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COPYRIGHTED IN 1940 (rmalAM B.
DANA COMPANY, NEW
issued Wee^hMO Oerrts a Copy
V°L 150.
YORK.
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879,
ATTHE POST OFPICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3,
NO. 3904.
NEW YORK, APR1L 20, 1940
THE
BROOKLYN TRUST
BANK
COMPANY
1879.
CHASE
BANK
NATIONAL
OF THE CITY OF NEW
YORK
Chartered 1866
OF
George V. McLaughlin
Maintaining effective cor¬
respondent bank service
President
BROOKLYN
NEW YORK
is
a
traditional
policy of
the Chase National Bank.
Member Federal Deposit Insurance
Corporation
YO R K
Broaden your customer,
with
service
Chase
cor¬
respondent facilities.
Hall gar ten
& Go.
Member Federal
Deposit Insurance
Corporation
Established 195$
BANK
AND
NEW YORK
INSURANCE
London
Chicago
City of
STOCKS
Philadelphia
PUBLIC UTILITY
Bonds
7Jfie
INDUSTRIAL
FIRST BOSTON
RAILROAD
CORPORATION
MUNICIPAL 4
BOSTON
NEW YORK
Moncure Biddle & Co.
CHICAGO
BONDS
SAN FRANCISCO
PHILAEBLPHIA
ANE OTHER
PHILADELPHIA
PRINCIPAL CITIES
AC.ALLYN^COMPANY
INCORPORATED
CHICAGO
Boston
Detroit
Philadelphia
Milwaukee
New York
Omaha
PACIFIC NORTHWEST
The
SECURITIES
New York Trust
Company
Capital Funds. $37,500,000
'DrumMrr, Ehrlirhman
Company
Seattle
Exchange Bldg.
OTIS & CO.
(Incorporated)
Established
New York
IOO
BROADWAY
1899
CLEVELAND
Commonwealth of
Pennsylvania
Turnpike Revenue 3%% Bonds
Chicago
Due August 1,
MADISON AVENUE
R. h. Johnson & Co.
AND 40TH STREET
Members
1968
BOUGHT—SOLD—QUOTED
Yarnall St Co.
Members New York Stock Exchange
New York Stock Exchange
New York Telephone—Whitehall 4-4923
New York Curb Exchange
A. T. & T. Teletype—Phla 22
64 Wall
St.
New York
ONE EAST
1528 Walnut Street,
Philadelphia
PHILADELPHIA
BOSTON
57TH STREET
DeHaOen & Townsend
CarlM.Loeb,Rhoades&Co.
61
Established 187±
BROADWAY
Member
NEW YORK
London
Paris
Amsterdam
Federal
of the
Deposit
Insurance Corporation
NEW YORK
PHILADELPHIA
10 Broad St.
1619 Walnut St.
The Commercial & Financial
Chronicle
II
April 20, 1940
This announcement appears as
of any
a matter of record
only and is not an offering
of these shares for sale by either of the firms named below.
NOT A NEW ISSUE
«
40,000 Shares
Florence Stove
Company
Common Stock
(Without Par Value)
Copies of the prospectus under which the offering
in
•
,
was
made may be obtained
this State from such of the firms
named below
as
might
legally have circulated such prospectus in this State:
Goldman, Sachs & Co.
;
*
Lehman Brothers
April 17,1940
»■
■
l
Dividends
McGraw Electric
Bonbright & Company
Company
Incorporated
Dividend Notice
The Directors of
McGraw Elec¬
tric
announce
Company have declared
the
regular
25c
the removal of their office to
quarterly
share, payable May
per
1940,
to
holders
stock, of $1
of record
80 BROADWAY
dividend
of
1,
common
value per
par
of
share,
April 15.
Judson Large,
Secretary-Treasurer.
BOwling Green 9-6868
New York
THE
April 15. 1940
CELOTEX
CORPORATION
At
THE CANADIAN BANK
Australia and New Zealand
OF COMMERCE
HEAD
OFFICE:
Established 1867
f8,T80,000
6,160,000
.......
Reserve Liability of Proprietors
8,780,000
£23,710,000
raa
and
financial
life
of Canada and is well
■
serve
equipped to
corporations, firms and in¬
dividuals
interested
in
Branches
in
every
important
city and town in Canada and New¬
foundland, also in Portland, Oregon;
San
Francisco; Seattle; Los An¬
geles; London, England; Havana;
Kingston, Jamaica; Bridgetown,
Barbados, and
Port
of
Spain,
Trinidad.
SIR ALFRED
Exchange PI. & Hanover St.
73ordmd
DAVIDSON, K.B.E.,
Common Dividend
General Manager
Head Office:
No#
George Street, SYDNEY
An
The Bank of New South Wales is the oldest and
bank in Australasia.
With
over
900
in all
States
of Australia,
in New
largest
branches
Zealand, Fiji, Papua and New Guinea, and
London, it offers the most complete and efficient
banking service to investors, trade's and travellers
interested in these countries.
LONDON OFFICES:
29 Threadneedla
47
NEW YORK AGENCY
wssmam
Aggregate Assets 30th Sept., 1939. £130,808,611
Canadian
business.
CHARLES G. RHODES,
Secretary.
Paid-Up Capital
Reserve Fund
20,000,000
commercial
the Pre¬
NEW SOUTH WALES
This Bank is in close touch with
the
meeting held April 16, 1940, the
Board of Directors of The
Celotex Cor¬
poration declared the regular
quarterly
dividend of $1.25 per share on
(ESTABLISHED 1817)
$30,000,000
Reserve
a
ferred Stock for the quarter
ending April
30, 1940, payable May 1, 1940, to
Stock¬
holders of record April
26, 1940.
BANK OF
TORONTO
Paid-Up Capital
Dividend, Notice
Foreign
Foreign
Street, E.C.
Berkeley Square, W. 1
Agency Arrangements with Banks throughout
the U. S. A.
interim
dividend of
12i
thirty
cents
(30^) per share has been declared on
the outstanding common stock of this
Company, payable June 1, 1940, to
stockholders of record at the close of
business May 15, 1940. Checks will
be mailed.
The Borden
E.
L.
Company
NOETZEL, Treasurer
CONTENTS
Editorials
The Financial Situation
....
-.2468
-------
The
Wage and Hour Law Has Created Another Bureau¬
cratic Monstrosity
_2482
--------
Let Us Have Fair
Play--—-----
---- -
--------2483
Comment and Review
Week
on
the European Stock Exchanges---2472
Foreign Political and Economic Situation.--
.-.--2473
Foreign Exchange Rates and Comment
2478 & 2519
.2485
Course of the Bond Market
Indications of Business Activity
2485
Week
on
the New York Stock Exchange
2471
Week
on
the New York Curb
2515
Exchange
News
Current Events and Discussions
Banx and Trust
2498
Company Items
.--.-2513
General Corporation and Investment News.--.
Dry Goods Trade
2561
.......2609
State and Municipal Department
2610
Stocks and Bonds'
Foreign Stock Exchange Quotations
2525 & 2527
Bonds Called and Sinking Fund Notices
Dividends Declared-
Auction Sales
New York Curb
—..2521
-
Exchange—Stock Quotations-
♦New York Stock
2528
Exchange—Bond Quotations-2528 & 2538
Exchange—Stock Quotations.
♦New York Curb
2519
2521
—-...
-
New York Stock
-
Exchange—Bond Quotations
Other Exchanges—Stock and
.--2544
2548
Bond Quotations—------2550
Canadian Markets—Stock and Bond Quotations
-2554
Over-the-Counter Securities—Stock & Bond Quotations-2557
Reports
Foreign Bank Statements
'
-
Federal Reserve Bank Statements...
General Corporation
—
L
Course of Bank Clearings
2477
2516
,
-2498 & 2525
and Investment News— ———2561
Commodities
The Commercial Markets and the
Crops
Breadstuff s
*
Attention
-------
2599
2602
Cotton
*
2606
directed to the new column incorporated in our tables
on New York Stock Exchange and New York Curb Exchange bond quota¬
tions pertaining to bank eligibility and rating.
Published Every
is
Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York City, N. Y.
Herbert D. Seibert. Chairman of the Board and Editor; William Dana Seibert,
President and Treasurer; William D. Biggs. Business Manager.
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone State 0618).
LondonEdwards & Smith, I Drapers' Gardens, London, B.C.
Copyright 1940 by William B. Dana Company.
Entered as second-class matter
June 23,1879, at the post office at New York. N. Y., under the Act of March 3,1879.
Subscriptions in United States and Possessions, $18.00
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South and Central America, Spain, Mexico and
Cuba, $21.50 per year, $11.75 for 6 months; Great Britain. Continental Europe (except Spain), Asia, Australia and Africa, $23.00 per year,
$12.50 for 6 months.
Transient display advertising matter, 45 cents per agate line.
Contract and card rates on request.
NOTE: On account
of the fluctuations in the rates of exchange, remittances for foreign subscriptions and advertisements must be made in New York funds.
Other offices:
The Financial Situation
ism of the sort
WHILE the the shocking scene across the Atlan¬
watching general public has been engrossed
tic, Congress has been considering, and the House of
Representatives
Thursday by a large majority
of the most
on
vote took affirmative action upon, one
before Congress
important measures that has been
This bill is popularly termed the Walter-
this year.
Logan bill, adopted last year by the Senate (but later
recalled) and
to have had foisted upon us,
all others
costly and utterly useless standing army
a
engaged in making, remaking and de¬
of bureaucrats
not
is
measure
business champs at
In
our
of the
the bit in impatience.
view, therefore, one of the great advantages
measure
question would be its bringing out
in
only by
A
of the
reason
We find ourselves practicing
have, but because it
vigor¬
a
directed
movement
ous
against the trend so pro¬
nounced
toward
in
ernment
than
as
recent
and
more
by
It
been
have
agers
the
that
man¬
more or
securities and the
now
point in favor of the
meas¬
not against it.
The
ure,
precise net effect
public of such
a
the
upon
law stand¬
ing alone, superimposed,
it would
titude
vague
be,
of
decade behind
numberless
and
deed not easy to
visualize,
standing
the
in
great
Having
we
placed
such
a
probably find in
unavoidable
deed,
—
we are
tamely to
a
before been
even
the ghost and submit
that matter in many other countries.
and such
powers
a
A vast
of the past
the
statute
as
this
are
ours,
hardly
com-
vesting
courage
to
out into the open
and
off the statute
vote them
The
book.
Walter-Logan
bill may represent
a
sort
of under-cover attack from
the
rear
upon
New
the
Deal, but it represents
attack
is
more
than
probable that
with
would at
not
an
nonetheless, and it
success
this
some
attack
later date,
greatly distant, oblige
these over-timid represen¬
long ago—repeal
extraordinary
and redraft many
real hope
eight
or
of
the
people
to
directly by proceeding to do what ought
more
restricted
six
meas¬
but who have not
political
come
the
to have been done
ures
of the
many
powers
in
of the
meas¬
bureaucrats
others to give them definite and
meaning.
This latter is,
of
course,
our
of salvation.
although, of
A
Deal
Great
Involved
it is precisely this situation which makes its
course,
enactment
imperative
absolutism
as
as a
long
protection against bureau¬
as
we
proceed with the
totalitarianism of the New Deal. It is not
that
army
extraordinary but ill-defined
patable in this work-a-day world of
cratic
never
and for
never
many
tatives
dreamed of in this country,
of bureaus vested with
ap¬
years,
unless, in¬
up
sum¬
ap¬
ures
are
bureaucracy the like of which has
meas¬
have
proved,
We could add little and we would subtract
fight
of
portion
that this
Congress is that of
and
prove,
nothing from this moderate but very impres¬
sive statement of the case.
willing to give
may
legislators who do not
men.
on
in
mon
define,
which we
responsibility is to act only
It
instances
has been able to
ure
Economic Club of Chicago.
the
general direction
same
inconsiderable
the support
to
business
effort
it probably is true, that no
dustry is not a thing apart from the American
people, but our common source of livelihood.
When we help American industry we help
ourselves, and when we hurt it, we hurt our¬
selves.—Edward R. Stettinius, Jr., to the
short time that further
and different steps in
be true, in some
...
That
the statute book,
should
tion is necessary.
which there have
as
of that
against which such protec¬
so
facts, with full realization that American in¬
period of time.
law upon
another
plain
but destruction of the f orces
a
try,
itself.
these
any
one
we
When the effort to
cessation
a
responsibility of the public to indus¬
it is a responsibility of the public to
measure
alone
surroundings for
a
with
have
alone
envisage
in
practical
that what is needed is not
Moreover, it goes deeper than that, it is not
but it is likewise difficult
to
one
using them when we undertake
through laws, the relationships
operate, is in¬
now
is
very
provide protection becomes
changed relationships there
have arisen certain impressive responsibilities
of the public to industry.
I have already in¬
dicated that it is the responsibility of indus¬
try to provide factual information.
Our prin¬
cipal responsibility, as the public, is to take
those facts and to exercise good judgment in
bu¬
"administrations,"
the like
us
will
and real world in which
insupportable, it is
of these
Out
offices,
agencies,
reaus,
Not
of bank credit.
the Walter-
smoothly and effec¬
live.
fested in law.
statutes under which
almost
use
obvi¬
an
provides
tively in this
'
changes in the fundamental re¬
lationships of industry to the public as mani¬
as
but
sweeping
work
as
bill
Logan
been marked
the mul¬
upon
mechanism
assumed
has
ex¬
such
ously desirable protective
consciously, but nevertheless realistically, it
has undoubtedly diminished some of the in¬
centives which formerly stimulated industry
to progressive
effort.
For example, by in¬
creased taxation of profits and of income it
has made it less attractive, for those who are
financially able to do so, to undertake the risk
of new enterprise.
I think it is clear that the
is|a
but that
Government
The
urgent
in
that such
manner
responsibility of caring for the aged and
the unemployed.
It has regulated the
assembly
of
capital for
new
enterprises
through the issuance of new securities and
has restricted the buyers and sellers of these
less unrestricted
operation,
responsibil¬
economic
the
would
governmental agencies
in
the philosophy
assume
for
of the
many
mitigating
conditions.
saying,
measure
"hamstring"
be,
may
New Deal
many
gov¬
rather
men
by law.
years
more
should
the
reshaping the
situation
isting
ills.
For in¬
stance, in one great field of economic life,
namely in agriculture, it has undertaken to
direct, in considerable detail, the step by step
processes of production and of marketing,
and to regulate the prices of agricultural
products. Government has experimented also
with the direct regulation of industrial con¬
duct, of prices and of competition, and
through legislation relating to wages and
hours has established as a public policy that
people shall be employed only under certain
for
ity
would
need of
Responsibility to Ourselves
that government
effect its enaction into law
plainly represents
clear relief
in
significant
while
fending rules, issuing and defending orders,
their utmost to defeat it.
The
and to
totalitarianist, cumbersome and ineffective,
passed by the House after a long
now
struggle, in which the New Deal forces did
and bitter
we seem
properly restricted to prevent arbitrary absolutism,
would soon become a weariness of the flesh to the
we
should learn
improbable
by experience that totalitarian¬
It
more
seems
to us,
in fine, that there is a great deal
involved in this controversy
"administrative
The economic
law"
than
planners,
or
is
of what is termed
commonly realized.
better termed the tctali-
Volume
The Commercial & Financial Chronicle
ISO
tarianists, vigorously assert that the "modern"
ernmental agency
gov-
is established for the most part to
absolutism,
very
idea if balance.
2469
much urged at present, rejects this
It must be insisted, however, quite
"get things done," that it must "get things done"
apart from constitutional considerations, that the
if it is to function
idea of checks and balances is inseparable from a
planned, that if under such a
as
regime business is not to be placed in
jacket"
a
"strait-
of interminable arguments and hear-
woven
ings about "rights" government must be given
free hand.
From their
vantage point there is much
weight in this contention.
trol, to direct, to
the solar
cessful
If government is to conalmost everything except
manage
system, then of
dispatch.
it must act with
course
It must emulate the qualities of the sueThis is the only feasible
practical executive.
for
program
a
the
totalitarian
however, also the
enslavement.
It is,
government.
of absolutism, tyranny, and
way
There are,
mistake to think it an obsolete idea of the
a
17th and 18th centuries.
It is
a
mistake to think
it something belonging only to a past era of small
simple things.
more
and
the
groups
more
their
The more complex a society, the
and more numerous and complex the relations
and associations of which it is made up,
complicated becomes the task of adjusting
conflicting
clashing activities.
and.
overlapping
interests
and
Hence the more need of a sys-
tern of balance as contrasted with offhand
adjust-
ments for the time being which usually take the
by which the objectives of the totalitarian gov-
ods
meth-
form of giving in to the more insistent and unrea-
ernment
in
even
be attained
can
in
judgment,
our
no
effectively and efficiently—
ernment and new demands upon Federal adminis-
tration involved in the shifting from agriculture to
theory—except those which by their
liberty and economic freedom.
There
either the totalitarians
among
the traditional American
or
few
are very
the defenders of
system of government who
given to facing this fact squarely, probably few
are
who
fully appreciate its force, although here and
there
soi-disant liberal raises his voice in sup-
some
port of something very near totalitarianism, pure
and
undefiled, citing the alleged need of "modern"
society
off
strike
to
the
shackles
this connection
the
a
special committee
American
"outworn
of
-v/f.v.''
dogma" about liberty and the like,
In
from the report of
passage
administrative law of the
on
Bar Association
made
1938
at the
vention of the Association in Cleveland is
note.
"It must be
"that
administration
and,
recognized,"
likely for
very
will
indeed
it
were
of
administration,
restriction
our
and
action,
administration,
American
teenth
in
and
tional
of
the
and
involved
in
or
the
safeguarding
the
checks
law
common
polity.
is such
upon
an
What the
adjustment
jurisdiction and practices and de-
terminations to the
as
will
of individuals and
preserve
the guaranteed rights
yet permit of effective securing of
public and social interests.
There is need of balance
between the central government and the
tween
States, be-
departments of government with competing
overlapping claims
or
spheres of action, between
government and individual, and between classes and
groups
with divergent interests.
with its ideal and function of
has and from its ideal will
from
one
side.
one
have,
a
tendency to act
An administrative agency
likely to have been set
interest of
Administration,
getting things done,
up
side which controls
of the executive for the time
is not
un-
to get things done in the
being.
or
has the favor
Administrative
economic
and
business transcending geographical lines, give rise
to more rather than less need of
checks upon the
central authority to safeguard local needs in so vast
a
domain
as
the United States, in which changes
have come and are going on at such varying rates,
and
body of
authoritative precepts and standards governing all
human action. The political order is not outside of
the legal order and above it. It is the political side
of the legal order, or the legal order seen from its
In the American polity administration is under
a
part of the legal order, and so under the
The antithesis is the proposition re-
political side.
Russia
only
one rule of law; that there are no laws—only administrative ordinances and orders. The ideal of administrative absolutism is a highly centralized
administration set up under complete control of the
executive for the time being, relieved of judicial review and making its own rules. This sort of regime
is urged today by those who deny that there is such
a thing as law (in the sense in which lawyers under¬
stand the term) and maintain that this lawyer's
illusion will disappear in the society of the future,
cently maintained by the jurists of Soviet
that in the socialist state there is no law but
"In the current literature of administrative
law
of the
expert advisers of commissions, to get complete uncontrolled law-making, judging, and enforcing, as
well as directing, authority, stands out. No doubt
the ambition of commissioners, or at least
the most efficient executive is an autocrat,
"Arguments are made today that administrative
general law, and of the doctrines
general law to the exigencies of effective ad-
ministration,
industry, from country to city, and from
local self-sufficiency to economic unification
doc-
of law and the constitu-
American
profession must insist
of the
in
distribution of powers which is
our
of administrative
on
preserving
in
supremacy
separation
fundamental
prevailed
as
nevertheless,
interests
balances
trine
ad-
between
No such reactionary position is
insisting,
individual
jealousy of
or
polity in the last half of the nine-
century.
taken
idle, if
for any such
argue
such
large
increasing
come,
adjustment
ill
or
a
It would be
reasonable, to
ministrative
worthy of
inevitably play
time to
some
con-
the committee,
says
role in American Government.
law
The increased tasks of the central gov-
sonable.
very
endanger, if they do not destroy, individual
nature
or
well-ordered society in the English-speaking world,
It is
boards
and
commissions make laws instead
of
merely applying standards enacted by the legislature.
Hence it is inferred that this legislative func-
tion is or should be beyond inquiry by the courts as
In the same spirit, a recent writer,
objecting to the tendency of some commissions and
boards to adhere to their past determination, says:
'Does not this technical lawyerman's approach kill
the spirit of administrative law?' This is on the
theory apparently that administrative law means
simply the administrative process, and that that
process should go on wholly without what had
always been regarded as law. The author objects
to its exercise.
to
an
administrative
court
manned
by lawyers,
Such a tribunal, he thinks, would introduce lawyer's
The Commercial & Financial Chronicle
2470
instead of
law
acteristics
which
law
a
of
such
law,
without the
is
administrative
as
1
should be."
We have here
some
content
are
Gold continues to pour into the
•
analysis of
apparently
1940
avoid
to
any
modifying action, at this time,
law
*
excellent
an
authorities
char-
April 20,
United States, and
this is the principal factor making for the ever higher
of the
In the weekly period ended
problems which have arisen, or rather have become
totals of unused credit.
acute, as a result of the vast extension in recent
April 17, monetary gold stocks of the United States
of the
years
scope
of what is termed administrative
law, and of the tendency more and more to call upon
executive
the
well
as
have
branch
clear and
a
of
Government to
the
More than
to administer law.
as
modern
what
by
erable
carefully provided.
has
Jaw"
It
(for which, read
a
large,
very
consid-
increasing,
even
polity, but that would naturally not
our
wise.
course
a
;
It may
be
that
the
growth of so-called natural monopolies and the general
integration and mechanization of industry
quire
We
are
for
a
ism
from that
liberties may
some
be preserved by
proposed
ago.
more
such law
as
i§
growth of bureaucracy, but if that is effec-
likely to be found that the
very
bureaucracy is unable to function
as contemplated.
polity of the New Deal is simply incompatible
with the system of individual and economic
liberty
The
which
have
we
always professed
unshakeable
As to the so-called
Walter-Logan bill, it doubtless
imperfect, but it ought to become law.
urgent need of it.
newer
were
to be demolished.
best
if
it
absolutism
the
with
It
with
the
We have
even
would, however,
serve us
adminis-
up
hand and to
destroy
other, and ultimately persuaded us to
rapid increase
one
root.
of credit
now
were
increase
mark,
have moved
the
in
the
about
the
another
over
Soaring
over
reserves
as
the
of
$6,050,000,000,
weekly period of $100,000,000.
Other than to note the
little to say
excess
estimated officially at
for the
phenomenal total, there is
about it that has
$5,000,000,000
not
already been said
and
$4,000,000,000
amounts, when they
of such
were passed. The potentialities
figures for wild inflation are indisputable, and
actual
cours^ of credit demand requires careful
observation.
on
It
can
be contended with
some
justifica-
the other hand, that there is little practical
difference, for the time being, in
of
$3,000,000,000
or
Discounts
are
by the
regional banks increased $370,000 to $2,463,000.
Business Failures in March
1
I 'HE
1
excess reserve
$6,000,000,000.
failure record for March, compiled by Dun &
Bradstreet, while considerably better than that
for the corresponding month of 1939, does not
favorably with February.
There
were
corn-
about
fewer failures last month than in March, 1939,
figures which emphasize the tremen-
$6,000,000,000
April 17
$2,466,720,000.
reported at
but about
resources
dous amount of idle funds available.
tion,
$11,427,000 to $384,229,000, and a gain of other
deposits by $17,250,000 to $377,569,000,
The
reserve ratio remained at 88.0%.
There were no
changes during the statement week in holdings of
pare
United States, excess reserves of member banks
legal requirehients
an
increase of member bank reserve deposits by $182,-;
664,000 to $12,757,391,000; a decline of the Treasury
general account balance by $77,939,000 to $512,521,000; an increase of foreign bank deposits by
Die?
of those round
the
with the account variations consisting of
attention the
our
eral Reserve Bank Statement
e
an
up
Industrial advances receded $23,000 to $9,852,000,
destroy such absolutism at its
over
in the statement week, raisingdheir holdings of such.,
instruments to $16,288,976,000. Other cash of the
12 banks increased slightly, and total reserves moved
while commitments to make such advances increased
$15,000 to $8,805,000.
absurdity of attempting to set
it
1
collateral fell $10,000,000 to $479,000,000.
The Treasury in Washington deposited $127,902,000 gold certificates with the Federal Reserve banks
agencies in Washington
brought forcefully to
trative
IN
April 17 by $21,000,000 to $1,691,000,000. Loans by
same banks to brokers and dealers on security
the
if the
We should need it
larger number of the
litter
New York City weekly reporting member
progress.
banks advanced their business loans in the week to
United States Treasury securities, which again
fealty.
is
in
elemental
in the presence of the existing
even
tively done it is
to
to
On
modest
institutions increased $133,402^000 to $14,031,710,-
century
a
of these changes
Our
morbid
tended
suggests such administrative absolut-
none
practiced, by the New Deal.
now
which
counteract the advance of idle credit resources.
proposed, and at this moment largely
moment
that
$7,536,000,000,
to
$131,122,000 to $16,686,178,000. Federal Reserve
notes in actual circulation increased 7,690,000 to
$4,931,115,000.
Total deposits with the regional
prevailing half
certain, however, that
as
re- *
conception of good government somewhat
a
different
Currency in circulation advanced
$27,000,000
the demand side, it can be noted that a
govern-
a
and the funds rapidly were chalked up in member
bank deposits.
increase of business credit outstandings appears to be
be true
may
less than $108,000,000, raising the total
eco-
"administration"
as
no
to another record of $18,631,000,000. The Treasury
balance with the 12 Federal Reserve banks decreased,
pro-
and
rather than by law) will for
men
such
prove
known
become
period play
in
role
industrial
our
doubly imperative that such
"administrative
or
in
developments
tection be most
ment
accus-
safeguards against bureaucratic absolutism,
nomic life make it
that
we
convincing exposition of the truth
that, far from indicating a relaxation of the
tomed
make
that,
increased
Our
15%
more
than in February of this
year.
While in all but two of the past ten years March failures
have exceeded the month preceding, the average
increase for the decade has
1.5%.
only amounted to about
Last month's failure numbered
1,197,
in-
volving current liabilities of $11,681,000, compared
with 1,042,
involving $13,472,000, in February, and
1,322, involving $19,002,000, in March last
year,
Of the different divisions of industry into which
the
figures
division had
vious.
are
segregated,
more
only the
construction
insolvencies than the
The sharpest reduction
was
year
pre-
in the manufac-
turing division, where failures dropped 19% to 216.
involving $4,336,000 liabilities, from 267, involving
$8,264,000,
in
March,
1939.
Wholesale
failures
dropped to 123 with $1,340,000 liabilities, from 143
with $2,273,000 last
year.
In the retail division,
levels
740 firms failed for $4,585,000, compared with 792
credit
for $6,081,000 a year ago.
Commercial service in-
Volume
The Commercial & Financial Chronicle
150
2471
.
solvencies numbered 55 with $752,000
liabilities, in
were
In
on
the
construction
there
group
56 with
On
63 disasters
were
having $668,000 total liabilities
as
compared with
$1,232,000 in March, 1939.
a
was
not uni-
formly downward; in five of the 12 Federal Reserve
districts there
were
while in the other
casualties than
more
seven
there
wTere
fairly active at times, with wheat up in the pit
the expectation that Allied buying might have to
a
"free"
a
Gold poured into the United States in
heavy stream.
high levels
new
stocks touched
creased.
and
others, New York showed an espe¬
Curb
a year
previous.
On
apprehension of spreading warfare and the involve¬
ment of further neutral nations in the
conflict.
great European
Contributing to the uncertainty and anxi¬
all neutral
Europe, but also the complications in the
that any involvement of Holland would
The sobering realization spread through
ety were not only the alarums in virtually
-States of
Far
East
occasion.
the markets that
ese
public statements by leading Japan¬
and United States officials
might lead to discon¬
certing developments in the relations of the two coun¬
already
which
tries,
European
seemed closer to the United States
war
than at any
time since its inception, and our markets
subdued.
wrere
The
seriously strained.
are
There
flurries
occasional
were
shares;
were
Exchange
re¬
1%.
495,370 shares;
on
the sales on
Monday, 1,259,540
Tuesday, 1,505,760 shares; on Wednes¬
on
on
Thursday, 1,205,350 shares,
Friday, 1,154,990 shares.
on
On
low levels.
new
Stock Exchange
day, 902,110 shares;
and
139
On the New York
the New Yrork Stock
on
the New York
Saturday
STOCK trading in the New York market wide
modestly affected, this week, by the world was
stocks
while
year
Exchange 112 stocks touched new high level
mained unchanged at
The New York Stock Market
the
for
low levels.
new
77 stocks touched
Call loans
cially large decrease, with only 399 failures last month
compared with 473
Stock Exchange 146
On the New York
touched
ton, Cleveland, Atlanta, Minneapolis and San Fran¬
cisco districts were the ones in which the number in¬
Of the
erratic
inclined toward
still
sterling
movements.
year ago,
The Bos-
fewer.
Foreign exchange trading was slow,
be increased.
with
geographical basis the trend
Commodity markets
with the trend of equities..
comparison with 64, involving $1,152,000, last year,
the New
Saturday
shares;
were
on
York
Curb
Exchange the sales on
109,965 shares;
Monday, 326,300
on
Tuesday, 338,600 shares;
264,025 shares;
Wednesday,
on
Thursday, 324,365 shares, and
on
on
Friday, 243,265 shares.
Greater
stocks
vigor
reflected in the movement of
was
Saturday of last week
on
aircraft and
as
shipbuilding issues furnished the stimulus
to
alter the
perienced
of
course
necessary
equity values which had
ex¬
setback the better part of the week.
a
Trading got off to
slow start and prices ruled
a
mixed until the second
hour, when securities in the
in
aircraft and
aircraft, steel and other stocks in the so-called "war
these issues seldom
baby" classification.
But
retained their
The general trend
gains.
even
slightly lower levels, with
off 2 to 3
some
was
toward
prominent stocks
points from prices prevalent late last week.
Turnover
the New York Stock Exchange
on
between the 1,000,000
all sessions.
Only
fail to reach the
ranged
and 1,500,000 figures in nearly
on
Wednesday did the turnover
1,000,000-share mark.
shipbuilding industry took the initia¬
tive and
to the
rose
year's best peak, with irregular
improvement being noted among other groups.
Allied
campaign in
took
mans
precedence
all other
over
companies associated with
market's
sizable
activity
may
of
turnover
The extent of the
war.
be gleaned from the day's
1,259,540 shares
greatly from the preceding week.
The political cam¬
paign progressed with the all-important third-term
issue still
that
ure
obscure and undecided.
It is significant
Congress finally passed the Walter-Logan meas¬
for curbing
set up
the
in recent
recognized
Roosevelt
and
numerous
years
administrative agencies
by the New Deal, and this
was
satisfactory set-back for President
a
as
his
incident failed to
political
provoke
henchmen.
Even this
enthusiasm in the
any
mar¬
kets, however, since foreign affairs far overshadowed
all domestic
826,270 shares the Friday before.
stocks
developments.
In the listed bond market the effects of the Euro¬
improved
wrere
group
as
which could
observers
were
only be justified by default, which most
now
other neutral
hold
probable.
serviced, also fell sharply.
Australian issues were
especially weak in the belligerent group, owing to the
fear
of
untoward
developments
American bonds, on
7
«*
close to
general.
in the Far
East.
the other hand, were maintained
'
previous levels, although small declines were
United
States
Treasury
securities
modest fractions and best rated corporate
tended lower.
The long list
issues also
ened
irregularly higher.
corporate group
drifted slightly lower, in line
gains and the
The complexity of
an
Tuesday by reports of a possible invasion
on
of Rumania
on
With
the
Netherlands
latter
of
threat
by the Soviets and pressure to be
the
erted
country
Indies would set the
Dutch
to
enter
involved,
the
ex¬
conflict.
the
rumored
Japanese occupation of the Dutch East
spark of
a
world-wide confla¬
Realizing the full import of such eventu¬
gration.
and
sources
developed. Liquidation from
uncertainty
general
followed
early strea8th in war sto(*s; MtJ midda-T sellinS
,
became
pressure
from
then
on
Rumania.
an
established
receded.
due to
nervous,
more
Oil
fact, and
stocks
were
prices
especially
exacting rules laid down by
In the final hour
more
pressure was ap¬
plied and the session closed with equities
as
much
two
points lower in the worst setback of the
month.
Sales turnover also showed greater expan¬
as
sion.
as
A better tone entered
stocks
ance,
took
on
an
trading
on
Wednesday
irregularly improved
appear¬
due in part to stimulating news on the domes¬
tic front.
was
the
this
already desperate European situation was height¬
lost
of speculative bonds in
in
five points, but
as
in the final hour whittled down these
list closed
Belgian, Italian and
European bonds, which have been fully
much
subsequent profit-taking of a professional nature
alities market reaction
drastically apparent. Dollar
bonds of Norway and Denmark plunged day by day
to ever lower levels, and already have attained figures
incidents
pean
Interest in
spontaneous; and values
was
Business reports did not vary
compared
as
with
little in the domestic situation to influ¬
was
the market trend.
Mon¬
news on
day, and interest was again focused on equities of
war
There
ence
The
Scandinavia against the Ger¬
A
read in
brighter future for American industry
corporate reports coming to hand, and
2472
The Commercial & Financial Chronicle
steel shares
pointed higher during the day.
larity featured the opening, with
joying strength
tone
Irregu-
stocks
en-
result of the expansion of the
as a
in Scandinavia.
war area
paper
By the first hour
better
a
felt, but proved short-lived until around
was
closing time, when stocks ended the session in
in
new
jitters
Thursday,
on
fears of aggression
near
the
manded
attention;from the start of business and
Aviation and
Other securi-
irregularly im-
proved position
up
cut
to the close, when
sharply
shares, in particular,
possibility of
a
a
broad
values.
adversely affected
on
the
closed
last
After
a
steady
open-
the
stocks,
copper
Anaconda
yesterday at 30% against 30%
Copper
Friday of
on
week; American Smelting & Refining at 50%
against 53, and Phelps Dodge at 37% against 38%.
In
aviation
the
Curtiss-Wright
group,
yesterday at 10% against 10%
Boeing Airplane at
week;
25
closed
Friday of last
on
against
26%,
and
Douglas Aircraft at 89% against 87%.
invasion of the Dutch East
an
outside Power.
Refining at 23% against 22.
Among
wave
Rubber
curtailment in the supply of this
product, through
Indies by an
were
into
week; Shell Union Oil at 12% against 12 bid, and
Atlantic
com-
peak since 1937.
of
liquidation
stocks
paper
hesitant fashion to
a
against %.
Motors at 13/16
yesterday at 40% against 42% on Friday of last
as
trading.
at their best
54%; Chrysler at 86%
Among the oil stocks, Standard Oil of N. J. closed
close of
were
eral Motors at 53% against
against 87%; Packard at 3% against 3%, and Hupp
a
quarters were again resurrected
ties moved in
In the motor group, Auburn Auto closed yester-
day at 1% against 1% on Friday of last week « Gen-
The market suffered
generally stronger position.
from the
April 20, 1940
industrial
and
Trade
indicate
reports
small
change, if any, in the business situation within the
ing weakness developed in all sections of the list
United States.
yesterday,
ing today were estimated by American Iron and
which
persisted
until
the
final
hour,
Steel and other market leaders sustained losses of
one
to
three
points, but
fractional pressure.
shipping stocks
declines.
The
average
time last year.
the close which eased earlier
the week ended
closing level of prices this Friday
nitely lower level.
one
on
week ago show
a
as
defi-
yesterday at 37% against
Friday of last week; Consolidated Edison
Electric at
31% against 31%; Columbia Gas &
6% against 6%; Public Service of N.
J.
at
41% against 43; International Harvester at 56%
against 56%; Sears, Roebuck & Co. at 85% against
86%; Montgomery Ward & Co. at 50% against
52%; Woolworth at 40% ex-div. against 40%, and
American Tel. & Tel. at
172% against 172%.
Western Union closed
23%
on
yesterday at 22% against
Friday of last week; Allied Chemical &
Dye at 176 against 179%; E. I. du Pont de Nemours
at
186
against 187%; National Cash Register at
13% against 14%; National Dairy Products at 17%
against 17%; National Biscuit at 24% against 24;
Texas Gulf
Sulphur at 34% against 35%; Loft, Inc.,
at 34%
against 37%; Continental Can at 46%
against 48%; Eastman Kodak at 155% against
156%; Standard Brands
at 7 against 7%;
WestingMfg. at 111% against 114; Canada
Dry at 20% against 21%; Schenley Distillers at
13% against 13%, and National Distillers at 25%
house Elec.
&
the
rubber
group,
Goodyear Tire & Rubber
closed
yesterday at 21% against 22% on Friday of
last week; B. F. Goodrich at
17% against 18%, and
United States Rubber at 33
against 35%.
Railroad shares
son
were
further depressed this week,
Santa Fe at 22%
against
22%; New York Central
at
16% against 16%; Union Pacific at 95%
against
97; Southern Pacific at 12% against
12%; Southern
Railway at 16 against 16%, and Northern Pacific
8% against 8%.
Steel stocks reflect
loadings of
a
downward revision in values
United States Steel closed
yesteron
Friday of last week;
Crucible Steel at 40
against 39%; Bethlehem Steel
at
78% against 80%, and Youngstown Sheet & Tube
42% against 43%.
Car
year.
freight for the week to April 13
revenue
reported by the Association of American Rail-
were
roads at
week of
618,810
16,113
cars, an
and
cars,
increase
over
the
the previous
over
same
week of 1939
of 71,631 cars.
As indicating the course of the commodity mar-
kets, the May option for wheat in Chicago closed
yesterday at 110%c. against 107%c. the close
Friday of last week.
May
corn
64%c. against 59%c. the close
week.
May oats at Chicago
on
closed yesterday at
Friday of last
on
closed yesterday at
42%c. against 41%c. the close
Friday of last
on
week.
The spot price for cotton here in New York closed
yesterday at 10.87c. against 10.89c. the close
day of last week.
day of last week.
at
Fri-
on
Fri-
Domestic copper closed yesterday
ll%e., the close
don the
on
The spot price for rubber closed
yesterday at 19.87c. against 18.75c. the close
on
Friday of last week.
In Lon-
price of bar silver closed yesterday at 20%
the close
pence per ounce,
on
Friday of last week,
and spot silver in
New York closed yesterday at
Friday of last week.
on
In the matter of
fers
foreign exchanges, cable trans-
London closed yesterday at $3.51% against
on
$3.49% the close
transfers
on
on
Paris
Friday of last week, and cable
closed
against 1.98%c. the close
on
yesterday
at
1.99%c.
Friday of last week.
European*Stock Markets
QLOW and irregular declines in prices
^
rule this week
on
were the
stock exchanges in all the
leading European financial centers.
vailed
everywhere that the
would continue to
day at 60% against 62%
at
for
power
reported by the Edi-
Electric Institute at 2,417,994,000 kwh. against
Pennsylvania RR. closed yesterday at 21% against
on Friday of last week; Atchison
Topeka &
the present week.
was
2,381,456,000 kwh. in the preceding week and 2,170,-
22%
at
Production of electric
April 13
34%c., the close
against 25%.
In
60.9% of capacity against 61.3%
671,000 kwh. in the similar week of last
.
General Electric closed
Co. of N. Y. at
Steel Institute at
operations for the week end-
last week, 62.4% a month ago, and 50.9% at this
A rally took place in steel and
near
compared with Friday
38%
shares met only
Steel
and
more
mind,
was
The fear pre-
European
spread and involve
neutrals.
many
great
more
war
territory
With such dire possibilities in
holders decided to liquidate, and there
little buying interest.
On the London Stock
Exchange the persistent downward drift
was
unin-
terrupted until Thursday, when a small rally de-
veloped.
The budget presentation
now
impends in
Volume
The Commercial & Financial Chronicle
150
London, and gilt-edged stocks
well
son, as
hardest
were
gained
general
as
hit
Foreign securities
London.
at
dull for this rea¬
were
causes.
Paris
The
downward
Europe.
In Amsterdam and Brussels
of involvement of the Low Countries in the great
is
were
extremely hard hit in
some
sessions, owing to
a
which seemed to
press
Italian entrance into the conflict
the
on
flict
ACTING
/"V
last
entirely in accordance with the precedent
established in
February, the British Treasury
Sunday issued
further list of 117 American
a
securities which British holders in the United
dom
lent of
of
ordered "forthwith" to surrender to the
were
London
King¬
Treasury in return for the sterling equiva¬
The first order
closing levels of last week.
this
60
covered
nature
American
stocks,
The newest
prominent and others less widely held.
order includes such
Bethlehem
Central.
leading stocks
as
U. S. Steel,
Steel, Chrysler Motors and New York
Some
stocks
bank
occasion, while
a
Norwegian forces, poorly organized and unequipped
such
are
included
tion thus appears
this
on
Included in the latter is the
Japanese Government loan of 1924.
to be
taking this
a
The
new
selec¬
most catholic one, but the
that security and rejecting
or
others, for the time being, still is far from clear.
would seem,
of the
uance
It
however, that fresh extensions of the
list will 'be made known from time to time.
Contin¬
great war, indeed, might make it ad¬
visable for the British authorities to
visitation, fought the invading Reich
a
troops as best they could in the highly important
southern section of their
ing
requisition all
area
from Trond-
north, at the isolated town of Narvik, the
ish hands.
soon
appeared intent
But almost all
was
entry into the conflict is
weeks, only, since "incidents"
the Swedes in this
if there is
no
a
matter
are
almost
wish to involve
spreading conflict.
Nor is the
Europe considered immune from enforced
participation.
;
With the involvement of
the great war
Norway and Denmark,
between the Anglo-French Allies and
the German Reich
began to take definite shape. The
events of the week
clear
closed, and to
the Stockholm authorities
maintaining their neutrality:
upon
certain to occur, even
of
land¬
competent observers were of the opin¬
ion that Swedish
or
a
line from
ore
placed Narvik in Brit¬
The Swedish border
all intents and purposes
days
displayed and
that terminal port for the
near
rest
the
south, partly by stratagem and partly by force.
Sweden's rich iron mines
of
But the German
country.
forces continued to sweep over
number of bond issues also are to
be found in the list.
basis for
some
un¬
unwillingly last week by the British mining of
British naval supremacy was
Requisitioned
come
Norway, which was drawn into the con¬
Far to the
More Securities
war,
territorial waters and the swift German invasion.
heim
German side.
the
fortunate
Italian markets
depressing influence.
campaign in the controlled
presage
in
seriously to grips this week in the territory of
for
most
a
GERMANYgreat Britain, as the chief belligerents
and European
began to
a
sharp and persistent decline developed, for the dan¬
war
really extensive liquida¬
any
holdings.
War in Scandinavia
listless, and small reces¬
were
the rule.
were
elsewhere in
witnessed
course
Dealings at Berlin
ger
tion of British
Bourse
but in other sessions took the same general
sions
largely preparatory to
monetary stimulation, Tuesday, from re¬
a
ports of the Anglo-German clashes in northern Nor¬
way,
2473
ending make it additionally
now
that, whatever the pretensions of the main
contenders, their actual aim is simply that of ob¬
taining by fair
foul
means or
military importance in
their
an
advantage of high
own
struggle.
The
surprise element of the German invasion of Norway
off
wore
as
the week
progressed, and the initial im¬
holdings of American securities in order to obtain
pression of
exchange for
placed by reports of heavy fighting in which the
The list
don, by
a
war
now
purchases here.
published
was
accompanied, in Lon¬
brief statement to the effect that the vest¬
ing order will place the securities in the control of
the British
and
It
with
was
Treasury, with
further orders
change of procedure
likely from time to time.
explained, according to London dispatches,
that
the
not
indicate
American
mobilization of American securities does
a
shortage
markets, it
sudden pressure to
was
sell.
is understood to be to
the
no
of
exchange
added, need not fear any
"The Treasury's intention
regulate evenly the sales of
securities, in order to realize the best possible
prices,"
said.
a
dispatch to the New York Herald Tribune
It may
tion in New
be added,
a^nnatter of close observa¬
York, that/there has not yet been
appreciable selling by/official British
60
resources.
stocks
contained
tioned stocks.
British
in
initial
the
No estimates
are
sources,
list
available
holdings of the securities
now
of
as
any
of the
probably is
certain
a
sizable
believed to have
can
one.
bonds.
that the
in
the
measures
not
acquired large amounts of Ameri¬
two
pro¬
requisitioning orders
and the indication that others will
seem
are
follow, it would
thus far taken in London
are
was re¬
disadvantages. The nature
faVors the defenders, as does their
knowledge of the land and the bitter realization
that
they are fighting for their homes and their
It has long been
liberty.
the
realized that British
sea
makes Norway a natural ally of England, and
power
significance of this fact began to appear this
week,
British forces rallied to the aid of the
as
The
Norsemen.
issue
has
been
joined and every
military expert concurs in the view that there can
be
turning back from Norway for either the Ger¬
no
mans or
the British.
The
war
may
spread still fur¬
ther, but Norway almost certainly will remain
a
major bone of contention, merely because of the
strategic location of that unhappy land.
In
military
a
power,
Notwithstanding, the step-by-step
cedure indicated
terrain
the
to total
With the exception of
foreign dollar bonds, British holders
of
requisi¬
bqt in view of the nature of the stocks the total
by the Reich militarists
Germans suffer serious
between
requisitioned,
a coup
that
sense*
the contest
the German air
arm
now
is directly
and the British
sea
and every operation of the war illustrated
fact in
recent
days.
The Norwegian coastal
airports in the southern part of the country are the
principal points of importance, for they
are
rela¬
tively near the British naval bases in Scotland and
might threaten British communications
lanes.
over
the
sea
Every effort accordingly was made by the
British, this week, to ruin the great Norwegian air¬
ports.
strove
The
to
British
military authorities
plainly
prevent the Reich from making full
use
The Commercial & Financial Chronicle
2474
of such
airports, pending a consolidation of the Nor-
the other
There are no established land communica-
Circle.
tions from Narvik south, through Norway, and further developments of military significance in that
wegian defense and British land aid. German forces,
on
April 20, 1940
hand, tried desperately to break the
Berlin
possibly will depend upon Sweden.
Norwegian resistance and prevent any land attack
area
by the British in the vitally important southern
admitted the loss of "several" destroyers at Narvik,
but maintained that the port still was held*by Reich
Both sides claimed important
portion of Norway.
but it is altogether obvious that the battle
successes,
is
On the issue of this
only in its opening phase.
losses were sustained by the British navy at Narvik,
In the far more important southern portion of
struggle for Norway, the larger developments of
.
the
European conflict
may
The claim was made in Berlin that some
forces.
;
Norway the German forces unquestionably extended
well depend.
their sway,
Contest for Norway
tjie
but the defense hardened steadily and
obviously was unable to accomplish the
THROUGH a main of rumors and this week that SOrt of "blitzkreig" successGermanitand Norwegian
which desired. Much
ports, the fog fact stood out misleading refighting between
0f
southern
German
Norway slowly is being ground under the
military heel, while the isolated and rela-
tively unimportant northern area around Narvik is
British
falling
into
emerges
despite
cial
hands.
some gross
circumstance
This
exaggerations in the offi-
reports from both sides.
German spokesmen
maintained, day after day, that their grip
troops took place around Oslo, with the Reich forces
steadily moving farther into Norwegian territory,
a
the
Norwegians had been led to believe the train
carried their
Isolated
own men.
Norwegian
groups
0f coordination told heavily against the defenders,
of
the
Reich
on
country is just around the
troops
found
it
corner.
battle
to
necessary
fiercely with the Norwegian defenders. Claims
made
by the Germans of damage to
naval units
near
inclined to translate wishful
been
are
to
GO,000
point
a
square
which
a
miles
were no
less
They announced late
Bergen in Norway.
are
20-mile wide
in the "mined" area, from
London reports claimed
that German communications
from Denmark to
operation.
States
But
Some
strip toward Sweden through
Skagerrak is exempted.
over
the water route
Norway had 'been severed by this
military experts in the United
quickly pointed out that months would be
required for such
operation, and nothing
more
has been heard from London about this mine
Germans would
which doubtless exists in
The British need for
stifle the
of the
war
the
embryo form.
some
victory, in order
growing complaints about the conduct
from the home
claims of
front, possibly contributed
extraordinary mine fields.
more
solid fare became available
end.
A group
over
of German destroyers, said to number
vik, far to the north.
the German
some
But
the last week-
seven, was bottled up in the fjords in and
Wednesday to have
on
on
the Atlantic.
near
Nar-
The initial British attack
on
warships, early last week, cost the Brit-
losses.
Railway
be consolidated
to
over,
to have the upper
endeavored
by the
but the
hand.
hearten
to
wegians by asserting briefly
Monday that
on
ing by Allied troops had been effected.
Brit-
the
a
Nor-
land-
This plainly
related, however, to operations around Narvik.
Thursday it
On
stated officially in London that
was
landings in Norway are continuing and that contact
is being made with Norwegian
holm this
was
operations
interpreted
as
forces.
In Stock-
the start of British
Trondheim, but the reports from
near
the Swedish capital have not yet been
Every propagandists effort
induce
to
mans
with results, if
man
were
was
to
all
the
enemy
were
Several
reported sunk, and the
renewed periodically that the Ger-
troops
reports.
to the effect that
a
damage
luxury liner Bremen had
transporting
by
and aerial
made with the greatest abandon by Ger-
battleships
statement
at
by the Norwegians,
that remain to be disclosed,
and British authorities, all this week.
German
man
confirmed,
made by the Ger-
was
surrender
a
any,
Claims of naval
forces
sort bf
seem
authorities
ish
field,
an
reported
were
port of Namsos,
invaders, and the fight is not yet
largest mine field in history had
near
taken the
greatly
laid, from waters contiguous to the Nether-
lands
troops not only extended their sway from
Oslo, but also
communications remain
thinking into their offi-
cial accounts of the conflict.
last week that the
were
The Reich
British
the
Norway that patently
But British authorities
exaggerated.
ish
swept
fought the Germans in scores of places, but the lack
But
to
soldiers
south-
cation"
to
German
bearing
train
troop
through to the Swedish frontier, Wednesday, after
Norway is tightening speedily and that "pacifi-
ern
the
the
a
to
gone
Norway.
Assertions
down
Berlin
in
while
scoffed
Berlin
were
British cruiser had been sunk
large calibre aerial bomb, and other British
warships seriously damaged.
In London it
was
ad-
Returning in strength, under the
leadership of the battleship Warspite, the British
mitted that
sank each and every one of the German destroyers last Saturday, and thereafter proceeded to
ish aerial squadrons repeatedly attacked the Nor-
navy
land
ore
troops
In
port.
30 miles north of the
Norwegian
joint land and sea attack, assisted
some
a
by Norwegian defenders, the British forced
the Ger-
land forces to retreat from
Narvik.
Although
German official statements still
claimed possession
of the port on
a
British cruiesr had suffered damage,
but the ship made port yesterday, it
was
said.
wegian airplane field at Stavanger, which
Brit-
now
is
in German hands, as that airport probably is the
most serviceable for any German aerial operations
against the British fleet and its bases.
At dawn
man
Thursday, neutral
ents
sent
eye-witness accounts
British hold
said to be
on
and
as
believed to
tinue
the
to
on
correspond-
that day of the
The German invaders
retreating slowly, fan wise from
not
the naval
Narvik.
press
the
were
town,
original landing force of the Germans
have exceeded
is
1,500 to 2,000 men,
strength of England doubtless will conprevail at this station near the Arctic
on
Wednesday several British warships appeared
off Stavanger and shelled the airport for
more
than
hour. Vessels of this attacking squadron were
said to have been attacked by German bombing airan
planes
as
they hastened to return to British ports,
London admitted the loss of a submarine, but declared that
a score
keen sunk.
Both side claimed heavy losses to
of German troop transports had
aircraft, and admitted occasionally that
their
own
airplanes
had
failed
to
a
return.
enemy
few of
Bad
The Commercial At Financial Chronicle
Volume ISO
weather
the
prevailed most of the week and added to
confusion, but
flict
will
the weather improves the con¬
as
deepen and broaden, and the slaughter
capitals and from Berlin, that
Netherlands and
view
of
invasion of the
an
Belgium could not long be avoided.
Both sides claimed that
the fell step
will mount.
2475
their enemies would take
of invading the small neutrals, and in
the callous
disregard of Norwegian
Western Front
neu¬
trality by both Great Britain and Germany, such
WAR on the Western Front inweek, when con¬
relatively minor matter this Europe was a
statements
trasted to the conflict
tary precautions, in obvious fear of military meas¬
trol of
in progress
for the
con¬
There
were
Norway and its strategic bases.
raids
occasional
Allied
have for their
the conflict of
that Reich troops were
sources
less increased
concertrating
The military activity doubt¬
somewhat, but the very fact of the
Nerwegian incident convinced most neutral military
observers
that
tween the
Ger¬
possibly is another matter.
the week-end that
over
a
railway station in the Reich had been bombed by
British
fliers, and retaliation
was
threatened. Brit¬
spokesmen denied that their forces had bombed
the German station.
that
Thereafter the Reich declared
British attacks
on
Norwegian points might
the way for general and ruthless bohibing.
open
But it is evident that the
inclined to risk
death
great belligerents are not
which
moves
might bring
pellets from the skies
upon
their
over
tories, however indifferent they
a
rain of
terri¬
own.
be to attacks
may
Preparations
were
pushed in all the great bellig¬
States for fresh efforts in the
conscripts
were
war.
British
called steadily to the colors, and
principal purpose the involvement in
Japan and the United States, rather
the countries
basis of the
war
The global
actually at issue.
calculations
plainly played
im¬
an
portant part in the reactions at The Hague and
Brussels to the
break
of
situation
new
warfare
real
on
produced by the out¬
Norwegian soil.
Italy remains the principal uncertain factor in
the
neutral
phalanx of Europe, but the opinions
entertained
veiled
by
Premier
Mussolini
Benito
were
by varying tendencies in the well controlled
Italian press.
ing Italians
During much of the week
victories, and
preparation seemed to be in
tion in the great
side.
H.
propagandists
for participa¬
a
this
tendency
was
speech at Sheffield, by
Cross, Minister of Economic Warfare.
Disclaiming
any
quarrel with Italy, Mr. Cross in¬
Italy must behave like a neutral if she
really is neutral.
The belligerent note of the Italian
immediately
press
a
progress
over
manifested, Wednesday, in
Ronald
end¬
conflict by Italy on the German
irritation
British
now
informed by their newspapers of
were
tremendous German
sisted that
the hapless Norwegians.
erent
than
Intensification
Maginot and Limes lines.
authorities claimed
be¬
continue
would
stalemate
the
of aerial warfare
ish
by the great belligerents which might easily
ures
along the frontier between Ger¬
general assault.
a
man
longer can be viewed as mere propa¬
no
Holland and Belgium hastened their mili¬
and France, and a number of reports from
many
for
now
ganda.
belief that there is
was
toned down, leading to the
no reason
for
assuming
an
early
only the service of virtually all available men of
entry into the conflict by Premier Mussolini.
military
German
military mission appeared in Rome, Thurs¬
day, but
an
prevented similar
age
and France.
declared in
Prime Minister Neville Chamberlain
address in
an
the Reich is
"mad
a
other nations
trasted with the
dog" and must be subdued if
whole.
a
Paris,
on
the
German
of
same
Paul
seas
savagery
eral
won
Student
years.
in
demonstrations
various
parts of Italy were reported, however, with the Al¬
con¬
lies the
Reynaud declared in
and have
official statement indicated that this is
merely part of a general program dating back sev¬
the first
The Nazis have lost 25% to 30% of
targets, and announcement was made Wed¬
nesday that the Adriatic port of Bari had been
closed
to
traffic.
mercantile
London
and
appeared to feel little concern about such
Balkan
day, that the Allies have proved
the
A
The
Hitler, rather than Germany
Premier
their supremacy on
great battle.
and safety.
previous efforts of the British Min¬
ister to denounce Herr
as
London, Tuesday, that
to live in peace
are
condemnation
general
in Germany
moves
Paris
moves.
apprehensions about the rapidly widening
sphere of warfare were undisguised, for it is evi¬
the
dent that
even
would vanish if the German and Allied
their
fleet, said the French Premier, who neglected
that
some
obvious
geographical factors and claimed that
contenders felt it
the Germans
already have been cut off from their
Balkans.
area
lip service to neutral rights in
their interest to involve the
to
'
supplies of high-grade Swedish iron
on
Wednesday,
Paul
the
German
In Berlin,
ore.
propaganda expert,
Joseph Goebbels, proclaimed great
of the Reich armed forces in
anticipation of such events.
in all the
successes
Norway, possibly in
The propaganda mills
belligerent countries were far
more
active
than the Western Front.
sources, was
navia
pean
ity
noted this week in all the Euro¬
countries which still manage to preserve their
neutral status.
was
The most intense
diplomatic activ¬
in progress throughout the Balkans, while
in the Low Countries and in
tions
were
rushed for any
Switzerland prepara¬
eventuality.
It was
re¬
ported with great persistency, both from the Allied
of
oil
re¬
The possibility of
a
Russian
move
recapture of Bessarabia makes the Ru¬
manian
position doubly difficult, and Bucharest
authorities endeavored to walk
warily.
There
were
reports early in the week that Rumanian oil and
indicated
by the Rumanians that only wheat
exports actually were concerned, owing to
REPERCUSSIONS of conflict between of Scandi¬
in the great the involvement the Allies
were
possessor
the
was
Germany
the
subjected to the most intensive diplo¬
matic pressure.
for
as
grain exports had been prohibited, but it quickly
Remaining European Neutrals
and
Rumania,
situation which
fluence of Nazi
of
more
most
might entail deprivation.
Germany
Rumania, Thursday,
pro-Nazi
previous weeks.
group
be
significant.
a
having been
Yugoslavia took steps to
control all aliens within her borders.
thorities maintained
crop
reflected in liberation
Iron Guard fascists in
members of this
freed in
was
a
The in¬
Moscow
au¬
silence that may or may not
The importance of Russia in the
European situation is hardly to be minimized, but
The Commercial <6 Financial Chronicle
2476
7
Pan-American Day
the rush of events has obscured the reactions of the
Kremlin.
Turkish
have not
strict
for
authorities,
that
reasons
yet been fully disclosed, continued their
diplomatic correctness of last week.
rent Turkish attitude is
The
cur-
vastly at variance with the
April 20, 1940
.
13 EPRESENTATIVES of all the 21 American
l\
re-
publics gathered in Washington, Monday, for
Pan-American
celebration of
the
effort
made to lend the 50th
was
Day, and
every
anniversary of the
pro-Allied sentiihents of the first seven months of
Pan-American Union the importance that organiza-
the
tion
European
war.
unquestionably merits.
as the principal
Foreign Policy in Washington
President Roosevelt,
speaker, dwelt at some length upon
what he called the "American way,
SOME of the new foreign problems occasioned by
European
to the Scanthe extension of the
dinavian countries
war
occupied the Administration in
Washington this week, with results that differ in
important respect from earlier tendencies mani¬
110
fested
by President Roosevelt and his associates.
A blunt condemnation of force and
sion,
military
aggres¬
reflected in the invasion of Denmark and
as
Norway, was announced at the White House last
After praising the two small countries
Saturday.
and
extolling their high civilization, the President
reiterated
force."
Mr.
the
with
States
If
disapprobation felt in
the
respect to the "unlawful
civilization
is to
United
exercise of
survive,, according to
Roosevelt, the rights of the small nations to
independence, to their territorial integrity and to
the
unimpeded
must be
This
opportunity
respected by their
declaration
for
more
brought
self-government
powerful neighbors.
apparent reaction in
no
England and France, but in Germany the official
irritation caused
velt
sent
his
American
The
a
few comments that Mr. Roose¬
condemnation
diplomatic
to
the
address.
wrong
service,
meanwhile,
caught in
are
rni
A
_
or near
•
the latest
l
Three American
t
J
merchant
scene
of hostilities.
•
**
1
ships
neutral
effort
every
and
areas
citizens in
was
the
Germans
made to get them out.
Sweden
were
warned
for possible evacuation.
pare
The
marched
study, it
repeatedly to
tions.
appears,
last
pre¬
honor and good faith.
upon
live in peace
and
un¬
normal rela¬
only of relief
inhabitants, Mr. Roosevelt indicated, late
week, but he added that this huge island plainly
regarded as belonging in the Western Hemi¬
sphere.
Iceland, which
owes
King, hereafter will be
allegiance to the Dan¬
accorded
direct
diplo¬
matic representation
cated
on
Hull.
.
A
,
by Washington, it was indi¬
Tuesday by Secretary of State Cordell
request for direct relations
f
•
-rr
has been
T
caved from Premier Hermann Jonasson of
it
was
added.
sketch
of the
action
is
claims
Mr.
in
the
event
against those countries
German
the
as
are
not
met.
Morgenthau took the step, Tuesday, of fixing
the United States-British
basis
a
of the
matter of
fresh reports
exchange relationship
official British rate
customs
calculations.
American
along
for
were
States, originat¬
fighting
airplanes of the latest models
for
Allies.
account
started
to
path of justice, and of
a
interest between
American
the
velt maintained.
Peace
move
definitely
common
and equal
States, Mr. Roose¬
reigns
now
At
years ago,
he
among us,
added, because fear has been banished and because
the
American
republics
have
in each other's domestic
ences
of
ment
disputes by
renounced
affairs,
other
means
or
interfer¬
the settle¬
than
peaceful
negotiation.
With
Mr.
obvious
reference to
Roosevelt remarked
geej.
a
or(jer jn the
new
tern ational
order
hemisphere.
This
cal outcries
did not
or
the
European
that there
is
Americas, since
7
scene,
need
no
to
in
a new
already has been found in this
was
not won, he said, by hysteri¬
violent movements of
troops.
"We
stamp out nations, capture governments
or
uproot innocent people from the homes they had
doctrines of
were
of
reported in the
the
race
"We did not invent absurd
supremacy or claim
through universal revolution.
order
been
of
not built
was
goodwill.
lives
dictatorship
The inter-American
by hatred and terror.
It has
paved by the endless and effective work of
of
We have built
hundreds
of
by
But
men
foundation for the
a
millions.
these lives
We
have
unified
than words will be
this
more
a common devotion to a moral order."
required to maintain
"cooperative peace," said the President, who
asserted
touches
that
all
"whoever
of us."
We
touches
shall
be
any
one
able to
he added, only if
pared to meet force with f
is made
of
What
directly affects the
Mr.
of
us
keep the
we
are
if the chall
pre-
^
happens jn the 01d World ig
academic
mere
interest,
peace
Roosevelt remarked.
but
powerfully
not
and
and well-being of the new,
It is
for this
reason,
he
said, that procedures have been adopted which will
enable
us
to meet any
eventuality.
Far East
sterling,
There
ing in Germany, but Washington appeared oblivi¬
ous to this
procedure. Heavy purchases of
States
nations
Conference, 50
on
of British seizures and interferences
with mails destined for the United
United
rapid
a
developing system of free and inde¬
P^ace open,
Iceland,
troops remain in Norway and Denmark and Amer¬
ican
plainly related to current
the first Inter-American
the
a
These comments,
re-
Monday that possible
011
being considered
are
path of free peoples to
pendent nations in the Western Hemisphere.
^
Secretary of the Treasury Henry
'Mongenthau Jr. announced
We
secure.
happenings in Europe, were preceded by
must be
ish
which
determined to
are
worthy of free men."
others
some
We
and make that peace
determined to follow the
civilization
"We
mutual relations be built
our
built," he continued.
were
owing to the obvi¬
Greenland presents a problem
its
for
in friendship," said the President.
determined that
are
,
inability of Denmark to continue
ous
and
American
problems of Greenland and Iceland
der continuous
such
in,
more
that way
*
reported in
were
Norwegian waters when Great Britain mined
ap-
peare<j to believe hasare determined to for some on
been in progress continue 50
yearg.
"We
or
en¬
deavored to aid nationals of the United States who
which he
Anglo-French
N
OW
that
the
European conflict rapidly is in¬
volving traditional neutrals,
disconcert¬
some
ing reflections of the great struggle
are
beginning
to appear
in the Far East, and especially in aggres¬
sive Japan.
A new alertness apparently has been
occasioned
Netherlands
in
Tokio
will
be
by
the
drawn
Since Holland holds the vast
possibility that
into
the
the
maelstrom.
islands that stretch
Volume
The Commercial & Financial Chronicle
150
3,000 miles along the Equator in the Indian and
oy
Pacific
the
Oceans, the involvement of that country
might well produce marked changes in the Pacific
This
area.
being, but
problem is hypothetical for the time
public statements already have been
some
issued at Tokio and Washington,
ignored by
of
nance
Hachiro
The Japanese Foreign Minister,
peace.
Arita, adopted the unusual expedient
Monday of reading to foreign
a
which cannot be
observer interested in the mainte¬
any
on
2477
Secretary Hull,
LTnited
on
States
clined to stand
the other hand, indicates that
Government
would
idly by, and the
be
not
sequence
might well involve the United States, in turn.
this
criss-crossing of
purposes
precaution plainly is required, if the fundamental
aim
of
avoiding
that
to war is to be realized
recourse
in the United States.
It is to be
noted, meanwhile,
Japanese authorities have failed utterly to im¬
either the Chinese
the outside world with
correspondents
press
their
puppet-regime in Nanking, headed by the
gate
Chinese
erable
diplomatic significance.
In discreet phrases,
Mr. Arita warned the world that
but be
deeply concerned
ing the status
Japan could not
developments affect¬
over
of the Netherlands East Indies.
quo
Although foreign trade statistics do not quite bear
him
the
of
East Asian
countries
Indies.
Netherlands
Mr. Arita
such
These
Japan
as
comments
by
entirely in line with previous unof-.
were
ficial intimations in the
served
incident
this
Japanese to
Japanese
officially to introduce
might
Adopting the Tokio method of imparting
a
a
highly
Secretary of
statement in
Washing¬
tentions
in
forthright
a
manner.
It
pointed
was
informally in Washington that the points raised
by Foreign Minister Arita
specific
exists
emergency
this
at
answered the
premature, since
are
But
Mr.
Hull
nevertheless
Japanese comments fully, in
clearly designed to impress
ner
no
involving the Netherlands Indies
time.
what
matter
in
the
happens in Europe.
of
status
the
Mr.
the
banks.
rates
Present
any
rates
the
at
of
their
bility,
The
ments
by other
any
than
altera¬
peaceful
of
cause
sta¬
Indies, but in the entire Pacific
Secretary reminded Japan of commit¬
with other
status
countries, undertook to respect
He expressed the hope that the
quo.
fundamental
principles of respect by all nations for
rights of others will be observed, not only in the
Pacific
but in every
area
These
selves.
part of the world.
polite but grim statements and
statements
are
sufficiently
They also
the incidental
serve
to reveal, however,
Europe, owing to the current
invasion
action
area,
of
counter-
interesting in
them¬
some
of
dangers faced in the Low Countries
ramifications.
It
seems
Holland
war
Rate in
and
any
of
move
might
provoke
a
Date
of the
Effect
Date
vious
Effective
Rate
Rate in
Rate
Country
Pre¬
Argentina..
Belgium
Bulgaria
3H
Mar.
1 1936
Holland
3
Aug. 29 1939
2
2
Jan.
5 1940
2H
Hungary...
4
Aug. 29 1935
6
Aug. 15 1935
7
India
3
Nov. 28 1935
4)4
3)4
Canada
2)4
Mar. 11 1935
-mm
Italy
4H
3
Deo. 16 1936
4
Japan
18 1936
Apr.
7 1936
3.65
4
July
18 1933
5
Java
3
Jan.
Lithuania..
6
3
Jan.
1 1936
3)4
Morocco
6)4
July 15 1939
May 28 1935
4
Jan.
2 1937
5
Norway
4)4
4)4
Sept. 22 1939
Dec. 17 1937
Aug. 11 1937
May
5 1938
May 16 1933
...
Colombia
.
.
vakia
Danzig
3.29
...
5)4
Oct.
10 1939
4M
Poland
Eire
3
June 30 1932
3)4
Portugal...
4
England
2
Oct.
3
Rumania
3)4
Denmark
..
Finland
France
Oct.
..
14 1937
1 1935
5
South Africa
...
4
Dec.
3 1934
4)4
Spain
2
Jan.
4 1939
2)4
Sweden
3
Dec.
3)4
Apr.
6 1940
4
Switzerland
1)4
Nov. 26 1936
6
Jan.
4 1937
7
Yugoslavia.
5
Feb.
4)4
Germany
..
Greece
♦
26 1939
6
May
....
Estonia
3)4
*4
Mar. 29 1939
15 1939
1 1935
4
7
4)4
3)4
5
4H
4H
4)4
6
2)4
2
6)4
Not officially confirmed.
Foreign Money Rates
IN bills Friday were 1 1-32%, against for1-32%
LONDON open market discount rates 1 short
on
on
as
Thursday of last week and 1 1-32@1 1-16% for
three-months' bills, as against 1
Thursday of last week.
Friday
was
Money
1-32@1 1-16%
on
call at London
on
on
1%.
Bank of
of such
a
nature necessarily
The result might well be
a
clash
Tokio
Government
with
Berlin.
The
England Statement
THE statement of the Bank circulation at £537,April 17 showed notes in for the week ended
477,000, a decline of £1,941,000 in the week, com¬
pared with the record high, £554,615,983, Dec. 27,
1939, and £485,004,032 a year ago.
As the circula¬
tion decrease was attended by a loss of £60,916 in
gold holdings, reserve rose £1,880,000.
Public de¬
posits increased £5,774,000 while other deposits de¬
clined
£11,813,624. Other deposits consists of
"bankers' accounts" and "other accounts," which
contracted £8,956,892 and £2,856,732, respectively.
The reserve proportion rose to 23.8% from 22.0% a
week ago; a year ago it was 26.7%.
Government se¬
curities
declined
£7,780,000 and other securities
£126,759.
The latter consists of discounts and ad¬
which fell off £596,563, and securities, which
vances,
No change
gained £469,804.
discount
with
rate.
Below
we
was
made in the 2%
show the
various
items
comparisons for previous years:
BANK OF ENGLAND'S COMPARATIVE
SUPPLEMENT
April 17,
April 19,
April 20,
April 21,
April 22,
1940
1939
1938
1937
1936
£
immediate
involving Great Britain and Japan, and the align¬
calculation
are
Apr. 19
vious
Effective
German
greater concern in London than
even
Washington.
ment
centers
Pre¬
Effect
Country
and its many
fairly clear that
by Japan throughout the Netherlands Indies
would be
in
quo
dating back to 1908 under which Japan, in
common
of
would
and security, not only in the region of
peace
Netherlands
area."
the
Indies," he added, "or
status
would be prejudicial to the
processes,
leading
shown in the table which follows:
"Intervention in the domestic affairs of
the Netherlands
tion
or
and other commodities in support of
copra
his view.
the
Indies
countries, said
Hull, who cited the vast exports of rubber, tin,
quinine,
the
many
reason
THEREdiscount noof
have been changes during the week in
of the foreign central
a man¬
Any change
Netherlands
directly affect the interests of
one
Tokio the ad¬
upon
visability of leaving the great Dutch islands alone,
no
the
Foreign Central Etanks
Czechoslo¬
ton, Wednesday, which answers the Japanese con¬
out
The
incline
great European war..
Discount Rates of
Chile
State Cordell Hull issued
easily
should Holland become embroiled for
Apr. 19
declaration to the press,
rene-
Ching-wei.
ventures in the Netherlands Indies,
new
another in the
Eastern affairs.
important
Wang
and they
press,
fresh factor in Far
a
or
Nationalist,
aid, interdependence and close economic
relations"
and
of
course
out, the Japanese Minister made much of the
"mutual
In
and aims the greatest
prepared statement which obviously is of consid¬
press
in¬
of events
£
537,477,000 485,004,032 495,577, 068 464 ,024,031 415,447,768
13,231,108
28,654,000 22,128,735 18,026, 000 25 ,585,596
154,694,489 135,303,201 142,586, 454 130 ,050,209 131,133,637
96,473,161 106,461, 146 91 ,181,522 93,080,518
Bankers' accounts. 114,958,166
38,053,119
Other accounts—
39,736,323 38,830,040 36,125, 308 38 ,868,687
Govt, securities
129,444,068 101,976,164 117,616, ,164 94 ,064,314 93,249,560
30,967,366 29,055 594 28 ,607,932 21,367,436
27,897,700
Other securities
4 ,594,387
8,231 ,988
7,479,056
4,946,946
6,742,265
Disc't & advances13,888,380
Securities
22,950,754
24,225,101 20,823 ,606 24 ,013,645
50 ,669,319
47,453,593
43,680,000 42,174,588 31,644 341
Reserve notes & coin
Coin and bullion
1,157,169 227,178,620 327,221, ,409 314 ,693,350 202,901,361
Circulation
Public deposits
Other deposits
Proportion of reserve
suggests
a
definite temptation by the
to liabilities
Bank rate
German Nazis to invade Holland.
The declaration
Gold val. per fine oz.
23.8%
2%
168s.
26.7%
2%
148s.
6d. 84s.
32.50%
19.70%
32.87%
2%
2%
2%
11 m. 84s. 11 Hd. 84s. llHd.
The Commercial dt Financial Chronicle
2478
Bank of France Statement
issue of
THE Bank's weekly statement dated April 11
showed
circulation of 645,000,000
a
loss in note
francs, which reduced the total record high 157,895,000,000 francs
week
a
Notes in circulation
off
to 157,250,000,000 francs.
aggregated 122,100,-
year ago
French commercial bills discounted
002,480 francs.
fell
ago,
a
francs
140,000,000
balances
and
1940
$100,000,000 discount bills due in 91 days,
and awards
under
April 20,
that
were
level
either at par value or so
make
to
as
Call loans
almost costless.
the
entire
slightly
borrowing
the New York Stock
on
Exchange held to 1% for all transactions, and time
loans
and
again
1%% for maturities to 90 days
were
1%% for four to six months' datings.
abroad
New York
Money Rates
3,000,000 francs, while advances against securities
and creditor current accounts
and
rose
42,000,000 francs
188,000,000 francs, respectively.
gold holdings
The Bank's
total 84,614,317,540 francs,
now
com¬
pared with the pre-revalued holdings of 97,275,013,697 francs Feb. 29
with the statement
942,141 francs
State remained
The
to
(the value of gold
as
of March
a year ago.
7), and with 87,265,-
unchanged at 20,900,000,000 francs.
49.27%, compared with 62.35%
show the
we
previous
revalued
Temporary advances to
proportion of gold to sight liabilities
low
for
was
different items
slightly
rose
Be¬
a year ago.
with
OF FRANCE S
Apr. 13, 1939
Apr. 14, 1938
Francs
Francs
Francs
+ 13,067 84,614,317,540 87,265,942,141 55,806,959,832
—3,000,000
37,000,000
15,530,293
21,791,794
French commercial
discounted.,
—140,000,000 12,167,000,000
8,135,401,684 10,501,703,955
743,670,391
811,051,412
3,732,202,732
—646,000,000 157250000,000 122100,002,480 98,063,241,525
+ 188,000,000 14,485,000,000 17,865,022,859 23,807,601,848
No change 20,900,000,000 20,576,820,960 40,133,974,773
b Bills bought abr'd
Adv. against securs.
Note circulation
cTemp. adv.to State
Propor'n of gold on
hand to sight liab.
a
*70,234,514
3,472,000,000
3,435,926,835
49.27%
+ 42,000,000
Credit current acc'ts
Figures
62.35%
+ 0.13%
45.79%
Includes bills purchased in France,
b Includes bills discounted abroad,
c In
the process of revaluing the Bank's gold under the decree of Nov. 13, 1938, the
three entries
the* Bank's books
on
has
representing temporary advances to the State
that date and from June 30, 1937, valuation had been at the rate of 43 mg. gold 0.9
fine per franc; previous to that time and subsequent to Sept. 26, 1936, the value
was 49 mg. per franc, and before Sept. 26, 1936, there were 65.5
mg. of
gold to
The present value Is 23.34 mg. gold to the franc.
Bank of
Germany Statement
550,000 marks,
a
been
ex¬
change and checks of 87,065,000 marks, in other
as¬
169,193,000 marks, and in other daily matur¬
ing obligations of 26,664,000 marks. ' Gold and bul¬
lion fell off 304,000 marks to
low
for
The
a
total of 77,418,000
proportion of gold to note circulation is
0.66%, compared with 0.98%
we
show the
previous
different
a year ago.
items with
Be¬
Relchsmarks
—304,000
77,418,000
Of which depos.abr'd
Res. In for'n currencyBills of exch. & checks.
-87,065,000
Advances
Investments
+ 11,363,000
Other assets
—169,193,000
Liabilities—
Notes In circulation...
Oth. dally matur. obllg
Other liabilities
Propor. of gold & for'n
Apr. 15, 1939 Apr. 15, 1938
Relchsmarks
70,772,000
11,940,'117,000
70,772,000
20,333,000
5,918,000
5,595,000
7,429,312,000 5,402,679,000
c545,310,000
185,294,000
c40,522,000
34,855,000
152,567,000 1,068,846,000
181,137,000
48,539,000
397,642,000
1,570,867,000 1,334,011,000 1,519,840,000
+0.01%
0.66%
0.98%
"Reserves, in foreign currency" and
"Deposits abroad"
and bullion."
c Figures
as of March
15,
New York
are
1.38%
included In "Gold
1940.
Money Market
were
supply.
unchanged in all departments.
and
commercial
paper
Bank¬
remain in poor
The Treasury sold last Monday
%% for bills running from 1 to 90
days.
Discount Rates of the Federal Reserve Banks
THERE have been
rediscount
no changes this week banks;
in the
rates of the Federal Reserve
on
Government
footnote to the table.
schedule of rates
of paper at
now
obligations
The
are
shown
following is the
in effect for the various classes
the different Reserve banks:
DISCOUNT
RATES OF
FEDERAL RESERVE
BANKS
Rale In
Federal Reserve Bank
Effect
Dale
Boston
1
New York
1
Philadelphia
Richmond..
Atlanta
Chicago
St. Louis
Minneapolis.
2
May 11, 1935
2
2
21, 1937
Aug. 21, 1937
2
Aug
Sept.
Sept.
2
2
2, 1937
:
Sept.
IX
Dallas
IX
IX
Aug. 27, 1937
IX
*1X
*1X
Kansas City
San Francisco
»
Rate
1, 1939
Aug. 27. 1937
Sept. 4. 1937
Sept.
IX
IX
IX
*ix
*1X
*1X
Cleveland
Previous
Established
on
April 19
Aug. 24, 1937
.
-
2
3, 1937
Aug. 31, 1937
2
3. 1937
2
Advances on uovernment obligations bear a rate of
2
1%, eflective Sept. 1,193
Chicago; Sept. 16,1939, Atlanta, Kansas City and Dallas; Sept. 21, 1939, St. Louis
FREE market sterling continues trading perhaps
to display an
irregularly
undertone, with
easy
the
limited than at any time since
the outbreak of
The easier tone and limited
war.
the present
a
further
trading is at
juncture largely due to the uncertainties
of trade
arising from the invasion of Denmark and
Norway
on
April 9.
The ruling prices show im¬
provement from the extreme low of $3.43 for cable
transfers touched
on
April 9.
this week has been between
The range for sterling
$3.47% and $3.55% for
bankers' sight,
compared with
$3.42% and $3.59% last week.
a
range
pared with
a
range
of between
The range for cable
transfers has been between $3.48 and
DEALINGS in extremely York this week, and
the New dull money market
again
were
reported by the
as
running for four months, 9-16% bid and
%% asked; for five and six months, %% bid and
9-16% asked. The bill buying rate of the New York
Relchsmarks
—210,365,000 11,736,550,000 7,785,805,000 5,524,206,000
—26,664,000 1,652,687,000 1,126,394,000 1,221,920,000
c742,804,000
552,367,000
215,636,000
curr. to note clrcul'n
Dealers' rates
,
bills
for
more
10,572,000
a
Sliver and other coin..
bills
Acceptances
STATEMENT
Apr. 15,1940
Relchsmarks
Gold and bullion.._
rates
has
comparisons
Changes
ers'
paper
%@1% for all maturities.
Course of Sterling Exchange
for Week
Assets—
a
are
Federal Reserve Bank of New York for bills
up to
and including 90 days are %% bid and 7-16% asked;
years:
REICHSBANK'S COMPARATIVE
coin
The demand
good but the supply of prime bills has been
a
A decrease also appeared in bills of
now
Rates continued nominal at 1%%
Ruling rates
extremely light.
loss of 210,365,000 marks in the
marks, Ma/ch 30, and 7,785,805,000 marks
marks.
new
money
and 1%% for four to six months'
Bankers'
quarter, compared with the record high, 12,175,551,-
sets of
time
good and the supply of prime
been fair.
in the
of
year ago.
for
moderately active this week.
been
recent advances
THE statement of the Bank for the second 11,736,April showed notes in circulation at quartei
000
.
market
The market for prime commercial paper
maturities.
has been
were wiped out and the unsatisfied balance of such loans was transferred to a new
entry of non-interest-bearing loans to the State,
Revaluation of the Bank's gold (at 27.5 mg. gold 0.9 fine per franc) under the
decree of Nov. 13, 1938, was effected In the statement of Nov. 17, 1938; prior to
the franc.
quiet.
to 90 days
Reserve Bank is
of March 14, 1940.
as
continues
up
The
renewals.
shown very
Apr. 11,1940
Francs
Gold holdings
Credit bals. abroad,
*
and
TRADING in slow thisbankers' The demand has
prime week. acceptances has
COMPARATIVE STATEMENT
Changes
bills
loans
comparisons
for Week
»
was
ruling quotation all through the week for both
years:
BANK
a
DEALING in detailfrom day toloan rates on the
with call day, 1%
the
Stock Exchange
$3.55%,
com¬
of between $3.43 and $3.60
a
week ago.
The official
more
exchange rates fixed by London for the
important currencies
cables,
4.02%-4.03%;
are as
Paris
follows:
checks,
New York
176%-176%,
Volume
The Commercial & Financial Chronicle
150
(2.2883
cents,
Canada,
4.43-4.47; Australia,
Zealand,
buying);
Amsterdam,
3.2280-3.2442.
Italian lire
are
7.53-7.58;
3.2150-3.2280; Nqw
Berlin
London authorities have estimated that the amount
not
affecting the
the attitude taken
Treasury Department
"official"
for
rate
certified to the
sterling
free
by the United States
April 16, when collectors of
on
and others concerned
customs
diminished demand for free
of trade free to be paid for with the lower-priced
is
sterling
was
a
sterling and its consequent decline.
quoted.
principal factor
market
the
rate would result in
unofficially quoted in London around
70.00.
The
2479
instructed that
were
British
pounds
sterling
as
Treasury Department by the Federal
only
was
British exports.
a
small proportion of the total
The leading British exports of the
type subject to the restrictive regulations
ducts
on
which Britain either has
which it controls
or
with
are
pro-
world monopoly
a
other powers
rthrough
an
international cartel.
American importers object to the ruling of the
Reserve Bank of New York is to be used in the collec-
United States Treasury Department
tion of estimated
that it adds substantially to the amount they must
duties, appraisement of merchan-
dise, and the final liquidation of duties wherever the
of
conversion
British
for such
bonds to insure duty payments
on
goods at the time of entry here and will also increase
Similar
purposes.
issued with respect to
were
or
the ground
United
pounds sterling into
States dollars is necessary
instructions
post in cash
on
the final amount demanded
the Canadian
see
as
duty.
The importers
little chance of combating the order until current
dollar, the Newfoundland dollar, and the Australian
shipments begin to be liquidated from six months to
pound, for all of which currencies the Federal Be-
a year from now, unless arrangements can be made
with customs officials to liquidate a special entry on
Bank
serve
rates of
March
of New York had been reporting two
exchange to the Treasury Department since
25.
The announcement
came as a
result of a-conference
April 15 between the Secretaries of State, Treasury
on
and
Agriculture, and the Attorney General.
The
Treasury issued instructions to customs collectors to
disregard the relatively low unofficial closing rate,
which at the time
hovering around $3.50, and
Commenting
that
said
the decision, Secretary Morgen-
on
to the
up
he
present
evidence that the British Government
ately to gain trade advantage by
He
tion.
said that
also
no
has had
no
sought deliber-
currency
deprecia-
importers have
com-
plained of hardships occasioned by the existence of
the two
It
sterling rates.
was
pointed out in
some
quarters that the most
disadvantageous result to the national
sustained
from
availability of sterling at the low unofficial
rate for customs purposes
ble
economy
flooding of the
a
test
case can
be based.
items
the
were
a
few important
subject of the British regulations,
there were many other articles which could have been
purchased with free market sterling, which would in
the aggregate total not much less than the enumerated items derived chiefly from the Colonial posses-,
For instance, certain textiles are representa-
sions.
tive of the type in which Great Britain has long
only the official British rate of $4.02J^.
to use
thau
was
which
It is pointed out that while only
wUxX.' X
would have been the possi-
American markets by British
enjoyed
a
free market because of the superiority
or
the force of demand for the product,
In supporting the regulations
on
pegging of ster-
ling issued on March 9 and effective as of March 25,
Sir John Simon took occasion to say that the House
of Commons would understand that the decline of
sterling in the free market is limited to a very small
proportion of sterling, namely that held by such
foreigners as choose to dispose of it to another
foreigner at the rate current in
a
foreign market.
The
British policy, he said, is to maintain the purchasing
power
of sterling for national needs and in pursuit
goods,
of that policy the Government had arranged that the
Abrogation of the reciprocal trade agreement with
vast bulk of transactions between sterling and other
imports
Britain
Great
rency
which
compete
could result
depreciated
if recognized for customs
tend to encourage
be obtainable at
The
decision
purposes,
cur-
currencies should be conducted in London through
The
the British control at official rates,
would
British imports because they -would
a
lower price in dollars.
was
the official attitude
doubtless largely influenced by
on
the question taken by London,
April 9, explaining the
attitude with
of
if the
should give rise to such excessive imports.
low rate,
On
American
with
British Government's
respect to the fall in the exchange value
sterling in such foreign centers
John Simon,
as
New York, Sir
Chancellor of the Exchequer, said that
he
thought it would be wrong to intervene in support
of
sterling in the free market.
while
At the
same
time,
alive to the fact that each successive decline
in the unofficial rate was a
strong inducement to the
avoidance of the official market rate and to further
depreciation of sterling, the
Government rejected
blocking of foreign assets as running counter to the
liberties and traditions which have made London an
attractive
It
John
was
banking center for foreigners.
pointed out in London at the time of Sir
Simon's remarks
that the
tightening of the
regulations providing that exports of tin,
rubber,
jute and jute manufactures, certain smelted metals
from the Colonies, whiskys and furs must be paid for
in
foreign currencies or sterling obtained at
the fixed
In
some
quarters it is confidently believed that the
British authorities will see the wisdom of maintaining
the harmonious relations with the United States
established by the tripartite monetary agreements
and by the Hull trade agreement by extending the
official London rates for sterling to the major part
of the items which have hitherto been available for
purchase with free market sterling.
As just intimated, certain British textiles enjoy
a
demand in this and other markets regardless of
price. On April 16 the British Government moved
one
step further in its economic warfare by
announc-
ing plans designed to stimulate exports of British
cotton, rayon textiles, and linen goods.
This it is
proposed to accomplish by a drastic curtailment of
domestic consumption.
The productive capacity,
man
power,
and
raw
materials thus freed will be
available for producing more exclusively for export
trade. It is estimated that if the measure is successful British export trade can be expanded approxi-
mately £20,000,000 annually.
The plan was announced in the House of Commons
by Sir Andrew Duncan, President of the Board of
Trade. He stated that the Board was issuing an
*
The Commercial & Financial Chronicle
2480
regulations whichXwill have the
order under defense
of
effect
quantity,
Saturday last, while easy, showed a slight average
well
as
goods to 75% of pre-war
piece
rayon
to
all articles made from such piece
as
Supplies of linen goods will be limited to
goods.
25% of
The American market for
largely confined to luxury products
figures.
pre-war
British textiles is
such
Referring to day-to-day rates sterling exchange on
home retailers of
supplies
restricting
and
cotton
shirtings and linen products. The new United
as
regulation will tend to offset in part
States Treasury
competitive exchange advantage which British
textile
manufacturers have
enjoyed in the free
any
exchange market.
«
amounting to more than £100,000,000 caused con¬
market
displacement of funds in the London money
April 15, the operation was carried out
on
without serious
reflected in open
market
money
against bills was in supply at
rates
was
therefore
rates.
Call
and
disturbance
not
exchange control board
an¬
nounced
on
obtained
by Canada through the United States will
be
16 that henceforth all imports
April
On Monday
$3.49%@$3.55% for bankers'
transfers. On
Tuesday sterling was off in limited trading. Bankers'
sight was $3.48%@$3.51%; cable transfers $3.48%
The
prices.
range was
sight and $3.50@$3.55% for cable
@$3.51%.
Wednesday
On
sterling was further
$3.47%@$3.49% for
The range was
ease.
sight and $3.48@$3.50 for cable transfers.
bankers'
Thursday sterling continued easy in a limited
On
$3.50%@$3.52 for bankers'
The range was
market.
sight and $3.50%@$3.52% for cable transfers.
On
Friday the market was unchanged in all essential
bankers'
1-16%, four-
$3.51%@$3.53%.
were
dull but there was a wider range in
was
The
features.
1%%,an(* six-months bills at 13-16%.
The Canadian foreign
cable transfers
trading
Discount
%% to 1%.
with two- and three-months bills at 1
months bills at
quiet trading. Bankers' sight was
money
unchanged from the past several weeks,
were
exceedingly
$3.51%@$3.52%;
improvement over the previous day in
inclined to
.
Although final payment on the new 3% war loan
siderable
April 20, 1940
range
$3.49%@$3.53%
was
for
sght and $3.50@$3.53% for cable transfers.
Closing quotations on Friday were $3.51% for de¬
mand and
Commercial
$3.51% for cable transfers.
sight bills finished at $3.49%, 60-day bills at $3.48%,
90-day bills at $3.48%, documents for payment at
seven-day
$3.48%/ and
Cotton and grain
paid for in the currency of the country of origin
of in United States dollars, thus enabling
bills
grain
$3.49%.
at
for payment closed at $3.49%.
Continental and Other Foreign Exchange
instead
the Dominion to
American
been
its
use
surplus sterling funds and
United
of
stock
its
save
States
the
surplus fund which the control board has
an
American dollar fund has
been difficult for Canada because
demands
In the last five years this
The exchange control
ing surplus of sterling.
totaled
board's
means
of the
On the other hand, Canada has had a grow¬
it.
upon
$159,000,000.
according to Ottawa advices,
ruling,
new
that Canada will
now
SPOT francswhere depressed moved down York free
are the rate in the New in accord
market,
with the low
continues
attempting to build up.
The accumulation of
has
for
currency
have
a
substantial net
favorable trade balance
average
$60,000,000
tourist
the Dominion has had
of approximately
merchandise and $148,000,000 from
on
trade, but payment
of interest
States investments in Canada has
annual
of
deficit
about
ruling is expected to build
$10,000,000.
up
United
on
changed this to
The
for Canada
a
surplus fund of approximately $40,000,000.
treal funds
showing
are
a
The
follow
dollar
Mon¬
a
discount of 16%% and
of
marked
gold imports and exports which
United States
weekly statement of the
Department of Commerce and
cover
circulation of
is showing extreme
were
are
on
now
on
April 9 when the Germans
are now
at 70 points under spot.
in
areas
no
support in outside markets and
Refined bullion and coin.
__
l_____
Detail of Refined
_____
United
$5,554
____
_______
British India_____
_________
Chiefly
1,118,015
______
$160,053
______
352,134
H_.II
______
4,430,072
Canada,
$156,665
Nicaragua,
$658,013
Gold held under earmark at the Federal Reserve banks
was
was
on
held under earmark for foreign account
as
The rate had been at
4% since Sept. 22, 1932 when it
5%.
was
reduced from
The reduction is without market significance
Reich
outside
the
planned
credit
increased
during the week ended April 10 by $16,142,218.
The latest monthly report of the Department of Commerce showed that
$1,299,463,000 gold
re¬
Mexico,
$272,555 Chile, $244,449 Venezuela, $1,352,731 Philippine Islands.
March 31.
"gold" mark is only
The unit is of interest at this time because of the
Reich's
4,710,078
____
or
nominal rate of 40.20.
April 16 from 4% to 3%%.
1,219,963
Hongkong...
New York the so-called "free"
______
4,328,317
Japan____.
Union of South Africa
level.
quoted in London and in
duction made in the Reichsbank's rediscount rate
$35,022,762
3,432,910
Mexico..
not
occasionally quoted at the
$12,389,020
Kingdom
Canada
*
$5,554
31,980,509
Bullion and Coin Shipments-—
Sweden
are
Exports
_______*$3,042,253
_
Total
own
IMPORTS, APRIL 4-10, INCLUSIVE
Imports
Ore and base bullion
During the past
Europe.
Belgian Government has apparently
German marks
•
points discount, while
the belga is due entirely to the exten¬
war
few weeks the
On April 8
90-day belgas widened from 26 points
Norway and
The pressure on
at 20
has allowed the rate to seek its
GOLD EXPORTS AND
belgas cable
currently quoted
are
quoted 6 points below the basic
April 8 to 45 points
sion of the
as
The weakness in the belga is most
cable rate and
the discount
in the
Par of the belga
apparent in the discount on futures.
30-day belgas
ease
and future belgas
Near the end of March spot
transfers ruled around 17.09 and
16.73%-16.85.
157,250,-
April 4 of 157,895,000,000 francs.
currency
compared with the end of March.
16.95.
a
The current statement of
New York market both for spot
is
essential
compared with the record high in
as
the statement for
Belgian
no
high level indicating
a
France shows
000,000 francs,
given the currency
April 10, 1940.
at
degree of inflation.
Bank of
the
invaded
taken from the
the week ended
Bank of France is
the
The franc
The circulation of
change in the monetary situation.
on
a
13%%.
amounts
are
an
new
firmer undertone and ranged
during the week between
discount of
an
There is
governed by the official rate.
surplus in her current dealings with the United States.
In the last five years
ruling rate for the pound.
steady and firm in London, where it is
and
indicates
economy
that
within
the
and strictly regimented
structure, the central bank's rediscount rate
has lost its role
as
an
instrument for the protection
of the national currency reserves
of
of credit volume.
The
reserves
and the regulation
are
now
practically
Volume
The Commercial <fr Financial Chronicle
ISO
non-existent,
much less than 1% of the
year.
Swiss francs have for weeks been steady and
The Reichsbank's statements and
seem
hardly to reflect the threatening situation in
they
as
circulation.
note
other statements of
Berlin
afford
a
are
financial character coming
basis
no
for
little credence outside of
from
Paris closed
on
In New York
finished
center
at
sight bills
1.99%
on
Friday
16.76% for
at
16.76%
for" cable
16.82%.
Italian lire
transfers
Antwerp belgas
16.82% and
against
closed
at
sight bills and at
banker's
transfers,
the French
on
cable
and
1.99%, against 1.98% and 1.98%.
closed
Bankers'
at
176.50-176.75, against 176.50-176.75 on Friday of
last week.
Europe.
comparison and receive
Germany.
The London check rate
at
2481
5.05 for bankers'
at
sight bills and at 5.05 for cable transfers, against
sight
Amsterdam finished
on
53.09, against 53.08
transfers
at
bills
sight
closed
transfers,
Sweden closed at 23.80
Denmark and
April 8.
for cable
22.43
at
Checks
22.43.
on
(nominal), and at 23.80 for
cable transfers, against
on
and
22.43
against
and
checks
for
Swiss francs
against 52.75.
52.75,
22.43
at
and commercial
53.09, against 53.09;
at
Friday
on
Friday of last week; cable
on
Exchange
23.83 and 23.83.
Norway ceased to be quoted after
Spanish pesetas
nominally quoted at
are
9.50, against 9.50.
—4
Berlin marks
5.05 and 5.05.
York,
is exchange
nor
Exchange
Poland
on
quoted in New
not
are
Czechoslovakia.
or
Bucharest closed at 0.50
on
(nominal),
EXCHANGEsteady. South American countries is
generally on the Argentine
inclined
pesos are
Most of the South American nations
firmness.
Finland closed
Greek
to
exchange closed at 0.66% (nominal), against 0.67
to
(nominal).
favorably situated
against 0.50 (nominal).
Exchange
on
(nominal), against 2.00 (nominal).
1.95
at
v,
enjoying
are
their
a
considerable degree of prosperity due
flourishing trade, and would be still
were
difficulties occasioned
EXCHANGE1914-1918countries neutral during the
on the has displayed extremely
of
war
irregular trends since the invasion of Denmark and
Swedish
Norway.
in New York
effected
been
is not frequently quoted
currency
although occasional transactions have
23.75
around
at
cents
per
it
by the
Argentine unofficial
the
for
not
more
shipping
war.
free market closed at 23.00
or
@23.06, against 22.95@23.00.
Brazilian milreis
quoted at 5.15, against 5.15.
Chilean exchange is
5.17,
quoted at
against
5.17.
are
Peru is nominally
quoted at 17%, against 18.00.
krona.
Norway and Denmark are of course not quoted.
On
April 17 the Foreign Exchange Committee at
New York
through its chairman, R. F. Loree, Viceof the
President
Guaranty Trust Co., issued the
following statement:
"The
that
Norwegian and Danish kroner collections for
payment in the United States the collecting bank
accept dollar deposits at 22.73 cents and 19.32 cents,
(the closing rates of April 8,
respectively
and when the
collecting bank is able to make remit¬
The
in kroner.
tances
appropriate licenses under
Executive Order No. 6560 and
thereto
should, of
course,
regulations pursuant
be obtained in each case."
London advices state that
a
the free
on
April 16 replying to
on
of the
Norwegian gold
reserves,
Exchequer Sir John Simon said:
the latest returns,
"According to
the gold holdings of the national
Denmark
of
banks
Chancellor
and
Norway
around
are
£13,-
000,000 and £18,000,000 or £19,000,000, respectively.
I have
no
information
to the amount of
as
gold held
outside the countries."
Unofficial London advices state that the bulk of
the Danish
in
reserve
London,
not
reserve
to have
to
have been deposited
great part
a
already in the United States is understood
guilders
with
official
a
have
East
apparently due
Amsterdam. However,
respect to spot rates,
support
from
weakness and pressure on the guilder is evident in
steady.
quotations
for
futures.
On
April
8 90-day
guilders were at a severe discount of 32 points under
the basic cable rate, fell to 110 points discount with
the invasion of
and
are
Denmark and Norway on April 9
currently'quoted at 145 points under spot.
are at correspondingly severe dis¬
The shorter terms
counts.
1940
The high for spot
was
53.65 cents.
53.07%-53.10 represent
guilders in New York in
quotations of
The
current
the
lowest spot rates this
of
an
the
Japanese units
are
■.
Closing quotations for
23.46, against 23.46
yen
checks yesterday
Friday of last week.
on
were
Hong¬
kong closed at 21.90, against 21.75; Shanghai at 6.10,
against
61-16;
Manila
at
against
49.80,
49.80;
Singapore at 47%, against 47%; Bombay at 30.30,
against 30.35; and Calcutta at 30.30, against 30.35.
Gold Bullion in European
Banks
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
British statutory rate,
the
in
84s. ll%d.
dates of most recent
per
fine ounce)
of respective
statements, reported to us by
principal European banks
as
special cable yesterday (Friday); comparisons are
shown for the corresponding dates in the previous
four years:
1939
1940
Banks of-
1938
1937
1936
£
242.447,900
*129,968,888
295,815,871
b3,370,350
3,010,000
*585,180
England
France
-
_
c63.667.000
63,667,000
Italy
Netherlands
817,440,000
100,379,000
109,166,000
Nat. Belg_.
dl29,286,000
Switzerland.
Sweden
Denmark
314,693,350
293,720,843
2,521,950
87,323,000
25,232,000
122,160,000
347,628,740
2,447,000
6,505,000
6,555,000
27,844,000
6,542,000
6,667,000
8,222,000
7,442,000
6,602,000
85,805,000
40,339,000
_
87,323,000
42,575,000
76,626,000
103,723,000
83,537,000
25,655,000
6,550,000
23,400,000
89,665,000
33,111,000
.
Norway
696,491,430
Prev. week-
676,237,163
*
327,221,409
87,429,000
101,957,000
Total week-
the
consequence
and
Indian
The
Indies.
Spain
been steady for several
a
as
apparent threats of Japan against the Netherlands
Germany
place of safety.
weakness
of
of the Norwegian
while
been moved to
Holland
weeks
is supposed to
The Java florin has
and the Straits dollar.
question in the House of Commons as to the value
of Danish and
severe
pound, the Hongkong dollar, the Shanghai
undertone
1940),
subject to adjustment with its customer in rate as
Pressure is especially
major European units.
yuan,
Foreign Exchange Committee recommends
on
EXCHANGE on the react to the heaviness in the
strongly inclined to Far Eastern countries is
Pursuant to
75,092,000
42,575,000
59,469,000
96,103,000
48,182,000
23,881,000
6,554,000
6,603,000
862,301,759 1,064,754,202 1,097,360,090 1,077,608,918
867.749,539 1,064,223,816 1,097,864,279 1,080,275,825
the Currency and Bank Notes
statements for March
202,901,361
499,907,307
2,327,250
89,106,000
Act, 1939, the Bank of England
1, 1939 and since have carried the gold holdings of the Bank
of the statement date, Instead of the statutory price
at the market value current as
On the market price basis (168s. per fine
£1,157,169 equivalent, however, to only
ll^d. per fine ounce), according to
our
calculations.'
In
order to
make
current
figure
comparable with former
periods as well as with the figures for other countries in the tabulation, we show
English holdings in the above in statutory pounds.
a Amount held Dec. 31, 1939, latest ngures available,
b Gold holdings of the
Bank of Germany Include "deposits held abroad" and "reserves in foreign cur¬
rencies."
c As of April 30.
1938. latest figure available.
Also first report sub¬
sequent to Aug. 1, 1936.
d Includes foreign exchanges.
The value of gold held by the uank of France was revalued with the statement
of the Bank as of March 7, in accordance with the decree of Feb. 29, 1940, at the
rate of 23.34 mg. gold 0.9 fine equals one franc; prior to the latest revalorization
which
was
formerly the basis of value.
ounce) the BaDk
about
reported holdings of
£5J5,180 at
the statutory rate
(84s.
Chronicle
The Commercial & Financial
2482
April 20,
!he value ot the Bank's gold holdings waa calculated, in accordance with the de¬
cree of Nov. 13, 1938, at 27.5 mg. gold 0-9 One per franc; previously and subse¬
enormously.
valued at 43 mg. gold 0.9 fine per
franc; before then and after Sept. 26, 1936, there were 49 mg. to the franc; prior
to Sept. 26, 1936, 66.5 mg. gold 0.9 fine equaled one franc.
Taking the pound
sterling at the English statutory rate (7.9881 gr. gold ll-12thfine equals £1 sterling),
the sterling equivalent of 349 rancs gold in the Bank of France Is now Just about
£1; at 27.5 mg. gold to the fra >< the rate was about 296 francs to the £1; when there
were 43 mg. gold to the franc the rate was about 190 francs to the £1; when 49 mg.
about 165 francs per £1; when 65.5 mg., about 125 francs equaled £1.
1940
The Carleton Screw
quent to July 23, 1937, gold in the Bank was
The
Wage and Hour Law Has Created
Another Bureaucratic Monstrosity
simple economic idea—that of a floor under
and
wages
a
ceiling
expanded into
Government
idea
Government bureau with the typical
a
the law has
The simple
agency's greed for power.
expanded
was
the normal work-week-^-has
over
in the writing of the law;
even
developed
vast number of discretionary
a
50-hour week. The
hour, so that
figuring time-and-a-half for the last six hours the
week's wage would approximate $40, and the com¬
pany guaranteed to make up the difference to its
employees if the total was less.
The Wage and
for
paying 80 cents an hour
a
cut its base rate to 70 cents an
company
mute on the subject.
It then appeared that the law gave wide discretion
Wage and Hour Division to reach up and
the
to
empted
higher salaried persons. The law ex¬
professional and executive personnel but
did
define
"protect"
not
the
How broadly the
terms.
ministrator wants to define them is indicated
to exempt all persons with an assured
Department of Labor is following the normal line of
a
development of
a
every
Government bureau,
normal
as
development of
kitten into
a
by interpreting
tiger,
a
cat
or a
cub into
border-line
every
case
asking for more
decide
off
to make more inspections and
points, and by jealously trying to
congressional amendment of the law by
substituting its
is the
money
moot
more
This
taken by the Securities and Ex¬
course
same
administrative decisions.
own
Commission, the Federal Communications
change
Commission, the National Labor Relations Board,
and
(with the possible exception of the Civil Aero-
nautics
Authority which is about to be placed under
the Commerce
bureau,
new
Department for its restraint)
commission,
"authority"
and
every
which
the
Trojan Horse
a
of friends in Congress,
group
Wage and Hour Division
likely to have its
seems
way.
It has been in operation
and
half, during which myriads of questions have
a
now
for
over a year
arisen and
major issues regarding its authority have
come
up,
yet
likely
at
session
this
some
important
no
of
session
amendments
At
Congress.
42 bills for amendment
Labor Standards Act"
were
appear
the
of the
last
"Fair
Hour
original law said that it
and
hundreds
the
Yet
Division.
thousands
promptly
(exempt)
are
method
of
exempt
telephone
operators
on
exchanges with less than 500 subscriber stations.
The law
Congress
the
was
long
on
the ground that it would simply protect
economically weakest employees.
Hence it
thought that the original 25-cent minimum
44-hour minimum week
i.e.,
a
guarantee that
were
no one
wage
the meat of the
was
and
law,
would be permitted to
work for less than $11
Division for
apprentices, what
are
proper
averaging overtime when the needs of
weeks.
It
has
to
decide
when
employees
attending lectures are "working" and when they
not; what is the
are
which
processors
be
employer and in what form.
an
has to decide the
"What is
carries
or
cotton textile
in effect
The
certain workers
are
The Division is also
peculiar ideas of its
some
industries
are
engaged in interstate
a
32}^-
trying to put
own as
to what
commerce.
Administrator has indicated the breadth of
the last question by instituting
suits in New York and
bring building employees
Arsenal
the
In
one
in
under
pending
case
Philadelphia to
authority
of the
Fleming
of
vs.
Building Corp. and Spear & Co., Inc., the
Administrator is trying to compel the
agents of a 22-story loft
elevator
men,
the ground
owners
and
building in the garment
district in New York to pay
tenance
on
even
order, the first of which
40-cent minimum and the second
a
cent minimum.
It
perennial and protean question of
industry?"—i.e.,
an
wool
a
are exempt,
It decides what payroll records must
exempt.
kept by
under
"area of production" within
of farm commodities
who, of those engaged in "first processing,"
Division.
originally sold to the public and to
the
plant operation dictate some short weeks and some
two
passed—to
to the
came
and
learners
Division and its friends that
ment
by
discretionary points by
(exempt) seasonal industries, and what is the
yet so successful was the combined resistance of the
trifling amend¬
drawn
was
For example, it has to decide who
his claims to power on
one
effort is
assured of
literally
questions
important
interpretation.
introduced into Congress,
just
an
to leave a minimum of discretion to the Wage and
up
are
With
salary of $150
and by the fact that
month salary.
Friends of the
and also
has been created under the New Deal, y
more,
administrative exemption to persons
$250 per
or,
discretionary point into more power for itself, by
or
being made to induce Colonel Fleming to give
now
an
the
fend
month
Ad¬
by the
of the Barden bill's proposal
total blackout last year
points, and the Wages and Hours Division of the
as
The law is
Hour Division claims this is improper.
Again the inevitable has happened in Washington,
Another
It has now carried a test case to courts.
Products Co. of Minnesota was
back overtime to main¬
operators,
and watchmen,
that they service the garment trades
a week.
It promptly appeared,
however, that the Wage and Hour Division had
grander ideas.
Many employers who were paying
which
well
tion in New York and to the nature of the work and
above
this
minimum
wage,
somewhat in excess of 44
that
hours,
they could conform with the
lowering of their base rate
so
for
a
work-week
naturally*assumed
new
in
interstate
men
and-hour agreement
The
vision is at present
its
wages—well above $11
well above 25 cents
an
hour.
The
a
week and
Wage and Hour
promptly ruled to the contrary, thereby
extending its authority and its enforcement task
Division
although
standing
the
wage-
adjusted to the real estate situa¬
extraordinary nature of these suits stands out
time-and-a-half for work beyond 44 hours
they would
same
a
-vyhen it is considered that the Wage and Hour Di-
still pay
the
commerce,
involved have
the current rates for such work.
law by a slight
that with the mandatory
are
defendants and
docket of
ments
on
Some 250,000 establish¬
employing some 12,000,000 people are supposed
to be under its
are
well-nigh hopelessly behind
complaints.
now
piled
authority.
up
and they
Some 20,000 complaints
are
coming in at the rate
Volume
of
nearly 1,000
them away at
a
the rate of hardly 500
would
but
a
American industry and
in the mood to give it not much
seems
Yet here is the
than half the desired amount.
Division reaching out to upset a
Hour
and
Wage
$10,-
interpretations of this once-simple idea,
Congress
more
It has
month.
need something over
to police
year
enforce its
wage-and-hour agreement
in effect under an
now
interpretation of the law by which, common sense
conclude, practically everything must be
commerce.
If
elevator
men
and
to
seems
interstate
in
watchmen in New York
it
would
that
seem
City
subject to the law
are
single employee in the
every
United States except
those unequivocally exempted
by the law is sufficiently in interstate commerce to
policing and enforcement problem of the
add to the
unable
Division is
the
complaints,
And
Division.
Hour
and
Wage
to keep
even
Administrator
though the
even
up
with incoming
about
talking
is
eventually superceding the present method of hand¬
ling complaints by
all
The
it
system of routine inspections
a
plants not exempted from the law.
reason
why
Andrews,
Elmer
was
original
the
allowed to
go,
of
-..■.W
:
Administrator,
is obscure.
But
be significant that Mr. Andrews's general
may
policy
to avoid moot issues, to refrain from
was
ambitious
low-paid
and to concentrate
and chiseling employers with whom
floor under wages was originally asso¬
now that
Colonel Fleming has been
a
But
made full Administrator
by
a
special Act of Congress,
rapidly
he has indicated his intention of testing as
possible the legal extent to which the authority
as
of the Division
For
example
can
be stretched.
a more or
commodities
farm
case
exempt
has been
applying to handlers
Swift's
Division's lawyers argue that if a
The
operations.
Swift plant
exemption intended to enable
14-week
the
of farm products to meet rush problems,
processors
the
v
less "friendly"
how far the sections of the law
takes
plant must take the exemption all at once and it
cannot
be
staggered
the employees.
among
It is
argued that while those processors who put the
also
meat into the
coolers
are
admittedly exempt, those
The Division's
appeal here is to
exemption
was
common sense—
intended to ease rush opera¬
tions, and that there is no rush in taking the meat
Yet in its attitude
coolers.
out of the
law
on
how the
applies to salaried employees (who get sick leave,
&c.,)
vacations,
building
and
on
how the law applies to
New York and windowPhiladelphia, the Division's argument is
watchmen
washers in
in
not based on common sense
at all.
It is merely
law at this session.
vote
farm
group
may
might retaliate, and the
be- appeased by some mollifying
Division. But if the Wage and
its attempt to reach for
more authority by settling all the border¬
in favor of its own power, it will get its
rulings from the
Hour
more
line
Division persists in
and
cases
desserts if
ambitions.
of
Congress fails to give it the money for its
That is
a
way
Congress sometimes has
curbing ambitious bureaus.
their
than
commendable
strong and sincere desire to preserve the decency
of
economic
and
the
their
of
relations
That desire is
political existence.
innate and is
tion to
all
in
fairness
common
everywhere coupled with determina¬
observance of
secure
the relations
ernment and
the
an
impartial equity in
the sundry
between
agencies of
gov¬
It is
citizenship of the country.
upon
occasion, to mislead and hoodwink
sections of the
public and temporarily to create and
possible,
support conditions of unfairness, but such efforts
are
chiefly perilous to those, by whom they are un¬
dertaken and the
penalties of discovery are inescap¬
able and
Nevertheless, politicians in office,
severe.
especially those of the smallest mental calibre and
the
moral
lowest
immemorial
from
time
accomplishment of public
pur¬
in defense of their own continuance in enjoy¬
poses
of
ment of the emoluments
selfish
other
such
that
have
standards,
sought unfairly to utilize powers con¬
ferred to enable the
office, and to promote
interests, and there can be no doubt
attempts have sometimes proved
to be
only too successful.
Brutal abuse of the powers
ment in order to
communities
few
of taxation and
been in any
method
was
assess¬
compel political support have been
American experience and
in
exceptional
scarcely
boast
can
that
they have
never
degree subjected to such tyranny.
familiar
"Boss" Tweed,
to
Fernando
Wood
The
and
to
evidence of resort to it in Albany
county was adduced less than two years ago by
District
Attorney Dewey, and it has been repeatedly
that
annoying inquiries concerning
sonal income taxes
cisms resented
per¬
frequently the sequal to criti¬
are
by high authorities in Washington.
Nowhere, under any government, is opportunity for
such
oppressive misuse of discretionary power
obvious and extensive
all
the
tribunals,
as
so
now
so
that within the control of
and
numerous
im¬
so
portant, which exercise over individuals and indus¬
tries the almost unlimited powers
of administrative
supervision, like the authority typified by that orig¬
conferred
inally
Commission
in
the
upon
1887,
Commerce
Interstate
and progressively expanded
These regulative agencies,
usually boards or commissions, commonly possess
powers
pertaining to each of the three functional
That is to
departments of government.
the
usually
very
say,
within
wide limits of the delegations which
they have received, they make the laws, they inter¬
they execute the laws.
pret the laws, and
legislate,
they decide,
they
prosecute,
They
and
they
punish.
How then
It is too near election to risk,
of labor which
characteristic
no
possess
more
could
any
a
legalistic reading of the law.
It seems unlikely that Congress will modify the
the
people
or
during ensuing years.
who take it out should not be.
that the
marked
more
intimated
against Swift & Co. on the question of
instituted
of
American
The
groups,
the idea of
ciated.
alleged authority of
on the sweat-shops,
of the
expansions
the Division,
Let Us Have Fair Play
month while the Division is clearing
a
indicated that it
000,000
2483
The Commercial & j financial Chronicle
ISO
railroad, its president
board of directors
as an
ence,
with
principal executive of
or
its chief traffic
or
any
the active chairman of its
officer, to
use
example the typical authority longest in exist¬
responsible to its stockholders and charged
the
successful
administration
of
inter¬
their
ests, ever dare to incur prejudice in the office of the
Interstate Commerce
Commission, by rudely criti¬
cizing any of its officers or members, its activities,
of
its conclusions of fact
or
lation under which it
functions,
sions of
law, the system of
or even any
authority which it might
and to recommend?
see
regu¬
exten¬
fit to desire
"We have to live
with
these
The Commercial & Financial Chronicle
2484
people," is the indicated negative to any such sug-
provocation to
the
whatever
gestion,
Either the Commission
course.
other
has been invariably
any
happy in the selection of its executive subordinates
and immaculate in its own
personnel, as well
uni-
as
formly wise in its policies and incomparably above
criticism
years,
of
to all its
as
methods,
the record of 53
or
substantially devoid of rebuke or opposition
origin,
acknowledged railroad
that the
proves
even
mission, in case of genuine impropriety of that
only when the obnoxious
nature, could be sustained
acts were those of an agency within its jurisdictional control. Complaint that the Georgia subsid-
iary of Commonwealth and Southern had been unduly active against Mr. Camp, and in favor of
Senator George, appears to have been lodged with
the Securities and Exchange Commission by the
in these fields of administrative control,
the results were determined by the official count,
criticism originating with
Forthwith, the Commission sent representatives to
directly concerned is most complete, it does not
Georgia to investigate and received from the Georgia
where
those
immunity from
follow that the
play
public utility corporation, and power in the Com-
candidate rejected at the polls, immediately after
immunity so induced is little less than complete.
Yet,
April 20, 1940
public predilection in favor of fair
always be ignored or defied without
can
pen-
The public's observation may be impaired by
alty.
the pressure
Power Company voluntary and complete access to
all its relevant books and records.
The examining
force remained on the job until wholly satisfied
nec-
that there wras no evidence of any impropriety, and
essarily exert upon those most acutely conscious of
then reported to the Commission that there was
that the inhibiting circumstances
the unfair and
,
the
ever
public becomes enlightened
and
motives, its resentment is
public will
official power
the
to what is in
to be
sure
severe
The fair-minded and wholesome
implacable.
American
as
it perceives unfairness born of im-
once
process,
proper
improper practices, and their dis-
thus be impeded and deferred, but when-
covery may
to
never
coerce
tolerate the misuse of
individuals to refrain from
rightful exercise of the legitimate privileges of
citizenship.
It has
it
recognized and unless and until the
has
sound
been
never
instincts of the
tolerated such abuse when
people
are
stroyed the public conscience will
with less than exact
in all
subdued and denever
be satisfied
impartiality in government and
governmental agencies and activities.
It is
Commission in connection with the
Company,
Southern
subsidiary
of
the
Corporation, of
Exchange
Georgia Power
Commonwealth
which
Mr.
and
Wendell
L.
Willkie, resolute critic and resourceful opponent of
the follies and
excesses
of the New
Deal, is the chief
executive, must be examined and judged.
brief for
no
or
but the facts
invoke
inquiry.
publicity,
and
are
arouse
attention and
The circumstances, at least in their
extraordinary and merit examination
analysis.
orable
We hold
against either side in this situation
already revealed
In 1938, as will be remembered, Hon-
Walter
F.
George,
more
This
Investigation was resumed,
was
upon
a
comprehensive scale partaking largely of the
character of a general "fishing excursion," in the
summer
or
This time, the Federal detectives,
of 1939.
examiners, sought contacts with former corporate
employees who had left its service for
another, also with complainants in
one reason or
affecting
cases
its rates and services, with local politicians, and
with defeated candidates for public office.
investigators considered it
as
These
within their rights
and functions to demand of those whom they questioned information
primaries
of
the
as
to their preferences in the
year
before,
and,
specifically,
whether they had supported Senator George or Mr.
by these time-honored and righteous stand-
ards that the action of the Securities and
absolutely nothing to sustain the charges.
not enough.
Senator of the United
States from the State of
Camp, the Presidential favorite.
Actually, they did
ask those questions, giving to the latter the first
place in their catechism.
Apparently this
tion of the inquest had
result,
it did have
of
was
repose was
year,
no
unsatisfactory, for
resump-
the result that
or
a
second period
followed, in January of the current
by the furor of
a
renewed inquisition extremely
suggestive of the intensity of the dissatisfaction
with the negative results of the past,
If nothing more,
these incidents would go far
towards demonstrating the remarkable reluctance
with which
some
public authorities, charged with
the promotion and protection of purity in the
duct of corporate affairs,
con-
accept proof that such
Georgia, was opposed for
renomination, in the Georgia primaries,' by President
Roosevelt, who appeared personally in that
there is more. As concerns this incident, the Administration of President Roosevelt has had three
State, during the primary contest, and spoke, rather
bitterly and violently, in criticism of the public
been: (1) all public utilities; (2) Senator George,
career
of the
Senatorial candidate and in favor of
his
hand-picked adversary, one Lawrence Camp,
who, not strangely, happened to be the incumbent
of
a
minor Federal
office
functioning within that
State.
Despite the Presidential antipathy and
tivity, opposition to Senator George, a man of
ac-
purity actually exists within their jurisdiction. But
antipathies and
one
agent.
The antipathies have
who would not obey orders to assist in packing the
Supreme Court; and (3) Commonwealth
era,
chiefly in the
person
and South-
of the courageous and
plain-speaking Mr. Willkie, and locally as represented by the Georgia Power Company; the single
lofty
character, distinguished ability, and
an
agent, the Securities and Exchange Commission,
extensive
Resort to the powers of coercion and retribution
record of valuable
public service, was almost ridiculously ineffective at the polls, and his
opponent
was
overwhelmingly defeated by the popular vote,
The
incident
seems
as
remote
as
possible from
anything within the suitable province of the Securities and
Exchange Commission, but there
have been dissatisfaction
sion.
appears to
somewhere at this exclu-
Any scintilla of authority in the premises
would have to rest
upon the manifest
of
participation in such a
impropriety
primary contest by
any
lodged,
or
believed to be lodged, in that Commission
w*as means
row
inevitably attractive to small and
nar-
minds and to those too immature to realize
that all ends do not justify the
tainment.
means
Inevitably, there will be
of their at-
some
who
can-
not be convinced that the apparent temper and persistence of these repetitious and
tigations originated in
any
intensifying inves-
other impulse than that
of demonstrating a claimed authority not to be resisted without penalty. All the responsibile officers
Volume
of the
The Commercial & Financial Chronicle
ISO
corporations involved, including Mr. Willkie,
have comprehensively and
suggestion of wrong-doing, impropriety, or even in¬
Georgia primary in
which the President met with such
Until
tablished the
these
activities
Commission
es¬
public will strongly incline to accept
denials and
newed
ignominious de¬
convincing proof of the contrary is
as
the borders of
look
to
of
the
the repeatedly re¬
upon
Securities
and
Exchange
approaching, if not transgressing,
persecution.
Theodore Roosevelt proclaimed,
and usually fol¬
lowed, the rule of decent fairness embodied in his
maxim: "Don't
flinch, don't foul, hit the line hard."
We believe that neither Mr.
Willkie,
corporations that he directs, has
flinched under the attacks which
meet since
the
early in 1933.
nor any
ever
of the
fouled
or
they have had to
It would be pleasing, in
future, to be able with truth to
say as
much of
Mr. Roosevelt and the subordinates of his Adminis¬
tration, all of whom
are
subject to his direction and
control.
The
Course of the Bond Market
A
reactionary tendency has prevailed in the bond market,
being felt particularly in the high-grade and government
sections.
Medium-grade corporates have averaged at about
the same levels as last week with the exception of rails,
which have lost some ground.
High-grade railroad bond prices have not changed ma¬
terially from last Friday's close but a few have lost ground.
Toward the middle of the week mild strength was in evidence
among medium and speculative rails but later prices weak¬
ened. Delaware & Hudson 4s, 1943, lost 2 points, closing at
56; Baltimore & Ohio stamped 6s, 1948, declined 2
to 66.
MOODY'S BOND
(Based
U.
1940
8.
AU
120
Govt.
higher ground
Interstate Commerce Com¬
plan of reorganization for the road. Harlem
River & Portchester 4s, 1954, advanced 2^ points to 68 H.
As a group defaulted rail bonds have been characterized by
price losses.
.
High-grade utilities recovered from the sinking spell of
last week and a number of issues including Rochester Gas &
Electric 334s, 1969, and Houston Lighting & Power 3^s,
1966, attained former peak levels. Lower grades have been
dull and no particular trend has been discernible, except in
special situations.
New York tractions have been in fair
demand while considerable activity took place in the Puget
Sound Power & Light 434s, 5s and
534? upon announcement
of negotiations for purchase of properties.
Among industrials, steel company obligations registered
fractional mixed changes, and oils have been steady to
higher, with the exception of the Standard of New Jersey
bonds which declined on refunding rumors. Sugar company
bonds, particularly the Manati 4s, 1957, showed strength
and meat packing company issues have been steady to
higher.
Paper company issues moved upward, with par¬
ticular strength being shown in the Internationals ((including
the Southern Kraft 434s, 1946) on talk of refunding. In the
railroad equipment classification, the General Steel Castings
534s, 1949, lost ground toward the week-end, and among
shipping company bonds, the Agwi 5s, 1959, have been
strong, whereas the I. M. M. 6s, 1941, lost a point.
Fear of an extension of warfare in Europe coupled with
complications arising in the Far East affecting the Dutch
East Indies, sent prices for foreign bonds further downward.
It was in particular the Japanese bond group which, after
the recent period of strength, suffered heavy declines which
amounted to as much as 14 points for the 634s, 1954. In the
European list it has been Italians and Norwegian issues
which, continuing under heavy pressure, dropped to new
lows accompanied by a parallel movement in Danish bonds.
Belgian issues offered strong resistance to selling pressure
and ralhed smartly after early weakness.
Australian bonds
continued weak while changes in Canadians has been moder¬
PRICES
departments but losses have been generally frac¬
tional and assumed greater proportions only for Buenos
Aires issues.
Moody's computed bond prices and bond yield averages
given in the following tables:
are
MOODY'S BOND YIELD AVERAGES
(Based on Individua
120 Domestic
All
Aaa
P.
RR.
107.30
88.07
94.33
114.51
118.38
Aa
A
U.
Ind.
Corp
Corporate by Groups
tic
Averages
Baa
119.92
120 Domestic
by Ratings
Domes
Corporate by Groups*
123.56
f
Closing Prices)
120 Domestic Corporate
120
1940
Daily
108.46
from the weakness in
the other
f
by Ratings
Corp.*
Averages
Est suffered
The South American
ate.
tic
Apr. 19— 115.94
the
of
mission's final
Average Yields)
120 Domestic Corporate *
Domes
Bonds
Daily
on
2485
issues of the New Haven reached
announcement
upon
categorically denied every
discretion in connection with the
feat.
Selected
Ind
U.
Baa
RR.
3.54
Apr. 19-.-
2.83
2.99
3.60
4.75
4.34
3.24
Aaa
Aa
P.
3.00
18- 116.15
108.27
123.33
119.69
107.30
87.93
94.17
114.51
118.38
18
3.55
2.84
3.00
3.60
4.70
4.35
3.24
3.06
17- 116.25
108.27
123.56
119.69
107.30
88.07
94.33
114.51
118.38
17
3.55
2.83
3.00
3.60
4.75
4.34
3.24
3.06
10— 116.40
108.27
123.10
119.69
107.30
87.93
94.33
114.30
118.16
16-
3.55
2.85
3.00
3.60
4.76
4.34
3.25
3.07
15-. 116.54
108.46
123.60
119.92
107.30
88.07
94.49
114.51
118.38
15
3.54
2.83
2.99
3.60
4.75
4.33
3.24
13- 116.54
108.40
123.79
107.30
88.07
94.33
114.30
118.60
13
3.54
2.82
3.00
3.60
4.75
4.34
3.25
3.05
12- 116.38
108.27
123.66
119.69
119.69
107.11
87.93
94.33
114.30
118.38
12
3.55
2.83
3.00
3.61
4.76
4.34
3.25
3.06
116.40
108.27
123.79
119.92
107.11
87.93
94.17
114.30
118.00
11
3.65
2.82
2.99
3.61
4.76
4.35
3.25
3.05
10—
3.00
11
—
3.06
108.27
123.56
119.69
107.11
87.93
94.17
114.30
118.38
3.55
2.83
3.00
3.61
4.76
4.35
3.25
9- 116.33
108.46
123.56
119.69
107.11
87.93
94.49
114.30
118.60
9
3.54
2.83
3.00
3.61
4.76
4.33
3.25
8- 117.16
108.85
124.25
120.37
107.49
88.80
94.97
114.93
119.03
8
3.62
2.80
2.97
3.59
4.70
4.30
3.22
3.03
6- 117.17
108.85
124.25
120.14
107.49
88.65
94.97
114.72
119.03
6
3.52
2.80
2.98
3.59
4.71
4.30
3.23
3.03
5- 117.10
108.60
124.25
119.92
107.30
88.51
94.81
114.51
118.81
5
3.53
2.80
2.99
3.60
4.72
4.31
3.24
3.04
4
3.60
4.74
3.24
3.05
10- 110.31
-
4.32
3.05
4- 117.16
108.46
124.25
119.69
107.30
88.22
94.65
114.51
118.60
3.54
2.80
3.00
3- 117.18
108.46
124.02
119.47
107.30
88.22
94.65
114.51
118.38
3
3.54
2.81
3.01
3.60
4.74
4.32
3.24
2- 117.16
108.27
123.79
119.25
107.11
87.93
94.17
114.30
118.38
2
3.55
2.82
3.02
3.61
4.70
4.35
3.25
3.00
118.16
1
2.82
3.02
3.62
4.78
4.36
3.26
3.07
1— 117.06
108.08
123.79
119.25
106.92
87.64
94.01
114.09
Weekly—
-
3.66
3.06
Weekly—
3.08
3.27
Mar. 29.. 116.87
107.88
123.56
119.25
106.92
87.49
113.89
118.38
Mar. 29
2.83
3.02
3.62
4.79
4.37
21- 116.36
107.69
123.66
119.03
106.30
87.49
93.85
113.68
117.94
21
3.58
2.83
3.03
3.65
4.79
4.37
3.28
3.08
15- 110.74
107.49
123.33
118.81
107.17
87.35
93.09
113.68
117.50
15
3.69
2.84
3.04
3.66
4.80
4.38
3.28
3.10
93.85
3.57
3.59
3.06
2.85
3.66
4.81
4.38
3.09
3.31
8- 116.03
107.49
123.10
118.38
93.69
113.07
1- 115.42
107.11
122.63
118.38
105.79
87.07
93.53
112.80
117.07
1
3.01
2.87
3.06
3.68
4.82
4.39
3.32
3.12
Feb. 23.. 115.32
107.30
123.10
118.60
105.79
86.92
93.85
112.66
117.07
Feb. 23
3.60
2.85
3.05
3.68
4.83
4.37
3.38
3.12
107.49
123.33
118.81
105.98
87.07
94.01
112.86
117.60
16
3.59
2.84
3.04
3.67
4.82
4.36
3.32
3.10
118.81
3.60
2.86
16„ 115.48
9- 115.44
106.17
87.21
8
117.72
4.36
3.05
3.70
4.84
4.38
3.34
3.18
2.87
3.06
3.70
4.85
4.38
3.35
3.18
116.43
20
3.64
2.88
3.08
3.70
4.88
4.41
3.35
3.15
116.64
13—
3.63
2.88
3.07
3.69
4.86
4.39
3.35
3.14
110.64
6—
3.62
2.86
3.09
3.69
4.82
4.37
3.34
3.14
3.09
3.71
4.89
4.43
3.36
3.16
105.98
86.92
122.63
118.60
105.41
80.78
93.69
112.45
116.86
106.92
122.63
118.38
105.41
80.64
93.69
112.25
116.86
20- 115.65
106.54
122.40
117.94
105.41
86.21
93.21
112.25
13- 115.96
106.73
122.40
118.10
105.60
86 50
93.53
112.25
6- 116.03
106.92
122.86
117.72
105.00
87.07
93.85
112.45
112.66
3.11
4.83
2.87
3.02
122.86
106.92
94.01
3.33
3.67
3.62
27........
107 30
2- 116.43
JftO. 27- 116.54
9
117.29
2
Jan.
3.04
2.90
3.64
Hlgh 1940 117.18
108.85
124.25
120.37
107.49
88.80
94.97
114.93
119.03
High 1940
Low
106.54
121.94
117.72
105.22
86.07
92.90
112.05
116.21
Low 1940...
3.52
2.80
2.97
3.59
4.70
4.30
3.22
3.03
High 1939 117.72
106.92
122.40
118.60
105.22
87.78
94.33
112.05
116.43
High 1939
4.00
3.34
3.55
4.10
5.20
4.76
3.76
3.64
Low 1939 108.77
100.00
112.45
108.27
98.28
81.09
87.93
104.30
106.54
LOW 1939
3.62
2.88
3.05
3.71
4.77
4.34
3.36
3.15
1 Yr. Ago
Apr.19'39 115.05
102.66
119.03
114.93
100.35
82.27
88.95
109.05
112.25
Apr. 19, 1939—
2 Years Ago—
3.85
3.03
3.22
3.98
5.17
4.69
3.51
3.35
104.85
91.97
66.89
74.21
Apr. 19. 1938—
4.52
3.31
3.73
4.49
6.53
5.83
4.09
3.62
1940 115.25
1
2 Yrs.Ago
Apr.19'38 110.81
•
91.51
113.07
98.45
These prices are computed from average yields oo the basis of one
level or the average movement of actual price quotations.
They merely
106.92
'typical'
serve to
Year Ago—
either the average
the relative levels and the relative movement of
bond (4% coupon, maturing In 30 years), and do not purport to snow
illustrate In a more comprehensive way
yield averages, the latter being the truer picture of the bond market,
t The latest complete list of bonds used In computing these Indexes was published In the Issue of Jan. 13, 1940, page
THE .STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Night, April 19, 1940.
Business activity was reported as
the
holding steady during
week.
The bulk of the domestic business news
was
favorable, bolstering the hope that the decline since
the first of the year soon will be reversed.
The weekly car
past
figures for the third consecutive week.
Substantial gains
for electric
output and petroleum runs-to-stills offset frac¬
tional setbacks for steel operations and automotive activity.
The
Allies
signed
some
major airplane contracts.
Orders
United States ships
$250,000,000 have been placed.
However, it is
believed to involve 3,000 of the latest
at a
cost
of
understood
from
reliable
loadings report showed an increase of 2.7% for the period
ended last Saturday, as compared with the previous week,
and the betterment over a year ago amounted to 13.1%.
contracts
Engineering construction awards exceeded comparable 1939
for the purchase of
179.
which
have
sources
already
the point of being signed,
that
in addition
to
the
been signed or are just on
the Allies have been negotiating
about $350,000,000 worth of additional
The Commercial & Financial Chronicle
2486
April 20, 1940
Virginia, Kentucky, southern Missouri and
The greatest damage occurred to early
planes.
South
the
Kansas southward.
These negotiations are expected to be closed within
two months,
thus making the total purchases
$000,000,000.
The psychological effect of the Congress of
Industrial Organizations victory
in the General Motors
election will be watched with great interest.
Already there
is talk of organizing employees in the Ford company and
next
and
spectacular development pf the week was a Louisiana tor¬
nado that killed a woman and razed 40 homes in the cen¬
rolled
cold
enameling
of the
falls occurred in the Ohio
lower Mississippi Valley, and in
parts of the northern Rocky Mountain area.
In the South¬
east the amounts were mostly light, while in the South¬
west a large area had a practically rainless week.
Some
heavy falls occurred in western South Dakota and parts of
Wyoming; Rapid City, S. Dak., reported a total of 1.4
inches for the week, and Sheridan, Wyo., 2 inches.
In the
New York City area it was cold and cloudy, with occa¬
announced April 11 by subsidiaries of
Corp. and followed by independent pro-
stock
"was
order
in
setback
a
review
current
that
volume
by
improvement
under
way," according to the
Age."
The magazine points
"Iron
the
seasonal
the mild
in
was
out, however, that early this wek Chicago mills had booked
considerable tonnage
for second quarter delivery, although
Substantial
Valley,
United States Steel
ducers
that
week.
$4-a-ton cut in the price of
strip and
hot and cold rolled
sheets,
part of the State.
Government advices
precipitation was again widespread during the
southern
tral and
state
immediate effect
An
hot
A rather
tender vegetables and early fruit.
truck crops,
factories.
aircraft
in
from
the
to
heavy
central and
large part of it was in the form of blanket commitments,
whereas early announcements of sales policies had indicated
sional
that
Prevailing temperatures ranged from 46 degrees to 54 de¬
a
'
only
specific orders, accompanied by specifications,
would be accepted at the lower price levels.
"While the
Chicago experience has not yet been general throughout
the country, the fact that the lower prices are subject to
Mixed
preceded
formal
price reductions by
periods of at least two to three weeks, it was pointed out.
In
this
instance action
known
came
that
was
price
swift and
concessions
decisive
once
it
Mo., 39 to 56;
sents
the
be¬
an
week
of
last
In
Leonard
the
week
kwh.
was
11.9%
the
It
followed
mean
There
ool
preceding
no
increase
year
in
of
York
had
a
turnover
of
Ward
s
rise of
14.4% over the 90,280 units
high point for the 1939 spring
estimated
a
^'1?1®s.ale purchasing
indices held
?,
industrial
year
season.
o
Coast
The
l%Sto 4%°
the
remaining regions were
to 6%; East. 5% to 9% •
of the weather the
past week
/? "^_ave, that carried freezing
in
but
south-central
varied
in
east
temperatures
Gulf coast
areas.
Meanwhile
or
Frost
and
nearlv
damage was
amount, throughout the entire
for
toward
men
knows
everyone
the
that both
and
post¬
politics
but
prospects,
how.
there
few security
are
commercial
or
12
13
15
16
industrial
issues
sold to
construction.
awaits
159.4
159.5
160.1
>>161.0
161.6
162.8
17.
18
19-
163.1
—
Freight
Loading of
raise
the
Great
capital,
new
visibility
little
events
new
are
in
development of their ideentity.
as
follows:
Two weeks ago,
April 5
Month ago, March 19
Year ago, April 19
1939 High—Sept. 22
Low—Aug. 151940 High—Jan. 2
Low—April 6
Loadings
in
Week
Ended
155.1
156.8
139.9
172.8
>_138.4
169.4
154.8
April
13
freight for the week ended April 13
revenue
13.1% above the corresponding week in 1939 and an in¬
of 81,225 cars or 15.1% above the same week in 1938.
Loading of revenue freight for the week of April 13 was an
increase of 16,113 cars or 2.7% above the preceding week.
The Association further reported:
or
crease
.
Miscellaneous freight loading totaled
cars
264,051
cars,
an
increase of 714
above the preceding week, and an increase of 13,989 cars above the
corresponding week in 1939.
Loading of merchandise less than carload lot freight totaled 148,301
a
was
he
totaled 618,810 cars, the Association of American Railroads
announced on April 18.
This was an increase of 71,631 cars
was
2% and
; SoUthweSt' 5% t0 11%> and Pacific
practically to the
coast
■widespread,
was between
the
Total 618,810 Cars
for the
d, 3%
ew
outstanding feature
southward
to
wliere the decline
actions,
greatly influence business conditions
knows when
Revenue
little change
only decrease
'
will
and
the
trade. - Department store
sales
were
mildly
and the grocery volume was about
the same as a
year ago.
Widest gains were in the
South, where the ad\ances ranged from
8% to 13%.
The
Percentage increases
in
which
in
country combine to make business sentiment cautious
Prevailing conditions incline business
war
April
April
Mon. April
Tues. April
Wed. April
Thurs. April
Fri.
April
automobile
t*
this
in
The movement of the Index has been
higher,
oL
15,
;
of decisions
Fri.
Sat.
previous weeklv
figures, according to the Dun & Bradstreet
"Weekly Trade
Review, released today. Retail sales were
up 4% to 9%
over
the 1939
week, with the broadest increases in
the
3%.
contained
are
April
and coffee.
publishing the
reflected
around
of
Moody's Daily Commodity Index closed at 163.1, up 3.7
The principal gains were in rubber,
points on the week.
wheat, hogs and cocoa. Declines were made by silk, copper
output for the three leading
companies
increasing automobile sales, retail trade in
last week gained over
the
corresponding period last
and
Ayres
Moody's Commodity Index Again Advances
re¬
Bolstered by
the
Colonel
Bulletin"
making, but business action
$2,292-
10.6% above the $2,072,494,000
announced that it would
discontinue
of
relatively
cars and
trucks, according to the esti¬
today by Ward's Automotive Reports, Inc.
This was
increase of 0.9% over the revised
figures of 101,940 units
a
of
obvious
one
governmental,
consecutive gain, automobile
pro¬
States and Canadian
plants this week
ago, which was the
one
the
mate
last week and
imports
our
apparently
and little prospect that there will be
many until there is increased
of
future prospects.
For similar reasons there is
advanced to 103,725
an
the
craft.
second
United
and
such
even
activity has continued its quiet slowing down during the past
month, but nevertheless there are some large and important industries
that are prosperous.
Among these active lines are the automotive indus¬
tries, machine tools, chemicals, shipbuilding, electrical equipment, and air¬
ago.
Registering its
duction
New
curtailed,
but
erroneous.
Business
Bradstreet, Inc., amounted to $5,650,686,000, an in¬
crease of 4.8% over the
$5,391,203,000 recorded a year ago
New York transactions totaled
$3,358,295,000, or 1.2% more
than the $3,318,709,000 for the
same 1939 week, while the
outside of
hostilities.
Probably that will
will be further increased, and the
active
exports
progressively
be
"Business
situation
and
year
an
is
ponement
Total transactions for 22 leading
cities, according to
a
may
comments
and hesitant.
Dun &
corded
these
of
our
augmented,
greatly
more
as
for
phase of the existing situation which is becoming increas¬
ingly clear.
It is that the sudden and unpredictable changes which charac¬
terize the war abroad, and the
ambiguous slow developments in the politi-
Bank clearings in New York for the
week ended April 17
advanced for the third week in
succession, causing the
total for the 22
leading cities of the United States to rise
again above the level for the
corresponding week a
cities
extensions
shipping
our
also says:
and
years.
21
still
the rail¬
average
391,000,
of
company's
public today.
This was an increase of 16,113 cars
from the preceding week this
year, 71,631 more than the
corresponding week in 1939, and 81,225 cars above the same
period two years ago.
This total was 97.62% of
ago.
further
the demands
April 13
made
10
by
that
inferences
confident forecasting of busi¬
Ayres continues:
no
Colonel
a
movements
gold
be
can
wholly probable that this first breaking of the stalemate which
war that was really all quiet on
the Western Front will be
seems
resulted in
com¬
Railroads
loadings for the corresponding week of the
there
conditions."
These
Loading of revenue freight for the week ended
totaled 618,810 cars,
according to reports filed by
roads with the Association
of American
April 15 that "war developments of the past
reemphasized the fact that under present cir¬
on
cumstances
ness
business conditions, Colonel
Vice-President of the Cleveland Trust
Ayres,
week again
ended
above
P.
Co., stated
April 6
output amounted to 2,381,456,000 kwh. against 2,173,510,000
kwh. a year ago, an increase of 9.6%.
Last week's year-toyear gain was the best since the week ended Jan.
27, when
output of 2,565,958,000
parable 1939 period.
Cautious and Hesitant
ment
reported
year.
Ayres Says War Abroad and Political Situation
in This Country Combine to Make Business Senti¬
In his monthly comments on
yesterday.
This repre¬
increase of 11.4% over the
2,170,671,000 kwh. for
same
Col.
were
power
Electric Institute
Oklahoma City,
♦
,
production in the United States for the
week ended April 13 amounted to
2,417,994,000 kwh., the
Edison
Springfield, 111., 38 to 50;
38 to 57; Salt Lake City, 45 to 70, and Seattle, 45 to 64.
being offered.
Effect on export prices for steel, the magazine
adds, is yet
to be determined.
Export prices have been reaffirmed for
the second quarter."
Electric
forecast for tonight and
is
49 to 66 degrees; Pittsburgh, 39 to 67; Portland, Me., 35 to
41; Chicago, 37 to 45; Cincinnati, 42 to 55; Cleveland, 38
to 62; Detroit. 36 to 48; Milwaukee, 30 to 46; Charleston,
66 to 76; Savannah, 68 to 77; Dallas, 43 to 59; Kansas City,
To many in the trade, including a
majority of the steel companies, it came as a complete sur¬
prise.
In previous acute periods of price weakness rumors
have
Rain
Overnight at Boston it was 39 to 46 degrees; Baltimore,
reactions
concessions
rains.
about 42 degrees.
at
the magazine observes.
of
light
over the week¬
Saturday, with the
probability of fair weather on Sunday.
Lowest thermom¬
eter reading tonight for the city and its environs is placed
much heavier than they were at that
were
caused by the price change,
are
with
with no perceptible change expected
grees,
at any moment may eventually stimulate a
buying movement of moderate proportions," the survey con¬
tinues.
"Nothing approaching the enormous coverages of
the 'bargain days' of May, 1939, is expected, however, be¬
cause for one thing inventories in the hands of consumers
time.
during the week.
today was interspersed
weather
end.
withdrawal
and warehouses
rains
The
cars,
decrease of 1,425 cars below the preceding week, and a decrease of 5,838
cars
below
the
corresponding week in
1939.
Coal loading amounted to 113,121 cars, an increase of 12,934 cars above
the
preceding week, and
week in
May 15.
an
increase of 58,660
cars
above the corresponding
1939. due to labor trouble in coal mines last year from April 1 to
Volume
The Commercial & Financial Chronicle
ISO
Grain and grain products loading totaled 31,196 cars, an increase
cars
above the preceding week, and an increase of
2487
REVENUE FREIGHT LOADED
of 1,088
(Number of Cars)
268 cars above the cor¬
In the Western Districts alone, grain and grain
responding week in 1939,
of 1,245 cars above the preceding week, and an increase
of 534 cars above the
corresponding week in 1939Live stock loading amounted to 11,146 cars, an increase
above the preceding week, but a decrease of 1,337 cars
preceding week, but
a
of 545 cars above the
decrease of 2,103 cars below the corresponding week
in 1939.
Forest products loading
decrease of 396 cars below
increase of 3,166 cars above the corresponding
totaled 31,174
the preceding week, but an
cars, a
week in 1939.
Ore loading amounted to
preceding week, and
an
12,495
cars, an
increase of 2,126 cars above the
increase of 1,236 cars above the
corresponding week
in 1939.
7,326
Coke loading amounted to
ceding week, but
in
an
cars, a
decrease of 5 cars below the pre¬
increase of 1,487 cars above the
corresponding week
1939.
All districts reported increases compared
in 1939 except
with the corresponding week
the Central West and Southwest and all
increases compared with the
Districts reported
South¬
Atchison Topeka Santa Fe Ry
Baltimore A Ohio RR
17,679
28,715
22,543
13,804
17,982
13,965
2,857
1,542
3,489
-
Chesapeake & Ohio Ry.....
Chicago Burlington & Quincy RR.
Chicago Milw. St. Paul A Pao.Ry.
Chicago A North Western Ry....
Gulf Coast Lines
International Great Northern RR
Missouri-Kansas-Texaa RR.
Missouri Pacific RR
..
.
.
11,812
37,349
4,876
17,690
55,148
6,171
5,548
27,330
4,954
.......
New York Central Lines
.....
N. Y. Chicago A St. Louis Ry....
Norfolk A Western Ry _ _ .
Pennsylvania RR..
......
Pere Marquette Ry
.....
Pittsburgh <fc Lake Erie RR.....
Southern Pacific Lines..........
Wabash Ry
....
Total
Weeks Ended—
Apr. 15 Apr. 13 Apr. 6
Apr. 13 Apr. 6
1940
1940
of 1,077 cars
below the correspond¬
In the Western Districts alone, loading of live stock for
the week of April 13, totaled 7,786 cars, an increase
Received from Connections
Loaded on Own Lines
Weeks Ended—
products loading for the week of April 13, totaled 19,533 cars, an increase
ing week in 1939,
AND RECEIVED FROM CONNECTIONS
1940
1939
17,244
19,311
28,118
20,989
6,813
20,868
13,721
17,710
13,789
17,777
13,866
12,789
3,166
1,903
3,832
2,848
1,562
3,570
11,918
36,479
4,850
11,608
33,090
4,702
5,826
46,284
5,055
3,869
26,553
5,044
16,797
53,205
6,067
5,461
26,000
4,893
1940
5,367
14,016
9,247
7,672
5,440
13,667
9,984
7,232
6,930
9,036
1,264
7,039
9,735
1,367
2,152
2,703
8,605
35,336
9,674
2,286
2,570
8,167
35,537
9,057
4,215
36,660
5,340
4,824
8,323
4,298
37,272
5,596
4,745
8,273
8,498
7,983
Apr. 15
1939
5,478
12,242
5,901
6,665
6,928
9,007
1.324
2.325
2,787
7,660
25,458
7,994
3,749
29,637
4,174
1,695
8,178
7,367
293,454 285,312 242,265 178,515 181,395 148,569
__
corresponding week in 1938 except the
west.
TOTAL
4 weeks of
February.
5 weeks of March
Week of April 6
Chicago Rock Island A Pacific Ry
8,630,382
602,097
;
2,256,717
2,155,536
2,746,428
522,049
537,685
8,218,315
Illinois Central System
St. Louis-San Francisco Ry
2,288,730
3,122,556
..
CONNECTIONS
(Number of Cars)
2,282,866
2,976,655
534,952
547,179
2,555,415
2,486,863
4 weeks of January
FROM
RECEIPTS
AND
1938
1939
1940
LOADINGS
Weeks Ended—
1
Apr.
Apr. 13, 1940
Total.
13—_
........
.....
618,810
i
Apr. 15, 1939
6, 1940
9,386,341
major railroads to report for the week ended
April 13, 1940 loaded a total of 293,454 cars of revenue
freight on their own lines, compared with 285,312 cars in
the preceding week and 242,265 cars in the seven days ended
April 15, 1939.
A comparative table follows:
28,537
12,032
-
22,529
27,074
11,879
21,947
27,317
11,434
61,482
Week of April
60,698
21,911
The first 18
REVENUE FREIGHT LOADED AND RECEIVED FROM
following
we
undertake to show also the loadings
for separate roads and systems for the week
1940.
During this period 81 roads showed
compared with the same week last year.
Freight Loaded
from Connections
from Connections
Freight Loaded
Railroads
1939
1940
1939
1940
1938
1939
Total Loads Received
Total Revenue
Total Loads Received
1940
ended April 6,
increases when
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED APRIL 6
Total Revenue
Railroads
In the
1938
1989
1940
Southern District— (Concl.)
Eastern District—
997
Mobile A Ohio
568
561
2,275
197
226
Nashville Chattanooga A St. L.
6,480
1,492
10,261
2,218
10,187
1.869
Norfolk Southern............
Chicago Indianapolis A Louisv.
1,681
7,346
1,544
Central Indiana..........—..
20
14
24
45
43
Central Vermont.............
Delaware A Hudson..
1,338
4,282
7,850
1,310
4,671
9,674
4,956
Delaware Lackawanna A West.
6,407
2,034
7,128
7,258
1,908
0,715
6,506
Detroit A Mackinac.......—.
274
296
352
121
117
2,574
2,338
1,413
1,265
2,053
2,731
945
910
428
335
371
284
4,864
4,124
12,631
622
1,750
2,997
1,211
1,026
...
Detroit Toledo A Ironton
256
266
208
11,489
10,500
4,156
3,443
258
Lehigh A Hudson River..
Lehigh A New England...
Lehigh Valley—...
...
Maine Central
...
Monongahela................
Montour.
1,208
10,695
4,756
Detroit A Toledo Shore Line...
Grand Trunk Western. ...
.......
New York Central Lines......
N. Y. N. H. A Hartford
1,232
216
1,580
6,089
2,075
8,176
2,503
2,390
4,041
1,716
36,479
9,076
502
13
33,248
11,859
1,316
4;802
3,412
10,883
8,007
1,763
304
2,252
9,970
6,393
1.870
1,182
6,341
2,980
2,236
2,486
1,597
2,419
1,201
326
581
1,963
6,706
1,244
1,809
2,760
1,433
460
Ann Arbor..................
Bangor A Aroostook
......
Boston A Maine.............
—
958
9,605
20,745
...
Richmond Fred. A Potomac
Seaboard Air Line
Southern System
Tennessee Central
........
Winston-Salem Southbound...
Total.
9,545
18,885
16,914
1,198
4,723
4,710
14,190
353
382
344
646
152
143
156
635
606
98,706
Piedmont Northern
90,059
85,920
67,581
61,814
12,576
11,976
2,386
2,322
16,203
•3,037
9,735
2,642
7,039
9,195
2,387
6,993
3,035
9,159
Northwestern District-
St. P. Minn. & Omaha.
13,866
2,353
17,777
3,098
26
22
Duluth Mlssabe A I. R—.
515
557
675
35,337
27,582
12,255
1,831
8,160
1,555
2,448
4,408
Duluth South Shore A Atlantic.
429
390
321
342
352
Elgin Joliet A Eastern
6,104
6,662
4,466
5,420
4,737
Ft. Dodge Des Moines A South.
Great Northern..............
472
486
122
191
184
8,994
8,512
7,434
2,970
2,762
Green Bay A Western........
Lake Superior A Ishpeming
474
475
444
597
608
144
129
242
59
82
Minneapolis A St. Louis.......
Minn. St. Paul A S. S. M
1,632
4,400
9,279
1,544
22
4,194
7,982
1,391
4,393
8,030
1,870
2,229
3,372
1,727
2,263
3,602
1,084
6,487
3,098
1,933
7,553
2,150
2,588
233
1,372
29,967
8,360
1,325
3,746
12,683
175
Chicago
Chicago
Chicago
Chicago
A North Western
Great Western.......
Milw. St. P. A Pacific.
17,059
3,113
3,407
149
160
New York Ontario A Western.
958
N. Y. Chicago A St. Louis
N. Y. Susquehanna A Western.
4,850
386
432
Pittsburgh A Lake Erie
5,819
6,067
4,215
5,123
3,375
4,202
1,672
9,574
1,422
4,387
5,596
Pittsburgh A Shawmut—
Pittsburgh Shawmut A North..
555
22
227
53
172
307
225
206
Northern Pacific.....—......
134
902
114
129
259
557
Spokane Portland A Seattle...
1,627
1,669
1,524
1,473
1,339
Rutland....................
541
Wabash..........—.........
4,893
3,230
4,918
2,346
4,094
2,466
1,301
1,053
7,598
2,608
Spokane International........
635
1,485
1,041
8,498
2,954
263
850
81
Pittsburgh A West Virginia....
Total—.———.
71,245
67,848
62,709
41,764
39,685
132,770
127,966
115,353
151,679
131,806
17,244
2,634
18,342
5,429
1,942
Akron Canton A Youngstown.
452
432
343
762
594
Baltimore A Ohio.—.......
28,118
2,474
20,569
14,016
1,333
13,580
1,201
Pere Marquette..........*....
Wheeling A Lake Erie.....—
Total.
359
Central Western District—
Atch. Top. & Santa Fe System.
Alton.......................
Alleghany District—
16,396
2,481
5,367
1,921
280
251
83
67
13,789
1,840
10,056
2,197
13,582
1,743
10,010
2,376
13,016
7,572
6,886
1,500
9,641
761
Buffalo Creek A Gauley
Cambria A Indiana.
Central RR. of New Jersey...
.............
Cumberland A Pennsylvania.
Llgonier Valley..—.........
Long bland................
Penn-Reading Seashore Lines.
Pennsylvania System.
...
Bfnujlng Co........... —
Union (Pittsburgh).......—
Western Maryland.........
980
22,499
1,427
201
Bessemer A Lake Ekie—....
Cornwall..
2,631
444
300
234
4
2
1,176
6,252
1
790
11
35
Bingham A Garfield.....—..
Chicago Burlington A Quincy
Chicago A Illinois Midland....
Chicago Rock Island A Pacific.
Chicago & Eastern Illinois
10,870
Colorado A Southern.........
729
715
6,076
10,893
689
4,362
428
527
512
51
32
Denver A Rio Grande Western.
1,989
1,735
1,804
195
44
159
49
32
Denver A Salt Lake
273
303
21
Fort Worth A Denver City-
841
979
942
880
888
107
29
539
1,647
1,891
1,098
1,255
1,129
66
503
584
1,007
53,205
12,218
13,277
3,141
939
953
46,165
12,203
10,281
1,547
46,758
2,962
1,410
37,272
11,821
5,573
2,760
16,590
2,017
6,506
122,713
Total......
21
2,855
1,368
31,965
13,464
1,371
4,360
....
Illinois Terminal....
.......
North Western Pacific.
Peoria A Pekin Union.........
Southern Pacific (Pacific)
100,075
93,905
98,855
81,750
20,868
16,797
3,592
7,035
5,697
1,134
Total.....................
41,257
13,866
9,247
4,298
1,133
15,960
14,344
3,703
34,007
6,500
3,810
1,074
329
755
902
988
477
137
112
650
253
388
344
13
37
21
20,217
18,970
4,720
1,229
6,931
4,183
1,275
6,398
260
287
294
Union Pacific System.........
12,936
11,569
195
142
205
5
5
1,292
1,449
1,222
2,007
2,051
........
Total—.———.......
92,225
92,195
84,707
47,371
45,842
Western Pacific.#.
Virginian————..———.—.
346
19
1,640
12,799
Utah
Chesapeake A Ohio...........
371
17
8,161
2,279
1,313
2,419
20,979
........
Toledo Peoria A Western......
Pocahontas DistrictNorfolk A Western...........
471
7,478
2,472
1,108
2,628
609
Missouri-Illinois.............
Nevada Northern
2,430
613.
Southwestern District—
11,384
214
132
172
Gulf Coast Lines...
14,678
2,848
3,102
1,704
3,115
1,688
Burlington-Rock Island.......
Southern District-
208
287
1,367
2,152
1,390
2,201
82
Fort Smith A Western, x
Alabama Tennessee A Northern
237
211
155
220
190
628
1,248
230
149
759
720
841
298
811
International-Great Northern..
Kansas Oklahoma A Gulf.....
1,562
Atl. A W. P.—W. RR. of Ala-
915
Kansas City Southern........
1,909
1,738
1,037
4,458
2,816
1,040
1,658
1,530
1,146
1,802
1,349
1,583
1,329
934
715
395
Atlantic Coast Line
Central of Georgia.....—.—.
Charleston A Western Carolina
CUnehfield
—
Columbus A Greenville.......
540
541
10,272
3,975
10,384
3,886
3.336
457
452
353
1,058
1,003
266
352
304
336
9,628
160
Durham A Southern..
Florida East Coast
Gains villa Midland.
586
1,476
Atlanta Birmingham A Coast-.
1,510
1,017
5,057
3,451
1,248
2,255
——
........
Georgia..............—...
Georgia A Florida
175
167
376
293
1,435
1,296
2,211
881
733
28
28
37
94
83
1,186
814
791
1,713
1,448
318
285
277
562
563
1,153
Louisville A Nashville
19,289
1,510
18,164
14,087
1,311
Illinois Central System........
1,590
18,747
17,000
15,618
9,204
5,648
1,016
9,314
5,275
Macon Dublin A Savannah....
131
99
85
651
Mississippi Central
153
352
1,691
316
273
299
412
536
405
275
Missouri A Arkansas..........
Mlssouri-Kansas-Texas Lines..
164
162
94
334
241
3,750
3,638
11,332
3,655
2,703
8,605
2,758
7,871
Missouri Pacific
—
.......
11,938
11,104
312
73
77
80
118
94
Texas A Pacific
5,615
1,928
5,771
3,285
4,389
2,646
Texas A New Orleans
6,034
2,180
6,650
Quanah Acme A Pacific
3,800
5,804
2,006
6,256
3,558
2,731
3,705
3,970
2,431
2,962
3,570
Wichita Falls A Southern.....
122
166
165
82
59
Wetherford M. W. A N. W—
8
31
20
28
69
43,721
42,343
40.498
34,187
32,566
St. Louis-San Francisco..
St. Louis Southwestern.......
695
237
Louisiana A Arkansas.........
Midland Valley
Litchfield A Madison..
Gulf Mobile A Northern
—...
Previous year's figures revised#
137
104
* Previous figures.
%
Total
Discontinued Jan. 24.1939.
The Commercial & Financial Chronicle
2488
"Annalist"
Index
of
Wholesale
Commodity Prices
Ended April 13
Advanced 1.2 Points During Week
The
"Annalist"
15 that Germany's
invesion of Denmark and Norway found quick reflection in
the commodity markets, and prices rose in a manner not
witnessed
since
Allies
the
April
on
declared
against Hitler in
war
September.
The "Annalist" index of wholesale commodity
prices jumped 1.2 points last week to 81.6, the highest level
since the middle of February.
Almost
higher,
Silk
all
items
by
led
recovered
participated
wheat
and
sharply.
in
and
the
tin
further explained:
was
advance.
Cotton
wool.
higher, with rubber
were
lead.
Average wholesale market prices of farm products advanced
sugar.
livestock, cotton,
potatoes.
apples,
eggs,
oranges,
flaxseed, dried beans, and
Quotations were lower for calves, ewes, lambs, lemons and wool.
Higher prices for cow and steer hides and sole leather accounted for the
increases of 0.5% in the hides and leather products group.
skins
were
Prices for calf¬
index advanced slightly
The housefurnishing goods group
lower.
because of higher prices for carpets.
Rising prices for kerosene caused the fuel and lighting materials group
Average prices for bituminous coal were fraction¬
index to advance slightly.
ally lower.
advanced with copper,
were
Speculative items
did
(Chicago), flour, canned and dried fruits, bacon, and
1.5% during the week because of pronounced increases in prices for grains,
most
sharply
were
as
vigorous, with hogs and
were
Metal prices
Grains
moderately,
rose
Livestock quotations
fractionally.
up
the
in
corn.
pork products in active demand.
lead
It
raw
Prices were lower for butter,
beans, lard, and most vegetable oils.
cocoa
cheese, fresh milk
announced
April 20, 1940
spinach, fresh beef, mutton, fresh and cured pork, dressed poultry (N. Y.),
index dropped to the lowest point reached
The building materials group
this year because
of weakening prices for Douglas fir and yellow pine lumber,
rosin, turpentine, cement, and piaster.
"ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(1926=100)
prices for raw silk, silk
In the textile products group sharp increases in
yarns,
and artificial leather were
burlap, hemp,
osnaburg,
cloth,
print
drills, duck,
counter-balanced by lower prices for cotton goods, particularly
Apr. 13,1940
Farm products
Food products
Apr. 0, 1940
78.4
■
Apr. 15,1939
remained unchanged at
76.6
71.3
73.2
69.0
that the
percale, sheeting, tire fabric, and yarns,-with the result
products group index did not change during the week. Minor price increases
08.0
Textile products
Fuels
68.1
09.0
60.1
were
reported for pig tin, solder, wood screws, plows, and tractors.
86.6
86.6
81.9
were
Metals
lower for scrap steel,
97.9
97.6
96.8
Building materials
72.4
72.4
86.7
86.8
85.6
80.8
80.6
68.4
81.6
80.4
77.0
All commodities.
and drugs group.
cylinder oil, and paraffin wax.
Declined
in
March
According
to
"Annalist" Index
The
"Annalist"
index of
boxboard,
Cattle feed and crude rubber prices ad¬
vanced.
The following tables show
Activity
did not affect the index for the chemicals
It remained at 76.9.
In the miscellaneous commodities group, prices were lower for
and the percentage changes from a
and
activity declined 2.4
points to 96.7 (preliminary) in March from 99.1 (revised) in
February and 90 in March, 1939, according to the Quarterly
Review and Business Forecast number of the
"Annalist,"
issued April 18. Again, the decline was led
by iron and steel
output, which fell most. Cotton consumption also dropped
sharply, as did miscellaneous loadings. All the other com¬
ponents showed smaller losses, with the exception of rayon
consumption, which rose sharply.
THE "ANNALIST" INDEX OF BUSINESS ACTIVITY AND
COMPONENT
Hides and leather products.
week
month ago, and
ago, a
April 13, 1940.
com¬
a year ago:
•
•
(1926=100)
-
.
13,
Commodity Groups
+
'
,
Apr. Mar. Mar.
Apr.
16,
15,
1940
1940
Percentage Changes to
April 13, 1940 from—
Apr.
30,
6,
1940
1940
1939
1939
1940
78.0
77.6
77.9
78.2
75.8
+0.5
—0.3
68.0
67.0
68.1
68.0
63.8
+ 1.5
0
70.8
69.7
69.8
70.4
68.2
+ 1.6
+0.6
+3.8
102.1 101.6 102.0 102.5
91.4
+0.5
—0.4
+ 11.7
73.0
66.2
0
—1.5
+8.0
All commodities
Farm
15,
16,
6,
1940
products
-
Foods
71.9
71.9
Textile products
GROUPS
of
groups
(2) important percentages changes in, sub-group indexes from April 6
to
business
(1) index numbers for the main
weeks, for March 16, 1940, and April 15, 1939
modities for the past three
Business
Prices
automobile body sheets, and quicksilver.
Lower prices for fats and oils
70.6
Chemicals
Miscellaneous
index
group
The metals and metal
71.9% of the 1926 average.
72.5
+2.9
+6.0
72.6
72.5
72.3
72.6
73.6
+0.1
0
—1.4
Metals and metal products
95.4
95.4
95.5
95.5
94.2
0
—O.l
+1.3
Fuel & lighting materials.
Mar., 1940
Freight
car
Feb., 1940
93.1
93.2
89.7
—0.4
—0.4
+3.5
76.9
77.2
77.4
75.9
0
—0.6
+ 1.3
89.7
89.4
89.5
89.6
86.5
+0.3
+0.1
+3.7
81.4
84.3
Miscellaneous
commodities.
76.6
76.6
76.6
76.9
74.0
0
—0.4
+3.5
88
...
93.2
89.8
77
Other
92.8
83.9
Building materials.
Chemicals and drugs
Housefurnishing goods J—.
76.9
81,
loadings.
Miscellaneous
89.0
100.7
Raw materials
72.0
71.1
71.8
71.9
68.0
+0.1
+5.9
*104.5
*106.3
Semi-manufactured articles-
79.2
79.1
79.5
79.0
74.4
+ 1.3
+0.1
—0.5
+6.5
105.0
*117.5
Manufactured products—_
81.2
80.9
81.0
81.4
80.2
+0.4
—0.2
+ 1.2
80.3
80.0
80.1
80.5
78.5
+0.4
—0.2
+2.3
82.7
82.7
82.8
83.0
80.5
0
—0.4
+2.7
Electric power production.
*104,
Manufacturing
*100
Jan., 1940
Steel Ingot production
82,
94.6
113.7
All
Pig Iron production..
97,
109.4
130.3
*111,
118.3
128.6
farm products
All commodities other
119,
134.3
146.2
102.4
121.4
45.5
52.6
Textiles
Cotton consumption
Wool consumption
...
4l"
Silk consumption
Rayon consumption
*110.0
112.1
*130.5
*102.2
*95.8
80,
83.0
90.5
Meats
61.8
71.4
Cattle feed
Cement production..
Mining
93.1
*
APRIL
6
3.3
Furnishings
Silk.
*94.1
2.5
Other textile products
2.1
Nonferrous metals
92.4
Hides and skins
97.0
Crude rubber...;,.
1.8
*99.1
*105.8
Livestock and poultry
1.7
Grains
SINCE JANUARY,
1.2
January
X1939
*1938
1937
1936
1935
92.3
87.2
1934
105.3
91.8
99.1
89.4
78.5
105.7
89.0
86.7
*96.7
90.0
77.5
106.9
89.5
84.4
74.3
107.1
94.1
82.8
74.1
109.0
95.9
81.8
Other miscellaneous
0.2
1.1
Cereal products
0.1
0.4
Iron and steel
Bituminous coal
0.3
Cement
Paint and paint materials
0.2
Paper and pulp
86.4
92.1
74.6
107.8
87.6
82.0
83.8
108.9
102.4
82.7
78.0
84.9
75.1
April
...
May
...
June
...
July
...
August.
September
84.1
111.2
84.7
100.5
102.9
80.1
87.8
98.5
103.3
89.1
74.6
108.0
94.5
87.8
107.1
92.0
76.0
110.0
...
Bureau
83.2
95.0
...
*
79.6
79.6
100.7
...
December
104.3
107.0
94.4
81.3
110.5
96.7
82.4
...
November
79.5
93.1
...
October
Revised.
102.5
71.4
Subject to revision.
of
Labor
Statistics'
modity Prices
April 13
Rose
Index of
0.5%
Wholesale
During
Week
Com¬
Ended
1.7
March
Chain
for the increase," Mr. Lubin said.
"The advance
brought the
all-commodity index to 78.0% of the 1926 average." The
The farm products and foods
groups rose
materials.
more
for hides and leather
materials, and housefurnishing goods.
building
Increase
10.27%
mail
order companies,
reported an increase in sales of
10.27% for March, 1940, over March, 1939.
Excluding the
two mail order companies,
26 other chains reported an
increase in sales of 13.00%.
Sales for the 28 companies showed an increase of 10.90%
for the three months of 1940
over
the three months of 1939.
Excluding the two mail order companies, 26 other chains
Textile
than
5
4
Grocery chains
5-&-10c.
1939
Inc.
1940
2 Months,
1939
$
11
March,
1940
S
%
$
$
66,843,604
chains.
74,484,909
_
Apparel chains
28,485,584
Drug chains
Shoe chains
6,386,308
Auto supply chain
3,183,000
iy2% and smaller
products, fuel and lighting
metals
2
1
The only group decline
products,
and
was
metal
recorded
products,
chemicals and drugs, and miscellaneous
commodities remained
unchanged
2 Months,
March,
3
Commissioner added:
for
Sales
a
com¬
rose 0.5% during the week ended
April 13,
Commissioner Lubin reported on
April 18.
"Marked ad¬
vances in prices of farm
products and foods largely accounted
recorded
Store
0.1
compilation made by Merrill Lynch, E. A.
Pierce & Cassatt, 28 chain store companies, including two
According to
modity prices
were
0.1
.......—0.1
reported an increase in sales of 9.76%.
The Bureau of Labor Statistics' index of
wholesale
increases
0.2
0.1
0.1
0.1
Dairy products
85.9
86.8
0.3
—-
84.0
86.9
February
March
1.0
0.4
0.3
Cotton goods...—
Lumber
*1940
:
.
Petroleum products
Clothing
Agricultural implements
Other building materials
Decreases (Concluded)
1.5
Other farm products
Decreases
1934
1.0
Other foods
2.8
——-
92.9
Subject to revision.
INDEX
1940
Increases (Concluded)
Leather
93.6
COMBINED
13,
5.5
*96"
THE
*
TO APRIL
Increases
Fruits and vegetables
91,
...
Combined Index
Revised.
IMPORTANT PERCENTAGE CHANGES IN SUB-GROUP INDEXES FROM
*125.6
Zinc production
Lead production
than
farm products and foods..
128,
Lumber production
*
commodities other than
*ibo"
Boot and shoe production
Automobile production
?
J.
8,340,325
26 chains
2
Mail order
Inc.
%
8.27 196,424,795 181,386,065
8.29
62,922,220 18.38 187,902,640 169,401,713 10.92
72,143,927
25,160,461 13.22
64,892,674 11.17
0.11
23,864,774
7,860,204
22,652,698 5.35
61,740,338
5,578,906 14.47
2,869,000 10.90
15,777,400
14,472,710
9.01
7,451,000 21.90
9,086,000
187,723,730 166,131,129 13.00 505,199,536 460,256,860 9.76
89,741,199 85,497,456 4.96 228,858,713 201,627,516 13.51
cos
28 companies
277,464,929 251,028,585 10.27 734,058,249 661,884,376 10.90
from last week.
Largely because of higher prices for agricultural
commodities, bananas,
beans, hides, skins, raw silk, crude
rubber, and manila hemp, the raw
1.3%.
Semi-manufactured articles and manu¬
cocoa
materials group index rose
Wholesale Commodity Prices Advanced Sharply During
Week Ended April 13, According to National Fer¬
tiliser
factured products advanced
fractionally.
According to the index for "all
farm products," prices for
non-agricultural com¬
modities increased about H of
1%. Industrial
commodities
other
than
commodity prices,
ured
by
foods,"
the index
were
for
'all
commodities
other
than
farm
as meas¬
products
and
steady.
according
National
The Labor
Department's announcement, from which the
are
taken, also said:
Commissioner's remarks
Largely
as a
result of sharp increases in prices of
fruits, vegetables and
1.6% to the highest level reached in the
meats, the foods group index rose
past eight weeks.
Higher prices
were
reported for bananas, potatoes, canned
Association
Developments in Europe last week were followed by a
sharp increase in the commodity price level in this country,
ended
to
the
wholesale
Fertilizer
price
Association.
ihdex compiled by The
This
index
in
the
week
77.3 compared with 76.2 in the preceding
week, registering the first increase thus far in 1940.
The
index was 76.4 a month ago and 72.1 a year ago, based on
the
April 13
1926-28
was
average
as
100.
The
ment, dated April 15, continued:
Association's
announce¬
Volume
Price
The
increases
food
general
were
last
week throughout
average
to
rose
the highest
Above
point reached
The
declined;
declines;
the
in
in
the
week
preceding
second
week
preceding
there
were
there
were
in its current weekly re¬
of electricity by the electric
United States for the week
ended April 13, 1940, was 2,417,994,000 kwh.
The current
week's output is 11.4% above the output of the correspond¬
ing week of \1939, when production totaled 2,170,671,000
kwh.
The output for the week ended April 6, 1940, was
estimated to be 2,381,456,000 kwh., an increase of 9.6%
light and power industry of the
The building material average moved downward.
Forty-three price series included in the index advanced during the week
11
Ago
Year
a
Institute,
Edison Electric
port, estimated that production
laneous commodities.
and
Output for Week Ended April 13, 1940, 11.4%
Electric
the commodity list.
since January,
with 17 items in the group advancing in price and only six declining.
A sharp rise in grain quotations, combined with more moderate increases
in cotton and livestock, resulted in an upturn in the farm product index.
After declining for 17 consecutive weeks the textile price index showed a
substantial rise last week, with increases in seven items much more than
offsetting the slight drop in wool prices.
An advance in the metal index
was
due to rising prices for copper, tin and lead, which more than offset
a continuation of
the downturn in steel scrap*
Increases were also regis¬
tered by the group indexes representing the prices of fuels and miscel¬
price
2489
The Commercial & Financial Chronicle
150
the like week
over
a
year ago.
PERCENTAGE INCREASE
18 advances and 29
10 advances and 39
declines.
FROM PREVIOUS YEAR
Week Ended
Major Geographic
WEEKLY
Week Ended
Week Ended
Regions
April 13. 1940
April 6. 1940
PRICE INDEX
WHOLESALE COMMODITY
(1926-1928=100)
Complied by the National Fertilizer Association.
New
Week Ended
1940 Mar. 23, 1940
4.1
4.3
2.8
6.4
England
Mar. 30,
Middle Atlantic
Percent
Latest
Preced'g
Year
Month
"
Each Group
Week
Week
Bears to the
13
April
Group
Total Index
25.3
Foods
70.4
72.8
16 April
50.3
51.9
65.7
62.6
63.1
62.9
58.3
58.1
58.2
75.2
72.8
68.3
60.9
59.2
60.1
5.1
6.8
7.6
12.8
8.0
20.9
15.0
6.2
9.0
67.9
FOR
4.1
9.6
10.3
9.6
11.4
(THOUSANDS
WEEKS
RECENT
Farm products
OF
KILOWATT-HOURS)
Change
Week Ended
Fuels
84.2
84.1
84.1
75.2
Miscellaneous commodities..
87.8
87.4
87.6
77.8
1939
Textiles.
71.6
70.7
72.6
1929
from
10.8
1932
1937
1940
1939
1940
17.3
8.2
60.7
91.7
91.2
91.9
89.6
Feb.
3
2,541,358
6.1
Building materials
86.2
86.7
86.6
84.4
Feb.
10
2,522,514
1.3
Chemicals and drugs
94.5
94.5
94.3
91.9
Feb.
17
2,475,574
0.3
24
2,455,285
2,479,036
2,463,999
2,460,317
2,424,350
7.1
Fertilizer materials
72.4
72.4
73.0
72.1
Feb.
0.3
Fertilizers...
78.4
78.4
78.4
77.3
Mar.
2
0.3
Farm machinery
94.9
94.9
94.9
94.8
Mar.
9
Mar. 16
100 .0
+
,
76.2
77.3
All groups combined
72.1
76.4
v
Mar. 23
Mar. 30
Department
District
Second Federal Reserve
Increased 0.7% in March Over Year Ago
Store
Sales
in
The Federal Reserve Bank of New York issued
its
-
8.4
18.4
2.0
...
Rocky Mountain
10.3
14.2
Southern States
53.3
Livestock
8.0
46.5
Grains
13.8
DATA
62.2
Cotton
23.0
8.0
11.8
Total United States.
49.0
63.5
64.5
Cottonseed oil
6.2
13.0
Pacific Coast
68.9
70.7
51.6
65.4
Fats and oils
15
1939
1940
1940
6.5
14.5
West Central
Ago
Ago
Mar.
April 6
1940
10.4
Central Industrial
on
Apr. 27
May
+ 10.5
+ 10.1
2,225,486
+ 10.6
2,198,681
2,209,971
2,173,510
2,170,671
2,199,002
2,182,727
2,163,538
+ 10.3
+ 9.6
2,146,959
+9.6
2,176,368
+ 11.4
2,173,223
2,188,124
2,193,779
2,176,363
4
+ 11.2
+ 10.1
+ 10.3
for department store sales for the month of
compared with a year ago.
This report shows
that net sales of department stores in the Second (New
York) Federal Reserve District in March were 0.7% above
a
year ago, while March sales of apparel stores declined
3.2%.
Stocks of merchandise on hand in department stores
were about 2.4% higher at the end of March than a year
ago, but apparel store stocks were 8% under last year.
Bank Debits for Week Ended
as
April 10, 1940, 9.6% Above
Year Ago
a
Debits to deposit accounts (except interbank accounts), as
reported by banks in leading cities for the week ended
April 10, aggregated $7,673,000,000.
Total debits during
the 13 weeks ended April 10 amounted to $107,958,000,000,
or 5% above the total reported for the corresponding period a
year ago.
The Bank's tabulation follows:
DEPARTMENT STORE TRADE
IN
1,728,203
1,726,161
1,718,304
1,699,250
1,706,719
1,702,570
1,687,229
1,683,262
1,679,589
1,663,291
1,696,543
1,709,331
1,699,822
1,688,434
April 17
report
March,
2,422,287
2,381,456
2,417,994
Aim-.
6.
Apr. 13
Apr. 20
2,244,014
2,237,935
1,588,853
1,587,817
1,545,459
1,512,158
1,519,679
1,538.452
1,537,747
1,514,553
1,480,208
1,465,076
1,480,738
1,469,810
1,454,505
1,429,032
2,201,057
2,199,860
2,211,818
2,207,285
2,199,976
2,212,897
2,211,052
2,200,143
+ 11.1
2,287,248
2,268,387
2,248,767
2,225,690
t
These figures are as reported on April
Board of Governors of the Federal Reserve
MARCH, 1940
SUMMARY BY FEDERAL RESERVE
Percentage Change from, a Year Ago
15, 1940, by the
System.
DISTRICTS
In MlUlons of Dollars
Stock
Net Sales
Locality
on
Hand
February and
March
Month
—0.4
+0.6
New York and Brooklyn
Apr. 10,
1940
$408
$5,876
$5,678
2,970
Philadelphia.
368
46,703
5,205
Boston
+ 7.7
New York
+ 3.8
+ 8.2
+ 5.7
+ 0.6
+ 0.5
+ 12.3
+ 11.4
—2.2
Elsewhere *
+ 11.1
+ 9.1
—1.5
+ 4.1
+4.0
+ 5.0
+ 7.1
Central New York State
Rest of district
Cleveland
460
445
46,419
5,613
6,949
Richmond
283
259
3,868
Atlanta...
244
217
1,076
992
3,405
16,067
.
....
Chicago.
St. Louis
+8.0
+ 8.5
+31.9
Niagara Falls
.
3,119
134
231
222
+23.7
193
185
584
1,975
3,294
2,691
8,683
$7,673
3,122
$6,999
$107,958
2,714
3,903
3,672
42,456
56,704
649
613
8,798
M lnneapolis .....
Kansas City
Dallas
—
....—
—
+ 26.2
.
206
152
239
—
594
+ 8.6
+ 17.8
Westchester and Stamford
Apr. 12,
1939
414
+ 1.9
+ 5.2
Hudson River Valley District
1940
$415
+3.7
Bridgeport
Southern New York State
Apr. 10,
3,382
+ 1.6
Northern New Jersey,:
Apr. 12,
1939
+ 1.6
+3.5
.
Syracuse
All department stores *
+0.7
+ 1.5
+ 2.4
Apparel stores
—3.2
—2.8
—8.0
*
Federal Reserve District
—0.6
Buffalo
Rochester
13 Weeks Ended
Week Ended
End of
March
Subject to possible revision.
Twenty-six shopping days in March, 1940 (five Saturdays); 27 shopping days In
March, 1939 (four Saturdays).
Total, 274 reporting centers
New York City
140 Other leading cities*
133 Other centers
•
Centers tor which
bank debit figures are
6,142
3,521
3,065
14,145
2,856
1,741
3,131
2,502
8,136
>
$102,824
43,053
51,659
8,112 ,/■
available back to 1919.
»
F.
W.
Corp.
Dodge
Review
of
March
Rising Inventories
Construction
of Finished Goods
The dollar total of private
in
the 37
Eastern
construction contracts awarded
States during the month of March was
2V2% greater than the total for March, 1939, according to
F. W. Dodge Corp.
This March record, added to previous
gains, gave to the first quarter's private construction vol¬
a moderate lead over the first quarter
of last year,
ume
though
clines
the
that
In
tracts.
increase was not sufficient to offset the de¬
taken place in public construction con¬
contracts for public building and engi¬
have
March
neering projects ran 26% behind March of last year; the
month's total of all construction contracts aggregated $272,-
178,000 last month, compared with $300,661,000 in March,
1939.
Commercial and manufacturing building contracts
Residential building,
slightly under the figure
for March of last year, partly due to predominance of lowpriced small houses in the current program, and partly due
to slowness of .the United States Housing Authority public
showed
marked
amounting
to
gains
last
month.
$121,708,000, was
of
during Feb¬
ruary marked the end of a four months' rise in this im¬
portant industrial factor, according to the preliminary index
for that month compiled by the Division of Industrial Eco¬
nomics of the Conference Board.
The Board points out that
the decline, while amounting to only 0.2%, indicates that
the fairly
rapid accumulation of finished goods in the
hands of industry which began last September after the
but significant
A small
checked, at least temporarily.
at 109.7
(1936 equals 100),
although high in relation to the levels of the past 18
months, is not regarded as dangerous.
Manufacturers' stocks of raw materials, which consist
has
of war
outbreak
The
index
for
been
February,
materials in the hands of primary producers,
in January after rising for four con¬
months.
In February there was another decline,
mainly
of
showed
a
secutive
by
reduction
1.3%, to reach
a
level only 0.8% above the record low
point for the seven-year
$10,000,000 behind last year's
first quarter, it was ahead by 2,646 new family units.
That
the prolonged severity of the winter affected first-quarter
results is likely.
March reports of the Federal Housing
of
quarter of the year ran about
Administration
as
on
increased
numbers
and
value of mort¬
selected for appraisal are considered by the industry
indicating markedly increased residential building activ¬
ity in the second quarter.
decline in the physical volume
the hands of manufacturers
finished goods in
housing program.
Public works and utilities contracts were
only slightly under the March, 1939, figure.
While the residential building contract total for the first
gages
Checked in
February
Contracts
Board
period covered by the Conference
index.
The index of
semi-finished goods, indicative of holdings
materials in the hands of primary
3.7% from January to the end of
February, but was nevertheless 25% lower than for the
corresponding month of 1938.
The following table gives the Conference Board's indexes
(recently revised to exclude petroleum products) over-the
seven-year period from 1933 to date.
Revised monthly figures
for period prior to 1939 are not
available.4 These
24
semi-processed
producers,
advanced
The Commercial & Financial Chronicle
2490
indexes
(1936 equals 100)
adjusted for seasonal varia¬
are
(1923-1925 average=100)
tion :
CONFERENCE
THE
BOARD
OF
INDEXES
INVENTORIES
MANUFACTURING
Adjusted for
•
Semifinished
Goods
129.0
-
116.9
| 1936--..——
1937-
7,
106.4
1938
117.6
1939
93.5
107.4
104.8
117.0
108
99.7
119.4
119.3
101.3
97.1
117.6
...
96.5
114.5
94.9
109.2
96.3
....
December...
98.2
89.7
85.4
84.6r
87.7 p
Pr ellmlnary.
108
117
125
66
63
99
100
89
Secretary of Commerce Harry
L.
Hopkins
April 16 that United States exports in March
at
$344,000,000, approximately $6,000,000,
February figure of $338,000,000.
based
the
on
valued
The March estimate
114
112
122
134
119
63
.67
104
94
102
84
94
106
92
92
105
102
110
106
94
111
139
145
156
126
136
142
94
92
97
88
89
74
79
78
87
77
92
136
132
126
142
131
'
131
P108
116
rl22
pill
118
126
---
*
was
preliminary figures and is about $14,000,000 under
of the December, 1939, and January, 1940,
93
97
*
93
81
103
■
94
94
74
91
96
r94
♦
99
796
*
217
202
*
217
201
*
125
*
mumm*
v.
Lubricating oil---**,—
71'
Mineral*
'
; v.-
■"7
,
7
—:
-
268
256
*
128
119
*
122
—
fh.
159
140
*
139
111
+>• :[£.
Bituminous coal...—
77
51
61
p80
p55
92
P66
54
50
m-mm
pl91
190
87
173
pl89
186
171
... mm-m
115
116
90
122
124
96
103
86
111
94
p80
Anthracite
—
Petroleum, crude..—
........
Zinc—.
*
Silver
Preliminary,
V
96
103
♦
#
******
Gasoline
average
91
#
95
*
#
Kerosene
r
;
74
89
Cattle hide leathers
^
announced
were
plOl
114
73
Fuel oil
2% above the
or
110
108
106
Tanning
Months, According to Preliminary Report
-
6
95
-—
Leather and products
r Revised
Level offSeveral Preceding
at
76
14
105
Petroleum refining.
Exports Continue
140
pl2
94
Calf and kip leathers--Goat and kid leathers
March
136
7.7. 5
103
—
—
Sugar meltlDgs.
Newsprint consumption
109.7 p
p
137
p98
Sheep
109.9r
95.7 p
105
165
■
Calves
105.6
97.0
...
Revised monthly figures prior to 1939 not available,
127
172
11
—.—
Wheat flour
1940—
January
pl27
...
"
Cattle
105.1
98.6
95
91
130
127
165
plO
Hogs
101.9
84.8
79
117
pl09
Slaughtering and meat packing.
98.6
96.9
98.2
......
104
109
mmm
Cotton consumption
Silk deliveries
104.7
October
96
84
164
-
Textiles
102.0
.....
93
75
112
Non-durable Goods
100.1
........
116
102
97
Beehive coke
102.4
99.0
.....
June
83
111
91
Tin deliveries
102.5
February
1939
Plate glass
101.0
118.5
...
Mar.,
1940
Mmm
-
—
Automobiles—
100.9
102.3
November
Feb.,
1940
96
Steel ingots-
102.2
115.7
February
September
Mar.,
1939
Durable Goods
106.4
March..,.
July
August
Mar.,
1940
Pig iron
114.4
122.0
99.1
May
Feb.,
Iron and steel
100.0
104.8
Monthly—1939—
January
April
Mar.,
Manufactures
96.5
100.0
v
Seasonal Adjustment
1940
92.1
107.9
100.0
....
122.7
107.9
-
.
V-v.'.
:
73.0
Annual averages—1933
1934
1935
..."
Goods
114.6
"
Finished
Unci. Cotton)
Without
Seasonal Variation
1033-1940 *
Raw Materials
♦
April 20, 1940
INDUSTRIAL PRODUCTION
*
Revised.
7 v.
*
77
Data not yet available.
totals.
The volume of total exports in March was about one-fifth
larger than in March, 1939, and with prices higher, the in¬
crease in value was 30 %.
The increase of 2 % in March over
February represented, however, less than the usual advance.
Exports in March of last year registered a much greater ex¬
pansion over the low opening months, which witnessed the
end of a year of decline in Export trade.
Following are the monthly export values of United States
merchandise since the outbreak of war last
September with
percentages of increase over corresponding periods of the two
preceding years: ■.■■■;>"s.-'-'vV-y' ■
■"■■■+: '
(Millions of Dollars)
;■+-
v-V*
7:.
Percentage Change from
Current
Year
2 Years
Year
Ago
Ago
1938
1937
1939...
September
October........
2
Yrs. Ago
284
244
293
+ 17
274
329
+ 18
+ 15
+34
+ 12
+71
+26
357
250
266
1940—
1939
359
...
1938
210
286
Rate
activity continued
to
somewhat slower rate
a
than in the
business and financial conditions in the United States, based
statistics for March and the first half of April. "Whole¬
prices of basic commodities decreased somewhat in the
upon
sale
latter half of March but recovered by
Distribution of commodities to domestic
the middle of April.
consumers
in large volume, and exports were at the high
last December," the Board said, continuing:
—8
319
287
December
Slower
at
decline during March
preceding two
months, and in the first half of April there was little further
decrease.
It was reported April 18 by the Board of Gover¬
nors of the Federal Reserve
System in its summary of general
but at
—2
311
But
Industrial
—3
323
November
January
February
Year Ago
Summary of Business Conditions in United States by
Board of Governors of Federal Reserve System—
Industrial Activity in March Continued to Decline
7
Production
■;:<-.++:■
The Board's index of industrial
'
:-v-'
production, which is adjusted for usual
seasonal variations and for the number of
compared with 109 in February.
/'
continued
levels reached
working days,
was
103 in March
The decline reflected chiefly
a
further
338
Total for 3 months.
Total for 7 months.
216
259
+ 57
+31
344
March
reduction in output of steel and considerable decreases in activity at cotton
264
270
+30
+27
and woolen textile mills.
Steel ingot production declined from an average of 69%
1,042
690
815
+ 51
+28
2,293
1,724
2,069
+33
+ 11
February to
an average
at around
was
of 64% in March.
of capacity in
In the first half of April output
61% of capacity.
-
Automobile production in March and the first half of April was maintained
at the
Monthly
Indexes
of
Reserve
Board
of
Governors
Federal
of
the increase customary at this season.
Retail sales of automobiles continued
in large volume, and dealers' stocks of
System for March
The Board of Governors of the Federal Reserve
System
April 17 issued its monthly business indexes of industrial
production, factory employment &c.
In another item in
on
today's issue of the "Chronicle" we also give the customary
summary of business conditions in the United States issued
by the Board.
The indexes were issued as follows:
BUSINESS INDEXES
high rate prevailing during January and February but did not show
the high level reached earlier.
In the woolen
textile
November, there
in March.
Activity at cotton textile mills
remained at
a
an
declined
considerably
Adjustment
anthracite increased,
leum
Mar.,
Feb.,
Mar.,
1940
1940
1939
Mar.,
1940
Feb.,
Mar.,
1940
1939
in
following
110
100
108
96
109
100
103
80
pl05
P101
104
86
All other
in large volume in March.
sharp decline in February.
Crude petro¬
a
111
110
pl08
114
111
110
pill
115
102
but
63
59
54
69
p58
56
55
p63
p60
50
68
80
p65
58
79
a
Private residential building
year ago.
by about the usual seasonal amount.
..7
,
■
7.-
7
.
-
Distribution
,7
94.0
*
101.4
94.3
83.7
*
96.5
84.1
103.8
#
106.1
amount
from
*
97.8
87.6
February to March, with allowance for the earlier date of Easter this
year.
96.6
79.4
In the first week of
106.7
..
„
__
_
_
104.0
99.1
96.7
*
69
73
66
67
68
63
77
83
73
74
71
p89
89
88
P87
71
82
71
68
68
69
♦
*
* Data not yet available.
To convert
durable
manufactures
and
non-durable
on
merchandise at department and variety stores and by
increased
by
Freight-car
although
a
To convert indexes
Employment index,, without seasonal adjustment, and
payrolls index compiled
by Bureau of Labor Statistics.
usual
loadings
showed
little
change
rise is usual between these months.
some
seasonal
a
higher level
from
February
to
March,
Shipments of miscellaneous
further decline in loadings of coal.
Foreign Trade
Exports
of United
States
merchandise
high level reached last December.
figures, shown In Federal Reserve Chart Book, multiply total
by $410,269,000, residential by $184,137,000, and all other by $226,132,000.
the
freight showed considerably less than the usual seasonal increase, and there
points
value
about
April sales at department stores were at
than in March.
Book
three-month moving averages, centered
month, of F. W. Dodge data for 37 Eastern States.
houses
daily
multiply durable by 0.463 and non-durable by 0.537.
mail-order
was
on
manufactures Indexes to
figures, shown in Federal Reserve Chart
Construction contract indexes based
Sales of general
70
Note—Production, carloadings and department store sales indexes based
at second
in smaller volume than
were
97.4
*
Department store sales, value
Department store stocks, value
to
rose
following declines in January and February,
102.2
..
Miscellaneous
of
ap¬
Public
58
--
Freight-car loadings—Total
index
The
season.
proximately equalled those in the corresponding period last year.
120
*
Durable goods
Non-durable goods
total
is usual at this
as
principally in awards for private work, which in March
p62
...
Factory payrolls—Total
in
was
#
Non-durable goods
Preliminary.
There
but output of
*
Durable goods
averages.
increase
awards increased somewhat,
p66
Factory employment—Total
Shoe pro¬
production was large.
production continued at record levels.
P107
Minerals
Construction contracts, value—Total
Residential
rayon
Value of construction contracts awarded, as reported by the F. W. Dodge
Pi 20
Non-durable
p
Pl06
p93
Durable
98
plOl
Manufactures—Total.
109
considerably but
At silk mills activity
output of bituminous coal,
Corp., increased considerably in March,
Industrial production, total.........
pl03
further sharp reduction
in March.
exceptionally.low level, while
further reduction
some
was a
also declined
somewhat higher level than prevailed a year ago.
Mineral production was maintained
Seasonal
while at aircraft
Output of lumber
.'.V
industry, where activity had been declining from
the high level reached last
was
Without
Adjusted for
Seasonal Variation
declined somewhat from
factories and shipyards activity continued at peak levels.
remained at
(1923-1925 average=100)
cars
and plate glass advanced seasonally in March.
duction likewise
'
new
In the machinery industries activity showed
decline from the high rate of other recent months,
some
decreased from
in
in
March
continued
near
the
Agricultural exports, principally cotton,
February to March, whiie there were subtantial increases
shipments of commercial vehicles and in metal working, agricultural,
and
other
types
of machinery.
During March, the country's monetary gold stock increased by $256,000,000.
In the first two weeks of April the rate of gold inflow was ac¬
celerated, acquisitions in this period amounting to $145,001,000.
Volume
The Commercial <& Financial Chronicle
150
Commodity Prices
Prices
of
number
a
of
basic agricultural
and industrial commodities,
which had declined in the latter part of
March, advanced during the second
week in April.
Prices of certain finished steel products, on the other hand,
were
reduced, and prices of most other commodities showed little change.
Non-Agricultural Industries Employed 50,000 Fewer
Workers in Mid-February Than in January, Secre¬
tary of Labor Perkins Reports—However, 1,000,000
More Workers Employed in February Than Year
Ago—WPA Employment Increased
Government Security Market
Prices
of
the first
Treasury
few
bonds moved
days of April to
Approximately 50,000 fewer workers were employed in
sharply upward during March and
high level since last summer.
On
non-agricultural industries in mid-February than in Janu¬
of the expansion of war activities in
ary,
new
a
April 9, however, on receipt of
news
Europe,
point occurred in long-term bonds.
decline of about
a
one
sequently the market recovered part of the loss.
Treasury bonds
on
was
2.31%
on
Sub¬
The yield on the 1960-65
April 15, compared with
a
low of 2.26%
April 2.
Bank Credit
continued
banks increased
level
of
heavy
gold
of member
reserves
excess
during the four weeks ending April 10 to a record high
$5,950,0o0.000.
Total loans and
in the first two weeks Of
investments at
banks in 101
April, reflecting purchases of United States Govern¬
obligations.
retail stores and wholesale bouses, and
in
HI., in relation
in the paperboard industry.
The members of this Association represent 93%
to activity
of the
total industry, and its program includes a statement each
week from each member of the orders and production, and
also a figure which indicates the activity of the mill based
on the time operated.
These figures are advanced to equal
100%, so that they represent the total industry.
STATISTICAL REPORTS—ORDERS, PRODUCTION,
MILL ACTIVITY
manufacturing
Received
6..
13
Jan.
20
Jan.
27
Feb.
3
...
Feb. 10.
Feb. 17
Feb. 24...........
Mar.
2...........
Mar.
9
—
Mar. 16...
Mar. 23
Mar. 30
Apr.
Tons
Tons
Current
105,945
196,174
187,002
183,699
176,308
167,240
159,216
145,706
142,654
137,631
138,446
132,465
130,871
129,466
65
87,746
110,169
111,332
111,954
106,954
106,292
101,097
108,784
120,791
115,419
121,696
115,988
114,463
115,189
114,156
113,710
104.466
111,714
107,024
108,134
102,462
114,958
113,555
107,853
111,431
105,929
Cumulative
after
the special problem of
71
71
71
small
70
71
seasonal
71
curtailed
70
69
69
In
private building construction, and quarrying and non-metallic mining,
employment gains were reported in February instead of the usual
losses,
69
71
Employment
70
71
marily to completion of
some
70
70
reduced
While
67
70
123,255
68
70
66
70
a
April 10
on
gain
in
small
of
from
Feb.
roads.
due
The De¬
the export of
accumulated wheat surpluses in the Northwest.
from
exports
the
ports
same
to
China
and
Hongkong,
permit contracts for export of wheat
to
from
well
as
European destinations, was made effective on March 12.
all
as
to
the
Further exten¬
the Pacific Coast to
These extensions
to
bushel.
;
issued
Secretary
following to
10, 1940, averaged
Since
Jan.
1
the
benefit
payments
little lees than 31c.
a
have averaged
about 26c.
were
contra-seasonal
NON-DURABLE GOODS
De-
crease
Earners
2.9
1.5
14,200
6,800
5.6
7.5
4,900
Furniture
1.5
harvested,
434,000,000 bushels,
anticipates
according to a
a
total
yield
A crop of that size would be
record.
The record crop was 452,000,000 bushels, produced in 1930-31.
Last season's crop
was very low, only 191,000,000 bushels.
The average for
the five years ending with the 1937-38 crop was approxi¬
mately 328,000,000 bushels.
The Agriculture Department
the
on
second
largest on
April 17 further said:
Argentina
is
the
second
in
the world,
ranking next to the United States, and the world's largest exporter, from
the
United States.
of
old
Argentine corn were
31, the end of the old marketing season.
crop
Wage
crease
Industry—
Earners
The more
—
4,400
Slaughtering and meat
packing.........
Silk and rayon goods...
Woolen & worsted goods
Book and Job printing..
.
4.3
5.4
1.7
6,100
4,200
2,700
1.5
2,000
important increases in employment are listed below :
DURABLE GOODS
NON-DURABLE GOODS
*
inc. in
Per-
centage
In-
No. of
Wage
crease
Earners
Per-
centage
Industry—
Electric and steam rail¬
Industry—
Women's clothing......
12.9
4,300 Men's clothing.........
10.2
road cars..
Stoves
Inc. in
No. of
In-
3,700
Boots and shoes
...
Shipbuilding.
Agricultural implements
3.6
4.4
2,700 Cigars and cigarettes...
2,600 Millinery.
Machine tools
4.1
Wage
crease
Earners
8.2
3.4
17,000
6,600
4,900
2.3
2,300
5.4
13.4
3,800
3,400
Non-Manufacturing Employment
Retail stores reduced the number of their employees
seasonally by 0.8%
payrolls declined 1.1%.
Between February, 1939, and February,
1940, employment increased by 2.6%, and payrolls by 3.4%.
In the
more
important detail lines, the percentage changes in employment over
the month
were
as
follows:
% Change
% Change
Over the
Over the
Month
Month
,
practically exhausted on
Allowing for the average
annual domestic requirements of 61,000,000 bushels, the surplus available
for export during the current marketing season, beginning April 1 this
year, was estimated at 373,000,000 bushels.
Exports last season amounted
to only about 133,000,000 bushels, compared with the preceding five-year
average exports of 271,000,000 bushels.
Supplies
March
No. of
De-
and
largest corn-producing country
80% to 85% of the crop normally moving into export channels, principally
to European markets.
The bulk of the Argentine corn crop consists of
the flint varieties, as contrasted with the softer or dent varieties grown
in
•
cable received in the
Embassy in Buenos Aires.
centage
2,400
Industry—
of
Office of Foreign Agricultural Relations from the American
Dec. in
Per-
No. of
Wage
products
....
Brick, tile and terra eotta
official estimate of the 1939-40 Argentine corn
being
or
Dec. in
centage
Automobiles..
now
of less
DURABLE GOODS
.
The first
the
by the Department of Labor,
are taken, also
declines
Brass, bronze, and copper
crop,
during
February employment index of the Bureau of Labor Statistics was 101.4
(on the basis of 100 for the three-year period 1923-25), 8.3% higher
than a year ago.
The corresponding payroll index was 97.8, 13.7% higher
than in February
of last year.
Employment gains from January to
February were shown by 44 of the 90 manufacturing industries surveyed
and payroll increases were ehpwn by 46 of the 90 industries.
In the industries manufacturing durable goods employment was reduced
by 0.8%, while in the non-durable goods industries employment increased
by 0.7%.
Payrolls in the durable goods group fell 1.5%, while in the
non-durable goods group they rose 0.5%.
Compared with February of last
year the employment level for the durable goods group was 16.0% higher
and the payroll level was 24.5% higher, while for the non-durable goods
group employment showed a gain of 2.4% and payrolls a gain of 3.9%.
Among the more important January-February employment declines, most
of them contra-seasonal, were the following:
Steel--...
Bumper Corn Crop Being Harvested in Argentina
production
Perkins's remarks
in factory employment and of 0.5%,
a
a
in
say:
Per-
1939, through April
decline
■
than 0.1%, or 3,500 work¬
nearly $1,000,000, in weekly
factory wages from mid-January to mid-February.
The expected seasonal
changes are plus 1.6% for employment and plus 4.8% for payrolls.
The
There
ers,
surplus.
bushel.
pronounced
Factory Employment in February
designed to assist in finding additional outlets for the Northwest
1,
the
announcement
projects and
employment in anthracite mining showed
were considerably reduced from the
■/
Export benefit payments on wheat and flour under the programs from
July
Public Works Administration
payrolls
February,
5.
which
had the
July 1, 1939,
Philippines, and of wheat to the same three destinations.
wheat
on
work
January levels
the Dec. 29 announcement, export program operations were
of flour from Pacific Coast ports to the Philippine
On Jan. 19 the programs were extended to include exports of
to
Islands.
were
reflecting a resumption of activity following the sharply
caused by the extremely severe weather in January.
public construction projects declined, however, due pri¬
operations
71
.
Following
limited
sion,
than
in wholesale firms correspond closely to the declines which took
place
February, 1939.
Class I steam railroads took on 4,200 men from
January to February. Employment in the metal mining and oil producing
industries fell slightly, and laundries and dyeing and cleaning establish¬
ments reported small seasonal recessions.
71
1,616,021 bushels of wheat
and
4,692,551 bushels of wheat in the form of flour liave been made
since the announcement on Dec. 29, 1939, that the export programs would
be restricted to limited operations from the Pacific Coast.
These con¬
tracts have all been for exportation from Pacific Coast ports, to help meet
flour
more
in
72
Department's wheat and flour export program.
partment further stated:
for
said.
exceptions, conformed'to the usual seasonal pattern.
The employment
20,000 workers in retail establishments and 6,000 work¬
69
made during the period from
contracts
Perkins
job printing.
Employment in the manufacture-of air¬
doubling since last year at this time, remained
almost stable between January and February.
: The employment changes in other lines of business arid
industry, with a
craft,
75
April
total,
Secretary
there
Department of Agriculture announced April 15 that
this
employment,"
tiles and book and
74
72
10, 1940, for the exportation of 30,736,371
bushels of wheat and wheat in the form of flour under the
Of
in public construc¬
usually offset by increases
from
The
through
are
ers
Wheat and Flour Export Contracts Through
Totaled 30,736,371 Bushels ;
contracts were
cur¬
customary February expansion.
I
Employment in the non-durable goods group as a whole increased, largely
because of seasonal expansion in the clothing industries.
Such industries
as
men's clothing and tobacco manufactures did not show as
large gains
as
usual, and some reported small contra-seasonal losses, among them tex¬
week
The
"The
to say:
on
147,254
112,855
a
declines of about
of Activity
Orders
105,140
129,869
6—
13
Apr.
Production
Tons
Jan.
February than
was a small decrease of less than 0.1%, or about 3,500
Factory employment ordinarily shows a seasonal
January to February of 1.6%, or about 125,000 workers.
This year, however, a number of the major durable
goods industries, includ¬
ing iron and steel, electrical machinery, automobiles, hardware, furniture,
brick, glass, and sawmills, reported reduced employment instead of the
few
Percent
Unfitted
on
were en¬
large measure to further lay-offs in
tion—seasonal declines that
increase
received by us from the
National Paperboard Association, Chicago,
Jan.
reported
workers
employees, in factories.
Industry
Weekly Statistics of Paperboard
Week Ended
more
result of the substantial gains in industrial
a
rent decline is due in
This year
Orders
Perkins
Frances
gaged in non-agricultural occupations in
She went
We give herewith latest figures
Labor
of
However, Over 1,000,000
activity during the past year, her report showed.
imports',
leading cities, which had shown little net change during March, increased
ment
Secretary
March 26.
year ago as
Reflecting
2491
Groceries, meats and vegetables
Department
stores
and
+0.4
Men's
mail¬
—3.1
order houses
Women's ready-to-wear.......
boys' clothing and
furnishings.
Shoes.
................
.......
—6.2
Drugs
—3.3
—2.3
Fuel and Ice
Variety stores, limited price...
+3.5
—3.4
and
—4.0
payroll declines of 0.4% and 0.5% in
wholesale trade establishments followed very closely the average February
The
seasonal
employment and
The Commercial & Financial Chronicle
2492
decrease of
ment
reported by dealers in groceries, dry goods and apparel,
were
furniture
goods,
in
employment
The
supplies.
and
and
Over the
Month
Month
Chemicals,
Petroleum products
Automotive
allied
and
—0.6
products.
—0.1
—0.2
Hardware
—0.1
Lumber and building materials
drugs
Metals and
minerals
„
—3.0
Employment in anthracite mines increased 1.0% between Jan. 15 and
15, and payrolls decreased 37.3% from the high level of January,
Feb.
due
The
increased
payrolls
and
1.2%
by
in
to
response
production
a
step-up
February decline,
average
Private
graphic
severe
Atlantic and Pacific States resulted in the
since
and
Reductions
reported
the
in
New
erate
degree.
1939,
weekly
and
Middle
England,
INDEX NUMBERS OF EMPLOYMENT
7.8%
a
+ 3.4
e80.6
—2.5
+ 3.2
—3.6
+0.1
69.3
—5.1
+ 0.7
+ 1.7
67.1
+ 3.4
+0.6
+ 5.0
81.4
+0.1
+ 5.7
73.6
+0.7
+ 7.9
—1.1
+ 1.6
63.9
—1.2
+ 3.1
76.7
__
+0.4
,
e95.5
—1.9
+ 2.0
+0.2
el02.5
+0.9
+ 4.9
+ 0.6
+ 0.7
e71.9
+ 3.8
+ 4.6
0.2
32.9
—37.3
—27.2
e75.8
—0.4
Electric light and power..
Street railways & buses, f.
e89.4
e76.6
52.0
+ 1.0
f'
Mlning:
Anthracite
*
/' '
+ 1.9
+ 2.3
Telephone and telegraph..
•
.....
■
91.8
g
+ 3.5
88.0
+ 1.2
+ 8.4
66.1
—0.5
+ 8.4
63.8
+0.3
+ 19.6
non-metallic
38.1
+ 0.9
+0.7
30.9
+ 4.5
+ 4.2
Crude petroleum producing
63.1
—0.2
5.0
58.7
+0.5
—6.4
+ 0.4
h82.9
Quarrying
A
—
Services:
Hotels (year-round)......
93.0
+ 1.8
+ 2.2
+0.1
Laundries
95.7
—0.4
+ 3.1
82.9
0.5
+ 5.5
93.6
—0.3
+ 1.6
64.3
—1.9
—1.1
+ 1.7
—3.2
+0.3
+ 2.8
—2.4
+ 7.8
.....
Dyeing and cleaning
d
...
Building construction
—2.2
d
+ 0.1
+ 1.2
d
d
Insurance
—0.8
d
Brokerage
a
c
+ 0.6
+ 1.4
d
AND
PAYROLLS
in
Census,
^
indexes
f Covers
1940
Jan.,
■
1940
n
1*7*14/UOlUTlfly
Manufactures,
Revised series
e
h Cash pay¬
7 m A lioi
'V.
Payrolls
Employment
^ *
JL TUlWSlTl&o
Jan.,
Feb.,
1940
1940
1939
105.6
103.7
104.6
a
Feb.,
1940
1939
street
'V
Feb.,
Census of
1923-25=100.0)
JLfttYMi
1939
a
1937
d Not available,
1935 Census, public utility Indexes, to 1937
railways and trolley and motor-bus operations of sub¬
adjusted to
INDUSTRIES—ADJUSTED TO 1937 CENSUS OF MANUFACTURES
IN MANUFACTURING
Jw
Feb.,
to
Interstate Commerce Commission,
sidiary, affiliated and successor companies.
g Less than 0.1 of 1%.
ments only; value of board, room, and tips cannot be computed.
the
Payrolls
Jan.,
b Revised series—adjusted
Preliminary,
Source:
—Retail-trade
mod¬
more
Feb.,
a
Feb.,
1940
Jan.,
Feb.,
1940
1939
Non-durable Goods
106.7
including machinery
108.3
90.0
.
101.0
rolling mills
Bolts, nuts, washers, and rivets
Cast-iron pipe
Cutlery (not including silver
Textiles and their products
Fabrics
Carpets and rugs
Cotton goods
117.4
120.9
94.8
110.1
119.3
85.9
114.3
117.2
97.0
126.8
124.4
104.5
75.6
74.4
70.7
67.5
64.8
58.9
91.1
87.6
90.3
95.8
96.1
94.1
84.2
84.8
82.5
82.2
81.7
106.3
Blast furnaces, steel works, and
82.3
76.9
70.6
72.3
63.5
95.5
95.9
87.6
87.9
89.0
76.1
84.8
Hats fur-felt
87.5
83.6
75.6
81.4
79.9
129.7
128.0
108.1
109.5
111.9
91.3
wares
129.7
90.9
92.0
83.9
84.8
80.9
145.6
Cotton small
Dyeing A finishing textiles,.
143.8
153.6
168.6
Plumbers' supplies
Stamped and enameled ware..
cans
90.8
93.3
78.9
Knitted outerwear
67.9
59.4
68.1
56.9
47.4
55.1
84.2
85.8
57.4
Knitted underwear
77.1
75.4
71.2
69.0
66.0
62.9
103.5
87.6
100.4
108.9
81.6
Knit cloth
136.5
139.9
134.7
1(6.7
112.0
108.7
50.9
53.1
55.7
71.4
73.1
74.3
98.8
87.4
99.6
Hosiery
..
82.2
82.2
74.7
70.9
70.8
64.6
163.0
158.0
143.6
164.8
160.2
143.5
A ornamental
—
.
83.2
74.0
75.7
73.9
61.0
78.0
79.0
74.3
64.6
68.0
71.6
73.4
63.4
61.3
62.6
53.0
93.0
93.6
87.9
92.5
96.9
87.1
not
including
84.4
171.9
151.8
112.4
93.5
97.5
81.8
175.3
188.8
148.6
119.2
119.1
90.8
96.6
Implements
141.1
tractors)
135.2
127.0
163.8
155.8
141.2
127.9
126.4
131.4
132.5
128.6
120.6
105.5
107.4
85.3
80.1
82.7
175.5
162.2
179.8
132.0
112.8
138.6
115.1
114.8
108.4
116.6
110.4
114.0
136.9
112.9
95.0
121.7
Men's furnishings
Millinery
121.2
-
111.5
89.3
Leather and its manufactures....
Boots and shoes
78.7
91.0
77.8
58.5
79.1
124.4
119.5
122.6
108.0
97.7
100.3
99.1
97.4
103.0
82.3
82.3
89.5
98.1
95.8
102.4
79.8
79.1
87.8
86.5
87.4
88.3
83.6
86.1
87.3
118.4
119.5
114.2
115.4
117.1
110.0
142.1
141.4
142.2
132.2
131.1
130.0
Beverages
283.9
Food and kindred products..
101.7
84.3
111.2
112.4
86.9
Engines, turbines, water wh'ls
133.1
125.3
90.0
171.5
161.4
97.3
97.2
80.9
94.1
95.2
104.0
-
72.8
254.5
254.9
251.5
278.8
273.7
89.4
89.7
87.0
76.0
75.1
74.5
Canning and preserving
90.6
91.0
84.3
77.8
80.6
75.9
84.0
82.9
80.9
81.3
81.2
76.5
Flour
79.3
79.0
76.5
73.9
73.4
68.6
Ice
101.4
Foundry a machine-shop prods.
109.1
Confectionery
Electrical machinery, apparatus
and windmills..
Clothing, men's
Clothing, women's
•
Butter
Cash registers, adding machines
and supplies
87.8
123.9
Baking
(lncl.
and calculating machines
66.9
86.5
116.1
Leather
trans¬
portation equipment
Agricultural
96.1
162.3
Wirework
Machinery,
96.3
112.8
files, A saws)
63.2
85.0
123.0
.
Shirts and collars
Tools (not including edge tools,
machine tools,
59.8
55.5
Corsets and allied garments.
84.5
86.0
metal
and other tinware...
Silk and rayon goods
Woolen and worsted goods.
Wearing apparel
heating
hot-water
apparatus and steam fittings
Stoves
work
89.8
72.3
100.8
Hardware
Structural
146.1
104.6
71.7
outlery), and edge
tools
and
150.9
104.1
and plated
Forgines, iron and steel
Tin
—1.2
Public utilities:
and
Iron and steel and their products,
Steam
+ 2.7
e88.1
69.2
Durable Goods
not
+ 0.3
Automotive
the South
than
greater
Employment
1940
—0.5
—1.1
93.8
Furniture
em¬
Manufacturing Industries
Feb.,
76.8
e79.1
+ 2.4
Lumber
(Three-Year Average
a
+2.7
+ 2.6
+ 0.6
Apparel
(0.6%)
Atlantic,
in February in
were
payrolls
+ 2.9
—0.4
—0.8
75.3
merchandising.
General
Employment in February, 1940, was 1.4% above the Febru¬
level,
+ 13.7
d
d
only February employment gain
regions in January were continued
ary,
d
90.3
-
Foods
the average February recession for the eight-year period being
1932,
7%.
Mountain
States
—0.5
b97.8
103.1
-
Retail
Metalliferous
increased slightly
the Central
of
most
+ 5.5
e87.1
Wholesale
weather conditions in January in five of the nine geo¬
in
+ 8.3
+0.4
Trade:
Payrolls decreased 2.4%, however, primarily be¬
notably
divisions,
—0.1
65.6
1939
(1929=100)
payroll declines were much sharper than employment declines in cer¬
parts of the country.
Contra-seasonal resumption of building activity
following the
bl01.4
Feb.,
1940
1939
rallroads.c..
Class I steam
Change from—
Jan.,
1940a
Feb.,
Bituminous coal
February, according to reports from 12,784 contractors
ploying 105,389 workers.
Jan.,
1940
(1923-25=100)
Manufacturing
%
Feb.,
Feb.,
1940a
Construction
Building
Index
% Change from-
was
Employment in private building construction
from January to
tain
Index
Industry
,
the
Payrolls
Employment
in
coupled with an increase of
0.3% in payrolls.
Employment in quarries showed a contra-seasonal
February gain of 0.9% and payrolls increased by 4.6%.
The slight decline
in employment of 0.2% in the oil fields was accompanied by an increase
in
payrolls of 0.5%.
In public utilities the reduction in construction
crews
for light and power and for street railway and bus companies was
offset by the extra help made necessary by storm conditions, which also
required overtime pay.
Telephone and telegraph companies reported an
employment loss of 0.4%, while the increases in power adn light and
street railway and bus companies were 0.2% and 0.6%, respectively.
Pay¬
rolls gained 0.9% and 3.8% in these two industries.
Hotels increased their staffs by 1.8% and payrolls gained 2.2%, reflect-,
ing better business, due in part to winter vacation travel, conventions and
banquets.
Small seasonal
employment reductions
(0.4% and 0.3%)
occurred in laundries and in dyeing and cleaning plants, and payrolls
declined less than seasonally.
Brokerage firms cut their staffs by 0.8%,
and employment in insurance companies was unchanged.
than
Federal, State or local
and payrolls for February,
industries
employment in metal mines (0.5%), which was slightly
decrease in
The
cause
of employment
mainly to sharply reduced production o in the week beginning Feb. 5.
number of workers in bituminous coal mines remained virtually un¬
changed
less
or
1940, for all manu¬
combined, Class I steam railroads, and selected nonmanufacturing industries, where available, and percentage changes from
January, 1940, and February, 1939, are 6hown below.
The three-year aver¬
age 1923-25 is used as a base in computing the indexes for the manu¬
facturing industries and Class I steam railroads, and the 12-month aver¬
age for 1929 is used as a base in computing the index numbers of the
non-manufacturing industries.
Information for the non-manufacturin gindustries for years prior to 1929 is not available from the Bureau's records.
These indexes are not adjusted for seasonal variation:
% Change
Over the
—12.9
—0.5
RFC,
facturing
% Change
Farm products
the
Indexes
employing large numbers of workers were as follows:
trade
by regular appropriations of the
governments.
and housefurnishings.
No change was
companies handling machinery, equipment and
percentage decreases in the remaining lines of wholesale
electrical
shown
in
corresponding month of last year.
The reports on which the figures are
based do not cover construction projects financed by the WPA, the PWA,
Seasonal employ¬
0.5% in this industry for the last 11 years.
gains
April 20, 1940
66.5
66.1
66.3
56.7
55.6
107.0
111.8
96.1
109.1
118.9
98.5
44.5
67.8
44.3
53.0
62.6
50.5
74.4
cream.
Slaughtering and meat packing.
Sugar, beet
55.8
Machine tools
204.9
196.8
132.2
270.5
258.5
141.8
Sugar refining, cane
92.5
90.1
92.2
77.8
72.6
Radios and phonographs
124.6
136.2
113.2
113.1
122.2
96.3
Tobacco manufactures
61.7
59.0
63.7
54.0
52.9
52.7
85.9
86.2
72.0
81.4
83.5
66.2
117.5
122.6
126.4
110.0
111.3
120.8
62.4
63.7
63.1
69.7
68.1
63.3
Textile machinery and parts
Typewriters and parts
115.5
Transportation equipment
2034.8
Airoraft
115.5
2
96.8
119.3
118.3
91.6
29.7
956.7
1883.5
1900.6
952.9
114.1
115.8
104.4
119.9
119.9
97.3
Cars, electric A steam railroad
59.6
52.8
37.3
55.1
47.3
30.8
Locomotives
28.9
28.3
16.9
27.2
27.2
13.3
Shipbuilding
142.5
137.5
110.3
149.1
148.0
116.1
Automobiles
107.0
109.7
93.1
103.2
108.7
85.3
Aluminum manufactures
170.6
169.5
135.6
193.6
191.5
148.0
Brass, bronze A copper products
128.1
135.7
104.4
136.3
150.3
100.4
Non-ferrous metals & their prods
Clocks and
watches
and
time-
91.7
90.6
94.7
92.9
84.3
91.4
89.0
88.9
69.4
72.7
72.6
87.1
reoordlng devices
Jewelry
Lighting equipment
92.8
83.2
69.6
74.2
68.7
83.6
70.7
71.7
67.6
59.4
61.3
59.7
87.0
86.9
77.4
85.9
86.5
72.6
66.7
Silverware and plated ware
Lumber and allied
:
products
Furniture
>.
67.3
62.0
59.8
58.8
52.7
88.9
90.3
83.3
76.7
74.6
69.6
Lumber:
Mill work
60.7
Sawmills
59.2
59.5
75.4
77.7
Stone, clay, and glass products..
and snuff
61.5
63.7
52.0
51.0
115.1
111.0
108.8
110.0
103.6
114.4
116.2
108.4
119.2
121.2
115.4
113.2
.
58.4
114.7
114.1
106.3
117.3
117.6
105.2
101.1
Cigars and cigarettes
Paper and printing
Boxes, paper
Paper and pulp
51.3
102.6
100.3
86.7
91.6
84.9
115.7
113.5
113.6
108.1
105.7
104.8
118.9
Printing and publishing:
Book and Job
Newspapers and periodicalsChemical,
coal
petroleum, and
121.0
Other than petroleum refining.
Chemicals
_•
Cottonseed—Oil, cake A meal
Druggists' preparations
Explosives
121.0
113.4
131.3
131.0
120.8
products
Petroleum refining
121.6
117.5
134.7
133.5
132.5
121.1
120.9
112.4
130.2
130.3
114.8
135.2
135.8
118.1
158.2
159.8
132.
101.4
103.2
98.1
93.1
99.3
77.0
119.5
118.5
108.9
130.5
129.2
117.6
105.5
103.5
84.3
127.5
120.9
97.1
109.4
Fertilizers
105.1
107.1
83.4
82.5
75.2
Paints and varnishes
Smelting and refining—Copper.
lead and zlno
Chewing and smoking tobacco
52.7
61.5
57.0
55.5
47.0
47.0
42.5
55.0
51.8
51.1
44.3
72.1
A
AA Q
oo,y
123.3
123.5
117.2
129.3
128.5
117.9
Rayon and allied products..
313.3
313.5
305.9
321.3
320.4
287.8
84.4
83.5
79.9
100.3
100.3
94.9
88.2
9 ).0
81.5
88.3
94.1
81.0
56.7
59.1
59.4
52.7
56.4
73.0
73.6
65.6
80.3
85.6
71.0
146.1
150.3
133.8
136.4
144.8
125.4
101.4
101.5
93.6
97.8
98.3
86.0
96.6
97.4
83.3
96.7
98.2
77.7
106.0
105.3
103.5
99.0
98.5
95.3
Soap
Rubber products
Rubber boots and shoes
58.0
O J..O
51.7
A1
A
43.4
38.6
55.3
57.7
55.2
48.0
50.5
105.6
95.2
108.3
113.1
97.9
Marble, granite, slate A other
products
42.4
38.8
42.5
29.1
23.9
28.9
Pottery
93.2
92.4
86.0
85.6
80.7
79.2
and
inner tubes.
Rubber goods, other
_
48.0
102.3
Rubber tires
Brick, tile, and terra cotta
Cement
Glass
a
39.4
February, 1940 indexes are preliminary; subject to revision.
Summary
All industries
Durable goods
Non-durable goods
I
The Commercial & Financial Chronicle
Volume ISO
Employment
The
number
of
Administration
employed
less
at work
increased
704,000
workers
$110,275,000 to
workers
in
than
in
projects
the
load,
relief
The
February,
relief
on
bringing
February,
2,251,000.
to
Automobile Financing in February
relief projects of the Work Projects
on
59,000
these projects
on
by
Federal and Other Public Program*
on
persons
number
however,
Wage
1939.
of
The dollar volume of retail
for
crease
in
National
ditional
Youth
youths
Out-of-School
construction
on
employment
gave
Work
Program
14,000
to
projects
financed
to
still
The
the
work.
at
these
There
however,
were,
30,000
Worke
of employment
caused
by
lack
the
of
awards, continued during the month ending Feb. 15 with a further decrease
of
22,000,
leaving
$11,273,000
Payroll
still at work.
men
disbursements
$1,055,000 less
were
than
in
of February
the month
road projects.
Employment
in
of
camps
approximately
employed
were
on
construction
On
construction
projects financed from regular Federal appropriations ma¬
for
$34,659,000 and
projects
materials
EMPLOYMENT
United
the
of
valued
at
AND
the
$617,000.
was
Authority
Housing
States
Contractors
placed
FROM
orders
$5,700,000.
FINANCED
PROJECTS
ON
PAYROLLS
STATE FUNDS,
FEBRUARY,
WHOLLY
1940
of
_
*
Feb.,
a
Jan.*
1940
1940
A
Financed
by
Department of Commerce;
AUTOMOBILE FINANCING
Jan.,
Feb.,
1940
1939
1940
—106
$
—1,055
Used and
ing
Volume
Month
11,273
Total
in
—5,224
—5
+ 30
21,647
—612
+ 28
2,900
—87
—5
—26
4,431
—704 110,275
+ 20
—1,253
5. '
Number
In
Number
in
of
Thou¬
of
Thou¬
of
Thou¬
sand
Cars
sand
Cars
sand
Dollars
Dollars
January
February
+ 77
336
roads.f
+ 14
0
0
113
—6
—16
i
+ 4,133 —40,092
3,100
6,144
14,662
8,684
+ 94
337
e
State
+ 241
+ 632
+ 329
—757
15 and Feb.
ended Jan.
projects, are maximum number for the months ended Jan. 15 and Feb. 15.
Employ¬
ment and payrolls for Federal-aid roads for the month ended Feb. 29 are estimated,
for the calendar months ended Jan. 31 and Feb. 29.
Figures on
employment are for the last day of the month; payrolls for the entire month,
f Employment and payrolls for the month ended Feb. 29, estimated.
d Figures
are
a264,028
110,576
110,371
376,650
510,268
220,948
138,899
206,239
February
128,377
209,512
81,751
81,914
67,312
66,364
267,276
415,751
163,666
81,069
73,135
175,292
180,953
356,245
—127
—334
246,240
187,466
+ 1,672
—39
b Employment figures are maximum number for the months
15.
c Employment figures, except for Federal-aid road
Preliminary,
•
+ 23
program.d
Out-of-school work
CCC
+ 59
460
189,184
January
2,251
work program.d
Total
2
Total
2
9%
less;
business, 3%
new
Lumber
National
the
shipments
were
less, according to reports
Association
Manufacturers
to
January
tive
softwood
and
hardwood
mills.,
Shipments
2%
were
orders, 6% above production.
above production; new
Com¬
pared with the corresponding week of 1939, production
was
5% greater; shipments, 4% greater, and new business, 3%
The
less.
industry
stood
at 66%
of the seasonal
of 1929 production and 68% of average 1929 ship¬
ments.
and
orders
new
weeks
14
of
shipments
of
shipments
11%
was
above
the
to
date,
business
new
9%
was
The ratio of
unfilled orders
a
year
ago;
17%
a
year
stocks
gross
were
stocks
For the
above production,
22%
was
Unfilled orders
on
were
and
March 30, 1940,
28% heavier than
1% less.
Softwoods and Hardwoods
During the
feet
of
softwoods
booked orders
Mills,
were:
orders,
feet;
y
Lumber
mills
same
and
hardwood
production.
4%
mills
give
Shipments
below
feet,
or
as
Production
Production
wood mills
orders
237,129,000
new
above the production
10,215,000
as
same
was
week
Reports
feet,
were
9,330,000
of the
207,727,000
were
202,476,000 feet.
was
business
Production
production.
weiek
same
reported for the
Identical Mill
shipments
6%
reported for the
as
3% above production.
100
shipments,
feet;
for the week ended April 6, 1940, by 424 soft¬
213,895,000
Shipments
Revised figures for the preceding week
213,177,000
feet.
reported
totaled
from
or
hardwoods
production,
mills produced 211,806,000
shipped 216,662,000 feet;
507
combined;
1940,
6,
224,110,000 feet.
521;
above
feet,
ended April
230,243,000
mills.
or
of
orders
wood
feet,
week
or
9%
8,935,000
feet.
during the week ended April 6, 1940, of 398 identical soft¬
199,230,000 feet, and a year ago it wag 189,807,000 feet;
respectively, 204,126,000 feet and 194,668,000 feet, and
was
210,019,000
feet
and
217,488,000
feet.
In
7,744,000 feet and 7,216,000 feet; shipments,
feet, and orders, 8,906,000
feet
the
a
case
year
of
ago
7,299,000 feet and 8,400,000
and 7,995,000
feet.
133,676
84,730
282,075
78,936
68,669
53,816
34,141
69,592
53,716
34,224
121,476
127,237
34,528
35,368
138,262
107,532
68,365
248,713
69,896
new cars,
64.7%
were used cars,
and 0.5%
1940
$
February
887 096 773
un¬
April
739,798,724
779,381,455
817,788,623
J
October
May
November..
March
June
*
..
Of the
224
1939
$
July.......
August
840,491,007
854,629,839
848.528.973
849,831,661
859,989,858
875,078,033
September..
December..
organizations formerly Included In retail automobile
receivables,
over by reporting companies prior to
January, 1940.
10 have been taken
Petroleum
and its Products—May Crude Oil Demand
Higher—Daily Average Oil Production Jumps—
Illinois Considering Severance Tax—N.A.M. Head
Cole
Bill—Mexico
Seen
Rejecting
U.
S.
Proposal—
An
increase
demand
for
of
crude
was
51,000 barrels
in average daily market
during May as compared with the
indicated in the monthly market demand
oil
forecast of the United States Bureau 6f Mines which
put
probable demand for next month at 111,630,000 barrels,
daily
average of 3,601,000 barrels.
Compared with the like
1939 month, however, demand showed little
change.
Higher market demand was foreseen for 6 of the 7 leading
oil-producing States, Oklahoma being the only one for which
a decline was indicated.
The Bureau of Mines
reported that
May crude oil exports would total 5,000,000 barrels, which
is 3,643,000 barrels below the
abnormally high figure re¬
ported in May of 1939.
Estimated daily average crude oil demand for the 7
leading
011 producing States:
State—
Texas
California
Oklahoma
State
May
April
1,344,000-1,332,000 Louisiana
592,600
590,000 Kansas
408,100
392,900
413,000 New Mexico
380.000
May
264,500
158,100
103,500.
April
257,000
151.000
100,000
The report pointed out that stocks of domestic crude oil
had increased approximately 5,500,000 barrels
March
were,
received,
39,178
39,757
696,959,547
691,191,242
709,667,390
Illinois
Comparisons
hardwoods, 83 identical mills reported production this year and
138,927
143,148
1939
S
current month
to gross
ago.
were
1940
above
Supply and Demand Comparisons
compared with
34.9%
876,699,079
shipments,
6% above production.
were
42,573
42,157
.
Hits
6%
were
10% above the orders of the 1939 period.
were
1940
1939;
154,205
January
-■>
weeks
96,092
RETAIL AUTOMOBILE RECEIVABLES OUTSTANDING END
OF MONTH
AS REPORTED BY 214 IDENTICAL ORGANIZATIONS *
Comparisons
Reported production for the 14 weeks of 1940 to date
328,931
mos.
classified.
The Association further reported:
corresponding
181,337 124,885
weekly
average
Year-to-Date
2
ended Feb.
Of this number
a
from
regional associations covering the operations of representa¬
46,116
49,975
1938—
Total
1% less than in the previous week;
156,927
172,004
mos.
ended Feb.
Report of Lumber Movement, Week Ended April 6, 1940
was
64,460
60,395
1939—
e
production during the week ended April 6, 1940,
89,313
92,024
mos.
ended Feb.
February
Lumber
Dollar$
1940—
92
Projects operated by WPA.d..
NY A Projects—
Student
Cars
Volume
Cars
+ 2,547
•
Volume
In
WPA Program—
projects under
Unclassified
Number
+ 4,788
—1
New Cars
Volume
Thousand,
Dollars
202
the WPA.b
°
Financ¬
Year
S
31
Federal agency
'
Summary for 400 Organizations
Federal
regular
appropriations _c
USHA.b
by reporting
financing during
over
automobile
'
and
—22
either taken
Wholesale
Feb.,
a
1939
$
111
organ¬
Retail Financing
Construction Projects—
Financed by PWA.b
400
the
Change from—
Feb.,
1
by
"Chronicle,"
Payrolls
Change from—
Class
were
discontinued
or
the Census of the
(All Figures in Thousands)
Employment
month
The
on
OR PARTIALLY FROM FEDERAL FUNDS AND ON ROADS FINANCED
\
that
page 1673.
following tabulations show the volume of financing
for the months of
January and February, 1940, 1939 and
1938, and the amount of automobile receivables
outstanding
at the close of each
month, January, 1939, to February,
1940, inclusive. The figures are as reported to the Bureau
Federal agency projects under the
on
the amount
for
1939; the total dollar volume represented by these organ¬
izations was less than 1/10 of
1%.
Figures of automobile financing for the month of Janu¬
ary, 1940, were published in the March 16. 1940, issue of
to
Projects Administration
low-rent
organizations
persons
$21,315,000 were placed by contractors
financed by the Public Works Administration.
projects
94.3% of the total volume of retail financing,
reported
Nineteen organizations
February
in
The 337,000
January.
in
as
same
Corps
Conservation
Civilian
the
the
amounting
terial orders totaled
Work
State-
on
$14,662,000.
paid
orders
employed
were
outstanding
as
Of the 456 organizations originally included in this series
37
discontinued automobile financing previous to 1939.
15.
men
Feb¬
:
receivables
izations.
Payroll disbursements amounted to $8,684,000.
remained
Material
113,000
compared with
as
automobile
February, 1940,
$110,371,421,
January.
January to 31,000 in the month ending Feb.
During
financed
156.3%
■
accounted for
of
Employment on lowprojects of the United States Housing Authority dropped from 32,000
rent
in
111,000
of
reported by the 214 organ¬
izations, amounted to $887,096,773. These 214 organizations
contract
new
increase
an
1938.
at the end of
financed by
projects
construction
on
Administration,
decrease of 0.9% compared with January,
of 46.0% as compared with February,
a
increase
The volume of retail
Payrolls were $21,647,000.
projects than in February, 1939.
rapid decline
Public
and
ruary,
workers employed
more
an
1939,
appropriations fell off 5,000 in the month ending Feb. 15, leaving 202,000
men
$187,466,157,
1940;
Federal
regular
compared with February, 1938.
The
February, 1940, amounted
as
volume of wholesale financing for
and
February
in
from
58.6%
ad¬
added to the rolls of the Student Work Program.
were
Employment
Administration
the
on
23,000 students
on
of
organizations amounted to $110,371,421, a de¬
0.2% as compared with January, 1940; an in¬
34.7% as compared with February, 1939, and an
increase of
Jamiary.
The
of
crease
of
than
more
financing for February, 1940,
400
the
was
payments
$4,133,000
were
2493
runs
to
during the
9-April 6 period.
This increase, added to the high
stills, was taken as an indication that current produc¬
tion of crude oil is far above actual needs.
If the decline in
crude oil exports continues, it was held, it may offset the
expected increase in refinery crude required.
This probably
The Commercial & Financial Chronicle
2494
would
mean
for crude
only
oil
a
this
minor gain in the total market demand
summer
in contrast to
the usual sharp
decline of 108,000 barrels in
barrels during the week ended April 13, according to reports
compiled by the American Petroleum Institute.
The figure
of 3,853,800 barrels shown in the report compared with esti¬
mated April daily average market demand of 3,550,000
barrels, snowing that production is running more than 300,000
barrels
daily above the Bureau of Mines indicated
inventories, which totaled 101,-
837,000 barrels.
The decline in motor fuel holdings was
Because of this, June and July market demand
upturn.
forecasts probably will be held down.
With Texas leading the way, daily average production of
crude oil in the United States climbed more than 100,000
April 20, 1940
The average
retail price of gasoline, based on reports to
representative
the American Petroleum Institute, from 50
cities, averaged 13.17 cents a gallon on April 1, compared
March 1 and 13.07 cents a gallon
Including taxes, the price to con¬
18.59 cents on April 1, was 18.76 cents on March
with 13.34 cents
Texas oil wells was up 100,050
while California's gain of 21,000
barrels lifted the daily average figure for the West Coast to
631,200 barrels.
Louisiana was up 4,050 barrels to a daily
figure of 286,750 barrels while Kansas rose 1,050 to 176,400
on
nation's oil-heated homes, rose to
barrels.
of 1,710,114,000
average output of
barrels to 1,494,500 barrels
Despite a decline of 4,050 barrels in its daily average
Illinois held firm grip on its third-place rating with 421,750
barrels.
Oklahoma was off 12,450 barrels to a daily figure
of
400,850 barrels.
1,336,000 barrels in stocks of domestic and
foreign petroleum during the initial week of April lifted the
total to 251,897,000 barrels, the U. S. Bureau of Mines
reported. Holdings of domestic crude oil were up 897,000
barrels, with foreign crude oil holdings rising 439,000 barrels.
Heavy crude oil stocks in California, not included in the refinable crude stocks, totaled 13,334,000 barrels, off 117,000
An increase of
barrels from the final week of March.
no control over crude oil production,
under the supervision of the State Administration
through a severance tax to raise funds for relief and other
purposes should plans currently before the State Adminis¬
tration be consummated.
It was indicated by well-informed
Illinois, which has
may come
sources
that Governor Horner favors the oil tax
forms of
new
taxation.
A 3-cent
a
barrel
over
severance
sumer was
on
1 and 18.51 cents
Demand
practical
means
centralized Government control."
Associated Press dispatch from Mexico
City, April
18, said:
"Mexico is
preparing to reject the proposal of the United
of the controversy over Mexico's
expropriation of the foreign-owned oil industry, according
States
for
problem.
"United States Secretary of State Hull in a note April 3
suggested formally that the expropriation issue and the
resulting problems be submitted to arbitration.
He said he
did not see how a Claims Commission could solve the prob¬
lem unless its decisions were final and binding, and it was
not indicated today whether the Mexican proposals would
suggest this."
There were no crude oil price changes.
Prices of Typical Crude per Barrel at Wells
(All gravities where A. P
Bradford, Pa................
Corning, Pa
(Bayonne)
$
N. Y.
(Harbor)—
Illinois--
...............
.95-1.05
Western Kentucky.-——-,
Mld-Cont't, Okla., 40 and above..
Rodessa, Ark., 40 and above......
Smackover, Ark., 24 and over.....
REFINED
PRODUCTS—-MAY
—INVENTORIES
LINE
.90
1.03
1.25
.73
PRICES
Darst Creek
.
\
.$.05
New Orleans.
Gulf ports...
Tulsa...
| North Texas
Los Angeles..
.061
$.04
.03)4-*05
|New Orleana.$.05)4-.05)4
I
Tulsa
.04
N.
I Chicago—
Bayonne)—
27 plus...
LOWER—RECORD
$.04
•
| Tulsa
$.053
2830 D
New York—
$.17 | Newark
Brooklyn.—
.17 I Boston
zNot including 2% city sales tax.
3.02)4-.03
I
$.1661 Buffalo
$.17
1851 Chicago
FUEL
The
Institute
Petroleum
American
estimates
that
the
daily average gross crude production for the week ended
April 13, 1940, was 3,853,800 barrels.
This was a gaiD
of 108,800 barrels from the output of the previous week, and
the current week's figures were above the 3,550,000 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 13, 1940, is estimated
at 3,827,850 barrels.
The daily average output for the
weekended April 14,1939, totaled3,494,500 barrels. Further
details as reported by the Institute follow:
Imports of petroleum for domestic
use
and receipts in bond at principal
United States ports, for the week ended April 13, totaled 1,008,000 barrels,
a
daily
average of
144,000 barrels, compared with
a
daily average of 196,714
barrels for the week ended April 6, and 179,107 barrels daily .for the four
weeks
ended
bonded
April 13.
These figures include aU oU imported,
for domestic use,
or
whether
but it is impossible to make the separation in
weekly statistics.
Receipts of California oil at Atlantic Coast ports
were
daily average of 18,286 barrels, of which 102,000 barrels
128,000 barrels,
were
delphia.
.
Reports received from refining companies owning 84.9% of the 4,424,000
barrel
estimated
daily potential refining capacity of the
United
States,
indicate that the industry as a whole ran to stills, on a Bureau of Mines'
basis, 3,570,000 barrels of crude oil daily during the week, and that ail
companies had in storage at refineries, bulk terminals, in transit and in
of the end of the week, 101,837,000 barrels of finished and
as
The total amount of gasoline produced by aU com¬
panies is estimated to have been 11,630,000 barrels during the week.
CRUDE
RUNS TO
STILLS AND PRODUCTION OF GASOLINE,
ENDED APRIL 13. 1940
(Figures in thousands of barrels of 42 gallons each)
DaUy Refining
Capacity
Crude Runs
to StUlt
Gasoline
Production
at
Potential
Percent
Rate
Reporting
Dally
Average
WEEK
Refineries
Percent
Inc. Naturae
Operated
Blendea
SALES
East Coast
Domestic demand for gasoline during May will be 6%
above that for the comparable 1939 period, rising to 52,400,000
barrels, according to the regular monthly market demand
forecast of the United States Bureau of Mines.
643
595
92.5
Appalachian..
Indiana, Illinois, Kentucky.
Oklahoma. Kansas, Missouri
156
91.0
115
81.0
414
634
88.5
532
94.8
2,057
420
76.9
272
84.2
906
Inland
Tat**
was set at 2,800,000 barrels, which would
1,590,000 barrels under actual movements abroad last
The lag in the export market, it
was
indicated,
.
1,614
59.6
139
83.2
557
1,071
85.3
843
92.2
2,671
164
97.6
133
83.1
299
North Louisiana & Arkansas
101
39
75.0
Rocky Mountain
California.
119
55.5
47
71.2
196
836
87.3
492
67 A
1,248
84.9
3,207
85.3
10.060
....
51.5
98
was
due to the difficulties in obtaining tankers, risk of overseas
shipments because of war conditions and the curtailment of
Reported
consumption abroad by rationing and diversion of pur¬
chases to other world sources of supply.
Aided by a readjustment of figures for the initial week of
April, stocks of finished and unfinished motor fuel showed
their first reduction in months during the week ended April
13,
The American Petroleum Institute report showed a
*
100.0
280
.
.........
_
May.
„
Texas Gulf
T-ouJRiana Gulf
Export demand
be
a
gasoline and
26,000 barrels of other petroleum products, received at the port of Phila¬
HIGHER
OIL
.17
;
Daily Average Crude Oil Production for Week Ended
April 13, 1940, Up 108,800 Barrels
IN MONTHS—GASO¬
LIGHT
1.50
Gasoline. Seruce Station, Tax Included
1.03
DEMAND
$1.00
Gas Oil, F.O.B. Refinery or Terminal
District
GASOLINE
-.04)4
I
2.10-2.20
Diesel..
Michigan j rude
.76-1.03
Sunburst, Mont...
.90
Huntington, Calif., 30 and over... 1.15
Kettleman Hills. 39 and over...... 1.38
SHOW FIRST SLUMP
-.05)4
.0634--07
.05)4
04)4-.05)4
California, 24 plus D
INew Orleans C
.$1.50
$1.00-1.25 PhUa., Bunker O
unfinished gasoline.
.$2.75 Eldoraro, Ark., 40
J 1.03
1.02 Rusk, Texas, 40 and over—....... 1.10
Chicago.
Texas ..f .07M-.08
Gulf..:.... .08K-.08H
Shell East'n .O7H-.08
Fuel Oil, F.O.B. Refinery or Terminal
pipe lines
I. degrees are not Shown)
Other Cities—
New York
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York
arbitration
to an adviser of President Cardenas.
This source said
Mexico would suggest that an International Claims Com¬
mission of American and Mexican experts seek settlement
of the
the record-breaking total
men.
New; York—
Std.OHN.JJ.06)4-.07
Socony-Vac. .06>$-.07
T. Wat. Oil .08J4-.08J4
RlchOlKCal) .08K-.08 %
Warner-Qu. ,07)4-.08
z
constitutes
chiefly heating oil for the
gallons during the first 2 months of 1940,
minds of most oil
x
Association, oil men and members of the N. A. M. committee
now touring 40 main cities in the Nation to improve public
relations with business, at Houston.
The oil industry was described by Mr. Prentis as "perhaps
our most characteristic American
industry."
He added that
"the great service that the petroleum industry has rendered
to society has been due mainly to the comparatively free
play allowed normal incentives to adventure, discovery,
invention and expansion in the American economic system."
The Cole bill, he asserted, "transfers regulation of the oilproducing industry from the State Government to the
Federal Government and extends regulation to a point that
year ago.
28% from the like 1939 period, according to the United
The sharp rise reflected the growth
units in American homes to
1,900,000 on Jan. 1, last, and the severe weather during
January and February.
Prices of refined products, for the most part, showed little
change in the major marketing areas of the country.
Fuel
oils and kerosene showed some seasonal easing off in prices
while motor fuel prices firmed somewhat as spring increases
in demand bolstered sentiment.
However, the top-heavy
supply situation in gasoline still is a price hazard in the
Prentis addressed
dinner of the Texas State Manufacturers
a
light fuel oil,
States Bureau of Mines,
President of the National Association of Manufacturers, as
an
invasion of private enterprise by government.
Mr.
An
for
BunkderC
a
on
up
ment.
The Cole bill, which would place the oil industry under
Federal control, was condemned by W. H. Prentis Jr.,
gallon
in the number of oil-burning
Illinois chide oil is
currently under consideration as the most
of raising new funds for the State govern¬
a
1939 date.
the like
other
tax
more sur¬
was due mainly to a rise of 255,000 barrels in the April 6
storage figures.
Refinery operations were up 2.9 points to
85.3% of capacity, highest figure in many months.
Daily
average runs of crude oil to stills were up 115,000 barrels
to 3,570,000 barrels.
demand.
Daily
all the
prising in view of the sharp gain in refinery operations, and
...
Estimated unreported..
363
1,570
4,424
3,570
4,424
3,455
11,630
11,362
x3,310
yl 1,066
Estimated total U. S.:
Apr.
13, 1940
Apr.
6,1940
—
♦U.S.B. of M.Apr. 13, 1939
*
Estimated Bureau of Mines' basis,
April, 1939, daily average, y This is a
production based on the U. S. B. of M. April, 1939 daily average, z 12% re¬
porting capacity did not report gasoline production.
week's
x
Volume
The Commercial & Financial Chronicle
ISO
DAILY AVERAGE CRUDE
OIL PRODUCTION
equivalent coal, assuming 6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u.
per pound of coal.
Note that most of the supply of petroleum products is not
directly competitive with coal.
("Minerals Yearbook," 1938, page 702.)
c Sum
(Figures in Barrels)
___
2495
14 full weeks ended April 6 and corresponding 14 weeks in 1939 and 1929.
April 1, "Eight hour day" weighted as 0.1 of a working day.
of
a
B, Of M.
d
Four
Calcu¬
Week
Week
Weeks
Change
ESTIMATED
lated
Stale
Ended
from
Ended
Allow¬
Ayr. 13,
Previous
Ayr. 13,
ables
1940
Week
1940
PENNSYLVANIA
OF
Ayr. 15,
ments
PRODUCTION
Ended
Re uire-
1939
ANTHRACITE
AND
BEEHIVE COKE
(In Net Tons)
(April)
Week Ended
Oklahoma......
Kansas.—,—
Nebraska...........
413,000 b400,850
413,000
151,000
151,000 b 176,400
b
Panhandle Texas....
West Texas..
East Central Texas..
Bast Texas
...
Southwest Texas
Coastal Texas.,
436,500
169,950
+1,000
—2,900
+ 1,550
+37,750
+5,800
81,600
101,400
33,600
269,250
87,750
396,950
62,550
447,000
254,250
255,150
249,500
220,700
+50
+26,000
+30,800
84,750
31,100
228.850
105,050
1,332,000 C1443 773 1,494,500 + 100,050 1,474,300 1,435,150
North Louisiana.....
Coastal Louisiana
69,350
217,400
Total Louisiana...
257,000
284,133
286,750
64,500
3,900
70,000
68,900
b7,650
421,750
b8,350
Arkansas.....
Mississippi
Illinois
380,000
Indiana
7,800
........... .
Eastern (not tncl. 111.
and Indiana)..
Colorado.
213,850
264,850
282,500
+4,050
—350
69,100
—850
Dally
—1,400
101,500
97,150
62,150
64,200
17,500
3,900
112,550
63,000
66,000
16,800
....
3,500
.
New Mexico
100,000
114,000
Total east of Call!. 2,960,000
3,222,600
California
590,000 d592,000
631,200
19,851,000
...—
137,800 150,200 164,000
167,200
167,900
243,600
production.b— 655,000 856,000 935,000 12,950,000 12,998,000 18,422,000
Beehive Coke—
United States total.....
Dally
32,000
5,333
25,500
4,250
average
5,900
554,300
983
6,599
1,686,400
225,200
2,681
20,076
Includes washery and dredge coal, and coal shipped bu truck from authorized
b Excludes colliery fuel,
c Adjlsted to make comparable the number
operations,
of workings days In the three years.
ESTIMATED WEEKLY PRODUCTION OF COAL, BY STATES
(The current weekly estimates
ments and
railroad carloadings-and river ship¬
are based on
subject to revision on receipt of monthly tonnage reports from dis¬
sources or of final annual returns from the operators.)
are
trict and State
(In Thousands of Net Tons)
9,000
165",000
+400
Week Ended—
State
96,450
63,400
66,350
17,250
3,950
112,400
March
—1,150
+2,600
—100
58,500
55.550
14,600
3,650
110,750
+87,800 3,220,200 2,866,300
+21,000
607,650
628,200
Mar. 30 Afar.23
1940
Alaska
3,853,800 +108,800 3,827,850 3,494,500
Alabama
Apr. 2
Afar. 30
1938
Apr. 1
1939
1929
1
2
2
277
202
Avge.
1923
307
295
32
26
13
11
90
92
95
101
140
1
1
1
Illinois
965
919
Indiana
363
333
60
59
423
34
Colorado
—
-
Georgia and North Carolina
305
*
e
f
f
Arkansas and Oklahoma
f
77
195
f
890
1,684
192
303
575
64
54
53
115
.93
85
103
144
B51
583
316
543
560
175
Maryland
490
281
149
128
88
205
215
33
30
40
19
128
£
Kentucky—Eastern
April.
756
750
Kansas and Missouri
These are Bureau of Mines' calculations of the requirements of domestic crude
oil based upon certain premises outlined in Its detailed forecast for the month of
•
1940
2
Iowa
Total United States 3,550,000
c
average..
Comm'l
53,350
430,800
1929
c
8,000
—4,050
1939
1940
Tot. ind. colliery fuel.a. 689,000 901,000 984,000 13,630,000 13,682,000
98,450
Michigan
Wyoming
Montana
73,300
191.550
68,650
+ 1,350
+2,700
1939
1940
Penn Anthracite—
a
Total Texas
Calendar Year to Date
Mar. 30 Apr. 8
Apr. 6
1940
97,250
34,300
282,100
87,950
396,950
254,350
260,300
West Central Texas-
408,650
178,050
.
81,300
North Texas
-12,450
+ 1,050
Western
■»
:
122
45
52
duction, contemplated withdrawals from crude oil inventories must be deducted
from the Bureau's estimated requirements to determine the amount of new crude
Michigan
8
12
7
9
11
32
Montana
55
51
37
41
46
to be
New
22
17
25
21
38
53
47
38
21
25
121
f34
406
397
410
205
327
740
2,090
As requirements may
be supplied either from stocks, or from
new
pro¬
produced.
b Oklahoma, Kansas, Nebraska, Mississippi, Indiana figures are for week ended
7 a.m. April 10.
This Is the net basic allowable
as of the first of April.
Past experience indicates
wells are completed and if any upward revisions are made.
figure of approximately 414,000 barrels for East Texas after deduc¬
tions for 12 shutdown days, namely, April 1, 6, 9, 10, 13, 16, 17, 20, 23, 24, 27
and 30.
For all other areas a shutdown was ordered for April 1 only.
c
It will Increase
It Includes
a
as new
net
d Recommendation of
of
any
oil which
might have been surreptitiously produced.
STOCKS
OF
FINISHED
FUEL
Mexico
....
North and South Dakota...
Ohio
2,064
1,801
1,170
2,504
3,249
120
97
117
51
67
118
17
15
14
14
18
Utah
37
42
36
46
84
68
274
240
248
161
204
230
bituminous
Pennsylvania
Tennessee
Virginia
-
GASOLINE AND
GAS
AND
22
29
23
41
74
1,735
1,372
848
1,420
1,172
565
574
525
307
586
717
73
99
136
25
Northern.b
106
—
Stocks of Gas OH
and Distillates
Unfinished Gasoline
Stocks of Residual
Fuel Oil
Total
At Terms.
At Terms,
Total
Finished
At
in Transit
At
Finished
and
Refineries
and in
Refineries
Unfin'd
21,641
3,477
17,731
7,902
1,722
Louisiana Gulf
-----
Reported...
Estd. unreported..
•Estd. total
Apr.
Apr.
123
2,316
440
957
21
266
S.
B.
of
♦Apr. 13,
*
803
877
7,853
5,431
9,161
671
29
620
182
5
235
18,087
7,497
i~984
55,100
23",116
94,777
7,060
16,412
6,665
72,070
28,365
640
520
1,960
200
Minimum prices
ducers
564
Minimum Bituminous Coal
Recommends
Prices
430
142
6,960
in Kanawha, Mason and Clay counties,
Board
Coal
666
national
a
recommended
in bituminous coal designed to give pro¬
average return of $2,072 per ton were
April 13 in a report filed by trial examin¬
on
ers
of the Bituminous Coal Division of the Department of
the
Interior, said special Washington advices to the New
"Times" on April 13, which also stated:
report was prepared by Thurlow G. Lewis, Charles 0. Fowler and
York
95.313
&95.008
101,837
al01,945
17,052
7,185
16,669
6,882
74,030
74,912
28,565
b28,387
Mines
1939—
81,377
a
7,395
18,752
87,299
Estimated Bureau of Mines' basis,
On
new
79,100
29,965
basis to Include stocks at Terminals
In Ind., 111. Ky.
reported,
(199,000 bbl.) andOkla., Kan., Mo. (56,000 bbl.) not previously
b Revised due to misstatement of unreported.
The
Samuel
for
a
few
in
previously
will receive
is
final,
except
that
Mr.
Gray
authorized to
is
the schedules.
It covers all producing regions except
the Rocky Mountain and Pacific Coast States, for which
in
in
had been
minimum
"estimated
The
It
Jaffee.
H.
changes
schedules
given
the
price
announced.
income per ton" that the industry
compared with average cost per ton, was
average
areas,
follows:
as
Price Area—
The Bituminous
Coal
Division in its
latest
coal report
stated that total
production of soft coal in the week ended
April 6 is estimated at 7,024,000 net tons, a decrease of
1,446,000 tons from the output in the prededing week.
The record of carloadings indicates that, although production
was generally lower throughout the week, the decrease was
largely due to the holiday observance of "Eight Hour Day,"
April 1.
A year ago, with a general suspension ox mining
in the Appalachian fields effective after March 31, total
production of coal for the country dropped to 1,654,000 tons.
The current report of the United States Bureau of Mines
revealed that the production of Pennsylvania anthracite, as
estimated for the week of April 6, declined some 212,000
tons compared with the week ended March 30, or 23.5%.
This indicated a decrease of 30% when the output of the
corresponding week last year is considered.
ESTIMATED UNITED STATES PRODUCTION OF SOFT COAL WITH
COMPARABLE DATA ON PRODUCTION OF CRUDE PETROLEUM
-
$2,128
1.762
2.463
2.438
3.650
2.047
2.718
2.184
3.608
2.039
2.739
2.169
No. 3—Alabama and southeastern Tennessee
1940
Calendar Year to Date
Mar.ZO Apr. 8
1940
1939
No. 6—Colorado, New Mexico, and Arizona.
No. 7—Wyoming and part of Idaho
...
No. 8—(The Dakotas) Exempted from
minous coal produced there)-—--
k
1940
1939
c
1929
No. 10~-Oregon
a
7,024
dl,377
Dally average
8,470
1,412
1,654 126,4C9 107,107 150,110
276
1,809
1,540
1,301
5,998
6,153
5,517
Crude Petroleum b—
a
Includes for purposes of
production of lignite,
report
represent
83,354
74,624
59,541
historical comparison and statistical convenience the
b Total barrels produced during the week converted to
on
—
no
bitu¬
—-
———————
and Washington
prices
—
—
Average mine Income per ton.
The
minimum
...
•
1.496
3.257
1.485
3.225
b Average mine cost per ton.
prices stated that while the examiners recommended
higher in some cases than current quotations, others
increases over mine prices.
The Coal Act provides that pro¬
prices above the minima, but if they cut below these
ducers may sell at
tbey are subject to a 19
tax on such sales and competitirs may recover
triple damages.
While the complete list of prices was not ready for distribution, today's
announcement said that these range from 10c. per ton for a very inferior
grade of coal dust produced in the Midwest "and sold under unfavorable
competitive circumstances" to a high mark of $4.80 per ton for a fine
grade of "domestic" lump ooal, produced by certain mines with extremely
examiners recommended
a
minimum price for each separate kind,
quality and size of coal produced at each mine operated by the more than
13,500 members of'the Bituminous Coal Code," the announcement added.
"These code
members produce substantially all of the commercial coal in
also recommended variations in the prices
as freight and transportation charges
of competing coals, so that such producer's fair competitive
opportunities would be preserved and he would not lose business to which
be is justly entitled.
Among the factors considered were the competing
forms of fuel and energy, such as natural gas, fuel oil and hydro-electric
country.
at the mines
a—
Coal equivalent of weekly output.
prices because
No. 9—Montana----------
the
Total, including mine fuel
-
No. 4—Arkansas and part of Oklahoma-.---—--——
No. 5—Missouri, Kansas, Texas, and part of Oklahoma....—-
"The
Apr. 6
b
Maryland, West Virginia, Virginia, Ohio,
Michigan, eastern Kentucky, and northeastern Tennessee--— $2,088
No. 2—Western Kentucky, Indiana, Illinois, and Iowa
1.814
high production costs.
(In Thousands of Net Tons)
Week Ended
a
No. 1—Pennsylvania,
Weekly Coal Production Statistics
Bituminous Coal
12,804
849
the N. & W.; 0. & O.; Virginian; K. & M.; B. O. & G.i
b Rest of State, in¬
cluding the Panhandle District and Grant, Mineral and Tucker counties,
c In¬
cludes Arizona, California, Idaho, Nevada and Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau of Mines,
e Average weekly rate
for entire month,
t Alaska, Georgia, North Carolina and South Dakota, included
with "Other Western States.'.'
* Less than 1,000 tons.
make
U.
17
10,764
2,040
8,912
7,050
Includes operations on
and on the B. & O.
"253*
1,751
88,353
4,554
901
8,063
"~29~
3,260
1,880
1,366
4,982
U.S.:
13,1940...
6, 1940
f3
589
212
536
Mountain-
California
4,738
3,279
3,840
282
2,135
8,462
1,917
16,108
2,865
and in
1,676
16,696
No. La. & Arkansas
Rocky
1,964
to Transit
Pipe Lines
Pipe Lines
22,476
4,021
18,424
14,523
2,449
—.
*
9,371
Total, all coal
a
Inland Texas
5
*
8,090
1,071
8,470
Total bituminous coal.
District
Texas Gulf
88
*
2
Other Western States _c
Pennsylvania anthracite_d
Stocks of Finished A
Appalachian
Ind., 111., Ky
Okla., Kan., Mo
.
OIL, WEEK ENDED APRIL 13, 1940
(Figures in thousands of Barrels of 42 Gallons Each)
East Coast
19
1,790
—
Virginia—Southern.a
West
Wyoming
AND UNFINISHED
68
Texas
Washington..
Central Committee of California Oil Producers.
Note—The figures indicated above do not Include any estimate
._
and the prices
power.
The examiners
to reflect such factors
The Commercial & Financial Chronicle
2496
recommended
the
these
increases
are
"M. AM. M.'s" appraisal of the major United States
reported by producers and agencies. They are reduced to
All prices are In cents per pound.
K Copper, lead and zinc quotations we based on sales for both prompt and future
deliveries; tin quotations we for prompt delivery only.
In the trade, domestic copper prices we quoted on a delivered basis; that Is, de¬
livered at consumers' plants.
As delivery charges vary with the destination, the
figures shown above we net prices at refineries on the Atlantic seaboard.
Delivered
prices In New England average 0.226o. per pound above the refinery basis.
Export quotations for copper we reduced to net at refineries on the Atlantic searboard. On foreign business, owing to the European war, most sellers we restricting
•fferlngs to f.aj. transactions, dollw basis.
Quotations, for the present, reflect
thin
change In method of doing business.
We deduct .05c. from f.as. basis
(lighterage, Ac.) to arrive at the f.o.b. refinery quotation.
represent
prices
producer different prices for the same coal at the same time.
coal may be sold at widely different prices from month
or
to
year
the basis of cash, New
Also, the
com¬
petitive fuels, emergencies and many other factors.
scheduled for the Western area
The minimum coal price
by the Department of the Interior was
ferred to in these columns March 30, 1040, page 2019.
recommended
Due to the European war
re¬
Platinum Price Lowered $2
Mineral Markets" in its issue uf April 18
reported that early during the last week the demand for
non-ferrous metals continued at a good rate, largely because
of uncertainty over European developments, but as the
period ended inquiry slackened appreciably.
Domestic
copper, lead, and zinc quotations were unchanged.
Export
copper was easier toward the close.
Tin sold in fair volume
on April 15 at lower prices, but steadied since then, partly
on apprehension over the shipping situation.
After holding
at $40 an ounce since October, the price of refined platinum
was reduced
to $38, effective April 15.
The publication
and
further stated:
Sales
for
the
month
of
totaled 20,305
Year
Year
tons,
copper
f.a.s. American ports.
sold during the week
The
11.375c. to 11.600c., f.a.s., the top figure
was
The March statistics of the Copper
their
June,
interpretation of the figures,
Members of the industry
Jan.,
Those who are
usual.
as
still on the low side.
Others believe that production will have to be cur¬
tailed unless consumption of domestic metal increases soon.
in domestic copper
a
Export trade
Crude
February
(a)76,145
82,761
.
March
March
85,466
86,295
63,215
9.594
Refined
64,376
7,517
Deliveries:
Domestic.
__
_
Export.
Totals
72,809
145,393
.
Stocks, refined
Corrected.
Lead
A
fair volume of business
period.
! /'y"
,
Sales for the week totaled 6,003 tons, which
15,564 tons in the week previous.
Producers believe that
consumers
York, which
also
was
the
contract
Smelting & Refining Co., and 4.95c., St. Louis.
but, with the foreign market
raise
more or
The undertone
less unsettled,
no
was
firm,
attempt was made to
The record for the calendar week ened April 13 shows that 21,466 tons
volume of business failed to disturb the price level.
week
current
the
buying has
Shipments of the
week totaled 3,160 tons, against
backlog,
or
Demand for tin
was
prompted
sharply
uncertainty
rates
on
beel
slow,
natural
a
common
grades to
3,268 tons in the preceding week.
•
fairly active
over war
to
V-
'' '•
•'
•'
'' r''
April 15 at lower levels, following
Large
consumers
developments.
from
take
on
on
the
East
metal.
have been accumulat¬
Also, it
will
be
Spot tin
was
raised
during March,
ac¬
in
London
advanced
over
November
Electrolytic Copper
April 11, 45.500c.; April 12,
("E. 6 M. J." QUOTATIONS)
Straits Tin
Long Tons
46,561
50,607
12,702
14,533
49,370
14,803
15,579
47,232
14,226
50,853
37,705
34,837
32,722
1940—J anuary
...
s.
50,407
47,525
/
Including carryover Straits and Europe (British Tin Smelting Co. excluded),
b Tin In ore and in intermediate products (including carryover British Tin Smelting
a
(c°.)
"
Steel
Ingot
Rate
Higher—Price
Lead
Reductions
on
Flat
Rolled Products Stimulate Buying at Chicago
Thr "Iron
Age" in its issue of April 18 reported that the
and cold
immediate effect of the reduction of $4 a ton on hot
rolled sheets, hot and cold rolled strip and enameling
announced on Thursday, April 11, by the subsidiaries
stock,
of the
United States Steel Corp., and followed by all independent
competitors, was a setback in the mild seasonal improvement
was
under way.
However, early this
Chicago mills had booked considerable business for
delivery during the second quarter, though much of it was
in the form of blanket commitments, whereas early announce¬
week
Zinc
New York
St. Louis
St. Louis
11.275
11.450
47.500
5.10
4.95
5.75
11.275
11.425
47.250
5.10
4.95
5.75
11.275
11.425
46.500
5.10
4.95
5.75
11.275
11.350
46.500
5.10
4.95
5.75
11.275
11.375
47.250
5.10
4.95
5.75
country, the fact that the lower
11.275
11.325
47.500
5.10
4.95
5.75
moment may
11.275
11.392
47.083
5.10
4.95
5.75
policies had indicated that only specific orders
accompanied by specifications would be accepted at the
price levels.
The "Iron Age" further reported:
ment of sales
lower
While the Chicago experience
has not yet been general throughout the
prices are subject to withdrawal at any
eventually stimulate a buying movement of moderate propor¬
tions though nothing
approaching the enormous coverages of "bargain days"
of
prices for calendar week ended April 13 are:
Domestic copper f.o.b.
11.213c.; export copper, f.o.b. refinery, 11.371c.; Straits tin, 47.000c.;
Average
39,398
13,237
31,653
...
New York
34.750c.
9,437
9,602
36,959
37,370
Exp., Refy
New York lead, 5.067c.; St. Louis lead, 4.917c.; St. Louis zinc,
Total
36,627
....
in order volume that
Dom.,Refv
Long Tons
29,961
.
December
three-
45.500c.
METALS
Stocks
Long Tons
reported that
45.250c.; April 13, 44.500c.; April 15, 44.500c.; April 16, 45.250c.; April 17,
DAILY PRICES OF
Stocks of
Tin
shortly .which
delivery settled at 47.375c.; with May.at 47.250c.;
Chinese tin, 99%, was nominally as follows:
refinery,
Under
b Smellers'
of Tin
' *
October
1939—March
holding at around 62 to 64% of capacity.
Straits tin for April
!
1939—September
The
June at 47.125c.; and July at 47.125c.
Average
b At refineries, on consignment and in
consumers' stocks at their plants or ware¬
World's
a
during the
consumers
Tin-plate operations in the United States have shown little variation in
Apr. 11
Apr. 12
Apr. 13
Apr. 15
Apr. 16
Apr. 17
—2,143
Visible Supply
7
development.
temporary shortage in that position, the premium
the last few weeks,
■
—9,936
—2,047
cable received by the American Iron and Steel
Institute from the Statistical Office of the International Tin
Research and Development Council, The Hague, Holland.
The statistical position of the tin stocks at the end of March
as compared with previous periods is shown in the following
months' tin amounting to more than £5 April 17.
•
+ 11,701
+ 4,642
a
February
March..........
shipments
consumers
on a
+7,875
+ 11,693
+ 4,180
—2,489 —18,469
79,584 159,485 + 28,934 -157,058
+ 9,097 —24,044
13,117 135,441
+ 9,952
9,594 145,393 c—6,616
—829
+14,402
7,617 159,795
World stocks of tin decreased 293 tons
In the first three days
undelivered contracts, increased from 31,714 tons to 50,020 tons
easier quotations in the Far East.
on
+ 1,255
—4,966
Exports from Signatory Countries
International Agreement
Tin
of
Tin
ing tin
+ 310
+ 1,652
♦
cording to
in the seven-day period.
freight
301,244
3,310 309,119
4,222 320,812
4,183 332,513
12,669 337,155
10,289 335,012
16,127 316,543
shipments, and custom intake including scrap
The heavy
Sellers regarded the undertone as firm on the basis of 5.75c., St. Louis, for
Prime Western.
30,228 169,795
v.
■
,
zinc were sold in that period by the Prime Western division.
the
89,598
C76.145
—70,347
+ 98,283
+ 30,404
159,485 + 17,785 —130,270
161,068 —17,031
259,351 + 17,869
+ 6,793
289,755
table:
quotations.
Zinc
of
(—)
Refined
♦
J
settling basis of the American
Decreases
During March a total of 1,462 long tons of tin was ex¬
ported from Thailand, 4,772 long tons from Netherlands
East Indies, 337 long tons from Nigeria and 443 long tons
(provisional) from the Congo, according to a cable received
by the American Iron and Steel Institute from the Statistical
Office of the International Tin Research and Development
have
The price situation remained unchanged, producers holding out for 5.10c.,
or
Blister
World Tin Stocks Decreased in March
provided for their ordinary April requirements to the extent of 95%, with
New
408,775
85,466
with
the May position standing at approximately 65%.
54,850
....
three days of
compares
Period
Council, The Hague, Holland.
booked by producers of lead during the
was
last week, through most of the activity occurred in the first
the
71,893
159,795
:
59,672
58,368 42,484
51,225
68,536
61.719 53,573
57,339 69,681
379,841 457,315
91,428
80,501
63,215
82,761
86,295 64,376
Mine or smelter production or
February and March, in tons, follow:
.....
Export
(excluding Russia, Japan, Australia, Ac.).'
probable gains in consumption in the home market.
The figures for
58,600
-
48,267
50,803
59,452
66.718
exchange wwehouses, but not including
houses.
c Corrected.
has been shrinking, the figures reveal, which factor may
Production:
62,548
1940
Mar.
60,707
61,752
Feb., 1940
optimistically inclined viewed total stocks of refined of 159,795 tons as
a
251,209 249,557 219,019
July, 1939...Aug.- Dec., 1939
Institute showed that stocks of refined
increased 14,403 tons during the month.
differed in
offset
-1939-pi.--.
May, 1939
applying against small tonnages of prompt-shipment copper.
copper
19430
1938..-C—.
Mar., 1939
April, 1939
in prices on export
range
Crude Refined Domes.
231,415
Jan., 1939--.—
Feb., 1939-.-..—-.
The tonnage was large and the bulk of business was booked on
Italy.
the basis of 11.50c.,
Stocks
Customers
731,629 748,660 764,560 54,447
982,045 964,176 803,095 62,798
644,869 638,076 481,803 125,859
836,074 818,289 814,407 134,152
3 months 1940
the last week was the buying of copper for shipment
OF
End of
a
1937..,,
Year
MEMBERS
b
1936
Year
BY
Refined Stock Increases (+)
Deliveries to
Production
1935
Year
Sales for the week
according to
A feature early in
REPORTED
COPPER INSTITUTE
(In Tons of 2,000 Pounds)
Free Cower
the week.
to
THE
U. S. Duty
The domestic quotation held at 113^c., Valley, throughout
revised figures.
STATISTICS
COPPER
OF
SUMMARY
the total for the month to date to 23 ,390
March
Copper Statistics
Summary of
Latest
duty-free copper.
Buying of copper for domestic account was in good volume at the begin¬
tons.
the usual table of daily London
Institute on April 12 released the following
statistics pertaining to production, deliveries and stocks of
Copper
amounted to 11,218 tons, bringing
^
The Copper
v
ning of the week, but interest lagged toward the close.
^
prices is not available.' Prices on standard tin, the only
prices given, however, are as follows:
April 11, spot,
£252%; three months, £249%; April 12, spot, £250%, three
months, £247%; April 15, spot, £250, three months, £246%;
April 16, spot, £253%, three months, £248%; and April 17,
spot, £255, three months, £249%.
Buying Movement in Non-Ferrous Metals Moderates"Metal
York or St. Louis, as noted.
^
to month
market conditions, the prices of
depending upon
year,
markets, based on sales
not spread
same
1940
The above quotations are
increases over the present
uniformly over all the coal sales to
•which they apply.
The examiners found that coals frequently have been
sold at the mine with little relation to their actual value, quality or cost.
Producers are often forced to take whatever prices they can get at the
time the coal
is mined.
Someimes different purchasers pay the same
"While
rates,
April 20,
5.750c.; and silver.
May. 1939, is expected because, for one
of
consumers
The
new
and warehouses are much
price of 1.90 cents a pound,
above the low level reached 11
thing, inventories in the hands
heavier than they were at that time.
base, on hot rolled sheets is $6 a ton
months ago.
Volume
The Commercial <& Financial Chronicle
150
2497
1
The
lower
quotations
not
are
only effective on new business,
tonnage previously booked will be invoiced at the
Mixed reactions
were caused by the
price change.
To many in the trade,
majority of the steel companies, it came as a complete surprise.
In previous acute price weakness rumors of concessions have preceded formal
including
a
price reductions by periods of at least two
action
was
or
three weeks, but in this instance
both swift and decisive, once it became known that price
sions had been offered.
As late
conces¬
last Thursday many in the trade would
as
have described the sheet and strip price situation as much firmer than
has
it
ordinarily been in periods of less than maximum volume.
As usual, the first price concessions appear to have been offered in
and had not spread to other districts.
that
are
more
not available to all,
promptness than has
no
the leading producer met the situation with
the present prices will be withdrawn at
the steel trade.
Whether
early date, or will extend at least
an
except in sheet mill gages of heavier than No. 29.
Plate prices are inchanged
though the situation is being closely watched because of the
border
narrow
line between heavy sheets and light plates rolled on continuous mills.
The effect
export prices, which
on
month, is yet to be determined.
advanced at the beginning of this
were
There
heavy
was
lull would
have
indications that
If
been
more
expected.
Nevertheless volume is still
Norway is recaptured by the Allies,
Scandinavian countries is expected.
United States for
tions
Export shipments
piled
are
stronger
Canada is also likely to call upon the
probability of expanding muni¬
nizing this weakness by reductions of $4
a
lack of sufficient boats.
weak
are
feeling.
A
ward since October.
adjustment
upward
.
Chicago
at
reductions on sheets and strip.
to
2.211 cents
a
pound
as a
result of
pipe continues to help out pipe sales.
moderate gains are reported.
Two lines,
one
Line
of 14.000 tons and
Railroad equipment
business is light,
the Argentine.
inquiring for 550
but foreign inquiries include
The Denver
Rio
Grande
10
Western
&
is
Ingot production for the industry has gained
considerable
Additional
in
number of districts,
a
a year ago.
buying prior to the hesitation induced
steel
in
by the flat-rolled price cut largely is traceable to seasonal influences and
to
Export markets also
inventory replacement.
of business.
somewhat
but possibility is seen
uncertain,
continue an important
European developments as yet is
Influence of recent
intensive warfare will
more
stimulate orders from abroad for material and equipment.
On the other
hand, foreign trade with Scandinavian countries has been crippled.
Building construction is
but the
season
is opening
for somewhat larger steel orders,
accounting
slowly and awards of structural shapes and con¬
reinforcing bars so far this year lag behind the volume for the corres¬
ponding
1939
period
despite
recent
in
gains
Outstand-
work.
private
ngjn recent orders is 10,000 tons of concrete bars for the Red River dam,
Pending
foundry and 2,200 tons for
business
pipe
includes
business
shape
a
2,500
for
tons
a
Cincinnati
New York City bridge.
Line pipe business is fairly
further gains.
shows
products in unchanged demand.
j
^
Ingot production has yet to reflect betterment in finished steel buying,
a tendency to level off around its recent 60 to 65% pace.
The
national average last week is estimated at 61%, off 34-point.
with
pares
a
New business is bringing a closer balance between de¬
clining steadily.
and
garded
as
This com¬
2-point drop to 5134% a year ago, when operations were de¬
production,
although
stocks
of some consumers still are re¬
excessive and will be reduced further before buying is adjusted
to current needs.
a
point to 62%, increases
recent
export
Pittsburgh.
Chicago
was up
orders being
a
Buffalo, 10 points to 55 in New England, 6 points to 45 at St. Louis
Tin plate orders
V'"
Steel
2.286c.
85% of the United States output.
High
and releases are Increasing more slowly than usual for
this"" period, although relatively active consumption is in prospect and
Based on steel bars, beams, tank plates,
April 16, 1940, 2.211c. a Lb.
One week ago
2.261c.
wire, rails, black pipe, sheets, and hot
One month ago
rolled strips.
2.261c.
These products represent
One year ago
Unchanged were Youngstown at 42 and
Detroit.
Birmingham at 81.
COMPOSITE PRICES
Finished
Other decreases were 2 points to
57 in eastern Pennsylvania, 3 points to 65 at Cleveland, 234 points to 44
at
and 2 points to 77 at
"IRON AGE"
134 points to 59, Wheeling rose 12 points to
73 and Cincinnati gained 3 points to 56.
factor.
THE
"Steel's" finished steel price com¬
$55.30, compared with $56.50
to
betterment
Principal reduction in steelmaking last week was 4 >4 points to 53% at
1940 models.
Ford is reported to have ordered about 20,000 tons of steel.
occurred
compared with levels of late 1939.
posite is off 80 cents
cars.
Automobile companies are buying fill-in requirements for
having
realized mill price on new business has declined gradually so far this
year
mand
another of 10,000 tons, have been placed.
locomotives for
As in the price dis¬
shading an automotive orders recently was the im-.
ago,
other than
'
some
year
the
which de¬
war
active, headed by 12,000 tons for an Indiana line, with other oil country
New business in products other than flat rolled is at least holding its own
compared with a month ago, and
a
a year ago,
Most other steel quotations are comparatively steady, although the aver¬
age
move up¬
The *'Iron Age" finished steel composite price is lowered from 2.261cents,
where is has been since late November,
below levels of
heading into the May price
was
portant factor in causing last week's general reduction.
Steel
$16.08, the first
from previously announced
veloped temporary concessions of $8 a ton or more.
turbance
a
raises
a ton
While this cut brings prices $5 to $7 a ton
Texas.
>
,
.v
Scrap
result, though in the interior there is
as a
slight
the "Iron Age" scrap composite price 4 cents to
,
Steel and
brought into the
Other producers have followed suit.
market-at the latter time
crete
hampered by
was
prices for second quarter hot-rolled sheets and strip, enameling sheets and
•
Atlantic and Pacific ports awaiting shipment.
up at
prices along seaboard
little
large volume from the north
a
steel in view of the
more
manufacturing there.
scrap are
good, with
active warfare may create new demands from Europe.
It
late last week when Oarnegie-Illinois Steel Oorp. stated it was recog¬
open
source
temporary
a
of more
Irregularity which had prevailed in sheet and strip quotations for a rela¬
tively brief period became .pronounced recently.
for export at
coverage
prices prevailing before the advance, and in the circumstances
April 15, stated:
on
definite improvement in steel demand and has tended to interrupt buying.
throughout the quarter will be determined by circumstances.
Galvanized sheets have not been affected by the change nor black plate
its'summary of the iron and stee
Price weakness in flat-rolled products overshadows appearance
Detroit
concessions to some buyers
been customary in
markets,
cold-rolled sheets.
In line with its frequently avowed
policy of meeting competition and offering
"Steel" of Cleveland, in
but all
price.as of April 11.
new
some
mills
adding to stocks in anticipation of expanding needs during
the canning season.
Production is up 1 point to 61%.
Automobile production is steady.
Last week's output of 102,940 units
a
showed
Low
are
gain of 1,285 over the week before and compares with 88,050 a
Motor car assemblies have been unusually steady for six weeks,
2.261c.
Jan.
2
2.211c.
Jan. #3
2.236c.
April 16
16
year ago.
2.286c.
May
2.512c.
May 17
2.211c.
Oct.
8
May.
1937
2.512c.
Mar.
9
2.249c.
Mar.
2
1940
1939
-
1938
and brisk retail demand points to possibility of sustained
Railroad equipment orders
operations thorugh
include 500 small freight cars for Siam, 100
1936.....
2.249c.
Deo. 28
2.016c.
1935
2.062c.
Oct.
1
2.056c.
Jan.
8
freight cars for the Denver & Rio Grande Western and 160 for the Chicago,
1934
2.118c.
Apr. 24
1.945c.
Jan.
2
Burlington & Quincy.
1933
1.953c.
Oct.
3
1.792c.
May
2
1932
1.915c.
Sept.
6
1.870c.
Mar. 15
,
Mar. 16
Scrap markets continue dull and generally easy, with the price
composite
down 13 cents to a new 1940 low at $15.96.
Pig Iron
April 16, 1940, $22.61 a Gross Ton
$22.61
22.61
One week ago
........
One month ago
One year ago
20.61
Based on average for basic Iron at Valley
furnace and foundry Iron at Chicago.
Philadelphia,
Buffalo,
Valley,
and
Southern Iron at Cincinnati.
High
1
.
1940...
$22.61
Jan.
2
Operations in the steel industry for the week ended April 15
at 61% of capacity, according
o the "Wall Street
were
Journal" of April 18, a
reduction of
point from the pre¬
one
ceding week.
Two weeks ago operations were at 61% and
a year ago at 51%.
The "Journal" further reported:
1939
20.61
1938
19.61
1937
20.25
Feb.
16
unchanged from the preceding week and comparing with 57 34 % two weeks
1936
18.73
Aug. 11
companies were at 63%, compared with 65%
the preceding week and approximately 6334% two weeks ago.
Following is a tabulated comparison for percentage of steel operations
in the week ended April 15 with those of corresponding weeks of recent
1935
Sept. 12
July
6
17.83
May
14
1934
16.90
Jan.
27
1933
13.56
Jan.
3
1932
13.56
Dec.
6
Steel
.
One year ago
$17.67
Jan.
2
$16.04
1939
22.50
Oct.
3
14.08
1938
15.00
Nov. 22
11.00
*.
9
Apr.
""
May 16
June
7
1934
_
1932
Mar. 30
12.91
Nov. 10
Dec. 21
12.67
June
10.33
Mar. 13
9.50
Apr. 29
Sept. 25
12.25
..
1935
Dec. 10
13.00
-
1936
17.75
13.42
1937
Aug.
8
6.75
Jan.
12
6.43
21.92
8.50
The
American
Iron
and
Steel
Jan.
Institute
on
July
April 15
9
3
5
an¬
and the independents:
U. 8
Industry
1940
Independents
Steel
63
—2
5234
58
—1
61
.....
—3 34
1
51
1939
Low
High
1933
for the industry, U. S. Steel Corp.
-
14.42
1940
Independent steel
years
Scrap
Based on
No.
1
heavy
April 16, 1940, $16.08 a Gross Ton
melting steel
One week ago
$16.04
quotations at Pittsburgh. Philadelphia,
and Chicago.
One month ago
16.54
:
operated at 58% of capacity,
United States Steel Corp. during the week
ago.
1938
48 X
—2
—
X
35
2934
3214
-
8534
70
+4
64
4634
+1
43
+
96 34
9134
1937
+4
2434
-
+434
1932..
62
+5
78
2734
23
51
—2
47 34
81
+3
75
22
—134
98
-
1927
100
+4
90
+1
9134
—134
77
+2
80
—2 J4
+2
—2
96
+1
84
1928
+2
85
1929
+ 634
+334
—2
+2
49
1930...
■r.
+ 534
+ 134
,21
22
1931
+1
42
53
1934
1933
X
+ 134
7434
+2
1935
4934
—2
1936
34
+
—3
nounced that telegraphic reports which it had received indi¬
cated that operating rate of steel companies having 97%
of the steel
capacity of the industry will be 60.9% of capacity
beginning April 15, compared with 61.3% one
week ago, 62.4% one month ago, and 50.9% one year ago.
This represents a decrease of 0.4 point, or 0.6% from the
estimate for the week ended April 8, 1940.
Weekly indi¬
cated rates of steel operations since April 3, 1939, follow:
Farm Foreclosures Completed in
Borrowers Were Unable to Carry
Debt Burden Under Ordinary Conditions
FCA
for the week
1939—
1939—
Apr.
Apr.
Apr.
Apr.
May
May
May
May
3
10
17
24
1
8
15
22
May 29
June
5
June
.54.7%
52.1%
50.9%
48.6%
47.8%
47.0%
45.4%
48.5%
52.2%
17
56.4%
Oct.
July
July
24..J
60.6%
59.3%
60.1%
62.1%
62.2%
63.0%
Nov.
31
Aug.
7
Aug. 14
Aug. 21
Aug. 28
Sept.
4
8ept. 11
54.2% Sept. 18
12
June
53.1% Sept. 25
2
19..... 55.0% Oct.
June 26
July
3
July
10
54.3% Oct.
38.5% Oct.
49.7% Oct.
9
16
23
.58.6%
70.2%
79.3%
83.8%
87.5%
88.6%
90.3%
90.2%
30
Dec.
4
Dec.
11
Dec.
18
91.0%
92.5%
93.5%
93.9%
94.4%
92.8%
91.2%
90.0%
Dec.
25
73.7%
6
Nov. 13
Nov. 20
Nov. 27
1
Jan.
8
Jan.
15
Jan.
22
Jan.
29
Feb.
Feb.
Feb.
Mar.
Mar.
5—..71.7%
12
68.8%
19
67.1%
26
65.9%
4
64.6%
11.
64.7%
85.7%
86.1%
84.8%
82.2%
77.3%
foreclosures completed by the Federal
Out of some 12,508
Banks and
Land
the Land Bank Commissioner during the
The
reported
in
districts
where
8
15
61.3%
69.9%
It
ministration.
60.7%
61.7%
Apr.
to
issued
statement
a
April 15 by A. G. Black, Governor of the Farm Credit Ad¬
62.4%
1
according
conditions,
ordinary
Mar. 18
Apr.
1939, 30% lost their farms because
the debt burden under
the borrowers were unable to carry
Mar. 25
Apr.
1940—
Jan.
Feb.
,
of
12 months ended Dec. 31,
j
1939
July
Reports 12,508
1939—30%
was
further
said:
foreclosures resulting from this
the Berkeley district, where it ran up to 57%.
largest
percentage
this
of
reason
for
foreclosure
was
very
reason
was
The other
important
were
as
30%; Wichita, Louisville and Springfield, about 33%;
follows:
Houston,
St. Paul,
31%, and Omaha, 30%.
further
A
closed
/
that
analysis
of
the
reasons
for
foreclosure
during
the
year
dis¬
throughout the country at large the Land banks ascribed 53%
not
"boirower
to
proper
cation
of
doing
his honest best";
4% to "borrower not taking
making proper appli¬
of security," and 11% to "borrower not
care
The Week with the
Federal Reserve Banks
carry
balances
cash and $77,000,000 in Treasury deposits with Federal
increases of $108,000,000 in gold stock
and $14,000,000 in Reserve bank credit, offset in part by
increases of $27.,000,000 in money in circulation and $30,000,000 in non-mem ber deposits and other Federal Reserve
accounts.
Excess reserves of member banks on April 17
were
estimated to be approximately $6,050,000,000, an
increase of $100,000,000 for the week.
The statement in full for the week ended April 17 will be
sury
found
balances and related
ended April 17, 1940,
;■
1'
.
(+)
.
or Decrease (—)
Since
April 17, 1940 April 10, 1940
,
%
—1,000,000
—1,000,000
2,000,000
-
direct
S. Government securities,
2,467,000,000
and guaranteed
Industrial
April 19, 1939
I
$
■
Bills discounted-
bought
(not
advances
industrial and agricultural loans decreased $23,000,000 in
and $21,000,000 at all reporting member banks.
Loans to
securities increased $8,000,000 in New York City
Commercial,
York City
dealers in
and
brokers
—97,000,000
—
Treasury bills increased $50,000,000 in the
United States
of
Holdings
$14,000,000 in the St. Louis district, $12,000,000 in the
Minneapolis district, and $78,000,000 at all reporting member banks.
Holdings of United States Government bonds increased $26,000,000 in
New York City 2nd $11,000,000 at all reporting member banks.
Holdings
of "other securities" increased $55,000,000 in New York City, $11,000,000
Chicago district,
and $80,000,000 at all reporting member banks.
deposits—adjusted increased $170,000,000 in the Chicago dis¬
trict, $17,000,000 in the Richmond district, $14,000,000 each in the
Philadelphia and San Francisco districts, $13,000,000 in New York City,
and $290,000,000 at all reporting member banks.
Time deposits increased
the
in
Chicago district,
Demand
$5,000,000.
domestic banks decreased $81,000,000 in the Chicago
at all reporting member banks, and increased
York City.
Deposits credited to foreign banks de¬
$4,000,000 in New York City.
district
$96,000,000
and
creased
A
New
in
$18,000,000
of the principal assets and
summary
Increase
36,000,000
Total Reserve bank credit-
Gold stock..
-
—
2,514,000,000
+14,000,000
—77,000,000
18,631,000,000 +108,000,000 + 3,026,000,000
—rl,000,000
+148,000,000
-.12,757,000,000 +182,000,000 + 3,014,000,000
Mem ber bank reserve balances
7,536,000,000 + 27,000,000
2,313,000,000 —40.000,000
613,000,000 .—77,000,000
Money In circulation
Treasury cash
Treasury deposits with F.R.
+ 25,000,000
+14,000,000
2,992,000,000
Treasury currency
banks
+ 678,000,000
—410,000,000
—438,000,000
+30,000,000
+254,000,000
accounts.1,019,000,000
§
Investments—total....23,466,000,000
8,631,000,000
Commercial, industrial and agri¬
cultural loans
4,393,000,000
A.8sct$mmm^
MEMBER BANKS
Other
purchasing
for
loans
or
474,000,000
—2,000,000
—65,000,000
1,179,000,000
49,000,000
1,567,000,000
587,000,000
1,822,000,000
6,529,000,000
—6,000,000
—2,000,000
+ 6,000,000
+ 78,000,000
+36,000,000
—19,000,000
+37,000,000
+ 245,000,000
+1,000,000
—186,000,000
+11,000,000
+ 666,000,000
2,379,000,000
3,518,000,000
10,611,000,000
473,000,000
3,185,000,000
—1,000,000
+ 80,000,000
+174,000,000
+ 21,000,000
—114,000,000
+ 341,000,000
+198,000,000
United States bonds—
Obligations guaranteed by United
States Government
Other securities—
Reserve with Fed. Res. banks
Cash In vault
Balances with domestic banks
Treasury bills
Treasury notes
United States bonds.
guaranteed
Obligations
by
1,670
112
489
1,382
117
551
400
18
30
391
19
29
359
15
28
160
195
64
64
68
119
42
364
110
59
378
14
13
-—
49
50
47
175
873
170
739
300
160
280
160
76
212
the
2,526
2,087
713
713
668
goods
United States Government
Reserve with Fed. Res. banks..
Cash In vault
—
Balances with domestic banks..
Other assets—net
F.
R.
1,234
1,320
6,254
78
82
349
1,043
1,234
4,737
54
74
381
142
354
142
352
996
29
240
46
954
28
235
48
126
345
854
26
211
49
United States Govt, deposits...
9,106
664
45
9,067
713
44
7,368
624
112
1,746
503
84
1,651
3,680
Demand deposits—adjusted
Time deposits
503
84
1,536
473
83
TntAP-hiink dAnoflito*
3,595
660
2,790
593
945
8
965
7
719
655
Borrowings
Other liabilities
279
273
340
17
17
1,495
1,495
1,484
252
252
259
on
of
Mr. Loree's statement said:
We
are
informed
The
that temporary
Sweden
arrived in
already
restrictions, effective April 9, prohibit
for (a) payment of imported
arriving during next few days, and
(b) essential and immediate travel.
from 3,000 to 1,000 kroner.
exchange except
foreign
of
purchase
or
connection therewith, and
in
travel allowance
reduced
was
In another notice to the
Foreign Exchange Market, issued
April 17, Mr. Loree said:
Committee recommends that on Norwegian and
The Foreign Exchange
bank
dollar deposits at
accept
and
United States the collecting
19.32 cents respectively
(the
1940) subject to adjustment with its customer in
closing rates of April 8,
rate as and when the
22.73
collecting bank is able to make remittances in Kroner.
appropriate licenses under Executive Order No. 6560 and Regula¬
The
15
Capital account
Banks
April 9 invoked certain restrictions on the purchase
on
Danish Kroner collections for payment in the
LiaMlitles—
Exchange—
Chairman of the Foreign Exchange Com¬
announced April 13 that Sweden had
Loree,
foreign currencies.
expenses
1,258
1,321
6,246
81
83
349
Foreign
of
Purchase
of New York,
mittee
14
...
Exchange Committee Advises
Norwegian and Danish Collections
1,691
110
479
the
Other securities
—96,000,000 +1,751,000,000
—4,000,000
+102,000,000
1,000,000
Foreign
165
892
2,562
Other loans
1
Restricts
Sweden
119
42
367
Loans to banks..
+ 290,000,000 + 3,077,000,000
+ 5,000,000
+148,000,000
—5,000,000
—£4,000,000
8.328,000,000
722,000,000
deposits
Borrowings...
159
Real estate loans
5,360,000,000
575,000,000
.19,465,000,000
deposits—adjusted
United States Government
Foreign banks
purchasing or
carrying securities
+ 2,745,000,000
+ 39,000,000
+ 573,000,000
Liabilities—
Demand
and
Open market paper
Loans to brokers and dealers..
—55,000,000
carrying securities
Real estate loans
Domestic banks.
New York City
Chicago
Apr. 17 Apr. 10 Apr. 19 Apr. 17 Apr. 10 Apr. 19
1940
1940
1939
1940
1940
1939
Assets—
$
$
$
$
$
$
Loans and Investments—total—
9,165
9,084
8,065
2,244
2,214
1,957
Loans—total
2,967
2,956
2,792
675
567
530
,
Other loans for
+ 5,000,000
Intcr^btink deposits*
(In Millions of Dollars)
agricultural loans
+ 36,000,000
630,000,000
securities
Time deposits
ASSETS AND LIABILITIES OF WEEKLY REPORTING
IN CENTRAL RESERVE CITIES
+ 541,000,000
+ 2,000,000
Loans to brokers and dealers in
Treasury notes
Chicago—Broker's Loans
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York City member
banks and also for the Chicago member banks for the cur¬
rent week, issued in advance of full statements of the member
banks which will not be available until the coming Monday.
+1,775,000,000
+ 511,000,000
339,000,000
Open market paper
Treasury bills
City and
'
(—)
Apr. 12, 1939
^
—21,000,000
Loans—total
Other loans
Member Banks in New York
or
Decrease
Since
+151,000,000
—18,000,000
Loans and
Loans to banks
Industrial
(+)
Apr. 3,1940
55
Apr. 10,1940
Non-member deposits and other Fed¬
Commercial,
liabilities of re¬
for the week
porting mefeber banks, together with changes
and the year ended April 10, 1940, follows:
—3,000,000
10,000,000
Other reserve bank credit
Returns of
member banks.
$5,000,000 at all reporting
and
demand
$96,000,000 in deposits credited to
increase of $290,000,000 in
Including
$9,000,000 commitments—Apr.17)
eral Reserve
an
Deposits credited to
follows:
Increase
U.
domestic banks,
with
banks.
domestic
New
Reserve banks, and
Bills
farms
deposits—adjusted, and a decrease of
During the week ended April 17 member bank reserve
increased $182,000,000.
Additions to .member
bank reserves arose from decreases of $40,000,000 in Trea¬
were as
three
every
to
balances
on pages 2526 and 2527.
Changes in member bank reserve
items during the week and the year
over-appraisals have been rather frequent, when one
is foreclosed because the borrower was unable
the debt burden "under normal conditions."
that
obvious
is
of
in
income."
farm
It
out
April 20, 1940
Chronicle
The Commercial & Financial
2498
Domestic
banks..
Foreign banks-
12
tions issued pursuant thereto
Great Britain Extends Control of
Returns of
Reserve
As
Member Banks of the
Federal
System for the 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
compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire
body of reporting member banks of the
Federal Reserve System for that week ended with the close
of business
The
ing
condition
cities
April
10:
in
bills,
reserve
statement
of weekly reporting member banks in 101 lead¬
following principal changes for the week ended
A decrease of $21,000,000 in commercial, industrial and agri¬
shows
cultural loans,
ury
April 10:
the
increases of $78,000,000 in holdings of United States Treas¬
$80,000,000
balances
in holdings
of "other securities," and $174,000,000
banks, a decrease of $114,000,000
with Federal Reserve
Mails to Ships Bound
America
States and South
United
for
Complete
should, of course, be obtained in each case.
The British contraband control
ports have begun search¬
ing mails for the United States and South America from
neutrals adjacent to Germany, said United Press advices
from London on
April 13, which also noted the following:
the first ships affected, the United States liner
Early this week one of
taken off.
bound for the
Manhattan, went into the Gibraltar control base and mails were
examination
After
United
sent
but
in
many
It
were
placed
another
on
vessel
States.
Exports
small
they
smuggled through the mails consist mainly of
as precision tools and cameras.
They are
Germany
from
valuable items
parcels
up
such
pounds, and are reported to be providing
to 22
exchange.
considerable foreign
was
revealed
Manhattan
on
removed.
Ger¬
„
April 18 that the United States liner
Holland-America liner Yolendam, both
on
and the
bound from Europe to
British
•
the United States, were halted by the
April 8, and that "enemy" and neutral mail was
The New York "Herald Tribune" of April 18
added:
The
report
westbound
on
mail
the Manhattan was the first concerning the removal of
an
American ship, although the Italian liner Rex,
from
Volume
westbound from
The
the
Ministry
Herald
Naples,
that the
news
London
when
he
had been
Warfare
Bureau.
of
stopped at Gibraltar came from
Britain,
Great
Capt.
brought his vessel
Jan
reported by the
the Yolendam
as
Wepster of
P.
at
Purvis
taken from the
interfere with other
He
against
mail
interference
noted
was
United States
discuss,
this time,
at
pending negotiations.
that
contracts to be
types released last week would
signed in the very near future.
be
kind of active campaigning
invasion had not made
mission's plans.
purchases in the United States, Mr. Purvis said his
had expected
allies
the
five
the
of
all
that
some
spring, Mr. Purvis added that the Norwegian
necessary
columns
these
in
important revisions in the purchasing
any
Asked
about
organization
613.
not
in additional
Saying
this
Jan. 27, 1940, page
predicted
involved
Southampton.
Great Britain's rejection of a protest by the
could
he
involved were very large, Mr.
the number or value of
that the sums
for his statement
said
planes involved in the completed purchases because the information might
York yesterday that 702
into New
bags of mail from Germany and the Netherlands has been
Volendam
Except
month.
relieved of 700 bags at Gibraltar this
was
Manhattan
Economic
of
Tribune
announced
2499
The Commercial & Financial Chronicle
ISO
steel
not handling steel.
was
plane purchases followed by only
of
The
British
Treasury to Take Over More Holdings of
American Securities from Its Nationals
The
and
on
of
1205 and embraced 60 securities consisting largely
stocks.
In making the new list the net is spread
page
common
wider, covering 117 separate issues, consisting of 92
and
A
for
developing
ment
patch from London
being
April 14 to the New York "Times,"
continued, in part, as follows:
which
ruling last Saturday.
issues
Chrysler, and
This
Packard.
the
further
being bought include such popular
American Car & Foundry,
now
United
States Steel,
The bonds
purchase
expectation
February.
be
may
made
The
change
from
include
of
number
a
the leading
of
rail¬
the
time.
being
first
order
issued
was
further
and
with
intention
which
the
was
indicate
In
declined
of
the
when
case
first
shortage of exchange
a
months
recent
appreciably.
insuring
prevailed
private
sales
should facilitate
This
orderly and
an
months
some
of
cur¬
volume of sales at
even
what
markets
principle, if
chases
what
or
however,
British
need
account
scarcely
it
of
fail
of
securities
Similarly,
the British
any,
amount
cash
have
Treasury
Wall
funds
Street
of
say
making its
stock
substantial
benefit
the
Army
representatives
the
Embassy Suspends
The
Embassy at
navicerts
of
Issuance of
Scandinavian
to
British
issuance
which went
Navicerts
and
for
Navicerts
Baltic
Countries
shipments
to say:
navigation certificates
to
today the
certain
items
to
Embassy
destined
or
Allies.
Norway,
to
the
Sweden,
of
stating
that
going
cargo
British
desti¬
neutral
to
on
authorities
for
announced that
would
Denmark
be
all
;•
detained
":A
,
seized
or
These
it
measures,
Greenland
the
or
kingdom of Denmark.
ships,
relate to
or
The British announcement has
have
been
prohibited
since
the
'
Denmark
Danish possessions,
Islands,
these
since
explained,
was
Faroe
con¬
by
•
..
Embassy likewise announced that goods of Danish origin
ship would be detained.
or
only and
effect
no
owner¬
not
Iceland,
to
to
sister
Amer¬
on
November
last
from
entering Danish waters.
Shipments
application
has
of
Martin
advance
an.
Departments
ship released
<
cash
of
not
and
been
yet
goods
on
vessels,
without
the
legally permitted, since the Neutrality
respect to Denmark.
The British
is
carry,
invoked
non-American
with
announcement consequently may
today is
announcement
of
The United
twin-motored bomber representing
a
sold to the French and incorporating
States
Army has
of the type released today and none
none
previously released included two Curtiss,
Ships
and
British
Ambassador
at
negotiations regarding these purchases were re¬
2349.
Previous
♦
with Regard to Iceland
Direct Representa¬
tion
with
Former
as
Independent
CountryRoosevelt Asks Red
Cross to Study
President
United States Government Acts
Establish
Greenland—To
and
Greenland—
the
of
Wash¬
in these
States could
"Huge" quantities of three of the latest type of American
military aircraft have already been purchased by the Allies,
B.
Purvis, head of
made
announced
in
the Anglo-French
18.
April
on
after Mr.
Washington
The
Purchasing
announcement
Purvis had conferred
Secretary of the Treasury Morgenthau, discussing re¬
quests for permission to purchase late models, other than
those
already authorized.
Mr. Purvis said that contracts
were
signed for unspecified numbers of Curtiss pursuit
ships and Douglas bombers.
Associated Press Washington
advices of April 18 added:
A third contract,
cluded
third
which five
Two
contract
were
for
be
will
and
a
type of ship he did not identify, has been con¬
signed
was
for
in
one
Purvis said
of the remaining late types of planes of
New
released for foreign
York
attack
bomber
which
is
Mr.
sale by the War Department last week.
of the five models released last
Douglas
immediately.
week
reputed
were
here
the Curtiss P-40 and the
to
be
the
world's
fastest
other
P-38 and
the
planes
released
were
the Bell P-39, the Lockheed
Lockheed-Hudson two-motor light bomber.
He expressed the hope that the United
open a consular office in Iceland.
A few
two-motor
soon
by the war, it was announced April 12.
Both
Iceland has
Parliament for many hundreds of years.
With
off
cut
are
under Danish sovereignty, although
were
areas
had its
own
regard to the State Department's action concerning
Iceland,
Washington dispatch of April 16 to the New York "Times"
said, in part:
The
Department stated that Secretary of State Cordell Hull had replied
Jr.,
established.
Hull to Secretary of the Treasury
Secretary
although
that,
the
King
the latter country had
anxious
has
Hull
to
itself to
a
open
Henry Morgen¬
also
the
King
of
that
"informing him that the Icelandic Gov¬
direct
into
enter
to
replied
circumstances
was
State is in receipt of a telegram from the Prime
Hermann Jonasson," said the brief announcement
Secretary of
of Iceland,
is
Denmark
of
separate political entity.
a
by the State Department,
ernment
Mr.
suggestion from the Prime Minister of Iceland that direct
The announcement was in line with previous
a
be
from
advices
establishment
the
relations
this Government
of
with
the United
States.
in the existing
representation and hopes
agreeable
is
Icelandic
consular office at Reykjavik in the near future."
Funds and
credits of Iceland held
in the United
States
control and licensing
restrictions that apply to Danish and Norwegian assets in
this country through a ruling April 15 by Secretary Morgen¬
exempted
were
from
the
exchange
thau under the executive order of April
actions
said
in
foreign exchange,
Secretary of State has advised
"Denmark and Iceland
the
authority
of
Parliament has
since the
assumed
are
two
me
as
follows:
separate political entities.
Acting under
Icelandic Constitution the Icelandic
the past few days passed a resolution stating that
provision
a
within
of
the
King of Iceland is not now in a position to carry out his con¬
stitutional
entire
10 relating to trans¬
Mr. Morgenthau's ruling
&c.
:
The
duties
for
with
the time
control
of
"In view of the
respect
to
Iceland,
the
Icelandic Government
has
being the exercise of the royal prerogatives and the
Icelandic
foreign
relations;
foregoing it would not appear that Iceland falls within
in Section 11 of the above-mentioned
the definition of the term 'Denmark'
executive
In
plane of its type.
States had re¬
days previous action was taken by President Roosevelt to
prevent distress among the 17,000 inhabitants of Green¬
land in the event that their supply ships from Denmark
Minister
Fighting Planes Placed in United States
by Angle-French Purchasing Commission—Allies
Agree to Terms of United States Government—
More Contracts to Be Signed
day that at the request
Iceland, the United
of
Government
the
"The
3484.
for
Commission,
political
sponded that "the American Government is agreeable in
the existing circumstances to the establishment of Icelandic
issued
Aruthur
a
Treasury Morgenthau.
of State Hull with Secretary of the
Secretary Hull announced the same
thau
Order
recognizes the
temporarily, as
at least
Iceland,
of
revealed April 16 with
publication of portions of correspondence of Secretary
Iceland,
Dec. 2, 1939, page
United States Government now
the
existence
eral at New York for the navicert system appeared
on
Bell, two Lockheed
ferred to in the "Chronicle" of April 13, page
ington and the rules issued by the British Consulate Gen¬
columns
one
Douglas.
one
favorably to
affect American goods.
the
'
ordered.
relations
An
"
>
model previously
a
over
wanted.
he continued, accepted the conditions "with¬
improvements resulting from experience gained in the war.
a
American
the Government's
statement of
a
complaint."
or
representation."
contraband goods
The
The
government committee charged
entity, separate from Denmark, was
Washington has suspended
for
,
signed
the
of the
asked
him and
to
Navy
reservation
knowledge
•
Earlier
was
Chairman
negotiations with the purchasing mission, said the Allied
The Allied representatives,
out
in
on
are
objection
no
nation.
with
Allies are being permitted
the
Navy.
and
on
can,
Finland, Lithuania, Estonia and Latvia until further notice,
said Associated Press advices from Washington on April 12,
Act
today,
on
seventh
the
released late today.
Question of Supply Ships to
Goods
ican
purchase,
released seven
and latest
has
Department
War
their
for
agreed
terms
came
and
War
That
British
announcing the agree¬
policy about the release of the late-type planes, and he told the men what
.
have
The
craft
Secretary Morgenthau,
erratic British
or
15 said:
of
pur¬
markets
reinvestment
from
will be taken not to disturb it by hasty
are
the Treasury,
of
bomber of the F-4 type,
light
the
to
States.
newest
with carrying on
released.
thus
should
sudden
any
It is impossible to
London
the
from
Government
fear
no
is acting in
involved.
is
benefit
to
the
said,
is
that every cai-e
sales.
that
on
which
conditions
part
buy these planes before they have become available in quantity for the
ago.
to sell from Great Britain, it is said.
pressure
the
Martin
Subject
Although the fresh list of securities is much larger than the first list,
American
of
The
as
way
final
Secretary
Jr.,
United
the
in
a
American
in"
purchases
of
the research cost
being released to them was
on which negotiations hinged.
least
at
pay
planes
the
of
one
•
>
-
now,
any
expected.
or
vesting
expected
is
accordance
in
made
by the British Treasury which, however, has not departed from
original
rate
to
have
is
procedure
securities
either actual
securities
sales
when
made, does not in
was
resources,
securities
in
time
mobilization
American
rent
of
expressed
No
purchase
its
Steel,
at sterling equivalent to the prices
29
and the Japanese Government 6V2% gold bonds of 1924.
ways
the
April
on
The shares
Bethlehem
as
It
models
to
Payment will be made
the
release
the
today, declined to explain what the conditions were.
has been estimated that the Allies will invest $1,000,000,000 in war-
planes
on
the Allies
late-model
to be
understood
'Henry Morgenthau
in industrial,
preferred shares
for
of fighting aircraft.
that
requirement
public utility
and banking corporations, and 25 bonds of railway, electric
power and foreign government loans, said a wireless dis¬
common
conditions
Government's
States
Associated Press Washington advices of April
referred to in the Feb. 24 issue of the "Chronicle"
was
much
United
the latest type
18, 1910,
The first announcement was made Feb.
securities.
days the decision on April 15 of the Anglo-French
Purchasing Commission to accept without reservation
April 14 the second
acquisition of United States
Government
British
few
a
British Treasury announced on
direct
announcement
order."
view
of
"Denmark"
tions
as
not
the
as
foregoing, the Treasury Department construes the term
used
in
the
above-mentioned
applying to Iceland.
executive
order
and
regula¬
The Commercial & Financial Chronicle
2500
"Post" of April 13
quote from the Washington
also
We
Roosevelt's remarks on Green¬
in connection with President
land:
press conference that he had asked the lied Cross to
possibility of assistance being required, the President
any political
matters linked with the big Danish
his
Disclosing at
the
investigate
declined
discuss
to
possession.
'
described
He
trine
1,600 miles from St. John's, Newfoundland.
been reading an encyclopedia and various
other works
had
he
said
researches
his
and
geologists,
convinced him that Greenland,
fauna and flora, belongs
than to the European
had
of view of ancient history and its
closely to the American continent
the point
from
much
number of geographers
Greenland and had also talked to a
on
more
continent.
That is
he
time
a
simple fact, the President commented, but. at the present
at Greenland from the humanitarian point of view,
very
looking
is
for having done what he called an
He pointed out that the Greenlanders
have a system of community government and their self-government has
worked well both from the social and economic angles.
In spite of that,
the President said, it has been necessary for Denmark to send ships to
Greenland bearing supplies which the natives cannot get or grow them¬
awfully good job with the Eskimos.
selves.
the Red Cross looking into the matter of these
The President said he has
supplies for the south and west coasts of Greenland to keep the natives
from starving this summer.
The Red Cross relief won't involve a great
deal of money, according to the President, who said he thought the
people would be glad to chip in and help the people of Green¬
American
land.
and
Roosevelt
President
Opposition to
Hull
Secretary
Announce
Change in Status Quo in Pacific
any
Netherlands
East
Indies—Japanese Had Indicated Concern
Islands Be Occupied by Another Nation
Lest
Area
Particularly
Mention
—
will be maintained in the entire Pacific area,
the status quo
in
particular,
in
Indies
East
Dutch
the
of
interests
Secretary Hull on April 17 issued a formal state¬
peace.
that disturbance of the
he said
in which
would
status quo
prejudice the cause of "stability, peace and security
the Netherlands Indies but in the
not only in the region of
entire Pacific area."
preted as
Dutch
That statement was generally inter¬
warning to other nations not to interfere in the
a
East
Indies,
it
and
President
by
supported
was
Roosevelt at his press conference
political status of the Netherlands
United Press Tokyo advices of April 18 said:
East
the
in
Indies.
nese-controlled
intensified Allied
of the
which
waters,
would
be
in
necessary
the Soviet
shipping into
to control
blockade of
the Allies
event
Vladivostok,
of
port
at¬
be
would
Second—Japan is strongly in favor of maintenance of the status
Netherlands
East
East
Indies
because
this
of
country's
quo
interest
special
in
in
Asia.
A
Navy Department spokesman
Indies
said
that
Japan's
interest
in
the
East
might be compared to American interest in Greenland.
The
United
status
States,
he
said,
apparently
favors
in Greenland despite the fact that
quo
which has passed under temporary control of
"America
shores,"
The
does
not
he
country,
be
should
are
The
emphasized,"
brought
war
her
to
nearer
in the Indies, in
many
Hull's
economic
with Greenland
continued,
he
was
important
very
ties
We have
apparently
Secretary
has
out,
economic
only economic.
statement
announcing
the
of
colony of Denmark
a
ways,
the United States' interest in Greenland.
pointed
the Indies while American
Indies
European
said that Japan's interest
spokesman
is much greater than
"It
the
want
continuation
a
is
area
Germany.
"Neither do we."
he said.
This
"that
inconsequential.
are
interests
our
with
ties
the
in
territorial designs."
no
made prior to receipt
declaration
with
to
regard
Tokyo
Netherlands
the
to
response
(Cordell Hull)
inquiries by press correspondents, the
following statement:
Foreign
the
Japanese
Secretary of State
with
Japanese
Affairs
interest
(Hachiro
Government
for
the
statement
Arita)
the
by
expressing
maintenance
the
concern
of
the
Minister
the
on
status
part
of
quo
of
the
Pacific
statement
said
Equator,
of
of
Many
upon
them
are
countries,
for
of
also
important
3,200
an
on
The
miles
the
in
the
islands
east
and
far
west
west
into
the
their
commodities, such
including
the
as
United
rubber,
astride
the
important factor in the
the
States,
world's
depend
This
notes
in
conclusion,
for
which
the
exchanged
which
each
on
of
for
the
Ocean
of
the
supplies
quinine,
domestic
status
quo
affairs
of
by other
than
Netherlands
peaceful
based
on
United
copra,
substantially
Indies
processes
Nov.
the
two
to the maintenance of the
Ocean.
30,
or
would
in
any
be
the
doctrine
which has universal application
unequivocally stands, is embodied in
1908, between the United States and Japan
a
the
Indies
possibility.
the
noted in
existing status
quo
that its
on
April 18:
Hull's statement opposing any change in the status of the
Indies was greeted by Japan today as coinciding with
Secretary
East
Netherlands
wishes.
report on the American
Japan's
A
own
statement
made to the Privy Council
was
Minister Hachiro Arita, who focused world attention on the
possessions last Monday by a declaration that Japan
would be concerned deeply over any change in the East Indies' status.
The Netherlands Minister to Tokio, J. C. Pabst, called on Mr. Arita
by
Foreign
rich
Netherlands
and
expressed
change
gratification
nation's
his
and actuated only by
the spread of
taken in accordance with
the Pacific and the step was
European war to
wish."
Suma said the Hull and Arita
Mr.
asserted
was
that
statements coincided.
words to clarify Japan's
intended his
Arita
Mr.
policy was directed
in the region of the Pacific
prevent
which might come swiftly
warfare.
modern
in
oppose any
"ours was a
Yakichiro Suma, declared
spokesman,
Office
spontaneous expression aimed at no specific nation
rcoent developments in Europe.
Japan hopes to
this
would
Japan
that
the islands.
in
Foreign
statements, Commander
Navy, compared Japanese
Greenland.
He said, however, that Japan's interest was much more vital and that
development of the natural resources of the East Indies must be made by
Without
mentioning
JapanesehAonerican
the
Kanoe, acting as spokesman for the Japanese
T.
with the United States' interest in
the Indies
in
interest
but Japan lias no territorial designs there.
all means,
Japanese press, however, responded to Mr. Hull's
statement
in
considerably
different
tone.
Advices of
The
Tokio to
19 from
April
"Times" said, in
the New York
part:
Japanese Government is satisfied
The
with the Netherlands response to
circulated it immedi¬
United States Secretary
Foreign Minister Hachiro Arita's pronouncement and.
ately, apparently regarding it as counterbalancing
of
Cordell
State
The
Hull's
statement.
Hull's statement with an outburst of
received Mr.
Japanese press
Careful reading shows that Mr. Hull's language announced
the same policy as that of Hachiro Arita, Japanese Foreign Minister—
non-interference in the status quo of the Netherlands Indies.
The Japa¬
today.
anger
is aromed, according to "Asahi," by what may
anger
lines
the
Other
of
Hull's
Mr.
make
papers
claiming
a
be read between
statement.
it clear that Japanese opinion objects, first to
voice in the matter at all, and secondly, to the
suggestion that the status quo should be protected.
"Hochi" voices many
current ideas when it declares the status quo must be changed not only
the
but throughout the
East
Far
"Asahi"
world if peace is to prevail.
regarding the status quo of the Netherlands Indies
have been going on at The Hague since November.
"It would be superfluous and unnecessary to make any further observa¬
negotiations
says
Yakichiro
said
Suma,
Foreign
Office
spokesman,
November
"Asahi"
that negotiations
or
answer
to
were now
proceeding.
that if the United States takes positive action Japan will
says
adopt "prudent counter-measures," but that meantime
relying
status
declares
Japanese
The
quo.
the
Japan remains calm,
friendly relations with the Netherlands.
itself stupefied by Mr. Hull's idea of maintaining the
her
on
"Hochi"
when
in
regarding the Japanese Government's view of Mr. Hull's state¬
Suma denied the matter had been raised with the Netherlands
Mr.
ment.
existing
"unfair
believe,
status
it
says,
that peace can only prevail
replaced by a just new
has been
quo
order."
is
no
tended
to
United
States
doubt
restrain
that
Japan's
should
know
Mr.
Hull's
southward
that
such
statement is
expansion,"
attempts
a
political
"Hochi"
only inflame
move
says.
in¬
"The
the Japanese
people."
President of Bolivia
States
governments stated
;
Secretary Hull's statement was
following Associated Press Tokyo dispatch of
comment
Japanese
"There
the
prejudicial to the cause of stability, peace and security not only
region of the Netherlands Indies but in the entire Pacific area.
and
of
Pacific
commerce
tins,
rela¬
extend
of these commodities.
some
in
international
themselves
They produce considerable portions of
essential
Intervention
alteration
very
Ocean.
the Indian Ocean
They
world.
important
etc.
are
approximately
from
the east.
whole
Indies
whole Pacific
in
in
authorities
serious
last
Netherlands
peace and security not only in the
in the entire Pacific area."
British, French and American fleet
Shanghai that a Japanese attempt to seize the Dutch
event of a German invasion of the Netherlands was a
prejudicial to the cautie of stability,
region of the Netherlands Indies but
As
he issued his pronouncement,
The
distance
in the region
in effect, was a notice to other nations to
keep hands off the Dutch East Indies.
Mr. Roosevelt told reporters that
Secretary Hull's declaration had covered the situation thoroughly.
Taking cognizance of Japan's expressed concern for the future of the
islands should
the European war engulf the Netherlands,
Secretary of
State Hull said in a statement last night:
"Intervention in the domestic affairs of the Netherlands Indies or any
alteration of their status quo by other than peaceful processes would be
Secretary Hull's statement,
questions
tionships of the
be
prejudice the cause of "stability, peace and security not only
of the Netherlands Indies but in the entire Pacific area."
Any change in the status of the Netherlands Indies would directly affect
of many countries.
the interests
in the
maintained in the interests of peace.
He
a press conference when asked for comment on Secretary
yesterday that disturbance of the status quo would
could
area
stated his view to
Hull's
expressed a hope today that the status quo
Roosevelt
President
whole
tions,"
Netherlands Indies.
on
.
advices of April 18 quoted
Press Washington
Associated
in
made the
noted
for
a
when needful,
of the Government of the
President Roosevelt as follows:
America's
have
and the faith¬
United States—as it is
no
doubt that of all peacefully inclined governments—that the attitudes
and policies of all governments will be based upon these principles and
that these principles will be applied not only in every part of the Pacific
area, but also in every part of the world.
.
The complete text of Secretary Hull's statement follows:
I
non-intervention in their domestic
nations and
other
of
rights
It is the constant hope
nese
of cables in
Indies.
In
in the region of the Pacific Ocean."
position in advance of any European development
Germany to Japa¬
"extremely distasteful" to this country at present.
the
the rights of the Netherlands in
resolved to respect
insular possessions
by orderly processes.
It
Amplifying the Japanese viewpoint two points were made:
First—Extension
tempt
firmly
their
to
the
for
The
April IS, reiterated Japan's determination to prevent a
change
is
"it
affairs, the according of equality of fair and just treatment
ful observance of treaty pledges, with modification thereof,
April 18.
on
Foreign Minister Hacliiro Arita of Japan, in a statement
on
which the United States, the British
parties to the treaty signed at Washington
notes
1921,
peaceful nations have during recent years been earnestly urging
that policies of force be abandoned and that peace be maintained on the
basis of fundamental principles, among which are respect by every nation
expressing the hope that
made statements
both
this week
ment
13,
relation
East
Secretary of State Cordell Hull
President Roosevelt and
the
that
political angle.
President praised the Danes
The
the
in
relating to their insular possessions and their insular
dominions in the region of the Pacific Ocean—sent to the Netherland
Government on Feb. 4, 1922, in which each of those governments declared
Dec.
on
the
than
rather
reaffirmed
is
Empire, France and Japan—as
All
*
premature questions on whether the Monroe Doc¬
should Germany seek to extend her control of
very
invoked
Greenland, some
to
President
The
and
as
be
would
Denmark
It
April 20, 1940
Inaugurated—Pledges Resumption
Foreign Debt
of Payments on
With
the
inauguration on April 15 as President of Gen¬
Enrique Penaranda del Castillo, constitutional govern¬
ment was restored to Bolivia.
In his inaugural address the
eral
,
Volume
The Commercial & Financial Chronicle
ISO
new
President is reported to have stressed his faith in
democracy and outlined a program of social and economic
improvement.
He pledged resumption of payments of the
foreign
Chaco
to
debt,
which
eight
war
were
year
ago,
the start of the
and invited foreign investments
suspended
TOTAL
ROUND-LOT
CHANGE
BERS ♦
2501
NEW YORK CURB EX¬
FOR ACCOUNT OF MEM¬
THE
ON
SALES
STOCK
STOCK
AND
TRANSACTIONS
(SHARES)
Week Ended March 30, 1940
Total for
at
help make this possible.
Short sales
1,319,315
Payment of Coupons
Funds for Partial
B. Round-lot transactions for the account of members:
Issues
Three
on
1.
Transactions of specialists in stocks in
which they are
136,135
registered—Total purchases
The United States of Brazil has remitted to Dillon, Read
& Co. funds for payment
a
1,297,940
Total sales
Remits
Cent
21,375
...
Other sales.b
Brazil
Per
Week
A. Total round-lot sales:
of the April 1, 1938, coupons apper¬
7,675
151,880
Short sales
Other sales.b.
taining to Brazil's 5% 20-year funding bonds of 1931 at the
of
rate
of
ment
the
April
and April
1
2.
1938, coupons, respec¬
15,
Other transactions initiated
tively, appertaining to the 6^% external sinking fund gold
Short sales.
on
87,825
i
the floor-Total purchases
_s„
'
Other sales.b.
bonds
1926
of
6%% external sinking fund bonds of
of 25% of the face amount.
Payment at
by Dillon, Read & Co.,
special agent of the United States of Brazil, upon presenta¬
of the coupons
satisfaction
and discharge
of the
71,685
l
Other transactions initiated oft the floor-Total purchases
6,025
42,670
Short sales
accompanied by a letter of transmittal
holder agrees to accept
the
3.
Other sales-b.
such payment in full
295,645
17,800
Short sales
Member
Trading on New York Stock and New York
Curb Exchanges During Week Ended March 30
The
Securities
and
round-lot stock sales
the New York Curb
of these
on
current
Commission.
shown
separately from other
figures.
*
The
week ended March 30:
Tne data published are
based upon weekly reports filed with the New
York Stock Exchange and the
New York Curb Exchange by their respective
These reports are classified as follows:
members.
New York
Slock
'r
v"::.
Exchange
;■ *
New York
Curb
;
Reports showing transactions as specialists
2.
their firms and
members,
Exchange
Shares in members' transactions as per cent
of members'
transactions Includes both
transactions is compared
for the reason that the total
purchases and sales, while the Exchange
volume includes only sales.
b Round-lot short sales which are
rules
c
are
exempted from restriction by the Commission
included with "other sales."
Sales marked
Odd-Lot
"short exempt"
Trading
on
are
Included with "other sales."
New York Stock Exchange During
April 13
Week Ended
The Securities and Exchange
Commission made public on
April 19 a summary for the week ended April 13 of com¬
plete figures showing the volume of stock transactions for the
odd-lot account of all odd-lot dealers and specialists who
handled odd lots on the New York Stock Exchange, continu¬
series of current figures being published by the Com¬
Figures for the previous week ended April 6 were
reported in our issue of April 13, page 2341. The figures are
ing
a
mission.
based upon reports
lot dealers and
filed with the Commission by the odd-
specialists.
STOCK
TRANSACTIONS FOR THE ODD-LOT ACCOUNT OF ODD-LOT
SPECIALISTS ON NEW YORK STOCK EXCHANGE
79
DEALERS AND
100
Reports showing other transactions Initiated off the
floor
•
4.
.,
floor..—
Reports showing
Week Ended April 13, 1940
no
Total
>
for Week
————,.282.--.
—
,
the
of twice total round-lot volume.
calculating these percentages, the total of members'
with twice the total round-lot volume on the Exchange
Reports showing other transactions initiated on the
3.
835
275
1.
all
Exchange
1,006
199
Total number of reports received
Includes
"members"
term
partners, including special partners.
In
Trading on the Stock Exchange for the account of members
during the week ended March 30 (in round-lot transactions)
totaled 1,117,155 shares, which amount was 22.66% of total
transactions on the Exchange of 5,269,840 shares.
This
compares with member trading during the previous week
ended March 23 of 628,770 shares, or 20.19% of total trading
of 3,075,990 shares.
On the New York Curb Exchange
member trading during the week ended March 30 amounted
to 278,800 shares, or 21.77% of the total volume on that
Exchange of 1,319,315 shares; during the preceding week
trading for the account of Curb members of 120,215 shares
was 17.43% of total trading of 719,065 shares.
The Commission made available the following data for the
63,930
Total sales
a
sales in these
97,141
Total purchases.
figures being published weekly by the
are
163
96,978
-
...
Customers* other sales.c
Exchange for the account of all members
21.77
278,800
Total sales
C. Odd-lot transactions for the account of specialists:
Customers' short sales
the New York Stock Exchange and
Short sales
261,000
Other sales.b.
exchanges in the week ended March 30, continuing
of
series
a
made public
Exchange Commission
(April 19) figures showing the volume of total
yesterday
4.56
48,695
Total sales
coupons.
4. Total—Total purchases.
,
6.00
70,550
Total sales
these rates accordingly will be made
tion
4,100
66,450
and
1927 at the rate
wherein
11.21
159,555
Total sales
of the face amount, and funds for the pay¬
50%
550
492
transactions
134
handled solely
by 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 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
Odd-lot sales by dealers (customers'
purchases):
29,641
Number of orders
Note—On the New York Curb Exchange, odd-lot transactions are
the number of reports
one
dealers (customers' sales):
376
Customers' short sales—
The number of reports in the various
than
29,131,258
Dollar value
Odd-lot purchases by
Number of orders:
two exchanges.
more
846,896
Number of shares.
30,711
Customers' other sales.a
classifications may total more than
received because a single report may carry entires in
Customers' total sales—
31,087
—
classification.
Number of shares:
TOTAL
ROUND-LOT
STOCK SALES ON THE NEW YORK STOCK EX¬
CHANGE AND ROUND-LOT STOCK TRANSACTIONS
OF
MEMBERS ♦
Customers' short sales
FOR ACCOUNT
Customers' other sales.a
Week Ended March 30, 1940
Short sales.
..........
Other 8ales_b._._—......———
Cent a
26,364,133
-
Round-lot transactions for account of members, except
the odd-lot accounts of odd-lot dealers
Number of shares:
170
149,730
Total sales.
149,900
for
Round-lot purchases by dealers:
Number of shares
—...
which they are
521,370
—
61,370
Short sales
463,980
Total sales.
\
2. Other transactions initiated on the floor—Total purchases
purchasesi
10.05
I
11,255
167,615
Short sales.
Total sales
3.26
1,270,845
read as follows:
Security Positions. The minimum
each security "short" in such an account shall be equal to at
on
is greater,
of any stocks "short" in the account
greater, of any stocks
share; plus
(iii)
market value
plus
30% of the market value, or 5% of the
amount is greater,
share, whichever amount is
"short" in the account which have a
of $5.00 per share or over;
22.66
share, whichever amount
which have a market value
100% of the market value, or $2.50 per
(ii) 30% of the market value, or $5.00 per
104,075
1,013.080
1,117,155
Rules
Accounts Having Only "Short"
of less than $5.00 per
4. Total-
Margin
least:
(i)
178,870
Amends
(b) ofithe Exchange's margin rules to
(b)
174,835
margin
Total sales.
StockYExchange
yesterday (April 19), the Committee on Member
of the New York Stock Exchange has revised Section
Effective
Firms
474,305
Total sales.
Other transactions Initiated off the floor-Total
York
New
442,855
Other sales, b.
Sales marked "short
9.35
584,640
31,450
Short sales
166,020
exempt" are reported with "other sales."
b Sales to offset customers' odd-lot orders and sales to liquidate a long position
which is less than a round lot are reported with "other sales."
a
402,610
Other sales-b.
Short sales
—
Other sales.b..
and specialists:
Transactions of specialists in stocks in
Other sales.b.
—
Round-lot sales by dealers:
161,370
5,108,470
Short sales
registered—Total purchases
820,755
Dollar value
5,269,840
Total sales
3
........—...
"Per
:V/
A. Total round-lot sales:
1.
11,099
809,656
;
Customers' total sales.
Total for
Week
*
B.
........—.....
——
—
(SHARES)
principal amount, whichever
of any bonds "short" in the account.
The Commercial & Financial Chronicle
2502
Changes in Amount of Jheir Own Stock Reacquired
by Companies Listed on New York Stock Exchange
The
Shares
Air Reduction Co., capital
_
American Woolen Co.,
5,700
—
(The),
47,083
191,545
2,550
1,657
312,713
557,169
569,101
28,800
1,948
....
General Motors Corp., common...
30,100
General Realty & Utilities Corp., $6 preferred
General Shoe Corp., common
Glmbel Brothers, $6 cum. pref-
....
4,136
3
Household Finance Corp., common..
International Business Machines Corp., common..
1,086,000
1,347,000
1,077,000
"""135,666
"""130,666
19,852,000
20,310,000
355,000
17,725,000
$229,705,000
$233,015,000
$245,017,000
Dallas
12 San Francisco
Grand total
.1.........
Decrease for month, $3,310,000; decrease for year,
514,000
$15,312,000.
ACCORDING TO NATURE OF CREDIT
4,736
58
.
5,154
None
5,305
2,519
34,865 -
47,157,000
44,438,000
8,620,000
8,414,000
43,025,(MX)
8,776,000
33,644.000
14,099,000
14,788,000
1,837,000
29,815,000
27,333,000
55,715,000
Based
goods stored in or shipped
on
between foreign countries
c3,561
61,600
1939
40,187,000
35,765
1,259
None
Pacific Finance Corp., common
Petroleum Corp. of America, capital
31,
Dollar exchange
160
National Dept. Stores Corp., 6% preferred..
Outboard, Marine & Mfg. Co., common
Mar.
$87,109,000
57,936,000
Domestic shipments
11,198
None
$95,017,000
Exports.
b5,038
Maytag Co. (The), cum. $6 1st pref
Feb. 29, 1940
Domestic warehouse credits.
3,050
,11,707
Lone Star Cement Corp., common
1940
$89,827,000
Mar. 30,
Imports
5,360
2,9.50
.....
Jewel Tea Co., Inc., common
r'r'V''"V -;
83
4,908
6,617
7% preferred..
1,357,000
4,288,000
—
21,400
International Salt Co., common..
International Silver Co., 7% preferred
Interstate Department Stores, Inc.,
464,000
1,348,000
5,098,000
539,000
5
18,900
.....
9,597,000
2,275,000
704,000
1,413
....
Greyhound Corp., 5H% conv. pref
Hecker Products Corp., common..
31, 1939
$28,190,000
179,175,000
1,388,000
8 St. Louis........
11
Mar.
5,430,000
384,000
.....
.....
9 Minneapolis
10 Kansas City
2,963
312,898
common
Edison Brothers Stores, Inc., common
STATES
2,809,000
656,000
...
7 Chicago
2,050
1,595
3,138
Richmond
0 Atlanta-..-
347
177,586
7% preferred
Firestone Tire & Rubber Co., common—
issued by
$22,168,000
169,040,000
9,522,000
9,684,000
2,848,000
Cleveland.
5
3,396
Feb. 29, 1940
1940
165,253,000
3 Philadelphia
4
5,800
272
Davega Stores Corp., common
Detroit Edison Co.
under
were
as
DISTRICTS
$22,989,000
Boston
2 New York.........—-..—..
19
2,896
49,083
Century Ribbon Mills, Inc., 7% preferred
Chicago Pneumatic Tool Co., $2.50 cum. prior pref
Commercial Investment Trust Corp., common
Custls Publishing Co. (The),
countries
RESERVE
Mar. 30,
Federal Reserve District
1
828
5,500
FEDERAL
—BY
471,341
18
790
pref
Brown Shoe Co., common
foreign
following is the report for.March 30,
the New York Federal Reserve Bank:
None
a
453,835
cum.
between
shipped
or
The
1,923
—
>4%
in
22,864
2,173
7% preferred
6% preferred
ex¬
March 31, 1939.
BANKERS' DOLLAR ACCEPTANCES OUTSTANDING—UNITED
15,864
;
Atlas Corp., common
Barker Bros., 5
comparison credits drawn for
Report
.
Allegheny Ludlum Steel Corp., common
acceptances outstanding
due to losses in credits for
was
ports, domestic shipments and those based on goods stored
per Latest
Reported
of
1940
warehouse credits and dollar exchange,
imports, domestic
while in the year-to-year
Shares
Previously
Company and Class of Slock
March 30 from Feb. 29
on
The New York Stock Exchange issued on April 15 its
monthly compilation of companies listed on the Exchange
reporting changes in the reacquired holdings of their own
stock.
A previous list appeared in our issue of March 16,
page 1684.
The following is the list made available by the
Exchange on April 15:
the volume
in
decrease
April 20,
62,200
1,261
Safeway Stores, 6% cum. pref
Shattuck (Frank G.) Co., common
Sheaffer (W. A.) Pen Co., common
1,773
1,820
44,500
79,194
79,160
Talcott (James), Inc., common
37,334
HELD BY
ACCEPTING BANKS
$120,926,000
62,993,000
46,500
Swift & Co., capital
BILLS
Own bills
Bills of others.
d None
Thompson's Restaurants,
2,501
Total...
2,331
6,217
11,274
501,780
28,400
e3,400
United States & Foreign Securities Corp., $0 cum. 1st pref.
None
115,483
Vlck Chemical Co., capital..
5,300
3,889,000
CURRENT MARKET RATES ON PRIME BANKERS ACCEPTANCES
11,275
486,380
$183,919,000
Decrease for month.
5,700
common..
Tide Water Associated Oil Co., common
Transarnerica Corp., capital
United Fruit Co., common
Warner Bros.
Pictures, Inc., 83.85
Webster Elsenlohr, Inc.,
cum.
pref..
8,477
2,200
g None
None
The
of
120
9-16
7-16
150
%
9-16
180
%
9-16
K
following table,
volume
the
close
f Initial report; shares purchased and retired In
£ Giving effect to acquisition of five shares and subsequent cancellation
of
of
compiled by
bankers'
each month
1937—
of 10 shares.
since
346,246,657
348,026,993
343,065,947
31
Feb.
29
following announcement showing the total value of
commercial paper
outstanding
on
March 30
the Federal Reserve Bank of New York on
received by
Reports
total of
this
$233,100,000 of
Bank from commercial
open
market
paper
was
Dec.
28
325,804,395
307.115.312
292,742,835
Jan.
31
255,402.175
278,707,940
208,098.573
Feb.
28
Mar. 31
248,095,184
245,016,075
Jan.
264,222,590
264,748,032
Apr.
29
237,831,575
Feb. 29...233.015,000
May 31
246.574,727
Mar. 30
on
dealers
show
a
March 30, 1940.
31, 1939.
Below
more
we
give
a
compilation of the monthly figures for
than two years:
1940—
8
1939
Mar. 30
233,100,000
June
Feb.
29
226,400,000
Jan.
31
219,400,000
193Q_
'
30
180,700.000
*188,000,000
191,900,000
191,200,000
195,300.000
195,200.000
Mar. 31
Dec. 30
209,900,000
214,400,000
205,300,000
Feb,
28
Jan.
31
31
Sept. 30
209,300,000
Dec. 31
Aug. 31
201,100,000 Nov. 30
194,200,000 Oct. 31
Nov. 30
Oct.
July
»
31
1938
j
May 31
Apr. 30
j93g
An
Bank
July
31
212,300,000
209,400,000
210,700,000
June
30
225,300,000
May 31
251,200,000
271,400,000
296,600,000
292,600,000
299,300,000
Aug. 31
Apr. 30
Feb.
28
Jan.
31
Sell
fractionally, under
Dunn, New York fiscal agent for the Banks. In addition,
$2,000,000 debentures of the same issue were sold privately
The debentures are dated May 1 and
maturing Nov. 1, 1940.
The issue was
sold at a slight premium and is
reported to have met with
wide demand.
Of the total sold, $16,000,000 of the
pro¬
ceeds will be used to meet
May 1 maturities, the balance,
$7,500,000 representing new money.
within the system.
run for six
months,
There
will
as
bqf
total
a
of
$204,400,000 debentures
out¬
Acceptances Outstanding Decreased $3,310,During March—Total March 30 Reported at
$229,705,000
$15,312,000 Below Year Ago
During March the total volume of bankers' acceptances
$3,310,000 to $229,705,000 March 30 from $233,015,000 Feb. 29, according to the monthly report of the
decreased
Acceptances Analysis Unit of the Federal Reserve Bank of
New York, issued April 15.
As compared with a year ago,
1939,
total
when
$245,017,000.
the
is
$15,312,000 below
acceptances
{
that
outstanding
was
accepted at prices
The Treasury bills are dated April 17 and will mature on
July 17, 1940.
Reference to the offering11 appeared in our
issue of
The
April 13, page 2342.
following regarding the accepted bids of the offering
Secretary Morgenthau's announcement of April 15:
is from
Total
applied
for,
accepted bids
price
being
74%
$195,965,000
were
was
total
;
accepted,
$100,246,000.
tendered at prices of par and
fractionally
under
par.
Of
the
99.999,
amount
the
aver¬
tendered
at
accepted.
♦
New
Offering of $100,000,000, or Thereabouts, of 91Day Treasury Bills—To Be Dated April 24, 1940
Secretary of the Treasury Morgenthau announced April 19
are invited to a new offering of
91-day Treasury
bills to the amount of $100,000,000, or thereabouts, to be
sold on a discount basis to the highest bidders.
Tenders
that tenders
will
be received at the Federal Reserve banks and the
branches thereof up to 2 p. m. (EST), April 22, but will not
be received at the Treasury Department, Washington.
The
Treasury bills will be dated April 24, 1940 and will mature
July 24, 1940, and on the maturity date the face amount
bills will be payable without interest.
There is a
maturity of a similar issue of Treasury bills on April 24, in
of the
000
March 30
229,705,000
on
of the close of business May 1.
Bankers'
the
229,230,000
31
par.
Debentures
offering of-$21,500,000 Federal Intermediate Credit
%% debentures was made April 16 by Charles R.
standing
222.599.000
1940—
Secretary of the Treasury Morgenthau announced on
April 15 that the tenders to the offering last week of $100,000,000 or thereabouts of 91-day Treasury bills totaled
99.999,
Banks
221,115,945
232,644,000
30
*
age
Credit
31.
Nov. 30
Offering of $100,000,000
of
91-Day
Treasury
Bills—$100,246,000
Accepted at Prices Slightly Below Par
The
Intermediate
Oct.
Dec.
Tenders of $195,965,000 Received to
Revised.
Federal
1939—
$195,1)65,000, of which $100,246,000
g
Sept. 30
Mar. 31
186,900,000
206,300,000
213,100,000
30
31..... 269,605,451
April 15:
paper
outstanding
June 30
July
issued by
This figure compares with commercial paper outstanding
on
Feb.
29
of
$226,400,000 and
with
$191,200,000
on
March
31
244,530,440
31
236,010,050
Aug. 31..,.. 235,034,177
Sept. 30
215,881.724
July
Mar. 31
York
May 31
The
Oct.
$
June 30
Apr. 30
New
Feb.
31
1939—
258,319,612
261,430,941
269,561,958
273.327,135
Nov. 30
1938—
Jan.
record
a
30, 1937:
j
Sept. 30
Dec.
Paper Outstanding as Reported
Federal Reserve Bank—Total of
$233,100,000 March 30 Compares with $226,400,000
by
Oct.
Aug. 31.
Nov. 30
furnishes
us,
acceptances outstanding at the
193$
$
30
Oct.
Value of Commercial
Dealers'
Buying Rates Selling Rales
7-16
H
:
I..
90
Giving effect to cancellation of 5,700 shares,
b Giving effect to the Issuance
of one additional share for each share held,
c Initial report,
d Giving effect to
cancellation of 37,334 shares,
e Giving effect to sale of 25,000 shares to the retire¬
ment trust fund of the company,
Dealers'
Days—
5,041
a
March.
1940
7-16
30....L......
60
29
4,970
15,
Dealers'
Buying Rates Selling Rates
Days—
2,850
5
7% preferred
Wheeling Steel Corp., 6% cum. pref
White (The S. S.) Dental Mfg. Co., capital
APRIL
Dealers'
of
March
31,
amounted
to
amount of $100,253,000.
In his announcement of the offer¬
ing, Secretary Morgenthau also said:
They (the bills) will be issued in bearer form only, and in amounts of
denominations
of
$1,000,
$10,000.
$100,000,
(maturity value).
No
tender
for
tender must be in
on
$500,000,
and
$1,000,000
•
an
amount
less
than
multiples of $1,000.
$1,000 will be considered.
Each
The price offered must be expressed
the basis of 100, with not more than three decimal places, e. g.t 99.125.
Fractions must not be used.
Tenders will be accepted without cash
and trust
ment
deposit from incorporated banks
companies and from responsible and recognized dealers in invest¬
securities.
Tenders from others must be accompanied by a deposit
Volume
of
The Commercial & Financial Chronicle
150
The
10% of the face amount of Treasury bills applied for, unless the tenders
are
accompanied by
bank
by an incorporated
express guaranty of payment
an
the
Reserve Banks or branches thereof up
closing hour will be opened and public announcement of the ac¬
ceptable prices will follow
soon as
as
possible thereafter, probably on the
following morning.
The Secretary of the Treasury expressly reserves the
right to reject
all tenders
amount
any or
or
parts of tenders, and to allot less than the
applied for, and his action in
any
the
in
cash
'
,
taxation,
except
President
and
(Attention is invited to
inheritance taxes.
Treasury Decision 4550, ruling that Treasury bills are not exempt from
the gift tax.)
No loss from the sale
bills shall be allowed
of any tax now
poses
as
or
a
deduction,
or
or
other disposition of the Treasury
otherwise recognized, for the pur¬
hereafter imposed by the United States or any of its
amended, and this notice
as
prescribe the terms of the Treasury bills and govern the conditions
of their
issue.
Order of President Roosevelt Freezing Norwegian
Applies Also to Securities Secre¬
tary Morgenthau Announces
Secretary of the Treasury Henry Morgenthau Jr. told his
press conference yesterday (April 19) that the Treasury
Department has approved nearly all applications sub¬
mitted thus far covering transactions in Danish and Nor¬
wegian funds, which were subjected to Treasury Dept.
authority by President Roosevelt, on April 10,. through
of
order
executive
(published in our issue of
April 13, page 2339). Mr. Morgenthau also revealed at the
conference that, in response to inquiries from New York
financial institutions, the Treasury Department had advised
that the President's order "freezing" Danish and Norwegian
funds here, applied equally to transactions in securities.
In a telegram to George L. Harrison, President of the New
York Federal Reserve Bank, Mr. Morgenthau asked Mr.
Harrison to advise banks and others that the Treasury took
the position that the President's order applied to securities,
as well as cash, gold, silver, mortgages and other movable
an
forms of wealth.
clared
v
;
\
that
President
These
of
all
peoples,
national
The
and
If
"Times"
added,
announcement
office
of
as
State
of
Secretary
in part:
came
a
result
Cordell
a
Hull.
conference
Secretary of the Treasury Henry Morgenthau Jr.,
yesterday in
with
Sleeting
Mr.
Hull
for
of
Only
purposes.
the
The
since
to
measure
had
gain
importers
construed
was
no
evidence
rates
be used also in
will
the
as
precaut-ionary
rather
V'-V." ■'Y
than
retaliatory,
said late yesterday afternoon that up to that
the British Government sought deliberately
that
trade advantage by currency depreciation.
He also
had complained of hardships suffered by existence of
sterling rates in New York.
The most disadvantageous
tained
official
'
Secretary Morgenthau
he
time
the
'.v.'.
result
to the national
said no
the two
from a sus¬
economy
rate for customs pur¬
availability of sterling at the low unofficial
British
compete with American
imports which
Abrogation of the
goods.
reciprocal trade agreement with Great Britain could result if such excessive
imports resulted from
The low
age
rate,
depreciated currency.
if recognized for customs purposes,
would tend to encour¬
in
the availability of the
British imports because they would be obtainable at a lower price
than
dollars
would
steaper pounds.
ordinarily
pertain because of
/
■
only a small propor¬
export trade with the United States has been paid for at the
However, the British Government has insisted that
tion
its
of
unofficial rate.
run
around
The
for
10%.
principal
the
at
Estimates of the amount of the trade thus
reason
unofficial
for
rate
paid for have
been taken here.
the relatively small amount of imports paid
the British requirement that leading British
This view also
is
seems
to have
exports of the type on which Great Britain either has a world monopoly or
through an international cartel, should be paid
controls with other Powers
for
at
the official
rate.
Such
and certain furs are covered
"The
Treasury
items as Scotch
whiskies, tin, rubber, jute
Department," said the announcement today,
of
Bank with
a
"will care¬
view to examining the situation with respect to any
such currencies if changed
conditions warrant it."
the march against small
Denmark and Norway.
period
a
the
of
has
the
on
to
many
standards
'
highest
,
States
of
people, but
•
occasion
of
of
r
recent
disapprobation of such unlawful exercise of
emphasis, its point of view
with undiminished
'V
those occasions.
on
to their
to
On
rights
survive, the
\
of the smaller nations to inde¬
territorial integrity and
was
issued
to
after the Norwegian Min¬
soon
Washington had conferred with
Mr. Roosevelt at
a
leaving the White House after his talk with the President the Nor¬
"I
wish
to
government
the
and
of
Norway,
in
who
Parliament,
people.
It is composed of
Parliament, but
the
never
small Nazi
a
his
a
years
handful of
to elect
men
who
Member
a
up
as
Prime Minister without
of
the
out
confidence
Prime
King and the Parliament
support
any
the
of
Minister
have
had the
150 members of the Storting
Nygaardsvold has had the same
entire
[Johann]
support."
therefore
and
that
he
task
present
was
had
"acting
was
"very,
a
situation
Europe
no
on
very
message
with his
to carry to the White
House.
his own", for the time being, and added
hard one."
He expressed the hope that
"won't last long."
Government toward events
referred to in the "Chronicle" of April 13,
'■
was
2343.
page
the
succeeded under the leadership of Major [Vidkun]
The attitude of the American
in
faction,
de Morgenstierne said he was not in direct communication
said
the
broke
war
vote
Government
that
of
support
people.
[Parliament].
He
unanimous
They have tried for
influence.
any
the
•.
set up by the enemy has absolutely no support in the
Quisling, who has set himself
Mr.
have
•;-V;;
had
never
that there is today just one legal,
and that is the King, the Prime
emphasize very strongly
constitutional
Minister
+
President
Roosevelt
Seeks
$975,000,000 Relief Appro¬
Fiscal Year, with Authority to
Spend Entire Amount Over Period of 8 Months—
Letter to Speaker Bankhead Says Budget Estimate
Were Based on Hopes of Employment Rise Which
priation for 1941
Have Not Materialized
Speaker Bankhead of
April 18, asked that Congress approve his
budget recommendation of $975,000,000 for the Works
Progress Administration during the next fiscal year, but
that it give him or the WPA Commissioner the authority to
expend the entire amount in eight months, if necessary.
He said that if the $975,000,000 were spent over a period
of 12 months, it would provide for an average employment
of only about 1,330,000. Mr. Roosevelt added that his budget
estimate had been based on hopes for gains in employment
and in business which had not been entirely realized.
The complete text of the President's letter is given below:
the House
My dear Mr.
on
Speaker:
In submitting
to
the
Congress my budget for the fiscal year
1941, I
included an item for relief and work relief which provided the amount of
approximately $975,000,000 for administrative expenses and the cost of
project operation of the Work Projects Administration.
This represented a
reduction of approximately one-third the amount which was made available
for these purposes
of the fiscal year
in the current fiscal year, and if used for the 12 months
1941 will provide
an average
employment of only about
1,330,000.
In the message transmitting
this budget, I commented upon the item for
relief and work relief by saying: "if conditions fail to meet our hopes,
ad¬
ditional funds may be necessary."
The
1939, at
high level.
preparation of the budget was completed in December,
which time industrial activity in the United States was at a very
I regret to
inform
you
that the hopes which I entertained at that time
which were based on the industrial outlook then
judgment now necessary
adopt measures for dealing with the situation
which may be quite
The industrial production
It is hoped
109.
which exists today and
confidently predicted for the next few months.
index of the Federal Reserve Board for De¬
cember stood at 128, an all-time
in February to
and
prevailing, have not been
sufficiently realized and that it is therefore in my
to
by this order.
fully observe future developments with respect to those foreign currencies
for which more than one rate of exchange is reported by the Federal
Reserve
of
during
wegian Minister said:
would have been the possible flooding of the American market with
poses
his
President Roosevelt, in a letter to
dollar, the Newfoundland dollar, and the Australian
Canadian
pound.
in
name
Washington dispatch
April 13 to the New York "Times" said:
of
Secretary of Agriculture
Treasury issued instructions to customs collectors to disregard the
customs
by
conduct.
United
the White House, concerning which
the
relatively low unofficial sterling rate, which recently has hovered around
$3.50 to the pound, and to use only the official British rate of $4.03%
case
maintained
observance
their
the
reiterates,
The statement
ister
were
Henry A. Wallace, and Attorney General Robert H. Jackson.
The
in¬
the unimpeded opportunity
self-government must be respected by their more powerful neighbors.
for
V
of
of
of
civilization is
pendence,
tralian
The
because
here
It
expressed
$,as
purposes.
York
territorial
and regard not only of the American
invasions strongly expressed its
force.
the invasion
and
won
international
Government
unanimous
x^und, for all of which the Federal Reserve Bank
has lately been reporting both the official and free rates
of exchange.
The question of the dual rate for sterling
was
discussed in the "Chronicle" of April 13, pages 2342
and 2343.
A Washington dispatch of April 16 to the New
the
Germany
are once more on
through
have
generations the respect
pound sterling, as certified to the Treasury
Similar instructions were issued with respect to
Canadian dollar, the Newfoundland dollar and the Aus-.
mention
not
instance
nations
unanimous
of duties wherever the conversion
of sterling into United States dollars is necessary for such
the
did
military aggression
this
in
two
Department announced on April 16 that it
"official" rate
and the final liquidation
Denmark
In
Force and
nations,
"Since
by the Federal Reserve Bank of New York, is to be used
in the future in collecting duties, appraising merchandise,
of
this, his latest of formal statements con¬
cerning aggression abroad, the President reiterated "with
undiminished emphasis" the point of view he has expressed
on
previous occasions.
The statement read:
of the
had instructed collectors of customs that the
survive
is to
civilization
if
statement.
country.
Quotations
Invasion
Condemns
Roosevelt
"The government
Treasury Will Recognize Only Official Sterling Rate
for Customs Purposes—Instructions to Collectors
Are Designed to Avert Flood of Imports at Reduced
for the British
more
tegrity and freedom of small nations must be maintained.
♦
The Treasury
by
President Roosevelt, in a formal
statement issued in
Washington, April 13, attacked the invasion of Denmark
and Norway as "an unlawful exercise of force."
He de¬
and
Danish Balances
issuance
Thus, when the Reserve
than 5%, the Secretary of the
Treasury had been recognizing.
Norway—Formal Statement Declares Rights of
Small Nations Must Be Respected—Statement of
Norwegian Minister After Call at White House
The
possessions.
Treasury Department Circular No. 418,
requires
law
and
'.
disposition thereof will also be exempt, from all
or other
estate
which rate to recognize for
the Customs Bureau to give
that varies more than 5% from
for the Treasury
the
quotes two rates that vary
Treasury bills will be exempt, as to principal and interest, and any
gain from the sale
for the Treasury
taking official recog¬
March 25.
on
exchange quotation
any
that the
problem
a
York began
rates
two
Treasury must determine which rate to recognize for customs purposes.
immediately available funds on
other
or
'
April 24, 1940.
The
Banks
to
became
Bank of New
the
since
purposes,
one
Bank
situation
rate
Reserve
posed the question
customs
consideration
Payment at the price offered for Treasury bills allotted must be made at the
Reserve
sterling
Federal
the existence of
of
Those
such respect shall be final.
submitting tenders will be advised of the acceptance or rejection thereof.
Federal
the
This
Immediately after the closing hour for receipt of tenders on April 22,1940,
all tenders received at the Federal
to
dual
when
nition
trust company.
or
2503
high.
In January it declined to 119, and
The preliminary index for the
that it will not go lower than this.
month of March is 1Q5.
The Commercial & Financial Chronicle
2504
The present indications are
1941.
WPA below that which has been carried
with an appropriation of approximately one
in the current fiscal year
on
and one-half billion dollars.
relations
country are such as to require such
It
I can assure you that if this discretionary
appropriation will not
expended within the eight months unless it is absolutely necessary to
expenditure within that period.
be
hardship.
avoid suffering and
appropriation is made with the provision which I have just de¬
Jan. 3 to March 1,
need of providing funds for the last
months of the fiscal year, if such need is then apparent.
It may also
If the
for authority to
cise
I
have
destructive
that the principle of apportionment which is written into
not asking
the current Appropriation
earth.
I believe it is entirely proper
Act be abandoned.
Peace
Very truly yours,
FRANKLIN
D.
liberated
lives
under
moral
his address,
In
the"
to
of
challenged
made at the celebration in
Hemisphere have found
which was "not
of
ments
of
by hysterical outcries,
violent
or
built.
or
did
not
invent
absurd
doctrines
We
we
because
we
found it.
of
uproot
or
paved
by the
did
of
cooperative
wishing;
military
aggression suggested to
cooperation.
some observers the
listeners
His
noted,
of
endless
and
for
that
did
the
1890,
year
of
lives
14,
without
and
fanfare
trumpets,
or
the
in
peace
under
the
title
of
the
International
Union
of
American
The
tasks
trade
the
force
relations.
of
60
new
organization
commercial
information
business
for
of
information,
to
publish
were
bulletin,
a
to
to
to carry
forward the work of promoting
But behind these prosaic words there was the
conception which had
been
:
purpose
and
His aim
for
the
us
draft
he
had
be
in
peace
collect
provide
was
the
of power—which even in 1826
of
a
the
the Congress of Panama
than words
cooperative peace; the
splendors
before
of
had
His
even
to
dangerous
hope
of
with
ever
us
was
of
us
created by
not
to maintain
one
it.
In
touches all
this
of
in the path of peace.
only if
way open
illusions.
no
is
we are
us.
But
prepared to meet
made.
Old dreams of
empire
universal
which claim the right of mastery.
races
are
We
into political spheres of influence.
not
of
academic
mere
Aires
At
agreed
we
Lima
we
for
keeping
war
interest.
We
know
that
what
would
we
consult,
should
our
peace
we
away
from this hemisphere.
I pray God that
that; but should it be necessary, I am
than
should be wholly successful.
The inner strength of
a
conception, the whole world now is struggling to find the basis
my
life
its
any
that
agreed to stand together to defend and main¬
more
in
coming centuries.
affirm that
that life must be based
The value of love will
kindly history
1825, sketching his
a
was
nation
or group
The value
that the American
temporary
no
occurs
of
of free equals,
on
postive values.
always be stronger than the value of hate, since
of nations -which employs hatred eventually is torn to
any
group
of
nations
belief
a
man
against
The value of
lies and
separate
or
his
in
humanity and Justice is always stronger than
force, because force at last turns inward, and if that
group
own
truth and
of
men
finally compelled
to
measure
his
stronger than the value of
synicism.
No process has yet been invented which can permanently
men from their hearts, and consciences, or can prevent them from
believe that
a
and
Men
death.
way
to
continue
mutual
our
as
time rolls by.
You cannot make
men
of life is good when it spreads poverty, misery, disease
loyal unless they are free.
cannot be everlastingly
We acclaim today the
determined
that
is
brother.
sincerity is always
seeing the results of their ideas
balance
symbol of 50 years of the American way.
We are
on that
way in friendship.
We are determined
relations be
built upon
honor and good faith.
We
are
determined to live in peace and to make that peace secure.
We are deter¬
mined to follow the path of
free peoples to a civilization worthy of,
proclaimed the ideal
freely agreeing to settle
greater good of all.
been asked to renounce
each
strength
permanent solution.
the American nations
peace
peace
of
the value of belief in
dream of universal peace.
and
plainly
was
indefinite conquest,
keep that
any
of free people is irresistible when they are prepared to act.
In
free
whatever differences might arise
among them by none but pacific meansdetermined to cooperate with each other for the
Never
We
have
We
absolute integrity of every American nation from any attack,
indirect, from beyond the seas.
At Panama we worked out ways
or
means
group
And
yet the Congress of Panama gave clear expression to
precisely that aspira¬
tion.
Before that time there had been but two
systems of peace known
to the world.
One of them had been the
peace of universal conquest, which
Rome had achieved and lost and which
Napoleon had vainly endeavored to
At
It has
terror.
of goodwill.
millions.
of
pieces by hatred within itself.
for the Americas.
At that time it took bold minds
other
this
convinced that
sound
driving
example might eventually give peace to the entire world.
His plan was
in a single, brilliant sentence:
"The New World takes shape in
the form of independent
nations, all joined by a common law which would
control their foreign relations and offer
them the stabilizing force of a
general and permanent congress."
The result, as you know, was the
calling of the conference of Panama in 1826.
The
and
men
Hemisphere
Western
more
challenge is
have
shall not have to do
we
stated
imitate.
groups
Buenos
direct
objective.
was
if
can
threatened.
tain
Re¬
gathering headway
Bolivar; and
written
of
other nations.
of
At
an
I
preserved
hatred
happens in the Old World directly and powerfully affects the peace and
well-being of the new.
It was for this very reason that we have adopted
procedures that enable us to meet any eventuality.
years.
The idea Originated in the mind of Simon
has
They
and
great American
a
simple.
were
claim dictator¬
or
which insist they have the right to impose their way of
We encounter economic compulsions shrewdly devised
and
distribute
to
force
we
of
on
All
publics."
and
with
force great areas
to
unanimously adopted a resolution providing that
by the countries represented in this conference an
formed
by
hundreds
of
nations, whoever touches
be able
shall
life
conference
"there shall be
association
April
on
built.
We hear of
not
Following is the complete text of Mr. Roosevelt's address
In
or
capture
had
learn
emphasize unduly his "force with force" statement.
inter-American
supremacy,
they
again rampant.
the Amer¬
he
race
outcries
nations,
out
the homes
effective work
the
it will require
and
Today
prospects of future
however,
In
international order;
new
by hysterical
stamp
from
built
not
was
force
we
missions, congressional leaders, and Government officials.
The
d'affaires, Hans Thomsen, was absent* as were the Min¬
isters from Norway, Denmark, Sweden and the Netherlands.
The Soviet
and Japanese Ambassadors did not
accept invitations to attend.
front
a
won
not
people
doctrines
order
foundation
a
association
the potential united
not
was
We
innocent
absurd
invent
not
built
charge
on
peoples.
unified these lives by a common devotion to a moral order.
April 15 commented
of
Roosevelt's observation
our
this vital principle to its
need to seek
no
This
troops.
chiefs
Mr.
well-being for
seeking to bring
We have only asked that the world go
icas toward
the principle that
have recognized
economic
of
are
hemisphere have
inter-American
have
President's
German
all
and
willingness to
have demonstrated our
we
address, commemorating the 50th anniversary of the
Pan-American Union, was heard by more than 400
high-ranking diplomats,
The
neighbors
as
each
renounced,
method.
us
way
already
been
race
follows:
as
and
purpose
to that
movements
did
The
The
the occasion
on
have agreed,
we
We have
ship through universal revolution.
tion."
United Press Washington advices of
businesses.
rising level
a
governments,
claim dictatorship through universal resolu¬
supremacy or
to
have
violent
move¬
of
because
today
us
own
among
practicable
We of this
the
We did not stamp out nations, capture
uproot innocent people from the homes they
We
By the simple process of
realization.
international order
new
our
recourse
Teigns
necessary
every
troops.
governments
had
won
a
nations
if it
peace
only through vigorous and mutually beneficial international economic rela¬
tions can each of us have adequate access to materials and opportunities
we
the
that
nations
our
at
any
Peace
Japanese.
Western
us,
have full
policies of the Soviet Government and the policy in China
declared
among
mind
to
machinery for this
Although Mr. Roosevelt did not refer directly
German invasion of Norway and Denmark,
Roosevelt
truly
dispute that should arise among us by friendly negotiation in accordance
with justice and equity, rather than by force.
We have created effective
recent
President
invasion.
or
because
is
right to intervene in each other's domestic affairs, recognizing
that free and independent nations must shape their own destinies and find
their own ways of life.
Peace reigns among us today because we have resolved to settle any
portions of his speech were interpreted as a denunciation
of military aggression in Europe, as well as of the world
of the
No nation
preserve
reign3
should,
Washington of the 50th anniversary of the Union, the (Presi¬
dent said that if such a struggle ever occurred he was con¬
fident that the American nations could successfully resist
aggression.
fear.
law.
Peace
abroad.
from
Hemisphere
Western
from
act of effective will has given up the peace we have
that peace so long as we abide by this ultimate
as an
and will
had,
a
"meet force with force' if their peace is ever
to
the
in
themselves
the shadow of coercion
neighbors
our
broadcast speech on April 15
before the Governing Board of the Pan-American Union,
warned that the 21 American republics must be prepared
Roosevelt, in
horrible and
parts of the
agreeing that each nation shall respect the integrity and independence of
the others, the New World has freed itself of the greatest1 and simplest
cause
of war.
Self-restraint and the acceptance of the equal rights of
in
Union
President
today
reigns
have
ROOSEVELT
Speech Commemorating 50th
Anniversary of Pan-American Union, Says Western
Hemisphere Can Meet "Force with Force"—Assails
Aggressor Nations — Message
to
Pan-American
Roosevelt,
President
on
They embody, in great measure
have succeeded in creating.
we
more
many
War,
blighting hand
its
American nations remains secure because of the
our
throughout the world.
period as over the_entire fiscal year.
^
has laid
ever,
among
For today we are
least, the principles upon which, I believe, enduring peace must be based
at
Act, but this principle can Just as logically be extended over the eight months
^
than
Peace
instruments
Congress to nclude the apportionment principle in the
and advisable for the
appreciate the fruits of that progress.
to
reason
again face to face with the old problem.
Universal and stable peace remains a dream.
exer¬
limited discretion in the expenditure of the appropriation, and that
a
am
'
Fifty years of unremitting effort have brought our republics far along
road that leads to this goal.
Today, as never before, our nations
related question as to whether taxation will be
I would like to make it clear that I am asking only
G. Blaine ex¬
the
in order to provide the needed funds.
necessary
the
up
the anniversary of which
In opening the conference James
blood."
in
connection with the consideration of this question, at that
time, to give attention to the
that set
ago,
years
like unto that which has led to wars abroad and drenched Europe
of power
1941, to deal with the question of the
be necessary, in
50
conference,
of the American Republics,
Union
observing today.
are
we
inter-American
that
pressed its high purpose in the following words:
"We believe that a spirit of justice, of common and equal
interest
between the American States, will leave no room for an artificial balance
«
scribed, the incoming Congress will have the period from
four
would benefit all.
as
was
International
authority is provided in the Appropriation Act, the
encouraging such reciprocal
disagreements and disputes and a means of
of
expend this amount in the first eight months of the fiscal year, on condition
that unemployment conditions in the
to call a conference of the American countries
might be worked out a peaceful plan for the settling
order that there
in
Commissioner of Work Projects to
discretionary authority in me or in the
1888 President Cleveland approved an Act of
In
States.
Congress authorizing him
appropriate the budget item for the WPA but to lodge
this time would be to
the United
from
judgment the most logical action that the Congress could take at
In my
the
alive through the im¬
perialist nineteenth century we owe an everlasting debt of gratitude.
In spite of several attempts to bring to a realization the ideal of interAmerican unity, more tban six decades went by before the seed began to
grow.
I am proud of the fact that on that occasion the initative came
dreamers, who kept the ideal of cooperative peace
time no information available to justify
There is certainly at the present
reduction In the program of the
But
The dream of Bolivar was not realized at the Congress of Panama.
did remain a hope, an inspiration.
To the writers, the poets,
it
abroad, private employment in the fiscal
1941 will be as high as in the fiscal year 1940.
year
a
considering.
throughout the whole fiscal year
that leaving out any violent fluctuations
private industry that will be provided
which may occur due to events
what the Americans were
Yet that was precisely
cooperation.
peaceful
predict at this time the volume of employment
It Is extremely difficult to
in
April 20, 1940
men.
In
a
message to
the Pan-American Union on April 13, the
President said that there is a firm determination to prevent
the
'
and
to
achieve
their
true
grandeur
by
the
spread to the Americas of the "devastating contagion"
Volume
of
The Commercial & Financial Chronicle
150
Messages from Presidents of 20 other
Republics expressed the recognition of the Union's
contribution to
the
peace
of the Western Hemisphere.
"arrogant force."
American
President Roosevelt's message read:
We have reached
principles based
cherish
50
freedom
being
are
that
years
critical period in the history
a
on
crushed
have
being violated.
are
by
in
indeed celebrate
to prevent the
may
determination
firm
a
We
force.
arrogant
culminated
of civilization.
Political
we have learned to
Ideals
for
international
civilization.
the
future
solidarity
That
we
is
resolved
are
benefits accruing
the history of western
accomplishment for the first 50 years.
For
parallel
without
mean
no
have established a basis
we
to
in
inspiring example of the
give the world an
for
from mutual helpfulness and a cooperative spirit.
the
measure
the Northern
but
these
District of
eliminated
were
judge was added.
Despite contentions by
declined
the
while
ships
FCC
of
Aims
Tells
Roosevelt
Regarding
Reed
to
ships.
strike
to the
Before
Senator
final
Reed
of
Reed
a
conference
press
that
April 12 President Roosevelt
on
Commission
Communications
Federal
the
was
studying the television situation with the view of prevent¬
ing monopolistic control of the industry, according to Asso¬
ciated Press advices from
Washington, April 12, which
added:
He
said,
Lawrence
that
the
in
The
not
would
want
said
He
the
should
one
that
be worked
large majority of
agency
Chairman
with
James
proceeding slowly
was
the
have
kind of
same
to be
competition as
industries.
automobile
and
does
added.
that
art
new
conference yesterday
his
FCC,
the
the
radio
FOG
problem
A
discussing
that
Roosevelt
the
in
Fly of
in
certain
the
sending,
this spring
of
course
all
control
to
company
in
and
Mr.
the companies, he said,
do not want tbe industry
voice votes amendments by Mr.
California and Pennsylvania judge¬
New
the
defeated
Jersey,
was
motion
a
by
The
described
President
industry had
It
be
would
of
which
have been
to
bill
the
on
Senate
the
of
the
House
of
that
said
the
automobile.
the
and
judgeships was
23, 1940, page 1858.
would
include
pointed out that the
technical, he said that when the
as
by all, and he
did not want one company to control all televisoon sending.
He said
that there was competition in
radio because of the many broadcasting
companies, national, regional and local.
As for the reception end, he said that any home could pick up any
program it Wanted.
Television development should follow the same gen¬
eral
said
able
to
meeting
This
up
his television set
on
No
prizefight
a
of
New
Urges
but
Session,
Sugar Legislation
Extension of Sugar
1937
President Roosevelt
Marvin
tative
pick
anything else he desired and eventually he would be
Roosevelt Seeks
President
Act
or
foreign broadcasts.
get
at
would like to
that he
town
a
a
letter to Represen¬
Chairman of the
April 12, in
legislation is necessarily
required at this session of the Congress," but added the
advice to extend the Sugar Act of 1937 by means of a
Committee,
said
"no
that
reported
The
President's
on
conditions
six years
made
was
Witnesses
said he had
that
had
public
the
been gratified
taken
Press
on
since
place
ago.
dispatch
hear¬
a
virtually all sugar
pro¬
existing Act.
to note the great improvement
adoption
of
the
sugar
program
>
.•
♦
.
Senate Passes
from
the final day of
representing
have opposed continuing
The President
in
statement
legislation.
sugar
ducing areas
$223,362,517 War Department Civil Works
Bill—Includes
Funds
for
New
Locks
at
on
set of locks at the Panama Canal and
authorizations.
contract
eliminated
Funds
for
the
$99,000,000
new
locks
on
were
the House when it passed a $203,472,567
bill on Feb. 29 (noted in our issue of March 2, page 1358).
Passage came by voice vote after economy advocates had
defeated—by a vote of 39 to 31—an attempt to add $30,000,000 to the flood-control appropriation of $70,000,000.
The bill, which is $19,989,950 above the House figure, was
sent to the House with a request for a conference on the
Senate amendments.
Approval of this bill by the Senate
Appropriations Committee wTas reported in these columns of
April 13, page 2345.
by
♦
Senate
Votes
Nine
Federal Judgeships—Bill
Amendments
New
Returned to House for Action on
on April 16 approved by a vote of 47 to 21
creating1 three new Federal Circuit Court of
Appeals judgeships and providing six additional district
judges, after rejecting a series of efforts by Senator Ogden
The
Senate
legislation
In reporting this
Washington, April 16,
Reed of Kansas to restrict the measure.
action Associated Press advices from
said, in part:
the House for action on
Sixth Circuit and two for
the Eighth Circuit.
New judges also would be added to the Southern
District of California, New Jersey, the Western District of Oklahoma, the
Eastern District of Pennsylvania, the Southern District of New York, and
one
for the Northern and Southern Districts of Florida together.
The Senate also wrote in an
amendment to increase from $7,500 to
The
which
legislation,
now
goes
back
to
amendments, would provide a new judge for the
$10,000
Islands.
the
annual
The vote
salary of
was
48
columns
■■■■■■•
•
17,
page
1070.
Advices of April 18, from Washington to the New York
"Times," bearing
on
tbe Senate bill, said in part:
supply bill, reduced by the
Senate $1,981,96
from
voted by the House, is $123,514,099 less than requested
the amount
by the Adminis¬
tration, but exceeds appropriations for the current fiscal year by $48,437,229.
Funds
provided for starting two
are
one
year of
aircraft carrier,
eight
new
45,000-ton battleships,
destroyers,
In addition there
are
six
-
two
submarines and five
funds for the completion in the
four cruisers, seven destroyers and seven submarines and the
purchase of 471 fighting airplanes.
Investigation
of
Expenditures
Campaign
Senate
Ordered
by
Committee
Complaints that excessively large sums of money are
being spent on behalf of certain unnamed candidates for
the presidential nomination were ordered investigated April
19 by the Senate Campaign Investigating Committee.
The
sources of the complaints were described by Senator Gillette,
Chairman of the Committee as "apparently reliable."
He
said only one political party is involved, but declined to
name it.
7. >*7,
77'Senator Gillette was authorized by the Committee to
assign investigators to study the charges.
New Rail Bill Advances in House
The present process
to
the
17.
Federal District judge for the Virgin
of effecting reorganizations of bank¬
rupt railroads may be accelerated if a congressional bill,
which advanced one important step on April 18, becomes
laiw.
■
-y7- • ;>.7
7 ■
by the House judiciary committee,
the
bill, providing far-reaching amendments to
Section 77 of the Bankruptcy Act, is to be offered as a
substitute for the Wheeler-Truman reorganization court bill
Approved
McLaughlin
passed by the Senate last May.
Sponsors claim it is de¬
signed to expedite reorganizations without interfering with
work already done by the Interstate Commerce Commission.
Other features of this bill
are:
Unlike the Wheeler-Truman bill, which calls for a
special five-judge court
Washington to handle all rail bankruptcy cases, the
at
April 17 passed the War Department civil
functions bill carrying a total appropriation of $223,362,517.
The bill provides $15,000,000 to begin construction of a
new
issue of Feb.
Panama
Canal
The Senate
these
in
back to that body
The bill, which the House approved, provided
$965,772,878 for the Navy; its passage was reported in our
sugar
simple resolution.
An Associated
Washington, April 12, added:
ing
;
House Agriculture
on
Jones,
,
April 18.
on
use
lines, he said.
He
or
pooled for
were
' •>
<
the House Feb. 16, and must therefore go
next
television.
industry began ceriain patents
by
for approval.
auxiliary vessels.
quarters.-
the
A $963,797,478 Navy Department appropriation bill was
approved by the Senate April 18, by a vote of 63 to 4. The
bill, as passed, differs somewhat from the one approved by
cruisers,
some
proposal
Navy Department Appropriation Bill Passed by Senate
—Funds to Start Construction of Two 45,000-Ton
Battleships Provided
Roosevelt
Mr.
in
send
to
a
Representatives creating 10
Federal
new
Reed
down
turned
require that in the event of any vacancies the new judge¬
but not'
^
to the jobs provided with the
claimed
Describing the production question
motor
He
difficult.
as
he added,
comparison,
no
radio
radio set
present
television
great future and would put many people to work,
a
the added millions
advent
the
Senator
Judiciary Committee for further study.
action
The House sent the bill to conference
The
monopolized.
the
the courts had
that the work of
ships be left until further action by Congress.
summer
out.
and
judges increased, making new judge¬
Federal
♦
At
said
Committee
the Senate rejected on
out
Likewise
back
March
Television
Judiciary
Senate
the
by
Senator
number
unnecessary,
The action
President
2505
previously approved by the House it provided judges
Illinois and the Northern District of Georgia,
was
Florida
bill
spread to the Americas of this devastating contagion.
By this stand against force and aggression,
As
would set up a three
district
sit
in
judge and two judges of the Circuit Court of Appeals.
the
district
where
jurisdiction
ICC would
by the Supreme Court.
hold the initial hearings
determine what the capital structure
Court would
the railroad debtor is placed
over
and its decisions would be reviewable only
The
McLaughlin measure
-judge court in each particular case, to consist of one
on
plans as it does now and
of the new company should be.
determination of the ICC on the "essential
zation would be considered "prima facie
The
elements" of the new capitali¬
conclusive" and the court would be
expected to give it full weight.
Logan-Walter Bill Providing Court Review of Decisions
of Government Agencies Passed by House
The Logan-Walter bill designed to subject to court review,
rulings and orders of numerous Federal bureaus and agencies,
was passed by the House, 279 to 97, April 18.
In passing
the measure, the House disregarded the opposition of Ad¬
ministration supporters who used strong language in assailing
the bill and sought to return it to the Judiciary Committee
for further study.
At the last session of Congress the Senate passed a nearly
identical measure, but it was recalled by that body, and a
motion to reconsider its passage is pending.
President Roosevelt has indicated his opposition to the
suggested that he would veto it, should it be
passed by Congress.
Washington advices of April 18, to the New York "Herald
Tribune," said:
The provisions of the bill as passed by the House today would not apply
to the Departments of State and Justice, the military and naval establish¬
bill and it is
Comptroller of the
the Interstate
Commerce
the National
Mediation Board, the Railroad Retirement Board and the Railroad Adjust¬
ment Board and activities relating to tax collections, customs, patents,
trade-marks and copyrights and the enforcement harbor workers' laws.
ments,
the
Currency,
Federal
Reserve Board,
the office of the
Deposit Insurance Corporarion,
Commission, the Federal Trade Commission,
the
Federal
The Commercial & Financial Chronicle
2506
The theory
a
ously to the greater of Federal agencies which have
Under
the
bill persons
United States Minister to Norway—-70-Year
Old Envoy, Safe in Sweden,
Tells of Efforts to
Keep in Contact with Norwegian Government
issued by the agencies
and then
to the
been set up from time
"substantial interest" in the orders
bearing before an intra-agency board
a
could obtain a
Secretary of State Cordell Hull, in a message on April 13
Harriman, American Minister to Norway,
to Mrs. J. Borden
They also could appeal
review In the Circuit Court of Appeals,
a
man,
and divergent laws.
having
congratulated her on the manner in which she had performed her duties during the German attack on Norway.
Mrs. Harriman, who is 70 years old, had reported to the
State Department that she is in excellent health and is
staying in a Swedish border town after a series of unsuc¬
cessful attempts to reach the headquarters of the Nor¬
wegian Government.
Associated Press Washington advices
of April 13 quoted from Mrs. Harriman's report and Secre¬
tary Hull's message as follows:
Supreme Court.
today limits judicial review to
An amendment adopted by the House
regulations that have been in effect three years or less.
Regulations of agencies not exempted from court review could be set
by the Circuit Court, but only on grounds the regulations violated
aside
law or lacked authority in
the Constitution, conflicted with some existing
law.
administrative rules, regulations and orders of
The measure applies to
general application issued by officers of the executive branch of the Federal
Government, interpreting terms of laws they are charged with adminis¬
tering.
in
sentative Robert Crosser, Democrat of
one
border
Mrs.
to 15, and likewise
of 65
the House rejected
to the National Labor Relations Board
status
and the Wage-Hour Ad¬
Representative Eugene E. Cox, Democrat of Georgia, head and front
amending the Wagner Act and the wage-
of the House coalition bent on
it
was
"I
aimed at these two agehcles, but acknowledged that the
in
Before the bill was passed
special plea for that agency.
Committee and still
was
unable to tell what the
Representative
Hatton W.
measure meant.
Sumners,
Secretary
of Texas,
Democrat,
when Congress left Washington only one man elected by
issue of April 13,
Tariff
Commission
page
on
the
measure were
hundred
Reports
Trade
Industries
April 18 issued
the first seven of a series of reports on industries affected
by the trade agreements program. The data afford a basis
for estimating the effects of the reciprocal trade agree¬
ments on the particular industry.
The reports now being,
Tobacco and
tobacco manufactures;
industries.
The
Commission's
given
representative
years
since
1929
From
or
unemployment
related
for
the nation
form of
with
from the United
the Tariff Commission's
less
2194
net
rents and
royalties),
than
one-fifth
one-tenth in
12
total
of
income
payments
Capital return
in
six
states
states.
Mr. Wallace said that the real
generally."
threat to farm credit structure is to continue certain
that he contended have been
unless
changed
will
cause
and farmer borrowers.
The
unsound and
policies
which, he said,
serious losses to land banks
Secretary is urging passage of
the Jones bill revising the farm credit system;
this measure
2350.
.
and
in 16 states and less than 15% in 12 states.
more
than
credit situation
the country."
page
(dividends, interest,
importance
Secretary of Agriculture Henry A. Wallace issued a state¬
on April 11 explaining the "real issues in the contro¬
versy over the Farm Credit Administration and the farm
through the many other exchanges of
Exchange.
1938, while slightly less than one-sixth appeared in the
ment
Jerome Frank, Chairman of the SEC, advised Senator
Lodge the inquiry
would seek to determine whether the Stock
Exchange order would interf ere
These protests were referred to in these columns
April 6
payments,
Secretary of Agriculture Wallace Explains Farm Credit
Policies—Urges Passage of Jones Bill Reorganizing
Farm Credit System
ruling by the New York Stock Exchange, intended
trading by its members on other exchanges.
The
Commission emphasized that the study would not bear
"investigation"; the SEC feels it has no authority to order
any_ action in the matter, but, if the findings warrant, in¬
tends to recommend Congressional
action, Associated Press
advices from Washington, April 17 said:
a protest by the President of
the Boston Stock Exchange to the SEC and another
by
Acting Governor of Massachusetts to Senator Lodge, against
the regulations adopted by the New York Stock
pension
than
more
the states.
contributed
the result of
in
relative
total payments
a
to limit
was
(direct and work relief
compensation,
of payments of these types varying widely
Entrepreneurial withdrawals, ranging from 8% in the
District of Columbia to 40% in Mississippi, provided more than 25% of
study
This action
workmen's
provided
capital leturn
the
among
Senator Lodge of Massachusetts received on
April 16 a
promise from the Securities and Exchange Commission to
f
items,
Other labor income
source.
benefits,
the
*'
clear regarding authority to proceed to take formal action."
more than 65% of total payments were received as
but residents of seven States derived less than 50% of
7% of total income payments for
country as a whole and between 5% and 10% of total payments in
42 states.
Entrepreneurial withdrawals (the incomes of self-employed per¬
sons) accounted for a little more than one-sixth of total income payments
total
to Study
New York Stoi:k Exchange Rule Re¬
stricting Trading on Out-of-Town Exchanges
"sufficiently
substantially in all states,
fell
and wages were the most important type of payment in every
1938, accounting for nearly three-fifths of total payments for the
salaries and wages,
and
A possibility that new legislation
might be recommended also was hinted
by Mr. Frank when he told the Senator that the SEC law was not now
incomes
In three states
their income from this
and
with the natural flow of business
capita
Salaries
state in
nation.
United States production, exports, and imports of all products, and also
major products, included within the industry distinguish¬
ing concession and non-concession items.
The statistics indicate the pro¬
portion of the United States market that is supplied by imports and the
proportion of United States production that is sold abroad in the years
States Tariff Commission,
Washington, D. C.,
office, Custom House, New York* N. Y.
per
Michigan.
of the individual
before and after the trade agreements.
Copies of these reports may be obtained upon request
1933
to
40% in nine states and more than 50% in seven
During the period from 1933 through 1937 per capita income pay¬
ments rose more than 70% in nine states and less than 40% in ten states,
ranging from an improvement of 28% in Massachusetts to one of 97% in
sugar;
the
1929
states.
announce¬
of
and below it in
capita incomes of
The Commerce Depart¬
per
with declines of less than
and
for
Columbia
Twenty-six states had
than $400 hut less than $600.
ment's announcement further stated:
ment further said:
are
District of
states.
more
fats, oils, waxes, and oil-bearing materials; glass and glass¬
ware; lace and lace articles; pottery; dairy products.
The individual reports summarize with respect to each
Industry the principal tariff concessions granted on United
States imports and the principal concessions obtained from
foreign countries on United States exports of products of
interest to those
and
19 states and the
in
29
The United States Tariff Commission on
are.on:
announced
thirty-eight is the latest year for which per
on a state basis are available.
Com¬
merce Department estimates for 1939, not yet completed on
a state basis, indicate that payments improved substantially
between 1938 and 1939.
The $515 per capital income figure
for 1938 compares with $679 in 1929, the peak prosperity
year, and $376 in 1933, the turning point of the depression.
In 1938 per capita income was above the national average
indicated
Reciprocal
on
Hopkins
capita income figures
2344.
Agreements and Various
L.
Harry
Commerce
of
$515, with a variation on a State basis
$205 in Mississippi to $822 in New York.
Nineteen
from
Sumners, "and even he can't keep control over the million people in this
"Government."'" V '
President Roosevelt's views
$376
in 1938 amounted to
the people remain
1,000,000 officers of Government.
"That man is the President of the United States," said Representative
jn our
1929 and
in
Apr. 14 that per capita income payments in the United States
among
SEC
'■
1933
in
Chairman of the Judiciary Committee, recommended to the House that
Statistics
the diplomatic service."
with $679
Hopkins—Compares
Further, he told the House that he had
studied the bill and asked for light from members of the House Judiciary
issued
of
Per Capita Income Payments in United States in 1938
Amounted to $515, Reports Secretary of Commerce
Committee, had sponsored the Securities and Exchange Act, made
reply
It is in the beet traditions
conditions.
ous
Representative Rayburn, who, as Chairman of the House Interstate Com¬
In
greatly relieved to learn that you and your party are safe and
I congratulate you on the courage, energy and efficiency
performing your duties under such trying and danger¬
am
good health.
for the Federal Power Commission, the Tennessee Calley
Authority and the Federal Works Agency.
a
.
with which you are
Among the amendments offered, only to be voted down, were exemp¬
merce
officials.
said:
He
Democrat, of Kentucky,
Labor Board's activities had shown the need for the legislation.
tion proposed
Mr.
of Stockholm, commended her for her "courage, energy and efficiency."
,v".
./ v-. '
;
way
Representative Francis E. Walter, Democrat of Pennsylvania/co-author
denied
Nybersund.
Secretary of State Cordell Hull, in a message to Mrs. Harriman sent by
Wage-Hour Administration had made the bill necessary.
of the bill with the late Senator M. M. Logan,
Norwegian Government successively from its refuge capitals
and
joined at Helges today by Captain Frank B.
was
ment
law, made no bones of his opinion that the actions of the Labor Board
and the
Sterling
Sterling said that Mrs. Harriman said
Losey, the American
military attache for Norway and Sweden.
Earlier Mrs. Harriman had given through the Stockholm Ministry a
first-hand account of Nazi bombings which she said had caused 50 civilian
casualties and narrowly missed King Haakon VII and Norwegian Govern¬
ministration.
hour
Elverum
at
"she
attempt to give favored
an
about her health, Mt.
inquiry
an
that
had driven the
John E
To
Helges.
Harriman said that "I have never been better in my life."
her voice sounded very cheerful and full of energy.
Harriman crossed the border into Sweden after- German air raids
Mrs.
added
He
Ohio.
of
town
reported,
amendment offered by Repre¬
Rankin, Democrat, of Mississippi with
support of Majority Leader Rayburn, went down on a division vote
fered by Representative
Stockholm, who reported to the State Department that she was in the
at
proposal to exempt the Securities and Exchange Commission, of¬
The
the
by telephone with Frederick A. Sterling, American Minister
She talked
Rapidly and with one exception the House voted down efforts of Adminis¬
today to exempt various agencies.
The exception was
made for the National Mediation Board and the Railroad Retirement and
tration supporters
Adjustment Board, grouped together
Mrs. J. Borden Harri-
Secretary Hull Praises Work of
of the legislation is that a unform procedure for hearings and
judicial review can be applied advantage¬
uniform method and scope for
to time under independent
April 20, 1940
-
His
were
hearings on
reported in our issue of April 13, page
statement follows, in part:
The Department of Agriculture now is taking steps to place the credit
policy of the Farm Credit Administration on a sound basis.
A
been
foreclosure crisis last
are
fall
following unsound and
further
revealed
clearly revealed that the land banks have
policies, and this situation is
"soft credit"
by the appallingly large number of their borrowers who
unable to meet their present payments.
The
farm
revaluations
credit
on
a
and
reappraisals made in
sounder
basis.
But
these revaluations and reappraisals were not
"soft"
reappraisals.
In thousands
upon
1933
experience
and 1934
has
helped put
demonstrated that
realistic enough.
There were
thousands of instances high valua-
Volume
tione
bailed
never
pay.
the
out
To
use
but left
creditors
the
with
farmers
debts they can
banking term, this sort of thing might have
a
Financial Chronicle
position of banks and insurance companies more
made
through
It should
to
farm
Black
Governor
of
taken steps to meet—as
the
well
this
loans,
has
relieved
reamortized.
thousand
several
for
out
Total
written
to
the
of
make
Railroads:
000,000
solve the
cannot
measures
;
to
The first of these is
They should and can be lowered from original
4% and 6%.
Instead of weakening, this
strengthen the land banks, since debtors will be better able
farm
Federal land banks which make the loans and not
associations,
loan
most
which
of
become
have
on
third
need
the
elimination of
the
is
the
Vol.
it
would
have
This
been.
them will support
organizations which represent
going
moves
on
how
of
the
many
farms
opposition
to
foreclosed
are
low
Transportation
Related
Inland
Aids;
Part
Waterways—An
The Panama
Aids
to
follows:
Motor
Part I, Aids to Rail¬
Part III, Non-Productive Ex¬
1
'
by Water.
II,
Part
I, Waterway
Government
Analysis of
Transportation
the Inland Waterways
Canal.
Vehicle
as
for sound credit
In
April 12 vetoed the bill which would
taxation
on
odd-lot
transfers
of
veto memorandum the Governor assailed what
a
termed
he
on
double
eliminated
stock.
the
unbalanced
Republican financial plan and
asserted that if this measure were signed the State would
lose
a
interest rates
Bill Ending Double Tax on
Transactions—Signs
Measure
Curbing
Trading by New York Stock Exchange
Governor Lehman
have
they and the
result.
The reasons
farmers should be
clearly understood by fanners and by the general public.
With the
increase in tenancy threatening the stability of agriculture, and with the
European war complicating efforts to raise farm income, I cannot under*
stand how genuine friends of agriculture can continue to oppose efforts
to place the whole farm credit situation on a better basis.
of
much
to
'
•
.
Aids
Part III,
IV—Public
Outside
from soft credit.
When land bank interest rates are high other
creditors are in a position to charge farmers rates that are too high—
for
as
Members
and away
regardless
and
Odd-Lot
added debt has not
$111,000,000 of
that when farmers understand what is
sure
are
Governor Lehman Vetoes
protected the associations.
The quicker we get rid of this pseudo-coopera¬
tive feature of the present system the better off we will be.
I feel
$1,282,-
requirement that the borrower
needing $1,000, for example, had to borrow $1,050.
Because of
the farm debt of the country is $111,000,000 higher than
otherwise
follows:
$161,000,000 from
Transportation—An Analysis of
Highway and Street Costs and Motor Vehicle User Payments.
The reports are confined to domestic transportation.
situation
this
Ill-—Public
Corporation;
insolvent.
acquire stock amounting to 5% of his loan.
In practice, this requirement
has added 5% to the amount borrowed and has injured the debtor.
A
farmer
as
Part II, Public Aids to
Subjects.
Part II, The Taxation of Railroads ;
Vol.
stated, most of the losses to the associations were incurred not
because of poor management or the attitude of its directors or officers,
but because of factors largely beyond their control.
A
I, General Comparative Analysis;
penditures of Railroads.
I have
As
divided
of the roads, and
Transportation.
"Improvements
Operations on
Second, the responsibility for losses on loans should be placed where it
national
the construction"
1936.
II—Aids to Railroads and Related
Vol.
pay.
belongs—on the
I—Part
roads;
rates ranging between
will
to
The titles of the four volumes and their subdivisions
Scheduled Air
experience there are at least three basic needs.
action
$1,443,000,000 through 1935,
secure
$64,654,000 public aid to scheduled air carriers in
subsidies; $55,777,000 for airways, airway services and airports,
and $50,500,000 for aids to non-scheduled users of airways and airports.
revision of interest rates.
contract
from
streets
air-mail
In the light
underlying problem.
for highways and
Air transportation :
according to their
Vol.
these
But
"to
the World War
farmers.
indebted
heavily
most
payments
$31,000,000,000
Waterway improvements and related aids:
$2,917,000,000 to June 30,
for river and harbor improvements and maintenance, flood control
other non-navigation purposes.
out.
pay
of
will
About
and
income
or
crop yield.
The Farm Security Administration is being asked to help
those who are in a very bad financial condition but who will have a chance
borrowers
these
of
Some
vehicle:
1937.
to
1936,
*
relatively
for
planning.
principal public aids to various forms of transportation listed in
follows:
Motor
1921
short-term
New repayment programs have been
unwisely
were
have been
repayment,
worked
some
which
of
most
$6,000,000,000 of further transportation invest¬
by 1950, the summary stressed the need for "deliberate" national
this report
he can with existing authority—the situa¬
as
branch of
transportation
reorganized to keep loans on a sounder basis;
of the heaviest debt pressure.
About 60,000
Wherever possible he has
each
Since it estimated about
ments
this was not the fault of the local associa¬
Farm"""*Credit Administration already has
by the figures I have quoted and by other pertinent facts.
tion shown
and
study goes far beyond the mere question, of how much
transportation has received from the various tiers
government, and goes into the • question of the basic surplus of trans¬
portation facilities existing in the country and what to do about them.
aid
of
have affected
which
situations
international
and
paid their way in taxes, at least since 1927.
The four-volume
net
they were originally intended.
The
Credit System have not been realistically
Farm
the
income, but, as I stated,
tions.
have
which
for
services
national
the
to
highways have an undue advantage by virtue of the aids which the
public freely provides, the report concludes that highway users as a class
Associations.
these losses of capital investment are not
or directors of
the National Farm Loan Associa¬
it the fault of the Associations that they have been unable
policies of
related
Contradicting the contention of the railroads that their competitors on
the
the
the
perform
lending
made.
the officers
Nor is
tions.
transportation in the United States, and is the first com¬
and scientific analysis of the question ever
prehensive
be emphasized that
fault of
the
2507
partment and now Assistant Director of the Commission's
Bureau of Motor Carriers, and various others.
The report
is the result of a six-year study of the extent to which the
Federal and local governments subsidize various forms of
made
liquid, but it failed
to help the farmers and the credit structure of agriculture.
Some of the figures on the farm debt situation are more revealing than
loose statements about "private enterprise" and "soft credit":
(1) The land banks and lank bank commissioner have foreclosed over
85,000 loans since 1933, including voluntary deeds to avoid deficiency
judgments; last year more farmers were foreclosed by the land banks
than by any other class of creditors holding farm mortgages.
(2) More than 250,000 loans, or approximately 25% of the total, are
now delinquent; the delinquency increased steadily in 1937,
1938 and 1939.
(3) The stock in 60% of the 3,700 National Farm Loan Associations
has been wiped out or so badly impaired that loans no longer can be
the
,
The Commercial &
ISO
additional $1,500,000
an
in revenue.
In
our
issue of
last week, page 2342, we referred to a conference Mr. Leh¬
man had with William McC. Martin Jr., President of the
to
New
•
York Stock Exchange, in which the Governor was
urged to approve this bill.
On the same day (April 12)
Governor Lehman signed the bill designed to assist the New
York Stock Exchange in enforcing rules prohibiting its
members from
Asks for 2ljfchanges in Farm LawDefends Crop Cohtrol Program
Secretary Wallace
"minor" amendments to
of 21
M series
program" was suggested to Congress on April 15 by
of Agriculture Wallace in a letter to Speaker
Secretary
Bankhead
of
the
Mr.
House.
Wallace
Governor said:
I
the Agricultural
Adjustment Act of 1938 to "refine and smooth the workings
of the
making public markets in its own stocks on
exchanges outside the State. In approving this measure the
at
the
same
time
pleased to approve this bill, which will assist the members of the
Stock Exchange
in bringing back tov New York exchange
diverted to other exchanges of "mutually traded" shares.
Last
am
New
York
business
the total volume of shares traded
year
approximately
was
such shares, or
269,000,000.
on
the New York Stock Exchange
the same period 16,000,000
But during
6% of the total, were traded on the eight other exchangee
This business can be substantially regained for
Exchange.
reaffirmed his belief in the crop control program and said
throughout the country.
that its first full year of operation convinced
the
him that it
New
"enable farmers gradually to solve their: most press¬
would
ing problems of agricultural conservation and adjustment."
Housing for Village Families of Low Income
Urged by State Commissioner Weinfeld—Says Law
Was Not Enacted for Sole Benefit of Large Cities
Decent
In
reporting the suggested changes, Washington Associated
Press advices of April 15 said :
Some
modifications
the
of
Wallace suggested
tion
of
are
technical,
but
of
one
the
changes Mr.
would raise from 100 to 200 bushels the wheat produc¬
farms which
individual
limitations.
would
be
not
subject to marketing quota
Another would permit
tobacco growers, who have voted over¬
whelmingly for marketing quotas for the last two years, to approve those
limitations for more than one year at a time.
Some of
the other proposed amendments would remove the present
requirement that the normal yield of wheat and corn for each county
Soil Conservation and Domestic Allotment Acts
under the
annually
for
there
after
be redetermined
county, and require instead a redetermination only
been a change of at least 5% from the actual 10-year
every
has
yield.
iMake it possible to establish normal yields for cotton at
and to advise individual farmers at the beginning of each
average
normal yields
Increase
and
the
fine
Wallace's
embodied
in
Insisting
earlier date
crop year as to
warehousemen
on
now
or
dealers
failing to make reports
required.
proposals for farm issues in thec political campaign are
two
ideas
session of Congress.
which
have
little
chance
of
enactment
at
this
They are:
1. The
marketing certificate plan, designed to boost prices of farm
products to the "parity" goals of crop pontrol legislation.
2. The Jones bill to authorize refinancing of farm debts on the basis
of
the
of
5.8% to 3%.
land's
productivity and to reduce interest rates
from
an
average
Chairman
sioner Weinfeld declared:
would
We
of
be discharging less than our full responsibility, doing lees
full duty, if we do not face squarely the problem of putting
healthier, more livable homes within the reach of village families
our
better,
low
income.
The
»
State
Division
,
Reports
on
Public Aids
to
T ransportation
Chairman Joseph B.
Eastman of the Interstate Commerce
April 15 released a four-volume report on
"Public Aids to Transportation," prepared by Dr. Charles S.
Commission
on
Morgan, former Director of the Coordinator's Research De¬
,
of
Housing, Commissioner Weinfeld
disclosed, is now making an intensive Study of this aspect
of the housing problem.
Its purpose, he said, is to develop
such modifications of the State public housing
program as
will make it possible to fit the needs of communities of
from 1,000 to 10,000 population.
If it is found that changes
in
the law
ments will
are
be
lature.
Eastman
an
Weinfeld, New York State Commissioner of Housing, de¬
clared on April 16 that the Public Housing Law of 1939
was not enacted for the sole benefit of a handful of large
cities.
Speaking before the regional meeting of the State
Conference of Social Work, at Amsterdam, N. Y., Commis¬
required, he said that appropriate amend¬
suggested in the next session of the Legis¬
,:
/
ICC
small villages and towns is
essential part of the State public housing program, Edward
than
an
that] the problem of providing decent housing
for low-income families in
established for their farms.
keep records
Mr.
York
"
♦
Merchants' Association of New York Urges Enactment
of Smith Bill to Amend National Labor Relations
Act
John Lowry,
New York,
President of the Merchants' Association of
announced April 16 that after consideration of
both the Smith and Norton bills now pending in
Congress
The Commercial & Financial Chronicle
2508
tor
amendment of
the
Board
the
of
Labor Relations Act,
Association had voted to
National
the
of
Directors
the
April 20,
in Cleveland and Cincin-
Bank Portfolio Conferences
A. C.
Addressed
by Colonel Ayres,
Marcus Nadler and Others
natti
1940
Coney,
support the Smith bill and that, accordingly, the Associa¬
tion was prepared to urge the enactment of the Smith bill
at this session of Congress.
In making the announcement
portfolio
Mr. Dowry said:
Cleveland Federal Reserve Bank Auditorium, April 17 and
for the amendment of the National
need
The
which
manner
will
give it
Labor Relations Act in
employer is concerned, is so obvious that it is difficult to see how
Congress can escape acting in the matter at this session.
the
The Industrial Committee of the Merchants' Association and the directors
have made
has
an
examination of the Norton bill and of the Smith bill.
The
made by the House committee that
the recommendations
embodies
latter
in ^executive
met
management
sessions
in
the
a
of the elements of fairness, in so far as
some
Ohio bank officers and directors concerned with investment
been studying this problem.
We feel that the Norton bill is utterly
inadequate and would add little, if anything, which would be of help in
the present situation.
The Smith bill, on the other hand, while it perhaps does not go as far
as
some
employers would like, does make comprehensive changes in the
18, for two days discussion of problems
related to investments
A similar conference was held in Cincinnati
April 18 and 19.
Colonel Leonard P. Ayres, Vice-President of the Cleveland
Trust Co., speaking before the group meeting in that city
April 17, warned that
break in bond prices may result from
induced by the European
a
industrial stimulation which may be
War.
He said: •./'./
■
..
.
abroad
Great events now taking place in the war
to
bring about
bond prices.
are
probably operating
downward turning point in the long advancing trend of
a
Perhaps that downturn is in the making right now, this week.
of its stalemate, and it is likely that open war¬
law, the enactment of which we feel would bring about better relations
in the labor field and improve business conditions materially.
The pro¬
The great war has broken out
posed amendments would prevent many of the tyrannies of the present law.
goods our industrial production will increase, the volume of bank loans will
The
advance, and speculation will be stimulated.
distinct
a
rules
the
Labor
new
Relations
Board
from
the
As these
of investigation and prosecution used by the present Board would
powers
be
divorcement of
proposed
fare of movement on
gain
exercise
of
would the requirement for the observance
as
of evidence and
the proposed protection
of
the
of employers in the proper
free
speech.
The provisions giving the court permission to
review decisions in
representation cases and the withdrawal from the
Board of the power to reinstate workers who have engaged in violence or
unlawful seizure or destruction of property would be very helpful.
In fact, the important changes in the present law which are made in
the Smith bill all appear to be on the side of fairness.
Under the present
law the employer has had the raw end of the deal both in the law itself
and in its administration.
The effect has been, in any number of cases,
to encourage
unions and union officials to commit acts which have seriously
welfare.
We firmly believe that the National Labor
present
form
has been
a
great deterrent to economic
and that if the Act is changed along the lines proposed in the
bill, labor, industry and the public will all reap speedy benefits.
enact this bill would be to create public confidence and enable
To
industrial
employers and executives, who have been beset by unnecessary
thrust upon them by the National Labor Relations Act, to turn
troubles
their attention
extensively to constructive aspects of heir businesses.
more
pages
were
referred to in
our
issue of April 13,
2347 and 2348.
demands
more
advancing,
remain at the highest levels
or even to
that bond prices will go over the top,
A.
C. Coney, Vice-President of the National City Bank
Cleveland, told the Cleveland meeting that there is no
single policy "which will serve as a substitute for experience
along investment lines." He pointed out however, that
certain principles must be adhered to.
He continued in
of
part:
One of these principles
now
deteriorate in the effort to obtain
accounts to
an
unusually high yield
or
Another principle relates to the holding of bonds of
It is probably necessary for the majority of Ohio banks to
long maturity.
own
has to do with the matter of quality, and it !b
clearly established that banks should not permit the quality of their
exceptional profits.
longer bonds in order to realize a living income, but the holding should
be limited to amounts that
can
be safely carried through a period of declining
prices and not sold at a forced sacrifice under
The
These two bills
war
Probably one result of the outbreak of open warfare will be
reached.
recovery
Smith
As
developments spread it will be almost impossible for high-grade
bond prices to continue
ever
injured the public
Relations Act in its
huge scale is fast developing.
a
foreseeable conditions.
any
employment of idle cash constitutes the most pressing of all problems,
and here again the purchase of securities which are vulnerable as to market
should be limited to amounts which
funds
with the
or
not out of proportion with
are
ability of the banks to
carry to
capital
maturity.
It is most unwise to purchase or to hold securities on the assumption
New York Stock
Exchange President Declares "Govern¬
by Discretion" Is Barrier to Cooperation for
ment
Business—Pleads
Instead
Consent"—William
for
McC.
"Government
Martin
Jr.
by
Addresses
Syracuse, N. Y., Business Group
William McC.
Martin Jr.,
that the bank will be able to sell them
market.
President of the New York
Exchange, speaking before the Manufacturers Asso¬
ciation of Syracuse on April 17, said that Government and
business could cooperate if "Government by consent is not
that the
He said
area of discretionary power vested in adminis¬
recognize that emergencies sometimes arise
which require unusual methods, but Government by law is
always superior to Government by men."
He expressed keen disappointment at the action of Gover¬
nor Lehman of New York in
vetoing the bill eliminating the
double tax on odd-lot transactions, and said a solution to the
securities tax problem must be found if New York is to
retain its financial supremacy.
A summary of the address, issued
quoted Mr, Martin in part:
The Exchange has
repealed.
desire fco
no
principal.
the
Securities
and
helping the securities business
an
assist it in developing a broader and more serviceable securities market.
That is one of the Commission's major functions as we see it. It was set
up,
through the reduction of
The banker has
of
Robert
Trust
so
much
me
as
they
are
H.
Craft,
servative
that the Securities Act of 1933, the Se¬
curities
Exchange Act of 1934 and the Public Utility Holding Act of 1935
were passed not
only for the purpose of eliminating abuses, but to preserve,
develop and sustain the businesses affected. There was nothing inherent
in4any of these Acts, to
by
Assistant Treasurer of the Guaranty
standards
available funds
within
should
banks
which
con¬
employ
as:
First, that deposits be analyzed to establish what portion are temporary
second, that provision be made for temporary deposits and other contin¬
gencies
by
reserves;
setting
up
cash
and
readily
realizable
assets
or
secondary
and third, that present assets other than investments be analyzed
in relation
to
surplus, undivided profits and reserves to arrive at
capital
bank with
can
net
a
the cushion available for the investment account.
as
large cushion
a
The
afford to hold longer term bonds in larger
bank whose margin of safety is
relatively small.
Dr. Marcus Nadler, Professor of Finance at New
York
University, who also spoke at both meetings, undertook
to explain the reasons for prevailing low interest rates.
He
said:
v/
•'
;
>.
'• y'-
■
■
The yields on high-grade bonds are low for very definite reasons.
are
trast to the
and
the
as
of cash
large amounts
in
the hands
insurance companies and savings
banks.
of
In
such
con¬
huge supply of funds, the demand for short as weU as long-
term credit and
capital is
very
The most important factor in the
limited.
supply of credit is the huge inflow of gold.
up to
Briefly
the large supply of money as evidenced by the huge excess
balances,
institutional investors
of nourishment.
The primary responsibility of the
the contingencies of the market
Co., N. Y., speaking in both cities, described the
reserve
policing nearly
on
of interest rates may move
stated, these
The implication is clear to
notably interest paid
sound policy which will be effective whichever way the course
a
mission policy at this time wUl
are not
expenses,
high degree of public responsibility, and his investment
banker is to school himself to meet
only to eliminate abuses, but also by Wise cooperation, to help markets
develop and thus further the achievements of honest citizens. Wise Com¬
in need of
a
policy must conform with this principle.
not
recognize that the securities markets
a
deposits, rather than by increasing the investment account unduly.
Exchange Act
to solve its problems and will
sources
It is quite probable in some cases that net income should
amounts than the
see
On the contrary, it is hopeful that the Commission will take
active part In
more
be built up
sound
by the Stock Exchange,
ability to
profitable to the bank than trading operations, involving
greatest impediment to such successful cooperation
I
an
will be
is "the wide
trators.
on
that the regular receipt of income from unquestioned
means
permitted to become Government by coercion."
time prior to a decline in the
in any event
risk of
Stock
some
Any investment program which is predicated
operate successfully in the market is basically unsound, and it is probable
the 30th of March,
From the end of January, 1934
1940, the monetary stock of gold of the United
States increased by $14,397,905,320.
my knowledge, that made it the task of the Com¬
mission to handicap or interfere, in
any way, with the proper conduct of
The ultimate function of the Commission, as I view it, is
gold increment resulting from the devaluation of the dollar, which has not
to promote the welfare of these essential industries.
a
these businesses.
That function, I am
as
yet entered the credit stream.
From this should be deducted the
Hence, the remainder of the gold created
corresponding amount of deposits and of reserve balances.
As long
as
afraid, has been lost sight of, in son^q degree, by the administrators of these
Acts, as well as by the administrators of other Acts. I believe, however,
large unless Congress increases the powers of the Board of Governors of
that there, necessarily, will
develop a new administrative concept, and that
the Federal
is
ments to any
something
very
much to be desired.
/The morale of those In
our business is low. The efficiency of our market,
which is essential to American business, is threatened. We have the
right
to
expect our Government to cooperate with
help
us
flames.
us to preserve our market, to
keep the house from burning down and not to heap fuel on the
If we are to continue to have
an
efficient and serviceable market,
and this is vital to the country, it is
imperative for us, and for Government
itself, to give
our
more attention to ways
and
means
of properly maintaining
operations.
this gold remains in the country, excess reserve
money rates.
In fact,
Government in
so
far, however,
as
deposits remain
as
large
as
loans since the end of 1934
volume of
area
cooperation of business
and
government
of discretionary power vested in administrators.
new
they
are
at present, a material increase in
end of March,
new
during the similar period, January, 1934 to the
1940, has remained limited.
securities
The volume of commercial
has shown only a moderate increase, and the
offered
smaller than in previous years.
in
the
open
market
was
substantially
The large supply of funds seeking invest¬
credit and capital are primarily respon¬
I recognize that emergencies sometimes arise which
require unusual methods,
but government by law is always superior to government
by men. Govern¬
ment and business can work together if government
by consent is not
rial change in money rates or in the. yields
permitted to become government by coercion.
by credit risks cannot be foreseen.
increase in money
borrowing, particularly on the part of the larger corporations, is not likely.
ability of business and government to work together constructively.
In conclusion, I would like to say that, in
my judgment, the greatest
today lies in the wide
an
banks in Government securities
primarily responsible for the huge volume of deposits.
As long as
impediment
successful
have caused
the deficit of the Government was financed
The inflow of gold plus the investments by
The demand for funds
the
inflow of gold, in all probability
deposits.
and the Securities and Exchange Commission, for a
practical test of the
to
itself did not contribute to the low
it not for the
were
through the sale of Government obligations to banks, this created
are
I would be less than honest if I did not make these observations at this
time. The opportunity exists, in the relations between the securities busing
bound to be
desired limit.
the huge deficit of the Government would
In
are
Reserve System in order to enable it to raise reserve require¬
The deficit of the
rates.
balances
ments and the limited demand for
sible for the low money rates, and as long as
these factors continue,
a mate¬
of high-grade bonds not affected
Volume
2509
The Commercial & Financial Chronicle
ISO
The qualifications of municipal bonds for investment bybanks, werefdescribed by Pat G. Morris, Vice-President
of the Northern Trust Co., Chicago.
The great bulk of
such securities he said represented a "type of credit second
only
to
United States Government bonds."
Desirable
features of municipals for bank portfolios according to Mr.
Morris, are their serial maturities, the fact that most are noncallable, and their broad marketability.
_
Paul C. Cabot, President of the State
who
followed
limitations
because
Electric
A.
B.
Land
Federal
of
Representatives
Bank System
Co., Mr. Blank,
director of
director of that company, cannot serve as a
a
company." The results of the provisions on directors, he
our
said, will be that investment trusts "will be forced to elect a majority
directors from among those
connections
Bill 8748 to
House
Agriculture that the provisions of this bill
testifying at Washington on April 5 on H. R.
reorganize the Federal Land Bank System, told the
Committee
on
System, force lenders other
than the Government out of the farm lending business, put
Land Bank
abolish the
would
borrower at the
the
Farm
Mortgage
Federal
the farm land of the country to the
one-third of
The bill
Government.
characterized
was
as
the most seri¬
of the Nation that has
credit structure
threat to the
ous
ownership of
transfer
and
yet been offered for the consideration of Congress.
Spokes¬
for the A. B. A. were Charles H. Mylander, Vice-Presi¬
men
of
dent
the
National
Huntington
Ohio,
Columbus,
Bank,
the
who is a director of the Farm Credit Administration of
Fourth Farm Credit District and
Federal
member of the A. B. A.
a
VicePresident and Trust Officer of the Peoples Savings Bank,
Cedar Rapids, Iowa; A. G. Brown, deputy manager of the
Committee
B.
A.
A.
on
in charge
Legislation; Paul H. Huston,
of its Agricultural
Credit Department,
and A. U, M. Wiggins, President of the
S.
C.,
is
who
Chairman
of
the
A.
Bank of Hartsville,
A. Committee on
B.
Federal Legislation.
Regarding the testimony, the Associa¬
tion's
the SEC, complete
registration of investment companies with
restrictions
and
cooperative
the
character
Federal Land
provisions
providing
of
Banks
that
both
the
under
the provisions of
national
scaling
down
the bill
Associations
Loan
Farm
be abandoned."
would
the
for
declared
He
that the
of
mortgage indebtedness and
refinancing that indebtedness through new loans made by the Federal
Farm Mortgage Corporations "would strike a death blow at the Federal
Land
Bank
result
in
System."
transfer
a
Federal
the
Farm
He asserted that these provisions would
practically all of the farm mortgage borrowing to
Mortgage Corporation"; that "the country bank, the
company, the individual who is now
lending money
security of farm mortgagee, will be forced out of that business.
when
has only one
vidual,
of
mercy
such
Mylander
carried
land
asserted
the
in
is
not
Huston
told
States
through
the
that if
that
of
oountry banker is
face
to
with
likewise,"
pose.'
criticism
to
is
Who
hie
other
as
has
Wiggins's
pages
by shareholders, prohibition of
underwriters, and the requirement that the announced investment policy
of
a
cannot be substantially changed without the approval of
company
shareholders.
A summary
of testimony
on
April 17 said in part:
Merrill Griswold, Chairman of Massachusetts Investors Trust of Boston,
today before
testifying
Banking and
Senate
the
Currency Committee,
limitation on the size of investment companies
stated that the arbitrary
provided in the Wagner-Lea Bill, was "revolutionary" and utterly without
Diversified investment companies under the bill are limited to a
precedent.
million
of 150
size
maximum
"No other
dollars.
type of business,"
Are
"has ever been subjected to such limitation.
stated,
that this bill is to set
a
precedent for the limitation, at
of the size of steel companies,
would
future date,
„
"The SEC has given various reasons in the past for its recommendation
of size limitation"
trusts
new
he said,
"and when represenatives of the investment
have disproved these reasons, the
Commission staff has advanced
I believe that the real attitude of the SEC is that size, in
reasons.
itself, is bad, and that this limitation has been imposed in accordance with
The Commission apparentlyV
preconceived social and economic theories.
decided
the provision first, and then sought arguments to support it—
on
with notable lack of success, in my
opinion, to date.
farmers' obligations
borrowers
When
unless
be impossible.
he
he
is
treats
face
them
His only course
■
■
.
testimony
7 /
given
was
in
"operating costs of Massachusetts Investors Trust were $11.02 per $1,000
By 1939, when the Trust had grown to $121,00u,000, operat¬
of net assets.
ing costs per $1,000 of assets had been reduced to
Nor
was
ment to investment
As
a
decrease of 60%
performance.
possibility of undersirable concentration of contrl over the
the
to
$4.41,
there any evidence, he said, that large size had proved any detri¬
country's business and industry, Mr. Griswold pointed out that this was
not a factor in the case of open-end investment companies, because such
qualifying as mutual funds under the Revenue Act, are pre¬
holding more than 10% of the stock of any corporation, no
companies,
vented from
big the Trust in question may be."
matter how
President of Massachusetts Distributors, Inc., con¬
Mahlon E. Traylor,
tended
the previous testimony of
that
8EO witnesses on the pricing of
open-end trust shares had created a highly misleading impression, par¬
ticularly with reference to the slight percentage dilution of shareholders
interests that may
sometimes occur when the general securities market rises
sharply and suddenly, before a new price for the trust shares is established.
that the trusts make "no conscious effort to price their
shares favorably
in relation to the general market," so that there is nothing
The only thing that is de¬
deliberate about any dilution that may occur..
sired by
as
open-end Trusts, Mr. Traylor stated, is to establish a firm price
The industry, he said, is conscious of the
close to the market as possible.
problem of dilution, has been constantly refining its pricing methods so as to
reduce any
inequalities to negligible minimum.
on
April 15 said that investment companies
"might better go out of business" than attempt to operate
under the proposed regulations.
We quote from Associated
Press Washington advices of April 15:
Witnesses
■:/
■
benefit
"With assets of $13,000,000, in 1932," Mr. Griswold stated,
shareholders.
He explained
prevent
any purpose.
he
we to suppose
some
automobile companies and all other types of
business?
judgments.
written
'We cannot make any loans to farmers for any pur¬
been hurt?" he asked.
"The farmer and the country
■:' \
April 13,
the
>
were
say:
banker."
Mr.
from
to scale
"He knows that will
he said.
follow
to
forced
bill
the
become the largest owner
country banks from making "any loans to farmers for
the
Federal Reserve Board regulations on margin require¬
exceed the present
self-dealing between an investment company and its officers, directors and
the
at
^
of
deficiency
bill
the
is
democracy
a
He deplored the abolition
years.
the removal
indi¬
or
\
provisions
would
I submit
he
in
the
upon
man
go,
condition
;
the
Government
committee
he may
healthy
;
further
business
or
which
to
a
country within five
liability
personal
Mr.
of credit
which
the United
out
farm
of
source
the lender,
manufacturer
ours," he declared.
as
Mr.
of
be he farmer,
anyone,
in the pricing of open-end trust shares,
of senior securities or borrowing that would not
ments, approval of management contracts
"inevitably
of
insurance
that
issuance
on
"Substantial size," he said, results in operating efficiencies that
Mylander told the committee
"the
disclosure of all matters affecting shareholders, provision
standards of accounting and auditing,
for sound and reasonably uniform
said:
announcement
Mr.
I think that shareholders will be
helped by such a provision."
hurt rather than
of a single lender, the Federal
mercy
Corporation,
of
individuals who have no business affiliations,
property of their own.
or
establishment of standard practice
Bankers Association,
American
the
Reorganize
Oppose Bill to
Representatives
law which states that
happen to have 1% of our assets in the shares of the General
we
His recommendations included
A.
Street Investment Co. of Boston,
Traylor on the witness stand, in discussing the Bill's
Mr.
directors, said, "I can see no sense in a
on
issue
our
of
2350 and 2351.
_
Raymond D. McGrath, New York, Executive Vice-President of the Gen¬
Investment
Trust
Heads
Testify in Opposition to
Wagner-Lea Bill—Witnesses Before Senate Bank¬
ing Committee Declare Measure Would Give SEC
Practically Unlimited Powers
eral
know
regulation of investment* trusts.
Previous hearings on the
"Chronicle" of April 13,'
pages 2346-47.
Witnesses on April 16 declared that the
bill goes far beyond anything necessary to cure abuses in the
industry, giving the Securities and Exchange Commission a
free hand to regulate investment trusts in any way it chooses.
A summary of this testimony said in part:
measure
Mahlon
were
E.
referred
Traylor,
to in
the
President of Massachusetts
Distributors,
Inc. of
Inc., testifying at
a
Senate banking sub¬
the bill introduced by Senator Wagner said
hearing on
cannot operate under it and do a
we
"we
good job for our stockholders."
asserted "has been drafted in haste."
bill is too complicated and involved," he added.
The bill, he
"This
Leaders of investment-trust companies in the United States
testified this week before the Senate Banking and Currency
Committee in opposition to the Wagner-Lea bill for Federal
Investors Co.,
American
committee
which it vests in the SEC are
Mr. McGrath said
"The powers
far-reaching and, I must say, astonishing."
that no industry could "thrive and flourish if public
opinion is hostile.
If you and the country believe we should be surrounded
with all the restrictive provisions of this bill, we had better go out of business
and
put our capital
to work in other fields rather than try to operate
under it."
He declared that his
own
legislated out of existence."
the bill, he said,
company
ation's leadership and capitalization,
to
would, "as
a
practical matter, be
It would lose nearly all of its directors under
and the stockholders would be left in doubt as to the corpor¬
expect and whether
their
own
voting rights, what dividends
the company could afford to stay in business at all.
Cyril J. O. Quinn, Vice-President of the Tri-Continental Corporation,
sentence"
Boston, who was the first witness for the open-end trust group, which has
asserted that while the bill did not contain "a clear-cut death
assets of more than
for outstanding senior
half
a
billion dollars, described the many protections
and safeguards that such companies provide for their shareholders, and said,
"The
discretionary powers and delegations of legislative authority given
to the
SEC under the terms of the Bill
reveals at least 51
are
dangerously broad.
separate and specific delegations
Analysis
of discretionary
au¬
securities of investment trusts, "it does, however,
contain real possibilities of slow
strangulation."
Arthur H. Bunker, Executive Vice-President
of the Lehman Corporation,
contended that the proposed legislation would prevent "the best
and commercial
industrial
ability in America" from serving as directors of such com¬
the right to issue rules, regulations or orders of any kind that the Com¬
panies.
The cumulative effect of various provisions of the legislation, Mr. Bunker
mission deems 'necessary or appropriate'.
said, would be to prevent an
thority to the Commission, plus a blanket provision that gives the SEC
If the Bill is passed in its present
tions and
ment trust business in
houses from serving as
how anyone can
dictated by
Mr
a
virtually any way it sees fit.
successfully
run a
It is difficult to see
business subject to personal
Traylor stated that the Bill also subjects the investment trust business
censorship and bureaucratic control, much of which
duplicates procedure already required under existing laws.
arbitrary limitation
of the size of investment
"The bill,"
he said, "if it should pass in its present form, is going to
organizations which have been
and will ruthlessly abrogate
rights which flow from contracts freely entered into and satis¬
He criticized
companies,
claiming
laboriously built up over the last generation,
contractual
factorily maintained for many years.
"I
cannot
believe that the usefulness of investment
be enhanced by
end management companies and pointing out that the size limits proposed
of the American
far below the existing size of many other types of financial institutions.
The restrictions describing who may or may not be a director of an invest-
ment^company, he said,
complicated as to defy analysis, and their
general effect will be to reduce the number of qualified men who can or will
serve as
are so
company
/
companies.
believe that there is any problem inherent in
the investment
that requires that it, of all American institutions,
for complete
be singled out
deprivation of the benefit of the counsel of all those persons
who are best qualitied to
investment company directors.
business and financial community which are most ex¬
perienced in the problems that face investment
"I can't
companies would
depriving them of the services and experience of those classes
that no need had been proved for such a limitation in the case of the open-
were
investment company directors.
upset if not destroy numerous management
constantly changing Commission personnel."
to needless red tape,
the
regulation
estimated 15,000 directors of leading corpora¬
members of all important investment banking firms and brokerage
form, Congress will be giving the SEC carte blanche to regulate the invest¬
give it."
The Commercial & Financial Chronicle
2510
Wilder
F.
Bellamy, President of the National Bond and Share Corp.,
also voiced objection to several provisions of the legislation.
Mr.
to the successful
operation of the kind of company I represent."
Witnesses
appearing before the committee on April 18
included Dr. 0. M. W. Sprague of the Harvard Business
School, Charles Francis Adams, and Ferdinand Eberstadt.
Dr. Sprague appeared to qualify certain statements he had
made in 1936 relative to the size of open-end investment
trusts.
He stated that it was the rapidity of growth, rather
than the overall size of such companies that had concerned
him.
After four years more oL experience, he stated, he
is no longer worried about the size of such companies and
is opposed to the arbitrary limitation of size proposed in
the Wagner-Lea Bill.
Other
Mr.
testimony given
April 18 follows, in brief:
on
Adams, who is on the advisory board of Massachusetts Investors
criticized particularly those sections of the bill that regulate,
Trust,
strict and
"that the good which such regulations might possibly do in
he said,
the
Ferdinand
banks and trust
two
or
President
and
of
of F.
President
Chemical
Fund,
Eberstadt &
open-end
an
be dropped and that
in
and
Securities
the subject be handled thru
single piece
a
Act of
Exchange
1934
constitute
trusts
capital,
such
and the regulation
reservoir
enormous
an
bill that would
new
a
the Securities Act of 1933,
He said that he objected to any bill at this time
trusts.
of
the
of investment
because "investment
potentially
productive
closely related to capital markets generally, they should not
so
treated separately
be
of legislation
and apart from the subject of capital investment
generally.
^
Banks Must
Be
Prepared to Assume Responsibility if
They Are to Solicit Business of Small Borrowers,
Says W. R. White—State Superintendent of Banks
Explains Three-Fold Obligation
If banks
to solicit the business of the small borrower
are
must be prepared to assume the responsibility
they
which
properly accompanies the grant of power from the State to
make loans at
relatively high rates of interest, William R.
White, New York State Superintendent of Banks, told a
meeting of bankers in Rochester on April 13. In an address
before the annual
spring meeting of Group II of the New
York State Bankers Association, Mr. White stated that the
bankers' responsibility in the small loan field was of a
three-fold character: to provide an efficient and sympa¬
thetic service to small borrowers
quote rates
forward
rate
of
terms
instalment loans in
on
in
manner,
interest
books of
iiermanent basis; to
The average loans made varied with size
$285 in New York City to $181 in places
having a population of less* than 30,000.
On last Dec. 31
there were 106 State banks and trust companies
operating
personal loan departments.
During the year they made
128,000 loans amounting to nearly $33,000,000.
♦
Business
in
advance;
their small loan departments in
and
to
of in
keep
cate
accurately the costs incident to this type of business.
Referring to the opposition of the commercial bankers to
a bill introduced in the last
session of the Legislature which
would have permitted savings banks to make
personal loans
$500, Mr. White asked whether the interest which
up to
banks
now
display in
dictated
one
the
by
small loans is merely a
temporary
necessity of finding new outlets for
the
surplus funds.
He stated:
If so,
then their opposition to competition of other
agencies is not well
founded.
The policy of the State must be to assure
proper credit facilities
to
of small
persons
have
may
No
under
at
means
all
special
a
attraction
how
the
matter
well
times
to
and
not
commercial
banks
meet
may
merely when the business
banks.
the
demand
for
small
loans
present
future
conditions, their services will be unsatisfactory if at some
they abandon the small borrower and leave him to fare as
date
best he can, perhaps at the hands of the
old-time loan sharks.
Without taking sides in this
controversy, I wish merely to say that in
opposing the savings banks legislation the commercial
institutions, it
appears
to
me,
assumed a responsibility to provide an efficient and
sympathetic service to small borrowers on a
permanent basis.
Mr, White said that the second
aspect of the responsi¬
bility of banks which cater to the small borrower
relates
to
the
Mr.
White
The
as
quotation
rates
to
the
public.
Concerning this,
said:
practice of
discount
a
of
the
on
loans repayable in instalments
on
original amount of
the note
is
in
not,
opinion,
satisfactory from the standpoint of either the
public or the banks.
Our personal loan
department statute in New York provides that the'
shall
note
I
hope
made
I
the
state
that
imposed
on
the
the
all
charge
time
is
lenders
applicable to all
would
like to
leadership
forward
public
in
quotation
confident
that
see
the
of
of
interest
when
credit
the
on
this
unpaid
on
balance.
requirement
be
and
field,
will
will
be
that
it
advertising.
to
bring
about
instalment
loans.
policy would pay
simple
a
In
dividends
the
in
State
and
long
the
straight¬
I
run
form
relations.
assume
of
am
better
Is
rates
the personal
charged
loan department
being operated efficiently and are the
justifiable from an impartial
point of view ?
These are
questions which the banker must be
prepared to
keep records which will provide the
oppose
to
reduce
legislation, which
the
rates
is
below
certain
the
point
to
at
be
offered
which
possible.
As
time
goes
on
we
hope
composite experience of all
field.
In
this
to
report
banks
and
banks
fail
to
they will be unable effectively
answers,
to
If
answer,
each
trust
year
from
time
profitable
to
the
companies
in
to
time
operation
Legislature
the small
is
the
loan
policy the banks should be willing to
cooperate because it
affords to them the best kind of
protection against ill-considered
legislation
N.
Department
J.,
delivered
WMCA
Revenue
of
address
an
and
Finance
April
on
12
of
over
on
describing Montclair's
experience in improving its financial condition, Mr. Faulk¬
ner declared that business had not
recognized its responsi¬
bility and opportunity in inducing conscientious, capable
people tq take up the burden of public office. Mr. F^qjkner
stated:
I
;/
.
fear that organized business has not
heretofore recognized
this responsi¬
bility and opportunity.
Business has been preoccupied with its own im¬
problems, with, changing conditions in whole
industries; with
the shifting tides of the business
cycle, with all those difficulties which
go to make up a vast complex economy.
mediate
Little
effort
has
of
proven
executives
been
made
worth
arising from
lack of
business
and
government
common
aim.
cannot
that
it
might
be
oping
It
can,
not
truly,
must,
nay
will
itself
to
been
it and
well
which
vast,
cooperation
to
said
contribute
be
great
must
have
been
Farmers,
understanding that free
its
not
stand,
the individuals
that
"what
improves the
complex
broader
a
upon
their
enter¬
maintaining and devel¬
industry
brains
only
but
in
such
business
government,
abilities
to
this
strengthening the base
equally in the satisfactions
quality of the
of
and
in
involved
helps
citizen.
every
should
process.
rewards
that
encourage
Antipathies
problems have driven
others'
freedom, is dependent
business
come
to
government.
Its
it, but rather in
personal
The
has
when
managements
in
on
government itself, but business
policy has been shortsighted, and I urge
because of any direct
pecuniary benefit which
which
cause.
the
to
democratic
Business
apart
its just share.
as
the
corporate
participate
understanding of each
reversed,
accrue
prise, just
by
to
Much of this blame rests
escape
is
service.
helps
greatest
vital
you."
of
to
all
Just
as
businesses,
the
welfare
of
\
Industrialists
Critics
of
Patman
and
Bill
Stores—Subcommittee
Labor
Leaders
Tax
Interstate
to
of
House
Among
Chain
Ways and Means
Committee Continues
Hearings
The Patman bill to tax interstate chain
stores
was
assailed
this week in hearings before a
subcommittee of the House
Ways and Means Committee, by labor leaders and
prominent
industrialists.
Previous hearings on the measure were de¬
scribed in the "Chronicle" of
April 6, page 2193.
On April
17 C. M. Baker, President of the
International Typographical
Union, declared that the bill would put "a
premium on medio¬
crity." Associa,ted Press Washington advices of
April 17
further summarized Mr. Baker's
testimony as follows:
The 80,000 members of the I. T
and
U., Mr. Baker said, would be
"vitally
adversely affected" by the bill because it hit
large
at
for advertising."
sums
"those who spend
"None of these
chains," he added, "ha'fe grown big because of
corrupt
methods, tariff protection or favorable legislation.
They have grown
because they revolutionized
merchandising and made it
possible and
latively
easy
for the buyer to have
a
greater variety of merchandise at
re¬
more
reasonable prices.
mount to
a
tax
on
premium
a
Daniel
expansion
on
and
initiative—upon efficiency—is tanta¬
mediocrity."
Bloomfield, Manager of the Retail Trade Board
the Boston Chamber of
Commerce, said
bill would prove "an economic
considerable
damage."
to the New York
the
is
on
of
April 16 that the
strait-jacket which would work
A Washington dispatch of April 16
"Times" added:
proposed
Bloomfield said it
legislation
intended to
as
"vindictive
suppress
and
punitive,"
Mr.
competition and that its pro¬
ponents, if the small chains continued to attract
business by
low prices
from the independents, would
away
come back to Congress and ask for
The principle could be used to
destroy the
cooperative movement, mail order houses,
voluntary chains and
further legislative regulation.
consumer
The third phase of the bankers'
responsibility in the small
loan field, Superintendent
White said, related to
charges to
the small borrower.
He continued:
Secretary and Treasurer of Seaboard
the "What Helps Business
Helps
You" program, sponsored by the business and civic
organ¬
izations of Greater New York.
After
Styling
banks and trust
companies .of this
rates
a
of
distant
consumer
forms
the
terms
far
movement
a
such
in
not
in
my
the
station
"Placing
expressing, the charge
in
member of the Board of Commissioners and
a
of
Montclair,
radio
indi¬
manner to
a
the
Recognized
Bayard Faulkner,
Oil Co. and
Director
which
annual
an
instead
Not
Its Responsibility and
Inducing
Capable
Persons
to
Participate in Government, Says B. H. Faulkner
terms
of
Has
Opportunity
upon
balances
These departments had
averaged 4.6%.
simple and straight¬
in
principal
taken
a
a
words
other
unpaid
on
discount
a
on
last Dec. 31.
of community, from
York
company,
recommended that the separate bill for regulation of investment companies
combine
companies which had been in operation for
years on
personal loans outstanding during 1939 of $14,190,CKX), upon which interest was earned of 10.2%.
Operat¬
ing expenses were equal to 4.7% of average loans outstand¬
ing, and provisions for losses totaled 1.4%.
Net profits
some
Co. of New
investment
more
average
investment trust management."
Eberstadt,
high.
The Superintendent presented consolidated 1939 operating
figures for 55 personal loan departments of New York State
instances, is sufficient to outweigh the harm which this sort of regulation
is going to do to
too
are
who are unfamiliar with the costs incident to this
without knowing the facts that
but who have concluded
of business
rates
re¬
"I do not bel eve,"
disqualify directors of investment companies.
recommended by persons
type
Bellamy said the legislation would create "insurmountable barriers
April 20, 1940
even
independents themselves, Mr. Bloomfield said.
Mr.
mass
Such
Bloomfield, in a prepared statement, traced the
development of
production, leading to increasing volumes of goods at
decreasing costs.
a
production system, he added, must be served by
system of
mass
ditribution for
its
full
benefits
to
an
accrue
equally efficient
to
"Legislation to protect the incompetent in business is hardly
principle," he told the subcommittee.
the
an
public.
American
"It is not consistent with the obligation aU of us have to
encourage the
kind of business initiative which makes it possible for
consumers to obtain
increasingly
Edward
more
for each dollar they spend."
A.
O'Neal, President of the American Farm
Bureau Federation, attacked the bill April 13 on behalf of
his organization.
An Associated Press
of that date said:
Washington dispatch
Volume
The
The Commercial & Financial Chronicle
150
Federation's
views
coincided
with
expressed
those
Take
by
recently
it
Secretary Wallace, who wrote the House Ways and Means Committee that
legislation wouid tend to "discourage and destroy" efficient and low-
queues,
2511
away—for
24
hours!
children's
cost methods of distribution.
all
Shackle
the
Costs
of distribution
the
even
best
too
are
Federation declared,
the
great,
sound, legitimate
Pointing to farmer's cooperatives
and
reduce
"essentially
as
distribution
costs,"
mittee that "farmers have found that working alone
to
now;
proposes."
we
system.
happy
told the com¬
O'Neal
24
hours!
And you can rest assured that, as one voice
skies,
130,085,000
Americans
would
cry:
"Enough!
Twenty-four hours of darkness is 24 hours too much!
We know the truth
movement to improve
a
Mr.
that—for
heard
other
of distributing goods to consumers at lower costs—
way
should be encouraged instead of penalized, as the Patman bill
distribution
Do
"under
existing system, and any plan—chain-store or any
us,
regiment us, still our tongues with threats, freeze our
laughter, terrify our desperate womenfolk as they stand in long
praying to appease the hunger of their families.
lesson
distribution problem."
want the light again.
We were happier under the American
We want to be free again—to work and prosper; we want to be
again.
But
they cannot solve the
the
.
."
...
unfortunately it cannot be that
for
those
careless
their
of
There is
way.
heritage.
no
If liberty
is
one-day object
it is lost
lost,
forever.
Representatives of the pottery industry, shoe producers,
and fruit growers were among those who criticized the
measure April 11, as described in the following Associated
Press Washington advices of that date:
And
only salvation, as I see it, is for you and me and our associates
in
industry to join together now—to give unselfishly—to labor patri¬
otically—to unite in warning of alien dangers.
We must rise as indi¬
viduals
and
Joseph M, Wells, President of the Homer Laughlin China Co. of Newell,
W.
Mr. Wells appeared
before
And
American-made pottery.
of
House Ways and Means subcommittee as a
a
bill
to sell our
goods to chains."
tribute pottery
95% of the dinnerware distributed in chain stores was
that
so
produced do¬
imported.
that orders his company began to
Wis., testified
receive in 1935 from the J. C. Penney
Co. had saved it from bankruptcy.
Since then, he said his employees had
had increased from 39
4^
p
Citizen
drive
nation-wide
make every citizen
to
of
Amount
Tagging All Merchandise to Show
Taxes Making Up Purchase Price
A
Members
conscious of
proposal suggesting that all merchandise be tagged to
show the amount of taxes that make up the purchase price
of each article.
Outlining the plan in a letter to the Na¬
tional Association of Manufacturers, Roe S.
Clark, an
official of the Package Machinery Co., Springfield, Mass.,
a
pointed out that the public will never wholeheartedly sup¬
port economy programs in their local, State and Federal
governments until they are made aware of how much money
in taxes is being extracted daily from their personal pocketNot
income
in
cigarettes
of whether
he
$12 spent
landlord
amount
food
on
for
Federal tax of 6c.
a
carry
taxes
to
goes
owns
least
dollar
one
they
could
When
that
these
the
sistent
facts
their
earn a
presented
necessary
and
over
with
the
living just
Association
on
a
national scale.
of
Customers'
Unite in Warning of
A
"new
order"
maximum
insist
efficiency
con¬
Chairman
before
General
the
in
Men
Business
thereby stimulate industry and employment without sacrificing investor
protection and the public interest.
Further, in support of
our
petition
The Association of Customers'
we
wish to state:
Brokers
was
Manufacturers
of
tics of this
we
are
We have
Certain definite gains have been achieved in the public
interest and many
have
Manufacturers
clear thinking, wisdom,
are
unselfishness and expert
maneuvers
in any emergency by men trained for emer¬
gencies.
These characteristics, he continued are those of
men who "accept their huge modern responsibilities to their
employees, their stockholders, their customers, and the
Nation
We
as
have
experience,
whole."
a
other
lands,
alters
of
where
courage,
Chester added,
Mr.
awed
in
seen,
horror, what has
democratic
greed, hate and
war.
principles
to
say
it has!
about
And
sacrificed
bars at
You
Would
often
were
helpless.
They had nothing
The sunlight vanished.
happened to their businesses.
what
to
the windows,
do
God
not
that
the
on
They looked about them, stunned, and found themselves in darkness.
were
in
men
land, stubbornly and blindly,
"It can't happen here."
it*did—they
when
been
*
business
And in each
people have muttered the phrase,
But
in part:
happened to
have
and the door shut and locked
appreciate
it
were
as
well
no
desire
these Acts.
visions
are
provisions have served to protect the brokerage busi¬
We wish to see these gains perpetuated.
We
the public.
as
to engage
in controversy regarding
fought
and
bled
on
There
the outside.
thing of value—until you have lost it.
possible, as a warning, that for 24 hours our
and
died,
so
that
glorious inheritance that a nation ever knew
the administration of
Review would undoubtedly disclose that many of their
pro¬
difficult of interpretation and administration and,
therefore,
require clarification.
that these securities' laws
are
entirely responsible for the
slowing down of our National economic machinery.
But
we
do know that
is
priming,
steadily dwindling.
The Securities' Act and the Securities
changes
in
a
Exchange Act have been
We submit that any
vital industry and
an
new
important segment of
should be subject to review after this length of time.
would seek
out
the
weaknesses
Review would provide an opportunity
the
law-making
now
body
the
our
economy
A thorough, impar¬
the retarding influences.
for representatives of those affected
by these laws to present their experiences,
as
and
on
legislation causing vast
of
observations and
our
views.
And
country which wrote (and
consider whether the original intent and
of this legislation have been served.
Chamber
of
Commerce Maps
Plans
Popularize New York World's Fair
to
Help
Plans to help popularize the New York World's Fair and
incidentally make visitors better acquainted with the finan¬
cial district of New York
sentatives of
a
were
discussed April 18 by repre-.
number of leading banks and other institu¬
tions meeting with officials of the Fair at a luncheon given
by the Chamber of Commerce of the State of New York.
"The Fair is a community enterprise and it is
up to us to
help put the show over," Richard W. Lawrence, President
of the Chamber, who presided at the luncheon, said.
"It
is also our opportunity to do something for the downtown
district through the medium of the Fair."
George McAneny, honorary Chairman of the Fair; C. E.
O'Neil, Director of Promotion; Leo Casey, Director of
Publicity; and Dr. Rudolph Kagey, Director of Public
Education; told of plans which were under way to broaden
the appeal of the exposition during the 1940 season.
Mr.
McAneny said he felt that the patriotic motive behind the
Fair should be emphasized more this year than it was last.
a
people might be deprived of their freedom to work, to speak, to worship,
to publish, to live in peace, to enjoy all the rich blessings for which our
forefathers
believe
quarrel with the fundamental purposes and ideals of the
no
securities' Acts.
ness
we
acting in their best interests.
State
The outstanding characteris¬
order, he said,
new
knowledge,
Louisiana
and
formed for the purpose of
? rendering enlightened stock brokerage service to our clients and
Must
industry today, C. M. Chester,
Foods Corp., said on April 15
Association, at New Orleans.
in
Industry—
regional meeting sponsored by the National Asso¬
a
ciation
of
Order"
Alien Dangers to Liberty
in
exists
Brokers
Acts to insure better functioning of the capital and securities' markets and
Congress,
Industrialists
Southern
Tells
are
workers in industry
the Securities Act of 1933 and The Securities and
Exchange Act of 1934.
Such review, we believe, may lead to revision and amendment of these
tial review
daily, voters will
over
the
"New
review and possible
lieved and the Nation's purchasing power, aside from government
work.
Describes
Chester
a
as are
purposes
M.
of
undersigned, through the time-honored right of petition, respect¬
fully request that the Congress of the United States, institute a review of
passed these laws, should
C.
Review
an
By tagging each piece of merchandise,
conducted
Urges
If he operates
pack.
a
easily be accomplished
be
Brokers
will be
law books for six years.
are
governments
with
a
the flow of new capital has been restricted and that the liquidity of secur¬
ities has been seriously affected.
We know that unemployment is unre¬
approximately $1 per week.
One dollar in
for taxes, and 25% of his rent is used by
of the direct sales tax.
are
to
time
an
taxes.
tax-consciousness
message
America
house or pays
a
Economy will only come when the public is as aware of "hidden taxes"
as
of
We do not say
tax.
His
every
regardless
the
our
requested to communicate with their
Senators and Representatives to
acquaint them with the
necessity of reviewing the Federal securities laws at this
time and to tell them of the plight of financial workers.
The following is the text of the petition:
said:
thousand knows that it costs him at
a
taxes,
automobile,
the
in
man
one
day
per
Clark
Mr.
books.
■
American industry
"hidden taxes" was recently urged upon
in
afar
freeborn
The
-
Urges American Industry to Make Every
Conscious of "Hidden Taxes"—Suggests
Clark
S.
R.
to
.V.
44 cents.
and
to
Berson, President of the Association of Cus¬
various cities
Teeple, President of the Teeple Shoe Co. of Waupun,
doubled in number and their average pay hour
near
message
mightily—to achieve in
Customers'
merely trying to
and agriculture.
disposing of crops grounded in the 1938 hurricane.
J. F.
the
enterprise
employees who
"t.
Massachusetts Fruit
growers a valuable
and had cooperated with New England producers in
outlet for their crops
,
of
must tell our story
forcefully and often.
Brokers of New York, declared that
many legis¬
lators consider
every one in Wall Street as people of money,
whereas there are thousands of financial
said chains had afforded fruit
Association,
.
prosper
it
tomers'
Mass., representing the
of Marlboro,
Rice
John
Growers
of
Albert C.
■
••
Hood River, Ore.,
apple producer, declared chain stores cooperated with apple growers in
Representing Oregon farmers groups, Rory Collins of
handling normal crops and disposing of surplusesv
untiringly to spread
.
grow
freedom
We
tell
employment.
mestically, whereas approximately half that sold by department sores was
an
to
removing
stimulating re¬
Mr. Wells estimated
of identical design in great volume.
need
we
on
revision of securities legislation as a
step toward
obsticles to the free flow of capital,
thereby
orders, whereas chains dis¬
smaller individual
and
designs
more
attack
religion.
phia and Columbus ,Ohio, requesting
said, would result from the necessity of making
The price difference, he
many
but
each
and
A petition has been sent to both houses of
Congress by the
Association of Customer's Brokers of New
York, Philadel¬
individually owned variety stores as cheaply as we are able
ment stores and
strive
us
to
off
speech
reason,
industry
and
abundantly possible:
free
ward
Securities Laws
could not fill the orders of depart¬
would be materially higher because we
with
finally, let
to
press,
"the prices to the consumer
law," he added,
was
and
Association
plants is distributed through chain stores."
"If the Patman
the
production of
of the total
one-fourth
than
"more
team
a
of
enlightened
is
would impose graduated taxes on chain store systems.
Wells said that
Mr.
our
as
what
man-made prosperity made by self-made men,
with the Almighty's
bounty and native riches and His blessing.
Spokesmen for
Midwestern shoe manufacturer also testifed in opposition
the bill, which
to
facts
remain
representative of the United States Potters Association.
fruit growers and a
and
freedom
with
Va., testified today that enactment of the Patman chain store tax bill
would destroy a major section of the market for
our
on
we
might
share
the
most
the face of the earth!
Anti-Trust Indictment Against Labor Union Prosecuted
Prosecution of anti-trust charges against
Local 807 of the
International Brotherhood of Teamsters, Chauffeurs, Stable¬
men and Helpers and 36 of its members was started April 15
The Commercial & Financial Chronicle
2512
York by United States
in the Federal District Court in New
Attorney John J. Cahill.
Another indictment, under the
Federal Anti-Racketeering Act, naming the same defend¬
ants, was consolidated with the Sherman Act indictment.
The New York "Times" of April 16, said in part:
Arnold, head of the Attorney
General's anti-trust division, to illustrate one of the five "unreasonable re¬
straints" of interstate commerce that he said justify prosecution of a labor
The
Is one that was used by Thurman
ease
union under the Sherman
Anti-Trust Act.
of having set up rules requiring operators
defendants are accused
The
coming in from other States to employ
of trucks
members of the local,
According to the indictment, the local
non-union truckdrivers and members
union—all had to be replaced by Local 807
needed or not.
whether they were
officials did not discriminate among
locals of their own
of other
when their trucks passed the
men
borders.
did not want an 807 man to drive
If the owner of the trucks
his vehicles,
driver would receive and con¬
In this way, according to
simply pay the wages that such a
he could
the wheel, it was alleged.
tinue his own man at
the annual incom3 of 807 members was raised
government attorneys,
by
$1,000,000.
another,
ing Act.
test before a jury, it was said.
is receiving its first
law,
Sherman
anti-racketeering indictment contains four counts,
maximum
and
of 10 years' imprisonment
a
The
each punishable by a
Conviction on the
$10,'"00 fine.
indictment is punishable by a year in prison and a
single count of the other
$5,000 fine..
opposed by Senator
Murray, Edward C. Maguire
It was said that the anti¬
Consolidation of the two indictments for trial was
Wheeler of Montana, James D. C.
Burton K
which
their
of
As
should not be joined witn the other charge,
trust charge, a misdemeanor,
which involves a felony.
jobs.
introducing machines to displace men should be required
30 hours a week and provide a dismissal allowance
to
by Mr. Murray.
evidence" in refutation of Mr. Hook, Mr. Murray
suggested
Great Lakes Shipping Fleet
up
April 15, by the Canadian Seaman's
Union, an affiliate of the A. F. of L., tied up most of Canada's
285 lake boats, and delayed the scheduled opening of the
Great Lakes navigation season.
About 4,500 to 5,000
sailors had walked out in a dozen ports, and there was a
called
on
possibility the strike might spread to elevator and freight
shed workers and the licensed personnel of the boats.
The union is seeking $15 a month increase in wages for all
unlicensed seamen, three extra men on each boat and a
closed shop.
However, one small company is reported to
have signed ap agreement with the union providing for the
closed shop, a $10 a month wage increase and over-time.
Work
is
"It
not
technological
of
millions
must
was
improvements," Mr. Murray commented, "but also the
people who have come out of school able and willing
unable to find jobs.
It is a problem that this country
and solve before long, if we are to retain our democratic
young
but
work
to
Administration at $48 a month.
Mr. Murray said that
typical of "thousands" of workers displaced by this
'
■'
;
only these former workers who are so grievously affected by
Projects
"exhibit"
his
solve,
institutions and our American
nomic
Says Railroads
Testify Before TNEC—J. J. Pelley
Spend $500,000,000 Yearly for Equipment
Should
and
Improvements
problem of unemployment:
American demo¬
and social institutions which unemployment creates,
the
future to remove the peril to
near
cratic
George M. Harrison, President of the Brotherhood of Rail¬
way Clerks, testified on April 16 before the Temporary
Economic Committee, conducting hearings on the
National
Earlier
and production.
effect of machines on employment
Philip Murray, head of the Steel Workers Organ¬
izing Committee, affiliated with the C.I.O. had given simi¬
lar testimony.
On April 15 J. J. Pelley, President of the
Association of American Railroads, told the hearing that
to solve the
they have solved it.
I don't see much congressional interest in it—it
to be the kind of thing that has political sex appeal."
until
"However,
seem
spending program of $500,000,000 for new equip¬
annual
and
ment
capital
of
the railroads
improvements for
the
Previous committee hearings
country would be justified.
13, page 2353.
Mr.
Harrison's testimony was summarized as follows in a Wash¬
ington dispatch of April 16 to the New York "Times":
referred to in
were
"I
try to keep my feet on the ground," he added, "and I think I have
done
the
But
so.
hands of
capitalist
"For,
have
we
the
got
the
of
mass
to
put
of
more
people
or
the income
will dry
we
up
of
industry into
for 1923 to 1930, and stated that funds
be obtained from the "money markets"
would remove the present handicaps in com¬
petition under which the railroads are laboring.
Mr. Pelley sharply criticized the report on
transportation issued this
morning by Commissioner Joseph Eastman of the Interstate Commerce
Commission, holding that motor vehicle users have paid their full share
of $843,000,000 yearly
for
expansion program could
the
of
same
said,
Lincoln
as
the sources of our
But today's labor stands at
in
as
only the product of yester¬
capital is
highway upkeep.
In
point of unemployment almost
a
1933; the public debt is up to $45,000,000,000, and people
Mr.
Harrison
President
of
agreed
the
country's
with
only slightly in
yesterday's
of
of that of
excess
statement
1937
of
Railroads,
American
that
would
John
J.
Pelley,
railroad
traffic
probably give regular
em¬
is
an
employment
for the
Mr.
railroads
and
in
Harrison
"subsidization"
inland
level
like
which
that
kept
1,660,000
people
working
1929, instead of 987,000 they employed last year."
with Mr. Pelley that cessation of governmental
agreed
such
of
waterways
competing
was
a
facilities
necessary
motor
as
trucks
and
buses
element in bringing back such
hours
is
from
"the
generally
some
hours
standard"
Such
Harrison
advances,
management
years,
he
said
to
provided
and
said,
that
more
to
week
a
in
many
something
other industries by the
Mr.
the
56
by
cases
the
and the
40-hour
48
hours
week
is
At the
beginning of the hearing today Mr. Pelley emphasized that rail¬
of
roads
the
on
was
the
skilled
the
not
owners
labor,
most
all
of
railroad
had
efficient
capital,
combined
in
plus
the
transportation
better
last
20
system
in
a
industry,
dynamic
"progressive,
seek¬
adequate transportation service."
He
stated
period
industry
of
10
that
subsidized
of
greatly
growing
curtail
to
depression and an even longer
have forced the railroad
capital improvement work, purchases
economic
of
years
and
annual
competition
fuel, material and supplies, and normal employment.
W.
H.
Vice President of
Harrison,
American Tele¬
the
phone & Telegraph Co., told the committee April 17 that his
organization retained 60,000 unneeded employees at the
bottom
of the
recent years
depression, and that this explained why in
"the increase in number if employees has not
with the increase in telephones, usage and reve¬
Press Washington advices of April 17
quoted him as follows:
kept
pace
nues."
Associated
He related
inated
that
thousands
improvements
but have
in
been
the wide
of
apparatus
retrained
dial
continued,
information
to
ments
in
ments
and
or
and
telephones,
the automatic
dial
telephone had elim¬
operating methods have not been
Mr.
said,
Harrison
would be swamped.
and toll and
services,
by
laid off,
reassigned.
the
And
is needed
staff of operators
large
a
of
use
jobs but that broadly speaking employees affected
modern metropolitan areas
he
telephone
even
for
system
in
with dial phones,
handling changes,
long distance calls.
1929, the witness testified, the Bell system made heavy invest¬
equipment and construction
new
for
to prepare for
steady expansion of services.
a
the dial instru¬
Plant investment rose from
$1,200,000,000 in 1920 to $3,700,000,000 at the end of 1929, he said.
Employment
that
With
he
work
Despite
"There
the
As
to
as
and
and
other
these
was
1929,
and Mr.
Harrison said
a
decrease in the number of telephones in use,
retained by spreading the avail¬
introducing productive 'made work.' "
"work requirements dropped steadily."
simply not enough work to go around," he explained.
"Had
"thousands of
employees were
thousands
efforts,
system released all
been
in
persons
abnormal situation and not an appropriate yardstick
an
appraise subsequent developments."
the depression
added,
able
364,000
to
rose
"clearly
was
with which to
he
by
said,
employees
not
actually needed there would have
60,000 fewer employees at the bottom of the depression."
to
the future,
depend
"The
opposed to technological advances.
constitute
country
ing at all times new means of producing more efficient, more economical,
more
which
imposed
the
upon
asserted.
Wages and Hours Law.
he
provide
like
advances
60% of the total cost of highways and streets, while those who
highways should only pay 40% of the cost.
only by making this astonishing assumption that property own¬
ers and general taxpayers should bear 60% of the cost of highways, while
highway users should only pay 40%, that the authors of the report
manage to arrive at the conclusion that motor vehicles are paying too
much toward the cost of the highways built for and used by them," he
re¬
He also mentioned "direct government competition through
parcel post and Inland barge lines" as hampering factors.
Beyond that, he reasoned, there should be a reduction in rail labor
technological
of
the
"It
employment.
the
impact
declared that the report on highway costs "boils down
pay
use
ployment to all workers who
ever had any connection with the industry.
"However," he added, "in the longer view, what the country must have
the
of
probe
economy,
that home-owners, farmers and others who pay general taxes ought
to this,
Prior
Association
Mr.
committee,
committee's
injuiry by Senator Joseph C. O'Mahoney, Chairman
Pelley, who was appearing as a witness in the
to an
response
the
of
beginning to worry."
are
Government
the
providing
Without
all,
given in Wash¬
from Mr. Pelley's testimony, as
advices of April 15
average
system.
after
day's labor.
the
issue of April
our
doesn't
to the New York "Journal of
Commerce":
:;■:.;:;'; ■ ■V-■ A'■'■
Mr. Pelley pointed out that the yearly average of expenditures for these
purposes since 1931 has amounted to only $259,000,000 compared with an
this week
an
of life.
of
head
the
am
anything
°
The Government must solve the
in
way
a powerful union of 500,000 men, but I can't do
problem," he continued.
"And I think it is up to
Congress, before it is too late, to insist that the President draft a group
of the important men of his country to tackle this problem and stick to it
"I
to
Employment Stressed as Solution of Eco¬
and
Social
Ills—Labor
Representatives
Increased
presented
"human
As
48-year-old Michael Russell, formerly a highly paid steel worker who was
displaced by development of the continuous strip sheet mill, he said.
He added that Mr.
Russell was unable to find employment except on
\
Strike Ties
in
enable
We quote
A strike
of 10% of wages
Government training
industry was also
previous 10 years, with $500 as a minimum.
the dismissed worker to be reabsorbed
for the
to
industries
to cut work time
meet the problem, he suggested that
effort to
further
a
ington
Seamen's
that
Congress control
"large technological
appeared to threaten to put a great many workers out
recommended
He
ment.
changes"
defense counsel.
Louis B. Boudin of the
and
A Washington
13 to the "Times" added, in part:
Mr. Murray suggested remedies along three lines.
As a primary step he
urged that the President summon a national conference of leaders of
industry, government, banking, fanning and labor to study unemploy¬
process.
indictment with
naming the same defendants and citing the Federal Anti-racketeer¬
The latter law, which provides much stiffer penalties than the
Hulbert consolidated the Sherman Act
30,000 steel company jobs.
at least
loss of
dispatch of April
and over the protests of defense counsel,
Cahill,
of Mr.
motion
On
Judge Murray
April 20, 1940
upon
number
a
Mr. Harrison said, growth of telephones will continue
continuous chain of technological developments.
of
employees has
increased over the past few years and,
growth continues and the telephone markets are further developed, it is
expected that this upward trend will continue," he said.
"More and
people will be required to meet additional construction needs and
more
for day-
to-day operations."
world.
Miss Rose S.
Sullivan, representative of the Commercial
Mr. Murray on April 12 replied to previous
testimony by
Charles R. Hook, President of the American
Rolling Mill
Telegraphers' Union, presented labor's views on the effect
of the dial telephone system.
She contended that it was
Co., to the effect that employment in the steel industry has
by 117,000 between 1926 and 1937.
Mr. Murray said
recent technological improvements had
directly caused the
phone service or any enlargement of it with a manually
operated system, and to give far better service than did the
risen
entirely practicable to handle the present volume
of tele¬
Volume
dial
The Commercial & Financial Chronicle
ISO
Slie
system.
estimated
that
introduction
of
dials on
annual
convention
2513
The
Chicago was the 1938 meeting.
in
9,000,000 of the 17,000,000 telephones in the Bell Sys¬
tem had abolished 150,000 operator jobs in the last 15 years.
Other of her remarks were reported in Washington ad¬
vices of April 17, to the New York "Times," in part as
Chicago Mortgage Bankers Association, largest M. B. A. local
follows:
organizations,
about
Development
National
of
Labor
unionism
Relations
Act,
besides
operators,
among
she
much
had
asserted,
the
the
NRA
to do with
the
adoption of dialing.
Chapter and headed this year by Ferd Kramer, will handle
convention arrangements.
More than 1,200 representatives
of life insurance and trust companies, banks, real estate
will
Harrison's picture of
increase did not tell the
wage
T.
A.
&
youngest
New
his
T.
City,
in
that
the
scales
wage
the
Miss
smallest
Sullivan
had retained
company
replied
operators'
employees
York
unneeded
carried
operators
ranged
To
to
employees
week for
a
for
Harrison's
Mr.
veterans
assertion
the
in
that
depression, she
the extent of a
during the
cofet
this
part of
$16
$30
from
communities
6aid.
to
Commenting
around
from
Thomas
the reassignment plan, she said it meant "being bounced
on
manual office to
one
J.
The
come
vital
another," usually at lower wages.
President of International Business
Watson,
of
Banks,
be
National
the
held
is to
discuss
the
speak—Matthew
broad
American
S.
to
be
M.
Jeffers,
same
time increase wages and reduce the price of manu¬
Watson said.
^
.•
of living in the world,"
.".-r,
Machines "have not jcaused unemployment
in general, although there
are
undoubtedly specific instances in which they have done so," the industrial
He said "science and invention and better cooperation between business,
labor and government must be credited with having reduced the hours of
labor by
will
define
than
more
and with having increased the
40%
wage
by 300%
members
United Association
of the
President
Journeymen
Plumbers, Steamfitters and Gasfitters of the United States
and Canada, an A. F. of L. affiliate in Brooklyn, N. Y.,
went on strike on April 15 because of a disagreement with the
employers on the method of hiring.
The strikers halted the
work on 800 plumbing jobs in the borough and 15 to 20 jobs
New
at the
The
agreement that expired April 1 had proceeded satis¬
an
"The
on
Future
President of the
Responsibility
luncheon
session
of
RR.,
Stockholders
to
this
on
Railroads."
the
Union Pacific
first
and
will
day
be
The
Amoskeag
Made to
tions
American
Savings
likewise
be
will
afternoon
Clark,
subject
his
President
Straw,
being
of
the
discussed.
session
of
Finance
Emery, General Counsel
May
Government
9
legislation
Vice-President
"Public
York,
Parker
Manchester, N. H., will describe "Mortgages
Savings bank life insurance and other insurance ques¬
questions of Federal
S.
New
Co.,
William
Bank,
Measure."
the
Appraisal
Valuations."
are
Investment
Trends
and
National
and
the agenda.
on
Bankers
Some
municipal
Association,
Consequences,"
Association
of
bonds
Speakers include
who
and
will
James
A.
Manufacturers, the latter
dealing with
"The Pathway to Recovery."
At the banquet on the evening of
May 9 Dr.
F.
Cyril James, Principal
and
Vice-Chancellor McGill
University, Montreal, will speak upon the
subject, "What Is the Place of Banking in Modern Society?"
The last session on May 10 principally is to consider the public
utility
outlook.
Speakers will be C. L. Campbell, President The Connecticut
Light & Power Co., Hartford; Leland Olds, Chairman Federal Power Com¬
.
directed against members of the Brooklyn
Plumbers' Association.
Negotiations for renewal
strike is
Master
of
York World's Fail
A
Estate
discuss
of
Savings
10.
at the second session on the
morning of May 9.
Bernard F.
Hogan, President of The Greater New York Savings Bank, Brooklyn, N. Y.,
will lead the discussion.
Another speaker is to be Lyle H. Olson, Vice-
John
Brooklyn, N. Y., Plumbers' Union Calls Strike
and
examination
and
The
9
devoted strictly to banking matters.
It was further stated:
Mutual savings banks rank
among the
largest institutional holders of
realty mortgages, and the real estate outlook is to be the subject under
At
since 1860."
heard
"Railroad
Investors."
"Real
leader said.
Mutual
of
8,
Sloan, President M-K-T Lines, weigh¬
of the carriers as they relate to
Samuel
O.
Dunn, editor "Railway
business.
is
of improved machines we have been able to shorten working
May
subject
William
use
Association
Boston,
authorities
Age,"
"By the
for
May 8-10
position of the railroads, at the opening
upon
this
subject also will
Three
the
in
offered the view that many more
factured goods, resulting in the highest standards
Boston
in
Henry
Bruere, President of the Bowery Savings Bank, New York,
to
Machines
hours and at the
Held
Be
Agenda
Announce
Bankers
place of saving in the national economy will
conference
ing
Corp., appearing before the committee April 19,
jobs had been created than
eliminated, by machines and mass production.
His views
were reported in Associated Press advices of
April 19 from
Washington, in part, as follows:
,
for extensive discussion at the 20th anniversary
up
session.
day's wage each week.
Savings
Conference to
whole
story, she stated:
"Wages have gone up somewhat largely because no new employees, who
naturally get the lowest rates, have been taken on for years."
,
+»
Mutual
Declaring that Mr.
agencies
and Government
houses
mortgage
attend.
factorily so far as the question of wages and hours was con¬
cerned, but were deadlocked on the hiring issue.
According to William McCloughlin, President of the union,
the organization demanded that 50% of the employees hired
be taken from
the union's
unemployed list.
Abraham
Lipsky, President of the employers' association, explained,
however, that the union's demand required that all hiring
be done from the union's list of jobless.
mission; Robert H. Bollard,
his
his
duced
address
"2,500,000
Vice-President Dillon, Read & Co., has chosen
Private
Savings Banks Earnings and
Actuarial
Potent
A
Suggested
Factor
in
Re¬
Cure."
Society of America to Hold Annual Meeting
in
The
Placements:
a
Actuarial
New
York
Society of
May 16-17
America
will hold
its
annual
meeting at the Hotel Waldorf-Astoria,
New York City, on
May 16 and 17. There will be an election of officers, and
also of four members to the Council to replace the four
elective members whose terms expire.
New papers will be
presented and the papers read at the previous meeting will
President
Leaves
Roosevelt
Depends
Warm
for
Springs—Stay
be discussed.
There will also be
President Roosevelt left Washington for Warm Springs,
Ga., April 18, for a stay of uncertain length. He said, how¬
ever, that invasion of another country would result in his
a
He added that he had
turn for the worse in
David
Gray
Credentials
Minister
David Gray, new United
sented
credentials
his
no reason
to
expect
Europe's affairs.
Presents
to
United
as
States
Ireland
States Minister to Ireland, pre¬
President
to
Douglas
Hyde
on
April 15 at Dublin.
The Minister conveyed a message of
greeting and good wishes from President Roosevelt to the
Irish Government.
The departure of Mr. Gray'for Ireland
reported in our issue of March 16, page 1701.
was
United
♦
States
Annual
W.
Howes
Resigns
First Assistant Postmaster
as
General
William W. Howes,
resigned on April 15, to become effective June 15, to return
to the practice of law.
Mr. Howes had previously an¬
nounced, however, that he was leaving the Government
service to engage actively in politics and would head an uninstructed state delegation
to the Democratic National
Convention.
In a letter of resignation, made public at the
White House April 16, Mr. Howes praised President Roose¬
velt's "outstanding record of achievements."
Accepting the
resignation, the President wrote Mr. Howes that he re¬
gretted his decision to resign and deeply appreciated his
"able and efficient administration of duties."
No
President
achievements
in
of the
United
behalf of
humanity
country in particular than the one
of
our
has
States
more
a
the citizens of our
established by you as Chief Executive
Nation, and in the day ahead of us all fair-thinking men and women
will pay that tribute to you which your
Commerce
to
Hold
to
28th
May 2
dustry will
come
together to discuss from
a
practical point
and must be done "to build for employ¬
ment, for the future of our youth, an for a freer hand in
of view what
can
business management."
W. Gibson Carey, President of the
Chamber and President of the Yale & Towne
National
Manufacturing Co., will keynote the meeting on April 30 by
setting forth the reasons it is essential for business today to
do its full share to help "Build America."
Some of those
who will address the meeting include the
following:
Morrow, President of the Pittsburgh Coal Co.
Ellsworth C. Alvord, practicing tax attorney.
Douglas, President of the Mutual Life Insurance Co. of New
York and former Director of the Budget.
H. W. Prentis
Jr., President of Armstrong Cork Co. and President of the
National Association of Manufacturers.
Philip C.
Ebeling, former President of the U.
S.
Junior
Chamber
of
Commerce.
Charles G. Dawes, former Vice-President of the United States and Chair¬
man
of the City National Bank and Trust Co., Chicago.
C. M. Wynne, Managing Director of Overseas Industries, Inc.'
Harrison E. Howe, Editor of Industrial and Engineering Chemistry.
Representative Howard Smith of Virginia.
George
E.
Quisenberry,
Vice-President
of
Business
Publishers plnter-
national Corp.
Dr.
Paul
Van
Zeeland,
former
Prime
Minister
of
Belgium
and
dis¬
tinguished European banker.
outstanding record of
in general and
of
The 28th annual meeting of the Chamber of Commerce of
the United States will be held in Washington April 29 through
May 2.
Leaders from every branch of business and in¬
Lewis W.
First Assistant Postmaster General,
Chamber
Meeting in Washington April 29
John D. A.
W.
informal discussion of
■
/
immediate return.
an
topics of current interest.
Events in Europe
on
work and worth so justly deserve.
Benjamin H. Namm, President of A. I. Namm & Son.
Charles E. Wilson, President of General Electric Co.
Frank M. Mayfield, President of Scruggs-Vandervoort-Barney, Inc., and
President of the National Retail Dry Goods Assn.
Dr. T. W. Schultz, head of the Department of Economics and Sociology,
Iowa State College of Agriculture.
Mortgage
Bankers
Association
Convention in
The
27th
annual
ta
Hold
Annual
Chicago Oct. 2-4
convention
of
the
Mortgage
Bankers
Association of America will be held this year in Chicago on
Oct.
2,
3
and
4,
Byron
T.
Shutz,
President,
announced
April 14. This is the fourth time the organization has met
in Chicago since its founding here in 1913.
Most recent
ITEMS
ABOUT
.BANKS,
TRUST
COMPANIES,
&c.
Henry E. Stubing, Assistant Vice-President of the Irving
Trust Co. of New York, on April 15 retired after more than
51 years
in the banking field.
Mr. Stubing began his bank¬
with the Lincoln National Bank, which, until
ing career
The Commercial & Financial Chronicle
2514
the development of the Grand Central zone was well ad¬
vanced, was the largest commercial bank in that area.
It
united with the Irving Trust Co. in 1920, and since that time
Mr. Stubing was continuously connected with the 42nd
Street branch.
April 20, 1940
Directors of the New Rochelle Trust Co., New Rochelle,
N.
Y., announced on April 18 that Henri J. Van Zelm,
President of the bank since 1937 and connected with it for
the last 50 years, would retire as President on May 1 and
become Chairman of the Board, a new office.
New Rochelle
'
Ralphs,
a
retired banker, who had been
of New York for
died at his home in Springdale, Conn.,
He was 68 years old.
added:
associated with the National City Bank
than 25 years,
more
April 16.
on
this is learned,
advices to the New York "Times," from which
4
John Thomas
has been Executive Vice-President, will become
Robert N. Bavier, who
President
Tucker,
be taken by William I.
May 1, and his present position will
on
Vice-President, the announcement said.
now a
♦
At
Burden of the National Aviation Corp.,
M.
A.
William
member of the Board of Trustees
of the Central Hanover Bank & Trust Co., New York, on
April 16. For several years prior to undertaking his present
position, in 1939, Mr. Burden, who was graduated from
Harvard in 1927, was in charge of aviation research for the
investment counsel firm of Scudder, Stevens and Clark.
He is further connected with the aviation industry through
a
directorship in the United Air Lines Transport Corp.
New York, was elected a
Board of the Aeronautical Archives
He is Chairman of the
Aeronautical Sciences and a Vice-Presi¬
dent of the Institute.
Outside the field of aviation he is a
Vice-President and director of the Union Sulphur Co. and
of the South American Mines Co., and Chairman of the
of the Institute of
Board of the Cotopaxi
of the New England
Myles Standish Jr. and Thomas
recent meeting of the directors
a
Trust Co. of Boston, Mass.,
Brown, who have been Associate Trust Officers, were
Vice-Presidents.
Mr. Standish has been with the
G.
elected
1932.
since 1929, and Mr. Brown since
company
•
■
President of the Hudson City Savings
Robert J. Rendall,
Bank, Jersey City, N. J., announces the election of Walter
B. French to the Board of Trustees of that institution.
Mr.
French,
Jersey,
former Vice-President of the Trust Co. of New
a
recently appointed
was
Deputy Manager of the
The announcement adds:
Association.
American Bankers
He is well known in Jersey City where he
has spent many years in the
He lives in Ridgewood, N. J., and has his office at the
banking profession.
headquarters of the American Bankers Association in New York City.
Exploration Co.
♦
The following
The Federation Bank & Trust Co. of New York announced
April 12 the appointment of P. L. Roraback as Assistant
Vice-President and Secretary; Louis A. Russo as Trust
on
Officer, and Joseph A. Mullaney Jr.
as
Gazette" of that date:
Assistant Secretary.
The
David H.
Pierson, retired Vice-President of the Bank of
New York, died on April 15 at his home
in Elizabeth,
N. J., after a short illness.
He was 85
years old.
Mr. Pierson, who was born in Elizabeth, joined
the Bank of the Manhattan Co. on Jan. 19, 1880, became
Cashier in 1899, and
Jan.
on
had
Vice-President in 1920.
a
He retired
31, 1931, after completing 50 years of service.
been
attached
to
the
bank's
main
office
He
40
at
Wall
Mr. E. Chester
Gersten, President of The Public National
York, announced on April 18 that
Bank & Trust Co. of New
the directors at their
following
meeting
promotions
on
and
that day had authorized
appointments:
going
all
are
officers
of
the
Broadway
24th
and
Street
office.
William
Garretson
Gaston
of
New
York,
former
70
years
old.
was born in Branchburg
Township, N. J., the
Hugh and Jane Garretson Gaston.
He got a job as
with
messenger
chief
clerk
the Fifth Avenue Bank in 1888, became
1900, Assistant Cashier in 1903, Cashier in
in
1914,
and Vice-President in 1921.
He resigned as VicePresident in 1930, but retained
membership of the Packard
Commercial School of New York, and from 1919 to
1936
he
Vice-President.
officers of the old institution in charge.
With
Wallace H.
Sloat
elected
was
ceeds the late Willard P.
of the company for
March 7 last.
more
years,
suc¬
Schenck, who had been Secretary
than 16 years
prior to his death
An account of the
says:
new
Secretary's
career
.
Sloat,
business
in
who
was
with
career
1912.
He is
the
a
born
Brooklyn in
Brooklyn Trust Co.,
veteran of the World
with the Signal
1896,
has
spent
having been
his
first
War, having served
entire
employed
overseas
Corps in the 77th Division.
After completing his
military
he returned to the company in 1919, and after
several successive
promotions, was appointed an Assistant
Secretary in June, 1929, and
assigned to the company's Bedford office as manager in
January, 1930.
Since
the
1932
he
has
been
on
the staff
of
the
main
and
New
York
James H. Robbins has been elected a director of Fidelity-
office
for
main
office
in
in various capacities, having been in charge of the New
a
time.
Since July, 1939, he has been
assigned to the
charge of personnel matters for all offices.
At the annual election of officers of the Rochester
Trust
& Safe
changes
learned
Deposit Co. of Rochester, N. Y., on April 11, six
were made in the personnel of the
institution, 'it is
from Rochester advices on that date
York "Herald Tribune," which said:
Robert C. Watson, who has served
to
the
II. Gethoefer,
L.
Chairman of the Board of the Peoplesof Pittsburgh, Pa., on April 11 an¬
nounced the election of George H. Bucher as a director of
Co.
Pittsburgh Trust
the
Mr.
institution.
as
was
Mr. Watson, who, with his twin brother, William G.
Watson, Manager
the Rochester Clearing House
Association, celebrated their golden
anniversary in the banking business last year, will continue active
par¬
ticipation in the affairs of the company.
of
George H. Hawks will succeed Mr. Watson in the
Presidency.
He has
served as director for 21 years and has been Vice-President
and Secretary
for 7 years.
Edward Harris 2d was promoted to the
Secretaryship.
Leigh
H. Pierson and Elliott W. Dumaer were elected
Vice-Presidents and Trust
Officers.
Harry Sage was elected Assistant Vice-President.
Bucher is
President
of
the
Westing-
Manufacturing Co.
The Scott County State Bank,
Seottsburg, Ind., became a
System April 12. The new
$66,800 and total recources of
L. E. Reeves, Chairman of the
member of the Federal Reserve
member has a capital of
$701,553. Its officers are:
Board; E. B. Johnson, President;
President ;
Gillespie,
Hazel
N.
Cashier,
H.
Stewart,
Robert
and
Vice-
Everitt,
Assistant Cashier.
The announcement by the Federal Re¬
Bank of St. Louis goes on to say:
serve
The
addition
Reserve
Bank
of
The
St.
banks
all
banks
Eighth
Louis
St.
in
this
District,
and
its
the southern
brings the total membership of the Federal
The
398.
to
$1,583,000,000,
the
in
Eighth
district
in
deposits in
and
District.
these member
amount
Since
70%
to
the
first
of
of
banks
the
the
de¬
year
have joined
which is
branches
prises all of Arkansas,
and
bank
Louis
approximately
State
five
this
of
of
served
Louisville,
the System.
by the Federal Reserve Bank
Memphis and
Little Rock,
of
com¬
all of Missouri except the western tier of counties,
portions of Illinois and Indiana, the western parts of Kentucky
and the northern half of Mississippi.
Tennessee,
According to the Milwaukee "Sentinel" of April 11, Carl
Glocke, President of the Union National Bank of Eau
Claire, Wis., has been elected a director of the Wisconsin
Bankshares Corp., Milwaukee, to fill the vacancy caused by
death
the
F.
of
tional Bank of
and
directors
B.
Luchsinger, President of the First Na¬
All other Bankshares officers
have been reelected, it was announced on
Monroe, Wis.
April 10.
*
'
1
The Bank of Crane, Crane,
Mo., became a member of the
System on April 15. The new member has a
capital of $32,000, surplus of $13,000, and total resources of
$419,960. Its officers are: Mrs. Lola G. Nelson, President;
L. A. Gatton, Executive Vice-President and Secretary; L.
L. Russell, Vice-President; W. C. Cope, Cashier, and H. D.
Wilson, Assistant Cashier.
Federal Reserve
New
President for 23 years of his 51
elected Chairman after directors had
altered the firm's by-laws to create the post.
of service with the bank,
He is President
Philadelphia Trust Co., Philadelphia, Pa.
of the American Pulley Co.
offices
company
York
years
E.
Secretary and.
M.
in
service,
of
the new bank opens with W. H. Sweet, President; R
McClure and F. M. Smith, Vice-Presidents; J. E. Lintner,
aggregate
Secretary of the Brooklyn
Co., Brooklyn, N. Y., at a meeting of the Board of
Irustees held April 18.
Mr. Sloat, who has been an Assist¬
ant Secretary of the
company for the past 10
y it
$5,000 organization
$100,000 capital stock, $50,001 surplus and
expense account,
Trust
Mr.
Corporation of
only bank organized to succeed a closed institution, which opens with the
posits
on
Insurance
Organized in record-breaking time, the Peoples Bank of Blairsville is the
Vice-
York, died in
Gaston
of
was
bank wiU coincide with the
insured deposits in the same building.
$1,450,000
house Electric &
President of the Fifth Avenue Bank of New
Atlantic City, N. J., on April 13.
He was
son
new
Merton
T.
Cahill, from Assistant Cashier to Assistant Vice-Presi¬
dent ; Irving Levine appointed Assistant
Cashier, and James
'P. Walsh, from chief clerk to Assistant Cashier.
The fore¬
Mr.
The.opening of the
Banking Department.
beginning of payments by the Federal Deposit
Cashier, and R. M. Barr, Assistant Secretary and Assistant Cashier.
Sreet.
the
Peoples Bank of Blairsville will open today in the banking
new
of the Blairsville Savings and Trust Co., closed on April 5 by the
rooms
the Manhattan Co.,
regarding the opening on April 17 of a new
appeared in the Pittsburgh "Post
bank in Blairsville, Pa.,
Roy E. Garnett, President of the Lake Worth National
Bank, Lake
Worth,
Fla., announced recently that
a
com¬
plete air conditioning and heating plant was being installed
in the bank building.
Mr. Garnett said, in part:
The unit is
be
will
placed
being installed
and
on
the
summer,
winter
doors
mezzanine
the
the roof of the bank.
the main banking
floor.
into
together
with
the
the bank at an even temperature
heating unit for cool days during the
glass enclosed vestibule with swinging
bank, which has been designed to keep
a
There will also be
entrance
Three large outlets
lobby,
personal loan department, bookkeeping room,
In addition to keeping the bank cool in the
the equipment includes
season.
for
on
in the ceiling of
outlets in the directors' room,
a
of about 76 degrees at all times.
"
■'
Volume
v
2515
The Commercial & Financial Chronicle
150
and at the Bank of Japan, etc.,'142,436,781 yen; municipal
and other bonds, 117,690,094 yen; foreign bills purchased,
88,257,154 yen, and money at call and short notice, 52,400,000 yen.
Deposits are given at 1,349,704,472 yen
(contrasting with 1,211,367,226 yen on June 30 last). The
bank's paid-up capital at 60,000,000 yen, remains the same.
The New York Agency of the Mitsui Bank, Ltd., is at
From
"Money & Commerce" of April 13, it is learned that
Henry S. Lynn, son of the late Albert M. Lynn, former
President of the West Penn Power Co., has been named
Assistant Vice-President of the Birmingham Trust & Savings
Co. of Birmingham, Ala.
Mr. Lynn also has been made
head of the security analysis department.
+
^ Broadway.
According to the San Francisco "Chronicle" of April 11,
the Board of Directors of the Bank of California, N. A.
have elected A. J.
(head office San Francisco)
THE CURB MARKET
Mayman,
Assistant Cashier and Assistant Secretary; Emil J. Andker,
Assistant Trust Officer and Assistant Secretary; and J. R.
Price movements
,
Parkinson, Assistant Trust Officer and Assistant Secretary
t
The First National Bank of Portland, Ore.,
statement of condition
as
in its condensed
1940, reports total
of March 26,
CAmnii,
,
on
.
,
the New York Curb Exchange
,
•
,
„
have
1Trri
0 e what irregular during much of t
p ent ee .
There have been a goodly number of advances in the mAtrial and paper stocks and several new 1939-1940 tops
were registered in these groups. Aluminum issues have been
deposits of $118,661,567 and total assets of $128,827,030, as
against, respectively, $113,124,642 and $122,985,351 on
Dec. 30, last.
The principal items making up the assets in
the current statement are: Loans and discounts, $43,161,631
in good demand and there has been some activity apparent
(against $42,954,581 on Dec. 30, last); cash on hand and due
from banks, $39,001,760 (comparing with $34,764,436), and
United States bonds (all at par or less), $35,536,695 (against
$35,481,572 on Dec. 30).
The bank's capital and surplus
remain unchanged at $3,000,000 each, but undivided profits
are now $1,960,860, against $1,811,221 at the close of 1939.
^ave been quiet and public utility shares have, with few
t
-
T
..
j.,.
„
,
In its statement of condition
March 26, 1940
as
t^-^o
,
at the dose of business
the Seattle-First National Bank of Seattle,
Wash., shows total deposits of $180,280,946 and total re-
Iq^oo in^'^^oko ioir^
$172,395,922 and $188,259,194 on tw 30, last. Tn tto
Dec.
In the
present statement, the principal items comprising the
resources
are:
Cash and due from banks, $67,519,357
(comparing wUh
$64,^7,169 on
$57,463,816 (against
discounts,
the earlier date); loans and
$57,409,754), and U. S.
2?oVSTntoonf ^ lU\,gUara?tr?' I'l
409,908 (against $51,460,290).
The bank s capital structure
$15,194,660,
is now
comparing
with $14,880,779 at the year-
ena*
n
•
;
.
.
.
The Nova Scotia Trust Co. of Halifax,
N. S., Canada, in
general financial statement as at Feb. 29, 1940, reports
net profits, after providing for expenses of management, of
$74,319, which when added to $20,178, the balance to credit
of profit and loss brought forward from the previous fiscal
year
and $2,772, representing amount transferred from
reserve for
depreciations, made $97,270 available for disits
This amount
tribution.
was
allocated
as
follows: $34,592 to
of two dividends; $4,775 for auditors fees; $12,441
Dominion and Provincial taxes; $2,406, reserve for
depreciation on office premises, etc.; $2,340 transferred to
reserve for possible loss on real estate held for sale,
and
$15,000 transferred to reserve fund, leaving a balance of
$25,716 to be carried forward to the current year's profit
take
care
to pay
and loss account.
Total
resources
are
shown in the state-
$11,181,624.
The company's paid-up capital is
$500,000 and its reserve fund $235,000. Melvin S. Clarke is
ment
as
President.
—♦
120th
half-yearly statement of the Yokohama Specie
Bank, Ltd. (head office Yokohama, Japan), covering the
six months ended Dec. 31,
1939, and presented to the
shareholders at their half-yearly ordinary general meeting
on
Mar. 9, 1940, has just been received.
It shows net
profits for the period, after providing for all bad and doubtful
debts, rebate on bills, etc., of 17,567,439 yen, inclusive of
10,903,737 yen brought forward from the preceding six
months' account.
Out of this
sum,
the directors propose to
dividend at the rate of 10% per annum, calling for
5,000,000 yen, and to add 1,250,000 yen to the reserve fund,
leaving a balance of 11,317,439 yen to be carried forward to
the current half-year's profit and loss account.
Total resources
of the institution are given in the statement as
3,090,830,116 yen (as compared with 2,351,047,418 yen
on
June 30 last), of which cash in hand and at bankers
amount to 307,376,828 yen (against 218,227,028 yen).
On
the debit side of the statement total deposits are given as
1,937,441,302 (as compared with 1,565,469,844 yen on the
earlier date).
The bank's paid-up capital remains the same
at 100,000,000 yen, but its reserve fund is now 140,900,000
yen
(including the 1,250,000 yen mentioned above), as
against
139,650,000 yen on June 30, 1939.
Toshikata
pay a
.
>
Okubo is President.
•
.
A condensed statement of the balance sheet of the
Mitsui
(head office Tokyo, Japan), as of Dec. 31, 1939,
profits for the six months ended that date of
18,373,757 yen (including balance from last account of
12,930,345 yen and transfer from pension fund of 104,198
yen, which was allocated as follows: 2,400,000 yen to pay a
dividend to the shareholders; 2,000,000 yen added to reserve
fund; 450,000 yen contributed to pension fund, and 230,000
yen to pay a bonus, leaving a balance of 13,293,757 yen to
be carried forward to the current six months' profit and loss
account.
Total assets are shown in the statement as 1,632,-
Bank Ltd.
shows
net
June 30,
867,465,958
cash in hand
662,935 yen (as compared with 1,503,971,600 yen on
1939), of which loans and discounts, amount to
yen;
Government bonds, to 268,419,833 yen;
in the oil shares.
Aircraft issues have been unsettled with
some
gains and fractional losses.
,
,
.
Mining and metal stocks
,
exceptions, moved within a narrow range.
Advancing prices were apparent during the short session
Saturday. The market movements were narrow and net
changes were largely fractional with less than two dozen
stocks showing gams of 1 point. Public utilities did not
participate to any great extent m the gains as only a limited
number of shares in this group showed advances or declines.
The alumimlm issues we* th£ outstanding features, Aluminum
were
poi£ts
to 187J4Inmoderately strong many of the trading
Co- of America forging ahead 4M
dnstrial stocks
favorites closing with a gain of a point or more.
issues were
Aircraft
fractionally higher, mining and metal shares
a comparatively narrow channel and oil stocks
moved within
were
-
qujet
Aircraft stocks moved higher and industrial shares regis-
tered
moderate gains on Monday,
and while the advances
were largely fractional, they extended to all parts of the list.
paper issues continued strong due to the probable shortage
gcancianayian anci Swedish pulp.
Oil shares were off on
the day and mining and metal stocks were^quiet.
In the
public utility group New England Tel. & Tel. climbed up
2% points to 135, Indiana Service Corp. 6% pref. moved
Up 2 points to 19% and Pennsylvania Power & Light $7 *
pref. advanced a point to 112%.
Industrial issues were
active on the side of the advance, particularly in the shipbuilding group, and there were a number of fractional advances among
the aircraft shares.
Lower prices prevailed on Tuesday, the
setbacks extending
of the list.
Trading was heavy the transfers
totaling approximately 339,900 shares against 326,215 on
Monday.
Shipbuilding stocks continued in demand, Bath
Iron Works moving up to a new top at 16 at its high for the
day and Todd Shipyards advanced into new high ground with
a gain of 2 % points at 74%.
In the industrial section the
declines included among others Aluminium Ltd., 2 points
to 101; Sherwin-Williams
Co', 1 point to 98; and Borne
Scyrymser, 1% points to 42%.
Aircraft stocks were fractionally lower and oil issues were generally irregular. Paper
and cardboard stocks continued in demand and most of the
issues in this group were on the side of the advance as the
market closed.
Industrial stocks led the modest upswing on Wednesday,
and while the volume of transfers dropped to 265,775 shares
against 339,900 on Tuesday, there was considerable activity
apparent in the paper, and cardboard issues which were also
up with the leaders.
St. Regis Paper pref. was one of the
features of the trading as it soared 534 points to 77%. Great
Northern Paper worked up to a new top for 1939-1940 as it
advanced 2% points to 48 and Puget Sound Pulp & Timber
reached a new peak at 22% with a gain of 1% points. Other
noteworthy advances were Aluminum Co. of America, 2%
points to 190%; General Investment pref., 3 points to 65;
Wagner Baking pref., 4% points to 74; and Babock & Wilcox,
3 points to 27.
Declining prices featured the trading on Thursday, and
while there were a few strong spots scattered through the
list, the losses outnumbered the gains. The transfers for the
day totaled 327,500 shares with 413 issues traded in. Of the
latter 108 closed on the side of the advance, 182 were lower
and 123 were unchanged.
The aluminum stocks led the
decline, Aluminum Co. of America dropping 5% points to
to
all parts
185, while Aluminum pref. dipped 2% points to 114%.
Paper and cardboard shares continued active although the
movements were somewhat irregular due to profit taking.
Shipbuilding stocks were strong during the opening hour
but met realizing later in the day and worked downward
with the trend. Aircraft issues moved within a narrow range
and public utilities were unsettled. Oil shares were quiet and
industrials were fractionally lower.
Curb stocks maintained their downward drift on Friday,
the declines ranging from fractions to 2 or more points,
Some of the preferred shares in the utilities group were
higher but practically all of the active speculative favorites
were on the side of the decline. Aircraft issues were fractionally lower and in a number of instances were absent
from the tape.
Aluminum stocks were down, industrial
specialties were off on the day and the mining and metal
shares were weak. Noteworthy among the declines were
Aluminum Ltd. 3 points to 100, Nehi Corp. 3 points to 65,
The Commercial & Financial Chronicle
2516
and Pepperell Manu¬
compared with Friday of
lower, Aluminium Ltd.
closing last night at 100 against 103 on Friday a week ago,
American Cyanamid B at 38% against 39 %, American Gas
April 20,
1940
Niles-Bement-Pond 2% points to 67
facturing Co. 1 point to 78%. As
last week, prices were generally
Ohio Listed and Unlisted Securities
Stock Exchange
Members Cleveland
36%, Bell Aircraft at 29% against
30%, Chicago Flexible Shaft at 80% against 83, Electric
Bond & Share at 6% against 6%, Humble Oil (new) at
59% against 62%, International Petroleum at 15% against
16%, Sherwin Williams Co. at 97% against 98, Technicolor
at 14 against 15% and United Shoe Machinery at 72%
against 73%.
& Electric at 35% against
TRANSACTIONS
DAILY
CURB
NEW YORK
THE
AT
(Mil Cmmri BiMlof,
Cleveland Stock Exchange
April 19 1940
Shares)
Domestic
Total
Corporate
Government
Sale
Par
Stocks—
Tuesday
264,025
324,365
Wednesday....
$20,000
$1,000
62,000
$866,000
1,371,000
1,629,000
1,011,000
326,300
338,000
Week's
Last
1846,000
1,308.000
109,965
Saturday
Monday..
Sales
Friday
Foreign
Foreign
of
73,000
1,702,000
"5,000
62,000
1,078,000
33,000
1,205,000
23,000
1,070,000
c
Range
of Prices
High
Low
Price
■
Week
17
175
8X
85
....
1,172,000
$273,000
$15,000
$7,004,000
1,606,520
Total.....
"9,666
1,038,000
243,205
Friday
$7,292,000
1934
Apr
434
Apr
834
Mar
034
Jan
315
1134
Mar
c
Arner Home Prod com_.l
aQ4H a64H
105
5634
Jan
6634
Bond Stores com..
1
a28Vi a27H
75
22
Jan
2834
6 *A
210
6
Jan
al3H
5834
61
a38% a40
316
1234
Jan
1434
159
Amer Coach &
Week Ended April
Jan. 1 to April 19
19
1940
1939
1940
Exchange
1939
15,005,014
504,540
1,606,520
14,472,354
15,000
Foreign government...
273,000
Foreign corporate
$7,292,000
Total
$153,527,000
1,756,000
2,154,000
$109,544,000
$0,324,000
100,000
217,000
$7,004,000
Domestic
760,000
2,311,000
$112,015,000
$6,641,000
$157,437,000
c
c
61
compilation, made up from the daily Gov¬
ernment
statements, shows the money holdings of the
Treasury at the beginning of business on the first day of
February, March, and April, 1940; also on the first day
of April, 1939;
Controller—__
45
*
Feb. 1,
Mar, 1,1940
Apr. 1, 1940
1940
April 1, 1939
1
*
Midland Steel Prod
Drug..*
490,022,863
500,453,351
772,494
677,308,220
2,416,788
816,009
054,153,360
2,985,927
1,033,519
Net Federal Reserve notes
13,016,643
10,600,288
11,140,292
Net Fed. Res. bank notes
170,242
384,534
7,270,263
18,932,649
20,792,702
182,909
6,540,422
24,371,470
Net silver coin and bullion
489,014,100
087.293,229
2,376,446
Net National bank notes.
Net gold coin and
bullion
Net subsidiary sliver
Minor coin, Ac
7,708,236
831,245,886
596,663,825
2,384,120
856,916
11,778,618
295,603
44,540,781
20,805,820
Total cash In Treasury. ♦1218 852,006
1216 050,300 1,200,861,250 1.468,571,569
150,039,431
156,039,431
156,039,431
156,039,431
1634
Jan
Apr
2134
Jan
2434
Apr
Jan
Jan
Apr
50
Mar
29
Mar
1234
Jan
Mar
44
Apr
Apr
4
3
3J4
375
04634 a40J4
3334
3334
50
3634
234
3534
"33"^
Jan
4634
Apr
55
31
Mar
3334
Apr
30
33
Mar
4034
Apr
834
Apr
a3934 a3934
854
834
all34 al2
"~8~K
1
18
Natl Refining new
*
*
*
Packer Corp_.......^
_
*
*
.
884
334
610
134
113
al634
22
2234
a734
a734
1034
1134
♦
Otis Steel
15
5134
1934
~~9X
934
934
O2034 a2134
Republic Steel com..._.*
"38"
Jan
13
Apr
Mar
53
Apr
Jan
1934
Apr
Jan
334
Apr
Jan
134
60
234
134
1434
Mar
1834
Jan
35
1934
Jan
24
Apr
190
034
Feb
8
Apr
269
934
Mar
Apr
10
Feb
1434
269
934
1334
1834
Jan
2334
Jan
70
14
14
Jan
Jan
25
al6
22 H
434
934
4934
1334
28
134
*
Patterson-Sargent
430
334
*
com
Jan
193
National Acme
New York Central..
.
43 34
5134
Jan
Jan
1234
Jan
Mar
3934
834
3034
Jan
4034
Mar
Thompson Products Inc..*
.03634 a38 34
188
Jan
3834
Apr
United States Steel com.*
05934 o62J4
*
Richman Bros
c
38
223
2734
5334
Mar
6834
*
4
4
653
334
Jan
434
Apr
2
Van Dorn Iron Works
Warren Refining
Less gold reserve fund....
160
1934
2034
834
*
c
Mar
45
Myers (F E) & Bros
Ohio Brass B
Net United States notes..
Jan
1634
2534
*
Ohio Oil
41
90
3
♦
c
Apr
46
Murray Ohio Mfg
c
Jan
3734
150
National Tile
Holdings in U. S. Treasury
50
168
45
Feb
42
—*
G) "B"
Wholesale
Apr
45
alOJ4 allH
*
Steamship
Martin (Glen L)
Miller
Apr
37
a25Ji a2654
♦
Interlake Iron
McKee (A
Mar
1834,
Jan
86
23
45
Jan
35
al734 al8A
2154
Jan
Apr
Mar
65
47
a3734 a87H
a\7% al8*A
Goodyear Tire & Rubber *
Grelf Bros Cooperage
*
c
Mar
185
Lamson & Sessions
The following
1734
1534
2734
100
com
Apr
4334
2934
2,131
Glidden Co
Apr
Mar
61
Jan
17?4
Interlake
HOLDINGS
MONEY
Feb
3534
27 H
*
Apr
7
51
aS5V8
General Electric
15
40
17
27 J4
"l7H
rc Industrial Rayon
TREASURY
13
a34
100
5
Goodrich B F
c
15
...
Eaton Mfg.....
Electric
Bonds
a
Graphite Bronze. .1
Cleveland Railway
Cliffs Corp common
Stocks—No. of shares.
a
6H
»
.*
CI Cliffs Iron pref..
New York furh
al4A
3
Brewing Corp of Amer
Cleve
8H
8%
5
*
Body
Apex Electric Mfg
City Ice & Fuel
Sates at
Jan
Apr
434
69
4%
4%
Akron Brass Mfg
High
Low
Shares
al6J4 all
Addressograoh-Multlp 10
Range Since Jan. 1. 1940
for
c
Thursday
lists
April 13 to April 19, both inclusive, compiled from official sales
{Number
Week Ended
Clmlani
A. T. A T. OLBV. 565 A 566
CHerry 5050
Telephone:
EXCHANGE
Bonds {Par Value)
Stocks
RUSSELLco.
GILLIS
1
1
110
1
Apr
134
1034
Feb
10
Weinberger Drug Store.. .*
White Motor...
50
141
10
45
4234
934
Feb
Jan
25
1034
Mar
1334
Apr
292
al334 alS34
Youngstown Sheet & Tube*
Jan
3734
Mar
48 34
Jan
Cash balance In Treas.. 1,062,812,035 1,000,010,869 1,044,821,825 1,312,532,138
*
Deposit In special deposi¬
No par value.
tories account of sales of
securities
Government
814,481,000
816,130,000
815,383,000
733,858,311
.
Dep. In Fed. Res. banks..
589,237,766
866,226,000
516,835,418 1,387,927,429
National and
other bank deposltarlesIn
Depsot
To credit Treas. U. S._
To credit dlsb. officers.
43,736,024
39,763,061
1,077,813
1,981,740
151,154
37,601,286
Cash In Philippine Islands
40,029,476
30,992,350
45,014,725
199,375
1,707,005
296,281
Deposits In foreign depts.
Net
In
cash
30,940,167
35,035,940
2,200,298
219,394
Available cash balance. 2,513,667,896 2,349,766,330 2,282,302.724 3,389,478,831
•
Includes
coin
as
1 $632,017,224 sliver bullion and $3,043,859 minor, Ac.,
April
on
Included In statement "Stock of Money."
IN
CHANGES
NATIONAL BANK
NOTES
The
following shows the amount of National bank notes
afloat (all of which are secured by legal tender deposits)
at the beginning of March and April and the amount of
the decrease in notes afloat during the month of March
for the years 3940 and 1939.
National Bank Notes■—All Legal Tender Notes—
Amount afloat March 1
1940
Net decrease during March
Amount of bank notes afloat April 1.
Note—$2,203,796.50
Federal
secured by lawful money,
bank
outstanding
notes
April
on
BANK
the week follows:
1,
$195,543,437
April
1,
1940,
Per
Clearings—Returns by Telegraph
_
St, Tenuis
nominated
of
M.
to
Governors
Nominating
senior
Betts,
third
his
serve
the
of
following
Board of
Co.; Harry M. Payne
T.
Clifford
The
following
mittee:
0.
Rodman
;
S.
Baker
L.
as
&
Co.,
Chairman
it
nominees
of
for
nil
Board
the
announced
was
been
has
by
offices
to
three years
as
members
of
Charles C. Renshaw of Mitchell.
Mackenzie
to
as
and R.
he
Of the
the
Hutchins & Co.;
Arthur Wood.
serve on the 1941 Nominating Com¬
Chairman, Hulburd Johnston, Francis
eight nominees for the Board of Governors,
Rodman
Messrs.
Buhler,
Board and
man,
were
Robert J.
—Josephthal
analysis
of
the
"when
new
—H.
L.
associated
the
and
Wood,
Garlock,
selected
Hosty
to
terms
and
succeed
&
Co.,
Chicago
issued"
&
them.
120
Payne
are
Messrs.
June
not
Morton
3,
now
D.
Cleary, Ren¬
were
nominated.
members
of
New
Western
R.R.
York
with
the
City,
has
particular
prepared
reference
an
to
announce
Eleven cities, five days
Total all cities, five days
All cities, one day
Total all cities for week
that
George E.
—0.5
75,108,288
+ 10.0
78,700,000
+ 8.0
123,301,000
+ 8.0
86,580,442
+ 15.0
73,678,952
73,446,783
54,935,465
+ 25.9
$3,837,226,830
+ 7.8
$727,912,445
+ 5.9
$4,565,149,275
+ 7.5
943,470,686
+ 4.0
$5,508,619,961
+ 6.9
+ 38.9
+ 28.1
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 ail
cases
Alscher has become
has to be estimated.
In the elaborate detailed statement,
however, which
H
we
present further below, we are able to give final and complete
results
for
the
week
previous—the week ended April 13.
increase of 0.3%, the aggregate
clearings for the whole country having amounted to
$5,708,179,537, against $5,692,261,980 in the same wreek in
For that week there
securities.
Co.
Cleveland
Cahn, Ralph Chap¬
Rogers Jr.
Broadway,
Great
expire
Messrs.
Fischer and Sampson
Schwamm
with
whose
165,725,793
$5,886,963,540
Detroit
Other cities, five days
McDermott, Alger Perrill and Robert F. Schenck Jr.
shaw,
164,886,521
82,710,028
85,000,000
133,221,000
99,576,884
92,781,129
101,983,452
70,366,752
+ 4.5
$4,905,811,283
981,152,257
...
Baltimore
Exchange to be held June 3 next.
serve
+ 13.3
the
Buhler; M. Ralph Cleary of Clearv & Co.;
Moseley & Co.; Thomas E. Hostv of Sincere
nominated
P.
term
its
Shields & Co.,
of
were
Wentworth
posted
of the
Walter J.
Governors:
Alfred
Exchange,
nominated to
were
Frank Fletcher Garlock of F.
&
Stock
which
Committee
of
consecutive
Chicago
filled at the annual election
The
partner
+ 18.9
301,000,000
$4,135,283,478
$770,527,805
San Francisco
Pittsburgh
—Arthur
$2,575,633,745
229,056,362
341,000,000
Chicago.
Kansas City
NOTICES
1939
$2,691,521,021
272,236,691
New York..
Philadelphia
1939.
Cent
1940
\
Week Ending April 20
Boston
CURRENT
CLEARINGS
clearings this week show an increase compared with
a year ago.
Preliminary figures compiled by us based upon
telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, April 20)
clearings from all cities of the United States for which it is
possible to obtain weekly clearings will be 6.9% above those
for the corresponding week last year.
Our preliminary
total stands at $5,886,963,540 against $5,508,619,961 for the
same week in 1939.
At this center there is a gain for the
week ended Friday of 4.5%. Our comparative summary for
$197,661,847
2,118,410
....$172,081,172
Reserve
against $2,235,026.50
OF
Bank
1939
$173,467,182
1,386,010
...
publication of the
Public Library contains a
COURSE
2,695,771,243 2,543.482,428 2,403,467,443 3,635,081,366
181,164,719
182,103,347
193,710,098
245,602,535
Information Sources"
bibliographical list of references relat¬
ing to corporation reports.
In a supplement issued with the same number,
a
list of companies employing "humanized" financial statements, is given.
Cleveland
Treasury
and in banks
Deduct current liabilities.
NOTICES
CURRENT
issue of "Business
—The March
of
was an
Volume
increase of 1.9%,
recorded a loss of
1.0%.
We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appeals that in the New York Reserve District (including
this city) the totals show a loss of 1.1%, but in the Boston
Reserve District the totals show a gain of 2.2%, and in the
Philadelphia Reserve District of 6.6%.
In the Richmond
Reserve District the totals are larger by 3.0%, but in the
1939.
Outside of this city there was an
the bank clearings at this center having
Cleveland and the Atlanta Reserve districts the totals are
In the Chicago Reserve District
the totals record an increase of 3.5%, in the St. Louis
Reserve District of 1.9%, and in the Minneapolis Reserve
District of 2.5%.
The Dallas Reserve District suffers a
loss of 4.8%, but the Kansas City Reserve District enjoys
a
gain of 6.1% and the San Francisco Reserve District
of 2.0%.
-i "■■■
■■
In the following we furnish a summary by Federal Reserve
both
2517
The Commercial & Financial Chronicle
ISO
smaller
by 2.8%.
Inc. or
1940
CLEARINGS
1938
Dec.
1939
%
Seventh Feder al Reserve D Istrict—Chic ago—
438,591 —23.3
336,475
Detroit
Grand
97,781,178
3,218,002
Rapids.
Lansing
Ind.—Ft.
Wayne
Indianapolis..
South
1,491,020
1,773,386
19,834,000
Bend
2,051,929
Terre Haute..
5,467,865
Wis.—Milwaukee
la.—Ced. Rapids
Des Moines
21,681,322
1,104,371
10,325,534
Sioux
City
111.—Bloomington
Chicago
3,992,822
410,568
+2.5
95,397,537
2,728,388
1,411,237
1,085,009
17,917,000
1,795,693
5,341,922
+ 17.9
+5.7
+63.4
+ 10.7
+ 14.3
+2.4
+3.2
21,002,303
1,095,617
10,588,612
3,665,729
+0.8
—2.5
Springfield
492,332,710
+3.6
475,751,180
Peoria
Rockford
2,693,286
1,234,525
986,397
16,123,000
1,378,916
4,638,489
18,770,862
1,125,782
8,957,084
+22.3
+9.0
305,417,059
897,612
4,214,808
1,114,575
1,284,901
Decatur
323,255
79,959,395
3,708,217
311,365
268,065,194
1,006,264
3,717,053
1,065,969
1,305,598
415,170,641
+8.9
+ 15.8
+3.0
354,587
314,450,042
1,049,120
4,601,054
1,363,204
1,400,818
$
v,
Mich.—AmiArbor
Total (18 cities)
districts*
SUMMARY OF BANK
Week Ended April 13
Clearings at-
+ 16.9
+ 9.2
Inc.or
Week End. April
1940
1939
Dec.
1938
1937
$
13,1940
*
%
*
S
Eighth Federa 1 Reserve Dis trlct—St. Lo uls—
+0.2
85,600,000
85,800,000
—6.8
34,334,826
32,346,436
Mo.—St. Louis..
Federal Reserve Dists.
1st
12 cities
Boston
253,659,606
Ky.—Louisville.
+ 2.2
248,234,777
222,781,152
298,367,131
Tenn.—Memphis
2,580,122,304
3,821,952,443
111.—Jacksonvllle
2d
New York.. 13
"
3,282,127,636
3,317,665,263
—1.1
3d
PhiladelphlalO
"
415,329,391
391,358,348
+6.1
333,867,896
421,820,842
4th
Cleveland..
7
"
276,286,980
284,124,843
—2.8
260,034,720
+3 0
146,583,965
+ 22.9
19,784,090
81,706,396
32,168,715
15,942,963
x
x
x
586,000
618,000
—5.2
613,000
143,041,626
140,336,916
+ 1.9
130,431,074
Reserve DIs trlct—Mlnne
apolls+ 12.5
366,168,496
119,579,235
24,309,190
Qulncy
Total
(4cities).
5th
Richmond.. 6
"
140,426,954
136,383,069
6th
Atlanta
10
"
165,722,731
170,420,459
—2.8
122,616,920
179,373,023
7th
Chicago
18
"
492,332,710
475,751,180
+3.5
415,170,641
574,726,346
8th
St. Louis... 4
"
143,041,626
'140,336,916
+1.9
130,431,074
165,203,523
9th
Minneapolis
"
107,100,468
104,472,484
+2.5
87,715,558
111,709,058
Ninth Federal
10th Kansas City 10/ "
11th Dallas
6
"
129,566,941
122,129,490
+6.1
122,017,534
159,535,818
M Inn.—Duluth..
3,004,630
66,520,634
69,866,439
T4*8
65,025,456
75,500,903
Minneapolis...
,236,063,860
231,518,712
+2.0
220,718,812
282,845,443
N. D.—Fargo...
71,859,679
25,295,403
2,273,034
5,708,179,537
5,692,261,980
+ 0.3
4,680,081,302
6,603,786,991
S.D.—Aberdeen-
752,502
746,903
+0.7
811,866
>729,507
+ 11.3
3,103,354
2,711,645
+ 14.4
1,687,828
606,892
699,159
2,442,309
107,100,468
104,472,484
+ 2.5
87,715,558
7
12thSan Fran... 10
:
"
113 cities
Total.
•e
2,534,096,175
2,486,003,558
+1.9
2,208,427,861
313,474,712
Outside N. Y. City
2,910,146,664
236.377.080
+32.6
287,528,463
St. Paul
Mont.—Billings
.
Helena
Total (7 cities).
We
now
add
+ 5.7
—6.3
3,330,044
56,383,707
22,565,619
—13.0
355,220,949
32 cities
Canada
2,671,343
67,991,919
27,008,626
2,612,641
our
detailed statement showing last
week's
figures for each city separately for the four years:
Tenth Federal
Week Ended
1939
1938
Dec.
1937
Federal
$
$
%
$
Reserve Dist rict—Boston
541,740
1,938,966
216,312,841
723,279
Me.—Bangor
Portland
Mass.—Boston..
FaU River
i:
Lowell
399,976
728,154
3,445,104
2,135,679
New Bedford..
Springfield
Worcester
Conn.—Hartford
N.H.—Manchee'r
12,583,146
4,231,567
10,104,500
514,654
Total (12 cities)
253,659,606
New Haven...
R.I.—Providence
504,133
+ 7.5
515,561
1,870,312
+3.7
1,873,405
213,079,049
+ 1.5
190,643,669
627,978
576,741
368,775
+ 15.2
+8.5
652,714
2,178,523
520,114
—1.0
441,444
257,729,358
787,219
519,214
974,273
3.6U.706
2,456,289
12,788,356
4,616,274
11,503,500
543,705
248,234,777
+2.2
222,781,152
298,367,131
686,234
+ 6.1
387,253
730,971
3,176,234
1,791,225
11,139,209
+8.5
2,995,238
+ 19.2
1,725,696
+ 13.0
9,172,863
4,633,414
—8.7
3,960,411
9,838,100
+2.7
9,757,900
32,200,000
463,357
11,713,737
1,184,567
33,600,000
461,929
898,006
850,423
N. Y.—Albany..
6,614,694
984,156
Bingham ton.. _
Buffalo
2,368,266
+6.1
Mo.—Kan. City.
St. Joseph
86,541,549
+6.6
2,884,723
—0.0
2,455,271
Colo.—Sol. Spgs.
Pueblo
651,331
620,948
+4.9
802,921
736,614
726,688
+ 1.4
453,605
Total (10 cities)
129,566,941
122,129,490
+6.1
122,017,534
Wichita..
30,231,244
1,965,420
3,247,087
.
Reserve
Eleventh Fede ral
Elmira
Jamestown
—19.8
+ 18.3
District—Da lias—
1.837,410
52,641,425
Dallas
Fort Worth
2,058,009
53,223,611
—10.7
5,919,674
1,937,000
Texas—Austin...
7,125,533
—16.9
—12
Wichita Falls..
906,422
3,278,703
2,581,000
1,031,328
3,846,958
Total (6 cities).
66,520,634
69,866,439
—1.1
—25.0
+0.3
16.950,808
1,036,728
31,200,000
609,267
+5.6
737,513
—43.5
—4.2
8,327,314
1,193,265
41,100,000
630,584
830,294
Twelfth Feder al Reserve D istrict—San
3,317,999
1.8
65,025,456
Francl
N.
.....
Northern N. J.
478,696
448,225
+ 6.8
17,870,092
25,813,357
+5.6
16,244,079
+4.4
22,347,971
3,317,665,263
466,682
Bethlehem
434,658
587,976
Pa.—Altoona
583,316
352,613
1,362,381
376,000,000
343,813
1,284,128
394,000,000
1,536,432
Lancaster
Philadelphia
+ 10.8
1,179,087
—6.7
916,501
27,809,661
13,817,454
4,145,948
30,026,016
+ 13.3
4,792,943
Utah—S. L. City
14,890,556
+ 26.0
3,169,698
3,743,466
470,893
21,736,574
33,705,449
Calif.—L'g Beach
3,331,142
134,779,000
2,997,778
1,509,706
2,141,852
11,814,967
4,411,843
3,998,151
139,533,000
2,851,335
1,728,889
2,059,736
236,063,860
231,518,712
+0.8
405,463
429,399
484,602
745,215
268,009
1,259,731
323,000,000
367,282
1,491,475
407,000,000
1,642,124
2,771,583
1,046,646
2,243,915
4,028,000
421,820,842
+7.4
—6.7
+4.8
1,474,665
1,273,811
+ 15.8
N. J.—Trenton..
12,329,900
6,522.000
+ 89.1
1,315,139
2,131,707
752,420
1,486,228
2,819,800
Total (10 cities)
415,329,391
391,358,348
+6.1
333,867,896
York
34,011,911
—2.5
904,061
2,401,734
WUkes-Barre..
Ore.—Portland..
Pasadena
San
Francisco.
San Jose
Santa'Barbara.
+9.9
—2.9
Grand
total
Cincinnati
....
56,073,056
90,107,999
57,044,075
94,295,891
10,781,500
1,706,609
—1.7
—4.4
—2.4
Week Ended April 11
Inc. or
1940
2,413,665
73,284,338
113,063,923
13.827,400
Winnipeg
Vancouver
Ottawa
—1.6
1,409.831
2,356,780
.
115,026.571
—1.7
100,759,657
156,571,775
Calgary
.
276,286,980
284,124,843
—2.8
260,034.720
366,168,496
Victoria
2,299,487
4,707,908
Quebec
Halifax
Hamilton
8t. John__
London
Reserve Dist rict-rRichm ond—
Edmonton
532,505
Richmond
S. C.—Charleston
374,865
+42.1
319,397
2,434,000
2,526,000
34,980,788
1,825,915
70,023,754
26,651,747
—3.6
2,189,000
—8.8
33,174,440
—6.9
1,055,617
+ 9.4
59,749,023
+2.1
23,091,758
31,914,746
*1,700,000
411,745
3,276,000
39,349,378
1,421,647
74,126,655
27,998.540
$
89,533,500
95.577,794
35,217,664
16,069,601
34,488,267
4,437,789
2,591,190
4,773,871
4,541,892
1,923,379
1,803,995
2,364,950
3,755,442
3,090,379
Montreal
1,695,530
56,724,066
85,727,756
11,361,100
1939
$
Canada—
—20.4
Fifth Federal
—12.7
Clearings al—
3,127,305
W.Va.—Hunt'ton
220,718,812
+ 5.1
+0.3 4,680,081,302 6,603,786,991
1,678,818
2,487,863
113,071,559
Va.—Norfolk
+2.0
—3.4
+ 1.9 2,208,427,861 2,910,146,664
10,521,400
Total (7 cities)
+4.0
3,720,132
131,593,000
2,368,719
1,795,419
1,894,399
—16.7
Outside New York 2,534,098,175 2,486,003,558
Mansfield
Pa.—Pittsburgh
—15.8
5,708,179,537 5,692,261,980
cities)
Columbus
Youngstown
3,713,553
(113
Toronto
Feder al Reserve D istrict—Clev eland +9.5
2,346,285 1
Ohio—Canton...
2,142,892
Fourth
Cleveland
.
_
—10.4
Scran ton
3,693,640,327
8,611,636
—1.1 2,580.122,304 3,821,952,443
1,714,094
2,184,566
930,909
Reading
.
+3.2
+22.8
Reserve Dist rict—Phllad elphia
Chester
4,274,639
3,860,583
—4.5
18,871,072
26,941,636
Total (13 cities) 3,282.127,636
Third Federal
7,183,475
+5.5
3,740,121
283,679
J.—Montclalr
Newark
—1.0 2,471,653,441
32,657,579
33,915,688
1,100,285
Yakima
Total (10 cities)
Rochester
SCO
37,588,077
Wash.—Seattle..
Stockton
3,174,081,362 3,206,258,422
7,789,010
8,215,545
4,179,882
4,374,996
Syracuse
Westchester Co
4,040,480
3,914,606
Conn.—Stamford
3,385,899
4,158,750
New York
2,127,115
49,204,115
5,726,264
3,546,000
1,103,963
—14.8
York-
—16.9
73,939
140,515
+ 10.8
La.—Shreveport.
Feder al Reserve D istrict—New
City
+ 3.1
—43.1
28,262,527
1,646,544
3,068,836
82,765,110
.
.
Galveston
Second
as
2,826,822
28,486,023
2,449,222
2,744,630
81,152,464
2,885,083
Omaha
Kan.—Topeka
$
Kans
92,154
145,456
3,131,176
Lincoln
Inc. or
1940
—
94,966
82,831
Hastings
Clearings at—
First
Reserve DIs trlct
Neb.—Fremont..
April 13
Reglna
296,790
482,104
Brandon
Lethbrldge
1,195,957
Saskatoon..
Dec.
% ■<
+ 12.0
+31.6
1938
$
79,937,497
72,616,204
+ 68.5
22,220,256
+32.7
12,106,924
14,674,848 + 135.0
+31.9
3,364,307
+43.6
1,804,072
+25.4
3,807,435
+ 10.1
4,124,066
+21.6
1,682,837
+37.4
1,313,207
+29.6
1,824,809
+22.8
3,057,792
+ 14.0
2,710,429
+ 19.8
247,760
+5.8
455,474
+22.5
976,228
531,141 —15.8
98,238,939
87,316,315
26,523,907
14,764,847
16,942,516
4,409,107
2,178,113
5,117,337
4,581,484
1,657,388
1,557,894
2,383,721
1937
$
127,238,510
112,780,314
35,331,672
18,336,752
16,245,548
4,341,473
2,201,469
5,350,529
5,500,304
1,707,208
1,724,089
2,830,545
4,018,537
4,620,013
308,714
434,721
4,218,084
3,774,128
1,176,211
593,843
1,333,936
657,938
276,042
485,546
-
D.C.—Washlng'n
Total (6 cities).
76,621,122
27,224,581
140,426,954
136,383,069
+3.0
119,579,235
146,583,965
Moose Jaw
447,036
Brantford
827,691
674,336
+22.7
808,569
869,254
Fort William
Md.—Baltimore
684,130
649,379
243,247
537,992
546,307
+27.2
Newl Westminster
680,185
660,911
750,419
639,560
+ 17.0
■—10,2
188,077
254,154
Chatham
673,981
Sarnla
412,020
207,976
461,113
555,204
806,920
2,263,752
190,969
522,575
412,736
516,590
425,594
1,010,231
899,740
+ 12.3
1,098,949
1,003,346
313,474,712
236.377,080
+32.6
287,528,463
355,220,949
MedlclnefHat
Sixth Federal
Reserve Dist rict—Atlant
Fla.—Jacks'nvllle
.
Mobile
Miss.—Jackson..
Vicksburg
La.—NewOrleans
l
19,969,168
—1.2
16,636,468
64,900,000
—7.1
52,700,000
1,357,517
+4.3
962,674
+3.7
1,075,064
792,485
19,367,000
16,482,070
Macon
3,129,779
1,416,169
998,050
Augusta
—11.0
19,725,750
Ga.—Atlanta
-4,515,293
60,300,000
Nashville.-...
Ala.—Blrm'ham
a—
4,019,215
Tenn.—Knoxville
16,773,000
19,816,635
+ 15.5
16.953,000
—16.8
16,936,355
1,792,562
1,693,966
+5.8
1,413,265
X
X
X
X
143,764
149,299
—3.7
115,286
41,478,151
40,282,907
+3.0
12,865,218
4,336,729
22,838,514
65,500,000
1,626,723
1,271,164
19,775,000
23,559,339
1,668,246
X
142,151
38,655,157
165,722,731
170,420,459
—2.8
122,616,920
414,282
Peterborough
Sherbrooke
843,772
982,778
Kitchener.
2,515,125
Windsor
Prince Albert
325,143
Moncton
697,072
Kingston
604,271
Sudbury
+52.0
573,317
686,774
601,677
592,607
+70.3
295,932
942,789
2,805,054
288,949
+33.4
658,400
678,183
+46.4
470,446
477,389
+30.5
516,676
—3.2
396,922
409,198
+21.8
+ 11.1
981,816
2,687,882
574,283
JPWte
Tota£(32~citles)
►
Total (10 cities)
+ 18.9
m-
fci
»
179,373,023
'•Estimated,
xNo figures available.
I
The Commercial & Financial Chronicle
2518
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
1940 and 1939,
receipts
and
M onlh of March-
years
Commodity Credit Corp
Export-Import Bk. of Wash._
Rural Electrification Admin.
1939-40
1939-40
$
1938-39
$
$
665,486,756
1.573,720,741
1,748,935,761
182,815,897
1,789,641,212
1,697,272,169
3,467,051
3,857,772
538,054,553
479,079,664
25,405,602
26,968
88,505,882
81,690,255
29,265,729
267,758,807
RFC (g)
U.S. Housing Authority
Other...
b30,310,006
133,161,812
1,653,863
b385,287
1,023,164
bl,222,174
bl,601,758
b5,928,119
b241,935,262
bl,440,640
b515,587,207
16,669,192
4,778,266
72,602,706
b88,483,065
b28,i89,908
b42,121,881
63,408,912
bl39,054,611
b57,000
b7.521.918
b891,667
16
3,016
increment
2,388
5,497,306
Unemployment trust fund:
1,608,555
3,300,204
28,701,747
355,000,000
Withdrawals by States
Railroad unempl. Ins. acc't:
Benefit payments
44,760,000
...
43,905,000
313,000,000
331,626,000
ii8,ooo,ooo
Investments
contributions-..
Miscellaneous receipts:
Proceeds of Govt .-owned sees.:
327,531,000
10,610,180
1,914,642
Repayment of advance (Act
Principal—for'n obligations
Interest—for'n obligations.
167,656
other
6,387,358
256,177
60,899,001
3,865,227
Panama Canal tolls, &c
1,742,129
2,276,155
2,595,467
2,095,321
35,388,208
18,124,200
Other
6,803,362
7,162,013
61,468,563
58,417,499
miscellaneous
June 25,
50,246,693
Seigniorage
17,836,013
Federal
15,000,000
1938)
old-age
and
survivors
Insurance trust fund: f
18,516,349
Investments
934,208,490
737,390,992
4,436,817,705
4,390,177,312
332,000,000
135,000,000
50,000,000
393.000,000
.1,282,549
1,443,529
8,865,193
9,353,777
10,000,000
Benefit payments
Railroad retirement account:
11,000,000
Investments
Total recelpte
9,661,934
Departmental
65,195,585
c64,054,899
604,829,643
93,802,754
837,421.591
510,216,501
78,463,889
1,293,147,413
721,320,897
51,840,124
222,865,706
686,467,349
402,540,000
504,755,000
4,069,417,000
3,919,796.000
C590.949.162
104,943,426
Dept. of Agriculture:*!
Agrlcul. Adjust, Program..
Commodity Credit Corp.:
Restor'n of cap. lmpalr't
83,814,926
82,612,681
11,446,398
payments
9,275,155
182,187,095
Benefit
Expenditures—
General (inch recov'y A relief):
*
2,113,543
b376,269
For retire, of nat. bank notes.
insur¬
Customs
All
b4,104,815
b496,406
b615,500
21, 1938)
Chargeable against
on gold:
Melting losses, Ac
73,755
Taxes upon carriers and their
employees
Railroad unemployment
%
252,744,751
PWA revolving fund (Act June
239,564^790
76,865
Social security taxes
506,025,910
192,(710,463
revenue
1938-39
%
231,020,711
22,576,632
Transactions In checking accts.
—July 1 to Mar. 30
1939
$
Income tax
■
,
18,772,'483
2,105,044
Trust accounts
disbursements for March,
1940
Internal Revenue:
ance
%
-
Receipts—
1939-40
1939
$
of govt, agencies (net), Ac.:
and the nine months of the fiscal
General & Special Accounts:
—July 1 to Mar. 30
1940
on Gold, &c.
Expenditures—
and 1938-39:
Mlscell. Internal
April 20, 1940
■Month of March
Trust Accounts, Increment
Excess of receipts or credits
Excess of expenditures
all9,599,918
Other
.;
108,031
Farm Credit Admln.e.....
5,112,799
3,637,207
b3,636^172
2,021,915
2,174,132
5,380,322
5,858,800
499,257
487,894
21,414,731
22,480,395
31,625,952
100,713,634
123,911,500
4,878,884
3,530,976
27,658,037
16,600,128
3,344,562
26,289,337
31,955,489
Public Debt Accounts
b3,464,188
Fed. Farm Mtge. Corp
Federal Land banks
...
Farm Security Admin
Farm Tenant Act
Rural Electrification Adm.
Forest roads and trails....
3,430,093
295,703
,
Receipts—
Market operations:
31,364,476
Cash—Treasury bills
Treasury notes......
U.
,<?
9,374,982
7,706,627
Navy Dept. (nat'l defense)..
78,491,012
64,321,508
6,708,711
savings bonds
unclassified
Dept. of the Interior:*!
Reclamation projects.....
Post Office Dept. (deficiency)
8.
74,085,540
24,948,171
c56,2i8,769
618,779,161
474,017,142
13,497,717
166,140,813
152,184,373
—
-■
105,992,245
C362.156.252
13,688,549
522,513,915
•
66,256,144
C497,719,085
c4l,892,767
864,582,900
915,438,674
542,012
•
(incl.
sales)
671,431,150
Treasury savings securities.
Deposits tor retirement of
55,832,549
30,001,945
670,668,500
"10,694^000
bonds
Treasury
national bank notes
1,290
War
Department:*!
Military (national defense)
River
harbor
A
work
Subtotal
519,226,245
571,011,144
5,656,830,126
5,977,561,315
623,300
594,,050
7,219,700
5,169,700
and
flood control...
'
Panama Canal
2,727,818
825,673
15,536,943
119,662,466
657,346,467
591,995,437
8,660,690
6,288,467
65,295,486
49,679,954
6,000,000
Adjusted service bonds
7,759,736
145,811,844
5,000,000
Treasury Department:*!
Interest
on
public debt
Refunds of taxes and duties
Dlst. of Col. (U.S. share)...
Federal Loan Agency:
Fed.
Subtotal
Housing Admin
b272,131
Reconstruction Fin. Corp..
Other
1,996,487
492,926
Other
Subtotal
399,000,000
332,000.000
10,000,000
11,000,000
84,800,000
81,100,000
389,000
374,000
175,000
215,000
21,000,000
15.000,000
53,000,000
4,100,000
3,400,000
17,300,000
66,000,000
30,000,000
148,000,000
89,100,000
1,029,537,000
899,448,000
1,385,863,745
1,927,438,494
9,227,869,026
9,501,423,615
396,093,000
493,478,000
4,065,103,000
3,771,162,000
Ins. trust fund
survivors
(notes).*..
5,371,464
'C3,918,016
58,305,677
C38.964.694
For. service retire, fd. (notes)
Canal Zone retire, fd. (notes)
9,843,325
132,982,401
169,547,813
Alaska RR. retire, fd.
C35.576.414
231,596,708
C207.433.443
76,287
609,887
1,591,623
7,351,097
134,434,740
201,027,923
1,103,678,502
1,726,282,829
..........
339,229
5,767,939
(notes)
Postal Savs.System (notes)..
Govt, life Ins. fund (notes)
FDIC (notes)
Subtotal
2,375,028
3,084,209
3,146,996
29,555,038
32,307,403
C46.364.196
416,679,662
C418.483.372
796,138,762
6,454,020,165
6,136,411,642
b229,166
b475,751
b5,064,890
b7,609,594
5,862,343
6,074,758
48,595,875
76,146,088
5,599,007
J134,817,319
Advance July 5, 1939
June 25, 1938)
43,530,985
50,000,000
d402,817,319
107,000,000
•
■—
87,203,400
77,006,038
58,806,279
2,849,450
22,127,132
33,138,350
9,000
95,500
127,350
784,250
1,937,150
305,200
415,300
2,273,150
4,292,000
80
20
191,760
294,100
35,511
.30,416
192,026
212,851
1,782,683
2,443,660
19,894,798
28,939,048
460,265,492
517,400,645
4,264,522,004
3,940,717,328
718,014,200
1,266,733,300
2,534,282,200
2,619,244,600
718,014,200
1,266,733,300
2,534,282,200
2,619,244,600
500,000
22,500,000
27,300,000
25,000,000
14,000,000
80,000,000
38,000,000
Liberty bonds
Subtotal
75,106,600
68,000,000
587,170,719
524,106,600
49,958,200
9,561,750
70,486,900
35,298,700
879,299,519
72,163,086
141,908,528
Exchanges—Treasury notes.
Treasury
.
bonds....
—
Subtotal
.
7,155,208,769
6,764,353,436
2,718,391,064
2,374,176,124
2,718,391,064
2,374,176,124
49,958,200
9,561,750
70,486,900
35,298,700
22,204,886
132,346,778
2,647,904,164
2,338,877,424
11,446,398
51,840,125
222,865,706
686,457,349
10,758,488
80,506,653
2,425,038,458
10,758,487
80,506,653
+ 163,901,566
+46,053,897
174,660,053
126,560,550
-
-
2,425,038,458
1,900,000
For'n Serv.retire, fd. (notes)
Canal Zone retire, fd. (notes)
24,000
"
or year
141,000
24,000
/16,200,000
261,000
243,000
217,000
13,000,000
36,500,000
26,000,000
FDIC (notes)
96,000,000
Subtotal
1,646,922,770
20,000
32,924,000
Total public debt expend's.
16,744,000
328,584,000
120,978,000
1,211,203,692
1.800,877,945
7,127,388,204
6,680,939,928
126,560,^50 _ 2,100,480,822
2,820,483,688
+4,314,000
+148,634,000
—360,100
—494,500
,
—324,557,636 +1,173,560,918
Excess of receipts—..
2,100,480,822
2,820,483,688
42,365,353,180
39,858,663,453
40,439,532,411
37,164,740,315
39,985,224,003
42,540,013,233
39,985,224,003
25,045,176
25,140,839
..
174,660,053
Excess Of expenditures
Inc.
(+)
or
dec.
(—)
in gross
public debt:
Accounts, Increment
Gold, &c.—Receipts—
Trust accounts
Certificates of Indebtedness
Treasury notes
Increment resulting from reduc¬
tion in weight of gold dollar..
259,670,260
254,134,979
28,769
312,820
403,245
7,244,783
40,655,104
68,937,291
29,594,255
34,038,414
700,275,320
635,302,731
Advance from
Treasury (Act
1938)
...
+6,447,000
+11,277,000
—18,500
—253,500
—50,406,250 —1,223,585,000
•1,094,640,850 —1,878,362,350
+105,379,997 +1,269,240,126 + 2,509,758,295 +3,801.388,436
—35.511
—30,416
+349,985
—212,851
—1,782,683
—2,443,660
—19,893,508
—28,939,048
Nat. bank notes and Fed'l
Reserve bank notes
Subtotal
+59,584,053
+ 54,204,550 +1,399,527,822 + 2,042,013,688
15,000,000
Federal
old-age and survivors
Insurance trust fund.f
Bonds
Other debt Items
27,454
4,016,994
Seigniorage
Unemployment trust fund:
Deposits and interest
Market operations:
Treasury bills
Trust
Special
hl34,949,614
193,633,493
50,000,000
h402,949,614
97,150,000
107,000,000
series
+U5,076,000
+ 72,356,ooo
+700,953,000
+778,470,000
342,000,000
18,000,000
Railroad retirement account..
15,700,000
2,200,000
71,500,000
5,497,305
42,540,013,233
Gross public debt this date
j
6,000,000
Postal Savings System (notes)
Govt. life Ins. fund (notes)
(—) in general
Increase in the gross public debt
Gross public debt at beginning
(notes)6,000,000
Railroad retire, acct. (notes).
Civil service retire. fd. (notes)
1,652,420,075
Less nat. bk. note retirements1
of expenditures.
Adj. service ctf. fd. (ctfs.)
Unemploy. trust fd. (ctfs.)..
Fed.
old-age and survivors
ins. trust fund
141,908,528
(excl.
public debt retirements)
Trust accts., Increment on gold,
Ac., excess of receipts
Total
"7,838,049
1,970,650
Reserve bank notes
72,163,086
Less publio debt retirements.
June 25,
"9,558*118
Special series:
...
Excess of expenditures
on
494,500
41,432,050
Nat. bank notes and Fed'l
Summary
Of month
360,100
76,589,750
Other debt items
bl5,000,000
...
Excess of receipts
Excess of expenditures
Inc. (+) or dec.
253,500
9,964,900
First Liberty bonds
Fourth
15,000,000
...i—'
1,006,371,576
excess
18,500
50,406,250
Postal Savings bonds
•
fd.,Ac.).
bills
Certificates of Indebtedness
Treasury notes
Treasury bonds
U.S. savings bonds
Adjusted service bonds
(Act
134,817,319
Total
Cash—Treasury
342,000,000
97,150,000
Repayment of advance Jan.
20, 1940
;
Govt, employees' retirement
share)
Market operations:
68,536,494
18,000,000
Railroad retirement account.
Railroad unempl. ins. acc't:
expenditures
459,000
473,000
654,986
654,262
5,633,177
Transfers to trust accts., &c.:
Federal old-age and survivors
Insurance trust fund.f
of
50,000,000
Railroad retire, acct. (notes).
Civil service retire, fd. (notes)
and
Expenditures—
Farm Credit Administration.
Public Works Administration
Excess
141,000,000
C5,655,335
Revolving funds (net):
Debt retirements (skg.
351,000,000
0243,121,968
old-age
Total public debt receipts..
funds (U. S.
435,000,000
44,581,330
Adj. service ctf. fund (ctfs.)..
Unemploy. trust fund (ctfs.).
Fed.
64,041,482
815,962,880
Subtotal
23,000,000
14,000,000
282,097,256
46,644,793
Veterans' Administration
15,300,000
7,000,000
c23,194,809
10,443,084
19,141
Railroad Retirement Board..
Tennessee Valley Authority..
2,619,244,600
3,297
23,157,866
U. S. Housing Authority..
Work Projects Admin
2,534,282,200
221,281,905
6,899,702
Public Works Admln.e
1,266,733,300
Special series:
215,927,817
1,648,849
Public Roads Admin
2,507,598,800
908,033
27,488,119
Federal Works Agency:
Public Buildings Admin...
111,645,800
1,018,051,100
23,872,096
23,896,049
National Youth Admin....
Social Security Board
4,000,000
1,516,231,100
718,014,200
4,828,001
5,993,778
153,854
Federal Security Agency:
Civilian Conserv. Corps...
Other
3,408,414
53,113,200
1,213,620,100
718,014,200
Exchanges—Treasury notes..
Treasury bonds
134,452,805
1,516,013,118
1,407,778,24
Total
+174,660,053
FOR FOOTNOTES
+126,560,550 +2,100,460,822 +2,820,483,680
SEE FOLLOWING
PAGE
Volume
The Commercial & Financial Chronicle
150
FOOTNOTES FOR PRECEDING
PAGE
a Represents
capital Impairment applicable to fiscal year 1939 but not appro¬
priated by Congress until Aug. 9. 1939.
b Excess of credits
c
(deduct).
Tbls amount Is revised
classification which
were
the last day of the month to adjust for changes In
on
made beginning July
because of the President's
1, 1939,
Reorganization Plans I and II.
d Additional expenditures are included In
e
Additional transactions
f Includes transactions
are
"Departmental" above.
Included In revolving funds, stated
formerly
classified under the
separately below.
caption "Old-age reserve
account."
2519
tary study, rather than independently, in view of the efforts of the United
States to build up foreign trade relations.
Sentiment remained poor, and when the market reopened on the 26th,
after the Easter holidays, speculative resales on a poorly supported market
brought about a further decline, this time of Md. for cash and 9-16d. for
forward, to 20 l-16d. and 20Md. respectively.
Indian buying was attracted at the fall and together with some bear
covering, led to improvement, two successive rises of 3-16d. bringing prices
to 20 7-16d. for cash and 20Md. for forward quoted on both the 28th and
29th of March.
In the final week of the month some
speculative operations were influ¬
by the fluctuations of sterling in New York, and although for obvious
the influence of that factor upon London prices is likely to remain
mainly theoretical or psychological, it may be worth noting that, at the
"free' exchange rates quoted. London prices were on occasion well below
the parity of the United States Treasury's buying price of 35 cents.
enced
reasons
g Includes transactions on account of The RFC Mortgage Company, Disaster
Loan Corporation, and Federal National Mortgage Association.
h Net of reimbursement to the General Fund for administrative expenses amount¬
ing to $6,182,681.
i Excess of
Quotations during March:
redemptions (deduct).
Cash
j Net of reimbursement for administrative expenses under Section 201 (f) of the
Social Security Act amendments of 1939, amounting to $6,182,681.
4
21Md.
5
20 15-16d.
6
21 l-16d.
Mar.
7_„_21Md.
8
Cash.
Below will be found
a list of bonds, notes and preferred
corporation called for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the ''Chronicle":
Company and Issue—
Date
Alabama Power Co. 1st mtge. 5s
Allied Owners Corp. 1st lien bonds
Sept.
May
May
Apr.
May
June
July
May
May
May
May
May
May
May
May
June
May
__May
-.May
May
May
Anaconda Copper Mining Co. 4H% debentures
Anchor Hocking Glass Corp. $6.50 pref. stock_«
pref. stock
Bedford Pulp & Paper Co., Inc. 1st mtge. 6Ms
Bethlehem Steel Corp. consol. mtges. 4He
Brooklyn Borough Gas Co., 5% bonds
Clear Spring Water Service Co. $6 preferred stock
1st mortgage 5s
Col gate-Pal molive-Peet Co. 6% preferred stock
-
_
3 Hs
-
Denver Gas & Electric Co. gen. mtge. 5s
Denver Gas & Electric Light Co. 1st mtge. bonds-.
Elgin Joliet Sc Eastern Ry. 4M% bonds
Equitable Office Building Corp. 5% debentures
Freuhauf Trailer Co. 4M% notes
Oarlock Packing Co.
4M% notes
(Walter E.) Heller & Co. 4% notes
International Agriculture Corp. 1st mtge. 5s
-
Kresge Foundation 10-year notes
Louisville & Nashville RR., unified 50-year 4s
Marlon-Reserve Power Co., 1st mtge. 4Ms
June
July
Apr.
Mead Corp. 6% bonds
May
♦Micromatlc Hone Co. preferred stock
June
Miehle Printing Press & Manufacturing series A debs
May
Missoula Gas & Coke Co. 1st 7s, 1944
May
Montana-Dakota Utilities Co. 4M% bonds
May
Mortbon Corp. of N. Y. series A bonds
June
National Dairy Products Corp. 3H% debentures_u.--_-.May
♦New England Power Co. 1st mtge. 3Ms
May
♦New Jersey Water Co. 1st mtge. 5s
June
New Orleans Public Service, A AAV/, &LUt J1VA4 bonds
•/VI Inc.
gen. lien IJUUUO.--Apr.
Newport Water Co. 5% fold bonds..
May
Northern Indiana Gas & 1 Clectric Co. 1st mtge. 6s
May
Northwestern Electric Co
1st mtge. bonds
-May
«
.
,
Page
1
1
1
1
1
1
7
31
10
1
Mar. 15
Mar. 18
21 5-16d.
21d.
2lMd.
Mar.
Mar.
21 l-16d.
21d.
Mar. 12
20 13-16d.
Mar.
Mar.
Mar. 13
20Md.
Mar. 14
20 ll-16d.
Mar.
Mar.
20 13-16d.
Mar.
20Md.
20 ll-16d.
.
20 15-16d.
20 13-16d.
20 13-16d.
21d.
20 ll-16d.
20Md.
20 5-16d.
20Md.
20Md.
Average: Cash delivery. 20.7632d.; two moDths' delivery, 20.7467d.
: United States Treasury price, 35
In New York (per ounce .999 fine)
cents; market price, 34% cents.
.
The official dollar rates fixed
by the Bank of England during March
Buying, $4.03M; selling, $4.02M.
follows:
were as
2406
1
3
15
30
31
1
1
15
27
27
21
-
2 Mos.
20 15-lOd.
20 13-16d.
19
20 13-16d.
20
21d.
21
20 ll-16d.
26
20 l-16d.
27
20Md.
28
20 7-16d.
29— .20 7-16d.
20Md.
21Md.
20 13-16d.
20 15-16d.
Mar. 11
FUND
stocks of
Colorado Power Co. 1st mtge. 5s
Consumers Power Co. 1st mtge.
Mar.
Mar.
SINKING
AND
NOTICES
Balaban & Katy Corp. 7%
20 3-16d.
Mar.
CALLS
1
Mar.
REDEMPTION
In London (bar silver per ounce standard)1
2 Mos.
Mar.
2245
2409
The
2248
2248
1928
as
£3713
275
£3714
reported by cable, have been
Sat.,
Apr. 13
£3714
1
1
20
2252
2252
2424
2098
2425
2257
2258
843
1285
1
15
1
2106
1
1
1
15
18
2586
30
2263
tine
20Md.
British
20Md.
168s.
168s.
168s.
Fri.,
Apr. 20
20Md.
168s.
£72M
£72M
£72M
£72 M
£72 %
Closed
£99 K
£99 M
£99M
£99M
£99 9-16
Closed
£109 M
£109 M
£109 M
£109M
4%
1960-90
The
price of silver per ounce
States
the
on
Bar N-.Y.
U. S.
Thurs.,
Apr. 19
Wed.,
Apr. 17
20 15-16d.
3M%
War Loan
British
follows the past week:
20Md.
168s.
168s.
oz.
as
Tues.,
Apr. 16
-
same
£109M
(in cents) in the United
days have been:
34 %
34 X
34 H
34 X
35
71.10
(for.) 34%
71.10
71.10
71.10
71.10
Treasury
2261
2108
2586
p.
Consols, 2M%- Closed
2431
2108
1
Mon„
Apr. 15
Sliver, per oz._ Closed
Gold,
CABLE
daily closing quotations for securities, &c., at London,
2088
2088
2089
MARKET—PER
FINANCIAL
ENGLISH
2247
2248
2584
2261
(newly mined)' 71.10
FOREIGN
Pursuant to the
Act
of
EXCHANGE RATES
requirements of Section 522 of the Tariff
the Federal Reserve Bank is now certifying
1930,
1
2109
daily to the Secretary of the Treasury the
1
2111
cable transfers in the different countries
1
1608
2590
give below
18
1
1289
1
2112
25
1783
-Apr. 20
buying rate for
of the world.
We
record for the week just passed:
2435
Pacific Atlantic Steamship Corp.Marine equipment bonds
a
EXCHANGE
FOREIGN
APRIL
bonds.
.June
1
..May
.-July
9
2592
1
2592
Country and Monetary
-June
1
2268
1455
2592
RESERVE
19, 1940, INCLUSIVE
UnU
1
FEDERAL
BY
UNDER TARIFF ACT OF 1930
1940, TO APRIL
1453
♦St. Louis Public Service Co. 1st mtge.
13,
CERTIFIED
RATES
BANK TO TREASURY
Richmond-Washington Co. 4%
♦Safeway Stores, Inc., preferred stock.
San Jose Water Works 1st mtge. 3Ms_,
♦Swift & Co. 1st mtge. 3:
Telephone Securities, Ltd
Thompson Products, Inc.
..May 15
1789
7
2423
Denmark,
1
2278
Announcements this
THE
ENGLISH
week,
x
30
2131
1
2131
Volume 149.
GOLD
AND
MARKETS
SILVER
krone—
Montague & Co. of London,
formerly issued weekly, has been changed to
The last weekly letter of the firm
our
issue of March 2,
initial
1940,
page
1375.
$
$
.168094
.168155
.167850
.167366
.167400
.167455
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
monthly
sur¬
was
published in
Following is the
monthly report, written under date of April 1:
GOLD
a
.
4.035000
4.035000
4.035000
4.035000
4.035000
4.035000
Free
3.521388
3.504305
Netherlands, guilder-
Norway,
3.499583
3.490694
3.513750
.017833
.017666
.017666
.017666
.019987
.019843
.019775
.019908
.019861
.401200*
.401133*
,401133*
.401166*
.401166*
.401166*
.006525*
.006537*
.006531*
.006543*
.006531*
.175830*
.175830*
.175830*
.175830*
.175830*
.050465
pengo—
Italy, lira
3.525972
.017833
.019958
.175830*
Finland, markka
France, franc
Germany, reichsmark
Greece, drachma
.050428
.050437
.060450
.050457
.050450
.530788
.530750
.530755
.530755
.530755
.530755
a
a
krone
a
Poland, zloty
vey.
$
ii
Official
Hungary,
The bullion letter of Samuel
Apr. 18
$
Apr.
Engl'd, pound sterl'g
pref. stock
Youngstown Sheet & Tube Co. 1st mtge. bonds.
♦
Apr. 17
$
a
2130
Belgium, belga
Bulgaria, lev
Czechoslov'la, koruna
Wisconsin Telephone Co. 7%
Apr. 19
Apr. 15
S
2441
2596
New York
Apr. 13
Europe—
.May 11
May
.May 13
1
-May
pref. stock
conv.
♦United Biscuit Co. of Ai
Noon Buying Rate for Cable Transfers in
Value in United States Money
b
Rumania, leu
a
a
.034150
.034037
.033912
.006531*
a
a
.033937
.033937
a
111
.034150
Portugal, escudo-
.017666
b
a
b
b
b
-
Spain, peseta
Sweden, krona
.091305*
.091305*
.091305*
.091305*
.091305*
.091304*
.236916*
.236666*
.237225
.237360
.237375
.237100
Switzerland, franc
Yugoslavia, dinar
.224166
.224166
.224144
.224166
.224156
.224166
.022475*
.022435*
.022435*
,022435*
.022435*
.022435*
Asia—
The amounts of gold held in the Issue Department of the Bank of Eng¬
land during the month of March, 1940, were as follows: March 6, £236,747;
March 13, £236,758; March 20, £236,758; March 27, £236,758.
The Bank of England's buying price for gold remained unchanged at
168s per fine ounce, on which the above amounts were based.
The
Transvaal
gold output for Feb., 1940 was 1,103,323 fine ounces
with 1,135,482 fine ounces for January, 1940 and 979,128
fine ounces for February, 1939.
The Southern Rhodesian gold output for January, 1940 was 67,686 fine
ounces as compared with 66,190 fine ounces for December, 1939 and 65,154
fine ounces for January, 1939.
as
compared
SILVER
of 5-16d. in the spot and 3-16d. in the
and 20Md., but on March 4, the next
working day, moderate speculative enquiry caused rises of 1 1-I6d. and
Md. for the respective deliveries to 21 Md. and 21Kd.; absence of offer¬
ings was largely responsible for this sharp advance, which was out of pro¬
portion to the volume of business.
A downward reaction of 5-16d. followed on March 5, after which prices
again advanced steadily; there was some Indian buying in sympathy with
pirmer advices from Bombay, and by March 8 prices had reached 21 5-16d.
The month opened with declines
two months' quotation to 20 3-16d.
and 21 Md.
for the
respective deliveries.
Following weakness In Bombay, influenced by a decline in commodity
Erices, the market both deliveries.March 13 London quotations had fallen
ack to 20Md. for eased and by
Renewed hesitation on the part of sellers, and a little trade and specu¬
lative enquiry then again caused a recovery to 20 15-16d. reached on
March 15; 20 13-16d. was then quoted for two days after which prices rose
on some Indian trade buying to 21d. quoted on March 20.
fall of 5-16d. to 20 ll-16d. for both de¬
liveries; there was an absence of buying and the market had to get away
from offerings, doubtless influenced by the news from Washington that
the Senate Banking & Currency Committee had adopted by 14 votes to 4
the Townsend Bill to terminate purchases of foreign silver.
The Bill now
goes to the Senate for action witn the Committee's favorable recommenda¬
tion.
The Bill was adopted by the Committee in spite of Mr. Morgenthau
having testified in opposition to it on March 19, when he proposed that the
problem be studied as part of the Committee's general banking and mone¬
Next day however there was a
China—
Chefoo (yuan)
dol'r
Hankow (yuan) dol
Shanghai (yuan) dol
Tientsin (yuan) dol.
a
a
a
a
a
a
a
.060100*
.060125*
.059568*
.059337*
.059843*
.059512*
.216918
a
a
dollar.
.217968
.218481
.216950
.215950
.217431
India (British) rupee.
.302055
.302055
.302055
.302129
.302129
.301963
Japan, yen
.234383
.234383
.234383
.234383
.234383
.234383
Straits Settlem'ts, dol
Australasia—
.471356
.471356
.471356
.471356
.471356
.471356
3.228000
3.228000
2.799166
2.791458
Hongkong,
a
Australia, pound—
3.228000 3.228000 3.228000 3.228000
Official
2.806250 2.808750 2.788333 2.780208
Free
New Zealand, pound. 2.817708* 2.820416* 2.800000* 2.791666*
Africa—
3.980000 3.980000 3.980000
South Africa, pound. 3.980000
2.810416* 2.802916*
3.980000
3.980000
North America—
cCanada, dollar—
.909090
.909090
.909090
.909090
.909090
.851875
.862812
.862109
.859531
.856406
.838359
.166420*
.166525*
.166525*
.166575*
.166575*
.166575*
Official
.909090
.909090
.909090
.909090
.909090
.909090
Free....
.909090
Official
Free..
...
cMexico, peso
cNewfoundl'd,
dollar
.849583
.860000
.859531
.857031
.853593
.835625
Argentina, peso.-.
.297733*
.297733*
.297733*
.297733*
.297733*
.297733*
Brazil, milrels—
Official
.060575*
.060575*
.060580*
.060575*
.060575*
.060575*
.050333*
.050333*
.050333*
.050333*
.050333*
.050333*
.051650*
.051650*
.051650*
.051650*
.051650*
.051650*
.040000*
South America
Free
Chile, peso—
Official
.040000*
.040000*
.040000*
.040000*
.569850*
.569850*
.569850*
.569850*
.569850*
.658300*
.658300*
.658300*
.658300*
.658300*
.658300*
.391000*
-
peso
.040000*
.569850*
Export
Colombia,
.391000*
.391000*
.391000*
.391000*
.391000*
Uruguay, peso—
Controlled
-
Non-controlled
♦Nominal rate,
a
No rates available,
b Temporarily omitted.
The Commercial & Financial Chronicle
2520
April 20, 1940
MONTHLY REPORT ON GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES AS
OF FEB. 29, 1940
The
monthly report of the Treasury Department, showing assets and liabilities as of Feb. 29, 1940, of governmental
corporations and credit agencies, financed wholly or in part by the United States, was contained in the Department's "Daily
Statement" for March 30, 1940.
Since the statement of July 31, 1938, the report has been made up somewhat
differently from previous reports in that
agencies and corporations financed wholly from Government funds are not listed separately from those financed only partly
from Government and partly from private funds.
In the footnotes to the table below an explanation is given of the sim¬
plification of calculation of proprietary interest.
As now computed, the Federal Government's proprietary interest in these
agencies and corporations, as of Feb. 29, was $3,625,342,185 and that privately owned was $400,059,984.
SUMMARY OF COMBINED STATEMENT OF ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES OF
UNITED STATES. COMPILED FROM LATEST REPORTS RECEIVED BY THE TREASURY*—FEB. 29. 1940
THE
Assets d
Investments
Real
Loans
Preferred
Capital
Stock, Ac.
Securities
e
Accounts
Estate
United
Guaranteed
and Other
and Other
States
Cash
by United
AU
Receivables
Business
States
Other
Securities
S
%
Reconstruction Finance Corporation.....
Commodity Credit Corporation..
Export-Import Bank of Washington.....
Federal Crop Insurance Corporation.....
Federal Deposit Insurance Corporation. .
Tennessee Valley Authority..—
1,055,741,327 476,395.451 £25,003,913
United States Maritime Commission
Federal
h36 340,530
2,443,615
35,785,046 363,805,482
12,816,583
67",758",799
12,028,172
45,647,354
Federal
United States Housing Authority.......
Farm Credit Administration
Federal Farm Mortgage Corporation..
Federal Land banks..........
....
_
Banks for cooperatives..............
16,654",451
1125,850,142
257,452,496
683,694,425
1,896,506,650
187,707,150
71,772,360
3,600,000
15,125,791 105,441,458
37,856,125 12,769,505
24,985,939
48*450
3,38*6*559
220
18,456,119
18,069,499
52,395,393
30,098,554
14,207,020
444,615
Production credit corporations.......
Regional agricultural credit corporations..
War emergency corporations and agencies
(in liquidation):
Navy Department (sale of surplus war
supplies)........—.
—
Sec. of Treasury (U. S. RR. Admin.)..
United States Housing Corporation....
United States Spruce Production Corp.
2,159,131
8,409,536
2,019,011
895,697
16,694,036
196,442,910
2,026,614,494 1202994,210 170,786,244
Savings A Loan Insurance Corp..
391,259
Home Loan banks............
144*,615*385
60,397,532
Housing Administration...
8,098,495
National Mortgage Association.
154,169^715
Federal Intermediate Credit banks
32,826*860 104,143*862
242,255
Home Owners' Loan Corporation
Federal
19,1*13*733
h27 450,543
81,115*219
Public works Administration....
Rural Electrification Administration..
Federal
5,319
45,895,910
6,201,260
419,760 £42,676,277
300
8,001,908
36,400
2,829
11,729,528
39*966
340,002
22,664
309,539,039
8,300,000 £20,784,821
48,148,600
1,236,299
657,919,615
42,043,048
7,925*749
3,340,685
1,021,216
21,548
h3,005,223
1,766,495 128,318.993
180,564
46,189,280
21,297 160,622,844
1,893,467
1,466,052
9,980*657
10,974,340
359,993
454,261
509,950 101,406,793
13,533,807
59,592
4,065
492,867*232
41,684
169,361
3,819,977
653,166
5,968,199
6*1*128
44,592
282,162,143
13,885,200
98,845,407
2,306,939,751
55,159
139,883
34,123
135,593
294,553,873
185,215,198
122,521,216
22,049,410
1,523,168,265
4,594,410
110,598
1,823,247
698,651
4,594,410
46,941
10,050
54,313
123,678
1,182,648
504,019
4,033
'8,309
""*968
h897,208
18,802
11,513
34,038
576,236
69,754
1,677.470,149
694,608,065
78,665,062
14,178,462
513,625,205
328,679,546
81,115,219
213,659,981
198,602,041
2,908,612,401
123,019,203
256,603,605
54,619,663
157,898,102
275,376,860
6,072*964
761,3*29*861
92,579,961
74,799,643
76,613,758
19,721,250
Total
Other 1
Property
1,170
Other:
Disaster Loan Corporation....
Electric Home and Farm Authority...
Farm Security Administration........
19,894,061
10,912,261
264,742,604
Federal Prison Industries, Inc.
Interior Department (Indian loans)...
2",730,ii3
1.000
329,650
654,815
292*392
454,078
Puerto Rican Reconstruction Admin..
4",334", 071
58,349,375
1,219,600
255,892
33,825
4,058*507
295,501
8,784,435
......
Valley Associated Cooper¬
atives, Ino
.....
Treasury Department:
Federal savings and loan associations
*5*244
3,735"262
7*93*,468
335*,978
3,129*275
Inland Waterways Corporation.......
Panama Railroad Co.......
RFC Mortgage Co
20,884,611
11,307,232
264,742,604
19,961*011
47*907
294,922
38,805,807
387,290
2,547,215
hi,890,028
240,443
8,312,760
2,730,113
25,149,873
48,567,955
8,100,886
61,123,029
637*,939
Tennessee
Railroad loans (Transp'n Act, 1920).
Securities received by Bureau of Inter¬
nal Rev. In settlement of tax liab s.
Securities
received
from
under Act of Feb. 24.
'
298,894
2,201
6,976
34,938,500
34,938,500
30,185,928
-4----
30,185,928
172,155
172,155
RFC
the
1938...
'
2,394,400
2,394,400
Inter-agency Items: m
Due from governmental corporations
or
agencies
—
Due to governmental corporations or
agencies
Total.—.-.4
8,097,029,821 715,585,651 493,655,561 764,806,161 129,984,146 893,424,294 414,874,722 552,179,772 777,839,938 12,839,379,866
Bzcess
Liabilities and Reserves d
Proprietary Interest
Distribution of United
State* Interests
of Assets
Guaranteed
bp
Guaranteed by
United States
United Statesq.
Reconstruction Finance Corporation..... 1,098,031,954
Commodity Credit Corporation.........
Export-Import Bank of Washington.....
Federal Crop Insurance Corporation.....
Federal Deposit Insurance Corporation..
Tennessee Valley Authority............
Over
Not
407,581,300
Total
£122,111,862 1,220,143,816
594,608,665
187,027,365
429,395
429,395
7,745,615
7,745,615
224,325,648
224,325,648
14,768,250
14,708,250
Public Works Administration........—.
Privately
Owned by
capital
Liabilities d
Owned
United State*
Stock
457,320,333
100,000,000
78,235,667
6,432,847
289,299,557
139,299,557
313,811,296
81,115,219
158,945,872
198,602,041
United States Maritime Commission.....
Rural Electrification Administration.....
54*.714",l69
Home Owners' Loan Corporation.
p2800574,662
Federal Savings A Loan Insurance Corp..
78*062*682 2,878,630*744
29,975,657
1,350,849
1,350,849
80,483,723
80,483,723
7,502,980
3,863,163
88,192,677
88,192,577
3,956,669
118,244,474
192,648,363
192,648.363
43,202,036 1,325,168,290
1,796,204,845 1,790,204,845
189,188,583
189,188,583
3,032,975
3,032,975
361,007
361,007
2,245,792
2,245,792
121,668,354
Federal Home Loan banks
..........
Federal Housing Administration........
Federal National Mortgage Association..
3*,639*,817
114*,287*805
United States Housing Authority...
Farm Credit Administration....
Federal Farm Mortgage Corporation....
Federal Land banks................—.
1,281,96*6*,254
Federal Intermediate Credit banks......
Banks for cooperatives...
Production credit corporations.......—.
Regional agricultural credit corporations..
War emergency corporations and agencies
(in liquidation):
Navy Department (sale of surplus war
supplies).........—............
See. of Treasury (U. 8 RR. Admin.)
United States Housing Corporation
United States Spruce Production Corp.
54*.714* 109
176,119,882
47,110,083
51,378,882
69,705,525
157,132,386
89,613,780
197,999,975
510,734,906
105,365,290
182,182,223
122,160,209
19,803,618
4,594,410
110,598
1,823,247
698,651
205,586,415
3,795*136
Interagency
Surplus
Interests
500,000,000 £275,981,558 b 318,655,225
457,326,333
100,000,000
100,000,000
3*.23*5*667
75,000,000
78,235,607
b8,*5*6*7*153
6,432,847
15,000,000
150,000,000
150,000,000
49*.822*693
313,811,296 a263,988,603
81,115,219
a81,115,219
b178*299
158,945,872 8159,124,171
117,860,589
880,741,452
198,602,041
200,000,000
c70,024,343 b 190,000,000
29,975,057
21,668,354
121,668,354
100,000,000
124,741,000
124,741,000
847,116,083
47,116,683
55,157,620
10,000.000
4,547,905
09,705,525
18,006,133
138,126,253
1,000,000
157,132,386
a89.613.780
89,613,780
b2,000,025
200,000,000
197,999,975
b6,262,540
305,148,491
124,738,365 1186,672,666
49,519,814
bl4,154,524
105,365,290
70,000,000
15,232.569
149,000,000
14,154,524
178,387,093
2,160,209
120,000,000
122,160,209
14,803,618
5,000,000
19,803,618
4,594,410
110,598
1,823,247
698,651
84,594,410
8110,598
34,100,046
100,000
c32,276,799
198,651
400,000
cl,190,416
161,808
"~b2*,529
yther:
Disaster Loan Corporation.
Electric Home and Farm Authority...
75,027
10,297.953
Farm Security Administration..
181^315
10,297,953
1,009,279
264,742,604
8,131,445
2,730,113
24,467,367
47,355,088
8,100,886
"! 8*1*315
"682*506
Puerto Rican Reconstruction Admin..
RFC Mortgage Co...—...
*6*82*506
1,212,867
Inland Waterways Corporation.......
Panama Railroad Co
1,212,867
1,531*329
—.
Valley Associated
atives, Inc...
•
Treasury Department:
20,809,584
"
Federal Prison Industries, Inc........
Interior Department (Indian loans)...
Tennessee
75,027
1,531*329
59,591,700
22,000,000
20,809,584
850,000
1,009,279
264,742,604 8264,742,604
84,113,380
8,131,445
82,730,113
2,730,113
12,000,000
24,467,367
7,000,000
47,355,088
8,100,886
59,591,700
4,018*065
12*.467*,367
41,336.107
b98l",079
a8,100,886
25,000,000
**19*684
34*.572*016
297,894
Cooper¬
298,894
298,894
1,000
Federal savings and loan associations
34,938,500
34,938,500
Railroad loans (Transp'n Act. 1920).
Securities received by Bureau of Inter¬
30,185,928
30,185,928
34,938,500
830,185,928
nal Rev. in settlement of tax liab's.
172,155
172,155
8172,155
2,394,400
2,394,400
•2,394,400
.
.......
Securities
received from the RFC
under Act of Feb, 24,1938——
Inter-agency Items:
m
Due from governmental corporations
or
agencies...........
868,847,193
......
b68,847,193
Due to governmental corporations or
819,674,992
agencies...........*..........
Total
...
5.706,081,792 3.107,895,905 8,813,977,697 4,025,402,169
For footnotes see top of following column.
19,674,992
400,059,984 3,625,342,18513,168,385,494
666,956.691 1*210,000,900
Volume
The Commercial & Financial Chronicle
ISO
2521
FOOTNOTES FOR TABLE PRECEDING
When
•
These reports are revised by the Treasury Department to adjust for certain
Interagency Items and therefore may not agree exactly with statements Issued by the
respective agencies,
a Non stock (or Includes non stock proprietary Interests),
b Excess Inter agency assets
(deduct).
Deficit (deduct).
d Exclusive of Inter agency assets
and liabilities (except bond Investments and
Federal Land banks from the United States Treasury
surplus.
m Represents
inter agency assets and liabilities of the Treasury Department
and of Government agencies, which agencies are not included in this statement.
n Represents
inter 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
P Excludes $200 bonds of Home Owners* Loan Corporation held as "Treasury"
1 Includes $616,373 due to
for subscriptions to paid In
bonds pending cancellation,
Includes accrued interest.
1938, the proprietary Interest
paid in surplus and non-stock Interest in govern¬
mental corporations and agencies which were offset by a corresponding item under
"inter ageney proprietary interest" of the Treasury, have been omitted (except for
such Items as are included in the inter agency assets and liabilities shown herein)
for the purpose of simplification in form.
the statement of July 31,
represented by the capital stock,
BANKS
following information regarding National banks is
office of the Comptroller of the Currency, Treasury
from the
Department:
•
t-
s
STOCK "B" ISSUED
PREFERRED
/
Amount
April 6—Citizens First National Bank & Trust
Ridgewood, N. J.
Sold locally
Co. of Ridgewood,
$100,000
COMMON CAPITAL STOCK INCREASED
Ami. of Increase
April 8—The Escanaba
$50,000 to $100,000
The
From
National Bank, Escanaba, Mich.
-
$50,000
SALES
AUCTION
foliowing securities were sold at auction on Wednesday
By R. L. Day & Co., Boston:
$ per Share
Stocks
2,576# Dennison Mfg. Co. common A par
12 160-100 North Texas Co., par $10
V%
$5-—-
3%
-
7A
531# Dennison Mfg. Co. common A, par 55
2 Laundry & Valet Service CI., Inc., par $500—
$165 lot
-
Percent
Bonds—
$800 Lincoln Mortgage Co. 5s, April,
1948, reg.*, with 20 shares stock
83# flat
4c
(quar.)
—
Consolidated Lobster Co. (quar.)
Extra
May
S1H
June
50c
Commonwealth International (quar.)
Connecticut Light & Power preferred
Apr.
Apr.
May
30c
—
niH
Cooper-Bessemer, $3 prior preferred
$1H
$1H
Cumberland County Power & Light 6% pf. (qu.)
5#% preferred (quar.)
25c
De Vilbiss Co
7% preferred (quar.)
17Hc
-
J30c
Dominion Bridge Co., Ltd. (quar.)
Dominion Oilcloth & Linoleum Co. (quar.)
Extra
NOTICES
of Bull <fc Eldredge, members of the
New York Stock Exchange, announcement is made of the formation of the
New York Stock Exchange firm of Hughes k Bull by Chas. CM. Bull, mem¬
ber of the New York Stock Exchange, and Walter A. Hughes, with offices
—Following dissolution of the firm
in
the
Sherry-Netherlands Hotel.
Broadway, New York City, are distribut¬
ing the 1940 edition of their circular containing detailed
on 78 principal fire and casualty insurance stocks. "
comparative data
DIVIDENDS
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
Dividends
we
show
the
are
dividends
previously announced, but which
Further details and record of past
have not yet been paid.
dividend payments in many cases are
pany
News
given under the com¬
name in our "General Corporation and Investment
Department" in the week when declared.
The dividends announced this week are:
Per
Name
Share
of Company
American Chain & Cable.
Preferred
(quar.)
American Fidelity Co. (quar.)
American General Corp., $3 conv. pf. (quar.) —
$2# conv. preferred (quar.)_
$2 conv. preferred (quar.)
American Light & Traction (quar.)
Preferred (quar.)
■
American Meter Co., Inc
Anchor Hocking Glass
Associated Electrical Industries
17
15 June
June 15 June
4
$1#
5Cc
Belding Heminway Co. (quar.)
Belknap Hardware & Mfg
Birmingham Fire Insurance Co. of Pa
Blauner's (Phila.) preferred (quar.)
Borden Co. (interim)
Bourne Mills (quar.)
Boyd-Richardson Co., 8% 1st pref
Brewer (C.) & Co. (monthly)
Broadway Dept. Stores, 5% pref. (quar.)
Brown Oil Corp. preferred (quar.)
Buckeye Steel Castings, 6% pref. (quar.)
Buck Hill Falls Co. (quar.)
California Water Service.pref. (quar.)_
Calumet & Heel a Consl. Copper Co
Canadian Fairbanks-Morse (interim)
30c
May
May
37m
75c
25c
—
$1
75c
30c
20c
$2
50c
$1#
$1H
$1H
12Hc
25c
t75c
25c
Castle (A. M.) Co. (quar.)
Mfg. & Power Co. (quar.)
pref. (quar.). —
Central Arizona Light & Power, $7 pref. (qu.)-_
Cedar Rapids
Celotex Corp-,
$6 preferred (quar.)
Chartered Investors, $5 pref. (quar.)__
—
May
May
May
Apr.
June
20c
—
Apr. 13
June
37v1cC
75c
$1#
$1#
%1H
$1#
25c
4
Apr. 15
75c
31#c
(qu.)
June
62 He
50c
2.41c
(final)
Plywood Corp—
Preferred (quar.)
Beaux Arts Apartments, Inc., $3 prior pf. (qu.)
Atlas
1
Apr. 20 Apr.
15c
Associated Telephone Co., Ltd., pref.
Co
June 25 June
$1
40c
American Book Co
Chicago Yellow Cab
When
Holders
Payable of Record
25c
Alpha Portland Cement
27
27
June
June
15
15
15
16
Apr. 16
15 May 29
May
1
Apr. 12
May al
May
1
May
1
May
1
May 15
Apr. 26
A inf. 20
Apr. 25
Mar. 28
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
15
19
19
30
1
13
10
May 15 May
1
June
1 May 15
May
1 Apr. 15
June
May
May
May
May
May
May
15
25
1
20
1
15
15
May 2
Apr. 1
May
Apr.
May
Apr.
Apr. 30 Apr.
May 15 Apr.
May 10 Apr.
May 15 Apr..
May
Apr.
May
Apr.
May
Apr.
June
June
3
22
1
30
22
30
30
Harris (A.) & Co., 7% preferred (quar.)
Havana Electric & Utilities Co. 6% pref
Hawaiian Agricultural Co. (monthly)
75c
June
25c
June
June
15
75c
June
June
15
$1#
t$l X
Apr.
Apr.
Apr.
Apr.
12
25c
June
June
10
12Hc
May
May
May
July
Apr.
Apr. 22
Apr. 15
Apr. 26
July
1
June
May 17
Apr.
Mar. 30
June
May
July
May
May
Apr.
10c
15c
$1H
30
26
18
87m
18
May
1
May 20
May
75c
June
May
— —
16
16
22
10
10
20
15
10
Apr. 20
June
10
6
15
15
25
May
10c
2c
Hedley Mascot Gold Mines, Ltd
Hilton-Davis Chemical (quar.)
Horne (Joseph) Co. 6% preferred (quar.)
Hudson Bay Co. 5% preferred (s.-a.)
Hussman-Ligonier (quar.)
Inglewood Gasoline Co
International Harvester preferred (quar.)
20c
$1
Apr. 30
May
May
May 10
Apr. 24
Apr. 20
Apr. 23
Apr.
May
June
July
20
*5c
May
Apr. 20
He
June
$1H
—_
June
May 30
May
3
Corp.—
$3# prior preferred (quar.)
Interstate Telephone Co. $6 preferred (quar.) —
Kentucky Utilities, prior pref. (quar.)
Kings County Trust Co. (quar.)
—
Klein (D. Emil) Co. (quar.)
Preferred (quar.)
;
Knickerbocker Fund (quar.)
Leitch Gold Mines, Ltd. (quar.)
Liggett & Myers Tobacco (quar.)
—
Common class B (quar.)
Lincoln Printing Co., preferred (quar.)
Louisiana Power & Light $6 preferred (quar.)
—-
Macy (R. H.) & Co_
Managed Investment, Inc. (quar.)
:
Massachusetts Bonding & Insurance Co. (quar.)
McGraw Electric Co. (quar.)__McNeel Marble Co. 6% 1st preferred (quar.)__
Meier & Frank, Inc. (quar.)
Mid-West Rubber Reclaiming Co
Montgomery & Erie Ry. Co. (s.-a.)
Moody's Investors Service part. pref. (quar.)_.
Morris & Essex Extension RR. Co. guar. (s.-a.)_
87 He
$1H
87 He
$20
25c
«s%
*2c
$1
$1
87Hc
$1H
50c
5c
87 He
25c
$1H
15c
—
25c
l7m
$2
15c
—
Muskogee Co., pref. (quar.)
Nashua & Lowell RR. Corp. (s.-a.)
National Lead Co., pref. A (quar.)
National Power & Light Co. (quar.)_
Nation-Wide Securities Co., B certificates
New England Fund
New Mexico Gas Co., pref. (semi-ann.)
$1#
$3#
$1X
—
15c
3c
1
Apr.
1 Mar. 15
1
1 Apr. 25
June
June
25c
June
50c
May
May
May
$1H
June
10c
May
$3
June
50c
t75c
(quar.).
20c
—
North American Oil Consol. (quar.)
Northern Pipe Line Co
—
Noyes (Chas F.) Co., 6% pref. (quar.).-Occidental Insurance (quar.)
Okonite Co
—
Preferred
(quar.)
Onomea Sugar (monthly)
Ontario & Quebec Ry. (s.-a.)
Debenture stock (s.-a.)
Oswego Falls Corp. (quar.)
—
June
—
1J
Owens-Illinois Glass
—
50c
$1H
Preferred A (quar.)
37 He
34 %e
pref. (quar.).
preferred (quar.)
Pacific Power & Light, 7% pref.
(quar.)
118
6%*preferred (quar.)
May
May
..
Apr. 13 Apr.
9c
Payable on both orig. & cashable stock.
June
50c
June
June
$2
May
May
Aug.
50c
15c
$3$!
$2
$2
10c
25c
40c
10c
-
10c
22c
25c
—
May
May
May
May
Apr.
Apr.
July
June
25c
30c
(quar.)
6
6
19
20
23
25
17
27
6
16
16
10
1
1
20
29
62 He
25c
$1H
2
May 10 Apr. 25
June 15 May 31
$1#
*IX
$1H
$1H
7% preferred (quar.)
Safeway Stores, Inc., 7% Vtet. (final)
6% preferred (final)
St. Paul Fire & Marine Insurance (quar.)
San Gabriel River Impt. Co. (monthly)
Scotten, Dillon Co
Seaboard Oil Co. (Del.), (quar.)
Seaboard Surety Co
1
19
10 May 20
1 May 20
June 15 June
1
$1#
6% preferred (monthly)
-------7% preferred (quar.)
8% preferred (quar.)
Quebec Power Co. (quar.)
Randall Co., class A (quar.)
Republic Investors Fund, pref. A & B (quar.) —Richmond Fredericksburg & Potomac RR.—
7% guaranteed (semi-annual)
6% guaranteed (semi-annual)
Sabin Robblns Paper Co
30
June
5c
Public Service of N. J., $5 pref. (quar.)
10
1
26
15
8
1
20
June
10c
(quar.)
17
May 17
Apr. 19
Apr. 25
15c
——
Powdrell & Alexander, Inc
14
14
22
May 15
40c
—
Public Investing Co. (semi-ann.)
Shawinigan Water & Power (quar.)
Signode Steel Strapping Co..
$2# preferred (quar.)
Smith Agricultural Chemical Co. (quar.)
6% preferred (quar.)j
1
25c
Pennsylvania Gas (quar.)
Shattuck-Denn Mining
May
May
Apr.
Apr.
Apr.
Apr.
1 May
1 Apr.
15 May
1 Apr.
1 May
20 May
1 May
1 May
1 Apr.
15 Apr.
June
$2
5c
Peninsular Grinding Wheel Co
Brewing Co. (quar.)
Piper Aircraft Corp., pref. (quar.)
June
20
30
30
May 15 Apr. 30
May 15 Apr. 30
May
Apr. 20
May
Apr. 20
10c
Park Utah Consol. mines (special)
Passaic & Delaware Extension RR. (s.-a.)
Pfeiffer
May
May
20
15
15
13
15 May 31
1 Apr. 22
1 Apr. 15
1 Apr. 18
22 He
30c
20c
New River Co., 6% preferred
NewVYork Fire Insurance Co.
Apr. 23
May
July
1 June
May
1 Apr.
May 20 Apr.
May 15 Apr.
June
1 May
June
1 May
May
1 Apr.
May
1 Apr.
June
1 May
May 15 May
May
6 Apr.
May
1 Apr.
Apr. 15 Apr.
May 15 May
May
1 Apr.
May 10 Apr.
May 15 May
May
1 Apr.
June 10 May
June
1 May
May
1 Apr.
40c
$1H
Common
Pacific Gas & Electric, 6%
May
May 20 May
May
May
May 15
May 15
May
1
May
1
Apr. 30
May
6
8c
New Process Co
Corp.
June
June
$1.14
July
Preferred (quar.)
Hancock Oil of Calif, cl. A & B (quar.)
Class A & B (extra)
Shareholders
30
25c
II a bison-Walker Refractories
Privateer Mines Ltd.
Mar. 30
Mar. 30
t50c
Georgia Railroad & Banking Co. (quar.)
Giddings & Lewis Machine Tool
Granby Consol. Mining, Smelting & Power
Subject to approval by Can. For. Exch.
Control Bd.
Payable in U. S. currency.
Guardian Realty Co. of Can. 7% preferred
5 H %
Apr. 26
Apr. 20
Apr. 20
May
May
Apr.
Apr.
May
Apr.
Apr.
May
25c
Ferro Enamel Corp
Fuller Brush, class A (quar.)
Fulton Industrial Securities Corp., pref. (quar.).
General Foods Corp. (quar.)
Utilities
Apr. 15
May 15
Apr.
6
Apr.
6
$2#
37Hc
Duquesne Brewing Co. (Pittsburgh) (quar.)
East Shore Public Service Co., $6# pref. (quar.)
$6 preferred (quar.)
Elmira & Williams port RR. (s.-a.)
Equity Corp., $3 conv. pref. (quar.)
Federal Bake Shops
Preferred (s.-a.)
Felin (John J.) & Co., preferred
Fenton United Cleaning & Dyeing Co., 7% pref_
Mountain Fuel Supply
—Mackrubin, Legg k Co., 42
15
30
Apr.
Apr.
Apr.
Apr.
May
May
Apr.
May
30c
—
CURRENT
May
1 Apr.
Apr. 15 Mar.
May 15 Apr.
May 31 Apr.
until June 3.
International
of the current week:
Shares
30%
-
Apr. 30 Apr. 25
Apr. 30 Apr. 25
May 15
N. Y. Curb Exch. rules stk. div. not "ex"
k Includes cash in trust funds.
The
15c
65c
Stock dividend
thereon,
i Shares of State building and loan associations, $40,435,410; shares of Federal
savings and loan associations, $162,558,800.
j Also excludes contract commitments.
As of Feb. 29, 1940, the United States
Housing Authority had entered into definite contrcats for maximum advances
of $626,047,500.
Advances have been made in the amount of $116,650,675, as
of Feb. 29, 1940, against loan contract commitments amounting to $447,721,500.
The Housing Authority has also agreed to disburse $85,983,000 on additional loan
contract commitments amounting to $178,326,000, now being financed by securities
issued by local housing authorities,
NATIONAL
$1#
$7H
(final)
Commodity Public Service Co
g Adjusted for inter agency Items and items In transit,
h Also includes deposits with the RFC and accrued interest
Note—Effective with
Clear Springs Water Service, pref.
Coast Breweries, Ltd. (quar.)
Collective Trading, Inc
deposits with Reconstruction Finance Corporation).
e Excludes unexpended balance of appropriated finds,
f Also includes real estate and other property held for sale,
q
20c
Cherry-Burrell Corp
Preferred (quar.)
^
c
Holders
Payable of Record
Name of Company
1
1
20
1
1
1
17
23
15
June 15
May 15
May
May
May
July
July
July
Apr.
Apr.
May
15
15
15
15
22
20
15
Apr. 30
Apr. 30
May 10
June 20
Apr. 12
Apr. 22
May
6
June
1
Apr. 30
Apr. 15 Apr. 11
May 31 May 10
May 15 Apr. 24
May
May
May
May
3
3
1
1
Apr. 29
Apr. 29
Apr. 20
Apr, 20
The Commercial & Financial Chronicle
2522
Per
Share
Name of Company
When
Holders
1 Apr. 15
May
May 20 Apr. 30
1 Apr. 20
May
1 Apr. 20
May
2 Apr. 22
May
May 15 May
6
June
1 May 15
Apr. 30 Apr. 20
1 Apr. 19
May
-
—
-—
Strawbridge & Clothier, prior pref. A (quar.) —
Sundance Royalties, Ltd
Syracuse, Binghamton & New York RR. (qu.)-Texas Pacific Coal & Oil (quar.)
5H% preferred (quar.)
United Biscuit Co. of America
United
——.
Light & Railways, 7% pref. (mo.)-
15
15
1 June
15
1
Apr.
1 May
15
July
1 June
15
June
Commodity (monthly)
15
15 June
1
Apr. 27 Apr.
1 Apr.
1 Apr.
10
19
15
June 15 May 15
May 15 May
1
1 Apr. 24
May
1 June 15
July
Oct.
1 Sept. 14
Apr. 30 Apr. 22
...
Utica, Chenango & Susquehanna Valley RR_..
(Chas.) & Co., 8% pref. (quar.)._
Westinghouse Air Brake
West. Virginia Pulp & Paper Co.,
6% pf. (quar.).
Wilson-Jones Co. (interim)
Wilsil Ltd. (quar.)
Quarterly. .<»
W J Ii the Goodwill Station
(quar.)
May
May
-
...
give the dividends announced in previous weeks
and not yet
nounced this
paid.
The list does not include dividends
an¬
week, these being given in the preceding table.
Per
Name of
Company
Share
Abraham & Straus
50p
D.) Mfg. Co. (quar.)
Corp
15c
Adams-Miilis
25c
-
Administered Fund, Inc
Aetna Ball Bearing Mfg
10c
-
50c
50c
June 30 June
50c
50c
Sept. 30 Sept. 15
15c
_
$7 preferred
American Home Products Corp
-
six
SIX
$1X
12 He
50c
$1
75c
SIX
SIX
25c
10c
|30c
t35c
20c
American Machine &
Foundry Co
American Paper Goods Co. 7%
20c
pref. (quar.)
7% preferred (quar.)
7% preferred (quar.)
Amer. Rad. & Standard
Sanitary, pref. (quar.)__
American Smelting & Refining,
7% pref. (qu.)__
American Stove Co
American Thermos Bottle class A
SIX
SIX
SIX
SIX
six
1
15
31 Dec.
15
June 30 June
15
Sept. 30 Sept. 15
Dec.
31 Dec.
15
1 Apr. 16
May
Apr. 30 Apr. 15
May 15 Apr. 25*
1 Apr. 11
May
June
1 May 25
Sept. 1 Aug. 25
Apr. 25 Apr. 15
May 10 Apr. 30
June 15 May 25
June 15 May 25
May
1 Apr. 15*
May
1 Apr. 15
June
15 June
Sept. 16 Sept.
5
5
Dec.
16 Dec.
5
June
1 May
30 Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
10 Apr.
24
5
18
20
15
15
18
18
Apr.
May
May
May
May
May
May
May
May
May
May
Apr.
May
May
Apr.
May
May
Apr.
Apr.
Apr.
May
60c
.Time 29 June
25c
May
1 Apr. 17
May
1 Apr. 15
Apr. 23 Apr. 15
June
1 May 10
25c
25c
mx
Anglo-Canadian Telep. Co. 5H% pref. (quar.)__
Appleton Co. (quar.)
Preferred (quar.)
Atlantic City Electric Co. pref. (quar.)
Atlantic Coast Line preferred
Atlantic Rayon Corp. $2H prior
Atlantic Refining Co.,
pref. (quar.)-preferred (quar.)
t5s¥ol
SIX
$1H
$2H
62Hc
-
20c
•_
Atlas Powder Co. 5% pref.
(quar.)
Ault & Wiborg Properties
preferred
SIX
SIX
(quar.)_
Babcock & Wilcox Co
20c
Badger Paper Mills 6% pref. (quar.)
Bala ban & Katz preferred
(final)
Baldwin Rubber Co.
(quar.)
Extra
75c
$1.17
12Hc
12 He
Bandini Petroleum Co
(quar.)
II
Bangor Hydro-Electric
Bank of America (quar.)
Bathurst Power & Paper class A
.
Beatty Bros., Ltd., 1st preferred (quar.)
Bellows & Co., Inc., class B
Bendix Aviation Corp
loc
$1H
$1
4
23
1 Apr. 26
1 Apr.
5
25 Apr. 15
1 Apr. 19
1 Apr. 15
30 Apr. 15
1 Apr. 20
31
20 Apr. 15
20 Apr. 15
23 Apr. 12
1 Apr. 10
15
Birmingham
Gas Co. prior pref.
Birtman Electric Co.
(quar.)
Preferred (quar.)__
:::::::::
(quar.)
I"
Bloomingdal e Bros
Ridge Corp. $3 pref. (quar.)
Optional div. 1-32 sh. of common
Bon Ami class A
(quar.)
Blue
June 29 June
June
40c
May 15 Apr.
25
June
20
87 He
25c
SIX
112
Z
or
ZIZZZZI
ism
29
29 June 29
1
May
May
1 Apr. 15
May
1 Apr. 15
Apr. 25 Apr. 15
June
1 May
6
cash.
$i
62 He
-
Class B (quar.)
Boston Edison Co. (quar.)
Boston Metal Investors, Inc
Z
ZZ
I
Bourjois, Inc., preferred (quar.)_.
Bower Roller Bearing Co
Brentano'sBook Stores, Inc., $1.60cl.~A
(quar.)
Brewer (C.) & Co.
(monthly)
Brewers & Distillers of Vancouver.
Extra
Co.6%' pf" (qu.)II
Brooklyn Teleg. & Messenger Co. (quar.)
Brooklyn Union Gas Co
Buffalo Insurance Co.
(quar.)__ZZZZZZZZZZZZZZ
Buffalo Niagara & Eastern
Power, 1st pref.(qu.)
Bullock Fund, Ltd.
vu '
Bullock's, Inc., pref. (quar.)
Burroughs Adding Machine Co
50c
75c
25c
(Bkfy n. ,"N. Y.) "(qui) 11
Best & co__
British Columbia Telephone
Dec.
15 June
30c
American Zinc Lead & Smelting,
prior pref
Drop Forge Co
June
25c
(A. S.) Co, (quar.)
(quar.)
Quarterly----...
Quarterly
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Amalgamated Sugar Co., 5% pref. (quar.)
Amerada Corp. (quar.)
American Can Co. (quar.)
American Cities Power & Light $3 class A
(qu.)
1-32 sh. of cl. B stk., or. at holders' opt., cash.
American Envelope Co., 7%
pref. A (quar.)
7% preferred A (quar.)
American Equitable Assurance (quar.)
American Factors, Ltd. (monthly)
American & Foreign Power Co., Inc., $6 pref
$2
18c
68 Xc
75c
40c
50c
50c
25c
t$lH
SIX
25c
$3
SIX
10c
SIX
ZZZZ
II
15
15
10
Apr. 25 Apr. 17
May 15 May
June 20 June
May
I
1 Apr.
15
Apr. 25 Apr. 20
May 20 Apr. 27
May 20 Apr. 27
May
1 Apr. 16
June
1 May 21
June
1 May
7
May 29 Mar. 22
May
Apr. 15
May
Apr. 15
May
Apr. 11
June
37Hc
June
Apr. 27
May 8
May
Apr.
By era (A. M.) Co. preferred
$2,166
Represents div. due Aug. 1, 1935, and int".
thereon to May 1, 1940.
Calgary Power Co., Ltd., pref. (quar.)
S1H
California-Western States Life Insurance
50c
(s.-a.)
-
__
$1
Campbell, Wyant & Cannon Foundry
Canada Northern Power Corp., Ltd
Canada Wire Ac Cable, class A (quar.)
Class A (quar.)
50c
Class A
25c
Co
t30c
$1
$1
Canadian
Class B
Canadian
Canadian
Canadian
Extra
5
May
1 Apr. 15
Sept. 15 Aug. 31
When
tlOc
$4%
June
t70c
12Hc
12Hc
Carolina Clinchfield & Ohio Ry. Co. (quar.)
Carolina Telephone & Telegraph Co. (quar.)—
Celanese Corp. of America—
Stock dividend (1 sh. for
Dec.
May
May
May
Apr.
Apr.
May
mx
mx
"$2
each 40 held)
Chain Belt Co
Chain Store Investment Corp. $6H pref. (quar.)
Cincinnati Union Terminal, 5% pref. (quar.)—
5% preferred (quar.)
City Title Insurance (auar.)
City Water Co. of Chattanooga 6% pref. (qu.)
Clearfield & Mahoning Ry. (s.-a.)
Cleve. Cine. Chicago Ac St. Louis pref. (quar.)_
Coca Cola Bottling Corp. (St. Louis)
(quar.) —
Columbia Gas & Electric Corp. J
6 % cumulative preferred series A (quar.)
5% cumulative preferred (quar.)
5% cumulative preference (quar.)
Columbia Pictures Corp. S2X conv. pref. (qu.)_
-
-
$3.50
SIX
$2
20c
5c
SIX
mx
t$lH
SIX
$1
25c
SIX
SIX
SIX
12Hc
$1H
$1H
SIX
25c
20c
SIX
SIX
SIX
68Xc
30
30
22
14
15
5
30
31
31
15 Nov. 30
1 Apr. 19
1 Apr. 19
1 Apr. 15
30 Mar. 30
30 Mar. 30
1 Apr. 18
1 Apr.
1
15 May
1
15 May
1
May
May
Apr. 20 Apr. 10
Apr. 21 Mar. 25
1 Mar. ;15
14
May
7% 1st preferred
7% prior preferred (quar.)
Celluloid Corp. 1st pref. participating stock
Central Hudson Gas & El. Corp., com. (quar.)_
Central Investors Corp
Central New York Power Corp. 5% pref. (quar.)
Central Power & Light Co. 7 % cum. pref
6% cumulative preferred
Century Ribbon Mills preferred (quar.)
Cerro de Pasco Copper Corp—
Holders
May 15 Apr.
May 15 Apr.
Apr. 30 Apr.
Oct.
1 Sept.
1 Apr.
May
Apr, 26 Anr.
Apr. 25 Mar.
June 15 May
Sept. 15 Aug.
$1
(quar.)
Foreign Investments (interim)
Industries, Ltd., class A
(quar.)
Investors Corp. (quar.)
Marconi Co. (initial)
Oil Cos. (quar.)
1940
Payable of Record
J37Hc
mx
(quar.)
Preferred
June 30 June
1 June 14
July
Apr. 30 Apr. 16
1 Mar. 30
May
Apr. 20 Mar. 30
1 Apr. 10
May
1 Apr. 15
May
1 Apr. 15
May
June
1 May 20
1 Apr. 16
May
Apr. 25 Apr: 10
1 Apr. 15
May
1 June 19
July
Oct.
1 Sept. 18
Apr. 20 Apr. 15
1 Apr. 12
May
1 June 20
July
Apr. 30 Apr. 20
Apr. 20 Apr. 10
May 15 Apr. 20
May 15 Apr, 20
May 15 Apr. 20
May 15 Apr. 20
1
May 15 May
Columbus & Southern Ohio Electric—
6H% preferred
May
1
May
1
May
1
May
1
May 15
May
Commonwealth Investment Co. (quar.)
Concord Gas. 7% preferred,
Connecticut River Power (quar.)
Prior preferred (quar.)
Consolidated Edison (N. Y.), pref. (quar.)
Consolidated Laundries, pref. (quar.)
May
1
May
1
May
1
May 15
Consolidated Oil (quar.)
—
Oct.
non-cum.
prior pref
Corporate Investors class A (quar.)
Coty, Inc
Cresson Consoi. Gold Mining & Milling (qu.)
Drug Co
Apr.
15
1 June
15
—
-
(quar.)
Apr.
May
May
May
May
May
Apr.
May
May
May
Apr.
1 Sept.
25 Apr.
15 Apr.
1 Apr.
1 Apr.
1 Apr.
1 Apr.
20 Apr.
15 Apr.
1 Apr.
15 Apr.
25 Apr.
June
7% preferred (quar.)
Corn Exchange Bank Trust (quar.)
Corn Products Refining (quar.)
Crum Ac Forster 8% pref.
Cuneo Press, Inc. (quar.)
Preferred
15
15
May 15
19 June
May
Consolidated Royalty Oil Co. (quar.)_
Continental Can Co., Inc. (quar., interim)
Coon (W. B.) (quar.)
Crown
July
15
15
15
15
30
Mar. 29
Apr. 15
Apr. 15
1 May 21
June
(quar.)
8% preferred (quar.)
Corduroy Rubber $3
1
June
Consolidated Chemical Industries class A
Consolidated Cigar Corp. 7% pref. (quar.)
Consolidated Paper Co
Consolidated Retail Stores 8% pref.
Apr.
Apr.
Apr.
Apr.
Apr.
May
1 Apr.
June
Commercial Alcohols. Ltd. (interim)Commonwealth Edison Co
1 Apr. 20
15 June
1
June
(guar.)
Cunningham Drug Stores (quar.)
Preferred B (quar.)_
Dallas Power Ac Light 7% preferred (quar.).
$6 preferred (quar.)
Davenport Water Co. 6% preferred (quar.)
Dayton Rubber Mfg. class A (quar.)
Debenture & Securities Corp. (Canada)—
Preferred (semi-annual)
Preferred (semi-annual)
Decca Records, Inc. (quar.)
14
15
25
13
13
20
19
5
29
22
30
15
1
Apr. 20 Apr.
5
Apr. 20 Apr.
5
May
1 Apr. 17
May
1 Apr. 17
May
1 Apr. 12
May
1 Apr. 18
July
2 June 21
23
1-2-41 Dec.
May 28 May
Apr. 30 Apr.
May
1 Apr.
June
1 May
Apr. 20 Apr.
June
1 May
July
5 June
20
Semi-annually.Detroit-Michigan Stove 5% pref. (initial)
Jan. 1*41 Dec.
20
Diamond Match Co.
June
Deinite
Mines
(initial)
Dennison Mfg. Co., debenture (quar,)
Dentists' Supply (N. Y.) (quar.)
—'-
Detroit Gasket &
Preferred
Mfg. Co
(quar.)
Detroit-Hillsdale & Southwestern (s.-a.)
— _
14
2
20
5
15
20
Apr. 25 Apr. 15
1 May 10
Sept. 3 Aug. 12
(quar.)
Quarterly
Quarterly
Dec.
-
Preferred
(seml-ann.)
(semi-ann.)
Di-Noc Mfg. Co. 6% preferred (quar.)Distillers Corp .-Seagrams pref. (quar.)
Payable in U. S. currency.
2 Nov. 12
Sept. 3 Aug. 12
3-1-41
2-10-41
Preferred
June
1 May 20
May
1 Apr.
15
Dividend Shares.Dixie-Vortex Co. (interim)
Class A (quar.)
May
1 Apr. 15
May 15 Apr. 25
July
1 June 10
Doctor Pepper Co. (quar.)
June
1 May 18
3 Aug. 17
Quarterly
Quarterly
Sept.
Dec.
;
Dome Mines, Ltd
Dome Mines Ltd
July
Domestic Finance preferred (quar.)
Dominion Oil Fields (monthly)
Dominion Tar Ac Chemical, pref. (quar.)
Dow Chemical Co. common (quar.)
Preferred (quar.)
Dunlop Rubber Ltd. Am. dep. rec. (ann.)
Bonus
Apr. 30 Apr.
Apr. 30 Apr.
May
1 Apr.
10c
Butler Bros, preferred
(quar.)
Apr. 25 Apr. 15
1 Apr. 15
May
1 Apr. 19
May
Apr. 20 Mar. 30
Apr, 25 Apr. 15
1 Apr.
May
8
1 Apr. 19
May
Apr. 25 Apr. 19
1 Apr. 22
May
$1 X
Aluminum Mfg., Inc.
Extra
Holder
35c
Aloe
Bensonhurst Nat'l Bank
When
Payable of Record
25c
Akron Brass Mfg. Co
Alaska Juneau Gold Mining (quar.)
Alabama Power Co., $5 pref. (quar.)
Allen Industries
Atlas
15
1 Apr.
1 May
1 Apr. 20
May
June 29 June 15
Walton
Adams (J.
15
June
6% preferred (quar.)
we
15
1 June
July
May
6% preferred (monthly)---.
6% preferred (monthly)
Below
Apr.
1 May
July
May
United States Fire Insurance Co
United States Potash Co
Universal
1
June
—
25c
Camden Fire Insurance Assoc. (s.-a.)
Canadian
May
—
-
62Hc
Canadian Bronze Co., Ltd
June
7% preferred (monthly)
7% preferred (monthly)
6.36% preferred (monthly).
6.36% preferred (monthly)
6.36% preferred (monthly)
6% preferred (monthly)
25c
Corp
5% pref. (guar.)
Calumet Ac Heel a Consoi. Copper
Cambria Iron semi-annual
June 15 June
5
June 15 June
5
June
1 May 16
1 Apr. 20
May
1 Apr. 20
May
_
Truax-Traer Coal, 6% pref. (quar.)
Share
Company
June
1 May 11
May 15 May
1
June
1 May 25
-
United Drill & Tool Corp., class A
Class A (quar.)
Name of
California Packing
Standard Products Co
Standard Silica Corp
Trane Co--Preferred (quar.)
Per
Payable of Record
Southern
Grocery Stores, Inc.—
Preferred & participating ^semi-ann.)
Sovereign Investors (quar.)
Stouffer Corp., class B——
Class A (quar.)
April 20,
Du Pont
(E
I.) de Nemours
$4H x>ref. (quar.)
Electric Bond & Share Co. $6 pref. (quar.)
$5 preferred (quar.)
,
Electric Household Utilities
-
Empire & Bay State Telep. Co. 4% gtd. (qu.)
Employers' Group Associates (quar.)
Emporium Capwell 7% pref. (s.-a.)
4H% preferred (quar.)
4H% preferred (quar.)
4 H % preferred (quar.)
Esquire. Inc. (s.-a.)
Eureka Pipe Line Co
—
_
Extra
•
Faber, Coe & Gregg pref. (quar.)
Falstaff Brewing Co. (quar.)
Fansteel Metallurgical Corp.,
preferred (quar.)_
Preferred (quar.).
Preferred (quar
p.).
Farmers Ac Traders Life Insurance
(quar.)
Quarterly
Quarterly
Federated Department Stores
Fibreboard Products. Inc., 6% prior pref. (qu.)_
Fidelity Ac Deposit (Md.) (quar.)
2 Nov. 16
20 June 29
30
Apr. 20 Mar.
May 1 Apr.
Apr. 30 Apr.
May
1 Apr.
May 15 May
May 15 May
May 14 Apr.
May 14 Apr.
Apr. 25 Apr.
May
1 Apr.
May
1 Apr.
Apr. 25 Apr.
June
Apr.
Sept.
July
Oct.
24
17
15
12
12
10
10
10
10
1 May 21
30 Apr. 16
21 Sept.
7
1 June 22
1 Sept. 21
Dec. 21
1- 2-41
Apr. 20 Apr. 16
May
1 Apr. 15*
May
1 Apr. 15*
May
1 Apr. 20
May 29 May 15
June 30 June
15
Sept. 30 Sept. 16
Dec.
18 Dec.
14
Oct.
1 June 10
1 Sept. 10
Jan.
2 Dec.
July
11
Apr. 30 Apr. 20
1 Apr. 15
Apr. 30 Apr. 15
May
Volume
The Commercial & Financial Chronicle
150
Fidelity Fund, Inc. (quar.)
Fiduciary Corp. (quar.)
Filene's (Wm.) Sons Co-Preferred (quar.)
—-
Share
May
May
Apr.
$1.18 % Apr.
Fire Association of Philadelphia (s.-a.)
Si May
Firemen's Insurance Co. (Newark, N. J.) (s.-a.)
20c May
Firestone Tire & Rubber
25c
Apr.
-
-
-
-
First National Bank of J. C. (quar.)
Fort Wayne & Jackson RR., 5)4% pref. (s.-a.)
Franklin Telephone2)4 % gtd. (s.-a.)
1%
$2)4
Froedtert Grain & Malting-.
Preferred (quar.)
Fyr-Fyter Co. class A
,
-
-
Gardner-Denver Co. (quar.)
Preferred (quar.).,
General Box Co. (semi-annual)
-
...
-
General Electric Co. (quar.)
General Foods, $4)4 pref. (quar.)
•-
-
—
General Mills, Inc
Additional dividend-.-—
General Motors Corp., $5 preferred (quar.).—General Outdoor Advertising Co., class A..
—
Preferred (quar.)
————_
Gillette Safety Razor, preferred
General Shoe Corp
Gimbel Bros. 6 % pref. (quar.)
Glen A1 den Coal
(quar.)--
-
-
-
—
$1)4
20c
80c
25c
25c
75c
2c
35c
$1 H
SI
37 He
$1H
$1
1)4%
$1)4
30c
$1)4
12 He
Globe & Republic Insurance Co. of America (qu.)
Gold & Stock Telegraph Co. (quar.)
Gorham Mfg. Co
Goshen & Deckertown Ry. (annual)
-----Goulds Pumps, Inc., 7% preferredGreat Lakes Engineering Works (quar.)
12 He
$1H
50c
40c
t$l
—»;—
15c
—
34)4c
——-----
25c
-
Green (H. L.) (quar.)
Griesedieck-Western Brewery Co.—
50c
-
-——
Hammermill Paper Co
Hanna (M. A.) Co. $5 cumul. pref. (quar.)—-----
Harbison-Walker Refractories Co.6% pref. (qu.)
Hartford Electric Light—
—
Hartford Times, Inc., 5)4% preferred (quar.)-Hat Corp, of America preferred (quar.)
I
Hawaiian Agricultural (monthly)
Hawaiian Commercial & Sugar Co. (quar.)...
-
Hawaiian Pineapple (quar.)
Hershey Chocolate (quar.)
Preferred (quar.)
Hibbard, Spencer, Bartlett & Co. (mo.)
Monthly--———
r
Monthly
Hires (Chas. E.) Co. (quar.)
Hollinger Consol. Gold Mines
10c
50c
25c
—
$1
—
15c
—
,
J15e
25c
$1)4
$1H
6854c
6854c
$ 154
12Mc
15c
$1)4
75c
Hayes Industries, Inc
Hecker Products Corp. (quar.)
Hercules Powder Co., pref. (quar.)
*
15c
15c
30c
1%
1%
Extra---.
Holly Sugar Corp., 7% pref. (quar.)
Homestake Mining Co. (monthly)
Honolulu Gas (quar.)
Horders, Inc. (quar.)
Hormel (Geo. A.) & CoPreferred A (quar.)
Horn;(A. O.) Co.—
——
45c
——
—
Apr,
Apr.
Apr.
Apr.
Apr.
Apr.
10
Sept.
May
May
May
July
Apr.
May
July
Apr.
May
May
May
May
May
May
May
Apr.
Apr.
Apr.
Apr.
July
5
June
20 Apr.
Apr.
June
25
1
1
1
1
15
15
1
30
25
20
30
1
Mar.
Apr.
Apr.
Apr.
20
15
15
15
21
10
20
10
15
10
10*
10*
Apr.
May
8
6
6
Apr.
1
Apr. 16
Apr. 10
Apr.
5
Apr. 20
May
June 29
June 15 June
1
Apr. 20 Apr.
Apr. 25 Apr.
May
1 Apr.
May
1 Apr.
10
15
24
June
18
—
—
Idaho Power Co. 7% pref. (quar.)
—
—
Apr. 30
15
June
Incorporated Investors
Line Co
—Institutional Securities Ltd. (Ins. Gp. Shs.)
Payable in stock.
Interchemical Corp-——
Preferred (quar.)-----International Cigar Machinery Co
International Metal Industries, Ltd., pref— __
Preferred (quar.)——i
——
Indiana Pipe
Preferred class A—
——-——Preferred class A (quar.)
—
International Nickel of Can., pref. (quar.)
16
15
6
15
15
18
Apr. 20 Apr. 10
May 15 May 4
Apr. 30 Apr. 20
4
Apr. 25 Apr.
May 1 Apr. 10
3
May 15 May
May 15 Apr. 25
May 15 Apr. 25
International,Utilities $3)4 prior pref
—Interstate Dept. Stores pref. (quar.)
Interstate Hosiery Mills-——
Iowa Elec. Light & Power Co., 7% pref. A
6)4% preferred B
6% preferred CIron Fireman Mfg. common v. t, c. (quar.).—.
(quar.)——
Johnson Ranch
—
—
—-—
_
June
2)4%
25c
5c
$154
$1)4
5%
15c
10c
2)4 %
May
May
Apr.
Apr.
Apr.
May
Ap.r
Apr.
Apr.
Apr.
20
12
20
27
27
15
15
11
15
15
20
15
10
15
15
July
May
Apr.
May
May
8 Apr. 25
Apr. 30 Apr. 4
May 15 Apr. 26
May
1 Mar. 30
Apr. 20
—
Kaufmann Dept. Stores.
—
-
Kemper-Thomas 7% special pref. (quar.)——
Special preferred (quar.)
—
Special preferred (quar.)----Kendall Co. $6 part. pref. A (quar.)
—
$6 part. pref. A (partic.)
Keith-Albee-Orpheum 7 % preferred
King Oil Co. (quar.)
—
Kirkland Lake Gold Mining (s.-a.)----—
Extra
Knickerbocker Insurance Co. (guar.)
Kokomo Water Works 6% preferred (quar.)
Kootenay Belle Gold Mines Ltd—
Kresge (S. 8.) Co. (quar.)-—
—
Kress (S. H.) & Co
——
Special preferred (quar.)
.
Kroger Grocery & Baking— _ —
—
6% preferred (quar.)-—.—
—
7% preferred (quar.)
—■—
7% preferred (quar.)
——.——
Lake-of-the-Woods Milling---...—---------Preferred (quar.)—
Preferred (quar..
r.).
7% pref. (quar.).
Lansing Co. (quar.)
Lazarus (F. & R.) & Co
Leath & Co. preferred (quar.).
Lebanon Valley Gas (quar.)—.
Lehigh & Wilkes-Barre Corp..
Lane Bryant. Inc.,
—-
May
May
Mercantile
5%
6%
Acceptance Corp.—
preferred (quar.)
preferred (quar.)
preferred (quar.)-preferred (quar.)
preferred (quar.)-.
preferred (quar.)-—-
June
-----
Dec.
—
guarterly
xtra
xtra
Suarterly
—
June
Oct.
5
g
Monmouth
t$ ih
Consoi. Water Co. $7 pref. (qu.)——
Mar. 30
Mar. 30
Mar. 30
June
Mountain States Power Co.
^%
i2m
fig
\\i
June
June
May
May
Apr.
Apr.
Apr. 20
Apr. 20
Apr. 10
Apr.
9
Apr.
Apr.
9
May 20
June
Sept.
Aug. 20
Deo.
Nov. 20
June
May 10
May 10
$1.38
June
t$}|*
15c
July
May
May
May
June
Apr.
May
Apr,
Apr.
15c
flc
12 He
$1)4
14c
30c
40c
15c
50c
$1)4
$1
18
19
$354
preferred (initial)
(quar.)——
Power Consol. (quar.).
Dry Goods Co. (quar.)
—
Montana Power Co. $6 pref.
—
Montreal Light, Heat &
Moore (Wm. R.)
——
t
nr-
rTTtT-ff-- — 1---—-Tfr- — -
--f'rTW
May
May
Apr.
19
Apr. 19
June
May 10
July
Aug.
May
June
Preferred B (quar.)—
New England Gas Sc Elec. Assoc. $5)4 pref
New York Air Brake Co—
—
New York Merchandise Co. (quar.)——-——
New York Mutual Telephone (s.-a.)———-—
(quar.)
Class A
Dec.
May
May
Apr.
July
May
Apr.
Niagara Hudson Power 1st pref. (quar.)
2nd preferred A & B (quar.)-1900 Corp., class A (quar.)
—
Class A
Sept.
Apr. 15
May 20
Apr.
15
June
15
Apr, 15
Apr. 12
$1H
fquar.)--.-——
Norfolk & Western Ry. pref. (quar.).
North American Oil (quar.)
North River Insurance
Northern Illinois Finance Corp
Preferred (quar.)
Northern Ontario Power pref. (quar.)
Northern RR. (N. H.) (quar.)—-—
Sept. 20
_
Dec. 20
1
May 15 May
Apr. 25 Apr. 10
Apr. 25 Apr. 10
June
1 May
9
June
1 May 10
|May
1 Apr. 11
Apr. 30 Mar. 30
July
1 July
1
Oct.
1 Oct.
1
1-2-41 Dec. 31
June
June
QuarterlyQuarterly
Mt. Diablo Oil, Mining & Deyel. Co. (quar.)—
Muskegon Motor Specialties cl. A (quar.)
National Battery Co—
National Bearing Metals Corp
7% preferred (quar.)-————----—
National Brush Co. (guar.)——
National Casket Co. (s.-a.)
National City Lines pref. (quar.)
Class A (quar.)
National Distillers Products (quar.)
National Electric Welding Machine Co. (quar.).
National Food Products Corp. class A (s.-a.)—
National Funding Corp. (Calif.) (quar.)
National Lead pref. B (quar.)—.
—
National Power & Light preferred (quar.)
—
National Savings & Trust Co. (Wash., D. O.)—
Nehi Corp., stock div. of 4 additional shares of
common stock for each share of common held.
N. Y. Curb will announce ex-div. date later
1.18)4
Neisner Bros., Inc., 4H% pref. (quar.)—
Nelman-Marcus Co., 7% preferred
$1)4
Neon Products of Western Canada, Ltd.—
6% preferred (s.-a.)HP
30c
New Bedford Rayon, class B
OI&SS
Jan.
Apr. 25 Mar. 30
Newberry Realty preferred A (quar.)
17
20
19
15
15
$1H
$1H
——————
Newberry"(L j") 5%"pr^^ed~A"(quar.)-——
July
Apr.
May
May
Hi
Co—
-*
Morris (Philip) & Co., Ltd.. Inc.—
Apr. 15
June
June
75c
Mar. 30
um
Monroe Loan Society, 5H % pref. (quar.)
Monsanto Chemical Co. pref. A and B (s.-a.)—
May 31
$154
$154
25c
Mar. 30
—
Apr.
June
62Hc
14
Apr. 13
(initial)
June
50c
liS
m
6
Dec. 20
Dec. 20
June 20
July
Apr.
Apr.
Apr.
Apr, 15
Apr. 15
May 25
1
Sept. 20
Sept. 20
Jan.
81 He
June
May
June 20
June 20
Oct.
———
25c
May
May
_
July
July
5
5% conv cum. preferred (quar.)
—
Morris Plan Insurance Society (quar.)-———
9
15
15
15
15
22
15 June 11
Jan.
June
Nov.
Apr.
Apr,
Apr.
Apr,
Apr.
Apr. 20 Mar. 30
May
Apr. 15
-----------
June
Sept.
1 Apr. 20
June
—-—— —
June 15
Apr. 23
Apr. 15
Dec.
1 Apr. 20
Oct.
Extra--
Quarterly
Quarterly
May 10
Aug. 10
23 Dec. 13
May
1
May
1
May
1
May
1
Apr. 25
Morrell (John) &
30c
30c
30c
5c
1
May
May
Michigan Bakeries, Inc. $7 pref. (quar.)
$1 non-cum. prior preferred (guar.)
Michigan Gas & Electric 7% prior lien———
$6 prior lien
- —
Michigan Public Service, 7% pref.
6% preferred—
Micromatic Hone Corp
—
—
Preferred (quar.)—
-----Mid-Continent Petroleum-Midland Oil Corp. $2 preferred——
Mississippi Power & Light, $6 pref
Modern Containers, Ltd. (quar.) —
June 29
f75c
20
29 June 20
Sept. 30 Sept. 20
(quar.)
(quar.)
July
July
May
May
1
5 Dec.
June
$1)4
$1 1-3
87)4c
$1)4
t$6
Apr. 15
Apr. 15
Apr. 15
Apr.
1
5 Sept.
Dec.
Apr. 30 Apr.
May 15 May
(quar.)—
Messenger Corp. (interim)
Met/al & Thermit, preferred (quar.)
5 Dec.
5 June
Sept.
—
5 Sept.
Dec.
—
—
5 June
Sept.
—---------
<—
Merchants & Manufacturers Insurance
Preferred
Preferred
June
—
.
$ 154
$1)4
Apr. 20
Apr. 15
Apr. 15
5
15
16
16
16
16
1 Apr. 19
1 Apr. 19
Apr. 30 Apr.
May
1 Apr.
May
1 Apr.
May 15 Apr.
May
1 Apr.
,
May
May
May
May
May
May
May
May
40c
$1)4
50c
t$0
$1)4
15C
Kellogg Switchboard & Supply
Preferred (quar.)—.
Nov. 15 Nov.
——
—
Maytag Co. $6 1st preferred (quar.)———$3 preferred (quar.)
——
Meadville Telephone Co. (quar.)
-----6% preferred (s.-a.)
Melville Shoe (quar.)—...
$5 preferred (quar.)
15
8
8
15
(quar.)
10 Nov. 25
.
MWaBwaBaiaa(<B
Marshall Field & Co., common (quar.)_
June
June
60c
2c
-j-
Royalties Co., Inc, (s.-a.)
Landis Machine preferred (quar.)—
Preferred (quar.)..
Dec.
May
1 Apr. 20
May 15 Apr. 30
Apr. 22 Mar. 22
May
1 Apr. 19
Aug.
1 July 18
July
1 June 18
Oct.
1 Sept. 18
May
1 Apr. 17
May 15 Apr. 19
July
1 June 21
Oct.
1 Sept. 21
1-2-41 Dec. 23
June 15
July
May
Apr. 15
May
Apr. 15
May
Apr. 20
May
Apr. 15
May
Apr. 16
June
May
1
Sent.
Aug.
1
May
1 Apr. 11
May 15 May
4
Aug. 15 Aug. 5
-
M
10 Nov. 25
10 May 24
Sept. 10 Aug. 24
preferred, (quar.).
^
26
26
Dec,
June
6)4% preferred (quar.)—
6)4% preferred (quar.)
...
Lynchburg & Abingdon Teleg. Co--Lyon Metal Products, pref. (quar.).....—
McCall Corp. (quar.).
McCrory Stores 6% pref. (quar.)
—McGraw Electric Co. (quar.)
McGraw-Hill Publishing Co., Inc
Mclntyre Porcupine Mines (quar.)———
QuErt6rly
McLellan 8toresCo."6 % pref ."("quar.) I
1—
Magnln (I.) & Co. preferred (quar.)—
Preferred (quar.)
,
6%
May
May
May
20c
$1)4
(quar.)--
Kalamazoo Stove & Furnace
.
(quar.)—
Preferred (quar.
Lunkenheimer Co. 6)4%
1 July
1 May 10
1 June 15
20 Mar. 30
May 31 May 11
Apr. 29 Apr. 18
June 10 May 24
Sept. 10 Aug. 24
Lord & Taylor 2nd pref. (quar.).
Lumbermen's Insurance (s.-a.)
18
dian non-residence tax.
Common v. t. c. (quar.)—
Ironrite Ironer
Preferred (quar.)
Jantzen Knitting Mills, 5% pref.
Jewel Tea Co., Inc. (quar.)
—
Original capital (quar.)
-—Original capital (quar.)
Special guaranteed (quar.)
....
Special guaranteed (quar.)
Special guaranteed (quar.)__
Loew's Boston Theatres (quar.)
Loew's, Inc., $6)4 cumulative pref. (quar.)
Lone Star Gas Corp
Loose-Wiles Biscuit Co. (quar.)
Quarterly,
Preferred (quar.).
June 28 June
1 May
Apr. 22 Apr.
Apr. 22 Apr.
May
1 Apr.
Apr, 25 Apr.
Apr. 20 Apr.
May 1 Apr.
May 15 Apr.
May 15 Apr.
1 Oct.
July
Apr.
-
Little Long Lac Gold Mines.Little Miami RR. Co., original capital
5%
5%
6%
Payable in United States funds less Cana¬
International Ocean Telegraph Co. (quar.)—-—
International Telegraph Co. (Me.) (s.-a.)
Common v. t. c.
(quar.)
'Preferred
1 Apr. 25
June
Lion Oil Refining Co. (quar.)---—-—Lionel Corp. (quar.)-.---
Apr. 26 Apr. 16
May 31 May 21
50c
$ 1 )4
Imperial Chemical Industries—
American deposit receipts (final)
1
Apr. 25
May 15
Apr. 30 Apr.
June
1 May
Apr. 20 Apr.
May 1 Apr.
May
1 Apr.
May
1 Apr.
June
$154
——
Humberstone Shoe Co., Ltd. (quar.)—
Idaho Maryland Mines Corp. (mo.)
25c
50c
$1)4
1 May
15 May 31
Nov.
-
-
1 Apr. 13
1 June 14
1 Apr. 19
May
Aug.
—-—
Link-Belt Co. (quar.)
Preferred
Holders
June
...
Quarterly
Quarterly..
When
Payable of Record
May
July
May
—
...——
Lincoln National Life Insurance Co. (quar.)—.
19
20
3 Aug.
Apr,
Apr.
Apr.
Lehigh Portland Cement-...
Preferred (quar.)Lerner Stores pref. (quar.)
Libbey-Owens-Ford Glass
—
15
15
June 29 June 22
854c
45c
7% non-cum. prior partic. pref. (quar.)
6% non-cum. 2d partic. pref. (quar.)
Horn & Hardart Co. (N. x. ) (quar.)
Houston Lighting & Power $6 pref. (quar.)
$6 preferred (quar.)
$154
37 He
——
7 % preferred (quar.) _
Hudson's Bay Co. (final)
Apr. 20
25
25
15
15
20
Share
Name of Company
...
5H% preferred (quar.)
Halle Bros. Co.-———,
Hallnor Mines, Ltd—-—
Per
Payable of Record
15c
Si
25c
„
„
Holders
When
Per
Name of Company
2523
50c
$1)4
$1)4
$1)4
t50c
50c
15c
Sept.
May 15
May 24
Aug. 23
Dec.
Nov. 22
June
15
20
May
May
May
Apr.
May
Apr.
June
15 June
1
June
May
June
24
17
18
1
May 15 May
May
Apr. 15
May
Apr. 15
May
Apr, 15
May
Apr. 20
May
Apr, 19*
Apr. 20 Mar.
May
30
May
1 Apr. 19
Apr.
1
May
Apr. 22
Apr. 22 Apr,
May
June
May
Apr.
Apr.
June
May
May
Apr.
May
1
Apr. 15
May 20
Apr. 15
Apr. 18
Apr. 18
May 16
Apr.
Apr.
Apr.
Apr.
Aprl
16
16
12
12
20
50c
50c
May
July
May
May
May
Aug.
Aug.
1
1
50c
Nov.
Nov.
1
$1
3c
25c
May
Apr, 30
Apr.
Apr. 10
May 24
25c
May
May
Apr.
Apr.
75c
$1)4
$1)4
37)4c
$1)4
$1)4
June
June 29
Apr, 18
Apr. 18
May
Apr. 15
Apr. 15
Mar. 30
Apr. 11
The Commercial & Financial Chronicle
2524
Per
Name of
Northern States Power
Nunn-Buah
10c
Apr.
Apr.
Apr.
May
July
Apr.
Apr.
May
10c
5c
June
15 June
May
May
May
May
May
May
15
15
15
15
15
25c
50c
Telegraph Co. (s.-a.)
25c
Shoe Co
$1X
Monthly
O'Brien Gold Mines
Ohio Public Service Co. 5H% pref.
(quar.)
10c
10c
30c
...
1st
40c
...
75c
SI X
preferred (quar.)....
2d preferred (quar.)..
Pacific Finance Corp. (Calif.) pref. A (quar.)..
Preferred C (quar.)
5% preferred (quar.)
—
Pacific Lighting Co. (quar.)
,
Pacific Portland Cement preferred
Pacific Public Service, pref. (quar.)
Pearson Co., Inc., 5% pref A (quar.)
Peerless Casualty Co. (semi-annual)
Pender (D.) Grocery, class B
Class A (quar.)
Peninsular Telephone (quar.)
Quarterly
—
...—.....
Quarterly
....
Preferred A
Preferred A
..........
saC—
(quar.)
(quar.)
Preferred A
Preferred A
.....
(quar.)
4.8% pref. (qu.).
1.2%
15c
...
(quar.)
...r
Penman's, Ltd. (quar.).
Preferred (quar.)
Pennsylvania Power Co., $5 pref. (quar.)
Philadelphia Co. (quar.)
$6 preferred (s.-a.)
Philadelphia Electric Co. (quar.)
Philadelphia Electric Co. $5 pref. (quar.)
Phil 11 pine Long Distance Tele p. Co
Phillips Screw Co. (quar.)
Phoenix Acceptance Corp.. class A (quar.)
Pinchin Johnson & Co.. Ltd., Am. shs. (final)..
Pittsburgh Bessemer & Lake Erie (s.-a.)
—
6% pf. (s.-a.)
Pittsburgh Coke & Iron Co., $5 pref. (quar.)—_
Pittsburgh Forgings Co
Pittsburgh Screw & Bolt
Pleasant Valley Wine...
Plymouth Cordage Co. (quar.)..
Pollock Paper & Box 7% preferred (quar.)
7% preferred
(quar "
7% preferred (quar.
7% preferred (quar
..
21.
16Hc
SIX
•
75c
32
jfc
31Hc
35c
50c
87 He
50c
50c
50c
35c
35c
35c
35c
SIX
June
75c
SIX
11X
10c
•&
$1H
42c
25c
12 He
6%
75c
Iftl
25c
15c
5c
SIX
SIX
SIX
SIX
SIX
SIX
1 June 15
30 Apr. 15
30 Apr. 15
15 May 11
12
15
Sun Ray Drug Co
Preferred (quar.)
Sun ray Oil Corp
15 May
15 Aug.
June
June
Apr.
Apr.
May
Apr.
25c
Paper Co., Ltd. (quar.)
Voting trust certificates (quar.)
Preferred (quar.)
Roos Bros., inc. (Del.) pref. (quar.)
Rose's 5,10 & 25c. Stores, Inc.
(quar.)
Rubenstein (Helena), Inc., common—
(25c. and 25c. special)
RuudMfg. Co. quar.)
Sabin Robbing Paper
Saguenay Power, Ltd., preferred (quar.)
St. Lawrence Flour Mills (quar.)
Preferred (quar.)
St. Louis Bridge Co. 1st preferred
(s.-a.)
3% 2nd preferred (s.-a.)
St. Louis County Water $6
preferred (quar.)
San Antonio Gold Mines, Ltd. (s.-a.)
S1H
SIX
20c
United Corp. $3 cum. preferred
United Corp., Ltd., $1H class A (quar.)
June 21
Apr.
15
June 20
Sept. 20
5
1
May 20
Apr. 15
May 3
1
15
15 May
3
June
1 May 15
May
1 Apr. 15
May
1 Apr. 20
1 Apr.
15
June
15 June
_
_
Inc
Solar Aircraft Co
Mfg. Co
South American Gold & Platinum Co
Southeastern Greyhound Lines (quar.)
Edison, orig. pref. (quar.)—
Southern Canada Power Co., Ltd. (quar.)
Apr.
15
Apr. 20
Apr.
5
20 Apr.
5
1 Apr. 20
5H%
conv.
preferred (quar.)
-
6Hc
10c
37Hc
37Hc
t20c
2
30
1 Apr.
19
15 June
5
5
15 Dec.
20 May
Dec.
20 Nov. 30*
5
1-1-41 Dec. 30
Apr.
June
27 Apr. 20
10 June
1
Sept.10 Aug. 31
Dec.
10 Nov. 30
3-9-41
July
May
Aug.
3-1-41
1 June 15
1 Apr. 20
1 July 20
June 20 June 10
Sept.20 Sept. 10
Apr. 20 Apr. 10
July 20 July 10
Oct.
$1
June
25c
June
37Hc
SIX
SIX
S2X
SIX
SIX
SIX
SIX
SIX
SIX
Six
19 Oct.
10
15 May 24
15 May 24
May
1 Apr. 15
May 10 Apr. 30
June
1 May 15
June
1 May 15
May 31 May 15
Aug. 31 Aug. 15
May
Apr. 15
June
May 15
Apr. 19
Apr. 19
Apr. 30
25c
May
May
May
July
May
Nov.
Oct.
15
SIX
May
May
May
May
May
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
15
10
10
20
20
May
May
May
May
Aug.
Aug.
May
Apr.
Apr.
Apr.
July
July
1
24
15
Nov.
Oct.
Oct.
15
Apr.
Apr.
Apr.
Apr.
15
20
35c
35c
5% conv. preferred (quar.)
Wheeling & Lake Erie Ry., prior lien (quar.)
5 X % preferred (quar.)
White Sewing Machine, prior preferred
Payment of div. is subject to final court
371?
SIX
50c
June 29
Apr. 15
29
decision
-
tSlH
25c
*1H
Hosiery Co. (quar.)
Extra
50c
•.
guarterly
xtra
$1H
—;
50c
SIX
Quarterly
Extra
50c
Wisconsin Electric Power Co. 6% pref. (quar.)__
Wisconsin Telephone Co. 7% pref. (quar.)
SIX
SIX
Nov.
15
15
15
15
10c
Extra (both payable in U. S.
June
10c
25c
July
July
May
25c
June
25c
25c
July
Aug.
Sept.
25c
Oct.
10c
(quar.)
Apr.
Apr.
Apr.
60c
Industries
Wright-Hargreaves Mines, Ltd. (quar.)
May
May
Apr.
July
Aug.
Sept.
Apr.
Apr.
Apr.
50c
50c
June
May
Sept.
8ept.
5
5
50c
Dec.
Dec.
5
5c
funds)
Wrigley (Wm.) Jr. (monthly)
Monthly
Monthly
Monthly
Monthly
Monthly
'
Yuba Consol. Gold Fields
-
Apr. 30 Apr.
Apr. 20 Apr.
Apr. 25 Apr.
May 16 Apr.
Apr. 30 Apr.
May 15 Apr.
May 15 Apr.
1
16 Dec.
25c
Semi-annual
Weston (Geo.), Ltd., pref. (quar.)
Westvaco Chlorine Products (quar.)
Zeller'8. Ltd., 6% preferred (quar.)
Zenith Radio Corp
Zion's Co-operative Mercantile Institution
12Hc
15 Apr.
15 June
May
1 Apr. 15
Apr. 20 Apr. 13
Apr. 26 Apr.
5
July 15 July
5
May
1 Apr. 18
July
1 June 29
Oct.
1 Sept.28
-
Wood all
SIX
SIX
16
15 8ept. 30
24 Apr. 12
31*
Sept.20 Aug. 31*
-
Woolworth (F. W.) Co.
May 10
May
1
May
1
20
May
1 Feb. 20
10
June
Quarterly
Quarterly
United States Playing Card (extra)
United States Plywood Corp
United States Steel Corp
United States Sugar pref. (quar.).--.
Universal Leaf Tobacco (quar.)
Upper Michigan Power & Light Co. 6% pf. (qu.)
6% preferred (quar.)
6% preferred (quar.)
Vagabond Coach Mfg. Co
Vapor Car Heating Co., inc., 7% pref. (quar.).
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Vermont & Boston Telegraph (ann.)
Virginian Ry. Co. 6% preferred (quar.)
6% preferred (quar.)
Vulcan Detinning (quar.)
Quarterly
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Walker (H.) Gooderham & Worts (quar.)
Preferred (quar.)...
Washington Gas Light
Washington Gas Light preferred (quar.)
Washington Railway & Electric 5% pref.(quar.)
5% preferred (s.-a.)
Welch Grape Juice Co., preferred (quar.)
Preferred (quar.)
West Michigan Steel Foundry—
Prior preferred (quar.)
Conv. preferred (quar.)
West Penn Electric. 7% pref. (quar.)
6% preferred (quar.)
Western Cartridge, 6% pref. (quar.)
Western Pipe & Steel 7 % preferred (s.-a.)
Westminster Paper Co., Ltd. (s.-a.)
Apr. 20
$3
1
15 June 30
June
United States Pipe & Foundry Co. (quar.)
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
5c
1
10
Dec.
June
Apr. 25
May 10
1
15
Sept. 15 Sept.
May
May
May
t4c
30c
1
1
2
15
15
15
19
20
20
22
19
19
30
May
-
Quarterly
Quarterly
May
15
23
23
16
5
30
30
20
1
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
8 Apr. 11
May
8 Apr. 11
May
July 10 June 20
United States Petroleum Co.. (quar.).,
Wins ted
15
1
Dec.
Bonus
Wilson & Co. $6 preferred
Wilson-Jones Co. (interim)
June
1
7
June
United New Jersey RR. & Canal (quar.)
Apr. 20 Apr. 10
May
Apr. 15
June
1
United States Hoffman Machinery Corp.—
5
Apr. 20
Apr. 20
15 June 11
20 Apr.
22 Apr. 22
22 Apr. 22
1 Apr. 15
May
United Merchants & Manufacturers, Inc
Semi-annual
United Molasses Ltd. Am. dep. rets.
(final)__._
$1
20c
Simpson (R.) Co. (s.-a.)
Simpson's, Ltd., 6H % preferred
Skelly Oil Co. preferred (quar.)
If SEC approves proposed
financing plan of
company, pref. stock will be retired as of
May 1.
15
15
10
20
(quar.)
Oct.
SIX
SIX
87 He
Candy Shops (quar.)
Southern California
25
25
10
t3c
Apr.
$1.12 H May
SilexCo. (quar.)
Extra
Skilsaw.
11
20
20
15
16
12
June
Quarterly
May
May
July
July
May
Apr .20
1
Sharp & Dohme, Inc., pref. A (quar.)
Soss
20
Sept. 30 Sept. 14
Dec. 31 Dec. 14
1 Apr.
May
5
1 Apr.
May
5
May 15
ay
1
1 Apr. 22
May
1 Apr. 22
May
Apr. 26 Apr. 15
1 Apr. 15
May
1 Apr. 15
May
1 Apr.
May
1
Apr. 20 Apr.
9
May 20 May 10
1 Mar. 18
May
1 Apr. 15
May
June 15 May 17
1 Apr. 16
May
1 Apr. 16
May
May 15 Apr. 30
June 15 May 28
Apr.
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
July
Tung-Sol Lamp Works pref. (quar.)
4
Securities Corp. general $7 preferred
(quar.)
Silbak Premier Mines, Ltd
20
90c
30c
Tr
$2
SIX
$4.50 preferred (quar.)
$6 preferred (quar.)
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
25 Apr.
1 Apr.
15 Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
25c
$4 preferred (quar.)
Secord (Laura)
20 Mar. 30
May
2
May
May
May
15c
Extra
Scott Paper Co.,
1 Apr. 15
20 Mar. 30
Dec.
June
15c
Rolland
1
Apr. 20 Apr.
37 He
Rockland Light & Power
15
-
_
Tubize Chatillon, A (interim)
3
20
20
20
5c
10c
SIX
Six
-—
Union Electric Co. (Mo.) pref. (quar.)
Union Oil Co. of California (quar.)
United Biscuit Co. of America preferred
United Bond & Share, Ltd. (quar.)
Mar. 15 Mar. 15
June 15 June 15
"it
SIX
Truax-Traer Coal Co
10
20
15
4
15
Rochester Button Co
Preferred (quar.).
Extra
10
20
20
20
25
25
5
18
50c
Trade Bank of New York (quar.)
Triumph Explosives, Inc. (quar.)
1
1
Apr.
Apr.
Apr.
15 Apr.
15 Apr.
15 July
Apr.
Apr.
Apr.
Apr.
15 Apr.
31 May
5c
5% preferred (monthly)--
6
22
15
15 Dec.
20c
6% preferred (monthly).
.
Sept. 15 Sept. 15
37 He
50c
Tom bill Gold Mines Ltd
9
14
1 May 15
1 May 20*
25 Apr. 15
20 Mar. 20
1 Apr. 15
Apr. 20
5
1
15
Toledo Edison Co. 7% preferred (monthly)
2-4-41
May 15 May
May
1 Apr.
May
1 Apr.
Apr. 25 Apr.
May
1 Apr.
May
1 Apr.
May
1 Apr.
Apr. 30 Apr.
Apr. 20 Apr.
May 15 May
May 10 Apr.
Oct.
1 Sept.
15 June
June 30 June
Extra
4
5
Apr. 23 Apr. 16
Apr. 25 Apr. 15
May 25 Apr.
25c
—
4
1
June
37 He
Super Mold Corp. (Calif.) (quar.)
Superior Oil Co. of Calif., common
Tacony-Palmyra Bridge pref. (quar.)
Telautograph Corp. (interim)
Texas Gulf Producing Corp
Texas Power & Light 7% preferred (quar.)
$6 preferred (quar.)
Thatcher Mfg. Co. pref. (quar.)
Tilo Roofing Co
Stock div. of X sh. of com. for each sh. held.
Tivoli Brewing Co. (quar.)
Toburn Gold Mines Ltd. (quar.)
14
Nov. 15 Nov.
2-15-41
Briquet Co., Inc., $2 conv. pref. (qu.)_ —
16
1-1-41 Dec.
10
15 June
20c
5c
Sterling, Inc. (quar.)
$ 1H cumul. conv. pref. (quar.)
16
30 Dec.
Dec.
7% pref. (quar.)
5% preferred (quar.)
5% preferred (quar.)
Stott
75c
31Hc
1
Apr. 20 Apr.
June
30c
Steel Co. of Canada (quar.)
Preferred (quar.)
Stein (A.) & Co. (quar.)
10
20c
$1H
Apr. 15
Apr. 15
15 June
SIX
SIX
SIX
143 Xc
Extra
Stecber-Traung Lithograp 5% pref. (quar.)
15
25
May
6% preferred (quar."
May
Princeton Water Co. (N. J.) (quar.)
May
Procter & Gamble Co. (quar.)...
50c
May
Extra
50c
May
Prosperity Co., 5% preferred (quar.)
SIX
July
Public Electric Light Co. (quar.)
25c
May
Public Service of Colorado, 7% pref. (mo.)
58 l-3c May
6% preferred (monthly)
50c
May
5% preferred (monthly)
412-3c
May
Public Service of N. J. 6% pref. (monthly)
50c
May
Quaker Oats Co., preferred (quar.)
SIX
May
20c
Quarterly Income Shares (quar.)
May
Railroad Employees' Corp. class A & B (quar.).
20c
Apr.
Preferred (quar.)
20e
Apr.
Rainier Brewing Co., partlc. pref. A & B (mo.).
10c
May
Rath Packing Co. 5% pref. (semi-ann.)
$2H
May
Raymond Concrete Pile $3 preferred (quar.)
75c
May
25c
Reading Co. (quar.)
May
Reed (0. A.) Co
t«2 May
Reliance Manufacturing Co
15c
May
Republic Investors Fund pref. A and B (quar.)..
16c
May
Republic Natural Gas Co. common (quar.)
20c
Apr.
Republic Steel Corp., 6% 6% conv. pref
t«6
May
Reynolds (R. J.) Tobacco Co. (quar. interim)..
50c
May
Common B (quar. interim)
50c
May
Rhode Island Public Service Co. $2 pref. (qu.)__
50c
May
Class A (quar.)
$1
May
Richmond Insurance Co. (N. Y.) (quhr.)
15c
May
Rich's, Inc. (quar.)
75c
May
RisdonMfg. Co. 7% pref. (quar.).....
;«
SIX
July
Riverside Cement, preferred (quar.)
SIX
May
Roberts' Public Markets (quar.)
10c
July
Quarterly
10c
Oct.
Quarterly
Dec.
10c
Potomac Edison Co.
Spiegel, Inc
$4X preferred
May 10 Apr. 25
May
Apr. 19
May
Apr. 19
May
Apr. 19
May
Apr. 15
May
Apr. 15
May
Apr. 15
May 15 Apr. 20
Apr. 29 Apr. 18
May
Apr. 15
May
Apr. 20
May
Apr. 20
June
May 20
June
May 20
June 15
July
Oct.
Sept. 14
May
Aug.
Holders
May
May
(quar.)
Sports Products, Inc. (quar.)
Standard Brands, Inc. $4H pref.(quar-).
Standard Fire Insurance (N. J.) (quar.).
Standard Paving & Materials preferred
Stand. Wholesale Phosphate & Acid Wks. (qu.)
Dec.
35c
ine & Mfg. Co
Outboard Marii
Outlet Co. (quar.)
Southern Ind. Gas & Elec. Co.
15
15
30c
50c
Orange Crush Ltd. conv. preference (s.-a.).
Orange & Rockland Electric Co. (quar.)
Ottawa Electric Ry. (quar.)
Quarterly
Quarterly
When
Payable of Record
24 Apr.
1 Apr.
30c
preferred (monthly)
Oliver United Filters class A (quar.)
Onomea Sugar (monthly)
Share
of Company
20 Mar. 30
20 Mar. 30
Apr.
Apr.
Apr.
Apr.
Apr.
Apr. 20 Apr.
May
Apr.
May
Apr.
June
July
Oct.
Sept.
58 1-:
50c
412-3c
7% preferred (monthly)
6% preferred (monthly)
Per
Name
10 Aprl 25
H
Nunn-Bush Shoe Co., 5% pref. (quar.)_»
Oahu Railway & Land Co. (monthly)..
5%
Holders
Payable of Record
SIX
(Del.) 7% preferred
6% preferred
Northland Greyhound Lines, Inc
Northwest Engineering.
Northwestern
When
Share
Company
April 20, 1940
18
5
15
29
Quarterly
Quarterly
20
25c
37Hc
C$1
19
22
May 22
May 22
Apr. 20
May 20
June 20
20
20
20
10
15
15
t On account of accumulated dividends.
20
30
*
Transfer books not closed for this dividend,
t Payable in Canadian funds, and in the case of non-residentr of Canada
deduction of a tax of 5% ofthe amount of such dividend will be made.
Volume
The Commercial & Financial Chronicle
ISO
Condition
of the Federal Reserve Bank of
New
The
in
Weekly Return of the New York City
Clearing House
York
The
following shows the condition of the Federal Reserve
Bank of New York at the close of business
April 17, 1940,
weekly
comparison with the previous week and the corresponding
STATEMENT OF
NEW YORK
OF THE
*
HOUSE
CLEARING
Net Demand
Time
Undivided
Deposits,
Deposits,
Profits
♦
Clearing House
Average
Average
Surplus and
Capital
Members
$
$
City
CLOSE OF BUSINESS THURSDAY. APR. 18, 194U
AT
Apr. 10,1940 Apr. 19, 1939
$
the New York
by
Friday afternoon is given in full below:
on
MEMBERS
ASSOCIATION
Apr. 17,1940
issued
statement
Clearing House
date last year:
Assets—
2525
Gold certificates on hand and due from
United States Treasury.*
Redemption fund—F. R. notes
Other cash
Total
$
8,078,757,000 8,049,302,000 6,145,223,000
1,376,000
943,000
1,678,000
98,812,000
108,405,000
106,700,000
t---~
Bank of New York..
8,187,135,000 8,158,650,000 6,245,411,000
reserves
Secured
.
by
U. 8. Govt,
direct and guaranteed
Guaranty Trust Co
Manufacturers Trust Co
obligations
477,000
Cent Hanover Bk&Tr Co
522,000
45,000
501,000
120,000
Corn Exch Bank Tr Co.
577,000
546,000
597,000
2~,b~4i"666
217,000
3,473,000
55.000
Other bills discounted
First National Bank....
Total bills
discounted
...
Bills bought In open market
2,04o"65o
Industrial advances
Irving Trust Co
Continental Bk A Tr Co.
Chase National Bank...
Fifth Avenue Bank
Bankers Trust Co
an toed:
.....
.................
Notes
400,969,000
338,532,000
400.969,000
338,532,000
Bills
256,538,000
Title Guar A Trust Co..
331,160,000
Marine Midland Tr Co..
134,259,000
Bonds.
New York Trust Co
Comm'l Nat Bk A Tr Co
Public Nat Bk & Tr Co.
1
Total U. S. Government securities,
direct and guaranteed
739,501,000
739,501,000
Total bills and securities..
742,118,000
17,000
1,319,000
195,229,000
9,840,000
16,696,000
Federal Reserve notes of other banks
Uncollected Items..
....
S
Bank premises.
742,088.000
Total assets.....
931,357,000 14,116,522,000
678,155,000
730,224,000
b2,174,903,000
684,386,000
cl,062,762,000
299,977,000
680,213,000
662,319,000
65,654,000
d2,833,467,000
81,338,000
99,201,000
55,860,000
28,195,000
1,339,000
4,355,000
52,440,000
el,088,538,000
16,381,000
128,613,000
411,659,000
108,724,000
726,244,000
17,000
1,609,000
141,270,000
9,840,000
62,000
♦
3,646,000
As per
National, March 30, 1940; State, March 30,1940; trust
official reports:
companies, March 30, 1940.
177,061,000
Includes
8,988,000
13,976,000
17,081,000
In foreign
deposits
b
(Apr.
16),
$73,752,000;
e
Other assets
90,818,000
1,472,000
44,649,000
3,455,000
36,437,000
3,683,000
2,954,000
29,896,000
2,050,000
51,947,000
a2,240,653,000
721,957,000
Totals
Due from foreign banks
13,924,100
26,615,600
68,734,200
67,040,300
185,154,500
40,161,100
73,015,100
19.663,500
108,555,000
53.240.100
4,430,300
136,486,900
4,244,300
81,598,600
2,471,100
9,411,300
27,984,400
8,570,600
10,066,100
518,887,000
National City Bank
Chem Bank <fc Trust Co.
Bills discounted:
14,586,000
39,683,000
172,367,000
4,688,000
208,200,000
576,691,000
6,000,000
20,000,000
77,500,000
20,000,000
90,000,000
42,117,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
100,270,000
500,000
25,000,000
6,000,000
5,000,000
12,500,000
7,000,000
7,000,000
Bank of Manhattan Co.
(Apr.
17),
branches
$20,981,000.
(Apr.
c
as
18),
follows:
(Mar.
a
$3,030,000;
d (Mar.
$253,723,000
25),
$67,861,000;
30),
„
9,152,354,000 9,070,555,000 7,175,388,000
Liabilities—
F. R. notes In actual circulation
Deposits—Member bank reserve acc't
U. 8. Treasurer—General account
Foreign bank
Other deposits
LONDON STOCK
THE
1,287,810,000 1,274,239,000 1,072,573,000
7,013,375,000 6,991,538.000 5,287,267,000
234,971,000
120,396,000
143,074,000
80,232,000
137,541,000
131,245,000
213,006,000
288,397,000
276,776,000
EXCHANGE
Quotations of representative stocks
each
as
received by cable
day of the past week:
Sat.,
7,559,709,000 7,542,633,000 5,815,476,000
166,992,000
181,710,000
130,573,000
Other liabilities, incl. accrued dividends.
1,424,000
1,048,000
1,070,000
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
Apt. 13
Total deposits
Deferred availability Items
Apr. 15
Apr. 16
Apr. 17
Apr. 18
Apr. 19
....
Boots Pure Drugs
Brltlsh Amer Tobacco.
43/6
106/10)4
43/7 )4
106/10)4
Cable & Word
£61 )4
£63 X
Central Mln&Invest..
£14)4
£14)4
48/1)4
38/-
.
Total liabilities.
9,030,277,000 8,948,515,000 7,056,465,000
Cons Goldflelds of S A.
Capital Accounts—
Capital paid in
Surplus (Section 7)
Surplus (Section 13-b).
51,094,000
53,326,000
Other capital accounts.
Courtaulds S & Co
50,895,000
7,109,000
10,511,000
51,075,000
53,326,000
7,109,000
10,567,000
48/1)4
38/1)4
7,457,000
De Beers
52,463,000
Distillers Co
68/8/9
17/9
23 /9
Electric & Musical Ind
8,108,000
Ford Ltd
Hudsons Bay Co
Total liabilities and capital accounts.. 9,152.354,000 9,070,555,000 7,175,388,000
Imp Tob of G B A I..
116/10)4
Closed
London Mid Ry
F.
R. note liabilities combined
92.5%
92.5%
860,000
2,304,000
t "Other cash" does not lnclude.Federal Reserve notes or a bank's own Federal
These
£7)4
£14)4
£14)4
£14)4
90/7)4
£30
75/7)4
11/26/4)4
17/7)4
91/3
£29 X
73/9
11/6
26/7)4
18/1)4
£3)4
£3)4
Swedish Match B
united Molasses
from the Reserve banks when the dollar was, on
Jan. 31, 1934, devalued from
100 cents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
Vlckers
West
67/6
8/9
17/10)4
17/10H
23/9
115/-
23/6
114/4)4
£21X
£21)4
.
79
79/-
h
£7)4
MX
91/3
£14
£28 X
£3)4
Shell Transport..
46/10)4
37/3
£7)4
£7)4
68/8/9
£7 x
91/3
£28
Royal Dutch Co
certificates given by the United States Treasury for the gold taken
are
£7)4
RloTlnto
Reserve bank notes.
x
78/1)4
£14
46/10 )4
37/-
68/3
8/9
17/10)4
23 /9
116/3
£22)4
79/-
£7)4
£60
£14
68/3
8/9
17/10)4
23 /9
116/10)4
£22)4
79/-
Rand Mines
/9
105/-
£59)4
£7)4
Rolls Royce
853,000
g&vances.
over
£22)4
Metal Box
90.7%
44/105/-
44/106/3
£61)4
£14)4
47/6
37/4)4
£8
£7)4
43
£27)4
91/3
71/10)4
10/6
26/1)4
17/9
72/6
11 /26/1 J*
18/-
72/6
Un¬
26/6
18/-
Wltwatersrand
Areas
£3'X
£3)4
Weekly Return of the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the
items of the
These
resources
figures
always
are
the Federal Reserve
a
System
upon
immediately preceding which
the figures for the latest week
we
appear
in our department of "Current Events and
an
Discussions
later.
also give the figures of New York and Chicago reporting member banks for a week
Commencing with the statement of May 19, 1937, various changes were made In the breakdown of loans as
described in
principal
leading cities from which weekly returns are obtained.
week behind those for the Reserve banks themselves.
The comments of the Board of Governors of
and liabilities of the reporting member banks in 101
reported In this statement, which were
announcementlof the Federal Reserve Bank of New York of April 20. 1937, as follows:
The changes in the report form are confined to the classification of loans and discounts.
This classification has been changed primarily to show the
of purchasing or carrying
York City and those located
amounts of
(1) commercial. Industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose
securities.
The revised form also eliminates the distinction between loans to brokers and dealers In securities located In New
outside New York City.
Provision has been made also to Include "acceptances of own bank purchased or discounted" with "acceptances
cial paper bought in open
and commer¬
market" under the revised caption "open market paper," instead of in "all other loans," as formerly.
Subsequent to the above announcement. It was made known that the new items "commercial. Industrial and
would each be
segregated
A mere detailed
as
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING
Federal
agricultural loans" and "other loans"
"on securities" and "otherwise secured and unsecured."
explanation of the revisions was published in the May 29. 1937, Issue of the "Chronicle," page 3590.
Total
ASSETS
Boston
Neva York
$
Reserve Districts—
%
%
CITIES BY DISTRICTS ON APR. 10, 1940 (In Millions of Dollars)
Cleveland Richmond
$
Phila.
St. Louis Minneap. Kan. CUy
Chicago
Atlanta
San Fran.
Dallas
$
$
$
23,466
1,186
9,913
1,155
1,935
682
636
3,344
736
426
689
530
8,631
624
3,300
435
707
269
308
928
331
194
304
270
961
Commercial, Indus, and agrlcul. loans
Open market paper
4,393
302
1,784
207
277
119
161
554
191
102
180
178
338
339
69
119
28
9
15
4
39
11
4
23
2
16
Loans to brokers and dealers In seours.
630
22
494
25
21
3
5
34
4
1
4
4
13
Loans and Investments—total...
Loans—total
...
Other loans for purchasing or
securities
carrying
474
...
...........
...
212
31
25
15
11
75
13
7
10
13
43
196
49
172
41
31
114
53
10
29
22
382
1
42
1
2
131
201
...
453
94
587
15
185
......
1,822
Other loans
Treaury bills......
19
80
1,567
...
Loans to banks
1,179
49
Real estate loans
Treasury notes
United States bonds
2,234
38
909
"70
"58
"76
95
"H2
58
1
281
44
13
18
18
137
35
289
32
32
64
116
99
92
'""lEE
41
12
157
1
1
1
1531
50
......
709
6,529
334
2,741
314
648
153
118
1,052
2,379
Obligations guar, by U. S. Govt
49
1,312
100
126
54
69
275
69
22
66
50
519
107
49
138
59
320
1,262
177
94
192
132
390
3,518
Other securities
Reserve with Federal Reserve Bank..
126
1,466
275
285
69
105
10,611
501
6,438
504
588
190
143
187
473
143
97
20
45
22
14
62
13
7
16
12
22
Balances with domestic banks
3,185
186
216
215
321
261
230
536
197
99
302
292
330
Other assets—net
1,179
78
419
85
98
38
50
80
22
16
24
29
240
19,465
1,215
9,677
1,002
1,335
508
416
2,498
482
294
527
473
1,038
5,360
237
1,091
265
746
201
190
962
191
118
146
137
1,076
575
14
68
51
47
34
45
134
17
3
24
31
107
8,328
338
3,690
426
463
316
315
1,266
355
161
419
262
317
722
21
Cash In vault
...
Jb
LIABILITIES
Demand deposits—adjusted..
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks
...
Foreign banks
Borrowings...
Other liabilities
Capital accounts
...
...
661
5
1
1
1
1
21
1
1
730
21
'""279
"""IE
"""IE
"37
"12
'""22
5
""E
3
"'I
310
3,733
247
1,617
215
379
96
94
393
95
59
104
87
347
.V*
11
9
The Commercial & Financial Chronicle
2526
April 20, 1940
Weekly Return of the Board of Governors of the Federal Reserve System
The
on Thursday afternoon, April 18,
Wednesday. The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
following
was
issued by the Board of Governors of the Federal Reserve System
showing the condition of the 12 Reserve banks at the close of business
Reserve agents
returns
and the Federal Reserve banks.
for the latest week
on
The comments of the Board of Governors of the Federal Reserve System
the
upon
in our department of "Current Events and Discussions "
appear
COMBINED RESOURCES AND
LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS APRIL 17,
April 10,
April 3,
1940
1940
1940
1940
Mar. 20,
1940
%
%
%
1940
27,
*
Feb.
Feb. 28,
1940
S
$
$
Mar.
Mar.
1940
S
Apr. 17,
Thru Ciphers (000) Omitted
Mar.
13,
6,
1940
21.
Apr. 19,
1940
1939
S
$
ASSET8
S. Treas.z.
16,288,976
16,161,074
Redemption fund (Federal Reserve notes)....
9,275
387,927
8,672
8,123
385,310
16,686,178
Gold ctfo.
on
hand and due from U
Total reserves.—
--
16,101,619
16,555,056
16,485,205
16,428,119
15,793,621
362,538
15,868.621
9,572
356,186
16,304,519
16,234,379
15,932,621
9,360
15,997,622
375,463
16,047.618
8,239
372,262
16,367,742
8,334
361,786
V
12,876,718
8,785
367,455
15,739,122
9,430
369,498
16,170,650
16,118,050
13,266,561
1,229
9,574
381,058
Bills discounted:
Secured
by U. 8. Government obligations,
632
366
334
369
470
512
741
1,831
1.727
1,076
1,675
478
Other bills discounted
1,612
1,632
2,620
2,507
6,167
5,338
1,606
Total bills discounted
2,463
2,093
2,751
2,090
1,966
2.989
2,977
6,679
6,079
2,835
~~9~852
*9*875
10,138
10,483
"lb", 498
10*423
10*404
10,704
lb".427
13,478
direct and fully guaranteed..
560
Industrial advances
■
*
United States Government securities, direct and
•'
' 1
.
guaranteed:
Bonds
Notes
—
1,337,495
1,129,225
1,337,495
1,129,225
1,337,495
1,129,225
1,342,045
1,133,225
1,344,045
1,133,225
1,342,045
1,133,225
1,344,045
1,133,225
1,344,045
1.133,225
1,344,045
1,133,225
Bills
911,090
1,176,109
476,816
Total
U.
S.
Govt, securities,
direct and
2,466,720
2,466,720
guaranteed—
2,466,720
2,475,270
2,477.270
2,475,270
2.477,270
2,477,270
:
.
Foreign loans on gold
......
2,478,688
2,479,035
Total bills and securities....
t
2.477,270
2,564,015
2,493,776
2,580,888
"
......
2,479,609
2,487,843
2,490,682
2,487,734
2,490,651
2.494,653
Gold held abroad..
47
Bank premises
Other assets—
Total assets
47
47
47
47
47
47
47
162
22,146
592,220
41,612
59,572
17,998
636,668
41,612
58,257
19,691
743,276
41,671
58,005
17,604
721,035
41,689
57,081
18,484
712,167
19,935
619,180
21,582
638,754
41,703
69,540
41,703
65,695
41,741
672,694
42,633
64,759
20,003
636,295
41,771
63,931
20,048,097
-——
47
19,461
763,669
41,625
58,082
Due from foreign banks
Federal Reserve notes of other banks....
Uncollected Items
19,749,341
19,719,396
19,778,652
19,692,932
19,637,142
19,471.590
19,432,186
19,373,873
16,631,655
19,613
49,104
LI ABIT
ATIES
Federal Reserve notes In actual circulation....
4,931,115
4,923,425
4,934,636
4,899,117
4,895,048
4,881,754
4,889,287
4,858,677
4,860,778
4,417,822
Deposits—Member banks' reserve account...
12,757,391
512,521
384,229
377,569
12,574,727
690,460
372,802
360,319
12,395,460
692,077
384,335
352,536
12,294,002
699,877
12,438,580
12,367,086
412,821
399,786
526,387
364,406
389,876
353,533
377,032
12,317,794
561,406
380,844
363,381
12,240.683
595,990
361,381
354,865
9,742,839
395,073
12,256,250
707,493
390,780
14,031,710
728,857
3,902
13,898,308
570,810
4,415
13,824,408
13,801,773
721,553
13,719,249
678,445
13,623,425
596,109
4,371
6,452
3,098
3,140
13,552.919
606,706
2,733
11,202,406
594.538
3,568
13,754,309
t688,636
f3,334
13,633,639
604,541
19,695,584
19,396,958
19,367,153
19,426,814 fl9,341,327
19,285,900
19,120,662
19,081,351
19.023.136
16,287,550
136,132
136,127
151,720
151,720
26,839
136,145
151,720
26,839
37,822
37,697
20,048,097
88.0%
United States Treasurer—General account.
.
Foreign banks
Other deposits
Total deposits
...
Deferred availability Items
Other
liabilities, incl. accrued dividends
Total liabilities
535,988
950,876
222,716
285,975
663,169
4,153
CAPITAL ACCOUNTS
Capital paid in
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts.
...
Total liabilities and capital accounts.
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Commitments to make Industrial advances
136,107
151,720
136,081
151,720
26,839
36,395
151,720
26,839
36,195
136,075
151,720
26,839
36,103
134,971
26,839
t36,939
136,102
151,720
26,839
36,581
136.074
37,539
136,132
151,720
26,839
37,147
19,749,341
19,719,396
19,778,652
19,692,932
19,637,142
19,471,590
19.432.186
19,373,873
16,631,655
88.0%
8,790
87.9%
8,350
87.8%
8,224
87.8%
9,080
87.7%
9,080
87.6%
9,126
87.5%
8.966
87.5%
8,638
84.9%
600
645
412
1,349
1.468
8,805
26,839
'
149,152
27,264
32,718
11,659
♦
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills discounted
858
523
1,561
105
233
773
21
125
176
45
3,995
1,191
932
10-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
4,566
286
1,139
928
1,130
140
161
155
181
226
244
363
142
229
100
1,123
1,108
1,116
1,126
1,119
198
265
219
180
148
161
160
193
157
148
149
360
2,463
2,093
2,751
2,090
1,966
2,989
2,977
6,679
6,079
2,835
r_.
...
Over 90 days bills discounted
Total bills discounted
1-16 days bills bought in open market
16-30 days bills bought In open market
31-60 days bills bought in open market
1-90 days bills bought in open market
Over 90 days bills bought In open market
Total bills bought In open market
1-15 days industrial advances
129
203
159
69
,
.....
~
"1,242
1*247
"V.674
"~l",592
"l",453
*1*493
1*687
1*468
61
....
227
196
121
130
381
415
59
171
109
2,044
271
188
149
294
249
353
339
491
501
249
689
61-90 days Industrial advances
781
793
273
299
181
157
283
292
704
8.284
7,995
10,372
10,704
10,427
Over 90 days Industrial advances
7,405
7,437
7,753
8,221
8,228
8,055
8,000
Total Industrial advances
.............
U. 8. Govt, securities, direct and guaranteed:
1-15 days
9,852
9,875
10,138
10,483
10,498
10,423
10,404
....
560
"
"
*1*426
....
16-30 days Industrial advances....
31-60 days Industrial advances
.....
.....
16-30 days
31-60 days
61-90 days
Over 90 days
13,478
85,848
84,355
1
153,613
123,000
2,466",720
2,466", 720
2,475",270
2,475",270
2,477,270
2,477.276
? ,477*270
2,477,270
2,117,199
2,466,720
2,466,720
2,466,720
2,475,270
2,475,270
2,477,270
2,477,270
2,477,270
2,477,270
2,564,015
5,239,294
308,179
5,251,464
328,039
5,251,335
316,699
5,237,827
338,710
5,227,268
332,220
5,216,078
334,324
5,210.592
321,305
6,180,520
321,843
6,166.486
305,708
4,723,841
306,019
4,923,425
4,934,636
4,899,117
4,895,048
4,881,754
4,889,287
4.858,677
4,860.778
4,417,822
5,375,500
5,368,500
5,363,500
5,343,500
5,333,500
5,328,500
5,323,500
5.313,500
5,298,500
4,847,500
794
471
540
671
493
543
615
723
1,068
2,667
5,376,294
Total U. S. Government securities, direct
and guaranteed
2,466,720
4,931,115
...
5,368,971
5,364,040
5,344,171
5,333,993
5,329,043
5,324,115
5,314,223
5.299.568
4,850,167
Total other securities
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank..
In actual circulation
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctte. on hand and due from U.S. Treas..
By eligible paper
United States Government securities..
Total collateral
•
z
"Other cash"
These
are
i..
.....
does not include
Federal Reserve notes,
f Revised figures.
certificates given by the United States
Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.00
1934, these certificates being worth less to the extent of the
difference, the difference Itself have been appropriated as profit by the Treasury under
Gold Reserve Act of 1934.
cents on Jan. 31,
provisions of the
Volume
The Commercial & Financial Chronicle
ISO
Weekly Return of the Board of Governors of
WEEKLY STATEMENT OP
RESOURCES AND LIABILITIES OP EACH
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Total
Boston
New York
PhUa.
%
$
%
certificates
hand
on
from United States
and
System (Concluded)
12 FEDERAL RESERVE BANKS AT CLOSE OP BUSINESS
Cleveland Richmond
%
Atlanta
Chicago
$
%
$
St. Louis Minneap. Kan. CUy
%
$
Treasury
16,288,976
APR. 17, 1940
Dallas
%
due
San Fran.
I
%
897,744 1,016,433
658
1,000
1,206
652
846
597
626
308
258
387,927
888,941 8,078,757
422
1,678
30,184
106,700
1,024
29,412
24,365
21,102
47,430
17,843
10,035
19,318
16,445
34,057
16,686,178
919,547 8,187,135
929,780 1,046,503
437,695
346,669 2,567,721
389,909
261,488
377,681
245,573
976,477
30
35
38
22
181
265
135
Redemption fund—Fed. Ree. notes..
9,275
Other cash *
Total reserves
Bills discounted:
Secured by U. 8. Govt,
obligations,
direct and guaranteed
Other bills discounted
632
47
31,036
23
175
35
98
128
113
149
128
250,827
90
90
358,055
69
522
47
577
223
151
288
184
197
1,231
2,040
2,742
314
915
803
337
136,778
115,478
68,248
56,495
57,622
47,700
146,385
123,590
228,870
941,396
22
211
300
173
186
112
482
687
61,325
40,271
109,438
34,000
61,738
52,123
51,517
51,775
43,495
92,397
'
1,337,495
97,529
400,969
106,802
1,129,225
Govt,
371,469
125
9,852
Notes
S.
324,915 2,519,445
2,463
Industrial advances
U. S. Govt,
securities, direct A guar.:
Bonds
U.
412,124
55
1,831
Total bills discounted
Total
THE
S
ASSETS
Gold
OP
2527
the Federal Reserve
82,343
338,532
90,170
securities,
direct and guaranteed
2,466,720
179,872
739,501
196,972
252,256
125,870
104,195
269,975
113,100
74,271
113,861
95,012
201,835
2,479,035
181,153
742,118
199,937
252,721
127,073
105,182
270,509
113,190
47
3
74,479
18
5
114,184
95,794
202,695
4
2
2
6
1
19,461
763,669
575
1,319
816
2,247
2,345
195,229
54,667
1,614
91,470
4,357
70,814
64,762
1,696
32,480
2,875
9,840
4,541
5,510
2,526
32,617
2,023
104,692
41,625
3,373
2,263
1,389
58,082
3,926
16,695
4,630
6,526
3,399
2,416
6,009
2,520
1,787
3,197
2,572
20,048,097 1,178,893 9,152,354 1,194,396 1,404,348
639,814
491,156 2,954,655
542,059
358,995
531,686
...
Total bills and securities
Due from foreign banks
Fed. Res. notes of other banks......
Uncollected Items
Bank premises....................
......
Other assets
Total assets
...........
See
1
a
1
4
1,532
385
1,474
32,519
1,101
18,751
27,650
1,159
38,018
2,444
5,138
2,929
373,006 1,126,735
LIABILITIES
F. R. notes In actual
circulation.....
4,931,115
405,444 1,287,810
344,729
450,501
216,478
159,584 1,084,200
193,083
141,634
182,672
79,439
385,541
Member bank reserve account
12,757,391
U. 8. Treasurer—General account..
621,877 7,013,375
24,400
120.396
675,057
287,585
235,063 1,590,182
148,250
265,006
208,443
701,253
30,992
8,417
30,715
11,095
32.930
34,988
11,477
28,040
5,234
1,740
2,007
17,369
Deposits:
27,360
Foreign banks
Other deposits
137,541
33,299
37,492
6,594
288.397
17,548
680,231 7,559,709
512,521
384,229
755,574
30,238
35,580
9,817
763,396
831,209
345,625
377,569
...
Total deposits
14,031,710
Deterred availability items
Other liabilities, lnol. accrued dlvs
728,857
3,902
30,887
32,161
80.908
16,451
13,390
10,702
6,847
45.909
3,397
255,726
30,607
11,477
7,917
287,461 1,720,396
305,727
192,893
308,556
254,857
781,650
181,710
53,100
89,027
62,279
31,151
104,669
32,221
15,152
29,786
27,334
34,018
378
1.048
386
456
114
149
476
124
154
259
142
216
19,695,584 1,154,463 9,030,277 1,161,611 1,371,193
Total liabilities
68,410
624,496
478,345 2,909,741
531,155
349,833
521,273
361,772 1,201,425
CAPITAL ACCOUNTS
Capital paid In
Surplus (Seetlon 7)
Surplus (Section 13-b)
136,132
151,720
51,075
53,326
11,905
14,011
4,121
2,950
4,378
4,107
14,198
14,323
5,247
4,632
5,725
13,629
10,405
22,824
4,709
2,874
7,109
4,393
1,007
3,246
713
1,429
538
3,152
1,001
3,613
26,839
3,974
1,266
37,822
1,810
10,567
2,289
3,814
1,549
1,741
7,032
1,536
2,059
1,142
1,280
Total liabilities and capital accounts
20,048,097 1,178,893 9,152,354 1,194,396 1,404,348
Commitments to make Indus, ad vs..
331
8,805
853
1,145
1,186
639,814
491,156 2,954,655
542,059
358,995
531,686
373,006 1,226,735
18
180
58
468
3,818
......
.....
Other capital accounts...
•
2,341
"Other cash" does not Include Federal Reserve notes.
Total
In actual
17
2,121
2,258
1,887
Boston
New York
Phlla.
S
$
NOTE
STATEMENT
Cleveland Richmond
t
Atlanta
Chicago
$
%
$
St. Louis Mlnneap. Kan. CUy
Dallas
%
$
$
$
San Fran.
%
5,239,294
308,179
419,392 1,383,199
13,948
95,389
360,041
475,044
232,601
145,469
16,123
10,386
3,835
190,438
7,766
87,111
7,672
440,332
24,543
173,594 1,128,604
14,010
44,404
203,469
15,312
4,931,115
405,444 1,287,810
344,729
450,501
216,478
159,584 1,084,200
193,083
141,634
182,672
79,439
385,541
5,375,500
circulation...
Collateral held
RESERVE
S
Federal Reserve notes:
Issued to F. R Bank by F. R. Agent
Held by Federal Reserve Bank
731
10,707
10,224
Less than $500.
a
FEDERAL
Three Ciphers (000) Omitted
Federal Reserve Bank of—
5,276
440,000 1,405,000
375,000
479,000
250,000
180,000 1,140,000
209,000
147,500
195,000
91,000
464,000
91,000
464.000
by Agent as security
64,791
for notes
issued to banks:
Gold certificates on hand and due
from United States Treasury
Eligible
paper.....
794
....
Total collateral
47
United States
125
440,047 1,405,150
5,376,294
150
375,125
245
479,000
50
250,245
180,000 1,140,000
Treasury Bills—Friday, April 19
THE
177
147,500
209,050
PARIS
195,177
BOURSE
Quotations of representative stocks
1
.
Bid
April 24 1940
May
8 1940
May 15 1940
May 22 1940
May 29 1940..
5 1940
June
Bid
Asked
June 12 1940
lJ 1940
0.05%
0.05%
0.05%
0.05%
0.05%
June
June 26 1940
July
3 1940
10 1940
July
17 1940
July
one
or
more
Francs
Banque de France
Bank da Paris et Des rays Bas
Banque del' Union Parlslenne...
32ds of
Cle General d'Electrlclte
Rate
MaiurUy
Wed.,
Francs
Francs
Thurs.,
Apr. 17 Apr. 18
Francs
Francs
7,810
1,032
8,180
1,055
524
16,525
1,055
532
16,115
8,250
1,073
540
16,145
8,100
1,046
529
15,955
15,560
655
646
652
656
646
1,645
1,550
1,552
1,542
8,100
620
....
1,550
----
----
45
Citroen B....................
705
710
734
711
701
Comptolt Natlonale d'Escompte
Coty 8 A
760
320
754
317
760
317
735
316
750
Cle Generale
Transantlique
'
315
Int.
Bid
15 1940...
1 X%
Deo.
15 1940...
1H%
1 M>
1H%
1 H%
i«%
101.25
2%
104.20
Asked
100.6
Mar. 15 1941...
15 1941...
15 1941...
Mar. 15 1942...
Sept. 15 1942...
259
267
287
283
268
575
671
580
565
553
1,705
1,691
1,733
1,676
Credit Lyonnals..............
June
MaiurUy
Deo.
ioi"i7
Rate
15 1942...
IS
i r°
June 15 1943...
101.25
101.2'
101.25
101.27
Mar. 15 1944...
102.5
102.7
June
103.7
103.9
Sept. 15 1944...
104.2 2
Deo.
15 1943...
15 1944...
H%
1%
H%
Mar. 15 1945...
Stock and Bond
Below
the
are
daily closing
Energle Electrlque du Littoral..
950
936
920
1,744
977
1,792
980
1,788
1,768
1,000
1,010.
1,040
974
1,029
974
2,016
640
920
104.13
104.15
Kuhlmann...................
L'AIr Liquide
102.17
102 19
Lyon (P L M)
Nord Ry
Closed
1,732
971
102.19
102.21
101.28
101.30
101.27
100.29
Orleans Ry (6%)
Pathe Capital
101.31
102.1
Pechlney
100.13
100.15
Rentes, Perpetual 3%
1,008
....
978
2,037
74.20
"970
74.45
84.85
85.70
74.40
85.55
85.10
116.10
115.75
115.25
114.90
Saint Gobaln C A C
2,850
2,875
2,895
1,734
1,760
2,825
1,768
2,810
1,720
72
71
71
71
70
1,245
1,235
1,255
1,240
1,225
675
680
685
690
695
Cle
Soclete Generale Fonclere.
Societe Lyonnalse..
Soclete Marseillaise
.....
Tublze Artificial Silk pref
74.70
74.00
84.80
115.65
78
78
458
43
79
469
43
1,710
78
495
81
449
Union d'Electrlclte
Wagon-Llts
454
45
.......
*
43
Bonds
10
10
30
20
15
Total
10
First
Second
10
Rail¬
Utili¬
65
Indus¬
Grade
Grade
UtUi-
40
trials
roads
ties
Stocks
trials
Rails
RaUs
ties
Bonds
THE
Total
Indus¬
Apr. 19
Apr. 18
Apr. 17
147.15
Apr. 16
148.18
Apr. 15
Apr. 13
149.72
30.98
25.13
50.11
106.84
92.81
48.66
108.85
89.29
149.66
31.06
25.24
50.15
107.00
92.73
48.49
108.70
89.23
BERLIN
STOCK
EXCHANGE
Closing prices of representative stocks
each
146.80
106.86
92.48
47.30
108.93
88.89
Apr.
Apr.
24.60
49.18
106.88
92.35
47.55
108.91
88.92
13
15
24.83
49.60
106.95
92.34
47.86
108.92
89.01
30.64
24.81
49.58
106.71
92.32
47.77
108.82
88.90
24.50
30.30
30.59
as
received by cable
day of the past week:
49.10
30.37
.
613
1,981
1,995
.....
312
Schneider A
Averages
of representative
stocks and bonds listed on the New York Stock Exchange
as compiled by Dow, Jones & Co.:
148.35
650
932
----
Asked
averages
Stocks
640
1,701
314
644
Energle Electrlque du Nord--..
Bid
4H%
5%. 1920
Date
Francs
Tues.,
Mon.,
Apr. 15 Apr. 16
Courrleres...................
Int.
Dec.
received by cable
Credit Commercial de France
point.
June
Sat.,
Apr. 12 Apr. 13
Canal de Suez cap............
Cle Dtatr d'Electrlcite
Figures after decimal point represent
as
day of the past week:
0.05%
Quotations for United States Treasury Notes—Friday,
April 19
a
each
Fri.,
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
1 1940
May
Asked
Apr.
Apr.
Apr.
16
17
18
Per Cent of
Apr.
19
Par
States
York Stock
Government
Securities
Exchange—See following
Transactions
at
the
New
Daily, Weekly and Yearly—See
York
page
on
the
New
page.
Stock
2543.
138
181
181
114
113
113
113
112
Deutsche Bank
United
AllegemeIneElektrlzltaets-Ge8ell8cbaft(6%) 140
Berliner Kraft u.Llcht (8%)
181
Commerz und Privat-Bank A. G. (6%)
115
123
123
121
121
122
123
7%) .132
132
132
131
131
131
111
(6%)
Deutsche Reichsbahn (German Rys. of
Dreedner Bank (6%)
FarbenlndU8trie I. G.
Exchange.
(7%)..
shares)
Siemens A Halske (8%)
Verelnlgte Stahlwerke (6%)
Relchsbank (new
181
138
180
139
138
139
180
118
113
111
111
111
....185
183
183
184
183
113
113
113
113
113
113
237
234
235
235
236
233
113
112
112
112
112
112
183
April 20, 1940
2528
New York Stock Exchange
Stock and Bond Sales
DAILY, WEEKLY AND YEARLY
Pages—Pdge One
Occupying Altogether Sixteen
NOTICE—Cash and deferred delivery eales are disregarded
account is taken of such sales in computing the range for the year.
;
we
furnish
Corporation bondT on
the New York Stock Exchange during the current
Quotations after decimal point represent one or more 32ds of a point.
week.
Arp. 13 Apr. 15 Apr. 16 Apr, 17 Apr. 18 Apr. 19
Apr. 15 Apr, 16 Apr. 17 Apr. 18 Apr. 19
120.28
(High
Treasury
120.26
-{Low.
4X», 1947-52-.
120.28
Icioss
mmmm
106.18
9
29
1
13
Total sales in 81,000 units—
mmmm
28
109.11
109.11
mmmm
109.11
109.3
(dose
109.11
mmmm
109.11
109.3
Total sales in 81,000 units...
3
114.26
mmmm
3
114.20
[High
114.20
{Low
114.24
5
mmmm
mmmm
mmmm
mmmm
mmmm
'
mmm-
mmmm
2MB, 1948
...
114.20
(dose
101.5
....
■«
.
103".20
103.16
—..-{Low.
103.20
103.16
(Close
103.20
103.16
81,000 mils...
1
3
[High
103.13
....
103.13
1
mm..
mm..
mm m -
....
mm m
(Close
....
■'.mm.
104.16
mmmm
109.26
IO9I2B
109".22
109.25
109.25
109.25
109.22
104.7
104.1
103.28
104.7
104
103.27
104.7
"104.7
104
109.22
109.25
109.25
105.20
2
11
2
1
110.18
110.15
110.15
110.16
110.14
110.15
110.15
110.15
110.14
110.14
Low,
104.10
(dose
28, 1948-50
i
—
(Close
110.18
110.15
110.14
110.14
110.8
Total sales in 81,000 units...
4
104.27
mmmm
105.11
mmmm
104.27
104.27
'mmmm
1
mmmm
104".15
40
mmmm
'
3
mmmm
mmmm
mmmm
104.1
103.26
104.15
mmmm
mmmm
103.28
103.18
104.14
104.15
mmmm
103.28
103.18
9
3
'
'
110.8
110.15
—
104.14
103.15
mmmm
105.11
.
103.15
mmmm
105.11
'mmmm
4
[High
4
3
(High
—
105.20
Total sales in 81*000 units...
-mmrnrn
12
—
Total tales in 81,000 units...
109.21
Total sales in 81,000 units...
2
25
3Xs, 1944-46...........i Low.
2
111.25
111.28
4
14
111.28
111.25
110.8
Federal Farm Mortgage
*1
2
3Hs. 1946-49..---------I Low
-
mmmm
111.28
111.25
+ 4+mm
81,000 units...
1
1
'mmmm
mmmm.
112.14
....
mmmm
112.14
[High
112.19
112.19
(Close
112.19
....
Total sales in 81.000 units...
1
—
......
11II
111.10
Total sales in 81,000 units...
(High
....(Low.
111.11
—-.
(dose
■mmmm
mmmm
IHlgh
Low.
mmmm
110.27
1
111I2'
111"
110.31
111.1
111
111.13
110.31
111.1
111
mm
1
Home Owners' Loan
2
(High
1955-60....—■{Low.
(Close
108.10
108.2
108.20
108.19
108.14
108.11
108.6
108.2
108.22
108.23
108.14
108.11
108.2
Total sales in $1,000 units...
Total sales in 81,000 units...
29
9
10
3
109il7
109.18
109.17
109.18
109.17
109.18
2
2
(High
mmmm
mmmm
mmmm
mmmm
mmmm
Total sales in,.81,000 units...
(High
—{Low.
108.8
.
—
.
.
....
108.1'
108
107.28
108
107.28
I11t
108"
108.6
108.6
14
7
«
»
»
'
*
6
107.70
107.18
107.9
107.8
106.27
IIII
107.18
107.9
107.3
100.27
(dose
Total sales in
-
107.20
107.3
mmmm
——
■mmmm
....
....
....
.mmmm
m
mmmm
mm
mmmm
10ll30
mmmm
101.20
mmmm
101.20
mmmm
101.30
101.20
'
....
mmmm
mmmm
....
101.30
mmmm
5
5
mmmm
t Cash sale.
includes only sales
registered bonds were:
table
above
bonds.
Transactions in
2 Treasury
2Mb, 1955-1960
of coupon
100.27
IIII
107.18 -107.9
50
*2
107.12
■
[High
I...
7
3
106.27
106.30
106.27
106.30
106.18
100.18
United States Treasury
'mmmm
—I
106.27
106.30
106.18
5
1
1
United States Treasury Notes,
'
Tatarsales in 81,000 units...
108.2 to 108.2
—
'mmmm
mmmm
—(Low.
(Close
mmmm
mm mm
6
81,000 units...
Ms, 1968-63..
mmmm
■
t Deferred delivery sale,
Note—The
—
1
■
1,000 units...
2«8.1956-59..
Odd lot sales,
mm mm
mmmm
;
t
mmmm
.
[High
.{Low.
Total sales in
....
Total sales in $1,000 units..
•
losle"
108.8
——
(High
—-{Low
(dose
1Mb, 1945-47
....
mmmm
——
108.8
(dose
....
....
4
10
(dose
....
mmmm
....
....
4
....
.
Total sales in $1,000 units...
——
mm
....
108
108
{Low.
2Mb, 1942-44
mmmm
(Close 1109.3
.......
mmmm
——
....
(High
1
mmm*
108
108
{Low.
3s, series A, 1944-52.
6
109.3
■Mb. 1948-61—.........-{Low.
lis, 1951-54..
108.6
mmmm
m
——
108
108
(dose
m
mmmm
mmmm
[High
49
108.11
.
m
110.17
1
108.21
109.3
m
—
....
Total sales in $1,000 units
5
(Close
I—
mmmm
(dose
108.23
Total sales in 81,000 units...
....
*4
mmmm
mmmm
(High
110.17
•
....
108
mmmm
*3
....
108
mm
m'm
{Low.
110.17
4
25*8,1945-47..
m
Total sales in 81,000 units.
2Mb, 1942-47
108.22
[High
{Low.
m
108.9
Close
Total sales in 81,000 units...
2MB,
108.9
mmmm
1084"
mmmm
■mmmm
110.27
mm..
111.13
111.11
mmmm
10819"
....
110.31
llll 13
——
(Close
....
mmmm
1
111.11
{Low.
110.27
'mmmm
111.10
108.11
2
'IIII
...m
....
mmmm
-mmmm
''
111.10
108.11
mmmm
Total sales in 81,000 units.
....
108,11
mmmm
mmmm
(High
3s, 1944-49
....
mmmm
4
mmmm
6
.....
....
.
81,000 units...
....
mmmm
"
111.8
(Close
1951-65.
mmmm
112.14
mmmm
111.10
111.10
[High
Is, 1946-48—..—.—■{Low.
i
Total sales in
'
—{Low.
3MB. 1949-52..
m mm
mmmm
.
(Close
Total sales in
m
mmmm
■
(High
3
2
....
....
.—{Low.
(dose
3Jis, 1944-64
-
(High
'
103.21
103.28
[High
.{Low.
109.21
109.25
mmmm
2 :
105.20
2s, 1947——
109122
109.28!
(Close
mmmm
106.1
....
mm m m
104.7
3
mmmm
.
106.1
;;
104.7
(dose
109125
109.28
Low—
106.1
2
81,000 units...
mmmm
109.28
[High
106.17
4
3
2
——
m mmm
(dose
Total sales in
mmmm
1
81,000 units...
105.19
95
Low.
2Mb, 1951-53
■
104.16
105.29
[High
mmmm
O
....
105.19
mmmm
106.S
■mmmm
104ll6
3XB, 1941— ........1 Low.
105.29
mmmm
100.17
106.14
(dose
....
[High
106.2
100.17
Total sales in 81,000 units
mmmm
109.14
100.14
106,14
[High
loslio
105.30
mmmm
2
mmmm
.
108.16
mmmm
106IY
106.11
4
2MB, 1950-52- ——{Low.
'
109.14
....
m
....
h
106.13
1
81,000 units
100.11
81,000 units—
mmmm
■
109.14
....
II—
1 Close
Total sales in
103.13
....
mmt0m
(High
LOW.
106.13
....
108.16
mmmm
mmmm
mmmm
....
1Q8.16
106". ii
(dose
mm..
■
mmmm
..{Low.
2Mb, 1949-53..
12
2
.
mmmm
'■
mmmm
1O0I13
[High
mm m
101.7
101.5
4
Total sales in 81,000 units
m
101.7
101.6
101.6
;
IOV.7"
10V.6~
lOl'i"
....
♦1
1
mmmm
Total sales in 81,000 units...
....
mmmm
mmmm
11
AO
....
21
109.8
109.11
mmmm
mmmm
mmmm
1
I Close
i
106.23
(High
3M«. 1940-43.. .........{LOW,
3^8. 1943-45
106.30
2Mb, 1945—. —{Low.
(High
Total sales in
100.28
114.26
(High
Total sales in
108.23
114.26
{Low.
1943-47—
106.16
107.8
mmmm
[Clow
3 MB,
106.23
mmmm
81,000 units
1941-43..
106.27
106.30
114.28
114.28
[ Close
Total sales in
106.30
106.28
114.24
Total sales in 81,000 units
3 MB,
107
108.19
114.28
4B. 1944-54—. .—{Low.
Total tales in
4
106.23
108.23
107.4
dose
mmmm
107.8
Low.
2Mb. 1900-05—
120.20
mmmm.
1
High
Treasury
114.28
(High
Z%B. 1945-56-.
mmmm
120.20
mmmm
mmmm
7
4
11,000 Mils-,.
Total tales in
120.27
120.20
120.20
120.20
Federal Farm Mortgage
in Treasury, Home Owners' Loan and
daily record of the transactions
a
Exchange
the New York Stock
United States Government Securities on
Below
No
the only transactions of the day.
In the day's range, unless they are
,
Bills—See previous, page.
&c.—See previous page.
New York Stock Record
Saturday
Apr. 16
Thursday
Apr. 18
$ per share
$ per share
$ per share
Tuesday
Apr. 13
$ per share
$ per share
08*2
*142
08*2
145
*42
50
50
7*
*25*8
*42
69
69
69
145
*68*
*142
471?.
*136
145
47*
50
50
8
77„
77«
*42
49
7*
70
*68*
*142
47*
60*
77g
25*
145
*43
47*
*49*
68*
*130
*43
50*
77g
7*
49*
7*
«25
26
♦25*
26
25
17*
50*2
17*
17*
17*
17*
49*
48*
*34
4934
7g
48*
7«
1734
50*
7«
48
*h
6*4
6*4
*17l2
49*
**
6*4
17*
60*4
6*
11,,
63g
6*
17*
6*
*
6*
*
*
*
12*
11*4
10*2
23*
12*
10*
*15*
12*
12
10*
16*4
23*
6*
uu
12*2
*10*2
*
22*
*1512
23*
*71*2
11* 11*
180*2 180*2
*1178 12*2
*141g 14*
9
87»
*08*2 70*
357g
*14*2
*2*8
*15*4
5578
*19*4
72*
12
49
*
30*8
15*2
2*4
10*
50
19*2
23*
*11*
11*
180* 180*
*117g 1212
14* 14*
9
8*
35*
*14*
2*8
*16*
.66*
i9*
10*
11
15*
15*
23*
*73
*71*
70
78
12*
11*
179
*117g
14*
8*
♦6978
34*
•
-
-
12*
181
12*
1434
7«
12*
12
10
10
10
15*
22*
*73*
aril*
23*
*73
12*
123«
180
*1178
14*
8*
12*
10
15
22*
-
-
12
*11
176
14*
14
8*
7078
69*
8
12*
12*
12
12*
11*
12
49*
4934
497g
4934
Bid and asked prices; no sales op this day.
74
11*
4978
*18*
08*
11*
*4934
200
7,900
4,200
Allen Industries Inc.—1
2,600
Allied Chemical A Dye.No par
Allied Kid Co
5
100
No par
No par
13*
17
703g
11*
Allegheny Corp
-No par
t>M % Pt A with $30 war. 100
6M % Pf A without war. 100
$2.50 prior conv pref.Na par
Algbny I.ud St! Corp..No par
Alleg <fe West Ry 6% gtd-100
Allied Mills Co Ino
56*
18*
747«
Alaska Juneau Gold Mln...10
Allied Stores Corp
16*
72
3,900
200
55*
19
17
48
9,400
547g
19
.10
No par
Appliance.-No par
3,000
*15*
547g
*1834
16*
5534
Air Way El
No par
8*
2*
16*
16*
Air Reduction Ino
13*
14*
19
500
....
Address-Multgr Corp
70*
33*
14*
2*
2*
55
400
1,100
6,400
par
8
14*
2
7i8 Mar 15
21
Jan 16
...No
*70
2*4
33*
143g
Adams Express.
Adams-Mtlllls
8*
14*
2*
34*
3
6
3,000
12*
*12*
33*
14*
2*
16
16
*54*
*18
7034
11*
50
$ In receivership,
66«4
18*
68
71
10*
11*
49*
49*
a
Marl9
141
41* Feb
......
11*
177
100
No par
69*
34*
14*.
2*
*14*
*69*
34*
9*
9*
No par
4M % conv pref—
Abraham dc Straus
$ per share
67
Mar 21
45
3,500
1,400
217g
*73*
Abbott Laboratories
9,600
400
2,200
500
1.400
200
20,600
3,100
140
Def. delivery,
preferred
100
Allis-Chalmers Mfg.—.No par
Alpha Portland Cem._No par
Amalgam Leather Co Ino—1
6% conv preferred..—-50
Amerada Corp....
..No par
Am Agric Chem (Del)..No par
6%
Am
Airlines Inc..........10
American Bank Note..—-10
——50
6% preferred
n New
stock,
r
Cash sale,
x
Feb
Apr 19
Apr 16
(% Feb 7
Mar
7
*Mar
1034 Jan
9* Jan
1334 Jan
18* Jan
5
30
18
19
15
6
72
Feb 19
9* Jan 23
Feb
2
11«4 Apr
4
15
16
?2
19
12
28
171
13* Jan
734 Mar
6334 Jan
33* Apr
14138 Mar
1* Feb
14i4Mar 15
53
Lowest
Highest
Lowest
Par
Acme Steel Co......—.26
2,900
*14
of IQO-Share Lots
1,200
------
"i«
15*
-
400
......
117g
23*
On Basis
Week
Shares
*
177* 179
12*
19
EXCHANGE
11*
7«
12*
11*
2*
10*
66l2
19*
75
"u
1
16
*15*
22*
179
**
15*
357g
73
49*
26
8*
707g
35*
147R
70
74
49*2
*25
Apr
8 per share
68* *67* 69*
145
*130
145.
47*
47* *43
50
48* 49
73s
7*
7*
25
24* 24*
17
17
17*
48* 48*
497«
*
*
7«
0*
6*
6*
Range for Previous
Year 1939
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
Friday
Wednesday
Apr. 17
Monday
Apr, 15
Sales
for
W/LOW AND HIGH SALE PRICES—PER SHARE, NOT PER CENT
Mar 18
58* Jan 2
78 Mar 11
7
Jan
8
1* Jan
148s Jan
45*
*
Apr
Jan
Dec
5s July
53« Aug
6*
4* Sept
12* Jan
1714 Apr
2458 Apr
73* Mar 21
1234 Apr 16
182
Apr 9
_
14
Jan 26
15
Feb
9
93g Jan
8
June
14
Apr
May
52
63|
151*
10
9i2
Apr
Apr
Apr
Apr
Apr
Jan
2
Sept
20*2 Sept
18
Sept
23*2 Sept
28*4 Jan
69
Sept
1178 Oct
200*2 8ept
147g Sept
l5*a Sept
113s Jan
6
4
64*2
Apr
71
Aug
417t Jan
4
28
Apr
483s
Jan
16
9
123| Apr
1*4 June
Jan
9
17
Apr 18
68* Apr 5
2* Jan
12
50
Aug
Apr
Jan
4
16
Apr
75
Apr 15
26
June
1234 Apr
9
93« Sept
Jan 22
50
3
46*2 Dec
v
Sept
1*4 Sept
10
2
21
Ex-div.
68
Apr
70
18t4 Apr 2
4134 Jan 12
97gMar 18
46
Highest
$ per share I per share
$ per share
53
Apr
71*2 Sept
70* Feb 14
120
Apr 149*2 Sept
147
Feb 8
83* Apr
49*2 No*
46* Apr 5
56ij Oct
31i2 Mar
52i2 Apr 9
9
Jan 3
11*1 Sept
0* Aug
25
19
Mar
Sept
27i2 Apr 8
I57g Sept
27*2 Jan
19* Jan 4
Ex-right,
Jan
197S Jan
3* Sept
21
Sept
74*2 Sept
24*2 Sept
47
Dec
17*
Jan
60
Jan
f Called for redemption.
Volume
New York Stock
150
S—PER
Saturday
Apr. 13
*7%
405s
Tuesday
Apr. 16
Apr. 15
9 per share
7*4
405s
Wednesday
Apr
S per share
77g
413g
75,
NOT PER CENT
73s
|
9 per share
7h
7%
Apr
135
*132
11534 116
*1715, 175
263,
27
*7
734
14
*1334
89%
*23,
*6i2
*15,
26i2
5%
73$
1334
89%
7i2
17g
26
20%
5%
*514
22i2
39
5%
2134
397,
57,
36i2
64i4
3i8
•
55,
36i2
*33i2
*64
65
3%
3012
*5l2
]
3is
30%
*53
*55
59
*135,
1334
*3
23
23
251,
35,
6%
1%
7%
14%
*88%
»234
♦6%
1%
2534
14
*8812
234
24*4
2«4
1*8
25
2H4
3834
584
3684
64i4
314
5%
2134
4H2
688
3634
64l2
314
64
3ia
31
30i2
534
595s, *57I2
1312
1334
3
3
23
22
124l8 *119
12418
25i8 *25% 26
35g
3l2
378
834
8%
59*4
6812
*12U
*10i2
11
37
3714
525,
5314
146i2 14612
*65
65i2
*150
69
1214
1034
37
53
|
12%'
10%
37%
147
65
65
I
152
28l2
287g
152%
285s 29%i
14
14
14
*1512
*203,
16i2
213,
*86
87
87
*167, . 17
17214 17314
89
89
91i4
9114
14934 14934
47,
5
10%
IOI4
*9712 102
9
*4312
9
45
7U
*40
3034
*38
712
44
3Hg
40
21ig
211,
*11012 11034
*111
*14
37,
*1512
21l2
75,
*40i2
3078
38i2
734
44
31%
38i2
*21
2H4
11012 IIII4
35
*34
*109
110
*109
57l2
*60
6l2
58
6l2
58l2
66
*60
413,
4134
*101,
*8i4
10%
*99
*7%
*75
4H4
8i2
101%, *99
8
I
80
f
23
55
17%
17%
17%
18%
18%
*17%
22
4H4
10%
834
8
75
120
6%
1%
6*4
1%
4*4
4*4
29%
7%
15%
29%
5%
15*4
5%
6%
10%
10%
42
6%
15%
7%
124%?
25%
3%
56%
47
15%
15
68
2978
36%
20%
3884
21
21
111
100
9%
4384
111
9%
43
7%
44
31%
36%
20%
111
30
36%
66
40%
10%
22%
*55%
17%
23%
57%
17*4
5%
*99
59%
58
58
1,000
13*4
13%
*2%
21%
13%
2,100
21%
*116
25%
55*4
46*4
8%
157
*155
15%
100
6778
151
36%
20
111
3%
55%
46*4
1,700
8%
22,700
15%
Vo'eoo
68%
500
80
(
15%
5%
*6%
10%
41%
14%
7%
8%
8%
*75
77%
32%
80
*75
*42
77%
43%
9934100
100%
I
10%
Preferred
100
Am Sumatra Tobacco..No par
Amer Telep 4 Teleg Co
100
150
11%
35%
1,300
3,000
7,500
300
11
22,600
4978
20%
10
28
20%
1
*65
69
i
36
,
35%
22%
*52%
43
43%
9934 100
41
8%;
10%
27
27
*43
100
44%
1
100
10%
900
3,800
1934
19%
22%
19%
19%
22
22%
8%
1534
15%
5%
6%
10%
5%
9
47%
47%
*72
9
75
*4
4%
8
29
8%
4%
*26%
7%
15%
15%
15
5
5
5
47%
72%
»
*2634
29
734
1934
21%
2234
23%
IO784 10734 *107% 108
120% 121
3:11984 II984
7
7
*6%
7
1%
1%
1%
1%
4%
120
634
1%
30
378
2634
8
7%
15%
5%
1434
47g
9
10%
4734
72%
634
400
1%
3,500
2,600
2634
15
10,700
4,600
5
7%
6
6
10%
41
41
41
480
15%
15%
1534
10%
40%
15%
40%
15%
*7
6
15%
2,000
7
7
500
29
70
*7
n%
*11%
6%
7%
29
*7
*28%
7%
29
6%
*28%
1,000
10%
900
11%
113g
11%
11%
11%
3478
36
114% 114%
*65
69
69
*65
34%
35
34
35
22%
22
22%
*54
22%
5534
55
55
3234
22%
*52%
*37
38
37%
37%
8034
78
80-%
*65
5534
37%
81%
124
79%
123% 124
2634
20%
10%
26
26
19%
1934
10%>
2034
21%
*2534
1934
10
*21
22
|
J *14%
17
I *14%
17
20%
*14%
*66
69
*66
69
*66
69
>66
-
28%
69
26%
Bid and asked prices; no sale
M
28%
on
2634
this day.
20%;
16
i
69
I
2734
*65
123% 123%
25%
19%
9%
*14%
16
*66
26
'
1 In receivership,
9%
2
144*4 Mar 18
4*4 Apr 19
834Mar 18
5*4 Jan 30
*14%
16
69
a
100
50
10
No par
...60
5
No par
100
26
No par
50
20
No par
Jan
Apr
14% July
18% Oct
13%
148
73
75%
132
Dec
Apr
Apr
Oct
Sept
78
3%
28%
4
Apr 19
49% Apr 19
Aug
12
24
Apr
48
2034
Apr
40
35
Apr
Apr
Mar 19
19
Feb
3
Mar 21
IIO84 Apr
11
Jan
9
^7
2% Mar 29
31% Jan 12
106% Jan 2
6% Jan 23
46% Jan 23
58% Jan 4
8% Apr 10
Apr 9
Apr 9
41% Apr 8
22% Mar 8
114
13%
n
Apr
Apr
21
4
Deo
21
Apr
37
Sept
110
97
May
106
3% Aug
3334 Apr
60
8«4
1%
Feb 29
7% Apr 18
6134 Apr 19
Deo
8*4 Sept
Sept
7
50
Mar
05
Jan 15
43% Apr
4
Jan
Jan 15
11
Apr
4
13
Mar
8
Apr 19
9% Jan
4
31*4 Sept
7% Sept
5% Apr
58
10
90% Jan 12
7% Mar 16
64% Feb
73
101% Apr 18
Jan
Jan
10%
100
Oct
Deo
9
Jan 11
Apr
10%
1
78
Jan 11
70
Jan
78*4
Feb 10
85
Jan 16
41
Apr
81
Oot
30% Jan 12
45
Mar 20
30
Apr
38
June
90
Jan
100
June
74*4 Apr
70
3
100% Mar
6%
8
25% Jan
3
21
Sept
57
Apr
8
*49*4
Deo
71
23% Jan
3
16
Apr
Aug
30% Jan
20*4 Sept
9% Aug
18% Sept
104% Apr
110% June
1
107% Apr 13
83, Jan 12
47
Apr 15
0
Jan 15
14
Marie
434 Mar 23
5*4 Mar 18
2134 Apr 19
21% Apr 19
23% Apr 19
110
Jan 25
5%
7
9% Mar 19
61
Feb 14
76
Apr
43%
Apr
8
50
Aug
116
June
2
3
0% Jan
8
9%
„
Ja»
Nov
3% Aug
Aug
Oct
Jan
8
Sept
5% Sept
3% Jan
30% Jan
9% Nov
21% Sept
8%
3% Aug
4% Sept
Sept
48% Aug
71
Sept
127
Apr
10
Jan
Mar
9% July
4% Apr
1% July
6% Mar 4
32% Mar 4
8% Apr 15
Jan
26
24*4
Apr
124% Jan 10
18
42%
Jan
11% Sept
30% Jan
87% Jan
1
14% Jan
11%
38% Apr 5
1334 Jan 18
521, Jan
10% Apr
49
Dec
10%
Aug
8% Jan
0
Apr
13
Jan
24% Apr
11% Aug
15% Apr
109% Oct
17
Apr
98
Apr
27*4 Sept
104% 8ept
7% Apr
33
Feb
7
Apr
Oct
19
20
20% Jan 16
10
Jan
24
10
Apr 19
26% Feb
10*4 Mar
8
1
25% Jan 15
29% Mar
13% Jan
30% Apr 17
113% Mar 19
26% Mar 10
109% Jan 10
110
30% Jan 15
32
Apt 11
12034 Apr 19
127
Jan 2'
9
Jan 15
115% Mar 12
3534 Apr 16
Apr
3
9% Apr
9
67% Apr
2
26% Jan 15
62
Dec
Nov
39
32
115
Jan
2
25% Apr 19
19% Apr 17
9% Mar 26
18
Feb 29
Jan
3
83% Apr 9
124% Apr 15
34% Jan 5
15%
Apr
14
Apr
23% Jan
22
Dec
13%
35
Dec
Apr
10*4
Aug
13% Mar 23
10
Apr
..100
55% Jan
4
19% Mar 18
80
Mar
Ex-div.
y
60% June
99% Apr
22% Apr
11% Jan
par
x
Sept
37
35% Mar 23
70% Jan 22
Cash sale,
Jan
110% Apr 3
15% Apr K
4%. Apr 10
35% Feb 27
Jan
Apr
r
54%
27% Aug
114*4 June
111
Apr
Apr
Sept
New stock
Sept
Sept
Sept
Jan 10
48%
5
Jan
32
56% Jan. 18
Boeing Airplane Co
Jan
Aug
16% Sept
6484 Sept
26% Jan 22
Feb 19
Blumenthal 4 Co pref
42,300
8*,
14%
98
44
55
*__5
Sept
97% Sept
18% Jan
171% Deo
87% Jan
89*4 Jan
153% May
Apr
Apr
Apr
10%
No par
34
4% Sept
8% Apr
17%
Bloomlngdale Brothers.Na
Del. delivery,
Aug
30% Apr 9
22%Mar 13
Bites 4 Laughlln Inc
Nov
July
Jan 15
Blaw-Knox Co
144
41
21
No par
Jan
46% Sept
Sept
Aug
4
63*4 Feb 27
5
Black 4 Decker Mfg CoNe par
|
2534
100
20
63
69
Best 4 Co
j
24%
No par
80% Sept
15% Mar
2
Jan
Jan
153
Apr
15% Apr
75% Mar
101% Apr 15
11
Jan
Jan
22*4
9
175% Mar 12
89% Apr 15
9134 Apr 9
150% Jan 24
534 Apr 8
12% Jan
Nov
18%
8%
Feb 23
2
49
102
20%
3
Mar 13
Jan
Feb
Apr
Dec
Beneflela* Indus Loan..No par
Pr pfd$2.60d'v ser'3SNo par
400
*66
69
2434
I
Austin Nichols
$5 prior A
No par
Aviation Corp. of Del (The).3
Baldwin Loco Works v t c
13
Baltimore 4 Ohio..
.100
7% preferred
100
Blgelow-Sanf Corp Inc.N# par,
21%
984
33% Jan
18
86*4 Jan
Jan
7
58% Nov
Oct
140
4
Bendlx Aviation
2,400
5,700
*21
21%
9
93
85
x26
Sept
25% Aug
36% Apr
127% Sept
69% Apr
4
1st preferred
700
*20
Feb
2% Jan
1,100
1934
70
8% Mar
Bethlehem Steel (Del).N# par
25%
9
152% Apr 15
Jan 29
Bayuk Cigars Ino
1,200
123%
10%
37% Apr 15
l%Mar 2
1% Feb 7
16«4 Jan 19
44,800
1934
50
0
Belgian Nat Ryi part pref
25%
Jan
No par
fAuburn Automobile..No par
Beldlng-Hemlnway
19%|
10%l
Mar
Jan 15
Beech-Nut Packing Co
25%
Jan
10% Jan
Mar 26
700
37%
Apr
28
Apr
8% Sept
140
Sept
11%June
63
100
79
54
103
Oct
Jan
5% Sept
40% Jan
124% Mar
32
117
Beatrice Creamery
$5 preferred w w
200
63% Jan
100
conv preferred
Atlas Tack Corp
Beech Creek RR
5534
5% Jan
No par
5%
Barnsdall OU Co....
25,800
1,300
37
Atlas Powder
6W% preferred
10
22%
76%
123
100
Conv 5% preferred
7,700
34
22%
..100
Atlantic Refining
Barber Asphalt Corp
Brothers
11,200
112
21% Sept
3% Apr
2
Jan
21% Mar
50% Feb
16% Mar
13*4 Feb
13*4 Mar
5% preferrred
Barker
3,700
Deo
Mario
Mar
14% Feb 29
167*4 Jan 15
Atch Topeka 4 Santa Fe._100
Atlantic Coast Line RR
4% preferred
Bangor 4 Aroostook...
69
36%
17
27
30
734 117,300
10%
22
27%
100
10
6%
*21
*
3,900
22%
Mar 20
18% Jan 23
97% Jan
5% preferred ..........100
25
4% conv pref series A
100
Atlas Corp
5
0% preferred......
60
200
Jan
81
r
-.100
...
AUG4W1S8 Lines.. No par
340
4
5% preferred
5,300
11,800
120
Assoc Investments Co.No par
4,400
14,800
10
*14%
26%
10,100
41
6%
105,
10
,
430
1634:
2134
20
7% preferred
100
Armstrong Cork Co
No par
Arnold Constable Corp
5
Artloom Corp
No par
7% preferred
100
100
22%
1934
Archer Daniels Mldl'd.No par
1
56%:
20%
5
100
100
16%
23%
20
Paper Co Inc...
6% 1st preferred
7% 2d preferred...
400
16*4
2%
Apr
Apr
14% Apr 12
17% Jan 5
23% Feb 23
Mar 10
Associated Dry Goods
2184
124
20%
10
1
39
2,700
56%
75
Feb
Feb 24
1
ArmourACo(Del)pf7% gtdlOO
17%
47%
12
15
.100
Armour 4 Co of Illinois
5
$0 conv orlor pref
No par
1,300
30%
79%
Jan
Aug
Apr 15
Mar 18
200
300
Aug
II
147
7
70,400
"3"200
10%
8
13
41
Feb 28
63% Apr 18
149% Jan 18
25*4 Mar 26
110
6,800
Jan
Apr
Jan
Jan
142
AnchorHockGlass Corp No par
$6.50 conv preferred-No par
$5 div pref .7
..No par
68
Sept
Apr 11
1,000
A P W
3
Jan 22
Andes Copper Mining..
Aug
9
54
20
300
8
95
Preferred
Deo
3%
Aug
Jan 22
*19%
1,500
0
Jan
N# par
American Woolen
60
25
46
35
4034
*10%
Mar
9% Jan 16
Anaconda W 4 Cable..No par
"loo
5
8% Apr 17
400
22%
47%
43
155
3778
57
*73«
*51% Mar
49,800
1634
9
26
30%
56
9
121
Mar 18
39
900
25
Apr 18
3
Amer Zinc Lead 4 Smelt
22
108
..25
Jan
6% Jan
Apr
Apr
23*4 Jan 30
29%
*60
Mar 18
118
10,900
♦
17%
9
53%
22%
01%
147,
3%
15 prior conv pref
25
Anaconda Copper Mining..50
34%
22%
*52%
37%
78%
22%
56%
20
!
7,000
7%
44
57
11%
34%
*111%
3778
377,
38
38%
80%
81 {
80% 82%
12334 12334 124% 124%
*26%
6% preferred
100
Am Type Founders Ino
10
Am Water Wks 4 Elec. No par
10 1st preferred
No par
I
978
25
Common class B
Apr
1%
43
2% Mar 15
21% Apr 18
No par
American Tobacco
99
*40
American Stove Co
1,700
4,800
4%!
Jan 24
Feb 16
Feb
1
Feb 16
13
American Sugar Refining.. 100
700
22%
*107
Amer Steel Foundries..No par
American Stores
No par
400
484
978
41*4
14% Jan
3®4 Sept
29% Apr
..100
Apr
Mar 29
40%
50%
18%
51%
Apr
25%
12% Mar
11% Feb *3
3,000
149
35
2
17
8,600
4
Mar 26
11% Jan
88%
90%
3
6
Amer Ship Building Co.No par
Amer Smelting 4 Refg.No par
887S
88%
33
Sept
8
Sept
43% Sept
American Safety Razor._18.50
American Seating Co..No par
100
90
25% Nov
Apr
2% Mar
70
1,300
gs
Apr
Apr 16
Apr 18
Apr
Apr
0%
37t2
6014
3%
2
16
22%
172% 17278
Apr
12
64% Feb
1334
*16
5
10
Apr 19
...100
Preferred
86% Sept
5% Jan
7% Jan
17% Jan
conv pref
18% Sept
Feb
2% Sept
4*4 May
1% Dec
12%
13% Mar 16
4^ %
Aug
17% Sept
8*4 Feb
11% Sept
Aug
5% Sept
6% Apr
24% Jan
23, Jan
25
1334
17
108
American Rolling Mill
21
10178 10178 *102
110
75.
73..
7%
734
7%
7%'
80
*75%
77
I
75
75
*75
76%
19%
Am Rad 4 Stand San'y.No
par
Preferred
..100
132
Dee
5
61
Oct
25% Oot
115% Mar
0% Sept
3% Jan
30% Nov
9*4 Jan
24% Jan
Amer Maoh 4 Metals. .No par
Amer Metal Co Ltd...No par
9
July
Oct
44
33% Feb 15
50% Jan 13
.
...No par
No par
Feb 1
0% Apr 16
2% Jan
Mar
4% Mar 18
5% conv pref
50
American Locomotive..No par
Preferred.
100
Amer Mach A Fdj Co.No par
40%
04
May
109% Apr
28% Jan
28% Jan
6% non cum pref
100
Amer Internat Corp...No par
Amer Inves* Co of 111..No
par
179
100
15% Apr 18
91% Mar 25
3% Mar
1% Feb 28
21% Mar 26
434 Mar 1
50
Apr
Sept
Aug
30% Aug
13% Apr
16%
Feb 23
Jan
Aug
116% Sept
83%
9*4 Apr
8% Jan
4
8
57*4 Sept
140
Apr
150
Apr 16
13
6% Jan 15
American Home Products... 1
American Ice
..No par
$6 preferred
95 preferred
138
10% Jan 26
81% Jan 2
2% Jan 17
18
3% Aug
3184 Apr
125
32i, Jan
51*4 Jau
23% Jan
2
Highest
9 per share t per share
Apr
116% Jan 19
176% Jan 16
3
Jan
share
8% Mar 28
45*4 Jan
110
Feb
6
Year 1939
Lowest
133
Jan 15
0
16 preferred
No par
Amer Hawaiian 88 Co
10
American Hide A leather
6% conv preferred
100
American News Co
No par
Amer Power 4 Light—_No par
per
5
10% Mar
97 preferred
..No par
97 2d preferred A ...No par
...
5
Mar
133
Amer European Sees
No par
Amer 4 For'n Power...No
par
*15%
*75
18%
106
American Colortype Co
10
Am Comm'l Alcohol
Corp..20
American Crystal Sugar....10
6% 1st preferred
..100
American Encaustio Tiling... 1
conv preferred
Feb
169% Mar 19
23% Mar 6
38% Mar 16
19% Mar 18
par
5% conv preferred
100
American Chicle
No par
Am Coa» Co of
Allegh Co NJ25
25
7,500
8%'
22%
100
100
100
2778
112
par
6% preferred
22%
*56%
19
Preferred..
American Car A Fdy..No
Preferred
Am Chain 4 Cable
Ino.N*
American Snuff
27%
5% Jan 13
25
600
17%
19
American Can
f
38% Mar 16
130% Jan 5
100
Range for Previous
Highest
$ per share
__i
Am Brake Shoe &
Fdy.No par
6 H % conv pref
60
35%
35% 3634
3534
36%
*114
114% *114
114%
35%
3434 35%
34% 3534
3434
35%
3334
3434
♦108
114
*111
115% *111
115% *111% 115% *11134 115% *11134 115%
*30%
32 ' *30% 32 ~ > *30% 32
*30% 32
*30% 33
*30% 33
*120% 124
*12078 124
*120
124
*120
123
*1207, 123
12034 12034
9%
9%
*9%
934
*9%
934
9%
9%
93g
9%
934
934
56
400
151
32%
56
7,100
56
*26%
6%
10%
41%
15%
7%
4034
*10%
41
10%
8%
9
8%
16%
5%
4034
10%
J
9%
47% 47%
*72
75
*73
74%
120
121
*120% 123
*6%
7%
*6%
7%
*1%
1%
*1%
1%
4%
4%
4%
4%
32
69
800
*111
68
43
*107
29
*60
101?, *100
101%
77,
7%
7%
22
11%
33%
*111%
35%
22%
1,200
4,400
227s
19%
1134
33%
35
580
3,600
2,000
56
22%
19%
66
Par
*36%
31%'
20
200
25*4'
678
i
4,400
12i8
1014
10i4i
3378
35l2
49i4
50i4
146i2 146%;
»63i2 64i4
7%
111
21%
*12
9%
4534
47
44
100
157
99
10%
3
14%
|
200
3,600
125
25%
3%
55%
46%
8%
3*4*
44
22%
19
*11%
3234
*111%
*65
1,200
19
4034
41%
1034
8%
812
1678
1834
18%
19
*60
29
*217,
900
53%
7%
*40
2,600
18%
3
Ranoe Since Jan. 1
On Basis of 100-Share Lou
American Bosch Com
6%
1,500
3%
63%
68
*97
32
*42%
119
25%
3%
55%
46%
8%
65
19%
118
*155
700
54
59%
13%
*2%
21%
8%
158
15,100
44
*53%
19%
22%'
1,600
40,300
6%
38%
5%
7%
*40
31
111
*75
43
100% *100
8
41
*14%
♦7%
*36%
77%
43%
29
8
*9%
43%
7U
7%
107% 107% *105% 108
9
9
9
9%
47
47
47%
47%
*72
*95
44
2934
22
22
120
7
*40
*75
80
77% *74
43%
43% *43
9934100
*100
22%
5%
2,300
20*4
05
12
117,
12
12l8'
11
10i2
10i2
10%;
375a
35ia 36i4
3558
3634
51
5234
5H2;
50%
51i4!
*146
14812 ♦1465s 148i2 *146i2 1483s
*64l2 65l4
*6434
6514f
6312
6434
152
152
*150i2
150%
28
28
2884
28% 285s
28%
14
14
141,
14
14%
14%
16
16
*15%
16%
*15%
16
20%
*2034 22
21%
2134
22%'
87
88
87% 87%
8878
887S
16%
1612
16%
16%
*16%
17 i
173
172i2 173i4
173%
172% 173%'
89
89
89
8914
88%
887,;
91
91
9134
91%
9034
91
14912 150
150% 150% *148% 14934
5
5
478
5
478
5 1
10
IOI4
97,
10%
978
10
*60
10178
78,
*75
♦74
55
*5%
*42*4
3
200
2,000
44
3%
31*4
1934
60%
13%
70
500
*11084 11134 *111
*111
*111
15i4
*13*2
15%
*13%
15
*13%
15
1 *13%
15
378
37,
378
378
4
378
3%|
3%
3%
34
34
345s
*33% 34
33%
33%' *33%
34%
110
*10914 110
10934 10984 *109% 110
al09%. 109%
7
6%
6%
6%
678
634
7%
678
7%
5934
58% 59i2
60
5734 5834
61%
60% 6134
66
*10
87,1
65%
3%
54
4,700
...
15i4
37,
*34
6%
16%'
22% j
20%
4034
5%
*36%
31%
44
500
1,700
5
64*4
*3%
H7«
*1678
17
172i2 172%
89i2 89%l
9H4
9134
149i2 14934
5
5%:
10%
10%,
10H2 10H2 100
100
9i8
9%
9l8
934
44l2 45l2
4312 4412
*111
15l4
37g
14
87
68
69
1%
24*4
31%
10l2
35i8
5034
533,
147
*67
1%
5
6434
3%
5%
100
100
100
2434
5
37%
900
7
31
-
15%
*67
365,
4634.
8%
884'
1534
6312
12*2
1%
25
5
21
*155
15i2
1%
24%
41%
6%
3%
85,
*6
7
20*4
*25
400
4,800
1%
*119
3,400
7,300
40%
5%
36%
25
20
176
24%
*41%
21%
21
119
884
176
26
43
41%
6%
56
834
176
*6
25
*4234
*53%
19%
60
60
*133,
*2%
2134
193g
23
7
*34*4
64%
3%
30%
4314
5412
*27,
•
3
53,
19
1,300
21
55s
19%!
2,500
39%|
39*4 39*4
131% *131% 132%
115% 114*4 114*4
25%
43%
5%
512
43 V *4318
54% .• *53
7%
39%
31
59%
|
89%
6
Shares
.
7%
2529
Lowest
22%
22%
112% *110
112%
138% *137
138%
13
13
*9%
8*4
*7*4
8%
7%
7%
6%
7%
14
15%
14*4
14%
*87
90
88% 90
3
3
*2*4
♦2*4
7%
14%
*5
514
3634
*53
31,
*119
714
14U
89%
19l2
5412
1914
19
714
2214
4134
6'8
30i2
*5l2
*4318
57,
43 U
*43
1412
897,
3
7i2
178
26%
55,
*88%
*234
*6i2
♦15s
3
22i2
37U
73s
EXCHANGE
2
Week
$ per share
7%
7%
NEW YORK STOCK
the
19
Apr
9 per share
7%
41%
40% 41%
39
*39% 40%
135
*132
135
132% 132%
131%
1157, 1157,
115
115*4
114*4
*1731, 175
176
*173% 177
27% 27%
25% 26%
25%
*42
41
43l2
43l2 44%
42
42
42
42
2134 22
21
2U,
2134
22
217,
21% 21%
*108% 110
110
110
♦108% 110
*110
112% *110
*137
140
140% *137
*13714 140% 138
138
*137
*9%
13
*9l2
13
13
*9i2
13
*9%
*9%
*8%
834
8i2
8%
*8
8I4
*8
814
8%
*132
18
.
STOCKS
Friday
Thursday
,
17
.
Sales
for
Monday
9 per share
SHARE,
Record—Continued—Page
28% Apr 15
Ex-rlghta.
8%
Apr
21%
Jan
19% Jan
2C% Nov
115% Nov
28
July
107% Nov
32
Nov
128% Aug
9% Oct
73% Jan
33*4 Oct
22% Deo
66
Dea
57% Mar
100
Sept
120% Sept
32*4 Oct
24%
17*4
Oct
Jan
36% Oc*
23% Mar
57
Dec
34*4
Jan
Called for redemption
IF
HIGH SALE
LOW AND
13
Thursday
Apr. 16
Apr. 17
Apr. 18
$ per share
26%
26%
$ per share
2034 2634
$ per share
*27
2714
$ per share
*121% 123%
67% 67%
26*4 26»4
12212 12212
67
0714
12212 12212
67
67
27
205g
2634
273g
2334
6U
237g
23%
23%
23%
23j2
2%
2ig
33%
33%
33i2
24
23%
2ig
3334
6%
6%
03g
612
225g
39%
*3812
*52
53
3914
53
*38l2
52i2
2712
28'4
9%
5%
9%
9%
9%
109l2
109% ♦109
518
5%
6%
387g
39
39
584
27%
5%
27%
28
30%
30%
30,
19%
19%
19%
107g
10%
1034
4%
4%
10%
414
5%
*10
1014
6%
684
23%
*2314
07,
*23
*06
73
*14
15
*13%
1734
21%
7312
14
5%
3912
*39
*43
5%
47i2
*53g
*43
89
5&g
2634
*08
28
29
29
29
2,300
19%
19%
19
1984
1034
4%
1U2
10%
10%
10%
10%
6,400
4,800
4
1834
10%
334
19
103g
4
4
2,200
*10%
4
,
15s
77g
25
52%
134
21-
215g
40
40
*65l2
88%
88%
*87%
89
27
*26
27
26
26
*25
27
700
2%
6684
200
67%
*117
117
117
*27g
67%
3
*27g
67%
52%
32%
34
117% 117%
,
60%
3234
117%
10
10%
10%
69
25%
69
30
3014
207g
2078
26l2
26
4i2
27i2
25U
43g
3934
9634
2
26i2
*25U
412
25U
3934
*94U
*112
134
a4%
39i2
397g
*94U
2
*112
l4
%
*48
49
*%
*10%
15%
1034
1538
6U
34
34
34
34
47%
47%
4
*16
%
47%
*3g
10%
10%
15%
l16
%
%
5,600
11.
Be
ni6
900
12%
12%
34%
117g
2,200
Chicago Pneumat Tool.No par
*33%
12
34
200
*47
48%
*47
48%
preferred...No par
Pr pf ($2.50) cum dlv No par
{Chic Rock Isl & Pacific—100
7% preferred
100
6% preferred
100
47%
%
15%
*%
*%
8
15
200
16
200
%
*3g
10
10
*934
10 %
300
15%
15
15%
18,400
57g
87
8884
87
84%
*13%
87%
13%
85%
*13%
*97%
88
13%
86%
13l2
13%
98
*97%
97%
97%
13%
97%
96%
38
38i2
3%
39%
41.
*78%
41
80%
38%
*78%
40%
SO
—
39
39%
37%
3834
41
42%
42%
43
140
*6084
61
140
*20%
*3%
*4%
21
5
4%
4%
2484
24%
7
*37g
24%
*24
140
61
1734
21
6034
167g
3134
111
20
6034
17%
3234
111
"2084
5
*3%
5
5
*4%
5
47g
47g
2434
*37g
24%
24%
24%
24%
24%
634
7
92%
67g
7
91%
9134
140
128% *12784 128
17
17%
33
32%
32%
111%
111% *110
7
39
*48
*48
39%
42%
*3%
24%
24%
38%
3%
92
92
*3
3%
39%
38%
112% II284
3834
38%
40%
78%
*77
80
38
41%
139
16%
17%
3234
61
127
*60%
16%
17%
32
32%
32
111%
*111
1984
*3%
»1934
20%
*334
4%
434
*37g
24%
47g
24%
24%
24%
24
*4%
*37g
4%
16%
67g
20
130
Coca-Cola Co
16 34
8,600
32
1,400
111%
1934
10
800
77
76
7634
80
96
94
94%
500
7
7%
7
21
21
21
21
21%
*20%
207g *20%
,*20% 2178
45%
45%
46%
46%
45%
46% 46%
46%
457g 47%
*46% 46%
106?g
1067g I067g
*106% 107% *106% 107% 10634 10634 106% 1067g *105
53
53%
52%
5284
53%
53% 54
*54%
54»4
53%
54%
55
110% *108% 110% *108% 110%
*108
1107g *108
1107g *108
1107g *108
15
15%
15
16
15%
14%
15%
15%
16%
15%
15%
15%
1%
1%
1%
1%
1%
1%
1%
1%
ft 1%
1%
1%
1%
65
66
65%
66%
66%
67%
65% 6684
68%
68%
|69
69
•
132%
3234
♦Bid and
32%
3234
32%
32%
32%
asked;prlcea; no sales on this day.
32%
32%
32%
32%
32%
{In reoelveraha Def. delivery,
1,500
400
4,800
500
3,500
100
No par
Columbia Plct v t c
$2.75 conv preferred.No par
434% conv preferred
29* 100
20,600
1,800
25,000
lp.
n New
stock,
r Cash
sale,
Jan
13
Jan
6% Aug
22
Sept
18
Sept
67g
Oct
Sept
47% Jan
22% Sept
98
Apr
105
Dec
17
Aug
30
Jan
6%
*3%
Apr
Dec
21%
Oct
27
Apr
85«4
Oct
% June
% Dec
% Dec
10
Apr
29% Sept
47% Sept
95% June
4
Sept
4% Sept
14
Oct
7g
1%
I3g
3%
Sept
20%
Jan
Sept
Sept
Sept
8
30% Aug
39% Sept
2
44
50% Nov
Mar
Aug
9
Apr
79
Jan
97% June
93
Mar 13
98
Jan 30
Jan
Feb
z60
278 Mar 19
28
05
III
Jan 17
Mar
6
Feb 27
35% Jan 2
7634 Feb 14
48
Mar 26
35% Jan
357g Jan
9
2
6
Jan 30
384 Jan 2
40% Apr 18
65
Mar
6
114% Jan 10
43% Mar 8
7%
Apr
Apr
4% Dec
9% Mar
15% Sept
13%
Jan
Sept
Mar
40% Sept
2% Apr
58
15
Apr
34%
Oct
Oct
68
Feb
69
Feb
1067g Sept
115
48g
Feb
Apr
39
Oct
80
Mar 28
69
Sept
78
Mar
48
Mar 26
42
Jan
41% Apr
1
4
20%
34% June
21% Apr
45% May
60%
Jan
38
Dec
136
Feb 29
142
Feb 14
125
Sept
135
Mar
118
Jan
2
131
MarO
105
Sept
133
6034 Apr 16
16% Apr 19
28
Mar 18
63
Feb 27
58
Jan
20
Feb 21
11% Apr
4% Jan 19
3% Mar 12
Jan 13
23
80
80
Mai 21
684 Jan
19% Jan
45
9
2
Mar 20
104
*35.No par
Commercial Solvents.-No par
Commonw'lth St Sou.-No par
$6 preferred series
No par
Commonwealth Edison Co—25
$4.25 conv pf ser
527g
June
l3g Sept
1% Aug
9% Apr
% Apr
z0O
100
Comm'l Invest Trust..No par
90
32
943g Oct
147g May
10
Commercial Credit
3% Apr
3% Apr
85% June
41
Jan 19
5% preferred
7
Apr 16
Mar
Apr
3
Columbian Carbon v t c No par
12% Sept
1484 Sept
Apr
1,000
*94
Jan
113% Aug
384 June
53%
5% Mar 26
Mar 20
72
Mar 15
x77
5%
103% Sept
25
2234 Jan 13
82
Apr
Jan
33% Apr 3
91% Apr 8
14% Jan 26
2.50
96
23g
19%
Mar 12
30
79% Jan 15
12% Jan 15
6% preferred series A...100
*94
30*4 Sept
10
Columbia Gas & Elec_.No par
*78
72% Mar
Apr
77g Aug
3
1,600
82
Oct
18%
%
18,000
96
68
16% Apr 15
6% Mar 25
6%
96
Apr
11% Mar 28
24%
*78
64% Sept
30% Dec
1097g Aug
Apr
8% Mar 5
11% Jan 16
4% Feb 8
24
82
122% Mar
7g Sept
24%
91
Sept
Apr
l7g Jan
1% Sept
24%
634
91
Sept
4
94% Mar
% Aug
Feb 28
Class B
33
% Aug
24%
6%
85% July
% June
24%
"1*606
Sept
Apr
%Mar 12
s4 Apr 3
Mar 18
100
4% 2d preferred
100
Columb Br'd Sys Inc cl A.2.50
z43
July
Jan
41% Sept
% Jan 8
% Mar 1
%Mar 19
17
100
Jan
June
6%
60
110
4% 1st preferred
3% Sept
357g Jan
*37g
40
July
13%
% Jan
100
Colorado & Southern
5
Jan
Sept
53
38% Apr
1% Jan
1434 Jan
Colo Fuel & Iron Corp .No par
5% conv preferred
I77g
30
Sept
>4 Jan
Jan 12
46
I63g Nov
847g Nov
8
% Jan
Feb 28
Feb 28
Jan 13
Apr 13
107g Mar 18
3334 Jan 19
%
%
%
%
47g
91
7%
9
l%Mar 15
1% Mar 25
984 Jan 29
47g
47g
*89
.
Mar
94
Jan
*3%
*334
92
67g
21%
No par
Collins St Alkman
8884 Mar
2
6
4%
19%
97
6%
Colgate-Palmollve-Peet No par
Jan 18
5
97
7%
No par
Jan 9
Marl9
15
434
*78
67g
20%
(The)...No par
Class A
21
102
6% Sept
47
110
41% Jan 10
88s Feb H
36% Feb 15
jr21
Apr 9
105% Feb 20
3084 Apr 18
29% Mar 23
47g Apr 3
42% Jan 8
97% Jan 16
2% Jan 3
2% Jan 24
12% Jan 4
20
97
7%
City Stores
6
Clark Equipment
No par
CCC & St Louis Ry 5% pf.100
Clev EI Ilium $4.50 pf.No par
Clev Graph Bronze Co (The). 1
Clev & Pitts RR Co 7% gtd.60
300
82
7%
City Ice & Fuel
....No par
634% preferred
100
City Investing Co.—
100
200
5*700
7,200
*94
7%
25
6
Chrysler Corp
62
38%
i*76
J*7
No par
Chllds Co
127
"
41%
4034
42%
139
*134% 140
127% 127%
61
38
Chicago Yellow Cab...No par
Chlckasha Cotton Oil
10
Special gtd 4% stock
60
Climax Molybdenum.-No par
Cluett Peabody St Co..No par
Preferred
100
*48
"39"
111% *111
92
3,300
70
*48
684
387g
2,600
38%
*24
"""266
100
39
4234
XI6%
323g
3%
600
113
78%
*138% 141
12734 12784
*60% 61
*3
3%
S3 conv
Chile Copper Co
39
79%
38%
417g
22~306
397g
39
*48
13%
1,300
57g
34%
86%
13%
97%
112% 112% *112
40
3834
*7834
*111
*3
*32%
*45
*45
*45
112% 112% *112% 113
4184
81
*4%
*3
6%
*6
300
1,600
*i«
»19
%
*16
%
88i2
*3
600
%
.
6
3
3,600
%
ui«
34%
*45
1%
10%
*%
%
1034
16%
*45
100
Preferred series A
{Chic & East 111 Ry 6% pf.100
*337g
127g
13%
Common...--,
{Chic Great West 4% pf_. 100
%
%
*%«
13%
85%
1,100
12,700
Cham Pap &
Chicago Mall Order Co
5
{Chic Mil St P & Pac—No par
85 preferred
100
{Chicago St North West'n. 100
Preferred
100
*1«
12%
*97%
60
2,600
1,800
6
128% *127
9184
1%
10
*32%
142
*2C%
*3%
*1%
1%
*9%
2%
34%
*140
17%
96
*32%
*127
*32
200
No par
Fib Co 6% pf-100
No par
Checker Cab Mfg
6
{Chesapeake Corp
No par
Chesapeake & Ohio Ry
25
6%
*48
*110
6,300
34%
112% 113
*60%
100
28%
28
100
Jan
2384 Mar
84
6
6% Jan 22
27*4 Jan 26
18% Feb 13
0% prior preferred
Chain Belt Co
9%
8
Apr
100
3684 Apr 19
Certaln-teed Products—-..1
6
*45
42
Cerro de Pasco Copper. No par
3,000
1,270
%
*1«
ll19
127g
13%
—
784 Sept
Sept
20
203g
137« Apr
2% July
63% Aug
3% Jan 3
114% Mar 9
57g Apr 5
11% Apr 18
4% Mar 6
684 Feb 1
5% Feb 26
02% Jan 31
4,600
96
2%
*1%
%
98
TO
pref..100
{Central RR of New Jersey 100
Central Vloleta Sugar Co
Century Ribbon Mills.No par
Preferred
100
Dec
Jan
12% Feb l*
7134 Apr 3
20
Apr 19
21% Jan 22
2% Mar 18
111% Apr 18
Central 111 Lt 4^%
208g
1834
Apr
35
Jan
119
37
6%
29
29%
*1934 21
*104% 105%
*30
97
500
Central
Jan
34% Mar
10% Sept
17*4 Jan
77
II884 Jan
56% Jan
34% Apr 15
Jan 12
62
Jan
30
4% May
3% Jan
107% Jan 12
97g Jan 22
Jan
6% Nov
Apr
12
4
Apr 16
Apr 5
75
8
55%
30% Dec
3% Sept
29% Sept
6
3
Apr
<0
Feb 14
100
No par
100
Assoo. No par
Foundry Co
1
Apr
9%
28% Apr 11
47% Feb 26
5% preferred
Central Aguirre
June
2% June
Apr 17
44
26% Jan 18
Celotex Corp
Apr
Apr
48% Mar
% Feb
47g Aug
4
5
Caterpillar Tractor
No par
Celanese Corp of Amer.No par
7% prior preferred—
Apr
Ap<
6
Jan 18
111
100
Preferred
13% Jan
106% Aug
Apr
Feb 27
66
100
25% Nov
Apr
7
6% Mar
40% Jan
2% Jan 24
Jan 30
1
Apr
Jan
1
23i2 Apr
6%
6%
88
300
7,100
-.5
Dec
30% Aug
41
Sept
11% Aug
13% Apr
40
23
Dec
50
25%
5
85% Mar
507g
Apr
6% Mar
67g Apr
I87g Apr
Apr
2
4
38% Jan
Apr
Nov
11
T7g Feb 21
8% Feb 21
19% Apr 18
—10
I) Co
7
1% Jan 23
6% Jan 15
13% Jan 18
5
1334 Dec
15% Dec
15% Aug
21% Apr
11% Apr
Jan
Mar
Jan
Apr
3
Jan
484 Jan
Aug
2
Apr
4
62% Mar 13
37«4 Mar
53
Nov
29%
Jan
2
16% Jan 15
Jan
Aug
7
9
30
Jan
41
9%
15% Jan
267g Feb
Ry 100
A
Carpenter Steel Co
Carriers St General Corp
Case (J
Mar 26
784
Apr
94% Apr
51
6
...100
Canadian Pacific Ry—
26
Cannon Mills
No par
.1
Capital Admin class A.
157g
3l7g
13%
31%
21% Apr
Ale
8ept
Aug
Apr
Apr
Oct
Feb
3434
Jan
1334 Jan
81% Jan
64*4 Mar 19
13% Feb 7
Jan
Apr
39
47g Jan
2
3% Apr
II
Jan
47« Sept
Apr
27
Jan
12%
7%
23%
4%
Aug
32
7%
Apr
Feb
Apr
Mar
Dec
22
11
21% Jan 10
12% Jan
3% Mar 18
8% Mar 26
6% Mar 16
2034 Jan 3
—
Carolina Clinch & Ohio
33
4
10% Apr 18
Canada Sou Ry Co
$3 preferred
Mar
24
Jan
4I84
1%
Feb
3034 Apr 16
3034
34%
6%
80
102
*94%
*94%
*%
15%
9,100
1,900
39%
2%
%
*%
26
*4%
9634
'16
*10%
25
234
2%
112% 112%
434
434
10%
11%
5%
5%
39
97g
%
10
4%
39%
*1%
1034
16%|
69
4%
39
1%
*%
*%
8,100
10%
10%
*67%
25
434
10
*19
5i»
117
*23%
1%
*14
118
740
25%
39%
48
.
4,100
32,100
*23%
*1%
%
51%
33
3034
29
190
5034
*30
34i2
397,
105
105
*94%
*1%
21
*20%
4%
40
4%
34l2
*14
*30
41%
*7884
„39%
*94%
4%
40%
30
2834
♦934
13
*3g
38
4%
%
48
*%
*12
3
25
♦%
*34
34i2
97
*20
*1043g 105
27
29%
27%
25
*23%
24%
I
12
12
*33
*13%
6%
1%
58
14
*6'8
37%
6%
9%
*14
*14
%
137g
2634
«!•
*ig
%
*10
37%
6%
30%
20?g
134
1»4
*lg
12
37%
6%
28%
934
I84
10
10
*20
37
700
30%
*95
38%
6%
30
30
117
117
102
*95
102
6634
57g
*5%
6
'104% 105
♦10414 105
*26
27g
3
20%
37%
6%
28%
38i2
6%
*38%
2%
27g
673g
67%
67%
*117
11734
118
51%
52
51%
32%
3334
33%
117% *117% 118
10%
10%
10%
69
*67%
69
25
257g
25%
*234
3
27g
112% 111% 111%
*484
5%
6%
10
11%
10%
*95
100
100
*94i2 102
105
120
89
*67%
3012
2012
30i2
200
*43
*8734
*26
70
40
6%
*20
*104
500
5%
*5%
5%
*53g
8,300
5%
39
39
39
90
25
2434
24%
2412 25l2
27g
27g
3
*3
3ig
*3
3ig
*111% 112% *111%
114
112i2 112i2 *111
*484
434
434
4®8
4&g
*4i2
53g
984
9%
984
9lg
IOI2
*884
9%
6
6
*5%
512
5%
*5i2
5%
6i2
5
5%
5%
29%
10%
110%
6%
4434
0%
28*4 Jan 12
18
Apr
Jan
Apr
31
63% Apr
25% Jan
30% Apr 12
Jan 19
20
Canada Dry Ginger
10
42
*39
101
15
Mar 15
Jan 15
Jan
21% Jan 15
8«4 Jan 15
101% Jan 15
4% Mar 16
37% Apr 19
4% Jan 18
12,100
"2*600
44
♦24
6%
21
42
"moo
44
50%
11
39i2
20%
19%
18%
20%
*43
44
44
20%
62
1%
8
39
55g
*5%
5%
14*
25
52
1%
734
19%
*51%
1%
*39
39
*38%
39
14
*1384
24%
*51%
1%
*7%
18%
2534
5%
5%
55s
5U
39
34%
117
1177g
IOI2
1034
*94i2 102
18%
177g
1884
2184
41
205s
70
334 Apr
19% Apr
3
Jan
35
11,700
10,100
1,100
1,900
20
*60
25
784
8
1134
1134
70
*1334
14
2484
*51%
1%
734
*3%
4
334
1134
300
24% Apr
20
Bush Term Bldg dep
Butler Bros
5334 Apr
48
7%pf-100
10
5% conv preferred...
30
Butte Copper & Zinc
6
Byers Co (A M)
No par
Participating preferred.. 100
Byron Jackson Co
No par
California Packing
No par
5% preferred
—...—50
Callahan Zinc Lead
_—1
Calumet & Hecla Cons Cop—6
Campbell W & C Fdy..No par
160
4
49
Burroughs Add Mach— No par
Bush Terminal
1
500
Mar
1% Jan 5
12% Jan 30
13% Jan 30
1
Burlington Mills Corp
39% Feb
03% Dec
1%
19%
5%
784
16%
8
1
5
11
8
6
11
8
4
5
51
100
;
Bulova Watch
2384 Apr
Apr
Jan
12%
16%
18«4
4
19% Jan 23
No par
No par
No par
Bullard Co
1284 Apr
Jan
121% Dec
51
Mar 15
7
3
Jan
38
No par
Mfg
7% preferred..
Budd Wheel
23%
3%
1134
*2234
23
7,100
11,300
7% preferred
Budd (E G)
7
*634
67g
*684
23
6
28%
Sept
100% Sept
4
4
234 Jan
3584 Jan
10% Jan 15
6
106
11
*10
10%
*60
72
*1334
134
784
1784
37g
1134
37g
1134
*65
4%
10%
684
23%
23%
12
73
14
25%
52%
4
11
684
7
57g
30%
*88
70
107g
*67
120
600
29
6
37%
5%
Jan 17
31% Jan 15
2
10
8
Apr
24% Mar 27
257g Jan 3
-
2184Mar 26
No par
Brown Shoe Co
5,700
30%
*1334
2458
*5112
3314
117i2 1177g
Bucyrus-Erle Co
200
109% 109%
47g
5
5
38%
47«
37%
Jan
21% Jan
Bruns-Balke-Collender.No par
3.000
9
29%
II84
52
52
4,500
9
26
9%
110
29%
,
2314
*65
*27g
♦117lg 11834
617g
52
32i2
32%
2634
267g
2884
7
27l2
3
*685s 70
118U H8I4
3
697g
1,400
5%
2984
2314
265s
2634
*27g
207g
3034
36%
110
500
800
267g
5%
22
1
15
Borg-Warner Corp—------6
Boston St Maine RR
..100
Bower Roller Bearing Co
5
Brewing Corp of America
3
Bridgeport Brass Co—No par
Brlggs Manufacturing.No par
Brlggs St Stratton
No par
Bristol-Myers Co
——5
Brooklyn & Queens Tr.A'o par
$6 pref ctfa of dep.—No par
Bklyn-Manh Transit.-No par
$6 preferred series A.No par
Ctfs of deposit-...—No par
Brooklyn Union Gas—No par
017g
36%
38%
20.300
100
28
Jan
Highest
$ per share $ per share
share
per
123% Jan 6
70% Mar 20
28% Apr 16
Mar
62
Borden Co (The)
6l7g
20%
*36%
9
200
5,100
197g
10i2
89
89
21
200
3934
534
29%
3034
30U
37g
5%
47i2
*8712
,
9%
*38%
*52%
62
21%
*61%
27%
*9%
10%
5%
53g
37
*36%
,
2634
19
397g
5%
98
914
*39
41
*39
39%
62%
28I4'
2912
217g
784
41
*39
30^
2 914
12%
18%
1%
2134
7»4
99
IIOI4 ♦110
6%
614
37%
3812 38i2
5%
584
684
197g
U
43g
1012
67g
2384
21i2
*5112
1%
7%
18
1%
*97
23%
62
5
39i2
684
2914
30i2
247g
52i2
1%
8
18i2
237g
23*2
62%
23%
*51%
98
22%
98
4
117g
7312
11%
19%
23%
110
4
37g
11%
*187g
22%
2684
9ig
*365g
*109
278
19%
23%
21%
37%
1,700
53%
3%
21%
27%
8,300
3%
215g
27%
200
6,600
*187g
227g
*52%
101
10,400
1134
3%
2114
3058
*36%
11%
2134
19%
63%
3%
*19
62
2214
37%
3,100
12%
22%
117
Bond Stores Inc
3,100
6%
30
*51%
623g
62
347g
*6%
39
62
*2112
3334
22%
22%
39%
63%
3%
100
62%
21%
*61%
21%
35%
6%
11%
38%
23i2
227g
237g
*2
22%
102
*95
102
12
22*4
38%
19
19
19
23U
2384
23%
*95
3ig
312
33g
11%
22%
Class B
130
3,500
10,900
22
6%
*38%
66
26%
2634
23%
22%
2%
34%
115g
66
Boh 11 Aluminum
Bon Ami class
$
share
per
21% Jan
St Brass
5
A——No par
No par
700
420
120
2%
6%
22i2
Shares
26%
120
$
Par
Year 1939
Lowest
Highest
Lowest
23%
23%
*2
34%
12lg
19
22%
2
6%
23%
53
23%
2
34%
12
,
22%
6>2
12ig
233g
3914
62l2
3%
233g
3%
23%
3414
U84
19
24
34
23%
3%
27%
23%
2ig
m
19
66%
27%
*2
23%
*25%
26%
120% 121
66%
66%
27
27%
*25%
66%
Week
$ per share
3 per share
121% 121%
2814
24ig
23«4
27i2
2334
*2
Friday
i
10O-Share Lots
EXCHANGE
the
Apr. 19
Wednesday
Apr. 15
|
Tuesday
On Basis of
STOCK
NEW YORK
for
Range for Previous
Range Since Jan. 1
STOCKS
Sales
PRICES—PER SHARE, NOT PER CENT
Monday
Saturday
Apr
April 20, 1940
New York Stock Record—Continued-Page 3
2530
Jan
6
51% Jan 15
110% Jan
9
13
Mar
2
1
Mar
1
62% Mar 12
307, Jan 15
x Ex-dlv.
45% Apr
35% Apr 8
112% Feb 10
20%
100
21% Apr 11
484 Apr 4
534 Apr 4
4% Jan 12
26% Mar 12
11%
26% Mar 12
7% Apr 8
93% Apr 8
Apr
Jan
62% Dec
18
37%
Dec
Oct
Apr
111% Dec
Apr
234 Aug
2478 Sept
8% Sept
37g Sept
984 Sept
3% Aug
8% Sept
25% Dec
25% Dec
14
Apr
14
Apr
5% Apr
74% Jan
62% Jan
9
Feb
91
Mar
83
Feb
9884 Apr 4
8% Mar 15
73
Apr
90
Oct
Dec
15%
Jan
23% Jan 29
15% Dec
30% Mar
3
3884 Apr
98% Oct
109% Aug
79
48
Jan 26
Jan
108% Feb 21
56
Apr 8
6%
42
Apr
Mar
103*4 Sept
10% Apr
1% Apr
73% Jan
8% Aug
1% Dec
45*4 Jan
113
33
y Ex-rlghts.
Apr
x25% Apr
67
60
Jan
Jan
110% June
16
2%
Sept
Feb
72% Aug
32%
1 Called for redemption.
Dec
/
*
Volume
New York Stock
ISO
LOW AND
HIGH
SALE
Saturday
Apr. 15
5 per share
*5%
Tuesday
Apr. 16
$ per share
5*4
23
23
12%
12%
*7
10
*5
Wednesday
5
23%
12%
22%
12%
10
*7
29%
14:%
30%
14%
92
92
♦88
92
♦88
92
*94%
9%
3H2
98
*94%
98
98
9
878-
31%
108
1%
108
♦78
*9%
378
7%
♦1S4
3l2
108
3H2
14%
9i4
32
108
*h
4
37g
7%
31%
14t4
9
3%
*15l2
17%
102
102
$ per share
Shares
5
5
22%
2234
217g
123g
123g
*8
10
31
108
378
7%
2%
135g
4
834
9%
31*2
317g
1075s 108
31*2
*7S
2,500
214
2*4
*184
9*4
37S
7*2
2*4
4
4
*3%
4
9%
384
1784
13,400
3,700
86
13*4
1*8
9184
46*2
48
4,500
1734
17U
13%
1%
9234
49%
13l2
H8
9212
135s
13%
*1%
9214
♦115
9234
48%
116
115
115
*115
8%
8%
£ 403s
334
403,
37|
8i2
403g
378
I 23
t. 31
23
31%
23
418
23%
315s
8%
40s8
li8
9234
4884
48
11534
85s
40
914
405g
40
32I2
384
228s
*30i4
215s
62%
555s
2178
223g
22
62l2
55%
62i2
555g
633s
55U
60
5514
55
00
60
60*8
60
175
175g
40%
378
60
♦170
603s
-
21%
*60%
*55%
7%
1%
20
7%
1%
20i8
10U2
♦99
2934
*6%
2934
35
3512
678
♦4314
44
*42
43!4
177g
93
4%
2314
334
223s
31
2314
6484
22%
64%
2978
73s
4
*42l2
103s
285s
82
147g
2714
334
4212
IO84
42
10i2
285s
81S
877g
*83l2
1478
27ig
384
4234
1H8
30l8
14*2
27*4
334
43l2
105g
285g
2878
95
*89
95
*89
95
*89
*58
68
*58
68
*58
68
*58
20
20
7%
*112
2012
434
175s; *16i8
778;
8
113%!
2284
112
2234^
♦273s
275s
*18
I884
*18*g
*47g
185s
*®n
l2
»
20i2
478
5
t118% 118*2
2284
*273s
*17*2
18
2914
2012
47g
4%
233s
27%
*2
119
88*2
87
15*8
4334
4334
10*2
11
1484
*2678
3*2
4234
10*4
283,
29*s
283,
40*8
9
19
87«
187S
84
84
84
*81
*1334
14
*1334
*40
403s
84
*13*2
14*|
13*4
13*4
*3 634
37
37
37
37
37
37
37
37
22%
19*2
227s
24*2
23
24*2
2314
18*4
2384
23*8
I8I4
89*2
14
19
18*4
90*4
94*4
1683s 171
2534
91
92*8
169*4 171
283s
8
185s
2634
170
2734
85g
26*4
734
*12l2
8*s
*12*2 13*2 *1212 13i2 *12*2 13i2 *12%
13%'
*116*s 118
*116*4 118
*116*4 118 ,*116*4 118 ,*116*4
188
188*4 188
188*2 18512 188*4 186l2 187%
186
*1235g 1247, 124
12434 124*4 125
12434 12434
125
*11434 115*4 *114*4 115*4 11434 11434
*11434 115*4 *115
40*2 42
41*4 4418
42l2 44
403g 44
383,
6*s
53,
5
6*,
5%
5*4
5*8
*5
5*8
157
157*2 158*2 159
157
15834 156
157*2 156*2
*173
176
174
174
173
174l2 174l2 *170
*170
345g 35*4
35*4 36*4
351, 3634
3512 357g
35*4
1634
16%
*16U
17
16
16
*16*4
17
*16*4
_
28
%
3*
38
40*4
17*,
40*4
17*s
4078
167,
*1*4
*6
33
*28*4
32U
1*4
*37
1®,
6*4
33
287,
32*4
1*4
37*4
*1*4
57,
1734
138
46
7
*5,
4134
1734
1*4
28*4
28
28
27
27
32*4
1*4
1*4
37*4
*45
1*4
57g
32*4 32*4
3234 3234
*H4
1*2
*1*8
1*2'
37*4 3734
3634 37*4'
45l2 45l2 *45
45l2
*111% 111% ♦111*8 11134
9
9
9*4
95,
80*s
86*2
94*8
*77
81
*78
80
*76
80
80
*83
87
*83
87
*82
87
*83
*90
94
*90
94
*90
94
94
*5s
7«
•11
•16
15,
2%
15,
128
13*
1*>8
*2*4
*138
27«
2*4
*1*8
♦
15,
80
*67
"*334
4
*334
*95s
10
9*2
2878
29*4
1*8
*131»
*634
73s
4734
2634
4784
267g
*16*4
17*4
*100
*23*2
4
101
80
4
*634
48
27*,
*165,
*100
24l2
*2312
4%
*4*8
**»!•
1
*4
*23*2
24
96*s
*92
17
*17
39*4
23
39*2
*18*4
96*,
1734
3934
23
*18*4
*
634
48*4
28*8
16*2
*100
101
*23
25
:
*334
8
I
*6%
7*2
84*2
*78
101
*82%
84*2
94
»u
6% cum preferred
Eaton Manufacturing Co
1%
1%
1,600
2
2*8
1%
1%
*67
"""136
*23*4
94
397,
16*4
3934
*18*4
Fairbanks Morse A Co.No par
16
400
Fajardo Bug Co of Pr Rlco..20
Federal Light A Traction... 15
*89
16*4
3934
23
2,300
14,900
163s
39
*18*4
1 In receivership,
a
56
20
16:
700
4
1,600
23
Def, delivery,
H% preferred
1
Fidel Phen Fire Ins N Y.52.50
Filene's (Wm) Sons Co. No par
n
New stock,
r
Cash sale.
*
51, Aug
138, Sept
Sept
984 May
30
Mar
10
Apr
Aug
Jan
Oct
Jan
July
July
Nov
Mar
July
13*2 Nov
90
35%
22%
34
Jan
Jan
July
87% Nov
Deo
Dec
17%
19*4
Dec
6
10
Apr
Apr
108
14
Jan
Juno
116% Nov
Apr
188*2 Sept
124% Aug
118*2
3178
Sept
4
1
Aug
22%
Apr
3
Sept
144%
Jan
109% Jan
Deo
Oct
87S
1*2
125*2
32%
34%
447g
10*2
20*2
Apr
17%
Mar 16
Apr 6
Mar 2
Mar 15
Mar 15
Jan 2 ^
Jan 27
Oct
Mar
1% Jan 2
41% Apr 16
Jan 16
Deo
July
6
9
15% Mar 28
lgMar 28
18*2
28
Mar
Sept
101%
9
17% Apr 15
1% Jan 4
8% Jan 8
36% Jan 8
31% Jan 8
3234 Apr 17
Apr
Sept
Apr
8*2 Apr
1% Sept
6*4 Apr
20% Apr
I884 Apr
23% Apr
1% Jan 10
3
Apr
July
%
28
Apr
Jan
32% Aug
*103% Mar
Feb
Deo
8% Sept
186*8 Jan
183*2 Feb
3078 Oct
197S July
3%
Jan
40% Oct
18% Nov
3% Mar
12% Jan
41%
Jan
38
Feb
35
Sept
3*2 Sept
42% Nov
65
Sept
111
Jan
Mar
1
12% Jan
8
7
Apr
72% Mar
4
83
8
Apr
137, Aug
80% June
Apr
89
Apr
95
•u Apr 15
1*4 Mar
8
Apr 18
334 Apr 18
8*8 Jan 16
20*2 J&Q 15
84 Mar 20
434 Jan 9
34% Jan 15
25
Mar 26
15
Mar
1
Feb 16
Ferro Enamel oorp
Apr
3684 Sept
Jan
Mar 29
100
Apr
8ept
Apr
23
Federated Dept Stores.No par
100
18
37
r96
700
Dec
178
*
400
%
Jan 15
277«
2
Federal Motor Truck..No par
Federal Water 8er» A.No par
94
39*2
preferred
Federal Mln A Smelt Co
Apr
June
Sept
Jan
Jan
8
62*2
65%
Jan
8
69
7,
1*4
3%
1%
Apr
5
Feb
Jan
3% Mar 18
1
107, Apr 4
3134 Apr 16
8%
49%
31*2
187,
102
Jan
Mar 27
1
1
2178 Jan 23
jan 12
Apr 18
25
Apr
20
3
Jan
95
Jan
% Mar
857,
16%
37%
19*4
Jan 18
Apr
Ex-div.
y
6
Jan
40% Feb 14
22*2 Jan 5
Ex-rlghts.
Aug
3
Sept
6
Sept
3*2 Sept
65% Sept
6% Mar
17, Sept
1% Apr
65% Sept
3% Sept
6
Apr
13
14%
Apr
%
Dec
Apr
26%
2%
87,
4378
38*2
18%
3
Mar 11
Apr 8
Apr 18
Apr 3
28*2 Jan
47, Jan
178 Sept
1
Jan
Jan
1
Aug
Aug
84 Aug
...50
16
78
235g
*89
84
44*8 Apr 15
6*8 Jan 3
166*4 Jan 2
1*4 Feb 20
31
11'4
12% Aug
3% Sept
25
26
26
2
6%
94
17
2'
...100
45*2
Apr
Apr
111*8
12%
384
138%
155*1
15%
15%
...100
45*2
2978
15%
7
17*2
10%
11284
25%
27*2
8ept
Jan 19
89
634
46*2
Sept
Sept
126%
Mar
97
6
103
Nov
25
112
4
—5
55%June
4
4
Corp
3
Exchange Buffet Corp .No par
Fairbanks Co 8% pref
100
91
Jan
8
Mar
Ex-Cell-O
Apr
13% Apr
3% Aug
14% Sept
4% Apr
189% Apr
Mar
4% 1st preferred
4% 2d preferred
45
Aug
Apr
Dec
7*8 Sept
6312 Sept
13*4 Nov
32*2 Nov
126
80
*6%
2378
118%
84
*»!•
300
2
11
No par
1
1,600
Jan 15
Jan
No par
......
11,200
99*8 100
23*2 24
4%
4*8
78
*34
23*2
23*4
175
55H preferred
preferred
56
30*4
78
4*8
Jan 17
122
No par
29*8
24*2
138, JanlS
55 conv preferred
31*8
101
10
Mar 19
Eureka Vacuum Cleaner
4*s
*34
9
112
Evans Products Co..
*24
Apr
Apr 12
Mar 30
Apr 13
Equitable Office Bldg_.No par
|Erie Railroad........... 100
4%
19%
73%
94% Apr 15
11434 Apr
26*2 Jan
4%Mar
D57g Feb
168*2 Mar
8
Apr
55
46
1
3*2 Sept
20*4 Sept
417, Jan
3,600
*100
9
Feb 2 i
Jan 12
preferred
Engineers Public Service
28%
24% Apr 15
237, jan 10
Apr 18
5%
Sept
19% 8ept
Dec
66
42
Corp
"200
*16*8
8
36
Endlcott Johnson
..No par
37g
31*2
16*2
Feb 21
3
preferred...
Erie A Pitts RR Co
80
Jan
93
Aug
28
50
.100
57
9%
334
10
Jan 15
Aug
9
103
Jan
38
48
Jan 8
Jan 10
20
Jan
8*2 Sept
Sept
26
Apr 10
Feb 3
8534 Apr
14% Apr
96
13
_
El Paso Natural Gas
Electric Power A Light. No par
9*4
9%
125%
23*4
36%
43%
10%
Jan
56 preferred
No par
Elec Storage Battery..No par
Elk Horn Coal Corp—No par
Elec A Mus Ind Am shares...
*35s
334
84
June
23
34%
12%
1%
478
26%
22%
28%
1%
200
80
4
2
No par
Electric Auto-Lite (The)....5
Electric Boat
3
1,900
1*2
100
Eltlngon Schild
200
700
13s
34
*23i2
Bid and asked prices; no sales on thL day.
**18
...1
Edison Bros Stores Inc
300
2*8
4%
23
600
2,100
1%
24*4
3934
I
9
3
3
120
Eastern Rolling Mills..
6
Eastman Kodak (N J)-No par
100
*90
4%
*18*4
1,100
6,100
84*2
24*4
3934
23
1,500
19% Apr
23% Jan
57, Jan
116*2 Apr 12
Eastern Airlines Inc
3,000
9%
80*4
94
4*4
17
200
2
29
1634
120
9,300
9
76
Feb 27
8
237, Apr
27% Apr
100
38*2 39*2
47g
5
15578 156
172l2 173
Feb
Apr
38
8% Apr
113% Apr 12
No par
preferred.
Jan
40%
3
Apr 18
11% Mar 8
32% Mar 14
29
40%
5*8
157*4
172*2
36
I
1634
1634
Jan
171
1
Apr
41%
27, Aug
Feb 24
Apr 10
Feb 24
Jan
2
Du P de Nem (E I) A CO...20
54.50 preferred
No par
2,600
4% Jan
8%
91%
15%
29%
4%
14«4 Jan 12
5% Feb 6
12% Feb 6
Duquesne Light 5% 1st pf.100
35
1
Jan 15
142
60
1,000
Mar
Dow Chem'cal Co.....No par
Dresser Mfg Co
No par
Dunhili International
13
37% Mar
18% Jan 15
75
9,400
30,500
8
Mar 15
Apr 17
Jan 2
No par
1,300
9
118*2
18%
33i,
38%
Douglas Aircraft
115
1*8'
3634
45*4
9
Jan
18*8 Apr 19
1255, 1255,
32*2
16
5
Ne par
115*4
32*2
*16*4
4
Dome Mines Ltd..
125*,
115
Jan 19
11% Jan 31
34% Jan 15
16% Jan 15
No par
Jan
32*2 Aug
Sept
167, Mar
par
8%
90
*90
No par
Casting Co No
Duplan Silk
111*8 111*8
46
*90*2
*16*4
1,900
Co
Class A
13*2
*12*2
118
*116*4 118
187
» 185*, 1865,
llllg 1111,
9*4
95g
80*4
80*4
30
634
*16*8
7*2
13*2
200
2914
16i2
,4
!
45*2
47
235g
92*2
I
27
*45
1*8
36
*45
27*2
*100
169
26
2634
32%
1*4
36
47
34
169
Dlxle-Vortex
***!•
378
934
95g
235,
92*2
39*2
*18*4
32,700
2,100
19,COO
26*2
32*4
*1*8
*355s
*67
1
24
*39
80
1
*78
17
*67
***i«
23i2
*92
4
4
90*4
534
30*4
*l*s
31
24l2
43g
*4
87
5*2
30*4
1*2
2*8
1%
3012
101
5,200
5%
1%
10*8
3134
I6I4
185,
3134
26*4
1*2
2*8
80
634
18*,
200
30*2
26*4
32*2
15g
275,
Doehler Die
1334
67,700
1,000
5,100
1*2
47
370
7,100
5s
*334
9*2
295s
7%
I
23%'
17%
1%
%
934
30%
48*4
2734
175g
37
22*4
3,300
%
1
29*4
1334
37
17,700
2*4
*67
1378
%
»u
1*2
2*4
*13,
5% Pref with warrants.. 100
|
37
28*4!
25
100
84
5*2
32
1*4
512
6% partic preferred
110
28
5
Jan
Jan 2 >
Feb
25>4 Jan
Diamond T Motor Car Co...2
Distil Corp-Seagr's Ltd.No par
397g
16*2
*1*4
3ll2
578
*81
237,
18*2
92l2
170*4
No par
8,900
6it
173g
Match.
2,000
387g
16*2
*1*4
39*4
32
6
200
100
Raynolds A..No par
85,
4058
1678
1%
41
1634
33
31*4
27*4
32*4
84
Devoe A
193g
19
7I«
40'%
161,
1*4
534
3112
37*2
4534
*111*8 111*4 *111*, 111%
9
9%
9*,
9i2
46
%
40*4
85,
19
Detroit Edison.
Deo
33
Feb 26
JDenv A R G West 6% pf. 100
Diamond
Apr
5
2% July
38
Jan
Feb 26
Jan 12
4i2 Apr 19
i4 A pr 3
700
Aug
2134 Apr
5*2 Mar
16%Mar 19
630
Jan
67,
20%
53
100
3,300
Apr
26%
_
Jan 12
18*2 Jan 30
Delaware Lack A Western. .50
1185, 1185,
1834
18*4*
35*2 3534
*40
403s
93
32% Feb
7% Jan
387, Apr 3
53
Delaware & Hudson
403s
40
Feb 14
100
87,
8*2
Jan 12
12% Feb 20
20
2,900
185s
29
*79
o
6,600
87g
168
61, Feb
6it
18%
Sept
Deo
45,
'35*2
Jan
16
62
17*4'
19
3
61*2 Sept
67*2 Sept
Aug
177
Apr 16
17
36
105
Apr
Sept
3
Sept
% 8ept
8
Jan
Jan
547,
93
78*4 Jan 22
3*2 Jan 16
17*2
434
*2
119*8
I884
36*4
403s
878
185s
7*2 Apr
1% Apr
24%
49
150
Deo
434
35i2
4
17%
*8i«
119*2 119*2 *118*2
3
Jan 11
52% Sept
17*4
19l2
177
94
*2
36
Apr 19
Apr
434
19
69
Apr
1778
36
*40
May
10% Jan
407g Dec
6% Nov
31*2 Jan
32% Sept
9
434
119
Apr
116
241*
*51«
4l2
Apr
Apr
75
47g
18
Sept
5
51% Sept
2434 Apr 19
61*2 Jan
65*, Jan
Mar 29
10
*106
197, Aug
16% Apr
92
Diesel-Wemmer-G Libert
Jan
Mar
Apr
1%
Jan
Apr
Jan 12
...20
2
32%
Jan
400
*s
25
33
22*8 Mar
100
29%
Mar
Feb
82
Preferred
400
Apr
Jan 26
Apr
Apr
Dec
Apr 16
177,'
5,200
49%
116*2
9%
40%
4%
46
1
1
*87*2 Sept
_
3*2 Apr 19
A
Sept
9% June
11%
43
*17*2
300
1% Apr
97% Jan 10
40% Mar 21
9*8 Jan 16
27% Mar 29
1
88
94
Davega Stores Corp....
5
4*2
Conv 6% preferred
...25
16
Davison Chemical Co (The) 1
6I2
Dayton Pow <fe Lt 4H % pf-100 /111
Deere & Co
No par
1934
100
900
7
Jan 10
Jan 15
17*2
187g
3*2
1,100
153s
No par
Cusbman's Sons 7% pref..100
58 preferred
...No par
Cutler Hammer Inc
No par
1,300
Feb
18% Apr 10
5% Sept
9
Sept
Sept
10D8 Deo
17% Dec
34
Feb 20
17*2
85g
28*4
Class
104
108*2 Aug
2% Jan
12% Mar
77g Mar
978 Sept
15
17l2
17*2
18*2
*81l2
*1334
168
26,800
2
No par
Curtlss- Wright
6*2 Aug
1
July
1% Apr
8% Aug
1
18% Mar
784 Sept
384 Dec
Jan
89
34*4 Jan 2
17*2
175g
17i2
17*4
87S
8*t
Curtis Pub Co (The)
Preferred
6
Dec
3
8
Apr
Apr
10
100
Apr
Jan
84
Feb
43*4 Apr
19% Apr 18
27*2
187g
29
37*2 Jan
23*8
85s
167
Jan
Inc
27
101%
share
8%
30% Jan
97, Dec
Apr
45
Jan
2234
18*4
83s
27
Preferred
1,600
1034 164,000
Feb 28
37
2,200
20*4
f8
28*2 Mar 15
6*4 Apr 18
No par
8ugar
2*4
7$ Jan 10
19*8 Apr 19
No par
w w
Jan
4% Mar
4% Jan
»
100
Cuneo Press
43*4
Mar 16
27*2
8*2
185s
28
pref
Cuban-American
920
29
170
27*4
112
2284
*27*2
17
7*2
7*2
*11134 113
8*2
167
20*4
conv
Mar 26
58*2 Mar 26
1
preferred
'2
23
112
*16
*81
897,
21*8
4%
conv
Jan
63
...ICO
....1
...25
Jan 19
15*2 Mar 16
62*2 Mar 19
Cuba RR 6% preferred... 100
52,500
3*2
6% Jan 13
4*2
45g
*1534
17
73,
73g
1118411184
2214
22*2
27*2 27*2
8
19
89l2
293g
60
95
35*4
♦39*2
19*4
94*4
~
Feb 29
38
Pref ex-warrants
No par
Crown Zellerbach Corp
5
55 con* preferred. ..No
Crucible Steel of America.. 100
Preferred
100
68
197,
19
113
5
Cudahy Packing Co .......30
*89
40*i
22*2
1912
87%
Feb
Apr 19
41% Jan 19
par
1,700
*58
355s
84
24
18
12*4 Mar 19
Fibre. 5
2,900
95
45s
158Mar 20
19
28
3% Mar
14i2 Feb
10034 Jan
14%Mar
484
10*2 Apr 4
4*2 Apr 4
8% Apr 9
Jan 31
1
1:0
327, Apr 5
110% Mar 25
1% Jan 5
8*2 Jan 31
86
1478
68
434
Mar
Jan 18
share I per
per
4
Apr
Apr 5
97, Feb 21
3*4 Feb 77
No par
Co
$2.25
1,000
87
*89
16%
35
par
27
*58
2078
Aug
Sept
7
20
Crown Cork & Seal
110
43,500
95
*3912
*81
8
27*4
334
2034
23is
277g
119
19*4
3534
40*s
*3*2
145s
434
16%
*7l2
45g
4*4
834
*26%
35s
L*19%
35*2
18*2
6%
800
19
175s
145s
334
4334
1078
11
%
2234
*27l2
5
87
Feb
91
7g Jan 19
Cream of Wheat Corp (The).2
Croaley Corp (The)
No par
8,200
43
68
«
4*4
18*4
183s
87
*40
27*4
1978
175S! *16ig 16i2
8
75s
75s
11218 112
112
478
**11
119
200
600
90*4
4*2
85s
43
*334
778
preferred
Continental Can Ino
54 50 preferred
Crane
1,200
90
*89%
*1934
434
*16ig
5,800
91
334
8*8
85
100
No
8%
Preferred..
Coty Inc
Coty Internal Corp
5,800
5,500
91
85
2834
100
650
14
1034
4,500
11,900
2634
334
42l2
1012
44
59*2
94
92
Apr
79% Apr
7% Nov
%
95
107
conv. prer. 5% series
60
Corn Exch Bank Trust Co.20
Corn Products Refining....25
320
40
3*4
75s
73
92
Feb 23
734 Jan 30
30*4 Jan 15
d A No par
Class B
Copperweld Steel
2,500
9334
75g
13 78
2714
4
54
39
*90*2
9
Feb 10
86
25
6,600
193s
94
334
Apr
79
_.
1,600
28,300
40*4
384
73s
*83i4
143s
27i8
3%
32% Nov
9% Oct
3% Jan 22
22 % Mar 26
23*4
2978
2434
69
5412
5978
18*2
414
8I4
15% Aug
6% Apr
Continental Steel Corp. No
225s
29*4
2234
6334
303s
2318
6434
55*8
60*8
93*2
40*g
8
Jan 15
Continental Diamond
393s
93
42
Apr
Jan 13
7% Jan 29
Continental Insurance.
12.50
Continental Motors
......1
Continental Oil of Del
5
93 5g
407g
94
93
Apr 15
16
57s
1,900
19
92
Sept
8,800
18*«
3934
5
37,500
I884
42
Feb 2»
Jan 15
8*2
173g
93l2
92
Apr
40*4
334
3%
42
*40
Apr
8
42
93
13 78
64
*55
5
19
*40
40*8
378
225g
42
89l2
*334
27U
65
1
400
42
40
82
22*2
Jan 3
Feb 17
25%
Container Corp of America. 20
I
1,700
115
115
6%
24%
13*4
9%
31%
8
P Co$4 50 pf No par
Continental Bak Co
,
1,300
42i4
I884
93l2
3934
82
303g
5978
88
4U
384
223s
55
93
39%
*87%
*3%
73s
2278
30%
233g
40*8
1*8
173i8 173% *170
177
*170
177
*172
177
*172
175
7
7I8
7
65s
7
7
684
634
*6%
6*2
1%
1%
1*4
1*4
1*4
1*4
1*4
1*4
1*4
1*4
20
20
203s
2OI4
1934 20ig
19*2
1934
19*8
20*4
*100
101
101% 101
•100
101
*100
101
9934
9984
29% 29l2
293g 293s
29l4
29*4
29*4
29*4
*29*4 30
6i2
6i2
612
612
*63s
6*2
6*4
,638
638
35i2 36
36
36lg 37U
36*2
35*2
36*8
3358
35%
4334 44
44
*4314 44
44
44
44
43*2 43*2
4214
183s
I8I4
Consumers
12%
1678
H8
92
100
400
17
1778
13%
102
Mar 16
...1
18
1,000
Highest
share
2178 Apr 19
No par
102
300
13%
13*4
133s
1*4
1*4
*11,
93
9214 *92
48
4812
477, 48
11584 11534 *115
116
884
9
8*2
834
17i2
1%
4834
600
2,300
12,400
*15*4
1338
preferred
,
3 per
No par
Consol Film Industries
.
share
par
52 parti r pref
No par
Consol Laundries Corp
...5
Consol Oil Corp
No par
Consol RR of Cuba
6% pf. 100
Consol Coal Co (Del) v t 0..25
5% preferred v t c
100
7%
*145s
55
1,900
167s
101*4 101*4
17*8
18*4
17«4
48%
1
Lowest
5
6H% prior pref
100
Consol Coppermlnea Corp
5
Consol Edison of N Y_.No par
18,000
107*4 108*4
378
7*2
1834
1018410134 *101% 102
17%
| 92
18,800
73s
16
i 13%
*
118
'
20
9
4*4
16
60
315s
78
9*4
37«
Year 1939
Highest
5 per
JConn Ity & Ltg 4*4 % preflOO
Consol Aircraft Corp
1
Consolidated Cigar
No par
7% preferred
100
23,400
95
884
1
*9
Congress Cigar
6,000
2*8
*4
♦16
900
14
7*2
*184
Congnleum-NalrnIno_.No
91*2
912
37g
378
73g
1,600
30*4
28*2
91*2
95
Par
30
313s
94%
Lowest
Conde Nast Pub Inc...No par
8
15iS
92
94%
1
*9
8
Range for Previou
EXCHANGE
1,100
1134
1134
14
*90*2
95i2
914
32
108
5*s
22
29*2
1458
884
Range Since Jan. 1
On Basis of 100-Share Lois
Week
5
92
3134
STOCKS
Apr. 19
10
3014
1378
*90i2
*94i2
9
378
73s
♦134
*378
75s
1*4
378
102
2531
NEW YORK STOCK
the
2278
1284
*8
8%
0"«
31% 32
107% 10734
4
167,
♦IOO
10
2934
13%
9%
1%
4
Sales
Friday
5
*2212
12i2
1
9
2%
3%
*♦15
12%
5
1
1
9%
75,
Record—Continued—Page
CENT
$ per share
$ per share
5%
23
*12%
*8%
303s
14%
*94%
NOT PER
Thursday
Apr. 18
Apr, 17
9 per share
534
23
SHARE,
for
Monday
Apr, 13
PRICES—PER
2%
24
Apr
20
Apr
11
Apr
81
Jan
29
Dec
2% Aug
84 May
98
Jan
Nov
Jan
Sept
Jan
Sept
Aug
Dec
31% Dec
6% Nov
1%
Jan
I884 Apr
8234 Sept
17% Nov
27% Apr
27*2
89%
Feb
16% Sept,
21% Deo
Oct
23*2 Nov
40*4
Dec
f Called for redemption.
.J
i
new york stock record-continued-page 5
2532
low and
man sale prices—per share, not per cent
Saturday
Apr. 13
Monday
Tuesday
Ayr. 16
Apr. 10
9 per that$
Thursday
Apr. IS
Sales
1?
the
NEW YORK STOCK
EXCHANGE
Apr. 19
19*4
19%
19*2
♦105*4 100
44*2 44*4
197g
305$
100
44
1972
36*2
20
30%
25*4
2*4
24*2
2*4
31*4 ♦30*4
100*2 ♦106*2
17*8
18*4
75
*75
5*4
5*4
25*4
♦2*2
♦30*4
♦105*2
♦17*2
—
75
•5
Week
33
*30
34
38*4
2
17g
4*2
4*2
♦10*4
*30
3778
2
36*2
2*a
4*8
10*2
*2
36*2
*178
33
*30
37
2*8
35*2
2
600
500
90
2,500
40
4,500
35
36
"9*800
2
900
*178
4*4
4
4*8
4*2
4%
412
4%
4*4
16
17*4
16*8 16*2
16*8 16*8
*15*2 16*2
18*4 *17*4
18
17*4 18
17*2 17%
17*2 17*4
104*4 ♦102
104*4 *102
104*4 *102
104*4 *102
104*4 *102
104*4
6 fc
5*4
6*8
"
"
6
6*4
0*2
0*8
6*2
6*4
6
4*2
*10
18
•11*2
1278
13
13
♦12*4
13
13
13
*49
50
*49
50
*49
50
*49
50
6,100
•102
0
49%
14 J
13%
49% *48
6*4
6%
53*4
7*4
*3*8
8*4
22*4
70
18*2
*112*4
38*8
47?a
*11012
%
30
*27
1
*27
36
*27
98
99*2
98*2 98*2
99*4 99*8
*125
120
128*2*127
128
127%
54*4 547S
54*2 547S
63*4 64%
♦12512 120
125
12512 *125
126
*53*2 ,65*4 *53*4 54%
9914
120
127
63% 54%
124% 125 >
*53% 55
3
3
3%
*80%
18%
86
18*4
68
22*4
95
95
*3*8
3%
51
*47*4
.**18
9*8
"i»
9
9*8
13*4
9%
*13
*9%
♦147a
13%
9%
15%
15*2
35%
23*4
15*4
25*4
27*2
138%
35%
*23%
15*4
25%
27*2
138%
*40
53
52
2%
27*2
3%
4
18
04
64
10
11%
3%
28
4
3%
1
2%
17*4
17%
8*4
♦101*4
37s
*106
107a
*108
25
27*4
*40
33%
15*4
*1114
3
27g
28
18
*10
17
*34
34*2
*34
36
36
36*2
10
16%
17
16
4
*10%
....
♦103
164
*163
18*4
18*4
18% 19%
18% 19%
97
90% 96%
98
98
98*2
*132*8 1337s *132% 13378 *132*8 1337a
*66*4 67% *66*4 67%
67% 67%
9%
13%
9*2
15%
35
*23
15
138
33%
15%
11%
9
*9%
*14%
*34%
9*2
1378
9%
14*4
35*4
23%
23%
*13
14%
25
2578
27%
14%
2578
Goodrich Co (B F)—.No par
64
700
21%
22
11,400
5% preferred
No par
Goodyear Tire A Rubb.No par
35 conv preferred
..No par
Gotham Silk Hose—No par
Preferred
—100
*14
*34%
23%
14%
25
2784 2778
27%
28%
139
138% 138% *1.37
138
54
*40
33%
15%
11%
32%
16%
11%
54
33%
15*2
11%
3
3%
3%
28%
28% 30%
4
*3%
4
18
♦15*2
18
34
34
34*2
35% *35
35*2
16
16%
16%
17
*16%
17
105*2 *105% 100
104% *104% 104*2
*40
32%
11
11
15%
*103
64%
37%
14%
54*4
38
15%
09
09
*109
112
.
6%
45%
*1%
*0
20*2
57g
84
11%
*21%
40
*5
6434
37*2
15%
69*a
35
*16%
*10%
104%
25
25
*24%
♦135*2
*135% 147
8
8%
8%
8%
103
103
103
103
4
4%
4*4
37g
108*2 *106*2 108*2 *107
1078
io84
io84 1078
(*109
6%
45%
1%
6%
20%;
6
6%
41
*1%
*512
6978
112
6*4
41%
1%
6%
20%
20%
578
%
lal8
6
34
11%
23
11%
11%
22
22
40
40*2
4084
6
5
6%
55
15%
15%
*09% 70*2 *69%
109% 109% *109%
5%
584
5%
42
43
42*2
1%
1%
*1%
*5
20%
584
5I2
20*2
67g
84
10%
i *21%
40
*4%
11%
22i2;
4034
5%
*5
19%
684
%
107g
21%
*39%
*484
300
22,900
210
|
{
T665 j
17,400 j
1,100
7% Dec
128
Jan
Sept
2% Apr
Jan
9
Jan
Jan
103% Mar
05
Sept
11
Mar
149
July
5% Sept
Mar
18
29'% Apr
17%
Jan
Apr
197g Apr 16
43
Apr
Apr
85
80
75
Jan
16
Dec
117% Mar 29
100
Oct
31
Apr
36%
Jan
41
Jan
9
2
49% Apr 15
118% Jan 6
% Jan
44
Jan
101
Apr
7% Apr
10
8
Jan 10
Jan
*2
89
130% Jan
50% Apr
127% Mar 23
50% Mar 8
110
107% Sept
3
Ded
Jan
-25*4' Jan
130*2 Mar
44% Jan
477s Aug
118% July
1% Jan
Jan
65*2 July
72% Jan
125% Deo
128% Dec
36%
Apr
112
Sept
28
Apr
3% Sept
99
56%
July
Oct
126% June
38
67g
Feb
Jan
7
Mar
107g Jan
105
Apr
111% Nov
1% Sept
5.
4
15% Jan 11
19% Apr
12*2 Aug
41
Jan
30% Apr
24%Mar
13% Jan
8
7
16
19
13
15
2
19
2
Feb
0
98
9
Jan
3
£8*s Apr
2
19% Jan 4
44% Mar 26
2
2% Jan 29
2% Jan 22
80% Feb 28
16% Jan 15
63% Apr 18
21% Jan 15
91% Jan 23
3
Mar 23
47*2 Mar 30
% Jan 2
7% Feb 5
13% Mar 16
4
18% Feb 27
101*2 Apr 3
23% Jan 4
6% Mar 6
51% Mar 14
37|Mar25
3% Apr 11
88
■
Jan
8
20% Apr 4
69% Mar 7
247g Apr 4
97% Feb 21
4% Feb 8
71*2 Jan 9
1% Jan 30
9% Apr 10
147§ Jan 4
3
Jan
16%
31%
24%
18%
277g
29%
Apr 8
Apr 8
Feb 21
Jan 8
Apr 8
Jan 2
142
55
Feb
6
Jan 29
31% Apr
5
17% Jan
12
JaD
4
3
14
Sept
Apr
15
Apr
8% Sept
10%
*ug
97*2 Nov
15%
Apr
5% Apr
43% Oct
6% Aug
43
Sept
14
Sept
34
May
2% Jan
I7g
70
Apr
Jan
13% Apr
53
Apr
21%
Apr
87
Nov
2% June
15*2 Oct
4334 Sept
20% Nov
15% Jan
18
Nov
99*3 Feb
27% Mar
8% Jan
54
137g
Mar
Jan
66*2 Mar
24% Jan
47
Mar
334 Mar
27g
86
Jan
Nov
2434
Jan
74% Mar
38% Jan
10934 Jan
5% Sept
67
Dec
80
Mar
%
4%
14%
9%
Aug
Apr
Dec
Dec
Apr
1%
I07g
15%
10%
22%
Nov
Sept
Jan
Jan
25
10
24%
227g
12%
16%
23%
129%
Apr
Apr
Aug
Sept
42
May
24% Jan
14%
Apr
10
Apr
35
22%
3334
37%
141%
53*2
35*2
21>4
12%
Deo
Deo
Sept
Aug
Aug
Sept
Sept
Sept
July
Deo
July
Mar
June
6
Sept
Sept
634 Sept
22% Sept
32% May
18
Apr
8
11
200
Hackensack
6
34
Feb29
29
May
150
34% Jan 17
37
Jan
9
32
Jan
38
5,800
7% preferred class A——25
Hall Printing Co
.10
16
20% Feb 19
8
Hamilton Watch Co...No par
10
8
15
Apr
Apr
1834 Dee
100
Apr 16
Feb 21
104% Jan 25
106% Jan 12
105*2 Mar 30
09
16*2
17
580
104%
2584
20
8%
103
4~
108*2
1034
2
preferred.——100
20
8%
500
50
1,800
100
23,200
100
2.400
0% preferred
——.100
Water........25
6%
preferred...
18
97
5,100
1,200
132
132
80
66
66
300
97s Jan 10}
107%Mar l! 110
Hercules
,37%
/14%
37%
15
71%
109% 110
6%
5%
*69
—....
_—100
Motors..—.No par
Hercules Powder......No par
10
Hollander A Sons (A).......5
Holly Sugar Corp
—No par
700
21,000
700
400
preferred-
100
Home8take
Mining.....12.50
Houdallle-Hershey clA.No par
......No par
Class B
Household Finance.
5%
No par
preferred—
100
4,500
Houston Oil of Texas v t c. .25
2,200
Howe Sound Co
5
44
200
Hudson A Manhattan..—.100
"2" 700
5% preferred—........100
Hud Bay Mln A Sm LtdNo par
5%
%
1%
5*2
19*2
584
»ie
10%
2,200
Hudson Motor Car
7,700
Hupp Motor Car Corp
....1
10%
5.200
Illinois Central RR Co
100
21
21%
700
40
40
170
*4%
a
5%
Jan
14
12J
Feb
2|
87*2 Jan 10'
Holland Furnace (Gel).,
*1%
19%
155
900
44
*5
Apr 12
50
Def. delivery,
No par
0% preferred series A
100
4%
....100
RR Sec ctfs series A... 1000
Leased lines
n New stock,
r Cash sale.
Jau 5?
Jan 15
61
33% Jan 30
11% Feb 2
07 Mar 16
108% Mar
20% Apr
38% Jan
6
8
15
$
11
18
19
9
18
18
25
Mar
5
5% Mar
Apr
% Jan
41
3
Jan
19% Apr
5% Jan
% Feb
9% Mar
5
xEx-dlv.
g
Jan
4
%
9
3
96
4
17
Apr 12
123
28% Jan
138
105
Corp......!
.....25
100
"3,066
17
Hecker Products
112*2 Jan 16
16% Apr 5
30% Mar 2
5% Jan 18
12% Feb 1
108 Mar 28
52
Mar 11
7,600
Jan
Hazel-Atlas Glass Co,—..25
34 conv preferred.—No par
Hlnde A Dauch Paper Co—10
500
4
130
Apr 15
7*4 Jan 3
91
Jau 3
3 Mar 23
131
200
3% Apr 18
30% Apr 18
6% preferred.—.
100
Corp of Amer class A
1
6)4% preferred
....100
Hayes Mfg Corp...——2
Hat
7%
55%
7
15
Feb
30% Jan
6% cum preferred...
100;
Hershey Chocolate——No par
*104
65
....100
Mar 19
Feb 13
3% Jan 27
Hanna (M A) Co $5 pf.No par xlOl
Feb 14
Harbison-Walk Refrac.No par
23% Mar 18
Preferred
17%
*96%
100
Gulf Mobile A Northern
20
147
Guantanamo Sugar....No par
164
x In receivership,
Jan
Apr
7%
18% Jan
52
18
337g
14.800
*163
66*8
37%
37%
37*2
15
15%
15%
70*2
70*2
71
110
*109*2 110
534
5*2
684
43
44
43
♦1%
1%
1%
0
*5
578
20
19% 19%
584
5%
5%
%
%
%
11
10% 11%
21%
20%
2084
42
3984 3984
6%
*4%
5%
96
40
104*4 Dec
Apr
Apr
Apr
Apr
3%
28%
3*2!
164
x55
Apr
57S Sept
18% Oct
15% Sept
18*2 Apr
33% Jan
27% Mar
14% Jan
24
Jan
197i Jan
11% Apr
15% Feb
—..100: 133% Jan 15
Green Bay A West RR—100,
50 Mar 21
Green (H L) Co Inc.
1, 30% Jan 12
Greyhound Corp (The)-No par!
15% Apr 17
5)4% preferred
10
11
Apr 19
*103
*104
Apr
3%
Jan
Sept
3*4 Sept
Jan
Preferred
164
557
94
x9% Sept
45% Aug
5*2 May
55
36
Apr
Jan
Jan
12% Jan 20
22% Mar 10
27 Mar 18
Helme (G W)
18
187g
907g 9078
132% 132%
*60
67%
Apr
2
July
7*2 Aug
9
July
92%
1%
20%
23% Apr 17
Sugar..No par
1%
28
10
Great Western
4,600
Sept
18% Apr
*2 June
20
5% preferred
90% Jan
97t Sept
27
2
Gt Nor Iron Ore Prop. .No par
Great Northern pref—No par
Grant (W T) Co
Aug
66% Aug
1*2 Apr
"u Apr
I Without dlv ctfs—No par 9%Mar 8
110
•Bid and aaked prices; no sales on this day.
1,800
5,000
Sept
37% Sept
108% Jan
29% Jan
%June
13
Feb 0
31% Jan 26
Granite City Steel—No par
*105
19
55
37%' *37%
300
3
10
110
97
j
Granby Consol MSA P..—6
*105
18%
1
Motors
100 I Grand Union w dlv ctfs. No par
HO
,*103
|
55
37%! *37%
10%i 1484
!
Graham-Paige
Oct
5
Jan
12*2 Sept
200
106
100
25
97
*103
55
5,900
.
25
July
35
3%
38%
*3%
*15%
3378
*112% 113%. 112% 112% *112*2 1137g 114
114
♦112% H384 *112% 11334
*17
18% *16% 18% *16% 1734 *10% 17% *17
18
17% 17%
34% 34% *33% 34%)
3378
337S
33% 34 I 3334 33% *33% 34
*7%
7*2
*7%
7%
7%
7% I
*7
0%
078
7%
684
684
14
14
14% 14«4
14
15
16%
14%'
14
147g
14%
16*a
*103
.....
54
32*2
15%
147
132% 132%
67% 67%
1
Gold A Stock Telegraph Co 100
May
1*2 Apr
21
Apr
103% Apr
17
31%
85*2 Aug
Goebel Brewing Co.—
11*806
38
1*8 Jan 11
8,400
'
17%
64%
*
Mar 20
3% Jan
11% Jan
38% Jan
10*966
1
145
Apr
19% Jan 4
99% Feb 21
4)4% conv preferred——50
Gobel (Adolf)—
—
1
h
9%
13%
9%
15%
35
23%
15
2034
7g
7% Apr
Aug
Sept
% Feb 20
7,900
200
5
67*4 Jan
8*4 Jan
47*4 Jan 13
10% Mar 16
4,100
Jan
61
15
15% Mar 18
80% Jan 15
% Feb 5
16% Mar 19
36 preferred..——No par
GUdden Co (The).—No par
800
3
104
4
35 conv preferred——No par
Brothers—.No par
5,700
Jan
2512 Sept
105% June
25
14
Apr
50
87s Apr 2
109% Jan 27
Glmbel
2,800
*48
%
87g
*13%
9%
30
17
17%
104
Gillette Safety Razor. .No par
100
preferred
Jan
14
51
7
4% Jan
Apr
5*8 Apr 9
17% Apr 9
187s Mar 5
105% Mar 27
6% Apr 13'
18*8 Apr 19
6
Apr 17
47*2 Jan 3
7 Mar 20
50
34*2
*103
9,500
6%
700
,*105*4
*105%
106%
104*2 104*2 ♦104*4 104% *104%
25
25*4
2478 25%
24% 24%
*136
147 j 136
147
136
*13512
8
8%'
8i2
8*4
8%
8%
103 < *101*4 103
*101% 103
*100%
4 j
4
4%
37s
4*2
4%
108*2 *106
108
105
105
*105%
107»
107s 1078
107s 107b
1078
110
*105
110
*105
110
*107*2
164
*163
General Tire A Rubber Co. ..6
400
105
*247s
"2" 000
3%
50
*3%
♦16%
17
Gen Time Instrii Corp.No par
94«4
*33*4
*35%
16*4
*17
30
Gen .Theatre Eq Corp. .No par
*3%
15
28
*3%
General Telephone Corp
400
*90%
*48
20
1,600
2,000
93%
3%
*9%
14%
34%
23%
04
54
27
Gen Steel Cast 36 pref. .No par
9178
3%
*13
33%
15%
11%
290
94*4
3*2
3%
*48/
60
*%# 1
1
General Shoe Corp
22%
1
'.....No par
36 preferred
General Refractories—.No par
900
22
9
*40
600
1,800
3
*94
9%
13%
9%
15
34%
23*4
15
15%
24*4 26%
27% 27*4
138
138
i
700
*8C%
22%
*9%
*14%
34%
*23%
1
6% preferred
—..100
Gen Realty A Utilities——.1
3
*13
33%'
Gen Railway Signal....No par
10
85
18
63%
*60
49*2
»H
5,300
3
*16
34%
.
3%
"""800
36 preferred.
No par
Gen Public Service..—No par
*80*2
17%
63%
9
23*4
15%
26%
27%
33%
15%
11%
2%
26% i
17%
^
*48
15%
35*2
*40
w
11%
2%
*94
138% 138%
16
*3%
*15%
*33%
*35%
22%
1
35
33%
*23
*60
Common,...——No par
Jan
88%
0% Apr 18
32% Jan 25
38% Apr 15
2*2 Jan 9
Jan 15
Mar 26
135 Mar 14
2%Mar 19
General Cable Corp.—No par
7% Apr 11
Class A....
...No par
18% Feb 6
7% cum preferred.—.100
48% Feb 0
General Cigar Inc..
No par
17% Jan 15
7% preferred.——100 113% Jan 2
General Electrls < 0
No par
307a Apr 19
General Foods ' orp
No par
45% Jan 12!
34.50 preferred
No par lie
Feb 10
Gen Gas A Electric A ..No par
% Jan 2j
36 conv pref series A .No par
40
Jan 2f
General Mills...——-No par
80% Jan 10
6% preferred
100 120
Apr 16
General Motors Corp
..—10:
51
Jan 15
35 preferred
...No pari 123%Mar 1
Gen Outdoor Adv A—-No pari
37*2 Jan 3
General Printing Ink...—.1
3
3
76
17% Apr
99*4
2
107% Apr
20*2 Jan
0% Jan 24
1,100
85
18%
67*2
22%
17%
35
101% Apr 10
Gen Am
2,000
3
85
No par
No par
Transportation.....5
General Baking
........6
38 preferred..—....No par
General Bronze Corp.......5
36 preferred
400
52
*80*4
17*4
3%
86
18%
07%
23
94*4
*80%
17%
9%
13%
9*2
*23%
16%
25*4
27*2
54
33%
1578
*11%
85
187B
67*2
23%
94*4
3%
60
*48
"i«
3
3%
*80%
18%
07*2
22*4
94*4
*3%
68
22%
♦136
5>4 % conv preferred
Gen Amer investors.
1,100
52%
_
*104
100
3
Jan 24
Jan
Highest
% per share S per short
21% Apr 5
38% Mar 26
25% Apr 4
3% Jan
11 Mar 4
48% Apr 8
46,000
■
*105*4
5
50
250
*0*2
6%
0%
0%
0*2
6%
6%
6%
6%
6%
6%
6%
9
9
9*4
9%
9*8
9*4
9%
9%
99
*87g
9
*108*2 HO
*108*2 110
*108*2 110
*108% 110
*108% 110
*108% 110
*7.
»»,.
%
%
%
7s
*7g
1
%
%
78
7a
18
19
17*4 18
107# 18
17*4 18*4 *17% 17*4
17% 17%|
95
95
*95
98
*95*2 97*2 *90
97% *90
97%
97% *90
%
%
%
%
*%
*4
%
hi
%
%
*%
*4
♦18*8
18% *18*8 18%
18% 18% *18%
18%
18%
18% 18%
18%|
*30
31
30% 30*2
29*4 30% *29*4 31
29*4 30
,29% 30%»
147g 15
*14*4 14*4
14*4 14*4
14% 14%
14*4 14*4
14*4 14*4
28
*29% 29*4
29*4 29*4
29*4
28
28
28%
28*4
27% 27%
*21*4 22%
21% 21*4
22
217s 22%
22
22% 22%
22%!
22%
12
12%
12%
12% 12%
12%'
12
11%
12
12%
1178 12
*16
*10*4 18
18
18
*10*4 18
17%
*16
18
*16
18
*98
♦98
1O078
1007a *100
1007a *100
1O078 *100
lO07g
1O078 *100
*19% 19%
19*4 19*4
18% 19
18%
18%
18% 18%
18*4 18*4
6
6
*0*4
6%
6*4
6%
6%
6%
6
0%
6%
*50
50
50
50*4
49% 50
48% 49 j
49*4 50%
49% 49*4
7*4
7%
7%
7*4
7% JH
7*4
7%
7%
7%'
7%
7%
55
55
65
*53i2 50
55% *54
66
*53*4 55
54% 54*g
17*2 17*4
18*4 18*2
17*4 18%
17%
17%
17%
1778
17%
17%
43% 43% *42
4478t *42
43% *42
43%
447g
43*4 43% *42
3%
3%
3%
3%
3%
3%.
3%
3%'
3%
37a
3%
384
*17
3
Gaylord Container Corp
"1*066
98
21% Jan
12%Mar2)
Gar Wood Industries Inc
Gannet Co conv 36 pref No par
36
98%'
2*4 Jan 30
28% Apr 19
105 Feb 8
16% Apr 19
70 Feb 5
37s Feb 8
29 Mar 17
317s Jan 15
178Mar 26
2% Mar 18
2,200
'
30
*27
46
*6*706
13*4
60 )
.
*135
100
Jan 18
Jan 15
Jan25
Jan 23
43%
18%
32
23%
13
Jaa 9
101
Feb 13
4% Mar 19
240
0*4
07a
07g
6*4
6*4
6*4
3,000
078
6*4
0*4
103% ♦101
10312 *101
103*2 *101
103*2 *101
103*2 *101
103*2
53
53*4
"2*500
63% 63%
52*4 63 {
54*4
53*2 54*4
52
52
7*4
7%
7%
7*8
7*4
2,800
7*8
7*4
7%
7
7
7l«
135
30
135*2 135
135
135*2*135
135*2 *135
135
*131
135%
3
3*4
2,900
3*4
3
3*8
3%
8%
3%
3%
3*4
3*4
8
8
8*4
8%
8*2
8*2
8*8
8%
8
8%
7,000
8%
23*4 237a
22*4
2212 23%
23% 24
*23*4 24*8
23*4 23%;
1,000
70 i *74
70
76
76
*72
500
76% *72
757a
7578« 7578'
18*2 1978
18*4*
18*8
18*8
19%
19%
19*8 19% *19*8
19%'
2,900
140
115*8 *112*4 115*8 115% 116
116% 116% 116*4 116*4 *116
117%
38*2
38
387$
37% 38%
37% 38
37*4 37*4
3078 37% 39,800
48*4 487a
48*8
48*2 49*s
48% 49%
48% 487g
48*a 48% 10,100
us
100
118
♦116*2 121
121 |*110*4 118
*2
*!•
%
h
*2
4.600
%'
'»«
H
0*4
♦101
•
13*4
Feb 26
$3 preferred............10
Gamewell Co (The)....No par
800
18
18
Apr 16
Food
33
2
19
X Follansbee Brothers. .No par
Machinery Corp..—10
4H% conv pref—,
—100
Foster-Wheeler
10
37 cod v preferred
No par
Francisco Sugar Co
No par
F'k'nSimonACo Inc 7% pf. 100
Freeport Sulphur Co..—.-10
Gabriel Co (The) cl A ..No par
Galr Co Inc (Robert)
1
400
37
3 per share
104
First National Stores
3,500
3,300
*30
share
per
6% preferred series A—100
No par
Flintkote Co (The)
No par
Florence Stove Co
..No par
Florsheim Shoe class A .No par
200
33
S
Year 1939
Lowest
Highest
Firestone Tire A Rubber... 10
1,300
1,100
17*4
2U
Par
Shares
Ranoefor Previous
On Basis of
Lowest
"
38*4
38*s
37*4
9 per share, 9 per share S per share 9 per share
19*8 19*a
19
19*a
19*4
19
19V
19
19
100
100
*105*2 106*8 *105*2 106*2
*105*11 100*2 106
44
43*4 44
4312 44la
43*2 43*2
*43*4 44
18*4 19*8
187a
19*2 19*2
19*8
20*41
19*4 20
36*8 36*4
36*2 30*4
36% 36*4
30*2
30*2 36*8
24*8 24% *24*4
25 f
24*2. *24*4 25
24
24
2*8
2*8
2*4
2%' *2
2*2
2*4
2*2
2*2
29*4 29*4 *28*4 29*2
28*4 28%
31
30*4 30*4
100*2 *10512 106*2 *10512 106*2 *105*2 106*2 106*2 100*2
17
17
17*2
17*4
16% 17
17*4 17*2
17%
♦70
75
75
7978 *70
797#
7978 *70
797g
6
6
0*2
0*4
5*4
6
6*2
6
0*8
*30
34
•30
Range Since Jan. 1
100-8hart Lou
STOCKS
Friday
S per share
Wednesday
Apr. 17
April 20, 1940
Apr
May
Apr
Sept
36
Nov
18
Oct
105
Oct
103% Nov
33% Sept
144
May
Feb
10%
9
71
Jan
92
4% Apr 16
113% Jan /
11% Apr 8
2
Apr
Apr
434 Nov
12% Deo
9% Apr
104
1*0
19%
100*2
133*2
67%
Apr
">
47g
93
8%
8
100
Mar 20
148
10
Jan
Apr 16
Apr 9
Jan in
Apr 16
115% Jan
18% Jan
9
4
4
77gMar 4
16% Apr 18
35*4 Apr
63
Apr
Sept
Oct
Apr
Apr
128% Apr
Jan
Sept
115
July
14% Apr
29% Sept
19
Jan
51
Jan
5% Nov
8% Aug
95
May
47% Sept
27
Apr 13
10% Apr 15
71
Apr 18
111% Jan 10
67b Jan 3
50% Feb 21
1% Feb 20
7% Feb 20
27
Jan
5
0% Feb 17
1
Jan
13% Jan
24% Jan
43% Apr
6*2 Jan
Ex-rights.
2
Mar
June
18% Nov
101% Sept
135*2 Mar
54
60% Jan 12
Mar 30
13% May
117
167
100
38
110
Oct
Nov
8%
Apr
Apr
60% Oct
102
Sept
4% Sept
40
Apr
% Dec
27a Sept
21% Sept
4% July
% Aug
9
Aug
16% Apr
38% Sept
4% Sept
65% Aug
11% Mar
21% Sept
110
Oct
66*4 May
36% Mar
17% Jan
73% July
11034 Aug
9% Sept
57
Sept
1*4 Jan
6% Jan
35*4 Sept
87g Jan
2% Jan
20*4
Jan
35
Jan
49
Mar
11%
8 Called for redemption.
Jan
SSSSB
Volume 150
LOW
AND
New York Stock
HIGH
Saturday
SALE
Monday
Apr. 15
Apr. 13
$ per share
158
89%
1478
*614
*338
*2%
*42i2
*154
$ per share
*7
89
I47g
14S4
6%
6U
$ per share
8
7
2614
2634
112i2 112%
158
89%
Wednesday
Apr. 17
Apr. 16
$ per share
158
89i2
1514
6I4
SHARE,
NOT PER
Thursday
Apr. 18
263g
714
334
378
105
378
*858
334
257g
263g
263g
112i2
112
112
♦111
158
*154i2 158
37,
378
87j
*85
87,
91
7%
*85
75j
253g 255g
Il0i2 111
*154i2 158
89'4
88*4
90
89l4
89i4
88*4
89*4
1434
14%
15ig
14l8
1458
6%
*3U
15'g
6I4
3i2
141,
6I4
6i4
314
614
*614
314
314
6i2
3*4
I04ig
4
85,
*85
8%
27
87g
91
7*4
*2i2
41*2
11H2
41
*4
1 l3g
*2
34
34
34
176
176
563g
16412
176
56l2
164l2 I64l2
3%
12U
11%
13*2
20
6934
3%
*3%
8*2
4
312
*86
3%
8%
90
*86
500
14,800
100
6,500
5H2
51i2
100
37
400
400
300
100
18,600
1,000
1,900
90
....
,
18
*16
18
16
*157g
I6*g
*512
32%
3234
22t2
22i2
6
5i2
3234
5%
33
2214
10812 10934 *108l2 109
3i8
3ia
*3ig
3i2
78
*22
7«
*14*2
157,
*314
312
3*4
1087,
3I8
23i2
1312
2334
13i2
2814
28
28
*7g
3U
35g
2334
1334
50i4
8
50i2
8%
*44
4412
*10714 10812
50
83s
45
345g
109
10934 10934
*3
3%
3
131#
*2684
2734
13
I7i2
171,
40
40l4
17*8
4l7g
3412
35
*108
*21l2
25l2
*39ig
1258
17
39l2
341,
3%
3%
2334
13*2
*3%
23%
3*2
24%
*13%
13%
*27%
49%
28
8%
50
8%
3734
373s
39
37
44U
44
44
43*2
334
3*8
4*8
10834 1087g
*177
182
2234
26l2
22%
22%
25
26
39i2
I27g
17*4
41*8
3434
*39%
12%
109l2 *1083, 109i2
37U
387g
44
4
6
31%
2178
111
3
17
39%
12%
17
23*8
*13%
27*2
49%
8%
44%
7g
5,800
3*2
37g
24
2,100
6,400
400
23*2
13%
*27%
48%
8*4
108%
180
180
200
22
22
200
25%
38%
*12%
1678
38%
34
38%
4384
4
2,400
1SI#
180
34%
109
350
108
*22
4078
38
400
180
*107
34%
43%
*334
*1734
2,300
13%
28%
4934
87g
44% 44%
108% 10834
108
10834
40
109
3
700
100
111
7g
180
2234
*5
31
3
110%
i»w
*177
109U
110
18
1578
*21%
34
45
4334
3i2
*1778
*107i2
22
109
13
35g
18
534
32l2
109
40
347g
*5%
*44
180
*1378
I57g
31
45
*2212
16
217g
109
40
109
50U
8%
18
16
6
109
*177
3834
28
"
*14%
32%
22%
45
180
*1714
8U
*5
32%
22%
109
*177
13
2334
*l33g
27i2
49*4
6
3234
22%
I09iz
3*s
1
3i4
24%
1334
*108
109
13
16*8
45
109
2234
2778
40%
17
108*2 109
109
*22i2
*26i2
40U
503,
812
*14
*16
*5
325,
*22
151»
2358
*133s
*277g
18
157,
109
37*8
43%
3*4
2734
4978
834
44%
109
22%
25*4
25
25%
39%';
37
37
127g
17
*125g
1634
13
4078
34%
34%
109
38%
*109
437g
37g
5
734
8
143g
1434
455g
46i8
1334
1412
*34i2
3H8
7*2
47g
734
4
434
8
*7%
1334
14
1334
14
13%
13%
46
46%
44
46%
43
4484
13
13%
13%
12
13
34*2
*34
33*2
34
31*2
3234
32i2
31%
31*4
33
32%
31%
3H2
12%
32%
31*2
13%
3512
14*8
34i2
32%
31%
37g
29
1434
17
*165
5134
37g
*28
*102
*14*2
16*2
110
3034
169
169
52
51
378
30
108
15
1634
110
*37g
*28
169
517g
4
*168
*168
50*2
*378
51
4
29
*28
29
*103% 108
*104
108
51
37g
*28
....
51
378
29
31
*168
51
51
3%
3%
28
28
*104% 108
*1434
15
16%
16%
*10878 111% *1087g 111% *107% 109% *107*2 109*2
14%
*14%
15%
*1434
16%
16*4
16%
16%
16%
Bid and asked price ; no sales on this day.
15
16%
t In receivership,
5%
conv pref
100
Internat Rys of Cent Am
5% preferred
International Salt
*
100
Apr 16
No par
3
158
90
H3g
5%
3%
2s4
Jan 17
1578 Apr 11
0% Feb 14
Jan 15
5*8 Feb 28
Jan 15
40
Jan 15
7% preferred
Inter
Telep
par
Foreign share etfs
No par
Interstate Dept Stores.A'o par
100
Intertype Corp
No
Island Creek Coal....
par
1
$6 preferred
Jar vis (W
Jewel Tea Co. Inc
12,500
500
1,500
3,600
1,400
3% Apr 16
8% Mar 18
1% Jan 19
32% Feb 1
174
Apr 17
53*4 Mar 6
5
Jan
2
No par
146
6234 Jan 4
171
Jan 23
142
17% Sept
5%
10
Jan
3
3878 Jan
4
35
Dec
Jan 11
123
Sept
20
Apr 18
3%
Jan
Jan
Jan
31% May
40*4 Sept
28
Jan
19
Apr
33
Oct
102% Apr
484 jan
84
Jan
107
Dec
Feb 23
Kelsey Hayes Wh'i
IO84 Jan 31
ci A.l
1
Kimberly-Clark.
90
No par
No par
Kroger Grocery A Bak.No par
Laclede Gas Lt Co St Louis 100
Mar
7
122
Apr
9
35
Apr
13
Apr
6%
conv
1634 Apr 18
878 Apr 18
103% Apr 16
387g Jan 3
14% Feb 9
26
Feb 10
4
29% Jan
34% Apr
Mar 12
1
434 Feb
31
6
Apr 18
21% Feb 21
108*2 Apr 13
•3
50
9% Jan
6% Apr 5
3534 Jan 4
23% Jan 10
115
Jan
4
5
Jan 16
8
a
Aug
79
June
28
Apr
884
Apr
20
Apr
I84 Apr
127g Apr
20
Apr
384
99
Sept
46% Sept
107g Sept
38
Dec
4
Sept
30*2 Oct
26% Aug
5%
Jan
29% July
29% Oct
13%
23*2
Jan
18% Mar
3% Apr
5% July
37% Oct
25
Jan
17
Apr
112
Dec
Feb 19
Jan 11
Jan
Sept
1084 Nov
997g Jan
18
July
100*4 Dec
1484 Mar
10*4 Mar
Apr
20
14
24
Jan
jan
12
I3g Jan
4% Jan
29
19%
12184
11%
12% Sept
2% Sept
% May
1% Apr
2434 Apr
Sept
Dec
2384 Sept
20% Apr
7
June
83
8ept
25
118
Jan
Jan
Mar
Mar
6% Sept
3*4 Sept
884 sept
2784 Jan
43% Aug
105
Feb 20
109*2 Apr
108% Aug
109% Aug
100
Series B
171
Mar 21
par
19
Jan
4
1
No par
3384 Jan 15
Liquid Carbonic Corp..No
Lockheed Aircraft Corp
Inc
16.50 preferred
par
No par
Loft Inc
106
1
Loose-Wiles Biscuit
25
preferred
106
..100
Lorlllard (P) Co
Jan
18% Jan
42% Mar 11
278Mar27
107g Jan 30
Lone Star Cement Corp No par
Long Bell Lumber A...No par
Mar
7
10
23%Aprr 19
..100
7% preferred
149% Mar 20
16% Feb 10
54% Apr 19
Louisville Gas A El A ..No par
Louisville A Nashville,... 100
MacAndrews A Forbes..
Mack Trucks Inc
No par
0% Feb 28
27
...100
Jan
28
guar. 100
Jan
3
25
Maracalbo Oil Exploration.. 1
Marine Midland Corp
5
434 Jan 13
Ctfs of deposit
Manhattan Shirt..
2,900
40,400
Market St Ry 0% pr pref. 100
Marshall Field A Co
No par
Martin (Glenn L) Co
1
49,800
2,700
Martin-Parry Corp.
Masonite Corp..
1
4*4 Apr 10
18«4 Jan 11
109
50 1st cum pref
McCall Corp
McCrory Stores Corp
0% conv preferred
No par
98
Jan 11
No par
14% Jan 13
14% Jan 31
1
100
r Cash sale,
108
x
Feb
Ex-dlv.
6
y
Mar
Aug
16% Sept
Jan
19*2 Apr
Sept
1584 Jan
109% July
21% July
62
Jan
6*8 Sept
22% Mar
110
June
24% Feb
159% June
20*2 Mar
67
35
Aug
Nov
18
Aug
33%
Oct
25% Sept
43%
19*2
Feb
3
Apr 15
1284 Jan
4
38
8
Mar
30%
11% Sept
25% Apr
1
40
Sept
Jan
Sept
4% Apr 18
77gMar 11
5
35% Feb 28
32% Apr 10
9
Apr
Apr
30
27
Nov
29
5
12%
Apr
Oct
16
Nov
10
Apr
16
Oct
1
Apr
Apr
Aug
Apr
Aug
May
Sept
Aug
Feb 28
1% Apr 11
5% Jan
5
25%Mar 14
161% Jan 6
2
2
Jan
135
7% preferred
100
May Department Stores... 10
Maytag Co
No par
Feb
3284 Dec
54% Jan
Dec
Feb
Mathieson Alkali Wks.No par
Mar 18
2984
30*2 Sept
Apr
Apr
6,700
3% Jan 22
Mar
19
28
4078 jaD
26
18% Sept
Aug
124
31% Apr 19
No par
Nov
3
Jan
No par
preferred
May
19
407, Sept
April
2834 Jan
31
180
10
138
Jan 25
Sept
13*2 June
105
60
10
47
5
Jan
par
50
Apr
251, Apr 2
Apr 17
21% Jan 4
160
35% Jan 15
734 Jan 15
Jan 31
Sept
15
13% Nov
32% Mar
5084 Mar
2084 Aug
31*2 Apr
0
8% Mar 29
15% Feb 21
4784 Apr 16
1484 Apr 15
No
37a Jan 31
13
95% Sept
152
38*2 Sept
107g Apr 8
16*4 Jan 17
Mar 20
4%
Apr
Apr
Apr
Apr
101% Sept
17
14% Jan
14% Jan
14% Feb 16
36*2
46% Jan
35
10
0
9%
23
109% Apr
39*4 Apr
136
par
Apr
13% Mar 6
18% Mar 27
417g Apr 15
37% Mar 15
Jan 12
Ctfs of deposit
Modified 5% guar
41
Apr 19
I
t Manhattan Ry 7 %
Apr 18
23% Apr 4
29% Jan 3
33
par
5
180
133
2334 Mar 16
277g Jan 15
11% Apr 18
33*2 Jan 19
284 Feb 5
3
87g Apr 19
Apr 15
Apr 15
10
..No par
Macy (R H) Co Inc....No
Madison Sq Garden...No
Magma Copper
Manati Sugar Co
Mandei Bros
63% Jan
100
preferred......
n New stock,
5
Jan
133
Sept
No par
Det. delivery,
Oct
Sept
Lion 011 Refining Co
100
18
105
33
800
3,100
Mar
95
36% Jan 18
II84 Jan 2
15% Jan 2
27% Mar 18
""206
Jan
3234 sept
125
45
Preferred
S3
10%
109
7
No par
200
June
12% Jan 12
2684 Jan 18
48% Jan 15
0% Jan 12
41% Feb 14
10584 Jan 15
Link Belt Co
800
Feb
jan
87
...25
Corp
500
1,900
Apr
7*2 Apr
Jan
Feb 20
2% Feb 19
21
3
9
5
1834 Jan 5
108s Jan 11
84 Apr 17-
par
...1
8
Apr
Apr
Sept
12% Apr
Feb 26
Feb 27
...60
Lily Tulip Cup Corp..No
6%
90
85
6% Apr 16
100
8%
Feb 23
Jan 16
Apr 10
15% Feb
25
11
15% Jan 8
Apr 18
97
109
3184 Apr
14
...6
Liggett A My ere Tobacco. .25
5%
5
117% Jan
5*8 Apr
8
46% Apr 18
284 Jan 24
par
Life Savers Corp
Loews
Jan
15% Jan
Jan 15
28% Jan 19
5
preferred
4
Jan 15
No par
Lehman Corp (The)
Lehn A Fink Prod Corp
Apr
Marl5
7% Apr
Jan 15
100
tLehigh Valley RR
Lehigh Valley Coal ....No
59
25
......1
Lehigh Portland Cement
4% conv preferred
4
69
20
1434
Jan
Mar 27
35
Kress (8 H) A Co
Lane Bryant
Lee Rubber A Tire
3
2*8
25%
24%
3%
1
No
2
Jan
34% Mar 18
13 % Mar 2
No par
10
6% preferred
Lambert Co (The)
9
57g Feb
Kendall Co $6 pt pf A ..No par
Kennecott Copper
No par
Keystone Steel A W Co.No par
Kinney (OR) Co
;
$5 prior preferred
Kresge (S S) Co...
Kresge Dept Stores
Jan
Jan
7% Nov
18
Apr
119% Sept
13
Sept
130
16
conv
9
Sept
Sept
9%
978
Sept
77, Aug
76
Sept
Aug
121
Class B
4
Apr 10
8% Jan
7
38
37a Sept
478 Jan
10% Jan
90
8
12% Mar 20
1484 Jan
67% Dec
6*4 May
60*2 June
29
Feb
97
jan
May
25*4 Aug
Mar
95
Sept
6584
138
39%
63g Jan 22
6
Aug
Jan
56*4 Feb 6
37% Apr 12
36% Jan
13
100
6%
8%
6934 Apr 18
5% Jan 24
120
Keitb-Albee-Orpheum pf._100
Apr
133
Kalamazoo Stove A Furn
10
Kan City P A L pf ser B No
par
Kansas City Southern. No par
8
Oct
Oct
2% Aug
7
123% Jan 19
55% Jan 16
Feb
41
I9584 Mar
71% Sept
I6684 Aug
13*2 Apr 19
52
Mar 28
Apr
Sept
378
457a Sept
Sept
3*4 Apr
77% Jan
17
67g sept
1% Apr
5
58g Jan
Mar 13
24% Mar 18
910
191% Mar 12
Mar 18
Lima Locomotive Wks.No par
10,700
16
17
12
Sept
67g Dec
9% Mar
3% Dec
40% Oct
1078 Sept
3
5
28
1
21
109% Dec
38
127
100
98«4 Sept
Apr
4
Jan
9*2 Sept
Jan
Sept
157
Aug
29%
131
2*4 Apr
7% Aug
1278 Jan
2% Apr
Preferred
100
Jones & Laughlln St'l pref. 100
4% preferred
Kaufmann Dept Stores
5% conv preferred
Kayser (J) A Co
17% Apr
90
6
Jan 13
Apr 19
Apr
9% Apr
4% Apr
284 sept
234 Dec
Jan
67
..No par
67
8
Jan
Mar 28
Apr
147% May
4
1334 Apr 19
457gMar 5
1
Johns-Manvllle
3
113
123
.1
B) Co
Jan
47% Mar 20
3
Jan
24*2 Apr 18
97% Jan 15
3*2 Apr 18
3% Apr 19
8*4 Apr 18
82% Feb 16
7% Apr 13
2484 Jan 18
100
Teleg...No
A
Jan
Jan 22
34% Mar 25
31% Mar 26
International Shoe....No par
International Silver..
50
1
80*2 Jan 22
51
par
*104% 108
14%
80
934 Apr
10
14*8
4734
110
*
778
434
14
108
1434
*1634
784
47g
45
53
*108
734
434
14*2
169
37s
734
5
47%
1434
*52
29
8
434
14%
46*4
14%
34*2
*165
*103
734
5
4% Apr
1084 Apr
4
5% Apr 16
30
Apr 18
129*2 Apr 9
10*4 Mar 18
5084 Jan 18
3% Mar 19
15
Libbey Owens Ford Gl.No
Libby McNeil A Libby
....
5
Inter Paper A Power Co
3,900
....
5
3
Jan
157% Mar 12
3% Mar 20
8% Jan 15
par
I77g
I77g'
18
18
18% *17% 17% *17%
600
18%
*107*2
*10712
*107%
*107*2
*107%
24
24i4
243g
24
24ig
24
245g
243g
24%
24%
23%
23%
3,100
158
158
*155ig 158i2 157
159
160
160
159% 159% 159*4 159%
150
*1912 195S *19*2
19
195g
19*2
19*2
19%
19%
19*2 *19
900
19%
*56
56
5734
56%
56%
55% 5534
56*g
547g
55%
54%
1,400
55%
35
35
35
35
*34*4 .35
*34%
33
34%'
3334 34%
33%
1,700
*135
13712 *135
135
*135
140
137*2 135
*135
140
*135
140
40
2634
2634
2634
2712
26%
26*4
267g
275g
26% 26*2
25*2 2034
5,900
29l2 2934
30
31
2078
31
29
29
29% 2'*34
29%
29%
9,700
*1178
12%
11*4 117g
1 l3g
11*2
11*8
11*4 11*4
U%
H%
1,000
11%
37i2
3712
3/
37
*35
35%
3612
35*2' *34
35
35
35*2
400
35g
4
35g
334
3*8
4
334
4%
4*4;
4%
4%
4% 19,900
*6l2
67g
*6*2
678
*6*2
67g
*6%
67gf *6%
67g
*6*2
6%
32
32
32
32
32
*31*2
3184
32
*31% 33
323g
32% ""290
32
32
32
32
32
32
31%
32
32*2
32
I
*31*2 32
830
*1638
*16
1634
16*2
16*4
16'4
16%
16%
16*2
16%
16%
2,800
16*2'
16i2
16i2
16%
16*2
16*4
16*4
16%
16%
16*2
16%
16%
16%!
7,300
*1434
I5i2
*1434
15*4
*147g
15% *14*2 14*4
1434
1434 *14%
100
15*2
1%
Us
*1*8
1%
*1%
1%
*1*8
1%
*1%
1%
100
*1%
1%
....
....100
No
300
37% 123,600
43%
1,900
3*4
5,800
334
Preferred
Lerner Stores
109%!
32%
43%
Int. Business Machines.No
par
Internat'l Harvester...No par
1,000
I67g
2,600
39% 118,300
34%
6.200
37%
par
100
Preferred
8
....
16
Agricultural..No
Prior preferred
Internat'l Mining Corp
1
Int Nickel of Canada
No par
Preferred
100
....
*16
No par
2,400
37
*86
Internat
.No par
Int. Hydro-Elee 8ys class A.25
Int Mercantile Marine. No
par
53
90
Jan
108
100
Highest
$ per share % per share
29
No par
0% preferred
Intercont'l Rubber
Interlace Iron
200
37l2
8
100
$ per share
118
Certificates of deposit
Intercbemlcal Corp
..No par
7%
*8
7%
8I4 """566
*26% 277,
27
265, 265, *20% 26%
26% 26i4
300
*26*4
27
*126% 130
*127
130
*127
130
*127
130
*127
130.' *127
130
1434 147,
14*4
15
1412
147,
14% 14%
14i4
14l2 I 13*4
14*2 "2"900
49% 50
4834 50
4834
48*4
49% 49%
493, 493g
49i2 49i2
1,000
72
71%
7134
72
70
69
72%
67
70*4 71
70i2
6834
3,600
126
126% *126
126
126*4 126
*126
126% *126
126%'*120
190
12634
*64
*64
66l2
64
64
66l2
61
64*s
62
64% >
64l2 64l2
700
1
*15
15%
*151,
15i2
1514
I5I4 *15
153si a:15
15
300
I47g
147g
*120i2
*12012
*120i2
*120i2
1 *120*2
*12012
*6%
7%
*65g ~7%
*6i4
67g
*6*8
*614
7*8
*614
7*8
19
*17% I8i4
19
191, 19*4
^
I93g I93g
20
19i4
19*4 *18
600
*12% 1378 *12i2 137g *13
13
"
13
I37g
*1234
13*2 *1234
137g
100
*88
*88
98 ig
98%
*88
98 *g I *88
991, *88
*88
99lg
99%
*12
13
♦12U
1234 *12i4
1234
I2I4 12*4| *12*4
200
1234
12%
12%
*103
110
*103
110
109% *103
*103
10978
109
109
10
♦1Q3
109*4
1334
1412
14i2
147g
14%
15*2
15
16%
157g
1634
15%
10%[ 31,200
7i2
734
734
, 8%
81,
834
8*4
75,
77g
87g
8%
8%j 17,800
10212 10212 10212 103*2 103% 103% 10234 103% 102
34 10234 *100
103%!
200
375s 3734
37ig
3734
3534
37%
36
36
■
3678
36 ig
367g
36%j 25,500
1358
13%
*13*2
137g
13%
13% *13*4 13%
13%
13%
1338
13%!
1,100
40% 4012
40*4
43 ig
43%
44%
44
45
44% 4638
43*4 43*4!
4,600
*2l2
2 >8
2i2
2i2
2%
2%
*2*4
2%
*2%
600
2%
*2%
2%
30i2 3U2
30
31
»30i2 31*4
*29% 3134 *30
30
30
31%
150
2534 257g
257, 257,
25% 257,
2534 2534
25% 25%
25%
5,400
25%
*338
4
*3i2
4
*33,
4
*3%
4
*3%
4
*3%
4
2834 2878
287, 29
2834
29
2834 29
*28
*28% 28%
2834
Two
34
343g
33i2 34i8
3284
33*4
33%
33%
33%
33%
33%
33%
7,200
7
73s
738
7
714
67,
7%
7%
7%
7%
*6%
160
7*2
734
6% preferred
Inland Steel Co...
Lowest
5% Jan 31
25% Apr 19
110% Apr 19
Inspiration Cons Copper...20
400
69%; 76,900
200
3%
33i2
No par
Year 1939
Highest
share
per
Range for PreHotu
150
Ne par
Insuranshares Ctfs Inc
1
t Interboro Rap Transit... 100
30
30t2 35,600
I29i2 129%<
300
18i2
1934 242,200
66
$
10
Industrial Rayon...
Ingersoll Rand
2,600
93,200
6%)
6
3312
33i2
24%! *23l2
24l2
10H2 *100
I04ig
3i2
3*8
3i2
°3%
3*4
334
3*8
3%
8I4
85g
8%
8i2
4
1,900
12,600
1,800
700
56
35g
129i2
20
Indian Refining
500
334
6%
3034
800
130
4l2
107g
2ig
IOI4
2 ig
Par
1,400
2,500
1,600
41
1105s 111*8
4
>
Lowest
3
101% 101% *100
3
35,
*37,
'
3
Range Since Jan. 1
On Basis of IWhShare Lots
EXCHANGE
Shares
8i4
6I4
87S
91
*734
734
STOCKS
NEW YORK STOCK
Week
1414
3%
378
*2
2533
the
8834
*101
6
Sales
$ per share
77g
*154
158
3%
104% *101
CENT
Friday
Apr. 19
1
$ per share
7
*33g
312
3%
3
*2i2
3
3
3
*2i2
*2%
*2i2
43
42
42i2 42i2
4234
41U 42i2 241%
*llll2 11378 »llll2 113
*112
112*4 *112
112l2 3:111%
*4
4
4
4%
4
4
37g
*37g
414
llSg lll2
11% 1178
"%
1158
111S
1138
I07g
*2%
2i4
*2ig
*2
2i4
*2
2%
21«
218
*33
35
33
*3318 35
34
33'g
33*2
33%
*175
178
177
177
175
175
174
176
*174l2
57
56
57i4
5712
55%
56
56*2
56%
♦1625s I64l2 ♦1625a 16412 164
*162% 164% ♦I625g
378
4
I
334
4
37S
3%
334
3%
1178
1212
125, 1314
12
lli2
12%
113s
6
6%
6%
6
6 I
57g
6%
6*2
6i8
3214 3234
323g
327g
3l5g
30
! 31
31%
*12912 132% 129l2 129l2 *129l2 131% *129*2 132
129i2
16%
16%
16*4 17%
1634
177,
19%
1834
62i4
6312
6312 66
63%
65*2 677g
6612
*358
4
3%
35g
4
*358
*3*2
*314
*5134 53
51I2 52i8
51i2
53
*51% 52
*3634 3712 *3634 37i2
37
37
*37
3634
*32l2 3334
33
*3314 33*4
33*4 *32% 33*2
3312
*25
26U
*25
25
26i2 *25
25
25i2
2412
*100
Record—Continued—Page
for
Tuesday
7%
7%
*7is
8
*26% 26%
26i4
267g
*llll2 113
*llll2 112i2
*154
PRICES—PER
8
3234 Apr 15
170
Mar
2
6312 Jan
4
4% Feb 23
30% Apr 3
105
Mar 29
16*4 Jan
177g Apr
111
26%
2
30
2084
155
Nov
6% Sept
7% Oct
Nov
Nov
16% Nov
2% Sept
684
8*8
17%
45%
8*2
67%
37%
176
sept
Mar
Nov
Nov
Dec
Jan
Sept
July
4084
63%
2484 Dec
6% Mar
36*2 Mar
Apr
3*2 Sept
Oct
93
Jan
105
8
107S
Apr
8
984
88
Jan
15*2 Aug
17% Nov
108% Deo
Feb 24
Ex-rights.
4%
37g
984
Apr
Jan
June
1 Called for redemption.
I
sa
AND
LOW
SALE PRICES—PER SHARE, NOT PER
HIGH
Saturday
Ajn. 13
Am- 15
27*4
7eiJ
*38*4
10*2
6*4
37
38i2
7
28'4
106*2 106i2
1214
12i2
*65
22
5
5
5
23
22
2212
17
17
31
31
17l2
3012
67*2
337g
207g
*78
*22
3412
103g
012
10ig
0i4
20i4
6812
3412
5*g
69
3412
*07*4
3714
10ig
6'g
2614
80
*78
80
*78
3714
2584
8*8
37*4
95g
3714!
105s1
6381
3714
37i8
10
IOI4
6'8
6
683
*78
80
2:33*2
21*2
21*2
21«4
5
17
10
17
16
17
1,200
29
295s
295s
1112
Mesta Machine Co
1514
15l2
37
37
1,600
5,300
0,800
1,600
1168
157g
11*4
155s
387g
377g
3778
1134
10
*'l«
fl«
38
1734
*110*2
*118
62
*4078
*2758
14*2
*17*2
*23*2
*4*4
*33
*13
♦78*4
*17*8
*10914 111*2 *109*4 1H*2 *109*4
7*8
73s
758
73g
738
19*4
1512
*18*8
18*2
1434
24*8
24*4
7*8
6*2
2,400
Mission Corp..
No par
10
600
Mo-Kan-Texas RR
No par
900
7% preferred series A... 100
{Missouri Pacific RR
100
5% conv preferred......100
Mohawk Carpet Mills
20
Monsanto Chemical Co
10
H
68
3
*4
100
%
6,200
1,200
**l«
«x»
"%
103s
17*8
115
...
$6.60 preferred
103s
113
113
19
1934
16*4
243s
15
24is
170
------
---
*18
96
*19*2
143s
*12*2
193S
1558,
*51*2
6*8
105s
*90
111*2
55s
67g
*7
7*8
2534 25«4
*12*4
13
10*2
*90
145
2484
173
*165
172
25
83s
607g
8*4
66*2
*85g
884
85s
*1234
13*4
*40l2
42
*1284
*40*2
*42*4
734
*86*8
43*4
778
10*4
24
90
*50
53
*42*4
77g
♦10
*2312
1778
21
215s
*10
*12*2
21
205g
21*4
8
*2312
*86*8
10*4
24
90
*50
53
110
13*8 Apr 16
loi2 Jan 30
16*8 Jan 15
HO** Jan 25
109*2 Jan 30
5*4 Mar 9
80
112
*11*4
230
978
*88*8
13
10
90
1,100
600
4,900
200
I
7,500
1
4,300
2084'
2038
20*2
*1607S 168
143V 142
142
| *23
8*8
6512
8
647S
6478
8*4
758
12*8
*12
40*2
39*4
*35*4
75s
39*4
44
734
3,300
5,500
8*8
12*4
6% preferred B
National Pow A Lt
10
*23l2
24
*23*2
24
*86
90
*86
90
*50
*50
52*8
109l2 109t2 *110
50
50
""260
112
♦110
112
National Steel Corp
25
10
$2 oonv preferred
40
6J4 % prior preferred.... 100
0% prior preferred
100
20
70
70
70
2,100
5,100
1,900
43,700
1,200
3,400
4112;
8*8
52*2
70
*10
2314
*86
10*4
13,600
1,000
2334
400
90
Ne par
National Supply (The) Pa..
120
10
100
100
Nat Mall A St'l Cast Co No par
700
41*2
758
...10
7% preferred A..
National Tea Co...
No par
Natomas Co
No par
1
Nelsner Bros Inc
414 % conv serial pref...100
Newberry Co (J J)
No par
705s
13
12*4
123s
12
12*4
llSg
12
48
46
48
40
46
46
46*2
47
47
1084
1078
1058
17
18*8,
33
31
32
31*4
1578
I784
31*2
31*4
1734
33
16*2
18*8
33
3134
16*8
18*8
32
31*4
19*4
3112
*31*8
16*8
18*8
3212
3184
16*2
19*4
1678
18*8
33
3134
15*2
19*4
16*8
18*8
31l2
3134
31*2
31
3134
800
NYC Omnibus Corp..No par
*0*8
*8*2
7
934
7
200
New York Dock
7
*4
T10
*3s
122*2
*4
»!•
*2
115
50*2
61I
*2
*3g
♦111
115
*54
56*2
7
*8*2
934
♦111
115
*54*2
*4
*4
°l«
h
*2
*2
*2
*3s
2234
7I«
h
3g
7
*0
*6
sl«
56*2
*54*2
®l«
*4
*2
*2
*%
3g
120
*3414
3512
*210*2 21712
*111
22*8
*68
*5012
24*4
*88*s
*112
*3378
4*4
*35*8
7*4
*21*4
2I84
21*4
21*4
2058
*1338
1358
13
133s
13
*109
111
110
110
109
2034
13*4
110
2034l
20
20*2
1318
13*4
13*4
13*4
110
109
5
*514
512
*4*2
512
512
5*4
478
478
155s
1534
15*2
153s 1534
15*2 157g
1512
1534
*138*2 141
*138*2
*138*2 141
*13812 141
*138*2 140
11
105g
11*8
105s
11*4
113s
1H8
10l2
11
*30
38
35
36
*35*2
*36*8 37*2
*345s 3678
*31*2
3212 *3134 3234
32*4 32*4
*31l2 32*4 *31l2
♦51
55
55
55
55
55
*51
55
*50*4
*117
125
*120
125
*120
*120
125
125
*118*4
62
62*4
63
62*2
03
6134 62
6234 63*4
734
7*%
778
83
8*4
85s
834
8*4
9is
6
0
6
6
6
534
5*4
*5*2
6
18
18
18
18*4
I884
18*s
19
1834
17*8
9
10
9
93s
10
93s
93s
93g
9*2
*13
14
14
13*2
1334
13*2 14
1334 *13*2
337g 345g
*34*4 34l2
34i2 345s
3378 3412
3334
47
47
4678 47*8
47*8 47*8
47*8 473s 3:44*4
14
14
1478
'*14*4
14*2
15
14*4
143s
14*4
*130*4 135
*132
*130*4 13234 13234 13234 *130*4 135
*151
153
*151
*151
153
*151
153
152*2 150*2
55g
6
5*2
534
55s
512
55s
6*2
534
j
*54*2 56*2
51«:
*4
*4
#H
12
®16
7l»!
*s8
7I6
245s' 23*8 2434
120
118*2 119
3334' *33
343s
217
*216
21634
112*2 112
112*2
22 |
21% 2VS
58
5878
5834
~
* Bid and asked prices; no sales on this day.
110
6% preferred series A... 100
No par
5% preferred
No par
N Y A Harlem RR Co.....50
N Y Lack A West
6,000
11,000
100
75,900
980
400
200
Ry Co.. 100
{N Y N H A Hartford
100
Conv preferred
100
{N Y Ontario A Western.. 100
N Y Shipbldg
Corp part stk. 1
7% preferred
100
Noblitt-Sparks Indus Ino
5
Norfolk A Western Ry
100
.
Adjust 4% preferred
50
100
15,500
1,000
1,300
6% preferred series
6 H% pref series
60
50
23
24
50,100
North Amer Aviation
...1
*89
90
10
20
Northern Central Ry Co.—50
8*8
11,700
H2*4 112*4
200
Northern Pacific Ry
100
North States Pow $5 pf No par
110
Northwestern
7V
*34
334
*38
7*2
20
39
3,500
378
778
23*.300
6
6
18
*9
1378
33U
42*4
14*2
93g
14
335g
4412
1478
132
132
150
150
55g
{ In receivership,
55g
a Def
Ohio OU Co
No par
No par
Otis Elevator
No par
Omnibus Corp
40
No par
(The)
6
100
100
6% preferred
Otis Steel
Co
No par
400
$5.50 conv 1st pref..No par
200
Outboard Marine A Mfg.
5
Outlet Co
No par
Preferred
100
50
"
4*200
26,700
150
Owens-lllinols Glass
800
Jan 26
Jan 16
Mar 18
29** Mar 16
31
Apr 19
3*2 Jan 12
63* jan 31
110
Jan 9
5
*4 Apr 12
3* Apr 12
*4 Apr 4
13*4 Jan 15
92
Jan 30
1st
Jan
27
*
87* Jan
4384 Apr
33*8 July
43*2
85g
10*8
25*8
Apr
April
Mar 13
5312 Apr
6
Jan
4
75i2Mar 9
1414 Feb 20
39
Jan
33i2 Mar
3
Apr
Apr
9
30
Apr
Apr 15
7
Pacific Mills
Pacific Ltg
938 Apr 19
6% preferred
115i2Mar 11
106
Feb 20
47
56
% Jan
3
Jan
4
2
*2 Jan 11
25*2 Apt 10
121
Apr 13
357g Apr 6
Jan
3
8
Jan
Jan 10
2634 Jan
3
n New stock,
) Nov
J
July
V Dec
li*
Dec
3g May
8*8 J****e
70
Apr
313$ Dec
168
Jan
103*2 Sept
185g Apr
523* Sept
50*2 Sept
1258 Apr
90*2 Feb 20
9*4 Jan 3
82
Jan
7
June
Mar 2'
100
Sept
Sept
113
3
29
284
Apr
32*8
Apr
Aug
6
4
4
14*8 Sept
Mar 28
100*2 Sept
578 Apr 4
183* Jan 4
144
Feb 19
4«4 Aug
2314 Apr
143* Mar
112
123* Jan
3
12
Sept
155g Sept
128
7*2
Oct
Apr
9i2Mar 16
35
Mar 19
41
26*2 Jan 19
55
Jan 22
Feb 23
4
16*2
55
Jan 22
Jan 17
40*8
114*4
Jan
120
6
50
Apr
9*8 AIM- 16
634 Jan 6
3
Aug
119
Jan 11
3234 Apr
643* Jan
2334 Feb 13
12*2 Jan 4
14
Apr 15
345g Apr 15
Jan
3
16*4 Jan
4
33
July
Apr
Jan
2*8 Apr
11*4 June
334 June
934 Apr
27*2 Apr
41
Apr
42*4 Apr 19
13
Jan 25
50
130*4 Jan 16
150
Apr 19
139
Mar 12
114
Apr
154
Jan 24
128
Sept
1
5*2 Apr 13
No par
No par
100
Pacific Tin Consol'd Corp...
delivery,
l«i4 May
47* July
100
Corp
Pacific Telep A Tel eg
120
Apr
10*g
18*2
58
323* Jan 15
1,200
Apr
11*8 Sept
59
25
.Vo par
No par
8*2
27
5
47g Apr 17
15% Apr 17
Mar 29
Apr
3
4
6
139
731* Mar
32
105*4 Sept
3
Mar
Apr 15
2% Apr
8*8 Sept
18*2 Apr
Jan
Mar
18i2 Jan 20
Deo
187* Jan
21*4 Jan
50
56
103** Jan 22
Apr
41
Apr
Feb 14
87
110
July
5*8 Aug
10
65
5
Apr
62
113i4Mar 27
2334 Jan 3
7*2 Mar 10
111
Jan 17
Oct
Apr
73*4 Jan
934 Jan
137* Jan
HO** Feb 28
20*4 Mar 5
20*2 Mar 18
Sept
14*4
6'4
219
(Cal).lO
10
preferred
2d preferred
Pacific Finance Corp
10*8 Sept
8*4 Sept
Sept
177* June
28*2 Jan 15
208
Jan 22
5*8 Feb 29
5i2 Feb 24
17is Apr 18
9
Apr 12
11
Jan 15
Pacific Gas A Electric
4,400
83
40
5
4,800
4,300
50
2
59*2 Jan 15
Pacific Coast Co
280
360
4*2 Apr
4i2 Jan
20*8 Sept
132
Co. 12.50
Pacific Amer Fisheries Inc
Sept
152
Jan
13
Jan
Sept
148i2 Jan 29
Feb 10
Jan 4
Jan 10
Apr 19
Jan
12*2
110
22i2 Apr 9
1733* Jan 31
40*2
3*2
9%
23*4
88
14*8 Dec
*8*4 July
9
96
6*8 Jan 3
42*2 Jan 12
8
Apr 4
8% preferred A
Oppenheim Collins
5,600
8
Mar 14
Apr 4
Jan 6
Jan 3
6*2 Apr
7U
2078
157*
12*4
Aug
77* Aug
7*2 Sept
216* Sept
1477* Oct
10*4 Apr
87
Sept
173s Apr
107
3
34i2 Jan
190
400
Jan
14
7
8
Mar 18
Mar 0
Jan 22
Apr 19
Apr 18
52U Jan
114
43*2 Sept
5H Sept
83
39
15
Jan
Jan
Mar
18->s Apr
1161* Jan
334 Apr 19
39l2 Apr 2
6i2 Feb 24
Oliver Farm Equip
4,200
2**2
7*4
671*
7%
12*8
Apr
33*4 Jan 30
50
1,500
2,700
20
Mar
Apr
50
Telegraph
Preferred
13*8
13*8
109*2 HO
*45g
5l2
153g
1538
140
19
99*2
20*i
16*4
13*8
Norwalk Tire A Rubber No par
39
*17
150*2
578
N Y Chic A St Louis Co... 100
57
6
465s
1478
140
New York Central
57
18
34*8
N Y Air Brake
North American Co
5*2
15*2
138*2 138*2
140
11
10*4
1058
*35
377g
3678
3U2 3U2
32
"51
55
55
*118*4 125
125
62
62*2
62*2
8*4
9*8
9*8
9*2
14*4
Newport Industries
500
5612
205s
110
7
9*8
9&8
9*2
115
.*111" 11434 *111
9*8
23
2334 25*4
2512
2412 2514
118*2
120*2 118
119*2 *115
119
3334
34*2 3412
3484 3434
3412 34l2
217*2 217*2 *216
217*2 *216
217*2 217
*112
117
*112
117
117
112*2 112*2 *111*4
2178
223s
2134 22*8
223s
215s
21*4 217S
*58
59
58*4
58*8 58*4
58*4 5834
58«4
5634
5634i
573s
66l2 50S4 *56
573s
56*2 57*4
25
237g 2434i
2414 25*4
25*8 255s
24*8
255g
90
*89
90
*89
90
90
*89
90
90
8
8
8*8!
8*4
8*2
8*4
8*2
8*8
83s
112*8 1123s 1123s *112
1125s *112
112*2 *112
112*2.
3378 337g.
3378 3378
34l2
3334 3334
337g 3378
378
4*8 j
4*4
*418
4*4
4*8
4*4
4*8
4*4'
39
*38
41 t *35*8 40*4
3934
*38
3934
*38
7*4
778
7*4
73s
7*8
73g
7*4
778
75s
2312
121
117
9
19** Feb
Apr
165
8*4 Feb
53
Apr
73* Feb
22*2 Jan
19*4 Apr
16*4 Apr
24i* Jan
170i2 Mar
Jan 31
14*2 Mar 16
13*4
47
7
7
9
9
*111
*110*2 115
*53
56*2 *54
12** Mar 2
97g Apr 19
Apr 16
No par
I284
70*8
1178
70
125s
47
*6*2
*784
2
Jan 15
.No par
Newmont Mining Corp
125s
19*4
3234
32
1
107i2Mar 12
70
Apr 17
11*4 Jan 18
41
Jan 22
100
10
1
5% pref series A
47
70
4
90
$4.50 conv preferred-No par
National Lead Co
Jan
6
1
Co
Jan
1834 Feb
23
Nat Enam A Stamping No par
Nat Gypsum
Jan 24
10
No par
Nat Distillers Prod
200
10*8
Register
165
Co—1
Nat Dairy Products—No par
7% pref class A
100
7% pref class B
100
Nat Dept Stores
..No par
0% preferred
10
90
1,300
6,400
10
National Cylinder Gas
200
24
8
Nat Cash
100
427g
734
110
Aug
No par
90
*86
*50
*108*2 112
♦109*2 112
71
71*2'
72a4
7234
Sept
4
92>4 Jan 17
*10
784
10*8
24
105
10
8
15
3
16
15
24
6
1
17
3
8
12
17
3
5% pref series A........100
Nat Bond A Share Corp No par
♦41*2
73s
42*4
Mar 14
""."300
52*8
42*4
7*4
10*8
*23l2
111
13
26
19
6
13
18
2234 Jan 2
7% cum pref."
100
Nat Bond A Invest Co.No par
13
90
24
Apr
Feb 13
100
500
Apr
Sept
9
10,400
7,200
1,600
32,000
30
50
28,300
2034
13i2
12*4
18*8
Apr
37* Aug
Feb 28
39
Apr
16*4
Mar 29
15ig
National Biscuit Co
10
1634 Mar 20
5i2 Jan
49*4 Mar
6*8 Apr
17*2 Mar
13*2 Jan
ll3gMar
1
...5
National Acme Co
168
108
169
Nashv Chatt A St Louis... 100
110
111
*584
6
*678
7*4
25i8
25l2
10*8
10
Z142
*143*2 145
*143*2 145
24
*23
24
235s
2434
8
8*8
8*2
8*4
8*8
8*4
65
64*2
65*2
6512 67*2
67*4
8*8
83g
8%
8*8
838
884
12*8
13
13*4
1234
1234 *12*8
39
39
*39*4
3934 40*2
42
4312
150
Nat Aviation Corp
40*8 Apr
31*8 Aug
22i2 Sept
9i2 Apr
83
2414
112
7
*88*8
109
13,500
preferred
100
Murray Corp of America.. 10
Myers (F A E) Bros—No par
Nash-Kelvlnator Corp......5
22,200
2
Sept
Sept
673* jan 23
5%
~7~906
18*2
2534
■
7
Jan 22
Murphy Co (G C)
3
51* Feb 16
10
Munsingwear Inc
700
Jan
Feb
Jan 30
3
Apr
112
10*2 Jan 12
1534 Jan 20
22i4 Apr 19
No par
No par
No par
preferred
300
121*2 Jan 30
Apr
110
118
1
16
Apr 18
185g Apr 4
267s Jan 9
Feb
Deo
&8
103g
8534
Apr 16
Jan 8
307* Feb
30
$7
Aug
2*8 Aug
3g July
45
4
B
115
Sept
884 Aug
1
66
Mar 14
1
260
038
*1984
13i4
12*8
17*2
113
25
8
Mar 26
27
1
Mull ins Mfg Co class
36
193g jan
Jan 15
Apr
25g Sept
6
6
8
43* Jan
43*2 Mar
11
Apr
1*8 Jan
4>4 Jan
t* Jan
7* Jan
14l2
185s
_
44*4 Sept
103 *4 Sept
24
110*2 111
534
534
90
169
173
*165
*89
113
Mueller Brass Co
8
Jan 20
50*8 Apr 19
40i4 Apr 8
...5
Corp
Motor Wheel
1,100
4,900
Apr
118
Motor Products Corp-.N# par
1,900
54
110
16478 168
*18*2
187g
*96*2 100*8
1534
25*4
607g
8*4
'
90
8,700
101
Feb 29
116*2 Mar
50
Essex
11*8 Apr
183g Apr
8
5
14 Jan 18
1638 Apr 19
Montg Ward & Co. Inc. No par
Co
No par
Morris A
Aug
ll«g Sept
25
Apr
6*2 Apr
Mar
104
Morrell (J) A
18
18
243s
146
*143
247g
90
'
2I84
213a
21*4
21*4
92
20,800
""406
July
14
40*8 Apr
*i« Jan 26
Preferred series B—No par
53
18
--
92
♦111
145
15
24*8
243s'
1734
185s
1778
18*4
175g 18*4
113
113l2 *113
115 ) 114
114
110*2 11012 HI
HI
111
111
57g
57g
534
678
*534
6*8
7
7
I
*078
7*4
7*8
7*8
25
25-V
25*8 25*4
2538 25*2
13
13
f *12*8
13 J
12*2
12*2
10*8
105«
10*8
10*4'
10*2
105s
17*2
177g
113*8 113*8
*165
*51*2
0*4
18*8
183s
$4.50
10
3
Feb 21
120
9*2 Mar 11
5g Apr 16
234 Mar 16
preferred...—No par
60
7
7
7*8
53
63g
18*8
193s
7*2
,*164 " 168*2* 165*8 165*8 *163
168
'
ojg
19
18a4 *18
19
*18
19 I *18
19
96 | *96*4
9912 *96*4 99*2'
98*g 99l2 *96*2 100*8
20
20
*19*2 2034
21
*20
2034! 20*2 20*2
"
13*2
1334
13*2
1378
1458'
14
.14%'
1318
1312?
12*4
12*4
1234' 12*2 12*2' 12*2 12V 12*4 1212
*161
100
3,100
397* Aug
28*4 Dec
Apr 17
334 Jan 29
37*2 Jan 16
10
3
17
53
6*8
19
47
104
8% cum 1st pref
934
11112 *10914 11112 *10914 111*2
*51i2
6*4
*18*8
1834
7*2
53
6*4
16*4
24
24
*52
53
06$
1834
18
15*2
237g
*161
*51*2
6*2
*18*2
53
65s
19
1778
111*2^*109*4
100
Minn-Honeywell Regu.Nc par
Jan
5
17*2 Apr 10
327g Apr 8
12*4 Apr 10
163s Jan 2
Jan 25
Jan
July
26
Marl6
111
4% conv pre! series B —100
Minn Mollne Power Ixnpt—1
97g
»u
%
1734
1734
11334 114*2
175s
33
1,000
*H
*4
No par
Dec
59*4 June
18*2 Sept
Aug
56
6*8 Jan
85s Jan 27
1334 Mar ?3
5
Petroleum..10
0
1
Mar
71
Apr 18
34i2Mar 5
7
share
6&g Aug
88
80
5
Jan 16
28
4
43
115 f
114
1147g 11478 114
117*2 11734
11784 116*2 110*2 117*2 117*2 *117*2 118
*117*2 118
119*2 *118*2 119*2
119*2 119*2 *118*2 11912 *119
120*2 *118*2 12012
50*8
5034
50*2 51l2
61*4
5178
51*8
51*2
52*2
5134
525s
*42
*41 »4
42*2
*41*4
43
44 | *41*4 44
44 I *42
44
27
27*4
27*8
2734
28*8 28l4'
28
28*8
28*2
275s 28*8
147g
1514
15*4
16
1412
15*4
147g
15*4
15 I
15
153s
1034
17*4
1078
17*8
17*4
1734 *17*8
173s
177g
17*2 17*2
23
23
22*4
2212
2234 23
24*8
24lg' 23i2 24 I
24*8
4
4*8
4*4
438
*4*4
4*8
4*4
4*4
4*4
484
4%;
34
34
32*2 32*2
3334 34
33l2 34
33
34*2 35
1334
1334
13*4
13*4
13*2
1312
1312 *13
135s *13*8
1334
79*4
79*2
7934
7934
*79
7934 *78*2 7934
795s 7934
80
*5U2
0*2
*18*8
17&8
15*8
13i2Mar
Apr
Apr 15
14ig Apr 18
Mar 19
21
*334
40
Feb
25*2
10®4
8«4
834 Apr
32i2 Apr
9*4 Jan
53*4 Feb 0
295g Jan 30
4i2 Apr 1
*40*4
*105
3
3*8
*31I
14
2,200
107
64
43
100
4
*40*4
934
3*8
3i8
**.«
u
%
1734
*ht
*1«I
*17*8
18
1147g 11478
3ig
51*2
10712
2
Jan
per
155s Apr
5i2 Sept
39
Sept
3
Apr
Highest
per thare $
8*2 Apr
47*2 Jan
12*2 Jan
9*4 Mar 23
5
Midland Steel Prod
170
120
5H2
Miami Copper
Mid-Continent
29
99
4
105
*58
34
3*8
*119
5184'
51*2
934
10
934
1034
120
120
11984 120
1197g 1197g
61l2 52 I
51*4 5114
52l2 5314
107*2 104
105
107i2 *104
107l2 ♦104
4
4
384
334'
4
|
*384
378
42*2 *40U
4212 *40*4 42*2 *40*4 42*2
5312
84
280
400
297g
Ills
15*2
3*8
5
30
17
38
34
100
295s
157g
3l2
J4
6% conv preferred
Mead Corp
1712
39i2
*3
120
10,300
31
11
10
4,700
1
17*4
15*2
10
$3 series conv pref-. .No par
McLellan Stores Co
Mercb & M'n Trans Co. No par
39
*934
15,300
1,400
30
17l2
30*2
1178
12
11*4
15V
1512 1512
386s
38
3914
1197g 11978 *118*2 H978
4
McKeesport Tin Plate
10
McKesson & Bobbins, Inc...6
22
5
*21*4
11^4
*40
Mclntyre Porcupine
71
5
Mines..5
1,000
3312
22
MeGraw-HW Pub Co..No par
8,100
$ per share
*2234 Jan 15
7*4 Jan 17
37
Apr 15
95a Apr 18
6
Apr 19
25*2 Apr 19
778 Apr 18
1
McGraw Elec Co
Highest
$ per share
Par
3,100
1,300
71
333$
1512
*3734
*104
400
84
71
68
34l2
5
30*2
11*2
1578
5314
2,200
Lowest
Lowest
No par
$6 preferred series A.No par
95.50 pref ser B w w.No par
Melville Shoe Corp
—1
Mengel Co (The
1
5% conv 1st pref
50
3334
71
68
34ig
47g
23
47g
*79
80
80
80
69
3412
5
34ig
Year 1939
100-Share Lots
EXCHANGE
Shares
20
8*8
37*4
10
6*4
25l2 26
2612
26
26l4
*77s
*8
8*4
8V
77g
8is
8
8I4
8I4
8I4
*1O012 110
*1O012 110
*1O012 110
*1O012 110
107
107
13
133s
13*4
14*8
1314
1334
1234
135S
1234
136s
28*4
8i8
8
*77g
37ig
10»4
678
28i4
10i4
612
106s
♦28U
7»8
Week
$ per share
$ per share
20U 27
8*2!
*8
838
27
2684
27i8
7&8
8lg
38i4
*7%
8*4
*768
2084
Am. 19
$ per share 1
$ per share
$ per share
26*8
26*4
$ per share ;
1
Am. 17
On Basis oj
NEW YORK STOCK
f<?
the
Range for Previous
Range Since Jan. 1
STOCKS
Sales
CENT
Friday
Thursday
Am- 18
Wednesday
Tuesday
Am. 16
Monday
27
April 20, 1940
New York Stock Record—Continued—Page 7
2534
r Cash sale,
x Ex-dlv.
7*4 Jan
y Ex-rlghts.
4
9*2
6*2
Apr
Dec
T Called for redemption.
Volume
LOW
AND
New York Stock Record-Continued—Page 8
150
SALE PRICES—PER
HIGH
Monday
13
Apr
Apr
$ per share
Tuesday
15
$ per share
8
734
35s
§58
334
2318
23iz
♦7&S
85s
1
*78
243s
23
*7&8
*7«
437g
*43
\
$ per share
734
3i2
•71*
16
Apr
*43
7i2
35g
2238
*758
85s
78
Apr
78
1
44
678
NOT PER
$ per share
7i8
334
8U
2314
8U
21«4
*8U
»i«
"1.
*4178
*4178 43
*100*4 10112 *10034 101% *10034 IOU2 *10084 101% ♦10084
7*8
73s
73s
*91%
935s
9184
9%
*9
9%
2%
2%
2%
44
44
44
2U2
*U2
21l2
2
21%
*U2
11
11
1078
*6i8
684
*591*
6058
9412
♦3%
9412
312I
94
*6i8
6038
94%
*3
73s
89
9
878
2U
23s
44is
22U
43i8
2U2
437g
134
*U2
10i2
612
*5912
94l2
*3i8
11
684
603s
9478
3%
2
1078
7U
60l2
19
*59
884
60
59
59
94
94*4
3U
*3
3*4
13l2
*12
133s
13
13
*12
123s
*12
2238
221*
2134
*121
2~2l2
215s
223s
22
*40
42
40
40
35%
34
34
3
212
*2
3
*1012
*1012
*38
39
38%
38U
2714
26
265s
26
2212
2212
13l2
38ig
26U
2212
221Z
♦22U
*8
22%
8
8
8%
834
*834
9
38i2
38%
3878
46
46
*46
46is
*80
88
*80
38
3s
941 z
94i2
9434
*136
50
65s
*37U
383s
39
38U
7*4
45s
*414
95s
*914
2738
277g
*9U
2778
6
*23l2
*8U
25l8
87s
*72
81
25i8
834
*72
20*4
100
34*4
700
*2
3
100
*10
13
*10%
12%
37
37
25
25
24
24%
23]4
22%
22%
800
45l2
75s
45'2
%
96i8
95l2
*137
147
*6
612
38l2
5
45%
9534
146
*5%
*37U
39
5
414
4U
53U
53U
912
*9
*4U
*273s
2784
6
*2312
253s
812
79
273s
48
*
"584
♦
6
*23
6
253a
9
*814
*77
273g
107%
*23
253g
*8l4
78
9
78
78
*16l2
18
*17%
18
17
17i8
*31
34
*32
34
30
30
*30
14i2
14
1478
13&8
135s
758
14
*1
1*8
*21%
22
*1358
15
♦11
115s
138
1%
%
133s
|*»M
1
*215s
*13%
*1114
9i2
912
31
*29
32
lU
2178
15
1134
*78
1J8
2I84
2118
*13l2
*1012
15
115s
1%
*1
78
1%
'it
%
135g
13l2
125s
*125s
40i2
*37l2
39l2
71U
71
7134
13U
*1314
*3914
13l2
13i8
*13I8
4012
*39
70
703s
70%
1.
35
14
1434
**!•
%
133g
13
13%
1U
21is
2U8
*14
U8
1U
28*4
*27U
200
500
49
♦37U
*
10
534
8%
200
8%
*23
"§"266
2478
""§84
800
75
75
175
175
7
30
80
7*8
10*4
*9U
4,800
400
*28
33
*30%
17*2
35%
13%
*13
i47«;
*150
Us
30
20
400
—
1*8
"""§00
*«i,
127S
13
127g
*123s
1234
39
*36
*37
71*8
"e'ooo
114
114
400
128
200
90
100
*80
100
08
6834
68U
69
68
68
1%
1%
21is
2112
2U2
1%
21i2
lU
2184
1934
1978
2178
205s
30 I2
315g
1512
31
2214
32i4
153g
22%
*295s
20U
3012
*15l8
*25%
15
15
27
22i2
334
4678
3l2
*3912
*11
13
*11
784
*7l2
12U
934
984
57
*56i4
260
41%
4,500
413s
2178
9l2
24l2
2234
24
33
32i4
3234
15
15%
15
15
26%
21%
26l2
*255s
2612
15%
*255s
263s
26%
*2U4
22i2
2134
2134
*314
312
334
*314
3%
4678
*39l2
4678
467«
13
*39l2
*10i2
4678
*11
*314
*3912
*105s
2U4
*3U
*39%
13
*10l2
7
*12
9i2
56i2
56
7ig
12U
984
5634
9l2
70
*67
134
22U
1«4
134
2078
12U
9U
*5584
5634
*67
21
8714
84
84
7712
137g
*72
It 70
*74
29i2
*28
94
*83
1 i 94
59
*56
*
1418
97l2
1334 114%
*95
97i2
j
♦83
*73
13
14
29
1378
*27l2
*83
94
*83
*55
14U
14
*95
87o!
*83s
427s
43
*5312
7U
6i2
55
-
7U
6i2
10
*93s
<
*34
3938
205s
78
393s
878
427fi
*53i2
7U
6I4
*934
20
*34
39
4278
*53l2
55
6I4
10
-
205s
78
3984
38
*%
%
'F %
12
U
%
*2U!*3l4
*2U
3U
*4
*4
51
51"
108l2
5012
108
7
7U
*>8
*108
M
934
978
43
135s
13%
29i2
59
105s
43
55
7U
*6% F 612
97s V 978
1934 120
78
*84
3912 3934
%
14
%
*38
314
*214
~50%
108
t
50l4 *5114
108 4 108U
1*4
21%
87i2
77
13%I 135S
M 2912
92
i
j 92
IOI4
IO84
4278
*53l2
43%
6%
9
55
6I4
10
10
19i8
1934
78
9
6578
55
67
1%
2034
2138
84
85
1%
74%
135s
*26%
92
*86
92
57%
57U
135s
1378
97%
10
43
7%
7%
%
*2U
3U
51
108
hi
*214
6OI4
108
26
Jr
—
11 1 It—
20l4
27U
2634
2734
27U
Jan 22
Apr 18
1071* Feb 10
414 Feb 27
21
61
No par
B
27%
28
265s
1 In receivership,
103i* Mar
41% Jan
5
67* Feb
9
2
*•69*4 Feb 16
171
Feb
110
154
Mar
7
Jan
35
July
40i* Sept
7
Mar 12
273* Jan
51
2i2
12
Apr
Apr
Mar
Apr
50
Apr
95
Sept
158
Sept
Aug
175
Aug
47g
Mar 18
Jan 18
34
12
Feb
6%
No par
(The)
11*8 Sept
161* Sept
4812 Oct
25i2 Oct
Mar 18
7$ Jan 12
•*• Apr
$5 preferred B
"2"l00
200
10
30
1,600
10
par
500
500
014 Sept
42
43i* Apr 8
1151* Jan 11
12734 Apr
Mar 28
14U Mar 11
51* Jan 6
Apr 15
par
60S* Jan
par
par
191* Feb
1
3
Mar 11
8
15i* Mar 16
27
Jan 13
149* Jan 16
25
Mar 15
165
11% Apr 16
Apr 15
871* Apt 16
155* Feb 9
151* Feb 3
714 Apr 3
90
Apr 15
69
Apr 8
17* Jan 29
13
Feb 16
8
Co.—.—.—10
Remington-Rand
1
Preferred with warrants—25
Hi* Jan 19
9
Apr 18
...
10
No par
No par
Richfield Oil Corp
Ritter Dental Mfg
Copper Mlnes.
No par
f Rutland RR 7%
St Joseph Lead
pref
100
—10
jSt Louis-San Francisco... 100
6% preferred
—100
JSt Louis Southwestern—100
preferred———100
Stores—....No par
preferred.—.
100
preferred—
..100
preferred
100
Savage Arms Corp..—No par
5,000
Safeway
5%
6%
7%
n New < took,
r Cash sale,
Sept
Apr
Sept
143
Aug
160
June
Sept
1173s Deo
417S Sept
11*4 Sept
90% Mar
8I1* jan
18i2 July
£221* Aug
61* Aug
70
Sept
63*4 Aug
10*4 Jan
11
Aug
10
5
Aug
81* Jan
85U June
677* Jan
2?8 Jan
Jan
3
43* Feb
8
Mar
4
2%
July
Dec
40
Dec
7
Apr
101*
10
131* Feb
101* Jan
9
9
Apr
Apr
5734 Apr
3
8
60
Dec
Jan
5
60
Apr
2
Apr
19
17
16
15
19
7
19
in Apr 18
Jan 30
2
4
Jan
9
441* Jan 15
104
Jan
2
llli* Mar 19
IIU4 Mar 20
19i* Jan 15
43
Feb 27
221* Apr
18* Feb
4
9
Jan
3
2
8*4 Feb
3
9
4
9
7* Jan
63
Jan
Mar 14
HU2Mar 28
114
Jan 29
116
Feb 23
297* Mar
x Ex-dlv. y Ex-rlghts.
Apr
Sept
Mar
Oct
Nov
141* Sept
171* Jan
761* Mar
75
Nov
2*4 Nov
28i2 Sept
95*4 Deo
8984 Oct
20% Jan
Jan
211* July
1034 Apr 17
43i2 Apr 18
535* Apr 8
8** Jan 3
71* Jan 3
% Jan
Apr
95s
6U* Apr 8
157* Feb 20
90% Apr 8
42
Apr
42
Apr 17
12
Dec
78 July
127* Apr
237* Jan
95
Apr
79i2 Apr
144* Jan
30U Apr
92
95s
Deo
514 Sept
54
01*
69
634 Mar
6i* Apr
97* Apr
18i* Jan
84 Apr
36i* Feb
l* Apr
19
9
6
61* Jan 18
899* Jan 2
52** Jan 29
Nov
231* 8ept
Jan
Jan 12
6
Jan 23
Deo
112
493* Feb
Feb 6
Feb 6
Feb 16
Feb 28
Jan 3
Mar 12
Sept
129
64
11U
22U
76*4
45%
97*
877*
49
06
II984 Feb
41*4 Aug
114*8 Aug
128*2 Aug
27
Mar 27
65
Jan
10
7
13* Jan 4
189* Jan 22
79i* Jan 23
84
I0i2 Sept
I684 Sept
28*4 Deo
2234 Sept
2884 Oct
11
Mar
Sept
6*8 June
1214 June
10U Apr
2078 Sept
Co 1st pref—100
Reliable Stores Corp—No par
preferred.———100
5k % preferred
100
Reynolds Metals Co—No par
% conv preferred
100
Reynolds Spring
1
Reynolds (R J) Tob class B-10
3Us Apr
10H2 Sept
17
1078 Sept
2U Jan
4
Apr
65
7%
Apr
Sept
24% Apr 18
Apr 18
17% Apr 8
265* Apr 10
23
33
23
JReo Motors vtc
1
Republic Steel Corp—No par
6% conv preferred——100
6 % conv prior pref ser A. 100
Revere Copper A Brass
5
Class A
..........10
Apr
Mar
Deo
214 Sept
24
85*4 June
5314 Apr
1U Deo
1014 Apr
Jan 31
RRCo—100
505*
112
-
111
Apr
Jan
32% Jan
40
Rensselaer A Sara
14 May
Aug
40>2 Sept
203g Sept
149
147
Mar 29
145
6
18
Jan
71*4 Apr 16
1181* Jan 2
95
771* Feb 13
Apr
5* Feb 27
147* Jan
14*4 Jan
2
Feb
is
171* Sept
0i2 Apr
71* Aug
i2 Aug
z203* Mar 20
314 Jan 15
2,020
a Def. delivery,
Jan
118
par
4% 1st preferred
50
4% 2d preferred..——...50
Silk Hosiery
5
Preferred
-—100
Sept
Aug
2>4 Feb 27
12*4 Jan
9
160i* Feb 6
1171* Jan «
2414 Apr 19
8i* Feb 7
90
Real
5%
3,800
Feb 20
14U* Jan
14
Rayonler Ino
———1
$2 preferred
25
Reading Company
50
Common
700
124
100
100
Amer—No
No
$3.50 conv 1st pref..No
fRadio-Kelth-Orpheum No
Raybestos Manhattan-No
Radio Corp of
112% Feb 16
3934 Jan 18
11034 Feb 21
No par
Quaker State Oil Ref Corp..
June
0
U4 Mar 12
22*4 Feb
15
Apr
Apr
18
Apr
142
85
preferred
6% conv preferred
Purity Bakeries
618
16U Apr
113* Mar 15
83*4 Mar 16
6534 Jan
6%
7%
Jan
16
10
Sept
321* Sept
1414 Sept
Apr
8** Jan
80
24
5* Feb 14
201* Jan
12% Jan 13
Sept
12
3514 Mar
4
4
175
Jan
Aug
Jan 17
9»* Apr
Hi* Jan 15
$5
....
27"
Feb
1
5% pf (ser of Feb 1 '29) .100
Pub Serv Corp of N J ..No par
2,700
49% 4978
108% 108*4
Jan 29
7
5% conv 1st pref..—.—6
5% conv 2d pref
50
No par
570
27U
No par
Procter A Gamble
280
* Bid and asked prices; no sales on this day.
Class
2,500
11 1 11-11 1 It— 111 It— 1 1 15e
203s
Pond Creek Pocahontas No par
Ruberoid Co (The)
108
4
Mar 25
Aug
178 Sept
Sept
124
Sept
2*4 July
25
Apr
31U Apr
12i2 Aug
Roan Antelope
*4
Jan 23
7*4 Apr
91
Jan
1* July
74
22
1,500
*4
96U Apr 19
1934 Apr
1,200
*2%
75
1
34U Jan
10%
3U
4
Mar 19
"4~§00
*8
*2
3*4
36
Jan
28
Reliance Mfg
39*4
Jan 11
5* Mar
Apr
Apr
7% pref class B
...100
6% pref class A
100
5H% 1st ser conv pr pfl 100
Pittsburgh A West Va
100
Pitts Y'n A Ash Ry 7% pf -100
Pittston Co (The)
No par
Plymouth Oil Co
5
19
7u
0'4 Sept
Apr
5*4
2818
11
6U
3878
%
Sept
Mar
Sept
Aug
4
2
2
Mar 18
19
7»«
10U
8i8
47i2
4888
Apr
101* Feb
40i* Jan
9
*984
♦%
Sept
Sept
Sept
No par
"5",§00
"it
25
Pittsburgh Steel Co
6%
a4
40
Jan
65* Feb 19
10%
7g
3914
45
17
No par
195s
*6%
*978
♦19
Apr
131* Sept
Pitts Screw A Bolt
600
7*8
6*4
lll»»illl»«i 11D*«11D%j 11U*m 111%
IT 1 19
100
6% preferred
...100
Pitts Coke A Iron Corp No par
$5 conv preferred
No par
Pitts Ft W A Ch 7% gtd pf 100
Pittsburgh Coal of Pa
55
7
21
Apr 18
311* Sept
19,900
10,200
934
427g
*53i2
55
Apr
Apr
Apr
100
10%
%
5014
13%
684 Sept
1934 Sept
23
100
26
45
25
PUlsbury Flour Mills
Pirelli Co of Italy "Am shares
Reis (Robt) A
95
43%
3934
108
13%
*90
95s
%
«...
59
*5012
427g
**8
39
13
Oct
46
Apr
378 Sept
45i2 Mar
9*8 Oct
400
28
7*s
Jan
10
1358
Apr
Feb
Apr
May
Aug
500
27%
2
6
100
8478
275* Sept
398s July
Aug
9t2 Apr 12
28% Mar 27
49i* Jan 5
100
847g
Mar
15
Mar
36
300
20*4
Deo
124
8
2,300
41,600
*71
17
24
40
5*8 Sept
33
Sept
June
66
1,100
67
Apr
Aug
Aug
2
5,400
1%
2078
1%
Apr
Apr
5
39,500
55
74*2
13%
29%
*a4
39U
*34
7%
12*4
9*4
Deo
48
Jan
6
13
*7
9%
*53%
7U
334
4678
*12
68
557s
*07
*9334
95
718
12%
♦86
58
*5712
135g *1358
95
8
*12
*71
*28
*4
*4
93s
68i2
1*8
22
*84
*27l2
*7
8
*7
*12
77
60
32
22i2
89
97l2
21*4
4
Feb
July
Mar
Deo
Aug
Sept
z5%
30i2
136
36i2 Mar
Sept
2*8
13i8
1134
59i2
94*4
484
Jan
Jan 23
Jan 10
21
Jan
85
414 Jan 31
1178 Apr
II4 Aug
534 Apr
Apr
47
80
Sept
38*4
4i*
13 U
39*4
29U
2314
89*
Jan 20
136
47
43
74U Jan 26
14 Mar 20
8834 Jan 15
40
Apr
414 Sept
Jan
2,500
1,000
23
*73
*95
21
5
36
Jan
Jan
1,400
1
*2U4
70
1S4
2134
*14
685s
1
*255s
712
73* Mar 20
63* Jan 11
8434 Feb
26
Jan
400
67%
2314
3278
1514
13
Jan 24
21
Jan
1414 Sept
li2 Apr
8
37.100
685s
2U2
*84
*55
100
*75
400
Apr 15
Mar 19
Feb 1
Mar 18
Jan
135s
3
Pure Oil
5,300
4,300
5
Apr 18
2t2
97*
303*
213*
Feb
I4ia
107l2
44
100
90
27
15is
1181* Jan
24*4 Jan
Jan
104
5
...
76,800
U8
22
32
1181* Jan 5
211* Jan 15
8
Sept
601*
Sept
6i* Sept
72
Sept
7*8 Sept
...100
Hosiery
Preferred
13" 900
110
685s
Us
2134
*2134
165* Jan
Jan
2
Apr
Sept
92
2i2
171*
11*4
1201*
Mar 20
33i* Feb
June
*8
*4
13
33
5
35
Feb 17
4
25
117*
4*4
1978
97* Sept
8
Apr 16
share
Jan
Jan
Deo
8*4 Sept
per
Apr
Pierce Oil 8% conv pref... 100
Phoenix
preferred
No par
preferred..
100
preferred..
—100
8% preferred
100
Pub Ser El A Gas pf f5-No par
Pullman Ino
No par
100
90
U8
1U
22i2
3i2
12U
7U
*12
*67
178
134
215s
*21
*56i8
70
*67
*20
11434 11434
13
*255g
*22i4
*3l4
*39l2
*12
*80
10
5% conv pref series A
100
Phillips Jones Corp
No par
7% preferred
100
Phillips Petroleum
No par
39
7084
*126
90
Philip Morris & Co Ltd
Pressed Steel Car Co Ino
*hi
II84
*143l8 146
*16312 165
68l2
1%
No par
200
71
7184
7U2
11434 *113% U434
425s
41% 4214
*1%
21%
preferred
Phila <fe Reading C & I.No par
1,500
9,500
»!•
125s
114
*68
5
25
50
Phelps-Dodge Corp
Philadelphia Co 6% pref
*4
125g
*i«
123g
127
*7334
No par
3i* Apr 19
Highest
Dec
3
74
Jan
41* Jan
20
JPorto Rlo-Am Tob cl A No par
127
65s
5%
5%
Pet Milk Co
100
100
100
Poor A Co class B
200
114
*9278
85l2
145g
*1412
Co
prior preferred
preferred
1,100
128
10
Peoples Drug Stores Ino
5
Peoples OLAC( (Chic).. 100
Peoria & Eastern Ry Co
100
2,100
1
*144
144
144
146
*14334 146
*143l2 146
162l8 16312 162i8 I6284 162l2 162% *162l4 165
♦114U 11812 *11414 118
*11414 118
♦114U 118i2 *11414 H812
25
26
2534
26%
2558
2584
24U
25*4
2558
26% 26i2
11
11
11
105s
1038
IU4
10»4
1078
1012
lOU
10l2
97
*92
*92
97
*92
97
95
95
9678 *92
9384
86
86
863s
87
803s
86
86'4
86% 86*2
87%
86i2
14
14
14i8!
14*2
14i8
14%
14U
147S
147g
14i2
1478
1434! *1412
15
145s
14*2
14i2 ♦143s
14i4
14l2
*14l2 1484
634
05s
6%
6%
684
0l2
6U
684
67g
612
65s
26
No par
50
1*4
U8
114
126
preferred
Pennsylvania RR
conv
1034
114
128
42
No par
pref ser A...No par
Penn G1 Sand Corp v t c No par
conv
21*4
13%
*126
*126
$7
10%
126
128
146
165
11712
Penn-Dixie Cement
13*2
114
*12614
*14312
*163i2
*11414
95
21
115
115
115U
115U *115
43
423s 423s
42i8
4234 4234
114
114
*11318 11434 *113l2 114
*115
5
2
15
1,900
23* Apr 12
4412 Apr 9
2214 Apr 16
2 <g Mar 12
6
1034
127g
39
li4 Feb 28
914 Jan 11
534 Jan 13
6
Feb
2U4
%
125s
*12i2
*3712
7U2
Jan 15
18
Feb
Mar
10
*78
2U8
1
*7g
134 Feb 7
427* Feb 24
45i2 Apr 5
lOli* Jan 25
83* Apr 4
94
Apr 15
101* Apr 6
18
7
2
27* Jan
Corp
Pitt C C <fc St L RR Co
107*2
9
4
8
55
90
93g
Jan
Apr
Apr
Jan
1
88
No par
& Coke
*1284
1034
15
11
1034
200
*16
*150
*7g
"2^200
4*4
34
*30
*150
*14434
*14434
*14484
*17314 175
7U
75s
934
*31
31
*29
175
73s
3,300
17
Jan 4
Mar 11
Penney (J C) Co
$6
53*4
4U
45
45
107i2
8i2
*72
28%
*45
48
*9
700
2
8I4
4i*
2514
8i2
Patlno Mines A Enterprises. 10
Penlck & Ford
.....No par
Petroleum Corp of Amer
"""600
Jan
8i* Jan 18
$ per share
12i* Mar 4
8*4 Apr 18
62i* Jan 6
Pfeiffer Brewing Co.--No par
38*4, T, 700
53
6
9
6*4
2.50
1,400
50
38
9
107l2
Parker Rust Proof Co
2,500
10,000
146
6
50
s
60
63s
934
10
*9i2
*136
5%
♦37U
375s
38
%
96*4
No par
Parmelee Trans porta'n. No par
Pathe Film Corp
1
86
95%
♦136
65g
45%
38
9
*45
8078
175
45%
*80
*53
*100
2512
37%
*2
9
2784
2778
9
37
86
95
7%
9
175
174l2 174l2 *174
7%
7i8
7U
7U
10
97g
912
*9%
31
*30l4 31
*29%
17%
*16i2 1712 *16
*173i2 175
7%
7*8
7%
9
*%
50
*37U
375s
3778
*80
80
*38
758
884
305s
45I2
*80
%
50
Parke Davis & Co
540
225s
784
10
Park & Tilford Inc
1
Park Utah Consol Mines..—1
"""§80
37%
26
37
2d preferred
Pere Marquette Ry
23
54
48
"~6~
"*584
20
*33%
9
109
109
__
2l" 800
26
86
*414
9i2
"2184
Paramount Pictures Ino
$7
_
2U2
2184
53
434
54
*45
48
*45
*
#4%
*53
54
54
38%
*121
3
9
147
........
20
38
38
4578
6i2
*3714
375s
200
34
38U
*137
6%
1338
*2212
96
50
*12
*2
1312
7&8
96
300
20
*884
96
21
33
3712
147
*134
146
*37U
*6i2
3312
9
*3s
38
900
*19
133s
2U4
385g
37%
45I8
*80
89
**i«
n20
8
7«4
*884
884
38U
3*8
20
33l2
*2
13
3412
212
*10%
3412
*2i2
*10l2
38
3%
conv preferred
Penn Coa
3
42
*3378
26*4
3U
500
5,300
21
*40
13
3U
*121
215s
600
32,000
9434
*12
314
1,700
8%
*3
20
*121
85
6%
4,900
94
2?u
-
6% 1st preferred....... 100
13s
1034
3U
*3
*20
-
1,000
2,500
19
9484
94U
33s
205s
*121
Jan 15
*59
8's
No par
7
3,500
u2
Paraffine Co Inc
67g Apr 17
3ig Jan 12
ylS* Feb 15
63* Jan 16
*4 Feb 13
4U* Jan 12
Lowest
$ per share
share
1
17", 000
4378
215g
10%
Pan-Amer Petrol & Transp..5
Panhandle Prod & Ref
1
per
Jan 18
4378
21%
138
1014
778
22
Pacific Western Oil Corp
10
Packard Motor Car
No par
Pan Amer Airways Corp
5
$
Year 1939
Highest
100
4378
1%
Par
Range for Previous
100-£Aars Lou
100
43U
*2158
lOU
On Basis of
Lowest
4%
"4,400
20
*121
*18
19
100
23g
22
*3l4
200
1,100
2U
312
*205a
3i2
22%
8U
8*4
78
78
43
417g 4178
10112 *10034 IOU2
7
7U
7*4
87«4
*87% 90
9
9*4
9i4
7g
23g
22
3I2
213s
85s
2U
*205s
33s
2284
700
26,900
48,000
60
714
3U
734
3%
3%
4334
215s
1%
1078
8l2
1%
1034
95
♦18
*7
23s
2U
43%
215g
2214
9U
878
*18
23s
8734
89
87«
19
*18
7
7U
7i8
90
90
912
19
*18
19
*18
7
7l2
Ranoe Since Jan. 1
Shares
3%
*ult
44
*42
$ per share
7
678
3l2
3i2
22iz
EXCHANGE
Week
'
18
Apr
STOCKS
NEW YORK STOCK
the
CENT
Friday
Apr. 19
Thursday
.
17
$ per share
7U
384
2378
85a
SHARE,
Wednesday
,
Sales
for
Saturday
2535
6
401*
63
Aug
84
Sept
375* July
7i* June
78»4 Jan
56
Sept
Sis
35
52
Apr
Sept
July
e5* Apr
6>a May
10
Sept
15*8 Sept
*4 Apr
2714 Apr
14 June
*8 Aug
I84 May
3*8 May
2784 Apr
82i*
jan
96
Jan
104i* Jan
10*4 Apr
14*4
Jan
87
Deo
11%
Jan
45
Jan
58
Jan
10U Jan
9*4 Oct
17i2 Sept
34
Jan
2*8 Nov
491* Sept
7* Sept
2
Jan
6
Sept
61* Sept
61*4 Nov
109
113
Aug
Oot
110U June
23
Sept
t Called for redemption.
New York Stock Record—Continued—Page 9
2536:
April 20,
Sales
i
Apr. 13
Monday
Tuesday
Apr. 15
13%
1334'
79
%
5
45%
♦478
45%
114
*113
1077*
*107
%
2
*i«
3A
18%
18%
18
*2
*178
86%
13%
1434
2
86%
13%
8634
13U
8534
13%
14
14
14
*58
61
*58
61
*58
6%
*54%
7%
56%
5%
55
*53
5
30
12%
12
107%
*534
6
22
22%
*2%
2%
*2212 24%
22% 22%
107
12%
*107
*10278 103%
*110
118
*122% 113%
*17%
1834
*10
10%
*22%
11%
*2%
*15%
*26
*148
23
11%
2%
15%
2634
152
6
22
6
116
116
*17%
10
23%
11%
15%
116
112
15%
23%
11%
2%
*22%
10%
*2%
15%
26%
15%
2734
27%
148
30%
30%
30%
28
28
13
17%
28%
12%
16%
12%
1634
2%
2%t
*6
*68
*23
2%
*6
2334
443,
35
*55
55%
55
934
65%
3934
7%
*107%
178
5
16%
1734
23%
27%
42%
*33%
*78
65%
3934
7%
109
17g
5
16%
18%
23%
27%
4234
34
7834
77g
8
734
9%
36
9%
734
11
934
65
387,
7%
108
16%
1734
23
27%
4178
34%
78%
77,
7%
934
12284
978
*21%
2%
17
30%
634
23%
2934
2334
2934
734
2334
29%
*5%
6
39
*434
6%
5%
6%
65%
39%
7%
134
434
16%
15%
17
.
22%
26%
40
*33%
78
79
8%
734
77g
7%
9%
10
5%
*5%
0
39
*5
39
4
4
4
3484
35%
34%
77g
*10%
1178
15%
*5178
53%
15%) *15
*52%
*334
*36
33
434
■'
1%
1634
10%
*4%
5%
*5%
38
*35
3,500
900
Sutherland
Paper Co
10
Sweets Co of Amer (The) —.60
Swift & Co
25
Swift International Ltd
Without warrants
9
5H% preferred
Telautograph Corp..
60
1034
7%
35
8
34%
77g
5%
*10
334
36%
6%
33%
6%
63s
38%
1%
*3%
4
35%
36
5%
5
*
32
32
6%
*4%
6%
5%
*3%
35
4%
*32
6
4
35%
14%
*51
*35
5
3334
6%
14%
478
*32
4
36%
478
3334
36%
38%
5%
478
3534
1%
1%
1634
10%
1634
10%
1634
10%
1%
*16%
10%
1%
17%
10%
178
*16%
10S4
92%
25%
93%
24%
47%
5%
9334
25
*92%
24%
94
94
94
25%
24%
25%
48%
-47%
48
47%
578
47%
20%
2034
8%
2%
8034
5%
19%
20%
*7%
8
2%
6
81
37%
*7%
2%
*79%
38
6
10%
64%
18
*4%
5
534
1934
7%
2%
79
5
5%
2038
7%
2%
79%
5%
•1134
22%
2%
27
27
12
5i»
64
2%
*17%
2%
3834
3734
1134
11%
%
%
%
39%
17%
95%
*84%
2634
26 34
2634
48 34
51%
21%
48%
20%
%
40
17%
80%
11534
16%
21%
*17%
113
18
113
*64%
*17%
2%
65
2%
38%
37%
80
115%
16%
95
*84%
*1778
18
23g
1 In receivership,
3634
a
300
10,100
1,100
12,600
4,000
4,300
17,800
300
2,200
200
38
....5
6
No
No
Co
conv
13% Feb 1
28% Jan 11
6% Feb 7
2
Mar 27
5
Jan 25
6
1
2
Mar 26
10% Apr 18
par
14% Apt 19
50% Jan 3
3% Jan 12
1
preferred
Third Avenue Ry
10
..100
Thompson (J R)
26
34
Jan 16
378 Jan 16
2684 jan 8
284 Feb
6
4
2
Jan
Thompson Prods Inc ..No par
277, jan 15
Thompson Starrett Co.No par
$3.50 cum preferred-No par
15
178 Mar 29
Tide Water Associated Oil.. 10
10
$4.50 conv pref
No par
Tlmken Detroit Axle..
10
Timken Roller Bearing.No par
89%
20%
46%
5%
Apr
Transamerica Corp
2
Transcont'l & West Air Inc..5
Transue & Williams St'l No par
Tri-Continental Corp..No par
No par
$6 preferred
Truax-Traer Corp..
2
7,000
26,800
900
120
900
10*500
5,700
Def. delivery,
Twin Coach Co...
1
tUlen <fe Co
No par
Under Elliott Fisher Co No par
Union Bag & Paper
No par
Union Carbide <fc Carb.No par
Union El Co of Mo$5 pf No par
5
Jan 19
2
Jan 15
9% Jan 15
%Mar 16
39% Jan 16
1178Mar 18
78% Feb
112% Feb
93
United Biscuit Co
5
..5
No par
Preferred
100
United Carbon Co
No par
United-Carr Fast Corp.No par
United Corporation
No par
$3
preferred
n New
stoc*".
No par
r
Cash sale,
x
94
Oct
Jan
2
Dec
Jan
434
Apr
Apr
10
13% Apr
24% Sept
22% Aug
Apr
3
3
Jan 16
16
Jan 15
Mar
5
2234 Jan 11
43% Jan 15
14% Jan 15
15% Jan 2
112
Jan 31
12% Feb 21
63% Feb 20
6% Apr
45% Sept
118% Sept
124
-
Feb 13
10% Jan 20
27% Jan
2%
17%
35%
7%
24%
32%
9st
7%
4
Feb 28
22% Sept
Apr
Mar 25
Apr 10
Jan 25
Jan 3
Jan 4
Apr 11
Mar
5
5
Mar 21
47% Apr
4% Apr
4
4
35% Apr 11
8% Jan 8
6% Jan 4
12% Jan 8
18% Jan
8
53
Mar 21
4
Feb 16
17
4% Aug
3% Aug
478 Aug
33% Oct
3% Aug
4
7
38% Apr 16
2% Jan
4
Jan 27
8
Jan 24
7
Jan
3
Mar 14
Apr
32% Aug
3% Aug
26
Sept
7
Aug
534 Nov
8% 8ept
15% Dec
48
Dec
3% Dec
14
Mar
Apr
2434 June
34
7% Apr 8
5% Apr 11
Apr
5% Sept
30
Sept
2% Apr
Apr
1% Jan
2% Sept
17
Apr
1% July
7% Apr
9% Aug
83
Sept
1034 Apr
34% Apr
5
Sept
21% Apr
6% Apr
8% Apr
234 jan
82% Mar
5% Apr
4
4
4
7
5% Apr 15
10
Apr. 9
13% Jan 4
3% Apr
Apr
2
Mar
74
Apr
3
Apr
6
Apr
11% Dee
4
19% Sept
1% Apr
4
17% Apr
13% Mar 14
7%
Apr
1% Jan 11
34 Dec
Feb 19
34% Sept
45
18% Apr 18
88% Jan 4
II534 Apr 18
17% Jan 8
98
Apr 8
89% Feb 10
27% Mar 20
53% Apr 16
2334 Apr 4
18
Apr 17
119
Feb 23
363a Mar
5
42
y
10
42% Feb 16
684 Mar 8
23
Apr
19% Sept
1% Aug
fi% Mar
7
7%
Jan
65% Mar
19% Apr
27g Apr
Ex-dlv.
Apr
6% Aug
3% Apr
8% Apr
5
2
Aug
8% Feb 15
8% Apr 2
12% Jan 5
Mar
5
17% Jan 12
54% Feb
88
20% Apr
30
84
No par
18% Apr
5% Dee
Apr
25% Jan 23
100
United Aircraft Corp
Un Air Lines Transport
Apr 10
Apr
2134 Apr 19
2% Jan 26
100
Union Tank Car
57a4 Dec
24
preferred
25
Apr
52
2% Feb
Union Oil of California
Union Pacific RR Co
4%
Apr
8% Aug
Jan 19
$1.50 preferred
No par
Twin City Rapid Tran.No par
100
42
Jan
11% Apr
1,500
preferred..
Apr
2
Apr
25% Apr 15
9% Apr 17
7%
11
95
20th Cen Fox Film CorpNo par
170
Apr
Apr
3
1
Mar
Sept
36
6
12% Jan 15
14%
9
Jan 13
10,200
600
60
Feb
Feb
8% Mar 20
Truscon Steel Co
1% Aug
434 Apr
Jan
Mar
7
Mar
3
6
7% Feb 21
par
34
Jan
5
40
5
Apr
3
3
2
32% Jan
1
Apr
4
2
4
Sept
14
3
Feb
5% Feb
42% Feb
13
127
23% Jan
10% Apr
11% Apr
15% Apr
34% Jan
3% Jan 23
10
No par
100
Preferred..
$3 dlv
Jan 19
Jan
12% Apr
10% Aug
1% Sept
65
.
6
20% Apr 19
22
Jan
Dec
8034 Jan
Jan 23
2
9
6
29
Jan 15
9% Jan
Apr
11% Apr
46% Jan
34% Apr 11
56% Jan 23
122
70
101
18% Jan
9% Mar 16
9
8
Apr
2234 Jan
2
10
39%
18
100,300
80% 10,000
100
11534
3,700
16%
95%
2,000
600
8534
2634
1,900
4978 62,300
21% 77.200
18
Mfg
pref
conv
Thermoid
Jan
Apr
Apr
Dec
26% Jan
7% Jan 31
5
434
Apr
Mar 28
57%
11%
66%
40%
77g
108%
2%
7%
Mar 18
77% Feb 16
4% Feb 13
100
•
Apr 16
28% Jan 29
76% Feb 8
No par
2,100
900
113% 113%
64%
64%
*17%
18
2%
2%
38
18
5
934
934
40%
18%
81%
II534
16%
9534
8534
11%
64%
15,300
1,000
22%
284
29%
11%
%
120
37
79
*26
2,800
5
2134
*2%
934
$3.60
270
.
100
The Fair
700
*4%
*8%
9%
22%
284
29
*27
22%
2%
2%
*75
10%
9%
*8%
9%
Thatcher
5,900
6
...
Texas A Pacifio Ry Co
500
6
178
17%
11%
Tennessee Corp
rtoo
53
*3%
Jan
7% Mar 19
5% Feb 5
1
Talcott Inc (James)
40
2984 Jan 26
10378 Jan
1% Jan 19
28
Symington-Gould Corp w w.l
10%
ked prices; no sales on this day,
100
11%
5i«
and
preferred
Texas Pacific Land Trust:
%
*
6%
1
Texas Pacifio Coal & Oil
41%
41% 41% *4034 42
*40% 41%
I67g
1678 I734
17
16% 1734
18%
81
82
81% 83
81
82
82%
*115
116% *115% 116% *115% 116% *115% 116%
16% 16%
I63g 16 34
16% 16%
16% 16%
97% 97%
97% 98
96
96% 9634
96
84% 84%
8434 8434 *84% 86
84% 85%
*2684 27
*2634 27
2634 2634
2634 2634
49
51
507g
5134
50% 53%
51% 52%
2234 23%
2234 2334
21% 23%
21% 22%
*1734
18
*1784 18
1734 1734
17%
18
*115
116
art 13% 113%
113
112% 114
113
3834
No par
No par
Oil
3,200
11%
3834
Sun
3,600
22%
*234
64
Stone & Webster
Studebaker Corp (The)
Superior Steel Corp....... 100
400
2
40
1
98% Aug
3834 Apr
50% Feb 5
87g Apr 17
25
Stokely Bros & Co Inc
Jan
9% Aug
47
Jan 15
25
Starrett Co (The) L 8..No par
Sterling Products Inc
10
Stewart-Warner Corp
6
Sunshine Mining Co
10c
Superheater Co (The)..No par
Superior Oil Corp
1,400
29
Standard Oil of New Jersey.26
par
6% Dec
28
70% Apr 3
2334 Apr 11
Jan 16
Standard Oil of Indiana
No
June
7
Jan 29
$7 cum prior pref
No par
Standard OH of Calif..-No par
$6 cum prior pref
Dec
3% May
43
2«4 Apr
Marl6
6
Apr
39
18
23
17
21
Jan
Apr
Apr
15% Jan
20% Jan
3478 jan
18
41
60
61
June
30% Apr
6% Mar 16
66
Apr
1%
60%
11%
10%
Aug
Apr
152
3% Jan 19
10% Jan 19
13% Jan 19
22% Apr 16
4,100
1,400
2234
2%
28%
12%
*17%
2%
38%
No par
5%
1034
*5%
*8%
9%
238
39
preferred
5%
538
93g
10%
18%
54
1,100
15
7%
5%
Standard Gas & El Co.Ne par
1,100
31
29
6
38
No par
5%
41%
16%
81%
t
5%
preferred
21%
11,300
3,100
*5%
$4 60
7%
5%
4
35
5%
*10%
2%
81
5%
64%
3,500
1
....
Standard Brands......No par
7%
5%
117g
2%
*79t2
5%
*9%
238
38%
10
par
8
21%
734
23g
*64%
*173g
160
Square D Co
No
35
734
2%
2%
700
Conv 54.50 pref
5,300
203g
64%
18
6,200
48,600
2
334
34%
8
8%
*64%
*17%
2%
4,000
3,900
Spiegel Inc.
334
21 s4
6it
2,500
S6.50 preferred
No par
Spencer Kellogg & Sons No par
Sperry Corp (The) vtc
1
Spicer Mfg Co
No par
$3 conv pref A
No par
Texas Corp (The)
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur....No par
8%
%
300
..1
200
2078
6ie
1,200
No par
2,700
16,500
49%
*27
400
Sparks Withlngton
Spear & Co...
5%
47%
5%
278
2,300
26,900
100
6%
46
6
29
12%
400
No par
Ry_._.
preferred
Mobile & Ohio stk tr ctfs 100
*5
50
12
430
8,200
ll%Mar
14% Mar
25% Mar
37
Apr
178 Feb
Pacific Co
6%
45%
497g
57g
22%
2%
10
300
11,600
1,700
287g Jan
100
Southern
6%
Jan
...26
5%
92%
2334
7,300
2
1434 Feb
22% Jan
144«4 Jan
6%
24%
-
Southern
1934 jan
1078 Apr
% Aug
1
16% Aug
92
.
187S Apr
11% Jan
24% Feb
12% Jan
2% Mar 11
16% Jan
29% Apr 18
9% Apr
100
No par
8% preferred...
Southern Calif Edison
18,700
24
29%
7%
5%
6
*35
S'eastern Greyhound Lines..5
80 Porto Rico Sugar
4534
3%
92%
10%
10%
3,600
80cony Vacuum Oil Co Inc. 15
South Am Gold & Platinum..1
6%
25%
*79%
5%
93s
9%
120
2334
7%
6
2
1,400
1,200
11,300
15
15%
4%
1,300
89,600
200
53
33
113
Smith & Cor Typewr—No par
Snider Packing Corp—No par
Apr
Sept
17%
2%
16%
15%
Feb 19
120
Jan
Feb
634
*14%
36
Jan
15
Apr
Mar 12
25
105
500
3
Jan
22% Apr
111
31
24%
29%
24
10
634
7%
108% Feb
6% Jan 10
No par
7%
24
Jan 15
16 preferred
Smith (A O) Corp
*6%
28%
105
Sloss Sheffield steel & Iron. 100
30%
*15%
40% Feb 13
13% Jan 4
320
2
2
6% Jan 13
36% Jan 11
10% Mar 16
290
400
123
97g
Apr 6
16% Jan 11
15% Apr
103% Jan 31
..100
preferred
6%
45-%
3%
3434
92%
25%
27g
10
88
21% Jan
18% Mar
99% Jan
15
Skelly Oil Co
6%
9234
247g
50%
57g
21%
29%
1134
123
3
2% Max 25
Feb 24
105
2
2
Jan
Slmonds Saw & Steel ...No par
100
1,200
3.400
35%
10%
62%
20
9
59% Apr 12
534 Jan 11
56
Apr
5
7% Mar 13
60
%
334
44% 8ept
Feb 27
% Jan
1% Jan
2% Jan 10
2084
>
*51
37
11%
9%
109
6% Apr
2734
4034
7%
7%
9%
115% Jan 11
2% Jan
Petroleum
Slmms
463g
18
1034
*29
7%
preferred.-.10
conv
4
Jan
20% Mar
2,400
1,000
2,800
21,600
13,800
37,500
79
5H%
49
10
21%
2%
1634
31%
2
15%
37%
*2234
27g
2834
9%
21%
40
Shattuck (Frank G)
No par
Sheaffer (W A) Pen Co.No par
UnloD Oil
—No par
Shell
6%
*16%
10%
23%
123%
27%
*3334
*77%
7%
pref ser A.No par
45%
*3%
3434
17%
10%
*2234
278
123
53
*5
10%
9%
*60%
734
7%
*51
5%
10
10%
1034
62%
78%
*14%
5%
10%
5
9%
10%
62%
40%
*34
15
5%
367g
5%
5
15%
17%
2234
27%
41%
35%
78%
7%
7%
9%
53
*5%
3578
2%
81
6
38%
7
17
15
7
9
6
38
39
107% 107%
1%
1%
4%
43g
*14%
15
1634
17
22'% 22%
15
22%
27%
*517g
334
634
*17g
7%
7
15%
67g
37
29
38%
65%
108% 108%
1%
1%
4%
4%
53%
4
36%
5%
33%
67g
*79%
5%
*9%
6
4
117#
*2%
9%
5
*10%
*8
9%
39
5%
*10%
'
73s
8
6%
47
778
5%
21
56%
9%
66%
39%
7%
734
934
5
5%
67g
56%
8%
8
6%
4534
778
50
66%
9%
66%
38%
7%
7%
514
5%
<
56
8
6%
33%
35
734
47%
6%
8
2
714
7%
*5%
*5%
3734
47g
35
conv
Apr 13
484 Jan 11
40% Apr 18
112% Apr 3
107
Apr 16
% Jan 2
% Feb 36
17% Apr 10
134 Jan 31
8034 Jan 15
13
Apr 1
12% Mar 18
64% Feb 26
4% Feb 2
—No par
100
35%
S3.60
$ per share
10
Aug
61
Sept
14% Mar 27
79% Mar 27
% Jan 2
734 Feb 21
3
Jan
Simmons Co
1,100
34
No par
No par
Sharpe & Dohme
$ per share
11% Jan 23
Silver King Coalition Mines. .6
700
2%
23
No par
Lowest
2,900
634
68
68
.........1
Year 1939
Highest
$ per share
72
Range for Previous
2,000
100
4338
65
300
7,600
42%
9%
•
37
23
39
39
6
*6%
...
530
27
23
44%
*107% 108%
134
1%
134
434
4%
4%
1534
15%
1534
17%
17%
17%
23
223g 2234
27%
2634 27%
42
40%
41
35% *3334 35%
78
78%
78%
6
26
56%
93g
65
28%
*5i2
22%
11
2%
15%
2834
36
*6334
7%
39
9%
*22%
4134
108
6
1,600
11,300
*35%
2%
2%
10% 11%
10% 10%
63
6234 63% *61
12284 *122% 123% *122% 123%
10
978
97g
9%
10
23
21% 21%
21% 21%
2%
2%
2%
2%
2%
17
*15% 16%
16% I63g
31%
*3034 31% *30% 31%
684
*6%
7%
*6%
7%
24
24
24%
24%
24%
5%
*l7g
*1534
10%
9234
24%
7%
7%
39%
13
*2%
6
23%
44%
44%
9
40
2%
63g
*68
66%
108
200
22%
10%
37
7
*22%
29%
35%
47g
56%
65
108
"i, 500
9%
27%
2%
*35%
66%
9%
65%
39%
7%
4534
36
26%
*35%
♦68
23
7%
*3434
*33
2%
*6%
28%
4
4
37
7%
4
*334
3734
27%
37
29%
47
*734
...
27
7%
47
46%
6%
11%
2%
11%
7%
*35
38%
2%
5
106% 106%
5%
5%
21
21%
23g
2%
6
10%
*2%
63
*6%
6%
16 78
2778
23
934
18%
23%
2778
42%
34%
30%
1278
61
56
15
*15
15% arts
2734
27% 29%
2734
147
*140
147
146% 146% *140
30
29%
30% x29% 29%
29%
123g 12%
12%
12%
12%
12%
16
16% 16%
16%
15% 16
44%
3578
478
11
31
*68
2334
45%
36%
6634
434
63
*6
*6%
134
11%
*7%
6%
134
*62% 63
12234 12234
978
10
*21% 22
2%
2%
*16% 17
31
25%
*35%
2%
*68
24%
4478
35%
44
16
38%
2%
15%
2734
148
Serve! inc
Sharon Steel Corp
$5 conv preferred
7%
10
23%
2%
100
preferred
1,100
9,000
39%
12%
21%
2%
11%
4-2%
4,000
4%
109 107
*8%
22%
preferred
fSe&board Air Line
85%
13%
14%
7%|
9%
23
No par
No par
No par
Seagrave Corp
No par
Sears Roebuck 6c Co..,No par
...
9%
$4
preferred
1,200
24
*23
24
24% *23
20
2034
20%
20%
20%
102% 102% *102% 103% *102% 103%
*110
115
115
117
115% *112
112
112
112% 112% *112%
*17
17%
16%
16% *16%
17%
9%
1
100
preferred
2
*58
1234'
5%
8%
Seaboard Oil Co of Del.No par
*53
39%|
21%
2%
JSchulte Retail Stores
Scott Paper Co—.—.No par
600
5%
53
12%
6
5
...100
18
13
39%
2%
34
14%
12
21%
30
29,600
2,000
%
85
40
6
preferred
2
113,
*2%
24%
2034
5H%
18
39
21%
107
%
13%
14%
7%
7%
Schenley Distillers Corp
$4.60
*%
2%
86
5
7%
|
114
107
%
1834
61
*58
53
22%
1078
2%
152
14%
5
9%
13
17
28
17
13
54
107% *106% 107%
2%
85%
5
7%
112
16%
61
*58
*2
*53
5%
65
*110
30%
*35%
61
6
1234
38%
13%
1434
22
30
*35%
13%
1434
24%
21%
10278 10278
24
11%
2%
263,
86%
534
10
*148
87%
13%
15
21%
*2%
*22%
20%
112%
18%
*18
2%
86%
12%
22%
18
18
%
%
5,300
1,200
1,800
434
42
*112
Par
100
*16
434
42
Lowest
10,000
79
%
434
4134
114
♦112
2
40
112
114
2
11%
2%
2%
*22% 24%
2134 2134
1027, 10278
2%
18%
7%
39%
*106
*78%
107%
♦105% 1077g *106
%
%
%
H
*i*
12%
107
434
40%
1334
13%
79
*113
5
7%
,
54
43
Friday
14%
♦78
%•
5l4
42%
40
7%
7%
39%
*39
%
5
%
*13
*52%
Shares
45
%
2%
87%
13%
5%
$ per share
13
13
78%
107
107
%
*5g
18%
$ per share
1234
114
*113
*4
,
Week
78%
_
43%
107% 107%
Apr. 19
13%
5
5%
4534
On Basis of 100-Share Lots
EXCHANGE
Thursday
Apr. 18
79
h
U
*H
»1778
13
*78
Range Since Jan. 1
NEW YORK STOCK
the
I
Wednesday
Apr. 17
$ per share
$ per share
79
114
*113
|
13«4
*7812
%
»u
4»4
*45
13%
Apr. 16
|
$ per share I $ per share
♦78
;
STOCKS
for
Saturday
1940
Ex-rights.
6
5
4
Feb 13
6
Aug
65%
10834
15%
81%
Apr
Sept
78
Aug
Apr
Apr
20% Mar
31
Aug
7% Apr
14% Sept
112% Mar
52
Apr
13%
Apr
2
Apr
30% Apr
1 Called for redemption.
SSMB
i
Volume
LOW
AND
New York Stock Record-Concluded
ISO
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
n
Page 10
-
2537
Monday
Tuesday
Wednesday
Thursday
Range Since Jan. 1
NEW YORK STOCK
On Basis of 100-Share Lots
the
Friday
8TOCKS
for
Saturday
Sales
EXCHANGE
Ayr. 13
Apr. 15
Apr. 16
Apr. 17
Apr. 18
Apr. 19
Week
f per share
S per share
7
7%
5 per share
$ per share
$ per share
$ per share
Shares
7
7ig
53s
*5
5%
*62%
4%
*33%
64
64
4%
4%
*33%
80%
34
80%
12%
12%
*11%
6%
*57g
81
113
6%
11%
*84
97g
84
84%
*177
62%
4%
4%
*33
92
92
85
*9
97g'
87g
84%
9
85%
180
*177
*177
5%
5%
32i2
32%
24
6%
7
1012
10%
11
10%
11%
*64
70%
*65
*351g
35%
39
13g
3584
85%'
*32%
22%
6%
*31i2
22l2
634
34%
2334
63g
*37%
1%
353g
117
63
*68
69%
61%
*3734
38
38
*44
45
45
2%
*7
2%
2l2
*7
7U
2
*60
697,
17,
*597,
*15
16
*15
17g
667g
*171S
357g
*357g
*""
30%
*l2
%
79% *
3%
29%
*33%
44%
35%
*91
92%
11%
12%
11%
1134
17
35%
347,
35
1,100
38%
38
38
200
*1%
1%
%
37
36%
1%
247,;
3%'
U 8 Tobacco Co..
1,500
1,200
7%
500
17,
2,600
United Stockyards Corp
1
Conv pref (70c)
No par
United Stores class A..
5
"""266
Universal-Cyclops Steel Corp 1
40
67^
7%
preferred
36
67»
400
N» par
25
;
preferred..
conv
No par
Universal Leaf Tob
49%
1%;
13,
1
227,
38%
*3534
100
36
13,500
Sales
No par
600
100
Vanadium Corp of Am. Wo par
Van Raalte Co Inc.........5
120
7% 1st preferred
Vlck Chemlca1 Co
31
6
1%
2434
3%
49%
47
1%
1%
100
........5
1%
*34
22%
227,
23
*97%
99%
♦97%
5%
31%
3134
*973,
99%
5%
5%
32
*7
4%
4%
*7%
1%'
*45
47
4
*45
*1%
1%
*1%
*6%
1%
8%
31
*28%
25%
19%
*25%
18%
*82
*6
22
22%
4%
*4%
*82
27%
2734
27%
293,
273,
71
70%
71%
71%
72
110% 110% *108
110% *108
114%
113% 113% all4
114%, 11334
106%
106% 106% 106% 106% *106
118% *117% 118% 117% 117% 117%
■t 19
I
19%
20%
1934 207,
20%
i
*103%
*103%
*103%
38% 39
38%
38%'
38*4 38'4
28%
72
*11334
27%
24
134
134
32%'
32%
*37%
37%
65
*
97%
*97%
3234
3234
32%
110
98
33%
110
j *95
*69%
71
107,
*12%
107,'
127,;
1034
57,.
i
71
*69%
*11
13
10%
57,
60
*22%
*27,
24%' *22%
*
33%'
37%
37%
65
*97%
3134
*95
1*
97%
32%
33%'
110
*95
*69% ,,71
11
10
10%'
5%'
10
6
60
.
23
5%
*46
|
60
22%
22%
5%
*49
*22%
3%|
3%
*27,
3%
3%
3
3%
234
3%(
3
6
6%
5%
6
I
6
6%
67
67%
6%
66%
6734
6%
27
*118
*119
27
73%
110
84
22%
227,
23
23%
111% 112 I
134% *12834 134%
33%
3134
327,
37%
37%|
37
38
37% 37%
65
'*
65
!
97%'
97%
97%
32
33%
31%
110
*95
125
125%
*89%
90%
*23%
24
1734
122
37
127
128
*89%
2334
1734
121
91
23%
18%
18%
121
1134
13%
43%
*86%
44%
23
23
*22%
16%
234
16%
234
2%
,128
*89%
2384
12%
43%
89%
1534
*123
37
89%
23%
15%
2%
121
2%
118
Jan 21
Apr 16
15% Apr
5
48
Jan
31% Mar 14
35
Jan
Mar
1
1% Jan
Apr 17
1
Jan 22
7%
6%
Western
217, jan
2
5
"21
Mar 18
68
Feb 16
Mar 27
102
30
100
21% Mar 18
22% Mar 18
121
121
13%
13%
4234
43%
♦87% 89%
22%
22%
15% *15%
2%
2%
.
this day.
No par
20
6
Willys-Overland Motors..... 1
19
No par
preferred
400
1,300
1734
187Si
17%
18%
61,300
Yellow Truck A Coach cl B_.I
121
122
13%'
42
42%
*88
89%
121
41%
*88
I
2184
22
15
15%'
2%
12%
3%,
127,
42%
89%
21%
21%
15
15%
3%
3%
{ In receivership,
a
Preferred
180
100
9,200
Young Spring A Wire..No par
15,800
Youngstown 8 A T
No par
preferred ser A...100
"
1,300
2,600
13,600
Youngst'n Steel Door..Wo par
Zenith Radio Corp....Wo par
Zonlte Products Corp
Del. delivery,
n
New stock,
112% Deo
Apr
100
Deo
115
Nov
r Cash sale.
4
28*4 Jan
107,
18%
821,
118
Jan
138
Jan
8
67
94% Jan 29
98
65
Feb
9
Mar 19
88
Jan
4
19% Feb 28
27, Mar 29
1% Jan 6
3
120
34% Apr
38% Feb 13
39% Jan 3
19%
Deo
30% Nov
37% Sept
Apr
Apr
121
Sept
May
145
Mar
Apr
28%
39%
Deo
Deo
£29
Apr
39%
Deo
4
42
July
75
Oct
Jan 20
74
Apr
97
Oct
9
15%
Apr
387,
Oct
8
5
80
Jan
80
Jan
45
July
78
Oct
Mar
35% Apr
10% Mar 18
4% Mar 23
4% Jan 2
91
13
Apr
88
28% Jan
1057, jan 15
White Motor Co
22
122
95
1051, Sept
15% Nov
Jan
Apr
100
91
160
1
71
No par
22
127
407, Apr
Jan
Deo
6*4 Sept
92
*122
23% Apr 18
103% Feb 14
Jan
79
Apr
11% Sept
2
Sept
37
Sept
23%
126
117% Mar 1
28%
107%
85
Deo
Apr
2I84
125
*91
July
55% Aug
4
Apr
62
91
16
Jan
%
7% preferred A...
100
6% preferred B.
...100
Prior pref 4H % series.. 100
Prior pf
% convserleslOO
Wright Aeronautical—.Wo par
Wrigley (Wm) Jr (Del).Wo par
Yale & Towne Mfg Co
25
124
Apr 16
3%
1
23% 23%
18®4, 19%
75
8% Apr
1
% Jan 31
2
91
"29%
U,
6% Feb
Jan
124
Jan
Oot
Dee
66% Jan 23
36
Jan
80
35 conv prior pref...Wo par
White Dental Mfg (The 88) .20
6% conv preferred
Wilson & Co Inc
24%
Dee
Apr
Prior preferred
Jan
1334 May
35*4 Oct
32*4
3*4
100
34 conv preferred
Jan
July
Apr
47, Feb 21
25% Jan 18
100
Apr 8
Wilcox Oil & Gas Co..
37,
Apr
5J4 % conv preferred.... 100
preferred
58
Jan
Mar
Apr
5% conv preferred
Wheeling & L E Ry Co
6%
Apr
Sept
07,
28,
1,800
Wheeling Steel Corp
Apr
Apr
27,
44
20%
33% Jan 23
85% Jan 19
600
0%
19%
20% July
147, Mar
Jan
Westvaco Chlor Prod ..No par
1st preferred
Feb
1% Nov
Oot
5
100
6% pref.. 100
Western Union Telegraph. 100
Westlnghouse Air BrakeWo par
Westlnghouse El & Mfg
50
"""226
4
Deo
Sept
8
3% Jan 13
.Jan 20
"""166
80
Dec
3
23% July
98% July
9% Jan
50*4 Jan
33% Jan 13
Mar
37
,
3%
37, Sept
10
1,200
45%
21
Oct
Deo
.-100
Co
Western Pacific
.
;»
8
22
37%'
5
9
38% Jan
45
Marl0
31% Jan
28% Feb
Jan
116
45
3
Apr
..10
Worthlngt'n P<fcM(Del)W» par
*35
3
108
Woolworth (F W) Co
45%!
Jan
115
Woodward Iron Co.—.....10
37%
Dec
102i, Feb 14
11 ♦% Jan 10
13%Mar 19
26
69
30% Sept
Dec
17, Jan
9
June
1%
111
20,000
*54%
*34
*42%
60
1% July
7
110% Apr 12
2
Jan 30
*2~ 200
69
Sept
80
3% Jan
No par
Wisconsin El Pow 6% pref. 100
"54%
Mar
3
Jan 10
Jan 10
Sept
131
14%
4% Feb 19
3% Apr 19
45% Jan 13
1% Apr 11
6% Jan 13
2 •<% Mar
25% Apr 13
15
101
Feb 1
Jan 10
105% Jan
.100
Deo
6*4 Sept
33*4 Sept
118
July
Apr
Apr
10%
9%
1%
25%
100
Maryland
2934
Sept
Mar
4
6% Jan 3
35% Jan 11
14*4 Apr
7i, Mar 26
1% Jan 3
100
Western Auto Supply
65
*4 July
04%
Jaa
Weston Elec Instrument. 12 50
200
112% Sept
4% July
85
100
preferred
preferred
Apr
Apr
Jan 16
1,700
6
14*4
WestPennPowCo 4H % Pf-100
West Va Pulp & Pap Co No par
Apr
15%
2,700
63
Jan
20
No par
66% Aug
Apr
Jan
preferred
Aug
Apr
1,600
17%
2%
17
Deo
44%
Sept
18%
110% July
Apr
1
42,600
62
Nov
347,
54%
5%
67
70
Sept
40
Apr
Apr
Sept
3
6%
18%;
40
10
25
109
6
7
18%
*63
Sept
0
6%
,
21
1% Mar
3% 109,100
1834;
Sept
Aug
16
7
Apr 15
60
26%
40%
18%
1
2% Jan
534
26%
Feb
Jan
7% Apr
3
£40
June
78
%
3
130
*118-
163
Apr
Apr 17
3%'
—1*118
Sept
45%
60% Sept
140
Mar 14
584
67
85
Sept
July
20
conv
Oct
Deo
17
24
34
2%
64
Jan 16
West Penn El class A..No par
Sept
8% Mar
Apr
Feb il
Wesson Oil A Snowdrift No par
4
May
17
preferred
46*4 July
9
22
.No par
37*2 June
46
1
3
67
6% May
1% Apr
1
6% Feb
400
65
Dec
125
50
52,800
Oct
1%
2
89
""200
7
39
1
Lt Co.No par
June
82*4 Sept
1207, Sept
4
100
x70
9
3%
—
45%
Bid and aaked prices; no sales on
Mar 27
5 t
6%|
*36
2%
4
22%
69
121
4
*2%
*54%
1234
14
42%. 44
*87
89%
22% 22%
15% 16
4% Jan
22%
*47
31% Mar 14
31% Jan
3%,
70
91
24
19%
17
Mar 18
60
*63
45% J 46%
3
52*4 Jan
IH84 Nov
08% Sept
Aug
5
70
6,700
387, Apr 16
397, Mar 15
117% Apr 9
467, Apr 9
69% Feb 28
26% Apr 19
22%
19%
46
97,
5%
2~8%" Jan
3
1834
37%
5,200
Feb
Jan
41%
37% July
0% Mar
98% May
30
Sept
05
*22%
19
46
7,800
6
19
6
9
July
Wayne Pump Co
Webster Elsenlohr
4% 2d preferred
5,800
56% Jan
*50
26%
48
par
White 8ewlng Mach Corp...l
5%
40%
37%
Pipe——Wo
6% preferred
"2",166
Jan 23
43
s4 Apr
40
Waukesha Motor Co....
110
8%
534:
26
*45
5
33.85 conv pref
No par
{Warren Bros Co
No par
33 convertible pref—Wo par
170
14,200
100
White Rock Mln Spr C0W0 par
934;
40
*35
preferred
Warner Bros Pictures..
3,000
934
40%'
*54%
...——Wo par
10,500
10,700
27
69
7%
B
13
26%
*54%
No par
1234
40
69
Class
320
300
28% Jan 22
35% Jan 15
114% Jan 23
3
*118
*5414
*35%
.No par
13%
26%
69
70
6
3
Jan 15
Mar 15
400
5%
65%
Apr 12
15% Apr 8
101
11
40%„40%
19%
61
Jan 16
2% Apr 11
93% Jan 31
5% Jan 19
31% Apr 19
11
41
; 73
2
3%
65
60
April
11%
27%
*63
100
""lOO
27
',1
100
No par
71
40%
19%
*63
100
*69%
71
40%
19%
...100
Preferred
1,000
22%
23%
27%
73
i6~900
227,
40%
*63
277,
73%
110
119
*26%
*19
70% Jan 11
68% Jan 2
121% Apr 16
39% Apr 5
23
7%
111% 11334
6%
48
3
4H% Pref with warrants 100
*82
*95
6%'
4
65
2
22%
5%
6%
6%
6734
Jan
5
117
5%
55
*2%
2%
684
1,400
4%
""806
13
13
900
77,
%
13%
10%
13%
April
1
20% Jan 18
Wasiil igto.i Gas
1,900
*6%
11%
12%
22
7%
h
11%
Mar
Apr
No par
Warren Fdy &
1,000
*11
Oct
49
.....100
800
257,
18%
*4%
28%
Detlnnlng Co
200
4%
*69%
1334
8%;
29
4%
69%
11
1,400
1%
£97%
31«4
110
69%
11
4%
10
4/
*07,
1 34
97%
33
67
1% Jan
41% Jan
2
1334 Feb 20
25
System
Walgreen Co
400
4%
65
98
15% 8ept
Apr
64
preferred
Ward Baking Co cl A..No par
19,100
22
I
134% *130
32
32%
32%
37
37% 37%
*37
37%
37%
Aug
4
48% Feb 20
2% Apr 10
7% Jan 12
% Jan
16% Jan
5*4
32*4 8ept
31% Oct
1% Dec
31% Apr
86*4 Apr
Apr 18
43% Jan 2
17, Feb 16
6*4 Jan 9
1% Jan 19
43
Walk(H)Good & W Ltd No par
3%
25%
18%
,
I
*130
11%
*51
*51
135
32
37%
37%
37
37%
65
*130
*'28%
73
23
35% July
29% Sept
10% Sept
39
Feb 19
116
Walworth Co
4%
23
23%
23% 23%
112
113 |
.
112% 11334
114%
11334
*»i,
Apr
13% Apr
3% July
5
38% Jan
64% Feb 29
53% Mar 18
25
6% preferred A
5% preferred B
700
£112%
4%
77,
23
Jan
71
Apr 18
No par
5% pf 100
pref
Waldorf
300
13,
24%
112% *11034 113
106
1
105% 105%
! 117% 117%
21%
21 «4
23%
21
22%
*103%
*103%
38"
38%
38
3884
37%
*84
%
23%
8%
29%
26%
18%
110
106% £106
117% *117%
4%
*634
♦7
"97%
100
1,500
I
?%'
1%
*6
73
114
4%
*43
110
110%
4%
47
*82
70
*4%
*2234
3%
5
No par
6,500
5%
15
24%
3%
22
32% Mar 11
26%
12% Apr 18
Mar 26
32% Mar 26
Ry Co
Vulcan
100
31%
*7%
*1%
1%
1,700
99%'
15
734
1%
2434
3%
*257<
37%
Works
Chem.
preferred
{Wabash Railway Co
900
1,100
23
538
1%
2434
3%
*110% 110%
*37%
6%
1%
7%
31%
l
734
25%
*187,
22%
*4%
2234
43,
5%
15
1%
*2334
3%
2534
1934
2234
4%
2534
18%
*82
♦147,
1%
247,
3%
*29
23
*4%
15
40
400
1%
1%
7%
22«4
77, July
..100
Preferred
*1
7%
8%
20
3734'
Va-Carollna
*133
1
1%
2934
25%
117
1%
*6
23
*37
preferred
Victor Chemical
1,600
1%
*84
29
25%
20
J
1,900
7%
9
19%!
33
3%
27%
13,
31
233,
*32%
500
30
3%
26%
47
33,
*227g
13434
29%
3%
28
*34
99%
*97
32
*293,
25%'
30
6%
79%
7%
227,
Apr
Vadsco
Preferred
Mar
4
900
*17fF 1834
*133
7%
2234
9% Jan 18
Feb
Jan
180
9
7% Apr 18
3 ;7g Apr 19
34
Jan
2
Jan
113
li
5% Mar 18
35
65% Sept
149% 8ept
Jan
Jan t'
90
7%'
29 4 Feb 13
Feb 24
>
Jan 25
Mar 27
*86
1%
Aug
89
70
6%
*s4
7%
227,
5%
17% 8ept
14
Sept
112
100
1%
Mar
I
21
11
Jan
11
87% Mar
6
159
19
1
4% Feb
Jan
Nov
10% Apr 11
10% Jan 3
181
8
1% Jan
8ept
15
6% Mar
Feb
60
Aug
5*4 Mar
95
117% June
14
8ept
7% Sept
June
1
34%
1%
80, Mar 15
Apr
Feb
75
Jan 19
*33%
*1
1
7% Jan 2r»
8% Jan S3
6%
334
7% Mar
Jan
8*4
Mar 18
Feb 13
Virginia
*133
94
Jan 15
02
Va Iron Coal A Coke
1%'
5% Mar 18
67
Va El & Pow 36
....
13% Mar 12
7% Apr 10
7% Jan 3
148
150
*1
10% Jan 13
4% Feb 5
No par
».«
Apr
Apr
Sept
8% preferred
100
Universal Pictures 1st pref. 100
"if
Apr
11
Jan
40
.
100
1%
1%
*6%
1%;
8%;
3%
3
15
350
79%.*
28
85% Jan
152
36%
3534
3B34
116% 116% *115% 116%
44%
44%
44% 44%
*29%
8% Sept
35% Sept
100% 101
*3534
*
74
Apr
3
110
61
50
Deo
3
Jan
6
60
100
54%
3%
25*4
62%
5% Jan
117% Feb 21
101
No par
100
73,
3%
*47
*
U 8 Steel Corp
Preferred
65% Mar 14
5
100
U 8 Smelting Ref & Min
Preferred
Deo
6
177
share
Aug
4%
Mar
80
per
4%
Mar 13
117, Mar
No par
.....10
1st preferred
11
*133
243,
3%
117,
43%
*867,
8%
44
1
1
1%
1%
1%'
*2334
*121
10
U 8 Rubber Co
117
734
17%
20
{U 8 Realty <fc Imp
11
*7%
*1%
*2334
♦66
100
Highest
share %
6
Feb 27
75
$ per
7% Apr 11
Jan 18
112
cl A..No par
conv
Prior preferred
U 8 Pipe <fc Foundry
U 8 Playing Card Co
*42
73,
6%
578
No par
No par
23,
152
*1167, 117% *1167, 117% *117
117%
12%
13 l
12
12%
*1034
11%,
*42
44
43
43 I *42
44
35%
*33% 34% *33% 34
33%l
£33%
92%
*89
92 j
90%
89
90% *87%
*7%
1%
3%
Partlc &
13%
31%
10%
57,
Industrial Alcohol
U 8 Leather Co
37%
467,
15
*17%
28
28
*147,
*95
U 8
2
Lowest
share
per
4% Feb 29
33
Corp
5
5H% conv pref erred.... .50
65
*%
100
17,
97% 100%
%
preferred
7%
:
15%
19
7%
U 8 Hoffman Mach
2%
*46
15
*15
29
15%
*
5,200
*60
*60
1%
79%
30%
3%
534
3134
*134
87,800
23,
7%
2%
64%
79% *
30% *29%
3%
3%
5%
31%
*103%
38%
300
60%
*7%
98%
%
*17%
*147,
19
37%
1,100
par
....No par
No par
36 first preferred
No par
U 8 Dlstrlb Corp conv
pref. 100
U 8 Freight Co
No par
U 8 Gypsum Co
20
10,100
69%
467g
69
15%
106%
37%
30.200
121%
2%
154
15%
*117%
58%
121
*45%
*67
15% f
734
*70
*69
61%
*152
99%,
4*82
*24%
69%
59%
120% 12034
69
99%
5%
32
187,
*67
154
99%
5*4
32%
25%
62%
154
227,
4
62
15%
98
1.800
1%
1%
32%
34%;
103% 108 1
*60% 62%
*66
97%
» 227g
fc*99
*6%
1%
35
No par
Improv't.. Wo
preferred
Jan
$
4% Jan 11
56% Jan 10
U 8 & Foreign Secur.
100
II384'
65
15%
*»!«
*7%
*22%
,*30
1%
32%
5
share
5
5
United Mer & Manu In* v 10 I
United Paperboard
10
9.200
71%
101 *
2
*60
13,
*1%
*37%
*65
$5
100
35
73,
*47
35
534
35
71
*7%
*7
5%
United Fruit Co
United Gas
50
800
71
*i»„
9* 1%
3,600
*53,
*31%
.100
44%
*133
*133
534
82
178% 178%
117
*12%
*43
*33%
*90
13%
*43
32
1,600
11%
28
3%
30
117
117
*12%
*147,
80%
140
9%
35%
38%
30%
*3%
30%
30%
30%
3%
i
84%
Preferred
Vlcks Shreve & Pao Ry...l00
*;
79%
29%
1%
10
87,
180
500
400
6.200
37
387g
37
3734/ 37
38%
*357, 3634
36% 36% *3534 36%
II684 11634 *11514 1163, *115% 116%
a4fl
46
46
*44
45%
| *44%
4534
♦9%
934
9
5,700
534
92
*37%
19
*17ig
6%
534
*89
92
3,900
363g
3 684
19
6
2,700
..10
Highest
per
3
5
United Electric Coal Cos
United Eng & Fdy
400
7%
11%
154
97%
%
3,500
19,800
24%
19
3%
*1
67%
*152
81%
12
12%
113% 113%
10%
10%
67,
353g
15%
67%
99
300
23%
*65
65
*15
155
*2834
117
23
3,700
7%
*17l«
*11514 117
45%
*31%
2234
1%
*597,
98
81
United Drug Inc..
United Dyewood Corp
30
4%
33
24%
2
15%
67i2
*152
%
%
2
647g
*667,
667g
155
101% 102%
35
63
43,
33
600
634
3534
3734 3734
1U
1%,
34i2 36%'
11412 115%
2
"
*152
5%
35
35%
113% 114%'
62%,
6134 62
62l2r
62
69
69
69l2
687,
69%
6OI4
62%'
633,
60%
61%
120
121% 120% 12034
120
38
37% 377g
37% 37%
45
45
45
*45% 467,
2l2
23g
2%
2%
2%
7
7
7
7
714
6H2
1193,
62%
*119% 120
71
83
j 180
5%
7
I
*65
II584 116i2
6212
*6812
4*2
13,300
7%
73g
*35ig
I
35%
38^1
1%
36%'
*3712
*H4
3512
117
*62
71
3512
2334
9
180
5%
IH4
*9
97g
534
24
*60
62%
91
6%
5%
*434
33%
I
9
9
5%
*31
*60
4%
*33
33%
63,
12%
5»4
32%
24%
*5%
484
92
♦9
180
180
180
45g
33%
81%
I
6%
434
*57g
10%
912
847g
9%
5
*434
62%
64
6%
92
6
6I4
10
10
67g
113
105g
93
*92
65g
82
I
81
81%
82
12%
12%
12
12%
*11284 114 ,*112% 113%
11
11%
1034
10%
107g
684
6%:
63g
6*4
6%
6
57g
57,
67g
57g
12i2
113»
6%
6%
*57g
6%
93
97g
4%
33
82%
12%
80%
12%
1 17b
*912
*62%
45g
34
67g
5
5
5%
64
1133g 113%
*113i2 114
*92
6i2
Lowest
Par
Range for Previous
Year 1931
11% Apr 18
137, Apr 9
11% Apr 10
63, Apr 8
10%
Apr
15%
8%
Deo
12% Mar
7
Apr
16*4
Oot
7
Jan
3% Sept
1*4 Aug
57% Mar
14
Apr
23
14
Sept
8
Apr 9
3% J an 11
3% Apr 13
2%
1
Aug
June
4% Nov
34*4 Nov
20% Deo
4% Nov
3% Feb
2
17% Mar 18
34
Apr 19
Marl0
Apr
0% Feb
77, Sept
60% Nov
115
Sept
Apr
15
Apr
31*4 Sept
Apr
Jan
30
Sept
50%
Jan
10% Apr
47% July
23%
Jan
43
Jan 15
47, Jan 13
61% Jan 6
69
6% Apr 13
2*, June
7
27,
Apr 18
70
Mar
121%
277,
42%
21%
Mar
71
0
32
105%
Jan 25
May
23tg July
31% Apr
85
Apr
105
Jan 22
85
Jan 22
91
8
8
9
Apr 17
21% Apr 18
16% Mar 19
1157, Jan 5
10i, Feb 1
377, Mar 16
25
Jan
3
18*4 Sept
19% Jan
4
11%
43% Mar 16
86
Jan 15
21% Apr 19
14% Feb 3
2
Mar
* Ex-dlv.
1
y
37% Jan
50% Jan
129
Apr
Aug
Aug
122% Feb 24
14
Apr 16
76
98
Mar
Apr
Apr
9% Aug
48% Jan
3
30
Apr
89
6
74
May
4
17% Apr 8
3% Apr 19
17
Jan
28% Jan
Ex-rights.
Apr
12
Apr
2
Aug
74
Oct
Oct
381,
53*2
124%
85%
Sept
127
Nov
Sept
Nov
Deo
33% Mar
217, Oct
21%
Jan
56% Sept
92
Sept
34
Sept
22t, Jan
37, Sept
H Called for redemption.
BBBHBBBI
J
April
2538
Bond Record-New York Stock
20,
1940
Exchange
FRIDAY, WEEKLY AND YEARLY
Cash and deferred delivery sales are disregarded In the
shown in a footnote
NOTICE—Prices are "and interest"—except for income and defaulted bonds.
week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly range are
in the week in which they occur.
No account is taken of such sales in computing the range for the year.
The italic letters in the column beaded "Interest Period" indicate in each case the month when the bonds mature.
Friday
Week*i
Last
Range or
Range
BONDS
Sale
5
BONDS
N. Y,
Friday's
Bid
Asked
Ac
Since
N. Y. STOCK EXCHANGE
bS
STOCK BXO HANGE
Week Ended April 19
c
Price
High
Low
United States Government
Jan
No.
Low
.
Week Ended April 19
1
High
O
120.20
120.28
15
119.30 121 6
J
D
114.26 114.24
114.28
9
114.141156
8
114.20 114.20
114.20
13
114.9
115.9
18
10' 3
102.8
M
■
■
♦Chile Mtge Bank 6 Hi
101.5
101.7
'mmmm
103.13
103.20
5
103 13 104.24
D
mmmrnmm
109.14
109.14
3
109.13 109.30
♦6s assented..
F
A
104.16
104.16
1
104 11 105 17
♦Guar sink fund 6s
O
109.21 109.21
109.28
23
109.21110.1
110.8
110.8
110.18
27
110 6
110 21
111.25
111.28
2
111
112 13
112.14
112.19
5
111.19113 10
110.27 111.8
111.18
8
110 10111 22
♦Cologne
110.17 110.17
111.2
62
109.28111.30
Colombia
108.2
107.7
A
O
D
J
D
J
m
—
D
M
8
M
—mmmrn—
8
M
Treasury 2*1——
J
Treasury 2*8—
J
58
109.18
4
108.28109.26
109.3
4
108.2
107.28
108.0
28
106.28108 30
107.20
68
106.9
106.18 106.18
M
Treasury 2*■.
108.23
109.3
W
8
108.2
109.17
106.30
7
S
M
mmmrnmm
100.27 106.27
Treasury 2 *e.J....—.
Treasury 2*s._.
,J
,J
Treasury 2He..
M
J
Treasury 2 He
1960-1961
1861-1955
Treasury 2*i
Treasury 2s
194
M
D
D
mm
-
D 106.18 106.16
109.3
D
105.25 108 1
109.11
5
108.10 109.13
2
107.17 108.31
105.19 105.19
D
106.13
106
105.1
105.5
107 3
106.17
106.1
103.15 103.15
104.7
J
D
104.27 105.11
D 103.18 103.18
■
J
16 1942-1943 J
2*8——-Mar
1 1942-1943 M 8
Home Owners' Loan Corp—
82
102.20104.23
105.27
8
104.16 105 30
104.15
17
102 23104.24
108.11
2
108.9
108.9
9
107.29108.21
♦104.19104.23
8s. ..........Jan
1 1944 1953 AfN
....
J
*104.4
D
101.20 101.20
105.15
104.26105.2
14
107.18108.12
10
108
108
J
108 24
105.
*104.17104.21
J
101.10102.12
104.9
104.8
101.30
104.25
3% corp stock (Plan B) w i,.19£
3% corp stock (Plan I) w I..19S
&
J
D
96
95*
96 H
440
J
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95*
95H
387
95
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95 H
96*
95*
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ArgentlnefNational Government)8 f external 4*s...........19<
*26
O
Af
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♦External ■ f 7s series D....
♦External s f 7s 1st series...
66
29
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15*
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....
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14*
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11
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147
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96*
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F
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84
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79 *
87*
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A
O
84
84
85 H
51
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87*
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70
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141
70*
91
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S
71
71
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62
71
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69*
71
95
69 H
84
Apr....
ustralla 30 year 5s
External 5s of 1927........
AfN
J
F
♦Bavaria (Free State) 6He.
Belgium f5-yr extl 6*s
External s f 6s...........
M
69H
14
8
86
83*
88 H
153
J
87
83
90
103
83* 102 H
83
10'!*
D
96
89
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143
89
A
O
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J
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-
m
-
m
14*
16H
16H
64 H
15*
64*
64 H
79
m m m m
Oct 1901 A
H
12*
23*
114
17*
13*
51
13*
48
13
18*
18*
18*
J
-
—.1952 J D
25-year gold 4 Hi—
—1963 AfN
(♦Cordoba (City) 7astamped..1967 F A
/
Cordoba (Prov) Argentina 78—1942 J
16*
i'H
13
2
13*
16
11*
13
12*
14*
15
mmm-
1
12*
11*
16
13
16
3
11*
13*
14
17*
10*
6*
13
12*
14
7
12*
mmm
12*
17*
2
11*
11*
12
6*
29
.
6*
1
14
6*
30*
30*
26*
26*
mmmmrnm
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16
m
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28*
34
1
20
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26*
30
—
mmmm —
37
26*
28*
—'m.
—
-
1
20
27*
26*
52*
m
mm
m
16
—
—
—
-
40
22*
15*
16*
59
H
External 6s of 1914 ier A.—1949 F
External loan 4Hs ser G
1949 F
4 Hs external debt
1977 J
58H
Denmark 20-year extl 6s
External gold 5 He
1942 J
ser
5 Hs of 1920
..1940 A
2d series sink fund 5Hs——1940
Customs Admin 5Hs 2d ser—1961
20*
32
26*
16
15*
34*
49
♦6Hi unstamped—
1906
♦5 Hi stamp(Canadian
Holder)'66
♦German Bep extl 7s stamped—1949 A
♦6s part paid
(Bepubilc)
s
81
s
I..1946
f g—
78
Irish Free State extl
87*
Italy (Kingdom of) extl 7s.
Italian Cred Consortium 7s
62
101
104
16
74
81*
13*
13*
13*
J
99
81
m
mmmm
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-
-
--
—
20
20
18*
17*
75*
75
20
73
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63*
14
71*
76*
75*
75
77
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_
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75
70
75
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71
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75
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75
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17
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43
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117
117
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—
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110
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106
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16
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13*
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m
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|
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_____
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49
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♦56"
r
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J
75
mm, mm
9
22*
"75"
7
12*
mmmm
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7
9*
9
1
7
9
9
9
9
6
7*
15
25*
32*
82
92
30
30*
9
9
79
6
56
4
♦13*
______
♦Hungarian Land M Inst 7H».1901 AfN
•♦Sinking fund 7Hi ser B.
1901 AfN
Hungary 7Hs ext at 4Hs to—1979 F A
79
158
102*
7*
♦Hamburg (State 6s)
—.1948 A O
J
♦Heidelberg (German) extl 7Hsl950 J
Helslngfors (City; extl 6 He—1960 A O
Hungarian Cons Municipal Loan—
♦7 Hs secured s t g—.......1945 J
/
♦7s secured
100*
61*
80*
13
1952 A
f 6s ser A
7*
10*
61 %
69
57*
61H
15
57*
65*
63*
61H
10
56*
66
63
7
56*
67*
42
1
40
I960 M N
s f 6s
1951 J D
B '47 MB
Italian Publls Utility extl
J
7s—1952 J
Japanese Govt 80-yr s 16Hs
1954 F A
Extl sinking fund 5*i—
1965 AfN
ser
*70
87
50*
48*
57
174
55
55
68
6
40
36*
77*
115
57
43*
91*
63*
12*
12*
5
13*
13*
1
78
85
73
48*
72
55
78*
36*
77*
64*
91*
65*
17*
57
45*
♦Jugoslavia (State Mtge Bk) 7s 1957
♦Leipzig (Germany) s f 7s
—1947
A
O
F
A
♦Lower Austria
(Province) 7 Hs 1950
J
(Colombia) 6*S—-1954
J
D
1954 J
D
57
D
12H
7
11*
14
Mendoza
12
94
61
102
102*
♦
1968
11H
12H
4
11*
15
*
-
-
—
——
12*
12*
14
mm
11
11
78*
5
11
80*
11
72
*
1
mmm
14*
Mexican irrigation—
94
loo
100*
D
♦7s unstamped
—1949
German Prov & Communal Bks
♦(Cons Agrlc Loan) 6Hs
1958 J D
♦Greek Government a f ser 7s..1964 M N
♦7s part paid—
1964
♦Sink fund secured 6s
1968 F A
Haiti
*99*
_
12
*108*
German Govt International—
♦5Hs of 1930 stamped
1905 J
21
102*
_
61
7i unstamped ...........1949
♦Medellin
11H
D
17
100
-
9
102*
mmmm
-
72
85
—
101
43
7Hi unstamped -.——...1941
External 7s stamped
1949 J
—
20*
20*
♦15*
M 8
AfN
J L>
-
73
2
80*
60
7
69*
100
1948
1967
Estonia (Bepubilc of) 7s
Finland (Bepubilc) ext 6s
1946
♦Frankfort (City of) s f 6*S—-1953
French Bepubilc 7 Hs stamped. 1941
64*
42
42
A
M
O
O
8
O
O
5Hs 1st series.————1909 A
6Ha 2d series
1869 A
♦Dresden (City) external 7s—1945MAT
64*
62
m
J
1956 F A
External g 4Hs
Apr 15 1962 A O
Dominican Bep Cust Ad 6*S—1942|M 3
7
59
—
—
A
A
L>
Sinking fund 6Hs—Jan 15 1963 J
J
♦Public wks 6Hs_—June 30 1945 J L>
♦Czechoslovakia (Bep of) 88—1961 4 O
♦Sinking fund 8s ser B_.
1962 A. O
12
H
60
—
m
*65
80
.
80
♦Costa Rica (Bep of) 7s——1951 M N
Cuba (Bepubilc) 6s of 1904——1944 M S
19
67
80
*74
A
12*
7
mmmm
17*
17*
Copenhagen (City) 6s
80
66
•
O
1
High
12*
15*
12*
O
...Jan 1961 J
1928.
♦6s of 1927-
8
8
—
14
11
-
38
16
14*
m
19H
79
m
.....
18*
A
13
......
mmmrn
IBM
14 H
14*
1962 AfN
Aug 16 1945 V
*12
——————
m
D
D
108
'
J
♦Secured s f 7s.......... .1907 J
♦Stabilization loan 7 *s
..1968 MA
95H
H
63
101H
114
93* 101*
100* 107
92
92
92H
23
1961 J
J
84*
84
H
86 H
67
82*
.........1944 J
J
93 H
82 H
93
H
12
92
96*
93*
96*
82
H
93 H
83 %
21
79
82
82
82 H
22
78*
88*
(Prov) dareadj—
78*
♦4Hs stamped assented—1943 UN
♦Mexico (US) extl 6s of 1899 £.1945 Q J
♦Assenting 5s of 1899——1945 Q J
♦Assenting is of 1904
1954 J D
m
*1
m
1
-----
-
—
-
-
1*
1
3
1*
82*
*
11
1*
1
*
1 *
89
...
J
30-year 8s—..............1907 J
30-year 3s
1968 MA
J
♦Carlsbad (City) 8s
.....1964 J
♦Cent Agrlo Bank (Ger) 7s—1950 M 8
♦Farm Loan s f 6s
J
July 151900 J
♦6s Jan. 1937 coupon on
1960
♦Farm Loan s f 6s
Oct 15 1960 A
♦0s Apr. 1937 coupon on..l960
....
O
-
--
—
-
«.
-
—
♦0s assented...
......1960 A O
♦Extl sinking fund 6s..Feb 1961 F
Feb 1961 F
J
J
..1963 AfN
see paee
2543.
7
8
15*
14
12H
20
1
—
31
......
14H
14H
13H
*15H
13H
15
......
13*
..Sept 1961 M 8
♦6s assented
6
.
2
......
♦Extl sinking fund 6s..Sept 1961 M 8
♦External sinking fund 6s
1902 A O
♦68 assented.... .........1962 A O
♦External sinking fund 6s... 1963 AfN
.
16
15H
12H
*
A
...Jan 1961 J
Jan 1961 J
.
16
......
A
♦6s assented
15H
91*
15
......
....
♦Chile (Rep)—Extl 8 f 7s
1942 MA
♦7s assented
...1942 MA
♦External sinking fund 6s...1900 A O
For footnotes
10
12H
Refunding s f 4*-4*s
1970 F A
External read) 4*-4*a—1970 A O
External e f 4*-4*s
1975 AfN
J
3% external iff bonds..... 1984 J
Bulgaria (Kingdom of)—*
♦6s assented
6H
A
♦6a stamped..... ..........1901 M 8
External s f 4 *-4*8—1977 Af 8
s f 6s
♦6s assented
%
73
J
Sinking fund gold 6s.......1968 F
20-year s f 6s..............i960 J
♦Budapest (City of) 0s
1962 J
Buenos Aires (Prov of)
♦Ry extl
35
91H
*72
Brisbane (City) s f 6s——1967 Af S
10-year 2*s
25-year 3 *s
7-year 2 Hi-.-
*
J
♦External sf6*s of 1920
1967 A O
♦External s f 6 *s of 1927...1957 A O
♦7s (Central By)...........1962 J D
6s
90
J
External 30-year s f 7s....
♦Berlin (Germany) s f 6 *s._
♦External sinking fund 6s... 1968
♦Brazil (U S of) external 8a
1941
.
(Republic of)—
♦El Salvador 8s ctfs of dep..
FA
♦Gtd sink fund 6s_........
Low
14
♦14*
1961 J D
(City) Germany 6 *s.1960 M S
of
No.
♦12*
14*
12*
14*
♦Colombia Mtge Bank 6 Ha
1947 A O
♦Sinking fund 7b of 1926....1940 M N
♦Sinking fund 7s of 1927..—1947 F A
1st
City
Transit Unification Issue—
Foreign Govt.
♦0s
High
Since
107 2
8
8
Mar 15 1944-190' \M 8 108.11 108.11
108
..May 16 1944-1941 AfN
New York
108.12
105 27108
108.16
D
1948-1961 |J
Federal Farm Mortgage Corp—
8s series A....May
102
109 19
108.16
...
S
J
Treasury 2s
3 Hi
3s
107.8
109 16
Jan
14
1960 M S
.1960 M 8
♦7s assented-—..
Range
CQ<§!
12*
......1902 M N
♦Chilean Cons Munic 7s-
,2
Asked
*14*
12*
........1961
1962 KN
♦68 assented—
Ac
Low
♦Chinese (Hukuang Ry) 6s
D
J
^•eeeewees
Bid
Price
1957
A
Treasury 8s.
Is
.....1957
1961
........1961
J
Treasury 3s_.
Friday's
*6He assented...
8
J
j
-——1
Range or
Sale
♦0* s assented
♦Guar sink fund 6s.........1901
Treasury
Treasury 2 He
Treasury 3*s
Week's
Last
♦Sink fund 0*s of 1926
M
1041
Friday
Foreign Govt. & Munic. (Cont.)
A
Treasury 2*4$..
Treasury 3Ms
lb
.....-
—
....
12*
14
m rn
mm
«•
16*
15*
12*
16*
m
15
2
13*
17
14
18
11*
14*
17
13*
.
.....
13*
17
4
13H
13H
15H
.13*
14*
1
15
13H
*15H
13H
*15H
13H
13H
13 H
12
12*
66
14H
13M
*15H
17
.
.
.
39
..
.
.
19
-
-
.
.
9
13H
15K
12
13*
2
14*
13*
17
12
14*
13*
12
16*
14*
13*
12*
13*
17
12
14*
14*
16*
♦Assenting 4s of 1910
(♦Treaa 6s of *13 assent
j"j
Milan (City. Italy) ext!
6*8—.1952 A
Minas Geraes (State)—
♦8ec extl
s
♦See extl
s f
f
8Hs..
0Hs
♦Montevideo (City) 7s
1*
O
...
External sink fund 4Hs
External s f 4H«—
*
1 *
*
40
*9*
9*
70*
9*
♦6s series A—
..1959
New So Wales
(State) extl 6s.. 1957
External s f 6s.—
Apr 1958
Norway 20-year extl 6s
1943
20-year external 68—1944
1 *
1*
2*
35
38*
...1958 M 8
—.1959 U 8
—..1952 J D
*
*1*
♦1*
1945
..1933
12*
9*
71
107
35
8
7
8*
1*
53*
12*
12*
21
44
1
40
71*
71*
70
70
F
A
69*
70*
92
69*
90*
A
O
71
71
76
28
71
89
F
A
45
45
59
37
45
F
A
44*
44
58*
31
44
97*
32
32
45*
97
32
90
30*
29*
43*
69
29*
80*
30
42*
94
M N
1956 Af 8,
...1965 A
O
4s s f extl loan.....—.....1963 F A
Municipal Bank extl I f 5a...1970 J D
70
31
♦
50
97*
30
80
50
80
Volume
o5„ |
Friday
Week's
Last
Ranye or
Range
BONDS
Sale
Friday's
Since
N. Y. STOCK EXCHANGE
Week Ended April 19 "
BONDS
Y.
N.
STOCK
EXCHANGE
Week Ended April 19
Oriental Devel guar 6a
Extl deb 5 Ha
-
1955 A
Oslo (City) s f 4 Ha
♦Panama (Rep) extl 5 Xs
♦Extl a f 58 ser A
"56 X
%a assented
11
1st mtge gold 4s
10 H
mx
'ion
8H
6H
10H
16H
9H
"7H "~~2
1
15
7H
7H
10H
2
7X
4
7
6H
5
5H
10H
2
2
12H
1952
XX
0
12H
12H
—1941
...1947
A
O
99H
99H
F
A
78
77
♦External a f 6a
■7
12H
♦Rio de Janeiro (City of) 8a
A
1946
1953
11H
87
79
17
10
4
9H
F
A
8%
10H
•10H
♦6s extl
a
1968
J
D
m
9X
1966
M N
f g
13H
103
77
98
21
♦7a extl loan of 1926
J
F
A
/
♦Roumania (Kingdom of) 7s
*9X
O
J
42
12H
10%
10H
9%
10%
9%
11
7X
7
3
13H
J
20
21
J
11H
11H
11K
10
10X
10H
9H
ion
9K
33
34 %
16
"33"
O
D
15
(Kingdom)
...1962
Af N
....1962
AfN
♦7s aeries B sec extl
12
27K
85
24K
27K
26 K
27K
71
24 K
28
12H
14 H
196
12H
15H
56 H
57 H
56
69 H
45
45 K
45
53 H
94
53
58
93
101
cc
*12 X
3
Pfg L E A W Va System—
4s extended to. .1951 MN ybb 3
S'west Dlv 1st M (lnt at 3 H %
J z b
4
to Jan 1 1947) due—1950 J
Ref g
J
Belvldere Del
B..1948
x
*52 H
93 H
H
/ybb
3
60 H
60 H
60 H
57
70
J y bb
3
58 K
58 K
60 H
56
72
2
37
37
37
37
45
*74
84
72 H
72 H
O
J
bbb4
x
"116"
O
x
J
x
aaa3
D
z
116
aaa3
116K
134
Jjx aaa3
..I960
3Xs
1943
6H3-1951
cons
49
D'ybb
1951 J
4s stamped
2
bbb3
J ybb
135
115H 117H
131H 135
*105K
"l5H *17"
♦4Ha assented
21K
16 H
1
15
16H
0
z
cccl
15H
15H
D..1960
1952
Cona mtge 3Xs ser F....1959
J
x
aaa3
x
bbb3
x
a
1944
D
x
aaa2
1st g 4Kb series JJ—
16
1961
16
15H
14 H
10
11
5K
A
1971
J
J
55 X
55
57
Tokyo City 5a loan of 1912
1952
M
S
40
40
41
A
O
56 %
56 H
60 X
F
A
65
5H
5
65
15H
6
55
63
29
37
41
43
53
62 H
1
53
65
52
"71"
15H
71H
63
10
H
*59 X
87
60
63
44K
*59 X
55%
104 H
3
A
104K
130
100H 104K
44 K
46 H
280
43 H
46
160
41 H
43 H
51
43 H
46
45X
46 K
66
41 %
51
15
45%
48 K
22
40 K
44
60H
45 H
45
46 H
44
ybb
44
46
6
11
12
8
79
79 H
10
62
110
110K
102 H
10
109
1966 AfN
y
bb
25
91
91K
228
82
47X
48
2
38
2
y>b
110
aaa4
2
y
Certificates of depoa t
b
x
A
F
102 X
'91*
ccc2
bbb3
x
1941
1950
y
bbb3
55 H
55 H
2
105
104
3
18
a
3
113
113X
115
115
117
55J4
3K-4-4XS ($ bonda of *37)
1979 AfN
external conversion
4
43 H
43%
51H
52
51
51 H
3
53 K
51H
56 H
14
J
D
51H
F
A
53 H
J
J
*39
A
....1978
1978
1984
1952
♦Vienna (City of) 6s
1952
♦Warsaw (City) external 7a
....1958
♦4Ha assented..
...........1958
Yokohoma (City) extl 6a
1961
3X-4 H-4*ns extl conv
4-4X~4Ha extl readj...
3 Ha extl readjustment
Venetian Prov Mtge Bank 7a
H
97 H
28
x
bbb3
106 X
107 H
<13
A
x
aa
4
110H
110H
0
*35
M N
53
51 K
2
Buff Nlag Elec
D
x
aa
4
*108 H
108M
46
A
A
J
D
*5K
56 H
51
8H
8K
6
5
z
b
2
56 X
1981
3 X" series C.1967
Buffalo Rochester A Pgh Ry—
Stamped modified (Interest
at 3% to 1946) due
1957 AfN
{Burlington Cedar Rapid A Nor—
§*lst A coll 5s
1934 A O
56 H
25
62
7H
69
Bush Terminal 1st 4s
Consolidated 5s
Bush Term Bldgs 5s
ft **•••-
Bank
BONDS
12
Last
Elig. &
Inter st Period
STOCK EXCHANGE
Range or
Rating
Sale
See a
Price
Bid
Friday's
&
Ask
4H
1966
5s A... 1962
o y b
o x a
A
{§*Abitlbi Pow & Pap 1st 53.1953 J D
coll tr g 4s—1948 Af S
Coll trust 4a of 1907
1947 J D
10-year deb 4Hs stamped. 1946 F A
Adriatic Elec Co extl 7s
1952 A O
Ala Gt Sou 1st cons A 5s
1943 J D
1st cons 4s series B
1943 J P
z
cc
2
y
bb
1
y
bb
1
104%
104%
63
63
4
110
110
aa
4
*108
59
1
53
61
83
85
3
83
87
82 H
82
83
73X
73 X
74
43
43
45 H
A y bb
2
D y b
3
O y cc
2
A
O ybb
2
Af
S
2
x
2
aa
a
3
M S y b
-
J
x
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47 K
4
64 H
59
105 H 107 H
101K
4
100
mmm
-
—
m
mmm
98
98 K
30
109
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43
98X
109
*
2
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83
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41
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m
2
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66 K
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76
48
172
106
mm
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110
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60
54 H
mm mm
59
A
Af
109
1
108X
59
J
S
mm
104K
104 H
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F
A
mmrn
104
'
83
M
1
107 H 108 X
80 H
63
aa
O y b
2
O x bbb3
F
101
x
A
A
1
x
1
55K
104X
y
♦108H
48 K
65
1
1
O y b
A
55
104X
bb
bb
y
A
—1951
52
54X
66
31
66
67
mm
17 H
60 H
158
103K
105Ki
104X
104X
1
94 K
108
mm
37
105K
43
101 K
111
17H
68 K
102
105K
103
105K
Amer Telep A Teleg-
116
107 H 109 H
x
aaa3 107",1
107H
107 X
A
O
x
aaa3
108X
108K
109X
52
108
J
D
x
aaa3
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108X
109H
44
107K 110X
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MN
3Ka debentures.
J
J ybb
2
A
O
x
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bbb3
108
mmmm
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m*.
109
MN y bbb2
109
3
103
104
145
*105
107
110K
x
aa
97 X
J
x
102H 107H
Jan
y cc
Q
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1
M
S
39
2
x
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bbb4
mm
F
A
x
aa
2
104
J
J
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aa
2
104
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99
34
43
45
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»
-r
15
39
103X
103X
mm
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m
104X
91
104
37
100
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40
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x
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x
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D
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5 J
J
x
aa
2
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J
x
aa
I M
)J
8
x
a
x
aa
2
100K
...
m
2
D
104
104
2
Cal-Arlz 1st A ref 4Hs A_.
97H
mmmrnmm
2
1 J
>
85%
87%
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2
105X
85%
bbb3
A
104H
*86
bbb3
i MN
mm
m
108X
m
mmmm
m
109 X
108X
fl95K
96
104X
100H
109X
109
160
mm
mm
91H
97K
95
2
mmmm
95 H
10
101K 105K
99 H 100H
1
108 K 1J0K
72
7
*114
*95
93 X
106 K 109
114
114
92
96
95
iJ
J
x
bbb3
1J
J
x
bbb3
96 H
97
50
93H
97
2 M
S
x
bbb3
69K
70 %
17
68
77
2
53 H
ybb
2
73
2 MN ybb
2
1 J
D ybb
5 AfN
53 X
55%
73
75
67X
67%
19
96
85
103K
106H
101K
27
102
38
100H 107 K
IoIH
102
99
101
4Kb.-June 15 1955 J
Guaranteed gold 4Hs
1966 F
M S
Guar gold 4Hs
Sept 1951
Canadian Northern deb 6 Hs. 1940 J
J
Can Pac Ry 4% deb stk per pet— J
Coll trust 4 Hs
1946 M S
5s equip trust ctfs
1944 J J
D
Coll trust gold 6s..Deo 1 1954 J
J
Collateral trust 4 Hs
1960 J
x
aa
99 H
99
x
aa
97 H
97 %
x
aa
x
aa
J
D
{♦Carolina Cent 1st guar 4s. 1949
Caro Clinch A Ohio 1st 6s A. 1952
Carriers A Gen Corp 5s w w_ 1950
Cart A Adlr 1st gu gold 4S-..1981
Oelotex Corp deb 4Hs w W..1947
♦Cent Branch U P 1st g 4s. .1948
{♦Cent of Ga 1st g 5s._ .Nov
96 K
a
84 K
84H
85 H
31
x
aa
102 H
102 H
103K
20
x
a
81K
81H
83
23
79X
x
a
74
75 H
17
70
z
ccc3
44X
44%
5
44
x
a
23
108
108
76
1st A ref 4Hs
70
1st A ref 5s series A
series'.B
100 K
1
9
45 %
X
84 K
79
44 X
109H
94X 100X
45X
"86*"
88
45X
85 X
90 H
ccc2
*10K
19K
F
*26 H
8H
20 X
30 H
6H
"*6H
7X
2H
2%
0H
2X
3
3
2 X
3X
8K
6H
6X
1945
A y b
"87H
A
z
ccc3
MJV
z
cc
A
O
z
c
A
O
z
c
J
D
z
cc
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/
J
z
cc
*4%
M
S y bb
S y b
M
"Th
19K
3K
8
5
5
8
x
O
x
b
aaa3
z
ccc3
95
95 X
75
73
77
108
aaa4
z
95
*73
Af
108
106
52 H
16 H
"54"
26
17H
32
14%
15K
5
107%
107 K
2
69X
62
27
27
*109K
49
60 K
111
78 X
79 H
24
106 K
106 K
z
ccc3
a
y
bb
68
y
bb
62
A yb
46 K
b
*55 H
78 H
y
b
x
bbb3
X 109
111X
54
10X 20X
14X 18
106 X 110
110
*111X
51H
16 H
x
O
*14
95
A
x
bbb3
104
x
aaa4
123 H
122 K
x
aaa2
99 H
x
aaa2
99 K
99K
99 X
x
aaa2
123 H
99K
99 K
105K
x
aa'a2
J
/
J
Af
A
J
J
J
J
8
O
J
J
J
1958 Af S
x
aaa3
*90
x
aaa3
110
x
ccc3
x
aa
2
x
aa
x
a
1977 F
x
bbb3
x
bbb3
73X
61
€6
45H
54
62 X
82
75
104 X 106 X
103
104X
aaa2
z
05X
110»»i 1121>t
a<aa2
x
44
58
2
104
M 8
MN
F A
J D
J
J
4s....1946
R A A Dlv 1st con g 4s... 1989
2d consol gold 4s
1989
Warm 8prlng V 1st g 5s..1941
♦Chic A Alton RR ref g 3s.. 1949
Chic Burl A Q—111 Dlv 3 Hs. 1949
Illinois Division 4s...
1949
62
108
100
100 K
09 X
80 %
89
101
108 X
z
1992
Ref A Imp mtge 3Hs D..1996
Re AlmptM 3Hs ser E..1996
Ref A lmpt M 3Hs ser F..1963
Craig Valley 1st 5s.-May 1940
69 H
113H
60 X
bbb2
D y bb
Chesapeake A Ohio Ry—
General gold 4Hs
53
109
y
M S
4Kb (1938 Issue)..1950 M S
64K
118
x
6s21942 AfN
1941 M N
Certaln-teed Prod 5 Hs A...1948 Jf 8
7
88
28l
64 %
62 K
gold 4s..l949 F A
10
99
109 H
62 K
107
98X 105H
103 %
95H 103
90
D
Through Short L 1 st gu 4s. 1954 A
Guaranteed g 5s...—
1960 F
Potts Creek Br 1st
8
31
J
F
1945
♦Ref A gen 5Hs series B..1959
♦Ref A gen 5s series C
1959
♦Chatt Dlv pur mon g 4s. .1951
♦Mobile Dlv 1st g 5s
1946
Central Foundry mtge 6s...1941
Gen mortgage 5s.—.
194]
Cent Hud G A E 1st A ref 3 Hs '65
Cent Illinois Light 3Hs
1966
{♦Cent New Engl 1st gu 4S..1961
{♦Central of N J gen g 5s—1987
♦General 4s
—..1987
Central N Y Power 3Ks
1962
S 1 deb
109
100 H
99
J
♦Consol gold 5s
Cent Pac 1st ref gu
H
96 K
109
M N yb
.
General 4s
22
99
101H
Champion Paper A Fibre—
S f deb 4Kb (1935 Issue)..1950
89
X
97
61
79 H
101 X
104
87 H
6
100 K
98 K
104 K
85 H
92
82
102 H 105
100 K
xbbb2
85K
7
aa
y
103 X 107
1
rnmmm
12
40
51 H
*14
6H
09 H
40
aa
Central Steel 1st g s 8a
Atchison Top & Santa Fe—
4H
66 H
x
Central RR A Bkg of Ga
50
4
x
109
♦Anglo-Chilean Nitrate—
104 H
7
5
80 X
J
Guar gold
and INDUSTRIAL
COMPANIES
59
103 H
40
36H
72
45K
43
58
104 k
O xbbb3
Guaranteed gold 5s—Oct 1969 A
Guaranteed gold 5s—...1970 F
RAILROAD
Adams Express
45
yb
.1955
gu.—.1960
Canadian Nat gold 4Hs
1957
Guaranteed gold 6s..July 1969 J
Since
Jan. 1
7
*68 H
J
Range
Bonds Sold
39
5%
4H
cc
Week's
Friday
38K
z
107 H
109H 112H
108 K 108 %
5
O y bb
...1952
92
113K
105
38
38 %
cc
Calif-Oregon Power 4s
Canada Sou cons gu
96
3
z
♦Certificates of deposit
*5H
F
40
43
8H
8H
F
56 H
40
"46"
D y bb
1950
55%
105
11 IK 115
98 H
93 K
Buffalo Gen Elec 4Hs B
52 K
52 H
48 H
K
112
6
1st lien A ref 5s series B...1957 AfN
Debenture gold 5s
3HS-4-4HS (S bonda of '37)
external readjustment...—..1979 AfN
92 H
88 M
87
17
bbb3
12 K
79 K
110K
44
27
91H
x
49
83H 103
91
91H
x
AfN
Bklyn Un Gas 1st cons g 5s..1945
1st Hen A ref 6s serlea A.. 1947 AfN
48 H
9
2
x
Bklyn Queens Co A Sub RR—
1st con gtd 6s stmp ctfs... 1941
46
45*"
AfN
Bklyn Edison cons M 3K0--1966
109H 109 H
45 H
2
cccl
z
Bklyn City RR 1st 5s ctfs._1941
1st 5s stmp ctfs
148
*109
AfN y b
O y b
{♦Boston A N Y Air L 1st 4s. 1955
Bklyn Union El st g 5s
111H
104 K
110
o y b
Bklyn Manhat Transit 4Xs
Certificates of deposit
110
105»i«108H
104H 112
'
3 Ha conv debs
Stamped
18
5
F
...1964 AfN
b
Boston A Maine 1st 5s A 0.1967 M S y b
M S y b
Stamped
1st M 5s series II..
..1955 AfN y b
"1%
1955
f 6a
z
12K
UK
37 H
*4K
....I960 Af N
O
7K
1
Sydney (City) a f 5Hs
Taiwan Elec Pow a f 5Ha
1961
...1946
16K
...1955
7H
A
External a f 5 Ha guar—
14H
♦Debenture 6s
3
11
1947 F
♦Uruguay (Republic) extl 8a
♦External i f 6s
1
Stamped
11
"71H
I
3
12H
5H
b
Azb
♦Berlin City El Co deb
Big Sandy 1st mtgs 4s
I
♦Slleslan Landowners Assn 6s
debentures
25H
ccc4
A
23
10 X
15
10
10
...1958 J D
...1958 J D
♦Silesia (Provof) extl 7a
4 Ha
31H
25H
z
Feb 1 1960 F
13H
15
15
r
Week Ended April
28
z
(lnt at 1%
1 1946) due—1996 Af S
♦Conv due
8
D
1945 J
1846 J
♦Sinking fund g 6 Ha
*
J
1968 J
..1940 A
♦Saxon State Mtge Inat 7a
N. Y.
46
Beth Steel cons M 4Ks
"75H *80"
15
77 K
1956 M S
...
f 7s
a
31H
♦Deb sinking fund 6Hs...1959
9H
7X
/
...1936
♦7s extl water loan
♦External
29H
ccc4
1st A ref 5s series C
1950 J
♦8s secured extl
28
29 H
z
to Sept
12
,
§♦88 extl loan of 1921
Serbs Croats A Slovenes
69H
24 K
1 1946) due-2000 M S
Ref A gen
61
8
66
78
ccc4
Bell Telep of Pa 5a series
10
31
27K
z
1946) due...1995 J
ser D (lnt at 1%
to Dec 1
Battle Cr A Stur 1st gu 3s__ 1989 J
Beech Creek ext 1st g 3Hb._1961 A
39
68 H
25K
D
bb
Ref A gen ser C(int at 11-5%
7K
7%
7X
1
1957 AfN
.
♦8s external
a
101H
66
25K
Bangor A Aroostook 1st 5s.. 1943 J
Con ref 4s
1951 J
22
"76 %
1952 AfN
♦8a extl secured a f
♦Secured
82
100
70 H
3
Toledo Cln Dlv ref 4a A.. 1959 J
Sao Paulo (City of, Brazil)—
♦6a extl dollar loan
62H
87
88 H
100H
♦Berlin Elec El A Undergr 6 Hs *56
*
1953
...1964 Af S
Santa Fe extl a f 4s
San Paulo (State of)—1
73
107H
43H
64K
ccc4
ion
9K
*8H
♦February 1937 coupon paid
♦Saarbruecken (City) 6a
♦6 Ha extl secured a f
105
18
95
z
13
"X
12
42
9H
9
9H
35
62 H
68 %
z
8H
10K
50
106 X
66
67
O
2
39
D
A
1967
1952
...1959
♦7a municipal loan
Rome (City) extl 6 Hs
68
*87
D
11H
7K
11K
*9%
38
*99i»»
Oct 1 1946) due.July 1948 A
7
10
34 H
73
60 H
Ref A gen ser A (lnt at 1%
to Dec 1 1946) due-1995 J
A
10
11H
32
106
62
3
July 1948
13
9
8H
O
41
2
70 K
O y bb
to Sept
Rio Grande do Sul (State of)—
♦88 extl loan of 1921
High
37H
32
Ref A gen ser F
13H
21
O
......1946 A
♦Extl sec 6 Ha
11
13
99
100
1950 M S
♦Rhine-Main Danube 7a A
11H
12
*12H
S
M
.
7H
11H
*10
Af N
♦Prussia (Free State) extl 6 Ha
?*
SH
12H
6
12
38 H
32
1st mtge g (lnt at 4% to
*8X
7H
No. Low
38
Stamped modified bonds—
9H
8K
15
1952
1951
♦Prague (Greater City) 7 Ha
Queensland (State) extl a f 7a
25-year external 6a
9K
9H
70
9H
7H
High
Jan. 1
Baltimore A Ohio RR—
1
10H
9H
7H
Since
!°a
Adk
A
Low
38
J y b
J y b
J y c
t§*Auburn Auto conv deb 4Xs'39 J
J y bb
Austin A N W 1st gu g 5s
1941 J
Baldwin Loco Wks 5s stpd._1940 MN y bb
10H
9X
16
Range
Friday's
Bid
J y b
Atl Gulf A W I S3 coll tr 5S..1959 J
Atlantic Refining deb 3a
1953 M S x a
6H
9X
7H
Price
Range or
Sale
See a
1948 J
1948 J
...
4s
3
9X
16
Last
Rating
74 4
67
9X
D
Bank
£ 3 \Elig. &
St
Week's
Friday
Railroad & Indus. Cos. (Cont.)
Atl & Dan let g 4a
Second mortgage
103 H 105 H
82
73
9
""61
9
8X
10H
1968
1950
1963
1961
1966
♦Porto Alegre (City of) 8s
♦Extl loan 7 Ha
69X
67
1947
f 7s
75
1
1958
%a assented
40
40
75 H
...1940
♦External sink fund g 8a..
58
105H
""67"
1961
♦Poland (Rep of) gold 6a
♦4
assented
51K
27
105H
S
M
1959
♦Nat Loan extl s f 6a 2d ser
65
56
*72 H
Af N
...1960 J
♦Nat Loan extl a f 6s 1st ser
60 %
13 H
5^H
40
705H
High
12
761
51 H
52
1947 M 8
♦Peru (Rep of) external 7a
♦4
17 H
56 K
D
1963
_
♦Pernambuco (State or) 7a
♦Stabilisation loans
J
No. Low
High
*
O
1953
Jan. 1
Ask
A
Low
1963 Af N
.
♦Stamped assented
Bid
Price
(ConcV)
—1952 F A
1953 MS
1958 M N
Foreign Govt. & Mun.
♦Nuremburg (City) extl 6s
♦4
2539
New York Bond Record—Continued- Page 2
ISO
..1971 F
A
A
105
105
39
122
141
98 X
57
98 X
51
125X
99 X
99 X
103 H
101
*100
107 X
X 101H
109
109
118
114
117X
110
106
110
34
12H
95K
14H
2
13H
96 H
99 H
99K
100K
34
2
91H
91
92 K
40
81
82
27
87 K
89
35
.82
88 K
96K
17
12K 10X
92X 97X
97 K 102X
87 X
93
77X 83X
83X 90
t
For footnotes see page
2543.
Attention Is directed to the new column
incorporated in this tabulation pertaining to bank eligibility
and rating of bonds.
See
New York Bond Record
2540
Y.
EXCHANGE
STOCK
Friday
Last
Ranye or
.2
Friday's
c
Rating
Sale
See a
*£
a.
Price
k.
Week Ended April 19
Bid
Railroad & Indua. Co*. iCont)
m
m
«
2
15M
cccl
z
cccl
J
w
cccl
J
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z
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J
J
J
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J
J
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148
27*
2
F
A
z
cc
3
23*
6*
135
6*
2
154
1*
6M
A
O
z
c
2
25*
1*
*9
26 M
20
M
M
27 M
6M
1M
26
m
ccc3
\087
z
MN
MN
ccc2
16M
16M
m m
19*
19*
92*
30*
80
23*
16*
12*
10
21
20
12*
—
18*
10*
6*
8
6
1
67
10*
60*
23*
28*
27*
29*
29*
30*
7*
2*
21
21
24*
5
24
MN
ccc2
1987
MN
z
ccc2
♦414s stamped
1987
MN
z
ccc2
-1930
MN
z
ccc2
....May I 2037 J D
♦1st A ref 4 Ms stpd.May 12037 J D
♦
1st A ref 4*8 C-May 1 2037 J D
♦Conv 414s series A...... 1949 MN
1 •♦Chicago Railways 1st 5s stpd
Feb 1940 25% part pd..l927 F A
{♦Chic R I A Pac Ry gen 4s .1988 / J
z
cc
10M
16M
ccc2
♦Gen 5s stpd Fed lnc tax..
1 st ref g 6s
♦Certificates of deposit.....
m m
cc
cc
2
bb
z
*
19*
12
18*
18*
19*
13*
13*
2
17*
18*
11
....
18
<18
12*
16
13*
....
19
15
9*
10*
18
8
20*
11*
10*
mm
10
10*
10*
29
48
8*
8*
11*
11*
2*
283
2*
10
2*
...
4s.
M 4 >4s series D..
Chic A West Indiana con
---
1
2*
42
42
15*
4
7
6*
98
7*
6*
7M
7*
6*
7
1*
1*
1*
80*
......
62 M
3
aa
1952 J
1902 M
x
a
3
J
S,x a
6
20
4
z
93*
x
13*
aaa4
x
aaa4
y
bb
109*
......
2
6*
1*
-
1
bbb3
M
1940 J
3
y
49*
......
bbb2
x
S
......
2
bbb3
J ybb
J
0
x
52 M
7*
75
80*
x
x
aaa2
59*
4
.
60
64
...
109*
19
106*
14
93
30
94
94
93*
34
58
4
13*
13*
2
*109*
m-rn
110*
mm
1
110*
*103
.
108*
110*
«» •
mm
104* 107*
100* 109*
104* 100*
90
04
89*
40*
12 M
06*
69
13*
aaa2
x
aaa2
......
A
x
aaa2
5
109*
110M
F
A
x
aa
2
......
2
63*
♦',6*
49*
47*
*109
10
64*
,9
....
51
80
48
7
11
65*
101
....
99*
7
107*
16
m
....
mmrnmrn,
....
mmmrnrn
....
ill
.
....
mm mm
*102*
mmrnmrn
x
aa
x
bbb3
O
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bbb3
86
85*
74*
87*
33
A
O
x
bbb3
76
75
77
42
aaa2
bbb3
1970 A
*106
74 M
bbb3
x
O y b
Colo A South 4 His series A—1980 MN y b
68*
......
105
3
3
68*
m
mm mm
x
bbb3
Debenture 6s......Apr 16 1952 A
O
x
J
x
bbb3
Columbus A H V 1st ext g 4s. 1948 A
0
x
aaa3
27*
10
105
15
69*
1
105
27*
1
69*
29
29
105*
104*
105 M
104 *
*114
105
......
1968 J D
aa
x aa
J x a
4
4
3
O x bbb3
108
108
mmmmmm
130
mrnmmmm
*8—1961 /
J
x
aa
3
1951 /
J
x
a
1
mmmmrnm
mm
1901 F A
A
39
105*
105
15
105 M
67
....
A'x aaa4
Columbus Ry Pow A Lt 4s..1965 MN.x
Commonwealth Edison Co—
O
x
aa
3
x
aa
4
106
4
107*
1948 A O
x
3 Ms debentures
1956 A O
x
aa
1958 J
J
x
aa
z
bbb2
z
1955 J
z
J
z
cccl
J
z
ccc2
J
59 M
Consumers Power Co—
May 1 1905 MN
x
aa
3
1967 MN
.1970 M N
x
aa
3
x
aa
3
....I960 M N
x
aa
110*
129*
*85*
118*
*109*
10
111*
130*
240
21
89
....
1
118*
'mmrnmrn
....
64*
61*
02
07
100
100*
99
100
107* 110*
106* 108*
mmrnmm
100* 100*
109 * 109*
x
aa
1940 J D
x
D y bb
J
D
F
3
108
108
20
26
J
x
aaa4
East Ry Minn Nor Dir 1st 4sl948 A O
East T Va A Ga Dlv 1st 5s... 1956 MAT
x
aa
x
bbb3
x
aaa4
x
bbb3
Ed El 111 (N Y) 1st cons g 5s. 1995 J
Electric Auto Lite
conv
4s...1952
El Paso A 8 W 1st 6s—
1965
2
z
conv
4s series D
z
c
108*
106 M
29
12
108
90M
151m
141
93M
149M
108 m
107
110
56
52 M
60
57
56
59
63 m
28M
26
56 m
63 m
143
53
25
28M
319
21 H
24
26
84
24
26
18 M
19
26
25
25m
5
18
25m
15m
17m
598
49
15m
17m
593
13m
18
58
64
59
49 4
64
J
z
b
67 m
62
65
23
♦N Y A Erie RR ext 1st 4s. 1947 MN
68
z
bb
94
94
2
53 m
92
z
b
f 6s.. 1957 J
a
•♦3d mtge 4 Ms—
1938 M 8
1st lien
s
..1964 F
A y bb
f 5s stamped
1942
1942
4
♦1st A ref 5s series A
92 m
92 m
97 m
107m
103m
107 m
10')^
103*
103m
ioim 10 i
*102
104 m
102
102
*102 *
*104
104m
102
104 m
103
104 M
104 M
bbb2
x
bbb2
D ybb
O x a
J
3
4
103m
D y bb
2
z
cc
cc
5
100
25
"7
49
55
1
♦Certificates of deposit
Fonda Johns A GIov 4Ms...1952
z
c
c
2
6M
z
a
y
b
2
25
6M
8M
6m
24
6
8M
r2M
2m
aaa3
A y bb
J ybb
J
r2M
2M
*101
54
56 m
2m
2m
2m
2m
100»iil(K»u„
102 m
56*
31
49
*125
1
103*
*104m
3
103 m
106
16
101
cccl
*25
24 m
z
cccl
*25
30
z
cccl
x
aaa3
A
y
b
3
z
c
67 m
16m
21M
Goodrich (B F) 1st 4Ms....1956
x bbb3
Gotham 811k Hos deb 5s w w.1946 M 8
y bb
4
Gouv A Oswegatchle 1st 5s .1942 J D
y b
2
Grand R A I ext 1st gu g 4 Msl941
x aaa2
Grays Point Term lstgu 58
1947
ybb 3
GtCons El Pow (Japan) 7s.. 1944
y b
,1
1st A gen if 6Ms
1950
y b
1
*
66
14
105
104*
88 m
88m
105 m
104
88m
86 H
*104 m
18*
18*
108*
2
110
2
110*
5
109
37
109*
29
15
40-year 4Ms
Cairo Bridge gold 4s
1950
Litchfield Dlv 1st gold 3s..1951
Louisv Dlv A Term g 3
M8.1953
Omaha Dlv 1st gold 3s
1951
29
104
107*
104* 107*
104*
104*
29*
24
102* 104*
21
101* 105
29
1
2
38
D y ccc2
*44
J D y ccc2
Del A Hudson 1st A ref 4s..l943 MN ybb 2
34
34
55*
57*
56
87
103
144
10
18
1
38
44*
•
mm
m
5
73
100M
91m
106*
28*
31
35
2
68
77
11
71*
78m
64
58
58
6*
6M
6
bb
4
86
86
81
81
81*
2
x
bbb3
MN
x
a
J
z
z
101M
3
79 m
100m
ccc2
x
bb
53m
99 m
33
St Louis Dlv A Term g 33—1951 J
Gold 3Ms
1951 J
Springfield Dlv 1st g 3M8.1951 J
Western Lines 1st g 4s
1951 |F
bbb4
J
x
J y bb
J y bb
4
x
37 m
126m
"48m
~28
13 94
47
112
6
45*
12*
,
90
Attention is directed to the
new
column
44*
45*
41M
45
33
43
54
13
43 m
40
51m
41*
78*
62 M
62*
3
5
78m
*60~"
64
65
64
48*
50
46*
56*
46*
78*
65
65*
60
*-.!—
4
bbb3
53 H
52 *
52*
53
56
59m
*75"
*55
70
63*
to bank
45
12
12
35
incorporated in this tabulation pertaining
54
43
t
For footnotes Bee page 2543.
86*
51M
40
86*
48m
*
91
86
86 *
45 m
*
50*
16*
lio* 112*
53 m
42*
"43"
5^M
100*
32
44
4
2
J
m
97
31
47
bbb3
ybb
A ybb
44
16
34 m
45*
44*
x
J y bb
9
100m
*87 *
*85
#*85
21*
80
43
D
A
55
72
125
47m
13 m
him
13 m
47
J y bb
MN y bb
F
101m
120m 123
*126
~48*
45m
MN y bb
J
1
"33 m
bbb4
y
1
73 m
~53*
bbb4
x
121m
73 m
bbb4
x
96
107 m 110*
12lM
bbb4
x
36
83 m
90 m
21*
aaa4
x
101M
*110
J
J
87 m
90 m
*85 m
cccl
J
8m
83
87.
4
46
55*
94
99 m 104
88
94 m
bb
MN y bb
1966 F A y ccc2
40
43
32
Aug 1
95
aaa2
O
J
100
88m
76
1
c
91
*61
91m
76m
bb
_
38
bbb4
81
bbb3
Illinois Bell Telp 8Mb ser B.1970
Illinois Central 1st gold 4s... 1951
1st gold 3 Ma
1951
Extended 1st gold 3 Ms
1951
1st gold 3s sterling
1951 M 8
Collateral trust gold 4s
1952 A O
109*
24
x
16
'
105*
26
104
86
100 M
bbb3
Feb 1957
107
101* 102*
106* 110*
bbb3
85m
bbb3
Hudson Coal 1st sf 5a ser A..1902 J D
y ccc2
Hudson Co Gas 1st g 6s
1949 MN x aaa3
Hudson A Manhat 1st 5s A..1957 F A
y b
3
102
102
x
86 M
bbb3
x
{{♦Housatonlc Ry cons g 5a.l937 MN
Houston Oil 4Ms debs
1954 MN
Refunding 4s
„1955
Purchased lines 3MS.....1952
Collateral trust gold 4s
1953
Refunding 5s
1955
101*
107*
104*
J
81
♦Green Bay A West deb ctfs A— Feb
♦Debentures ctfs B
Feb
Greenbrier Ry 1st gu 4s
1940 MN
Gulf Mob A Nor 1st 5
Ms B
1950 A O
107* 109*
108* 110*
108* 111
105* 109*
101*
107*
104
17
2
60
107*
103*
104*
86 M
x
85m
85 m
bbb2
15*
104
86
b
55*
108*
bbb3
y
6
DO*
x
z
3
105* 108 m
6
2
2
91
m
99 m
aaa4
18*
32
100
94
bb
19
108 m
94
x
15
88
94
Gen mtge 4s series H
1940 J
GeD mtge 3*8 series I .—1907 J
♦Adj Income 5s
90 m
72
100
z
14 IX
82*
14
bbb3
/
106
26
bbb3
O
18*
109 *
107m
90
x
A
104 M
91m
104 m 104 m
80
80
x
J
59*
9
105 m
87 m
82
108
Hocking Val 1st cons g 4 Ms—1999
Hoe (R) A Co 1st mtge
1944
89
18*
69*
44
"82 m
82 m
82
4
J y b
109*
108* 109*
105* 107*
106* 108*
105* 107*
107* 109*
14
22 M
22
*80
a
O
89
72
17
18*
x
General 4 Ms series E
1977 J
General mtge 4s series G..1946 J
1950 A
3 i
103 m 107
cccl
68
104 h
28 H
26 M
104m
70 m
"21m
cccl
z
28
104 m
2
z
{•♦Ga Caro A Nor 1st ext 6s 1934
♦Good Hope Steel A Ir sec 7s. 1945
28
104*
56 M
123 h 124m
103
105
z
♦Sinking fund deb 6Ms...1940 J D
♦20-year s f deb 6s
1948 M N
46 M
65
6m
*2*
r2M
3
x
D
107
46m
6
...
x
101M 104 H
6m
2
z
108
105
55
64
1
z
104
105
*35
105 m
ccc2
z
1974 M 8
Great Northern 4Ms ser A.. 1961 J
General 5 Ms series B
1952 J
General 6s series C
.1973 J
General 4 Ms series D
1976 J
98
bbb2
x
Gen Motors Accept deb 3Ms. 1951 F
Gen Steel Cast 5Ms w w__.1949
{♦Georgia A Ala Ry 5s.Oct 11945
m
x
S
Gas A El of Berg Co cons g 5s 1949 J
Gen Am Investors deb 6s A. 1962 F
Gen Cable 1st s T 5 Ms A
1947 J
♦Gen Elec (Germany) 7s
1945 J
92
a
bbb2
S
{Florida East Coast 1st 4 Ms. 1969 J
94
x
M
1943 J
18
x
M
30-year deb 6s series B
1954 J
Firestone Tire A Rub 3 Ms.-1948 A
{♦Fla Cent A Pennin 5a
1
D
I960 J
13 m
*75m
A
109*
30 M
60 m
J
118* 118*
108M
10UM 109 M
b
1st A ref Term M 5s
stpd—1952
Gulf States Steel s f 4 Ms
1961
Gulf States Utll 3Ms ser D..1969
♦Harpen Mining 6s
1949
102
4
2
106m
108
15m
15m
109* 111*
130*
125
16
107*
J y b
2
40 M
*100 M
26
cccl
e
40M
25
25M
V7M 101
105 M 107 M
56
cccl
1953
110M 113
56
cccl
z
108 X 110H
109 M 111M
*100M
ccc2
cc
5
108*
110M
dim
92
107m
aaa2
z
1953
92
*149
108 m
2
x
8
4
*106m
aaa2
z
♦1st consol gen Hen g 4s... 1996
♦Conv 4s series A
1953
107m
2
ybb
x
1st mtge 5s series C
Gulf A Ship Island RR—
19
3
J
ybb
5s 8tamped..
..1965
Erie A Pitts g gu 3 Ms ser B.. 1940
Series C 3 Ms
1»40
{♦Erie RR 1st cons g 4s prior 1996
107m
2
107 M 109*
40
2
A
103* 105*
103* 105*
103* 105*
113* 114*
106
2
D y b
34*
105 M
a
F
27*
11
a
J
74*
104 M 100*
67 M
73*
108*
x
J
67 M
82*
17
x
J
J
*105m
00*
46
A
aa
85 M
73
109*
MN
x
"74* "§3*
106*
107*
106*
108
bbb4
J
mmmmm
109*
105*
107*
105*
108*
108*
109*
110M
3
1969 M N
Cuba Nor Ry 1st 5 Ms
1942
Cuba RR 1st 5s g
1952
7 Ms series A extended to 1940.
6s series B extended to 1946—
49*
46
14
106
cccl
1960 /
1900 J
16-year deb 5s
1943
Continental Oil conv 2*s—1948
Crane Co s f deb 3 Ms
1951
Crown Cork A Seal ■ f 4s....1950
S f 4mb debentures
1948
Crucible Steel 4 Ms debs
1948
79*
18*
18*
cccl
aa
♦Consolidated Hydro-Elec Works
1st mtge 3*8
4
ccc2
..
108*
cccl
x
mm
4
of Upper Wuertemberg 7s.1950 J
J
Consol OH conv deb 3 Ms—1961 J D
{♦Consol Ry non-conv deb 4s 1954 J
J
mm
4
3 Ms debentures
Container Corp 1st 6s
66*
76
*107*
69*
bbb3
15 1901 J
mtge 3Ms
63*
....
m
Columbia G A E deb 5s.May 1952 MN
1st
aaa3
aa
z
J
5X
5m
—
2
J
O
x
1st mtge 3 Ma
1st mtge 8 Ms
1st mtge 3Ms..
x
x
76
mmmmm
A
x
3*s_1946
2
J
♦Certificates of deposit
....
A
Conv debs 3*8
...1958 J
Conn A Pasump Rlv 1st 4s..1943 A
110
O
Fort St U D Co 1st g 4 Ms —1941 J
J
Francisco Sugar ooll trust 0s. 1956 MN
....
J
1st ext 4s.. 1955 F
108m
D
108* 110M
109
111*
mmmmm
0
mtge
108m
1951 J
{}♦ Proof of claim filed by owner M N
(Amended) 1st cons 2-4s—1982
{•♦ Proof of claim filed by owner MN
75
......
A
6s
Dow Chemical deb 3a
7m
♦4m
Dul Miss A Ir Range Ry 3 Ms 1962 A
{•♦Dul Sou Shore A Atl g 6s 1937 J
107 M 109*
109M DIM
....
2M
99*
Ernesto Breda 7s
Fairbanks Morse deb 4s
104*
*105*
*105*
F
D
s f
99 m
DM
11M
3H
2M
2H
25
Federal Light A Trac 1st 5s.. 1942 M S
5s International series.. 1942 M S
8
6
*50
2 M
51*
63*
169""
99*
107*
*108*
aaa2
A
♦Debenture 4s
25
a
07
52*
*99*
2
J
♦Debenture 4s
ccc2
x
gold 4s
108M
8
48
z
1995 J D
Detroit Term A Tunnel 4 Ms 1961 M N
♦Second
47*
62
05
aaa4
x
Colo Fuel A Iron gen s f 58.-1943 F
Consolidation Coal
*40
07
75*
xbbb3
x
1942 A 0
1942 J J
1948 MN
3*8 debentures
111
3
....
56
...
2
cc
J y b
4*8 B..1942 A
f 3*« A
3
3
....
106
......
2
O y b
1943 A
1950
Gen 4 His series A
1977
Gen A ref 4Mb series B..1981
Cleve Short Line 1st gu 4 Ms. 1901
Cleve Union Term gu 5*8—1972
1st s f 5sseries B guar..—1973
1st s f 4 M* series C
1977
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1945
s
aa
55
*
106*
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x
07
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7
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-
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*
......
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4s...199 i MN
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i
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11
2m
2m
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5*
3
Series D 3 M* guao.
2m
Gen A ref mtge 3 M« eer G 1966 M S x aa
Detroit A Mac 1st lien g 6s.. 1995 J D y b
3
c
8*
7*
8*
10
aa
z
6
106
"T* "~92
x
z
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8m
9M
A
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Gen A ref M 4s ser F
1965 A
72
aa
1993 J D
Series B 3*s guar
♦108 m
"$*
ccc2
8
6*
mm,
aaa3
1940
104M 106
z
F
High
108H 109
2
♦JRef A Imp 5s of 1927
1967 M N
♦JRef A impt 5s of 1930.-1975 A O
♦Erie A Jersey 1st s f 6s.. 1955 J
J
mmmm
Low
5
2
2
♦Gen
18
No
j08m
104 m
cc
19*
x
—1993 / D
Spr A Col Dlv 1st g 4s
W V Val Dlv 1st g 4b
Hioh
108 m
104 m
c
49
x
4M* series E..1977 J
Cons Edison (N Y) deb
ddd2
108 m
z
13*
12*
0 x
1967 J
—
Since
Jan. 1
Ask
z
42
Cleve Cln Chic A St Louis Ry—
Stamped guar 4 Ms
z
♦Assented (subj to plan)
♦Ref A Impt 6« ser B.Apr 1978
{♦Des M A Ft Dodge 4s ctfs 1935
{♦Des Plains Val 1st gu 4 Ms 1947 M 8
2
......
Conn Ry A L 1st A ref 4
ddd2
15
......
1st mtge 2 *• series I
z
32
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Aug 1955
17
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cccl
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-.1969
4s.. 1936
1936
x
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g
3
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mortgage4M8
{•♦Den A R G 1st cons
•♦Consol gold 4 Ms
3
aa
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A
Low
aa
x
ccc2
4b. 1942 MN
Cln Un Term 1st gu 3 Ms D.. 1971 MN
1969 F A
1st mtge gu 3*s ser E
Clearfield A Mab 1st gu 6s.. 1943 J J
1st mtg« 3 Ms
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or
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Bid
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a
x
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1963 J
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1951 M S
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1969
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m*
m
1944 A
1st rritgs 3148
See
Range
Sale
Rating
1940
20
Week's
Last
Elig. A
EXCHANGE
1st lien 6s stamped
Chicago Union Station—
Guaranteed 4s
Ref A lmpt
STOCK
Week Ended April 19
.
z
z
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BONDS
Y.
N.
z
—
cc
1
^Refunding gold 4s .....1934 A O
z cc
1
♦Certificates of deposit.
1
•♦Secured 414s series A... 1952 M S z c
z c
1
♦Certificates of deposit
1
M N z c
♦Conv g 4Kb
----)960
Ch St L A New Orleans 6s. -1961 / D y bbb2
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June 16 1951 / D y bbb2
Memphis Dlv 1st g 4s.-.-1961 j pybb 3
Chic T H A So'eastern 1st 5s. 1960 'j D y bb 3
2
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Dec 1 1900 M S y b
.
5
....
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17
10*
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33
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April
Friday
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z
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9*
27*
26*
26M
J
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1st A ref
23
ccc3
ccc3
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series E
guaranteed
8*
9*
60*
2
....
19*
60 M
z
1987
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♦Gen 414s stpd Fed lnc tax
3>4s
16*
172
21*
8*
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1987
1987
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a
120
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16*
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118
79
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1989
1989
1989
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1
1
1
1
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....
92*
29*
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♦Gen 4*t series E.May
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No
High
122
8
16M
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M
Since
Jan. 1
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15M
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28M
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19*
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J
2
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cccl
z
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Ask
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cccl
z
»
Page 3
-
Bank
A
Low
C /b
A
MN
Continued
-
Week's
Elig. &
BONOS
N.
Bank
5*
eligibility and rating of bonds.
Volume
Bank
Friday
Week's
Last
Range or
Range
Rating
Sale
Friday'8
Bid
A
Ask
Since
EXCHANGE
STOCK
Y.
Railroad &
Indus.
Price
See i
Week Ended April 19
1
Jan.
No. Low
High
Low
Cos. (Cont.)
Y.
STOCK
High
Joint 1st ref 5s series A
1st & ref 4Kb series C
1963 J
1948 F
D y bb
♦Ilseder Steel Corp 6s
Ind Bloom <fc W 1st ext 4s
1940 A O
1950 J
{♦Ind <fc Louisville 1st gu 4s. 1956 J
Ind Union Ry 3 Ms series B.1986 Af
Industrial Rayon 4K8
1948 J
Ind 111 <fe Iowa 1st g 4a
A
x
S
x
x
bbb2
A
x
J
z
z
A
4s.>1947
17
77 K
77
77 M
89
10517,jl09M
73 M 79
60
30
30 M
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72M
bb
74M
73 M
74 M
36
70M
75M
J
J
z
cccl
z
cccl
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1
1M
11M
46
11M
2
12
57
338
67
3
100
103
194
92 H
92
M
94
17
103 M
96 M 103
95
84
98 X
98M
99
11
96 M
66
2
J y b
2
34
33 X
39M
270
2
36 H
36 M
42 M
280
1M
1M
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17
IK
A
S
z
D y bb
3
x
z
b
1
z
b
1
A
1950
(Rudolph) Ino—$645) 1943
$925) 1943
♦Ctfs with warr (par $925) 1943
x
x
17
"47
35
35
35
1
64 X
64M
66
28
3
65 M
65 M
67K
10
108 M
107 H
108M
28
102 M
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aa
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2
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3
J
x
3
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J
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J
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F
x
A
x
81
10
168
1
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x
bbb3
x
a
1959
3
110
106 H
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y
x
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104
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....
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26 M
27
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cc
2
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8
z
c
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J
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J
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68 M
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...
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cccl
J
z
cc
J
z
cccl
J
z
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1
2H
z
cc
2
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80
80
87
♦
16
4M
4K
2K
86 M
10
85
2
82
44
85M
61M
45
4
b
2
42
42
42 M
4
43 K
40
b
2
41M
42 k
3
39
44
74 M
*71M
69M
92
2
83
83 K
8
38
38 M
58
90 H
81
85
34 M
39 M
J ybb
2
64 K
54 M
55 X
10
49 M
67
J ybb
2
54 M
54 M
55 M
6
48
55M
87 H
32
35
87 H
87 K
5
34 M
34 M
3
z
b
b
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J
¥
4Kb—1940
1940
4s.2003
..2003
2003
2003
....2003
2003
5s 1941
..1941
b
z
z
b
z
A
b
z
¥
b
z
z
A
b
J
...
b
*21M
20 M
"24"
33 M
29 M
20 M
24M
20M
29
29M
J
bb
IN
ccc2
Af N
cccl
Af N
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40
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17
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14
14 H
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b
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z
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A
a
3
A
O
bb
16M
19
14K
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{Mobile A Ohio RR—
♦Montgomery Dlv 1st g 5s 1947
A
z
ccc2
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b
F
z
ccc2
ccc2
z
cccl
z
z
96
101
107M 110
15
70
27
9
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92
"92"
92
92
Af 8
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.
"l
92M
10
92 M
9
M
A
O
x
x
aa
125
3
J xbbb3
M S
x
aa
x
aa
3
2003
bbb3
C
2003
D
2003
series E
2003
Paducah A Mem Dlv 4s__1946
St Louis Dlv 2d gold 3s... 1980 Af S
Mob A Montg 1st g 4 Ms—1945 M S
bbb3
4s. 1952 J J
Atl Knox A Cine Dlv 4s_.1955 AfN
♦Lower Aust Hydro El 6MS.1944 F A
bbb2
1st A ref 4 Ms series
1st A ref 4s series
1st A ref 3Ms
South Ry Joint Monon
Tim
bbb2
a
3
a
Geq A ref s f 5s series
D—1955
a
Constr M 6s series
109
3
110K
111
71
21M
21M
-
4
42
20
IK
2 K
122
13M
15K
21M
20 M
13M
21M
M
«
>
20 M
185
19M
29
101M 105
64
73 M
106M 110
67
63 M
89
87M
87 H
125
126M
126M 129 M
83
86 H
108 M 110
108M lUK
D
x
Af N
x
a
3
Af S
x
a
J
{♦Ass't warr A rets No 4 on '26
1914 coupon on.. 1951
♦4s April 1914 coupon off.. 1951
♦Ass't warr A rets No 4 on '61
National Steel 1st mtge 3s.—1965
Natl Supply 3M8
1964
{♦Naugatuck RR 1st g 4s—1954
58.1948
{♦New England RR guar 6s. 1946
♦Consol guar 4s
-.1945
New Eng Tel A Tel 5s A
1952
1st g 4 Ms series B
1961
N J Junction RR guar 1st 4s_1986
N J Pow A Light 1st 4Mb.—I960
New Orl Great Nor 5s A
1983
90
6
85
88
J
J
22
79 H
83
New Orl Pub
77
73 M
112 M
'I'm
1st A ref 5s series B
1955
4s_1953
{{♦NO Tex A Mex n-c Inc 5s 1935
z
A
O
z
A
0
109 M 112K
135
99 M 101K
*74
80 M
*52 K
56
*52 K
79
mm
56
mtmmrn
♦
......
A
0
31
J
z
A
0
0
z
15K
x
aa
a
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column incorporated in this tabulation
47 K
32
44 M
13
31
39
109M
34
107K 109 M
117M 120
101M 101K
2
69
4
Af N
z
b
34
106M
33
106
107 K
106M
34
104
106 M
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6
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103K
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102
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J
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127
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75
12
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3
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b
2
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38*
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37 M
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10
32 M
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1
37 M
37M
18
32
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69
32
1
123 M
36
124 M
43 M
43
34
125M 128M
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78 M
69 K
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104M
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_
13
59K
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68
1
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2
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b
24
103K
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71
75
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43 M
43
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70
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J
65 M
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43 M
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D
70 M
66
14
....
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1954
41
38
106M
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2
x
1956 A"F
^lst 5M8 sertes A
17
54 m
„
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♦Certificates of deposlt.
*
_
z
J
56 M
MM#.#.
100 M
.....
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z
1956
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"56 M
70 H
43 M
105M
"54M
....
O
j
56 K
*1
D
♦Certificates of deposit.
15M
68K
99M
64 H
♦102M
II——
y
x
86
m m m M M
*1
A
A
83 M
55 K
+ m
*101 K
69
107
105
119
*117
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A
1954 a'o
♦1st 58 series B
109M
z
J
3
32 m
32
35K
55
51M
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36 M
*52 K
41 K
—
"42
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♦Certificates of deposit
79
♦1st 4 Ms series D
Attention is directed to the new
109K 110M
11
101M
z
J
A Imp 4 Mb A'52 j
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New Orleans Term 1st gu
105 M 107
♦106M
15K
102 M 104 H
79
82 M
112
"77 M
12
112K
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J
N O A N E 1st ref
81K
9
110K
111M
101
MMMM
53
z
od.1957
♦48 April
86 %
2
110
101K
2
J
J
1914 coupon on. 1977
♦4s April 1914 coubon off. .1977
♦Ass't warr A rets No 5 on '77
Nat RR of Mex prior lien 4 Ms—
86 M
79 M
4
2
b
2
bbb3
1946
1951
1949
39M
106K
111M
2
J y b
41M
40 M
40M
bbb3
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92 H
92 M
x
33 K
106M
_
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34K
30 M
32
17
*37 M
1
a
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9
32
25M
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*26 K
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80 K
104M
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92 H
79 M
39 H
D ybb
21M
75 M
....
46
39
MN
1951
1914 coupon on 1957
92 M
104
23 K
2
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3
22 M
cccl
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14
68
cccl
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♦4Mb July 1914 coupon off 1957
♦Ass't warr A rets No 4 on *57 J
"si%
*111M
S
♦Certificates of deposit.
13M
13
MMM
IK
20K
32 M
x
94 H
"iffi
21K
21M
32
20
31K
31 M
D
/
F
Nassau Elec gu g
97 M 100M
"~77K
13K
13M
4
22
MN y b
B—1955
3MS-1968
Mutual Fuel Gas 1st gu g 5s. 1947
Mut Un Tel gtd 6s ext at 5% 1941
36
79 M
20 M
2K
344
21
*20
31H
2
Constr M 4Mb series
20
104
21M
14
18M
"
1955 MNyb
A
Mountain States TAT
92 H
3
cccl
"l"6
85
A
Morris A Essex 1st gu 3 Ms—2000 J
100 M
3
13K
m
*75
{♦Secured 5% notes
1938
z cccl
♦Certificates of deposit
2
4s.1991 M S yb
Af N x aa 4
Monongahela Ry 1st 4s ser A 1960
Monongahela W Penn Pub Ser
x a
4
1st mtge 4Mb
1960 A O
6s debentures
1965 A O ybb 3
x a
4
Montana Power 1st A ref 3Ms '66 J D
J ybbb2
Montreal Tram 1st A ref 5s.. 1941 J
2
Gen A ref s f 5s series A... 1955 A O y b
A O y bb 1
Gen A ref s f 6s series B...1955
2
Gen A ref s f 4 Ms series C. 1955 A O y b
99 M
100 M
bbb3
bbb3
13
128M
84 X
109
3
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125M
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2
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126M 127 M
127M 131M
108
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1977
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102 M 103 H
104M
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96 M
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1969
Louisville Gas A Elec 3 Ms.-1966
Lou A Jeff Bridge Co gu 4s..1945
Louisville A Nashville RR—
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100
20M
♦18M
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F
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2K
19K
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1981
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108M
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1951
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58
20
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20 M
19K
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m —
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1980
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19M
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z
♦Certificates of deposit
51M
96
Af S
Louisiana A Ark 1st 5s ser A.
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126M
130 H
64
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54
49 X
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16
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118
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1978 MN
50
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116
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115M
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17
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Nat Dairy Prod deb3Msww
Nat Distillers Prod 3 Ms
National Rys of Mexico—
14
2
19K
15
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13
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3
73
14M
1977 Af 8
16M
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59
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47
41
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40 M
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48 M
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49 M
41
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50
70
40 M
2
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63
12
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29 M
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20 M
51M
35
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24
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51M
38
25
25
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90
22
26
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Libby
4
25
22
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McNeil A 1 ibby 4s.. 1955
Liggett A Myers Tobacco 7s. 1944
6s debenture..
1951
Lion Oil Ref conv deb 4 Ms.. 1952
Liquid Carbonic 4s conv debs 1947
Little Miami gen 4s series A .1962
Loews Inc s f deb 3 Ms
1946
Lombard Elec 7s series A
1952
Lone Star Gas 3 Ms debs
1953
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Long Island unified 4s
1949
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...1949
4s stamped
1949
25
J
A
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29
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z
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9
2
26
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92
J
A
13
1 %
74
J ybb
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70M
82
J
F
2M ;
57 K
49 M
47 M
3
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37
F
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90 M
84
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16
J ybb
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m
84
47
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4M
27 M
J
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A
'
19
29
IK
.J57H
14M
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92
108M
48
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7
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6
27
2
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106
47
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70
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101
104
48
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2
15
6
5M
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{Missouri Pacific RR Co—
105 X 107 M
y
Sog3Ks—.1997
Ltd—
1975
Lehigh C A Nav s f 4KB A..1954
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Lehigh A New Eng RR 4s A. 1965
Lehigh A N Y 1st gu g 4s
1945
Lehigh Valley Coal Co—
♦58 8tamped
1944
♦1st A ref s f 5s—
1954
♦5s stamped
.....1954
♦1st A ref s f 5s.
1964
♦5s stamped
1964
♦1st A ref s f 5s—
1974
♦5s stamped
1974
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1943
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y
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2543.
20
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or footnotes see page
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90
70
5
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♦{Con ext 4Mb
{♦Mil Spar A N W 1st gu 4s.:
{♦Milw A State Line 1st 3 Ms 1941
♦Certificates of
{♦Laclede Gas Lt ref A ext 5s 1939
Ref A ext mtge 5s
1942
Coll A ref 5 Ms series C
1953
Goll A ref 5 Ms series D...1960
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1942
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...1942
...
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:
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1961
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1947
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1955
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1955
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1956
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Nft,
Ill Cent and Chic St L & N O—
§♦ 10-year
Rating
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Friday's
SB
EXCHANGE
Week Ended April 19
Range
Range or
Last
Elig. &
BONDS
N.
Week's
Friday
Bank
Elig. dt
BONDS
N.
2541
New York Bond Record—Continued-Page 4
150
32 M
1
38M
39 m
38
38 K
102 M
59
105K
103 K 106 m
66 M
27 M
71K
25
30
30
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29
37 M
37 M
30
32 M
28
33
37
36 M
29
32 K
31K
40
33
38 K
21
4
pertaining to bank eligibility and rating of bonds.
See A.
New York Bond Record-Continued
f 2542
Bank
Frldav
Week's
Elio. <fc
Last
Range or
Range
Rating
Sale
Since
April 19
See k
Price
Friday's
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A
Asked
Week Ended
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N Y Cent RR 4s
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1968
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58
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1984
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35
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86
16
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18H
21H
19H
44
15
20
24
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1955
{♦N Y Prov A Boston 4s
1942
N Y A Putnam 1st con gu 4s. 1993
N Y Queens El Lt A Pow 3 Hs *65
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19
1
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1946
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Niagara Falls Power 3Hs—1966
Nlag Lock A O Pow 1st 5s A. 1956
Niagara Share (Mo) deb 5 Hs 1950
{{♦Norf South 1st A ref 5S..1961
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1962
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1977
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1960
1950
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.1946
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Ontario Power N F 1st g 5s_ .1943 F A
Ontario Transmission 1st 6s .1945 MN
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1938
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series C
1966
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112
lion
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104
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105
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1955
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1944
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2
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A
88H
45
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1942 J D
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1944 J D
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72
105 H
106H
16
105H
107 H
104H 106 H
103
104 H
104 %
21
96H
97H
5
94
106 H
1
105
106 HI
O
z
a
3
100
J
J
z
a
3
*98 HI
i*100H
19
104 H
98
106 H
96 H 100H
97 H
99
67H
56H
66 H
75H
66
75
66 H
69H
49
66
69H
5
M S z bbb3
101
101
102
100
100H
J
z
45
12
102
98 H 100H
bbb2
bbb3
97 H
96 X
5H8.1954 MN
z
bbb2
108H
107 H
108H
93
107
MN
z
bbb3
97 H
97 H
98H
120
92
/
J
x
bbb4
102H
102H
102H
33
1946
J
J
z
....
26 H
26H
5
1946
/
J
z
«...
♦Rhine-Ruhr Water Serv 6s. 1953 J
J
z
♦Rhlne-Westphalla El Pr 7s. 1950 MN
z
....
MN
z
....
F
A
z
A
O
z
Revere Cop A Br 1st M
1956
4Hs 1956
♦Rheinelbe Union s f 7s
♦3Hs assented
1952
♦Cons mtge 6s of 1928.—. 1953
♦Cons mtge 6s of 1930
1955
♦Direct mtge
6s
*
100H
98
4s
s
.1952 M 8
f conv debentures
x
J
"14H
98 H
99 H 102 H
26
30
17
15
15
14H
17
14
14H
15 H
14H
"IBh
16H
14H
bbb3
106H
♦103H
107
107
31
105
aa
2
z
b
1
9
9
z
ccc2
*36
z
ccc2
31
31
33
2
11
11
11H
z
cc
1977
M
8
z
aa
1967
1967
Gen mtge 3Hs series J
1969
{{♦R I Ark A Louis 1st 4 Hs. 1934
8
x
aa
"l
10H
9
35 H
"27
28H
17
10H
40
34H
12 H
*122H
M
17
109
106
103 H 105
40
/
98 H
109
15H
x
5s..1952
91H
16H
~1~9H
1955
Rlchm Term Ry 1st gen
128
*17H
*13H
Richfield Oil Corp—
♦Rlma Steel 1st s f 7s
60H
98 H
bbb3
M
65
64H
16
66
*108
Gen mtge 3Hs series H
Gen mtge 3 Hs series I
1948
♦Ruhr Chemical s f 6s
{♦Rut-Canadian 4s stmp...1949
{♦Rutland RR 4Hs stmp... 1941
*
108H HI
111H
M
8
z
aa
M
8
z
aa
M
S
z
cc
A
O
z
cccl
J
J
z
c
2
~~6H
~~7H
"2
J
J
z
cc
2
7H
7H
5
94 H
24
109H
110H
49
8H
110
8H
1
z
a
2
93 H
x
aaa2
*111H
1996
1996
y
bb 2
y
b
z
bb
z
bb
St Lawr A Adlr 1st g 5s
2d gold
68..
♦Certificates of deposit
J
{♦St L Peor A N W 1st gu 5s 1948 J
1959 M S
stpd—1955
J
{♦St L-San Fr pr Hen 4s A...1950
J
1950 J
J
1978
m's
♦Ctfs of deposit stamped
{♦St L S W 1st 4s bond ctfs. 1989 MN
♦Gen A ref g 5s series A
92H
98H
110H 112
59H
*60 H
62 X
49
68
69 H
68 H
66
65
23H
24 %
8
63 H
1
18H
63H
26 H
63H
2
44 H
44 H
3
39
62 H
24
10H
14 H
14 H
66 H
1990
J
z
cccl
12H
12H
13H
cccl
12H
12H
13H
23
10
z
cccl
13
14H
42
11
z
♦Certificates of deposit
♦Con M 4Hs series A
9
9H
z
♦Certificates of deposit
♦Prior lien 5s series B
21
6H
7H
65
61H
ccc2
/
J
HO H
9H
2
z
St L Pub Serv 1st mtge 5s...
St L Rocky Mt A P 5s
6H
"70"
*
St Louis Iron Mtn A Southern—
♦{Rlv A G Dlv 1st g 48—1933 MN
107 H
21
Saguenay Pow Ltd 1st M 4Hs '66
♦2d 4s Inc bond ctfs.-Nov 1989 J
{♦1st term A unifying 5s..1952 J
wm
62 H
62 H
~56H
66 H
/
102 %
106
106
Pa Ohio A Det 1st A ref 4 Hs A '77 A
1981
2
*105*
*107H
106 H
104 H
A
35
48 H
124
102
aa
a
F
45
2
*124H
Penn-Dlxle Cement 1st 6s A.1941 M S y b
—1963
51
89H
102H 105
55 H
102 H 102 H
"16
22
*50
St Jos A Grand Island 1st 4s. 1947
104 H
Paramount Broadway Corp—
104H
z
Roch Gas A El 4Hs ser D
76
108 H HO
z
60 %
107 H 110H
79 H
74 H
222 H 224
z
77
74
*75 H
aaa4
D
78 H
148
147
1
17
S
1956
4H8 without warrants
73 H
111* 113H
109 H 112H
5
63 H
222 H
110
bbb3
J
♦1st con A coll trust 4s A..1949
1946
Pacific Gas A El 4s series G.1964
1st A ref mtge 3 Hs ser H_ 1961
1st A ref mtge 3 Hs ser I
1966
84 H
-.
J
79
110H 113
153
*145
85H
26H
110H
3H
63 H
5H
Rensselaer A Saratoga 6s gu.1941 MN
Republic Steel Corp 4 Hs ser B '61 F A
58 H
26
61
107 H
58 H
159
1
{{♦Rio Gr June 1st gu 5s... 1939
{{♦Rio Gr West 1st g 4s...1939
104 «
86
24 H
2
Gen mtge 4 Hs series C
c
112
81H
107H
59
110H
cc
Remington Rand deb 4 Hs w w *56
"39
23
z
J y bb
J
{♦Radlo-Kelth-Orph pt pd ctfs
for deb 6s A com stk(65%pd)
{♦Debenture gold 6s
1941
{♦Deb 6s stamped
1941
Reading Co Jersey Cent coll 4s '51
Gen A ref 4H8 series A...1997
Gen A ref 4Hs series B...1997
Pur mon 1st M conv
95
67 H
104
84H
84H
110
MN
1951
t*Providence Sec guar deb 4s 1957
{♦Providence Term 1st 4s
1956
Public Service El A Gas 3Hs 1968
1st A tef mtge 5s
2037
1st A ref mtge 8s
2037
Pub Serv of Nor III 3Hs
1968
Purity Bakeries s f deb 6s... 1948
z
47 H
2
2
98
*106H
J
10
76
74 H
73
74
M
J
J*Porto Rico Am Tob conv 6s '42
♦6s stamped
1942
23
67 H
aa
123
*106H
z
81 H
41H
44 H
z
104 H 108 H
104H 107
27
99H
cccl
2
A
3
105H
cccl
bb
55 H
cccl
"l~2H
10H
15H
cccl
12H
13H
13H
16
z
12H
12H
189
10
14 H
z
cccl
12H
12H
12H
66
10
13H
64
65
75
37
5
y
bb
2
J
z
b
J
z
ccc2
J
z
cccl
65
1
36
"19"
H
19
20 H
18
12
12H
23
16
66
67
27 H
37 H
16
21H
13 H
8H
m
For footnotes see page
2513.
Attention is directed to the new column Incorporated in this tabulation pertaining to
"
99
aaa4
104 H 107 H
105 H 106 H
44 H
108
105
z
bbb2
J y bb
112
108
99H
z
45
10J
106H
D
A
MN
108H 108H
ill"
117H
♦115H
/
J
105 H
114
100H
106H 108
106 H
♦108H
J
54 H
98
♦105M
J
8H
li2H
101i»iel03
*108H
MN
4
108H
*101 »3l
J {♦Postal Tel A Cable coll 5s 1953
y
J
Ref mtge 3Hs
8H
100
100H
aaa2
Potomac El Pow 1st M 3HS.1966
z
D
_
6
109H
2
17 X
F
.1966 J
Pacific Coast Co 1st g 5s
20
*6H
11H
107 H 109
102
104
"j
.1972 J
Oregon RR A Nav cod g 4s. .1946 J
Ore Short Line 1st cons g 5s .1946
7H
b
B
58 series C_.
1st 4 H» series D
Port Gen Elec 1st 4 Hs
*37
J
J
{♦Og A L Cham 1st gu g 4s. .1948
M S
Ohlo Connecting Ry 1st 4s. .1943
.1965 MN
Ohio Edison 1st mtge 4s
.1967 M
3
D
B
mtge 4Hs series C
Pitts Y A Ash 1st 4s ser
121H 125H
59
12
J
1st mtge 4Hs series
14
68
17
3H
1958
Pitts A W Va 1st 4Hs ser A.
1st
3H
7H
"S
M
Pitts Va A Char 1st 4s guar. 1943
62 H
35
59
♦Certificates of deposit
Gen lien ry A Id g
87
110
A—1940
Series B 4Hs guar
1942
Series C 4 Hs guar
1942
Series D 4s guar
1945
Series E 3Hs guar gold...1949
Series F 4s guar gold
1953
Series G 4s guar
1957
Series H cons guar 4s
1960
Series I cons 4Hs
1963
Series J cons guar 4 Hs
1964
Gen mtge 5s series A
1970
Gcd mtge 5s series B
1975
Gen 4Hs series C
1977
13
12
•
12
51
*35
North Pacific prior Hen
107 H
30
76
125H
,
ccc3
z
106
109 H 111H
86 H
90
4H
3
*108
M
{Northern Ohio Ry—
♦
lstgtdg 5s
1945
♦1st mtge g 5s (stamped can¬
cellation of guarantee). 1945
"13
5H
111
16H
16H
MN
Debenture 4s
5H
91H
H
{ {♦Norfolk A South 1st g 68.1941
Norf AWRy 1st cons g 4s— .1996
North Amer Co deb 3HB----1949
Debenture 3^8
1954
125
9
39
1
90
91
"m
2
c
111H
90
1
z
z
F
10H
43
59 H
110H
J
y
28H
14H
*56
111H
2
2
D y bb
J
'52
M
Pitts C C C A St L 4Hs
J
M N
...
1948
35
cccl
J
♦Certificates of deposit
19H
19H
19
cccl
110H
z
18 H: -19 H
"19 H
J
MN
4s..1956
♦Non-conv debenture 4S..1956
♦Conv debenture 3H8i—1956
♦Conv debenture 6s...---1948
♦Collateral trust 6s
-1940
♦Debenture 4s..
1957
♦
1st A ref 4 Hs ser of 1927.1967
{♦Harlem R A Pt Ch 1st 4s 1954
♦Non-conv debenture
19H
62
D
1949
20
60
111H
J
♦Conv deb 6s
15
54 H
J
MN
^{♦PhlUpplne Ry 1st s f 4s.. 1937
16
109
1977
1981
series C
D
20
19H
*16H
65
99
109 H 110H
114
115
^♦Phlla A Read C A I ref 5s.
19H
3
10
107
67
cccl
59
HIH
5
f6
cccl
58
109H
109H
a
71
5
90
8
z
10
60 H
2
*70
M
D
J
2
61
58 H
S y bb
M
67 H
115
2
M S
67 H
J y bb
J y bb
106H 107
110H
General 4H» series
99H
19H
110
109H
bb
72 H
*107
109
Phi la Electric 1st A ref
71
a
115
80
75
65 H
z
A
6
2
64
H
69 H
65H
9
2
80
*72
64
65 H
*7
aa
60
*79
67 H
65H
cc
aa
60
3
66 H
z
66 H
aaa3
80
4
116H
a
b
z
60
b
87 H
113H 116
114H H7H
z
80
bb
z
85 H
114H
H6H
z
3
8
S
84 H
*113H
85H
/
b
O
89 H
A
bbb2
A
110
92
F
M N
M
103 H
J
M N
H
120 H
102H
aa
Apr
4s„1943
1974
General 5s series B
Phi la Co Bee 5s series A
J
11SH
101H
bbb4
J
General g 4Hs
H7H
102H
90H
y
118H
11H
118H
a
O y b
A
Pblla Bait A Wash 1st g
MN
aaa2
z
M
1947
4s__ 1940
♦Certificates of deposit..
♦Income 4s
Apr 1990
Peoria A Pekin Un 1st 5 Hs—1974
♦Peoria A East 1st cons
Pere Marquette 1st ser
1st 4s series B
89H
z
68—1943
Peoples Gas LAC cons
Refunding gold 5s
*113
"90 H
O
A
1st g 4 Hs series
Greenwood Lake 58.1946
N Y A Harlem gold 3Hs
2000
N Y Lack A West 4s ser A—.1973
4Hs series B
-.1973
♦N Y L E A W Coal A RR 5 Hs 42
♦N Y L E A W Dk A Impt 5s 1943
N Y A Long Branch gen 4s.. 1941
{{♦N Y A N E (Bost Term) 4s '39
j*N YNHAHn-c deb 4S..1947
♦Non-conv debenture 3 Hs 1947
♦Non-conv deb 3 Hs
1954
^4H8 series B
4Hs
Since
Asked) §
bb
"77 H
F
♦N Y A
28-year 4s
Penna
A
Low
(Cont.)
3Ha—-.1969
Railroad & Indus. Cos.
Range
Friday's
Bid
bbb2
86
57H
3
O y bb
M S y bb
Erie RR
N Y Gas El Lt H A Pow g 5s. 1948
Purchase money gold 4s—1949
Guar stpd cons 5s
Ore-Wash RR A Nav 4s
103
241
Price
4s..---------1948
4s sterl stpd dollar May 1 *48
Gen mtge 3H« series C—1970
Consol sinking fund 4Hs—1960
General 4Hs series A——1985
A
N Y A Erie—See
Oklahoma Gas A Elee 3H8-
79 H
H
62 H
80
Unnno
Range /m
or
Sale
See k
y
.--.1947
Y Edison 3Hs ser D
1965
1st lien A ref 3Hs ser E-—1966
1st mtge 3Hs
High
53 H
69 H
58
notes
—
1
111
56 H
30
Rating
y
Louis—
Ref 5Hs series A
—1974
Ref 4 Hs series C
—1978
4s collateral trust
1946
1st mtge 3Hs extended to. 1947
3-year 6% notes
1941
NY Connect 1st gu 4H8 A—1953
1st guar 5s series B
—1963
N Y Dock 1st gold 4s
1951
1st mtge 4s
No. Low
111
51H
M N y bb
J x a
N Y Chic A St
{♦2d gold 4 Hs
♦General gold 5s
♦Terminal 1st gold 5s
High
*111H
59 H
Jan.
Tnot
Last
Elig. &
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 19
Week's
y
A—2013
2013
1952
Hi-1997
Debenture 4s
1942
Lake Shore coll gold 3 He. 1998
Mich Cent coll gold 3H«-1998
6s series C
Conv secured 3Hs
N Y Cent A Hud River 3
N
69 H
Oyb
Oyb
Ref & Impt
Conv 5%
bb
O y bb
1946
10-year 3Hs sec s t
Ref & Impt 4 Hs series
aaa2
y
4 **8-1945
1998
series A
Friday >
Bank
EXCHANGE
BONDS
N. Y. STOCK
April 20, 1940
Page 5
-
bank eligibility and rating of bonds.
See k.
Volume
Bank
Y.
STOCK
Week Ended April 19
Railroad & Indus. Co*.
Range or
Sale
Friday's
See a
Price
2543
Week's
Last
Rating
EXCHANGE
Friday
Elig. &
BONDS
N.
9
New York Bond Record- Concluded-Page 6
ISO
♦"•a.
Bid
Bank
£
Low
80 X
{♦St Paul E Or Trk 1st 4 Ha. 1947
{♦St PAKCShL gu 4X8-1941
5
1
Jan.
No. Low
High
*
(Com.)
St Paul A Dul 1st con g 4s_.1968
CQ<§
N.
82
4H
5X
5H
97'«
98 H
7
STOCK
8
Week's
Last
Rating
Sale
Range or
Friday's
See a
EXCHANGE-
Week Ended April 19
High
82
5X
Y.
Friday
Elig. <k
BONDS
Since
Ask
A
Range
Price
"•a.
Railroad & Indus. Cos.(ConcL)
Virginian Ry 3Ha series A... 1966 M 8
{Wabash RR Co.—
aaa2
z
b
108
2
Range
Since
High
108
Jan. 1
Ask
A
Low
x
—1939 MN
{♦1st gold 5s
Bid
No. Low
43
High
106 X 109
37
108 H
x
1972
x
98
aat
98
1
116
116
6
a
St Paul Un Dep 6s guar
S A A At Pass 1st gu g 4s
1943 /
San Antonio Pub 8erv 4s
116
1963 A
San Diego Consol G A E
J y bb
4s_.
*107
110
Santa Fe Pree A Phen 1st 6s
1942 M
S
{♦Schuleo Co guar 6 Ha
1946 J
J
31X
J
♦Stamped
♦Guar
8
O
O
F
cons
29 H
O
118
125
*95*
13X
IX
2
cc
z
2
1
3 X
6X
4X
8X
4X
7H
15X
4X
174
13
5
45*
*12
IX
6X
5X
5X
4X
5X
5H
cccl
IX
47
5
*3X
cc
15
15H
11
26
IX
45*
35 H
47
47
123X
UX
«...
12H
4X
MS
♦Certificates of deposit.
{{♦At! A Blrm lstgu 4s... 1933 M S
{♦Seaboard All Fla 6s A ctfs. 1935 F A
13X
14X
48
z
ccc2
18 J*
18H
22
16H
20
J
z
b
26 X
26 X
2
25 H
28
1941 J
J
z
b
"47 H
47 X
47 X
6
41
49
1939 J
J
z
cc
16 X
♦Omaha Dlv 1st g 3Hs—1941 A O
♦Toledo A Chic Dlv g 4s..1941 M 8
z
cc
"ilk
*12H
11H
z
b
12H
10X
39 X
40
{♦Wabash Ry ref A
4s
g
gen 5
Ha A *75 M 8
.1946 F
♦Silesia Elec Corp 6 Ha
9H
7
O
z
7X
7X
2
9H
9JH
105H
105 X
5
aa
1945 J
D
bbb2
Walworth Co 1st M 4s
6s debentures
1955 A
O
bb
2
1955 A
O
b
2
Warner Bros Pict 6s debs
1948 M
8
b
3
{♦Warren Bros Co deb 6s
1941 M S
cc
2
b
3
b
2
Warren RR 1st ref gu g 3 Ha.2000 F A
Washington Cent 1st gold 4s. 1948 Q M
Wash Term 1st gu 3 Ha
1945 F A
1st 40-year guar 4s
1945 F A
z
96 X
w
«-
m.
—
-
-
3
29 X
14 X
33 H
15 X
Western Maryland 1st 4s_...1952
1st A ref 5 Ha series A
1977
1
23
30 H
West N Y A Pa gen gold 4s.. 1943 A
O
Southern Colo Power 6s A.. .1947 J
Southern Kraft Corp 4 X a—- .1946 J
102
48
106
82
99X 102X
104X 106 X
J
D
O
{♦Western Pac 1st 5s
ser
bbt
126
16
108
128 X
110
117 X
4
117
120
110X 112
99 X 102
"in""
111
111
1
101X
102
23
83
84 H
91
91H
8
88 X
108 H
30
107 X
17 X
cccl
17
bb
"~8
107X 109 X
10
103X 105 X
107X 108X
25-year gold 5s
..1951 J D
30-year 5s
i960 M 8
♦WestphaUa Un El Power 6s. 1953 J J
110
4
109X 111
West Shore 1st 4s guar
105 H
3
105
995*
101 x
142
17 h
106
97 X
13
105X 107 X
18H
26
17
18
20
16X
18X
66 M
21
64
08X
b
73
675*
69 X
38
66 X
70
15
20
14
15X
47
"47"
70
68 X
15
68 H
b
48 X
18
46 X
41 X
62 X
J
bb
2361 J
J
bb
*45 X
Wheeling A L E RR 4s
1949 M S
Wheeling Steel 4 Ha series...1966 F A
aa
bbb2
101H
65
White Sew Mach deb 6s
bbb2
*115**
100X
*1021jj
12 K
"l2H
"7
106 H
42
101X
77
"23H
"83
16X
25X
22 H
2
16H
21
16
6 X
iook
106
45
45
46
17
{{♦Wilkes-Bar A East gu 5s. 1942 J D
cc
48
49 X
74
43 X
47
48 X
48 X
63
Wilson A Co 1st M 4s A
bbb3
106
.1968 M 8 y b
445*
44 H
46 X
32
43 X
50 X
bb
101H
100
ccc2
D y bb
Gold 4 Ha
106X
1940 M N
1956
Gold 4 Ha—
.1969 M N yb
43 H
43 H
45 X
147
42X
50 H
Conv deb 3 Ha
1947
Winston-Salem 8 B 1st 4s...1960
Gold 4 Ha
.1981 MNy b
435*
100
42
50 X
{♦Wis Cent 50-yr 1st
.1946 J
43 H
50
45 X
10-year secured 3 Ha
San Fran Term 1st 4s
52 X
46
50
58
74
74 H
16
73X
SOX
{♦Su A Du dlv A ter 1st 4s. 1936 MN
65 X
♦Certificates of deposit
Wisconsin Elec Power 3Ha.. 1968 AO
Wisconsin PubUc Service 4s.. 1961 J D
.1950 A
4s.—1955
1st 4s stamped
1955
Southern Ry 1st cons g 5s..1994
Devel A gen 4s series A...1956
Devel A gen 6s
1956
Devel A gen 6Hs
1956
Mem Dlv 1st g 5s
1996
St Louis Dlv 1st g 4s
1951
So'western Bell Tel 3Hs B..1964
/ y bb
Ox bbb2
50
J y bb
So Pac RR 1st ref guar
J y
2
bbbl
A
"88k
"88 k
J x bb
Oybb
2
57
O y bb
2
75
Oybb
2
80
"89 X "39
56 H
75
35
81 X
73 X
58
73 X
2
70 X
19
112
107X
*20X
107 X
x
a
105
107
4
105
106
69
J
1953
debenture
1945
-1950
Tenn Coal Iron A RR gen 5s.1951
Term Assn St L 1st cons 5s.. 1944
Gen refund s f g 4s
1953
Texarkana A Ft 8 gu 5Hs A. 1950
Texas Corp deb 3 Ha
1951
3s debentures
1959
Texas A N O con gold 5s—.1943
Texas A Pacific 1st gold 5s..2000
Swift A Co 1st M 3X8
B—...1977
Gen A ref 5s series C
1979
Gen A ref 5s series D
1980
93
1035*
105X
1055*
105 H
108 X
85
106
105X
106
23
z
bb
x
aa
J
X
aaa3
*128 H
129X
A x aaa4
115X
115X
1
4
110X
19
F
J
4
84 X
73 X
....
A
*89 X
D
x
aaa3
103 X
103 X
103 X
30
103X 108
O
x
aaa3
106 X
105H
106 X
73
104X 106X
107 H
107
4
A
O
x
bbb3
8
jyb
2
58H
58 H
215*
21X
97 H
57
24 X
72
72
50 X
367
61X
O y cccl
67 H
67
91
2
13H
62 X
25 X
92
*91
...—-
66 X
110X
72 X
67 X
21
a
x
55
107
4
70 X
69 H
69 X
5
70 X
69 X
D x bbb3
M 8
♦AdJ income 5s
1960
Jan 1960
A
{♦Third Ave RR 1st g 5s—.1937 J
Hs—1952 J
Tide Water Asso Oil 3
Tokyo Elec Light Co Ltd—
1st 6s dollar series
1953 J
J y bb
3
a
D y b
100
2
1
J
x
12
55 H
56
Tol A Ohio Cent ref A Imp 3%b
x
bbb3
*85 X
87 X
Tol St Louis A West 1st
y
bb
*67X
2
a
4
104 H
1st mtge s f 4s ser C.....1961 MN
x
bbb4
105 H
e
a
x
aaa3
109
109
4
109 X
110
8
*14
10X
9
7
107 X 109 H
109 H 110X
14
9X
20
104 H
105
238
103
39
106 H
105
106
109 X
106 X
Cash sales transacted during the current
week and not Included in the yearly range:
a Deferred delivery sale;
Included In year's range.
tion
per
200-pound unit of
bonds.
$4.8484.
t The following is
list of the New York Stock Exchange bond Issues which have
a
been called in their entirety:
*
Treasury 3Xs, 1940-1943, June 15 at 100.
being
as
In
Section 77 of the Bankruptcy Act, or
♦
66 X
v
Deferred
85 H
89 X
67
bankruptcy, receivership, or reorganized under
securities assumed by such companies.
Bonds selling flat.
55H
100H
95
only
t The price represented is the dollar quota¬
Accrued Interest payable at exchange rate of
5 Negotiability Impaired by maturity,
No sales transacted during current week.
.7-'•
delivery sales transacted during the current week and not
included In
the yearly range:
No sales.
aaa2
x
5
7X
No sales.
105X 107 X
68 X
x
109H
c
Friday's bid and asked price.
65
61X
4
J
1948 M
64 H
106
a
x
Conv deb 4s
*
8
100 H
105H
105X
'109"
S
{♦ Wor A Conn East 1st 4 Hs. 1943 J
Youngstown Sheet A Tube—
{ Companies reported
Third Ave Ry 1st ref 4s
3
Cash sale; only transaction during current week,
transaction during current week,
n Odd lot sale, not
26
107 X
70 H
70
aa
r
92
88
....
66
66
3
a
1
99 X 113X
104X 106X
126X 128 X
114X 115X
107X 111
bbb3
bbb3
cc
9
112
23 X
x
x
cccl
110
*IIOH
22 h
22 h
8H
7H
104X 106X
103X 106X
110X
91 X
x
"22 k
cccl
13 H
101X
97
108X
aa
/ y bb
aaa2
gen 4s.. 1949
♦Certificates of deposit..
X
103
12X
1035* 106 X
107X
105
x
O
3
102
72
112
J
D
"12 k
2
47
113X 1165*
96 X 101 x
78
17X
...-
J
Gen A ref 5s series
A.1964
21 X
MN
Studebaker Corp conv deb 6s
78 X
64 X
107
1115*
107 X
cccl
1055*
61 X
79 X
110
1115*
!
z
D
75
19
:
X
A
54 X
10
X
1968
1st A ref 3s series C
"86 X "96"
180
76
79
bbb2
58
69
73 X
y
67 X
76
60 X
59
59
{♦Spokane Internat 1st g 5s.1955
Staley (A E) Mfg 1st M 4s ...1946
Standard Oil N J deb 3s_.—1961
Tex Pac Mo Pac Ter 5Hs
47
106
J
.1977 M S y bb
Lines) A
18X
67 X
72
106
So Pac coll 4s (Cent Pac
16X
2361 J
Registered
101X
86
91X
108X
66
2
b
35
82 H
56
84 H
90 X
108 X
ccc2
A—1946 M S
♦5s assented
1946 M 8
Western Union Teleg g 4 Ha. 1950 MN
107 X
no
1015*
x
2
109 X
2
aa
105X
Southern Natural Gas—
A
128X
117H
Jx bbb3
105X
D
70
107 H 109 X
109 H 109 H
109H
109 H
4
a
108X
J
35 X
70
35
70
108 X
127H
3
aaa3
1966 J
West Va Pulp A Paper 3s...1954 J
104 H
110
90 X
36 5*
108H
*109X
aaa3
107X
A
23
79 X
ltH
"318
37
*27
*
Ox bbb3
14 H
23 X
32
31
aaa4
aa
108 H
104 H
x aa
31
74
79 H
90 X
7
105 H 106 X
70
64
11
67 H
89
aaa3
Westchester Ltg 5s stpd gtd.1950 J D
Gen mtge 3Hs
1967 J D
West Penn Power 1st 5s E..1963 M S
97 X
XltT
M S
67
♦76
9H
67
96X
63 H
*32 X
...
67 H
"90 "
aaa3
14X
b
A
.1965 F
2%b
cc
Walker (Hiram) G A W—
Convertible deb 4 Ha
57
2X
.1979
.1951
line 4 Hs
coll) .1949
7
37
95
2
105X
1st mtge pipe
8
7H
5
2
101
1st 4 Ha (Oregon
7H
7
220
1
102
4s
7
7
64
c
1055*
1st mtge A ref
7
cc
97
86
Socony-Vacuum Oil 3s debs .1964
.1961
cc
z
4X
2 H
South A Nor Ala RR gu 5s. .1963
South Bell Tel A Tel 3 X a—. .1962
3s debentures
z
O
1976 F
♦Ref A gen 4 Ha series C—. 1978 A
♦Ref A gen 5s series D
1980 A
2
2H
y
13
7X
21
8
cc
4
2X
Slleslan-Am Corp coll tr 7s. .1941
.1952
Simmons Co deb 4s
Southdrn Calif Gas 4Hs
"7 X
13X
z
4
2
x
42
A
♦Ref A gen 5s series B
1st mtge 3 Ha series I
J
Shell Union Oil 2 Ha debs... .1954 J
8hlnyetsu EI Pow 1st 6 Hs— .1952 J D
♦Siemens A Halske deb 6 Xb .1951 M S
11H
*
2X
c
A
43 H
1
235*
1935 F
♦6s Series B certificates
28 X
A
i945
6s series A
18H
6
22
12H
♦Certificates of deposit.
♦1st
21
47
*
O
A
1959 A
{♦Refunding 4s
A
33
47
44
44
1989 MN
{{♦Seaboard Air L 1st g 4s__ 1950
1950
{♦Gold 4s stamped
♦Adjustment 5a
Oct 1949
33
21
2
31 H
32
O
Scioto V & N E 1st gu 4s
9
108X
ioox mx
109X 111
44
J
.1946 A
A
f 6 Ha series B._
♦Stamped
107 H
108
1095*
*109X
110
68 H
54
55
65
62 H
62 H
O y a
1965 MN
37 H
A
1954 J
♦DetAChlc Ext 1st 6s
118
114
41
1939 F
♦1st lien g term 4s
{♦Des M Dlv 1st
fPaclflc ext gu 4a (large)..1940
46
{♦2d gold 5s
*6X
8t Paul Minn A Man—
*60 / D
4S..1950 A O
Tol W V A Ohio 4s series C—1942 M S
Toronto Ham A Buff 1st g 4s. 1946 J I
1949
Tri-Cont Corp 5s conv deb A. 1953
♦Tyrol Hydro-El Pow 7 Hs—1955
♦Guar sec s f 7
1952
Trenton G A El 1st g 5s
M 8
J
J y bb
3
....
"98" "99X
ioox
4
*125
....
1
*1065*
107 X
1
14H
14 X
JtfN
z
b
F
A
z
y
b
1
x
aa
3
{{♦Union ElevRy (Chic) 58.1945
Union Oil of Calif 6s series A. 1942
z
cccl
x
aaa3
125
3
125
106H 108
14 X
14H
cccl
UJigawa Elec Power s f 7s
1945 M 8
J
Union Electric (Mo) 3Hs—.1962 J
....
13 X
13
87
85X
107 H
9
107 X
*8X
107X
8H
111X
111X
111X
2
x
aa
3
103 X
103
103 X
129
aaa3
114X
114H
114X
53
113
M 8
x
aaa3
108 H
107 H
108 X
41
106X 109
M S
x
aaa3
116
116
116X
11
34-year 3Ha deb...
1970 A O
35-year 3Ha debenture... 1971 MN
United Biscuit of Am deb 5s. 1950 A O
x
aa
3
97 H
97 H
97 X
25
113X 116X
96
98 X
x
aa
3
98
97 X
98
56
x
a
1959
1947
June 2008
June 2008
1st lien A ref 4s
1st Hen A ref 5s
56.1952
5s....1953
4s...1944
U 8 Steel Corp 3Ha debs...1948
♦Un Steel Wks Corp 6Hs A.. 1951
♦3X8 assented A
1961
♦Sec s f 6 Ha series C
1951
♦3H» assented C
1951
♦Sink fund deb 6Hs ser A. 1947
♦3Ha assented A
1947
United Cigar-Whelan Ste
A
—
O y b
—
United Drug Co (Del)
M 8 y bb
U N J RR A Canal gen
M 8
x
aaa4
D
x
a
J
z
z
z
73X
2
103 X
88
24 X
24 X
77
Indicates Issues in default, in bankruptcy, or
23 H
Transactions
915*
bbb2
103 H
103
Utah Power A Light 1st 68—1944
X
bbb3
{{♦Util Pow A Light 5Ha—1947
♦5 Ha stamped
1947
z
cc
2
z
b
1
25
Week Ended
20
April 19, 1940
91X
92 X
28
H
103 X
14
90
93 X
IOOX 103 H
103 X
103 H
103 X
93
38
101
114
114 1
115
13
93
•
2
1
A
x
aa
2
x
aa
2
J
{♦4Hs July coupon off....1934 J
{♦4 Ha assented
1934 J /
B—1968 M S
Va Iron Coal A Coke 1st g 5s. 1949 M S
J
Va A Southwest 1st gu 5s...2003 J
1st cons 5s—
1958 A O
91X
91H
1
«
•
1
1
1
1
1
«
1
1
•
1
•
1
....
Railroad Ac
UnUed
Total
Mis cell.
Municipal
States
Bond
Bonds
For'n Bonds
Bonds
86 X
100
no"
♦X
2
ccc3
bbb2
bb
2
109X
48
495,370
Monday
97
Tuesday
Wednesday
96
115
Thursday
>
•
•
a
1
«
1
1
1
1
•
1
«
♦
1
16
104
86 H
IOOX 115
20
94 X
115
114
114
3
1
a
1
1
«
1
•
Friday—
1,259,540
1,505,760
902,110
1,205,350
1,154,990
6,523,120
Total.
Sales at
IX
x
x
....
110
20
109
48
1
40
6,156,000
1,074,000
3,854,000
$113,000
$483,000
978.000
73,000
103,000
876,000
Sales
$3,254,000
5,466,000
7,333,000
5,081,000
5,523,000
905,000
249,000
83,000
4,609,000
1,028,000
97,000
6,511,000
5,734,000
$27,317,000
$5,344,000
$718,000
$33,379,000
75
59
Jan. 1 to Apra 19
Week Ended April 19
62 H
1940
1940
1939
1939
51H
75
Exchange
*75
83
60
60
3
Stocks—No. of shares..
1
the new column incorporated in
6,523,120
2,970,208
65,925,098
80.852,085
$718,000
5,344,000
27,317,000
$2,087,000
6,029,000
18,191,000
$12,563,000
75,914,000
433,801,000
$30,109,000
89,064,000
441,297,000
$33,379,000
$26,307,000
$522,278,000
$560,470,000
Bonds
Government
Railroad and Industrial.
$2,658,000
4,517,000
New York Stock
110
State and foreign
Attention 1* directed to
State
1
*5*
aa
Exchange,
Stock
Number of
Shares
Saturday
Vera Crux A Pacific RR—
Va Elec A Pow 3Hs aer
York
New
Stocks,
bbb3
1957 MN
the
at
24X
23 X
X
cc
Issues
Daily, Weekly and Yearly
25
20
b
Where all
bond differently, then the highest single rating Is shown.
issues bearing symbols ccc or lower are in default.
All
bearing ddd or lower are In default.
A great majority of the
_
z
z
showing the majority rating.
Poor's, would be represented by symbol aa2
four agencies rate a
24 H
cccl
z
In process of reorganization.
this column are based on the ratings assigned to each bond
by the four rating agencies—Moody, Standard, Fitch, and Poor's.
The letters indicate
the quality and the numeral Immediately foUowlng shows the number of agencies so
rating the bonds.
In all cases the symbols will represent the rating given by the majority,
for example, a bond rated Aa by Moody, A1 by Standard, AAA by Fitch, and A by
103X 106X
1
1959
either to rating status
89 H
110X
23 X
x
Cons s f 4s series B
Indicates those bonds we believe are not bank eligible due
provision in the bond tending to make lt speculative.
....
1959
Indicates those bonds which we believe
77 X
61H
5
*
98
110
103 X
24X
115
96
123
89 X
Utah Lt A Trac 1st A ref 58.1944
Vandalla cons g 4s series A..1955 F
101H 103 X
16
110X
United Stockyds 4Xs w W..1951
{♦Debenture 5s
♦
5s stamped
mx 112X
105uji109
«. — —
87
103 H
....
b
-
76
*110
87 X
z
z
m
73 H
y
The rating symbols in
9
x
3s debentures
Union Pac RR 1st A Id gr 4s.
Bank Eligibility and Rating Column—x
or some
z
85 X
95
106H 109
9X
»<•
13X
a
eligible for bank Investment.
Total.
this tabulation pertaining to bank eligibility
and rating of bonds.
See note a above.
New York Curb
2544
Exchange—Weekly and Yearly Record
aPtu 20, mo
NOTICE—Cash and deterred delivery sales are disregarded In the week's range unless they are the only transactions of the week and when
selling outside
of the regular weekly range are shown In a footnote In the week In which they occur.
No account is taken of such sales In computing the range for the year.
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
beginning on Saturday last (Apr. 13, 1940) and ending the present Friday (April 19, 1940). It is compiled
entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or
bond, in which any dealings occurred during the week covered.
In the
the week
Sales
Friday
| Last
SaU
Par
STOCKS
Price
Week
Range
t
of Prices
Low
High
for
Friday
Range Since Jan. 1,1940
Low
High
Par
1
Class B
1
$6
21
21X
300
21
Apr
2254
Mar
Bell Tel of Canada
100
120
121
30
120
Apr
Bell Tel of Pa 654% pf.100
Benson & Hedges com...*
114
114%
50
Mar
"l354
13
Berkey & Gay Furniture. 1
5 54
0
15,300
0
5%
400
14
354
354
1,700
.1,800
29%
29 X
100
ni«
54
70
%
70
654
Jan
354
3054
Apr
hi
Mar
"it
72%
Mar
7854
Apr
Apr
70 X
75
130
101
00
11
25
Class A conv com
184
100
116
preferred
Goods Mfg—*
750
10
Jan
20
Feb
138%
114%
Jan
Jan
Mar
Apr
Apr
Apr
Aim*
1,800
Feb
600
103%
Feb
48
Class A common
10c
B
preferred
Apr
154
Jan
Apr
Apr
Apr
Brazilian Tr Lt A Pow...*
Breeze Corp common
1
Brewster Aeronautical...1
OX
7%
1,300
6%
Mar
2%
2%
100
1%
%
Jan
254
Apr
Jan
hi
Jan
Mar
2054
"l9~
'id"
""166
he
2,300
17 X
72
•ii
Feb
hi
80
Mar
Jan
Jan
Mar
23%
Amer Cyanamld class A.
154
125
31 %
Jan
35
32
100
31
Jan
1,300
1
Mar
3354
154
31
1
Class B
33%
32
Jan
34
Jan
3954
1954
IX
1%
10
.10
"38 %
"38k
39k
l'6,36o
Amer Export LI nee com._l
is%
16%
%
19%
%
14
37
3%
30%
13,800
Class B n-v
Amer Foreign Pow warr...
Amer Fork & Hoe com...*
American Gas A
Elec...10
Amer General Corp com
35%
lOo
1
$2 conv preferred
"29^"
13%
35%
3%
29%
200
300
5,000
1,300
$2 60 conv preferred... 1
Amer Hard Rubber Co..50
Amer Laundry Mach_..20
Amer Lt <fc Trao com....26
6%
preferred
26
"l7""
1754
"l7"
"l9% ""256
17%
15%
18
900
1
Amer Meter Co
*
54
34
%
...*
2d
Preferred
%
30
30
12%
Feb
34
British Amer Oil coupon..*
16%
Mar
Apr
^
16%
Apr
Apr
A
Mar
Feb
14
Apr
3954
Jan
3%
Jan
Apr
Am dep rets ord reg.,10s
British Col Power cl A
*
25
Jan
Feb
11%
Jan
16
4
3154
3454
1954
Jan
Mar
Mar
*
18
Am dep rets ord bearer £1
18
300
Am dep rets ord reg...£l
1%
1%
100
'28% '34%
4^250
33%
3%
3%
500
4
Feb
34%
Apr
Apr
Apr
5%
18%
Feb
Feb
Feb
Bruce (E L) Co common..5
Buckeye Pipe Line
50
10
10
38%
38%
50
Jan
Buff Niagara A East Pow—
20%
1,200
16
*
com
16
100
100
16
9%
hi
65%
150
Mar
600
6154
11%
Mar
700
3%
1%
Jan
Feb
5%% pref shs £1
3%
3%
100
3%
100
Jan
Mar
2
Feb
18%
700
*1554
15
Apr
Calamba Sugar Estate..20
Callite Tungsten Corp.__l
17%
300
1%
11%
2%
2%
6,400
115
Jan
Canada Cement Co Ltd..*
Jan
Jan
Mar
Jan
54
10954
854
Mar
Bunker Hill A Sullivan 2.50
12%
12%
1,700
654
Mar
Burma Corp Am dep rcts..
1%
1%
100
•u
Jan
75
Jan
17
Jan
Apr
354
Feb
154
Mar
$1.00 preferred
25
$5 1st preferred
150
112%
Apr
hi
900
hi
Feb
54
20%
100
Jan
Burry Biscuit Corp. .12 54 c
Feb
Cable Elec Prod com...50c
"ii
Jan
154
Apr
1hi
Jan
1
Vot trust ctfs
350
60c
Am dep
254
Apr
Feb
254
Apr
7% partlc preferred...25
Feb
854
Apr
110
94%
Jan
Can Colonial Airways
1
Canadian Indus Alcohol—
100
5%
Apr
654
1,100
5%
Feb
654
Apr
00 X
400
%
Jan
Class A voting
19
19
11
1%
150
3%
18%
4%
IX
1%
"l8~"
3%
17%
4%
19%
5%
1%
3%
19%
hi
30,100
2%
2%
i»ii
"»•
8%
8%
8%
1
1
Carib Syndicate
54
Jan
Carnation Co common...*
554
Jan
Carnegie Metals
54
Apr
Carolina P A L $7 pref...*
$0 preferred
*
Class B
hi
Feb
Carrier Corp common
Apr
254
Apr
80
1
Products
Castle (A M)
12
2%
Apr
254
Jan
%
Jan
154
Feb
75
600
700
122%
Feb
Celluloid Corp common. 15
Jan
Apr
Apr
1554
Jan
754
Feb
3,500
11%
Mar
7%
10%
300
7%
9%
Mar
12
Feb
Jan
20
Jan
3%
1,400
122% 126%
4
4%
550
.
100
3
$7 div. preferred
*
30
32
1st
*
85
86%
70
13%
Jan
*
15%
15%
100
ht
partlc pref
19 %
Apr
Cent Hud G A E
Jan
%
Jan
Apr
6%
600
5%
5%
Jan
1%
6%
Jan
Feb
Cent Ohio Steel Prod
7% Mar
Apr
Feb
Apr
Mar
1%
...
4%
454
49,600
Jan
16%
1%
3%
Jan
4%
com
7% pf 100
Cent N Y Pow 5% pref. 100
46%
Ayrshire Patoka Collieries 1
"23X ~28%
6%
21%
13",300
42
Feb
3
150
Jan
19%
Jan
53
Jan
IX
1%
75
854
Jan
Mar
254
254
Jan
1
4%
754
Apr
Conv pref opt ser *29.100
3%
Mar
28 X
Apr
Co
5
Charts Corp common... 10
Jan
%
Apr
Chicago Rivet A Mach...4
700
%
Mar
%
Jan
Chief Consol Mining
Chllds Co preferred
8
82
Jan
117
Jan
83
Apr
Apr
Apr
10
Mar
Jan
%
2954
Mar
Cities Service common.. 10
4%
4%
5%
4,000
61 %
1,800
5%
200
*
*
60
5%
54
$6 preferred BB
Feb
80
13
Jan
8%
preferred
Cities Serv P A L $7 pref
$6 preferred
100
Clark Controller Co
6%
100
*
*
com
6%
X
hi
4
Clinchfield Coal Corp.. 100
42
6%
4
41
Jan
554
Mar
Apr
Feb
89
Jan
11554
Mar
82
Jan
110
Mar
1,000
42
56
Jan
754
Feb
Jan
654
Mar
1654
Jan
54
Mar
1,600
%
Jan
100
3%
Mar
950
Mar
Mar
5%
6%
16
Clayton A Lambert Mfg.
Apr
Feb
10
95
Claude Neon Lights Inc__l
Cleveland Tractor
54%
Apr
554
63 54
A*
1
Cleveland Elec Ilium
Jan
50
101
6%
4
Jan
10
54
54
95
*
City Auto Stamping
*
City A Suburban Homes 10
Mar
Jan
21*
$6
854
68
Jan
Mar
125
60c preferred B
Jan
950
Feb
6%
500
Jan
Apr
110
9%
Apr
Mar
100
"100
27%
7%
5%
6%
8%
16%
6
6%
U6% U6%
26%
Apr
Mar
Mar
Jan
Jan
Jan
U%
6%
116%
a80%
8%
26%
11 &
15
354
4%
100
Jan
Apr
100
4%
Strip
300
5%
Jan
Chamberlin Metal Weather
%
6,000
Jan
Mar
%
7%
115
Feb
Mar
Jan
Seellg Mfg—
Jan
Feb
%
54
1%
Mar
Apr
Jan
109
1%
7%
Feb
Apr
Apr
1054
5%
Jan
Mar
5%
10554
100
6%
%
IS
Jan
Jan
Feb
100
200
12
25
109
100
he
400
.
Jan
preferred
•n
5%
111
111
Apr
Feb
106%
97%
7%
preferred
6%
6%
200
1754
Feb
7%
Cherry-Burrell common..5
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
"Ludwlg"
""326
86 54
6%
Jan
5%
In"
103k
800
26 H
20
9
900
Apr
Beau Brummell Ties Inc..l
Feb
14
hi
Mar
"12% ~i~6% 66", 500
554
3454
Jan
Jan
hi
5%
Basic Dolomite Inc com._l
Apr
Jan
%
21%
9%
5%
9%
Jan
12654
3%
9%
102%
105
20%
69 %
hi
350
100
354
175
1
com
3,000
11%
Jan
Jan
2%
54
54
254
Cent States Elec
6%
23%
6%
10%
103%
1
Cent Pow A Lt 7% pfd 100
Cent A South West Util 50c
Conv preferred
45%
Feb
400
Cent Maine Pow
1
20
Apr
100
Mar
Jan
4054
54
Mar
Jan
Mar
10754
4
Feb
Jan
654
Jan
Jan
2%
14%
Jan
Feb
Apr
Feb
16
Jan
154
%
Feb
1,400
1,000
38
Jan
954
25
100 %
18
7% 1st partlc pref... 100
100
.
Jan
Feb
70
%
2%
6
Jan
1
13,400
8,000
300
8
12%
7%
Jan
25
For footnotes see page 2549
100
Mar
25
"~6%
Apr
4%
x-w
"ll%
Jan
1154
400
w w
U%
22
Jan
common.. 10
6%
Barium Stainless Steel..
1
40%
40%
%
%
106% 107%
10%
3%
23%
19
Celanese Corp of America
1
hi
~~6%
12
1
Mar
18
Apr
9254
*
1
5%
%
Carter (J W) Co common. 1
Apr
Apr
554
5%
1
com
Feb
Apr
254
Feb
.*
1%
4%
Feb
Apr
Apr
Mar
6%
*
Feb
68
1%
25
25c
Jan
Apr
354
1854
2,100
11%
1
hi
Feb
Apr
Mar
»
Apr
2%
Jan
Mar
22,800
25
9%
*
Class B non-voting
Marconi
Mar
%
2
Jan
Canadian Car A Fdy Ltd—
Canadian
Feb
Jan
5%
2%
2
6%
108
Cables A Wireless Ltd—
Catalln Corp of Amer
30
Jan
254
1%
7
68
com.
2254
Apr
4,000
Jan
Mar
1454
4.200
Mar
20%
Mar
Feb
Jan
101
Mar
2
99
2054
100
12%
1%
%
Casco
"28~ "
Jan
Feb
98
*
hi
*
Jan
1154
43
Camden Fire Insur Assn..5
Jan
113% 113%
1%
4%
Man
Jan |
28
4,800
%
Avery (B F) & Sons com.5
22
Jan
3%
Jan
"ii
Class A preferred
%
Automatic Voting Mach..*
Mar
Feb
22
4%
1
Beaunlt Mills Inc com..10
Feb
1%
Feb
Coast RR Co pref.-.100
Beech Aircraft Corp
Jan
22
100
Brown Fence A Wire com.l
Atlanta Gas Lt 0% pref 100
1
1X
36
*
Bath Iron Works Corp
Feb
68
Assoc Laundries of Amer *
5
20 %
20
Jan
%
32
0,600
com
Mar
4%
%
2%
Baldwin Rubber Co com.l
Bardstown Distill Inc
1
Apr
18%
Apr
Apr
{Brown Co 6% pref
18
Jan
%
Babcock & Wilcox Co...
Baldwin Locomotive—
Apr
2
2%
Aviation & Trans Corp
1
Axton-Flsher Tobacco—
Class A common
10
Jan
17
700
1
5
Apr
Mar
19%
2%
%
{Austin Silver Mines
Feb
Feb
British Celanese Ltd—
hi
Registered
Carman A Co class A
5
Feb
British Amer Tobacco—
50
2%
100
Automatic Products
1%
Jan
Apr
Class
Mar
800
3%
18%
Jan
.
1
6X
Assoc Tel & Tel class A...*
Atlanta Birmingham &
Apr
Jan
3
Brown Rubber Co
%
Atlas Corp warrants
Atlas Drop Forge com...5
Atlas Plywood Corp
*
3%
49
Apr
6%
1
29 %
Apr
Apr
Apr
Apr
2554
*
pref
*
...100
Brillo Mfg Co common...*
Capital City Products...*
£1
Atlantic Rayon Corp
1 %
300
..1
Atlantic Coast Line Co..50
2%
40 %
-
14 %
warrants
conv
0,500
38
{Associated Gas & Elec—
$1.50
3
2%
"2% "2% r~soo
Jan
Associated Elec Industries
Baumann—See
36
Feb
1
conv A
Apr
Feb
5%
$1.20
36
1%
5%
Barlow &
25
36
Feb
6%
preferred
30
Mar
Apr
8%
30 %
*
7%
Feb
17%
1%
98%
6%
Purch warrants for
6%
Jan
Jan
300
8%
Warrants
Mar
-
1%
2%
0% preferred
0% preferred
5
6%
he
hi
554
Feb
7
1%
7%
97%
Atlantic Coast Fisheries..*
Feb
Brown Forman Distillery. 1
$6 preferred
*
2%
common
1%
Jan
254
854
o
B
preferred
Mar
10
7%
6%
16%
"2%
Feb
4,000
5%
14%
..*
Apr
Apr
3,500
28,600
5%
15%
...100
Brill Corp class A
Jan
%
8%
Jan
Common cl A non-vot..*
V t
%
Formerly Eisler Elec
11354
Arkansas P & L $7 pref...*
Art Metal Works com
5
preferred
Jan
1854
1,100
Class A
5
1654
2954
2%
$5
200
Jan
2%
Option
Apr
200
%
Jan
Mar
""2k"
Common..
Mar
48%
6%
Mar
8%
Mar
Arkansas Nat Gas com...*
Amer deposit rets
Mar
31 %
Jan
Jan
{Arcturus Radio Tube._.l
1
2%
Apr
28%
6%
7
Jan
Apr
26
200
hi
7
1%
45
60
Jan
Feb
IX
15
Assoc Breweries of Can
Jan
Jan
Jan
Apr
6
85%
6%
1%
14%
Ashland Oil & Ref Co
44
Feb
40%
3,400
3%
10
27%
42%
6
14 %
*
preferred
27%
6%
19%
*
Appalachian Eleo Power—
0%
27%
1
600
Jan
1,100
7
'"l75
5% pf..5
...»
7
8%
12%
3%
preferred
2,100
43%
7
Mar
Jan
109"
12%
Apex Elec Mfg Co com...*
Feb
Apr
Mar
28 %
700
354
Angostura-Wupperman _.l
$7
1%
42%
4
12%
*
preferred
7%
50
17,500
6%
Bridgeport Gas Light Co.*
Bridgeport Machine
*
Apr
4
19%
100
%
11%
32%
1,700
1254
Anchor Post Fence
14%
40
200
%
*
preferred
4
16%
1%
7%
"H
es
Feb
•5
Am Superpower Corp com *
^ei
Mar
38
0
854
$0
13%
100
%
Republics
10
Amer Seal-Kap common..2
American Thread
500
14%
39%
hi
1,400
34 %
34
lOe"
Amer Potash <fc Chemical.*
1st $0 preferred
hi
Apr
Mar
Amer Pneumatic Service.*
American
46 %
18
15%
29%
29
100
Amer Maracalbo Co
Mar
08
"20 k"
Amer Mfg Co common. 100
Preferred
Jan
125
Jan
%
hi
31%
14%
31
225
Apr
Apr
45
0,200
1,800
Apr
Feb
136
Mar
Mar
hi
6%
7% 1st preferred
Class
25
Class A with warrants.25
1%
43
Bourjots Inc
Am Cities Power «fe Lt—
Class A
Jan
32%
8%
>ij
hi
Bowman-Blltmore com...*
Mar
54
4t%
1%
100
25
Mar
654
*
7% 1st preferred
Borne Scrymser Co
10854
2%
*
Corp_..l
r
*
110J4
$5 60 prior pref
Amer Centrifugal
..*
Jan
10c
Common class
1
$3 opt conv pref
Blumenthal (8) & Co
Bohaek (H C) Co com..
Mar
American Capital—
Mar
5%
4
18%
100
4954
754
114
Jan
Apr
Apr
*
common
50
108%
1%
6%
25
hi
14
<fc Machine Co com
1154
1754
1154
"45'
Jan
Blrdsboro Steel Foundry
21
Jan
"45"
hi
Bliss (E W) common
Blue Ridge Corp com
Feb
6%
39%
Feb
7%
93%
45
common..
Blauner's
19254
11854
High
17%
39
6%
$2.60 preferred
Jan
17
48
Blckfords Inc
Mar
Jan
*
28%
Purchase warrants
254
154
100
IX
100
Amer Box Board Co com.l
5,050
98
29%
1
com
Conv preferred
Feb
Jan
Feb
200
17%
8%
99% 104X
108
American Beverage com__l
American Book Co
100
125
192 X
114% 117 X
108
93
8X
100
100
preferred
21
184
Jan
1754
Aluminum Industries com *
Aluminium Ltd common.*
11
20 X
AUled Products (Mich)..10
$3
Bell Aircraft Corp com___l
Apr
Apr
Jan
14
1
Aluminum Co common—*
0%
6
1%
17%
104 % 105 X
94
94%
Investment
Aluminum
Jan
Jan
Jan
2
preferred
6%
4%
5%
10
2,400
354
A lies & Fisher Inc com..,
Alliance
Low
21 J*
0
106
pf.
21,300
3,300
Jan
Warrants
Gt Southern..50
32%
6%
Range Since Jan. 1, 1940
Shares
2254
...
Alabama
High
Feb
J Air Investors common..
Conv preferred
Alabama Power Co 17
Lots
19
Alnsworth Mfg common..5
Air Associates Inc com—1
Price
160
Bellanca Aircraft
A
Week
22
Supply Mfg—
Class
for
of Prices
21
Acme Wire Co common. 10
Aero
Week's Range
Sale
(Continued)
Shares
Sales
Last
STOCKS
Week
41
5
Jan
Apr
4854
Feb
6%
6%
2,800
5%
Jan
7%
Feb
2
2%
1,700
2
Jan
254
Mar
35
Volume
New York Curb
ISO
i
STOCKS
Friday
Last
(Continued)
|
Par
Club Alum Utensil Co
Sale
Price
*
Exchange—Continued—Page 2
Sales
Week's Range
t
of Prices
High
Low
for
Week
Range Since Jan. 1, 1940
STOCKS
Last
Sale
(Continued)
Shares
High
Low
Par
3
Jan
3*4
Cockshutt Plow Co com..*
5*4
Apr
6
Feb
7*4
Feb
8*4
Jan
1*4
2*4
4*4
Jan
Jan
Fldello Brewery
1
Fire Association (Phlla) 100
Florida P A L $7 pref....*
6)4
Apr
Ford
Price
SaU
Week's Range
of Prices
High
Low
for
IK
3)4
IK
200
5 H
4)4
6*4
4*4
warr.
4K
5K
Apr
Apr
1,200
4*4
Mar
Colt's Patent Fire Arms.26
80 X
79K
80H
400
71*4
Mar
100
69
69
69 K
175
64
1
2
2
2*4
4,900
6%
conr preferred
Colorado Fuel A Iron
£1
4*4
400
Mar
83
Jan
Jan
70*4
Feb
Feb
2*4
Jan
Columbia Gas A Eleo—
Columbia Oil A Gas
1*4
Commonwealth A Southern
K
»»
H
7,100
»u
Jan
*4
IK
IK
100
47 K
1,175
Jan
Feb
Jan
Mar
44 K
1*4
40*4
1*4
46
47*4
Apr
37
36
37
Jan
37*4
Jan
Feb
K
Apr
Dtstribution_.l
K
550
34
100
K
•i«
Com ik) Shoe Mach—
1
Vtcextto 1046
15H
15 H
200
16 X
15*4
Apr
18
Feb
Conn Gas A Coke Secur—
S3 preferred
Consol Biscuit Co
•
1
4K% series B pref
118
1»
1!
Coasol Retail Stores
100|
10
preferred
Consol Royalty Oil
Consol Steel Corp com...*
Cont G A E
334
Apr
3 H
Jan
83*4
100
119
300
550
334
3)4
600
3
1
10
95
I
""760
~5*4
*4
IH
Th
400
30
98
J»n
Mar
8*4
Jan
10*4
Jan
Mar
10*4
Jan
Apr
Jan
Feb
30
600
K
Jan
600
1*4
Feb
Jan
77*4
50
71*4
2
9,800
13*4
-
900
4*4
70
1*4
Jan
2 *4
9
Feb
13*4
Feb
Feb
Feb
7*4
Jan
19*4
Feb
22*4
Apr
4*4
Mar
6*4
Jan
*1.
500
T660
600
IK
400
*4
Jan
Apr
1*4
Apr
Apr
1*4
Jan
3*4
Mar
4
4)4
"ie"
30)4
6*4
"yik
30)4
7
200
'""556
100
1,900
8*4
$6
preferred
conv
6% preferred A
*4
19)4
1*4
1*4
500
62
Preferred
*
Gilchrist Co
1*4
Feb
Feb
22 *4
Apr
Jan
8*4
Feb
2*4
Jan
Goodman Mfg Co
112
Feb
Gorham Inc class A
7
Feb
Jan
Jan;
4
Feb
Alden Coal
Class
B
preferred
S3
98
Gorham
19*4
Jan
Gray Mfg Co
32
Feb
Apr
Jan
Apr
Fab
8
Jan
5
Apr
Feb
1*4
Feb
14
Feb
27*4
Feb
Feb
98
Apr
1*4
Apr
2
Jan
Non-vot
48
7*4
32*4
7%
1st preferred
100
Gt Northern Paper.
Greenfield Tap A Die
25
1*4
1*4
1*4
2*4
Mar
*4
Mar
1*4
Jan
Apr
~9*4
9)4
6
6
1,700
100
9*4
10)4
600
Jan
Hartford
•Jan
"9*4
10
Apr
28
Jan
Hartman Tobacco Co
1*4
Apr
1*4
Apr
Mar
13*4
Jan
9*4
Jan
Mar
7*4
Apr
Haxeltlne
9*4
Apr
12*4
Jan
Mar
6*4
Mar
Mar
69
67
Mar
70
29)4
29)4
100
1*4
1*4
76*4
1*4
2,100
IK
Jan
25
71)4
Mar
1*4
77*4
Apr
76*4
*4
Mar
lk
Jan
Jan
2*4
7*4
Jan
Mar
Feb
12*4
Jan
50
1*4
"10*4
"Ik "I*4"
7*4
10*4
7*4
12
TMo
100
1,400
1*4
6)4
10
3*4
62*4
21*4
"37
78
Jan
Mar
Class
Mar
110
Apr
Heller Co
8*4
110
100
Jan
Feb
50
14 k
28*4
300
25*4
7*4
9*4
400
6*4
Jan
8*4
Mar
75
15*4
27
106*4
Feb
10*4
Apr
41
Mar
1"1*4
91
Feb
Mar
7*4
48
Apr
Jan
4*4
Apr
0*4
Apr
8
Jan
32 *4
Apr
11*4
Apr
Apr
104
Jan
Feb
Apr
Mar
Mar
9
600
98
*u
Feb
1*4
Apr
15*4
28*4
Apr
25
Feb
7*4
11*4
Mar
Jan
Apr
49
1,700
7H
Jan
700
2*4
Apr
39,200
14 k
Jan
Mar
22
25
40
"35*4 "37 k"
~4~900
10*4
29*4
13*4
33
2,000
1,600
"Hi
'moo
Jan
135
Jan
225
1,450
10*4
2*4
128*4
Apr
114
49
44
"Too
8*4
300
6*4
10*4
2*4
25
H
34
Mar
39 *4
Mar
111 H
111*4
Apr
114*4
5)4
Feb
14
Apr
Apr
27
Mar
Jan
70*4
1
33
Apr
Apr
1*4
Jan
Jan
K
Feb
1*4
Jan
8*4
Apr
Preferred
Heyden
...10
1
Chemical
24*4
Mar
100
8*4
Apr
Mar
10V4
1*4
Apr
K
Mar
24
Apr
24
Apr
Horn (A C) Co common.. 1
4*4
17*4
Jan
Horn A Hard art Baking..*
Jan
Horn
354
1*4
5*4
Feb
Jan
Feb
2*4
Apr
Feb
5*4
Apr
7*4
Jan
4*4
Jan
14
Apr
8*4
Jan
12*4
Apr
200
11*4
80*4
89*4
850
67
20*4
21
600
kO*4
10
1,600
'10*4
10*4
12*4
9
13
800
13*4
10*4
13M
3)4
3*4
800
100
Hormel (Geo A) A Co com*
Mar
16
Jan
21 k
86*4
20*4
Holophane Co common..*
900
3)4
Jan
Jan
Jan
Mar
11
27*4
Mar
Jan
27
Mar
13
91
Apr
Apr
22*4
Apr
Participating class A_.
Hewitt Rubber common..5
Feb
Apr
Jan
25
ex-warr
1,600
4*4
16*4
500
Jan
2*4
Henry Holt A Co—
22H
4
12*4
29
17 k
8*4
20*4
21
16*4
13
800
Jan
Mar
20
5
16
3,500
2
w w
10
1
6*4
501
6
25
common
Preferred
Holllnger Consol G M
4
6*4
19
11*4
Hoe (R) A Co class A
2,975
*
19
....
Mar
9*4
Economy Grooery Stores.*
Eisner Electric Corp
.1
8
11
A
Mar
24
Holt (H)—See Henry
Border'8, Ino
5%
A Hardart
Jan
Jan
10
Jan
Mar
12
Jan
Mar
14
Jan
14*4
'34*4 "*34*4 "35"" """i25
6*4
60*4
6*4
18,700
Mar
8 k
Jan
61*4
600
65
Mar
Apr
Hubbell (Harvey) Inc
Humble Oil A Ref
*
59)4
67)4
68*4
3,800
62
Mar
64 *4
73
Apr
Hummel-Ross Fibre Corp 6
6*4
17
20
Jan
Jan
SHuylere of Del Ino—
14
14
300
12*4
Jan
1
1
300
K
Mar
20
14*4
Feb
35
Feb
Jan
120
33*4
110
Jan
35*4
111*4
Mar
19*4
Apr
3
Feb
100
14
Jan
2,200
12,300
58
3*4
Apr
Jan
Apr
Hussmann-Llgonler Co...*
500
12*4
1*4
Mar
""1*4"
15*4
1*4
111*4 HI K
18*4
18*4
69
62*4
Feb
Jan
Apr
120
3)4
-.100
preferred
7
9*4
12*4
Jan
Mar
29*4
•
6*4
60*4
67*4
*
1
.....
150
1*4
Apr
3*4
6
*4
*4
8*4
8*4
8*4
79
Feb
Jan
70
Mar
62
Apr
70
Mar
100
63*4
Jan
71*4 Mar
125
65*4
Jan
72
Mar
25
Jan
26
Jan
Illinois Zinc Co
Mar
11
Jan
Illuminating Shares A
60
60*4
100
100
62
63
20
65*4
66
65*4
65*4
65*4
100
66
Apr
Empire Power part stock
8*4
10*4
500
K
*4
2,800
K
24*4
24*4
4*4
625
23*4
1,600
Eureka Pipe Line com..50
1
10*4
Falrchlld Eng A Airplane. 1
5*4
10*4
5*4
11*4
6
10
1
13*4
5
For footnotes see page 2519.
10
26*4
1
26*4
13*4
6*4
15
6*4
4
5
2*4
45*4
3)4
2*4
46*4
4%
20
30*4
6,700
9,600
7*4
11,600
preferred
60
•i«
Feb
25*4
Mar
Apr
Imperial Oil (Can) coup—*
Jan
31
Mar
4*4
Mar
12*4
6*4
Jan
Feb
600
7*4
Jan
10*4
200
23*4
10*4
Jan
28
Jan
15*4
Apr
Apr
Mar
Feb
7
Apr
Jan
Registered
68
Jan
Feb
7
Apr
*4
7*4
8*4
Jan
Jan
2
Jan
Apr
2*4
Jan
29
Jan
5*4
2*4
Mar
22*4
4*4
Mar
Apr
60*4
29*4
Imperial Chemical Indus—
Am dep rets regis
£1
5*4
200
Mar
4*4
6*4
4
6*4
Jan
2,400
6
conv
Dlv arrear ctfs
Feb
26,200
200
6%
Apr
23*4
9*4
1,500
100
Hydro-Electric Securities
Hygrade Rylvanla Corp..*
Illinois Iowa Power Co—*
Hygrade Food Prod
4
50
*
64
4
100
»
63*4
"24*4
300
1
7% pref stamped
100
7% pref unstamped. .100
Mar
100
1
600
Common
Jan
Jan
Empire Dlflt El 6% pf 100
1
k
8*4
8*4
Jan
Empire Gas A Fuel Co—
10
7
1*4
29*4
23
125
28*4
10*4
6*4
14
77
28*4
28*4
*
23 K
"Ik "ik
Rube ostein
55)4
19
Metallurgical
Helena
25c
Jan
23
Fedders Mfg Co
Jan
Apr
k
50
Hecla Mining Co
31
Apr
preferred
conv
Feb
$6 preferred aeries B__.*
Fansteel
6%
2*4
15
Fanny Farmer Candy
700
2,000
Jan
27
42*4
17*4
50
Brewing
4,100
...
625
3,800
2,125
Equip..5
Eaulty Corp common..10c
6*4
32*4
11*4
Hearn Dept Stores com.
Mar
Apr
Corp
1,900
1*4
Emsco Derrick A
Jan
Apr
7*4
"T
1
non-vot common
334
9*4
Falrchlld Aviation
B
52*4
24
15
81
69
Co....1
2*4
19*4
Elgin Nat Watch Co
Jan
Apr
Feb
*
51)4
23*4
Falstaff
Harvard Brewing
Apr
27)4
107*4
"l*4"
1
IK
Haverty Furniture conv pf*
Mar
7*4
4*4
*
com
Jan
Jan
26 X
104
Jan
'u
"22*4
Hartford Rayon v % C....1
Apr
$7 preferred series A...*
warrants
Jan
128*4 129
"47*4"
Light....26
Apr
69
Eastern Malleable Iron..25
S3 conv preferred
10
Paper..
Elec
Hires (Chas E) Co
Electrographlc Corp
Apr
40
"111*4 112" """"56
10
East Gas A Fuel Assoc—
Electrol Inv v t
Apr
1
107*4 107*4
27
33
26*4
29)4
•
Elec P A L 2d pref A
Mar
48
Jan
Mar
1*4
Hammermllj
22
Durham Hosiery cl B com *
preferred
1
*11
11
Jan
67
100
*
90
Jan
26
preferred
Feb
5*4
.100
preferred
Mar
Mar
Hat Corp of America—
8H
preferred..... 100
Esquire Inc
56
18)4
13
9k
Dominion Tar A Chemical*
Elec Bond A Share com..5
At»
Apr
*11
65
1'9
25
25*4
Dobeckmun Co common.I
Easy Washing Mach B
Tu
Jan
*4
4*4
6*4
6*4
102
Gypsum Lime A Alabast.*
Hall Lamp Co
...6
26*4
reg—£1
Eastern States Corp
75
1
100
...»
>•4
Apr
48
2*4
700
4*4% prior pref.....100
0% preferred.
100
Apt,
87*4
5*4
40*4
48
Grocery Rts Prod com..25c
Grumman Aircraft Engr. .1
300
10
Apr
Feb
98
10
9*4
1*4
20*4
Eagle PIcher Lead
16*4
32
50
Jan
200
300
•
1*4
Duval Texas Sulphur
Jan
Feb
*ii
Mar
7*4
9*4
*
1*4
Duro-Test Corp common. 1
13 k
25
38
90*4
0*4
10
stock
com
1*4
Dubllier Condenser Corp.l
Mar
Great Atl A Pac Tea—
16
Mfg common.. 10
1*4
1H
*
10
15*4
100
90*4
7*4
Grand Rapids Varnish..
1
600
40*4
98*4
15*4
Det Mich Stove Co com..l
"1*4 "IK
Jan
Apr
13*4
9 k
Gulf States Utll $5 50 pf
100
Jan
1*4
103*4
40*4
preferred
Gulf Oil Corp
10
Jan
Mar
100
»
Jan
10
Jan
1
72*4
*
Apr
Diamond Shoe Corp com.*
325
60
17*4
300
41
87
78
35
*
Jan
Jan
*4
*
Godchaux Sugars class A.*
Feb
4*4
19
17*4
6*4
Jan
Feb
Apr
<"8
Goldfleld Consol Mines.. 1
Apr
Glen
11*4
20
65
*
Jan
29
Jan
19
27*4
Apr
Apr
Apr
Feb
400
Gladding MeBean A Co..*
Jan
Jan
Feb
De VUblse Co common..10
800
30
K
1
Jan
500
150
16*4
100
com
Mar
Driver Harris Co
32
»»•
preferred
*
Georgia Power S6 pref—.»
55 preferred
*
Gilbert (A C) common
*
9*4
Draper Corp
100
32
S3
16*4
Dominion Steel A Coal B 26
13)4
*
100
Dlvco-Twln Truck com.. 1
200
1,000
100
Distilled Llauore Corp...5
Distillers Co Ltd—
1*4
lk
17*4
10
326
13 H
15
.....
11
preferred
39*4
1*4
Common
Guardian Investors
"20"
19*4
Apr
Apr
General ShareholdlngsCorp
17*4
Detroit Steel Prod new. 10
125
10
Feb
84*4
"~i~k
20
100
11
Detroit Paper Prod
32*4
H
1
4*4
*4
18
100
W....20
Detroit Gray Iron Fdy. —1
zll*4
20*4
87*4
7*4
6*4
w
Jan
"k
S7
1*4
Jan
17*4
25*4
14*4
Apr
50
87 *4
7
0*4
9*4
100
Gen Outdoor Adv 6% pf 100
2*4
4k
Jan
Apr
200
Gen Pub Herv $6 pref
*
Gen Rayon Co A stock...*
18
111
1*4
16
2,000
'e<
Gen Water CAE
1,100
8)4
Jan
11
19*4
1
*
Apr
Apr
5,700
1*4
Mar
General Tire A Rubber—
k"
*4
preferred
Feb
Feb
4)4
22
1
12*4
28
15*4
Warrants
5 K
*4
1*4
1*4
$6
IS
25
*4
K
1H•
71K
*4
Derby OH A Ref Corp com*
A conv preferred.
*
Detroit Gasket A Mfg
1
Gen Gas A El 6% pref B.*
Investment com.l
6*4
H
1*4
7*4
19 H
6% preferred
634% preferred
7% preferred
8% preferred
Feb
69
preferred.......100
General Alloys Co
..*
Jan
1*4
50
c
Apr
Gen Electric Co Ltd—
900
*4
A com..5
8% debenture
Option
Apr
50
5%
Jan
5*4
1
Stores
16
17
Mar
Feb
hs
85*4
conv preferred... 100
Mar
"1*4 "2*4
1
S3 prior pref
4%
1*4
Jan
Apr
7
35
conv
$5
Jan
Apr
.
Gamewel) Co S0 conv pf..»
Gatlneau Power Cooom..*
39*4
3*4
5*4
12 *4
25c
Dayton Rubber Mfg..
Common
17)4
12
19*4
38*4
1
Jan
Jan
90
100
2,300
Cuneo Pree« 6 >4% praf. 100
Curtis Mfg Co (Mo)
6
preferred
Apr
36)4
19*4
25*4
*
Apr
Jan
7% conv preferred
25
Crystal Oil Ref com
...»
S3 preferied
......10
Cuban Tobacco com
*i
Decca Records common.. 1
Feb
120
Fuller (Geo A) Co com
S3 conv stock
20
28
Crown Cork Intemat A..*'
7%
14*4
15*4
Jan
25)4
14*4
10*4
1
94)4
Mllner A Co—*
Darby Petroleum com...5
Davenport Hosiery Mills.*
Feb
Apr
Common
Conv partlo pref.....15
Fruehauf Trailer Co
1
General
~~7~K
Crown Cent Petrol (Md).6
Duke Power Co
1,700
150
Jan
Apr
1
Croft Brewing Co
5*4%
Mar
3)4
100
Feb
4*4
Am dep rets ord
113
Jan
1
1*4
6*4
"20*4
7%
Jan
2*4
16
97*4
4%
6% preferred
96*4
1
Feb
22 a
Dennlson Mfg el
"""356
16
Mar
...5
Dejay
Feb
Amer dep rota... 100 frcs
Mar
Crocker Wheeler Eleo....*
A
70
Fox (Peter) Brewing Co..6
Froedtert Grain A Malt-
1*4
£1
Ltd
16*4
4)4
7
60
6% conv preferred
15*4
Jan
1*4
29*4
.....
*
preferred A
Cosden Petroleum com..
*
93 K
...*
Corroon A Reynolds
Clasa
3
Class B voting
700
10
Crown Drug Co com
Mar
Mar
2,200
107*4
15*4
200
10 H
Crowley
2*4
14*4
1*4
9K
Creole Petroleum
2*4
*
6*4
97
9H
Courtaulds
Toe"
Mar
9H
*4
67*4
3,200
Class A non-vot
534
97
9*4
S6
£1
Amer dep rets ord reg.£l
Gen Flreprooflng com
*
9*4
Copper Range Co
*
Cornucopia Gold Mines 5o
117
1*4
com...*
S3 prior preference
Jan
32*4
Cook Paint A varnish....*
Cooper-Bessemer
36 *4
H
*4
Motor Co Ltd—
Am dep rets ord ref
IK
97
"5*4
1
Cont Roll A Steel Fdy...*
2*4
78*4
IK
7% prior pf 100
Continental Oil of Mex
700
1,500
29 K
Consol Mln A Smelt Ltd..6
Feb
45
2*4
82*4
2K
81
100
Utilities
Mar
44
"1*4
Consol G E L P Bait com.*
8%
1940
High
Ford Motor of France—
Warrants
Community P A L $8 pref •
Community Pub Service 25
Community Water Serv.. 1
Consol Gas
Fed Compress A W'h'se 25
Low
Ford Motor of Canada—
6% preferred
Commonw
li
Range Since Jan.
Wee
Shares
Flat Amer dep rets
Cohn A Rosen berger Inc.*
Colon Development ord
3*4
500
2545
Friday
Jan
Mar
5*4
Jan
10*4
Apr
Apr
*4
10*4
Feb
10*4
Feb
2*4
3
47*4
4
K
30 k
7*4
7*4
63*4
6
Jan
Feb
Jan
Apr
Apr
Apr
Apr
Mar
Mar
Jan
10*4
2,600
10*4
300
11*4
Imperial Tobacco of Can.5
10*4
10
10*4
*
UK
700
11*4
Apr
13*4
Jan
Mar
Feb
24*4
Feb
1,000
21*4
5*4
7*4
Mar
10
12*4
12*4
Jan
Jan
Imperial Tobacco of Great
Britain A
Ireland
Indiana Pipe Line
Indiana Service
7%
preferred
£1
7*4
17*4
10
6% pf .100
100
18*4
17*4
7*4
19*4
19*4
140
10
Mar
22
140
10*4
Mar
21*4
Apr
Apr
Last
Week's Range
for
(Continued)
Sale
of Prices
Par
Price
110 54
'
Low
High
Low
Shares
Par
Hihg
110x HI
100
109*4
Mar
113
Jan
200
*4
Mar
1
Feb
1
Feb
82
1
X
Jan
V t c common
1
7i<
Jan
preferred
-—100
10
B
7%
Insurance Co of No Am.
11
72*4
21)6
11X
275
72X
73*4
21*4
1,160
21X
300
*4
Mar
10 %
60
Pref 83.60 series
11*4
IX
400
1,600
IX
IX
Indus A.
A Pow warr
International Petroleum
8
8
25
~~4x
2*4
5
169,100
.*
15*4
15H
Internat Metal
Internat Paper
Coupon shares
Registered shares ...—*
International Products.
Internat 8afety Razor B
International Utility—
Class A
—*
Class B
1
Vitamin—1
Interstate Home Equlp._l
Interstate Hosiery Mills..*
Interstate Power 87 pref.*
5
4%
1
X
8*4
7,300
600
6
Apr
Midwest Piping
Apr
800
X
ZOX
8*4
~3~X
3*4
8*4
200
31
3*4
9*4
"3*4 ~~4X
2,200
2,600
""i50
400
16X
15X
700
10
2X
2X
1,800
IX
2X
&
12*4
5
Jan
Apr
Feb
Feb
4*4
Jan
5*4
Apr
*4
Jan
1*4
Apr
Apr
9*4
Mar
IX
100
30*4 Mar
3
Jan
3 X
0%
2X
IX
X
25 X
6X
200
6
200
ht
Jan
7n
4*4
4*4
3*4
Jan
8,000
Feb
4*4
4*4
Feb
10
6*4
6
6*4
2,100
5*4
Feb
0*4
Apr
17*4
Apr
21*4
Apr
Mountain Producers
Feb
Murray Ohio Mfg Co
*ii
Jan
Jan
2X
Feb
95*4
lOO
109
36
Apr
Mar
Mar
Mar
7X
6X
112*4
Jan
Mar
Mar
Mar
Mar
Apr
7%
preferred
53 conv preferred
60
National Container (Del).l
National Fuel Gas
*
National
Oil
National Refining com
Nat Rubber Mach
*
l6i«
Mar
Kelin (D Emll) Co com..*
13X
Jan
15
Klelnertd B)Rubber Co. 10
10
Jan
10*4
8*4
Jan
Nat Tunnel &
6X Mar
1
Kobacher Stores Inc
*,
Koppers Co 6% pref...100
Corp common
88X
85
Jan
88*4
75
-88X
Jan
National
30
55
Feb
75
Nehi Corp old common...*
New wi
.....*
Apr
16*4
Feb
Mar
Apr
6*4
X
Feb
preferred
100
preferred
*
New England Tel & Tel 100
5X
Apr
6
Feb
New Haven Clock Co..
2"
Apr
3
Mar
12X
600
Tix
20"
25
IX
*
~20X
"156
IX
100
Jan
Feb
1*4
9X
Jan
10 X
11X
Jan
18X
1
New Jersey Zinc
Jan
New Mex A Ariz Land
Apr
Mar
200
12 X
Apr
13*4
Mar
9X
9X
4,300
9X
Jan
10*4
Jan
1
IX
IX
1,700
42
41X
39
42
39X
200
39
125
2X
2X
200
5*4
5*4
2,100
Feb
39X
36X
Mar
1*4
48*4
Jan
Mar
44 *4
Jan
Jan
106*4
2
21
Jan
25
Jan
10
20
28X
100
24
X
he
4,600
Manatl Sugar opt warr...
IX
X
IX
5,000
IX
200
IX
25
IX
Jan
25
X
Jan
29*4
X
ht
Mar
7i<
Jan
Feb
1*4
1*4
Apr
Jan
10
39
Jan
Apr
Apr
*
Massey Harris common..*
Master Electric Co
1
3X
"~3X
35X
Feb
3X
"~3*4 ~~~4X
"800
1,700
21X
3X
34%
37
Jan
4*4
Apr
Feb
Jan
Mar
2*4
Jan
5
Jan
Jan
37
Apr
*
2
..*
162
2
100
IX
7%
8X
900
7X
110
162 X
165
162
500
16X
4X
17
3X
3X
900
4*4
"l7*
1
27
Participating preferred.*
Merrltt Chapman & Scott *
125
28
3X
100
3X
300
4X
3X
25
64
64
25
Jan
Mar
3X
63
"ie
104
Apr
Middle West
3*4
Corp com..6
~8X
For footnotes see page 2519.
1*4
3*4
7%
preferred
Jan
109
Mar
Mar
Ohio Brass Co cl B
Jan
Jan
Feb
Jan
com
*
20
104*4
Jan
22*4
7,000
12*4
Feb
22*4
Apr
03*4
Apr
1,100
5*4
Jan
105*4
7*4
Feb
7*4
26*4
100
21*4
Jan
5*4
7,700
4*4
Feb
5
5
325
91
Ohio Power 0% pref
Ohio P 8 7% 1st pref
Apr
Jan
6*4
Jan
84
Mar
92
Mar
Jan
87
Apr
»U
Feb
7i.
he
500
13«
Jan
*4
54
200
X
Apr
4*4
4*4
4*4
900
4*4
Mar
94*4
Feb
5*4
99*4
1,400
57*4
Jan
70
8*4
Jan
9*4
Mar
~67~~
67
70
1
Feb
100
IX
100
X
Mar
1*4
Jan
4*4
300
4*4
Jan
5*4
Jan
•i«
Mar
1*4
Jan
73*4
Jan
Feb
103*4
26*4
Mar
23*4
Apr
26*4
Jan
52
Feb
1
.......
*4
1
xie
10
1
Jan
Overseas Securities
*
107*4
Apr
115*4
9*4
Apr
Apr
Mar
15*4
Jan
Jan
21
Apr
Apr
37
14*4
2,900
21
100
16*4
34*4
22*4
600
34
19*4
Jan
34*4
22*4
22*4
125
11
107
106*4
115
106*4
115
115
"350
7*4
19*4
5
7*4
20*4
49*4
116*4
4
49*4
49*4
115*4 115
2*4
3*4
8
8
Feb
Jan
12*4
"34*4
Mar
Jan
1,900
21
12*4
Jan
3*4
Jan
113*4
9*4
190
*11
106*4
6*4
105*4
9
Apr
100
105*4
113
9
24
Jan
11054
Jan
Apr
Mar
98*4
113*4
Jan
107
30
Feb
116*4
Feb
Feb
116*4
Mar
Jan
10854
100
112*4
106*4
7*4
Feb
8*4
Apr
1,600
18*4
Jan
21*4
Apr
46
Jan
50
Mar
100
preferred
50
85*4 conv prior pref...*
Oldetyme DlstUlers
1
Feb
Apr
1*4
100
83
Feb
4*4
rnmmtmmm.
*
Jan
29
x73
88*4
88*4
Ohio Edison 80 pref
*
Ohio Oil 6% preferred-.100
Omar Inc
9*4
Jan
106*4
6*4
25*4
100
Jan
Mar
Mar
118*4
20
21*4
NorIndPubSer6% pf.100
4*4
7X
Jan
9*4
Jan
Jan
Feb
1*4
2,400
28*4
Jan
2*4
*4
«u
Apr
Apr
Jan
Mar
6*4
Mar
3*4
20*4
24
Feb
X
Jan
Apr
7*4
114*4
49*4
*4
Mar
800
Jan
1*4
26
20
310
Apr
Apr
Apr
Feb
Feb
200
Mar
3X
2
200
Oilstocks Ltd common
500
Feb
250
21
116*4
106*4 106*4
Oklahoma Nat Gas com.15
4*4
Feb
a7n
Jan
3*4
"300
1
50*4
Jan
1,500
9
700
24
*4
"3~300
8*4
1*4
50*4
aht
108*4
6*4
»ie
Apr
24
Feb
"l*4
X
1
Jan
15*4
65
50*4
Engineering..*
Novadel-Agene Corp
*
Middle States Petroleum—
1
6*4
Jan
Apr
24
prior pref erred.. .50
Feb
X
Mar
12
59*4
700
»u
5*4
IX
10
5
Jan
300
20*4
Northwest
8
Apr
97*4
Jan
5X
X
4X
135*4
24*4
OUver United Filters B
7n
ht
Jan
94
1,900
»
Jan
124*4
23*4
30*4
4*4
42*4
25 *4
95
Jan
Apr
76*4
24
6% 1st preferred
Michigan Bumper Corp._l
Michigan Steel Tube..2.60
Michigan Sugar Co
*
""56
Feb
Feb
»
preferred
4
*4
Jan
05
80
Apr
3*4
Apr
Apr
13*4
1,000
Nor European Oil com___l
Jan
40
......
550
Nor Central Texas Oil...6
Mar
1*4
30*4
North Amer Rayon cl A..*
Class B common
*
Jan
X
300
25c
15
Jan
3,800
1,050
Feb
67
Jan
Apr
l
Northern Pipe Line
10
Northern Sts Pow cl A..25
Jan
Apr
1
Mar
Common
Jan
Apr
Apr
Feb
Jan
6*4
1,200
116
1
9*4
170*4
2X
X
1
new
5
2*4
4*4
6
Nor Amer Lt A Power-
18
Mar
X
100
Apr
Apr
30*4
11*4
Mar
5*4
Corp B1
Feb
15
Warrants
v t c
Nineteen Hundred
0%
Memphis Nat Gas com..5
MercantUe Stores com...*
Class B
5
common
No Am Utility Securities.*
McCord Rad & Mfg B
*
McWUilams Dredging...*
t o new
Class B
*
2%
2X
3 X
50
400
Jan
Feb
14*4
14*4
64*4
.
100
300
50
11*4
69
117
70
Jan
.....
Class B opt warrants
Class A preferred
17
1*4
30*4
135*4
5
"lX
Class A opt warrants
Nlles-Bement-Pond
Feb
Feb
Niagara Share—
Jan
May Hosiery Mills Ino—
v
10
Noma Electric
1
Class A
Common
Mar
15
Jan
Niagara Hudson Power-
10
29
12*4
Feb
14*4
62*4
14*4
6
39
Jan
Mar
100
Niplsslng Mines
Margay OH Corp
Preferred
1
preferred
Jan
Communlca'ns ord reg £1
Metropolitan Edison—
86 preferred
5*4%
Feb
Marconi Internat Marine
__
Founders shares
z\H
25X
Mar
New York State El A Gas—
10
39
*
ManlscbewitzlThe B) Co.*
Mapes Consol Mfg Co
*
$5 conv preferred
Mesabl Iron Co
*
6% 1st preferred....100
5% 2d preferred.....100
Jan
Mass Utll Assoc v t c
135
N Y Water Serv 6% pf.100
Mar
25
Jan
*4
12*4
1*4
*4
Apr
1*4
500
Corp—
New York Transit Co
1
6*4% A preferred.
preferred
Mar
103
Metal TextUe Corp
Partic preferred
80
2*4
28X
8*4
600
10
6*4
X
L800
*4
24*4
"68*4"
N Y Pr A Lt 7% pref..100
Jan
100
100
Lynch Corp common
5
jMaJestlc Radio & Tel-.l
Jan
Jan
Warrants
Feb
Louisiana P & L 80 pref..*
Marion Steam Shovel
1*4
30*4
11*4
67*4
3*4
IX
Ludwlg Bauman A Co com*
Merchants & Mfg cl A
1
5
Apr
Apr
Apr
Conv 7% 1st pref
Conv 7 % 1st pf v t c.
Mar
N Y City Omnibus—
Apr
13X
100
8*4
1*4
New Process Co
N Y ShipbuUding
Common
Feb
Jan
Jan
N Y Auction Co com
13X
0% pref class B_.
100
Loudon Packing
Louisiana Land A Explor.l
11*4
33
Mar
Long Island Lighting-
preferred
25
N Y Merchandise
9*4
6*4
54 X
Apr
N Y & Honduras Rosarlo 10
..5
Jan
Apr
Mar
Mar
5
New Idea Inc common...*
Jan
"l2*4
82
Jan
Loblaw Groceterias cl A..*
Class B
*
Mead Johnson A Co
6%
44
9*4
3*4
44
*4
IX
Nestle Le Mur Co cl A.
Mar
Feb
1,600
1st preferred
15X
6X
X
31X
25
5*4
1*4
700
900
4*4
30*4
33X
Feb
5*4
49*4
11*4
100
100
.
Apr
2*4
100
3% cum 4%non-cum.l00
New Engl Pow Assoo
*
32
3*4
100
300
Nevada Calif Elec
X
35*4
12*4
16*4
22*4
Jan
Jan
3*4
*4
Jan
Jan
97*4
Feb
4*4
0*4
Apr
ht
Mar
*4
12*4
1,700
Feb
Apr
88
4*4
6*4
80
X
3*4
40
550
96
Jan
Jan
ht
Jan
Jan
Apr
Jan
X
13*4
Apr
"166
12
13*4
Feb
200
Apr
"43"
9*4
60
Nelson (Herman) Corp..
Neptune Meter class A...*
com.
Jan
12
12*4
43
900
3X
Mar
17*4
47
Mar
3,200
2,400
200
1,100
Jan
Jan
Feb
14*4
100
11*4
13*4
4X
4,700
1,600
17*4
46*4
68
25*4
4*4
5X
Feb
Feb
13*4
Mar
2X
Jan
11*4
Mar
65
17 X
5X
31
20
13*4
2,100
2
220
65
18X
5*4
27*4
§NebeI (Oscar) Co com.
Nebraska Pow 7% pref. 100
Apr
17X
2
Apr
*
17 H
Upton (Thos J) class A..1
84
1
Apr
*
Mangel Stores
Corp
Apr
Mar
Langendorf Utd Bakeries—
Class A
...*
7% pref class A
Nat Union Radio
12*4
9X
*4
115
1*4
26 X
*71
Jan
11*4
1*4
*4
11*4
43*4
600
fie
11
12.50
Jan
12
2,700
Jan
5*4
Feb
11X
7ia
10*4
5
100
8,200
Apr
94*4
3*4
5*4
49*4
5*4
41
Lane Wells Co common..1
Jan
11*4
11*4
12
3*4
30
4
11*4
Jan
8
600
4
Feb
7*4
41"
554
41X
Jan
10*4
10*4
95
5*4
41X
HX
"""260
16
12*4
41*4
1
81*4
TlX
Apr
46
17*4
"11
Mines....*
Transit
Mar
Kresge Dept Stores—
73
Mar
10
Navarro Oil Co
4% conv 1st pref
100
Kress (9 H) special pref. 10
10
138
10
National Sugar Refining.*
National Tea 5 *4 % pref.
Apr
10
Apr
Apr
26
National Steel Car Ltd...*
Jan
Apr
7*4
ht
*
*
*
Jan
1*4
125
77
Products...4
National P A L 86 pref
2X
X
"11
7*4
20
25
*
National City Lines com.l
100
Klrkl'd Lake G M Co Ltd. 1
Mar
140*4
National Candy Co
100
2H
Jan
ht
73*4
Jan
15*4
10*4
Jan
Mar
350
1
J an
2
Feb
16
13*4
17*4
Nat Automotive Fibres..1
Mar
71
IX
2X
141*4
Jan
15*4
7*4
National Breweries com..*
Jan
Jan
9*4
11*4
Mar
Jan
400
10
Nat Bellas Hess com
Feb
12
11*4
Mar
1,000
19
Jan
12
*
Muskogee Co common
*
0% preferred
100
Nachman-SpringfiUed
*
IX
89
71
17*4
140*4
17*4
Muskegon Piston Ring.2 *4
67 X
*
*
New common..
17 X
3
170
Mountain States Power—
10
Lone Star Gas Corp
*4
Mountain Sts Tel & Tel 100
Nat Mfg A Stores com
X
Jan
4*4
Jan
111
Jan
Apr
4
Jan
Jan
3X
1
2*4
7*4
Mtge Bank of Col Am sbs
Mountain City Cop com.5c
Feb
Jan
Mar
Feb
Mar
Moody Investors part pf.*
Jan
Mar
103
1,500
31
Mar
2
7
Jan
Mar
Jan
20
28 X
Apr
Jan
X
Jan
Apr
41
Jan
6X
Jan
11*4
9*4
Jan
30
17 X
95
Jan
26
Mar
Apr
Apr
500
Mar
171
Jan
16X
54
*4
8*4
5*4
24*4
X
Jan
1,500
Locke Steel Chain
"x
9*4
41
10
Montana Dakota Utll
IX
2X
preferred
7*4
38
Mar
Mar
88
6X
Breweries
1
Kings Co Ltg 7% pf B.100
6% preferred D
100
Kingston Products
1
Kir by Petroleum
1
0%
8*4
Mar
3X
X
16
Kingsbury
Lit Brothers common
1,200
34,500
1,500
Monogram Pictures com.l
Monroe Loan Soo A
1
1Ju
95
1
*
9*4
8*4
82.50
Common
Molybdenum Corp
1
Monarch Machine Tool..*
22
*
Conv preferred
Apr
26
Apr
100
Kimberly-Clark 6% pf.100
Lehigh Coal & Nav
*
Leonard OH Develop—25
Le Tourneau (R G) Inc._l
Line Material Co
5
5*4
166
Mar
120 >4
Lefcourt Realty com
Feb
Jan
50
9X
Jan
Class B
117*4
4*4
5*4
100
13 X
Mar
Lake* Foundry A Mach-.l
Mar
400
5*4
22*4
Jan
27*4
Lane Bryant 7% pref..
110*4
5*4
100
preferred
Missouri Pub Serv com..*
29*4
X
Feb
110X
J). 100
Lake Shore Mines Ltd
1
700
67
67
168*4
X
7X
700
107 X 107 X
~29 H
pf 100
6
Kreuger Brewing Co
68*4
Apr
Jan
37
pref. 100
Lackawanna RR (N
Feb
70
Jan
28*4
Jan
Jan
94
93 X
100
Ken-Rad Tube & Lamp A *
Knott
Jan
1
Jan
8
168*4 168*4
22*4
*4
18*4
Kokenge com..*
Key Co common
11
Mar
7*4
Montgomery Ward A
*
Montreal Lt Ht & Pow__*
Feb
Feb
*4
27 X
Kennedy's Ino
Apr
Minnesota P A L 7% pf 100
19*4
99X 100
5*4%
Kansas G & E 7 %
Apr
8*4
Mississippi River Power
19*4
10
*
Jones & Laugblln Steel. 100
114*4
2*4
Jan
11
Jan
Apr
8
Jan
Jan
Feb
57 X
Jan
Jersey Central Pow & Lt—
preferred—-.100
6% preferred....... 100
7% preferred
100
105
*
A Sup
5Moore (Tom) DlstlUery.l
3X
16 X 16X
1
Co
Apr
1*4
7*4
1*4
Apr
X
Jeannette Glass Co
Jan
19
300
15*4
15*4
6,000
X
1
Irving Air Chute
Italian Superpower A.
1,100
6
Jan
X
Mining Corp of Canada
Minnesota Mln A Mfg
4,300
8X
8
IX
Investors Royalty
Iron Fireman Mfg v t o—
50
2*4
Mar
17*4
*
Apr
23*4
/
106*4
2*4
.10
Midwest OI1 Co
11*4
73*4
9*4 Mar
1*4
Feb
7*4 Apr
1*4 Mar
106*4
'
Jan
Jan
4*4
150
18*4
Mock Jud Voehringer-
83.60 prior pref
—*
Warrants series of 1940.
International
High
Low
Shares
18*4
18*4
Mid-West Abrasive—..60c
Feb
9
14
Keith (Geo E)7% 1st
div shares.1
70*4
10*4
16*4
81.76 preferred
Julian
cum
21
Internat Hydro Elec—
Internat Industries Inc..
Jacobs (F L)
non
Mid vale Co
Industrial Finance—
International Cigar Mach *
Price
*
preferred
conv
82
1, 1940
Range Since Jan.
Week
Midland Steel Products—
1
1
for
of Prices
Low
High
Midland OH Corp—
1
Week's Range
Sale
■AContinued)
Indian Ter Ilium OH—
Non-voting class A
Last
STOCKS
Range Since Jan. 1, 1940
Week
IndplsP&L6*4% pf-.100
Sales
Friday
Sales
Friday
STOCKS
Class
April 20, 1940
New York Curb Exchange—Continued—Page 3
2546
250
Apr
Apr
550
111*4
Mar
117
Mar
22,500
1*4
Feb
4
Apr
50
7*4
Jan
8*4
Feb
2*4
Jan
3*4
Feb
r
Volume
New York Curb Exchange—Continued—Page 4
149
Week's Range
Last
STOCKS
Sale
{Continued)
Par
Low
High
Pacific Can Co common..*
Pacific G & E 6% 1st
31
1,100
30 X
Apr
20
preferred
*
Pantepec Oil of Venezuela5X
19,900
12
10
Parker Pen Co
Pender (D) Grocery
Class B.
*
A
Peninsular Telephone
SI.40 pre'errei—
Penn Traffic Co
1
Pennroad Corp com
Penn
Cent
com.l
Airlines
$5.50 prior stock
Allotment certificates
Apr
35 X
100
33 X
Jan
X
2X
Mar
8entry Safety Control
Mar
IX
11X
Jan
Serrlck Corp............1
Seton Leather common
*
Shattuck Denn Mining
5X
Jan
bher win-Will lams
*
*
60
Pennsylvania tugar com 20
pref
IX
IX
200
Penn Water A Power
U2X 112 X
175
175
100
Peppered Mfg Co
1
75
Jan
Sllex Co common
Mar
Simmons H'ware A Paint.*
f3
Mar
Simplicity Pattern com__ 1
Simpson's Ltd B stock
*
79 X
50
77
Mar
50
26
Feb
6X
7X
1,000
Apr
Jan
12 X
14X
series A. 10
42X
41X
45
12
Feb
1
Pittsburgh A Lake Erie. 60
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
Plough Inc com
7.60
Pittsburgh Forgings
7X
7X
"iox "iox "iix
64X
54 X
12X
ios
102
57
13 X
103X
Potero Sugar common
25c
5
South
~2~666
IX
Jan
Southern Calif
Feb
Jan
T666
7X
40 X
9X
54 X
Apr
1,100
9X
Jan
Powdrell A Alexander—5
IX
X
X
4
1
Prentlce-Hall Inc com...*
Pressed Metals of Am—1
Prosperity Co class B
*
81X
20 X
"it
'0
""406
X
*16
sx
200
9X
9X
100
~8X
8%
8X
1,400
8
3,400
sx
X
*
Prudential Investors
700
4,000
39 X
T
8
25c
*
Providence Gas
100
7% preferred
Soutnern Union Ga
5%
1st preferred...—.*
Jan
Apr
Stahl-Meyer
*
Standard Brewing Co
*
Standard Cap A Seal com. 1
Conv preferred
10
Standard Dredging Corp—
Jan
Jan
3X
8
Feb
Mar
106 X
110X
Jan
113 X
79 X
Feb
100X
*
*
57 prior preferred-—
56 preferred
Public Service of Okla—
*
56 preferred
*
Puget Bound Pulp A Tim *
Pyle-National Co com—5
Pyrene Manufacturing.. 10
prior preferred..
*
Quaker Oats common
50 X
108
99X
50 X
1,625
475
52
80
107X 108
82 X
39 X
Feb
52 X
104 X
109 X
Jan
Jan
109 X
112 X
79X
1,425
85
75X
Mar
2,975
22 X
Mar
32 X
phate A Acid Wks
11X
8X
Jan
22 X
10 X
Starrett (The) Corp
Feb
"~6X *"~6X "ex
""ioo
116 X 118X
360
6X
115X
150X 152
200
149
8X
8X
250
10X
300
11
39
39
10
1
1
7X
IX
Stein (A) A
153 X
13
IX
24
X
X
13
8
Mar
10 X
Feb
10 X
Jan
1
2X
200
14
X
IX
24
40 X
Jan
IX
2X
Apr
Mar
26 X
6
100
X
Jan
X
50
12 X
Mar
13X
100
13
X
13
Apr
ex
50,300
5X
""200
18 X
"~2X ~~2X
""500
.ex
•it
Mar
Jan
SuUl van M achlnery ...... *
Feb
X
Feb
5X% conv pref
6% preferred D
100
Rochester Tel 6 X % prf 100
Roeser A Pendleton Inc—*
2X
$3.30 A part
IX
Jan
300
IX
Feb
Mar
144X
90
140
Apr
2
rle
Jan
200
.1
104 X
116X
Jan
Tampa Electric Co com—*
Tastyeast Ino class A
1
KMX
Jan
Feb
12 X
103X 104
Mar
116 X
iosx
103 X
101
Taylor Distilling Co
1
Technicolor Inc common.*
11
2X
Feb
12 X
Jan
2X
200
IX
Jan
3X
Mar
2X
2%
200
2X
Mar
3X
Feb
6 X
£1
Cable Corp com...5
Mar
7 X
Jan
pref-.100
Co—-.2
Thew Shovel Co com....6
Tllo Roofing Inc
1
Tishman Realty A Constr *
Tobacco A Allied Stocks—*
Tobacco Prod Exports
*
X
Apr
•it
Feb
Roosevelt Field Inc
5
10X
1
2X
400
20
Rossla International
Roy all te Oil Co Ltd
Royal Typewriter
*
*
Russeks Fifth Ave
2X
1
Rustless Iron A Steel
Texas P A L 7%
Ordinary reg
Samson United Corp com.
300
14X
1,000
13
Mar
100
43
Jan
IX
IX
3 X
*13 X
5
Jan
Apr
8
Jan
2
Feb
52,800
2 X
Mar
4X
1,700
67 X
Jan
80 X
8X
X
15,400
4X
Apr
4X
15
8X
30
Jan
Trans Lux Corp
Jan
Trans western OH Co
Apr
Apr
Apr
Feb
2X
1,300
IX
Jan
Apr
4X
100
4
Jan
5
Apr
2
39X
3,300
IX
Mar
500
37 X
Mar
44
Jan
24
Jan
35
Feb
Mar
30 X
29
30 X
600
29 X
Jan
29
100
28 X
IX
IX
300
IX
Jan
Mar
60
20
Jan
Trunz Pork Stores Inc
Tubize ChatUlon Corp
*
30
13X
29 X
13X
30 X
Mar
Apr
35
Jan
Mar
1
Jan
Tung-Sol Lamp Works
80c conv preferred
x
Jan
14
Jan
Udylite Corp
Mar
31
Jan
30
100
12
1,200
28
ix
10
72
2X
Jan
Jan
Class A
14
X
{Ulen A Co ser A pref
Series B pref
Mar
2
170 X
6X
11X
3X
19 X
6X
200
60
12
Jan
Jan
Jan
Jan
72
Feb
he
Apr
2X
16
Mar
Jan
Apr
Apr
Feb
Apr
Mar
Apr
Jan
fit
Jan
2X
Mar
13
15X
5,000
22
13X
22 X
900
IX
200
"Iox ~H"
'""550
20X
20X
35 X
36
IX
Feb
Mar
X
200
IX
IX
IX
IX
Jan
Apr
X
Jan
13
16 X
Mar
19 X
Jan
24
Mar
IX
Jm
Jan
2
2X
Feb
12X
20 X
mx
Jan
14
Mar
8X
Jan
11
Mar
20
Jan
1,800
1,200
28 X
Mar
109 X 109X
25
108 X
Jan
7i«
2,500
X
9X
9X
1,000
iox
20X
Feb
37 X
Mar
110
Feb
X
X
X
27 X
Jan
Apr
8
Mar
Mar
he
20
10X
Apr
Jan
•u
Jan
Mar
Jan
Jan
IX
"~~90~6
31
Apr
40 X
Jan
IX
100
1
Jan
IX
Feb
Mar
X
"31"
*33 X
21
"six
1,000
X
"llx
14 X
3X
37 X
6X
8X
"it
Apr
8X
150
14 X
3X
37X
6X
8X
100
25
50
1,300
Apr
12
Jan
"2x "Tx
'MOO
175
4
4
Jan
62
Feb
14X
Apr
Feb
6X
5X
4 X
Apr
Apr
37 X
8
Jan
9X
Apr
Jan
2
Jan
Feb
Feb
2X
Jan
3X
4
Apr
4X
X
Jan
Jan
10X
13X
Apr
Apr
Apr
Mar
iox
200
9X
Feb
"13x "Hx
iox
Feb
IX
Mar
»it
iox
21
Jan
3X
33
1X
~2X
IX
"35"
9X
10 X
Jan
""500
Jan
15
2
3,100
IX
Jan
39
200
33 X
Jan
Feb
2
39
~13X
39
Apr
33 X
35
800
33
Mar
36
Jan
IX
13
100
5X
6X
5X
5,900
29X
30 X
700
X
X
X
14
15X
111X 113 X
14
600
111X
J»n
Mar
Apr
X
Jan
X
12 X
Jan
®i«
Feb
3,500
16X
Feb
40
110 X
Jan
Jan
2X
100
2X
22 X
750
18 X
Feb
Jan
1,000
11X
Jan
14 X
58 X
58 X
5
4X
'"456
300
114
Mar
2X
Jan
24 X
16
Apr
Apr
56
4X
Jan
1
Jan
Mar
X
'"Ix
Jan
69
Jan
Jan
5
Jan
10X
375
Hi"
110
Mar
iox
84 X
Jan
74 X
105X
74 X
71
'114"
Jan
X
20 X
14 X
Jan
36X
27
2X
"20X
9X
6
Mar
X
"~"x
Jan
Jan
6X
4X
100
6X
5X
Jan
109
112
Jan
115
he
*i«
IX
500
1
2X
hi
""266
"~8X "ix
"MOO
37
2X
300
Mar
Jan
Apr
he
X
Jan
200
IX
Jan
Apr
Jan
'it
1
IX
Apr
Mar
3X
Feb
Jan
Apr
Jan
8X
1
~2~X
sex
2X
.....
2
X
5^4 00
100
X
/
•it
Jan
xSX
8X
31X
2X
7X
3X
X
Apr
iox
Jan
Jan
Mar
Feb
Feb
39 X
Feb
8
Jan
6
Apr
Mar
IX
Jan
X
400
.....
Jan
8X
"""11
*
1
*
1
*
*
Mar
30 X
Mar
Jan
Jan
10
1
46 X
30 X
66
Jan
6X
2X
14 X
For footnotes see page 2549
22
5X
2X
Tri-Continental warrants
X
300
Mar
X
IX
2X
14 X
7%
X
X
30
*
105 X
Jan
Feb
£1
2X
4X
5X
Mar
25
registered
6s
Todd Shipyards Corp
*
Toledo Edison 6% pref 100
Jan
Apr
Apr
Mar
Def
Feb
Feb
2
2,000
preferred
100
Tonopah-Belmont Dev. 10c
Tonopah Mining of Nev.l
80 X
sx
72
Mar
15X
xlSX XUX
4
76 X
Mar
50
175
5
25
»
Jan
""306
1
Sanford Mills
Savoy OH Co
Schiff Co eommon
500
3X
65
'"sx "sx
Ltd
*
pref..50
1
Jan
50
2X
2
*
Ryereon A Haynes com—1
Salt Dome Oil Co
56
13X
63X
SX
*13X
Ryan Consol Petrol
5
—.100
550
63 X
sx
49 X
63 X
*
pref
iox
2,300
X
*
Apr
IX
Tobacco Secur Tr—
14
Am dep rets ord reg
Root Petroleum Co
Mar
300
*
Taggart Corp com
X
Feb
9X
155
IX
*
Class B common..
Texon Oil A Land
Mfg....
16,100
IX
'iix
Swan Finch OH Corp.—15
Rolls Royce Ltd—
1=
1
—1
60
Superior OH Co (Calif)-.25
Superior Port Cement
x5X
Feb
Co
Sunray Oil
ex
x
IX
Co common..*
*
Sun Ray Drug
19 x
4
Voting trust ctfs
1
Rochester GAE16 % pf C100
Scranton Elec 56 pref
Apr
Apr
4X
57
50
20
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Inc.
1
Stetson (J B) Co com....*
Stinnes (Hugo) Corp
5
Stroock (8) Co
-*
Rio Grande Valley Gas Co-
Scovlll
4X
IX
3X
Apr
Jan
6% 1st preferred
5% 2d preferred
X
Jan
35
"l8X "llx
Goods
conv
Apr
22 X
5X
4X
2X
Sterchl Bros Stores
6X
Radiator
preferred
15 X
Jan
600
Inc.20
vtc.l
Ordinary shares
125
100
24
6X
Rheem Mfg Co.
Jan
Apr
Apr
Mar
X
1
1
1
*
Class A 52
Jan
Steel Co of Canada—
12
118
60c
{Reynolds Investing
7%
14
200
15X
Phos¬
Wholesale
10,500
*
*
Republic Aviation
Standard
29 X
common.*
Reliance Elec A Eng'g—5
86
22 X
*
50c
Reed Roller Bit Co.
St Regis Paper com
Mar
he
1
Standard Silver Lead
1
Standard 8teel Spring....6
Standard Tube clB
1
25
iox
St Lawrence Corp
11X
*
20
*
Common
conv
Jan
Jan
1
Preferred
22X
8%
pref...
114X
Common class B——
27 X
100
Quebec Power Co
*
Ry A Light Secur com
*
Railway A Utll Invest A.l
Raymond Concrete Pile—
52.50
100
$5 preferred
Standard Pow A Lt
97
97
6% preferred
conv
10
Standard OH (Ky)
Standard Products Co
6% prior lien pref
100
7% Prior lien pref—100
51.20
Jan
Apr
Jan
111
800
Standard Oil (Ohio) com 25
Puget Sound P A L—
Rome
Feb
20
3X
18X
6X
2X
16
1
Common
Apr
Richmond
2,100
Inc.
106 X
Rice Stix Dry
99 X
10X
Spanish A Gen Corp—
Am dep rets ord reg—£1
Spencer Shoe Corp
*
Apr
6
25
Preferred A
1st preferred
100
1st preferred
100
Public Service of Indiana—
6%
7%
Reiter-Foster Oil
97 X
3X
18X
51.60 conv pref erred ..20
Reeves (Daniel)
Apr
18 X
100
Feb
9X
Standard Invest 55X pref *
preferred
6X
Mar
9X
Spalding (A G) A Bros—1
Jan
conv
Feb
15 X
89
167
Southland Royalty Co—6
Apr
Apr
Jan
53
5X
300
72
72
*
97 X
Raytheon Mfg com
Red Bank Oil Co
Apr
2,600
Southern Phosphate Co. 10
Southern Pipe Line.....10
Jan
*ia
,
"ix
56 preferred
*
Public Service of Colorado
55
8X
6X
South New Engl Tel.—100
Jan
IX
"1#
Premier Gold Mining
Mar
44 X
Southern Colo Pow cl A .25
Apr
Jan
23 X
23
*
Pratt A Lambert Co
Mar
24
30 X
Jan
4
400
Feb
IX
2X
39
preferred B
25
5X% pref series C...25
Jan
7X
4
4
Canada..*
6% 1st preferred
100
•11
Jan
Edison—
6%
Jan
1,100
4,400
Power Corp. of
Producers Corp
Penn
Jan
09
1,200
18
"it
X
"it
•it
4X
IX
Southwest Pa Pipe Line. 10
IX
9X
%
IX
Feb
Jan
Apr
2v
2
Oil
Jan
Feb
Pneumatic Scale com—10
Polaris Mining Co
60
X
39
South Coast Corp com
9X
X
1,500
8
Jan
iex
6% original preferred.25
—-*
Pitts Bess ALE RR....50
Mar
103
25
Boss Mfg com..
Jan
84
Jan
Pitney-Bowes Postage
Meter
69X
IX
1
1
1
1
Co
800
"~i~x "ix
Jan
5
300
IX
X
6X
Jan
Feb
1,500
Sioux City G A E 7% pf 100
Solar Mfg
1
Ltd—1
Feb
100
Skinner Organ....
2,550
12
Pierce Governor common.*
X
X
4
9X
Mar
6X
Jan
Jan
5X
140
140
Mar
41,400
Mar
52 X
IX
4X
6X
Sonotone Corp
13X
Pioneer Gold Mines
X
..*
pref
6X
700
6
1
Conv S3 pref
conv
Singer Mfg Co
.100
Singer Mfg Co Ltd—
Amer dep rets ord reg.£l
117
5X
IX
8X
11
19
"350
53
Phoenix Securities—
Pines Winter front Co
150
250
X
15X
*
~67X
27X
Jan
Apr
Mar
IOX
330 X
*
Common
4X
58 X
111X 112
6
"ex
Feb
Simmons-Boardman Pub—
Jan
Feb
78X
9
200
97 X
com..25
100
27X
78 X
39 X
bhreveport El Dorado Pipe
Line stamped
25
Mar
166 X
12
Feb
lex
5
16X
pref. 25
Phillips Packing Co
Apr
111
Philadelphia Co common.*
Phlla Elec Co $5 pref
*
Pnlla Elec Pow 8%
1,200
9X
Feb
125
2X
"~67~
-*
Pharls Tire A Rubber
he
X
X
1
175X
15X
2X
Co.*
Perfect Circle Co.—
IX
109
112 X
preferred
Penn TraffioCo
X
6X
50
Sherwin-WlUiams of Can. *
'
Jan
900
Self ridge Prov Stores—
Amer dep rets reg
£1
Shawinigan Wat A Pcw._*
Pennsylvania Gas & Elec—
Class A common
*
$6
25
5% cum pref ser AAA 100
Penn Salt Mfg Co
Apr
11,600
8
Jan
5,300
18,400
1
IX
7
4X
34 X
2
Jan
Mar
10X
58
58
200
22X
1
6X
X
5
15
12.80series pref
Penn Pr & Lt 57
stock
15
1 %
Feb
he
1
Convertible
Jan
19X
Mar
"it
52 X
Common
Feb
*
pref—_
*
8X
IX
7X
Selected Industries Ino—
Pennsylvania Edison Co—
55 series
1
6X
*
com
30
20
Mar
100
8X
10X
1
Selberllng Rubber
Selby Shoe Co
43 X
12
2X
53
89
Apr
Jan
200
50c
Mar
Jan
*
400
com*
25
29 X
*
8X
8%
47 X
*
Penn-Mex Fuel
Securities Corp general
Seeman Bros Inc
"47 X "47 X
Parkersburg Rig & Reel. _ 1
Patchogue-Ply mouth Mills *
High
Jan
X
8X
*
Jan
SX
Low
24
60
26X
Warrants
Feb
4X
Shares
45 X
26X
Segal Lock A Hardware..1
4X
4X
shares
Paramount Motors Corp.l
High
600
Sculin Steel Co com
Mar
I
Range Since Jan. 1, 1940
Scranton Spring Brook
Water Service 56 pref..*
Mar
6X
Low
for
Week
of Prices
Price
Scranton Lace common..*
Feb
Jan
Feb
87
■"""io
1st
American
Par
High
107
~87~"
~87~
Pacific P & L 7 % pref—100
Pacific Public Service
—*
J 1.30
34 X
SOX
13 X
33 X
400
34
pf-25
5X% 1st preferred...25
Pacific Lighting $5 pref..*
Sale
0Continued)
Low
Shares
Week's Range
Last
STOCKS
Week
of Prices
Price
Range Since Jan. 1,1940
for
2547
Sales
Friday
Sates
Friday
Mar
1
Jan
*i«
3X
Jan
Jan
for
t-ar
Week's Range
Sale
price
Unexcelled Mfg Co—.—10
1
1
Aircraft Prod
$8 cum A oart pref
*
Un Cigar-Whelan Sta._
United
300
3**
Mar
3**
17**
64**
Jan
19**
Apr
Jan
12 V
"15:266
300
1
1
non-voting.*
103 V
1st 87 pref.
*
83 parti c pref
♦German Con Munic 7s '47
United
1**
Mar
1,100
92**
**
Feb
83
Jan
Jan
Feb
7i«
♦Hanover (City) 7s
1939
$6 V
$12 V
1958
$11V
"1.
3,500
V
Mar
»i«
500
*it
Mar
36V
3,400
2''**
Jan
39
Apr
J an
27
Apr
Feb
74
♦6**8 stamped
Jan
♦Maranhao 7s
Jan
**n
700
M
Jan
"2:560
7**
71**
Apr
"7l~M"7VA
M
43**
43 J*
10
6V
6Vs
6**
1
42
1,100
2,100
"e v
6**
85 1st uref with warr—*
*
U 8
1
Plywood....
81 >4 coiiv pref
...20
U 8 Radiator com
7it
"70
6
1
27**
34 V
"I'M
U 8 Rubber Reclaiming..*
Mar
J*
'it
$10
70
70**
225
4**
27**
34**
2**
5**
28**
35**
5,300
3,800
$26
♦7 ctis of dep. May '47
$22
♦6**s ctfs of dep
1947
Mtge Bk of Denmark 5s '72
'u
Mar
Feb
2V
Jan
35**
300
27**
IV
Feb
2**
2**
Feb
6
2**
2**
5V
Jan
2,600
6
VA
Utah Pow A Lt 87 pref...*
67 M
1>_
85 50 priority stock....1
Utility A Ind Corp com..5
53
x
a
1
x
a
1
23**
Apr
1st A ref 5s
1968 y bbbl
104** 104*4
104** 104*4
VA
Apr
1st A ref 4**a
1967 y bbbl
103
Mar
Alabama
Power
.1946 x
Am Pow A Lt deb 6s..
Feb
Amer Seating 6s stp
1'*
Jan
62
Apr
1st mtge 4s
42.000
107^ 1115*
106*4
Jan
2014
Jan
Arkansas Pr A Lt 6s
1956
2,300
Mar
Associated Elec 4 **s
1953 y b
127**
105*4
535*
535*
5.000
127**
1065* 24.000
545* 148.000
17*4
18.000
185*
18*4 113.000
125*
30
125*
11.000
16**
15
\M
15
1**
100
29
Apr
Jan
30
Apr
♦Conv deb 4 **s
1948 z dddl
1949 z dddl
1 **
2,600
75**
190
12
Mar
ee»
Feb
Jan
♦Conv deb 4 **s
76
Jan
12
Apr
♦Conv deb 5s
9**
Jan
4**
Apr
Apr
♦Debenture
6**
Jan
10
Apr
♦Conv deb 5**s
Apr
74
Apr
Assoc T A T deb 5 **s
A "55 y b
3
IV
Jan
2
Feb
Atlanta Gas Lt 4**s
1955 x a
3*4
Feb
4
Feb
Atlantic City Elec 3**s—. '64 x aa
H
Mar
Jan
1
2**
2**
1,200
Mar
4
Jan
1.25
1**
1**
300
2**
1**
Mar
2
Jan
Jan
102
Feb
50
99
1
7
2**
7M
Western Grocer com....20
6
13
14
28.000
66
75
Avery A Sons (B F)—
200
Feb
99
105*4 107**
47
62*4
265*
16*4
285*
28 H
345*
16*4
17
2
74
6 J*
Apr
1
6
1
96**
VA
Feb
2*4
Jan
75*
1968 z dddl
1977
z
17**
3
17
18
dddl
70*4
alio**
69*4
705*
1075*
1075*
allO** 110**
1947 ybb
2
2
1
$103
6s without warrants ....1947 ybb
98
68 with warrants
♦Convertible
125*
2.000
•
106** 1075*
8,000
1065* 110
95** 105
104
92*4
1,300
4,700
1,000
6s
1950 z ccc3
108
112
89,000
103*4 120
111*4
108**
62,000
1095* 116
BeJl Telep of Canada—
Apr
40
6
Jan
6*4
3
111** 1105*
aa
3
113
112**
113
4,000
110
117
Apr
Bethlehem Steel 6s
1998 x aa
2
150
149**
150
5.000
141
Birmingham Elec 4**s
Birmingham Gas 5s
1968 x bbb3
1959 ybb 3
98
975*
23.000
96
1515*
985*
1954 y bb
1st 5s series B
5s
■M
t
*
series
1957
C
.......
x aa
1960 x
54
10
54
Apr
59**
Jan
16 J*
17
150
14**
Jan
17**
Feb
Canada Northern Pr 5s ...1963 x
12**
12**
100
10
Jan
125*
Apr
9
100
Jan
11
*7** "7**
"loo
6*4
Feb
54
Western Tablet A Statlon'y
Common...z
*
Westmoreland Inc.......*
Feb
Cent States Elec 5s
Mar
500
5**
Jan
600
6**
Feb
7**
Apr
2
60
1 J*
10
Jan
115*
500
7*4
Jan
9*4
1045*
Jan
4
Mar
VA
Jan
Cincinnati St Ry 5 **s A
fis series B_
1957 y bb
Cities Service 5s
11
9
11
OM
ser
D._
1948 y cc
Wolverine Portl Cement. 10
I
1954 y
5**s
1
cc
Apr
1927
z
bb
—1952
y
bb
I
35*4
80
865*
1955 ybb
2
7
Woodley
1
5VJ*6V
7
100
6 **
Jan
7*4
VA
Mar
5**
Jan
Woolworth (F W) Ltd—
5s
Wright Hargreaves Ltd..*
6** J
6**
2,100
11**
65*
Apr
125*
Feb
Apr
65*
Jan
1966 yb
"73**
1950 yb
71**
1958 y b
70*4
Debenture 5s
Jan
300
Conv deb 6s
Debenture 5s
Wolverine Tube com
1969 y b
Cities Serv PAL 5**s.-_..1952
70*4
85*4
5.000
2.000
755*
66
76 V
92 V
108
HO
108*4
aaa4
,
72*4 20,000
865* 164.000
87*4 87,000
96*4 60,000
1095*
x
80
70
78*4
aaa4
1954
"5:606
77*4
aaa4
x
x
85
66
135
1969
40
41**
67*4
95**
...1971
104*4 108
215,000
1335*
aaa4
*
26.000
73
72*4
96
bb
8.000
90
135
y
17,000
94
855*
x
21.000
99*4
100** 103**
92** 1005*
75*4
835*
104*g 107**
98 V 101**
31H
41
31
41**
71*4
83
39.000
I 865*
85*4
855*
.1957
—
Conn Lt A Pr 7s A
105**
43**
70*4
b
y
1951
Community Pr A Lt 5s
GOVERNMENT
74,000
705*
70*4
1949 y b
5*48
22,000
415*
865*
J91**
73**
13,000
£ 81*4
105** 105**
42
94*4
7.000
4.000
18,000
775*
106**
101
37*4
37*4
35*4
80
Chicago A Illinois Midland—
Ry 4*4s series A...
1956 xbbb3
Jan
Mar
{♦Chic Rys 58 ctfs
112
4
Cent States PAL 5*4s...1953 yb
Jan
Winnipeg Electric B oom_*
7% pf 100
102*4
95
75*4
75*4
104** 104**
300
*
i
92**
1005* 100*4
355*
355*
1**
1
97
97
97**
102**
"~92 **
Cent Power 6s
7
Wilson-Jones
2
Canadian Pac Ry 6s
1942 x a
2
Carolina Pr A Lt 5s.......1956 x bbb2
5?*
Wilson Products Inc
97**
3
Feb
75*
6**
6**
1**,
*
a
Apr
5**
7V
Williams Oil-OMat Ht..*
80
92 V
80**
91
97 V
2.000
1S2
9,000
109** 111*4
1075* 109
135
Consol Gas El Lt A Power—
AND MUNICIPALITIES—
Sales
BONDS
for
Week
(Bait) 3**sser N
1st ref mtge 3s ser P
$
-
Consol Gas (Bait City)
Gen mtge 4 Ms
*126 3 128
21,000
*
125V 127V
Consol Gas Utll Co—
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
126
26
35
122
♦7s ctfs of dep. Apr *46
l 35
26
26
♦7s ctfs of dep. Jan '47
♦6s ctfs of dep
Aug '47
122
122
♦6s ctfs of dep
122
Apr '48
t
Jan
26
Apr
29
Feb
6s
ser
35
1944 y b
x
a
2
x
O ctfs of dep. 1945
D ctfs of dep. 1945
♦Deb 7s
125*
Feb
125*
Feb
19*4*25
♦7s 1st
ser
ctfs of dep '57
19
*
♦7s 2d
ser
19
,r
♦7s 3d
ser
ctfs of dep '57
ctfs of dep '57
1951
19
111
♦Bogota (City) 8s ctfs 1945
HO
Bogota (see Mtge Bank of)
18
no
Feb
"ilV""jan
12
Jan
115*
Feb
106
106
cc
1
c
1
Apr
15
Jan
♦7s ctfs of deposit.. 1948
110
J
♦7Vs ctfs of dep...1946
110
4
25
25
110
1175* 120
1,000
104
bbb2
104
104V
17.000
b
132
34 V
109V
1,000
109
100 V
22,000
06
♦Prov Banks 6s B..1951
113
3
25
14
Feb
14
Feb
1952
113
25
14**
Feb
16
Apr
1953
y
1967
x
4
a
1954
y
104"
b
Cent Bk of German State &
ser
109** 109V
100
pt ♦ it
46 V
47 V
Florida Power A Lt 5s
y
40
cccl
40
Gatlneau Power 35*s A
General Bronze 6s...
Attention is directed' to the
new
■
4,000
22 V
98 V
1954 xbbb3
103V
104J*
1944 y bb
101** 101**
10,000
101V
3,000
84V
100V 627,000
44,000
•*
1969 x a
1940 y b
84
100**
84
91
column In this tabulation pertaining to
57
103 V
103 V 105
9
"4
100v 102
83V
81
..
2549.
109 V
101V
30,000
103** 102V
1045* 104**
1966 xbbb3
Gary Electric A Gas—
5s ex-warr stemped
-
9*
1961
C
106
103 V 105 V
Mtge
Banks 6s-5s stpd
84 V
1,000
104
x
Florida Power 4s
84V
112
T7
119V
1952
Finland Residential
|j6v
lev
£1
104
Federal Wat Serv 5*4s
119
11*4
v
Ercole Mare 111 Elec Mfg—
6*48 series A
sv
77V
119V
a
bbb3
Empire Dlst El 6s
5V
■4
-
x
Jan
96 V
107
1
x
Jan
93
60
93
1,000
65*
c
1950
Il*4
90 V
52
4
65*
z
z
Erie Lighting 5s
13
96 V
z
Elmlra Wa Lt A RR 5«.—1956
12
rM
HI
Aug 1 1952
El Paso Elec 5s A
115*
i-40
1
♦Caldas 7Vs ctfs of dep *46
♦Cauca Valley 7s
1948
25
25
135*
96
'96*4
3,000
26,000
7,000
6V
6V
14,000
6V
6V
7,000
V
*
79V * 83 V 240,000
Eastern Gas A Fuel 4s
1956 ybb 2 '*7 9*4
111
31,000
Edison El IU (Bost) 3*4s.—1965 x aaa4
1105* 110V
83 V 137,000
82 V
Elec Power A Light 5s
83
4
2030 y b
Aug 1 1952
♦Certificates of deposit
B ctfs of dep. 1945
60
■ms" 41 r4
♦6*4s
19** F25
19**
12
19*4
25
71V
87J*
92 V 237.000
60
Detroit Internat Bridge—
lombia—
1945
92
bbb4
5s
Cudahy Packing 35*8
J. 35
88
2
1955
86 V
92
1958 ybb
Cuban Tobacco
Delaware El Pow 6 **s ....1959
"28**"Feb
26.000
87*4
1943 yb
A stamped
Cont'l Gas A El 6s
$1,000
35
,
26 J*
Antloquia (Dept of) Co¬
98**
98
1
Baldwin Locom Works—
Jan
4**
..1950 z dddl
5s
Broad River Pow 5s
**
Western Maryland Ry—
For footnotes see page
129
126
18*4 87.000
18*4 196.000
14.000
19*4
17*4
16**
300
1**
*
17**
Registered
1**
106** 108
1.000
f Associated Gas A El Co—
1,300
...
Western Air Express
2
Jan
1
West Va Coal A Coke
bbb3
17
'"160
West Texas Utll 86 pref..*
x
a
25
74
....
1**
4**s
75
11**
1
75**
Jan>
V
Debentures
450
15**
♦6 series A...
3
1948 x bbb3
Appalac Power Deb 6s ....2024 x bbb3
Jan
Jan
ser
108*4
106*4
108** 1075*
99** 105**
103**
100
2.000
Apr
Jan
ser
42.000
Apr
20
♦7
1035*
1025*
2**
74
♦7
106 *4
101*4 1035*
55**
14**
A ctfs of dep.
105*4
104
23.000
Appalachian Elec Pow—
Jan
104
10.000
1035*
1035* 1015*
1025*
4
104** 107*4
16.000
105
103
1963 x
71**
1**
106 *4 109
8,000
105
106
1946 x bbb3
...2016 ybb
Feb
Mar
2.000
106
107**
1075* 1075*
a
Jan
74
Jan 1947
Range
Co—
M
100
♦Baden 7s
Jan. 1
1956
200
ser
%
1951
1*
♦78
Since
Price
^
BONDS
1st A ref 5s
15**
ser
for
Week
See k
of Prices
Low
High
Mar
x*
♦7s
Weeks' Range
Sale
Mar
—
♦20-year 7s
Last
1st 6s
15**
FOREIGN
Friday
*u
Mining Co
Amer dep rets
Sales
Bank
Rating
Jan
61
Jan
1M
13**
200
Petroleum
Mar
800
6**
Co
17**
400
9
Williams (R C) A Co
Jan
Elig. &
RAILROAD and INDUSTRIALS
1**
9
Westmoreland Coal Co
125
1st A ref 5s
1V
5
Weyenberg Shoe Mfg
1
Wichita River OH Corp..10
Feb
14**
Mar
Knitting Mills...6
Wellington Oil Co
Wisconsin P A L
$16V
Mar
5,900
*
1st preferred
5*
**
Wayne
7%
Mar
•n
Jan
Apr
VA
16**
1?*
26**
29**
....*
Wentwortb Mfg
105*
Jan
6,000
Mar
Feb
100
Class B
Walker
Jan
**
**
3,000
V
V
Mar
8**
*
Watt A Bond class A
Mar
7**
V
V
6**
16**
*
Wahl Co common
Mar
16*4
9V
$9 V
2
Jan
450
54
26**
7% preferred....
25*4
46*4
Jan
16
**
28
Co
Apr
9**
25**
2,000
16
17V
IV
53
28
Wagner Baking v t o
Apr
k" Mar
V
26**
Waco Aircraft
5M
13
250
14
"
VA
Van Norman Macb Tool.5
7% pref—100
Vogt Manufacturing
*
Apr
Apr
3
""160
7
{Utll Pow A Lt 7% pf. 100
Valspar Corp com
...1
84 conv preferred
5
Petroleum... 1
4**
VA
Jan
75
Jan
Jan
24
"I
Va Pub Serv
Jan
♦Santiago 7s
Apr
Jan
Jan
---
Mar
"12"
1,000
40
5*
1921
..1949
♦5**S
Apr
Apr
VA
67**
67
Apr
265*
Apr
M
2*4
22**
21**
VA
....
Utility Equities com... 10c
Venezuelan
VA
Apr
**
17**
.....
26 M
Mar
Apr
"166
5
Conv preferred
100
1**
5
....
Universal Products Co—*
Radio Products
100
4**
Universal Pictures com... 1
Utah-Idaho Sugar
1,900
Jan
Feb
-40
16
$15 V
♦Russian Govt 6**s..l919
26
'
1,800
1,550
$20
16
♦Rio de Janeiro 6**8.1959
Feb
2M
1?*
1
8
Insurance.
Mar
6
Jan
3** ; 4**
4**
*
B._.
71
28**
19**
Jan
40
$20
♦Parana (State) 7s..—1958
Mar
Universal Cooler class A—*
Class
1947
Apr
Apr
>11
Universal
♦7s ctfs of dep
$20
Feb
Jan
13 v
15
26
13 V
13V
1946
VA
4**
Universal Corp v t c
♦7s ctfs of dep
7**
1st 87 couv pref.......*
2
Universal Consul Oil....10
Feb
8
U 8 Stores common....60c
Wall Paper
44
Jau
Jan
United Stores common.60o
United
♦7 ctfs of dep. .Oct '47
♦Mtge Bk of Chile 6s. 1931
Mtge Bank of Colombia—
Feb
Apr
Jan
Jan
Apr
40
♦Issue of Oct 1927
Feb
Jan
3
10V
30
$22
"Feb
40
$26
1
13 V
2,000
28
Feb
Jan
61
Apr
Mar
'
25
7**
83**
M
10 v
1
Apr
25
$10
4
""eoo
Jan
9V
14
depo8it-.1951
4H
5
U S and lnt'1 Securities..*
U 8 Lines pref
Feb
243**
VA
>-< <M
1
12V
12V
$11V
♦6**8 ctfs of dep
1954
Mtge Bk of Bogota 7s. 1947
♦Issue of May 1927
♦7s ctfs of
6*4
Specialties com—1
US Foil Co class B
Jan
1958
12**
♦Medeilln 7s stamped. 1951
Mar
•>**
Jan
12
V
»»•
Apr
Mar
13 V
12
20
Jan
Jan
IV
1>*
Jan
14
Jan
25
♦Hanover (Prov) 6**s.l949
Lima (City) Peru—
10
89
7
Jan
1,000
15
Jan
84 V
4H
240
$12 V
1947
♦Secured 6s.
12V
Mar
10
12V
12 V
12 V
$2 V
125*
Apr
2**
108
600
70
...25
U S Graphite com
Utah
8**
Jan
3,300
♦1
10
Preferred
6
Danzig Port A Waterways
♦External 6**s
1952
Jan
®
H
Mar
Mar
*
"72V
Jan
40
M
dep rets ord reg
United N J HR A Canal 100
10% preferred..
62
Feb
1**
Am
United Shoe Macb com.25
Jan
25
Jan
24
United Profit «harlng..25c
19
35
Feb
Molasses Co—
United
35
$10
**
6**
IV
34
34
$10
1953
»j«
V
V
$10
1955
5**s
5s
200
103V 106V
Apr
t
14,500
Products—*
Milk
63
50
*
1st preferred
Jan
84 V
United Lt A Pow com A..*
86
E
IV
United G A E 7% pref-100
United
Danish
Apr
7V
*u
Option warrants
Common class B
Apr
16
30
1959
♦6**s ctfs of dep
64**
12**
7 V
United Gas Corp com
Jan
Jan
Jan
he
♦is
High
40
12
5**
Low
$
.40
IV
»ie
7V
600
16
1
.
$22
$22
60
"12V "lov
15V : 15V
10c
V
ctfs of dep..July
♦6
Feb
1,200
11V
'61
♦68 ctfs of dep..Oct '61
Cundlnamarca (Dept ol)
Feb
Apr
3V
18V
11V
Corp warrants....
Elastic Corp..—.*
United
1
11**
3 V
17V
Range Since Jan. 1. 1940
for
Week
of Prices
High
Low
Colombia (Republic of)—
Mar
V
3
Un Htk Yds of Omaha.. 100
United Chemicals com..
2M
Feb
1*4
Price
High
|
18V
Union Gas of Canada...-.*
Union Investment com—*
Union Premier Foods Sta.
Low
Week's Range
Sale
{Continued)
900
2V
25*
25*
Last
BONDS
Range Since Jan. 1.1940
of Prices
I Week
Low
High Shares
I Friday
Sales
Friday
Sales
Last
United
April 20, 1940
New York Curb Exchange-Continued—Page 5
2548
bank eligibility andfrating of bonds.
j.
87V
100V
we..*,
See k.
d
Volume
New York Curb
149
Bank
Friday
Last
Elig. &
BONDS
Rating
See a
Price
General Pub Serv 5e
-.1953
y
b
y
bb
2
z
of Prices
High
Low
1
1958
1948
ccc2
Gen Pub Util 6Hs A
♦General Rayon 6s A
Gen Wat Wka & El 5s
1943 y bb
Georgia Power ret 5s
1967
Georgia Pow & Lt 5a
♦Gesfruel 6s
Glen Alden Coal 4a
101
y
z
Rating
1948 y bb
2
101% 101%
1
*12
liTooo
106 H 107H
39,000
73 H
8,000
73 H
72 %
73 H
56,000
y ccc4
82
82
82 H
x
a
3
74
74
77
Gr Nor Pow 5s stpd
2
a
3
Grocery Store Prod 6s
y
b
2
1935
z
1938
z
105
x
70
74
107
60
64
"I'o'oo
35
6,000
*14
1
52
34
H
x
bbb3
1943
y
bb
1966
x
aa
♦Hungarian Ital Bk 7 >48,..1963
z
c
1949
y
b
conv
deb 634s
Houston Lt A Pr 334s
Hygrade Food 6s A_
6s series B
3
103
103
111M
111H 111H
78 H
78 H
16
"i'ooo
1954
x
bbb3
106H
106
106 H
29,000
103 H
—.1956
x
bbb3
103 H
103H 104 %
54,000
43,000
101H 104 H
97% 100 H
98 H 100
98 H
Indpls Pow & Lt 3Hs
99%
68 H
70
50,000
68H
68 H
69
7,000
74 %
bb
z
99 %
69 H
1963 y b
1st lien A ref 5s
♦Indianapolis Gas 5a A ....1952
99%
"99H
74 X
75
6,000
1968
x
a
6 J48 series C
1955
y
33
7s series E
1957
b
b
7s8erles F
1952 yb
1957 y b
1952
46 H
106H 106H
4,000
1,000
107 % 109 %
H 107 H
63 H
>
Interstate Power 5a
Debenture 6s
y
y
34
34
34
34
34
30
34 H
67
71H 190,000
67
ccc2
Iowa-Neb L & P 5a..——1957 y bbb4
1961
y
Iowa Pow & Lt 4H»
1958
x
aa
Isarco Hydro Elec 7s
1952
1963
y
b
5s series B
Italian Superpower
Jacksonville Gas
6a
bbb4
46 H
49 H
105H 106
14,000
107
33
y cc
1942
b
z
3
103
a
104 H 104H
Kansas Elec Pow 3 Ha
1966
x
aa
Kanwtm Gas 6c E ec 6a...
2022
x
a
Lake Sup Dlst Pow 3 Hs.
1966
-.
x
103
1,000
1,000
7,000
4,000
106H
a
127
106H 107
3,000
1946
z
cccl
*15
x
bt
105
105
Louisiana Pow A Lt 5a
1957
x
a
107H 107H
z
z
cc
1943
x
1941
dd
1
Mengel Co conv 4 Ha
1947
y
71
71
1,000
1971
x
101
93
95
1,000
38,000
aa
1965
x
aa
48 series G
94 H
108
Midland Valley RR 5s
1943
1967
—1978
Milw Gas Light 4HS
MlnnP AL4H8
y
Mississippi Power 5s
1951
107H
24
110H
2022
x
aa
Nelsner Bros Realty 6s
1948
x
bbt
Nevada-Calif Elec 5s
1956
y
bb
New Amsterdam Gas 5s... 1948
x
aat
1947
y
b
Conv deb 5s
—1950
67
66 H
New Eng Power 3%»
1961
x
aai
New Eng Pow Assn 5s
1948
y
bb
~~97%
Debenture 5Hs
New Orleans Pub Serv—
1954
y
bb
99%
5s stamped
1942
y
bb
♦Income 6s series A
1949 y bb
New
York
101
4,000
6s
1989
2,000
aa
3
108H
108 H 109H
42,000
aa
3
108 H
108 H 109H
x
aa
4
z
b
22,000
108 H 110H
108 H 110H
105H
7,000
104H 105%
52 %
39,000
50
106 % 106 %
14,000
105
101H 102%
11,000
99
105
51%
106 H
100%
106 % 100%
2
6,000
58 H
59 %
3,000
60
60
68 H
68 %
71H
94,000
49
72 H
65,000
69
49 H
72 %
68 %
48
68
68 %
68
71% 214,000
b
71
110,000
48
1957 y b
1957 y b
72 H
72 H
68
68
71 %
143,000
48
72
68
68
71
122.000
49
71H
18
18
18%
17,000
18
24
H
35
35
2,000
29
46
H
24 %
30
30
y
z
1940
z
1946
z
1953
1960
y
b
x
bbb4
1956
x
a
ccc2
*24
2
y
28
30
38
387666
105
8.000
35
"106
H
106 H 106 %
*116
7.000
119H
bb
3
115
99%
ie'ooo
118H
98H 103H
67
68 %
69
Debenture 6s
92
106
25%
12,000
110H
7,000
88,000
62 H
12H
19,000
109
78%
80%
121
67H
68 H
67
68 H
H
68
*108H 109H
97 H
98 H
98H 100
2,000
25,000
1,000
20,000
8,000
22,000
y
b
bb
1952
x
1973
y
b
Deb 6s series A
Deb 6s series A....
63
62
H
83 H
83
100 %
100
x
bb
99 H
y
bb
103 H
1950 y bb
102 %
1946 y b
z
x
aa
x
bbb3
West Penn Traction
85 H
65,000
18,000
20
75
86 H
H
19%
87 H
89 H
77%
3,000
107
91%
73,000
88
11,000
115
84
41,000
13,000
110
93%
119
74
84 H
22,000
98% 100%
99
101 %
101% 103 H
100H 103
12,000
97% 101H
99%
9,000
20,000
cc
99% 101
7%
7H
*109H 112
*106 H 106 %
115H 116
54 H
54H 55 %
19,000
5s
1960
x
aa
10,000
114
1944
y
bb
1941
X
aaa2
104
104
17,000
1,000
104
1966
x
bbb3
106 H 107
14,000
a
103 H 103 H
97 H
97
1941
x
1937
z
bb
..1947
{♦York Rys Co 5s..
♦Stamped 5s
94H
y
bb
10 %
7%
108 % 109H
106 H 108
Wise Pow A Light 4s
Yadkin River Power 5s
108 % 110
96
17
Newspaper Un 6s
Wheeling Elec Co 5s
West
71H
71H
71H
86,000
157600
103 H 103 H
102 H 103
100 %
1954
Wash Ry A Elec 4s.....—1951
West Penn Elec 5s
2030
83
68,000
20
18H
100 %
99 H
12H
117H H8H
34
45%
116H
90%
116
1946
♦58 Income debt
122 H
03%
25
108 % 108%
2
5,000
II,000
69
8
Waldorf-Astoria Hotel—
110
121
86
*91"
2022
Deb sf 68
25%
83 H
85
1944 xbbb3
Va Pub Service 5H A
1st ref 5s series B._
128
77%
36
*16
18H
bbb3
108 % 111H
106
34
bbb3
107 %
20 H
118H 118H
84 H
y
98
124
128
'U8%
b
x
Utah Power A Light Co—
1st lien A gen 4H8
98 % 100
111H 112%
16,000
y
1974
United Lt A Rys (Me)—
6s series A
108% HOH
8,000
...1975
Debenture 6H8._
102 % 103 %
1,000
29,000
aaa4
1st lien A cons 5Hs
1959
UnLtARys (Del) 5Hs._.1952
70
96
x
United Light A Pow Co—
100 H 104 H
6,000
z
1949
104H 106H
106H 108H
98%
"99 H
United El Service 7s
1956 y bb 1
♦United Industrial 6Hs—.1941 z cccl
♦lstsf 6s
1
..1945 z b
99% 100 H
65
1950
United Elec N J 4s
46
10H
Tletz (L) see Leonard—
Twin City Rap Tr 5Hs—1952 y b
1979
71
105
1
2022 y bbb2
108
95
„
1951 y b
Texas Power A Lt 5s
99 H 101
105%
106 % 108H
1966
Texas Elec Service 5s
71
53
106 %
1948 yb
Dec 1
105
90%
72%
98 H
97%
92
95 H
98 H 101%
68 H
Tide Water Power 5s
12,000
14,000
24
66
2
104
1948 yb
7s 2d stamped 4a
Terni Hydro El 6Hs
105% 106 H
101H 104 %
103 % 104 %
110
121
"67%
90%
x
106""
100
112H H2H
107H 107 %
109
80
b
y
102H
*127
—..1948 y b
5s
103%
95 H
{♦Nat Pub Serv 5s ctfs—.1978
1981
N E Gas A El Assn 5a
5,000
19,000
14,000
17,000
100
~U2%
Nebraska Power 4Hs
6s series A
66 H
102
2030
Deb 5s series B
100 %
65 H
103H 104 H
109K 109 H
2026
90 H
10,000
Stinnes (Hugo) Corp—
7s 2d 8tamped 4s
109 H
103H 104
1960 y bb
Missouri Pub Serv 5a
12,000
94
Standard Pow A Lt 6s
♦Starrett Corp Inc 5s.....1950
110H
103 H
Nassau A Suffolk Ltf 5s—1945 y bb
Nat Pow A Lt 6s A
92
92 H
94
x
104H
108
103 %
aa
90 H
92 %
2
2022 y bb 4
1945 x bbb4
Serv
6s gold debs
105% 107%
125H 127 H
105 H 108
107
102%
x
2
1951 y bb 2
1961 x bbb3
Debenture 6s
102 H 105
104
105%
14,000
105% 106H
1957
Miss River Pow 1st 5a
102 %
63 H
110% 112%
(stamped)
Conv 6s (stamped)
53 H
14,000
103H
1955
Miss Power A Lt 5a
I,000
85,000
42
67
29%
68
21,000
Debentures 6s
45
23
68
111% 112H
109 %
48 H
107% 108H
103H
1955
1st A ref 5s
102 % 103
SUlen A Co—
100 %
~~65H
bb
b
"163"
101 % 101 H
6s
108 H 109 H
Midland States Pet 6H8—-1945 y bb
132 H 136^
12
17
1,000
8,000
112H
Conv 6s 4th stp
b
Metropolitan Ed 4a E
~4J)66
27 H
2
Sou Indiana Ry 4s
S'western Assoc Tel 5s
43H
*17
4
1952
"l0%
16
27 H
101H
May 1 1960
July 1 *60
Sou Counties Gas 4Hs
1968
Memphis Comml Appeal—
Deb 4 Hs
18 H
20 H
14 H
15
107 % 109 H
4
6s series A
1,000
6,000
101
z
1948 yb
12,000
2
bbb2
100 %
91H 100
1957 y bbb2
McCord Rad A Mfg—
6s stamped
25
94 %
2025 y bb
Ref M 3%b
Ref M 3%b B
Mansfeld Mln A Smelt—
♦7s mtgesf
*13
109%
cccl
1951
40
1945
*19
106 % 108
108H 109H
*132
cccl
3
4,000
30
Standard Gas A Electrio—
127
Long Island Ltg 6s
b
1937
Spalding (A G) 5s
127
♦Leonard Tletz 7 H»
1
Joaquin L A P 6s B —1952
51
127H
*127
99
z
y
Jersey Central Pow A Lt—
x
93
71H
31
1961
93 %
4
1953
40
41,000
4 Hs series C
97
93
1952 y bb
61
39
a
90H
93
105 H 106 H
104
106H
31
x
92 H 105,000
So'west Pow A Lt 6s
39
1947
90%
8'west Pub
107
5s series B
92
49 H
59,000
51H
1,000
97 H 211,000
95 H
51,000
47 %
ii'ddo
51H
93 %
106 % 100%
Southeast PAL 6s
Sou Calif Edison Ltd—
—
5s stamped
96 H
94 H
30
43 H
107
"~97~~
34
39
107
a
2,000
J104H 106
41
158
bb
27,000
27,000
10,000
15
150
Sou Carolina Pow 5s
73%
72%
61H
62 %
78 H
105% 109 H
30H
15,000
y
Scullln Steel I no 3s
1951 y b
Shawl nig an W A P 4HS...1967 x a
1st 4Hs series D
1970 x a
Sheridan Wyo Coal 6s
1947
International Power See—
30 H
14
x
Scripp (E W) Co 5Hs
105
3
154
109
110H
1950 y bb
1950 y bb
C
Wks 6s
♦Schulte Real Est 6s
79
65,000
108
110
1966
ser
♦Saxon Pub
81
108H
2
154
66 H
67
107 H
bb
153
3
y aa
-2"66O
108 %
bbbl
91H
aa
107
y
80
aaa2
108H
y
10,000
16
x
107 %
1958
85
x
aa
1957
80
*13
z
.1958
Safe Harbor Water 4H8...1979
bbb3
8f deb5Hs—May
53
a
b
x
San
x
Indiana Hydro Elec 5a
50
5Hs series A
♦Ruhr Gas Corp 6Hs
♦Ruhr Housing 6Hs
111H
x
Indiana Service 5a.—.1950 y b
1,000
101H 103H
1967
C
53
108 H
1953
ser
112
53
1,000
111 Pr A Lt 1st 6s ser A
1st A ref. 5s
*110
1954
1st A ref 5s
103
105
Idaho Power 3%b—
1st & ref 5 Hs ser B
*108H 110
4
6.000
80
*78
4
ccc2
4s series A
35
*
1949 y b
15H
88
a
1st A ref 4Hs ser D
Queens Boro Gas A Elec—
102 H
103 H
14
94
88
Puget Sound PAL5HS—.1949
50
35
J14H
103 H
*102
*104H 105 H
102
83 H
a
1959
42%
♦Hamburg El Underground
& St Ry 5148
f Heller (W E) 4s w w
Houston Gull Gas 6a
100
1961
6% perpetual certificates
Pub Serv of Oklahoma—
53
32%
8,000
Public Service of N J—
63
50
90
35*666
1956
♦Prussian Electric 6s
106 H
2,000
14
92 H
1947
4Hs series F
% 108 H
103
~5~0~66
Range
30
91H
88
Potrero Bug 7s stpd
Power Corp(Can)4HsB
87 %
78
52
bbb2
1943
105
J61X
34
cccl
1946
dd
5,000
b
Stamped
Potomac Edison 5s E
74
11,000
z
♦Portland Gas A Cok 5s... 1940
y bb
105 % 107 H
66 H
75
70
U07H 110H
Guantanamo & West 6s—1958 y ccc2
Guardian Investors 5a.-.-.1948 y c
1
Jan. 1
1953
1941
a
Since
$
High
Pittsburgh Steel 6s
1950
x
Week
Low
♦Pomeranian Elec 6s
*17
x
for
of Prices
Price
102
73 %
1950
Week's Range
Sale
See i
100 H
Grand Trunk West 4a
♦Hamburg Elec 7s
BONDS
(Concluded)
74 H
75
96
101
"73 H
Green Mount Pow 3%e...1963
Last
Elig. dk
Since
96 %
b
1945
Range
Jan. 1
%
98 H
99 H
98
b
1953
for
Week
Sales
6,000
4
106H
2549
Friday
25,000
101H
98 H
*74
a
1978
(AdolD 4H»
x
6
Bank
76 H
99
99
1965 y bb
Gobel
Week's Range
Sale
(Continued)
Exchange—Concluded—Page
Sales
6,000
116
52 H
60
%
105
105 H 107
103 % 105
6,000
94
97 H
4,000
95H
98 %
100H
101
2,000
101
102H 103
2,000
102
102 H
103 H
88 H
88 H
103H
108H 108H
81
88 H
6,000
102H 105%
Interest.
4,000
105 H 108 H
cluded In year's range,
1,000
104H 106H
113H H4H
98
98
101
Penn A Ohio—
♦Ext 4%a stamped.....1950
NY State EAG4HS
1st mtge 3%b
N Y A Westch'r Ltg 4s
1980
1964
x
a
"l03 H
x
a
108 H
x
1954
Debenture 5s
Nippon El Pow 6Hs
2004
x
aa
1953
y
b
aa«
106 H
103
106H 106H
*114
62
64
1,000
6,000
55
»
1956
y
aa
Nor Cont'l Util 5Hs
y
b
tN'western El 6s stmp
1948
1945
N'western Pub Serv 5s
102 %
104%
1957
102%
10,000
104% 105 H
24,000
46
Ogden Gas 1st 5s.
1945
y
x
aa
Ohio Public Serv 4s
1962
x
Okla Nat Gas 3%b B
1955
x
x
3,000
108%
108 H 109H
108%
108H 109
22,000
bb
a
108 H 109
104
104H
101 % 103
104 H 106
45
49
103
7,000
17,000
15,000
18,000
"l08%
bbt
Okla Power A Water 5s_—1948
104
104 H 105 %
110% 111%
bb
3H8-.--1968
46
*103
105H
Ohio Pow 1st mtge
3,000
1941
108 H 108H
Pacific Invest 5s ser A
1948
y
b
Pacific Ltg A Pow 5s
1942
1955
x
aaa4
y
bbbl
Pacific Pow A Ltg 58
Park Lexington 3s
Penn Cent LAP 4Hs
1st 5s..
Penn Electric 4s F-.
5s series H
1
1964^ z
1977"
95
"~96"~
42 H
95%
9,000
6,000
*109 H 111H
94 H
96
114,000
42 H
43
5,000
103 H
28,000
105H
1979
103H 103 %
105% 100%
e
Cash sales transacted during the current week and not Included in
weekly or
No Sales.
y
Under-the-rule sales transacted during the current week and not Included
weekly or yearly range:
No sales.
102 H 105
v
108 H 110H
In
...
Deferred delivery sales transacted during the current week and not included In
weekly or yearly range:
97 H
No sales.
109 H 112
97 H
42 H
43 H
101H
104 H
Abbreviations Used Above—"cod,", certificates of deposit;
"cons," consolidated
"cum," cumulative; "conv," convertible; "M," mortgage; "n-v," non-voting stock'
v t c." voting trust
certificates; "w 1," when issued; "w w." with warrants: "x-w"
107 H
Without warrants
2,000
104
1971
x
aa
105
105
1,000
1962
x
aa
107% 108
7,000
109
109H
4,000
107% 109%
107 H 107%
6,000
3,000
106
107 H 108 %
1,000
'
103 % 105 %
107 H 108%
106% 108 H
i
6s series A
1950
Deb 5Hs series B
1959
y
bb
Penn Pub Serv 6s C
1947
x
aa
"107%
107%
1954
x
aa
4s series B
1981
x
bbb2
4s series D
1961
x
bbb2
Phila Elec Pow 5Hs
1972
x
aa
3
111%
Phlla Rapid Transit 6s
1962
y
bb
2
100%
1
44%
107H 107H
106 % 100%
Piedm't Hydro El 6Hs—1960 y b
1949 y bb
3
90%
97%
96
90%
28,000
94%
97%
97%
31,000
36,000
27,000
70,000
42%
45H
*106H 106 H
100 %
z
new
column in this
bonds which
we
Indicates issues in
default, In bankruptcy,
or in process of reorganization.
in this column are based on the ratings assigned to each
rating agencies—Moody, Standard, Fitch, and Poor's.
The
letters Indicate the quality, and the numeral Immediately following shows the number
by
the
four
of agencies so rating the bond.
In all cases the symbols will represent the rating
I given by the majority; for example, a bond rated Aa by Moody, A1 by Standard,
I AAA
by Fitch, and A by Poor's, would be represented by symbol aa2, showing
'
Attention is directed to the
those
The rating symbols
bond
99
110H 115
96
Rating Column—x Indicates
Indicates those bonds we believe are not bank eligible due either to rating
status or some provision In the bond tending to make it speculative.
97 H
41H
48 H
104 % 106 H
Eligibility and
y
96 %
110% 111%
99% 100 %
Bank
believe eligible for bank Investment.
107 %
Peoples Gas L A Coke—
Pittsburgh Coal 6s
in receivership.
yearly range:
107 % 109 H
107 H 109 %
106 H 109
Penn Ohio Edison—
5s series D
No sales being transacted during ourrent week.
Northwestern Elec. Co. 6s stpd. 1945, May 1 at 103.
_
110H 111H
90H
Ex-dlvldend.
Heller (W. E.) 4s 1946, May 10 at 102.
%
103
104 H 106 H
93 H
x
Bonds being traded flat.
Called for redemption:
Pacific Gas A Elec Co—
1st 6s series B__
a Deferred delivery sales not included in year's range,
d ExUnder the rule sales not included In year's range,
r Cash sales not In¬
| Reported
b
•x
5H s series A
n
* Friday's bid and asked price.
♦
65
No Amer Lt A Power—
No Boat Ltg Prop 3H8—1947
No par value,
majority rating.
Where all four agencies rate a bond differently, then the
highest single rating Is shown.
A great majority of the Issues bearing symbols ccc or lower are In
default.
All
Issues bearing ddd or lower are In default.
the
tabulation pertaining to bank eligibility and rating of bonds.
See note
A
above.
*
The Commercial & Financial Chronicle
2550
April 20, 1940
Other Stock Exchanges
Baltimore Stock
April 13
Exchange
CHICAGO
April 19, both inclusive, compiled from official sales lists
to
Sales
Friday
Week's Range
Last
Sale
Stocks—
Par
Arundel Corp
*
Atlantic Cst Ln (Conn).60
Bait Transit Co com v t c *
2.00
81*$
12*$
1
29*$
Fidelity Sc Deposit..
20
Fidelity & Gur Fire CorplO
a*
aw
mrnm
m
4*.mm*mmm
Finance Co of Am A com.6
9*$
High
18
Apr
18*$
10
19
Feb
32c
40c
348
2.05
1,580
82*$
279
2.00
81?$
118
12
14
118
Eastrn Sgrs Assn com v t cl
Low
1,915
36c
118
Week
Shares
18%
18 X
18
18*$
100
Pre' v tc
High
18
1st pref v t o
...100
Consol Gas E L A Pow
»
4*$% pref B
of Prices
Low
Price
30c
31
29*$
126*$ *128
30*$
9*$
31
Mar
Jan
83*$
119*$
Feb
2 60
Apr
Feb
31
130
Jan
32*$
Feb
pref...—-100
mmrnmmm
17*$
18*$
560
Jan
19*$
Apr
Mar Tex Oil
1
40c
40c
40c
300
36c
Apr
70c
Jan
1
25c
26c
25c
300
30c
Feb
55c
Jan
Jan
29*$
2*$
Mar
Monon W Pa P 8 7% pfd25
Mt Vrn-Woodb Mis—
28*$
100
m mmrnmm
17*$
North Amer Oil Co com.l
Penna Water & Pwr com.*
U 8 Fidelity A Guar
28
Jan
1*$
New Amsterdam Casualty6
Preferred
26
28*$
mmrnmmm
mmrnmmm
2
22*$
Western National Bank.20
•
Jan
45*$
45*$
25
45*$
Jan
48
Jan
17
17*$
935
12*$
Jan
17*$
Apr
1.25
200
1.25
67
67
22*$
34*$
70
1.20
Apr
64
1.45
Mar
Jan
72*$
22*$
1,525
22*$
Jan
23*$
34*$
5
33*$
Jan
Jan
37
Jan
Mar
31*$
37
1976
A 68 flat
31*$
37
33*$ 532,000
9,500
37*$
26*$
Jan
31
Jan
35*$
40*$
Apr
Apr
Stocks (Continued)
Boston Stock
Friday
Last
Sale
Par
Stocks—
Price
Range Since Jan. 1, 1940
Week
of Prices
Low
for
High
Shares
Low
All 1»-Chaimers Mfg. Co..*
6%
45c
50
pre!
non-cum
100
Amer Tel & Tel
IX
172
Amer Pub Serv Co pref. 100
Amer Tel A Tel Co cap. 100
6*$
Aro Equipment Co com._l
14*$
1*$
Asbestos Mfg Co com
J
99*$
♦
12
99*$
11*$
..100
84
Boston & Albany
Boston Edison Co.....100
100
Boston Elevated
140*$
47*$
Boston Herald Traveler..»
Boston &
Apr
Apr
2
Jan
Jsd
175H
Mar
16
99*$
7
12
85*$
140
141*$
47*$
47*$
19?$ 20?$
hi
Jan
Jan
X
92
Jan
270
10 X
Jan
12
207
78
Jan
86
790
140
141
44
Jan
395
103
Mar
X
Apr
Feb
149 X
Jan
Mar
JaD
50 X
20 X
Jan
2X
Jan
Apr
Jan
X
18 X
Apr
Maine—
...100
Preferred std
Prior
20*$
60o
IX
107 X
84
Bird & Son Inc....
30o
320
1,511
X
100
preferred
Class A 1st pref std-. 100
Class A 1st pref
Cl B 1st pref std
100
100
100
100
Cl C 1st pref std
Cl D 1st pref std
Boston Per Prop
Auburn Auto Co com
25
Copper Range
218
7
Mar
10 X
Jan
100
IX
IX
Feb
Feb
2X
2X
Mar
2
2*$
109
3
Mar
2*$
10
IX
IX
2X
12X
10 X
ox
4X
Jan
2*$
Feb
2X
Mar
3
6
15X
16
250
18
.....
Trusts..*
5
8
2*$
50
18
22
7X
7X
5
5
8
199
5*$
321
Mar
Jan
3
Feb
19
Apr
16
Mar
.........*
Common
100
100
3
3
90
1st
....100
preferred
100
Adjustment
Feb
Jan
8 X
Feb
Feb
6X
2X
3 X
51X
53
134
42
Jan
55 X
Mar
Mar
21
23
233
17 X
Feb
24 X
Mar
62
61
62
50
69 X
Feb
63
10 X
2
11*$
50
10X
Apr
17 X
Jan
100
5X
26X
6X
IX
3X
21X
5*$
Feb
3X
Jan
Apr
Apr
Mar
4X
Employers Group.......*
Gillette 8afety Razor—_*
Hathaway Bakeries pref..*
Class A__
25
6
41X
5X
41X
2
855
361
20
41X
*
4
4
1
Helvetia Oil CoT C
2,155
11c
lie
Isle Royale Copper Co..
15
Loews Theatres (Boston) 26
40
100
Feb
Jan
Jan
2X
5X
26 X
Apr
6X
Jan
41*$
Apr
36
2V%
Jan
11c
Apr
2
1,185
IX
Jan
2
Jan
29
13 X
Feb
*16
Apr
8
7X
22X
430
6
Mar
22X
50
20
Mar
25
2%
l*x
2X
245
"ll'x
2X
Mar
135
14 X
Jan
Mar
2X
15X
15X
Feb
ox
ox
316
4X
Jan
6X
133 X 136 X
349
124 X
Jan
136 X
232
hi
Apr
Apr
Apr
Feb
7,526
45o
Feb
*
8X
Feb
Feb
Narragansett Racing Assn
Inc..
1
New England Tel & Tel 100
N YNH&HRR
6X
136*$
100
North Butte
2.50
Pacific Mills Co
hi
Pennsylvania RR
60
Quincy Mining Co
25
63c
21X
14X
21X
IX
.....
9
.*
Stone & Webster
*
11
14*$
25
13
22 X
224
21
200
lH
279
lix
645
X
69o
Mar
Mar
15 X
Feb
24X
Mar
1X
Jan
9X
Jan
IX
8X
Mar
10 X
Jan
Jan
Jan
12
Feb
ox
233
9
Mar
12 X
Jan
32 X
28
256
29
Jan
~27X
32 X
27 X
33 X
Mar
72
855
72
10
65
25X
Jan
28
Feb
72
Feb
84X
Jan
43
73 X
43
Utah Metal & Tunnel Co.l
X
Apr
56o
60c
1,150
41o
Mar
60c
Venezuela Holdings Corp.l
Vermont & Mass Ry Co 100
2
2
50
IX
Mar
2
91
128
6%
cum preferred....26
Waldorf System
Warren Bros
90 X
42
87
Jan
44
Jan
Apr
Mar
7X
*
7X
55
OX
Jan
90?$
7X
Mar
JX
*
..*
Warren (S D) Co
90 X
10
3X
68
IX
Jan
3X
Apr
27
27
15
26 X
Jan
30
Mar
Feb
*
Bonds-
Eastern Mass St Ry—
Series A 4*$b
1948
97
98
Series B 6s
....1948
1948
92 X
93 X
106
106
11,000
1,000
1,000
Jan
Series C 6s
Series D 6s
1948
103 X
Feb
103X 106
1,500
101X
Mar
lOlX'lOIX
Jan
98
Apr
101X Mar
106*$
Apr
106*$
Apr
to
Last
Sale
Stocks-r
Par
Abbott Laboratories—
Common
...._.*
Price
.08X
3X
Advance Alum Cstgs com.5
Aetna Ball Brng Mfg com 1
Allied Laboratories com..*
Allied Prods Corp—
Class A
For footnotes
see
25
page 2553.
High
Range Since Jan. 1, 1940
Week
08X
49*$
50
175
11
30
3*$
3*$
12
19
20*$
69
3*$
3*$
12*$
19*$
21
112
Low
High
67
5*$
Jan
7
20
1?$
Apr
2?$
Jan
X
Jan
?$
Apr
7*$
85$
4*$
6*$
18*$
4,900
Mar
8?$
Apr
4*$
6*$
18*$
17*$
4*$
6
Jan
3X
Jan
4*$
Apr
40
6X
Feb
18 X
Apr
Apr
7*$
150
18*$
Apr
400
17*$
4*$
Apr
2,250
27*$
Jan
9,900
700
17 X
4*$
36
Jan
18*$
5?$
Jan
Apr
Apr
350
3?$
Jan
650
17*$
Mar
23%
Jan
22*$
22*$
23*$
21*$
1,100
21*$
Mar
25*$
22*$
Apr
5
Common
21
1
Bruce Co (E L) com
4
10
950
4
Cum
35$
6*$
35$
6*$
conv pref
30c
Wy A Can Fdy cap*
250
18*$
50
3*$
300
7
600
50
23
17*$
18*$
18
18
82
Central-Illinois Seers com.l
82
390
50
18
10
Jan
Feb
Apr
*$
*
7*$
75$
X
*$
54*$
21
Feb
4
Mar
9*$
14*$
2?$
6*$
Mar
Feb
5*$
11*$
19
Jan
Feb
Feb
Apr
Jan
4?$
Mar
7*$
21
Jan
23?$
Apr
13?$
Jan
19*$
Apr
Feb
20
18
Mar
Jan
Jan
230
78*$
Mar
84%
Jan
5$
8*$
1,050
*$
Jan
%
Jan
900
6?$
Jan
8X
Apr
*$
600
X
Mar
X
Jan
Feb
84
mmrnmmm
50c
Convertible pref.
400
10
23
Castle (AM) com (new) 10.
Cent 111 Pub Ser 56 pref..*
140
4
9X
18*$
mmrnmmm
Burd Piston Ring Co com. 1
Butler Brothers
10
Camp
4
*
Bunte Bros com
Common
new
57 preferred
54
Mar
112
Mar
120*$
5
230
4*$
Jan
6*$
20*$
1*$
20*$
21
65
18?$
Feb
3,150
1*$
Jan
36
Convertible preferred..*
com
5
36
45*$
9
4m m
Cities Service Co com...10
Capital
69?$
15
m m m m
10*$
85*$
4J$
370
8*$
79*$
5*$
650
4
Feb
5*$
Apr
3*$
300
3
Jan
3*$
Mar
4%
Consolidated Biscuit com.l
Apr
13*$
20*$
Feb
Feb
Feb
21
Apr
Mar
Jan
91
Jan
38
300
35
Jan
38
9,900
31
Jan
33
14*$
2*$
32?$
15?$
2*$
13*$
2*$
Jan
16?$
Feb
3*$
Jan
7*$
75$
825
Feb
8
Jan
Apr
1
'
mm
1
250
300
100
1
*$
mm" —
3X
3*$
20
mmmmmm
17*$
30*$
30*$
Mar
510
17*$
*$
1*$
?$
Jan
540
*$
4
50
7
3?$
Feb
4*$
Feb
Mar
18*$
Apr
350
1
Jan
Apr
Mar
15
Jan
Continental Steel—
Common
*
100
mmrnmmm
25
mrnmmmm
Crane Co
com
Cudahy Pckg 7% pfd.. 100
CunninghamDrugStores2 X
Curtis Lighting Inc com..*
195$
69 X
69
16*$
16*$
1*$
16*$
22*$
Deere A Co
..1
33
Apr
Apr
Apr
110*$
24?$
Mar
19?$
140
23
-
mmmmmm
*
com
Dexter Co (The) com
59
Jan
70*$
Mar
16*$
Apr
19
Jan
Feb
10
1*$
Mar
2
Jan
50
16*$
19?$
Mar
19*$
23?$
Jan
37
*
mmrnmmm.
Eddy Paper Corp(The)cm*
ElecHousehold Util cap..6
Elgin Natl Watch Co...15
Fairbanks Morse A Co cm*
FltzSlmonsAConDAD cm*
mmrnmmm
Gardner Denver
cum conv
com
*
com
Gillette Safety Razor—
Common
Hamilton Mfg cl A pt pfdlO
com
10
Helleman Brewing cap
1
Heln-Werner Motor Parts 3
Inland Steel Co cap
*
International Harvest com*
Jarvis (W B) Co—
Common
*
Joslyn Mfg A Sply Co cm.5
1
Kellogg Switchboard com.*
Feb
50
135$
14?$
Mar
150
11?$
34?$
Jan
37
JaD
38
Mar
13
200
11*$
Feb
17*$
300
15
Feb
13*$
17*$
Apr
Apr
35$
4*$
5,650
3
Jan
4%
Apr
Apr
Apr
28*$
29
600
22*$
Feb
29 X
46*$
48?$
115
37?$
Jan
49*$
9*$
50
9*$
Apr
4*$
200
9X
4
4*$
"""4*$
15%
4*$
16
300
5
1,500
4
12?$
3?$
11?$
4*$
Feb
Jan
Feb
11
Apr
Mar
5
Apr
Feb
Feb
16
16
16*$
15?$
JaD
18
65
65
65
50
65
Apr
66
Apr
12
12
100
10*$
Feb
12*$
Apr
52*$
53*$
103
51?$
Mar
57*$
Jan
mmrnmmm
2*$
2?$
Apr
2?$
Jan
475$
2*$
49?$
350
mmrnmmm
612
45*$
JaD
49?$ Apr
53
55
51
mmrnmmm
53 X
mmrnmmm
6*$
21*$
21*$
*
Goodyear T A Rub com..*
Gossard Co(HW) com;.*
Apr
10*$
mmrnmmm
new.*
Gen Motors Corp com..10
General Outdoor Adv com *
5*$
Jan
125$
16*$
mmrnmmm
pfd(new) .20
General Candy cl A
5
Gen Amer Trans Corp cm.6
Gen Finance Corp com___l
Feb
8*$
mmrnmmm
(Peter) Brewing com.5
...1
5
50
37
4
Four-Wheel Drive Auto. 10
Fuller Mfg Co com
Jan
80
85$
135$
*
com
Feb
5X
85$
*
Class A
200
5
5X
5
Common
Dodge Mfg Co
S3
Jan
108*$
350
iox
mmrnmmm
25
20
20*$
69?$
175$
IX
Diamond T Mot Car com.2
Dixie-Vortex Co-
Fox
110
275
108*$ 108*$
Rubber Mfg—
Common
Katz Drug Co com
19*$
H*$
37
mm—mmm
6
f
1 i
'mmrnmmm
11
mmrnmmm
mmrnmmm
16
mmrnmmm
✓
25
9
x
200
1,576
343
65$
175
6?$
23*$
11*$
25*$
16*$
9
408
—
Jan
56*$
4*$
Jan
7*$
Apr
Apr
6
Apr
Apr
Apr
6?$
Apr
950
21*$
11*$
24*$
400
16
Apr
50
7
Jan
200
Mar
25
Apr
12*$
27%
20X
Feb
Feb
Jan
9
Apr
Mar
6
Apr
Jan
10
Jan
10?$
Apr
Jan
42
6
200
5
10
500
10
10?$
150
8?$
8*$
40*$
14*$
40*$
145$
40*$
100
16*$
4,250
16*$
Apr
18
18
19
150
14
Jan
19*$
Apr
4
4
200
Apr
5?$
13*$
Jan
mmrnmmm
mmrnmmm
"
mrnmrnm
mmrnmmm
23 X
Jan
Apr
Feb
32*$
mrnM«*•«**»
Indep Pneumatic Tool vtc *
Jan
Jan
Jan
?$
75*$
•
Apr
Apr
Jan
3*$
mm mm—»
51*$
4
Apr
40
Mar
4
Feb
84
75*$
10*$
88*$
mm mm m
11
37
Jan
74*$
com 100
Jan
Jan
Mar
Compressed Ind Gases cap5
c
Jan
!ie
Illinois Central RR
Apr
67
Jan
Apr
35
32*$
15*$
pref pt shares
Container Corp com
36
200
1?$
*16
mmrnmmm
25
Consolidated Oil Corp...*
Consmrs Co—
200
81
21
Jan
76*$
Club Alum Utensil com..*
Coleman Lmp A Stv com.*
Commonwealth Edison-
36*$
80*$
Chicago Yellow Cab com.*
Chrysler Corp common..5
15$
77
*it
Jan
Feb
1*$
mmmm'
70*$
3*$
114
*.mmmm
mm
*
com
60
20
54*$
......
Chicago Corp common...1
Chicago Towel
57
114
4*$
*
Prior lien pref
*
Central States Pr A Lt pfd *
Cham Belt Co com
*
Mar
2*$
11*$
18*$
100
100
170
11*$
Houdaille-Hershey cl B__*
100
950
Apr
21*$
Hubbell Harvey Inc com.5
Illinois Brick Co cap
10
200
400
Mar
10*$
3*$
Hlbbard Spen Bart com.25
Shares
11
Acme Steel Co
com
25
Adams (J D) Mfg com
*
Adams Oil & Gas Co com.*
of Prices
Low
for
Jan
1*$
45*$
20*$
Harmischfeger Corp
Sales
Week's Range
15?$
Jan
Jan
11
Hall Printing Co com...10
April 19, both inclusive, compiled from official sales lists
Friday
Mar
*$
33*$
.1
Great Lakes DAD com..*
Chicago Stock Exchange
April 13
Apr
3*$
20*$
General Foods
98
7*$
Binks Mfg Co cap
Dayton
'Th
Torrlngton Co (The).....*
Union Twist Drill Co
6
United Shoe Mach Corp_26
1It
54c
Reece Button Hole MachlO
Shawmut Assn TC
hi
60c
*
Jan
15$
17X
Preferred
7X
22 X
Mass Utilities Assoc v t c.l
Jan
Mar
5*$
~~33~X
Bliss A Laughlin Inc com.5
Common pt shs v t c A-50
Common ptsh vt cB__*
100
Mergenthaler Linotype
Jan
175?$
36*$
11?$
4X
V t
......100
5% cum pref
H
37
100
Jan
15$
*$
mmmm
m
200
167H
6*$
13*$
41*$
5*$
W •»
*
Feb
Apr
Maine Central—
Common
*» m
950
43
High
Apr
Mar
89
1,800
7X
4X
5
Apr
4X
11c
Zl6
IX
xl6
1*$
15$
*$
Cbl Flexible Shaft
21
100
East Steamship Lines com*
Belmont Radio Corp
Bendlx Aviation com
Chic A N West Ry com 100
51%
.....
m m
1
Jan
Eastern Mass St Ry—
Preferred B
12,400
mm-mmm
Aviation A Transport cap.l
Backstay Welt Co com...*
Apr
X
East Gas & Fuel Assn—
4*$% prior pref
6% preferred
90
916
43
*
Low
33?$
Central A 8 W—
2
3
1*$
1
2
7*$
2%
Boston & Providence.. 100
Calumet & Hecla...
17
1*$
7*$
2
"
95*$
Associates Invest Co com.*
Atbey Truss Wheel Co cap4
122
35X
172?$ 173*$
7*$
6*$
14
14?$
--
Brach A Sons (E J) cap..*
Brown Fence A Wire—
IX
X
Blgelow-Sanford Carpet—
Preferred
100
80
m
Armour A Co common...6
Common
173X
IX
172
Associated Gas & El cl A..1
45c
33*$
94*$
Shares
Borg Warner Corp—
High
American Pneumatic Ser
Common....
Price
Par
Range Since Jan. 1, 1940
Week
Bergboff Brewing Corp...1
Sales
Week's Range
for
of Prices
Low
High
Bastlan-Blesslng com....*
Exchange
April 19, both inclusive, compiled from official sales lists
to
Week's Range
Sale
Barber Co (W H) com
April 13
Sales
Last
Automatic Washer Co cap3
Aviation Corp (Del)
3
Bonds-
Bait Transit 4s flat—1975
CHICAGO
Friday
Feb
10
Mar
17
La Salle St.,
S.
Jan
Jan
30*$
9*$
10
Apr
Jan
126
14
Feb
8*$
Houston Oil
Common class A
Principal Exchanges
Teletype
Trading Dept. OGO. 405-406
Municipal Dept. OGO. 621
Bell System
Apr
Jan
53
3
55c
Jan
27
467
Members
Apr
Jan
1.50
116
425
9*$
Panl H.Davis 8c 60.
Jan
21*$
20*$
78*$
1,685
10*$
SECURITIES
Listed and Unlisted
Range Since Jan. 1, 1940
for
55$
9*$
56*$
10?$
23*$
89*$
55*$
14
14
215$
21*$
mrnmrnrnm
mmrnmmm
mmrnmmm
55$
8
38
H*$
Feb
Apr
Mar
89*$
15
3?$
9*$
21?$
82*$
Jan
24*$
90*$
57?$
491
53?$
Feb
62?$
14*$
22*$
5X
8*$
725
14
Apr
17
Jan
250
46*$
Jan
50
Apr
200
5*$
Apr
200
7*$
Jan
11?$
250
24
400
Mar
Feb
6?$
8?$
Jan
Jan
Jan
Jan
Feb
Apr
Volume
Week's Range
for
Sals
of Prices
Low
High
Jan. 1,1940
Shares
Stocks
High
Low
Jan
Champ Paper A Fibre
46
46
10
43
Mar
6% preferred
100
Kerlyn Oil Co cl A com__5
102
102
10
100
Jan
103*6
Feb
Feb
3*6
Jan
Jan
1*6
Jan
Jan
4*6
Mar
Leath & Co
5%
5*6
Mar
450
1%
600
2*6
1*6
*
com
2%
1%
3
5
4
4
400
3*6
100
6
4
6
10
Le Roi Co com
~8*6
LlbbyMcNeWALibby com7
Lincoln Printing Co com.*
S3.50 pre!
Lindsay Lgt & Cbem—
2%
25%
50
12*6
Liquid Carbonic Corp com*
Mar
97*6
27
30
104
Jan
30
Apr
100
Preferred
104
104
5
102
Jan
105
Feb
6%
40
6
Apr
8*6
Jan
2%
2%
107% 107%
400
1*6
Feb
2*6
Apr
181
106*6
13*6
2*6
Mar
6%
Churngold
5
Cin Bell Crank
100
Cin Gas A Elec pref
43
13%
2%
13%
110
Feb
14
Apr
Jan
Jan
6*6
Jan
City Ice
Jan
8*6
Apr
Cin Street
50
2%
2%
Feb
3*6
Apr
Cin Telephone
50
97%
97%
98
Jan
Cin Tobacco Ware...
25
"14%
4%
14%
14%
130
12*6
6%
7%
1,412
5*6
6%
6%
2%
217
6*6
111
2
85
10
Feb
12*6
Jan
Mar
20*6
26
100
17%
Apr
13*6
18*6
Mar
Mar
300
Dow Drug
Jan
*
Crosley Corp
Jan
4*6
63
2%
6*6
Jan
1*6
900
Jan
12
15*6
6%
12%
5%
12%
16%
6*6
*
High
Jan
96*6
25*6
2
700
3%
25%
7
97%
97 %
Low
Shares
100
*
Cin Union Stock Yard
10
Common
Week
6*6
7,650
8%
*
Lion Oil Refg Co cap
for
of Prices
Low
High
Price
Par
Baldwin pref
Kentucky Utll jr cum pf .60
Ken-Rad Tube&L'p comA*
4
200
(Concluded)
Apr
6*6
49*6
La Salle Ext Unlv com
Week's Range
Week
Price
Par
Range Since Jan. 1, 1940
Last
Sale
Range Since
Last
Stocks (Concluded)
Sales
Friday
Sales
Friday
2551
& Financial Chronicle
The Commercial
ISO
Columbia Gas
*
.*
29
29%
150
26
Jan
30*6
Apr
13%
14%
905
12*6
Feb
15*6
Mar
7*6
Apr
Apr
7*6
Jan
Mar
2*6
Feb
Jan
3
Jan
Mar
Apr
Mar
11%
11%
55
405
55*6
Jan
56*6
Apr
28%
28 %
338
26*6
Jan
29*6
Apr
20
20
60
19*6
Jan
20
Jan
41%
41%
35
40
Jan
43
Mar
13
13%
200
12*6
Jan
15
Feb
Feb
107
Mar
11%
General Motors
39
•
Mar
Jan
2*6
150*6
4*6
14*6
Jan
97
13
4%
2
100
Eagle-Plcher pref
Apr
2%
38%
43
54
Apr
2*6
*
McQuay-Norris Mfg com.*
Mapes Cons Mfg Co cap..*
221
Feb
Loudon Packing com
Marshall
Field
Merch A
*
13%
Jan
36
50
39
Mfre See—
com
Hilton-Davis
"3%
6
8*6
30
4
28
*
S2 cum part pref
Mickelberry's Food com.l
Middle West Corp cap
28
2,250
2,800
3%
8%
8%
4
Jan
Jan
Kahn
3%
7%
4
Apr
Mar
9%
1%
Mar
3
Jan
Apr
5
100
100
7% prior lien
4%
Mar
3%
Jan
7H
9%
Jan
Apr
8% pref
Jan
11%
23 %
Apr
Randall A__
Jan
1%
Apr
150
1%
Monroe Chemical Co com *
50
19
1%
38 %
Montgomery Ward—
Northwest Bancorp
North
'ioji
Apr
55%
Jan
US Playing
Jan
4%
Jan
40%
4%
Apr
Jan
Omnibus
27%
35
50
26
Feb
100
28
Feb
28 %
36
Apr
4%
1,900
3
Feb
5%
7%
Jan
500
10%
60
90
11
10%
63
50
Peoples O LtACoke cap 100
Penn RR capital
Perfect Circle (The) Co
11
Poor A Co class B
Potter Co (The) com
Mar
12
70
25
Apr
14%
14%
Feb
15%
1%
Mar
225
21%
Mar
307
33%
Apr
2%
24%
38%
26
Feb
29
Feb
12*6
*
%
13%
118%
310
151
151
1
80
152
Rath Packing com
10
40
40
40
100
10
.100
12
12
12
10
10
101*6
101*6 101*6
150
38*6
4
30
30*6
9*6
87*6
650
*85"
30*6
i
-
1*6
1*6
744
110
14%
154
Jan
6%
47%
6%
197
Apr
8*6
Feb
50%
96
6*6
47*6
Jan
51*6
Apr
38
38
13
39
2%
15%
33
Feb
55%
Jan
12
101%
1%
38%
75%
Apr
101%
4%
38*6
80
26
Jan
9
Feb
30%
10 %
81%
Jan
88
%
Jan
28
101
101
101
20
2
9
9
Jan
97
9
Swift International cap.. 15
29*6
•
.
4*6
2
(The) com
Union Carb A Carbon cap *
United Air Lines Tr cap..5
.....
20
Co com
"59
United States Steel com..*
"22*6
1*6
Wahl Co common
*
Walgreen Co common
*
1
23
Westh'se EI A Mfg com.50
*
Bohn Alum
Apr
11
25%
Mar
14
60
Mar
2%
Wisconsin Bankshrs com.*
Mar
14
28*6
Apr
14
Jan
2%
Feb
9
Feb
100
6%
Mar
7*6
5,900
7
15%
Jan
29*6
27*6
28*6
23*6
45*6
4*6
29*6
29*6
24*6
16
100
80*6
21*6
83*6
82*6
383
23*6
85*6
1,950
135
63
2,050
Feb
Apr t Det A Clev Nav com
Detroit Edison com
Feb
10
14%
Jan
23*6
Apr
Eureka Vacuum com
81%
53%
Mar
87*6
Jan
Jan
Apr
Ex-Cell-0 Corp com
Jan
Frankenmuch Brew com..
20C
7
'22*6
Jan
4
Jan
14%
78%
Mar
115%
Feb
1%
Feb
68*6
121
1*6
Federal Motor
%
550
22*6
120
Jan
%
Jan
19
3*6
1*6
2,650
23
1%
Jan
1,050
1*6
20%
Jan
23
1*6
23*6
198
17
Mar
6%
91 %
Jan
Jan
93*6
93
10
Jan
7*6
1%
Apr
1*6
5
Jan
5*6
Feb
4
1*6
1*6
5*6
450
6*6
1,100
Jan
6*6
209
84*6
Jan
91*6
Apr
Apr
Kresge (8
91*6
3*6
15*6
100
2%
14%
Jan
Feb
3*6
17*6
Apr
Apr
3*6
"IS""
Zenith Radio Corp com..*
14*6.
1,107
S) com
Masco Screw
Prod com
130*6 131
*6sl958
SI 1,000
126 %
Jan
McClanahan Oil com
Michigan Sugar com
Preferred
10
1
.*
1
1
*
10
Micromatic Hone com—1
Mid-West Abrasive comSOc
Apr
131
Motor Wheel com
Securities
Telephone
Stock Exchange
Fourth St., Cincinnati
Cherry 3470
Teletype Cin. 274-275
Cincinnati Stock Exchange
inclusive, compiled from official
Range Since Jan. 1,
Last
Aluminum Industries
Amer
Par
Week's Range
for
Sale
Stocks—
of Prices
Low
High
Shares
Price
*
Laundry Mach—20
Arm Co..
For footnote? see page
"15%
255J.
sales lists
8*6
17*6
15*6
8*6
17*6
15*6
1940
•>
Week
25
7
110
15*6
155
13*6
Feb
Mar
Mar
11*6
Feb
Apr
17
Apr
570
19*6
Feb
|
Apr
23*6
Mar
1,600
88c
Jan
1*6
Feb
436
10*6
Apr
12*6
Jan
200
8*6
Apr
9*6
66c
Feb
1 *6
Jan
3*6
1*6
4*6
830
3*6
Jan
4*6
Feb
1*6
300
1*6
Feb
2
Jan
86c
90c
Apr
90c
950
70c
Feb
102
Jan
600
600
118*6
1*6
1*6
1.25
.1,500
75c
Mar
1*6
100
1*6
4
100
4
1*6
1*6
Jan
125
Jan
1*6
Apr
Jan
2*6
1*6
Mar
Apr
Apr
1*6
Apr
Apr
4*6
30*6
15*6
Mar
30*6
905
20*6
Jan
14*6
15*6
4*6
2.436
12
Jan
100
4
Mar
2*6
775
2*6
Mar
2,485
4*6
Mar
Jan
Jan
Mar
0*6
Jan
Apr
56
1,428
51*6
1,800
2*6
Jan
3*6
99c
730
87c
Mar
1*6
Jan
780
80c
400
56C
Jan
80c
Apr
11
12*6
743
5*6
Feb
13*6
Apr
18*6
18*6
18*6
15
15
11
Apr
304
17*6
Apr
19
Apr
16
5,776
11*6
Feb
16
Apr
5*6
5*6
6
681
5*6
Jan
6*6
43c
42C
46c
650
41c
Feb
52c
1*6
1*6
400
1*6
Mar
1*6
Jan
47c
48c
360
35c
Feb
60c
LMar
25*6
25*6
805
24*6
Jan
1.00
1*6
200
90c
Jan
1*6
Jan
75c
75c
300
30c
Jan
75c
Apr
21c
27c
15,500
19c
Jan
27c
Apr
Apr
2*6
Feb
Mar
1.25
23c
2
Feb
Jan
Feb
26
2*6
2*6
2*6
200
1*6
1.00
1.25
6,000
75c
1,118
4
1,595
5,220
7*6
1*6
| Jan
11*6
Mar
Jan
2%
Apr
16
17*6
7*6
1,275
10*6
Feb
16
Apr
449
16*6
5*6
Jan
18*6
Jan
8*6
Feb
Feb
3*6 F Jan
4*6
44*6
5*6
To""
10
2
14*6
17*6
6
11
2*6
925
Jan
3*6
43*6
787
43*6
12
13*6
2,888
8*6
Mar
1*6
1*6
2*6
2*6
7
2,050
1
Mar
---*
oom._-.-l
Wayne Screw Prod com..4
Wolverine Brewing com. .1
Young Spring A Wire
*
Apr
4*6
2*6
6*6
Feb
3*6
5
1
Universal Cooler B
*
Universal Products com..*
Jan
53*6
3*6
Car com.
Co B
Warner Aircraft
18
28
95c
1*6
1*6
2*6
2*6
988
-
110
175
200
7,595
24*6
55c
6*6
24*6
25*6
994
2*6
6*6
2*6
588
55c
55c
200
Feb
43
-1*6
2*6
1*6
4*6
-
Jan
Jan
Mar
Jan
13*6
1*6
-2
Apr
Apr
6
-
3
Mar
Jan
Apr
Mar
Apr
Apr
2%
Apr
7
Apr
Apr
Jan
25%
2*6
Jan
2*6
26C
Jan
55C
Apr
Jan
Mar
Jan
3%
4*6
21
Apr
3
3*6
477
3
4*6
3
4*6
6*6
2*6
1*6
185
3*6
982
4
200
1*6
Mar
300
1*6
Jan
7*6
2*6
2*6
Jan
23*6
Apr
6*6
2*6
1*6
1*6
Apr
Apr
Mar
100
16*6
200
3*6
Jan
3*6
Mar
1*6
882
1*6
Apr
1*6
500
1
Feb
1*6
2*6
Apr
25c
25c
100
10c
Jan
25c
Apr
12*6
13*6
595
10*6
Mar
13*6
Apr
3*6
1*6
Jan
Mar
3*6
22
Walker A
High
Low
Feb
3
U S Radiator com
Sales
Friday
24*6
*
Parker-Wolverine com — *
Peninsular Mtl Prod com.l
Reo Motor com—
5
Rickel (H W) com
2
River Raison Paper com.. *
Sheller Mfg com
1
Tiinken-Det Axle com—10
Tivoli Brewing com
1
Tom Moore Dist com
1
Union Investment com — *
United Shirt Dist com
*
United Specialties
1
E.
April 13 to April 19, both
110
200
53*6
Parke Davis com
and Other Principal Exchanges
116
Jan
Apr
10
Packard Motor
Established 1878
Cincinnati Stock Exchange, New York
25c
7*6
7*6
Murray Corp com
Wi LYONS *£&
Members:
Jan
Jan
2*6
M otor Products com
Cincinnati Listed and Unlisted
18c
6*6
...
Michigan Silica com
Bonds—
300
535
—
McAleer Mfg com
90
*
5
—
Jan
22c
85c
4*6
J
10
1
1
Grand Valley Brew com.-l
Hall Lamp com
*
Hoover Ball A Bear com. 10
Houdallle-Hershey B
*
Hudson Motor Car com..*
Hurd Lock A Mfg com...l
Kingston Products com.-l
Kinsel Drug com
1
450
1*6
7*6
26*6
29
Goebel Brewing com
Jan
50
7
Jan
Feb
6
Graham-Paige com
22%
22%
106*$
High
Low
1*6
23*6
1*6
10*6
8*6
4
General Motors com
Apr
Jan
Jan
Jan
Jan
Jan
24*6
28*6
117*6
100
1*6
118*6 119
196
1*6
1*6
1*6
86c
14*6
Feb
2
Range Since Jan. 1,1940
for
Week
Shares
80c
Truck com *
Jan
Apr
*6
22*6
5530
10*6
8*6
®
3
Federal Mogul com
26*6
22*6
1.00
Jan
42*6
200
1*6
_
88
Jan
214
121
,■
Feb
Mar
22
650
5*6
*
Jan
28
182
47
fit Co.
Exchange
official sales lists
High
Low
22c
100
32*6.
25*6 Mar i Detroit Gray Iron com . . .6
Det-Michigan Stove com.l
47*6
Apr
Detroit Paper Prod com. .1
5*6
Apr
Durham Mfg com——..1
16*6
Apr
542
3,100
26
5*6
cap..2
2515.
Sales
7
1
1
Burroughs Add Machine.*
Capital City Prod com—*
Consumers Steel com
1
Continental Motors com. 1
Crowley Milner com
*
5
1*6
Jai#
DETROIT
1*6
com—.1
A Brass com..5
Briggs Mfg com
Brown McLaren com
Mar
Jan
12
446
8*6
93
"93
Williams Oll-O-Matic com*
Wrigley (Wm Jr) cap
Yates-Amer Mach cap
Jan
101
779
7
Wieboldt Stores Inc com.*
105
New York Curb Associate
Chicago Stock Exchange
of Prices
..1
Apr
Jan
28
*6
21*6
1*6
22*6
23*6
5
Week's Range
Price
Baldwin Rubber
Jan
23*6
22*6
112*6 113*6
Western Un Telegcom.100
Cumul prior pref
109
Gar Wood Ind com
*
Wayne Pump Co cap
2%
31
Auto City Brew com
11%
1*6
5
Common
Jan
Apr
both inclusive, compiled from
Par
Stocks—
Jan
50
Utility A Ind Corp—
Viking Pump Co com
Mar
Sale
Apr
350
120
100
pref
Utah Radio Products com 1
13
Last
15
326
59
25
capital
Thompson (J R) common25
Jan
Friday
Mar
Feb
Apr
Mar
Apr
30
1*6
13*6
16
24
.25
9*6
Detroit Stock
Jan
9*6
6*6
"29 k"
249
Building
April 13 to April 19,
Apr
13*6
7*6
7*6
Sunstrand Mach T'l com.5
Swift A Co
13%
22%
26*6
14
Mar
Telephone: Randolph
Allen Electric com
1*6
13*6
Stand Dredge—
*
Stewart Warner
.5
Storkline Furniture com.10
12
Feb
Southwest Lt A Pow pref.*
Stein A Co (A) com
Feb
17*6
Exchange
Ford
Apr
Feb
20
"27*6
2*6
Jan
Apr
Feb
2,650
25
Jan
13*6
Exchange
York Stock
Apr
Feb
15
Standard Oil of Ind
1*6
23
Jan
30
(new)....._.l
(new)......20
Jan
45
Jan
11%
15
31
New
Jan
28*6
Spiegel Inc common
34*6
2%
15%
12
12%
105 % 105%
Stock Exchange—See page
Detroit Stock
Feb
%
"28*6
Commonw Edison 3
4*6
Members
Feb
1%
Sivyer Steel Castings com. *
Sou Bend Lathe Wks cap.6
Woodall Indust Inc
Feb
Watling, Lerchen
Feb
Jan
30*6
cum
3
Jan
123%
Jan
"30*6
7%
15
Jan
Mar
Apr
%
%
300
85
*
40
77
9*6
1
149
Slgnode Steel Strap pref-30
U S Gypsum
Apr
3%
Jan
Mar
11%
115
100
4
Sears Roebuck A Co cap..*
Serrick Corp cl B com
4*6
38*6
76*6
"76*6
Mar
200
%
H
Reliance Mfg Co—
Mls(new)cm-4
St Joseph Lead Co cap. .10
St Louis Natl Stkyds cap.*
Sangamo Elec com (new).*
Schwitzer-Cummlns cap__l
10*6
150
1
1
%
-.5
Trane Co
Feb
23
10
-100
...
Cleveland
Mar
,
600
6% preferred..;
Texas Corp
230
Feb
Jan
%
Raytheon Mfg Co com.60c
Preferred
Feb
10
11%
*6
117
Common
Feb
18
50
Wurlitzer
Feb
22%
34%
8
11%
Preferred
227
Mar
150
250
U7%
Preferred
Apr
Jan
65*6
8
228
Jan
150
10*6
1
Rollins Hsry
71*6
487
71%
Jan
10
Card
Preferred
Jan
Mar
2
13%
•
28
Quaker Oats Co common.*
Preferred
100
Common.
Mar
Jan
10%
1
Pressed Steel Car com
3*6
2
9
Apr
61%
13%
28
*
._.*
Jan
15
13%
14%
1%
21%
33%
Penn Gas A Elec A com..*
Apr
Jan
I*
Mar
62
Penn Elec Switch conv A 10
1*6
_*
US Printing
4
10%
100
Corp common..6
Jan
45
6%
37
West Utll—
Prior Hen pref
*6
22%
47%
50%
11
com..*
800
22
21%
*
Rapid
4%
Northern Paper Mills com *
Apr
3%
27%
34%
4*6
20
18*6
B
4%
Standard com. 10
Nor Amer Car Corp com
92
2%
—*
10
National Pressure Cooker_2
Noblitt-Sparks Ind com..5
Apr
18%
228
100
100
705
52%
50%
40%
50*6
*
Apr
1*6
70
71%
*
Procter A Gamble
40%
National Battery Co pref.*
Common
Jan
42%
Apr
34*6
Apr
%
Timken Roller Bearing....
10
39
39
Preferred
28*6
1*6
Jan
50
2.50
10
National Pumps pref
50
200
22%
1%
662
1%
18%
Magnavox
480
11%
22
"22"
6%
Jan
Jan
Feb
5
6%
11
Minneapolis Brew Co coml
Modine Mfg Co com
*
6%
Jan
5
101
34*6
1%
33
33%
.*
Leonard
7
5
"e*6
Miller & Hart Inc env pf.*
200
5
5
1
107
107
100
1st pref
Kroger
Lunkenhelmer
Midland Utilities Co—
6% prior lien..
41%
Hobart A
30
Jan
25
750
2%
2%
Midland United conv pf A*
Apr
Mar
3%
1,100
3%
3%
3*6
1
Class A com
National
'28%
*
Gibson Art
1*6
1*6
22
Jan
2552
The Commercial & Financial
Chronicle
April 20, 1940
Friday
Sales
Last
Stock* (Concluded)
Wm. Cavalier & Co.
Seaboard Oil Co of Del
Loe
York Stock Exchange
623 W. 6th St,
Los
April 13
Los
San Franclwco Stock Exchange
Angeles
Teletype L.A.
290
Sales
Last
Week's Range
of Prices
Sale
Stocks—
Par
Bandlnl Petroleum Co
Price
1
3
Barker Bros 514% pref__50
Berkey A Gay Furn Go...1
Blue Diamond
Low
X
3)4
29
all
all
Chrysler Corp
6
Consolidated Oil Corp...*
aS6H
7)4
086)4
7)4
Douglas Aircraft Co
10)4
10
10
36c
Farmers A Merch Natl 100
Fltzslmmons Stores Ltd..l
General Motors com
10
405
405
9X
53)4
5)4
Gladding McBean A Co..*
Goodyear Tire A Rubber.*
a22
Jan
2)4
Feb
Jan
American Stores
Feb
90 X
8
Jan
Jan
6X
Apr
Amer Tel A Tel
100
Bell Tel Co of Pa pref. 100
Budd (E G) Mfg Co
*
Budd Wheel Co
*
50
377
7X
4X
9X
5)4
87 X
255
125
200
107
70c
11
Apr
6
Apr
Jan
644
9X
Apr
Mar
87 X
201
8)4
Mar
11
35c
Feb
3,920
Apr
10)4
Mar
Jan
3o
Par
Chrysler Corp
Apr
10
Jan
Lehigh CoaLA Nav
Jan
200
Mar
Nat'l Power A Light
Pennroad Corp v t.c
24 X
Feb
Pennsylvania RR
Mar
40
Apr
Penna Salt Mfg
Mar
Jan
Penn Traffic
300
5X
ex
80c
Apr
6)4
87 Xc
Mar
Feb
12c
Feb
Jan
16c
Mar
Apr
Salt
DomejOll Corp
Mar
41)4
51
Apr
Scott Paper
4X
Jan
4)4
Jan
50c
1.600
40c
Jan
Tacony-Palmyra Bridge.
50c
Jan
73,696
IX
Jan
4
40c
Apr
500
40c
Apr
50c
Jan
al5c
300
25c
580
11)4
Jan
13)4
Apr
342
33 X
33 X
Jan
34 X
34)4
7)4
9)4
2)4
7X
10
5X
30)4
35)4
Feb
Jan
31)4
39 X
42
Apr
49*4
Jan
645
12
Jan
22X
300
2X
1.684
6)4
1,349
7)4
4)4
60
50
90
31
*
al2>A
allX al2)4
*
28 J*
28)4
28)4
130
4 H
4)4
4)4
7,445
7
7
31
7
10
VandeKamp'sHDBakers.*
31)4
29)4
30)4
30)4
29)4
29)4
a33)4 a33)4
33)4
34
12)4
12)4
22)4
23)4
1)4
1)4
34
34)4
30
9
6)4
16)4
13K
9)4
Feb
Apr
Jan
Apr
6
31
Feb
Mar
4%
Apr
7
28 X
Jan
30 X
Apr
Apr
29 X
28 X
Feb
30 X
Jan
Jan
210
16
34 X
Jan
29 X
34 X
Jan
409
Apr
34 X
Jan
626
33 X
12
Mar
15X
1,753
22 X
Apr
26 X
Jan
100
IX
Apr
IX
Apr
Jan
Jan
300
33 X
Apr
36
8X
6X
Jan
10
Jan
Mar
7
Mar
401
14
52 X
33
Jan
4)4
4,018
16)4
Mar
Jan
2,106
1,881
16
Feb
17)4
13)4
Apr
15)4
Jan
200
9
Apr
9)4
Mar
12
14
16,§02
4)4
Jan
a2)4
a2)4
a7)4
65
3X
Mar
7
2)4
2)4
167
2)4
5)4
2)4
Mar
a7)4
Mar
3
al.80
1
l)4c
10
14
Jan
Apr
Jan
Mar
Feb
al.80 al.80
1)40
l)4c
60
2,000
IX
lXc
Mar
Jan
2)4
2)4c
Jan
Jan
Amer Rad A Std SanI
*
am
Armour A Co
(111)
.5
Atch Topeka A S Fe
Ry 100
Atlantic Refg Co
172 X
31)4
7
22 M
(The).25
Aviation Corp (The)
(Del)3
a23)4
1
4)4
15)4
Aviation A Trans Co
Baldwin Locomo Wks
v
8)4
t c.
Barnsdall Oil Co
5
Bendix Aviation
Corp
5
Bethlehem Steel Corp
Borg-Warner Corp
all >4
33 H
*
a
5
a22
Canadian Pacific Ry
25
Caterpillar Tractor Co...*
Cities Service Co
10
Columbia Gas A Elec
a5H
a51 Yi
a5
a6X
Commonwealth A South..*
Continental Motors Corp.l
Continental Oil Co
(Del).5
Curtlss-Wright Corp
Class A
i
.*
*
*
Graham-Paige Motors...
Intl Nickel Co of
al
am am
172)4 172)4
31)4 31)4
7)4
7)4
22)4
22)4
a23)4 a23)4
4
a28)4
a37
a48X
al8)4
688
8X
172
Mar
10
Mar
174)4
Mar
Jan
Pure Oil Co
Radio Corp of Amer
Radlo-Kelth-Orpheum
Republic Steel Corp
*
.*
*
..»
a
10)4
6)4
alii
21)4
For footnotes see
page 2553
Feb
*
IX
Mar
3,856
Jan
50
166)4
Jan
100
2)4
115
21
3,218
2)4
Feb
115)4
95
114)4
Apr
31
771
30 X
Mar
16
130
6)4
650
45)4
276
44 X
49
*
Jan
300
Jan
Jan
8)4
Apr
49
6it
X
656
H
Feb
237
Mar
38)4
12)4
68
1)4
36)4
11)4
111)4
Jan
Jan
48)4
X
2)4
Jan
Apr
Apr
16
Jan
ht
Apr
Mar
120)4
31)4
Apr
H
2)4
37)4
Jan
Jan
Apr
Mar
Apr
41)4
41)4
Feb
24)4
175)4
2)4
Jan
6)4
41)4
44 X
15)4
6)4
'30)4
United Gas Impt com
Preferred
*
14,582
329
Jan
Apr
Mar
Feb
1
Jan
2)4
41)4
Mar
Jan
Feb
Mar
15)4
Jan
Mar
117 X
Feb
Pittsburgh Stock Exchange
April 13
to
April 19, both inclusive, compiled from official sales
lists
Friday
Sales
Last
Stocks—
Par
Week's Range
for
Sale
of Prices
Week
Price
Low
Allegheny Ludlum Steel..*
Preferred
23 X
Arkansas NatjGas pref. 100
Armstrong Cork Co
*
Blaw-Knox Co
_*
18 X
Jan
41
113*4
6)4
Apr
8X
8X
10
40)4
9)4
11)4
40 X
6
15c
15c
25c
9)4
6)4
6)4
15c
100
40c
Jan
Mar
9)4
11)4
100
Feb
Apr
Jan
Apr
Apr
Apr
Apr
Jan
5X
Jan
144
5X
Mar
23
480
Jan
15)4
13)4
122
15)4
15)4
13)4
180
11
Jan
14
Mar
18
50
13
Jan
20
Jan
1
7)4
5X
—
708
1H
60
84 X
Jan
90
Feb
1,986
9X
Feb
10 X
Jan
IX
35
IX
Apr
5X
36 X
2,678
5
IX
6
-
Mar
36 X
Apr
4X
IX
6)4
IX
Apr
Feb
Jan
104 X
Apr
7X
270
Feb
IX
375
6X
IX
8X
2X
IX
25c
25c
29
40
55
Jan
Mar
25c
Apr
29
Feb
Jan
Jan
55c
Feb
33 X
Jan
3)4
52
3)4
Apr
22 X
23)4
112
113)4
3)4
Apr
468
22 X
Mar
28 X
Jan
75
106 X
Jan
117)4
Jan
182
IX
Jan
2X
Jan
3)4
—
23)4"
Apr
5X
Jan
99 X
29
— -
IX
Jan
32 X
50
IX
-
Jan
60
7
*
IX
204
7
Shamrock Oil & Gas Co.. 1
United States Glass Co
1
63
Jan
6X
IX
IX
—
103k"
Jan
101)4 104)4
------
——
17)4
9X
36 X
—
Apr
Apr
5X
9X
IX
1
Apr
7)4
88 X
88
Lone Star Gas Co com...*
Apr
6)4
23
9X
IX
IX
Koppers Co preferred.. 100
Waverly Oil Works cl A—*
Westlnghouse Air Brake. *
Westlnghouse El & Mfg.50
345
20,568
6)4
Mar
Feb
37
18
------
Follansbee Bros pref... 100
Vanadium-Alloys Steel
iox
12 X
24)4
113)4
8X
43)4
lix
13)4
21)4
15)4
13)4
------
Duquesne Brewing Co...5
Mt Fuel Supply Co
10
Pittsburgh Brewing pref..*
Pittsburgh Coal com... 100
Pittsburgh Oil & Gas....5
Pittsburgh Plate Glass. .25
Pittsburgh Screw & Bolt.*
High
25
11)4
10
McKinney Mfg Co
Low
23 X
——————
------
Byers (A M) Co com.....*
Carnegie Metals Co
1
Clark (D L) Candy Co...*
Columbia Gas & Elec Co.*
Copperwel d Steel
..5
Fort Pitt Brewing
Range Since Jan. 1. 1940
Shares
113)4 113X
Tl3X
100
Devonian Oil Co
High
Apr
Unlisted—
Pennroad Corp v t c
1
Week's Range
for
Sale
of Prices
Week
Feb
76
Feb
23)4
5)4
51)4
Feb
24)4
IX
IX
St. Louis Stock
Feb
Jan
5)4
1
April 13
to
Exchange
April 19, both inclusive, compiled from official sales
lists
Apr
205
40
a5
a5
o6)4
al)4
5
50
250
51)4
Jan
5% preferred
Mar
7)4
Mar
IN
4)4
Apr
Jan
3)4
Jan
Feb
175
28)4
Apr
11)4
29)4
113
38
Jan
40
Feb
Mar
Feb
Jan
45)4
Jan
47 H
Feb
30
18)4
Mar
20)4
Apr
6)4
100
Jan
2
Apr
270
16
20)4
20)4
4)4
36)4
35)4
7)4
Jan
International Shoe com..
Feb
Key Co
21)4
790
Apr
19 X
27
21X
Jan
Jan
Feb
Mar
24)4
9
7)4
1)4
23)4
Jan
Apr
St L Pub Serv
Jan
com
Jan
Scruggs-V-B Inc
Apr
Scullin Steel com
cl A
com
1
100
18
Apr
15
118
Feb
120
95
-—8
93
Feb
95
10)4
43)4
130
43 X
35
42
Mar
12)4
12)4
165
11
Feb
56)4
56 X
70
53
33
33)4
305
32
9)4
12X
"33X
7)4
Jan
19)4
Apr
Feb
Apr
Apr
Mar
Jan
Jan
Apr
Apr
10)4
Apr
45
Apr
12)4
Apr
Jan
57 X
Apr
Mar
165
5)4
Jan
36)4
7)4
19
40
20
3)4
625
17 X
3
Feb
4
Feb
4)4
Feb
38)4
39
45
37 X
Feb
39 X
Apr
10)4
11
10
10)4
Apr
11)4
11
Feb
12
Feb
12)4
Mar
Feb
110)4
Mar
7)4
18
3)4
11)4
Feb
140
18
120
21X
95~
*
Rice-Stix D Gds 1st preflOO
2d preferred
100
St L Bank Bldg Equip cm *
22
18
120
"lOX
9
1)4
20
34
Midwest Piping & Sply cm*
5)4
19
Jan
Jan
Mo Ptld Cement com...25
National Candy com
*
Apr
Jan
Apr
Feb
Jan
Mar
16)4
Apr
36 X
26
12
Feb
com
Mar
14)4
21)4
Apr
McQuay-Norrts
35
37
18 H
7)4
21)4
5
75
795
43)4
53)4
132
20
com
Jan
36)4
25)4
24
Feb
100
*
com
51
1,105
26)4
23)4
4
21)4
*
10
18)4
Jan
Jan
50
Laclede Steel
_
*
53)4
53)4
20
Mar
Mar
Jan
al)4
Mar
com
_
41
33 X
Hyde Park Brew com.__10
com.
High
47
18)4
Griesedieck-West Brew cm*
Hussmann-Llgonler
Low
43
33 X
18
1
Jan
Range Since Jan. 1, 1940
Shares
19)4
....100
com
Jan
7
al)4
....
Falstaff Brew
Jan
3)4
40
*
High
"l8X
D Gds com25
1st preferred
100
2d preferred
1
103
180
"25)4
Ely A Walker
38)4
600
185
5
com
Low
36
53)4
Coca-Cola Bottling com__ 1
Dr Pepper com
Sales
43
*
Burkart Mfg com
1
Chic & Sou Air Line pref. 10
Lemp Brew
854
541
50
Columbia Brew
60
Price
*
com
Brown Shoe com
9)4
a50)4 a50)4
al5)4 al6)4
23)4 25)4
21)4
22)4
7)4
7)4
3)4
3)4
21)4
21)4
al0)4 all)4
6)4
6)4
Par
American Invest
100
1,908
Stocks—
Apr
6
3
a6)4
6)4
12
112)4 114
Last
30
4
113)4
Friday
a51)4 fl52)4
022)4 022)4
11
10)4
028)4 a29J4
a37
a38)4
a48)4 a48)4
al8)4 aim
12)4
*
Apr
35)4
6)4
7 X
7)4
60
Apr
35)4
3)4
21)4
Tan
Apr
15
50
2
Jan
2
Jan
6)4
90)4
4)4
33 X
55)4
125)4
2)4
8)4
2)4
Jan
119
8)4
IX
50)4
35
527
16)4
12)4
34)4
40
Co."*
190
Jan
Mar
034
Packard Motor Car
55
Feb
11)4
31)4
73)4
189
a36
Pennsylvania RR
Apr
Jan
Apr
Apr
100
275
a34
15)4
3)4
28)4
71
Apr
Jan
23 H
Feb
200
662
Apr
Apr
Mar
21)4
10 X
3)4
32)4
4)4
Apr
*
Apr
8)4
1
*
4X
Jan
Apr
15
3)4
Aviation. 10
690
Jan
820
30)4
North American Co
Ohio Oil Co
Jan
253
50
X
5)4
88)4
3)4
1,655
165
6X
Jan
6
45
211
a
6
Apr
"it
a 50
Mar
31)4
7)4
24)4
30)4
3)4
a37)4
Robbing"!.
4)4
Mar
l5I«
Montgomery Ward A Co.*
New York Central RR
*
Nor American
Jan
126
Mar
30)4
3)4
a36
Le to
11)4
5)4
20)4
5)4
"it
a34
Range Since Jan. 1, 1940
280
22
30)4
3)4
__*
Apr
Apj
14 X
21X 22 X
175)4 175)4
2)4
Preferred
for
Shares
165
1
Loew's Inc
4)4
3)4
Week
475
Can....*
International Tel A Tel..*
Kennecott Copper
Corp..*
Apr
Mar
16
31
Tonopah Mining
1
Transit Invest Corp pref..
United Corp common
*
v
4
10 X
30
366
8
8)4
4)4
4)4
15)4
15)4
all)4 all)4
33)4 34)4
077)4 a80)4
022
023)4
a5)4
a5)4
al
0.22X
l
General Electric Co
General Foods Corp...
Goodrich (B F) Co
77)4
3)4
1)4
3)4
32)4
42)4
44)4
.
.
Unlisted—
Amer Tel A Tel Co
100
Anaconda Copper......50
115)4
Apr
Mining—
Cons Chollar GAS
Mln__l
160
JaD
175)4
125)4
2X
Jan
6)4
a2H
a7X
2)4
1)4
Apr
Jan
1
2
21)4
Jan
Apr
Jan
X
27
101
9
9
10
737
6
13)4
2*4
8X
Jan
8,871
9
9
of Del.. 1
Western Air Express
1
Yosemlte Ptld Cem pref. 10
Feb
65
Feb
8
*
Jan
96
6)4
16 X
Apr
Mar
13
Wellington Oil Co
2)4
38)4
3,275
122)4 123
2
2)4
Apr
110
O50)g 050)4
*
51)4
Mar
88
*
Apr
56
Mar
1,093
X
31)4
2
Jan
2)4
Apr
410
7,821
25
Apr
Apr
54)4
Mar
Feb
35c
6)4
1%
Feb
13)4
34 %
34)4
a30)4 030)4
6
22 X
47c
13X
7x
34)4
Feb
33 X
34
10
Sunray Oil Corp
1
Superior Oil Co (The).-.25
30c
800
21)4
2)4
12)4
Feb
36c
22 H
29 H
Feb
Apr
5)4
1
27*4
a4X
a33X
33)4
82)4
23H
Jan
113)4
32 X
Phlla Elec of Pa §5 pref..*
Phila Elec Pow pref
25
Phlla Insulated Wire
*
41
39
So
Jan
Feb
168 X
2 )4
com
47c
47)4
22)4
Calif Gas Co
6% pref .25
6% preferred A......25
Southern Pacific Co... 100
Standard Oil Co of Calif..*
11
156
5)4
1
39)4
30 X
Feb
786
5
50
62c
High
5)4
50
36X
600
500
Mar
29 H
Feb
Apr
48)4
21
13%
14)4
172)4 173)4
114
115)4
*
,5
22 X
Apr
Apr
405
7c
39
25
Low
114 X
*
56
Jan
10c
42
So Calif Edison Co
Ltd..26
6% preferred B
26
15)4
Apr
23)4
47 X
Sales
5
Jan
75c
4
Price
Curtis Pub Co common..*
Elec Storage Battery.. 100
a4)4
Sontag Chain Stores Co..*
3)4
2)4
13)4
Feb
8)4
100
39
ZendaGold
Stocks—
52
383
3,000
42
ben int..
61)4
3)4
3)4
Week's Range
of Prices
General Motors
10
Horn & Hard (Phlia) com.*
Jan
3,220
3,363
10
Vega Airplane Co
Jan
3c
a 50
23)4
Friday
173
5)4
a22%
„
25
Ryan Aeronautical Co...l
Safeway Stores Inc
*
80
200
530
2)4
Jan
April 19, both inclusive, compiled from official sales lists
to
Feb
12c
2)4
Apr
Mar
Mar
Lighting Corp com *
Puget Sound Pulp A Tlmb*
Republic Petroleum com.l
Universal Consol Oil
April 13
47c
Richfield Oil Corp com...*
Roberts Public Markets..2
3)4
3)4
12
Pacific Indemnity Co
Union Oil of Calif
5
Feb
75c
a30X
2
22 X
45)4
10)4
78)4
66
Mar
40 X
Pacific
Taylor Milling Corp
Transamerlca Corp...
Apr
3c
33 X
2
297
Philadelphia Stock Exchange
Jan
Mar
12c
34 X
Feb
64
a4H
25
12)4
1,734
8X
83X
70
30
36c
Jan
61
Jan
75c
36c
13 X
9)4
61
26
487
2X
40c
487
..._*
Last
210
al5c
Feb
Apr
Sale
6)4
40c
Jan
43)4
33
Jan
5)4
4
7)4
Apr
a80)4 c82)4
.
Jan
Jan
40 X
157
Mar
40
al5c
6
207
100
5
6% 1st pref
614% 1st pref...
6*4% preferred C
4)4
30
3c
Pacific Finance Corp com 10
Pacific Gas A Elec com..26
Shell Union Oil Corp
Signal Oil A Gas Co A
Solar Aircraft Co
Mar
12c
Mt Diablo Oil Mng A Dev 1
Occidental Petroleum
1
Oceanic Oil Co
1
380
51)4
°2)4
Mar
75c
Los Angeles Investment. 10
Mascot Oil Co
1
Menasco Mfg Co
1
12)4
17)4
Apr
Jan
33
Mar
10
70c
Mar
17)4
®2)4
23 X
5X
Lincoln Petroleum Co.. 10c
Lockheed Aircraft Corp._l
Security Co units
3
53)4
40
70c
Hudson Motor Car Co.. *
Hupp Motor Car Corp
Jade Oil Co
_.10c
Feb
405
a22
40
*
Holly Development Co..l
11)4
60
33
80
37c
9)4
53)4
5)4
Apr
240
o2)4
390
10
36c
17 X
33
910
11)4
a87)4
7)4
6)4
alOVi
6)4
a92)4
10)4
6
Apr
a2
23)4
51)4
High
87 X
10
U 8 Rubber Co..
U S Steel Corp
IX
IX
4X
a
al0)4
5)4
a87)4
o92)4
10)4
45c
a25%
6
.*
com
4%
alOX
Electrical Prods Corp
4
Emsco Derrick A Equip..6
Exeter Oil Co A com
1
Hancock Oil Co A
2
5H
United Aircraft Corp
5
United Corp (The
(Del)—*
5
a25
5
11
Low
141
023)4 024)4
o45)4 o47
11
10)4
080)4
23)4
51)4
2
2
t c.l
Apr
6 700
a.25%
v
Feb
25c
1H
Bolsa Ciilca Oil A com._ 10
Creameries of Amer
28 X
1)4
Broadway Dept Store
Call! Packing Corp com..*
Central Invest Corp
100
Co asoll dated Steel
Corp..*
Preferred
...*
3)4
100
45c
a2
Range Since Jan. 1, 1940
Shares
High
150
25c
1H
02
023)4
045)4
Willys-Overland Motors.. 1
Low
350
29
10)4
10
High
aS4H o87)4
all
oll)4
ol6)4 ol7
7)4
7)4
40)4 40)4
11
10)4
7)4
40)4
.25
Warner Bros Pictures
flanye ;Sf?ice Jan. 1, 1940
Shares
3)4
29
45c
Corp.-...2
High
for
Week
Low
oll)4
cl6)4
Union Carbide A Carbon.*
United Air Lines Transp.5
Angeles Stock Exchange
Frida\
McKesson A
Texas Corp (The)
Tide Water Assoc Oil
Week
084)4
Studebaker Corp
1
Superior Oil Corp (Del)-.l
Swift A Co
25
April 19, both inclusive, compiled from official
sales lists
to
*
Southern Ry Co
*
Standard Brands Inc
*
Standard Oil Co (N J).-.25
Chicago Board of Trade
Angelea Stock Exchange
for
of Prices
Price
Socony-Vacuum Oil Co._15
MEMBERS
Netm
Par
WecF* Range
Sale
11
11)4
11
7)4
12
499
11)4
325
9)4
5
108)4
109
109
95
95
2
95
Apr
3)4
3X
50
2)4
Jan
1.00
1.02
100
1.00
Apr
95
Jan
Apr
Apr
Jan
Apr
Apr
3)4
1.37
Apr
Jan
5
9)4
9X
75
6
Jan
*
9)4
Apr
8)4
8X
25
8)4
Apr
9
Apr
Volume
West's Range
Last
Sale
Stocks (Concluded)
Par
83*
Stlx Baer & Fuller com.. 10
'28H
15
Wagner Electric com
9
283*
38 X
Feb
So Cal Gas Co pref ser A.25
Southern Pacific Co...100
56 X
Jan
3724
63 24
$7,000
Apr
Apr
633*
7,000
95*
9 5*
12,000
924
Mar
12 X
Jan
3624
363*
5,000
36 24
Apr
3824
Jan
63
1964
Income
United Ry 4a o-d'a
100 3*
Apr
30
Preferred
3724
373*
100
♦
Soundvlew Pulp Co
Standard Oil Co of Calif.
_
42 24
*
225*
115*
Mar
15 5*
Jan
461
425*
55*
Apr
455*
Apr
Jan
235*
5,662
225*
Apr
1,433
Apr
Jan
Feb
265*
295*
335*
15c
...25
20o
Feb
10 5*
Feb
115*
55*
Mar
65*
Apr
Mar
13o
Feb
165*
95*
205*
Apr
596
15c
165*
100
28 5*
13o
9,171
9 24
6
55*
9
500
15c ' Jan
Feb
175*
8 5*
Feb
10
Jan
Apr
Jan
Feb
23 5*
Apr
16
997
1,020
1,862
239
145*
1354
155*
Jan
125*
14
7.550
45*
Jan
14
Apr
35*
4
745
3
Jan
4
Apr
235*
205*
135* 1135*
10
'1324
124
1
Jan
6
Mar
225*
"l6X
Universal Consol Oil
4
115*
11
605
10
300
300
30
294
Feb
301
19
19
40
19
Mar
22
Apr
Feb
2.00
2.10
2.90
Jan
41
41
Preferred
Wells Fargo Bk & U
A. T. & T Tel.
St. L. 494
Yosemlte Ptld Cem pref. 10
115*
Jan
Apr
5
Tr. 100
Yellow Checker Cab ser 150
ISSUES (MEMBER)
Garfield 3150
1,422
15c
Victor Equip Co com
OLIVE ST.
418
345*
102
United Air Lines Corp...6
STOCKS
LOUIS BANK
ST.
100 24
Jan
115*
Vega Airplane Co
LOUIS STOCK EXCHANGE
Feb
335*
6
15c
Union Sugar com
ST
99
125*
Union OU Co of Callf...25
ACTIVE IN:
Apr
Feb
116
455*
105*
Tread well-Yukon Corp
Inc.
Mar
25*
100
115*
65*
2
1
Tranaamerlca Corp
Jordan & McKinney
12
Feb
Mar
305*
2554
285*
Tide Water Ass'd Oil com 10
Gatch Bros.,
Mar
265*
34
6
6
Super Mold Corp cap... 10
Texas Consol Oil Co
1
ST. LOUIS, MO.
105*
426
125*
425*
"1224
Apr
545
325*
995* 1005*
34
1
*
Sperry Corp com v t c
8pring Valley Co Ltd
High
Low
9,867
29
30
♦
Signal Oil & Gas A..4
1,1940
Week
12
28
315*
Shell Union OH com..
Apr
Bonds—
City & Suburban 5a c-d'a..
St L Pub Serv 5a
1959
12
28
Apr
9
Mar
26
130
2924
Shares
com.5
9
Jan
724
80
for
of Prices
Low
High
Price
Par
J»n
335
8J4
9
824
1
Sterling Alum com
Stocks (Concluded)
High
Low
Shares
Week's Range
Sale
Wee I
of Prices
High
Range Since Jan.
Last
1,1940
Range Since Jan.
for
Low
Price
Sales
Fridai
Sales
Friday
2553
Commercial & Financial Chronicle
The
150
2 00
Apr
36
260
Apr
Unlisted—
Amer Hawaiian S S Co.. 10
Quotations
St. Louis Bank and Trust
on
Companies
317
Boatmen's National Bank.
345*
365*
First National Bank
425*
305*
325*
Mercantile
445*
Mississippi Valley Tr Co..
Orders
solicited
Pacific
on
Bk
Commerce
Stock
Coast
Co.
-
555*
535*
950
52c
Feb
65e
Apr
Anaconda Copper Mln__50
313*
696
273*
Jan
315*
Apr
*
9
93*
360
83*
Feb
95*
Apr
Argonaut Mining Co
Ark Nat Gas Corp A
5
3
55c
4
Jan
0.224
35*
fl23*
400
*
20
23*
Feb
23*
Feb
22 3*
23
310
223*
Apr
25 34
Jan
a85*
75*
a85*
147
Jan
95*
Mar
85*
2,473
Mar
85*
Apr
4,225
Atchis Top & Santa Fe
o8J*
New
45*
45*
Apr
a55*
30
53*
Jan
55*
Apr
355*
15*
125*
400
30 H
Feb
355*
Apr
1,265
300
124
Feb
125*
Apr
85
823*
43*
Jan
Feb
125*
85
85
1
Cortlandt
a45*
a45*
5*
a53*
5*
"50c
50c
*
New York
7-4150
Corp
o7 5*
*
103*
113*
33 3*
Sales
Last
High
Low
1, 1940
65*
Anglo Amer Mln Corp...l
Anglo Calif Natl Bank..20
Associated Ins Fund Inc. 10
<m
m
W
mUtrnmm -
Diesel Engine.5
of California N A..80
Atlas Imp
Bank
*
Byron Jackson Co
Preferred
150
6
Mar
63*
Feb
13c
200
13c
Mar
20c
Mar
250
*
*
145*
Class B
Calif-Engels
65c
18c
Mining..,25c
50
Preferred
•»
.
—
m,
-
*.
"1055*
Coast Cos G 4c E 1st prf 100
383
19
Mar
Jan
213*
Mar
95
10
65c
1,500
17
19c
2,603
255*
515*
2,323
1055* 1055*
42
515*
39
m
600
*»**■***•»
107
30
107
.
83*
Apr
65c
Apr
13
18c
213*
51
102 V*
Feb
43*
a37X a385*
a87 X
53*
65*
100
53*
Apr
53*
Apr
700
55*
Jan
7
Apr
32 3*
Apr
385*
Jan
100
354
Mar
45*
Jan
1
10c
Mar
16c
1.30
1.40
523
1.29
Mar
1 55
Jan
o373*
127
355*
Jan
355*
Mar
24
Apr
253*
Feb
85*
Apr
Italo Pet Corp of Am com
com..*
24
a63*
Kenn Copper Corp
«.
25*
*.
—
m
•
w
535*
General Motors Corp com 10
175*
195*
12,352
229
193*
Apr
Stude baker Corp com
935*
10 3*
Apr
Texas Corp common
..10
85*
395*
1.15
323*
363*
Jan
45
Apr
121
933*
Jan
99 5*
110
1.75
Feb
2.20
Mar
375
63*
Feb
73*
Jan
65*
535*
70
7
813
535*
62
Jan
Jan
56
524
Jan
63*
9
Jan
11**
15
210
13 24
Jan
153*
m,
mm**-
•*
824
40
175
37
Jan
40
Apr
263*
Feb
11
203*
Mar
2354
36
1.20
Jon
Mar
Apr
1.50
Ja
50
Apr
33*
213*
Jan
Apr
43*
235*
Apr
234
33*
25*
403*
130
300
41
413*
2354
Apr
215*
Jan
20
105*
Mar
53*
Feb
45*
53*
10
4
Jan
20
.
73*
45*
Apr
Mar
Jan
53*
255*
Feb
12 3*
235*
Jan
Jan
12
9
5
275
24
Jan
Apr
Apr
Jan
103*
293
305*
813
29
Jan
305*
Apr
305*
933
29
Jan
305*
Mar
1.10
Mar
50c
95*
95*
50c
80
30c
Apr
a73*
120
6
Jan
75*
1,209
9
Jan
123*
Feb
Mar
4634
Apr
Jau
513*
Apr
113*
46
a455* a46
513*
cap.5
1
com..*
Warner Bros Pictures
5
West Coast Life Insurance5
382
513*
443*
47
Apr
Jon
Feb
1.15
605*
623*
1,458
Mar
6654
Jan
a3 3*
o3 3*
50
33*
Jan
43*
Feb
65*
65*
42
4
Jan
65*
A pi
"95c
U S Petroleum Co
95c
*65*
♦
No par
value,
a
95o
400
95c
55
year,
x
Odd lot sales.
6 Ex-stock dividend,
c Admitted to
r Cash sale—Not Included
Listed, f In default.
d Deferred delivery.
trading privileges,
Ex-dividend,
Ex-rlghts.
y
Apr
195*
171
Apr
*
unllstd
In range for
Mar
76c
Feb
900
133*
Mar
175*
Jan
1.10
393
55c
Jan
1.15
Feb
85*
315
8
Feb
85*
Apr
65*
65*
420
6
Mar
83*
Feb
375*
10
33
8
85*
—-
155
400
Apr
40
323*
63*
Mar
35
Jan
85*
Apr
27 H
Mar
413*
Apr
1 30
Apr
385*
415*
85c
1.30
5,527
5,415
oOc
Jan
95*
200
83*
Mar
100
1023*
Jan
104
Jan
373*
Jan
95*
18 3*
Jan
1.75
Jan
4 00
Jan
11
-
Apr
Jan
103*
Mar
3,359
2.75
4.00
25,895
105*
11
2,250
73*
105*
1,605
94*
105*
105*
475
93*
Apr
11
16c
1,900
10c
Jan
45*
75*
Mar
15
185*
175*
Jan
Feb
106
28c
Apr
Jan
Feb
Apr
45*
250
33*
Mar
85*
1,580
6
Mar
8 '4
Apr
170
11
Jan
143*
Mar
14
Pacific Coast Aggregates.5
1.30
1.30
1.30
25
33 24
335*
345*
45*
Carter
Shelby
C.
Weikel
&
Ltd.,
Co.,
elected President and Director of
for industrial organizations and
was
managers
Malcolm
financial
offices in Rockefeller Center.
Mr. Carter succeeds Dale Parker, who becomes Chairman
of Directors.
C. Shelby Carter, who began his career in the
trict as a runner for R. W. Pressprich & Co., in 1919, was
consultants with
of the Board
financial dis¬
in charge of
that firm's cales to institutions when he left to become associated with
Eastman Dillon & Co.; later joining Campbell Starring & Co.
In recent
years he has figured in reorganizations; serving as chairman of the common
stockholders' protective committee of the Cosden Oil Co.; reorganixation
of which was completed in 1937; as a member of the committee for the
bondholders of the Erie R.R. Improvement 5's, 1967-1975 and is at present
in charge of obtaining assents to
the New York City Plan for transit
unification
the
of
member
a
a3
Merle-Smith
committee for
Manhattan
4's of 1990.
Mr. Carter also organized and served as executive
of the All American General Corporation, a $5,000,000
investment trust later merged with Atlas Corp.
He is President of First
Railway
Vice
New
Mar
1.50
Jan
1,452
32 3*
Jan
34 X
Apr
was
Feb
418 —1.25
NOTICES
CURRENT
Jan
800
18 X
65c
20 3*
68c
145*
14
*
26
Mar
Apr
6
13c
1
Mar
223*
25
295
a7 3*
United States Steel
Mar
10
105*
25
280
Apr
842
4.00
*
338
63*
Apr
210
105*
15
105*
No American OU Consol. 10
Feb
93*
United Aircraft Corp
Apr
2.00
Apr
73*
Jan
Apr
51
995*
Mfg Co com__.l
Fibres com___l
Auto
Pac G & E Co com
Jan
45
185*
*
Feb
11
98
Machine..5
Pacific Can Co com
443*
45
104
100
Oliver Utd Filters B
Jan
95*
.
*
Pac Amer Fisheries com..5
Apr
33
—
25*
Occidental Petroleum
Jan
20}*
375*
65*
50
Natomaa Co
85*
Jan
1.10
m
Llbby McNeill & Llbby._7
Preferred
Apr
85*
•m
Langendorf Utd Bak B.._*
Lockheed Aircraft Corp..l
8
7
105*
325*
65c
14
Hutchinson Sugar Plant.15
LeTourneau (R G) Inc.._l
Jan
Mar
Apr
30
1
25
Jan
Feb
45*
303*
*
15
Feb
11
24
*
25
Inc
88X
14
...1
Honolulu Oil Corp cap...*
"24"
6% preferred..
25
6% pflOO
Standard Brands
Jan
1,275
,65*
So Pac Gold Gate
195*
"
Hawaiian Pine Co Ltd...*
Magnavox Co Ltd
So Calif Edison com
40
15
Hancock Oil Co of Calif A *
Magnln & Co (I) com
Shasta Water Co com
Feb
553*
45*
63*
Preferred
Jan
12c
Apr
63*
65*
*
Riverside Cement Co A..*
Schumach Wall Bd com..*
Apr
105*
*
23*
11
Radio Corp of America
Apr
6
Gladding McBean <fc Co..*
Golden State Co Ltd
*
Preferred
Jan
Mar
60'4
35*
63*
60
a2l3* a223*
20
:
255*
2.0 J
25*
33*
35*
50
Pioneer Mill Co
315*
„
40 3*
41
1
Park Utah Cons Mines
9C
216
a.2124 a2124
1.20
1.20
10
100
Preferred
Apr
500
25
25
Packard Motor Co com..*
313*
Mar
985*
.
65*
10c
505*
a65*
a255* fl255*
Pacific Port Cement com 10
Jan
8 24
31
Iridem._10
63*
5
Avlation..l
American
Apr
40
Fireman's Fund Ins Co..25
4
National Distillers Prod..*
2924
180
Hunt Brothers com
Mountain City Copper
Nash-Kelvlnator Corp
23 24
496
Holly Development
5
4 24
Jan
45*
50 X
505*
10
24
9c
1
Montgomery Ward & Co.*
693
44
Equip Co. .5
.20
""l~40
a36
459
105*
Ewa Plantation Co cap.
a30
o30
1
255*
43
435*
50
Jan
130
315*
17 24
Jan
890
255*
18
Mar
36
13c
Pennsylvania RR Co
Feb
Jan .109
535
Jan
a325*
35*
Apr
Mar
Jan
200
Hale Bros Stores Inc
523*
106
Jan
75*
95*
41
55
13c
Apr
26c
195*
General Metals cap
65c
3%
85*
Foster & Klelser com
Mar
9
17
Apr
75*
195*
Preferred
Jan
Feb
♦
Apr
Apr
35*
93
Emporium Capwell Corp.*
75*
115*
*
North American Co com
26 3*
pref...100
D1 Giorgio Fruit
Feb
*
315*
*
El Dorado Oil Works
153*
32c
106
Apr
323*
Intl Tel & Tel Co com
Jan
125
Feb
Jan
60?
Jan
Jan
63*
No
25c
Jan
Jan
Apr
53*
Feb
Apr
935*
85*
Preferred
Natl
Feb
135
2,980
185*
Menasco
16
195*
730
H*1
tO
27c
Crown Zellerbach com...5
Calcul
Feb
45*
"255*
March
13 X
27c
*
Fireman's Fund
Apr
35*
Cons Aircraft Corp com__l
Emsco Der &
Jan
5'*
75*
Mar
Jan
27c
Central Eureka Mln com.l
Cons Chem Ind A
73*
Jan
5X
116 24
4
1
Carson HID Gold cap
23 5*
25
Calif Packing Corp com..*
Calif Water Service pref 100
18c
Jan
4
190
85*
Calif Cotton Mills com. 100
Calif Art Tile A
6X
270
485
65*
65*
45*
45*
65*
65*
1165* 119
14
135*
165*
215*
20
20
Calamba Sugar com
65*
13c
10
Gold
Mar
Feb
375*
20
Mines.. 1
M J & M & M Cons
AlaskaJ-Juneau
X
5*
10c
305*
73*
33
McKesson & Robbins com5
Hijh
Low
Shares
Apr
Apr
310
Marine Bancorporatlon..*
Range Since Jan.
Week
of Prices
Sale
Price
Par
Stocks—
Jan
145*
873*
53*
85
34
Preferred
for
Week's Range
Jan
2
Int Nickel Co of Can
compiled from official sales lists
Fridai
Jan
200
5,059
105*
33 X
Idaho-Maryland
Exchange
Francisco Stock
San
35*
150
50
1
Honokaa Sugar Co
April 13 to April 19, both inclusive,
164
v-
0.724
Domlnguea Oil Fields Co.*
General Electric Co.....*
Curtlss Wright Corp
Francisco and Los Angeles
10
a31X a32
Cons Edison Co of N Y..»
Consolidated Oil
,
50c
Claude Neon Lights com.l
Coen Cos Inc A com..
Private Wire to own offices in San
854
6
43*
355*
13*
125*
Corp
Blair & Co Inc cap
Stock Exchange
111 Broadway,
Apr
a53*
Calif-Ore Pw6%pref'27 100
Cities Service Co com. .10
Standard Time (2 P. M. Saturdays)
York
3
5
Aviation
Bendlx
Schwabacher & Co.
Members
Apr
61c
30
Bridge (Del)..l
Bunker Hill & Sullivan.2 24
until 5:30 P. M. Eastern
open
Mar
Balt& Ohio RR com...100
which are
Exchanges,
Apr
93*
100
Atlas Corp oommon
5
Aviation Corp. of Del
3
Aviation & Trans. Corp.-l
133
130
<fe Trust Co
St Louis Union Trust
41
174 5*
Anglo Nat Corp A com
Ast
Bid
A st
171
Apr
Feb
85*
240
al723* al725* al735*
American Tel & Tel Co. 100
Amer Toll
Bid
130
85*
85*
Amer Rad & Std Sanitary*
President
Dale Parker,
Corp.
England
an
attorney and
financial consultant,
& Co., a director of W. A.
director of the Commercial National Bank
formerly a partner of Harriman Brothers
&
Inc.,
Co.,
and
6% 1st preferred
25
554% 1st preferred...25
345*
34
345*
1,874
33 3*
343*
Apr
Harriman
305*
305*
305*
792
303*
Apr
313*
Jan
& Trust
Pac Light Corp com.....*
425*
475*
107
1075*
65*
524
205*
205*
3,520
423*
Apr
50
Jan
1325*
54
130
1525* 1525*
75*
7X
17
Apr
75*
Apr
Jan
435*
Feb
Samuel & Co., Ltd. and a director of Abbot's Investment
Trust, both of London, England.
Other officers and directors of Malcolm Weikel & Co., Ltd., are: Malcolm
H. Weikel, Vice President; Charles Goodrich King, III, Vice President;
Charles Warren Lippitt, Secretary and Treasurer; Theodore P. Seymour
and Cecil C. Agate.
C. Reinold Noyes is Economic Advisor of the Company.
23
Pac Pub Service com
1st preferred
*
*
107
*
$5 dividend
"205*
132
Pacific Tel & Tel com..100
10
Paraffine Co's com
REAR Co Ltd com
Preferred
Rayonler Inc com
Preferred
Rheem
Mfg Co
.*
Ryan Aeronjutlcal
213*
1383*
Mar
Jan
154
Jan
Jan
413*
"225*
215*
23
5,698
12J*
Jan
2.75
2.50
2.75
18
18
205*
305*
245*
185*
19
1
"245*
325*
Feb
Jan
53*
203*
100
25
"*75*
55*
7
55*
325*
75*
65*
Jan
1085*
524
349
..1
Co... 1
530
Mar
43
..100
Richfield Oil Corp com...*
1,495
107
43
"75*
*
Puget Sound P <fe T com..*
40
1493*
73*
100
Preferred
Pacific Western Oil
425*
Jan
Jan
Apr
4.00
Apr
24 3*
Mar
5,934
1,708
16
Mar
26
—Henry J.
Jan
18
213*
Apr
Jan
325*
18 24
Mar
195*
65*
Mar
85*
Jan
43*
Jan
65*
Apr
Huller,
house
Fla., on April
in
55,
the
director of the private
hank¬
—Herman
of
a
member of Hawley, Huller & Co., Cleveland
Commerce Buiiding, died in Port Sewall,
Union
14.
Jan
1,092
6,990
investment
Apr
695
He was also, for many years, a
Co.
ing firm of M.
Apr
2.50
50
200
a
R.
Schoeler
August Belmont
& Co.
has become associated with
the sales department
The Commercial & Financial Chronicle
2554
April 20,
1940
rc
LISTED AND UNLISTED
Montreal Stock
Service
Montreal Slock
Stocks (Concluded)
507 Place
Par
Gatineau Power.....
Preferred
68R
for
of Prices
Week
14X
100
Rights....
General Steel Wares
Preferred
Low
Price
*
5X% preferred—..100
d'Armes, Montreal
Week's Range
Sale
Greenshields & Co
Exchange
Montreal Curb Market
Sales
Last
Securities.
Memiierg
6s
Jan
*
Howard Smith Paper
Ask
Bid
Ask
Province of Ontario—
1 1948
53
4%s
-.Oct
1 1956
Prov of British Columbia—
6s
July 12 1949
65
6s
61X
53
6s
5s
Sept
May
92
94 X
91
4s
June
4%b
Jan
Oct
1
7
107 X
1942
104 X
16 1943
105
105X 106 X
"~7X
6
14 X
21X
*
Preferred
Provinoe of Alberta—
100
105
*
Preferred.
99
Aug
1 1941
88
92
4%s
Mar
2 1950
78
82
4s
Feb
1 1958
Dec
98 X
95
Intl Paper & Power
58
97 X
92
78
82
4%s
May
1 1961
92
94
89
Provinoe of Manitoba—
2 1959
4%s
Apr
15 1961
Province of Nova Scotia—
Sept
6s
15 1952
Mar
1
98
1960
5
301
Feb
Feb
Feb
Feb
10%
107%
5%
8%
Mar
Feb
Jan
Mar
Apr
15
Jan
23%
Apr
Apr
1,295
19
Feb
100
Jan
104
Apr
34
1,655
14%
2,809
26%
13%
Apr
15%
Jan
16%
7%
1,715
15%
Jan
16%
Feb
6%
Mar
60
Jan
7%
Apr
29
Preferred
200
27
Jan
29
Feb
60
25
50
Jan
51
Feb
21
21%
20%
Mar
23
Feb
27
26%
Mar
28%
40
42%
40
Jan
19%
335
Apr
Apr
46%
21
21
Apr
75
76
30
Jan
76
Apr
50
40
15
29
50
26
Intl Nickel of Can....
21
100
255
30
21
June
16 1943
71
74
International Petroleum.. *
Preferred
100
"2lk
5s
86
88
6X8
4Xa
Nov
15 1946
71
74
Lake of the Woods.
"26"
25%
1,880
26%
*
Preferred
70
13%
Jan
10%
96
27%
94
65
Jan
6
Jan
Jan
15%
86
1 1951
Mar
Jan
Feb
Feb
26%
13%
90
Oct
Mar
9%
89%
6%
106%
4%
1,076
105
160
84
Prov of Saskatchewan—
Apr
Mar
16%
96%
14
Preferred
Province of Quebeo—
Prov of New Brunswick—
6a
Apr
15 1960
4%s
15 1965
190
115
High
Mar
6
130
106
7%
June 16 1954
1 1953
102
£1
4 Ha
Oct
103 X
93
91X
90
14%
93%
100%
4%
15X
*
Imperial Tobacco of Can.6
6s
4%s
102
1962
205
10
95%
6%
7%
107% 107%
5
4%
7
7%
14%
14%
21%
22%
27
Hudson Bay Mining
Imperial Oil Ltd..
Industrial Acceptance
*
Intercolonial Coal.....100
Intl Bronze Powders.....
1 1969
1
5
10
*
100
Hamilton Bridge
Hollinger Gold
(American Dollar Prices)
11
95%
Gypsum Lime & A lab as..*
Closing bid and asked quotatios, Friday, April 19
186
102
5
Gurd (Charles)
Preferred
Provincial and Municipal Issues
Low
1,022
95%
101
*
Range Since Jan. 1, 1940
Shares
15%
95
95%
101
High
14%
......
Bid
Exchange
Friday
all Canadian
on
92
94
Lang & Sons (John A)
95
98
Laura Secord
22%
120
100
...3
.58
2,690
21%
Jan
24
Feb
88
290
120
Feb
Apr
84-.
Feb
23%
50
,
16%
*
19%
Feb
27
128
Jan
45
120
Apr
80
15
Jan
16%
Feb
12%
Feb
13
Jan
16%
Jan
(American Dollar Prices)
Bid
Canadian Pacific Ry—
4s perpetual debentures.
6s
Sept 15 1942
4Xs
Dec
15 1944
6s
July
1 1944
Ask
Bid
Ask
Canadian Pacific Ry—
69
70
4%s
78
79
5s
73
76
Sept
4%s
1 1946
1954
83
84
1 1960
July
89 X
1
....Deo
88 X
78
79
105X 105%
(American Dollar Prices)
Bid
Ask
1 1951
4%s
4%s
4%s
6a...
June
15 1965
Feb
1
-..July
.July
5s
f 6s
1966
1 1957
1 1969
Oct
....Feb
1
Bid
1969
1 1970
100
101%
100%
100%
103%
103%
100%
6%s
to
July
103%
Grand Trunk Pacific Ry—
4s...
Jan
1 1962
3s
Jan
1 1962
Sale
Par
Price
*
Preferred
..100
Alberta Pacific Grain A..*
AlbertaPacificGrain prf 100
Algoma Steel Corp......*
Asbestos Corp
_.._*
Associated Breweries
Preferred
108
"32"
B
Exchange
suY Mius-;::::::: *
Building Products A (new) *
Bulolo
5
Canada Cement Co...
*
Canada Steamship
(new).*
6% preferred
60
Can Wire & Cable cl B
*
Canadian Car &
Foundry.*
Preferred
25
Canadian Celanese..._..*
Preferred 7%
100
*
Canadian Converters.. 109
Industrial Alcohol.*
*
25
*
Low
5% preferred
Quebec Power...
Regent Knitting
*
*
110
110
15
25c
45
*
5%
16
20 X
21X
15%
7 X
29 X
198
2%
490
5%
245
5X
15%
2pX
6X
95X
21X
15X
7X
16
8%
27
2%
4%
2X
854
21%
21
22%
76
76
100
74
16%
17
305
16
"l6%
5%
Mar
19%
5%
Jan
21
Apr
52
2,545
1,057
42
Mar
23
1,609
20
Feb
24%
205
12
Jan
15
99%
Feb
103
13 X
13%
103
20%
13%
103
13%
78 X
79
78%
5%
5%
Mar
15
Jan
Feb
86%
Jan
40
76
Feb
83
10
100
Mar
2%
28
Apr
Jan
30
5%
Jan
37
Mar
12%
Feb
14%
Apr
24%
830
21%
Mar
24%
Apr
2.00
252
1 90
Apr
2%
2%
23
Feb
3
Feb
Jan
12
Apr
65
65
30
58
Jan
70
Mar
9%
23%
Jan
12%
Apr
Feb
25
Apr
12X
100
12%
12%
295
24%
24%
67
163
163
169
170
20
168
Jan
176%
Mar
100
201 % 202
35
200
Feb
212
Mar
3
160
Jan
163
302
6
302
Jan
311
Mar
182
183
128
180
Apr
190
Mar
Montreal Curb Market
April 13
to
April 19, both inclusive, compiled from official sales lists
Feb
Jan
Friday
Sales
Jan
23
Feb
Apr
18
689
Mar
8%
Mar
21%
Apr
Feb
22
Apr
16%
Jan
28%
37%
Jan
Feb
Par
Price
Low
High
for
Range Since Jan. 1, 1940
Week
Shares
Low
High
Jan
Jan
Jan
Mar
Stocks—
Abitibl Pow & Paper Co..*
6%
cum pref
100
7% cum pref
Aluminum Ltd
2%
100
*
14
1.90
2%
8,480
Bathurst P&PCoB
*
Beauharnols Power Corp.*
140%
4%
5%
22%
2,750
11
Mar
60
23
Feb
32
Jan
141%
336
119
Feb
145
Apr
4%
4%
440
Mar
5
Jan
5%
5%
22%
5%
371
5%
22%
861
17%
43
17
Jan
12
100
Apr
Jan
140
30
Jan
124
Mar
128
Mar
20
Jan
21
Feb
Brewers & Dlsts of Vanc.5
Brit Amer Oil Co Ltd
*
British Columbia Packers'*
Jan
19%
Feb
CalgaryPow6%cum prf 100
100
100
Feb
3%
Jan
Canada & Dom Sugar Co.*
Canada Malting Co Ltd..*
34
34
70
38
38
145
107% 108
100
Apr
3%
Jan
19%
Feb
Jan
8%
Mar
Jan
Can Nor P 7% cum pref 100
Canada Vinegars Ltd
*
Can Wire & Cab6%cmpfl00
17%
38
108
17%
117
3%
5
4%
22%
33
36
Feb
Jan
Apr
17%
6%
5%
23%
19%
105
35
Feb
Feb
5
2%
1,065
1.55
30%
483
225% 225%
12
11
224
Apr
238
Mar
1
175
Mar
175
Mar
45
45
Apr
45
Apr
11%
12
80
15
Feb
Apr
48%
Jan
Jan
30
Feb
3,420
25%
96%
40%
Apr
22
Feb
Canadian
Co...l
1.35
1.35
225
1.00
Feb
1 40
Jan
1.30
1.30
696
1.00
Feb
1.40
Jan
191
4%
5%
Apr
Apr
Cndn Power & Paper Inv_*
5% cum pref
*
Cndn Vickers Ltd..
*
26 X
23
Jan
30
94
Jan
36%
340
36
Mar
21
21
255
13%
4%
14%
Mar
50
20%
13%
4%
Jan
15%
5%
550
6%
Jan
8%
9%
75c
11
5
"22 k
22 X
13%
13X
88
65
143
3
10%
1,660
1.00
125
11
5
22%
13 X
30
1
178
70
Jan
86
Feb
86%
Apr
155
Jan
7%
Mar
75c
Apr
10
2%
22%
10
Jan
Jan
Apr
Jan
89
90%
155
11%
1.00
12
5%
24
15%
Apr
Jan
Jan
Mar
Jan
Jan
Apr
Feb
Apr
*
Cndn Industries Ltd B__.*
Cndn Ind 7% cum pref. 100
108
2%
30
173
7% cum pref
100
Catelli Food Prods Ltd...*
2%
30
173
173
45
4%
5%
5%
5
6
420
22
22
60
16%
17
230
...15
14
14
35
Claude Neon Gen Adv...*
Commercial Alcohols Ltd.*
10
10
5%
cum pref
325
24%
Jan
Mar
107%
Mar
Jan
2%
Apr
Jan
Apr
31%
5
8%
Apr
Apr
Apr
Apr
Jan
22
Apr
33
Jan
13%
Jan
18
Feb
12
Jan
14%
Feb
10c
Feb
15C
Feb
3%
3%
1,500
3
Jan
3%
Mar
5
6%
6%
300
6%
Jan
6%
Consol Div Sec pref...2.50
9%
9%
26
9%
Jan
Preferred.
Jan
Feb
108
45
CndnIntlInvTr5%cm pflOO
Marconi
Jan
39
111
7
*
Jan
Jan
Apr
Jan
28%
Cndn Breweries Ltd
Preferred
Jan
Feb
Apr
Apr
41
Jan
Jan
107%
11%
107%
15
9
Apr
15
26
50
6
2%
25%
70
12
Feb
14
_
1,265
Feb
1.30
991
88%
Apr
302
183
15%
150
Jan
Apr
17%
23%
8%
96 X
*
Jan
Mar
100
.
Mar
7
Jan
96 X
86 X
88 X
Jan
6%
Jan
20
4X
7X
Apr
Mar
24%
7
Jan
Mar
2%
28
28%
240
1,695
Jan
13
50
309
40
Jan
77
14%
16
10
Apr
Mar
270
36
14%
1.90
Jan
Jan
490
5%
36
2
Feb
35
2%
28
4%
17%
300
79
2%
28
36
10
13%
78%
21X
175
Feb
52%
22%
of Prices
8
Jan
16
49
Week's Range
3,675
Jan
6
17
20 X
Last
7%
17%
Jan
23
Sale
2%
2%
Feb
Apr
49
Jan
16
Feb
5
4,750
Feb
90
Jan
80%
16
5%
99
275
Jan
24
Jan
100
16
Jan
2%
2%
11%
Mar
5%
19%
100
Mar
,
Mar
17%
25
16
95
1,695
Mar
198
5%
16
Mar
11%
10
100
21
6%
4,152
Apr
13%
126
Royal
36
11
10
12
Apr
Feb
7%
9%
12
Nova Scotia...
~26%
*._.*
10
Feb
11
Mar
"36
150
10
Mar
10%
11
Jan
Jan
162
43 X
32
41
32
88
203
Apr
2
Mar
10%
82
14
8
1,515
85
"
42 X
30
13
11
278
19
7X
12
11%
11
6%
35X
36%
125X 126
21X
21X
14
12
160
129
40
20%
24
7%
6
95X
170
14
160
160
2
169
Jan
Feb
25
2X
Feb
Mar
Mar
2
Feb
15
24
18
32%
78%
33%
884
446
2.00
Feb
574
175
Enamel & Heating Prod..*
28 X
165
815
lok
Famous Players C Corp..*
Foundation Co. of Canada*
25%
270
14
100
1
670
22
Dominion Textile.......*
Eastern Dairies
Montreal
13X
"T
Electrolux Corp
Commerce.
Jan
7,180
Jan
71
32
25
Canadlenne
Jan
1.75
22
Dom Tar & Chem
Dry den Paper
Feb
15%
13X
"l3 H
100
112%
Apr
10 %
26%
70%
30%
70%
31%
Jan
Banks—
Apr
22
19
Mar
Mar
5%
15%
18%
12%
36%
Jan
12%
45
235
71
32
"23""
*
110%
165
Jan
32
35
100
Preferred
1
9X
Mar
69
32
38
30%
Jan
2,210
7%
20%
21X
Apr
4,115
20
126
Jan
16%
26%
19%
1.10
40
38%
41%
Feb
»
Zeliers...
35
Jan
Mar
15%
50c
Apr
Apr
6'
32
2,179
100
Woods Mfg Co pref
25c
20%
Dominion Coal pref
25
Dominion Steel & Coal B 25
Dominion Stores Ltd
*
*
16%
2%
29
100
*
85
Apr
37%
175
*
....*
14%
165
"io"
14%
856
65
*
Preferred
31
37%
37%
*
Feb
23
35
37%
64%
«
110
35
Jan
..100
*
Apr
270
Jan
56%
....25
(Geo)
108
895
45
Feb
100
Wabasso Cotton....
30
Mar
Feb
50
16
Preferred
108
3
40
70
*
Twin City...
108
Feb
90
52
25
B
2%
42%
50
Rolland Paper v t
Apr
70
42%
52
100
St Lawrence Corp
*
A preferred
50
St Lawrence Paper pref. 100
Shawlnlgan W & Power..*
Sher Williams of Canada.*
12
2X
42 X
100
Wilsils Ltd
High
30%
25
Ottawa Electric Rys
*
Power Corp of Canada...*
Jan
30%
Ontario Steel Products...*
Ottawa Car Aircraft
*
Jan
19
*
SmeltingS
Crown Cork & Seal
Co...*
Preferred
36
11
19
*
Preferred
National Breweries
Preferred
National 8teel Car Corp.*
Niagara Wire Weaving...*
Noranda Mines Ltd.....*
Ogllvie Flour Mills......*
50
32
Cndn
*
Feb
United Steel Corp
Range Since Jan. 1, 1940
Shares
16%
23%
6X
Bridge
31%
12
15%
95 H
Distillers Seagrams
Preferred
Mar
Weston
for
Week
High
31
*
Can North Power
Corp..*
Dominion
Low
23
......100
Forgings cl A
Consol Mining &
Jan
30 X
Preferred
bales
Range
of Prices
16%
*
Canadian Locomotive
Canadian Pacifio Ry
Cockshutt Plow
9%
Southern Canada Power..*
Steel Co of Canada
*
Week's
23
Telephone.......100
Class B
6%
Feb
Simpsons preferred
2X
100
Brazilian Tr Lt & Power.*
British Col Power Corp A *
Rights
Feb
8
12
*
Bathurst Pow & Paper A.*
Bawlf (N) Grain
*
Preferred
...100
Preferred
5
15
*
Winnipeg Electric A
Agnew-Surpass Shoe
Can
92
84
103% 104
Last
Bruck
89
82
April 19, both inclusive, compiled from official sales lists
Stocks-
1,345
8
Preferred
111% 112%
104
Friday
Bell
1 1946
102
100%
100%
Montreal Stock
April 13
Ask
Canadian Northern Ry—
Sept
5%
8
Price Bros & Co Ltd
Closing bid and asked quotatios, Friday, April 19
4%s
5%
8
Preferred
Dominion Government Guaranteed Bonds
Canadian National Ry—
55
5X
*
Montreal Telegraph
40
Montreal Tramways...100
Closing bid and asked quotatios, Friday, April 19
12%
*
Mont L H & P Consol
Railway Bonds
12%
Maseey-Harris
McColl-Frontenac Oil
*
No par value,
r Canadian market.
10
Jan
Feb
Volume
Markets—Listed and Unlisted
Canadian
Montreal Curb Market
invited
Inquiries
Sale
8)4
14,475
254
550
2
15)4
15
16
Jan
17
36)4
36)4
36 )4
Jan
44
Feb
Domlon Square
1.40
20
1.40
Apr
4.75
Jan
7)4
8)4
550
6)4
Mar
854
6)4
5)4
7)4
8)4
210
5
8
Jan
Apr
5)4
415
6)4
Jan
"
-mm*-. mm m
3654
*
Wks
Corp
Dom Engineering
854
854
Donnacona Paper B
EasteruDaries7%cm pf 100
5
*
m
m
m
mm
1,310
10
m
19)4
Feb
2254
5c
Mar
20c
19)4
612
21)4
5,139
100
*
Lake Sulphite Pulp Co...*
mmmmmm
2)4
Jan
25c
Apr
21
28
Jan
Jan
2
Jan
22
Jan
Bobjo
754c
Apr
1754
Apr
Brantford Cordage pref.25
2054
Mar
Jan
Brazilian Traction
1054
Jan
100
Apr
Brewers A
125
48
25
96
32
Noorduyn Aviation
*
mmmmmm
1554
Jan
Brit Columbia Power A..*
4754
Apr
Broulan-Porcuplne.
5X
Apr
554
Apr
Brown Oil
93
107
Feb
142
35
10
100
1st pref
35
pf.100
mmmmmm
*
cum
mmmmmm
Thrift Stores Ltd
014%
25
1st pref
cum
*
Walker-Good A Worts(H) *
Mar
7
Feb
Jar
36
Ave
Canada
Mai
112
Feb
Apr
Canada Packers
1.25
12
Jar
104
6
105
1.00
Apr
75c
225
90c
Mar
1.25
12
Aldermac Copp Corp
Boascadillac Gold
1
354c
mmmmmm
1
*
Cartier-MalartlcGold
1
Cent Cadillac G M Ltd..l
2.08
1,850
1.95
Feb
4X0
1714
2.39
38c
39c
2,100
33c
Mar
47o
Jan
Apr
814
Jan
700
10c
Jan
3,700
12c
Jar
4c
354c
9c
1,498
2,500
1,000
1,600
2,500
65c 66 )4c
2c
154c
mmmm'm
mm
9c
65
10
55
Feb
05
175
17
Preferred.-
Central Patricia Gold
1
1
mmmmmmm
18c
18c
13c
13c
300
2454
170
m mm mm
m
Canadian
Apr
Feb
lie
Jan
Mar
87c
Apr
254c
Feb
Mar
20c
Mar
2.40
Feb
Mar
4.10
Jan
1
*
A
B
Inspiration Mln A Dev
J-M Consol Gold
1
mm
Joliet-Quebec Mines
1
Klrkland Gold Rand
Lake 8hore Mines Ltd
1
"25"
Preferred
77c
1,840
76o
Apr
100
4.00
Feb
5 05
Apr
Dredge
100
43c
Mar
68o
Jan
Canadian
Mar
34c
Jan
45c
2c
Mar
474c
Feb
854c
Mar
200
1,000
5)4c
8,200
354c
Feb
5c
1,028
4c
Feb
6c
Feb
Central
Mar
31 X
21c
Jan
Chemical Research
2554
•y
2254
559
1254c
500
Apr
Jan
1054c
Porcelain
1
Chestervllle-Larder Lake.l
Walte-Amulet Mines
Jan
Apr
254c
Apr
Conlarum
54c
300
48c
Jan
1.35
700
1.31
1.60
200
1.70
2.35
2.65
54c
Apr
Apr
1.82
Jan
Mar
2.35
Jan
Apr
»
Consolidated Bakeries...*
Cons Smelters
...5
Consumers Gas...
100
Cosmos..
....*
Mines
3.05
3.35
2,300
3.30
Apr
4.15
Jan
Davles
2)4c
554c
2)4c
,600
254c
Apr
1.00
1.00
2,375
90c
Apr
"~"90c
85c
90c
9,650
75c
Feb
1
43c
43c
43c
2,200
38c
Jan
82c 82)4c
3,950
78c
3.05
150
3.05
3.80
110
3.65
*
*
Petroleum
Jan
Jan
Distillers
Mar
1
*
Delnite Mines
15
90o
1
Seagrams
61c
Jan
Dominion Bank
*
...100
Mar
1.00
Jan
Dominion Coal
....25
Mar
3.35
Jan
Dominion Foundry
Mar
4.15
Jan
Dominion Steel B
Jan
Dome Mines
Dominion
(new)
*
25
*
Stores
5.50
50
5.50
Apr
6.00
18c
19c
6,100
18540
Apr
3lc
Jan
42c
100
35c
Mar
55c
Jan
33c
33c
1,000
33c
Apr
33c
Apr
Dorval-Siscoe
2.60
2.65
1,550
2.40
Apr
3.10
Jan
Duquesne Mining
80
3254
Apr!
36
Jan
Dominion Tar..........*
..100
Preferred...
Dominion Woollens..
Oil—
Crest
East Mai art lc
April 13 to April 19, both inclusive,
compiled from official sales lists
Last
Sale
*
Price
2.00
Week's Range
of Prices
High
Low
Range Since Jan. 1, 1940
for
1.95
2.25
4,905
1.30
11
1354
1554
2,870
lc
lc
154c
*
100
254
254
3254
Aldermac Copper
*
2554c
25c
Algoma Steel
Aram Gold Mines
*
1554
1554
1
3c
Anglo-Can Hold Dev
*
*
90c
Alberta Pacific Grain
_
Anglo-Huron
Arntfleld Gold—
Mines
Bagarnac
17)4
Jan
lXc
Mar
2)4
Apr
2)4
Apr
29)4
Mar
28c
7,400
24)4c
Mar
1554
105
Jan
36
38c
Jan
Feb
16 X
Feb
2c
Apr
6)4c
Jan
14
3c
20,000
90c
93c
5,600
85c
Mar
1.03
Jan
2.61
328
2.30
Jan
3.00
Jan
1154c 1354c
41,600
7)4c
Mar
17c
Jan
7c
22,300
4c
Apr
7c
Apr
354c
10254 10254
1,600
2c
Apr
4Xo
Jan
Jan
102)4
Apr
2 03
Apr
2.68
Jan
6)4c
Mar
10)4C
Jan
18c
Mar
254c
4c
654c
1
100
1
354c
2.05
2.03
2.12
3,824
1
Ault A Wiborg
Apr
Apr
150
1
Que
2.50
2.61
1
Asjley
lc
440
254
33
32
Feb
Mar
9,000
14
High
Low
6c
6c
6c
500
5,400
3c
5
101
28c
Jan
1854c
1854c 1954c
205
205
206
10
200
Apr
211
Mar
100
305
305
1
305
Apr
315
Feb
Bank of Nova Scotia.—100
305
258
260
30
258
Apr
268
Feb
100
28
28
5
28
Apr
28
Apr
..50
*
1
Cons
Bank of Montreal
Bank of Toronto..
Barkers pref
Metals
A
Beattle Gold
Beatty A
Beanharnols
Bell Telephone Co
Bldgood Klrkland
Big Missouri
24c
24c 2454c
2,700
20c
Mar
33c
Jan
15
1454
1554
800
12)4
Mar
15)4
Jan
*
1.06
1.11
1,600
1.05
Jan
Mar
1.08
1.19
1
554
10
Jan
5)4
Jan
554
127
4X
Mar
6)4
Jan
231
104)4
Apr
169
Jan
62)40
Apr
14c
Jan
554
554
*
*
100
1
1
166
4354c
16454 166
36c
954c
46c 388,800
954c
3,100
4
12c
8)4c
Mar
Mar
1.61
1.61
100
1754
17
1754
154
42 54
Machine..*
English Electric B
Equitable Life
1
1,335
71
16914
31
22
27
Jan
3114
Apr
20
105
Mar
10514
Apr
615
2
Apr
35o
Apr
1.35
Apr
4354
31
"20554
35c
48,114
2214c
1.35
1,160
1.15
Mar
2454
2654
5,175
2454
"2654
2954c
Mar
1.33
30c
24 54
637
20554 20554
16
Apr
29
Jan
210
Mar
2054
21
33
112
2014
3114
Apr
3154
Apr
3014
1354
1454
454
2,009
1314
Mar
1554
185
414
Feb
554
Jan
754
8854
254
590
614
Feb
814
Apr
127
le
854
260
554
354c
354c
3o
6c
6c
1,000
1,000
5c
4X
454
754
7
8754
""254
254
8
,
20
Feb
Jan
Jan
Mar
Feb
86
89
Jan
Jan
314o
914
Feb
4c
Jan
Mar
10140
Jan
Feb
Feb
Jan
7c
654c
7c
13,000
514o
Mar
714©
3.65
3.65
3.75
7,532
3.55
354
354
114
75c
77c
6,815
5
5
85
454
Jan
6
554
554
5
Jan
6
Jan
2454c 2454c
3,000
414
2214 c
Jan
26c
Feb
1,400
-4.00
Jan
5 00
Apr
2614
"76c
4.20
1
2954
2954
No par value
2614
Mar
Jan
2314
20«
14
4.05
*
Jan
Jan
"32"
^4.10
..*
23
3 X
2214
50
*
Falcon bridge... ........*
Gypsum
Jan
175
10554 10554
254
254
*
25
1
Firestone Petroleum...25c
Fleet Aircraft...........*
Ford A..
*
Foundation Petroleum_25o
Francoeur
...*
Gatlneau Power....
*
Preferred....
...100
•
Rights
General Steel Wares
*
Gillies Lake
.......1
Glenora
1
God's Lake
......*
Goldale
1
Golden Gate......
1
Gold Eagle
1
Goodflsh
1
Goodyear Tire A Rubber.*
Preferred
60
Grabam-Bousquet
1
Grandoro
*
Great Lakes voting trust.*
Great Lakes voting tr pref*
Great Lake Paper
*
Great West Saddlery.
*
Preferred
60
Grull-WIhksne
1
Gunnar
...1
1.55
\\
41
173
1
.........*
1
Fanny Farmer..
Federal-KIrkland
Week
Shares
1
100
preferred
*
Extension OU........
Sales
Friday
Par
Easy Washing
Eldorado
Exchange
1.61
...20
1
Preferred
East
754
100
Preferred
5.50
Toronto Stock
Jan
Feb
254c
34
Jan
178
4,500
3254
58o
Jan
2)4c
3.05
2~63
Jan
Mar
Jan
8
Cub Aircraft Corp
*1
1.05
49
Cockshutt Plow.........*
Jan
*
Apr
Apr
Apr
Jan
Royallte Oil Co Ltd
Jan
71o
Feb
5c
2.60
Home Oil Co Ltd....
54c
19
Apr
2 11
*
Jan
Apr
Apr
5c
2.10
Davles Petroleums Ltd
14o
Mar
400
42c
Apr
27c
,
Jan
10c
1.98
5c
Jan
*
76c
Jan
2.55
854
Cochenour-Willlama Gold 1
Feb
Dalhousie Oil Co
71c
75c
Apr
914
Apr
Mar
"l8c
30c
Mar
Feb
1.45
1.75
Wood-Cadillac Mines.... 1
1054c
11c
65c
2.07
014
Mar
1.80
mm
2.26
853
1.02
2.00
m
Apr
2,920
16,120
6,650
1,500
4,730
66c
2.10
78c
100
1
2.67
Feb
12,600
3.80
12
Jan
6nc
550
mmmm m
Apr
6.079
1,200
m
414
2.25
3,600
1.75
..1
Mar
Apr
Feb
95
2,400
4,551
70c
1.38
3.05
814
6
454
2.67
754
41c
1.95
m'mtm
Jan
Apr
123
67c
1.60
82c
Apr
40c
1.75
m
Jan
Feb
354
40c
1.95
m
32
240
Feb
Chromium
2)4c
1
Mar
129
Apr
11814
123
Feb
Mar
'->54
425
254
254
Jan
3754
40c
1.7 5
2.65
1
Afton
"~71c
5c
—
Jan
225
30c
2.22
Central Patricia
67c
m
...
m
12414
2114
10
66c
Castle-Trethe wey
1.33
mm
mmmmmm
1
35
Jan
29
454
754
54 c
m
1
Consol..
85
25
235
2454
123
123
Cariboo
35c
1
Abitibl
"~2%
100
Jan
30
830
*
2.63
2)4c
12)4c 12)4c
Sherritt-Gordon Mines... 1
Sylvanite Gold
Teck Hughes Gold
Mar
235
25
1
Stocks—
2454
Wineries......*
1
Sladen-Malartlc Mines
23 54
12654 127
127
....100
»
C P R
48C
24
Pend-Orellle M A M Co..l
Siscoe Gold
30
3554
3654
Celanese
5c
*
1
Shawkey Gold
1654
37
1.28
Gold
Mar
14
35c
Malartic Gold Fields
Perron Gold
Feb
325
2454
2)4c
w
m
1
Gold.
Feb
14
1354
5c
Pamour-Porcupine
*
Pato Cons Gold Dredging. 1
22
Mar
2454
4.00
1
1
Mar
1114
1214
13 54
1.25
"I'Xo
...1
1954
211
2454
48c
mm mm mm
1
Moffatt-Hall Mines
45
12
25
76c
mmmmmmm
m
21
Can Car A Foundry.....*
Canadian
Feb
9
1154
12
Preferred
Apr
Feb
1054
9
21
*
20
Can
Canadian
4.00
—
mm
"4.66
m
Apr
Apr
3154
178
Jan
168
Jan
Falconbridge Nickel
Francoeur Gold
mm
854
Canadian Oil pref
Feb
3.55
Eldorado Gold
*
125
Canadian Ind Alcohol A..*
lHc
Jan
58
Jan
1,100
2 75
Jan
396
Cndn General Electric..50
11,000
1.55
2414
30
Canadian
2c
Mar
173
Jan
3.75
52
30
Jan
2c
23
Apr
45
170
Mar
3.70
1,832
Mar
30
16c
2c
24)4
mmmmm~
Duparquet Mining
.1
East Malartio M Ltd.....
2.25
2.12
Apr
3
172
21c
2954
254c
20
Apr
23
Breweries.....*
*
Preferred
Apr
Jan
4854
Apr
Jan
Cndn Bk of Commerce.100
Mar
14c
lie
3.70
*
Murphy Mines
Nor metal Mining
Jan
13c
52c
6
4854
Bakeries
1.50
Mar
Mar
114
1.50
Cndn Bakeries pf (new) 100
154c
1,000
m
1
Lapa-Cadlllac Gold
*
Canada Wire A
Jan
35c
60c
Apr
Jan
23
Feb
2.15
Century Mining
Consol Cblbougamau
Dome Mines Ltd
146
Jap
Apr
160
65
Apr
600
Jan
22
354c
2.25
14014
2254
454c
2.22
mm*
36
146
146
Feb
1754
10454
50
Apr
12c
Mar
Jan
814
2154
Mar
2,400
101*4
Jan
354c
14c
30
Jan
354c
12)4c
mm
mm
Apr
Apr
10354 10354
*
614
Feb
3,500
1554
1514
Feb
9c
30
55
855'
2054
45c
80
1554
Jan
39
Jan
3854
326
4354
28c
614
300
7
654
3854
'1554
754
JaD
Apr
16
Feb
15
283
2054
Jan
354c
14c
Bat hurts Power
3o
7
19)4
3)4c
154c
Base
1,773
8,139
20
41
24o
Jan
5.60
354c
754
35
9c
mm mm mm mm
Cndn Malartic Gold
Bankfleld
Feb
5.20
2054
46
9c
3)4c
Gold
Jan
Apr
Jan
354c
1554
Canada Steamships......*
20
27c
9c
Buffalo-Canadian Gold...*
Aunor
Apr
8.60
Can Permanent Mtge..l00
42)4
41)4c
Ltd.*
1
Astoria
19140
3854
B
Beaufor Gold Mines.....1
Preferred
Mar
1514c
5.20
Apr
20
Bidgood-Kirk Gold
Big Missouri Mines
6%
5.200
2.00
Malting
Canadian
Pickle-Crow
17c
16c
Apr
1.20
42)4
20
Mines—
Sullivan
J4
Jan
Mar
69c
Canada Northern Power..*1
Ma?
Mar
Mar
Canada Cement Co......*
30
109
6
30
470
Calmont
40
1.00
mmmmmm
*
$1 cum pref
10654
2354
Jan
51,500
*
100
200
12
mm mm mm mm
m
Jar
Apr
27
16
Building Products (new)
36
-.-
1.25
mmmmmm
Walkerville Brewery
O'Brien
Apr
Feb
2214
365
2854
Buffalo-Canadian
35
Apr
99 54
35
654
108
4
1054
554
5.20
Buffalo-Ankerlte.
Jan
109
6)4
mmmmmm
*
Sangamo Co Ltd
Apr
2,753
2854
2854
'
Provincial Transport Co..*
6%
Apr
11154
Calgary A Edmonton
Power of Canada—
Sou Can Pr
93
Apr
15
10254 103
Jan
20
16c
92
35
Apr
4954c 5454c
53c
90
35
2254
Feb
5X
554
2254
554
2254
554
*
Mar
4754
10854 108)4
10854
Page-Hersey Tubes Ltd..*
Paton Mfg Co
z
.*
6
12 X
25
92
mmmrnm-fmm
Distillers
Bntteh American Oil
44 X
4754
554
*
Mar
654
Feb
5)4
256
14
Jan
2014
7,841
554
Apr
Jan
10
59
2054
954
1114c
814
Jan
17 X
98)4
42
Jan
Apr
19
3,300
im
10
Apr
914
Feb
8
3614
714o
50
42
42
42
50
Preferred
120
9
854
Blue Ribbon
25
51
High
Low
575
554
1,1940
Range Since Jan.
Shares
8C
98)4
14
of Prices
High
Low
Price
Par
(Continued)
Week
Jan
60c
Apr
51
—
Stocks
for
Week's Range
Sale
Apr
2
17)4
*• *»
11
21
17)4
mm mm mm
Sales
Friday
Apr
254
Apr
8 X
51
Mitchell (Robt) Co Ltd..*
6% cum
Jan
355
2
21
Melchers Distilleries pf_.10
N 8 Light A Power Co
2154
17)4
7%cm pflO
Massey-HarrLs5%cm pf 100
McCoII-Fr OU6%cmprflOO
Maritime TAT
Moore Corp Ltd
Mar
27
2
21
MacLaren Pow A Paper..*
Jan
15)4
3,199
25
25
mrnmmmm
Lake St John P A P
20
10
40c
25c
25C
International Utilities B..1
Mar
Exchange
Toronto Stock
Jan
15
330
10
10
10
*
Intl Utilities Corp A
TORONTO
Street
Last
254
254
mmmmmm
11 Jordan
{ Winnipeg Grain Exchange
Feb
50
French A Foreign Inv—
$6.50 cum pref
Mar
Mar
Members
Feb
1,050
20c
20c
2054
*
8)4
2054
20
mmmmm
«.
Foreign Power Sec Corp..*
Fraser Cos Ltd
*
Voting trust
Jan
5)4
7)4
Exchange
(The Toronto Stock
.
19)4
*
Ford Motor of Can A
354
Apr
X
18
554
Fairchlld Aircraft Ltd
Fleet Aircraft Ltd
CRAWFORD & CO.
Feb
55
1.40
Frere Ltee A...*
F. J.
Apr
Jan
8)4
Mar
6)4
and Industrial Securities
High
Low
754
2)4
Aircraft Corp Ltd..*
David A
-
Shares
High
Canadian Mining
15)4
854
Consolidated Paper Corp.*
Cub
Week
of Prices
Low
Price
Par
Jan. 1, 1940
Range Since
for
Week's Range
Last
(Concluded)
listed and unlisted
on
Sales
Friday
Stocks
2555
Commercial & Financial Chronicle
The
ISO
Mar
4.10
Jan
3
Feb
414
Mar
75c
Apr
1 23
Jan
Feb
Mar
2954
791
Jan
30
4c
5c
7,100
3c
Feb
6!4o
Apr
6c
654c
2,300
6c
Apr
120
754
Mar
854c
1014
Jan
2,954
1914
Feb
2254
Jan
Jan
8
Jan
754
754
2054
19 54
10c
10c
1,200
8c
Mar
lie
'4754c
4754c
49c
3,700
40o
Mar
70o
Jan
Jan
Feb
1454
2054
15
14
9454
350
95
55
5
75
14
Mar
1614
9214
Mar
97
Jan
6
45c
27
454
914
Apr
1054
Jan
1054
8c
27,500
4140
Mar
1054c
Jan
2c
954
454
954
6c
""454"
254c
3,100
8,350
1140
Jan
254c
45o
Apr
69o
Apr
Jan
1,000
12,300
15140
Mar
23c
Jan
13140
Apr
22o
Jan
7,300
12c
Mar
26c
Jan
500
1140
Feb
154 c
Mar
87
Jan
Mar
5714
Feb
45c 4954c
1854c 1854c
1554c
15c
16c
1554c 1654c
154c
154c
8154
82
110
53 54
82
81
54
20
53
Feb
Jan
2c
2c
500
2c
Apr
3c
Jan
454c
454c
754
1,000
414c
Apr
514c
Mar
62
614
Mar
2654
85
2c
754
25
8
8
Mar
25
714
Mar
61
1.75
Feb
3
3
32
32
"354c
354c
354c
51c
52c
"454
454
6
3
24
8
10
25
Feb
Jan
8
2714
Jan
Apr
8
3.25
Mar
Mar
35
Feb
1.0Q0
2,500
254c
Mar
4c
480
Mir
04c
Jan
118
4)4
Mar
554
Mar
2556
The
Toronto Stock
Week's Range
for
Salt
of Prices
Week
Price
Par
Low
High
Range Since Jan. 1, 1940
Shares
Low
lHc
lHc
2c
22,600
Mar
3He
2Hc
7.25
2Hc
6,000
2c
Jan
3 Ho
531
6.55
Mar
7.75
2,282
6
Jan
Mar
316
3H
Feb
8H
4H
7.26
Hamilton Bridge...
7H
H ardlng
3H
6H
3H
1.03
Carpets
Rock
— ....
...1
lHc
Jan
1.07
2,730
1 00
Mar
1.48
18c
600
18c
Apr
18c
6c
5Hc
2,800
6o
Apr
Jan
Apr
lOe
16
13 H
2 40
M
15
Mar
3.10
Jan
A pr
4Ho
Jan
17H
33 Ho Mar
7 Ho
Feb
13H
14
Holllnger Consolidated..
14
14
14K
1,268
Home Oil Co...
2.60
2.60
2.68
8,350
1
4Hc
4Hc
9,000
*
36c
23 %
36c
23 H
35c
3.000
27 H
70
27 H
70
Homestead Oil
....
-
Hudson Bay Mln A 6m.
Huron A Erie
100
*70
Imperial Bank of Can.. 100
Imperial OU
*
213
209
13
225
242
27 H
69
1,217
12
213
44
6,470
1,340
13H
15H
.....1
35c
37c
1,500
1
30c
30c
100
Intl Coal A Coke
Intl Metals A
16
*
10H
34
Jan
15H
Jan
Jan
16 H
Mar
30c
Jan
41c
Apr
30c
Apr
30c
Apr
Stedman
Jan
344
27
106
Feb
114
104 H
112H
11H
100
—*
International Petroleum..*
International Utilities A..*
B.
10
1
Island Mountain
10
30c
8H
Jan
30c
35c
600
30c
Apr
1.09
200
1.00
Feb
1
Feb
Mar
65c
10
10
10
10
110
110
125
175
...
Jan
86 H
Jan
Fsb
8*
Jan
1.80
Jan
3 10
3 He
Feb
8Hc
*nr
1.75
Apr
2.05
Jan
6c
2,000
4Hc
Feb
8Hc
Feb
1
"~85c
4Hc
78c
..1
3.05
3.05
3.10
_.*
11H
11H
11H
1
3.80
3.70
3.80
—1
1.80
1.75
1.82
12 H
12 H
——1
Supersilk A
Sylvanite Gold
Tamblyn
*
common
27c
Apr
Apr
6c
Jan
19c
Jan
2Hc
2 He
9,500
2Hc
T T Tailors
4H©
Feb
Toburn
Feb
1
Toronto Elevator
*
2*48
2.48
2.75
Jan
19c
21c
3,600
19c
Apr
32c
Feb
1.20
1.24
3,660
1.20
Apr
1.54
Jan
24 H
2
26
22 H
Mar
2H
425
"26""
1H
Apr
25 H
26 H
235
6.40
6.40
1,066
6 25
Mar
~16H
16H
16 H
26
15H
Apr
7,200
12o
Apr
12 %
3Hc
12H
475
12H
Mar
22 HO
13
3 He
14,252
1H0
Jan
5Hc
70c
71c
15,350
70c
Mar
88c
1
Lake Sulphite
*
*
G
..*
Lang A Sons
Lapar Cadillac
*
Laura Secord (new)
3
Lebel-Oro
"l2H
1
3 He
70 He
1
Leltch
1
Little Long Lac
Loblaw A..
Teck Hughes
Texas-Canadian
2.55
2.29
2,610
13c 13Hc
*
8,038
22
32
Jan
7.50
Union
Mar
17
Feb
Jan
11
81
Apr
90
110
2H
Apr
2H
69c
4,980
65c
Apr
1.12
16H
16H
785
15H
Jan
17
39
39 H
8
40
Feb
42
Gas
*
Preferred
Upper Canada..
...
Ventures
Jan
Walte Amulet
Walkers
*
4.10
Jan
4.10
4.15
2,275
4.10
Apr
1.95
2.10
2,785
176
Mar
2.55
Jan
42Hc
42 He
1.30
46c
15,960
37o
Feb
62c
1.35
Jan
1.40
43,550
92c
Feb
1.00
500
6H
7H
5H
282
He
4H
98
7H
Mar
3,314
5
52 H
315
48
5H
5
7H
5H
100
60
*
8H
100
Mc I nty re-Porcupine
98 H
6
*
Jan
69 H
Jan
9H
Mar
Wood Cadillac
1
Apr
*
58
100
1
Winnipeg Electric A
Apr
Feb
5,100
8c
Jan
-25
3H
3Hc
Apr
14H
14 H
1,305
12
Feb
15
98 H
3c
105
94
Mar
99
2c
98
4,500
2Hc
Apr
3c
2C
5,000
2c
Apr
3HC
Jan
205
Mar
Apr
2H
11H
Feb
3(>c
Jan
2c
1H
10 H
2
Apr
10 H
14
1H
9H
18c 18Hc
5,000
18c
Jan
4c
*nr
7.20
Apr
5
Mar
Apr
Apr
Apr
Jan
3,345
7 05
Mar
1,500
4Hc
Feb
5Hc
Jan
5
7H
Jan
II
Jan
97
Feb
58c
Jan
Apr
Uchl
1.33
Jan
Apr
99 H
Mar
War Loan 1948-1952.
6Hc Mar
9c
93 Ho
Jan
8.15
Jan
Jan
98
98
5
1,000
67c
.
7c
68c
6,000
66c
625
44 H
47
48
6Hc
2He
7H
25H
lc
100
93
Mar
8H
26 H
Jan
65H
45
60
Mar
66,900
5,200
2,500
6c
72 H
860
5c
5Hc
1,000
1,313
I,933
69
93
Apr
99 H
Feb
LOH
Apr
2560
Industrial and Public Utility Bonds
Closing bid and asked quotatios, Friday, April 19
Jan
19Ho
Mar
37HC
Feb
(American Dollar Price®)
Jan
2 Ho
Apr
70
4C
Apr
4Ho
9Hc
Mar
6c
500
6c
10,450
See page
Mar
10H
6c
$100
100
Toronto Stock Exchange—Curb Section
Mar
Jan
26c
93
99 H
Apr
Mar
7H
100
Jan
2Hc
Knitting
Bonds—
Apr
8o
Jan
9
3Hc
4Hc
48
Mar
10,000
25
3c
72
Feb
27,733
16
9
64 H
5c
Mar
475
9
78 H
Jan
A pr
7C
Feb
4HC Mar
Jan
6H
Apr
60c
Jan
Bid
Abitibl P & P ctfs 58-1953
Alberta Pac Grain 6s. .1946
Algoma Steel 5s
1948
Ask
Bid
Ask
46
Gen Steel Wares 4H8.1952
Gt Lakes Pap Co 1st 5s '55
8i"
75 H
72
75
Int Pr &
82
76 H
Lake St John Pr A Pap Co
43
80
64c
54c
1.35
1.31
1.35
Feb
1.17
1.81
Jan
1.15
1.25
Beauharnois Pr Corp 5s '78
74 H
2,200
1.08
Feb
26c
1.35
26c
27c
Apr
75 H
24o
Feb
34c
Jan
British Col Pow 4HS.1960
Brown Co 1st 5 Hs
1946
73 H
4,485
40
4H
8H
410
3
fJan
4H
Apr
90
52
7
91H
Jan
56c
8,100
35c
Jan
61c
Feb
12 H
255
11
Jan
13H
Mar
105
107
Mar
77 H
41H
*
4H
4H
8H
*
...
Plata
*
50c
Ottawa Car
*
Page-Hersey
*
108""
...*
1.54
Pandora-Cadillac
60c
12H
108
1
1
8c
1
35 He
1
Pioneer
1
1
6,937
1.50
Apr
500
4 He
Jan
lOHc
Feb
6
Jan
10c
5H
250
7Hc
9c
35Hc 37 He
27,000
5
4c
78
3.35
24,370
2 90
2.10
4.25
Jan
2.29
1,240
2.05
Feb
2.35
1.28
Apr
Donnacona Paper Co—
1.35
3,715
1.13
Feb
2.18
9H
1.25
Jan
10
625
9 H
1.25
A pr
11H
Jan
Feb
1.42
Jan
10
3
90
9H
Apr
12 H
1,699
1,500
1.98
Feb
2.33
Apr
8c
Jan
3H
Apr
Feb
57o
100
28c
28c
30c
1
2,150
5c
5c
5c
2,000
100
175
"32 H
32 H
183
-54
,34H
329
175
17 He
*
5H
60
San Antonio
20 H
1
2.30
Sand River..
1
175
175
100
__1
175
16c 18 He
5
5H
4
He
175
135
14
155
Apr
Apr
190
Feb
190
Apr
Feb
32H
6
190
Apr
-
'""95c
Jan
♦No
—Bernerd
pointed
with
headquarters
with
the
with
the
31
at
Jan
Jan
University School of
Feb
15c
Jan
Club and the
40c
6.775
34c
Feb
57c
Jan
1,000
2Hc
Mar
5Hc
90c
Mar
7.75
1.18
Jan
432
7.50
Apr
8.75
Jan
Co.
Jan
16,399
&
65
245
4H
6H
Mar
Mar
20
20
75
16
12
Jan
11H
12
95
Jan
82
5H
99*4
Jan
6H
7H
21H
12 H
105
in
John
the
Feb
Feb
Siscoe Gold
1
Sladen Malartic
"88c
86c
90c
1
II,260
75c
44c
Jan
43c
45c
91C
Mar
Slave Lake
1
19,310
38c
5c
5c
5Hc
Apr
61c
Jan
2,000
4c
Mar
7Hc
Jan
Mar
Nassau
Street.
Mr.
Tallman
became
associated
municipal
departments.
Commerce
and
He
is
is
graduate of the New
a
member
a
of
the
Municipal
York
Bond
Municipal Forum of New York.
Nuveen
&
Co.
was
established
in
1898
and
is
one
of
the
oldest
municipal bond houses in the country,
—L.
Neil
Feb
Feb
NOTICES
Guaranty Trust Company of New York in 1925 and later was
Guaranty Company, Edward B. Smith & Co. and Smith, Barney
Apr
1.03
Nominal.
formerly with Smith, Barney & Co., has been ap¬
City representative of John Nuveen & Co. of Chicago,
5H
2Hc
104H
York
20 H
2.50
95c
n
Tallman,
Jan
Feb
36c
103
New
Feb
21c
price,
CURRENT
8c
225
4,485
3,100
6H
/Flat
Feb
10c
6H
value.
Mar
2.30
5
par
13o
20
100
48
4H
17 H
2.16
20 H
6
*
1965
730
20 H
2.27
7.50
...»
57
4-5s series B
Jan
36 H
2Hc
1
1
1965
77 H
84
27,900
9 Ho
'""39c
4-5s Berles A
75 H
80
Jan
3
1
Roche
100
64
Famous Players 4 Hs—1951
Federal Grain 6s
1949
Jan
6HC
58 H
50
62
Feb
28o
86 H
Jan
3
85
1956
Jan
7c
4s
Feb
2.18
7Hc
Reno Gold
76
2.90
2.15
3,720
34
Quebeo Power 4s.....1962
Saguenay Power—
4Hs series B
1966
Winnipeg Electric—
"~3"05
Relnhardt Brew
*
86 H
84
Dom Gaa& Eleo6Hs.l945
Dom Steel & Coal 6 Hs 1955
Dom Tar & Chem 4 Hs 1951
7c
*
85 H
82
Jan
7c
1
Power Corp of Can 4 Hs '69
Price Brothers 1st 5s—1957
Jan
2.15
Sbawkey
Sherrltt-Gordon
49 H
53o
*
1
48
2.12
-
33
N Scotia Stl A Coal 3 Hs '63
5Hs ex-stock
Feb
1
Senator-Rouyn
1961
Jan
Apr
Apr
Apr
1.28
70
48
36c
Quomont
*
45
Consol Paper Corp—
1.72
1.25
67
Massey-Harrls 4 H a—_ 1954
Minn & Ont Pap 6s
1945
McColi-Front OU 4Hs 1949
1,200
9H
2.15
Russell
78
66
Jan
Mar
1961
78 H
86 -
6,480
9H
L L
2.35
5Hs
Maple Leaf Milling—
2Hs to *38-5 Hs to '49—
76 H
85
Canadian Inter Pap 6s 1949
Canadian Vlckers Co 6s *47
Jan
5c
Pressed Metals
Preston E Dome...
Royal Bank
Royallte OU
111
76
Pap of Nfld 5s '68
65
1.76
1
R
Apr
78
Calgary Power Co 5s.. 1960
Canada Cement 4H8-1951
Canada SS Lines 5s...1957
Canadian Canners 4s. 1951
1,74
*
Premier
9
1.63
5
1
Gold
Powell Rou
Power Corp.
1.30
Feb
5c
Partanen-M al artlc..
Paymaster Cons
Perron Gold
Pickle Crow
108
45c
1.50
1
Pan tepee
B
20 H
160
2,000
1
Preferred
Mar
19 H
475
Jan
3H
....*
Simpsons A
Jan
4.35
8H
11H
23c
Omega
Preferred
Jan
43 H
3 He
1
Sigma
Silverwood8
6.05
Jan
7.25
Jan
*
St Anthony.
Apr
5Hc
Mar
3c
O'Brien
St Lawrence
Corp
A
Apr
5.15
5c
Mar
1
Industrial
Preferred
3 65
41
1,070
8H
6H
510
44c
23c
Porcupine
3,150
*
40c
1.04
1
Okalta Oil*
971
5.75
•
1 00
12H
......*
Orange Crush
Preferred
3.85
43
Jan
Ymir Yankee
Jan
Jan
7H
1
90c
York
Jan
1 47
25H
*
Feb
Feb
3H
3Hc
100
15Hc
7c
1
59«
20 H
11c 12 He
*
Preferred
Mar
98
47 H
20,110
1
Mar
43c
67c
Jan
88c
20
7.25
Apr
6H
5.15
18c
Wright Hargreaves
Preferred
Whitewater
Wlltsey-Coghlin...
Jan
Jan
9c
1.01
*
Noranda Mines
5H
9H
6H
1.20
6c
Norgold
Normetal
48
1,106
3,100
1,009
2Hc
Nordon Oil
Feb
3,770
11H
12
National Grocers
*
National Grocers pref—.20
National Sewer A
*
New Gold Rose
Apr
*
9c
I
National Steel Car..
Nay bob
lHc
Westons
1.31
1
.......
Jan
100
8Hc
Feb
2c
Mar
Feb
Apr
5H
Mar
;
97
1.45
Feb
10
6 He
1,330
42
3Hc
14H
Mar
96
300
—*
Wendigo—...—
1
Western Canada Flour...*
Westflank
*
9c
Mining Corp
*
Modern Containers
preflOO
Monarch Oils
25c
Moneta
1
*
49
5.25
42 H
20 H
Feb
7H
28
Preferred.....—.
1.28
*
Mercury Mills
1.30
1
McWatters Gold
92
99
48
.....1
McVlttle
8M
Jan
2,900
3.65
*
Jan
5H
50 H
75
7c
5H
83c
1
3.40
Jan
Feb
6c
5H
*
28 H
Feb
Apr
5H
7H
26 H
4.75
7 H
87
38 H
6
*
*
Apr
McColl Frontenac
Preferred
16 H
B
Apr
*
Jan
2%
Mar
.*
1.90
65c
2 80
....*
Mar
2H
26 H
Maple Leaf Milling
Preferred
1 50
400
*
1
Massey-HarrlB..
1.68
Jan
25
1.00
Mar
12
20
Apr
184
1.00
13H
-
32
548
..*
Mar
49
....1
Manitoba A Eastern
Jan
2.05
Mar
United Steel
Feb
Feb
4.15
Apr
Apr
Mar
2,310
1
12
Mar
1 75
47 H
3.00
Maclveod Cockshutt
Madsen Red Lake
Malar tic Gold
Feb
3 65
1,120
29
27 H
25H
..1
11
236
2,200
r.:
15
2.80
25
Feb
95
27 H
*
Mines
Mar
30
25
*
B
Jan
3H
3.45
48H
j United Oils
Apr
Jan
02
Jan
Mar
30
48 H
United Fuel A..
Jan
I
2H
2 95
.—1
Twin City
Uchl Gold
Jan
27
Mar
100
2,170
3
1.60
75c
2,100
A pi
48 H
87
Toronto Elevator pref ..50
Toronto General Trust. 100
Jan
2H
Feb
85c
3
*
Apr
1.22
Jan
650
Mar
1
28 H
72,320
55,000
8o
Lake of the Woods
Newbec
Feb
1.85
3Hc
1
.
Feb
76 H
76
3.10
2,666
1
Moore Corp
Morrls-Klrkland
Murphy
23 H
5
6Hc
2,020
Lake Shore
McKenzle
10
249
6c
lie
Klrkland Lake
Macassa
26
79
78 H
1.75
26c
Klrkland-Hudson
Jan
2.70
3Hc
~
Mar
6c
10c
1
14
200
1.85
26C
Mar
Jan
Jan
Apr
110
~2.il
3Hc
M Consolidated...
Kerr-Addison
Lamaque
"
*
3Hc
18 He
7Hc
26
79
25
10 He
1,50
High
Mar
78 H
78H
——-
Sullivan
Jan
1.09
^
Low
3Hc
8H
3,000
Sudbury Basin
Sudbury Contact....
Jan
24
4Hc
Steep Rock Iron Mines—*
Straw Lake Beach
*
Mar
,
Range Since Jan. 1, 1940
Shares
*
1
J
Pamour
120
10 H
47
High
Preferred— ———*
.......1
Jacola
Jelllcoe
Oro
40
21H
1.07
...60c
Jack Walte
2,755
4.001
112H 112H
40
42 H
21H
22 H
40 H
21H
15H
Low
4HC
Standard Chemical
Mar
15
114 H
115
Feb
Apr
Apr
Apr
Apr
Week
South End Petroleum.—
Apr
90
9H
for
of Prices
Price
Par
Steel of Canada...
Preferred
11H
106 H 106 H
104 H
Intl Milling pref
International Nickel
Stocks (Concluded)
Apr
100
Sales
Week's Range
Sale
Jan
100
Exchange
Last
Jan
74 H
220
Stock
Friday
Jan
Preferred
104 H
Toronto
Mar
A
preferred...
Teletype N. Y. 1-2316
Jan
25
Mar
Telephone Whitehall 4-0784
Jan
4cHo
Apr
14H
16H
13H
5
ar
Mar
209
13 H
16H
Tobacco
Inspiration
STREET
YORK
Apr
Hlnde A Dauch
Imperial
RECTOR
NEW
Jan
18c
1
Harker
Honey Dew
Howey Gold
19
Jan
1.01
—-*
..
Hargal Oils
So. American Bonds
Transcontinental, Ltd.
Feb
7H
3H
English
Feb
7.25
1
European Internal Securities
Foreign Dollar Bonds
High
2Hc
......,
Haliiwell
Hallnor Mines
Hard
British and Any Other
Sales
Last
Hal crow-Swazey
April 20, 1940
Exchange
Friday
Stock* {Continued)
Commercial & Financial Chronicle
nounce
that
Campbell
Samuel
&
Co.,
Spring
i
members
has
New
York
been admitted
as
Curb
a
Exchange,
general
partner
an¬
in
their firm.
—Bernard, Winkler
&
Co.,
members
nounce the removal of their offices to
N. Y.
New
York
Suite 1903,
Stock
Exchange,
an¬
11 Wall St., New York«
Volume
The Commercial & Financial Chronicle
150
Quotations
Over-the-Connter Securities—Friday April 19
on
New York
Federal Intermediate Credit Bank Debentures
City Bonds
Bid
Ask
Bid
2557
Ask
Bid
116* 117*
116* 118
15
1969
94*
a4*s Mar
1
a3s
Jan
1
1977
99* 100*
a4*s Apr
1
a38
Feb
1
1979
99* 100*
117* 119
1975
100*
102
15
a4*s Apr
1
a4*s June
1972
1
1974
118
1
1954
107
108*
a4*s Feb
15
1976
1
1977
118* 120
118 * 120*
15
1978
a3*s July
a3*s May
95*
1
1954
107
108*
a4*s Jan
1
a3*s Nov
a3*s Mar
a3*s Jan
1960
106
107*
a4*s Nov
1966
Ask
Bid
Ask
119* 120*
a2*s July
1964
15
1976
120
1
1957
a4*s Mar
a4 *s May
1981
May
104
105*
111* 112*
1
a4s
1
1957
117* 119
a4s
Nov
1
1958
112
a4*s Nov
1
1957
117*
a4s
May
1
1959
113*
112* 113*
a4*8 Mar
1
1963
119* 121*
a 4s
May
1
1977
a4 *s June
1
1965
a 4s
Oct
1
1980.....
a4*s July
1
1967
120* 122*
121* 123
a4*s Sept
1
1960
113* 115*
114* 116
115* 116*
a4 *s Dec
15
1971
122
a4*s Mar
1
1962
116
a4*s Deo
1
1979
.20%
1 1940
1 1940 6.20%
11940 6.20%
1 1940 6.25%
*% due
May
*% A 1% due June
*% A1% due July
*% due
Aug
119*
124* 126*
117*
*% due
*% due
6
i i I I ti
,
...
* % due
Deo
,,
*% due—.
•
Sept 3 1940 6.25%
Oct
11940 6.25%
Jan
I I I I lift
2 1940 6.30%
2 1941 6.30%
121*
Chicago & San Francisco Banks
119*
Harris Trust A Savings. 100
300
310
.100
563
578
Northern Trust Co
221
210
100
A Trust
124
Ask
Bid
Par
Ask
Bid
Par
American National Bank
Continental Illinois Natl
33 1-3
89
First National
244
SAN
91
....100
251
Bank A Trust
FRANCISCO—
39*
Bk of Amer N T A S A 12*
41*
New York State Bonds
Bid
Ask
Bid
3B 1974
62 20 less
1
62.25 less
1
Canal A Highway—
5s Jan * Mar 1964 to '71
62.35
4*s April 1940 to 1949.
Highway Improvement—
4s Mar A Sept 1958 to *67
132
'67
Ask
World War Bonus—
3s 1981
132
Highway Imp 4*s Sept '63
Canal Imp 4s JAJ '60 to
142
Canal Imp 4*s Jan 1964..
Can A High Imp 4*i 1965
...
61.20
•
Vermilye Brothers
••
...
Unlisted Industrial Stocks
142
Barge C T 4*8 Jan 11945-
139
Public
114*
---
30 BROAD ST., N.
Authority Bonds
Bid
Ask
Bid
Ask
Port of New York—
California Toll Bridge—
Gen A ref 4s Mar 11975.
103*
Gen A ref 4th ser 3s 1976
108*
106* 107*
Gen A ref 3d ser 3*s *76
San Fran-Oakland 4s '76
108
98*
Insurance
'
Holland Tunnel 4*s ser E
1941
5/AS
6.25
1942-1960........ A/AS
108*
—
1977
Gen A ref 3*8
'—m+m
99*
102* 104
Inland Terminal 4*s ser D
1941
M A8
U AS
'.7.
'
....
Par
.
;
Aetna Cas A Surety.. —10
—
121* 125*
52*
50*
1980
3s serial rev 1953-1975.
98*
115
1952
9*
5
2
1
Bonding A Ins..12*
1
67
69
5
44
48
Merch A Mfrs Fir
N Y..5
10
10
19
21*
9*
14*
47*
20*
-25
50
52
Automobile
117
120
111
112*
-10
35
13*
45*
—
112
U S conversion 3s 1946
10
City of New York
Ask
Bid
3s 1955 opt 1945
JAJ
3s 1956 opt 1946.
3s 1956 opt 1946
Connecticut Gen Life- -10
JAJ
A/AN
Continental Casualty. ...5
Bid
i
106* 106*
106* 106*
3*8 1955 opt 1945..MAN
4a 1946 opt 1944
JAJ
Eagle Fire
Employers Re-Insurance 10
Ask
107 * 107 *
Federal
106* 106*
Fidelity A Dep of Md. -20
-10
Fire Assn of Phila
Fireman's Fd of San Fr.25
Joint Stock Land
4*s
Chicago 4*s
.....
114
16
/14
J2*
....
16
3*
3*
3*
/2*
5s
/2*
5*8
3*8—.^.—.
First Carollnas 2s
99*
First Texas of Houston 6s
99*
mmm
...
90
4*s
4*8
100
Fletcher
100
mmm
100
3*s
■
mmm
North Carolina 1 *s
60
M
60
5*8
— -
99
Illinois Midwest 5a
Iowa of Sioux City 4 *s_.
100
4*s
MMM
■
m m M
skmm
121
—
1
10*
14*
MM*
Bid
121
/12
99*
Atlanta
80
90
New York
Atlantic
45
50
North Carolina.......100
....
Phoenix
..5
Preferred Accident
Provld ence-Washing ton .10
.2
Republic (Texas)....... 10
Revere (Paul) Fire
..10
Reinsurance Corp (N Y)
....5
Marine..25
Seaboard Fire A Marine..5
St Paul Fire A
-10
32
34
47*
49*
16
17*
3*
4*
98* 102*
25
26*
125
130.
122* 126*
79*
83*
14*
17
36
38
8*
7*
26
27*
25
26*
5
3*
246
253
6*
8*
,'.10
37*
10
Springfield Fire A Mar..25
Stuyvesant
...5
Sun Life Assurance.... 100
33*
39*
35*
Seaboard Surety
Security New Haven
100
Travelers...
15*
U S Fidelity A Guar
26*
86*
U S Guarantee.
60*
Co..2
IT S Fire
83*
58*
Westchester Fire
.4
10
2.50
119* 123*
4*
3*
290
340
457
467
21*
£50
72*
32*
23*
52
75*
34*
14
FHA Insured Mortgages
99
Par
Northwestern
Pacific Fire
2.50
National .25
25
10
18*
23
86
100
Ask
North River
8*
146
23
'
Offerings Wanted—Circular on Request
'
M
—
4
...
WHITEHEAD A FISCHER
Joint Stock Land Bank Stocks
Par
12.50
24*
Halifax
'
83
Virginia Carolina l*s
30*
0*
18
Hartford Steam Boiler -10
Virginian 2s
29
10*
28*
12*
Hartford Fire
Union of Detroit 2*s
9*
75*
mm m
98*
100
Lafayette 5s
100
97
72*
Hanover
...
47*
49*
125* 128
70*
68*
15
105
5s
9*
26*
104
Southern Minnesota 5s
53
51
-15
100
Southwest 5s.
2*
—6
103
St Louis 4*s
1*
5
Northern
12
102
MM —
MMM
10
..5
Northeastern
37*
10*
preferred
58*
7*
Hampshire Fire..-10
New York Fire..
30*
Great Amer Indemnity
47
'
60
Fremont 4*s
5s
New
28*
35*
42*
Phoenix 4*8
1
New Brunswick
8
24*
2d
93
/45
5s
31*
24*
22*
Great American
99* 100
8*
31
17
42*
28*
26*
44*
Pacific Coast of Portland 5s
First Trust of Chicago—
2
26*
Globe A Rutgers Fire. —15
99*
Oregon-Washington 5s
New Amsterdam Cas.
Glens Falls Fire
...
New York 5s
'
•
22
Globe A Republic
MM!
101
New*Orleans 2s
100
Denver 3s
140
Gibraltar Fire A Marine. 10
mm
78
5*s
Montgomery
2
20
Rhode Island..
78
5s
2*
56*
10
National Liberty...
National Union Fire
General Reinsurance Corp 5
-10
Georgia Home
MM*
2*
7*
National Fire
8
Ask
75
Lincoln 4*s
...5
Franklin Fire.....
Bid
Ask
Bid
Burlington 5s
5
Firemen's of Newark-
Bank Bonds
10*
*
28
625
7
8*
Excess
111* HI*
Fire Assur com
99* 102
•,,.
7
City Title
Federal Land Bank Bonds
Merch
29*
Carolina
mmm
Mass
20
Boston
112*
Conversion 38 1947
Maryland Casualty
615
..25
Camden Fire
117* 119*
Y.20
Jersey Insurance of N
37
7*
Bankers A Shippers
105* 107
Hawaii 4*s Oct 1956
43*
5
Lincoln Fire
22*
20
..10
Baltimore American.. -2*
4*s July 1952
5s
July 1948 opt 1943.
116* 118*
1941
41
Knickerbocker
10
,
American Surety
Ask
122
Govt of Puerto Rico—
100* 101*
Feb
73*
Ins Co of North
American Equitable..
Bid
U S Panama 3s June 1 1961
6*s Aug
5s
72*
79*
23*
119
113
1952
1955
19*
Amer...l0
75
Amerloan Re-Insurance. 10
Ask
Philippine
Apr
17*
Homestead Fire
American Reserve
6s
2*
10
32
American Alliance
61.50 2.50%
United States Insular Bonds
4*s July
33*
1*
30
American of Newark.. -2*
Bid
Ask
31*
10
Agricultural
101* 101*
62.55%
.
2*s serial rev 1945-1952
---
116
Bid
PttT
...5
Home Fire Security
Home
Aetna Life
American Home
Government—
4*s Oct
1959
Companies
Atk
Btd
National Casualty
3*s s f revenue
6.25
107*
-10
Aetna
Trlborough Bridge—
1942-1960
Y. CITY
Teletype N. Y. 1-894
HAnover-2-7881.
Bid
44 Wall Street,
Ask
2
100
95"
New York, N. Y.
Telephone: WHItehall 3-6850
105
155
165
Pennsylvania
100
30
34
Denver.
49
53
Potomac
100
100
110
Des Moines
56
66
8an Antonio
100
101
108
14
18
Virginia
Dallas
100
First Carollnas.
1*
Fremont
3
100
Lincoln
3
5
Virginia-Carolina
100
2*
100
FHA Insured Mortgages
3
106
Bid
Alabama 4*s_. ......
Arkansas 4*8...........
New York Bank Stocks
Par
Bid
18
16*
Bank of Yorktown.,66 2-3
40
60
Bensonhurst National
75
100
13.55
Chase
34*
36*
Commercial National.. 100
197
203
100
765
6s
Par
Ask
Bank of Manhattan Co. 10
50
National Bronx Bank
National City
60
12*
National Safety Bank. 12*
40
Ask
Delaware 4*s
44
District of Columbia 4*s.
27*
15
19
12
Georgia 4*s
Illinois 4*s
Indiana 4*s
Louisiana 4*8
14
45
60
First National of N Y_. 100 1905
100
Merchants Bank
110
1945
31*
....
...—..
28*
Michigan 4*s
....
Minnesota 4*s
120
A servicing fee from
New York Trust
Par
Bank of New York
100
new
Brooklyn
421
100
431
Par
20
Chemical Bank A Trust. 10
210
292
12
13
23
Irving
84
89
Kings County
1
1
Manufacturers
Preferred
.100 1640
29
—
Rhode Island 4*8
South Carolina 4*s
Tennessee 4*s
Virginia 4*s
101* 102*
102* 103*
West
—
Texas 4*8
—20
38*
52*
The best
40*
—20
*s
101
102*
102
101* 102*
Virginia 4*s
*4
*% to *% must be deducted from
interest rate.
25
112
Circular
32
40
New York
25
10*
12*
Title Guarantee A Tr. -.12
2*
13*
15
Trade Bank & Trust..
10
12*
14*
80
'0
Corn Exch Bk A Tr
20
54
55
Underwriters
100
Empire
10
11*
12*
United States
100 1715
on
Insurance Co's.
request
115
50
Continental Bank A Tr.10
—
MORTGAGES
"Hedget" security for Banks and
54*
STORMS AND CO.
3*
Commonwealth Building
Phone Atlantic 1170
1765
2560.
#
103
101* 102*
102* 103*
102
103*
101* 102*
101* 103
101* 103 *
101
insured Farm Mtges 4
F.H.A. INSURED
32
Colonial Trust
Pennsylvania 4*s
1680
..25
Clinton Trust
For footnotes see page
102
North Carolina 4*s
297
Guaranty
50*
(Metrop area) 4*s._
New York State 4*s
SPECIALIZING
225
100
60*
48*
102
N Y
Ask
100
58*
101* 104*
Bid
Fulton
Lawyers
Central Hanover
Asked
101* 102*
101* 102*
101* 102*
Companies
Ask
20
10
Bankers
Bronx County
Bid
101
4*s
New Mexico 4*s
New Jersey
101* 102*
Massachusetts 4*8
Sterling Nat Bank A Tr 25
101* 102*
101* 102*
102* 104
101* 102*
102
103*
101
102*
101* 102*
101* 102*
101* 102*
102
103*
Maryland 4*8
33*
26*
...
Florida 4*s
2 >*
13
50
17*
Penn Exchange
Peoples National
Public National
Bid
795
Fifth Avenue
Bid
Asked
7
PITTSBURGH, PA.
2558
'
The Commercial & Financial Chronicle
•
Quotations
April 20, 1940
Over-tlie-Counter Securities—Friday April 19—Continued
on
Railroad Bonds
Guaranteed Railroad Stocks
Bid
Akron Canton A Youngstown 54a—
08
3oscpb (Xlalker $ Sons
Mjtmhtti Hew Ytrk Sioik
f
_
120 Broadway
76
77
524
54
—
4
76
Bid
Asked
57
...—
...1951
112
...1960
36
...1945
77
81
125
6.00
74
2.00
30
32*4
8.75
83
8 0)4
8.50
16
19
3.00
41
Carolina Cllnchfleld A Ohio oom (L A N-A C L)... .100
Cleve Cln Chicago A St Louis pre! (N Y Central).. .100
5.00
39 4
87 4
5.00
63
67
Cleveland A Pittsburgh (Pennsylvania)........... ..60
Betterment stock
..60
Delaware (Pennsylvania)
..25
3.50
78 4
81
2.00
474
45)4
2.00
....
.100
5.50
...
.100
9.00
Lackawanna RR of N J (Del Lack A Western)...; .100
Michigan Central (New York Central)......
.100
Morris A Essex (Del Lack A Western)
..50
4.00
07
90 4
47 4
614
57 X
165
170
43 X
800
41H
60.00
050
3.875
New
26 4
54
284
York Lackawanna A Destern (D L A W)_._. .100
Northern Central (Pennsylvania)
..50
Oswego A Syracuse (Del Lack A Western)
..60
4.00
884
91
4.50
37
41
Pittsburgh Bessemer A Lake Erie (U 8 Steel)
..50
1.50
42
45
Preferred
6.00
,.60
3.00
7.00
174
7.00
154
Rensselaer A Saratoga (Delaware A Hudson)
St Louis Bridge 1st pref (Terminal RR)....
0.64
56*4
83
Pittsburgh Fort Wayne A Chicago (Penna) pref.... .100
Pittsburgh Youngstown A Ashtabula pref (Penna).. .100
66
...
.100
.100
6 00
177"
61
644
60
62
...1978
Louisville A NaahvUle 34a
...1950
3.00
137 4
09
0 00
135
.100
Utlca Chenango A Susquehanna (D L A W)....... .100
Valley (Delaware Lackawanna A Western)
.100
10.00
241
244
5.00
03
Vicksburg Shreveport A Pacific (Illinois Central).. .100
5.00
614
Preferred
98 4
102%
1054
974
Memphis Union Station 5s
112
100
34a
32
Norwich A Worcester 4 4s
90
Pennsylvania A New York Canal 5s extended to
...1949
Philadelphia A Reading Terminal 5s
Pittsburgh Bessemer A Lake Erie 5s
...1941
54
1174
87
8«
92
Tennessee Alabama A Georgia 4a
Terre Haute A Peoria 5s
79
25
Boston A Maine 44a
6s
63
OO1
108
United New Jersey Railroad A Canal 34a
Vermont Valley 44a
94
VIcksburgh Bridge 1st 4-6a
Washington County Ry 34a
West Virginia A
46
62
.....
$4
Industrial Stocks and Bonds
Pa
Bid
Ask
Par
37
40
•
18
19)4
64)4
Nat Paper A
American Cyanamid—
124
13
New Britain Machine
124
Amer Bern berg A
65
69
2\4
27)4
..60
3.00
56
59
com
National Casket.
24
series...
1
124
84
454
234
244
Peosl-Cola
23
4
5
23
26
*
36
38
164
174
144
184
com
Ohio Match Co
434
Hardware....25
Ask
Pharmacal_..2)4
*
Pan Amer Match
2.00
Canadian Pacific 44a
Cent RR New Jersey 44a.
Chesapeake A Ohio—
44a
Chicago A Nor West 44a.
Chir Milw A St Paul
Co
»
25
Petroleum
784
25
28
Pilgrim
*
58
62
Pollak
Art Metal Construction. 10
15
17
8
Botany Worsted Mills cl A5
Safety Car Htg A Ltg...50
4
5
ScoviU
Singer Manufacturing.. 100
138
3
39
41
Singer Mfg Ltd
£1
Skenandoa Rayon Corp..*
6
4
Pennsylvania RR 4)4s
64.50
1 25
City A Suburban Homes 10
0.50
Coca Cola Bottling (NY)*
Colgate-Pal moll ve-Peet—
87
0.50
$4.25 preferred
„_*
Columbia Baking oom...*
$1 cum preferred......*
Consolidated Aircraft—
994 1004
Stanley Works Inc......25
Stromberg-Carlson
...»
Sylvanla Indus Corp....*
11
13
Tarn pax Inc com
24
26
Taylor Wharton Iron A
.....*
Pub.;...*
644
674
254
274
Tennessee Products......*
Time Inc
*
62 4
654
Trico Products Corp
*
35 4
374
Triumph
2
34
14
4
24
604
224
108)4
44
14
4s series E due
Jan A July 1940 49
3.75
3.75
62.10
1.70
61.90
1.40
62.00
1.60
pref
Crowell-Colller
1.25
Dentists Supply oom... 10
Devoe A Raynolds B com *
2?i8 series G non-call
Dec 1
1940 50
Pere Marquette 4)4s
$3
conv
1.75 St Louis-San Francisco—
62.75
2.00
61.00
0.50
4s.............
4^8
*
Dixon (Joe) Crucible... 100
Domestic Finanoe cum pf.*
62.75
2.00
Draper Corp
62.25
Hocking Valley 5s..
61.90
1.60
Farnsworth Teler A Rad.l
Ullno's Central 4)4s
Internat Great Nor 4)4s..
61.65
1.10
62.00
1.25
Federal Bake Shops
Preferred
62.50
2.00 Texas Pacific 4s.
34
44
Solar
64
74
Standard
914
Southern Ry 44a
2 00 Western Maryland
4)48...
1.75 Western Pacific 5s.......
184' 204
384
414
24
274
X29
32
684
34
94
714
Veeder-Root Inc com
*
Welch Grape Juice com 24
4
104
23
7% preferred
$3
24
34
504
524
Worcester Salt
•
134
144
214
234
61.75
1.00
63.00
2.00
Gen Machinery Corp com *
Glddlngs A Lewis
Machine Tool..
...2
York Ice Machinery
..*
Garlock Packings com...*
Fire Extinguisher
Good Humor Corp
..1
•
100
Great Lakes SS Co com..*
Great Northern Paper..25
Harris burg steel Corp
5
Interstate Bakeries com..*
$5 preferred
...*
Lawrence Turnure
29
44
54
5
52
58
424
444
47
50
104
94
274
294
144
16
Long Bell Lumber
$5 preferred
1832
Members New York Stock Exchange
New York Coffee & Sugar
Exchange
New York Curb
Exchange (Associate)
7%
14
1
274
4
6s
1951
29
)s
Haytlan Corp 4s
5s
1947
/63
65
1954
1989
Cuban Atlantic Sugar....5
Eastern Sugar Assoc
Preferred
Haytlan Corp
/48
/20
9H
51
22
io 4
com.
Bid
com
1
13 4
1
29 4
*
Punta Alegre Sugar
Corp. *
Savannah Sugar
Refg
V
ertlentes-Camaguey
Sugar Co
1
5
24
304
64
94
50
14
434
•
34
44
254
274
4
....I960
1965
Brown Co 5)4s ser A.. 1940
Carrier Corp 44a
1948
Chic Dally News 3)48.1950
Commi Mackay 4s
w
Deep Rock Oil 7s
1.1969
1961
Kresge Foundation 3s. 1950
Mead Corp 4 )4s
Minn A Out Pap 6s
Nat Radiator 5s
89
104
504
91
1044
52
1937
Stamped
Inland Steel 3e
60
624
984
994
1014 102)4
n474 494.
1955
1945
n574
59)4
102)4 103
102
102)4
102)4 103)4
394
«22
244
n38
14
124
554
57
134
144
48
494
Skelly Oil 3s.
1950
704
724
Superior Oil 34a
1950
100
1044 105
164
United Biscuit 3)48... 1955
Woodward Iron Co—
118
154
144
314
29
Old Ben Coal 1st mtg 6s '48
Scovill Mfg 54a
1945
404
conv
13
14
33
35
Federal Home Loan Banks
24
34
4
9
94
Income 5S..1962
Ask
Commodity Credit Corp—
H%
Aug
1 1941 100.12 100.14
1%
Nov 15 1941 101.2
101.4
14
1946
5 NY World's Fair 4s. 1941
32
434
107)4
994 100)4
109)4 112
Obligations of Governmental Agencies
Ask
...Dec
1 1940 101.2
Bid
Home Owners*
Ha
J4%
100)4 101.24 101.30
Call July 3 *40 at 102
101.18 101.24
notes
100.2
July 20 1941 100.24 100.26
1 1941 100.27 100.30
4%
Nov
4%
Jan
15 1942 100.27 100.30
1%
July
1 1942 101.10 101.13
U S Housing Authority—
.
14a Jan 3 1944—
May 15 1940 100
Corp—
2s
Apr
1 1943 102.28 103.2
Federal Natl Mtge Assn—
Call May 16 '40 at
Ask
Loan Corp
>48
May 15 1941 100.13 100.16
Reconstruction Finance
101.6
2s May 10 1943—
For footnotes see page 2560.
54
114
2s
West Indies Sugar Corp..l
14
29
4
34
634
244
*
Bid
f27
178
100
preferred
354s
2d
Baraqua Sugar Estates—
84
24
174
1
Amer Writ Paper 6s..1961
Sugar Securities
Par
2
74
..100
Muskegon Piston Ring.2)4
Stocks
74
44
244
Mallory (P R) A Co.
*
Marlln Rockwell Corp
1
Merck Co Ino common..1
$0 preferred
100
WHitehnll 3-0770
Bell Teletype NY 1-1642
Ask
3
234
64
5
414
484
...100
oom
Beth Steel 3s
7
King Seeley Corp com
1
Landers Frary A Clark..25
Co.
&
274
114
14
284
4
104
Klldun Mining Corp
Wilcox A Gibbs
39
Bonds—
Lawrence Portl Cement 100
Ley (Fred T) A Co
»
Sugar Securities
Bid
com v t c
preferred
*
Wick wire Spencer Steel..*
cum
Gen
We Maintain Markets In Unlisted
Bonds
100
West Dairies Inc
1.50
Graton A Knight com
Preferred
Anttlla Sugar Estates—
Explosives
United Artists Theat oom.»
United Piece Dye Works. *
Preferred
100
,
464
*
0.50
1.75
ONE WALL ST., N. Y.
1
62.00
Virginia Ry 4Hs.
Founded
20
61.00
1.50
2.00
1.00
*
30
1
Screw
Foundation Co—
American shares
62.00
4 >4s
62.50
*
Aircraft........
Steel common
1.75
61.00
St Louis Southwestern 5s..
0.50 Southern Pacific 44b
61.75
Dictaphone Corp
62.00
24
74
2.00
61.00
5s
2.00
143
14
61.00
Hartford 4Hs
1.10
62.50
Manufacturing..25
62.75
3.00 Northern Pacific 44a
1.00
61.70
184
62.25
64 00
52.40
84
54
574
304
554
294
20
Buckeye Steel Castings..*
62.50
5s
Remington Arms com....*
2
3.00
62.50
154
74
44
...1
3.00
62.40
60
Chic Burl A Qulncy.,.100
Chilton Co common....10
Erie RR
....
Manufacturing...*
preferred
4
34
24
24
134
Cessna Aircraft
2.00 Reading Ci 4Hs
Maine Central 5s.
Missouri Padf c 44a
1
2
4%
4
24
1.25
2.00
5B
Exploration
94
4
34
4
10
63.00
Long Island 44a..
1
1.75
$1.2 5 pref erred
63.00
Great Northern 44b.
Conversion
62.25
64.00
61.75
333
Postal Telegraph System—
10
com
Denver A R G West 4^8-5s
4)4*
315
Petroleum Heat A Power. *
61.85
64.60
4)48-
5s
134
164
Corp..25
74
Bankers Indus Service A
62.50
18
101
60
Type
preferred
Norwich
Ask
14
97
Amer Distilling Co 5% pflO
American Enka Corp
•
24
B d
....*
Preferred..
5%
5% conv pref lst»er..lO
2d
1%
Maize Products..
American Mfg 5% pref 100
Arlington MUls
100
Bid
64.00
6s
764
754
45
Pittsburgh 4s
*
New York New Haven A
Canadian National 4)4a._
97
88
•
5.00
St Louis 4 Ha
-
104
2.00
63.00
-
1994
2.00 New York Central 4)4s._.
2.00 New York Chicago A
63 00
3)48 Deo 1 1936-1944...
-
-99)4
r-984
Toledo Terminal 44a
Toronto Hamilton A Buffalo 4s
Autocar Co
52.60
884
107 4
Toledo Peoria A Western 4s..
American Arch
3.50
0.75 New Orleans Tex A Me*
1.75
4HS
mmmm
Portland Terminal 4s
Alabama Mills Ino
.100
Ask
y
m.
-
574
163 4
Armstrong Rubber A
Bid
39
—
Providence A Worcester 4s
Amer
61.--.
1014
994
144
New York A Hoboken Ferry 5s
58
54 4
Equipment Bonds
Atlantic Coast Line 4)4s_.
Baltimore A Ohio 44a
mmmm
ri4
American
Railroad
.smmmm
98 4
99
New York Philadelphia A Norfolk 4s
New Orleans Great Northern Income 5s
74
..50
.....
102 4
New London Northern 4s
New York A Harlem
139
6.00
50
1044
142
.100
Warren RR of N J (Del Lack A Western).....
West Jersey A Seashore (Penn-Reading)
784
61)4
.100
Second preferred..
Tunnel RR St Louis (Terminal RR)
United New Jersey RR A Canal (Pennsylvania)
1004
47
130
Boston A Albany (New York Central)............ .100
Boston A Providence (New Haven)............. .100
Canada Southern (New York Central)
.100
Fort Wayne A Jackson pref (N Y Central)
Georgia RR A Banking (L A N-A C L)
37
1004
774
Indiana Illinois & Iowa 4s
Kansas Oklahoma A Gulf 5s
0.00
10.50
....
99 4
59
Hoboken Ferry 5s
Illinois Central—Louisville Dlv A Terminal 34a
Dividend
Far in Dollars
..
804
....
994
Florida Southern 4a
Alabama A Vicksburg (Illinois Central)
.100
Albany A Susquehanna (Delaware A Hudson)..
.100
Allegheny A Western (Buff Roch A Pitts)........ .100
Beech Creek (New York Central).
..60
60
103 4
...1961
Connecting Railway of Philadelphia 4s
*
1014
55
Cuba RR Improvement and equipment 5s
Elgin Jollet A Eastern 3)4sserA
(Guarantor In Parentheses)
45
10)4
Chicago Union Station 3 4 aer F
Cleveland Terminal A Valley *s
Guaranteed Railroad Stocks
55
.
43 4
Cambria A Clearfield 4s
Chicago Indiana A Southern 4s
Chicago St Louis A New Orleans 5a
Chicago Stock Yards 5s
2-6600
STOCKS
....
474
54
44a
Tel. RE ctor
Sine# 1855
r-
464
f 6
-
Boston A Maine 5s—
Exfhtugt
Dukraia
Asked
f454
Baltimore A Ohio 4s secured notes
Boston A Albany 4)4a
GUARANTEED
NEW YORK
-
...1945
14% notes Feb 11944.. 102.19 102.23
Volume
The Commercial & Financial Chronicle
ISO
Quotations
Over-the-Counter
on
Securities—Friday April 19-Continued
Investing Companies
Public Utility Preferred Stocks"
Bought
Sold
•
Jackson
Par
Admlnls'd Fund Inc
Aeronautical
Quoted
•
3.71
Series B-l
26.93
29.43
16%
Series B-2
20.86
22.89
3.46
Series B-3
13.99
15.37
7.35
8.09
Series B-4
6.53
.32
.37
Series K-l
14.89
16.33
3%
3%
Series K-2
10.05
11.08
4%
5%
Series S-2
Corp*
2
AmerG & E
111
97
8%
Knickbocker Fund
1
6.47
4%
Manhattan Bond Fund Inc
6.63
Maryland Fund Inc... 10c
4.10
5.30
1
20.50
22.04
Fund... 10
10.71
11.70
British Type Invest A...1
Broad St Invest Co Inc. .5
7%pf 100
IX
122
86%
14%
3.25
3.90
(Md) voting shares..25c
25.22
27.12
Ask
National Investors Corp. 1
Chemical Fund
10.84
11.73
New England Fund
Commonwealth Invest... 1
♦Continental Shares pf 100
3.56
3.87
35
9%
10%
Corporate Trust Shares.. 1
2.47
Automobile
Aviation
2.40
67%
6934
Accumulative series...1
Series AA mod
1
2.40
mm mm
2.85
mmrnrn
70
7134
6634
Series ACC mod
...1
2.85
mmmm
♦Crum 6c Forster com. .10
28%
Co—
*
*
*
$6 cum preferred
New Orleans Pub Service.*
*
preferred
78 %
Central Maine Power—
7%
$6
*
preferred...100
Serv 6% pf-100
108 H 110%
100
100% 102%
7% pref..100
HO X
10
105
1334
21
12034
*
25%
107
56
93 X
57 X
Derby Gas 6c El $7 pref..*
5834
108X 11034
96X
60%
117
106
10834
11434 11634
*
$6.50 cum preferred
*
Florida Pr & Lt $7 pref..*
42%
44%
105% 107 X
Pacific Pr & Lt
7% pf.-lOO
68%
78%
Interstate Natural Gas...*
25%
27
Jamaica Water Supply...*
32 X
33 X
8734
7% pf_.100
106% 108%
I nsurance stock....
9.86
10.66
8.05
8.71
Metals
7.61
8.24
mm mm
Oils
7.36
7.97
mm mm
■
Railroad
3.12
3.39
6.06
6.57
6.86
7.43
mm mm
113
4.92
34%
18.49
1.56
^
Railroad equipment
Steel
No Amer Bond Trust ctfs.
2.83
"rnmmm
45%
No Amer Tr Shares 1953.*
2.34
1
2.85
1
3.75
m'mmm
Series 1956
1
2.82
2.50
5.75
6.50
Series 1955
Series 1958
1
2.60
25c
1.18
1.30
Eaton & Howard Manage¬
ment Fund series A-l
17.94
19.27
11.58
12.43
26.80
28.82
Shares
F
Equit Inv Corp (Mass)..5
Equity Corp $3 conv pref 1
Plymouth Fund Ino—lOc
24
24%
• 118.68
First Mutual Trust Fund..
.39
.44
(Geo) Fund
Quarterly Inc Shares.. 10c
13.75
14.71
7.30
8.55
5% deb series A
Representative Tr Shs.. 10
Republic Invest Fund
100%
103%
10.25
10.75
4.36
4.89
84.80
86.52
Putnam
20.12
7.37
6.65
Scudder, Stevens and
Clark Fund Inc
2.78
Selected Amer Shares..2%
8.85
Selected Income Shares.. 1
4.31
Fixed Trust Shares A... 10
9.79
Investors...10c
.66
"".73
15.37
16.29
18%
1934
Philadelphia Co—
$5 cum preferred
77X
7934
mmmm
Pub Serv Co of Indiana—
4.05
4.60
17.43
18.95
Fundament'l Tr Shares A 2
5.09
5.86
B
25%
33%
34%
Sierra Pacific Pow com—*
82 X
91
85
86%
100
2934
4.60
30.35
9834
Southern Indiana G & E—
84
96 X
*
General Capital Corp
*
General Investors Trust. 1
*
preferred
Foundation Trust Shs A. 1
Fundamental Invest Inc. 2
*
43%
3134
2
534
634
10334 105
22
2334
*
Standard Utilities Inc. 50c
♦State St Invest
Corp
*
Super Corp of Amer cl A.2
.41
1
9.92
5.39
Supervised Shares
5.33
5.80
Automobile
shares
4.54
4.95
10.05
10.92
Building shares
5.76
6.27
6.96
shares
7.57
Electrical Equipment
8.66
9.41
Food shares...
4.53
4.94
♦Series
C
1
2.51
2.61
♦Series
D
1
2.44
2.54
♦Series
A
1
5.44
♦Series
B
1
4.99
Trusteed Amer Bank Shs—
Investing shares
3.29
3.59
Merchandise
5.41
5.89
Trusteed Industry Shs 25c
.85
104% 10534
Mining shares
5.90
6.42
U S El Lt 6c Pr Shares A...
16%
11134 11334
Petroleum
4.31
4.70
3.72
4.06
29%
Utah Pow 6c Lt $7 pref...*
18
19
69
Washington Ry 6c Ltg Co—
47%
28%
*
.
10.78
Trustee Stand Oil Shs—
10134 10334
1934
1834
100
5% pf.100
& Lt 7% pf-100
45%
15
m
Trustee Stand Invest Shs—
Texas Pow
Mountain States Power—
'm
3.76
1
'm m
2.56
2
Southern Nat Gas com.7 %
4.8% preferred
6
73
3.58
S'western G & E
93%
.46
70%
B
4.95
Aviation shares
100
Spencer Trask Fund
9.65
Group Securities—
Agricultural shares
6% preferred D
Sovereign
AA
32.63
Chemical
5
....
.3.58
Rochester Gas & Elec—
5% conv partic pref..50
Mississippi Power $6 pref.*
$7 preferred
*
Mississippi P & L $6 pref.*
Missouri Kan Pipe Line..5
Monongahela West Penn
7% pref
32%
equipment
3.23
24 X
*
5% preferred
8.46
Electrical
2.48
Mass UtUIties Associates—
Pub Serv
7.82
30%
9.45
Insurance stk series. 10c
6%
preferred
10.30
Bank stock series... 10c
Republic Natural Gas
$2
6.57
9.53
supplies
Chemical
6634
111X 113
96
Mass Pow 6c Lt Associates
5.80
14.30
4134
41
..100
preferred
8.10
5.34
13.25
64%
Queens Borough G & E—
7%
7.48
..............
3934
93%
Long Island Lighting—
Agriculture
*
Penn Pow & Lt $7 pref—*
$7 prior lien pref
Kings Co Ltg 7% pref.100
N Y Stocks Inc—
*
Line Co
Peoples Lt & Pr $3 pref-25
Jer Cent P & l
6.66
13.27
6.06
Fiscal Fund Inc—
Penna Edison $5 pref
Hartford Electric Light .25
85
1.35
6.26
Building
U6% 11834
Eastern Pipe
Panhandle
1.22
12.31
Machinery
117
17.10
Fidelity Fund Inc
40 X
42
1
3.81
D
Series
preferred
*
C
Ohio Public Service—
100
preferred
100
Okla G & E 7% pref...100
115
B shares
ser
8.74
Diversified Trustee Shares
Federal Water Serv Corp—
$6 cum preferred
Cumulative Trust Shares. *
Dividend
6%
7%
100
Deposited Bank Shs ser A 1
Deposited Insur Shs A
1
*
*
preferred
100
♦Common B shares...10
Delaware Fund..
8734
85%
nix 11334
Ohio Edison $6 pref
$7
...100
preferred
♦8% preferred
2734
100
*
(Del) 7% pref
(Minn) 5% pref
Continental Gas & Elec—
7%
Nationwide Securities—
Bank stock..
♦Crum & Forster Insurance
♦7% preferred
10634 10734
116
11734
12
Consumers Power $5 pref.*
U%
19%
118
Northern States Power—
112%
Consol Elec & Gas $6 pref.*
64%
Northeastern El Wat & El
$4 preferred
100
preferred
preferred
Cent Pr & Lt
cum
N Y Water
106% 109
76 X
33
1
1
7%
*
Bid
7.32
26.04
13%
New York Power & Light—
47%
Carolina Power 6c Light—
Pow.7% pf 100
Mutual Invest
24.09
Series A A
$6 cum preferred
preferred,....
Mass Investors Trust
....1
34%
$7
Birmingham Gas—
$7
.25
32%
*
Atlantic City El 6% pref.*
Birmingham Elec $7 pref.*
Cent Indian
.10
5'%% Pi-*
New Eng Pr Assn 6%pf 100
$6 prior lien pref
46%
16.80
5%
$7 prior lien pref
$3.50 prior preferred__50
15.62
4%
New Eng Pub Serv
99
84
3.82
National Gas & El Corp. 10
Electric
%
7.08
7%
3%
Century Shares Trust...*
New Eng G & E
&
4.54
Class A
Canadian Inv Fund Ltd__l
Par
Nassau & Suf Ltg
Gas
10.78
(Colo)
104% 106%
2%
2%
$6.50 preferred
15.09
9.74
4.03
5% preferred
Utility Stocks
Amer Cable & Radio w I..5
Associated
13.72
Series S-3
Investing—
Bullock Fund Ltd
Ask
7.20
Series 8-4
Exchanges
Teletype N.Y.1-1600
BArclay 7-1600
7%
11.11
3.14
Basic Industry Shares.. 10
Boston Fund Inc
634
Ask
10.42
3.39
Am Insurance Stock
New York City
112
1
Amer Foreign Invest Inc..
Amer Gen Equities Inc 25c
Curtis
8c
115 Broadway
4%% pref.100
Amer Util Serv 6% pref_25
Arkansas Pr & Lt 7% pi..*
Bid
Keystone Custodian Funds
15%
Bankers Nat
Alabama Power $7 pref..*
Investors Fund C
11.65
1%
Assoc Stand Oil Shares
Bid
Par
12.68
♦Amerex Holding Corp..*
Amer Business Shares
Members Principal Stock and Commodity
Public
Ask
Bid
11.92
10.72
*
Securities
Affiliated Fund Inc
ESTABLISHED 1879
Tel.
2559
Participating
67
shares
shares
RR Equipment shares..
Steel
shares
West Texas Util $6 pref.
*
98
2134
10034
5.27
5.74
5.31
1
.18
.38
Investors..5
15.63
16.81
2.21
B
.56
.62
.95
2.25
25c
1
Voting shares
....
1.00
5.78
Independence Trust Shs.*
20%
units
25c
Class B
Tobacco
shares
♦Huron Holding
Corp
Fund
Wellington
Investment
14.20
15.01
Banking
Corporations
Public
Bid
1960
1970
334s s f debs
334s s f debs
Incorporated
Utility Bonds
Bid
Ask
10534 106%
108% 109%
10934 110%
53
5534
6S..1964
86
61
62
103
Kansas Power Co 4s. .1964
102
Kan Pow 6c Lt
111% 112%
334s—1969
Kentucky Util 4s
1970
434s
1955
Amer Gas & Pow 3-5s. 1953
Amer Utility Serv
Assoc Gas 6c Elec
Corp—
Income deb 334s
1978
Income deb 334s... 1978
-
102
Lehigh Valley Tran 5s 1960
Lexington Water Pow 5s'68
mm
Institutional Securities Ltd
♦Schoellkopf Hutton 6c
60%
Water Bonds
62%
94%
9f)%
Atlantic County Wat 5s '58
34
New Eng
G 6c E Assn 5s '62
66
69
Butler Water Co 5s... 1957
105%
1973
134
36
NY PA NJ Utilities 5s 1956
80
81%
Calif Water Service 4s 1961
107% 108%
135%
135%
158
37
N Y State Elec 6c Gas
..1973
Conv deb 534s
1973
8s without warrants 1940
3734
61
1965
4s
Northern
111%
13
Sink fund inc 434s..1983
13
1983
111
HI
111
13
Old Dominion Pow 5s. 1951
1986
13
Parr Shoals Power 5s. 1952
Sink fund inc 5-6S..1986
111
13
Penn Wat & Pow
1964
334s 1964
1970
Peoples Light 6c Power—
334s
1968
110
111
99
100
334s
106%
1st lien
1961
3-6s
1950
Pub Serv of Colo 3348-1964
Central Gas 6c Elec—
1st lien coll tr 634s.. 1946
9034
93%
9234
1949
Debenture 4s
.1941
5s
5s series B
1954
1st 5s series C
110% 111
81
82%
104% 105%
106% 107%
106% 106%
1st coll trust 4%s_.1966
Peoria Water Works Co—
1957
/20%
106
22%
106%
105% 106%
Pub Serv of Indiana 4s 1969
103
103%
Cent 111 El & Gas 334s. 1964
Central Illinois Pub Serv
10134 102%
Pub Util Cons 534s—1948
87
1st & ref 5s
101%
—
105% 106
Republic Service—
104
Central Pow & Lt 334s 1969
103% 10434
Central Public Utility—
Collateral 5s
St Joseph Ry Lt Ht &
434s
Income 534s with stk '52
/1%
70%
Cities Service deb 5s..1963
Pow
1947
2%
Sioux City G 6c E 4s.. 1966
72%
Sou Cities Util 5s A—1958
S'western Lt 6c Pow 3%s'69
Tel Bond &
Texas Public Serv 5s. .1961
S'western Gas 6c El 334s *70
Cons Cities Lt Pow 6c Trac
7434
7634
m
86
mm
93
1962
54%
54
55%
1954
60
62%
Cumberl'd Co P&L 3%s'66
108
Dallas Pow A Lt 334s. 1967
111
Dallas Ry & Term 6s. 1951
77%
75%
104% 104%
89%
8734
1957
Wash Wat Pow 334s..1964
West Penn Power 3s.. 1970
West Texas Util 334 s. 1969
59%
Wisconsin G 6c E 334s. 1966
99% 100%
107%
104%
Wis Mich Pow 334s..1961
108%
Toledo Edison 3 348—1968
Crescent Public Service—
Coll inc 6s (w-s)
109
1954
Dayton Pow & Lt 3S..1970
Federated Util 534s...1957
6s
1954
103
1962
105%
1966
107
...
634s stamped
534s
1952
Iowa Pub Serv 334s.. 1969
157%
104
1960
107
Richmond W W Co 5s 1957
10534
101
106
1st mtge 334s
109
Water Service 5s. 1961
1st & ref 5s A
Indianapolis W W Securs—
5s
Scranton Gas 6c Water Co
434s
1958
Scranton-Spring Brook
Indianapolis Water—
1958
101
1957
105%
—
Shenango Val 4s
104
9434
1967
ser
95
B. 1961
103
South Bay Cons Water—
Kokomo W W Co 5s..1958
1950
5s
103
105%
80
Springfield City Water—
1956
4s A
534s
1950
Morgantown Water 5s 1965
101
102
104
Muncle Water Works 5s '65
105%
105%
New Jersey Water 5s. 1950
101% 103%
Texarkana Wat 1st 5s. 1958
10534
Union Water Serv 534s *51
103
W Va Water Serv 4s.. 1961
...
—
106
Western N Y Water Co—
New Rochelle Water—
5s series B
1st mtge 5s
1951
95
100
534s
1951
93
98
£6
101
130
1st mtge
5%s
1950
.1951
1950
Westmoreland Water5s'52
101
100
10334
103
Wichita Water—
5s series B
1956
101
108% 109
105% 106%
Ohio Cities Water 534s '53
Ohio Valley Water 58.1955
100% 104%
5« series C
1960
10534
108
6s series A
1949
103
105% 105%
Ohio Water Service 4s. 1964
105
W'msport Water 58—1952
104
Ore-Wash Wat Serv 5s 1957
96
Western Public Service—
Inland Gas Corp—
103
St Joseph Wat 4s ser A 1966
101%
...
New York Wat Serv 5s '51
99% 102
Utiea Gas 6c Electric Co—
5s—
10734
101
Pittsburgh Sub Wat 5s *58
Water—
6s series B
United Pub Util 6s A. 1960
104
Monongahela Valley Water
1962
Share 5s.. 1958
1948
Roch 6c L Ont Wat 5s. 1938
Huntington
Monmouth Consol W 5s '56
91%
55%
6s series B
Prior lien 5s
102
91
88
1946
104
88%
Consol E & G 6s A
101
Plalnfield Union Wat 5s '61
105%
6sserle8 A
105% 105%
49%
51%
105% 105%
105% 105%
74%
76%
10134 10334
108% 10934
1962
5s
103
1948
Phila Suburb Wat 4s. .1965
Kankakee Water 4 %s. 1939
....1951
1948
'
534s series B.......1946
Joplin W W Co 5b..
105
1950
1st consol 4s
Pinellas Water Co 634s.'59
101%
88%
1st mtge 334 s
1968
Cent Ohio Lt 6c Pow 4s 1964
105
1st consol 5s
5s
104% 106%
95%
1st lien coll trust 6s. 1946
Bid
Penna State Water—
Community Water Service
5s series B
Portland Electric Power6s
Ask
City Water (Chattanooga)
5 fine 4348-5348
Cent Ark Pub Serv 5s. 1948
106
104% 104%
Nor States Power (Wise)—
334s
Ashtabula Wat Wks 5s *58
City of New Castle Water
Indiana—
Sink fund inc 5s
Blacks tone Valley Gas
Bid
102% 103
106% 107
Corp
Public Service 3 34s. 1969
Cons ref deb 434s... 1958
6 Electric
105% 106%
19%
Assoc Gas 6c Elec Co—
•
%
101% 102%
1973
Conv deb 5s
17%
1
Pomeroy Inc com... 10c
1978
1954
16
♦First Boston Corp
Util—
434s—
10
1.18
Conv deb 434s
Montana-Dakota
19%
3
1.40
Income deb 4%b
Marion Res Pow 3 34s. 1960
1834
30
2
1.07
102%
2%
26
*
1.27
Conv deb 4s
1834
1%
Corp cl A..*
Bank Group shares
105%
102%
1978
♦Central Nat
Insurance Group shares.
fl8
fl8
fl8X
f!8X
132
Income deb 4s
♦Blair & Co
♦Class B
8834
Associated Electric 58.1961
Ask
mm
mmm
For footnotes see page 2560.
106"
101
1
The Commercial & Financial Chronicle
Quotations
on
April 20,
Over-the-Counter Securities—Friday April 19—Concluded
Real Estate Bonds and Title Co. Mortgage
If You Don't Find the Securities Quoted Here
which you have interest, you
will probably find them in
monthly Bank and Quotation Record.
our
38.1957
Beacon Hotel Inc 4s..1958
B'way Barclay lnc 2s_. 1956
B'way A 41st Street—
1st leasehold 3X-5s 1944
In this publi¬
carried for ali active over-the-counter
The classes of securities covered are;
cation quotations are
/35
/6X
/23
Certificates
Bid
Ask
Bid
Aid en Apt 1st mtge
In
2s
1955
63
65
N Y Majestic Corp—
4s with stock strop. .1956
/9
10X
Public
Canadian
'45
40
Cheseborough Bldg 1st 6s *48
Colonade Construction¬
48
ist 4s (w-e)._.
1948
Court A Remsen St Off Bid
Utility Bonds
Public Utility Stocks
Foreign Government Bonds
industrial Bonds
Railroad Stocks
Industrial Stocks
Real Estate Bonds
Insurance Stocks
Stocks
Investing Company Securities
26
Deposit
U. S. Territorial Bonds
m
—
37
59X
44 X
42 X
v
to
3
/2
21
23
37
38X
...
52
-mm
o£$
05X
1961
5X« stamped
20X
22 X
Realty Assoc Sec Corp—
6X8 (stamped 4s)..1949
15X
5s
17 X
32 X
35
Film Center Bldg 1st 4a '49
40 Wall St Corp 6s. -1958
Your subscription should be sent to
65X
39
57 X
.....
165 Broadway Building—
Sec s f ctfs 4X 8 (w-s) '58
3X
62d A Madison Off Bldg
1st leasehold 3s. Jan 1 '52
Dept. B, Wm. B. Dana Co., 25 Spruce St., New York City.
53 X
37
F-l
Q.—......
2d mtge 08
1951
103 E 57th St 1st 6s...1941
m
600 Fifth Avenue—
Quotation Record is published monthly and
BK...—...
C-2
Prudence Secur Co—
60 Broadway Bldg—
1st Income 3s
.1946
U. S. Government Securities
Mining Stocks
Equit Off Bldg deb 5s 1952
Deb 5s 1952 legended...
6X
1 Park Avenue—
28
2X
Hotel units—
■
series
series
series
series
5X
m mm
Eastern Ambassador
Mill Stocks
sells for $12.50 per year.
51
26
1st 3X8
Stocks
ties
X
OllcromCorp
—1950
Dorset 1st A fixed 2s—1957
Title Guarantee and Safe
Joint Stock Land Bank Securi¬
The Bank and
5X8
5Xs
5X8
5Xs
42
1S uc
xoya
Real Estate Trust and Land
Railroad Bonds
20
N Y Title A Mtge Co—
Chanln Bldg 1st mtge 4s
Federal Land Bank Bonds
19
N Y Athletic Club—
35
Brooklyn Fox Corp—
3s
—1957
Canadian
Out-of-Town)
72
24X
33
Domestic
(New York and
Domestic
69
.—1945
S f deb 5s.
Broadway Motors Bldg4-6s
1948
Municipal Bonds—
Banks and Trust Companies-
Ask
Metropol Playhouses Ino—
6X
—
stocks and bonds.
1940
42 Bway 1st 68..
1939
1400 Broadway Bldg—
1st 4s stamped .——1948
Fuller Bldg debt 6s—1944
income
...—1943
53 X
55X
66
68
Roxy Theatre—
1st mtge 4s
1957
RQ
Op
19X
/26
Savoy Plaza Corp—
20X
3s with stock..
1956
/iox
1st 5X f(w-s).
.1956
60 Park Place (Newark)—
/9X
iox
34
37
27X
29
11X
Sherneth Corp—
40
mm-
18
mmm
2X-4s (whb)
1949
Graybar Bldg lstlahld 5s '46
37X
—
80X
Hantaan Bldg 1st 68.1951
/17X
,
•
82
1st
1st 3Xs—.——1947
mm
61 Broadway
Foreign Stocks, Bonds and Coupons
Hearst Brisbane Prop 6s* 42
Hotel St George 4s...1950
Inactive Exchanges
Bldg—
3Xs with stock....1950
18 X
44
46
34
35
51
55
016 Madison Ave—
3s with stock.—..1957
Syracuse Hotel
Lefcourt Manhattan Bldg
1st 4-5s
..1948
25X
(Syracuse)
1st 3s
71
-1955
Textile Bldg—
Lefcourt State Bldg—
Lexington Hotel units....
44X
44 X
1st 3-5s
-..1958
Trinity Bldgs Corp—
1st 5Xs
1939
2 Park Ave Bldg 1st 4-5s*46
Lincoln Building—
Income 5X8 w-s.—1963
64
67
Walbrldge Bldg (Buffalo)—
London Terrace Apts—
1st A gen 3-48
1952
1950
12
14
37
38
Wall A Beaver St Corp—
1st 4X9 w-s...—.1951
21
22X
Westlnghouse Bldg—
1st mtge 4s
.1948
57
61
1st lease
BRAUNL
1948
55
m mm
Lewis Morris Apt Bldg—
1st 4s
1951
& CO., INC.
48
mm —
4-6X8—
52
Tel. HAnover 2-5422
William St., N. Y.
Foreign Unlisted Dollar Bonds
Due to the
European situation some of the quotations shown below are
1st 5s
nominal.
1st 5s
Bid
1946
Anhalt 7s to
Hungarian Cent Mut 7s '37
Hungarian Xtal Bk 7X8 '32
Hungarian Discount A Ex¬
change Bank 78
1936
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 5s. 1956
nm
Antloqula 88—-——1940
/52
Bank of Colombia
/20
/26
/36
/13 X
7%. 1947
1948
7s
Barranqullla 8~s'35-4(H0-48
Bavaria 0X»
to—.—1945
Chain Store Stocks
/3
/5
19
1945
8s. 1947
/5X
8s
Bollva (Republic)
7s
74)4
7s—
1969
74)4
6s1940
/4X
Brandenburg Elec 6s. 1953 /13
Brazil funding 5a—1931-61 726)4
Brazil funding scrip.—-.
/40c
Bremen (Germany) 7s. 1935 /14>4
1968
1940
6s-—
19
1943
4X
4H
B
/14
Land M Bk Warsaw 8s '41
/3
Koholyt 6Xa
21X
20 X
SX
Leipzig O'land Pr 6Xb '46
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
Water 7s
-1948
27X
Meridlonale Eleo 7s..1957
/13X
/13X
/13X
Kress
/13X
13 X
/27
see German
6H
13 X
3X
/13X
/65
/60
4s..
.1947
7s to
Chilean Nitrate 5s....1968
58
62
73
.1945
/62
/6 8
/15
Costa Rica Pac Ry 7Xs '49 718
5s..
1949
/15
Cundlnamarca 6)48..1959 /12
Dortmund Mun UtU6Xs'48 /13X
Duesseldorf 7s to—...1945 /13X
7s stamped.
..1957
Costa Rloa funding 5s. '51
1945
East Prussian Pow 6s. 1953
Electric Pr (Ger'y) 6)4s *60
6)4s
1953
European Mortgage A In¬
vestment 7)4s
1960
7>4s Income
1966
7s
1967
7s Income.......1967
Farmers Natl Mtgo 7s. '63
Frankfurt 7s to
1945
Preferred
17
20
17
Prov Bk
.—1946
Westphalia 6s '33
6s 1936—.—
5s.—...
1941
1933
Rom Cath Church 6X8 '46
R O Church Welfare 7s '46
Saarbruecken M Bk 6a.'47
Salvador
7s 1957...
—
78 ctfs of deposit—1957
4s
scrip...—.....
8s
29X
28
115
8%.—.....—....1947
Santa Fe*4s stamped! 1942
Santander (Colom) 7s. 1948
Sao Paulo (Brazil) 6s. 1943
6Xs
/2
/12
1953
43
/12X
75
Hamburg Electric!? __1938j 712
Housing A Real! mp't
40' /14X
Pac A Atl
16
18
34 X
36
30 X
25
Telegraph
32X
113X 115X
*24
Mtn States Tel A Tel.. 100
138
Rochester Telephone—
—
H3X
.100
So A Atl Telegraph
25
Sou New Eng Telep... 100
Wisconsin Telep 7% pf.100
mmm
71
142
No par value,
/Flat price,
dlvldend.
39
>
/8X
y
n
19
17
169 X 172X
fNow listed
*
on
i When Issued
e Ex
coupon,
With stock,
Ex-
x
New York Stock Exchange.
on
sponsor or
issuer.
$89.50 of principal amount.
5% was paid on July 2 and
_
/14
/14
/7X
/13X
/13X
/13X
Toronto Stock Exchange—Curb Section
8X
April 13 to April 19, both inclusive, compiled from official sales lists
Sales
Friday
Last
/8X
8H
Stocks-
Par
Week's Range
for
Sale
/9
Beath A
/16
/14
of Prices
Week
Price
....*
Brett Treth—
Low
High
Range Since Jan. 1,1940
Low
Shares
1
/17
/8X
/14
/13X
20
9X
High
Canada Vinegars
Canadian Marconi...
*
1
Coast Copper.
__5
Consolidated Paper......*
1,000
5X
35
5
Feb
6
*
6
125
4
Jan
605
UX
15X
Jan
420
1.00
Jan
1.40
Feb
1.60
100
1.55
Apr
2.20
10,288
6X
Mar
Apr
Apr
8X
6
45c
2,300
3X
37
22
8X
„_*
3X
...*
35X
3X
35X
22
22
5
65o
Mar
3X
248
35X
Apr
25
20 X
Jan
2,300
9c
Max
Mandy
Stettin Pub UtU 7s... 1946
m
Oil Selections
*
2o
57
58 X
Pend-Oreille..
1
1.90
1.99
117
18 X
Robb Montbr.
1
Xo
2X
23 X
6Xc
Xc
2X
23 X
6Xc
1.00
1.00
115
Unterelbe Electric 6s.. 1953
Vesten Eleo Ry 7s
1947
Wurtemberg 7s to....1945
77
69
2c
2X
.....
Walkerville Brew...
*
No par value.
Apr
Apr
Jan
23X Apr
13X0 Jan
31X Feb
2Xc Mar
1
6Xc
12c
30 X
......
Shawlnigan
Temlskaming Mining
40
Feb
10c
....
Rodgera Majestic A.....*
67
8X
10
2X
20
75
Apr
800
20
/50
/13
/13
/13X
6
Mar
40c Mar
m
Britain A Ireland 4s. 1990
Jan
Feb
Apr
1.30
/17
3X % War LoanUruguay conversion scrip..
6
Apr
12
43c
Montreal Power.
lXc
ox
1.60
6
*
Apr
4
1.25
ux
12
7X
Dlsher Steel
Kingdom of Great
lc
IXC
Dalhousle
300
Feb
IXC
Consolidated Press A....*
A3X
3
5X
Can Bud Brew..
/8X
/85
20
4
4
Bruck Silk..
2X
43
w-s
on New York Curb Exchange.
Quotation not furnished by
1 Quotation based
5X % Sept. 25
/13X
/14
d Coupon,
6 Basis price,
to
Ex-rights.
t Now selling
9X
Interchangeable.
a
Nominal quota Ion.
Dominion Bridge
Howard Smith..
United
Hanover Hars Water Wks
Haiti 6s
18 X
Peninsular Telep com
*
Preferred A..........25
123
Ast
Bid
Par
New York Mutual Tel—25
Toho Electric 7s.—.1955
Tolima 7s
1947
23 H
Great Britain A IrelandSee United Kingdom
1957
...
28
26
*
State Mtge Bk Jugoslavia
5s
1956
2d series 5s
1956
/14
/22X
..1951
Saxon State Mtge 6s.. 1947
Stem A Halske deb 6s.2930
...1948 714
1948
99
(Daniel) pref... 100
preferred
/24c
1948
8s ctfs of deposit. 1948
German Conversion Office
...
4
18
45
*
/13X
Santa Catharlna (Brazil)—
German Central Bank
6s
$5
$6,50 1st pref
/45
fed
/2
Saxon Pub Works 78—1945
Guatemala 8s
2
13
50
Ask
118
Franklin Telegraph....100
Int Ocean Telegraph... 100
/3
Panama City 6X8
1952
Panama 6% scrip—*
Rio de Janeiro 6 %
/20
Funding 3s....
1946
German scrip——
Graz (Austria) 8s
1954
100
Bid
53
13
/12
/2
/12
72
73
713 X
German Atl Cable 7s_. 1945
German Building A Land-
Agricultural 8s.....1938
Reeves
9X
13
101X 105
115X 116X
Emp A Bay State Tel—100
/13
many) 7s
/14
/14
/14
112
6)48—
8
12X
Cuban Teleph 0% pref. 100
Protestant Church (Ger¬
/13X
French Nat Mafl S3 6s '52
bank
preferred
X
/3
1946
Poland 3s...——..1956
Porto Alegre 7s
1968
/80
Cordoba 7s stamped.. 1937
Dulsburg 7% to
Teleg (N J) com.*
Bell Telep of Canada...100
Bell Telep of Pa pref...100
/17
...1946
65
Telephone and Telegraph Stocks
Par
(A A B) 4s.—1946-1947
(C A D) 4s
1948-1949
Nat Central Savings Bk of
Hungary 7Xs
-1962
National Hungarian A Ind
Mtge 7s
1948
North German Lloyd—
Oberpfals Eleo 7s
Madgeburg 6s..—1934
Colombia 4s._
7% preferred
Miller (I) Sons common. .5
Oldenburg-Free State—
Central Bk
Central German Power
City Savings Bank
Budapest 7s.——1953
3H
2X
27X
/13X
Nassau Landbank 6Xs '38
Nat Bank Panama—
90
/12>4
/IX
(S H) 6% pref... 100
Am Dlst
-
/6
108
100
Ast
47
43
Munle Bk Hessen 7s to '45
/3
—1962
Brown Coal Ind Corp¬
ora
1963 713
Buenos Aires scrip-—-—.
/50
78—1947
Callao (Peru) 7X«—1944
Cauca Valley 7Xs—1946
Ceara (Brazil) 8s
1947
Central Agrio Bank-
pref
100
Fishman (M H) Co Inc..*
—
Call (Colombia)
24 X
Bid
Kobacker Stores—
8X
Diamond Shoe
Municipal Gas A Eleo Corp
Recklinghausen 78—1947
/12X
Par
7
2X
IX
_
Bohack (H
/50
/13X
/13X
Montevideo scrip...——
Munich 7s to
—1945
/12
Caldas (Colombia) 7)48 '46
/G Foods Inc common. *
C) common
*
7% preferred
100
Ask
5
United Cigar-Whelan Stores
Mannheim A Palat 7s. 1941
British Hungarian Bank—
Burmeister A Wain 6s. 1940
Bid
5X
British see United Kingdom
7X8
Par
21
17
Berland Shoe Stores.....*
78
/20
/19>4
1945
Cities 7s to-
45
65
45
/3
Bavarian Palatinate Cons
Bogota (Colombia) 6)48 '47
1947
1951
(Bklyn)
(LI)
31X
32X
Ait
Bid
Ask
3s
Ludwig Baumann—
29 X
/30X
/42
30X
260
2c
1,000
5,250
1,000
2c
Apr
1.66
Mar
310
2X
60
20X
Jan
Feb
1,000
5Xc
Mar
$Xo
Jan
1.00
Apr
1.25
Apr
30
Apr
Xc Mar
2.35
Jan
Xo
Apr
3X
24
Feb
Jan
*
Volume
FILING
The Commercial & Financial Chronicle
ISO
OF
STATEMENTS
REGISTRATION
SECURITIES
The
following additional registration statements (Nos. 4386
to 4388 inclusive) have been filed with the Securities and
Exchange Commission under the Securities Act of 1933.
The amount involved is
Petroleum Investors
approximately $2,165,754.
Participating Association C2-4386, Form
company
stock
and has also been named underwriter.
Filed
Lines,
1937
$969
$1,094,941
$1.17
$1.04
$0.03
$3.33
(par $25)
p.
2405.
.Aeronautical Securities, Inc.—Asset Value—
Airplane
Calendar Years—
Inc.
(2-4388, Form A-2), of Seattle, Washington,
has filed a registration statement covering 360,979 shares of capital stock,
par $5.
Filed April 17,
1940.
(See subsequent page for further details).
in
1938
$339,672
Alaska Juneau Gold Mining Co.—Earnings—
(2-4387, Form A-l). of New York, N. Y.
has filed a registration statement covering a maximum of 110,909 rights
for the $1 par common stock and a maximum of 110,909 shares of $1 par
common stock reserved for the rights.
The offering of the rights will be
first made to the stockholders and the unsubscribed portion will be offered
publicly by the underwriters. Proceeds of the issue will be used for working
capital and for the purchase of airplanes.
E. V. Rickenbacker is President
of the company.
The underwriters are expected to include Kuhn Loeb &
Co. and Smith, Barney & Co.
Filed April 17, 1940.
Air
Boeing
1939
1940
$384,255
The company states that as of March 31, 1940, net assets were equal to
$10.23 per share of capital stock.
This compares with $9.20 per share on
Dec. 31, 1939 and $7.21 per share on March 31, 1939.—V. 149, p. 2501.
April 15, 1940.
Eastern
Subs.)—Earnings-
For the 12 months ended March 31, 1940, net profit was $1,959,914 or
A-l),
York, N. Y., has filed a registration statement covering 1,250
participating certificates of interest which will be offered at $200 each.
Proceeds of the issue will be used for investment.
David D. Leven is
of the
3 Mos. End. Mar. 31—Net profit after interest,
deprec. & Fed. taxes—
Earns, per share on cap.
$5.97 per share.—V. 150,
of New
President
Acme Steel Co. (&
UNDER
ACT
2561
Co.
The last previous list of registration statements was
our issue of April 13, page 2405.
given
1939
Operating profit
.
1937
1936
$5,364,488
3,093,058
$5,516,414
2,950,049
$5,400,621
2,850,724
$1,526,838
Oper. & marketing costs
1938
$4,695,537
3,168,699
Gross recovered values..
$2,271,429
42,398
$2,566,365
55,010
$2,549,896
$2,313,828
$2,640,085
$1,719,490
1.800,000
Other income
38,331
Total income$1,565,169
Gen. corp. & payroll tax
235,413
109,192
199,974
104,051
Federal taxes
—
Profit
Common
dividends.
—
_
255,897
108,043
185,123
192,567
$916,539
1,041,250
Depreciation
Depletion.
$2,621,375
206,257
105,334
174,005
224,491
$1,572,197
1,710,625
$1,911,289
2,015,250
90,189
103",946
555,715
260,933
$124,711
—
$138,428
$103,961
$80,510
1,500,000
$0.61
Balance, deficit
1,500,000
$1.06
1,500,000
$1.27
1,500,000
$1.15
Shares capital stock out¬
Alabama Great Southern RR.—Annual
standing (par $10)
Earnings per share..
Report—
Balance Sheet Dec. 31
Traffic Statistics for Calendar Years
Assets—
Average miles operated.
315
315
315
315
Passengers carried
319,932
291,234
431,974
398,147
Passengers carried 1 mile 33,984,016
31,834,754
42,944,416
37,441,518
Rate per pass, per mile.
1.69 cts.
1.97 cts.
1.71 cts.
1.68 cts.
Revenue tons carried
4,761,433
4,020,364
4,651,655
4,006,646
Rev. tons carried 1 mile_678,142,455 589,156,980 676,272,148 584,770,961
Rate per ton per mile
0.97 cts.
0.96 cts.
0.9O cts.
0.93 cts.
Av. train load, rev. tons.
831.78
740.71
660.57
631.18
Oper. revenue per mile
$23,858
$21,054
$22,760
$20,257
Capital assets——16,911,380
Bullion &
Operating Revenues—
112,759
Supplies
638,231
Treasury stock
$5,681,371
626,567
481,651
Cr6,643
$6,095,624
733,313
515,528
Drl6,287
$5,413,968
628,735
Total oper. revenues—
$7,677,582
$6,796,233
$7,328,179
$6,529,137
Total--
-V.
514,305
Dr27,871
Operating Expenses—
966,177
1,436,610
140,770
2,031,208
43,764
196,096
990,918
1,577,470
159,367
2,208,723
51,964
227,886
425
975,394
1,548,755
154,521
2,096,276
50,563
219,838
50
979,934
1,636,074
153,742
2,293,835
52,114
215.496
617
Total oper. expenses—
Net rev. from oper...
$5,045,299
$5,330,578
$4,814,550
$2,461,678
882,224
Cr342,815
154,019
$1,750,933
715,185
Cr532,898
154,005
$1,997,600
673,845
Cr81,823
152,835
$1,714,587
538,176
Drl28,722
141.888
$1,768,249
$1,414,642
$1,252,744
$905,801
13,374
219
865,604
14,742
174
613,080
17,094
175
1,019,626
16,527
173
1,033,856
Taxes
Hire of equipment......
Joint facility rents
Operating income
Income from funded and
unfunded securities
18,159
19,887
26,404
Miscellaneous income
35
110
25
$2,665,640
$2,062,635
$2,316,068
$1,974,638
19,664
19,660
19,579
19,579
975
931
952
956
16,355
70*;
eqpt. obligations
14,902
4,528
423,840
102,595
601
423,840
93,207
423,840
32,260
423,840
21,375
Net corporate income.
Preferred dividends
$2,111,051
540,856
$1,496,179
405,642
783,000
469,800
$1,820,665
473,249
1,096,200
$1,489,122
338,035
783,000
Gross income
18,281
547
Ordinary dividends
Bal.
carried
to
18,173
18,971
$620,737
$787,195
$251,216
$368,087
Balance Sheet Dec. 31
1939
Assets—
Uabilities—
$,
in repurchase at not more than par of Alleghany 5s of 1950.
The funds to be used are cash accumulations from dividends on Chesa¬
peake & Ohio Ry., common shares formerly held as collateral for the Alle¬
ghany 5s of 1944. The funds are under jurisdiction of the courts pending
outcome of litigation among trustees and Alleghany management.—V. 150,
p. 2406.
Allegheny Ludlum Steel Corp. (& Subs.)—Earnings—
equlpinent.37,309,716 37,570,032
affil.
5,830
5,830
cos.:
Stocks
1,633,483
Bonds
1,633,483
481
Gross sales, less discounts, returns &
Cost of sales
294,673
294,673
Advances
418,850
421,794
2,283,207
5,697
1,555,896
5,484
Cash
Special deposits...
Traffic & car serv.
balance rec
3,380,350
Funded debt
9,518,000
Eqpt. trust obllg.. 3,315,000
Govt, grants In aid
219,444
balances..
425,011
of
1,553
675,473
Mat'la & supplies.
Int. & divs. rec...
12,350
Other curr. assets.
3,294
70,941
...
debits
-
construction.
2,908,539
1,347,824
1,490,858
1,068,700
(net)
$2,781,769 z$l ,039,368
43,947
48,187
Provision for Federal income taxes
$2,825,717 loss$991,181
y616,386
x40,689
Net
115,813
profit applicable to minority int. of subs——
38,316
$2,093,518 z$l,070,186
233,639
233,480
Net profit
Preferred dividends..
625,737
$1.49
Earnings per share on 1,256,722 shs. com. stock—
._
Nil
x Provision for Federal income taxes (subs.),
y $534,604 Federal income
excess profits taxes and $81,782 State income taxes,
z Loss.
Note—Depreciation is computed on the straight-line method for all
depreciable plant assets, except machinery and tools, miscellaneous fix¬
tures, and furnaces acquired by merger Aug. 16, 1938.
Depreciation on
such plant assets so acquired is computed on the straight-line method
adjusted in accordance with the volume of business which, for the year 1939,
was equivalent to 92.85% of normal rates.
The above result for 1938 includes the operations of subsidiary companies,
only from date of merger.
Earnings for Three Months Ended March 31
1940
1939
profit after deprec., depl., Fed. Inc. taxes, &c_ $1,000,297
Shares common stock
1,254,549
Earnings per share
$0.75
Consolidated Balance Sheet Dec. 31
194,755
1939
Cash
on
47.069
payable..
287,110
210,284
2,602
48,354
286,194
161,698
2,390
34,743
Int. mat'd unpaid.
Fund,
debt
486
Unmat'd Int.
Deferred liabilities
57,189
27,925
337,528
406,756
Taxes
467,534
Operating reserves
126,896
deprec'n
on equipment
3,398,977
Otb. unadj. credits
438,354
113.056
Add'ns to property
thru. inc. & sur.
3,375
266,601
$
500,000
2,701,606
130,242
interest
In subsidiaries..
548,476
7% cum. pref. stk.
(par 8100)
3,342,600
a Common stock..
7,854,513
Capital surplus
100,582
Earned surplus
6,026,845
9,884,548
497^025
3,342,600
7,854,513
6,043,086
8,776,648
57,005
72,181
22,634
-16,477,413
est.,
17,025,576
plant
and equipment—
at
cost
Patents,patterns &
1
goodwill
and
charges
1
121,342
162,065
Prepaid exps.
deferred
3,523,369
Total
411,250
x
50,816
13,168,119
43,158,824 43,060,258
-Y. 150, p. 2075.
3,765
123,555
at cost
Real
59,538
50,816
Total
$0.12
1938
Treasury stock—
y
21,876
Profit & loss bal—13,477,650
43,158,824 43,060,258
2,751,700
8,168,878
cost,
less reserve
z
Reserves
Minority
4,608,094
Invests.—at
351,246
accr.
228,338
11,056,757
Other assets
3,263
53,328
186,328
1,159,546
value of life
Cash
$
450,000
5,339,690
191,127
Banks...
Accounts payable.
insurance
222,706
4,921
Other current liab.
860,272
213,838
-
cost.-----
Inventories
mat'd
unpaid
Liabilities—
$206,582
1,250,946
Notes payable—
receivable
123,396
60,370
$
and
Notes and accts.
Audited acc'ts and
wages
9
dep.
hand
—at
x
123,396
on
1939
1938
Marketable securs.
Accrued
Total
16,741,041
Profit from operations
Other income
3,570,000
486
balances payable
Divs. mat'd unpd.
16,444
447,545
242,105
Misc. acc'ts rec
Unadjusted
30,294,010
Selling, administrative and general expenses
Provision for depreciation and depletion
Assets—
7,830,000
3,380,350
9,518,000
Traffic & car serv.,
Misc. acc'ts pay..
Agents' & conduc¬
Deferred assets
allowances__$37,332,141 $18,261,231
-
S
Preferred stock
481
Notes
tors'
1938
1939
Years Ended Dec. 31—
1938
§
Ordinary stock... 7,830,000
Mise. phys. prop..
in
1939
1938
Investment in road
Inv.
has been authorized by~the~"U. S. District Court to
a cash fund on deposit at J. P. Morgan & Co.,
$188,263 from
use
Net
profit
and loss
and
20,583,663 20,989,727
and
rents
Int. on unfunded debt—
Miscell. income charges.
Int. on funded debt
on
Total
Common dividends
Deductions—
Rent for leased road
Int.
192,567
261,572
4,808,284
1,697,554
Profit
Misc. non-op. phys. prop
Dividend income
371,875
Alleghany Corp.—To Get Cash—
Non-oper. Income—
Miscell. rent income
Miscellaneous
Surplus
261,572
4,607,478
1585, 985.
p.
The management
withdraw
75
$5,215,904
General
Transp. for inv.—Cr
1,771,512
20,583,663 20,989.729
150,
Inc., for
Transportation..
Miscell. operations.
taxes
Capital surplus...
355,429
373,000
—
Deferred charges—
$6,598,912
575.867
521,121
i)rl8,318
Maintenance of eqpt...
Traffic
141,190
$
204,370
223,125
287,117
1936
1937
Freight
Passenger....
Mail, express, &c
Incid. & jt. facil. (net)..
Maint. of way & struc..
Accts. pay., &c
Min¬
ing Co
Years
1938
1939
Notes receivable
304,965
534,283
652,629
141,190
1938
—15,000,000 15,000,000
—
Decl'd divs. unpd.
662
Pac.
Capital stock
Accrued
380,552
Receiable
Invest.
17,180,854
478,250
concen¬
trates at market
_
Income Statement for Calendar
254,376
S
Liabilities—
S
S
Cash.
1939
1938
1939
1936
1937
1938
1939
i
33,637,798 29,845,719
After
reserve
Total
33,637,798 29,845,719
for doubtful notes and accounts in the amount of $254,288
$251,779 in 1938.
y Available for officers and employees'
contracts; 44 (64 in 1938) shares 7% cum. pref. stock and 5,248 (2,989 in
1938) shares common'stock,
z After reserves for depreciation and depletion
of $17,998,660 in 1939 and $16,937,997 in 1938.
a Represented by 1,256,722 no par shares.
—V. 150, p. 1417.
in
1939
and
The Commercial & Financial Chronicle
2562
Allied
Sold—F.
Inc.—Stock
Laboratories,
Eberstadt
(no par) and that the issue has been oversubscribed.
were offered April 15 at SI9..50 per share.
Amalgamated Leather Co., Inc.—New Director—
Outstanding
1939
1938
Assistant Treasurer was on April 16 elected
the Board.—V. 150, p. 2076.
Agricultural Chemical Co. (Del.) (& Subs.)
Mar. 28,'40 Mar. 30,*39
$2,871,950
388,498
$2,460,332
290,122
$1.29
$0.88
$1,031,287
614,625
Prov. for loss
on it common stock
in January, 1934, and has paid quarterly dividends in varying amounts
since that time without interruption.
Cash dividends declared in recent
years on the shares outstanding at the time of declaration have been as
follows: 1937, $0.75: 1938, $0.50; 1939, $0.70.
A dividend of $0.15 per
share was paid on April 1, 1940.
k Current Position—Before giving effect to this financing, consolidated
current assets as of Dec. 31, 1939, including $110,593 of cash, amounted
to $1,441,221, and were equivalent to approximately 3.5 times consolidated
current liabilities of $412,037, including provision for Federal taxes.
Purpose—Net proceeds will be used, to the extent of $375,000, to dis¬
charge in full the company's serial bank loan, the proceeds of which were
used largely in connection with the company's
recently completed program
of plant expansion.
The balance of such proceeds will be added to working
capital.
'
Listing—The outstanding shares of common stock are listed on the
Chicago Stock Exchange, and application for the listing of the shares offered
has been approved by such Exchange.—V. 150, p. 2075.
1, '37
,993,072
577,317
or.
599,723
:
time
on
sales
on shipm'ts made
during period
Deprec. of plants & de¬
pletion of mines
102,370
107,249
103,745
452,561
24,066
488,306
23,790
x35,000
443,247
23,343
xl80,000
$104,088
Res've for self-insurance
92,989
473,265
25,093
$152,955
pf.$427,390
pf.$665,421
Prov. for Fed. inc. tax..
Net loss
No provision made for surtax on
x
American Chicle
1940
Quar. End. Mar. 31—
_
150,
1938
1939
^
p.
1750.
1937
^
$785,861
440,000
$800,413
437,500
$1.83
$866,366
$910,932
436.400
$2.09
prec'n & Fed. taxes..
Shs.con .stk.out. (no par)
Earnings per share
—V.
undistributed profits.—V. 150,
Co.—Earnings—
Net profit after int., de-
437.300
$1.98
$1.79
1585.
p.
American Colortype Co .—Sales—
198,386
Dividends—Company Inaugurated dividend payments
A
$1,681,458
617,422
$2,229,653
$1.73
Sales
(orders booked) of company and its domestic subsidiaries for the
$2,627,239 as compared with $2,444,694 for the
first quarter of 1940 are
quarter of 1939.—V.
same
150, p. 1586.
American Commercial Alcohol Corp.
(& Subs.)—Earns.
1939
1938
1937
1936
$22,061,050 $24,713,657 $34,771,036 $35,463,632
2,213,425
1,947,642
4,150,718
4,963,648
Years Ended Dec. 31—
x
Gross
sales
Gross
profit on sales
Sell., gen. & adm. exps.
1,652,678
2,848,532
$1,737,142
170,059
$2,115,116
149,265
$393,849
319,409
138,790
,41,180
$1,907,201
296,923
131,443
40,564
$2,264,381
206.441
213.442
127,270
$355,733 loss$105,530
325,346
326,907
Total income
Interest
2,413,576
$306,227
87,622
$640,736
285,003
Other income.
1,641,415
$560,747
79,989
Profit-.--.
$1,438,271
325,744
$1,717,227
Prov. for doubtful accts.
.
Alpha Portland Cement Co.
Mar. 31,'38
$1,114,062
1937
Per share
vacancy on
a
Gen.oper. & admin, exps.
Authorized
-
American
9 Months Ended—
264.445 shs.
249,530 shs.
Business—Company was formed in 1929 to acquire the capital stock or
assets of five other companies, the largest of which, Pitman-Moore Co.,
was founded in 1899.
Company is engaged in the manufacture and sale
of a diversified line of pharmaceutical and biological products, which are
sold principally to the medical professions, both veterinary and human.
It has more than 19,000 customers, located in every State in the United
States, as well as in a number of fpreign countries.
Approximately 75%
of the company's sales in 1939 consisted of products for animal use and 25%
of products for human use.
Research and development constitute an im¬
portant part of the company's activities, and an extensive program of plant
expansion and modernization has recently been completed, including sub¬
stantial additions to research and laboratory facilities.
Sales and Earnings—The consolidated net sales and net profit of the com¬
pany for the three years ended Dec. 31, 1939, together with the equivalent
of such earnings per share of common stock, computed on the basis of the
224,530 snares outstanding, exclusive of the 25,000 shares offered herein.
Net sales
director to fill
Gross profit from oper—
Common stock (no par)
Net profit
a
The
Capitalization (Giving Effect to this Offering)
1940
John F. Bishop, Secretary and
& Co., Inc., announces that subscription books have been
closed on the offering of 25,000 shares of common stock
shares
April 20,
Other deductions.
_
Profit
Depreciation
on 5% pref. stock
of subsidiary company
308,764
Divs.
-Earnings— •
12 Mos. End. Mar. 311940
Net sales
;
$6,688,756
$6,453,343
5,196,313
946,976
5,133.777
943,313
$6,134,569
5,200,732
864,248
$7,371,3.54
5,132,852
1,201,967
Operating profit
$545,467
274,620
$376,253
134,838
$69,589
132,822
$1,036,535
153,525
Proceeds
$820,087
$511,091
$202,411
bl03,021
60,266
Federal taxes
Operating expenses
Depreciation.-
a99,497
35,000
$1,190,060
1939
1938
Loss
1937
sale of real estate
on
Surtax
178)009
undist. profits
on
Loss
Other income (net)
$104,111
sale
$535,457
$104,111
from
goodwill
$535,457 c$l,043,117 c$l,187,232
c$843,117 c$l,187,232
of
of industrial
alcohol business
Total profit
for
Provision
doubtful
Net
accounts, &c
Fed. income tax (est.)..
16,981
127,714
39,682
40,528
23,622
29,941
34,716
134,351
200,000
loss
Provision
profit
for
unrealized
sales subject
on
deferred delivery..
Reduc. in res. for Fed'l
to
Net profit.
$675,392
639,500
$441,468
639,500
$138,261
643,550
$1,020,993
644,600
$35,892 def$198,032 def$505,289
Common dividends
per
common
share
on.
stock
$1.05
$0.69
$0.21
$1.58
—V. 150, p. 1269.
American
Airlines, Inc.—New Director—
meeting held April 17 elected
four
new
directors,
in¬
creasing the board membership to 15. All former members were reelected.
N The new directors are Edgar M. Queeny, Thomas S. Hammond, Walter S.
McLucas and H. K. Rulison.
►
The by-laws were amended to protect directors and officers from so-called
"strike suits." Under this amendment board members and executives would
reimbursed
for
any
legal
expenses
they
might
incur
in
defending
themselves in suits to which they might become a party because of their
offices.—V. 150, p. 2407.
American
r
Brake
Shoe
&
Foundry
3 Months Ended March 31—
Net
earnings
before deprec.
x
Co.
1940
&
(& Subs.)—
1939
1938
inc.
taxes
I
Cr79,600
Cr229,200
Dr300,000
$100,627 loss$455,857
applicable
$1,272,317
z1,173,980
$887,232
zl,173,962
to
091,138
years
Net profit
Dividends paid
$49,788 declared and paid,
b Applicable to year 1938.
c Profit,
x Of the sales
for the year 1939, approximately 63% represent excise
taxes, stamp taxes and rectification taxes (1938, 67%; 1937, 61%. and 1936,
56%).
y No provision has been made for Federal surtax on undistributed
a
P" Stockholders at a
be
Crll3,600
$376,393
taxes
prior
Surplus
Earnings
$1,039,512
23,335
Dividends from subs, not consol...
$830,097
7,173
Jjrorits as it is would have been subject to has distributed all taxable net
believed that the company surtaxes,
which
$130,443 paid in
ncome
z
cash
(1936, $130,440), and $1,043,544 paid in 5% cum. pref. stock (1936,
$1,043,522) of American Distilling Co. (a Maryland corporation), a sub¬
sidiary company—104,354 shares of a par value of $10 per share.
Note—Effective as of Jan. 1, 1939 the company modified its bases of
allocating warehousing costs to inventories of bulk whiskey and of esti¬
mating deferred profit on sales of bulk whiskey.
Such modifications re¬
sulted in an increase of approximately $65,000 in bulk whiskey inventories
and a decrease of $48,000 in the reserve for estimated profit on sales of bulk
whiskey at Dec. 31, 1939 and an increase of approximately $113,000 in
earnings for the year.
Consolidated
$606,087
7,173
Total
$1,062,847
Balance Sheet Dec.
1939
S
$
Cash
on
hand and
Notes pay.,
130,000
$613,260
344,274
28,500
$582,562
71,706
230,728
$408,937
71,706
192,273
$240,486
71,706
192,273
cos.
103,122
179,231
Balance, transferred to surplus
$280,129
Surplus, Jan. 1
11,446,174
Adjusts, caused by incl. Amer. Brake
Shoe & Foundry Co. of Calif, in
$144,959
def $23,492
b Fixed assets....
11,182,340
Deferred
5,295,223
223,996
5,643,975
10,769,907
1
1
350,285
--
in banks
355,863
288,662
5,527,415
Preferred dividends.
Common dividends.
Mdse. inventory.. 4,898,284
Invest, in partially
5,749,225
Notes, trade
ac¬
&
ac¬
to
reappraised
value
151,043
of
a
in 1924.___
285,600
Surplus, March 31
$0.44
$0.22
$33,542
$57,401
loss$18,329
Mar.31,'40 Dec.Sl,'39
$4,624,723
$4,123,675
192,574
186,122
3,326,493
3,403,438
8,907
12,388
5,639,815
6,296,147
hand
Marketable securities (at quoted
market)
Notes and accounts receivable
(less
reserve)
Indebtedness of subsidiaries not consolidated
Inventories
Other assets
114
kq?
iak
105,695
1,728,478
2,467,715
1,733,155
2 467,715
deprec'n)"" 12',906*,893
12',852)656
108,492
1,206,699
325,872
113,012
1,206,699
342,081
Other companies
Land, buiidings and equipment (less
Patents (less amortization)
Goodwill...
Insurance and other prepaid items
—
Am.
Dist.
Co..
par)
1,993,186
5,218,696
2,355,007
2,356,307
Capital surplus
Earned surp. since
Dec. 31, 1931.. 1,197,989
1,097,362
....16,403,904 16,927,157
Total
$315,274 in 1939
b After depreciation reserve of $3,470,919 in 1939
1938.—V. 149, p. 3864.
Period End. Mar. 30—
Sales.
—V.
150,
Accrued accounts.
$1,184 297
39 098
i
(par$100)—IIIIIIIIIII"
43*778
999,877
I
1,095)421
iqq
2^0
i
ni ^
Capital surplus
Earned surplus
5)463',300
5*,463)300
12,544,800
6,340,834
5,385,469
Common stock.
no par
Inc.
-Earnings-
Comparative Income Account
Years Ended Dec.
Period—
1939
Apr. 28, '36
1937
to Dec. 31'36
$702,237
476,655
Expense.
Net profit from opers.
Other income
$488,663
359,576
$102,363
$193,176
142,247
$129,087
135,118
$9,144
72,452
$53,588
7,786
$50,928
11,321
loss$6,031
7,738
loss$63,308
1,068
$61,375
$62,250
c8,800
of sales
$549,343
356,168
$225,572
171,983
Net sales.
Cost
1938
31
20,721
40,723
16,544
$1,707
21,567
loss$62,240
10,642
93,219
Net profit bef. follow¬
ing deductions..
See note
...
11,471
34,383
9,839
15,678
11,843
Prov. for doubtful accts.
1,573
and miscellaneous
?
Reserve against advances
to Ohio Encaustic Co.
See
a
14,580
12 544 800
6,340 834
5 105 340
$32,651,248 $32,842,783
Represented by 769,092
1940—13 Wks.—1939
$8,568,599 $31,029,846 $27,376,008
1925.
Interest
$744,620
Reserves
5M% conv.pref.stock
1940—4 Weeks—1939
$9,746,884
p.
$32,651,248 $32,842,783
-
Liabilities—
x
1,989,586
5,218,696
pref. stock of
5%
Com .stk.($20
for allowances and doubtful accounts of
Taxes
-
Accounts payable
Indebtedness to subsidiaries not consolidated
x
510,466
and $206,402 in 1938.
aqk
114.587
Investments (at cost or less)*:
Subsidiaries not consolidated.
Total
316,290
American Encaustic Tiling Co.,
Balance Sheet
Assets—
on
16,610
263,084
Federal
American Stores Co.—Sales—
$0.66
of subs.
not consolidated
deposit &
reserve
for
66,320
$11,726,302 $10,731,695 $10,732,632
fertod in earns., after divs.
quity
on
Less
Res.
695,118
742,297
pref.
on
stock of sub
...16,403,904 16,927,157
and $3,190,045 in
Net income, after pref. divs.,
per sh.
of com. stk. outstanding at end of
Cash
Total
pay.
5,040,713
payable!
income taxes
Cr 10,427
183,171
land acquired
charges..
Goodwill
(net).
certain
Div.
S
$
banks 4,569,627
liabilities./
Accr'd
counts receiv'le.
owned affil.
consolidation.
Loss on disposal of certain fixed assets
Accounts
4,749,773
a
ceptances
.
1938
1939
Liabilities—
$837,270
338,333
90,000
_
31
1938
Assets—•
Write-down
y221,231
31,133
shares.- -V. 150, p.2246.
"4",370
Other deductions
$20,109
$71,494
b$109,144
b This company did not commence
manufacturing operations until approximately Sept. 1, 1936.
Net loss for the period
prof$41,104
a
Ohio Encaustic Co. now dissolved,
c
Federal income taxes for the year estimated.
Note—Provision for depreciation included above
$42,141.
Volume
The Commercial <6 Financial Chronicle
15k
Comparative Balance Sheet Dec. 31
Assets—
1939
124,091
Accts. receivable
a
Inventories
Part. In note
$37,901
130,850
37,715
rec.—
writers
7,765
8,800
Note
30,000
inc..
on
Capital surplus
Deficit from oper.
46,051
(non108,459
140,789
$915,678
410,837
186,166
follows:
Week Ended—
1936
51,267,000 44,045,000 39,791,000 51,680,000 36,228,000
50,632.000 45,840,000 38,212,000 48,157,000 39,040,000
49,708,000 40,686,000 39,779,000 49,946,000 45,072,000
51,321,000 41,992,000 38,685,000 49,814,000 46,512,000
Mar. 30
Apr.
Apr.
1937
1938
1939
1940
Mar. 23
2,665
$922,198
333,879
1
6,952
of 1939.
Comparative table of weekly output of electric energy for the last five
years
551,847
1
par)
4,169
525,885
Co., Inc.—Weekly
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended April 13, 1940, totaled 51,321,000
kilowatt hours, an increase of 22.2% over the output of 41,992,000 kilowatt
16,000
268,500
104,479
7,353
currency)
Other assets
& Electric
Works
Output—
hours for the corresponding week
46,000
192 500
333,879
441,249
Com. stk. ($1
com.
12,972
RFC
pay.
(current)
Deferred loan pay-
stock
d Notes rec.
Accrued accounts.
10,000
under¬
of
$29,657
Fed. taxes
patent suit..
from
1938
$32,796
Liabilities—
Rec. In settlem't
of
Due
American Water
1939
Accounts payable.
Notes payable.
1938
$67,559
71,897
Cash
2563
6
13
Prop., plant and
c
equipment
Pat.,
Deferred
charges.
Total
a
in
Obituary—
Arthur L. Rae, Comptroller of the company, died on
processes and
trade marks
After
1939
of $507.
reserve
and
$87,217
in
American
$922,198
Total
* $915,678
c After allowance for depreciation of $129,358
1938.
d Froxn Shawnee Pottery Co.—V. 150,
1924.
P.
American Foreign Investing
Corp.—Earnings—
(Formerly Foreign Bond Associates, Inc.)
3 Mos. End. Mar. 31—
Interest earned
1940
1937
1938
1939
x$ll,899
8,293
Operating expenses
y Prof, realized from sales
of securities (net)
$5,210
7,325
$6,603
5,349
$3,233
Crl3,275
....
Cr21,681
Cr5,966
Cr49,213
Net profit
Includes dividend received in the amount of $1,033.
y After provision
for Federal taxes of $3,700 in 1940-, $3,000 in 1939, $850 in 1938 and $7,345
in 1937.
of the
Assets—
1940
Receivable
for
1939
$86,083
$63,619
available income
Prov.
not delivered
993
19,600
accounts
Accrued int.
556
'
•
.
722*642
_
rec_.
725,232
5,097
6,189
Furn. <fc fixtures..
1,195
Deferred
y6,669
1,700
—
x2,995
10.540
p.
766,642
Consolidated Income Account for
1939
Net sales
x
y
Total
$796,136
$836,399
1937
1936
$7,936,029 $14,122,055
a7,671,338 al3,579,291
$9,621,355
9,217,239
$404,116
24,229
$692,531
135,275
$264,691
85,939
$542,764
$827,806
448,543
59,631
$350,630
$623,789
393,001
383,978
z54,881
$319,633
1,339,654
loss$53,269
1,492,922
100,000
$1,659,286
$1,339,654
Other income
Total gross income
Deprec. and depletion.
Federal income taxes
$836,399
81,025
payable.
Includes $1,240 provision for Federal capital stock tax.
tax.—V. 150, p. 679.
!
...
on
or
$428,344
361,093
zl4,914
$184,930
1,479,280
;
$52,336
1,426,943
prior pref. stk,
171,288
accrued
Total surplus
Includes accounts
Includes $1,350 provision for Federal capital stock tax; $2,000 provision
for taxes aoplicable to prior periods and $12,342 provision for Federal income
10,899
"
Net profit
$796,136
z
_
Previous earned surplus.
Prov. for contingencies.
paid
Total
(& Subs.)—Earns
Calendar Years
1938
..$10,540,048
a9,847,517
Cost of goods sold
Divs,
639
689
a
1588.
American Zinc, Lead & Smelting Co.
11,017
793,655
$0.10).________
Surplus
......
charges,
&c
towards interest on these bonds to
Federal
for
taxes..
Accrued expenses
Common stock (par
.
receivable....
Securities owned
zl5,692
1938
x$26,3211ossy$22,245
1939
$10,108
be applied
Gross profit on sales..
but not ree'd—
securitles sold but
Mis cell,
1940
$13,516
Liabilities—
Pay; for sees. pur.
se-
1939
$9,880
maximum of 6% tnereon.
The sum accrued thus far for interest on these
bonds is of course subject to additions or deductions dependent upon the
results of operations of the company for the balance of the year.—V. 150,
x
Balance Sheet March 31
1940
After setting aside the sum of $29,639 ($78,963 in 1939) to provide
for interest on general mortgage bonds,
y Before providing for interest
on the general
mortgage bonds.
Under the terms of the indenture of the bonds, it is providod that until
Dec. 31, 1940 (after which period the rate of 6% will become fixed) 75%
x
$49,354
$7,220
$19,564
$16,880
3,092
Writing Peper Corp.—Earnings—
3 Months Ended March 31—
Profit after all expenses
x
Cash in bank..
April 14.—V. 150,
P. 2409.
$1,492,922
$1,479,280
x Includes
administrative, selling and other expenses.
z Including
$25,079 ($425 in 1936) surtax on undistributed profits, a includes interest
paid; $24,923 in 1939, $29,759 in 1938, and $13,343 in 1937, less interest
received: $3,020 in 1939, $23,083 in 1938, and $11,339 in 1937.
Consolidated Balance Sheet Dec. 31
American & Foreign Power Co.,
C.
Inc.—Dividends—
E
Calder, President of this company, announced that the board of
directors at a meeting neld April 10, 1940, declared a dividend of 30 cents
per share on the $6 preferred stock and 35 cents per share on the $7 pre¬
ferred stock, for payment on June 15, 1940, to the stockholders of record
on May 25,
1940.
These dividends are on account of accumulations for
the quarter ended March 31, 1932.
As of March 31, 1940, after taking
into consideration the dividends declared April 10, 1940, the undeclared
accumulated dividends amounted to $48.90 per share on the $6 preferred
stock and
$57.05
per
share
on
the $7 preferred stock.—V. 150, p. 679.
American Investment Co. of
3 Mos. End. Mar. 31—
Net income after all charges
Earns, per
—V.
150.
share on 313,354
2246.
Assets—
a
Property acc't__$4,842,066 $4,905,264
757,568
704,669
Investments
Ore
stocks
.....
2,228,995
277,040
Notes & acc'ts
Due from
15,978
42,871
III.—Earnings—
common shares
15,794
27,919
charges...
operations
..
1938
151,190
Accounts payable.
150,461
20,000
1,130,268
Notes payable
1,100,000
461,173
Deferred liab. to be
repaid over a pe¬
riod of 3 years..
93,870
73,209
353,830
199,041
228,730
Earned surplus...
27,996
90,249
Reserve for Federal
income taxes
Capital surplus
Total
Telegraph Co.—Quar. Report—
lysy
stocks..$1,711,575 $1,711,625
stock.
673,088
664,668
b Common
Taxes accrued
and treat¬
$320,014
$0.80
p.
American Telephone &
682,884
r
Deferred charges to
1939
1940
$408,579
$0.99
Freight
2,020,482
337,704
971,730
rec.
pi's..
Misc. acc'ts rec...
em
Preferred
Reserves
inven¬
tories, &c
Cash
ment
>
Liabilities—
1938
1939
$9,208,478 $9,277,277
Total
60,230
14,111
1,659,286
3,708,970
3,717,340
1,339,654
$9,208,478 $9,277.277
a After reserves for depreciation and depletion of $7,646,308 in
1939 and
$7,431,722 in 1938. b Represented by $1 par value shares.'—V. 150, p. 1925.
Walter 8.
Gifford. President, states:
During the first quarter of this year the Bell System had a net gain of
260,000 telephones compared with 215,000 in the corresponding
period of 1939.
The number of toll and long distant conversations for the quarter was
7% greater than for the corresponding peiiod last year.
Another reduction in the company's long
distance telephone rates, the
ninth of a series commencing in 1926, becomes effective on May 1, 1940.
Reductions begin at airline distances of 420 miles and become progressively
larger as the distance increases.
Thus the day station-to-station rate New
York-Chicago is now $2.20 and becomes $1.90; the New York-San Fran¬
cisco rate is now $6.50 and becomes $4.00.
The overall effect of the changes
is to save present long distance users $5,3vi0,000 annually.
This reduction
was the result of negotiations with the Federal Communications Commis
sion which had instituted an inquiry as*to possible reductions in long dis¬
tance telephone rates.
about
Earnings
of American
Telephone &
Period End. Mar. 31— al940—3 Mos.—19391
$
$
Telegraph
Co.
al940—12 Mos.—1939
$
Operating revenues
29.880,653
Oper. exps. incl. taxes.. 24,512,884
27,470,440 115,176,075 104,726,550
23,522,631
97,458,014
92,621,119
Net oper. income
Dividend income
Other income (net)
5,367,769
43,120,357
1,543,421
164,266
3,947,809
38,012,102
1,746,885
173,703
Total income.
50,195,813
4,147,744
43,880,499 195,502,238 170,097,919
,4,156,137
16,591,992
16,623,848
46,048,069
42,045,287
39,724,362 178,910,246 153,474,071
42,045,287 168,181,146 168,181,146
Interest income
Interest deductions,
b Net income.,
Dividends
Balance
Earns,
k
4,002,782
of Amer.
Tel.
c2,320,925
17,718,061
170,631,047
6,607,885
545,245
12,105,431
148,538.965
8,989,198
464,325
10,729,100 cl4,707,075
&
Tel. Co.—per share.
$2.46^
$9,57
$2.13
$8.21
..
Subject to minor changes whenTinal figures for March are available",
b Does not include the company's proportionate interest in undivided
profits or deficits of subsidiary companies,
c Deficit.
a
Bell System
Consolidated Earnings Report
[Consolidates the accounts of the American Telephone & Telegraph Co.
\
and its principal telephone subsidiaries.]
Period. End. Feb. 29—
1940—3 Mos.—1939
1940—12 Mos.—1939
$
$
$
$
Operating revenues
284,558,085 269.113,921 1119522013 1058935759
Operating expenses._.187,180,286 180,519,699 739,334,740 717,790,455
Taxes
41,316,017
37,813,463 158,833,039 146,334,373
a
56,061,782
8,392,498
50,780,759 221,354,234 194,810,931
4,406,240
28,793,630
15,983,026
64,454,280
10,666,249
55,186,999 250,147,864 210,793,957
10,795,049
42,634,029
42,700,551
Total net income
53,788,031
2,188,798
JJet income
51,599,233
Earns, per share—Amer.
Tel. & Tel. Co. stock.
$2.76
44,391,950 207,513,835 168,093,406
2.107,644
9,293,346
8,666,208
42,284,306 198,220,489 159,427,198
Net operating income.
b Other income (net)—
Total income
Interest deductions.
c
..
..
Net income
d
a
$2.26
Includes current maintenance, depreciation,
$10.61
$8.53
traffic, commercial, gen¬
and miscellaneous expenses and operating rents, b Includes propor¬
tionate interest in earnings or deficits of Western Electric Co. and all other
controlled companies not consolidated (partly estimated),
c Applicable
eral
of subsidiaries consolidated held by public,
American Telephone and Telegraph Company stock.
to
stocks
d Applicable to
V. 150, p. 2408.
Anaconda Copper Mining Co.-—Profit of SI .20 Reported
for Quarter—Interest Charges Reduced Through New Loan—
Butte Hill Development Satisfactory—
The
meeting of the stockholders was held at the office of the
Anaconda, Mont., April 17. Cornelius F. Kelley, E. Roland
annual
company at
Barriman, and Robert E. Dwyer were elected to serve as directors for the
ensuing 3 years.
The shares of stock represented at the meeting were
4,742,528 in person and by proxy, or approximately 54%.
The first quarter earnings amount to approximately $10,000,000, or
about $1.20 per share.
This compares with $3,687,000, or 42 cents per
share for the first quarter of 1939.
Mr. Kelley stated to the meeting that in order to reduce the fixed charges
of the company and to take advantage of the low interest rates now prevail¬
ing, loans on 5-year serial notes were negotiated with the Guaranty Trust
Co., New York, The National City Bank, New York and Chase National
Bank, New York, whereby the company secured $35,000,000 at the rate
of 1% % per annum.
The funds thus provided will be used in calling on
May 15, $33,000,000 of the $38,015,000 of the 4K % sinking fund debentures
of the
company
now
Through this transaction the annual
-outstanding.
will be reduced $907,500.
Furthermore, the Chile Exploration Co., a
interest charges
subsidiary of Anaconda Copper
Mining Co., which had outstanding bank loans In the amount of $12,000,000,
will, by payments from its treasury funds of $8,200,000, reduce its out¬
standing debt to $3,800,000 and decrease its annual interest charges by
$229,000.
The total reduction in annual interest charges through these transactions
will amount to $1,136,500.
The outstanding debt of the company and its
subsidiaries will be reduced from $50,015,000 as of Dec. 31, 1939, to $43,815,000.
Company and its subsidiaries are in a sound cash position and
after giving effect to these financial transactions will have on hand approxi¬
mately $40,000,000, or $10,000,000 more than at the close of 1939.
Mr. Kelley also stated that the results of the exploration and development
work on the Butte Hill have been satisfactory and in large part were re¬
sponsible for the authorization given yesterday for the installation of a
new, modern electric hoist capable of hoisting from a depth of 5,000 feet
at the Leonard shaft.
The lowest common drainage level at the mine is
located on the 2,800 foot level.
As most of the shafts in the west end of
have reached a depth of 3,800 feet a new drainage level is
planned at this depth.
This will necessitate the sinking of the High Ore
from 3,400 to the 3,800 foot level and the installation of modern
pumping equipment at that point.
Authorization was also given for the sinking and repairing of the Lexington
shaft now bottomed at the 1,400 foot level to the 2,800 foot level.
This
work will serve to ventilate the mine workings on the State Vein and will
afford the opportunity of developing large tonnages of zinc ore.
At Anaconda, authorization was given for a complete remodeling of the
smelting department of the reduction works.
Plans are now being com¬
pleted contemplating the relocation of the converting and casting divisions
so that the total smelting operation will be more compact.
This will result
in the elimination of the expense of handling materials between the present
reverberatory and converter divisions.
The latest converting and casting
equipment will be installed in the new converter and casting division.—V.150
p.2409.
the property
shaft
Anchor Hocking Glass
Corp.—Common Dividend—
on April 16 declared a dividend of 15 cents per share on the
stock, payable May 1 to holders of record April 25.
This compares
with 25 cents paid on Dec. 28, last, and dividends of 15 cents paid on Oct. 16,
July 15 and April 15, 1939.
Directors
common
Preferred Stock Exchanged—Company on April 16 announced that over 29,000 shares
or are
in the course of being exchanged for $5
suant to the
of the $6.50
corporation have been exchanged
dividend preferred stock pur¬
offer of exchange made to the preferred stockholders on Feb. 26.
dividend convertible preferred stock of the
The Commercial & Financial Chronicle
2564
This represents over 70% of the 40.905 shares of the old preferred
formerly outstanding.
The balance of the S6.50 dividend con¬
1940.
stock
on
actually received in the form of interest or dividends.]
1939
1938
$107,953,584 $102,932,611
Gas
14,583,132
14,180,220
Miscefian^::.:::
13,011,709
12,204,153
include only income
Operating revenues:
Anglo-Canadian Pulp & Paper Mills, Ltd., of Quebec
—Plans Reorganization—
Eiectric
oe
as
follows:
13,804,701
11,981,815
®3^.285,945
Operating income..
Other income (net)_
$34,794,005
The balance of the stock could be issued only on permission of
1,050,000 shares.
of the
of
$718,386
283,518
$9,796,906
4,077,056
91,804
94,596
1,262,404
1,165,434
Prop, retire, res. appro's
98,000
96,000
1,282,000
1,281,599
$211,046
$244,272
$3,175,446
1,091
13,528
$3,164,389
13,758
$245,36.3
146,385
7,765
Cr422
$3,188,974
1,756,552
243,897
Cr3,853
$3,178,147
1,761,697
120,011
Cr7,432
Net income
$47,500
$91,635
Dividends applicable to pref. stocks for the period
$1,192,378
949,265
$1,303,871
949,265
$243,113
$354,606
Net oper. revenues
Other income (net)
1,408
"
Int.
on
int.
1,651
102,109
$3,312,662
839,520
212,283
$4,060,471
3,281,570
Fixed interest, &c., of company
$9,249,670
3,638,248
Direct taxes
.§21,738
1,328,888
4,336,544
$4,899,991
Balance—before interest of company
1940—12 Mob.—1939
$766,365
365,515
Operating revenues
Operating expenses
———
Balance of income, corporation
Expenses and taxes of company
Light Co.—Earnings—
1940—Month—19.39
Period End. Feb. 29—
761,907
$35,55.5.911
25,852,318
—— — —
.
Mirror Newspapers Ltd., and Sunday Pictorial Newspapers,
by the Kotherraere interests, will receive 961,943 shares of the
1,050,000 new shares in exchange for their debenture, preferred
and common stockholdings of Anglo-Canadian Pulp & Paper,—V. 130,
p. 4243.
Daily
Arkansas Power &
Dr392,788
$37,893,157
Fixed int. & other deductions of subsidiaries
26,527.108
Fixed interest, &c., of corp.: 8% bonds, due 1940
510,901
Convertible debentures, due 1973
1,245,508
Income debentures, due 1978
4,465,873
Federal income tax settlement--166,2o0
Other interest
0,438
Amortization of debt discount and expense
71,086
—-------
Gross income—
controlled
total
—
Provisions for retirements
shares of
£99,466.
Federal income tax)
,
rights to unpaid dividends; for the 135,000 shares of common stock now
outstanding, l-In-15, calling for 9,000 new shares.
In addition, 28,845
shares of new stock villi go to Daily Mirror Newspapers, to meet a debt of
holders
$135,548,425 $129,322,984
64,773.544
65,282,501
Total operating revenues
Total operating expenses, -fee.
Prov. for taxes (incl.
1939, for 80,000 shares of 7% cumulative preferred stock, three
new for two of preferred, calling for a total of 120,000 shares, and
1,
— —
——
For £3,061,270 of 5% debentures, 29.143 shares for each £100 debenture,
total of 892.155 shares, allocation covering also interest arrears from
July
-
_
-
capital reorganization of this company, British-owned newsprint pro¬
ducer with a capacity of over 500 tons daily, has been proposed.
The
plan calls for the establishment of a simrle class of security, 1,500.000 shares
of no par capital stock, of which 1,050,000 shares would be allotted for •
existing securities, leaving 450,000 shares unissued.
The basis of exchange
A
wouid
20
Years
[Since this statement is on a consolidated basis it includes the entire
earnings of all subsidiaries regardless of voting trust agreements or other
restrictions, as distinguished from the parent company statements of both
Associated Gas & Electric Co. and Associated Gas & Electric Corp., which
stock of the corporation has been called for redemption
April 30, 1940 at $110 plus one month's dividend.
The Board of Direc¬
tors of the Corporation took action today (April
16) extending the ex¬
change offer until such redemption date.—V. 150, p. 2247.
vertible preferred
a
April
Preliminary Statement of Consolidated Income for Calendar
$3,100,379
3,473,161
4% and 4K% scrip certificates & add'l
sinking fund income debentures
283,792
Balance of income
Weekly Output—
.
281,550
$495,109
on
loss$654,338
V
^
Corp. reports that for the week ended April 12
of the Associated Gas & Electric group was 94,684,003
The Utility Management
Gross income
$212,454
146,373
18,846
CY265
Interest
on mtge. bonds.
Other int. & deductions.
Int. charged to construe.
net electric output
units (kwh.).
This is an increase of 12,716,783 units or 15.5%
duction of 81,967,220 units a year ago.—V. 150, p. 2410.
Atlantic Refining Co.
:
Balance.
-V.
150, p. 2410.
-
Directors
have
declared
a
final
dividend
of
2 41-100 cents
per
(& Subs.)—Earnings—
Quar. End. Mar. 31—
1940
x Net profits
$3,123,000
Earnings per sh. on com.
stock after pref. divs..
$1.12
x
Associated Electrical Industries—Final Dividend—
share,
After interest,
1939
$538,000
1938
$2,048,000
1937
$1,993,000
$0.15
$0.71
$0.69
deprec., depletion, taxes, costs, &c.—V. 150, p. 1589.
Atlantic Coast Line RR.—Annual
payable April 12 to holders of record March 28.—V. 148, p. 2255.
above pro¬
Report—
Statistics for Calendar Years
Associated Gas & Electric
Corp.—Group Seeks Proxies—
William 8. Barstow, John P. Campbell and O. C. Swenson on Aplil 17
applied in Federal Court for authority to solicit holders of the convertible
debentures, due in 1937, for proxies to represent them as a protective com¬
mittee in the Associated reorganization proceedings.
No date for a hear¬
ing on the application has been set.
The Barstow committee represents 32 holders of $3,164,500 face amount
of the total of $25,660,250 in debentures outstanding.
The petition sought
an order directing the trustees of the corporation to
provide for the mailing
of the committee's circular letter, proxy statement and proxy to each of
some 16,000 debenture holders.—Y. 150, p. 2079.
1939
Commodities Carried—
Agricultural
1,835,916
Mines..Forests
—
-
Operating properties of the system will spend between $24,000,000 and
$30,000,000 for new construction in 1940. This would compare with $17,884,757 in 1939 and with $14,803,128 in 1938.
These figures were presented to Federal District Judge Vincent L. Leibell
April 15 by Walter H. Pollak, trustee for Associated Gas & Electric Co.,
and Denis J. Driscoll and Willard L. Thorp, trustees for Associated Gas &
Electric Corp. in their first report to the court. The trustees were appointed
March
1.
The court
was informed that the trustees plan to submit
reports monthly
the developments within the Associated Gas System.
A preliminary consolidated earnings statement for Associated Gas Sc
on
Electric Co., prepared by the old management, not yet supplanted, was
as part or yesterday's report,
showing a balance of income
for 1939 of $495,109, after all interest charges, exclusive of interest on that
Total
a net
loss of $654,338
The trustees pointed out that the report was prepared by the old manage¬
ment and added:
"Neither the trustees of the company nor the trustees
of the corporation have yet had an opportunity to check this
report, or the
comments thereon.
The trustees therefore, assume no responsibility either
for the report or for the comments thereon."
164,217
5,178,843
3.226,091
4,388,316
542,238
1,569,625
149,208
5,295,537
2,492,081
3,725,926
508,870
13,540,570
15,291,395
13,741,247
1939
Operating Revenues—
1938
1937
1936
$35,566,926 $32,410,476 $34,890,819 $31,638,449
6,505,631
6,916,346
7,789,061
6,762,960
Mail.
1,365,286
1,358,323
1,672,585
1,657,553
Express
1,495,098
1,448,737
1,478,976
1,541,613
Other transportation.-655,929
666,378
705,116
595,495
Incidental & joint facil—
1,510,417
1,363,765
1,435,622
1,397,142
Freight
Passenger
$47,099,287 $44,164,025 $47,972,180 $43,593,212
Railway oper. rev
Overatino Exvctis
Maint. of way & strucMaint. of equipment—.
4,955,142
9,104,247
1.877,739
Transportation
18,671,862
Miscell. operations
573,492
General
1,652,102
Transp. for invest.—Cr.
162,805
Traffic
—
This earnings statement does not Include the $800,000 as Associated's
proportion of Jersey Central Power & Light Co. net income.
Associated
90% of that concern's common stock. Associated's proportion in 1938
totaled $601,000.
The preliminary report also included non-recurring
1,791,690
164,310
4,623,748
2,761,577
3,760,828
457,983
Income Account for Calendar Years
also submitted
company's convertible obligations. This compares with
tonnage
1,772.124
164,592
5,657,818
3,271,421
4,120,322
467,746
15,517,815
-
Animals..--
All L. C. L. freight
Report—
1936
Average miles operated5,105
5,106
5,103
5,126
Pass, carried, revenue1,686,559
1,522,950
2,057,812
2,320,923
Pass, carried one mile.-349,435,219 321,096,801 404,699,640 364,529,832
Freight car'd (tons), rev. 15,517,815
13,540,570
15,291,395
13,741,247
Tons carried one mile... 2634007295 2299839675 2626533140 2225374595
Manufactures & miscell-
Associated Gas & Electric Co.—Trustees
1937
1938
.
5,307,320
8,365,879
1,801,894
17.962,980
I
542,550
1,644,409
133,244
4,941,670
9,367,323
1,755,5.54
18,631,096
564,586
1,738,032
165,460
4,647,281
8,490.686
1,589,857
17,040,412
462,712
1,646,720
105,879
Operating expenses-.$36,671.780 $35,491,788 $36,832,801 $33,771,789
owns
expenses
of $1,402,898
incurred in 1939 in installing continuing property records, and
$1,003,533
spent for this purpose In 1938.
The trustees told Judge Leibell that several problems
involving integra¬
tion and corporate simplification of the Associated
System had been brought
Net from railway oper..$10,427,507
Tax accruals
4,390,000
$8,672,237 $11,139,379
$9,821,423
4,625,000
4,825,000^-^,465,000
Railway oper. income.
Equipment rent income.
$6,037,507
707,342
485,726
$4,047,237
654,771
$7,230,575
3,042,305
406,397
appointment, but that they had taken steps to
any action on these matters until they became better informed
about them.
In regard to steps taken toward the integration of the Associated
System,
the trustees reported that there are seven situations where
.
.
options have been
gven for an approximate aggregate sale price of $13,250,000. These options
volving sale of properties, all entered into prior to the receivership and
did not include $1,560,000 received from sale of Sioux Falls Gas
Co., which
money will be used either to retire Associated Electric Co. debentures or for
additions to capacity of power plants of the
Pennsylvania Electric Co.
with the integration require¬
Utility Act of 1935, Dr. Thorp said that the trustees did
In reference to the problem of
complying
ments of the Public
not now know what
steps would be taken to conform with the requirements.
However, the trustees have instructed operating company executives of
the system that they do not intend at
present to entertain proposals for
disposition of various properties of the system as they have not
yet completed
Total income
their studies.
They also cautioned security holders that they should discount rumors
disposal of the entire system's oper¬
that the trustees have drawn
plans for
ating properties.
With regard to proposals which have been
mentioned from time to time
long-term financing
the Associated System, the trustees said
that the Utility Management
Corp., mutual service company for the
system, had developed various projects for
refunding, and that suggestions
—
Equipment rent payable
Joint facil. rent payable.
Net ry. oper. income.
Dividend income
Other income.
Total income
Misc. deduc's from inc..
Rent for leased roads...
Interest
Net
charges
income—
Income
applic. to
ing, &c., funds
554,334
384,392
$5,168,824
2,365,912
412,162
$7>16,9S2
2,09T>429
$6,295,150
1,515,875
386,7^9
363,521
$3,781,872
3,573,528
777,695
$2,390,750
2,743,938
505,638
$4,938,774\ $4,415,754
4,004,078
842,884
\ 4,214,357
\ 618,072
$8,133,095
959,983
83,303
6,285,735
$5,640,326
1,048,240
83,265
6,367,272
$9,785,736
874,558
88,293
6,368,744
$9,248,183
to
to
consummate
any
reviewed by the trustees."
The immediate concern
conserve the assets of the
securities therefore
'
J
of the trustees, the
report emphasized, is to
system, and negotiations for sale of properties or of
are not
position in opposition
to be encouraged. The
trustees, in stating their
to consideration of such steps at the
present, pointed
°.ut ™afc they are not committed in
simplification previously
any way to any plan of integration and
submitted to the SEC.
While it has been assumed until
that the
SEC would undertake to
formulate a reorganization plan for Associated Gas
before any other plan
receives Court consideration, the trustees'
report seems to indicate that such
will not be the case, nor is any definite
plan contemplated by the trustees
for liquidation of the system.
now
Instead, according to the report, the trustees will invite securities holders
to submit suggestions for reorganizing these concerns after
the trustees have
reported on the earning power and assets of the system.
Following that
the trustees would prepare a plan, and submit it to the
SEC for consider¬
ation, and, if approved
court.
by the SEC, the plan would be submitted
to the
33,617
$773,480df$l,889,645
78,277,843
80,473,941
bl,460,337
45,093
profit & loss
Credit balance Jan. 1...
Preferred
taken
$1,915,155
29,869
$2,424,272
78,5.54,030
al,420,453
$1,881,538
78,479,873
109,659
Income balance transf.
have also been received from other sources.
"Some of the projects are
already before Federal and State
bodies,
the trustees explained, but, they
Is
$2,454,141
31,195
30,594
Miscellaneous credits
action
843N18
86,373
6,403,530
sink¬
~r
regulatory
continued, "before any final
of these plans, they will be carefully
$5,356,42fr—
^058,848
to their attention since their
withhold
$6,314479
f466;8i§<^443,754
$804,074df$l,858,450
Joint facil. rent income.
Total surplus
$80,511,660 $78,629,389 $82,398,756 $80,471,070
Deduct—
-
dividends... (2M%)4,918
Common dividends.
—
(5%)9,835
(5%)9,835
1,235,140
(1^%)
(5%)9,835
.
823,427
(1%)
645,184
481,507
Debt disct. extinguished
114,318
through surplus
Surplus appropriated for
physical property
Loss
on
253,272
129,632
rail returned &
sold.
19,776
—
Debits from retired road
^
and
51,464
equipment
Miscellaneous
38,028
debits^
Bal. credit Dec. 31—-$80,144,205
a
51,272
46,489
^
^
31,722
292,517
2,933
309,754
$78,277,843 $80,473,941 $78,554,030
Includes $750,000 settlement of claims against other carriers account
on traffic in prior years; $618,781 excise tax
by subsequent
miscellaneous credits.
b Includes adjustment of over-accruals of taxes in prior years of $1,199,776, profit on sale of U. 8. Treasury 3H% bonds, $191,719, and miscel¬
laneous credits of $68,843.
division of citrus fruit rates
for
1936 under Railroad
legislation,
and $51,673
Retirement Act of 1935, canceled
Volume
The Commercial & Financial Chronicle
150
General Balance Sheet Dec.
1939
1938
$
j
Assets—
Road A
Impts.
Common
on leased
P. RR. stock.
505,106
lien
of mtge. prop.
sold
2,910
Misc. phys. prop
1,963,874
1,985,274
1,000,000
196,700
93,612,000
196,700
4,836,989
789,365
4,639,000
94,926,000
35,000,000
35,000,000
12,000,000
12,000,000
Prem.on cap.stk.
Govt,
4,836,989
971,362
4,040,000
grants
Equip, tr. obllg.
Inv.lnaffil.cos.:
Stock
1,000,000
Preferred stock.
Mtge.
bonds
;
63,434,015
63,426,315
Coll. trust bonds
Bonds..
Notes...
4,047,922
4,047,922
1,546,195
10-yr. coll. trust
Advances....
9,029,311
9,210,494
Miscellaneous
135,100
4,579,930
Other investm'ts
Cash
201,417
2,237,043
Traffic, &c., bal.
915,795
7,522,165
9,051,570
Accts. & wages.
Misc. accts. pay.
4,351,658
1,891,292
763,550
3,475,397
1,762,130
747,662
729,735
10,000
Interest matured
205,654
202,442
10,113
1,535,708
1,451,348
...
,
1,554^695
notes
Cash
for dlvs..
Interest, Ac..
Loans A bills rec.
Traffic, Ac., bal.
Balance
78,359
1,165,869
Def'd liabilltles.
1.620,838
578,683
4,199,505
57,939
8,902
353,703
1,389,877
Mat'ls & suppl's
Int. & dlvs. rec.
3,844,602
41,275
curr.
as,sets
Tax
1,714,638
1.0S3.943
3,038,408
1,079,892
32,013
Ins. A other bds.
Other def. assets
31,877,430
298,535
33,740,131
276,319
1,099,834
6,143,968
80.144,202
5,890,696
78,277,843
Oth.
557,503
curr.
liability.—
cas'ty res.
Ins. &
Accrued
30,203
1,095,473
170,513
228,772
398,609
debits..
23,500
1,201,898
307,535
9,732
Work. fd. ad vs.
Unadj.
liabil.
10,433
8,500
1,256,046
63,404
Divs. matured..
Fund. dt. mat'd
Unmat. int., Ac.
from
agents, Ac...
Misc. accts. rec.
Oth.
__
deprec.
equipment
Oth. unadj. cred.
Total ..—...364,696,678 369,734,558
the expiration of subscription warrants by
as provided in the plan of reorganization of United
Corp.
Rights to subscribe will be evidenced by
transferable warrants which will become void on May 24.
According to the registration statement the shares not subscribed for by
the company's stockholders will be purchased by underwriters.
No commit¬
ment has been made by the underwriters to purchase the shares to be offered
to holders of the common stock of United Aircraft & Transport
Corp. it is
Aircraft
Total
change at the time of the sale.
The names of the underwriters are to be
furnished by amendment to the registration statement.
The net proceeds from the sale of the stock will be paid or advanced to
Boeing Aircraft Co., a subsidiary, to the extent necessary for repayment of
a note which on
April 10, 1940 amounted to $4,970,000.
The balance of
the proceeds, if any, will be used for working capital and for additions to
the plant and equipment of the company and of the subsidiary company.
The price at which the securities are to be offered is to be furnished by
amendment to the registration statement.—V. 150, p. 2413.
Stores, Inc.—Earnings—
Calendar Years—
1939
$24,588,574 :$19,551,929 $20,153,436 $17,591,714
13,482,396
11,011,136
11,856,982
9,461,653
.$11,106,178
stock.—V. 150, p. 2248.
common
/
-ft?
.
in part, in
t;
or
n
Locomotive Works—To Pay Matured
delphia, and stated that such additional funds
the company for this payment have been arranged for
—V. 150, p. 2248.
Barker Bros.
x
v
Earns per share
—
5,265,890
85,053
38,719
$2,722,289
$1,612,823
408,888
$1,741,944
288,783
$2,740,399
288,419
$3,226,552
$2,021,711
$2,030,727
583.666
370,000
319,198
$3,028,818
24,829
478,000
Other deductions
.
through
a
bank credit.
—
1940
After depreciation,
Net
income
Nil
^
Federal income taxes, &c.
y
$0.72
x
y
Earnings
Acquired—
$1,591,341
$1,230,929
$743,714
$1,502,164
$2.35
$2.26
$3.12
Consolidated income account of Bond Clothing Co.
a
$608,540
share
estimated
and
stock
$523,556
$1.20
'
$1.39
Federal
(par $20).—V. 150,
share
$
795,904
b Accts. receivable
3,761,48?
taxes,
v
1938
$1,559,363
2,314,989
$1,613,910
2,314,989
$0.61
$0.63
charges
1937
and
$1,670,977
2,314,989
$0.64
for minority
Birdsboro Steel Foundry & Machine Co.—Earnings—
1940
-
6,571,114
4,827,993
1939
$17,426
$2,578
taxes.
Shipments for the quarter totaled $832,454. against $699,581 for the first
quarter of 1939.—V. 150, p. 1927.
15,508
618,993
549,601'
217,872
taxes & expenses
91,816
Res, for Fed. taxes
6,433,612
144,372
701,498
6,433,612
Earned surplus
3,581,186
1,954,845
Com. stk. (par $1)
a Due from empl's
Deps., ad vs. notes
17,490
9,803
19,562
& claims recelv.
25,320
701,497
22,364
and bldgs.,
macy'y, Ac
2,431,515
440,369
375,725
Capital surplus
Mtge. payable
pi's
2,298,842
less reserve
8,348
Land
d Alt. A
impts. to
494,522
387,551
3,031
Deferred charges —
367,542
3,454
313,200
leased prop
Leasehlds-.less
1938
loss$40,404
After all charges including depreciation but before Federal and State
698,116
180,660
12,014
Customers' depos.
7,500
em
715,850
Acer, sal., mlscell.
105,671
from
180,000
312,070
departments
ins.
for amortization
provision
interests and Federal income tax.—V. 150, p. 1592.
3 Months Ended March 31—
Net profit
64,253
policies
437,524
Corp. (& Subs.)—Earnings
A exp. creditors)
Investments
Due
On
1590.
1939
amortization,
$558,568
$1.28
$1.20
life
$
1,500,000
Accts. pay. (leased
value
surr.
1938
$
Notes payable
Accts. pay. (mdse.
657,821
2,475,237
6,066
—
officers
1939
Liabilities—
S
sales tax stamps,
Ac
.
*
1938
*
Mlscell. accts. rec.,
19371
$522,871
income
p.
$0.66
interest,
1938
(predecessor) and
Balance Sheet Dec. 31
Cash
1939
Beneficial Industrial Loan
all
$2,227,862
725,698
subsidiaries.
Cash
Co.—Earnings—
1940
3 Mas. End. Mar. HI—
1940
x Consol. net
earnings— $1,630,698
Shs. com. stk. outst
2,314.989
After
$1,585,224
841,509
shares capital stock
Mdse. Inventories.
Beech-Nut Packing
per
$1,651,711
420,782
1939
3 Mos. End. Mar. 31—
Net profit
charges
1,052,211
.
On common'stock,
Company reported to the New York Stock Exchange that 4,800 shares of
common stock were acquired for the account of an
employees stock purchase
plan from March 4 to March 31, inclusive, during which the plan was
effective.—V, 150, p. 1754.
common
$2,230,989
3,127
*
Balance, surplus
on 701,497
Nil
Barnsdall Oil Co.—Shares
After
$1,585,224
$3.77
after
duction of min.
Dividends paid
Assets—
per
$1,651,711
Minority interest.
1937^
$173,694
1939
Nil
295,000
$2,643,552
Earns. per sh.
19381
$41,368^ loss$3,522 loss$101.522
.—
,,
126,305
$2,643,552
.
will be required by
as
undistrib, profits„
—•V. 150, p. 1590.
x
51,068
Prov. for Fed. inc. tax..
Provision for Fed. surtax
z
Bonds—
Corp.—Earnings—
3 Mos. End. Mar. 31—
Net profit.
x
97,276
504,263
.
.
Company announced that its first mortgage 5% 30-year sinking fund gold
will be paid at maturity, May 1, 1940, at the office of the trustee, the
Pennsylvania Co. for Insurance on Lives and Granting Annuities, Phila¬
Earnings
148,204
67,603
_.
Net income from oper
Other income
on
Baldwin
x
$8,130,061
6,406,166
Depreciation
Amortization
1271. i
shares
$8,296,454
6,712,163
.
Atlas Plywood Corp .—To Pay 37 %-Cent Dividend—
x
$8,540,793
8,168,845
146,429
68,615
expenses
The corporation also seeks reimbursement of expenses totaling
R-K-O
Directors have declared a dividend of 37 Yi cents per share on the common
stock, payable May 1 to holders of record April 19.
Dividends of 25 cents
were paid on Feb. 1 last, on Aug. 1, 1938, and on Feb. 15, 1938.—V. 150,
p.
al936
Stores & gen'l & admin.
$875,037 and states it is willing to be reimbursed, in whole
vr;
1937
1938
Stores, owned depts. at
stores & factory retail
364,696,678 369,734,558
corporation, in a petition filed in Federal Court, has asked'for
100,000 new common shares of stock of Radio-Keith-Orpheum Corp. as a
"reasonable allowance" for its services in the R-K-O reorganization pro¬
x
before
and
Transport
2079.
p.
ceedings.
date
&
stated.
The underwriters have represented to the company that they may sell all
or any part of the unsubscribed stock from time to time on the New York
Stock Exchange or at private sale at such prices as may be obtainable but
not in excess of the market price prevailing on the New York Stock Ex¬
The
new
record
exchanging their shares
Bond
Atlas Corp.—Seeks New R-K-0 Common—
v.
the
Add's to prop,
Profit & loss..
150,
April 17 filed with the Securities and Exchange Commission
on
Corp. surplus:
through Inc.
& surplus
-V.
Company
registration statement (No. 2-4388, Form A-2) under the Securities Act of
1933 covering 360.979 shares ($5 par) capital stock.
The stock will be offered to the company's stockholders of record May 10,
and to holders of the common stock of United Aircraft & Transport
Corp.,
the precedcessor company, who become stockholders of the
company after
a
81,342,700
Class A Rich, A
507,999
In
S
$
81,342,700
stock.
2565
Boeing Airplane Co .—Registers with SEC—
1938
1939
Liabilities—
equip..266,421,850 268,268,845
property
Depos.
31
Total
res.
.14,646,190 11,121,210
—
14,646,190 11,121,210
Total
the corporation which stock Is
b After reserve for doubtful
accounts of $398,148 In 1939 and $296,914 in 1938.
c After reserve for
depreciation of $503,974 in 1939 and $788,016 in 1938.
d $275,625 in 1939
and $242,183 in 1938 reserve for amortization.—V. 150, p. 2412.
a
held
For purchase of 925 shares of stock of
as
collateral for the unpaid balance,
*
(Sidney) Blumenthal & Co., Inc. (& Subs.)- -Earnings
3 Mo.t. End. Mar. 31—
Profit from operations-_
Depreciation
Net
loss
1940
1939
$42,904
50.520
reserve..,
$7,617
...
1938
$26,223 loss$174,888
65,871
110,807
$39,648
100,045
$285,695
$126,004
—Y. 150, P. 1592.
Bohn Aluminum & Brass Co.
Calendar Years—
Gross profit from sales._
Other income
and
1939
1937
1936
$1,675,441
$721,952
$2,885,473
Selling & general
Depreciation
106,204
120,836
151,807
$1,767,033
810.984
$828,156
570,371
$3,006,309
835,702
See note
See note
See note
29,381
exps
44,479
17,092
39,954
17,191
304,000
36,000
258,000
10,000
Other deductions
Amortization of patents.
Prov. for Fed. inc. taxes
Federal surtax
Net profit
Dividends paid
15,740
152,000
13,500
$2,850,734
750,884
208,710
Com. shs. outst.(par $5)
$182,714
176,209
$1,773,462
1,409,672
$1,579,901
1,057,254
$6,505
352,418
$363,790
$522,647
352,418
$5.03
352,418
352.418
$2 15
$0.57
Note— Provision of $252,898 in 1939, $221,971 in
1937 for depreciation of property, plant and
$4.48
1938 and $222,553 In
equipmentlbas been de¬
ducted in the above statement.
Comparative Balance Sheet Dec. 31
1939
5
Assets—
1938
$
Land, buildings,
mach'y & equip. 3,413,664
Cash
1,944,648
z Accts.& notes rec
1,484,317
Inventories
2,924,008
—
suit.
Liabilities—
policy
Capital stock.
$
1938
S
1,762,090
Accounts payable.
954,984
licenses,
goodwill, &c
x
x
1940—Month—1039
$6,317
$1,428
152,000
18,011
85,283
77,888
3,796,594
Reserve for contin¬
provision for income taxes.—V. 150, p. 1928.
(E. J.) Brach & Sons—To Vote on Stock Increase—
■At their annual meeting May 1, stockholders will
an
gencies
46,835
98,750
93,500
Capital surplus
1,868,814
44,384
1,868,814
158.299
Earned surplus
5,322,750
4,916,240
8,982
178,028
139,322
pre-emptive rights in regard to 25.000 shares.
They
asked to authorize the sale of not more than 25,000 shares to
and ti> waive their
will
also
oe
employees and officers.—V. 149, p. 4020.
Botany Worsted Mills—Earnings—
Calendar Years—
Net sales
Cost of goods sold
Extraordinary charges
Packing & ship. & transport, exps
Selling & sample expenses
Commissions paid to factor
Administrative & general expenses
Profit from operations
Other income
10,192.756
9,225.039
Profit before other
charges, &c
Other charges
Social security taxes
Provision for extraordinary losses
Refund of Federal income tax
Total
value,
10.192.756
y
After depreciation,
allowance for doubtfr* accounts of $13,000.—Y.
1939
1938'
1937
$15,906,712 $11,151,066 $13,517,599
12,359,014
8,987,412
11,505,535
25,796
306,141
749,295
294,124
261,964
227,476
1,143,115
110,061
321,534
872,205
95,862
225,141
912,419
119,702
194,987
$1,653,066
$402,338
40,661
x$191,816
70,303
$443,001
370,819
179,116
229,150
x$121,513
342,170
138,082
226,150
427,001
x$336,085
x$l,254,917
61,922
Depreciation
19,722
par
be asked to approve
increase in the authorized common stock to 300,000 shares from 200,000
|p» f-M
140,358
Represented by shares of $5
1940—3 Mos —1939
$6,274
prof$4,171
After ordinary taxes, rentals and interest, but before amortization and
Federal income taxes
Total
Corp.—Reorganization—See
150, p. 1130.
537,611
Federal tax
Accrued accounts.
Patents,
Deferred items
Loss
....
1,762,090
3,173,594
606,003
1,238,006
val. life
insurance
Other assets
1939
x
y
final dividend of
Bowman-Biltmore Hotels Corp.—Earnings—
Period End. Mar. 31—
x
17,138
$406,510
Earned per share
RR.
a
26.101
$758,928
352,418
Surplus
& Providence
and
New York New Haven & Hartford RR.—V.
$2,698,927
91,592
Gross profit & income.
Cash
was
last; 30 cents on Sept. 1, June 1 and March 1, 1939
40 cents paid on Dec. 20, 1938.—V. 150, p. 1754,
(incl. int.
royalties)
stock, payable June 1 to holders of record May 15.
Like amount
paid on March 1, last, aid compares with 50 cents paid on Dec. 20
common
Boston
-Earnings-
1938
Borden Co.;—Interim Dividend—
Directors have declared an interim dividend of 30 cents per share on the
1937
loss$25,959
150, p. 2081.
$1,714,989
468,154
235,738
256,602
Cr268",205
148,192
9,225.039
z
Less
Net profit
x
for
year,
Indicates loss.
$874,508
The Commercial & Financial Chronicle
2566
the first
Comparative Balance Sheet Dec. 31
1939
Cash
Cash
8
820.389
Account
security
111,232
73,752
4,939,109
Inventories
3,596,770
85,016
Investm'ts at costInvest,
In
int.—
148,192
Cash
in
taxes
Property
Adv.
wool
on
3,872.226
6,409
stock,
11,102
1,762,630
16,073
b Class A stock...
1,134,435
5,903
1,762.630
1,176,345
48,459
c
payable—
Long-term
Res.
-
-
Deferred charges--
45,140
for losses
50,000
Operating deficit—
17,872,762
9,855,384
716,495
Broad Street Investing Co.,
1938
$48,930
9,601
1937
$48,164
$82,413
15,042
Total income
$69,909
15,623
$58,532
16,330
Deductions
*
*
Before
dividend
on
profit and (or) loss on sale of securities,
capital stock amounting to $22,234.
$29,316
x55,584
x
Includes
revenues
150,
p.
1940
1939
Ilivest.
at cost—a$7,012,730
Cash in banks.
745,528
—
-—
Earnings for the Week Ended April 14
1940
1939
'
Special deposits for
dividends
$62,131
$58,071
11,971
4,230
16,504
18,587
19.891
Reserve
58,071
62,131
26,098
receivable.-
—V. 150, p.
payable
stock'
re pur.
17,195
tor
expenses,
b
-
-
1,511,530
6,449,899
Investments,
based
on
amounted to $6,630,163, or
p.
$49,443
1938
$35,186
4,170
5,374
7,992
$64,942
8,823
$55,575
20,595
$54,817
21,681
$43,179
$73,76.5
21,639
28,166
$34,980
32,550
Total income
Deductions
a
quotations as at March 30, 1940,
$382,568 less than cost,
b Par $5.—V. 150,
*
market
*
Brooklyn-Manhattan Transit Corp.Listed on Stock Exchange—
Net income
dividends
Preferred
1756.
$33,136
32,550
$21,540
32,550
$45,599
32,550
Balance Sheet March 31
■Unification Bonds
$347,615
19,104
18,958
b Class A stock
(at cost) __e4,702,840
4,894,157
d Class B stock
Exchange, the city broke an 18-year
Special deposits for
Invest,
holders.
Brooklyn Union Gas Co.—President & Chairman Chosen
At the recent organization meeting of directors
Clifford E. Paige, was
Other
reelected President and also given the Chairmanship of the Board.
officers were reappointed also.—V. 150, p. 1593.
Brown &
p.
Sharpe Mfg. Co.—New Director—
was
1939
$16,647,312
Years Ended Dec. 31—
Cost of sales (incl.freight & lighterage)
13,650,199
3,393,597
12,116,158
3,323,338
13,894,010
3,572,990
$396,484
37,842
$737,016
24,281
$434,303
31,068
$358,642
139,735
$712,734
145,507
$403,236
197,085
$498,377
Operating expenses
$858,242
—
Interest, &c., deductions
Net loss for period
-
_
Note—Provision for depreciation for
1939 included b
expenses
above amounted to $202,020.
1939
Cash
$705,727
and
accts.
2,195,322
903,186
-
Investments
274,968
Miscell. investm'ts
a
Fixed assets—
»
10,306
2,004,232
—
credit al-
9,600
lowance
Deposit
in
closed
banks
_
_
1939
1938
$508,130 Accounts payable.$1,621,260
Notes pay. to bank
2,306,148 Accrued damage
1,220,155
claims, taxes,
263,653
Interest, &c
331,565
4,805 Provision for prior
2,060,272
years' State tax.
275,299
Mtges. payable
124,932
23,250 b Truck purchase
obligations—
75,225
Funded
18,290
Deferred charges
Goodwill
Liabilities—
71,336
2,450,000
2,500,000
and
342,810
ligations
c
Common stock..
6% pref. stock
Capital surplus.-Deficit
Total
a
—
$8,642,968 $8,942,083
Total...-.
loss
of
$51,576
43,939
$90,210
51,231
$15,342
$7,637
$38,978
450,661
461,697
prof59,645
inI--.'
(computed
basis of avg. cost).
vestments
on
Net oper. loss for the
$454,060 prof$98,623
$1,073
$435,319
14,453,104
14,453,104
14,453,104
301
780
period
Capital surplus, balance
14,453,104
Excess provision for prior
years' taxes
Oper.
deficit,
balance,
9,631,369
9,182,653
8,058,246
8,092,073
$4,820,662
15,062
$4,835,434
$5,941,579
15,062
30,106
$6,459,6.54
30,106
$4,805,600
Total surplus
Dividends declared
Assets—
Invest,
$4,820,371
$5,911,473
$6,429,548
1940
81,175
685,274
46,803
46,803
250,000
250,000
781,069
2,576,711
914,805
2,086,766
$8,642,968 $8,942,083
(H. M.) Byllesby & Co.—SEC Grants New Extension—
California Packing Co.—Common Dividend—
on April
11 declared a dividend of 25 cents per share on the
stock, payable May 15 to holders of record April 30.
This will be
sec.
620,750
676,927
212,618
Accts.
not yet delivered
x
on
Prepaid expenses
Total
$14,971
47,872
91,450
accrued expenses
7,748
6,157
due Nov.
debs.,
1,1950 2,000,000
2,000,000
Common
stock.
602,120
4,805,600
602,120
4,820,371
15-year 5%
14,681
14,971
_
bonds
1939
$14,980
payable and
stk.A other tax.
paying agent
Dividends receiv.
payable
1940
Prov. for Fed.cap.
sold,
Cash dep. with div
a26,096
See
a
115,828
y
12,198
10,960
Surplus
127,234
.$7,478,320 $7,535,069
Total--
$7,478,320 $7,535,069
of March 31, 1940, of securities owned
y Represented
by shares of $1 par value, z Deferred charges including $113,771 ($124,521
in 1939) unamortized debenture discount and expense,
a Includes accrued
x
The Securities and Exchange Commission has granted company and the
Byllesby Corp. an additional two-week extension of the time within which
the two companies must adjust their business to comply with the Public
Utility Act of 1935.
This is the second extension granted by the SEC
which said that it is "satisfied that the applicants are making a
diligent
effort to adjust their business to the situation."
The SEC held that the
two companies were affiliates of Standard Power & Light System under the
Public Utility Holding Company Act.—V. 150, p. 2249.
278,809
Gash in bank
Rec. for
Dividends
$6,422,155 $6,480,162
Bonds
88,092
743,733
LiabUUies—
1939
at cost—
Stocks.
was
sales
on
13,209
$58,333
42,991
17,578
Net income
Net
$77,001
$16,504
Total expenses
6,881,700
3369.
Director
1937
Comparative Balance Sheet March 31
After depreciation and amortization of $954,835 in 1939 and $369,594
b Current,
c Represented by 46,803 shares (no par).—V. 148,
common
Corp.—Earnings—
$59,736
43,232
Total income
79,139
1938.
p.
...35,398,364 $5,296,309
Total
1937.—V. 149, p. 4168.
27.
Accr. int.
m
—
[Formerly International Carriers, Ltd 1
1940
1939
1938
Cash dividends
$55,723
$48,496
$45,685
Interest on bonds
4,014
9,836
5,891
Truck purchase ob¬
Reserves
15,609
3,049,982
expenses,
Mos. End. Mar. 31-
3
x
6,881,700
9,258
3.171,624
for
150, p. 683.
143,611
125,785
long-
term debt
55,668
$877,748
600,000
35,579
1,600,000
15 335
Carborundum Co.—Pays SI .25 Dividend—
Company paid a dividend of $1.25 per share on the common stock on
March 30 to holderf of record March 25.
This compares with $2.75 paid
on Dec. 23 last; $1 paid on Sept. 30 last; 75 cents paid on June 30, 1939;
50 cents paid on March 31, 1939; $1.10 paid on Dec. 24, 1938; 65 cents on
Sept. 30, 1938; 25 cents on Mqrch 31, 1938, and a dividend of $1.25 on
Dec. 31.
-
receivable (net).
Inventories
Vendors'
1938
1,600,000
2,116
$5,398,364 $5,296,309
profits tax.—V.
Consolidated Balance Sheet Dec. 31
Assets—
143,405
2,400
value, b Shares of $1 par value, d Par lc. e Invest¬
ments, based on market quotations as at March 30, 1940, amounted to
$4,845,813 (or $142,972 in excess of cost) after deducting provisions of
$60,000 for Federal income tax on the unrealized appreciation of invest¬
ments, based upon the cost of such investments for tax purposes.
No
deduction has been made for liability, if any, with respect to Federal excess
$600,320
Net loss from operations
Other income
Net loss.
1938
1937
$14,702,480 $17,032,696
1939
$434,000
Shares of $10 par
a
Carriers & General
Net sales
2,400
-
taxes, &c
Dec.
(& Subs.)—Earnings—
—
Securities
Surplus
recently elected a director of this company.—V. 150,
Burns Bros. New York
143,405
Bank loans, secur.
Res.
1594.
Notes
35,579
35,563
Total
$434,000
35,563
Di e 'or
on or
Issuance of the 40-year 3% transit bonds constitutes the city's largest
single financial transaction.
Their ultimate listing on the Stock Exchange
makes this market place available to the 54,000 holders of traction securities
which are participating in the unification and which are listed on the Ex¬
change.—V. 150, p. 2413.
a
Dividends payable
dividends
;)lans call for the issuance of approximately $175,000,000 or about July and
nterim certificates
about June 1 and the balance on of the bonds 1."
The initial amount would take care of B.-M. T. securityholders, the re¬
maining amount being reserved for the I. R. T.-Manhattan Ry. security¬
Preferred stock-
$640,857
Cash
precedent of not listing its bonds on the Stock Exchange.
In a letter of application for listing of these obligations—in an amount
not to exceed $315,000,000—Comptroller Joseph D. McGoldrick indicated
that he expected consummation of the I. R. T.-Manhattan Ry. unification
plan around July 1.
In his letter Mr. McGoldrick said: "Our present
1940
Liabilities—
1939
1940
Assets—
Divs. & int. receiv.
Frank H. Swan
1939
loss on sale of securities.
Before profit and (or)
New York City's transit unification bonds were traded on the New York
Stock Exchange on a when-issued basis beginning April 18.
In agreeing
to list its new transit securities on the
1937
1940
$51,405
3 Mos. End. Mar. 31—
Cash divs. on stocks-.
Interest received
$7,854,706 $7,969,691
Total
$7,854,706 $7,969,591
Total-.--
In a ease
$217,000
$2,499,000
$2,716,000
1,426,225
6,246,257
Common stock.
Surplus
—
-
2414.
Capital Administration Co., Ltd.—Earnings—
taxes,
&c
$581,786
2414.
Traffic earnings.
Due for cap.
369,476
8.219
Increase
1939
$3,515,534
$4,097,320
Canadian Pacific Ry.—Earnings—
special
for retir..
Due for sec. purch.
Dividends
$7,524,849
.
Rec. for sec. sold—
$0.10
April 14
1940
—V.
$116,812
$0.08
National Ry.—Earnings—
n
1939
1940
Liabilities—
$87,963
A & B
Earnings of the System for the Week Ended
•
Assets—
Feb. 29 *40 Feb. 28, '39
deprec., income taxes, <fec.
share on combined shares class
shares capital stock
—
—
—V.
150, p.
430.
per
Balance Sheet March 31
•
Divs.
;
6 Months Ended—
Gross
(& Subs.)—
Alcohol Co., Ltd.
Industrial
Earnings—
Canadi?
$42,202
42,382
$54,286
56,967
1939.—Y. 148,
2574.
p.
$48,164
18,846
$67,371
60,372
Operating income.Divs. on capital stock--
Div.—
of 75 cents per share on the
30. Last pre¬
stock, payable May 15 to holders of.record April
vious dividend was a 50 cent distribution made on May 15,
Earnings
1939
$69,440
468
Interest
Fairbanks Morse Co., Ltd.—75-Cent
Canadian
Directors have declared an interim dividend
Net profit after interest,
Inc.—Earnings—
managing director of this
A. Sidney Bruneau has been
Dawson.
common
b Shares of $5 par value,
1940
$82,413
3 Mos. End. Mar. 31—
Cash divs. on stocks
Ltd.—New President, &c.—
Dawson.
W. V. Boyd, formerly assis¬
tant general manager, is now general manager and E. C. Fox has been
named Chairman of the Board, which is a new office.—-V. 150, p. 1423.
Canadian
Shares of $1 par
c
424,698
Tolmie has been elected President and
G.
1,591,003
17,872,762 16,833,472
Total
16,833,472
Represented by shares of $10 par value,
value.—V. 149, p. 1017.
a
50,000
9,866,044
Class B stock-..
Capital surplus
Total
R.
company to succeed the late A. O.
elected a director to succeed Mr.
on
account receiv..
Preferred
a
fu¬
tures
1,687
Deferred credit—
5,362
15,073
11,847,926 11,969,751
Ac
names,
947.448
491,412
Canadian Cottons,
87,572
107,595
3,687,227
Notes
2,073
_
_
$2,550,499
Net income
security
payable-
176,336
of
States
-
—V. 150. p. 2249.
280450
Trade marks, trade
1939
I?i°L00
M
$2,715,588
1.044,176
revenues
State
Accrued liabilities-
31,250
—
Bank
United
and
Due employees—
Sons,
Inc.—
accr.
social
8,088
&
167,683
107,100
lncl.
Gross
Operating income--
Fed.inc. taxes pay.
Federal
receivable-—
Stoehe
1,248,482
Co.—Earnings—
12 Months Ended Feb. 29—
Prop, taxes pay.—
wholly
owned sub
Note
creditors.
share
3216.
California Water Service
140,998
1,121.297
payable—
trade
88,752
93,895
Accounts recelv—_
180,000
Notes payable
908,125
dividend paid since Nov. 15,1938 when 25 cents per
common
also distributed.—V. 149, p.
was
$
$
UabUUlet—
for social
res.
1938
1939
1938
S
Assets—
April 20, 1940
The aggregate market value as
$5,079,454.
interest.—Y.
At March 31,
1939, it was $4,796,650.
150, p. 883.
Carolina Power & Light
Co.—Private Financing Sought—
Negotiations, it is stated, are under way for the private
of life insurance companies of approximately $46,000,000
sale to a group
of bonds of the
The company, it is understood, originally planned to carry out
its refunding program through the usual channels of public sale, but un¬
certainty over the day-to-day effects on the investment market of develop¬
ments abroad and the requirement of the 20-day registration period for
public sale have together virtually forced the financing into the private
company.
route.
Volume
The Commercial & Financial Chronicle
150
The
private deal. "vtls said, will be arranged by W. C.
Bonbright & Co., Inc.
Details of the new refunding
and
Langley & Co.
issue, as to in¬
terest rates, maturities and price have not been determined.
Proceeds from the proposed issue would be used exclusively
T)l I
for refunding
in
End
x
Catalin Corp.
Celotex Corp.
—V. 150, p.
D^Staxca
!---
term
investments..-.2,913
$96,730
17
$103,074
$96,747
18.958
734
$102,728
18,958
694
on
Int.
Balance
$129,772
$170,401
$377,167
OAn
„
34,960
18,875
$1,102,831
227,500
8,758
$1,014,531
227,500
10,937
Cr4,980
--
$866,573
$781,074
108,054 ^ 108,054
$673,020
Subs.)—Earnings—
1939
1938
14,332
14,228
2,220
23,913
debt
Amort.of debt disc. & exp
interest
Depreciation
1937
$85,845
$10,076 loss$41,708
$25,809
Net inc. from oper
641
13,369
^'^60
477
15,412
3,738
611
24,706
19,491
34,215
xCr5,510
(est.).-
150, P. 2415.
3,883
Copper Corp. (& Subs.)—Earnings—
1936
$19,157,502 $18,134,417 $22,336,744 $17,554,429
of metals
Cost of sales, sell., gen. &
admin, expenses. &c._
;
11,762,041
10,333,389
$5,478,360 $10,574,704
171,400
418,541
$7,221,040
$6,615,193
1,886,217
1,447,401
737,050
$5,649,760 $10,993,245
1,904,523
1,994,394
1,923,728
1,262,561
1,257,504
493,604
$7,520,234
1,493,575
1,438,700
790,532
$2,544,525
$1,989,072
$5,817,619
$3,797,426
4,491,368
6,456,341
4,491,368
$6,433,934
Net inc. fr. other oper.
181,259
b Net income
Depreciation
Depletion
Prov. for income taxes..
$12,474
loss....
Co.—Earnings—
Central Maine Power
Period End. Mar. 31—
1940—Month—1939
Net income for year..
Dividends
4,491,368
$626,237
223,145
$563,141
212,114
$7,574,989
2,700,718
net
miscellaneous
59,198
4,212
755,585
48,288
(incl. inc. tax) taxes
40,692
31,903
487,459
$294,949
DtT,104
$255,714
4,319
$3,582,939
37,964
$293,845
113,458
Cr204
15,157
$260,033
109,292
05,601
15,717
$3,620,903
1,328,444
CV27.726
179,802
$3,343,284
1,315,383
11,417
182,160
$165,434
108,099
$140,625
108,099
$2,140,383
1,297,182
$1,834,324
1,297,182
Bond interest
----
Other interest (net)
Other
deductions.
to
Surplus for the Year Ended Dec. 31, 1939
stockholders
$20,471,849,
totaling
...$32,151,853
after deduction of $61,338,757 of
stockholders, charged on books to earned
1938,
31,
distributions to
$3,295,680
47,604
Gross income
1,111,966
Amount transferred
from statement of income for
--
requirements.
—V. 150. p. 2415.
Pref. div.
Central Ohio Light & Power
Total..........
Distributions to stockholders during 1939, charged on books
Earned surplus
Dec. 31,1939
—
Operating expenses —
259,586
$154,826
$607,023
3,390
Gross income.
-----
replac. & retire'ts
Interest.
Amortization of debt discount & exp.
Amortization of premium
971,794
$171,051
Income from operations
Non-operating income (net)..
Piov. for renewals,
236,918
4,724
$174,442
37,500
45,424
10,513
0410
713
$159,550
$80,701
2,984
$55,987
2,787
—
debt
Taxes assumed on interest
34,500
58,299
9,438
1,326
;
6,913
$613,936
142,000
199,719
40,628
Crl,093
4.466
Consolidated Balance Sheet Dec. 31
1939
Cash....
$10,302,160
6,544,268
1,078,707
future delivery at net selling prices.
1,490,971
Marketable securities, at cost..
Accounts receivable
2,794,844
of
Inventories
ores,
concentrates,
—
Amortization of intangibles
^228,216
26,881
2,250
942,468
736,148
13,004
2,690,297
Deferred receivables, dep., prepaid expenses, &c_.
23,814
In vestments
1,798,812
Fixed assets less allowances for depletion & deprec. 15,654,702
11,970
2,489,921
25,880
1,798,380
16,650,970
_
...
.
Total.
$75,467
Balance Sheet March
7,050
1,311
$50,200
$181,301
31, 1940
Assets—Property,
plant
and
equipment,
$7,lal,090; investments,
$9,687; cash, $172,345; cash on deposit with trustee, $500; accounts re¬
ceivable,
$148,720; notes receivable (merchandise contracts), $9,034;
(merchandise contracts discounted—contra), $3,049;
materials and supplies, $84,102; prepayments, $22,694; deferred debits,
$521,280; total, $8,152,504.
Liabilities—Long term debt, $4,500,000; 3serial notes, 8100,000;
accounts payable, $58,532; consumers' deposits refundable, $7,767; notes
receivable
(merchandise contracts discounted—contra), $3,049; interest
accrued, $30,250; taxes accrued, $47,245; other accrued items, $4,679;
deferred credits, $55,614; reserves, $747,788; $6 cumulative preferred
shares, $1,346,010; common shares (20,000 no par shares), $1,000,000; sur¬
plus, $251,570; total, $8,152,504.—V. 150, p. 2086.
notes
receivable
Central Vermont Public Service
Operating revenues
Operating expenses
State & municipal taxes.
Social security taxes
Fed. (incl. income) taxes
Corp.—Earnings—
1949—Month—1939
Period Ended Feb. 29—
$208,571
143,954
13,412
1,810
8,616
$187,011
101,076
1940—12 Mos.—1939
$2,185,331
1,234,521
1,717
11,821
$2,351,249
1,368,635
171,036
18,326
126,163
$667,089
4,541
$662,068
4,118
14,127
161,800
16,488
110,454
Net oper.
$40,779
79
$58,270
104
Gross income
$40,858
20,417
1,146
2,037
$58,374
20,417
938
2,363
$671,630
245,000
15,112
29,877
$666,186
245,000
13,206
$17,258
$34,656
$381,641
$357,264
18,928
18,928
227,136
227,136
income
Non-oper. income (net).
Bond interest
Other interest
(net)
Other deductions
Net income
Pref. div. requirements.
—V. 150, p.
2415.
$43,334,047 $43,244,756
-
Liabilities—
$823,506
703,910
Drafts payable
Accounts payable
x
Accrued liabilities, payrolls, income taxes, &c._
Reserves
...
1,270,893
1,704,339
6,200,000
32,631,397
Capital stock
Surplus, capital and earned
$608,147
595,711
892,740
1,684,339
6,200.000
33,263,819
50,716
-
$43,334,047 $43,244,756
provision for freights, treatment charges, commissions, &c. on
unsold metals,
y Represented by 1,122,842 shares of no par
value.—V. 148, p. 3056.
x
Plus
sold
3.0C0
Balance to surplus
977,714
2,223,022
2,899,183
cost
Inventories of materials and supplies, at cost
Total
of interest on bonds &
redemption
inc. taxes—
Prov. for prior year's inc. taxes
Int. on prior year's inc. tax assess'ts
notes called for
at
1938
$9,658,028
5,773,539
11,673
Duplication
Pro v. for current year's
&e.,
exclusive of depletion...
Accrued interest receivable
y
Net income
$479,544
$32,631,397
Surplus, capital and earned, Dec. 31, 1939
Inventories of unsold metals
1940—3 Mos.—1939
12 Mos. 1940
$430,637
$391,774 $1,578,818
Period Ended March 31—
Total operating revenue—.....
1,314,421
$4,970,912
4,491,368
earned surplus...
to
Metals sold for
Co.—Earnings—
2,544,525
1939
Depletion for 1939 as computed for U. S. income tax purposes
(offset by charge in statement of income)
Assets—
Net income
&c.
surplus
421,857
Net oper. income....
Non-oper. income (net).
dividends,
designated on books as capital distributions
Earned surplus:
Balance Dec.
716,507
47,951
Fed.
distributions
after
interest,
income,
Balance, Dec. 31, 1938, and Dec. 31, 1939,
Capital surplus:
$6,875,364
2,393,369
63,554
3,897
299,193
b Before
depreciation, depletion and income taxes.
Note—Intercompany sales of ores, concentrates, &c., have been elim¬
inated from sales and cost of sales.
The cost of sales includes certain
amounts reflected in income from
other operations, &c.
Intercompany
profits included in inventories are not material in amounts.
The sales include metals produced prior to Jan. 1, 1940, and sold under
firm contracts for delivery on or subsequent to that date, but do not include
sales of metals produced prior to 1939 and delivered in 1939 against con¬
tracts accepted prior thereto.
<\
During 1939 the company made changes in its methods of accounting
with respect to production costs and adopted "the lower of cost or market"
as the basis of valuation for unsold metals.
If the methods used at Dec. 31,
1939, had been used at Dec. 31, 1938, net income for 1939 (before depletion
computed for United States income tax purposes) would have been in¬
creased by approximately $295,000 and depletion for 1939 computed for
United States income tax purposes would have been decreased by approxi¬
mately $63,500.
Incl.
a
1940—12 Mos.—1939
Operating revenues
Operating expenses
State & municipal taxes.
Social security taxes
•
.
12,656,057
12,723,568
Profit
a
1937
1938
1939
Consolidated Statements of
$32,728
$77,806 prof$27,985
x Adjustment of Federal income tax for the year 1939.
y Before interest
charges, depreciation, and Federal income tax.—V. 150, p. 2414.
Net
31
[Including Wholly Owned Subsidiaries]
104,051
$758,519
1940
Int. on funded
Federal inc. tax
Loss.—V.
Consolidated Income Account for the Year Ended Dec.
378,300
1424.
Central Foundry Co. (&
charges
12,136
$1 »0^3,956 —8910,480
.....
Z'Mos. End. Mar. Zl—
Other
$44,413
34,960
income...
—V. 150. P-
Balance, deficit.
,
$77,055
$83,076
Dividends applic. to pref. stock for the period....
Net
1
$0.08
Q.
00.„
Dr346
Dr4,302
x$62,704
314,464
407,000
charged to constr'n.
mortgage bonds.
Other interest
x$58,402
for
Cerro de Pasco
2,913
Int!
$147,341
Dr6.909
$0.11
43,000
...
x$22,304
Dr2,308
$140,432
310,833
1940—12 Mos.—1939
$4,254,673 $-4,091,703
1,910,924
2,083,110
817,833
684,853
64,988
45.000
Gross income
$60,950
80,407
x$24,612
105,160
194,865
74,338
Net oper. revenues—
$38,915
97,317
$59,350
103,763
$2,566°027 $2,1729628
1940—Month—1939
$400,733
$381,731
181.752
167,756
Other income (net)
$256,667
109,326
Drl,600
available
fixed
Sales
Ihop.retire. re^: approp.
Amortization of limited-
$10,516
32,820
i
Total fixed charges
Light & Power Co.—Earnings—
Owrating revenues.
Operating expenses
$98,984
38,034
Net ry. oper. income-
x
Jan. 31—
27.651
®\9i32io
$44,419
684.
Period End
$119,322
$38,167
23,980
Other income (net)
(& Subs.)— Earnings-
Central Arizona
$328,595
71,928
1,235.808
$60,740
est. Federal taxes..
capital stock
,
after"int".ramort., deprec. and taxes
$1,355,130
$122,964
Railway oper. incomei
Hire of equip., rents, &c.
of America—Earnings—
Net^]nf!shsEndedJan'*l~_
Net loss
$1.24
$1,668,574
1,339.979
from rail¬
operations
way
Income
Z Months Ended March Zl—
Net profit after all charges and
Earnings per share on
—V. 150, p. 430.
$298,200
«r?o7
$0.15
$0.27
V. 150, p. 1130.
and Federal taxes.
After depreciation
$66,138
2^9r
$0.42
share
per
$35,880
$100,199
stock—
common
1937
1938
1939
1940
31—
Mar
Net profit _L
Shares
Earnings
y
oper. expenses.
revenue
1940—3 Mos.—1939
1940—Month—1939
$552,844
$464,718
429,880
426,551
oper. revenues.
Railway tax accruals
(A. M.) Castle Co.—Earnings—
3 Mas
Net
2567
Ry.—Earnings—
Period End. Mar. 31—
Railway
Railway
TTWl CAg
Company is controlled by the National Power & Light Co., which
turn is a unit in the Electric Bond and Share system.—Y. 150, p. 2414.
x
Central Vermont
and
Certain-teed Products Corp.—Meeting Postponed—
April 10, was postponed until May 15 to
give stockholders more time to study the annual report sent out March 27.
Annual meeting scheduled for
—V.
150, P. 834.
Daily News, Inc.—Securities Offered—Public
offering was made April 17 of S3,600,000 10-year 3%%
sinking fund debentures, together with the unexchanged
balance of 48,000 shares of new 5% ($100 par) cum. pref.
stock which the company is first offering to holders or the
Chicago
presently outstanding 7% pref. The offering was made
an underwriting group under the joint management of
Glore, Forgan & Co. and Central Republic Co., which also
includes A. G. Becker & Co.; A. C. Allyn & Co., Inc.;
Bacon, Whipple & Co.; E. H. Rollins & Sons; Farwell
Chapman & Co., and Sills, Troxell & Minton.
The de¬
bentures, which mature April 1, 1950, were offered at 102^
and accrued interest and the pref. shares at par.
by
The new 5% preferred is being offered to holders of the present 7%
preferred on the basis of one share of new 5% preferred and $5.63 in cash
for each share of 7% preferred.
This cash distribution, together with divi¬
dends on the new shares which will be received later, will give stockholders
who exchange, the redemption premium of $5 per share on their old shares
plus an amount equal to dividends at the full rate of $7 per year to May 25,
1940, the redemption date.
This offer expired April 19.
Dated April 1, 1940; due April 1, 1950, City National Bank & Trust Co.,
Chicago, trustee. Both prin. and int. (A-O) will be payable in lawful money
of the U. 8. at the office of the trustee.
Coupon debentures in denom.
of $1,000 each, registerable as to principal only.
Red. all or part from time
to time, on any date prior to maturity, upon not less than 30 nor more than
more than 45 days' notice by publication at 106 if red. on or before April 1,
The Commercial & Financial Chronicle
2568
1943: 105 if red. thereafter, but on or before April 1, 1944: 104 If red. there¬
after, but on or before April 1, 1945; 103 if red. thereafter, but on or before
April 1, 1946: 102 if red. thereafter, but on or before April 1, 1947; 101 if
red. thereafter, but on or before April 1. 1948; 14 of 1% if red. thereafter,
but on or before April 1, 1949: and without premium if redeemed after
April 1, 1949.
Debentures are also subject to redemption from moneys in
the sinldng fund at principal and accrued int., together with a premium
expressed in percentages of the principal amount as follows: 3% if red. on or
before April 1, 1942; 2% % if red. thereafter, but on or before April 1, 1943;
2XA% if red. thereafter, but on or before April 1, 1944: 2lA% if red. there¬
after, but on or before April 1, 1945: 2% if red. thereafter, but on or before
April 1, 1946: 1H% if red. thereafter, but on or before April 1, 1947; 1%
if red. thereafter, but on before April 1, 1948; H of 1% if red. thereafter,
but on or before April 1, 1949; and without premium if red. after April 1,
1949.
Purpose—The net proceeds from the sale of the debentures and preferred
are to be used for the purpose of providing moneys to pay, to the
sufficient, the amounts required (1) to redeem all of company's
10-year 5% sinking fund debentures, due Jan. 1, 1945, (2) to pay to the
holders of $7 cumulative preferred stock who exchange their shares of such
stock for 5% cumulative preferred shares, the sum of $5 for each share so
exchanged, and (3) to redeem all shares of $7 cum. pref. stock not so ex¬
changed.
shares
193786
as
of Dec. 31, 1939, adjusted to reflect
Authorized
Outstanding
10-year 3<^% sink, fund debs., due April 1,1950 52,600,000
5% cumulative preferred shares ($100 par)
55,000 shs.
Common shares (no par)
400,000 shs.
The capitalization of
Chicago Daily News Printing Co.,
a
$2,600,000
48,000 shs.
400,000 shs.
wholly-owned
subsidiary, consisted, as of Dec. 31, 1939, of a first mortgage 4% 15-year
instalment note dated July 1, 1938, payable to the order of the Equitable
Life Assurance Society of the United States, originally issued in the amount
of $4,000,000 and outstanding in the amount of $3,892,339, and 35,000
1940
being discontinued effective May 1
and thereafter only a fiscal agnecy will be maintained.
are
Pref. Against ICC Plan—
At
meeting April 18 of a protective committee for the preferred stock,
was adopted calling on directors of the road to oppose the
Commerce Commission plan and to take appropriate steps to
protect the interests of preferred stockholders in reorganization proceedings.
a
resolution
a
Interstate
Hearing Set—
Federal Judge John P. Barnes
has ordered all parties to the reorganization
file their written objections to the
to
Interstate Commerce Commission's
Petitions for
plan of reorganization witn the clerk of the court by June 3.
fees and expenses are to be filed by May 6.
By June 17 the parties are to
have filed briefs setting forth their objections to the plan.
A hearing on
all objections to the plan and petitions for fees will be held by the court on
June 24.—V. 150, p. 2417.
extent
Capitalization—The capitalization
the proposed financing is as follows:
April 20,
Executive offices in New York
Chicago
Ry.—New
Paul Minneapolis & Omaha
St.
Director—
Stockholders
on
April 10 elected R. L. Williams, President, to the board
of directors, for a two-year term to
succeed RF. W. Sargent, late President
of the
organization.
'
William H. Schellberg, President and General Manager of the Union
Stockyards Co. of Omaha, was named to the board for three years, suc¬
ceeding W. Dale Clark of Omaha, resigned.
Elected for one-year terms were Charles M. Thompson of Chicago,
chairman of th, Omaha road and trustee of the Chicago & North Western,
and Chester W. Wanvig, president of Globe Union, Inc. of Milwaukee.
—V. 150, p. 2088.
.
Cincinnati New Orleans & Texas Pacific
.
-Report-
Ry.
Traffic Statistics for Calendar Years
1939
Operations—
shares of
Miles operated
No. of pass, carried
has
1937
1938
1936
Pass, carried 1 mile
capital stock, all of which is owned by the Chicago Daily News,
Inc., and carried on the books of the company at $3,500,000.
Company
no obligation with respect to
payment of principal or interest of this
note.
History and Business—Company was incorporated in Illinois, Dec. 30,
Company is engaged in the publication of an afternoon and evening
1925.
newspaper printed in English, daily except on Sunday and certain holidays,
under the name "The Chicago Daily News."
The newspaper was founded
in 1875 and within Its first year came under the control of Victor F. Lawson
who published it continously until his death in 1925, shortly after which
the company was
organized and acquired the business, which was carried
on under the leadership of Walter A.
Strong.
On Aug. 12, 1931, Frank
Knox became President and publisher of the
newspaper, Mr. Strong having
died in May of that year.
In the publication of "The
four
Chicago Daily News," the company performs
primary functions, consisting of gathering news, selling advertising
printing the news and advertisements, and distributing the news¬
space,
337
317,755
337
392,046
337
278,617
337
385,108
59,613,123
52.525,494
73,034,788
66,534,575
Rev. per pass, per mile._
1.86 cts.
2.16 cts.
1.86 cts.
1.80 cts.
Tons of rev.freight carr.
7,144,235
6,071,790
6,871,339
6.363,614
Tonsfrt. carried 1 mile..1616812 562 1371463,229 1518066,387 1422821,611
Rev. per ton per mile...
0.97 cts,
627
$1.64
$52,850
Av. train load (rev.) tons
Earns, per pass, train m.
Gross earnings per
mile.
Income Account
1.02 cts.
574
$1.64
$49,631
0.96 cts.
587
$1.77
$50,341
0.96 cts.
618
$1.61
$45,280
for Calendar Years
Operating Revenues—
1939
< <
1938
1937
1936
Freight...............$15,647,163 $13,146,675 $14,536,069 $14,548,728
Passenger
1,110,893
1,132,095
1,359,208
1,195,515
Mail, express, &c
814,735
772,513
826,086
786,394
Incidental, &c
215,699
189,266
222,381
174,046
paper.
The following table sets forth the advertising and
the company for the years 1935
through 1939:
3935
Revenue
11,949,572
Circulation
Revenue
$2,760,006
2,910,232
3,111,577
3,022,173
3,108,291
a403,427
a418,726
a438,459
a424,736
b442,626
reports of the Audit Bureau of Circulations for
the 12 months periods ended on March 31 of the
succeeding year.
k l J8ure from the company's records for the 11 months ended Feb. 29,
,
1940.
a
Earnings for Calendar Years
1938
1939
$9,296,499
7,377,394
148,045
195,200
213,257
654,386
28,137
$9,738,273
7,727,420
150,350
168,155
222,682
567,472
11,674
$1,242,743
142,447
$780,077
118,103
$890,516
$1,385,190
157,729
15,405
161,500
$898,180
144,904
$1,023,309
1937
Operating
revenue
$10,273,209
7,848,152
Repairs, supplies and sundries
163,903
Depreciation
203,300
Taxes (other than income)
193,085
Rents
588,065
Net provision for doubtful receivables
33,959
~
*
'
Costs and expenses
...
....
......
Net operating revenue
Total other income and credits
Net oper. revenue & other income.
Interest on debentures
Other charges
Provision for Federal income taxes...
Net profit
Preferred dividends
.132,793
136,581
4,455
105",000
$1,050,555
360,824
600,000
Common dividends
127,600
$754,672
344,400
400,000
$648,275
352,632
300,000
Including advertising and circulation.
on the company's $2,600,000 10-year
now offered amounts to $97,500 and the
annual dividend requirements on the
48,000 5% cumulative preferred shares,
offered hereby, amount to $240,000.
Underwriting—The name of each principal underwriter, and the respective
amounts severally
underwritten, are as follows:
a
The annual interest requirements
„
3%% sinking fund debentures
Name—-
Debentures
Glore, Forgan & Co
Central Republic Co
Haisey Stuart & Co., Inc
A. G. Becker & Co., Inc
A. C. Allyn & Co., inc..
Bacon, Whipple & Co
E. H. Rollins & Sons, Inc..
Farweh, Chapman & Co
Sills, Troxell & Minton, Inc
a Shares
10,000
10,000
$465,000
465,000
375,000
375,000
325,000
220,000
175,000
100,000
100,000
8,000
7,000
5,000
4,000
2,000
2,000
The number of shares set opposite the name of each underwriter will
be decreased proportionately by the number of shares to be reserved
by the
company for issuance in exchange for $7 cumulative preferred stock pur¬
suant to the offer of exchange.
a
Balance Sheet Dec. 31, 1939 (Excl. Subs.)
on
hand..
$923,033
(net)
Funded
reserve)
204,741
Intangibles
Prepaid Ins., taxes, rents, &c
a
Total
debt
payable within
year
3,639,754
Fixed assets, at cost (less res.)
$469,170
313,117
Accruals payable
re¬
Discontinued plants & equip¬
ment (less
Accounts payable
112,763
Investments, non-current
ceivables, &c., at cost
1,179,566
12,280,000
52,335
.$19,100,0021
191,816
..
arising
ment of
from
2,465,584
for
contract
Crl,032
Taxes
$5,185,059
$3,996,689
$4,874,610
$4,936,368
1,363
Mlscell. rent income
1,363
21.964
1,363
14,019
1,363
17,443
Misc. non-oper. physical
property
Dividend income
35,269
Operating income
Inc. from lease of road..
preferred
118,674
Under
Chicago Great Western RR.—Reorganization Approved
Western
Ry.—New
Discontinued—
York
Office
if Company will hold its future directors'meetings in Chicago instead of
New|York._R. L. Williams, chief executive officer, explained that as a
majority of the directors
are now
it would be best to have the
1,705,534
12,256
1,681,767
1,699,325
12,447
30,073
1,700,561
located in the territory served by the road
scene of operations.
directors'meetings at the
12.396
164,460
6,735
6.878
150,860
unfunded debt..
2,973
Miscell. income charges.
Net income
common
$207,421
$419
$24,320
b89,700
$22.20
b89,700
$35.00
b89,700
$35.77
out¬
standing
Earns, per sh. on com
a
Par
$20.
101
$3,331,340
122,670
3,184,350
35 H %
$589,111
Rate
Balance, surplus
of
67
$3,262,589
122,670
3.139,500
35%
$2,213,791
122,670
1,883.700
21%
a448,500
$7.31
Common dividends
Shares
14,311
20,250
13,970
Crl5,734
$3,402,782
122,670
2,691.000
30%
Preferred divs. (5%)
f
b Par $100.
General Balance Sheet Dec. 31
1939
Assets—
Invest.
In
Impt.
on
2,732,567
eqpt...27,485,233
197,973
1,272,301
Bonds
243,507
348,214
Special deposits
Traffic &
Balance
receiv.
due
curr.
rec
assets.
Deferred assets._.
debits
127,088
115,796
accounts.
1,060,730
865,953
Misc. acc'ts pay..
82,870
Int. mat'd unpaid.
83,828
33
Divs. mat'd unp'd
84,375
35,139
Unmat'd divs. deel
10,223
10,223
25,447
8,665,817
3,533
7,230,791
3,533
888,787
1,051,775
1,109
625,403
1,533
737,729
Taxes
743,530
7,589
19,930
60,875
348,028
587,714
Accr'd
Unmat'd int.
a
Par
accr.
30,739
34,712
567,906
544,138
Other curr. llabils.
22,399
Deferred liabilities
19,564
3,620
118,668
1,094,275
238,030
920,492
6,418,300
16,880
equipment.. 6,838,771
Other unadj. cred.
795,779
42,937
Add'ns to property
7,562
Operating reserves
depreciat'n
on
b Par $100—V. 150,
123,933
633,768
thru. inc. & sur.30,418,778 30,254,841
322,558
68,895,295 68,143,212
$20.
33
Unmat. rents accr.
Profit & loss, bal__ 10,145.682
Total
S
Traffic & car serv.
Audited
from
rec
1938
a8,970,000 b8,970,000
Preferred stock— 2,453,400
2,453,400
6,356,000
Eqpt. trust oblig.. 5,902,000
Govt, grants
47,639
46,229
1,650,655
243,507
341,128
26,263
car serv.
agents & conduc.
Other
25,063,435
200,335
•
$
Common stock
balances payable
Stocks
Advances
Liabilities—
$
2,601,287
28,013,587
leased
railway prop'ty.25,225,451
Misc. phys. prop..
Inv. In affil. cos.:
1939
1938
$
Investm't in road.
p.
10,139,154
68,895,295 68,143,212
Total
2088.
Chiksan Tool Co., Brea, Calif.—Preferred Stock Offered—
W. Edgar Spear & Co. and Quincy Cass Associates, Los
Angeles are offering at par ($10) and div. 20 000 shares of
6% cum. conv. pref. stock.
Entitled to cumulative dividends from March 20, 1940, payable Q.-M.
Redeemable,
as a whole or in part at any time, at the option of the company,
days' notice, at $11 a share and accrued dividends.
agent, Bank of America National Trust & Savings Association,
upon not less than 25
Transfer
North
274
$5,080,533
$19,100,002
P. H. Joyce, President, in his
pamphlet report for 1939, says that voting
the plan of reorganization
by security holders has been completed ana
the vote is
predominantly for approval.
He said that the company is
hope™ that the plan will be made effective in the near
future.—V. 150,
p. 2087.
&
59
$4,988,768
eqpt. oblig
Unadjusted
Total
3,023
$4,086,028
Deductions—
Rent for leased roads
Int. & dlvs.
6,351,797
2,078
Miscellaneous
on
745
35,684
88,656
57,230
$5,274,406
Gross income
on
Dr628
42,114
1,938
33,934
28,144
25,674
securities & accounts.
Int.
Int.
20,935
2,998
Income from funded sees.
Income from unfunded
Mat'ls & supplies.
Earned surplus
$10,493,907 $10,058,075
6,449,837
6,646,608
1,595,488
1,436,302
1,330,937
0555,086
014,684
67,812
150,509
153,609
311,491
1,813,271
Cr301,311
167,119
Hire of equipment
Misc. acc'ts
on
Chicago
Cr468
c5,680,000
which the
capital stock of the predecessor cor¬
poration was acquired,
b Represented by 48,336 shares (no par).
c Rep¬
resented by 400,000 shares (no par).—Y.
150, p. 2416.
a
Cr273
Total oper. expenses..$10,924,351 $10,052,948
Net revenue from oper..
6,864,138
5,187,601
b3,509,844
retire¬
goodwill, Associated Press franchise, and reference library
(not being amortized), at cost, which includes $4,000,000
representing the
value assigned to 280,000 shares of common stock of
the company issued in
1926
Transport'n for invest..
Transportation
balances
Funded debt....
$7 cumulative pref. stock
Common stock...
i
Surplus
Miscellaneous operations
General expenses
2,037,713
3.172,219
316,756
3,945,273
99,153
487,428
Cr467
2,005,319
3,262,947
325,610
4,252,348
126,929
521.786
Cash
707,809
Inventories..
1,967,474
3,166,767
327,690
3,978,463
105,800
507,222
Traffic expenses
Other investment.
Liabilities—
Cash In banks and
Receivables
2,072,360
3.450,808
352,020
4.414,128
99,638
535,668
Maint. of equipment...
None
"
Assets—
revenue._$17,788,489 $15,240,549 $16,943,744 $16,704,683
Joint facility rents
Figures from the published reports of Media Records, Inc.
c
Total oper.
Maintraofnway!^cf!!TI.
Circulation
$6,541,547
6,846,305
7,007,621
6,161,559
6,481,504
12.394,975
12,980,020
11,431,724
Figures from the audit
a
t
Advertising
cAdvertising
Linage
11,740,308
Year—
circulation record of
Average
Daily Paid
Los Angeles,
Calif.
Company—Incorporated
in
California
May
9,
1939.
Its predecessor,
Chiksan Oil Tool Co., Ltd., was incorporated in 1928 in Nevada.
Company
is engaged primarily in the business of manufacturing and selling swing
joints, rotary hose, reamers, disc bits, circulating heads and similar tools.
Approximately 88% of the company's net sales are represented by swing
joints and rotary hose.
Company manufactures both high pressure and
Volume
The Commercial & Financial Chronicle
150
low pressure ball bearing swing joints.
Its low pressure swing joints are
fabricated principally of malleable iron, steel, brass, or aluminum, and are
designed to sustain
Cincinnati & Suburban Bell Telephone Co.—Stations
Gain—
internal working pressure of 300 lbs. per square inch.
Company's high pressure swing joints are fabricated prinicpally of steel,
and are designed to sustain an internal
working pressure of 3,000 pounds
per square inch.
The swing joints manufactured by the company range
in size from approximately H inch in diamater to 16 inches in diameter.
an
Stations in operation as of March 31, 1940, totaled 192,181, a gain of
over the preceding month and 8,347 over the
182,983 stations opera¬
923
ted in March, 1939.—V. 150, p.
Swing joints are used or useful in most types of businesses in which
liquids or semi-liquids are manufactured, processed or conveyed, including
oil well cementing companies, chemical
companies, distilleries, food com¬
1929.
Commonwealth Edison
Co.—New
Directors—
Charles Y. Freeman, Chairman, and Edward J. Doyle have been elected
directors to fill the vacancies caused
John T. Pirie.—V. 1.0, p. 2419.
panies, water companies, rubber companies, barge loading, tankers, rail¬
roads, wholesale oil stations, and steel companies.
Company is engaged in developing swing joints designed for the trans¬
mission of superheated steam and has commenced
production in small
quantities of 2-inch joints of this type.
Company has commenced the development of a 2-inch swing joint
designed to sustain an internal working pressure of approximately 10.000
pounds and estimates that the deve^pment cost, including tooling expense,
will
2569
Commonwealth
to
&
by the deaths of James Simpson and
Southern
Corp.—Postponement—
The Securities and Exchange Commission has postponed from April 16
April 30 the date by which the corporation is to file its answer to the
Commission's integration order against the company and its subsidiaries.
—V. 150, p. 2091.
be approximateiy $3,500,
It is estimated by the company that this
development work will be completed on or before Oct. 1, 1940, and that
if it is successful approximate'y $5,000 will be expended for inventories
to be used in the initial production of this item.
Purpose—Net proceeds will be used in payment of balance due on pinchase of royalties, purchase of new machinery already ordered, retirement
of bank loans, increase of cash working capital, &c.
Community Power & Light Co. (& Subs.)—Earnings—
[Excluding General Public Utilities, Inc. (& Subs.)]
Period End. Jan. 31—
Operating
Operation
Outstanding
$6,750
100 000 shs.
20.000 shs.
Authorized
6%
pref. stock ($10 par)
cum, conv.
March, 1940, the articles of incorporation were amended to
the 50,000 authorized shares of common stock (par $5) into 250,000
common stock
(par $1), including 20,000 outstanding shares,
which thereby became 100,000 shares (par $1).
By the amendment there were authorized 20,000 shares of 6% cum. conv.
pref. stock (par $10).
$1,899,058
5,870
$150,681
37,897
$2,076,444
489,754
$1,904,928
453,263
$113,473
3,143
73,609
$112,784
5,079
70,582
$1,586,690
43,485
860,963
$1,451,665
39,979
841,474
1,027
1,027
395
237
12,327
4,594
12,308
3,111
$665,320
$554,792
103,045
1,675
$559,310
$450,072
847,274
13,689
1,826
6,393
98,514
834,811
6,662
1,675
6,393
125,029
Dr2,279
$156,981
Retirement accruals
of
Gross income
Interest to public
Interest to parent co
Amort, of debt disc't &
Earnings for 6 Months Ended Dec. 31, 1939
Net
$2,068,888
7,557
$159,260
Balance.
up
shares
$152,836
Dr2,155
Net oper. revenues.._
Non-oper. income (net).
Note—In
split
$4,640,103
2,035,415
222,343
483,287
104,184
1,826
Taxes.
$7,500
250,000 shs.
20,000 shs.
Common stock (par $1)
1940—12 Mos.—1939
$4,883,829
2,066,568
225,967
522,406
43,508
Maintenance
Capitalization (Giving Effea to Present Financing)
6% trust deed note, due July 14, 1944
1940—Month—1939
$412,092
$383,187
188,269
170,485
18,766
17,826
45,796
42,039
revenues
expense
sales
Cost of sales, &c
Obsolete inventory written off and miscellaneous
Provision for Federal normal income tax
Net
$132,499
109,535
160
4,250»
...
income
Miscell.
=
income
deducts.
Net income..
Dividends paid and accrued
$35,298
$35,858
pref. stocks:
on
To public
To parent company
$18,554
'
The annual dividend requirements of the 20,000 shares of 6% cum. conv.
pref. stock will amount in the aggregate to $12,000.
Conversion Rights—'The pref. stock is convertible into common stock
as follows:
Until and incl. Aug. 1,1940, 2 6-7 shs.; Aug. 2, 1940, to Nov. 1,
1940, 2H shs.; Nov. 2, 1940, to Feb. 1, 1941, 2 2-9 shs.; Feb. 2, 1941, to
Feb. 1, 1948, 2 shs.
Balance Sheet Dec. 31, 1939
-
Assets—Cash in bank and on hand, $5,876; accounts receivable, $24,5761
inventories, $80,409; fixed assets (net), $93,649; deposit on option to pur¬
chase royalty agreement, $500; deferred charges, $6,278; total, $211,288.
Liabilities—Bank loan (unsecured), $10,000; accounts payable, $11,718;
accrued wages, royalties, &c., $9,975: Federal income taxes, $6,307; note
payable, $7,000; capital stock, $100,000; capital surplus, $52,734; earned
-
Balance applicable to parent company.-.
Earns, from sub. cos. deducted in arriving at above:
Interest earned...
Interest not earned
,
Preferred dividends
Other
a
Common dividend from sub.,—not consol
Other income
269
Expenses, taxes & deducts, from
a
surplus, $13,554; total, $211,288.—V. 150, p. 1759
gross
$1,424,891
882,650
$642,515
income
247
$1,527,276
884,762
Total
$542,240
Amount available for dividends and surplus
Community Power & Light Co. owns 98,514H shares (60.37%) of the
stock of General Public Utilities, Inc. The figures of that company
and its subsidiaries are not included in this report except to the extent of
dividends received by Community Power & Light Co.
Such dividends for
the current period were paid in cash and those for the prior period were paid
in common stock.
In addition to the foregoing, Community Power &
Light Co.'s equity in the undistributed earnings of General Public Utilities,
Inc. and its subsidiaries for the 12 months ended Jan. 31, 1940 was $318,309
(1939, $232,151). As of Jan. 31, 1940, the proportionate interest of Com¬
munity Power & Light Co. in the undistributed earned surplus of General
Public Utilities, Inc. and its subsidiaries was $883,298 (Jan. 31,11939, $553,327).—V. 150, p. 1930.
a
Cincinnati Street
Ry.—Earnings—
3 Mos. End. Mar. 31—
x
Earnings
1940
x
per
share
1939
$10,644
$0.02
$18,354
$0.04
After Federal income taxes, depreciation, interest, &c.
shares capital stock, $50 par.—V.
Clark Equipment Co.
3 Mos. End. Mar. 31—
Gross profit from oper_.
Miscellaneous income—.
Total income
Admin. & selling exps
Cash discount allowed.
_
y
On 475,239
150, p. 1929.
(& Subs.)—Earnings—
1940
1938
1939
1937
$1,041,609
11,821
$591,885
9,518
$175,826
6,368
$653,364
18,097
$1,053,430
214,269
41,157
$601,403
159,286
19,043
$182,195
128,834
18,432
5,077
$671,461
136,269
44,149
5,478
118,411
2,536
54,205
Directors have declared a cash dividend of 65 cents per share and a stock
dividend of 30% on the common stock both payable to holders of record
April 27.
The cash distribution will be made on May 15 and the stock
dividend on May 31.
ruled that the common stock be exquoted "ex" the cash dividend of 65 cents
Int. & exchange paid
105
Prov. for depreciation..
Develop,
1937
$63,484
$0.13
1938
$20,998
$0.04
Net income
y
common
4,788
129,654
126,181
incurred.
exps.
120~05l
Federal income tax
48,314
3,642
$548,194
32,699
118,808
$243,791
31,890
$26,210
31,852
$310,412
20,589
95,076
$396,687
237,616
$2.17
$211,901
237,616
$0.88
def$5,642
237,616
Nil
$194,747
237,641
$1.21
Community Public Service Co.—Cash and Stock Divs.—
.
Cash dividends of 65 cents were paid on Feb. 15, last, and on Nov. 15,
1939, and previous regular quarterly dividends of 50 cents per share were
distributed.
The committee
Net profit
Preferred dividends
....
Common dividends
Surplus
Shs.
com. outst.
Earnings
per
(no par)
share
Consolidated Balance Sheet March 31
Assets—
1940
1939
Liabilities—
Cash In banks and
hand
on
Notes
&
able & payrolls.
671,813
2,277,819
2,010,334
39,443
51,396
54,610
to and ad¬
1,927,900
owned
3,024
3,024
800
4,996,760
608,180
Capital surplus
1,927,900
4,996,760
608,180
Earned surplus
closed
c
1,601,665
Treasury stock.. Z>r243,725
893,958
Z>r277,425
1,000
1,000
x
income bonds
a
21,840
reserve
25,718
Columbia
Total
....$9,729,258
$9,344,490
for depreciation of $4,751,673 in 1940 and $4,350,578 in
Broadcasting
gs—
•
System,
(&
Inc.
Weeks Ended—
Mar. 30 '40
Gross income from sale of facilities, talent, lines,
discount
$72,940
125,540
$91,922
103,687
—
20,896
2,097
2,971
23,038
2,654
2,657
assets,
obsolescence,
1,346
1,269
$79,910
&c
$41,382
Consolidated Chemical
Industries, Inc. (& Subs.)—
Earnings—
Apr. 1 '39
$12,777,065 $10,276,198
agency
commission; record
returns, allowances and discounts..
...—3,858,406 - 3,090,790
records, &c..
$210,165
118,243
x Includes
expense
applicable to non-operating periods, &c.
(less
income).
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, 1939
$40,716
Three months ended March 31, 1940
43,595
Figures in the above statement are per company books and are subject
to adjustment upon final audit at the end of each calendar year.—V. 150,
p. 2092.
Subs.)—
V'.
•
13
Time
1939
$170,564
97,625
miscellaneous
1939.
b Represented by 249,838 no par shares,
c Represented by 580
(917 in 1939) shares preferred .stock, par $100, and 12,222 shares common
stock, no par value.—V. 150, p. 1427.
Earni
15-year 6% cumulative inc. notes
Net loss..
$9,729,258 $9,344,4901
After
on
Bond discount and expense
Loss on retirement of fixed
operating of dwellings,
Def'd
Total
Gross profit on sales
Selling, general and administrative expenses
on
15-year first mtge. 6% cumulative
Interest
4,511,316
charges and
prepaid expenses
„
Interest
buildings,
4,362,259
1940
freight, discounts allowed, &c
Cost of goods sold
mach'y, &e., at
cost
Corp.—Earnings—
3 Months Ended March 31—
Gross sales, less
400,000
stock
b Common stock..
Land contract rec.
Land,
200,000
serially '40-41).
7% cum. preferred
Bu¬
Misc. common stk.
a
Consolidated Cement
1939)
chanan Land Co
Claims agst.
banks
action against which the due bill was issued.
Fractional shares will not be issued in payment of the stock dividend, and
in lieu of such fractional shares payment will be made in cash at the rate
of $28 per share.—V. 150, p. 2251.
163,177
Notes payable (due
policies..
to
on the basis that the holder of the due bill shall be entitled to demand
the exact number of shares of stock and (or) cash on the particular trans¬
$431,939
381,716
Notes payable (due
Cash suit. val. life
vances
5456,762
royalties,
&c., accrued—
42,135
Inventories
693,932
security rulings of the New York Curb Exchange has
and
Taxes,
receivable (net).
Invest,
1939
Current acc'ts pay¬
..$2,297,173 $2,005,112
accounts
insur.
1940
on
April 24.
The committee further ruled that said stock be not quoted
"ex" the 30% stock dividend until June 3; that all deliveries after April 25,
in settlement of transactions made prior to June 3, must be accompanied
by due bills for said stock dividend.
Due bills must be redeemed on June 4,
on
-
and
3 Mos. End. Mar. 31—
x
Net profit
Earnings per share
x
1940
$215,186
y$0.60
1939
1938
$102,785
$101,858
z$0.43
z$0.42
1937
$360,186
z$1.50
After depreciation. Federal income taxes, &c.
y On combined 280,000
of cumulative participating $1,50 class A preference stock and
stocks,
z On 240,000 shares class A stock
shares
Profit
$8,918,659
4,960,482
1,874,671
Depreciation
167,878
$7,185,408
4,013,330
1,600,951
12,753
149,143
Federal income taxes
357.355
267,404
$1,544,318
$1,141,826
Operating expenses and cost of goods sold
Selling, general and administrative expenses
Interest
Profit
-
Miscellaneous income (net) incl. int., disc,
Net profit for the period
x
Earnings
13,955
-
-
per
share.
7,713
22,121
$1,552,031
$0.90
$1,163,947
$0.68
divs., &c
value stock either
outstanding at March 30, 1940 or to be outstanding upon completion of
exchange of old $5 par value stock,
Note—Results shown for both periods reflect the operations of Columbia
Recording Corp. and its subsidiary companies, the acquisition of 100%
ownership of which was completed by Columbia Broadcasting System, Inc.
during 1939.—V. 150, p. 2250.
x
Calculated upon the 1,716.277 shares of $2.50 par
.
,
80,000 shares class B common
(no par).—V. 149, 4025.
Connecticut
Wm, W.
Ry. & Lighting Co.—Annual Report—
Bodine, President, states:
Last year's annual report stated that the U. S. Supreme Court In a de¬
cision rendered Jan. 3, 1939, upheld the contention of the company as to
the method of determining damages suffered by it as a result of the rejec¬
tion and disaffirmance of the lease of 1906 by the New York New Haven &
Hartford RR.
The Supreme Court remanded the case to the U. S. Dis¬
trict
Court
for
the
District
of Connecticut
amount of
for
the
determination
of the
damages In accordance with the opinion of the Supreme Court,
a decision on June 21,1939, allowing the
company no damages on account of the termination of the lease by the rail¬
road company and the sum of $29,037 only for breach of the tax covenant
contained in such lease.
The company took an appeal from this decision
to the U, S. Circuit Court of Appeals for the Second Circuit, and in a deci¬
sion handed down Feb. 13, 1940, the Circuit Court reversed the District
Court and awarded the company $4,411,838 as damages on account of the
The District Court handed down
The Commercial & Financial Chronicle
2570
termination of the lease and affirmed the
breach
for
of
the
The
covenant.
tax
bonds effected annual interest savings of $22,400, which
of the annual earnings on the investments sold.
of the year, the company had $200,000 of bank loans
outstanding.
During the year $25,000 was applied on the payment of such
loans and the balance of $175,000 was extended to March 7, 1940.
On
March 7, 1940, $10,000 was applied to the principal of such bank loans and
the balance of $165,000 was extended for a further period of 90 days.
It is
the intention of the directors to reduce, if not fuUy repay, such bank loans
during the year 1940,
Company has three subsidiaries operating in the Province of New Bruns¬
wick Canada.
Because a relatively small proportion of the annual revenues
of the system are derived from Canadian consumers (approximately $89,000
Canadian currency), the current depreciated value of the Canadian dollar
does not materially affect the income of the system.
It is not anticipated
at this time that the governmental control of Canadian currency due to the
war will interfere with the receipt by the company of the income derived
by the Canadian subsidiaries from all sources, although there is necessarily
some uncertainty as to the future.
The status of the purchase money obligation in the amount of $2,500,000
of Islands Gas & Electric Co. (a subsidiary), remained unchanged during
the year and continues to be payable on demand.
This obligation is un¬
conditionally guaranteed to the extent of $2,350,000 by the company, and
upon the happening of certain conditions, the guaranty will be extended to
cover the entire $2,500,000 obligation.
No definite plan for the payment
or reduction of this indebtedness has been formulated, and as it is collateral¬
ized by the investments in the subsidiary of Islands Gas & Electric Co.
operating in the Island of Mallorca (Spain), it is difficult to develop any
plan until the Spanish situation is clarified.
This obligation is also collaterlaized by approximately 2,000,000 pesetas beneficially owned by Islands
Gas & Electric Co. on deposit in a bank in Spain, which deposit represents
dividends previously paid on the. stock of such Spanish subsidiary.
These
pesetas are not reflected in the financial statements because of exchange
retirement of these
allowance of $29,037 as damages
previous allowance of $ 173,537
repossessed was not
is slightly in excess
At the beginning
against the railroad company for deficiency for property
retried
disturbed.
or
Calendar Years
Income Account for
1939
1930
^2,671,361
$275,438
$183,502
$207,021
$45,054
349,985
Operating income.—
1938
*2.628,794
2,353,356
Operating revenues
Operating expenses
o2,548,325
2,364,824
349,854
349,854
349,854
52,500
1,368
1936
C4.334.391
c289,337
2,464,339
Non-operating income—
Rentals
Receipts under agree¬
ment dated June 27,
52,500
52,500
52,500
2.669
~3~, 100
"4~, 308
174
$680,592
$588,956
$613,6*4
17,377
19,836
44,228
$448,950
30,973
a5,024
7,240
6*,007
"3",437
1917.
Int.
investments..
on
Other
Gross income.*
General expenses
Prov. for Fed. inc. tax..
Pro v. for Fed.cap.stk.tax
Miscellaneous taxes
562
$655,975
1951:
348,322
public
On bonds held by and
$563,113
$566,018
361,125
373,336
385,178
248,242
235,440
223.228
211,388
8,171
10,450
44,033
10,450
45,204
10,450
Int. on eqpt. pur. contr.
b Int. on advance from
United Gas Impt. Co.
Miscellaneous rents
21,600
17,634
9,501
2,880
1,151
Gross income
Int.
called for sink, fund
Int.
Conn. Ltg. & Pr.
on
Co. 1st 5s, 1939
1,314
restrictions.
-»
2,597
6,375
66,285
66,285
66,285
$174,452
$168,362
$269,009
in
274,496
Sects, receivable
on rent
85,381
Other receiv'les.
389,288
Inventories
Preferred stock ($100 par)—
$32,680,169
Cash...
215,633
Improvement Co
Accounts payable
...
Interest accrued on advances
Prepayments..
Other deferred debits
10,323
Blnklng fund requirement
Other current liabilities.____
Deferred credits
Sinking fund reserve
...
Depreciation, <fcc., reserve...
Injuries and damages reserve
Surplus
Consolidated
Edison
Co.
of
New York,
—
Maintenance
Uncollectible accounts
Federal income taxes
*
Other taxes
Non-operating income
income
119,017
before provision
stkholders
Gross income
solidated Electric & Gas Co
Subs.)—Earnings
1937
$6,949,679
Dr22,826
$6,828,640
201,017
$6,926,854
1,921,916
$7,029,657
1,780,973
$5,541,915
1,930,270
$5,004,937
2,046,988
a
2,544,848
2,426,426
$413,101
$519,490
Note—The statements include the operations of alll subsidiary companies
except the Spanish subsidiaries,
Gas y Electricidad, S. A.
26 Weeks Ended—
Gross sales, less returns,
Cost of goods sold
Union Electrica de Canarias, S. A., and
Devendorf, Chairman, states:
The major financial transaction
effected by the system during the year was the refinancing of the out¬
standing debt securities of Central Illinois Electric & Gas Co., one of the
company's major subsidiaries.
On March 1, 1939, Central Illinois Electric
& Gas Co. had a maturity of $2,035,000 5% bonds.
A complete refunding
of the debt of that company was not considered advisable at that time, and
such maturing bonds were paid through the issue to two insurance companies
of $2,000,000 3-year 3 V\% coll. notes, dated Feb. 15,1939.
In June, 1939,
such 3-year 3%% coll. notes, together with $14,655,000 1st & ref. mtge.
bonds, being all of the outstanding debt securities of Central Illinois Electric
& Gas Co. were refunded through the issuance and sale of
$14,750,000
1st mtge. bonds, 3H% series, due 1964, and $3,000,000 3%-3H%-4%
serial debentures.
Such refinancing, after the payment of all expenses
provided funds for the redemption of all of the then outstanding debt
Illinois
Electric &
Gas
Co.
and
gave
the company
approximately $240,000 to expend for additions and improvements to the
electric generating plant of the company at Rockford, 111.
Such refinancing
reduced the annual interest charges of Central Illinois Electric & Gas Co.
by approximately $150,000 and, on the basis of present earnings, will in¬
crease the annual net income of the system,
after increased amortization
charges and additional Federal income taxes resulting from the savings in
interest, by approximately $80,000.
In January, 1939, one of the subsidiaries of the company, the Portsmouth
Public Service Co., operating a street railway and bus system in and around
Portsmouth, Ohio, disposed of its assets for a nominal consideration. This
subsidiary had annual gross operating revenues at the date of sale of approxi¬
mately $100,000 but for several years had been operating at a loss before
providing for depreciation.
In September, 1939, company disposed of its investments in Citizens Gas
Co. (Md.) and Sussex Gas Co., serving manufactured gas in the municipal¬
ities of Salisbury and Delmar, Md. and Seaford, Laurel and Bridgeville,
Del., and environs.
The cash realized through the sale of such invest¬
ments amounted to $251,473 and was utilized for the purchase for retire¬
ment of $448,000 of the outstanding Southern Cities Utilties Co. (assumed
by this company) 30-year 5% 1st lien & coll trust bonds, due 1958.
The
Inc.—Earnings-—
Feb. 25, '40 Feb. 25, '39
discounts and allowances. $1,946,834
$1,714,161
1,734,095
on
$24,329
84,343
41,543
3,750
3,750
$75,074 loss$105,307
27,212
7,430
7,689
Profit
Profit
1,689,832
$212,739
89,654
44,262
Selling and administrative expenses
Factoring charges
Interest on certificate of indebtedness
sales of fixed assets, &c.
income
Miscellaneous
$82,503
29,796
34,601
Net Income before depreciation, &c
Provision for depreciation of fixed assets
Interest accrued on debentures for the period
—
Provision for Federal income tax
loss$70,406
29,730
34,601
2,500
*—
$15,606 loss$134,737
*
Note—Provision for depreciation has been made at rates approved by the
No specific provision has been made for obsolescence.
board of directors.
Balance Sheet
e
$51,958
Accounts receiv...
a
10,968
620,766
Inventories
5%
conv.
Reserve
175,700
covered fr.
dors,
to
42,068
(at
values)
and
furn. & fixtures.
c911,621
94,615
974,785
89,753
59,974
73,173
Aug. 27,
15-yr.
1
17,439
1
111,522
125,000
1953.. 1,387,850
1,387,850
in¬
due
1940..
conv.
5%
Aug. 27,
19,362
Cap.stk. (par 10c.)
Cap. surp. at or¬
ganization of CO.
Oper.
a
38,721
of
Res. for contings..
trade¬
Total
38,721
taxes...
ctf.
Income debs, due
Copper rolls,at est.
Deferred charges_.
34,601
re¬
pro¬
debtedness
d Supplies & stores
value
6%
103,804
for
of
cessing
42,068
g
plants
fair
10,495
5%
debs
Reserve
funds
order
40,597
22,356
15-
on
conv.
income
f
sub¬
marks, &c
accrd.
year
court
Oper.
Goodwill,
Int.
ven¬
held
ject
1 75,700
re¬
20,438
for reorg.
expenses
inc.
debentures
57,957
9,657
Taxes pay. & accrd
$134,428
111,585
39,482
expenses
15-year
Processing taxes
195,961
8,800 Bills & accts. pay.
454,826 Accrd. payroll <fc
cash dep.with trus¬
for
Factors' advance
account
71 387
b Special deposits-
tee
Feb. 24/40 Feb. 25/39
Liabilities—
Feb. 24/40 Feb. 25/39
Cash In bank & on
E.
of Central
Free Sewing Ma¬
Haddorff Piano Co., and Landstrum Furniture Corp. for $2,000,000 to Jay Kasler, head of a Toronto, Canada, investment firm bear¬
ing his name, was announced on April 15.—V. 138, p. 2918.
A ssels—
$1,004,458
securities
Ltd.—Sold—
Sale of Consolidated Industries, parent corporation of
chine Co.,
hand
G.
b $1 par.—V. 150, p. 990.
182,975 no par shares,
Consolidated Industries,
$5,248,684
2,302,768
2,607,187
12,623
90,204
108,892,099 109,118,727
Gross profit before depreciation
2,147,118
Int. & other income charges of subs
Int. & other income charges of Con¬
425,776
in
Total
108,892,099 109,118,727
Total
Net income
$7,689,033
reserves..
subs
for
Provision for retirements
96,574
402,683
pref.
Equity of minor.
5,924,998
1,308,401
23,339
115,938
$25,233,195 $23,310,678 $23,906,385
13,897,307
12,784,337
13,476,398
1,354,234
1,254,533
1,234,597
69,582
79,642
80,586
397,280
385,538
458,431
1,944,775
1,856,949
1,827,734
Net oper. revenues before provision
for retirements
$7,570,016
on
Inc.—Weekly
1938
1939
expenses
416,862
ex¬
stk. of asub..
Other
Consolidated Textile Co.,
revenues.
430,226
10,701
divs.
33,142
April 14, amounting to 142,700,000 kilowatt hours, compared with 135,100,000 kilowatt hours for the
corresponding week of 1939, an increase of 5.6%.—V. 150, p. 2420.
Calendar Years—
135,371
103,212
895,810
183,460
Undeclared cum.
Consolidated Edison Co. of New York announced production of the elec¬
Consolidated Electric & Gas Co. (&
171,675
156,517
105,286
818,481
8,959
329,365
tric plants of its system for the week ended
Gross
Def. credit items
Uncoil.accts .res.
tensions
Output—
Operating
Operating
150,851
268,851
137,002
221,530
51,615
and supple¬
1,159,426
989,952
deposits
Contings. res
$33,727,146
Total
$33,727,146
The Connecticut Light & Power Co.
b Under agreement
mental mortgage dated June 23, 1904.—V. 150, p. 1133.
.
__
extension
Contrlbs. for
'
a
3,223,624
1,924,981
990,077
deposits
Improvements to
leased prop'ty
Other def .debits
202,232
Taxes
26,714
20,509
Total
Cons'rs
531,530 Serv.
1,421,457
302,265
accrued
81,663
-
Taxes accrued
36,195
Matured Interest
9,079
receivable
Rental receivable
Materials and supplies
&
Int. accrued
149,115
128,430
480,000
93,596
302,829 Unredeemed tickets
45,227,100
30,994,200
3,316,418
1,745,493
1,258,487
1,054,984
926,472
Elec.
bonds.. 31,760,700
Notes payable..
b Advances from United Gas
(bond inter¬
1,518,650
Consol.
7,697,000
364,998
16,329
Long-term debt
Special funds
1,000,000
1,498,700
....
Subsid.
discount & exp.
$8,142,900
8,977,200
Common stock ($100 par)
1,480,000
1,000,000
stk. of
subs
debt
of subs
Liabilities—
A 936t8-—^
Sinking fund (bonds deducted
1,480,000
stock.
Accts. payable.
Prepaid Insur'ce,
taxes, int., &c
(Subject to adjustments not now determined, resulting from rejection of
lease of property)
Investments
1,899,382 ~
....
Unamort.
18,297,300
Gas Co. bonds 44,411,500
1,934,902
3,282,971
112,334
405,600
1,731,061
Appl'ces
1939
partic.
Pref. cap.
234,004
1,718,595
3,347,266
Cash
charged to Connecticut Light & Power Co., lessee.
b Represented interest accrued, but not paid, on advance from the United
Gas Improvement Co. under agreement and supplemental mortgage dated
June 23, 1904.
'r^-r
c For period Nov. 16 to Dec. 31, 1936.
Balance Sheet Dec. 31,
deposits
spec,
18,297,300
stock
b Common stock
and
funds
$
$
pref.
cum.
b CI .A non-cum.
99,269,273 100,317,506
(net)....
$6
cap.
&c.,
consol.,
1938
1939
Liabilities—
a
not
subs,
Sink,
Includes $2,906 surtax on undistributed net income and is net of $706
normal Federal income tax and $969 surtax on undistributed net income
a
_
^
Fixed cap., In vs.
a
Accounts
,
$
$
Assets—
66,285
$39,139
Deficit for the year
Special deposits
est., &c.)
_
1938
1939
2,754
2,487
Approp. for annual sink,
fund requirement
contra)
„
Consolidated Balance Sheet Dec. 31
M,
deductions...
Other
$412,390
1st & ref. 4>^s,
on
On bds. held by
April 20, 1940
$1,985,110 $1,909,854
At the lower of cost or market,
mortgage, the company may, prior to
deficit
Total..
25,000
28,015
25,000
139,570
226,495
139,570
28,015
134,737
$1,985,110 $1,090,854
b Under the terms of the indenture of
Aug. 27,1941 (or later date on certain
conditions), employ $150,000 hereof for the rehabilitation of or improve¬
ments to the Lynchburg Cotton Mill; the remaining $25,700 may, prior to
Oct., 1940, be used for the same mill or for the Windsor Print Works,
c As estimated by J. E. Sirrine & Co. as of acquisition by company
with
subsequent additions at cost; Lynchburg Cotton Mill, $606,565; Windsor
Print Works, $248,253; Ella Cotton Mill, $140,521; total, $995,340; add—
furniture and fixtures, $4,965; total, $1,000,305; less—reserve for deprecia¬
tion, $88,684; balance, $911,621.
d At cost less reserve for obsolete stock,
e Secured by merchandise inventories,
f Claimed by customers of prede¬
cessor company, and payable from special deposit on receipt of court order.
g
Secured by a first lien on all property except
V. 149, p. 3257.
the Ella Cotton Mill.—
Volume
The Commercial & Financial Chronicle
150
Consolidated Laundries
Coty, Inc. (& Subs.)—Earnings—
Corp.—Earnings—
Earnings for 3 Months Ended March 31, 1940
3 Mos. Ended—
Mar. 23, '40 Mar. 25, '39 Mar. 26, '38 Mar. 27, '37
deprec.,
interest and taxes$41,877
$16,060
x$l,665
x$49.049
Earns. per sh. on 400,000
shares common stock.
Nil
Nil
Nil
$0.1,1
Net
loss
after
Profit
x
before
Federal
a
$303,961
$363,492
249,462
1,370,525
65,571
1,168,318
93,617
_
receivable
Mtge. invest., &c_
U.
8.
211,929
& municipal
bonds dep.
$208,789
Accounts payable.
181,178
209,519
1st M. 6%
ser.gold
bds., due in 1 yr.
75,000
84.573
84,573
and taxes
on
3,908,139
94,418
6,537
l
1
$381,449
$0.52
$0.50
$0.63
$0.55
$1,044,127,
equal to $1.74 a share, comparing with $978,539 or $1.63 a share for the 12
months ended March 31, 1939.—Y. 150, p. 1761; V. 149, p. 2684.
15,280
the
months
12
ended
March
31, last, net profit
was
Cumberland County Power & Light
Co.—Earnings—
[Including Cumberland Securities Corp.]
61,315
_
59,478
Conv. 6H% 10-yr.
395,000
notes
Period End. Feb. 29—
Operating
Operating
487,475
payable.
327,125
Res. for workmen's
$387,357
224,845
31,335
3,660
26,790
1940—12 Mos.—1939
$4,842,263
$4,628,552
2,571,094
2,783,610
375.883
392,999
46,146
46,861
293,627
320,425
1940—Month—1939
revenues
expenses
State and munic. taxes.
Purchase money
mtges.
$299,064
600,000
shs. cap. stk. (nopar).
6,537
25,227
gold
1937
1938
1939
$309,997
263,570
75,325
Fed'l Income tax..
deposits
104,159
equipment..... 3,751,084
Deferred charges_.
Goodwill
$0.18
(& Subs.)- -Earnings-
1940
$331,573
Salesmen's & other
Land, bldgs., ma¬
chinery & deliv.
$182,197
__
share on 1,537,435 shares of capital stock..
3 Mos. End. Mar. SI—
Net profit after all chgs.
For
payable in 1 year
Pref. stk. div. pay.
cost
per
Earns, per sh.
250,000
Accruals
$89,511
Pur. money mtges.
with
Dept. ol Labor—
c
Mar. 23'40 Mar. 25'39
Liabilities—
Notes payable
Notes and accts.
Inventories
Earnings
—V. 150, p. 2420.
Cream of Wheat Corp.
Mar. 23'40 Mar. 25'39
Cash
Net profit after all charges
surtax.
Consolidated Balance Sheet
Assets—
2571
_
Social security taxes_
Fed. (incl. income) taxes
$415,348
256,397
32,737
3,726
25,455
93,958
95,488
348,600
348,600
Net operating income.
$97,033
1,942,840 el,922,238
818,549
854,401
Non-oper. income (net).
10,597
$100,727
7,438
$1,298,368
115,428
$1,341,802
85,279
Capital surplus—
Earned surplus
1,429,543
$107,630
32,488
$108,165
32,745
65
15,463
14,893
$1,413,796
392,359
1,870
198,401
$1,427,081
55
$59,624
$60,462
29,166
$821,166
$858,058
347,396
com p.
ins., &c__
Preferred stock
d Common stock..
Gross income
1,262,738
Bond interest.
Total
a
After
1939.
in
$5,929,336 $5,924,487
for doubtful accounts of $50,087 in 1940
and $47,056 in
After reserve for depreciation of $5,437,024 in 1940 and $5,285,884
d Par $5.
e After deducting $77,762 cost of 7,832 shares of
c
1939.
common
reserve
...$5,929,336 $5,924,487
Total
stock held in treasury.—V. 150, p. 2419.
Other interest
Other
(net)
—
—
deductions
Net
income
_
Pref. div. requirements.
29,166
392,969
Cr3,872
179,926
349.972
—V. 150, p. 2420.
Water Power & Paper Co., Wisconsin
Wis.—Stock Offered—Fuller, Cruttenden & Co.,
Chicago, are offering 15,000 shares ($25 par) common
stock at $30 per- share.
The offering does not represent
new
financing.
In March last the same bankers offered
6,000 shares at the same price.
Consolidated
Cuneo
Rapids,
The company was organized nearly a half century ago as a water power
unit and in 1903 also entered the paper business and has become one of the
leading manufacturers in the industry with assets over $19,000,000. Cornpan v owns and operates four mills.
Operations at the present time are now
at the highest point in the company's history.
Despite price increases, the
company's back-log of orders the first of this year was 88% ahead of a
year ago.
Consolidated produces all its own pulp and sells its excess
the trade.
production to
Normally about 38% of the pulp requirements of this country are
imported.
Since 1904 the company has reported a
deficit in only three years and has
paid cash dividends to stockholders in every year except one. Net income
last year was $1,531,982 or $3.83 per share, the highest on record.
In 1929 the company began producing book and writing papers and began
experimenting in coating paper on paper machines with a patented process.
Since that time the company has made rapid progress in this field.
One of
its customers is Time, Inc. to whom they supply substantial quantities of
coated paper for its publication "Life" and other magazines.
Company has a funded debt of $3,015,000 and 400,000 shares of common
stock outstanding.—V. 150, p. 2091.
Container
Corp. of America—To Borrow $5,000,000—
The
corporation has arranged with seven banks to borrow an aggregate
any time before June 16, 1940, the proceeds to be used
to redeem its outstanding 1st mtge. sinking fund 6% 20-year gold bonds
and its 15-year 5% gold debentures.
The company's obligation to repay the loans will be evidenced by five
$600,000 promissory notes and one for $2,000,000, bearing interest at rates
from 1J^% to 2H% and maturing $50,000 a month from July 15, 1940,
to Juna 15, 1945, when the remaining $2,050,000 falls due.
The loan is divided as follows:
New York Trust Co., $1,300,000;
National City Bank, $1,000,000; First National Bank of Boston, $1,000.000;
City National Bank & Trust Co. of Chicago, $500,000; Harris Trust &
Savings Bank, Chicago. $500,000; Northern Trust Co., Chicago, $500,000,
and Equitable Trust Co., Wilmington, $200,000.
The company agrees that it will not declare any dividends if their payment
would reduce surplus to less than $2,500,000 or if net working capital
would be less than $3,500,000.—V
150, p. 2419.
of $5,000,000 at
Continental
Under
Roll
Steel
&
Foundry
Co.—Deposits
Plan—
J. T. Osier, President, in a recent letter to bondholders said:
1939, the company submitted to all of its known
Under date of Oct. 3,
and to its stockholders, a plan of recapitalization which
provided, among other things, for an exchange of the present bonds which
mature on June 1, 1940, for new similarly secured bonds bearing 6% interest
and maturing in 1950, plus four shares of common stock per $1,000 bond.
To date (March 15)
$1,788,000 of bonds (50 + % of all outstanding)
have been deposited and the holders of only $32,500 (less than 1% of the
total) have written to the company expressing a disinclination to deposit.
Accordingly $1,754,000 of bonds, or 49% of the issue, are held by owners
who have not responded to either of the earlier communications.
Efforts to effect a refinancing of the issue have been unsuccessful.
Only
two
alternatives remain—a voluntary extension under the plan, or an
extension or exchange for other securities under a reorganization proceeding
under Chapter 10 of the Bankruptcy Act.
Since a sufficient amount of the
preferred and common stock has already been deposited under the plan,
the choice now rests solely with the holders of the undeposited bonds.
The company, accordingly, urges acceptance of the plan and deposit of
the bonds immediately.
The new bonds which received in exchange will
have the same lien as security and will bear the same rate of interest.—V.
150, p. 1930.
bondholders,
Press, Inc.—Interest Rate Reduced—
Securities and Exchange Commission
with the consent of the Equitable Life Assurance
States the company had executed a supplemental
indenture with respect to $2,000,000 of 4% debentures due 1948, reducing
the annual interest rate to 3 Ys % and making material inrceases in premiums
payable on prepayments other than for sinking fund purposes, as part of a
plan involving retirement of the company's preferred stock and debentures.
—V. 150, p. 2092.
The
that
company
on
Feb.
1.
has
informed the
1940.
Society of the United
Curtiss-Wright Corp.—Plan of Merger Opposed—
Expressing strong opposition to the proposed plan of merger of CurtissWright Corp., Atlas Corp. and Wright Aeronautical Corp., Massachusetts
Investors Trust and Supervised Shares, Inc. have written the board of
directors of Curtiss-Wright Corp. as follows:
"The undersigned Massachusetts Investors Trust is the owner of 21,700
shares of class A stock of Curtiss-Wright Corp. standing in the name of
trustees of Massachusetts Investors Trust under declaration of trust dated
March 21, 1924.
The undersigned, Supervised Shares, Inc., is the record
or beneficial owner of 4,000 shares of such ciass A stock.
"We have made a careful examination of the proposed plan of merger of
Curtiss-Wright Corp., Atlas Corp. and Wright Aeronautical Corp. which
understand is to be submitted to stockholders at a meeting in the near
we
future.
"After analysis of the plan we wish to state that we are strongly opposed
to this plan.
We do not believe the company is in need of any permanent
financing and we further believe that if any new securities are to be issued
they should first be offered to stockholders.
"The reasons for our opposition to the proposed plan may be summarized
as
follows:
(1) The company does not need $37,000,000
finance its operations adequately with its present
additional capital and (can
cash position and earnings.
The Curtiss-Wright Corp. gives securities worth $45,679,796 in
exchange for the $37,000,000 of additional capital, a cost of $8,600,000 which
is deemed excessive and unwarranted.
(2)
The Atlas Corp. common stockholders are in effect allowed to pur¬
Curtiss-Wright common stock at a price of 7 H < compared to a market
This right, if given any one, should be given the CurtissWright stockholders.
(4) The Curitss-Wright Corp. gives to Atlas Corp. warrant holders
valuable warrants, which, if given any one, should be given the Curtiss(3)
chase
price of 1014.
Wright stockholders.
(5) The Curtiss-Wright Corp. replaces a non-cumulative prior dividend
of $2,317,000 with a prior cumulative preferred dividend of $2,570,000
which, if it had been in effect since 1929, through accumulated unpaid
preferred dividends would have reduced the equity value of the common
stock very considerably.
(6) The Curtiss-Wright common stock capitalization is expanded from
7,429,000 shares to at least 10,418,000 shares, and the earnings on the
common
are
diluted.
(7) The Curtis8-Wright Corp. will have increased its
permanently in order to finance a war expansion which may be
capitalization
of a temporary
nature.
The Curtiss-Wright Class A stock gives up a
(8)
fully prior position as
$2 dividends, which, though non-cumulative, were paid in 1939, and
be paid under present and immediately prospective conditions of
earning power.
In return the Class A stock receives a cumulative preferred
dividend of $1.25, a reduction of 37H%» Plus a participation in possible
to
should
future common dividends.
...
,
(9) By this merger the Class A stock is disenfranchised of its charter
provisions to the effect that a vote of one-third of the class A stock will
prevent an increase of the authorized common and A shares, a sale of all
the assets, and voluntary dissolution of the company.
"We understand that you are preparing a proxy statement for use in
„
„
,,
,
_
soliciting proxies at a meeting to vote on the plan.
We propose to offer
at this meeting a resolution which we request be included in the notice of
the meeting, and so set forth in the order of business that the same may be
considered and voted upon prior to vote upon any resolution to adopt,
authorize, or approve the proposed plan of merger.
We also request that,
pursuant to regulation X-14 of the Securities and Exchange Commission,
include in your proxy statement for this meeting a statement of our
identity, the number and class of shares held by us, our opposition to the
proposed plan of merger, and our intention to offer the resolution, together
with a full copy of the resolution.
We also request that the form of proxy
solicited by you be such that a stockholder may indicate thereon the manner
in which he wishes his stock to be voted upon our proposed resolution.
"In taking this action we wish to go on record as being well satisfied with
the operating management of the Curtiss-Wright Corp. under the able
leadership of President Guy W. Vaughan and wish to commend him and his
associates for their accomplishments in developing and in building up the
business and earnings of the company.
We do not feel, however, that the
board of directors has acted in the best interests of the Curtiss-Wright
Corp. and of its stockholders in voting for the merger with the Atlas Corp.
—v: 150, p. 2420.
■
'
you
Cooper-Bessemer Corp.—To Pay $1.50 Pref. Dividend—
Directors
have
declared
a
dividend of $1.50 per share on
the $3 prior
preference stock, payable May 10 to holders of record April 26.
Dividend
of 75 cents was paid on Jan. 24 last and on April 1, 1940.
Accruals after current payment will amount to 75 cents.—V. 150, p. 126.
Coos Bay
-Earnings-
Lumber Co.-
1940
Depletion_
Depreciation
_
_
__
$24,043
23,625
40,311
4,030
33,531
_:
_
1939
$31,882
3 Months Ended March 31—
Profit from operations
u
Non-operating property expense.
Loss from disposal of assets
...
___
Deficit at beginning of period...
Deficit at March 31
$5,679
20,036
Cr3.316
080,648
816.125
$39,893
19,756
5,323
66,714
$757,876
Loss from operations.
Interest paid or accrued (net)
$762,046
630,360
Balance Sheet March 31, 1940
$4,002;
March 31—
profit from operations.
______
8elling expenses..—
General and administrative expenses
_______
v
1940
__x$l,181,416
450,740
—
Provision for depreciation and amortization.__—
receivable (less reserves), $157,003;
inventories, $346,951; plants, properties, &c., $6,695,614; deferred charges,
$76,593; total, $7,280,162.
■
Liabilities—Due bank, $1,250,376; accounts payable,
&c.f $98,964;
accrued payrolls, $16,839; accrued property taxes, $99,697; accrued prop¬
erty taxes due 1941 to 1954, $222,164; capital stock 63,500 shares no par
value, $6,350,000; deficit, $757,876; total, $7.280.162.—V. 150, p. 2092.
Assets—Cash,
Cutler-Hammer, Inc.—Earnings—
3 Months Ended
Gross
accounts
unemployment taxes
and Federal income taxes (est.)
Social security and
State
.
Profit from operations
Charges to reserves for inventory
other
Net
Cosden Petroleum
Month
—V.
Corp.—Earnings—
of March—
Profit after fixed charges
150, p. 1931.
-
x
1940
$11,601
1939
loss$7,564
— ■
110,192
1939
$646,516
37f.387
47,966
56,223
110,000
46,658
44,984
$406,295
$89,005
$406,295
$56,702
fluctuations and
32,303
contingencies
profit for the period,.
— -
Includes other income of $9,993.
Note—The above figures for 1939 do not include provision
State income taxes, which could not be determined at
and
Y. 150, p. 1431.
„
for Federal
the time.—
The Commercial & Financial Chronicle
2572
Dallas Power &
Period End. Jan, 31—
Operating
Operating
1940—Month—1939
$578,664
$536,105
expenses
219,150
101,119
31,616
214,850
89,653
9,939
Net oper. revenues
Other income
$226,779
$221,663
Gross income...
$226/779
46,667
Direct taxes
Prop, retire,
1939
res. approp,
Cash
$2,693,558
$2,633,699
Time drafts <k deps
Special deposits
4Id
mortgage bonds.
Other int. «fc deductions.
on
a46,604
$221,663
46,667
a42,317
$2,693,579
560,000
$2,634,117
Net bal. receivable
560,000
b528,521
b473,481
from agents
Misc. accts. receiv.
$
Assets—
.
1939
Liabilities—
9,581,002
694,261
Traffic &
9,425,454
&c.
equipment,
596,858
60,000
_.
.Balance
-
$1,605,058
507,386
65,486
$1,097,672
$1,093,250
amortization
of $44,000
wages payable..
205,668
Misc. accts. pay..
Int. matured unpd
2,593
1,912
60,020
60,060
liablls.
3,246
2,298
liabilities
71
994.
Unadjusted credits 1,558,882
1,568,391
Other
112,390
5,229
5,232
208
107,911
39,192
19,966
curr.
Deferred
Addition
54
102,628
debits
through
prop,
income
2,228
2,229
2,577,785
2,614,588
...10,836,891
10,821,451
........
Total
10,821,451
...10,836,891
to
and surplus
Profit & loss credit
balance
Total
145,070
Audited accts. and
in
1940; also includes in January, 1939 amount
required to amortize debt discount and expense over the life of the out¬
standing debt plus an additional amortization of $37,000.
b Includes for both periods amount required to amortize preferred stock
6,814
419,865
101,938
23,110
23,036
assers
Unadjusted
6,814
419,584
147,504
divi¬
and
of
...
car serv¬
128,292
plies....
Deferred
aid
in
construction
168,078
dends receivable
Other curr. assets.
Includes for both periods amount required to amortize preferred stock
and expense over the life of the charter plus an additional
a
Grants
Traffic &
ice bal. payable.
124,569
Interest
commission
3,000,000
car serv.
$1,600,636
507,386
$-
3,000,000
Long-term
3,000,000
debt.. 3,000,000
60,000
65,944
Materials and sup¬
Net income.:
$133,508
$132,679
Dividends apxliic. to pref. stocks for the period..
1938
$
Capital stock
Investm't in road,
Ice bal. recelv..
Int.
1938
$
1940—12 Mos.—1939
$6,928,551
$6,711,013
2,554,764
2,527,1^3
1,183,792
1,125,078
496.437
425,053
21
revenues
April 20, 1940
Comparative General Balance Sheet Dec. 31
Light Co.—Earnings—
-V. 150, p. 2094.
commission
and expense over the life of the charter, plus an additional
amortization of $142,528 in 1940; also includes amount required to amortize
debt discount and expense over the life of the outstanding debt, plus an
additional amortization of $328,472 and $406,500 for the 12-month periods
ended Jan. 31, 1940, and Jan. 31. 1939, respectively.—V. 150, p. 1431.
Dallas Ry.
& Terminal Co.—Earnings—
Period Ended Jan. 31—
1940—Month-—1939
Operating revenues
Operating expenses
Direct
$251,365
$253,839
179,479
16,962
182,965
17,312
Taxes
Detroit Steel
Corp.—Earnings—
[Including Craine-Schrage Steel Co.]
1940
3 Mos. End. Mar. 31—
Net pi of it after deprecia-
1939
1938
1937
'
1940—12 Mos.—1939
$3,086,363
2,149,019
206,422
common
$3,061,158
2,127,217
189,277
Property retirement re¬
serve appropriations..
9,078
16,189
231,212
$42,010
15,505
$41,209
15,505
$499,710
186,063
$490,107
186,063
$26,505
1,208
$25,704
1,625
$313,647
15,917
$304,044
22,181
$27,713
23,515
1,959
$27,329
23,515
^ 2,529
$329,564
282,180
24,359
$326,225
282,615
25,989
$2,239
$1,285
Divs. applicable to pref. stock for the period
$23,025
103,901
$17,621
103,901
Balance, deficit
$80,876
$86,280
$92,407
x$48,806
.
$211,149
on
$0.56
stock
$0.45
Indicates loss.—V. 150, p. 1931.
x
254,557
Net oper. revenues...
Rent for lease of plant..
$114,532
tion, taxes, &c
Earnings per share
Nil
$1.02
,
(E. I.) du Pont de Nemours & Co. (& Subs.)-—Earnings
1940
1939
1938
1937
of
returns.,
outward /V
freight, &c.) & other
operating revenues..$78,503,803 $66,641,738 $52,094,385 $74,062,665
Cost of goods sold and
operating chzrges
42,946,378
38,811,792
32,787,646
44,524,596
Sell., gen. and adminis.
expenses
10,958,296
9.304,093
7,885,994
.9,7.82,682
Provision for deprec. and
.)
obsolescence........
4,817,572
4,721,136
4,309,081
3,974,969
3 Mos. End. Mar. 31—
Operating income
Other income
Gross income
Int.
.
on
Other
rntge. bonds
deductions
Net income
a
a
•,,■■■
Dividends accumulated
$649,381.
stock
was
and unpaid to Jan. 31,
1940, amounted to
Latest dividend amounting to $1.75 a share on 7% preferred
paid on Nov. 1, 1933.
Dividends on this stock are cumulative.
—V. 150, p.
Sales
(net
allowances,
•
Income from
opers_..$19,781,557 $13,804,717
Inc. from market,
Income
controlled
37,289
cos.,
65,000
236,477
348,286
65,000
352,014
24,544
222,046
110,389
7,500,000
7,500,000
2,447,383
in
not
wholly owned
1276.
Inc. from miscell. invest.
Dayton
Power & Light
Co.—Counsel
"
Submit Briefs in
Arms-Length-Bar gaining'1 Case—
Profit
securs.
on
Income
(nefc)..
and
Exchange Commission during oral argument beforeTmembers of the SEC.
a four-hour hearing
during which all sides in the complicated pro¬
were heard, Chairman Jerome N. Frank asked Edward S. Pinney,
for Dayton Power & Light, for suggestions on improving the
rule, which has already been attacked by the Investment Bankers Asso¬
65,000
105,000
802,490
from invest,
rec.
in Gen. Motors Corp.
Counsel for company and Morgan Stanley & Co.,
Inc., on April 13 at¬
tacked the validity of the "arm's-length bargaining "rule of the Securities
$7,111,664 $15,780,418
107,308
25,708
14,056
securs.
invest,
from
2,443,918
Total income
Interest
In
..$27,945,376 $21,783,564 $10,063,790 $19,157,534
outstanding
13,188
13,188
13,188
14,188
on
bonds.
ceedings
of counsel
$27,932,188 $21,770,376 $10,050,602 $19,143,346
Prov.
ciation.
George A. Brownell, of Davis, Polk, Wardell, Gardiner & Reed, ques¬
validity of the "arm's-length bargaining" rule at the conclusion
surtax
tioned the
of his argument as did Mr. Pinney.
Earlier he denied the allegations of
SEC counsel that there is an absence of arm's-length
bargaining between
the issuer, Dayton Power &
and Morgan Stanley & Co.,
Light, subsidiary of Columbia Gas & Electric,
Inc., underwriters for $25,000,000 of Dayton
bonds, which have already been sold.
John W. Houser, of counsel for the commission, presented his case in
the course of two hours of argument before the SEC
during which he con¬
tended that briefs which Dayton Power &
Light and Morgan Stanley &
Co., Inc. have filed in defense of their position "do not support their con¬
tention as to the invalidity of the rule or of the
proceeding, and that an
order should issue declaring
Morgan Stanley & Co., Inc., to be an affiliate
of the Dayton Power & Light Co., for the
purpose of Rule U-12 F-2."
—V. 150, p. 1276.
De
Detroit Edison Co.
Utility
expenses
.
Divs.
on
pref. stock—
$4.50 cumulative
$16,084,283 $15,121,202
95.813
Dr9,946
270,546
$10,094,351
$9,173,942
Including all operating and maintenance charges, current appropria¬
—
(depreciation)
reserve
and accruals for all taxes.—- V.
stock
Incl.
E,
.
I.
Nemours
562,500
562,500
du
.
Pont
Co.'s
&
.$21,827,232 $16,873,480
$6,858,706
$14,373,950
$17,109,459
$7,176,571
$14,806,572
11,055,921
$1.55
11,037,947
11,047,838
$1.34
de
eq¬
uity in undivided profs,
losses of controlled
or
cos. not
wholly owned,
stock
Shares of
is........$22,528,801
com.
stock out¬
standing during period,
excl.
shares
held
in
New
a
share.
$0.65
Official—
Henry B. Robertson
April 17.
relations
11,046,113
$2.04
....
appointed an Assistant Treasurer at a meeting
He also will continue as manager of stockholders'
stock transfer agent in Wilmington. —V. 150,
was
of board held
division
and
as
1762.
p.
Eastern Gas & Fuel Associates (&
Calendar Years—
Net
sales
and
sundry
1939
1938
operating revenues...$54,004,991
Operating
Total
Subs.)—Earnings—
v 1937
1936
$48,265,890 $58,062,595 $54,450,237
revenues, pub¬
lic utility companies
1932.
net
sales
11,930,116
11,549,900
11,*60.804
11,535,175
and
operating revenues_$65,935,107 $59,815,790 $69,523,399 $65,985,412
Detroit & Toledo Shore Line RR.—Annual
Calendar Years—
Operating
Operating
>1,899,956
Bal, applic. to common
treasury
.....
p.
3,130,000
$16,013,346
1,639.396
Amount earned
.....$60,931,433 $56,165,171
44,847,149
41,043,969
......
150,
990,000
$9,060,602
1,639,396
1939
Gross corporate income..
..-...$16,180,096 $15,111,256
Interest on funded and unfunded debt.....
5,786,642
5,854,259
Interest charged to construction....
Cr68,150
0187,491
Amortization of debt discount and expense
367,253
Net income
4,205,000
2,695.000
......
Income from utility operations.
Other miscellaneous income
tions to retirement
undistrib.
on
Net income._..._...$23,727,188 $19,075,376
Divs. on debenture stock
1,639,396
mon
1940
.
on
for
amount earned on com¬
(& Subs.)-—Earnings—
12 Months Ended March 31—
Gross earnings from utility operations
a
taxes
prov.
profits).
Met's, Inc.—New Director—
At the recent annual meeting of
stockholders, Juiius Weiss was eiected a
director, replacing Herbert Delafield.
At the subsequent directors' meeting
C. N. Johnson Jr., Secretary, was also elected Treasurer.—V.
149, p. 2969.
a
Fed.
for
income (inc.
1939
Cost of sales & expenses
Report—
of
operation.
Oper. exp., pub. util.
expenses
1938
1937
1936
$3,284,540
1,714,184
revenues
$2,673,813
1,481,207
$3,815,007
1,730,586
$3,967,609
1,755,642
$1,570,356
355,359
$1,192,606
305,275
$2,084,421
382,710
$2,211,967
397,944
$1,214,997
968
$887,331
1,132
$1,814,023
20,148
7
108
$1,701,711
8,703
1,090
115
122
117
102
,
Gross
Selling
Net rev. from ry. oper.
Railway tax accruals...
Uncollectible ry. rev
Ry
oper. income
Rent for locomotives...
Rent from work equip't.
Joint facility rent income
308
revenue
expense
cos
41,743,689
9,640,382
36,821,508
9,719,626
43,224,712
9,612,136
40.518,918
9,360,051
..$14,551,036 $13,274,656 $16,686,550 $16,106,443
3,183,458
3,086,132
3,896,089
3,399,247
1,896,682
1,849,797
2,013,929
1,939,320
61,013
86,528
39,684
39,081
General admin, expense.
Idle plant expense
Uncollect.accts
.commer¬
cial companies.
Amortiz. of pipe line exp.
133,839
10,667
Net profit from oper..
$9,265,377
Cr456,326
.....
Other income
—
;
191,264
10,669
133,163
100,625
104,106
36,369
$8,050,268 $11,003,060 $10,588,311
Cr376,938
Cr267,291
Cr239,273
Net loss from mdse. sales
Gross oper
income
$1,216,087
$888,693
$1,711,621
$1,834,581
Rent for locomotives...
412,847
7,534
Rent for work equip't...
Joint facility rents
356,132
6,942
440,809
15,714
499,816
25,196
54
96
132
485
170,724
167,165
178,964
177,547
$624,927
$358,358
$1,131,537
2,640
14,606
2,825
15,311
$1,076,002
1,276
14,766
Hire of freight cars (debit
balance
Net ry.
9per. income.
Misc. rent income
...
Inc. from funded sees...
Income from unfunded
securities and accounts
Miscellaneous income
Gross income
Miscell. rents.
Miscell. tax accruals
Interest on funded debt.
Int. on unfunded debt..
Miscell. income charges.
Net income
Dividends
Balance, surplus
2
157
10J87
642
1,018
1,294
4,446
4
57
'57
$647,261
$377,516
$1,093,395
85
$1,145,650
85
85
380
365
120 000
utility companies.
Deprec'n & depletion
Prov.
for retirements
Crl6,551
3,546,480
12,025
3,453,032
6,079
3,451,903
662,000
2,822,318
37,966
44,251
589.496
2,883,493
60,737
38,607
583,412
2,937,776
53,405
33,873
456,466
3,079,859
621,848
158,117
439,907
648,572
124,191
342,806
656,934
z566,079
479,083
42,278
y369,584
$1,405,368
140,439
$274,246
1,627
Crl29,206
$2,871,520
1,627
Cr147,923
$3,005,614
141,078
Crl2,495
$1,264,658
$401,825
$3,017,816
$2,877,031
1,108,678
554,366
280,603
1,108,732
1,122,414
831,780
1,683,679
$155,980 def$433,144
$786,669
$361,571
Cr20,735
3,243,218
of
utility property
Int. on term indebted..
Other interest charges.
Taxes on bond interest..
_
Amort, of debt discount
and expense
Misc. deductions.
Federal income taxes
.
109,369
110,132
62,084
1 712
205
85
259
120,000
120,000
2,144
10,180
56
120,000
1,144
400
823
638
$514,647
540,000
$256,716
240,000
$970,963
990,000
$1,021,118
1,050,000
def25,353
$16,716
def$19,037
def$28,882
3 444
Net inc. before min.
interest
Min. int. in earn, of subs
Adjustments
Net income
Dividends—
Prior pref. 4H% cum.
Pref. stock 6% cum..
Balance, surplus
y
271
Including $5,200 surtax on undistributed profits,
on undistributed profits
is anticipated.
surtax
No liability for
z
•
*
•
Volume
The Commercial & Financial Chronicle
150
Consolidated Balance Sheet Dec. 31
1939
Assets—
Prop., equip.
capital assets. 193 ,740,868 193,110,651
3 537,683
3,594,021
cash
1 266,009
137,406
2 209,481
136,955
27,120
& sur. of subs.
pay.
Term
receivable
9,503,804
8,360,633
allied
7,900.613
7,904,824
69 ,292.000
71,177,000
127,838
& accr'ls
indebted
ness
..
Due to affil.
254,351
351,356
cos.
877,194
921,243
Consumers dep.
Inventories
,593,770
10,703,652
Deferred
,918,905
8,521,941
Deprec. & depl.
Speclal retlrem't
companies
items.
Other
36,793,227
,006,155
1,112,984
,681,899
,
Chicago & Erie, and the new annual charges, exclusive of
6,287,255
shares.—V. 150, p. 2095.
Annual
Principal
Amount
Fixed interest debt.
Payments to capital fund
Contingent interest debt....
Sinking fund payments5% preferred stock
-
Totals
Charges
$138,289,887
$5,628,245
*1,600,000
1
52,987,392
2,384,923
39,001,323
1,950,066
264,447
Com. stock (no par), taken at
$40 per share
102,413,648
$332,692,250 $11,827,681
.
*
2% of railway operating revenues ($80,000,000 estimated).
As a result of the rejection and modification heretofore, of certain leases,
the rents for leased roads and equipment based on the 1938 results stated
above, would be reduced to $1,891,981.
2,533,333
Total.229,819,783 227,954,769
..229,819,783 227,954,769
no par
225,260
539,308
,533,333
Earned surplus.
Represented by 1,988,400
2,290,219
,871,062
reserves..
Capital surplus-
of the
rents, will be substantially as follows:
405,958
,319,954
Def'd credits
x
37.018,651
Notes and accts.
Accts. and notes
Total.
24,637,300
37,413,800
Mln. int. in cap.
2,468,266
172,069
and
working funds
Due from
24 ,637,300
Preferred stock. 37 ,413,800
x Common stk_.
37 ,018,651
Prior pref. stock
Other fds. & dep.
Cash
bonds
S
$
Liabilities—
S
&
Investments
Petty
1938
1939
1938
S
2573
of interest $12,377,592 and rents for leased roads and equipment $1,991,250.
Under tne approved plan the new capital structure of the Erie, including
Digest of Reorganization Plans of Erie
The effective date of the plans shall
The reorganization of the Erie and
be Jan. 1, 1940.
the Nypano shall be carried out
separately.
If any merger or consolidation of the two companies is concontemplated, it shall be effectuated after the plans for their reorganization
confirmed by the court.
The reorganization managers may determine whether a new
are
East Malartic
Mines, Ltd.—Initial Dividend—
Directors have declared
common
share on the
stock, payable June 1 to holders of record May 1.—V. 146, p. 911.
an
Eastern Air Lines,
initial dividend of 10 cents per
Inc.—Registers with SEC—
See list given on first page of this
Eaton
on
& Howard
Management Fund A-l—Asset Valve
to $18.05
$16.88 on
March 31, 1939.
As of March 31,
in
20.8%
common
was
1940,9.4% of the net assets of the Fund was held in cash,
invested in bonds, 21.8% in preferred stocis, and 48.0%
stocks.—V. 150, p.
Ebasco
Services
1598
Inc.—Weekly Output—
For the week ended April 11, 1940 the kilowatt-hour system input of
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared with the corresponding week during 1939, was as follows:
the
Increase
i
Operating Subsidiaries of—
1940
National Power &
Light Co..
81,078,000
—
Amount
P. C.
12,821,000
11.9
5,354,000
10.0
2,867,000
3.7
1939
108,129,000
53,645,000
78,211,000
American Power & Light Co..120,950,000
Electric Power & Light Corp. 58,999,000
The above
figures do not include the system inputs of any companies not
appearing in both periods,—V. 150, p. 2422.
Electric Auto-Lite Co.
3 Mos. End. Alar. 31—
x
1939
Net profit
_z*2,485,280 y$l,620,903 loss$32,242
x After Federal income taxes, interest and minority interest, &c.
to
$1.35
share
on
nearest $100,000.
The capitalization of the reorganized company, upon consummation of
the plan, exclusive of any obligations which may have been authorized by
this Commission after Nov. 15, 1939, the date of submission of this case,
and prior to the consummation of the plan, shall be approximately as fol¬
lows:
Equipment trust obligations, $18,233,000 as of Jan. 1, 1940; New
York & Erie RR. first mortgage 4% bonds, $2,482,000; new collateral trust
notes, $14,000,000; new first mortgage 4H% bonds, series A, $5,955,850;
new first
mortgage 4% bonds, series B, $74,909,775; new income mortgage
41-6 % bonds, series A, $52,889,392; State of New York grade
crossing obli-
fations $3,538,018;notes $7,000,000; new preferred stock, series A, $39,001,171,244; trustees' obligation to the National City Bank, Cleveland, Ohio,
323; and new (no par) common stock 2,560,341 shares.
All claims against the debtor or the Nypano, which are not otherwise
provided for, and which are entitled to priority over a first mortgage of
either company, and all current liabilities and obligations incurred by the
assumed by the
1937
1938
1
as prohibiting the rejection
of any lease, or prohibiting the sale,
exchange, or other disposition of any securities or other properties now
owned by the debtor, within the purview of the plan, with the limitation
that any property so received in exchange shall be subject to the liens of
the new first mortgage and the income mortgage: and if the aggregate cash
net proceeds of any such sale or sales shall exceed $500,000, the amount of
the new collateral-trust notes provided for shall be reduced by approxi¬
mately the amount of such excess, the reduction to be measured to the
of either of the debtors, shall be paid in cash, or
reorganized company with the relative priority to which
trustees of the property
(& Subs.)—Earnings—
1940
corporation
by the debtor.
Upon
shall have title to all
this shall not be con¬
strued
department.—V. 150, p. 1762.
The company reports the net asset value per share was equal
March 31, 1940, compared with $18.15 on Dec. 31, 1939, and
while
shall be organized or the new securities shall be issued
consummation of the plan, the reorganized company
the property and assets of the debtor, provided that
they
$122,813
y Equal
share on 1,197,253 shares of capital stock,
z Equal to $2.08 a
1,197,192 shares of capital stock.—V. 150. p. 2252.
a
are
entitled in the reorganization proceedings.
The reorganized company shall be
deemed to have assumed all the con¬
debtor, or the Nypano, or of the trustees of the property of
either of them, which shall remain executory in whole or in part upon the
consummation of the plan and which shall not have been rejected pursuant
to the provisions of Section 77.
tracts of the
.
Electric
Musical
&
Industries,
Ltd.—War Form for
By
reason
of the debtor shall be paid in cash: Accrued
interest on New York & Erie RR. first mortgage bonds, the
principal amount of New York & Erie RR. 2d mtge. bonds, $2,135,000,
and of New York & Erie RR. 3d mtge. bonds, $4,616,000, with accrued
The following obligations
and unpaid
Stock Transactions—
of restrictions imposed by the "Trading With the Enemy Act
—1939" and "Defense (Finance) Regulations" of Great Britain, the Guar¬
of American
shares of Electric & Musical
Industries,
Ltd., and upon
surrender of shares for cancellation against release of the actual English
rates to the dates of payment
rates as the court finds to be
equitable: the Railroad Credit Corporation notes, principal amount approxi¬
mately $686,928, and the accrued and unpaid interest thereon at 4% per
annum to the date of payment of the principal, or at a lesser rate of interest
shares
if
anty Trust Co. of New York has informed the New York Stock Exchange
that hereafter the bank will require a "declaration of form" on all transfers
underlying such certificates.
This declaration of form must be signed
by a member firm making the
certificate for cancellation, or by its customer
with the firm's guarantee, reciting that the security is not presented in
behalf of an "enemy," that the proceeds will not be paid to an "enemy,"
that the security has not been owned by an "enemy" at or since the out¬
break of the war and that the owner of the security has not been a resident
of the United Kingdom at or since the outbreak of the war.—V.
149,
p. 3715.
transfer
or
surrendering
a
El Paso Electric Co.
vDel.) (& SubsJ—Earnings-
Earnings of El Paso Electric Co. {Texas)
Period End. Feb. 29—
Operating
Operation
revenues
1940—Month—1939
*
$246,305
Maintenance
99,093
14,599
Depreciation
30,681
Taxes
$221,767
93,132
33,794
Net oper. revenues
15,006
30,661
30,665
1939n
1940—12 Mos,
$2,914,790
1,172,219
173,737
195,978
339,770
369,504
386,524
361,170
$2,973,896
1,199,263
$52,304
Drl,262
$844,868
408
14,965
$845,654
D/-45.726
$68,546
36,160
$51,042
36,247
$859,832
437,152
$799,927
436,582
$32,386
$14,794
$422,681
$363,345
1,806
2,083
24,722
25,000
$12,711
$397,958
46,710
$338,345
46,710
$351,248
$291,635
$68,138
Other income (net)
Balance
Int. & amort,
(public)..
TlaliaTiPA
Interest
(El Paso
Co., Del.).
-
Elec.
...
Balance
$30,580
Preferred dividend requirements (public)
Bal. applic. to El. Paso Elec. Co. (Del.)
Earnings of El Paso Electric Co. {Del.)
12 Months Ended Feb. 29—
1940
1939
$351,248
24,722
$291,635
25,000
91,608
85,770
Expenses, taxes and interest.
$467,578
32,803
$402,420
33,757
Preferred dividend requirements.
$434,776
182,972
$368,663
182,972
$251,804
$185,691
Earnings of Ei Paso Electric Co. (Texas)
Note interest deducted from above earnings
Earnings of other sub. cos., applic. to El
Electric Co. (Del.)
Miscellaneous
Paso
15
revenue
Balance for common stock and surplus
—Y. 150, p. 2422.
Emerson Electric Mfg.
Co.—Listing—
The New York Curb Exchange has approved the listing of 387,770 out¬
standing shares of common stock, par $4, with authority to add to the list,
upon official notice of issuance, 75,000 additional common shares.—V.
150, p. 2423.
Empire Securities, Inc.—Group Buys Interest—
Elisha Walker, a partner in Kuhn, Loeb & Co.,
associates has purchased a substantial interest in
together with a group of
this company, a holding
which owns 59% of the common stock of Willys-Overland Motors,
Inc., it was announced April 18 by Ward Canaday, chairman of the board
of Willys-Overland.
■
company
;
Erie RR.—ICC Issues
Reorganization Plan—
The Interstate Commerce Commission on April 15 issued a reorganiza¬
tion
plan (dated April 6) which scales down the road's capitalization and
This plan differs from the plan presented by the Institutional
Group and the debtor's plan of reorganization.
M»As of Dec. 31, 1939, the capitalization of the Erie RR. was $490,953,630,
including short term notes of the Erie and bonds of the Chicago & Erie RR.,
but exclusive of trustees' obligations authorized by the Commission after
the submission of the case.
In addition to the above, accrued and unpaid
interest as of the above date was $24,328,598, exclusive of coupons due
fixed charges.
before
the
date
of bankruptcy,
but not presented for payment.
Fixed
1938 were $14,368,842 comprised
harges of the Erie and Chicago <& Erie in
and unpaid interest thereon at the coupon
of the principal amounts, or at such other
accepted by that corporation: the balance of $1,564,640, as of Jan. 3,
loans from the Guaranty Trust Co. of New York, First National
York, the Manufacturers Trust Co., Chase National Bank,
Chemical Bank & Trust Co. and Commercial Trust Co. of
with accrued and unpaid interest to the date of payment of
the principal.
•
Payment shall be made in cash of coupons for interest on bonds of the
debtor, declared payable and due before filing of the petition in bank¬
ruptcy but not presented for payment.
Any funds set aside for payment
of such coupons not used for such purposes before termination of the pro¬
ceeding shall be delivered to the reorganized company, which shall pay the
coupons when presented.
Interest on the above unpaid coupons and on
other unpaid coupons, that are payable in cash under the plan, shall be
paid, for the periods from the respective maturities of the coupons to the
dates of payment thereof, only to the extent, if at all, that may be deter¬
1938, clue on
Bank, New
New York,
New Jersey,
,
mined
,
by the court.
The holders of bonds of the classes
stated below shall receive for each
$1,000 bond and all unpaid interest thereon as of the effective date of the
plan, the following amounts of new securities: Erie RR. 1st consolidated
mtge. prior lien bonds, $1,100 of new 1st mtge. 4% bonds, series B; Erie
RR. 1st consolidated mtge. general lien bonds, $250 of new 1st mtge.
4% bonds, series B, $500 of new income mtge. 4H% bonds, series A, and
$350 of new preferred stock, series A; Erie ItR. general mtge. convertible
bonds, $250 of new 1st mtge. 4% bonds, series B, $250 of new income mtge,
4Yi% bonds, series A, and $590 of new preferred stock, series A; Erie &
Jersey RR. 1st mtge. bonds, $1,150 of new 1st mtge. 4% bonds, series B;
Genessee River RR. 1st mtge. bonds, $1,150 of new 1st mtge. 4% % bo™Ji3»
series A: Erie RR. refunding and improvement mtge. bonds, series of 1927,
$75 of new 1st mtge. 4% bonds, series B, $150 of new income mtge. 4fi %
bonds, series A, $140 of new preferred stock, series A, and 20 shares of new
amount of
20.1121 shares
no par value common stock: said bonds, series of 1930, the same
bonds and preferred stock as received by series of 1927, and
value common stock.
The Reconstruction Finance Corporation, for a total claim of approxi¬
mately $22,175,717, shall receive $7,360,000 of new 1st mtge. bonds and
approximately $14,815,717 of new income mtge. bonds.
The holders of unsecured claims shall receive new no par common stock
at the rate of one share for each $40 of the amount of each claim as allowed,
including interest to the extent, if any, that the same is allowed by the
court.
Such claims shall include damages for rejection of leases in such
amount as shall have been adjudicated or approved by the court.
The holders of stock of the debtor shall receive one share of new common
stock for each five shares of common, first preferred, or second preferred
stock now held.
-They shall also receive warrants for the purchase of 1H
shares of new common stock for each share now held.
Holders of securities
or
predecessors of the Erie or subsidiaries, who were entitled to other
securities under the reorganizations of predecessors of the Erie or subsidiaries
shall be entitled to the same securities of the reorganized company as
of
no
par
they would receive had they converted their present securities in accordance
with the provisions of earlier plans.
The reorganization managers, with the approval of the court, shall have
power to adjust the amounts of
of principal or interest paid prior
securities issued to claimants on account
to the time when allocations are made.
of the reorganized company shall be dated as of
Jan. 1, 1940; accrued and unpaid interest to that date on secured obliga¬
tions shall be added to the principal amounts in estimating the total claims.
If any new securities distributed to creditors are issued as of a later date,
The
new
securities
in cash of the interest which would have accrued
1940.
shall remain undisturbed.
The plan shall provide for obtaining approximately $14,000,000 of new
money, either from the RFC or through private channels, through the sale
of new collateral trust notes of that amount, and the pledge of 1st mtge.
bonds.
Although the notes shall be dated Jan. 1, 1940, interest shall
accrue from a date to be fixed by the reorganization managers, depending
upon the date when they are sold, or the notes shall be issued at such
prices as will include accrued interest.
In the event that the financing
must be done through the RFC, the matter shall be raised seasonably by
the proper party in a separate proceeding under Section 5 of the RFC Act,
so that the Commission may act upon it immediately upon confirmation
of the plan of reorganization.
The terms of such financing, including the
collateral security required, shall be considered and disposed of in that
proceeding.
Submission of the plan to stockholders and creditors shall be
contingent upon the receipt by the Commission within 30 days after ap¬
proval of the plan by the court of a tentative commitment to supply the
payment shall be made
if the securities had been issued Jan. 1,
The bonds and stock of the Nypano
funds.
The Commercial & Financial Chronicle
2574
The reorganization managers shall be five in number, one designated by
the debtors, one by the RFC, one by the Metropolitan Life Insurance Co.,
by the Prudential Insurance Co., and
one
holders of
one
bv the group of Institutional
refunding and improvement mortgage bonds.
The
board
15 members.
of
directors
of
the
reorganized company shall consist of
The initial board shall be designated bv the reorganization
managers if consistent with the laws of the State in which the reorganized
company is incorporated, each manager to appoint three members.
Their
successors shall be elected by the stockholders of the reorganized company,
the first election to be held not later than 120 days after the consummation
of the plan.
The new preferred stock shall be entitled to representation
through election of three members of any elected board.
Exchange of New for Old Securities Under Examiners' Flan
Will Receive
.
*
Inc. 4 Ms
Preferred,
Ser. B Bds.
S
Ser. A Bds.
%
Mock
$
Equipment trusts
1 st Mtge.48
standing
Existing Securities—
Out-
Common
Mock
%
Shares
18,233,000 Will remain undisturbed.
2,482,000 Will remain undisturbed.
N. Y. & Erie 1st 4s
N. Y. & Erie 2d 5s
a2,135,000 Will be paid in cash.
4,016,000 Will be paid In cash.
38,500,000 38,500,000
100%
b39,033,500
8,871,250 17,742,500 12,419,750
N. Y. &. Erie 3d 4Mb...
Prior lien 4s
Each $ 1,000
General lien 4s
Each $1,000
45.5%
22.7%
Gen. mtge. conv. 4s
23,243,923
...
5,331,175
Each $1,000
Erie <fc Jersey 1st 6s
Each $1,000..
7,347,350
31.8%
5,331,175 12,581,573
22.9%
22.9%
54.2%
5,955,850 Will
reserve
$5,955,850
Refunding <fc impt. 5s...Ill,041,667
Each $1,000
7,500,000 15,000,000
RFC notes
1st
mtge.
4%%
33.2%
State ol N. Y.Gr. Cr.._
City Bk., Cleveland
66.8%
lease
d5,000,000
com.
20 shs.
7,000,000 Will remain undisturbed.
claims,
liability
Pref. and
12.7%
171,244 Will remain undisturbed.
Trustees' notes
Unsecured
14,000,000 c2,005,605
13.5%
736,195 Will be paid In cash.
1,673,714 Will be paid In cash.
3,538,018 Will remain undisturbed.
Bank loans
Nat.
6.7%
stock....214,868,100
125,000
429,736
......
Each 5 shares
Plan provides $14,000,000 new money either from RFC or
privately through sale of $14,000,000 collateral trust 4%
notes, secured by pledge of 1st mtge. bonds.
-
,
*
trial court that
of its licensing policy, has
scope
ac¬
appellant has exercised that power continuously for a con¬
as a means of control over the price policies of the licensed
siderable period
jobbers.
"The picture here revealed is not that of a patentee exercising his right
to refuse to sell or to permit his licensee to sell the patented product to
pric^ cut/t/crs
A very different scene is depicted by the record.
It is one in which
appellant has established the marketing of the patented fuel in vast amounts
on a nation-wide scale through the 11,000 jobbers and at the same time, by
the leverage of its licensing contracts resting on the fulcrum of its patents,
it has built up a combination capable of use and actually used as a means
of controlling jobbers' prices and suppressing competition among them.
"It seems plain that this attempted regulation of prices and market
practices of the jobbers with respect to the fuel purchased, for which
appellant could not lawfully contract, cannot be lawfully achieved by enter¬
ing into contracts or combinations through the manipulation of which the
same results are reached by the exercise of the power which they give to
control the action of the purchasers.
a
contracts
natural
combinations
or
the channels
in
flow
which
of
used
are
interstate
to
obstruct
commerce
free
the
of trade
even
patented article, after it Is sold by the patentee or his licensee, are
violation of the Sherman Act."
a
dilu¬
protect public health and to prevent adulteration, deterioration and
tion of the treated gasoline in the hands of the jobbers.
The latter objective
could easily be attained without use of the jobber
license method, according to the decision, while it described the precautions
taken by the jobbers to protect the public from the poisonous ethyl lead
content of their gasoline as " more or less perfunctory."
"There is no authentic instance," the decision added, "of Injury resulting
from the handling of lead-treated gasoline after its manufacture attributable
to its lead content.
Extensive expert study, carried on under direction of
appellant over a period of years, detailed in the record, resulted in a report
that the risk arising from the absorption of lead through the skin in handling
lead-treated fuel is so small as to be negligible."
Justice
1
New Money
the plan and
The court dismissed the claim that the licensing system is necessary to
7,360,000 14,815,717
22,175,717
Each $1,000
"That appellant, by
quired vast potential power to accomplish this end and cannot be doubted,"
continued.
"And we think the record supports the finding of
the court
in
100%
RRC notes
Conspicuously among such controls, "which the Sherman law prohibits
and the patent law does not sanction," the decision said, "is the regulation of
prices and the suppression of competition among the purchasers of the
patented articles."
and
In
series A bonds.
Each $1,000
respect to it in ways not within the limits of the patent monopoly."
"Such
7,347,350
100%
Geuessee River 1st 6s...
April 20, 1940
hands of the licensed jobbers who had purchased it; or their actions with
Department Calls Ruling Far Reaching—
The ethyl
gasoline decision
was
hailed by Assistant Attorney General
Thurman Arnoid
as the mosc important nning on the subject of the use of
patents to restrain trade that ever has been handed down by any court.
As of Jan.
"It will
1, 1940 and Includes principal and unpaid interest,
a $13,000 owned by Erie Land & Impt. Co. to be canceled,
b $400,000 owned
by Erie Land & Impt. Co. to be canceled,
c Refunding and Improvement bonds
will receive 2,000,000 shares to be divided equally between the series of 1927 and
investigation of patents,"
beyond the oil industry."
series of 1930.
James C.
In addition the series of 1930 will receive 5,605 shares of new common
account of one month's additional interest,
on
d This amount represents a rough
cash" or "undisturbed", all Interest accruing during
"payable In
1938 and 1939 will have been
(2) An additional $17,500,000 1st mtge. 4% bonds, series B, Is to be Issued to
8ecure tne 414,000,000 collateral trust notes.
The Nypano Hit. Obligations
Nypano having filed under Section 77 of the Bankruptcy Act, the
ICC fintts that its reorganization should be consummated, along with that
of the Erie.
The Erie KK.'s plan provides that the bonds of tne Nypano
The
would remain undisturbed.
The
institutional group's plan provides that
they would remain undisturbed
as to security and any obligations of the
debtor with respect thereto would be assumed by the reorganized
company.
So long as the rental under the lease of the Nypano is met
by the Erie,
earnings to pay interest on its bonds, as the rental
equal to the interest.
The average earnings according to the formula
for six representative months in 1937 and 1938 was at the rate of 8.1 times
the amount of the annual interest, the excess over the rental
being incor¬
porated into the earnings of the Erie as lessee of the Nypano.
In view of
the ample earnings of the Nypano, the present bonds and stock should
remain undisturbed, the lease of the Nypano to the Erie
having been adopted
by the trustees.
the former has sufficient
as
a
very
helpful guide to the department in our general
he said.
"The decision in its effect goes far
Justice
H. F. Stone wrote the court's unanimous opinion.
Justices
McReynolds and Owen J. Roberts did not participate.—V. 144,
612; V. 149, p. 2971.
p.
estimated In view of the rules governing claims on rejected leases.
Notes— (1) The plan contemplates that In case of all obligations
paid.
To the extent that such payments have not been made prior to the con¬
summation of the plan, they will be provided for with cash raised pursuant to pro¬
visions of the plan.
serve
Family Loan Society, Inc. (& Subs.)—Earnings—
Period End. Mar. 31—
1940—3 Mos.—1939
Gross income collected—
Gross profit
$814,415
18,470
352,515
$2,722,055
63,739
1,320,043
$2,324,296
69,644
1,043,442
$499,054
30,097
53,688
83,054
$443,430
28,600
50,703
62,014
$1,338,273
$1,211,210
88,500
130,992
156,153
$332,215
-
Interest
Oper. bad debt
res., netFed. Income tax reserve.
Net profit
—
$302,113
1,505
38,499
$871,508
Divs. paid part, pref
Preferred, series A
Common
33,281
9,375
197.503
Balance to surplus—_
$92,057
Preferred series B
.
149",772
Docks & Improvement Co. Bonds
As to the Docks & Improvement Co. bonds, the Commission states: "As
leaving the merger and consolidation of subsidiary companies with
the Erie to be carried out by the reorganization
managers, subject to the
approval of the Commission and the court, no provision should be made
in the plan for the exchange of securities of
thq reorganized company for
Docks & Improvement Co. bonds."
Obligations of Other Subsidiary Companies
Chicago & Erie 1st mtge. bonds, $12,000,000, and Chicago & Erie in¬
come bonds, $98,000,
outstanding will continue to remain obligations of
the Chicago & Erie, as that
company is not being reorganized.
Among
others in a similar position are Long Dock Co. bonds,
$7,500,000, Coal &
Railroad
Co.
1940
Cash
$185,705
3~96~427
$309,009
$
1940
Liabilities—
Divs.
190,421
Notes payable
4,900,000
3,900,000
211,105
199,865
2,988,769
1,463,694
Empl. thrift accts.
248,653
11,131,387
tel mortgage)
9,142,240
Fed. income tax..
Z282.675
2,988,769
Invest, ctfs. issued 3,365,340
Res. for embezzle¬
ctfs.)_- 3,365,340
Scrip & municipal
ments & rob'ies.
warrants
100
100
Restricted cash
2,377
4,430
3,319
219
Due from empl's-Real estate..
3,920
230
Accta. rec., miscel.
Furn. and fixtures
.
(1,720
shs.,
126,079
161,468
64,737
_
4,015
50,321
15,234
no
par)
Pref. series A
1,774,890
500,000
905,222
Pref. series B
value).
Deferred charges
10,827
Res.for old age pen
Res. for conting's.
Partic. pref. stock
on
deposit in banks
(deprec.
S
240,159
1,992,076
Notes receiv. (chat¬
(invest.
1939
$
payable
Common stock
Capital surplus.
2,871,144
1,618,817
Earned surplus
69,230
2,053,260
784" 523
1,754,658
1,611,997
bonds
$684,000, New York & Greenwood Lake prior lien
bonds, $1,471,600, and Cleveland & Mahoning Valley bonds, $2,906,000,
will continue to remain obligations or those
companies, at least
until consolidation with the Erie is effected.
Total
Other Claims
All claims against the debtor or the
Nypano which are not otherwise
are entitled to
priority over a 1st mtge. of either
company, and all current liabilities and obligations incurred by the trustees
of the property of either of the debtors, should be
paid in cash, or assumed
by the reorganized company with the relative priority to which
they are
entitled in the reorganization proceedings.
The reorganized company should be deemed to have
assumed all the
contracts of the debtor or the
Nypano, or of the trustee of the property
of either of them, which shall remain
executory in whole or in part upon
the consummation of the plan and which
may not be rejected pursuant to
the provisions of Section 77.—V. 150,
p.
Gasoline
2096.
Corp.—Supreme Court Rules
Violates Trust Laws Under Licenses
for Jobbers—
Company
S,
Supreme Court, March 24, found the corporation
guilty of
violating the anti-trust laws through its system of licensing jobbers, under
Its patents, to sell and distribute
gasoline treated with the "anti-knock"
compound which it controls.
The decision sustained the
x
16,722,135
13,778,6711
Total
16,722,135 13,778.671
Includes undistributed profits tax and Federal and State social security
150, p. 687.
tax.—V.
provided for and which
The U.
$835,565
49,814
80,316
100,182
12,942
572,679
1939
$
hand and
on
In banks
which
Ethyl
.
Consolidated Balance Sheet March 31
Assets—
Notes receivable
we are
88,385
160,502
217,877
$112,337
is
The Commission finds that the interests of the holders of bonds and stock
of the Nypano will not be adversely and
materially affected by the treat¬
ment provided in the plan. „
1940—9 Mos.—1939
$957,012
16,441
441,518
Operating charges.
Operating expenses
Southern New York
Federal District Court
in ordering the
company to cease enforcing license provisions which were
held to give the
company power to maintain price levels in the gasoline
(J. J.1 Felin & Co., Inc.—Prefer1)ed Dividend—
Directors have" declared
a
dividend of $1.75 per share on the preferred
stock, payable April 15 to holders of record April
amount
was
last paid on Jan.
Fenton United
the 7%
on
10.
A dividend of like
1939.—V. 150, p. 2096.
Cleaning & Dyeing Co.—Accum. Div.—
The directors have declared
accumulations
15,
a
dividend of $1.75 per share on account of
pref. stock,
par
April 12.
Similar amount
preceding quarters and a dividend of $3.50
V. 150, p. 687.
was
cum.
holders of record
Ferro Enamel
was
$100, payable April 15 to
paid in each of the eleven
paid on June 16, 1937.—-
Corp. (& Subs.)—Earnings—
3 Months Ended March 31—
Net income after depreciation, interest, Federal &
foreign income taxes, &c
Shares
common
Earnings
per
stock
share
1940
%
:
123,409
233,160
$0.53
1939
$148,689
194,300
$0.77
Note—Above
figures include accounts of wholly owned foreign sub¬
sidiaries for quarter ended Jan. 31,
1940, the first quarter of their fiscal
year.—V. 150,
2097.
p.
industry.
The
one
in
Acfor
case,
the
1903
which
was
Justice
started three years ago, was considered
Department anti-monopoly drive.
an
Appeal
Supreme> Court from the District Court under the
important
was
taken
Expediting
,TVTThreNEtl^1u(lasolin^S0.rp- is owned jointly
a
(N. J.), which has
E.
I.
du
by the Standard Oil Co.
50% interest, and the General Motors Corp. and the
Pont de Nemours Co.
The decision,
which was unanimous, pointed out that the
corporation
licenses all but one of the 124 leading oil refiners in
the country to process
gasoline with the ethyl fluid, and also requires licenses from all
jobbers who
wish to handle the processed gas.
To obtain these licenses, it added, the jobbers
must adhere to a "code
of ethics" which, the court found, in fact meant
the maintenance of the
prices and the following of price policies set by the major oil
companies.
The company denied this, holding the licenses
were necessary for the
commercial development of the patented
ethyl and, therefore, proper under
its patent monopoly.
They also were justified, it was held, to maintain
the quality of gasoline treated with the fluid and to
protect the public in
the use of a compound containing a "dangerous
poison."
But while the company, under its patents, could
lawfully license sellers
of its product, the court held, "it does not follow that it can
lawfully exercise
that power in such manner as to control the
patented commodity in the
Fifth Avenue Coach Co. (&
Calendar Years—
Gross operating revenue
Maintenance
Depreciation...
Traffic & transp. exps._
General expenses
Net operating revenue
Other income
Net
inc.
before
on
eqpt.
Subs.)- —Earning s1938
$4,454,637
661,296
1937
1936
442,532
2,189,500
450,020
$4,318,542
492,477
466,444
2,204,146
400,218
$4,149,055
540,090
419,318
2,125,956
364,946
$795,399
345,919
$711,289
322,957
$755,256
298,092
$698,745
163,569
$1,141,318
10,199
848,588
$1,034,246
$1,053,348
18,836
681,694
$862,315
26,618
635,779
'
taxes
and interest
Federal income tax
General taxes
Int.
1939
$5,393,508
714,614
675,086
2,524,622
683,788
741",543
purch.
obligations, &c
Dividends paid
Earns.per sh.on 240,000
shares capital stock
68,670
87,063
59,750
40,745
$213,860
480,000
$205,640
480,000
$293,068
480,000
$159,173
495,000
$0.89
$0.85
$1.22
$0.66
13
!
Volume
The Commercial & Financial Chronicle
ISO
Consolidated Balance Sheet Dec. 31
1939
Assets—
1938
$
Cash
1939
$
812,242
Accts.
450,000
Inv. subscrip. pay.
Fed. Inc. tax accr'd
U. 8. Treas. notes
Accts.recelv., lncl.
accrued
interest
Materials
187,668
170,688
92,944
&
111,941
sup¬
229,193
150,000
Fix. assets at cost. 11
,081,844
Intangibles
Del. chgs. & prepd.
439,549
5,849,022
184,694
1,395,908
10,670,422
50,723
1,991
1,632,239
1,924,405
4,836,550
4,343,631
3,665,666
3,971,126
Cap. stk. (par $25) 6,000,000
Earned surplus
3,066,347
6,000,000
3,201,752
Reserves
Deferred income.
_
As of last Jan.
RR.—Reorg.—
8, Judge Dewey of the Federal Court at Des Moines,
jurisdiction of the affairs of this company under the Federal
Bankruptcy Act, appointed President Crooks of the company and former
assumed
U.
8. Senator Dickinson
reorganization
as
as trustees, and ordered that
they file a plan of
provided in Section 77.
The plan has now been filed with
Interstate Commerce Commission.
the Court and the
72,102
1,383
_
Equipment purch.
obligations
Omnibus Corp... 5 399,613
Special deposits
190,551
Investments
1 226,381
216,554
104,904
103,052
Other accr'd taxes-
fr.
rec.
$
lncl.
payroll-
Accrued Interest.
plies at cost
Long-term
pay.,-
accrued
at cost
1938
$
Liabilities—
447,328
2575
Fort Dodge Des Moines & Southern
Through sale of
certain assets and
through earnings, the
company has
accumulated a large amount of cash—$564,578 as of Dec.
31, 1939.
The
plan provides that after provision for working capital and some minor items,
and after payment of
reorganization expenses, the surplus cash shall be
distributed to the first mortgage bondholders.
Indebtedness
First mortgage
5%
Interest accrued
x
439,211
as
of Dec. 31,
1939
bonds
—
_
—
______
_
7% debentures
expenses
95,256
Interest accrued
99,783
Claim lor refund of
United States Government note
prior year's Fed.
income tax
113,285
...
Interest accrued
Preferred stock script
113.285
$5,250,000
2.780,548
315,000
233,398
200,000
122,149
691
General creditors' claims:
Total
19,639,334 19,932,284
Total
19,639,334
Fidelity & Deposit Co. of Md
19,932,284
-V. 148. p. 2425.
Quarter Ended March 31—
Net profit
Revenue fare passengers carried
1940
per revenue passenger
1939
$15,816
769,670
$13,648
689,326
$0.0935
$0.0928
_
—V. 150, p. 839.
Florence Stove Co.—Stock
Offered—A group of security
by Goldman, Sachs & Co. and Lehman
publicly April 16 ,by means of a prospectus,
40,000 shares of common stock at $36%
share.
Gold¬
man, Sachs & Co. and Lehman Brothers announced that
dealers
headed
Brothers offered
before the close of business
security dealers had
the entire offering.
The shares have previously
purchased
been out¬
standing and held by Sears, Roebuck & Co., which continues
its
holding of 105,625 additional shares.
The offering
price was based upon the closing price for the shares on the
New York Stock Exchange.
The
capitalization of Florence
shares of
common
Stove
Co.
consists
entirely of 341,471
stock.
The reported earnings of the company for 1939 showed an Increase over
those of the previous year and amounted to
$1,233,475, equivalent to
approximately $3.61 per share of common stock.
For 1938, net earnings
were reported at $876,833,
equivalent to approximately $2.57 per share of
common stock.
Last year's sales totaled $11,924,647, against $9,879,119
in 1938, an increase of
approximately 21%.
Dividends were paid iast
year at the rate of $3 per share.
The company's products, which include a broad line of oil and
gas stoves
and oil heaters, are distributed
principally through more than 10,000 retail
dealers in the United States and through Sears, Roebuck & Co.
The manufacturing plants of the company are located at Gardner,
Mass.,
and at Kankakee, 111., and divisional sales offices and warehouses are main¬
tained in principal centers.
52,512
accru-
ing prior to six months before date of receivership
Interest at 6% from Feb. 18,1930
Miscellaneous claims
Fitchburg & Leominster Street Ryv -Earnings—
Average fare
89,910
Interest 6% from April 3, 1929 to Dec. 31, 1939
Claims of 55 railroads for amounts due on traffic balances
26,326
15,568
136
__
Total
$9,086,238
Does
not include $400,000 bonds held
by the United States as colateral.
In the plan, the trustees state "at this
writing it appears that the amount
that should be available for distribution to the bondholders
would be equal
to a payment of more than
5% on the present bonds outstanding."
After making the deductions proposed
by the trustees on the basis of
the company'8 1939
statement, the distributable cash Is computed at be¬
tween $60 and $70 per $1,000 bond.
The plan provides for formation of a new Iowa
corporation and calls
for issuance of securities as follows:
x
(1) First Mortgage 5% Bonds—For each $1,000 of such bonds, $500 of
income bonds, and 20 shares of common stock (par
$10),
Holders of
bonds of less than $1,000 to receive proportionate amounts.
new
(2)
7% Debentures—For
common
stock
(par $10).
each
$1,000 of such debentures, 20 shares of
Holders of debentures of less than $1,000 to
receive proportionate amounts.
(3) United States Government—For note of $200,000 (secured by $400,000
first mortgage bonds) $200,000 of new income bonds.
Under the plan, present first mortgage bondholders would receive all
of the bonds and all but a small
portion of the stock.
(There
are
only
$315,000 of debentures.)
They would, therefore, be practically the owners
of the railroad and its subsidiaries, as well as the sole creditors.
There has been sharp improvement in the business and the affairs of the
company in the last few years.
The trustees set out in the plan net
before depreciation, as follows:
1936
earnings,
1937
1939
$52,908
$19,583
1938
$118,458
$160,203
Freight
revenues in 1939 were $839,894.
They have increased every
since 1932.
In that year they were $405,633.
The railroad originates
a large tonnage of
building materials from the extensive gypsum industry
at Fort Dodge.
The trustees state that in view of the prospect for broad
expansion in building and construction "we have good reason to be optimistic
year
to future increases in freight revenues and earnings."
The company's electric plant, which furnishes energy for the railroad,
number of industrial plants, and 19 cities and towns, grossed $292,945
in 1939, as compared with $182,046 at the low point in 1933.
Net profits
were in excess of $50,000 for 1939.
This profit figure is included in the
earnings above set out.
as
a
Earnings
for
Quarter
Ended March 31—
1940
1939
1938
1937
$2,792,858
Net sales
Net
$2,036,866
$1,789,938
$2,503,156
zl06,333
47,370
x240,561
profit after charges
The
and Fed. income taxes
x
Before
reserve
for
yl98,030
Federal taxes,
y
Equal to 58 cents
341,471 shares of capital stock,
z Equal to 31 cents
shares of capital stock.—V. 150, p. 2252.
Florida Power &
Period End. Jan. 31—
Operating
revenues
Deduct rate reduct'n
res.
Balance
Operating
Light Co.—Earnings—
1940—Month—1939
1940—12 Mos.—1939
$1,501,459
$1,298,721 $14,236,298 $14,633,983
524,044
$1,501,459
579,369
expenses
Direct taxes
171,453
Prop. retire't
a
share on
share on 338,786
per
$1,298,721 $14,236,298 $14,109,939
568,032
6,182,474
5,937,493
133,360
1,388,705
1,374,463
100,000
1,416,666
1,216,667
res. approp
116,666
Net oper. revenues
Rent from lease of plant.
$633,971
221
$497,329
$5,248,453
221
2,650
$634,192
$497,550
28,152
$5,251,103
443,919
$5,583,966
536,004
$525,702
216,667
110,000
19,968
$5,695,022
2,600,000
1,320,000
218,430
$1,556,592
$1,955,748
1,153,008
would
$6,119,970
2,600,000
1,320,000
244,222
income...
$306,950
$179,067
Divs. applicable to pref. stock for the period.
plan proposes that the new bonds shall be income bonds with
at the rate of 4% per annum, payable if earned.
To pay 4%
require earnings of $113,000.
After deduction of depreciation and
other charges from 1939 net earnings, the company's statement shows a
net of slightly less than $120,000.
Other provisions of the plan provide that: (1) The new stock shall be
attached to the bonds, and shall not be detachable for three years, to prevent
control of the property being acquired by
any group during the early years
of operation under the new program.
(2) A board of five directors shall
be nominated by the trustees, but subject to the approval of the Court.
(3) Management so selected shall remain in control for three years.
(4) Sal¬
aries of general officers shall be fixed by the court, and shall not be changed
in the three-year period.
The plan sets up a formula for determining earnings, to the end that they
shall not be left to arbitrary determination by individuals.
It prohibits
the accumulation of more than $100,000 in cash in the depreciation account.
It permits the accumulation over a period of time of $50,000, but no more,
as an "insurance fund" to pay personal-injury claims.
The plan further provides that after payment of 4% interest, one-fourth
interest
$5,581,316
2,650
of
Operating income
Other income (net)
14,561
Gross income
$648,753
Int.
on
mortgage bonds.
216,667
Int.
on
debentures
110,000
Other int. & deductions.
15,136
Pi Net
a
_
Balance.
1,153,008
$403,584
$802,740
a Dividends
accumulated and unpaid to Jan. 31, 1940, amounted to
$6,150,837.
Latest dividends, amounting to $1.75 a share on $7 pref.
stock and $1.50 a share on $6 pref. stock, were paid on Jan, 2, 1940.
Dividends on these stocks are cumulative.—V. 150, p. 1765. -
remaining earnings shall go to the trustee for the bondholders to be
by him in retirement of bonds through calls for tenders. The balance
be distributed as dividends on the stock.
Company is
prohibited from buying, selling or trading in its own bonds.
any
used
of earnings shall
Balance Sheet as of Dec. 31,1939
(As Adjusted for New Corporation)
Assets—
Cash
Fonda Johnstown & Gloversville
Freight
Miscellaneous receivable
Interest receivable
Passenger revenue
Ail other
revenues
Total ry. oper. rev's._
Ry. operating
expenses.
from ry. oper.
Railway tax accruals—
Net
Ry.
oper.
income
Net rents
$17,122
25,946
3,310
$54,490
72,485
9,078
$48,335
76,062
8,461
$48,134
35,500
$46,378
33,595
$136,053
105,255
$132,858
99,982
—
$12,633
3,030
$12,783
3,260
$30,798
9,055
$32,876
10,043
$9,604
rev.
670
38
Current assets
630
Deferred assets
2,542
Insurance paid
$9,523
531
$21,743
1,808
$22,832
606
933
———.$4,537,736
—V. 150, p.
Capital stock
$1,125,000
Bonds and notes
2,825,000
Audited accounts
90,754
Miscellaneous accounts
59,686
Current liabilities
6,487
Deferred liabilities
8,211
37,093
Tax liabilities
Operating
2,000
reserves
Other unadjusted
389
Profit and loss-.-
383,196
981
unadjusted--
Total
1940—3 Mos.—1939
$18,841
25,911
3,381
52,775
144,600
Material and supplies
RR.—Earnings—
1940—Month—1939
revenue
$4,040,610
7,790
128,000
169,201
-
Other
Period End. Mar. 31—
Liabilities—
Road and equipment
Miscellaneous property
Affiliated companies
Total
«.
4,537,736
1765.
Fundamental Investors,
Inc.—Earnings—
1940
$72,125
1939
$59,238
1,025
1938
$60,856
844
$55,625
$72,125
16,438
3 Mos. End. Mar. 31—
Income—Dividends
$60,263
16,963
$61,700
17,743
$56,586
19,257
Interest
Total income-
Expenses
1937
961
$55,687
a$43,299
z$43,957
x$37,329
Cash dividends
73,583
80,885
55,831
104,576
Before net profit from sales of securities amounting to $163,754.
y $61,857 paid out of undistributed net income in 1940, $43,299 in 1939,
$43,957 in 1938, and $37,647 in 1937.
z Exclusive of net loss from sales of
Profit
-
y
.
x
Net ry. oper. income.
Other income
j
$8,997
$8,992
$19,935
449
538
1,286
$21,899
1,427
9.446
1,227
9,530
1,032
$21,221
3,887
$23,326
3,051
Inc .avail .for fixed chgs
Rent for leased roads
$8,220
$8,498
550
575
Interest deductions
11,673
12,051
493
493
$17,334
1,925
35,009
1,478
$20,275
1,675
35,458
1,478
$4,496
$4,622
$21,078
$18,336
investments,
Total
income.:
Misc. deduct, from inc.-
Other deductions
Net deficit.
—V.
150, p. 1933.
Balance Sheet March 31
1940
1939
Securities owned--$8,526,288 $7,913,350
Rec.
to
receivable..
on
Scrip
531,584
54,310
21,500
24,810
4,022
160
3,182
3,108
increase of 31% over the first three months of 1939.—V. 150, p. 2424.
3,108
16,653
15,413
Divs.
73,583
payable
1,222,508
Paid-in surplus—11,223,664
vestments—Dr-
1,715,919
Earned surplus.—
i
gain than the line as a whole,
the total being 43.4% higher than for the corresponding period a year ago.
Ford trucks and commercial cars delivered at retail totaled 47,660 an
4,600
3,182
divs.
1,156,144
10,724,572
Unreal, net deprec.
over cost of in¬
Mercury cars and Ford trucks in
the United States during the first three months of 1940 was reported on
April 13 by this company.
The total represents an increase of 45,120 units
26.3% over the first quarter of 1939.
The Mercury car showed an even greater
$4,104
and
Capital stock
redemption
fund
Retail delivery of 216,935 Ford and
or
5,614
4,089
liabil
scrip
Reserves
4,390
—
1939
$10,063
Sundry acc'ts pay.
Unred.
unclaimed
subscrip.
capital stock.
1940
repurchase
Accrued
166,424
agreement
Accounts rec'ble—
Divs.
Liabilities—
Am't pay. for cap.
stock
Cash on dep. under
Deferred charges
Ford Motor Co. of Detroit—Deliveries—
Exclusive of net profit from sales of investments.
a
Assets—
55,831
Treas. stock—Dr. 2,117,913
Total
-V. 150. p.
$8,780,116 $8,473,012
689.
Total.
2,812,997
84,898
708,070
.$8,780,116 $8,473,012
The Commercial & Financial Chronicle
2576
April 20, 1940
Gatineau Power Co.
Gary Electric and Gas Co.
Operating
228,396
278,302
-—
for'
2,623
345,366
4,539,064
242,396
382,247
338,682
1,200,000
664,727
656,789
Profit
of discount on
&C-_
Drl0,580
Cr22,319
Cr7i214
Cr75,645
a$1,971,921
$1,648,982
$1,075,042
1939
1940
$
1937
Investments
—
$156,147
101,822
46,969
$190,822
104,555
51,901
$4,272
$7,356
1,647
$34,366
1,966
Invs.
$5,923
1,590
$36,333
2,741
8,902
Accts.
607
$9,003
1,862
1,428
$5,517
Netproflt on sales
$121,575
76,359
40,944
$11,894
4,617
1,760
Selling & admin, exps—
$3,727
$5,713
$24,690
1,652
-----------
—
Profit for period
at
Cash
.1
depos. &
on
hand.------
$99,988
Securities at cost—
Notes & accts. rec.
$18,088
$20,048
16,698
4,610
10,478
15,234
100,849
Inv.
lower
at
Accr. Fed. taxes..
of
cost or market-
166,844 Other accr. Items.
423,807 Res. for doubtful
accounts.—
10,173
-•
182,455
435,016
10,449
Goodwill-------
1
1
Deferred charges.Treas. stk. class A
14,912
18,515
22,489
22,480 Res.fordeprec'n..
x Cap.stock.
-
Buildings & eqpt..
Patents—
Res.
for
sales
assessment
—
—
$900,747
.-—
3871,953
Total—..—
Represented by 20,000 shares preference class A
shares class B no par.—V. 150, p. 2253, 2097.
x
Galveston Wharf Co.—Annual
1939
Calendar Years—
Railway tax accruals
-
-
-
Operating income
Other income
;
-
-
16,275
12,683
188,896
443,500
184,455
$900,747
$871,953
par
no
and 40,000
In
equipment
Sinking fund
$556,078
281,241
$602,281
293,654
$543,115
244,003
$393,294
241,345
$299,112
94,033
$151,949
71,810
$389,740
208,682
13,616
$393,145
213,212
12,463
$223,759
-
$91,283
$167,442
$167,470
loss$4,231
1938
$
213,935
14,055
1939
Liabilities—
and
$
2,626,600
Outstanding bonds 3,864,000
2,626,600
3,761,000
Audited accts. and
other investm'ts
170,314
575,705
Cash-———
Other ourr. assets.
136,299
1,070
149,797
Accts. receivable..
Materials dcsuppl's
Deferred assets &
116,929
unadj. debits—.
235,627
Total—.
1938
$
Capital stock
14,604,238 14,278,023
589,441
wages payable..
Interest
178,620 Unmat'd
136,238
accrued........
4,602
Interest due..
147,895
148,293
12,018
61,545
12,984
64,495
146,425
2,522,023
162,529 Tax liability.
114,521
245,981 Accrued deprec'n. 2,576,942
Unadjusted credits
2,977
194,207 Corporate surplus. 6,583,481
15,989,979 15,789,642
Total
6,162
6,501,658
—15,989,979 15,789,642
—V. 148, p. 2426.
Gary Electric & Gas Co. (& Sub.)- -EarningsCalendar Years—
Operating
Operating
expenses
and taxes.
-
-
-
144,054
123,670
Other
22,226
Net operating income—--.—.
1938
1937
$3,126,402
2,479,959
$2,949,802
$3,010,010
2,519,354
2,468,779
-
$646,443
$481,023
-
Drl 1,860
Drl 1,083
-
Interest on funded debt
General interest-.--Taxes assumed on interest and misce]
laneous income deductions
-
—
Netincome
————
W $634,583
354,598
12,513
$469,939
354,600
20,816
5,265
4,788
$490,656
31,842
$522,498
360,257
14,719
Comm.
on
Assets—
$
$262,20^'
$89,735
1938
s
$147,522
1939
Liabilities—
$
Cash
on
-
$
:
7.092,000
555,495
other def'd liab.
228,478
212,727
163,539
180,330
Accounts payable.
Acer. & mat'd int.
180,882
181,806
296,420
181,806
56,642
352,552
4,956,085
51,671
564,798
deposit for
bond Int.(contra)
Accts. receivable
Unbilled
1938
5,000,000
682,573
———
.
revenue.
Materials & suppl.
160,685
304,753
156,229
160,869
on
funded
608,056
17,376,021
9,338
reserves..
5% cum. pf.stk.
($100 par)_._ 12,196,000
a 5)4% cum. pf.
stock——
3,500,000
b Common stock
25,344,697
Paid-in surplus-/
_
10,754,279
5,344,103
Earned surplus.
12,196,000
2
5,16"l" 597
468,725
-
51667,363
5,780,324
5J4% cumul,
pref. stock—
140,000
Total..-----149,366,046
143,053,4541
1,635,950
Total...-. —149,366,046 143,053,454
shares in 1938 and 1,621,960 no par
shares in 1937.
c Difference
between cost and par value of reacquired
bonds held in treasury, plus discount applicable thereto,
d Applicable to
future operations.—V. 150, p. 1435.
no par
Gaylord Container Corp. (& Sub.!—Earnings—
3 Months Ended March 31—
1940
1938
1P39
$411,428
160,194
$475,250
139,217
50", in
$309,099
152,980
5,003
27,224
$201,123
72,948
$123,892
66,747
$273,116
68,214
$0.24
$0.11
$0.38
Earnings per share on common stock
outstanding (529,221 shares)
—V. 150, p. 1600.
debt
(contra)..
Accrued interest..
Accrued taxesReserves
180,330
General Bronze Corp.—Changes Ratified—
'
Stockholders at the annual meeting held April 10 ratified a resolution
adopted by directors on July 12, 1939, by which it was determined (1) as
of April 3u, 1939, to reduce to $1, by charging to "deficit from operations"
the amount at which old patterns, dyes, samples and models had been
carried on the corporation s consolidated balance sheet ($409,908): and
(2) as of the same date to write off, by charging against "capital surplus"
this "deficit from operations" as so increased, amounting to $1,691,689,
thereby reducing capital surplus from $1,713,398 as it appeared on the
consolidated balance sheet at Dec. 31, 1938, to $21,930; and (3) to make
the appropriate adjustments and restatements in the various book accounts
of the corporation required to effectuate the foregoing.
Previously it had been the policy of the corporation to carry patterns,
dyes, samples, and models on its balance sheet at a substantial fixed
amount as capitalized at the time of acquirements of each predecessor.
Noting the changing trend in architectural design and faced with the lack
of satisfactory basis for valuating such assets, the management decided
that they should be written down to a nominal amount and as in the past
the corporation should continue to charge new patterns, dyes, &c., currently
against income.
Stockholders also approved appointment of Lybrand, Ross Brothers &
Montgomery as independent auditors of the corporation for the year 1940.
Offerings Insufficient Under Exchange Plan—Completes Bank
Arrangements for Payment—
the board of directors to
withdrawals, actual
justify declaring the plan operative.
Due to recent
promised deposits undo* the plan of exchange now
a total of debentures outstanding in the principal
or
$633,500 out of
amount of
$1,390,500.
Under the exchange plan, holders of the present debentures have the choice
of two offers, consisting of (1) $250 in cash, new 10-year 6% convertible
debentures in the amount of $500 and 50 shares of common stock, or (2) $300
in cash, and new 10-year convertible debentures in the amount of $700.
The
new
debentures would be convertible into the
construction.
$5
a
share
up to
common
stock of the
and including April 30, 1941; at $8.50
a
share
up to April 30, 1943, and at $10 a share thereafter.
The corporation has just completed banking arrangementswhich will
enable It to
pay the interest coupon due May 1, 1940 on thatdate and to
off those debentures which are presented for payment after April 30,
1940, and on or before May 31, 1940, with interest.
It has decided, how¬
ever, to continue to make the exchange offer under the plan of exchange
availaole to its debenture holders as it is thought that many of such holders
whether they have previously deposited or not may now prefer to accept one
of the exchange offers rather than cash payment In full in view of the high
interest rate (6%) and the conversion privileges of the new debentures to
be issued under such plan.
General Corporation will, however, not call the plan effective unless
deposits actual or definitely promised show equal or exceed $700,000 in
principal amount on or before May 31, 1940. Any depositor who would
prefer to be paid in cash in full may withdraw his deposited debentures at
any time until the plan has been declared effective.—V. 150, p. 2097.
General Electric
4,612,919
3 Mos. End. Mar. 31—
Contrib. in aid of
Surplus.
186
62,732
pay
Utility plant.-...16
1,927,338 16,603,368 x Capital stock
5,000,000
Invest'ts & advs—
265,000
265,000 1st lien coll. 5%
Def'd charges and
gold bds., ser. A 7,074,000
prepaid accounts
111,293
111,520 Cust. depos. and
Cash
-
sale of
company at
------
Consolidated Balance Sheet Dec. 31
1939
10,713
8,313
_
amount to
Other Income (net)
1,408,056
19,029,934
10,015
.
The corporation announces that the deposits of its debentures due May 1,
1940 under its plan of exchange have been insufficient in the judgment of
1939
revenues-—-----.—.--..
currently-..
reserve.
Dividends paid on preferred stock-—
1936
&
Special deposits—
114,661
$1,193,621
800,327
$
road
136,200
Depreciation, depletion & amortiz
1937
$1,501,019
956,904
Comparative Balance Sheet Dec. 31
Assets—
69,610
Interest charges
Prov. for Fed. & State income taxes..
Report—
1938
1939
Invest.
71,097
Profit before deprec., amortiz., int.
charges & Fed. & State inc. taxes..
40,294
—
turities payable
...
debt
342,203
152,450
Deprec. & amort.
b Respresented by
2,084
199,100
443,500
188,804
$315,131
208,988
14,860
Other deductions
78,900
Reacq'd bonds
Organlz'n exps.
.
-
—
95,500
Prepd. insur. &
1,201
$308,627
81,113
Total income
Netproflt.
5^935
$274,837
revenue——
Interest--------
1,109
$1,650,972
1,048,691
Operating revenues—— $1,694,443
Operating expenses.-..1,138,365
Net
197,900
281,877
"
tax
Surplus.
Total--.
200,750
currently due.
disc. & exp
40,919
107,566
695,780
not
Unamort.
45,338
.
Div. payable—
Fund. debt, ma¬
c
tributors profits
34,787
87,187 Divs. on cl, A stk-
Cust.s' deposits
Accr'd payrolls &
Accrued taxes—
depos.
charges...-—
1939
Accounts payable.
$108,159 Acer, dealers & dis¬
34,587
on
1940
140,561
Accrued interest
d Def'd assets &
Liabilities—
1939
69,495
149,250
with trustee..
taxes
payable.
226,581
sup's & mdse.
rec.
S
80,500,778
.
789,172
mat'ls,
on
1938
$
80,349,722
148,125
587,809
149,250
792,723
cost
of
"
debt...
expenses
Accts. receiv'le.
Balance Sheet March Si
1940
Assets—
2,463.607
1,571,569
2,463,607
2,116,737
Cash—
Market'le secur.
Cash
Profit
Miscell. deductions
Federal income tax--
—- —
— -—
1939
Liabilities—
Funded
devei.costs,&C132,267,705 132,118,072 Accts.
$10,118
1,776
-
Other income-
1938
1939
$152,807
97,879
44,810
—
------
-—..
1938
S
Plants & props.:
Fyr-Fyter Co.—Earnings—
—
609,800
652,024
Earnings per share on 1,654,260 shares of no par common stock was
$1.03 in 1939, and on 1,635,950 shares of no par common stock was $0.83
in 1938.
Consolidated Balance Sheet Dec. 31
~
Assets—
—
340,810
646,825
a
totaled $488,021 as compared
1939 period, an increase of 17.3%.
Sales for nine months ended March 31 last were $1,752,319 against
$1,628,429 for like period a year ago, an increase of 76.%.—V. 150, p. 1277.
—
„„„
„„„
bonds and debs
on
redeemed.
quarter ended March 31, 1940,
Cost of sales.
■
,
Net profit-—_ —a$2,472,754
Preferred dividends.—
754,350
Common dividends
1,399,094
New York
Bell System Teletype N. Y. 1-752
with $415,848 in like
3 Mos, End. Mar. 31—
Net sales billed
_ —
460,566
4,190,681
funded debt-.--—
(Peter) Fox Brewing Co.—SalesSales
323,138
4.729
Depreciation,
STOCK EXCHANGE
15 Broad Street
273,864
—2,174
Amortiz.
Eastman, Dillon 8 Co.
Tel. Bowling Green 9-3100
1936
$8,115,564
516,045
231,768
316,580
2,250
6,470
300,834
4,754,586
______
-----
MEMBERS NEW YORK
1937
$8,680,996
559,701
Taxes.--.—832,687
Interest-..
3,540,475
DEPARTMENT
TRADING
1938
$8,789,524
587,112
218,906
330,953
603,829
expenses
MaintenanceAdminis. Sc gen. exps—_
Directors' fees
Prov. for doubtful accts.
Common Stock
(& Subs.)—Earnings-
1939
inc. $9,411,594
Calendar Years—•
Gross rev,, incl.oth.
14,326
580,343
13,825
445,756
Total
-18,625,114 18,337,565
Total
18,625,114 18,337,565
Represented by 480,000 no par shares (including 4,875 shares in 1939
7,185 shares in 1938 held in escrow to be exchanged for warrants).
%
Co.—Earnings—
1940
1939
1938
1937
Net sales bined---
Costs,
exps.
$85,949,194 $68,537,269 $65,086,557 $73,412,420
& oth. chgs. 75,915,604
63,070,709
59,822,751
64,036,999
Net inc. from sales.
—V.
149,
p.
General
$5,263,806
$9,375,421
1,906,871
1.811,933
2,250.987
$7,373,431
.
-$10,033,590
Oth. inc., less int. paid &
sundry charges
olio.
Cigar Co., Inc.—Earnings—
(Including Wholly-Owned Subsidiary)
Quar. End. Mar. 21—
1940
1939
*1938
x Profit$282,420
$136,938
$225,440
Com. stk. outst. (nopar)
472,982
472,982
472,982
Earnings per share$0.41
$0.10
$0.29
—
.
x
$5,466,560
1,917,860
Profit avail, for divs__$11,951,450
x
and
—.
After charges and Federal taxes (est.).—V. 150, p. 1278.
$7,075,739 $11,626,408
Earns.per sh. on 28,845.927 shs. of
1937
$265,879
472,982
$0.37
com.
stock-
$0.41
$0.26
$0.25
$0.40
Sales billed during the first quarter of 1940 amounted to $85,949,194,
compared with $68,537,269 during tha same quarter last year, an increase
of 25%.
Orders received during the first quarter of 1940 amounted to $97,490,047,
compared with $86,882,953 for the same quarter of 1939, an increase of
12%.—V. 150. p. 2098.
Volume
The Commercial & Financial Chronicle
ISO
General Foods Corp.
(& Subs.)—Earnings—
3 Mos. End. Mar. 31—
1940
1939
1938
1937
$40,477,226 $36,544,019 $34,267,086 $36,527,272
26,125,870
23,132,059
22,376.878
24,025,275
Net sales..
b Cost of goods sold
Gross profit
x
Exp. & other charges..
.
$14,351,356 $13,411,960 $11,888,208 $12,501,997
8,710,266
8,643,905
8,028,992
8,854,550
Operating profit.....
Other income
Total income
$4,768,055
199,183
$3,859,216
259.957
$4,647,447
244,389
$4,891,836
$5,864,421
$4,967,238
$4,119,173
1,073.744
884,922
743",447
801,848
foreign exchange..
311,882
$4,478,795
$4,082,316
$3,375,727
$4,089,988
5,251,440
5,251,440
5,251,440
5,251,440
Depreciation
See
Net profit
Shares
...
stock
com.
Gallup, N. M., during
1939.
$5,641,090
223,331
Federal taxes
Prov. for unrealized loss
on
a
standing (no par)
Since the close of the year Walnut Electric & Gas Corp. has entered
agreement providing substantially for the sale, on what is considered
advantageous basis, of the property and assets of its subsidiary. South
Carolina Utilities Co.
The proceeds which will be received by Walnut
Electric & Gas Corp. from the sale of South Carolina properties will be
paid to company by way of reduction of indebtedness of Walnut Electric
into
an
an
& Gas Corp. and the
proceeds of such sale will be applied to the further
redemption of first lien bonds.
If and when the South Carolina Utilities
Co.
out¬
Earnings
per share
$0.82
$0.75
$0.64
$0.78
Includes proportionate share in results of operations of controlled com¬
panies.
a Depreciation
provided during the three months aggregated
$384,367, of which $124,673 has been included in selling, administrative
and general expenses,
b Includes provision for depreciation and freight
sale and certain other transactions now
nearing consummation are
completed, Oklahoma Electric & Water Co. will be the sole remaining
subsidiary of Walnut Electric & Gas Corp., and the investment of company
In notes and stock of Walnut Electric & Gas
Corp. will be reduced from an
initial amount in 1937 of $1,990,000 to
approximately $520,000.
Consolidated Income Account for Calendar Years
x
charges.—V. 150,
General
p.
1939
Operating
[Formerly Electric Shareholdings Corp.]
$9,575
166,443
$176,018
$173,751
24,282
19,306
25,088
18,665
1,700
Capital stock
tax
_
_
*
1,700
5,274
.
Federal income and other taxes
,
Net income.....
Cash div. paid on $6 cumul.
conv,
$120,331
136,125
Before profit and (or loss) on sale of securities.
x Includes
all cash received or receivable from the sources specified,
whether payable from earnings or otherwise, except amounts expressly
liquidating distributions.
In
an
economic
sense,
therefore, the
amount shown is not in whole to be considered true income.
y
Includes $8 paid in
common
per share.
stock
eight shares at par
1
■
.
"•
,-1
..
J-.~
-
Electric & Gas Corp
Non-oper.
Assets—
S
Cash in banks
Invest,
1,477,282
Int. and divs.
Rec. for
sec.
rec.
132,670
sold..
133,844
?
$
6,320
6,449
59,076
taxes, &c
30,156
Bank
purch. ~
sec.
loans
277,051
Dec. 30,
4,230
due
1941.. 3 775,000
3,775.000
Preferred stock.
2 ,268,750
Com. stk. ($1 par)
1 ,602,406
13 ,261,360
x
Surplus
Total.
2i,000,977 21,711,365
$1,414,373
686,738
Divs.
Divs.
$3 pref. stock--
on
on common
Earns,
per
sh.
stock-
on
com.
stock-
578,225
903,025
972,589
$498,858
225,513
174,098
$340,955
225,513
87,049
$407,763
227,119
163,215
$441,784
228,063
108,807
$0.53
$0.83
~
Total...
21,000,977 21,711,365
Represented by 90,750 no par shares stated value $100.
y Investments
on Dec. 31, 1936 are carried at the lower of cost or market at that
Subsequent purchases are carried at cost.
Investments, based on
market quotations as at March 30,
1940, amounted to $14,184,019 or
$5,168,631, less than the amount shown.—V. 150, p. 995.
date.
by the New York Curb Exchange.—V. 150,
..
_
Pension fund loss
1938
1939
Liabilities—
Prop., plant and
equip., &c
14 .349,601
Investments
Special depositshand
242,805
17,40?
Notes
1,414,325
361,912
receivable
21,366
Acer. Int. receiv'le
5,115,000
1st lien & coll.tr.
bonds
316,873
97,779
259,723
Market securities.
G. &
E.Co.-15-yr.5%
Cash in banks and
on
pay.
(non-
current)
Notes pay. to bks_
1,759,668
33,250
74,871
128,613
128,897
81,599
89,588
64,558
47,356
77,658
62,316
72,625
4,733
5,075
—
5,075
Accts. pay. & accr.
expenses.,
96,612
85,066
Instai. accts. rec—
21,194
26,352
Other
Prep'd expenses.-
38,752
32,919
Acer. int. payable.
Fund, debt matur¬
392,268
417,345
Prov. for Fed. inc.
plies, &c
1939
1938
$2,353,145
2,197,191
$434,094
Dr4,427
$2,250,960
2,096,765
$155,954
$154,195
3,170
$429,666
$160,999
78,761
35,723
5,045
Unamort. prem. &
76,496
89,499
$157,365
35,927
19,158
Other def. charges
233,562
tax
Unamort. debt dis¬
242,617
count
and
exp. on
ing
exps.
accr.
taxes.-
called for
or
redemption
Div. pay. on pref.
stock of sub
pref. stk.
Service
billed
in
advance
27,685
Consumers'& other
refund deposits.
92,259
Reserves
General Water Gas & Electric Co.—Annual
$102,280
Report—
of
California
Water
Service
Co.
at
an
aggregate
cost
Public Utilities
Corp., the loan payable to Chase National Bank has been
by
pany in
Utilities
settlement of indebtedness), the loan
Corp. has been reduced $858,000.
payable to
by
com¬
International
California Water Service Co. is the largest privately owned water system
in California.
During 1939 its gross revenues amounted to $2,699,941 and
the net income
applicable to shares of common stock now owned by company
$305,165.
At Dec. 31, 1939, the company was supplying
consumers
in 32 communities.
The 29,610 outstanding
preferred shares of California Water Service Co., under the laws of Cali¬
fornia, entitle the holders thereof to vote, with the consequence that
company owns less than a majority of the outstanding voting stock, so
amounted
83,000
to
active
that the accounts of California Water Service Co.
those of the other subsidiaries.
are not
consolidated with
1939 company acquired all of the outstanding securities
of Kellogg (.Idaho) Power &
Water Co. consisting of 65.000 shares of
common
stock and $100,000 of demand promissory notes at a cost of
$165,000.
Kellogg Power & Water Co. furnishes water to 1,350 consumers
in the Town of Kellogg, Idaho.
Its net income for the year 1939 applicable
to securities now owned by company amounted to $13,678.
Litigation is still in progress in the Indiana courts concerning the validity
of the purchase by the City of Greens burg, Ind. of the plant and property
of Indiana Water Works Co., a subsidiary, located in that city, but the
management anticipates that this litigation will be brought to an early
successful conclusion and that Indiana Water Works Co. may be in a position
to dispose of the $332,000 of City of Greensburg, Ind., 4% water revenue
bonds which remain out of the $337,000 bonds it received on the sale by it
of its property to the City.
The proceeds which may be derived from the
sale of these bonds will initially be applied by Indiana Water Works Co.
to the payment of promissory note indebtedness to company and then be
in turn applied to the further reduction of outstanding first lien bonds.
Since Dec. 31, 1939, Indiana Water Works Co. has sold its property at
Jonesboro, Ind., to the City for the sum of $24,524 and in connection there¬
with $24,500 first lien bonds in company's treasury at Dec. 31, 1939 have
been surrendered to the trustee for cancellation.
The water franchise
granted by the City Council of Boise, Idaho, to
Corp. is still subject of litigation, but it is hoped that such
litigation will be brought to a favorable conclusion in the near future.
Boise Water
The securities of Winchester Water Works Co.,
part of the collateral security for company's
217,622
3,179,907
412,302
Earned surplus
Total
After
...20,774,539 18,795,954
Total
..20,774,539 18,795,954
for depreciation of
$2,729,527 in 1939 and $2,476,146 in
1938.
b After reserve,
c Represented by 76,288 no par shares, at stated
value,
d After deducting $55,700 in 1939. stated value, and $41,218 in
1938 cost of 1,114 shares of company's own $3 preferred stock reacquired
a
reserve
and held in treasury
-
Hearing April 29 on Pending Applications—
A hearing has been set for April 29 In the Securities and Exchange Com¬
mission's Washington offices on the application (File 70-1S) of company
regarding the purchase from time to time at the currcnet market prices on
the New York Curb Exchange or on the over-the-counter market or General
Waterworks Corp. 15-year 5% first lien and collateral trust gold bonds,
series A, due June 1, 1943 (assumed by General Water, Gas & Electric Co.).
The company proposes to purchase as many of the bonds as may be pur¬
chased with the proceeds from the sale by Indiana Waterworks Co., a
subsidiary, of bonds of the City of Greensburg, Ind., amounting to $327,000,
and such amounts, estimated at not more than $600,000, as will be received
from Walnut Electric & Gas Corp. as payment on its note held by General
Water, Gas & Electric Co., following the sale by Walnut Electric & Gas
Corp. of the assets of its subsidiary, South Carolina Utilities Co.—Y. 150,
p. 1767.
,
As of June 30,
as
217,622
3,182,039
535,888
surplus
of
$3,229,499.
This acquisition was financed to the extent of approximately
$900,000 by the application of funds in company's treasury, theretofore
derived from the sale of the capital stock of Consolidated Water Co. of
Utica, N. Y., and by means of collateral loans, one of $1,200,000 on a 3%
interest basis from Chase National Bank, New York and the other of
$1,100,000 on a 6% interest basis from International Utilities Corp.,
company's parent.
Through application of payments received in reduction
of indebtedness of Walnut Electric & Gas Corp. out of funds derived
by
the latter from the sale of the property of its subsidiary, New Mexico
reduced to $901,668, and out of part of the proceeds of sale of bonds
Winchester Water' Works Co., a subsidiary, (which were received
3,814,400
Com. stk. ($1 par)
83,752
51,540
31,344
301,580
3,814,400
<4 Paid-in & capital
Chandler, President, states:
During the year 1939 company acquired all of the outstanding shares of
stock
27,828
301,764
c$3 cum. pref.stk.
$125,276
P. M.
common
56,078
Deferred credit...
Min. Int. in subs..
$350,905
3
5,187,600
4,715,000
Gen. Water,
13,941,521
4 ,716,068
1,783,845
158,202
136,383
.
5,569,000
Inv. ofmat'ls, sup¬
p.
_.
Consolidated net income
-V. 150, p. 2255.
not
1938
$
Fund, debt ofsubs.
2425, 2424.
$2,874,713
2,440,619
t.
have
Consolidated Balance Sheet Dec. 31
1939
Assets—
of subsidiaries.-
Net operating income
Other income, net of expense-----
_
$0.98
/
Co.
acquisition)
31,-1939 amounted to $293,788 in comparison with dividends
during this period amounting to $200,379.
The net income of
California Water Service Co., after preferred stock dividends, amounted
to $305,165 for the calendar year of which
$249,870 was distributed in
dividends, partly to predecessor owners.
(2)The 1938 statement does not
include the operations of Consolidated Water Co. of Utica, N.
Y., and its
subsidiary for the period Jan. 1 to the date of sale in Oct., 1938.
of sub. retired..
..
Service
(& Subs.)—Earnings
1940
..
Water
Dec.
b Accts. and notes
Corp.—Insting and Registration— V
The $3 convertible preferred stock, no par, has been removed from listing
3 Months Ended March 31—
t
.
The operations of California
received
a
General Time Instruments Corp.
,
,
$1.26
9,075,000
1,602,397
owned
and registration
$1,310,788
Net income
6,975,468
x
General Telephone
$919,180
income taxes
to
30,156
gencies, expenses
Due for
48",764
$1,185,597
included in the 1939 consolidated income account.
The equity of
General Water Gas & Electric Co. in the net income of California Water
Service Co. for the period from April 30, 1939 (effective date of
1939
Divs. payable, &c.
Diva,
Reserves for contin¬
8,219
Special
deps.
for
dividends......
1940
Liabilities—
$
998,585
insecur..yl9,352,650 20,572,616
52,280
64 ,786
revenues..
Gross income—
Int. & other deducts.,
incl. prov. for Federal
•
102,871
58,815
been
'
1939
155,401
83,374
35,168
::/ '
Balance Sheet March 31
i1940
1,547,076
$1,210,208.
200,379
Notes—(1)
v
1,664,282
$1,139,582
_
value of $1
-
,
$757,494
54,140
Co
*
stated to be
1,341,774
$866,675
Int. & divs. from oper.
subs, sold in 1937Int. & divs. of Walnut
7,966
$125,456
yl35,841
pref. stock..
1,404,378
and
divs.
from
Calif. Water Service
$2,094
171.657
Interest
$2,757,284
Int.
1939
1940
Cash dividends
........
1936
$2,8c3,864
Net operating revenue
Other income:
Income—Interest
x
1937
$2,099,268
expenses, maint.,
taxes and depreciation
1934.
3 Months Ended March 31—
1938
$2,271,053
revenues
Oper.
Shareholdings Corp.—Earnings—
Total income
General expenses
2577
the lien of the indenture during the year and thereafter that
company sold
at par $300,000 first
mortgage 20-year 4% bonds.
During the year, in
order to assist in
financing its program of improvements, San Jose Water
Works sold at an average of approximately
102% $210,000 first mortgage
3%% bonds, while California Water Service Co. sold at better than par
on the
average $500,000 4% series B bonds.
New Mexico Public Utilities Corp., a subsidiary of Walnut Electric &
Gas Corp. disposed of its property to the City of
Georgia & Florida RR.—Earnings——Week Ended
April 7—
1940
Operating revenues (est.)
—V. 150, p. 2424.
$21,275
—Jan. 1 to
1939
April7
1940
$19,350
1939
$291,139
$274,959
Giddings & Lewis Machine Tool Co.- —Earnings—
3 Mos. End. Mar. 31—
1940
Net profit after all charges
1939
$152,630
$119,638
1938
$109,643
Condensed Balance Sheet March 31
1940
Assets—
1939
Cash in banks and
on
$181,847
99,000
96,149
531,846
109,312
328,625
U. 8. Govt, bonds
at cost
Accts. receivable-
Inventories
Corp. life ins., cash
surrender value.
Prepd. & def.chgs.
99,000
1940
reserves
Common
$27,619
on
machs. ordered.
Accruals
Oper.
1939
$44,545
payable
(trade)
Customers deps.
stock
82,501
72,594
Earned surplus...
574",555
64,872
408,873
56,016
43,466
156,260
13,528
200,000
72,309
29,705
200,000
945,342
336,028
987,318
Appreciation surp.
51,828
Other assets
Fixed assets
Liabilities-
Accounts
$299,104
hand
Capital surplus
which had been pledged
bonds, were released from
J
Total
$1,739,170 $1,316,950
Total
$1,739,170 $1,316,950
The Commercial & Financial Chronicle
2578
April 20,
H. B. Kraut, President and General Manager, states:
"Due to the fact it has been found that the purchase of The Cincinnati
Planer Co. could not be consummated in a manner and upon a basis satis¬
Liabilities—
Assets—
Cash, demand depos. & time
$1,276,532
factory to this company and to the best interests of its stockholders, nego¬
tiations have been discontinued.
Marketable securities
pleased to inform you that the board of directors at a meeting held
37 Vi cents per share, payable April 25,
20, 1940.
"Unfilled orders as of March 31, 1940 amounted to $3,348,184, while
Unfilled orders as of March 31, 1939, amounted to $841,936."
(less reserve) _——
298,072
Accts.rec., trade (less res.)9,207,018
Accts. receivable—employees
71,494
Merchandise..
4,106,798
"I
deposits———
719,229
10,413
4,992
—
Accrued payroll
Notes payable.
i
...
78,291 Preferred stock.......
202,150 Common stock.
451,275 Surplus.
Investments (less reserve).—
Prop., plant & eqpt. (net)—
823,756
I 128,707
1,500,000
2,278,500
3,713,272
Reserves
....
Prepaid rent, taxes <fc insur..
Acquire Planer Company Dropped—
$833,000
5,205,548
575,902
Accrued extra compensation.
Accrued interest.
-
H. B. Kraut, President and General Manager of this company, announced
April 17 that "negotiations have been discontinued" for purchase of the
Cincinnati Planer Co.
In letter to stockholders, following a meeting of directors Mr. Kraut said
Notes pay.—W. E. Co., Inc.
Accounts payable, trade.
Accrued taxes.
101,690
Notes & trade accepts, rec.,
am
April 11, declared a dividend of
to the stockholders of record April
on
Plan to
1940
Balance Sheet at Dec. 31, 1939
on
the purchase "could not be
consummated in
satisfactory to this company."
a manner
and upon
a
Great Lakes Terminal Warehouse Co,—New Director—
dividend of Z7H
cents per share, payalbe
r Net income-.--
Per share
x
com.
Directors have declared
$867,547
$0.24
$0.16
1937
284,561
dividend of 50 cents
per
share
on
account of
July 15 and April 15, 1939.—V. 150, p. 279.
Gulf States Utilities Co.
324,782
$755,864
$0.19
a
accumulations on the 7% cum. pref. stock, payable April 15 to holders of
record March 30.
Like amount was paid on Jan. 15 last and on Oct. 14,
$1,159,784 x$1,693.554
119,358
114,052
367,382
$696,447
.
stock
1938
1939
Co. of Canada, Ltd.—Accum. Div.—•
Guardian Realty
Gillette Safety Razor Co .—Earnings—
$1,347,407
112,478
147, p.
.
April 25 to stockholders of record at the close of business April 20.
Pre¬
vious payment was 75 cents a share made on Dec. 21,1939.—V. 150, p.1937.
3 Mos. End. Mar. 31—
1940
Operating profit
$1,400,320
Depreciation
86,218
Taxes
*
617,655
$15,793,319
-
1767.
Colby Stilson has been elected a director of this company,—▼.
2533.
Z7%rCent Div.—
Directors have declared
Total.
..$15,793,319
Total..........
—V. 150, p.
basis
a
Earnings—•
1940—12 Mos.—al939
1940—Month—1939
Period End. Feb. 29—
b Taxes.....
$896,488
272,145
49,497
121,208
120,845
$777,380 $10,568,459 $10,597,170
253,445
3,305,640
4,118,588
50,218
569,021
527,813
109,868
1,434.063
1,225,655
108,419
1,100.490
1,233,160
Net oper. revenues...
Other income (net)
$332,793
Drl ,037
$255,429
Dr9,454
$4,159,245
11,736
$3,491,954
Drl6,059
Balance..
Interest & amortization
$331,756
107,054
$245,976
118,586
$4,170,981
1,410,085
$3,475,895
1,332,906
Balance
$224,702
Preferred dividend requirements
$127,390
$2,760,896
584,968
$2,142,989
$2,175,928
$1,545,274
Operating revenues
$1,254,720
—
_
Operation...—
$0.44
Maintenance.
Including $2,372 net adjustment relating to restricted foreign earnings*
Depreciation
The above net profit includes earnings of foreign subsidiaries only to the
extent that they were realized in U. S. dollars or otherwise made available
during the period.
Earnings of such subsidiaries excluded from consoli¬
dated net profit because not realized in U. 8. dollars during the first quarter
of 1940 amounted to $41,127 at rates of exchange used.
> Reports from a few foreign subsidiaries for the full period have not been
received.
When received they will increase to some extent profit from
operations, depreciation, taxes and earnings not converted into dollars but
will increase dollar net profit only in a small amount.
Figures for certain foreign subsidiaries are for periods ended Feb. 29.
.
.....
597,715
New Director—
Balance for common stock and surplus
Eugene L. Mullaney was elected a director of this company at the annual
meeting held April 16.
N. B. Maas and Laurence A. Tanzer retired from
the board and Philip Stockton died during the year, thus leaving the com¬
pany with 12 directors against 14 last year.—V. 150, p. 1937; V. 149, p.3115.
Includes operations for the entire period of systems acquired Aug. 25,
b Federal income taxes for the taxable year 1939 were substantially
as a result of the redemption of series C bonds on July 31,1939.—V.
a
1938.
reduced
150,
Goebel Brewing
Co.—Earnings—
3 Mos. End. Mar. 31—
Net profit after normal
income taxes..,.—.
Shares common stock-—
Earnings per share
1940
1939
1938
2425.
p.
Hackensack Water Co,
1937
$45,473
1,365,440
$0.03
$11,155
1,362,280
$0.01
$14,383
1,361,620
$0.01
.
Operating revenues.
Operating expenses
$127,523
1,347,280
$0.10
Goldblatt Brothers, Inc.—New Director—
Net earnings
....
$1,590,547
6,098
$1,661,347
7,222
$1,627,561
9,082
$1,773,594
562,955
$1,596,646
778,502
$1,668,569
688,834
$1,636,644
680,847
24,493
2,194
2,821
Crl,100
24,310
4,729
5,346
Crl,842
40,993
14,379
5,798
016,899
40,852
5,709
6,247
Cr 12,593
a$l,182,231
105,000
461,250
a$785,601
105,000
461,250
$935,464
105,000
461,250
$915,581
105,000
Co.—50-Cent Dividend—
Gross income
The directors have declared a dividend of 50 cents per share on the com¬
mon
stock, no par value,
payable June 15 to holders of record June 1.
15 and
Jan. 15 last.
A dividend of
$1 was paid on Dec. 15,1939, and compares with 50 cents paid on Nov. 15,
1939; dividends of 25 cents paid on Sept. 15, June 15 and March 15, 1939;
one of $1 paid on Jan. 16, 1939; dividends of 25 cents paid on Dec. 15,
Sept. 15 and June 15, 1938, and a dividend of $1.25 paid on Jan. 26, 1938.
—V, 149, p. 4175.
Like amounts were paid on March
Motors
Graham-Paige
on
Corp.—Stock
Increase
Voted—
Interest on funded debt.
Amort, of debt disct.,
prem. & expenses....
Miscellaneous interest..
Taxes assumed
Stockholders at their annual meeting on April 5 authorized an increase
in the authorized common stock from 3,500,000 to 5,000,000 shares and
a
reduction in authorized preferred stock from 30.000 to 4,444 shares.
until May 15 to permit solicitation of additional
proxies to bring representation to the required two-thirds majority necessary
to waive preemptive rights to subscribe to the additional 1,500,000 common
The meeting adjourned
shares
Net income—..
7%
cum. pref. divs
a
Graybar Electric Co., Inc.—Stock Offerrd—
Company is offering to its employees, including salaried officers, the privi¬
lege of subscribing at par ($20) for 186,075 authorized, but unissued shares of
common stock (represented by voting trust certificates) plus any shares of
its issued stock reacquired by the company on or before May 31, 1940
in
accordance with the provisions of the stock purchase plan, dated April 1,
1940, which was adopted by the board of directors at a meeting held March
8, 1940, and which was unanimously approved by the stockholders at a
meeting beid March 8, 1940.
♦
Payment for stock subscribed for may be made pursuant to either or
both of the following methods:
(A) payment in full on or before June 30,
1940, for all or a portion of the shares subscribed for.
(B) monthly de¬
ductions from salary at the rate of 50 cents per share per month, beginning
with salaries paid for the month of July, 1940, for all or a portion of the
,
stid<r6S sul)8cril36d for
was
shares
funded issues.
Consolidated Balanc; Sheet Dec. 31
1939
Capitalization, Dec. 31,1939
Authorized
—-
15,000 shs.
300,000 shs.
Outstanding
15,000shs.
113,925 shs.
disc. & expense,
t
.
A
,
less discounts, returns &
1939
1938
insurance
taxes, &C-.-.__
on
sal as
Total income
Income deductions
Provision for Federal income taxes—
Net income
$1,920,771
40,335
$723,901
51,443
$2,484,080
9,968
$1,961,106
144,174
313,147
$775,345
125,578
93,547
$2,494,048
$1,503,784
$556,219
$1,971,221
131,670
391,155
4,948
29,216
Misc. defd. charges
V
a
14,657
33,225
After
1938
$
$
Funded debt. ....14,350,000 14,360,000
Deferred liabilities
Notes pay. to bks.
Accounts payable.
Accrued liabilities.
1,471,925
156,387
365,569
Res.forretirem'ts. 4,575,642
Res. for Insurance.
2,551
1,418,544
62,000
108,451
280,962
4,335,194
2,151
7%
cum. pf. cl. A
stock ($35 par).
1,500,000
1,500,000
7,687,500
P*r)
Capital surplus... 1,880,218
Earned surplus... 5,079,621
7,687,500
Com.
.37,069,412 36,086,7401
Tot/U
stock
($25
Total...
1,868,298
4,473,640
37,069,412 36,086,740
of $6,033 in 1939 and $5,120 in 1938 for uncollectible
b Applicable to bond Issue redeemed in 1939.—V. 149, p. 3116.
reserve
Halle Bros. Co.—To
Pay 25-Cent Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, payable April 30 to holders of record April 25.
This compares with
50 cents paid on Dec. 20 last and 20 cents paidfon April 29,1939, this latter
bemg the first dividend paid since April 30, 1938; 50 cents
V^lfl' p^3717^
was
paid on
cents Paid 0,1 Oct. 31, July 31 and April 30, 1937.—
Hamilton Watch Co.—-New
Officers—
Three additional offices
were created and filled by the board of directors
organization meeting on April 9.
The board named W. R. Atkinson,
Vice-President in charge of sales; George P. Luckey, Vice-President, in
charge of manufacturing and H. R. Lawrence, Assistant Treasurer.
Stock¬
holders approved at the annual meeting an insured group
annuity retire¬
ment plan for officers and employees.—V. 150, p. 2256.
at its
(M. A.x Hanna Co. (&
Quar. End. Mar. 31—
Operating profit.
.
Interest
Deprec. & depletion
Federal taxes
....
Net income
Earns, per sh. on 1,016,961 shs. com.
stock
Subs.)
1940
Earnings—
1939
1938
$279,630
9,278
84,028
14,218
$136,295
10,450
52,004
16,279
$608,129
11,634
$390,239
$172,106
$57,562
$494,015
$0.23
$0.10
1940
1939
77,219
25,261
loss$0.10
Harbison-Walker Refractories Co. (&
Quar. End. Mar. 31—
Estimated net income.
Earnings per share on
x
1937
$505,936l
7.554
74,914
33,229
(no par)
—V. 150, p. 1768.
common
Profit
Other Income
724,006
60,705
Prepaid
1937
$67,565,776 $55,677,831 $77,816,582
Cost of goods sold &oper. expenses— 65,645,004
54,953,930 75,332,502
.
704,209
1939
Liabilities—
plant
b Prepaid Interest-
Summary of Earnings for Calendar Years
allowances
$
and
equip, (incl. in¬
tangibles)..
35,068,859 34,553,888
Misc. investments
135,929
23,945
Cash
641,940
252,655
a Accts. receivable
323,285
304.828
Materials &, suppls
161,026
118.829
Unamortized debt
an
7% cum.pref.stock (SlOOpar)
Common stock ($20 par)
1938
$
Assets—
The primary purpose
of this offering of shares of common stock is to
opportunity to recent employees of the company to purchase
of the policy formulated when the
company became an employee-owned company through acquisition by its
then employees, through the medium of Graybar Management Corp., of
all of its common stock from Western Electric Co., Inc.
Since the termin¬
ation in 1933 of the right to purchase shares of stock of the
company under
the second and continuing stock
purchase plan of Graybar Management
Corp., dated March 1,1929, there has been no opportunity for any employee
to acquire any s.uch shares.
The entire consideration to be received for the stock offered is to be
credited to capital.
As and when payments are made under such sub¬
scriptions, they will be placed in the general funds of the company, but the
company is unaole presently to allocate to specific purposes the use which
may be made of such funds.
However, Bankers Trust Co., New York, as
trustee for the Pension fund established under the plan for
employees'
pensions, disability benefits and death benefits, now holds $1,723,756
principal amount of demand notes of the company as part of the trust fund
under said plan, and it is contemplated that all or a substantial amount of
said notes will be paid off in the near future, either from the proceeds de¬
rived from the sale of stock or, to the extent necessary, from general funds
of the company, and such proceeds as received used to replenish working
capital so depleted.
Part of the proceeds may be used for the acquisition of property, but the
company has no commitments for the acquisition of additional property.
per share on 307,500 shares of common stock outstanding In
$3.50 per share and $2.21 per share in 1938 on a like number of
Note-—Interest on funded debt includes $60,705 and $136,985 for the years
1939 and 1938, respectively, of interest on refunded bond issues from date
of issue of refunding bonds (Oct. 14, 1938) to redemption dates of these
accounts,
shares of its common stock, in pursuance
461,250
Earnings
1939
Prop.,
2255.
Sales gross,
int.__
Int. chgd. to construct'n
The stockholders elected Ernest Kirschke and R. E. Burtch, executives
of the company, to the board of directors, increasing the board from six
to seven members and replacing R. Carl Hicks, who resigned.—V. 150,
afford
on
Common dividends.....
New Director—
P.
$3,848,554
631,184
182,688
288,031
993,805
125,284
$1,772,380
1,214
.
Other income (net)
Gorham Mfg.
1936
$3,857,419
656,911
X 179,752
296,822^ 293,722
1,043,108
958,378
18,438
107,309
1,053,971
4,787
Federal income taxes...
Frank M. Folsom was elected a director of this company at the recent
annual stockholders' meeting, succeeding Edward Simon.—V. 150, p. 1767.
1937
$3,817,751
697,158
171,678
159,245
309,255
General taxes
-Earnings-
1938
$3,995,571
695,933
....
Maintenance expense. . .
Prov. for retirements...
—V. 150, P. 1767.
(& Subs.V
1939
Calendar Years—
$0.33
Subs.)—Earns.
1938
1937
$379,600
$207,500
$142,500
$1,091,800
$0.25
$0.12
$0.07
$0.77
stock
After depreciation, depletion, taxes, &c.
For the 12 months ended March 31, 1940, estimated net profit was $2,041,100, equal to $1.36 a share on common, comparing with $801,400,
or 46 cents a common share for the 12 months ended March 31, 1939.—
x
New Vice-President—W. B. Coullie has been elected Vice-President and was succeeded
eral sales manager by H. S. Robertson.<r-Vk. 150, p. 1436.
as
gen¬
Volume
The Commercial & Financial Chronicle
150
Hancock Oil Co. of Calif.—Extra Dividend—
Illinois
Directors have declared
an extra dividend of
75 cents per share in addition
dividend of 50 cents per share on the class A and
payable June 1, to holders of record May 15.
Like
amounts were paid on March 1
last and on Dec. 1 and Sept. 1, 1939.—
V. 150, p. 840.
♦
to the regular
quarterly
B stocks, all
class
Havana Electric & Utilities Co.—Accumulated Dividend
The directors have declared
a dividend of 75 cents
per share on account
the 6% cum. 1st pref. stock,
par $100, payable May 15
April 30.
Similar payments were made on Nov. 15 last
of the 13 preceding quarters.—V.
149, p. 2513.
of accumulations
on
to holders of record
and in each
Haverhill Gas Light
Period End. Mar. 31—
Operating
revenues
Operation
Maintenance
Taxes
Co.—Earnings
$5,653
1940—12 Mos —1939
$559,546
359,834
29,228
78,794
$79,203
61
76
$5,653
2.917
Net
$91,751
35,000
$79,279
35,000
$1,485
$56,751
43
78
576
$44,279
1,356
$2,692
Gross income._
$4,402
2,917
$2,736
__
Interest
$1,408
$56,175
39,312
$42,923
39,312
charges.
income
Dividends
declared.
—V.
p.
150.
$555,061
359,090
29,550
87,128
$91,690
$4,401
Non-oper. income (net).
Balance
Retire, reserve accruals.
Central
New
Mtg.
are
Corp.—Stock Offered—A. W. Porter, Inc.
offering 275,000 shares of common stock
($2 par) at market.
The price to the public is:
(a) At
time while the New York Stock
any
Exchange is not in session, the market price as established by the quotation
for the last sale of such common stock of the
corporation upon such Exchange
during the next preceding session thereof, and (b) at any time during a
session of such Exchange, the market
price as established by the quotation
for the then preceding last sale' of such stock
upon such Exchange, in
either case plus an amount equal
to the
regular
registerable as to
principal only.
To be issued under lease and agreement based on the
Philadelphia plan.
Trustee, Pennsylvania Co. for Insurances on Lives
Granting Annuities, Philadelphia. Certificates are to be uncondition¬
ally guaranteed as to principal and dividends by Illinois Central Railroad Co.
The equipment to be
subjected to the terms of the lease and agreement
„
consists of 2,000 40-ton 40 rt.
6 inch, steel sheathed box cars, wood-lined,
with 6 inch, side-doors.
The cars were built
Co. and
under lease to
are
brokerage commission
Exchange.
Registrar, The Marine Midland Trust Co., New York.
225,000 shares of
common stock
at the best prices obtainable therefor,
such sale to be effected within 180 days after the date whereon said shares
shall have been registered under all
applicable Federal laws, and authorized
to be issued upon notice of issuance upon the New York Stock Exchange.
Purpose—Reconstruction and improvement of power plant equipment,
repairs and maintenance, purchase and installation of additional machinery
and equipment, additional
working capital.
Company—Corporation, formerly Hayes Body Corp., was incorporated
in Michigan under the name
Hayes Ionia Co. on May 9, 1910.
The busi¬
ness has, practically since the formation of the
company and up to the
year 1936. been limited to the production of automobile and vehicle bodies,
parts, stampings and accessories, and tools, jigs, dies and fixtures.
During
the period from Dec. 31, 1928, to Dec.
31,1938, the corporation experienced
a sharp decrease in the
gross value of its sales and a changed proportion
of output of its products.
Near the close of its fiscal year ended Sept. 30,
1938, the company entered into a contract with the Chrysler Corp. for the
building of certain automobile bodies.
Corporation anticipates that of the total volume of business it expects
to receive
during 1940 approximately only half will be of the type in which
it has heretofore engaged exclusively.
Consequently, it is contemplated
that of its entire expected volume of business, that anticipated to be done
with Chrysler Corp. will constitute
approximately 20%, with GrahamPaige Motor Corp. approximately 5%, and with about five other customers
in the automobile field approximately
10%.
It is expected that the balance
will come from new fields of activity into which the corporation is perfecting
its plans to enter.
Capitalization—Authorized
1,000,000 shares
(par
$2);
outstanding,
500,000 shares.
Of the 500,000 shares unissued, a total of 275,000 shares
are offered for sale and a total of 25,000 shares are reserved under option
for issuance against payment therefor.—V. 150. p. 2425.
Hewitt Rubber Corp.
1938.
The
lease and agreement
providing for the issuance of these certificates and held
by it as security pending the
re-marking of the equipment in the name of
the trustee.
The equipment is to be leased
by the trustee to Illinois Central at a
pay the principal amount of the certificates and the
as they mature.—V. 150, P. 2426.
rental sufficient to
dividend warrants
$38,377
$0.23
Earns.per sh.en com.stk.
x
After depreciation,
1939
1938
$41,573
$10,691
$0.06
$0.25
Co.—Earnings—
Earnings for the 6 Months Ended March 31, 1940
Sales
Cost of goods sold
Gross margin.
Selling and administration expenses
Net income before Federal income tax
Earnings
-
per share
V. 150, p. 2256.
on
revenues
expenses
Income from ry. oper.
$441,399
1,163
Excess
of
revs,
$103,553
$0.61
Co.—Earnings—
$442,562
Operating
1939
1939
1938
193/
1936
$3,285,597
1,742,230
242,355
345,040
$3,704,621
1,813,109
275,967
345,040
$3,531,356
1,786,881
Operating income
$3,640,867
1,554,183
expenses
$2,424,358
1,700,528
3,071.138
Zinc
1937
$6,141,386
4,202,652
$763,774
9.229
$723,830
9,421
$569,729
10,496
$1,938,734
Other income
$733,251
219.874
$580,225
85,352
$1,966,683
Depreciation
$773,003
215,724
$558,279
$513,377
$494,873
$1,882,100
$1.08
$1.04
281,880
268,304
257,992
233,820
Net oper. income
Other income
$908,118
12,043
$687,667
10,961
$1,012,511
12,577
$909,473
Gross income
Int. on long-term debt..
$920,162
604,994
$698,628
611,957
$1,025,088
617,957
$915,560
626,511
137,783
1,374
139,450
2,325
139,450
2,994
140,386
27,095
27,506
27,904
28,225
Interest
on notes
Net inc. before deplet.
Earnings per share
capital stock
997.
27,949
84.583
on
$1.17
—V. 150, p.
on
expense
bond
on
8,113
Net income,
x
Balance Sheet Dec. 31
'
1939
1938
$
$
Plant, prop, rights,
franchises, &c. .19,700,151
Pref.
stock
commls.
19,682,975
disct.,
& exp.
306,991
36,693
306,991
37,926
Special
24,902
25,355
prepaid accts-_»
422,362
Cash....
1,008,929
1940—Month—1939
$518,221
$493,549
159,640
157,361
126,000
43,800
118,000
37,500
$188,781
$180,688
684
523
$189,465
$181,211
56,250
56,250
8,309
res. approp.
for
mortgage bonds.
Other int. & deductions.
on
9,384
Common stock.
_
accr.
pay. to parent co
Accounts payable.
245,847
revenues.
Accrued Interest..
Accrued taxes
Mat'Is & supplies.
312,329
319,847
Miscell. liabilities.
z
Contributions
Reserves
Total
x
22,394,694 22,120,115
738,000
Represented by
no
par
Int. charged to constr'n.
92,870
90,677
,595,027
227,840
308,565
201,193
31,093
219,327
659,306
,445,328
3,521,202
*
Total
shares,
a
In aid of construction.—
Interchemical Corp.—New Director—
H. B. Woodman, Vice-President and Secretary, has been elected
Hutton.—V. 150, p. 1938.
$5,748,356
1,722,072
1,113,967
$2,302,788
7,964
$2,462,317
$2,310,752
675,000
113,085
$2,471,791
675,000
450,000
9,474
115,240
CY597
$1,523,958
414,342
$1,682,148
414,342
$1,109,616
$1,267,806
150,
P.
2426.
direc¬
Insuranshares
*
Certificates, Inc.—Earnings—
Income Account
for Quarter Ended March 31
1939
$72,944
12,122
$67,419
9,799
$9,835
4,909
$60,821
656,239
$57,621
674,708
Drl3,401
Dr54,886
$31,373
774,337
Dr7,202
$0,103
$718,927
$0,084
$744,312
$0.0065
$798,508
$0.0377
$3,885,092
$3,787,162
$3,270,775
$4,865,672
Crl,344
Cr2,383
015,043
1938
1937
$37,113
5,740
Net oper. income—
Drl5,079
$4,925
794.271
1940—12 Mos.—1939
$6,152,546
1,884,415
1,484,043
481,300
$116,652
Balance
a
tor to succeed the late J. M.
a
Dividends applic. to pref. stocks for the period—
-V.
38,129
dividend of 2 y% %
Crl ,291
$123,831
189,281
218,738
646,804
5,640,903
.22,394,694 22,120,115
z
Undistrib.
oper.
March 31
inc.,
—
Earnings per share
$701,981
Capital surplus—
Net prof, on secur sold
during year below
pre¬
vious Dec. 31
04,521
Recovery
in
market
value of portfolio
Drl62,038
Portion of canceled treas.
83 157
bCr34,833
72,231
209,653
245,693
334,421
Cap.surp.atMar.31. $3,838,112
income
206,057
309,329
V. 148, p. 2125.
stock
Net
1,662,200
7,380,000
12,128,000
int. thereon
205,152
84,938
,662,200
,380,000
1,370,600
Demand notes and
204,398
Unbilled
$
debt.. 12 ,092,000
284,934
93,003
adj. book value
Gross income
Int.
x
Long-term
bond
Interest
Bal., Jan. 1,adjusted.
Net oper. revenues
Other income (net)
6% cum. pref. stk.
($100 par)
Deferred liabilities
438,591
1938
$
7% cum. pref. stk.
($100 par)
1,370,600
772,493
deposits..
Deferred charges &
Income charges (net)
expenses
Prop, retire,
1939
Liabilities—
Investment
Balance at Jan. 1
revenues
Direct taxes.
6,942
$107,982
Loss.
Total deductions
June 10 to holders of record May 20.—V. 141, p. 278.
Period End. Jan. 31—
7,848
$228,934
x$90,665
1940
Idaho Power Co.- —Earnings—
Operating
Operating
8,054
$140,802
Total income.
April 11 recommended the payment of
on
5,512
Amort, of debt disc, and
:
Hudson's Bay Co.—Dividend—
Directors
6,086
payable
to parent company
Other general interest._
$3.97
„
256,160
345,021
State, local and miscell.
Deficit
1938
$2,317,957
$2,379,473
$3,665,555
1,906,764
223,752
345,040
Maintenance
Pro vs. for deprec
Accts. receivable..
1940
$2,919,886
8,679
-
Indiana Service Corp.—Earnings—
Calendar Years—
Earnings for 3 Months Ended March 31
Value of metals prod'd...
$469,239
$2,370,794
Directors have declared an initial dividend of $1.25 per share on the
cumulative preferred stock, payable May 1 to holders of record
April 20.
—V. 150, p. 2100.
Deposits
of the properties for the quarter ending
Ozs.
Los.
Lbs.
Lbs.
917,029 14,942,505 11.468,869
2,777,056
1,005,348 14,111,044 26,640,556 22,072,876
16,956
16,911
9,043
Indiana Associated Telephone Co.—Initial
Pref. Div.—
interest
E.) Hires Co.—Stock Sold—Drexel & Co.;
Merrill Lynch, E. A. Pierce & Cassatt, and Smith, Barney
& Co. offered after the close of the market April 15 40,750
shares of stock (par $1) ar 21The offering which does
not represent new financing by the company, was over¬
subscribed.—V. 150, p. 2425.
Lead
$2,910,842
1,190
over
operating ^ex^enses.
^
$468,048
>
1937
(Charles
1st quarter, 1940
1st quarter, 1939
1940—Month—1939
1940—7 Mos.—1939
$1,834,161
$1,728,095 $12,074,644 $10,943,889
1,392,762
1,260,047
9,163,802
8,573,095
Non-operating ineome..
.v
Copper
,
Independent ( Subway) System of N. Y. City—Earnings
Period End. Jan. 31—
Operating
Operating
Assets—
Silver
$58,206
$0.61
95,140 shares
Federal income and undistributed profits taxes.—
The results of the operations
March 31, 1940:
Gold
Metals Sold—
Ozs.
.$149,808
70,606
20,996
Income charges—net..
V. 150, p. 1768.
Howe Sound
..$958,298
808,490
_
Taxes assumed
(& Subs.)—Earnings—
1940
by American Car & Foundry
RR., 1,000 of the cars being
1,000 by lease dated Dec. 8,
Central
average delivery dates of the equipment under the first lease
was Jan. 7, 1939 and under
the second lease was Feb. 7, 1939.
The manu¬
facturer's price of the
equipment was $5,420,000.
The equipment is
marked with the name of American Car &
Foundry Co., the lessor under
the existing leases which are to be
assigned to the trustee under the new
Transfer agent,
Continental Bank & Trust Co., New York.
Underwriting Contracts—A. W. Porter, Inc., has made a firm commitment
to purchase from the
corporation at $2.50 per share 50,000 shares of
common stock of the
corporation.
By the terms of this agreement A. W.
Porter, Inc., is also appointed selling agent for the sale of an additional
Illinois
?«X£redrr£y Iease dated Sept. 15, 1938 and
allowed by the New York Stock
3 Mos. End. Mar. 31—
b Net profit
Offered—A
Dated March 1, 1940; to mature $263,000 on March
1, and Sept. 1, from
Sept. 1, 1940 to March 1, 1949, incl.
Dividends payable M. & S.
Prin¬
cipal and dividends
payable at agency of trustee in New York.
Certifi¬
cates to be issued in bearer form in the denom. of
$1,000,
2100.
York
Trusts
734,000 2h£% equipment trust certificates, series T, at
prices to yield from 0.35% to 2.60%, according to
maturity.
Illinois Zinc
Hayes
RR.—Equipment
banking group headed by Salomon Bros. & Hutzler, Dick
&
Merle-Smith, and Stroud & Co. on April 15 offered $4,-
and
1940—Month—1939
$48,145
$47,181
33,481
32,848
2,232
2,759
6,780
7,173
Net oper. revenues
2579
$3,507,661
$2,705,703
Unreal, depreciation
$4,708,156
a Excl. of losses on sales of securities
charged to capital surplus,
from decrease in unrealized depreciation.
b Gain
The Commercial & Financial Chronicle
2580
International Ry. Co.
Balance Sheet March 31
folio- i.-.-.-SS,100.027 $4,835,235
46,059
—
54,190
Soc. sec. tax pay—
1939
.
14
...
.
686,700
3,507,661
718,927
X>r29,183
614,000
Cap.stk. (par $1).
Capital surplus... 3,838,112
701,981
Z?r8,078
Treasury stock.-.
XJndis. oper. inc..
$5,152,686 $4,889,432
Total---.
$13,177 in 1940 and $588,107 in 1939.
died on
April 16 of pneumonia.—V. 149, p.
Mat'Is
Current liabilities.
A supplies.
223,285
309,953
Ac., on bds. sold
997,267
1,098,694
140,683
International Hydro-Electric System—Earnings—
362,803
280
....
.
$341,324
401,472
18,870
$382,734
a$7,500
364,763
-
Miscellaneous
1937
1938
1939
Income—DIvs. received from sub cos.
Interest from subsidiary cos
524.323
Total
Total income.-..
Taxes (other than income
Balance...
Int. onconv.
taxes)
—
—...—
6% debenture.
—
discount & expense.—
(incl. int.)
Amort, of debt
Prior year's inc. taxes
Deficit, Dec. 31-
—
151,221
3,267,899
3,213,067
___.def210,751
431,628
renewals
U——.-25,493,132 26,888,564
25,493,132 26,888,664
Total
x
Represented by 167,075 shares of no par value.
Note—Earnings for the year ended Dec. 31, 1939 were published
"Chronicle" of Feb. 17, page 1138.—V. 150, p. 1939,1138.
Investment Co. of
in the
America—Earnings—
$35,818
—
$1*6,532
10,446
10,197
1,404
1940
—
„— ._
—
Together
—
1939
$397
26,135
$35,818
3 Months Ended March 31—
on investments in bonds.—
Dividends from investments in stocks.
Interest
—
Balance.--—
Profit from sale of securities on the basis of cost to
this company, "first in, first out"---.-—
$17,948
14,019
22,776
Profit before provision toi Federal income tax
Deduct—Provision for Federal income tax—-,
*31,967
$26,379
$598,638
1,594,080
89,815
$1,085,257
7,676,432
$1,068,280
4,874,174
1,609,478
124,500
cl,716,128
124,500
124,500
$8,886,189
.
_ —
Interest expenses
Cash dividends.
Notes—(1)
$7,676,432
$1,223,185 portion representing return of investment,
loss oh exchange,
c Difference
between principal
amount and cost of treasury debentures acquired prior to( 1939, less dis¬
count and expenses; previously carried as reserve.
$35,816,
——
—
The securities owned
—
4,802
—
$21,577
48,764
$31,655
53,008
—
—
—.—
$3,603
312
—
—
3,984
7,345
—_
Profit for the 3 months ended March 31,
After deducting
a
b Includes
138,072
adjusted credits.
Res. for deprec. &
$615,615
1,594,080
89,815
$147,693
1.594,080
89,815
109,478
$8,940,241
—
.
417,449
Deferred liab., un¬
114,997
31,054
$761,667
8,886,189
-------
1,580,347
441,942
2,204
5,219
$745,537
89,173
57,726
$1,645,680
Net loss------——-—...
Deficit Jan. 1
Adjs, incident to amalg.of Can .subs.
Amort, of options on shares of N. E,
Power Association—
Credit adjustment—» —
1,643,219
Custodianship, legal and agency fees.
Federal capital stock tax and miscell. taxes—
Exps. of filing registration statement & prospectus.
$372,543
bl35,540
8 J,310
.
at March 31,
1940, are carried on
the balance sheet at cost to the company, which is in excess of market
(arrived at by taking the last reported sale or bid prices on that date)
in the amount of $249,504.
The difference between cost and market
is not taken up in the accounts.
.
.T
Unrealized depreciation
in value of the company's securities, as com¬
pared with cost, was as follows:
Depreciation as at Dec. 31, 1939.
$244,901
Depreciation as at Mar. 31, 1940
249,505
as
,
•
-
Balance Sheet Dec. 31
1939
1938
1939
1938
$
$
Assets-*-**
$
$
Liabilities—
-—
«r.
{.Company Only)
subs..80,041,016 81,758,505 Conv. 0% debs...26,568,000 26,668,000
23,330
21,873
gUndls.earned sur.
——9,041,704 Accounts payable398,720
398,520
Advs. to sub. cos. 5,609,710
6,013,710 Accrued interest-Accrued taxes--—
23,069
23,385
Otber inv. (cost).
285,000
285,000
7,500
7,530
• Options-—
373,500
498,000 Other accrd. items
1,716,128
Cash—.—
1,034,103
1,037,538 b Reserve-.
Accrd. int. reeelv.
29,438
9,435 Pref.stk. ($50 par) 7,139,950 7,139,950
Due from sub. cos.
52,480 Class A stock ($25
par)
-21,417,959 21,417,959
Exps. of
investi¬
Class B stock ($20
gation of prop,
par)..
—20,000,000 20,000,000
acq'd
by' subs.
in 1931.—
d2,000,000 e2,000,000
147,371
147,371 Common stock
20,084,277 20,084,277
Organlz. expenses.
240,868
240,858 Paid in surplus
21,567
Unamortiz.
debt
Capital surplus-21,667
8,880,190
8,940,241
dlsct. and exp_.
381,714
471,628 Deficit-Undls. earned surp
c
9,041,764
f Secure. of
—
—
Increase-
$4,604
——
(2) No amount accrues in respect of management compensation for
the three months ended March 31, 1940, under the terms of the manage¬
ment agreement.
(3) Profits for Federal income tax purposes were computed in part on
the basis cf the predecessor trust's costs and on that basis there was no
taxable income for the three months ended March 31, 1940.
-
.
Balance Sheet March 31
Assets—
1940
Cash in banks..
$180,526
1,509
-
Claims in respect of deposits in closed Detroit banks
Divs. unpaid on stocks ex-div., and accrued in¬
terest receivable
Accts. receiv. for securities sold, not delivered---Amount receivable for cos. capital stock sold
Investments, at cost
.
15,150
120,697
66,035
4,283,602
1939
$186,704
2,280
9,113
4,117,359
—
Total
88,742,711
99,556,1901
.88,742,711 99,556,190
Total
Expiring Dec. 31, 1942, to acquire a $55 a share 30,000 unissued com¬
shares of New England Power Association,
b Difference between
cost and principal amount of reacquired debentures, less discount and ex¬
pense applicable thereto,
c Prior to 1939 the company followed the prac¬
tice of recording in its accounts the undistributed earned surpluses (less
deficits) of subsidiaries arising since dates of acquisition.
Under the Uni¬
form System of Accounts for Public Utility Holding Companies, this prac¬
tice is not permitted, and the company has eliminated from its accounts
as
at Jan. 1, 1939 such items which amounted to $9,041,763.67 at that
a
mon
d Par 80 cents,
date,
a
e
subsidiary representing return of investment,
sidiaries arising since date of
g
1938
—
Loss on
1937
1936
$61,216,973 $62,900,782
2.901,578
40,310
$61,506,958
3,114,535
3,221,489
299
45,794
exchange...—
,
7,517
Total gross revenue--$68,737,134 $64,078,241
Oper.
exps.
and taxes—. 30,722,516
3,711,519
Maintenance--—
$66,121,972 $64,613,977
27,972,203
28,572,598
27,469,483
3,934,169
3,978,998
4,098,158
Income—---$34,303,098 $32,127,039 $33,615,205 $33,046,335
Int. of funded debt and
other interest-Amort. of discount-
Depreciation
;
-
-
_
—
Res, for income tax
Divs. on pref. & class A
stocks of subsidiaries-
12,252,496
1,068,060
6,472,543
a3,167,380
13,256,178
972,476
5,550,955
2,369,592
13,034,446
985,197
5,624,929
a2,402,216
14,033,663
929,741
5,434,156
1,522,094
-
-
-
$4,667,520
.
8,580,804
8,437,148
7,828,425
8,560,388
1,456,908
of subsidiaries
1,207,740
1,411,252
1,179,735
3,586
425,498
undist.prof .tax
Other charges
$4,315,456
Liabilities—
Accrued taxes other than Federal income tax
Provision for Federal income tax
Reserve for contingencies
$5,555
53,008
20,674
-
.
$6,006
48,764
2,157,790
508,959
1,901,533
377,384
1.909,484
$4,667,520
Capital surplus
Earned surplus
18.555
4,802
2,640
1,947,820
$4,315,456
20,000
-
Common stock (par $10)
150,
P.
—
-
2428.
Investors Fund C,
Inc.—Earnings—
3 Months Ended March 31—
Cash dividends.
1940
104.136
1939
$41,265
3,052
13,838
Net realized profit on investments
Net profit
Total
I
Dividends
Balance, March 31-
$263,258
53,829
$171,152
Profit--.
$82,936
180,321
$222,862
51,709
Management compensation
$22,996
59,941
$43,331
179,531
Taxes other than income taxes
$38,382
2,683
12,704
$24,375
18,956
-
$209,429
Balance Sheet March 31, 1940
Assets—Cash
Minority int. in earnings
Prov. for
Total
1
Profit and loss surplus, balance Dec. 31
Net revenue including
other
capital stock of wholly-owned sub.
(Investment Research Corp.), at cost
Accounts payable and unclaimed dividends-.
Dividend payable
—V.
Consolidated Income Account for Calendar Years (Includ. Subsidiaries)
Grossrev. from oper... .$65,782,678
Other income
3.000,250
co.
Less deficits of sub¬
acquisition.
1939
Investment in
f Less dividends received from
Par five cents,
on
Irving Trust Co.,
deposit in Irving Trust Co., $95,229; securities held by
depositary, at value based on closing market quota¬
as
tions March 30, 1940 (cost—$5,604,894), $5,350,248; accounts receivable,
broker for securities sold, $68,136; dividends receivable, „20,225; prepaid
taxes
(N. Y. State franchise), «1,408; total, $5,535,246.
Liabilities—Accrued taxes, $7,678; compensation to Investors Manage¬
Co., Inc., payable quarterly under terms of management contract
(for quarter ended March 31, 1940), $13,838; dividend payable April 15,
1940, $51,709; capital stock (par $1), $517,092; paid-in surplus, $5,028,423;
ment
Bal. added to surplus.
Earn, per sh.
$1,200,770
$535,363
$2,226,326
$957,473
$0.82
$0.04
$2.02
$0.54
on aver, no
of cl. A shs. outst'g—
a
Includes provision for
excess
profits tax.
1938
$
$
Assets
Construc'n work
orders in prog.
Investments
Cash
Market,
securs.
Accts. receivable
Inventories
Sink, funds, Ac.
Options for
A
8,194,209
4,292,250
842,191
3,182,622
17,525,494
8,666,810
149,250
a8,489,677
3,688,838
865,146
com¬
mon stock...
Accts.
2,334,561
17,954,595
9,354,498
134,459
Accts. payable A
accruals
10,451,414
1,780,798
72,633,454
Suspend'd creds.
190,808
Other reserves..
1,191,598
turities
ma¬
paya¬
ble currently.
Res, for deprec.
240,858
incl. surp. ap-
7,550
Pref. stk.—conv
of subs
135,065,223 131,670,637
plicab. thereto 22,953,731
53.50 series..
19,517,530
.
7,124,200
Class A stock... 21,403,733
1,185,429
1,077,378
14,480,367
Class B stock
20,000,000
Common stock. b2,000,000
Paid in surplus- 20,122,891
Earned surplus.
Capital surplus-
Includes
Ltd. (& Subs.)—Earnings—
1940—Month—1939
$83,444
$82,786
1940—12 Mos.—1939
$999,683
$966,997
37,877
34,070
436,223
427,646
8,531
9,742
7,544
5,569
93,529
82,428
85,905
66,647
Net oper. revenues...
$27,293
Dr480
$35,602
Drl,751
$387,503
Drl,619
$386,799
1,773
$26,813
7,500
$33,852
7,500
$385,884
90,000
$388,572
90,000
$19,313
8,917
$26,352
8,342
$295,884
106,133
$298,572
100,288
Net income.
$10,396
$18,010
Dividends—J. P. S. Co., Ltd.—Preference
—Preference "B".
—Preference "C"_
$189,751
37,354
27,490
7,541
112,950
$198,285
23,609
16,494
Operation
-
Maintenance....
Taxes
Balance
Retirement accruals
Gross income—
.
Minor.com.stks.
240,858
69,248,308
194,452
3.917,628
Prof.A oth. stks.
employees.
Prepaid and def.
exps. appllc.to
a
Operating revenues
608.056
Fund, debt
45,679
A
Total
.$
12,877,755
498,000
Due from offlo's
Securities
Period End. Feb. 29—
Non-oper. income (net).
»
Funded debt...269,011,422 271,069,778
Notes payable—
3,568,712
2,750,000
60,887
rec.
future oper
Dlsct. & exp. on
bonds A other
1938
S
373,500
notes
(non-cur.)
Organlza'n exp.
1939
Liabilities—
Prop.,plant, Ac.527,415,645 523,998,603
Srofit and loss surplus, $171,152; unrealized depreciation on securities,
>r $254,647; total, $5,535,246.—V. 150, P. 998.
Jamaica Public Service,
Consolidated Balance Sheet Dec. 31
1939
.591,906,612 582,922,172
notes,
b Par 80 cents
Total—
c
—
.
.
1,936,955
45,331
22,188,086
7,124,200
21,404,708
20,000,000
c2,000,000
20,096,543
155,574
42,786
.591,906,012 682,922,172
Par five cents.—V.
150, p. 280.
"
accidents
and damages...
Unamortized dlsc't,
Administrative and research
General & administrative expenses..
for
Res.
203,535
651,569
accts. rec., Ac-
Surplus..
3692.
S
Preferred stock— 1,609,700
1,609,700
equipment
2,194,851
investment
23,524,093 24,240,464 x Common stock.. 2,194,851
16,414,200 17,284,300
Cash
109,979 Funded debt
597,855
Co.—Obituary—-
Interlake Iron
Clifford Douglass Caldwell, 68, President of this corporation, and a
member of the Federal commission on coal production in 1917 and 1918.
1938
S
Liabilities—
Prepayment & un¬
adjusted debits.
Total.-. —.—$5,152,085 $4,889,432
After unrealized shrinkage of
—V. 150. p. 841.
S
Road A
Special deposits—
x
1939
1938
$
Assets—
1940
-Balance Sheet Dec. 31
(Buffalo)
1939
$5,313
$6,671
Due to brokers...
Securities In port¬
Cash
1940
Liabilities—
1939
1940
Assets—■
x
April 20,
Interest & amort., &c
—J. P. S.
Ltd.—Capital..
—
-
59,062
Note—The operating companies figures included in this report have been
converted from £ sterling at the rate of $4.86 2-3 to the£l.—V. 150, p. 1939.
Joy Mfg. Co .—Stock Sold—Offering of 51,177 shares of
stock (par $1) at $16.50 per share was oversub¬
scribed April 18, Barney Johnson & Co., Chicago, announces.
—V. 150, p.1771.
common
I
Volume
The Commercial & Financial Chronicle
150
Johns-Manville Corp.
sales._
____.$11,819,443
42,353
__
_
Other Income
Total income
Net profit
...
$10,488,582
10,178,856
549,202
$125,118loss$239,475
131,250 131,250
$781,681
131,250
_____
Preferred dividends
$10,397,408,$10,435,118.
68,120
53,464
.$11,861,796 $10,465,528
10,532,328
9,762,601
547,786
577,809
-
Costs, expenses and taxes.
Depreciation and depletion
than
1938
1939
1940
—V. 150, p. 2101.
Kansas City Power &
Calendar Years—
Light Co.—Earnings—
1939
Electric sales
Gas sales.
...
Steam sales.
1936
1937
1938
$15,073,043
910,638
437,634
69,706
75,242
$15,425,082 $15,274,430 $15,774,337
485,283
650,569
1,036,299
372,261
371,356
458,802
68,945
73,630
Earnings other utilities.
revenues.$16,356,256 $16,365,300 $17,339,144
and maint__
6,288,494
6,370,654
6,789,782
Gross oper.
Oper. exps.
Taxes, exclusive
$16,496,557
6,338,439
$8,563,894
Dr59,652
$9,181,421
Dr46,953
Dr96,247
Total gross income
Interest
$8,495,660
1,436,701
$8,504,242
1,386,476
$9,134,468
1,384,924
$8,809,669
1,626,513
102,479
65,574
2,116,369
102,479
65,542
2,300,634
102,176
2,249,884
107,528
71,530
2.214,097
17,361
20,006
822,376
32,160
936,035
x$3,899,319 x$3,806,729
"$4^360,143
6,242,908
4,106,466
$7,683,714 $10,049,636
240,000
240,000
$8,466,609
3,281,250
.5,381,250
;
643,991
1,758,750
v
224,952
$4,162,464
$3,784,396
__
and
of discount
premiums
Miscell.
deductions
Depreciation
Amort,
of
limited
v
857,859
taxes
Net income..
3,784,396
Surplus begin, of year._
Miscell.
credits._
______
Total
Preferred
69,145
term
investment
Income
dividends
Common dividends
_____
Miscell. debits
Surplus end of year.
__
240,000
conform to groupings followed
79,596
$4,710,405
1,871,996
463,359
$7,045,760
240,000
2,493,750
205,544
$4,106,466
$6.97 in 1939 and $6.79 in
$6,242,908
x Earnings per share on common stock was
1938.
*
;
v
Note—In the above comparison the years 1936 and
1937
are
pref. stocks of the company to exchange their
new 43^% pref.
stock on a share-for-share
basis plus a cash adjustment based on the difference between
the redemption price of the old stock and the offering price
of the 4y2% stock.
The offer to stockholders expired
April 17, and holders of 55,866 shares of 6% and 7% pref.
stocks accepted the offer of exchange.
restated to
in income account subsequent thereto.
The preferred stock will be issuable from time to time, in one or more
series, all of which shall be of equal rank.
So long as any of the shares
of the company's 6% cumulative preferred stock and 7% cumulative
pre¬
ferred stock remain outstanding, ail rights and privileges of the preferred
stock shall be junior thereto in all respects.
Prior to the issuance of the
preferred stock, 4H% series, the charter of the company is to be amended
to provide that the shares of the oid preferred stocks which are
exchanged
or redeemed or surrendered
against payment of not more than their redemp¬
tion price shall not be reissued and to reduce the authorized amounts of the
old preferred stocks to the amounts thereof now outstanding and to
provide
?referential dividends at the rate of $4.50 per share per annum from April 1,
940, payable Q-J.
All
1938
$
Liabilities—
^
$
/
84,224,883 82,551,382 a $6 cum. 1st pref.
stock
4,015,000
4,015,000
1,518,372
1,581,854
Investments
423,969
523,958 b Common stock.24,380,000 24,380,000
Special deposits..
208,781
200,781 Long-term debt..38,000,000 38,000,000
434,833
429,920
Accts. & notes rec. 2,607,620
2,002,663 Consumers' depos.
750,000
Cash
1,194,349
1,677,877 Demand notes pay 1,000,000
Accounts payable606,623
572,486
Dep. for paym't of
2,018,591
60,000
60,000 Accrued accounts. 1,994,194
pref. stock divs.
60,000
60,000
Deferred charges
850,902
843,766 Pref. stk. div. pay.
Utility
plant
Inventory
_
.
2,835.256
2,732,777
ing expenses
69,172
77,888
Misc. current liab.
financ¬
Unamort.
or
any
portion of preferred stock, 4H% series, at
17,941,741
256,229
4,162,464
3,784,396
Deprec'n reserve. .18,804,930
Res. for injuries, Ac
285,721
Surplus
any
time outstand¬
ing
may be redeemed at option of company, at $108 per share plus dividends
to date of redemption, at any time upon not lass than 30 nor more than 60
days' notice.
Upon partial redemption, the shares to be redeemed are to
be selected by lot or in such other manner as directors
may determine.
Purpose—Net proceeds (amounting to $13,819,200, exclusive of accrued
dividends and after deducting estimated expenses) will be applied toward
the retirement of the following securities of the company, which are re¬
deemable at $105 per share plus dividends:
82,067 shares of 6%
cum. pref. stock, requiring (exclusive of
accrued dividends)
$8,617,035
14,313 shares of 7% cum. pref. stock, requiring (exclusive of
accrued dividends)
1,502,865
40,533 shares of 6% cum. pref. stock and 2,256 shs. of 7%
cum.
pref. stock (held by North American Light &
:
Power Co., a parent of the company), to be surrendered
•*■• •;
against payment (exclusive of accrued dividends) of
4,265,706
.
Funds sufficient for the redemption of the old preferred stocks to be
redeemed will be deposited in trust for such purpose simultaneously with
the issuance of the preferred stock, 4J^ % series.
Capitalization, Qivuig Effect to This Financing
Authorized
First mtge. bonds, 3M% series due 1969—...
2 % % promissory notes (unsecured), due seri¬
x
i
Outstanding
$26,500,000
Preferred stock, 4H % series
Common stock ($10 par)
$26,445,000
3,500,000
139,169 shs.
ally, 1940-1949-1939
1938
j?
cum.
shares for the
Comparative Balance Sheet Dec. 31
1939
A sscts
(other
$8,905,916
$8,506,330
Drl0,670
Amort,
the prior right of holders
that when all the outstanding shares of the old preferred stocks have been
exchanged or redeemed or so surrendered the new preferred stock will be
Other income.
Gross inc. after taxes.
subject to
parent of the company) of the outstanding 6% and
the only authorized preferred stock of the company.
The holders of the preferred stock shall be entitled to receive cumulative
1,367,940
1,430.752
1,561,432
7%
a
1,252,202
of inc.
taxes
offered
were
(& Subs.)—Earnings—
3 Months Ended March 31—
Net
2581
3,325,000
13,916,900
10,500,000
1,100,000 shs.
x Preferred stocks to be authorized by charter amendment to be filed in
April, 1940, is 200,000 shares, 139,169 shares of which are to be designated
shares of the preferred stock, 4series,
History and Business—Company was incorp. in Kansas in March, 1924,
and has from time to time acquired, principally from affiliated companies,
electric, gas and other utility properties and has constructed other facilities,
consisting mainly of electric generation, transmission and distribution
facilities, all in the State of Kansas.
Company is engaged primarily in
the generation, transmission, distribution and sale of electric energy, and
in the purchase, transmission, distribution and sale of natural gas, in the
State of Kansas.
For the 12 months ended Dec. 31, 1939, the percentages
as
of total operating revenues of the company, by departments, based upon
the tabulation of total operating revenues, contained in this section under
sub-caption "certain operating statistics," were as follows: Electric,
54.4%; natural gas, 39.1%; bus transportation, 3.1%; water, 1.8%; steam
heating, 0.8%; and ice, 0.8%.
Electric service at retail is supplied in 130 incorporated communities,
the
Total-----.--.93,821,653 92,277,536
—93,821,653 92,277,536
Total
b Represented by 525,000
by 40,000 no par shares,
value.—V.150, p. 2258.
Represented
a
shares of
no par
Kansas City
Public Service Co.—Earnings—
Period End. Mar. 31—
Total oper. revenues
-
Operating expenses
1940—Month—1939
$568,012
$566,631
432,272
443,921
1940—12 Mos.—1939
$6,302,604
5,144,342
$6,418,539
5,241,540
Net oper. revenue
General taxes
$135,740
$122,710
19,420
Social security taxes
10,586
22,361
10,469
$1,158,262
223,680
123,882
$1,176,999
255,089
123,520
Operating income
Non-oper. income
$105,734
.85
$89,8»0
$810,700
113
2,217
$798,390
3,367
$105,819'
$89,993
40,146
$812,917
ti'
71,059
41,160
327,745
808,482
849,937
$27,869
$716,867
$616,060
Gross income.
Int.
on
Int.
3,798
14,894
4,559
64,361
funded debt
RFC obligations-
on
Other fixed charges
Depreciation
Profit.—V.
x
Kansas
352,397
6,656
x$18,205
Joss
Net
m.'
$801,757
■:>
483,382
150, p. 1939.
1940—3 Mos.—1939
1940—Month—1939
Railway oper. revenues. $1,212,966
Railway oper. expenses.
730,399
$1,070,790
670,401
$3,552,651
2,198,404
$3,152,741
1,969,418
$482,567
103,000
$400,389
99,000
$1,354,247
299,000
$1,183,322
297,000
$379,567
47,749
14,603
$301,389
29,769
11,697
$1,055,247
140,665
30,673
$886,322
98,356
29,403
$317,215
$259,922
$883,909
758,563
Net
rev.
fr. ry. oper__
Railway tax accruals
Railway oper. incomeEquipment rents (net)__
Joint facil. rents (net)._
Net ry. oper.
income.
—V. 150, p. 2428.
generated and purchased is generated in plants owned by the com¬
in connection with which a substantial quantity of purchased natural
is used as fuel.
Company provides natural gas service at retail in 92 incorporated, and
a number of unincorporated communities, having an estimated aggregate
population of approximately 158,000, among which are the cities of Salina,
Atchison, Manhattan, Junction City, Pratt, McPherson, Concordia,
Abilene and Great Bend, Kan.
Natural gas is sold at wholesale to four
gas
utilities, including Nebraska Natural Gas Co., an affiliated company,
requirements from the company.
In addi¬
has an interchange agreement with Northern
Natural Gas Co., 35% of the common stock of which is owned by North
American Light & Power Co., a parent of the company.
All of the gas
distributed by the company is purchased, a major portion being purchased
from producers operating within or adjacent to the territory in which gas
service is provided at retail.
Underwriters—The names of the underwriters and the respective amounts
gas
purchases its entire gas
tion to these four, the company
of
preferred stock, 4M% series, which each of the several underwriters
agreed to purchase, are as follows: ,
(
Number of
Percentage
has
Interest
Shares
96,380 Shs.
42,789 Shs.
4,285
2,139
1,715
1,715
1,390
1,390
-
The First Boston Corp
10.0%
5.0
—
Co., Inc
Harriman Ripley &
4.0
4.0
Blyth & Co., Inc
Union Securities
Corp
Harris, Hall & Co.
(Inc.)
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
Kidder, Pea body & Co
Lehman Brothers
—
Mellon Securities Corp
—
F. S. Moseley & Co
Kansas Gas & Electric Co.
Earnings
1940—12 Mos. —1939
1940—Month—1939
Period End. Jan. 31—
Operating revenues
Operating expenses—_
$563,490
225,507
84,825
55,000
Prop, retire, res. approp.
Amortization of limited-
$543,542
209,882
$6,332,980
2,582,291
81,304
887.307
55,000
660,000
$6, 225,791
2, 455,979
890,459
655,000
391
_
Direct taxes
term
energy
pany,
which
84,498
City Southern Ry.—Earnings—
Period End. Mar. 31—
including the cities of Topeka, Hutchinson, Salina, Atchison, Manhattan,
Junction City and Abilene, and in a number of unincorporated communi¬
ties, all in Kansas.
The estimated aggregate population of such communi¬
ties and of adjacent rural areas similarly served is approximately 250,000.
Electric energy is supplied at wholesale to 16 municipalities for resale, to
two rural cooperatives, and to four other electric utilities, and is also inter¬
changed with two other electric utilities.
More than 99% of the total
457
5,283
5,357
Arthur Perry & Co., Inc—
E. H. Rollins & Sons, Inc.
l
Smith, Barney & Co
3.25
Spencer Trask & Co
Coffin & Burr, Inc
...
$196,899
$2,198,099
$2,218,996
220
264
6,879
7,853
Lee Higginson
Riter&Co...
Gross income
on
Int. on
$197,987
60,000
15,000
9,851
_____
mortgage bonds.
debenture bonds
.
Other int. & deductions.
Int.
charged to constr'n.
$197,163
60,000
15,000
10,328
:
$2,204,978
720,000
180,000
112,777
0632
$2,226,849
720,000
180,000
108,482
Cr39,783
Corp
1.75
Co—
Hayden, Miller & Co
Tucker, Anthony & Co
,
G. H. Walker & Co
The Wisconsin Co
Dean Witter & Co
—
Alex. Brown & Sons
Net
$113,136
income
$111,835
$1,192,833
$1,258,150
520,784
1,070
1,070
1,070
1,070
1,070
2.5
2.5
1.75
1.75
Blodget, Inc
Central Republic
Int.
1,390
1,390
1,390
1,390
1,390
2.5
*
Giore, Forgan & Co
$197,767
Net oper. revenues.__
Other income (net)
Stone & Webster and
1.390
1.390
2.5
2.5
—
Goldman, Sachs & Co
W. C. Langley & Co
Shields & Co
investments.;
„
__
--
1.5
1.5
1.5
1.5
1.5
1.5
1.25
750
750
750
640
640
640
640
640
640
535
535
520,784
$672,049
Balance
$737,366
-V. 150, p. 2258.
Kansas
A
Power
&
Light Co.—Preferred Stock Offered—
by The First Boston Corp. and Dillon,
Read & Co. and including 38 other underwriters on April 15
group
headed
the
4Yi% series pref. stock of the company
($100 par) at $103 per share plus accrued dividends.
Of the
entire 139,169 shares of the present offering, 96,380 shares
offered
new
1.25
1.25
1-25
535
.75
.75
320
Francis, Bro. & Co
__
Eastman, Dillon & Co
Estes, Snyder & Co., Inc
Otis & Co
Dividends applic. to pref. stocks for the period.
-
—
Blair, Bonner & Co
535
320
320
Hawley, Huller & Co
.75
Merrill, Turben & Co—
G. M.-P. Murphy & Co.
.75
.75
320
Reinholdt & Gardner
.75
.75
.75
320
Smith, Moore & Co
Stern Brothers & Co
Dillon, Read & Co
-—
—
—
10.0
100.00%
320
320
320
4,285
42,789
The Commercial & Financial Chronicle
2582
Statement for
Income
Operating revenues—Electric
Steam
heating..
Natural
gas
.........
———
Transportation
Water
—
.
;
Ice
$5,565,717
83,482
4,047,806
318,128
189,818
80,658
84,210
3,902,292
329,386
194,504
86,469
105,155
4,197,023
349,425
197,381
94,387
3,565,229
3,634,884
.......
498,408
398,000
3,000
$3,821,786
12,377
Other interest charges
Interest during construction
Miscellaneous income deductions
Net income
7% preferred dividends....—.....
6% preferred dividends.......
Common dividends
$3,328,499
1,311,000
121,410
12,314
Cr8,304
5,348
$3,579,405
1,334,400
122,802
16.443
Cr6,059
~$L886,732
115,983
735,600
630,000
......
Balance Sheet Dec. 31, 1939
a
Cash
able
Dividend
Taxes
com¬
payable
on
accrued
2,857,386
347,182
Contributions
by customers
for construction of property
61,066 Deprec, & retire,
$63,714,7211
For payment of
452,284
66,800
465,000
221,364
59,289
.....
Other current & accr'd llab—
Earned
a
212,896
Funded debt pay. within year
Customers' deposits........
Casualties
Total...
290,547
pref. stocks....
688,174
-
(net) and expense-..-...Organization expense-—.V..'
Prepaid accounts Ac deferred
charges.
—
51,656,900
12,260,000
10,500,000
29,480,000
accrued-...
Interest
62,076
panies on current account.
supplies
Unamortized bond discount
Materials and
—
debt.
Accounts
receiv¬
notes
affiliated
from
Due
Funded
881,922
and
(net)
dividends
reserves...
reserve
surplus..
<%
x
115,630
5,314,324
41,099
2,688,588
$63,714,721
Total
V. 150, p. 2428,
have declared
a
dividend of $1.75 per share
on
Lane
Quar. End. Mar. 31—
Net profit
Shares capital stock out¬
x
standing
Earnings
x
$18,127
$199,114
4,860
63,088
18.847
26,518
30.326
Net oper. revenues...
Other income (net)
$5,800
$7,704
Dr7S7
$60,335
554
$6,011
$6,917
$60,889
23,147
$62,526
23,313
$37,742
24,374
$39,212
24,374
$13,368
$14,838
1937
$103,891
$128,886
400,000
400,000
$0.58
400,000
$0.26
400,000
$0.32
$0.50
share
2259.
After depreciation, Federal taxes, &c.—V. 150. p.
Lehigh Portland Cement Co.—Earnings—
12 Mos. End. Mar. 31—■
x
1939
1940
1938
$807,560
$0.77
$1,043,234
$1.08
1937
$2,318,054
$2.67
After depreciation, Federal taxes, &c.—V. 150, p. 1604.
Lehigh & Wilkes Barre Coal Co. of N. J.—Common Div.
Directors have declared a dividend of 80 cents per share on the common
stock, payable April 18 to holders of record April 6. This will be the first
dividend paid on the common stock, since Jan. 19, 1939, when 27H cents
per share was distributed.
Dividend of 30 cents was paid on Oct. 20, 1938,
one of 62}* cents was paid on Dec. 29, 1938, and 75 cents on Dec. 28,1937,
—V. 148, p. 441.
(R. G.) Le Tourneau, Inc.—Earnings—
Period End. Mar. 31—
Net sales
x
Net income
x
1940—Month—1939
$670,165
$664,800
171,192
173,678
1940—12 Mos.—1939
$7,947,890
$6,618,623
1,890,406
1,519,248
After provision for depreciation and Federal income taxes.—V.
150'
2259.
Liberty Aircraft Products Corp.—Earnings—
3 Months Ended March 31—
Gross sales....
Dr7,197
Balance
Int. & amortization....
1938
1939
$232,307
1940
$285,375
1939
$69,723
211
(& Subs.)—Earnings—
1940
Net profit....
$2,156,423
Earns, per sh. on com—$2.58
1940—12 Mos .—1939
$20,899
7,019
•2,222
3,039
2,819
...
per
in quarterly instalments
$260,166
x
-Earnings-
1940—Month--1939
Bryant, Inc.—Bank Loan—
Company has borrowed $500,000 from the State Bank of Albany at an
p.
Period End. Feb. 29—
Operating revenues
Operation
Ltd.—Operations—■
interest rate of 3 H % •
The loan will be repaid
over the next five years.—V. 150, p. 2429.
account of
convertiblejpreferred stock, par $100,
payable July 1 to holders of record June 14.
Like amount was paid on
April 1 last and dividend of $3.50 was paid on Dec. 22, 1939.
Current dividend is for the quarter ended Dec. 31,1937.—V. 150, p. 2258.
Key West Electric Co.
Represented by 107,000 shares ($100 par).—V. 149, p. 3266.
Lake Shore Mines
Corp.—Accumulated Dividend—
Keith-AIbee-Orpheum
Directors
accumulations on the 7% cumulative
19,915
6,271,952
2,904,638
Company reports that its mill treated 177,728 tons of dry ore, recovering
$2,984,480, including premium during three months ended March 31,1940.
V. 150, p. 1282.
,
preferred stocks and other deposits.—
on
1,263,396
1,928,425
Total .——.—.64,235,888 63,845,229
64,235,888 63,845,229
Total
Lehn & Fink Products Co.
7% preferred stock..
6% preferred stock
Common stock ($10 par)
217,239
deposit
on
Accounts
1,479,302
2,151,880
20,980
Capital surplus
6,245,588
Earned surplus.— 2,816,748
Mobilities—
Assets—
Property and plant
..$54,741,194
Cash on deposit with trustee.
3,200
Cash in hanks and on hand..
3,955,295
con¬
Misc. unadj. cred's
115,983
735,600
840,000
to
sumers
$2,111,818
115,983
735,600
—
funded debt
$
Reserves
$3,524,459
54,946
840,000
Gross income-.......—
Amort, of bond disc, (net) and exp..
$3,301,481
27,019
$3,834,163
1,178,127
147,776
9,501
Crl6,533
13,751
—_.
Refunds
862,940
$2,501,541
Net operating revenues
Non-operating revenues
1938
$
MabUUies—
_
1,544,024
401,000
$
Preferred stock
2,500,000
2,500,000
Property, plant &
equipment.
.57,872,907 57,643,109 x Common stock—10,700,000 10,700,000
.36,000,000 36,000,000
1,322,320 Funded debt
Special deposits... 1,555,482
Investments
8,275 City of St. Louis
7,900
729,551
Adv. to affil. co...
5.000
gross receipts tax
729,551
5,000
308,301
288,098
Cash
1,124,265 Accounts payable.
890,143
49,625
Accts. receivable..
77,541
830,076 Payrolls payable..
955,729
1,019,933
Unbilled income..
351,700 Accrued accounts. 1,020,204
351,700
30,311
47,171
874,616 Matured Interest—
Inventories------ 1,066,696
138,622
139,384
1,685,876 Consumers' depos.
Deferred charges.- 1,530,330
3,685,361
515,266
1,590,884
788,719
1939
1938
$
Assets—
$5,572,822
...-$10,350,324 $10,162,578 $10,516,192
Total..
Operating expenses..
on
1939
1937
1938
$5,630,434
Maintenance.445,376
Approps. for deprec. & retire, reserve.
1,585,970
Taxes, other than income taxes......
829,309
Provision for income taxes..
33,000
Provision for Federal surtax..
Interest
Comparative Balance Sheet Dec. 31
Calendar Years
1939
April 20, 1940
Maintenance.
Depreciation
.
.—.....
Taxes
....
1,094
2,044
2,426
2,400
2,383
$3,611
$4,534
$186,483
55,643
13,967
20,360
26,791
Net
profit after all charges except Fed. inc. taxes..
26,254
$217,192
5,088
Oliver H. Payne, Chairman, reported that unfilled orders amount to
approximately $800,000, and that the company is enlarging its facilities to
handle its growing business.—V. 150, p. 1284.
Lit Brothers—New Director—
a
David J. Lit, the son of the late Samuel D. Lit, was on April 15 elected
director to succeed Jacob D. Lit, who retired.—V. 150, p. 1284.
Loft, Inc.—Directorate Reduced—
Balance
—
Preferred dividend requirements
Balance......
—V. 150, p. 2429.
1940—3 Mos.—1939
1940—12 Mos.—1939
Net sales (excl. of Inter-
Cost of sales..
General and selling exps.
$7,384,384
5,817,230
662,231
Profit from operation.
Other income
$904,923
300,772
3827,694
$1,205,695
94,350
213,500
plant sales).
.
.....
Bond Interest
Federal income taxes
Net loss of subs
$2,639,477
52,241
$3,339,561
815,113
$879,935
103,275
154,500
23,500
$4,154,674
388,804
644,000
174,119
$2,898,298
421,529
434,500
106,000
$895,045
149,445
150,000
$598,660
149,445
$2,947,750
597,780
150,000
$1,936,269
597,780
$595,600
$449,215
$2,199,970
$1,338,489
$1.22
Net after taxes.
Prov. for divs. on pf. stk.
Reserve for contingenciesi
Net amount earned on
common stock
Amount earned per share
on common stock
Bond Issue
$7,047,821 $28,197,922 $26,274,676
5,634,946
22,415,997
21,367,601
585,181
2,442,365
2,267,599
$0.92
$4.51
$2.74
2,800
258,821
Approved—•
Stockholders have approved
first mortgage bond issue not to
exceed $20,000,000.
Company proposes to sell $12,000,000 of these bonds
and use proceeds to redeem $9,057,000 4
% sinking fund bonds now out¬
standing and for general corporate purposes.
See also V. 150, p. 2103.
a
were
reduced from 12 to 9 on April 10 by an amendment to
became effective at the time of the election.
Stockholders representing about 77% of the company's stock re-elected
these nine directors at the annual meeting, postponed from March 20.
Francis P. Burns, James W. Carkner, Walter M. Colpitts, Walter F.
Fitzgerald, Edward A. Le Roy Jr., Alfred B. Hoppe, Walter S. Mack Jr..
Arthur J. Patton and Adolph Radnitzef.—V. 150, p. 2259.
Kimberly Clark Corp.—Earnings—
Period End. Mar. 31—
Directors
the corporation's by-laws which
new
Kroger Grocery & Baking Co.—50-Cent Dividend—
Directors
on April 11 declared a dividend of 50 cents
per share on the
stock, payable June 1 to holders of record May 10.
Previously
regular quarterly dividends of 40 cents per share were distributed.
In
addition, a final dividend of 40 cents was paid on Dec. 21 last, extra divi¬
dends of 25 cents were paid on Dec. 1 and Sept. 1 last, and an extra of 30
cents was paid on Dec. 20, 1938.—V. 150, p. 2258.
common
Louisiana Power & Light
Period End. Feb. 29—
Co.—Earnings—
$591,302
302,589
72,079
61,500
1940—12 Mos.—1939
$7,892,103
$7,147,613
4.103,416
3,663,398
965,772
885,915
780,566
713.000
$185,134
527
$155,134
$2,042,349
435
11.109
$1,885,300
19,137
$185,661
72.947
6.419
$155,569
72,960
4,513
$2,053,458
875,407
84,500
Cr4,154
$1,904,437
875,532
59,294
CV8,881
income..
$106,420
$78,096
Dividends applic. to pref. stock for the period....
$1,097,705
356,532
$978,492
356,532
$741,173
$621,960
1940—Month—1939
$724,426
384,446
Operating revenues
Operating expenses
Direct taxes
Prop, retire,
res. approp.
Net oper, revenues
Other income (net)
Gross income
Int.
on
mortgage bonds.
Other int. & deductions.
Int. charged to constr'n.
87.464
67,382
Crl25
Net
Balance
-V.
150,
p.
2430.
Lone Star Gas
Corp.—Annual Report—
D. A. Hulcy, President, states in part:
•
Northwest Cities Gas Co., a former subsidiary of corporation, defaulted
on bond interest payment on Jan.
1, 1938; and company is involved in
reorganization proceedings under Section 77-B of the National BankruptcyAct.
Corporation has charged off as worthless its investment in the stock
and advances to, Northwest Cities Gas Co.
Certain individuals, interested
through ownership of bonds in this company, have organized a bond¬
holders' protective committee, and have presented reorganization plans to
regulatory bodies having jurisdiction; however, no definite plan has yet
been submitted to the court.
Northwest Cities Gas Co. is no longer con¬
sidered a subsidiary of corporation, consequently, consolidated statements
for the year 1939 does not reflect or include any transactions or operations
of that
company.
Financial—All Interest obligations oh bank loan notes and funded debt, as
as payment, at
maturity of $2,000,000 of bank loan notes, were fully
discharged during the current year.
In addition to current maturities,
well
Laclede Gas Light
Calendar Years—
Operating
Co.—Earnings—
1939
1938
1937
y$6,753,943 y$6,668,178 y$6,950,136
Non-operating revenue.
366,788
360,551
357,798
revenues
Total revenue
$7,120,731
3,117,349
1,193,010
Maintenance expense
313,604
Retirement expense....
511,650
Operating
expense-...
Taxes
$7,375,133
3.506,784
792,855
406,351
501,143
$1,985,119
1,945,002
$1,921,702
1,944,989
5,246
Cr6,897
5,665
Cr6,040
$2,268,480
1,944,986
6,636
Cr 10,971
$2,167,999
1,945,016
5,465
Cr7,618
150,528
26,018
187,345
16,189
187,097
17,139
185,875
15,334
x$134,779
' x$226,446
-
on
funded debt.
Other interest
Int. during
construction
Miscellaneous.
x
$7,307,934
3,014,574
1,183,699
333,089
508,091
.
Amort, of debt discount
and expense.........
Net
$7,028,729
3,142,446
1,133,097
327,200
504,284
.
Operating profit
Interest
...
income-
Loss,
y
After deducting refunds to be made.
1936
$6,974,014
401,119
$123,593
bank loan notes in the amount of $550,000. due Aug. 1, 1945, were paid,
a total payment of $2,550,000 on bank loan notes during 1939.
As of Aug, 1, 1939 negotiations were concluded whereby the holders of
bank loan notes agreed to reduce the annual interest rate on such notes
making
from 2 J4 % to 2 H % •
This reduction in interest rate will effect a saving to
corporation during the life of such notes of $116,728.
Application was
made to the Securities and Exchange Commission for approval of reduction
in the interest rate, and approval of the transaction was given by the
Commission in its order dated Sept. 15, 1939.
,
Corporation owns 30% interest m the common stock of Northern Natural
Gas Co., which operates natural gas transmission system properties extend¬
ing from the gas fields in Texas and Kansas to points in South Dakota and
Minnesota.
In addition to the transmission facilities owned
by Northern
Natural
Gas
y$23,926
Co.
system properties
several towns
and
it also owns and operates production and gathering
in Texas and Kansas, and gas distribution systems in
cities in the States of Kansas, Nebraska, Iowa and
Minnesota.
In prior years Northern Natural Gas Co.
had issued and sold bonds in the
total amount of $21,000,000, the proceeds being used to retire bank loans
and for the construction and purchase of property.
Since date of issue the
total debt had been reduced to $15,750,000 through sinking fund payments.
Volume
The Commercial & Financial Chronicle
ISO
During the latter part of the current year negotiations were concluded
whereby Northern Natural Gas Co. issued and sold at par $16,000,000
bonds and $6,000,000 serial bank loan notes.
The proceeds from the sale
of these securities were used to retire all outstanding debt and to provide
funds for the construction of substantial additions to its property.
Pro¬
visions for the retirement of the total debt have been made over a reasonable
period of time and should not
prove
burdensome to the company.
Subsidiaries)
1937
Consolidated Income Account Calendar Years (Incl.
1938
1939
Operating
Operating
$20,447,894 $19,546,198 $21,045,799
11,083,171
10,495,910
10,432,528
revenues
expenses
$9,364,723
1,211,240
..^......^lO ,575,962
1 ,072,301
Amortization of debt discount, &c
31,537
$9,961,960 $11,663,647
1,071,235
1,214,596
38,620
64,172
protective committee following the filing of a voluntary
bankruptcy petition by McLellan Stores Co. on Jan. 13, 1933.
McLellan
Stores Co. emerged from the bankruptcy proceedings several years ago.
ComfHaint alleges that the defendants, after the plaintiffs had obtained
proxies from a majority of the McLellan common stockholders, induced the
stockholders to withdraw their proxies and then purchased large quantities
of the common stock, thus obtaining control of the management and
business of McLellan Stores.
The alleged wrongful acts of the defendants,
the complaint states, deprived the plaintiffs of the right to manage and
control McLellan Stores, the right to elect its directors and appoint its
officers and managers, and of other benefits that would have accompanied
thoserights.—V. 150, p. 2260.
Magma Copper Co.- -Earnings—
$9,050,287 $10,613,271
911,673
1,050,376
Operating income,
2583
stockholders
Gross income.
Interest
.
Refunds of taxes to bondholders and
Loss
on
sales of materials and
junk, &c
Miscellaneous deductions
43,586
20,465
13,363
preferred stockholders
56,491
59,243
21,195
-
368
Minority int. in net income of sub
Net income
$5,304,104
5,665
264
$5,402,871
Pref. divs. of sub. company
.
Common divs. of sub. company
Preferred dividends
264
__
$6,820,788
7,553
518,728
3,321,808
5,533,747
$1.14
Common dividends
3,864,223
Shares of
5,518,347
$0.98
$0.88
stock outstanding.
share
Consolidated Balance Sheet Dec. 31
1939
Assets—
1938
1939
1938
LiaMllties—
$
$
acct._140,743,509 140,886,952
Investments
5,844,118
5,871,305
519,464
Special deposits.
364,547
Cash
2,803,125
2,944,839
iNotes, warrs. &
2,923,804
accts .rec. (net)
2,945,880
Advs. for exps._
8,426
8,880
Property
$
$
Stock of subs...
3,436
3,436
Common stock
66.260,003
66,396,885
38,770
20,000,000
2,000,000
20,000,000
x
Unred.
&
pref.shs.
scrip called.
136,525
,
Funded debt...
Notes payable.Accts. payable..
2,000,000
999,553
1,200,481
Deferred charges
709,143
660,194
2,035,172
70,900
2,397,609
1,026,510
1,019,358
27,951,993
5,102,951
17,210,350
Cust. deposits.-
Mtge. note pay.
162,634
Accr. taxes & lnt
125,056
88,620
128,904
166,408
properties
Prepaid accounts
gas
>'
i.
■
2,119,301
67,700
2,213,387
212,013
6,917,664
and depletion. 30,258,059
4,102,074
Capital surplus.
Earned surplus. 18,535,314
Mat'l & supplies
Advs. for dev. of
Mlscell. reserves
482,320
Deferred liabils.
Contrib.
Res.
Total
x
154,463,375
154,755,4531
Represented by 5,518,347 no par
for
154,463,375 154,755,453
Total
(Del.) (& Subs.)—Earns.
1939
1940
v
Operating revenues
3,474,583
643,579
3,427,189
1,300.000
——
Maintenance
1,208,333
605,593
$4,120,907
220,265
$3,925,255
$4,341,173
1,030,450
37,000
24,110
$4,140,940
1,030,450
160,227
87,503
250,000
37,000
23,466
$2,806,960
$2,552,294
1,364,920
1,354,920
$1,452,040
Net operating income
Other income
Gross income...
funded debt._
1,152,345
651,815
Provision for Federal and State income taxes
on
1,422
1,136,560
Taxes
-_.
.....
$1,197,374
....
160.227
Other interest lnet)__
Amortization of flood and rehabilitation expense..
32,425
250,000
Amortization of debt discount and expense
Amortization of contractual
capital expenditures.
Miscellaneous deductions......................
Balance
Co.
597,243
1,427
investments
Amortization of limited-term
Divs.
'
$11,328,872 $10,917,380
.
Appropriation for retirement reserve
Interest
pref. stock of Louisville Gas & Electric
(Ky.) held by public..
215,685
on
Net income
—V. 150, P. 1442.
Louisville Gas & Electric Co.
(Ky.) (& Subs. )—Earns.
1939
1940
Operating revenues...—........ .......--.-—-$11,181,578 $10,774,648
3,342,056
Operation
3,383,645
Maintenance
637,096
591,525
1,189,333
Appropriation for retirement reserve
1,281,000
Amortization of limited-term investments
1,427
1,422
Taxes
1,106,301
1,122,734
Prov. for Federal and State income taxes
618,411
573,039
Years Ended Jan. 31—
—
—
...
income
$4,153,697
________
..
.........
Gross income...--
.
funded debt—
Amortization of debt discount and expense
Interest
on
220,210
$4,373,907
1,030,450
160,227
31,370
Other interest (net)
Amortization of flood and rehabilitation expense..
250,000
expenditures..
37,000
23,247
Amortization of contractual capital
Miscellaneous deductions
income
net
$4,170,150
1,030.450
160,227
87,381
250,000
37,000
2,4,560
——_
$2,841,613
$2,582,532
Lynch Corp. (& Subs.)-—Earnings—
MacAndrews & Forbes Co.-
Majestic Radio & Television Corp.—Reorganization Plan
stock.
Unsecured creditors, except Allied International Investing Corp. and
Automatic Products Corp., would receive one share of preferred stock for
each $10 of claims.
These two firms would receive an aggregate of 150,000
shares of the new common stock for their claims and, together with Allen
B.
Dumont Laboratories,
..
...
Inc., would be underwriters or the debentures.
the three firms would receive an aggregate
As a fee for their commitment
of 82,500 shares of common.
Stockholders of the old company
a
common
stock.—V. 150, p. 2106.
Manhattan
Ry.—Decision Affirmed—
Tae U.S. Circuit Court of Appeals has affirmed the decision of Federal
Judge Robert P. Paterson, denying leave to the Palmer Committee for hold¬
ers of Manhattan
Ry. unmodified guaranteed 7% stock to intervene in
proceedings instituted by Guaranty Trust Co. as trustee, for foreclosure of
the Interborough Rapid Transit Co. properties. The Circuit Court held that
"no conceivable abuse of discretion existed" in Judge Patterson's denial.—
V. 150, p. 1285.
Manufacturers Light Rc Heat Co.—Hearing April 30-—
hearing has been set for April 30 in the Securities and Exchange Com¬
Washington offices on the applications (File Nos. 70-7, 70-25 and
70-26) in regard to the consolidation of Manufacturers Light & Heat Co.,
Manufacturers Gas Co., Pennsylvania Fuel Supply Co. and Greensboro
Gas Co. into a new company known as Manufacturers Light & Heat Co.
The new company will acquire all of the assets of the four companies except
assets of Manufacturers Gas Co. in the State of New York, and will assume
all of their liabilities. The new company will issue 581,660 shares ($50 par)
common stock to the stockholders of the four companies, of which 581,534
shares will be received by Columbia Gas & Electric Corp.
The new company will also acquire all of the assets and assume all of
the liabilities of Gettysburg Gas Corp., Cumberland & Allegheny Gas Co.,
Natural Gas Co. of West Virginia and Fayette County Gas Co. in exchange
for 105,734 shares of its $50 par value common stock.
In addition to the
current liabilities of these companies, the new company will assume $222,656
of loans of open account and $112,500 of first mortgage bonds of Gettysburg
Gas Corp., $366,864 of 6% demand notes and $1,800,000 of first mortgage
bonds of Cumberland & Allegheny Gas Co. and $2,400,000 of 6% demand
notes of Natural Gas Co. of West Virginia.
These companies will be dis¬
solved and the stock received from the new company will be distributed to
A
mission's
their stockholders
as a
liquidating dividend.
Upon consummation of the consolidations and mergers the new company
Corp. for cash, $7,500,000 of its 4)4%
non-transferable 30-year unsecured notes, the proceeds of which are to
be used to pay all indebtedness, except current liabilities, assumed in the
consolidations and mergers and to provide funds for construction purposes.
All of the companies are direct subsidiaries of Columbia Gas & Electric
Corp. and the new company will be a direct subsidiary of that corporation.
—V. 150, p. 2260.
will sell to Columbia Gas & Electric
,
Machine Co.—Earnings—
Marchant Calculating
3 Months Ended March 31—
stock—
deducting $4,357 for dividends
Earnings per share on common
x
After
150,
1938
$157,021
29,856
$27,683
$0.59
$4,262
$0.51
on
1940.
p.
Martin-Parry Corp.—Earnings—
Feb. 29 '40
$957,638
Feb. 28 '38
$119,753
89,030
113,254
Feb. 28 *37
$18,623
63,959
$395,917
loss$30,806
$6,499
1oss$45,336
1,261
616
$397,178
1,388
3,501
86,304
loss$30,190
$305,985
Cost of goods
Feb. 28 '39
$58,224
561,721
3 Mos. Ended—
Net sales
loss$31,484
sold
profit.
Net operating
_
Discount on purchases &
;
other income..
—
Miscellaneous charges..
.
profit
After expenses and
Feb. 29 '40
Assets—
$899,719
$238,580
y
Net
profit
Earnings per share
x
$155,723
1938
$174,499
$316,126
$0.40
3 Mos. End. Mar. 31—
x
$0.26
$0.29
$0.52
1940
1939
After interest taxes and ail other charges incl.
shares
capital stock,
no
deprec.
y
1937
On 600,000
par.—V. 150, p. 1773.
McLellan Stores Co.—Suit Filed—
Damages of $500,000 are asked in a suit filed in Federal Court on April 16
naming as defendants United Stores Corp. and George K. Morrow, an
officer and director of United; and Hedden & Co., Inc., and Stuart Hedden,
an officer and director of Hedden & Co.
The plaintiffs are Peter M. Leavitt
and James D. Gluntz, both of Massachusetts, who organized a common
30
26
4,207
"
l",024
$5,903
loss$49,059
Feb. 28 '39
Feb. 29 '40
Liabilitiesy
Capital stock.. .$1,428,733 $1,400,000
100,000
Notes payable..—
Accounts
payable
882,470
2,879
752
and
accruals...
48.255
Advs.
by officer-
Inventories
37,429
96,150
80,635
Reserve for Federal
Prepd. insur., &c.
15,556
14,739
—
.
Notes receivable—
Accts. rec., less res.
78,115
$1,908,923 $1,046,979
After reserve for
21,877
33,200
5,679
and State taxes.
152,970
debt...—
256,900
Profit & loss deficit
x
Inc. (& Subs.)—Earnings
1oss$44,823
44
Feb. 28 '39
$877,317
Prop. & plants..
Total
Federal income taxes.—V. 149, p. 4179.
McGraw-Hill Publishing Co.,
513
$6,954
1.250
7,796
Funded
Surplus....
Earnings pear share on com. stock
455
.
Balance Sheet
def$24,782
$0.41
131,947
1940_
!039
$225,001
x$ 168,894
$0.99
$0.74
preferred stock, subsequently
Federal taxes—
Net income after all charges, incl.
In banks...
1939
would receive rights to subscribe at
and one share of the new
unit to 30 cents worth of debentures
30 cents
Cash on hand and
$186,065
29,856
151,947
a
par common
x
$209,486
29,856
151,947
Chicago
The trustees have submitted to the Federal District Court at
$119,945
$0.85
—Earnings—
1940
3 Months Ended Mar. 31—
Net profits
.
Preferred divs._...._....—
silver
social
but does not
Federal income
reorganization plan which corresponds closely to the outline presented to
the Court on March 25, except that authorized shares of the proposed new
preferred stock are raised to 80,000 from the 75,000 in the outline.
This preferred stock is expected to be outstanding in the amount of
approximately 71,400 shares if the plan is approved and is convertible
into the new common stock at the rate of 2H shares of common for each
preferred sh3>r©
The remaining capitalization
of the new company would consist of
$165,000 of 5% 10-year debentures and 1,500,000 shares of the new one-cent
Net
Earnings for 3 Months Ended March 31, 1940—
Federal income taxes, &c
Earnings per share on 140,977 shares of capital stock
—V. 150, p. 1904.
x
$245,895
estimated
taxes, depreciation and administrative expenses,
include any allowance for mine depletion, capital stock tax or
tax.—V. 150, p. 1773.
paid..
—
Fed. and State inc. taxes
Net income after depreciation,
deducting
security
Interest
x
(after
Federal normal income tax)
$3,954,539
215,610
998.
Common divs
7.550c
$221,666
24,229
$341,306
...
The average cost of producing copper, is after deducting gold and
values, and includes all operating costs, Arizona taxes, Federal
Profit....
Net income
—V. 150, p.
10.302c
7.6803c
$324,318
16,987
_
x
retired.—V.
Net operating
Other income..
1939
9,608,545
11.7549c.
pound
Other income (incl. railroad)
deprec.
shares in 1939 and 5,529,747 no pa
Louisville Gas & Electric Co.
—
9,552,158
1284.
Years Ended Jan. 31—
Operation.
217,921
aid
in
construct'n
of
shares in 1938—V. 150, p.
per
Average net production cost per pound.
Income from mining operations
330
431,990
3,319,848
5,529,747
per
.......
x
Total
172,528
2,747,977
591,978
8,022
2,755,911
640,832
6,058
3 ,259,727
774,600
Prov. for Federal income taxes (est.)_
Earnings
Copper produced
Average net selling price
Pounds
8,967,013
3 Months Ended March 31-
supplies,
.
Depreciation and depletion
common
1940
Pounds
Other income
513",778
Total.........$1,908,923 $1,046,979
depreciation of »646,951 in 1940 and <>634,350 in 1939.
—V. 149, p. 4179.
Mathieson Alkali Works, Inc
3 Mos. End. Mar. 31—
Total earns. Irom oper__
Prov. for deprec. & depl.
Income charges
(net)
1939
1938
1937
$652,534
435,645
16,432
38,510
$670,208
$1,028,903
439,801
433,743
21,434
96.675
$161,947
$172,400
828,181
$0.16
Prov. for Fed. inc. tax..
82,212
Net inc. trans, to surp.
$364,142
828,171
Shs.com.stk.out.(no par)
Earnings per share
—V. 150, p. 844.
—Earnings-
1940
8908,505
437,307
24,844
$0.39
828,171
$0.15
16,794
41,212
$477,052
830,428
$0.52
The Commercial & Financial Chronicle
2584
Melville Shoe
would leave them
Corp.—Sales—
Corporation on April 13 reported retail sales of $3,673,652 for the foil*
weeks ending April 6, as compared with sales of $4,134,846 for the compar¬
able four weeks in 1939, a decrease of 11.15%,
Sales for the 16 weeks ending
April 6 were $11,051,974, as against sales of $11,098,161 in the similar
period last year, a decrease of 0.42%.—V. 150, P. 2431.
Mengel Co .—Earnings—
1938
1937
$1,402,922
$2,594,403
1,416,475
2,208,140
84,848
14,057
21,891
$63,077
10,515
loss$60,663 loss$l 12,458
980
Dr 1,767
$288,105
5,272
$73,592
31,911
loss$59,683 loss$l 14,225
34,882
37,143
$293,378
47,097
1939
$1,782,216
1940
3 Mos. End. Mar. 31—
Net sales
$2,253,797
Cost
of
selling,
shipping and admin..
1,739.156
85,305
18,418
2,084,444
79,622
26,654
Depletion..
operating profit-
„
„
Depreciation
Net
_
sales,
.
Other income
Total profit.
Interest charges, &c
Flood loss,
incl, shut¬
76,267
127,173
down loss due to floods
Prov. for Federal & State
income
12,081
8,500
taxes
Merrimack
Joss$94,5651oss$151,367
$33,181
Net profit
-V. 150, p. 2431.
$107,027
Mfg. Co.—Par Value Reduced—
Stockholders at their recent meeting approved the
plan for reducing the
value of existing 27,500 shares of common from $100 to $5 per share
and crediting the difference to capital surplus.
Five thousand additional
shares of common were authorized to be sold to executives in an amount
par
not exceeding 1,500 shares in one year, and only if directors estimate
earnings for that year at more than $165,000, or double the preferred
dividend requirements.
Also, by terms of proposed contracts with the
individual executives, this additional stock cannot be voted by the pur¬
chasers so long as they are in the employ of the company until preferred
dividends in arrers shall have been paid or discharged.—V. 150, p. 844.
Mexican Light
[Canadian Currency]
Month of January—
1940
$629,345
487,947
$141,398%.
and depreciation
expenses
1939
$654,505
521,657
substantially as they were while under one system; and
hereafter be made of the lines making up the
Eresent system No.in10, nothing that is now proposed to be done would
to be undone
order to accomplish such consolidation.
Admitting
ave
be substantially true, we cannot escape the fact that the
contemplates unification and not separation of railroad
The underlying purpose of that act is to group weak and strong
lines in such a manner that a strong national transportation system will be
created.
Any arrangement tending toward the contrary cannot be in
harmony therewith.
"The plan here proposed is not in conformity with the spirit and purpose
of the consolidation plan, and if approved conceivably might be construed
as an invitation
for other lines in financial difficulties to seek the same
relief and result in at least a partial collapse of railroad consolidation efforts.
Objectionable features of some of the other parts of the proposed plan already
have been discussed herein.
We conclude that the record fails to establish
that the plan for division of the property involved into two separatelyoperated corporate units is in the public interest.
A contrary conclusion
only could be predicated upon conjecture and surmise and would amount
to an abdication of the responsibility imposed upon us by law.
"A denial of the proposed plan will continue the lines in receivenship, but
nothing we have stated herein should be construed as our entertaining any
objections to an early reorganization of this property.
As will be observed
from this report, our principal objections to the plan before us are, first, the
division of the present company into two companies, and second, the
issuance of the second mortgage bonds as proposed.
The property is now
reaching a satisfactory state of maintenance, and its earnings are en¬
couraging.
Under such circumstances, there appears no reason why a plan
of reorganization cannot bo worked out later which will be as satisfactory
to the security holders and creditors as the present one and which will con¬
form to the spirit and letter of the law respecting consolidations, and be
otherwise in the public interest."—V. 150, p. 2107.
such contentions to
consolidation act
properties.
Minnesota Power &
Period End. Feb. 29
Operating revenues—
Operating expenses
_ _
Light Co.—Earnings-
$132,848
152,080
87,739
201,259
93,032
50.000
Direct taxes
41,667
574
571
$234,015
$234,554
10
$3,059,724
1,440
$2,850,093
49
$234,564
Net oper. revenues—
Other income
$3,061,164
$2,851,069
1,626,305
70,721
Crl,639
$234,064 "
135.429
134,642
5,906:' rv- 5.665
-•'Gross income
bonds.
deductions.
mortgage
on
Other int. &
Micromatic Hone Co.—To
Pay 15-Cent Dividend—
Net
Directors have declared
a dividend of 15 cents per share on tne common
25 to holders of record April 22.
Like amount was
paid on Dec. 15 last, this latter being the first payment made since June 15.
1938, when 5 cents per share was distributed.
income..
—
990,827
$384,426
stock, payable April
To Redeem
Directors
voted
on
to
redeem
of June
Feb.
at
approximately 4,800 shares of $5
the redemption price of $5.25.—
Offered—Loewi & Co., Mil¬
issue of 41,634 shares of
share.
18 offered
stock at $12.50 per
common
Mississippi Power & Light
the
15,
Shoe Co.—Stock
Mid-State
waukee,
as
Period End. Feb. 29—
hoe division is
frowth of a shoe represented in the national market with the Classmate,
manufacturing company established in 1867. The Ideal
Black Hawk and Active Maid misses' lines.
The Walter Booth division is
represented with the Crosby Square, Walter Booth and Rodney Court lines,
the former line being nationally advertised.
Proceeds from the sale of the new stock will be used for additional working
capital and to reduce bank borrowings.
Total capitalization consists of 180,000 common shares with no funded
Prop, retire, res. approp.
$675,688
369,189
81,996
63,333
$7,495,216
4,429,906
909,859
763,333
$7,336,800
4,186,352
913,712
726,667
Net oper, revenues...
Other income (net)
$173,860
52
$161,170
72
$1,392,118
$1,510,069
4,806
1,736
$173,912
$161,242
68,142
$1,396,924
814,750
113,517
$1,511,805
817,700
77,121
$468,657
403,608
$616,984
403,608
$65,049
$213,376
Direct taxes
Gross income.
Interest
on
66,667
8,450
mtge. bonds.
Other int. & deductions.
a
Divs. applicable to
Balance..
a
6,213
$86,887
$98,795
Net income
pref. stock for the period..
_
1940, amounted to
Feb. 29,
accumulated and unpaid to
Dividends
Latest dividend, amounting to $2 a share on $6 preferred stock,
was paid on Feb.
1, 1940.
Dividends on this stock are cumulative.—V.
150, p. 2431.
$554,961.
Missouri Public Service Corp.
(& Sub.)—Earnings
1937
1938
1939
Calendar Years—
$1,540,095
1,205,609
$1,472,146
1,155,526
1,192,315
$334,486
3,178
Operating revenues
Operating expenses and taxes
$316,620
6,716
$314,414
6,633
$337,664
217,316
5,850
$323,336
debt.
Net
earnings,
after all charges including provision
ing $2,316,818.
Net operating income..
for Federal income
taxes, for the 12 months ended Oct. 31, 1939 were $217,305.
Total assets
as of that date were shown as $2,867,450 with total current assets aggregat¬
Gross income
See also V. 150, p. 2431.
x
Refineries,
Inc.—Earnings—-
9 Months Ended March 31—
Net income
x
After
depreciation
and
1940
other
charges,
but before deduction for
Balance Sheet March 31, 1940
hand and
deposit, $78,552: notes receivable, secured,
$7,400: accounts receivable (less reserve for doubtful accounts of $8,129),
$61,131: inventories, $176,929: prepaid expenses, $4,144: deferred charges,
$5,917: other assets, $14,218; property, plant and equipment, (less reserve
for depreciation of $116,309), $434,907; total, $783,198.
Liabilities—Vouchers payable, $92,061; accrued State and Federal taxes,
$24,183; Federal income tax, $5,469; contingent liability, $3,933; capital
stock (par $1), $395,000; surplus, $262,551; total, $783,198.—V. 150, p. 439.
on
.
long-term debt.
_
on
Minneapolis & St. Louis RR.—ICC Rejects Reorganiza¬
Dividing Line into Two New Corporations—
tion Plan
Net income..
Common dividends
------
—
>.
222,285
1,554
1939
$68,339
Federal income taxes.
Assets—Cash
on
General interest
$248,996
all
_
(net)
Other income
Interest
Mid-West
1939
1940—12 Mos.-
$768,689
442,149
87,680
65,000
Of the shares being publicly offered, 28,300 were acquired from stock"
holders and the remainder is new financing on behalf of the company.
Company is one of the leading shoe manufacturers and operates plants
distributing
plant in Milwaukee.
In January this year the company took over an
additional factory building in Watertown.
It manufactures a line of men's,
children's and misses' shoes distributed nationally through shoe and depart¬
ment stores.
Production capacity is 11,500 pairs daily.
Company represents the merger of the Ideal Shoe Manufacturing Co. and
the Walter Booth Shoe Co.,„both of which have held leading positions in
the industry for many years.
The Walter Booth unit represents an out-
Co.—Earnings—
1940—Month—1939
Operating revenues..
Operating expenses
an
in Waterloo. Watertown and Waupun, Wis. and a factory and a
$164,847
—V. 150, p. 2431.
Preferred Stock—
also
preferred stock
V. 149, p. 3722.
par
'
Balance...
$1,155,682
990,835
$1,375,253
$93,618
$93,551
pref. stocks for the period
.--
Dividends applicable to
70,902
Crl.846
Cr 81
Cr 102
976
1,616,'855
—
~7
Int. charged to constr—
-V. 150, p. 2201.
1940—12 Mos.—1939
$6,851,695
$6,172,124
1,741,614
2,017,054
1,023,625
1,151,383
550,000
616,667
6,792
>.
6,867
1940—Month—1939
$578,880
$516,611
Prop, retire't res, approp
Amort, of lim.-term inv.
Int.
Net earnings
1940
that if consolidation should
& Power Co., Ltd.—Earnings—
Gross earnings from operation
Operating
April 20,
5,585
1,227
:
x$94,238
x$l 12,943
26,033
x Earnings per share on
common stock in 1939 was
$0.70.
Consolidated Balance Sheet Dec. 31, 1939
$321,046
222,285
5,230
%
290
$93,242
.84 and in 1938,
Assets—Utility plant, $8,764,555; property not used or useful, $8,304;
cash, $287,661; special deposits, $18,125; account and notes receivable
(net), $223,733; materials and supplies. $123,156; prepayments, $3,794;
total, $9,429,328.
,
Liabilities—Common stock (133,705 no par shares), $3,200,000; longterm debt, $4,253,381; accounts payable, $58,250; customers' deposits,
$85,441; accrued taxes, $71,616: accrued interest, $120,375; other current
liabilities, $3,617; customers' advances for construction, $1,479; reserves,
$1,336,592; contributions in aid of construction, $1,673; capital surplus,
$12,489; earned surplus, $284,416; total, $9,429,328.—V. 149, p. 881.
x
,
The Interstate Commerce Commission
in a decision dated .April 9 has
plan for reorganization of the road which called for dividing the
new corporations.
Approval off(he split-up of the properties,
the Commission ruled, might be construed as an invitation to other lines
rejected
Mobile & Ohio RR.—Court Gets Final Plan—,
a
line into two
in financial difficulties to seek the
same
relief "and result at leat in
a
partial
collapse of consolidation efforts."
The Commission's disapproval of the plan, which represented the third
effort since 1934 to reorganize the company, was based principally upon
objections to divisions of the property.
Denial of the plan will continue
the 17-year-old receivership of the
property, the Commission pointed out,
but added that its action should not be construed as an objection to "early
reorganization of the railroad."
W
Offered by Coverdale & Colpitts of New York
reorganization managers,
the
plan contemplated division of the road into two new lines, operated by
a primary and a secondary
company.
The primary company would have
taken over and operated the best portions of the lines, about 900 miles
extending from Minneapolis, Minn., to Peoria, 111., and from Albert Lea,
as
Minn., to Des Moines, with branches.
The Reconstruction Finance Corportaion would have had a first mortgage on this line.
The secondary company, whose stock would have been owned
by the
primary company,
about 500
was to
take
over and operate
the remaining lines totaling
miles.
The plan proposed to wipe out the existing $25,792,600 par amount of
stock and give only new stock, probably worth no more than
$1,500,000
to present holders of $44,286,000 of M. & St. L. bonds.
Commissioner Mahaffie wrote a vigorous dissenting opinion
Final
plan for consolidation of properties
Mobile & Northern roads into
in
a new
of Mobile & Ohio and Gulf,
Ohio was filed
system, Gulf, Mobile &
Federal District Court at Mobile,
Ala., April 12 by the reorganization
Hearing on the plan will be before United States Judge Robert
22.
Judge Ervin was also asked to appoint appraisers to value Mobile &
Ohio properties in the event mortgage foreclosures are made or the prop¬
committee.
T. Ervin, April
erties
are
.
sold.
■
_
The consolidation plan has been approved by the Interstate
Commission, but Federal Court sanction is needed because
Ohio is in receivership.—Y. 150, p. 2108.
Montana Power Go. (&
Period End. Jan. 31—
Operating revenues
Operating expenses
Property retirement and
depletion res. approp.
Net oper. revenues.,__
Other income (net)
Mobile &
Subs.)—Earnings—
1940—Month—1939
1940—12 Mos. -1939
$1,477,982 $15,106,513 $13,290,564
$1,525,535
404,710
400,813
255,960
Direct taxes
Commerce
235,262
4,716,362
2,632,269
4,172,631
2,283,588
152,396
133,996
1,632,149
1,547,354
$712,469
$707,911
$6,125,733
Dr3,244
$5,286,991
Dr47,222
Dr3,913
Dr7,553
$708,556
157,976
44,125
36,197
$700,358
159,484
44.125
34.277
$6,122,489
1,904,473
529,495
439,432
Cr8,527
$5,239,769
1,926,073
529,495
416,786
Cr302,907
$462,472
for the period—
$3,257,616
957,528
$2,670,322
957.504
$2,300,088
$1,712,818
asserting that
the
long-standing receivership should be ended.
The Commission in its decision states:
"The property of the old company in our consolidation plan is
assigned to
system No. 10, Illinois Central.
In this connection the applicants argue
that the division of the property under two corporate entities, one a sub¬
sidiary of the other, would not divest us of any part of our jurisdiction under
the consolidation plan; that while the new company would have the
power
to dispose of the capital stock of the new
corporation without our consent,
such action still would not infringe upon our rights to control any consolida¬
tion of railroad properties in which the new corporation might be included.
that the separation
of the properties proposed in the reorganization plan
Gross income.
Interest
on
mtge. bonds.
Interest
on
debentures._
Other int. & deductions.
Int. chgd. to
constrcut'n
Net income
$470,258
Divs. applicable to pref. stock
Balance
—Y. 150, p.
—
1605.
Volume
The Commercial & Financial Chronicle
ISO
Montgomery Ward & Co., Inc.—New Vice-Presidents—
G.
D. Ryan, General Merchandise Manager, and E. R. Wimmer,
Operating Manager, have been elected Vice-Presidents of this
company.—V. 150, p. 2432.
common stock at $3 per share during the period from May 1, 1941, to and
incl. May 1, 1945.
Company has agreed to pay to the paying agent as
and for a sinking fund for the retirement of tne debentures, on or before
Dec. 31, 1940 and on or before Dec. 31 of each year thereafter to and incl.
Retail
Montour RR.
Earnings—
--V:vV,
March—
1940
^
Dec. 31,1944,
1939
$158,796
59,573
63,932
1938
$110,761
23,311
31,098
$217,917
99,351
91,266
454,703
152,320
188,861
railway
Net from railway
Net ry. oper. income
a sum in cash equal to 3% of the gross sales of the company
during the preceding fiscal year of the company.
Purpose—Proceeds will be used for general corporate purposes and for
working capital
'
'' .*■
Company—Incorporated in Massachusetts Jan. 19, 1940 for the purpose
of acquiring, in exchange for 350,000 shares of common stock (par $1),
and its common stock purchase warrants granting for a five-year period
from the date thereof rights to purchase 50,000 shares of its common
stock at $3 per share, all the property and assets, subject to the liabilities,
of National Fireworks, Inc. together with shares of stock of certain affiliated
companies owned or controlled by George J. J. Clark, as follows: All the
issued and outstanding stock of National Fireworks Distributing Co.,
National Foundry, Inc., National Oil Burner Co., Victory Fireworks &
Specialty Co., Virginia Fireworks Co., U. S. Fireworks Co., Texas Fire¬
works Co., "Western Fireworks Co., Eagle Fireworks Co.; 50% of the
issued and outstanding stock of Georgia Fireworks Co.; and 66 2-3% of
all the issued and outstanding stock or California Fireworks Co.
On March 15,1940 the company entered into an agreement with National
Fireworks, Inc. under the terms of which the company acquired the exclu¬
sive right to manufacture and sell, or cause to be manufactured and sold,
the complete line of fireworks of National Fireworks, Inc., using the names
"National," "National Fireworks," "Victory," "Victory Fireworks" and
any other trade-name therefore used by National Fireworks, Inc. or its
subsidiaries.
This agreement continues in force for the period of one year
from Jan. 1, 1940 and from year to year thereafter unless terminated by
either party by written notice on or before Nov. 1 in any year.
By another agreement, dated March 15,1940, the company acquired from
National Fireworks, Inc. the exclusive right to manufacture and sell, or
cause to be manufactured and sold, all the products theretofore manu¬
factured and sold by National Fireworks, Inc. or its subsidiaries, Including
pyrotechnics, munitions, foundry products, oil burners and toys and the
exclusive right to use the name or names, trade-marks, labels and good-will
pertaining thereto.
The agreement shall be for a period of one year from
Jan. 1, 1940 and will continue in force thereafter from year to year unless
terminated by either party by written notice on or before Nov. 1 in any
1937
$143,419
41,751
49,339
Gross from
406,880
125,517
153,235
348,085
78,145
107,113
550,878
213,157
198,658
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income—V. 150, p. 1941.
Moore Drop Forging Co.—To Pay SI .50 Class A
Dividend
Directors have declared a dividend of $1.50 per share on the class A stock,
payable April 15 to holders of record April 5. Dividend of $3 was paid on
Oct. 27, last; dividends of $1.50 per share were paid on Aug. 1 and on May 1,
1939; dividend of $3 paid on JNov. 1, 1938; $1.50 on Feb. 1, 1938, and
dividends of $6 per share were paid during the year 1937.—V. i50, p. 440.
Mountain Fuel
Supply Co. (Utah)—15-Cent Dividend—
Directors have declared
a dividend of 15 cents per share on the common
$10, payable June 10 to holders of record May 15. Dividend of
25 cents was paid on Dec. 8, last; one of 10 cents was paid on June 20, 1939
and dividends of 25 cents per share were paid on Dec. 8, 1938, and on
Dec. 6, 1937.—V. 150, p. 2432.
stock,
par
Mountain States Power Co.—Initial Dividends—
Directors have declared an initial dividend of $1 per share on the com¬
stock and an initial dividend of $3.75 per share on the 5% pref. stock,
both payable April 25 to holders of record April 10.—V. 150, p. 2432.
mon
Mountain States Telephone &
Period End. Mar. 31—
Net income
a
Earnings
per
share
stock
common
$822,744
1940—12 Mos.—1939
$3,837,832
$3,589,945
$852,624
of
$1.71
—
$1.77
After all charges and taxes.—V.
a
Telegraph Co.—Earns.
1940—3 Mos.—1939
150,
p.
$7.99
-
$7.47
year.
2261.
Capitalization—The capitalization of the company, upon consummation
follows:
of the present offering, will be as
Mutual Investment Fund- -Earnings—
3 Months Ended March 31—
Income—Dividends
^
1940
$16,000
Realized profits on sale of securities
>
t
...
Total income
Distribution to shareholders
Exclusive of
Five-year convertible 5% debentures, 1945
$18,630
26,295
Common stock (par $1)
$36,907
21,987
meeting stockholders approved a proposal to
them against earned
surplus deficit, and further to charge the resulting total earned surplus
deficit of $1,000,951 against capital surplus, reducing latter to $1,337,589.
These changes are to be effective as of Jan. 1, 1940.—V. 150, p. 2262.
At
Balance Sheet March 31, 1940
1940
1939
*$299,424
annual
Corp.—Exit a Dividends—
declared an extra dividend of 17 H cents per share in
regular quarterly dividend of like amount on the class A
and class B shares, all payable April 20 to holders of record March 30.
See also V. 149, p. 3563.
Directors
addition
1938
loss$41,561
to
have
a
Insurance
Life
National
Montpelier, Vt.—New
Co.,
Director—
Harold Whitney Mason of
Brattleboro was on April 16 elected a director
by the resignation of Charles W,
of this company, to fill a vacancy caused
Gammons of Boston.—V. 150, p. 1141.
Fibres, Inc. (& Subs.)—Earnings
x$429,252
charges.
recent
National Funding
Assets—Securities owned and held by custodian (cost $2,399,313) at
market, $2,069,963; accrued dividends receivable, $4,095; cash in hands of
custodian, $6,113; due on subscriptions for investment fund shares, $2,780;
deferred charges, $509; total, $2,083,460.
Liabilities—Accrued expenses, $5,960; accrued distribution on investment
fund shares, $18,888; reserve for Federal taxes, $1,967; reserve for possible
New York State taxes, $4,580; Mutual Investment shares—issued 188,878.8
shares of $10 par value, $1,888,788; paid in surplus, $571,865; earned surplus
or deficit, $408,598; total, $2,083,460.—V. 150, p. 2432.
taxes & other
their
write down certain non-operating properties, charging
profits or losses from sales of securities.
3 Mos. End. Mar. 31—
Net inc. after deprec.,
Co.—Capital Changes
Voted—
8,018
Note—Net realized loss on sale of securities for the three months ended
March 31, 1940 amounted to $26,278.
National Automotive
.
National Enameling & Stamping
$44,925
x$9,356
9,270
Net income
Authorized Outstanding.
$100,000
$100,000
.1,500,000 shs.
600 shs.
>
1939
$16,000
6,644
Expenses
x
2585
int.
As debentures are redeemed company will deliver, in respect of each
$500 debenture redeemed, a warrant or warrants to purchase 175 shares of
1937
National Malleable & Steel Castings
Mar. 30 *40
3 Months Ended—
y$236,190
x
Equivalent to 80 cents a share on 502,874 common shares outstanding,
y Equivalent to 95 cents a share on 247,290 no par shares of class A stock,
z Equivalent
to 60 cents a share on 494,510 shares of common stock.
—V. 150, p. 2261.
-V
,;
x
Net profit from opers.
rents
miscellaneous
on
$576,151
$348,063
and
Int., divs.,
Profit
Apr. 1 '39
.
Apr. 3 '37
y$425,658
—
9,134
13,463
Co.—Earnings—
Apr. 2 '38
$883,907
—.
11,461
434,849
sale of secure..
.
National Bond & Share
Corp.—Earnings—
3 Months Ended March 31—
1940
Cash dividends
Interest
on
Net profit before other
1939
$75,399
bonds
S!
1938
$72,113
3,681
$55,225
7,790
$75,794
563
$63,015
6,314
-
$589,614
15,990
for
:
Expenses
Prov. for Fed., State & other taxes.
_
.
Net income
$75,962
5,859
5,580
6,095
4,677
$64,523
800,020
Surplus inc.—Bal., Dec. 31
Total..
Div. declared from surplus income.
_
.
Netprofit
3,545
$65,021
820,624
$53,156
$864,543
54,000
$885,645
54,000
x
$286,329
.
$854,597
45,000
801,442
183,000
y$418,739
$1,148,393
1938,
1776.
$114,928 in 1940, $109,923 in 1939, $110,330 in
1937 provision for depreciation, y Loss.—V. 150, p.
After deducting
and $105,035 in
$1,335,592
4,199
normal
income taxes
Total
y$414,198
4,541
68,000
$470,625
Fed.
$357,197
2,868
103,000
-
-
-
Other deductions
Prov.
National Oats
Co.—Earnings—
1940
$17,279
3 Mos. End. Mar. 31—
xNetincomel---.-
1939
z$25,059
1937
$33,246
1938
$46,398
Earnings per share
$0.17
$0.25
$0.46
$0.33
x After deprec., Fed. & State inc. taxes, but before surtax on undistributed
profits. y On 100,000 shs. cap. stock (no par), z Exclusive of $17,000 profit
on sale of government securities which was carried to reserves.—V.
150,
p. 1141.
■
y
Surplus income balance, March 31-
$810,543
$831,646
$809,597
from sales of securities (computed on the basis
costs) carried to profit and loss on securities sold, $89,394.
(6) Aggregate unrealized appreciation in value of securities owned as
compared with cost: March 31, 1940, $398,923; Dec. 31, 1939, $324,467;
increase in appreciation during the three months ended March 31, 1940,
$74,456. Deduction for estimated taxes on appreciation, if realized: March
31, 1940, $75,800; Dec. 31, 1939, $72,000. Increase in appreciation during
Notes (a)—Realized net loss
of average
appreciation, if realized, $70,656.
Balance Sheet March 31
1940
Assets—
Rec. for
sees,
Divs.
rec.
&
86,472
14,173
int.
Sees, owned at cost
25,151
7,193,064
24,601
7,367,780
& fixtures-.
1
1
>
accrued
Furn.
1940
1939
554,275
Div. pay. April 15.
Res. for taxes....
54,000
27,387
x Capital stock...
4,500,000
Capital surplus... 5,025,291
Surplus income.
810,543
_
Prof. & loss
.
149, p. 1923.
Nebraska Power
secj. pur.
but not received
sold
►< but not delivered
Pay. for
on
-
opinions.—V.
Liabilities—
1939
Cash In banks.... SI ,700,994 31,609,433
Cleveland—Opinions
Corp.,
The corporation reports that holders of 87% of the bonds have now ex¬
pressed opinions favorable to the plan of reorganization, 72% of the debentureholders and 64% of the stockholders have also expressed favorable
the three months ended March 31, 1940 after deduction for estimated taxes
on
Terminals
National
Plan
Co.—Earnings—
1940—Month—1939
Period End. Feb. 29—
$54,000
Operating revenues.
Operating expenses
27,648
4,500,000
5,025,291
831,646
.
Direct taxes
Prop, retire, res. approp.
of limited-term
$703,641
314,184
111,164
52,500
$699,385
279,674
113,251
52,500
1940—12 Mos.—1939
$8,411,283
3,661,822
1,298,789
630,000
$8,154,763
3,330,991
1,302,561
588,334
Amort,
on sec.
1,800
1,945
23.050
23,607
$223,993
$252,015
$2,797,622
2,119
$2,909,270
2,115
61,875
17,500
8,662
$2,799,741
742,500
210,000
110,997
$2,911,385
742,500
210,000
109,537
Cr 18,492
""$136,176 ""$164,039
$1,735,449
investments.
sold & divs. paid
from
profits
since Mar. 1, '31Z>rl538113 JDrl350298
Total....
$8,933,383 59,088,287
sec.
Net oper. revenues...
Other income
Total..... —..$8,933,383 $9,088,287
Cross income.
.......
Int.
National Chemical & Manufacturing Co.—Stock Sold—
Smith, Burris & Co. announced April 17 that their offering
on
mortgage bonds.
Int.
Represented by 360,000 no par shares,—V. 150, p. 440.
x
on
debenture bonds.
Other int. & deductions.
Int. charged to
of 60,000
constr'n
,
shares of capital stock of the company, marketed at $10 per share, has been
oversubscribed.
The company is one of the country's leading factors in
the casein and synthetic resin paint field.
Its products are distributed by
3,500 distributors, jobbers and dealers nationally.—V. 149, p. 2090,
3415.
;
' Net
income.
Dividends applic. to
:
...
—
117
61
$224,110
61,875
17,500
8,886
CY327
$252,076
Dr795
pref. stocks for the period—
499,100
$1,867,840
499,100
>•
over
vIV;.v"4:
National
Consolidated
Offered—Public offering of $100,000 of five-year conv. 5%
debentures due May 1,1945, was made April 15 by Eugene J.
Hvnes Co., New York.
The debentures are being offered
at
100 and accrued interest.
■
;
'
Dated May 1,1940; due May 1, 1945.
Interest payable M-N. Coupon
debentures in denom. of $1,000 and $500.
Principal and int. payable at
office of Lew is ton Trust Co., paying agent, in Lewis ton, Me.
From May 1,
1940 to and incl. May 1, 1945 each $500 debenture is convertible into 250
(par$ 1) , of the company.
The conversion privilege
in respect of debentures called for redemption will cease on the fifth day
prior to the date fixed for redemption.
Debentures are redeemable at any
time, in whole or in part, at the option of the company or by operation of
the sinking fund, upon at least 30 days' notice, by the payment of 105 and
shares of common stock
Balance
—v. 150,p. 1287.
Co., Inc., Boston—Debentures
....—..
$1,236,349
$1,368,740
'/;■
New Bedford Rayon Co,—-Dividend Resumed—
dividend of 30 cents per share on the class B
payable April 25 to holders of record April 18. This will be the first
class B dividend paid in several years.
Dividend of 50 cents was declared on the class A stock likewise payable
April 25 to holders of record April 18. A payment of $1.25 was made on this
issue on Jan. 27, last.—V. 150, p. 696.
Directors have declared a
stock,
New
England Fund— To Pay Eight-Cent Dividend—...
~
eight cents per share on the common
record April 18. This compares with
seven cents paid on Feb. 1, last; 17 cents paid on Dec. 27, last; eight cents
paid on Nov. 1 and on Aug. 1, 1939, dividend of seven cents was paid on
May 1, 1939; one of five cents paid on Feb. 1, 1939; and one of six cents
paid on Aug. 1, 1938 —V. 150, p. 440.
Directors have declared a dividend of
stock, payable May 1 to holders of
-
The Commercial & Financial Chronicle
2586
New
England
Electric
&
Gas
Association—System
Output—
For the week ended April 12, New England Gas & Electric System reports
electric output of 8,062,523 kwh.
This is an increase of 303,225 kwh., or
3.91% above production of 7,759,298 kwh. for the corresponding week a
Newport Industries. Inc.—Bank Loan—
According to information filed with the Securities and Exchange Com¬
mission, company has borrowed $1,200,000 from the National City Bank
on an eight-year loan, with the provision that the company call $653,675
of subordinated notes for redemption.—V. 150, p. 1777.
.
New Process Co.—To
year ago.
Gas output is reported at 99,681 mcf., an increase of 3,549 mcf., or 3.69%
above production of 96,132 mcf. in the corresponding week a year ago.—
V. 150, P. 2433.
New
A
'
"
'
•
.
;
•••"
'
■
.'
i,'
-
"J-
'
4
'
*
1
" 1
•
'
•
England Power Co.—Bonds Voted—
total of $95,000 1st mtge. bonds, series A 3)4%
Directors have declared a dividend of 50 cents per share on the com. stock,
149, p. 4037.
v.--,..
-
—V. 149, p. 4037.
Directors have declared a dividend of 75 cents per share on account of ac¬
on the 6%
cumulative preferred stock, payable May 1 to
cumulations
England Telephone & Telegraph Co.—Earnings~~
1939
1940
3 Mos. End. Mar. 31—
1938
»Net oper, revenues...
$5,673,485
Operating taxes........
2,207,471
Net oper. income....
$3,466,014
90,716
62,064
.....
Miscellaneous deductions
available
$3,494,666
1,050,000
Discount on funded debt
Other interest
42,043
169,642
income......... $2,232,981
Dividend appropriations
2.333,551
Balance, surplus.....
Dividend of $1.50
x
/v,,:'-:
RR.—Court Upholds
"
v.'-:
$3,323,843
$3,085,957
1,050,000
42,042
156,999
995,833
41,709
199,840
$3,287,659
887,500
41,576
304,914
$2,074,801
2,000,187
$1,848,574
2,000,187
$2,053,668
2,333,551
$74,614
$1.56
x$151,613
$1.39
x$279,883
$1.54
it could not be held for the interest charges since the Interstate Commerce
fendant road's system.
Justice Rosenman, in
his decision granting judgment in favor of Law¬
Friedman, owner of two $1,000 bonds, recalled that the guarantee
originally given as part of a transaction by Which the L. E. & W.
acquired a 999-year lease of the Northern Ohio properties.
When the
L. E. & W. was merged into the Nickel Plate system in 1923, he held, the
latter assumed its obligations, including the guarantee.
The decision in the Friedman case disclosed that Municipal Court Justice
Thomas F. Whalen had arrived at a similar conclusion last month in a suit
before him involving several interest coupons owned by another investor.
—v. 150, p. 2110.
rence
was
New York Power &
Light Corp.—Earnings—
1939
Calendar Years—
Operating revenues..
10,836,201
1,273,206
2,975,000
3,548,039
3,066,035
$7,101,879
Dr 1,741
$7,385,265
2,627
$7,840,963
3,594
Operating income
Non-operating income (net)
Gross income
Interest
funded debt
on
$7,100,138
2,915,970
1,420,407
$7,387,892
3,022,259
1,430,538
Cr8,413
129,683
$7,844,557
3.022,407
1,435,058
Cr3,839
129,715
Interest on unfunded debt....—
Interest
charged to construction.
—
Cr7,208
— .
107,632
Amortization of debt disc't & exp
Net income...
Divs. on $6 preferred
on
Divs.
on common
Cr22,399
...
64,606
64",396
48",573
$2,621,130
...
$2 ,749,429
576,528
1 ,012,473
1 ,057,895
$1.09
$3,213,143
576,528
1,012,473
1,586,842
— ._
—
stock
7% pref. stock
Divs.
1,012,473
576,528
......
stock.
—
$0.97
Earnings per share on common stock.
1939
1938
Report—
1939
$
Liabilities—
135,351,572 134,085,049
49,529
59,969
1,445,692
1,427,704
1,513,091
2,160,819
1,155
Special deposits.
Investments
...
Cash......
1939
1938
$
Assets—
Fixed assets
1,098
Notes receivable
1937
1936
$6 pref. stock,
b
9,608.800
14,463,900
c Common stock
8,937,107
Long-term debt. 66,582,000
14,463,900
20,550,000
855,910
1,928,940
4,683
1,966,334
882,968
638.789
1,189,063
729,079
3,874,876
Net profit
$2,780,119
1,831,840
$1,069,378
654.281
$1,247,428
651,014
$948,279
542.177
Res. for deprec'n
Other reserves..
$503,713
25,707
$415,098
26,888
$596,414
26,763
$406,102
25,849
Earned surplus.
$529,420
395,827
$441,986
395,942
$623,177
393,396
$431,951
386,984
$133,592
$46,044
$229,781
$44,967
Accts.
payable.
2,408,035
Consumers' dep.
Deferred charges
719,407
1
1939
Total....... 143,092,322
a
$
$
18,597,143
18,696,715
1939
in
lieu
of
3,425
5,826
3,425
.....
20,800
20,800
......
19,497
20,186
260
260
707,751
130,143
454,442
130,135
mtge. prop, sold
Misc. phys. prop..
Inv. in affll. cos.:
Stocks
Advances
5,826
S
Funded debt
Govt, grants
Traffic A car serv.
balances payable
6,000,000
8,566,000
39,163
5,999,900
8,566,000
39,163
76,078
Stocks...
Cash——;
..
Traffic & car serv.
balances rec—
Deferred assets...
Unadjusted debits
Misc. acc'ts pay..
119,285
167,388
6,444
190,611
253,734
10,329
25,127
124,107
157,938
248,071
4,992
18,496
Jan. 1.........
Divs. mat'd unpaid
accr.
Othercurr.liabil-.
Deferred liabilities
86,131
Taxes..
1939
Net operating revenues
Taxes.
Operating
reserves
equipment
Oth.unadj. credits
Special approp
.
on
mtge. bonds.
....
a
Net income
830,296
305,100
143,816
38,886
3,521,722
893,875
$4,861,756
483
857
$727,356
$439,659
184,027
19,730
193,149
"f^dend.8 accumulated and unpaid
..._c$l,952,131 C$1,972,156
1,939,994
1,906,864
$2,024,951
2,239,744
....
Provision for such amortization.
20i305
$4,862,613
2,265,623
250,458
a
and $4.10 in 1938.
Consolidated Balance Sheet Dec. 31
143,816
3,410,276
1939
Assets—
$
533,150
on
$4,216,288
9,575
$4,225,863
2,389,494
250,431
-051,458
$1,637,396
544,586
$1,092,810
are
Liabilities—
S
$
Accounts payable
Accrd.
Fed.
taxes.—
251,131
50,030
108,060
37,737
923,505
1,115,564
Eqpt.
affil.cos.,at cost
200,137
Land and bldgs... 4,709,850
263,500
4,172,480
Res. for injuries &
9,680,124
taxes,licenses,Ac
Special deposits
cumulative.
Amount
6,358,354
277,105
Organiz. exp.,&c
304,021
c
Accrued interest.
Deferred & unadj.
items
6,604,132
324,951
304,020
157,383
20,629
4,558,217
3,749,321
deprec'n. 4,323,527
Mis cell,
com pens.
347,912
129,948
..24,086,465 23,577,429
360,598
60,047
44,558
Capital stock... 3,165,881
f Deferred credit..
277,105
£ Credit
6,358,354
3,078.889
324,951
6,604,132
697,150
91,037
reserves.
.
e
—
28,809
3,153,084
^
damages & work¬
990,773
Capital surplus
Earned surplus.
Total—
_
obligs. 3,948,257
Bonds assumed. 3,316,221
pur.
Res. for
be
amortized-
Payment
182,673
15,456
miscelL Fed.
men's
a
to
and
d
In vs. in & ad vs. to
434,326
Accrd. State, local
taxes..
44,656
$
303,153
inc.
228,219
74,869
8,111
cost..
Inventory
Prepaid insurance,
1938
389,065
628,071
.
Eqpt., at cost....10,402,596
$2,346,532
544,586
this stock
1939
1938
528,831
Marketable munlc.
.......
to Feb. 29, 1940, amounted to
to 53.50 a share on $7 preferred
Dividends
..
b Net income—
244,455
$1,801,946
V.lou,p.24o2.
$2,256,620
231,669
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 on capital stock was $4.01 in 1939
248
Balance
^
$2,210,774
238,618
49,168
$439,176
...
d
$2,197,908
245,778
Dividends..
..20,213,876 20,021,251
Net income.
$523,599
$226,205
Divs. applic. to pref. stock for the
period
—
$2,725,999
469.379
12,391
$727,108
stock, was paid on Dec. 23, 1939.
$2,656,860
446,086
9,475
82,336
51,854
Inc.—Earnings—
Int. chgd. to construct'n
a
$2,563,041
365,133
.......
b
Interest
$2,700,357
25,642
164,132
26,823
11,426
16,871
.
Other int. & deductions.
$2,618,564
38,296
164,140
26,823
11,426
15,603
Period End. Feb. 29—
1940—Monrh—1939
1940—12 Mos.—1939
Operat ngrevenues.
$2,106,360
$1,673,024 $19,656,769 $18,384,663
Operating expenses.....
799,061
743,099
8,951,357
8,829,586
Direct taxes
3£4,187
313.749
3,454,752
3,214,789
Prop, retire, res. approp.
196,004
177,000
2,388,904
2,124,000
.
$2,525,379
37,662
Interest and other deductions.
secure, at
.._
$4,652,672
1,952,315
...
_
Gross income
113,337
Receivables
Gross income.
$4,722,106
2,103,542
from operations
Cash..
Total
New Orleans Public Service
t
1937
$4,715,448
2,190,070
...
Net earnings
1938
$12,780,696 $11,959,573 $11,552,019
8,065,248
7,237,467
6,899,347
.
expenses—
Other income (net)
-V. 150, p. 2109.
Net oper. revenues—
Other income (net)--
City Omnibus Corp. (& Subs.)—Earnings—
revenues
237,964
Accrued deprec. on
Profit and loss
Total..........20,213,876 20,021,251
Operating
Operating
Incl. interest due
TJnmat'd int.
5,837
Mat'ls A supplies.
Other curr. assets.
payable..
Int. mat'd unpaid,
Bals. due fr. agts.
and conductors.
Misc. acc'ts rec...
wages
^143,092,322 145,518,247
——
Represented by 96,088 no par shares,
b Represented by shares of
c Represented by 1,057,895 no par shares.—V. 149, p. 3724.
New York
52,767
241,825
128,218
Audited acc'ts and
Other Investments:
Special deposits.
S
Capital stock
equipment.
1938
Liabilities—
Invest, in road and
Total
145,518,247
credits
$100 par value,
Calendar Years—
1938
liab
Deferred
General Balance Sheet Dec. 31
Depos.
9,969", 158
738,377
6,606,235
candaga Reser
1,298,869
$3,276,273
2,028.845
.....
Assets—
3,235,760
2,227,009
706,068
1,508,333
relating to Sa-
Prepayments...
2,793,837
11,945,049
809,012
309,343
companies
Long-term liab.
Mat'ls A suppl's
20,550,000
3,109,923
1,289
Accts. receivable
Accrued
Total gross income...
Deduct, from gross inc..
8,937,107
66,967,500
Advs. from affil.
$3,048,641
1,979,262
Operating income....
Non-operating income..
$
7% pref. stock
9,608,800
$1,190,181
686,469
Net rev. from oper
Taxes, &c
1938
•
$
a
$3,107,908
1,917,726
expenses...
$1.53
Balance Sheet Dec. 31
Int. and divs...
New Orleans & Northeastern RR.- -Annual
10,668,812
1,181,675
2,935",555
Taxes
Amort. of premium on debt
Miscellaneous deductions
Mining Corp.—Capital Changes—
10,208,703
1,155,205
2,945,000
3,158,897
Maintenance expense
Pay 20-Cent Dividend—
dividend of 20 cents per share on the common
1937w~"'
1938
.-....$25,345,184 $25,242,211 $25,692,985
Operating expense
Depreciation.
Retirement provision
A special meeting of stockholders will be held in Wilmington, Del., on
May 6 to vote on a proposal to reduce capital of the company from $8,000,000 to $5,316,460 by the retirement of 268,354 capital shares of $10 par
value, but the shares are to be available for Issuance from time to time for
adequate consideration at not less than par, as ordered by the directors.
They have no present intention, however, of making any such sale or offer¬
ing, according to the proxy statement.
In the afternoon of the same day, at the regular annual meeting, stock¬
holders will be asked to vote on a proposal to increase the authorized capital
of the company from $8,000,000 to $13,500,000, consisting of 1,350,000
common shares of $10 par value, following which, according to a recom¬
mendation of the officers, the directors may authorize the distribution of a
stock dividend of 100%, making a total capital then outstanding of $10,632,920.
Action will be taken by the board on the proposal immediately
following the meeting of stockholders.—Y. 150, p. 2263.
oper.
■
Commission never accorded permission to it to assume an interest guarantee
previously given by the Lake Erie & Western RR., now a part of the de¬
15 to holders of record May 6.
Previously regular
semi-annual dividends of 10 cents per share were distributed.—V. 150,
p. 441.
■■■;
•/ /
Total
,/
$3,295,525
55,502
63,368
stock, payable May
Calendar Years—
Total oper. revenues
•
Court Justice Samuel I. Rosenman ruled April 16 that the
meet interest charges oil $2,500,000 of Northern Ohio Ry.
bonds which went into default in i938.
The Nickel Plat© contended that
Supreme
$3,068,481
76,801
59,326
85,477
62,303
All of the outstanding 1st mtge. 5% gold bonds, series A, due Aug. 1,
1950, have been called for redemption on June 18 at 101 and accrued
interest.
Payment will be made at the New York Trust Co.—V. 143, p. 930.
Newmont
Louis
Chicago & St.
$3,300,668
Jersey Water Co.—Bonds Called—
a
Dec. 12, last.—V.
company must
During the three months of the current year the company had a net gain
of 11,515 telephones as compared with a net gain of 9,826 telephones during
the three months of 1939.—V. 150, p. 2432.
New Mexico Gas Co.—To
on
$5,344,257
2,048,732
$1.67
Directors have declared
York
Suit—
Deficit.
New
paid
was
3878.
$5,004,064
1,935,583
x$100,570
Earns, per sh. on cap. stk
p.
New
$5,297,057
1,996,388
for
fixed charges......
Bond interest
149,
1937
Operating revenues
$19,298,984 $18,665,720 $18,044,147 $18,002,712
Operating expenses...... 13,625,499
13,368,663 13,040,083
12,658,455
Net
_
^
Co.—Accumulated Dividend—
New River
holders of record April 20.
Income
.
due Nov. 15, 1961,
redemption on May 15 at 104 and accrued interest.
Payment will be made at the New England Trust Co., Boston, Mass,
Other income.
Pay 50-Cent Dividend—
payable May 1 to holders of record April 19. This compares with $2 paid on
Dec. 27, last: 50 cents paid on Nov. 1, Aug. 1 and May 11939, $1 paid on
Dec. 23, 1938, and 50 cents paid on Nov. 1, Aug. 1 and May 2, 1938.—Y.
has been called for
New
April 20, 1940
.
.
83,123
Total-- — —24,086,465 23,577,429
a On
basis of recapture contract in monthly instalments commencing
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 the event it shall exercise the right granted by the recapture contract
between the City of New York, New York City Omnibus Corp. and Madi¬
son Avenue Coach
Co., Inc., dated Jan.'29, 1935, $7,500,000; Less—
Amortization for the period from date of contract, Jan. 29, 1935 to DecJ[31,
The Commercial & Financial Chronicle
Volume ISO
1939, SI ,141,646. b $475,000 to City of New York under franchise contract
of Eighth Avenue Coach Corp., less amount
($197,895) amortized to date,
c For which reserve is
being provided, d Originally issued by N. Y. Rys.
Corp. e Represented by 481,044 no par shares in 1938 and 486,015 no par
shares in 1939. f Arising from contributions by New York Railways Corp.
of receivables from F ighth Avenue Coach Corp.
g In respect of amount to
Colony's properties at this time or to approve a plan of reorganiza¬
tion at this time for the Old Colony.
These matters, however, should not
be permitted to defer the reorganization of the principal debtor.
The
principal debtor's cash position and the present trend of traffic are such
that, under the provisions of the plan approved, the reorganized company
We find, therefore,
should be able to operate efficiently and successfully.
that a plan of reorganization in accordance with the
be amortized on basis of recapture contract; balance
per previous report
$6,604,132 less amount equal to amortization ($245,778) credited to capital
surplus.—V. 149, p. 3564.
New
Final
York
Haven
New
Reorganization
Interstate
&
Commerce Commission
Chairman Eastman, dissenting in part, said:
reorganization which has been approved I am not in
disagreement.
I do disagree, however, with the proposed
Colony RR.
For many years the Old Colony operated as an independent and very
successful railroad.
It was conservatively capitalized and progressively
managed and it served prosperous and populous industrial districts in east¬
ern Massachusetts.
The Old Colony Steamboat Co., all of whose stock it
owned, gave it an efficient and very profitable freight and passenger con¬
nection with New York City, and its lines to Framingham, Fitchburg and
Lowell gave it outlets to the west and north via the Boston & Albany RR.
and what is now the Boston & Maine system.
To round out its system and
make its position still more secure, it leased the Boston & Providence RR.,
treatment of the Oid
April 12 approved a
final plan of reorganization (dated March 22) on the basis
of which, the ICC states, the New Haven should be able to
operate efficiently and successfully.
A summary follows:
Under the approved plan of reorganization the capitalization of the New
Haven will be reduced from $464,833,806, as of Oct. 23, 1935 (date of filing
petition for reorganization) to $365,000,000; and fixed charges and guaran¬
ties from $19,531,323 to $6,232,331.
The effective date of the plan is
Jan. 1, 1940.
New capitalization and charges are approved as follows: (x)
,
Underlying bonds
22,422,000
12,834,905
88,930,361
Collateral trust notes
Fixed interest 4% bonds
with its direct line between the two most
in
1891 for
Charges
Charges
1888 for
populous cities of New England,
and the Providence Warren & Bristol in
corresponding expiration date.
In no way was the
Old Colony in this period of its life dependent upon the New York New
Contingent
Fixed
,
general
any
on
Issue—
Amounts
Undisturbed equipment trusts_>...y$12,872,000
77(b) and (e) of the Bankruptcy Act,
compatible with the public interest.
With the plan of
Stocks—The
Eliminate
foregoing provisions
will meet the requirements of Section
and will be
RR.—ICC Issues
Hartford
Plan—Would
2587
the Old
z$477,012
896,880
513,396
3,557,214
a
a
term of 99 years,
term with
a
Haven & Hartford RR.
In 1893 the Old
Colony was leased by the New Haven for a term of 99
guaranteed its stockholders dividends of 7% each
(their actual return was less because much of the stock was issued at a
premium).
A lease for 99 years is often regarded as the equivalent of own¬
ership in fee, and the Old Colony was treated by the New Haven as if it
were so owned.
Thereafter it was operated as an integral part of the New
Haven system and for the benefit of that system rather than for its own
benefit, and the New Haven acquired a commanding interest in its stock.
Among other things, the stock of the Old Colony Steamboat Co. was pur¬
chased in 1905 by a subsidiary of the New Haven and its properties were
eventually merged with other like properties in the ownership of the New
England Steamship Co., another subsidiary which has now suspended
operations.
At about the same time the former passenger terminals of the
years at a rental which
year
Total fixed interest debt
$137,059,266
Rent for leased roads-.
787,829
$1,000,000
300,000
3,995,395
Capital fund
First & refunding mtge. sinking fund.
Income 4H% bonds
88,786,567
—
Income mortgage
443.933
sinking fund
Total funded debt
.....$225,845,833
5% preferred ($100 par value)
70,525,061
Common stock ($100 par value)
68,629,106
3,526,253
..
Total capitalization.
.$365,000,000
$6,232,331
Old Colony and of the Boston & Providence in Boston were abandoned and
they were made tenants of the then new South Station in Boston.
That
the South Station was regarded by the New Haven as distinctively a system
station is shown by the fact that when its owner, the Boston Terminal Co.J
was organized in 1896, the five charter stockholders, each owning one-fifth
were the Boston & Albany RR.,
the New England RR., the Boston &
Providence RR. Corp., the Old Colony RR. and the New York New Haven
& Hartford RR., although the New Haven then owned no line of railroad
entering Boston and had no such ownership until it later took over the prop¬
erties of the New England.
Both the Old Colony and the Boston & Provi¬
dence are now operated with equipment owned by the New Haven.
This was the situation when the New Haven went into bankruptcy in
$9,265,581
The figures do not reflect the securities issuable for the acquisition
of the Boston & Providence properties.
This would involve the issue of
x
$3,039,213 of fixed interest bonds, $1,467,520 of income bonds and $1,467,520 of preferred stock? and would involve additional fixed charges of
$121,568.
——,r.''
:—■'
'
.J'
_■
y Includes $121,000 due Jan. 1, 1240 and excludes new equipment trust
to be issued as of Feb. 1, 1940.
t
•
z Includes estimated charges of $22,000 on
proposed equipment trust of
1940, but as trust had not been issued as of Dec. 31, 1939, it is excluded
from principal amount.
The equities of the hblders of both the common and preferred stock are
found to have no value, and no provision is made for the stockholders in
the plan.
Equipment obligations will remain undisturbed.
The New York & New
England-Boston Terminal first mortgage bonds and the Dutchess County
RR. first mortgage bonds will be paid of in cash.
The New York Provi¬
dence & Boston RR. general mortgage bonds, Naugatuck RR. first mort¬
gage bonds, the Harlem River & Port Chester RR. first mortgage bonds
and the Providence Terminal first mortgage bonds will remain undis¬
turbed. and1 accrued and unpaid interest paid in cash, except that the
accrued and unpaid interest on the Harlem River & Port Chester bonds will
be paid in new fixed interest bonds.
Holders of the following outstanding
securities will be entitled to receive, in exchange for the principal thereof
and accrued interest thereon, new securities in the following ratios:
r
—
■
-
■
—
-
,
.
_
.
.".A"
Fixed Int.
Outstanding Issue—
Bonds
Housatonic RR. bonds
100%
85%
20%
New England RR. bonds..'
Dan bury & Norwalk RR. bonds
Boston & New York Air Line Co. bonds
New Haven & Northampton Co. bonds
Central New England Ry. bonds
50%
100%
20%
45.35%
Bonds secured by 1st & ref. mortgage
15-year secured gold bonds
The
secured
notes
held
by
the
Railroad
Credit
Income
Bonds
*
1935.
too, went into bankruptcy.
All three roads, the Old Colony, the Boston
& Providence and the Providence Warren & Bristol, having no organization
equipment for independent operation, were perforce obliged to agree to
continued operation of their properties by the trustees of the New Haven
as their agent.
By the rejection of the leases, the strategic position of the
New
Bonds
Chase National Bank, New
instead of
York
Irving Trust Co., New York
National Shawmut Bank, Boston
Second National Bank, Boston
Union Trust Co.,
Springfield
a
On
the
basis
of the
b Total claim classed
as
unsecured.
as
c
deficit.
For 47 years the Old Colony has been operated as an integral part of the
New Haven system, and the solemn contractual obligation so to operate it
extended for a period of 52 more years.
The organization and equipment
Corporation
40%
and
disappeared and cannot readily be recreated.
it has been possible to dismember the New
by rejection of the Old Colony lease, subject to a claim for
damages for this breach of contract, and it has been possible to dismember
what was the Old Colony system by rejection of the Boston & Providence
and the Providence Warren & Bristol leases.
The Commission, however,
has both the right and the duty, in passing upon the reorganization plan,
to consider whether or not the public interest requires that these properties
remain parts of one system and that provision to that effect be made in the
the
Income
for separate operation long ago
In the process of bankruptcy
Stock
40.48%
52.13%
24.21%
24.21%
8.31%
16.62%
16.62%
37.21%
22.24%
29.41%
43.86%
20.95%
16.78%
ere}n
Elan. That this is our right and duty is fully recognized in the main opinion
^
;
.\y, ;v.
Common stock available for distribution to the holders of unsecured
such claims.
The plan provides that the Providence Warren & Bristol RR. and the
Hartford & Connecticut Western RR., secondary debtors, will be reorgan¬
ized in connection with, or as a part of, the reorganization of the principal
debtor, and their properties and assets transferred to the principal debtor.
The acquisition of the properties and assets of the Boston & Providence
Corp. by the principal debtor would be authorized.
The plan of the Old Colony RR., secondary debtor, under which it would
transfer its so-called Western and Cape group of properties to the principal
and abandon operations, both freight and passenger services,
its so-called Boston group of properties by Jan. 1, 1941, is not approved
at this time by the Commission, and in view of the existing unfavorable
debtor,
on
earning position of the Old Colony
no
plan for its reorganization is approved
at this time.
The
general conclusions of the Commission state:
The proceeding for the reorganization of the principal debtor has been
pending for slightly over four years; the expenses of reorganization are con¬
stantly mounting and the accrual of unpaid interest on its various obliga¬
tions is continually increasing.
Practically all parties to the proceeding
agree, and the record supports the view, that it is of vital importance to
all interests concerned that a plan of reorganization be approved and con¬
summated as soon as possible.
There is substantial agreement among the large creditors as to the major
aspects of a plan of reorganization for the principal debtor, and there is no
objection of record to the proposal to reorganize the Hartford & Connecticut
Western and the Providence Warren & Bristol, secondary debtors, as a
part of the reorganization of the principal debtor.
Unfortunately, there is
a considerable difference of opinion among the principal debtor's creditors
as to its proposal to acquire the properties of the Boston & Providence,
and- between the principal debtor and the Boston & Providence and the
Old Colony as to the terms or desirability of acquiring those properties.
It is believed that the record fully supports the principal debtor's pro¬
posal to acquire the properties of the Boston & Providence.
It is recognized
that the Boston & Providence cannot be reorganized in this proceeding,
but the reorganized New Haven company should be authorized to acquire
those properties.
It is regretted that the existing situation of the Old
Colony is such that it would be contrary to the public interest and the
nterests of the principal debtor's creditors to authorize the acquisition of
the reorganization plan provides for the consolidation of
properties of the Boston & Providence and of the Providence Warren
Bristol with those of the New Haevn, and for the preservation of the
As approved,
the
obligations and claims will be distributed among them upon the basis of the
relationship between the amount of each claim to the total amount of all
RR.
Haven system
Preferred
Bonds
40.48%
Unsecured obligations and claims, as finally allowed by the Court,
including the principal debtor's 4% debentures due May 1, 1957, and Provi¬
dence Securities Co. 4% debentures due May 1, 1957, and claims arising
out of rejection of leases and guaranties, will be discharged in common
stock.
since 1891.
...
40%
54.65%
v
& Providence properties,
Remaining 58.46% of claim classed
...
to reorganization was improved, since it was
bargain with the three roads as separate properties,
respect
basis for the rejection of the lease in each instance was the
segregation study, the purpose of that study being to "divide
the income of the New Haven RR. among the various mortgaged and leased
lines in such a manner as to show the earnings of each, operated as a part
of the New Haven system."
As stated in the main opinion, the study indi¬
cated that each of the three roads was being operated at a large net income
50%
25%
v v
acquisition of Boston
unsecured,
with
the single system which they had constituted
so-called
40%
Bank of Manhattan Co._b
National Rockland Bank, Boston
Rhode Island Hospital Nat. Bank, Providence.c
as
The principal
Stock
20.24%
100%
62.79%
77.76%
70.59%
56.14%
79.05%
83.22%
First National Bank, Boston
Haven
enabled to deal and
100% of the remaining balances of the notes.
The following
banks, holding secured notes, will receive in exchange for the principal
thereof and accrued interest thereon new securities in the following ratios:
Fixed Int.
a
or
Reconstruction Finance Corporation will be exchangeable for new collateral
Bank—
Colony, whereupon the latter filed
trustees, acting for the latter, in 1937 rejected the lease of the Providence
Warren & Bristol, and in 1938 that of the Boston & Providence, and they,
trust notes for
Merchants National Bank, Boston.a
State Street Trust Co., Boston.
Haven rejected the
petition in bankruptcy
1936 the bankruptcy trustees for the New
and, although the interests of the two properties had, by the rejection of
the lease, become adverse in important respects, the trustees for the New
Haven were nevertheless made the trustees for the Old Colony.
These
Preferred
15%
40%
50%
25%
In
lease of the Old
■
&
system to that extent.
It leaves the Old Colony out of the plan, not be¬
cause of any certainty that it should be excluded from the system and left
to a dubious fate as an independent property, but because the evidence now
of record is not deemed sufficient to justify a positive finding that it should
be included.
The conclusion is that "we should refuse to approve at this
time the Old Colony's plan of reorganization or a plan of reorganization for
the Old Colony, or the acquisition of all or any part of its property by the
reorganized principal debtor."
The inference is that at some future timepossibly when the "proceedings and negotiation now being conducted by
the operating officials of the principal debtor and Massachusetts public
bodies relating to possible economies in the operations of the Old Colony,^
and the "pending reorganization proceeding of the Boston Terminal Co.
have been concluded—it may be a propitious occasion to pass upon these
matters.
In the meantime, the consolation is offered that "while the prin¬
cipal debtor now has no contractual obligation to operate the lines of the
Old Colony, its trustees, under the order of the Court pursuant to the pro¬
visions of Section 77 (c) (6), are under the duty to continue operation on or
for the account of the lessor until relieved therefrom by a proper order
under the provisions of Section 1 of the Interstate Commerce Act."
What
might happen if by any chance the New Haven should be reorganized and
the trustees discharged is not made clear, nor the circumstances under which
we could and should issue a "proper order" under Section 1.
,
One of the reasons given for refusing to include the Old Colony in the
reorganization plan is that upon this record the "acquisition by the prin¬
cipal debtor of the Old Colony's properties and the assumption of the direct
responsibility for their future operation would entail the assumption of an
extremely onerous financial burden," which would be "unfair to the creditors
of the principal debtor and contrary to the broad public interest, in that it
may impair the ability of the principal debtor to render efficient, economic
and safe service on the remainder of its system."
Yet it appears that the
principal debtor must continue such operation in any event for an indefniite
undisclosed way wring "onerous financial of the bankrupt can
Eeriod and this be subject to this compensation out burden," unless it Old
l
some
It is also the fact that the Old Colony itself is one of the "creditors
principal debtor" to whom it is necessary to be fair, and certainly the
the populous territory for whose service
by railroad the New Haven assumed responsibility in 1893 for a period of
Colony.
of the
"broad public interest" extends to
99years.
*
The other reason which is
given for excluding the Old Colony from the
plan is that if the record were to be reopened for the purpose of obtaining
any additional facts which may now be available with respect to its pros¬
pective earning power and value, it would result "in unduly delaying the
reorganization of the principal debtor, and would be (unfair to the principal
debtor's creditors."
I venture to doubt whether there would be any delay,
in view of the litigation now pending or in prospect, but in any event the
history of the "principal deotor" ana the obligations which it has assumed
in the past make it grotesque to deal with it'as an entity separate and apartfrom the Old Colony without a complete exploration of the facts with respect
to the latter; and again I suggest that the Old Colony is among the "prin¬
cipal debtor's creditors," by reason of the breach of a contract with an
unexpired term of 52 years.
Prior to its approval of a reorganization plan for the New Haven, the
a degree of control over this Old Colony problem which it
Commission has
will cease to have
once
a
plan is approved which excludes the Old Colony.
The Commercial & Financial Chronicle
2588
The New Haven
will then be in strategic command of the situation.
In
my Judgment, the equities and the broad public interest both demand im¬
peratively that the Commission retain this opportunity of control until the
facts have been fully explored.
The problem is one which can be worked
out with the cooperation of all concerned.
The public authorities of Massa¬
chusetts and the people in the, affected area must, and I believe do now.
realize that they cannot continue to be given passenger service wihich im¬
poses a heavy out-of-pocket loss on the remainder or the system, and that
these conditions must be dealt with realistically rather than politically.
On the other hand, the New Haven will suffer, more than can be demon¬
if the lines serving this populous and highly indus¬
divorced from
its system and allowed to shift for themselves; and in determining the weight
to be given the results of the admittedly imperfect segregation study, there
are factors to be considered which I believe have not yet been given ade¬
quate attention.
I would, therefore, defer approval at this time of any reorganization plan,
and reopen the proceedings for further hearing at a comparatively early
date for the purpose of incorporating in the record facts in regard to the
prospective earning power and value to the New Haven system of the Old
Colony properties which are not now of record but can then, I believe, be
strated mathematically,
trialized
which it has operated for the past 47 years are
area
.
,,
„
,
,
,,
made available.
Table of Exchange—New
for Old Securities
*Will Receive
Fixed Int.
New Coital-
Income
Preferred
Stock
Outstanding
eral Notes
Bonds
Bonds
Equipment trusts..„..a$12,872,000 Will remain undisturbed.
Existing Securities—
2,819,000
b220,682
Housatonlc BR. 5s
Interest
N.
...—.
$2,819,000
226,682
....
V. & N. E.-Boston
April 20, 1940
$209,840 of new income bonds, series A, and $209,840 of new preferred stock, series A
If the Boston & Providence properties are not so acquired, this bank should be con¬
the difference between the amount due on the
note and the net proceeds received by the sale of the collateral now held by it.
sidered as an unsecured creditor for
Boston & Providence
Railroad Corp.
reorganized company may acquire all of the properties, franchises
assets of the Boston & Providence RR. Corp. upon the following terms
The
and
and conditions:
(a) In consideration for the transfer and conveyance to the reorganized
of all assets and properties of the Boston & Providence, the
reorganized company shall issue and deliver $3,039,213 of its first & refund¬
ing bonds, series A, $1,467,520 of its income bonds, series A, and SI,467,520
of its preferred stock, series A, to the Boston & Providence trustees, and
the reorganized company shall also assume and pay (1) the reorganization
expenses of the Boston & Providence, as allowed by the court within the
maximum limits fixed by us, (2) current liabilities of the Boston & Provi¬
dence incurred in the ordinary conduct of its business prior to the institution
company
reorganization proceedings, which are entitled to priority over Boston
(3) current liabilities and obligations of the Boston
trustees incurred during its reorganization proceeding,
(4) any and all taxes due to the United States and the City of Boston from
the Boston & Providence or its trustees for any taxable period prior to the
date of confirmation of a plan of reorganization, without requiring proof
thereof in the reorganization proceeding and without prejudice by reason
of not having been proved in the Boston & Providence reorganization pro¬
ceeding, subject, however, to the statutes of limitations, if any, normally
applicable to the assessment and collection of such taxes, &c., and (5) the
reorganized company shall assume and discharge any and all other claims
against the Boston & Providence which, as of the date of this report and
order, have been allowed by the court.
(5) All claims against the Boston & Providence or its trustees held by
the principal debtor or its trustees, and all claims against the prinScipal
debtor or its trustees held by the Boston & Providence or its trustees shall
be released, discharged and canceled.
of its
& Providence debentures,
&
Providence
_
1,500,0001 Will be paid in cash.
Terminal lata
15,000/
Interest
282,0001 Will be paid in cash,
1,058/
Dutchess County lsts..
Interest......
-
N. Y. Prov. & BostonInterest
.
interest
..
Interest..
......—-
-
Harlem River & P. C.~
1st 4S..
15,000,000 Will remain undisturbed.
;■
.......
1,000,000
..,'1,000,000
350,000
Interest........—
70,000
Danbury & Norwalk-—
1st 4s
;
<
'
Interest
\
4,929 '
b24,646
......
--
140,000 /
9,858
140,000
-
9,859
Boston & N. Y. Air L.—
3,775,000
1,887,500
b066,917
333,459
3,922,000 Will remain undisturbed.
52,293 Will be paid in cash.
1st 4s......-i......
Interest..........
1,887,500
333,458
—
Prov, Term, Co, 1st 4s.
Interest....
2,400,000
b326,112
Central New Eng. 1st 4s
12,054,000
Interest
b931,728
1st & rel, bonds
138,819,250
Interest.
25,428,660
1,200,000
600,000
600,000
103,056
81,528
81,528
12,054,000
931,728
27,763,850 55,527,700 55,527,700
5,085,732 10,171,464 10,171,464
Interest-I....
......
......
...
1st & ret. 4s series E
3,600,000
c515,200
(held by Old Colony)
Interest.....
.....
720,000
1,440,000
103,040
206,080
8,452,500 10,003.646
15,302,6001
15-year secured 6s
1,440,000
206,080
......
3,213,540/
Interest
Collateral loans—
Railroad Credit Corp,
2,102,596
1,894
d6,804,098
6,804*098
d3,920,317
3,926,317
Interest.......--.
RFC
....
PWA
Interest-.
2,104,490
e456,810lo No
Merchants Nat, Bk_.
State Street Tr, Co..
175,0001
Interest....—....
4,750,0001
206,883
total in claims, interest and reduction of assets of $209,009,455
ahead of stockholders' rights, of which the net loss of assets amounted to
that there is
3,558,800
2,054,593
2,200,380
......
2,350,000!
Interest
595,367
3,532,760
1,416,558
1,340,130
1,026,855
by the preferred stockholders' protective committee, but he received rela¬
tively few votes.
The entire existing board of directors was reelected.
......
471,510
117,589
198,400
30,874
60,576
28,272
1306,985/
...
500.000
Interest.....
Interest.—.—...
135,274/
Nat, Rockland Bank.
100,0001
Interest..........
Interest..........
fn218,167[
J
Island
28,272
116,465/
1,000,000] Common stock allotment dependent
Bank of Manhat. Co.
Rhode
The trustees must pay a
200.0001
on amt.
of unsecured claims and obligations finally
500,0001
Interest....
49,600
.....
& Providence RR. Corp. and, the Circuit Court held, are responsible for
their share of the costs of maintenance of the Boston Terminal Co. properties.
99,200
n99,200
f 101,182/
Niagara Lockport & Ontario Power Co. (& Subs.)—
Unsecured Obligations, Guaranties and Claims
In connection with the
common
dependent
obligations finally allowed by the Court:
Unsecured Obligations—
are
on
the amount of unsecured claims and
Operating
...$10,993,745 $10,239,469 $11,082,545
5.562,143
4,780,706
4,681,321
$509,594
486,962
410,717
1,274,800
1,301,800
revenues
__
Operation expense
Maintenance
N. Y. N. H. & Hartford 4% debentures
Providence Securities Co. 4% debentures
$15,010,000
1,748,000
-
—
IQ'tT
loqs
-IQ9Q
Calendar Years—
following unsecured obligations and guarantees and claims,
stock allotments
total of $554,242 in taxes and bond interest in
connection with the properties of Boston Terminal Co. under a ruling by
the U. 8. Circuit Court of Appeals.
The decision reversed aU. 8. District
Court of Connecticut order instructing them not to pay.
The New Haven trustees operate the lines of Old Colony RR. and Boston
The New Haven trustees have 90 days in which to appeal to the U. 8.
Supreme Court.—V. 150, P. 2109.
allowed by Court.
Hosp.
National Bank....
director
Appeals Court Orders Trustees to Pay Boston Terminal—
f89,099/
Union Trust Co.....
valuable right
Terminal which
......
f749,318)
2,000,000:
Interest....
He expressed the view that the road had a
the New York & Harlem Railroad into Grand Central
ought to be recognized, but had not been by the ICC.
The name of Robert E. Smith of New York City was proposed as a
4,200,0001
Interest........;.
Nat, Shawmut Bank.
Second Nat. Bank...
a
$94,434,114.
over
f445,740J
First Nat,Bk.,Boston
for breaking of leases and interest which has
reorganization.
He explained
accrued since the date the road went into
f863,393|
Interest..
Irving Trust Co.....
holders meeting April 17 that the plan committee and the directors have
sought to retain an equity for the stockholders "and will continue to do so.
Final results, he said, will not be known until a plan has been approved
by the Court.
He pointed out further that Commissioner Miller, in concurring with
conclusions reached by the ICC, stated, however, his opinion that this
plan as well as other plans should provide for issuance of warrants to any
unsatisfied creditors and to all preferred and common stockholders "whose
equity we have found to be without value at the time of our,finding."
Mr. Palmer further pointed that Commissioner Eastman dissented in
part from the report, stating that he would defer his approval at this time
of any reorganization plan and suggest reopening the proceedings for the
purpose of incorporating in the record facts not now of record in regard to
prospective earning power of the Old Colony Railroad.
Chairman Edward G. Buckland stressed that the directors have been
doing all in their power to try to preserve some equity for New Haven
New Haven for guarantees,
131,883/
Chase Nat. Bank....
Pointing out that the plan of reorganization issued this week by Division
4 of the interstate Commerce Commission bars present stockholders from
Eresent stockholders, buttotal assets on the balancerights have been affected
y reduction in value of he pointed out that their
sheet claims against the
treatment provided at this time.
61,576/
...
Seek to Hold Stock Equity—President Palmer at Annual
Meeting Tells of Efforts to Save Shareholders' Interest in Road;—
participation. President Howard 8. Palmer declared at the annual stock¬
N, H, & Northampton-
Refunding/ 4s.___...
1st & ref. bonds in a principal amount
New Haven
of the debentures/plus accrued
cash in the sinking fund for the
......
Naugatuck RR. 1st 4s.
corporation's debentures would be allotted
equal to the principal
interest, after crediting to such interest the
retirements of the debentures.
Holders of the corporation's capital stock, exclusive of such stock in the
sinking fund, which would be canceled, would receive for the par value
thereof, 20% in New Haven 1st & ref. bonds, 40% in New Haven income
mortgage bonds and 40% in New Haven preferred stock.
Claims of the corporation or its trustees against the New Haven or its
trustees, and claims of the New Haven or its trustees against the corpora¬
tion or its trustees, would be mutually waived and canceled.
The holder or holders of the
1,000,000 Will remain undisturbed.
10,000 Will be paid in cash.
17,600,000
14,875,000
2,625,000
b2,166,829
1,841,805
325,024
2,500,000 Will remain undisturbed.
16,607 Will be paid in cash.
General 4s.
New England 4s~5s_.._
...
Depreciation.
provision
.....
1,241",800
Retirement
Taxes
1.283,073
1,153,026
1,124,725
$3,168,203
13,792
$2,692,610
20,802
$2,644,283
17,267
$3,181,995
1,179,646
222,315
Cr8,625
$2,713,412
1,190,517
260,101
Cr7,530
62,866
15,722
$2,661,549
1,192,069
310,297
a$l,191,737
$1,089,779
1.015,350
...
Guarantees and Claims—
N. Y. Westchester & Boston 1st 4Hs
:.L
Springfield Ry. Cos. pref. (par and premium)
New Eng. Inv. & Security Co. pref. (par and premium)...
Stafford Springs Street Ry. 1st 5s
a19,200,000
13,080,490
..I.
Boston & Providence RR. unsecured claim
Connecticut Ry.&Lighting Co. unsecured claim
Jean Annett, unsecured claim
Hartford & Connecticut Western RR., unsecured claim....
Providence Warren & Bristol RR., unsecured claim..
Includes
issued
as
$121,000 due Jan. 1, 1940 and excludes
HI"
........
new
on
funded debt
Interest
on
unfunded debt.
pledged property, est.
as of Dec.
adjudicated at $11,791,042 but by opinion of U. S. Supreme Court
9. 1939, this claim was remanded to U. S. District Court.
On Nov. 25, 1939
the Dtetrict Court issued a memorandum of decision
$47,180,963, after allowing for
an
Final order not yet entered.
indicating revision of this claim
adjustment account dated Jan. 13, 1940.
1 Claim adjudicated at $1,411,857, but
following opinion of U. S. Supreme Court
Jan. 3,1939, the District Court entered order
revising this claim to
$177,481.
J Court allowed claim against New Haven of $826,149, which included
$364,114
bond and note interest due New Haven.
on
As
public holds 11.4%
of outstanding
11.4% of $462,035.
®afed on t4£ publlc 8b?res at *5°
In the event the properties and assets of the
Boston & Providence RR. Corp.
by the reorganized company on the terms and conditions as con-
shall be acquired
temwated by the plan, the Merchants National Bank of Boston shall
receive for the
$456,810 balance of notes of the principal debtor and all unpaid Interest
thereon
(the total amount of unpaid Interest being considered to be $61,576 as of the
effective
date of the plan) approximately $104,920 of new first &
refunding bonds, series A
per
61,902
15,123
a$l,711,634
802,375
share
on
common
62,996
6,408
stock were $5.22 in 1939 and $3.64
1938.
Note—-The statement of consolidated income for the year ended Dec. 31,
1937 shown above has been restated for comparative purposes as
far as
practicable
Consolidated Balance Sheet Dec. 31
1939
1939
§
Liabilities—
S
y
AdvB. to affil.
1938
$
1938
§
Fixed capital.....52,172,237 52,065,129
Investments
1,172,945
1,129,003
Common stock. .20,593,000 20,593,000
Funded debt.—.23,590,500 23,594,500
cos.
265,000
265,000
Advances from af-
Sinking fund and
special deposits.
60,596
Accounts payable-
549,567
57,908
375,577
1,012,225
6,312
857,406
6,454
Cash
Accts. receivable.
_
Notes receivable..
Int. & divs. receiv.
Unamortized
y
—
3,695,000
410,237
Taxes accrued....
412,772
accrued..
346,183
319,415
347,188
credits..
20,920
4,213,443
4,286,334
Interest
Deferred
dep..
225
210,090
Res. for deprec...
7,878
Mis cell, reserves..
Earned surplus.
760,699
45,800
York
„
88,276
435,022
442,996
2,959,779
2,071,375
822,823
50,829
56,311,143 55,848,321
Represented by 327,500
New
3,007,800
650,331
81,392
cos
225
debt
discount & exp.
Other def. charges
Total
filiated
Consumers'
260,708
4,828
Mat'ls & supplies-
Prepayments
a share.
(Excludes holdings of New Haven,
Old Colony and Boston & Providence.)
'
1 Based on 29,338 shares held
by the public at $106.75 per share,
m Order dated Jan.
13, 1940.
n Allotments of common stock
dependent on amount of unsecured claims and
obligations finally allowed by court.
o
Earnings
a
31,1939.
g maximum amount.
h Claim
*
Netincome
Common dividends
in
of Feb. 1, 1940.
deposited cash estimated as of Dec. 31, 1939.
Interest from June 2, 1936 to Dec. 31, 1939.
d Estimated balance at Dec.
31, 1939. after application of increment of pledged
property at Dec. 31, 1939.
e No treatment can be
provided for this note at this time,
Stock, amount shown is based
Interest charged to construction..
Amort, of debt discount and expense.
Miscellaneous deductions
equipment trust to be
b Includes deduction for
f Includes deduction for increment of
income
Interest
400,000
h47,180J)63
m2,831,808
1 177,481
161,577
j 52,672
lc22,450
c
to
Gross
b3l8,569
Worcester & Connecticut Eastern Ry. 4Hs..
New England Steamship Co. unsecured note
Old Colony RR. unsecured claim...............
a
Operating income
Non-operating income (net)
38,850
400,000
no par
Westchester
Total
56,311,143 55,848,321
shares.-—V. 149, p. 3270.
&
Boston
Ry.—-City
Signs
Contract for Bronx Line—
^The agreemenFfor the* city's"purchase of the Bronx section of the defunet
New York, Westchester & Boston Ry. for $1,785,000 was signed April 17
Volume
in
The Commercial & Financial Chronicle
150
the office of
Joseph D.
McGoldrick, Controller, with the approval of
H. Delaney, Chairman of the Board of Trans¬
Mayor LaGuardia.
John
portation, signed for the city and James L.
Dohr, Federal receiver, acted
for the company, about
$400,000 of the purchase price will revert to the
city to cover outstanding taxes due.
Under the terms of the
agreement Air.
courts for an order
Dohr will apply to the Federal
confirming the sale.
The Board of Transportation will advertise soon contracts for rehabilita¬
tion of the abandoned
railway line.
A third-rail system will replace the
existing overhead wire system and a
use
1939
1938
1937
1936
$88,549,647 $72,898,946 $89,835,838 $89,903,067
1,903,724
1,942,334
2,274,594
2,220,260
Mail
1,321,994
1,245,285
1,334,320
1,306,575
Express.
303,758
405,942
458,834
429,632
All other transportation
324,564
359,117
352,720
341,787
Incid. & jt. fac. revs
574,704
448,053
662,142
606,025
Operation of the line, extending from Dyre Ave. to East 174th St., will be
a shuttle service at a five-cent
fare, but without physical connection
with any other rapid transit line, at least for the
present.—V. 150, p. 846.
as
New York
Shipbuilding Corp.—Quarterly Operations—
Quarterly. Statistics
Operations Jan. 1,1940, to MarchZl, 1940
Gross value of undelivered
contracts; at March 31, 1940
$145,635,555
Billings on account of undelivered contracts; to March 31,1940
35,488,476
Billings; for 3 months ending March 31, 1940
8,066,921
on
Number of employees; at March
31, 1940
New contracts; during 3 months
7,722
ending March 31,1940.
Navy;
Light
Cruisers
No.
55
"Cleveland"
Total
and
U.S.
No.
Operating Expenses—
Maint. of way & struc.
Maint. of equipment
9,266,189
17,436,573
1,712.475
Transportation
20,378,629
Miscell. operations
210,858
General
2,173,218
Transp. for invest.—Cr.
59,556
„
Total
35,980,000
None
_
1939
income.—$28,537,404 $19,307,193 $28.718,667 $30,981,546
Non-Oper. Income—
freight cars (net) $3,274,159
$2,571,797
$4,158,089
$3,718,986
H re of
Dec. 31
1938
833.27
834.97
232,871
2,795,708
221,441
2,841,931
342,037
6,130,699
342,011
6,402,022
per
3,474
3,532
7,357
each passenger
12.01
12':83
17.92
1.879
1.533
1.493
2 445 833
2,194,331
recept per
mile (cents)
7,667
<r'$*
2,406.051
2,160,657
341J43J20 304,657,853
milel337!700!387 295!42o!311
per mile of road,
each
419,965
367,123 7 "
410.124
364,873
hauled,
ton
138.07
Average receipts
134.63
142.00
141.00
1.304
1.404
1.340
__
Income
Account
1938
1937
1936
$4,146,660
$4,578,658
53,414
93,971
110,242
$4,126,7.54
95,557
112,836
88,342
Mail and express
All other transportation-
$4,871,214
948,893
650,591
283,190
1,699,992
302,667
$4,414,689
802,235
98,586
80,670
96,238
81,773
Total oper. revenue..
$4,626,867
Maint. of way & struc..
Maint. of equipment...
862,440
$4,378,085
811,072
626,068
286,593
1,589,032
279,052
631,120
296,616
1,601,886
268,376
Transportation
Miscellaneous
Total oper. expenses..
Net rev. from ry. oper.;
Tax accruals, &c
$3,660,438
601,116
267,861
1,631,288
270,387
Equip, rents (net)..
Joint facility rents (net).
389,489
208,338
17,669
$3,591,817
786,268
400,515
144,392
19,102
$3,885,334
985,880
a.340,752
244,422
21,924
23,293
Net ry. oper. income.
$350,933
$222,259
$378,782
$302,538
16,101
16,870
18,006
Miscellaneous
Int.
on
Int.
on
Other Income—
Miscell. rent income
130,064
26,695
$3,572,888
841,801
333,992
181,978
130,010
840
1,260
86
inc..
129,915
26,701
1,417
26,694
Oref. stock (4%)
dividends
_
Invest,
equipment.491,719,242 481,643,313
Sinking, funds.2,362,128
2,167,646
Misc. phys. prop
4,180,629
4,190,199
Inv. inaffil. cos. 11,637,720
14,900,672
Other investm'ts 12,013,727
10,611,847
Cash
21,828,092
17,716,760
Special deposits824,712
419,091
Loans & bills
bals.
ag'ts & cond'rs
Misc. accts. rec.
Mat'l supplies..
Int. & divs. rec.
65,000
338
3,869
5,021
795,330
799,170
6,136
792,833
111
115
1,597
19,873
20,598
29
$323,541
175,988
27,916
31,132
358,142
65,155
266,784
2,566,331
371,428
held in trust)
Int. mat'd unpd.
Divs.mat'd unpd
2,323,559
7,024,463
6,488,729
34,042
_
S
31,510,689 31,514,861
1939
Funded
122,532
726,791
262,890
130,956
755,726
1938
$
Unmatured divs.
declared
228,345
228,845
506,372
Other cur. liab.
145,134
Deferred liabil..
3,706.236
Unadjust. creds. 83,736,654
508,694
Unmatured
int.
accrued
65,835
4,208,217
3,777,463
2,758,239
2,169,461
47,234,000
reserve
Add'ns to prop,
through inc.&
surplusProfit and
Grants
in
aid
of
45,853
Traffic, &c., bals.
116,828
210,015
226,606
Vouchers & wages.
177,469
179,936
174,737
84,744
Total
Miscell.
Interest
21,040
11,719
11,715
Accrued
Hearing in the matter
147,905
22,754
14,782
35,027
94,375
103,532
47,960
41,019
1,484
1.483
462,721
matured,
unpaid
564,039,309 552,100,50
on
Integration—
file an answer
18 to May 18.
tentatively set for June 7.—V. 150, p. 2433.
North American Rayon
12 Weeks Ended—
Corp.—Earnings—
Mar. 23/40 Mar. 25/39
$530,287
$324,458
Mar. 26/38 Mar. 31/37
loss$14,856
$804,391
After charges and provisions for Federal income
surtax on undistributed profits.—V. 150, p. 2111.
x
Tax
payable
was
Net income
North
rents, &c
Deferred accounts
car serv.
Total
-564,039,309 552,100,505
North American Co.— SEC Extends Time
accounts
Special deposits...
1,114,642
44,870,508
The Securities and Exchange Commission on April 17 granted the request
137,608
3,722,093
44,879,210
159,616,922 151,694,535
—V. 150, p. 2110.
x
construction
...
loss
balance
16,000,000 16,000,000
.15,967,000 16,063,000
debt
148,122
3,657,410
82,171,313
$
Liabilities—
Capital stock
89,409
of the company for extension of the time in which it may
in the Commission's "death sentence" proceeding from April
jvi/v
1938
leased
Central Texas Oil
Arthur R.
taxes,
exclusive of
Co.—New President,
&c.—
Carmody has been elected President of this company.
Mr.
was formerly Vice-President, succeeds the late William D.
Carmody, who
5,790,650
5,020,200
332,626
308,891
63,747
29,549
interest,
liability
81,448
52,678
Accrued deprec
1,598,222
.1,204,450
Unadjust. credits.
61,009
58,442
Surplus.
def1,457,291 def331,953
420,367
.
Bloodgood.
Edwin L. Norton, Treasurer, and Francis B. Thorne were elected Vice-
Presidents.—V.
149, p. 3565.
Northern Indiana Public Service
Period End. Mar. 31—
Co.—Earnings—
1940—3 Mos.—1939
Operating revenues
$5,034,715
Operating exp & taxes—
3,740,536
1940—12 Mos.—1939
■
$4,525,157 $19,00^,016 $17,427,494
3,271,745
14,006,230
12.836,759
719
Work, fund advs.
Deferred assets...
4,449
~4~399
79,247
608,211
debits
593,202
Utility operating inc..
Other income (net)
148,643
Gross income
Total
3,105,370
350,207
through inc. &
surplus.
47,234,000
$391,645
262,971
1,036,993
20,822
Unadjusted
104,418
4,626,960
388,426
Fund, debt ret'r
19,873
65
$489,408
239
s
assets.
107,710
payable
wages
Misc. accts. pay.
Relief fund (cash
6,136
780,926
3,011
19,873
108,592
52,030,532
bals, payable.
Audited accts. &
3,041
613
Time drafts & deps
curr.
265,324
51,794,932
car serv.
3,178,660
65,000
228
...
mtgd. prop, sold
154,665
Inv.inaffii.cos.__ 3,749,424
Other
Long-term debt.
Sink. fd.
1936; this law, amended, effective Jan. 1, 1937.
&c
Govt, grants-—
Traf. &
272
1,446,186
cur. assets
$
22,884,500
3,743,796
rec.
_
?
22,834,500
Common stock. 140,648,300 140,648,300
car serv.
receiv.
1938
Liabilities—
Preferred stock.
Deferred assets.
65,000
919,692
18,284,279
'1939
1938
road
483,944
1939
Materials,
$8,375,861 $13,705,554
1,406.483
1,406.483
$21.96
$29.85
$181,406
$353,263
rec.
in
Unadjust. debtis
Balance Sheet Dec. 31
Int. and divs.
$5,032,357
1.406.482
$13.57
&
Includes credit of $64,945
covering accruals account Railroad Retire¬
Misc. accts. receiv.
Bal. from agents..
$2,492,004
....
_
Sinking funds
$2,472,025
919,692
22,503,728
$
2,092
161
Net loss for year
balance receiv..
84,993
—
2,5012,145,767
2,512
256,228
-
916,500
14,064,830
1939
3,382
1,437
78
563,026
unfunded debt—
Amortization of discount
on funded debt.
Miscell. income charges.
Traffic &
$2,750,871
26,989
-
Balance Sheet Dec. 31
■
Assets—
840
£_
$184,244
on
Other investments
Cash
578,862
f- 240
2,592
2,145,801
14,124
309,268
2,142,256
$7,990,273
1,406.483
$20.68
Com. shs. out.(par$100)
Earns. per sh. on com.
Other
65,000
Miscell. tax accruals
Interest on funded debt.
on
240
2,522
- --
913,720
21,097,245
Common
4,215
$177,740
399,999
rents....
property
Misc. phys. prop..
Deposit in lieu of
6.282
Net income
$30,001,238 $20,013,686 $31,799,281 $32,909,525
Dividends on adjustment
•
3,454
$180,387
531,320
Deducts, from Income—
Rents for leased roads..
Impts.
2,336
$2,794,328
23,381
69,889
4,331 956
5,315
Gross income
Road «fc equip
240
2,353
2,194
Miscellaneous income
Assets—•
76,766
11,261
Net bal. rec.from
130,079
26,612
Income from sinking and
other reserve funds
a
68,035
95,017
9,934
2,136,840
5,383
649,527
Total
Traf. &
securities & accounts.
ment Act in
75,028
10,578
rents.-
funded debt
unfunded debt..
Misc. income charges—-
17,064
966,429
Miscell. non-oper. physi¬
cal property
Dividend income..
Inc. from funded securs.
Income from unfunded
Int.
82,034
$32,795,565 $22,764,558 $34,271,307 $35,401,529
Balance, surplus.
Traffic
Miscellaneous
89,387
138,374
12,105
79,542
•
non-oper.
$3,523,878
income—
Gross income
Rent for leased roads
Years Ended Dec. 31
All Lines (Incl.Elec.)—
1939
Freight revenue
$4,403,240
Passenger revenue
44,371
Total
$3,996,614
&c., reserve funds
from unfunded
securities & accounts.
1.355
per ton
per mile (cents)
$2,415,095
„
of tons car'dl
No. of tons carried 1 mile
miles
$3,121,813
Miscellaneous
Freight Traffic—
No. of tons carried
Average
059,216
Dr254,324
Income
pass.
No!
Dr6,980
Drl54,495
04,006
Net. ry. oper. income_$31, 659,216
$21,722,288 $32,715,282 $34,505,424
Income from lease of road
2,057
2,208
3,491
3,604
Miscell. rent income
89,040
95,330
55,328
76,425
Misc. non-op. phys. prop
62,404
55,533
72,346
78,843
Dividend income
36,493
35,921
335,879
35,824
Inc. from funded secur.
706,487
749.401
908,999
550,324
Income from sink, fund,
18.72
1.587
mile of road__
Average
miles
carried,
Drl60,707
1936
•
804.69
No. pass, carried 1 mileNo. pass. carried 1 mile
031,900
Drl84,247
Total
1937
804.69
per
-.$51,118,388 $46,370,719 $53,107,322 $50,147,899
Net
Hire of other equip, (net)
Average miles operated.
Passenger Traffic—
No. pf passengers carried
218,303
2,399,087
28,866
revenue from oper$41,996,740 $30,792,223 $41,754,181 $44,716,395
Tax accruals.
13,459,336
11,485,030
13,035,513
13,734,849
m
Joint facil. rents (net)..
Report-
Traffic Statistics Years Ended
11,160,263
15.056,035
1,515,288
20,074,242
186,706
2,578,156
422,792
9.850,867
17,450,617
1,632,689
21,584,624
15,128,096
1,666,576
19,220,704
200,056
2,123,587
46,588
Total oper.
"Columbia"
Contracts delivered; during 3 months
ending March 31, 1940--
Norfolk Southern RR.—Annual
8.078,287
.
Traffic
56
—V. 150, p. 2263.
Avge.
$93,115,128 $77,162,942 $94,861,503 $94,864,293
The line will be in
Subway System sometime in
for Calendar Years
Operating Revenues—
Freight
Passenger
signal system conforming to that in
the city's rapid transit lines will be
installed.
as another unit of the
Independent
on
operation
2589
Income Statement
39,136,245 38,943,391
Total
39,136,245 38,943,391
Income deductions.
.—
_
$1,294,179
9,087
$1,253,411
10,069
$4,994,796
107,178
$4,590,735
46,995
$1,303,266
551,004
$1,263,480
676,091
$5,101,974
2,571,063
$4,637,730
2,696,391
$752,262
$587,390
$2,530,911
$1,941,339
-V. 150, p. 2433.
Net income
Norfolk & Western
Ry.—Annual Report—
-V. 150, p. 2264.
Northern Natural Gas Co.—Dillon, Read & Co. Waives
Reserves Right to Collect if "Arms-Length" Bar¬
Operating Statistics for Calendar Years
1939
Aver, mileage operated-
2,190
Revenue tons carried
47.841,955
Rev. 1 mile (000 omit).
13,400,567
Rev. 1 mile per m. of rd.
6,117,081
Av. per rev. ton per mile
0.661 cts.
Av. rev. per mile of road $40,421.08
No.
rev. pass,
No.
rev.
Av.
rev. per pass.
carried
pass, car'd 1 ra.
mile..
1,047,732
83,096,181
1938
1937
1936
2,197
2,202
2,175
39,736.795
10,940,838
4,978,132
51,304,416
14,211,600
49.193,930
13,511,975
6.210,803
6,453,043
0.666 cts.
0.632 cts.
$33,169.36
$40,791.64
1,238.648
1,574,856
85.838,986 108,746,366
0.656 cts.
The SEC had called upon Dillon Read & Co. and Northern Natural Gas
1,693,434
Co. to show that there had been "arms length bargaining" between them in
arranging for the fee.
Dillon, Read & Co. in a letter addressed to the SEC
108,607,896
2.291 cts.
2.263 cts.
2.092 cts.
2.044 cts.
$1,654.26
$14,010.60
$1,903.03
$18,959.27
$1,923.68
$20,553.97
gaining Rule Is Repealed—
Dillon, Read & Co. has informed the Securities and Exchange Commission
that it will waive, subject to certain conditions, the $80,000 fee which it was
to receive in connection with the private sale of securities by the company
$41,324.10
1,728.47
road$19,170.64
Av. pass. rev. per m. rd.
Net op. rev. per m.
Fee—Firm
utility division declared that
be
a
hearing
on
this question at this time "would
Dillon Read & Co, suggested
feMhto
a great hardship on the firm.
Therefore,
that ft would waive its right to the $80,000.
_
The Commercial & Financial Chronicle
2590
be subject to the right of the firm
SEC's arms length bargaining rule
is ever held to be invalid or is repealed retroactively.
Dillon Read & Co,
also said that its waiver was not to be taken as admission of SEC charges
or as a finding by the SEC that the charges are true.
By reserving the right to reassert its claim if the SEC rule is held illegal,
Dillon. Read & Co, has arranged to protect itself in the event that Morgan
Stanley & Co., Inc., should succeed in invalidating the SEC rule In its
current fight on the Dayton Power & Light Co's recent financing.
This waiver, the company said, would
to reassert its claim for the $80,000 if the
.
had been read into the record at an SEC
After the Dillon Read letter
hearing yesterday the hearing was continued subject to call.
The financing
for which Dillon Read was to receive the fee took place last August. Northern
Natural Gas Co. sold privately $16,000,000 of 3H% first mortgage bonds
and $6,000,000 of 2K% unsecured notes.
The following statement was issued by
Gas
—
■
.
$4,857,062
150, p. 1002.
(Del.)-— Weekly Output—
Overseas Securities Co.,
President,
company:
3 Mos. End. Mar. 31—
Subs.)—Earnings-—
1940
Net earns, after all taxes
Earns, per sh. on com
—V. 150, p. 2433.
1939
1938
$156,378
$154,598
$128>859
$0.74
$0.81
1937
$146,089
$0.76
$0.65
Oklahoma Natural Gas Co .—Earnings—
12 Months Ended March 31—
Operating
..
Gross income after retirement accruals
a Net income to
surplus
b Earnings per common share.
-
.
_
_
.
1939
$9,092,343
3,460,447
$8,172,761
3,042,921
1,569,218
$2.11
2,307,115
.
$3.29
_—
1939
Without deduction for surtax of $85,000 on undistributed profits for
fiscal year ended Nov. 30,1938, charged to surplus,
b Shares outstanding:
1940, 550,000; 1939, 549,986.—V. 150, p. 2111.
1938
1937
$12,153
2,390
$12,902
1,544
$11,849
1,099
85
$14,542
5,467
11,413
$14,456
4,190
11.581
$13,033
4,550
13,013
$4,530
Miscellaneous
Total..
$17,894
5,453
—
—
debentures--
11,118
Net loss from opers. .
Net loss from sales of
securities
.«—....
prof$1,323
$2,337
$1,316
42,571
20,441
18,555 prof233.655
Net loss for the period
Distrlb. paid to sharehTd
$41,248
$22,778
$19,871 prf$229,125
44,152
$41,248
$22,778
$19,871
on
Balance net loss—..
_
prf$184,974
Notes—During the period, as shown in the statement of profit and loss
occurred a net unrealized appreciation of $17,999 on securi¬
ties owned, based on market quotations at Dec. 31, 1939 and March 31,
1940.
J.-.
Profits and losses from sales.of securities have been computed uniformly
by ihe company since its inception on a firet-in-first-out cost basis.
No charge has been made against income on account of amortization of
debt discount and expense, the entire amount of which was written off
against paid-in surplus when the company's debentures were issued.
If
this right-off had not been made, the proper proportion of the debt discount
and expense chargeable as amortization against income for the period would
be $1,567.
Balance Sheet March 31
account, there
1940
1939
$18,130
Assets—
$24,063
Liabilities—
for
1939
$47,460
240,000
20,336
8,104
888,000
725,434
$13,211
210,000
26,127
913,000
750,000
Paid-in surplus... 2,149,687
Due
1940
2,149,687
Profit & loss deficit
zCash.....
2,216,455
Due
sold
sec.
18,020
11,346
1,797,740
1,063
int.
&
securities
but
received..
19,837
8,789
Invest, securities. 2,140,964
Prepaid expenses.
899
but not delivered
Acer.
for
bought
not
Coll. loan payable
divs.
receivable.
Sundry accts.
Acer. int.
on
pay.
debs.
5% gold debent'es
y Capital stock...
$2,186,802 $1,854,048
1,892,220
8,479
Total---..— .$2,186,802 $1,854,048
y Represented
by 141,151 (147,172 in 1939) no-par shares after de¬
ducting 8,489 (2,828 in 1939) shares in treasury,
z Includes
$14,075
($13,925 in 1939) on deposit for matured bond interest.—V. 150, p. 698.
Owens-Illinois Glass Co. (&
Subs.)—Earnings—
Years Ended March 31—
1940
Net sales, royalties and other operating revenues. .$84,253,596
x Cost of sales, royalties paid, patent, development
and other operating expenses
1939
$75,953,735
64,484,824
60,355,570
Manufacturing profit and net oper. revenues.. $19,768,772 $15,598,165
Selling, general and administrative expenses
7,574,786
6,982,626
Interest on debentures
514,889
384,889
Other interest
8,830
12,458
Provision for management bonus....
188,750
Discounts on sales
745,179
641",600
Provision for bad debts.........
86,085
198,322
Sundry expenses and losses....
338,718
165,072
......
...
1940
revenues,
Inc.—Earnings-
_
$13,488
Interest..4,406
registrar in New York of the common stock'.—V. 150, p. 2433.
Ohio Finance Co. (&
$2,349,126
10
1940
3 Mos. Mar. 31—
Inc. from opers.—Divs.
Total.....
have been chosen officers of this
261,672
70,983
39,511
94,036
Net income.....
Officers—Registrar—
B. H. Brewster; Vice-President and Treasurer, Trevor Farrar, and Secre¬
tary and Asst. Treasurer, H. L. Fogg.
The Chase National Bank of the City of New York has been appointed
31,315
.......... —...
-V. 150, P. 1289.
Interest
Holders of Ogden Corp. (Successor to Utilities Power k. Light Corp.)
5-year sink, fund 4M% debentures are being notified that the company will
redeem and pay on May 18, 1940 all of the 5-year sink, fund 414% deben¬
tures issued or issuable pursuant to the provisions of the plan of reorganiza¬
tion of Utilities Power & Light Corp. dated Feb. 1,1939, as amended. Such
redemption will be made at the principal amount of debentures, together
with accrued interest to May 18, 1940.
Holders of debentures should present and surrender the same for redemp¬
tion and payment on or after May 18, 1940 at the office of American
National Bank & Trust Co., Chicago, 33 North LaSalle St., Chicago, 111.,
or at the office of Manufacturers Trust Co., 55 Broad St., New York, N. Y.
After May 18, 1940 debentures shall cease to bear interest.
If one is the holder of 30-year 5% gold debentures dr 5)4 % 20-year gold
debentures of Utilities Power & Light Corp. or of 6% 20-year 1st mtge.
sink, fund gold bonds of Utilities Mkhorn Coal Co. and has not yet sur¬
rendered the same in exchange for the debentures and other securities of
Ogden Corp. to which he is entitled pursuant to the terms of the plan of
reorganization, he should surrender the same to one of the following ex¬
change agents:
American National Bank & Trust Co. of Chicago, 33 North LaSalle St.,
Chicago, 111.; New York Trust Co., 100 Broadway, New fork, N. Y., or
First National Bank of Jersey City, 1 Exchange Place, Jersey City, N. J.
Until holder has done so, he cannot obtain the redemption price of the
debentures of Ogden Corp. to which he is entitled, and, in the meantime,
no interest will be payable on such redemption price.
Company is also notifying holders of debentures that it has irrevocably
authorized American National Bank & Trust Co. of Chicago, as trustee, to
pay or cause to be paid to the holders of the 5-year sink, fund 4 H % deben¬
tures upon presentation and surrender of said debentures at the office of
American National Bank & Trust Co., 33 North LaSalle St., Chicago, 111.,
or at the office of Manufacturers Trust Co., 55 Broad St., New York, N.Y.
on or after April 18, 1940, the principal amount thereof, with accrued inerest on said principal amount to May 18. 1940.
$4,394,643
1,673,352
$2,820,507
Miscellaneous deductions...
Expenses....
The following
$4,868,181
1,654,500
267,823
Amortization of debt discount and expense
Other interest (net)
—.....
Electric output of the Northern States Power Co. system for the week
ended April 13, 1940, totaled 28,446,375 kilowatt-hours, an increase of
9.1% compared with the corresponding week last year.—V. 150, p. 2433
Ogden Corp.—Debenture Called—
$4,371,856
22,787
11,119
.
the commission that there was any absence
this transaction, Dillon, Read & Co, has
Northern States Power Co.
.
Other income.
payment of the fee from Northern Natural
Co., but to abide by the determination of the validity, or the modifica-
ion of the rule."—V.
^Earnings—
Oklahoma Gas & Electric Co
1939
Years Ended Jan. 31—
1940
Operating revenues
—...........
—..$13,705,506 $13,261,637
4,795,196
Operation
,—
4,637,300
869,154
Maintenance and repairs—.—
......
750,251
1,300,000
Appropriation for retirement reserve
„
4,_
1,400,000
19,197
Amortization of limited-term electric investments.
20,566
Taxes
1,492,860
1,440,817
465,417
Provision for Federal and State income taxes.
547.466
Dillon, Read & Co. with reference
Northern Natural Gas Co. financing:
"The SEC has stated that it is reconsidering the whole question of
affiliations and arms' length bargaining involved in Rule U-12F-2.
More¬
over, questions have been raised as to the validity of the rule in its present
form.
In view of these facts, and without any concession by Dillon, Read
to
Sc Co. or any determination by
of arms' length bargaining in
determined not to press for the
April 20, 1940
.....
...
_
a
Omnibus
Corp.—Earnings—
*>
Calendar Years—
Dividends from subsidiaries:
1939
Chicago Motor Coach Co
1938
1937
$625,000
$719,625
442,454
970,368
9,000
553,067
1,069,537
Gray
Line
Sight-Seeing
Chicago
.
_
Co.
.
of
.
Total dividends received.
Net excess of dividends received
$2,047,822
..
..
$7,083,198
350,114
462,893
....
36,603
54,116
Total income..
......$10,941,032
Provision for Federal income & cap. stock taxes..
2,056,965
$7,487,428
1,538,867
Net profit for period.$8,884,066
Number of shares outstanding at end of period
2,661.204
$5,948,561
2,661,204
—
Total income
i.L
........
General expenses and misceil. taxes..
Pro v. for Fed. income taxes........
Interest
Drl79,797
.
long-term
on
$2,132,447
$2,366,105
Dr202,855
a
$1,868,025
73,211
48,316
$1,929,940
46,663
72,245
$1,948,452
49,251
43,577
174,179
187,846
200,814
to
subs—
$1,654,809
a568,729
1,123,889
811,698
Including $54,600 in 1938 and $72,800 in 1937 paid to Chicago Motor
Co.
b Earnings per share on common stock
after total preferred
a
V'Oach
was
share.
$3.34
_
$2.24
Including depreciation of manufacturing plants and amortization of
equipment, $3,456,467 in 1940 and $3,374,534 in 1939.—V. 150,
1289.
p.
Pacific Finance Corp. of Calif.
(& Subs.)—Earnings-—
Earnings for 3 Months Ended March 31, 1940
Income—Interest and discount and other operating income
Dividends from other investments.
$937,775
1,073
.
Net income.
b$l,572.318 b$1.623,186
Div, paid on pref. stock, $8 per share
495,930
a550,530
Div. paid on common stock...
749,260
dividend
per
x
Dr427,125
9,471
348
..
payable
Fifth Avenue Coach Co.,
Earnings
leased
over
equity in net income of subs, for
year (credited direct to surplus)...
Interest..
_
..$10,441,536
Other income
;.v—;
Cash proceeds received in year from sale of patent
rights and licenses.....
$734,500
10,000
Fifth Avenue Coach Co
—442,454
New York City Omnibus Corp
970,368
Profit......
Total
Federal income taxes
648.748
45,800
.......
Net income
Earned surplus Jan. 1, 1940
$244,300
1,654,433
....
Gross earned surplus
Dividends
on
Dividends
$1.72 in 1939 and 1938.
$938,848
......
Expenses and other charges........
on common
i.-
preferred stock
_i.
stock
u
$1,898,733
72,508
128,219
...
....
....
Balance Sheet Dec. 31
1939
Assets—
$
Cash
....
Acc'ts receivable
In v. in stk. of subs.:
a
Chicago
Fifth
6,922
1938
$
202,307
15,011
Motor
Coach Co
j
250,050
2,750,000
2,750,000
8,371,563
Gray Line SightSeeing Co
New York
S
15,646
123,983
48.806
8,109
123,982
73,753
0
o
^
1
Liabilities—
14,623
Repossessed
_
mobiles
alizable
a
cum. pref. stk.
($100 par)..
6,199,144
Common stock. 3,746,297
Capital surplus...
177,553
Earned surplus... 2,902,101
value).
.
60,856
29,930
Furniture, fixtures
and equipment-
2
2
Deferred charges..
152,060
96,468
255,255
239,403
1,178,621
2,816,201
1,117,751
2,741,58$
Pref stk. ($10 par):
Ser, A, 8% cum.
C, 6H% cum..
session loss
ad vs. to wholly-
600,000
Total...
Note—The above balance sheet does not reflect Omnibus Corn's eauitv
of $2,047,859 at Dec. 31, 1939, in the undistributed
surplus of
since dates of acquisition.—V. 149,
p. 3567.
&
6,199,120
3,516,294
407,556
2,395,176
..18,638,884 18,599,230
Total.
.-.-18,638,884 18,599,230
a Less reserve of $15,441.
c Not being amortized,
d Represented bv
624,383 $6 par shares in 1939 and 624,383 no par shares in 1938
earned
income
cap. stock taxes.
Customers' equities
in loans <fc repos¬
investment in and
owned subs....
Reserves
res..
....
998,350
929,070
5% series cum.
(par $100)... 2,995,500
Com. stk.($10 par) 4,273,950
Paid-in surplus
Total
-.42,347,628 35,245,538
1,976,374
Earned surplus
sublid?ariS
$
unsec.24,425,000 17,650,000
Accounts payable.
624,743
690,062
Divs. payable
176,557
48,342
5,849,022
8%
96,749
auto¬
(est. re¬
$
Notes pay.,
Federal
13,499
5,399,613
Afar.31 '40 Dec. 31 '39
Afar.31'40 Dec. 31'39
A
term pay. to sub
to Fifth Avenue
$0.40
Comparative Consolidated Balance Sheet
11,594
Coach Co......
96,749
$1,698,006
share on 427,395 shares common stock
12,242
5,000
7,158,599
per
Federal taxes...
Acer. Int. on long-
City
Omnibus Corp 7,158,599
Earned surplus March 31, 1940
Earnings
Cash.
Long-term payable
5,000
cOrganiz. expense
1938
$
5,650,546
4,408,096
Loans and dlsc'ts.36,319,378 30,050,230
Acc'ts receivable.
164,785
60,812
8,371,563
Avenue
Coach Co
1939
Liabilities—
Accounts payable.
Dlvs. payable....
Acer. Fed. inc. tax
Acer. State & misc.
1,698,006
Total
998,350
929,3702,995,500
4,273,950
1,906,790
1,654,433
_.....42,347,628 35,245,538
Volume
ISO
The Commercial & Financial Chronicle
Arranges Term Loan of $8,000,000—
Placing
portion of its current normal
borrowings on a term basis,
corporation has announced that it
has arranged a term loan of $8,000,000
The Department of Justice and the
Securities and Exchange Commission
April 11 reported that the Federal Grand
Jury at Philadelphia in the U. S.
District Court for the Eastern District of
Pennsylvania returned an in¬
dictment charging 11 individuals and two
corporations with violations of
for
approximately a 5-year period at 1 %
% from a group of Eastern banks.
These banks include
Bankers Trust Co., New
York; First National Bank of
Chicago; Manufacturers
Trust Co., New York; Chase National Bank, New
York; Central Hanover Bank & Trust
Co., New York; New York Trust Co.,
New \ork; and Northern
Trust
the fraud and
registration provisions
Fraud and
vania Finance Co.. Inc.
The corporations indicated
Pacific
1%
royalty
gross
on
value than the preferred and
common stock of the
Pennsylvania Finance
Co., Inc.; that the dividends paid and to be
paid to the investors had been
and would be derived from
revenue of the company and current
earnings
of the automobile
finance business of the company; that the
royalty
gross
on
business was under the supervision of the
Banking
Department of the Commonwealth of
Pennsylvania; that dividends had
been paid by
Pennsylvania Finance Co., Inc. for many years; and that the
each
dividend
paid by the company at the end of
Apiil, 1937, was its 44th
consecutive dividend.
The indictment charged that at the time of
making
these representations the defendants
knew that each of them was false.
—V. 145, p. 1596.
Dated March 1, 1940; due March
1, 1945. Trustee for debentures, York¬
& Canadian
Trust, Ltd., Vancouver, B. C.
Trustee for royalties,
Toole, Peet Trust Co., Calgary, Alta.
shire
Principal and interest (M-S) payable at holder's option in lawful
money of
Canada at any branch of the
company's bankers in Vancouver, Victoria,
Coupon in denoms. of $1,000 and $500. Red. in
or in part on
any int. date at option of company at any time prior to
maturity on 60 days' notice at 101.50 if red. on or before March 1, 1942; at
100.50 if red. thereafter and on or before
March 1, 1944: at 100 thereafter
prior to maturity, in each case with accrued int.
In any event the trustee
must purchase either in
the open market or failing this call
by lot yearly
these debentures at the then
prevailing call price.
Peoria
Calgary, and Edmonton.
-
;
of the sinking fund,
shares
of common stock for each
warrant held.
A warrant is given to
employee for each year of service, and also carries with it $100 in life
insurance free of cost.
v
every
I*Since inauguration of the plan, more than
$132,000 has been distributed
to workers, while
$250,000 in life insurance is now in force.—V. 149, p. 403.
Transport Co.—New Loan
26, 1940, the company amended a new instrument dated
Feb. 16, 1940, under which it has
contracted with the Chase National Bank
for a loan of $4,500,000 to be
applied to the purchase of a note of like
amount
bearing 3%% annual interest from Equitable Life Assurance
Society, according to information filed with the Securities and
Exchange
The Chase note will bear interest at
the rate of 2.8% per annum and
will be payable in instalments of
$250,000 each on Oct. 1, 1943 to 1945.
incl., and of $750,000 each on Oct. 1 of the five
succeeding years.
As of
March 31, 1940, the
company also owed $2,000,000 to the Chase on a
first preferred mortgage note
bearing interest at rates from 2% to 3%
and due $.500,000 on each Oct.
1, 1940 to 1943, incl.—V.
Panhandle
Producing
&
Refining
Philadelphia
Equipment—
1944.
Co.—Meeting
new
1940
1939
1938
x
Before
1939)
of the corporation in connection with an
adjudication that the affairs of
the corporation should be wound
up and its assets distributed to the holders
of its preferred stock after
payment of all debts.
The receivers are directed in the order to file with the
Court within
reserves
for
y$251,993
Federal taxes,
y
$117,184
Equal to 75 cents
$329,850
(58 cents in
150, p. 1291.
Consolidated
Common Dividend—
Mines
Co.—To
Pay
Special
•
April 15 declared a special dividend of 10 cents
per share on
the common stock,
payable June 7 to holders of record May 17.
This will
be the first dividend paid since Dec.
20, 1937, when 15 cents per share was
distributed.—V. 150, p. 1944.
Penick & Ford, Ltd. (&
from operations
1939
1938
Porto Rican American Tobacco
Co.—Hearing on Plan—•
hearing on the trustee's amended plan of reorganization will be held
April 22 before Federal Judge Henry W. Goddard.
The court, at that
time, will consider further amendments or plans which may be submitted
by the debtor or any of its stockholders or creditors.
The trustee's plan
provides for the sale of Congress Cigar Co., Inc., to Consolidated Cigar Co.
for $4,000,000.
Porto Rican owns a majority of the outstanding stock of
Congress.—V. 150, p. 2435.
Potomac Electric Power
$1,273,981
$815,943
594,500
639,967
679,553
569,491
$446,323
21,295
$430,731
27,313
$594,428
$246,452
$467,618
119,469
$458,044
110,938
70,198
64,013
gen.,
and adminis. expenses
Total income
_
Depreciation.
Provision for Federa 1 inc.
and capital stock taxes
Co.—Earnings—
12 Months Ended March 31—
Total operating revenue.
1940
Operating expenses
...
Taxes
1937
$1,070,698
Selling advertising,
Profit
by the death of John F. Miller.
Maintenance
Sub.)—Earnings—
1940
$1,010,823
Miscell. income—net...
At the recent annual meeting of stockholders J. S.
Raymond was elected
the board, filling a vacancy created
on
on
3 Mos. End. Mar. 31—
Gross profit and income
plan of distribution.—V. 150, p. 1452.
A
Utah
Directors
a
Pittsburgh Screw & Bolt Corp.—New Director—
1937
.
y$322,737
on common stock.—V.
Park
Corp.—Receivership—
—V. 150, p. 1610.
other charges and Fed¬
_______
4,802
4,720
$599,231
140,212
$251,172
136,176
90,129
...—
Net operating revenue..
Non-operating revenue.
$4,870,078
on
6,869
$4,874,911
698,299
Cr13,325
50,605
funded debt
Amortization of premium on debt
Other interest charges
Interest
—V.
150,
p.
$277,951
$283,092
$368,891
$90,460
369,000
$0.75
369,000
369,000
$4,788,707
650,000
Cr 11,090
51,524
during construction charged to property
and plant
Cr69,537
Cr50,356
$4,208,870
$1.00
$0.24
Net income
$4,148,629
—V. 150, p. 1784.
370,000
$0.77
1450.
Pennsylvania Dixie Cement Corp. (&
Subs.)—Earnings
12 Mos. Ended March 31—
1940
Sales, less cash discounts and allowances
$6,180,932
Cost of sales, ordinary
taxes, oper. expenses, &c_.
4,949,104
a Provision
for depletion and
depreciation
472,108
...
Ptofit from operations
Add—Other income
Total income...
Interest on funded debt
Profit before provision for Federal income taxes
$759,720
1939
$6,056,458
4,942,919
506,805
26,866
$606,734
31,155
$786,586
386,698
$637,889
432,690
$399,888
$205,199
Total depletion and
depreciation charges, for the 12 months ended
March 31, 1940, amounted to
$1,213,389 ($1,285,912 in 1939) of which
$472,108 ($506,805 in 1939) (the basis used for present Federal income tax
purposes) was charged to operations.
The balance $741,281 ($779,107
n 1939) was charged to
special reserve.—V. 150, p. 1451.
a
$4,781,838
4,834
Gross income
Interest
24,537
-
,
Provision for income taxes
Provision for depreciation
1939
$16,133,629 $15,156,690
6,344,405
5,986,521
764,331
668,371
1,236,656
1,164,556
1,047,634
781,977
1,870,526
1,773,426
■
Net income
Number of shares
Earned per share
$3,900,000
On April 13 last Judge Juiien Dunn of the Circuit
Court of Richmond,
Va., signed an order at the instance of the directors of the corporation
appointing Henry C. Riely and Robert Barton, both of Richmond, receivers
to
(& Subs.)—Earnings—
Co.—Orders
equipment.—V. 150, p. 1610.
Pierce Oil
60 days their recommendation for
3 Mos. End. Mar. 31—
Net profit after deprec.
eral taxes
Transportation
Company has placed orders for $3,900,000 of new equipment, consisting
of 130 streamlined street cars and
152 single-deck buses.
The order is a
part of the recently announced $5,000,000 modernization
program.
The street cars will be built
by the St. Louis Car Co.. St. Louis.
The
J. G. Brill Co.,
Philadelphia, has received an order for 86 buses, the Mack
International Motor Corp. of
Allentown, Pa., for 61 buses and tne General
Motors Truck & Coach Co. for five buses.
A Philadelphia dispatch states that
arrangements are understood to have
been completed privately
by the company for financing the purchase of the
Annual meeting scheduled to be held on
April 16, has been postponed to
May 7 due to lack of a quorum.—V. 150, p. 2434.
Parker Rust-Proof Co.
.
Henry B. Bryans has been elected a director of this company.
Mr.
Bryans has been Executive Vice-President of the company since
Oct., 1938,
prior to which he was vice-president in
charge of operations.
He was elected to fill a
vacancy caused by the regignation of W. H.
Taylor—V. 150, p. 1784.
Commission.
Postponed—
•
Philadelphia Electric Co.—New Director—
April 18
company's
earnings for the first quarter under the organization's
compensation warrant
plan.
Under this plan, introduced to American
industry by the Package Ma¬
chinery Co. in 1926, employees receive the declared dividend on two
p.
,1
Participating Association—Reg¬
See list given on first
page of this department.
Package Machinery Co.—Employees Dividends—
150,
Trust Co. of New York has been appointed
par common stock of this company.
Petroleum Investors
excess.
Feb.
&
isters with SEC—
Roger L. Putnam, President of this
company, announced on
payment of $2,583 in dividends to workers as
their share of the
of
Bank
30,000 shares of the $4
—V. 150, p. 2435.
It is further provided that in
any month where the company's net pro¬
(as defined in the trust agreement) exceed the sum of
$10,000 the
company shall deposit with the trustee, for the
Pan American Petroleum &
proceedings
Pepsi-Cola Albany Bottling Co., Inc.—Transfer Agent
The Continental
transfer agent for
ceeds
As
Broadway,
now
pending under Chapter XV of the Bankruptcy Act with
respect to the
plan for the adjustment of the 1st consol.
mtge. bonds which matured on
April 1, 1940, and for the renewal, extension and
modification of the exist¬
ing operating agreement between the
company and the Cleveland, Cin¬
cinnati, Chicago & St. Louis Ry.
The committee objects to the
plan of adjustment, particularly to the
rewnewal of the operating
agreement, on the ground that the renewal of the
operating agreement as proposed in the plan is unfair and
inequitable to
the income
bondholders, in that it will continue to deprive them of interest
on their bonds
during the extended period of its operation.—V. 150, p. 2435
$250,000
975,005 shs.
$52,500, it will be
purpose
% income bondshas been
York, and Henry W. Allen, Sec., 135
Broadway, New York.
In a circular dated
April 11, the committee states: The committee repre¬
senting a substantial mouant of the 4% income bonds has been
duly organ¬
ized to
Outstanding
$250,000
.2,000,000 shs.
% of such
Committee
New
seen that
earnings were approximately nine
times interest requirements and
slightly over twice interest and sinking fund
requirements.
Upon the completion of Wells No. 4 and
5, considering the
large interest which the company will have in these wells and
granting just
average production, earnings should be doubled.
Retirement
Fund—Company will provide commencing Oct. 1, 1940,
$37,500 for the current year ending March
1, 1941, payable in the amount of
$7,500 per month during that
period to the trustee. Thereafter the company
will provide $52,500
per year, payable at the rate of $4,375 per month, to the
trustee until the debenture debt of
the company has been retired.
equal to 12
Bondholders'
formed consisting of Wm.
Carnegie Ewen, Chairman; Lewis L. Clarke and
Maurice D. Adams, with Charles 8.
Aronstam, counsel, 50
Earnings—For the 12 months ended Nov. 30, 1939, net proceeds from the
three wells on production after all
expenses (inclusive of estimated income
taxes) were $137,843, or a
monthly average of $11,487. As annual interest
requirements amount to $15,000 and annual
sinking fund requirements
an amount
Ry.—Income
to Plan—
protect the interests of the income bondholders
in the
Authorized
amount to
Eastern
A protective committee
for the holders of the 4
Capitalization (After Completion of This Financing)
Common stock ($1 par)
&
Formed—Objects
whole
6% sinking fund debentures
operation of
rts automobile finance
Well No. 5 for each $1,000
half this amount of
well for each $500
debenture).
Secruties Act of 1933, Mail
the sale of the stock of Pennsyl¬
are Pennsylvania Finance
Co., Inc. and its
subsidiary, First National Finance Corp.Among the misrepresentations charged in the indictment were statements:
that securities held
by prospective investors were inferior to and of less
Petroleums, Ltd.—Debentures Offered—Carlile
McCartlij', Ltd., Calgary, Alta., and C. M. Oliver &
Co., Ltd., Vancouver, B. C., recently offered at 100 and
int. $250,000
five-year secured sinking fund debentures
(carrying a bonus of 1-40 of 1% gross royalty on Well No. 4
&
debenture; and
of the
Conspiracy in connection with
Co., Chicago.—V. 150. p. 2434.
and 1-40 of
2591
Pennsylvania Finance Co., Inc.—Indictments—
a
Potrero Sugar Co.—Interest—
Payment of interest coupons due May 15, 1940, on the first
mortgage
7% sinking fund gold bonds due Nov. 15, 1947, has been authorized by the
directors and will
p.
be made when due,
the company announces.—V.
700.
Powdrell
&
150,
Alexander, Inc.—Dividend—
Directors on April 17 declared a dividend of 10 cents
per share on the
capital stock, par $5. payable June 15 to holders of record June 1.
Like
amount was paid on March 15, last, and
compares with 20 cents paid on
Dec. 15, last, and dividend of 10 cents paid in each of the three
preceding
quarters, the March 15, 1939 dividend being the first one paid since
Sept. 15,
1937. when 20 cents per share was distributed.—V. 150.
p. 1946.
Prudence-Bonds Corp.—Interest Payments—
Corporation announces that Eppler & Co., public accountants,
have, as
required by the various trust agreements, determined the interest
payable
May 1, next to bondholders of record at the close of business
April 15, 1940
on the publicly held registered bonds
of the 18 series.
The present unpaid
principal per original $1,000 bond, the rate of semi-annual interest on the
present principal amount, with the corresponding payment in
dollars, are
shown in the following table:
v
The Commercial & Financial Chronicle
2592
Payment in
Dollars
Present Unpaid
Series-
Present
Interest
Principal
per Original
$1,000 Bond
$560
per
Un¬
paid Original
$1,000 Bond
Rate to
Be Paid
April 20, 1940
Russeks Fifth Avenue, Inc.—New Director—
April 15 elected a director to a fill a vacancy.
Schwartz, Controller, was elected Secretary in place of 1. H.
Russek, who was continued as Treasurer.—Y. 150, p. 1613.
Herman E. Goodman was on
Martin M.
K
V/s
$4.20
14.81
None
None
830
1K
11.41
bids for the sale to it of sufficient first mortgage
950
2%
2K
24.94
1959, to exhaust the sum of
None
None
790
AA
1,000
3rd..
4th
5th
_
-
6th
700
--
8th
1,000
1,000
9th
900
7th
__
10th
1,000
12th
Vt
1,000
11th
960
...
980
1
1,000
—
8.75
14.63
900
13 th
..
14th-.
12.50
12.50
33.60
12.25
900
17th--..
18th-
x
St. Louis Southwestern
Ry.—Bondholders to Intervene—
Commission has authorized a foreign bond¬
committee to intervene in the reorganization proceeding
to represent holders of the road's 1st terminal & unifying mortgage bonds.
The committee is composed of Joseph
Dembitzer, a citizen of Haiti,
The
Interstate Commerce
holders protective
presently residing in Switzerland; Ludwig Geiszt of Hungary, and Martin
Domke, formerly of Germany and now a resident of France.—V. 150, p. 2438
IK
12.25
IK
15.44
K
6.75
Safeway Stores, Inc.—Preferred Stock
13.25
980
16th
5% bonds due March 1,
$41,700 at lowest prices offered.—V. 150, p. 702.
11.25
950
15th
Co., St. Louis, Mo., will until May 9 receive
15.75
1%
IK
IK
3'A
IK
IK
Co.—Tenders—
St. Louis Public Service
The St. Louis Union Trust
%ths of 1% completing cumulative interest at 314%
per annum to Oct. 1, 1936 on each original $1,000 bond plus an additional
interest payment of ^ of 1% on reduced principal presently outstanding.
—V, 150, p. 1946.
xA payment of
Called—
Corporation has called for redemption on July 1, 1940, all outstanding
and 6% preferred stock at $111.75 per share of 7% pre¬
ferred and $111.50 per share of 6% preferred, which includes in each case
the dividend for the quarter ending July 1, 1940.
The redemption price
has been deposited with the Chase National Bank, redemption agent, and
payment may be received at any time, prior to July 1, at the corporate
agency department of the bank, 11 Broad Street, New York.—V. 150, p.
shares of its 7%
2437.
Public Service Co
$544,873
306,018
$512,679
257,020
75,455
5,661
14,966
75,964
6,117
22,311
.,
...
Social security taxes
Fed'l (incl. income) taxes
$142,773
2,052
$143,535
58,361
Bond interest
$151,267
762
Gross income
$153,319
906,730
64,633
281,504
275,000
914,834
64,464
270,739
58.361
$2,022,026
.Drl,186
$1,686,716
26,170
$2,020,840
700,337
$1,712,886
695,650
597
430
732
8,144
112,829
118,354
$75,671
Net income
$86,384
55,816
$1,206,942
669,797
$918,098
637,032
55,816
Pref. div. requirements.
2436.
Public Service Co-Ordinated
Transport—Part of Plan
Approved—
The New Jersey State Board of Public Utility Commissioners has ap¬
proved a part of a reorganization program by which company would issue
$28,556,090 in common capital stock and $15,953,000 in refunding bonds.
The plan also would have Public Service Coordinated acquire securities of
18 of its previously underlying or presently leased street railway companies.
That phase of the program also was sanctioned.
A 50-year 1st & ref. mortgage to secure the bonds would be executed by
Fidelity Union Trust Co., of Newark.
Interest rates would vary from 4
0 6%.
Stocks would be valued at $10 a share.—V. 150, p. 2113.
Public Service Corp. of N.
J. (& Subs.)—Earnings—
to
property.
Income Account
$11,690,397 $11,111,741 $135,895,6031128,433,088
maint., de¬
preciation and taxes..
8,458,213
8,095,166
96,216,063
92,275,746
—
exp.,
a
$3,232,184
2,076,116
sur
$3,016,574 $39,679,541 $36,157,342
1,983,277 a25,829,278 a23,888,219
Earnings per share of common stock In 1940 was $2.90, in 1939 $2.55.
—V. 150, p. 1946.
Puget Sound Power & Light Co. (& Subs.)—Earnincs
Other income...
Gross income
&
Int.
Operating revenues
Operation
$1,359,858 $16,413,344 $15,876,012
441,871
5,763,073
5,500,298
78,088
969,913
1,094,197
122,337
1,378.669
1,469,869
197,233
2,340,952
2,204,311
$1,384,179
511,233
_
76,248
Maintenance
Depreciation
121,563
Taxes.
208,203
$732,084
362,480
1,108
$305,822
$330,278
$363,588
120,150
110,282
35,986
135,210
33,486
deductions...
Federal taxes
Net
1936
$723,379
329,327
951
other
&
amort.
1937
$722,671
< 304,798
1,024
127,847,
22,163
27,022
15,015
$155,812
120,130
$183,244
144,156
income
Common dividends
$35,437
$35,683
$39,088
Balance
Balance Sheet Dec. 31,
$217,320
90,090
112,612
$14,618
$183,106
132,654
dividends
1939
Assets—Property, plant and equipment (less reserve for depreciation o*
$1,116,196), $5,143,234; investment (two shares First Nat. Bank of Los
Gatos), $240; special deposits,$79,576; current assets, $179,234; prepaid
insurance and taxes, $31,211; deferred charges, $429,448; total, $5,862,942.
Liabilities—Funded debt,
$3,328,000;
current /liabilities,
$199,888;
consumers' and
other deposits,
$43,871; contributions for extensions,
$38,579; common stock (par $25), $2,002,175; paid-in surplus, $200: capital
surplus, $13,128; earned surplus, $237,100; total, $5,862,942.—V. 150,
p.
2268.
■' •'
Savannah Electric & Power
1940—Month- —1939
Period End. Feb. 29—
1940—12 Mos.—1939
$2,357,073
853,223
$2,241,011
807,729
24,673
142,137
331,055
313,861
251,593
285,880
300
$71,176
Dr2,012
$716,797
5,284
$771,754
DH2.977
$63,519
31,190
$69,164
31,455
$722,081
374,919
$758,778
377,567
$32,329
$37,709
$347,162
149,115
$381,211
149,115
$198,047
60,000
$232,096
60,000
$138,047
$172,096
$197,697
70,649
11,045
26,825
25,959
-
Depreciation
Taxes
$189,386
60,.542
8,544
$63,219
Operating revenues
Operation
Maintenance
Co.—Earnings—
24,450
124,055
Net oper. revenues.__
Other income (net)
Interest & amortization.
Balance..
Debenture dividend requirements.
Balance
.....
Preferred dividend requirements
1940—12 Mos.—1939
1940—Month—1939
Period Ended Feb. 29—
Years
1938
$797,277
350,291
1,648
$351,939
Net after taxes & deprec.
Balance
Net income from oper.
Bal. avail, for divs. &
for Calendar
1939
„
1940—12 Mos.—1939
1940—Month—1939
Period End. Mar. 31—
Oper.
Privately—
in November, 1939, sold privately to institutional investors
price of 102 an additional issue of $210,000 1st mtge. 3% %
bonds, series A, due Dec. 1, 1961.
The issue was sold in two lots of $96,000
and $114,000.
Proceeds were used to assist in financing improvements
Preferred
Public Service Co. of Northern Illinois—New Directors
At the recent annual meeting of stockholders Charles Y. Freeman and
T. Albert Potter were elected directors to fill the vacancies caused by the
deaths of James Simpson and John T. Pirie.—V. 150, p. 1613.
Gross earnings.
San Jose Water Works—Bonds Sold
The company
at an average
Cr 19,216
8,906
(net)
deductions
—V. 150, p.
$6,097,986
2,886,233
Water revenue....
Net operating income.
Non-oper. income (net).
'
$6,575,841
3,300,948
due
to 1938 storm
State & municipal taxes.
Other
1940—12 Mos.—1939
1940—Month—1939
Period Ended Mar .31—
Operating revenues
Operating expenses
Extraordinary exp.
Other interest
Hampshire—Earnings—
of New
,
Balance for
-V.
150,
p.
common
stock and surplus.
2439.
Scotten Dillon Co.—30-Cent Dividend—•
a dividend of 30 cents per share on the common
par $10, payable May 15 to holders of record May 6.
This com¬
with 50 cents paid on Feb. 15 last; 40 cents paid on Nov. 15 and
Aug. 15 last; 30 cents paid on May 15, 1939; 50 cents paid on Feb. 15,
1939; 40 cents paid on Nov. 15 and Aug. 15,1938; 30 cents paid on May 14,
1938; 50 cents paid on Feb. 15, 1938; dividends of 40 cents paid on Nov. 15
and Aug. 14,1937; 30 cents paid on May 15,1937; 50 cents paid on Feb. 15,
1937; Nov. 14 and Aug. 15, 1936; 30 cents on May 15, 1936, and dividend
of 50 cents paid on Feb. 16, 1936.—V. 150, p. 1613.
Directors have declared
stock,
Dr9,242
Drl4,508
Drl69,393
$5,607,337
Drl58,917
$457,690
292.477
$505,821
318,584
$5,791,345
3.651,679
$5,448,420
3,838,552
$165,213
$187,237
$2,139,666
$1,609,868
$466,932
Net oper. revenues
Other income (net)_____
balance
Int. and amortization...
Balance......
$5,960,737
$520,329
550,000
550,000
$1,589,666
1,583,970
Prior preference dividend requirements
$1,059,868
1,583,970
pares
/.
Seaboard Air Line Ry.—To
Balance
Preferred dividend requirements
Balance
$5,696 def$524,l02
—V. 150, p. 2436.
Quebec Power Co. (& Subs.)—Earnings—
3 Months Ended March 31—
Gross
1940
Net
1939
$1,167,367
692,113
$1,105,665
666,268
$475,254
125,658
78,140
66,322
revenue
Operation, taxes and other
$439,397
126,745
77,446
46,069
$205a33
$189-138
expenses
operating revenue
Fixed charges
Depreciation
Provision for income taxes...
-fiK-ms:-;-
-
-
3 Mos. End. Mar. 31—
1940
Net profit.
Earnings per share
$3,111,723
z$0.43
x
x
z
After all charges,
On
5,838,066
common
1939
1938
Nil
Nil
$5,567,063
y$1.22
On 4,127,264 shares of common stock (no par),
shares.—V. 150, p. 2436.
y
(R. J.) Reynolds Tobacco Co.—Dividend—
Directors have declared
common
an
interim dividend of 50 cents per share on the
and class B
common stocks, payable May 15 to holders of record
Like amounts were paid on Feb. 15 last.
Year-end dividend of
was paid on Dec. 26, 1939; dividends of 50 cents were paid on
Nov. 15, Aug. 15, May 15, and Feb. 15, 1939, and on Nov. 15, 1938, and
dividends of 60 cents per share were paid on Aug. 15, May 16, Feb. 15,
and Jan. 3, 1938.—V. 150, p. 1294.
April 25.
30 cents
dividend of 75 cents per
1 to holders of record April 20.
a
share on the common
payable May
This compares with
regular quarterly dividends of 50 cents per share previously distributed.
In addition, extra dividends of 50 cents were paid on Jan. 25, last, and
on
pec. 15, 1939.—V. 150,
p.
443.
Riverside & Dan River Cotton Mills—New
Official—
George 8. Harris was on April 9 elected a director, President and Treas¬
urer of this company.
He succeeds Robert R. West, who resigned recently.
—V. 150, p. 1948.
separate
concerned the Seaboard, the Baltimore
authority to buy assets of the Cheaspeake
passenger-and-freight steamers between
Norfolk and Baltimore.—V. 150, p. 2116.
a
action,
Co.
Both
which
operate
Securities Acceptance
3 Mos. End. Mar. 31
Earned finance, int., &c.
Direct income charges..
General oper. expenses..
Fixed chges. on 5% debs.
Prov. for Federal taxes..
Adjustment
of
Dec. 31,1936
on
on
preferred stock.
common
stock.
Balance. March 31
Shs.
of
com.
1938
$238,394
74,457
96,915
11,720
10,709
1937
$182,008
41,392
77,862
8,022
7,451
Cr360
$47,642
x43,912
$47,009
187,374
Net income
Divs.
8,886
1939
$227,896
71,739
97,868
....
Balance, Dec. 31
Divs.
Earnings—
Corp.-
1940
$257,480
89,416 '
112,170
accrual
Total.
Rich's, Inc.—Common Dovidends—
Directors have declared
stock
remainder.
In
Steam Packet Line sought court
Steamship
1937
$532,899 loss$3,062,564
receivers, to pay approximately $185,000 to trustees of general mortgages
and attorneys for the trustees for services rendered and expenses incurred
during the whole period of receivership.
The amount was approximately
60% of about $260,000, which James E. Heath, special master had recom¬
mended, be paid.
Judge Way did not decide on the question of payment
of the
Republic Steel Corp. (& Subs.)—Earnings—
Ask Bankruptcy for Road—
receivership
Federal District Court at Norfolk, Va.,
that they will ask that the road be placed in bankruptcy.
Attorneys for the underlying bondholders' protective committee and
holders of equipment trust certificates told District Judge Luther Way that
they were preparing a petition to that end.
A hearing on two plans for reorganization under the receivership was to
have been held April 16 by Tazewell Taylor, special master appointed last
October by Judge Way to speed reorganization of the railway.
It was post¬
poned, however, until May 21.
Meanwhile the court authorized L. R. Powell Jr. and Henry W. Anderson,
Holders of certain securities of the road which has been in
for nine years, have informed the
stk.
—
$46,569
111,479
$56,313
$234,383
7,553
37,263
158,048
$114,534
6.780
6,557
29,310
36,003
$91,554
5,489
20,304
$189,567
$121,958
$71,974
x$65,761
149,051
$0.26
146,551
144,013
135,362
$0.27
$0.35
$0.32
58.221
out¬
standing (par $4)
Earns, per sh. com. stk..
available for dividends under
restriction provided in trust indenture for 10-year 5% convertible deben¬
tures dated June 1, 1936.
x
Includes
$7,117 of capital surplus not
I
Volume
The Commercial & Financial Chronicle
150
Balance Sheet March 31
Assets—
1940
1939
Cash In banks & on
hand-
Coll.
$928,691
Notes receivable.. 6,816,441
auto¬
mobiles, Ac
15,646
21,489
Accts. receivable.
Cash surr. value of
ins.
on
life of
_
Accrued Fed. inc.
16,614
106,249
81,241
263,942
68,096
240,003
393,000
Dealers' part, loss
11,720
Reserve for credit
reserves
debentures.....
389
...
Deferred income.
116,653
.1
66,606
9,504
19,813
Furn. & fixtures.
-
Debentures
700,000
6% cum. pref.stk.
(par $25)——
Com. stk. (par $4)
7,587
17,878
Shattuck-Denn Mining Co.—10-Cent Dividend—
Directors have declared a dividend of 10 cents per share on the capita
stock; payable May 31 to holders of record May 10. This compares with
15 cents paid on Dec. 22, last, 12 H cents paid on Feb. 20. 1939 and an
initial dividend of 25 cents paid on Dec. 24. 1937.—V. 150, p. 1787.
Sierra Pacific Power
Period End. Mar. 31—
Operating
503,421
596,204
32,433
189,567
451,981
586,204
36,358
income after re¬
tirement accruals....
Net income—
After
—V.
reserve
150,
1455.
p.
Operating
Net
121,958
Selected Industries, Inc.3 Mos. End. Mar. 31—
Dividends
Comm.
on
.
.
$26,512
276,181
$323,963
75,021
41,649
14,898
Service fee
$302,693
86,592
39,174
19,169
—
Taxes.
15,013
Net
$233,239
Total surplus...
2,123,367
Dr392~095 02,086",465
Dr664,955
$14,86^,572 $15,300^323
$14,561,078
$5.50cum. pref.
$25,415,381
250,000
(
349,462
stock
con v.
2,394,498
350,150
440,763
358,675
(on
account of arrears
159,119
Balance March 31
$14,211,616 $14,516,421
The unrealized depreciation of investments
^
$2,016,799,
$221,082
or
more
than
on
$14,941,648 $24,565,499
March 31,
on
1940
Cash in banks.
Investments in securities..
Receivable for securities sold.
Interest and dividends receivable, &c_
Special deposits for dividends..
...
—....
Total
LiabilitiesInterest accrued and dividends payable
Due for securities purchased
Reserve for expenses, taxes, &c
Bank loan due Mar. 1, 1942 (int. 2% per annum).
$5.50 cum. preferred stock ($25 par)
$1.50 cum. convertible stock ($5 par)
———
Common stock (SI par)
__
...
Treasury stock
1939
$2,366,227
*32,452,981
9,065
146,767
364,594
$1,274,918
33,963,571
17,121
162,489
366,475
—
...
$381,260
163,409
$383,142
286,217
51,074
88,204
10,000,000
10,000,000
6,353,750
6,383,750
2,121,585—• 2,121,585
2,056,940
2,056,940
14,211,616
14,516,421
—
Dr51,685
—.$35,339,634 $35,784,574
x
Investments owned on March 31, 1931 are carried at the lower of cost
or market at that date.
Subsequent purchases are carried at cost.
In¬
vestments based on market quotations as at March 30, 1940, or, in the
absence thereof, on their then fair value in the opinion of the
corporation,
amounted to $30,436,182, or $2,016,799 less than the amount shown.
y 850 shares $5.50 cum. prior stock.—V.
159, p. 702.
—
—
Sharon Steel Corp.
3 Mos. End. Mar. 31
x
-Earnings—
1940
1939
al938
21937
$3,307,234
2,957,928
147,000
180,527
$2,098,991
1,887,064
183,000
171,165
$6,408,379
5,308,526
218,200
275,260
13,730
14,384
15,342
3,125
1,500
""1,500
1,500
3,125
12,000
$375,094
30,982
$5,895 loss$162,205
14,147
10,296
$573,540
31,623
$406,076
8,500
Gross sales, less disc'ts,
returns & allowances.
$20,942 loss$151,909
12,429
Prov. for depreciation..
Sell., gen. Sc admin, exps
Taxes, other than prop¬
erty and income.....
Prov. for serv. contr. fee1
Prov. for doubtful acc'ts
revenues
Other income
Interest
Amort, of bd. disc. & exp
Provision for Federal &
State income taxes
17,729
V
....—
88,000
.
'
104,400
•'
—
Shawinigan Water & Power Co.—EarningsQuarter Ended March 31—
1940
—
_
—
Water rentals
Taxes..
......
—
—...
____
1939
$3,998,525
$3,654,733
859,118
——
General, operating and maintenance expenses.
Power purchased..
Exchange reserve—
Depreciation...
Net profit...
share
1455.
...
.
—
on
——
capital stock
815,059
440,171
117,085
224,430
459,292
117,118
274,275
$677,038
124,720
......
.
300,000
327,872
...
'—
....
Gross oper. earnings
Expenses...
—
—
x$5,314,158
per
share
771,631
256,074
547,275
700,042
577,926
673,377
19,163
$478,266
$2,907,447
$3,674,479
on common
11,460
5,631
————————
$264,943
$216,500
Note—In the above statement of income accounts net income for the year
ended Jan. 31, 1939, has been reduced
by $8,544 to reflect adjustment
applicable to the period prior to April 30,1938, included therein of amortiza¬
tion of odebt discount and expense on first mortgage gold bonds, series A
6%, due July 1, 1947, outstanding at Jan. 31, 1940, charged to surplus as of
April 30, 1938, which has been applied retroactively in the accounts.—V.
150, p. 1456.
dent,
Report—Ernest E. Norris, Presi¬
in part:
says
r.
Financing During the Depression and the Retiring of Indebtedness
During the
year
1932 Southern borrowed for general corporate
$14,751,000
necessities from Reconstruction Finance Corporation.
the extent of
sources,
the sum of
Leaving
a
16,654,000
....
...
Total loans from RFC—
There was repaid to Nov. 1,
—
-—$31,405,000
treasury
————
from various
——2,309,132
1939,
——.
balance of
——$29,095,868
—
....
With the improved condition of the company's treasury a deter¬
mined effort has been made still further to reduce this balance,
with the result that payments were made, prior to the close
of the year,
amounting to
...............
....—
Balance due as of Dec. 31,1939—
- — ——
Additional payments from the treasury since the first
year
1940 have aggregated
Leaving
a
—$27,041,700
of the
_
as
__
2,121,834
—
balance due RFC
.
2,054,168
$24,919,866
of March 1, 1940 of.
With these payments, together with the sale to the Gulf Mobile &
Northern RR. of Southern's ownership of the Mobile & Ohio general
mortgage 4% bonds, expected shortly to be consummated, which, supple¬
mented, from the treasury, will result in an additional payment to RFC
of over $8,000,000, Southern will have thus repaid approximately onehalf of its depression borrowing, and will have effected a permanent
reduction (as to the repayments of 1939 and 1940 alone) of over $517,000
a
year in fixed charges.
Management hopes and expects still further
to reduce this temporary indebtedness Just as fast as the treasury condi¬
tion warrants.
At the same time other indebtedness has not increased,
after giving effect to the new equipment trust issues, series "DD" and
"FF,
the "funded debt" of Southern has shown a net reduction of over
$11,000,000 during the period of the greatest financial stress in tohistorv:
Dec. 31, 39
Dec. 31, 28
Funded debt
RFC
notes.—-————————
Leasehold estates
—
-—
—
—
—---
Equipment trust obligations. ———
Total—..
a
—
—-
Further reduced by payments
1940.
—
—
$241,499,500
a27,041,700
53,154,000
24,059,000
$259,213,500
$345,754,200
$357,017,900
58,404,000
39,400,400
of $2,121,834 to a balance of
$24,919,866
of Mftrch 1
Terminal Company Refinancings—During the year 1939 Southern
participated in the following adjustments downward of Interest payable on
joint terminal obligations, with,^consequent substantial saving in interest
charges for itself and the other railroads participating respectively in each
adjustment, these savings being effective for terms of years for the future
ranging from 7 to 35 years:
Old
Extended
Ami. of
Approx.
Rale
Term
New Basis
Company—
Principal
28 years
5.00%
4.45%
Jacksonville Terminal Co—_—_
$400,000
3.50%
7 years
6.00%
Jacksonville Terminal Co...——
175,000
3.97%
5.83%
30 years
Atlanta Terminal Co..
—*1,200,000
35 years
3.30%
4.60%
Terminal RR. Assn. of St. Louis. 7,000,000
2.95%
31 years
5.00%
Winston-Salem Terminal Co
800,000
Joint
Norfolk & Portsmouth Belt Line
RR. Co..
*
10 years
700,000
Amount of bonds which matured Aug. 1,
5.00%
1.30%
1939.
Equipment—On July 31,1939, the company having obtained a release
corporation $500,000 Southern
from RFC from its commitment to sell to that
history of Southern Ry.
Simplification of Corporate Structure—Southern Ry. is itself a combina¬
built under more than a hundred prior'charters, with
numerous underlying bond issues, matured and unmatured, and in addi¬
tion, through stock ownership, has complete or partial interest in some
57 additional corporations, and has thereby inherited or acquired a com¬
plexity of corporate relationships together vdth the complicated accounting
occasioned thereby.
To bring aoout simplification of this mortgage and corporate structure,
and in order to simplify and reduce the accounting with reference thereto,
steps have been taken during the last few fears to obtain releases and
satisfactions of many matured prior lien mortgages, to dissolve subsidiary
corporations whose usefulness and functions as such had ceased, and to
take into Southern Ry. Co.'s ownership the properties of other wholly
owned subsidiaries of permanent value, such as the acquisition of the line
of the Northern Alabama Ry., approved by the stockholders at the annual
meeting in May, 1939 and incorporated into Southern as of Dec. 31, 1939.
Continuing this policy of corporate simplification the board has approved,
and will submit to the next meeting of the stockholders, the acquisition by
Minority interest
Equivalent to 37 cents
4,268
—
$599,472
$0.27
(& Subs.)—Earnings—
602,486
949,800
—
34,174
10,738
$657,981
$0.30
1940
1939
1938
1937
$67,006,321 £57,524.951 $59,312,316 $59,643,305
49,120,655
46,451,530
45,331,508
45,793,568
....
409,698
34,174
Ry. equip, trust certificates, series "DD," on a 4% basis, sold, in lieu
thereof, $400,000 of 10-year equipment trust certificates, series
DD,
bearing 2% dividend warrants, covering four Diesel-Electric passenger
trains costing $536,000, the company paying $136,000 thereof in cash.
These 2% certificates were sold on a 1.985% basis, the lowest financing in
income.—$17,885,66/ $11,073,421 $13,980,808 $13,849,737
9,567,449
9,826,044
8,904,791
Federal taxes
409,698
...
940,851
6,000
400,000
111,665
Deprec., depletion, &c_. 11,019,223
Interest
$677,463
...
...——
Net income-
425
$723,821
......——
$2,057,988
Consolidated Statement of Earnings—Quarter Ended March 31
x
1940
$2,423,294
881,691-
reserve
Interest on funded debt
:
Amortization of debt discount and expense.
Other interest (net)..
Miscellaneous deductions....
the
tion of many lines
Shell Union Oil Corp.
Net profit—
66,950
1939
$2,334,384
835,867
125,594
300,000
330,046
65,838
$722,056
....
$2,288,722
964,376
65,955
450,000
150,409
___.
Provision for income taxes
Gross
Co.—Earnikgs—
1,765
Gross income—
New
Net operating revenue..
Fixed charges.......
per
$10,092
Net operating income.
sis
Net profitb$309,576
b$7,613 loss$151,909
$475,778
x Less discounts, returns and
allowances,
z Consolidated statements as
reported by company,
a Does not include losses of subsidiary companies,
amounting to approximately $27,000.
b The foregoing statement does
not include the increase of $59,582 ($5,207 in 1939) in the
equity of this
company m its partly owned subsidiary.—V. 150, p. 1613.
—V. 150. p
663.903
$35,825
....
-
Balance
Earnings
677,017
$5,864
Provision for Federal and State income taxes
$605,163
23,939
*1,046
$4,912,433
4,172,062
147,900
202,146
Manufacturing costs
Gross revenue.
109,483
$1,410
—
—$35,339,634 $35,784,574
————
Total
111,198
~
was
1940
—
$673,995
Southern Ry.—Annual
Asscfs—
y
$712,842
Operation
Maintenance and repairs.
Appropriation for retirement
Taxes..
Dec. 31,1939.
Balance Sheet March 31
Surplus-
518,695
$115,347
deorec., amortlz.,
dividends—
Operating
$299,169
20,635,249
3,084,753
3,101,811
CV7.185
stock...
on
$432,440
51,759
67,609
13,902
315
Prov. for Fed, inc. tax..
Di vs.
608,118
$112,608
earnings..—....
Years Ended Jan. 31—
„
from Jan. 1, 1936
ReFd on Fed.inc.tax, &c.
Sale of securities
011
398,135
6,574
$157,759
12,449,906
$192,396
12,237,319
Inc. & profit & loss acct.
_
1940—6 Mos.—1939
$1,320,960
$1,192,690
82,300
Other income
income
Bal., surplus, Dec. 31.. 12,196,972
Divs.
1937
$27,731
1938
...
—
846,106
712,021
103,567
expenses.
Southern Colorado Power
1939
$22,959
301,004
$348,384
100,133
914,800
780,330
Ltd.—Earnings—
1940—Month—1939
$216,175*
$197,647
—
Surplus-
-Earnings-
1940
underwrite
Total
General expenses
61,470
50,124
—Y. 150, p. 1949.
$21,534
326,850
—
and
$24,564 in 1939.
•
Income—Interest
64,102
52,722
Southern Canada Power Co.,
Period End. Mar. 31—
Gross earnings.
Total.... —$6,945,240 $5,845,653
*
for depreciation of $27,707 in 1940 and
1940—12 Mos.—1939
$2,151,452
$1,991,049
—V. 150, p. 2269.
Int.,
x
Co.—Earnings-
1940—Month—1939
$170,837
$152,989
..
Gross
_
Paid-in surplus
Earned surplus.-.
Total-....--.$6,945,240 $5,845,653
revenues.—
...
losses
used
in business...
x
145,703
14,929
Sink, fund & treas.
Sink, fund deposit
Def. chgs. <fc prepd.
expenses
47,573
45,395
taxes..
officer
Automobiles
notes
trust
$819,590
payable.
$4,291,500 $3,719,000
4,881,813 Accts. pay. for in¬
66,281
surance, &o
79,942
15,353 Accrd. int. & misc.
taxes'
11,128
10,176
13,716
—
Repossessed
1939
1940
Liabilities—
i
2593
stock.—V. 150,
p.
2268✓
.
_
,
.
..
The Commercial & Financial Chronicle
2594
Southern Ry., subject to the approval of the Interstate Commerce Com¬
mission, of the properties of the four corporations named below, heretofore
leased and operated by. or operated in coordination with, Southern, all of
Southern Indiana Gas & Electric
Total gross
Asheville and Craggy Mountain Ry, Co., and
Operation————
Maintenance.
Southern's AsheviUe-Khorville line about 5.8 miles west
N. C.).
Georgia Midland Ry. Co., and Georgia Midland
of Asheville,
Terminal Co.
(the former owning and leasing to Southern the line of railway. 96.73 miles
in length, running from McDonough to Columbus, Ga., the Terminal
company owning terminal properties, also leased to Southern in Griffin and
Columous, Ga .},
It is proposed to acquire the line of Georgia Midland Ry. subject to the
lien of its first mortgage dated April 1, 1896, securing $1,650,000 3% bonds,
maturing April 1, 1946.
In addition, the charters of certain defunct corporations such as those of
Asheville & Northern Ry. and Southern Railway Co. of Illinois have been
surrendered, and the line of the North and South Caroline RR., a wholly
owned four mile subsidiary, having been abandoned under ICC approval,
ts charter also has been surrendered.
Operating Statistics for Calendar Years
1939
1938
1937
Average miles operated6,559
6.605
6,637
1936
Av,
rev. per
ton per mile
1.150 cts.
1.124 cts.
1.214 cts.
Income Account for Calendar Years
Gross income
—
charges
1,901,729
33,900.760
651,468
3,189,352
Transportation...
Miscell, operations
General.
20,873
Transp. for invest—Cr_.
10,565,513
12,102,996
19,165,557
1,814,507
34,881,428
680,975
3,185,003
19,262
15,187,737
1,808,228
32,335,396
632,046
3,100,952
36,872
11,273,741
17,437,664
1,784,714
33,266,298
638,974
3,023,053
7,743
expenses_$68,009,468 $63,592,999 $71,811,204 $67,416,701
Net rev. from oper— 31,144,092
25,826,110
26,624,210
28,857,797
Taxes
7,814,553
7,369,019
7,069,947
5,892,304
Hire of equipment.—
1,739,202
3,074.519
3,452,027
2,731,946
Joint facility rents
1,068,471
1,039,007
989,990
935,275
Total other expenses_$10,622,226 $11,482,545 $11,511,964
14,343,565
Operating income...... 20,521,866
15,112,246
Income from lease of rd.
rent
31,747
225,926
income
$9,559,525
19,298,272
30,409
232,581
30,253
232,116
25,784
230,567
25,793
1,368,801
1,311,115
22,928
1,016,037
21,856
1,342,890
553,714
733,579
28,303
1,094,386
582,675
income..
79,514
4,074
24,254
3,584
16,926
4,161
45,027
5,681
Total non-oper. inc..
Total gross income
$3,046,972
23,568,839
$1,883,509
16,227,075
•$2,381,780
17,494,026
$2,012,424
21,310,696
2,565,092
2,583,238
33,377
204,840
121,269
2,588,280
2,548,180
34,858
233,388
$2,942,725
$2,835,128
14,658,899
13,180,667
446,302
property _ .
...
—
j...
Income from fund, secur.
Income from unfunded
securities & accounts-
Miscellaneous
Deduct from Total Cross
Income—
Rent for leased roads...
Miscellaneous rents....
Int. on unfunded debt.
32,565
83,779
.
Miscell. Income charges.
140,528
Total deductions-.... $2,821,964
Total available income— 20,746,875
Interest on funded debt. 13,082,893
Int. on equip, obligations
950,637
Div. on Southern Ry.—
Mobile & Ohio stock
trust certificates—
226,008
Profit-....
x
$6,487,336
34,888
85,908
126,052
13,284,350
13,123,623
432,491
226,008
125.479
$2,941,904
18,368,792
13,236,637
601,220
226,008
226,008
$805,922
x$497,772
General Balance Sheet Dec. 31
1939
1938
§
$
Invest. In road.413,074,824 410,759,065
Invest, in equip.115,920,951 112,676,604
Dep.
In
lieu
of
mtgd. prop'tysold..
Misc. phys. prop
419,735
396,204
Grants in aid of
29,263,696
27,898,789
3,612,838
So. Ry. M. A O.
stk. tr. ctfs..
cos.
construction
29,237,659
Bonds
21,148,763
Notes.......
3,225,281
Advances
13,573,813
...
8,630,703
Other
invest'ts
Stocks—,——
Bonds...—.
Notes...
Advances....
O.
&
stock
50,198
196,400
50,398
196,400
109
109
2,143
Cash
9,888,216
Special deposits.
2,852,122
2,858,087
24,614
28,358
1,563,696
1,401,526
Traf. & car serv.
bal. receiva'le
and
Mat'ls & supp'ls
Int. & div. rec..
Rents receivable
Oth.
unpaid
y Unmat. int.
50
3,833,075
6,092,920
3,504,572
4,722,792
418,650
737,157
1,250
1,250
41,421
curr. assets
53,967
Work, fund adv.
52,605
50,852
Other def, assets
4,828,563
Unadjugt. debits
1,534,731
5,081,225
1,442,545
1,417,019
5,650,200
023,381
021,189
$1,002,834
566,074
120,000
-
_.
Common dividends
-
Balance Sheet Dec. 31
1939
A
?
td
6,605.124
1,821.055
2,995,020
7,036,285
1,928,670
$
.
Liabilities—
361,617
505,102
281,233
proc.of amort.
Ry.
411,414
U. 8. Govt, secur.
Accts. & int. rec.
a
.
117,975
10,000
282,885
718,604
541,781
68,716
117,607
45,056
114,703
33,551
2,847,817
96,646
94,222
412,296
on
Reserves....—
172,757
500,464
770,734
434,093
290,279
prepaid accounts
Cash.—
5,500,000
7,570,000
1,539,949
payable
preferred stock.
Misc. current liab.
Deferred charges &
8,589,500
172" 145
Accrued interest..
loss in
of amort. 1 ,890,402
prop,
process
Contract payable-
Divs.
discount & exp_
*
S
Accounts payableAccrued taxes
Pref. stock prem,,
1938
!
4.8% cum. pf, stk. 8,589,500
b Common stock- 5,500,000
Long-term debt
7,500,000
Consum's dep
122,001
145,125 Contributor ext
491,085 Earned surplus.
_
364,812
.
68,716
550,000
542,447
205,317
a
—
.
—
-24,895,037 26.183,448
24,895,037 26,183,448
Total
After reserve of $37,420 in 1939 and $48,432 in 1938.
b Represented
by 400,000 no par shares.—V. 150, p. 2269.
Spokane I nternational Ry .-—Reorganization Submitted—
The U. 8. District Court for the Eastern District of Washington, and the
Interstate Commerce Commission have approved a plan for the reorganiza¬
tion of the Spokane International Ry. and the Coeur d'Alene & Fend
d'Oreille Ry., pursuant to section 77 of the Bankruptcy Act
The plan is being submitted to the holders of the first-mortgage 5 % bonds
of the Spokane International Ry due July 1, 1955, and coupons for interest
due on or before Jan. 1, 1938, and the first-mortgage 5% bonds of the
Coeur d'Alene and Pend d'Oreille Ry., due July 1, 1960, and coupons
few interest die on or before Jan. 1, 1938, for their acceptance or rejection.
Only those holding such securities or claims on April 5,1940, will be entitled
to vote on the plan.—V. 150, p. 2117.
Standard Gas & Electric Co.—-Time for
The
Filing Extended
Securities and Exchange
Commission has granted the request of
extend for 60 days, until June 15, 1940, the time for filing
of answers to the Commission's order (File 59-9) instituting proceedings
under Section 11 (b) (1) of the Public Utility Holding Company Act of
1935.
Hearing in the matter has also been extended until July 5, 1940.
Under the Commission's order instituting the proceedings answers were
to be filed not later than April 16, 1940.
Plans to Sell Western Properties—
2,974,495
2,866
45.386
56,502
2,243,606
56,502
2,105,276
ac¬
acor
...
Other
curr. liab.
Def'd liabilitiesTaxes
154,846
362,480
Crowley, Chairman of the board, in a letter to security holders
April 13, states:
Some time ago directors authorized its officers to negotiate for the dis¬
posal of the securities owned by it in certain companies constituting its
,so-called "Western properties," namely, San Diego Consolidated Gas A
Electric Co., California Oregon Power Co. and Mountain States Power Co.
After mature consideration It is deemed advisable by the board, in the
interests of all classes of security-holders of this company, that this com¬
pany offer securities of some or all of the corporations mentioned to the
holders of notes and debentures of this company in exchange for their notes
and debentures.
The disposal of securities by this exchange would not
only effect a reduction In the funded debt of this company, thus placing
it in a sounder financial condition, but would be a partial compliance with
the provisions of Section 11 of the Public Utility Holding Company Act of
1935 applicable to this company.
The details of the plan of exchange are now being formulated and the
necessary applications to regulatory bodies are in course of preparation.
Weekly Output—
Electric output of the public utility operating companies in the Standard
Gas A Electric Co. system for the week ended April 13, 1940, totaled
120,284,525 kilowatt-hours, an increase of 13.5% compared with the
corresponding week last year.—-V. 150, 2440.
Standard Oil Co. (N. J.)—Plans
2,124,164
Equip, owned 33,650,769
Equip, leased
33,460,691
lower rates.
There notes mature $7,00C,000 each July 1 from 1943 to 1947,
inclusive, the \%% series being due in 1943, 2% in 1944, 2M% in 1945.
2%% in 1946 and 2^% in 1947. They are dated July 1, 1938 and were
brought out by Morgan Stanley A Co., Inc.—V. 150, p. 855.
Standard Oil Co. of Ohio—To Borrow
cos
—
add'ns
444,409
5,430,559
-.633,830,332 626,551,0411
Total
945,265
437,941
5,139,145
debentures in the amount of $4,500,000.
eight year term loan from the Chase National Bank, New York in the
$4,000,000 bearing interest at the rate of 2% and payable in
equal annual instalments of $500,000 per year, commencing June 1, 1941.
The original issue of the debentures was made on June 1, 1938 in the
amount of $5,000,000.—V. 150, p. 2270.
an
amount of
State Street Investment Corp.—Earnings—
Quar. End. Mar. 31—
Divs. & int. received—Reserve for taxes,
Net income
Dividends declared—
Deficit
;—
Net gain fr. sale of sees—
to
1940
$328,417
25,218
50,429
x$324,745
25,500
45,403
$486,351
27,500
84,091
$252,770
273,453
$253,843
249,995
$374,761
374,993
$1,704
434,800
$20,683
17,813
sur$3,848
lossl4,582
$232
2,096,085
Dividends only.
Balance Sheet March 31
3,741,670
70,857,214
-.633,830,332 626,551,041
1940
Ass€ts-"~^
S
Cash in banks---
Accts.
rec.
Securities
—Jan. I to Apr. 71940
Gro^earn^gs^t.).$2,491,791 $2,469,852 $36,099,870
1Q3Q
$33,781,976
1940
1939
S
4,306,318
Liabilities—
$
Management fee.Reserve tor taxes.
for sale
of invest, secur.
a
7,004,449
298,992
60,176
32,570,040 31,205,890
Dividend
declared
1939,1
s
49,764
58,339
44,036
56,350
273,453
273,453
287,441
3,824
29,773,327 29,773,327
5,137,777
Surplus of assets— 9,714,774
Accounts payable.
b Com.stk.,no par
certificates.
1939
1937
1938
1939
x$349,153
23,080
54,324
$271,749
273.453
Expenses
.
1940
-
Of the amount outstanding, $500,000 of the debentures will be retired
June 1 through the operation of the sinking fund.
The balance has been
called for redemption and will be paid on the same date with proceeds of
x
x
t'k? year company changed the par value of the common stock
from $100 to shares of no par value and issued
the new shares for the old on
a share for share basis.
As of Dec 31, 1938, 134.950 shares
had not been
as yet exchanged,
y On Southern Railway M\ & O. stock trust
~F}lfLWeek °f April
$4,000,000—
Company it is understood has completed arrangements for redeeming and
paying on June 1, 1940, all of its outstanding 10-year 3M% sinking fund
from other
Other unadj. cred
Special approp.
Refinancing—
The company is understood to be negotiating refunancing of $35,000,000
1938 with a view to a longer maturity and possibiliy
serial notes sold in
155,041
352,704
5,870,345
5,973,156
2,600,565
1,072,528
Oper. reserves.Deprec. accr. on:
.
Leo T.
on
2,090
1907
3,753,023
Profit and loss— 75,477,261
1939
1938
$
?
Utility plant (incl.
intangibles)
20 107,571 23,257.764
Invests, in secur .of
various cos. (at
14,594
13,887
cost)
2,112,331
June 30,
^
14,762
54,227
$839,458
412,296
200,000
property since
—
.
5,650,200
1,576,222
20,326
crued---
for
Total-.
13,808
143,218
Cr36,30O
Unmatured rents
accrued
bills
rec.
payable
Unmat. div.
receivable....
Misc. accts.
wages
Misc. accts. pay
Int. mat'd incl.
mat'd unpd
Fund, debt mat.
5,650^,200
5,650,200
7,484,686
Bal. duefr. agts.
and conductors
10,922
143,483
$928,655
412,296
240,000
car serv.
balance payAudited accts. &
Div.
in
....
Traf. &
1,620,388
.
int. due Jan. 1
RR.
held
trust-
Loans
Funded debt—241,499,500 241,499,500
Equipment trust 24,059,000
19,711,000
RFC notes-—.. 27,041,700
29,107,328
61,559
Stocks
M.
1939
1938
Liabilities—
$
$
Common stock.129,820,000 xl29820,000
Preferred stock. 60,000,000
60,000,000
185,792
Inv. In aflll.
11,697
143,486
Crl5.720
$4,304,926
Deficit.
AssctS"****
$1,328,308
277,674
company to
Misc. non-oper. physical
Dividend income.
$1,188,172
215,070
$907,289
412,296
Non-Oner. Income—
Miscell.
$1,294,251
247,550
$98,435,414 $96,274,498
Total oper.
,
$1,299,201
252,450
Net income..-Preferred dividends-
Total
11,733,950
16,653,076
311,992
435,771
21,700
Interest charged to con¬
struction.—---
Operating Expenses—
Maint. of equipment...
Traffic
413,899
506,531
113,259
—
Mat'ls & supplies
Maint. of way & struct.
467,251
492,335
127,332
Amortiz. of debt discount
and expense, Ac—
in
1936
Operating Revenues—
1939
1938
1937
Freight.....
$82,344,875 $72,950,429*$79,427,928 $77,982,305
9,846,400
Passenger......— ....
8,741,860
8,786,241
10,418,554
332,034
Misc. passenger-train..
345,860
417,199
589,486
Mail...
3,701,658
3,650,383
3,719,182
3,630,524
1,712,645
Express
1,551,910
1,396,509
1,495,867
Other transportation...
905,565
878,215
789,108
885,775
Incidental
1,125,904
1,017,038
1,175,453
1,085,087
Joint facility--.—....779,938
463,277
412,202
723,178
Total oper, revenues.$99,153,560 $89,419,109
560,213
566,271
151,338
Debt disct. & exp.
35,459,058 32.525,777
7068113,304 6425269,336
1.176 cts.
$3,609,321
.1,267,634
243,916
—
Int. on long-term debtMiscell. int. and other
1936
$3,913,696
1,354,916
336,918
Prov. for deprec., aband.
and retirement reserve
General taxes
Federal income taxes.
1937
$4,
,300,133
1,
,494,810
228,298
$3,933,234
1,324,705
227,360
6,641
Operations—
Passengers carried—..
4,064,111
3,359,116
5,260,359
5,804,698
Passengers carr. 1 mile.483,823,671 413,392,196 578,762,664 567,857,304
Av. rec. per pass, per m.
1.81 cts.
2.12 cts.
1.800 ct*.
1.734 cts.
Tons carr. rev. (freight). 34,127,098
30,060,897
Tons 1m. (rev. freight).7158324608 6203702,217
earnings
Co.—Earnings—
1938
1939
Calendar Years—
the
capital stock of which corporations is owned by Southern; namely:
Asheville Southern Ry. Co.
(owning and operating an aggregate mileage of 4.74 miles, connecting with
April 20, 1940
Total
39,873,481 35,572,384
...
Securities at ledger amounts
Total
—39,873,481 35,572,384
(cost), $32,386,257 in 1940 and $34,823,111
shares; outstanding after deducting
treasury stock, 546,905 shares.—V. 150, p. 446,
a
In
1939.
b
Authorized,
600,000
Volume ISO
Standard
The Commercial & Financial
Chronicle
Power
&
Light
Co.—Integration Case Post¬
poned—
...The Securities and Exchange Commission has
extended the
filing its integration plan by the
corporation until April 24.
in this case was set
tentatively for July 5.
The
corporation
pointed
out
that it
does
not
have
preparing an integration plan nor the
voting power
adoption of any plan by the directors of Standard
these
circumstances the corporation
Electric Co. formulate its own
the
time
facilities
permission to intervene
Standard system.
The Wisconsin
P.
S.
in
the
SEC
Commission
for
for
necessary to assure
Gas & Electric Co. Under
decided to let Standard Gas &
has
part until its subsidiary has presented
filed "with the SEC.
The Pennsylvania
a
on
its
plan, according to the request
P.
U.
Commission
integration proceedings
has received
has
asked
against the
SEC
permission to in¬
integration proceedings and also in the
integration proceedings of Electric Bond & Share
Co., the Middle West
Corp., the North American Co. and the United
Light & Power Co.
The
SEC has permitted the
Pennsylvania Commission to intervene in the
Electric Bond & Share integration
proceedings.—V. 150, p. 1615.
tervene in the Standard
system's
Sterchi Bros. Stores, Inc.—Sales—
Net sales for the month of
March, 1940 weie $467,904 as compared with
This is an increase of $28,515 or
6.49% over
March last year.
Net sales for the three months ended
March 31 this year were $1,187,925
as compared
with $1,113,191 for the same three months of
1939.
This
reflects an increase of $74,734 or
6.71% over the 1939 figure.—V. 150,
p.1789.
Stewart-Warner Corp. (&
Operating profit.____
Other income.
$190,192 loss$214,218
Superheater
Co.—Earnings—
1940
$205,380
114,489
Inc. from other sources.
Profit on sale of reacq'd
1939
1938
Ioss$7,456
251,261
income
Exclusive of
p. 2270.
....
our
;
..
Taxes, other
■
Schwabacher & Co
than
$445,103
143,137
$243,806
$180,134
317,770
395,856
68,868
61,332
49,689
$118,802
$7,119,049
Federal income taxes
24,000
33.236
151,543
$1,903,968
1,430,586
$7,270,592
3.584,079
$7,206,425 $4,771,626
4,931,830
1,802,974
leases
306,659
Prov. for depl. & deprec.
454,738
Properties abandoned214,418
908,310
1,381,783
419,605
Other income
Total income
Tntang. develop, expend.
Rents
of
undeveloped
Superior Oil Co. (Calif.)—Debentures
Offered—Financing
April 17 with the offering
debentures, due April 1,1950, through
an
underwriting group headed by Dillon, Read & Co.
The debentures were
priced at 100 and accrued interest.
This issue, which has been
oversubscribed, represents the first
public borrowing by this company.
Dated April 1, 1940; due April 1, 1950.
Interest payable A-O.
New York, trustee.
Profit
(net)
Cr40,970;
Surplus
Dividends
income for each fiscal
year, as provided in the trust
agreement. Company is to be entitled to a credit, in
respect of any sinking
fund
obligation, for debentures theretofore redeemed otherwise than
through the sinking fund and not previously credited. Retirements for the
sinking fund may be effected by the deposit of debentures for
cancellation,
or by redemption at their
principal amount plus accrued interest.
The debentures
are to be redeemable, other than for
the sinking fund, as a
following percentages of the principal
103% if red. before April 1, 1942; 102% if red. on or after
April 1,1942 and before April 1,1944; 101% if red. on or after April
1, 1944
and before April 1, 1946; 100 4^ % if red. on or after
April 1, 1946 and before
April 1,1948; and 100% if red. on or after April 1,1948 and before
maturity;
together, in each case, with interest accrued to the date of redemption.
Company—Incorp. in California Oct. 31, 1936 pursuant to a consolidation
agreement.
Company is engaged in the acquisition through purchase,
lease, of otherwise of prospective and proven oil lands; the exploration and
development of such lands; and the production and sale of crude oil and
natural gas.
Company is not engaged in refining or processing crude oil.
Its crude oil producing operations are carried on in
California, Illinois,
Indiana, Louisiana, New Mexico, Oklahoma and Texas; and its properties
include oil and gas acreage held, principally under
leases, in these States.
The crude oil produdtion during December, 1939, after
deducting partner¬
ship and royalty interests of others, averaged 22,805 barrels daily.
Oil, natural gasoline and gas produced and purchased by the company
are for the most part sold to other oil and
gas companies at the company's
or
In
or
a
63,170
5,476
$816,108 def$341,716 $1,086,696
105,754
531,269
*
Liabilities—
on
hand
$2,197,302
1,390,499
351,948
320,942
1,062,362
11,450,869
Accounts receivable
Inventories
Materials and supplies
Investments & advances
Properties (net)
Deferred charges
1,152,447
Bank loans, due within year.
Accounts payable.
Accrued wages
62,285
taxes
...
Reserve for income taxes
Bank loans
Capital surplus
.........
Earned surplus
Total
$17,926,368
......
$1,100,000
807,198
Accrued interest..
Accrued excise, prop. A sund.
Trade notes payable
Land purch. contracts, Ac
Capital stock ($25 par)
Total
36,241
270,382
254,091
3,150,000
1,228,334
22,138
10,625,350
86,347
284,002
....$17,926,368
-V. 150, p. 2440.
Sutherland Paper
Quar. Ended Mar. 31—
Co.—Earnings—1940
1939
x
1938
1397
$115,653
$194,905
$215,270
$0.40
Net profit
$201,140
Earn, per sh. on 287,000
shares capital stock.$0.70
x
$0.68
$0.75
After depreciation and Federal taxes.
The
net
profit for the 12 months' period ended March 31, 1940, was
$808,678 compared with $505,894 for the 12 months' period ended March 31,
1939.—V. 150, p. 2270.
in part at any time at the
field storage tanks.
Cr 16,958
Balance Sheet Dec. 31, 1939
Assets****""
Cash in banks A
Swift & Co.—Bonds Called—
amount thereof:
wells
Cr 14,101
205,323
def$465,565
105,754
agreement.
of consolidated net
449,592
866,826
577,020
904,228
Cr44,616
Cr71,239
75,341
,.
Sinking Fund and Redemption—Company is to covenant that it
will,
semi-annually beginning April 1,1941, retire debentures for the sinking fund
in the following principal amounts: the first five
instalments to be of $100,000
each, the next four instalments to be of $500,000 each, and the
remaining
10 instalments to be of $750,000 each; such retirements
being sufficient in
the aggregate to retire all of the debentures
by their maturity. Company is
further to covenant that it will retire for the
sinking fund an additional
amount of debentures equal to
10% of the excess (if any) over $1,000,000
623,785
1,039,230
sales of props.
on
Amt. recovered in settle¬
ment of claims.
Int. on notes pay., &c___
City Bank Farmers Trust Co.,
Dillon, Read & Co., New York,
Debentures are not to be secured. The trust
agreement is not to authorize'
the issuance of any additional securities
thereunder, but is to contain no
provisions restricting unsecured indebtedness.
Company is, however, to
covenant that it will not create, assume or
guarantee any secured indebted¬
ness (with certain
exceptions) without providing that the debentures shall
be secured equally and ratably therewith.
Company is to covenant not to pay any cash dividends
except out of
consolidated surplus earned
subsequent to 1939 and unless consolidated
earned surplus is at least $500,000.
Consolidated current assets are at least
2 Yt times consolidated current liabilities and
consolidated net current assets
are at least $1,000,000; all as
provided in the trust
145,692
483,466'
475,227
$7,072,609 $4,657,909
133,815
113,717
$830,109
proportion of earnings of Canadian affiliate.—V. 150.
paying agent.
293,281
39,682
$1,870,732
_
_
1 83,245
x$174,938
,
793,036
553,561
35,000
841,554
693,551
18,000
sub
for the company was carried out
of $10,000,000 S}4%
whole
453,621-
Fed.
Operating income....
87,383
,
,
Doubtful receivables
of wholly
owned
$1,013,354
x$232,486
100,000
,
Year Ended 10Mos.End.
Aug. 31, *39 Aug. 31, '38Aug. 31, '37
$3,879,822 $13,436,386 $11,721,617 $7,736,861
877,134
3,665,230
2,606,987
1,642,978
200,022
605,697
367,143 ^
307,590
Loss
$319,869
100,000
100,000
Year Ended
168,619
_
income
Gen. & adm. expenses.
425,115
for Federal taxes, &c_.
x
expenses
100,000
&
Durst
,
Dec. 31. '39
Geophysical expenses
Geological, land & engin.
1937
$51,383
128,752
-
Pacific Co. of California."..
300,000
Sales & other oper. revs.
Cost of sales
-
stock
Total gross income.__
Deprec.
on
plant
and
properties & provision
Net
154,310
$841,257
$0.67
$0.12
Hardgrove
O'Melveny-Wagenseller
4 Mos. End.
$995,567
948
Ferris A
400,000
400,000
400,000
Comparative Income Account for Stated Periods
•>
3 Mos. End. Mar. 31—
Profit from plant oper__
company
43,917
$1,025,353
Dr29,786
$146,275 loss$215,166
$328,202
$0.26
400,000
Union Securities
Corp
Eastman, Dillon & Co...
150,000
150,000
100,000
100,000
100,000
Brush, Slocumb & Co.'
E. W. Clark A Co..
Elworthy A Co
400,000
Spencer Trask A Co
Tucker, Anthony & Co
250,000
200,000
200,000
Murphy & Co..
_•
Whiting, Weeks & Stubbs, Inc.
400,000
400,000
Inc
$2,055,577
1,030,224
$226,468 loss$ 171,543
Pr36,276
Pr42,675
106,776
Net profit
Earns, per sh. on cap. stk
—V. 150. P. 1951.
William R. Staats Co.
G. M.-P.
Blodget,
$923,611
1,095,154
$434,978
Federal income tax
Lee Higginson
Corp
Riter&Co
250,000
Laurence M. Marks & Co....
Emanuel A Co....
1,000,000
400,000
Kidder, Peabody &Co
1937
$424,397
10,581
Profit.
Hemphill, Noyes & Co
1,000,000
E. H. Rollins &
Sons, Inc
Stone A Webster and
1938
$1,234,618
1,008,150
2595
on
.$1,400,000
1,200,000
Lehman Brothers
White, Weld A Co
Subs.)—Earnings—
1939
was
Dillon, Read A Co
Mellon Securities Corp
$439,389 for March, 1939.
3 Mos. End. Mar. 31—
1940
Gross profit from oper'n
$1,364,595
Expenses940,198
indebted
Dec. 31, 1939 in the amount of
$4,250,000 to
National City Bank, New York on
4Y% notes, of which $2,250,000 were
repayable at the rate of $150,000 quarterly
commencing Jan. 1, 1940 and
$2,000,000 were repayable at the rate of $400,000 on
Sept. 1, 1940 and
$100,000 quarterly thereafter.
Such bank loans are to be
paid out of the
proceeds of the sale of the debentures.
The agreement, as
amended, pur¬
suant to which such bank loans
were made permits the
company on or
before Jan. 15, 1941 to borrow
(subject to the terms and conditions of the
agreement) from said bank an additional
$3,COO,000, to bear intereet at
4% and to be repayable at the rate of 20% within one
year from date and
5% quarterly thereafter.
Company's privilege with respect to such ad¬
ditional borrowing is not to be canceled.
Company was also indebted on Dec. 31, 1939 to National
Supply Co. of
Pittsburgh (a non-affiliated company) in the amount of
$1,228,334, of which
$627,011 was evidenced by 4%
promissory notes, and additional 4%
promissory notes have since been given for the balance.
Such notes are
repayable in monthly instalments from
Sept. 15, 1942 to March 15. 1943.
Such notes are to be
paid out of the proceeds of the sale of the debentures.
Company also had outstanding on Dec. 31 1939, land purchase
contracts,
&c., in the aggregate amount of $22,139. repayable after
Dec. 31, 1940..
Principal Underwriters—The names of the principal underwriters and the
principal amounts of debentures severally to be
purchased by each, are as
follows:
Hearing
integration plan and to withold action
own
Company
A
total
of
15,
1950
May
accrued
$1,000,000
first mortgage sinking fund 3^% bonds, due
been called for redemption on May 15 at par and
Payment will be made at the First National Bank of
at the Irving Trust Co., N. Y. City.—V. 149, p. 4042.
have
interest.
Chicago,
or
Tampa Electric Co .—Earnings—
Period End. Mar. 31—
Operating
Gross
after
1940—Month—1939
$427,615
$399,902
136,975
136,547
revenues
income
1940—12 Mos.—1939
$4,785,836
$4,477,765
141,535
141,176
re¬
tirement accruals.,
Net income
1,495,018
1,487,947
—V. 150, p. 2271.
Tide Water Associated Oil
1,498,536
1,490,551
Co.—Earnings—
3 Mos. End. Mar. 31—
1940
Net income
$3,217,720
1937
1??9_
1938
.
$671,682
$2,687,764
$2,479,662
Earnings per share
$0.50
$0.11
$0.42
$0.39
x After all
charges and provision for Federal income tax and preferred
dividend requirements,
y On common stock.
Company reports total revenue during the first quarter of 1940 in the
amount of $35,289,340, as compared with $30,159,749 in the first
quarter
of 1939.
Costs and operating expenses for the 1940 quarter amounted to
$30,973,209, as compared with $28,775,083 for the first quarter of 1939.—
V. 150, p. 1953.
x
„
y
report dated March 9, 1940, E. DeGolyer, oil expert, states that the
company estimates its net oil reserves, considered proved as of Dec.
31,
1939, at 130,000,000 barrels, of which 80,000,000 are in California and
30,000,000 are in Louisiana, and that it further estimates that wells
already
drilled are capable of producing some 57,000,000 barrels of such,
total
reserves.
*
Purpose—Of the net proceeds from the sale of the debentures (estimated
at
$9,69o,000,
exclusive of accrued interest and after deducting estimated
expenses), a portion is to be applied, simultaneously with the issuance of
the debentures, as follows:
(a) $3,950,000 to pay in full to National City
Bank, New York, company's bank loans outstanding at the time of issuance
of the debentures and (b) $2,062,716 (including an estimated
$300,000
for purchases during March, 1940) to pay in full to The National
Supply
Co. the company's indebtedness as of March 31, 1940 for
equipment pur¬
chased under
line of credit extended by that company.
No specific allocation of the balance of the net proceeds has been or is
intended to be made.
Such balance is initially to become a part of the
a
company's general funds, and as such may be used for such purposes as the
management may from time to time determine. Company estimates at the
present time that it will, over the course of the next two years, expend a
sum
in
in excess of such balance in drilling wells on some of its proven property
and the Mid-Continent area; and the present financing is
as
revenues
care,
in part, of the cost of such development.
Capitalization—The capitalization of the
follows:
company as of Dec. 31,1939 was
'
.
Prop, retire't
res. approp
Net oper. revenues.
Other income (net)
Gross income
Int.
mortgage bonds.
interest
on
Other
-
Net
income
Co.—Earnings—
1940—Month—1939
$716,666
$685,699
273,057
289,727
95,69/
85,097
83,333
83,333
$264,579
1940—12 Mos.—1939
$8,553,857
$8,447,321
3,339,377
3,555,150
1,100,670
1,000,000
1,036,568
1,000,000
940
$227,542
5,335
$3,113,810
11,460
$2,855,603
12,993
$265,519
140,542
$232,877
140,542
2.619
$3,125,270
1,686,500
31,774
$2,868,596
2,686
$122,291
$89,716
$1,406,996
375,678
$1,150,506
375,678
$1,031,318
$774,828
Dividends applicable to pref. stock for the period
1.686.500
31,590
'
Authorized
Capital stock (par $25)
.
expenses.....
Direct taxes
California
being undertaken to take
WB
Texas Electric Service
Period End. Jan. 31—
Operating
Operating
1,000,000 shs.
Outstanding
423,014 shs.
Balance
—V. 150. p.
-
1457.
1940—Month—1939
1940—12 Mos.—1939
$895,/33
$924,164 $11,486,856 $11,227,785
346,648
351,876
4,569,123
4,668,177
95,619
98,299
1,211,778
1,088.280
90,179
90,762
1,088,310
1,084,043
386
146
3,296
1,896
Operating revenues
Operating expenses
Direct taxes
Prop, retire't res. approp
Amort, of lim.-term inv_
S362.901
$363,284
177,708
10,000
11,910
10,000
5,724
Other int. & deductions.
income....
150
$39,894
$1,970,204
865,050
865,050
Detroit
Bonds
on
150,000
150,000
150,000
150,000
150,000
80,000
80,000
150,000
'
Trustee—
Manufacturers
247,211
69,867
212,922
76,878
$340,097
$317,213
142,172
23,519
70,750
offering. Sale of these shares does not represent new financ¬
ing by the company. It is understood that this block of stock
was acquired from estate holdings.
$148,672
219,000
$80,773
225,150
subsidiaries April 12 filed an answer to the Securities
Commission's integration order, charging that the order
SEC against the system "is defective in law and place no duty
upon the respondents to answer or proceed to a hearing."
The answer also
questions the constitutionality of Section 11 (B) of the holding company
March
31,
1940
Liabilities—
3,640,000
Common stock.. 2,429,318
a
was
cUicl r6£tsoriabl© lissis **
The company says it will dispose
for
303,608
60,452
311,728
Bank loans...
8,000,000
Funded debt
2,460,000
Surplus
b Treasury stock __
43,136,531 44,187,506
2,429,318
no
Total
par
shares,
107,584
8,000,000
2,460,000
26,135,950 27,041,456
Z>r153,689
107,834
and taxes
43,136,531 44,187,506
b Represented by
terms of the Act."
1,800
SEC Hearing
shares preferred stock,
c 145,600 no par shares in 1940 and 147,500 in
1939.
d Market value March 31. 1940 was less than cost by $10,675,838
and less than cost by $12,371,047 in 1939—V. 150, p. 703.
Triumph Explosives, Inc.
On
a
-Extra Dividend-
Weekly Output—
ing April 13,1940, 104,651,297 kwh.; same week last year, 92,835,053
an increase of 11,816,244 kwh. or 12.7%.—V. 150, p. 2442.
Pay25-Cent Common Div.—
1940
$11,527
declared
current payment
1938
$395,144
will amount to 35 cents per
A hearing has been set
Twentieth Century-Fox Film
Corp.—Option Voted—
April 16 voted to grant
an
United
for April 30, 1940 in the
Securities and Exchange
Washington offices on the application (File 54-23) of the
Illuminating Trust and the Illuminating Shares Co. for an order
approving
to
for
their
a
plan of simplification under Section 11 (e) of the Act providing
and the divestment of their control of the United
termination
Illuminating Co.
The plan provides for the termination of the United Illuminating Trust
by a vote of not less than 4-5 of the trustees approved by a vote of not less
of the
share.—V. 150, p. 447.
Co.—Hearing—
Commission's
option
Darryl*F. Zanuck, Vice-President and nead of production, to purchase
100,000 shares of common stock either at $13 a share or at a sum $1 in excess
average price at which sales were made on the last business day
before approval of the plan, whichever is the higher.
The option will
run from Aug. 22, this year, to March 31, 1947.
The option is to be granted as an inducement to Mr. Zanuck to enter into
a
new employment contract with the company for the period it covers
With no change in his present salary of $255,000 annually.—V. 150 p 2273.
dividend of 15 cents per
dividend of 10 cents per share on
25 cents per share on the class A
holders of record April 20.
Arrearages after
regular quarterly
United Illuminating
2118.
Stockholders at their annual meeting
a
stock, both payable May 1 to
1939
x$20,418
Corp.—Class A Dividend—
United Drill & Tool
Directors have
share ordinarily due at this time and a
account of accumulations, or a total of
Co.—Earnings—•
3 Months Ended March 31—
just
end¬
kwh.;
U. G. I. system companies for the week
figures for the same week last year are as follows: Week
The electric output for the
closed and the
dividend of 25 cents per share on the common
Net loss after deprec., expenses, &c_.
p.
'death
United
Gas to the SEC's "death sentence" order.—
stock, payable May 2 to holders of record April 22.
This will be the first
dividend paid since Jan. 31, 1938 when 20 cents per share was disbursed.
—V. 150, p. 1458.
150,
Securities and Exchange Commission announced, it
certain contentions raised by the company and its
subsidiaries regarding its integration and simplification under the
sentence."
The basis for the argument will be the answer filed by
.Directors have declared an extra dividend of 2 3^ cents per share in
to the regular quarterly dividend of five cents per share on the
capital stock, both payable May 1 to holders of record April 20.
Similar
amounts were paid on Feb. 1, last.—V. 150, p. 1618.
Truax-Traer Coal Co.—To
April 24—
April 24, the
will hear argument on
addition
Directors have declared
Nashville
Gas & Heating Co.
ferred stock holdings in
securities
purchased
of its security holdings in
(Tenn.), and Concord Gas Co. (N. H.), and its pre¬
Kansas City Gas Co. and Wyandotte County Gas
Co. (Kan.), whenever a reasonable opportunity is afforded.
,
"As to the substantial investment of U. G. I. in Erie County Electric
Co. the retention is in nowise detrimental to the interests of consumers
and investors nor to the proper functioning of U. G. I., but U. G. I. intends
to continue its efforts looking to exchange thereof for properties in an area
contiguous to its other utility interests,' it is stated.
"Pursuant to the policy under which certain Commonwealth Utilities
Corp. interests in Ohio and elsewhere were exchanged in 1930 for utility
properties in and around Coatesville and Kenneth Square, Pa., it is intended
that Arizona Power Corp. be likewise exchanged, following which Com¬
monwealth Utilities Corp. would cease to be a holding company under the
3,687,500
2,429,318
302,977
payable
order, con¬
violation of,
for that reason the proceedingf
and the notice and order is and are unwarranted and of no force or effect.
The U. G. I. in its answer also asserts that it has been its policy to dispose
of isolated utility properties in its system.
"United Gas Improvement,
it is stated, "proposes to continue its efforts to sell the security holdings for
cash or exchange them for other utility investments in or contiguous to its
regional area when opportunities arise for such sale or exchange on a fair
the Constitution of the United States, and
Int. accrued & div.
Due
_
„
Furthermore, that U. G. I. and its subsidiaries have been advised that:
holding company Act of 1935 which are
$
$
Preferred stock
c
J
"The sections of said public utility
relied on by the Commission or referred to in the notice and
stitute legislation by Congress which is prohibited by, and is in
1939
1940
3
,
Co."
Dec. 31, 1939.
1939
„
SEC "death sentence" as defective United Gas Im¬
Commission has made no determinations "under
the exemption applications filed by Public Service Corp. of New Jersey,
Reading Gas Co., the Bridgeport Gas Light Co., and the Hartford Gas
In challenging the
provement Co. states the
Res've for expense
Profit.—V.
Exchange
issued by the
$346,310
228,450
106,063
14,612
70,750
40,581,137 41,768,508
Cash
2,154,253
1,951,190
Rec.forsec. sold..
6,704
Special deposit for
int. and divs...
272,858
272,227
Int. & divs. receiv.
122,210
194,950
Integra¬
Challenges SEC—Doubts Power In Reply to Recent
tion Show-Cause Order—
$576,064
124,314
26,554
78,885
§
3Yi%
United Gas Improvement Co.—Common Stock Offered—
Dillon, Read & Co. and Drexel & Co. offered after the close
of the market April 17,296,336 shares of common stock at
the closing price of 12
Before the end of the day the
bankers announced that the books had been closed on the
394,734
142,480
6,574
d Investments
x
is trustee and registrar for $7,000,000
1955, of this company.—V. 150, p. 2442.
'
Trust Co.
debentures due April 1,
$32,275
on
^
....
The company and
$27,413
$65,384 less than
Truscon Steel
y
Goldman, Sachs k Co., fiscal agents, is notifying
will redeem on May 13, 1940 all
of 105% and accrued interest.
Holders should present their bonds for payment on May 13, 1940 at the
office of the fiscal agents, 30 Pine St., New York City.
Holders of the redeemed bonds may surrender them on or after April lo,
1940 and receive the redemption price and accrued interest to May 13.
1940 after which date the bonds snail cease to bear interest.
Balance Sheet March 31
•
dividends,
Company through
and
Before profit and (or) loss on sale of securities.
unrealized depreciation of investments on
Represented by
y$254,149
459,054
$0.50
Before provision for surtax
holders of its 5% debenture bonds, that it
of these bonds at the redemption price
1937
$23,018
1940
a
459,054
$0.50
1937
1938
y$238,222
459,054
$0.47
$250,890
459,054
$0.50
$249,336
After allowing for preferred
(& Subs.)—Earnings—
1939
1940
undistributed earnings.
200.000
1938
1939
The
Total
said that the financing has been arranged
bank on what he described as more
150, p. 2442.
Debentures Called—
375,000
$162,172
218,400
1
stock.
privately with the company's own
x
on
50,000 shares
stock with warrants attached for
United Biscuit Co. of America
375,000
200,000
$294,301
50,781
10,597
70,750
Pref. divs. declared
Office—
Inc.—Arranges Private
Stores,
Food
Premier
Act of 1935.
♦Net Income
»\33Ct3
249,475
Carbon Corp.—New Transfer
Quar. End. Mar. 31—
Net profit after int., depreciat'n & Fed. taxes
Shs. com. stk. outst'g..
x Earnings per share
375,000
375,000
150.000
262,293
debentures
or
249,475
Samuel Friedland, President,
for
375,000
underwritings
$10,675,838,
20,790
2441,2273,2118.
advantageous terms.—V.
$1,905,000
950,000
950,000
420,000
375,000
375,000
405,000
405,000
175,000
_
Taxes
♦
20,790
48,861
announced earlier
Debentures
$805,000
$32,008
Expenses
on
*249,735
par) $2.50 cumulative preferred
50.000 shares of $1 par value common
pref.
Total income
Int.
*271,833
The company has withdrawn its financing program
month under which the company proposed to issue
Divs. (excl. divs. on cor¬
Comm.
2,917
-*22.959
($15
Tri-Continental Corp.—Earnings-
Fees for invest, service.
3,919
this
Purpose—The net proceeds from the sale of the bonds and debentures, to
$6,132,763, will be applied to the redemption at 102%, of $6,013,000 of the company's 4% sinking fund debentures due 1948.
The
balance of the proceeds will be used principally for additions and improve¬
ments made or to be made to the company's properties and the remainder,
if any, will be added to working capital.
The company intends, during the course of the next 18 months, it is
stated, to carry out a construction program under which it will expend
approximately $4,000,000 of the proceeds from the sale of the securities for
improvements.
Such improvements, it is stated, wUl consist principally
of the installation in its Acme Electric Generating Station of a 50,000 kw.
turbo-generator unit at a cost of about $800,000, two high pressure steam
boilers at a cost of about $780,000, and certain other additions to its sub¬
station equipment and distribution system.
Underwriters—The names of the underwriters and the amounts to be
taken by each are as follows:
poration's own
stock held)
$520,235
133,936
87,703
$534,408
133,936
87,226
41,413
Pref. div. requirements.
the extent
Interest received..;
7.468
$17,322
income.
Union
102 and int.
1940
$44,505
11,161
Financing—
syndicate
headed by the First Boston Corp., Halsey, Stuart & Co.,
Inc., and Smith Barney & Co. April 19 offered $3,000,000
1st mtge. bonds, 3%% series due 1970 at 104and int.
and $7,250,000 32^% sinking fund debentures due 1960 at
3 Mos. End. Mar. 31—
$518,350
1,885
deductions
—V. 150, p.
Colonel
Offered—A
Otis & Co
3,643
(net)
Union Carbide &
Mr. Warner also will be Comptroller, with L. C. Haltug as
Comptroller.
Ralph H. Trese was elected a Vice-President.
The company voted to change the end of the fiscal year from Dec. 31
to June 30, beginning this year.
Future meetings of stockholders will be on
the second Tuesday in October.—V. 150, p, 2272.
Mellon Securities Corp.
—V. 150, p. 2272.
$530,765
Dr 39
Corporation has notified the New York Stock Exchange that, effective
22, 1940, its stock transfer office will be located at Room 2001.
21"West Street, New York, N. Y.—V. 150, p. 1953.
Secretary.
...
$44,544
1,779
April
Assistant
First Boston Corp
Halsey, Stuart & Co., Inc
Smith, Barney & Co
...
Harris, Hall & Co..
E. H. Rollins & 8ons, Inc
Blyth & Co., Inc.
Bonbrlght & Co., Inc
Harriman Ripley & Co., Inc
Goldman, Sachs & Co
Stone & Webster and Blodget, Inc.
Hayden, Miller & Co
18,560
114,000
7,492
Gross income
Bond interest
$1,105,154
18,299
118,299
11.161
Net
H. W. Alden, one of the incorporators of this company and
of its Board since 1922, resigned at the annual stockholders'
Co.—Securities
$39,744
Other
meeting held April 9.
Williard F. Rockwell was elected to succeed
Alden, who will continue as a director in charge of engineering.
Walter F. Rockwell was elected President and 8. W. Warner of
Edison
Net oper. income
Non-oper. income (net).
169,217
Timken-Detroit Axle Co.—New Chairman—
Toledo
10,207
Other interest
—V. 150, P.1457.
Colonel
1 5,339
8,548
120,000
$2,266,032
$177,143
$183,655
preferred stocks for the period
Balance
Chairman
15,664
1,815
Social security taxes
$4,391,921
2,132,500
$1,400,982
Divs. applicable to
146,802
Fed.(incl. income) taxes.
120,000
131,478
$383,273
170,417
Gross income..
Int. on mortgage bonds.
Int. on deb. bonds.....
State & munic. taxes—
$204,843
132,974
$212,573
$4,385,389
6,532
1940—12 Mos.—1939
$2,541,427
$2,601,442
1,704,613
1,742,797
185,904
191,282
1940—Month—1939
Operating revenues
Operating expenses..—
$4,628,135
2,110,625
192
& Electric Co.—Earnings-
Period End. Mar. 31—
$4,614,349
13,786
$383,081
383
Net oper. revenues—
Other income (net)
Net
Twin State Gas
Light Co.—Earnings-
Texas Power &
Period End. Jan. 31—
April 20, 1940
Chronicle
The Commercial & Financial
2596
than
«
80%
of the class A stock of the
Illuminating Shares Co. It also
Shares company of 579,651
provides for the transfer by the Trust to the
shares of stock of the United Illuminating Co
The Shares company
wilj
Volume
The
150
Commercial <6- Financial Chronicle
1,159,302 shares of its outstanding class A
one share for each two shares of class A stock.
Certifi¬
interest in the cash of the Illuminating Shares Co.
remaining after payment of its expenses and liabilities will be issued to
holders of its class A stock.—V. 150, p. 2442.
exchange these securities for
stock
cates
on
the basis of
representing
2597
Sale of Gas Properties in Tennessee—All
Co. and Fayetteville Natural Gas Co.
the securities of Chattanooga Gas
owned by company, and all the
securities of Cleveland Gas Co. owned by United Light & Rys. Co., were
sold in Jan., 1940.
The securities of Chattanooga Gas Co. were sold to
Federal Water Service Corp., and the securities of the other two companies,
serve small communities adjacent to Chattanooga, were sold to A. J.
Goss. These sales were approved by the SEC.
*
which
United States & Foreign Securities
3 Mos. End. Mar. 31—
divs. received
$337,999
42,688
Int. received & accruedOther income
1939
1940
Cash
Corp.—Earnings—
'
;s
1938
$262,147
39,382
$285,101
40,190
1937
$391,732
40,187
1,153
-
Total income
$380,686
$301,529
$325,291
$433,072
lossl51,309
64,103
loss139,990
48,123
Net realized profit on in¬
vestments
Proceeds of cash and
se¬
curities receivable
xCrl6,416
Consolidated Income Account for
Years Ended Dec. 31
Sub. Oper. Companies1939
1938
1937
1936
Operating revenues.__ —$91,141,674 $87,096,006 $89,531,270 $85,022,439
Electricity and gas purchased for resale
10,823,135
10,628,797
11.546,757
8,741,942
29,577,8C0
30,515,367
Operation
31,075,282
30,578,213
Maintenance
4,814,037
4,685,184
4,910,329
4,689,617
Prov. for depreciation..
8,421,643
9,375,135
9,088,663
8,341,392
Prov. for res. for amort.
120,000
120,000
120,000
Taxes
10,632,977 al0,824,716
a9,265,442
11,720,881
-
....
Capital stock and other
8,698
6,500
12,584
11,851
Prov. for Fed. inc. taxes.
Other expenses
34,000
43,208
14,800
41,112
22,176
4,000
40,383
38,848
Net profit for 3 mos..
$139,585
$314,284
$118,742
$427,148
taxes.-
x
-
Proceeds of cash and securities received in settlement of
Reichsmark
Net
earns,
from utility
$23,111,070 $22,233,731
157,603
10,702
operation.....
Other income (net)
Total net earnings
Int.
on
long-term debt..
$23,268,674 $22,244,433 $24,409,226 $23,779,262
6.557,-485
6,793,542
6,717,140
6,960,643
Amort. of debt discount
balances.
and expense
Balance Sheet March 31
1940
$
Liabilities—
Cash.......
810,372
b 1st pref. stock..19,484,600
1,589,925
Divs. rec., int. ac¬
c
122,923
crued, Ac
Securities sold
e
Common stock.*.
Securities
345
__
Securities (at cost) 31,440,288
Reserve
Inv. in U.S. A Int.
Securities Corp.
4,950,000
100,000
for
100,000
157,347
on
33,678,0411
111,500
1,025,891
84,850
984,459
6,487,547
Divs.
...32,373,928 33,678,041
Total
b 194,846 (210,0Ck» in 1939) shares (no par) $6 cum. div.
50,000 shares
(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 shares.
f Calculating the investments in the 2d pref. and common stocks of
United States & International Securities Corp., in the 2d pref. stock of
German Credit & Investment Corp., and in the 15,000 shares of the cor¬
poration's own common stock each at the nominal value of $1, securities
without quoted market prices at cost of $716,650, 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)
of approximately $34,348,000, which was $2,907,711 in excess of the above
book values.
3,926,457
3,843.996
3.871,043
3,922,757
200,591
202,056
204,540
204,746
2,532,116
2,532,091
2,547,461
2,549,818
1,924,372
527,307
429,795
long-term debt..
1,851,347
2,209,025
671,083
549,539
652,815
a328,984
and expense.
on
pref. stocks held
by public
Min.
in consol.
int.
net
inc. of subsid.
holding
companies.
Gen. int., expenses, &c_
State,local & misc. taxes)
...
32,373,928
56,830
$14,253,648 $13,032,283 $15,312,420 $14,664,640
Sub. Hold. & Inv. Cos.-
Int.
21,185
Operating surplus- 6,494,591
.....
392,100
1,705,047
296,812
Amort, of debt discount
taxes
Capital surplus.__
Balance
4,950,000
purch'd
A accrued exps.
1
1
377,807
1,705,047
473,895
1,705,048
239,666
636,985
1,673,838
146,718
pref. stocks
21,000,000
50,000
but not received
f31,990,476
on
Miscellaneous
50,000
.
d General reserve.
97,638
but
not delivered-
2nd pref. stock.
Divs.
1939
$
1939
1940
Total
$24,141,225 $22,688,052
b268,001
1,091,209
c
Federal income taxes.
__
683.038
r
Balance..
130,355
a218,463
Cr2,558.224 Cr2,388,931
Interest & dividend inc.Cr2,623,618 Cr2,414,597
$5,769,720
$8,005,062
$7,219,721
234,168
49,873
2,245,978
191,556
a209,406
2,315,556
183,909
47,751
2,318,073
38,085
Cr 15,998
138,359
39,084
CV29.249
141,800
38,746
Cr74,604
141,975
47,071
Cr27,320
$4,598,654
$3,091,506
$5,182,602
$4,508,262
$7,419,088
United Lt. A Pow. Co.—
General expenses...
292,011
146,733
2,222,583
State, local & misc. taxes
Int. on long-term debt..
Amort, of debt disc, and
4
137,020
expense.-
Miscellaneous...:
...
Interest & dividend inc.
*
2,120,975
J
1
'
Securities include
15,000 shares of common stock of the corporation at
$25 per share.
This stock is under option to the President at its
price until March 1, 1942.—V. 150, p. 1008.
cost of
cost
United Light & Power
The
Co.—Gets Permit To Reduce Debt—
Securities and Exchange Commission granted permission April
Consolidated net inc..
certain
preferred stock of the United
Light & Ry. Co., a subsidiary,
;
under terms of a rule by the SEC that permits
holding companies to buy up a maximum of 1 % of the total amount of each
class of their securities without express permission of the Commission.
ftfrThese purchases were made
Having reached that limit, United was required to obtain the SEC's ap¬
proval for additional acquisitions.
To pay for the debentures, United proposes to spend the remainder of
$829,604 obtained from the sale Jan. 23 of the securities and accounts of
the Chattanooga Gas Co. and the Fayetteville Nitro Gas Co.
The Commission, through its announcement, explained that United
could purchase its own debentures at a discount, and consequently derive a
netprofit.
:-';-
New Chairman—
revenues
16
:
'■
$
3*
a
director.
:
\
/■/
■//
.
Annual Report—
;
Co. still have substantial investments in the common stock and In common
in 1942) of International Paper &
during 1939. The United Light &
Rys. Co. has a small holding of preferred stock of International Paper &
Power Co., on which no income was received during 1939, but on which one
quarterly dividend has been declared during the current year.
.Sales of Gas A Electricity—Gas sales in therms increased 6.7%; while the
revenues from the sales of gas increased 5.8%.
Sales of electricity in kilowatt-hours increased 8.0%; while the revenues
stock purchase warrants (which expire
Power Co., which produced no income
4.03%.
Annual sales per meter to residential
averaged 844 kilowatt-hours compared with 799 kilowatt-hours
in 1938. The average receipts per kilowatt-hour sold in 1939 for residential
use were 4.11c., compared with 4.27c. in 1938.
At Dec. 31, 1939, 917,161 customers were served with gas, compared with
882,210 at the end of 1938. Electric customers at Dec. 31, 1939, numbered
566,655 compared with 550,571 at Dec. 31, 1938.
Taxes—'Company and subsidiary companies made aggregate provision
for taxes of $12,297,410 in 1939. This represented an increase of $1,065,022,
or 9.5%, over the corresponding provision for 1938.
Federal and State
income taxes increased $581,057. General property taxes increased $489,362,
and taxes other than income and property taxes decreased $5,397.
Construction—Construction expenditures of the subsidiary companies for
from that source increased
customers
the year amounted to $13,098,417.
The authorized construction budgets
total $17,246,000, distributed as
for 1940 of all subsidiary companies
follows: Electric department, $11,233,000;
department, $5,061,000; transportation department, $848,000; heat,
ice and water departments, $104,000.
Financial—During 1939, San Antonio Public Service Co. issued 45,000
gas
1939, and retired all of its previously out¬
8% preferred stock of 1925, 10,000 shares of
7% preferred stock of 1926, and 5,000 shares of 7% preferred stock of 1927.
On Jan. 6, 1939, Columbus & Southern Ohio Electric Co. sold $1,900,000
1st mtge. & coll. trust bonds, 3%% series due Dec. 1, 1968. The proceeds
were applied to the partial reimbursement of that company's treasury for
funds previously expended on additions to utility plant.
In 1939, Iowa-Nebraska Light & Power Co. sold at par $2,000,000,
2 %% promissory notes dated July 24,1939, secured by pledge of $3,006,000
first lien & ref. mtge. 5% bonds, series C, due March 1, 1969. The notes are
payable in quarterly instalments of $100,000 each. It also sold 20,000 shares
of its common stock (par $100 per share) to its parent, Continental Gas &
Electric Corp., at par. The proceeds of this financing were used to reduce
the indebtedness of Iowa-Nebraska Light & Power Co. to Continental Gas
& Electric Corp., $1,500,000 of which was incurred to pay off at maturity on
Jan. 1, 1939, the 5% series A 1st & ref. mtge. bonds of Lincoln Public
Service Co. (an underlying issue).
Merger of Milwaukee Suburban Gas Companies with Milwaukee Gas Light
Co.—As of July 31, 1939, with the approval of the P. 8. Commission of
Wisconsin and the SEC., Milwaukee Gas Light Co. acquired the prop¬
erties of Wauwatosa Gas Co., West Allis Gas Co., Lakeshore Gas Co., and
Wisconsin Eastern Gas Co.
These four suburban companies, 100% owned
by American Light & Traction Co. operated in the territory immediately
adjacent to the territory served by Milwaukee Gas Light Co. The entire
Milwaukee metropolitan area is now being served by Milwaukee Gas Light
36,000 shares
or
Co.
■
>
67,906,600
1,238,981
1,245,537
special stock subscription agreements
Deferred charges and prepaid accounts
Unamortized debt discount, premium and expense.
91,173
6,414,297
19,532,912
d Cash.
23,500,908
116,594
6,060,036
20,957,336
22,565,122
—
__
—
Deposits for payment of int. on long-term
dividends on preferred stock (contra) _
debt and
— ..—
2,641,984
10,610,703
Short-term commercial paper
Accounts and notes receivable
528,262
524,607
8,328,147
..586.787,190
...
..
...
lili p. iff-*——**
577,069,460
;
•
$6 cumulative first preferred
b Class A common stock
c Class B common stock
stock
a
.
.
—
Minority int. in com. stocks and surplus of
Long-term debt..
.
.
.—
subs.
...
Accounts payable
Accrued interest
.
.
—
.
...
.
.
...— ..
Dividends payable
Miscellaneous current liabilities.'.....
.
Reserves
.
Contributions for extensions.
.
.586,787,190 577.069,460
Total
a
.
.
Accrued general taxes..
Federal and State income taxes....
no
.
.
—
...
Notes payable (current)
Serial notes of sub. cos. due currently.
/
60,000,000
60,000,000
9,684,768
9,684,768
4,222,304
4,222,304
65.659,093
65,683,093
52,028,556
52,239,151
.271,441,000 269,575,100
2,027,986
2,165,366
5,000,000
5,250,000
950,000
1,370,000
4,217,570
3,977,530
4,150,408
4,146,937
2,633,188
2,863,406
7,334,141
5,593,526
1,404,063
1,403,644
650,192
581,991
85,769,801
94,874,535
1,350,908
1,701,319
.
Preferred stocks of subs, held by public—
Deferred liabilities
10,523,468
8,137,859
Dividends and interest receivable
Materials and supplies
Total.
447,262
398,425
446,842
——-
.
Represented by 600,000 no par shares,
b Represented
shares,
c Represented by .1.053,576 no par shares,
150, p. 2443.
//.
par
by 2,421 192
d Including
time deposits.—V.
United States
International Securities Corp.—Earns.
1940
1938
1937
$271,506
27,889
$290,497
26,296
$354,699
,24,269
34,448
$349,511
$299,395
$316,792/
$413,417
240,748
4,266
4,800
40,332
213,847
3,955
8,500
39,725
228,545
18,109
2,500
38,322
323,911
7,549
7,400
38,664
$59,366
,.
1939
$323,218
3 Mos. End. Mar. 31—
Cash divs. received
$33,368
$29,317
$35,893
26,294 !
Int. received & accruedOther income.
....
Total income
Net
....
realized loss on
vestments
in¬
...
Cap. stock & other taxes
Prov. for Fed. inc, taxes
Other
Net
expenses
profit for 3 mos..
-
Balance Sheet March 31
shares of 6% preferred stock of
standing
■
67,204,189
Investments.
_.
stockholders says in part:
Investments—American Light & Traction Co., a subsidiary, owns 257,841
shares of the capital stock of Detroit Edison Co. on which dividends of $6
per share were paid during 1939, being the same amount paid in the previous
year.
Through another subsidiary, United Lignt & Rys. Co., your com¬
pany owns 71,050 shares of the common stock of Northern Natural Gas
Co.
During 1939, dividends at the rate of $14 per share were received on
this investment as against dividends at the rate of $11 per share during the
year 1938.
The United Light & Rys. Co. and American Light & Traction
William G. Woolfolk, President, in report to
'
446,439,079 437,996,327
Securities in deprec.&insur. funds.
Balances receivable from officers and employees on
Woolfolk, President of the company, was elected Chairman
of the Board at the recent annual stockholders meeting.
F. L. Conrad
elected
1938
1939
1 *
"r
Plant, property, rights, franchises, &c.
William G.
was
of
Consolidated Balance Sheet Dec. 31
\Tv.
,
jA.Ssds
o'
and expenses.
^
for the company to spend $505,175 on the purchase of its own outstanding
debentures.
Since Jan. 23 the company has spent $324,429 in the purchase
of its own debentures and the debentures and
Including surtax on undistributed profits,
b Variation of amount
income as compared with 1936 due primarily to reclassification
a
other
1940
•
Cash
Sec.
but
S
460,483
601,717
-
sold
delivered
1939
S
■V
Assets—
1940
58,500
accrued expenses
not
227,246
not received
Divs. receiv., int.,
112,411
accrued, Ac.
Securities, at cost.42,982,089
56,750
Sees.purchased but
690
...
1939
$
Liabilities—
Reserve for taxes A
109,580
43,202,428
1st pref. stock..23,920,000 23,920,000
500,000
500,000
pref. stock...
9,475,000
Special reserve.. 9,475,000
d Common stock.
24,855
24,855
a
b 2d
c
Capital surplus...
Operating surplus.
Total.....
43,696,907 43,772,491
Total
9,346,831
144,475
9,346,831
449,055
43,696,907 43,772,49i
Represented by 239,200 no par shares,
b Represented by 100,000 no
par shares,
c Set up out of amount paid in cash by subscribers to second
preferred stock,
d Represented by 2,485,543 no par shares.
a
Note—Based
on
market quotations as
owned had an indicated value
amount for which
of March 31, 1940, the securities
(which should not be construed either as the
could be sold or for which they could be
the securities
repurchased) of approximately $29,587,300, which is
$13,394,789 less than
the above book value.
5,000 shares common stock of United States &
Foreign Securities Corp. under option to the President until March 1, 1942
at $25 per share.—V. 150, p. 1790.
Securities, at cost, include
The Commercial & Financial Chronicle
2598
United States Rubber Co.—Produces New Tire Tube—
Production of
a
bullet-resistant, self-healing tire tube for military vehicles
of the United States, believed far superior to anything of its kind in pos¬
session of any foreign army, was on April 15 announced by F, B. Davis, Jr.,
President of this company.
Mr. Davis's disclosure of the tube that in
a
test lost little of its carrying
efficiency despite penetration by 29 "thirty" calibre rifle bullets, was made
to the stockholders of the company in his annual speech to the yearly
meeting in Jersey City.
He also disclosed that the War Department has approved the production
and sale of the tube to foreign armies, subject to State Department policies,
and provided that the orders are for sufficiently large quantities and ap¬
proved in each case by the War Department.
Object of the foreign sale
permission was indicated by Mr. Davis when he said that the authorization
had been given "in order to provide for factory facilities necessary to any
emergency production of this tube for War Department vehicles."
With tne
secrecy hitherto surrounding the tube partially lifted by release
as indicated, some of Its extraordinary characteristics
of the tube for sales
disclosed for the first time to the annual meeting.
"In a test, inflated at 60 pounds air pressure," Mr. Davis
were
told the stock¬
penetrated by nine separated 'thirty' calibre rifle
naif firing period.
Half-hour testing runs occurred
between each three shots.
Then five rifle shots in still another one square
inch were fired into the tube, followed by a half-hour's testing run.
Finally
15 shots were fired in a tearing manner across the top of the tube.
This
was followed by a test run of one hour.
"The tube, after this grueling test, had lost only a fraction of Its air infla¬
tion.
But further than that, Its construction is such that the loss of much
of its air inflation would make very little difference in its load-carrying
efficiency.
"Even the penetration points of the 29 rifle bullets could, in most in¬
stances, only be ascertained with difficulty.
The points of entry and de¬
parture could be found only by close scrutiny.
And even in the event of a
considerable Injury, the tube can be repaired with relative ease and speed.
"Not the least interesting is the enormous range of temperature which
the tube can withstand without its bullet-resistant power being impaired.
Severely high temperature have had no effect on its characteristics, and
tests have disclosed that it will not lose its self-sealing qualities at tempera¬
tures as low as 39 degrees Fahrenheit beiow zero."—V. 150, p. 195*.
holders, "the tube
shots
over an
was
hour and
a
Universal Cyclops Steel Corp.—Corrected Div. Record—
Directors have declared
a dividend of 20 cents (not 25 cents as erroneously
reported in the "Chronicle" of March 16, page 1790) per share on the
stock, payable March 28 to holders of record March 18.
This
common
with 55 cents paid on Dec. 28, last; 20 cents paid on Sept. 30;
""*12^cents paid on June 30 and on March 29,1939; 25 cents paid on Dec. 28,
compares
1938, and 12^ cents paid
on
March 29, 1938; previously regular quarterly
dividends of 25 cents per share were distributee!.—V. 150, p. 1954; V. 149,
p.
3885.
'
Utah
Light & Traction Co.—Earnings—
Period End. Jan. 31—
1940—Month—1939
1940—12 Mos.—1939
Operating revenues
$95,898
$92,889
$1,114,964
$1,100,818
Operating expenses
88,368
83,399
1,024,896
1,000,389
7,207
6,960
87,105
87,824
$323
51,015
$2,530
49,221
$2,963
616,086
$12,605
610,517
$51,338
50,763
$51,751
51,595
896
483
$619,049
612,896
10,037
$623,122
619,515
7,531
$321
$327
$3,884
$3,924
Direct taxes
Net oper. revenues—
Rent from lease of plant*
Gross income
Int.
on
mtge. bonds
Other int. & deductions-
Balance, deficit
-
board,
P.
replacing
H. Lewis Brown.
April 20,
Moses,
R.
L.
Outlook for 1940
was
stated to
Wahl Co.—To Recapitalize—
,
Stockholders at the annual meeting on May 7 will be asked to approve a
plan of recapitalization for the company.
Under the plan each share of the $100 par value 7% preferred stock with
dividend accumulations thereon will receive six shares of 5% $20 par value
cumulative preferred stock and five shares of $1 par value common stock.
In addition, the company is to pay an initial cash dividend equal to $7 a
share on the presently outstanding preferred stock and immediately declare
the first year's regular dividends on the new preferred stock payable in
quarterly installments.
The holder of each lYi shares of the present no
par value common stock would receive in exchange one share of new $1
par value common stock.
Consummation of the plan would make a new capitalization consisting
of 69,558 outstanding shares of 5% cumulative $20 par value preferred
stock, 117,078 Issued shares of common stock and a capital surplus of
$939,710.
The plan would eliminate the existing deficit of $904,387 and make pos¬
sible dividend payments as earnings justify.
No dividends have been paid
on the preferred stock since 1930 and none on the common stock since 1924.
The present preferred stock would receive about 49% of the voting power
of the new company as against but 8% under the present set-up.
The new plan contemplates also merger of the company's subsidiary,
Eversharp, Inc., with the parent concern.—V. 150, p. 448.
Washington Gas Light Co.—Preferred Stock Offered—
The company is offering to holders of its common stock of record April 15.
the right to subscribe for shares of the $4.50 preferred stock, at a rate of
115-2000ths of one share of $4.50 preferred stock for each share of such
stock held at the price of $103 per
will expire at 3:00 p. m. (EST) on April 29.
The aggregate number of shares of $4.50
common
shall have
been exercised.
Underwriters—The
of each of the principal underwriters and the
names
respective percentages of the unsubscribed shares of $4.50 preferred stock
to be purchased severally by each are as follows:
Auchincloss, Parker & Redpath. 20%; Y. E. Booker & Co., 20%; Brown,
Goodwyn <fc Olds. 10%; Folger, Nolan & Co., Inc., 20%; Johnston, Lemon
W. W. MackaUA Co., 10%.
Listing—The outstanding shares of $4.50 preferred stock are listed on the
Washington Stock Exchange, and the company intends to apply for listing
on such Exchange of the additional
24,400 shares. National Savings & Trust
Co. is transfer agent, and American Securities & Trust Co. is registrar.
The $4.50 preferred stock is entitled to cumulative cash dividends at the
annual rate of $4.50 per share in preference to the common stock. Dividends
on the 24,400 shares of the $4.50
preferred stock offered will not commence to
accrue until May 1, 1940.
The holdres of $4.50 preferred stock are each
entitled to one vote per share and upon voluntary liquidation are entitled to
receive in cash $105 per share, upon involuntary liquidation $100 per share.
The $4.50 preferred stock is subject to redemption at $105 per share and
accrued dividends upon 45 days' notice.
It is convertible into shares of
common stock at the conversion price of $33.33 1-3
(subject to adjust¬
ment), the present conversion price being approximately $33, although no
change is to be made in the actual number of shares of common stock
deliverable until the conversion price reaches $30 or less.
& Co., 20%;
Summary of Earnings for Calendar Years
1938
1939
Operating revenues
Operation.
Operating
revenues——
(& Subs.)—Earnings—
$7,908,799
$4,768,813
$2,021,338
20,573
$1,990,142
3,410
$1,674,311
32,367
Int. & other inc. deductions—net
$2,041,911
810,114
$1,993,552
987,569
$1,706,678
946,471
Operating expenses
562,934
467,563
6,187,853
Direct taxes
194,030
186,781
91,000
2,163,693
1,092,000
91,000
Prop, retire.res. approp.
Net oper. revenues—
on
on
$4,172,294
4,603
$4,172,347
5,172
$420,315
192,721
25,000
15,374
$4,176,897
2 287,818
300,000
191,307
$4,177,519
2,332,898
300,000
194,881
$187,220
$1,397,772
1,704,761
$1,349,740
1,704,761
$306,989
Net income
$420,090
225
$178,463
mtge. bonds.
deb. bonds..
Other int. & deductions-
a
1,093,000
$407,182
189,028
25,000
14,691
Gross income
Interest
5,442,250
1,961,965
$406,735
447
Other income (net)
Interest
Net income
Dividends declared
$1,231,797
160,208
$1,005,983
133,821
$760,207
52,621
...
1940—Month—1939
1940—12 Mos.—1939
$1,254,699
$1,165,434 $13,615,840 $12,669,562
$355,021
Divs. applic. to pref. stocks for the period-.:
Balance, deficit
a Dividends
accumulated and unpaid to Jan. 31, 1940, amounted to
$7,671,425
Latest dividends, amounting to $1.16 2-3 a share on $7 pref.
stock and $1 a share on $6 preferred stock, were paid on Jan. 2,1940. Divs.
on these stocks are cumulative.—V. 150,
p. 1458.
Virginia Electric & Power Co.—Earnings—
Period Ended Feb.
29—
Operating revenues.....
Operation
Maintenance
Depreciation
Taxes.
Net oper. revenues...
1940—Month—1939
1940—12 Mos.—1939
$1,648,887
$1,498,783 $19,640,736 $18,322,011
621,429
541,126
7,560,436
7,111,397
132,464
131,870
1,514,224
1,482,361
195,000
178,833
2,272,575
2,167,808
233,070
205,278
2,660,387
2,044,410
$441,675
Dr6,l43
$5,633,114
Drl3,382
$5,51^,036
147,595
$435,532
141,421
$5,619,732
1,749,722
$5,410,931
1,848,983
$317,350
Balance
$466,924
Drl,979
$464,945
Other income (net)
$294,111
$3,870,010
1,171,596
Balance
Preferred dividend requirements
Balance for
common
stock and surplus....
$2,698,414
$2,390,352
3
Feb.
from
opers.
29,
Months
'40
Feb. 29, '40
charges of manu¬
facture, distribution &
$1,924,111
113,856
for deprec
sale of pref. stock....
Bank interest
inc.
taxes.
Net profit
Net income per common
share
$2,000,790
77,903
$4,476,645
233,034
$4,510,811
225,640
$2,037,968
199,831
130,394
$2,078,693
213,870
159,053
$4,709,680
402,776
260,060
$4,736,451
429,665
261,906
16,907
400,782
29,160
37,191
273,881
40,399
1,067,927
29,160
75,897
778,364
$1,290,054
Total income
Deb. int., disc, and exp.
Exps. in connection with
Provision for
Capitalization
as
of Dec. 31, 1939 (Before Giving Effect to Present Financing)
As Above
■
.
.
Authorized
General mortgage 5s, 1960
—
Refunding mtge. bonds: 4 Ji% ser. due 1956-.4% series due 1963
Georgetown Gaslight Co. 1st M. 5s, 1961
$4.50 cum. conv. pref. stock (no par)
$5 cum. pref. stock (no par)
Common stock (no par)
Purpose—Net proceeds
Outstanding
$5,200,000
3,000,000
8,500,000
1,000,000
60,000 shs.
40,000 shs.
900,000 shs.
$5,199,500
2,720,000
8,500,000
1,000,000
35,600 shs.
None
425,000 shs.
,
proposed to be used to the extent of $600,000
to repay all of the company's outstanding bank* loans, incurred for the
acquisition of additional fixed capital.
The balance will be used for the
construction of additions to plants, to install or construct new and ad¬
ditional gas mains and service pipe connections, to purchase and install
meters and other transmission and distribution equipment, and to acquire
new or additional transportation and office equipment from time to time as
the need by the company or its subsidiaries for such facilities or equipment
shall arise.—V. 150, p. 2443.
are
Wilson-Jones Co.—Interim Dividend—New
Officer—
Directors have declared
amount
an interim dividend of 25 cents per share on the
payable May 1 to holders of record April 24.
A like
paid on Nov. 6 last and May 1, 1939, and on May 2, 1938,
stock,
was
dividends
totaling $2.25 per share distributed during the year 1937.
Chicago has been elected a Vice-President.—V. 150,
J. L. Siegenthaler of
p.
2279.
Wisconsin Electric Power Co.—Hearina
Feb. 28, '39
all
Prov.
of $4.50 preferred stock
were outstanding
throughout the calendar year 1939, the dividends on
60,000 shares would have amounted to $270,000. Without estimating any
additional return on the capital represented by said 24,400 shares, the net
income for the calendar year 1939, as indicated above, would have resulted
in dividends on such 60,000 shares being earned approximately 4.56 times.
§ Months
Feb. 28, '39
after
management
Other income—
pref. stock
on
414,767
442,461
145,569
462,878
On the assumption that all of the 24,400 shares
and
(Hiram) Walker-Gooderham & Worts, Ltd. (& Subs.)
Period—
Gross income
common
—V. 150, p. 2443.
Profit
Net operating revenue
Other income
$3,561,948
1,171,595
Int. and amortization...
Drl05.105
1937
$8,257,923
$4,878,341
400,384
470,905
2,444
,
515,707
$9,018,260
$5,183,960
Maintenance
476,170
Prov. for retire, (deprec.) of prop
514,888
Federal income taxes
201,419
Other taxes--..—
—620,485
_____
__
Utah Power & Light Co.
The right to subscribe
share.
preferred stock expected to be
called for by the warrants to be issued amounts to 24,437 Yi- In order that
there may not be an over-subscription by exercise of warrants, the company
has made arrangements with holders of shares of common stock to the effect
that such holders will not transfer their warrants aggregating 37 Yi shares of
$4.50 preferred stock, and will not exercise their warrants aggregating
37Y shares of $4.50 preferred stock in the event that all other warrants
Note—No provision has been made in the above statement for unpaid
on the 6% income demand note, payable if, as, and when
earned,
Period End. Jan. 31—
1940
C. Breen and
be encouraging.—V. 149,
Thomsa
1632.
p.
interest
amounting to $1,963,199 for the period from Jan. 1, 1934, to Dec. 31, 1939.
—V. 150, p. 1300.
Granger,
R.
$1,365,539
$2,938,518
$3,161,459
$1.59
$1.69
$3.67
$4.01
April 17—
A hearing was held April 17 in the Securities and Exchange Commission's
Washington offices on the declaration and applications of company (File
70-1) and North American Co. (File 70-9) regarding the issuance and sale
by Wisconsin Electric Power Co. of 262,098 shares of 4^% series pre¬
ferred stock ($100 par) and a maximum of 382,098 shares of additional
common stock ($10 par).
The company also proposes to retire its out¬
standing 6% preferred stock, issue of 1921, and through amendment of
its articles of incorporation, to confer certain additional rights upon holders
of its
preferred stock in the event of default of dividend payments and in
other special instances.—V. 150, p. 2445.
Wisconsin
Securities
Co.—Exemption
Company Act of 1935 Denied—
The
Securities and
Holding
from
Exchange Commission on April 12 issued
an
order
denying the application of the company for exemption from the provisions
of the Public
Utility Holding Company Act of 1935.—V. 121, p. 4ol.
Note—Provision has been made from current
earnings during the quarter
1940 for such of the Province of Ontario Corporation Tax
ended Feb. 29,
increase
as
was
applicable to prior periods.—V. 150, p. 448.
CURRENT
Waite & Bond, Inc.—Directorate Reduced—
Directors
reduced from seven to five at the annual
meeting held
April 12 as the result of a change in the by-laws.
Williams E. Waterman,
Chairman, retained his position and James M. Porter and Joseph F. Cull¬
man, Jr., were reelected.
Two new directors—William D. Knapp, Secreary-Treasurer of the company, and Samuel Norwich—were named to the
were
NOTICES
—Raymond Moley, Editor of "NewB Week," will address the Bond Club
of
New
Club
York,
at
its
Wednesday,
on
without
Super-Men."
preside at
next
April
luncheon
24.
Francis T.
the luncheon.
His
meeting
subject
Ward,
to
be held at the Bankere'
be "Super-Government
will
president
of
the
Bond
Club,
will
Volume
The Commercial & Financial Chronicle
ISO
2599
On the 15th inst. futures closed 7 to 8 points
COMMERCIAL EPITOME
Transactions totaled 291
Friday Night, April 19, 1940.
advanced
Coffee—Oil the 13th inst. futures closed 2 to 4 points net
Declines
lower.
for
the
week
mild
lower
be
to
In Brazil the spot price
today was 100 reis lower at 15.100 milreis per 10
down to 17 milreis.
were
the Rio 7s
ment in
the
developed
selling
increased hedge
curtailed,
and hard 4s
kilos,
Weakness re¬
With European demand ex.
provide against lower offerings.
of Rio 5s
net
prices which were in response to
expansion of the war area.
pected
points
dull, sales total¬
in the Santos contract.
ing only three lots
flected
17
to
The coffee market today was very
lower.
to
15
were
adjust¬
An
price in the first change since April 3
brought that market doAvn 1,500 milreis to 13.400.
with sales totaling 43 lots. There
sold for a net loss of 11 points.
3 Rio May contracts
were
Coffee
futures
again
were
seasonal
at new
lows
in
most
positions.
Santos contracts were 2 to 10 points lower, with
March selling at 6.10c., off "10 points.
Trading up to 1
o'clock totaled about 7,500 bags.
According to observers,
of the Scandinavian markets to
the loss
low
the
grades especially.
Brazil will affect
This, it is said, is
one
abrupt break in the Rio 7 spot quotation
Business
last.
sales
Santos
in
actuals
in
last
is
week
still
very
134,000
were
reason
on
dull.
for
Saturday
Registered
bags
for
United
States and
54,000 bags for Europe against 122,000 and 27,000
bags, respectively, during the previous week.
On the 16th inst.
Transactions
totaled
New all-time lows
when
was
as
futures closed 1
47
were
lots,
all
May sold at 5.56c.,
whole
was
off 7 points..
5 to 8
off
points net higher.
the Santos contract.
registered for Santos coffee futures
The previous low
The Santos futures market
5.57c., made in May, 1938.
a
to 3
in
points, but trading totaled but
7,500 bags.
was
The fear of new losses of markets in Europe
dominating influence.
Brazilian cost and freight
were
beginning to ease.
Well-described new crop
the
offers
Santos
4s
the first
under
were
quoted off
change this
these
year.
Milds
levels.
10c.,
Old
or
from 6.10 to 6.50c., in
coffee was ^4 to V2c.
crop
were
not
openly
easier,
but
activity was slow.
On
the
17th
inst.
futures closed
9 points net higher for
Sales totaled 48 lots, all in the Santos
Sanots coffee futures were 6 to 7
all active deliveries.
contract.
in
dull
points lower
trading during the morning.
In
the
late trading
spurt forward, and prices closed at
highs of the day.
In Santos last night official spot
prices were 100 to 300 reis per 10 kilos lower.
Cost and
there
was
decided
a
the
freight offers from Brazil suffered the first general
change
in about five months.
New crop Santos 4s
ranged from
6.15 to 6.40c., off 5 to 20c. from the old
range.
Old
crop
Santos 4s
at
were
said
to have sold at 5.60c.
Manizales
were
8^4c., and the tone of the market barely steady.
On the 18th inst.
Transactions totaled
futures closed 3 to 4 points net lower.
only 5 lots, all in the Santos- contract*
Santos futures ruled heavy in dull
trading.
May sold at
5.70c., off 3 points, but still 14 points above the all time low
price of 5.56c. registered earlier in the week. In Brazil the
"free" market quotation on the milreis (at which 70
per cent
of all exchange can be negotiated) was 20 reis better at
19.63
milreis to the dollar. This was the first
change since Feb. 22.
Today futures closed 10 to 8 points net higher for the Santos
with sales totaling 23 lots.
Santos coffee futures
7 to 9 points higher when light
buying found nothing
on offer.
September was at 5.97c., up 9 points, while spot
May was at 5.77c., up 7 points and 21 points above the low
of the week.
There was nothing in the news to account for
the improved tone other than the conjecture that Brazil
might attempt to prevent prices from sliding lower.
contract
were
Rio coffee
prices closed
May
July....
September
as
follows:
4 04
_
4.01)
Santos coffee
prices closed
as
September
May sold this
pound.
The turnover at that time
Wall Street buying, taking out of hedges and
5.70c.
at
235 lots.
a
pound for Accra cocoa, June-August shipment.
is
futures
cocoa
expanding,
by
shown
as
the
Trading in
fact that
today the open interest is 8,433 lots.
Local closing: May,
5.71c.; July, 5.77c.; Sept., 5.82c.; Dec., 5.92c.; March, 6.03c.
On the
16th inst. futures closed 6 to 3 points net
Transactions
cocoa
futures
totaled
518
lots.
Broadening
the market to
advanced
higher.
demand
for
highest prices since
Jan. 2 in active trading.
Up to mid-afternoon the turnover
360 lots.
At that time the market was 7 to 10 points
net higher, with May at 5.79c., up 8 points.
In the market
for actual
cocoa 6c. a pound was
paid for cocoa for JulySeptember shipment from Accra.
The rise here reflected
advances in the European and Brazilian markets and was
spurred by speculative buying.
Warehouse stocks decreased
3,100 bags overnight. They now total 1,072,164 bags against
1,276,812 bags a year ago. Local closing: May, 5.77c.; July,
5.83c.; Sept., 5.88c.; Oct., 5.91c.; Dec., 5.98c.; Jan., 6.01c.;
March, 6.06c.
On the 17tli inst. futures closed 18 to 13
Transactions
came
6.05
6.13
totaled
735
lots.
points net higher.
Buying
of
cocoa
futures
from all quarters
today, including Wall Street, manu¬
facturers and the trade, with the result that futures regis¬
tered
highest prices of the year, standing 12 to 15 points
higher during early afternoon. May then sold at 5.90c.,
up 13 points.
Transactions to that time totaled 450 lots.
net
It
was
learned
July-September
that
actual
cocoa
sold
for
shipment from Accra.
6.05c.
The
a
open
pound,
interest
increased 45 lots overnight.
It now totals 8,572 lots.
An
Accra cable reported that the main cocoa crop is
expected
to reach 232,000 tons.
That is an increase of 2,000 tons
over
3,600
the
previous
tons.
estimate.
Warehouse
stocks
decreased
They
total 1,068,504 bags against 1,276,812
bags a year ago.
Local closing: May, 5.95c.; July, 5.99c.;
Sept., 6.02c.; Oct., 6.07c.; Dec., 6.11c.; March, 6.21c.
On the 18th inst. futures closed 1 to 3
points net higher.
Transactions totaled 687 lots.
The bull market in cocoa
futures continued with broadening trading.
Prices up to
mid-afternoon were 5 to 8 points higher and at new
highs for
the year, with May selling at 6.00c., up 5 points.
All de¬
liveries were either at 6c. or better.
Evidence of growing
speculative interest was seen in the growth of the open
position. It gained 80 lots overnight, standing at 8,652 lots
this morning. Increased manufacturer interest in the market
was reported.
Actuals were reported selling for 6.15c. a
pound. Warehouse stocks decreased 6,200 bags. They now
total 1,062,313 bags compared with 1,282,913 bags a year
ago.
Local closing: May 5.98; July 6.01; Sept. 6.05; Oct.
6.08; Dec. 6.14; Jan. 6.17; March 6.24.
Today futures
closed 9 to 4 points net lower. Transactions totaled 268 lots.
Profit taking in sympathy with the generally reactionary
tone of markets caused cocoa futures to lose 6 to 11 points.
May during early afternoon was selling at 5.87c., off 11
points. Trading tended to diminish on the decline, the turn¬
over to that time totaling 200 lots.
Warehouse stocks de¬
creased 6,800 bags overnight.
They now total 1,056,573
bags against 1,291,318 bags a year ago. Arrivals so far this
year have been only 1,132,394 bags compared with 1,875,503
bags a year ago, a decrease of 743,109 bags. Local closing:
May 5.89; July 5.97; Sept. 6.00; Dec. 6.09; Jan. 6.13;
March 6.19.
Sugar—On the 13th inst. futures closed 2 to 4 points net
higher for the
The
lots.
domestic contract, with
world
sugar
contract
closed
sales totaling 125
1% to 3 points
higher, with sales totaling 105 lots.
Continuing to reflect
freight market and the fear of freight shortage if
Scandinavian
the United
market
follows:
5.79 December
—.5.89 March.
5.98
8 points to the highest level
buying of actuals by manufacturers were the factors caus¬
ing the rise. Manufacturers were said to be paying 5.85c. a
the firm
4.021 December
4.02 March
May.
July
afternoon
was
futures 6 to
they have sold since last January.
was
futures closed 8 to 11 points net lower
On the 15th inst.
for the Santos contracts,
cocoa
at which
net higher.
buying
Active bidding and
lots.
boats
today was
also
strong.
.27c.
per
are
withdrawn
from
States market with sugar,
With
very
strong.
The
the freight rate
areas
supplying
the domestic futures
world
from
contract
Cuba
was
ruling at
pound and the price for world sugar about .55c.,
the cost at New York for world sugar
Cocoa—On the 13th inst. futures closed unchanged to 2
points higher.
Transactions totaled 103 lots,
The market eased in the
early trading
on
or
1,380 tons.
profit-taking, but
later
prices rallied and closed at the best levels of the day.
Prices showed net gains of 15 to 9 points during the week,
the market receiving its chief stimulus from the war news.
Anticipation of higher freight rates stimulated an active
interest
Local
5.79c.;
on
the part of consumers and the trade in general.
closing: May,
Dec.,
5.64c.; July, 5.70c.; Sept., 5.75c.; Oct.,
5.84c.
would be 1.82c.
That
good cushion, in the opinion of observers, for the
domestic market which is currently about 2c. per pound on
provides
a
New
possible
a
York
basis.
The fear
space shortage
of higher freight rates and
expanded the interest in raw sugar.
On the 15th inst. futures closed 1
point
up
on
all active
deliveries of the domestic contract, with sales totaling 202
lots.
The world sugar contract closed unchanged to 2
points higher, with sales totaling 264 lots. The
sugar mar¬
kets continued to advance under the spur of war news.
The
domestic market made early gains of 2 to 3 points, stand-
The Commercial & Financial Chronicle
2600
ing unchanged to 2 points higher during
early afternoon.
finals, then rallied slightly.
dull
Today's prices were the highest yet paid on the movement
which set in when Germany invaded' Scandinavia.
Raw
Puerto
of
Iticos
ranged from 2.88c. for parcel lots up to
Philippines were offered under 2.95c.
In the
world sugar market trading was featured by liquidation
of May contracts and active switching out of that month
today
with sales
the
in
was
Most of the
totaling 454 lots.
domestic
surged
upward to
trading.
Gains of
futures
sugar
highs
new
were
three hours
of
In the
lots.
trading
raw
4
Prices
was
were
20,000 tons,
equivalent
to
Late yesterday McCahan paid 2,92c. for
were
It
said
was
a
today.
sion,
cargo
that several other purchases
Offshore sugar was firmer at 4.25c.
In the
world sugar market evening
up operations in May con¬
tinued.
Tomorrow will be first notice day.
Notices were
posted today on 260 lots, or 1,300 tons.
the
17th inst. futures closed
unchanged to 1 point
the domestic contract, with sales
totaling 413 lots.
The world sugar contract closed 1
point off to V2 point up,
compared with previous finals, with sales totaling 676 lots.
The bull market in sugar futures
today reached the
Trading to
totaled nearly
were
highest
had sold at 1.98c.
reported in the
September at 2.08c.
No sales were
market, but additional transac¬
tions made
yesterday came to light, including one which
fixed the spot price at 2.90c.
duty paid, equaling the highest
of the year.
Refiners bought more than
10,000 tons of
234 points
net lower, with sales
totaling 245 lots. Sugar futures were
holding recent gains and in some cases adding to
them, but
trading volume diminished. In the domestic market
prices
during early afternoon were unchanged to 1
point higher.
Less activity was noted in the raw
sugar market, while
offerings were increasing, especially these from Puerto Rico.
It
said
was
Ricos
were
that more than half a dozen
offered at 2.95c. a
pound from
lots
of
May clearance.
tons for June arrival.
Cubas
were
held at 2.05c. for
May
and 2.07 for June clearance.
To-day prices closed
points net lower for the domestic
contract, with
sales totaling 361 lots.
The world sugar contract closed
sugar
1
to
2
3
to
1H
points net lower, with sales
totaling 157 lots.
After having advanced as much as
16 points since the
movement started last
week, sugar futures hesitated. During
early afternoon domestic contracts were unchanged to 1
point
on
a
turnover of about
10,000 tons, or 200 lots.
lower
Members
of the
trade
were
apparently awaiting fresh de¬
velopments in the raw sugar market. No additional sales
were
reported.
Four parcels of Puerto Ricos, due next
week and up to
May 12th, were offered at 2.95c. while
one lot of
May or June shipment was held at 2.97c. JuneJuly Philippines were held at 3c., but 1,500 tons for June
arrival
were
available at 2.97c.
Cubas
were
at
2.05c.
for
May and 2.07c. for June shipment. The world
sugar con¬
tract opened 1 to
134 points higher, but failed to hold
initial gains, standing
34 higher to 34 lower this afternoon.
Prices closed
as
follows:
May
July
September
1.97
2.01
Sugar
exports
from
totaled 39,986 long
January
2.08
2.08
2.04
Javan Sugar Exports in
November
March
2.11
February Far Below Year Ago
during
contrasted
as
February last
born &
speculative
The market ruled
heavy today influenced by the
sharp reaction in the grain markets. Shorts appeared active
on the
downside, and there being no appreciable
support,
prices yielded rather easily.
.
DAILY CLOSING PRICES
Sat.
May
July
September.October.-
OF
LARD
Man.
FUTURES
Tues.
Wed.
CHICAGO
Thurs.
Fri.
6.30
6.35
6.40
6.55
6.37
6.35
6.50
6.72
6.80
6.55
6.77
6.87
6.60
6.57
6.67
—
6.77
6.97
7.07
6.87
6.82
6.92
December--.
Cottonseed Oil sales,
contracts.
IN
6.15
-
May
—
-
July
August---..
;»
6.67
yesterday, including switches, 261
Crude, S. E., val. 6c.
June..
6.55
6.93@
6.98®
7.02®
7.06®
Prices closed
September
as
follows:
7.09@ 7-10
7.11®
7.05® 7.11
7.13® 7.16
OctoberNovember
December
Pork—(Export), mess, $19.75 (8-10 pieces to barrel);
family (50-60 pieces to barrel) $16.25 (200 pound barrel).
Beef: (export),
steady.
Family (export), unquoted.
Cut
Meats: Pickled Hams:
Picnic, Loose, c.a.f.—-4 to 6 lbs.,
9Mc.; 6 to 8 lbs., 9%e.; 8 to 10 lbs., 934<?- Skinned,
Loose,
c.a.f.—14 to 16 lbs.,
1414c.; 18 to 20 lbs., 14c.
Bellies:
Clear, f.o.b. New York: 6 to 8 lbs., 1034c.; 8 to 10 lbs.
10c.;
12 to 14 lbs.,
934c.
Bellies: Clear, Dry Salted—Boxed,
N. Y. 16 to 18
lbs., 734c.; 18 to 20 lbs., 734c.; 20 to 25 lbs.,
7c.; 25 to 30 lbs., 6 34c. Butter: Creamery, Firsts to
Higher
than Extra and
Premium Marks: 2714c. to 28c.
Cheese:
State, Held '38, 21c. to 22c.; Held '39, 20c. to
2034c. Eggs:
Colors; Checks to Special Packs: 15c. to 1914c.
Mixed
Oils—Linseed oil business is running behind last
year's
for tank cars are
pace, so local crushers report.
Quotations
10.2 to 10.4.
Quotations: Chinawood:
Tanks, spot—2334
to 2534; Tanks
shipment—23c. to 2334c.; Drums—2434 to
2614c. Coconut: Crude, Tanks—.0314 bid; Pacific Coast—
.03
bid.
Corn: Crude, West, tanks,
nearby— .0614 bid.
Denatured, drums, spot, afloat—.95 bid. Soy Bean:
Tanks, West—.0514 bid; New York, l.c.l. raw—.075 bid.
Edible: Coconut, 76
degrees—.0814 bid. Lard: Ex. winter
prime—834 offer; strained—814 offer.
Cod: Crude, Nor¬
Olive:
Java
tons
-
on
lower.
Puerto
nearby to midThe only offer of Philippines was
1,500
were
from
country, and this
sugar
Puerto Ricos, mid-May arrival and
second half May
ship¬
ment, paying 2.95c. a pound.
Freight rates from Cuba to
North Hatteras points advanced to
30c. on American vessels.
On the 18th inst. futures closed
unchanged to 2 points
net higher for the domestic
contract, with sales totaling
281 lots.
The world sugar contract closed
1 to
Chicago
Scattered sales
ranging
apparently had quite a bullish influence on the market.
Lard exports from the Port of New York
today were 3,750
pounds, the destination given as Europe.
Chicago hog
prices closed 15 to 25c. higher and scattered sales were re¬
ported at prices ranging from $5.35 to $5.90.
Within the
past few days hog prices have advanced about 40c.
per 100
pounds at Chicago. Western hog marketings were below a
year ago and totaled 48,400 head, against 65,700 head for the
same
day last year. Today futures closed 20 to 22 points net
May
and
raw
lard
The
or 50,000 tons, of which 600 were
Domestic prices during early after¬
to 2 points higher.
Earlier
unchanged
Export trade in American
On the 18th inst. futures closed 15 to 17
points net higher.
early range was 2 to 7 points net higher. It was rumored
around the trade that the Government
intends to find an
outlet for the large
supplies of lard in this
highs
afternoon
1,000 lots,
in the world contract.
noon
early
spotty.
points
off for
new
light
ranged
covering. Export clearances of lard from the Port of New
York today were light and totaled
only 12,000 pounds, des¬
tined for Europe.
Hog prices at Chicago were 10 to 15c.
net higher.
Sales ranged from $5.25 to $5.75.
Receipts of
hogs at the principal markets in the West totaled
59,500
head, against 56,000 head for the same day last
year.
-
level of activity yet reported as
prices soared to
for the
current movement.
the
Sales
On the 17th inst. futures closed 5 to 7
points net higher.
The opening range was unchanged to 2
points lower, prices
later showing net gains of 7 to 10
pending.
On
10c.
hog prices closed 10c. higher
reported throughout the ses¬
$5.10 to $5,55.
Western hog market¬
ings totaled 73,000 head against 52,000 head for the same
day last year.
400
sugar market the
of Puerto Ricos.
of
account
advanced
par¬
ticular feature of interest.
continues
Suerest Sugar Refining
Co. paid 2.95c. a pound for 3,000 tons of
Philippines clear¬
ing today.
On
expectations.
On the 16th inst. futures closed 5 to 7 points net
higher.
The opening range was unchanged to 5 points higher.
In
the later trading prices advanced 10 to 12 points over
previous finals.
Trading was relatively light, with no
for the movement in
points
trade
below
receipts, prices at Chicago
from $5.05 to $5.60.
heavy
being maintained
during early afternoon, with September then selling at
2.07c., up 12 points above the price registered only eight
days ago.
The turnover in the market during the first
2 to
relatively
New York
preciable depressing effect, on values.
Hog marketings at
Chicago and some of the other Western packing centers
action
market.
a
of
15th inst. futures closed 12 to 15 points net
The firmness in lard futures was attributed largely
to the strong action of wheat and hogs.
On the bulge there
was some
realizing, but offerings faiLed to have any ap¬
for the domestic contract, with sales totaling 557 lots.
The
world sugar contract closed 2% points lower to 2 points net
higher,
Port
the
On
futures closed 1 to 3 points net higher
inst.
the
higher.
deliveries.
On the 10th
However, it was
from
exports
hog
No
into later
Lard
session.
1940
today totaled 33,240 pounds, destined for Europe.
Western
receipts were slightly above last year and totaled
17,500 head, against 10,400 head for the same day last year.
Hog prices at Chicago today were steady.
also was strong.
An operator paid 2.95c. a pound
for 1,000 tons of Philippines, May-June shipment.
Offers
sugar
2.95c.
April 20,
February this year
with 95,959 tons in
year, according to advices received
by LamCo., New York.
During the first 11 months of the
wegian, dark filtered—64 offer; light—70 offer; Japanese—
58 offer. Turpentine:
3414 to 3614- Rosins: $5.60 to $7.60.
crop year, which started
gated 1,167,717 tons
as
on
April 1, 1939, the exports aggre¬
against 1,060,837 tons for the corre¬
sponding period last season, an increase of
106,880 tons,
a little over 10%.
The firm further said :
Sugar stocks on hand in Java on March 1 this
tons, as compared with 335,223 tons on hand
on
'falling off of 29,399 tons.
Java's
1940
crop,
officially limited to
1,550,462
harvesting of
which
1,452,000 long tons.
is
year
the
tons.
The
market
opened
5
points
date last year,
commence,
2 to
below
a
has been
year's production
Lard—On the 13th inst. futures closed
lower.
same
about to
Last
or
amounted to 305,824
totaled
5 points net
the
previous
Rubber—On
to
unchanged.
the 13th inst. futures closed 8 points higher
Transactions totaled 490 tons, which in¬
cluded 130 tons exchanged for
physicals.
ber market was
quiet, as is usual on a
The outside rub¬
Saturday.
from
the
deliveries
Far East
are
were
still
very
light.
Offerings
The spot and nearby
and importers report.
tight, dealers
Spot standard No. 1 ribbed smoked sheets in the trade re¬
unchanged at 18%c. per pound.
Local closing:
April, 18.75c.; May, 18.65c.; July, 18.07c.; Sept., 17.85c.;
Dec., 17.66c.; Jan., 17.58c.
mained
On the 15th inst. futures closed 17 to 9
points net higher.
lots.
Trade and speculative
buy-
Transactions totaled 111
Volume
The Commercial
ISO
ing of rubber futures caused
in
moderate
a
further rise in rubber futures
stood
Prices during early afternoon
trading.
& Financial Chronicle
17
points net higher, with May at 18.80c., up 15
The turnover to that time was 730 tons, of which
10 tons were exchanged for physical rubber.
The London
market closed 1/16 to 3/16d. lower,
but Singapore was
unchanged to l/32d. higher.
Local closing: May, 18.82c.;
15
to
points.
July, 18.24c.; Sept., 18.00c.; Dec.,*17.75c.
On the 16th inst. futures closed 38
to
27
points
net
Trading in rubber
futures was active and prices were strong on the theory
that ocean freight space may be short owing to intensifica¬
tion of the war.
The opening was 6 to 20 points higher,
but broad speculative demand caused the market to con¬
tinue its rise further, with May selling at 19.15c., up 33
Transactions totaled 116 lots.
higher.
points by early afternoon.
It was reported that a Nor¬
wegian steamship with a rubber cargo had been forced
to
apparently by British authorities.
London closed unchanged to %d. higher.
Singapore also
was a little higher.
The March rubber consumption report
put in
Bermuda,
at
regarded
was
July,
as
standoff.
a
closing: May, 19.20c.;
Local
Sept., 18.27c.;
18.58c.;
Dec.,
18.02c.
On the 17th inst. futures closed 30 to 12 points net
Transactions totaled 347 lots.
owing to the
ket.
the
war
Futures
May
same
a
higher.
freight shortage
continued to dominate the rubber
mar¬
were bid up as much as 21 points in
during the morning session, with this
closing 30 points net higher.
Fears of a
today
position
delivery
freight shortage
the
Fears of
rubber
owing
market.
to
Sales
the
of
war
continued to
futures
dominate
to
early afternoon
totaled 235 lots, including 130 tons exchanged for actuals.
Certificated
ther.
to
They
stocks
now
in
licensed
warehouses
total only 1,140 tons.
decreased
fur¬
London closed 1/32
%d. higher.
Singapore also was higher.
Local closing:
19.50c.; July, 18.70c.; Sept., 18.43c.; Dec., 18.18c.;
Jan., 18.13c.; March, 18.03c.
erably further as evidenced by the close. Liquidation and
selling were the chief factors in the decline.
Local
closing: June 13.88; Sept. 14.15; Dec. 14.38; March 14.61.
To-day futures closed 5 to 7 points net higher.
Transac¬
tions totaled 160 lots.
Raw hide futures opened 1 point
lower in the March delivery, other months unchanged to
7 points higher.
Prices were easy throughout the morning
in quiet trading.
Transactions totaled 55 lots up to early
afternoon.
June sold at 13.85, off 3 points and September
at 14.13, off 2 points.
The trade were reported sellers,
while commission houses were on the buying end*
Local
closing: June 13.93; Sept. 14.21; Dec. 14.45; March 14.68.
local
Ocean
Freights—It is reported that chartering in the
freight market is gradually increasing after the lull
that prevailed since the spread of war to the Scandinavian
countries.
Charters included:
Grain:
A steamer, River
ocean
Plate to Antwerp, prompt, $27.25 per ton.
New York to
Antwerp (berth), April, 75c. Australia to North Atlantic,
$17 per ton. Buenos Aires to Antwerp, $27.50 per ton May.
Buenos Aires to north of Hatteras (linseed) $10 per ton
asked. A steamer, River Plate to Ireland, prompt, 142s. 6d.
per ton.
A steamer, River Plate to Antwerp, May, $27.50
g3r ton. Antwerp,Philippines to U. S. Atlantic,to Marseilles,
razil to
Sugar: $25 per ton. San Domingo $12 per ton.
$20 per ton.
San Domingo to
Cuba to Bordeaux, $21 per ton.
Casablanca, $19 per ton.
San Domingo to Nantes,
$20 per ton.
Time: Period West Indies Trading, April,
$5 per ton.
Another steamer, Short period West Indies
trade, April, reported at slightly above $4 per ton. Another
vessel, round trip West Coast South American trade; de¬
livery and redelivery Pacific Coast, April. Another vessel,
round trip intercoastal trade; delivery and redelivery Pacific
Coast, April. Another, West Indies trade, $5 per ton.
Coal—For the third successive month Canadian
May,
.
On the 18th inst. futures closed 10 to 14
Transactions
futures
mand
was
was
houses
totaled
415
contracts.
points net higher.
Trading in rubber
active and prices continued to advance.
De¬
the latest report of the Dominion Bureau of Statistics,
In February of this year Canada imported 133,708
Ottawa.
net tons from the United
tons
as
trade interests.
Dutch East Indies after the Dutch Government asserted its
Later, renewed speculative buying erased early
Buying for Far Eastern account was reported.
Trading was active, the turnover to early afternoon totaling
2,240 tons, of which 600 tons were exchanged for actuals.
May this afternoon stood at 19.68, up 5 points, and July at
19, up 20 points. London was unchanged to Is. 16d. higher,
but Singapore was unchanged.
Local closing: May, 19.67;
July, 19.00; Sept., 18.67; Dec., 18.47.
aggressors.
losses.
Hides—On the 13th inst. futures closed 4 to 7
points net
The opening range was 3 points lower to 3 points
higher.
Transactions totaled 1,640,000 pounds.
No trad¬
ing reported in the domestic spot hide market today.
Local
closing: June, 14.06; Sept., 14.35; Dec., 14.60; Mar. (1941),
14.83.
to
well
intention to remain strictly neutral and defend itself from
lower.
imports
of Pennsylvania anthracite during February showed declines
from the corresponding months of the year before, according
general, originating with Wall Street commission
During early afternoo
prices were up from 7 to 14 points, with May selling at 19.57
and July at 18.84.
The turnover to that time was 234 lots.
Certificated stocks decreased further to only 1,100 tons. The
London and Singapore markets closed unchanged to l-16d.
lower.
Local closing: May, 19.63; July, 18.80; Aug., 18.66;
Sept., 18.53; Dec., 18.31; Jan., 18.27; March, 18.15. Today
futures closed 4 to 20 points net higher.
Transactions
totaled 359 lots.
Rubber futures were erratic.
They broke
as much as 18 points on the opening, due to easier
primary
markets.
Selling was due to lessening tension over the
as
2601
On the 15th inst. futures closed 9 to 5 points net
Transactions totaled 94 lots. Raw hide futures
8 to 2 points higher.
Prices advanced further
during the morning in quiet trading.
Transactions totaled
49 lots to early afternoon.
The market's firmness was
influenced largely by the action of the stock market.
Local
closing: June, 14.15; Sept., 14.41; Dec., 14.65.
On the
16th inst. futures closed 3 points higher to 3 points lower.
The opening range was 2 points lower to 5 points higher.
Trading was relatively light, with fluctuations narrow.
Transactions
totaled
4,000,000 pounds.
The
domestic
spot hide market was reported quiet during the greater part
of the day.
However, sales were reported of Feb .-Mar.,
native steers at 12 He. a pound and light native cow hides
at 13 He. a pound.
Interest in the spot hide situation,
however, is keen.
Both buyers and sellers are closely
watching developments in the other commodity and securi¬
ties markets.
Local closing: June,/14.15; Sept., 14.40;
Dec., 14.65; Mar. (1941), 14.88.
On the 17th inst. futures
closed 1 to 5 points net higher.
Transactions totaled 73
lots.
Raw hide futures opened 3 to 7 points higher.
Prices
were
steady during the morning in quiet trading.
June
sold at 14.20, up 5 points, and Sept. at 14.49, up 9 points.
Commission house buying absorbed trade selling.
Sales
in the domestic spot market totaled 9,600 hides, including
light native cows, Feb.-Mar. take-off at 13He. and heavy
native steers Feb .-Mar. take-off at 12 He.
Local closing:
June, 14.16; Sept., 14.42; Dec., 14.70*
On the 18th inst. futures closed 27 to 32 points net lower.
Transactions totaled 274 lots.
Raw hide futures opened 8
to 28 points lower.
Prices were easy during the morning
on
sales of 140 lots.
June sold at 13.99, off 17 points;
September at 14.23, off 19 and December at 14.51, off 19
points. Later in the day these losses were extended consid¬
higher.
opened
States, as compared with 175,549
On the other hand, the Dominion imported
21,572 tons from the United Kingdom, an increase over the
15,594 tons in February last year.
A period of restricted
buying by soft coal consumers is anticipated in the trade
after the minimum prices recommended by the Bituminous
Coal Division of the Department of the Interior become
effective. Prices for most areas have been published. About
two more months are required, however, for final hearings
before the minimum price schedules will be promulgated
formally. It is reported that most consumers are now buying
bituminous coal for nearby requirements, but are keeping
relatively large stock piles intact.
a
year ago.
Wool
Tops—On the 13th inst. futures closed 1 point up
point off compared with previous finals.
Transactions
estimated at 275,000 to 300,000 pounds for the short-session.
to 1
Spot tops were unchanged at $1.01 H a pound.
Local
closing: May, 97.0; July, 96.0; Oct., 95.5; Dec., 95.2; Mar.
(1941), 94.8.
On the 15th inst. futures closed 6 to 10 points
ndt higher.
Spot tops advanced lc. a pound to $1.02H«
Local closing: May, 97.7; July, 97.0; Oct., 96.2; Dec., 95.8;
Mar., 95.5.
On the 16th inst. futures closed very steady
at 2 points decline to 4 points advance.
Spot tops were
unchanged at $1.02H a pound.
Reports from the Boston
market state that interest in domestic wools was showing
broadening tendency.
A moderate volume of business
closed on country packed new fleeces in lots containing
bulk Y% and H blood grades at mostly 34 to 35c. in the
grease, delivered to mills direct from country shipping points.
a
was
French combing length finer territory wools
original bags were selling in small to moderate quantities
78 to 80c. scoured basis.
Local closing for wool tops:
Short to average
in
at
May, 97.8; July, 96.8; Oct., 96.4; Dec., 96.1; Mar. (1941),
95.9. - On the 17th inst. futures closed steady and unchanged
to 4 points lower.
Spot tops were unchanged at $1.02H a
pound.
Advices from Boston state that a few Boston houses
were
securing a limited amount of business on domestic
wools.
Fine delaine bright fleece wool has been sold at
33 to 34c. in the grease, or 85 to 87c. scoured basis.
Spot
territory wools were quiet, but some users were reported to
be making purchases in the country.
Good French combing
length fine territory bought in the country were reported'
costing buyers around 78c., scoured basis, delivered to mills.
Local closing for wool tops: May, 97.5; July, 96.8; Oct.,
96.1; Dec., 95.8; Mar. (1941), 95.5,
1
:
On the 18th inst. futures closed quiet at 4 to 7 points de¬
cline.
Spot tops were down He. at $1.02 a pound. Advices
from Boston state that a few wool buyers were active in the
Boston market, but the volume of business was rather
limited.
Scattered sales in graded territory wools indicated
an irregular trend in prices.
Staple combing length H blood
territory wools were sold at prices tending to the low side of
the range 82 to 85c. scoured basis.
Combing H blood terri¬
tory wool was sold at 70 to 74c. scoured basis. An occasional
sale of combing H blood territory wool was closed at 68 to
70c. scoured basis.
Local closing for wool tops: May, 96.9;
July, 96.1; Oct., 95.6; Dec., 95.4; Mar., 95.1.
Today
futures closed 3 points up to unchanged compared with pre¬
vious finals.
Trading in the wool top futures market today
was slow.
The quietness was attributed largely to a holiday
in Boston.
Total sales on the New York Exchange to mid-
The Commercial & Financial Chronicle
2602
estimated at approximately 125,000 pounds of
Trading prices were in line with the best quotations
recorded yesterday.
Sentiment in the woolen goods market
has been more cheerful this week than in some time, according
to the New York Wool Top Exchange review.
Business, it
adds, showed definite signs of improving. With prices firm
in all directions the belief was widespread that the decline
which began early in the year, had been reversed.
The im¬
provement was based on the fear that intensification of the
European war would result in cutting down the supply of
foreign wools coming into this country.
Local closing for
wool tops: May, 97.2; July, 96.2; Oct., 25.7; Dec., 95.5;
day
were
Receipts to
Apr. 19
Corpus Chrlsti—
Pensacola & G'p't
Charleston
the No. 1 contract.
to
lots.
on
a
Transactions totaled 49 lots.
The silk futures
21,504
6
"~16
28,711
4,231
10,031
26,506
18,238
100
1,487
1,250
1,175
1,888
13,29o 3,230,625 2,527,195 2,022,997
z
Gulfport not included.
639
1935-36
1936-37
7,043
Mobile
2,066
6
635
29
Savannah
2,706
5,350
10,923
"""406
"*739
3.598
1934-35
3,469
4,720
8,883
2,080
3,586
""429
5,731
3,619
17,597
9,028
1,127
""*621
Orleans.
7,502
.5,888
12,603
591
6,870
10,033
24,961
2,608
Houston
New
1937-38
1938-39
1939-40
135
190
Brunswick
Charleston
Wilmington
31
21
18
: > 459
310
1,514
386
:L307
'yrH82
"2",488
10", 092
13,296
1,160
N'port
34
"""112
30,687
40.673
34,771
5
__
Norfolk
News-
All others...-
"*425
Total this wk_
46,091
"1414
-
21,251
-
6,686,843 3,230,625 6,837,528 5,970,791 6,318,772 3,840,406
Since Aug. 1_.
The exports
for the week ending this evening reach
a
total
of
138,069 bales, of which 58,682 were to Great Britain,
18,539 to France, 18,509 to Italy, 11,058 to Japan, 8,950
to China, and 22,331 to other destinations.
In the corre¬
sponding week last
For the
season
total exports were 37,278 bales.
aggregate exports have been 5,440,507
year
to date
against 2,927,494 bales in the same period of the
previous season.
Below are the exports for the week:
bales,
Week Ended
Exported to—
April 19, 1940
Exports from—
Ger-
Great
Britain France
Galveston
Italy
many
43",156
Mobile
9,950
Total
Other
Total
25,491
58,682
6,940
1,356
Total
1938
6,347
5,189
23,023
4,000
3,236
1,335
32,424
18,509
2,718
11,058
8,950
1,930
7,872
18,539
1939
4,950
1,934
2,600
18,539
Total
9,124
4,815
Houston
New Orleans
China
12,571
Japan
7,334
3,760
5,586
10,079
1,199
5,680
9,874
13,445
33,866
57,131
22,331 183,069
5,900
37,278
8,143
78,071
Iots.t Silk futures ruled heavy during
actions totaled 46 lots, all in No. 1 contract.
Silk futures
re¬
drifting lower during the early trading. Turn¬
moderate, totaling 310 bales to early afternoon.
time July was selling at $2.36, up 2c.
The price of
was
crack double extra silk declined lc. to $2.61
Yokohama Bourse closed 10 to 12 yen lower.
pound.
The
Spot grade D
silk was 10 yen lower at 1,415 yen a bale.
Local closing:
June, 2.40; July, 2.37; Aug., 2.29; Sept., 2.29; Oct., 2.28;
Nov., 2.27H*
'
■,
795
591
693,912
69,656
64,740
1,447
120,174
comparison may be made with other years,
give below the totals at leading ports for six seasons:
Receipts at—
mar¬
covered after
At that
45,891
31,769
504,720
51,753
x4,038
1,556
147,681
34,069
5,634
15,095
28,281
7",043
of 62
turnover
today's session, closing at the lows of the day. Sales
to early afternoon totaled only seven lots, all in the No. 1
contract.
At that time July was selling at $2.37.
In the
uptown spot market the price of crack double extra silk de¬
clined 4c. a pound to $2.62.
Fifty bales were tendered on
contract, making the total so far this month 890 bales.
The
Yokohama Bourse closed 11 to 17 yen lower.
Grade D silk in
the outside market declined 5 yen to 1,425 yen a bale.
Local
closing: No. 1 Contracts: May, 2.46; July, 2.34; Aug., 2.29;
Sept., 2.27; Oct., 2.25; Nov., 2.25.
Today futures closed
3He. to unchanged compared with previous finals. Trans¬
over
627",408
40,344
91,560
496
46,091 6,686,843
Galveston
steady in quiet trading after an initial rally of as
much as 2He.
Only 19 lots changed hands to early after¬
noon, all on the No. 1 contract.
July then stood at $2.41,
up 2He.
In the uptown spot market the price of crack
double extra silk declined half a cent to $2.64 a pound.
Sixty bales were tendered on contract.
The Yokohama
Bourse closed 21 to 29 yen higher, while the price of grade
D silk declined 50 yen to 1,430 yen a bale.
Local closing:
No. 1 Contracts: May, 2.50; June, 2.41; July, 2.36H; Aug.,
2.32H; Oct., 2.28H; Nov., 2.27.
On the 18th inst. futures closed 4H to 2c. net lower.
most of
709",556
112
996,552
290,379
16,678
779,584
60,524
11,354
1,872
34,026
15,833
38,759
12,234
14,044
3*598
Receipts included in Corpus Christi.
we
ket stood
Transactions totaled 36
521,912
In order that
April stood at $2.55, off 2c.
In the
uptown spot silk market crack double extra silk was 10c.
lower at $2.64H a pound.
Yokohama Bourse prices were
52 to 77 yen lower.
Local closing: No. 1 Contracts: Apr.,
2.51; May, 2.50; July, 2.38H; Aug., 2.34H; Oct., 2.30HOn the 17th inst. futures closed unchanged to 3He. net
lower.
1939
663,090
500
412
Totals
x
Sales totaled 116 lots all in the No. 1
lower this afternoon
1940
937,282
639
Boston
that time
4c.
1 1938
Baltimore
Silk futures were weak today 'owing to lower
Japanese cables, based apparently on news of diminishing
exports of silk to this country.
After the initial break of
as much as
10He., the market hardened a little, but still
stood 2c.
Week
New York
contract.
At
Charles
Norfolk
1H<5. to 8c. net
lower.
Transactions totaled 63 lots, all in the No. 1 con¬
tract.
Weak Japanese cables caused a break in the silk
futures market here, although Yokohama prices continue
at a premium over New York parity.
On moderate sales
prices here were 8He. to 10c. a pound net lower during
early afternoon, with June No. 1 contracts selling at $2.44
and July at $2.41.
Sales to that time totaled 25 lots, a!l in
the No. 1 contract.
The price of crack double extra silk in
the New York spot market declined 10He. to $2.74H a
pound.
In Yokohama bourse prices were 81 to 112 yen
lower.
Spot grade D silk declined 25 yen to 1,510 yen a
bale.
Local closing: No. 1 Contracts: May, 2.56H; July,
2.43; Aug., 2.39H; Sept., 2.36; Oct., 2.35H; Nov., 2.37.
On the 16th inst. futures closed 3He. to 9c. net lower for
1 1939
24,9ol 2,327,560
158,538
2,608
54,564
1,869
29
62,377
38,462
"13
45,967
5
8,683
20,226
1,160
Jacksonville
Savannah
15th inst. futures closed
Since Aug
66,930
BeaumontNew Orleans
Mobile
Wilmington
the
This
6,870 1,676,451
41,153
10~033 1,987,018
178,807
Brownsville
Houston
Lake
Since Aug
Week
Mar., 95.1.
Silk—On
This
Galveston
1940
Stock
1938-39
1939-40
tops.
t
April 20,
a
From
Exported to—
Any. 1,1939*0
Ger¬
April 19, 1940
Great
Exports from—
Britain
Galveston
356,226 141,176
Houston
Corpus Christi
Brownsville
.
France
Italy
many
286 133,331
8,257 181,105
447,338 149,351
71,308 27,424
10,242
6,861
Japan
Beaumont
18,329
Other
37,586
10,390
25,452
200,731
3,922
4,309
27,922
185
400
New Orleans
.
Lake Charles.
Mobile
673,531
16,290
66,184
405*264
8469 190,558
80,581
1,135
491
4,179
5,231
19,494
2" 106
11,170
6,182
31,419
10"5l6
1,936
126,233
50
811
2*708
196
8,837
100
11,267
70,109
27,810
7,004
"75
42,314
5,498
Charleston
9,324
21,235
11,791
8,500
26,618
211
550
Pensacola, «fec.
"486
26,235
1,825
Gulfport
New York
1,704
1,575
6,773
11,135
11,507
16,869
Wilmington
.
_
Norfolk
Boston
585
64,343 214,003 1636,439
284
22,878
Jacksonville..
Savannah
Total
50,381 404,474 1276,572
226,711 190,210 350,592 1553,564
4,334
8,496
.
China
190,698
6,773
1*271
199
100
50
1,050
100
6,037
6,287
1
Baltimore
San
17,231
Francisco
7",821
1
180,388
27,073
60,878
325,357
1,336
48~7 83
*214
40,886
5,562
13,956
78,971
12
Los Angeles
12
200
Seattle-
Total—... 1827,392 770,983
33,456 532,598
799,158 370,014 1106906 5440,507
•
Total
1938-39
Total
1937-38 1515,792 717,116
422,650 377,062
408,977 277,156
782,038 461,767
773,494
551,170
77,953 590,202 2927,494
81,956 900,008 5009,847
COTTON
Friday Night, April 19, ,1940
The
grams
Movement of
the
Crop,
as
indicated by
from the South tonight, is given below.
our
tele¬
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
For the week
On
ending this evening the total receipts have reached 46,091
bales, against 54,785 bales last week and 72,250 bales the
previous week, making the total receipts since Aug. 1, 1939*
6,686,843 bales, against 3,230,625 bales for the same period
of 1938-39, showing an. increase since
Aug. 1, 1939, of
3,456,218 bales A
Shipboard Not Cleared for—
Apr. 19 at—
Ger¬
Great
Britain
Galveston
Orleans.
Other
Foreign
wise
12,900
21,698
5,143
"460
_
Leaving
Leaving
Coast¬
many
1,000
5.402
Houston
New
France
3,000
21
19
Total
16,900
27,121
5,622
Savannah
Charleston
Mobile
Receipts at—
Galveston
Houston
N6W Orleans
Mobile.
Sat.
427
Mon.
3,277
1,855
1,685
3,139
144
82
760
Tues.
Wed.
1,812
2,547
Thurs.
341
1,464
971
902
5,340
2,642
2,735
1,483
821
40
24,961
2,608
6
13
6,870
10,033
13
13
"l7i
1,160
412
412
6,997
46,091
""5
"65
"505
"74
"202
143
Baltimore
4,673
7,266
13,972
4,502
8,681
5
The following table shows the week's total receipts, the
total since Aug. 1, 1939, and the stocks tonight, compared
with last year:
1
26,506
215,590
_
29
7
Lake Charles
Totals this week.
Other ports
972
Wilmington
Norfolk
69,656
Norfolk
Total
1,497
9,498
38
3
Savannah
Fri.
Stock
646,190
682,435
688,290
120,174
28,711
Total
1940--
Total 1939-_
Total 1938--
.
Speculation
ately
active
460
6,402
6,414
7.442
in
365
'202
7,573
3,945
cotton
during
the
for
39,741
19,818
28,088
future
3,040
9,343
4,759
49,643 2,477,552
36,142 1,986,855
51,807 2,671,452
delivery
was
moder¬
week, with prices moving
relatively wider range.
Interest appeared to, be
concentrated largely in the new contracts. The May liqui¬
dation appeared to be proceeding slowly in view of the fact
that first notice day is next Thursday, and the open inter¬
within
past
a
est is said to be still around
are
350,000 bales.
Cotton brokers
loqking for active trading during the coming week.
olume
>
The Commercial & Financial Chronicle
ISO
On the 13th inst. prices closed unchanged to
lower.
At one time during the short session
off
5
7
to
from
points
Disappointing
finals.
previous
3 points net
prices were
consumption figures for March brought in some liquidation,
and this helped to depress prices for a short while.
The
market rallied on the execution of trade price-fixing orders.
which had been relatively firm on Fri¬
New crop months,
received
day,
current
bulk
the
of
the
orders,
selling
while
the
delivery, which had been previously under
held steady.
Some hedge selling appeared in the
May
pressure,
but when May had sold off 10 points from
high to 10.65c., the pressure eased.
Continued
cold temperatures over the cotton belt failed to
early trading,
recent
the
severely
attract
additional
buying.
Temperatures were as low as
26 degrees yesterday morning at Birmingham, Ala., and 32
degrees at Austin, in central Texas.
Light to heavy frosts
occurred in parts of the
belt, and there were private advices
from central Texas that the crop there, which had been
planted and was up, would require replanting.
Today spot
sales at reporting markets amounted to 11,384 bales, com¬
pared with 4,927 bales a year ago.
On the 15th inst. prices closed 1 to 4 points net higher.
2603
months.
bay
May was relatively steady. Spot houses and Bom¬
opening, with the result that
quotations were unchanged to 3 points lower, despite
were active sellers on the
first
the fact that Liverpool cables came 8 to 11 English points
better than due.
A lower trend in Bombay appeared to
have
of
influence
more
There
the market here than at
on
hedge selling also.
was
Local traders
Liverpool.
buyers
were
months, while selling distant deliveries.
Most of
early demand came from trade sources, according to
ringside gossip.
However, Wall
near
the
Srijeet also was
a reported
buyer.
Toward noon new crop flimons, recently favored
by buyers, were easier as traders who were disappointed
with the action of the market turned sellers.
of
recent
longs
trading has been done
;
good deal
May, with shorts and
their interest out of May into distant
transferring
months.
A
in
:
-
The official quotation for middling upland cotton in the
New York market each day for the last week has
been:
April 13 to April 19—
Sat.
Middling upland % (nominal)-.10.89
Middling upland 15-16 (noml)-l 1.09
Mon.
Tues.
Wed.
Thurs.
10.89
10.94
10.90
11.10
10.91
~~
11.09
11.14
Fri.
10.87
11.07
11.11
.
A
substantial
falling
off
with
bullish weather and crop reports, had a steadying effect on
cotton values today.
The market opened irregular, 2 points
higher to 2 points lower.
Liverpool cables were slightly
better than due, but Bombay prices were slightly lower.
Foreign business was light on the opening, and trading was
confined to some price-fixing offset by local selling.
Hedge
selling was negligible.
The market eased after the call,
but contracts
undertone
were
all
European
selling,
hedge
well taken
prevailed
stronger.
in
together
by the trade, and
day.
Outside
restrictions.
market
this
There will
- were
trading in futures in that
The cotton trade expects that
no
beyond July, 1940.
restriction
outstanding
kets
was
be
make
will
have little
contracts.
total
or
no
influence
on
today
from Southern spot
4,090 bales, compared
buyers of the March position.
Slowly the
market advanced, at first stimulated
by outside support in
the early strength in stocks, and the
upturn in wheat and
other commodities.
Later, the market continued to show
strength and ignored the action of other markets.
New
switched
old
and
to
was
pronounced as longs in May and July,
October and December.
Differences between
new
crops continued to narrow.
attributed largely to talk of
was
next
crop,
credits
to
a
possibility
with
Today's advance
higher cotton loan on the
being brought to extend
of pressure
the
Allies
which
to
purchase
cotton
and
other farm products, and renewed talk of an
export subsidy5
a loan is announced.
Total sales in the
leading spot
markets were 9,349
bales, against 6,319 bales last year.
Prices were 4 to 6 points
higher in the leading spot markets. J
> On the 17th
inst. prices closed 1
point higher to 7 points
once
off. o The
finals.
opening range
1 to 8 points above previous
was
The
market's early strength was due
largely to
buying in new crop months and foreign
pur
Bombay brokers bought about 10,000 bales of Octo¬
outside
new
chases.
ber, December and March during.the first hour's
trading.
Liverpool cables were higher, encouraged
by the increased
margins for English cotton mills announced
by the Cotton
Control Board.
The advance attracted
heavy hedge selling
from brokers with
Memphis connections. Spot houses sold
several thousand bales of
May and July on the scale up.
Above the 10c. level for new
crops, the market met more
resistance.
The English
strength was offset by later re¬
ports that Great Britain had about eight months'
cotton, and. by cables
not
to
supply of
the
effect that
the
H
Mid.
risk insurance.
ern
spot markets totaled 11,140
bales last year.,
recent
Sales in the leading Sout*
bales, compared with 7,622
■
■
On the 18th inst.
prices closed 1 point up to 4
points net
The market held
fairly steady in a dull session.
Although Liverpool cables were lower than
due, the open¬
ing here was steady, 1 point lower to 3
points higher. After
the opening the market
maintained its steady tone in mixed
trading.
It quickly became apparent that the
character of
the trading had
changed. Heretofore the tendency was to
sell near months and
buy distants in a switch.
However,
purchased
distant
while
reversed
in
positions
that
near
were
months
were
interests
against
such
were
sales.
The
1 In.
15-16
Inch
and
weather
Fair
news
was
regarded
early
session
cotton
to 8
points net lower.
During the
futures were 2 to 10
points lower in
The main pressure was
against the distant
29-32
16-16
31-32
1 In.
Inch
Inch
Inch
and Up
on
.65
on
.73
on
.36
.45
on
.54 on
.60
.66
on
.49
on
.59
on
,69
on
,31
on
.39
on
.49
on
.55
on
.61
on
on
.53
on
.63
on
.25
on
.33
on
.43 on
.49
on
,55
on
.30
on
on
.20
on
.30
.37
on
.43
on
on
.13
on
St.
.54
Mid.
on
on
.40 on
.51
on
.12
Mid
Basis
.11
.21
on
.18 off
,10 off
Basis
.06
St. Low Mid
.50 off
.40 off
.31 off
.67 olf
.60 off
.51 off
.46 off
1.05 off
.95 off
—
Low Mid
•St. Good Ord
♦Good
Ord
Extra
on
on
.39 off
.88 ott 1.22 off 1.15 off 1.06 off 1.01 off
,97 off
otfjl .45 olf 1.40 off 1.70 off 1.66 off 1.58 oft 1.55 off 1.52 off
2.12 off 2 02 olf 1.98 0« 2.23 off 2.20 off 2.13 off 2.10
off 2.08 off
1.52
White—
Good Mid
,43
on
.53
.63
on
.25 on
.33
on
St. Mid
.30
on
.41
on
.50
on
.12
.20
on
Mid
Even
.11
on
.21
on
.18 off
St. Low Mid-
on
.50 off
.40 olf
1.05 off
on
.10 off
.43
on
.30
on
.49
on
.37
on
.43
on
.06
Even
on
.13
on
,55
.95 off
.31 off
.67 off
.60 off
.51 ofl
.46 off
.39
.88 off 1.22 off 1.15 off 1.06 off 1.01 off
.97
•St. Good Ord.. 1.52 off 1.45 off 1.40 off 1.70 off 1.66 off 1.58
off 1.65 off 1.52
♦Good Ord
2.12 off 2.02 off 1.98 off 2.23 off 2.20 off 2.13 off 2.10 off
2.08
Low Mid
Spotted—
Good Mid......
.08
on
.18
on
.27
St. Mid
.07 off
.03
on
.12
Mid
♦St. Low Mid-.
♦Low Mid
.49 off
St. Mid
.69 off
♦Mid
1.26 olf
♦St. Low Mid... 1.83 off
♦Low Mid
.11 off
on
.02 off
.06
on a.25 off a.16 olf a.07
.60 off
.49 off
.41 off
.77 olf
.60
.69 oil
1.22 off 1.14 off 1.08 off 1.39 off 1.36 off 1.26
1.87 olf 1.82 off 1.79 off 2.05 off 2.03 off 1.97
Tinged—
Good Mid—--
2.32 off
.12
on
Good Mid..
on
off
off
off
off
.18
on
on
off a.01 off a.05 on
.55 off
,49 off
off 1.24 off 1.18 off
off
off 1.95 off 1.92 off
.41 off
.34 oft ♦.67 off *.62 off *.54 off ♦.50 off
.62 oft
.55 off *.87 off,*.83 off *.75 off *.72 off
1.22 ofl 1.20 off 1.42 ofl 1.41 off 1.37 off
1.36 off
1.81 off 1.80 olf 1.99 off! 1.98 off 1.96 off 1.95
off
2.31 off 2.31 off 2.49 off 2.49 off 2.49 off 2.48 Olf
Yellow Stained-
*.45 off
*.66 off
1.33 off
1.95 off
2.48 off
1.01 off
.94 off
.86 off,*1.18off *1.15off *1.06off *1.03 off *.97
off
1.36 off 1.35 off 1.33 off 1.54 off 1.53 off 1.52 off 1.51
off 1.50 off
1.86 off 1.85 off 1.85 off 2.03 off 2.03 off 2.03 off 2.02 off
2.02 off
•St. Mid
•Mid
dray—
Good Mid..
.60 off
.52 off
.43 olf'*.77 off *.73 off *.65 olf *.60 off *.53
off
.74 off
.66 off
.57 off, .92 off! .88 ofl
.79 offt .74 off
.67 off
1.25 off 1.18 off 1.14 off 1.43 off'1.39 off 1.32 off 11.29
off 1.26 off
St. Mid—
♦Mid
*
Not deliverable on future contract,
a Middling i potted sdall
be tenderable
only when and if the Secretary of Agriculture establishes a type for such
grade
New York Quotations for 32 Years
1940
—
1939
—
.
1938
—
.
1937
1936
1935
-10.87c.
1932
8.98c.
8.94c.
1931
-13.86c.
.11.75c.
—.
1929
1928
7.50c.
1925
1924
-29.90c.
1916
1915
1918
.-..-27.30c.
_18.05c.
12.10c.
.-—41.75c.
_—28.60c.
30.75c.
1917
20.15c.
.
-10.20c.
1923
-16.00c.
1922
-20.05c.
-20.60c.
-15.30c.
1919
-19.05c.
-24.75c.
1926
.
--.
1927
6.20c.
....
....
1930
.11.85c.
-11.85c.
...
—
....
....
—.
—
1921
1920
Market and Sales
.
—
—
12.10c,
.--10.40c,
.—13.10c.
.—12.15c.
.--11.95c.
-15.00c.
.—15.25c.
--10.80c.
1914
1913
1912
1911
—
1910
1909
New York
at
The total sales of cotton on the spot each
week at New York are indicated in the
day during the
following statement.
For
the convenience
of
the reader
market for spot and futures closed
-/-VC-;'.;
-
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday--..--
Old
also show
we
the
on
Spot
V
same
Since Aug. 1____
how the
days:
Contract
New
Old.
Total
New
600
Old
New
600
—-
"287
*
"287
400
.
-
-
m
400
—
500
500
1,787
Total week---—
1,787
95,439
59,800
2,000 155,239
2,000
Futures Market Closed
as
unfavorable to the
crop, a fact which may have accounted
part for the steadiness of the market in
face of Liver¬
pool's decline.
quiet trading.
X
Inch
Up
.43
Mid
Spot Market Closed
Old
m
Today prices closed 2
,
New Contract
sold.
Spot and
buyers of both May and July, but
more
particularly July.
There also was some
selling of
July by Bombay, which appeared to be
buying March, 1941,
trade
April 17.
on
•
lower.
was
for
premiums
Good
English goods moving into India
may
help the industry appreciably because of
higher freight
today that policy
staple
St. Good Mid
1934
war
10 markets
Old Contract
1933
the duty on
rates and
and
,
15-16-inch
cotton at the
reduc¬
tion in
on
White—
small
strength
Middling 15-16 inch, established
contract
on
and discounts represent full discount for
J^-inch and 29-32inch staple and 75% of the average premiums over
Inch
closed 5 to 1G points net higher.
The opening range was 2 to 6 points net
higher, with a mod¬
erate volume.
Foreign business was light. Liverpool cables
turned stronger after the local
opening, but Bombay bro¬
crop
New CWrac£—Basis
deliveries
with
year.
On the 16th inst. prices
were
Middling %-inch, established for de¬
on
and staple
premiums
represent 60% of the average premiums over J^-inch cotton
at the 10 markets on April 17.
contract
on
mar¬
4,587 bales last
kers
Old Contract—Basis
liveries
current
Reports
sales
Staple—The
gives the premiums and discounts for grade and
staple in relation to the base grade.
Premiums and discounts
for grades and staples are the
average quotations of 10
markets designated by the Secretary of
Agriculture.
steady
a
markets
being watched carefully,
especially signs of the war spreading to other neutral coup
tries of Europe.
The Liverpool market announced further
news
-
Premiums and Discounts for Grade and
table below
SaturdayMonday
Tuesday
Wednesday
Thursday
Friday
Nominal-Nominal
Nominal
Nominal
Nominal
Nominal
-
Steady
Steady
Steady
Barely steady
Steady
Steady
New
Steady
Steady
Steady
Barely steady
Steady
Steady
.
__
<,
2604
April 19—
Saturday
Monday
April 15
Thursday
April 16
Apr U 19
April 17
Range..
10.82n
'
fine, Liverpool...
At
10.65-10.70 10.68-10.73 10.73-10.78 10.73-10.81 10.73-10.77 10.70-10.74
10.74 —
10.71
10.72-10.73 10.77-10.78 10.73 10.70 -
7.49d.
8.64d.
6.09d.
6.20d.
9.04d.
7.05d.
—...
4.23d.
4.20d.
6.10d.
10.90
-
10.95
-
10.88//
-
10.88//
Interior
the
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
10.87-10.87 10.85-10.90 10.90-10.96 10.93-10.94 10.91-10.91
10.87
4.94d.
4.13d.
11.00//
10.97//
.
4.99d.
Not available.
a
Range..
Closing.
May
(old)
Range..
Closing.
May (new)
RangeClosing
June
(old)
1937
3.98d.
5.14d.
8.09d.
11.48d.
7.15d.
Broach, fine, Liverpool™.
Peruvian Tanguis, g'd fair, L'pool
C. P. Oomra No. 1 staple, super-
(#w:>
1938
a
.1,106,000 1,125,000 1,178,000
340,000
380,000
384.000
255,000
Middling upland, Liverpool
Egypt, good Giza, Liverpool
Apr.(1940)
10.80//
Closing
Apr. (new)
the stock a
1939
1940
*
Stock in Bombay, India
Stock in Alexandria, Egypt
Friday
April 18
Wednesday
Tuesday
April 13
April 20, 1940
visible supply of cotton and can give only
Alexandria and the spot prices at Liverpool.
lowest and closing prices at Newweek have been as follows:
Futures—The highest,
York for the past
,
i
■
The Commercial & Financial Chronicle
corresponding period of the previous year—is set out in
10.85//
detail below:
Range..
10.56/1
July
10.58//
10.63 n
10.59n
10.60 n
10.57n
10.73/1
Closing.
June (new)
Range..
Closing
July
(old)
Range..
Closing.
10.75n
10.81 n
10.74 n
10.74n
10.72n
Week
10.44
-
10.50
—
10.67
10.61 n
10.60 n
—
10.57/1
10.61n
10.50 n
10.49//
10.51n
Forest
200
Range..
10.37n
10.29 n
10.34 n
10.29//
10.33//
820
6,214
149
549
32,162
569
4,097
13
38,645
2,241
1,655
136,616
4,808
32
11
6
85,985
2"036
36
44,159
131,517
804
38,998
60,202
419
311
10.18
—
10.19
—
10.16
10.11//
40,175
150
134,677
48,575
4
37,092
221
16,537
150
37,602
La„ Shrevep't
1
107,904
160,318
1,157
61,563
46
602
1,796
46,664
478
10.03/z
Bluff.
Pine
62,705
Ga., Albany..
Closing.
10.01//
I
9.97n,
10.13n
10.13n
Athens...
9.95 n
9.87- 9.87
9.89- 9.90
9.87 n
Closing.
Jan. (1941)
Range..
9.89- 9.97
9.91/1
9.90/1
9.98-10.11 10.08-10.18 10.06-10.10
10.88
10.08
10.06
—
2,339
-.1,575
200
142,108
146,305
13,400
4,528
Augusta..
9.93-10.02
Rome
9.97-10.06
-
Macon....
Closing.
9.96-10.00 10.04-10.14 10.03-10.03
10.03/t
10.03 n
970
Columbus.
Atlanta....
9.87- 9.92
360
9.98
Dec.-—
Range..
31
14,872
39,930
Walnut Rge
Range..
9.93 n
10.00//
Feb.—
'
2,963
500
24
2
660
3,891
117,090
3,524
300
10,700
500
49
27,272
1,128
12
16,798
85,893
131,251
27,590
197,829
Columbus.
9.85/1
9.82 n
.
9.96 ri
9.99//
9.99/1
9.89 n
9.74- 9.77
9.76-
9.77
9.82
9.84- 9.98
9.95-10.08
9.93-
9.96-
9.80/1
9.95
9.93
96
460
1,412
oi,
297
20,135
541
34,779
61
484
234,790
1,905
120
33,823
469
66,960
16,490
14,392
627
Jackson
Closing
983
*931
13,300
31,554
113,129
26
Greenwood
Range..
Mar.-
"83
104,255
1
10
10.09
—
31
19,315
134
855
35
229
2,113
310
2,607
32,531
7,841
50,246
52,175
47,640
34,722
130,472
40,041
118,033
40,925
15,448
36,322
95,900
139,980
34,300
29,180
32,739
78,070
50,079
38,560
83,538
37,412
16,122
——
9.97
9.83- 9.92
Natchea..
7.258
45
Vlcksburg..
"46
27,337
238
28,788
760
19,980
47.916
614
17,331
34,102
288
38
88
45,429
359
Mo., St. Louis
N.G., Gr'boro
9.97
9.85
Yasoo City-
Range..
Closing.
8,000
311,532
8,170
5,457
3,145
155,330
3,237
46,084
3,273
5,385
2
1,798
62
338,494
732
271,310
1,321
84,448
15,134 1871,559
21,979
2,758
66,521
30.458
704,676
April—
Range-
Closing.
99
4,617
118
2,151
765
327,845
6,119
200,226
1,919 109,468
35,846 3156,933
2,348
73,694
47,313
699,031
9
9,965
Oklahoma—
Nominal.
15 towns ♦
Range for future prices at New York for the week ended
April 19,1940, and since trading began on each option:
8. C.. Gr'vllle
Tenn., Mem's
Texas, Abilene
13
26,942
""8
15,686
40
1,725
1,440
6
Dallas
276
49.917
583
33,910
148
Parle
Range for Week
Option for-
150
75,787
503
24,479
1
7,406
Austin
Range Since Beginning of Option
Brenham
1940—
April old-..
..
15 10.95 Apr.
16
8.05 Sept.
1 1939 11.07 Jan.
3 1940
10.40 Apr.
13 10.53 Apr. 17
7.63 Sept.
1 1939 10.60 Jan.
3 1940
10.57 Apr.
New
13 10.81 Apr. 17
7.54
May 17 1939 10.95 Feb. 26 1940
10.65 Apr.
10.85 Apr.
old...
16
6,518
4,106
113
36,886
1,181
56,166
172
6060,875'104,447
July old
New
13 10.68 Apr. 17
7.90 Sept.
1 1939 10.82 Jan.
August
8.08 Aug. 31 1939
September
3 1940
Dec.
Includes the
The
9.99
Apr.
9.87
Apr.
13 10.29 Apr.
17
13 10.18 Apr.
17
8.25 Nov.
1 1939 10.29 Apr.
17 1940
.
December..
9 ?28
Jan." 2 9~ 19 40
1048
Apr." 17*1940
1941—
January
February
*
9.87 Apr.
...
13 10.14 Apr. 17
9.07 Jan.
23 1940 10.14
Apr.
17 1940
9*74 "Apr"." 13 16^08 "Apr"" 17
943
6,479
13,306
"62
2,359
23
35,679
17
54,419
209
22,869
24,5244434,9 88
731
63.588 3831,695
above
totals
15 towns In Oklahoma.
show
the
that
interior
stocks
same
week last year.
Overland Movement for the Week and Since
Volume of Sales for Future Delivery—The
Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
reports Friday night.
Aug. 1 in the last two
The results for the week and since
follows:
years are as
1939-40
Shipped—
Week
Via St. Louis
Contracts
Apr. 18
8,170
2,600
22,900
13,500
17,100
27,500
30,100
19,100
352,900
700
100
600
2,400
500
300
21,300
30,000
1,200
New
16,300
23,900
29,400
48,800
1,100
700
400
*
800
Week
Aug. 1
308,410
228,975
10,451
7,755
3,237
3,525
423
77
3,704
12,190
144,707
675,532
4,127
7,924
155,321
152,346
2,714
7,239
142,635
543,686
1,375,830
19,088
1,003,941
412
18,260
7,460
282,656
795
Via Louisville
Via Virginia points
Via other routes, &c
1940—
July—Old
1938-39Since
Since
Aug. 1
Apr. 19—
.27,164
Open
Apr. 12 Apr. 13 Apr. 15 Apr. 16 Apr. 17 Apr. 18
New
Aug. 1—
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
Via Mounds, &c
Via Rock Island
May—Old...
have
during the week 46,977 bales and are tonight
351,578 bales less than at the same period last year.
The
receipts of all the towns have been 32,946 bales more than
Mar" 18" 1940 16"08 Apr.""l7~ 1940
April
New York
42,584
27,529
1,298
combined totals of
4
decreased
in the
..
March
57,470
40,767
7 1939
,
October
November
9.54
Tot.. 66 towns
2,939
466
2
2480,117
49
Waco
old...
New
4,662
15
14,723
45,268
63,168
"264
23,809
13,551
San
12,530
15,469
577
Marcos
Texarkana.
Robstown..
New
24,700
2,400
489,100
Deduct
275
Shipments—
Overland to N. Y.. Boston, &c_.
.
187
Between interior towns
39,400
6,061
.
October—Old
21,815
187
7,828
6,255
339,777
22400
9",700
11~9()6
33,900
33", 300
12", 300
325"300
Total to be deducted
6,660
308,376
7,237
369,420
12" 900
9", 300
14,106
26,400
30,700
15,900
184",000
Leaving total net overland ♦...20,504
1,067,454
11,851
634,521
600
New
200
200
900
1,500
12,500
3,800
3,200
2,300
14,600
25,600
1,000
18,200
December—Old
New..
..
1941—
January
*
...
March
...
92,100
Inactive months—
August, 1940
200
Total all futures
100,200
53,100
71,200 135,800 176,900
93,900 1,517,400
Including movement by rail to Canada.
The foregoing
shows the week's net overland movement
this year has been 20,504
the week last year, and
bales, against 11,851 bales for
that for the season to date the
aggregate net overland exhibits an increase over a year ago
Apr. 10 Apr. 11 Apr. 12 Apr. 13 Apr. 15 Apr. 16
of 432,933 bales.
,
1939-40
Contracts
In Sight and Spinners'
Apr. 16
Takings
1940
May—Old
2,600
2,250
4,050
2,850
1,600
8~05()
4*050
7,650
2^500
4,100
4,050
2,700
6,800
4400
6", 500
15", 900
58,500
1,450
800
4,150
1,000
1,400
5,650
4,050
100
July—Old
New
71,900
1,400
7", 300
71,550
3,800
October—Old
New
December
Excess
300
3~056
.
May
800
1450
200
7450
11,900
19,700
23,750
12,650
*32,946
not
3,230,625
13,112,297
64,109
145,147
*39,064
8,498,146
878,802
634,521
4,633,000
226,557
757,053
106,083
146,649
_
9,603,505
13,933,459
-
15,050
to
36,190
1,348,443
27,291
1,082,929
1,850
40,050
war
Decrease.
243,850
conditions,
permitted to be sent from abroad,
therefore obliged to omit our usual table of
the
are
13,296
11,851
120,000
takings
consumption to April 1
Movement into sight in
Supply of Cotton—Due
cotton statistics
are
9,800
179,595
Aug. 1
6,686,843
1,067,454
5,358,000
mill
North, spinn's* takings to April 19
*
Total all futures
Southern
Since
Week
1,350
1,850
350
500
over
of
Came into sight during week
Total in sight April 19
1941—
January
Total marketed
Interior stocks in excess.*..
1938-39-
Since
Aug. 1
Week
Receipts at ports to April 19
46,091
Net overland to April 19
20,504
Southern consumption to April 19.113,000
21,600
New
The Visible
.
Open
New Orleans
March
38,686
8,710
69,542
74,386
159,705
293
38,923
Mies., Clarksd
10.07
—
Newport-
Nov.—
We
"63
129,904
25,488
74,642
37,105
13,726
40,592
113,759
125,139
30,100
31,097
Rock
Little
9.99-10.04 10.01-10.08 10.09-10.20 10.19-10.29 10.16-10.21 10.07-10.17
Closing. 10.04
21
3,175
35,125
27,863
"25
Jonesboro
Oct.—
Range..
Week
70,867
12,789
40,432
269
1,263
67,271
40,993
9.257
107,981
City
Hope
Closing. 10.26 n
Apr.
Season
66
19,798
8,679
74,492
55,508
135,696
39,776
409
Helena....
Sept.—
June
124
Ark., Blythev,
Range..
May
1,053
Montgom'y
Selma
967
61,936
28,545
169,920
46
Eufaula...
10.59
10.61//
Aug.—
Closing. 10.49//
Stocks
Receipts
Week
49,039
16,271
70
Ala.. Birm'am
(new)
Range.. 10.57-10.59 10.57-10.59 10.62-10.67 10.66-10.68 10.62-10.64 10.59-10.59
-
19
Ship¬
ments
Apr.
Week
10.43-10.44
10.45-10.46 10.46
—
Season
Slocks
ments
10.43
Ship¬
Receipts
10.40-10.44 10.41-10.45 10.45-10.50 10.45-10.53 10.46-10.50 10.43-10.47
Closing. 10.59
n
Movement to April 21, 1939
Movement to April 19, 1940
Towns
Week—
1938—Apr. 21
1937—Apr. 22.
1936—Apr. 23
previous
Bales
130,354
149,592
146,924
years:
Since Aug. 1—
1937
1936
1935—
Bales
-
13,913,266
13,250,917
12,316,317
The Commercial & Financial Chronicle
Volume ISO
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:
Closing Quotations for Middling Cotton on—
Week Ended
Saturday
Monday
K
15-16
H
In.
In.
In.
Tuesday
|
Apr. 19
Thursday
Wednesday
15-16,
H
15-16
H
115-16
In.
In.
In.
In.
In.
Friday
15-16
H
15-16
In.
K
In.
In.
| In.
March, 1939. It will be seen that there is a decerase of
23,609 bales of lint in March, 1940, and an increase of 13,435
bales of linters in March, 1940, when
compared with the
previous year.
The following is the statement:
MARCH
REPORT
AND
Galveston.
10.38 10.48 10.39 10.59 10.45 10.6510.40
New Orleans. 10.50 10.70 10.52 10.72 10.58 10.78 10.58
Mobile.
10.45 10.55 10.47 10.57 10.52 10.62 10.48
Savannah
10.55 10.70 10.58 10.73 10.62
10.6010.40 10.6010.37 10.57
10.7810.55 10.7510.52 10.72
10.59! 10.46
10.58 10.49
10.56
Montgomery
Augusta
OF
COTTON
CONSUMED,
ON
HAND,
IMPORTED
EXPORTED, AND ACTIVE COTTON SPINDLES.
(Cotton In running bales, counting round as half bales, except foreign, which Is In
500-pound bales)
V
10.77|10.58 10.73 10.59 10.7410.56 10.71
10.70 10.85 10.70 10.85 10.75 10.9010.70 10.8510.70
10.85,10.70 10.85
10.40 10.50 10.40 10.5010.45 10.55 10.45 10.55 10.45 10.5510.40 10.50
10.90 11.05 10.92 11.07 10.97 11.1210.93 11.08 10.94 11.09 10.91 11.06
Memphis
2605
bales of lint and 87,875 bales of linters, as compared with
662,659 bales of lint and 85,992 bales of linters in February,
1940, and 649,940 bales of lint and 74,440 bales of linters in
10.251
...
Norfolk
....
Cotton Consumed
'
Cotton
During—
Hand
on
March 31—
Cotton
10.45 10.25 10.4510.30 10.5010.25 10.45 10.25 10.4510.25 10.45
Houston
10.40 10.60 10.40 10.6010.45 10.6510.40 10.60 10.40 10.6010.37 10.57
Little Rock.. 10.25 10.45 10.25 10.4510.30 10.5010.25 10.45 10.25 10.45,10.25 10.45
Dallas
10.05 10.25 10.06 10.26 10.12 10.3210.07 10.27 10.08 10.28;i0.05 10.25
In Con¬
Eight
Year
Months
In Public
Spindles
March
New Orleans Contract Market—The
Ended
suming
Establish
Mar. 31
ments
presses
March
(Bales
(Bales)
(Bales)
(Bales)
(Number)
closing quotations
for
leading contracts in the New Orleans
the past week have been as follows:
cotton market for
Storage
<fc
al
Active
Com¬
During
Monday
April 13
April 15
Tuesday
Thursday
April 16
April 17
Friday
April 18
Wednesday
April 19
1940 626,331 5,330,835 1,595,722
11,404,298 22,555,036
1939 649,940 4,609,360 1,414,541 13,477,548 22,503,480
Cotton-growing States...
Saturday
United States.
1940 539,804 4,536,276 1,316,757 11,332.310
17,054,870
1939 547,569 3,902,392 1,203,502
13,424,165 17,058,892
1940
68,423
642,229
224,345
63,266
New England States
4,907,038
1939
May old.. 10.80
New
10.82
10.88
10.85
10.87
582,412
168,541
48,665
18,104
152,330
54,620
1939
108264083a
84,922
1940
All other States
1940—
17,449
124,556
42,498
8,722
4,718
25,852
14,767
23,197
24,558
Included Above—
10.926
10.936
10.966
10.936
10.52
10.52-10.53 10.59
10.58
10.57
10.54
10.646
10.636
10.706
10.716
10.706
10.676
10.06-10.07
10.11
10.23
10.23
10.20
10.13-10.14
December. 9.946-9.95a 10.006-.01a 10.14
10.12
July old
„„
New
October
..
10.996
10.986
1941—
January
March
9.956-9.97a 10.096
1940
4,279
37,412
1939
1940
4,873
6,129
6,642
37,427
Other foreign cotton
1,278
1939
2,398
15,589
10,424
22,852
11,290
11,148
27,006
1940
1940
87,875
74,440
714,110
557,817
448,757
353,309
132,344
1939
1939
10.04
10.10
Amer.-Egyptian cotton..
10.076-09a 10.066
9.806-9.8 la 9.856-9.8 la 10.02
...
Egyptian cotton..
"•
■
9.896
._
10 .00
9.996-1000a
Linters...
Quiet
New fut'es
Quiet
Quiet
Quiet
Quiet.
Steady'
Steady
Steady
Steady.
Steady
h Steady
Steady.
43,155
7,040
4,100
6,147
6,007
Steady.
Steady
(
Quiet.
Steady
Steady
51,864
Not Included Above—
9.976-9.98a 9.886-9.90a
Tone—
Spot
Old futures
4,819,928
593,128
624,660
Steady.-
'
-
110.276
Imports of Foreign Cotton
(500-pound Bales)
Census
Report
of
Cottonseed
Production—On
Oil
April 12 the Bureau of the Census issued the following state¬
ment showing cottonseed received, crushed, and on hand,
and cottonseed products manufactured, shipped out, on
hand, and exported for the eight months ended with March,
1940 and 1939:
COTTON
i-SyV
\
SEED
RECEIVED, CRUSHED, AND ON HAND
March
1940
Egypt...
1939
3,163
....
Peru
20
812
Aug. 1 to Mar. 31
Mar. 31
289
1,518
25,250
18,061
20,468
1,627
9,583
112,098
95,433
1,093
2,246
"9J25
5,082
......
2,681
53,958
...
•
On Hand at Mills
Aug. 1 to Mar. 31
29,738
V
203
"
All other
Crushed
1939
46,085
493
...
British India
Received al Mills*
Mar. 31
1940
3,940
166
China
Mexico.....
(TONS)
8 Mos. End.
Country of Production
Total
9,504
State
1940
1939
1940
1939
1939
1940
Linters Imported during seven months ended Feb. 29, 1940, amounted to 40,605
;
equivalent 500-pound bales.
Alabama
197,006
283,892
198,342
253,556
88,556
81,191
449,979
86,199
405,005
68,027
450,097
164,181
157,059
369,902
v
318,695
175,199
134,487
351,895
Arizona
Arkansas
.
California-
Georgia
—
Louisiana
Oklahoma
...
8outh Carolina
Texas
894,152
108,245
All other States
United States
*
34,567
288,404
32,198
209,696
177,851
2,462
570,258
151,804
62,191
153,647
13,769
914,764 1,065,751
94,547
89,254
99,062
3,973,035 4,026,653 3,777,306 3,840,523
843
15,200
/
49,999
103,211
15,356
316,355
518,740
spectively.
^
,V
'
/ '-rl',
■
■
■/
S
,
';V.vV'■[
■■
hand'
March
1940
United Kingdom...
France
On Hand
Aug. 1
Crude oil,
lbs...,
1939-40
1938-39
Refined oil,
lbs.,
1939-40
'
On Hand
Mar. 31
Mar. 31
487,927,952
214,611
176,972,827
*186,124,479
171,279,046
090,932,523
8643,947,051
995.346 ,567
119,718
1938-39
1,705 ,095
1,729 ,897
1939-40
Hulls, tons
\
642,348,766
1,649,044
953 ,688
175,769
1,749,416
195,092
1938-39
b&lcs
fiber","
Hull
1b.
500-
bales
77,087
133,153
,996 ,392
1,004,310
1939-40
479,316
963 ,661
1938-39
Llnters, running
457,464
24,931
30,534 :
951 ,435
1,126,194
827,295
25 836
44,590
6,177
28 ,577
30,962
28,149
:
1939-40
1938-39
,
949,230
,
81,545
125,235
316,783
,
581,604
Grab bots, motes,
&c.f 500-lb.
1939-40
bales
1938-39
*
30,642
36,592
50,189
43,632
;
23,096
41,099
•
:
Includes 5,986,685 and 87,201,628 pounds held by refining and manufacturing
and 13,594,470 and 30,503,330 pounds In transit to refiners and
Aug. 1, 1939, and March 31, 1940, respectively.
Includes
8 Mos. Ended Mar 31
.
.
.
...
51,080
.
.
57,288
350,858
18,992
255,867
237,211
188,968
554,083
379,288
293,174
180,850
60,018
152,864
69,069
5,350,353
2,785,873
Japan
74,480
ChlnaJ.wi.U-.-i.—
Canada
23,910
36,095
17,764
433,842
330,070
749,660
151,588 bales In 1939. The distribution for March, 1940, follows: United
10,978; France, 19,293; Belgium, 105; Denmark, 75; Spain, 417; Italy,
5,043; Canada, 1,067; Panama, 5; Japan, 1,427; South Africa, 15.
;%'!
WORLD STATISTICS
'
The world's production of commercial cotton, exclusive of linters, grown
in
1938,
as
compiled from various
sources, was
28.221,000 bales, counting
American in running bales and foreign in bales of 478 pounds lint, while
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
the
spinning cotton spindls, both active and idle, is about 145,000,000.
Planting is practically completed in southern
Considerable damage has been done in the north
districts.
portion and
On
the
quite
whole,
cotton.
bit of replanting will be necessary.
been very unfavorable for
a
week has
the
" :"v
...VvV
''/■ '■"■■'■■■r
Rain
Rainfall
Days
Inches
High
0.59
73
b Produced
soap,
from
&c., Aug. 1, 1939, and March 31, 1940, respectively,
Texas—Galveston
—
AND
IMPORTS
OF
COTTON
MONTHS
ENDED
SEED
PRODUCTS
FOR SEVEN
FEB. 29
-
El
V:!'.
1940
Items
.
1939
Kerrville
4.459.287
Cake and meal, tons of 2,000 pounds
Linters, running bales
Imports—Oil, crude,* nounds
Oil, refined, * pounds
Cake and meal, tons of 2,000 pounds
Linters, bales of 500 pounds
102,750
8.692.288
6,431
2,193,521
13,972
135,257
211,826
714,800
9",723",721
46,063,762
3,267
27,323
Quantities for March not included above are 110,113 pounds refined, "entered
for consumption."
No oil was withdrawn from warehouse "for consumption," nor
"entered for warehouse."
.
.
Report on Cotton Consumed and on Hand,
&c., in March—Under date of April 13, 1940, the Census
issued its report showing cotton consumed in the
United States, cotton on hand, active cotton spindles and
Bureau
imports and exports of cotton for the months of March,
and
1939.
Cotton
consumed
amounted
.
.
59
46
68
32
38
61
56
81
....-
1
1
Palestine-
.
Paris
......
Taylor
50
80
32
92
26
0.44
1
94
24
59
90
34
62
82
30
56
34
30
59
56
62
dry
3
1.05
0.55
3
1
Antonio
-
0.16
0.02
1
.....
84
82
0.18
59
i
0.08
88
35
30
i
0.06
90
28
0.57
90
38
64
2
0.93
84
31
58
3
0.62
87
34
89
dry
.....
Weatherford-.
;
.
Oklahoma—Oklahoma City...
Arkansas—Eldorado
.
.
Fort
Smith
Little Rock..
....
.
Pine Bluff.
Census
1940
34
90
59
*
4,174
40,605
*
any
84
1.16
dry
■
....
—
Lampasas
Luling
Nacogdoches
San
63
dry
I
.....
Exports—Oil, crude, pounds
Oil, refined, pounds
55
35
90
2
"
_
Paso
Houston
'"-'V.:--.'
-
...
Brownsville—
Dallas.
.
58:
25
91
0.04
1
——..
43
85
dry
.... *
Abilene
-Thermometer
Low
Mean
0.02
1
...
Amarillo
1,072,369,568 pounds of crude oil.
Brenham
EXPORTS
'
Returns by Telegraph—Telegraphic advices to us this
evening indicate that in Texas the far southwest made good
13,471,938 and 10,911,435 pounds held by refiners, brokers, agents,
oleomargarine,
15,370
75,930
536,826
720,403
Kingdom,
and warehousemen at places other than refineries and manufacturing establishments
and 3,292,550 and 3,483,420 pounds in transit to manufacturers of shortening,
a
319,657
229,021
212
51,794
126,089
16,339
10,708
7,648
Total
1939
::
1,636,723
668,984
442,420
8,760
15,769
10,928
35,733
Other Europe
v
31,595
15,575
31,500
29,850
...
;
1940
1939
110,795
Germany—
Spain...
Belgium
crop progress.
42,643
48,139
establishments
consumers
.
I
and
'Aug. 1 to
1939-40
meal,
tons
Shipped Out
Mar. 31
*72,066,763 1,192,906 ,740
33,833,717 1,198,700 ,924
8560,035,317 bl012446 ,981
1938-39
Cake and
!
v
Note—Linters exported, not included above, were 38,425 bales during March in
1940 and 16,331 bales in 1939; 250,251 bales for eight months ended March 31, 1940,
Aug. 1 to
1
.
.....
Italy
AfvC
Produced
Season
(Running Bales—See Note for Linters)
Country to Which Exported
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT, AND ON
Item
V
«
All other
none and 4,508 tons seed destroyed at mills,
but not 120,626 and
hand Aug. 1 nor 28,672 and 59,521 reshipped for 1940 and 1939, re¬
on
Exports of Domestic Cotton—Excluding Linters
;
:
7,637
296
7,392
50,941
34,456
14,376
■
Includes
337,118
V
132,290
220,626
286,036
547,134
140,456
180,725
153,240
314,588
'i-s.-i'-y};
57,685
29,752
45,585
3,230
177,898
166.888
351,977
986.889
153,146
227,118
334,041
Tennessee
149,021
42,297
15,655
637,626
140,298
211,611
610,656
164,324
Mississippi
North Carolina
412,516
9,579
4,981
49,147
to
626,331
Louisiana—Alexandria.
.
.
i
.
Amite
New Orleans...
Shreveport
Mississippi—Meridian
Vicksburg
Alabama—Mobile
Birmingham
Montgomery
i
I
K
■
'■<
59
61
3
1.86
84
30
57
3
1.72
85
3
3.44
82
31
32
58
57
2
.
.
1.35
81
30
3
1.06
79
44
56
62
2
1.40
81
33
57
1
.
1.28
2
2.04
1
.
1.42
2
1
80
27
54
80
37
59
76
33
61
0.60
80
25
53
1.10
82
29
56
.
„
I
The Commercial & Financial Chronicle
2606
Rain
Rainfall
Days
Inches
High
Low
0.13
81
79
71
80
80
35
53
Florida—Jacksonville.
-Thermometer-
dry
Miami...
Pensacola....
—
1.42
2
.
dry
Tampa—_—.....
Georgia—Savannah
Atlanta...............
Augusta....
...
2
...
0.30
0.81
1
44
28
54
28
36
57
Tennessee—Memphis ........
1.29
Chattanooga............
Nashville.......---..-..
1.14
2.41
83
Macon........
.....
South Carolina—Charleston.
North Carolina—Asheville
0.31
0,02
1.34
0.54
•
.
...—.......
— .........
........
55
d.
52
55
27
29
32
59
55
26
Orleans........Above
Memphis
...Above
Above
Shreveporfc..--.
.Above
Vicksburg
Above
/
7.8
zero
of gauge.
of gauge.
21.4
zero of gauge.
18.8
22.5
zero of gauge.
23.2
37.2
4h
8.30
1H@12
4H
8.29
834® 934
8
Unquoted
Unquoted
Unquoted
12
IH@12
1H@12
13* @12
4H
8.29
12
834® 934
8)4® OH
834 @ 934
12
4H
8.12
4H
8.04
Receipts from Plantations
End.
1940
1939
1940
1938
1939
1938
1940
1939
196,677
149,761
37,387 116,840 3127,764 3329,120 2629,639 135,437
43,199 120,588 3072,68f 3291,719 2628,795 <>94,692
137,632
168,665
35,546 104,958 3016,68/ 3246.532 2598,040 81,531
29,078 112,608 2956,982 3212,973 2675,215 108,960
25,681 101,785 2897,286 3174,825 2570,224 117,323
21,337 86,337 2846,482 3138,203 2643,310 70,930
9
16. 177,019
23. 122,734
Nil
Nil
39,957
71,853
49.069
17,929
10,815
5.15
5.07
9
1)4@12
4H
7.99
9
@ 9
5.29
8.03
834@ OH
834 @ 934
8
1J4 @12
8
9
@
9
5.40
@12
3
'7.68
9
9.
@93
6.27
14.20
@12
3
7.55
14.31
@12
3
7.70
6
734
8.09
1440
12
3
14.55
12
14.75
12
3V @12
434@12
@10
8
834 @ 934
834 @ 934
1034® 9
8
5.16
134
9
@ 9
8
9
@
8
734® 8 1034
4.93
8
7.84
@12 6
shown
News—As
Shipping
834® 934
834® 934
8.12
exports of cotton from the
have reached 138,069 bales.
9
4.99
4.95
on
previous
a
4.92
9
@9
The shipments in detail, as
mail and telegraphic reports, are as follows:
To Belgium
To
Bales
NEW ORLEANS—
To Great Britain.
5,586
7,334
To Italy
To
To Italy.
To Japan
2,140
232
8,834
Portugal
Spain
....
To Spain.
Japan
Total-
4,302
To Spain
Cotton
...
9,950
18,539
2,600
.
735
-
600
....J..-.
22
To Greece
York
1,614
1,572
.
...
To Sweden...
55
America—-—
50
...
To Italy
To Belgium.
4,950
To China
1,934
4,000
:
To Great Britain
To France-.
810
3,760
9,124
-
v..——
......
To Belgium.
MOBILE—
HOUSTON—
To Belgium
To Italy
43,156
4,815
To China.......
To South America
352
1,013
America.......
To Greece..
To South
the
page,
United States the past week
Bales
96.794
69,413
6.15
9
12
5-
74,203
135,433
Nil
9
@
12
12—
Nfl
133,463
B;798 119,744
Nil
@
9
21-
1938
Nil
@
9
29-
Feb.
2.
9
8
Apr.
Jan
19.
8
8
14.18
To
26.
6.10
5.13
14.54
To South
Stocks at Interior Towns
9
14.54
GALVESTON—
To Great Britain.
Receipts at Ports
@
@ 9
9
1—
tions.
Week
d.
5.18
8—
made up from
figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
d.
9
15-
Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬
The
s.
@
Mar.
14.9
-
I44&12
12
9-
32.3
12.3
14.9
d.
8.
12
19-
zero of gauge.
d.
d.
f.71
<
Nominal
17-
Feet
zero
New
012
Unquoted
23-
Apr. 21, 1939
Feet
Nashville.-
3
3—
1G—
The following statement
Apr. 19, 1940
Upl'ds
Feb.
55
has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
d.
s.
Middi'g
to Finest
834® 934
834 @ 234
19—
56
27
12
Cotton
ings, Common
32# Cop
Twist
Jan.
56
31
d.
s.
Nomina]
834 Lbs. Shirt¬
Middl'g
Upl'ds
Finest
to
Twist
55
23
1939
Cotton
SH Lbs. Shirt¬
ings, Common
32# Cop
58
80
dry
36
28
82
78
80
82
82
80
79
82
—
66
53
62
82
0.50
0.41
Charlotte...
Raleigh
Wilmington
Mean
58
34
April 20, 1940
1940
—
—138.069
—
Freights—Current rates for eotton from New
longer quoted, as all quotations are open rates.
are no
Mar.
87,760
25.736
27,264
32,436
21,973
19.979
72,250
54,786
46,094
11,788
21,385
13,296
1. 138.982
8. 107.381
15. 115,052
21. 74.870
29.
82.658 2795,204 3096,661 2500,609
47,032 2666,756 2986,670 2431,771
44,595 2617,890 2951.233 2397,991
88,704
49,955
82,552
36,348
38,925
NU
61,480 2570,714 2907.928 2362,621
26,976 2527,094 2870,759 2338,818
30,687 2480,117 2831,695 2322,171
25,074
11,165
13,145
NU
14,040
Foreign Cotton Statistics—Regulatioos due to the war
3,173
NU
92,663 2737,778 3051.323 2479,799
67.994 2706,278 3012,260 2460,874
Nil
NU
NU
in
Apr.
5.
12.
19.
The above statement shows:
NU
16,110
(1) That the total receipts
Europe prohibit cotton statistics being sent from abroad.
are therefore obliged to omit the following tables:
World's Supply and Takings of Cotton.
Liverpool Imports, Stocks, &c.
We
Liverpool—The tone of the Liverpool market for spots
and futures each day of the past week and the daily closing
from the
plantations since Aug. 1, 1939, are 6,809,360 bales;
they were 4,392,943 bales, and in 1937-38 were
8,397,214 bales.
(2) That, although the receipts at the
outports the past week were 46,091 bales, the actual move¬
ment from plantations was 13,145 bales, stock at interior
towns having decreased 32,946 bales during the week.
in 1938-39
India Cotton Movement from All Ports—The
receipts
of Indian cotton at Bombay and the shipments from all India
ports for the week and for the season from Aug. 1, as cabled,
for three years, have been as follows:
12:15
P.
Futures
Market
opened
Market,
1938-39
Since
Week
Aug. 1
38,000 1.863.00C
Bombay.....
Since
Week
Or eat
Conti¬
nent
China
Aug. 1
Total
Conti¬
Britain
nent
China
Total
2 to 4 pts.
advance
f
Quiet, st'y,
5pt. dec.to
1939-40—
1938-39—
1937-38—
2 pts.
pts. adv.
X
X
X
38,000
39,000
9,000
5,000
X
X
X
X
53,000
61,000
190,000
44,000
33,000
196,000
X
838,000 1089,000
645,000 774,000
Other India:
1939-40—
1938-39—
1937-38—
Total
12,000
10,000
X
X
X
X
21,000
24,000
218,000
157,000
363,000
309,000
X
9,000
14,000
X
X
74,000
08,000
279,000
190,000
553,000
505,000
X
1939-40—
8.09d.
8.09d.
to
pts. dec.
pts. adv.
Steady at
Steady at
pts. adv.
8
2 pts. adv.
to
pts.
10
6 pts. adv.
dec.
to 5 pt.dec.
Liverpool for each day are given belowFri.
Thurs.
Wed.
Tues.
to
Close Noon Close Noon Close Noon Close Noon Close Noon Close
April 19
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
*
October—......
7.99
7.95
7.96
8.02
8.11
8.02
7.99
7.94
7.99
7.99
*
July
8.03
8.00
8.01
8.07
8.16
8.06
8.02
7.97
8.02
8.03
7.85
7.84
7.95
7.92
7.80
♦
*
March.........
-
«
7.94
7.87
8.04
-
—
—
-
7.86
7.96
7.70
*
7.77
7.70
7.74
7.82
7.92
7.89
7.87
/
.83
7.77
7.84
7.80
7.74
7.66
7.78
7.80
7.70
7.74
7.76
7.86
7.78
7.78
7.88
7.62
—
*
n
»
7.74
_
Closed,
-
7.74
*
July
7.86
7.76
*
7.80
7.76-
7.70
7.71
7.66
—
—
7.667.61
Nominal.
58*000
466,000
BREADSTUFFS
all—
1938-39..
1937-38—
x
X
adv.
Mon.
Sat.
Jan. (1941)
0,000
Quiet
Quiet but
Quiet but
st'y, 3 to 6 st'y, 6 to 7
Steady at Barely st'y
1 pt. dec.to
7 to 12
1
8
15
unch'd to
2 pts. adv.
December......
Bombay—
Quiet
8.21d.
Steady at
at
I
j
New Contract
Japan A
Friday
Quiet
8.06d.
Quiet
Quiet, st'y,
May (1940)..
Great
Quiet
8.09d.
CLOSED
f
April 13
57,000 1,888,000
Since Aug. 1
Jap'nA
Britain
Week
Thursday
1
Since
Aug. 1
63,000 1,782,000
For the Week
s
Quiet
\
Prices of futures at
April 18
Receipts at—
•?»? II
M.
1937-38
Wednesday
Tuesday
Eft
I
Mid. upl'ds
P.
1939-40
M.
Monday
Saturday
Spot
Market,
Friday Night, April 19, 1940.
X
18,000
10,000
X
X
18,000
19,000
38,000
39,000
Not available, statistics
X
838,000 1070,000
545,000 1240,000
officially suspended.
Alexandria
Receipts and Shipments-—The following
are the receipts and
shipments for the past week and for the
corresponding week of the previous two years, as received
by cable:
Alexandria, Egypt,
1939-40
April 17
v
1938-39
1937-38
i
Since Aug. 1.
111,000
7,937,653
......
.....
This
Week
Exports (bales)—
To Liverpool......... 11,000
To Manchester, Ac
To Continent A India.
To America
Total exports
15", 000
26,000
tiyr'—10 w I"*.
Since
Aug. 1
90,000
90.000
9,053,074
7,019,321
This
Week
Since
This
Since
Aug. 1
Week
Aug. 1
were
reported to be moderately
anticipating further substantial bookilngs oiwing to the
higher action of wheat prices.
Bakery flour quotations
were advanced 10c. a barrel by the major mills, due to thefirmness
in
wheat.
Export trade in American flour is
Very little, if any/, shipments have been
made to Scandinavian countries since the spread of the
war to Norway, and clearances to Mediterranean countries
reported as spotty.
far
this week ;
Wheat—On
have not been very heavy.
the
13th
inst.
prices closed
*4 to %c. net
higher.
The market rallied lc. from early lows to score
net gains in late dealings today of *4 to %c. compared with
yesterday's finish, closing a week of nervous price adjust¬
spread of war into Scandinavia..
war, clearing weather over the domestic grain belt,
and pessimistic crop reports were factors in the closing ad¬
vance, which lifted prices once more to within about lc. of
the peaks, scored Tuesday after the German thrust north¬
ments in the wake of the
The
179,202 11,750
139,910
501,198 14,850
39,328 2,000
139,916
2,700
137,296
526,736
22,152
10", 650
100
154,719
142,008
581,656
22,672
859,638 28,600
826,100 13,350
901,055
JUKjfywiwi uaies weign aoouc
/ou IDS.
This statement shows that the receipts for the week ended
April 17 were
111,000 cantars and the foreign shipments 26,000 bales.
Manchester Market—Our report received
by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Demand for both yarn and cloth is
improving.
We give prices today below and leave those for
previous weeks of this and last year for comparison:
bookings
heavy the past few days, and mill interests were said to be
so
{Receipts Cantors)—
This week
Flour—Flour
ward.
Greatly
flected
dealers'
increased trading in grains this week
re¬
evaluate the worth of com¬
modities in the light of sudden renewal of warfare.
Al¬
though part of the extreme price advance scored Tuesday
was lost later, wheat closed almost 4c. higher than a week
ago.
Some wheat buying was credited to mills, but this-was offset
by hedges against loan grain.
Temperatures-were
moderating over most of the grain belt, but no*
moisture was in prospect for the Southwest.
attempts
to
Volume
On
the
Commercial & Financial Chronicle
The
150
15th
inst.
%
prices closed
% to lc. in the spot market,
l^c. net higher.
to
due partly to the artificial
a large quantity under
yellow, quoted as high as 63%c., was almost
7c. over the farm loan rate, which tended to check purchas¬
ing.
Handlers booked 43,000 bushels to arrive, attracted
here by the higher prices.
Receipts were 70 cars.
On the 15th inst. prices closed % to l%c. net higher.
Corn prices were up a major fraction at one time, with
September contracts reaching 62%c., the highest for that
delivery since mid-1938.
Continued scarcity of corn at
market, as evidenced by the fact that dealers quoted the
scarcity
War.news and unfavorable domestic crop reports
to influence new buying that lifted wheat prices
combined
about lc.
today around the peaks scored last Tuesday, which stand
as the
market's highest level in more than three months.
May wheat reached $1:09, within about 3c. of the highest
loans.
price quoted for
any contract here in more than two years.
Crop experts reported that last week's freeze damaged some
jointed
wheat
in
Southwest
the
The
weather
together
with
Texas
some
corn.
forecast
ing,
and
promised little moisture relief for
the domestic Southwest except scattered showers in Kansas,
and there were reports of high winds and some dust blow¬
statements
On
the
16th
inst,
crop
market's
half
to
but
throughout
the
the
their
retained
markets
new
sales
session.
and 1*4 c. above season peaks set a week ago, when
years,
has
May contracts reached
Canadian export sales estimated at 15,000,000 bushels over¬
night, and early today to the United
small
of
European crops this
by farm groups to
Kingdom,
and fears
Increasing reports of
arrange credits for the pur¬
chase of American agricultural products by the Allies also
year.
given attention.
On
the
Wheat
levels
17th
prices receded fractionally today from the highest
which
at
have
closed unchanged to %c. lower.
been
futures contracts
quoted
in
than
more
listed
now
two
board
the
on
Rains
years.
that
amounted to downpours in some localities and were
spread
throughout most of the grain belt represented the principal
selling factor. The market also had to absorb above normal
receipts because of liquidation of 1939 grain that has been
held under Government loans since harvest.1 Traders who
accepted profits did
so with caution, however, due to Euro¬
developments, and prices rallied frequently after an
early slump of almost lc.
The character of the war news
kept selling in check and caused enough buying to keep
the
market fairly steady.
Milling interests reported a
pean
much
active flour market the past
more
spread
wheat
On
of hostilities, with
week, due to the
spring wheat
and
2%c.
of
wave
prices up
since
winter
more
buying inspired
than 2c.
September, 1937.
by the
higher.
A
a bushel today to the highest levels
The top prices today attracted con¬
small
were
set¬
However, the
strong in the face of this type of selling,
hedging sales against wheat taken out of
market remained
together
with
loan.
Some reports indicated,
however, that
redeemed from the Government before the
April 30
was
in
some
cases
to
Further rains in parts
temperatures in some
freezing
localities, and crop experts said most wheat
ficient moisture to progress
wheat being
deadline on
being refinanced privately
be held off the market
indefinitely.
of the
Southwest offset
now
has
suf¬
favorably if growing weather
Moisture conditions have improved in the
spring
wheat belt, and seeding has been
delayed, although this
is not regarded as serious.
>
prevails.
Today prices closed % to 1*4 c. net lower.
Prof it-takers
attracted by gains of 9c. in wheat
prices the past 11 days
contributed heavy selling pressure that
lowered values of
most cereals here today.
Wheat declined almost 2c. at one
stage,
but
rallied slightly before the close.
In the spot
however, cash wheat sold at high as $1.15% for
No. 2 red, the highest since the fall of
1937, while yellow
market,
corn
was
quoted up to 68c.
Wheat prices, have advanced
almost 9c. in the past 11
days, and this encouraged more
dealers to accept profits,
especially in view of improved
domestic moisture conditions and absence of
any
new
sen¬
sational
developments in Europe.
Fair weather prevailed
over most of the
grain belt, and stocks of loan wheat re¬
maining to be redeemed before April 30 are believed to have
been reduced to
est
in
a
comparatively small volume.
wheat tonight was 11.632.000 bushels.
DAILY CLOSING PRICES
OF
Sat.
No. 2 red
DAILY
128
CLOSING
PRICES
OF
Sat.
—107%
106%
Season's High and
May
112%
July
....111
September ...111%
DAILY
107
.
When Made
Apr.
Apr.
Apr.
CLOSING PRICES
OF
October
—
the
130%
Tues.
108%
107%
107%
110%
108%
Mon.
Tues.
inst.
90
90 %
91%
93
13th
129%
93
91%
93%
prices
firmness
of
closed
corn
131%
IN
130%
Thurs.
Fri.
112
110%
110%
110%
109%
109%
When Made
July
Oct.
Feb.
IN
Wed.
24, 1939
9, 1939
1
1940
,
WINNIPEG
Thurs.
90%
91%
93%
*4
Fri.
CHICAGO
109%
108%
108%
63%
77%
92%
90%
91%
relative
Thurs.
FUTURES
the
to
reflected
91%
92%
94%
Fri.
91
92%
94%
*4c.
gains
net
of
storing
almost
'
188,000 bushels, but the cash
mar¬
market receipts
well below normal, continued
dominating factor,
although
higher
hog
prices
Chicago and receipts at other markets continued
with farmers in some localities being bid
equal or over loan rates by truckers and commercial deal¬
ers.
However, the country movement remained light, and
below
normal,
traders expressed belief that
prices would have to advance
further before much corn now sealed
would be
put on the
market.
Corn
Today
but then
prices
reacted
quantities of
strength.
higher
new
to
%c. lower.
highs since 1937,
Traders said reports that large
Eastern points had been
disposed
held at
corn
%c.
dealings to
sharply.
of in the commercial
cent
closed
lc. in the early
rose
trade accounted
for much of the
re¬
The
lifting of hedges against sale of this
has been done on a
large scale here, and in addition
some buying prior to the
opening of lake navigation also
has taken place.
Furthermore, the tightening of market
corn
supplies due to the country
situation in
contracts.
above
loan
_
corn
v
.
;
CLOSING PRICES
No. 2 yellow
—.
DAILY CLOSING PRICES
OF
■■
May
....
..
_
—
CORN IN
NEW YORK
60%
61%
_
Fri.
81%
CORN FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed.
Thurs.
Fri.
.59%
..
..
.
OF
Sat. Mon. Tues.
Wed.
Thurs.
.76%
77%
79%
79%
81%
lt
JulySeptember
holding policy has created a
is selling well above futures
The fact that market
prices rose from 8 to 10c.
rates has not attracted much
selling from the
Open interest in corn tonight was
DAILY
_T
which cash
38,278,000
bushels,
60%
61%
62%
62%
63%
64%
62%
63%
64%
Season's High and When Made
I
Season's Low and
May—.
65
Apr. 19, 1940 May
42
July
66%
Apr. 19, 1940 July
52%
September
67 %
Apr. 19, 1940 September
..
.
55%
64%
65%
66%
64%
65%
66%
When Made
July
Oct.
Feb.
26, 1939
23, 1939
l, 1940
-
Oats—On the 13th inst. prices closed Vsc. off to
y$c.
No. 2 white oats sold at
45c., more than 3c. over the
up.
May
contract, reflecting good commercial demand.
On the 15th
inst. prices closed % to
%c. net higher.
Premiums of 2 to
3c. quoted for actual oats
over May futures accounted for
strength in that market.
On the 16th inst. prices closed
% to fac. net higher.
Oats trade was light at firm
prices,
the September contract
closing *4c. higher at 35c., new
season high.
On the 17th inst. prices closed
unchanged to
%c. lower.
Oats held steady
during most of the session,
this being influenced
largely by the spot market premiums
ranging up to 3c.
Shippers sold 43,000 bushels of oats.
On the 18th inst. prices closed
% to lc. higher.
Shippers
25,000 bushels of oats. This, together with the
sold
strong
of wheat, had bullish influence
on oat values.
To¬
day prices closed % to V2c. net lower.
Trading in oats was
light, with the undertone barely steady.
action
DAILY CLOSING PRICES
May
OF
OATS FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed. Thurs. Fri.
41%
—
July—
September.
Season's
May
July
September
DAILY
YORK
Wed.
109
—
■
Wed.
FUTURES
Mon.
WHEAT
.
The
128%
Open inter¬
NEW
Season's Low and
——
Corn—On
higher.
IN
Tues.
18, 1940 May..
18, 1940 July
18, 1940 September
Sat.
May
July
Man.
WHEAT
.
May—July
September
WHEAT
reduced
pushed wheat
war
siderable profit-taking, however, and there
backs after the advance had been scored.
estimated at
were
country.
flour sales larger than total
milling capacities.
18th inst. prices closed 1% to
the
fresh
soft
of
ceived at
.
inst. prices
result
might be expected to increase feeding, traders said.
/. On the 18th inst. prices closed 1% to l%c. net
higher.
Corn prices today reached
highs unequaled in about three
years in the Chicago pit.
Only 91 cars of corn were re¬
movements
were
the
prices closed 1% to 2c. net higher.
The
developed independent strength, reports of a
shipping demand inspiring some buying.
Shipping
be
to
$1.10%,
up l%c. to the highest price for any wheat con¬
tract since last December.
Contributing to the upturn were
is
farms under loan.
on
On the 17th inst. futures closed
% to %c. net higher.
Corn prices held
fairly steady, although dipping about %c.
at times with wheat.
The country holding policy, which
crop
German troops invaded Scandinavia.
This
ket failed to follow the advance in futures and the
trading
basis was called % to %c. down.
July and September wheat con¬
deliveries, climbed to $1.09%, both up
l%c. to the highest level for the contracts in nearly three
tracts,
strength.
billion bushels
market
better
tone
strong
a
corn
Influenced by European war news, all wrheat contracts
increased,
storing of
1
On the 16th inst.
l%c. net higher.
shot
upward into newT seasonal high ground today, with gains
ranging up to 2c. a bushel.
At the peaks, profit-selling
prices closed 1%
resulting from
No.
actual grain more than 4c. over the price of May
contracts,
or above 64c.
for No. 1 yellow, accounted for most of the
experts that any
period of prolonged hot, dry weather may produce further
damage to the wheat plants now beginning to grow. - ;
of
2607
High and
43%
39
...
37 %
_
36
When
Apr.
Apr.
Apr.
Made
18, 1940
18, 1940
19, 1940
CLOSING PRICES
May.
34%
—
OF
...
July-
October——....
^
41%
37%
34%
42%
38
35
42%
38
34%
Season's Low and
May
27%
Jtoly
30%
September... 31%
43%
38%
35%
42%
38%
35%
When Made
July
Oct.
Feb.
24, 1939
9, 1939
1,1940
OATS FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed. Thurs.
Fri.
39%
39%
39%
39%
40%
40
38%
36%
38%
36%
38%
36%
38%
36%
38%
36%
38%
36%
Rye—On the 13th inst. prices closed
unchanged to y±c.
Trading was light and without particular feature.
On the 15th inst.
prices closed *4 to/ %c. net higher.
The
firmness of rye futures was due
largely to the strong action
higher.
of wheat and corn.
net
higher.
There
On the 16th inst.
prices closed 1 to %Ae.
was
some
fairly good buying in
futures, influenced by the strong action of wheat and
and the bullish
crop and weather reports.
rye
corn
On the 17th inst.
prices closed unchanged to 2%c. net higher.
The feature
of the rye market was
the May delivery, which
opened 2c
higher and closed 2%c. net higher.
A strong spot market
largely responsible for this rise in the Mav
delivery.
was
The Commercial & Financial Chronicle
2608
2% to 3c. net higher.
On the 18th inst prices closed
April 20, 1940
GRAIN STOCKS
The
Corn
This, together with outside buying,
sent prices skyrocketing, the rye market showing the best
gains for one session in many months. Today prices closed
% to l^ic. net lower. Shorts were active in the rye futures
market today, influenced by the bearish weather reports
ering in rye futures.
the heaviness of the
and
DAILY CLOSING PRICES
wheat market.
RYE
OF
Sat.
Tues.
Wed.
Thurs.
Frl.
May,---————————67%
68
69%
69
71%
70%
July.-————
68%
69%
70%
70%
73%
72%
September
—
70%
70%
72 - 72
74%
73%
Season's Low and When Made
Season's High and When Made
43%
Aug. 12, 1939
May
77%
Dec. 26, 1939 May
62%
Oct.
9,1939
July—
76
Dee. 18, 1939 July.
64%
Feb.
2, 1940
September —. 75%
Dec. 26, 1939 September
—
DAILY CLOSING PRICES
OF RYE FUTURES IN WINNIPEG
Sat.
May——
July
—
Mon.
Tues.
Wed.
Thurs.
.70%
71%
-
72%
70%
71%
72%
71
—
—
72%
72%
October—————— 72%
"
Philadelphia———
Baltimore-
Wichita
Hutchinson
Fri,
Kansas
•
Sat.
Mon.
Tues.
Wed.
St. Louis..,,-
63%
53
53%
62%
51
51%
51%
Peoria,
FrC
54
53%
51%
63%
63
61%
Rye flour patents-—
5.25 >5.60
Seminola, bbl., bulk basis. 6.80 vty
good
2.99
Cornflour-—
2.22%
Barley goods—
-Prices Withdrawn
Fancy pearl (new) Nos.
1.2-0.3-0.2
4.75 @6.75
-
-
Wheat, New YorkNo.2red,c.iJ.,domestic-.-130%
Manitoba No. l,f.o.b. N. Y.105
—
i
-
40 lbs. feeding
Chicago, cash—
-.
-
24,000
2,000
172",666
155I666
9,000
13,000
116,000
59,000
334,000
251,000
174,000
142,000
15,000
468,000
183,000
31,000
21,000
9,000
3,000
91,000
120,000
1,191*606
898",000
552,000
690,000
2,000
591,666
1,509,000
2,169,000
385,000
1,152,000
3,246,000
.
629,000
912,000
227,000
Milwaukee—
216,000
———
22,507,000
100,000
3,087,000
323,000
Detroit.—.
——
Buffalo.,--
— --
afloat
197I666
569,000
1,772",000
1,655,000
2,782,000
3,252,000
2,000
579,000
5,571,000
1,239,000
300,000
1,001,000
1,305,000
5,000
408,000
Total Apr.
Total Apr.
13,1940— 96,688,000 36,943,000
6,367,000
6,1940.— 95,987,000 38,375,000
6,622,000
72,026,000 41,002,000 11,615,000
Total Apr. 15,1939—
9,299,000 10,676,000
9,771,000 11,118,000
7,376.000
7,285,000
a Baltimore also has 35,000 bushels Argentine oats in store.
Note—Bonded grain not included above: Oats—Erie, 25,000 bushels: Buffalo,
155,000; total, 180,000 bushels, against none in 1939.
Barley—New York, 217,000
bushels; N. Y. afloat, 8,000; Buffalo, 883,000; Baltimore, 156,000; total, 1,264,000
bushels, against none in 1939.
Wheat—New York, 399,000 bushels; Boston, 911,000;
Philadelphia, 1,991,000: Baltimore. 3,526,000; Portland, 953,000; Buffalo, 2,432,000;
Duluth, 2,731,000; Erie, 662,000; Albany, 7,276,000; total, 20,881,000 bushels,
against 1,140,000 bushels In 1939.
'Corn
Wheat
Bushels
Canadian—
Oats
Rye
Barley
Bushels
Bushels
Lake, bay, river & seab'd 35,587,000
Ft. William & Pt. Arthur 81,221,000
Other Can. & other elev. 171,858,000
Bushels
Bushels
1,126,000
2,987,000
7,626,000
Total Apr. 13,1940.—288,660,000
318,000
1,688,000.
0, 1940—289,359,000
11,739,000
11,939,000
Total Apr. 15, 1939—136,741,000
9,204,000
Total Apr.
1,219,000
3,225,000
3,164,000
2,191,000
American
90,688,000 36,943,000
6,367,000
288,006,000
11,739,000
Canadian
of the last three years:
9,299,000 10,676,000
3,225,000
8,488,000
18,106,000 12,524,000 19,164,000
6, 1940.-.385,346,000 38,375,000 18,561,000 12,935,000 19,629,000
9,667,000 14,004,000
Total Apr. 15,1939—208,707,000 41,002,000 20,819,000
The world's
shipments of wheat and corn, as furnished by
Exchange for the week
ended April 12 and since July 1, 1939 and July 1, 1938, are
shown in the following:
Broomhall to the New York Produce
Wheat
Corn
Oats
Rye
bush 60 lbs
bbis 196 lbs
193,000
---II
984,000
Minneapolis
Duluth
-
Week
Louis--
St.
120,000
40,000
23,000
Peoria.
Kansas
City
Omaha
St,
74,000
174,000
98,000
24,000
175,000
111,000
20,000
11,000
4,000
12,000
Sioux CltyBuffalo
Totl wk. '40
389,000
494,000
337,000
Same wk *39
Same wk'38
July 1,
Apr. 12,
1939
1938
1940
1939
1938
501,000
40,000
470,000
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
Argentina
74,000
90,000
_
3,811.000 161,452,000 190,645,000
616,000 33,988,000 79,471,000
4,288.000 132,659,000 60,264,000
11,293,000 80,990,000
India—
284,000
231,000
2,406,000
l,
July 1,
25,394,000 68,999,000
3,558,000
16,008,000
89,114,000 103,923,000
7,344,000
countries
"8,666
96,000
2,000
12,000
2,000
23,000
5,823,000
3,923,000
2,169,000
2,325,000
3,256,000
5,198,000
1,063,000
1,149,000
778,000
376,000
280,000
104,000
1,437,000
1,385,000
1,053,000
feneral summary of the weather bulletininfluenceby the
issued of the
)epartment of Agriculture, indicating the
77,135,000 22,726,000 93,099,000
83,285,000 21,464,000 80,037,000
89,271,000 23,184,000182,615,000
of high pressure was moving eastward off the Atlantic coast and
at the same time an extensive mass of dense polar air, with abnormally
Total—
Flour
Wheat
Corn
Oats
bush 60 lbs
bush 56 lbs
bush 32 lbs
York-
121,000
32,000
20,000
24,000
Philadelphia
Baltimore—
New Orl'ns*
Galveston—
174,000
128,000
12,000
38,000
95,000
81,000
21I000
59,000
5,000
7,000
16,000
21I660
2,000
28,000
3,000
16",000
——
Barley
19,000
17,000
654,000
St. John W-
Rye
bush 56 lbs bush 48 lbs
5621666
Halifax
Tot. wk. '40
213,000
1,509,000
273,000
78,000
80.000
2,000
3,715,000
34,138,000
12,148,000
2,622,000
1,388,000
1,064,000
Since Jan. 1
1940Week 1939.
295,000
599,000
211,000
45,000
21,000
5,000
4,471,000
17,855,000
7,317,000
890,000
300,000
612,000
Slnce Jan. 1
1939
*
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
,
The exDorts from the several seaboard
ports for the week
ended Saturday, April 13, 1940, and since
July 1,
are
shown
in the annexed statement:
Wheat,
York
Corn,
Flour,
Oats,
Rye,
Barley,
Bushels
Exports from—
Bushels
Barrels
Bushels
Bushels
Bushels
294,000
544,000
217,000
209,000
-
Albany-Boston
Baltimore-.:
...
New Orleans..
64,000
——
271I666
—
"MOO
18,000
St. John West-
654,000
562,000
Halifax
Total week 1940
"moo
28,000
2,558,000
271,000
Since July 1, 1939. 1.12,327,000 25,310,000
70,000
31,000
3.522
066
lomooo
735,000
929,000
116,232
2,000
Since July 1, 1938. 109,775.000 64,689,000 4.345.641 3,421.000
1838
066
16 520 000
Total week 1939.
3,435,436 3,994,000
-
visible
supply
of
gram,
at principal points of
seaboard ports
comprising the stocks in
accumulation at lake and
Saturday, April 13,
were as
follows:
424,000
19,896,000
28,968,000
9,139,000 359,288,000 453,688.000
Weather
an
808,000
37,254,000
36,610,000
3,727,000 155,320,000 224,540,000
Report for the Week Ended April
weather for the week ended
At the
bbis 196 lbs
Receipts at—
granary
Australia
_
July
Other
receipts of flour and grain at the seaboard ports for
the week ended Saturday, April 13, 1940, follow:
ine
No. Amer.
Black Sea.
Total
New
Since
July 1,
1940
199,000
—
on
Since
38,000
19,000
2,000
2,000
Since Aug. 1
1939
16,036,000 274,686,000 176,784,000
1938
16,711.000 259,282,000 204,036,000
1937
14,126,000 237,796,000 225,878,000
Boston
Week
321,000
32,000
9,000
Joseph.
Wichita
New
Since
Apr. 12,
5,000
9,000
22,000
Since
237,000
10,000
70,000
37,000
2"3,000
1,113,000
191,000
78,000
48,000
146,000
27,000
102,000
bush 56 lbs bush 48 lbs
276,000
195,000
98,000
185,000
211,000
260,000
1351666
....
Indianapolis
bush 32 lbs
935,000
82,000
14,000
80,000
13,000
Milwaukee.
Toledo
bush 5616*
209,000
2,599,000
Corn
Barley
Exports
Chicago
8,511,000
6,719,000
Total Apr. 13,1940— .385,354,000 36,943,000
—53-64N
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
Wheat
8,488,000
67%
Total Apr.
Flour
654,000
2,004,000
5,930,000
Summary—
All the statements below regarding the movement of grain
Receipts at—
8,000
199,000
530,000
4,888,000
4,967,000
2,000
1,039,000
16,030,000
Duluth.--—
19,000
381666
300,000
afloat--,,--.
Minneapolis—.
V.
Oats, New York—
No. 2 white
56%
Rye, United States, c.l.f-..—. 89%
Barley, New York—
,
14,000
306,000
2,000
852,000
4,225,000 16,131,000
"
—-
Coarse.
3,000
— —
—
Oats
GRAIN
Corn, New York—
No. 2 yellow, all rail.——— 81%
—.
Chicago
73%
FLOUR
Spring pat. high protein..6.3O@0.55
Spring patents ----------6.10 @ 6.30
Clears, first spring
—5.60@5.80
Hard winter straights-.»_6.10@6.30
Hard winter patents,
-.6.30 @6.55
Hard winter clears—-Nominal
4,000
72^
Closing quotations were as follows:
<*•
—
Indianapolis———
71%
Thurs.
63%
52%
43I666
915,000
City—
"
71%
72%
73%
8,000
22,000
294,000
129,000
59,000
20,430,000
5,620,000
City
Omaha
Sioux
Bushels
12,000
308,000
371,000
2,374,000
6,343,000
2,345,000
5,254,000
2,092,000
—
— ———.
Fort Worth,..—
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
May——
63%
July-——--—-—..--—------ 52%
October-----——
60%
a
New Orleans
Galveston,
Barley
Bushels
109,000
121,000
103,000
afloat
,
Rye
Busehls
49,000
New York...
St. Joseph
FUTURES IN CHICAGO
Mon.
Bushels
United States—
Oats
Bushels
Wheal
sharp upward trend of wheat, together with bullish crop
and weather reports, influenced some heavy speculative cov¬
17—The
April 17, follows:
beginning of the week pressure
was low in the
Southwest, but
area
low temperatures,
moving into the Northwestern States from adjoin¬
ing Canadian Provinces.
Attending the northwestern "high", much colder
weather overspread the interior valleys and Central-Northern States, with
subzero temperatures reported from the northwestern Plains.
The northwestern high-pressure area drifted rapidly southward, being
central on the morning of April 12 over northwestern Texas.
In the Cen¬
tral Valleys and East it was preceded by widespread precipitation and
attended by abnormally low temperatures, the latter reaching the At¬
lantic coast by April 13.
Snow was genera, over the Northeastern States
as
was
the cold wave advanced.
The latter part of the week brought a marked reaction to higher tem¬
peratures throughout the central and eastern portions of the country, and
fair weather obtained in nearly all sections.
A heat wave prevailed on the
south Pacific coast on April 12-14, culminating in a maximum of 96 de¬
grees at Los Angeles and 95 degrees at San Diego, Calif.
Temperatures for the week were abnormally low in a(l sections east of
the Rocky Mountains.
The relatively coldest weather was in the NorthCentral States and sections between the Mississippi River and Appalachian
Mountains where the temperatures averaged mostly from 6 degrees to as
many as 13 degrees below normal.
"West of the Rocky Mountains, in
continuation of the general trend since the first of the year, temperatures
were decidedly high
with the weekly means ranging from 4 degrees to
12 degrees above normal.
Freezing weather was experienced throughout the entire country, ex¬
cept along the south Atlantic coast, in a narrow southern belt from the
Atlantic to the Pacific, and in Pacific coast sections.
In the central and
northern Great Plains the minima
were
mostly from 5 degrees to 15 degrees;
in the Lake region around 20 degrees, in the Ohio Valley from 16 degrees
to 25 degrees: the Mississippi Valley from 12 degrees at Minneapolis— St.
Pau>, Minn., to 44 degrees at New Orleans, La., and generally in the South¬
east they were somewhat below freezing, except in the extreme Southeast.
The lowest reported was 4 degrees below zero at Havre, Mont., on the 11th.
There were some extremely wide ranges in temperature in the Midwest
For example, in Oklahoma the range was from 10 degrees in some north¬
west sections on the 12th to 90 degrees or higher, on the 14th and 15th.
Precipitation was again widespread, but the amounts, in general, were
lighter than in some preceding weeks.
Substantial to heavy falls occurred
in the Ohio Valley, the central and lower Mississippi Valley, and in parts
of the northern Rocky Mountain area.
In the Southeast the amounts
were mostly light, while in the Southwest a large area had a practically
rainless week.
Some heavy falls occurred in western South Dakota and
parts of "Wyoming; Rapid City, S. Dak., reported a total of 1.4 inches for
the week and Sheridan, Wyo., 2 inches.
The outstanding feature of the weather of the week was the untimely
cold wave that carried freezing temperatures southward practically to the
east Gulf coast and, nearly to the coast in south-central areas.
Frost
damage was widespread, but varied in amount, throughout the entire
South from Virginia, Kentucky, southern Missouri and Kansas south¬
ward.
The greatest damage occurred, to early truck crops, tender vege¬
tables and early fruit.
The following is a summarized statement of frost
results to gardens, truck crops and early fruit:
Virginia—Freeze caused serious damage to early peaches in fullbloom
Ridge; too early to determine effect on apples, but believed
seriously hurt.
Strawberries, beans, etc., in Norfolk section affected
east of Blue
not
most.
The
Volume 150
fruit^ ^aro^na—Considerable damage to early vegetables, truck, and
fruit, except along the
to peaches locally in the Piedmont.
South Carolina—The freeze damaged truck and
mmediate coast.
Damage
was severe
Georgia—Ice formed Saturday, except in the extreme south, with hard
in north.
Heavy damage to peaches, truck and considerable to
freeze
potatoes.
Florida—Truck damaged by cold In north.
and garden
Tennessee—Peaches, strawberries, tobacco plants, potatoes
truck
damaged considerably.
Beans, tomatoes and
Strawberries damaged
Alabama—Serious
damage to all vegetation.
other tender vegetables being
replanted m south.
with crop reduced and delayed.
Mississippi—Unprotected tomatoes,
beans probably
and
peas
killed in north and central, with about half of crops
trucking
mostly
protected in central
new
beds on low
but fruit not hurt.
tender vegetation; tender truck
strawberries
Heavy frost
and gardens
but serious loss only in
damaged,
ground.
Louisiana— Strawberry bloom killed,
with
freezing damaged all
badly damaged; potatoes set back.
k
extreme we6t and extreme south
where little fell and soil drying rapidly.
Previous rain improved winter wheat and only slight frost damage dur¬
ing cold; condition good.
Oats, barley, and minor grains not especially
damaged, although retarded somewhat: mostly good condition.
Slight
frost damage to corn in central and north, but will probably recover; con¬
dition fairly good, with late plantings showing better stands.
Cotton
planting continues In extreme west: about done in most of south; in north
young cotton considerably hurt by frost; will probably have to be replanted.
Young vegetables and tender truck killed in north and considerable damage,
especially to beans, in central, but little or none in extreme south where
harvests of potatoes, onions, and hardier vegetables increasing. Ranges fair
to good condition, except in extreme west where rain needed badly.
Live¬
stock withstood cold and improving steadily; condition fair to good.
Stock
water generally ample.
Considerable frost damage to fruit in north and
light to moderate in central.
Considerable rice planted; stands generally
good. Still harvesting citrus in lower Rio Grande Valley.
Rock:
Farm work delayed by too much rain and
half of week: favorable thereafter.
Moderate to
damage on 12-13th; corn and potatoes frosted down: peaches
mostly killed in northwest, moderate damage elsewhere.
Some apple loss,
but believed not serious. Cotton that was up and tomatoes killed; replanting
started.
Strawberries damaged, but serious loss only to new beds on low
Arkansas—Little
unfavorable cold first
area.
Arkansas—Peaches mostly killed in the northwest; moderate damage
elsewhere.
Apples suffered some loss, but believed not serious.
Tomatoes
killed'
2609
Commercial & Financial Chronicle
Oklahoma—Fruits severely damaged; pecans probably not seriously
serious frost
ground.
Tennessee—Nashville:
Progress and condition of winter wheat good.
Cotton and corn planting slow progress.
Plowing moderate progress.
Considerable frost damage to peaches, strawberries, tobacco plants, pota¬
toes, garden truck, and grass.
districts,
in central sections; little
damage to fruit in north
Texas—Young vegetables and tender truck killed in northern
and
or
considerable
damage, especially to beans,
damage in extreme south.
Considerable
light to moderate in central sections.
no
and
New
Mexico—Mostly early fruit and
eastern
some
and fruits in east¬
sections.
Kansas—Severe freeze damaged early fruits
and gardens.
Missouri—Moderate to considerable damage to fruit.
Illinois—Peaches
unaffected,
largely
previously winter killed.
■
buds have been
most
because
r
*
Kentucky—Blossoming fruit damaged,
yet opened be¬
but buds not
lieved safe.
■
In the eastern half of the country field work was inactive during the week
because of wet soil and cold weather, but seasonal operations made fairly
good progress in the western half.
The season continued generally late
east of the Great Plains, with plowing especially backward in central and
northern districts.
High temperatures the latter part of the period dried
out the soil rapidly in the southern Great Plains and some sections, where
rainfall has persisted light, reported duststorms toward the close of the
week.-
.
Small Grains—Growth
of
winter
wheat
....
slow
was
week,
during the
general, continued fair to good in the eastern belt.
beginning to stool in the extreme lower Ohio Valley, and there
was no material damage apparent from the low temperatures.
In Missouri progress was poor to only fair, temperatures being too
low for good growth.
In Texas recent rains have improved the outlook
and there was only slight frost damage; condition is generally good.
In Oklahoma winter wheat shows improvement, but it is still too dry
in most of the western third where the root system is poor; there was con¬
siderable hail damage dining the week.
Kansas reports some growth
the latter part of the week, with the ground generally covered in the east¬
ern half of the State.
However, high temperature during the past few
days dried the soil out rapidly and there were some duststorms in the ex¬
but
conditions,
Plants
in
are
treme southwest.
:•
■
needs in the eastern and
In Nebraska moisture is sufficient for present
thirds, but more is needed in the central third of the State.
The
wheat crop is reported to be in mostly satisfactory condition in Montana
and from the Rocky Mountains westward.
Seeding of spring grains was further delayed by cold, wet weather, while
frost nipped tender oat plants that were up in north-central areas and
some reseeding has begun.
There was also more or less damage to spring
seeded grains in the Southern States.
In the Spring Wheat Belt seeding
western
good progress in the extreme south, but very little has been
accomplished in northern sections.
In North Dakota the snow cover is
melting slowly and some seeding was accomplished the latter part of the
week.
Some spring wheat was sown in southern and western Minnesota,
but in Montana fields continue mostly too wet and seeding is some three
made fair to
weeks behind last year.
Corn—Very little corn was planted during the week as fields were
mostly too wet to work.
In some Ohio Valley sections plowing has been
only about half completed.
In the southern Great Plains planting pro¬
gressed, but corn that was up in Oklahoma was frozen back and much
replanting will be necessary.
There was also more or less damage in cen¬
tral and northern Texas, but most plants will probably recover.
Very little
Cotton—The week was decidedly unfavorable for cotton.
accomplished in the central and eastern portions of the belt and
small amount of planting was reported, except work was fairly
active in central and southern South Carolina.
Cotton that was up from
work
only
the
was
a
Valley
Mississippi
eastward was very largely killed
except in extreme southern sections.
by the freeze,
^
practically completed in southern districts, but in
suffered considerable damage and much will proba¬
bly have to be replanted.
In the far Southwest the crop made good pro¬
gress.
.'V'"., •■■■/.;'?
'■
/'■" '
In Texas planting is
the north young plants
The
weather bulletin furnished
the following resume of
conditions in different States:
North
Considerable
Carolina—Raleigh:
damage to
early vegetables,
truck, and fruit latter part by cold* rains generally adequate for growing
crops, except too much on 12th.
Plowing and land preparation delayed
on 12th-13th by wet soil.
Winter wheat fairly good to excellent condition,
except slight frost damage.
progress.
South
to
coast
Cotton planting slow advance.
v;
\
■
Carolina—Columbia:
Unfavorably
damaged truck and fruit, except
Pastures fair
•:
.;
cold; freeze on 13th nearly
on immediate coast: severe
damage to peaches locally in Piedmont section.
Cotton planting fairly
active in south and central; begun in north first of week: germination
replanting probably necessary at lower elevations where
germinated, account cold. Favorable warmth last two days.
retarded; much
Georgia—Atlanta: Lack of rain felt, but soil moisture still ample; mostly
unfavorably cold. Ice on 13th, except in southernmost counties: hard freeze
in north.
Serious frost damage to peaches and truck and to corn and cotton
where up; considerable damage to potatoes. Cotton planting slow advance.
Farm work backward and crops late.
Nights too cold; slight frost damage: adequate
ample. Condition and progress of cotton rather
Corn and potatoes good. Tobacco plant setting completed. Truck
damaged by cold in north. Citrus good; heavy bloom.
Strawberry season
Florida—Jacksonville:
rains; soil moisture now
poor.
about over.
All cotton up killed by cold on 13th, but
south and stand not general there: average minimum
on 13th was 27 degrees, with serious damage to all vegetation.
Potatoes and
corn will recover in most sections:
beans, tomatoes, cucumbers, melons,
and other tender vegetables in south being replanted.
Tree fruits damaged
to variable extent.
Strawberries damaged: crop reduced and delayed.
Alabama—Montgomery:
damage confined to
Mississippi—Vicksburg: Unfavorably cold on 12-14th with mostly severe
frost damage on 13th: minima 32 degrees or lower throughout interior.
Early planted cotton, where up, approximates total loss In central and
north, with corn and soy beans badly damaged; much replanting will
be necessary.
Unprotected tomatoes, peas, and beans probably mostly
killed in north and central with possibly half protected in central trucking
areas.
Farm work nearly at standstill account cold and wet soil; sunshine
and warmth urgently needed.
Louisiana—New Orleans:
halted all farm work; heavy
Moderate to locally heavy rains at middle
frost with freezing almost to coast on 13th
damaged all tender vegetation;
small amount of cotton already up mostly
killed; corn, some early rice, tender truck, and gardens badly
and potatoes set back. Strawberry bloom killed, but
not
fruit
damaged,
hurt.
Unfavorably cold, except in extreme south where
normal warmth; adequate rains and soil moisture now ample, except in
Texas—Houston:
New
central and
apples killed in
valleys.
Colorado—Cold weather very injurious to early crops
ern
THE DRY GOODS TRADE
York, Friday Night, April 19, 1940
Although unsettled weather conditions continued to prove
a hindrance
to the expansion of retail trade, comparative
volume figures made a better showing, because the corres¬
ponding period last year experienced the customary postEaster drop.
Promotional activities served to enliven the
apparel and accessory divisions, whereas the call for homefurnishings was not quite as active as heretofore.
Depart¬
ment store sales, the country over, fo^the week ended April 6,
according to the Federal Reserve Board, showed a decrease
of 5%, against the corresponding week of last year.
In
New York and Brooklyn stores a decline of 9.3% was re¬
corded, while in Newark establishments the loss reached
i7.6%,>
Trading in the wholesale dry goods markets improved
perceptibly as considerable numbers of small replenishment
orders were received from retail merchants.
Wholesalers,
too, displayed greater willingness to enter the market al¬
though continuing to restrict their orders to nearby require
activity in the primary cotton
repercussion in larger sales of wash goods,
sheets, pillowcases and towels.
Piece goods also moved in
fair volume.
Business in finis
d silks remained quiet,
with the small available supplies exerting a retarding in¬
fluence on the volume of sales.
Trading in rayon yarns
The recent greater
ments.
market found its
expanded moderately, and shipments for the current month
were reported to
have exceeded those of March by a fair
margin.
Weaving plant operations scored a further rise,
and surplus yarn stocks in producers' hands, notably in the
popular numbers, were said to be only slightly higher than
early in the year.
<
Domestic Cotton
Goods—Following the previous activity
cloths markets, trading slowed down during the
past week, although prices held firm at the advanced levels,
and sentiment containued cheerful.
The letup in the volume
of sales was looked upon as a logical sequel to the recent
extensive purchases, but in many quarters it was also at¬
tributed to the fact that the movement of finished goods so
far has failed to reveal the anticipated improvement, largely
because of the retarding influence of adverse weather con¬
ditions on the flow of goods in retail channels.
Business
in fine goods continued relatively quiet, and orders, while
in the gray
were restricted to small lots.
Organdies
moved in moderate volume, and a shortage of spot supplies
fairly numerous,
appeared to develop in combed fancies.
Closing prices in
print cloths were as follows: 39-inch 80's, 6%c., 39-inch
72-76's, 6^c., 39-inch 68-72's, 5^c., 38^-inch 64-60's, 5c.,
38|^-inch 60-48's, 4^c.
Woolen Goods—Trading
in men's wear fabrics improved
perceptibly as users entered the market on a fairly large scale,
due to growing fears of a further strengthening in raw wool
values as a result of the spreading of the European conflict.
Prices
orders
pursued a stiffening trend, and numerous fair-sized
suitings and overcoatings were received from cloth¬
on
ing manufacturers, notwithstanding the fact
on the newly introduced lines left
that retailers'
much to be de¬
sired. Lightweight materials, too, continued to move in good
volume.
Mill operations gave indications of an early pickup.
Reports from retail clothing centers, while still adversely
affected by unsettled weather conditions, made a somewhat
better showing, partly under the influence of promotional
efforts by the stores.
Business in women's wear materials
initial orders
received
a
moderate impetus
duction of the new fall
lines
through the scattered intro¬
which were steadily sampled
Initial actual buying is ex¬
by garment manufacturers.
pected to materialize later in the month, although the
rather spotty showing of retail business may cause a
attitude on the part of users.
present
waiting
Goods—Trading in linens remained spotty,
were confined to occasional lots, with the
intensification of the European warfare adding to the unsettlement.
Business in burlap was less active than here¬
tofore, but prices ruled firm, partly under the influence of
unconfirmed rumors from abroad that the British Govern¬
ment contemplated taking over the entire jute crop.
Do¬
mestically lightweights were quoted at 5.75c., heavies
Foreign Dry
and transactions
at 7.60c.
The Commercial & Financial Chronicle
2610
struction contracts for the substantial completion of the projects have
been let at fixed prices and are secured by performance bonds issued
by
responsible surety companies.
The plans and specifications for the projects,
the prices at which the main construction contracts were let and the
per¬
formance bonds furnished by the contractors have all been
approved by
Specialists in
the
Illinois & Missouri Bonds
'
April 20, 1940
USHA.
The
USHA
is
providing such on-the-site supervision during
the construction period as it deems adequate to assure the
development
of the project in accordance with the requirements of the United States
1
Housing Act and the Consolidated Contract for Loan
and
Annual
Con¬
tribution
between the USHA and the issuers, and also makes periodic
during each year of the funds required to be deposited in and the
expenditures made from the Development Fund.
Bidders for local housing authority series A bonds now being offered
are required to bid the rate of interest to be borne
by the bonds and award
audits
Stifel, Nicolaus & Cojnc.
Founded 1890
will be made
106 W. Adams St.
•
DIRECT
CHICAGO
WIRE
314 N.
ST.
on
the basis of lowest interest cost to the issuer.
For
a
full
statement
setting forth the characteristics of local housing agency bonds
the security therefor, as well as the conditions on which the annual
contributions will be paid to the issuers by the USHA, bidders are referred
to the Resolutions and the Assistance Contract.
Copies of such instru¬
ments and other data relating to the bonds, are available
upon request
to
the Secretary of each
local housing agency or the USHA, Interior
Broadway
and
LOUIS
Building North, Washington, D. C.
News Items
Illinois—Chicago's
New
Preadjudication Law Voided by
Supreme Court—The Illinois Supreme Court has held un¬
constitutional the 1939 Cook County Preadjudication Act
on
the ground that the law denies taxpayers their "due
process" guarantees under the Federal and State constitu¬
tions
according to a special dispatch from Springfield to
the "Wall Street Journal" of April 18.
/
;
The
Act—similar
to
the
High Court in an opinion a
1937 law which
year
was also invalidated
by the
ago—provided for the confirmation of
levies of tax districts in Cook County only.
Taxing units affected are Cook County, the City of Chicago, the Chicago
Board or Education, the Chicago Park District, the Chicago Sanitary Dis¬
trict and the Cook County Forest Preserve District.
After the court held invalid the 1937 Preadjudication Act, the 1939
General Assembly rewrote the law in an attempt to overcome the Court's
tax
of the
changes," the Court said, "the 1939 Act, like that of
1937, is wanting in due process.
All that a defendant when served with
in an action in debt for personal property tax or a taxpayer
whose property was involved in the collector's application for judgment
and order of sale for delinquent taxes would learn would be that his de¬
fences had oeen adjudicated or oarred by the earlier judgment obtained
summons
against him in the confirmation proceedings."
The suit was brought by E. E. Barnett, a Chicago taxpayer, against
various Cook County officials.
The lower court had refused to grant
Mr. Barnett an injunction restraining enforcement of the Act and yester¬
day's high court order overrules that decision.
Purpose of the Preadjudication Law was to obtain an adjudication of
the tax levies before the taxes were extended, thereby assuring extension
to all taxpayers of any reductions obtained.
Under the former system
the legality was only contested and adjudicated after the taxes became de¬
linquent and reductions secured were applicable to only those who were
delinquent.
'
.
Local Housing Authorities Announce Bond Offerings
—Further
participation of private capital in the permanent
financing of the slum clearance program of the United
States Housing Authority is expected to result from the
public sale on May 1 of a grand total of $4,583,000 series A
bonds, representing individual offerings by 11 local housing
authorities.
First offerings of this character took place on
Feb. 15 last, when the housing authorities of Syracuse,
N. Y.; Allentown, Pa.; Utica, N. Y., and St. Petersburg,
Fla., successfully awarded issues totaling $1,681,000.
The
$4,583,000 bonds scheduled to be sold at competitive bidding
on May 1, pursuant to formal notices issued the past week,
consist of offerings by the local housing authorities of the
cities named in the following tabulation:
§530,000 Annapolis, Md.
Due Nov. 1, 1940 to 1959 incl.
Legal opinion
of Squire, Sanders & Dempsey, Cleveland.
1,666,000 Buffalo, N. Y.
Due Nov. 1, 1940 to 1959, incl.
Legal opinion
of Caldwell & Raymond, New York.
57,000 Daytona Beach, Fla.
Due Nov. 1, 1940 to 1954, incl.
Legal
opinion of Caldweil & Raymond, New York.
319,000 Elizabeth, N. J.
Due Nov. 1, 1940 to 1959, incl.
Legal
opinion of Caldwell & Raymond, New York.
100,000 Long Branch, N. J.
Due Nov. 1, 1940 to 1959, incl.
Legal
opinion of Caldwell & Raymond, New York.
388,000 Miami, Fla.
Due Nov. 1, 1940 to 1954, incl.
Legal opinion
of Caldwell & Raymond, New York.
302,000 Mount Hope, W. Va.
Due Nov. 1, 1940 to 1959, incl.
Legal
opinion of Chapman & Cutler, Chicago.
149,000 North Bergen Township, N. J.
Due Nov. 1, 1940 to 1959, incl.
Legai opinion of Hawkins, Delafield & Longfellow, New York.
49,000 Vincennes, lnd.
Due Nov. 1, 1940 to 1959, incl.
Legal opinion
of Caldwell & Raymond, New York.
534,000 Yonkers, N. Y.
Due Nov. 1, 1940 to 1959, incl.
Legal opinion
of Hawkins, Delafield & Longfellow, New York.
489,000 Youngstown, Ohio.
Due Nov. 1, 1940 to 1959, incl.
Legal
opinion of Squire, Sanders & Dempsey, Cleveland.
The series A bonds described in the notices of sale put out by the abovementioned housing units are in serial form and represent portions of total
authorized issues, the balance of which, to be designated series B, will
be issued at a subsequent date and sold initially to the USHA.
The local housing authorities now advertising their series A bonds for
sale have agreed to make any amendments to the resolutions authorizing
the bonds necessary to assure that the series B bonds will not be refunded
except simultaneously with the refunding or payment of the series A bonds.
Local housing authority series A bonds are offered in coupon form, reg¬
istered as to principal and interest or as to principal alone.
All of the
bonds currently offered are subject to redemption.
In the case of bonds
with maturities extending to 1959, the bonds are redeemable on any interest
payment date prior to their maturity, as a whole or in part in the inverse
order of their numbers, at par and accrued interest to the date of redemption,
plus a premium of 3 % of their par value if redeemed on or before May 1,
1945, or a premium of 2>£% of their par value if redeemed thereafter but
on or before May 1, 1950, or a premium of 2% of their par value if redeemed
thereafter but on or before May 1, 1955, or a premium of 1H% of their
par value if redeemed thereafter.
In the case of bonds with maturities
extending to 1954, the bonds are redeemable on any interest payment
date, as a whole or in part, in the inverse order of their numbers, at par
and accrued interest to date of redemption, plus a premium of 3% of their
par value if redeemed on or before May 1, 1945, or a premium of 2M%
of their par value if redeemed thereafter but on or before May 1, 1950,
or a premium of 2% of their par value if redeemed thereafter.
Under the
provisions of the United States Housing Act, these bonds are exempt from
all Federal taxation and under State laws also enjoy exemption from State
and local taxation.
They also qualify as legal investments for savings
banks, trustees, insurance companies, &c.
These local housing projects will be developed with the financial assistance
of the USHA and in compliance with all of the requirements of the United
States Housing Act and of local housing authority laws.
All main con¬
Jersey—Municipal Finances Reviewed—The State
Jersey were reviewed
extensively on April 17 at a Bankers' Club luncheon given
by Arnold Frye of Hawkins, Delafield & Longfellow, and
attended by various New Jersey officials and numerous
municipal bond experts.
/
and municipal finance affairs of New
Tax
-
The meeting was anticipatory to the coming sale of
$10,500,000 State of
New Jersey bonds, but the credit of the State is of such
high grade that
relatively little attention was ~ *
The
group
was
esp
Darby, Commissioner
that
municipalities in the State in recent years have reduced their total
indebtedness by nearly $227,000,000, or about
19%.
Most of the reduc¬
tion was effected in floating debt, it was stated.
Dr.
Frederick L.
Bird of Dun &
Bradstreet also found the debt trend
favorable.
He considered significant the constructive basic laws
adopted
Jersey since 1935, but pointed out that the State still has an anti¬
quated tax system.
in New
(Through the courtesy of Mr. Frye, the full text of the
presented at the luncheon were furnished to us.
Unfortunately, lack of space forbids the inclusion of this
interesting material in these columns.) ,
'
statements
,
*
New
on
,
,
i
,
York, N. Y.—City Transit Unification Stock Listed
Exchange—Breaking
a
long-standing tradition
against
admission of municipal securities to trading on the New York
Stock Exchange, the Committee on Stock List decided on
April 16 to admit to dealings as of April 18 on a "when, as
and if issued" basis, 3% corporate stock for transit unifica¬
tion, due 1980, of the City of New York.
Under ordinary
circumstances this issue would have been traded in
counter and not on the Exchange.
over
the
A letter to the Exchange signed by Joseph D.McGoldrick,
Comptroller of
the City of New York, on April 15, applying for
listing and admission to
dealings of the corporate stock, said that the total would not exceed $315,000,000 and that the issue was exempt from all present Federal and New
York State income taxes and was a legal investment for
savings banks, life
insurance companies, executors, administrators, guardians and others hold¬
ing trust funds for investment in the State of New York.
Present plans, the Comptroller added, call for the issuance of about $175,000,000 of bonds and interim certificates on or about June 1 and the balance
or about July 1.
Mr. McGoldrick also furnished the opinion of the
Corporation Counsel that upon consummation of the transit unification
plans, the corporate stock would be a valid issue of the City of New York.
Other data pertaining to the issue also were provided.
The Exchange will designate as "Plan B" the corporaet stock to be issued
pursuant to the B. M. T.-B. Q. T. unification plan, and as Plan I stock to
be issued under the Interborough-Manhattan unification
plan.
The Ex¬
change has had no municipal obligations on its list in at least 18 years.
on
New York, N.
Y.—City's New Credit Standing Discussed—
just'been prepared by Lazard JVeres & Co.,
N. Y. City, commenting on
developments which are having
an important
bearing on the city's credit position.
A bulletin has
The
firm presents the various items which
are
affected
by
the consti¬
tutional amendments effective Jan. 1, 1939, such as debt service,
maturity
and redemption of bonds, temporary borrowing for improvement
purposes,
transit unification, housing bonds, and pensions, and briefly
explains
pro¬
visions under which each item is governed.
New charter provisions effective Jan. 1,
1938, affecting various items,
and comments on the proposed New York City budget for
1940-41, are
also presented in the bulletin.
New
York
State—Unemployment Merit Rating Measure
Lehman vetoed on April 14
Young-Wads worth bill which provides that an employer
whose, payroll volume was steady from year to year would
contribute less to the State unemployment insurance fund
than one whose number of employees fluctuated, causing a
drain on the fund in the form of benefits paid out to laid-off
Vetoed—Governor Herbert H.
the
workers.
In
on
his
~
veto
memorandum
the
Governor said that his mind was open
the subject but that more study was required.
"It is too difficult and
too important a matter for
the State to adopt at this time the particular
experience-rating plan provided in the bill before me." Mr. Lehman said.
Last year he vetoed a like measure on similar grounds.
He said that the nine members of the Unemployment
Insurance Advisory
Council, reporting March 1 after a study of experience rating authorized
by the Legislature, had divided sharply on the issue.
Five had opposed it
in any form while three favored immediate adoption and one asked for
further study.
This lack of agreement makes further study necessary, the
Governor
said%
Governor Vetoes Bill to Ease Tax
vetoed
by the
abolished
which
Governor
double
taxation
on
on
on
Stock Sales—A bill
April 12 which would
odd-lot
stock
was
have
transactions,
had been passed
by the Legislature in response
to protests from the New York Stock Exchange that the
levy
was driving odd-lot stock sales from the State.
The Gov¬
ernor, referring to the Legislature's rejection of his 1940-1941
budget proposal, said:
"The
budget.
measure
Republican financial plan leaves the State with an unbalanced
If this bill wase signed, the State would lose an additional $1,The bequeathed deficit would be increased by that
revenue,
500,000 in
amount."
Volume
The Commercial & Financial Chronicle
ISO
2611
MALVERN SPECIAL SCHOOL DISTRICT (P. O. Malvern), Ark.—
The Governor signed another bill designed to enable the New York
Stock Exchange to halt diversion of its business to other States.
He said
BOND SALE DETAILS—We are now officially informed that the $142,000
it would aid recapture of part of 16,000,000 shares traded annually outside
the State.
The measure removes an old penal provision prohibiting a stock
p.
exchange from making rules to prevent a member from trading with members
of other exchanges.
Thus, the New York Exchange can proceed with en¬
forcement of a rule prohibiting member firms from trading at other ex¬
changes in any stock which is listed on the New York board.
% refunding bonds sold to the Bank of Malvern, as noted here—V. 150,
2294—were purchased at a price of 103.00.
Coupon bonds in $1,000
Due on May 1 in 1941 to 1967, without option of prior
Interest payable M-N.
denominations.
redemption.
Mortgage Moratorium Continued—Measures signed by Gov¬
Lehman on April 18 included the Mailler bill continuing
July 1, 1941, the emergency morator¬
foreclosures where interest and taxes
are paid, and the Nunan bill continuing for the same period
the emergency ban on deficieny judgments.
At the same
time the Governor rebuked the Legislature for failing to take
steps to taper off the mortgage moratorium, as recommended
in his annual message the last few years.
California
Municipals
ernor
for another year, until
ium against mortgage
"I
regret," he stated, "that the Legislature has again this year failed
modifications in the moratorium law to require amortization
to make any
payment or refinancing.
I wish to point out that in my opinion the Legis¬
lature is doing property owners a very real disservice by failing to take
constructive steps to taper off the mortgage moratorium.
Year after year
postponement of the inevitable day of reckoning."
emergency has not yet passed, it would, of
hardship suddently to lift the entire protection afforded
to mortgagors by the law."
Assemblyman Lee B. Mailler, Orange County
Republican, who sponsored the bill, also sponsored a tapering-off measure
such as the Gov ernor recommended, but it was defeated by a vote of 78 to 49
in the Assembly.
The mortgage foreclosure and deficiency judgment mora¬
there has been
a mere
He added that
"since the
course, work a great
toriums
first enacted in 1933.
were
New
City Tunnel Authority Bill Approved—The Gov
signed on April 16 the Coudert bill for the sale or ex¬
change of property determined by the New York City Tunnel
Authority to be unnecessary for its purposes, and providing
for damage suits against the Authority, issuance of bonds
and pledges of tolls and revenues of the Authority.
V v
York
ernor
New York
State—Average Income of Residents Placed at
BANKAMERICA
New York
April 15 that the 1938 income of New York
more than $10,500,000,000, or
on
State residents amounted to
about $822
a
person.
From 1929 through 1938, Mr. Hopkins said incomes in New York de¬
steadily from $1,130 in 1929 to $665 in 1933, when they turned
upward.
Estimates for 1939 indicated an improvement over the 1938
average, he said.
»
Figures compiled by the National Income Division of the Department
of Commerce showed that New York, with nearly 10% of the nation's
population in 1938, had almost 16% of total income, Mr. Hopkins said.
From 1929 through 1938, per capita income in New York was considerably
more stable than in all the States combined, he said.
clined
.
United' States—Jobless
Act
Amendments
Proposed
in
Current
Legislative Sessions—Proposals for unemployment
compensation amendments are most numerous among the
social welfare bills under consideration by State Legislatures
in session this year, a survey
by the American Public Welfare
April 16.
Bills on financing, old age
assistance, and general relief are running second, third and
Association showed
on
fourth in number.
Only a few bills have been introduced in connection with aid to the blind,
dependent children, child welfare, and plans for medical care, health
hospital service, according to the survey.
Several of the unemployment compensation measures deal with meritrating systems, under which employers who keep on a steady force of
workers are credited in terms of reduced contribution rates.
An amend¬
aid to
insurance and
ment of this type has been approved in Virginia, and one awaits the Gov¬
ernor's signature in New York.
Other amendments proposed in the various
are designed to shorten waiting periods for employee-benefits, enlarge
benefits, and extend coverage to workers hired by the "small employer."
Most of the public welfare bills which have reached enactment refer to
States
Major measures are for financing relief by
financing, the survey showed.
either outright appropriation, bond issues, new levies or the extension of
existing levies.
yAmong the old age assistance amendments enacted are several that ease
or abolish the requirements of several States which have hitherto held liens
or claims on the income or property—above certain minimum amounts—of
those receiving aid.
Amendments of this kind have been anacted in
California, Kentucky and Nebraska, with California passing a constitutional
amendment under which all such claims are relinquished by the State.
Kentucky, in addition, has revamped its 1936 Old-age Assistance Act, in¬
creasing the monthly grant from $15 to $30.
Kentucky also has provided for aid to the needy blind and to dependent
children, bringing to 41 the number of States administering such aid in
cooperation with the Federal Government.
Laws to enable local governments to cooperate with the Federal Surplus
Commodities Corporation on the food stamp plan for supplementing direct
relief have been enacted by Rhode Island and Mississippi.
Rhode Island
includes the cotton stamp plan for clothing aid as well.
State Legislatures now meeting are Mississippi,
New Jersey, Rhode
Island and South Carolina, in regular session.
Illinois will meet in special
session later in the month.
The Kentucky, New York and Virginia Legialatures have adjourned regular sessions; Louisiana and Nebraska had brief
"specials."
fornia will
On May 13, Louisiana will meet in regular session and Cali¬
special session called earlier this year.
Alabama is
reconvene a
recessed until June 25.
Bond
Proposals and Negotiations
ARKANSAS
DUMAS, Ark.—BOND SALE DETAILS—In connection with the sale
of the $13,600 (not $12,000) fire station and city hall bonds to the Southern
Securities Co. of Little Rock, as noted here—V. 150, p. 2458—it is stated
by the Town Clerk that the bonds were sold as 3XA*, at par, and are due as
follows: $500 in 1943; $600, 1944; $1,000, 1945; $500, 1946; $1,000, 1947;
$500, 1948 and 1949; $1,000, 1950 and 1951; $1,500, 1952; $1,000, 1953
to
1958, and $500 in 1959.
LITTLE
ROCK
Ark.—BOND
OFFERING—It
is
stated
by
H.
C.
Graham, City Clerk, that he will receive sealed bids until 8:30 p.m. on
May 6 for the purchase of the following coupon bonds aggregating $130,000;
)enom. $1,000.
f75,000 airport; $30,000 May 1, 1940. Due March 1, equipment bonds.
Dated auditorium, and $25,000 fire
1944.
Alternate
the rate of 2% per annum
per annum.
The bonds will not be sold for less
basis of bonds bearing 3 % interest .
The privilege of convert¬
ing the bonds will not be allowed.
Purchaser to name place of payment of
principal and interest.
These bonds are part of the $155,000 authorized at
the election held on April 2, and will be issued under authority of Amend¬
ment No. 13 to the Constitution.
They will be general obligation bonds
of the city, and will be secured by a special continuing tax levy Sufficient to
pay the principal and interest and provide for a safe margin of security.
The city will furnish the printed bonds and the opinion of Rose, Loughbor¬
ough, Dobyns & House, of Little Rock, approving their legality.
Enclose
a certified check for 3% of the amount of each issue bid on, payable to the
bids will be received for bonds bearing interest at
and at the rate of 3%
than par on a
city.
(This notice supplements the offering report given in our issue
—V. 150, p. 2459 J
of April 13
Representative
Telephone WHitehall 3-3470
62 Wall St.
CALIFORNIA
(P. O. Fallbrook),
District Secretary
Ellis Bishop & Co., Ltd. of
Pasadena, as noted here—V. 150, p. 2294—were purchased as 4s, at par.
Denom. $1,000.
Dated Jan. 2, 1939.
Due on Jan. 2 as follows: $4,000 in
1958; $6,000, 1959, and $4,000 in 1960.
FALLBROOK
UTILITY
PUBLIC
DISTRICT
Calif.—BOND SALE DETAILS—It is stated by the
that the $14,000 water revenue bonds sold to
FRESNO COUNTY (P. O.
Fresno), Calif.—SCHOOL BOND SALE—
District bonds offered for
The $120,000 issue of Fresno City High School
April 16—V. 150, p. 2459—was awarded to Kaiser & Co. of San
Francisco as lMs, paying a premium of $117, equal to 100.097, a basis of
about 1.23%.
Dated April 1, 1940.
Due $30,000 on April 1 in 1945 to
1948, inclusive.
sale
on
SAN
DIEGO
COUNTY (P. O. San Diego)
Calif.—SCHOOL BONDS
by the Deputy County Clerk that at the election
April 11 the proposal to issue $150,000 in Grossmont Union High
School District building bonds failed to carry.
DEFEATED—It is stated
held
on
TULARE COUNTY
(P. O. Visalia). Calif.—SCHOOL BOND SALE—
The $3,500 Olive School District school bonds offered for sale on April 16—
V. 150, p. 2294=—^ere awarded to the First National Bank of Orosi as 3 3^s,
at par.
Dated April 16.1940.
$822 for 1938—Harry L. Hopkins, Secretary of Commerce,
reported
COMPANY
Los Angeles
San Francisco
Due $350 on April 16 in 1941 to 1950, incl.
COLORADO
LOVELAND,
Colo.—BONDS EXCHANGED—It
is stated
that the
$267,000 2 lA% semi-ann. water works refunding bonds authorized by the
City Council last August, have bene exchanged with the holders of the
original bonds, through Gray B. Gray, of Denver, at par. Dated Sept. 1,
1939.
Denom. $1,000. Due Jan. 1, as follows; $5,000 in 1941, $10,000 in
1942, $15,000 in 1943, $20,000 in 1944, $25,000 in 1945 and 1946, $40,000 in
1947 to 1949. and $47,000 in 1950.
Prin. and int. payable at the City
Treasurer's office. Legality approved by Myles P. Tallmadge, of Denver.
that
WRAY, Colo.—BONDS SOLD—It is stated by the Town Clerk
$50,000 light plant revenue bonds have been sold.
'
FLORIDA
DADE
COUNTY
SPECIAL
TAX
SCHOOL
DISTRICTS
(P.
O.
Miami), Fla.—BOND ELECTION—The County School Board is said to
have set May 28 as the date of an election to vote on the proposed issuance
of the following bonds aggregating $3,676,000: $2,250,000 Second Special
Tax School District; $425,000 Third Special Tax School District; $355,000
Fourth Special Tax School District; $600,000 Fifth Special Tax School
District; and $46,000 Sixth Special Tax School District bonds.
FLORIDA (State of)—BOND
TENDERS INVITED—'The State Board
receive until 10 a. m. on May 3 at the Governor's
offerings of matured or unmatured original or
refunding road and oridge or highway bonds, time warrants, certificates
of indebtedness and (or) negotiable notes of the Florida counties and specia 1
road and bridge districts therein, as follows:
Brevard, Broward, Desoto County Special R. & B. Districts Nos. 5
and 6, Punta Gorda Special R. & B. District only, Glades, Indian River
District No. 1 and Quay Bridge District only, Jensen R. & B. District,
Levy District No. 7 and Okeechobee.
All offerings submitted must be firm for 1ft days subsequent to the date
of opening, i.e., through May 13, 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.
Bonds that are in default of interest must be offered at a fiat price, which
price shall be understood to be the price asked for such bonds with all
maturities of past due defaulted or unpaid coupons attached, and notice is
herebv given that if any such coupons have been detached prior to delivery
of any of the bonds accepted and (or) purchased hereunder, the face value
of such missing coupons will be deducted from purchase price, and offerings
must be submitted on this basis.
Sealed envelope containing offerings of bonds 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 offering may be enclosed in one mailing envelope.
The right is reserved to reject any and all offerings or portions of offerings.
of Administration will
office in Tallahassee, sealed
untij
TAMPA, FLA.—BOND OFFERING—Sealed bids will be received
on April 26, by P. R. Bourquardez, City Clerk, foi the purchase of
% semi-annual coupon or registered general refunding bonds
aggregating $313,000:
/
noon
the following 4
$260,000 series A bonds. Due May 1, as follows: $5,000 in 1941 to 1943
$10,000 in 1944 to 1956, $15,000 in 1957 to 1902, $10,000 in 1963
and 1964, and $5,000 in 1965.
Payable from an unlimited tax
to be levied upon all taxable property (including homesteads;
within the corporate limits of the city as they existed prior to the
extension of the limits in 1911.
53,000 series B bonds.
Due May 1, as follows: $15,000 in 1947, $25,000
in 1948, and $13,000 in 1949.
Payable from an unlimited tax
to be levied upon all taxable property (including homesteads)
within the corporate limits of the city as they existed after the
extension of the limits in 1911 and before the extension in 1923.
Dated May 1, 1937.
Denom. $1,000.
The award will be made upon
the bid offering to take the smallest amount of bonds of each issue having
the earliest maturities above named which at the price bid will produce a
sum exceeding $313,000 and not exceeding $314,000 and the amount of
the series B bonds not so bid for shall not be more than one-fifth of the
amount of the series A bonds not so bid for.
If two or more such bids
offer to take the smallest amount of bonds, the award will be made upon
such bid offering the highest price.
Prin. and int. payable in New York
City.
The bonds are general obligations of the city.
The approving legal
opinion of Masslich & Mitchell, of New York, will be furnished the purchaser
without charge.
Enclose a certified check for 2% of the amount of bonds
bid for, payable to the Board of Representatives.
ILLINOIS
CHICAGO, III.—$25,000,000 RFC LOAN DISCUSSED—Jesse H. Jones,
Federal Loan Administrator, is reported to have stated on April 15 that
the Reconstruction Finance Corporation would be glad to cooperate in
financing new traction equipment if the proposed unification of the city s
transit system is accomplished.
Mr. Jones made the statement following
a
conference with a group of local citizens interested in unification of
transit facilities.
The amount of the proposed loan was placed at $25,000,000 and the entire plan will be studied by RFC's experts, with further
conferences on the proposal to be held in the near future.
Mr. Jones said
that1 'we are going to have to be sure that the loan will be good and be
repaid."
The Chicago delegation is reported to have been headed by
Walter T. Cummings, Chairman of the Continental Illinois National Bank
& Trust Co. and E. E. Brown, President of First National Bank of Chicago.
GALVA, III.—BONDS SOLD—An issue of $17,000 septic tank bonds was
gold to the Equitable Life Insurance Co. of Des Moines.
GLENCOE, 111.—BOND OFFERING— E. W. prooks, Deputy Village
Clerk, will receive seaied bids until April 25 for the purchase of $37,500 3%
The Commercial & Financial Chronicle
2612
library building bonds. Dated May 15, 1940. Due on May 15 from 1946
to 1953, incl.; optional May 15, 1946,
Interest M-N. This issue carried
by a vote of 215 to 82 at an election on April 2.
TOWNSHIP HIGH SCHOOL DISTRICT (P.O.
111.—BONDS VOTED—At an election on .April 2 the voters
an issue of $75,000 gymnasium remodeling bonds.
LaSALLE-PERU
LaSalle),
authorized
METAMORA, III.—PRE-ELECTION SALE—Jemea Hall, Village Clerk,
and sewer system bonds has been sold
anticipation of approval of the borrowing by the voters at an election
on May 8.
1
1
states that an issue of $30,000 water
in
MONROE COUNTY ROAD DISTRICT NO. 10 (P. O. Waterloo),
IIL—BONDS VOTED—An issue of $10,000 road improvement bonds was
an election on March 30.
authorized at
MONROE COUNTY SCHOOL DISTRICT NO. 20 (P. O. Columbia)
IIL—BOAT) SALE—The $64,000 3H% building bonds offered April 10—
V. 150, p. 2295-—were awarded to the Mississippi Valley Trust Co. of St.
Louis, at par plus a premium of $7,207, equal to 111.26, a basis of about
2.34%. Dated May 1,1940 and due May 1 as follows: $2,000 in 1941 and
1942; $2,500, 1943 to 1946, incl.; $3,000, 1947 to 1950, incl.; $3,500, 1951
to 1955, incl.; $4,000 from 1956 to 1959, incl. and $4,500 in 1960.
Other
bids:'
Bidder—
v.-.
v
Stiefel, Nicolaus &
.....
........—
Co—.......................—....—...•110.128
...........
-109.146
Newhard. Cook & Co*..—.*—......—....-—.-...*..>......108,125
H. C. Speer & Sons Co.— ...........—.....—
......107.59
Rheinholdt-Gardner & Co.**..
.....
107.56
John Nuveen & Co......
.—*.....107.12
...
..w.>.......,...4.
......
Benjamin Lewis & Co...—.—
.....102.059
WHEATLAND TOWNSHIP (P. O. Vandalia), 111,—BONDS VOTED
an election on March 29 the voters approved the proposition to issue
—At
$10,500 road improvement bonds.
WOODVILLE TOWNSHIP, Greene County, 111.—BONDS VOTED—
At an election held recently the proposal to issue $20,000 road improvement
bonds
approved by the electorate.
was
ADAMS SCHOOL TOWNSHIP (P. O, Pine Village), Ind.—BOND
SALE—The $25,450 school bonds offered April 15—V. 150, p. 2144—were
awarded to the Fletcher Trust Co, of Indianapolis,-as 2s, at a price of
100.302, a basis of about 1.96%.
Dated Jan. 9, 1940 and due as follows:
$1,025 July 1, 1941; $1,025 Jan. 1 and $900 July 1, 1942; $900*Jan. 1,and
July 1 from 1943 to 1954, Incl,; and $900 Jan. 1, 1955.
Second high bid
of 100,694 for 2Ms was made by Raffensperger, Hughes & Co. of In¬
dianapolis,
:
ALEXANDRIA, Ind.—BOND SALE—The $14,119.67 judgment funding
bonds offered April 1—V. 150, p. 1970—were awarded to Browning,
VanDuyn, Tischler & Co. of Cincinnati.
Dated April 1, 1940 and due
as follows: $500 Jan. 1 and
July 1 from 1942 to 1955, Incl. and $119.67
1, 1956.
■_
The bonds were sold as
2sTat
a
price of 100.12,
a
basis of about 1.98%. 'f
BROOKVILLE SCHOOL TOWN, Ind.—BOND SALE—The $10,000
improvement bonds offered April 12—V. 150, p. 2295—were awarded to
the Peoples Trust Co. of Brookville, as 1 Ms, at par.
Dated April 15,
1940 and due as follows: $500 on Dec. 15 in 1941, 1942. 1943 and 1945;
$2,500, June 15 and Dec. 15,1946; $1,500, June 15 and bee. 15, 1947.
CASS COUNTY (P. O. Loean.port),
Ind.—BOND OFFERING—
Herbert D. Condon, County Auditor, will receive sealed bids until 2 p. m.
r<
on May 4 for the purchase of $4,402.06
6% drainage bonds. Dated April
15, 1940.
One bond for $127.06, others $225 each.
Due as follows:
$225 June 1 and Dec. 1 from 1910 to 1948, incl.; $225 June 1 and $127.06
Dec. 1, 1949.
Interest J-D.
Bonds payable out of assessments collected
from the property owners benefited by the drainage.
A certified transcript
of proceedings with regard to issuance of bonds will be furnished the suc¬
cessful bidder.
A certified check for 3% of the bonds, payable to order
of the Board of Commissioners, must accompany each
proposal.
„
.
,
Iowa—BOND OFFERING—It is reported that bid
HARRISON
»
COUNTY
(P.
O.
Logan),
Iowa—ADDITIONAL IN¬
FORMATION—In connection with the report that Vieth, Duncan & Wood
Davenport had agreed tentatively
of
to purchase $24,000 2% semi-annual
funding bonds, noted here on April 13—V. 150, p. 2460—it is stated by the
County Treasurer that the bonds will be sold at par and will mature on
Nov. 1 as follows: $5,000 in 1948 and 1949 and $7,000 in 1950 and 1951.
HARRISON
COUNTY
stated by the County
(P. O. Logan), Iowa—MATURITY—It is
Clark that the $16,000 funding bonds sold to Bieth,
Duncan & Wood of Davenport, as 254s, at a price of 100.625, as noted here
—V. 150, p. 1812—are due on Nov. 1 as follows:
$3,000 in 1948 and 1949,
$10,000 in 1950, giving
a
basis of about 2.68%.
HARTLEY, I owa—BONDS SOLD—The Town Clerk states that $30,000
been purchased by Fred A. Gefke
electric light plant revenue bonds have
IOWA CITY. Iowa—BOND ELECTION—It is reported that an elec¬
tion has been called for May 7 in order to have the voters pass on the pro"
posed issuance of $750,000 in water revenue bonds.
MARION
INDEPENDENT
DISTRICT
(P. O. Marion),
Board of Educa¬
W. D. Hanna &
premium of $350, equal to 101.59.
SCHOOL
I owa—BONDS SOLD—It is stated by the Secretary of the
tion that $22,000 building bonds were sold on April 12 to
Co. of Burlington, as 1%b, paying a
NORTH ENGLISH INDEPENDENT SCHOOL DISTRICT (P. O.
English), low a—BONDS OFFERED—Bids were received until
North
April 20, according to report, by the Secretary of the Board of Directors,
for the purchase of $13,000 building bonds.
OTTUMWA INDEPENDENT SCHOOL DISTRICT (P. O. Ottumwa)
Iowa—BOND OFFERING—We are informed that bids will be received
by Walter McLain, Secretary of the Board of
Directors, for the purchase of $325,000 school building bonds.
Interest
rate to be determined by bidding at the sale.
Denom. $1,000.
Dated
May 1, 1940. Due on Nov. 1 as follows:
$5,000 in 1941; $10,000, 1942 to
1945; ^15,000, 1946; $20,000, 1947: $15,000, 1948 to 1950; $20,000, 1951
to 1955, and $25,000 in 1950 to 1959, incl., without option of prior redemp-tion.
Principal of bonds is registerable as to ownership.
Interest payable
M-N.
These bonds were authorized at an election held on Jan. 16, 1940.
Printed bonds and the approving opinion of Chapman & Cutler of Chicago,
will be furnished by the district.
A certified check for 2% of the bonds,
payable to the District Treasurer, must accompany the bid.
until April 23, at 10 a. m,,
INDIANA
Jan.
DODGE,
refunding bonds.
■
.
White-Phillips Corp.
Municipal Bond Corp. of Chicago
Francis Bros. & Co
FORT
will be received until April 22 by the City Clerk for the purchase of $38,000
and
Rate Bid
*110.899
..—110.173
April 20, 1940
$3,500 in 1941, $3,000 in 1942, and $2,000 In 1943. Bidders should specify
the rate of interest, but no award will be made on any bid of less than par
and accrued interest. All other things being equal, preference will be given
to the bid of par and accrued interest or better which specifies the lowest
coupon Interest rate.
Prin. and int. (M-N) payable at the City Treasurer's
office.
The purchaser is to furnish the printed bonds.
Enclose a certified
check for 2% of the amount bid.
SIDNEY, Iowa—BOND OFFERING—It is reported that bids will be
of
received until April 23 at 7:30 p. m. by the Town Clerk for the purchase
$16,000 sewer bqnds.
WAPELLO COUNTY (P. O. Ottumwa) Iowa—BOND OFFERING—
are informed that sealed bids will be received until 2 p. m. on April 23,
by Fred Pohlson, County Treasurer, for the purchase of a $55,000 issue of
funding bonds. Open bids will be considered after all sealed bids have been
filed.
Denom. $1,000.
Dated May 1, 1940.
Due as follows: $27,000 on
May 1, 1941; $25,000 on Nov. 1, 1941, and $3,000 on Dec. 1, 1941. Bonds
are not optional prior to maturity.
Coupon bonds, registerable as to prin¬
cipal. The county will furnish the blank bonds. The approving opinion of
Chapman & Cutoer of Chicago will be furnished by the purchaser and all
bids must be so conditioned.
A certified check payable to the County
Treasurer for an amount equal to 3% of the amount of bonds offered, must
be furnished by bidders.
The proposed bonds are to be issued for the purpose of funding a like
amount of warrants issued and outstanding for expenditures for the care of
persons entitled to relief.
The purchaser of the bonds will be required to
accept, deliver and pay for the proposed bonds at the office of the County
Treasurer when the bonds are available for delivery.
We
.
HAUBSTADT, Ind.—BONDS SOLD—An
KANSAS
issue of $52,000 4% coupon
waterworks revenue bonds was sold last November to
City Securities Corp.
of Indianapolis,
Dated Oct, 1, 1939 and due serially over a period of 20
years in instalments of from $500 to $1,000.
Callable at any time at a
price of 102. Denom. $500. Coupon Interest J-J. Legal opinion of Matson,
Boss, McCord & Ice of Indianapolis.
LAWRENCE, Kan.—BONDS TO BE SOLD—It is stated by J. M. Stone
City Clerk, that $18,000 IX% community building bonds approved re¬
cently by the voters will be sold to the City Water Department sinking fund.
Denom. $1,000.
Dated May 1, 1940.
Due $3,000 on Mayl in 1941 to
1946, incl.
Prin. and int. (M-N) payable at the State Treasurer's office.
CONTROL DISTRICT, Ind.—BOND
OFFERING—-Frank E. Clegg, Executive Secretary, will receive sealed bids
until 11 a. m, on April 26 for the purchase of
$100,000 not to exceed 4X %
interest flood control work bonds of 1940,
Dated May 1, 1940.
Denoms.
81,000 and $500.
Due $2,500 on Jan. 1 and July 1 from 1942 to 1961, incl.
single rate of interest, expressed in a multiple of X of
Bidder to name a
1%•
interest J-J% This is a special taxing district established by decree
of the Clark Circuit Court under the
provisions of Chapter 23 of Indiana
Acts of 1939 and the bonds are
being issued pursuant to provisions of said
Act and resolutions of the Board of Commissioners.
The bonds are payable
out or 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.
A certified check for $3,000 must
accompany each proposal.
Approving
legal opinion of Matson, Ross, McCord & Ice of Indianapolis, together with
transcript of bond proceedings, will be furnished the successful bidder.
FLOOD CONTROL DISTRICT, Ind.—WAR¬
RANT SALE— The issue of $70,0G0 warrants offered
April 12—V. 150,
p. 2459—was awarded to the Indianapolis Bond & Share
Corp., Indianapolis
as 2 Ms, at par
plus $17 premium. Dated April 1,1940 and due on or before
April 1, 1941.
Seasongood & Mayer of Cincinnati, bid a rate of 3% and
premium of $14.
DEI AILS—The
O.
Waldron),
Ind.—BOND SALE
$40,900 school and civil township bonds awarded March 6,
u,^
tUny reported in —V. 150, p. 1638—were sold to Raffensperger,
Hughes & Co. of
as
2s, at
a
Indianapolis and A. S. Huyck & Co. of Chicago, jointly,
price of 100.999, a basis of about 1.86%.
^UNTY (p. O
Indianapolis),Ind.—TEMPOUARYLOAN
loan offered April 16—V.150, p. 2460—was awarded
tv,«P£)JP co^.Posedof Union Trust Co., Indiana National Bank, Fletcher
^ TrrU8i,
M Merchants National Bank and the American
e nl
°L? o«6s, at 0.375% interest rate, plus a premium
r?f ^ npr!L8& i^O and due June 15,1940. The Albert McGann
and
pre^um"of $37U50
'
second hi«h bidder, named
akS'fwS1?^ ,SCHO°L CITY, Ind.—BOND
SALE
a rate of 0.75%
DETAILS—The
Ico.^nXnapo^tt
lTr§89f£
«?l£i!0X
1:1i9i;.,2;00°Jan-1 "*iu*1
T»Elia^??LCS}J,NTY
Winamac), Ind.—BONDS NOT SOLD—
ILSSWnrnixh inm8 °£f«red Apidl
V. 150, p. 1970—
1944
inclusive
15, 1940 and due semi-annually from 1940 to
were not sold
V.
'
IOWA
.
—S°NDS SOLD—It is
<ti
stated by the City Clerk that
DfeT Co!ofl?^Meota™^2^sW^epaTarded °° AprU 15 to the CarIet00
,rt5yC^,^^PE^DENJSCH0°L
s
DISTRICT (P. O. Buckeye),
1? stated by the District Secretary that the $8 000
T
2M% semi-annual refunding bonds sold
Davenport, at par, as noted here—V. 150
to
n
Vieth,
Duncan & Wood of
2460-Uire
£?Uonn: 1Q4^«Knn94io'aft1 and $1,000 in®500'* 1942$1,000, 1945; $500, 1946 'C?PnSn1-' 1947 to
««
81,000,1943; $500, 1944;
'
1949,
"ffEfi/JVO-Sealed and
,
hase of
Knn^?^i
V
^Z
$8,500 dock bonds.
open
bids will be
R'm\« *?y 1 • J. Shea, City Clerk, for the
Dated April 1, 1940.
Due Nov. 1
as
pur-
follows:
KENTUCKY
ASHLAND, Ky.—BOND SALE—The $50,000 issue of 3%
ann.
—V.
coupon
semi"
school improvement bonds offered for sale at public auction on April 15
150, p. 2460—was awarded to the Sinking Fund Commission, for a
premium of $2,400, equal to 104.80,
a
basis of about 2.50%. Due on April 1
in 1943 to 1954 incl.
Almstedt Bros, of Louisville offered $2,335 premium for the bonds.
ASHLAND, Ky*—BOND SALE DETAILS—It is
now
reported that the
$40,000 water revenue bonds sold to the Sinking Fund Commission, as
noted here in December, were purchased as 4s at par and mature as follows:
$2,000 on July 1 in 1940 and on Jan. 1 and July 1 in 1941 to 1950, incl.
DAVIESS COUNTY PUBLIC SCHOOL BUILDING CORPORATION
(P. O. Owensboro) Ky.—BOND OFFERING—It Is stated that sealed bids
will be received until 2 p. m. on April 20, by Thomas Leet, President of the
School Board, for the purchase of $55,000 354% coupon semi-ann. first
mortgage building bonds.
Dated April 1,1940.
Denom. $1,000.
Due
April 1, as follows: $1,000 in 1943, $2,000 in 1944. $3,000 in 1945 and 1946,
$2,000 in 1947, $3,060 nl 1948 and 1949, $4,000 in 1950, $3,000 in 1951,
$4,000 in 1952, $3,000 In 1953, and $4,000 in 1954 to 1959. The bonds are
subject to redemption on any interest due date upon 30 days' notice at par
plus accrued interest plus a premium of 3 % of par if the call is made during
the first two years from April 1,1940, and on the same terms thereafter with
the exception that no premium need be paid.
DAVIESS COUNTY PUBLIC SCHOOL IMPROVEMENT CORPO¬
RATION (P. O. Owensboro) Ky .—BOND OFFERING—Sealed bids will
be received until 2 p. m. on
April 20, by President Thomas Leet, for the
purchase of $5,000 354% coupon semi-ann. first mortgage improvement
bonds. Denom. $500. Dated April 1, 1940. Due $500 April 1, 1943,1945.
1946, 1948, 1950, 1951, 1953 to 1955 and 1957. The bonds are subject to
redemption on any interest due date up on 30 days'notice at par plus accrued
interest plus a premium of 3 % of par if the call is made during the first two
years from April 1, 1049, and on the same terms thereafter with the ex¬
ception that no premium need be paid.
ESTILL COUNTY (P. O. Irvine) Ky.—BOND TENDERS INVITED—
It is announced by the Fiscal Court that sealed tenders will be received at
the Union Bank & Trust Co., Irvine, until May 10, for the sale to the county
of that quantity of its outstanding road and bridge bonds dated Nov. 1,
1922, Oct. 1, 1923, Nov. 1, 1927, and April 1, 1928, all bearing interest
5% per annum, as will consume from $30,000 to $40,000
at the rate of
in the County's Road Bond Fund predicated on the amount required of
the $55,000 in the fund under the terms of the refunding plan now in
process
by the county.
Holders are notified that the refunding plan contemplates the exchange
of refunding bonds at a reduced rate of interest for outstanding bonds of
equal amount under the terms of which refunding it is estimated that the
county will be enabled to pay promptly the interest and principal of such
refunding bonds as they respectively mature.
Copies of the refunding plan may be secured from the W. C. Thornburgh
Co., 18 East Fourth St., Cincinnati.
FRANKFORT, Ky.—MA TXJRITY—It is now reported that the $75,000
refunding bonds sold to Almstedt Bros, of Louisville and associates, as
noted here—V. 150, p. 2460—are due on Jan. 1 in 1942 to 1964.
RUSSELL, Ky.—BOND SALE—The $6,000 4% semi-annual water
works revenue bonds offered for sale on April 16—V. 150, p. 2460—were
purchased by the First & Peoples Bank of Russell at par.
No other bid
was received, according to the City Treasurer.
Due on April 1 in 1952 and
1953.
Volume
The
ISO
Nationa1
LOUISIANA
DONALDSONVILLE, La.—BONDSALE—The $7,000 semi-ann. paving
on April 15—V. 150, p. 2460—were purchased
by the Assumption Bank & Trust Co. of Napoleonville, as 4 As, Paying a
price of 100.535, according to the City Secretary. No other bid was received.
Dated May 1, 1940. Due on May 1 in 1941 to 1950.
certificates offered for sale
LOUISIANA, State of—BOND SALE—'The $2,500,000 issue of high¬
series Y, coupon or registered semi-ann. bonds offered for sale on
April 17—V. 150, p. 1812—was awarded to a syndicate composed of Blyth
& Co., Inc., Lehman Bros., both of New York, the Equitable Securities
Corp., of Nashville, the Hibernia National Bank, Scharff & Jones, Inc ,
White Dunbar & Co., Nusloch, Baudean & Smith, Woolfolk, Huggins &
Shober, and Jac. P. Ducournau, all of New Orleans, at a price of 100.032,
a pet interest cost of about 3.035%, on the bonds divided as follows:
$750,000 as 3^s, due on April 15; $25,000, 1944 to 1949, and $100,000 in 1950 to
1955; $1,200,000 as 3s, due $300,000 on April 15 in 1956 to 1959; the re¬
maining $550,000 as 2%s, maturing on April 15, 1960.
way,
OFFERED
INVESTMENT—The
FOR
NEWBURYPORT, Mass.—NOTE SALE—The First & Ocean
April 16 an issue of $200,000 notes
0.22% discount.
Due April 7, 1941.
Tyler & Co. of Boston, other
Bank of Newburyport was awarded on
at
BONDS
successful
bidders re-
offered the above bonds for general subscription, the $750,000 3 A % bonds
priced to yieid from 1.50 to 3.00%; $1,200,000 3% bonds, priced from 101
to 100. and $550,000 2As, priced to yield 2.90%.
The bonds are legal
investment, in the opinion of the bankers, for savings banks in New York,
Massachusetts and Connecticut.
MAINE
LEWISTON, Me.—NOTE OFFERING—Denis L. Leblanc, City Treas¬
will receive sealed bids until 6 p. m. (EST) on April 23 for the purchase
anticipation notes of 1940. Dated April 26,
1940 and payable Dec. 26, 1940 at the Second National Bank of Boston.
Notes will be certified as to their genuineness by the Second National Bank
of Boston, under advice of Storey, Thorndike, Palmer & Dodge of Boston.
bidder, named
at discount of $650,000 revenue
WELLS, Me.—PRICE PAID—In connection with the sale
2% elementary school construction bonds to P. W. Home & Co.
—V. 150, p. 2460—we learn that the issue was sold at a price
a basis of about 1.91%.
of $28,600
of Hartford
of 100.624,
MASSACHUSETTS
Mass.—NOTE SALE—The $500,000 revenue anticipa¬
tion notes offered April 16—V. 150, p. 2460—were awarded to the Second
National Bank of Boston, at 0.228% discount.
Dated April 17, 1940 and
due $300,000 Jan. 15 and $200,000 Feb. 14, 1941.
Other bids: Home
National Bank of Brockton, 0.26%; National Shawmut Bank, 0.275%;
Bates, Converse & Co., 0.27%; Merchants National Bank of Boston, 0.28%;
BROCKTON,
National
Bank of Boston, 0.31%.
CAMBRIDGE, Mass.—BOND SALE— The National Shawmut Bank of
Boston was awarded an issue of $71,000 relief bonds as 1 As, at a price of
100.655, a basis of about 1.12%.
Dated Dec. 1, 1939 and due Dec. 1
as follows: $8,000 in 1940 and $7,000 from 1941 to 1949 incl.
Other bids:
Rate Bid
Int. Rate
Bidder—
Second National Bank of Boston
IA%
100.438
Halsey, Stuart & Co., Inc
Goldman, Sachs & Co
Wi%
IA%
100.679
100.309
FALL
RIVER,
Mass.—NOTE SALE—Leavitt
&
Co. of New
York
awarded April 15 an issue of $500,000 revenue notes at 0.2595% dis¬
count.
Due Nov. 29, 1940.
Other bids:
B. M. C. Durfee Trust Co.,
were
National Shawmut Bank and Merchants
National Bank of Boston, jointly,
0.31%; First National Bank of Boston, 0.31%;
0.34%; Frederick M. Swan & Co., 0.42%.
Fall River National Bank,
Mass.—NOTE SALE— The Merchants National Bank of
April 15 an issue of $100,000 revenue notes at
Due April 15, 1941.
Other bids:
Merchants National
Bank of Boston, 0.20%; First National Bank of Boston, 0.23%; First
Boston Corp., 0.247%; Blair & Co., Inc., 0.297%.
GRAFTON,
Worcester
was
awarded
s rate
of 0.23%.
NORFOLK COUNTY (P. O. Dedham), Mass.—NOTE OFFERING—
Ralph D. Pettingell, County Treasurer, will receive sealed bids untn 11 a.m.
on April 23 for the purchase at discount of $200,000 tuberculosis hospital
maintenance notes.
Dated April 23, 1940.
Denoms. $25,000, $10,000
and $5,000.
Payable April 11, 1941 at the First National Bank of Boston
or at the Central
Hanover Bank & Trust Co., New York City.
Notes
will be authenticated as to genuineness and validity by the Boston bank.
Legal opinion of Ropes, Gray, Boyden & Perkins of Boston will be furnished
the successful bidder.
NORTHAMPTON,
*
L.
OFFERING—Albina
Mass.—BOND
Richard'
City Treasurer, will receive sealed bids until 5 p. m. on April 24 for the
purchase of $71,000 coupon flood control bonds.
Dated May 1, 1940.
Denom. $1,000. Due May 1 as follows: $4,000 from 1941 to 1951 incl. and
$3,000 from 1952 to 1960 incl. Bidder to name rate of interest in a multiple
of A of 1 %.
Principal and semi-annual interest payable at the Merchants
National Bank of Boston. Bonds will be prepared under the supervision of
as to their genuineness by the Merchants National Bank
Boston, whose opinion will be furnished the purchaser.
and certified
PEABODY,
OFFERING—Patrick
Mass.—NOTE
City
Cahill,
M.
of
Treasurer, will receive bids until 11 a. m. on April 23 for the purchase at
discount of $300,000 revenue anticipation notes of 1940.
Dated April 24,
1940. Due in instalments of $100,000 each on Dec. 5 and Dec. 19,1940, and
April 24, 1941. Notes will be authenticated as to genuineness and validity
by the National Shawmut Bank of Boston, under advice of Storey, Thorn¬
dike, Palmer & Dodge of Boston.
urer,
First
2613
Commercial & Financial Chronicle
Mass.'—NOTE SALE—The First Boston Corp. was
April 15 an issue of $75,000 revenue notes at 0.21% discount.
18, 1940.
The Second National Bank of Boston, next highest
TEMPLETON,
awarded
Due Dec.
bidder, named
rate of 0.449%.
a
WAKEFIELD, Mass.—BOND SALE—John I. Preston, Town Treasurer,
reports the award on April 12 of $98,000 coupon bonds to
Boston as 1 As at a price of 101.155, a basis of about 1.03 %.
Tyler & Co. of
Sale consisted
of:
$50,000 watermains bonds.
Due $5,000 on April 1 from 1941 to 1950, incl.
48,000 sewer construction bonds.
Due April 1 as follows: $5,000 from
1941 to 1949, incl., and $3,000 in 1950.
All of the bonds will be dated April 1, 1940.
Denom. $1,000.
Principal
and interest (A-O) payable at the Second National Bank of Boston.
Legal¬
ity to be approved by Ropes, Gray, Boydexi & Perkins of Boston.
Other
bids.
■
Bidder—
-•<
1
Rate Bid
Int. Rate
1A%
•
Estabrook & Co__
Chace, Whiteside. & Symonds
E. H. Rollins & Sons, Inc
100.80
100.72i
IA%
1A %
1 A%
Second National Bank of Boston
*
—
100.73s
100.567
WALTHAM, Mass.—NOTE SALE—The $300,000 revenue anticipation
notes offered April 16—V. 150, p. 2460—were awarded to the Merchants
National Bank of Boston, at 0.18% discount.
Dated April 16, 1940 and
due $200,000 Nov. 6 and $100,000 Nov. 15, 1940.
Other bids: Waltham
National Bank, 0.185%; First National Bank of Boston, 0.19%: Bates,
Converse & Co.,0.20%; Leavitt & Co., 0.215%; Second National Bank
of Boston, 0.228%.
WESTFORD,
Mass —NOTE
OFFERING—The Town Treasurer will
April 23 for the purchase of $50,000
receive sealed bids until 8 p.m. on
notes,
payable Nov. 25, 1940.
WORCESTER COUNTY (P. O.
Worcester), Mass.—NOTE SALE—
$19,000 hospital
awarded to the
discount.
Dated
April 18, 1940 and due April 18, 1941.
Other Bids: Second National Bank
of Boston, 0.138%; Merchants National Bank of Boston, 0.14%.
The $200,000 tuberculosis hospital maintenance notes and
funding notes offered April 16—V. 150, p. 2461—were
Boston Safe Deposit &
Trust Co. of Boston, at 0.093%
0.17% discount.
HAMPDEN COUNTY (P. O. Springfield), Mass.—NOTE OFFERING
—John J. Murphy, County Treasurer, will receive sealed bids until noon
April 24 for the purchase at discount of $35,000 notes.
Dated April 25,
1940.
Denoms. $10,000 and $5,000.
Payable April 1, 1941.
Issued for
maintenance of tubercular patients.
Notes will be authenticated as to
on
genuineness
approved
as
and
validity
First National Bank of Boston,
Gray, Boyden & Perkins of Boston.
by the
to legality by Ropes,
and
HAVERHILL, Mass.—NOTE SALE—The $500,000 revenue anticipa¬
notes offered April 16—V. 150, p. 2460—were awarded to the Na¬
tional Shawmut Bank of Boston, at 0.26% discount.
Dated April 18, 1940
and due $300,000 on Dec. 10 and $200,000 Dec. 23, 1940.
Other bids:
Merchants National Bank of Boston, 0.274%; First National Bank of
Boston, 0.31%.
tion
MARLBOROUGH, Mass.—BOND OFFERING—Edward F
Bigelow,
City Treasurer will receive sealed bids until 10 a. m. on Apr'l 23 for the
purchase of $75,000 coupon municipal relief bonds, Act of 1939.
Dated
May 1, 1940.
Denom. $1,000. Due May 1 as follows: $8,000 from 1C41
to 1945 inci. and $7,000 from 1946 to 1950 incl.
Bidder to name rate of
interest in multiples of A of 1 %. Principal and semi annual interest payable
at the Merchants National Bank of Boston.
Legal op'n'on of Storey,
Thorndike, Palmer & Dodge of Boston will be furnished the successful
bidder.
MASSACHUSETTS
(State
of)—NOTE OFFERING—William
E.
Hurley, State Treasurer, will receive bids in writing until noon on April 22
of $2,724,700 notes, dated April 25, 1940, due Nov. 22,
1940, issued under the provisions of Section 11 of Chapter 159 of the Special
Acts of 1918, as amended, in anticipation of assessments against the cities
and towns of the Boston Metropolitan District for the payment of the
Boston Elevated Ry. Co. deficiency. The notes are direct obligations of the
Commonwealth of Massachusetts, and interest will be payable at maturity.
The Commonwealth figures the interest on exact number of days on a
for the purchase
360-day year basis.
Boston
Boston delivery.
Principal and interest payable in
purchaser.
New York at option of
or
MEDFORD, Mass.—BOND SALE—The $65,000 coupon sewer construc¬
bonds offered April 16 were awarded to Tyler & Co. of Boston,
as
a price of 100.135, a basis of about 1.48%.
Dated April 1, 1940.
Due April 1 as follows:
$5,000 from 1941 to 1945, incl. and $4,000 from
1946 to 1955, incl.
Principal and interest (A-O) payable at the National
Shawmut Bank of Boston.
Legality approved by Ropes, Gray, Boyden
tion
lAs, at
& Perkins of Boston.
Other bids:
rInt. Rate
1A%
\A%
Ripley & Co., Inc
F. Brittain Kennedy & Co
Frederick M. Swan & Co
Rate Bid
100.07
100.032
R. K. Webster & Co
143% :
\%%
100.019
100.67
First National B,ank of Boston..
1A%
100.345
Mass.—BOND SALE—The $75,000 coupon municipal
16—V. 150, p. 2460—were awarded to Putnam
I As, at a price of 100.581, a basis of about 1.14%.
Dated April 1, 1940 and due April 1 as follows:
$8,000 from 1941 to 1945,
incl. and $7,000 from 1946 to 1950, incl.
Other bids, also for \A.s\
METHUEN,
relief bonds offered April
&
Co. of Boston, as
Rate Bid
Bidder—
Second Nat. Bank of Boston. 100.21
Estabrook & Co.
Bidder—
100.279 Newton, Abbe & Co
Tyler & Co.__
..100.08
*
Rate Bid
100.046
Halsey, 8tuart & CO., Inc
100.02
First Nat. Bank of Boston..
Par
Cambridge), Mass.—NOTE
receive sealed bids
of $400,000 notes.
Dated April 24, 1940.
Dednoms. to suit purchaser, but not less than
$10,000 per note.
Payable April 24, 1941 at the First National Bank of
Boston or at the Central Hanover Bank & Trust Co., New York
City.
Purpose of loan is to provide for operation of county tuberculosis hospital
during 1940.
Notes will be authenticated as to genuineness and validity
by the First National Bank of Boston.
Legal opinion of Ropes, Gray,
Boyden & Perkins of Boston will be furnished the successful bidder.
MIDDLESEX
COUNTY
(P.
O.
East
OFFERING—Charles P. Howard, County Treasurer, will
until 11 a. m. on April 23, for the purchase at discount
MILLBURY, Mass —NOTE SALE—An issue of $100,000 revenue notes
awarded April 18 to the Merchants National Bank of Boston at 0.23%
Due $50,000 each on March 14 and March 28, 1941.
was
discount.
TOWNSHIP
(P. O. Carleton),
Mich.—BONDS DEFEATED—
Proposal to issue $10,000 town hall bonds was rejected at
April 1.
DEARBORN TOWNSHIP SCHOOL DISTRICT NO.
the election on
7 (P. O. Dear¬
born), Mich.—TENDERS WANTED— Roy D. Ronton, Secretary of
Board of Education, will receive sealed tenders of series C4^% and series D
4 A % refunding bonds, until 6 p.m. on April 30.
Bonds are dated Jan. 15,
1935 and mature Jan. 15,
1955.
DETROIT, Mich.—BONDS PURCHASED—Donald Slutz, City Con¬
troller, reports that the Water Board Sinking Fund purchased $229,000
bonds at an average yield of 3.3165%.
DETROIT,
Mich.—BONDS PURCHASED—Donald Slutz, City Con¬
call for tenders of refunding bonds resulted
troller, reports that the recent
purchase of $250,332 principal amount at an average yield of 3.312%.
TENDERS
WANTED—Donald Slutz, City Controller, will receive
sealed offerings until 10 a. m. (EST) on May 1, to be firm until 1 p. m the
following day, for bonds in the amount of about $150,000 for the Water
Board sinking fund, under the following conditions:
All offerings shall be in writing and shall be sealed.
Offerings shall show the purpose, the rate of interest, date of maturity,
the dollar value and the yield.
Offerings will be accepted on the basis of the highest net yield to the city
as computed from the dollar price.
No bonds maturing beyond 1959 will be accepted.
The city reserves the right on bonds purchased, which are delivered
subsequent to May 7, 1940, to pay accrued interest up to that date only.
in
OFFERINGS WANTED—Donald
Slutz, Secretary of Board
of City Retirement System, announces
until 10 a. m. on April 23 (to remain
of Trustees
offerings
that he will receive sealed
firm until 1 p. m. of the following
day) for non-callable bonds in amount of about $125,000, under the fol¬
lowing conditions:
All offerings shall be in
„
,
writing and shall be sealed.
„
,
,
,,
.
Offerings shall show
the rate of interest, date of maturity, the dollar value, and
the yield.
The Board of Trustees reserves the right on bonds purchased,
which are delivered subsequent to April 30, 1940, to pay accnied interest
up to that date only.
Offerings will be accepted on the basis of the highest
yield.
The Board of Trustees reserves the right to reject any or all offerings.
the purpose,
ROYAL OAK
TOWNSHIP MADISON SCHOOL
DISTRICT NO. 10
Royal Oak), Mich.—TENDERS WANTED—Joseph E. Barrett.
of the- Board of Education, will receive sealed tenders until
8 p. m. on May 2 for purchase of series A, B and C refunding bonds due
April 1, 1966; series D refunding, due April 1, 1961, and certificates of
indebtedness due April 1, 1946, issued by the district.
(P. O.
Secretary
Bidder—
Harriman
MICHIGAN
ASH
ST.
CLAIR COUNTY (P. O. Port
Huron), Mich.—BOND SALE—
highway refunding bonds offered April 15—V. 150, p. 2296
purchased by the county for its sinking funds.
Sale consisted of:
$39,000 county portion bonds.
Due May 1 as follows: $500 in 1943;
$3,000, 1947: $15,500 in 1948 and $20,000 in 1949.
30,000 township portion bonds.
Due May 1 as follows: $500 in 1943;
$2,000, 1947; $12,500, 1948, and $15,000 in 1949.
13,000 district portion bonds.
Due May 1 as follows: $1,000 from 1943
to 1947, incl.; $5,000 in 1948 and $6,000 in 1949.
3,000 combined portion bonds.
Due May 1, 1946.
All of the bonds will be dated May 1, 1934.
Denoms. $1,000 and $500.
Callable at any time on 30 days' published notice of such intention.
The county was the only bidder for the issue.
The $85,000 5%
—were
^
^
WATERFORD TOWNSHIP SCHOOL DISTRICT NO. 1 (P. O.,
F. D. No. 2, Pontiac), Mich.—BOND OFFERING— Director E. Y.
sealed bids until 8 p. m. on April 23 for the purchase
of $150,000 coupon refunding bonds.
Dated May 1, 1940.
Denom.
$1,000.
Due May 1 as follows: $8,000 from 1941 to 1945, incl.; $10,000,
1946 to 1950, incl., and $12,000 from 1951 to 1955, incl.
Bonds maturing
May 1, 1951 and thereafter will be callable in inverse numerical order on
any interest date on and after May 1, 1950.
Bidder to name rates of inter¬
est not exceeding 3% to May 1, 1944, 4% to May 1,
1949, and 4M%
thereafter.
Prin. and int. (M-N) payable at Detroit Trust Co., Detroit.
The district is authorized and required by law to levy upon all of its taxable
R.
Overstreet will receive
property such ad valorem taxes as may be necessary
and interest on the issue, without limitation as to
to pay both principal
rate or amount.
A
The Commercial & Financial Chronicle
2614
certified check for 2%
of the bonds, payable to order of the district, Is
required.
Legal opinion of Miller, Canfield, Paddock & Stone of Detroit
and printed bonds will be furnished by the district.
WHITE
PIGEON, Mich.—BOND SALE—1The S12.758 street improve¬
bonds offered
April 10—V. 150, p. 2461—were awarded to Paine,
of 100.633, a basis of about
Dated April 1, 1940 and mature April 1 as follows: $1,000 from
1941 to 1945, incl., $1,500 from 1946 to 1949, incl., and $1,758 in 1950.
Second high bid of 101.105 for 3s was made by McDonald, Moore & Hayes
of Detroit.
ment
Webber & Co. of Chicago as 2Mb, at a price
2.39%.
WYOMING TOWNSHIP (P. O. Grand Rapids), Mich.—BOND OF¬
FERING—Herman J. Wierenga, Township Supervisor, will receive sealed
bids until 2 p. m. on April 23 for the purchase of $85,000 water revenue
bonds.
Dated May 1, 1940.
Denom. $1,000.
Due May 1 as follows:
$2,000 from 1943 to 1951, incl.; $3,000, 1952 to 1959. incl.; $4,000. 1960 to
1966, incl., and $5,000 from 1967 to 1969, incl.
Bonds maturing on and
after May 1, 1962 are callable in inverse numerical order at 103 and ac¬
crued interest on May 1, 1951, or on any subsequent interest date.
Not
more than two interest ratss shall be specified in the bid.
Proceeds will
l>e used to extend township water system and the bonds will be payable
solely from net revenues of the system.
A certified check for $1,700,
payable to order of the Township Treasurer, is required.
All bids must be
conditioned upon the approving legal opinion of Chapman & Cutler of
Chicago.
Said opinion and expense of printing bonds to be paid for by the
successful bidder.
.
MINNESOTA
MONTEVIDEO SCHOOL DISTRICT (P. O. Montevideo) Minn.—
BONDS VOTED—A $250,000 issue of school building bonds is said to have
been approved by the voters at a recent election.
ST. LOUIS PARK, Minn.— WARRANT OFFERING—Sealed bids will
be received until 8 p. m. on April 22 by Joseph Justad,
Village Recorder,
purchase of $5,625 sewer warrants.
Denom. $1,000, one for $625.
Dated April 1, 1940.
Due July 1 as follows: .>1,625 in 1941 and $1,000 in
for the
1942 to 1945.
The warrants will be issued to finance construction of a
sewer which has
been completed in Browndale Storm
SeWfr Dist.
No. 5 of the village and the cost of securing an outlet for the waters there¬
from.
The full faith and credit of the village will be pledged for the
storm
pay¬
ment
of the
cost.'
•;/'
sewer warrants.
An opinion oy Fletcher, Dorsey, Barker,
Colman & Barber of Minneapolis will be furnished the purchaser without
V
'
.
voters at an election
power
held
on
plant improvement
March
bonds approved
12.
by the
-
MISSISSIPPI
ABERDEEN,
Miss .—BONDS OFFERED FOR INVESTMENT—'The
following bonds, aggregating $110,000, are being offered by Edward Jones
& Co. of Jackson for
public suoscription:
electric system revenue bonds.
Due April 1 as follows:
$3,000 in 1941 and 1942, $4,000 in 1943 to 1945, $5,000 in 1946 to
1949, $7,000 in 1950 and 1951, and $8,000 in 1952.
$60,000 3%%
50,000 4%
electric system revenue bonds.
Due April
1 as follows:
$8,000 in 1953 to 1957, and $10,000 in 1958.
Callaole in inverse
order of maturity on any
interest payment date, upon 30 days'
notice, at par and accrued interest, plus a premium of 234 % of the
principal.
Interest payable A-O.
Dated April 1, 1940.
Denom. $1,000.
Prin.
and int. payable at the City Treasurer's office.
These bonds are in the
opinion of counsel valid and binding obligations of the city, payable
solely
from, and constituting a first lien on, the gross operating revenues of the
municipal electric system, including all additions and extensions, after
provision for reasonable costs of operation
and maintenance.
be approved by Charles & Trauernicht of St. Louis.
Legality to
ALCORN
COUNTY
(P.
O.
Corinth), Mi*•.—BONDS SOLD—A
$35,000 issue of 3% semi-annual refunding bonds is said to have been
pur¬
Dated March 1, 1940.
DE SOTO COUNTY (P. O.
Hernando), Miss.—BONDS TO BE OF¬
FERED—The "Wail Street Journal" of April 18 carried the
following report
•
a^ial election will be called. The courthouse
was destroyed by fire
ELLISVILLE, Miss.—BOND SALE—The $30,000 coupon industrial
plant bonds offered for sale on April 12 (V. 150, p. 2461) were
purchased by
Geo. T. Carter, Inc., of Meridian,
paying par for the bonds divided as
follows: $12,600 as 3Hs and $17,400 as
354s.
Denominations $100, $500
and $1,000.
Dated May 1, 1940.
Due on May 1, 1965.
Int. M-N.
HARRISON COUNTY (P. O. Gulf
port), Miss.—BONDS SOLD—The
following refunding road and bridge bonds,
to have been
aggregating $180,000,
purchased
on
are
said
April 15 by White, Dunbar & Co. of New Orleans,
to 100.012: $144,000 254 % first series, and
?2fea,Premium of 823• wunl
second series
p.
m.
HIGH SCHOOL DISTRICT
bonds.
for the purchase of an issue of $100,000 high school building bonds.
Inter¬
est rate is not to exceed 6 %, payable J-D.
Dated June 1,1940.
Amortiza¬
tion 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 prin¬
cipal and interest to be payable in semi-annual instalments during a period
of 20 years from the date of issue.
If serial bonds are issued and sold, they
will be in the amount of $5,000 each, the sum of $5,000 of the serial bonds
will become payable on June 1, 1941, and the sum of $5,000 will become
payable 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 10 years from the date
of issue.
The bonds will be sold for not less than their par value with
accrued interest, and all bidders must state the lowest rate of interest at
which they will purchase the bonds at par.
Enclose a certified check for
$1,000, payable to the above Clerk.
CUT BANK SPECIAL IMPROVEMENT SEWER DISTRICT NO. 14
(P. O. Cut Bank), Mont.—BONDS NOT SOLD-—The $1,400 not to exceed
6% annual sewer bonds offered on April 15—V. 150, p. 2462—were not
sold as no bids were received, according to the City Clerk.
FLATHEAD COUNTY SCHOOL DISTRICT NO. 6 (P. O. Columbia
Falls), Mont.—BOND OFFERING—Sealed bids will be received until
2 p. m. on May 13, by Claude Bolick, Clerk of the Board of Trustees, for
the purchase of $30,344.42 refunding bonds.
Interest rate is not to exceed
Dated June
334%, payable J-D.
the first
Board.
choice and
bonds
serial
If amortization bonds
1, 1940.
Amortization bonds will be
will be the second choice of the School
sold and issued, the entire issue may be
are
single bond or divided into several bonds, as the Board of
determine upon at the time of sale, both principal and in¬
payable in semi-annual instalments during a period of 15 years
from the date of issue.
If serial bonds are issued and sold they will be in the
amount of $2,000 each, except the first bond which will be in the amount
of $2,344.42; the sum of $2,344.42 of the serial bonds Will become payable
on June 1, 1941, and the sum of $2,000 will become
payable 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 7 34 years from the date of issue.
The
bonds will be sold for not less than their par value with accrued interest,
and are issued for the purpose of refunding outstanding building bonds of
the district which were originally issued as of Dec. 1, 1934, in the amount
of $38,000.
Enclose a certified check for $500, payable to the above Clerk.
put into
one
Trustees
may
GALLATIN COUNTY (P. O. Bozeman), Mont.—BOND OFFERING—
Sealed bids will be received until 10
a. m. on
May 15, by Bess Fowler, Clerk
of the Board of County Commissioners, for the purchase of $138,000 not
to exceed 3 % semi-ann. refunding bonds.
Dated June 30, 1940. Amortiza¬
tion bonds will be the first choice and serial bonds will be tne second choice of
the 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
may
determine upon at the time of sale, both principal and interest to be payable
in semi-annual instalments
during
issue.
issued
If serial
bonds
are
a
period of eight years from the date of
will be in the amount of
and sold they
§1,000 each; the sumlike$17,000 of the serial bonds willyear thereafter until
of amount
become payable on
30, 1941, and
the
day each
une
a
all of such
bonds
on
same
paid, except that the last instalment will be in the
The bonds, whether amortization or serial bonds,
will be redeemable in full eight years from the date of issue.
The bonds
will be sold for not Jess than their par value with accrued interest to date of
delivery, and are issued for the purpose of refunding, paying and redeeming
a like amount of outstanding and unpaid court house
bonds, series 1935,
of the county.
Enclose a certified check for $7,000 payable to the above
of
are
$19,000.
Clerk.
NEBRASKA
BURCHARD, Neb.—BONDS SOLD—It is stated by the Village Chair¬
that $9,300 water system bonds have been
of Omaha.
man
sold
LEFLORE
COUNTY (P. O.
Greenwood), Miss.—BONDS SOLD—
by the Clerk of the Chancery Court that $40,000 234% semi¬
annual road improvement bonds have been
purchased by the Bank of
Greenwood, for a premium of $300, equal to 100.75, a basis of about
2.15%.
Dated March 1, 1940.
Due as follows: $2,000 in 1941 to 1945;
$3,000,
1946 to 1955.
Principal and interest payable at the Chemical Bank &
Trust Co. in New York.
is
stated
$**$2 °f—HIGHWAY BOND
MEASURE NOT UNDER
CONSIDERATION—We are advised by J. A. Lauderdale, Assistant Attor¬
ney General, that contrary to current
reports, no bill has been introduced
at this session of the
Legislature to authorize the issuance of $25,000,000
highway construction bonds.
OXFORD. Miss .—BOND SALE—The
$55,000 electric generating system
bonds offered for sale on April 16—V.
150, p. 2461—were awarded
to Lewis & Co. of Jackson as
2 34 s, paying a premium of
$25, equal to 100.045
—a basis of about
2.49%.
Dated Jan. 1, 1940.
Due on Jan. 1 in 1941
revenue
to
1950, incl.
^V88*"^®0^0^ SOLD—It
18 stated by the City Clerk that
$ lb,0003 34 %
refunding bonds have been purchased at par by M. A. Saunders & Co. of Memphis.
Dated
April 1, 1940.
MISSOURI BONDS
Markets in ail State,
County & Town Issues
to
Greenway & Co.
SHELTON, Neb.—BONDS SOLD—It is reported that $23,000
bonds have been purchased by Greenway & Co. of Omaha.
NEW
JERSEY
coupon or registered
150, p. 2297—were awarded to H. B.
plus a premium of $36.68,'
equal to 100.101, a basis
Dated April 15, 1940, and
due April 15 as follows:
$2,000 from 1941 to 1949 incl. and $3,000 from
sewer
bonds offered
Boland
<&
Co.
April
of New
1950 to 1955 inclusive.
17—V.
York
2.70s at par
of about 2.69%.
as
Other bids:
Int. Rate
RICHTER
LANDRETH
254%
254%
3%
C. P. Dunning & Co. and C. A. Preim & Co
Minsch, Monell & Co., Inc
3%
100.44
3%
334%
100.21
'
Mo.
COMPANY
BUILDING, ST. LOUIS, MO
BONDS DEFEATED—At
ST.
CHARLES, Mo.—BOND ELECTION—The
to have called an election for
issuance
EAST RUTHERFORD, N J —BOND SALE—The $40,000
coupon or
registered sewer bonds offered April 15—V. 150, p. 2297—were awarded to
MacBride, Miller & Co. of Newark, as 254s, at par plus a premium of
$454.80, axjual to 101.137, a basis of about 2.63%.
Dated April 15, 1940
and due $2,000 on April 15 from 1941 to 1960incl. Other bids:
Bidder—
Int. rate
M. M. Freeman & Co
J. S. Rippel & Co
Colyer, Robinson & Co
Campbell, Phelps & Co., Inc
C. P. Dunning & Co.
Minsch, Monell & Co., Inc
B. J. Van Ingen & Co.. Inc...
J. B. Hanauer & Co
H. B. Boland & Co
H. L.Allen & Co
-
...
____
...
254%
254 %
3%
3%
3%
3%
3%
3%
3.20%
334%
100.517
100.20
100.156
100.149
100.12
100.092
190.16
HADDONFIELD,
N.
J.—REFUNDING
ISSUE
PLANNED—'The
on April 8 voted to defer for one week
approval
borough's plan to issue $425,000 not to exceed 3% interest refunding
bonds in order to permit members to make a detailed
study of the proposal
and thus reach a determination as to its
advisability.
The proposal is
part of a general refunding program of the borough and the bonds to be
refinanced are callable and bear interest at 4
34%.
The Commission also
stated that the
refunding could not be considered unless the bonds were
State Funding Commission
offered at public sale.
HADDONFIELD SCHOOL DISTRICT, N. 3.—BOND ELECTION—
All of
Coim^l
100.833
100.09
100.639
of the
$295,000
con¬
the bonds will be dated
May 1, 1940, in $1,000, and will mature
on May 1 as follows: $45,000 in 1941 and
1942; $50,000, 1943:
$55,000 in 1944 and 1945; 565.000 from 1946 to 1969 incl. and
$67,000 in
1970.
Bidder to name a single rate of interest expressed in a
multiple of
l-20th of 1%.
Prin. and int. (M-N), payable at the County Treasurer's
office.
The sum required to be obtained at sale of the bonds is
$1,877,000.
The bonds are unlimited tax obligations of the
county and the approving
legal opinion of Hawkins, Delalield & Longfellow of N. Y. City will be
furnished the successful bidder.
A certified check for 2% of the bonds
offered, payable to order of the county, must accompany each
proposal.
annually
Citv
Rate bid
exceed
a
May 6 in order to have the voters
pass
of $600,000 in
municipal electric plant bonds
100.54
6% interest coupon or registered bonds, divided as follows:
$1,005,000 maternity hospital, second series bonds.
872,000 nurses' home, second series bonds.
special election held
12, fh® voters are said to have rejected the issuance of $29 500 in
power plant bonds.
It is expected that
another election will be held in
June to pass on the same
proposal.
111 De nem ln
proposed
100.59
100.33
100.49
HUDSON COUNTY (P. O. Jersey
City), N. 3.—BOND OFFERING—
John J. McHugh, Clerk of the Board of Chosen
Freeholders, will receive
sealed bids until noon on
April 25 for the purchase of $1,877,000 not to
MISSOURI
^9^,
.
Rate Bid
J. S. Rippel & Co.
Julius A. Rippel, Inc., and Colyer, Robinson & Co..
H. L. Allen & Co
M. M. Freeman & Co
An election will be held
April 23 on the question of issuing
struction bonds.
SCHERCK,
sewer
CARLSTADT, N. J —BOND SALE— The $36,000
Bidder—
HARRISON COUNTY BEAT NO. 1 (P. O.
Gulfport), Miss.—BONDS
SOLD—A $20,000 issue of
4% refunding bonds is said to have been pur¬
chased on April 15 by the J. S. Love Co. and
Lewis & Co., both of Jackson,
jointly.
It
(P. O. Columbia
Mont.—BOND OFFERING—Sealed bids will be received until
on May 13 by Claude Bolick, Clerk of the Board of Trustees,
i.
De Soto County Board of Supervisors will receive bids at its
May meet¬
ing on a $175,000 courthouse construction issue, unless in the meantime
protests signed by citizens representing 10% of total number of qualified
electors are presented.
In event protest is filed and sustained as to validity,
$36,000 3%
COLUMBIA FALLS
Fall*),
2
amount
chased by Cady & Co. of Columbus,
from Hernando:
MONTANA
COUNTY SCHOOL DISTRICT NO. 43 (P. O. Turner),
SALE—The $16,255 refunding bonds offered for sale on
April 8—V. 150, p. 1813—were purchased by the State Land Board as
3 34s, at a price or 92.807.
No other bid was received, according to the
District Clerk.
The bonds will mature on the amortization plan in 10 years.
BLAINE
Mont.—BOND
terest to be
'■
THIEF RIVER FALLS, Minn.—BOND OFFERING— It is
reported that
bids will be received until April 29 by P. G. Pederson,
City Clerk, for the
pin-chase of $130,000
April 20, 1940
i*
on tho
Volume
The Commercial & Financial Chronicle
ISO
MIDDLETOWN
TOWNSHIP
(P.
LONG
Middletown), N. J.—BOND
SALE—The $25,000 series A coupon or registered harbor improvement
assessment bonds offered April 18—V. 150, p. 2297—were awarded to
H. B. Boland & Co. of New York as 2.70s, at par
plus a premium of $7.67,
equal to 100.03, a basis of about 2.69%.
Dated April 1, 1940, and due
$2,500 on April 1 from 1941 to 1950, incl.
Second high bid of 101.33 for 3s
was made by M. M. Freeman & Co. of
Philadelphia.
N.
O.
offering
wrote
N. J.—BOND ISSUE DETAILS—The $22,000 3H%
purchased by the State Sinking Fund—V. 150, p. 2462—
annually on Sept. 1 from 1941 to 1962 inclusive.
WALDWICK,
RYE (P O Rye), N Y —SPECIAL ELECTION ON CITY CHARTER—
Governor Herbert H. Lehman signed the Williamson bill which provides
for
Gwinn,
a
city charter for the village, to be submitted at a special election on
The charter, if adopted, would become effective on Jan. 1, 1942.
1028.
June 25.
Borough Clerk, will receive sealed bids until 8:15 p. m. on April 24, for the
purchase of $17,000 sewer bonds.
Dated April 15, 1940.
Due $1,500 in
1941 and 1942 and $2,000 from 1943 to 1949, incl.
A certified check for
2% of the bonds, payable to order of the borough, is required.
Legality
approved by Reed, Hoyt, Washburn & Clay of New York City.
—V. 150, p.
SCARSDALE, N. Y —BOND OFFERING—Anson McLoud, Village
Treasurer, will receive sealed bids until 11 a. m. on April 23 for the purchase
$100,000 not to exceed 6% interest coupon or registered highway im¬
provement bonds.
Dated May 1, 1940.
Denom. $1,000.
Due May 1 as
follows: $30,000 in 1941 and 1942 and $40,000 in 1943.
Bidder to name a
single rate of interest, expressed in a multiple of H or l-10th of 1%. Prin¬
cipal and interest (M-JN) payable at the Scarsdale National Bank & Trust
Co., Scarsdale, in New York exchange.
The bonds are general obligations
of the village, payable from unlimited taxes.
A certified check for 2% of
the bonds bid for, payable to order of the village, must accompany each
of
single rate of interest of not more than 6%, expressed
multiple of
or l-10th of 1 %.
Principal and interest (A-O) payable
Wood-Ridge National Bank. 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 $340, payable to order of the borough, is required.
name a
a
at the
f*h
Tew York The will be furnished the successful bidder.
Sroposal. City approving legal opinion of Thomson, Wood & Hoffman of
mexico
SOUTH GLENS FALLS (P
RATON MUNICIPAL SCHOOL DISTRICT NO. 11 (P. O. Raton)
N. M.—BOND OFFERING—It is stated by F. A. Vigil, County Treasurer,
21, for the purchase of
$45,000 school bonds.
Interest rate is not to exceed 3%. payable J-D.
Denom. $1,000.
Dated May 1, 1940.
Due $5,000 June 1, 1942 to 1950.
Principal and interest payable at the State Treasurer's office.
Each bidder
must submit a bid specifying:
(a) the lowest rate of interest and premium,
if any, above par at which such bidder will purchase the bonds; and (b) the
lowest rate of interest at which the bidder will purchase the bonds at par.
None of such bonds will be sold at less than par and accrued interest to the
date of delivery, nor will any discount or commission be allowed or paid on
the sale of such bonds.
The bonds are general obligation bonds of the
district and are payable from a levy made upon the property in the district.
Enclose a certified check for 5% of the amount bid, payable to the County
'
O
Glens Falls), N. Y.—BOND ISSUE
DETAILS—The $15,000 3% water main bonds sold last December to the
Glens Falls National Bank & Trust Co. at a price of 100.166—W150, p.
that he will receive sealed bids until 2 p. m. on May
Treasurer.
follows:
to the court for adjudication in order that the multiplicity of problems
respecting budgets, assessments, tax collection and municipal obligations
of the town, village and school districts may be decided."
mature $1,000
new
as
the voters of the proposed charter.
I am now approving this bill.
But I
believe that the question of its validity should be immediately submitted
service
in
Hudson, Bergen and Passaic county municipalities
prompted the Bergen County Board of Freeholders to recommend intro¬
n
a
"I, of course, cannot pass on the question whether this bill will accomplish
its purpose, namely, to validate the result of the improper submission to
muter
Bidder to
4 Y\ % bond, due in 1970.
providing for transformation of the community's status from viilage to
duction of the bill.
J.
a
city.
Bill also empowers the city to borrow $350,000 in anticipation of
receipt of taxes and other revenues.
Referring to the invalidation of the
"city" election by the Court of Appeals—V. 150, p. 2298—the Governor
Legislature on April 15, a State Transit
Authority, would be created which would be empowered to issue up to
$150,000,000 in bonds to construct and operate an electric railroad linking
North Jersey and New York City.
In presenting the measure Assembly¬
man Freund, Republican of Bergen
County, said that curtailment of com¬
OFFERING—Cornelius
Plans call for
PEEKSKILL, N. Y.—CHARTER BILL APPROVED BY GOVERNOR—
^
in the lower house of the New Jersey
J.—BOND
virtually completed.
Governor Herbert H. Lehman approved the Condon Bill (S. Int. No. 292,
Print. No. 292), legalizing the acts of the voters in approving a charter
NEW JERSEY TRANSIT AUTHORITY, N. J .—CREATION PRO¬
POSED—Under the provisions of a bill (A-414, by Mr. Freund), introduced
N.
are
The issue will be taxable, and will be payable from revenues.
bidder, offered 100.13 for l^s.
WOODRIDGE.
2615
Y.—REFUNDING
NIAGARA FALLS BRIDGE COMMISSION, N Y —$4,000,000 ISSUE
READY FOR MARKET—A syndicate headed by Stranahan Harris & Co. is
planni.g to offer within the next few days $4,000,000 bonds. Details of the
offered April 18—Y. 150, p. 2297—were awarded to Van Deventer Bros, of
Newark as lj^s, at a price of 100.415, a basis of about 1.42%.
Dated
April 1, 1940 and due April 1 as follows: $3,000 in 1942 and 1943 and $2,000
from 1944 to 1950, incl.
Julius A. Rippel, Inc., of Newark, second high
bonds
N.
BILL VETOED—Governor
Herbert H. Lehman vetoed the Thompson bill (S. Int. No. 376, Print No.
380) authorizing the city to refund outstanding bonded debt contracted
prior to Jan. 1, 1939 and providing for payment of the new securities.
Mr. Lehman declared that
this bill is unnecessary in view of my approval
of Senate Bill No. 1926, Print No. 2399."
M1LLBURN TOWNSHIP SCHOOL DISTRICT (P. O. Millburn),
J.—BOND SALE—The $20,000 coupon or registered school bonds
water
BEACH,
154—mature $1,000 annually on Aug. 1 from 1940 to 1954 incl.
SWAN LAKE
FIRE
DISTRICT
(P. O.
Box 45, Liberty), N. Y.—
BOND OFFERING—Fred Schillinger, District Secretary, will receive sealed
bids until 3 p.m.
(EST) on May 2 for the purchase of $8,000 not to exceed
4% interest registered fire apparatus and equipment bonds. Dated June 1,
1940.
Denom. $1,600.
Due $1,600 on June 1 from 1941 to 1945, incl.
Bidder to name a single rate of interest, expressed in a multiple of
or
1-10th of 1 %.
Principal and interest (J-D) payable in New York exchange
at the National Bank of Liberty.
The bonds are general obligations of the
district, payable from unlimited taxes.
A certified check for $400, payable
to order of the district, is required.
.
TROY, N. Y.—BOND SALE—The $755,000 coupon or registered bonds
UNIVERSITY OF NEW MEXICO (P. O. Albuquerque), N. Mex.—
BOND SALE—The following bonds aggregating $110,000, offered for sale
on April 15—V.
150, p. 2147—were awarded to Paul H. Davis & Co. of
April 15—V. 150, p. 2463—were awarded to Halsey, Stuart & Co.,
Inc. and L. F. Rothschild & Co., both of New York, jointly, as 1.80s, at a
offered
Sale consisted of:
$175,000 public works bonds, series of 1940.
Due April 1 as follows:
$32,000 in 1941 and 1942; $35,000, 1943; $36,000 in 1944 and
$8,000 from 1945 to 1949, incl.
335,000 refunding bonds, series of 1940.
Due April 1 as follows: $15,000
from 1941 to 1953, incl., and $20,000 from 1954 to 1960, incl.
price of 100.118, a basis of about 1.77%.
Chicago, as ZM&, paying a premium of $440, equal to 100.40, according to
Comptroller Tom L. Popejoy:
$44,000 women's domitory, "A"; $44,000
men's domitory, "B", and $22,000 co-operative men's dormitory, "C"
bonds.
Bonds to be refunded mature in 1940.
Muoicipal Bonds
150,000 public welfare, home relief bonds.
Due $15,000 on April 1 from
1941 to 1950, incl.
95,000 debt equalization bonds, series of 1940.
Due April 1 as follows:
$10,000 in 1944; $55,000 in 1945 and $30,000 in 1946.
All of the bonds are dated April 1,1940 and were re-offered to yield from
Government Bonds
-
Housing Authority Bonds
0.25% to 2.15%, according to maturity.
Tilney & Company
76 BEAVER STREET
NEW
Bidder—
& Co
Telephone: WHitehall 4-8898
System Teletype: NY 1-2395
new
york
State Comptroller Morris 8. Tremaine on April 12 rejected an application
by the city for permission to refund $3,000,000 of bonds maturing in the
coming fiscal year, fixing the amount that may be refunded to a limit of
$2,500,000. The Comptroller's action will require substantial reductions in
budget estimates of Mayor Holling if the City Council is to peg the tax rate
at $30 per $1,000 of assessed valuation, as previously contemplated. 44^
Writing in connection with the above report. City Comptroller FrankMt5
Davis states that it has been definitely decided to refund only $2,500,000
of 1940-41 maturities and the program has been approved by the State
Comptroller.
The tax rate will be $30.23 per $1,000 of assessed valuation
for the fiscal year, a figure that would have been substantially decreased
had not the city decided to include in the budget amounts required for
paving and automotive equipment.
Refunding of $3,500,000 of debt
occurred in the 1939-40 fiscal year.
The State Comptroller will be asked
to approve repayment of the projected refunding issue as follows:
$50,000
annually for five years and $450,000 in each of the succeeding five years.
BONDS TO BE SOLD—An issue of $500,000 Works Progress Administra¬
tion bonds will be purchased by one of the
city's sinking funds
City Comptroller Davis.
—
an
as
in¬
—~
CRAWFORD, SHAWANGUNK, MONTGOMERY, WALLKILL AND
MAMAKATING CENTRAL SCHOOL DISTRICT NO. 1 (P. O. Goshen),
N. Y.—BONDS DEFEATED—Philip A. Rorty, Attorney for the district!
reports that at the April 16 elect on the proposal to issue $243,000 school
site and building bonds was defeated by a vote of 480 to 253.
EAST
ROCHESTER,
N.
Y.—BOND
ISSUE
REPORT—Writing
in
connection with the $360,000 election plant bonds approved by the voters
last Dec. 8, E. G. McDonald, Village Engineer, states that further action
will await outcome of litigation now under way between the village and the
Rochester Power &
take
a
year or
Electric Corp.,
It is expected that
a
settlement will
longer.
GREENBURGH
(P. O. Tarrytown), N. Y.—BOND OFFERING—
William C. Duell, Town Supervisor, will receive sealed bids until 11 a. m.
on April 24 for the purchase of $85,000 not to exceed 4% interest coupon or
registered highway bonds, divided as follows:
$70,500 series A
Due May 1
bonds.
as
follows: $3,500 in 1941; $3,000,
1942 to 1950, incl. and $4,000 from 1951 to 1960, incl.
14,500 series B
bonds.
Due May 1 as follows: $1,500 in
1942 to 1947, incl. and $1,000 in 1948.
1941; $2,000,
All of the bonds will be dated May 1, 1940.
Denoms. $1,000 and $500,
Bidder to name a single rate of interest, expressed in a multiple of ^ or
Principal and interest (M-N) payable at the Washington
Irving Trust Co., Tarrytown, with New York exchange, or at the Guaranty
Trust Co., New York.
The bonds are general obligations of the town,
payable from unlimited taxes.
A certified check for $1,700, payable to
order of the town, is required.
Legal opinion of Dillon, Vandewater &
Moore of JNew York City will be furnished the successful bidder.
l-10th of 1%.
HUDSON FALLS,
N. Y.—BOND SALE DETAILS—The $30,000
sewer
and general bonds awarded April 12 as 1.70s to the Manufacturers & Traders
Trust Co. of Buffalo—V. 150, p. 2463—were sold at a price of 100.109, a
basis of about
1.68%.
Other bids:
Bidder—
Roosevelt & Weigold, Inc
Int. Rate
Rate Bid
E. H. Rollins & Sons. Inc
2%
2.20%
100.42
100.21
C. F.Childs&Co.-.-
2M%
100.11
-
Int. Rate Rate Bid
1.80%
Co., R. H. Moulton & Co. and Eldredge & Co__,.
2.10%
George B. Gibbons & Co., Inc., Roosevelt & Weigold,
Inc., Graham, Parsons & Co. and Equitable Securities
Corp
2.40%
Y —BOND REFUNDING LIMITED TO %2,500,000—
vestment, according to
"
and C. F. Childs
Goldman, Sachs & Co., B. J. Van Ingen & Co., Inc. and
First of Michigan Corp
1.90%
E. H. Rollins & Sons, Inc., A. C. Allyn & Co., Inc., R. D.
White & Co. and H. L. Allen & Co
2%
Manufacturers & Traders Trust Co., Kean, Taylor &
Bell
BUFFALO, N
Other bids:
■
Lazard Freres & Co., Marine Trust Co.
YORK, N. Y.
100.097
100.47
100.119
100.303
100.277
UNADILLA, N. Y.—BONDS DEFEATED—A proposal to issue $25,000
water system bonds was defeated by the voters at an election on April 10.
north
I
carolina
BELMONT, N. C.— BOND OFFERING—We are informed by W. E.
Easterling, Secretary of the Local Government Commission, that he will
receive sealed bids until April 23. at 11 a. m., at his office in Raleigh, for
the purchase of $70,000 coupon street improvement bonds.
Interest rate
is not to exceed 6%, payable M-N.
Dated May 1, 1940 and maturing
annually, May 1, $3,000.1943 to 1947, $6,000, 1948 to 1955, incl. and $7,000
1956, without option of prior payment.
Denom. $1,000; prin. and int.
(M-N), payable in N. Y. City in legal tender; general obligations; unlimited
tax; coupon bonds registerable as to principal alone; delivery on or about
May 7, at place of purchaser's choice.
There will be no auction.
Bidders are requested to name the interest rate or rates in multiples of
u 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 nis 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 must be on a form to be furnished with additional information, and
must be accompanied by a certified check upon an incorporated bank or
trust company, payable unconditionally to the order of the State Treasurer
for $1,400.
The approving opinion of Masslich & Mitchell, Nj Y. City,
will be furnished the purchaser.
BUNCOMBE COUNTY (P. O. Asheville), N. C.—BOND TENDERS
ACCEPTED—In connection with the call for tenders of refunding bonds,
it is stated by Curtis Bynum, Secretary of the Sinking Fund Commission,
that the following bonds were purchased by the respective sinking funds:
$80,000 Buncombe County at 35.05; $18,000 Buncombe County, series 2,
at 48.90; $40,000 City of Asheville, general, at 35.20; $4,000 City of Ashe¬
ville
series 2, at 42.50, and $8,000 Asheville Local Tax School District
bonds at 35.46.
Also school bonds in the amount of $49,000 and water
district bonds in the amount of $27,000 were purchased at various prices.
N. C.—BOND OFFERING— Sealed bids will be received
by W. E. Easterling, Secretary of the Local
his office in Raleigh, for the purchase of the
$97,000:
$20,000 street imp. oonds.
Due $2,000 on May 1 in 1943 to 1952 Incl.
77 000 public
imp. bonds.
Due on May 1 as follows:
$3,000 in 1943;
$4!000, 1944, and $7,000 in 1945 to 1954 incl.
Dated May 1, 1940.
Denom. $1,000; prin. and int. (M & Nl), payable
In N
Y. Citv in legal tender; general obligations; unlimited tax; coupon
bonds registered as to principal alone; delivery on or about May 7, 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 *4 of 1%; each bid may name one rate for
part of tne bonds of any issue (having the earliest maturities) and another
rate for the balance, but no bid may name more than two rates for any
CONCORD,
11 a. m. on April 23,
Government Commission, at
following bonds aggregating
until
The Commercial & Financial Chronicle
2616
issue, and each bidder
must
specify in his bid the amount of the bonds of
The bonds will be awarded to the bidder
offering to purchase
each rate.
the bonds at the lowest interest cost to the
city, 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.
Bids must be
on a form to be furnished with additional
information and
be accompanied by a certified check
upon an incorporated bank or
must
trust company,
payable unconditionally to the order of the State Treasurer
The approving opinion or Masslich & Mitchell, N. Y.
City,
for $1,940.
will be furnished the purchaser.
C.—BOND OFFER¬
April 23, by W. E.
Easternng, Secretary of the Local Government Commission, at his office
in Raleigh, for the purchase of an
$80,000 issue of coupon school building
bonds.
Interest rate Is not to exceed 6%, payable J-D.
Dated May 1.
1940, maturing annually, June 1, $2,000, 1942, $2,000, 1943, $3,000,
1944,
$3,000, 1945 and $5,000, 1946 to 1959, all incl., without option of
prior
payment.
There will be no auction.
Denorn.
$1,000; coupon bonds
registerable as to principal alone; prin. and int. payable In legal tender in
N. Y. City; general obligations; unlimited tax;
delivery on or about May 10,
at place of purchaser's choice.
information
incorporated
unconditionally to the order of the State
The approving opinion of Masslich &
Mitchell,
Treasurer for $1,600.
N. Y. City, wih be furnished the purchaser.
HIGH
POINT, N. C.—BOND OFFERING—We are informed by W. E.
Easterling, Secretary of the Local Government Commission, that he will
receive sealed bids until 11 a. m. on April 30, at his office in
Raleigh, for the
onds aggregating $3,930,000;
Eurchase of the following not dated May 6%1940, and maturing on May 1
to exceed 1, semi-ann. coupon refunding
hereinafter stated:
-
1961,
1965;
1970;
1974,
Bonds maturing after 1951
are subject to redemption on
May 1, 1945, or
prior to their respective maturities,
option of the city, either in whoie or in part, in the inverse order of
their maturities, at par and accrued
interest, plus an additional interest
any interest payment date thereafter
payment in the form of a redemption
premium of 5% if redeemed on or
prior* to Nov. 1, 1949, 4 % if redeemed thereafter and on or
prior to Nov. 1,
1954, 3% if redeemed thereafter and on or prior to Nov. 1, 1959,
2% if
redeemed thereafter and on or prior to Nov.
1, 1964, 1% if redeemed there¬
after and on or prior to Nov.
1, 1969, and without premium if redeemed
thereafter and before maturity.
Denoms. $1,000, prin. and int.
(M-N), payable at the option of the holder
either in N. Y. City or
High Point; coupon bonds, registerable as to prin¬
cipal only ; general obligations; unlimited tax;
delivery at place of pur¬
s
choice.
There will be
no
auction.
For the payment of the
principal of and interest on these bonds, as such
principal and interest fall due, the resolution under which the bonds are to
be issued provides for the levy of an annual tax at
a rate sufficient to pro¬
duce in cash in each
year the debt service requirements of that year, assum¬
ing that the city will not collect in such year any greater
percentage of its
current tax levy than in the
preceding year.
For such purpose the resolution
also pledges certain other
moneys, including a portion of the net revenue
derived by the city from the
operation of its electric distribution system
(which net revenue now exceeds $210,000 per annum).
Moreover, the
resolution stipulates that If the
city does not continue to operate on a cash
basis, as at present, it must provide a substantial cash
reserve for these
bonds, upon terms set forth in the resolution.
For the service of the school
refunding bonds, a special pledge is made by the resolution, to the extent
authorized by law, of such moneys as shall be
paid annually to the city by
Guilford County for school debt service under
present or future laws.
The
resolution and financial data
relating to the city are set forth in an official
statement
relating to this bond issue, copies of which may be obtained from
W. E. Easterling,
Secretary of the Local Government Commission of
North Carolina; E. M. Knox,
City Manager of the City of High Point, and
Reed, Hoyt, Washburn & Clay, 52 Wall St., New York.
: Each bid must be for all, but not less than all, of the four issues of bonds
above described, aggregating
$3,930,000 in principal amount.
The bid
must state separately the
price offered for each issue (not less than par and
accrued interest), and must
specify separately the rate or rates of interest
(not exceeding 6% per annum) which the bonds of each issue are
to bear, and
the amount of bonds of each interest
rate.
Not more than three different in¬
terest rates may be named for
any one issue.
All bonds of the same issue
and maturity must bear the same interest
rate.
Each interest rate named
must
be
a
multiple of
of 1% per annum.
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 computing the total
amount of interest
upon all of the bonds until their
respective maturities
(disregarding the re-)
demption provisions of the bonds) and deducting from such total the
amount
of premium bid, if
any.
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
$78,600.
MONROE, N. C.—NOTES SOLD—It
notes have been purchased
at 2% plus a premium of
is reported that $10,000 revenue
by the American Bank & Trust Co. of Monroe
$7.
N. C.—BOND OFFERING— It is stated by W. E.
Easterling, Secretary of the Local Government Commission, that he will
receive sealed bids until 11
a.m. on April 23, at his office in
Raleigh, for
the purchase of
$129,000 not to exceed 6% semi-annual public improvement
!??n£8• dateh May 1, 1940, and maturing annually on May 1,
$7,000 1944, $6,000, 1845 and 1946,
$5,000, 1947 and 1948, $6,000, 1949
1954
and 1955' $10,000 1956 and 1957, and
without option of prior payment.
There
Denom. $1,000: prin. and int. (M-N)
payable in
lawful money in New York
City: coupon bonds registerable as to both
principal and interest; general
obligations; unlimited tax; delivery at place
of
$lf .000 1958 to 1960, inclusive,
be
no
auction.
purchaser's choice.
.
.Bidders
j? °f 1%.
the
are requested to
earliest
Each bid
name
the interest rate
or
rates in
multiples of
(having
may name one rate for part of the bonds
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
aS?°Vnt
bonds °f 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 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
muse
be accompanied
by a certified check upon an incorporated
payable unconditionally to the order of the State
The right to reject all bids is reserevd.
The
approving opinion of Reed, Hoyt, Washburn & Clay, New York
City,
will be furnished the
purchaser.
bank
or
trust company,
for $2,580.
Treasurer
SALISBURY, N. C.—BOND OFFERING—Sealed bids will be received
11 a.m. on April 23, by W. E.
Easterling, Secretary of the Local
Government Commission, at his office in
Raleigh, for the purchase of the
until
following coupon refunding bonds aggregating $319,000, dated
May 1,
1940, maturing annually on May 1 in the years hereinafter stated
without
option of prior payment:
The bonds will be awarded to the bidder
offering to
aggregate amount of interest upon all of the bonds until their respective
maturities.
No bid for less than all of the bonds will be entertained.
Bids must be accompanied by a certified check upon an incorporated bank
trust company, payable unconditionally to the order of the State Treas¬
for $6,380.
The right to reject all bids is reserved.
The approving
-
UTICA, N. Y —BOND SALE—The $638,361.08 coupon or registered
bonds offered April 18—V. 150, p. 2464—were awarded to an account
composed of Umon Securities Corp., First of Michigan Corp., G. M.-P.
Murphy & Co. and Minsch, Monell & Co.. Inc., all of New York, as 1.10s,
at a price of 100.182, a basis of about 1.06%.
Sale consisted of:
$5,000
series
A public impt. bonds.
Due $1,000 April 1 from 1941 to
5,000 series B public impt. bonds.
Due $1,000 April 1 from 1941 to
194*5, incl.
18,000 series C public impt. bonds.
Due April 1, as follows: $4,000 from
1941 to 1943, incl., and $3,000 in 1944 and 1945.
10,000 series D public impt. bonds.
Due $1,000 April 1 from 1941 to
1950, incl.
160,000 series E public impt. bonds.
Due $16,000 April 1 from 1941 to
1950, incl.
300,000 home relief bonds.
Due $30,000 April 1 from 1941 to 1950, incl.
140,361.08 funding bonds.
Due April 1, as follows: $14,361.08 in 1941,
and $14,000 from 1942 to 1950, incl.
All of the bonds are dated April 1, 1940 and were reoffered
0.15% to 1.25%, according to maturity.
Other bids:
to
yield from
Int. Rate
Bidder—
Rate Bid
Lazard Freres & Co. and R. W. Pressprich & Co
Lehman Bros.; Eastman, Dillon & Co., and Otis & Co__
and H. L. Allen & Co
Alex.
Brown
&
Sons
and
A.
G.
Becker
&
Co
George B. Gibbons & Co., Inc.; Roosevelt & Weigold,
Inc.: Eldredge & Co., and F
W. Reichard & Co„_
E. H. Rollins & Sons, Inc.; A. C. Allyn & Co., Inc.;
B. J. Van Ingen & Co., Inc., and Hemphill, Noyes
& Co__
First National Bank of Chicago....
100.18
100.12
100.284
1.20%
1.20%
Halsey, Stuart & Co., Inc. and Blair & Co., Inc
Manufacturers & Traders Trust Co.; Kean, Taylor & Co.
1.10%
1.10%
1.20%
100.268
100.226
1.20%
1.20%
1.20%
Blyth & Co., Inc.; Stone & Webster and Blodget, Inc.,
and Equitable Securities Corp
1.20%
Harriman Ripley & Co., Inc. and Goldman, Sachs & Co. 1.20%
Bankers Trust Co., New York, and Chase Nat'l Bank.. 1.20%
National City Bank of New York
1.20%
Harris Trust & Savings Bank and First Boston Corp..
1.30%
NORTH
—
100.22
100.188
100.175
100.173
100.169
100.159
100.09
100.229
DAKOTA
FLAXTON, N. Dak.—BOND OFFERING—Sealed and
oral bids will be
received
by N. E. Botton, City Auditor, at the County Auditor's office in
Bowbells, until 2 p. m. on April 23, for the pin-chase of $4,250 4% coupon
semi-ann. refunding bonds.
Dated May 1, 1940.
Denoms. $1,000 and
$500, one for $250.
Due $250 in 1941, $500 in 1942 to 1945, and $1,000
in 1946 and 1947.
The bonds are to be callable on any interest payment
date before maturity.
Prin. and int. payable at the Bank of North Dakota,
Bismarck.
No bid of less than par and accrued interest shall be considered.
The city will firnish the printed bonds.
Enclose a certified check for at least
5% of the bid, payable to the city.
LEWIS AND CLARK IRRIGATION DISTRICT (P. O.
Schafer),
N. Dak.—BOND OFFERING— Sealed bids will be received until 11.30 a.m.
April 30, by George H. Bott, District Secretary, for the purchase of
$25,000 improvement bonds.
Due as follows: $5,000 on or before Dec. 31,
1950, and $1,000 on or before July 1 in 1951 to 1970 incl.
on
WILLIAMS COUNTY (P. O. Williston), N. Dak.—CERTIFICATES
$100,000 semi-annual certificates of indebtedness offered
on April 5—V.
150, p. 1974—a block of $40,000 was purchased
by the American State Bank of Williston at 5H>%, according to report.
SOLD—Of the
for sale
Due
on
or
before March 1, 1942.
OHIO
ALLIANCE,
Board
of Tax
Ohio—RELIEF
Appeals
on
BONDS
AUTHORIZED—The
State
April 11 authorized an issue of $50,000 relief
bonds.
REIDSVILLE,
wUl
bonds of each rate.
purchase the bonds at the lowest interest co6t to the city, such cost to be
determined by deducting the total amount of the premium bid from tne
1945 incl.
1953;
1957;
at the
chaser
(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 M of 1%; each bid may name one
rate for part of the bonds of either issue (having the earliest maturities) and
another rate for the balance, but no bid may name more than two rates
for either issue, and each bidder must specify in his bid the amount of
SALISBURY, N. C.—BONDS SOLD BY RFC—An issue of $229,000
4% semi-annual unlimited tax sewer bonds was purchased recently by a
syndicate composed of E. P. Kline, Inc., Fox, Einhorn & Co., both of
Cincinnati; Campbell, Phelps & Co. of New York, and the First Securities
Corp. of Durham, from the Reconstruction Finance Corporation.
Dated
Sept. 1, 1934.
Denom. $1,000.
Due Sept. 1. as follows: $10,000 in 1940
to 1945, $12,000 in 1946, $13,000 in 1947 to 1954, $14,000 in 1955 to
1957,
and $11,000 in 1958.
Prin. and int. payable at the Central Hanover Bank
& Trust Co., New York.
In the opinion of counsel these bonds are binding
and legal obligations of the city, payable from ad valorem taxes which
may be levied without limit as to rate or amount upon all the taxable
property within the territorial limits of the city.
In addition to being
payable from an unlimited ad valorem tax the bonds are payable from the
earnings of the water system.
Legality approved by Reed, Hoyt, Wash¬
burn & Clay of New York.
and each bid must be accompanied by a certified check
upon an
bank or trust company, payable
incl.;
incl.:
incl.
1965.
1949;
separate issue
opinion of Reed, Hoyt, Washburn & Clay, New York City, will be furnished
the purchaser.
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
county, 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
$979,000 school refunding bonds, maturing $25,000, 1942 to 1944,
$50,000,' 1945 to 1948, incl.; $75,0001949 to 1953,
$60,000, 1954; $35,000, 1955; $30,000, 1956 to 1958;
$25,000, 1959; $20,000, 1960 to 1964, incl., and $19,000,
133,000 municipal building refunding bonds, maturing $25,000,
$35,000, 1950 and 1951, and $38,000, 1952.
588,000 sewer refunding bonds, maturing $2,000, 1952;
$40,000,
$55,000, 1954; $80,000, 1955; $85,000, 1956; $90,000,
$95,000, 1958; $100,000, 1959, and $41,000, 1960.
2,230,000 street refunding bonds, maturing $64,000. 1960; $105,000,
$115,000, 1962 and $1963; $120,000, 1964; $126,000,
$145,000, 1966 to 1968 incl.; $155,000, 1969; $160,000,
$170,000, 1971; $175,000, 1972; $180,000, 1973; $185,000,
and $125,000, 1975.
There will be
auction.
urer
more
on
principal only; delivery at place of purchaser's choice.
no
or
Bidders are requested to name the interest rate or rates 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
in the years
Denom. $1,000: prin. and int. (M-N) payable in New York City in legal
general obligations: unlimited tax: coupon bonds registerable as
tender;
to
A separate bid for each
CURRITUCK COUNTY (P. O.
Currituck), N.
ING—Sealed bids will be received until 11 a. m. on
April 20, 1940
$60,000 school refunding bonds maturing annually $4,000, 1941 to 1950
inclusive, and $4,000. 1952, 1954, 1955, 1957 and 1958.
259,000 improvement refunding bonds maturing annually $20,000, 1941 to
1945; $16,000, 1946 to 1950. all inclusive, and $16,000, 1952,
1954, 1955, 1957 and $15,000, 1958.
CAMPBELL, Ohio—BOND OFFERING—John B. Ross. City Auditor,
bids until noon (EST) on May 6 for the purchase of
$32,813 4% coupon bonds, divided as follows:
$30,000 public park bonds.
Dated Jan. 15, 1940.
Denom. $1,000.
Due
$3,000 on Oct. 1 from 1941 to 1950, incl.
These are voted bonds
will receive sealed
and
are
outside the 10-mill limitation.
A certified check for
payable to order of the city, is required.
2,813 street improvement bonds.
Dated Jan.
$700,>
2,
1940.
One bond for
$573, others $560 each.
Due Oct. 1 as follows: $573 in 1941 and
$560 from 1942 to 1945, incl These bonds are part of a voted issue of
$65,000 and are outside the 10-mill limitation.
A certified check
for $75, payable to order of the city, is required.
Bidder may name a different rate of interest, expressed in
multiples of
H of 1%.
Interest A-O.
(These bonds were previously offered March 29, the sale being postponed
because of faulty legislation.—V. 150, p. 2298.)
CUYAHOGA COUNTY (P. O. Cleveland), Ohio—VOTE ON
$4,500,"
HIGHWAY ISSUE—The State Board of Tax Appeals on
April 15
approved the county's request for permission to submit for consideration
of the voters at the May 14 primary election a proposal
calling for an issue
of $4,500,000 highway bonds.
000
DAYTON, Ohio—BOND OFFERING—E. E. Hagerman. Director of
Finance, will receive sealed bids until noon (EST) on May 3 for the pur¬
2M% coupon street improvement bonds.
Dated May 1.
1940.
Denom. $1,000.
Due Oct. 1 as follows: $6,000 from 1941 to 1950
incl. and $7,000 from 1951 to 1965 incl.
Bidder may name a different
rate of interest, expressed in a multiple of M of 1%.
Principal and in¬
terest (A-O) payable at fiscal agent of the
City in New York City.
The
bonds are payable from ample taxes levied within tax limitations.
Pur¬
chaser will be furnished upon request and without
expense with the opinion
of Peck, Shaffer, Williams & Gorman of Cincinnati that the bonds are
binding and legal obligations of the city.
A certified check for 3% of the
bonds bid for, payable to order of the City Accountant, is
required.
chase of $165,000
Volume
The Commercial
ISO
2617
& Financial Chronicle
FRANKLIN, Ohio—BOND OFFERING—Paul Gaynor, Village Clerk,
noon on May 7 for the purchase of $25,000
water works mortgage revenue bonds.
Denom. $500.
Due April 1
as follows:
$1,000 from 1942 to 1951 incl. and $1,500 from 1952 to 1961
incl.
Interest A-O.
Bonds are securedn by a mortgage on the revenue,
plant and equipment of the municipal water works system.
A certified
check for $250 must accompany each proposal.
bid
GIRARD, Ohio—BONDS SOLD—The Sinking Fund purchased an issue
$7,500 3% fire apparatus bonds.
Dated April 15, 1940.
Denom.
$1,500.
Due $1,500 on Oct. 1 from 1941 to 1945, incl.
Principal and inter¬
est payable at the First National Bank, Girard.
Other bids:
will receive sealed bids until
of
LOGAN, Ohio—BOND SALE—The $7,252.35 coupon street improve¬
ment bonds offered April 6—V. 150, p. 1974—were awarded to Seasongood
& Mayer of Cincinnati as 254s, at a price of 100.273, a basis of about 2.20%.
Dated Feb. 15, 1940 and due Oct. 15 as follows: $952.35 in 1941 and $700
from 1942 to 1950, incl.
J. A. White & Co. of Cincinnati bid a premium of
$23.87 for 254s.
MARTINS FERRY SCHOOL DISTRICT, Ohio—BOND
the May 14 primary election the voters will consider
—At
ELECTION
an issue of
$325,000 building bonds.
was
Dated April 1,
submitted.
1940 and due April 1, 1970.
Callable
after 10 years.
3%
CAMBRIA
COUNTY
(P.
O.
Ebensburg),
Issue of $400,000 refunding bonds offered April
Pa .—BOND SALE—The
15—V. 150, p. 2149—was
awarded to Halsey, Stuart & Co., Inc., as 2s,
of about 1.91%.
Dated May 1, 1940 and due
to
at a price of 100.689, a basis
$50,000 on May 1 from 1945
Re-offered to yield from 1.40% to 2%, according to maturity,
1952, incl.
Int. Rate
Bidder—
First Boston Corp. and Mackey, Dunn &
Rate Bid
2%
E. H. Rollins & Sons, Inc. and Glover &
100.101
254%
254%
MacGregor
Deane & Scribner; Dougherty, Corkran &
Co.; Graham, Parsons & Co., and Peoples-Pittsburg Trust Co
100.415
100.32
2 54%
Co
Poole & Co., and Johnson
100.679
2%
2%
101.37
101.159
254%
Stroud & Co.; Schmidt,
& McLean, Inc
100.31
Singer,
Hemphill, Noyes & Co.; Moore, Leonard & Lynch,
Phillips, Schmertz & Co., and S. K. Cunningham
& Co
Blair & Co. and Butcher & Sherrerd
Charles Clark & Co.; Barclay, Moore
& Co.; E.
Lowber Stokes & Co. and E. W. & R. C. Miller
SANDUSKY, Ohio—BOND OFFERING—C. F. Breining, City Treas¬
will receive sealed bids until noon on May 13 for the purchase of
$160,000 3% coupon sewer bonds.
Dated May 1, 1940.
Denom. $1,000.
Due Nov. 1, as follows: $6,C00 from 1941 to 1955, incl. and $7,000 from
1956 to 1965, incl.
Bidder may name a different rate of interest, expressed
in a multiple of 54 of 1% and payable M-N.
A certified check for $1,6C0,
& Co
urer,
payable to order of the city, is required.
SPRINGFIELD, Ohio—BOND OFFERING—John M. Stritch, City
Auditor, will receive sealed bids until noon on April 26, for the purchase of
8200,863.90 253 % street, sewer and bridge improvement bonds.
Dated
March 1, 1940.
One bond for $863.90, others $1,000 each.
Due Sept. 1 as
follows:
$20,863.90 in 1945 and $20,000 from 1946 to 1954, incl.
Bidder
may name a different rate of interest, provided that fractional rates are
expressed in a multiple of 54 of 1%.
Principal and interest (M-S) payable
at the agency of the city in New York City.
Transcript of proceedings will
be furnished the successful bidder and a period of 15 days allowed for
examination of transcript
by his attorney, and bids may be made subject to
approval of same.
A certified check for 5% of the bonds bid for must
accompany each proposal.
City Commission will act on the bids at its
CONNELLSVILLE, Pa.—BOND SALE—The $40,000 coupon funding
improvement bonds offered April 8—V. 150, p. 1975—were awarded
to Glover & MacGregor, of Pittsburgh, as 254s, at par plus a premium of
$190, equal to 100.475, a basis of about 2.14%. Dated April 15, 1940 and
due $5,000 on April 15 from 1941 to 1948 incl.
and
DUNLEVY, Pa.—BOND OFFERING—Mrs. Celeste O. Rossi, Borough
Secretary, will receive sealed bids until 7:30 p. m. (EST) on May 6 for the
purchase of $11,400 not to exceed 4% interest coupon bonds. Dated June 1,
1940. One bond for $400, others $1,000 each. Due Dec. 1 as follows: $400
in 1941 and $1,000 from 1942 to 1952 incl.
Rate of interest to be expressed
in multiples of 54 of 1 %. Sale of bonds is subject to approval of proceedings
by the Pennsylvania Department of Internal Affairs.
Legal opinion of
Burgwin, Scully & Churchill of Pittsburgh will be furnished the successful
bidder.
Borough will also furnish and pay for printing of the bonds.
A
certified check for $500, payable to order of the Borough Treasurer, is
required.
FOLCROFT SCHOOL DISTRICT,
regular meeting April 29, at 7:30 p. m.
Pa.—BOND SALE—The $12,000
school
TOLEDO, Ohio—OTHER BIDS— The $235,000 indebtedness liquidat¬
ing bonds awarded April 9 to the BancOhio Securities Co. of Columbus as
254s at par plus $1,050, equal to 100.446, a basis of about 2.18%—V. 150,
p. 2464—were also bid for as follows:
\
Bidder—
Int. Rate -- Premium
Ford R. Weber & Co., Seasongood & Mayer, Pohl &
• \
the District
Inc.,
Co.,
E.
P.
Kline,
Inc.,
Walter,
Woody &
Heimerdinger and Fox, Einhorn & Co..
254%
$423.00
Harris & Co., Ryan, Sutherland & Co.
and Braun, Bosworth & Co
354%
239.00
Stranahan,
ISSUE REPORT—Writing in connection
with status of $28,000 453% sanitary sewer revenue bonds, originally
offered Feb. 3, the saie of which was postponed—V. 150, p. 876, Village
Clerk Charles W. Hollberg Jr., states that the issue has been definitely
withdrawn from the market.
The proposed sewage and disposal plant
WAVERLY,
building bonds offered April 17—V. 150, p. 2465—were awarded to
Sinking Fund as 2s, at par.
Dated May 15, 1940 and due $500
on May 15 from 1942 to 1965, incl.
Other bids:
Bidder—
Int. Rate
Rate Bid
Burr & Co., Inc_:
2%% >«
100.06
S. K. Cunningham & Co
3%
101.15
M. M. Freeman & Co_
3%
101.15
Ohio— BOND
project will again be considered after July 1, at which time the Works
Projcets Administration will be asked to participate in a larger project, of
which the village's share will amount to $45,000.
Council has contracted
for sale of that amount of 4% one-year notes, to be payable from special
assessment bonds, to Nelson. Browning & Co. of Cincinnati.
FRANKLIN
TOWNSHIP
Pa.—BOND OFFER¬
(P. O. Murrysville),
ING—William Kreiling, Township Secretary, will receive sealed bids
7:30 p. m. on April 23 for the purchase of $20,000 coupon bonds to
of the
To
Pa.—BONDS
SOLD—The
$30,000
DISTRICT
4% refunding
to
101.07, a basis of about 3.83%.
Dated Sept. 1, 1939 and due
1 from 1940 to 1954, inclusive.
Available
603 Alexander
G. Applegate
Co., Inc
Rate Bid
154%
154%
100.925
100.776
154%
154%
100.62
154%
100.31
...
Harriman Ripley &
ClajjV&CwpaH^
Moore, Leonard &
;——
Lynch
—
100.521
154 %
100.199
1
2%
102.04
Blyth & Co., Inc.; E. Lowber Stokes & Co., and
S. K. Cunningham & Co
& MacGregor
2%
2%
101.02
Pressprich & Co., and Stroud & Co
Singer, Deane & Scribner, and Dougherty, Corkran
R. W.
Tulsa, Okla.
Bldg.
Oklahoma
SALE—The $233,000
Int. Rate
Co
& Co., Inc.
Hemphill, Noyes & Co.; Phillips, Schmertz & Co.,
Blair & Co., Inc., and Schmidt, Poole &
First Boston Corp. and Mackey, Dunn
—
and George
J. %
$2,000 on
offered April 15—V. 150, p. 2299—were
Co., Inc., as 154s, at par plus a premium of
$3,700.04, equal to 101.588, a basis of about 1.58%. Dated April 15, 1940
and due Oct. 15 as follows:
$60,000 in 1948; $50,000, 1949; $80,000 in
1950 and $43,000 in 1951.
Re-offered to yield from 1.30% to 1.60%,
according to maturity.
Other bids:
bonds—All towns and districts,
Vital Information
bonds approved last
Sept.
Bidder—
—
•
(P. O. Uniontown),
August by the Pennsylvania Department of Internal Affairs were sold to
Singer, Deane & Scribner of Pittsburgh at par plus a premium of $321, equal
coupon improvement
bonds
awarded to Halsey, Stuart &
WANT
touch with holders of delinquent
get in
Oklahoma Paving
bear
Township Treasurer, is required.
GEORGES TOWNSHIP SCHOOL
MERCER COUNTY (P. O. Mercer), Pa.—BOND
WE
until
interest at either 2%, 254%, 253%, 2 54% or 3%.
Dated April 1, 1940.
Denom. $1,000. Due Oct. 1 as follows: $2,000 in 1941 and $3,000 from 1942
to 1947 incl.
Interest A-O.
A certified check for $500, payable to order
& Co
Paving & Municipal Bonds
E, H. Rollins & Sons, Inc. and Glover
100.589
BOROUGH AUTHORITY, Pa.—BOND SALE—
Inc., New York, purchased $151,000 353% revenue
consisting of $79,000 sewer and $72,000 water securities.
MILLERSVILLE
OKLAHOMA
E. H. Rollins & 8ons,
bonds at par,
CARTER COUNTY INDEPENDENT SCHOOL DISTRICT NO.
(P.
O.
Healdton),
55
DISPOSAL REPORT—The Superin¬
tendent of the Board of Education states that $67,000 refunding bonds are
being handled through R. J. Edwards, Inc., of Oklahoma City.
They are 6% bonds, dated Jan. 1, 1940, and due on Jan. 1 as follows:
$4,000 in 1943 to 1958 and $3,000 in 1959.
It is stated that these bonds
were approved by the Attorney General on April 11.
Okla.—BOAT)
HARMON COUNTY (P. O. HoIlU) Okla.—BONDS DEFEA TED—It is
stated by the County Clerk that at the election held on April 9 the voters
turned down the proposal to issue $30,000 in hospital bonds.
NESCOPECK SCHOOL
DISTRICT,
Pa .—BOND ISSUE DETAILS
school bonds awarded April 10 to a group of Berwick banks,
price of 101.125, as reported in V. 150, p. 2465—were sold as 3s and
mature as follows: $1,000 in 1941 to 1944, $2,000 in 1945, $1,000 in 1946
—The $30,000
at a
to
in
1954, $2,000 in 1955, $1,000
1961 to 1964, and $2,000 in
date upon 30 days' notice.
1949, $2,000 in 1950, $1,000 in 1951 to
1956 to 1959, $2,000 in 1960, $1,000 in
1965, callable on any interest payment
PATTON
TOWNSHIP
SCHOOL
DISTRICT
(P. O., R. D. No. 1,
Pitcairn), Pa.—BOND OFFERING—Joseph A. Griffith, District Secre¬
will receive sealed bids until 8 p. m. on April 26 for the purchase of
$52,000 not to exceed 354% coupon, registerable as to principal only, fund¬
ing bonds.
Dated May 1, 1940.
Denom. $1,000.
Due May 1 as follows:
$6,000 in 1941 and 1942 and $5,000 from 1943 to 1950, incl.
Bidder to
name a single rate of interest, expressed in a multiple of 54 of 1%.
Princi¬
pal and interest (M-N) payable at the Tuitle Creek Bank & Trust Co.,
Turtle Creek.
Floating debt to be funded resulted mainly from tuition of
tary,
HAMMON
SCHOOL
OFFERED—Bids
were
Board of Education
in 1943 to 1952,
DISTRICT
(P.
O.
Hammon), Okla.—BONDS
by the Clerk of the
Due $500
received until 2 p. m. on April 16
for the purchase of $5,400 school bonds.
and $400 in 1953.
OKLAHOMA,
State
of—LAND
HOLDINGS
TAX
PLAN
TO
BE
VOTED UPON—Reversing a ruling by the Secretary of State, the Supreme
Court
April 16 held as "sufficient" an initiative petition which would
authorize the Legislature to levy graduated taxes on land holdings in
Oklahoma,
The question will go to the electorate for a vote at the next
general election.
on
SHATTUCK, Okla.—BOND OFFERING—Bids will be received until
8 p. m. on April 29 by M. M. Kara, Town Clerk, for the purchase of
$11,000 sanitary sewer improvement bonds.
Due $1,000 in 1943 to 1953
incl.
The bonds shall be sold to the bidder offering the lowest rate of interest
the bonds shall bear and agreeing to pay par and accrued interest.
The
bonds are issued in accordance with Sections 5929 and 5930, Oklahoma
Statues, 1931.
Enclose a certified check for 2% of the amount of bid.
onVNov.
coupon
semi-annual 1940
12—V. 105.
as
p. 2299—were awarded
follows: $6,000 as Is, due $2,000
1, 1944 and
1, 1941 to 1943; $4,000 as 154s. due $2,000 on Nov.
1945; the remaining $5,000 as 1 53», due on Nov. 1, $2,000 in 1946 and 1947
and
$1,000 in 1948.
)
The purchaser paid par for the bonds.
A
offered by Atkinson-Jones & Co. of Portland.
price of 100.18 on 153s, was
HOOD RIVER COUNTY SCHOOL DISTRICT (P. O. Hood River),
Ore.—BOND SALE—The $6,500 semi-annual refunding bonds offered for
sale on
April 11—V. 150, p. 1975—were awarded to the Federal Securities
2s, paying a price of 100.51, a basis of about 1.90%.
April 15, 1940.
Due on April 15 in 1945 and 1946.
Co. of Portland as
Dated
OFFERED—Sealed bids were received until
by W. D. Harris, City Recorder, for the purchase of
MT. ANGEL, Ore.—BONDS
8 p. m. on April 19
$4,750 not to exceed" 5% semi-annual coupon improvement bonds.
May 1,1940.
Due on May 1 as follows: $1,500 in 1948 and 1949 and
in
Dated
$1,750
1950.
PENNSYLVANIA
r
BURNSIDE, Pa.—OPTION GRAN TED—Johnson & McLean, Inc. of
Pittsburgh obtained a 30-day option on the $5,500 not to exceed 453%
interest improvement bonds offered April 15—V. 150, p. 2149. No definite
WILKES-BARRE, Pa .—BOND SALE—The $100,000 funding and im¬
bonds offered April 16—V. 150, p. 1817—were awarded to
H. Rollins & Sons, Inc., of Philadelphia, as 2s, at par plus a premium of
$899, equal to 100.899, a basis of about 1.89%.
Dated April 1, 1940 and
due April 1 as follows: $5,000 from 1944 to 1946, incl.; $10,000,1947 to 1949,
incl.; §15,000 from 1950 to 1952, incl., and $10,000 in 1953.
Second high
bid of 100.678 for 2s was made by Charles Clark & Co. of Philadelphia.
provement
E
PUERTO
OREGON
ALBANY, Ore.—BOND SALE—The $15,000
refunding bonds offered for sale on April
to the First National Bank of Portland,
pupils sent to Wilmerding, Turtle Creek and Pitcairn public schools.
A
certified check for $1,000, payable to order of the District Treasurer, must
accompany each proposal.
Purchaser will be lurnished without charge
with approving legal opinion of Burgwin, Scully & Churchill of Pittsburgh.
RICO
AUTHORITY, Puerto Rico
OFFERING
—Sealed bids will be received until 1 p. m. (AST), on April 22, by Teodoro
Moscoso, Secretary of the Housing Authority, for the purchase of a $450,000
temporary loan note or notes, designated First Series.
Dated May 1,
1940.
Due on Nov. 1, 1940.
Each bidder will be required to specify in his
proposal the rate of interest which such note or notes he proposes to pur¬
chase shall bear and the bank or trust company at which he desires such
note or notes to be payable.
Each bidder will also specify in his proposal
the denominations in which he desires such note or notes to be issued.
Such
note or notes will be awarded to the bidder offering to pay the lowest
interest cost.
In computing the lowest interest cost, the Authority will
take into consideration any premium which the purchaser offers to pay.
All proposals for the purchase of such note or notes shall be submitted on
prescribed forms.
No bid for less than par and accrued interst (which
interest shall be computed on a 360-day basis) will be entertained and no
proposal will be entertained for less than the full amount of such note or
notes.
Principal and interest payable at any incorpoiated bank or trust
company designated by the purchaser, the fees or charges, if any, of such
bank or trust company, to be paid by the purchaser.
The proceeds of such
note or notes are to be used to pay the expanses incurred or to be incurred
in the development of a lo^-rent bousing project located in the municipality
and for which the United States Housing Authority has agreed to make a
loan to the Housing Authority of the Municipality of Ponce, to assist in
the development thereof.
For the prompt payment of the principal and
interest of such note or notes, the full faith and credit of the Housing
PONCE HOUSING
The Commercial & Financial Chronicle
2618
Authority of the Municipality of Ponce will be pledged and such note or
notes will be further secured
by a requisition agreement between the
Housing Authority of the Municipality of Ponce and the United States
Housing Authority under the terms of which agreement the United States
Housing Authority agrees to purchase an advance loan note of the Housing
Authority of the Municipality of Ponce at or prior to the maturity of such
temporary loan note or notes in an amount sufficient to pay the principal
and interest thereof, and agrees to cause the proceeds of such advance
loan note to be deposited at the bank.
ISLAND
RHODE
MIDDLETOWN, R. I.—BOND OFFERING—Sealed bids will be received
Principal and interest (M-N) payable at the First National
Coupon bonds.
Bidder to
Bank of Boston.
name one
vision of and authenticated
and the approving
rate of interest in a multiple of M of
Bonds will be engraved under the
1%, and not exceeding 3K%.
super¬
by the aforementioned bank,
legal opinion of Hopes, Gray, Boyden & Perkins of Boston
as
ELECTION—It is stated by T. R
be held on May 4 the voters
the proposed issuance of the following bonds aggregating
Si 250 000: $700,000 sewer improvement, and $550,000 street improve¬
ment bonds.
(These are the bonds that were contracted for, subject to
the outcome of the election, as noted here on March 16—V. 150, p. 1817.)
CORPUS CRHISTI, Texas—BOND
King, City Secretary, that at an election to
will
BERNARD INDEPENDENT SCHOOL DISTRICT (P. O.
Bernard), Texas— BONDS OFFERED—Sealed bids were received
EAST
East
NEWPORT, R. 1 —BOND OFFERING—B. F. Downing, City Treas¬
sealed bids until 4:30 p. m. on April 25 for the purchase of
$140,000 not to exceed 3% interest coupon public improvement bonds.
Dated May 1, 1940. Denom. $1,000. Payable $10,000 each on May 1 from
1941 to 1954 incl. Bidder to name one rate of interest, expressed in amultiple
of M of 1%. Principal and interest (M-N) payable at the City Treasurer's
office or at holder's option, at the First National Bank of Boston.
Bonds
will be general obligations of the city, and all of its taxable
property will be
subject to the levy of unlimited ad valorem taxes to pay principal and
interest, except that taxable intangible personal property is taxable at the
uniform rate of 40 cents per $100 of assessed valuation.
Legal opinion of
Storey, Thorndike, Palmer & Dodge of Boston will be furnished the success¬
1941 to 1950.
m
CONSOLIDATED INDEPENDENT SCHOOL DIS"
Edinburg), Texas—BOND TENDERS INVITED—It is
Board of Trustees, that he will
refunding bonds in an amount
or amounts not in excess of $40,000 market value.
Under the refunding
plan the Board of Trustees has the right to reject all offers that it considers
EDINBURGH
TRICT
O.
(P.
stated by C. C. Broaddus, Secretary of the
receive tenders until May 9, of 1938 Series
in
of market value.
excess
LAMB COUNTY
_
_____
_
(P. O. Olton), Texas—BONDS SOLD—It is stated
by the County Judge that $5,500 4H% refunding road and bridge, series
1939-A bonds have been sold to Crummer & Co. of Dallas.
Dated Sept. 15,
1939.
urer, will receive
ful bidder.
April 19 by F. Y. Urbish, President of the School Board,
of $2,000 3*A% semi-annual school bonds.
Due $200 on
until 2 P. m. on
for the purchase
to genuineness
will be furnished the successful bidder.
on
pass
May 1
by Mrs. Agne« B. Ward, Town Treasurer, until 8 p. m. on April 24 for the
purchase or $25,000 coupon town hall bonds. Dated May 1, 1940. Denom.
$1,000. Due $2,000 on May 1 from 1941 to 1952 incl. and $1,000 in 1953.
April 20, 1940
'
INDEPENDENT
LONGVIEW
SCHOOL
DISTRICT
(P.
O.
Long
view), Texas—BONDS SOLD—It is reported that $15,000 3% semi-ann.
refunding bonds have been purchased at par by Crummer & Co. of Dallas.
Dated March 1, 1940.
Due $1,000 in 1941 to 1945, and $2,000 in 1946
1950.
to
3
INDEPENDENT SCHOOL DISTRICT (P. O. Munday)
Texas—BONDS TO BE SOLD—It is reported that C. N. Burt & Co. of
Dallas, have contracted to purchase $21,000 3% semi-ann. refunding bonds.
MUNDAY
WOLFE
CITY, Texas—BONDS EXCHANGED—The City Secretary
4% water works refunding bonds have been exchanged
of the original bonds, through R. K. Dunbar & Co. of
states that $25,000
with the holders
PROVIDENCE, R. I.—APPROVES SALE OF BONDS TO SINKING
15 authorizing City
Dated Dec. 1, 1939.
Austin.
FUND—The City Council passed an ordinance April
UTAH
Treasurer Walter Fitzpatrick to sell
to the
sinking fund commission.
$1,000,000 2 % 20-year serial bonds
Purpose of issue was to fund two
$500,000 tax anticipation notes, the first being due April 15 and the second
on July 1,1940.
The bonds will be issued as follows: $500,000 dated April 1,
1940, to mature $25,000 annually on April 1 from 1941 to 1960, incl.;
$500,000 to be dated July 1, 1940, will mature $25,000 on July 1 from 1941
to I960, incl.
*
"
•
!
WESTERLY, R. I .—NOTE OFFERING—James
^
City Treasurer, that the city is calling for payment on June
numbers 23 to 41,
1,
1933.
June
1,
City.
Pendleton, Town.
Treasurer, will receive bids until 11 a.m. on April 24 for the purchase at
discount of $100,000 current year tax anticipation notes.
Dated April 24,
Denoms. $25,000, $10,000 and $5,000.
Due Oct. 24, 1940. Notes
will be authenticated as to genuineness and validity by the First
National
Bank of Boston, under advice of Storey,
Thorndike, Palmer & Dodge of
Boston.
CAROLINA
VERMONT
NEWBURY, Vt.—BOND OFFERING—Lillie M. Knight, Town Treas¬
urer, will receive sealed bids until 7:30 p.m.
(EST) on April 26 for the
purchase of $40,000 coupon refunding bonds. Dated May 1, 1940. Denom.
$1,000.
Due $2,000 on Nov. 1 from 1940 to 1949 incl.
Bidder to name
rate of interest in a multiple of A of 1%.
Issue will refund notes and
orders presently outstanding.
FLORENCE SCHOOL DISTRICT (P. O. Florence), S. C.—BONDS
SOLD—It is stated by the Secretary of the Board of School Trustees
that
$94,000 3% semi-annual refunding bonds have been purchased at par
by
R. 8. Dickson & Co. of Charlotte.
Dated March 1, 1940.
Due on March 1
as follows:
$4,000 in 1942, and $10,000 in 1943 to 1951.
Legal approval
by Nathans & Sinkler of Charleston.
GREENWOOD, S. C.—PURCHASERS—It
is
now
reported
that
$200,000
semi-ann. refunding bonds sold recently, as noted
150, p. 2465—were purchased by a syndicate composed of John¬
Lane, Space & Co. of Savannah, the Robinson-Humphrey Co., the
Trust Co. of Georgia, both of Atlanta, the
County Bank, and the Bank of
Greenwood, both of Greenwood. Due on July 1 in 1944 to 1960.
here—V.
SPARTANBURG
COUNTY
(P.
O.
Spartanburg),
S.
WASHINGTON
CLE ELUM, Wash.—BOND SALE— The $115,000 water revenue bonds
offered for sale on April 15—V. 150, p. 2466—were awarded to Blyth &
C.—BOND
OFFERING—It is stated by R. H. Ashmore, Clerk of the
County Board,
that he will receive sealed bids until 11 a. m. on
April 30, for the purchase
of an issue of $100,000
coupon road improvement, series I) bonds.
Interest
rate is not to exceed 4%, payable M-N.
Dated May 1, 1940.
Denom.
$1,000.
Duo May 1, as follows:
$1,000 in 1941 to 1943, $2,000 in 1944,
$5,000 in 1945 and 1946, $15,000 in 1947", $20,000 in 1948, and
$25,000 In
1949 and 1950.
Rate of interest to be in multiples of
H of 1 %, and must
be the same for all of the bonds.
Prin. and int. payable in New York.
No bid at less than par and accrued interest will be
considered.
The bonds
are registerable as to
principal only, and are to be issued pursuant to Act
No. 709 of the Acts of 1939 of the State.
The Act authorizes the county to ;
issue not exceeding $200,000 of bonds.
So much as is
necessary of the
gasoline tax distributed by the State to the
county during the life of the
bonds and for such period thereafter as
may be necessary to pay the bonds,
and not required to be used and
applied to the payment of outstanding
bonds issued by the
county pursuant to Act No. 611 of the Acts of 1937 of
the
State, approved May 27, 1937, and the acts amendatory
thereof, is
pledged to and required to be used and applied to the
payment of such
principal and interest.
However, if, for any reason whatsoever, such
Inc.
Co.,
divided
thereon, as they
severally mature, then there is pledged, in addition to
the revenue from such
gasoline tax distributed to the county, the full faith
and credit of the county, and there must be
levied annually upon all the
'taxable property of the
county a sum sufficient to pay such principal and
interest
they respectively mature.
as
The purchaser will be furnished with
the opinion of Reed, Hoyt, Washburn &
Clay of New
are valid and
binding obligations of the
York, that the bonds
SPOKANE COUNTY SCHOOL DISTRICT NO. 201 (P. O. Spokane).
Wash.—BOND SALE—The $24,750 school bonds offered for sale on
SOUTH
DAKOTA
BENNETT COUNTY (P. O.
Martin), S. Dak..—BOND OFFERING—
2
that sealed
and oral bids will be received until
May 16 at
of an issue of $136,000
Dated July 1, 1940.
Denom. $1,000.
Due July 1,
The bonds shall be redeemable at the
option of the county at par
by
?oy Bos, County Auditor, for the purchase
bonds.
1955.
?S?/fCIl1Arointer?s»^n Jul? 1
1944 to 1953, and
as follows: $8,000 in 1941 to 1943, $10,000 in
$12,000 in 1954.
Bidder to name rate of interest.
No
bid for less than par and accrued
interest can be considered.
The approv¬
ing legal opinion of Fletcher. Dorsey, Barker, Colraan &
Barber of Min¬
neapolis, and the printed bond forms, will be furnished
without cost to the
purchaser.
Enclose a certified check for $2,500,
payable to the
County
l reasurer.
fJ^hLET CSli^,T^,PL°- Fort Pierre)»
S. Dak.—BOND
-—Sealed and oral bids will be
received until May 17 at 2 p. m.
wwho'
ingbonds.
CountyAuchtor, for the purchase
Dated July
1,1940.
of an
Denom. $1,000.
*)^ir<edeemable at the option of the
i^fo
WEST
DODDRIGE COUNTY (P.
!
^nnn
OFFERING
by Fred E.
Due July 1,1955.
.
WISCONSIN
HILBERT, Wis.—BOND OFFERING—Sealed bids will be received until
(CST) on April 22 by Nick J. Berg, Village Clerk, for the purchase
A % semi-annual bonds, aggregating $25,000;
8 p.m.
of the following not to exceed 2
a
bonds.
$10,000 refunding
nhJ9'\4
Bidder to t0 1947' §14v°P0 July 1- 1948 and 1949,
name rate of interest.
No bid for less
interest can be considered.
The
approving legal
of Minneapolis,
without cost to the purchaser.
certified check for $2,000
payable to the County Treasurer.
«H^R C°fU^TI (P* ,°- Henderson),
$30,000 issue of
1953
incl
3J^% semi-ann. refunding
to have
been
Due $3,000 in 1944 to
2,26%
of
Cliube0oh„
ES? °' 101'8"' a basls ot about
TEXAS
AUSTIN, Texas
-BONDS VOTED—It is stated
by George G, Grant,
Director of Finance, that at the election held on
April 15 the voters approved
the issuance of the $450,000 in
hospital improvement bonds.
in 1941 to 1960.
indebtedness now owing
25 and 67 of the Wis¬
$500
system bonds.
Denom. $1,000 and $500.
Due $500 in
1941 to 1950, and $1,000 in 1951 to 1960.
Issued to pay a part
of the construction of a sweerage system and sewage
sewer
of the cost
treatment
plant in the village.
Dated April 1, 1940.
The basis of the best bid will be the lowest interest
multiples of A of 1%.
Prin. and int. payable
Village Treasurer's office.
Both issues are general obligations of the
village.
The bonds are issued subject to the favorable opinion of the Attor¬
ney General, which will be furnished to the purchaser if requested.
Printed
bonds will be furnished at the expense of the purchaser.
Enclose a certi¬
fied check for 2 % of the par value of the bonds for which the bid is made.
rate which should be bid in
VILLAGE OF BRUCE AND TOWNS OF STUBBS, JOINT SCHOOL
1 (P. O. Bruce), Wis.—BOND OFFERING—Sealed and
DISTRICT NO.
oral bids will be received until
April 26, at 2 p. m., by W. C. Bender, Clerk
of the School Board, for the purchase of the following not to exceed 2A%
semi-ann.
bonds
aggregating
$23,800:
$13,800 refunding and $10,00
building bonds.
Dated April 1, 1940.
Denoms. $1,000 and $500, one for
$800.
Due April 1, as follows: $1,300 in 1941, $1,500 in 1942 to 1952, and
$2,000 in 1953 to 1955.
Prin. and int. payable at the District Treasurer's
office.
The district will furnish the printed bonds and the approving legal
opinion of Fletcher, Dorsey, Barker, Colman & Barber of Minneapois.
Enclose a certified check for 2% of the par value of the bonds.
(These are the bonds that were offered for sale without success on April
10—V. 150, p. 2466.)
WYOMING
FREMONT COUNTY SCHOOL DISTRICT NO. 25 (P. O. Rivcrton),
Wyo.—BOND OFFERING—Sealed bids will be received until 8 p. m. on
May 13 by F. B. Sheldon Jr., District Clerk, for the purchase of $70,000
to exceed 4% semi-annual school bonds.
Dated June 1, 1940.
Due
$1,000 in 1941, and $3,000 in 1942 to 1964.
No. bid for less than par and
accrued interest will be considered.
Enclose a certified check for 5% of the
not
amount of the
bid, payable to the District Treasurer.
KELOWNA, B. C.—BOND SALE— The $85,000 3 *A% sewerage system
Harrison & Co. of Toronto, at a
bonds offered April 8 were awarded to
Dated April 1, 1940.
Due annually on April 1 from
Principal and interest (A-O) payable at the Bank of
Other bids:
^
Bidder— -,
Rate Bid
Dyment, Anderson & Co. and Midland Securities Co
5-—„—100.88
Hall, Holland & Co. and Gairdner & Co
100.65
price
1941
(P* °* Springfield) Tenn —BOND SALE—
2H% coupon semi-ann. funding bonds offered for
e^i
Public auction on April 18—V. 150, p. 2466—was awarded to a
composed of the Harris Trust & Savings Bank of
Chicago, Harriman
Ripley_ & Co., Inc., Nunn, Shwab & Co., and the Hermitage Securities
issue
Due
CANADA
Tenn.—BONDS SOLD—
bonds is said
Little & Co. of Jackson.
P&r
ifte $232,000
$500.
consin Statutes.
15,000
TENNESSEE
A
A
Denom.
Issued for the purpose of retiring an existing
the State Trust Fund under Chapters
to
The
county at par and accrued
1, 1941, $10,000 July 1,
SSri thi nHrSXf'vSfrA forms, will be
and the printed bond ,Dorsey. Rarket, Colman & Barber
furnished
Enclose
VIRGINIA
O. West Union), W. Va.—BOND ELEC¬
TION—It is reported that an election will be held on May 14 in order to
have the voters pass on the issuance of $175,000 high school completion
bonds.
"* ~
v"
issue of $120,000 refund-
*5,000 Jan. and $10,000 July
and $9,000 Tnl'v
July 1, i a
19o0.
than par and accrued
April
150, p. 2150—were awarded to the
Washington Trust Co. of
Spokane, paying par for the bonds divided as follows: 1942 to 1951 ma¬
turities as 2s, and the 1952 to 1962 maturities as 2^s.
11—V.
at the
county.
It is reported
of Portland, paying a premium of $24.50, equal to 100.021,
follows; $77,000 as 2s, and $38,000 as 2A», according to the
Dated May 1, 1940.
The bonds were purchased as follows:
$50,000
maturing Nov. 1, $5,000 in 1941 to 1945, $6,000 in 1946 to 1948, and
$7,000 in 1949, as 2s, $38,000 maturing Nov. 1, $7,000 in 1950 and 1951,
$8,000 in 1952 to 1954, as 2Ms, and $27,000 maturing $9,000 Nov. 1,
1955 to 1957, as 2s, giving a basis of about 2.10%.
gasoline tax is insufficient or unavailable for the
prompt payment of the
bonds issued pursuant to the Act No.
709 of the Acts of 1939, and the inter¬
est
as
Olorlc
the
son,
1, at par,
aggregating $9,500, of 5% semi-annual refunding bonds,
1923.
Denom. $500.
Due on June 1, 1943. callable on
Prin. and int. payable at the Guaranty Trust Co., New,
June
dated
York
M.
,1940.
SOUTH
MORONI CITY, Utah—BOND CALL—It is stated by Louise Monson.
of
to
102.33.
1960 incl.
Montreal, Kelowna.
Wood,'Gundy & Co
Cochran, Murray & Co
100.25
100.17
-
Yorkshire & Pacific Securities, Ltd., and Thomas B. Read <5c Co._100.16
Mills, Spence & Co.
Royal Securities Corp
Fairclough,& Co
A. E.
Ames & Co
McDermid, Miller & McDermid
Charles H. Burgess & Co. (for $40,000 bonds)
-
100.13
100.08
99.625
99.02
98.60
99.50
@FedFRASER