine, was ruled by the Securities and
of subs, for year
to
.v
The corporation, having
equity in net in¬
Interest
able
1,698,006
58,043,414 42,347,628
Total
a dividend of $1 per share on account of accumu¬
the 6% % preferred stock, payable April 29 to holders of record
Like amount was paid on Jan. 29, last, Oct. 29, July 29, April 29
on
and Jan.
43,577
excess
over
come
2,995,500
4,273,950
1,970,374
Directors have declared
lations
stockholders.
Net
■
Panhandle
Co...
998,350
929,070
Pacific Portland Cement Co.—Accumulated Dividend—
Chicago Motor Coach
Gray Line Sight-Seeing
Co
of Chicago
Ser.A,8%cum.
994,850
C, M% cum..
927,470
5% series cum.
(par $100)... 2,940,200
Com.stk.($10 par) 4,254,750
Paid-in surplus... 2,313,741
Earned surplus... 1,809,900
a For
purchase of past service under retirement annuity plan, and to be
charged to earned surplus if, as, and when plan becomes effective.—V. 152,
bonds at
1939
Pref.stk.($10 par):
68,043,414 42,347,6281
April 25.
Gross income
Int. & other deductions.
stock taxes.
Dealers' equities in
60,856
advs. to wholly-
No Provision for excess profits tax under the Second Revenue Act
of 1940 was made for the calendar
year 1940, as it was estimated no such
tax would be due for that year.—V. 152,
p. 2405.
&
session loss res.. 1,401,350
Reserves.3,987,691
144,910
Advance paym't
a
income
231,590
cap.
$2,829,605
fundea debt
$
....
auto¬
mobiles (est. re¬
alizable value)..
11,090
$4,875,910
1,652,830
267,504
102,745
Cr7,853
31.079
on
1940
$
Liabilities—
5,050,546 Notes pay., unsec.38,075,000 24,425,000
Loans and dlsc'ts.50,211,304 36,319,378 Accounts payable.
931,416
624,743
Other receivables.
257,758
175,456
164,785 Divs. payable
176,557
Investment In and
Interest
stock in 1940.
1941
7,087,315
Repossessed
Amortization of debt discount and expense.
for Federal excess profit
b On 425,475 shares of
Comparative Consolidated Balance Sheet March 31
$4,864,819
890
$1,698,008
$0.40
Earned surplus March 31, 1940
per share
common
$4,545,857
$1,898,733
72,508
128,219
Earnings
expenses
_
$244,300
1,654,433
$1,809,900
$0.44
stock
The company considers there was no liability
taxes under the present provisions of the law.
$13,723,029 $13,734,167
4,649,590
4,645,017
Maintenance and repairs.
722,711
752,882
Appropriation for retirement reserve.
".III
1,504,167
1,400,000
Amortiz. of limited-term electric in vestments...
24,186
20,895
Taxes (other than income taxes)
1,502,018
1,494,555
Provision for Federal and State income taxes
774,501
555,999
$938,848
648,748
45,800
$2,094,352
71,715
212,737
;.
preferred stock
on
on common
a
Co.—Earnings—
I .HI I
$1,252,504
889,744
al02.100
...
Gross earned surplus
Dividends
Dividends
$937,775
1,073
...
$260,660
1,833,692
....
Net income
Earned surplus Jan. 1
revenues
Net operating income
Other income
;
Federal income taxes
b
Years Ended Feb. 28—
Operating
Operating
Total.
1940
$1,252,504
Expenses and other charges
Total.---...212,764,473 202,933,239
—V. 152, p. 2284.
Oklahoma Gas & Electric
1941
Income—int. & disct. & other operating income__
Dividends from other investments.
Cugt. deposits &
1,446
4,406.079
2,114,433
3,400,000
trustee of pen-
1,898,977
Subs.)—Earnings—-
3 Months Ended March 31—
Tel. & Tel. Co
f
49,014
1,829.068
62,179
Mat'ls & supplies
Notes receivable
Total
Pacific Finance Corp. of Calif. (&
140,000,000
Ad vs. from Am.
cos...
2565
equipment: 1941, $3,461,726; 1940, $3,456,467.) b Received in year from
sale of patent rights and licenses.—V, 152, p. 1290.
-
Balance Sheet Dec. 31,1940
rights, franchises, &c., $4,211,317; special
deposits, $5,453; cash, $238,713; accounts and notes receivable, $208,056;
materials and supplies, $152,264; prepaid insurance, &c., $3,823; deferred
Assets—Plant,
property,
charges, $191,085; total,
$5,010,711.
The Commercial
2566
Liabilities—$6 cum. pref. stock 7,000 shs. no par (minimum liquidation
share or $700,000) stated at, $350,000; common stock
no par), $42,500: long-term debt, $3,049,000;
current
$484,410; customers' advances for construction, $2,425; reserves,
contributions in aid of construction, $993; capital surplus.
$278,172;
(42,500
liabilities,
$706,918;
earned
p.
$5,010,711.—V. 151,
1, 1940, $96,287; total,
surplus since Jan.
2953.
Parker
Rust-Proof Co.—Extra Dividend—
dividend of 25 cents per share in
addi¬
Directors have declared an extra
regular quarterly dividend of 25 cents per share on the common
shares both payable May 31 to holders of record May 10.
Luce amounts
were paid on March 1, last.
Extra of 50 cents was paid on Nov. 30,
tion to the
p.
Federal income tax
on
$3,508,095
669,508
1,877,480
$3,173,766
669,508
2,617,333
$3,297,821
669,521
2.288,000
pref. stocks.--stocks
1940
664,542
129,304
131,195
$1,627,834
676,000
$1,643,716
676,012
11,588
99,588
239,309
& prem. on ex¬
244,061
250,143
(or deprec.)-
$617,219
Investments
Net sales........
Cost of sales, exp.,
&c_.
1937
$5,830,653
6,745,790
$8,610,166
8,455,922
79,009
$307,984
5,169
.
x$20,657
x$915,137
9.960
5,844
$75,234
21,760
$313,153
Operating profit.
..
x$10,697
30,207
x$909,293
27,893
15,296
.
_
Notes
&
15,722
1,829,128
10,159
1,717,626
Serv.
Accruals
Prov.forFed.tax
10,671
Consumers'
1
519,900
1,306
606,908
574,200
1,495
10,438,154
62,729
9,676.184
57,629
Unred. tickets <fc
tokens.-—.-Res. for replace.
accts.
(pers'l)..
1,504
4,082
InJ. & dam. res.
Deferred charges
4,045,805
4,295,191
Contrlb. for ext.
rec.
1,679
and
line ext. deps.
68,663
8.094
75,848
78,049
77,277
pf.
Accts. (not cur.)
ree.(not curr.)
1,575
$35,556 x$l ,740,481
$326,523
$35,556
x$l,740,481
x$10,051
76,185
$3.22
84,900
85,000
Earns, per share on com.
Nil
Nil
Nil
b Including recovery in
provision made for excess profits tax.
full of $97,801 due from former officer.
c Recovery of items previously reserved for or charged off in prior years,
$109,278; profit on sale of fixed assets, $23,493; total special credits, $132,770; less, special charges of $56,310; balance (net), $76,460.
d Special charges and adjustments consists of adjustment of merchandise
inventory as at Dec. 31, 1937, $326,041, adjustment in connection with
acquisition of subsidiary companies as at Dec. 31, 1938, $70,389, write-off
of advances to salesmen and deferred selling expense existing as at Dec. 31,
No
1937, $94,424, write-off of deferred charges existing as at Dec. 31, 1937,
$33,865, provision for loss on advances to former officer made prior to
Dec. 31, 1937, $125,000, provision for loss on notes and accounts receivable
arising prior to Dec. 31, 1937, other than trade $30,275, adjustment of
fixed asset values and reserve for depreciation, $124,257 and sundry other
credits, $958, balance (as above),
$803,295.
x
Loss or deficit.
Consolidated Balance Sheet Dec. 31
Nov. 30 •40
Assets—
Dec. 31 '39
$1,865 ,471 $1,925,073
Fixed assets
Trade name, good¬
Nov. 30 •40 Dec. 31 '39
7% pref.stock....$1,152 ,500 $1,152,500
2,000,000
b Common stock.. 2,000, 000
600,000
Notes payable
.500, 000
Liabilities—
1
1
267 667
178,726
853,006
Accounts payable.
15,950
Other liabilities...
....
Cash
Accts. receivable..
1,112 683
Investments
56 965
1,061 333
Inventories
Mtge. payable
1,103,547 Res. for contlng's.
12,496
4, 070
65,750
43 016
Deferred charges..
c
...$4,411,207
$4,154,5481
3, 820
7,708
10,561
...
189, 176
Capital surplus... 1,443 ,091
Acer. exps.,tax,
1,160, 738
Com. treas. stk. Dr207, 417
Total
1,296,102
1,487,262
Dr2,353
depreciation of $1,221,508 in 1940 and $1,233,198
1939.
b Represented by 85,000 shares of no par value,
c 8,815 shares
1940 and 100 shares in 1939.—V. 152, p. 436.
The formation of
a
income-...!
Deductions
in
in
of the
cumulative
preferred stock to enlist their support in action contemplated by the com¬
mittee to establish the relative priority of this stock and dividends to be
capital readjustment submitted
and 1938.
mortgage bonds 4H% series due 1950, in
definitive form, are now available at the office of Chemical Bank & Trust
Co'., 165 Broadway, New York, N. Y., and may be obtained upon surrender
that first
bonds at said office.—V. 152, p. 2406.
Co.—To Redeem Bonds—
Company has received $400,000 in settlement of its land expropriation
which it has deposited with the
Guaranty Trust Co. as trustee for retirement of bonds.
Notice to holders of the first mortgage 7% bonds, due Nov. 15, 1947,
from Guaranty Trust states offers up to 10 a. m. April 23, 1941, will be
received for sale to it of sufficient bonds as shall be offered for sale at the
lowest prices obtainable not exceeding the redemption price of 105% of
their principal amount and accrued interest to exhaust the said sum of
a
by Mexico covers expropriation of about 9,0oG acres
company's land.
Previous expropriation of 2,300 acres of Con¬
ception lands still awaits adjudication.—Y. 152, p. 994.
The amount paid
of the
Puget Sound Pulp & Timber Co.—Common Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, payable April 28 to holders of record April 25.
Like amount paid
on Jan. 25, last, compares with $1 paid on Sept. 3, last; 75 cents paid on
June 1, 1940; 50 cents on April 1, 1940 and previous common distribution
was made on Oct. 11,
1937, and amounted to 25 cents per share.—V. 152,
203,306
$503,500
1,249
$466,932
9,242
$5,493,588
116,080
169,393
$502,251
Federal income taxes.
$457,690
$5,377,508
$5,791,345
3,651,679
30.931
_
Other taxes.
Other income—net
Balance.
loss.
—
1,041,490
1,473,707
336,670
2,262,216
969,913
1,378,669
223,141
2,117,812
$5,960,737
279,126
292,477
3,357,955
$223,125
$165,213
$2,019,553
Interest & amort—
Balance
Prior preference
550,000
$1,469,553
1,583,970
—
Preferred dividend
$2,139,666
550,000
$1,589,666
1,583,970
dividend requirements
Balance....
requirements.-
$5,696
def$114,417
Balance
consider that they have any liability under the
Tax Act of 1940 as amended March, 1941.—V. 152, p. 2406.
The companies do not
Excess Profits
Co.—Earnings—
Pullman
[Revenues and Expenses
Sleeping
Total
of Car and Auxiliary
operations:
car
revenues
Total expenses
Operations]
1941—2 Mos.—1940
1941—Month—1940
Period End. Feb. 28—
^
$5,205,498
4,616,455
^nn
$4,894,887 $10,962,242 $10,497,139
4,334,421
9,378,359 . 8,878.535
$589,043
$560,465
$1,583,883
$1,618,605
197,665
153,311
$192,083
150,215
428,980
317,292
414,327
310,757
Auxiliary operations:
Total revenues
Total expenses
$44,354
$41,868
$111,687
$103,570
$633,397
353,452
$602,333
$1,722,175
349,083
$1,695,570
827,509
l$279.945
$253,250
$868,061
$910,999
Net revenue.
Taxes accrued..
.
Operating income
2082. j|
811,176
—V. 152, p.
Pullman Inc.—Tenders
Rejected—
the company in response to an invita¬
month, was tendered on terms considered unsatis¬
Stock offered by shareholders to
tion
for
tenders last
and all tenders have been declined, it was announced
directors' meeting held April 17.
March 26, D. A. Crawford, President of the company,
called upon stockholders to submit tenders for purchase by the corporation
of more than $15 million of its own shares.—V. 152, p. 2082.
factory by directors,
following
In
claims against the Mexican Government
$400,000.
813,898
511,233
76,242
121,563
22,174
186,029
511,835
80,813
127,434
Depreciation
by the Pittsburgh Steel Co. during the years 1937
Definitive Bonds Ready—
830,841
$112,234
55,816
to the present holders of the 7%
Eaid thereon, bothaction has been necessitated by the injury, to be paid
as respects dividends in arrears and dividends caused to
ereafter.
Such
1448.
-
Operation.
such stock.
Potrero Sugar
$2,022,026
Dr 1,186
2.020.840
Maintenance
a
Chicago, with Frantz & Johnston, 141 West Jackson Blvd., Chicago, and
Dalzeil, McFall & Pringle, 450 Fourth Ave., Pittsburgh, as Counsel.
A copy of the committee's letter of April 10, together with a copy of the
power of attorney has been mailed to stockholders.
The power of attorney
contains a number of unusual features, particularly one that does not follow
the usual practice of requiring the shareholder to deposit his certificates with
the committee.
The utmost freedom is retained by the stockholder with
respect to the termination of the power and the sale or other disposition of
his stock.
It is the belief of the committee that this feature will preclude,
as far as possible, any interference with the marketability or the price of
announced
$2,172,188
Dr889
2,171,299
143,534
67,864
Puget Sound Power & Light Co.—Earnings—
1941—Month—1940
1941—12 Mos.—1940 >
Operating revenues
$1,457,819 $1,384,179 $16,901,855 $16,413,344
5,763,073
6,294,184
Chicago; John R. Hattstaedt, (Vice-Chairman), 300 South
Ave., Chicago; Charles H. Fox, (Sec.), 134 South La Salle St.
to stockholders
$142,772
Cr762
64,633
Period End. Feb. 28—
West 120th St.,
present holders consequent upon a plan of
281,504
$75,670 $1,340,458 $1,206,942
Pref. div. requirements55,816
669,797
669,797
a Provision for Federal income tax for calendar year 1940 reflects a non¬
recurring credit of $105,200 due to certain deductions claimed to be allow¬
able for Federal income tax purposes arising out of abandonment of street
railway property, of which $82,313 is reflected in period ended March 31
1941 and $22,887 in period ended March 31, 1940.—V. 152, p. 2406.
Holders of 7%
committee for the protection and enforcement
is addressed
60,196
?14,554
416,064
180,984
68,750
Net income
rights of holders of the 7 % cumulative preferred stock has been announced.
Themembers of the committee are:
William F. Heesch, (Chairman), 1000
letter
5,661
75,455
14,967
$181,948
Dr964
income-
Net operating
$4,411,207 $4,154,548
After deducting
jPittsburgh Steel Co.—Committee for
Cumulative Preferred Stock—
4,440
76,834
42,278
tax)
Net oper. revenues—
130~593
<fcc
Deficit
Total
395,299
51,400
65 000
Res. for taxes
and
receivable
379, 975
45 800
1941—12 Mos.—1940
$6,919,999
$6,575,841
3,356,997
3,300,948
$544,873
306,018
municipal
Non-oper. income, net..
Gross
Hampshire—Earnings-
security—Federal
Fed. (incl. inc.
a
New
$585,964
280,464
& State.
State and
184,917
102,316,410 101,037,156
Total
1941—Month—1940
Operating revenues
Operating expenses
Social
par)
1,680,638
reserves.—V. 152, p. 1292.
Period End. Mar. HI-
85,000
out¬
of common
After
Public Service Co. of
$71,866
81,917
478,773
2,137,631
102,316,410 101,037,156
Total
a
570,984
177,576
Earned surplus.
c76~,460
$326,523
Balance, profit
of temporary
2,415
964,633
Notes & accts.
a
d803,295
—
b93,666
.
standing (no
—
_
Special credits (net)..
is
2,764
Prepayments...
a65,000
.
This
Mutual
Cos
1,023,268
66.991
175,850
Curr. accts. with
Divs. pay. on
$96,994
25,128
i.
Wabash
2,730,955
187,563
payable.
Misc. reserves..
Interest..
notes
2,975,416
suppl.(at cost)
...—
Other income
accts.
3,391,791
756,635
52,500,000
592,692
payable
Notes <fc accts.
Mdse., mat'ls &
1938
$4,923,275
4,943,932
$5,376,362
5,068,378
Depreciation
Sundry
115
375,000
22.990,000
Wages & salaries
3,408,884
affiliates
—Calendar Years
1939
Not. 30, *40
Period—
will, &c
115
Curr. accts. with
Earnings—
Subs.)
6% 1st pf. stk..
375,000
5% 1st pf. 8tk._
Common stock. 22 ,990,000
Funded debt... 51 700,000
2,025,962
2,025,952
...
Cash
a
11 Mas. End
362,217
320,820
stock
5,872,700
3,995,700
5 ,872,700
3 ,995,700
7% 1st pf. stk..
Accts.
change of pref.
receivable
Phillips-Jones Corp. (&
175,696
5
$
Liabilities—
86,987,672
Prop., pl't & eq. 88,285,740
Grand Val. Hy¬
166,072
dro leasehold.
Special cash dep.
$600,477
$670,160
dividends.
Balance available for
11,781
95,515
15,804
124,851
deductions..
Assets—
1939
1940
$
Dlst. on pf. stk.
$2,439,453
31
1939
$
1939
V. 152, p. 2248.
p.
$7,206,698
2,480,507
1,428,370
Net income
Divs.
691,650
..— —
Retirement expenses
It
$7,396,029
2,443,010
1,779,253
$4,143,688
669,622
2,896,740
Other charges
691,171
119.488
Interest charges
Amortization and other
a
1,944,171
Total income
on funded debt-.-..
Int.
$1,725,547
664,589
...
maintenance) exp._-
Net earnings
a
$7,831,676
2,379,411
$5,863,945
310,619
1940
$2,448,788
^
Taxes
a
$6,174,564
1,889,333
141,543
Net oper. revenue
Non-oper. income..---_
1941
$2,536,206
March 31—
Gross revenues
Operation (incl.
Shares
10,297,498
12,433,089
Consolidated Balance Sheet Dec.
Co.—Earnings-
Philadelphia Suburban Water
12 Months Ended
1937
$17.074,704
10,211,493
$7,512,320 $7,176,438 $6,863,211
319,356
219,591
343,487
9,928,930
Oper. exps., malnt. & tax
Divs. on com.
1290,
Subs.)—Earnings—
1940
1939
1938
revenue._>_$18,287,035 $17,441,250 $17,473,936
Calendar Years—
Gross oper.
last
and on June 1, last.—V. 152,
paid on Aug. 31
and extras of 25 cents were
of Colorado (&
Public Service Co.
*.
value $100 per
shares,
April 19, 1941
& Financial Chronicle
a
a
letter dated
Purolator Products,
Directors
common
have declared
an
Inc.—Initial Dividend—
initial dividend of 10
stock, payable May 1 to
Rand's,
cents per share on the
holders of record April
19.
Inc.—Sales—
Sales totaled $187,391 in
March, a gain of 28.3% over sales of
the company reported on April 10.
in the same month last year,
$138,243
March,
1941, sales were highest in the company's history for that month.
For the first three months of this year sales amounted to $521,147,
37.1% over $380,174 in the same period of last
Rand's operates a chain of retail drug stores in
up
Virginia and Maryland, with a
area.—V. 152, p. 1604.
majority of stores
Raymond Concrete Pile Co.—Extra
Directors have declared an extra
year.
Pennsylvania, Ohio, West
located in the Pittsburgh
Dividend—
dividend of 25 cents per
share in addition
quarterly dividend of dke amount on the common
payable May 1 to holders of reeord April 19.—V. 152, p. 436.
to the regular
stock, both
Volume
f'
The Commercial & Financial Chronicle
1S2
R. C. A.
Communications, Inc.—Earnings—
Period End. Feb. 28—
Total oper. revenues
1941—Month—1940
$758,310
$580,363
21,784
20,970
258,412
252,010
28,763
26,538
Maintenance expenses..
Conducting-opers.
Administrative
exs_.
expenses
(Jen. services, licenses &
Dr33,035
Depreciation
Taxes—Operating
revenues..
oper.
44,503
528,211
54,764
Dr66.928
JDr52.171
Crl,491
8,872
58,225
CV746
4,511
28,445
45,468
21,758
2,000
Relief and pensions
All other gen. expenses..
other
46,196
543,867
63,156
Dr25.094 ■;
Cr719
Uncollectible
$1,210,330
Calendar Years—
Local service revenues
Toll service
Crl,478
8,713
47,156
88,090
43,572
4,000
Uncoil,
4,369
21,866
44,045
21,331
2,000
90,936
44,433
4,000
revenue
deductions
12,900
$314,853
25,800
$149,986
$611,697
1,755
5,458
$151,741
$617,155
$317,717
1,839
Drl,900
999
2,932
Gross ordinary income
Deducts, from ord. inc..
$319,441
35,453
$149,841
9,770
$618,154
71,009
Net ordinary income.
$283,988
$140,071
Depreciation
Traffic
957,087
627,979
1,141,657
423,438
77,400
540,337
787,504
4,269
$5,325,652
914,815
605,336
1,106,888
422,200
87,052
525,844
713,319
Cr2,873
$5,145,298
959,332
583,519
1,100,790
416,982
96,739
517,945
640,072
1,372
$5,001,398
970,690
563,500
1,099,849
392,021
103,087
480,441
547,592
$1,018,247
$953,071
224,520
89,368
224,520
81,143
$828,545
224,520
68,366
$841,068
224,520
67,659
1,946
4,400
1,946
4,400
1,946
4,493
1,946
4,782
$698,012
$641,062
$529,220
$542,160
148,369
240,700
5,000
148,369
240,700
148,369
240,700
5,000
148,369
240,700
5,000
expense
expenses
Commercial expenses
Operating
rents
General & misc. exp
Operating taxes
Expenses
and taxes
available
Crl3
Extraord. inc., charges.
Net income
$281,988
Other interest charges..
Amortiz. of discount on
funded debt
Other fixed charges
Net income
cum.
$140,084
28,600
$545,145
230,100
111,484
315,045
239,871
—V. 152, p. 1766.
60,700
,
Reliable Stores
1941—12 Mos.—1940
$11,251,552
850,953
$9,601,235
576,394
a After
interest and provision for Federal normal income
before provision for excess profits tax.—V.
151, p. 3408.
Steel
Corp.—Sells
1940
1939
Assets—
5
$
Tel. plant & equlp.23,510,762
22,899,067
Inv. and advances
63,235
65,232
$16,500,000
Banks—
taxes,
but
Misc. phys. prop._
Cash & spec. deps.
466,348
648,895
467,636
631.663
Bills & accts. rec_.
Corp.—Earnings—
Period End. Mar. 31— 1941—3 Mos—1940
Consol. net sales..
$2,164,165
$1,676,147
a Consol.
net profit
79.079
loss85.084
707,465
564,000
Mat'ls & supplies.
427,116
78,006
104,284
39,893
67,211
376.664
Assets In spec. Ids.
Prepayments
Disct.
on
fund. dt.
Other def'd debits.
Notes
78,006
were
to
have
Accounts payable.
418,767
98,517
255,435
79,353
Adv.
145,179
138,653
73,015
87,493
billings
for
telephone service
Mlscell.
reserves &
telep.
143,380
9,059
75,000
6,627,592
6,470",673
Unapprop. surplus 1,620,022
1,467,394
Reserve surplus...
Deprec.
Total
26,113,217 25,302,717'
reserve..
Total.
.26,113,217 25,302,717
—V. 152, p. 2250.
City
First National
of
.
plant
originally
National
100,000
98,517
Contrib.
loan included:
4,814,000
459,952
Exchange Commission of the
Bank, New York; Chase National Bank, New York; Manufacturers Trust
Co., New York; Continental Illinois National Bank & Trust Co., Chicago;
Rose's 5, 10 & 25-Cent Stores—SalesPeriod End. Mar. 31—
Sales
Bank, Chicago; Bank of the Manhattan Co., New York;
Cleveland Trust Co., Cleveland; Marine Trust
Co., Buffalo; Harris Trust
& Savings Bank, Chicago; Central National
Bank, Cleveland; National
City Bank, Cleveland, and Riggs National Bank, Washington, D. C.
—V. 152, p. 2407.
Reynolds Metals Co.—Bonds Placed Privately—The com¬
sold privately on March 24, $2,366,000 of 4% serial
first mortgage bonds,
making a total of $7,584,500 of these
1941—Month—1940
$506,915
$452,764
1941—3 Mos.—1940
Stores in operation
—V. 152, p.1766.
number
pany
bonds
outstanding.
Mar. 29 '41 Mar. 30
Earnings
per
share
$945,062
1,023,662
$0.86
'40
$596,666
1,023,662
$0.52
Apr. 2 '38
$157,603
1,022,742
$193,933
1,023,662
$0.12
The
country's second source of virgin aluminum at Lister, Ala., Is also
almost ready to go into production.
He added that actual metal is expected
to be flowing out in the month of
May with the plant at full capacity in July.
The Reynolds company's second aluminum reduction
plant being built
at Longview, Wash., is
rapidly being constructed.
Mr. Reynolds reported
that the foundations for the new
factory building have already been put in,
with steel and machinery enroute to the site.
Expectations are the Longview plant will be in operation early in
August.
When both plants reach their maximum the total
production will be
100,000,000 pounds of virgin aluminum per year.
That figure is estimated
production of aluminum prior to the
to be one-third of the United States
present defense emergency.
Attention was Called to the fact that Mr.
for this lightweight metal,
St. Regis Paper Co.—Directorate Increased—
created by this action were Ossian Anderson, J. O.
and E. R. Gay.
over
over
the 1940 rate.
18 plants for the
p.
He said the
by $500,000, leaving
on
Scotten Dillon Co.—30-Cent Dividend—
Directors have declared
stock,
par
a dividend of 30 cents per share on the common
$10, payable May 15, to holders of record May 6.
Previous
dividend payments follow: 50 cents on Feb. 15 last; 40 cents on Nov. 15
and Aug. 15 last; 30 cents on May 15, 1940; 50 cents on Feb. 15, 1940;
40 cents
on Nov. 15 and Aug. 15, 1939 ; 20 cents May 15, 1939 ; 50 cents
Feb. 15,1939, and 40 cents on Nov. 15 and Aug. 15,1938.—V. 152, p. 1767.
St. Louis Rocky
Period End. Mar. 31—
Gross earnings
152,
on
p.
Rochester
&
some case
payments were made
actually employed by the company, the complaint
436.
Lake
Water
Service
Net
$7,878
1940
revenues
1939
$537,202
93,416
$196,057
102,277
$97,108
Net income
86
$190,524
Gross income.
Ineome deductions
$19.5,972
90
earnings
Other income
346,768
$531,898
335,926
$190,434
expenses and taxes
$93,780
Balance Sheet Dec. 31, 1940
Assets—Utility plant, including intangibles, $5,389,970; miscellaneous
investment and special deposits, $86; current assets,
$201,344; deferred
charges, $1,134; total, $5,592,534.
*
Liabilities—Common stock (2,000 shares, no par), $50,000; first mort¬
gage 5% gold bonds, $1,853,000; due to New York Water Service
Corp.—
loan account, $212,000; current liabilities, $105,622; deferred
liabilities,
$18,899; reserves, $580,255; contributions in aid of construction,
$36,001;
capital surplus, $1,792,919; earned surplus, $943,837; total, $5,592,534.—V.
152, p. 843.
573,918
112,455
55,016
870,405
114,450
71,097
$9,099
$13,677
1939
Report1938
1937
226,240
17,955,661
222,465
269,976
16,156,722
19,428,775
10,604
79.37
$330,834
9,473
72.63
$304,220
$354,457
No. of pass, carried earn¬
ings
206,724
No. of pass. carr. 1 mile_ 20,774,455
No. of pass. carr. 1 mile,
per mile of road
12,520
Avge. dist. carr. (miles).
100.49
Total pass, revenue..$377,111
revenue
Avge. amount
eich
rec.
11,233
71.96
from
per
$1.8242
$1.4623
$1.3675
$1.3129
$0.0182
passenger......
Avge. receipts
per mile
$0.0184
$0.0188
$0.0182
pass.
No. of tons carried of frt.
No.
5,605,719
5,204,123
5,270,654
6,304,401
1 mile. 1819248114 1642737,108 1611238,798 1957399,303
revenue
carr.
of tons
car.
1
mile
1.096,382
of road
Average distance haul of
324.53
1 ton (miles)
Total freight revenue... 19,422,734
Avge. amt. rec. from ea.
ton of freight
3.4648
0.0107
Avge. rec. per ton per m.
Frt. rev. per mile of road
11,705.24
Frt. rev. per train mile..
6.0588
20,642,003
Operating revenues
12,440
Oper. revs, per mile of rd.
4.5066
Oper. revs, per train mile
Operating expenses..— 14,958,176
Oper. exps. per mile of rd
9,014.64
per mile
Calendar Years—
1941—12 Mos.—1940
$750,489
$1,069,629
Traffic Statistics Years Ended Dec. 31
No. of tons
Corp.—
Income Statement—
Operating
Operating
$249,414
196,362
28,375
16,799
-V. 152, p. 1930.
earned
Ontario
1941—3 Mos.—1940
$176,473
120,717
28,087
12,055
1940
April 16.
The complaint alleges that through the
plan common stockholders had
been deprived of more than $50,000,000 which has been
paid out to "in¬
siders" since the plan was
adopted.
It Is charged that the officers and
directors benefit by the annual amount paid without the
knowledge or
states.—V.
Mountain & Pacific Co.—Earnings—
$15,615
Expenses, taxes, &c
Interest, &c
Deprec. & depletion
Stock¬
The two stockholders filed their
complaint with Vice-Chancellor Eagan in
In
corporation had been able to reduce its
total of $4,000,000 on March 31.—V .150,
necessary
Vice-chancellor Charles M. Egan at Jersey City, N. J., basset
April28,
for hearing on a suit by two stockholders
against the company and 29 officers
or directors, to
nullify a stock bonus plan adopted by the company in 1912.
consent of other common stockholders.
a
2438.
St. Louis Southwestern Ry.—Annual
(R. J.) Reynolds Tobacco Co.—Hearing Date
Suit April 28—
to persons who were not
Bulkley, W. J. Dixon
the first quarter of 1940 and that net income was substantially
bank loans
holders'
Chancery Court
110
Stockholders at their meeting on April 11 approved an increase in the
of directors from 10 to 14.
Directors elected to fill the places
Net income
Reynolds foresaw the present
mortgaging
financing.—V. 152, p. 1940, 1930.
$1,119,859
112
41%
Apr. 1 '39
$0.08
a After
depreciation, Federal income taxes, and excess profits tax in
1941 and 1940.
R. S. Reynolds, President, told the annual stockholders'
meeting that the
company was approaching the end of its planned expansion at
Louisville,
Ky., with production in May expected to be almost doubled.
need
$1,318,852
R. K. Ferguson, President, told stockholders that the volume of business
of the company and its subsidiaries for the first quarter of this year increased
Consolidated Income Account (Incl. Subs.)
3 Months Ended—
Net profit
Shares common stock..„
a
:
7,807,254
1,352,870
322,690
notes due 1941 to 1945.
unfavorable market conditions.
Banks participating in the $16,500,000
part. ($100 par) 4,814,000
Com.stk.($100 par)
100,000
Long-term dt., &c. 7,998,399
Notes payable
1,352,870
deferred credits
part of the corporation's $106,500,000
The balance providing for $90 million of securities,
been sold publicly, has been postponed because of
♦
Dividends declared
$16,500,000, 7-year 2% serial notes to 12 banks.
The notes are
1.
Of the proceed*, $15 million will be used to retire the
were
$
2,282,600
Acer. lab. not due
dated March
refinancing program.
1939
$
2,282,600
41,839
12
to
1940
Liabilities—
1st pref. 6H% stk.
2d pref. 5% cum.
99,255
?
The corporation has notified Securities and
which
5,000
Consolidated Balance Sheet Dec. 31
Directors have declared a dividend of $1 per share on the common
stock, payable May 1, to holders of record April 21.
Dividend of $1.50
paid on March 10, last and initial dividend of 50 cents was
paid on
Dec. 20 last.—V. 152, p. 1604.
notes
■—
[Including wholly owned subsidiary, Rochester Telephone Realty Corp.]
was
These
3,150
Balance, surplus
$246,993
$303,943
$135,151
$148,091
x
Expenses and taxes of non-operating properties, donation, &c., less
non-operating income, interest on bank balances, investments, &c.
Reed Prentice Corp.—Common Dividend—
1M%
4,422
$300,571
168,188
stock. .1
2d pref. 5% cum. stk.
Common stock
C'rl3
Net inc. transferred to
earned surplus
185,708
Divs.—First pref. 634%
113,800
inc...
500,547
for
fixed charges
$300,558
2,000
$547,145
2,000
sale of
$5,005,821
8,842
$320,649
20,091
Republic
$5,154,283
8,985
Bond interest
income—Non¬
communication
.
$5,334,526
8,874
$5,577,919
2,889
$317,602
Operating income
net
$4,319,566
$314,828
2,749
Deducts, from
1937
$4,451,551
503,174
199,558
oper. revenues..
Income
come
„
1938
$4,603,610
525,373
205,543
Total oper. revenues.
Current maintenance
x
Net oper. revenues...
Other communication in¬
Ordinary
revenues.
revenue
1939
$4,809,951
560,068
216,742
$5,586,761
revenues...
Miscellaneous
Corp.—Earnings—
1940
:
royalties
All
Rochester Telephone
1941—2 Mos.—1940
$1,536,819
Total
royalties...
Gen. services, licenses &
2567
Oper. exps. per train mile
Net
operating revenue.
rev. per mile
Net oper.
of road
Net oper. rev. per train
mile.
970,145
944,703
315.66
305.70
310.48
18.423,520
17,414,757
19,845,445
3.5402
1,131,739
0.0112
3.3041
0.0108
0.0101
10,880.31
10,210.64
11,474.34
3.1479
6.0330
5.7267
5.0022
19.609,965
18,492,202
11,580.98
10,842.37
21,115,983
12,208.95
4.4475
4.2424
4.0319
15,597,771
9,211.52
13.564,474
7,953.14
15.854,525
9,166.85
3.2657
3.5375
3.1119
3.0273
5,683,827
4,012,195
4,927,728
5,261,458
3,425.00
2,369.47
2,889.23
1.2409
0.9100
„
'
<
3,042.10
,
1.1305
1.0046
Note—Number of tons of company freight carried 1940 was 921,377 tons,
(not included in revenue freight in this table) during year ended Dec. 31,
1939, 933,474 tons; 1938, 759,001 tons; 1937, 1,278,503 tons.
The Commercial
2568
Calendar Years
Consolidated, Earnings for
Total oper.
-
'""'V'''''''■
'
Traffic
expenses
Transportation
General, &c_
''■''.I'V'■■''''
••
earnings
accruals
expense
and the
,
*'!•
3,412,747
3,538,578
956,939
7,001,483
944,779
2,561,576
2,710,248
980,355
6,410,412
901,884
$13,564,474 $15,854,525
4,927,728
5,261,458
1,249,409
1,002,888
expenses_$14,958,176 $15,597,771
5,683,827
4,012,195
1,322,337
1,338,310
Total oper.
Net
Tax
'■
3,946,836
3,507,467
998,477
6,219,787
925,204
3,339,221
3,408,700
1,004,330
6.244,088
961,837
:
$19,845,445
354,457
593,161
322,918
$18,492,202 $21,115,983
revenue..$20,642,003 $19,609,965
F^XT)GtlSBS'mmm
Maint. of way & struc..
Maint, of equipment
$2,673,885
$3,678,319
7,292
19,515
Rent from pass, train cars
Rent from work equip..
3,697
3.287
20.991
1,216
12,132
285,550
22,542
2,645
9,410
277,705
$3,994,317
$4,570,872
Other
$4,361,489
Consolidated Income Account
Joint facility rent income
245,801
Total ry. oper. income
$4,630,411
8.241
10,651
292,988
$3,000,326
Deduct, from
1,046,181
55,430
4,305
726,840
1,214,873
2,019
29,102
5,505
722,795
1,064,546
2,065
Rent for pass, train cars
Rent for work equip..._
1,808
64,386
8,351
718,635
deduct
3,418
60.379
9,037
758,980
$2,795,591
$1,142,599
80,506
$2,020,021
82,871
$2,227,179
78,874
$2,874,465
Net ry. oper. income.
Total non-oper. income.
$1,223,105
$2,102,892
$2,321,100
13,560
881
387
18,745
2,301
346
3,049
2,670
218
Gross Income
,
1,511,879
93,921
Miscell. rent deductions
Miscell. tax accruals
3,392
4,110
4,433
2,843,644
251,775
2,941,255
257,479
2,065,163
organization
Miscell. income charges.
321
9,260
6,229
10,961
$248,758
Separately oper. pro. loss
on funded debt
Int. on unfunded debt._
Int.
Maintenance
of
Condensed Balance
\
.123,238,687 122,774,389
ment
113,636
mtge.prop.sold
Other investrn'ts
19,893,600
.
to affil. cos
167,506
885,709
and
Traffic
4
4,000
Mat'l & supplies
2,461,493
1,374
1,969,235
1,526
19,072
24,084
4,507
Int. mat.
555,885
4,000
119,110
662,784
82,894
5,128
unpaid
42,601
130,173
690,414
82,504
107,017
146,104
196,485
265,011
4,977,532
434,067
3,988,415 Earned surplus— 3,124,105
c Treasury
stock.Dr 118,244
4,977,532
3,980,082
.
1,438,794
9,766
60,955
9,766
67.295
633,561
662,847
9,194,685
7,626
8,693,816
192,557
268,621
12,154,373
187,813
def. llab_.
9,983,057
Tax liability...
debt
■
246,505
Accrued
Other
deprec.
unadjusted
accounts.....
Matured
in
int.
default
Other
Add'ns
to
184,561
17,204,367
&surp._
1,093,551
Misc. fund res..
70,914
1,093,551
70,914
164,980
15,276,076
14,278,233
approp'd
Other
surplus...;
Deficit
Co.—50-Cent Dividend—
dividend of 50 cents per share on the common
holders of record April 30Special dividend of
27 last; dividends of 40c. were paid on iSpv• 15
60c. paid on Dec. 30, 1939; 40c. on Nov. 15 and
May 15, 1939, and on Dec. 30, Nov. 15 and May 16, 1938, and a special
dividend of 20c. was paid on Dec. 30, 1937.—V. 151, p. 3900.
Directors have
declared
a
stock, payable May 15 to
70 cents was paid on Dec.
last and on May 15, 1940;
Selected Industries,
1938
$26,512
$21,534
1939
$22,959
377,010
326,850
301,004
$409,110
■95,409
Total
General
Inc.—Earnings—
9141
$32,100
$.348,384
100,133
$323,963
75,021
41,649
14,898
$302,693
86,592
39,174
19,169
$192,396
12,237,319
$157,759
12,449,906
3 Mos. End. Mar. 31—
Income—Interest
expenses
1940
Service fee
a7\576
15*013
$306,125
Bal., surplus, Dec. 31-Inc. & profit & loss acct.
from Jan. 1, 1936
Ref'don Fed. inc.tax, &c
Sales of securities.Total surplus
Divs. on $5.50 cum.
stock
$233,239
12,174,239
12,196,972
1,146,582
8,322
Drl67,470
2,123,367
276,181
Balance March
164,980
3,101,811
3,084,753
JDr664,955
Dr392,095
315
Cr7,185
.$13,467,798 $14,561,078
pref.
.
'
347,194
349,462
$14,866,572 $15,300,323
0._
358,675
350,150
31---S13.120.604 $14,211,616 $14,516,421 $14,941,648
prior year's over-accrual for Federal income
After deducting $3,500 for
tax.
Note—The unrealized
in¬
thru
Rep¬
151.
2513.
Funded debt re¬
come
$9,560,378 $9,975,317
Total
$3,506,360 in 1940 and $2,961,537 in 1939. b
1,244,383 no par shares,
c 9,100 shares, at cost.—V.
After reserves of
a
resented by
a
17,204,507
tired
3,062,795
326,905
$9,560,378 $9,975,317
Total
prop.
thru income..
434.067
1,762,569
258,187
Net income
Prem. on funded
199,548
Capital stock
Paid-in surplus
146,954
rents
Other curr.liabil.
Other unadjusted
debits..
income tax..—
Deferred liab
b
Taxes
accrued
Unmatd.
V
int.
Unmatured
accrued
Other def. assets
680,880
Dividends-
Miscell. accts
fund
advances....
6,864,778
balances
Accts. & wages.
4
585,828
Other curr. assets
501,119
No. Dome Assn.
18,911,671
car
payable
143,457
760,123
Int. & divs. rec.
rec.
93,065
52,281,179
5,824,578 *
payable
serv.
Miscell. sects.
508,153
610,000
—-
and equipment.
bills
and
Loans
133,979
1,111,890
252,382
bals.
Working
119,889
52,176,179
18,978,807
construction
Non-negct. debt
1,448,484
240,060
Traffic, &c., bal.
Loans & bills
tingencies. _i-_Res.
for
Federal
Seaboard Surety
19,893,600
Bonds.........
120,838
Special deposits.
Agents and con¬
90,000
Res. for other con¬
111,318
Props,, leaseh'lds
S
6,975,145
6,975,095
Cash.:
60,000
104,662
1939
17,186,100
Miscell. physical
property
subsidiaries
$644,793
$378,279
accruals---
and
366,570
110,931
and gasoline
Mat'ls & supplies.
a
payable
Accounts
$2,331,431 $2,204,301
Accts. receivable..
464,383
796,267
Stock of crude oil
1939
1940
Liabilities—
1939
1940
Assets—
Cash..
p.
$
26,429
4,436,461
4,449,391
Inv. in affil. cos.
ductors'
$944,163
Grants in aid of
Deps. in lieu of
1.244.383
Including taxes
$416,257 in 1938. b Amortization, property, abandonments and exploration
work in foreign countries, c On 1,235,283 no par shares of capital stock in
1940, and on 1,244,383 no par shares of capital stock in 1939 and 1938.
Consolidated Balance Sheet Dec. 31
10,047
Preferred stock.
Road and equlp-
*1.895,790
1,244,383
1,239,683
254
17,186,100
Common
$1,746,464
$1,300,993
—
stock—_
concess'ns, plant
stock.
Liabilities—
$
$
85,000
180,000
$1.05
$1.40
$1.52
amounting to $465,956 in 1940, $446,238 in 1939 and
Int. in Kettleman
1940
1939
1940
Assets—
$2,018,321
$926,877
Sheet (Entire System) Dec. 31
20,000
150,000
1,199,258
oa
*e
n
1,432,315
6,000
100,000
—
Earnings per share capital
Deferred assets—
946,964
$5,570,053
1,922,812
1,486,450
costs.
for the year
Dividends
3,688
2,087,955
1,157,653
invest¬
ment
$4,746,286
1,419,279
1,410,543
Provision for contingencies.—
Provision for Federal income tax—. _
216
114
7,157
Net deficit..........
3,061
2,391
<
127,684
$4,038,567
_
Inv. In & advs. to
Deduct, from Gross Inc.
for leased R. &E-_
fcent
$5,442,368
164,373
b Prov. for deplet., deprec
Net profit
Income—
Joint facility rent
.
a
Hire of freight cars
Rent for locomotives...
$4,581,913
_
Total income.
c
Ry. Oper.
$8,146,924
2,704,556
216,376
Profit.
Other Income
$7,314,829
2,732,917
$3,822,191
Operating and general expenses
a
for Calendar Years
1940__
$6,393,623
2,571,432
Years Ended Dec. 31—
Operating revenue.-—.-----------
Intangible drilling and develop,
Ry. Oyer. Income—
f& Subs.)—-Earnings
Seaboard Oil Co. of Delaware
$4,258,569
Rent from locomotives.
Operating income....
and
1940 the company will
1937
$18,423,520 $17,414,757
330,834
304,220
554,047 J 562,479
301,563
210,746
Freight revenues
S19.422.734
Passenger
377,111
Mail, express, &c———
538,650
Incidental, &c
303,508
In its Federal income and State franchise tax returns for
claim as a deduction the unamortized discount
and redemption premium on bonds called during 1940.
I he
provision made for such taxes during the calendar year 1940, accordingly,
is approximately $410,000 less than it otherwise would have been,
net income is correspondingly greater.
(b) No provision for excess profits tax under the Second Revenue Act
of 1940 was made for the calendar year 1940 as it was estimated no such
tax would be due for that year.—V. 152, p. 1450.
Notes—(a)
• >'■:
1938
1939
1940
Revenues—
April 19, 1941
& Financial Chronicle
depreciation of investments on
March 31, 1941 was
$5,353,005, or $884,571 more than on Dec. 31. 1940.
Company reports that net assets before deducting bank loans amounted
to $28,130,551
on March 31, 1941, as compared with
on
Dec. 31, 1940.
These assets were equivalent to $72.30 and $76.54 respec¬
tively per share of prior stock.
Balance Sheet March 31
—•
$29,239,477
_
Total
140,924,234 139,420,6251
140,924,234 139,420,625
Total
-V. 152, p. 2250.
32,267,936 x32,4o2,981
131,796
153,430
146,7b7
in securities
Receivable for securities sold
Investments
Savannah Electric & Power Co.— -Earnings—
1941—12 Mos.—1940
1941—Month—1940
Period End. Feb. 28—
$222,359
80,513
$197,697
70,649
$2,521,019
Maintenance..........
10,050
Depreciation......
28,617
12,615
23,714
11,045
26,825
4,562
21,397
175,203
328,367
85,120
853,223
142,137
331,055
55,682
258,179
Interest and dividends
receivable, &c—*
364,718
revenues
.
i.—.
—
Federal income taxes.
a
Other taxes
.....
267,939
$716,797
368
300
$720,337
8,903
$67,218
31,202
$63,519
31,190
$729,241
374,811
$722,081
374,919
$36,017
Debenture dividend requirements
$32,329
$354,430
149,115
$347,162
149,115
$§3-&l£L
$66,850
Balance
Interest & amortization.
Balance
—
...
5,284
b$364,718
Balance
Reserve for expenses, taxes,
Balance for
common
stock
and
surplus
•CwnjPW does n°f consider that it has
t»
Profits Tax Act of 1940
San Diego
-
8205,315
* 60,000
_
as
any
amended March,
Gas & Electric Co.
liability under
60,000
the Excess
~
.11"
—
IIIIIIIII
Taxes (other than Federal income taxes)
Provision for Federal income taxes
income
II.
...
Other income
.
—
$9,601,550
3,363,832
648,814
1,402.699
$8,662,209
3,102,722
458
...
1940
Surplus
—
c Treasury stock
Total
Interest
on
funded debt
Other incerest
—_
Interest charged to construction
Miscellaneous deductions
Net income
__—
—— —
— —— -,
— — — —
—
$34,028,601 $35,339,634
Investments owned on March 31, 1931 are carried at the lower of cost
Subsequent purchases are carried at cost.
In¬
vestments based on
market quotations as at March 31, 1941, or, in the
absence thereof, on their then fair value in the opinion of the corporation,
amounted to $26,914,930, or $5,353,005 less than the amount shown,
b Dividends only,
c 850 shares $5.50 cum. prior stock at cost.
V. 152,
market at that date.
p.1142.
Co/.—Earnings—
1941
$4,b»/,»ou
Gross revenue.
429
738,374
1,379,851
1,126,167
166,520
1,177,882
223,855
$2,893,060
General, operating & maintenance expenses.
„ _—
— — — —
-
Crl7 021
9,230
$2,234,266
__
—
...
955,246
65,494
964,376
65,954
$1,258,390
450,000
$1,012,619
--
$2,288,721
500,000
'
$2,533,360
$1,512,619
Operating revenue
Fixed charges— — —
$2,041,293
$1,363,022
274.275
—-.
Exchange
620,000
61,954
8,258
Cr20,232
8,291
859,117
459,292
117,117
928,55b
purchased—£46,790
Water rentals
118,140
Taxes.—.
272,00/
2,196
595,555
60! 162
10,889
1940
$3,998,524
Power
$2,039,097
22
$2,893,082
Amortization of debt discount and expense
—
a
Depreciation
Gross income
9,900,000
6,325,000
2,121,585
2,056,940
13,120,604
Dr40,572
— —.
Quarter Ended March
1941
...
loans
cum.
Shawinigan Water & Power
31—
■Earnings—
Amortization of limited-term investments
Net operating
$138,047
1941.—V. 152, p. 2407.
Years Ended Jan. 31—
Operating revenues
Operation.
Maintenance and repairs..
Depreciation
$198,047
135,009
45,317
&c—
preferred stock ($25 par)
$1.50 cum, convertible stock ($5 par)-. —
Common stock ($1 par)
$5.50
n
$145,315
....
requirements———I—III
$381,260
163,409
51,074
10,000,000
6,353,750
2,121,585
2,056,940
14,211,616
dividends payable
Due for securities purchased
or
Preferred dividend
$35,339,634
Liabilities
Interest accrued and
Bank
Net oper. revenues...
Other income, (net)
364,594
.$34,028.601
Special deposits for dividends
$2,357,073
944,053
Operating
Operation
1940
!o'2ko'o«i
1941
Assets—
Cash in banks.
$808,390
—
a
Net income..,
a
Subject to income and excess
profits taxes.—V. 152, p.
1931.
South American Gold & Platinum Co.—10-Cent Div.—
dividend of 10 cents per share on the common
Directors have declared a
stock, payable May 7 to holders of record April 25.
made on Nov. 20 and on May 16, last.—V. 151, p.
Similar payments were
3254.
Volume
The Commercial & Financial Chronicle
152
Signode Steel Strapping Co.—Earnings—
Years Ended Dec. 31—
2569
Southern Colorado Power
1940
$3,804,184
3,133,554
Net operating income
Deprec., maintenance & amortization.
$772,280
155,240
$670,630
125,983
Income from operations
Other income
$617,040
35,617
Co.—Earnings
Year Ended Jan. 31—
1939
$4,375,899
3,603,619
$544,647
Gross sales & operating revenues
a
Cost of goods sold, oper., selling & admin,
expenses
1941
revenues
Operation
—
Maintenance and repairs.
Appropriation for retirement reserve.
Taxes (other than income taxes)
.
.
.i
—
...
Provision for Federal and State income taxes
...
1940
$2,397,781
853,135
131,617
300,000
331,495
85,383
$2,423,294
$696,151
Operating
$720,598
1,766
6/7,477
Other income (interest revenues)
Total
Deductions from income.
Provision for Federal taxes
Excess profits tax
on
$612,124
85,377
110,961
$652,657
77,880
159,393
;
49,109
...
income
Gross income
—
194
$696,344
408,497
34,161
10,409
—
Interest on lstmtge. bonds
Amortization of debt discount and expense..
Other interest
Net income for year
Dividends paid on preferred stock..
Dividends paid on common stock
Earnings
199,928
share
per common
Interest charged to construction
$415,786
76,819
133,237
$2.54
$376,273
76,788
$2.24
Cr3,595
Miscellaneous
881,696
124,720
300,000
327,872
68,408
$722,363
409,698
34,174
11,129
Cr391
4.268
$238,961
Less discounts, returns and allowances.
v
Note—The net income is exclusive of the
equity in the net income of sub.
companies amounting to $10,133 in 1940 and $15,882 in 1939.
a
7,911
$263,485
Note—No provision for excess profits tax under the Second Revenue Act
was made for the calendar year 1940 as it was estimated no such
of 1940
tax would be due for that
year.—V. 152,
p.
1297.
Balance Sheet Dec. 31, 1940
Assets—Cash
and
Southern
hand and demand deposits, $277,768; trade account8
notes receivable,
(Less reserve for credit losses), $29,006, $417,0901
on
as
a
ago.—V. 152,
p.
Calendar Years—
V.-.f
1939
1938
$510,151
323,789
$481,131
303,863
$186,361
$177,268
$213,355
760
$177,276
156,725
12,176
1,262
44,406
$214,114
158,105
12,176
45,764
$186,361
156,681
12,622
1,249
45,064
Crl 2
cm
Crib
Cr971
$42,173
$29,189
$37,218
prof.$947
$173,284
156,286
12,550
929
Int. chgd. to constr'n
Net
loss.
141,501,247 kilowatt-hours,
Federal income taxes (normal)
Other taxes
Provision for deprec. & retirements..
Operating income
Non-operating income
Directors have declared
1939
—V. 151, p.
84
30,722
81,719
Surplus—
Net loss from sale of sees,
a
plant
$885,517
2,486
$815,207
282,093
Crl, 105
23,337
$888,004
290,575
a
Operating
expenses
34,286
22,801
8,349
Total.
1940
7,178,870
7,004,449
28,363
298,992
Net earnings
Int., deprec. & divs
$116,862
112,009
1941
160,598
$532,299
Surplus
152,
$4,853
p.
—33,247,552 39,873,481
Stewart-Warner Corn. (&
3 Mos. End. Mar. 31—
Gross profit from oper'n.
Expenses..
$216,175
74,075
39,228
$102,872
111,152
$1,458,942
415,851
344,336
$698,755
674,737
$687,482
669,492
1939
$1,234,618
1,008,150
1940
$1,364,595
940,198
def$8,280
$24,018
$424,397
10,581
$226,468 loss$171,543
Dr36,276
Dr42,675
$1,133,050
a569,046
$434,978
106,776
$190,192 loss$214,218
43,917
948
$328,202
$0.26
$146,275 loss$215,166
$0-12
$1,166,180
...
Profit
$564,004"
$0.44
Netprofit....
Earns.per sh. on con. stk
Includes $257,694 excess profits tax.
a
Consolidated Balance Sheet March 31
1940
1941
Assets—
$1,146,833 $1,152,453
Cash
Accts. & notes rec.
Liabilities—
5,495,609
60,000
4,224,842
Mtge. receivable..
Inventories-
6,925,009
5,370,769
140,000
155,000
504,720
212,438
(less reserve)...
1st mtge.
—
accrued
Curr.
non-curr.
784,645
purch.
463,278
1,749,789
maturity
681,387
of
money
20,000
60,000
739,783
550,405
obligation...—
60,000
120,000
717,496
512,717
Res. for cap. losses
Res.
for
possible
692,734
,
364,817
(net) 6,907,376
6,686,987
prepaid
expenses, &c—.
Land & bldgs. not
obligation...—
Purchase
used in operat'ns
Patents,
923,091
commis.,
royalties,
&c.,
Taxes accrued
Supplies,
Plant & equip
1940
$200,000
1,678",583
Wages,
60,000
note re¬
ceivable
1941
Bank loans——
Accounts payable-
loss
money
royalty &
patent claims.
licenses,
on
—
1
goodwill, &c
Res.
a
$17,990
for
85,747
85,825
629,211
424,783
product
Reserve——
180,385
156,770
6,365,315
6,215,315
Common stock ($5
par)
Southern Pacific RR.—Abandonment—
—
Capital surplus— 5,526,951
Total
$22,284,148$18,925,612'
5,451,951
Earned surplus
The
Interstate Commerce Commission on April 2 issued a
certificate
permitting abandonment by the road of that portion of the so-called
Knights
Landing branch extending from Yuba City to Marysville,
approximately
0.7094 mile, in Sutter and Yuba Counties, Calif., and
abandonment of
operation thereof by the Southern Pacific Co., lessee.—V. 152, p. 1143.
1938
$923,611
1,095,154
/>r33,130
Operating profit
receivables
$1,320,960
426,428
207,050
33,247,552 39,873,481
Subs.)—Earnings—
1941
— —
Other income
-Earnings—
1941—6 Mos.—1940
Total
$2,225,508
1,059,328
Federal income tax
2252.
$
b Auth¬
orized, 600,000 shares; outstanding 546,905 shares.—V. 152, p. 2252.
$352,238
Cr307
——
guarantee——
—V.
1940
$
41,437
49,764
Reserve for taxes..
63,000
58,339
Dividend declared
273,453
273,453
Accounts payable.
35,085
3,824
bCom.stk.,no par.29,773,327 29,773,327
Surplus...—!
3,061,250
9,714,774
Management fee-
Securities at cost $31,928,064 in 1941 and $32,386,257 in 1940.
a
24,831
22,231
1941—Month—1940
70,068
$3,848
14,582
25,879,720 32,570,040
and
51,945
def$20,683
profl7,813
Liabilities—
Securities
Other
Taxes
deff1,704
prof434,800
Accts. rec. for sale
$796,256
319,400
Cr4,725
82,279
409
$238,875
$253,843
249,995
Dividends only.
Cash in banks....
$793,720
2,536
Southern Canada Power Co., Ltd.Gross earnings
$252,770
273,453
1938
Balance Sheet March 31
equipment, including intangibles, $14,066,264; current and working assets, $727,678; deferred
charges, $434,161;
total, $15,228,103.
Liabilities—First mortgage bonds, series A, 3^%, due March
1, 1964,
$7,500,000: note payable to bank, $144,000: current liabilities,
$359,861;
customers'fadvances for construction, $171,150; reserve for depreciation and
retirements, $753,996; contributions in aid of construction, $36,803; 4^%
preferred stock (par $100), $2,000,000; common stock (par $10), $3,500,000;
earned surplus, $762,293; total, $15,228,103.—V.
152, p. 275.
Period End. Mar. 31—
$271,749
273,453
1941
Balance Sheet at Dec. 31,1940
Assets—Property,
a$324,745
25,500
45,403
Assets—
78,263
$487,908
Net income..
1939
$328,417
25,218
50,429
$21,193
3,249
Net income
Dividends declared
1940
a$349,153
23,080
54,324
$294,646
273,452
Expenses
S
Corp.—Earnings—
1941
Reserve for taxes
discount, premium
(net) and expense
Miscellaneous deductions
dividend of 15 cents per share on the common
a$366,677
25,037
46,994
Quar. End. Mar. 31—
59,615
22,563
long-term debt
a
1157.
Divs. & int. received—
$1,433,190
376,767
76,478
48,344
13
Gross income
compared with 121,341,975 kilowatt-hours
16.6%.—V. 152,p. 2409.
1938
$1,486,070
395,183
92,843
Co.—Weekly Output—
stock, payable May 15 to holders of record May 5.
Dividends of 10 cents
were paid on Feb.
15, last, and on Aug. 15, May 15 and Feb. 15, 1940.
Dividends receiv'le
$1,561,305
413,851
103,723
80,143
63,368
85,024
$815,193
Interest charged to construction
Other interest.
as
State Street Investment
1940
revenues
expenses
of debt
$358,540
248,911
Standard Silica Corp.—US-Cent Dividend—
1,349
42,508
of invest, secur.
Maintenance
Amortiz.
$491,475
287,194
for the corresponding week last year, an increase of
Pittsburgh Water Co.—Earnings—
Calendar Years—
on
$748,485
389,945
Electric output of the public utility operating companies in the Standard
& Electric Co. system for the week ended April 12, 1941, totaled
(Incl. Operations of Subs. Merged with the Company in
March, 1939)
Interest
$886,438
394,963
$534,0,53
1.039,761
preferred stock
Standard Gas & Electric
Assets—Utility plant (incl. intangibles aggregating $657,056), $6,821,542;
cash, $5,678; accounts receivable (less reserve for $5,001), $45,961; accrued
utility revenues, $68,400; materials and supplies, $21,381; prepaid taxes,
insurance, &c., $3,519; deferred charges, $118,333; total, $7,084,813.
Liabilities—6% cum. pref. stock ($100 par), $1,044,400; common stock
($100 par), $750,000; long-term debt, $3,124,000; demand note payable to
Federal Water Service Co. ($227,960) and accrued interest thereon
(pay¬
ment of interest subordinated to
payment of dividends on cum. pref. stock,
such
divs.
are
in arrears from Feb. 15, 1932), $358,739; due to
parent
company (N. Y. Water Service Corp.), loan account, $510,000; current
liabilities (exclusive of above indebtedness to parent and affiliated com¬
panies and sinking fund requirement), $122,725; deferred liabilities,
$42,399;
depreciation reserve (incl. credit of $233,000 recorded by charge to
utility
plant prior to recording appraisal), $686,390; other reserves,
$2,206;
contributions in aid of construction, $110,771; capital
surplus arising from
appraisal of property as of April 1, 1930, $563,599; earned
deficit, $230,416;
total, $7,084,813.—V. 151, p. 2955.
Operating
Operating
294,303
Gas
Balance Sheet Dec. 31, 1940
South
$828,356
long-term debt, $6,760,000; accounts payable, $108,724; preferred stock
$474,043
260,688
_
$744,483
4,002
(covered by special deposits), $76,513; customers de¬
posits, $254,095; accrued taxes, $311,282; accrued interest, $42,080; other
current liabilities, $23,387; customers' advances for construction, $9,892;
reserves, $2,510,000; contributions in aid of construction, $123,058; earned
surplus, $171,734; total, $17,151,693.—V. 152, p. 845.
1937
$499,716
326,433
8
Other interest charges.
$881,585
4,853
Assets—Utility plant $15,451,117; investments, $635,991; cash, $130,284;
special deposits for payment of dividends, &c., $78,602; accounts and notes
receivable (less reserve for uncollectible accounts and notes of $15,283),
$333,496; materials and supplies, $146,094; prepayments, $7,518; debt
discount and expense in process of amortization, $368,590; total, $17,151,693.
Liabilities—Common stock (par $21), $1,998,276; 6 cumulative class A
common (par $100), $299,400; 6% cumulative preferred stock, $4,473,251;
-Earnings-
$173,284
Gross income
$2,611,379
1,866,896
dividends payable
Other income
Interest on funded debt.
Amort, of dt. disc. & exp.
Taxes assumed on int
1938
$2,762,481
1,880,896
$825,365
2,990
Net income
unfilled orders on hand amounted to $6,060,616,
on Jan. 1, 1941 and approximately $1,000,000
1940
Net earnings....
1939
2,153,421
and taxes
expenses
on
Subs.)—Earnings
1940
Gross income
Interest and other deductions.
Dividends
1940
Balance Sheet Dec. 31,1940
South Bay Consolidated Water Co., Inc.Operating revenues
1941
$2,978,786
revenues
Other income (net).
844.
Oper. exps., depr. & tax.
-Man. 1 to Apr. 5——
$2,465,245 $43,870,599 $36,061,155
Southwestern Light & Power Co. (&
compared with $3,094,891
year
Week of April
1940
$3,034,266
Calendar Years—
Operating
Operating
Deliveries during the first three months of 1941 were at a record rate of
$49,540 weekly as compared with an average of $26,806 weekly during the
like period a year ago.
Despite the sharp upswing in shipments, backlog continues to mount
and company approaches the close of its fiscal year on
April 30 with a record
volume of unfilled orders.
As of April 1, 1941, total
lsf
1941
Gross earnings (est.)
—V. 152, p. 2408.
Liabilities—Trade notes payable, $3,700; trade accounts payable, $202,322; accrued payrolls, commissions, &c., $68,120; accrued Federal taxes on
income and capital stock, $218,402; other accrued
taxes, $32,499; sundry,
$5,148; 10-year bearer promissory 3 M % notes, due Oct. 15, 1945, $157,504;
customers'
deposits for tool service
(unamortized portion), $457,353;
reserve for
employee's death and disability benefits, $25,000; deferred
income, $1,918; cum. $2.50 pref. stock (par $30), $921,420; common stock
(133,379.35 shares no par), $505,530; surplus, $385,849; total, $2,984,766.
—V. 151, p. 3900.
Co.—Backlog—
-Earnings—
——
inventories, $543,022; due from officers and employees (less reserve $178),
$300; sundry debtors (less reserve $1,046), $14,919; inventory of tools and
parts on hand, $194,681; prepaid expenses, $27,752;
10-year bearer 3H%
notes sinking
fund, demand deposit, $31,526; investments,
$273,427;
tools and machines in service
(less reserve for deprec'n, $484,528), $477,153;
miscellaneous assets, $34,093; property, plant and equipment (less
deprec'n,
$499,155), $6b6,618; leasehold improvements (less amortization, $38),
$1,100; patents (less reserve for amortization $34,966), $25,318; total,
$2,984,766.
Solar Aircraft
Ry.-
3,425,714
Total
—
4.510,790
$22,284,149$18,925,612
1
a
For
possible loss
on
repossessions under resale instalment contracts
and notes discounted with finance companies.—V. 152, p. 1933.
The
2570
April 19, 1941
Commercial & Financial Chronicle
Period End. March 31—
a
$2,303,756
$1,711,540
$7,926,190
1,462,432
Gross earnings..j
Operating expenses
1,104,717
5,028,429
Balance
on
Balance
267.176
7,869
1,926
114
430
154
207,725
213,444
...
...
.
for
.
$440,883
.
$314,751
$1,599,352
$1,147,665
se¬
100,000
$314,751
$1,499,352
$1,147,665
346
.
2,535
16,883
22,074
Earns, per share
stock
$312,216
$1,482,469
$1,125,591
$0.21
$0.15
$0.70
$0.53
of cap.
.......
for
Cash
Bond
Webster and Blodget,
$277,472
securities
exclude those on
by other companies in the group.
Such profits and losses
sales of securities carried at written down amounts which have been
flected, on the written down basis, in capital surplus in accordance
a
ave
$356,802
the
any
The earnings as stated do not take account of the difference between
quoted market or estimated fair value of securities owned
except to the extent of $100,000, as shown in the above statement.
and sold privately to Equitable
Life Assurance Society of the U. S. $10,000,000 2%% deben¬
tures dated Feb. 15, 1941 and due Feb. 15, 1951.
Of the
proceeds, $7,41X1,000 was used to complete redemption of
$12,000,000 10-year 27/s% debentures due Dec. 1, 1948,
called for payment Mar. 10 and the remaining $2,600,000
10, 1941, issued
was
.
,
sold $10,000,000 10-year
2H% debentures dated Feb. 15, 1941, and due Feb. 15,
1951.
This issue was sold privately to Prudential Insurance
Co. of America.
Of the proceeds company used $5,400,000
to redeem on Feb. 26 the balance of 10-year 2%% serial
debentures due on Feb. 15, 1945,1946 and 1947, and $4,600,in
000
partial redemption of $12,000,000 10-year 2%%
due Dec. 1, 1948, called for redemption on
debentures
Stock Exchange has
a
number of years interest rates
and the dividend rates on
preierred
1,455,402
1,321,388
113,110
393,413
113,109
789,069
2 81,673
498,774
payable
Federal & Dom. in¬
50,934
come
Res.
taxes
develop.,
for
985,965
1,050,561
5,137,380
75,201 c Capital stock.— 5,137,379
Earned surplus—10,878,928 10,834,720
conting.,&c
Surp. arising from
dif. between cost
600,000
A cap.
1,083,553
val.ofstk
540,095
322,922
held in Can.affil,
Minority stkhldrs.'
Int.in cap.Asurp.
of Can. affiliate-
56,524
38,562
d Treas.
918.857
937.614
stock.—Drl,990,580Z>rl990,580
Total
17,654,424 17,097,985
in 19^0 and $1,690,915 in i 1939.
Represented by 985,205 no par shares,
17,654,424 17,097,985
After amortization reserve,
d 80,350
c
shares.—V. 152, p. 1933.
Corp.—New Director—
Sunray Oil
annual meeting of stockholders, Floyd L. Martin, was
corporation co fill the vacancy caused by the recent
death of Charles I. McLaughlin.
Mr. Martin is Vice-President and a
director of the corporation's subsidiary, Sunray Oil Co. All other directors
were reelected.—V. 152, p. 1771.
the
At
recent
elected a director of the
(James) Talcott, Inc.—Earnings—
3 Mos. End. Mar.
Equal
x
24 cents in
1938
1939
1940
1941
U—
Net earns, after all exps.,
reserves and taxes
a$96,821
$67,295
$79,603
after preferred dividend requirements to 28 cents in 1941 and
1940 a share on 322,056 shares of common stock.—V. 152, p. 1142.
a$110,436
Co.—Earnings-
Tampa Electric
1941—12 Mos.—1940
1941—Month—1940
Mar. 31—
Period End.
Operating revenues
Gross income after retire¬
$482,290
$427,615
$5,268,494
$4,785,836
accruals
148,150
147,141
136,975
136,547
1,514,376
1,503,267
1,495,018
1.487,947
ment
reserve
Net income-
-
2085.
—V. 152, p.
Tennessee Corp.
(& Subs.)—Earnings—
Consolidated Income Account for
1939
1940
-
Calendar Years
1938
a$13,678,064 $11,578,466
46,451
21,570
Sales
Other income
$13,724,514 $11,731,995
Cost, of sales, incl.all mfg.
exps. except deprec
10,470,227
9,325,100
Sell, and admin, exps...
1,031.386
1,035,923
Interest.
115,413
155,955
Total
Amort,
....
151,978
114,355
$11,183,261 $13,483,985
8,713,924
10,194,512
3,271
21,867
78,636
3,271
24,416
150,505
1,074,564
204,028
1,194,931
218,961
of issue exp. on
34,653
4,071
127,647
73,820
expense..
Dr5,509
Res. for minority interest
79,691
CV285
.
75,980
Cr8,464
:
bonds pur-
on
609,104
602,240
580,754
77,717
Dr3,404
558,251
Depreciation
Miscellaneous
Discount
19,726
>
debentures
Other interest paid.
Other deduc. from inc..
4,559
Dr5,216
$349,083
$392,982
$934,678
298,794
853,696
$0.41
853,696
$0.46
853,696
$1.09
014,127
chased and retired-...
$1,159,137
Netprofit..
Dividends paidShares capital stock out¬
standing ($5 par)
Earnings per share
c80,874
16,903
66,742
b276,117
Res. for Federal taxes..
426,848
853,696
$1.36
b Includes $1,878 for estimated
Federal taxes on
Including other operating revenues,
a
1937
$11,049,450 $13,292,946
19,456
39,060
131,959
Other oper. revenues
stocks have been rather low
ferred stock outstanding
$
f-
$
payable and
accruals
1,100,097
4,579,622
6,736,702
46,892
stock.
and the company felt that to have a 6% pre¬
constituted a heavy charge against the company's
earnings, which was excessive in the light of present day conditions, and
that action should be taken to bring its securities in line with its competitors.
Action was therefore taken to amend the certificate of incorporation to
provide for 100,000 shares of class A preferred stock, with a dividend rate
to be determined by the board of directors, but not in excess of 5%, which
could be offered to the holders of the outstanding preferred stock in ex¬
change for such stock.
The proposed amendment was submitted to the stockholders at the annual
meeting or stockholders held March 11 and the amendment to the certificate
of incorporation was adopted increasing the authorized capital to provide
for an issue of 100,000 shares of class A preferred stock (par $100) and
authorizing the directors to issue the stock and to fix and determine the
dividend rate, redemption price and price to be paid upon liquidation.
The directors at a meeting March 11 fixed and determined that the
cumulative dividend rate of the class A preferred stock should be 4>£%
per annum, payable quarterly May, August, November and February in
each year, and fixed and determined that in case of any liquidation, dissolu¬
tion, sale of substantially all of the assets or winding up of the company,
the holders of class A preferred stock shall be entitled to be paid $115 per
share and all accrued dividends and fixed and determined that the company
may at any time redeem the outstanding class A preferred stock, in whole
or in part, on any quarterly dividend date, by paying therefor in cash, if
class A preferred stock is redeemed prior to May 1, 1946, $120 per share
and divs., and if red, on or after May 1, 1946, $115 per share and divs.,
and authorized the issue of class A preferred stock in exchange for the
present oustanding shares of preferred stock on the basis of share for share.
An offer was made to the holders of the outstanding 100,000 shares of
preferred stock to exchange the stock for shares of class A preferred stock
on the basis of share for snare and the offer is being accepted by the stock¬
holders and the shares of preferred stock are being surrendered to the
company for exchange.
The exchange is to be made as of May 1.
Stock¬
holders surrendering their shares of preferred stock for exchange whl be
paid dividends on tne preferred stock at the rate of 6% per annum from
the last dividend date, March 1, 1941, to May 1, 1941.
The shares of
preferred stock surrendered for exchange will be canceled and not reissued.
Any shares of preferred stock not surrendered for exchange will be called
for redemption.—V. 152, p. 2252.
Accts.
depreciation of $1,700,267
After
a
1939
1940
Liabilities—
•
50,752
Total
b
$100),
For
$
1,500,000
1,042,493
rights—.
Defd charges and
official
Company has outstanding 100,000 shares of preferred stock (par
which is entitled to cumulative dividends at the rate of 6% per annum.
31
1939
b Patents & license
authorized the listing on or after
May 1, of 100,000 shares of class A preferred stock (par $100), on
notice of issuance, in exchange for outstanding shares of preferred
$232,486
notes
Real est. Abldgs.
a
March 10.
The New York
Inc.,
Co.,
receivable
Placed Privately—The company
added to working capital.
On Feb. 26 last the company also
61,332
$118,802
Engln'g
Combus'n
(2)
Mar.
68,868
$174,938
for estimated excess profits tax.
6,595,536
Deferred recelv'les
72,919
prepayments
book amount and
on
87,383
a213,630
In v. in allied cos..
Notes—(1) The consolidated financial statements include the accounts
of all subsidiaries of Stone & Webster, Inc. other than two small companies,
the assets and net income of which are relatively insignificant.
Sun Oil Co.—Debentures
$180,134
Divs.
Investments
re¬
securities since that date
(1940, $210,934) Federal income taxes.
In
opinion of the management the companies consolidated do not have
liability under the Excess Profits Tax Act of 1940, as amended.
b Includes
$243,806
46,677
1,312,490
4,236,655
Inventories
with
resulted in
net credit to capital surplus.
Eractice established Jan. 1, 1932. Sales of such
$319,869
& divs.
int.
accrued.—.—
profits of $7,869 for 3 months of 1941 (1940, $102,126) and
12 months of 1941 (1940, $275,396) on sales of investment
net
$548,241
Consolidated Balance Sheet Dec.
,
Receivables
profits and losses on security
Inc., incident to its business,
Includes in addition to the customary
transactions of Stone A
$51,383
128,752
1940
$
1,084.894
1,665,116
.
Assets—
$440,537
Net income
loss$7,456
251,261
$334,611
income
Includes provision
a
$440,883
_—A,
Amount applic. to min¬
ority interest.
Balance..
$205,380
114,489
Total gross income—
Deprec. on plant and
properties A provision
for Federal taxes, Ac..
Net
yO:
1938
1939
1940
$424,691
123,550
operations
Inc. from other sources.
53,178
only to the
(Exclusive of Canadian Affiliate)
1941
Profit from
by 14% discount to bring into
The share of approximate net
Included in consolidated earnings
Ended March 31
Earnings for Quarter
8,264
59
possible
curity losses
a
$1,636,703
256,805
52,499
Depreciation
Prov.
$2,072,181
66,360
1,852
expense
Other interest.
earnings of foreign affiliates is
extent of dividends received.
b693,733
$436,329
$558,894
63,601
........
bonds and mtge.
Amort, of debt disc, and
Int.
consolidated earnings has been reduced
accord with prevailing rate of exchange.
$6,490,777
b825,580
170,495
282,430
Taxes
Canadian affiliate included in
earnings of the
Note—The proportion of
(& Subs.)—Earnings—
1941—3 Mos.—1940
1941—12 Mos.—1940
Stone & Webster Inc.
Federal excess profits tax.
c
Including $957 provision for
undistributed profits.
Consolidated Balance Sheet Dec. 31
a
V
Fixed
'
•'<
■"
assets
Investments
Cash.
—
—
Inventories
Accounts
&
•"
15,284,798 15,421,905
4,096
3,772
1,432,796
1,729,938
3,586,536
4,036,876
notes
1,542,145
1,086,776
Other curr. assets.
13,068
275,866
30,602
32,816
Deferred charges..
Other assets
b
Funded
c
330,025
36,728
4,268,480
2,752,500
debt
Accounts
3,092,500
417,853
12,232
596,136
payable,
16,283
Prepayments ...
notes—instal.
340,000
pay'Ie currently.
V-
Other reserves
337,500
445,572
401,943
15,653
10,192
Other liabilities—
Dlv.
$
4,268,480
Capital stock-
Loan
receivable, Ac._
yv
Liabilities—
'=vyf.
$
JR.'/
1939
1940
1939
1910.
A
213,424
payable
Accrued expenses.
Consolidated Income Account for
436',800
9.874,604
Earned surplus...
Superheater Co.—Earnings—
662,675
Capital surplus...
...
3,699,104
9,874,604
3,029,016
38,094
45,095
in
Minority
int.
subsidiaries
Calendar Years
[Including Affiliated Canadian Company]
1938
1937
1940
$5,376,241
Sales
Cost, sell., &c., exps..-
1939
$3,286,489
a
4,248,649
3,017,349
626
731,591
$269,140
653,421
$128,935
679,545
$1,961,554
915,119
$1,859,183
133,264
$922,561
136,163
$808,480
$2,876,673
139,658
139.709
a606,877
145,309
38,472
127,281
75,954
531,019
119,956
$602,618
542,923
$465,587
452,436
$2,085,989
c2.375,246
Profit from operations $1,127,592
Other income
c
for
$8,809,991 in
After deducting reserves
in
..22,917,065 21,931,678
depreciation and other reserves of $9,069,1939.
b Represented by $5 par shares,
22,917,065 21,931,678
Total
1940
and
Total
On account of sales contracts.
References Loan at Lower
Interest Rate—
has refinanced the $3,092,500 balance due on its loan
interest rates from 2lA % to 4 % maturing up to
June, 1949, with new loan and serial notes in the amount of $3,000,000
bearing interest of 2\i% and 3% maturing up to Dec., 1948.
This re¬
financing will save the corporation substantial sums over the life of the debt,
it is stated.—V. 151. P. 2958.
■
r-The corporation
Total income........
Depreciation.
Fed.,
Dom. &
income
foreign
taxes
Applic. to minority int..
Non-recurring income.
-
Net profit-...
Dividends paid
.—
...
71,606
b281,233
$1,328,669
1,266,808
Ry.—Annual Report—
"Texas & Pacific
Statistics of
Operations for Calendar Years
1940
$61,861
$59,695
$13,151 def$289,257
Shs. of cap. stk. (no par)
904,855
904,855
904,855
904,855
Earnings per share
$1.47
$0.67
$0.52
$2.30
a Includes $87,000 estimated Federal excess profits tax.
b Cash income
received upon liquidation of a foreign subsidiary,
c Dividends disbursed
during the year include distribution of capital surplus in the amount of
$351,010, which was the profit derived from sale of 19.000 reacquired shares
in treasury, after deducting ($74,105) pro rata proportion of Federal income
Balance, surplus
taxes.
and serial notes bearing
mb
1,903
operated
Operations—
Passengers carried
Miles
644,921
Pass, carried one mile
Rates per pass, per
mile.
Av.
1,936
660,532
122,811,084 116,941,320
1.885 cts.
1.921 cts.
8,455,303
8,557.870
1946961635
rate per ton p. mile.
1.117 cts.
train load (rev.) tons
631
1854679825
1.184 cts.
583
Freight (tons)
Tons per mile....
A v.
1939
_
1937
1938
1,937
1,944
922,806
717,217
122,805,030 156,819,521
1.980 cts.
1.799 cts.
8,695,633
1818613661
10.193,154
2223845024
1.192 cts.
1.130 cts.
550
565
Volume
The Commercial & Financial Chronicle
152
Income Account for Calendar Years
Operating Revenues—
1940
Freight
Passenger
1937
1938
1939
$21,748,450 $21,950,291 $21,681,548 $25,132,589
2,314,786
2,246,643
2,432,072
2,820,676
877,670
891,735
891.050
878,356
511,857
531,681
491,108
514,675
398,044
386.901
383,178
377,731
575,347
656,894
515,442
473,706
Mail.
Express
Miscellaneous
Incidental, &c
Total
2571
Tri-Continental Corp.—Earningt
$26,496,557 $26,454,096 $26,381,704 $30,350,072
3 Mos. End. Mar. 31—
r
1939
1940
1941
Interest income
1938
$34,602
306,478
$32,008
262,293
$23,018
247,211
69,867
$27,413
212,922
76,878
$341,080
49,351
10,106
70,250
$294,301
50,781
10,597
70,750
$340,097
14,612
70,750
$317,213
142.172
23,519
70,750
$21^373
$162,172
218,400
$148,672
219,000
$80,773
225,150
Dividend income
Fees for invest, service.Total income
Expenses
Taxes
Interest
106,063
Operating Expenses—
Maintenance of way, &c.
Maintenance of equip
Traffic
expenses
Transporta'n expenses,.
General expenses..
Miscell. operations
Transp. for investm't...
$3,076,790
5,050,241
894,112
8,400,395
1,126,255
264,622
Cr32,487
$2,739,467
4,687,554
866,297
8,629,052
1,153,590
$3,384,024
5,586,318
952,576
9,382,967
1,282,906
312,319
Cr33,103
$3,092,845
5,231,829
877,217
8,396,191
1,166,030
266,329
Cr58,003
377,481
Cr42,126
•
Totaloper.expenses..$18,779,929 $18,972,438 $18,355,177 $20,924,145
earnings
7,716,629
7,481,658
8,026,527
9,425,927
Tax accruals, &c
1,868,475
1,966,805
1,931,130
y2,347,686
Net
Operating income
Other operating income.
$5,848,154
1,014,797
$6,095,397
996,474
$5,514,853
1,019,505
a Net Income
Pref. divs. declared
217.275
Before profit and (or) loss on sale of securities.
The unrealized depreciation of investments on
a
$15,050,352,
or
$6,534,358
1,157,988
1.011,149
$7,091,872
1,327,868
992,584
$8,119,561
1,597,166
1,010,148
Netry. oper. income.. $4,875,692
Non-oper. income
619,116
$4,365,221
587,948
$4,771,419
724,063
$5,512,247
1,001,149
$4,953,170
3,896,878
$5,495,482
3,942,242
16,708
was
on March 31, 1941, as compared with $27,586,283 on Dec. 31,
Net assets on March 31, 1941 indicated an asset coverage of $2,589
$1,000 of bank loans and debentures, of $113.71 per share of
preferred stock and 81 cents per share of common stock.
These figures
each
$2,662, $118.63 and $1.11, respectively, on Dec. 31.
compare with
Balance Sheet March 31
1941
1941
1940
$
$
UabUities—
Investments.
-a39.739.154 40,581,137
Cash
2,185,522
2,154,253
Reo. for sec. sold..
6,704
68,269
Special deposit for
Int. and divs.-272,227
273,889
Int. & divs. receiv.
c
$
3,630,000
Common stock.. 2,429,318
3,640,000
2,429,318
Int. accrued & dlv.
304,639
payable
Due
302,977
securities
for
138,682
60,452
60,634
purchased
122,210
114,012
1940
$
stock-
b Preferred
$6,513,396
3,952,852
6,256
113,660
Rentals, &c
1941,
1940.
$7,078,241
1,041,320
$6,862,951
998,209
989,050
31,
$26,826,538
for
Assets—
Total oper. Income—
Hire of equipment
March
$484,416 less than on Dec. 31, 1940.
Net assets before deducting bank loans and funded debt amounted to
_
107,834
8,000,000
Res've for expense
Gross income
$5,494,808
Int. on funded debt
3,868,957
Int. on unfunded debt..
9,596
Misc. rents, taxes, &c__
52,927
9,873
85,818
114,676
,
and taxes
Bank loans
Net
income.....
$1,593,328
592,575
Income balance.
y
$1,421,856
237,030
$960,600
—....
$2,440,627
592,575
$1,184,826
$960,600
$1,000,753
dividends
$1,848,052
Includes $273,020 surtax.
Total
in
Assets—
1939
$
Liabilities—
; $
Common stock.
equipment —188,246,295 187,942,274
Depos. in lieu of
-
Preferred stock.
Inv. In affil. cos.
12,570
819,059
9,847,600
10,574,031
Other investm'ts
452,608
454,981
1,916,012
2,466,877
74,630
69,653
746
93,795
Misc. phys. prop
Cash
Traffic
car
bals. rec.
819,134
634,752
161,427
rec.
180,520
1,252,626
Mat'ls & suppl's
4,215,143
serv.
Agts. & conduc¬
tors'
balances
Misc. accts.
Int. & divs.
Oth.
1,085,598
4,113,065
2,989
82,430
rec.
curr. assets
3,402
13,004
106,100
7,959
12,940
119,717
11,189
1,368,801
9,337
1,430,590
Work. fd. advs.
Other def. assets
610,881
382,084
Fund.dt.unmat.
78,798,000
78,275,000
552,315
424,992
Traf. &
car serv.
bals. payable.
Aud.
prepd.
Oth.unadJ. debit
1,243,644
1,617,698
54,112
69,288
70,067
Div. mat'd unpd
5,910
662,255
63,830
5,910
652,684
payable
Unmat'd
rents
accrued
__
106,924
Other def. liabil.
67,824
77,519
67,490
liab.
63,791
359,834
Other
curr.
Tax liability
Prem.
on
90,250
440,295
funded
5,867
4,400
17,431,089
Oth. unadj. cred
693,562
696,080
30,337,192
30,336,382
15,901,989
17,976,152
debt
16,392,031
Profit and loss—
credit balance
209,421,459 210,031,886
-Y. 152, p.
Total
209,421,459 210,031,886
2086.
Thermoid
Co.—Options Extended—
March
21, 1939, tbe stockholders approved the reduction of the option
price on the common stock to $8 per share and the extension of the ex¬
piration date for two years up to and including April 16, 1942.
At their annual meeting held on March 18, 1941, the stockholders
approved a further extension of the expiration date for three years up to
and including April 16, 1945.
Thermoid Managers' Group, Inc., of Trenton, N. J., is the holder of an
option to purchase 10,000 shares of common stock; Frederic E. Schluter, of
Princeton, N. J., is the holder of an option to purchase 10,000 shares of
common stock; and M. E.
Goldman, of Philadelphia, advertising coun¬
sellor, is the holder of an option to purchase 500 shares of common stock.
Options entitling the holders thereof to purchase in the aggregate a total of
4,500 shares of common stock may be issued to such officers or employees
of the company as may from time to time be designated by the directors
and in such relative proportions as such Board may designate. The purpose
of the Issuance of these options and of the shares of common stock issuable
thereunder, is to additionally compensate the recipients thereof for services
already rendered and expected to be rendered to the company.—V. 152,
p. 2086.
Thompson Automatic Arms Corp.—Suit Settled—
Supreme Court Justice Wasservogel has declared settled two suits brought
by Thomas A. Kane and Evelyn A. Thompson, executors of the estate of
Marcellus N. Thompson, inventor of the Thompson machine gun, against
Russeil Maguire & Co., Inc.
The actions were to restrain the Thompson
Automatic Arms Corp. and its voting trustees from paying dividends on
116,400 shares of common stock underwritten by the Maguire firm, and
for the return of the stock to the estate. Details of the settlement were not
Timken
p.
1606.
Plan
Co.—Retirement
New Vice-President—
•
Voted—
/
At their recent annual meeting,
stockholders approved a group retire¬
ment plan for employees and reelected directors.
^•Retirement plan is expected to be made effective on June 1, 1941. pro¬
vided at least 75% of all eligible employees make application.
At an
organization meeting, W. Robert Timken was elected a Vice-President.—
V. 152, p. 1935.
Translux
Corp.—Five-Cent Dividend—
Transue & Williams Steel
Forging Corp.—Earninqs—
Total income
Net profit after deprec'n.
Federal inc. taxes, &c-
Earns, per sh.on cap. stk
1940
1939
$101,471
26,447
28,134
$79,447
7,454
8,843
loss67,618
141,409
Operating profit
1941
$252,502
136,412
3 Mos. End. Mar. 31—
—V. 151, p.
1938
loss$742
66,409
$0.49
22,789
$0.17
7,930
$0.06
loss68,219
Nil
loss68,219
3758.
_
-
Net profit
b Earnings per share
a
After all charges including provision for income taxes,
common stock.—V. 152, p. 846.
hares of
x$395,144
1941—12 Mos.—1940
$211,262
139,007
15,771
$2,620,005
1,701,001
192,930
$2,601,442
1,742,797
191,282
1,815
8,548
18,027
162,784
18,299
118,299
$39,851
$39,744
45
150
$545,263
3,718
$530,765
3,643
$39,896
21,370
$39,894
22,572
$548,981
251,107
$534,408
262,575
$18,526
State and municipal
Social security—Fed.
$212,573
146,802
15,664
1,535
15,098
$17,322
$297,874
$271,833
14,320
14,320
171,850
171,850
6,469
expenses
6,469
77,625
77,625
&
State—
Federal (incl. inc. tax)-_
Net oper. income
Non-oper. income—netGross income.
Deductions
Net income
7% prior lien cum. pref.
div. requirements
5% cum. pref. div. re¬
quirements *
Dividends
on
cumulative 5% preferred stock, all owned by New Eng¬
since March 31, 1937 and amount to
$310,500.—V. 152, p. 2413.
Underwood Elliott Fisher Co. (&
Subs.)—Earnings—
1939
1938
$797,343
13,955
$768,231
24,745
$811,298
$792,976
134,722
116,413
133,314
102,222
$557,440
734,300
$0.76
1940
1941
3 Mos. End. Mar. 31—
Combined inc. after de¬
ducting mfg., sell, and
$1,107,800
38,926
Other net income.
Depreciation
Res. for Fed. inc. taxes.
Combined net Income.
Shs.
com.
stk. outst'g—
Earnings per share
$857,464
20,025
$1,146,726
148,225
258,847
$877,489
140,047
148,714
$739,654
734,300
$1.01
$588,728
734,300
$560,163
734,300
$0.80
$0.76
,
Note—Above earnings exclude equity in net income
affiliated and subsidiary companies.—V. 152, p. 1935.
Union Premier Food Stores,
of non-consolidated
Inc.—New Directors—
E.I. Hilson and James P. Magil have been
elected directors of this com¬
They succeed Myer Gordon and Herman Silver, who resigned.
Samuel Friedland, President of the company, announced that sales for
the first 12 weeks of 1941 were $7,431,309 as compared with $6,869,769,
an increase of 8.17 %, whereas net profits for the same period increased from
$172,015 to approximately $185,000 for the same period of 1941.
This gain
in net income was encouraging, Mr. Friedland stated, because of the fact
that it was accompanied by a lower gross profit margin, indicating increased
efficiency in store operation.—V. 152, p. 2087.
pany.
Union Water Service Co.
1939
1938
1937
$518,036
286,001
$£1$>9£6
280,955
$502,385
263,433
$493,869
253,403
$232,035
1,000
$237,991
510
$238,953
1,091
$240,466
513
$233,035
Operating revenues—...
Oper. exps. and taxes—
Net
earnings
Other income
tGross
(& Subs.)- -Earnings—
1940
(net)
income
$238,500
$240,044
137,858
^,072
190
137,857
140,048
$240,980
141,211
Int. on long-term debt..
Miscelh int. (net)
Amortizat'n of debt exp.
Divs. on pref. stock
Divs. on common stock-
$90,916
36,000
19,800
ion
190
$96,677
36,000
190
$99,267
36,000
54,450
inn
190
$£8,255
33,000
——
Consolidated Balance Sheet Dec. 31, 1940
$5,490,385; investments
and special fundU&30,708; current assets, $197,136; deferred charges
Assets—Plant, property, rights, franchises, &c.,
(at cost)
^LUWiiiHes—$6Emulative
preferred stock (no par), $600,000; common
stock (9,900 shares, no par), $820,000; first lien
due May 1,1951, $2,506,500; current liabilities,
$208,696; reserve for retirements
in aid of construction, $88,899;
$452,081; total, $5,732,543.—V. 151, p.
Gas
5}4 % gold bonds, series A,
$75,905; deferred liabilities,
and replacements, $873,990: contributions
capital surplus, $106,472; earned surplus,
3411.
Improvement Co.—Ordered to
Units—Company Has Year in Which to
Drop Nine
Comply with Findings
of SEC—
Earnings for the 6 Months Ended Jan. 31, 1941
a
1941—Month —1940
revenues
United
Triumph Explosives, Inc.—Earnings—
Net sales
Operating
Operating
Net income
Directors have declared a dividend of five cents per share on the common
stock, payable May 1 to holders of record April 21.
Dividend of 10 cents
was
paid on March 15. 1940, this latter being the first dividend paid
since 1938.—V. 150, p. 1618.
Gross profit
$20,418
x$ll,527
(The) Twin States Gas & Electric Co.—Earnings—
Period End. Mar. 31—
Calendar Years—
Roller-Bearing
1938
1939
1940
1941
$493,389
a
After deduction for repairs and maintenance expense, provision for
depreciation and estimated Federal income taxes, and excess profits tax
in 1941.
x Loss.—V. 152. p. 1935.
*
152,
Co.—Earnings—
Net profit
land Public Service Co., are in arrears
Stockholders on April 16, 1937, issued options entitling the holders
thereof to purchase at any time up to and including April 16, 1940, 25,000
shares of common stock, at $12 per share.
At the annual meeting held on
revealed.—V.
a
Addns. to prop.
thru.inc. &sur
Total
Truscon Steel
and
accts.
Misc. accts. pay.
wages
42,380,846 43,136,531
Total
$15,050,352 less than cost, b 145,200 no par shares in 1941, and 145,600
1940.
c Represented by 2,429,318 no par shares,
d Represented by
1144.
3 Mos. End. Mar. 31—
Grants in aid of
Accrued deprec.
Rents and insur.
prems.
construction..
Dr27,919
400 shares preferred stock.—V. 152, p.
38,755,000
23,703,000
Unmat. int. accr
rec.
and
38,755,000
23,703,000
Int. mat'dunpd.
Special deposits.
Loans & bills
7,570
843,917
$
S
Inv. in road and
mtged.prop..
1939
1940
stock-
a
Investments, including Investments in subsidiary corporations, based on
market quotations as at March 31, 1941, or, in the absence thereof, on their
then fair value in the opinion of the corporation amounted to $24,688,801
or
Balance Sheet Dec. 31
1940
42,380,846 43,136,5311
2,460,000
25,485,492 26,135,950
Surplus
d Treasury
Preferred
7,900,000
2,460,000
Funded debt
$1,120,157
88,310
$0.21
b On 412,970
The company, one
of the oldest public utility holding company
systems
ordered, April 15, by the Securities and Exchange
Arizona Power Corp., Concord Gas Co.,
Manchester Gas Co., Wyandotte County Gas Co., Nashville Gas & Heating
Co
New Haven Gas Light Co., Hartford Gas Co., Connecticut Ry. &
in the United States, was
Commission to divest itself of the
The Commercial &
2572
Connecticut Ry. &
it will,
Lighting Co. and the Bridgeport Gas Light Co. If the
Lighting Co. ceases "within a year to be a public utility company,
however, be exempted from the order.
;
The Commission's findings, which concern
with two exceptions,
Similarly,
the financial statements show that the net income on a
1940 was $5,266,602, and on a corporate basis for
eolidated basis for
sub¬
order, however, is final. It pares from the u. G. I. s system
all utility subsidiaries outside the "three-State area,
Pennsylvania, Mary¬
land and Delaware, but allows a year for thfir disposal.
This is done in accordance with Section XI (b) (1), the
death sentence
clause of the Public Utility Holding Company Act, which requires that
holding company systems must be limited to
a single integrated public
utility system and to such other businesses as are reasonably
or
Years Ended Dec. 31
Net Income,
the
hearing
The present
Directly owned
& Power Co.
1939
1940
'
Light & Power Co. alone
Undistributed net income
■_
United Light & Rys. Co. & subs.
United
con
com
follows:
These figures compare with 1939 as
$2,365,831.
alone was
pany
scattered utility subsidiaries of TJ. G. I., were handed down in a
in
connection with the Commission's previous order that the corporation
show cause why it should not divest itself of its scattered non-utility
sidiaries. This order will be further considered at a future hearing.
April 19, 1941
Financial Chronicle
$2,365,831
_
$2,342,432
2,751,692
2,086,162
149,079
170,060
,
(consolidated) _
United Light
operating subs, of
(combined)
-—S
oo
incidental
appropriate to the operations of such integrated
public utility system," but allows the Commission to permit more latitude
if substantial economies can be effected by the retention of the control of
outside subsidiaries, if they are all located in one State or adjoining States
and the system is not too large to be efficient.
;
economically necessary or
,
Weekly Output--
■
for the U. G. I. system companies for the week just
for the same week last year are as follows:
Week ended April 12,
1941, 99,583,139 kwh ; same week last year,
89,689,267 kwh., an increase of 9,893,872 kwh. or 11.0%.
Note—The output of the Connecticut Light & Power Co. is not included
in above.—V. 152, p. 2413.
of $26,000,000 4%
1968 with an issue
bonds 3*4% series due in 1970.
Also, during the'year,
San Antonio Public Service Co. refunded its
$16,500,000 of 4% first mortgage bonds due in 1963 with an issue of the
mortgage and collateral trust bonds consisting
series due in 1965 and $1,836,000 3Vz% series due in
United Light
of
Co.—Annual Report—
Chairman, states
principal amount of first mortgage 3%% bonds due in 1970.
At
same time, the comnany refunded
$1,870,000 of 4% serial notes with
$1,890,000 of serial bank loan notes bearing interest at the rate of 2%%.
same
the
company
plan for the recapi¬
July 24, 1940, and
on
of the three
voting stock.
Application for approval of this plan was set for hearing by the Commis¬
sion in January, .1941, at which time the Commission also set for hearing
proceedings instituted by it, relating to simplification of the holding com¬
system and
pany
holders.,J
equitable distribution of voting power among
its security
judgment of the management that a final solution of
these matters would be facilitated by such immediate recapitalization as
would reestablish the credit of the company and permit the resumption
of dividends.
The Commission, however, instead of proceeding first with
the recapitalization plan, directed the management to devote its immediate
attention to the elimination of one or more of the major holding comthe
Sanies as requireddeveloped of the alternative
by one three provisions
management
le
the subsidiary
of $166,992.
April 4, 1941, Iowa-Nebraska Light & Power Co. consummated the
its electric properties, and certain operations incidental thereto, in
the State of Nebraska to Consumers Public Power District for $19,592,000
of
sale
(subject to certain other payments to be made within 40 days
with the proceeds derived from this sale has paid off its
$1,400,000 and has
of
electric
properties in Iowa.
Income Account for
of
operating properties.
the
the
that
A final determination
of all these questions
may involve the elimination of one or more of the remaining holding com¬
panies and the disposition of certain of the operating companies.
In this
latter event, we anticipate, however, that permission will be granted for
the acquisition of additional operating properties located in or adjoining
the territory served by companies now in our system.
The dissolution of The United Light & Power Co. necessitates paying or
and, beyond this, the
Light & Rys. Co. of
such property as remains (other than the common capital stock of United
Light & Rys. Co. which it now owns).
Whereupon the common stock of
United Light & Rys. will be distributed, by way of total liquidation, to
and become the property of the present stockholders of United Light &
Power Co., to be distributed among them, or disposed of in such manner
for their benefit, as the Commission or the court shall
direct.
As the
management now sees it, the stockholders of United Light & Power Co.
will continue as the equity owners of this enterprise through the owner¬
ship of the common stock of United Light & Rys. Co.
As stockholders, your main interest unquestionably lies in the value of
your investment, the measure of which is ability to earn and pay dividends
otherwise providing for its outstanding obligations
over-all effect will be the transfer to The United
and not necessarily the market prices quoted at any particular time.
Your
management is proceeding along the above described lines because it feels
that
Federal regulation of public
utility holding companies is now a
settled national policy.
It is, of course, possible that the courts may in the future declare some
parts of the Act of 1935 unconstitutional, but in the meanwhile the inter¬
ests of the stockholders will, in the judgment of your management, be far
promoted by an early reorganization without the delay and expense
incident to protracted litigation.
The management believes that it can so reorganize the companv as to
place it on a sound earning and dividend paying basis much more expe¬
ditiously and with far less expense through frank cooperation with the
regulatory authorities and it is its policy so to do.
Litigation would be a
better
matter
of
last
would
be
futile
be attempted.
Review
of Operations for 1940—The consolidated operating revenues for
company
and all of its principal subsidiaries were $97,873,418 for the
year
1940, an increase of 7.4% over the year 1939.
These revenues!
together with the sources from which they were derived, are as follows*
Operating Revenues Years Ended Dec. 31
1940
1939
United Light & Rys. Co. and subs, (consolidated) .$87,049,097 $80,770,015
Directly owned operating subs, of United Light &
Power Co. (combined).
11,487,984
11,035,743
Less—Intercompany items
663,663
Total revenues
Sources—Electric operations
Gas operations.
Coke and by-products
Transportation operations
Heat operations
Ice and water operations
Less—Intercompany items.
*
Total
revenues
Taxes
$5,178,864
2,190,988
135,501
39,214
and expense
deductions
Amortization of debt discount
Miscellaneous interest
664,084
$97,873,418 $91,141,674
.$48,805,961
$46,354,274
39,518,760
3,834,787
5,801,119
5 980 712
"111111 43,056!622
4,436,361
I
764!602
692,305
364,394
382,951
5,535!234
5,442,522
-$97,873,418 $91,141,674
2S2.011
146,774
2,222,583
137,020
38,085
60,770
__
debt
Interest on long-term
$2,342,432
$2,365,832
Net income
(Company Only)
1939
1940
$
•
$
(subsidiary companies) .109,714,213 111,694,398
Assets—
Investments and advances
200,117
deposits
Special
Balances receivable from
officers and employees in
charges
Cash
Other.
3,347,277
4,642,516
81,090
1,146,604
81,165
77,340
debt
Deposits for payment of int, on long-term
Short-term commercial paper—at cost
Due from subsidiary companies
91,174
74,086
3,106,238
5,142,264
agreem'ts.
connection with special stock subscr'n
Deferred
20,766
17,886
Miscellaneous investments
1,545,981
118,622
7,340
-
7,419
120,004,088 121,112,409
Total
Liabilities—
$6
cum.
first pref. stock
no par
(represented by 600,000
shares)
(represented by 2,421,192
par shares)
Class B common stock
60,000,000
60,000,000
—
Class A common stock
(represented by 1,055,576
9,684,768
shares,
no par
value)
1
Long-term debt
payable
Accounts
...
9,684,768
4,222,304
36,334,500
37,182
no
4,222,304
37,124,500
18,248
507,991
36,931
647,683
8,869,985
497,451
Accrued interest
37,082
Accrued general taxes
Federal income taxes
Reserve for depreciation
Total----
268,888
8,921,912
of investments
120,004,088 121,112,409
_.
instituted by the Securities and
Exchange Commission on Dec. 6,1940, under Section 11(b) (2) of the Public
Utility Holding Company Act, of 1935, the Commission on March 20,
1941, ordered the liquidation and dissolution of The United Light & Power
Note—In connection with proceedings
Co.—V. 152, p. 2087.
Securities Corp.—Earnings—
United States & Foreign
1938
1939
1940
1941
3 Mos. End. Mar. 31—
$334,655
38,014
Interest income
Total income....-
$337,999
42,688
$262,147
39,382
$285,101
$372,669
Div. income received
$380,686
151,309
$301,529
$325,291
139,990
7
Net realized loss on inv.
resort.
to make predictions as to the future, and that will
However, there is not the slightest hesitancy in giving
you certain assurances.
Company is a sound and solvent institution.
It is
made up of a large number of operating public utilities, mainly gas and
electric.
They are well located and well managed, with excellent operat¬
ing history.
They are unquestionably well protected bv ample depreciation
and operating reserves.
With the exception of the dividends now in arrears
on
the preferred stock of the company, no companv in the present system
has ever failed to meet the interest and fixed dividend requirements of its
publiclv-held securities.
In the rearrangement of properties by way of compliance with the Act,
we
have noted no indication that the regulatory authorities will be other
than helpful in protecting the investor, and out of what must now seem
to you a complex and nebulous situation, your management foresees in the
reasonably near future the emergence of a company which, though smaller
perhaps, will be in every way creditable.
To this end we are bending cur
every effort.
It.
not
_
expenses
holding company system
it
accomplishes many of the results which the management sought to
accomplish through its recapitalization plan.
However, the management recognizes that compliance with the March 20
order of the Commission will not relieve it of other difficult questions
relating to further simplification of the system and geographical integra¬
tion
Total gross income
$4,424,094
738,772
15,998
$5,188,513
396 208
income
Balance Sheet Dec. 31
into compliance
with this provision of the Holding Company Act,
management agrees with the Commission that the plan adopted is
most feasible and practicable.
It has a further distinct advantage in
.1939
$4,459,289
710,644
18,579
contractual payments
Interest and
General
relative rights and interests of the stockholders.
As a method for bringing the structure of the
Calendar Years (Company Only)
■
V.
1940 S'
Dividends,..
United Light & Power Co.
was
entered an order requiring
the liquidation and
dissolution of that company.
The management is
required to proceed with due diligence to comply with this order and is
authorized to hereafter submit to the Commission for its approval a plan
providing for compliance with the order on such basis as is fair and
equitable to the security holders of the company and for a determination
of
■
income—From subsidiaries consolidated
Other
plan providing for the elimination of
the most feasible, and on March 20, 1941,
■
-
,
Gross
of the Act. simplifying the
methods of In compliance,
the
thereafter)
bank loan
deposited with the respective trustees funds sufficient
for the redemption of $15,500,000 of its first lien and refunding mortgage
5% gold bonus, series A and series B, and for the payment at maturity,
on
Dec. 1, 1941. of $1,500,000 of first consolidated mortgage 5% bonds
of Lincoln Gas & Electric Light Co., constituting all of the publiclv-held
debt
of
Iowa-Nebraska Light & Power Co.
That company still has a
substantial investment in gas properties in Nebraska and in its gas and
and
system, one of which contemplated liquidation of United Light & Power Co.
The three methods were presented to the Commission at a public hearing
on
March 12, 1941.
After due consideration the Commission concluded
that
4% bends due in 1963.
$2,000,000 of its first mortgage
companies paid all serial maturities of their publiclyheld security issues due during the year.
During the year company purchased in the open market $790,000 deben¬
tures at a cost of $662,346, and $122,000 of debentures and $63,800 par
\-alue of their prior preferred stock of United Light & Rys. at a total
All
On
_
Oct. 19, 1940, providing for the reclassification
classes of stock now outstanding into a single class of new
amended
sold privately during the year an ad¬
Gas Co.
Consolidated
Michigan
ditional
cost
in part:
Under the Holding Company Act—A
was filed with the SEC on
Developments
talization
& Power
Wnolfolk,
G.
William
first
$29,000,000 of first mortgage
of
The electric output
closed and the figures
consolidated basis)
$5,266,602 $4,598,654
& Southern Ohio Electric Co. refunded
Total net income (on a
Financial—During 1940 Columbus
its
40,190
prof64,103
Proceeds of cash and se¬
Prov. for Fed. inc. taxes
Net
x
expenses
profit.^
12,584
34,000
43,208
11,851
22,176
14,800
41,112
40,383
$318,778
Cap. stk. & other taxes.
Other
$139,585
$314,284
$118,742
•
—V
(cash only in 1941) and
of Reichsmark balances.
Proceeds of cash
ment
xCrl6,4l6
xCr7,987
7,689
13,900
40,281
curities receivable.
Balance Sheet March
1941
810.372
108,820
122,923
Securs. (at cost) _a29,719,473 31,440,288
Common stock
Securities
.
.
4,950,000
100,000
4,950,000
100,000
purch'd
but not received
157,347
Reserve for taxes &
Inv. in U. S. & Int.
Securities Corp.
2nd
d General reserve.
e
345
not delivered—
$
stock. .17,231,900 19,4 84,600
50,000
pref. stock..
50,000
b 1st pref.
c
Securities sold but
1940
$
Liabilities—
Dlvs. rec., int. ac¬
crued, &c
31
1941
$
761,629
Cash
securities received in settle¬
1940
S
Assets—
4,000
1
1
accrued expenses
90,000
111,500
Capital surplus— 1,381,453
1,025,891
6,786.570
6,494,591
Operating surplus.
Total
..30,589,923 32.373,928
Total ___—...30,589,923 32,373,928
Calculating the investments in the 2d pref. and common stocks of
States & International Securities Corp. in the 2d pref. stock of
German Credit & Investment Corp., and in the 15,000 shares of the cor¬
a
United
poration's own common stock, each at the nominal value of $1, securities
without quoted market prices at cost of $715,296, and all other securities
on the basis of market quotations, securities and investments owned had
an indicated value
(which should not be construed either as the amount
for which the securities could be sold or for which they could be repurchased)
$2,614,675 less than the above
of approximately $27,104,799, which was
book values.
Securities include 15,000 shares
of common stock of the
option to the
corporation at cost of $25 per share.
This stock is under
President at its cost price until March 1, 1942b 172,319 (194,846 in 1940) shares (no par) $6 cum. div.
c
50,000 shs.
(no par) $6 cum. div.
d General reserve set up out of $5,000,000 paid-in
cash by subscribers to 2d pref. stock,
e 1,000,000 shs.—V. 152, p. 1773.
Volume
United
The Commercial & Financial Chronicle
152
Light & Rys. (& Subs.)—Earnings—
Consolidated Income Account for Calendar Years
Sub. Operating Cos.—
1937
1940
1 939
1 938
Operating revenues.____$87,049,098 $80,770,016 $77,350,783 $79,331,380
Electricity & gas purch.
■ -.■••••
for resale
9,117,844
11,494,111
9,664,996
8,788,920
Operation expense
27,496,271
28,968,670
27,769,519
26,960,143
Maintenance expense
4,230.338
4,239,705
4,230,209
4,295,105
Depreciation
7,382,749
8,602,515
8,446,581
8,054,770
State, local, &c., taxes.,
7,317,219
8,160,996
7,880,116
7,542,248
Fed. & State inc. taxes
2,269,985
4,287,321
2,446,416
1,828,344
Fed, excess profits tax.
31,000
.
_
_
_
;
■*
:V
Vv
.
' .* ■'
.
'
.
Net earnings from util¬
ity operations
$21,264,779 $20,332,179 $19,881,253 $21,516,974
Other income (net)
Dr19,28361,955
46,759
Dr39,760
States Rubber had earnings in 1935, 1936 and 1937 from which dividends
should be paid on the first
the common stock.
Total net earnings
_
$21,326,734 $20,378,938 $19,841,493 $21,497,691
6,552,072
6,717,140
6,557,485
6,793,-541
377,807
600,047
636,985
473,895
Divs.
on
pref. stocks held
by public
1,630,048
247,587
Miscell. deductions
Balance
1,673,838
125,698
1,705,048
192,171
1,705,047
243,141
......,.$12,296,981 $11,384,931 $10,676,837 $12,454,556
Sub. Holding & Inn. Cos.—
Int. on long-term debt..
2,499,751
Min. int.
2,571,287
162,246
2,599,807
159,732
1,319,981
1,320,401
1,320,401
164,015
>
by public..
inc. of sub. hold. cos..
Gen. int., exps., &c.._.
Int. & div. income
2,209,025
2,322,131
1,924,372
1,851,347
515,954
432,071
396,489
509,059
218,121
317,824
335,997
312,211
Crl,626,518 Crl,623,918 Crl,619,044 Crl ,764,135
$6,884,827
.
United Light & Rys.—Interest on debentures.
holders
June
$6,350,689
1,315,494
41,914
of
have
of
$7,191,368
162,024
237,328
Cr795,553
$4,573,537
93,798
Cr999,700
$4,547,955
136,861
110,863
Cr794,089
divs.
&
1940.—V.
Bal.not
$5,045,802
P. Co.
distributed..
a
2,086,162
a
a
b Applicable to securities owned by
1939
;
$ >,V
$
Liabilities—
$
:v',;:
b7% cum. 1st pf.
3,886,900
b6.36% ser.of'25
cum. pref....
b6% ser.of 1928
5,312,300
5,312,300
10,083,400
c Common stock
24,798,200
Cap.stk.of subs.
^
held by pub. &
surp.
applic.
thereto.
98,541,067
10,083,400
-
Unamortiz. debt
disct. & exp..
14,806,407
16,355,819
1,593,479
2,067,519
472,205
539,663
conversion
proc.
of amortiza'n.
Expenses of ap¬
praisal & audit
of sub. co
Prepaid insur'ce
and taxes
1,616,201
1,288,756
2,085,247
21,977,816
(incl. time
p.
of
50
cents
per share on account of
stock, payable April 15 to
distributed in April and
preference
amounts
were
(
,
I
on
the
average
will eventually reach
very substantial sum over a period of 12 months.
It is not now known
what additional Federal taxes will be imposed by Congress for the
year 1941.
A careful study is now being made to determine what the effect of these
heavy additional costs
Corporation.—V. 152,
be
2413.
may
p.
upon
earnings, prices, &c., of the Steel
Virginia Electric & Power Co.—Earnings—
Period End. Feb. 28—
Operating revenues
Operation.
362.454
_
365,752
com¬
1,595,624
Notes payable..
sub.
company
1,000,000
due curr.
3,025,000
1,370,000
3,779,516
3,778,889
Acer. gen. taxes
Fed. & State in¬
2,401,735
2,227,813
9,916,296
5,132,748
1,401,285
1,459,600
4,239,459
829,361
442*754
come
taxes—
9,018,047
cos.
127,212
119,773
Reserves
receivable
521,893
522,082
Contrib's for
Mat'ls & suppl's
7,236,729
7,299,149
73,728,264
tensions
.529,275,153 521,453,178
by shares of $100
V. 152. p. 440.
66,760,963
$466,924
Drl,979
$6,009,100
Dr46,313
$5,633,114
Drl3,382
--
--
$484,736
145,568
$464,945
147,595
$5,962,788
1,758,366
$5,619,733
1,749,722
$317,350
$4,204,422
* 1,171,602
$3,870,010
$3,032,820
$2,698,414
$339,168
-
par.
c
1,976,804
45,789,200
3,223,885
5,737,020
1,171,596
Western
Directors
common
-Earnings—
p.
Breweries, Ltd .—Initial Dividend—
nave
declared
an
initial dividend of 10 cents per share on the
Westchester Lighting Co.-
1938
$789,459
248,123
$736,189
$681,006
196,279
197,645
31,016
101,447
1,592
expense
_*
Amortization of franchises
State, local & miscell. Fed. taxes
Federal and State income taxes
57,096
22,511
$130,027
Other oper. revenues
Total operating revenues..
Operating expenses
Depreciation
$140,614
253
General interest
8,451
12,265
965
8,854
13,005
$40,305
31,513
»;
;
;
■
—
$60,577
31,516
$45,588
47,329
$8,792
$29,061
—
1,841,179
90,853
22,580
$1,662,660
1,463,000
$1,277,049
1,254,000
$1,645,561
1,672,000
United States Pipe & Foundry Co.—Dividends—
Directors have declared three dividends of 50 cents per share each on the
common stock, payable June 20, Sept. 20 and Dec. 20 to holders of record
May 31, Aug. 30 and Nov. 29, respectively.—V. 152, p. 1936.
Months Ended Dec. 31
1940
1939
$5,206,985
4,219,064
$5,116,972
4,291,422
$987,921
2,970
$825,550
$984,951
458,550
26,205
5,776
$818,065
Operating income
Non-operating loss (net).
Gross income
--
Interest on long-term debt----Interest on advances from associated companies..
Other interest, amort, of debt expense,
&c. (net).
7,485
458,550
26.277
33,134
$494,420
Net income.
$300,104
Comparative Balance Sheet Dec. 31
A ftqpI.
cash, $259,832; special deposits, $3,636; customers' service accounts and
warrants receivable, $66,629; Receivables (net), $22,923; materials and
supplies, $24,594; prepayments, $43,126; deferred charges, $34,374; total,
$3,725,476.
Liabilities—Capital stock (par $1), $315,532; long-term debt, $1,178,900;
accounts payable, $47,643; dividends payable, $8,705; customers' deposits,
$26,884; accrued taxes, $77,286; accrued interest, $21,102; other, $8,245;
deferred liabilities, $231; reserves, $352,545; contributions in aid of con¬
struction, $14,706; capital surplus, $1,585,428; earned surplus, $88,269;
total, $3,725,476 —V. 151. p. 3103.
—
Income Account for 3
1940
Assets—Utility plant, $3,122,249; investments and advances, $148,111;
$
1939
$
93 ,974,678 92,763,252
308,621
Capital stock exp.
308,621
Other phys. prop.
2,349,623 2,442,979
Utility plant
.
Inv.
in cap. stock
42,150
Other investments
18,609
Cash...
1,476,092
Accounts receiv— 2,272,373
of assoc. co._—
Receivables
42,150
18,609
1,264,328
2,386,650
1940
VLiabilities—
Common
'V,
$
1939
*
stock
(830,000
shares
no par)
..36,784,000 36,784,000
Long-term debt...46,184,000 40,184,000
Advs.
from
assoc.
3,475,000
companies
3,475,000
Accounts pay. and
267,092
387,033
496,959
sundry accruals.
543,551
Payables to assoc.
from
companies
Mat'ls & supplies.
58,023
918,795
65,394
824,760
Customers deposits
108,341
Spec. deps. & funds
879,606
888,555
Taxes accrued
620,598
740,936
120,640
429,391
745,475
927,809
4,429,510
937,897
3,340,969
2,311,839
5,150,918
988,148
2,270,522
assoc.
cos
Interest accrued..
Prepaid insurance,
—-
41,371
Deferred debits—
145,209
rents, &c
38,246
146,320
Customers'
advs.
for construe., &c
Reserves.....—.
Contribs. in aid of
U. S. Rubber Co.—Common Dividend Suit—
a
construction...
first preferred
Capital surplus
stockholder seeking to enjoin payment by company of a dividend on its
common stock may preclude issuance of checks for the 50-cent dividend on
April 30, according to a letter mailed to common stockholders by the com¬
pany.
Ruling on the injunction motion filed in Federal Court at Newark,
N. J., is expected shortly.
50,550
Total operating revenues
Total operating revenue deductions
def$l,741
both sides in the suit by
1&3J>00,173
104,250
a
Consolidated Balance Sheet Dec. 31, 1940
The probability of appeals by
$3,266,049
1,834,200
Including provision for Federal income tax.
b Amortization of debit
expense less premium and miscellaneous deductions.
$140,867
72,454
Amortization of bond disc't & exp.
Other deductions
Net income..
$3,616,792
Drl6,619
Dividends-.-......
222
66,509
2,525
b Other interest
$3,251,536
14,513
20,574
long-term debt
Interest on advs. from assoc. cos
$3,629,199
Dr7,515
$3,621,684
1,834,200
104,250
Operating income
Non-operating revenues (net).......
84,599
1,592
49,399
13,358
$154,154
70,814
1,808
8,833
12,121
...
Balance of net income
$153,932
$12,226,747 $11,389,317
6,814,921
6,558,841
93,400
90,605
.$19,866,968 $19,135,068 $18,038,763
11.287,583
11,317,492
10,786,057
1,914,400
1,814,400
1,153,937
3,035,786
2,751.640
2,481.977
Taxes
on
1938
1939
$12,676,923
7,103,916
86,129
33.800
$130,057
——
...
161,363
33,819
84,599
1,592
54,426
20,021
30
———.
funded debt
218,626
169.175
152,
Earnings for Cat. Years—
1940
Operating revenues:
Sales of electricity
Gross income
1939
15.—V.
697.
Interest
1940
Maintenance
Objection to Plan—
stock, payable April 25 to holders of record April
-
Power and gas purchased
Dividends paid
Wabash Ry.—Bondholder Files
Objection to the proposed amended plan of reorganization submitted by
Peterkin,
of Amityville, N. Y., owner of $25,000 refunding and general mortgage
bonds.
The petitioner alleges that the treatment accorded holders of these
bonds in the plan is inequitable and inadequate and unduly preferential to
preferred and common stockholders.
The petition asserts that the applica¬
tion of Pennsylvania RR. to the Interstate Commerce Commission for
authority to acquire all the no par common stock of the railroad is not
merely seeking control, but absolute equity ownership of the entire Wabash
system.—V. 152, p. 2089.
a
[Including Kentucky Power & Light Co.]
Gross Income
stock and surplus...
The Virginia Corporation Commission on April 15 approved
plans for a
$40,000,000 refinancing program put forward by the company.
The authorization, including the private sale of $28,000,000 in new
3U %
bonds, and $8,500,000 in new debentures bearing interest at rates ranging
from 2Yi to 3%%, will provide funds for the repayment of
outstanding
debt, and also $2,399,565 for capital improvements.
See also V. 152,
p. 2250.
1,647,730
45,789,200
of amortization,
b Repre¬
Represented by shares of $35 par.—
Calendar YearsTotal operating revenues
Net operating income
Other income (net)
common
Sales of gas.
Total .......529,275,153 521,453,178
United Public Service Corp. (& Sub.)-
Net income
680
a Company does not consider that it has
any liability under the Excess
Profits Tax Act of 1940 as amended March. 1941.—V. 152, p. 2413.
1,404,582
Per order of State Commission in process
sented
on
-
Balance
ex¬
Paid-in surplus.
Earned surplus.
_
$484,056
Interest & amortization.
3,619,486
payable..
Cust's* deposits.
1,495,380
from
Depreciation.
Other——
Balance-
~
210,667
169,000
178,128
Federal income.
1941—12 Mos.— 1940
$1,648,887 $21,390,530 $19,640,736
621,429
7,884,078
7,560,436
132,464
1,665,053
1,514,224
195,000
2,364,057
2.272,575
75,533
1,503,134
814,866
157,537
1,965,107
1,845,521
133.670
_»
Depreciation
3,412,486
cos.
Divs.
receivable
Total
5,000,000
4.000,000
Misc. curr. liab.
.
Accts. and notes
affiliated
98,659,744
Acc'ts payable..
Accrued interest
pay.
mercial paper
1941—Month—1940
$1,841,202
665,681
receivers has been filed in Federal Court at St. Louis by Walter G.
Ser. notes of sub.
....
of divs. on pf.
Interest
150,
dividend
prior
Like
4145.
wage increase of approximately 12%
24,798,200
Note payable by
...
stock—..
pref
3,886,900
Long-term debt.235,127,000 235,281,000
Def. liabilities.
1,780,140
16,932,484
(net) def'd
charges-
deposits)
Depos. for
cum.
1,860,830
Misc.
Operation
8.
Virginia Public Service Co.—Refinancing Approved—
1939
1940
intangibles) .402,865,813 396,479,163
Investments, &c 64,097,778
67,108,761
a
..
granted
a
Utll. plant (incl.
DIvs.
on
to employees in the coal mining operations and to salaried and
clerical
employees whose compensation is largely governed by that of wage earners.
Further, the indirect costs to the Steel Corporation respiting from this
Balance for
Consolidated Balance Sheet Dec. 31
Accts. ree.
paid
aries with the Steel Workers' Organizing Committee, will amount to more
than $62,000,000 over a period of 12 months at present rates of operation.
This amount includes the cost of the extension of the vacation
plan pro¬
vided for in such contracts and the cost of the wage increases to be
$6,321,830
2,461,793
2,294,110
2,751,692
1940
Short-term
are
to
a Not so reported in 1938 and 1937.
United Light & Power Co.
Cash
a
8%
Preferred dividend requirements
paid
United L. &
a
the
April
Other income—net——-
130,818
incomeirCrl ,014^426
b Consol. net income.
in
dividends
:
.i
This corporation estimates that the direct cost to it of the increase in
wages, effective as of April 1. and of the other changes provided for in the
labor contracts signed by Carnegie-Illinois Steel Corp. and other subsidi¬
1,372,960
42,942
1,212,135
121 411
1,349,766
42,227
Represented by:
exps.
declared
on
record
Net oper. revenues
by public.
General exps., &c
Taxes
Interest & div.
$5,569,329
1,323,685
41,998
1,207,887
166,745
_
Gas
any
; ;
.
United States Steel Corp.—Wage Increase— '■*
a
Amort, ofdt. disc. & exp.
Divs. on pref. stocks held
Assets—
,
U. S. Rubber Reclaiming Co.—50-Cent Dividend—
Directors
accumulations
Maintenance
Balance
Int.
:
,
in consol. net
Taxes
-.-'t
■
a
2,520,311
161,010
1,307,162
Amort, of dt. disc. & exp.
Divs. on pref. stocks held
preferred stock before
United States Rubber Co. claims no preferred payment was possible
because a surplus deficit existed during the period.—V. 152, p. 1607.
I
Int. on long-term debt.
Amort. of dt. disc. & exp.
2573
The suit, claiming damage if such payment were made, seeks to restrain
the payment—the first by the company in 20
years—alleging that United
Earned surplus—
Total
-V.
..102,485,150101,189,870
151, p. 2668.
Total
5,150,918
820,474
102,485,150101,189,870
The Commercial &
2574
Corp.—Advisory Report
on Merger Plan—See Liberty Shares Corp.—V. 143, p. 3861*
Western New York Water Co.—Earnings—
Calendar Years—
1940
1939
'M 1938
1937
Operating revenues
$819,458
$785,803
$730,149
$782,148
Western Union
New York Securities
Western
.
474,619
426,078
446,691
$319,316
$304,071
467
244,809
10,484
5,682
$304,172
247,695
10,557
5,519
$335,539
249,909
10,578
5,723
CrlOO
Cr 133
Cr506
1,054
1,314
1.115
1,625
$85,998
$57,595
$39,418
$68,210
All other maintenance..
Conducting operations..
Relief depts. & pensions.
& miscel.
.
—
funded debt.
Amort, of dt.disc. & exp.
Taxes assumed on int
Int. chgd. to constr'n—
Misc. int. charges, &c_.
—
Net
028
income
current liabilities, $156,891; deferred liabilities, $128,044;
depreciation (represents $466,275 arising from appraisal as of
Sept. 1, 1925, plus subsequent net changes), $1,147,170; contributions in
aid of construction, $236,003: capital surplus, $792,525; earned surplus
since date of reorganization (Nov. 1, 1925), $936,522; total, $9,105,888.
—V. 151, p. 2813.
for
Public Service Co.—Earnings—
Feb. 28—
1941—Month—1940
1941—12 Mos—1940
$2,132,374
Period End.
Operating revenues
Operation
$174,464
76,850
9,703
24,792
2,465
a
Federal income taxes.
Other
.
$2,184,604
83,224
16,618
978,178
141,425
288,889
40,378
194.405
994,918
124,618
263,224
21,480
190,957
$43,696
3,355
$41,473
2,919
$541,328
33,377
$537,176
$40,341
Depreciation .....
$173,832
16,958
Maintenance
$38,554
26,413
$507,951
318,054
$469,814
321,007
$12,141
$189,897
*781,758
108,283
Balance
Interest &
$14,180
Preferred dividend
9,794
21,758
965
26,161
amortization.
Balance..
'
requirements
-
67.362
$29,355
$70,444
stock and surplus
Companies do not consider that they have any liability under the
Excess Profits Tax Act of 1940 as amended March, 1941.—V. 152, p. 2414.
a
/
West Texas Utilities
1939
1938
a
$890,041
583,301
Taxes.-T
$5,542,386
3,085,376
$5,541,870
3,016,901
489,983
453,717
441,466
443,791
$1,953,272
Dr3,076
$2,013,218
8,350
$2,034,986
10,715
$2,054,696
23,861
$1,950,196
$2,021,568
934,275
15,556
$2,045,701
1,114,778
15,245
$2,078,557
1,149,728
14,411
121,829
22,219
83,743
21,673
$927,689
654,039
$810,260
690,374
$809,647
$273,650
$119,886
$164,692
790,679
Amort, of debt
12,543
134,641
and expense
9,792
$1,002,541
Net income-
Divs. paid on pref.
434,668
stock
$567,843
Balance—
644,954
.
1940
$
Liabilities—
$
5,990,769
Utility plant
39,535,286 39,320,185 $6 cum. pref. stk. 5,948,724
901,415 b Common stock..13,000,000 13,000,000
Investments
919,719
Long-term debt...21,385,000 21,813,000
Bond discount and
262,877
Consumers' depos.
211,618
exp. in process of
amortization...
Prepayments..—.
2,087,576
1,755,812
29,890
Cash
24,733
899,838
870,661
900,000
223,317
193,597
134,817
72,838
137,178
Accrued taxes
Pref.stk .divs. pay.
108,241
109,006
6,198
10,217
5,574
Misc. curr. llablls.
959,817
279,449
Reserves
Special deposits...
a
Receivables
Deferred liabilities
Contrib.
78,195
a
After
106,354
1,477,094
1,283,949
45,416,521 45,174,995
reserve for uncollectible accounts of $69,486 in 1940 and $72,864
b Represented by 260,000 no par shares.—V. 151, p. 3104.
West Virginia
1Q3Q
1938
$1,185,698
$1,183,621
449,200
419,273
415,905
390,562
Cr32,946
103,000
025,600
82,500
62,829
167,104
24,100
034,184
97,467
180,294
56,500
Cr31,779
100,000
77,133
175,203
37.000
$482,977
23,000
1,030
$478,224
25,000
2,773
$458,859
18,000
1,666
$471,233
20,000
3,722
$507,006
247,743
10,841
$505,996
237,508
10,817
$478,525
233,202
10,011
$494,955
227,150
9,216
45,110
45,602
45,680
...
Net earnings
Sub. company divs
Miscellaneous income._
.
Gross corporate inc
Interest on funded debtMiscellaneous interest.
•'
r
•
.
82,500
77,780
165,230
30,500
Amort, of debt discount
and expense
1939
1938
$2,356,151
$2,031,230
^
^
$4,041,429
;v
'
—
Westmoreland Water
have declared
Directors
payment of current
Arrears after
—V. 152, p.
$6 preferred dividends..
2d
preference dividends.
69,000
102,500
$212,068
69,000
100,000
Balance Sheet Dec. 31,
$189,633
172,500
75,000
dividend will amount to
Weston Electrical
Sept.
cents
Sept.
Instrument
Corp.—50-Cent Dividend
share on the com¬
record May 27. Like amount paid
$1 pa.d on Dec. 10, 50 cents on
10 and June 10, last; $1 paid on the old stock on Oct. 10, 1939; 50
paid on Dec. 20, 1938; 2o cents paid on Dec. 20, 1937; 50 cents on
20, 1937; 25 cents on May 14,1937 and a dividend of 60 cents paid on
declared
a
dividend of 50 cents per
1936.—V. 152, p. 697.
Wisconsin Electric Power
Co.—Earnings—
Earnings for Years Ended Dec*
31
1939
1940
revenues...........—........-„.$23,063,080 $21,700,220
Operating expenses
9,169,668
8,598,853
Taxes.
3,280,727
3,226,933
Provision "for income taxes
1,617,000
905,900
Provision for depreciation
2,762,047
2,615.897
Total operating
Net
$6,233,638
revenues......—480,401
$6,352,637
446,119
$6,714,039
$6,798,756
2,410,460
395,840
18,775
Cjr3,885
25,551
1,250,000
operating revenues
Grosslncome.. .............................
on funded debt—.
Amortization of debt discount
Other interest charges
Int. during construction
Other deductions
387,277
14,029
and expense
—
Cr32,749
charged to prop. & plant..
30,932
1,250,000
.......
Provision for contingent losses
—
$2,764,434 $2,702,015
1,226,477
1,960,149::
418,778
210,000
subsidiary and Incertain
trans"
Netlncome................................
Preferred dividends
Common dividends
Investment
On
a
.......
...
In transportation
^Mte—T$ie
foregoing income statement reflects the results of operations
of Wisconsin Electric Power Co. and its subsdiairy land company, Wis¬
consin General Ry., for the year 1939, and for the period from Jan.
to
Sept. 25, 1940, when the
Wisconsin Electric Power
■n
!' v.;
■
•
■.
net assets of that company were
Property & plantll2,042,071
lnvest.de ad vs.. 35,331,387
U. 8. Govt, sees
1,906,208
2,515,092
.
31
Balance Sheet Dec.
^v
35,309,222
1,388,908
2,527,699
%
issue of
&
receiv.,
2,111,296
100,000
currently..-.
91,253
75,710
199,370
supplies 2,586,478
175,246
sub,
not consol
Accounts pay
from
Unamort.
2,442,660
5,276,708
216,443
188,659
1,759,276
576,758
66,762
1,048,480
600,735
489,909
193,763
197,007
accrued
Divs. declared..
Interest
deposits
5,663,985
payable to
empls.
under
Amt.
Prepd. insur. &
148,815
147,533
pref. cap. stk.
Organizat'n exps
371,630
Other defd. chgs
16,108
292,146
59,020
5,809
taxes
...
Commissions
exps.
surety
Cust'ere'
debt
dlsct. <fc exp_.
sell.
sharing
gain
&
188,901
99,568
Other
283,414
accrued llabilis
construc'n
280,762
34,318,835
8,478,940
4,987,644
3,960,656
i
for
of
property
Prem.
on
pref.
94,159
capital stock.
Paid-in surplus.
Surplus..
mini¬
90,035
and
curr.
Contributions by
138,000
Liabilities—$6 cumulative preferred stock (11,500 shares, no par,
200,344
293,909
34,130,790
plans....
on
1940
discount,premium and expense in process of amortization, $556,875;
1,250,000
382,378
Payrolls accrued
Taxes accrued..
other
affll.cos
Mat'ls &
67,000,000
1,250,000
388,172
Prom, notes due
from
cos.
65,750,000
Funded debt
26,673
Accrd. Int. receiv
Due
13,959,280
($10 par)
28,784
100,000
Oth. acts, receiv
Due
21,000,000
stock
Common
2,278,820
*
stock
($20 par)
52,761
trade
(net)
pref.
26,209,800
Common
241,562
notes
28,209,800
1921-.
cum.
stock
int.
matured
Total
163,233,853 163,811,760
Total
163,233,853 163,811,760
stock,
Note—In connection with the refinancing in 1940 of the preferred
issue of 1921, 6% series, the company by amendment of its Articles
2,000,000 to 4,000,000.
Incident thereto, paid-in surplus was
with an amount of $10,500,000 representing the reduction in par
$6
the
of In¬
corporation, reduced the par value of its common stock from $20 to $10 per
share and increased the authorized number of shares of common stock from
mum
liquidation value $100 per share or $1,150,000), stated at, $1,114,000;
cumulative 2d preference stock (outstanding 5,000 shares, no par,
liquidation value $100 per share or $500,000), stated at, $365,000; common
stock (12,000 shares, no par), $552,000; long-term debt, $6,234,983; current
liabilities, $453,625; customers' advances for construction, &c., $49,866;
reserve for depreciation, $708,391; contributions in aid of construction,
$31,664; capital surplus, $1,517,268; earned surplus, $470,579; total, $11,497,375.—V. 152, p. 2258.
$
..
4,500,000
4,500,000
6% cum. pref .stk
4%%
1939
1940
113,433,091 6% cum.pref.stk
Deps.for pay-of
& other deps.
1
acquired by the
Co.
1939
1940
Assets—Utility Plant (Including intangibles), $10,234,652; investments,
$120,528; cash, $85,823; accounts and notes receivable, $166,546; accrued
debt
$2.25 a share.
stock, payable June 10 to holders of
March 10, last, and compares with
$214,437
utility revenues, $55,755; materials and supplies, $116,224; prepaid taxes.
Insurance, &c., $6,973; commission on preferred capital stock, $154,000;
,
^
„
2258.
Directors have
on
account of
1 to
preferred stock, payable May
Reserves
$293«312
,
CoAccumulated Dividend—
dividend of $2.25 per share on
a
customers
Int. charged to constr'n.
Net income
'
a$1.51'
a$0.88
b$0.75
preferred stock and 2,592,155
b On 2,592,155 shares common
45,407
Crl,255
Maintenance
Co. (& Subs.)—Earnings
1940
'
accumulations on the $6 cumulative
holders of record April 18.
1937
$1,255^054
Operating expenses
General expenses charged
to construction
Prov. for depreciation „.
$0.04
a$2.10
Accts.
1940
$1,336,490
Calendar Years—
General taxes
Federal income taxes
Total....
Water Service Co.—Earnings—
Total revenues
$0.12
and excess profits tax in 1941.
of 7% participating
shares of common stock, both of $50 par.
stock (par $50).—V. 152, p. 2414.
Cash
in 1939.
$0.o8
Liabilities—
111,026
...
Earned surplus...
—45,410,521 45,174,995
$0.66
In aid of
construction
Total.
1938
$135,029
On 79,974 shares
a
2,187,261
1,873
1,109,314
Material & suppl's
293,978
-
1939
$399,015
& com. shs.
bined pref.
7,236
2,727,430
Accounts payable.
Accrued interest-.
700,000
1,982
U. S. Tress. bills-
1940
$1,847,140
$5,627,263
1939
$
1939
^
(& Subs.)—Earnings—
1941
$2,105,362
31—
Federal taxes,
Earns, per share on com-
a
Balance Sheet Dec. 31
1940;
$454,834 loss$127,266
Interest
'
■'/
$39,629
1941
Non-operating
discount
Miscell. deductions
$1,058,497
1,185,763
Westinghouse Electric & Mfg.
86,348
18,423
Gross income
Int. on long-term debt..
General interest —. — .
$1,626,875
1,172,041
580,114
depreciation, Federal income taxes
After
$5,368,239
2,859,825
Net operating income.
Non-operating income..
$629,743
3 Mos. End. Mar. 31—
Net income after deprec..
1937
$5,664,056
3,269,318
Operating re venues.....
Operating expenses
$855,639
202,858
—V. 152, p. 1455.
Dec. 10,
Co.—Earnings—
1940
Calendar Years—
203,367
Earnings per share on
capital stock (no par)_
mon
Balance for common
$1,423,508
Westinghouse Air Brake Co.
119.453
V
Net oper. revenues—:
Other income—net loss.
$536,451
93,292
152, p. 2414.
3 Mos. End. Mar.
$148,807
119,453
taxes
60,843
975,369
.
Net profit....
a
$4,502,600;
Western
65,816
975,860
Net income
-V.
&c., $25,848;
reserve
$2,465,184
Deducts, from gross inc.
taxes, insur¬
deferred charges, $109,063; total, $9,105,888.
Liabilities—$5 non-cum. participating preferred stock (10,306 2-3 shs.,
no par, minimum liquidation value $100 per sh., or $1,030,666), stated at
$206,133; common stock (50.000 shs., no par), $1,000,000; long-term debt,
ance,
345,936
$306,740
Operating income. -
accrued utility
$49,603; accounts receivable (less reserve of $6,574), $57,314;
$17,950; materials and supplies, $39,973; prepaid
revenues,
335,226
*1.051.4*1
29,931
485,109
Non-oper. income
31,1940
926,194
$1,891,851
Gross Income..
Balance Sheet Dec.
1,372,653
$1,289,406
32,238
475,410
Uncoil, oper. revenues._
Taxes assign, to oper—
Assets—Utility plant (incl. intangibles aggregating $615,523), $8,798,956;
miscellaneous investments (at cost) and special deposits, $7,182; cash,
368,147
161,843
cable
&
teleg.
Net
„
^
1,317,349
374,705
4,485,747
178,999
166,276
expenses
1,034,197
1,365,619
965,331
9,913,736
488,095
686,360
430,304
4,764,311
189,616
oper. revenues
Gross income.
Interest on
$7,482,839 $16,453,998 $15,210,735
988,605
468,591
All other gen.
1941—2 Mos.—1940
1941—Month—1940
Teleg. & cable oper. revs. $8,059,596
Repairs
498,588
Depreciation & amort..
682,808
83
$319,784
Telegraph Co., Inc .—Earnings—
Period End. Feb. 28—
$335,457
101
$345,529
242,401
10,429
5,675
Other income
466.487
$344,838
691
Net earnings—
April 19, 1941
Financial Chronicle
1,050,000 shares of common
amendment.—Y. 151, p. 2962.
White Sewing
•
credited
value of
stock outstanding at the date
of the
Machine Co.—Dividend—
Directors have declared a dividend
of 50 cents per share on the prior
preference stock payable May 1 to holders
of record April 28.
J,
Volume
President
Wisconsin Power & Light
Rodgers said the dividend declaration was made with pro¬
only "after final disposition of the suit
vision that payment would be made
brought against the corporation in the Court of Chancery of the State of
Delaware" and now pending on appeal in the Supreme Court of that State
and "only in the event such final disposition is in favor of the corporation"
and provided further that actual payment shall be made upon a date sub¬
sequently fixed by the directors.
Payment of five dividends of 50 cents each in additiona to the one just
declared is being deferred pending final decision of the suit.—V. 151, p. 3o81.
Calendar Years—
stock,
operating
x$48.302
60,651
123,642
30,107
$483,488
87,989
134,975
29,352
d Net income......
Gross income
On prepaid accounts, discounts allowed, bad debts and
Ac.
d Before provision for taxes,
x Loss.—V. 152, p.
c
Directors have declared
an
interim dividend of
Net income
1940
Operating
Investments
but
&c.
Note
y
.....
Gross income
Interest on funded debt
Amortiz. of bond disct. and expense..
charged
2,619,123
14,180
x
$1,257,530
Drl0,063
$1,178,441
414,860
$1,247,466
396,867
33,935
6,289
$1,097,477
380,950
32,435
5,675
03,263
17,003
Preferred dividends
Contrib.
32,435
6,909
iv
$6.50,434
278,880
360,000
495,000
on
hand and
in banks
252,674
702,487
recelv. (trade)..
Other accounts
re¬
2,343
ceivable
Deposits
for
pay.
53,179
of mat'— int., Ac
605,855
Inventories
Due from affil. cos.
(current acct.)
1,828
930,510
__
Deferred charges.
.
662
1,011,944
$
Reserves
...
Surplus
32,096,499
33,090.7621
Wisconsin
$1,318,697
19,360
Total operating revenues
Operating
expenses
and taxes
Net operating revenues
Non-operating revenues
$1,318,702
2,366,280
9,922
Other deductions..................
'
Prov. for Fed. & State income taxes.
Net operating income
Merchandise and jobbing
Interest and dividends
Miscellaneous income
Interest
on
$
$801,580
a252,065
470,250
$735,075
205,386
470,250
-■
•• ••
1940
Liabilities—
Property & plant.27,087,897 26,562,839
20,884
Investments
21,125
1939
$
$
6% series
(contra).......
4,135,737
587,967
297,726
recelv. (trade)
Other
accts.
and
458,152
431,535
receivable
2,371
3,020
22,793
318,198
6,947
x
a
on
__
Deposits
for
Interest accrued..
284,162
on
or
_
.
791,276
Due to affll. cos..
941,545
140,000
254,581
463,647
41,531
228,311
55,305
140,000
269,908
329,698
34,536
229,163
41,122
32,368
cust's
46,035
130,981
Res., deprec., Ac.
3,831,187
C as'ties & ins. res.
236,100
accrued liablls..
Other reserve.
11,799
Capital surplus...
Earned surplus...
126,218
3,726,512
231,726
604,093
342,598
56,415
659,249
195,808
x
After reserve for
1939.—V. 152, P. 1608.
Total
1939
$
252,361
1,209,654
Indebtedness to af¬
filiated cos
6,070
6,805
431,493
93,823
65,419
Pref. dlvs. declar'd
Miscell. curr. liab.
26,498,000 26,748,000
125,041
116,541
Deferred liabilities
11,599
11,177
Long-term debt
371,708
less)
;:
•
Customers'
depos.
8,201,757
Reserves
7,788,976
Contribut'ns in aid
of construction.
:
278,437
275,824
5,397,500
5,397,500
7% ser.A cum.pref
of sales of
preferred stock.
464,975
464,975
stock ($100 par)
6^%
ser.
B cum.
pf.stk.($100 par) 3,429,900
3,429,900
6% ser.C cum.pf.
4,370,300
Com.stk.($10 par) 9,000,000
Earned surplus
1,510,933
stock ($100 par)
a
After reserve for
4,370,300
9,000,000
1,110,009
TotaL.i..^
60,424,107 60,222,459
doubtful accounts of $164,589 in 1940 and $152,679
60,424,167 60,222,459
in 1939.
15-Cent Dividend—
>
Directors have
declared a dividend of 15 cents per share on the common
stock, par $10, payable May 1 to nolders of record April 15.
Dividend
of 30 cents was paid on Dec. 10, last; 10 cents paid on Sept. 10, last, and
one of 20 cents was paid on June 10, 1940; this latter being the first dividend
paid on the common shares in six years.
Directors also declared an initial dividend of
5% preferred stock
$1.25 per share on the new
payable May 1 to nolders of record April 15.
Bonds Listed—
Stock Exchange has authorized the listing of $26,500,000
bonds due 1971.—V. 152, p. 2414.
The New York
3 M % 1st mtge.
Woodward Iron Co.—Earnings—
1940
1939
1938^
$392,076
$180,121
$287,390
$1.36
$0.66
$1.06
x After depreciation, depletion, interest, Federal income taxes and excess
profits taxes.—V. 152, p. 1940.
3 Mos. End.
x
Net
Mar. 31
profit
sh. on cap.stk
Earns, per
Yuba Consol.
1941
$551,897
$.165
a
Gold Fields, Inc.—IQ-Cent Dividend—
declared a dividend of 10 cents per share on the common
stock, par $1, payable May 1 to holders of record April 9.
Dividend of 80
cents was paid on Feb. 1, last, and dividends totaling 55 cents per share
were
distributed during the year 1940.
Directors have
Zeller's, Ltd.—Initial
on
the common
Dividend—
declared an initial quarterly dividend of 20 cents per
stock, payable May 1 to holders of record April 15.
ZenitH Radio Corp.—To
Pay $1 Dividend
declared a dividend of $1 per
nayable April 30 to holders
April 25, 1940, and April
Oct. 30,
share
share on the common stock,
of record April 23. Like amounts were paid on
24, 1939 and a dividend of 50 cents paid on
1937.—V. 152, p. 2258.
Directors have
29,289,539 32,685,441
doubtful accounts of $45,296 in 1940 and $39,578 in
29,289,539 32,685,441
786,503
879,496
138,694
800,938
144,465
Directors have
27,003
Prem. on pref. stk.
Total
1940
1940
$
$
208,170
955,818 Accrued liabilities. 1,301,137
penses
60,182
42,155
6,031
Other current and
Contrib. by
$1,359,341
971,702
Commissions & ex-
Customers' line ex¬
805
current acct.
Deferred charges
deposit
tension advances
Due from affil. cos.
$1,648,392
633,281
355,038
Utility plant.....53,978,746 53,339,420
86,932
Prepayments
44,231
3,215,584
Deferred charges.. 3,014,120
;
4,000,000
unsec'd
Taxes accrued
Consum's'
$2,623,864
1,015,777
151,244
50,000
6,004
41,498
Accounts payable.
(customers)
4,135,737
(contra)
Payrolls accrued..
pay¬
Inventories
on
notes
Accounts payable.
ment of matured
interest, Ac
4,000,000
thereon
$2,620,831
Dr28,718
27,170
\
4,581
148,100
50,000
10,710
36,190
1,065,753
146,556
50,000
11,659
Liabilities—
Liabilities—
$
$
hand and
Accts. receivable
A prem. & diva.
Instal.
Accts. and notes
notes
stock
6,000,000
5,425,000
12,840,000 12,980,000
Pref. stk. 6% series
stock
Dr31,295
30,856
4,692
1939
1940
Assets—
Cash
Funded debt
of pf.
Cash
pref.
cum.
$2,969,146
1,075,753
465,020
Consolidated Balance Sheet Dec. 31
Com .stk. ($20 par)
Cash deposit for re¬
demption
4M%
"$2,964,894
7,046
1939
$
■
$3,088,811
13,740
34,035
5,410
$8,870,778
3,191,168
532,579
970,000
1,226,400
329,800
54,778
Other interest (net)
Miscellaneous deductions
$1,262,879
4,087
'
^[3^5—
1938
$9,191,203
2,861,291
546,702
1,098,796
1,254,500
$1,813,250
funded debt
Amortiz. of abandon, street ry. prop.
$3,693,162
2,430,283
Balance Sheet Dec. 31
1940
—....
Cr910
*.■1 :
'v
...
Investm'ts (at cost
1938
a During 1939 dividends of $224,058 were paid to holders of the company's
preferred stock, 6% series, for the 12 months period ended Nov. 30, 1939;
and provision was made for payment of $28,007 representing accrued divi¬
dends to Jan. 15, 1940, the date of redemption of the preferred stock, 6%
series
(net)
Amortiz. of debt discount & expense.
Other curr. assets.
8,039
$827,650
174,528
529,750
Net income
Preferred dividends
.
Gross income
Total
Common dividends
—
Mat'ls A supplies.
Cr2,302
1,620
485,627
32,994
funded debt
on
'
demand depos..
2,686
$1,328,624
Interest
1939
$9,724,054
2,921,743
486,047
1,118,498
1,282,905
826,050
*
Depreciation
$1,266,966
489,575
32,137
4,044
$1,338,057
483,946
Amortiz. of bond disct. & expense...
31,463
Other interest charges
2,554
Interest during construction charged
to property and plant
Cr9,176
Gross income
;
Maintenance
359,834
1939
$3,684,982
(& Subs.)—Earnings—
"$3,141,996
.
.........
8,313,357
1,456,626
1940
$3,994,211
2,675,513
69,423,981 69,052,626
1940
Operating revenues
Operation
Michigan Power Co.—Earnings-
Calendar Years—
250,091
2,885.398
,;.:y Vr'H
158,257
382,434
266,817
2,980,161
1940
Including premium discount and expenses applic¬
unexpired terms of
lives of refunding issues, whichever is shorter.—V. 152,
Netincome
7,773,003
1,369,878
32,999
4,851,536
aid of
;
83,155
190,549
21,400
y
Years Ended Dec. 31—
Represented by 300,000 shares (par $20).—V. 151* p. 2962,
y
In
Total
Wisconsin Public Service Corp.
32,096,499 33,090,762
Total
168,621
Earned surplus...
69,052,6261
214,125
148,994
for uncollectible notes and accounts of $95,222 in
$95,698 in 1939.
1301.
p.
Other current and
accrued liabll...
reserve
refunded issues, or
4J4% cum.pref.stk 3,342,500
y Common stock.. 6,000,000
Contrlb. by cust'rs
for construction.
Total
After
and
3,342,500
6,000,000
Funded debt
12,000,000 12,350,000
150,000
426,911 Promissory notes.
Accounts payable.
144,788
187,587
276,647
395,018
792,016 Taxes accrued
70,338
Payroll accrued...
72,075
137,564
132,641
7,339 Interest accrued..
37,609
Dividends accrued
37,609
105,746
106,529
124,355 Consumers depos.
24,155
683,942 Amt. pay. to empl.
20,572
Due to affll. cos...
163,340
193,499
Accounts and notes
688,373
able to refunded issues In process of amortization over
1939
1940
Liabilities—
69,423,981
Total
T8/X6S
1939
$
Property & plant.29,148,660 29,634,960
Invest, and adv
398,962
408,633
'-VV. 29,126
5,576,530
construction
1
CV8.051
34,799
Balance Sheet Dec. 31
Cash
Accrued interest..
x
$796,636
250,274
$729,500
150,435
540,000
Common dividends
CU8t. deposits
Accrued taxes
$1,108,158
Drl0,681
28,040
36,735
Accounts payable.
50,262
$6,280,398
5,172.241
7,309,250
346,353
141,521
889,251
Def'd liabilities
454,012
2,720
76,849
Prepayments
<
Reserves.
$6,624,862
5,367,332
4,008
1940
553,204
1938
Cr8,039
Net income
838,379
825,508
Misc. curr. llabils.
1939
Other deductions
Assets—
receivable
notes
28,040
1st mtge. 4s A '66.33,000,000 33,000,000
2H% bank notes. 1,850,000
2,590,000
4% serial debs
Purch. contract..
->?■ -v 4,246
Cust. accts. and
Mat'ls A supplies.
Due from affil. cos
6,173,100
7,309,250
stk. of sub. co._
2,298,570
77,574
93,277
Special deposits...
6,162,500
par)
Com. stk. ($50 par)
Mln. int. in cap.
2.852,613
to
property and plant
($100
21,302
in proc. of amort
50 cents per share on the
$1,180,172
Drl,731
Net operating revenues
Other interest charges
Int. during construction
from No.
Debt disc. & exp.
Other def. charges
16,505
Cash
1,523,279
$6,917,674
5,737,501
and taxes
Non-operating revenues
rec.
West Util. Co
franchises taxes,
2089.
1940
expenses
5
Co.—Earnings—
Total operating revenues
$1,357,759
559,535
277,865
1939
1940
$
Liabilities—
$
7% cum. pref. stk.
($100 par)
10,656,800 10,656,800
6% cum. pref. stk.
1939
$
63,345,133 62,071,532
371,482
371,102
Utility plant
stock, payable May 1 to holders of record April 24.
Like amount
on Nov. 9, last; dividends of 25 cents were paid on May 1, 1940:
Nov. 6 and May 1, 1939. and on May 2, 1938, and dividends totaling $2.25
per share distributed during the year 1937.
It was stated that directors
will give consideration after end of current fiscal year. Aug. 31, to pay¬
ment of year-end dividend on or about Nov. 9, 1941.—V. 152, p. 2107.
Calendar Years—
668,272
331,804
Consolidated Balance Sheet Dec. 31
Assets—
paid
Wisconsin Gas & Electric
$1,597,491
276,234
2,043
7% preferred dividends
6% preferred dividends
common
was
$3,150,955
1,440,801
311,878
5,789
34,728
'
...
Wilson-Jones Co.-—50-Cent Interim Dividend—
*
long-term debt
Other income deductions....
$60,934
54,750
132,094
32,843
a After
deduction for selling, administrative and general expenses
before provision for depreciation,
b Interest earned, discount taken,
on
Amortization of bond disc't & exp.
General interest
x$158,753
x$262,701
$231,172
...
'
income
Other income (net)
Quarter Ended March 31—
Profit from operations
Provision for depreciation..
Interest on bonds and notes
19,845
$3,324,841
1,429,350
274,963
6,416
16,621
Income taxes...
[Incl. Wholly Owned Subsidiary, American Wire Fabrics Corp.]
1941
1940
1939
$457,093
x$69,025
$42,373
b Other income
26,395
20,723
18,561
c
$3,294,365
1,405,943
;
Taxes other than income..
Steel Co.—Earnings—
Net profit
Interest allowed
$3,133,103
17,852
994,605
493.529
Depreciation
Interest
a
$3,312,929
11,912
Maintenance
payable April 25 to holders of record April 15.
Dividends of 20
paid on Nov. 15 and on May 15, 1940.—V. 151, p. 1915.
Wickwire Spencer
594,691
1,292,475
1,384,014
460,300
$9,633,276
2,982,208
597,399
1,302,201
1,387,440
230,926
$3,299,693
Dr5,328
expense
cents were
1938
591,530
1,334,727
1,438,017
668,957
revenues
Operation
Net
dividend cf 40 cents per share on the common
nave declared a
Co. (& Subs.)—Earnings-
1940
1939
.$10,656,198 $10,075,025
3,030,617
3,323,273
fr
l
$1,590,300
Operating
Whiting Corp.—40-Cent Dividend—
Directors
2575
The Commercial & Financial Chronicle
152
The Commercial & Financial Chronicle
2576
April 19, 1941
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
■
■■
•
•
■
175
COMMERCIAL EPITOME
lots.
Friday Night, April 18, 1941
Coffee—On the 12th inst. futures
closed 2 to 3 points
higher for the Santos contract, with sales totaling 29 lots.
The small attendance in the market for Saturday's short
net
kept down the volume of business in the coffee
market, but the tone ruled steady.
Most of the
session
futures
for professional account.
Opening prices were
points higher.
Afloat supplies from Brazil were
1,006,900 bags and the afloat and in stock supplies amounted
to 1,983,604 bags, against 924,000 bags for the similar period
a year ago.
On the 14th inst. futures closed 16 to 12 points
net lower for the Santos contract, with sales totaling 46 lots.
The Rio contract closed 20 to 40 points net lower, with sales
of only three contracts.
Coffee ignored an advance of 100
to 200 reis in Santos official spot prices and on light scattered
selling was off 10 to 15 points during early afternoon. There
was nothing new in the picture.
The trade was waiting for
Brazil to decide on the question of minimum and for the
President to sign the "enabling" legislation as a part of the
Inter-American agreement.
On the 15th inst. futures closed
5 to 7 points net lower for the Santos contract, with sales
totaling 32 lots.
The Rio contract closed 4 to 5 po:nts net
lower, with sales totaling 17 lots.
In Brazil official spot
prices were 200 to 400 reis lower.
The actual market has
been quiet for some time as roasters wait for the InterAmerican agreement to be declared in effect.
New York
stocks in public warehouses continue to reach new highs with
more than 500,000 bags of Brazils and over 800,000 bags of
other growths.
On the 16th inst. futures closed 2 to 13
points net higher for the Santos contract, with sales totaling
49 lots.
There was one contract traded in Rio, July delivery,
which closed 20 points net higher.
The news that the InterAmerican agreement had been made effective today by
trading
3
to
was
5
was
a
lots.
Rio coffee prices
1,347,741 bags compared with 1,062,313 bags a year ago.
closing: May 7.23; July 7.29; Sept. 7.36; Dec. 7.46;
.Mar. 7.57.
May
Santos coffee
prices closed
Cocoa—On
as
follows:
Sugar—On the 12th inst. futures closed 2 to 3 points net
sales totaling 85 lots.
in the Sept. contract, and that
lower for the domestic contract, with
The bulk of the trading was
the
14tn inst.
futures
The world sugar contract closed 1 point off to y2 point
higher, with sales totaling 75 lots.
Selling appeared to
dry up on the decline, but buyers were wary.
Behind the
market action was the attitude of Washington on prices.
In the raw market two lots of Puerto Ricos, 20,000 bags,
lots.
net
early May clearance are offered at 3.40c., while other sugars
are held at 3.45c. and concessions might be possible on some
lots.
Refiners are waiting.
There is still talk of a further
quota increase when first quarter delivery figures are issued
this week.
On the 15th inst. futures closed 2 to 3
later
points net lower for the domestic contract, with sales totaling
205 lots.
The world sugar contract closed l/2 point off to
,
Yi point
up,
In the raw market
refined sirups got
21 to 25, at 3.38c.
parcel lots of Apr. and May Puerto Ricos were
with sales totaling 244 lots.
spot price declined 2 points when
3,000 tons of Philippines, due from Apr.
the
or
five
3.40c.
at
3.35c.,
but
Refiners
operators
showing interest at
not
were
would
definitely
Meanwhile Snow White a Puerto
pay
that figure.
Rican refined, was offered
shipment at $4.90 per hundred pounds.
World
futures were dominated by May liquidation and
switching.
On the 16th inst. futures closed 2 points to 1
point net lower, with sales totaling 255 lots.
The world
sugar contract closed ^ to 1 point net lower, with sales
totaling 333 lots.
Domestic sugar declined for the fourth
consecutive session, as refiners remained apathetic toward
for prompt
sugar
6 to 8 points
News that dealers
were
offering Accra cocoa afloat for America in the local
market, had the effect of discouraging buying of futures,
with the result that the market slipped off 7 to 11 points,
with May down 11 points at 7.03c. this afternoon.
Trad¬
ing was light, totaling only 130 lots to thai time.
Ware¬
house stocks continue to increase.
The gain over the
week-end was 8,800 bags.
It brought the total to 1,341,998
bags, against 1,075,221 bags a year ago.
Local closing:
May, 6.98; July, 7.07; Sept., 7.16; Dec., 7.26; Jan., 7.29.
On the 15th inst. futures closed unchanged to 1 point off,
with sales totaling 274 lots.
After breaking under liquida¬
tion caused by fears of price-fixing, cocoa rallied to stand 2
to 3 points net higher during early afternoon when tne trade
heard that a quota agreement had been reached.
The
report was unconfirmed.
the short session.
contract closed unchanged to l/2 point off,
with sales totaling 56 lots/ Most of the trading was for
professional account.
The raw and refined sugar markets
were closed today.
On the 14th inst. futures closed 1 point
net lower for the domestic contract, with sales totaling 153
The world sugar
9.83
closed
lower, with sales totaling 211 lots.
The light trading
position declined from 2.48 to 2.45c.
reflected the small attendance down for
9.72
9.21 December
9.43 March, 1942.
9.61
May
July
September
net
__6.60
6.76
'/V
;
offered
follows:
as
6.20| July
6.421 September
net lower on a turnover
by manufacturers. The
Nira Luckenbach with
of 79,280 bags of cocoa from West Africa, the third
big cargo to arrive recently unheralded. Open interest
total of 7,045
Warehouse stocks decreased 1,000 bags.
They total
Four
closed
the result
Local
structive by
March, 1941
with
cargo
such
one
of official support.
market
in the contract market increased 80 lots to a
The first statement of the Inter-
of policy, was viewed as con¬
the trade.
While saying that prices must be
kept at a level which would not interfere with the expanding
trend of consumption, the Board also stated that consumers'
best interest and desires precluded unremunerative prices to
producers.
First-hand Colombia offers were higher because
They
trade heard of the arrival of the S.S.
expected that Brazil will announce regulations governing
registration for export of coffees sold against the secondyear Inter-American quota.
On the 17th inst. futures closed 6 to 3 points net higher for
the Santos contract, with sales totaling 43 lots.
During
early afternoon Santos was unchanged to 6 points higher,with
trading at a quiet pace.
In Brazil the official Santos spot
prices on hara and soft 4s were 200 reis higher while type 5
Rio were 200 reis lower.
In the Rio No. 7 price was up 200
reis.
Actuals were generally steady, although resale lots of
Colombian coffees were done at slightly easier prices.
To¬
day futures closed 1 to 4 points net lower for the Santos
contract, with sales totaling 41 lots.
Four contracts were
traded in the Rio July, which closed 4 points off.
It took
only a handful of buying orders to bring gains of 3 to 6 points
in the Santos market because sellers were waiting.
Decem¬
ber sold at 9.80, up 6 points.
In Brazil the official Santos
spot prices on hard and soft 4s were unchanged, but type 5
Board,
cocoa
afternoon prices were 3 to 5 points
of 410 lots.
Selling was absorbed
the
600 reis lower.
bags.
Manufacturers resumed buying
that prices were ad¬
vanced 15 to 17 points by mid-afternoon, with May selling
at 7.19 cents. The advance attracted a speculative following
which accelerated it.
Trading to that time was 425 lots.
Open interest this morning was 6,929 lots, a reduction of 18.
The market heard that all of the Accra cocoa recently
offered here at 7 Ye. a pound had been sold.
Warehouse
stocks decreased 900 bags.
They total 1,348,713 bags
against 1,068,504 bags a year ago. Local closing: May 7.22;
July 7.29; Sept. 7.37; Dec. 7.49; Jan. 7.52. Today futures
closed 1 point up to 3 points net lower, with sales totaling
553 lots.
Cocoa lost early gains because of liquidation set
in motion when the stock market declined.
During early
Rio coffee
off 300 reis, but hard and soft 4s remained unchanged
were
600
with sales totaling 667 lots.
in the
It is
Rio
decreased
1,349,636 bags compared with 1,072,164 bags a year ago.
closing: May, 7.02; July, 7.10; Sept., 7.19; Dec.,
7.29; Mar., 7.40.
On the 17th inst. futures closed 18 to 20 points net higher,
In Brazil the Santos spot price on type 5
American Coffee
stocks
total
Local
protocol, signed by the nine nations which have ratified to
date, made for hesitation pending the first meeting of the
Inter-American board—the autonomous authority in ad¬
ministering the agreement.
Business in actuals was also
slow.
Warehouse
1,351,326 bags compared with 1,075,221 bags a
year ago.
It was learned that the SS. Mattawin had arrived
in Philadelphia with a cargo of 95,200 bags of cocoa.
Local
closing: May, 6.98; July, 7.07; Sept., 7.15; Dec., 7.26;
Jan., 7.29; Mar., 7.36.
On the 16th inst. futures closed
3 to 4 points net higher, with sales totaling 172 lots.
Trad¬
ing in cocoa was slow and prices were steady as neither
speculators, merchants nor manufacturers were willing to
take the initiative.
During early afternoon May stood
at 7c., up 2 points.
Turnover to that time was 125 lots.
Warehouse
stocks
decreased
1,700
Dags.
They
total
now
Turnover to early afternoon was
off because of the
prices. In the raw
market sugars were offered at 3.38c., but it was believed
nearby Puerto Ricos were available at 3.35c.
Refiners
were
believed willing to pay 3.35c. for late May sugars.
raw
sugar
and buyers of refined held
Washington pronouncements regarding
Meanwhile Snow White, a Puerto
Rican refined, was offered
for prompt shipment at $4.90.
On the 17th inst. futures closed
1 to 2 points net higher,
119 lots in the domestic contract.
The
world sugar contract closed y2 to 1y points net higher, with
sales totaling 240 lots.
Washington reports said the Depart¬
ment of Agriculture might permit unlimited production of
with sales totaling
mainland
beet and
cane
sugars
and
pay
benefits
on
the
Volume
The Commercial &
152
whole total.
Marketing quotas would be maintained and
a greater carryover at the
end of 1941.
In the raw market refiners were reported bid¬
ding no better than 3.30c., but operators were believed to
have paid 3.33c.
The statement of Donald Nelson that
price ceilings were not contemplated at this time for food¬
stuffs was encouraging.
Today futures closed 2 points np
to unchanged for the domestic contract, with sales totaling
71 lots.
The world sugar contract closed 2>2 to 2 points net
higher, with sales totaling 132 lots. The improved tone re¬
flected reports that refiners had at last reentered the raw
market at 3.30c. yesterday.
No details were available.
This renewed interest resulted in more liberal offerings.
At
3.34c. were a cargo of Cubas, now loading and 30,000 bags
of Puerto Ricos for clearance up to May 5th.
At 3.40c.
were 20,000 bags of Puerto Ricos, first half May shipment
and 2,250 tons of Philippines due June 5th, while at 3.45c.
were one or two lots
of late May and early June Puerto
Ricos, and about 18,000 tons of Philippines. Raws at 3.30c.
would mean refiners could sell refined at about $4.90, or well
within what would be termed a reasonable level by Washing¬
ton.
World sugar futures were 1% to 2 % points higher up
to early afternoon.
the aim would be to accumulate
Prices closed
May
July
September
_
First
_
_
_
follows:
as
Trading
Quarter
Coffee
and
in
Sugar
The New York Coffee and Sugar Exchange
27
announced
on
trading in coffee futures from Jan. 1 to
March 27, 1941, had reached a total of 2,015,750 bags, sur-
Eassing by 22,750 bags the full year of 1940. The (1,993,000
ags) recorded during the total volume of trading Exchange
also
states: v;
The increase in volume was
accompanied by
a
rising market and record
The rise in
breaking United States imports and consumption of coffee.
price, which was mostly a reflection of the Inter-American Coffee Agree¬
ment
signed
by
14
Latin-American nations and
November, amounted to
in
1940.
over
high of 10.00 cents
per
the
United
States last
4 cents per pound, from the all-time lows made
1941 contracts reached a seasonal
Illustrating the trend, July,
pound recently against
a
low of 5.65 cents on Aug. 19,
1940.
The greater use of
inventories and
the futures market by the trade in hedging against
anticipating
"forward" needs was believed to have con¬
tributed greatly to the orderly manner in which the
the market were reflected pricewise.
/'
epic developments in
v,
,
.05% bid; August forward—.05% bid; Pacific Coast—not
Corn: Crude: West, tanks, nearby— .08% bid,
Olive:
Denatured—Drums,
spot—$2.60
bid.
Soybean: Tanks, Decatur basis—.08 bid; New York, l.c.l.,
raw—10 bid.
Edible: Coconut: 76 degrees—11 bid.
Lard:
Ex.
winter
Crude—not
prime—10% offer; strained—10% offer.
Cod:
quoted.
Turpentine: 40% to 51%.
Rosins:
$2.25 to $3.41.
Cottonseed Oil sales
yesterday, including switches, 561
Crude S. E., val.
contracts.
8%.
Prices closed
9.02@ 9.05 September
9.07@
9.12@
n
October
9.17@
n
November
December
as
,
follows:
9.18@
9.20@
9.25@
n
9.24@ 9.27
____
Rubber—On tne 12th inst. futures closed 17 to 10
points
The scarcity of spot rubber in the local market
and the reluctance of sellers to offer, caused rubber prices
to move to slightly better levels.
Selling came principally
from one large commission house and trade source.
Sales
totaled 350 tons, including 50 tons which were exchanged
for physicals in the old contract and 320 tons in the new
standard contract.
A large part of the volume was made
up of switching operations.
Spot standard No. 1-X ribbed
smoked sheets in cases, advanced to 23c. per pound in the
actual market.
Local closing: Apr., 22.82; May, 22.82;
July, 21.60; Sept., 21.30; Oct., 21.19; Dec., 20.95.
On
the 14th inst. futures closed 20 points higher for tne new
standard contract, with sales totaling 43 lots.
There were
29 contracts traded in the No. 1 standard, all in the May
net
higher.
delivery, which closed 23 points net higher.
Rubber had
a strong
opening on buying attributed to the Far Eastern
news.
Speculative covering advanced May to a new high
for the season of 23.03c., up 21 points.
Other options
gained
Lard—On the 12th inst. futures closed 15 to
is quoted 10.0c. to 10.2c.
quoted.
nominal.
July
August
that
cars
pound.
Quotations: Chinawood: Tanks, spot—28%
offer; drums—29% offer. Coconut: Crude, Tanks, nearby—
per
2.43
Coffee Futures on New
Exchange Exceeds Total
special packs: 20% to 23 %c.
Oils—Linseed oil in tank
May
Volume for All of 1940
March
mixed colors: checks to
June
2.43
York
61bs., 14%c.;6to81bs., 13%c.;8to 10lbs., 13 %c. Skinned,
loose, c. a. f.—14 to 16 lbs., 22%c.; 18 to 20 lbs., 20c.
Bellies: clear, f. o. b. New York—6 to 8 lbs., 18c.; 8 to 10
lbs., 18 %c.; 12 to 14 lbs., 16 %c. Bellies: clear, dry salted,
boxed, N. Y.—16 to 18 lbs., not quoted; 18 to 20 lbs., 13%c.;
20 to 25 lbs., 13%c.; 25 to 30 lbs., 13%c.
Butter: firsts^to
higher than extra and premium marks: 29 to 32 %c. Cheese:
State, held '39, 24% to 25%; held '40, 22 to 23%c. Eggs:
2.41
_2.3 8 January
2.40 March
_
2577
Financial Chronicle
as
much
as
30 points before demand diied up and the
8#points net
Trading was quiet, with the undertone decidedly
easy.
Chicago hog receipts were 4,000 head, and total
Western receipts were 20,000 for today (Saturday), com¬
pared with 18,100 a year ago.
On the 14th inst. futures
closed 2 to 5 points net lower.
The market at one time
showed net losses of 20 to 25 points.
Weakness was at¬
tributed in part to the international situation and also to
trade disappointment over Government buying.
It was
stated that the SMA had been expected to ask for offer¬
ings of lard but did not do so.
Another bearish factor
was the relatively heavy hog run.
Hog receipts at Chicago
today totaled 19,000 head, while at the Western centers
receipts were 79,800 as compared with 78,200 a year ago.
On the 15th inst. futures closed 7 to 5 points net higher.
The market held firm during most of the session, influ¬
enced largely by the report that the Bureau of Agricultural
Economics expected higher prices for lard.
Hog receipts
at Chicago today totaled 19,500 head, with hog prices rang¬
ing from $8.75 to $8.85.
Hog receipts at Western centers
totaled 80,300 head as compared with 69,700 head a year
ago.
On the 16th inst. futures closed 13 to 15 points net
slipped off.
During early afternoon prices were 10
to 23 points above the previous close.
Sales to that time
totaled 38 lots.
Ninety tons were exchanged for physical
rubber.
Open interest this morning totaled 1,891 lots.
Both the London and the Singapore markets observed
higher.
May delivery, whicn closed 3 points off.
During the early
part of the trading the market showed considerable firmness,
when prices gained as much as 14 points.
However, realiz¬
ing sales wiped out a substantial portion of the gains and
there was no appreciable rally in the later trading.
Open
interest in tne old contract was down to 420 lots while on
the new contract it stood at 1,280 lots.
The London market
closed unchanged to
%d. higtier.
Singapore was firm,
% to 5-32d. higher.
Local closing: New Standard: July,
22.07; Sept., 21.72; Dec., 21.35.
On the Nth inst. futures closed 29 to 16 points net lower
for the New Standard contract, with sales totaling 81
lots.
There were 52 contracts traded in the No. 1 Standard, all
lower.
market was strong and active today,
the strength in hogs.
Hogs showed
gains of from 10 to 20c. per cwt. with the Chicago top at $9.
Receipts were less than a week ago and buyers were reported
as inclined to bid up for hogs after two
days of lower receipts.
The price of $9 was paid freely on good and choice hogs
ranging in weight from 180 to 240 pounds.
Chicago re¬
ported 13,500 head while receipts at Western centers reached
57,900 as compared with 58,300 a year ago.
On the 17th inst. futures closed 13 to 15 points net higher.
New highs were recorded on most months during the early
trading.
The market failed to hold its full gains as heavier
hog receipts brought a reaction in that market. At the close,
however, gains of 13 points were shown on most months,
with July up 15 points.
Chicago hog receipts at 21,000
were higher than a week ago when the total was 12,900 and
also higher than a year ago when 9,500 head were received.
Top price for hogs at Chicago was $8.85.
Receipts at the
major western centers totaled 82,000 head, as compared
with 46,900 head a year ago.
Today futures closed 13 to
18 points net lower.
.
,
The
lard
influenced somewhat by
DAILY CLOSING PRICES
OF LARD FUTURES IN CHICAGO
Sat.
Mon.
September.
8.60
8.80
8.97
8.55
8.75
8.95
October.
9.07
9.02
May
July
_______
Tues.
■
Wed.
•:
Thurs.
Fri.
8.62
8.82
9.02
8.75
8.97
9.12
8.90
9.10
9.25
8.75
8-92
9.12
9.10
9.22
9.35
9.20
December
Pork—(Export), mess, $27.25 (8-10 pieces to barrel);
family (50-60 pieces to barrel), $20.25 (200-pound barrel).
Beef: (export), steady.
Family (export), $20.25 per barrel
(200-pound barrel). Cut meats: picnics, loose, e. a. f.—4 to
market
holidays.
Local closing: New Standard: July, 21.80;
Sept., 21.50; Dec., 21.15.
On the 15th inst. futures closed
28 to 35 points net higher for the new standard contract.
Tnere were 117 contracts traded in the No. 1 standard, all
in the May delivery, which latter closed 23 points net
higher.
Rubber was firm on speculative buying inspired
by Far Eastern news and nigh record Mar. disappearance of
rubber in the United States.
Trading was active, sales
early afternoon totaling 934 lots, of which 87 were on the
They included exchange of 250 tons for physi¬
cal rubber.
The open interest in rubber this morning stood
1,884 lots of. which 508 were in the old contract.
London
closed % to 5-16d. higher.
Singapore was % to 5-32d.
higher.
On the 16th inst. futures closed 8 points off to
unchanged compared with previous finals of the new stand¬
ard contract.
Sales in this contract were 72 lots.
Fortysix contracts were traded in the No. 1 standard, all in the
to
old contract.
delivery, which closed 40 points net lower. Trad¬
ing during the early session was moderate, but during the
late afternoon considerable realizing developed and prices
fell off substantially.
Certificated stocks decreased 30 tons.
They total only 880 tons. Open interest in rubber contracts
this morning was 1,718 lots, of which 1,311 were in the new
contract.
The London market closed unchanged to 1-16d.
in the May
higher.
Singapore was 1-32 to 3-32d. higher.
It was re¬
ported that the Rubber Reserve Co. had purchased 14,000
tons of rubber in the East at a price of 18%c. a pound f.o.b.
Local closing:
New Standard: July, 21.78; Sept., 21.49;
Dec., 21.19. Today futures closed 10 points off to 2 points
net higher for the New Standard contract, with sales total¬
ing 110 lots.
Eight contracts were traded in the No. 1
Standard, May delivery, which closed 7 points off. Rubber
had a firm tone, largely the result of dealer covering and
speculative buying based on the shipping situation.
July
sold at 21.80c., up 2 points.
Sales to early afternoon totaled
The Commercial & Financial
2578
for the day.
The only trades in grease wool
48,000 pounds clean equivalent of wool, all
position at 93.5c. a pound, and the market closed
2 points off based on bid levels.
Meantime, Walker & Co. of
Boston reported that they had purchased a recently a lot
of 6,000 pounds clean equivalent of grease wool in the new
market here and that the lot had converted into 5,022 pounds
were
were
in the July
closed 23 to 11 points
including 15 lots of the
Hides—On the 12th inst. futures
net
lower.
Sales totaled 55 lots,
There
today.
Most of the tanners, it was reported, took the long weekend
holidays.
It is. said that the majority of tanners are well
sold up for the next 60 days.
Local closing: New Standard:
April, 13.42; June, 13.68; Sept., 13.72; Dec., 13.82; March,
of wool tops
June delivery, which were exchanged for physicals.
was little or no interest displayed in the actual centers
13.82.
On the 14th inst. futures
closed 5 to 8 points net
The opening range was
The market was steady during the morn¬
ing ana prices by 12:30 p.m. were unchanged from the open¬
ing.
Transactions totaled 35 lots to that time.
Open
interest today was 1,458 lots.
Certificated stocks of hides
higher, with sales totaling 62 lots.
8 to 7
points off.
in warehouses licensed by
the Exchange decreased by 929
hides to 293,937 hides.
Local closing: June, 13.73; Sept.,
13.80.
On the 15th inst. futures closed 2 points net higher,
with sales totaling 83
form of trade buying,
and
were
lots..
and
September deliveries.
sold in
the
Most of the activity was in the
confined largely to the June
was
More than 40,000 actual hides
Chicago packer market today and late
Monday.
Prices on April take-off were generally at Yc.
higher, while the March take-off ruled the same.
Light
native cows were sold at 14 %c. to 1434c., heavy native
steers at 13%c„ heavy cows at 13^c, ex light native steers
at 153^c., branded cows, at 13and native bulls at 1014c.
All
these selections
are
April take-off.
Local closing:
June, 13.75; Sept., 13.82; Dec., 13.85; March, 13.55.
On the 16th inst. futures closed 10 to 13 points net higher.
Trading on the floor was light, amounting to only 71 lots.
Sales in the actual market were light and at steady levels.
Light native cows (river points) and ex-light native steers,
1,000 hides each and one car of native bulls were sold in
Chicago.
The news from Washington that the Government
might buy supplies of leather for Army shoes if prices for the
latter move too high, brought out some buying on the
Exchange today.
Local closing:
New Standard:
April,
13.65; June, 13.85; Sept., 13.95; Dec., 13.98; March, 13.98.
On the 17th inst. futures closed 4 to 6 points net higher.
Sales totaled only 79 lots.
The June delivery was switched
for the Sept. position at 10 points.
Only a few switches
were made.
Trading operations on the floor were generally
mixed.
More actual Hides were sold in the Chicago packer
market to tanners at steady prides today and last Wednesday
night.
About 2,700 heavy cows, Mar .-April takeoff, were
sold at 13c., 1,000 branded cows, April, went at- 13He.
Last Wednesday night about 2,000 Colorado steers changed
hands at 12 34c. and 2,000 branded cows, Mar .-April, at
13%c. Local closing: April, 13.70; June, .13.90; Sept., 13.99;
Dec., 14.02.
Today futures closed 13 to 18 points net
lower, with sales totaling 48 lots. Raw hide futures opened
about unchanged.
The market held steady during the
morning and prices by 12.30 p. m. were 5 points lower to
unchanged. Transactions totaled only 16 lots. The opening
position today was 1,458 lots.
Local closing: June, 13.74;
Sept., 13.81; Dec., 13.89.
-
Ocean Freights—The local charter market has been a
relatively quiet affair.
Charters included: Time Charter:
West Indies trade, $9 to $11 asked per ton. Canadian trade,
$9 to $11 asked per ton. North or Hatteras-South African
trade, $7.50 to $8 per ton. North of Hatteras-East Coast
South America, $8 to $9; West Coast
$8 to $9 per ton.
United States Pacific-Far East, $8.25 per ton.
Sugar:
Philippines to United States Atlantic, $25 bid, asking $30.
Queensland to Halifax-St. John, $21 per ton.
Ore: South
Africa to Hatteras, $17 f.i.o. per ton; Brazil to Sydney,
N. S., $12.50 per ton; Takoradi to Baltimore.
Philippines
to Baltimore, offers scarce.
Coal: Hampton Roads to Rio
de Janeiro, $7 to $7.50 asked per ton.
Hampton Roads to
Montevideo, about $7.50 asked per ton.
Hampton Roads
to Lisbon, $16.
Flour: Pacific Coast to Hong Kong, $27
per ton.
Linseed: Plate to North of Hatteras, $25 per ton.
Coal—Washington advices state that an Army survey
indicates that steel companies are beginning to curtail opera¬
tions
result of the soft coal strike.
The curvey covered
The United Mine Workers
(C. I. O.) and northern operators of the Appalachian soft
coal region late Wednesday reached agreement on a new
wage hour contract, but U. M. W. president John L. Lewis
said the nation's soft coal mines would not be reopened until
the agreement is accepted by operators of southern fields.
Contents of the agreement which reportedly
provides for a
flat $1 increase to $7 a day for the miners—will be made
public when it is turned over to approximately 500 repre¬
as a
about 80% of steel capacity.
sentatives of U. M. W. locals for ratification.
According to
figures furnished by the Association of American Railroads,
the Ishipments of anthracite into eastern New York and New
England for the week ended Mar. 29 have amounted to 1,969
cars as compared with
1,341 cars during the same week in
1940, showing an increase of 628 cars, or approximately
31,400 tons.
Wool—On the 14th inst. futures closed 5 points
higher to
points lower. According to ring estimates sales totaled 60
contracts or 300,000 pounds.
Prices moved within a range
3
April 19, 1941
of 1 to 4 points
8 lots, or
Open interest this morning was 1,660 lots of which
in the old contract, all outstanding in May.
The
London market closed Yd. lower.
Singapore was l-32d.
lower.
Local closing: New Standard: May, 22.75; July,
21.80; Sept., 21.40; Dec., 21.10.
37 lots.
371
Chronicle
after off sorts, the 5,022 pounds being of tenderwool top futures contract.
In
able character against the
the spot marlet 3 lots or
of spot grease
no sales of
vool
was
18,000 pounds clean equivalent
sold at 93.2c. a pound. There were
sp t tops, which was quoted at 124.6c. bid and
Local closing: Wool tops: May, 124.6; July,
122.1; Oct., 1,3.7; Dec., 117.3.
Grease Wool: May, 93.1;
July, 93.3. Cj ihe 15th inst. futures closed 3 points advance
to 2 points of ( or wool tops, with sales estimated at 20 lots
or
100,000 po nd&.
Bales the previous day were 300,000
pounds. In word to?s ,an opening sale of July was made at
2 points adva ice an<Ythe market covered a range of only 1
to 2 points in "he more active positions on a turnover esti¬
mated at 20 lots. Grease wool futures closed unchanged to 1
126.0c. askea.
point lower.
Sales were estimated at 20 lots or 120,000
pounds clean equivalent. The spot grease wool market was
active here, with 5 lots or 30,000 pounds clean content sold
at 93.3c. a pound.
Spot wool tops developed no sales with
124.3c. bid and 126.1c. asked, basis par top.
Local closing:
Wool Tops: May, 124.7; July, 122.2; Oct., 118.8; Dec.,
117.6.
Grease Wool: May, 93.1; July, 93.2; Oct., 93.5. On
the 16th inst. futures closed unchanged to 10 points net lower
for wool tops, with sales estimated at 30 lots or 150,000
pounds, as against 85,000 the previous day.
Spot houses
and trade interests were the principal sellers.
One lot of
6,000 pounds clean equivalent of spot wool sold here at
93.1c. a pound.
There were no sales of spot tops, which
were quoted at 124.3c. bid and 126.0c. asked.
Grease wool
futures closed unchanged 2 points higher based on bid levels.
The only trading was in the Oct. position where 93.5c. to
93.7c. was paid for 8 lots or 48,000 pounds clean equivalent
weight of wool. Boston reported very little buying of either
fine domestic or foreign wools in the market there.
Local
closing: Wool Tops: May, 124.0; July, 121.8; Oct., 118.0;
Dec., 116.6. Grease Wool: May, 93.3; July, 93.4; Oct., 93.5.
On the 17th inst. wool top futures closed 3 points off to
1 point up. ■ Sales totaled about 20 contracts, or 100,000
pounds, against 170,000 the previous day.
Grease wool
futures sales numbered only four lots, representing 24,000
pounds clean equivalent of wool. Single lots of October sold
at 93.3 an4 93.4c. and of July at 93.0 and 93. lc.
The closing
was quiet at 2 to 6 points decline based on bid levels..
One
lot of 6,000 pounds clean content grease wool sold in the spot
market here at 93.1c., unchanged.
There were no sales of
spot tops, which were quoted at 124.0c bid and 126.0c.
asked.
Local closing: Wool Tops: May, 123.7; July, 117.8;
Oct., 117.8; Dec., 116.3.
Grease Wool: May, 92.7; July,
93.0; Oct., 93.3. Today futures for wool tops closed 5 to 6
points net lower.
Wool tops showed some irregularity in
continued light trading today. Total sales on the New York
exchange to midday were estimated in the trade at about
75,000 pounds of tops. Interest during the morning session
was confined to three of the usually active positions.
Grease
wool futures closed 5 to 6 points net lower.
Grease wool
sagged in more active trading today. Total transactions to
noon were
estimated in trade quarters at approximately
90,000 clean equivalent pounds of grease wool, against only
24,000 pounds yesterday and 48,000 pounds on Wednesday.
At the best prices of the morning active contracts showed no
change to a decline of 3 points from the closing levels of the
previous dav. The lows were 4 to 7 points below yesterday's
last quotations.
Local closing: Wool Tops: May, 123.1;
July, 121.6; Oct., 117.3; Dec., 115.8. Grease Wool: May,
92.2; July, 92.4; Oct., 92.8.
•
Silk—On the 14th inst. futures closed
to 2c. net lower
for the No. 1 contract, witn sales totaling 57 lots.
Buying
attributed to trade interests caused silk to advance 1 to 2c.
the
the Far Eastern
on the bulge
.satisfied the demand and halted the rise.
Open interest
today was^F;294 bales.
Eighty bales were tendered on the
Apr. contract.
In, the spot market prices were weak, crack
double extra silk falling 4c. to $2.79)^ a pound.
Prices
were 21 to 5 yen lower on the Yokohama Bourse while in the
outside market grade D spot silk declined 10 yen to 1,495
yen a bale.
Local closing: No. 1 Contract: Apr., 2.75
July, 2.78; Sept., 2.79K; Oct., 2.79; Nov., 2.79.
On the
15th inst. futures closed lY to 2c. net higher for the No. 1
contract, with sales totaling 60 lots.
Strength in primary
on
news
opening.
was
markets
trade
felt.
was
Some
nervousness
However,
Japanese
over
selling
reflected in the New York silk market where
speculative buying advanced prices 2% to 3c.
a pound on a turnover to early afternoon of 32 lots.
Open
interest this morning stood at 1,227 lots.
The price ofcrack double extra silk in the New York spot market moved
against futures, losing 3^c. to $2.79 a pound.
In Yokohama
Bourse prices gained 6 to 16 yen higher, but grade D silk
in the spot market lost 10 yen to 1,485 yen a bale.
Local
closing: No. 1 Contracts: Apr., 2.77; May, 2.773^; July,
2.80; Sept., 2.81; Oct., 2.80K; Nov., 2.80^.
On the 16th
inst. futures closed Y to 1 y2 points net lower for the No.
1 contracts, with sales totaling 50 lots.
Commission house
buying absorbed offerings and held prices at advances of
about lc.
Sales to early afternooD totaled 16 lots.
Tender
and
Volume
of
180
The Commercial & Financial Chronicle
152
bales
contract
on
was
Open interest this
morning stood at 1,241 lots.
In the uptown silk market
crack double extra advanced 2c. to
$2.71 a pound.
Prices
closed 3 to 13 yen
higher on the Yokohama Bourse, while
spot grade D silk advanced 15 yen to 1,500 yen a bale.
Local closing: No. 1 Contracts:
May, 2.77; June, 2.773^;
July, 2.783^; Aug., 2.79; Sept., 2.79M; Oct.,
2.79$.
On the 17th inst. futures closed
Ac. to 2c. n#t higher for
the No. 1 Contract, with sales
totaling 21 lots* «Silk was
steady at unchanged prices during early afternooiir- Trading
was small
up to that time, having reached only T2 lots, in¬
cluding 50 bales exchanged for physicals.
SpoP^silk was
strong, crack double extra advancing 4c. to $2.84 a pound.
Yokohama Bourse prices
gained 14 to 28 yen.^MGrade D
silk in the spot market was 20
yen higher at 1
20 yen a
bale.
Local closing: No. 1 Contract:
May 2& }A\ Sept.
2.803^; Oct. 2.81
Today futures closed unchanged to
lc. net lower, with sales
totaling 49 lots, all im>the No. 1
Contract.
The
tone
of
the
silk
market was stbady but
Only ten lots had1*been sold
to early
afternoon, at which time prices were 3fe. lower.
'Twenty lots were tendered on the April contract.
In the
interest
was
at
2579
posted.
From
Exported to—
Aug. 1 1940
to
April 18. 1941
Gtreat
Exports from—
Britain
Galveston
Italy
many
China
Japan
1,617
142,983
23,225
Corpus Christi
Orleans-
Other
415
Total
35,311
59,066
8,735
3,767 140,256
295,741
1,680
2,280
114,793
Mobile
600
25,505
53,067
170,140
28,461
Norfolk
New
France
21,723
Houston
New
Ger¬
28,461
3,659
York...
3,559
314
7,707
Boston
extra silk declined 2c. Yo
$2.83
43,579
35*976
6,606
87,135
3,827
17,263
6,778
5,846
33,714
75,154
.
Francisco
Seattle
137
Total
Total
1939-40 1827,392 770,983
Total
1938-39
33,456 532,598
422,650 377,062
137
46,936 251,843
713,792
799,158 370,014 1106906 5440,507
773,494 77,953 590,202 2927,494
408,977 277,156
In addition to above
exports, our telegrams tonight also
us the following amounts of cotton on
shipboard, not
give
cleared, at the ports named:
On Shipboard Not Cleared for—
April 18 at—
The Yokohama Bourse closed 4 to 11 yen lower.
Grade D silk in the outside market declined 10
yen to
1,520 yen a bale. Local closing: No. 1 Contract: April 2.76;
May 2.77; June 2.78; July 2.79; Aug. 2.79; Sept. 2.80.
Leaving
Great
Britain
a
pound.
Galveston
Houston
Ger¬
Other
many
France
Foreign
Coast¬
wise
Stock
Total
3,000
4",800
New
Orleans.
Savannah
3,000
4,800
400
400
_
939,371
946,663
482,996
147,929
35,432
53,326
27,734
277,379
Charleston
Mobile
Norfolk
Other
COTTON
previous week, making the total receipts since Aug. 1, 1940,
3,007,199 bales, against 6,686,843 bales for the same
period
of 1939-40,
showing a decrease since Aug. 1, 1940, of 3,679,,
.
_.
V
1941..
Total
Movement of the 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 68,555
bales, against 59,025 bales last week and 52,719 bales the
,
ports.
Total
Friday Night, April 18, 1941.
The
.
1940..
Total
1939..
,5,200
6,402
6,414
Speculation
active
the
in
past
The
pessimistic
legislation
Receipts at—•
Sat.
Galveston
Houston
New Orleans
Mon.
1,792
11,356
3,868
57
Mobile
Lake Charles
Wed.
9,635
2,925
4,866
11,168
46
1
12,457
18,960
Thurs.
Fri.
Total
605
290
675
2,673
1,426
5,033
6", 147
3,099
38
35
35
6,917
25,941
35,476
212
3,991
6,784
9,281
68,555
9
Totals this week_
The
Tues.
1,305
1,471
9
17.082
following table shows the week's total receipts, the
Aug. 1, 1940, and the stocks tonight, compared
total since
with last year:
1940-41
Receipts to
April 18
1939-40
19,818
This
Since Aug
This
Week
1, 1939
Galveston
6 ,917
1941
1940
600,408
15,596
6,870 1,676,451
25 ",941 1,160,260
41,153
760
10,033 1,987,018
148,649
178.807
951,463
71,736
105,351
483,396
Brownsville
Houston..
Corpus Christ!
no
war
with
very
news
the
Beaumont
New Orleans
8,588
916,605
10,529
29,046
35 ^476
Gulfport
Mobile
2l2
Pensacola
66,930
24",96l
and
with
the
the
2",608
158",538
54,564
26
46,196
15,517
29,147
6,600
19,271
Wilmington
Norfolk
New York
Boston
Baltimore
Totals
68,555 3,007,199
1,160
1,869
62,377
38,462
45,967
8,683
20,226
"412
Savannah
Charleston
Lake Charles
"13
5
693,912
64,740
69,656
I*
1,447
120,174
28,711
4,231
10,031
26,506
500
1,487
1,250
46,091 6,686,843 2,919,030 2,527,195
♦Included in Gulfport.
In order that comparison
may be made with other years,
we give below the totals at
leading ports for six seasons:
Receipts at—
Galveston
Houston
New
1940-41
1939-40
6,917
25,941
35,476
1938-39
1937-38
1936-37
_
Mobile
6,870
10,033
24,961
2,608
212
639
7,502
3,598
7,043
5,888
12,603
2,066
29
Orleans
6
Savannah
591
635
Charleston
621
Wilmington
5
1935-36
5,731
3,619
17,597
9,028
1,127
739
3,469
4,720
8,883
2,080
3,586
406
31
34
21
1.160
425
112
459
9
1,307
882
310
2.488
1,514
10,092
68,555
46,091
13,296
30,687
40,673
34,771
Norfolk
All others
Total this wk_
Since Aug. 1__ 3,007.199
6,686,843 3,230,625 6,837,528 5,970,791 6,318.772
a no
ca^ui ua lux
luxe
vvccfi.
ciiuijug
tiiio evtuimg reacn a
lotai
of 16,544 bales, of which
2,108 were to Japan, 6,200 to China
and 8,236 to other destinations.
In the
corresponding week
last year total exports were
183,069 bales.
For the season
to date aggregate
exports have been
5,440,507 bales in the
Below
are
same
713,792 bales, against
period of the previous season.
the exports for the week:
Week Ended
April 18, 1941
Exports from—
Bi
Exported to—
Great
Britain
Ger¬
France
many
Italy
Japan
China
Galveston
Other
108
New Orleans
Los
8,128
Angeles
2,108
Total
6,200
2,108
Total
1940
58,682
18,539
Total
1939
6.940
1,356
18,509
9^874
1,930
tinue
to
show
6,200
11,058
10,079
8,950
1,199
Total
108
8,128
8,308
8,236
up
and
program
the chief
were
well compared with
delay
and
the
depressing
last
year,
but this
futures market, although a little more Southern
hedging
appeared on moderate rallies.
However, pressure was not
buying.
back to the previous
Prices dipped almost immediately
closing levels under Southern and local
Southeastern mill account acted
18.238
"29
uncertainty
farm
generally
registered.
appeared to have little influence in the market for futures.
On the 12th inst. prices closed 3 to 6
points net higher.
Trade covering accounted for stability in
yesterday's cotton
selling, but such
40,344
91,560
53,326
1,971
1,011
147,929
35,432
24,158
11,400
27,734
5,165
1,334
were
influences responsible for the market's general sluggishness.
Sales of spot cotton at the leading Southern markets con¬
709",556
54,493
761
Jacksonville
2,327,560
of prices
trend
sharp declines
663,090
942,371
36,142 1,986,855
cotton for future delivery was not very
connected
and Wall Street
Since Aug
1, 1940
8,200 2,910,830
49,643 2,477,552
heavy and the market closed steady, 3 to 6 points net higher.
Opening range was 3 to 4 points net higher on a little trade
Stock
Week
3,000
3,040
9,343
39*741
*202
365
week,
downward, though
of
*460
loan policy of the Administration
-
2,313
"""974
339,859
Los Angeles.
San
minimum.
a
spot market crack double
644 bales.
8,021
2,313
.....
16,544
22,331 183,069
5,900
32,278
and the market
Selling
pressure was not
as
through
a
spot
whole
aggressive.
as
a
displayed
houses
Buying for
stabilizing influence
steady undertone.
a
developed
on
the upturns.
believed to represent the hedging of loan cotton.
Southern trade advices stated that the price farmers were
This
was
asking for equities in loan cotton in the^ Eastern belt
$1 to $2 a&bale under the recent high asking prices.
cotton sales at the 10
were
Spot
designated spot markets for the
week
amounted to 87,386 bales against
and 72,683 last year.
points net higher.
2397)49'the previous week
On the 14th inst. prices closed 6 to 13
Cotton moved upward
on
trade covering
and mill buying which readily absorbed light hedge selling.
The tone on the opening was firm with prices about 3 points
net
side
higher
as
selling.
trade buying absorbed scattered hedge and out¬
After the opening the market extended its
gains, with the result that in mid-forenoon the rise ranged
points.
Price fixing and buying by spot firms
from 8 to 13
was
more
than sufficient to absorb all
offerings.
It
was
observed that hedge selling was rather light.
Toward noon
the demand slackened with the result that the market lost
several points of its early rise.
Towards the close however,
prices firmed again.
The Bankhead proposal of 100%
mandatory loans is expected to fail of approval but the loan
issue remains in the foreground and nothing has been de¬
cided.
The Commodity Credit Corporation has
delayed
loan action.
On the 15th inst. prices closed 9 to 15 points net lower.
The
openingjrange was 2 to 5 points net lower. Hedge selling
on the opening, but more than offset by the
purchase
mostly new crops, by Southern mill
interests.
Following gains of 1 to 2 points above the previous
closing level, the market turned sluggish and buyers pulled
away from the market.
Liquidation in May was a factor
this month, having been rapidly evened up during the past
week.
The influences operating against the market could
be listed as lack of action in Washington on the cotton loan
program, continued liquidation of May and selling by Bom¬
bay, together with hedge selling against repossessions in
the South.
Repossessions continue heavy in the South due
to fears that a higher loan might freeze all loan stocks.
The
CCC reported repossessions through April totaled 1,120,649
bales, total pledges for loan stock of 2,021,096 bales.
Total
was
fair
of about 10,000 bales,
The Commercial
2580
in leading Southern markets was 23,402
bales today, against 9,348 last year.
On the 10th inst.
prices were 1 point off to unchanged.
Prices drifted a little
lower on the Cotton Exchange, more because of lack of
interest than anything else.
During the early afternoon
the market was 2 to 4 points undef previous finals.
Demand
for cotton was slow on the opening, with the result that a
moderate volume of hedge selling and liquidation caused
prices to give way 2 to 3 points on the first call.
The
market rallied
almost immediately when trade buying
increased on the initial dip and for a while the market was
back to about last night's close.
It was increasingly ap¬
parent that traders want to find out what Congress is going
to do about loans and parity payments before making
further commitments in the market.
Just how soon action
be expected is a question on which no immediate answer
be had.
Total sales in the leading Southern spot markets
at New
quotations for middling upland {% nominal)
beenfas
on April 18 for each of the past 32 years have
The
York
follows:
1941 •..
1939
11.45c.
.....
1938
1937
.....
1936
1935
1934
♦
.■
■
—
10.91c.
8.98c.
8.94c.
13.86c.
11.85c.
11.85c.
.....11.75c
1940
today were 19,696
year.
On the 17th inst.
bales last
bales compared with 11,140
prices closed 2 points
off to 1 point up
compared with previous finals. Trading in cotton was dull
and lacked significance as the market settled down to
await developments in Congress on farm legislation.
The
opening was dull at prices unchanged to 1 point lower.
Trade buying absorbed offerings by Bombay interests and
hedge sales by the South in a small market.
Selling
pressure was felt chiefly in old crop months, while buying
interest centered on new crop positions.
As a result, losses
of several points were suffered by the May and July po¬
sitions,
while more distant months were firm.
There
seemed to be a relative scarcity of new crop contracts.
Comment in trade circles was divided between pending
farm legislation and the price policies of the Administra¬
tion.
Some uneasiness is felt over reports that if the House
does not pass a mandatory loan rate of 75% of parity,
Senator Bankhead will insist upon a still higher rate.
No
action is expected until some time next week.
Today prices closed 4 to 3 points net lower.
Late prices
were 5 to 7 points net lower on the Cotton Exchange this
afternoon
under Southern .selling and light liquidation
which was absorbed by trade interests to fix prices.
The
opening was lower for the fourth consecutive session, net
losses having been 2 to 3 points on first call.
Trade buying
believed to have represented price-fixing absorbed offerings
of July and other active months.
Bombay was credited
with selling and the Bombay market also was lower.
The
South continued to sell contracts
moderately.
As time
passed Southern selling pressure increased, with the result
that by noon the market was 4 to 5 points net lower.
Trad¬
ing was quiet but demand was sufficient to take up what
was
offered.
small.
Orders around the rang were generally
cotton in the South continue to fall off, though
considerably over last year.
The official quotation for middling upland cotton in the
New York market each day for the last week has been:
April 12 to April 18—
Sat. Mon. Tues. Wed. Thurs. Fri.
Middling upland 15-16 (nom»l).11.58
11.64
11.55
11.50 11.49 11.45
Sales of spot
Premiums and Discounts for
Grade and Staple—The
following table gives premiums and discounts for grade and
staple in relation to the grade, Basis Middling 15-16 inch,
established for deliveries on contract onPremiums
and discounts for grades and staples are the average quota¬
tions of 10 markets, designated by the Secretary of Agri¬
_
culture, and staple premiums and discounts represent
discount for % inch and 29-32 inch staple and 75% of
premiums over 15-16 inch cotton at the 10
April 17.
average
on
full
the
markets
%
29-32
15-16
31-32
Inch
Inch
1924
7.50c.
6.20c.
1931 .....10.20c.
1930
16.00c.
1923
1922
1921
20.05c.
1928
20.60c.
1927
15.30c.
1926. —-19.05c.
1929
.24.75c.
29.90c.
27.30c.
.....18.05c.
..12.10c.
41.75c.
28.60c.
30.75c.
—
-
—
1920
1919
1918
1917
...
1916—.
1915
—
1914...
1913
...
—20.15c.
—
12.10c.
—
—
—
10.40c.
13.10c.
12.15c.
1912... —11.95c.
15.00c.
1911
—
1910
—
—
15.25c.
15-16c.
Futures—The highest, lowest
and closing prices at New
week have been as follows:
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
April 12
April 14
April 15
April 16
April 17
April 18
Apr (1941)
Range..
11.33n
11.42n
11.36n
Closing.
May—
Range..
11.24-11.30 11.22-11.28
11.28-11.34 11.34-11.42 11.31-11.41 11.25-11.35
11.25
11.29 —
11.31-11.32 11.30 —
11.40 —
11.34 —
Closing.
June—
Range..
11.22ft
11.26n
11.28n
11.29n
11.39n
11.3 In
Closing.
July—
11.18-11.23
11.24-11.30 11.31-11.39 11.25-11.39 11.18-11.31 11.20-11.26
11.20
11.26-11.27 11.24 —
11.27 —
11.28-11.30 11.38 —
Range..
Closing.
August—
Range..
11.27n
11.37n
11.24n
11.24n
11.23n
11.19ft
11.25n
Closing
11.30n
11.22n
11.22n
11.22n
11.18ft
September—
Uange..
I"
<
ing.
October—
11.17-11.23 11.15-11.20
11.19-11.25 11.25-11.35 11.20-11.37 11.12-11.25
11.17
11.20-11.21 11.20-11.21 11.21 —
11.22-11.24 11.35 —
Range..
Closing.
Novembe
-
Range..
December—
11.17ft
11.20n
11.20n
11.20n
11.35n
11.23n
Closing.
11.17-11.23 11.16-11.19
11.19-11.24 11.2.5-11.35 11.20-11.36 11.11-11.24
11.17
11.20n
11.20n
11.20
11.35 —
11.23
Range..
Closing.
Jan. (1942)
11.27-11.33 11.27-11.34 11.15-11.15
Range..
11.21n
11.32n
ll.lSn
11.18n
11.17ft
11.14ft
11.21n
Closing.
11.33 n
11.18n
11.19n
11.18ft
11.15ft
February—
Range..
Closing.
March—
11.17-11.22 11.14-11.17
11.18-11.24 11.25-11.35 11.20-11.37 11.12-11.24
11.16ft
11.20-11.21 11.20
11.20
11.35
11.22
Range..
Closing
.
April—
Range..
Closing.
Nominal.
n
Newr York for the week ended
Range for future prices at
April 18, 1941, and since trading began on
Option for—
each option:
Range Since Beginning of
Range for Week
Option
1941—
April......
18 11.42 Apr. 14
8.00
May 18 1940 11.47 Apr.
3 1941
May
11.22 Apr.
June
I i.~18 Apr." 16 11739 Apr." 14 "8^9 Augf'TlMO ii:46 "AprrrviMi
July
August
..
September..
11.12
October
Apr.
16 11.37 Apr. 15
8.70 Oct.
18 11.36 Apr. 15
9.28
18 1940 11.45 Apr.
3 1941
November
December.. 11.16 Apr.
Dec.
19 1940 11.42 Apr.
3 1941
9.49 Feb.
17 1941 11.37 Apr.
3 1941
Mar. 17 1941 11.37 Apr.
3 1941
1942—
11.15 Apr.
15
11.12 Apr.
January
16 11.34 Apr.
16 11.37 Apr.
15
February
March
Volume of Sales for
10.4"3
Future Delivery—The
Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
which
from
are
we
compiled the following table.
have
given in bales of 500 lb. gross
and Up
The
weight.
1 Inch
Inch
1925
1932
York for the past
figures
Inch
1933
1941 quotation is for
may
can
Quotations for 32 Years
New York
sales of spot cotton
1941
April 19,
& Financial Chronicle
Open
t New York
Apr. 17
Apr. 10 Apr. 12 Apr. 14 Apr. 15 Apr. 16
Contracts
Apr. 17
White—
Middling Fair
Strict Good Middling
.34
on
.45
on
on
.67
on
.78
on
.28
on
.39
on
.53
on
.61
on
.73
on
on
.47
on
.55 on
.67
on
17,100
7,600
.35
on
on
.55 on
July
37,300
14,500
30,200
on
.43
263,200
.20
23,200
.10 on
21,500
Strict Middling
12,000
23,300
151,100
.32
11,600
.22 on
8,800
Good Middling
.07
.17 on
October
27,100
17,600
32,800
30,500
29,500
17,800
330,500
on
December
11,400
12,400
23,900
23,500
16,300
12,800
264,800
400
500
200
6", 200
118,100
.21 off
Middling
.59
Basis
.11 off
.72 off
.62 off
.52 off
.46 off
.35 off
1.44 off
1.38 off
1.32 off
1.28 off
1.24 off
Strict Low Middling
Low Middling
1941—•
May
1942—
300
January
Extra White—
.22
Good Middling
on
.32
.20
.47
on
.35
on
.55
on
.67
on
on
.43
on
.55
12,300
4,500
6,100
10,400
7,900
105,500
56,600
98,500
96,000
92,900
on
on
9,600
Strict Middling
.10
Middling
.21 off
.11 off
Even
.07 on
.17
Strict Low Middling
.72 off
.62 off
.52 off
.46 off
1.38 off
1.32 off
1.28 off
1.24 off
.07 off
31,100
.35 off
1.44 off
March
Low
Middling
on
on
Total all futures
Open
New Orleans
Spotted—
Good Middling
Strict Middling
.34 off
.26 off
.46 off
.37 off
.24 off
.19 off
.79 off
.74 off
.68 off
and If the Secretary of Agri¬
5,200
22,350
Market and Sales at New York
13,750
16,550
same
March
Closed
Spot
1,010
Nominal.
Nominal.
Very steady
Barely steady.
Nominal.
Thursday.
Friday
Contr'ct
Total
1,010
_.
"350
"355
Steady
3,500
3.500
Nominal.
Steady
400
400
Nominal.
Steady
week.
Since Aug.
1
73,300
Friday
8,900
3,850
38,600
4,150
4,100
250
1,800
"350
200
"450
"650
1,300
13,950
32,450
14,300
34,100
26,750
210,350
50
t April 11 Holiday—Good
Friday.
Cotton—Due to war conditions,
permitted to be sent from abroad.
We are therefore obliged to omit our usual table of the
visible supply of cotton and can give only the spot prices
Supply of
cotton statistics are
Market
Steady...
55,700
3,650
days:
SALES
Nominal.
27,000
..
...
The Visible
Spot Market
1,000
5,950
14,300
45,800
January
Futures
1,400
7,700
15,450
1942—
each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also show how the
and futures closed on the
200
2,150
7,850
9,150
October
The total sales of cotton on the spot
Total
Apr. 15
Good
2,400
July
December
Closed
Contracts
1941—
M ay
Middling spotted shall be tenderable only when
culture establishes a type for such a grade.
Saturday
Monday
Tuesday
Wednesday.
Apr. 10 Apr. 11 Apr. 12 Apr. 14 Apr. 15
.11 off
.92 off
a
market for spot
Apr. 9
.02 on
.12 off
1.00 off
aMlddllng
71.600 1,158,800
600
600
5.860
92,777
5,860
33,600 126,377
at
not
Liverpool.
April is—
Middling upland, Liverpool — __
Egypt, good Giza, LiverpoolBroach, fine, Liverpool.
Peruvian Tanguis, g'd fair, L'pool
C. P. Oomra No. 1 staple, super¬
fine. Liverpool
1940
80.9d.
11.48d.
7.15d.
1939
4.99d.
1938
4.94d.
8.64d.
3.98d.
5.14d.
4.13d.
10.14d.
8-34d.
7.05d.
5.23d.
4.20d.
1941
Closed
13.30d.
8.34d.
6.09d.
Volum*
At
The Commercial & Financial Chronicle
152
the
Interior
Towns, the movement, that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
detail below:
New Orleans Contract Market—The
the past week have been as follows:
Saturday
)
Towns
Receipts
Movement to
Week
Eufaula
Season
.
2,194
Stocks
A? ril
Week
Week
Season
Stocks
Arril
19
Week
4.349
43,560
70
967
49,039
15,288
61
6,928
46
16,271
149
8,679
477
92,682
1,053
61,936
820
May
July
124
28,545
549
55,508
200
169,920
32,162
67,271
6,214
135,696
409
25,724
600
139,987
39,672
1,787
50,391
105,017
24
972
29,218
46
60,202
1,268
31,644
:;"25
569
563
40,896
1,536
37,586
11
12,849
229
9.257
311
119,713
4,439
1,263
107,981
78
52,449
25,193
13
1,066
158,158
2,968
3,586
65,051
1,655
38,645
136,616
Bluff.
Walnut Rge
23
65,749
1,204
"385
10,700
35,764
525
Atlanta
5,072
122,677
3,855
Augusta
4,775
249,664
4,134
Columbus..
1,000
23,100
29,819
900
2
Tone—
Spot
Steady
Steady
Quiet
Steady
Steady
Steady
Steady
Steady
issued its report
20,251
427,907
20,181
2,555
8,000
311,532
8,170
681
6,757
172
2,706
99
4,617
118
724
20
16,303
500
2,000
123,751
3,000
Miss., Clarksd
1,521
143,806
3,249
313
15,096
188.983
59
Columbus.
Greenwood.
1,307
Jackson
1,884
Natchez
1
25
Vtcksburg..
City
Mo., St. Louis
N.C., Gr'boro
3.262
45
166
150
31,097
37,602
46,664
541
34,779
1,905
66,960
469
16,490
14,392
statement:
125,139
30,100
7.258
45
238
38
27,337
47.916
17,331
34,102
5,457
2,151
4
1
602
297
•'
484
120
"~46
500
221
61,563
614
Oklahoma—
18 towns *_
3,166
444,901
1,418
109,873
877
102,030
77,124 3822,587
1,339
42,083
88,806
964,415
960
20,432
129
5,773
S. C., Or'vllle
Tenn., Merap.
Texas, Abilene
Austin
6
Brenham
15,647
20,168
765
270,980
327,845
6,119
1,919 109,468
35,846 3156,933
2,348
47,313
9
"40
503
10,871
80
1,379
2,582
50,869
276
895
3.350
29,651
150
1
2,554
Texarkana.
132
6,778
8,169
51,008
Waco
383
41,471
Paris..
Marcos
San
49.917
75,787
2,670
"16
"925
12,674
113
36,886
1,181
844
26,692
49
56,166
172
Total.56towns 133,852 7018,141 180,523 2873,968
4,106
above
decreased
totals
show
that
the
during the week 47,731
stocks
and
have
tonight
393,851 bales more than at the same period last year. The
receipts of all the towns have been 76,382 bales more than
in the
same
are
week last year.
Cotton
reports Friday night.
The results for tne week and since
Aug. 1 in the last two years are as follows:
1940-41
Week
20,181
Via St. Louis
Via Mounds, Sec
Via Rock Island
610
1,633
3,619
12,335
Via Virginia points
Via other routes, &c
Storage
Week
Any. 1
308,410
228,975
10,451
7,755
144,707
675,532
8,170
2,600
423
77
3,704
12,190
132,520
469,838
27,164 1,375.830
1,296,344
2,285
412
18,260
7,664
187
44,606
606,783
6,061
7,460
282,656
Totaltobededucted..........44f935
616,732
6,660
308,376
Inland, &c., from South
presses
March
(Bales)
(Bales)
(Bales)
(Number)
(Bales)
1941 722,584 5,183,855 1,555,064
12,888,620 17,229,126
New England States
1940 540,516 4,535,493 1,317,056 11,337,532
17,055,852
1941 103,193
714,128
302,925
343,717
4,946,046
1940
68,464
1941
29,402
1940
All other States
224,381
18,214
642,993
177,113
152,415
5,606
37,420
1941
Egyptian cotton.......
•
Takings
Week
Receipts at ports to April 18
Net overland to April 18.
68,555
3,007,199
679,612
7,285,000
168
Southern consumption to April 18.190,000
Interior stocks in
over
of
258,723
*47,731
excess
Southern
4,278
37,235
7,538
48,641
32,584
6,297
51,011
23,371
24,558
1941
2,123
16,494
1940
1,280
15,579
14,716
11,294
6,147
1941
Amer.-Egyptian cotton.
119,029
88,226
845,471
717,583
544,381
448,677
84,604
133,614
10,971,811
915,391
Week
Linters
..;
.
—
.....
"{
1940
Imports of Foreign Cotton
V
(500-Pound Bales)
March
...
1941
-
'
V,;
Movement into
Week—
2,206,005
China
3,163
166
Bales
•
106,083
130,354
149,592
757,053
146,649
13,933.459
36,190
1,348,443
Aug. 1—
Bales
9,603,505
13,913,266
13.250,917
1938.
1937.
1936.
Closing Quotations for Middling Cotton
Saturday
Monday
Tuesday
H
15-16
1A
15-16
%
15-16
H
15-16
In.
In.
In.
In.
In.
In.
In.
In.
Wednesday
10.79 10.99
Thursday
Vs
In.
In.
In.
10.77jl0
10.90
10.9011
11.05
10.87
11.00
Savannah
11.34 11.49
11.32
Norfolk
11.15 11.35
11.1511 35 11
Houston
11.46 11
47 j
11
10.40
15 11,
35|11
11.35
1510 ,9511, 1510
11.10
4511 70 11 44| 11. 69,11
11.65
.00'10.65 10 .90 10 6510 90 10 6510. 90 10 6010.85
10.80 11.00 10 8511 05,10.7510 .95 10 75 10 95 10 7510 95 10 70 10.90
Little Rock.. 10.70 10.90 10 75 10 95 10.65 10 85 10 65 10 85 10 6510. 8510 60 10.80
Dallas
10.57 10.82 10 65 10 90 10.56 10 ,81 10 55 10 80 10 54 10 79 10 50 10.75
3,037
53,958
1,518
99,821
112,098
28,184
9,504
!—
r~
equivalent 500-lb. bales.
V:-'v:.\:: 1
of Domestic
"V-
^
=.v/;
■
Cotton—Excluding
see note
'
-
28, 1941, amounted to 125,194
-V'w
.'-.v-v.
IAnters
,
for linters)
:
March
8 Mos. Ended Mar. 31
Country to Which Exported
1941
4,362
France-,
1940
1941
110,795
344,350
Spain
BelgiUm
668,984
442,420
18,992
15,769
—
»
.
.
„
... —
-
- » *
rr r
237,211
188,968
10,928
T-VV
Europe--»--^-->iw---v----
26,196
—
Note—Linters exported,
38,425 bales In
749,660
44,954
36,125
17,764
125,562
19,850
—
57,641
23,910
67,247
379,288
293,204
180,850
97,292
<
74,480
22,636
------
35,703
8,185
16,063
Canada—.
and
...
51,080
Japan
1941
1940
1,636,723
57,288
—
Italy
Germany
433,842
829,992
5,350,353
190,238
554,053
not Included ahove, were 1,654 bales during March in
1940; 17,290 bales for eight months ended March 31,
1941, and 250,251 bales in 1940.
The distribution
Canada, 1,641; Panama, 10; Philippine Islands, 3.
for
March,
1941,
follows:
World Statistics
The world's production of commercial cotton, exclusive of linters, grown
in 1939, as compiled from various sources, was 27,875,000 bales, counting
American in running bales and foreign in bales of 478 pounds lint, while
Loan
15-16
In.
10.88 11.08
.15; 10
7llll
56,146
Linters Imported during seven months ended Feb.
Cotton
Vt
Mobile
10.9511
5,082
528
Friday
15-16
New Orleans. 10.95 11.15
Montgomery. 10.95 11.15
11.49 11.74
Augusta
Memphis.... 10.70 10.95
"9", 726
the consumption of cotton (exclusive of linters in the United States) for
the year ended July 31, 1939, was 27,748,000 bales. The total number of
spinning cotton spindles, both active and idle, is about 145,000,000.
on—
April 18
Galveston
3~444
13,595
India
Total
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for middling cotton at
Southern principal cotton markets for each day of the week:
Week Ended
812
"l"093
All other
Other
years:
Since
46,084
2,782
~
"1,537
Allother
1939—April 20
1938—April 21
1937—April 22
1940
34,412
-
British
6,686,843
1,067,454
5,358,000
•
sight in previous
1941
11,964
-
(Running bales;
179,595 13,112,297
*32,946
64,109
11,824,531
86,410
1940
560
Egypt
China
North, splnn's' takings to April 18.
\ >-* Decrease.
8 Mos. Ended Mar. 31
Country of Production
Aug. 1
46,091
20,504
113,000
937,329
....
Came Into sight during week...210,992
Total in sight April 18
7,819
Not Included Above—
Since
mill
takings
consumption to April 1...
620,570
7,948
7,040
27,364
United Kingdom
Total marketed
593,128
1941
1939-40
Since
Aug. I
8,722
1940
Other foreign cotton
Exports
1940-41
,
In Sight and Spinners*
Excess
*20,504 1,067,454
54,897
34,750
25,897
Total
679,612
63,266
11,236
4,904,380
53,249
Included Above—
—
Leaving total net overland.*
168
*
Including movement by rail to Canada.
During
ments
Mexico
329
Between interior towns
Active
Establish¬ & at Com¬
Mar. 31
Peru
Total gross overland..
...45,103
Deduct Shipments—
Overland to N. Y., Boston, &c..
Spindles
1941 854,179 6,075,096 1,911,238 13,243,573
22,795,742
1940 627,194 5,330,901 1,596,334 11,409,520
22,553,360
Since
Aup. 1
429,599
223,905
19,172
21,310
6,725
Via Louisville
In Public
suming
States.
United
1939-40-
Since
•,
In Con¬
Ended
March
telegraphic
Apr. 18—
Hand
Eight
1940
Overland Movement for the Week and Since
Aug. 1—
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from
Shipped—
on
March 31—
Cotton-growing States-.
l
interior
bales
IMPORTED
Months
Year
1,298
23,809
13,551
Cotton
During—
57,470 6060,875 104,447 2480,117
♦Includes the combined totals of 15 towns In Oklahoma,
The
Cotton Consumed
577
6,518
HAND,
AND ACTIVE COTTON SPINDLES
24,479
8
7,406
15,686
200,226
73,694
ON
(Cotton in running bales, counting round as half bales, except foreign, which Is In
500-pound bales)
33,910
26,942
61,940
73,103
Robstown..
AND EXPORTED,
'
CONSUMED,
1,725
1,440
583
1
COTTON
OF
9,965
13
30
.
I
REPORT
MARCH
699,031
823
.
Dallas
'
showing cotton consumed in the United
1,157
1,796
113,759
2,963
10
on Hand, &c.,
April 15, 1941, the Census Bureau
States, cotton on hand, active cotton spindles, and imports
and exports of cotton for the month of March, 1941 and 1940.
Cotton consumed amounted to 854,179 bales of lint and
119,029 bales of linters, as compared with 627,194 bales of
lint and 88,226 bales of linters in March, 1940.
March consumption of cotton includes 34,000 bales dis¬
tributed by Surplus Marketing Administration
through
various cotton mattress programs.
The following is the
4,528
200
Steady
Steady
Report of Cotton Consumed,
37,105
13,726
31
146,305
13,400
37,092
16,537
107,904
160,318
20,135
234,790
33,823
1,575
Census
Steady
Steady
Nominal.
n
40,592
1,275
1,770
Rome
La., 8hrevep*t
2,339
ft BIO
970
62,705
14,872
39,930
142,108
""32
Asked
a
360
2,000
Macon
2
/
in March—Under date of
4,808
Friday
April 18
ll.276-.29a ll.40ft-.42a 11.27
11.246-.26a 11.246-.26a 11.196.-21a
11.296-.30a 11.426-.43a 11.256-.27a 11.266-.27a 11.266-.27a ll.226-.23a
..
25,488
74,642
23,989
5,219
19,840
32,988
Athens
Yazoo
269
40,993
33,114
10,435
38,234
43,544
206,577
30,100
36,126
38,429
73,355
59,160
28,385
76,617
16,642
11,123
12.729
29,272
Ga., Albany..
Thursday
April 17
11.44
Futures
129,904
Newport...
4,097
2,241
Pine
Wednesday
April 16
ll.516-.53a ll.356-.36a 11.36 6-.38a 11.366-.37a 11.306-.32a
11.47
11.31
11.326-.34a 11.32 !
11.276-.28a
11.28
11.28
11.28-11.29 11.23-11.24
11.43-11.44 ll.276-.28a 11.27
ll.276-.28a 11.23
11.35
March
27,863
£590
23.728
122,545
6
Rock
Little
April 15
11.30
..
January
39,776
40,432
35,125
100
279
Joneehoro..
Tuesday
April 14
11.40
October
74,492
Helena
Hope
Monday
April 12
.
December. 11.30
19,798
51,178
Selma
•'*
'
■
1942—
66,961
;v3
Ark.,Blythev.
Forest City
'
1941—
Ship¬
ments
Receipts
18
:
April 19, 1940
1,565
...
Montgom'y
v
Ship¬
ments
Ala., Btrm'am
closing quotations
leading contracts in the New Orleans cotton market for
for
-
Movement to April 18, 1941
2581
Repayments
on
Repayments
on
Over
Million
Bales—
cotton pledged to the Commodity Credit
Corporation in the 1940 loan
program
have been made
on
1,017,988 hales, the Corporation announced on April 9.
Repayments were largest in Texas where 499,092 bales had
been taken out of loan by producer borrowers up to April 7.
Total loans made by the Corporation to April 7 were re¬
ported at $151,745,818.43 on 3,150,850 bales, but repos¬
sessions in recent weeks have reduced the actual holdings
of 1940 cotton to 2,132,862 bales.
'
April
Chronicle
The Commercial & Financial
2582
Rain
and
Loans
Days
reported to the Corporation by
repayments
Low
90
83
47
69,
88
72
72
dry
83
58
55
Augusta
dry
87
56
dry
dry
dry
86
88
89
84
53
54
54
43
77
Macon
70
71
72
64
92
49
50
59
71
70
72
65
Atlanta
Amount
Bales
Amount
Bales
Amount
..
_
Georgia—Savannah
Loans Outstanding
Repayments
—
South Carolina—Charleston
_.
Greenwood.
Arkansas
212,499
4,267,630
38,906
975,777
364,781
62", 390
104,691
121,959
5,819.991.01
5,138,504
50,425
Florida.
3,542,247.70
591,757.14
251,794.91
2,169,507.00
52,660
2,390,978
24,454
1,151,268.82
8,915
3,199
7,445
412,495,
3,823
179,261.19
2,273
355,746.
38,393
9.802.025.99
6,195,742.40
732,559.93
77,582,051.92
33,573.35
63,600
42,591
3,017,673,
2,122,728.
144,472
80,063
103,917.38
1,813,760.57
6,784,352.37
4,073,013.53
9,057
436,713.
6,038
295,846.19
499,092 23,982,381.
35
1,674.
1117,566
53,599,670.73
Memphis
664
31,898.44
Nashville
151
,
.
184.349
Louisiana
155,116
77,114
Mississ'pi
Missouri.
12,738
N.Mexico
5,472
45,838
208,072
No. Caro.
Oklahoma
122,654
15,095
So. Caro.
Tennessee
1616,658
Texas
Virginia
699
_
151
2,995,639"
147,877.
1
Raleigh...
Wilmington
Census
151,745,818.43 1017,988 48,849,983.91
Report
on
2132,862 102,895.834.52
Cottonseed Oil Production—On
April 12 the Bureau of the Census issued the following
statement showing cottonseed received, crushed, and on
hand, and cottonseed products manufactured, shipped out,
on hand, and exported for the eight months ended with
March, 1941 and 1940:
Chattanooga
Nashville
1941
1940
1941
1940
1941
.......—
79,705
88,556
.....—
Arizona
525,692
450,104
164,201
Arkansas
Mississippi
199,605
364,396
124,061
477,906
North Carolina
264,424
California
Georgia.............
Louisiana
Oklahoma...
211,611
610,656
164,395
153,176
227,383
334,041
244,552
393,172
Tennessee...
Texas
—
All other States
895,040
1,059,288
118,973
Vicksburg
107,455
9,979
4,981
49,153
12.3
-
14.9
23.2
10.1
12.9
.
are
simply
statement of the
a
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
31.994 196.677
24.
40,723 149,768
Nfl
29,078 3228,672 2956,982 3212.973
26,881 3195,258 2897,286 3174,825
21,337 3173.826 2846,482 3138,203
25,736 3160,492 2795,204 3096,651
16,596 108,960
21,967 117,323
70,930
27,531
Nil
28,219
88,704
Nil
55.790 107,381
53,542 115,0M
57.485 74,870
44,562 87,760
27,264 3110,177 2737,778 3051,323
32,436 3088.259 2705,278 3012,260
5,475
31,624
49,955
Nil
21,973 3063,732 2666,756 2986.670
19,979 3033,584 2617,890 2951,233
32,958
82,552
36,348
Nil
14,414
38.925
Nil
11,788 2988,790 2570,714 2907,928
21,385 2920,639 2527,094 2807,769
13,296 2873,968 2480,117 2831,695
7,925
25,073
11,165
13,145
Nil
7.
14.
50.328 188,665
55.381 177,019
48,964 122,734
290
41.552 138,982
28.
7.
7,277
14.
21.
82,750
50,941
34,991
13.017
13,692
616,991
316,816
hand Aug. 1 nor 40,049 and
Does Include 665 tons burned
Nil
Nil
Mar.
18,676
.
5,798
94,692
81,531
Feb.
93,607
94,441
Nil
21,395 135,347
34.853
54,214 137.632
31.
37,387 3295.489 3127,764 3329,120
43,199 3281.765 3072,688 3291,719
36,546 3262.404 3016,687 3246,532
26,999
21.
153,683
221,006
286,036
915,117
1939
Jan.
32,456
2,462
62,191
13,836
1940
1941
1939
1940
1941
1939
1940
771
351,895
209,696
570,258
151,808
Receipts from Plantations
Stocks at Interior Towns
Receipts at Ports
End.
28.
Apr.
52,719
11.
69,025
72,250
54,785
68,655
46,094
Nil
20,824
Nil
Nil
1940 respectively.
The above statement shows:
Nil
(1) That the total receipts
plantations since Aug. 1, 1940, are 3,942,126 bales;
were 6,809,360 bales, and in 1938-39 were 4,392,943 bales.
(2) That although the receipts at the outports
the past week were 68,555 bales, the actual movement from
plantations was 20,824 bales, stock at interior towns having
decreased 47,731 bales during the week.
from the
PRODUCTS
COTTONSEED
AND
OUT,
SHIPPED
MANUFACTURED,
ON HAND '
Produced
On Hand
Aug. 1 to
Shipped Out
Aug. 1 to
On Hand
Aug. 1
Season
Item
March 31
March 31
M archil
*37,351,577 1,187,725,834 1,131,615,634 *167,195,175
186,291,814
72,066,763 1,193,710,185 1,177,638,695
0505,218,655
0493,658,107 6990,536,433
645,875,195
1939-40
560,035,317 1,015,316,596
245,634
1,480,151
1,646,284
79,501
Cake and meal.l 1940^41
175,093
1,650,482
1939-40
1,705,857
119,718
tons
197,563
758,077
934,726
1940-41
20,914
Hulls, tons.....
80,874
950,600
954,387
1939-40
77,087
258,458
873,367
1940-41
1,002,485
129,340
Linters, running
318,687
1,125,819
965,190
1939-40
479,316
bales
1,687
27,351
27,823
1940-41
1,215
Hull fiber, 5006,119
44,495
25,683
1939-40
lb. bales
24,931
1940-41
lbs...i
1939-40
Refined oil, lbs.
1940-41
I
•
~
~
in 1939-40
both
yarns
and cloths
Demand for foreign markets is improving. We
give prices today below and leave those for previous weeks
of this and last year for comparison:,
is steady.
1940
1941
8H Lbs. Shirt¬
Cotton
8K Lbs. Shirt¬
Cotton
14,412
32s Cop
ings, Common
Middl'g
32s Cop
ings, Common
Middl'g
23,497
42,845
30,642
1939-40
bales
37,812
49,990
39,775
12,449
1940-41
Ac., 500-lb.
Twist
to Finest
Upl'ds
Twist
to Finest
Uplrds
15,683,017 and 61,100,775 pounds held by refining and manufacturing
establishments and 8,340,320 and
36,655,960 pounds in transit to refiners and
consumers Aug. 1, 1940 and March 31, 1941 respectively.
Includes
4,203,048 pounds held by refiners, brokers, agents and
other than refineries and manufacturing establishments
and 4,064,378 and 6,310,401 pounds in transit to manufacturers of shortening,
oleomargarine, soap, &c., Aug. 1, 1940 and March 31, 1941 respectively.
Includes 12,623,312 and
warehousemen
by cable tonight from
Manchester Market—Our report
Manchester states that the market in
—
Grabbots, motes,
a
they
Southern consumption;
34,567
In 1941.
•
7.8
21.4
12.1
39,507 and 120,626 tons seed on
28,039 reshlpped for 1941 and
Crude oil,
Feet
17.4
do not include overland receipts nor
The figures
tions.
4.
Does not Include
April 19, 1940
3.2
Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬
18.
*
the points namedfat
Feet
65,331
59,339
4,679
105,809
24,055
4,286,714 3,974,155 3,708,565 3,777,965
United States
68
has also been received by tele¬
Above zero of gauge.
Above zero of gauge.
Above zero of gauge.
Above zero of guage.
Above zero of gauge.
New Orleans
1941
1940
21,700
2,364
124,893
405,006
134,507
306,189
119,636
378,611
243,979
235,269
226,392
300,691
992,285
106,177
370,160
235,532
South Carolina
45
51
April 18, 1941
17.
198,313
86,199
178,290
77,349
406,354
137,343
197,377
199,408
0.02
1
...
graph, showing the heights of rivers at
8 a. m. of the dates given:
March 31
Aug. 1 to Mar. 31
Aug. 1 to Mar. 31
...—..
,
dry
—
The following statement
Week
On Hand at Mills
Crushed
Received at Mills *
Alabama
0.31
CRUSHED, AND ON HAND (TONS)
COTTONSEED RECEIVED,
State
89
So
84
85
dry
1
Tennessee—Memphis
Shreveport
Total.. 3150,850
*
0.30
0.20
1
67
51
2,431,696.99
385,198
Georgia.
65,980
4,685
20,417
128,366
California
_
North Carolina—Asheville
89,460
70,665
Arizona
3,476,433.25
3,095,187.02
1,815,021.66
18,217,194.64
7,320.73
72,914
2,391,660
49,751
5.868.093.98
3,307,686.95
6,082,652.14
19,192,972.36
7,320.73
8,815,630.58
7,570,201.35
122,665
Mean
High
Tampa
Bales
Alabama.
Inches
dry
dry
dry
Florida—Jacksonville.
States follow:
Total Loans
1941
19,
Thermometer-
Rami all
at
places
d.
s.
d.
s.
d.
d.
d.
s.
d
s.
d.
d.
Jan.
Nominal
12
Unquoted
12
8.56
Unquoted
12
1)4 @12
15.65
12
7)4 @12 10)4
24-
15.63
12
31..
15.68
3
8.65
12
12
12
8.69
8.75
16.71
Nominal
@12
1)4@12
1)4 @12
7)4@12 10)4
7)*@12 10)4
7)4@12 10)4
17—
6
8.75
4)4
8.30
4)4
8.29
4)4
8.30
Voh
X1 cU.
7—
14—
OF
COTTONSEED
FEB.
MONTHS ENDED
Items
PRODUCTS
FOR SEVEN
1940
1941
15,736
4.459.287
8.692.288
6,431
211,826
3,273,888
805
.
.......
Imports—Oil, crude, pounds*
37,478
*
"entered for consumption,"
No oil was
sumption,"
or
6,019
125,194
Linters, bales of 500 pounds
40,605
"withdrawn from warehouse for con¬
"entered for warehouse" during March.
Returns
7)4@12 10)4
8.58
Unquoted
12
1)4 @12
4)4
8.12
12
7)4@12 10)4
7)4@12 10)4
8.56
Unquoted
12
8.04
8.64
14.54
12
1)4@12
1)4@12
4)4
12
4)4
7.99
15.65
12
9
@12 13
8.66
14.54
12
1H@12
4)4
8.03
15.83
12
9
@12 13
8.90
14.18
12
@12
3
7.68
21—
16.06
12 10)4@13
8.95
14.20
12
@12
3
7.55
15.91
12 10)4@13
9.00
14.31
12
@12
3
7.70
16.90
13
Closed
14.40
12
3
@12
6
7.84
Closed
14.45
12
3
@12
6
8.12
Closed
14.75
12
4)4@12
7)4
8.09
Apr.
4—
Not
11—
@13
0
@13
Ravn
Inches
0.02
High
Low
Mean
66
previous page, the
United States the past week
The shipments, in detail, as
from mail and telegraphic reports, are as follows:
Shipping
News—As
0.20
78
41
86
65
76
2.40
86
58
72
Brownsville
1
0.04
86
71
79
Corpus Christi
1
0.03
84
69
Angeles—
To Japan
2,108
To China
93
81
68
81
43
62
86
64
75
82
65
74
Del Rio
dry
dry
El Paso
.
4
0.63
dry
Houston
Navasota
San Antonio.
66
83
69
76
87
66
77
83
62
3
86
73
73
3
0.80
84
59
64
1
0.09
81
59
4
0.15
85
62
70
74
88
48
68
83
45
64
85
56
69
5
Waco
Oklahoma—Oklahoma City
Arkansas—Fort Smith
Little Rock
Louisiana—New Orleans
Shreveport
.
.
.
3
dry
Mississippi—Greenwood
Meridian
0.76
1
dry
Alabama—Mobile
Birmingham
Montgomery
75
84
0.39
0.46
1.84
2.42
dry
.
New Orleans—
To Colombia-
6,200
1
0.01
dry
.
69
83
50
67
85
52
69
To Chili
To Havana
Galveston—
To Puerto Rico
108
Cotton
York
761
800
50
6,517
To Canada
Total
77
Fort Worth
Bales
Bales
Los
60
0.15
5
?.
,
shown on a
72
2
Amarillo
Austin
Abilene
-Thermometer
Ilain fall
Days
3
exports of cotton from the
have reached 16,544 bales.
made up
evening indicate that for the most part dry weather has
prevailed over the cotton belt.
3
available
13
16,19
18—
0
by Telegraph—Telegraphic advices to us this
Texas—Galveston
1)4
1)4
9,723~721
2,035,568
6,149,083
Oil, refined, pounds*
Cake and meal, tons of 2,000 pounds
12
15.55
Mar.
28
■
Exports—Oil, crude, pounds
Oil, refined, pounds
Cake and meal, tons of 2,000 pounds
Linters, running bales
...
15.65
15.49
28-
1,046,224,491 pounds of crude oil.
IMPORTS
28-
7—
AND
21..
14—
b Produced from
EXPORTS
16,544
Freights—Current rates for cotton from New
longer quoted, as all quotations are open rates.
are no
Statistics—Regulations due to the war
prohibit cotton statistics being sent from abroad.
We are therefore obliged to omit the following tables:
World's Supply and Takings of Cotton.
India Cotton Movement from All Ports.
Alexandria Receipts and Shipments.
Liverpool Imports, Stocks, &c.
Foreign Cotton
in Europe
The
Liverpool market closed at noon on Monday, Mar. 31.
were transferred to March at existing differ¬
All contracts
ences
and
contracts
still
liquidated at official value.
open
at close
of business
were
Volume
The Commercial & Financial Chronicle
152
BREADSTUFFS
Friday Night, April 18, 1941.
Flour—Locally^ mill
There
acter.
which
are
is the fact
and
enough
the
number
against
routine char¬
a
for
reasons
chief
this,
that many consider the price level
In
Administration
fact, this
announcement
ernmet would use
of
was
from
action
confirmed to
a
the
certain
price
Washington that the Gov-
advances.
It
was
further
pointed out that the recent hot weather
was undoubtedly a
contributing factor to the unwillingness of buyers to absorb
substantial
amounts
of
1
to
124c. net
Wheat prices resumed their recovery trend today
with gains of more than a cent that carried
quotations back
to within about 2c. of the 10-month
peaks established
just
Europe.
Buying orders, though mostly on small scale, came from
professional and commercial interests, and were associated
with reports of improved flour business and
prospects of
passage of legislation under which higher loans would be
made on the new crop.
Some short covering also was in
evidence.
In
outbreak of hostilities in
Traders
general
were
southeastern
uncertain about the
Balkan
war.
the
tendency was to refrain from extending
commitments pending a more definite idea of the outcome.
Reports indicated flour business over the holiday amounted
to about 150,000 barrels, but there Was no confirmation
of this.
The spot market was 1 to 124c. uigner, with No.
2 hard quoted at 9434c., or 1334 over the loan basis.
On the
14th inst. prices closed % to
134c- net higher. The wheat
market came to life in late dealings today as prices rose
more than a cent on trade
reports that the Government is
preparing to buy a substantial volume of new vitamin
enriched flour for army use.
Improved milling demand
late last week, attributed partly to Government
activity,
reports of moisture shortage in sections of the soft winter
wheat belt, and indications that stem rust has
appeared in
southern Great Plains at an earlier date than
usual,
also were bullish factors.
Traders attributed the
the
buying
largely to prospects of congressional action regarding the
loan rate for the new crop and to carryover demand as a
result of flour business late last week.
The higher prices,
however, encouraged caution inasmuch as there was a
let-up in mill activity together with the possibility that loan
wheat redemption would increase.
On the 15th inst. prices
closed % to 124®. net lower.
Heavy selling orders swamped
the wheat pit a few minutes before the final
gong today and
prices broke as much as 124c. a bushel on the deferred
contracts.
Despite reports that millers bought around
500,000 bushels of cash wheat, the best milling demand
reported so far this year, and seaboard clearances of 1,782,000 bushels of bonded wheat, the bread cereal was under
pressure most of the day.
Around noon there were re¬
ports that 100,000 bushels of loan wiieat had been liquidated
today and fears were expressed that the recent price levels
might tend to draw out additional quantities.
Disquieting
news of
developments on the Balkan front and lack of furtner
reports of progress concerning farm-aid legislation in Wash¬
ington also tended to cool speculative ardor.
On the 16th
inst. prices closed 34c. lower to 34c. higher.
After swinging
nervously over a wide range most of the session, showing a
loss of more than a cent at one time, wheat prices steadied
today and closed with little net change from yesterday.
Late buying that helped the market's
recovery, was at¬
tributed to previous short sellers and milling interests,
possibly reflecting some flour sales to Government agencies.
Selling was induced by good grain belt rains, uncertainty
about the wheat loan program and war news.
The Army
Quartermaster Corps as well as the surplus commodities
agency have been buyers from time to time of certain
grain products and their presence in the market has caused
a stabilizing effect, traders said.
The Government also is
expected to use its power to check extreme price rises.
On the 17th inst. prices closed 34 to %c. net lower.
unsettlement
War
of
securities, and improved moisture
Valley depressed the wheat market
today and prices lost almost lc. at times.
Selling was on a
news,
conditions in
small
the
Ohio
scale and
was offset to some extent by
prospects of
additional Government purchases of flour. Freezing of steel
prices attracted much attention in the trade due to devel¬
of Government machinery to control grain prices.
An example of this was the lowering of the
asking price
on Government corn
by 34 to 4c. over May futures.
Today prices closed 1 to l%c. net lower.
Wheat prices
opment
declined
the
almost 2c.
increased
a
selling
bushel
at times
today
as
a
result of
making
rapid progress in the Southwest and already jointing in
some localities.
Replenishment of soil moisture in the Ohio
Valley was particularly gratifying from a crop standpoint,
experts said.
Brokers said the waiting market was due
largely to a general disposition by dealers as well as users
loan
that
more
accurately the amount of wheat under
eventually
will
be
turned
OP
WHEAT
Mon.
Sat,
DAILY
Ill^
CLOSING
PRICES
OF
Sat.
91
over
to
the
Govern¬
NEW
111%
YORK
Wed.
Thurs.
Fri.
111%
IN
Tues.
112%
WHEAT
May
July
September
111%
110%
FUTURES
Mon.
Tues.
IN
Wed.
Season's High and
May
92%
July
91%
September-—.
92%
When
Apr.
Apr.
Apr.
92%
91%
91%
91%
92%
90%
91
90%
91
Made
Fri.
91%
89%
90
88
90%
89
Season's Low and When Made
70
Aug. 16, 1940
14, 1941 May...
14, 1941 July
14, 1941 September
DAILY CLOSING PRICES
CHICAGO
Thurs.
^
90%
90%
OF
WHEAT
73 %
73%
FUTURES
Mon.
75%
77%
Tues.
75%
77%
Feb. 17, 1941
Feb. 17,1941
IN
Wed.
75%
77%
WINNIPEG
Thurs. Fri.
75%
77%
75%
77%
October...
....
Corn—On the 12th inst. prices closed 34 to 24c. net
higher.
Corn closed at the best levels of the day,
being
strengthened
totaling 57,000 bushels, which
by fair shipping business
offset 60,000 bushels booked to arrive from the
country.
No. 1 yellow old corn sold at
7224c., and the spot market
was firm despite a
two-day accumulation of
456
receipts totaling
recently-purchased Government
On the 14th inst. prices closed 34 to 24c. net higher.
including
cars,
corn.
#
some
The firmness of wheat had its influence
stantial
of the demand
part
came
on
corn.
A sub¬
from shippers.
More
than 1,000,000 bushels of corn were
shipped out by lake for
Buffalo and Sarnia.
Handlers booked 105,000 bushels to
arrive.
On the 15th inst. prices closed 34c. off to 34c.
up.
Corn prices held above Monday's close and at times extended
the advance to almost 24c. a bushel, but towards the close
the
market
barely steady.
net higher.
was
closed
On the 16th inst. prices
Good shipping demand
relatively light, however.
34 to 24c.
strengthened corn.
Trading was
On the 17th inst. prices closed % to %c. net lower.
The
lowering of the asking price on Government corn by % to
4c. over May futures, which made Government corn avail¬
able in Chicago at around 7234c.,
apparently was taken to
hold prices in line in as much as the
Chicago market now
is
the highest level since 1937.
Hog prices, on the
hand, are well below 1937 levels.
Corn was for sale
in the private trade at about 7134c. for
average types of
near
other
No.
2
than
yellow.
At
dime in
a
this
excess
price it
was
worth
slightly
of the Government loan rate
more
the
on
farm.
Traders said that at these prices the farm loan was
not particularly attractive and that this accounted for the
small volume of 1940 corn being sealed.
Today prices
closed
34
offers of
%c.
to
corn
yellow
had
'Prices
rose
net lower.
at a basis
a
as
Withdrawal
of 4c.
over
of
Government
May futures for No. 2
strengthening effect on the corn market.
much as
%c. at times, but trade was
cautious in view of expectations that the Government's
policy would be clarified later in the day.
More than 200
arrived here at Chicago in addition to substantial
quantity by barge and truck, but only a small portion of
the receipts were offered for
sale, the bulk going direct to
industries, elevators and shippers.
cars
DAILY CLOSING PRICES
OF
Sat.
No. 2 yellow
CORN IN NEW YORK
Mon. Tues.
Wed. Thurs.
85%
86%
85%
86%
87%
Fri.
87%
DAILY CLOSING PRICES OF CORN FUTURES IN
CHICAGO
Sat. Mon.
Tues.
Wed. Thurs. Fri.
May
67%
68%
68%
—
July
September
Season's
.
68%
68%
—
High and
May—
68%
July
69
September— 69%
68%
68%
68%
69
68%
69
69%
67%
68%
68%
67%
68%
68%
When Made
Season's Low and When Made
Apr. 16,1941 May
54%
Aug. 16,1940
16, 1941 July
58%
Sept. 23, 1940
16,1941 September
57%
Feb. 17,1941
Apr.
Apr.
"*"<3at8—On the 12th inst. prices closed 24c- to lc. net
higher.
Oats were exceptionally strong today, with a
relatively good demand finding offerings comparatively
scarce.
Reports were current that the Government was in
the market for export supplies, with terminal market stocks
the smallest in many years.
This was the chief factor
responsible for the strength displayed in the oats market..
May oats reached 3824c-, higher for the season.
On the
14th inst. prices closed 24c. to 114c.
higher. There was an
unusual demand for oats, influenced by reports that the
Government
in the market for export supplies.
On
prices closed 34c. to 34c. net lower.
This
market ruled heavy, though trading was light.
On the
16th inst. prices closed 34c. lower to 24c.
higher. Trading
was fairly active, with undertone
fairly steady.
was
the 15th inst.
On the 17th inst.
wheat and
corn
natural that
prices closed 34 to %c. net lower. With
a depressed state, it was only
markets in
oats should
feel the effects of the downward
trend, and declined on the slightest pressure. Today prices
closed 34 to %c. net lower.
Oat values were lower in sym¬
pathy with wheat and corn markets.
DAILY CLOSING PRICES
OF
inspired
by disquieting war news,
weakness of stocks and grain belt rains.
Crop reports from
most districts were very favorable, with wheat
to determine
PRICES
May
July
higher.
the
CLOSING
Sal.
flour.
Wheat—On the 12th inst. prices closed
before
DAILY
No. 2 red
ex¬
surplus food products to protect the pub¬
unwarranted
of the
278,000,000 bushels of 1940
originally stored will have matured by the end of
month, but as yet no clear picture of the amount de¬
faulted to the Government is available.
Open interest in
wheat totals 43,682,000 bushels.
of
high
should
2583
bulk
the
agents, jobbers and distributors re¬
anticipate
trend continue.
tent in
lic
a
the
on
grain
"
port that the demand for flour is largely of
Loan
ment.
OATS
Sat.
May
July
September
38%
35%
34%
Season's High
May
July
September—
and When
39%
Apr.
36%
Apr.
35%
Apr.
Made
I
FUTURES IN CHICAGO
Mon. Tues.
Wed. Thurs.
Fri.
39%
36%
35%
39%
36
34%
39%
36
35
DAILY CLOSING PRICES OF OATS FUTURES IN
Sat.
37
July
35%
33%
October
38%
34%
33%
Season's Low and When Made
16, 1941 May
—28%
14, 1941 July
30%
14, 19411 September
30
May
39
35%
Mon.
37%
35%
Tues.
37%
35%
33%
Aug. 16, 1940
Oct.
9,1940
Feb. 17,1941
WINNIPEG
Wed.
37%
35%
33%
Thurs.
Fri.'
37%
35%
32%
33%
38%
36
Rye—On the 12th inst. prices closed Yfi. lower to %c.
higher.
Trading was light, with price trend irregular. On
the 14th inst. prices closed %c. to lj^c. net higher.
Rye
derived its strength chiefly from the strong wheat market.
Od the loth inst. prices closed %c. off to unchanged.
The
May delivery was the month showing the decline, July and
Sept. being unchanged compared with previous finals.- On
the 16th inst. prices closed ]/8c. higher to J^c. lower.
This
market ruled relatively quiet.
On the 17th inst. prices closed Vsc. up to %c. off.
There
was little that could be said of this market, trading being
following the general trend of the other
and prices
light
Today prices closed 1% to lVsC. net lower.
There
heavy selling of rye futures influenced by the
weakness of the other grains.
grains.
some
was
DAILY
OF RYE FUTURES IN CHICAGO
CLOSING PRICES
Mm.
Sat,
September
—-
Fri.
48**
50**
52**
July
52?*
September— 52
DAILY CLOSING
Feb.
September— 44
7.1941
Apr.
5H%
57%
—
Octobe?:..:
Tves.
Man.
Sat.
-
Wed.
58%
57%
59?*
58%
55%
—
Thurs.
57%
56%
Fri.
52%
53%' 53%
PRICES OF BARLEY FUTURES IN WINNIPEG
DAILY CLOSING
May......
Wed.
July::..——— —
October:.:.
432*
4434
Thurs.
51*6
48*6
5\% 51
48*6,48
50 %
47%
-
Tues.
Man.
Sat.
43}*
43*6
52?*
48}*
Fri.
51 %
47*6
43*6
43}*
Closing quotations were as follows:
51 **
65*6
Barley, New York—
rail
67**
40 lbs. feeding
Chicago, cash.
87*6
...
55-66
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 Saturday April 12, and since Aug. 1 for
Fort Worth.......—
Hutchinson
St. Joseph.
Kansas
Wheat
Corn
Oals
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
m m>m~
m
255,000
4,000
127,000
51.000
199.000
121,000
*.
Buffalo
•»
m
«
«•
~
6.000
6,000
—
St. Louis..
— -
Indianapolis
Peoria......-.—---.—
86,000
11,000
9,000
72,000
25,000
Minneapolis
Duluth
— .
Detroit-...-
Kansas
63,000
-» m
149,000
29,000
64,000
323,000
152.000
-
109,000
127,000
52,000
2,000
364,000
42,000
24,000
975,000
141,000
48,000
224,000
16,000
51,000
12,000
20,000
22,000
41,000
17~66O
"6,000
~
«.
-
Joseph.
Wichita
«.
«. m* •» «•
New York also has
b
Philadelphia also has 140,000 bushels
York, none; Erie,
2,000
2,873,000
941,000
172,000
Same wk '40
389,000
494,000
5,823,000
2,325,000
1,063,000
376,000
3,923,000
3,256,000
1,149,000
280,000
15,248,000 227,573,000 196,818,000
16,036,000 274,686,000 176,784,000
16,711,000 259,282,000 204,036.000
1,022,000
1,437,000
1,385,000
57,462.000 10,437,000 74,235,000
77,135,000 22,726,000 93,099.000
83,285,000 21,464,000 80,037,000
of flour and grain at the seaboard ports for
follow:
the week ended Saturday April 12,1941
Wheat
Corn
Oats
bbls 196 lbs
New
bush 60 lbs
bush 56 lbs
bush 32 lbs
York.
Boston
66,000
50,666
104,000
31,000
45,000
bush 56 lbs bush 48 lbs
11,000
345,000
18,000
14,000
*
New Orl'na*
Barley
"4",000
752,000
12,000
Rye
15,000
31,000
Baltimore..
14,000
310,000
331,000
Philadelphia
21,000
354,000
94,000
933,000
1,448,000
418,000
47,000
187,000
1,066",666
1,096,000
1,694,000
3,140,000
262,000
637,000
469.000
4,000
2,000
180,000
214,000
135,000
86,000
3,435,000
4,709,000
5,501,000
134:660
3,465,000
4,932,000
5,743,000
6,367,000
9,299,000
10,676,000
Oats—Buffalo, 64,000 bushels: New
Wheat
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
229,000
1,338,000
3,951,000
1,669,000
626,000
856,000
4,190,000
28,582,000
91,191,000
Other Can. & other elev.316,210,000
—...
5,899,000
'2,754,000
5,076,000
6,305,000
2,679,000
5,457,000
11,739,000
1941-435,983,000
5,1941.-438,598,000
1940-288,666,000
3,225,000
8,488,000
4,709,000
2,754,000
5,501,000
5,076,000
Total April 12,
Total April
260,000
610,000
Total April 13,
Summary—
American
120,314,000 63,253,000
3,435,000
Canadian
435.983,000
5,899,0b0
Total April 12,
Total April 5,
Total April 13,
;
1941.-556,297.000 63,253,000 9,334,000 7,463,000 10,577,000
1941.-.560,038,000 64.086,000 9,770,000 7,611,000 11,200,000
1940-385,354,000 36,943,000 18,106,000 12,524,000 19,164,000
shipments of wheat and corn, as furnished by
Produce Exchange, for the week
Broomhall to the New York
ended
April 11 and since July 1, 1940, and July 1, 1939, are
shown in the following:
•.Corn
Wheat
Week
Since
Week
Since
Since
Apr. 11,
July 1,
July 1,
Apr. 11,
July 1,
July 1,
1941
1940
1939
1941
1940
1939
Bushels
Exports
Since
Bushels
Bushels
Bushels
Bushels
Bushels
1,000
Can. Atlan¬
3,655
tic ports
4,000
21,617,000
20^666
31,869^000
25,394,000
3,558,000
89,114,000
2,520,000
37,254,000
24,000
6,661,000 144,171,000 161,452,000
3,992,000
2,339^000
ArgentinaAustralia
-
56,006,000 155,320,000
33,988,000
71,611,000 132,659,000
11,293,000
19,896.000
countries
6.200,000
Total...
9,000,000 225,974,000 359,288,000
CCC Corn Stocks Remain
in
1940 government loan
the
Stationary—Stocks of
ended April 5 but owned
3,000,000 bushels during the week
stocks
of the Corporation
corn
increased by approximately
remained stationary, the Com¬
announced
on
April 14.
The
CCC further reports:
Recently deliveries of corn in settlement of previous loans have been in
considerable volume but increased market demand for corn in the past few
weeks has permitted farmers to liquidate some of their loans in the market
has sold considerable corn from its own stocks. Owned
corporation as of April 5, totaled 229,069,776 bushels and
approximately 200,000,000 bushels of old corn had been resealed by farmers.
Loans in the 1940 crop totaled $56,430,169.95 on 92,616,497 bushels.
This compared to 89,645,499 bushels reported up to March 28.
Loans by States follow:
and the corporation
13,000
27,000
Galveston..
Tot. wk. '41
11,000
Bushels
modity Credit Corporation
Flour
Receipts at—
7,000
92,000
105,000; total, 169,000 bushels, against 180,000 bushels in 1940.
Canadian—
Since Aug. 1
Total receipts
1,000
78,000
Other
4,225,000
1938
5,000
27,000
Barley—New York, 159,000 bushels; New York afloat, none; Buffalo, none; Duiutb,
32,000; in transit—rail (U. 8.) none; total, 191,000 bushels, against 1,264.000
bushels in 1940.
Wheat—New York, 1,455,000 bushels; New York afloat, 247,000;
No. Amer.
13,000
412,000
1939
8,000
24,000
1,000
Australian wheat in store.
Note—Bonded grain not included above:
Black Sea.
Tot. wk. '41
1940
8,000
281,000
wo*
474,000
—
Sioux City.
Same wk '39
91,000
29,000 bushels Chilean barley In store.
a
-
'
-
15,000
67,000
Total April 13, 1940—
76,000
•.*.
1,000
23,000
5, 1941..121,440,000
Total Aprl.
45.000
47,000
33,000
City
2,000
1,000
l63~666
1941-120,314,000 63,253,000
64,086,000
96,688,000 36.943,000
Total April 12,
6,000
45,000
Omaha
St.
— -.-.
Buffalo
4,000
119,000
Louis._
"V.ooo
87,000
•
451,000 3,682,000
24,345,000 10,384,000
19,640,000 3,218,000
2,000
115,000
532,000
3,520,000
Milwaukee......—.—.
'
Peoria
1,000
15,000
256.000
51,000
Indianapolis
St.
13,000
107,000
960,000
62,000
4,000
■
34,000
m <m m
..........
-Sioux City.
Bushels
39,000
408,000
20,000
Toledo
bush 56 lbs bush 48 lbs
1,468,000
235,000
m
Duluth
Milwaukee-
Barley
Rye
228,000
1,467,000
308,000
195,000
...
City
Omaha
The world's
Flour
Chicago
Minneapolis
.
Wichita....
each of the last three years:
Receipts at—
——.
Lake, bay. river & seab'd
Ft. William & Pt. Arthur
Oats, New York—
No. 2 red, c.i.f., domestic—110*6
No. 2 white
Manitoba No. l.f.o.b. N. Y_ 91*6 Rye, United States, c.i.f
Wheat, New York—
All the statements below
New Orleans
—
Barley
Bushels
1,000
1,656,000; Philadelphia, 1,139,000; Baltimore, 2,428,000;Portland, 925,000;
Buffalo afloat, none; Duluth, 16.031,000; Erie, 188,000; Albany,
in transit—rail (U. S.), 1,541,000; total, 37,742,000 bushels, against
20,881,000 bushels in 1940.
GRAIN
Corn, New York—
No. 2 yellow, all
— —
Baltimore
Galveston.
Rye
Bushels
Buffalo. 4,896,000;
5.85(^6.10[Soft winter straights
5.60(^5.85
5.60@5.85| Hard winter straights... .5.75 @6.00
clears
—
Oats
Bushels
20,000
16.000
163,000
56,000
718,000
164,000
231,000
58,000
35,000
448,000
700,000
7,451,000
1,000
3,714.000
6,670,000
2,630,000
3,639,000
26,109.000 7,702,000
6,613,000 13,259,000
699,000 1,563,000
1,229,000
5,265,000
1,281,000
1,371,000
637,000
625,000
14,306,000
9,345,000
.......
Philadelphia b.
Corn
Bushels
United States—
New York a
7,236,000;
Standard Mill Quotations
Spring patents
GRAIN STOCKS
Wheal
Boston,
FLOUR
First spring
board
On Lakes.
5534
54%
56%
56%
at principal points
Chicago
21,1941
stocks in
of accumulation at lake and sea¬
ports Saturday, April 12, were as follows:
47**
PRICES OF RYE FUTURES IN WINNIPEG
May
April 19, 1941
supply of grain, comprising the
visible
The
granary
49
49**
Season's Low and When Made
When Made
4134
Feb. 21, 1941
Nov. 15, 1940 May
43
Feb. 21,1941
Nov. 14, 1940 July
High and
May
July.:.::.
Thurs.
49**
go
50 **
49^
m
oQ%
49?*
so
.——
Wed.
Tues.
May
49
juiy::.::::..............---.-. 49^
Season's
Chronicle
The Commercial & Financial
2584
415,000
5,167,000
213,000
61,000
13,000
1,000
3,732,000
40,180,000
3,152,000
711,000
214,000
544,000
213,000
1,509,000
273,000
78,000
80,000
stocks of the
Amount
No. Loans
Bushels
11,917
Stale
12,787,772
Since Jan. 1
1941
..
Week 1940.
Illinois
2,000
1940
*
on
3,715,000
34,138,000
12,148,000
2,622,000
1,388,000
1,064,000
from the several seaboard ports for the week
since July 1, are shown in the
ended Saturday, April 12 and
annexed statement:
Missouri.
—
-
Nebraska
Oats
Rye
Bushels
Barrels
Bushels
Bushels
64,000
34,000
226,000
328,000
44,000
97,927
92,616,497
56,430,169.95
8 776.23
71,000
5,000
4,000
a39,000
28,000
71,000
64,000
Since July 1, 1940 108,604,000 21,778,000 4,059,740
136,000
456,000
743,000
6,704,000
28,000
3,655,000
Total week 1941.
271,000
70,000
31,000
Since July 1,1939 112,327,000 25,309,000 3,435,436 3,994,00013,522,000 10,250,000
2,558,000
Complete export data not available from Canadian ports.
Week Ended April 16—The
weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended April 16, follows:
Report for the
general summary of the
4,000
Can. Atl. ports—
a
50 ,974.54
150 ,277.16
3,665,316
14,823
2,215 ,587.21
31
Weather
924,000
286,000
Philadelphia
Total week 1940.
7,185 ,711.53
110,731
246,356
4,996
Total
Boston
New Orleans
11,807,921
Bushels
1,241,000
Portland, Me....
Baltimore
3 445.89
4,204 393.55
1,646 ,717.58
430
Barley
Bushels
New York.
Flour
5,649
6,903,704
2,702,079
94
North Dakota
South Dakota
Corn
40 ,802.90
9
Ohio
Wheat
66,890
24
Wisconsin
Exports from—
519 273.58
32,257 572.91
346 ,317.03
8,873
3,143
13,785
Michigan
Minnesota-
through bills of lading.
851,314
52,882,557
571,385
806
Kansas
Kentucky
Receipts do not Include grain passing through New Orleans for foreign ports
The exports
984
52,835
Indiana
Iowa.——.
Since Jan. 1
$7,800 319.84
During the early part
the upper
depression persisted over
local rains generally over the northern
of the week a shallow
Mississippi Valley with
the
time an extensive
attended by
Plains, Lake region, and Central Valleys.
At
same
mass
of dense air continued over the more eastern States,
unseasonably cool weather.
peratures were
districts.
On the morning of the 9th subfreezing tem¬
reported southward to the
central Appalachian Mountain
Volume
The Commercial & Financial Chronicle
152
This "high" persisted and drifted
slowly southward, with highest pressure
over the extreme southeast
by the 14th.
In the meantime a depression
developed to the northwest of the "high" over the upper Mississippi Valley,
and this associated pressure distribution caused warm air from the Gulf of
Mexico to flow rapidly northward over the eastern States, with local
thunderstorms in the interior.
The temperature rose to abnormally high
readings in the East, especially in the middle Atlantic area where the
maxima reached 90 degrees, or higher toward the close of the week.
Thus
the weekly temperature
range was marked, from minima in the upper
30's at its beginning to around 90 degrees at the close.
Precipitation in substantial
amounts
largely of
was
a
local character.
Some heavy falls were reported from the eastern Great Plains and also in
northern California.
Heavy local rains were noted in Arizona and extreme
northern California on the morning of
April 12 and from the lower Missouri
Valley at the close of the week.
In the East minimum
temperatures were below freezing over
and northern Appalachian Mountain
section, but west of the
the central
mountains
readings as low as 32 degrees were not reported south of the southern Lake
region and extreme northern Great Plains.
In the western mountain
sections freezing occurred southward to the northern
portions of New
Mexico and Arizona.
The lowest temperature reported during the week
was 16 degrees at
Big Piney, Wyo., on the 9th. Normally killing frost may
be expected as late as
April 15 as far south as southern Missouri, central
Kentucky, northwestern North Carolina, and western Virginia, while it
has been known to occur this late as far south as the central
portions of the
east Gulf States and east-central Texas.
The temperature for the week as a whole was
abnormally high nearly
everywhere east of the Rocky Mountains.
From the Ohio and lower
Missouri Valleys northward the plus anomalies were outstandingly large,
ranging generally from 12 degrees to as many as 17 degrees.
Along the
south Atlantic and Gulf coasts the
weekly means were nearly normal but
they were moderately high in interior sections. In the extreme northwestern
part of the country abnormal warmth prevailed, but the weather was
decidedly cool in the central and southern Great Basin of the West.
Only local and mostly light precipitation occurred in the central and
east Gulf States and in the Atlantic area.
Also, a southwestern section
from southern Colorado southward had but little
precipitation. Otherwise
rainfall was widespread and mostly in substantial amounts; the weekly
tocals were large at
many stations in the Midwest. The central and northern
Great Plains and most of the northern Rocky Mountain States, as well as
the far Southwest, had substantial to
heavy rainfall.
The generally abundant soil moisture over the western half of the United
States and a marked reaction from the persistent coolness that had ob¬
tained for a long time to abnormally high temperatures over the eastern
half, made conditions outstandingly favorable for agricultural interests.
From the lower Mississippi Valley eastward
generally fair weather pre¬
vailed and farm work made excellent
progress; in fact, both agricultural
operations and progress of the season advanced so rapidly as to show a
considerable "catch up" from the preceding prevailing lateness.
In the
Midwest some early garden planting is reported from as far north as southern
South Dakota, while early fruit trees are now blooming northward to
the central Ohio Valley.
'>■ /
1All vegetation is developing very fast in central areas. However, "follow
up" showers from those of last week in the Ohio Valley were decidedly light
in most sections and a
good, general rain is still needed from the central
Mississippi Valley eastward, while more moisture would be helpful locally
in the South, particularly in western North Carolina, southern Georgia,
and southwestern Louisiana.
Rains during the week were decidedly helpful
in the central-northern Great Plains,
although farm work was retarded.
From the Rocky Mountains westward additional substantial to
heavy
rainfall was general.
For this area, as a whole, the agricultural outlook
is more promising than for a
long time.
Prospective irrigation water is
food in the South, with the heaviest reservoir the northern mountains is
liver Valley of Arizona, but
storage in store of record in the Salt
snow
rather generally deficient.
Small
the
Grains—With
The western range condition is the best in years.
abnormally
high
temperatures
over
practically
entire
winter wheat belt and mostly abundant moisture for present
wheat greened up rapidly in northern sections and grew fast in
southern districts.
In the Ohio Valley current growth was pronounced,
needs,
but only the surface soil was improved by the showers of last week and
general rain would be decidedly helpful in most sections. In the western
a
belt,
with favorable temperatures and moisture conditions, the progress
of wheat was entirely
satisfactory, although some areas show heavy winter
killing; jointing is reported from Texas. Considerable green bug damage is
apparent in central and eastern Oklahoma and some wheat may be plowed
under, while there was more or less harm by wind erosion in the extreme
northwest.
In Montana and from the Rocky Mountains westward the
outlook continues good, except that too much-moisture has caused some
injury in parts of California.
Spring wheat seeding is still relatively inactive. While temperatures were
favorable, additional rains kept the soil too wet for extensive field work,
although the latter part of the week brought more activity.
Seeding is
well along in southern and central South Dakota and fields are
showing
green in some of the former localities; good growth is reported from Washing¬
ton.
Oat seeding made rapid advance and has made a good beginning as
far north as the central counties of Iowa.
In the Great Plains this crop is
progressing satisfactorily.
Corn and
Cotton—Preparation for
corn
planting made good progress
in central districts from the
Mississippi Valley eastward, but fields are
still mostly too wet in much of the western belt.
Planting was begun during
the week as far north as southeastern Kansas and this work is
nearly com¬
pleted in most of Texas.
In Oklahoma some
corn
is reported up to good
stands.
In
the
cotton
belt temperatures considerably above normal prevailed,
especially in the north, and rainfall was light and local, except in the north¬
western belt where the falls were substantial to
heavy. Farm work made
good advance in central and eastern districts, with some cotton planting
done
as
far north
North Carolina; rapid progress is reported from
western belt good advance is reported from
central and southern Texas and much land is
ready in the northern part of
this State, while early
planting was fairly active in southern Oklahoma. In
southern
Arizona
as eastern
Georgia.
In
the
heavy rains caused delay and planting is slower than usual in
California.
The weather bulletin furnished the following resume of
conditions in different States:
North Carolina—Raleigh;
Favorable temperatures.
No rain of impor¬
tance, except in small, scattered areas. More rain needed in some places in
west.
In past, season had been two weeks behind, but good advance made
lately and much work accomplished.
Much corn planted in east and
south and tobacco being transplanted in east.
Some cotton planting begun
in east.
Generally favorable for all crops and work. Fruit trees very prom¬
ising.
South Carolina—Columbia:
Ample sunshine and favorable tempera¬
early truck, winter grains, gardens, and pastures. General planting
good progress, except too wet in some places in east.
Planting cotton
good progress locally in east, with some germination; planting beginning
tures for
in Piedmont section.
Goergia—Atlanta:
Asparagus
No rain
crop
short.
of importance.
Soil drying rapidly and
in south.
Still too wet for plowing in a
few northern counties; elsewhere soil moisture ample.
Some very warm
days, but favorable temperatures for wheat, oats, potatoes, truck, and
pastures. Excellent progress in farm work.
Planting cotton rapid progress
in south and fairly active in middle.
Planting corn in south and some
goods stands up. Oats beginning to head.
becoming too dry for truck
Florida—Jacksonville:
but soil moisture ample.
Favorable temperatures; no rain of importance,
Planting cotton fairly active;
progress
and
con¬
light.
Mississippi—Vicksburg: Favorable temperatures; no rain of importanceLocally too dry for germination on eastern uplands and too wet in some
blackland Delta localities.
Cotton planting mostly fairly active.
Planting
corn active at end; much
early planted up in south.
Tomatoes being set.
Gardens and pastures generally good progress.
Louisiana—New Orleans:
Favorable temperatures and no rain very
favorable, except lack of rain being felt locally in southwest.
Planting
cotton, corn, and rice well under way.
Some early corn coming up. Cane,
oats, alfalfa, truck, and gardens making good growth.
Potatoes late, but
doing well. Pastures fair to good.
Favorable
temperatures
generally;
adequate
rains
in north-central, but none of importance elsewhere.
Soil moisture ample.
Grains excellent growth generally.
Wheat jointing; condition mostly
good to excellent.
Progress and condition of oats and minor grains mostly
condition.
.
Oklahoma—Oklahoma City:
Favorable temperatures and adequate
rains; soil moisture now ample.
Good advance in seeding spring crops
until rains started
Sunday.
Corn planting well advanced; some up to
good stands.
Planting cotton fairly active in some southern counties.
Progress of wheat mostly good.
Some wind-erosion damage in extreme
northwest. Oats and barley good progress and condition. Alfalfa excellent
growth. Fruit in full bloom. Livestock fair to good.
Arkansas—Little Rock:
Favorable
temperatures for
all crops.
Ade¬
quate rains and soil moisture ample over most of State.
Planting cotton
under way in south; ground being prepared in other sections. Corn
planting
rapid progress; early planted up to good stands in south and central.
Prep¬
aration for rice planting nearing completion. Fruit excellent
progress.
THE DRY GOODS TRADE
New York—Friday Night, April 18, 1941.
Comparative quietness characterized the markets for drygoods during the past week. Buyers for the most part de¬
voted their time to checking prices and deliveries and showed
little
inclination
quantities.
to place contracts at least for sizable
The trade was impressed during the week by
statistics relative to cotton consumption. Figures issued
by
the Government disclosed that consumption of cotton
the
during
month
of
March
reached
all-time
monthly high,
amounting to 854,179 bales, as compared with 793,626 bales
in February and 627,194 bales in
January.
It was thus
pointed out that the continued increase in production during
the past few months definitely contradicted claims that the
industry had been creating shortages for the purpose of
boosting prices.
Furthermore, the active spindles during
March, which totaled 22,995,742 as against 22,769,368 in
February and 22,553,360 in January, were taken as further
proof that since the beginning of the defense program, mills
have adhered to the policy of
expanding their production
in the belief that heavy output would do more to stabilize
prices and assure a steady movement of goods into con¬
suming channels than anv other factor. Merchants and mills
have also made every effort to discourage
speculative buying
and to prevent runaway markets. It was
generally expected
tha tthere would not likely be any decrease in the current
rate of production for some time to come.
Wholesale markets failed to display any great amount of
activity, but the undertone remained firm and what business
was placed was
put through, in most cases, at full asking
prices. A feature in the situation was the sharp falling off
in the volume of second-hand offerings.
A fair inquiry was
noted for osnaburgs and heavy goods, while
sheetings for the
most part sold only in small scattered lots.
In regard to
sheetings, bag manufacturers purchased occasional lots of the
staples for which they paid full asking prices. With mills
well sold ahead, it was claimed that there was little
prospect
of an ample supply for most sheetings for some time.
It is
true that production is on a large scale, but the
majority of
mills are said to have contracts covering the bulk of their
output through October.
Ducks remained in a strong
position, with business checked by the scarcity of spot and
nearby supplies.
Trading in print cloths was spotty with
prompt shipments hard to arrange. Business in rayons was
held in check by the difficulty buyers experienced in
locating
the goods they were in need of.
Various producers con¬
tinued to withdraw from the market, having sold up their
production for the next two months or so. Prices for print
cloths were as follows:
39-inch 80s, 9^c.-9Mc.; 39-inch
72-76s, 8^c.; 39-inch 68-72, 8^c.-8Mc.; 3834-inch 64-60s,
7c.-7Ha., and 3834inch 60-48s, 6%c.-6Hc.
an
Woolen Goods—With pre-Easter retail business in wool
apparel running well ahead of a year ago in many centers,
wool goods markets again turned active during the week.
Having depleted their stocks of clothing during the two
weeks prior to the Easter holiday, retailers reentered the
wholesale markets in search of supplies. Backlogs on men's
wear were said to be the largest in years, and sufficient to
keep machinery operating at the current rate through the
month of September.
Demand for women's wear continued
brisk, and according to reports, retail business in women's
apparel during the week was the heaviest in years. Practi¬
cally all of the large cities throughout the country reported
pronounced retail gains. An increased business was noted
in blankets with some of the leading producers advancing
prices from 5 to 10 cents per blanket.
Wool hosiery was
active, sweaters were in good demand, and mills specializing
in wool underwear continued to operate at capacity.
crops
dition fair. Early corn doing well. Tobacco mostly set; fair growth. Truck
fair.
Citrus groves good; orange bloom heavy, but grapefruit rather
Texas—Houston:
2585
good to excellent.
Planting corn nearing completion, except in northwest
where just beginning on schedule.
Cotton planting good progress in south
and central; much land
prepared in north. Truck and gardens good progress.
Transplanting tomatoes in east under way.
Harvesting potatoes; yield
good.
Ranges excellent progress; cattle gaining.
Fruit trees in excellent
Foreign Dry Goods—An active demand developed for
width linens during the week and particularly
for
sheetings, but there were no advances in prices. IieJigious
institutions were said to be the chief buyers. It was pointed
out that church linens were formerly obtained from Belgium,
and that the stocks which were built up around the time that
country was invaded are now becoming depleted. The result
is that Ireland, in addition to supplying the usual grades of
linen, is now being called upon to supply a considerable
quantity of altar cloths and other church goods. The recent
bombings of Belfast appear to have had no effect upon the
linen factories as importers have continued to receive accept¬
ances
of their orders.
Prices for burlaps moved sharply
wide
upward during the week despite the fact that trading was
quiet.
Business was retarded by the inability to arrange
space for shipments. Domestically lightweights were quoted
at 9.15c.
and heavies at 12.15c.
The Commercial & Financial
2586
Chronicle
April 19, 1941
The largest individual issue consisted of $2,180,000 of Atlanta, Ga.,
Housing Authority bonds, bought by the Goldman, Sachs Co. group at
interest cost of 2.3865%.
The group bid par for the bonds, due on
Nov. 1,1941 to 1960, bearing interest rates of 3M. 3, 2M and 2M%- They
were reoffered at prices to yield from 0.40 to 2.45%, according to maturity.
The Goldman. Sachs group also took $1,052,000 of Birmingham, Ala.,
an
Specialists in
Housing Authority bonds at an interest cost of 2.4766%.
The successful
was par for 3Ms, 3s, 2Ms, 2Ms and 2Ms, due on Nov. 1, 1941 to 1956.
They were reoffered at prices to yield from 0.40 to 2.60%, according to
maturity.
Illinois & Missouri Bonds
bid
The
Stifel. Ntcolaus & Co,Inc.
at
Founded 1890
105 W. Adams St.
syndicate
of Columbus,
$450,000
received
Ga.,
Housing
prices to yield from 0.40 to 2.50%, according to maturity.
the three deals were Kidder,
Associated with Goldman, Sachs & Co. in
•
DIRECT
•
314 N.
Peabody & Co.; B. J. Van Ingen & Co., Inc.; E. H. Rollins & Sons, Inc.;
A. C. Allyn & Co., Inc.; Estabrook & Co.; R. D. White & Co.; R. S.
Dickson & Co., Inc.; Courts & Co.; Nunn, Shwab & Co. and others.
Each issue is to be redeemable at 104 to May 1, 1946: at 103 M to May 1,
1951; at 103 to May 1, 1956, and at 102 M thereafter.
Broadway
ST. LOUIS
WIRE
CHICAGO
same
Authority bonds at an interest cost of 2.3865%.
The bid was par for 3 Ms.
3s, 2Ms and 2Mb.
The bonds, due on Nov. 1, 1941 to 1960, were reofferd
Phelps, Fenn & Co. and associates won
the award of $232,000 of Elizabeth,
N. J., Housing Authority bonds on a bid of par for a combination of 3Ms.
and 2.40s, or a net interest cost of 2.387%.
The bonds, due on Nov. 1,
1941 to 1960, were reoffered at prices to yield from 0.40 to 2.40%, according
2
News Items
maturity. Other members of the group were F. S. Moseley & Co., R. W.
Pressprich & Co. and Harvey Fisk & Sons, Inc.
Phelps, Fenn & Co. and F. S. Moseley & Co. bought $154,000 of Stam¬
ford, Conn., Housing Authority bonds at par for a combination of 3Ms
due 1941-42, 2Ms due 1943-44, 2s due 1945-52 and 2 Ms due 1953-60, or a
net interest cost of 2.193%.
The bonds were reoffered at prices to yield
from 0.40 to 2.25%, according to maturity.
An issue of $107,000 of Athens (Ga.), Housing Authority bonds also went
to a group headed by Phelps, Fenn & Co. at a net interest cost of 2.491%.
The successful bid was par for 3Ms, 2Ms and 2Ms.
The same group won
the award of $110,000 of Brunswick (Ga.), Housing Authority bonds at
a net interest cost of 2.5548%.
The bid was par for a combination of 3 Ms,
2Ms, 2Ms, 2Ms and 2.6s.
Associated with Phelps, Fenn & Co. in the last
to
Discussed—A pamphlet has
just been issued by Charles Clark & Co. of New York, which*
in discussing the suit brought by the Federal Treasury to tax
Port of New York Authority bonds, says that Treasury De¬
partment officials expect that the Supreme Court decision
will go beyond the case immediately at issue, handing down a
"broad ruling defining the Federal Government's position
with regard to the much further-reaching question of legal
right to tax all public securities."
Municipal Bond Taxation
two
loans
were
Securities Corp., the Robinson-Humphrey
Co., Inc. Both issues have been com¬
the Equitable
Co. of Atlanta and J. H. Hilsman &
pletely sold, according to the bankers.
High—New
$302,228,961 on April 1,
dollar was tied up in the
York State—Invested Funds at Record
New
York State's invested funds totaled
a
record high amount,
State's
own
but not a
bonds.
of cities in 15 States and the District
Comptroller Morris S. Tremaine reported the aggregate Invest¬
compared with $118,102,901 on June 30, 1927, end of his first fiscal
year in office, when State bonds represented $2,402,500 of the total.
Emphasizing the absence of any such holdings at present reflects no lack of
faith in the State's own securities, Mr. Tremaine explained their price has
State
ment
high and the yield in consequence, so low that
gone so
afford to own any of its own
"the State cannot
bonds.,r
He estimated the average
yield on the $302,228,961 at approximately
3M%. with no losses in interest or principal.
Of the total holdings, $180 million is in New York City bonds as com¬
pared with $61 million in 1927, and another $21,461,818 is invested
Federal Housing Administration mortgages, unknown at that time.
Mr.
Tremaine attributed growth of New York's investments
expansion of the State employees retirement system,
among those under his custody.
in
Local Housing Bonds Legal Investments Pending
April 14 of the various local
—In connection with the sale on
housing authority, series A bonds, described under the
subsequent article on "USHA" financing, it is to be noted
that the New York State Legislature has passed a bill
amending the Public Housing Law of the State so as to
make bonds, notes and other obligations issued by any
public housing authority or agency in the United States
legal investments for savings banks, trustees, insurance
companies and other fiduciaries.
The bid carries the
following title:
"An
Act
to
amend the
public housing law, in relation to bonds and
other obligations of any public housing authority or agency in the United
States as legal investments when secured by a pledge of the revenues of
housing project or projects for which the bonds are issued and
ditionally secured by a pledge of annual contributions to be paid by
United States Government."
the
ad¬
the
0.50%, thus effecting substantial savings over
on
Bill—The above bill was signed by Governor
April 16, according to an Associated Press dis¬
patch from Albany
on
that date.
State—Governor Signs Bill Aimed at Transit
Strike—Governor Lehman on April 15 approved the Wicks
New
York
anti-sabotage bill, which
was
contested bitterly by organized
labor.
The
bill, which affects transit workers throughout the
enacted into law one day after the Governor con¬
ducted a public hearing on the measure.
Labor repre¬
sentatives told Mr. Lehman at the hearing that the measure
would endanger their right to strike.
was
This biU does not in any way prohibit or
USHA all moneys
already advanced to them, with accrued interest.
With the remainder,
they will meet the costs of construction of their USHA-aided projects
during the term of the notes.
Local housing authorities in the following cities will participate in this
financing as follows:
.
Bid
Opening April 24
■
•
(Notes dated May 15, 1941)
dtp—
Cambridge, Mass
Camden, N.J
Decatur, 111
Gary, Ind
Holyoke, Mass
Houston, Texas
Lawrence, Mass..
Madisonville, Ky
Oakland, Calif
Philadelphia, Pa
St. Louis, Mo
Seattle, Wash
Washington, D. C
Maturity
Dec. 31, 1941
Oct. 28, 1941
Mar. 31, 1942
Dec. 31, 1941
Mar. 31,1942
Mar. 31, 1942
Sept. 30, 1941
Sept. 30, 1941
Sept.30, 1941
Sept.30, 1941
Amount
$1,500,000
1,400,000
1,650,000
2,850,000
900,000
8,000,000
1,400,000
315,000
2,420,000
14,400,000
5,440,000
2,700,000
5,812,000
..
...
-
Feb. 3, 1942
Mar. 31,1942
Oct. 28, 1941
$48,787,000
Total
Bid
Opening May 1
(Notes dated May 22, 1941)
'
Citu—
Total
Maturity
Feb. 10,1942
Dec. 31, 1941
Nov. 4, 1941
Amount
$1,935,000
1,250,000
1,900,000
Denver, Colo
Pawtucket, R. I....
Providence, R. I
Bid
$5,085,000
.
_
Opening May 1
(Notes dated May 22, 1941)
Maturity
Oct. 28, 1941
Dec. 31, 1941
Sept. 30, 1941
Dec. 31, 1941
Sept.30, 1941
Dec. 31, 1941
May 22, 1942
Mar. 31, 1942
Sept. 30, 1941
Mar. 31,1942
Sept.30, 1941
Amount
City—
Baltimore, Md
Beaver County, Pa
Decatur, Ga
_
Frederick, Md_
Granite City, 111
Hartford, Conn
Hartford, Conn
Los Angeles County, Calif.
Macon, Ga
_.
Sacramento, Calif
San Antonio, Texas
...
—
-
...
-
State,
the rate of interest the
of the funds thus
USHA is required to charge for its loans.
With part
obtained, the local housing authorities will repay to the
Governor Signs
Lehman
of Columbia.
participation
funds of which are
during his administration from $14,124,560
membership, meanwnile, grew from
Such funds have increased
temporary
authorities
in the temporary financing of the USHA slum
clearance program was initiated about a year ago with the first sale of local
authorities' notes.
In all, more than $696,260,000 such notes have been
placed through public competitive sale at interest rates averaging about
Public
chiefly to
$145,839,388.
Retirement system
31,163 to 93,647.
to
Bill Making
Units—Official calls for
Temporary Loans Offered by Local
sealed bids for the purchase of a total $90,759,000
loan notes have been issued by 26 local housing
$18,135,000
970,000
650,000
448,000
664,000
3,250,000
4,000,000
4,120,000
2,400,000
1,050,000
1,200,000
$36,887,000
Total
limit the right to strike lawfully,
the Governor said.
The measure provides a penalty up to 20 years for
employees who leave
"unattended" any equipment put in their care.
This bill merely supplements provisions of the
been on the statute books for many years.
Bond
Proposals and Negotiations
penal law which have
The penal law for 50 years has prohibited the willful destruction of railway
locomotive cars and equipment.
The new language serves to apply to
Alabama
Municipals
subway trains and busses, the prohibitions which have been in effect for
the railroads during these many years.
► The Governor emphasized that the proposal does not impose any new
criminal penalty.
*
t Opponents of the measure have contended that the provision "leave
unattended" would interfere with labor's right to strike.
.
Steiner, Rouse & Co.
Members New York Stock
Exchange
NEW YORK
BIRMINGHAM, ALA.
Direct Wire
Housing Authority—Local Units Sell
Bonds—Of the total $6,454,000 Series A bonds offered for
United
States
public sale by 14 local housing authorities on April 14—
V. 152, p. 2271—an aggregate of $5,480,000, representing
permanent financing by these agencies, were awarded;
$3,682,000 going to a group headed by Goldman, Sachs &
Co. of New York, $1,195,000 were acquired by Graham,
Parsons & Co. of New York, and others, while Phelps, Fenn
& Co. of New York, and associates, were awarded $603,000
bonds.
ALABAMA
BIRMINGHAM DISTRICT
HOUSING AUTHORITY (P. O. Birm¬
ingham), Ala.—BOND SALE—The $1,052,000 issue of housing, series A
(first issue) bonds offered for sale on April 14—V. 152, p. 2271—;was
awarded to a syndicate composed of Goldman, Sachs & Co., B. J. Van
Ingen & Co., E. H. Rollins & Sons, A. C. Allyn & Co., Estabrook & Co.,
R. D. White & Co., all of New York; R. S. Dickson & Co. of Charlotte,
and Nunn, Shwab & Co. of Nashville, paying par, a net interest cost of
about 2.476%, divided as follows: $214,000 maturing Nov. 1, $167,000
in 1941, and $47,000 in 1942, as 3Ms; $48,000 maturing Nov. 1,1943, as 3s;
Volume
The Commercial & Financial Chronicle
152
$49,000 maturing Nov. 1, 1944, as 2%?-, $597,000 maturing Nov. 1, $52,000
*53,000 in 1946, $55,000 in 1947, $56,000 in 1948, $59,000 in 1949,
$60,000 in 1950, $62,000 in 1951, $65,000 in 1952, $66,000 in 1953 and $69,000 in 1954, as 2Ms, and $144,000
maturing Nov. 1, $71,000 in 1955 and
$73,000 in 1956, as 2Ms.
TROY
The
SCHOOL
DISTRICT
(P. O.
Troy),
Ala.—MATURITY—
2587
GRAND
JUNCTION, Colo.—BONDS SOLD—It is stated by Helen G.
Tomlinson, City Clerk, that $88,000 water revenue bonds approved by the
City Council recently, have been purchased by Boettcher & Co. of Denver.
WRAY, Colo.—BONDS AUTHORIZED—'The Town Council is*saia~tb
have passed
an
ordinance calling for the issuance of $30,000 refunding bonds.
Secretary
of the Board of Education now states that the $38,500
refunding and school addition bonds sold to the Troy Bank & Trust Co.
as 2Ms at a price of
100.02. as reported here on Jan. 25—V. 152, p. 708—
^ due on Feb 1 as follows:
CONNECTICUT
STAMFORD
$2,000 in 1942 to 1947, $2,500 in 1948, and
$2,000 in 1949 to 1960, giving a basis of about 2.245%.
ARIZONA
Market* in all
HOUSING
BONDS
WATERBURY.
Municipal JeeueM
Conn .—BONDS AUTHORIZED—The
ISSUANCE NOT
CONTEMPLATED—
election to resubmit to the voters the $25,000 water
abandoned.
no
decision has been made
marketing of the issues.
SCHOOL
DISTRICT
Legisla¬
.
as
yet regarding the probable
Y ■:
bonds offered April 11—V. 152, p. 1954—Were returned unopened, accord¬
ing to Milman E. Prettyman, Secretary of the Board of Education.
This
action was taken in view of the fact that legislation now pending in the
State
Legislature would appropriate part of the funds needed for the new
district.
school building directly to the school
ARKANSAS
HARTMAN
State
DELAWARE
system bonds that failed to carry at the election held on Nov. 26, 1940,
it is stated by L. H. Edwards, City Treasurer, that the proposition has
been
Conn.
SEAFORD
SPECIAL SCHOOL DISTRICT,
Del.—BONDS NOT
SOLD—Bids for the $210,000 not to exceed 3% interest coupon school
ARIZONA
an
Stamford),
authorized the city to issue $2,000,000 second pipe line and reservoir
construction bonds and $100,000 bonds to provide the city's contribution
toward construction of a trade school.
Thomas M. Conlon, City Comp¬
PHOENIX, ARIZONA
In connection with
O.
ture has
troller, states that
Ariz.—BOND
(P.
SALE—Phelps, Fenn & Co., Inc. and F. S. Moseley & Co., both
of New York, jointly, were awarded on April 14 an issue of $154,000 first
issue series A housing bonds at a price of par for the first maturing $24,000
bonds as 3Ms, next $11,000 as 2Ms, $52,000 2s and $67,000 2Ms, or a net
interest cost of 2.19%.
Bonds mature serially on Nov. 1 from 1941 to 1960
incl.
They were reoffered to yield from 0.40% to 2.25%, according to
maturity.
REFSNES, ELY, BECK & CO.
CHANDLER,
AUTHORITY
—BOND
FLORIDA MUNICIPAL BONDS
(P. O. Hartman), Ark.—BONDS
SOLD—The Secretary of the Board of School Directors states vhat $30,000
3M% semi-ann. refunding bonds approved by the voters last December,
Our
have been purchased at par by
Rock.
Due in 24 years.
will be glad to answer any inquiry regarding
the Commercial National Bank of Little
LAKE VILLAGE, Ark.—BOND OFFERING—Sealed bids will be re¬
a.m. on April 29, by Mayor E. L. Davis, for the purchase of
$22,500 issue of street improvement bonds.
Interest rate is not to exceed
4M%. payable M-N.
Dated May 1, 1941.
Due May 1, as follows:
$250 in 1944 to 1949, $1,000 in 1950 to 1955 and $1,500 in 1956 to 196.5.
The city will reserve the option to issue bonds callable at par and accrued
interest from funds from any source on any interest paying date on and
after May 1, 1951.
Each bidder shall specify the rate of interest on which
his bid is based.
These bonds were authorized at a special election held
April 2, 1941, and are issued for the construction, widening, straightening
and paving of streets, alleys and boulevards within the corporate limits
of the city, and are secured by a 5-mill ad valorem tax that will continue
until all bonds are paid.
The city has outstanding $4,750 in improve¬
ment bonds, due Jan. 1, 1943 to 1949, which share ratably in this tax until
they are paid.
The city will pay expenses of issue, including approving
opinion of Wallace Townsend, of Little Rock.
Enclose a certified check
for $250, payable to the city.
•
-r
, v:.;^
(This notice supplements the offering report given on April 12—V. 152
P- 2425.)
long experience In handling Florida
issues
gives
us
compre¬
a
background of familiarity with these municipal bonds.
We
them at no obligation.
hensive
ceived until 10
R E Crummer & Company
a
MORRILTON, Ark.—BONDS VOTED—The City Recorder states that
the following not to exceed 6%
election held
on
bonds were approved by the voters at an
April 8: $7,000 fire equipment, and $2,000 street cleaning
equipment bonds.
'
.
SEARCY SPECIAL SCHOOL DISTRICT (P. O. Searcy), Ark.—
BONDS SOLD—An issue of $119,500 3M % semi-annual refunding bonds is
said to have been purchased by Walton, Sullivan & Co. of Little Rock
at par.
Dated Nov. 1, 1940.
Due from Jan. 1, 1942 to 1967.
UNION COUNTY CONSOLIDATED SCHOOL
DISTRICT NO. 60
O. El Dorado), Ark.—BOND OFB'ERING—Bids will be received by
S. Matthews, District Secretary, in the office of the Union Saw
Mill Co., Huttig, until 11a. m. on April 22, for the purchase of $7,000 4%
semi-ann. school bonds.
Dated March 1, 1941.
Due $500 April 1, 1951
to 1964.
Prin. and int. payable at the First National Bank, El Dorado.
The bonds are supported by a l-mill tax through 1950 and a 2-mili con¬
tinuing annual tax voted by the electors of the district.
Legality approved
by Wallace Townsena of Little Rock.
The district will pay all the costs
(P.
Frank
of the issuance and delivery of the
payable to the district, is required.
bonds.
A
certified check for $250,
CHICAGO. ILLINOIS
1ST. NAT. BANK BLDC.
FLORIDA
of—BOND AND NOTE TENDERS INVITED—
Pursuant to Chapter 15891, Laws of Florida, the State Board of Adminis¬
tration, through J. Edwin Larson, State Treasurer, will receive until
10 a. m. (EST) on May 2, in Tallahassee, sealed offerings of matured or
unmatured original or refunding road and bridge or highway bonds, time
warrants, certificates of indebtedness and (or) negotiable notes of the
counties, and special road and bridge districts therein, as follows:
Brevard, Charlotte, De Soto (except Districts No. 7 and Charlotte
Harbor), Glades, Hardee, Hernando, Levy District No. 7, Martin, Monroe,
Palm Beach, Districts Nos. 4, 8, 12, 16, 17, and 18 only, and St. Lucie,
including Jensen R. & B. District and Quay Bridge District.
All offerings submitted must be firm for 10 days subsequent to the date
of opening, i.e., through May 12, and must state full name, description
and serial numbers of bonds, interest rate, date of issue, date of maturity,
and price asked.
The offer must specifically state exactly what coupons
are attached and will be delivered with the bonds for the price asked.
Sealed envelopes containing offerings of bonds pursuant to this notice
shall plainly state on its face that it is a proposal for sale of road and bridge
bonds.
Separate tenders shall be submitted covering the bonds of each
county, but any number of such sealed offerings may be enclosed in one
FLORIDA,
State
mailing envelope.
"v.w
V
MIAMI, Fla.—BOND SALES APPROVED—The City Commission is
to have approved on April 14 the sale of $40,000 4% semi-annual port
facilities revenue bonds to the Northwestern Mutual Life Insurance Co.,
of Milwaukee, at 107.81.
I
The Commission also approved the sale of $93,000, 4% stadium bonds
,
_
„
Employees'
held by the Reconstruction Finance Corporation to the City
Retirement Fund, which owns the remaining $500,000 of the
issue.
The
sell the bonds to the retirement fund if the city would ask
year-old commitment from the RFC for a loan of $65,000
enlarge the stadium.
vo'
RFC agreed to
for cancellation of a
to
CALIFORNIA
,
MONROE COUNTY
IMPERIAL
COUNTY
(P. O. EI Centre), Calif.—PRICE PAID—
County Clerk states that the $4,000 Imperial Union School District
building bonds sold to the county, as previously reported—V. 152, p.
purchased as 5s at par.
Due $2,000 on Aug. 20 in 1941
The
(P.
O.
■
Key West), Fla.—BOND OFFERING—
receive sealed
airport bonds,
Dated Jan. 111941 •
It is stated by the Clerk of the Circuit Court that he will
bids until 8 p. m. on May 22 for the purchase of $40,000
approved by the voters at an ©lection
held on Feb. 4.
2426—were
MONTEREY COUNTY (P. O. Salinas), Calif.—SCHOOL BOND
OFFERING—It is stated by C. F. Joy, Clerk of the Board of Supervisors,
that he will receive sealed bids until 10 a. m. on May 1, for the purchase
of
$150,000 Carmel Unified School District bonds.
Interest rate is not to
5%, payable M-N.
Dated May 1, 1941.
Denom. $1,000.
Due
follows: $1,000 in 1942, $3,000 in 1943 to 1945, $4,000 in 1946, $5,000
in 1947, $6,000 in 1948 and 1949, $7,000 in 1950 and 1951, $8,000 in
1952,
$10,000 in 1953 to 1956, $11,000 in 1957 to 1959, and $12,000 in 1960 and
1961.
Each bid must specify the rate of interest offered and must state
that the bidder offers par and accrued interest to date of delivery and state
separately the premium, if any, offered for the bonds for which the bid is
exceed
as
made.
Bidders will
be
permitted
different maturities of bonds.
the
Fla.—DEBT COMPOSITION PLAN PENDING—
being advised that a petition has been filed in the
in and for the Northern District of Florida,
Marianna Division, asking for the approval and confirmation of a plan of
composition of its debts under the terms of the Municipal Bankruptcy Act.
A hearing on the petition is scheduled to be held before the court at the
Federal Building, Marianna, Fla., on June 17 at 10 a. m.
All answers and
objections to the plan will be heard at that time.
On or before 10 days prior to the hearing, creditors are to file with the
clerk of the court sworn proofs of claims setting forth claims and interests
as creditors of the city on forms which will be furnished by the city.
PANAMA
and 1942.
to bid different rates of interest for
Prin. and int. payable in lawful money at
County Treasurer's office.
Issued for the purpose of raising money
improvements.
The district has been acting as a unified
for various school
school district under the laws of the State continuously since July 1, 1939.
A satisfactory legal opinion approving the legality of the bonds will be
furnished without charge to the successful bidder.
United States District Court
SARASOTA
Feb.
1,
1941, and mature
These bonds
of
are
on
Feb.
1
giving
-refunding bonds
follows:
$8,000 in 1942 to 1951,
basis of about 1.95%,
-
as
and $10,000 in 1952 to 1960.
A transcript of proceedings will be furnished
purchaser immediately after sale and the purchaser will pay for the legal
opinion on the proceedings.
Prin. and int. payable at the County Treas¬
urer's office.
Enclose a certified check for 5% of the bonds bid for, payable
to
the Chairman Board of Supervisors.
after Oct. 1, 1950.
bridge, issue of 1940 bonds.
Due Oct. 1 as follows:
$50,000 in 1941, $52,000 in 1942, $97,000 in 1943, $101,000 in
1944, $105,000 in 1945. $114,000 in 1946, $118,000 in 1947,
$128,000 in 1948, $133,000 in 1949, $143,000 in 1950, $151,000
needed.
until 10 a. m. on May 29 for the purchase of $175,000 Exeter Union High
School District bonds.
Interest rate is not to exceed 5%, payable M-N.
Dated May 1, 1941.
Due $8,000 in 1942 to 1946, $9,000 in 1947 to 1951,
aggregating $4,594,000:
payment date on or
ORANGE COUNTY (P. O. Santa Ana), Calif.—SCHOOL BOND
SALE—The $40,000 issue of Seal Beach School District semi-annual bonds
offered for sale on April 5—V. 152, p. 2272—was awarded to Schwabacher
& Co. of San Franciscoi according to the
County Clerk.
Dated April 1.
1941.
Due $4,000 in 1943 to 1952, inclusive.
TULARE COUNTY (P. O. VUalia), Calif.—SCHOOL BOND OFFER¬
ING—Sealed bids will be received by Gladys Stewart, County Clerk,
Fla.—BOND OFFERING—
house, issue of 1940 bonds.
Due on Oct. 1 as follows
$6,000 in 1941 and 1942; $11,000, 1943 to 1945: $12,000
1946
and 1947, $13,000,
1948 and 1949; $14,000, 1950 and 1951,
$15,000. 1952; $16,000, 1953 and 1954; $17,000, 1955; $18,000.
1956 and 1957; $19,000. 1958; $20,000, 1959; $21,000. 1960 and
1961; $22,000, 1962; $23,000, 1963; $24,000, 1964, and $35,000
in 1965.
Bonds due in 1965 are subject to call upon any interest
4 186,000 road and
part of a total authorized issue of $150,000. the balance
which, due $7,000 from Feb. 1, 1954 to 1961, will be sold
(P. O. Sarasota),
$408 000 court
as
a
COUNTY
Sealed bids will be received until 10 a.m. on May 5, by the Board of County
Commissioners, for the purchase of the following 4% coupon semi-annual:
ONTARIO, Calif.—BOND SALE DETAILS—The City Clerk states
that the $94,000 municipal airport bonds sold to the California Bank of
Los Angeles as 2s at 100.30, as reported in our issue of March 1, are dated
and $7,000 in 1952 and 1953,
CITY,
Creditors of the city are
1951. $157,000 in 1952, $163,000 in 1953, $170,000 in 1954,
$177,000 in 1955, $182,000 in 1956, $191,000 in 1957. $199,000
1958. $206,000 in 1959. $215,000 in 1960. $223,000 in 1961.
$233,000 in 1962; $241,000 in 1963, $252,000 in 1964 and $385,000
in 1965.
Bonds due in 1965 are subject to call upon any interest
in
in
payment date, on or after
Oct. 1, 1950.
Dated Oct. 1, 1940.
Prin. and int. payable at the
Chicago, or the Palmer National Bank & Trust Co.,
Sarasota.
The bonds are general obligations of the county, and delivery
of said bonds shall be made at a bank to be specified by the Board of County
Commissioners and shall be made at such time and in such instalments,
within the limits allowed by law. as may be mutually agreed upon by the
Board and the successful bidder, attention being directed to the fact that
the bonds to be retired by the proceeds from the sale of these bonds are
callable on April and Oct. 1 of each year.
All matured coupons on said
bonds will be clipped before delivery.
,
No bids will be considered except for the entire amount of both issues;
but only such amount thereof shall be delivered as may be delivered in
accordance with law.
The Board of County Commissioners reserves the
right- (1) to award the bonds to the bidder making the most advantageous
bid
which shall be determined by said Board in its absolute and uncon¬
trolled discretion, and (2) to reject any or all bids.
Bids must be on the
official bid form which can be obtained from the Clerk of the Board o
Denom.
$1,000.
First National Bank,
_
COLORADO
CRIPPLE
CREEK, Colo.—BONDS VOTED—The issuance of the
following bonds, aggregating $90,000, is said to have been approved by the
voters at an election held on April 1, $50,000 improvement district refunding
and $40,000 water plant purchase bonds.
-
The Commercial
2588
County Commissioners by request directed to him.
Approving opinion
of Chapman & Cutler of Chicago.
Enclose a certified check for $137,820.
payable unconditionally to the Board of County Commissioners.
After
any award under the terms hereof, the successful bidder may make appli¬
cation to withdraw his bid check and substitute in lieu thereof, subject to
the same terms as applied to said check, an equal par value of Sarasota
County, bonds of the issues dated Oct. 1, 1932, or bonds of the above
issues, after delivery thereof if deliveries are in instalments, and the deposit,
whether by check or in the form of bonds, may be withdrawn from time
to time in ratable portions in proportion to the degree of performance.
ST. LUCIE COUNTY (P. O. Fort Pierce), Fla.—BOND REFUNDING
PLAN—The attorney for the Board of County Commissioners states that
the bonded indebtedness of the county aggregating $1,151,000 is to be
of new bonds bearing 4% interest. A final decree
validating the new refunding bonds was entered by the local circuit court
and filed and recorded on March 20, 1941.
refunded by the issuance
(P. O. Sanford), Fla.—BONDS NOT SOLD—
4% semi-annual county hospital bonds offered on April 12
all bids received were rejected, accord¬
ing to the Clerk of the Board of County Commissioners.
Dated March 1,
1941.
Due from March 1, 1943 to 1961; optional on and after March 1,
LAWRENCE SCHOOL TOWNSHIP (P.
1946.
BEACH
VERO
DISTRICT
SCHOOL
(P.
TO RFC—The Superintendent
O. Vero Beach), Fla.—
of the Board of Public In¬
struction states that $70,000 4% semi-annual building bonds approved by
the voters at the November election have been purchased at par by the
Reconstruction Finance Corporation.
HONOLULU
(City
County),
and
Hawaii—BOND AWARD—The
$750,000 Board of Water Supply revenue semi-ann. bonds offered for sale
on April 10, the award of whicn was taken under consideration—V.
152,
p. 2426—were given to the Bank of Hawaii, of Honolulu, as 2.70s, paying
a price of 100.279, a basis of about 2.68%.
Dated April 15, 1941. Due
on April 15 in 1946 to 1971.
sealed bids until 7:30
5 for the purchase of $15,000 not to exceed 5 % interest school
building construction bonds.
Dated May 19, 1941.
Denoms. not less
than $500 nor more than $5,000, as requested by the successful bidder.
Due as follows: $1,000 July 1, 1942; $1,000 Jan. 1 and July 1 from 1943 to
1949 incl.
Interest J-J.
Bonds will be direct obligations of the school
township, payable out of ad valorem taxes to
the limits prescribed by law.
be levied and collected within
COUNTY (P. O. Indianapolis), Ind.—LOAN OFFERING
Auditor, will receive sealed bids until 10 a. m.
April 21 for the purchase of $225,000 not to exceed 5% interest
county welfare fund temporary loan warrants.
Dated April 30, 1941.
Denom. $5,000.
Due June 15, 1941.
Prin. and int. payable at the County
Treasurer's office.
Opinion as to the validity of the warrants to be furnished
by the bidder.
A certified check for 3% of the warrants bid for, payable
to order of the Board of County Commissioners, is required.
MARION
—Glenn B. Ralston, County
(CST)
on
(P.
TOWNSHIP
SCHOOL
PERRY
O.
Ind.—BOND
Evansville),
SALE—The$13.000coupon school bonds offered April 7—V. 152,p. 1955—
were awarded to Kenneth 8. Johnson, of Indianapolis, as 1 Ms, at par plus
premium of $58.50, equal to 100.45, a basis of about 1.68%.
Dated
1, 1941. and due as follows: $500 July 10. 1942: $500 Jan. 10 and
July 10 from 1943 to 1954, incl. and $500 Jan. 10, 1955.
Second high bid
of 100.323 for 1 Ms was made by Raffensperger, Hughes & Co. of Indian¬
a
April
apolis.
r
PIKE TOWNSHIP (P. O. R. R.
SALE—The $129,000 bonds
BOND
1, Box 119, New Augusta), Ind.—
offered April 12—V. 152, p. 2119—
awarded as follows:
$29,000 school township bonds sold to McNurlen & Huncilman of Indian¬
apolis as 1Mb at par plus a premium of $87, equal to 100.30, a
basis of about
1.45%.
Due as follows: $2,000 July 1, 1942;
$1,000 Jan. 1 and $2,000 July 1 from 1943 to 1951. incl.
100,000 civil twp. bonds sold to the Union Trust Co. of Indianapolis as
1Mb at par plus a premium of $778, equal to 100.778, a basis of
about 1.66%.
Due Jan. 1 as follows: $6,000 from 1943 to 1958,
incl., and $4,000 in 1959.
All of the bonds will be dated April 15,
1941.
Bids were as follows:
Terms of
Bid
—$100,000—
—$29,000—
Bidder—
IDAHO
1941
O. Lawrence), Ind.—BOND
OFFERING—John T. PJummer, trustee, will receive
were
HAWAII
19,
p. m. on May
SEMINOLE COUNTY
The $70,000
—V. 152, p. 2272—were not sold as
BONDS SOLD
April
& Financial Chronicle
Indianapolis Bond & Share Corp. and
_.1M%
1M%
~1M%
Fletcher Trust Co
CHALLIS, Idaho—BOND ELECTION—The issuance of $20,000 not to
be up for a vote at an election scheduled
exceed 6 % water system bonds will
for April 24, according to report.
John Nuveen & Co
Union Trust Co. of
Indianapolis
2%
1M%
100.179
100.148
101.268
100.536
101.39
City Securities Corp
1M%
101.031
2%
Kenneth S. Johnson
1M%
100.655
Harris Trust & Savings Bank
1M%
100.044
1M%
2%
101.149
100.538
101.189
ILLINOIS
ATKINSON SCHOOL DISTRICT, 111.—BONDS
election the voters authorized an issue
III.—PROPOSED BOND ISSUE—City is considering an
improvement bonds.
DECATUR,
IOWA
VOTED—At a recent
of $118,500 construction bonds.
Issue of $100,000 water system
DEERFIELD, III.—BONDS SOLD—An issue of $24,500 4M % judgment
Co. of
$3,000
funding bonds was sold earlier in the year to Barcus, Kindred &
Chicago at par.
Due Nov. 1 as follows: $1,000 in 1942 and 1943;
from 1955 to 1958, incl.; $5,000 in 1959 and $5,500 in I960.
Iowa—BOND SALE DETAILS—It is now reported
that the $131,948 electric generating plant revenue semi-ann. bonds sold
to the White-Phillips Co. of Davenport, as 2Ms, at a price of 100.208, as
noted here—V. 152. p. 2426—are dated May 1, 1941, in the denomination
of $1,000. with one for $500 and one for $448, and mature as follows:
$3,448, Nov. 1, 1941: $3,500, May and Nov, 1, 1942 to 1944; $4,000,
May and Nov. 1, 1945 to 1956: and $4,000, May and $7,500 Nov. 1, 1957.
Callable on and after Nov. 1, 1951, on any interest payment date, in inverse
numerical order, giving a basis of about 2.22%.
Prin. and int. (M-N)
payable at the office of the City Treasurer. Legality approved by Chapman
MAQUOTEKA,
&
Cutler of Chicago.
INDIANA
FORT WAYNE HOUSING
AUTHORITY, Ind.—BOND SALE—The
Central Securities Corp. of Fort
Wayne purchased on April 14 an issue of
$42,000 first issue series A housing bonds.
GARY, Ind.—BOND SALE—The issue of $160,000 park bonds offered
April 12—Y. 152, p. 2273—was awarded to Halsey, Stuart & Co.,
Chicago, as 2s, at a price of 100.822, a basis of about 1.87%.
Dated
1, 1941, and due April 1 as follows; $95,000 in 1947 and $65,000 in
Inc.,
April
1952.
Other bids:
Ripley & Co.,
Inc., John Nuveen & Co.,
Chicago.
Benjamin Lewis & Co., Chicago
Cities Securities Co., Indianapolis.
Paine, Webber & Co. and D. F. Rice & Co., Chicago..
Chaimer
Rate Bid
Int. Rate
Bidder—
Harriman
Securities
Co.
Inc., Chicago
and
Doyle O'Connor &
2%
2%
2%%
2M%
v
100.67
100.00
101.00
100.820
100.68
2M%
HENRY COUNTY
(P. O. New Castle), Ind.—BOND OFFERING—
Mary E. Caldwell, County Auditor, will receive sealed bids until 10 a. m.
on April 30 for tha purchase of $95,000 not to exceed 5% interest hospital
construction bonds.
Dated April 15, 1941.
Denom. $1,000.
Due $5,000
July 1, 1942; $5,000 Jan. 1 and July 1 from 1943 to 1951 incl.
Said bonds
shall be payable at the pleasure of the county on any interest payment date
after five years from date of issuance, thereof in inverse numerical order,
at face value plus accrued and unpaid interest, upon 30 days' notice given
in the
manner
Bidder to
stated on the face of said bond.
name a
single rate of interest, expressed in a multiple of M of
Interest J-J.
of the taxable property in
the county.
JEFFERSONVILLE FLOOD CONTROL DISTRICT (P.O. Jefferson-
ville), Ind.—BOND OFFERING—C. S. Gilbert,
Executive
Secretary of
the Board of Commissioners, will receive sealed bids until 11 a. m.
(CST)
April 25 for the purchase of $60,000 not to exceed 4 M % interest series A
flood
control
works bonds.
Dated April
15,
1941.
Denom. $1,000.
Due $2,000 on Jan, 1 and July 1 from 1944 to 1958 incl.
Bidder to name a
single rate of interest, expressed in a multiple of M of 1%.
Interest J-J.
Proposals must be accompanied by a certified check for $3,000, payable to
on
order of
Treasurer of Clark County or Jeffersonville Fllod Control District.
Purchaser will be required to
make payment for and accept delivery of
as he shall designate.
Bonds will be
for delivery within 15 days after the award.
Legal opinion of
Matson, Ross, McCord & Ice of Indianapolis, together with transcript of
proceedings relating to the bond issue, will be furnished the successful
bonds at such bank in Jeffersonville
ready
bidder at the District's expense.
The Jeffersonville Flood Control
District
is
a
special
taxing
district
established by decree of the Clark Circuit Court under the provisions of
Chapter 23 of the Acts of 1939, and said bonds are being issued pursuant
the provisions of said act, and Resolution No. 32 adopted on March 29,
1941, by the Board of Commissioners of said District, for the purpose of
obtaining funds to pay the cost of acquiring additional lands, rights-of-way
and easements required for use in connection with the construction of flood
control works and damages and expenses incident thereto.
The cost of
construction of the flood control works is to be borne by the Federal Govern¬
ment, and said works are now being constructed by the War Department
of the Federal Government.
The District includes the major portion of
the territory within the corporate limits of the City of Jeffersonville. a
portion of the territory within the corporate limits of the towns of Clarksville
and Claysburg, and a portion of the unincorporated territory in Jefferson¬
ville township, the assessed valuation of taxable property in the District
being $11,205,810.
The District has outstanding bonds in the amount of
$100,000.
The statutory debt limit is 3%.
The above described bonds
are payable out of unlimited, special benefit taxes to be levied and collected
on an ad valorem basis on all of the taxable property within the District,
and do not constitute a corporate obligation of any city, town, township
or county.
All bidders shall be deemed tc be advised of the provisions of
the authorizing resolution and governing statutes, and all other matters
relating tc or affecting the bonds.
to
CONSOLIDATED
INDEPENDENT
Meservey), Iowa—BONDS SOLD—A
SCHOOL DIS¬
$35,000 issue of
April 14 and was awarded to
the Carleton D. Beh Co. of Des Moines.
Dated May 1, 1941.
Due on
Nov. 1 as follows: $1,000 in 1944, $2,000 in 1945 to 1956 and $2,500 in
1957 to 1960.
OELWEIN,
Iowa—BONDS DEFEATED—The City Treasurer states
down a proposal to issue $40,000 swimming pool
that the voters turned
bonds at
an
POLK
election held on March 31.
COUNTY
(P.
O. Des Moines), Iowa—BOND OFFERING—
will be received by G. C. Greenwalt, County
Both sealed and open bids
Treasurer, until April 25 at 10 a. m.,
A certified check for 3% of the bonds bid for, payable
to order of the Board of County Commissioners, is required.
Legal opinion
of Matson, Ross, McCord & Ice of Indianapolis will be furnished the success¬
ful bidder at the county's expense.
Said bonds are being issued under the
provisions of Chapter 144 of the Acts of 1917 and the general statutes
relating to the issuance of bonds by counties, including Chapter 119 of the
Acts of 1937, for the purpose of providing funds to be used in paying the
cost of constructing an addition to the Henry County Hospital and the
equipment thereof.
The bonds will be the direct obligations of the county,
payable out of unlimited ad valorem taxes to be levied and collected on all
1%.
MESERVEY
(P. O.
TRICT
school bonds was offered for sale at auction on
Co.,
-----
MARCUS, Iowa—BOND OFFERING—It is stated by L. P. Fitzgerald
Town Clerk, that he will receive bids until April 21, at 9 a. m., for the
purchase of $13,795 coupon community building bonds.
Dated May 1,
1941.
Denom. $1,000 and $500, one for $795.
Due Nov. 1, as follows:
$500 in 1942 to 1944, $1,000 in 1945, $500 in 1946 to 1948, $1,000 in 1949,
$500 in 1950, $1,000 in 1951, $500 in 1952, $1,000 in 1953, $500 in 1954,
$1,000 in 1955, $500 in 1956, $1,000 in 1957 to 1959, and $795 in 1960.
Optional after Nov. 1, 1952.
Bidder to name the rate of interest.
Prin.
and int. (M-N), payable at the Town Treasurer's office.
Issued under
authority of Sections 6239 and 6248, Chapter 319, Code of Iowa, 1939.
The bonds are payable from an ad valorem tax limited to 1M mills. Legality
approved by StipD, Perry, Bannister & Starzinger of Des Moines.
Enclose
a certified check for 10% of bid.
for the purchase of the following not
5% coupon bonds aggregating $441,000: $386,000 funding (for
relief), and $55,000 judgment (for court expense) bonds.
Denom.
$1,000.
Dated Jan. 1. 1941.
Interest payable M-N.
Due Nov. 1, as
follows:
$100,000 in 1949 to 1951 and $141,000 in 1952.
Rate to be de¬
termined on the date of sale.
The bonds will be a general obligation of the
county and do not have the privilege of registration as to principal or
interest.
Delivery to the purchaser at the County Treasurer's office and all
bids should be so conditioned.
The bonds will be ready for delivery on the
to exceed
poor
day that the final approving opinion on
the legality of the issue has beep
Cutler, of Chicago, whose opinion will be paid for
Taxes will be levied in a sufficient amount to pay principal
and interest at maturity.
The county will operate within its income on all
funds except pauper relief and court expense in 1941.
No litigation is
pending or threatened regarding this issue.
A certified check for $10,000,
payable to the County Treasurer, is required.
(These bonds were originally scheduled for sale on April 11 but the
offering was postponed.—V. 152, p. 2273.)
secured from Chapman &
by the county.
SIOUX CITY, Iowa—BOND
said to have been authorized to
SALE SCHEDULED—The City
Clerk is
advertise for sale on or about April 24, the
$590,000 city auditorium bonds that were approved
Nov., 1938.
Dated May 1, 1941.
Due from Nov. 1,
by the voters in
1942 to 1961.
TRAER, Iowa—BONDSSOLD—Tt is reported that $38,000 sewer bonds
Kelly Co., Inc., of Des Moines, as 2s.
have been purchased by the J. J.
O. Ottumwa), Iowa—BOND OFFERING—
April 29. by Charles F. Carlson,
$70,000 coupon or registered fund¬
ing bonds.
After the consideration of open bids, the bonds will be awarded
to the highest bidder.
Denom. $1,000.
Dated May 1; 1941.
Due as
follows:
$30,000 on May 1, 1942, 835,000 on Nov. 1, 1942, and $5,000 on
Dec. 1, 1942.
Prin. and int. payable at the office of the County Treasurer.
The county will furnish the blank bonds, but the approving opinion of
Cnapman & Cutler of Chicago, will be furnished by the purchaser.
A
certified check for 3% of the amount of bonds offered, payble to the County
Treasurer, is required with the bid.
WAPELLO COUNTY (P.
Sealed bids will be received until 2 p. m. on
County Treasurer, for the purchase of
KANSAS
COFFEYVILLE SCHOOL DISTRICT (P. O. Coffeyville), Kan.—
BOND SALE DETAIDS—We are informed by the Clerk of the Board of
Education that the $185,000 coupon semi-ann. building bonds sold on
4 to a joint account headed by the Lathrop-Hawk-Herrick Co. of
Wichita, as noted here—V. 152, p. 2426—were purchased as 1 Ms. at a price
of 100.516. a basis of about 1.15%.
Denom. $1,000.
Dated April 15,
April
1941.
Due on< April 15 as follows: $20,000 in 1942 to
1951.
Prin. and int.
(A-O), payable at the State
Legality approved by Bowersock, Fizzell & Rhodes of
1950, and $5,000 in
Treasurer's
Kansas City.
office.
Volume
Che Commercial & Financial Chronicle
152
LEOTI, Kan—BOND OFFERING—It
is stated by W. J. Yotter, City
Clerk, that he will receive sealed bids until 8 p. m. on Apr. 21 for the pur¬
chase of $5,000 not less than 1A% semi-annual
city hall, series 6, bonds.
Dated May 1, 1941.
Denom. $500.
Due $500 May 1, 1942 to 1951.
The bonds will be sold subject to rejection
by the State School Fund Com¬
mission and will have the approval of a
recognized bond
Enclose
attorney.
a
certified check for
TOPEKA
2% of the total
SCHOOL
VOTED—The
Clerk
All
2P89
of the bonds will
be dated May 1, 1941, and mature May 1, 1986.
Denom. $1,000.
Bidder to name rate of interest in multiples of }4 of 1%.
Principal and interest (M-N) payable at the C'ty Treasurer's office.
A
certified check for 1% of tfte bonds bid for,
payable to order of the
Treasurer, is required.
Bonds
are exempt
City
from taxation in Massachusetts
and from present Federal income tax.
amount bid.
DANVERS, Mass.—NOTE SALE—The issue
DISTRICT
(P.
O.
Topeka),
Kan.—BONDS
of
the Board of Education
staffs that the voters
approved the issuance of the $197,000 construction bdnds at the election
held on April 1 by a wide margin.
;
offered April 14
was
0.12% discount.
of $100,000 revenue notes
awarded to the Second National Bank of Boston, at
Due
$50,000 each
on
Nov.
First National Bank of Boston, only other
1
and
Dec.
bidder, named
1,
The
1941.
a rate of
0.19%.
HAVERHILL, Mass.—BOND SALE—The $225,000
coupon municipal
April 17 were awarded to Tyler & Co. of Boston as
price of 100.60, a basis of about 1.38%.
Dated April 1, 1941.
Denom. $1,000.
Due April ] as follows: $23,000 from 1942 to 1946, incl.,
and $22,000 from 1947 to 1951. incl.
Principal and interest (A-O) payable
at the
National Shawmut Bank of Boston.
Legal opinion of Storey,
Thorndike, Palmer & Dodge of Boston.
Other bids: First National Bank
of Boston, 1Mb, 100.50; National Shawmut Bank of
Boston, 1A&, 100.25.
relief bonds offered
lMs, at
KENTUCKY
MURRAY STATE TEACHERS COLLEGE
(P. O. Murray), Ky.—
PUBLICLY OFFERED—Stein Bros. & Boyce of Louisville, are
offering for general investment a $60,000 issue of 3% coupon Fine Arts
Building revenue bonds.
These bonds are part of the total authorized
BONDS
issue of $65,000.
Denom. $1,000.
follows: $2,000 in 1943: $3,000,
as
Dated April 1. 1941.
1944 to 1958: $4,000,
Due
on
April 1
1960.
1959 and
and $5,000 in 1961.
Principal and interest (A-O) payable at the Bank of
Murray.
Callable on any interest payment date upon 30 days' published
notice in inverse numerical order at 100 and accrued interest plus a call
premium of M of 1% for each year or fraction of a year from the call date
to the stated
maturity date of the bonds.
%HULL, Mass.—NOTE SALE—The
issue of $110,000 real estate notes
offered April 14 was awarded to Tyler & Co. of Boston as Is at a
price of
100.155.
Due serially from 1942 to 1951, inclusive.
The notes are dated April 15, 1941, and mature $11,000 on
April 15 from
1942 to 1951, incl.
Principal and interest (A-O) payable at the National
Shawmut Bank of Boston.
These_ bonds
are offered on a when, as, and if issued and received basis
subject to the approval as to legality by Grafton & Grafton, Louisville.
and
OWENSBORO, Ky.—BONDS SOLD—It
and water
bonds
revenue
were
purchased
on
is stated that
HUNTINGTON, Mass.—NOTE SALE—An issue of $30,000 8-months
notes was sold to the Merchants National Bank of Boston at
MIDDLESEX
$175,000 light
March 27 by J. J. B. Hilliard
& Son of Louisville.
a
COUNTY
(P.
O.
East
0.26% discount.
Cambridge),
Mass.—NOTE
SALE—The issue of $400,000 notes offered April 14 was awarded to the
Second National Bank of Boston and the Boston Safe Deposit & Trust
Co., both of Boston, jointly, at 0.139% discount.
Dated April 18, 1941,
due April 17, 1942.
Second high bid of 0.165% was made by an
composed of the National Shawmut Bank, Merchants National
Bank, and the Day Trust Co., all of Boston.
and
LOUISIANA
NEW ORLEANS,
account
La.—SALES TAX HELD VALID—The Louisiana
Supreme Court handed down a decision on April 10 sustaining the validity
of the 2 % municipal sales tax as an excise or use
levy and also ruled that
the ordinance involved in the appeal had been
regularly passed.
Mayor
Robert S. Maestri in a recent statement warned that if the tax was held
invalid, municipal revenue would be reduced $3,000,000 annually and funds
for Works Projects Administration and other expenditures would not be
available^, vv.;'.--M-'r..
RED
TRICT
RIVER, ATCHAFALAYA AND BAYOU BOEUF LEVEE DIS¬
(P. O. Alexandria), La.—BOND OFFERING—Sealed bids will
be received until 2 p. m. on April 28 by W. C. Hudson, President of the
Board of Commissioners, for the purchase of a $38,000 issue of refunding
series A bonds.
Interest rate is not to exceed 4%, payable semi-annually.
Dated May 15, 1941.
Denom. $1,000.
Due in 1 to 12 years,
Payable
the State Treasurer's office.
The bonds will be awarded on the basis
of the lowest interest cost to the district without the consideration of
pre¬
mium.
The approving opinion of Chapman & Cutler of
at
Chicago will be
furnished.
Enclose
certified check for $1,000, payable to the Board of
a
NEWBURYPORT, Mass.—NOTE SALE— The issue of $200,000 notes
offered April 15 was awarded to the First & Ocean National Bank of Newburyport, at 0.275% discount.
Due April 14, 1942.
Leavitt & Co. of
New York, second high bidder, named a rate of 0.317%.
NORFOLK COUNTY (P.O. Dedham), Mass.—NOTE SALE—The
$200,000 tuberculosis hospital maintenance notes offered Apr. 15—V. 152,
p. 2427—were awarded to Boston Safe Deposit & Trust Co. and Second
National Bank of Boston, jointly, at 0.143% discount.
Dated April 15,
1941 and due April 10, 1942.
The Merchants National Bank of Boston,
second high bidder, named a rate of 0.157%.
QUINCY, Mass.—BOND SALE—Chace, Whiteside & Symonds, of
Boston, and Shields & Co., New York, jointly, purchased on April 15 an
building bonds as 13^s.
Dated April 1. 1941.
Denom. $1,000.
Due April 15 as follows: $15,000 from 1942 to 1945, incl.
and $10,000 from 1946 to 1961, incl.
Prin, and int. (A-O) payable at the
National Shawmut Bank of Boston.
Legality approved by Storey, Thorndike, Palm
Dodge of Boston.
issue of $220,000 land and
.
Commissioners.
RANDOLPH, Mass.—NOTE SALE—The issue of $50,000
SHREVEPORT, La .—BOND SALE SCHEDULED—In connection with
the report given in our issue of April 5, that the refunding of
$303,000 4%
water revenue bonds had been proposed to the
City Council—V. 152.
p.
2273—we
advised
are
follows by Jno. Mc W. Ford, Commissioner of
as
Accounts and Finance:
I
enclosing herewith financial statement of the water and sewerage
department of the City of Shreveport which will give you information as to
the justification of the issue of the refunding bonds and the ample availa¬
am
bility of the
revenues to care for same in which I am sure you are
interested.
In
addition
to
'.y vv;
this let
chargeable against the
primarily
-y;y "-^y
me
add
that
there
are
no
bonds
outstanding
department other
revenues of the water and sewerage
ones to be refunded by this issue.
You will note that this issue
is naturally in a sense a first call upon all of the revenues after the
operating
requirements are met. ' '.y:,, :' yy
-.sis
The bonds to be issued will be serial bonds maturing over a
period of
April 14
The
bidder
will be asked to name his interest rate, and bids will be
a. m. April 30, 1941.
The bids will be conditioned
approving legal opinion of Chapman and Cutler of Chicago, 111.
The cost of this opinion and the cost of printing the bonds will be
paid by
returnable at 10 o'clock
was awarded to the Brockton Savings Bank of Brockton at 0.19%
Due Nov. 21, 1941.
The Second National Bank of Boston,
highest bidder, named a rate of 0.21%.
discount.
next
READING, Mass.—SERIAL NOTES OFFERED—Sealed bids addressed
F. Nichols, Town Treasurer, care of Second National Bank of
Boston, will be received until noon on April 23 for the purchase of $76,000
coupon notes, as follows:
'-yi;:.
:
to Preston
$45,000 drainage notes. Act of 1939.
Due May 1 as follows: $5,000 from
1942 to 1946, incl., and $4,000 from 1947 to 1951, incl.
10,000 municipal light notes.
Due $2,000 on May 1 from 1942 to 1946,
inclusive.
21,000 municipal light notes.
Due May 1 as follows: $3,000 from
to 1944, incl., and $2,000 from 1945 to 1950, incl.
than the
10 years, dated April 1, 1941 with a call provision effective on any interest
paying or bond maturing date after April 1, 1944: or in other words, three
years after date of issue.
notes offered
1942
All of the notes will be dated May 1, 1941.
Denom. $1,000.
Bidder to
name a single rate of interest, expressed in a multiple of M of 1%.
Prin¬
cipal and interest (M-N) payable at the Second National Bank of Boston.
Notes are exempt from taxation in Massachusetts and will be prepared under
the supervision of and certified as to their genuineness by the Director of
Accounts. Department of Corporations and Taxation, Commonwealth of
Massachusetts.
upon the
the
city.
SOMERVILLE,
offered
April 11
Merchants
Mass.—NOTE SALE— The
Dated April 11, 1941 and due Jan. 22, 1942.
MAINE
MAINE
(State of)—BOND
of Boston only
SALE—The
$1,000,000
"War"
composed
Re-offered at prices to yield from 0.20% to 1.35%, according
maturity. Callable Nov. 1,1946, or on any subsequent interest payment
a price of 102 and accrued interest.
Other bids:
1961, incl.
to
other bidder, named
chased
Int. Rate
Glore, Forgan & Co. and Scbwabacher & Co
Blyth & Co., Graham, Parsons & Co. and C. F. Childs
&Co__
and H. M.
Pay son & Co.
Ripley & Co.,
-
First
Boston
Corp.
Northern Trust Co
Weeden & Co
___________
_____
& Co., El dredge & Co. and H. C. Wainwright & Co.
Kidder, Peabody & Co., Estabrook & Co. and Stone &
Webster and Blodget, Inc__
Goldman, Sachs & Co., R. W. Pressprich & Co. and
First of Michigan Corp
National City Bank of New York, L. F. Rothschild &
100.779
1%%
100.40
1%%
l%%
____
Marine Trust Co. of Buffalo
1^%
100.161
,
l%%
100.159
1%%
100.10
100.03
Co.
_____
_________________________
\lA%
1 A%
101.021
100.791
100.544
V/2%
100.27
1 A%
100.13
,y
Salomon Bros. &
___■_
MAINE (State of)—BONDS AUTHORIZED—An emergency measure
authorizing reissuance of $2,000,000 in retired highway bonds has been
approved by the House and is expected to be sanctioned by the State Senate.
Other bids:
inclusive
MASSACHUSETTS
Mass.—BOND
OFFERING—James J.
McCarthy,
City
noon on April 23 for the purchase
Treasurer, will receive sealed bids until
of $540,000 coupon
bonds, divided
as
follows:
$500,000 subway bonds, Acts of 1933 (Huntington Ave. Extension).
ter 395, Massachusetts Acts of 1938.
10,000 Dorchester Tunnel bonds.
Chap¬
Chapter 741, Massachusetts Acts of
1911.
10,000 Cambridge connection bonds.
Chapter 520, Massachusetts Acts
of 1906.
10,000 East
Boston
Tunnel alterations
bonds.
Chapter
373,
Special
bonds.
Chapter
120,
Massa¬
Massachusetts Acts of 1917.
10,000 East
Boston
chusetts
Acts
Tunnel
of
alterations
1924.
:
Tyler & Co
R. L. Day & Co
Middlesex County National
100.137
0.75%
1%
1%
1%
1%
Lyons & Shafto, Inc
Bank
,
Rate Btd
■v-;Int. Rate
Second National Bank of Boston
100.55
100.39
100.234
WORCESTER COUNTY (P. O. Worcester), Mass .—NOTE SALE—
$217,000 tuberculosis hospital maintenance and hospital funding
April 15 were awarded to the Second National Bank of Boston
The
notes offered
at
0.137% discount.
Dated April 18, 1941, and payable April 17. 1942.
The only other bidder was the joint account of the National Shawmut
Bank and the Merchants National Bank, both of Boston, which named
a
rate of
0.165%.
!./,vV:r
MICHIGAN
DETROIT,
Mich.—MAY DECIDE
ON HEAVY REFUNDING
OFFERING—Preliminary details incident to possible refunding of between
$50 million and $55 million city callable bonds are being worked out,
according to Donald Slutz, City Comptroller.
If market conditions are
favorable, the city may ask for bids about May 1.
The present undertaking will be the largest refunding operation and the
largest bond sale in the city's history.
It is prompted by current fear in
financial circles that tax exemption for municipal bonds may be eliminated.
Another factor having some bearing is the advice of municipal bond dealers
that the market can readily absorb a large offering at this time.
During the past five years the city has refunded $105,200,000 of exclu¬
sively tax-supported bonds.
An additional $4,200,000 of water system
and
street
railway
,
supported by the revenues of the respective
city obligation if revenues prove insufficient, also
bonds,
systems, but a general
have been refunded.
The refunding program
x
,
„
__
,
to date has consisted of relatively small offerings
been conducted on a steadily improving basis to the city.
In
December, 1939, net interest cost on a refunding sale was 3.62%. In May,
and
has
3.248%, followed in September by a
Last November $8,424,000 of refunding bonds were sold on
the city's history.
The proposed $50 million to $55 million issue will handle the great bulk
of Detroit's outstanding callable bonds,
which aggregate $85,060,060.
Depending upon the success of the operation, it is likely that the city may
refund the remaining balance later this year.
BONDS PURCHASED—Edward M.
Lane, Secretary of Employees'
Retirement Board, purchased for the fund on April 14 an aggregate of
$50,000 non-callable city bonds at prices to yield from 2.776% to 2.95%.
1940, the interest cost on an issue was
2 91%
a
BOSTON,
V ?
;
,
Co., Spencer, Trask & Co., Otis & Co., F.
Kennedy & Co. and Frederick M. Swan &
First National Bank of New York,
Hutzler and Darby & Co., Inc
The Second National Bank
rate of 0.437%.
issue of $25,000 eight-months notes at 0.243% discount.
an
100.26
Co.,
Smith, Barney & Co., Arthur
Perry & Co. and Grouse & Co____.
Wood, Struthers & Co
Halsey, Stuart & Co., Inc., Blair & Co., Inc. and
a
100.31
1A%
Co. and Charles Clark & Co
Brittain
/.'y.y'yy'-'-yy-vy^:
1%%
100.902
1%%
-
Shields &
•.
1%%
Eastern Trust & Banking Co., Bangor__
Lehman Bros., Eastman, Dillon & Co., Paine, Webber
Trust
100.083
100.047
101.057
\i%
\%%
and
Bacon, Stevenson & Co., Roosevelt & Weigold, Inc.,
George B. Gibbons & Co. and F. W. Home & Co.__
Harris Trust & Savings Bank, R. L. Day & Co. and
Bankers
1 M%
1
___
Kaiser & Co. and Lee Higginson Corp___
______
Lazard Freres & Co., B. J. Van Ingen & Co., Manu¬
facturers & Traders Trust Co., Bond, Judge & Co.,
Harriman
Rate Bid
notes
TOPSFIELD, Mass.—NOTE SALE— The issue of $9,000 fire station
notes offered April 10 was awarded to the Webster & Atlas National Bank
of Boston as 0.75s at a price of 100.16.
Due serially from 1942 to 1946,
dat^, at
Bidder—
revenue
SUNDERLAND, Mass.—NOTE SALE—The First Boston Corp. pur¬
coupon
bonds offered April 15—V. 152, p. 2427—were awarded to a group
of Dick & Merle-Smith, Kean, Taylor & Co. and Equitable Securities
Corp., New York, as 1 ^s, at a price of 100.1099, a basis of about 1.23%.
Dated May 1, 1941, and due $50,000 annually on May 1 from 1942 to
$500,000
awarded to the National Shawmut Bank and the
Bank, both of Boston, jointly, at 0.32% discount.
were
National
basis.
2.71% basis, the lowest rate in
FARMINGTON TOWNSHIP (P. O. Farmington), Mich.—BOND
OFFERING—Harry McCracken, Township Clerk, will receive sealed bids
8 P
m. on April 22 for the purchase of $20,000 refunding of 1941
bonds
Dated April 1. 1941.
Denom. $1,000.
Due $4,000 annually on
April 1 from 1942 to 1946. incl.
Bonds maturing on or after April 1, 1945,
will be redeemable in inverse numerical order at par and accrued interest
on
any interest date on or after April 1,
1942. Rate of interest to be
expressed in a multiple of M of 1%.
Principal and semi-annual interest
until
The Commercial & Financial Chronicle
2590
payable at the Farmington State Bank.
Bonds are issued to refund a
judgment evidenced by a writ of mandamus dated Nov. 3, 1931, and are
a general obligation of the township.
Bids shall be conditions upon the
unqualified opinion of the purchasers' attorneys approving legality of the
bonds.
Successful bidder to pay cost of opinion and of printing the bonds.
A certified check for 2% of the bonds, payable to order of the Township
Treasurer, is required.
K>
March 7 at which time bids were
(These bonds were previously offered
rejected.—V. 152, p. 1789.)
IRON
DEFEATED—The voters on
light plant revenue
Mich.—BONDS
MOUNTAIN,
April 7 rejected the proposal to issue $575,000 electric
bonds, the count being 1,139 for and 3,464 against.
MOUNT
PLEASANT, Mich.—BONDS DEFEATED—The proposal to
bonds was defeated at the election on April 7.
issue $40,000 library
MUSKEGON TOWNSHIP (P. O. Muskegon,
R. F. D. No. 3), Mich.—
BONDS SOLD—A syndicate composed of Bliss, Bowman & Co., B. K.
Blanchet & Co., Slier, Roose & Co., all of Toledo, and Denison & Co. of
Grand Rapids, purchased the $140,000 4% water supply and sewerage
system revenue bonds originally
offered in May, 1940.
ROYAL OAK TOWNSHIP
TENDERS
WANTED—Ralph
SCHOOL DISTRICT NO. 8. Mich.—
Valom, District Secretary, will receive
B, dated April 1,1936,
sealed tenders of 1936 refunding bonds, series A and
until 7 p. m. (EST) on May 5.
Amounts on hand
retirement of the bonds follow:
in the sinking fund for
Series A, $11,212.63; series B, $20,145.86.
Offerings should be firm for five days and should state
price for which the bonds will be sold to the district.
bond numbers and
BECKER COUNTY (P. O. Detroit
MISSOULA, Mont.—BONDS SOLD—It is stated by J. I.
ELECTION—The issuance of $75,000 re¬
scheduled for
PLAINVIEW, Minn.—BOND SALE—The $55,000 semi-annual sewage
disposal plant enlargement bonds offered for sale on April 14—Y. 152,
p. 2427—were awarded to J. M. Dain & Co. of Minneapolis as lMs at par,
according to the Village Clerk.
Dated April 1, 1941.
Due from April 1,
1942 to 1954; redeemable on April 1, 1951.
Piper, Jaffray & Hopwood or Minneapolis offered a premium of $975 on
The Village Clerk states that the issue was subsequently split between
2s.
the two highest bidders.
STILLWATER, Minn.—PRICE PAID—The $90,000 coupon semi-ann.
refunding bonds that were awarded on April 8 to the Wells-Dickey Co. of
Minneapolis, and associates, as noted in these columns—V. 152, p. 2428—
were purchased as lMs, for a premium of $501, equal to 100.556, a basis of
about 1.68%.
Due $6,000 from April 1 in 1944 to 1958; optional on and
1953.
CHADRON, Neb.—BOND OFFERING—It Is stated by Roselyn Mackey,
City Clerk, that she will receive sealed bids until 7:30 p. m. on May 5 for
the purchase of $15,000 coupon aviation field bonds.
Interest rate is not
to exceed 6%, payable semi-annually.,
Denom. $1,000.
Dated May I,
Due in 20 years.
1941.
Neb.—BOND ELECTION—It is reported that the
light power revenue bonds will come up for a
be held on April 29.
GOTHENBURG.
issuance of $340,000 electric
vote at an election to
HEBRON, Neb.—BONDS SOLD—The City Clerk states that $12,000
April 14 and were awarded to the
aviation bonds were offered for sale on
Thayer County Bank as 2Ms, paying a premium of $81, equal to 100.67,
a basis of about 2.42%.
Coupon semi-annual bonds, maturing in 20 years
and optional in 10 years.
WAHOO, Neb.—BONDS AUTHORIZED—The City Council is said to
passed recently an ordinance calling for the issuance of $80,000
funding bonds.
have
CLEVELAND, Miss.—BOND SALE DETAILS—The City Clerk states
that the $22,500 2%
% semi-annual special street improvement and street
intersection bonds sold to the Union Planters National Bank & Trust Co.
of Memphis,
as noted previously—V.
152, p. 2428—were purchased for
premium of $144, equal to 100.64, and mature as follows:
$15,000 special
street improvement
in 1942 to 1946, and $2,000
bonds.
Due on
in 1947 to 1951.
7,500 street intersection bonds.
Due on
1946, and $1,000 in 1947 to 1951.
JERSEY
NEW
MISSISSIPPI
a
March
March
1:
1:
$1,000
$500
in
1942 to
ELIZABETH HOUSING AUTHORITY (P. O. Elizabeth), N. J.—
BOND SALE—A group composed of Phelps, Fenn & Co., Inc., F. 8.
Moseley & Co., R. W. Pressprich & Co.
and Harvey Fisk & Sons. Inc., all
April 14, $232,000 first issue series A housing
$47,000 bonds as 3 Ms, next
$153,000 as 2M» and the balance of $32,000 as 2.40s.
Bonds mature
serially from 1941 to 1960, incl.
Successful bid figured a net cost of 2.387 %.
The bankers re-offered the bonds at prices to yield from 0.40% to 2.40%,
of New York, was
bonds
on
a
awarded
on
bid of par for the first maturing
according to maturity.
j
'
MATURITY—The City Clerk now states that the $8,000
2M% semi¬
annual armory and auditorium
Vicksburg at
bonds sold to J. G. Hickman.
price of 100.037, as noted here on April 5—V.
a
2274—are due
on
Jan.
1
as
follows:
1946 to 1951, giving a basis of about
GREENVILLE,
Miss.—BONDS
Inc., of
152, p.
$500 in 1942 to 1945 and $1,000 in
2.74%.
OFFERED
PUBLIC— Stranahan,
TO
Harris & Co.,
Inc.. of Toledo, are offering for general investment a $2,
181,000 issue of 4% coupon and registered bridge revenue refunding bonds
priced at 105 and accrued interest. Denom. $1,000. Dated March 1, 1941.
Due on March 1, 1971.
Prin. and int. (M-S) payable at the Union Planters
National Bank & Trust Co., Memphis, or at the principal office of the
Marine Midland Trust
Co.
of New York.
Bonds
are
option of the city on any interest payment date.
furnished by Masslich & Mitchell of New York.
redeemable
at the
Legal approval to be
BOND ELECTION—The issuance of $200,000 air training center bonds
LOUISVILLE, Miss.—MATURITY—In
connection with the sale of
4% semi-annual refunding bonds to Lewis & Co. of Jackson
here—V. 152, p. 2428—it is reported that the bonds mature
April 1 as follows:
$4,000 in 1942 and 1943, $5,000 in 1944, $6,000 in
1945, $7,000 in 1946, $8,000 in 1947,
10,000 in 1948 to 1950, $11,000 in
1951 to 1953, $12,000 in 1954 and 1955, $13,000 in 1956 and 1957, $14,000
in 1958 and 1959, $15,000 in 1960 and 1961, $16,000 in 1962, $17,000 in
1963, $22,000 in 1964 and 1965, and $23,000 in 1966, the last $50,000
maturing bonds are optional on or after April 1, 1946, and the previous
$102,000 are optional on or after April 1, 1951.
dfcT*
MitiLl-LZJl
at par, as noted
SEPARATE SCHOOL DISTRICT
(P.
O. Marks),
Miss.—
BONDS SOLD—The Secretary of the School
Board states that a $46,500
offered for sale on April 10 and was
awarded to the Max T. Allen Co. of Ilazlehurst, for a price of 100.184, on
theibonds divided as follows: $37,000 as 3s, and $9,500 as 2 Ms.*
'
building addition bonds
YAZOO
was
CITY, Miss.—BOND SALE—The $27,500 semi-annual
armory
and auditorium bonds offered for sale on
April 14—V. 152, p. 2275—were
awarded jointly to the Delta National Bank and the Bank of Yazoo City,
both local purchasers, as 2s, paying a premium of $5.51, equal to 100.02,
of about 1 *095 %. j^Dated May 1, 1941.
?
Due on May 1 in 1942
toJ1958.
fAZOO
COUNTY
SUPERVISORS^ ROAD
DISTRICTS
(P.
O.
^az°°_City), Miss.—BONDS SOLD—The $40,000 issue of Supervisors
Road District
No.
°*and
i
of
1 bonds is said to have been purchased jointly by the
Lei and Speed Co., both of Jackson, paying
$7.60, equal to 100.019,
a
a
premium
basis of about 1.66%, on the bonds divided as
folIo^8L&32'0,00 M 1^8- due $8,000 from April 1,1942 to 1945; the remain¬
ing $8,000 as lMs, due on April 1, 1946.
redemption before maturity.
All of these bonds
are
subject to
also reported to have been purchased jointly by the Hibernia National Bank.
both of New Orleans, paying a premium of $11, equal
!° 100-006, for bonds maturing in 1942 to 1950,
lyoJL
vO
as
1
and bonds maturing
lvoo# dJS 2ds#
MISSOURI
MISSOURI, State of— TAXABLE VALUES INCREASED—For city
real
estate,
Missouri,
farm land and personal property, the 1940 tax valuation for
which taxes payable in 1941 will be based, is $3,253,521,807,
of $10,363,146, it is shown in a report by the State Board of
Equalization at Jefferson City.
an
*
on
increase
includes city real estate at $1,880,025,587. farm land
at $923,918,387, and personalty
at $448,677,833.
The 1939 report in¬
cluded city real estate at $1,867,107,423, farm land at $918,733,753. and
personalty at $457,318,485, a total of $3,243,159,661.
The Board of Equalization rejected an appeal
by the St. Louis Real
Estate Exchange for a 10% reduction on the report that tax valuations
are 50%
under the city's all-time high and only 20% under the highest
tax valuation.
Had the 10% reduction been ordered, St. Louis municipal
revenue would have been cut $1,614,000 and State and school district taxes
$800,000 annually.
Int. Rale
Rate Bid
176
2M%
101.163
176
2M%
101.15
177
2M%
2M%
2M%
101.528
178
2M%
2M%
100.655
100.52
178
2M%
100.36
Bid For
Dwyer
& Co
J. S. Rippel & Co. and Minsch,
Monell &
Co
Hemphill, Noyes & Co., and H. L, Allen
Co
-
West Hudson National Bank,
Harrison,.
177
176
Colyer, Robinson & Co., Buckley Bros.,
and Campbell, Phelps & Co
M. M. Freeman & Co
177
Blyth & Co., Inc. and MacBride, Miller &
Co
101.02
100.622
COMPLETED—Julius A
Rippel, Inc., of Newark, in its capacity as fiscal and refunding agent for the
township, advised that the township completed its refunding program in
January of this year, through the issuance of $328,000, 3M% refunding
bonds, maturing Dec. 1, 1946, to 1955.
Of the bonds, $327,000 were
exchanged for $327,000 bonds maturing Oct. 1, 1941 to 1945, and $1,000
was issued for expenses.
The $327,000 bonds received and canceled by
the township in this exchange bore interest as follows; $17,000 at 4% and
$310,000 at 4M%.
This transaction completes the refunding program
HILLSIDE TOWNSHIP. N. J .—REFUNDING
which
was
authorized by the township two years ago.
LYNDHURST
TOWNSHIP,
N.
J.—REFUNDING
AGENTS
AP¬
Rippel, Inc., Newark, and Rogers, Gordon & Co.,
Inc., New York, have been appointed fiscal and refunding agents for the
township in a debt refunding program.
The ordinance provides for a
refunding issue of not more than $2,318,000 to be dated May 15, 1941 and
mature serially on Jan. 1 from 1942 to 1958 incl.
According to the re¬
funding agents, the bulk of the refunding will be consummated by ex¬
changes with holders of existing bonds which are callable at par.—V. 152,
p. 2275.
POINTED— Julius A.
NORTH
ARLINGTON,
N.
J .—BONDS NOT SOLD—The only bid
exceed 6% interest coupon or registered
submitted for the $12,000 not to
improvement bonds offered April 15—V. 152, p. 2122—was rejected.
This
was an offer of 100.21 for 4Ms, by H. L. Allen & Co. of New York City.
NORTH BERGEN
TOWNSHIP, N. J .—BONDS PURCHASED—The
National Bank of Jersey City, fiscal agent, reports the
purchase by tender on April 14 of $174,600 refunding bonds for a sum of
$173,261.74, an average price of 99.20.
Tenders ranged from 96.80 to
Hudson County
PfAn issue of $180,000 Supervisors Road District No. 3 refunding bonds is
in
No. Bonds
Bidder—
H. L. Schwamm & Co., and Bailey,
Adams & Muller
April 30.
the $305,000
MARKS
HARRISON, N. J.—BOND SALE—H. B. Boland & Co. of New York
successful bidders at the offering of $178,000 coupon or registered
funding bonds on April 15—V. 152, p. 2275, taking $175,000 bonds as
2Ms, at a price of $178,026, equal to 101.729, a basis of about 2.10%.
Dated April 1, 1941 and due April 1 as follows:
$5,000 from 1943 to 1954,
incl.; $10,000, 1955; $15,000 in 1956 and 1957; $20,000 from 1958 to 1960,
incl. and $15,000 in 1961.
The purchasers re-offered the bonds at prices
to yield from 0.60% to 2.20%, according to maturity.
Other bids:
were
&
is reported to be scheduled for a vote at an election set for
issue of
McDonald,
City Clerk, that of the $60,000 Sewer Improvement District No. 76 bonds
Dec. 23, at which time all bids were
NEBRASKA
1 (P. O.
"
1,
GLENDIVE, Mont.—BOND ELECTION—The issuance of $65,000 not
exceed 6% water plant bonds is to be submitted to the voters at an
according to report.
election scheduled for May 6,
margin.
funding oonds will be submitted to the voters at an election
May 20, it is said.
after April
to
Lakes), Minn.—BONDS VOTED
the voters
CROOKSTON INDEPENDENT SCHOOL DISTRICT NO.
Minn.—BOND
DISTRICT No. 17-H (P. O. Hardin),
OFFERING—Sealed bids will be received until 7:30 p. m.
May 5, by M. B. Evenson, District Clerk, for the purchase of a $98,000
issue of refunding bonds.
Interest rate is not to exceed 5%. payable J-J.
Dated July 1, 1941.
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-ami.
Instalments during a period of 10 years from the date of issue.
If serial
bonds are issued and sold they wLf be in the amount of $1,000 each.
The
siun of $8,000 of the serial bonds will become payable on July 1, 1942 and
a sum of $10,000 on the same day each year thereafter
until all of such
bonds are paid.
The bonds, whether amortization or serial bonds, will be
redeemable in full on any interest payment date from and after five years
from date of issue.
The bonds will be sold for not less than par and ac¬
crued interest, and all bidders must state the lowest rate of interest at which
they will purchase the bonds at par.
The bonds are issued for the purpose
of refunding outstanding bonds as of the close of business on July 1, 1941.
Enclose a certified check for $10,000, payable to the District Clerk.
on
rejected, as noted in these columns, a $20,000 block has been purchased by
Ferris & Hardgrove of Spokane as 6s.
Due $4,000 on Jan. 1 in 1943 to
1947.
The remaining $40,000 will be sold to the said firm, as and when
funds are needed for the project.
—The County Auditor states that at the election held on April 8
approved the issuance of the $150,000 court house bonds by a wide
Crookston),
MONTANA
BIG HORN COUNTY SCHOOL
Mont .—BOND
offered for sale without success on
MINNESOTA
•
April 19, 1941
99.50.
RIVER
EDGE,
N.
J.—BOND
OFFERING—Walter
E.
Chapman,
Borough Clerk, will receive sealed bids until 9:30 p. m. on April 24, for the
purchase of $55,000 not to exceed 6 % interest coupon or registered municipal
building bonds.
Dated May 1, 1941.
Denom. $1,000.
Due May 1 as
follows:
$2,000 in 1942 and 1943 and $3,000 from 1944 to 1960, incl.
Bidder to name a single rate of interest, expressed in a multiple of M or
l-10th of 1%.
Principal and Interest (M-N) payable at the Peoples Trust
Co. of Bergen County, Hackensack.
The price for which the bonds may be
sold cannot exceed $56,000.
The bonds are unlimited tax obligations of
the borough and the approving legal opinion of Reed, Hoyt, Washburn &
Clay of New York City will be furnished the successful bidder. A certified
check for $1,100, payable to order of the borough, is required.
N. 3.—SCHOOL BOARD ASKS PAYMENT OF
Board of Education has requested the borough to make a
the total of $63,000 said to be owed by
The Board holds that the payment can
be made out of the $24,000 available in the water fund.
Harry Oassman
of Atlantic City is seeking to have the funds turned over to holders of
defaulted water bonds, but the School Board nas decided to assert a prior
UNION
BEACH,
$10,000—The
payment of $10,000 on account of
the municipality in school taxes.
right to the money, according to report.
Volume
The Commercial & Financial Chronicle
152
Municipal Bands
-
Gsvernment Bands
Housing Authority Bands
Tilney
&
Bidder—
Company
76 BEAVER STREET
NEW
Int. Rate
YORK, N. Y.
Teletype: NY 1-2395
State Bank of Albany
NEW
ALBANY, N. Y.—PLANS
WEST
YORK
REFUNDING
BUFFALO, N. Y.—PLANS S3,000.000 REFUNDING ISSUE—Frank
M. Davis, City Comptroller, notes in the
April 1 issue of the city's "News
Letter" that he has asked the State
Comptroller to approve'the refunding
of $3,000,000 bonds.
He also observes that the Department of Audit
and Control has
embarked on a quiet campaign to
encourage insurance
companies doing business in Buffalo to "buy Buffalo bonds."
One large
company has just made its first investment in city bonds and others are
expected to follow.
With respect to the current fiscal
year budget, the
City Comptroller writes as follows:
"April 15 marks the final date for the
Council to return the budget to the
Mayor.
The Mayor then has until
May 1 to veto increases only.
While the 2% taxation limit (for operation
and maintenance) has been decreased because
of realistic reduction in
assessed valuations spread over thousands of
parcels, yet there is plenty
of room for all needed services
including $450,000 for paving which could
have been provided for by bond issues had the
city not decided to approach
more closely a
'pay-as-you-go' policy."
OFFERING—Frank
M. Davis, City Comptroller, will
May 1 for the purchase of $2,500,000 refunding
1941 and due as follows: $50,090 from 1942 to
1946, incl., and $450,000 from 1947 to 1951, incl.
E.
Weining, White & Co. of
Buffalo were awarded on April 15 an issue of
$22,500 municipal building
bonds as 1.60s, at a price of
100.125, a basis of about 1.58%.
Dated
April 1, 1941.
Denoms. $1,000 and $500.
Due $1,500 annually on
April 1 from 1942 to 1956, incl.
Principal and interest (A-O) payable at
the First National Bank. Caledonia.
Legality approved by Reed, Hoyt,
Washburn & Clay of New York
City.
Other bids:
Bidder—
Marine Trust Co. of Buffalo
Manufacturers & Traders Trust Co
Sage, Rutty & Co
Int. Rate
1.70%
1.70%
1.80%
1.80%
1.80%
1.90%
1.90%
2%
2%
2%
2.20%
23£%
R. D.White & Co
Blair & Co., Inc
First National Bank of Caledonia
C. B
Childs & Co., and Sherwood & Co
Roosevelt & Weigold. Inc
Union Securities Corp
.
E. H. Rollins & Sons, Inc
Central.Trust Co. of Rochester
H. L. Allen & Co
Rate Bid
100.45
100.22
100.725
100.154
100.13
100.50
100.28
100.42
100.40
100.19
100.05
100.315
GRAND ISLAND WATCH ^tSIRJCT NO. 4 (P. O. Grand Island),
revenue
bonds
April 15
on
0.40% interest.
SALE—The First National Bank of Boston
issue of $300,000 tax anticipation notes of 1939 at
an
Due in
one year.
City on April 15 and the following day
as follows: $600,000, 1939 tax notes, $750,000
$1,500,000 1941 tax notes.
Of the $2,300,000 tax notes
still outstanding, $1,400,600 will be redeemed
April 28 and the remaining
balance will consist of $660,000 1940 tax notes and
$300,000 1939 tax notes.
redeemed $2,850,000 notes
revenue notes
and
NORTH
CHAPEL
11
a.
m.
R. D
White & Co
2.10%
2.20%
2.20%
2.20%
2.20%
2%%
234%
233 %
Manufacturers & Traders Trust Co
Roosevelt & Weigold, Inc
H. L. Allen & Co
George B. Gibbons & Co., Inc
Craigmyle. Rogers & Co
National Bank of Liberty
Sullivan County National Bank,
Liberty
LLOYD,
N.
Y.—OFFERING
OF
HIGHLAND
WATER
Rate Bid
100.342
100.349
100.29
100.252
100.117
100.139
Par
/
100.033
DISTRICT
BONDS—L. S. Callahan, Town Clerk, will receive sealed bids i ntil
10 a. m.
April 25 for the purchase of $150,000 not to exceed
6% interest coupon
or
registered water system purchase and improvement bonds.
Dated
April 15. 1941.
Denom. $1,000.
Due April 15 as follows: $4,000 from
on
1942 to 1956, incl., and $6,000 from 1957 to
1971, incl.
Bidder to name a
single rate of interest, expressed in a
multiple of M or l-10th of 1%.
Prin¬
cipal and interest (A-O)'payable at the Cnase National Bank, New York.
Bonds are payable in the first instance from a
levy upon property in the
district, but if not paid from such levy, the town is authorized and
required
by law to levy on all of its taxable property such ad
valoremftaxes as may
be necessary to pay both
principal and interest on the issue, without limita¬
tion
as to rate or amount.
A certified check for
of the town, is required.
Legal opinion of Reed,
of N. Y. City will be furnished the successful
$3,000, payable to order
Hoyt. Washburn & Clay
bidder.
t
~ONG BEACH. N. Y.—TO APPEAL JUDGMENT DECISION—
reported that the city will appeal the recent decision of Justice Isaac
Swezey
of Nassau County Supreme Court
granting a $150,000 judgment to Bertram
H. Snell and a group of holders of special
assessment bonds on land in Lido
Canals section.
Court ruled in favor of the bondholders in their contention
that the city had failed to live up to its
obligations by not conducting a tax
sale of the assessable
property between 1927, when the bonds were de¬
faulted, and 1932.
It was in the latter year that the first sale in the
city's
history was held.
Since then the city acquired a
major portion of the
property through foreclosures and eliminated the lien which the bonds
represented, according to report.
•MOUNT
VERNON, N. Y .—BONDS
authorized
porary
an
loans
equipment*
AUTHOR IZED^Common
douncli
issue of $302,000 bonds to provide for the
payment of tem¬
incurred a year ago for relief purposes and
purchase of
(P. O. nanhasset), N. Y.—SALE OF WATER
DISTRICT BONDS—The $100,000 coupon or
registered Port Washington
Water District bonds offered April 15—V.
152, p. 2429—were awarded to
C. F. Childs & Co. and Sherwood &
Co., both of New York, jointly, as
133s, at a price of 100.299, a basis of about 1.45%.
Dated May 1, 1941,
and due Nov. 1 as follows: $7,000 from 1942 to
1944, incl.; $9,000 in 1945
and $10,000 from 1946 to 1952, incl.
Other bids:
Bidder—
Int. Rate
Rate Bid
H. L. Allen & Co., and Minsch, Monell & Co
133%
100.18
Roosevelt & Weigold, Inc
133%
100.14
H. L. Schwamm <fc Co., and F. W. Home & Co
1 33%
100.07
Marine Trust Co. of Buffalo, and R. D. White & Co_
1.60%
100.35
George B. Gibbons & Co., Inc., and Bacon, Steven,
& Co
1.60%
1.60%
1.60%
Manufacturers & Traders Trust Co. of Buffalo
Craigmyle, Rogers & Co
Port Washington National Bank
1.70%
100.279
100.159
100.139
100.56
FPORT OF NEW YORK, N. Y.—DEFINITIVE BONDS AVAILABLE
—The Chase National Bank announces that definitive
general and refund¬
ing bonds, sixth series, 3% due 1975 of the Port Authority are now avail¬
able for delivery in exchange for the
temporary bonds at its Corporate
Trust Department. 11 Broad Street, New York
City,
^
4
IP
STILLWATER (P. O. Stillwater), N. Y.—BOND SALE—The $121,000
coupon or registered bonds offered April 16—V. 152, p. 2429—were
awarded
to Marine Trust Co. of Buffalo and R. D. White A
asl.90s, at
a
re¬
Bidders
are
requested to name the interest rate or rates, not exceeding
multiples of M of 1 %.
Each bid may name one rate for
per annum in
part of the bonds
(having the earliest maturities) and another rate for the
balance, but no bid may name more than two rates, and each bidder must
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder offering to purchase the bonds at the lowest interest
cost to the town, such cost to be determined
by deducting the total amount
of the premium bid from the
aggregate amount of interest upon all of the
No bid of less than par and
bonds until their respective maturities.
accrued interest will be entertained.
Bids must
be
accompanied by
a
certified check
upon
an
incorporated
bank or trust company, payable unconditionally to the order of the State
Treasurer for $170.
The right to reject all bids is reserved.
The approving
opinion of Caldwell & Raymond, New York City, and J. L. Morehead.
Durham, N. C., will be furnished the purchaser.
In the event that prior to the
delivery of the bonds the income received by
private holders from bonds of the same type and character shall be taxable
by the terms of any Federal income tax law, the successful bidder may, at
his election, be relieved of his
obligations under the contract to purchase the
bonds and In such case the deposit accompanying his bid will be returned.
RANKLINTON TOWNSHIP (P. O. Franklinton), N. C.—BOND
SALE—The $26,000 coupon semi-annual refunding road bonds offered for
sale
April 15—V. 152,
on
p.
2429—were awarded to McAlister, Smith &
$67.60, equal to
"
Due $2,000 from
1CKORY,
until
11
a.m.
N.
on
C.—BOND OFFERING—SealecTTTds will oe received
April 22, by W. E. Easterling, Secretary of the Local
Government Commission, at his office in Raleigh, for the purchase of the
following bonds aggregating $100,000, all of which are to be dated April 1,
1941, and will mature on April 1 as follows, without option of prior payment:
$70,000 water and sewer equipment and extension bonds maturing annually
$3,000, 1944 to 1950, $7,000, 1951 to 1957, all inclusive.
30,000 street improvement bonds maturing annually $2,000,1944 to 1953,
inclusive, and $5,000, 1954 and 1955.
Denom. $1,000; prin. and int. (A-O) payable at the office of the Treasurer
of the City of Hickory, or at the option of the
holders, at the Chase National
Bank, in New York, in any coin or currency which, on the respective dates
of the payment of the principal and interest, Is legal tender for the payment
of public and private debts; general
obligations; unlimited tax; coupon
bonds registerable as to principal only; delivery at place of purchaser's
choice.
There will be
no
auction.
A separate bid for each issue (not less than par and accrued interest) is
required.
Bidders are requested to name the interest rate or rates, not
exceeding 6% in multiples of 3i of 1 %; each bid may name one rate for part
of the bonds of either issue
(having the earliest maturities) and another rate
bid may name more than two rates for either issue,
specify in his bid the amount of bonds of each rate.
The bonds will be awarded to the bidder offering to purchase the bonds
at the lowest interest cost to the city, such cost to be determined by deduct¬
ing the total amount of the premium bid from the aggregate amount of
interest upon all of the bonds until their respective maturities.
No bid for
for the
balance, but
no
and each bidder must
less than all of the bonds will be entertained.
Bids must
be
accompanied by a certified check upon an incorporated
bank
or trust company, payable unconditionally to the order of the State
Treasurer for $2,000.
The right to reject all bids is reserved.
The ap¬
proving opinion of Storey,
Thorndike, Palmer & Dodge, Boston, will be
furnished the purchaser.
In the event that prior to the delivery of the bonds the income received
by private holders from bonds of the same type and character shall be
taxable by the terms of any Federal income tax law, the successful bidder
at his election, be relieved of his obligations under the contract to
purchase the bonds and in such case the deposit accompanying his bid
may,
will be returned.
LEAKSVILLE,
N. C.—BOND SALE— The $12,000
coupon
semi-ann.
street improvement bonds offered for sale on April 15—V. 152, p. 2429—
were awarded to R. S. Dickson & Co. of Charlotte, paying a premium of
$1.75, equal to 100.014, a net interest cost of about 2.41% on the bonds
divided: $6,000 as 234s, due on April 1, $1,000 in 1944 to 1947, and $2,000
the remaining $6,000 as 233s, due $2,666 from April 1, 1949 to 1951.
in 1948;
LOUISBURG TOWNSHIP (P. O. Louisburg). N. C.—BOND SALE—
bonds offered for sale on April 15—Y. 152.
2429—were awarded to McAlister, Smith & Pate, Inc., of Greenville,
The $25,000 refunding road
r NORTH HEMPSTEAD
son
be
prior payment.
There will be no auction.
Denom. $500; coupon bonds
registerable as to principal alone; principal and interest (A-O) payable in
lawful money in New York City; general
obligations; unlimited tax; delivery
on or about May
5, at place of purchaser's choice.
Y.—BOND SALE DETAILS—The $13,000 water bonds awarded as
E. Weinig, White & Co. of Buffalo, as reported in V. 152.
p.
2429, were sold at a price of 100.276, a basis of about 2.06%.
Int. Rale
will
April 22, by W. E. Easterling, Secretary of the
on
Local Government Commission, at his office in
Raleigh, for the purchase
of $8,500 funding bonds.
Dated April 1, 1941.
Due on April 1 as follows:
$1,000 in 1952 to 1955, $2,000 in 1956, and $2,500 in 1957; without option of
N.
Bidder—
CAROLINA
HILL, N. C.—BOND OFFERING-—Sealed bids
ceived until
2.10s to C.
LIBERTY UNION FREE SCHOOL DISTRICT NO. 1
(P. O. Liberty),
N. Y.—BOND SALE—The $75,000
coupon or registered school building
bonds offered April 15—V. 152,
p. 2429—were awarded to C. F. Childs &
Co. and Sherwood & Co., both of New York,
jointly, as 2.10s, at 100.39,
a basis of about
2.07%.
Dated May 1, 1941, and due $3,000 on May 1
from 1942 to 1966, incl.
Other bids:
offered
YONKERS, N. Y.—NOTE
purchased
6%
CALEDONIA, N. Y.—BOND SALE— C.
2%%
$6,500 coupon or
April 14—Y. 152, p. 2429—were
York, as 134s, at a price of 100.032,
April 15, 1941, and due April 15 as follows:
$3,500 in 1942; $2,000 in 1943 and $1,000 in 1944.
tax
awarded to R. D. White & Co. of New
a basis of about
1.48%.
Dated
.
REFUNDING
100.11
100.41
100.339
100.338
100.30
100.44
100.082
HAVERSTRAW, N. Y.—BOND SALE—The
registered
ISSUE—Lawrence J. Ehrhardt. City Comptroller, has been instructed to seek permission of the
State Comptroller to issue
$1,130,000 water department refunding bonds.
receive sealed bids until
bonds.
Dated May 15,
Rate Bid
1.90%
C. F. Childs & Co. and Sherwood & Co...
Roosevelt & Weigold, Inc
2%
Manufacturers & Traders Trust Co
2%
E. H. Rollins & Sons, Inc. and A. C.
Allyn & Co., Inc.. 2%
Union Securities Corp
2.10%
George B. Gibbons & Co., Inc
2.20%
Telephone: WHitehall 4-8898
Bell System
2591
$90,000 Sewer District No. 1 bonds.
Due April 1 as follows: $4,000 from
1942 to 1951 incl. and $5,000 from 1952 to 1961 incl.
31,000 tax equalization bonds.
Due April 1 as follows: $6,000 from 1942
to 1945 incl. and $7,000 in 1946,
All of the bonds will be dated April 1, 1941.
They were reoffered to
yield from 0.40% to 2%, according to maturity.
Other bids:
price of 100.22,
a
Co., New York, jointly,
Sale consisted of:
basis of about 1.87%.
p.
as 3%s, paying a premium of $176.51,
equal to 100.706, a basis of about
3.67%.
Dated April 1, 1941.
Due $1,000 from April 1. 1942 to 1966;
optional on and after April 1, 1956.
LUMBERTON, N. C.—BOND OFFERING—Sealed bids will be received
until
11 a. m. on April 22, by W. E. Easterling, Secretary of the Local
Commission, at his office in Raleigh, for the purchase of
$15,000 public improvement bonds.
Dated April 1, 1941.
Due on Oct. 1
Government
as
follows: $2,000, 1943; $3,000, 1944; $5,000, 1945, and $5,000. 1946,
option of prior payment.
There will be no auction.
Denom.
$1,000; coupon bonds registerable as to principal alone; principal and in¬
terest (A-O), payable in legal tender in New York City; general obligations;
unlimited tax; delivery on or about May 5, at place of purchaser's choice.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum, in multiples of M of 1%.
Each bid may name one rate for
part of the bonds (having the earliest maturities), and another rate for the
balance, but no bid may name more than two rates, and each bidder must
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder offering to purchase the bonds at the lowest interest
cost to the town, such cost to be determined by deducting the total amount
of the premium bid from the aggregate amount of interest upon all of the
bonds until their respective maturities.
No bid of less than par and accrued
without
interest will
Bids
be entertained.
forms to be furnished with additional information,
incorporated
State
New
York City, will be furnished the purchaser.
are
required
on
and each bid must be accompanied by a certified check upon an
bank or trust company, payable unconditionally to the order of the
Treasurer for $300.
The approving opinion of Masslish & Mitchell,
The Commercial &
2592
In the event that prior to
income received
and character shall be taxable
the delivery of the bonds the
by private holders from bonds of the same type
by the terms of any Federal income tax law, the successful bidder may, at
his election, be relieved of his obligations under the contract to purchase the
bonds and in such case the deposit accompanying his bid will be returned.
OFFERING—Sealed bids will be received
of the I/)cal
purchase of
$150,000 general refunding bonds.
Dated May 1, 1941.
Due on Nov. 1
as follows: $4,000.
1942 to 1944, $5,000, 1945 to 1950, $6,000, 1951 to
1956 and $8,000. 1957 to 1965, all inclusive, without option of prior pay¬
ment.
There will be no auction.
Denom. $1,000; coupon bonds registerable as to principal alone; prin. and int. (M-N), payable in legal tender
in New York City; general obligations; unlimited tax; delivery on or about
ROXBORO,
until
11
a.m.
Government
N. C.—BOND
on April 22, by W, E. Easterling, Secretary
Commission, at his office in Raleigh, for the
May 8, at place of
purchaser's choice.
the interest rate or rates, not
Bidders are requested to name
exceeding
6% per annum, in multiples of M of 1%.
Each bid may name one rate
for part of the bonds (having the earliest maturities), and another rate for
the balance, but no bid may name more than two rates, and each bidder
must specify in his bid the amount of bonds of each rate.
The bonds will
be awarded to the bidder offering to purchase the bonds at the lowest
interest cost to the town, such cost to be determined by deducting the
total amount of the premium bid from the aggregate amount of interest
upon all of the bonds until their respective maturities.
No bid of less
than par and accrued interest will be entertained.
Bids are required on forms to be furnished with additional information
and each bid must be accompanied by a certified check upon an incorpo¬
rated bank or trust company,
of the
payable unconditionally to the order
$3,000.
The approving opinion of Masslich and
Mitchell, New York City, will be furnished the purchaser.
In the event that -prior to the delivery of the bonds the income received
by private holders from bonds of the same type and character shall be
taxable by the terms of any Federal income tax law, the successful bidder
may, at his election, be relieved of his obligations under the contract to
purchase the bonds and in such case the deposit accompanying his bid
State
Treasurer
April 15, 1941 and due Oct. 1 as follows: $1,000 from
and $600 in 1945.
Second high bid of 100.277 for 2s
Third National Bank of Circle ville.
CUYAHOGA
FALLS CITY SCHOOL
ELECTION—An election will be held April
$225,000 school building
•.
•;.
YOUNGSVILLE TOWNSHIP
'V.''
>.■
(P.
•
"wv
O. YoungsviHe). N.
V
V•••• ■
C.—BOND
SALE—The $23,000 coupon semi-annual refunding road bonds offered for
April 15—V. 152, p. 2430—were awarded to McAlister, Smith &
Pate of Greenville as 3h», paying a premium of $153.25, equal to 100.668, a
basis of about 3.67%.
Dated April 1, 1941.
Due from April 1, 1942 to
sale on
1964; optional on and after
April 1, 1955,
;
■
.
DISTRICT, Ohio—BOND
29 on the question of issuing
A
,
Commission.
"I have been informed
,
,
„
_
.
,
Ohio Legislature
that one of the members of the
has indicated that he intends circulating such a petition.
Even though such a petition were successfully circulated, it would be a
long time before the city would have any bonds to offer."
from this territory
ISSUE— City plans to issue
FOSTORIA, Ohio—PROPOSED BOND
$200,000 reservoir construction bonds.
SALE—The $88,000 street improve¬
NEW BOSTON, Ohio—BOND
bonds offered April 12—V.
152, p. 2276—were awarded to Fox,
2Ms, at par plus a premium of $600, equal
to 100.681, a basis of about 2.14%.
Dated March 1, 1941 and due March 1
as follows:
$8,000 in 1943 and 1944, and $9,000 from 1945 to 1952, incl.
Second high bid of 100.38 for 2Ms was made by Stranahan, Harris & Co.,
ment
Reusch & Co. of Cincinnati, as
Inc.
of Toledo.
■
Other bids:
'.-'A
:
Einnorn&Co
v:
Premium,
$935.00
Int. Rate
2lA%
Bidder—
____
2M%
£99.00
845.00
Ryan, Sutherland & Co——2M %
Weil, Roth & Irving Co
—2M%
607.00
Pohl & Co., Inc
BancOhio Securities Co
2j|%
_
281.60
PLYMOUTH VILLAGE SCHOOL DISTRICT, Ohio—BOND OFFERING—Joseph E. Hodges, Clerk of the Board of Education, will receive
sealed bids until 6 p. m. on May 2 for the purchase of $47,500 4% coupon
building and improvement bonds.
Dated June 1, 1941.
Denoms. $1,000
and $900.
Due $900 on June 1 and $1,000 on Dec. 1 from 1942 to 1966 incl.
different rate of interest provided that fractional rates
are expressed in a multiple of M of 1%.
Principal and interest (J-D)
payable at the District Clerk's office.
Ponds are payable from an
ad valorem tax.
A certified check for $500, payable to order of the Board
of Education, is required.
Bidder may name a
unlimited
NORTHDAKOTA
GRAND FORKS, N.
bonds.
1942 to 1944 incl.
was made by the
DAYTON, Ohio—REPORT ON BOND ISSUE PETITION—Writing in
connection with the report—V. 152, p. 2430, of the circulation of a petition
for an issue of $1,000,000 municipal light plant bonds, E. E. Hagerman,
Director of Finance, States as follows:
"My investigation discloses that
no such petition has been asked for, nor filed with the Clerk of the City
for
will be returned.
April 19, 1941
Financial Chronicle
§^11
Dak.—WARRANT SALE—The$500,000semi-ann.
improvement warrants offered for sale on April 15—V. 152,
2430—were awarded to the First National Bank & Trust Co. cf Min¬
neapolis and associates at par divided as follows: $150,000 as 2Ms, due
$50,000 on April 1 in 1942 to 1944; $150,000 as 2h s due $50,000 from April 1
1945 to 1947- the remaining $200,000 as 3s, due on April 1, $30,000 in 1948,
$20,000, 1949 to 1953. and $10,000 in 1954 to 1960. .
BERNARD, Ohio—BOND SALE—The $80,000 street improve¬
offered April 14—V. 152, p. 2277—were awarded to the
Bernard.
Dated April 15, 1941 and due $8,000 yearly
Oct. 1 from 1942 to 1951, inclusive.
ST.
bonds
refunding
ment
p.
Citizens Bank of St.
on
a
The successful bid was
basis of about 1.13%.
for 1 Ms, at par plus a
Other bids:
Bidder—
TOWNSHIP (P. O. Wahpeton), N. Dak.—BOND SALE—
The $3,000 township bonds-offered for sale on April 10—V. 152, p. 2123—
were purchased by Mr. B. Fisher of Lidgerwooci, as 4s, at par.
Due $500
from April 1, 1942 to 1947, incl.
VanLahr, Doll & Isphording
Charles A. Hinsch & Co
VELVA, N. Dak.—BOND SALE—The City Auditor states that the
$10,000 semi-annual funding bonds offered for sale on April 14—V. 152,
p. 2276—were purchased by the Peoples State Bank of Velva, the only
bidder.
Due $500 on Dec. 1 in 1942 to 1961, inclusive.
Weil, Roth & Irving Co—_____—
J. A. White & Co
--Edward Brockhaus & Co
IBSEN
WARD COUNTY
will be received until
for the purchase
(P. O. Minot), N. Dak.—BOND OFFERING—Bids
May 3, at 2 p. m., by Fred M. Brey, County Auditor,
of $120,000 refunding oonds.
Interest rate is not to exceed
3M%. payable J-J.
Dated June 1, 1941. Denom. $1,000. Due Jan. 1,
as follows:
$5,000 in 1943 to 1948 and $10,000 in 1949 to 1957.
Subject
to redemption and prior payment at the option of the county on Jan. 1,
1952, and any interest payment date thereafter at par and accrued interest.
Bidder to name the rate of interest.
Prin. and int. payable at any suitable
bank or trust company designated by the successful bidder.
All bids must
be unconditional and no bid for less than par and accrued interest will be
considered.
The county will furnish the printed bonds and the approving
opinion of Fletcher, Dorsey, Barker, Colman & Barber
without cost to the purchaser.
A certified check for not
the bid,
payable to the County Auditor, is
of Minneapolis,
less than 2% of
required.
Stranahan, Harris & Co., Inc
_—
—-
IM %
BancOhio Securities Co......
Seasongood & Mayer.,-,—a_.
Rate Bid
Bidder—For 1 M % Bonds—
Securities Co., Columbus,
Trust Co., Springfield, jointly
and First National Bank &
BancOhio
Ryan, Sutherland
& Co
Co
____
1M% Bonds—
,
Halsey, Stuart & Co.__.__
Charles A. Hinsch & Co., Walter, Woody
>
Edward Brockhaus & Co., jointly. __
-
Savings Bank & Trust Co., Cincinnati, as reported in V. 152, p. 2430, were
as 2Ms, at a price of 101.38, a basis of about 2.10%.
Other bids, also
for 2 Ms. were as follows:
—:
J. A. White & Co
-
State Teachers School Retirement
A-
_________
System
-
$127.50
79.20
34.00
___
23.88
10.00
_____
__
BEXLEY, Ohio—BOND OFFERING—S. W. Roderick, City Auditor,
bids until noon on April 29 for the purchase of $25,975
will receive sealed
2%
Cassaday Road improvement special assessment bonds.
Dated
April 15, 1941.
Due Oct. 1 as follows: $5,000 from 1942 to 1944, incl.;
$5,500 in 1945 and $5,475 in 1946.
Bidder may name a different rate of
interest, provided that rac tional rates are expressed in a multiple of M of
1%,
Interest A-O.
A certified check for $300, payable to order of the
city, must accompany each proposal.
Legal opinion of Squire,
Dempsey of Cleveland will be furnished the successful bidder.
Sanders &
4% coupon street improvement bonds.
Dated April 1, 1941. Denom.
$1,000.
Due Oct. 1 as follows: $3,000 from 1943 to 1947, incl., and $4,000
from 1948 to 1951, incl.
Bidder may name a different rate of interest,
expressed in a multiple of M of 1%.
Interest A-O.
These are general
bonds and are to be paid from general tax revenue of the city.
A certified
check for $700, payable to order of the city, is required.
Approval of
transcript will be made by Squire, Sanders & Dempsey of Cleveland, at
city's expense.
CELINA, Ohio—BOND OFFERING—Goida Shiverdecker, Village Clerk,
April 19 for the purchase of $20,000
will receive sealed bids until noon on
1M% electric light and power plant and system extension first mortgage
revenue bonds.
Dated Nov. 15, 1940.
Denom. $1,000.
Due $2,000 on
Nov. 1 from 1942 to 1951, incl.
Bonds maturing on and after Nov. 15, 1945, are callable in whole or in
part in the inverse order of their maturity, on any interest payment date
at a price of 101 and accrued interest.
Bidders may bid for a different rate
of interest in a multiple of M of 1 %.
The bonds are issued for the purpose
of extending and improving the existing municipally owned electric light
and power plant and system by constructing a new generating plant and the
purchase of the necessary real estate therefor, and the purchase and installa¬
tion of certain equipment and transmission lines to connect and coordinate
the new plant with the existing system under authority of Article XVIII,
Section 12 of the Constitution of Ohio and the Uniform Bond Act of the
General Code, and under and in accordance with Ordinance No. 532 of the
Village, passed on Sept. 24, 1940.
The bonds are payable solely out of the
revenues
of the municipally owned electric light and power plant and
system, after provision only for the operation and maintenance expenses
thereof and are not general obligations of the village.
The bonds will be
sold to the highest
Clark & Co., jointly
The
No
of bonds
delivery.
approving opinion of Peck, Shaffer, Williams & Gorman of Cincinnati,
the successful bidder without cost.
Enclose a certified
bonds bid for, payable to the village.
j
will be furnished to
check for at least 1% of the
CIRCLEVILLE CITY SCHOOL DISTRICT, Ohio—BOND SALE—
The $3,600 real estate purchase bonds offered April 15—V. 152, p. 2276—
were awarded to J. A. White & Co. of Cincinnati, as lMs, at par plus a
premium of $5.88,
equal to 100.163,
a
basis of about 1.69%.
Dated
jointly.
----
Stranahan Harris & Co., Inc..
Van Lahr,
— —
Doll & Isphording,
Provident Savings Bank & Trust Co.,
Irving Co., jointly. . . . . —
100.43
Cincinnati, and Weil, Roth &
Assel, Goetz & Moerlein, and W.
__100.069
H. Zieverink & Co., jointly
Canton), Ohio—BOND SALE—The $100,000
delinquent tax bonds offered April 11—V. 152, p. 2124—were awarded to
McDonald-Coolidge & Co. of Cleveland, as 0.75s, at par plus a premium
of $145, equal to 100.145, a basis of about 0.69%.
Dated May 1, 1941,
and due $25,000 annually on May 1 from 1942 to 1945, incl.
Second high
STARK COUNTY (P. O.
bid of 100.292 for Is was
made by BancOhio Securities
Co. of Columbus.
STEUBENVILLE, Ohio—BOND OFFERING—J. A. Cartledge, City
Auditor, will receive sealed bids until 2 p. m. on April 28, for the purchase
of $51,000 not to exceed 6% interest lateral sanitary sewer bonds.
Dated
May 15. 1941.
Denom. $1,000. Due Nov. 1 as follows; $5,000 from 1942
to 1950, incl. and $6,000 in 1951.
Interest M-N. A certified check for
$510, payable to order of the City Treasurer, is required.
SCHOOL DISTRICT, Ohio—BOND SALE—
152, p. 2124—was
$4,000 building bonds offered April 11—V.
Wharton Bank.
Dated March 1, 1941
Sept. 1 from 1942 to 1945 incl.
The issue of
awarded to the
YOUNGSTOWN,
Director of Finance,
and due $1,000 on
OFFERING—Walter
Ohio—BOND
will receive sealed bids
M.
u
Mitchell,
until noon on April 30, for the
purchase of $118,000 3% coupon or registered real estate bonds.
Dated
Feb. 3, 1941.
Denom. $1,000.
Due Oct. 1 as follows: $5,000 from 1942
to 1963, incl. and $4,000 in 1964 and 1965.
Bidder may name a different
rate of interest provided that fractional rates are expressed in a multiple of
M of 1%.
Principal and interest (A-O) payable at the office of the Sinking
Fund Trustees.
A certified check for $2,500, payable to order of the city,
is required.
\ V>
(.a a;.'A,',:.
■-V'.'' "V.'-V- -a A
YOUNGSTOWN, Ohio—BOND SALE—The $46,000 airport equipment
April 11—V. 152, p. 2277—were awarded to BancOhio Securi¬
lMs, at par plus a premium of $272.50, equal to
100.50, a basis of about 1.10%.
Dated Feb. 3, 1941 and due Oct. 1 as
follows:
$10,000 in 1942 and $9,000 from 1943 to 1946, incl.
Other bids:
bonds offered
ties Co., Columbus, as
:
Bidder—
Braun, Bosworth & Co., Toledo
Einhorn & Co., Cincinnati-_ i
s;.
Int. Rate
Fahey, Clark & Co., Cleveland
Paine, Webber & Co., Chicago
Ryan, Sutherland & Co., Toledo
Provident Savings Bank & Trust Co.,
Seasongood & Mayer ( o., Cincinnati
Weil, Roth & Irving Co., Cincinnati
Katz & O'Brien, Cincinnati
Premium
—1 M%
1 M%■
1M%
1M%
1M%
$151.80
80.00
■
,
Stranahan, Harris & Co., Toledo
bidder for not less than par and accrued interest.
conditional bids will be accepted
All bids must state the number
bid for and the gross amount of bid and accrued interest to date of
100.71
100.671
100.66
..100.61
100.606
-.100.566
___
------
-
WHARTON VILLAGE
CAMPBELL Ohio—BOND OFFERING—John B. Ross, City Auditor,
will receive sealed bids until noon on April 28 for the purchase of $31,000
__---101.118
& Heimerdinger. and
First of Michigan Corp.,
Hill & Co-..-
Premium
—100.17
A.—100.142
For
Pohl & Co.
A-;'.
;—J
i
—
_
Braun, Bosworth &
BATAVIA VILLAGE SCHOOL DISTRICT, Ohio—BOND SALE
DETAILS—The $10,000 building bonds awarded April 5 to the Provident
v;'..
Seasongood & Mayer
Assel, Goetz & Moerlein
Weil, Roth & Irving Co-,— —
1M%
_____________—
SPRINGFIELD, Ohio—LIST OF BIDS—The $153,973.32 street and
sewer improvement bonds awarded March 28 to Hawley, Shepard & Co.
and Hayden, Miller & Co., both of Cleveland, jointly, as lMs, at 100.42,
a basis of about 1.16%—V. 152, p. 2277—were also bid for as follows:
Otis & Co.....
Bidder—
$416.80
264.00
88.00
63.00
736.00
^28.00
. 6,E>2-00
647.11
642.50
640.00
1M%
1 M%
1M%
1M%
1M%
1M%
IM%
1M%
_____
—
Premium
Int. Rale
,—,——
Braun, Bosworth & Co
Assel, Goetz & Moerlein
Merrill, Turben & Co., and
sold
;
——
McDonald-Coolidge & Co., and Fahey,
OHIO
premium of $555, equal to
■
Cincinnati._
;
1M%
1M%
1M%
1 M%
1M %
39.75
32.60
14.10
172.50
143.85
142.00
15.80
OKLAHOMA
BUFFALO VALLEY UNION
GRADED SCHOOL DISTRICT (P. O.
held on April 1 the
Wilburton), Okla.—BONDS VOTED—At an election
have approved the issuance of $25,000
voters are said to
OKLAHOMA
CITY,
OKLA.—BOND
construction bonds.
ELECTION—The City Clerk
election has been set for April 29 to have the voters pass on
the issuance of national defense and public improvement bonds aggregating
states that an
$982,000.
,
<
251.00
>
Volume
The Commercial & Financial Chronicle
152
u?
of
bids will
OFFERING—Sealed
be received
,rvrt'April 30, by Will E. Gibson, Citv Auditor, for the purchase
»
$400,000 issue of refunding public improvement bonds.
Interest rate
to exceed 2 y2%, pavable M-N.
Denom. $1,000.
Dated May 15,
1941.
Due $40,000 from May 15, 1946 to 1955.
On Mav 15, 1947, or on
a
not
is
any interest paying date thereafter, bonds maturing in 1947 to 1955. or any
portion thereof remaining unpaid, may at the city's option, be called and
redeemed in
numerical order upon the payment of the face
with accrued interest to the date of
payment.
Competitive
value thereof
bidding shall
be partially or
wholly on the rate of interest and the rate of interest will
be fixed according to the bid of the successful bidder but not
exceeding
the rate specified above.
Prin. and interest pavable at the City Treasurer's
office, or at the fiscal agency of the State in New York, in lawful money.
Issued pursuant to Ordinance No. 75224 and under the
authority of Chapter
511, Oregon Laws 1939, (Sections 95-1631 and 95-1632 0. C. L. A.), and
are general obligations of the
city.
The bonds will be sold to the highest
responsible bidder at not less than par and accrued interest, and a pre¬
ferential right as provided by Section 192 of the
City Charter is given to the
City Treasurer to purchase said bonds.
If delivery is demanded outside
the city, delivery shall be at the
expense of the purchaser.
The bonds are
to be sold subject to the
prior approving opinion of Storey, Thorndike,
Palmer & Dodge of Boston.
Enclose a certified check for 2% of the face
value of the amount of bonds bid
for,
payable
to the city.
„.^SHI,N£TON COUNTY SCHOOL DISTRICT NO. 107 (P. O.
Hulsboro), Ore.—BONDS VOTED—At
voters are said to have
an election held on March 29 the
approved the issuance of $31,000 construction bonds.
PENNSYLVANIA
•
the
election will be held May 20
question of issuing $400,000 for various improvements.
,£.R£NTWOOD
$135,000
coupon
SCHOOL
school
DISTRICT,
bonds offered
DISTRICT, 8-A (P. O. Greenville), S. C—
semi-annual school bonds offered for
sale on April 15—V. 152, p. 2125—were awarded to Hamilton & Co. of
Chester, S. C., as 2 34s, paying a premium of $64.11, equal to 100.16, a
basis of about 2.48%.
Dated April 1, 1941.
Due on April 1 in 1944 to
PARKER
SCHOOL
BOND SALE—The $40,000 coupon
1961.
The second best bid was an offer by the Robinson-Humphrey Co. of
Atlanta, of $3 premium for part of the issue as 2 %b , the remainder as 2 34s.
SPARTANBURG
a
follows:
inch
ing
Rate Bid
Int. Rate
Die
2%
100.579
100.574
102.582
234%
Halsey, Stuart & Co., Inc
Singer, Deane & Scribner
Phillips, Schmertz & Co
100.635
2%
2%
2H%
E. H. Rollins & Sons, Inc
102.077
BONJDS PUBLICLY OFFERED—Johnson <fc McLean, Inc., made public
reoffering of the bonds at prices to yield from 0.75% to 2%, according to
maturity.
CECIL TOWNSHIP SCHOOL DISTRICT fP. O. Cecil, Box No. 5),
Pa.—BOND OFFERINGS. F. Beaumariage, District Secretary, will re¬
p. m. on April 29, for the purchase of $25,000
coupon school bonds.
Dated May 1, 1941.
Denom. $1,000.
Due on
Nov. 1 as follows:
$2,000 in 1942 and 1943 and $3,000 from 1944 to 1950,
ceive sealed bids until 8
Bidder to
name a single rate of interest, expressed in a multiple of
M,ot' 1 % • Principal and interest payable at the First National Bank, Cecil.
The bonds are free of all taxes, except gift, succession and inheritance taxes,
levied pursuant to any present or future law of the Commonwealtb of
Pennsylvania.
The district will set apart and pledge for payment of the
bonds collectible delinquent taxes in the amount reouired by law and the
proceeds of which will be deposited in the sinking fund for these bonds.
Bonds will be issued without consent of the electorate, but the sale will be
subject to approval of proceedings by the Pennsylvania Department of
Internal Affairs.
A certified check for $500, payable to order of the District
Treasurer, is required.
District will Provide the bonds and approving legal
opinion of Burgwin, Scully & Churchill of Pittsburgh.
„
GREEN TREE (P. O. Green Tree Road, Pittsburgh), Pa.—BOND
SALE—The issue of $20,000 coupon bonds offered April 14—"V. 152, p. 2277
awarded to Phillips. Schmertz & Co. of Pittsburch, as 234s.
Dated
May 1, 1941 and due $2,000 on May 1 from 1943 to 1952 incl.
—was
LITTLESTOWN BOROUGH
AUTHORITY.
Pa.—BOND SALE—
Burr & Co. of Philadelphia were awarded on April 15 an issue of $85,000
sewer revenue bonds at a
price of 100.27 for $40,000 3s and $45,000 2Kb,
net cost of about 2.818%.
Bonds mature .April 1 as follows:
$40,000 3s:
$1,000 in 1947; $2,000, 1948 to 1950, inch: $3,000 from 1951 to 1957, incl.
a
and $4,000 from 1958 to 1960. incl.; $45,000 2 34s. due $4,000 from 1961 to
1964, incl.; $5,000, 1965 to 1968,
bid of 101.638 for 3s was made by
_
8 p.m.
bonds.
1942
(EST)
to
on
incl. and $9,000 in 1969.
Second high
Moore, Leonard & Lynch of Pittsburgh.
Craig,
District Secretary, will receive sealed bids until
May 2 for the purchase of $21,000 coupon school addition
Dated May 1,1941.
Denom. $1,000.
Due $1,000 on May 1 from
1962 incl.
Bidder to name one rate of interest, expressed in a
multiple of
free of all
of
1%.
1 rincipal
and semi-annual
interest
will
be paid
taxes
levied under any present or future law of Pennsylvania.
District will furnish printed bonds and approving legal opinion of Burgwin,
Scully & Churchill of Pittsburgh,
order of the district, is required.
the Pennsylvania Department of
a certified check for $500, payable to
Sale of bonds is subject to approval of
Internal Affairs.
MILFORD, Pa .—BOND OFFERING— William A. Mitchell, Borough
Secretary, will receive sealed bids until noon on May 5, for the purchase of
$7,000 2, 234. 234, 2%, 3, 3.34, 334, 394 or 4% coupon, registerable as to
principal only.
Hartford St. issue of 1941 bonds.
Dated June 15, 1941.
Denom. $1,000.
Due $1,000 on Dec. 15 from 1942 to 1948, incl.
Callable
in whole or in part at par on any interest date, with 30 days' notice to the
holder thereof.
Bidder to name a single rate of interest, payable J-D.
Principal and interest payable without deduction for any tax, or taxes,
except succession or inheritance taxes, now or hereafter levied or assessed
thereon under any present or future law of the Commonwealth of Penn¬
sylvania, all of which taxes the borough assumes and agrees to pay.
Issued
subject to approval of the Pennsylvania Department of Internal Affairs.
A certified check for 5% of the bonds bid for, payable to order of the
Borough Treasurer, is required.
PROSPECT PARK SCHOOL DISTRICT,
$25,000 school bonds offered April 10—V.-152,
Pa.—BOND SALE—'The
p.
2125—were awarded to
Dougherty, Corkran & Co. of Philadelphia, as 2 34s. at par plus a premium
of $321, equal to 101.284, a basis of about 2.15%.
Dated April 1, 1941 and
due April 1 as follows:
$5,000 in 1946, 1951,1956, 1961 and 1966.
Second
high bid of 100.89 for 234s was made by W. H. Newbold's Son & Co. of
Pittsburgh.
READING
SCHOOL
Pa.—NOTE SALE—Local
DISTRICT,
banks
recently purchased an issue of $550,000 current expense notes at 0.875%
interest.
Due Aug. 15, 1941.
RHODE
R. I .—BOND SALE—The $120,000 coupon improvement
April 10 were awarded to Harriman Ripley & Co., Inc., New
134s, at a nrice of 100.23, a basis of about 1.73%. Dated April 1,
1941.
Denom. $1,000.
Due $6,000 annually on April 1 from 1942 to 1961
incl.
Principal and interest (A-O) payable at the City Treasurer's office,
or at holder's option, at the First National Bank, Boston.
Legal opinion
of Storey, Thorndike, Palmer & Dodge of Boston.
The bonds will be valid
general obligations of the city, and all of its taxable property will be subject
to the levy of unlimited ad valorem taxes to pay both principal and interest,„
except that taxable intangible personal property is taxable at the uniform
rate of 40 cents for each $100 of assessed valuation.
bonds offered
as
were as
follows:
Int. Rate
Bidder—
First Nationa IBank of Boston
*
April 29, by
coupon
1959.
Interest rate is not to exceed 4%,
payable M-N.
Dated May 1, 1941.
Rate of interest to be in a multiple of 34 of 1% and must
Principal and interest payable at the
Central Hanover Bank & Trust Co., New York.
Registerable as to prin¬
cipal only.
The bonds will be awarded to the bidder offering to take them
at the lowest rate of interest, at not less than par and accrued interest.
As between bidders naming the same rate of interest, the amount of premium
Will determine the award.
No bid for less than all of the bonds will be
be the
for all of the bonds.
same
The purchaser will be furnished with the opinion of Reed,
Hoyt, Washburn & Clay of New York, to the effect that the bonds are
legally binding obligations of the county, and that the county is
authorized and required by law to levy upon all taxable property of the
county such ad valorem taxes as may be necessary to pay the bonds and
the interest thereon, without limitation as to rate or amount.
Enclose a
certified check for 2 % of the amount of bonds bid for, payable to the county.
considered.
SOUTH
--
DAKOTA
McINTOSH INDEPENDENT SCHOOL DISTRICT
(P.O.Mcintosh)
S. Dak.—BOND OFFERING—Both sealed and auction bids will be
received
by J. E. Meredith, District Clerk, until April 25, at 8 p. m., for the purchase
of $75,000 refunding bonds.
Interest rate is not to exceed 434%. payable
J-D. Dated June 1,1941. Due Dec. 1, as follows: $3,000 in 1941, $5,000 in
1942 to 1954 and $7,000 in 1955. All of said bonds maturing after Dec. 1,
1946, to be redeemable at the option of the district at par and accrued
interest on said date and on any interest payment date thereafter. Bidder to
name the rate of interest.
Principal and interest payable at any suitable
bank or trust company designated by the successful bidder.
All bids must
be unconditional and no bid for less than par and accrued interest can be
considered. The district will furnish the executed bonds and the legal opinion
of Fletcher, Dorsey, Barker, Colman & Barber, of Minneapolis, both with¬
out cost to the purchaser.
A certified check for at least $1,500, payable
to the district, is required.
WINNER,
Dak.—BONDS DEFEATED—'The City Auditor states
proposal to issue $195,000 electric
by the voters.
S.
that at the election held on April 8 the
light and power plant bonds was turned down
TENNESSEE
OFFERING
30 by Litton Hickman,
DAVIDSON COUNTY (P. O. Nashville), Tenn.—BOND
—Sealed bids will be received until noon on April
County Judge, for the purchase of a $500,000 issue of rural elementary
school building bonds.
Interest rate is not to exceed 3%, payable M-N.
1941.
Due May 1 as follows: $46,000
1943. $48,000 in 1944, $49,000 in 1945, $50,000 in 1946
1948, $52,000 In 1949, $53,000 in 1950 and $54,000 in
1951.
Rate of interest to be in a multiple of Vx of 1 %, and must be the
same for all of the bonds.
It is provided by Section 1087 of the Code of
1932, enacted by the General Assembly of the State for 1931, that neither
the principal nor the interest of the bonds shall be taxed by the State or
Denom.
Dated May 1,
$1,000.
in 1942, $47,000 in
and 1947, $51,000 in
by any county or municipality thereof.
lowest coupon rate bid and the highest
The bonds will be awarded on the
premium on such lowest rate.
No
and accrued interest will be considered.
All bids
must be upon blank forms which will be furnished by the above County
Judge.
Principal and interest payable at the Chemical Bank & Trust
Co., New York.
The legality of the bonds will be approved by Caldwell &
Raymond of New York, whose favorable opinion will be furnished the pur¬
chaser without charge.
Delivery at such time and place as may be mutua lly
agreed upon by the purchaser and the county. Enclose a certified check
for 2 % of the face value of the bonds..
bid
at
less
than
DECATUR
par
COUNTY
(P.
O.
Decaturville), Tenn.—BONDS AP¬
approved recently the issuance
PROVED—The County Court is said to have
of
$42,000 434 % public building bonds.
JOHNSON CITY, Tenn.—BONDS
SOLD—A syndicate headed by the
Trust Co. of Cincinnati, is said to have pur¬
of 3 34 % refunding bonds. Interest payable M-N.
Dated Mav 1, 1941.
Denom. $1,000. Due May 1, as follows: $15,000 in
1942, $16,000 in 1943, $17,000 in 1944 and 1945, $19,000 in 1946, $20,000
in 1947, $21,000 in 1948 and 1949. $20,000 in 1950. $23,000 in 1951, $24,000
in 1952, $26,000 in 1953 and 1954, $27,000 in 1955, $29,000 in 1956 to
1958, $32,000 in 1959 and 1960, $33,000 in 1961, $36,000 in 1962 and 1963,
$37,000 in 1964, $39,000 in 1965, $40,000 in 1966 and 1967, $41,000 in
1968, $36,000 in 1969 and $23,000 in 1970. Prin. and int. payable at the
Chemical Bank & Trust Co., New York. Legality approved by Chapman &
Cutler, of Chicago.
Provident Savings Bank &
chased an $804,000 issue
KNOX
COUNTY
O. Knoxville), Tenn.—BOND OFFERING—
10 a. m. on April 28, by S. O. Houston,
purchase of the following coupon bonds aggregating
(P.
Sealed bids will be received until
County Judge, for the
$175,000:
$100,000 county highway equipment bonds.
Due on April 1, 1961. A
$5,000 certified check, payable to the County Trustee, must
accompany this bid.
40,000 John Tarleton Institute bonds.
Due on April 1 as follows:
$2,000 in 1943 to 1960. and $4,000 in 1961.
A $2,000 certified
check, payable to the County Trustee, must accompany this bid.
35,000 county home for dependent colored children bonds.
Due on
April 1 as follows: $2,000 in 19a4 to 1959, and $3,000 in 1960.
A certified check for $1,750, payable to the County Trustee,
must accompany this bid.
.
Denom.
Oct.
1.
$1,000.
„
„
Dated April 1, 1941.
Interest payable on April and
be sold at par and accrued interest to date of
The bonds will
delivery, at the lowest interest cost to the county after deducting premium,
if any.
The purchaser will bear all expenses of sale, including cost of
printing and attorneys' opinion as to the validity of the bonds.
Delivery
will be made in Knoxville.
KNOXVILLE, Tenn.—BOND OFFERING—Sealed bids will be received
30, by W. W. Mynatt. City Manager, for the pur¬
general obligation bonds aggregating $375,000:
inclusive.
Other bids
C.—BOND
S.
on
chase of the following
"^NEWPORT.
Halsey. Stuart & Co., Inc
m.
a.
until 10 a. m. on April
ISLAND
CENTRAL FALLS, R. I.—BONDS SOLD—John Nuveen & Co. of
Chicago and Bond, Judge <fc Co. of Boston, jointly, purchased $300,000
3% refunding bonds, due $30,000 annually on April 1 from 1952 to 1961,
York,
11
Denom. $1,000.
MERCER SCHOOL DISTRICT (P. O. Mercer), Pa .—BOND OFFER¬
ING—Theodore
Spartanburg),
$163,000 refunding bonds.
Due on May 1 as follows: $10,000 in 1948 to
1950. $13,000 in 1951, and $15,000 in 1952 to 1959.
200,000 hospital improvement bonds.
Due on May 1 as follows: $10,000
in 1948 and 194J, $15,000, 1950 to 1953, and $20,000 in 1954 to
152. p. 2277—were
Other bids:
Bidder—
w
O.
County Board, for the purchase of the follow¬
bonds aggregating $363,000:
Pa.—BOND SALE—The
April 15—V.
as 2s, at a price of
basis of about 1.94%.
Dated May 1, 1941 and due May 1 as
$6,000 from 1943 to 1957, incl. and $5,000 from 1958 to 1966,
Blair & Co
(P.
R. H. Ashmore, Clerk of the
a^rded to Johnson & McLean, Inc., of Pittsburgh,
100.65,
COUNTY
OFFERING—Sealed bids will be received until
valid and
ALIQUIPPA, Pa .—BOND ELECTION—An
on
CAROLINA
SOUTH
OREGON
PORTLAND, Ore.—BOND
2593
Rate Bid
134%
100.086
134%
100.059
$200,0a0 public
improvement of
1941
bonds.
Due May
1 as follows:
1947 to 1950, $8,000 in 1951 to
$10,000 in 1959 to 1961.
125,000 Western Avenue Viaduct bonds.
Due May 1 as follows: $3,000
in 1942 to 1944, $4,000 in 1945 to 1951, $5,000 in 1952 to 1957,
$6,000 in 1958 to 1962, and $7,000 in 1963 to 1966.
50,000 National Guard armory bonds.
Due $2,000 from May 1, 1942
$15,000 in 1942 to 1946, $7,000 in
1955, $9,000 in 1956 to 1958, and
to
1966, incl.
Dated May 1,1941.
Bidders are requested to stipulate
the bonds are to bear in multiples of M of 1%.
be named 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 or more issues, and may condition their bid
upon the award to them of all or no part of the bonds bid for.
The bonds
will be awarded to the bidder offering to take them at the lowest rate of
interest at not less than par and accrued interest to date of delivery, unless
a bid for all issues is received which will result in a lower interest cost to the
city over the life of all issues than any combination of bids for separate
issues in which event such bid will be accepted.
No bid for less than par
will be considered.
All bids must be on forms furnished by the city, and
Denom. $1,000.
the rate or rates of interest
Different rates of interest may
The Commercial & Financial
2594
The City Council voted
be obtained from the above City Manager, together with additional
The legality of the bonds will be approved by Thomson,
& Hoffman of New York, whose opinion will be furnished to the
may
profit-sharing agreement in effect for 27 years.
Lewis Cutrer, the city's attorney, and Hugh Q. Buck, employed by the
Council as an attorney several weeks ago, recommended the action.
In their report they found that the profit-sharing agreement does not
meet the requirements of proper public utility regulation; the company
has interpreted the agreement so as to make unwarranted profits; the
company's system of accounting has deprived the city of a proper share
In the profits, and the company's allowable rate of return on its invest¬
ment—7% as an operating profit and 3% for depreciation—is excessive.
The Council indicated it might move to recover $2,000,000 to $3,000,000
which, the attorneys maintain, is due to the city under a proper interpreta¬
tion of the agreement.
No specific plan was adopted, however.
Members
also discussed the possibility of reducing light rates charged by the com¬
a
Wood
purchaser without charge.
will be received
Comptroller, for
$600,000:
Due $12,000 from April 1, 1942 to
MEMPHIS, Tenn.—BOND OFFERING— Sealed bids
(CST) on April 29, by F. T. Tobey, City
the following coupon bonds, aggregating
$300,000 municipal airport
1966, inclusive.
260,000 Improvement
bonds.
Due on April 1 as follows:
in 1957 to 1966.
Donds.
$10,000 in
1942 to 1956, and $11,000
40,000 improvement bonds.
Due on April 1 as
to 1956, and $1,000 in 1957 to 1966.
$2,000 in 1942
follows:
but took no action.
utility company is owned by
sidiary of Electric Bond & Share.
Interest rates will be named by
one-tenth of 1 %. No higher rate of interest
pany,
The
Dated April 1, 1941.
Denom. $1,000.
by bidder in multiples of A or
required to insure a sale at par, and all bonds
each issue shall bear the same rate of interest.
This is to be construed as
shall be chosen than shall be
of
on
REFUGIO COUNTY COMMON
Prin. and int. payable at the City Hall, or at the Chemical
York.
Registerable as to principal only and may
foregoing
The city is considered by the State Banking
Department of New York to fall within the provision of subdivision 5 (d)
Law of New York, as amended. No proposal
blanks are furnished and bidders are required to submit bids in triplicate.
Delivery will be made within approximately 20 days after date of award
of Section 235 of the Banking
INDEPENDENT SCHOOL DISTRICT
(P. O.
Texas—BOND SALE—The $44,000 semi-annual school
sale on April 15—V. 152, p. 2432—were awarded
jointly to Crammer & Co. of Dallas and Rauscher, Pierce & Co. of San
Antonio, according to the Superintendent of Schools.
Dated May 1, 1941.
Due on May 1 in 1942 to 1968.
ROCK
ROUND
Round
by the city in New York or equivalent at the option of bidder, if bidder so
in bid, naming point of delivery.
The bonds on delivery will be
accompanied by a full transcript of the proceedings on the passage of all
ordinances, proceedings of the Board of Commissioners making sale,
Treasurer's receipt for proceeds, signature certificate and the unqualified
approving opinion of Thomson, Wood & Hoffman of New York, without
cost to the purchaser.
In the event that prior to the delivery of the bonds
the income received by private holders from bonds of the same type and
character shall be taxable by the terms of any Federal Income tax law
the successful bidder may, at his election, be relieved of his obligation
under the contract to purchase the bonds and in such case the deposit
accompanying his bid will be returned.
Enclose a certified check for 1% of
the amount of bonds bid for, payable to the city.
Lynchburg), Tenn.—BOND OFFERING—
Lesley, Chairman of the County Court, that he will
receive sealed bids until 2 p. m. on April 25, for the purchase of $5,700
county bonds.
Bids will be received by Roy Copeland, County Clerk.
The bonds will
mature as follows:
$1,000 in 1942 and 1943, $1,200 in 1944 and 1945 and,
$1,300 in 1946.
Issued pursuant to Chapter 136, Private Acts of 1941 of
Tennessee Assembly and a resolution passed by the April term of the
County Quarterly Court. Bidder to name the rate of interest and premium,
if any.
The bonds will not be sold for less than par.
The purchaser will
pay the expense of printing said bonds and legal opinions as to their validity.
It is stated by Frank
Rock),
(P. O. Franklin), Tenn.—BOND SALE—
The $25,000 semi-annual jail bonds offered for sale at public auction on
April 15—V. 152, p. 1794—were awarded jointly to the Hermitage Securi¬
ties Co. of Nashville and the First National Bank of Memphis, as I As,
paying a premium of $102.50, equal to 100.41, a basis of about 1.41%.
Dated April 15, 1941.
Due on April 15 as follows: $3,000 from 1942 to
1945, and in 1947; $5,000 in 1948 and 1949.
SONORA, Texas—BONDS SOLD—The City Manager states that
$175,000 4% semi-ann. light and power plant revenue bonds have been
purchased by the Columbian Securities Corp. of San Antonio, at a price of
102.857, a basis of about 3.73%. Dated March 15, 1941. Denom. $1,000.
Due March 15, as follows:
$4,000 in 1942 and 1946, $5,000 in 1947 and
1948, $6,000 in 1949, $7,000 in 1950, $8,000 in 1951, $9,000 in 1952, S10.000
in 1953, $11,000 in 1954, $12,000 in 1955, $13,000 in 1956, $14,000 in 1957,
$15,000 in 1958, $16,000 in 1959, $17,000 in 1960 and $19,000 w 1961.
These are the bonds authorized at the election held on Jan. 11.
Legality
approved by W. P. Dumas, of Dallas,
SYLVESTER
TEXAS
TARRANT COUNTY
(P. O. Brownwood), Texas—BONDS OFFERED
TO PUBLIC—An issue of $169,000 3 % % road and bridge refunding bonds
of 1941 is being offered by Russ, Roe & Co. of San Antonio for general in¬
vestment.
Denom. $1,000.
Dated April 15, 1941.
Due on April 15
as follows:
$7,000, 1943 to 1945; $8,000, 1946 to 1951, and $10,000 in 1952
1961.
Optional on and after April 15, 1947. Prin.
payable at the office of the State Treasurer in Austin.
proved by Gibson & Gibson of Austin.
to
and int. (A-O 15)
Legality to be ap¬
CAMERON COUNTY WATER CONTROL AND IMPROVEMENT
NO. 6, Texas—CREDITORS TO PRESENT CLAIMS—'The
of the above district are being advised that, by
virtue of an
DISTRICT
creditors
interlocutory decree entered in bankruptcy in
United
States,
Southern District of Texas,
the District Court of the
Brownsville Division, on
10th, they are directed to present their claims to the Guardian
Trust Co. of Houston for payment in accordance with the plan of composi¬
tion of the debts of the district within 30 days, or thereafter, with the
March
clerk of the court for payment in accordance with the decree, or
barred from claiming or asserting any claim or lien against the
be forever
district or
property owners thereof.
O.
Columbus),
equal to 100.339, a basis of about
to 1951, incl.
TEAGUE,
DUBLIN
San Antonio
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
$3,0$)
of Dallas.
EDEN INDEPENDENT SCHOOL DISTRICT
in 1945 and 1946, $4,000
$6,000 in 1950.
follows:
in 1949
water works refunding bonds.
$6,000 in 1952 to 1954 and $7,000 in
32,000 3%
Due on May 15 as follows:
1955 and 1956.
Dated May 15, 1941.
Prin. and int. (M-N) payable
the City Treasurer's office.
Legality approved by Chapman & Cutler
of Chicago.
TENAHA, Texas—BONDS SOLD—The
City Secretary states that the
aggregating $28,500 have been purchased at
Kiigore: $14,500 5% semi-annual revenue
last September, for which all bids were re¬
jected); $14,000 general obligation bonds.
following water works bonds
by Peterson Bros, of
(these are the bonds offered
par
WEST
COLUMBIA,
Texas—BONDS
OFFERED—An
PUBLICLY
$85,000 issue of 3 H% semi-annual water works and sewer revenue bonds
offered by the Ranson-Davidson Co. of San Antonio for general
investment.
Dated April 1, 1941.
Denom. $1,000.
Due April 1 as
follows:
$1,000 in 1943, $2,000 in 1944 to 1951, $3,000 in 19o2 and 1953,
$4,000 in 1954 to 1956, and $5,000 in 1957 to 1966, opttonal on any interest
paying date 15 years from date of issue.
Prin. and int. payable at the
First Capital State Bank, West Columbia.
These bonds, authorized by
a majority of qualified electors on March 22 for the purpose of purchasing,
extending, and improving the heretofore privately owned waterworks and
is being
sewer
system,
constitute a special obligation of the city, payable solely
pledge of net revenues of the city's waterworks and
from and secured by
sanitary sewer system after
deduction of reasonable
operating and mainte¬
inclusive, of the
provided by Articles 1111 to 1118, both
1925.
Legality approved
General and Chapman & Cutler of Chicago.
nance expense as
Revised Civil Statutes of Texas,
by the Attorney
UTAH
OGDEN, Utah—BONDS SOLD— The
$150,000 2 A% semi-annual refunding
First Security Trust Co. of Salt Lake
Deputy City Recorder states that
bonds have been
City.
purchased by the
VIRGINIA
DANVILLE, Va.—BOND OFFERING SCHEDULED—A news dispatch
from this city on April 17 corroborates the report given in these columns on
April 5—V. 152, p. 2278—that bids will be received)by C. A. Coley, City
Auditor and Clerk, until May 1, for the purchase of $250,000 4% semi¬
annual street and public utility extension bonds.
(P. O. Eden), Texas—
BONDS SOLD—A $12,500 issue of building bonds is said to have
purchased recently by Russ, Roe & Co. of San Antonio.
been
GOOSE
CREEK, Texas—BOND SALE DETAILS—The City Manager
states that the $115,000 water and sewer extension bonds sold to the Colum¬
bian Securities Corp. of San Antonio, as reported in V. 152, p. 2432, were
purchased for a premium of $414, equal to 100.36, a net interest cost of
about 3.46% on the bonds divided as follows: $30,000 as 3Ms, due $3,000
WASHINGTON
COULEE, Wash.—BONDS SOLD—The City Clerk states
that $45,000 electric light plant revenue bonds approved by the voters last
December have been purchased by Murphy, Favre & Co. of Spokane.
GRAND
WISCONSIN
to 1951. and $85,000 as 3 As, due $4,000 in 1952 to 1966, and $5,000
These bonds were approved by the voters at the election
1967 to 1971.
on
1942
states
$51,000
•n
$2,034.
1950, and
Dublin),
3J4% semi-annual refunding bonds have been purchased
at par by the Dallas Union Trust Co. of Dallas.
Dated Feb. 1,1941.
Due
in 1942 to 1962; optional after 1947.
Legality approved by W. P. Dumas
held
refunding bonds.
Due on May 15 as
in 1947 and 1948, $5,000
$30,000 2A% water works
and
and the
Due $60,000 on Oct. 10 in
1.44%.
2.36%.
Texas—BONDS SOLD—The President of the Board of Education
in
April 10—V.
1 rust &
Texas—BONDS SOLD—Dewar, Robertson & Pancoast of
purchased on April 8 the following bonds, aggregating $62,000:
Texas—BOND SALE
jail refund¬
ing bonds sold at par to Mahan, Dittmar & Co. of San Antonio, as reported
in V. 152, p. 2431, were purchased as follows: $34,992 as 2,^8, due on
Dec. 1, $2,992 in 1943, $7,000 in 1944 and $5,000 in 1945 to 1949; the re¬
maining $20,000 as 2As, due $5,000 from Dec. 1, 1950 to 1953, giving a
that
Texas—BOND SALE—
bonds offered for sale on
152, p. 2278—were awarded to a syndicate composed of the Harris
Savings Bank of Chicago, R. J. Edwards, Inc., of Oklahoma City,
Dallas Union Trust Co. of Dallas, as I As, paying a premium of
DETAILS—The County Judge states that the $54,992 county
basis of about
(P. O. Syl¬
Bank of Lubbock
DISTRICT
(P. O. Fort Worth),
$600,000 semi-annual road
The
at
BROWN COUNTY
(P.
SCHOOL
Denom. $1,000.
BAIRD, Texas—BONDS SOLD—An issue of $105,000 refunding bonds
said to have been purchased by Callihan & Jackson of Dallas, at par.
COUNTY
INDEPENDENT
vester), Texas—BONDS SOLD—The Lubbock National
is said to have purchased $38,500 refunding bonds.
WILLIAMSON COUNTY
COLORADO
(P. O.
house bonds offered for
states
is
SCHOOL DISTRICT NO. 10
Refugio), Texas—BOND SALE DETAILS—'The County Judge now states
$100,000 construction bonds sold to Mahan, Dittmar & Co. or
San Antonio, as noted in our issue of Jan. 18, were purchased at a price of
100.075, a net interest cost of about 3.16%, on the bonds divided as follows:
$4,000 maturing $2,000 April 10, 1941 and 1942, as 2^s, $42,000 maturing
April 10, $2,000 in 1943, $3,000 in 1944 to 1951, $8,000 in 1952 and 1953, as
3s, and $54,000 maturing April 10, $9,000 in 1954 and 1955, $10,000 in
1956, $12,000 in 1957, and $14,000 in 1958, as 3^s.
that the
Bank & Trust Co., New
MOORE COUNTY (P. O.
about 4.72%.
price of 95.00, a basis of
Nov. 15 in 1941 to 1965.
at a
be discharged from registration and again registered at will.
The
bonds are all general liability serial coupon rxrnds, the full faith and credit
of the city being pledged for the payment of both principal and interest as
they severally become due.
stated by the City Sec¬
bonds offered for sale last
of Houston as 4H&
Dated Nov. 15, 1940. Due
retary tnat the $28,000 sewer system revenue
Nov. 7 were purchased by McClung & Knickerbocker
plus interest to time of delivery, and premium, if any, be bid.
Comparison
of bids will be made by taking the aggregate of interest and deducting
therefrom the premium bid to determine the net interest cost to the city.
The entire three issues will be awarded upon the bid most advantageous
city.
National Power & Light Co., a sub¬
KIRBYVILLE, Texas—BONDS SOLD—It is
prohibiting a split rate on any one issue.
All issues, however, are not
required to bear the same rate of interest. Bidders must bid for all of the
bonds, but shall name a separate interest rate, and premium, if any, for
each of the individual issues.
The bonds will be sold for par, or face value,
to the
unanimously yesterday to service notice to the
the municipality's intention to terminate
Houston Lighting & Power Co. of
information.
until 2:30 p. m.
the purchase of
April 19, 1941
Chronicle
April 8.
GREENVILLE,
(P. O. Green Bay), Wis.—BOND ISSUE CON¬
TEMPLATED—We are informed that the County Board of Supervisors
has authorized the issuance of $225,000 highway bonds.
The date of sale
BROWN
Texas—BOND OFFERING— Sealed
bids will be re-
10„a- m- on APril 29, by the City Clerk, for the purchase of a
17^.000 issue of electric light and power revenue bonds, it is officially stated.
COUNTY
has not as yet
been set but it will be about
the first part of
May, it is under¬
stood.
Due $2,000 Nov.
10,1941, and $2,000 on the 10th day of each month there¬
after up to and including Dec. 10, 1944.
The approving opinion of the
Attorney-General will be furnished.
The city will furnish any evidence
required after purchase by any attorney, but will not condition sale on any
opinion other than that of the Attorney-General.
These are the bonds
authorized at the election held on April 1.
HALL COUNTY CONSOLIDATED ROAD DISTRICT NO. 1 (P.
Memphis),
Texas—MATURITY—The
County
Judge
states
O.
that the
William
$12,000 3 A% semi-annual road improvement series E bonds sold to
N. Edwards & Co. of Fort Worth at par—V. 152, p.
2432—are due $2,000
from Feb. 15,1942 to 1947.
HOUSTON, Texas—CITY WOULD END UTILITY PROFIT PLAN
•—An Associated Press dispatch from the above city on April 15 reported
as
follows:
CANADA
(Dominion of)—TREASURY BILLS SOLD—An issue
$40,000,000 Treasury bills was sold on April 17 at an average cost
CANADA
0.586%.
of
of
'
ST. COLOMB DE
SILLERY (Parish of),
Que.—BOND OFFERING—
will receive sealed bids until 5 p. m.
$201,300 4A% 30-year serial improvement
F. M. Hackett, Secretary-Treasurer,
on
April 21 for the purchase of
bonds.
TORONTO,
FINANCING—An issue of $2,purchased recently by Harrison & Co. of
Ont.—TEMPORARY
535,000 1A% Treasury bills was
Toronto.
Due in three months.
@FedFRASER